{"id":1496,"date":"2026-04-09T13:58:07","date_gmt":"2026-04-09T13:58:07","guid":{"rendered":"https:\/\/mattersgraph.com\/?post_type=insight&#038;p=1496"},"modified":"2026-04-09T14:10:24","modified_gmt":"2026-04-09T14:10:24","slug":"044-part-1-of-4-the-returns-case-and-framework-for-moat-analysis-in-commercial-due-diligence","status":"publish","type":"insight","link":"https:\/\/mattersgraph.com\/ja\/insights\/044-part-1-of-4-the-returns-case-and-framework-for-moat-analysis-in-commercial-due-diligence\/","title":{"rendered":"044\u3001\u7b2c1\u90e8\uff08\u51684\u90e8\uff09\uff1a\u30ea\u30bf\u30fc\u30f3\u4e8b\u4f8b\u3068\u5546\u696d\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306b\u304a\u3051\u308b\u7d4c\u6e08\u7684\u5800\u5206\u6790\u306e\u67a0\u7d44\u307f"},"content":{"rendered":"<div  class=\"theme-block wp-block-group is-style-pull-left is-layout-flow wp-block-group-is-layout-flow\" ><h2  class=\"appear-on-scroll wp-block-heading\" ><span 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2007\u5e74\u304b\u30892009\u5e74\u306e\u91d1\u878d\u5371\u6a5f\u306e\u9593\u3001\u5e83\u3044\u5800\u3092\u6301\u3064\u4f01\u696d\u306f\u4fa1\u5024\u306e\u4e0b\u843d\u304c\u5c11\u306a\u304f\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u30ea\u30bf\u30fc\u30f3\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u4e0b\u843d\u4fdd\u8b77\u3092\u63d0\u4f9b\u3057\u307e\u3057\u305f\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308b\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u308b\u80fd\u529b\u306f\u3001&nbsp;<strong>\u51fa\u53e3\u3067\u306e\u8907\u6570\u56de\u306e\u62e1\u5f35<\/strong>.<\/p>\n\n<p class=\"appear-on-scroll 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wp-block-paragraph\"><strong>\u4f8b\uff1a\u30c0\u30ca\u30cf\u30fc\u306b\u3088\u308b\u30d9\u30c3\u30af\u30de\u30f3\u30fb\u30b3\u30fc\u30eb\u30bf\u30fc\u8cb7\u53ce\uff082011\u5e74\uff09<\/strong>&nbsp;14\u5146880\u5104\u7c73\u30c9\u30eb\u3067\u8cb7\u53ce\u3002\u7279\u5b9a\u3055\u308c\u5f37\u5316\u3055\u308c\u305f\u53c2\u5165\u969c\u58c1\uff1a\uff081\uff09\u5c0e\u5165\u30d9\u30fc\u30b9\uff0f\u5207\u308a\u66ff\u3048\u30b3\u30b9\u30c8\u2015\u81e8\u5e8a\u691c\u67fb\u5ba4\u306f\u6a5f\u5668\u306b\u4f9d\u5b58\u3057\u3066\u304a\u308a\u3001\u4ea4\u63db\u306b\u306f\u518d\u691c\u8a3c\u3068\u30ef\u30fc\u30af\u30d5\u30ed\u30fc\u306e\u4e2d\u65ad\u304c\u5fc5\u8981\u3002\uff082\uff09\u6d88\u8017\u54c1\uff0f\u66ff\u5203\u30e2\u30c7\u30eb\u2015\u9ad8\u5229\u76ca\u7387\u306e\u8a66\u85ac\u304b\u3089\u306e\u7d99\u7d9a\u7684\u306a\u53ce\u76ca\u3002\uff083\uff09\u898f\u5236\u4e0a\u306e\u53c2\u5165\u969c\u58c1\u2015FDA\u627f\u8a8d\u6e08\u307f\u306e\u6a5f\u5668\u304c\u969c\u58c1\u3068\u306a\u308b\u3002\uff084\uff09\u30d6\u30e9\u30f3\u30c9\uff0f\u54c1\u8cea\u4e0a\u306e\u53c2\u5165\u969c\u58c1\u2015\u75c5\u9662\u306f\u30df\u30c3\u30b7\u30e7\u30f3\u30af\u30ea\u30c6\u30a3\u30ab\u30eb\u306a\u6a5f\u5668\u306b\u78ba\u7acb\u3055\u308c\u305f\u30d6\u30e9\u30f3\u30c9\u3092\u4fe1\u983c\u3057\u3066\u3044\u308b\u3002\u00b2 6\u304b\u6708\u4ee5\u5185\u306b\u3001\u30c0\u30ca\u30cf\u30fc\u306f\u30d6\u30eb\u30fc\u30aa\u30fc\u30b7\u30e3\u30f3\u30d0\u30a4\u30aa\u30e1\u30c7\u30a3\u30ab\u30eb\u3092\u8cb7\u53ce\u3057\u3001\u30d9\u30c3\u30af\u30de\u30f3\u306e\u8840\u6db2\u5b66\u4e8b\u696d\u3092\u6d3b\u6027\u5316\u3055\u305b\u305f\u3002.