{"id":1122,"date":"2021-09-26T08:33:57","date_gmt":"2021-09-25T23:33:57","guid":{"rendered":"https:\/\/paradigm-shift.co.jp\/media\/?p=1122"},"modified":"2026-08-19T14:17:17","modified_gmt":"2026-08-19T05:17:17","slug":"discount-cash-flow","status":"publish","type":"post","link":"https:\/\/paradigm-shift.co.jp\/media\/discount-cash-flow\/","title":{"rendered":"DCF\u6cd5\u3068\u306f\uff1f\u306a\u305cM&amp;A\u3067\u91cd\u8996\u3055\u308c\u308b\u306e\u304b\uff1f\u8a08\u7b97\u30ed\u30b8\u30c3\u30af\u3068\u4ed6\u624b\u6cd5\u6bd4\u8f03"},"content":{"rendered":"\n<p 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https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/0cb97aaebbd92eb5eca0b6590144a226.png 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">DCF\u6cd5\u304c\u4e8b\u696d\u627f\u7d99\u3084\u58f2\u5374\u6642\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u91cd\u8996\u3055\u308c\u308b\u6700\u5927\u306e\u7406\u7531\u306f\u3001<strong>\u4f01\u696d\u306e\u5c06\u6765\u7684\u306a\u53ce\u76ca\u7372\u5f97\u80fd\u529b\u3092\u8a55\u4fa1\u306b\u76f4\u63a5\u53cd\u6620\u3067\u304d\u308b<\/strong>\u70b9\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M&amp;A\u306e\u8cb7\u3044\u624b\u4f01\u696d\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u304c\u5c06\u6765\u3069\u308c\u3060\u3051\u306e\u5229\u76ca\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u3092\u751f\u307f\u51fa\u3059\u304b\u3092\u3082\u3063\u3068\u3082\u91cd\u8996\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p 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https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/060e782c49ba3fb081c2961002cd33fe.png 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">DCF\u6cd5\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u57fa\u672c\u7684\u306a\u30ed\u30b8\u30c3\u30af\u306f\u3001<strong>\u300c\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d\u3092\u300c\u73fe\u5728\u306e\u4fa1\u5024\u300d\u306b\u63db\u7b97\u3057\u3066\u5408\u8a08\u3059\u308b<\/strong>\u3068\u3044\u3046\u8003\u3048\u65b9\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u4f8b\u3048\u3070\u30011\u5e74\u5f8c\u306b\u3082\u3089\u3048\u308b105\u4e07\u5186\u306f\u3001\u73fe\u5728\u306e100\u4e07\u5186\u3092\u5e74\u52295%\u3067\u904b\u7528\u3057\u305f\u5834\u5408\u3068\u540c\u3058\u4fa1\u5024\u3068\u898b\u306a\u305b\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u300c\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308b\u300d\u30d7\u30ed\u30bb\u30b9\u3092\u300c\u5272\u308a\u5f15\u304f\u300d\u3068\u547c\u3073\u3001\u305d\u306e\u969b\u306b\u7528\u3044\u308b\u5229\u7387\u304c\u300c\u5272\u5f15\u7387\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DCF\u6cd5\u3067\u306f\u3001\u4f01\u696d\u306e\u4e8b\u696d\u8a08\u753b\u304b\u3089\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6570\u5e74\u5206\u4e88\u6e2c\u3057\u3001\u305d\u308c\u305e\u308c\u3092\u5272\u5f15\u7387\u3067\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3066\u5408\u8a08\u3059\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u306e\u300c\u4e8b\u696d\u4fa1\u5024\u300d\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8a08\u7b97\u30ed\u30b8\u30c3\u30af\u306b\u304a\u3044\u3066\u3001\u7279\u306b\u91cd\u8981\u306a\u8981\u7d20\u304c\u300c\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u300d\u3068\u300c\u5272\u5f15\u7387\uff08WACC\uff09\u300d\u306e2\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u304c\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u809d\u3068\u306a\u308b\u7406\u7531<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u304c\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u809d\u3068\u306a\u308b\u306e\u306f\u3001<strong>FCF\u304c\u4f01\u696d\u306e\u672c\u696