{"id":453,"date":"2021-04-25T01:33:45","date_gmt":"2021-04-24T16:33:45","guid":{"rendered":"https:\/\/paradigm-shift.co.jp\/media\/?p=453"},"modified":"2024-01-09T13:21:03","modified_gmt":"2024-01-09T04:21:03","slug":"enterprise-value","status":"publish","type":"post","link":"https:\/\/paradigm-shift.co.jp\/media\/enterprise-value\/","title":{"rendered":"\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u65b9\u6cd55\u3064\uff01\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u30e1\u30ea\u30c3\u30c8\u3084\u7b97\u5b9a\u65b9\u6cd5\u3092\u3042\u308f\u305b\u3066\u89e3\u8aac"},"content":{"rendered":"<p>\u8fd1\u5e74\u3001\u4e00\u90e8\u306e\u5927\u4f01\u696d\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u65e5\u672c\u5168\u56fd\u306e\u4f01\u696d\u306b\u304a\u3044\u3066<strong>\u4f01\u696d\u4fa1\u5024<\/strong>\u306e\u91cd\u8981\u6027\u304c\u5897\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u4f01\u696d\u4fa1\u5024\u3068\u306f\u4f55\u304b\u3001\u3069\u306e\u3088\u3046\u306b\u3059\u308c\u3070\u9ad8\u3081\u3089\u308c\u308b\u306e\u304b\u5b66\u3076\u3053\u3068\u3067\u3001<strong>\u4f1a\u793e\u7d4c\u55b6<\/strong>\u3082\u975e\u5e38\u306b\u6709\u5229\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u306f\u5177\u4f53\u7684\u306b\u3069\u3046\u3059\u308c\u3070\u3044\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001<span 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\/>\n<p>\u4f01\u696d\u4fa1\u5024\u3068\u306f\u3001\u4f01\u696d\u306e\u4fa1\u5024\u3092\u4fa1\u683c\u5316\u3057\u305f\u3082\u306e\u3067\u3001<strong>\u6570\u5024\u5316\u3057\u305f\u30c7\u30fc\u30bf<\/strong>\u3067\u3059\u3002\u6570\u5024\u5316\u3059\u308b\u3053\u3068\u3067\u3001\u8ab0\u306b\u3068\u3063\u3066\u3082\u5206\u304b\u308a\u3084\u3059\u3044\u60c5\u5831\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u4f1a\u793e\u306e\u8cb7\u53ce\u3084\u4e0a\u5834\u4f01\u696d\u306e\u682a\u4fa1\u306a\u3069\u3001\u5404\u4f01\u696d\u306b\u3075\u3055\u308f\u3057\u3044\u4fa1\u5024\u3092\u4fa1\u683c\u3068\u3057\u3066\u8868\u3059\u3053\u3068\u3092\u6c42\u3081\u3089\u308c\u308b\u5834\u9762\u304c\u591a\u304f\u3042\u308a\u307e\u3059\u3002<span class=\"span__stk_maker_blue\">M&amp;A\u306a\u3069\u306e\u7d4c\u55b6\u6226\u7565\u3092\u7acb\u3066\u308b\u4e0a\u3067\u3001\u305d\u306e\u4f01\u696d\u306b\u3069\u306e\u304f\u3089\u3044\u306e\u4fa1\u5024\u304c\u3042\u308b\u306e\u304b\u306f\u91cd\u8981\u306a\u5224\u65ad\u6750\u6599\u3067\u3059\u3002<\/span><\/p>\n<p>\u307e\u305f\u30011\u3064\u306e\u8996\u70b9\u304b\u3089\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u591a\u9762\u7684\u306b\u4f01\u696d\u4fa1\u5024\u3092\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u3053\u3067\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u969b\u306f\u3001<strong>\u7d99\u7d9a\u4fa1\u5024\u3068\u6e05\u7b97\u4fa1\u5024<\/strong>\u305d\u308c\u305e\u308c\u306e\u8996\u70b9\u304b\u3089\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3092\u7528\u3044\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3092\u8907\u5408\u7684\u306b\u5224\u65ad\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<h3><span id=\"i-2\">\u5c06\u6765\u3092\u898b\u636e\u3048\u305f\u7d99\u7d9a\u4fa1\u5024<\/span><\/h3>\n<p><span class=\"span__stk_maker_blue\">\u7d99\u7d9a\u7684\u4fa1\u5024\u3068\u306f\u3001\u4f01\u696d\u304c\u7d99\u7d9a\u7684\u306b\u55b6\u696d\u3092\u884c\u3046\u3053\u3068\u3067\u5f97\u308b\u53ce\u76ca\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u3082\u3068\u306b\u5c06\u6765\u6027\u3092\u52a0\u5473\u3057\u3066\u6c42\u3081\u308b\u4f01\u696d\u4fa1\u5024\u3067\u3059\u3002<\/span><\/p>\n<p>\u5f8c\u8ff0\u3059\u308b<strong>\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3084\u4e00\u90e8\u306e<strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u306b\u304a\u3044\u3066\u7d99\u7d9a\u4fa1\u5024\u3092\u7528\u3044\u3066\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<h3><span id=\"i-3\">\u73fe\u72b6\u306e\u6e05\u7b97\u4fa1\u5024<\/span><\/h3>\n<p><span class=\"span__stk_maker_blue\">\u6e05\u7b97\u4fa1\u5024\u3068\u306f\u3001\u4f01\u696d\u304c\u6d3b\u52d5\u3092\u505c\u6b62\u3057\u3001\u500b\u3005\u306e\u8cc7\u7523\u306e\u58f2\u5374\u3092\u524d\u63d0\u3068\u3057\u305f\u4f01\u696d\u4fa1\u5024\u3067\u3059\u3002<\/span><\/p>\n<p>\u5f8c\u8ff0\u3059\u308b<strong>\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u306b\u304a\u3044\u3066\u6e05\u7b97\u4fa1\u5024\u3092\u7528\u3044\u3066\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<h3><span