{"id":1473,"date":"2024-01-18T17:45:48","date_gmt":"2024-01-18T08:45:48","guid":{"rendered":"https:\/\/kuno-cpa.co.jp\/crossborder-ma\/?page_id=1473"},"modified":"2024-02-08T17:25:17","modified_gmt":"2024-02-08T08:25:17","slug":"due-diligence","status":"publish","type":"page","link":"https:\/\/kuno-cpa.co.jp\/crossborder-ma\/due-diligence\/","title":{"rendered":"\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9"},"content":{"rendered":"\n

\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9<\/span><\/strong><\/p>\n\n\n\n

\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u76ee\u7684<\/span><\/h1>\n\n\n\n

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\u203b\u57fa\u672c\u5408\u610f\u66f8\uff08LOI\uff09\u7de0\u7d50\u524d\u306e\u521d\u671f\u7684\u8abf\u67fb\u306e\u6bb5\u968e\u3067\u3001\u57fa\u790e\u7684\u60c5\u5831\u5206\u6790\u3092\u884c\u3046\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u5e83\u7fa9\u306eDD\u306b\u8a72\u5f53\u3057\u3001\u5f53\u8a72\u6642\u70b9\u3067\u5165\u624b\u53ef\u80fd\u306a\u3001\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u3084\u30a4\u30f3\u30d5\u30a9\u30e1\u30fc\u30b7\u30e7\u30f3\u30d1\u30c3\u30b1\u30fc\u30b8\u306a\u3069\u306e\u5206\u6790\u3092\u884c\u3044\u307e\u3059\u3002M&A\u3092\u9032\u3081\u308b\u306b\u3042\u305f\u3063\u3066\u306e\u57fa\u672c\u6761\u4ef6\u3001\u53ca\u3073\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u81ea\u4f53\u306e\u5b9f\u884c\u306e\u53ef\u5426\u306b\u3064\u304d\u691c\u8a0e\u3059\u308b\u3053\u3068\u304c\u76ee\u7684\u3067\u3059\u3002<\/small><\/span><\/span><\/p>\n\n\n\n

<\/div>\n\n\n\n

\u8ca1\u52d9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9<\/span><\/h2>\n\n\n\n

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\u53ce\u76ca\u529b\u5206\u6790<\/span><\/h3>\n\n\n\n

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(1)\u57fa\u672c\u7684\u4e8b\u9805<\/span><\/p>\n

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(2)\u6b63\u5e38\u53ce\u76ca\u529b<\/span><\/p>\n

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\u30fb\u30d7\u30ed\u30d5\u30a9\u30fc\u30de\u8abf\u6574
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(3)\u904e\u53bb\u306e\u53ce\u76ca\u529b<\/span><\/p>\n

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\u30fb\u30bf\u30fc\u30b2\u30c3\u30c8\u304b\u3089\u63d0\u4f9b\u3055\u308c\u305f\u7ba1\u7406\u8cc7\u6599\u304c\u3069\u306e\u3088\u3046\u306a\u524d\u63d0\u3067\u4f5c\u6210\u3055\u308c\u305f\u3082\u306e\u3067\u3042\u308b\u306e\u304b
\u3000\uff08\u4f8b\uff1a\u8ca1\u52d9\u6570\u5024\u3068\u306e\u6574\u5408\u3001\u9023\u7d50\u6570\u5024\u3068\u306e\u6574\u5408\u3001\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u5f71\u97ff\uff09\u3092\u7406\u89e3\u3057\u3001
\u3000\u5206\u6790\u306e\u57fa\u790e\u3068\u3057\u3066\u4f7f\u7528\u3059\u308b\u3053\u3068\u306e\u6709\u610f\u6027\u306b\u3064\u3044\u3066\u691c\u8a0e\u3059\u308b
\u30fb\u5b9f\u614b\u3068\u3057\u3066\u306e\u53ce\u76ca\u529b\u306e\u7406\u89e3
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(4)\u5f53\u5e74\u5ea6\u306e\u53ce\u76ca\u529b<\/span><\/p>\n

