{"id":242,"date":"2018-09-23T20:31:56","date_gmt":"2018-09-23T11:31:56","guid":{"rendered":"http:\/\/nsspirt-cashf2.com\/2018\/09\/23\/2018-09-23-203156\/"},"modified":"2023-09-25T14:14:42","modified_gmt":"2023-09-25T05:14:42","slug":"manda-process","status":"publish","type":"post","link":"https:\/\/www.nsspirt-cashf2.com\/ba\/manda-process\/","title":{"rendered":"\u4f01\u696d\u8cb7\u53ceM&#038;A\u30108\u3064\u306e\u30d7\u30ed\u30bb\u30b9\u3011"},"content":{"rendered":"<p>M&amp;A\u3092\u3059\u308b\u969b\u306b\u306f\u3001\u3069\u306e\u3088\u3046\u306a\u30d7\u30ed\u30bb\u30b9\u304c\u8e0f\u307e\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u79c1\u3082\u304b\u3064\u3066M&amp;A\u3067\u8cb7\u53ce\u3059\u308b\u5074\u306e\u7d4c\u9a13\u3092\u3057\u305f\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u306e\u30d7\u30ed\u30bb\u30b9\u306f\u3042\u308b\u7a0b\u5ea6\u306f\u6a19\u6e96\u5316\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u4e00\u822c\u7684\u306a\u30d7\u30ed\u30bb\u30b9\u3068\u3001\u5404\u30d7\u30ed\u30bb\u30b9\u3067\u3069\u306e\u3088\u3046\u306a\u3053\u3068\u3092\u3059\u308b\u306e\u304b\u3001\u5fc5\u8981\u3068\u306a\u308b<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/manda-process\/\">\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6<\/a>\u3082\u4ea4\u3048\u3066\u6982\u8981\u3092\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<div id=\"nsspi-240014705\" class=\"nsspi-toc nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- responsive -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"5736131584\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>\u30b9\u30c6\u30c3\u30d7\uff11\uff0e\u30bf\u30fc\u30b2\u30c3\u30c8\u4f01\u696d\u306e\u9078\u5b9a<\/h2>\n<p>\u307e\u305a\u306fM&amp;A\u306e\u30b9\u30bf\u30fc\u30c8\u306f\u3001\u4f1a\u793e\u306e\u4e8b\u696d\u6226\u7565\u306b\u57fa\u3065\u3044\u305f\u30bf\u30fc\u30b2\u30c3\u30c8\u4f01\u696d\u306e\u9078\u5b9a\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e\u6bb5\u968e\u3067\u306f\u3001M&amp;A\u3092\u3057\u304b\u3051\u308b\u4f01\u696d\u5185\u306e\u7d4c\u55b6\u4f01\u753b\u3001\u4e8b\u696d\u90e8\u9580\u304c\u4e2d\u5fc3\u3068\u306a\u3063\u3066\u6c7a\u5b9a\u3057\u307e\u3059\u3002\uff08\u4f1a\u793e\u306b\u3088\u3063\u3066\u306fM&amp;A\u62c5\u5f53\u90e8\u9580\u304c\u53c2\u753b\u3057\u307e\u3059\uff09<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u8cb7\u3044\u624b\u304c\u3092\u5019\u88dc\u3092\u898b\u3064\u3051\u308b\u30d1\u30bf\u30fc\u30f3\u306e\u4ed6\u306b\u3001\u58f2\u308a\u624b\u306e\u65b9\u304b\u3089\u6848\u4ef6\u304c\u6301\u3061\u8fbc\u307e\u308c\u308b\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2>\u30b9\u30c6\u30c3\u30d7\uff12\uff0e\u5bfe\u8c61\u4f01\u696d\u306e\u60c5\u5831\u53ce\u96c6<\/h2>\n<p>\u5bfe\u8c61\u4f01\u696d\u304c\u6c7a\u307e\u3063\u305f\u3089\u3001\u6b21\u306b\u5bfe\u8c61\u4f01\u696d\u306b\u95a2\u3059\u308b\u8a73\u7d30\u60c5\u5831\u3092\u96c6\u3081\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u6bb5\u968e\u306b\u306a\u308b\u3068\u3001\u793e\u5185\u30b9\u30bf\u30c3\u30d5\u306e\u60c5\u5831\u53ce\u96c6\u80fd\u529b\u3084\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u77e5\u8b58\u3060\u3051\u3067\u9032\u3081\u308b\u306b\u306f\u9650\u754c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u3053\u3067\u3001\u793e\u5916\u306e\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\uff08FA)\u3092\u5165\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div