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\u30cf\u30a5\u30c7\u30a3\u3002
\n\u590f\u306e\u7537\u3001\u30b7\u30e5\u30a6\u30c8\u30a6\u3067\u3059\u3002<\/p>\n

\u5f53\u793e\u306f\u6295\u8cc7\u7528\u4e0d\u52d5\u7523\u306e\u53d6\u5f15\uff08\u3044\u308f\u3086\u308b\u5b85\u5efa\u696d\uff09\u304c\u4e3b\u696d\u52d9\u3067\u3059\u304c\u3001\u3042\u308a\u304c\u305f\u3044\u3053\u3068\u306b\u6700\u8fd1\u306f\u4e0d\u52d5\u7523\u306b\u95a2\u3059\u308b\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306e\u3054\u4f9d\u983c\u3092\u9802\u304f\u3053\u3068\u304c\u5897\u3048\u3066\u304d\u307e\u3057\u305f\u3002
\n\u5177\u4f53\u7684\u306b\u306f\u3001\u4e8b\u696d\u7528\u4e0d\u52d5\u7523\u306e\u65b0\u7bc9\u3001\u5efa\u7269\u306e\u30ea\u30d5\u30a9\u30fc\u30e0\u3001\u5efa\u7269\u306e\u8cc3\u8cb8\u4f01\u753b\u3001\u4e0d\u52d5\u7523\u4fdd\u6709\u6cd5\u4eba\u306e\u4e8b\u696d\u627f\u7d99\uff08M&A\uff09\u3001\u4e0d\u52d5\u7523\u58f2\u5374\u5f8c\u306e\u8cc7\u7523\u7ba1\u7406\u3068\u627f\u7d99\u3001\u65e2\u5b58\u4e0d\u9069\u683c\u7269\u4ef6\u306e\u662f\u6b63\u306a\u3069\u306a\u3069\u3002
\n\u3044\u308f\u3086\u308b\u300c\u58f2\u8cb7\u4ef2\u4ecb\u300d\u306e\u67a0\u3067\u306f\u53ce\u307e\u3089\u306a\u3044\u3001\u4e0d\u52d5\u7523\u306b\u307e\u3064\u308f\u308b\u69d8\u3005\u306a\u304a\u60a9\u307f\u3092\u30de\u30eb\u3063\u3068\u5305\u62ec\u7684\u306b\u8acb\u3051\u8ca0\u308f\u305b\u3066\u9802\u304f\u3053\u3068\u304c\u5897\u3048\u307e\u3057\u305f\u3002<\/p>\n

\u4e0a\u8a18\u306e\u4f8b\u306f\u3059\u3079\u3066\u4e0d\u52d5\u7523\u3092\u3069\u3046\u6d3b\u7528\u3067\u304d\u308b\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u304c\u3054\u76f8\u8ac7\u306e\u6839\u5e79\u306b\u95a2\u308f\u3063\u3066\u3044\u307e\u3059\u3002
\n\u4eca\u65e5\u306f\u305d\u3093\u306a\u300c\u4e0d\u52d5\u7523\u306e\u5229\u6d3b\u7528\u300d\u3068\u3044\u3046\u554f\u984c\u306b\u5bfe\u3059\u308b\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306b\u3064\u3044\u3066\u3001\u5f53\u793e\u3067\u306f\u3069\u3093\u306a\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u304b\u7c21\u5358\u306b\u304a\u8a71\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