<\/p>\n\n<hr  class=\"appear-on-scroll wp-block-separator has-alpha-channel-opacity\" \/>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\"><strong>\u5546\u696d\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306b\u304a\u3044\u3066\u3001\u306a\u305c\u5800\u304c\u91cd\u8981\u306a\u306e\u304b<\/strong><\/span><\/h2>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u9867\u5ba2\u60c5\u5831\u7ba1\u7406\uff08CIM\uff09\u306b\u304a\u3051\u308b\u7af6\u4e89\u512a\u4f4d\u6027\u306e\u4e3b\u5f35\u306f\u3001\u300c\u5f37\u56fa\u306a\u9867\u5ba2\u95a2\u4fc2\u300d\u300c\u72ec\u81ea\u306e\u6280\u8853\u300d\u300c\u5e02\u5834\u3092\u30ea\u30fc\u30c9\u3059\u308b\u30d6\u30e9\u30f3\u30c9\u300d\u300c\u9ad8\u3044\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30b3\u30b9\u30c8\u300d\u3068\u3044\u3063\u305f\u3001\u4e88\u6e2c\u53ef\u80fd\u306a\u30d1\u30bf\u30fc\u30f3\u306b\u9665\u308a\u304c\u3061\u3067\u3059\u3002\u305d\u306e\u6839\u62e0\u306f\u3001\u7d4c\u55b6\u9663\u306e\u4e3b\u5f35\u3001\u90fd\u5408\u306e\u826f\u3044\u9867\u5ba2\u306e\u58f0\u3001\u305d\u3057\u3066\u305b\u3044\u305c\u3044\u5c11\u6570\u306e\u9867\u5ba2\u7dad\u6301\u7387\u306e\u7d71\u8a08\u30c7\u30fc\u30bf\u306b\u9650\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u4f53\u7cfb\u7684\u306a\u9867\u5ba2\u306e\u58f0\uff08VoC\uff09\u8abf\u67fb\u306b\u3088\u3063\u3066\u305d\u306e\u4e3b\u5f35\u304c\u53b3\u5bc6\u306b\u691c\u8a3c\u3055\u308c\u305f\u308a\u3001\u65b9\u5411\u6027\u3092\u793a\u3059\u5206\u6790\u304c\u884c\u308f\u308c\u305f\u308a\u3059\u308b\u3053\u3068\u306f\u7a00\u3067\u3059\u3002.<\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u5800\u306fTargetCo\u304c\u6240\u6709\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u308c\u306f\u3001\u9867\u5ba2\u3068\u306e\u3042\u3089\u3086\u308b\u3084\u308a\u53d6\u308a\u3001\u88fd\u54c1\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u3001\u305d\u3057\u3066\u7af6\u5408\u4ed6\u793e\u3068\u306e\u7af6\u4e89\u306b\u304a\u3044\u3066\u3001\u5e38\u306b\u66f4\u65b0\u3057\u3001\u691c\u8a3c\u3057\u3001\u518d\u7372\u5f97\u3057\u3066\u3044\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u512a\u4f4d\u6027\u306a\u306e\u3067\u3059\u3002.