{"id":5894,"date":"2012-10-29T07:26:39","date_gmt":"2012-10-28T22:26:39","guid":{"rendered":"http:\/\/cfonews.main.jp\/cfonews\/?p=5894"},"modified":"2012-10-30T08:28:18","modified_gmt":"2012-10-29T23:28:18","slug":"ma%e3%81%ae%e9%81%a9%e6%ad%a3%e4%be%a1%e6%a0%bc","status":"publish","type":"post","link":"https:\/\/www.cfonews.jp\/?p=5894","title":{"rendered":"M&#038;A\u306e\u9069\u6b63\u4fa1\u683c"},"content":{"rendered":"<blockquote><p><span style=\"color: #003366;\"> <strong> \u5186\u9ad8\u3092\u80cc\u666f\u306b\u6d77\u5916\u4f01\u696d\u3078\u306eM&amp;A\u3092\u52a0\u901f\u3055\u305b\u308b\u65e5\u672c \u4f01\u696d\u3002 \u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u306e\u7c73\u30b9\u30d7\u30ea\u30f3\u30c8\u793e\u8cb7\u53ce\u3082\u5927\u304d\u306a\u8a71\u984c \u3068\u306a\u3063\u305f\u3002 \u3057\u304b\u3057\u6b74\u53f2\u3092\u3072\u3082\u3068\u3051\u3070\u3001\u5927\u578bM&amp;A\u304c\u300c\u9ad8\u5024\u3065\u304b \u307f\u300d\u306b\u7d42\u308f\u308b\u3053\u3068\u3082\u591a\u3044\u3002 \u8cb7\u53ce\u304c\u59a5\u5f53\u306a\u6c34\u6e96\u304b\u3092\u6e2c\u308b\u7269\u5dee\u3057\u3092\u7d39\u4ecb\u3057\u3088\u3046\u3002<br \/>\n\uff08\u65e5\u7d4c\u30f4\u30a7\u30ea\u30bf\u30b92012\u5e7410\u670828\u65e554\u9762\uff09 <\/strong><\/span><\/p><\/blockquote>\n<h3>\u3010 CFO\u306a\u3089\u3053\u3046\u8aad\u3080 \u3011<\/h3>\n<blockquote><p><span style=\"color: #003366;\"> \u300c\u5272\u9ad8\u8cb7\u53ce\u306e\u30b5\u30a4\u30f3\u3092\u3069\u306e\u3088\u3046\u306b\u3057\u3066\u3064\u304b\u3080\u306e \u304b\u30fc\u3002<br \/>\nM&amp;A\u306e\u5c02\u9580\u5bb6\u306b\u91cd\u8996\u3057\u3066\u3044\u308b \u300c\u7269\u5dee\u3057\u300d\u3092\u805e\u3044\u305f\u3068\u3053\u308d\u300cEV\/EBITDA\u500d\u7387\u3092\u898b\u308b\u300d\u3068\u3044\u3046\u58f0\u304c\u6700\u3082\u591a\u304b\u3063\u305f\u3002<br \/>\n\u4f01\u696d\u4fa1\u5024(EV)\u304c\u8cb7\u53ce\u5bfe\u8c61\u4f1a\u793e\u306e\u5e74\u9593\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc(EBITDA)\u306e\u4f55\u5e74\u5206\u306b\u3042\u305f\u308b\u304b \u3092\u793a\u3059\u6307\u6a19\u3060\u3002M&amp;A\u3067\u306f\u3001\u682a\u5f0f\u53d6\u5f97\u984d\u306b\u7d14\u6709\u5229\u5b50 \u8ca0\u50b5\u3092\u8db3\u3057\u305f\u984d\u304cEV\u3068\u307b\u307c\u540c\u3058 \u610f\u5473\u306b\u306a\u308b\u3002\u4fa1\u683c\u59a5\u5f53\u6027\u306e\u8a3a\u65ad\u3067\u306f\u3001\u3053\u306e\u500d\u7387\u3092\u898b\u308b\u3053\u3068\u304c\u6700\u521d\u306e\u30b9\u30c6\u30c3\u30d7\u3068\u306a\u308b\u300d \uff08\u524d\u63b2\u7d19\uff09<\/span><\/p><\/blockquote>\n<p>EV\u3068\u306f\u3001Enterprise Value\u306e\u7565\u3067\u3001\u4f1a\u793e\u7dcf\u4fa1\u5024\u3059 \u306a\u308f\u3061\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u682a\u4e3b\u4fa1\u5024\u3068 \u50b5\u6a29\u8005\u306b\u5e30\u5c5e\u3059\u308b\u4fa1\u5024\u306e\u548c\u306e\u3053\u3068\u3092\u8a00\u3044\u307e\u3059\u3002 EQV(Equity Value)\u3059\u306a\u308f\u3061\u682a\u4e3b\u4fa1\u5024\u3068\u9593\u9055\u3048\u306a\u3044 \u3088\u3046\u306b\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>EBITDA\u3068\u306f\u3001Earnings Before Interest, Taxes, Depreciation&amp;Amortization\u306e\u7565\u3067\u3001 \u91d1\u5229\u3001\u7a0e\u91d1\u3001\u511f\u5374\u8cbb\u3092\u5dee\u3057\u5f15\u304f\u524d\u306e\u5229\u76ca\u3092\u5dee\u3057\u5f15 \u304f\u524d\u306e\u5229\u76ca\u3092\u8a00\u3044\u307e\u3059\u3002\u4e8b\u696d\u6d3b\u52d5\u304c \u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6982\u5ff5\u306b\u8fd1\u3044\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u4e00\u822c\u7684\u306b\u3001 EV=\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\uff0b\u7d14\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u6709\u5229\u5b50\u8ca0\u50b5\uff0d \u4f59\u5270\u73fe\u91d1\uff09 EV\/EBITDA\u500d\u7387=EV\/EBITDA \u2192\u8cb7\u53ce\u6642\u306e\u4f01\u696d\u4fa1\u5024\u304c\u3001\u8cb7\u53ce\u5bfe\u8c61\u4f1a\u793e\u306e\u5e74\u9593 \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4f55\u500d\u3067\u8a55\u4fa1\u3055\u308c\u3066 \u3044\u308b\u304b\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n<blockquote><p><span style=\"color: #003366;\"> \u300cM&amp;A\u5de7\u8005\u3068\u3057\u3066\u77e5\u3089\u308c\u308b\u65e5\u672c\u96fb\u7523\u306e\u6c38\u5b88\u91cd\u4fe1\u793e \u9577\u306f\u300c\u30b7\u30ca\u30b8\u30fc\u304c\u5341\u5206\u898b\u8fbc\u3081\u306a\u3044\u306e\u306b\u3001 EV\/EBITDA\u500d\u7387\u304c10\u500d\u3092\u8d85\u3048\u308b\u6848\u4ef6\u306f\u3001\u8cb7\u53ce\u3092\u898b \u9001\u3063\u3066\u304d\u305f\u300d\uff08\u524d\u63b2\u7d19\uff09<\/span><\/p><\/blockquote>\n<p>\u3082\u3068\u3088\u308aEV\/EBITDA\u500d\u7387\u306e\u57fa\u6e96\u306f\u3001\u696d\u7a2e\u3084\u30e9\u30a4\u30d5 \u30b9\u30c6\u30fc\u30b8\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u306e\u3067\u300110\u500d\u304c\u7d76\u5bfe\u7684\u306a\u57fa\u6e96\u3068\u306f\u306a\u308a\u5f97\u306a\u3044\u3053\u3068\u306b\u7559\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<h3>\u3010\u30ea\u30f3\u30af\u3011<\/h3>\n<p style=\"padding-left: 30px;\">\u306a\u3057<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5186\u9ad8\u3092\u80cc\u666f\u306b\u6d77\u5916\u4f01\u696d\u3078\u306eM&amp;A\u3092\u52a0\u901f\u3055\u305b\u308b\u65e5\u672c \u4f01\u696d\u3002 \u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u306e\u7c73\u30b9\u30d7\u30ea\u30f3\u30c8\u793e\u8cb7\u53ce\u3082\u5927\u304d\u306a\u8a71\u984c \u3068\u306a\u3063\u305f\u3002 \u3057\u304b\u3057\u6b74\u53f2\u3092\u3072\u3082\u3068\u3051\u3070\u3001\u5927\u578bM&amp;A\u304c\u300c\u9ad8\u5024\u3065\u304b \u307f\u300d\u306b\u7d42\u308f\u308b\u3053\u3068\u3082\u591a\u3044\u3002 \u8cb7\u53ce\u304c\u59a5\u5f53\u306a\u6c34\u6e96 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":"","_wp_rev_ctl_limit":""},"categories":[8],"tags":[126,131],"class_list":["post-5894","post","type-post","status-publish","format-standard","hentry","category-ma","tag-ma","tag-131"],"_links":{"self":[{"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/posts\/5894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5894"}],"version-history":[{"count":6,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/posts\/5894\/revisions"}],"predecessor-version":[{"id":5902,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=\/wp\/v2\/posts\/5894\/revisions\/5902"}],"wp:attachment":[{"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cfonews.jp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}