{"id":21573,"date":"2026-07-30T09:40:10","date_gmt":"2026-07-30T00:40:10","guid":{"rendered":"https:\/\/p-m-g.tokyo\/media\/?p=21573"},"modified":"2026-07-30T09:47:54","modified_gmt":"2026-07-30T00:47:54","slug":"%e3%83%90%e3%82%a4%e3%82%a2%e3%82%a6%e3%83%88%e3%81%a8%e3%81%af%ef%bc%9f%e3%83%90%e3%82%a4%e3%82%a2%e3%82%a6%e3%83%88%e3%82%92%e8%a1%8c%e3%81%86%e7%9b%ae%e7%9a%84%e3%81%a8%e3%83%a1%e3%83%aa%e3%83%83","status":"publish","type":"post","link":"https:\/\/p-m-g.tokyo\/media\/m_and_a\/21573\/","title":{"rendered":"\u30d0\u30a4\u30a2\u30a6\u30c8\u3068\u306f\uff1f\u30d0\u30a4\u30a2\u30a6\u30c8\u3092\u884c\u3046\u76ee\u7684\u3068\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u306b\u3064\u3044\u3066\u89e3\u8aac"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/p-m-g.tokyo\/media\/wp-content\/uploads\/2026\/07\/pixta_137434878_M.jpg\" alt=\"\u30d0\u30a4\u30a2\u30a6\u30c8\u3068\u306f\" width=\"825\" height=\"549\" class=\"alignnone 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ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/p-m-g.tokyo\/media\/m_and_a\/21573\/#%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%E3%83%95%E3%82%A1%E3%83%B3%E3%83%89%E3%81%AE%E6%B4%BB%E7%94%A8\" >\u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9\u306e\u6d3b\u7528<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/p-m-g.tokyo\/media\/m_and_a\/21573\/#%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%E3%82%92%E6%83%B3%E5%AE%9A%E3%81%97%E3%81%9F%E7%B5%8C%E5%96%B6%E6%88%A6%E7%95%A5\" >\u30d0\u30a4\u30a2\u30a6\u30c8\u3092\u60f3\u5b9a\u3057\u305f\u7d4c\u55b6\u6226\u7565<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/p-m-g.tokyo\/media\/m_and_a\/21573\/#%E3%81%BE%E3%81%A8%E3%82%81\" >\u307e\u3068\u3081<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%E3%81%A8%E3%81%AF\"><\/span>\u30d0\u30a4\u30a2\u30a6\u30c8\u3068\u306f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u30d0\u30a4\u30a2\u30a6\u30c8\uff08<span>Buyout<\/span>\uff09\u306f\u82f1\u8a9e\u3067\u300c\u8cb7\u53ce\u300d\u3092\u610f\u5473\u3059\u308b\u8a00\u8449\u3067\u3042\u308a\u3001M&amp;A\u306e\u4e00\u5f62\u614b\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u307e\u3059\u3002\u4ee3\u8868\u4f8b\u3068\u3057\u3066\u7d4c\u55b6\u9663\u306b\u3088\u308b\u8cb7\u53ce\uff08<span>MBO<\/span>\uff09\u304c\u3042\u308a\u3001\u5f8c\u8ff0\u3059\u308b\u3068\u304a\u308a\u7d4c\u6e08\u7523\u696d\u7701\u306e\u6307\u91dd\u3067\u3082\u5b9a\u7fa9\u304c\u660e\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30d0\u30a4\u30a2\u30a6\u30c8\u306f\u8cb7\u3044\u624b\u3084\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u306b\u3088\u3063\u3066\u3044\u304f\u3064\u304b\u306e\u985e\u578b\u306b\u5206\u304b\u308c\u3001\u4e8b\u696d\u627f\u7d99\u3084\u975e\u516c\u958b\u5316\u306a\u3069\u591a\u69d8\u306a\u76ee\u7684\u3067\u9078\u629e\u3055\u308c\u308b\u624b\u6cd5\u3067\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%E3%81%A8M_A%E3%81%AE%E9%81%95%E3%81%84\"><\/span>\u30d0\u30a4\u30a2\u30a6\u30c8\u3068M&amp;A\u306e\u9055\u3044<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>M&amp;A\u306f\u5408\u4f75\uff08<span>Merger<\/span>\uff09\u3068\u8cb7\u53ce\uff08<span>Acquisition<\/span>\uff09\u3092\u5408\u308f\u305b\u305f\u5e83\u3044\u6982\u5ff5\u3067\u3042\u308a\u3001\u7b2c\u4e09\u8005\u3078\u306e\u682a\u5f0f\u8b72\u6e21\u3084\u4e8b\u696d\u8b72\u6e21\u3001\u5408\u4f75\u3001\u682a\u5f0f\u4ea4\u63db\u306a\u3069\u591a\u69d8\u306a\u624b\u6cd5\u3092\u542b\u3080\u8a00\u8449\u3067\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3001\u30d0\u30a4\u30a2\u30a6\u30c8\u306fM&amp;A\u306b\u542b\u307e\u308c\u308b\u8cb7\u53ce\u306e\u4e00\u7a2e\u3067\u3001\u8cb7\u3044\u624b\u304c\u793e\u5185\u306e\u7d4c\u55b6\u9663\u3084\u5f93\u696d\u54e1\u3001\u307e\u305f\u306f\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u30fb\u30d5\u30a1\u30f3\u30c9\u306a\u3069\uff09\u3067\u3042\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u30d0\u30a4\u30a2\u30a6\u30c8\u306f<span>M&amp;A<\/span>\u3092\u8cb7\u3044\u624b\u306e\u5c5e\u6027\u3067\u533a\u5206\u3057\u305f\u5206\u985e\u306e\u4e00\u3064\u3060\u3068\u6574\u7406\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%E3%81%AE4%E3%81%A4%E3%81%AE%E7%A8%AE%E9%A1%9E\"><\/span>\u30d0\u30a4\u30a2\u30a6\u30c8\u306e4\u3064\u306e\u7a2e\u985e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u30d0\u30a4\u30a2\u30a6\u30c8\u306f\u3001\u8cb7\u3044\u624b\u304c\u8ab0\u3067\u3042\u308b\u304b\u3001\u3069\u306e\u3088\u3046\u306b\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u304b\u306b\u3088\u3063\u3066\u4e3b\u306b<span>4<\/span>\u7a2e\u985e\u306b\u5206\u3051\u3089\u308c\u308b\u624b\u6cd5\u3067\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001<span>MBO<\/span>\u30fb<span>EBO<\/span>\u30fb<span>LBO<\/span>\u30fb<span>MEBO<\/span>\u306e<span>4<\/span>\u3064\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002\u305d\u308c\u305e\u308c\u306e\u4ed5\u7d44\u307f\u3068\u7279\u5fb4\u3092\u9806\u306b\u78ba\u8a8d\u3057\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MBO%EF%BC%88%E3%83%9E%E3%83%8D%E3%82%B8%E3%83%A1%E3%83%B3%E3%83%88%E3%83%BB%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%EF%BC%89\"><\/span>MBO\uff08\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff09<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>MBO\u306f\u300c<span>Management Buyout<\/span>\u300d\u306e\u7565\u8a9e\u3067\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u7d4c\u55b6\u9663\u304c\u81ea\u793e\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3066\u7d4c\u55b6\u6a29\u3092\u63e1\u308b\u624b\u6cd5\u3067\u3059\u3002<\/p>\n<p>\u7d4c\u6e08\u7523\u696d\u7701\u306e\u6307\u91dd\u3067\u3042\u308b\u300e\u516c\u6b63\u306a<span>M&amp;A<\/span>\u306e\u5728\u308a\u65b9\u306b\u95a2\u3059\u308b\u6307\u91dd\u300f\u3067\u306f\u3001<span>MBO<\/span>\u3092\u300c\u73fe\u5728\u306e\u7d4c\u55b6\u8005\u304c\u5168\u90e8\u307e\u305f\u306f\u4e00\u90e8\u306e\u8cc7\u91d1\u3092\u51fa\u8cc7\u3057\u3001\u4e8b\u696d\u306e\u7d99\u7d9a\u3092\u524d\u63d0\u3068\u3057\u3066\u4e00\u822c\u682a\u4e3b\u304b\u3089\u5bfe\u8c61\u4f1a\u793e\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u3053\u3068\u300d\u3068\u5b9a\u7fa9\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u4e2d\u5805\u30fb\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u306e\u4e8b\u696d\u627f\u7d99\u624b\u6bb5\u3068\u3057\u3066\u3001\u4e0a\u5834\u4f01\u696d\u3067\u306f\u975e\u516c\u958b\u5316\u3092\u4f34\u3046\u7d4c\u55b6\u6539\u9769\u306e\u624b\u6bb5\u3068\u3057\u3066\u5e83\u304f\u7528\u3044\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u7d4c\u55b6\u6a29\u3092\u7d4c\u55b6\u9663\u306b\u96c6\u4e2d\u3055\u305b\u308b\u3053\u3068\u3067\u3001\u682a\u4e3b\u69cb\u6210\u304c\u5909\u66f4\u3055\u308c\u3001\u9577\u671f\u7684\u306a\u8996\u70b9\u306b\u57fa\u3065\u304f\u67d4\u8edf\u306a\u7d4c\u55b6\u5224\u65ad\u3092\u884c\u3044\u3084\u3059\u304f\u306a\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"EBO%EF%BC%88%E3%82%A8%E3%83%B3%E3%83%97%E3%83%AD%E3%82%A4%E3%83%BC%E3%83%BB%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%EF%BC%89\"><\/span>EBO\uff08\u30a8\u30f3\u30d7\u30ed\u30a4\u30fc\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff09<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>EBO\u306f\u300c<span>Employee