|
2008/9/6(ÅÚ) ¸áÁ° 3:06
³Æ¼ï M&A ¼è°ú¡§M&A Transactions and Due Diligence
¤¤¤ï¤æ¤ë¡ÖM&A¡×¤È¾Î¤µ¤ì¤ë¡¢´ë¶È¤Î¹çÊ»¤äÇã¼ý¤Ë¤ª¤±¤ë¥¹¥¡¼¥à¤ËÂФ¹¤ë¥¢¥É¥Ð¥¤¥¹¤ä¡¢Çã¼ýÂоݴë¶È¤Î¥Ç¥å¡¼¡¦¥Ç¥£¥ê¥¸¥§¥ó¥¹¡ÊDue diligence: ÆüËܸì¤Ç¤Ï¡Ö´ë¶È²ÁÃÍÀººº¡¦´Æºº¡×¤È¤¤¤¦Ìõ¸ì¤¬ÄÌÎã¤Î¤è¤¦¤Ç¤¹¡Ë¤Î¼Â»Ü¤Î¤Û¤«¡¢³Æ¼ïM&A·ÀÌó½ñ¤ÎºîÀ®¡¢Áê¼êÊý¤È¤Î¸ò¾ÄµÚ¤Ó¥ì¥Ó¥å¡¼¤ËÂбþ²Äǽ¤Ç¤¹¡£¤Þ¤¿¡¢³Æ¼ïÅê»ñ¶ä¹Ô¡ÊÉôÌç¡Ë¤Ë¤è¤ëÅö³ºM&A¤Î¥¢¥ì¥ó¥¸¥ã¡¼¤ÎΩ¾ì¤Ç¤Î¼õǤËô¤ÏÂåÍý¤·¤Æ¤Î´ØÍ¿¤Ë¤âÂбþ²Äǽ¤Ç¤¹¡£
¥Ç¥å¡¼¡¦¥Ç¥£¥ê¥¸¥§¥ó¥¹¤Ë´Ø¤·¤Þ¤·¤Æ¤Ï¡¢ºÇ¶á¤ï¤º¤«¿ôǯ¤ÎÆüËܤμÂ̳¤Î·¹¸þ¤È¤·¤Æ¤â¡¢¤ª¤½¤é¤¯¤ÏÁʾټҲñ¤Ç¤¢¤ë¥¢¥á¥ê¥«¹ç½°¹ñ¤Î¼Â̳¤Ë¤ª¤±¤ë±Æ¶Á¤ò¼õ¤±¤Æ¡¢¥Ç¥å¡¼¡¦¥Ç¥£¥ê¥¸¥§¥ó¥¹¤Î¼Â»Üµ¬ÌϤ¬Ê£»¨²½¤«¤ÄÂ絬Ìϲ½¤·³Æ¼ïÈñÍѤ¬¹â³Û²½¤·¤¹¤®¤Æ¤¤¤ë·¹¸þ¤¬¸«¼õ¤±¤é¤ì¤Þ¤¹¡£
¤·¤«¤·¤Ê¤¬¤é¡¢¼ÂºÝ¤ËM&AÅö»ö¼Ô¤Î´ë¶È¤Ë¤ª¤±¤ëÌò°÷¤Î²ñ¼Ò¤ËÂФ¹¤ëÃé¼ÂµÁ̳¡ÊÁ±´ÉÃí°ÕµÁ̳¡Ë°ãÈ¿¤ÎÍ̵¤¬ÌäÂê¤È¤Ê¤ëÂåɽÁʾ٤ò´Þ¤à³Æ¼ïÁʾټê³Åù¤Ë¤ª¤¤¤Æ¡¢¥Ç¥å¡¼¡¦¥Ç¥£¥ê¥¸¥§¥ó¥¹¤ò¼Â»Ü¤·¤¿¤³¤È¤Ï¡¢ºÛȽ½ê¤Ê¤É¤¬Ìò°÷¤ÎÃí°ÕµÁ̳°ãÈ¿¤ò¹Íθ¤¹¤ëºÝ¤ÎÌò°÷¤ÎȽÃDzáÄø¤ÎŬÀµ¤µ¤òȽÃǤ¹¤ë°ìÍ×ÁǤˤʤë¤Ë²á¤®¤Þ¤»¤ó¡£