<\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u5bb6\u3084\u6226\u7565\u7684\u8cb7\u53ce\u8005\u306b\u3068\u3063\u3066\u306e\u7591\u554f\u306f\u3001\u300cTargetCo\u306b\u306f\u7af6\u4e89\u512a\u4f4d\u6027\uff08\u5800\uff09\u304c\u3042\u308b\u306e\u304b\uff1f\u300d\u3067\u306f\u306a\u304f\u3001\u300cTargetCo\u306e\u7af6\u4e89\u512a\u4f4d\u6027\u306f\u62e1\u5927\u3057\u7d9a\u3051\u3066\u3044\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u7e2e\u5c0f\u3057\u59cb\u3081\u3066\u3044\u308b\u306e\u304b\uff1f\u300d\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u201c<\/p>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\"><strong>\u5800\u306f\u8907\u5408\u3057\u3066\u3044\u306a\u3051\u308c\u3070\u5800\u3068\u306f\u8a00\u3048\u306a\u3044<\/strong><\/span><\/h2>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30b3\u30b9\u30c8\u3001\u30d6\u30e9\u30f3\u30c9\u30ed\u30a4\u30e4\u30eb\u30c6\u30a3\u3001\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u52b9\u679c\u306e\u5b58\u5728\u306f\u3001\u3057\u3070\u3057\u3070\u691c\u8a3c\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u304c\u3001\u3053\u308c\u3089\u306e\u5c5e\u6027\u306f\u3001&nbsp;<strong>\u6fc0\u5316<\/strong>&nbsp;\u9867\u5ba2\u306e\u7d4c\u6e08\u72b6\u6cc1\u3001\u7af6\u5408\u3059\u308b\u4ee3\u66ff\u624b\u6bb5\u3001\u304a\u3088\u3073\u5e02\u5834\u306e\u52d5\u5411\u3068\u306e\u95a2\u9023\u306b\u304a\u3044\u3066\u3002.<\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u4e8b\u696d\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3067\u78ba\u8a8d\u3055\u308c\u305f\u5800\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u6700\u7d42\u7684\u306b\u624b\u306b\u3059\u308b\u5800\u3068\u306f\u9650\u3089\u306a\u3044\u3002\u5e02\u5834\u69cb\u9020\u306f\u5909\u5316\u3057\u3001\u9867\u5ba2\u306e\u55dc\u597d\u306f\u79fb\u308a\u5909\u308f\u308a\u3001\u7af6\u5408\u4ed6\u793e\u306f\u9069\u5fdc\u3057\u3001\u6280\u8853\u9769\u65b0\u306f\u5e02\u5834\u3092\u7834\u58ca\u3059\u308b\u3002\u8cfc\u5165\u3057\u305f\u5800\u306f\u78ba\u304b\u306b\u5b58\u5728\u3057\u305f\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u9759\u7684\u306a\u5800\u306f\u3084\u304c\u3066\u6642\u4ee3\u9045\u308c\u3068\u306a\u308b\u3002.<\/p>\n\n<p class=\"appear-on-scroll wp-block-paragraph\"><strong>\u8907\u6570\u306e\u7d4c\u6e08\u7684\u5800\u304c\u91cd\u306a\u308a\u5408\u3046\u3053\u3068\u3067\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u304c\u751f\u307e\u308c\u308b\u3002.<\/strong>&nbsp;\u8870\u9000\u3059\u308b\u5800\u306f\u51fa\u53e3\u30ea\u30b9\u30af\u3092\u751f\u307f\u51fa\u3057\u3001\u53ce\u76ca\u306f\u5e73\u5747\u5024\u306b\u56de\u5e30\u3059\u308b\u3002.<\/p>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\"><strong>\u5800\u304c\u5b9f\u969b\u306b\u5b88\u3063\u3066\u3044\u308b\u3082\u306e<\/strong><\/span><\/h2>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u771f\u306e\u5800\u306f&nbsp;<strong>\u30de\u30fc\u30b8\u30f3<\/strong>&nbsp;\u305d\u3057\u3066&nbsp;<strong>\u5171\u6709<\/strong>&nbsp;\u540c\u6642\u306b\u4ee5\u4e0b\u306e\u65b9\u6cd5\u3067\uff1a<\/p>\n\n<ol  class=\"appear-on-scroll-children