id=\"i-4\">\u6642\u4fa1\u7dcf\u984d\u3068\u4f01\u696d\u4fa1\u5024\u306e\u9055\u3044\u306f\uff1f<\/span><\/h3>\n<p>\u6642\u4fa1\u7dcf\u984d\u3082\u3001\u4f01\u696d\u4fa1\u5024\u3068\u540c\u69d8\u306b\u4f01\u696d\u306e\u4fa1\u683c\u3092\u8868\u3059\u6570\u5024\u3067\u3059\u3002<\/p>\n<p><span class=\"span__stk_maker_blue\">\u6642\u4fa1\u7dcf\u984d\u3068\u306f\u3001\u682a\u4fa1\u306e\u7dcf\u984d\u306e\u4e8b\u3092\u6307\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>\u4e0a\u8a18\u3067\u8aac\u660e\u3057\u305f<strong>\u4f01\u696d\u4fa1\u5024\u306f\u3001\u682a\u5f0f\u306e\u4fa1\u5024\u306b\u8ca0\u50b5\u306e\u4fa1\u5024\u3092\u52a0\u3048\u305f\u3082\u306e<\/strong>\u3067\u3042\u308a\u3001<strong>\u6642\u4fa1\u7dcf\u984d\u3068\u306f\u7570\u306a\u308a\u307e\u3059<\/strong>\u3002<\/p>\n<p>\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387100\uff05\u306e\u4f01\u696d\u306e\u307f\u3001\u6642\u4fa1\u7dcf\u984d\u3068\u4f01\u696d\u4fa1\u5024\u306f\u7b49\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3><span id=\"EV\">EV\u3068\u4f01\u696d\u4fa1\u5024\u306e\u9055\u3044\u306f\uff1f<\/span><\/h3>\n<p><span class=\"span__stk_maker_blue\">EV\u3068\u306f\u3001Enterprice Value\u306e\u7565\u79f0\u3067\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u5074\u304b\u3089\u898b\u305f\u4f01\u696d\u306e\u4e8b\u696d\u4fa1\u5024\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>EV\u306f\u3001<strong>\u6642\u4fa1\u7dcf\u984d\u306b\u7d14\u8cc7\u7523\u5229\u5b50\u8ca0\u50b5\u3092\u52a0\u3048\u305f\u3082\u306e<\/strong>\u306b\u306a\u308b\u306e\u3067\u3001\u4e0a\u8a18\u3067\u8aac\u660e\u3057\u305f\u4f01\u696d\u4fa1\u5024\u3068\u306f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><strong>\u7d14\u8cc7\u7523\u5229\u5b50\u8ca0\u50b5<\/strong>\u3068\u306f\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u304b\u3089\u975e\u4e8b\u696d\u8cc7\u7523\u4fa1\u5024\u3092\u5f15\u3044\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>EV\u3068\u4f01\u696d\u4fa1\u5024\u304c\u540c\u3058\u3068\u8003\u3048\u3066\u3044\u308b\u4eba\u306f\u591a\u3044\u306e\u3067\u6ce8\u610f\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<h2><span id=\"3\">\u4f01\u696d\u4fa1\u5024\u306e3\u3064\u306e\u7b97\u5b9a\u65b9\u6cd5<\/span><\/h2>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/04\/4353686_m-e1618382710290.jpg\" alt=\"\" width=\"660\" height=\"440\" \/>\n<p><span class=\"span__stk_maker_blue\">\u4f01\u696d\u4fa1\u5024\u3092\u6c42\u3081\u308b\u7b97\u5b9a\u65b9\u6cd5\u306f\u5927\u304d\u304f\u5206\u3051\u3066\u4ee5\u4e0b\u306e3\u3064\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<ul>\n<li>\u4f01\u696d\u306e\u73fe\u72b6\u3092\u91cd\u8996\u3057\u305f<strong>\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3002<\/li>\n<li>\u4f01\u696d\u306e\u5c06\u6765\u6027\u3092\u91cd\u8996\u3057\u305f<strong>\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3002<\/li>\n<li>\u682a\u5f0f\u5e02\u5834\u3092\u91cd\u8996\u3057\u305f<strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3002<\/li>\n<\/ul>\n<p>\u305d\u308c\u305e\u308c\u306e\u7b97\u5b9a\u65b9\u6cd5\u306b\u3064\u3044\u3067\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h3><span id=\"1\">\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u65b9\u6cd51.\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/span><\/h3>\n<p><span class=\"span__stk_maker_blue\">\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\u3001\u4f01\u696d\u304c\u4fdd\u6709\u3057\u3066\u3044\u308b\u8cc7\u7523\u3001\u8ca0\u50b5\u3092\u57fa\u6e96\u306b\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/p>\n<p>\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u5927\u4f01\u696d\u306eM&amp;A\u3088\u308a\u3082\u4e2d\u5c0f\u4f01\u696d\u306eM&amp;A\u3067\u63a1\u7528\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u304f\u3042\u308a\u307e\u3059\u3002\u30e1\u30ea\u30c3\u30c8\u306f\u3001\u7b97\u51fa\u3055\u308c\u305f\u4fa1\u5024\u304c\u5ba2\u89b3\u7684\u3067\u3001\u8ab0\u304c\u8a08\u7b97\u3057\u3066\u3082\u540c\u3058\u7d50\u679c\u304c\u5f97\u3089\u308c\u308b\u70b9\u3067\u3059\u3002<\/p>\n<p>\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f<strong>\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong>\u3068<strong>\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong>\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<h4>\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/h4>\n<p>\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u306f\u3001<span