id=\"nsspi-4000640916\" class=\"nsspi-h2-2 nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"6457306725\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>\u30b9\u30c6\u30c3\u30d7\uff13\uff0e\u5bfe\u8c61\u4f01\u696d\u306e\u7c21\u6613\u4fa1\u5024\u7b97\u5b9a\uff5e\u57fa\u672c\u5408\u610f<\/h2>\n<p>\u5fc5\u8981\u306a\u60c5\u5831\u53ce\u96c6\u304c\u96c6\u307e\u3063\u305f\u3089\u3001\u7c21\u6613\u306a\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u3092\u3057\u3066\u8cb7\u53ce\u4fa1\u683c\u306e\u3042\u305f\u308a\u3092\u3064\u3051\u307e\u3059\uff08\u3053\u306e\u969b\u306b\u30b7\u30ca\u30b8\u30fc\u306b\u3064\u3044\u3066\u3082\u7c21\u6613\u8a08\u7b97\u3057\u307e\u3059\uff09\u3002<\/p>\n<p>\u3053\u306e\u6bb5\u968e\u3067\u306f\u3001\u4e0a\u4e0b\u9650\u306e\u30ec\u30f3\u30b8\u3092\u6c7a\u3081\u3066\u4ea4\u6e09\u306b\u5fdc\u3058\u307e\u3059\u3002<\/p>\n<p>\u5165\u672d\u5f62\u5f0f\u3067\u6cd5\u7684\u62d8\u675f\u529b\u306e\u306a\u30441\u6b21\u30d3\u30c3\u30c9\u304c\u3042\u308b\u5834\u5408\u306f\u3001\u3053\u3053\u307e\u3067\u306e\u7b97\u5b9a\u4fa1\u5024\u3092\u30d9\u30fc\u30b9\u306b\u5165\u672d\u306b\u5fdc\u3058\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u30d5\u30a7\u30fc\u30ba\u3067\u306f\u3001DCF\u6cd5\u3067\u7d30\u304b\u304f\u898b\u305a\u306b\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff08<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/per\/\">PER<\/a>\u3001<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/ebitda\/\">EBITDA\u500d\u7387<\/a>\u306a\u3069\uff09\u3067\u8a08\u7b97\u3059\u308b\u3053\u3068\u3082\u591a\u3044\u3067\u3059\u3002<\/p>\n<p>\u3053\u3053\u3067\u3001\u58f2\u308a\u624b\u5074\u3068\u6b21\u306e\u30b9\u30c6\u30c3\u30d7\u306b\u9032\u3080\u3053\u3068\u304c\u57fa\u672c\u5408\u610f\u3067\u304d\u308c\u3070\u3001\u672c\u683c\u7684\u306a\u4fa1\u5024\u7b97\u5b9a\u4f5c\u696d\u306b\u9032\u307f\u307e\u3059\u3002<\/p>\n<h2>\u30b9\u30c6\u30c3\u30d7\uff14\uff0e\u5bfe\u8c61\u4f01\u696d\u306e\u672c\u683c\u4fa1\u5024\u7b97\u5b9a<\/h2>\n<p>\u5927\u307e\u304b\u306a\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u306b\u3088\u308a\u58f2\u308a\u624b\u3068\u57fa\u672c\u5408\u610f\u3067\u304d\u305f\u3089\u3001\u672c\u683c\u7684\u306a\u4ea4\u6e09\u3068\u8a73\u7d30\u306a\u4fa1\u5024\u7b97\u5b9a\u306b\u5165\u308a\u307e\u3059\u3002\uff08\u5165\u672d\u5f62\u5f0f\u306e\u5834\u5408\u306f\u3001\u5165\u672d\u306e\u7d50\u679c\u3001\u512a\u5148\u5165\u672d\u8005\u3068\u306a\u3063\u3066\u304b\u3089\u4ea4\u6e09\u3068\u306a\u308a\u307e\u3059\uff09<\/p>\n<p>\u3053\u306e\u6bb5\u968e\u3067\u306f\u3001\u8cb7\u53ce\u5074\u4f01\u696d\u3067\u306f\u3001\u7d4c\u7406\u90e8\u9580\u3084\u6cd5\u52d9\u90e8\u9580\u304c\u5165\u308a\u3001\u793e\u5916\u30b9\u30bf\u30c3\u30d5\u3068\u3057\u3066\u4f1a\u8a08\u58eb\u3001\u7a0e\u7406\u58eb\u3001\u5f01\u8b77\u58eb\u306a\u3069\u304c\u5165\u3063\u3066\u304d\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u58f2\u308a\u624b\u304b\u3089\u306f\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u306b\u95a2\u3059\u308b\u8cc7\u6599\uff08IM\uff1aInformation