Buyout<\/span>\u300d\u306e\u7565\u8a9e\u3067\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u5f93\u696d\u54e1\u304c\u81ea\u793e\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3001\u7d4c\u55b6\u6a29\u3092\u63e1\u308b\u624b\u6cd5\u3092\u6307\u3059\u8a00\u8449\u3067\u3059\u3002<\/p>\n<p>\u7d4c\u55b6\u9663\u3067\u306f\u306a\u304f\u3001\u73fe\u5834\u3092\u652f\u3048\u3066\u304d\u305f\u5f93\u696d\u54e1\u304c\u8cb7\u3044\u624b\u3068\u306a\u308b\u70b9\u306b\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002\u4e8b\u696d\u5185\u5bb9\u306b\u901a\u3058\u305f\u4eba\u6750\u304c\u7d4c\u55b6\u306b\u53c2\u753b\u3059\u308b\u305f\u3081\u3001\u5186\u6ed1\u306a\u5f15\u304d\u7d99\u304e\u3084\u4f01\u696d\u6587\u5316\u306e\u7dad\u6301\u306b\u3064\u306a\u304c\u308a\u3084\u3059\u3044\u624b\u6cd5\u3068\u3044\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u3001\u5f93\u696d\u54e1\u500b\u4eba\u304c\u8cb7\u53ce\u8cc7\u91d1\u3092\u6e96\u5099\u3059\u308b\u3053\u3068\u306f\u5bb9\u6613\u3067\u306f\u306a\u3044\u305f\u3081\u3001\u5f8c\u8ff0\u3059\u308b<span>LBO<\/span>\u306e\u4ed5\u7d44\u307f\u3084\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u306e\u51fa\u8cc7\u3068\u7d44\u307f\u5408\u308f\u305b\u3066\u5b9f\u65bd\u3059\u308b\u30d1\u30bf\u30fc\u30f3\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<p>\u4e2d\u5805\u30fb\u4e2d\u5c0f\u4f01\u696d\u306e\u4e8b\u696d\u627f\u7d99\u3067\u3001\u5916\u90e8\u306e\u7b2c\u4e09\u8005\u3067\u306f\u306a\u304f\u793e\u5185\u306b\u7d4c\u55b6\u3092\u5f15\u304d\u7d99\u304e\u305f\u3044\u5834\u9762\u3067\u9078\u629e\u80a2\u306b\u6319\u304c\u308b\u624b\u6cd5\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"LBO%EF%BC%88%E3%83%AC%E3%83%90%E3%83%AC%E3%83%83%E3%82%B8%E3%83%89%E3%83%BB%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%EF%BC%89\"><\/span>LBO\uff08\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff09<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>LBO\u306f\u300c<span>Leveraged Buyout<\/span>\u300d\u306e\u7565\u8a9e\u3067\u3001\u300c<span>Leveraged<\/span>\u300d\u306f\u300c\u3066\u3053\u306e\u539f\u7406\u3092\u52b9\u304b\u305b\u305f\u300d\u3068\u3044\u3046\u610f\u5473\u3067\u3059\u3002\u8cb7\u3044\u624b\u304c\u81ea\u5df1\u8cc7\u91d1\u3060\u3051\u3067\u306a\u304f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u8cc7\u7523\u3084\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8a55\u4fa1\u306e\u57fa\u76e4\u3068\u3057\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u3084\u65b0\u7d4c\u55b6\u9663\u306e\u4fe1\u7528\u529b\u30fb\u4e8b\u696d\u8a08\u753b\u3092\u639b\u3051\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u878d\u8cc7\u3092\u8abf\u9054\u3057\u3001\u305d\u306e\u501f\u5165\u91d1\u3092\u4e3b\u306a\u539f\u8cc7\u3068\u3057\u3066\u8cb7\u53ce\u3092\u9032\u3081\u308b\u624b\u6cd5\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n<p>\u5168\u56fd\u9280\u884c\u5354\u4f1a\u306e\u300e\u56fd\u5185<span>LBO<\/span>\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u8ab2\u984c\u306b\u95a2\u3059\u308b\u5831\u544a\u66f8\uff08<span>2023<\/span>\u5e74\u5ea6\uff09\u300f\u3067\u306f\u3001<span>LBO<\/span>\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3092\u300c\u8cb7\u53ce\u5bfe\u8c61\u4f1a\u793e\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u4f9d\u62e0\u3057\u3066\u8cb7\u53ce\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u624b\u6cd5\u300d\u3068\u5b9a\u7fa9\u3057\u3066\u3044\u307e\u3059\u3002\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059\u3068\u898b\u8fbc\u307e\u308c\u308b\u304a\u91d1\u3092\u8fd4\u6e08\u306e\u898b\u901a\u3057\u3068\u3057\u3066\u3001\u9280\u884c\u304c\u878d\u8cc7\u3059\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002<\/p>\n<p>\u5b9f\u52d9\u3067\u306f\u3001\u8cb7\u3044\u624b\u5074\u304c\u300c<span>SPC<\/span>\u300d\u3068\u547c\u3070\u308c\u308b\u8cb7\u53ce\u5c02\u7528\u306e\u53d7\u3051\u76bf\u4f1a\u793e\u3092\u307e\u305a\u8a2d\u7acb\u3057\u307e\u3059\u3002<span>SPC<\/span>\u304c\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u878d\u8cc7\u3092\u53d7\u3051\u3066\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u306e\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308a\u3001\u305d\u306e\u5f8c<span>SPC<\/span>\u3068\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u3092\u5408\u4f75\u3055\u305b\u308b\u6d41\u308c\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<p>\u5c11\u306a\u3044\u81ea\u5df1\u8cc7\u91d1\u3067\u898f\u6a21\u611f\u306e\u3042\u308b\u8cb7\u53ce\u3092\u5b9f\u73fe\u3067\u304d\u308b\u70b9\u304c\u9b45\u529b\u3067\u3059\u304c\u3001\u5408\u4f75\u5f8c\u306e\u4f1a\u793e\u304c\u501f\u5165\u91d1\u306e\u8fd4\u6e08\u3092\u62c5\u3046\u3053\u3068\u306b\u306a\u308b\u305f\u3081\u3001\u5b89\u5b9a\u3057\u3066\u5229\u76ca\u3092\u751f\u307f\u51fa\u305b\u308b\u4f01\u696d\u3067\u306a\u3044\u3068\u6210\u308a\u7acb\u305f\u306a\u3044\u4ed5\u7d44\u307f\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u540c\u5831\u544a\u66f8\u306b\u3088\u308c\u3070\u3001<span>2023<\/span>\u5e74<span>3<\/span>\u6708\u672b\u6642\u70b9\u306e<span>3<\/span>\u30e1\u30ac\u30d0\u30f3\u30af\u306e<span>LBO<\/span>\u30ed\u30fc\u30f3\u6b8b\u9ad8\u306f\u3001<span>2019<\/span>\u5e74<span>3<\/span>\u6708\u672b\u5bfe\u6bd4\u3067<span>2<\/span>\u500d\u7a0b\u5ea6\u306e\u7d04<span>4<\/span>\u5146\u5186\u898f\u6a21\u306b\u9054\u3057\u3066\u304a\u308a\u3001\u904e\u53bb\u6700\u5927\u306e\u6c34\u6e96\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<span>LBO<\/span>\u5e02\u5834\u306f\u62e1\u5927\u57fa\u8abf\u306b\u3042\u308b\u3068\u3044\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MEBO%EF%BC%88%E3%83%9E%E3%83%8D%E3%82%B8%E3%83%A1%E3%83%B3%E3%83%88%E3%83%BB%E3%82%A8%E3%83%B3%E3%83%97%E3%83%AD%E3%82%A4%E3%83%BC%E3%83%BB%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%EF%BC%89\"><\/span>MEBO\uff08\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30fb\u30a8\u30f3\u30d7\u30ed\u30a4\u30fc\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff09<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>MEBO\u306f\u300c<span>Management