—<\/p>\n

\u4e0d\u52d5\u7523\u53d6\u5f15\u696d\uff08\u5b85\u5efa\u696d\uff09\u3060\u3051\u3092\u884c\u3063\u3066\u3044\u308b\u3060\u3051\u3067\u306f\u3001\u610f\u5916\u3068\u5efa\u7bc9\uff08\u8a2d\u8a08\u30fb\u65bd\u5de5\uff09\u306b\u3064\u3044\u3066\u6df1\u304f\u77e5\u308b\u6a5f\u4f1a\u306f\u306a\u3044\u3082\u306e\u3067\u3059\u3002
\n\u4e00\u822c\u306e\u65b9\u304b\u3089\u306f\u3001\u305d\u306e\u9055\u3044\u3082\u3088\u304f\u5206\u304b\u3089\u306a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u3059\u3067\u306b\u3042\u308b\u5efa\u7269\u3092\u58f2\u8cb7\u3059\u308b\u306e\u3068\u3001\u5efa\u7269\u3092\u5efa\u7bc9\u3059\u308b\u3053\u3068\u306f\u3001\u305d\u308c\u305e\u308c\u306b\u5c02\u9580\u7684\u306a\u77e5\u8b58\u3084\u7d4c\u9a13\u304c\u6c42\u3081\u3089\u308c\u308b\u306e\u3067\u3001\u8fd1\u3044\u95a2\u4fc2\u306b\u3042\u308b\u4ed5\u4e8b\u3067\u306f\u3042\u308b\u3082\u306e\u306e\u3001\u305d\u306e\u5206\u91ce\u3092\u6a2a\u65ad\u7684\u306b\u6df1\u6398\u308a\u3059\u308b\u3068\u3044\u3046\u306e\u306f\u5b9f\u969b\u306b\u306f\u96e3\u3057\u3044\u306e\u3067\u3059\u3002
\n\u307e\u305f\u5b9f\u969b\u306b\u4e8b\u696d\u7528\u5efa\u7269\u3092\u5efa\u7bc9\u3057\u3066\u904b\u7528\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u5efa\u7bc9\u3084\u53d6\u5f15\u306e\u77e5\u8b58\u3060\u3051\u3067\u306a\u304f\u3001\u91d1\u878d\u30fb\u6295\u8cc7\u3001\u7a0e\u52d9\u30fb\u4f1a\u8a08\u3001\u4e0d\u52d5\u7523\u7ba1\u7406\u3001\u6cd5\u4eba\u5316\u3084\u5404\u7a2e\u8a31\u8a8d\u53ef\u306a\u3069\u3001\u3058\u3064\u306b\u5e83\u7bc4\u306a\u95a2\u9023\u77e5\u8b58\u3092\u6c42\u3081\u3089\u308c\u308b\u306e\u3067\u3001\u3059\u3079\u3066\u306b\u719f\u9054\u3059\u308b\u3068\u3044\u3046\u306e\u306f\u76f8\u5f53\u306b\u9ad8\u5ea6\u3067\u3059\u3002<\/p>\n