Memorandum\uff09\u3092\u6e21\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u3053\u3053\u3067\u306f<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf\/\">DCF\u6cd5<\/a>\u304c\u3088\u304f\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u8cb7\u53ce\u304c\u751f\u307f\u51fa\u3059\u4fa1\u5024\u3068\u306a\u308b<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/synergy-effect\/\">\u30b7\u30ca\u30b8\u30fc\u52b9\u679c<\/a>\u306e\u7b97\u5b9a\u3082\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<h2>\u30b9\u30c6\u30c3\u30d7\uff15\uff0e\u5fc5\u8981\u8cc7\u6599\u306e\u8acb\u6c42\u3068\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc<\/h2>\n<p>\u4fa1\u5024\u7b97\u5b9a\u4f5c\u696d\u306e\u4e2d\u3067\u3001IM\uff08Information Memorandum\uff09\u306b\u3042\u308b\u60c5\u5831\u3060\u3051\u3067\u306f\u5341\u5206\u306a\u5224\u65ad\u304c\u3067\u304d\u306a\u3044\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u5834\u5408\u306f\u3001\u76f8\u624b\u65b9\u306eFA\uff08\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\uff09\u3092\u901a\u3058\u3066\u8cea\u554f\u3092\u6295\u3052\u304b\u3051\u56de\u7b54\u3057\u3066\u3082\u3089\u3046\u3068\u3044\u3046\u30d7\u30ed\u30bb\u30b9\u304c\u3068\u3089\u308c\u307e\u3059\u3002\uff08\u901a\u5e38\u306f1\u65e5\u3054\u3068\u306b\u3067\u3066\u304d\u305f\u8cea\u554f\u3092Q\uff06A\u30ea\u30b9\u30c8\u306b\u8ffd\u52a0\u3059\u308b\u5f62\u3067\u3084\u308a\u3068\u308a\u304c\u884c\u308f\u308c\u307e\u3059\uff09<\/p>\n<p>Q&amp;A\u306e\u3084\u308a\u3068\u308a\u3068\u306f\u5225\u306b\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u306e\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u306b\u5bfe\u3057\u3066\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3082\u884c\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u306b\u3088\u308a\u3001\u5f37\u307f\u30fb\u5f31\u307f\u3084\u4eca\u5f8c\u306e\u5c55\u671b\u3001\u4e8b\u696d\u4e0a\u306e\u30ea\u30b9\u30af\u3092\u660e\u3089\u304b\u306b\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u306b\u306f\u3001\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u306e\u5fc3\u8a3c\u3092\u3088\u304f\u3059\u308b\u3053\u3068\u3067\u3001\u5fc5\u8981\u306a\u60c5\u5831\u958b\u793a\u3092\u30b9\u30e0\u30fc\u30ba\u306b\u3057\u3066\u3082\u3089\u3046\u76ee\u7684\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2>\u30b9\u30c6\u30c3\u30d7\uff16\uff0e\u4fa1\u683c\u306e\u6c7a\u5b9a\u30fb\u6700\u7d42\u5951\u7d04\u30fb\u30af\u30ed\u30fc\u30b8\u30f3\u30b0<\/h2>\n<p>\u6700\u7d42\u7684\u306b\u4fa1\u683c\u6c7a\u5b9a\u3057\u3066\u3001\u5951\u7d04\u7de0\u7d50\u30fb\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u8a73\u7d30\u306e\u4fa1\u683c\u6c7a\u5b9a\u30d7\u30ed\u30bb\u30b9\u306f<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/acquisition-price-determination-process\/\">\u8cb7\u53ce\u4fa1\u683c\u306e\u6c7a\u5b9a\u30d7\u30ed\u30bb\u30b9<\/a>\u3092\u53c2\u7167\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u305d\u306e\u969b\u306b\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3092\u3069\u3046\u914d\u5206\u3059\u308b\u304b\u3082\u5927\u4e8b\u306a\u8ad6\u70b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u8cb7\u53ce\u4fa1\u683c\u304c\u6c7a\u5b9a\u3057\u305f\u3089\u3001M&amp;A\u306b\u304b\u304b\u308b\u5951\u7d04\u66f8\uff08SPA\u203b\uff09\u3092\u4f5c\u6210\u3057\u3001\u8cb7\u53ce\u306b\u304b\u304b\u308b\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u306a\u3069\u306e\u4f5c\u696d\u304c\u884c\u308f\u308c\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p>\u203bSPA\u3068\u306f<\/p>\n<p>Share Purchase Agreement\uff08\u682a\u5f0f\u8b72\u6e21\u5951\u7d04\u66f8\uff09\u307e\u305f\u306fSelling and Purchace Agreement\uff08\u682a\u5f0f\u58f2\u8cb7\u5951\u7d04\u66f8\uff09\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<p>SPA\u306b\u306f\u3001\u8868\u660e\u4fdd\u8a3c\u6761\u9805\uff08\u203b\uff09\u3068\u3044\u3046\u3082\u306e\u304c\u76db\u308a\u8fbc\u307e\u308c\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<p>\u203b\u8868\u660e\u4fdd\u8a3c\u6761\u9805\u3068\u306f<\/p>\n<p>\u5951\u7d04\u7de0\u7d50\u3001\u307e\u305f\u306f\u30af\u30ed\u30fc\u30b8\u30f3\u30b0\u6642\u70b9\u306b\u304a\u3044\u3066\u3001\u305d\u306e\u53d6\u5f15\u306b\u95a2\u3057\u3066\u63d0\u793a\u3055\u308c\u305f\u60c5\u5831\u306b\u95a2\u3057\u3066\u3001\u305d\u306e\u60c5\u5831\u304c\u771f\u5b9f\u3067\u3042\u308b\u3053\u3068\u3092\u4fdd\u8a3c\u3059\u308b\u6761\u9805\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u5358\u306b\u8868\u660e\u4fdd\u8a3c\u3068\u3082\u8a00\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u6761\u9805\u306b\u3088\u3063\u3066\u58f2\u308a\u624b\u306e\u60c5\u5831\uff08\u8cb7\u53ce\u5bfe\u8c61\u4f1a\u793e\u306e\u8ca1\u52d9\u72b6\u6cc1\u3001\u50b5\u52d9\u72b6\u6cc1\u3001\u8a34\u8a1f\u72b6\u6cc1\u306a\u3069\uff09\u304c\u771f\u5b9f\u3067\u3042\u308b\u3053\u3068\u3092\u62c5\u4fdd\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u4e00\u822c\u7684\u306b\u3001\u8868\u660e\u30fb\u4fdd\u8a3c\u9055\u53cd\u304c\u3042\u3063\u305f\u5834\u5408\u3001\u76f8\u624b\u65b9\uff08M&amp;A\u306b\u304a\u3044\u3066\u306f\u8cb7\u3044\u624b\u5074\uff09\u306f\u5951\u7d04\u89e3\u9664\u3001\u640d\u5bb3\u8ce0\u511f\u8acb\u6c42\u306a\u3069\u304c\u53ef\u80fd\u306b\u306a\u308b\u3053\u3068\u3092\u6761\u9805\u306b\u76db\u308a\u8fbc\u307f\u307e\u3059\u3002<\/p>\n<\/div>\n<h2>\u30b9\u30c6\u30c3\u30d7\uff17\uff0ePPA\uff08\u53d6\u5f97\u4fa1\u984d\u518d\u914d\u5206\uff09<\/h2>\n<p>\u682a\u5f0f\u8b72\u6e21\u304c\u884c\u308f\u308c\u305f\u5f8c\u306b\u3001\u53d6\u5f97\u3057\u305f\u4f1a\u793e\u306e\u8cc7\u7523\u3092\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306b\u3069\u306e\u3088\u3046\u306b\u8a08\u4e0a\u3059\u308b\u304b\u3092\u691c\u8a0e\u3057\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u3092PPA\uff08\u53d6\u5f97\u4fa1\u984d\u518d\u914d\u5206\uff09\u3068\u8a00\u3044\u307e\u3059\u3002<\/p>\n<p>PPA\u306f\u3001Purchase Price