and Employee Buyout<\/span>\u300d\u306e\u7565\u8a9e\u3067\u3001\u7d4c\u55b6\u9663\u3068\u5f93\u696d\u54e1\u304c\u5171\u540c\u3067\u5bfe\u8c61\u4f1a\u793e\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002<\/p>\n<p>MBO\u3068<span>EBO<\/span>\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u5f62\u614b\u3068\u6574\u7406\u3067\u304d\u3001\u7d4c\u55b6\u9663\u306b\u3088\u308b\u6226\u7565\u6c7a\u5b9a\u6a29\u3068\u5f93\u696d\u54e1\u306e\u73fe\u5834\u611f\u899a\u306e\u53cc\u65b9\u3092\u7d4c\u55b6\u306b\u53cd\u6620\u3067\u304d\u308b\u70b9\u306b\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002\u7d4c\u55b6\u9663\u3060\u3051\u3067\u306f\u8cc7\u91d1\u304c\u4e0d\u8db3\u3059\u308b\u5834\u5408\u3084\u3001\u5f93\u696d\u54e1\u306e\u610f\u6b32\u3092\u9ad8\u3081\u3066\u7d44\u7e54\u3092\u4e00\u4f53\u5316\u3057\u305f\u3044\u5834\u9762\u3067\u9078\u3070\u308c\u308b\u624b\u6cd5\u3067\u3059\u3002<\/p>\n<p>\u4e8b\u696d\u627f\u7d99\u3067\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u304c\u5f15\u9000\u3059\u308b\u30b1\u30fc\u30b9\u3084\u3001\u89aa\u4f1a\u793e\u304b\u3089\u306e\u72ec\u7acb\u3092\u76ee\u6307\u3059\u30b9\u30d4\u30f3\u30aa\u30d5\u6848\u4ef6\u3067\u6d3b\u7528\u3055\u308c\u308b\u50be\u5411\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u8cb7\u53ce\u8cc7\u91d1\u306e\u8ca0\u62c5\u3092\u3069\u3046\u5206\u914d\u3059\u308b\u304b\u3001\u51fa\u8cc7\u6bd4\u7387\u3084\u8b70\u6c7a\u6a29\u306e\u914d\u5206\u3092\u3069\u3046\u8a2d\u8a08\u3059\u308b\u304b\u306a\u3069\u3001\u8abf\u6574\u4e8b\u9805\u306f\u591a\u304f\u306a\u308b\u70b9\u306b\u7559\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%90%84%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%E3%81%AE%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88%E3%83%BB%E3%83%87%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88\"><\/span>\u5404\u30d0\u30a4\u30a2\u30a6\u30c8\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u3053\u3053\u304b\u3089\u306f\u3001<span>MBO<\/span>\u30fb<span>EBO<\/span>\u30fb<span>LBO<\/span>\u30fb<span>MEBO<\/span>\u306e<span>4<\/span>\u7a2e\u985e\u306b\u3064\u3044\u3066\u3001\u305d\u308c\u305e\u308c\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8\u3092\u9806\u306b\u78ba\u8a8d\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u8cb7\u3044\u624b\u306e\u5c5e\u6027\u3084\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u306b\u3088\u3063\u3066\u3001\u5f97\u3089\u308c\u308b\u52b9\u679c\u3068\u7559\u610f\u3059\u3079\u304d\u30ea\u30b9\u30af\u3092\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MBO%E3%81%AE%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88\"><\/span>MBO\u306e\u30e1\u30ea\u30c3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>MBO\u306e\u30e1\u30ea\u30c3\u30c8\u306f\u3001\u7d4c\u55b6\u306e\u9023\u7d9a\u6027\u3092\u4fdd\u3063\u305f\u307e\u307e\u4e8b\u696d\u627f\u7d99\u304c\u3067\u304d\u308b\u70b9\u3067\u3059\u3002\u7d4c\u55b6\u9663\u304c\u7d4c\u55b6\u6a29\u3092\u53d6\u5f97\u3059\u308b\u5f62\u3067\u627f\u7d99\u304c\u9032\u3080\u305f\u3081\u3001\u53d6\u5f15\u5148\u3084\u5f93\u696d\u54e1\u3001\u9867\u5ba2\u304b\u3089\u898b\u305f\u3068\u304d\u306e\u5b89\u5fc3\u611f\u304c\u4fdd\u305f\u308c\u3084\u3059\u304f\u3001\u627f\u7d99\u306b\u4f34\u3046\u6df7\u4e71\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u7b2c\u4e09\u8005\u3078\u306e\u58f2\u5374\u3067\u306f\u3001\u8cb7\u3044\u624b\u306e\u65b9\u91dd\u306b\u3088\u3063\u3066\u7d4c\u55b6\u65b9\u91dd\u3084\u4eba\u4e8b\u4f53\u5236\u304c\u5909\u308f\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304c\u3001<span>MBO<\/span>\u3067\u306f\u3053\u3046\u3057\u305f\u5909\u5316\u304c\u8d77\u3053\u308a\u306b\u304f\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u9577\u5e74\u73fe\u5834\u3067\u57f9\u308f\u308c\u305f\u7d4c\u55b6\u5224\u65ad\u306e\u30b9\u30bf\u30a4\u30eb\u3084\u3001\u793e\u5185\u306e\u610f\u601d\u6c7a\u5b9a\u30d7\u30ed\u30bb\u30b9\u3092\u305d\u306e\u307e\u307e\u5f15\u304d\u7d99\u3052\u308b\u70b9\u306f\u3001\u4e8b\u696d\u627f\u7d99\u3092\u691c\u8a0e\u3059\u308b\u7d4c\u55b6\u8005\u306b\u3068\u3063\u3066\u5fc3\u5f37\u3044\u8981\u7d20\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u4e2d\u9577\u671f\u8996\u70b9\u3067\u306e\u4e8b\u696d\u6539\u9769\u306b\u96c6\u4e2d\u3067\u304d\u308b\u74b0\u5883\u304c\u6574\u3046\u70b9\u3082\u3001\u7d4c\u55b6\u8005\u306b\u3068\u3063\u3066\u306e\u30e1\u30ea\u30c3\u30c8\u3067\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MBO%E3%81%AE%E3%83%87%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88\"><\/span>MBO\u306e\u30c7\u30e1\u30ea\u30c3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>MBO\u3067\u6ce8\u610f\u3057\u305f\u3044\u306e\u304c\u3001\u8cb7\u53ce\u8cc7\u91d1\u306e\u8abf\u9054\u8ca0\u62c5\u3067\u3059\u3002\u7d4c\u55b6\u9663\u500b\u4eba\u304c\u81ea\u5df1\u8cc7\u91d1\u3060\u3051\u3067\u8cb7\u53ce\u8cc7\u91d1\u3092\u7528\u610f\u3059\u308b\u3053\u3068\u306f\u96e3\u3057\u3044\u305f\u3081\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u306e\u51fa\u8cc7\u3084\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u501f\u5165\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u5f62\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u501f\u5165\u91d1\u306e\u8fd4\u6e08\u8ca0\u62c5\u304c\u4f1a\u793e\u306b\u6b8b\u308b\u305f\u3081\u3001\u8cb7\u53ce\u5f8c\u306e\u7d4c\u55b6\u5224\u65ad\u306b\u5236\u7d04\u304c\u751f\u3058\u308b\u5834\u9762\u3082\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u307e\u305f\u3001\u4e0a\u5834\u4f01\u696d\u306e<span>MBO<\/span>\u306e\u5834\u5408\u3001\u7d4c\u6e08\u7523\u696d\u7701\u306e\u6307\u91dd\u304c\u5f53\u8a72\u53d6\u7de0\u5f79\u3068\u682a\u5f0f\u306e\u58f2\u308a\u624b\u3067\u3042\u308b\u4e00\u822c\u682a\u4e3b\u3068\u306e\u9593\u306b\u5fc5\u7136\u7684\u306b\u5229\u76ca\u76f8\u53cd\u95a2\u4fc2\u304c\u751f\u3058\u308b\u3068\u6307\u6458\u3059\u308b\u3088\u3046\u306b\u3001\u682a\u4e3b\u3068\u306e\u5229\u76ca\u76f8\u53cd\u306e\u554f\u984c\u304c\u8ad6\u70b9\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e2d\u5c0f\u4f01\u696d\u306e\u5834\u5408