d\u304b\u3089\u751f\u307f\u51fa\u3055\u308c\u3001\u682a\u4e3b\u3084\u50b5\u6a29\u8005\u306b\u81ea\u7531\u306b\u5206\u914d\u3067\u304d\u308b\u73fe\u91d1\u306e\u91cf\u3092\u793a\u3059<\/strong>\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FCF\u306f\u3001\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u306b\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u52a0\u3048\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u984d\u3068\u8a2d\u5099\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u3066\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3064\u307e\u308a\u3001<strong>\u5358\u306a\u308b\u4f1a\u8a08\u4e0a\u306e\u5229\u76ca\u3067\u306f\u306a\u304f\u3001\u5b9f\u969b\u306b\u4e8b\u696d\u3092\u7d99\u7d9a\u30fb\u6210\u9577\u3055\u305b\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u6295\u8cc7\u3092\u884c\u3063\u305f\u5f8c\u3067\u3001\u624b\u5143\u306b\u3069\u308c\u3060\u3051\u73fe\u91d1\u304c\u6b8b\u308b\u304b\u3068\u3044\u3046\u5b9f\u8cea\u7684\u306a\u53ce\u76ca\u529b<\/strong>\u3092\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f01\u696d\u4fa1\u5024\u3068\u306f\u3001\u672c\u8cea\u7684\u306b\u300c\u5c06\u6765\u306b\u308f\u305f\u3063\u3066\u3069\u308c\u3060\u3051\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u751f\u307f\u51fa\u3059\u529b\u304c\u3042\u308b\u304b\u300d\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u305f\u3081\u3001DCF\u6cd5\u3067\u306f\u3053\u306eFCF\u3092\u8a55\u4fa1\u306e\u57fa\u790e\u3068\u3057\u3066\u7528\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d4c\u55b6\u8005\u3068\u3057\u3066\u306f\u3001\u81ea\u793e\u306eFCF\u3092\u6700\u5927\u5316\u3059\u308b\u4e8b\u696d\u8a08\u753b\u3092\u7b56\u5b9a\u3057\u3001\u305d\u306e\u5b9f\u73fe\u53ef\u80fd\u6027\u3092\u5ba2\u89b3\u7684\u306a\u30c7\u30fc\u30bf\u3067\u793a\u3059\u3053\u3068\u304c\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u4e0a\u3067\u6975\u3081\u3066\u91cd\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5272\u5f15\u7387\uff08WACC\uff09\u304c\u4f01\u696d\u4fa1\u5024\u3092\u3069\u3046\u5909\u52d5\u3055\u305b\u308b\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5272\u5f15\u7387\uff08WACC\uff1a\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306f\u3001<strong>\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6301\u3064\u4e0d\u78ba\u5b9f\u6027\uff08\u30ea\u30b9\u30af\uff09\u3092\u53cd\u6620\u3057\u3001\u4f01\u696d\u4fa1\u5024\u3092\u76f4\u63a5\u7684\u306b\u5909\u52d5\u3055\u305b\u308b\u91cd\u8981\u306a\u8981\u7d20<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WACC\u306f\u3001\u4f01\u696d\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u3001\u5177\u4f53\u7684\u306b\u306f\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u30ea\u30bf\u30fc\u30f3\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3068\u3001\u501f\u5165\u91d1\u306e\u5229\u5b50\uff08\u8ca0\u50b5\u30b3\u30b9\u30c8\uff09\u3092\u3001\u305d\u308c\u305e\u308c\u306e\u8cc7\u672c\u69cb\u6210\u6bd4\u3067\u52a0\u91cd\u5e73\u5747\u3057\u3066\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e8b\u696d\u306e\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u3068\u5224\u65ad\u3055\u308c\u308c\u3070\u3001\u682a\u4e3b\u3084\u50b5\u6a29\u8005\u306f\u3088\u308a\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u8981\u6c42\u3059\u308b\u305f\u3081\u3001WACC\u306f\u4e0a\u6607\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WACC\u304c\u9ad8\u304f\u306a\u308b\u3068\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u308a\u5f15\u304f\u969b\u306e\u5272\u5f15\u7387\u304c\u5927\u304d\u304f\u306a\u308b\u305f\u3081\u3001\u7b97\u51fa\u3055\u308c\u308b\u4f01\u696d\u4fa1\u5024\u306f\u4f4e\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306b\u3001\u5b89\u5b9a\u3057\u