Allocation\uff08\u30d1\u30fc\u30c1\u30a7\u30b9\u30d7\u30e9\u30a4\u30b9\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\uff09\u306e\u7565\u3067\u3059\u3002<\/p>\n<p>\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3078\u306e\u8a08\u4e0a\u306f\u3001M&amp;A\u306e\u30c7\u30a3\u30fc\u30eb\u7d42\u4e86\u5f8c\uff08SPA\u7de0\u7d50\u5f8c\uff09\u306b\u884c\u308f\u308c\u307e\u3059\u304c\u3001\u5b9f\u52d9\u306b\u304a\u3044\u3066\u306f\u3001\u306e\u308c\u3093\u306e\u511f\u5374\u306a\u3069\u3092\u3044\u3061\u65e9\u304f\u7b97\u5b9a\u3057\u3066\u3001M&amp;A\u306e\u5b9f\u884c\u5224\u65ad\u3068\u3059\u308b\u305f\u3081\u306b\u3001\u30c7\u30a3\u30fc\u30eb\u7d42\u4e86\u524d\u304b\u3089\u8a08\u4e0a\u65b9\u6cd5\u306b\u3064\u3044\u3066\u8b70\u8ad6\u304c\u306a\u3055\u308c\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p>\u203bPPA\u5bfe\u8c61\u3068\u306a\u308b\u7121\u5f62\u8cc7\u7523\u306e\u4f8b<\/p>\n<p>\u8ca9\u4fc3\u95a2\u9023\uff1a\u3000\u5546\u6a19\u3001\u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u30c9\u30e1\u30a4\u30f3\u306a\u3069<\/p>\n<p>\u9867\u5ba2\u95a2\u9023\uff1a\u3000\u9867\u5ba2\u30ea\u30b9\u30c8\u3001\u9867\u5ba2\u3068\u306e\u5951\u7d04\u306a\u3069<\/p>\n<p>\u30ed\u30a4\u30e4\u30ea\u30c6\u30a3\u95a2\u9023\uff1a\u3000\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba<\/p>\n<\/div>\n<h2>\u30b9\u30c6\u30c3\u30d7\uff18\uff0eM&amp;A\u5f8c\u306e\u7d71\u5408\uff08PMI\uff09<\/h2>\n<p><a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/pmi\/\">M&amp;A\u5f8c\u306e\u7d71\u5408<\/a>\uff08\u4ee5\u4e0bPMI\uff1a Post Merger Integration\uff09\u3067\u91cd\u8981\u306b\u306a\u3063\u3066\u304f\u308b\u306e\u306f\u3001\u30b7\u30ca\u30b8\u30fc\u306e\u5275\u51fa\u3067\u3059\u3002\u3053\u308c\u306f\u4e8b\u524d\u306b\u7b97\u5b9a\u3057\u305f\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u304c\u76ee\u6a19\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3082\u3057\u3001\u8cb7\u53ce\u91d1\u984d\u306b\u30b7\u30ca\u30b8\u30fc\u3092\u4e0a\u4e57\u305b\u3057\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u671f\u5f85\u3057\u3066\u3044\u305f\u3068\u304a\u308a\u306e\u30b7\u30ca\u30b8\u30fc\u3092\u51fa\u305b\u306a\u304b\u3063\u305f\u5834\u5408\u3001\u8cb7\u53ce\u3057\u305f\u5074\u306e\u4f1a\u793e\u306e\u4fa1\u5024\u304c\u5927\u304d\u304f\u6bc0\u640d\u3055\u308c\u308b\u7d50\u679c\u306b\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<p>\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u306e\u767a\u63ee\u306b\u306f\u3001PMI\u306b\u304a\u3051\u308b\u3055\u307e\u3056\u307e\u306a\u6a5f\u80fd\u3084\u5236\u5ea6\u306e\u7d71\u5408\u304c\u30b9\u30e0\u30fc\u30ba\u306b\u884c\u308f\u308c\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u7406\u8ad6\u4e0a\u30b7\u30ca\u30b8\u30fc\u304c\u51fa\u305b\u308b\u306f\u305a\u3067\u3082\u3001M&amp;A\u3092\u3057\u304b\u3051\u305f\u4f1a\u793e\u3068\u5bfe\u8c61\u4f1a\u793e\u3068\u306e\u9593\u3067\u5186\u6ed1\u306a\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u56f3\u308c\u308b\u4f53\u5236\u3092\u4f5c\u308c\u306a\u3051\u308c\u3070\u30b7\u30ca\u30b8\u30fc\u767a\u63ee\u304c\u96e3\u3057\u304f\u306a\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n<div