class=\"span__stk_maker_blue\">\u4f01\u696d\u306e\u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u5e33\u7c3f\u4fa1\u683c\u306b\u57fa\u3065\u3044\u3066\u7d14\u8cc7\u7523\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5<\/span>\u3067\u3001\u4ee5\u4e0b\u306e\u516c\u5f0f\u306b\u3042\u3066\u306f\u3081\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7c3f\u4fa1\u7d14\u8cc7\u7523\uff1d\u8cc7\u7523\u5408\u8a08\u30fc\u8ca0\u50b5\u5408\u8a08<\/li>\n<\/ul>\n<p>\u5e33\u7c3f\u4e0a\u306e\u8cc7\u7523\u5408\u8a08\u984d\u304b\u3089\u8ca0\u50b5\u5408\u8a08\u984d\u3092\u5f15\u3044\u305f\u5024\u304c\u7d14\u8cc7\u7523\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<h4>\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/h4>\n<p>\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u306f\u3001<span class=\"span__stk_maker_blue\">\u4f01\u696d\u306e\u8cc7\u7523\u3068\u8ca0\u50b5\u3092\u6642\u4fa1\u306b\u7f6e\u304d\u63db\u3048\u3066\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5<\/span>\u3067\u3001\u4ee5\u4e0b\u306e\u516c\u5f0f\u306b\u5f53\u3066\u306f\u3081\u3066\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6642\u4fa1\u7d14\u8cc7\u7523\u984d = \u6642\u4fa1\u8a55\u4fa1\u3055\u308c\u305f\u8cc7\u7523 &#8211; \u6642\u4fa1\u8a55\u4fa1\u3055\u308c\u305f\u8ca0\u50b5<\/li>\n<\/ul>\n<p>\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3067\u306f\u3001\u8cc7\u7523\u5408\u8a08\u984d\u3068\u8ca0\u50b5\u5408\u8a08\u984d\u3092\u6642\u4fa1\u306b\u7f6e\u304d\u63db\u3048\u308b\u3053\u3068\u3067\u3001\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3088\u308a\u3082\u4f01\u696d\u306e\u73fe\u72b6\u306e\u60c5\u5831\u3068\u3057\u3066\u6b63\u3057\u3044\u8a55\u4fa1\u3092\u4e0b\u3059\u3053\u3068\u304c\u51fa\u6765\u307e\u3059\u3002<\/p>\n<h3><span id=\"2\">\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u65b9\u6cd52.\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/span><\/h3>\n<p><span class=\"span__stk_maker_blue\">\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u4f01\u696d\u306e\u5c06\u6765\u6027\u3092\u52a0\u5473\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/span>\u5927\u304d\u306a\u30e1\u30ea\u30c3\u30c8\u306f\u3001\u305d\u306e\u4f01\u696d\u306e\u5c06\u6765\u6027\u3092\u52a0\u5473\u3057\u305f\u4f01\u696d\u4fa1\u5024\u3092\u53cd\u6620\u3057\u3066\u7b97\u51fa\u3067\u304d\u308b\u70b9\u3067\u3059\u3002<\/p>\n<p>\u3088\u3063\u3066\u3001\u4ed6\u306e\u7b97\u5b9a\u65b9\u6cd5\u306b\u6bd4\u3079\u3066\u67d4\u8edf\u6027\u304c\u9ad8\u304f\u3001\u73fe\u72b6\u6210\u679c\u306e\u82b3\u3057\u304f\u306a\u3044\u4f01\u696d\u3067\u3042\u3063\u3066\u3082\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u304f\u7b97\u51fa\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>M&amp;A\u306e\u969b\u306b\u3001\u4e2d\u5c0f\u4f01\u696d\u3084\u6210\u9577\u4e2d\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306e\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u3068\u304d\u306b\u63a1\u7528\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3001\u4f01\u696d\u306e\u5c06\u6765\u6027\u3092\u8a08\u308b\u6307\u6a19\u306f\u3001\u4ee5\u4e0b\u306e3\u3064\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/li>\n<li>\u53ce\u76ca<\/li>\n<li>\u914d\u5f53\u984d<\/li>\n<\/ul>\n<p>\u3053\u306e3\u3064\u306e\u3069\u306e\u8981\u7d20\u3092\u91cd\u8981\u8996\u3059\u308b\u304b\u306b\u3088\u3063\u3066\u3001\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4e2d\u3067\u3082<strong>DCF\u6cd5\u3001\u53ce\u76ca\u9084\u5143\u6cd5\u3001\u914d\u5f53\u9084\u5143\u6cd5<\/strong>\u306e3\u3064\u306e\u65b9\u6cd5\u306b\u5206\u304b\u307e\u3059\u3002<\/p>\n<h4>DCF\u6cd5<\/h4>\n<p>DCF\u6cd5\u306f\u3001\u6700\u3082\u3088\u304f\u4f7f\u308f\u308c\u3066\u3044\u308b\u65b9\u6cd5\u3067\u3001<span