305f\u4e8b\u696d\u57fa\u76e4\u3084\u4f4e\u3044\u8ca0\u50b5\u6bd4\u7387\u306a\u3069\u306b\u3088\u308a\u30ea\u30b9\u30af\u304c\u4f4e\u3044\u3068\u5224\u65ad\u3055\u308c\u308c\u3070\u3001WACC\u306f\u4f4e\u4e0b\u3057\u3001\u4f01\u696d\u4fa1\u5024\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d4c\u55b6\u8005\u306f\u3001\u8ca1\u52d9\u6226\u7565\u3092\u901a\u3058\u3066\u6700\u9069\u306a\u8cc7\u672c\u69cb\u6210\u3092\u7dad\u6301\u3057\u3001\u4e8b\u696d\u306e\u5b89\u5b9a\u6027\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u3001WACC\u3092\u4f4e\u304f\u6291\u3048\u3001\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306b\u3064\u306a\u304c\u308b\u3053\u3068\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">DCF\u6cd5\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u8a08\u7b97\u5f0f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"765\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/31987629_m-1-1024x765.jpg\" alt=\"\" class=\"wp-image-8918\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/31987629_m-1-1024x765.jpg 1024w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/31987629_m-1-300x224.jpg 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/31987629_m-1-768x574.jpg 768w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/31987629_m-1-1536x1147.jpg 1536w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/31987629_m-1-485x362.jpg 485w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/31987629_m-1.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">DCF\u6cd5\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u306f\u3001<strong>\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3092\u4e88\u6e2c\u3057\u3001\u305d\u308c\u3092\u5272\u5f15\u7387\uff08WACC\uff09\u3067\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u5408\u8a08\u3059\u308b<\/strong>\u3068\u3044\u3046\u624b\u9806\u3067\u884c\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u822c\u7684\u306b\u306f\u3001\u4e8b\u696d\u8a08\u753b\u306b\u57fa\u3065\u3044\u3066\u4e88\u6e2c\u53ef\u80fd\u306a\u671f\u9593\uff08\u901a\u5e383\u301c5\u5e74\uff09\u306eFCF\u3092\u500b\u5225\u306b\u7b97\u51fa\u3057\u3001\u305d\u308c\u4ee5\u964d\u306f\u6c38\u7d9a\u7684\u306a\u6210\u9577\u3092\u4eee\u5b9a\u3057\u305f\u300c\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff08\u6c38\u7d9a\u4fa1\u5024\uff09\u300d\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5177\u4f53\u7684\u306a\u8a08\u7b97\u30d7\u30ed\u30bb\u30b9\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u306e\u4e88\u6e2c<\/strong>\uff1a\u4e8b\u696d\u8a08\u753b\u306b\u57fa\u3065\u304d\u3001\u4e88\u6e2c\u671f\u9593\uff08n\u5e74\uff09\u306e\u5404\u671f\u306eFCF\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u5272\u5f15\u7387\uff08WACC\uff09\u306e\u7b97\u5b9a<\/strong>\uff1a\u4f01\u696d\u306e\u8cc7\u672c\u69cb\u6210\u3084\u30ea\u30b9\u30af\u3092\u8003\u616e\u3057\u3066WACC\u3092\u6c7a\u5b9a\u3057\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u4e8b\u696d\u4fa1\u5024\u306e\u8a08\u7b97<\/strong>\uff1a\u5404\u671f\u306eFCF\u3068\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092WACC\u3067\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304d\u3001\u305d\u308c\u3089\u3092\u5408\u8a08\u3057\u3066\u4e8b\u696d\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002<\/li>\n\n\n\n<li><strong>\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u51fa<\/strong>\uff1a\u4e8b\u696d\u4fa1\u5024\u306b\u3001\u4e8b\u696d\u3068\u306f\u76f4\u63a5\u95a2\u4fc2\u306e\u306a\u3044\u975e\u4e8b\u696d\u7528\u8cc7\u7523\uff08\u904a\u4f11\u5730\u3001\u4f59\u5270\u8cc7\u91d1\u306a\u3069\uff09\u306e\u4fa1\u5024\u3092\u52a0\u3048\u3066\u3001\u6700\u7d42\u7684\u306a\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a08\u7b97\u5f0f\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8868\u305b\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4e8b\u696d\u4fa1\u5024 = \u03a3 [ FCFn \/ (1 + WACC)<\/strong><strong><sup>n<\/sup><\/strong><strong> ] + [ TV \/ (1 + WACC)<\/strong><strong><sup>n<\/sup><\/strong><strong> ]<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>FCFn: n\u5e74\u76ee\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/li>\n\n\n\n<li>WACC: \u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u5272\u5f15\u7387\uff09<\/li>\n\n\n\n<li>TV: \u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff08\u6c38\u7d9a\u4fa1\u5024\uff09<\/li>\n\n\n\n<li>n: \u4e88\u6e2c\u671f\u9593\uff08\u5e74\u6570\uff09<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u4f01\u696d\u4fa1\u5024 = \u4e8b\u696d\u4fa1\u5024 + \u975e\u4e8b\u696d\u7528\u8cc7\u7523\u4fa1\u5024<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u3089\u306e\u8a08\u7b97\u306f\u975e\u5e38\u306b\u5c02\u9580\u7684\u3067\u3042\u308a\u3001\u7279\u306bFCF\u306e\u4e88\u6e2c\u3084WACC\u306e\u7b97\u5b9a\u306b\u306f\u9ad8\u5ea6\u306a\u77e5\u8b58\u3068\u5ba2\u89b3\u7684\u306a\u5224\u65ad\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u305f\u3081\u3001\u5b9f\u969b\u306eM&amp;A\u306e\u5834\u9762\u3067\u306f\u3001\u5f0a\u793e<a href=\"https:\/\/paradigm-shift.co.jp\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8<\/a>\u306e\u3088\u3046\u306aM&amp;A\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u4f1a\u793e\u306b\u4f9d\u983c\u3057\u3001\u7cbe\u5ea6\u306e\u9ad8\u3044\u8a55\u4fa1\u3092\u884c\u3046\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">DCF\u6cd5\u3068\u4ed6\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u65b9\u6cd5\u3068\u306e\u9055\u3044\u3068\u4f7f\u3044\u5206\u3051<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/fb89145a3312a53c45de717dc6a005e0-1024x576.png\" alt=\"\" class=\"wp-image-8919\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/fb89145a3312a53c45de717dc6a005e0-1024x576.png 1024w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/fb89145a3312a53c45de717dc6a005e0-300x169.png 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/fb89145a3312a53c45de717dc6a005e0-768x432.png 768w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/fb89145a3312a53c45de717dc6a005e0-485x273.png 485w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/fb89145a3312a53c45de717dc6a005e0.png 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u306fDCF\u6cd5\u306e\u4ed6\u306b\u3082\u8907\u6570\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u3042\u308a\u3001\u305d\u308c\u305e\u308c\u306b\u7279\u5fb4\u3068\u9069\u3057\u305f\u5834\u9762\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>DCF\u6cd5\u304c\u300c\u5c06\u6765\u300d\u306e\u53ce\u76ca\u529b\u306b\u7126\u70b9\u3092\u5f53\u3066\u308b\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001\u4ee3\u8868\u7684\u306a\u4ed6\u306e\u65b9\u6cd5\u3068\u3057\u3066\u3001<strong>\u300c\u904e\u53bb\u300d\u306e\u84c4\u7a4d\u3067\u3042\u308b\u7d14\u8cc7\u7523\u306b\u7740\u76ee\u3059\u308b\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u7d14\u8cc7\u7523\u6cd5\uff09<\/strong>\u3084\u3001<strong>\u300c\u5e02\u5834\u300d\u3067\u306e\u76f8\u5bfe\u7684\u306a\u4fa1\u5024\u3092\u6e2c\u308b\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff08\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff09<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u65b9\u6cd5\u306e\u6bd4\u8f03\u8868<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"table-scroll\"><table><thead><tr><th><strong>\u8a55\u4fa1\u65b9\u6cd5<\/strong>\u3000\u3000<\/th><th><strong>\u8a55\u4fa1\u306e\u8996\u70b9<\/strong><\/th><th><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/th><th><