\u3001\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u3068\u7d4c\u55b6\u5e79\u90e8\u306e\u9593\u3067\u8cb7\u53ce\u4fa1\u683c\u3092\u3069\u3046\u8a2d\u5b9a\u3059\u308b\u304b\u306f\u4e01\u5be7\u306a\u8a71\u3057\u5408\u3044\u304c\u5fc5\u8981\u3067\u3059\u3002\u4fa1\u683c\u8a2d\u5b9a\u306b\u3088\u3063\u3066\u306f\u3001\u9000\u4efb\u3059\u308b\u30aa\u30fc\u30ca\u30fc\u306e\u5f15\u9000\u5f8c\u306e\u751f\u6d3b\u8a2d\u8a08\u3084\u3001\u7a0e\u52d9\u4e0a\u306e\u53d6\u308a\u6271\u3044\u306b\u3082\u5f71\u97ff\u304c\u53ca\u3076\u305f\u3081\u3001\u5c02\u9580\u5bb6\u3078\u306e\u76f8\u8ac7\u3092\u542b\u3081\u305f\u614e\u91cd\u306a\u9032\u3081\u65b9\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"EBO%E3%81%AE%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88\"><\/span>EBO\u306e\u30e1\u30ea\u30c3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>EBO\u306e\u30e1\u30ea\u30c3\u30c8\u306f\u3001\u4e8b\u696d\u306e\u4e2d\u8eab\u3092\u5909\u3048\u305a\u306b\u627f\u7d99\u3067\u304d\u308b\u70b9\u3067\u3059\u3002<\/p>\n<p>\u9577\u5e74\u73fe\u5834\u3092\u652f\u3048\u3066\u304d\u305f\u5f93\u696d\u54e1\u304c\u7d4c\u55b6\u6a29\u3092\u63e1\u308b\u305f\u3081\u3001\u53d6\u5f15\u5148\u3068\u306e\u95a2\u4fc2\u3001\u88fd\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u306e\u54c1\u8cea\u3001\u793e\u5185\u306b\u84c4\u7a4d\u3055\u308c\u305f\u30ce\u30a6\u30cf\u30a6\u304c\u3001\u627f\u7d99\u3092\u6a5f\u306b\u5909\u8cea\u3059\u308b\u30ea\u30b9\u30af\u306f\u5c0f\u3055\u304f\u6291\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u7b2c\u4e09\u8005\u3078\u306e\u58f2\u5374\u3067\u306f\u3001\u8cb7\u3044\u624b\u306e\u65b9\u91dd\u6b21\u7b2c\u3067\u53d6\u5f15\u5148\u304c\u898b\u76f4\u3055\u308c\u305f\u308a\u3001\u88fd\u9020\u62e0\u70b9\u304c\u518d\u7de8\u3055\u308c\u305f\u308a\u3059\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u304c\u3001<span>EBO<\/span>\u306f\u3053\u3046\u3057\u305f\u5909\u5316\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u305f\u3044\u5834\u9762\u3067\u529b\u3092\u767a\u63ee\u3057\u307e\u3059\u3002<\/p>\n<p>\u3082\u3046\u4e00\u3064\u306e\u52b9\u679c\u304c\u3001\u8cb7\u53ce\u306b\u53c2\u52a0\u3057\u305f\u5f93\u696d\u54e1\u306e\u5f53\u4e8b\u8005\u610f\u8b58\u306e\u5909\u5316\u3067\u3059\u3002<\/p>\n<p>\u96c7\u308f\u308c\u308b\u7acb\u5834\u304b\u3089\u682a\u4e3b\u30fb\u7d4c\u55b6\u8005\u306e\u7acb\u5834\u306b\u79fb\u308b\u3053\u3068\u3067\u3001\u5229\u76ca\u3078\u306e\u5411\u304d\u5408\u3044\u65b9\u304c\u6df1\u307e\u308a\u3001\u73fe\u5834\u767a\u306e\u6539\u5584\u63d0\u6848\u3084\u751f\u7523\u6027\u5411\u4e0a\u306e\u53d6\u308a\u7d44\u307f\u304c\u6d3b\u767a\u306b\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u5f8c\u7d99\u8005\u4e0d\u5728\u306b\u60a9\u3080\u4e2d\u5805\u30fb\u4e2d\u5c0f\u4f01\u696d\u306b\u3068\u3063\u3066\u306f\u3001\u5916\u90e8\u306b\u58f2\u5374\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u793e\u5185\u306b\u627f\u7d99\u3067\u304d\u308b\u6709\u529b\u306a\u9078\u629e\u80a2\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"EBO%E3%81%AE%E3%83%87%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88\"><\/span>EBO\u306e\u30c7\u30e1\u30ea\u30c3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>EBO\u306e\u4e3b\u8981\u306a\u8ab2\u984c\u306f\u3001\u8cc7\u91d1\u9762\u306e\u30cf\u30fc\u30c9\u30eb\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u5f93\u696d\u54e1\u500b\u4eba\u304c\u8cb7\u53ce\u8cc7\u91d1\u3092\u7528\u610f\u3059\u308b\u3053\u3068\u306f\u5bb9\u6613\u3067\u306a\u304f\u3001\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u878d\u8cc7\u3084\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u306e\u51fa\u8cc7\u306b\u983c\u3089\u3056\u308b\u3092\u5f97\u306a\u3044\u5834\u9762\u304c\u591a\u304f\u306a\u308b\u624b\u6cd5\u3067\u3059\u3002\u8fd4\u6e08\u8ca0\u62c5\u3084\u5916\u90e8\u8cc7\u672c\u306e\u53c2\u753b\u306b\u3088\u3063\u3066\u3001\u5f53\u521d\u60f3\u5b9a\u3057\u3066\u3044\u305f\u81ea\u7531\u306a\u7d4c\u55b6\u304c\u5b9f\u73fe\u3057\u306b\u304f\u304f\u306a\u308b\u5834\u5408\u3082\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u52a0\u3048\u3066\u3001\u73fe\u5834\u306e\u696d\u52d9\u7d4c\u9a13\u306f\u8c4a\u5bcc\u3067\u3082\u3001\u7d4c\u55b6\u8005\u3068\u3057\u3066\u306e\u7d4c\u9a13\u3084\u8ca1\u52d9\u30fb\u6cd5\u52d9\u306e\u77e5\u898b\u304c\u4e0d\u8db3\u3057\u3066\u3044\u308b\u30b1\u30fc\u30b9\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u7d4c\u55b6\u8005\u3092\u80b2\u6210\u3059\u308b\u4ed5\u7d44\u307f\u3065\u304f\u308a\u3084\u3001\u5916\u90e8\u306e\u5c02\u9580\u5bb6\u304b\u3089\u52a9\u8a00\u3092\u53d7\u3051\u308b\u4f53\u5236\u3092\u6574\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u627f\u7d99\u5f8c\u306e\u7d4c\u55b6\u306e\u5b89\u5b9a\u6027\u3092\u3069\u3046\u62c5\u4fdd\u3059\u308b\u304b\u304c\u3001\u6848\u4ef6\u6210\u7acb\u306e\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"LBO%E3%81%AE%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88\"><\/span>LBO\u306e\u30e1\u30ea\u30c3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>LBO\u306f\u3001\u81ea\u5df1\u8cc7\u91d1\u304c\u9650\u3089\u308c\u3066\u3044\u3066\u3082\u898f\u6a21\u611f\u306e\u3042\u308b\u8cb7\u53ce\u3092\u5b9f\u73fe\u3067\u304d\u308b\u70b9\u304c\u30e1\u30ea\u30c3\u30c8\u3067\u3059\u3002\u81ea\u5df1\u8cc7\u91d1\u3092\u4e0a\u56de\u308b\u898f\u6a21\u306e\u8cb7\u53ce\u304c\u53ef\u80fd\u306b\u306a\u308b\u305f\u3081\u3001\u5f8c\u7d99\u8005\u5019\u88dc\u306e\u7d4c\u55b6\u5e79\u90e8\u304c\u4e8b\u696d\u3092\u627f\u7d99\u3057\u305f\u3044\u5834\u5408\u3084\u3001\u5916\u90e8\u306e\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304c\u4e8b\u696d\u518d\u7de8\u6848\u4ef6\u3092\u624b\u304c\u3051\u308b\u5834\u5408\u306b\u3001\u6709\u529b\u306a\u624b\u6cd5\u3067\u3059\u3002<\/p>\n<p>\u4e2d\u5805\u30fb\u4e2d\u5c0f\u4f01\u696d\u306e\u4e8b\u696d\u627f\u7d99\u3067<span>LBO<\/span>\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u304c\u6d3b\u7528\u3055\u308c\u308b\u30b1\u30fc\u30b9\u3082\u5897\u52a0\u50be\u5411\u306b\u3042\u308a\u307e\u3059\u3002\u5f8c\u7d99\u8005\u4e0d\u5728\u306e\u4e2d\u5c0f\u4f01\u696d\u3092\u3001\u7d4c\u55b6\u5e79\u90e8\u3084\u30d5\u30a1\u30f3\u30c9\u304c<span>LBO<\/span>\u306e\u4ed5\u7d44\u307f\u3067\u627f\u7d99\u3059\u308b\u4e8b\u4f8b\u304c\u5e83\u304c\u308a\u3064\u3064\u3042\u308b\u72b6\u6cc1\u3067\u3059\u3002<\/p>\n<p>\u7a0e\u52d9\u9762\u3067\u3082\u3001\u501f\u5165\u91d1\u306e\u5229\u606f\u3092\u640d\u91d1\u3068\u3057\u3066\u7b97\u5165\u3067\u304d\u308b\u305f\u3081\