class=\"span__stk_maker_blue\">\u5c06\u6765\u7684\u306b\u4e88\u6e2c\u3055\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5909\u63db\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa<\/span>\u3057\u307e\u3059\u3002DCF\u6cd5\u306e\u8a08\u7b97\u65b9\u6cd5\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u4f01\u696d\u4fa1\u5024\uff1dFCF\u00f7\u5272\u5f15\u7387<\/li>\n<li>FCF\uff1dEBIT\u00d7\uff081\uff0d\u6cd5\u4eba\u7a0e\u7387\uff09\uff0b\u539f\u4fa1\u511f\u5374\u8cbb\u30fc\u8a2d\u5099\u6295\u8cc7\u30fc\u25b3\u904b\u8ee2\u8cc7\u672c<\/li>\n<\/ul>\n<p>FCF\u3068\u306f\u3001<strong>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/strong>\u306e\u3053\u3068\u3067\u3001\u4f01\u696d\u304c\u4e8b\u696d\u6d3b\u52d5\u306b\u304a\u3044\u3066\u81ea\u7531\u306b\u4f7f\u3048\u308b\u984d\u3092\u8868\u3057\u307e\u3059\u3002EBIT\u306f\u3001<strong>\u6cd5\u4eba\u7a0e\u306b\u3088\u3063\u3066\u5272\u5f15\u3055\u308c\u308b\u524d\u306e\u4f01\u696d\u5229\u76ca<\/strong>\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<h4>\u53ce\u76ca\u9084\u5143\u6cd5<\/h4>\n<p><span class=\"span__stk_maker_blue\">\u53ce\u76ca\u9084\u5143\u6cd5\u3068\u306f\u3001\u5c06\u6765\u4f01\u696d\u304c\u751f\u307f\u51fa\u3059\u53ce\u76ca\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5909\u63db\u3057\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5<\/span>\u3067\u3059\u3002<\/p>\n<p><strong>\u53ce\u76ca<\/strong>\u3068\u306f\u3001\u4f1a\u793e\u306b\u3069\u308c\u304f\u3089\u3044\u306e\u5229\u76ca\u304c\u3042\u308b\u304b\u3092\u8868\u3059\u6307\u6a19\u3067\u3042\u308a\u3001<strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/strong>\u306f\u3001\u4f1a\u793e\u306e\u8cc7\u91d1\u306e\u52d5\u304d\u3092\u8868\u3059\u6307\u6a19\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3088\u3063\u3066\u53ce\u76ca\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3001\u7570\u306a\u308b\u6307\u6a19\u3092\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u53ce\u76ca\u9084\u5143\u6cd5\u306e\u7b97\u5b9a\u65b9\u6cd5\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u4f01\u696d\u4fa1\u5024\uff1d\u5e73\u5747\u53ce\u76ca\u00f7\u8cc7\u672c\u9084\u5143\u7387<\/li>\n<\/ul>\n<p>\u5e73\u5747\u53ce\u76ca\u306e\u5024\u3092\u4f7f\u3046\u3053\u3068\u304b\u3089\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306e\u3088\u3046\u306a\u53ce\u76ca\u306e\u5909\u5316\u304c\u5927\u304d\u3044\u5834\u5408\u306b\u306f\u3001\u6b63\u78ba\u306a\u5024\u3092\u7b97\u5b9a\u3059\u308b\u3053\u3068\u306f\u96e3\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<h4>\u914d\u5f53\u9084\u5143\u6cd5<\/h4>\n<p><span class=\"span__stk_maker_blue\">\u914d\u5f53\u9084\u5143\u6cd5\u3068\u306f\u3001\u5c06\u6765\u306e\u914d\u5f53\u984d\u306e\u4e88\u60f3\u3092\u3082\u3068\u306b\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5<\/span>\u3067\u3059\u3002<\/p>\n<p>\u914d\u5f53\u9084\u5143\u6cd5\u3067\u306f\u3001\u76f4\u524d\u671f\u4ee5\u524d\u306e<strong>2\u5e74\u9593<\/strong>\u306b\u304a\u3051\u308b<strong>\u5e74\u5e73\u57471\u682a\u5f53\u305f\u308a\u306e\u914d\u5f53\u91d1\u984d<\/strong>\u309210\u500d\u3057\u305f\u91d1\u984d\u3092\u7b97\u51fa\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u308b\u8a55\u4fa1\u984d\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u682a\u5f0f\u304c\u591a\u3044\u5927\u4f01\u696d\u3067\u306f\u4e88\u60f3\u304c\u56f0\u96e3\u306a\u305f\u3081\u3001\u5927\u4f01\u696d\u306eM&amp;A\u306b\u306f\u4e0d\u5411\u304d\u3067\u3059\u3002<\/p>\n<p>\u682a\u5f0f\u304c\u5c11\u306a\u304b\u3063\u305f\u308a\u3001\u682a\u5f0f\u975e\u516c\u958b\u306e\u4f01\u696d\u3067\u3042\u3063\u305f\u308a\u3059\u308b\u969b\u306b\u306f\u682a\u4fa1\u306e\u914d\u5f53\u984d\u306e\u5909\u52d5\u304c\u5c11\u306a\u3044\u305f\u3081\u5229\u7528\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3><span id=\"3-2\">\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u65b9\u6cd53.