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/th><th><strong>\u9069\u3057\u305f\u4f01\u696d\/\u5834\u9762<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong>DCF\u6cd5<\/strong><\/td><td>\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u53ce\u76ca\u7372\u5f97\u80fd\u529b\uff09<\/td><td>\u5c06\u6765\u6027\u3084\u7121\u5f62\u8cc7\u7523\u3092\u53cd\u6620\u3001\u500b\u5225\u6027\u304c\u9ad8\u3044<\/td><td>\u4e88\u6e2c\u306e\u4e3b\u89b3\u6027\u3001\u5c02\u9580\u77e5\u8b58\u304c\u5fc5\u8981<\/td><td>\u6210\u9577\u4f01\u696d\u3001M&amp;A\u3001\u4e8b\u696d\u627f\u7d99\u3001IT\u4f01\u696d<\/td><\/tr><tr><td><strong>\u7d14\u8cc7\u7523\u6cd5<\/strong><\/td><td>\u904e\u53bb\u306e\u8cc7\u7523\u3068\u8ca0\u50b5\uff08\u89e3\u6563\u4fa1\u5024\uff09<\/td><td>\u5ba2\u89b3\u7684\u3001\u8a08\u7b97\u304c\u5bb9\u6613<\/td><td>\u5c06\u6765\u6027\u3084\u7121\u5f62\u8cc7\u7523\u3092\u53cd\u6620\u3067\u304d\u306a\u3044<\/td><td>\u8cc7\u7523\u4fdd\u6709\u578b\u4f01\u696d\u3001\u89e3\u6563\u4fa1\u5024\u8a55\u4fa1<\/td><\/tr><tr><td><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<\/strong><\/td><td>\u5e02\u5834\u306e\u8a55\u4fa1\uff08\u76f8\u5bfe\u7684\u306a\u4fa1\u5024\uff09<\/td><td>\u5e02\u5834\u6027\u3092\u53cd\u6620\u3001\u5ba2\u89b3\u6027\u304c\u9ad8\u3044\uff08\u6bd4\u8f03\u5bfe\u8c61\u304c\u3042\u308c\u3070\uff09<\/td><td>\u9069\u5207\u306a\u6bd4\u8f03\u5bfe\u8c61\u304c\u9650\u5b9a\u7684\u3001\u5e02\u5834\u5909\u52d5\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b<\/td><td>\u4e0a\u5834\u4f01\u696d\u3001\u985e\u4f3c\u4f01\u696d\u304c\u591a\u3044\u696d\u754c\u3001\u975e\u4e0a\u5834\u3067\u3082\u6bd4\u8f03\u53ef\u80fd\u306a\u4f01\u696d<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u3089\u306e\u65b9\u6cd5\u3092\u7406\u89e3\u3057\u3001\u81ea\u793e\u306e\u72b6\u6cc1\u3084M&amp;A\u306e\u76ee\u7684\u306b\u5fdc\u3058\u3066\u9069\u5207\u306b\u4f7f\u3044\u5206\u3051\u308b\u3053\u3068\u304c\u3001\u7d0d\u5f97\u306e\u3044\u304f\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u306b\u3001\u305d\u308c\u305e\u308c\u306e\u7279\u5fb4\u3068DCF\u6cd5\u3068\u306e\u9055\u3044\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u95a2\u9023\u8a18\u4e8b\u3011<a href=\"https:\/\/paradigm-shift.co.jp\/media\/manda-term-valuation\/\" target=\"_blank\" rel=\"noopener\" title=\"\">M&amp;A\u306b\u304a\u3051\u308b\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff09\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u3084\u624b\u6cd5\u3092\u5fb9\u5e95\u89e3\u8aac<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7d14\u8cc7\u7523\u6cd5\uff08\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff09\u3067\u306f\u898b\u3048\u306a\u3044\u4f01\u696d\u306e\u6210\u9577\u6027<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d14\u8cc7\u7523\u6cd5\u306f\u3001<strong>\u4f01\u696d\u306e\u8cb8\u501f\u5bfe\u7167\u8868\uff08B\/S\uff09\u306b\u8a08\u4e0a\u3055\u308c\u3066\u3044\u308b\u8cc7\u7523\u304b\u3089\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u305f\u7d14\u8cc7\u7523\u984d\u3092\u57fa\u306b\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3042\u308a\u3001\u5c06\u6765\u306e\u53ce\u76ca\u6027\u3092\u8a55\u4fa1\u306b\u542b\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u65b9\u6cd5\u306f\u3001\u4f01\u696d\u306e\u89e3\u6563\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u969b\u3084\u3001\u8cc7\u7523\u4fdd\u6709\u578b\u306e\u4f01\u696d\uff08\u4e0d\u52d5\u7523\u8cc3\u8cb8\u696d\u306a\u3069\uff09\u306e\u8a55\u4fa1\u306b\u306f\u9069\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a08\u7b97\u304c\u5ba2\u89b3\u7684\u3067\u5206\u304b\u308a\u3084\u3059\u3044\u3068\u3044\u3046\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308b\u4e00\u65b9\u3067\u3001<strong>\