u3001\u5408\u4f75\u5f8c\u306e\u4f1a\u793e\u306e\u8ab2\u7a0e\u6240\u5f97\u306b\u5f71\u97ff\u304c\u53ca\u3076\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u8ab2\u7a0e\u6240\u5f97\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3084\u7d44\u7e54\u518d\u7de8\u306e\u624b\u7d9a\u304d\u306f\u500b\u5225\u4e8b\u60c5\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u7570\u306a\u308b\u305f\u3081\u3001\u4e8b\u524d\u306b\u7a0e\u7406\u58eb\u7b49\u306e\u5c02\u9580\u5bb6\u3078\u78ba\u8a8d\u3057\u306a\u304c\u3089\u8a2d\u8a08\u3092\u9032\u3081\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<p>\u306a\u304a\u3001\u7a0e\u52b9\u679c\u306f\u3042\u304f\u307e\u3067\u526f\u6b21\u7684\u306a\u3082\u306e\u3067\u3042\u308a\u3001\u672c\u6765\u306e\u76ee\u7684\u306f\u3042\u304f\u307e\u3067\u6295\u8cc7\u52b9\u7387\u3092\u9ad8\u3081\u308b\u501f\u5165\u6d3b\u7528\u306b\u3042\u308b\u70b9\u306f\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"LBO%E3%81%AE%E3%83%87%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88\"><\/span>LBO\u306e\u30c7\u30e1\u30ea\u30c3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>LBO\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u306f\u3001\u8cb7\u53ce\u5bfe\u8c61\u4f01\u696d\u304c\u591a\u984d\u306e\u501f\u5165\u91d1\u3092\u5f15\u304d\u53d7\u3051\u308b\u69cb\u9020\u306b\u3042\u308a\u307e\u3059\u3002\u8cb7\u53ce\u5f8c\u306e\u8fd4\u6e08\u8ca0\u62c5\u306f\u91cd\u304f\u3001\u60f3\u5b9a\u3069\u304a\u308a\u306b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u305b\u306a\u3044\u5834\u5408\u306f\u3001\u8cc7\u91d1\u7e70\u308a\u304c\u6025\u901f\u306b\u60aa\u5316\u3059\u308b\u30ea\u30b9\u30af\u3092\u62b1\u3048\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002<\/p>\n<p>LBO\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u901a\u5e38\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ed\u30fc\u30f3\u3068\u6bd4\u8f03\u3057\u3066\u4fe1\u7528\u30ea\u30b9\u30af\u304c\u9ad8\u304f\u306a\u308b\u3068\u3055\u308c\u3066\u304a\u308a\u3001\u8cb7\u53ce\u5f8c\u306e\u4e8b\u696d\u8a08\u753b\u306e\u5206\u6790\u3084\u9069\u5207\u306a\u30ea\u30b9\u30af\u7ba1\u7406\u304c\u4e00\u5c64\u91cd\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u91d1\u878d\u6a5f\u95a2\u5074\u304b\u3089\u306f\u8ca1\u52d9\u5236\u9650\u6761\u9805\uff08\u30b3\u30d9\u30ca\u30f3\u30c4\uff09\u304c\u8ab2\u3055\u308c\u308b\u305f\u3081\u3001\u8cb7\u53ce\u5f8c\u306e\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u304c\u5236\u7d04\u3055\u308c\u308b\u9762\u3082\u3042\u308a\u307e\u3059\u3002\u30ec\u30d0\u30ec\u30c3\u30b8\u500d\u7387\u304c\u904e\u5927\u306b\u306a\u308b\u3068\u3001\u666f\u6c17\u5f8c\u9000\u5c40\u9762\u3067\u7d4c\u55b6\u7834\u7dbb\u306b\u81f3\u308b\u4e8b\u4f8b\u3082\u3042\u308b\u305f\u3081\u3001\u614e\u91cd\u306a\u8a2d\u8a08\u304c\u6c42\u3081\u3089\u308c\u308b\u624b\u6cd5\u3067\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MEBO%E3%81%AE%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88\"><\/span>MEBO\u306e\u30e1\u30ea\u30c3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>MEBO\u306e\u30e1\u30ea\u30c3\u30c8\u306f\u3001\u7d4c\u55b6\u9663\u3068\u5f93\u696d\u54e1\u306e\u53cc\u65b9\u304c\u5f53\u4e8b\u8005\u3068\u3057\u3066\u7d4c\u55b6\u306b\u95a2\u4e0e\u3059\u308b\u70b9\u3067\u3059\u3002<\/p>\n<p>MBO\u3067\u306f\u8cb7\u53ce\u5f8c\u3082\u7d4c\u55b6\u9663\u3068\u5f93\u696d\u54e1\u306e\u9593\u306b\u300c\u96c7\u3046\u5074\u30fb\u96c7\u308f\u308c\u308b\u5074\u300d\u306e\u95a2\u4fc2\u304c\u6b8b\u308a\u307e\u3059\u304c\u3001<span>MEBO<\/span>\u3067\u306f\u8cb7\u53ce\u306b\u53c2\u52a0\u3057\u305f\u5f93\u696d\u54e1\u3082\u682a\u4e3b\u306e\u4e00\u54e1\u3068\u306a\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<p>\u7d4c\u55b6\u65b9\u91dd\u3078\u306e\u7d0d\u5f97\u611f\u304c\u9055\u3063\u3066\u304f\u308b\u305f\u3081\u3001\u6539\u9769\u65bd\u7b56\u306e\u6d78\u900f\u30b9\u30d4\u30fc\u30c9\u3084\u7d44\u7e54\u306e\u4e00\u4f53\u611f\u306b\u5dee\u304c\u51fa\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u8cc7\u91d1\u9762\u306e\u30e1\u30ea\u30c3\u30c8\u3082\u3042\u308a\u307e\u3059\u3002\u7d4c\u55b6\u9663\u306e\u81ea\u5df1\u8cc7\u91d1\u3060\u3051\u3067\u306f\u5c4a\u304b\u306a\u3044\u8cb7\u53ce\u898f\u6a21\u3067\u3082\u3001\u5f93\u696d\u54e1\u304b\u3089\u306e\u51fa\u8cc7\u3092\u52a0\u3048\u308b\u3053\u3068\u3067\u73fe\u5b9f\u7684\u306a\u9078\u629e\u80a2\u306b\u306a\u308b\u5834\u5408\u304c\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306e\u51fa\u8cc7\u6bd4\u7387\u3092\u6291\u3048\u3089\u308c\u308b\u5206\u3001\u5916\u90e8\u8cc7\u672c\u306b\u7d4c\u55b6\u6a29\u3092\u63e1\u3089\u308c\u308b\u30ea\u30b9\u30af\u3082\u4f4e\u304f\u6291\u3048\u3089\u308c\u308b\u70b9\u3082\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MEBO%E3%81%AE%E3%83%87%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88\"><\/span>MEBO\u306e\u30c7\u30e1\u30ea\u30c3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>MEBO\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u306f\u95a2\u4fc2\u8005\u306e\u591a\u3055\u306b\u8d77\u56e0\u3057\u307e\u3059\u3002\u7d4c\u55b6\u9663\u3001\u5f93\u696d\u54e1\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u3001\u91d1\u878d\u6a5f\u95a2\u3068\u3001\u5229\u5bb3\u95a2\u4fc2\u8005\u304c\u591a\u5c64\u7684\u306b\u7d61\u3080\u305f\u3081\u3001\u51fa\u8cc7\u6bd4\u7387\u3084\u8b70\u6c7a\u6a29\u306e\u914d\u5206\u3001\u8cb7\u53ce\u5f8c\u306e\u5f79\u5272\u5206\u62c5\u306a\u3069\u306e\u8a2d\u8a08\u306b\u6642\u9593\u304c\u304b\u304b\u308a\u304c\u3061\u3067\u3059\u3002<\/p>\n<p>\u8a2d\u8a08\u6bb5\u968e\u3067\u306e\u8a70\u3081\u304c\u7518\u3044\u3068\u3001\u8cb7\u53ce\u5f8c\u306b\u610f\u601d\u6c7a\u5b9a\u306e\u505c\u6ede\u3092\u62db\u304f\u4e8b\u614b\u3082\u8d77\u3053\u308a\u5f97\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u5f93\u696d\u54e1\u5168\u54e1\u304c\u51fa\u8cc7\u306b\u53c2\u52a0\u3059\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u305f\u3081\u3001\u51fa\u8cc7\u3057\u305f\u5f93\u696d\u54e1\u3068\u53c2\u52a0\u3057\u306a\u304b\u3063\u305f\u5f93\u696d\u54e1\u3068\u306e\u9593\u306b\u3001\u5fc3\u7406\u7684\u306a\u8ddd\u96e2\u304c\u751f\u307e\u308c\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u8ab0\u306b\u51fa\u8cc7\u306e\u6a5f\u4f1a\u3092\u63d0\u4f9b\u3059\u308b\u304b\u3001\u53c2\u52a0\u3057\u306a\u3044\u5f93\u696d\u54e1\u306b\u3082\u7d0d\u5f97\u611f\u306e\u3042\u308b\u5f85\u9047\u3092\u3069\u3046\u8a2d\u8a08\u3059\u308b\u304b\u306a\u3069\u3001\u4eba\u4e8b\u9762\u306e\u914d\u616e\u3082\u6b20\u304