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<\/div>\n\n\n\n

\u8cb8\u501f\u5bfe\u7167\u8868\u5206\u6790<\/span><\/h3>\n\n\n\n

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(1)\u57fa\u672c\u7684\u4e8b\u9805<\/span><\/p>\n

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\u30fb\u7d14\u8cc7\u7523\u306e\u5206\u6790<\/span><\/p>\n\n\n\n

(2)\u904b\u8ee2\u8cc7\u672c<\/span><\/p>\n

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\u30fb\u904b\u8ee2\u8cc7\u672c\u6c34\u6e96\u306e\u6539\u5584\u53ef\u80fd\u6027<\/span><\/p>\n\n\n\n

(3)\u30cd\u30c3\u30c8\u30c7\u30c3\u30c8<\/span><\/p>\n

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(4)\u56fa\u5b9a\u8cc7\u7523\u30fb\u8a2d\u5099\u6295\u8cc7<\/span><\/p>\n

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(5)\u7d14\u8cc7\u7523\u5206\u6790<\/span><\/p>\n

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\u30002.\u53ce\u76ca\u8a08\u753b\u5206\u6790
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<\/div>\n\n\n\n

\u6cd5\u52d9DD<\/span><\/h2>\n\n\n\n

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\u6d77\u5916\u4f01\u696d\u8cb7\u53ce\u306b\u304a\u3044\u3066\u306f\u3001\u6cd5\u5f8b\u30fb\u8a00\u8449\u30fb\u6587\u5316\u306e\u9055\u3044\u306b\u3088\u308a\u3001\u56fd\u5185M\uff06A\u306b\u6bd4\u3079\u591a\u304f\u306e\u6cd5\u7684\u30ea\u30b9\u30af\u304c\u5b58\u5728\u3057\u307e\u3059\u3002\u7279\u306b\u767a\u5c55\u9014\u4e0a\u56fd\u306b\u304a\u3044\u3066\u306f\u3001\u6cd5\u306e\u672a\u6574\u5099\u3084\u884c\u653f\u306e\u5e83\u7bc4\u306a\u88c1\u91cf\u306b\u3088\u308a\u3001\u898f\u5236\u72b6\u6cc1\u304c\u66d6\u6627\u306a\u5834\u5408\u3082\u591a\u304f\u5b58\u5728\u3057\u307e\u3059\u3002
\u4e00\u65b9\u3001\u3044\u305a\u308c\u306e\u56fd\u306b\u304a\u3044\u3066\u3082\u6cd5\u306e\u9075\u5b88\u306f\u5fc5\u9808\u3067\u3059\u304c\u3001\u4e0d\u660e\u77ad\u306a\u898f\u5236\u3078\u306e\u5bfe\u7b56\u3068\u3057\u3066\u904e\u5270\u306a\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9\u4f53\u5236\u3092\u69cb\u7bc9\u3057\u3066\u3057\u307e\u3046\u3068\u3001\u7d4c\u55b6\u306e\u6a5f\u52d5\u6027\u3092\u5931\u3044\u3001\u9014\u4e0a\u56fd\u306b\u9032\u51fa\u3057\u305f\u610f\u5473\u5408\u3044\u304c\u8584\u308c\u3066\u3057\u307e\u3046\u5371\u967a\u6027\u304c\u3042\u308a\u307e\u3059\u3002
\u305d\u3053\u3067TCG\u3067\u306f\u3001\u73fe\u5730\u306e\u7d4c\u9a13\u8c4a\u5bcc\u306a\u5f01\u8b77\u58eb\u3068\u3082\u5354\u529b\u3057\u3001\u7d14\u7c8b\u306a\u6cd5\u7684\u30ea\u30b9\u30af\u306b\u52a0\u3048\u3001\u73fe\u5730\u306e\u5546\u7fd2\u6163\u3084\u884c\u653f\u306e\u5bfe\u5fdc\u72b6\u6cc1\u307e\u3067\u8003\u616e\u3057\u305f\u30ea\u30b9\u30af\u8a55\u4fa1\u3092\u884c\u3044\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

\u4e00\u822c\u7684\u306a\u30c1\u30a7\u30c3\u30af\u9805\u76ee<\/span><\/h3>\n\n\n\n

