{"id":826,"date":"2025-05-14T20:54:13","date_gmt":"2025-05-14T11:54:13","guid":{"rendered":"https:\/\/www.roadmap.co.jp\/cybervalue\/?p=826"},"modified":"2025-05-14T21:55:33","modified_gmt":"2025-05-14T12:55:33","slug":"squeeze-out","status":"publish","type":"post","link":"https:\/\/www.roadmap.co.jp\/cybervalue\/squeeze-out\/","title":{"rendered":"\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3068\u306f\uff1f\u76ee\u7684\u30fb\u624b\u6cd5\u30fb\u30e1\u30ea\u30c3\u30c8\u304b\u3089\u5b9f\u65bd\u624b\u7d9a\u304d\u307e\u3067\u5b8c\u5168\u89e3\u8aac"},"content":{"rendered":"\n<div class=\"box1\">\n<div 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class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u57fa\u672c\u6982\u5ff5\u3068\u5b9a\u7fa9<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-36.jpeg\" alt=\"\" class=\"wp-image-887\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-36.jpeg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-36-300x180.jpeg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-36-768x461.jpeg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u3001\u4f01\u696d\u304c\u5c11\u6570\u682a\u4e3b\u3092\u6392\u9664\u3057\u3001\u5b8c\u5168\u306a\u652f\u914d\u6a29\u3092\u78ba\u7acb\u3059\u308b\u305f\u3081\u306e\u91cd\u8981\u306a\u6cd5\u7684\u624b\u6cd5\u3067\u3059\u3002<\/strong> \u3053\u306e\u624b\u7d9a\u304d\u306b\u3088\u308a\u3001\u7d4c\u55b6\u610f\u601d\u6c7a\u5b9a\u306e\u8fc5\u901f\u5316\u3084\u9577\u671f\u7684\u6226\u7565\u306e\u5b9f\u884c\u304c\u5bb9\u6613\u306b\u306a\u308a\u3001\u4f01\u696d\u7af6\u4e89\u529b\u306e\u5f37\u5316\u306b\u7e4b\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u672c\u7ae0\u3067\u306f\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3064\u3044\u3066\u4ee5\u4e0b\u306e\u9805\u76ee\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u5c11\u6570\u682a\u4e3b\u6392\u9664\u306e\u6cd5\u7684\u624b\u6cd5<\/li>\n\n\n\n<li>TOB\u306e\u95a2\u4fc2\u6027\u3068\u9055\u3044<\/li>\n\n\n\n<li>\u65e5\u672c\u5236\u5ea6\u306e\u5909\u9077\u3068\u6cd5\u7684\u6839\u62e0<\/li>\n\n\n\n<li>2014\u5e74\u4f1a\u793e\u6cd5\u6539\u6b63\u306b\u3088\u308b\u5909\u66f4\u70b9<\/li>\n\n\n\n<li>2019\u5e74\u6539\u6b63\u5f8c\u306e\u6700\u65b0\u52d5\u5411<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3068\u306f\u4f55\u304b\u2015\u5c11\u6570\u682a\u4e3b\u6392\u9664\u306e\u6cd5\u7684\u624b\u6cd5<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\uff08Squeeze Out\uff09\u3068\u306f\u3001\u5927\u682a\u4e3b\u304c\u5c11\u6570\u682a\u4e3b\u304b\u3089\u5f37\u5236\u7684\u306b\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3001\u682a\u4e3b\u304b\u3089\u6392\u9664\u3059\u308b\u6cd5\u7684\u624b\u6cd5\u3067\u3059\u3002<\/strong> \u4f01\u696d\u304c\u5c11\u6570\u682a\u4e3b\u3092\u6392\u9664\u3057\u3001\u6301\u682a\u6bd4\u7387\u3092100%\u306b\u3057\u3066\u5b8c\u5168\u652f\u914d\u6a29\u3092\u78ba\u7acb\u3059\u308bM&amp;A\u624b\u6cd5\u3068\u3057\u3066\u6d3b\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5c11\u6570\u682a\u4e3b\u3068\u306e\u610f\u898b\u5bfe\u7acb\u306b\u3088\u3063\u3066\u91cd\u8981\u306a\u610f\u601d\u6c7a\u5b9a\u304c\u963b\u5bb3\u3055\u308c\u306a\u3044\u3088\u3046\u3001\u4f1a\u793e\u6cd5\u3067\u306f\u3053\u306e\u624b\u7d9a\u304d\u304c\u8a8d\u3081\u3089\u308c\u3066\u3044\u307e\u3059\u3002 \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u300c\u7de0\u3081\u51fa\u3057\u300d\u3084\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30a2\u30a6\u30c8\u300d\u3068\u3082\u547c\u3070\u308c\u3001\u4f01\u696d\u306e\u6226\u7565\u7684\u306a\u7d4c\u55b6\u5224\u65ad\u3092\u652f\u3048\u308b\u91cd\u8981\u306a\u5236\u5ea6\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3068TOB\u306e\u95a2\u4fc2\u6027\u3068\u9055\u3044<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306fTOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff09\u3068\u5bc6\u63a5\u306b\u95a2\u9023\u3057\u3066\u304a\u308a\u3001\u591a\u304f\u306e\u5834\u5408\u3001\u307e\u305aTOB\u306b\u3088\u3063\u3066\u682a\u5f0f\u3092\u8cb7\u3044\u96c6\u3081\u3001\u6b8b\u308a\u306e\u682a\u5f0f\u3092\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3067\u53d6\u5f97\u3059\u308b\u3068\u3044\u3046\u6d41\u308c\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/strong> TOB\u306f\u516c\u958b\u5e02\u5834\u5916\u3067\u682a\u5f0f\u3092\u8cb7\u3044\u4ed8\u3051\u308b\u65b9\u6cd5\u3067\u3001\u682a\u4e3b\u306b\u8cb7\u4ed8\u4fa1\u683c\u3084\u8cb7\u4ed8\u671f\u9593\u306a\u3069\u3092\u63d0\u793a\u3057\u3001\u540c\u610f\u3057\u305f\u682a\u4e3b\u304b\u3089\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u682a\u4e3b\u306e\u540c\u610f\u306a\u304f\u5f37\u5236\u7684\u306b\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u70b9\u304c\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002 \u4e0a\u5834\u4f1a\u793e\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3092\u76ee\u6307\u3059\u5834\u5408\u3001TOB\u306b\u5fdc\u52df\u3057\u306a\u304b\u3063\u305f\u6b8b\u5b58\u682a\u4e3b\u304b\u3089\u3082\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u305f\u3081\u306b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u65e5\u672c\u306b\u304a\u3051\u308b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5236\u5ea6\u306e\u5909\u9077\u3068\u6cd5\u7684\u6839\u62e0<\/h3>\n\n\n\n<p><strong>\u65e5\u672c\u306e\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5236\u5ea6\u306f\u3001\u4f1a\u793e\u6cd5\u306e\u6539\u6b63\u3068\u3068\u3082\u306b\u767a\u5c55\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/strong> \u904e\u53bb\u306b\u884c\u308f\u308c\u3066\u3044\u305f\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u3001\u4f1a\u793e\u6cd5\u8a2d\u7acb\u4ee5\u524d\u306e\u6cd5\u5f8b\u3068\u5546\u6cd5\uff081999\u5e74\uff09\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u5f53\u521d\u306f\u682a\u5f0f\u4ea4\u63db\u3092\u524d\u63d0\u3068\u3057\u3066\u304a\u308a\u3001\u73fe\u91d1\u3067\u306e\u682a\u5f0f\u8cb7\u53d6\u306f\u8a8d\u3081\u3089\u308c\u3066\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u3002 \u3057\u304b\u3057\u30012005\u5e74\u306e\u4f1a\u793e\u6cd5\u65bd\u884c\u306b\u3088\u308a\u5168\u90e8\u53d6\u5f97\u6761\u9805\u4ed8\u7a2e\u985e\u682a\u5f0f\u306e\u767a\u884c\u304c\u8a8d\u3081\u3089\u308c\u3001M&amp;A\u306e\u5b9f\u52d9\u3067\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u6d3b\u7528\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. 2014\u5e74\u4f1a\u793e\u6cd5\u6539\u6b63\u306b\u3088\u308b\u5236\u5ea6\u5909\u66f4\u306e\u30dd\u30a4\u30f3\u30c8<\/h3>\n\n\n\n<p><strong>2014\u5e74\uff08\u5e73\u621026\u5e74\uff09\u306e\u4f1a\u793e\u6cd5\u6539\u6b63\u3067\u306f\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u624b\u6cd5\u304c\u5927\u304d\u304f\u62e1\u5145\u3055\u308c\u307e\u3057\u305f\u3002<\/strong> \u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6\u3068\u682a\u5f0f\u4f75\u5408\u306b\u3088\u308b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u624b\u6cd5\u304c\u65b0\u305f\u306b\u5c0e\u5165\u3055\u308c\u305f\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u7279\u306b\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6\u306f\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u7dcf\u682a\u4e3b\u306e\u8b70\u6c7a\u6a29\u306e90%\u4ee5\u4e0a\u3092\u6709\u3059\u308b\u682a\u4e3b\u304c\u3001\u682a\u4e3b\u7dcf\u4f1a\u6c7a\u8b70\u306a\u3057\u306b\u53d6\u7de0\u5f79\u4f1a\u6c7a\u8b70\u306e\u307f\u3067\u5c11\u6570\u682a\u4e3b\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002 \u3053\u308c\u306b\u3088\u308a\u3001\u5f93\u6765\u306e\u5168\u90e8\u53d6\u5f97\u6761\u9805\u4ed8\u7a2e\u985e\u682a\u5f0f\u30b9\u30ad\u30fc\u30e0\u3068\u6bd4\u3079\u3066\u624b\u7d9a\u304d\u671f\u9593\u304c\u5927\u5e45\u306b\u77ed\u7e2e\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. 2019\u5e74\u6539\u6b63\u5f8c\u306e\u6700\u65b0\u52d5\u5411<\/h3>\n\n\n\n<p><strong>2019\u5e74\uff08\u5e73\u621031\u5e74\/\u4ee4\u548c\u5143\u5e74\uff09\u4ee5\u964d\u306e\u6539\u6b63\u3067\u306f\u3001\u7a0e\u5236\u9762\u3067\u306e\u6574\u5099\u304c\u9032\u307f\u307e\u3057\u305f\u3002<\/strong> \u73fe\u91d1\u5bfe\u4fa1\u682a\u5f0f\u4ea4\u63db\u3082\u7d44\u7e54\u518d\u7de8\u7a0e\u5236\u306e\u9069\u7528\u3092\u53d7\u3051\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e4\u3064\u306e\u624b\u6cd5\u3059\u3079\u3066\u3067\u540c\u69d8\u306e\u7a0e\u8ca0\u62c5\u3068\u306a\u3063\u305f\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u306b\u3088\u308a\u3001\u9023\u7d50\u7d0d\u7a0e\u63a1\u7528\u4f01\u696d\u306b\u3088\u308b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u304c\u7c21\u7d20\u5316\u3055\u308c\u307e\u3057\u305f\u3002 \u5bfe\u8c61\u4f1a\u793e\u306e\u7e70\u8d8a\u6b20\u640d\u91d1\u3092\u9023\u7d50\u7d0d\u7a0e\u306b\u6301\u3061\u8fbc\u3081\u308b\u3088\u3046\u306b\u306a\u308b\u306a\u3069\u3001\u7a0e\u52d9\u4e0a\u306e\u30e1\u30ea\u30c3\u30c8\u304c\u62e1\u5927\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u73fe\u5728\u3067\u306f\u3001\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6\u304c\u6bd4\u8f03\u7684\u77ed\u671f\u9593\u3067\u5b8c\u7d50\u3067\u304d\u3001\u682a\u4e3b\u7dcf\u4f1a\u6c7a\u8b70\u304c\u4e0d\u8981\u306a\u3053\u3068\u304b\u3089\u3001\u591a\u304f\u306e\u5834\u9762\u3067\u6d3b\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5b9f\u65bd\u306e5\u3064\u306e\u76ee\u7684\u3068\u6226\u7565\u7684\u610f\u7fa9<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-37.jpeg\" alt=\"\" class=\"wp-image-888\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-37.jpeg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-37-300x180.jpeg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-37-768x461.jpeg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u4f01\u696d\u7d4c\u55b6\u306b\u304a\u3044\u3066\u91cd\u8981\u306a\u6226\u7565\u7684\u624b\u6cd5\u3067\u3042\u308a\u3001\u5c11\u6570\u682a\u4e3b\u3092\u6392\u9664\u3057\u7d4c\u55b6\u306e\u81ea\u7531\u5ea6\u3092\u9ad8\u3081\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u4fa1\u5024\u306e\u5411\u4e0a\u3092\u76ee\u6307\u3057\u307e\u3059\u3002<\/strong> \u3053\u306e\u624b\u6cd5\u306b\u306f5\u3064\u306e\u4e3b\u8981\u306a\u76ee\u7684\u3068\u610f\u7fa9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e0b\u306e\u9805\u76ee\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u6301\u682a\u6bd4\u7387100%\u5316\u306b\u3088\u308b\u5b8c\u5168\u652f\u914d\u306e\u78ba\u7acb<\/li>\n\n\n\n<li>\u7d4c\u55b6\u610f\u601d\u6c7a\u5b9a\u306e\u8fc5\u901f\u5316\u3068\u7d4c\u55b6\u6226\u7565\u306e\u67d4\u8edf\u306a\u5b9f\u884c<\/li>\n\n\n\n<li>\u9577\u671f\u7684\u8996\u70b9\u3067\u306e\u7d4c\u55b6\u5b9f\u73fe\u3068\u77ed\u671f\u7684\u682a\u4fa1\u5909\u52d5\u304b\u3089\u306e\u89e3\u653e<\/li>\n\n\n\n<li>\u4e0a\u5834\u5ec3\u6b62\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u624b\u6bb5\u3068\u3057\u3066<\/li>\n\n\n\n<li>\u4e8b\u696d\u518d\u7de8\u30fb\u7d44\u7e54\u518d\u7de8\u306e\u5186\u6ed1\u306a\u5b9f\u65bd<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u6301\u682a\u6bd4\u7387100%\u5316\u306b\u3088\u308b\u5b8c\u5168\u652f\u914d\u306e\u78ba\u7acb<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3088\u308a\u6301\u682a\u6bd4\u7387\u3092100%\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u306f\u5b8c\u5168\u306a\u652f\u914d\u6a29\u3092\u78ba\u7acb\u3067\u304d\u307e\u3059\u3002<\/strong> \u3053\u308c\u306b\u3088\u308a\u3001\u8cc7\u7523\u904b\u7528\u3084\u7d44\u7e54\u518d\u7de8\u3001\u4e8b\u696d\u6226\u7565\u306e\u7b56\u5b9a\u306a\u3069\u3092\u3088\u308a\u5186\u6ed1\u306b\u884c\u3046\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5b8c\u5168\u652f\u914d\u6a29\u3092\u6301\u3064\u3053\u3068\u3067\u3001\u4f01\u696d\u306f\u682a\u4e3b\u9593\u306e\u5229\u5bb3\u5bfe\u7acb\u3092\u89e3\u6d88\u3057\u3001\u4e00\u5143\u7684\u306a\u7d4c\u55b6\u5224\u65ad\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002 \u6301\u682a\u6bd4\u7387100%\u5316\u306f\u3001\u4f01\u696d\u30b0\u30eb\u30fc\u30d7\u5168\u4f53\u306e\u7d4c\u55b6\u52b9\u7387\u3092\u9ad8\u3081\u3001\u7af6\u4e89\u529b\u5f37\u5316\u306b\u3064\u306a\u304c\u308b\u91cd\u8981\u306a\u6226\u7565\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u7d4c\u55b6\u610f\u601d\u6c7a\u5b9a\u306e\u8fc5\u901f\u5316\u3068\u7d4c\u55b6\u6226\u7565\u306e\u67d4\u8edf\u306a\u5b9f\u884c<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u91cd\u8981\u306a\u76ee\u7684\u306e\u4e00\u3064\u306f\u3001\u610f\u601d\u6c7a\u5b9a\u30d7\u30ed\u30bb\u30b9\u306e\u8fc5\u901f\u5316\u3067\u3059\u3002<\/strong> \u5c11\u6570\u682a\u4e3b\u306e\u6392\u9664\u306b\u3088\u308a\u3001\u91cd\u8981\u306a\u7d4c\u55b6\u5224\u65ad\u304c\u8fc5\u901f\u304b\u3064\u52b9\u7387\u7684\u306b\u884c\u3048\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u65b0\u898f\u4e8b\u696d\u3078\u306e\u53c2\u5165\u3084\u5927\u578b\u6295\u8cc7\u306a\u3069\u3001\u91cd\u8981\u306a\u7d4c\u55b6\u5224\u65ad\u3092\u8fc5\u901f\u306b\u5b9f\u884c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002 \u5e02\u5834\u74b0\u5883\u306e\u5909\u5316\u306b\u7d20\u65e9\u304f\u5bfe\u5fdc\u3067\u304d\u308b\u305f\u3081\u3001\u30d3\u30b8\u30cd\u30b9\u30c1\u30e3\u30f3\u30b9\u3092\u9003\u3057\u305f\u308a\u7d4c\u55b6\u30ea\u30b9\u30af\u304c\u5897\u5927\u3057\u305f\u308a\u3059\u308b\u6050\u308c\u304c\u89e3\u6d88\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u9577\u671f\u7684\u8996\u70b9\u3067\u306e\u7d4c\u55b6\u5b9f\u73fe\u3068\u77ed\u671f\u7684\u682a\u4fa1\u5909\u52d5\u304b\u3089\u306e\u89e3\u653e<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3088\u308a\u3001\u4f01\u696d\u306f\u77ed\u671f\u7684\u306a\u682a\u4fa1\u5909\u52d5\u306b\u5de6\u53f3\u3055\u308c\u308b\u3053\u3068\u306a\u304f\u3001\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u7d4c\u55b6\u6226\u7565\u3092\u7acb\u6848\u30fb\u5b9f\u884c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/strong> \u56db\u534a\u671f\u696d\u7e3e\u958b\u793a\u3078\u306e\u5bfe\u5fdc\u7fa9\u52d9\u304b\u3089\u89e3\u653e\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7814\u7a76\u958b\u767a\u6295\u8cc7\u3084\u4eba\u6750\u80b2\u6210\u306a\u3069\u3001\u77ed\u671f\u7684\u306b\u306f\u5229\u76ca\u3092\u5727\u8feb\u3059\u308b\u304c\u9577\u671f\u7684\u306b\u306f\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306b\u3064\u306a\u304c\u308b\u65bd\u7b56\u3092\u5b9f\u884c\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002 5\u5e74\u300110\u5e74\u5148\u3092\u898b\u636e\u3048\u305f\u4e00\u8cab\u3057\u305f\u7d4c\u55b6\u65b9\u91dd\u306e\u7dad\u6301\u304c\u53ef\u80fd\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u4e0a\u5834\u5ec3\u6b62\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u624b\u6bb5\u3068\u3057\u3066<\/h3>\n\n\n\n<p><strong>\u7279\u5b9a\u306e\u682a\u4e3b\u304c\u4f01\u696d\u3092\u5b8c\u5168\u306b\u652f\u914d\u3057\u3001\u975e\u516c\u958b\u4f01\u696d\u3068\u3057\u3066\u904b\u55b6\u3059\u308b\u305f\u3081\u306b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u30b1\u30fc\u30b9\u304c\u5897\u3048\u3066\u3044\u307e\u3059\u3002<\/strong> \u4ee5\u4e0b\u306e2\u3064\u306e\u30d1\u30bf\u30fc\u30f3\u304c\u4e3b\u8981\u306a\u624b\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u624b\u6cd5<\/th><th>\u6982\u8981<\/th><\/tr><\/thead><tbody><tr><td>MBO\u3068\u306e\u7d44\u307f\u5408\u308f\u305b<\/td><td>\u7d4c\u55b6\u9663\u304c\u81ea\u793e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3001\u975e\u516c\u958b\u5316\u3092\u5b9f\u73fe<\/td><\/tr><tr><td>\u89aa\u4f1a\u793e\u306b\u3088\u308b\u5b50\u4f1a\u793e\u306e\u975e\u516c\u958b\u5316<\/td><td>\u30b0\u30eb\u30fc\u30d7\u7d4c\u55b6\u306e\u52b9\u7387\u5316\u3068\u610f\u601d\u6c7a\u5b9a\u306e\u8fc5\u901f\u5316<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>MBO\u3068\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u306f\u3001\u901a\u5e38\u307e\u305aTOB\u3092\u5b9f\u65bd\u3057\u3001\u305d\u306e\u5f8c\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3088\u308a\u6b8b\u308a\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u307e\u3059\u3002 \u89aa\u4f1a\u793e\u306b\u3088\u308b\u975e\u516c\u958b\u5316\u3067\u306f\u3001\u5229\u76ca\u76f8\u53cd\u554f\u984c\u306e\u89e3\u6d88\u3084\u4e0a\u5834\u7dad\u6301\u30b3\u30b9\u30c8\u306e\u524a\u6e1b\u304c\u5b9f\u73fe\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. \u4e8b\u696d\u518d\u7de8\u30fb\u7d44\u7e54\u518d\u7de8\u306e\u5186\u6ed1\u306a\u5b9f\u65bd<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u4e8b\u696d\u518d\u7de8\u3084\u7d44\u7e54\u518d\u7de8\u3092\u5186\u6ed1\u306b\u9032\u3081\u308b\u305f\u3081\u306e\u624b\u6bb5\u3068\u3057\u3066\u3082\u91cd\u8981\u3067\u3059\u3002<\/strong> \u4ee5\u4e0b\u306e\u3088\u3046\u306a\u72b6\u6cc1\u3067\u7279\u306b\u6709\u52b9\u6027\u3092\u767a\u63ee\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5408\u4f75\u3001\u4f1a\u793e\u5206\u5272\u3001\u4e8b\u696d\u8b72\u6e21\u306a\u3069\u306e\u4e8b\u696d\u518d\u7de8\u6642<\/li>\n\n\n\n<li>\u30b0\u30eb\u30fc\u30d7\u5185\u306e\u4e8b\u696d\u518d\u914d\u7f6e\u3084\u4e0d\u63a1\u7b97\u4e8b\u696d\u306e\u6574\u7406\u6642<\/li>\n\n\n\n<li>\u629c\u672c\u7684\u306a\u7d44\u7e54\u6539\u9769\u306e\u5b9f\u884c\u6642<\/li>\n<\/ul>\n\n\n\n<p>\u5c11\u6570\u682a\u4e3b\u306e\u5b58\u5728\u306b\u3088\u308b\u4e8b\u696d\u518d\u7de8\u8a08\u753b\u306e\u9045\u5ef6\u30ea\u30b9\u30af\u3092\u89e3\u6d88\u3067\u304d\u307e\u3059\u3002 \u4f01\u696d\u30b0\u30eb\u30fc\u30d7\u5168\u4f53\u306e\u7af6\u4e89\u529b\u5f37\u5316\u306b\u3064\u306a\u304c\u308b\u3001\u30b9\u30e0\u30fc\u30ba\u306a\u7d44\u7e54\u6539\u9769\u304c\u53ef\u80fd\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e6\u3064\u306e\u5177\u4f53\u7684\u306a\u30e1\u30ea\u30c3\u30c8<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-9.jpg\" alt=\"\" class=\"wp-image-842\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-9.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-9-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-9-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u306f\u7d4c\u55b6\u52b9\u7387\u5316\u3084\u7a0e\u5236\u4e0a\u306e\u30e1\u30ea\u30c3\u30c8\u306a\u3069\u30016\u3064\u306e\u4e3b\u8981\u306a\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u4ee5\u4e0b\u306b\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u682a\u4e3b\u7dcf\u4f1a\u904b\u55b6\u306e\u52b9\u7387\u5316\u3068\u4e8b\u52d9\u30b3\u30b9\u30c8\u524a\u6e1b<\/li>\n\n\n\n<li>\u5c11\u6570\u682a\u4e3b\u304b\u3089\u306e\u682a\u4e3b\u4ee3\u8868\u8a34\u8a1f\u30ea\u30b9\u30af\u306e\u8efd\u6e1b<\/li>\n\n\n\n<li>\u7a0e\u5236\u4e0a\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u9023\u7d50\u7d0d\u7a0e\u306e\u6700\u9069\u5316<\/li>\n\n\n\n<li>\u30b0\u30eb\u30fc\u30d7\u7d4c\u55b6\u6226\u7565\u306e\u4e00\u5143\u5316\u3068\u5b9f\u884c\u529b\u5f37\u5316<\/li>\n\n\n\n<li>\u60c5\u5831\u958b\u793a\u8ca0\u62c5\u306e\u8efd\u6e1b<\/li>\n\n\n\n<li>\u9577\u671f\u7684\u6295\u8cc7\u5224\u65ad\u306e\u81ea\u7531\u5ea6\u5411\u4e0a<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u682a\u4e3b\u7dcf\u4f1a\u904b\u55b6\u306e\u52b9\u7387\u5316\u3068\u4e8b\u52d9\u30b3\u30b9\u30c8\u524a\u6e1b<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3088\u308a\u682a\u4e3b\u6570\u304c\u6e1b\u5c11\u3059\u308b\u3053\u3068\u3067\u3001\u682a\u4e3b\u7dcf\u4f1a\u306e\u904b\u55b6\u304c\u5927\u5e45\u306b\u52b9\u7387\u5316\u3055\u308c\u307e\u3059\u3002<\/strong> \u682a\u5f0f\u3092\u3059\u3079\u3066\u7d4c\u55b6\u80051\u4eba\u304c\u6240\u6709\u3059\u308c\u3070\u3001\u66f8\u9762\u3067\u8b70\u6848\u306e\u540c\u610f\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u682a\u4e3b\u7dcf\u4f1a\u306e\u5b9f\u65bd\u3092\u7701\u7565\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u901a\u5e38\u306e\u682a\u4e3b\u7dcf\u4f1a\u3067\u306f\u591a\u6570\u306e\u682a\u4e3b\u3078\u306e\u901a\u77e5\u9001\u4ed8\u3001\u51fa\u5e2d\u4fc3\u9032\u3001\u8b70\u6c7a\u6a29\u884c\u4f7f\u306a\u3069\u591a\u304f\u306e\u4e8b\u52d9\u4f5c\u696d\u304c\u767a\u751f\u3057\u307e\u3059\u304c\u3001\u3053\u308c\u3089\u304c\u7c21\u7565\u5316\u3055\u308c\u307e\u3059\u3002 \u307e\u305f\u3001\u682a\u4e3b\u540d\u7c3f\u7ba1\u7406\u3084\u914d\u5f53\u91d1\u652f\u6255\u3044\u306a\u3069\u306e\u682a\u4e3b\u95a2\u9023\u696d\u52d9\u3082\u5927\u5e45\u306b\u7c21\u7d20\u5316\u3055\u308c\u3001\u4f01\u696d\u306f\u672c\u696d\u306b\u96c6\u4e2d\u3059\u308b\u305f\u3081\u306e\u6642\u9593\u3068\u30ea\u30bd\u30fc\u30b9\u3092\u78ba\u4fdd\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u5c11\u6570\u682a\u4e3b\u304b\u3089\u306e\u682a\u4e3b\u4ee3\u8868\u8a34\u8a1f\u30ea\u30b9\u30af\u306e\u8efd\u6e1b<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u91cd\u8981\u306a\u30e1\u30ea\u30c3\u30c8\u3068\u3057\u3066\u3001\u682a\u4e3b\u4ee3\u8868\u8a34\u8a1f\u30ea\u30b9\u30af\u306e\u8efd\u6e1b\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u5c11\u6570\u682a\u4e3b\u304c\u591a\u6570\u5b58\u5728\u3059\u308b\u3068\u3001\u7d4c\u55b6\u306b\u6279\u5224\u7684\u306a\u682a\u4e3b\u306b\u3088\u308b\u8a34\u8a1f\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u682a\u4e3b\u4ee3\u8868\u8a34\u8a1f\u3068\u306f\u3001\u682a\u4e3b\u304c\u4f01\u696d\u306e\u53d6\u7de0\u5f79\u3084\u7d4c\u55b6\u9663\u306e\u4e0d\u6b63\u884c\u70ba\u3084\u7fa9\u52d9\u9055\u53cd\u3092\u7406\u7531\u306b\u3001\u4f01\u696d\u306b\u4ee3\u308f\u3063\u3066\u8a34\u8a1f\u3092\u8d77\u3053\u3059\u3053\u3068\u3067\u3059\u3002 \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3088\u308a\u5c11\u6570\u682a\u4e3b\u3092\u6392\u9664\u3059\u308b\u3053\u3068\u3067\u3001\u3053\u3046\u3057\u305f\u8a34\u8a1f\u30ea\u30b9\u30af\u3092\u5927\u5e45\u306b\u8efd\u6e1b\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u7a0e\u5236\u4e0a\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u9023\u7d50\u7d0d\u7a0e\u306e\u6700\u9069\u5316<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u306f\u7a0e\u5236\u4e0a\u306e\u91cd\u8981\u306a\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> 2017\u5e74\u5ea6\u306e\u7a0e\u5236\u6539\u6b63\u306b\u3088\u308a\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u7a0e\u5236\u304c\u6574\u5099\u3055\u308c\u3001\u3059\u3079\u3066\u306e\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u624b\u6cd5\u304c\u540c\u3058\u8ab2\u7a0e\u65b9\u6cd5\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u7279\u306b\u9023\u7d50\u7d0d\u7a0e\u3092\u63a1\u7528\u3057\u3066\u3044\u308b\u4f01\u696d\u30b0\u30eb\u30fc\u30d7\u306b\u3068\u3063\u3066\u306f\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u7a0e\u52d9\u4e0a\u306e\u7e70\u8d8a\u6b20\u640d\u91d1\u3092\u9023\u7d50\u7d0d\u7a0e\u306b\u6301\u3061\u8fbc\u3081\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u30b0\u30eb\u30fc\u30d7\u5168\u4f53\u3067\u306e\u7a0e\u8ca0\u62c5\u306e\u6700\u9069\u5316\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002 \u3053\u308c\u306b\u3088\u308a\u3001\u624b\u6cd5\u9078\u629e\u306e\u81ea\u7531\u5ea6\u304c\u9ad8\u307e\u3063\u305f\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u30b0\u30eb\u30fc\u30d7\u7d4c\u55b6\u6226\u7565\u306e\u4e00\u5143\u5316\u3068\u5b9f\u884c\u529b\u5f37\u5316<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3088\u308a\u3001\u4f01\u696d\u30b0\u30eb\u30fc\u30d7\u5168\u4f53\u306e\u7d4c\u55b6\u6226\u7565\u3092\u4e00\u5143\u5316\u3057\u3001\u305d\u306e\u5b9f\u884c\u529b\u3092\u5f37\u5316\u3067\u304d\u307e\u3059\u3002<\/strong> \u5c11\u6570\u682a\u4e3b\u306e\u5229\u76ca\u3092\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u306a\u304f\u306a\u308b\u305f\u3081\u3001\u30b0\u30eb\u30fc\u30d7\u5168\u4f53\u306e\u6700\u9069\u5316\u3092\u512a\u5148\u3057\u305f\u610f\u601d\u6c7a\u5b9a\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u30b0\u30eb\u30fc\u30d7\u5185\u3067\u306e\u7d4c\u55b6\u8cc7\u6e90\u306e\u518d\u914d\u5206\u3084\u3001\u4e8b\u696d\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u898b\u76f4\u3057\u306a\u3069\u3092\u5c11\u6570\u682a\u4e3b\u306e\u53cd\u5bfe\u3092\u6c17\u306b\u305b\u305a\u5b9f\u884c\u3067\u304d\u307e\u3059\u3002 \u4f01\u696d\u30b0\u30eb\u30fc\u30d7\u5168\u4f53\u3068\u3057\u3066\u306e\u7af6\u4e89\u529b\u5f37\u5316\u3068\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u304c\u671f\u5f85\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. \u60c5\u5831\u958b\u793a\u8ca0\u62c5\u306e\u8efd\u6e1b<\/h3>\n\n\n\n<p><strong>\u4e0a\u5834\u4f01\u696d\u306f\u6295\u8cc7\u5bb6\u5411\u3051\u306e\u60c5\u5831\u958b\u793a\u7fa9\u52d9\u3092\u8ca0\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3088\u308a\u975e\u516c\u958b\u5316\u3059\u308b\u3053\u3068\u3067\u3001\u3053\u3046\u3057\u305f\u60c5\u5831\u958b\u793a\u8ca0\u62c5\u304c\u5927\u5e45\u306b\u8efd\u6e1b\u3055\u308c\u307e\u3059\u3002<\/strong> \u56db\u534a\u671f\u5831\u544a\u66f8\u3084\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u306e\u4f5c\u6210\u3001\u9069\u6642\u958b\u793a\u306a\u3069\u591a\u304f\u306e\u60c5\u5831\u958b\u793a\u696d\u52d9\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u958b\u793a\u696d\u52d9<\/th><th>\u975e\u516c\u958b\u5316\u5f8c\u306e\u30e1\u30ea\u30c3\u30c8<\/th><\/tr><\/thead><tbody><tr><td>\u56db\u534a\u671f\u5831\u544a\u66f8<\/td><td>\u4f5c\u6210\u7fa9\u52d9\u304c\u6d88\u6ec5<\/td><\/tr><tr><td>\u9069\u6642\u958b\u793a<\/td><td>\u958b\u793a\u898f\u5247\u304b\u3089\u89e3\u653e<\/td><\/tr><tr><td>IR\u30b3\u30b9\u30c8<\/td><td>\u5927\u5e45\u524a\u6e1b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u958b\u793a\u696d\u52d9\u306b\u5272\u3044\u3066\u3044\u305f\u30ea\u30bd\u30fc\u30b9\u3092\u672c\u696d\u306b\u632f\u308a\u5411\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u7af6\u5408\u4ed6\u793e\u3078\u306e\u7d4c\u55b6\u60c5\u5831\u6f0f\u6d29\u30ea\u30b9\u30af\u3082\u8efd\u6e1b\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. \u9577\u671f\u7684\u6295\u8cc7\u5224\u65ad\u306e\u81ea\u7531\u5ea6\u5411\u4e0a<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3088\u308a\u3001\u4f01\u696d\u306f\u9577\u671f\u7684\u306a\u6295\u8cc7\u5224\u65ad\u306e\u81ea\u7531\u5ea6\u304c\u5411\u4e0a\u3057\u307e\u3059\u3002<\/strong> \u4e0a\u5834\u4f01\u696d\u306f\u56db\u534a\u671f\u3054\u3068\u306e\u696d\u7e3e\u3092\u91cd\u8996\u3059\u308b\u682a\u4e3b\u304b\u3089\u306e\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u304c\u3042\u308a\u3001\u77ed\u671f\u7684\u306a\u5229\u76ca\u3092\u512a\u5148\u305b\u3056\u308b\u3092\u5f97\u306a\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5f8c\u306f\u77ed\u671f\u7684\u306a\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u304b\u3089\u89e3\u653e\u3055\u308c\u30015\u5e74\u300110\u5e74\u5148\u3092\u898b\u636e\u3048\u305f\u6295\u8cc7\u5224\u65ad\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002 \u4f8b\u3048\u3070\u3001\u77ed\u671f\u7684\u306b\u306f\u5229\u76ca\u3092\u5727\u8feb\u3059\u308b\u304c\u9577\u671f\u7684\u306b\u306f\u5927\u304d\u306a\u30ea\u30bf\u30fc\u30f3\u304c\u671f\u5f85\u3067\u304d\u308b\u7814\u7a76\u958b\u767a\u6295\u8cc7\u3084\u8a2d\u5099\u6295\u8cc7\u306a\u3069\u3092\u7a4d\u6975\u7684\u306b\u884c\u3048\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u4f01\u696d\u306e\u6301\u7d9a\u7684\u306a\u6210\u9577\u3068\u7af6\u4e89\u529b\u5f37\u5316\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5b9f\u65bd\u306e4\u5927\u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u30ea\u30b9\u30af<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-10.jpg\" alt=\"\" class=\"wp-image-844\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-10.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-10-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-10-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u306f\u7d4c\u55b6\u4e0a\u306e\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308b\u4e00\u65b9\u3067\u3001\u5b9f\u65bd\u306b\u4f34\u3046\u91cd\u8981\u306a\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/strong> \u4e3b\u306b\u4ee5\u4e0b\u306e4\u3064\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u5c11\u6570\u682a\u4e3b\u3078\u306e\u5bfe\u4fa1\u652f\u6255\u3044\u306b\u3088\u308b\u8cc7\u91d1\u8ca0\u62c5<\/li>\n\n\n\n<li>\u682a\u4fa1\u7b97\u5b9a\u306e\u96e3\u3057\u3055\u3068\u9069\u6b63\u4fa1\u683c\u306e\u6c7a\u5b9a<\/li>\n\n\n\n<li>\u88c1\u5224\u30ea\u30b9\u30af\u3068\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u3078\u306e\u5bfe\u5fdc<\/li>\n\n\n\n<li>\u6642\u9593\u7684\u5236\u7d04\u3068\u5b9f\u65bd\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306e\u7ba1\u7406<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u5c11\u6570\u682a\u4e3b\u3078\u306e\u5bfe\u4fa1\u652f\u6255\u3044\u306b\u3088\u308b\u8cc7\u91d1\u8ca0\u62c5<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u969b\u3001\u5c11\u6570\u682a\u4e3b\u3078\u306e\u9069\u6b63\u306a\u5bfe\u4fa1\u652f\u6255\u3044\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/strong> \u9ad8\u3044\u4f01\u696d\u4fa1\u5024\u3092\u6301\u3064\u4f01\u696d\u3067\u3042\u308c\u3070\u3001\u9ad8\u984d\u306a\u8cc7\u91d1\u304c\u5fc5\u8981\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u751f\u3058\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4f01\u696d\u898f\u6a21\u304c\u5927\u304d\u304f\u306a\u308b\u307b\u3069\u5c11\u6570\u682a\u4e3b\u306e\u6570\u3082\u5897\u52a0\u3059\u308b\u305f\u3081\u3001\u8cb7\u53d6\u8cc7\u91d1\u306e\u6e96\u5099\u304c\u91cd\u8981\u306a\u8ab2\u984c\u3068\u306a\u308a\u307e\u3059\u3002 \u4e8b\u524d\u306b\u8cc7\u91d1\u8abf\u9054\u8a08\u753b\u3092\u7acb\u6848\u3057\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u9069\u5207\u306b\u7ba1\u7406\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u5341\u5206\u306a\u8cc7\u91d1\u6e96\u5099\u304c\u306a\u3044\u307e\u307e\u624b\u7d9a\u304d\u3092\u958b\u59cb\u3059\u308b\u3068\u3001\u8cc7\u91d1\u4e0d\u8db3\u306b\u3088\u308a\u8a08\u753b\u304c\u9813\u632b\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u682a\u4fa1\u7b97\u5b9a\u306e\u96e3\u3057\u3055\u3068\u9069\u6b63\u4fa1\u683c\u306e\u6c7a\u5b9a<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u304a\u3051\u308b\u682a\u4fa1\u7b97\u5b9a\u306f\u3001\u5c11\u6570\u682a\u4e3b\u3068\u306e\u7d1b\u4e89\u3092\u907f\u3051\u308b\u305f\u3081\u306b\u6975\u3081\u3066\u91cd\u8981\u3067\u3059\u3002<\/strong> \u5b9f\u884c\u3059\u308b\u306b\u8db3\u308b\u300c\u5408\u7406\u7684\u306a\u7406\u7531\u300d\u3068\u300c\u9069\u6b63\u4fa1\u683c\u306b\u3088\u308b\u682a\u5f0f\u306e\u8cb7\u3044\u53d6\u308a\u300d\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u682a\u4fa1\u7b97\u5b9a\u306b\u306f\u4e3b\u306bDCF\u6cd5\u3001\u53ce\u76ca\u9084\u5143\u6cd5\u3001\u914d\u5f53\u9084\u5143\u6cd5\u306a\u3069\u306e\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u7528\u3044\u3089\u308c\u307e\u3059\u3002 \u682a\u5f0f\u4f75\u5408\u3092\u5229\u7528\u3057\u305f\u5834\u5408\u306f\u3001\u88c1\u5224\u6240\u3078\u306e\u58f2\u5374\u8a31\u53ef\u7533\u3057\u7acb\u3066\u306e\u969b\u306b\u516c\u8a8d\u4f1a\u8a08\u58eb\u7b49\u306b\u3088\u308b\u682a\u4fa1\u306e\u9451\u5b9a\u8a55\u4fa1\u66f8\u306e\u63d0\u51fa\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u9069\u6b63\u4fa1\u683c\u306e\u6c7a\u5b9a\u306b\u306f\u5c02\u9580\u5bb6\u306e\u95a2\u4e0e\u304c\u4e0d\u53ef\u6b20\u3067\u3042\u308a\u3001\u4e8b\u524d\u306b\u516c\u8a8d\u4f1a\u8a08\u58eb\u7b49\u306b\u76f8\u8ac7\u3057\u3066\u682a\u5f0f\u306e\u304a\u3088\u305d\u306e\u8a55\u4fa1\u984d\u3092\u78ba\u8a8d\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u88c1\u5224\u30ea\u30b9\u30af\u3068\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u3078\u306e\u5bfe\u5fdc<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u5c11\u6570\u682a\u4e3b\u306e\u6a29\u5229\u3092\u5f37\u5236\u7684\u306b\u596a\u3046\u624b\u7d9a\u304d\u3067\u3042\u308b\u305f\u3081\u3001\u88c1\u5224\u306b\u767a\u5c55\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u5c11\u6570\u682a\u4e3b\u304c\u5bfe\u4fa1\u3084\u624b\u7d9a\u304d\u306e\u516c\u6b63\u6027\u306b\u7570\u8b70\u3092\u5531\u3048\u305f\u5834\u5408\u3001\u6cd5\u7684\u7d1b\u4e89\u306b\u767a\u5c55\u3059\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u60f3\u5b9a\u3055\u308c\u308b\u4e3b\u306a\u88c1\u5224\u30ea\u30b9\u30af<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u30ea\u30b9\u30af<\/th><th>\u5bfe\u51e6\u65b9\u6cd5<\/th><\/tr><\/thead><tbody><tr><td>\u4fa1\u683c\u6c7a\u5b9a\u7533\u7acb\u3066<\/td><td>\u5ba2\u89b3\u7684\u306a\u682a\u4fa1\u7b97\u5b9a\u66f8\u306e\u53d6\u5f97<\/td><\/tr><tr><td>\u682a\u4e3b\u7dcf\u4f1a\u6c7a\u8b70\u53d6\u6d88<\/td><td>\u9069\u5207\u306a\u624b\u7d9a\u304d\u306e\u5b9f\u65bd<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u8fd1\u5e74\u306e\u88c1\u5224\u4f8b\u3067\u306f\u3001\u682a\u4e3b\u7dcf\u4f1a\u624b\u7d9a\u304d\u306e\u4e0d\u5099\u306b\u3088\u308a\u6c7a\u8b70\u304c\u53d6\u308a\u6d88\u3055\u308c\u308b\u4e8b\u4f8b\u304c\u898b\u3089\u308c\u307e\u3059\u3002 \u682a\u4fa1\u7b97\u5b9a\u306e\u6839\u62e0\u3092\u660e\u78ba\u306b\u3057\u3001\u7b2c\u4e09\u8005\u6a5f\u95a2\u306b\u3088\u308b\u5ba2\u89b3\u7684\u306a\u682a\u4fa1\u7b97\u5b9a\u66f8\u3092\u53d6\u5f97\u3057\u3066\u304a\u304f\u3053\u3068\u3067\u3001\u4fa1\u683c\u306e\u516c\u6b63\u6027\u3092\u62c5\u4fdd\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u6642\u9593\u7684\u5236\u7d04\u3068\u5b9f\u65bd\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306e\u7ba1\u7406<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u5b9f\u65bd\u306b\u306f\u4e00\u5b9a\u306e\u6642\u9593\u304c\u5fc5\u8981\u3067\u3042\u308a\u3001\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u7ba1\u7406\u304c\u91cd\u8981\u3067\u3059\u3002<\/strong> \u305d\u306e\u904e\u7a0b\u3067\u958b\u793a\u66f8\u9762\u3092\u4f5c\u6210\u3057\u305f\u308a\u3001\u53d6\u7de0\u5f79\u4f1a\u3084\u682a\u4e3b\u7dcf\u4f1a\u3092\u958b\u50ac\u3057\u305f\u308a\u3059\u308b\u305f\u3081\u3001\u4e00\u5b9a\u306e\u6642\u9593\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u624b\u6cd5<\/th><th>\u6240\u8981\u671f\u9593<\/th><\/tr><\/thead><tbody><tr><td>\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u58f2\u6e21\u8acb\u6c42<\/td><td>\u6700\u901f\u306720\u65e5<\/td><\/tr><tr><td>\u305d\u306e\u4ed6\u306e\u624b\u6cd5<\/td><td>3\u9031\u9593\u301c2\u30f6\u6708\u7a0b\u5ea6<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u9078\u629e\u3059\u308b\u624b\u6cd5\u306b\u3088\u3063\u3066\u624b\u7d9a\u304d\u5b8c\u4e86\u307e\u3067\u306e\u4f59\u88d5\u3092\u6301\u3063\u305f\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3092\u7d44\u3080\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002 \u6642\u9593\u7684\u5236\u7d04\u3092\u8003\u616e\u305b\u305a\u306b\u8a08\u753b\u3092\u9032\u3081\u308b\u3068\u3001\u4e88\u5b9a\u901a\u308a\u306b\u5b8c\u4e86\u305b\u305a\u3001\u7d4c\u55b6\u6226\u7565\u5168\u4f53\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3059\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e4\u5927\u624b\u6cd5\u3068\u9078\u629e\u57fa\u6e96<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-12.jpg\" alt=\"\" class=\"wp-image-848\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-12.