\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/span><\/h3>\n<p><span class=\"span__stk_maker_blue\">\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u985e\u4f3c\u4f01\u696d\u3084\u682a\u5f0f\u5e02\u5834\u306e\u682a\u4fa1\u3092\u3082\u3068\u306b\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/p>\n<p>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u5ba2\u89b3\u7684\u306b\u898b\u308b\u3053\u3068\u304c\u51fa\u6765\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u5e02\u5834\u74b0\u5883\u3082\u7e54\u308a\u8fbc\u3093\u3060\u5024\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u3001\u4ee5\u4e0b\u306e3\u3064\u306e\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u985e\u4f3c\u4f1a\u793e\u6bd4\u6e96\u6cd5<\/li>\n<li>\u985e\u4f3c\u696d\u7a2e\u6bd4\u6e96\u6cd5<\/li>\n<li>\u5e02\u5834\u682a\u4fa1\u6cd5<\/li>\n<\/ul>\n<h4>\u985e\u4f3c\u4f1a\u793e\u6bd4\u6e96\u6cd5<\/h4>\n<p><strong>\u985e\u4f3c\u4f1a\u793e\u6bd4\u6e96\u6cd5\u3068\u306f\u3001<\/strong>\u975e\u4e0a\u5834\u4f01\u696d\u306eM&amp;A\u3067\u983b\u7e41\u306b\u4f7f\u308f\u308c\u308b\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u975e\u4e0a\u5834\u4f01\u696d\u3067\u306f\u3001\u5e02\u5834\u4fa1\u5024\u3092\u6301\u3063\u3066\u3044\u306a\u3044\u305f\u3081\u985e\u4f3c\u3059\u308b\u4e0a\u5834\u4f01\u696d\u3092\u53c2\u8003\u306b\u7b97\u5b9a\u3057\u307e\u3059\u3002\u975e\u4e0a\u5834\u4f01\u696d\u3067\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u4f7f\u3046\u969b\u306f\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u6e96\u6cd5\u3092\u4f7f\u3046\u3053\u3068\u304c\u591a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<h4><strong>\u985e\u4f3c\u696d\u7a2e\u6bd4\u6e96\u6cd5<\/strong><\/h4>\n<p><strong>\u985e\u4f3c\u696d\u7a2e\u6bd4\u6e96\u6cd5\u3068\u306f\u3001<\/strong>\u696d\u7a2e\u304c\u4f3c\u3066\u3044\u308b\u4f01\u696d\u306e\u8ca1\u52d9\u6307\u6a19\u3092\u4f7f\u3044\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u76f8\u7d9a\u7a0e\u304c\u9ad8\u304f\u306a\u3089\u306a\u3044\u3088\u3046\u306b\u3059\u308b\u305f\u3081\u306e\u7b97\u5b9a\u65b9\u6cd5\u3067\u3042\u308a\u3001\u7d4c\u55b6\u8005\u304c\u4ea1\u304f\u306a\u3063\u305f\u969b\u306b\u4f7f\u308f\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h4><strong>\u5e02\u5834\u682a\u4fa1\u6cd5<\/strong><\/h4>\n<p><strong>\u5e02\u5834\u682a\u4fa1\u6cd5\u3068\u306f\u3001<\/strong>\u4e0a\u5834\u4f01\u696d\u306b\u304a\u3044\u3066\u682a\u4fa1\u3092\u3082\u3068\u306b\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u3053\u306e\u65b9\u6cd5\u306f\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306b\u304a\u3044\u3066\u63a1\u7528\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<h2><span id=\"i-5\">\u4f01\u696d\u4fa1\u5024\u3092\u6c7a\u3081\u308b\u8981\u56e0\u3068\u306f<\/span><\/h2>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/04\/4062209_m-e1618989336177.jpg\" alt=\"\" width=\"660\" height=\"371\" \/>\n<p>\u6b21\u306b\u4f01\u696d\u4fa1\u5024\u3092\u6c7a\u3081\u308b\u8981\u56e0\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002\u4f01\u696d\u4fa1\u5024\u3092\u6c7a\u3081\u308b\u8981\u56e0\u306f\u3001<a href=\"https:\/\/jicpa.or.jp\/specialized_field\/publication\/files\/2-3-32-2a-20130722.pdf\" target=\"_blank\" rel=\"noopener\">\u65e5\u672c\u516c\u8a8d\u4f1a\u8a08\u58eb\u5354\u4f1a\u300c\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u300d<\/a>\u304c\u5b9a\u3081\u305f\u4ee5\u4e0b\u306e5\u3064\u304c\u3042\u308b\u3068\u3044\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4e00\u822c\u7684\u8981\u56e0\u30fb\u30fb\u30fb\u666f\u6c17\u306e\u52d5\u5411\u3084\u653f\u6cbb\u306e\u52d5\u5411\u306a\u3069\u793e\u4f1a\u5168\u822c<\/li>\n<li>\u696d\u754c\u8981\u56e0\u30fb\u30fb\u30fb\u6240\u5c5e\u3059\u308b\u696d\u754c\u306e\u72b6\u6cc1<\/li>\n<li>\u4f01\u696d\u8981\u56e0\u30fb\u30fb\u30fb\u4f01\u696d\u306e\u53ce\u76ca\u6027\u3084\u8ca1\u653f\u72b6\u6cc1\u306a\u3069\u4f01\u696d\u5358\u4f53<\/li>\n<li>\u682a\u5f0f\u8981\u56e0\u30fb\u30fb\u30fb\u682a\u5f0f\u306e\u767a\u884c\u72b6\u6cc1\u3084\u682a\u4e3b\u3068\u306e\u95a2\u4fc2<\/li>\n<li>\u76ee\u7684\u8981\u56e0\u30fb\u30fb\u30fb\u4f55\u306e\u76ee\u7684\u3067\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u306e\u304b<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>\u4e00\u822c\u7684\u8981\u56e0\u306f\u3001\u666f\u6c17\u306e\u52d5\u5411\u3084\u653f\u6cbb\u306e\u52d5\u5411\u306a\u3069\u793e\u4f1a\u5168\u822c\u3092\u3001\u696d\u754c\u8981\u56e0\u306f\u3001\u6240\u5c5e\u3059\u308b\u696d\u754c\u306e\u72b6\u6cc1\u3092\u8981\u56e0\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u5efa\u7bc9\u95a2\u4fc2\u306e\u4f01\u696d\u3067\u3042\u308c\u3070\u5efa\u7bc9\u696d\u754c\u306e\