b\u305b\u307e\u305b\u3093\u3002<\/p>\n<p>MEBO\u306f\u8a2d\u8a08\u306e\u81ea\u7531\u5ea6\u304c\u9ad8\u3044\u5206\u3001\u691c\u8a0e\u6bb5\u968e\u3067\u8a70\u3081\u308b\u3079\u304d\u9805\u76ee\u3082\u591a\u304f\u306a\u308b\u624b\u6cd5\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%E3%81%AE4%E3%81%A4%E3%81%AE%E6%89%8B%E6%B3%95%E3%81%A8%E7%9B%AE%E7%9A%84\"><\/span>\u30d0\u30a4\u30a2\u30a6\u30c8\u306e4\u3064\u306e\u624b\u6cd5\u3068\u76ee\u7684<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>4\u7a2e\u985e\u306e\u30d0\u30a4\u30a2\u30a6\u30c8\u306f\u3001\u3044\u305a\u308c\u3082\u7d4c\u55b6\u6a29\u306e\u96c6\u4e2d\u3084\u4e8b\u696d\u627f\u7d99\u3001\u7d44\u7e54\u6539\u9769\u306e\u624b\u6bb5\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u308b\u624b\u6cd5\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u6d3b\u7528\u3055\u308c\u308b\u5834\u9762\u3084\u76ee\u6307\u3059\u52b9\u679c\u306b\u306f\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u3053\u304b\u3089\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u4ee3\u8868\u7684\u306a\u76ee\u7684\u3092\u6574\u7406\u3057\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MBO%E3%82%92%E8%A1%8C%E3%81%86%E7%9B%AE%E7%9A%84\"><\/span>MBO\u3092\u884c\u3046\u76ee\u7684<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u4e2d\u5c0f\u4f01\u696d\u306e\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u306b\u3068\u3063\u3066<span>MBO<\/span>\u3092\u9078\u3076\u4e3b\u306a\u76ee\u7684\u306f\u3001\u5f8c\u7d99\u8005\u4e0d\u5728\u306e\u89e3\u6d88\u3068\u3001\u4fe1\u983c\u3067\u304d\u308b\u7d4c\u55b6\u5e79\u90e8\u3078\u306e\u627f\u7d99\u306b\u3042\u308a\u307e\u3059\u3002\u89aa\u65cf\u5185\u306b\u5f8c\u7d99\u8005\u304c\u3044\u306a\u3044\u5834\u5408\u3067\u3082\u3001\u9577\u5e74\u82e6\u697d\u3092\u3068\u3082\u306b\u3057\u3066\u304d\u305f\u7d4c\u55b6\u5e79\u90e8\u306b\u627f\u7d99\u3067\u304d\u308c\u3070\u3001\u4e8b\u696d\u306e\u9023\u7d9a\u6027\u3068\u793e\u54e1\u306e\u96c7\u7528\u3092\u5b88\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002\u7b2c\u4e09\u8005\u3078\u306e\u58f2\u5374\u306b\u8e0f\u307f\u5207\u308c\u306a\u3044\u7d4c\u55b6\u8005\u306b\u3068\u3063\u3066\u3001\u73fe\u5b9f\u7684\u306a\u9078\u629e\u80a2\u306e\u4e00\u3064\u3067\u3059\u3002<\/p>\n<p>\u3082\u3046\u4e00\u3064\u3001\u4e2d\u5c0f\u4f01\u696d\u7d4c\u55b6\u8005\u306b\u3068\u3063\u3066\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u306e\u304c\u3001\u8b72\u6e21\u5bfe\u4fa1\u306e\u53d7\u3051\u53d6\u308a\u65b9\u3067\u3059\u3002<span>MBO<\/span>\u306f\u682a\u5f0f\u8b72\u6e21\u306e\u5f62\u3067\u9032\u3080\u305f\u3081\u3001\u682a\u5f0f\u306e\u58f2\u308a\u624b\u306f\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u3092\u542b\u3080\u65e2\u5b58\u682a\u4e3b\u3068\u306a\u308a\u3001\u8b72\u6e21\u5bfe\u4fa1\u306f\u682a\u4e3b\u500b\u4eba\u306e\u624b\u5143\u306b\u76f4\u63a5\u5165\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u306b\u5bfe\u3057\u3001\u4e8b\u696d\u8b72\u6e21\u306f\u4f1a\u793e\u304c\u4e8b\u696d\u3092\u58f2\u5374\u3059\u308b\u5f62\u306e\u305f\u3081\u3001\u5bfe\u4fa1\u306f\u4f1a\u793e\u306e\u53e3\u5ea7\u306b\u5165\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002\u30aa\u30fc\u30ca\u30fc\u500b\u4eba\u306b\u8cc7\u91d1\u3092\u56de\u3059\u306b\u306f\u914d\u5f53\u3084\u5f79\u54e1\u9000\u8077\u91d1\u306a\u3069\u306e\u8ffd\u52a0\u624b\u7d9a\u304d\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u5f79\u54e1\u9000\u8077\u91d1\u306a\u3069\u306f\u9069\u5207\u306b\u8a2d\u8a08\u3059\u308c\u3070\u7a0e\u8ca0\u62c5\u3092\u6291\u3048\u3089\u308c\u308b\u305f\u3081\u3001\u624b\u6b8b\u308a\u3092\u6700\u5927\u5316\u3059\u308b\u3046\u3048\u3067\u5b9f\u52d9\u4e0a\u306e\u91cd\u8981\u8ad6\u70b9\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u5f15\u9000\u5f8c\u306e\u751f\u6d3b\u8cc7\u91d1\u3092\u78ba\u4fdd\u3057\u305f\u3044\u30aa\u30fc\u30ca\u30fc\u306b\u3068\u3063\u3066\u3001\u3053\u3046\u3057\u305f\u8cc7\u91d1\u306e\u53d7\u3051\u53d6\u308a\u65b9\u306e\u9055\u3044\u306f\u8efd\u8996\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<p>\u8fd1\u5e74\u306f\u3001\u4e0a\u5834\u4f01\u696d\u3067\u3082<span>MBO<\/span>\u306b\u3088\u308b\u975e\u516c\u958b\u5316\u304c\u5897\u52a0\u50be\u5411\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u96c6\u8a08\u306b\u3088\u308c\u3070\u3001<span>MBO<\/span>\u306e\u958b\u793a\u4ef6\u6570\u306f<span>2018<\/span>\u5e74\u306e<span>3<\/span>\u4ef6\u304b\u3089\u3001<span>2023<\/span>\u5e74\u30fb<span>2024<\/span>\u5e74\u3068<span>17<\/span>\uff5e<span>18<\/span>\u4ef6\u898f\u6a21\u3067\u63a8\u79fb\u3057\u3066\u304a\u308a\u3001\u652f\u914d\u682a\u4e3b\u306b\u3088\u308b\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3092\u542b\u3080\u3068\u8fd1\u5e74\u306f\u5e74<span>30<\/span>\u4ef6\u8d85\u306e\u9ad8\u6c34\u6e96\u304c\u7d9a\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u4e0a\u5834\u7dad\u6301\u30b3\u30b9\u30c8\u3084<span>PBR1<\/span>\u500d\u5272\u308c\u5bfe\u5fdc\u3078\u306e\u8ca0\u62c5\u5897\u306a\u3069\u304c\u3001\u975e\u516c\u958b\u5316\u3092\u9078\u3076\u7d4c\u55b6\u8005\u306e\u5897\u52a0\u306b\u3064\u306a\u304c\u3063\u3066\u3044\u308b\u3068\u3055\u308c\u308b\u72b6\u6cc1\u3067\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"EBO%E3%82%92%E8%A1%8C%E3%81%86%E7%9B%AE%E7%9A%84\"><\/span>EBO\u3092\u884c\u3046\u76ee\u7684<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>EBO\u3092\u884c\u3046\u76ee\u7684\u306f\u3001\u4e8b\u696d\u3092\u4eba\u6750\u3054\u3068\u793e\u5185\u306b\u6b8b\u3059\u3053\u3068\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e2d\u5c0f\u4f01\u696d\u306e\u4e8b\u696d\u627f\u7d99\u3067\u306f\u3001\u5275\u696d\u8005\u304c\u300c\u5916\u90e8\u306b\u58f2\u308b\u304f\u3089\u3044\u306a\u3089\u3001\u9577\u5e74\u652f\u3048\u3066\u304f\u308c\u305f\u5e79\u90e8\u793e\u54e1\u3084\u5f93\u696d\u54e1\u306b\u7d99\u3044\u3067\u307b\u3057\u3044\u300d\u3068\u8003\u3048\u308b\u30b1\u30fc\u30b9\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u6280\u8853\u3084\u30ce\u30a6\u30cf\u30a6\u3001\u53d6\u5f15\u5148\u3068\u306e\u95a2\u4fc2\u3092\u542b\u3081\u3066\u3001\u793e\u5185\u306e\u4eba\u6750\u306b\u5f15\u304d\u7d99\u3050\u3053\u3068\u304c\u3001\u4e8b\u696d\u306e\u9023\u7d9a\u6027\u3092\u5b88\u308b\u78ba\u5b9f\u306a\u65b9\u6cd5\u3060\u3068\u5224\u65ad\u3059\u308b\u7d4c\u55b6\u8005\u3082\u3044\u307e\u3059\u3002<\/p>\n<p>\u3082\u3046\u4e00\u3064\u306e\u6d3b\u7528\u5834\u9762\u304c\u3001\u89aa\u4f1a\u793e\u304b\u3089\u306e\u72ec\u7acb\u3092\u652f\u3048\