(1)\u8a2d\u7acb\u30fb\u4f1a\u793e\u7d44\u7e54\u30fb\u682a\u5f0f<\/span><\/p>\n

\u767b\u8a18\u3001\u5b9a\u6b3e\u3001\u5404\u7a2e\u8b70\u4e8b\u9332\u3092\u4e2d\u5fc3\u306b\u3001\u4f01\u696d\u306e\u5b9f\u5728\u306e\u628a\u63e1\u3084\u6a5f\u95a2\u8a2d\u8a08\u306e\u9069\u6cd5\u6027\u7b49\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

(2)\u30e9\u30a4\u30bb\u30f3\u30b9\u30fb\u8a31\u8a8d\u53ef<\/span><\/p>\n

\u55b6\u696d\u8a31\u53ef\u3001\u5efa\u7bc9\u78ba\u8a8d\u3001\u706b\u707d\u5bfe\u5fdc\u7b49\u3092\u4e2d\u5fc3\u306b\u3001\u4e8b\u696d\u306b\u5fc5\u8981\u306a\u8a31\u8a8d\u53ef\u306e\u53d6\u5f97\u6f0f\u308c\u3084\u671f\u9650\u5207\u308c\u304c\u7121\u3044\u304b\u3001\u307e\u305f\u3001M&A\u5f8c\u306b\u5fc5\u8981\u3068\u306a\u308b\u8a31\u8a8d\u53ef\u306e\u78ba\u8a8d\u7b49\u3092\u884c\u3044\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

(3)\u4e0d\u52d5\u7523\u30fb\u52d5\u7523\u305d\u306e\u4ed6\u8cc7\u7523<\/span><\/p>\n

\u767b\u8a18\u72b6\u6cc1\u3001\u8cc7\u7523\u30ea\u30b9\u30c8\u3001\u79fb\u8ee2\u5c65\u6b74\u7b49\u3092\u78ba\u8a8d\u3057\u3001\u6240\u6709\u6a29\u306e\u6240\u5728\u3084\u62c5\u4fdd\u306e\u6709\u7121\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

(4)\u77e5\u7684\u8ca1\u7523\u6a29<\/span><\/p>\n

\u767b\u8a18\u72b6\u6cc1\u3001\u8cc7\u7523\u30ea\u30b9\u30c8\u3001\u79fb\u8ee2\u5c65\u6b74\u7b49\u3092\u78ba\u8a8d\u3057\u3001\u6240\u6709\u6a29\u306e\u6240\u5728\u3084\u62c5\u4fdd\u306e\u6709\u7121\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

(5)\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/span><\/p>\n

\u4e3b\u306b\u9280\u884c\u7b49\u304b\u3089\u306e\u501f\u5165\u308c\u3001\u501f\u5165\u5951\u7d04\u306b\u304a\u3051\u308b\u7279\u7d04\u306e\u6709\u7121\u7b49\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u878d\u8cc7\u306e\u62c5\u4fdd\u3068\u3057\u3066\u3001\u9280\u884c\u306b\u3088\u308b\u904e\u5ea6\u306e\u4ecb\u5165\u304c\u5b9a\u3081\u3089\u308c\u3066\u3044\u306a\u3044\u304b\u3001\u4ecb\u5165\u539f\u56e0\u3068\u3057\u3066\u306e\u50b5\u52d9\u4e0d\u5c65\u884c\u304c\u7121\u3044\u304b\u7b49\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

(6)\u5951\u7d04<\/span><\/p>\n

\u904e\u53bb\u306eM&A\u3001\u9867\u5ba2\u30fb\u53d6\u5f15\u5148\u3068\u306e\u5951\u7d04\u3092\u30c1\u30a7\u30c3\u30af\u3057\u307e\u3059\u3002\u904e\u53bb\u306eM&A\u306b\u3088\u308b\u6a29\u5229\u306e\u932f\u7d9c\u3084\u30b0\u30eb\u30fc\u30d7\u9593\u53d6\u5f15\u306b\u3088\u308b\u6069\u6075\u3001\u53ca\u3073\u4e3b\u8981\u5951\u7d04\u306b\u304a\u3051\u308b\u8af8\u6761\u4ef6\uff08\u7279\u306bChange Of Control\u6761\u9805\u7b49\uff09\u304c\u3001M&A\u5f8c\u306e\u4e8b\u696d\u306b\u3044\u304b\u306a\u308b\u5f71\u97ff\u3092\u53ca\u307c\u3059\u304b\u3001\u5206\u6790\u3092\u884c\u3044\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