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u306f\u8868\u308c\u306a\u3044\u30d6\u30e9\u30f3\u30c9\u4fa1\u5024\u3001\u6280\u8853\u529b\u3001\u9867\u5ba2\u57fa\u76e4\u3068\u3044\u3063\u305f\u7121\u5f62\u8cc7\u7523\u3084\u3001\u5c06\u6765\u306e\u6210\u9577\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb\u3092\u5168\u304f\u8003\u616e\u3067\u304d\u306a\u3044<\/strong>\u3068\u3044\u3046\u5927\u304d\u306a\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u305f\u3081\u3001\u6210\u9577\u6bb5\u968e\u306b\u3042\u308bIT\u4f01\u696d\u3084\u3001\u72ec\u81ea\u306e\u30ce\u30a6\u30cf\u30a6\u3092\u6301\u3064\u4f01\u696d\u306e\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u306b\u306f\u4e0d\u5411\u304d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DCF\u6cd5\u306f\u3001\u307e\u3055\u306b\u3053\u306e\u7d14\u8cc7\u7523\u6cd5\u3067\u306f\u898b\u3048\u306a\u3044\u5c06\u6765\u306e\u6210\u9577\u6027\u3092\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u4e88\u6e2c\u3068\u3044\u3046\u5f62\u3067\u8a55\u4fa1\u306b\u7e54\u308a\u8fbc\u3080\u3053\u3068\u304c\u3067\u304d\u308b\u70b9\u3067\u3001\u6839\u672c\u7684\u306b\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\uff08\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff09\u306e\u9650\u754c\u3068DCF\u6cd5\u306e\u72ec\u81ea\u6027<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u3001<strong>\u4e8b\u696d\u5185\u5bb9\u3084\u4f01\u696d\u898f\u6a21\u304c\u4f3c\u3066\u3044\u308b\u4e0a\u5834\u4f01\u696d\u306e\u682a\u4fa1\u306a\u3069\u3092\u53c2\u8003\u306b\u3001\u7279\u5b9a\u306e\u8ca1\u52d9\u6307\u6a19\uff08PER\u3001EBITDA\u500d\u7387\u306a\u3069\uff09\u3092\u4e57\u3058\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3042\u308a\u3001\u9069\u5207\u306a\u6bd4\u8f03\u5bfe\u8c61\u4f01\u696d\u306e\u5b58\u5728\u304c\u524d\u63d0\u3068\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u306e\u8a55\u4fa1\u3092\u53cd\u6620\u3067\u304d\u308b\u305f\u3081\u5ba2\u89b3\u6027\u304c\u9ad8\u3044\u3068\u3055\u308c\u307e\u3059\u304c\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408\u3001\u5b8c\u5168\u306b\u4e00\u81f4\u3059\u308b\u3088\u3046\u306a\u6bd4\u8f03\u5bfe\u8c61\u3092\u898b\u3064\u3051\u308b\u3053\u3068\u306f\u56f0\u96e3\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7279\u306b\u3001\u30e6\u30cb\u30fc\u30af\u306a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3092\u6301\u3064IT\u4f01\u696d\u3084\u30cb\u30c3\u30c1\u306a\u5e02\u5834\u3067\u4e8b\u696d\u5c55\u958b\u3059\u308b\u4e2d\u5c0f\u4f01\u696d\u306e\u5834\u5408\u3001\u9069\u5207\u306a\u985e\u4f3c\u4f1a\u793e\u304c\u5b58\u5728\u305b\u305a\u3001\u3053\u306e\u624b\u6cd5\u3092\u9069\u7528\u3067\u304d\u306a\u3044\u30b1\u30fc\u30b9\u304c\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305f\u3001\u5e02\u5834\u5168\u4f53\u306e\u682a\u4fa1\u304c\u904e\u71b1\u3057\u3066\u3044\u305f\u308a\u3001\u9006\u306b\u51b7\u3048\u8fbc\u3093\u3067\u3044\u305f\u308a\u3059\u308b\u3068\u3001\u305d\u306e\u5f71\u97ff\u3092\u76f4\u63a5\u53d7\u3051\u3066\u3057\u307e\u3044\u3001\u4f01\u696d\u672c\u6765\u306e\u4fa1\u5024\u3068\u306f\u4e56\u96e2\u3059\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u306b\u5bfe\u3057\u3001DCF\u6cd5\u306f\u5e02\u5834\u306e\u52d5\u5411\u306b\u5de6\u53f3\u3055\u308c\u305a\u3001<strong>\u305d\u306e\u4f01\u696d\u72ec\u81ea\u306e\u4e8b\u696d\u8a08\u753b\u3084\u5c06\u6765\u6027\u306b\u57fa\u3065\u3044\u3066\u5185\u5728\u7684\u306a\u4fa1\u5024\u3092\u7b97\u51fa\u3067\u304d\u308b<\/strong>\u3068\u3044\u3046\u72ec\u81ea\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">IT\u9818\u57df\u306b\u7279\u5316\u3057\u30011\u4e07\u793e\u4ee5\u4e0a\u306e\u4f01\u696d\u3068\u63a5\u70b9\u3092\u6301\u3064\u5f0a\u793e<a