u5168\u4f53\u52d5\u5411\u304c\u8a55\u4fa1\u5bfe\u8c61\u3067\u3059\u3002<\/p>\n<p>\u4f01\u696d\u8981\u56e0\u3068\u306f\u3001\u53ce\u76ca\u6027\u3084\u8ca1\u653f\u72b6\u6cc1\u306a\u3069\u4f01\u696d\u5358\u4f53\u3092\u8981\u56e0\u3068\u3057\u3066\u304a\u308a\u3001\u4f01\u696d\u52aa\u529b\u306b\u3088\u308a\u6700\u3082\u5927\u304d\u304f\u5909\u52d5\u3057\u307e\u3059\u3002<\/p>\n<p>\u682a\u5f0f\u8981\u56e0\u306f\u3001\u682a\u5f0f\u306e\u767a\u884c\u72b6\u6cc1\u3084\u682a\u4e3b\u3068\u306e\u95a2\u4fc2\u3092\u8981\u56e0\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u76ee\u7684\u8981\u56e0\u3068\u306f\u3001\u4f55\u306e\u76ee\u7684\u3067\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u306e\u304b\u3067\u3059\u3002M&amp;A\u3067\u3042\u308c\u3070\u3001\u53d6\u5f15\u76ee\u7684\u3067\u4f01\u696d\u4fa1\u5024\u3092\u5fc5\u8981\u3068\u3057\u307e\u3059\u3002\u76ee\u7684\u306b\u3088\u3063\u3066\u3082\u3001\u4f01\u696d\u4fa1\u5024\u306f\u5909\u52d5\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e5\u3064\u306e\u8981\u56e0\u306e\u3046\u3061\u3001<span class=\"span__stk_maker_blue\">\u4f01\u696d\u8981\u56e0\u3060\u3051\u306f1\u3064\u306e\u4f01\u696d\u3060\u3051\u3067\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u51fa\u6765\u307e\u3059<\/span>\u3002<\/p>\n<p>\u307e\u305f\u30011\u3064\u306e\u4f01\u696d\u304c\u5927\u304d\u306a\u53ce\u76ca\u3092\u751f\u3080\u3053\u3068\u3067\u3001\u696d\u754c\u3084\u793e\u4f1a\u5168\u4f53\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u4f01\u696d\u4fa1\u5024\u3067\u3042\u308b<strong>5\u3064\u306e\u8981\u56e0<\/strong>\u3092\u610f\u8b58\u3057\u3066\u3001\u7d4c\u55b6\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h2><span id=\"2-2\">\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b2\u3064\u306e\u30e1\u30ea\u30c3\u30c8<\/span><\/h2>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/04\/4020294_m-e1618382831335.jpg\" alt=\"\" width=\"660\" height=\"440\" \/>\n<p>\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u3053\u3068\u306f\u975e\u5e38\u306b\u91cd\u8981\u3067\u3059\u3002\u3053\u306e\u7ae0\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u30e1\u30ea\u30c3\u30c8\u30922\u3064\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h3><span id=\"1MA\">\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u30e1\u30ea\u30c3\u30c81.M&amp;A\u3092\u6709\u5229\u306b\u3059\u308b<\/span><\/h3>\n<p>1\u3064\u76ee\u306f\u3001<strong>M&amp;A<\/strong>\u306e\u5b9f\u65bd\u3092\u6709\u5229\u306b\u9032\u3081\u3089\u308c\u308b\u70b9\u3067\u3059\u3002M&amp;A\u3092\u6210\u529f\u3055\u305b\u308b\u305f\u3081\u306b\u3001\u4f01\u696d\u4fa1\u5024\u306f\u91cd\u8981\u306a\u8981\u7d20\u306e1\u3064\u3067\u3059\u3002<\/p>\n<p>\u8cb7\u3044\u624b\u4f01\u696d\u3068\u58f2\u308a\u624b\u4f01\u696d\u53cc\u65b9\u306b\u3068\u3063\u3066\u3001\u76f8\u624b\u306e\u4f01\u696d\u4fa1\u5024\u306f\u5fc5\u305a\u7b97\u51fa\u3057\u3066\u78ba\u8a8d\u3057\u307e\u3059\u3002\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u305d\u308c\u3060\u3051\u3067<strong>\u4fe1\u983c\u306e\u62c5\u4fdd<\/strong>\u306b\u306a\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n<p>\u58f2\u308a\u624b\u4f01\u696d\u306e\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u3044\u3068\u3001M&amp;A\u306b\u304a\u3051\u308b\u4ea4\u6e09\u3082\u5f37\u6c17\u3067\u9ad8\u3044\u91d1\u984d\u3092\u63d0\u793a\u3057\u3084\u3059\u3044\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\u5bfe\u3057\u3066\u3001\u8cb7\u3044\u624b\u4f01\u696d\u306b\u3068\u3063\u3066\u306f\u3001M&amp;A\u306e\u91d1\u984d\u304c\u9069\u6b63\u304b\u3069\u3046\u304b\u5224\u65ad\u3059\u308b\u6750\u6599\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><span class=\"span__stk_maker_blue\">\u4f01\u696d\u3092\u898b\u308b\u4e0a\u3067\u6280\u8853\u529b\u306a\u3069\u6570\u5024\u5316\u3057\u306b\u304f\u3044\u3082\u306e\u3082\u591a\u304f\u3042\u308b\u306e\u3067\u3001\u6570\u5024\u5316\u3067\u304d\u308b\u4f01\u696d\u4fa1\u5024\u306f\u3001M&amp;A\u306b\u304a\u3044\u3066\u975e\u5e38\u306b\u91cd\u8981\u3067\u3057\u3087\u3046\u3002<\/span><\/p>\n<h3><span id=\"2-3\">\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u30e1\u30ea\u30c3\u30c82.