(7)\u4eba\u4e8b<\/span><\/p>\n

\u96c7\u7528\u5951\u7d04\u66f8\u3001\u5404\u7a2e\u4fdd\u967a\u3001\u5f93\u696d\u54e1\u540d\u7c3f\u306e\u7cbe\u67fb\u3092\u4e2d\u5fc3\u3068\u3057\u3066\u3001\u5c31\u696d\u6761\u4ef6\u306e\u9069\u6cd5\u6027\u3001\u672a\u6255\u3044\u7d66\u4e0e\u306e\u6709\u7121\u3001\u52b4\u50cd\u7d44\u5408\u306e\u6d3b\u52d5\u72b6\u6cc1\u7b49\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u307e\u305f\u3001M&A\u5f8c\u306e\u30ad\u30fc\u3068\u306a\u308b\u4eba\u54e1\u306e\u628a\u63e1\u306b\u5fc5\u8981\u306a\u60c5\u5831\u3082\u53ce\u96c6\u3057\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

(8)\u8a34\u8a1f\u30fb\u7d1b\u4e89<\/span><\/p>\n

\u904e\u53bb\u306e\u8a34\u8a1f\u7d50\u679c\u306b\u3088\u308b\u51e6\u7f70\u30fb\u8ce0\u511f\u306e\u53ef\u80fd\u6027\u3001\u73fe\u5728\u884c\u308f\u308c\u3066\u3044\u308b\u8a34\u8a1f\u306e\u7d4c\u7def\u53ca\u3073\u6557\u8a34\u30ea\u30b9\u30af\u3092\u628a\u63e1\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u4ed6\u306e\u8abf\u67fb\u9805\u76ee\u3068\u95a2\u9023\u3057\u3066\u3001\u6f5c\u5728\u7684\u8a34\u8a1f\u30ea\u30b9\u30af\u306e\u628a\u63e1\u3082\u884c\u3044\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

<\/div>\n\n\n\n

\u5951\u7d04\u66f8\u30c9\u30e9\u30d5\u30c6\u30a3\u30f3\u30b0<\/span><\/h2>\n\n\n\n

\u6cd5\u52d9DD\u306e\u7d50\u679c\u3092\u3075\u307e\u3048\u3001\u5404\u30b9\u30ad\u30fc\u30e0\u306b\u304a\u3044\u3066\u5fc5\u8981\u3068\u306a\u308b\u5951\u7d04\u66f8\u3092\u4f5c\u6210\u3057\u307e\u3059\u3002
\u30af\u30e9\u30a4\u30a2\u30f3\u30c8\u306e\u610f\u898b\u3092\u53cd\u6620\u3057\u3064\u3064\u3001\u73fe\u5730\u306e\u4e8b\u60c5\u3092\u719f\u77e5\u3057\u305f\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30f3\u306e\u8996\u70b9\u304b\u3089\u3001\u30ea\u30b9\u30af\u30d8\u30c3\u30b8\u3068\u3057\u3066\u5b9a\u3081\u3066\u304a\u304f\u3079\u304d\u6761\u9805\u306e\u3054\u63d0\u6848\u3082\u884c\u3044\u3001M&A\u5f8c\u306e\u4e8b\u696d\u904b\u55b6\u3092\u5186\u6ed1\u306a\u3082\u306e\u306b\u3059\u308b\u304a\u624b\u4f1d\u3044\u3092\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

\u682a\u5f0f\u8b72\u6e21\u5951\u7d04\u66f8
(SPA:Share Purchase Agreement)<\/span><\/span><\/h3>\n