id=\"nsspi-2726860896\" class=\"nsspi-h2-4 nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"6457306725\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>\u307e\u3068\u3081<\/h2>\n<p>\u74b0\u5883\u5909\u5316\u306e\u6fc0\u3057\u3044\u30d3\u30b8\u30cd\u30b9\u74b0\u5883\u306b\u304a\u3044\u3066\u306f\u3001\u8ab0\u3082\u304c\u3044\u3064M&amp;A\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u5dfb\u304d\u8fbc\u307e\u308c\u308b\u304b\u308f\u304b\u3089\u306a\u3044\u72b6\u6cc1\u3067\u3059\u3002<\/p>\n<p>\u5b9f\u52d9\u4e0a\u306f\u3001\u3053\u3046\u3057\u305f\u30d7\u30ed\u30bb\u30b9\u306f\u3001\u793e\u5185\u306eM&amp;A\u5c02\u9580\u90e8\u7f72\u304b\u3001\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u30d5\u30a1\u30fc\u30e0\u3001\u8a3c\u5238\u4f1a\u793e\u306a\u3069\u304c\u4e2d\u5fc3\u306b\u9032\u3081\u3066\u3044\u304f\u3082\u306e\u306e\u3001\u30d3\u30b8\u30cd\u30b9\u30d1\u30fc\u30bd\u30f3\u3068\u3057\u3066\u3001\u30d7\u30ed\u30bb\u30b9\u306e\u6982\u7565\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3053\u3068\u3067\u3001\u5c02\u9580\u696d\u52d9\uff0b\u03b1\u306e\u4fa1\u5024\u3092\u751f\u307f\u51fa\u3059\u3053\u3068\u306b\u3064\u306a\u304c\u3063\u3066\u3044\u304f\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p><strong>\u4f01\u696d\u8cb7\u53ce\u3092\u3082\u3063\u3068\u77e5\u308a\u305f\u3044\u65b9\u306f<\/strong><\/p>\n<div id=\"rinkerid9749\" class=\"yyi-rinker-contents  yyi-rinker-tagid-4 yyi-rinker-postid-9749 yyi-rinker-img-m yyi-rinker-catid-12 \">\n<div class=\"yyi-rinker-box\">\n<div class=\"yyi-rinker-image\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.amazon.co.jp\/dp\/B01G3I5G2Y?tag=nsspiri-22&#038;linkCode=ogi&#038;th=1&#038;psc=1\" rel=\"nofollow\" class=\"yyi-rinker-tracking\"  data-click-tracking=\"amazon_img 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\" data-vars-click-id=\"amazon_img 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/51q8ldRXwFL._SL160_.jpg\"  width=\"112\" height=\"160\" class=\"yyi-rinker-main-img\" style=\"border: none;\"><\/a>\t\t\t\t\t<\/div>\n<div class=\"yyi-rinker-info\">\n<div class=\"yyi-rinker-title\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.amazon.co.jp\/dp\/B01G3I5G2Y?tag=nsspiri-22&#038;linkCode=ogi&#038;th=1&#038;psc=1\" rel=\"nofollow\" class=\"yyi-rinker-tracking\" data-click-tracking=\"amazon_title 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\" data-vars-amp-click-id=\"amazon_title 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\" >\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9<\/a>\t\t\t\t\t\t\t<\/div>\n<div class=\"yyi-rinker-detail\">\n<div class=\"credit-box\">created by&nbsp;<a href=\"https:\/\/oyakosodate.com\/rinker\/\" rel=\"nofollow noopener\" target=\"_blank\" >Rinker<\/a><\/div>\n<div class=\"price-box\">\n\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<ul class=\"yyi-rinker-links\">\n<li class=\"amazonkindlelink\">\n\t\t\t\t\t\t<a href=\"https:\/\/www.amazon.co.jp\/dp\/B01G3I5G2Y?tag=nsspiri-22&amp;linkCode=ogi&amp;th=1&amp;psc=1\" rel=\"nofollow\" class=\"yyi-rinker-link