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-12-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-12-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u306b\u306f\u8907\u6570\u306e\u624b\u6cd5\u304c\u3042\u308a\u3001\u4f01\u696d\u306e\u72b6\u6cc1\u3084\u76ee\u7684\u306b\u5fdc\u3058\u3066\u6700\u9069\u306a\u65b9\u6cd5\u3092\u9078\u629e\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/strong> \u4e3b\u8981\u306a4\u3064\u306e\u624b\u6cd5\u3068\u9078\u629e\u57fa\u6e96\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e0b\u306e\u9805\u76ee\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6<\/li>\n\n\n\n<li>\u682a\u5f0f\u4f75\u5408\u306b\u3088\u308b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8<\/li>\n\n\n\n<li>\u5168\u90e8\u53d6\u5f97\u6761\u9805\u4ed8\u7a2e\u985e\u682a\u5f0f\u3092\u7528\u3044\u305f\u65b9\u6cd5<\/li>\n\n\n\n<li>\u682a\u5f0f\u4ea4\u63db\u306b\u3088\u308b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6<\/h3>\n\n\n\n<p><strong>\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6\u306f\u30012014\u5e74\u306e\u4f1a\u793e\u6cd5\u6539\u6b63\u3067\u5c0e\u5165\u3055\u308c\u305f\u6bd4\u8f03\u7684\u65b0\u3057\u3044\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u624b\u6cd5\u3067\u3059\u3002<\/strong> \u5927\u682a\u4e3b\u304c\u4f1a\u793e\u306e\u627f\u8a8d\u3092\u5f97\u305f\u3046\u3048\u3067\u5c11\u6570\u682a\u4e3b\u306e\u8cb7\u53d6\u8acb\u6c42\u3092\u884c\u3046\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u5bfe\u8c61\u4f1a\u793e\u306e\u7dcf\u682a\u4e3b\u306e\u8b70\u6c7a\u6a29\u306e90%\u4ee5\u4e0a\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u5fc5\u8981\u3067\u3042\u308a\u3001\u7279\u5225\u652f\u914d\u682a\u4e3b\u306f1\u4eba\u307e\u305f\u306f1\u793e\u3068\u898f\u5b9a\u3055\u308c\u3066\u3044\u307e\u3059\u3002 \u682a\u4e3b\u7dcf\u4f1a\u6c7a\u8b70\u304c\u4e0d\u8981\u3067\u624b\u7d9a\u304d\u304c\u6bd4\u8f03\u7684\u77ed\u671f\u9593\u3067\u5b8c\u7d50\u3059\u308b\u305f\u3081\u3001\u8fc5\u901f\u306a\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u73fe\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u682a\u5f0f\u4f75\u5408\u306b\u3088\u308b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8<\/h3>\n\n\n\n<p><strong>\u682a\u5f0f\u4f75\u5408\u306f\u3001\u8907\u6570\u306e\u682a\u5f0f\u30921\u682a\u306b\u307e\u3068\u3081\u308b\u624b\u6cd5\u3067\u3059\u3002<\/strong> \u5c11\u6570\u682a\u4e3b\u306e\u4fdd\u6709\u682a\u5f0f\u3092\u7aef\u6570\u682a\u5f0f\uff081\u682a\u672a\u6e80\u306e\u682a\u5f0f\uff09\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u73fe\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u624b\u7d9a\u304d<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u4f75\u5408\u6bd4\u7387\u306e\u6c7a\u5b9a<\/td><td>\u5c11\u6570\u682a\u4e3b\u306e\u682a\u5f0f\u304c1\u682a\u672a\u6e80\u3068\u306a\u308b\u3088\u3046\u306b\u8a2d\u5b9a<\/td><\/tr><tr><td>\u682a\u4e3b\u7dcf\u4f1a\u3067\u306e\u627f\u8a8d<\/td><td>\u7279\u5225\u6c7a\u8b70\u306b\u3088\u308b\u53ef\u6c7a\u304c\u5fc5\u8981<\/td><\/tr><tr><td>\u7aef\u6570\u51e6\u7406<\/td><td>\u88c1\u5224\u6240\u306e\u8a31\u53ef\u3092\u5f97\u3066\u58f2\u5374\u3057\u3001\u4ee3\u91d1\u3092\u5206\u914d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u7aef\u6570\u682a\u5f0f\u306e\u8cb7\u53d6\u4fa1\u683c\u306f\u88c1\u5224\u6240\u304c\u6c7a\u5b9a\u3057\u307e\u3059\u304c\u3001\u516c\u8a8d\u4f1a\u8a08\u58eb\u7b49\u306e\u9451\u5b9a\u8a55\u4fa1\u66f8\u306e\u63d0\u51fa\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u5168\u90e8\u53d6\u5f97\u6761\u9805\u4ed8\u7a2e\u985e\u682a\u5f0f\u3092\u7528\u3044\u305f\u65b9\u6cd5<\/h3>\n\n\n\n<p><strong>\u5168\u90e8\u53d6\u5f97\u6761\u9805\u4ed8\u7a2e\u985e\u682a\u5f0f\u306f\u3001\u4f1a\u793e\u6cd5\u304c\u5b9a\u3081\u308b\u5f37\u5236\u53d6\u5f97\u53ef\u80fd\u306a\u7a2e\u985e\u682a\u5f0f\u306e\u5236\u5ea6\u3092\u5fdc\u7528\u3057\u305f\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u624b\u6cd5\u3067\u3059\u3002<\/strong> \u304b\u3064\u3066\u306f\u6700\u3082\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u306a\u624b\u6cd5\u3067\u3057\u305f\u304c\u3001\u73fe\u5728\u306f\u624b\u7d9a\u304d\u304c\u8907\u96d1\u306a\u305f\u3081\u5229\u7528\u983b\u5ea6\u304c\u6e1b\u5c11\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e3b\u306a\u624b\u7d9a\u304d\u306f\u4ee5\u4e0b\u306e3\u3064\u306e\u30b9\u30c6\u30c3\u30d7\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5b9a\u6b3e\u5909\u66f4\u306b\u3088\u308b\u7a2e\u985e\u682a\u5f0f\u5236\u5ea6\u306e\u5c0e\u5165<\/li>\n\n\n\n<li>\u5168\u90e8\u53d6\u5f97\u6761\u9805\u4ed8\u7a2e\u985e\u682a\u5f0f\u306e\u5185\u5bb9\u3092\u5b9a\u6b3e\u306b\u8a18\u8f09<\/li>\n\n\n\n<li>\u682a\u4e3b\u7dcf\u4f1a\u306e\u7279\u5225\u6c7a\u8b70\u306b\u3088\u308b\u682a\u5f0f\u53d6\u5f97<\/li>\n<\/ul>\n\n\n\n<p>\u682a\u4e3b\u7dcf\u4f1a\u306e\u7279\u5225\u6c7a\u8b70\u304c\u5fc5\u8981\u3067\u3001\u624b\u7d9a\u304d\u671f\u9593\u304c\u9577\u671f\u5316\u3059\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002 \u73fe\u5728\u3067\u306f\u3001\u3088\u308a\u7c21\u4fbf\u306a\u4ed6\u306e\u624b\u6cd5\u304c\u4e3b\u6d41\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u682a\u5f0f\u4ea4\u63db\u306b\u3088\u308b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8<\/h3>\n\n\n\n<p><strong>\u682a\u5f0f\u4ea4\u63db\u306f\u3001\u89aa\u4f1a\u793e\u304c\u5b50\u4f1a\u793e\u3092\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3059\u308b\u969b\u306b\u7528\u3044\u3089\u308c\u308b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u624b\u6cd5\u3067\u3059\u3002<\/strong> \u5b50\u4f1a\u793e\u306e\u682a\u5f0f\u3092\u89aa\u4f1a\u793e\u306e\u682a\u5f0f\u3084\u73fe\u91d1\u3068\u4ea4\u63db\u3059\u308b\u3053\u3068\u3067\u3001\u5c11\u6570\u682a\u4e3b\u3092\u6392\u9664\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u89aa\u4f1a\u793e\u3068\u5b50\u4f1a\u793e\u306e\u9593\u3067\u300c\u682a\u5f0f\u4ea4\u63db\u5951\u7d04\u300d\u3092\u7de0\u7d50\u3057\u3001\u52b9\u529b\u767a\u751f\u65e5\u306b\u682a\u5f0f\u306e\u8b72\u6e21\u3068\u5bfe\u4fa1\u306e\u4ea4\u4ed8\u304c\u884c\u308f\u308c\u307e\u3059\u3002 2017\u5e74\u5ea6\u306e\u7a0e\u5236\u6539\u6b63\u306b\u3088\u308a\u3001\u73fe\u91d1\u5bfe\u4fa1\u682a\u5f0f\u4ea4\u63db\u3082\u7d44\u7e54\u518d\u7de8\u7a0e\u5236\u306e\u9069\u7528\u3092\u53d7\u3051\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5404\u624b\u6cd5\u306e\u6bd4\u8f03\u3068\u6700\u9069\u306a\u9078\u629e\u65b9\u6cd5<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u624b\u6cd5\u9078\u629e\u306f\u3001\u4f01\u696d\u306e\u72b6\u6cc1\u3084\u76ee\u7684\u306b\u5fdc\u3058\u3066\u614e\u91cd\u306b\u884c\u3046\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u8b70\u6c7a\u6a29\u4fdd\u6709\u6bd4\u7387\u304c\u6700\u3082\u91cd\u8981\u306a\u9078\u629e\u8981\u7d20\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u8b70\u6c7a\u6a29\u4fdd\u6709\u6bd4\u7387<\/th><th>\u63a8\u5968\u624b\u6cd5<\/th><\/tr><\/thead><tbody><tr><td>90%\u4ee5\u4e0a<\/td><td>\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6<\/td><\/tr><tr><td>2\/3\u4ee5\u4e0a90%\u672a\u6e80<\/td><td>\u682a\u5f0f\u4f75\u5408\u3001\u682a\u5f0f\u4ea4\u63db<\/td><\/tr><tr><td>2\/3\u672a\u6e80<\/td><td>TOB\u5f8c\u306e\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u4e0a\u5834\u4f1a\u793e\u3067\u306f\u9069\u6b63\u306a\u8cb7\u53d6\u4fa1\u683c\u8a2d\u5b9a\u304c\u91cd\u8981\u3067\u3001\u975e\u4e0a\u5834\u4f1a\u793e\u3067\u306f\u682a\u4fa1\u7b97\u5b9a\u304c\u96e3\u3057\u3044\u305f\u3081\u3001\u4e8b\u524d\u306b\u5c02\u9580\u5bb6\u3078\u306e\u76f8\u8ac7\u304c\u5fc5\u8981\u3067\u3059\u3002 \u624b\u7d9a\u304d\u306e\u7c21\u4fbf\u3055\u3001\u6240\u8981\u671f\u9593\u3001\u30b3\u30b9\u30c8\u3001\u7a0e\u52d9\u4e0a\u306e\u53d6\u308a\u6271\u3044\u306a\u3069\u3092\u7dcf\u5408\u7684\u306b\u8003\u616e\u3057\u3066\u9078\u629e\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5b9f\u65bd\u306e3\u30b9\u30c6\u30c3\u30d7\u5b9f\u52d9\u7684\u624b\u7d9a\u304d<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-11.jpg\" alt=\"\" class=\"wp-image-846\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-11.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-11-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-11-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u306b\u306f\u3001\u682a\u4fa1\u7b97\u5b9a\u304b\u3089\u60c5\u5831\u958b\u793a\u3001\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u7ba1\u7406\u307e\u3067\u3001\u5b9f\u52d9\u7684\u306a\u6e96\u5099\u3068\u624b\u7d9a\u304d\u304c\u5fc5\u8981\u3067\u3059\u3002<\/strong>\u4ee5\u4e0b\u3067\u306f\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u6210\u529f\u3055\u305b\u308b\u305f\u3081\u306e3\u3064\u306e\u91cd\u8981\u306a\u30b9\u30c6\u30c3\u30d7\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u682a\u4fa1\u7b97\u5b9a\u65b9\u6cd5\u3068\u9069\u6b63\u4fa1\u683c\u306e\u6c7a\u5b9a<\/li>\n\n\n\n<li>\u958b\u793a\u7fa9\u52d9\u3068\u60c5\u5831\u63d0\u4f9b\u306e\u91cd\u8981\u6027<\/li>\n\n\n\n<li>\u5b9f\u65bd\u30bf\u30a4\u30e0\u30e9\u30a4\u30f3\u3068\u5168\u4f53\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u682a\u4fa1\u7b97\u5b9a\u65b9\u6cd5\u3068\u9069\u6b63\u4fa1\u683c\u306e\u6c7a\u5b9a<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u969b\u3001\u9069\u6b63\u306a\u682a\u4fa1\u306e\u7b97\u5b9a\u306f\u6700\u3082\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u306e\u4e00\u3064\u3067\u3059\u3002<\/strong> \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u884c\u3046\u5834\u5408\u306f\u3001\u5b9f\u884c\u3059\u308b\u306b\u8db3\u308b\u300c\u5408\u7406\u7684\u306a\u7406\u7531\u300d\u3068\u300c\u9069\u6b63\u4fa1\u683c\u306b\u3088\u308b\u682a\u5f0f\u306e\u8cb7\u3044\u53d6\u308a\u300d\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u9069\u6b63\u4fa1\u683c\u306e\u6c7a\u5b9a\u306b\u306f\u8907\u6570\u306e\u7b97\u5b9a\u65b9\u6cd5\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3001\u5c02\u9580\u5bb6\u306b\u3088\u308b\u5ba2\u89b3\u7684\u306a\u8a55\u4fa1\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002 \u682a\u4fa1\u304c\u4e0d\u5f53\u306b\u4f4e\u3044\u3068\u5224\u65ad\u3055\u308c\u305f\u5834\u5408\u3001\u88c1\u5224\u6240\u306b\u3088\u3063\u3066\u58f2\u6e21\u8acb\u6c42\u306e\u5dee\u6b62\u3081\u3092\u53d7\u3051\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u614e\u91cd\u306a\u5bfe\u5fdc\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">DCF\u6cd5\u3001\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u3001\u5e02\u5834\u682a\u4fa1\u6cd5\u306e\u6d3b\u7528<\/h4>\n\n\n\n<p><strong>\u682a\u4fa1\u7b97\u5b9a\u306b\u306f\u4e3b\u306b3\u3064\u306e\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> DCF\u6cd5\uff08Discounted Cash Flow\u6cd5\uff09\u306f\u3001\u4f01\u696d\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002 \u4f01\u696d\u306e\u53ce\u76ca\u6027\u3084\u6210\u9577\u6027\u306a\u3069\u5c06\u6765\u306e\u4e0d\u78ba\u5b9a\u8981\u7d20\u3092\u6bd4\u8f03\u7684\u30b7\u30f3\u30d7\u30eb\u306a\u8a08\u7b97\u5f0f\u3067\u6c42\u3081\u3089\u308c\u308b\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5\u306f\u3001\u540c\u696d\u4ed6\u793e\u306e\u682a\u4fa1\u6307\u6a19\u3092\u53c2\u8003\u306b\u682a\u4fa1\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3001\u696d\u754c\u5185\u3067\u306e\u76f8\u5bfe\u7684\u306a\u4fa1\u5024\u3092\u628a\u63e1\u3067\u304d\u307e\u3059\u3002 \u5e02\u5834\u682a\u4fa1\u6cd5\u306f\u3001\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408\u3001\u904e\u53bb\u306e\u4e00\u5b9a\u671f\u9593\u306e\u682a\u4fa1\u5e73\u5747\u3092\u57fa\u6e96\u3068\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u65b9\u6cd5\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u516c\u6b63\u3067\u5ba2\u89b3\u7684\u306a\u682a\u4fa1\u7b97\u5b9a\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u30d7\u30ec\u30df\u30a2\u30e0\u8a2d\u5b9a\u306e\u8003\u3048\u65b9\u3068\u76f8\u5834<\/h4>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3067\u306f\u3001\u901a\u5e38\u306e\u5e02\u5834\u4fa1\u683c\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u4e0a\u4e57\u305b\u3057\u305f\u4fa1\u683c\u3067\u8cb7\u53d6\u308a\u3092\u884c\u3046\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/strong> TOB\u4fa1\u683c\u306f\u901a\u5e38\u3001\u5e02\u5834\u4fa1\u683c\u3084\u4f01\u696d\u4fa1\u5024\u306a\u3069\u304b\u3089\u682a\u4fa1\u7b97\u5b9a\u3057\u305f\u3046\u3048\u3067\u3001\u4e00\u5b9a\u306e\u30d7\u30ec\u30df\u30a2\u4fa1\u683c\u3092\u4e57\u305b\u3066\u52df\u96c6\u3059\u308b\u306e\u304c\u5e38\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u30d7\u30ec\u30df\u30a2\u30e0\u7387\u306f\u696d\u754c\u3084\u4f01\u696d\u898f\u6a21\u3001\u5e02\u5834\u74b0\u5883\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u304c\u3001\u4e00\u822c\u7684\u306b\u306f20%\uff5e30%\u7a0b\u5ea6\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002 \u30d7\u30ec\u30df\u30a2\u30e0\u7387\u304c\u4f4e\u3059\u304e\u308b\u3068\u5c11\u6570\u682a\u4e3b\u306e\u53cd\u767a\u3092\u62db\u304d\u3001\u9ad8\u3059\u304e\u308b\u3068\u8cb7\u53ce\u5074\u306e\u8cc7\u91d1\u8ca0\u62c5\u304c\u5927\u304d\u304f\u306a\u308b\u305f\u3081\u3001\u30d0\u30e9\u30f3\u30b9\u306e\u53d6\u308c\u305f\u8a2d\u5b9a\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u958b\u793a\u7fa9\u52d9\u3068\u60c5\u5831\u63d0\u4f9b\u306e\u91cd\u8981\u6027<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u969b\u306f\u3001\u9069\u5207\u306a\u60c5\u5831\u958b\u793a\u304c\u6cd5\u7684\u306b\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/strong> \u900f\u660e\u6027\u306e\u9ad8\u3044\u60c5\u5831\u63d0\u4f9b\u306f\u3001\u5c11\u6570\u682a\u4e3b\u306e\u7406\u89e3\u3092\u5f97\u308b\u3068\u3068\u3082\u306b\u3001\u6cd5\u7684\u30ea\u30b9\u30af\u3092\u8efd\u6e1b\u3059\u308b\u91cd\u8981\u306a\u8981\u7d20\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u4e0a\u5834\u4f1a\u793e\u306b\u304a\u3051\u308b\u9069\u6642\u958b\u793a\u306e\u30dd\u30a4\u30f3\u30c8<\/h4>\n\n\n\n<p><strong>\u4e0a\u5834\u4f1a\u793e\u304c\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u5834\u5408\u3001\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\u3084\u53d6\u5f15\u6240\u898f\u5247\u306b\u57fa\u3065\u304f\u958b\u793a\u7fa9\u52d9\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u516c\u958b\u8cb7\u4ed8\u3051\u306e\u5bfe\u8c61\u8005\u306f\u3001\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\u4e0a\u306e\u958b\u793a\u898f\u5236\u306b\u57fa\u3065\u304d\u3001\u610f\u898b\u8868\u660e\u5831\u544a\u66f8\u3092\u63d0\u51fa\u3059\u308b\u7fa9\u52d9\u7b49\u3092\u8ca0\u3044\u307e\u3059\u3002 \u307e\u305f\u3001\u53d6\u5f15\u6240\u306e\u9069\u6642\u958b\u793a\u898f\u5236\u306b\u57fa\u3065\u304d\u3001\u516c\u958b\u8cb7\u4ed8\u3051\u306b\u95a2\u3059\u308b\u610f\u898b\u8868\u660e\u7b49\u306b\u3064\u3044\u3066\u9069\u6642\u958b\u793a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7279\u306b\u4e8c\u6bb5\u968e\u8cb7\u53ce\uff08TOB\u5f8c\u306e\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\uff09\u3092\u4e88\u5b9a\u3057\u3066\u3044\u308b\u5834\u5408\u306f\u3001\u4e8c\u6bb5\u968e\u76ee\u306e\u8cb7\u53ce\u624b\u6cd5\uff08\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u7b49\uff09\u3001\u305d\u306e\u5bfe\u4fa1\u304a\u3088\u3073\u5b9f\u65bd\u4e88\u5b9a\u6642\u671f\u7b49\u306b\u3064\u3044\u3066\u3001\u516c\u958b\u8cb7\u4ed8\u3051\u958b\u59cb\u6c7a\u5b9a\u306b\u4fc2\u308b\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\u306b\u8a18\u8f09\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002 \u4e0a\u5834\u4f1a\u793e\u306f\u3001TDnet\uff08Timely Disclosure network\uff09\u3092\u5229\u7528\u3057\u3066\u60c5\u5831\u958b\u793a\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u9069\u6642\u958b\u793a\u306b\u306f\u9069\u6642\u6027\u3084\u901f\u5831\u6027\u304c\u6c42\u3081\u3089\u308c\u308b\u305f\u3081\u3001\u6cd5\u5b9a\u958b\u793a\u3088\u308a\u3082\u5148\u306b\u884c\u3046\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u975e\u4e0a\u5834\u4f1a\u793e\u3067\u306e\u60c5\u5831\u958b\u793a\u306e\u7559\u610f\u70b9<\/h4>\n\n\n\n<p><strong>\u975e\u4e0a\u5834\u4f1a\u793e\u306e\u5834\u5408\u3082\u3001\u4f1a\u793e\u6cd5\u306b\u57fa\u3065\u304f\u682a\u4e3b\u3078\u306e\u901a\u77e5\u7fa9\u52d9\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u7279\u306b\u682a\u5f0f\u4f75\u5408\u3092\u5229\u7528\u3057\u305f\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3067\u306f\u3001\u682a\u4e3b\u7dcf\u4f1a\u306e\u62db\u96c6\u901a\u77e5\u306b\u52a0\u3048\u3001\u682a\u5f0f\u306e\u4f75\u5408\u306b\u95a2\u3059\u308b\u8cc7\u6599\u3092\u672c\u5e97\u306b\u5099\u3048\u7f6e\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6\u3092\u5229\u7528\u3059\u308b\u5834\u5408\u306f\u3001\u5c11\u6570\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u682a\u5f0f\u53d6\u5f97\u65e5\u306e20\u65e5\u524d\u307e\u3067\u306b\u58f2\u6e21\u8acb\u6c42\u306e\u65e8\u3092\u901a\u77e5\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u5b9f\u65bd\u30bf\u30a4\u30e0\u30e9\u30a4\u30f3\u3068\u5168\u4f53\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u5b9f\u65bd\u306b\u306f\u4e00\u5b9a\u306e\u6642\u9593\u304c\u5fc5\u8981\u3067\u3042\u308a\u3001\u624b\u6cd5\u306b\u3088\u3063\u3066\u6240\u8981\u671f\u9593\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/strong> \u305d\u306e\u904e\u7a0b\u3067\u958b\u793a\u66f8\u9762\u3092\u4f5c\u6210\u3057\u305f\u308a\u3001\u53d6\u7de0\u5f79\u4f1a\u3084\u682a\u4e3b\u7dcf\u4f1a\u3092\u958b\u50ac\u3057\u305f\u308a\u3059\u308b\u305f\u3081\u3001\u3069\u3046\u3057\u3066\u3082\u3042\u308b\u7a0b\u5ea6\u306e\u6642\u9593\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u624b\u6cd5\u5225\u306e\u6240\u8981\u671f\u9593\u6bd4\u8f03<\/h4>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u624b\u6cd5\u306b\u3088\u3063\u3066\u6240\u8981\u671f\u9593\u306f\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002<\/strong> \u6700\u3082\u7c21\u6613\u306a\u65b9\u6cd5\u3067\u30823\u9031\u9593\u7a0b\u5ea6\u3001\u9577\u3044\u5834\u5408\u306f2\u30f6\u6708\u7a0b\u5ea6\u306e\u671f\u9593\u304c\u5fc5\u8981\u3068\u306a\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6\u306f\u3001\u682a\u4e3b\u7dcf\u4f1a\u6c7a\u8b70\u304c\u4e0d\u8981\u3067\u6bd4\u8f03\u7684\u77ed\u671f\u9593\u3067\u5b8c\u4e86\u3057\u307e\u3059\u3002 \u682a\u5f0f\u53d6\u5f97\u65e5\u306e20\u65e5\u524d\u307e\u3067\u306b\u5c11\u6570\u682a\u4e3b\u3078\u306e\u901a\u77e5\u304c\u5fc5\u8981\u306a\u305f\u3081\u3001\u6700\u77ed\u3067\u308220\u65e5\u7a0b\u5ea6\u306e\u671f\u9593\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3001\u682a\u5f0f\u4f75\u5408\u306b\u3088\u308b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u3001\u682a\u4e3b\u7dcf\u4f1a\u306e\u62db\u96c6\u3001\u958b\u50ac\u3001\u7aef\u6570\u51e6\u7406\u306e\u305f\u3081\u306e\u88c1\u5224\u6240\u3078\u306e\u8a31\u53ef\u7533\u7acb\u3066\u306a\u3069\u3001\u8907\u6570\u306e\u30b9\u30c6\u30c3\u30d7\u304c\u5fc5\u8981\u3068\u306a\u308b\u305f\u3081\u3001\u3088\u308a\u9577\u3044\u671f\u9593\u3092\u8981\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u30af\u30ea\u30c6\u30a3\u30ab\u30eb\u30d1\u30b9\u306e\u7ba1\u7406\u65b9\u6cd5<\/h4>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5186\u6ed1\u306b\u9032\u3081\u308b\u305f\u3081\u306b\u306f\u3001\u30af\u30ea\u30c6\u30a3\u30ab\u30eb\u30d1\u30b9\uff08\u5168\u4f53\u306e\u6240\u8981\u671f\u9593\u3092\u5de6\u53f3\u3059\u308b\u91cd\u8981\u306a\u30d7\u30ed\u30bb\u30b9\uff09\u3092\u7279\u5b9a\u3057\u3001\u9069\u5207\u306b\u7ba1\u7406\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/strong> \u7279\u306b\u88c1\u5224\u6240\u306e\u8a31\u53ef\u304c\u5fc5\u8981\u306a\u624b\u7d9a\u304d\u3084\u3001\u6cd5\u5b9a\u306e\u901a\u77e5\u671f\u9593\u304c\u8a2d\u3051\u3089\u308c\u3066\u3044\u308b\u30d7\u30ed\u30bb\u30b9\u306f\u3001\u5168\u4f53\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5177\u4f53\u7684\u306a\u624b\u7d9a\u304d\u306e\u6d41\u308c\u3068\u3057\u3066\u306f\u3001\u300c\u682a\u4e3b\u7dcf\u4f1a\u2192\u682a\u4e3b\u3078\u306e\u901a\u77e5\u2192\u88c1\u5224\u6240\u306b\u8a31\u53ef\u7533\u3057\u7acb\u3066\u2192\u4f1a\u793e\u306b\u3088\u308b\u8cb7\u3044\u53d6\u308a\u300d\u3068\u3044\u3046\u9806\u5e8f\u3067\u9032\u3081\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002 \u5404\u30b9\u30c6\u30c3\u30d7\u306e\u6240\u8981\u671f\u9593\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3057\u3001\u4f59\u88d5\u3092\u6301\u3063\u305f\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3092\u7d44\u3080\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5c11\u6570\u682a\u4e3b\u306e\u8996\u70b9\u304b\u3089\u898b\u305f5\u3064\u306e\u5bfe\u5fdc\u30dd\u30a4\u30f3\u30c8<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-16.jpg\" alt=\"\" class=\"wp-image-856\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-16.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-16-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-16-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u5c11\u6570\u682a\u4e3b\u306b\u3068\u3063\u3066\u5f37\u5236\u7684\u306a\u682a\u5f0f\u58f2\u5374\u3092\u610f\u5473\u3059\u308b\u305f\u3081\u3001\u81ea\u8eab\u306e\u6a29\u5229\u3068\u53d6\u308a\u5f97\u308b\u5bfe\u5fdc\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u6975\u3081\u3066\u91cd\u8981\u3067\u3059\u3002<\/strong> \u4e3b\u8981\u306a5\u3064\u306e\u30dd\u30a4\u30f3\u30c8\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u5c11\u6570\u682a\u4e3b\u306e\u6a29\u5229\u4fdd\u8b77\u5236\u5ea6<\/li>\n\n\n\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u62d2\u5426\u3067\u304d\u308b\u30b1\u30fc\u30b9\u3068\u9650\u754c<\/li>\n\n\n\n<li>\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u6a29\u306e\u884c\u4f7f\u65b9\u6cd5<\/li>\n\n\n\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u6642\u306e\u682a\u4fa1\u52d5\u5411<\/li>\n\n\n\n<li>\u78ba\u5b9a\u7533\u544a\u306b\u304a\u3051\u308b\u7a0e\u52d9\u51e6\u7406\u306e\u30dd\u30a4\u30f3\u30c8<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u5c11\u6570\u682a\u4e3b\u306e\u6a29\u5229\u4fdd\u8b77\u5236\u5ea6<\/h3>\n\n\n\n<p><strong>\u5c11\u6570\u682a\u4e3b\u306f\u4f1a\u793e\u6cd5\u306b\u3088\u3063\u3066\u69d8\u3005\u306a\u6a29\u5229\u304c\u4fdd\u969c\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/strong> \u4fdd\u6709\u3059\u308b\u682a\u5f0f\u306b\u5fdc\u3058\u3066\u682a\u4e3b\u7dcf\u4f1a\u62db\u96c6\u8acb\u6c42\u6a29\u3084\u682a\u4e3b\u7dcf\u4f1a\u62db\u96c6\u6a29\u3001\u682a\u4e3b\u63d0\u6848\u6a29\u3001\u4f1a\u8a08\u5e33\u7c3f\u95b2\u89a7\u6a29\u3001\u53d6\u7de0\u5f79\u7b49\u306e\u89e3\u4efb\u8acb\u6c42\u6a29\u306a\u3069\u304c\u8a8d\u3081\u3089\u308c\u3066\u304a\u308a\u3001\u3053\u308c\u3089\u3092\u5c11\u6570\u682a\u4e3b\u6a29\u3068\u3044\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u3089\u306e\u6a29\u5229\u306f\u3001\u591a\u6570\u6d3e\u682a\u4e3b\u306b\u3088\u308b\u6feb\u7528\u7684\u306a\u6a29\u5229\u884c\u4f7f\u304b\u3089\u5c11\u6570\u682a\u4e3b\u3092\u4fdd\u8b77\u3059\u308b\u305f\u3081\u306b\u8a2d\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002 \u5c11\u6570\u682a\u4e3b\u6a29\u3092\u884c\u4f7f\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u682a\u5f0f\u7dcf\u6570\u306e\u4e00\u5b9a\u4ee5\u4e0a\u306e\u4fdd\u6709\u304c\u5fc5\u8981\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u682a\u4e3b\u7dcf\u4f1a\u62db\u96c6\u8acb\u6c42\u6a29\u306b\u306f\u8b70\u6c7a\u6a29\u306e3%\u4ee5\u4e0a\u306e\u4fdd\u6709\u304c\u5fc5\u8981\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u62d2\u5426\u3067\u304d\u308b\u30b1\u30fc\u30b9\u3068\u9650\u754c<\/h3>\n\n\n\n<p><strong>\u57fa\u672c\u7684\u306b\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u591a\u6570\u682a\u4e3b\u306e\u610f\u5411\u306b\u3088\u3063\u3066\u9032\u3081\u3089\u308c\u308b\u305f\u3081\u3001\u5c11\u6570\u682a\u4e3b\u304c\u5358\u72ec\u3067\u62d2\u5426\u3059\u308b\u3053\u3068\u306f\u56f0\u96e3\u3067\u3059\u3002<\/strong> \u5c11\u6570\u682a\u4e3b\u304c\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u53cd\u5bfe\u3057\u305f\u3068\u3057\u3066\u3082\u3001\u4f1a\u793e\u3068\u3057\u3066\u306f\u5c11\u6570\u682a\u4e3b\u306b\u9069\u6b63\u306a\u5bfe\u4fa1\u3092\u652f\u6255\u3046\u3053\u3068\u3067\u3001\u5f37\u5236\u7684\u306b\u624b\u7d9a\u304d\u3092\u9032\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305f\u3060\u3057\u3001\u4ee5\u4e0b\u306e\u30b1\u30fc\u30b9\u3067\u306f\u88c1\u5224\u6240\u306b\u5bfe\u3057\u3066\u5dee\u6b62\u3081\u306e\u7533\u7acb\u3066\u304c\u53ef\u80fd\u3067\u3059\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u624b\u7d9a\u304d\u306b\u6cd5\u7684\u306a\u7455\u75b5\u304c\u3042\u308b\u5834\u5408<\/li>\n\n\n\n<li>\u8cb7\u53d6\u4fa1\u683c\u304c\u8457\u3057\u304f\u4e0d\u5f53\u3067\u3042\u308b\u5834\u5408<\/li>\n<\/ul>\n\n\n\n<p>\u7279\u306b\u4e0a\u5834\u5ec3\u6b62\u3092\u4f34\u3046\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3084\u652f\u914d\u682a\u4e3b\u306b\u3088\u308b\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u5834\u5408\u306b\u306f\u3001\u7b2c\u4e09\u8005\u59d4\u54e1\u4f1a\u306e\u8a2d\u7f6e\u306a\u3069\u516c\u6b63\u6027\u3092\u62c5\u4fdd\u3059\u308b\u63aa\u7f6e\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u6a29\u306e\u884c\u4f7f\u65b9\u6cd5<\/h3>\n\n\n\n<p><strong>\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u6a29\u306f\u3001\u4f1a\u793e\u306e\u91cd\u8981\u306a\u6c7a\u8b70\u306b\u53cd\u5bfe\u3059\u308b\u682a\u4e3b\u304c\u3001\u81ea\u5df1\u306e\u4fdd\u6709\u3059\u308b\u682a\u5f0f\u3092\u516c\u6b63\u306a\u4fa1\u683c\u3067\u8cb7\u3044\u53d6\u308b\u3088\u3046\u4f1a\u793e\u306b\u8acb\u6c42\u3067\u304d\u308b\u6a29\u5229\u3067\u3059\u3002<\/strong> \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u53cd\u5bfe\u3059\u308b\u682a\u4e3b\u306f\u3001\u3053\u306e\u6a29\u5229\u3092\u884c\u4f7f\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u624b\u7d9a\u304d\u30b9\u30c6\u30c3\u30d7<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td>\u4f1a\u793e\u304c\u8cb7\u53d6\u8acb\u6c42\u6a29\u306e\u901a\u77e5\u30fb\u516c\u544a<\/td><\/tr><tr><td>2<\/td><td>\u682a\u4e3b\u306f\u53cd\u5bfe\u3092\u901a\u77e5<\/td><\/tr><tr><td>3<\/td><td>\u682a\u4e3b\u7dcf\u4f1a\u3067\u53cd\u5bfe\u7968\u3092\u6295\u7968<\/td><\/tr><tr><td>4<\/td><td>\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u6a29\u3092\u884c\u4f7f<\/td><\/tr><tr><td>5<\/td><td>\u4fa1\u683c\u5354\u8b70\u30fb\u6c7a\u5b9a\uff08\u5354\u8b70\u304c\u6574\u308f\u306a\u3044\u5834\u5408\u306f\u88c1\u5224\u6240\u306b\u7533\u7acb\u3066\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u682a\u4e3b\u306f\u682a\u4e3b\u7dcf\u4f1a\u3067\u5b9f\u969b\u306b\u53cd\u5bfe\u7968\u3092\u6295\u3058\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002 \u4f1a\u793e\u306f\u7d44\u7e54\u518d\u7de8\u884c\u70ba\u306e\u52b9\u529b\u767a\u751f\u65e5\u306e20\u65e5\u524d\u307e\u3067\u306b\u3001\u682a\u4e3b\u306b\u516c\u544a\u307e\u305f\u306f\u901a\u77e5\u3092\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u6642\u306e\u682a\u4fa1\u52d5\u5411<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u682a\u4fa1\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002<\/strong> \u7279\u306bTOB\u3068\u7d44\u307f\u5408\u308f\u305b\u305f\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3067\u306f\u3001TOB\u4fa1\u683c\u306e\u767a\u8868\u306b\u3088\u3063\u3066\u682a\u4fa1\u304c\u5927\u304d\u304f\u5909\u52d5\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u304c\u767a\u8868\u3055\u308c\u308b\u3068\u3001\u4e00\u822c\u7684\u306b\u306fTOB\u4fa1\u683c\u306b\u5411\u3051\u3066\u682a\u4fa1\u304c\u53ce\u6582\u3059\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002 \u5e02\u5834\u306fTOB\u306e\u6210\u529f\u78ba\u7387\u3082\u7e54\u308a\u8fbc\u3080\u305f\u3081\u3001TOB\u4fa1\u683c\u3068\u682a\u4fa1\u306e\u9593\u306b\u306f\u3042\u308b\u7a0b\u5ea6\u306e\u4e56\u96e2\u304c\u751f\u3058\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u30d7\u30ec\u30df\u30a2\u30e0\u7387\u306b\u3064\u3044\u3066\u306f\u3001\u4e00\u822c\u7684\u306b\u306f20%\uff5e30%\u7a0b\u5ea6\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u696d\u754c\u3084\u4f01\u696d\u898f\u6a21\u3001\u5e02\u5834\u74b0\u5883\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002 \u30d7\u30ec\u30df\u30a2\u30e0\u7387\u304c\u4f4e\u3044\u5834\u5408\u306f\u5c11\u6570\u682a\u4e3b\u304b\u3089\u306e\u53cd\u767a\u3092\u62db\u304d\u3001\u9ad8\u3059\u304e\u308b\u3068\u8cb7\u53ce\u5074\u306e\u8cc7\u91d1\u8ca0\u62c5\u304c\u5927\u304d\u304f\u306a\u308b\u305f\u3081\u3001\u30d0\u30e9\u30f3\u30b9\u306e\u53d6\u308c\u305f\u8a2d\u5b9a\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. \u78ba\u5b9a\u7533\u544a\u306b\u304a\u3051\u308b\u7a0e\u52d9\u51e6\u7406\u306e\u30dd\u30a4\u30f3\u30c8<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u3088\u308a\u682a\u5f0f\u3092\u58f2\u5374\u3057\u305f\u5834\u5408\u3001\u78ba\u5b9a\u7533\u544a\u306b\u304a\u3051\u308b\u7a0e\u52d9\u51e6\u7406\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/strong> \u7279\u306b\u3001\u307f\u306a\u3057\u914d\u5f53\u3068\u8b72\u6e21\u6240\u5f97\u306e\u533a\u5206\u306f\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7a0e\u52d9\u51e6\u7406\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u307f\u306a\u3057\u914d\u5f53<\/td><td>\u5229\u76ca\u7a4d\u7acb\u91d1\u306b\u5bfe\u5fdc\u3059\u308b\u90e8\u5206\uff08\u914d\u5f53\u6240\u5f97\u306e\u7a0e\u7387\u304c\u9069\u7528\uff09<\/td><\/tr><tr><td>\u8b72\u6e21\u6240\u5f97<\/td><td>\u8cc7\u672c\u91d1\u7b49\u306e\u984d\u306b\u5bfe\u5fdc\u3059\u308b\u90e8\u5206\uff08\u682a\u5f0f\u7b49\u8b72\u6e21\u6240\u5f97\u306e\u7a0e\u7387\u304c\u9069\u7528\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>2017\u5e74\u5ea6\u306e\u7a0e\u5236\u6539\u6b63\u306b\u3088\u308a\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e4\u3064\u306e\u624b\u6cd5\u3059\u3079\u3066\u3067\u540c\u69d8\u306e\u7a0e\u8ca0\u62c5\u3068\u306a\u308a\u307e\u3057\u305f\u3002 \u7279\u5b9a\u53e3\u5ea7\u3067\u4fdd\u6709\u3057\u3066\u3044\u308b\u682a\u5f0f\u306e\u5834\u5408\u3001\u307f\u306a\u3057\u914d\u5f53\u90e8\u5206\u306b\u3064\u3044\u3066\u306f\u7279\u5b9a\u53e3\u5ea7\u3067\u306e\u6e90\u6cc9\u5fb4\u53ce\u306e\u5bfe\u8c61\u5916\u3068\u306a\u308b\u5834\u5408\u304c\u3042\u308b\u305f\u3081\u3001\u78ba\u5b9a\u7533\u544a\u304c\u5fc5\u8981\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e7\u3064\u306e\u4ee3\u8868\u7684\u4e8b\u4f8b\u5206\u6790<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-13.jpg\" alt=\"\" class=\"wp-image-850\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-13.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-13-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-13-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306f\u8fd1\u5e74\u3001\u591a\u304f\u306e\u65e5\u672c\u4f01\u696d\u3067\u5b9f\u65bd\u3055\u308c\u3066\u304a\u308a\u3001\u305d\u306e\u76ee\u7684\u3084\u624b\u6cd5\u3001\u7d50\u679c\u306f\u591a\u5c90\u306b\u308f\u305f\u308a\u307e\u3059\u3002<\/strong> \u4ee5\u4e0b\u3067\u306f\u3001\u4ee3\u8868\u7684\u306a\u4e8b\u4f8b\u3092\u5206\u6790\u3057\u3001\u305d\u308c\u305e\u308c\u306e\u76ee\u7684\u3084\u624b\u6cd5\u3001\u7d50\u679c\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u30bb\u30b3\u30e0\u306b\u3088\u308b\u30d1\u30b9\u30b3\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316<\/li>\n\n\n\n<li>\u4f4f\u53cb\u7cbe\u5bc6\u5de5\u696d\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u30d7\u30ed\u30bb\u30b9<\/li>\n\n\n\n<li>\u6c38\u8c37\u5712\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u306e\u975e\u516c\u958b\u5316<\/li>\n\n\n\n<li>\u30ac\u30f3\u30db\u30fc\u30fb\u30aa\u30f3\u30e9\u30a4\u30f3\u30fb\u30a8\u30f3\u30bf\u30fc\u30c6\u30a4\u30e1\u30f3\u30c8\u306e\u4e8b\u4f8b<\/li>\n\n\n\n<li>\u96ea\u56fd\u307e\u3044\u305f\u3051\u306e\u975e\u516c\u958b\u5316<\/li>\n\n\n\n<li>\u30d1\u30a4\u30aa\u30cb\u30a2\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316<\/li>\n\n\n\n<li>\u6d77\u5916\u4f01\u696d\u306e\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u4e8b\u4f8b\u3068\u306e\u6bd4\u8f03<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u30bb\u30b3\u30e0\u306b\u3088\u308b\u30d1\u30b9\u30b3\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316<\/h3>\n\n\n\n<p><strong>\u30bb\u30b3\u30e0\u682a\u5f0f\u4f1a\u793e\u306f\u30012024\u5e7411\u6708\u306b\u682a\u5f0f\u4f1a\u793e\u30d1\u30b9\u30b3\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3092\u5b9f\u65bd\u3057\u307e\u3057\u305f\u3002<\/strong> \u30b0\u30eb\u30fc\u30d7\u5185\u306e\u7d4c\u55b6\u52b9\u7387\u5316\u3068\u4e8b\u696d\u30b7\u30ca\u30b8\u30fc\u306e\u6700\u5927\u5316\u304c\u4e3b\u306a\u76ee\u7684\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u30bb\u30b3\u30e0\u306f\u307e\u305aTOB\uff08\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\u3051\uff09\u3092\u5b9f\u65bd\u3057\u3001\u305d\u306e\u5f8c\u682a\u5f0f\u4f75\u5408\u3092\u884c\u3046\u3053\u3068\u3067\u30d1\u30b9\u30b3\u306e\u5c11\u6570\u682a\u4e3b\u3092\u6392\u9664\u3057\u307e\u3057\u305f\u3002 \u3053\u306e\u4e8c\u6bb5\u968e\u65b9\u5f0f\u306b\u3088\u308a\u3001\u30d1\u30b9\u30b3\u306f\u30bb\u30b3\u30e0\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u3068\u306a\u308a\u3001\u4e0a\u5834\u5ec3\u6b62\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u4f4f\u53cb\u7cbe\u5bc6\u5de5\u696d\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u30d7\u30ed\u30bb\u30b9<\/h3>\n\n\n\n<p><strong>2023\u5e741\u6708\u3001\u4f4f\u53cb\u5546\u4e8b\u682a\u5f0f\u4f1a\u793e\u306f\u4f4f\u53cb\u7cbe\u5bc6\u5de5\u696d\u682a\u5f0f\u4f1a\u793e\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3092\u5b9f\u65bd\u3057\u307e\u3057\u305f\u3002<\/strong> \u30b0\u30eb\u30fc\u30d7\u5185\u3067\u306e\u4e8b\u696d\u7d71\u5408\u3068\u7d4c\u55b6\u8cc7\u6e90\u306e\u6700\u9069\u5316\u304c\u76ee\u7684\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u4f4f\u53cb\u5546\u4e8b\u306f\u516c\u958b\u8cb7\u4ed8\u3051\u3067\u8b70\u6c7a\u6a29\u6240\u6709\u5272\u540883.80%\u3092\u53d6\u5f97\u5f8c\u30012023\u5e742\u670816\u65e5\u306e\u81e8\u6642\u682a\u4e3b\u7dcf\u4f1a\u306b\u304a\u3044\u3066\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u624b\u7d9a\u304d\u3092\u6c7a\u8b70\u3057\u307e\u3057\u305f\u3002 \u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u306b\u3088\u308a\u3001\u4e21\u793e\u306e\u6280\u8853\u3084\u30ce\u30a6\u30cf\u30a6\u3092\u878d\u5408\u3055\u305b\u3001\u30b0\u30eb\u30fc\u30d7\u3068\u3057\u3066\u306e\u7af6\u4e89\u529b\u5f37\u5316\u3092\u5b9f\u73fe\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u6c38\u8c37\u5712\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u306e\u975e\u516c\u958b\u5316<\/h3>\n\n\n\n<p><strong>2024\u5e746\u6708\u3001\u6c38\u8c37\u5712\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\u306f\u975e\u516c\u958b\u5316\u3092\u6c7a\u5b9a\u3057\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3057\u307e\u3057\u305f\u3002<\/strong> \u9577\u671f\u7684\u306a\u7d4c\u55b6\u65b9\u91dd\u306e\u63a8\u9032\u3068\u8fc5\u901f\u306a\u610f\u601d\u6c7a\u5b9a\u306e\u5b9f\u73fe\u304c\u4e3b\u306a\u76ee\u7684\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u30a8\u30e0\u30ad\u30e3\u30c3\u30d7\u5341\u4e8c\u53f7\u682a\u5f0f\u4f1a\u793e\u304cTOB\u3092\u901a\u3058\u3066\u5927\u534a\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u5f8c\u3001\u682a\u5f0f\u4f75\u5408\u306b\u3088\u3063\u3066\u5c11\u6570\u682a\u4e3b\u306e\u682a\u5f0f\u3092\u6574\u7406\u3057\u307e\u3057\u305f\u3002 \u3053\u308c\u306b\u3088\u308a\u3001\u77ed\u671f\u7684\u306a\u682a\u4fa1\u5909\u52d5\u306b\u5de6\u53f3\u3055\u308c\u306a\u3044\u7d4c\u55b6\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u30ac\u30f3\u30db\u30fc\u30fb\u30aa\u30f3\u30e9\u30a4\u30f3\u30fb\u30a8\u30f3\u30bf\u30fc\u30c6\u30a4\u30e1\u30f3\u30c8\u306e\u4e8b\u4f8b<\/h3>\n\n\n\n<p><strong>\u30ac\u30f3\u30db\u30fc\u30fb\u30aa\u30f3\u30e9\u30a4\u30f3\u30fb\u30a8\u30f3\u30bf\u30fc\u30c6\u30a4\u30e1\u30f3\u30c8\u306f\u3001\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6\u3092\u6d3b\u7528\u3057\u305f\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u4ee3\u8868\u7684\u4e8b\u4f8b\u3067\u3059\u3002<\/strong> \u30b2\u30fc\u30e0\u30a2\u30fc\u30c4\u306e\u682a\u5f0f\u309290\uff05\u4ee5\u4e0a\u4fdd\u6709\u3057\u3066\u3044\u305f\u305f\u3081\u3001\u3053\u306e\u624b\u6cd5\u3092\u63a1\u7528\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7279\u5fb4<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u9069\u7528\u6761\u4ef6<\/td><td>90%\u4ee5\u4e0a\u306e\u8b70\u6c7a\u6a29\u4fdd\u6709<\/td><\/tr><tr><td>\u624b\u7d9a\u304d<\/td><td>\u682a\u4e3b\u7dcf\u4f1a\u6c7a\u8b70\u304c\u4e0d\u8981<\/td><\/tr><tr><td>\u76ee\u7684<\/td><td>\u30aa\u30f3\u30e9\u30a4\u30f3\u30b2\u30fc\u30e0\u696d\u754c\u3067\u306e\u7af6\u4e89\u529b\u5f37\u5316<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u3053\u306e\u624b\u6cd5\u306b\u3088\u308a\u3001\u30b2\u30fc\u30e0\u30a2\u30fc\u30c4\u3092\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3057\u3001\u7d4c\u55b6\u8cc7\u6e90\u306e\u52b9\u7387\u7684\u306a\u6d3b\u7528\u3092\u5b9f\u73fe\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. \u96ea\u56fd\u307e\u3044\u305f\u3051\u306e\u975e\u516c\u958b\u5316<\/h3>\n\n\n\n<p><strong>\u96ea\u56fd\u307e\u3044\u305f\u3051\u306f\u3001\u5168\u90e8\u53d6\u5f97\u6761\u9805\u4ed8\u7a2e\u985e\u682a\u5f0f\u3092\u5229\u7528\u3057\u305f\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u4e8b\u4f8b\u3068\u3057\u3066\u77e5\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/strong> 2015\u5e74\u306b\u5916\u8cc7\u7cfb\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306e\u30d9\u30a4\u30f3\u30ad\u30e3\u30d4\u30bf\u30eb\u304cTOB\u3067\u8cb7\u53ce\u5f8c\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u30d9\u30a4\u30f3\u30ad\u30e3\u30d4\u30bf\u30eb\u306fTOB\u3092\u5b9f\u65bd\u5f8c\u3001\u5168\u90e8\u53d6\u5f97\u6761\u9805\u4ed8\u7a2e\u985e\u682a\u5f0f\u306e\u624b\u6cd5\u3067\u6b8b\u308a\u306e\u682a\u5f0f\u3092\u5f37\u5236\u7684\u306b\u53d6\u5f97\u3057\u307e\u3057\u305f\u3002 \u975e\u516c\u958b\u5316\u306b\u3088\u308a\u3001\u77ed\u671f\u7684\u306a\u696d\u7e3e\u5411\u4e0a\u5727\u529b\u304b\u3089\u89e3\u653e\u3055\u308c\u3001\u9577\u671f\u7684\u306a\u8996\u70b9\u3067\u306e\u7d4c\u55b6\u6226\u7565\u306e\u5b9f\u884c\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. \u30d1\u30a4\u30aa\u30cb\u30a2\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316<\/h3>\n\n\n\n<p><strong>\u30d1\u30a4\u30aa\u30cb\u30a2\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u306f\u3001\u7d4c\u55b6\u518d\u5efa\u3092\u76ee\u7684\u3068\u3057\u305f\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u4e8b\u4f8b\u3067\u3059\u3002<\/strong> \u7d4c\u55b6\u96e3\u306b\u9665\u3063\u3066\u3044\u305f\u30d1\u30a4\u30aa\u30cb\u30a2\u306f\u3001\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u8cc7\u672c\u6ce8\u5165\u3068\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u306b\u3088\u3063\u3066\u518d\u5efa\u304c\u56f3\u3089\u308c\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u4e8c\u6bb5\u968e\u65b9\u5f0f\u3067\u307e\u305aTOB\u306b\u3088\u3063\u3066\u5927\u534a\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3001\u305d\u306e\u5f8c\u6b8b\u308a\u306e\u682a\u5f0f\u3092\u5f37\u5236\u7684\u306b\u53d6\u5f97\u3057\u307e\u3057\u305f\u3002 \u3053\u306e\u4e8b\u4f8b\u306f\u3001\u7d4c\u55b6\u5371\u6a5f\u306b\u3042\u308b\u4f01\u696d\u306e\u518d\u5efa\u624b\u6bb5\u3068\u3057\u3066\u306e\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u6709\u52b9\u6027\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. \u6d77\u5916\u4f01\u696d\u306e\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u4e8b\u4f8b\u3068\u306e\u6bd4\u8f03<\/h3>\n\n\n\n<p><strong>\u65e5\u672c\u3068\u6d77\u5916\u3067\u306f\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u6cd5\u7684\u67a0\u7d44\u307f\u3084\u5b9f\u65bd\u65b9\u6cd5\u306b\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/strong> \u7c73\u56fd\u3084\u6b27\u5dde\u3067\u306f\u3001\u5c11\u6570\u682a\u4e3b\u4fdd\u8b77\u306e\u89b3\u70b9\u304b\u3089\u3088\u308a\u53b3\u683c\u306a\u898f\u5236\u304c\u8a2d\u3051\u3089\u308c\u3066\u3044\u308b\u4e00\u65b9\u3001\u624b\u7d9a\u304d\u306e\u67d4\u8edf\u6027\u3082\u78ba\u4fdd\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u56fd\u30fb\u5730\u57df<\/th><th>\u4e3b\u306a\u7279\u5fb4<\/th><\/tr><\/thead><tbody><tr><td>\u7c73\u56fd\uff08\u30c7\u30e9\u30a6\u30a7\u30a2\u5dde\uff09<\/td><td>\u300c\u5408\u4f75\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u300d\u304c\u4e00\u822c\u7684<\/td><\/tr><tr><td>\u65e5\u672c<\/td><td>2014\u5e74\u6539\u6b63\u3067\u7279\u5225\u652f\u914d\u682a\u4e3b\u5236\u5ea6\u3092\u5c0e\u5165<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u65e5\u672c\u3067\u306f\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u5236\u5ea6\u304c\u5c0e\u5165\u3055\u308c\u305f\u3082\u306e\u306e\u3001\u4f9d\u7136\u3068\u3057\u3066\u624b\u7d9a\u304d\u306e\u8907\u96d1\u3055\u3084\u6642\u9593\u7684\u5236\u7d04\u304c\u8ab2\u984c\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5b9f\u65bd\u6642\u306e4\u3064\u306e\u6cd5\u7684\u30ea\u30b9\u30af\u5bfe\u7b56<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-17.jpg\" alt=\"\" class=\"wp-image-858\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-17.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-17-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-17-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u5b9f\u65bd\u306b\u306f\u5c11\u6570\u682a\u4e3b\u4fdd\u8b77\u3001\u53d6\u7de0\u5f79\u306e\u8cac\u4efb\u3001\u60c5\u5831\u958b\u793a\u3001\u5c02\u9580\u5bb6\u6d3b\u7528\u306e\u89b3\u70b9\u304b\u3089\u306e\u914d\u616e\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/strong> \u4e3b\u8981\u306a4\u3064\u306e\u7559\u610f\u70b9\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u5c11\u6570\u682a\u4e3b\u4fdd\u8b77\u306e\u89b3\u70b9\u304b\u3089\u306e\u7559\u610f\u70b9<\/li>\n\n\n\n<li>\u53d6\u7de0\u5f79\u306e\u5584\u7ba1\u6ce8\u610f\u7fa9\u52d9\u3068\u7d4c\u55b6\u5224\u65ad<\/li>\n\n\n\n<li>\u60c5\u5831\u958b\u793a\u306e\u9069\u5207\u6027\u78ba\u4fdd<\/li>\n\n\n\n<li>\u5c02\u9580\u5bb6\u306e\u6d3b\u7528\u3068\u7b2c\u4e09\u8005\u59d4\u54e1\u4f1a\u306e\u8a2d\u7f6e<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u5c11\u6570\u682a\u4e3b\u4fdd\u8b77\u306e\u89b3\u70b9\u304b\u3089\u306e\u7559\u610f\u70b9<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3067\u306f\u5c11\u6570\u682a\u4e3b\u306e\u6a29\u5229\u3092\u5f37\u5236\u7684\u306b\u596a\u3046\u305f\u3081\u3001\u5c11\u6570\u682a\u4e3b\u4fdd\u8b77\u306e\u89b3\u70b9\u304b\u3089\u306e\u914d\u616e\u304c\u91cd\u8981\u3067\u3059\u3002<\/strong> \u5c11\u6570\u682a\u4e3b\u306f\u4ee5\u4e0b\u306e\u6a29\u5229\u3092\u884c\u4f7f\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6a29\u5229\u306e\u7a2e\u985e<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u5dee\u6b62\u8acb\u6c42<\/td><td>\u4e0d\u6b63\u306a\u624b\u7d9a\u304d\u306e\u5dee\u6b62\u3081<\/td><\/tr><tr><td>\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42<\/td><td>\u9069\u6b63\u4fa1\u683c\u3067\u306e\u8cb7\u53d6\u8981\u6c42<\/td><\/tr><tr><td>\u4fa1\u683c\u6c7a\u5b9a\u7533\u7acb\u3066<\/td><td>\u88c1\u5224\u6240\u306b\u3088\u308b\u4fa1\u683c\u6c7a\u5b9a<\/td><\/tr><tr><td>\u6c7a\u8b70\u53d6\u6d88\u3057\u8a34\u8a1f<\/td><td>\u682a\u4e3b\u7dcf\u4f1a\u6c7a\u8b70\u306e\u7121\u52b9\u5316<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u8cb7\u53d6\u4fa1\u683c\u304c\u4f4e\u3059\u304e\u308b\u5834\u5408\u3001\u8a34\u8a1f\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002 \u9069\u6b63\u306a\u8cb7\u53d6\u4fa1\u683c\u306e\u8a2d\u5b9a\u3068\u3001\u5c11\u6570\u682a\u4e3b\u306b\u5bfe\u3059\u308b\u4e01\u5be7\u306a\u8aac\u660e\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u53d6\u7de0\u5f79\u306e\u5584\u7ba1\u6ce8\u610f\u7fa9\u52d9\u3068\u7d4c\u55b6\u5224\u65ad<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u969b\u3001\u53d6\u7de0\u5f79\u306b\u306f\u5584\u7ba1\u6ce8\u610f\u7fa9\u52d9\u304c\u8ab2\u305b\u3089\u308c\u307e\u3059\u3002<\/strong> \u4f1a\u793e\u6cd5\u7b2c330\u6761\u306b\u3088\u308a\u4f01\u696d\u3068\u59d4\u4efb\u95a2\u4fc2\u306b\u3042\u308b\u3068\u3055\u308c\u3001\u4f1a\u793e\u6cd5\u7b2c355\u6761\u306b\u3088\u308a\u5fe0\u5b9f\u7fa9\u52d9\u3082\u8ab2\u305b\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u304a\u3044\u3066\u306f\u3001\u305d\u306e\u5224\u65ad\u304c\u4f1a\u793e\u3084\u682a\u4e3b\u5168\u4f53\u306e\u5229\u76ca\u306b\u5408\u81f4\u3057\u3066\u3044\u308b\u304b\u3092\u614e\u91cd\u306b\u691c\u8a0e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002 \u7279\u306bMBO\u306a\u3069\u7d4c\u55b6\u9663\u81ea\u8eab\u304c\u8cb7\u53ce\u8005\u3068\u306a\u308b\u5834\u5408\u306f\u3001\u5229\u76ca\u76f8\u53cd\u306e\u554f\u984c\u304c\u751f\u3058\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5584\u7ba1\u6ce8\u610f\u7fa9\u52d9\u9055\u53cd\u304c\u767a\u899a\u3057\u305f\u5834\u5408\u306f\u3001\u4ee5\u4e0b\u306e\u5bfe\u5fdc\u304c\u5fc5\u8981\u3067\u3059\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4ed6\u306e\u53d6\u7de0\u5f79\u3084\u9867\u554f\u5f01\u8b77\u58eb\u3068\u306e\u5354\u8b70<\/li>\n\n\n\n<li>\u682a\u4e3b\u3078\u306e\u8aac\u660e<\/li>\n\n\n\n<li>\u8a72\u5f53\u53d6\u7de0\u5f79\u3078\u306e\u7f70\u5247<\/li>\n\n\n\n<li>\u518d\u767a\u9632\u6b62\u7b56\u306e\u691c\u8a0e<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u60c5\u5831\u958b\u793a\u306e\u9069\u5207\u6027\u78ba\u4fdd<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u969b\u306f\u3001\u9069\u5207\u306a\u60c5\u5831\u958b\u793a\u304c\u6cd5\u7684\u306b\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/strong> \u4e0a\u5834\u4f1a\u793e\u306f\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\u3084\u53d6\u5f15\u6240\u898f\u5247\u306b\u57fa\u3065\u304f\u958b\u793a\u7fa9\u52d9\u304c\u3042\u308a\u3001\u975e\u4e0a\u5834\u4f1a\u793e\u3067\u3082\u4f1a\u793e\u6cd5\u306b\u57fa\u3065\u304f\u901a\u77e5\u7fa9\u52d9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u4e8c\u6bb5\u968e\u8cb7\u53ce\uff08TOB\u5f8c\u306e\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\uff09\u3092\u4e88\u5b9a\u3057\u3066\u3044\u308b\u5834\u5408\u306f\u3001\u4ee5\u4e0b\u306e\u60c5\u5831\u3092\u30d7\u30ec\u30b9\u30ea\u30ea\u30fc\u30b9\u306b\u8a18\u8f09\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e8c\u6bb5\u968e\u76ee\u306e\u8cb7\u53ce\u624b\u6cd5<\/li>\n\n\n\n<li>\u305d\u306e\u5bfe\u4fa1<\/li>\n\n\n\n<li>\u5b9f\u65bd\u4e88\u5b9a\u6642\u671f<\/li>\n<\/ul>\n\n\n\n<p>\u60c5\u5831\u958b\u793a\u306e\u4e0d\u5099\u306f\u8a34\u8a1f\u30ea\u30b9\u30af\u3092\u9ad8\u3081\u308b\u305f\u3081\u3001\u958b\u793a\u5185\u5bb9\u306e\u6b63\u78ba\u6027\u3068\u9069\u6642\u6027\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u5c02\u9580\u5bb6\u306e\u6d3b\u7528\u3068\u7b2c\u4e09\u8005\u59d4\u54e1\u4f1a\u306e\u8a2d\u7f6e<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u516c\u6b63\u6027\u3092\u62c5\u4fdd\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u5916\u90e8\u306e\u5c02\u9580\u5bb6\u306e\u6d3b\u7528\u3068\u7b2c\u4e09\u8005\u59d4\u54e1\u4f1a\u306e\u8a2d\u7f6e\u304c\u6709\u52b9\u3067\u3059\u3002<\/strong> \u793e\u5916\u53d6\u7de0\u5f79\u304c\u69cb\u6210\u54e1\u3068\u3057\u3066\u6700\u3082\u9069\u5207\u3067\u3042\u308b\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7b2c\u4e09\u8005\u59d4\u54e1\u4f1a\u306e\u5f79\u5272\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u6761\u4ef6\uff08\u7279\u306b\u4fa1\u683c\uff09\u306e\u516c\u6b63\u6027\u3092\u691c\u8a3c<\/li>\n\n\n\n<li>\u5c11\u6570\u682a\u4e3b\u306e\u5229\u76ca\u304c\u9069\u5207\u306b\u4fdd\u8b77\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u5224\u65ad<\/li>\n\n\n\n<li>\u53d6\u7de0\u5f79\u4f1a\u306e\u610f\u601d\u6c7a\u5b9a\u3084\u682a\u4e3b\u3078\u306e\u60c5\u5831\u63d0\u4f9b\u3067\u306e\u30b5\u30dd\u30fc\u30c8<\/li>\n<\/ul>\n\n\n\n<p>\u307e\u305f\u3001\u682a\u4fa1\u7b97\u5b9a\u3084\u6cd5\u7684\u624b\u7d9a\u304d\u306b\u3064\u3044\u3066\u306f\u3001\u5916\u90e8\u306e\u5c02\u9580\u5bb6\uff08\u8ca1\u52d9\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u3084\u6cd5\u5f8b\u4e8b\u52d9\u6240\uff09\u306e\u52a9\u8a00\u3092\u5f97\u308b\u3053\u3068\u3067\u3001\u624b\u7d9a\u304d\u306e\u9069\u6b63\u6027\u3092\u78ba\u4fdd\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u95a2\u3059\u308b5\u3064\u306e\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-25.jpg\" alt=\"\" class=\"wp-image-871\" srcset=\"https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-25.jpg 