wp-block-list\" >\n<li><strong>\u9867\u5ba2\u7372\u5f97\u30b3\u30b9\u30c8\u3092\u9577\u671f\u7684\u306b\u524a\u6e1b\u3059\u308b<\/strong>\u2014\u4fe1\u983c\u3001\u8a55\u5224\u3001\u307e\u305f\u306f\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u52b9\u679c\u306b\u3088\u308a\u6469\u64e6\u304c\u8efd\u6e1b\u3055\u308c\u308b<\/li>\n\n\n\n<li><strong>\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30b3\u30b9\u30c8\u306e\u975e\u5bfe\u79f0\u6027\u306e\u5897\u5927<\/strong>\u9867\u5ba2\u304c\u96e2\u308c\u3066\u3044\u304f\u306e\u306f\u3001\u30bf\u30fc\u30b2\u30c3\u30c8\u793e\u304c\u9867\u5ba2\u57fa\u76e4\u3092\u62e1\u5927\u3057\u3066\u3044\u304f\u3088\u308a\u3082\u96e3\u3057\u3044\u3002<\/li>\n\n\n\n<li><strong>\u7af6\u5408\u4ed6\u793e\u306e\u5bfe\u5fdc\u6642\u9593\u3092\u77ed\u7e2e\u3059\u308b<\/strong>TargetCo\u306e\u5730\u4f4d\u3092\u518d\u73fe\u3059\u308b\u306b\u306f\u3001\u6570\u5e74\u304b\u304b\u308b\u306e\u3067\u3042\u3063\u3066\u3001\u6570\u56db\u534a\u671f\u3067\u306f\u9593\u306b\u5408\u308f\u306a\u3044\u3002<\/li>\n\n\n\n<li><strong>\u4fa1\u683c\u8a2d\u5b9a\u306e\u4f59\u5730\u3092\u62e1\u5927\u3059\u308b<\/strong>\u76f8\u5bfe\u7684\u306a\u4fa1\u5024\u5275\u9020\u304c\u7af6\u4e89\u4e0a\u306e\u540c\u7b49\u6027\u3092\u4e0a\u56de\u308b<\/li>\n<\/ol>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u3053\u308c\u3089\u306e\u30c0\u30a4\u30ca\u30df\u30af\u30b9\u306e\u3044\u305a\u308c\u304b\u304c&nbsp;<strong>\u9006\u8ee2<\/strong>, TargetCo\u306b\u306f\u5800\u306f\u306a\u3044\u304c\u3001\u5800\u304c\u3042\u3063\u305f\u3068\u3044\u3046\u8a18\u61b6\u306f\u3042\u308b\u3002.<\/p>\n\n<hr  class=\"appear-on-scroll wp-block-separator has-alpha-channel-opacity\" \/>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\"><strong>Matters Graph\u306e7\u3064\u306e\u5800\u306b\u57fa\u3065\u304f\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af<\/strong><strong>\u8907\u5408\u5316 vs. \u9632\u5fa1 vs. \u8870\u9000<\/strong><\/span><\/h2>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u79c1\u305f\u3061\u306f7\u7a2e\u985e\u306e\u5800\u3092\u8a8d\u8b58\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u30bf\u30fc\u30b2\u30c3\u30c8\u4f01\u696d\u306b\u3064\u3044\u3066\u306f\u3001\u3053\u308c\u3089\u306e\u5800\u304c\u5b58\u5728\u3059\u308b\u304b\u3069\u3046\u304b\u3001\u307e\u305f\u305d\u308c\u3089\u304c\u3069\u306e\u3088\u3046\u306b\u6a5f\u80fd\u3057\u3066\u3044\u308b\u304b\uff08\u3064\u307e\u308a\u3001\u5800\u306f\u5f37\u5316\u3055\u308c\u3066\u3044\u308b\u306e\u304b\u3001\u9632\u5fa1\u3055\u308c\u3066\u3044\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u8870\u9000\u3057\u3066\u3044\u308b\u306e\u304b\uff09\u306b\u3064\u3044\u3066\u3001\u5546\u696d\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306b\u304a\u3044\u3066\u8a55\u4fa1\u3055\u308c\u308b\u3079\u304d\u3067\u3042\u308b\u3002<\/p>\n\n<ul  class=\"appear-on-scroll-children