\u5012\u7523\u30ea\u30b9\u30af\u304c\u4f4e\u4e0b\u3059\u308b<\/span><\/h3>\n<p>\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u3081\u308b2\u3064\u76ee\u306e\u30e1\u30ea\u30c3\u30c8\u306f<strong>\u5012\u7523\u30ea\u30b9\u30af\u304c\u4f4e\u4e0b<\/strong>\u3059\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u4f01\u696d\u4fa1\u5024\u3068\u306f\u3001\u300c\u305d\u306e\u4f01\u696d\u304c\u793e\u4f1a\u306b\u304a\u3044\u3066\u3069\u306e\u304f\u3089\u3044\u5fc5\u8981\u3068\u3055\u308c\u3066\u3044\u308b\u304b\u300d\u3068\u3044\u3046\u6307\u6a19\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u5fc5\u8981\u5ea6\u304c\u9ad8\u3051\u308c\u3070\u3001\u5546\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u306e\u53ce\u76ca\u306f\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u4eee\u306b\u652f\u51fa\u304c\u5897\u3048\u305f\u3068\u3057\u3066\u3082\u3001<span class=\"span__stk_maker_blue\">\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u3044\u4f01\u696d\u3067\u3042\u308c\u3070\u3001\u91d1\u878d\u6a5f\u95a2\u304c\u878d\u8cc7\u3057\u3066\u304f\u308c\u308b\u53ef\u80fd\u6027\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/span>\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u898b\u3066\u3082\u3001\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u3044\u4f01\u696d\u3078\u878d\u8cc7\u3057\u305f\u3044\u3068\u601d\u3046\u305f\u3081\u3067\u3059\u3002<\/p>\n<p>\u4ee5\u4e0a\u306e\u3053\u3068\u304b\u3089\u3001\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u3081\u308b\u3053\u3068\u3067\u5012\u7523\u30ea\u30b9\u30af\u306f\u5fc5\u305a\u4f4e\u4e0b\u3057\u3066\u3044\u304f\u3067\u3057\u3087\u3046\u3002<\/p>\n<h2>\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u65b9\u6cd55\u3064<\/h2>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/04\/4029885_s.jpg\" alt=\"\" width=\"640\" height=\"427\" \/>\n<p>\u3067\u306f\u3001\u5b9f\u969b\u306b\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u65b9\u6cd5\u306b\u306f\u3069\u306e\u3088\u3046\u306a\u65b9\u6cd5\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u5177\u4f53\u7684\u306b\u306f\u4ee5\u4e0b\u306e5\u3064\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u4e8b\u696d\u306e\u53ce\u76ca\u6027\u306e\u5411\u4e0a<\/li>\n<li>\u6295\u8cc7\u52b9\u7387\u306e\u6700\u9069\u5316<\/li>\n<li>\u8ca1\u52d9\u72b6\u6cc1\u306e\u898b\u76f4\u3057<\/li>\n<li>\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u3092\u9ad8\u3081\u308b<\/li>\n<li>\u7121\u5f62\u8cc7\u7523\u306e\u628a\u63e1\u30fb\u6d3b\u7528<\/li>\n<\/ul>\n<p>\u305d\u308c\u305e\u308c\u3001\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3>\u4e8b\u696d\u306e\u53ce\u76ca\u6027\u306e\u5411\u4e0a<\/h3>\n<p>\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u65b9\u6cd5\u306e\u4e2d\u3067\u3001<span class=\"span__stk_maker_blue\">\u4e00\u822c\u7684\u306b\u6700\u3082\u7c21\u5358\u3067\u52b9\u679c\u7684\u306a\u65b9\u6cd5<\/span>\u3067\u3059\u3002\u4e8b\u696d\u306e\u5229\u76ca\u6027\u3092\u5411\u4e0a\u3055\u305b\u308b\u305f\u3081\u306b\u306f\u3001\u3057\u3063\u304b\u308a\u3068\u3057\u305f<strong>\u7d4c\u55b6\u6226\u7565<\/strong>\u3092\u7acb\u3066\u3066\u3001\u55b6\u696d\u529b\u3092\u3064\u3051\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u65e5\u3005\u306e\u696d\u52d9\u306f\u3001\u601d\u308f\u306c\u70b9\u3067\u751f\u7523\u6027\u306e\u4f4e\u4e0b\u304c\u8d77\u3053\u3063\u3066\u3044\u305f\u308a\u3001\u505c\u6ede\u3057\u3066\u3044\u305f\u308a\u3059\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u5834\u5408\u306b\u3088\u3063\u3066\u306f<strong>\u4e8b\u696d\u30e2\u30c7\u30eb\u306e\u518d\u691c\u8a0e<\/strong>\u3082\u5fc5\u8981\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u5e83\u3044\u8996\u91ce\u3092\u6301\u3061\u3001\u5229\u76ca\u7387\u306e\u5411\u4e0a\u306b\u3064\u3044\u3066\u691c\u8a0e\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>\u3055\u3089\u306b\u3001<strong>\u751f\u7523\u30b3\u30b9\u30c8\u3092\u898b\u76f4\u3059<\/strong>\u3053\u3068\u3067\u5229\u76ca\u6027\u3092\u5411\u4e0a\u3055\u305b\u308b\u3053\u3068\u3082\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<h3>\u6295\u8cc7\u52b9\u7387\u306e\u6700\u9069\u5316<\/h3>\n<p>\u55b6\u696d\u306e\u89b3\u70b9\u3060\u3051\u3067\u306a\u304f\u3001<strong>\u6295\u8cc7\u52b9\u7387<\/strong>\u306e\u6700\u9069\u5316\u3092\u56f3\u308b\u3053\u3068\u3082\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u3053\u3068\u306b\u7e4b\u304c\u308b\u3067\u3057\u3087\u3046\u3002<span