u308b\u70b9\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u89aa\u4f1a\u793e\u304c\u5b50\u4f1a\u793e\u3084\u4e8b\u696d\u90e8\u9580\u3092\u5207\u308a\u96e2\u3059\u5c40\u9762\u3067\u3001\u305d\u306e\u5f93\u696d\u54e1\u304c\u8cb7\u3044\u624b\u3068\u306a\u3063\u3066\u72ec\u7acb\u3057\u305f\u4f1a\u793e\u3068\u3057\u3066\u904b\u55b6\u3092\u7d99\u7d9a\u3059\u308b\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002\u88fd\u9020\u696d\u306e\u5de5\u5834\u5b58\u7d9a\u3084\u3001\u7814\u7a76\u958b\u767a\u90e8\u9580\u306e\u72ec\u7acb\u306a\u3069\u3001\u96c7\u7528\u3068\u4e8b\u696d\u306e\u4e21\u65b9\u3092\u5b88\u308a\u305f\u3044\u5834\u9762\u3067\u6a5f\u80fd\u3057\u307e\u3059\u3002\u793e\u5185\u306e\u4fe1\u983c\u95a2\u4fc2\u3092\u57fa\u76e4\u306b\u627f\u7d99\u3092\u9032\u3081\u3089\u308c\u308b\u70b9\u304c\u3001<span>EBO<\/span>\u306a\u3089\u3067\u306f\u306e\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"LBO%E3%82%92%E8%A1%8C%E3%81%86%E7%9B%AE%E7%9A%84\"><\/span>LBO\u3092\u884c\u3046\u76ee\u7684<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>LBO\u3092\u884c\u3046\u4e3b\u306a\u76ee\u7684\u306f\u3001\u9650\u3089\u308c\u305f\u81ea\u5df1\u8cc7\u91d1\u3092\u6700\u5927\u9650\u306b\u751f\u304b\u3057\u3066\u3001\u53ce\u76ca\u529b\u306e\u3042\u308b\u4f01\u696d\u3092\u53d6\u5f97\u3059\u308b\u3053\u3068\u3067\u3059\u3002<span>MBO<\/span>\u3084<span>EBO<\/span>\u3001<span>MEBO<\/span>\u3092\u5b9f\u73fe\u3059\u308b\u969b\u306e\u8cc7\u91d1\u8abf\u9054\u624b\u6cd5\u3068\u3057\u3066\u3082\u6d3b\u7528\u3055\u308c\u308b\u305f\u3081\u3001\u4e2d\u5c0f\u4f01\u696d\u306b\u3088\u308b\u4e8b\u696d\u627f\u7d99\u306e\u5834\u9762\u3067\u3082<span>LBO<\/span>\u306e\u4ed5\u7d44\u307f\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u8fd1\u5e74\u306f\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304c\u5358\u306a\u308b\u8cc7\u91d1\u306e\u51fa\u3057\u624b\u306b\u3068\u3069\u307e\u3089\u305a\u3001\u8cb7\u53ce\u5f8c\u306e\u7d4c\u55b6\u652f\u63f4\u307e\u3067\u8e0f\u307f\u8fbc\u3080\u30b1\u30fc\u30b9\u304c\u5897\u3048\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u4e8b\u696d\u6226\u7565\u306e\u7b56\u5b9a\u3001\u696d\u52d9\u30d7\u30ed\u30bb\u30b9\u306e\u6539\u5584\u3001\u4eba\u4e8b\u5236\u5ea6\u306e\u5237\u65b0\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u4f53\u5236\u306e\u5f37\u5316\u306a\u3069\u3001\u4f01\u696d\u4fa1\u5024\u3092\u5f15\u304d\u4e0a\u3052\u308b\u305f\u3081\u306e\u5b9f\u52d9\u652f\u63f4\u304c\u500b\u5225\u306e\u8ab2\u984c\u306b\u5fdc\u3058\u3066\u63d0\u4f9b\u3055\u308c\u308b\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002<\/p>\n<p>\u5f8c\u7d99\u8005\u4e0d\u5728\u306b\u60a9\u3080\u30aa\u30fc\u30ca\u30fc\u304c\u3001\u30d5\u30a1\u30f3\u30c9\u3084\u7d4c\u55b6\u5e79\u90e8\u306b<span>LBO<\/span>\u306e\u5f62\u3067\u4e8b\u696d\u3092\u5f15\u304d\u7d99\u3050\u4e8b\u4f8b\u3082\u3001\u5730\u65b9\u306e\u4e2d\u5805\u4f01\u696d\u3067\u898b\u3089\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u3064\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MEBO%E3%82%92%E8%A1%8C%E3%81%86%E7%9B%AE%E7%9A%84\"><\/span>MEBO\u3092\u884c\u3046\u76ee\u7684<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>MEBO\u306f\u3001\u7d4c\u55b6\u9663\u3068\u5f93\u696d\u54e1\u3092\u4e00\u4f53\u5316\u3055\u305b\u305f\u5f62\u3067\u4e8b\u696d\u3092\u627f\u7d99\u3059\u308b\u3053\u3068\u304c\u76ee\u7684\u3067\u3059\u3002<span>MBO<\/span>\u3067\u7d4c\u55b6\u9663\u3060\u3051\u304c\u682a\u4e3b\u306b\u306a\u308b\u69cb\u56f3\u3068\u306f\u7570\u306a\u308a\u3001\u8cb7\u53ce\u306b\u53c2\u52a0\u3057\u305f\u5f93\u696d\u54e1\u3082\u51fa\u8cc7\u8005\u3068\u3057\u3066\u52a0\u308f\u308b\u305f\u3081\u3001\u4f1a\u793e\u5168\u4f53\u306e\u65b9\u5411\u6027\u304c\u5171\u6709\u3055\u308c\u3084\u3059\u3044\u4f53\u5236\u304c\u751f\u307e\u308c\u307e\u3059\u3002<\/p>\n<p>\u5b9f\u52d9\u3067<span>MEBO<\/span>\u304c\u9078\u3070\u308c\u308b\u5178\u578b\u7684\u306a\u5834\u9762\u306f\u3001\u89aa\u4f1a\u793e\u304b\u3089\u306e\u30b9\u30d4\u30f3\u30aa\u30d5\u3067\u3059\u3002<\/p>\n<p>\u30b9\u30d4\u30f3\u30aa\u30d5\u306f\u3001\u4e8b\u696d\u90e8\u9580\u304c\u89aa\u4f1a\u793e\u304b\u3089\u5207\u308a\u96e2\u3055\u308c\u3066\u72ec\u7acb\u3059\u308b\u969b\u3001\u305d\u306e\u90e8\u9580\u306e\u7d4c\u55b6\u9663\u3068\u5f93\u696d\u54e1\u304c\u5171\u540c\u3067\u65b0\u4f1a\u793e\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u307e\u3059\u3002\u8cc7\u91d1\u8ca0\u62c5\u3092\u5206\u6563\u3067\u304d\u308b\u4e0a\u3001\u72ec\u7acb\u5f8c\u306e\u7d4c\u55b6\u306b\u5bfe\u3059\u308b\u5f93\u696d\u54e1\u306e\u53c2\u753b\u610f\u8b58\u3082\u9ad8\u307e\u308b\u305f\u3081\u3001\u65b0\u751f\u4f1a\u793e\u306e\u30b9\u30bf\u30fc\u30c8\u30c0\u30c3\u30b7\u30e5\u306b\u3064\u306a\u3052\u3084\u3059\u3044\u69cb\u56f3\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n<p>\u4e2d\u5c0f\u4f01\u696d\u306e\u4e8b\u696d\u627f\u7d99\u3067\u3001\u7d4c\u55b6\u5e79\u90e8\u3068\u73fe\u5834\u306e\u30ad\u30fc\u30de\u30f3\u304c\u4e00\u7dd2\u306b\u627f\u7d99\u3059\u308b\u5f62\u3067\u3082\u7528\u3044\u3089\u308c\u308b\u624b\u6cd5\u3067\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%E3%82%92%E6%88%90%E5%8A%9F%E3%81%95%E3%81%9B%E3%82%8B%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88\"><\/span>\u30d0\u30a4\u30a2\u30a6\u30c8\u3092\u6210\u529f\u3055\u305b\u308b\u30dd\u30a4\u30f3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u30d0\u30a4\u30a2\u30a6\u30c8\u306f\u3001\u8a2d\u8a08\u3068\u5b9f\u884c\u306e\u6bb5\u968e\u3067\u591a\u304f\u306e\u5224\u65ad\u3092\u6c42\u3081\u3089\u308c\u308b<span>M&amp;A<\/span>\u624b\u6cd5\u3067\u3059\u3002\u3053\u3053\u304b\u3089\u306f\u3001\u6210\u529f\u78ba\u7387\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044<span>3<\/span>\u3064\u306e\u30dd\u30a4\u30f3\u30c8\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E4%BC%81%E6%A5%AD%E4%BE%A1%E5%80%A4%E3%81%AE%E7%AE%97%E5%AE%9A\"><\/span>\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u30d0\u30a4\u30a2\u30a6\u30c8\u306e\u8a2d\u8a08\u3067\u6700\u521d\u306b\u53d6\u308a\u7d44\u3080\u3079\u304d\u4f5c\u696d\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u4f01\u696d\u4fa1\u5024\u3092\u9069\u5207\u306b\u7b97\u5b9a\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u4fa1\u683c\u306e\u59a5\u5f53\u6027\u306b\u95a2\u3059\u308b\u8aac\u660e\u8cac\u4efb\u3092\u679c\u305f\u305b\u306a\u3051\u308c\u3070\u3001\u682a\u4e3b\u3084\u91d1\u878d\u6a5f\u95a2\u3001\u5f93\u696d\u54e1\u304b\u3089\u306e\u7d0d\u5f97\u304c\u5f97\u3089\u308c\