\u3082\u3061\u308d\u3093\u5927\u624b\u306e\u7dcf\u5408\u4e0d\u52d5\u7523\u5546\u793e\u3084\u65b0\u7bc9\u306e\u4f01\u753b\u30fb\u8ca9\u58f2\u3092\u4e3b\u696d\u52d9\u306b\u3057\u3066\u3044\u308b\u5b85\u5efa\u696d\u8005\u306a\u3069\u3001\u6a2a\u65ad\u7684\u306a\u77e5\u8b58\u3084\u7d4c\u9a13\u3092\u3082\u3063\u3066\u3044\u308b\u696d\u8005\u3082\u3044\u307e\u3059\u306e\u3067\u3001\u4e8b\u696d\u7528\u4e0d\u52d5\u7523\u306e\u65b0\u7bc9\u3060\u3051\u306a\u3089\u76f8\u8ac7\u3067\u304d\u308b\u5148\u306f\u305f\u304f\u3055\u3093\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u5f53\u793e\u304c\u7279\u5225\u306a\u306e\u306f\u3001\u4e0d\u52d5\u7523\u3068\u3044\u3046\u30ea\u30bd\u30fc\u30b9\u3092\u6d3b\u7528\u3057\u3066\u3001\u3044\u304b\u306b\u304a\u5ba2\u69d8\u306e\u76ee\u7684\u9054\u6210\u3092\u56f3\u308b\u304b\u3001\u3068\u3044\u3046\u70b9\u3092\u8996\u5ea7\u306b\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u3092\u30b9\u30bf\u30fc\u30c8\u3059\u308b\u3068\u3053\u308d\u3002
\n\u3064\u307e\u308a\u3001\u5fc5\u305a\u3057\u3082\u300c\u5efa\u7269\u306e\u65b0\u7bc9\u300d\u3092\u524d\u63d0\u3068\u3057\u3066\u3044\u308f\u3051\u3067\u306f\u306a\u304f\u3001\u3054\u5e0c\u671b\u3084\u4e88\u7b97\u3001\u63cf\u304f\u672a\u6765\u50cf\u306a\u3069\u306b\u5fdc\u3058\u3066\u3001\u69d8\u3005\u306a\u3054\u63d0\u6848\u3092\u6e96\u5099\u3067\u304d\u308b\u3068\u3053\u308d\u306b\u3042\u308a\u307e\u3059\u3002
\n\u7b54\u3048\u3042\u308a\u304d\u306a\u306e\u3067\u306f\u306a\u304f\u3001\u3054\u4f9d\u983c\u306e\u8da3\u65e8\u30fb\u76ee\u7684\u306b\u5fdc\u3058\u305f\u6226\u7565\u3084\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u3092\u3064\u304f\u308b\u3053\u3068\u304c\u5f53\u793e\u306e\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u306e\u6700\u5927\u306e\u7279\u5fb4\u3067\u3059\u3002<\/p>\n

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\n\u305f\u3060\u3057\u5f53\u793e\u3067\u3059\u3079\u3066\u3092\u884c\u3046\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002
\n\u5f53\u793e\u306f\u5c02\u9580\u96c6\u56e3\u3092\u7d44\u7e54\u3057\u76e3\u7763\u3059\u308b\u3053\u3068\u304c\u5f79\u5272\u3067\u3001\u91ce\u7403\u3067\u3044\u3048\u3070\u30aa\u30fc\u30ca\u30fc\u306e\u5229\u76ca\u3092\u8ffd\u6c42\u3057\u3066\u7d44\u7e54\u3092\u307e\u3068\u3081\u308b\u300cGM\uff08\u30bc\u30cd\u30e9\u30eb\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\uff09\u300d\u306e\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002<\/p>\n