class=\"span__stk_maker_blue\">\u5fc5\u8981\u306e\u306a\u3044\u8cc7\u7523\u304c\u3042\u308b\u306a\u3089\u58f2\u5374\u3092\u691c\u8a0e<\/span>\u3057\u305f\u308a\u3001\u5728\u5eab\u3092\u898b\u76f4\u3057\u305f\u308a\u3059\u308b\u3053\u3068\u3067\u6295\u8cc7\u52b9\u7387\u304c\u4e0a\u6607\u3057\u307e\u3059\u3002<\/p>\n<h3>\u8ca1\u52d9\u72b6\u6cc1\u306e\u898b\u76f4\u3057<\/h3>\n<p>\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u3001\u8ca1\u653f\u72b6\u6cc1\u3092\u6539\u5584\u3059\u308b\u306e\u30821\u3064\u306e\u65b9\u6cd5\u3067\u3059\u3002\u4f01\u696d\u4fa1\u5024\u306f\u5192\u982d\u3067\u8aac\u660e\u3057\u305f\u901a\u308a\u3001\u682a\u5f0f\u306e\u4fa1\u5024\u306b<strong>\u8ca0\u50b5\u306e\u4fa1\u5024<\/strong>\u3092\u52a0\u3048\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<p><span class=\"span__stk_maker_blue\">\u8ca0\u50b5\u3092\u6e1b\u3089\u3059\u3053\u3068\u304c\u3067\u304d\u308c\u3070\u3001\u4f01\u696d\u4fa1\u5024\u306f\u81ea\u305a\u3068\u9ad8\u307e\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3>\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u3092\u9ad8\u3081\u308b<\/h3>\n<p>\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u3068\u306f\u3001<span class=\"span__stk_maker_blue\">\u4f01\u696d\u3068\u5f93\u696d\u54e1\u306e\u3064\u306a\u304c\u308a\u306e\u5f37\u3055\u3092\u8868\u3059\u3082\u306e<\/span>\u3067\u3059\u3002\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u304c\u9ad8\u3044\u4f01\u696d\u306f\u5f93\u696d\u54e1\u304c\u4f1a\u793e\u306e\u7d4c\u55b6\u7406\u5ff5\u3092\u7406\u89e3\u3057\u3001\u4fe1\u983c\u5ea6\u3084\u8ca2\u732e\u610f\u6b32\u3082\u9ad8\u3044\u72b6\u614b\u304c\u6574\u3063\u3066\u3044\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u4eba\u6750\u304c\u4ed6\u793e\u306b\u6d41\u51fa\u3059\u308b\u53ef\u80fd\u6027\u304c\u4f4e\u304f\u3001\u4f1a\u793e\u306e\u751f\u7523\u52b9\u7387\u3082\u826f\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u5f93\u696d\u54e1\u306e\u4fe1\u983c\u5ea6\u3092\u4e0a\u6607\u3055\u305b\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u3089\u308c\u308b\u3088\u3046\u306b\u52b4\u50cd\u74b0\u5883\u3084\u7d66\u4e0e\u5236\u5ea6\u3092\u898b\u76f4\u3059\u3053\u3068\u3092\u691c\u8a0e\u3057\u3066\u307f\u3066\u3082\u826f\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p><strong>\u5f93\u696d\u54e1\u306e\u30b9\u30c8\u30ec\u30b9\u30b1\u30a2<\/strong>\u3084\u798f\u5229\u539a\u751f\u306e\u6539\u5584\u3001<strong>\u30ad\u30e3\u30ea\u30a2\u30d1\u30b9\u306e\u518d\u69cb\u7bc9<\/strong>\u306a\u3069\u3067\u5c11\u3057\u305a\u3064\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u3092\u9ad8\u3081\u3066\u3044\u304f\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<h3>\u7121\u5f62\u8cc7\u7523\u306e\u628a\u63e1\u30fb\u6d3b\u7528<\/h3>\n<p><span class=\"span__stk_maker_blue\">\u7121\u5f62\u8cc7\u7523\u3068\u306f\u3001\u5b9f\u614b\u306e\u306a\u3044\u8cc7\u7523\u3067\u3059\u3002<\/span>\u4f8b\u3048\u3070\u3001<strong>\u7279\u8a31<\/strong>\u3084<strong>\u77e5\u7684\u8ca1\u7523\u6a29<\/strong>\u3001\u5f93\u696d\u54e1\u306e\u30ce\u30a6\u30cf\u30a6\u306a\u3069\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u4f1a\u793e\u3084\u793e\u54e1\u306e\u6301\u3064\u6280\u8853\u3084\u30b9\u30ad\u30eb\u3092\u6539\u3081\u3066\u628a\u63e1\u3057\u3066\u6d3b\u7528\u3059\u308b\u65b9\u6cd5\u3092\u8003\u3048\u308b\u3053\u3068\u3001\u5373\u3061\u3001\u7121\u5f62\u8cc7\u7523\u306e\u5229\u76ca\u52b9\u7387\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u305f\u3081\u306e\u30d2\u30f3\u30c8\u304c\u898b\u3064\u304b\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<h2><span id=\"MA\">\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081M&amp;A\u3092\u6709\u5229\u306b<\/span><\/h2>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2021\/04\/2166088_m-e1617340040797.jpg\" alt=\"\" width=\"660\" height=\"495\" \/>\n<p>\u4eca\u56de\u306e\u8a18\u4e8b\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u51fa\u65b9\u6cd5\u3084\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u65b9\u6cd5\u306b\u3064\u3044\u3066\u7d39\u4ecb\u3057\u307e\u3057\u305f\u3002<span 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