¤è¤Ã¤Æ¡¢SAAL¤Ç¤Ï¡¢°ÍÍê¼Ô¤Îͽ»»¤ä¡¢»ö°Æ¤Ë¤ª¤¤¤Æµö¤µ¤ì¤¿´ü´Ö¤ä»þ´Ö¤ÎĹû¤Î¤Û¤«¡¢´ØÍ¿µÚ¤ÓÂоݴë¶È¤Îµ¬ÌϤ˱þ¤¸¤Æ¡¢Ìò°÷¤Î²ñ¼Ò¤ËÂФ¹¤ëÃí°ÕµÁ̳¡ÊÁ±´ÉÃí°ÕµÁ̳¡Ë¤ÎÆâÍÆ¤ÈÄøÅÙ¤ò´ª°Æ¤·¤Æ¡¢Å¬Àµµ¬ÌϤΥǥ塼¡¦¥Ç¥£¥ê¥¸¥§¥ó¥¹¤Î¼Â»Ü¤ò¹Ô¤¦¤³¤È¤òα°Õ¤¤¤¿¤·¤Æ¤ª¤ê¤Þ¤¹¡£
¤Þ¤¿¡¢É¬¤º¤·¤â²ñ¼ÒË¡¤ò¤Ï¤¸¤á¤È¤¹¤ë³Æ¼ïË¡Îá¤Ëµ¬Äꤵ¤ì¤Æ¤¤¤ë²ñ¼ÒºÆÊԤΤ¿¤á¤ÎˡŪ¼ê³¤òÍѤ¤¤ë¤³¤È¤Ê¤¯¡¢¸ÄÊ̤ΰÍÍê¼Ô¤Î»ö¾ð¤Ë±þ¤¸¤Æ¡¢·ë²ÌŪ¤ËM&A¤ÈƱÍͤδë¶ÈºÆÊÔ¤ò¼Â¸½¤¹¤ë¥¹¥¡¼¥à¹½ÃÛ¤â»ö°Æ¤Ë¤è¤Ã¤Æ¤Ï²Äǽ¤Ç¤¹¤Î¤Ç¡¢¸ÄÊ̤ˤ´ÁêÃ̤¯¤À¤µ¤¤¡£
¤µ¤é¤Ë¡¢¸½ºß¤Ç¤Ï¥¢¥á¥ê¥«¹ç½°¹ñ¤Î¼Â̳ʤߤ˾ܺ٤ÊM&A·ÀÌó½ñ¤¬½àÈ÷¤µ¤ì¡¢¥Ç¥å¡¼¡¦¥Ç¥£¥ê¥¸¥§¥ó¥¹¤Î¼Â»Ü·ë²Ì¤âÈ¿±Ç¤µ¤»¤Ä¤Ä¡¢Åö»ö¼Ô´Ö¤Ç¤É¤Î¤è¤¦¤ÊɽÌÀÊݾڤò¹Ô¤¦¤«¡¢´ë¶È²ÁÃͤ˱þ¤¸¤¿ÂвÁ¤ÎÄ´À°ÊýË¡¤ò´Þ¤á¡¢¤½¤ÎÆâÍÆ¤Ï³ÆÅö»ö¼Ô¤ÎÍø³²¤ÎÂÐΩ¤òÈ¿±Ç¤·¤ÆÊ£»¨²½¤¹¤ë°ìÊý¤Ç¤¢¤ê¡¢ÀìÌçŪ¤ÊÊÛ¸î»Î¤Ë¤è¤ëM&A·ÀÌó½ñ¤ÎºîÀ®¡¢Áê¼êÊý¤È¤Î¸ò¾ÄµÚ¤Ó¥ì¥Ó¥å¡¼¤¬ÉԲķç¤Ç¤¹¤¬¡¢SAAL¤Ë¤ª¤¤¤Æ¤Ï¤½¤Î¤è¤¦¤Ê¶È̳¤âÂбþ²Äǽ¤Ç¤¹¡£
|