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\n\u305d\u308c\u306f\u679c\u305f\u3057\u3066\u73fe\u5b9f\u7684\u3067\u3001\u3057\u304b\u3082\u30d9\u30b9\u30c8\u306a\u65b9\u6cd5\u3067\u3057\u3087\u3046\u304b\uff1f
\n\u3069\u3093\u306a\u5927\u304d\u306a\u7d44\u7e54\u3067\u3082\u5fc5\u305a\u5f97\u610f\u30fb\u4e0d\u5f97\u610f\u306f\u3042\u308a\u307e\u3059\u304b\u3089\u3001\u6226\u7565\u4e0a\u52b9\u679c\u7684\u3067\u3042\u3063\u305f\u3068\u3057\u3066\u3082\u81ea\u793e\u306e\u5f31\u70b9\u5206\u91ce\u3067\u3042\u308b\u3053\u3068\u3092\u7406\u7531\u306b\u610f\u56f3\u7684\u306b\u907f\u3051\u3066\u3057\u307e\u3046\u3088\u3046\u306a\u3053\u3068\u306b\u3082\u306a\u308a\u304b\u306d\u305a\u3001\u305d\u308c\u3067\u306f\u672c\u672b\u8ee2\u5012\u3067\u3059\u3002
\n\u307e\u305f\u3001\u5831\u916c\u3092\u72ec\u5360\u3059\u308b\u3053\u3068\u306f\u3001\u4f9d\u983c\u8005\u69d8\u304b\u3089\u306f\u305d\u306e\u696d\u52d9\u5185\u8a33\u3084\u5831\u916c\u306e\u59a5\u5f53\u6027\u304c\u5224\u65ad\u3057\u306b\u304f\u3044\u72b6\u6cc1\u306b\u306a\u308b\u3053\u3068\u3082\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001\u5f53\u793e\u3067\u306f\u6226\u7565\u4e0a\u5fc5\u8981\u3068\u306a\u308b\u5c02\u9580\u5206\u91ce\u306f\u4fe1\u983c\u3067\u304d\u308b\u305d\u308c\u305e\u308c\u306e\u5c02\u9580\u5bb6\u306b\u59d4\u4efb\u3057\u3064\u3064\u3001\u305d\u306e\u696d\u52d9\u5185\u5bb9\u306e\u6307\u793a\u30fb\u76e3\u7406\u3068\u76f8\u4e92\u9023\u643a\u3001\u5831\u916c\u306e\u59a5\u5f53\u6027\u306e\u78ba\u4fdd\u3001\u8cac\u4efb\u7bc4\u56f2\u306e\u660e\u78ba\u5316\u306a\u3069\u3092\u884c\u3044\u3001\u304a\u5ba2\u69d8\u306e\u5229\u76ca\u306e\u305f\u3081\u306e\u696d\u52d9\u306e\u6700\u9069\u5316\u3092\u76ee\u6307\u3059\u3001\u3068\u3044\u3046\u624b\u6cd5\u3092\u3068\u3063\u3066\u3044\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u305f\u3060\u3057\u3001\u304a\u5ba2\u69d8\u306e\u7a93\u53e3\u306f\u539f\u5247\u5f53\u793e\u3060\u3051\u306e\u30ef\u30f3\u30b9\u30c8\u30c3\u30d7\u4f53\u5236\u3092\u3068\u308a\u307e\u3059\u3057\u3001\u4f01\u753b\u5168\u4f53\u306e\u8cac\u4efb\u306f\u3082\u3061\u308d\u3093\u5f53\u793e\u304c\u62c5\u3044\u307e\u3059\u3002
\n\u304a\u5ba2\u69d8\u306e\u8981\u671b\u304c\u53cd\u6620\u3055\u308c\u308b\u3079\u304d\u3068\u3053\u308d\u306f\u3054\u5e0c\u671b\u3084\u3054\u610f\u898b\u3092\u3057\u3063\u304b\u308a\u4f3a\u3063\u3066\u30a4\u30e1\u30fc\u30b8\u3092\u5171\u6709\u3057\u3001\u305d\u306e\u4ed6\u306e\u9762\u5012\u306a\u3053\u3068\u306f\u3059\u3079\u3066\u5f53\u793e\u304c\u6c34\u9762\u4e0b\u3067\u52d5\u304f\u3053\u3068\u3067\u3001\u304a\u5ba2\u69d8\u306b\u3068\u3063\u3066\u30b9\u30c8\u30ec\u30b9\u306a\u304f\u7d44\u7e54\u304c\u50cd\u304f\u3088\u3046\u8abf\u6574\u3057\u307e\u3059\u3002
\n\u3059\u3079\u3066\u306e\u57fa\u672c\u306f\u76f8\u4e92\u306e\u4fe1\u983c\u95a2\u4fc2\u3067\u3059\u304b\u3089\u3001\u9069\u5ea6\u306a\u7dca\u5f35\u611f\u3092\u3082\u3061\u306a\u304c\u3089\u3001\u3057\u3063\u304b\u308a\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u3068\u3063\u3066\u9032\u3081\u3066\u3044\u304f\u3053\u3068\u3092\u4e00\u756a\u306b\u5fc3\u639b\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u4e0d\u52d5\u7523\u306b\u95a2\u3059\u308b\u69d8\u3005\u306a\u304a\u60a9\u307f\u306f\u30a6\u30a7\u30eb\u30c8\u304c\u89e3\u6c7a\u306e\u304a\u624b\u4f1d\u3044\u3092\u3057\u307e\u3059\u3002
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