href=\"https:\/\/paradigm-shift.co.jp\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8<\/a>\u306e\u3088\u3046\u306a\u5c02\u9580\u5bb6\u306f\u3001\u696d\u754c\u306e\u6df1\u3044\u77e5\u898b\u3092\u6d3b\u304b\u3057\u3001\u5404\u4f01\u696d\u306e\u72ec\u81ea\u6027\u3092\u8e0f\u307e\u3048\u305fDCF\u6cd5\u306b\u3088\u308b\u7cbe\u7dfb\u306a\u4fa1\u5024\u8a55\u4fa1\u3092\u5f97\u610f\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">DCF\u6cd5\u3092\u6d3b\u7528\u3059\u308b\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u7d4c\u55b6\u8005\u304c\u62bc\u3055\u3048\u308b\u3079\u304d\u70b9<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/d4ded9f48ad99e4d0c24d34d1c6ae030-1024x576.png\" alt=\"\" class=\"wp-image-8920\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/d4ded9f48ad99e4d0c24d34d1c6ae030-1024x576.png 1024w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/d4ded9f48ad99e4d0c24d34d1c6ae030-300x169.png 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/d4ded9f48ad99e4d0c24d34d1c6ae030-768x432.png 768w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/d4ded9f48ad99e4d0c24d34d1c6ae030-485x273.png 485w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/d4ded9f48ad99e4d0c24d34d1c6ae030.png 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">DCF\u6cd5\u3092\u6d3b\u7528\u3059\u308b\u6700\u5927\u306e\u30e1\u30ea\u30c3\u30c8\u306f<strong>\u4f01\u696d\u306e\u5c06\u6765\u6027\u3084\u500b\u5225\u306e\u4e8b\u696d\u6226\u7565\u3092\u4fa1\u5024\u8a55\u4fa1\u306b\u53cd\u6620\u3067\u304d\u308b\u70b9<\/strong>\u3067\u3059\u304c\u3001\u4e00\u65b9\u3067<strong>\u4e88\u6e2c\u306e\u5ba2\u89b3\u6027\u3092\u62c5\u4fdd\u3059\u308b\u3053\u3068\u304c\u96e3\u3057\u304f\u3001\u5c02\u9580\u77e5\u8b58\u3092\u8981\u3059\u308b\u3068\u3044\u3046\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong>\u3082\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d4c\u55b6\u8005\u306f\u3053\u308c\u3089\u306e\u4e21\u5074\u9762\u3092\u7406\u89e3\u3057\u3001DCF\u6cd5\u3092M&amp;A\u306e\u4ea4\u6e09\u6750\u6599\u3068\u3057\u3066\u6709\u52b9\u306b\u6d3b\u7528\u3059\u308b\u305f\u3081\u306e\u30dd\u30a4\u30f3\u30c8\u3092\u62bc\u3055\u3048\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u3092\u4ee5\u4e0b\u306b\u307e\u3068\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"table-scroll\"><table><thead><tr><th><\/th><th><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/th><th><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong>\u5c06\u6765\u6027\u306e\u53cd\u6620<\/strong><\/td><td>\u4e8b\u696d\u8a08\u753b\u3084\u6210\u9577\u6226\u7565\u3001\u7121\u5f62\u8cc7\u7523\uff08\u6280\u8853\u30fb\u30d6\u30e9\u30f3\u30c9\uff09\u304c\u3082\u305f\u3089\u3059\u5c06\u6765\u306e\u53ce\u76ca\u3092\u8a55\u4fa1\u306b\u7e54\u308a\u8fbc\u3081\u308b\u3002<\/td><td>\u5c06\u6765\u4e88\u6e2c\u306f\u4e3b\u89b3\u304c\u5165\u308a\u3084\u3059\u304f\u3001\u8a08\u753b\u306e\u59a5\u5f53\u6027\u306b\u3088\u3063\u3066\u8a55\u4fa1\u984d\u304c\u5927\u304d\u304f\u5909\u52d5\u3059\u308b\u3002<\/td><\/tr><tr><td><strong>\u500b\u5225\u6027\u306e\u8a55\u4fa1<\/strong><\/td><td>\u4f01\u696d\u306e\u72ec\u81ea\u6027\u3084\u56fa\u6709\u306e\u5f37\u307f\u3092\u8a55\u4fa1\u306b\u53cd\u6620\u3067\u304d\u3001\u985e\u4f3c\u4f1a\u793e\u304c\u306a\u304f\u3066\u3082\u8a55\u4fa1\u304c\u53ef\u80fd\u3002<\/td><td>\u5272\u5f15\u7387\uff08WACC\uff09\u306e\u7b97\u5b9a\u304c\u8907\u96d1\u3067\u3001\u5c02\u9580\u7684\u306a\u77e5\u8b58\u3068\u5ba2\u89b3\u7684\u306a\u5224\u65ad\u304c\u5fc5\u8981\u3002<\/td><\/tr><tr><td><strong>\u4ea4\u6e09\u306e\u5408\u7406\u6027<\/strong><\/td><td>\u8cb7\u3044\u624b\u304c\u91cd\u8996\u3059\u308b\u5c06\u6765\u306e\u53ce\u76ca\u529b\u306b\u57fa\u3065\u3044\u3066\u3044\u308b\u305f\u3081\u3001\u4ea4\u6e09\u306e\u5834\u3067\u5408\u7406\u7684\u306a\u6839\u62e0\u3068\u3057\u