yyi-rinker-tracking\"  data-click-tracking=\"amazon_kindle 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\"  data-vars-amp-click-id=\"amazon_kindle 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\">Kindle<\/a>\t\t\t\t\t<\/li>\n<li class=\"amazonlink\">\n\t\t\t\t\t\t<a href=\"https:\/\/www.amazon.co.jp\/dp\/B01G3I5G2Y?tag=nsspiri-22&amp;linkCode=ogi&amp;th=1&amp;psc=1\" rel=\"nofollow\" class=\"yyi-rinker-link yyi-rinker-tracking\"  data-click-tracking=\"amazon 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\"  data-vars-amp-click-id=\"amazon 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\">Amazon<\/a>\t\t\t\t\t<\/li>\n<li class=\"rakutenlink\">\n\t\t\t\t\t\t<a href=\"https:\/\/af.moshimo.com\/af\/c\/click?a_id=3218903&amp;p_id=54&amp;pc_id=54&amp;pl_id=616&amp;url=https%3A%2F%2Fsearch.rakuten.co.jp%2Fsearch%2Fmall%2F%25E3%2583%2590%25E3%2583%25AA%25E3%2583%25A5%25E3%2582%25A8%25E3%2583%25BC%25E3%2582%25B7%25E3%2583%25A7%25E3%2583%25B3%25E3%2581%25AE%25E6%2595%2599%25E7%25A7%2591%25E6%259B%25B8%2F%3Ff%3D1%26grp%3Dproduct\" rel=\"nofollow\" class=\"yyi-rinker-link yyi-rinker-tracking\"  data-click-tracking=\"rakuten 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\"  data-vars-amp-click-id=\"rakuten 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\">\u697d\u5929\u5e02\u5834<\/a><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i.moshimo.com\/af\/i\/impression?a_id=3218903&amp;p_id=54&amp;pc_id=54&amp;pl_id=616\" width=\"1\" height=\"1\" style=\"border:none;\">\t\t\t\t\t<\/li>\n<li class=\"yahoolink\">\n\t\t\t\t\t\t<a href=\"https:\/\/af.moshimo.com\/af\/c\/click?a_id=3218902&amp;p_id=1225&amp;pc_id=1925&amp;pl_id=18502&amp;url=https%3A%2F%2Fshopping.yahoo.co.jp%2Fsearch%3Fp%3D%25E3%2583%2590%25E3%2583%25AA%25E3%2583%25A5%25E3%2582%25A8%25E3%2583%25BC%25E3%2582%25B7%25E3%2583%25A7%25E3%2583%25B3%25E3%2581%25AE%25E6%2595%2599%25E7%25A7%2591%25E6%259B%25B8\" rel=\"nofollow\" class=\"yyi-rinker-link yyi-rinker-tracking\"  data-click-tracking=\"yahoo 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\"  data-vars-amp-click-id=\"yahoo 9749 \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u6559\u79d1\u66f8\u2015\u4f01\u696d\u4fa1\u5024\u30fb\uff2d\uff06\uff21\u306e\u672c\u8cea\u3068\u5b9f\u52d9\">Yahoo\u30b7\u30e7\u30c3\u30d4\u30f3\u30b0<\/a><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i.moshimo.com\/af\/i\/impression?a_id=3218902&amp;p_id=1225&amp;pc_id=1925&amp;pl_id=18502\" width=\"1\" height=\"1\" style=\"border:none;\">\t\t\t\t\t<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mamp;A\u3092\u3059\u308b\u969b\u306b\u306f\u3001\u3069\u306e\u3088\u3046\u306a\u30d7\u30ed\u30bb\u30b9\u304c\u8e0f\u307e\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f \u79c1\u3082\u304b\u3064\u3066Mamp;A\u3067\u8cb7\u53ce\u3059\u308b\u5074\u306e\u7d4c\u9a13\u3092\u3057\u305f\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u306e\u30d7\u30ed\u30bb\u30b9\u306f\u3042\u308b\u7a0b\u5ea6\u306f\u6a19\u6e96\u5316\u3055\u308c\u3066\u3044\u307e\u3059\u3002 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