\u58f2\u624b\u304b\u3089\u8cb7\u624b\u3078\u306e\u682a\u5f0f\u8b72\u6e21\u3092\u8a3c\u3059\u308b\u66f8\u9762\u3067\u3042\u308a\u3001M&A\u306b\u304a\u3044\u3066\u3082\u4e00\u822c\u7684\u306a\u5951\u7d04\u66f8\u3067\u3059\u3002\u8b72\u6e21\u5f53\u4e8b\u8005\u3001\u8b72\u6e21\u682a\u5f0f\u6570\u3001\u91d1\u984d\u3092\u660e\u3089\u304b\u306b\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u682a\u5f0f\u8b72\u6e21\u306b\u969b\u3057\u3066\u306e\u6761\u4ef6\u306a\u3069\u3082\u8a18\u8f09\u3057\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

\u682a\u5f0f\u5272\u5f53\u5951\u7d04\u66f8
(SSA:Share Subscription Agreement)<\/span><\/span><\/h3>\n

\u58f2\u624b\u304c\u8cb7\u624b\u306b\u5bfe\u3057\u3001\u65b0\u682a\u3092\u5272\u308a\u5f53\u3066\u308b\u65e8\u306e\u5951\u7d04\u66f8\u3067\u3059\u3002\u8cb7\u624b\u304c\u3001\u65e2\u5b58\u682a\u5f0f\u306e\u7372\u5f97\u3060\u3051\u3067\u306f\u5e0c\u671b\u3059\u308b\u5272\u5408\u3092\u4fdd\u6709\u3067\u304d\u306a\u3044\u5834\u5408\u3001\u65b0\u682a\u3092\u5f15\u304d\u53d7\u3051\u308b\u3053\u3068\u306b\u3088\u308a\u5e0c\u671b\u3059\u308b\u5272\u5408\u3092\u7372\u5f97\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

\u682a\u4e3b\u9593\u5951\u7d04\u66f8
(SHA:Shareholders Agreement)<\/span><\/span><\/h3>\n

\u65e2\u5b58\u682a\u4e3b\u3068\u65b0\u682a\u4e3b\u9593\u3067\u306e\u53d6\u308a\u6c7a\u3081\u3067\u3059\u3002\u8cb7\u53ce\u6642\u306b\u8cb7\u624b\u304c\u682a\u5f0f\u306e\u904e\u534a\u6570\u3092\u7372\u5f97\u3067\u304d\u306a\u3044\u5834\u5408\u3084\u3001\u5408\u5f01\u5951\u7d04\u306b\u304a\u3044\u3066\u4ed6\u4f01\u696d\u306850%\u305a\u3064\u682a\u5f0f\u3092\u4fdd\u6709\u3059\u308b\u5834\u5408\u306a\u3069\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u652f\u914d\u6a29\u3092\u7372\u5f97\u3067\u304d\u306a\u3044\u5834\u5408\u306b\u306f\u3001\u30c7\u30c3\u30c9\u30ed\u30c3\u30af\u6761\u9805\u3084\u30a8\u30b0\u30b8\u30c3\u30c8\u6761\u9805\u304c\u7279\u306b\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002<\/span><\/p>\n\n\n\n

<\/div>\n\n\n\n

\u6cd5\u52d9\u30b5\u30dd\u30fc\u30c8<\/span><\/h2>\n\n\n\n

\u305d\u306e\u4ed6\u3001M&A\u306b\u95a2\u308f\u308b\u5404\u56fd\u6cd5\u898f\u306b\u95a2\u3059\u308b\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\u30b0\u30eb\u30fc\u30d7\u5185\u306e\u5404\u56fd\u62e0\u70b9\u30fb\u5f01\u8b77\u58eb\u30fb\u7a0e\u7406\u58eb\u30fb\u793e\u52b4\u58eb\u3068\u9023\u643a\u3057\u3001\u6cd5\u52d9\u304b\u3089\u4f1a\u8a08\u306b\u308f\u305f\u308b\u30ef\u30f3\u30b9\u30c8\u30c3\u30d7\u30b5\u30fc\u30d3\u30b9\u304c\u53ef\u80fd\u3067\u3059\u3002<\/span><\/p>\n\n\n\n

\u5916\u8cc7\u898f\u5236<\/span><\/h3>\n

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