3066\u63d0\u793a\u3057\u3084\u3059\u3044\u3002<\/td><td>\u8a08\u7b97\u30d7\u30ed\u30bb\u30b9\u304c\u8907\u96d1\u3067\u3001\u5c02\u9580\u5bb6\u3067\u306a\u3044\u3068\u5185\u5bb9\u306e\u59a5\u5f53\u6027\u3092\u5224\u65ad\u3059\u308b\u306e\u304c\u96e3\u3057\u3044\u5834\u5408\u304c\u3042\u308b\u3002<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d4c\u55b6\u8005\u304c\u3082\u3063\u3068\u3082\u62bc\u3055\u3048\u308b\u3079\u304d\u70b9\u306f\u3001DCF\u6cd5\u306e\u8a55\u4fa1\u7d50\u679c\u306f\u300c\u4e8b\u696d\u8a08\u753b\u306e\u8cea\u300d\u306b\u5927\u304d\u304f\u4f9d\u5b58\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e0c\u671b\u7684\u89b3\u6e2c\u306b\u57fa\u3065\u3044\u305f\u975e\u73fe\u5b9f\u7684\u306a\u8a08\u753b\u3067\u306f\u3001\u8cb7\u3044\u624b\u304b\u3089\u8a55\u4fa1\u306e\u59a5\u5f53\u6027\u3092\u554f\u308f\u308c\u3001\u304b\u3048\u3063\u3066\u4fe1\u983c\u3092\u640d\u306a\u3046\u3053\u3068\u306b\u306a\u308a\u304b\u306d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u5206\u6790\u3084\u7af6\u5408\u72b6\u6cc1\u3092\u8e0f\u307e\u3048\u305f\u3001\u5ba2\u89b3\u7684\u306a\u6839\u62e0\u306b\u88cf\u4ed8\u3051\u3089\u308c\u305f\u4e8b\u696d\u8a08\u753b\u3053\u305d\u304c\u3001\u8aac\u5f97\u529b\u306e\u3042\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u571f\u53f0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">DCF\u6cd5\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3092\u5c02\u9580\u5bb6\u3078\u4f9d\u983c\u3059\u308b\u969b\u306b\u6e96\u5099\u3059\u3079\u304d\u60c5\u5831<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/91569b976ac87fdcfe21a0e8905eedae-1024x576.png\" alt=\"\" class=\"wp-image-8921\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/91569b976ac87fdcfe21a0e8905eedae-1024x576.png 1024w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/91569b976ac87fdcfe21a0e8905eedae-300x169.png 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/91569b976ac87fdcfe21a0e8905eedae-768x432.png 768w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/91569b976ac87fdcfe21a0e8905eedae-485x273.png 485w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/09\/91569b976ac87fdcfe21a0e8905eedae.png 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">DCF\u6cd5\u306b\u3088\u308b\u7cbe\u5ea6\u306e\u9ad8\u3044\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3092\u5c02\u9580\u5bb6\u3078\u4f9d\u983c\u3059\u308b\u305f\u3081\u306b\u306f\u3001<strong>\u6839\u62e0\u306e\u660e\u78ba\u306a\u4e8b\u696d\u8a08\u753b\u3068\u8ca1\u52d9\u4e88\u6e2c\u3001\u305d\u3057\u3066\u904e\u53bb\u304b\u3089\u73fe\u5728\u306b\u81f3\u308b\u307e\u3067\u306e\u6b63\u78ba\u306a\u8ca1\u52d9\u30fb\u8cc7\u7523\u60c5\u5831<\/strong>\u3092\u4e8b\u524d\u306b\u6e96\u5099\u3059\u308b\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c02\u9580\u5bb6\u306f\u3001\u63d0\u4f9b\u3055\u308c\u305f\u60c5\u5831\u306b\u57fa\u3065\u3044\u3066\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u3001\u5272\u5f15\u7387\u3092\u7b97\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u60c5\u5831\u306e\u8cea\u3068\u91cf\u304c\u3001\u305d\u306e\u307e\u307e\u8a55\u4fa1\u7d50\u679c\u306e\u4fe1\u983c\u6027\u306b\u76f4\u7d50\u3059\u308b\u3068\u3044\u3063\u3066\u3082\u904e\u8a00\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M&amp;A\u3092\u6210\u529f\u306b\u5c0e\u304f\u305f\u3081\u306b\u306f\u3001\u7d4c\u55b6\u8005\u81ea\u8eab\u304c\u81ea\u793e\u306e\u72b6\u6cc1\u3092\u6df1\u304f\u7406\u89e3\u3057\u3001\u5fc5\u8981\u306a\u60c5\u5831\u3092\u6574\u7406\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e8b\u696d\u8a08\u753b\u3068\u8ca1\u52d9\u4e88\u6e2c\u306e\u5177\u4f53\u6027\u304c\u8a55\u4fa1\u7cbe\u5ea6\u3092\u5de6\u53f3\u3059\u308b<\/h3>\n\n\n\n<p 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