800w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-25-300x180.jpg 300w, https:\/\/www.roadmap.co.jp\/cybervalue\/wp-content\/uploads\/2025\/05\/delisting-image-25-768x461.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u691c\u8a0e\u3059\u308b\u4f01\u696d\u3084\u6295\u8cc7\u5bb6\u304b\u3089\u306f\u3001\u624b\u7d9a\u304d\u3084\u5f71\u97ff\u306b\u95a2\u3057\u3066\u591a\u304f\u306e\u7591\u554f\u304c\u5bc4\u305b\u3089\u308c\u307e\u3059\u3002<\/strong> \u4ee5\u4e0b\u3067\u306f\u3001\u3053\u308c\u3089\u306e\u3088\u304f\u3042\u308b\u8cea\u554f\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u5fc5\u8981\u306a\u8b70\u6c7a\u6a29\u6bd4\u7387\u306f\u4f55\u30d1\u30fc\u30bb\u30f3\u30c8\uff1f<\/li>\n\n\n\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5f8c\u306e\u682a\u4e3b\u306f\u3069\u3046\u306a\u308b\uff1f<\/li>\n\n\n\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3055\u308c\u305f\u682a\u5f0f\u306e\u7a0e\u52d9\u51e6\u7406\u306f\u3069\u3046\u3059\u308b\uff1f<\/li>\n\n\n\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u62d2\u5426\u3059\u308b\u3053\u3068\u306f\u53ef\u80fd\uff1f<\/li>\n\n\n\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u6642\u306e\u9069\u6b63\u306a\u8cb7\u53d6\u4fa1\u683c\u306f\u3069\u3046\u6c7a\u307e\u308b\uff1f<\/li>\n<\/ol>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u5fc5\u8981\u306a\u8b70\u6c7a\u6a29\u6bd4\u7387\u306f\u4f55\u30d1\u30fc\u30bb\u30f3\u30c8\uff1f<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306b\u5fc5\u8981\u306a\u8b70\u6c7a\u6a29\u6bd4\u7387\u306f\u3001\u9078\u629e\u3059\u308b\u624b\u6cd5\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002<\/strong> \u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42\u306f90\uff05\u4ee5\u4e0a\u306e\u8b70\u6c7a\u6a29\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u624b\u6cd5<\/th><th>\u5fc5\u8981\u306a\u8b70\u6c7a\u6a29\u6bd4\u7387<\/th><th>\u7279\u5fb4<\/th><\/tr><\/thead><tbody><tr><td>\u7279\u5225\u652f\u914d\u682a\u4e3b\u306e\u682a\u5f0f\u7b49\u58f2\u6e21\u8acb\u6c42<\/td><td>90%\u4ee5\u4e0a<\/td><td>\u682a\u4e3b\u7dcf\u4f1a\u6c7a\u8b70\u4e0d\u8981<\/td><\/tr><tr><td>\u682a\u5f0f\u4f75\u5408<\/td><td>2\/3\u4ee5\u4e0a<\/td><td>\u682a\u4e3b\u7dcf\u4f1a\u7279\u5225\u6c7a\u8b70\u304c\u5fc5\u8981<\/td><\/tr><tr><td>\u5168\u90e8\u53d6\u5f97\u6761\u9805\u4ed8\u7a2e\u985e\u682a\u5f0f<\/td><td>2\/3\u4ee5\u4e0a<\/td><td>\u682a\u4e3b\u7dcf\u4f1a\u7279\u5225\u6c7a\u8b70\u304c\u5fc5\u8981<\/td><\/tr><tr><td>\u682a\u5f0f\u4ea4\u63db<\/td><td>2\/3\u4ee5\u4e0a<\/td><td>\u682a\u4e3b\u7dcf\u4f1a\u7279\u5225\u6c7a\u8b70\u304c\u5fc5\u8981<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u8b70\u6c7a\u6a29\u6bd4\u7387\u306e\u8981\u4ef6\u306f\u4f1a\u793e\u6cd5\u3067\u5b9a\u3081\u3089\u308c\u3066\u304a\u308a\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5b9f\u65bd\u3059\u308b\u524d\u306b\u81ea\u793e\u306e\u682a\u4e3b\u69cb\u6210\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002 \u5fc5\u8981\u306a\u8b70\u6c7a\u6a29\u6bd4\u7387\u3092\u78ba\u4fdd\u3067\u304d\u306a\u3044\u5834\u5408\u306f\u3001\u307e\u305aTOB\u306a\u3069\u3067\u682a\u5f0f\u3092\u8cb7\u3044\u96c6\u3081\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5f8c\u306e\u682a\u4e3b\u306f\u3069\u3046\u306a\u308b\uff1f<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5f8c\u3001\u5c11\u6570\u682a\u4e3b\u306f\u682a\u4e3b\u3068\u3057\u3066\u306e\u5730\u4f4d\u3092\u5931\u3044\u3001\u4ee3\u308f\u308a\u306b\u91d1\u92ad\u306a\u3069\u306e\u5bfe\u4fa1\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/strong> \u682a\u4e3b\u69cb\u6210\u304c\u6574\u7406\u3055\u308c\u308b\u3053\u3068\u3067\u3001\u7d4c\u55b6\u306e\u5b89\u5b9a\u6027\u304c\u5411\u4e0a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u89aa\u4f1a\u793e\u306b\u3088\u308b\u5b50\u4f1a\u793e\u306e\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\uff1a\u5b50\u4f1a\u793e\u306e\u682a\u4e3b\u306f\u89aa\u4f1a\u793e\u306e\u307f\u3068\u306a\u308b<\/li>\n\n\n\n<li>MBO\uff08\u7d4c\u55b6\u9663\u306b\u3088\u308b\u8cb7\u53ce\uff09\uff1a\u7d4c\u55b6\u9663\u3068\u305d\u306e\u652f\u63f4\u8005\u306e\u307f\u304c\u682a\u4e3b\u3068\u306a\u308b<\/li>\n<\/ul>\n\n\n\n<p>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u5f8c\u306e\u682a\u4e3b\u69cb\u6210\u304c\u30b7\u30f3\u30d7\u30eb\u306b\u306a\u308b\u3053\u3068\u3067\u3001\u610f\u601d\u6c7a\u5b9a\u306e\u8fc5\u901f\u5316\u3084\u9577\u671f\u7684\u8996\u70b9\u3067\u306e\u7d4c\u55b6\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002 \u5c11\u6570\u682a\u4e3b\u306b\u3068\u3063\u3066\u306f\u5f37\u5236\u7684\u306b\u682a\u4e3b\u306e\u5730\u4f4d\u3092\u5931\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u9069\u6b63\u306a\u5bfe\u4fa1\u304c\u652f\u6255\u308f\u308c\u308b\u3053\u3068\u3067\u7d4c\u6e08\u7684\u306a\u88dc\u511f\u3092\u53d7\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3055\u308c\u305f\u682a\u5f0f\u306e\u7a0e\u52d9\u51e6\u7406\u306f\u3069\u3046\u3059\u308b\uff1f<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3055\u308c\u305f\u682a\u5f0f\u306e\u7a0e\u52d9\u51e6\u7406\u306f\u30012017\u5e74\u5ea6\u306e\u7a0e\u5236\u6539\u6b63\u306b\u3088\u308a\u7d71\u4e00\u3055\u308c\u307e\u3057\u305f\u3002<\/strong> \u6539\u6b63\u5f8c\u306f\u73fe\u91d1\u5bfe\u4fa1\u682a\u5f0f\u4ea4\u63db\u3082\u7d44\u7e54\u518d\u7de8\u7a0e\u5236\u306e\u9069\u7528\u3092\u53d7\u3051\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e4\u3064\u306e\u624b\u6cd5\u3059\u3079\u3066\u3067\u540c\u69d8\u306e\u7a0e\u8ca0\u62c5\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7a0e\u52d9\u51e6\u7406\u306e\u7a2e\u985e<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u307f\u306a\u3057\u914d\u5f53<\/td><td>\u5229\u76ca\u7a4d\u7acb\u91d1\u306b\u5bfe\u5fdc\u3059\u308b\u90e8\u5206\uff08\u914d\u5f53\u6240\u5f97\u3068\u3057\u3066\u8ab2\u7a0e\uff09<\/td><\/tr><tr><td>\u8b72\u6e21\u6240\u5f97<\/td><td>\u8cc7\u672c\u91d1\u7b49\u306b\u5bfe\u5fdc\u3059\u308b\u90e8\u5206\uff08\u682a\u5f0f\u8b72\u6e21\u640d\u76ca\u3068\u3057\u3066\u8ab2\u7a0e\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u682a\u5f0f\u306e\u5bfe\u4fa1\u3068\u3057\u3066\u53d7\u3051\u53d6\u3063\u305f\u91d1\u984d\u306f\u3001\u307f\u306a\u3057\u914d\u5f53\u3068\u8b72\u6e21\u6240\u5f97\u306b\u533a\u5206\u3055\u308c\u307e\u3059\u3002 \u7279\u5b9a\u53e3\u5ea7\u3067\u4fdd\u6709\u3057\u3066\u3044\u305f\u682a\u5f0f\u306e\u5834\u5408\u3001\u8a3c\u5238\u4f1a\u793e\u306b\u3088\u308b\u6e90\u6cc9\u5fb4\u53ce\u304c\u884c\u308f\u308c\u307e\u3059\u304c\u3001\u307f\u306a\u3057\u914d\u5f53\u90e8\u5206\u306b\u3064\u3044\u3066\u306f\u78ba\u5b9a\u7533\u544a\u304c\u5fc5\u8981\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u62d2\u5426\u3059\u308b\u3053\u3068\u306f\u53ef\u80fd\uff1f<\/h3>\n\n\n\n<p><strong>\u57fa\u672c\u7684\u306b\u3001\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u3092\u5c11\u6570\u682a\u4e3b\u304c\u5358\u72ec\u3067\u62d2\u5426\u3059\u308b\u3053\u3068\u306f\u56f0\u96e3\u3067\u3059\u3002<\/strong> \u4f1a\u793e\u3068\u3057\u3066\u306f\u5c11\u6570\u682a\u4e3b\u306b\u9069\u6b63\u306a\u5bfe\u4fa1\u3092\u652f\u6255\u3046\u3053\u3068\u3067\u3001\u5f37\u5236\u7684\u306b\u624b\u7d9a\u304d\u3092\u9032\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305f\u3060\u3057\u3001\u4ee5\u4e0b\u306e\u5834\u5408\u306b\u306f\u88c1\u5224\u6240\u306b\u5bfe\u3057\u3066\u5dee\u6b62\u3081\u306e\u7533\u7acb\u3066\u304c\u53ef\u80fd\u3067\u3059\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u306e\u624b\u7d9a\u304d\u306b\u6cd5\u7684\u306a\u7455\u75b5\u304c\u3042\u308b\u5834\u5408<\/li>\n\n\n\n<li>\u8cb7\u53d6\u4fa1\u683c\u304c\u8457\u3057\u304f\u4e0d\u5f53\u3067\u3042\u308b\u5834\u5408<\/li>\n<\/ul>\n\n\n\n<p>\u307e\u305f\u3001\u5c11\u6570\u682a\u4e3b\u306f\u300c\u5dee\u6b62\u8acb\u6c42\u300d\u300c\u53cd\u5bfe\u682a\u4e3b\u306e\u682a\u5f0f\u8cb7\u53d6\u8acb\u6c42\u300d\u300c\u4fa1\u683c\u6c7a\u5b9a\u306e\u7533\u7acb\u3066\u300d\u300c\u682a\u4e3b\u7dcf\u4f1a\u6c7a\u8b70\u53d6\u6d88\u3057\u306e\u8a34\u3048\u300d\u306a\u3069\u306e\u6a29\u5229\u3092\u884c\u4f7f\u3067\u304d\u307e\u3059\u3002 \u4f01\u696d\u5074\u306f\u9069\u6b63\u306a\u4fa1\u683c\u8a2d\u5b9a\u3068\u4e01\u5be7\u306a\u8aac\u660e\u3092\u5fc3\u304c\u3051\u308b\u3079\u304d\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. \u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u6642\u306e\u9069\u6b63\u306a\u8cb7\u53d6\u4fa1\u683c\u306f\u3069\u3046\u6c7a\u307e\u308b\uff1f<\/h3>\n\n\n\n<p><strong>\u30b9\u30af\u30a4\u30fc\u30ba\u30a2\u30a6\u30c8\u6642\u306e\u9069\u6b63\u306a\u8cb7\u53d6\u4fa1\u683c\u306f\u3001\u8907\u6570\u306e\u682a\u4fa1\u7b97\u5b9a\u65b9\u6cd5\u3092\u7528\u3044\u3066\u6c7a\u5b9a\u3055\u308c\u307e\u3059\u3002<\/strong> \u5b9f\u884c\u3059\u308b\u306b\u8db3\u308b\u300c\u5408\u7406\u7684\u306a\u7406\u7531\u300d\u3068\u300c\u9069\u6b63\u4fa1\u683c\u306b\u3088\u308b\u682a\u5f0f\u306e\u8cb7\u3044\u53d6\u308a\u300d\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7b97\u5b9a\u65b9\u6cd5<\/th><th>\u6982\u8981<\/th><th>\u7279\u5fb4<\/th><\/tr><\/thead><tbody><tr><td>DCF\u6cd5<\/td><td>\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024<\/td><td>\u5c06\u6765\u6027\u3092\u8003\u616e<\/td><\/tr><tr><td>\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<\/td><td>\u540c\u696d\u4ed6\u793e\u306e\u6307\u6a19\u3092\u53c2\u8003<\/td><td>\u696d\u754c\u5185\u306e\u76f8\u5bfe\u8a55\u4fa1<\/td><\/tr><tr><td>\u5e02\u5834\u682a\u4fa1\u6cd5<\/td><td>\u5e02\u5834\u4fa1\u683c\u3092\u57fa\u6e96<\/td><td>\u4e0a\u5834\u4f01\u696d\u3067\u4e00\u822c\u7684<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408\u306f\u5e02\u5834\u4fa1\u683c\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u4e0a\u4e57\u305b\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u7387\u306f\u901a\u5e3820%\uff5e30%\u7a0b\u5ea6\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002 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