u305a\u3001\u6848\u4ef6\u305d\u306e\u3082\u306e\u304c\u9813\u632b\u3057\u304b\u306d\u307e\u305b\u3093\u3002<\/p>\n<p>\u7b97\u5b9a\u65b9\u6cd5\u306b\u306f\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u57fa\u790e\u3068\u3059\u308b<span>DCF<\/span>\u6cd5\u3001\u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u306e\u8a55\u4fa1\u500d\u7387\u3092\u7528\u3044\u308b\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3001\u7d14\u8cc7\u7523\u3092\u57fa\u6e96\u3068\u3059\u308b\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u306a\u3069\u304c\u4ee3\u8868\u7684\u3067\u3059\u3002\u4e00\u3064\u306e\u624b\u6cd5\u3060\u3051\u306b\u983c\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u8907\u6570\u306e\u624b\u6cd5\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u7b97\u5b9a\u3059\u308b\u3053\u3068\u3067\u3001\u4fa1\u683c\u306e\u5408\u7406\u6027\u3092\u591a\u89d2\u7684\u306b\u8aac\u660e\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u306a\u304a\u3001\u4e0a\u5834\u4f01\u696d\u306e<span>MBO<\/span>\u6848\u4ef6\u3067\u306f\u3001\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u306e\u96c6\u8a08\u306b\u3088\u308b\u3068\u3001<span>2021<\/span>\u5e74\u304b\u3089<span>2023<\/span>\u5e74\u306b\u958b\u793a\u3055\u308c\u305f<span>MBO<\/span>\u6848\u4ef6\u306e\u8cb7\u53ce\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u516c\u8868\u524d\u306e\u5e02\u5834\u5e73\u5747\u682a\u4fa1\u306b\u5bfe\u3057\u3066\u5e73\u5747<span>4<\/span>\u5272\u7a0b\u5ea6\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u306e\u975e\u4e0a\u5834<span>M&amp;A<\/span>\u3067\u306f\u4e8b\u60c5\u304c\u7570\u306a\u308a\u307e\u3059\u304c\u3001\u4fa1\u683c\u8a2d\u5b9a\u306b\u3042\u305f\u3063\u3066\u306e\u53c2\u8003\u60c5\u5831\u306e\u4e00\u3064\u3068\u3057\u3066\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>\u307e\u305f\u3001\u7279\u306b\u7d4c\u55b6\u9663\u304c\u8cb7\u3044\u624b\u3068\u306a\u308b<span>MBO<\/span>\u3067\u306f\u5229\u76ca\u76f8\u53cd\u306e\u554f\u984c\u304c\u3042\u308b\u305f\u3081\u3001\u7d4c\u6e08\u7523\u696d\u7701\u306e\u300e\u516c\u6b63\u306a<span>M&amp;A<\/span>\u306e\u5728\u308a\u65b9\u306b\u95a2\u3059\u308b\u6307\u91dd\u300f\u3082\u5c02\u9580\u6027\u3092\u6709\u3059\u308b\u72ec\u7acb\u3057\u305f\u7b2c\u4e09\u8005\u8a55\u4fa1\u6a5f\u95a2\u304b\u3089\u682a\u5f0f\u4fa1\u5024\u7b97\u5b9a\u66f8\u7b49\u3092\u53d6\u5f97\u3057\u3001\u3053\u308c\u3092\u5224\u65ad\u306e\u57fa\u790e\u3068\u3059\u308b\u3053\u3068\u304c\u671b\u307e\u3057\u3044\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u624b\u9593\u3068\u30b3\u30b9\u30c8\u306f\u304b\u304b\u308a\u307e\u3059\u304c\u3001\u3053\u3053\u3092\u7701\u7565\u3059\u308b\u3068\u3001\u305d\u306e\u5f8c\u306e\u624b\u7d9a\u304d\u306e\u6b63\u5f53\u6027\u304c\u63fa\u3089\u3050\u70b9\u306b\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%E3%83%95%E3%82%A1%E3%83%B3%E3%83%89%E3%81%AE%E6%B4%BB%E7%94%A8\"><\/span>\u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9\u306e\u6d3b\u7528<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u8cb7\u53ce\u8cc7\u91d1\u306e\u8abf\u9054\u3084\u8cb7\u53ce\u5f8c\u306e\u7d4c\u55b6\u652f\u63f4\u3092\u5f97\u308b\u305f\u3081\u3001\u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9\u306e\u6d3b\u7528\u3092\u691c\u8a0e\u3059\u308b\u3053\u3068\u3082\u6709\u529b\u306a\u9078\u629e\u80a2\u306e\u4e00\u3064\u3067\u3059\u3002<\/p>\n<p>\u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u4f01\u696d\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3066\u7d4c\u55b6\u306b\u95a2\u4e0e\u3057\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u305f\u4e0a\u3067\u58f2\u5374\u76ca\u3092\u5f97\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u305f\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u3092\u6307\u3057\u307e\u3059\u3002\u7d4c\u55b6\u9663\u3084\u5f93\u696d\u54e1\u304c\u81ea\u5df1\u8cc7\u91d1\u3060\u3051\u3067\u8cb7\u53ce\u8cc7\u91d1\u3092\u307e\u304b\u306a\u3048\u306a\u3044\u5834\u5408\u3001\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u306e\u51fa\u8cc7\u3092\u53d7\u3051\u308b\u3053\u3068\u3067\u6848\u4ef6\u304c\u73fe\u5b9f\u7684\u306a\u5f62\u306b\u52d5\u304d\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d5\u30a1\u30f3\u30c9\u6d3b\u7528\u306e\u30e1\u30ea\u30c3\u30c8\u306f\u8cc7\u91d1\u9762\u3060\u3051\u306b\u3068\u3069\u307e\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u4e8b\u696d\u6226\u7565\u306e\u7b56\u5b9a\u3001\u696d\u52d9\u30d7\u30ed\u30bb\u30b9\u306e\u6539\u5584\u3001\u4eba\u4e8b\u5236\u5ea6\u306e\u6574\u5099\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u4f53\u5236\u306e\u69cb\u7bc9\u306a\u3069\u3001\u30d5\u30a1\u30f3\u30c9\u304c\u6301\u3064\u30ce\u30a6\u30cf\u30a6\u3068\u4eba\u6750\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3092\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306b\u751f\u304b\u305b\u308b\u70b9\u3082\u9b45\u529b\u3067\u3059\u3002\u7d4c\u55b6\u9663\u3060\u3051\u3067\u306f\u624b\u304c\u56de\u3089\u306a\u3044\u9818\u57df\u3092\u3001\u30d5\u30a1\u30f3\u30c9\u304c\u5b9f\u52d9\u652f\u63f4\u3059\u308b\u5f62\u3067\u88dc\u3063\u3066\u304f\u308c\u308b\u69cb\u56f3\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u51fa\u8cc7\u3092\u53d7\u3051\u308b\u969b\u306f\u3001\u8b70\u6c7a\u6a29\u306e\u914d\u5206\u3001\u7d4c\u55b6\u53c2\u753b\u306e\u7bc4\u56f2\u3001\u30a8\u30b0\u30b8\u30c3\u30c8\uff08\u6295\u8cc7\u56de\u53ce\uff09\u306e\u65b9\u91dd\u306b\u3064\u3044\u3066\u3001\u5951\u7d04\u6bb5\u968e\u3067\u8a73\u7d30\u306a\u5408\u610f\u3092\u5f62\u6210\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u30d5\u30a1\u30f3\u30c9\u306f\u901a\u5e38\u6570\u5e74\u7a0b\u5ea6\u3067\u6295\u8cc7\u56de\u53ce\u3092\u56f3\u308b\u305f\u3081\u3001\u81ea\u793e\u306e\u4e2d\u9577\u671f\u6226\u7565\u3068\u306e\u6642\u9593\u8ef8\u306e\u305a\u308c\u304c\u8d77\u3053\u308a\u3084\u3059\u3044\u70b9\u306b\u3082\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<p>\u521d\u671f\u6bb5\u968e\u3067\u6295\u8cc7\u65b9\u91dd\u3068\u7d4c\u55b6\u65b9\u91dd\u306e\u6574\u5408\u6027\u3092\u5341\u5206\u306b\u78ba\u8a8d\u3057\u3066\u304a\u304f\u59ff\u52e2\u304c\u6c42\u3081\u3089\u308c\u308b\u70b9\u3092\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E3%83%90%E3%82%A4%E3%82%A2%E3%82%A6%E3%83%88%E3%82%92%E6%83%B3%E5%AE%9A%E3%81%97%E3%81%9F%E7%B5%8C%E5%96%B6%E6%88%A6%E7%95%A5\"><\/span>\u30d0\u30a4\u30a2\u30a6\u30c8\u3092\u60f3\u5b9a\u3057\u305f\u7d4c\u55b6\u6226\u7565<span 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