wp-block-list\" >\n<li><strong>\u8907\u5408\u7684\u306a\u5800<\/strong>&nbsp;\uff08\u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc\u306e\u5206\u6790\u306b\u3088\u308b\u3068\u3001\u3053\u306e\u512a\u4f4d\u6027\u306f\u52a0\u901f\u3057\u3066\u304a\u308a\u30012002\u5e74\u304b\u30892014\u5e74\u306b\u304b\u3051\u3066\u3001\u7d4c\u6e08\u7684\u5800\u306e\u5e83\u3044\u9298\u67c4\u304c\u3082\u305f\u3089\u3057\u305f\u5e74\u95936.61\u5146\u30da\u30bd\uff0815.91\u5146\u30da\u30bd\uff0d9.31\u5146\u30da\u30bd\uff09\u306e\u30ea\u30bf\u30fc\u30f3\u512a\u4f4d\u6027\u306b\u3088\u3063\u3066\u793a\u3055\u308c\u308b\u3088\u3046\u306b\u3001\u5e02\u5834\u5e73\u5747\u3092\u4e0a\u56de\u308b\u53ef\u80fd\u6027\u306b\u8ca2\u732e\u3057\u3066\u3044\u308b\u3002\uff09<\/li>\n\n\n\n<li><strong>\u5800\u3092\u5b88\u308b&nbsp;<\/strong>\uff08\u512a\u4f4d\u6027\u306f\u5b89\u5b9a\u3057\u3066\u3044\u308b\u304c\u3001\u62e1\u5927\u306f\u3057\u3066\u3044\u306a\u3044\uff09<\/li>\n\n\n\n<li><strong>\u673d\u3061\u679c\u3066\u305f\u5800<\/strong>&nbsp;\uff08\u305d\u306e\u512a\u4f4d\u6027\u306f\u8584\u308c\u3064\u3064\u3042\u308b\uff09<\/li>\n<\/ul>\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td>\u5800\u306e\u7a2e\u985e<\/td><td>\u8abf\u5408 \u2013 \u5546\u696d\u7528<br>\u52e4\u52c9\u30b7\u30b0\u30ca\u30eb<\/td><td>\u5f01\u8b77 \u2013 \u5546\u696d<br>\u52e4\u52c9\u30b7\u30b0\u30ca\u30eb<\/td><td>\u8001\u673d\u5316 \u2013 \u5546\u696d\u65bd\u8a2d<br>\u52e4\u52c9\u30b7\u30b0\u30ca\u30eb<\/td><\/tr><tr><td>1. \u5207\u308a\u66ff\u3048\u30b3\u30b9\u30c8<\/td><td>\u8907\u6570\u88fd\u54c1\u306e\u63a1\u7528\u304c\u5897\u52a0\u3001\u4ee3\u66ff\u30b5\u30a4\u30af\u30eb\u304c\u9577\u671f\u5316<\/td><td>\u9867\u5ba2\u7dad\u6301\u7387\u306f\u5b89\u5b9a\u3057\u3066\u304a\u308a\u3001\u30a2\u30c3\u30d7\u30bb\u30eb\u306f\u6700\u5c0f\u9650\u306b\u3068\u3069\u307e\u3063\u3066\u3044\u308b\u3002<\/td><td>\u30e2\u30b8\u30e5\u30fc\u30eb\u5229\u7528\u306e\u5897\u52a0\u3001\u7af6\u5408\u4ed6\u793e\u306f\u300c\u6a4b\u6e21\u3057\u300d\u30c4\u30fc\u30eb\u3092\u63d0\u4f9b<\/td><\/tr><tr><td>2. \u30d6\u30e9\u30f3\u30c9\u30a8\u30af\u30a4\u30c6\u30a3<\/td><td>\u9867\u5ba2\u7372\u5f97\u30b3\u30b9\u30c8\uff08CAC\uff09\u306f\u4f4e\u4e0b\u50be\u5411\u306b\u3042\u308a\u3001\u30a4\u30f3\u30d0\u30a6\u30f3\u30c9\u30b7\u30a7\u30a2\u306f\u4e0a\u6607\u3001\u4fa1\u683c\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u62e1\u5927\u3057\u3066\u3044\u308b\u3002<\/td><td>\u682a\u4fa1\u306f\u5b89\u5b9a\u3057\u3066\u304a\u308a\u3001\u30d6\u30e9\u30f3\u30c9\u8a8d\u77e5\u5ea6\u3082\u9ad8\u3044\u3002<\/td><td>\u4fa1\u683c\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u7e2e\u5c0f\u3001\u30b7\u30a7\u30a2\u7dad\u6301\u306e\u305f\u3081\u306e\u652f\u51fa\u5897\u52a0<\/td><\/tr><tr><td>3. \u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u52b9\u679c<\/td><td>\u30e6\u30fc\u30b6\u30fc\u3042\u305f\u308a\u306e\u4fa1\u5024\u306f\u898f\u6a21\u3068\u3068\u3082\u306b\u4e0a\u6607\u3002\u5f8c\u671f\u30b3\u30db\u30fc\u30c8\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u512a\u308c\u3066\u3044\u308b\u3002<\/td><td>\u53c2\u52a0\u8005\u306e\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8\u306f\u5404\u30b0\u30eb\u30fc\u30d7\u9593\u3067\u5b89\u5b9a\u3057\u3066\u3044\u308b<\/td><td>\u98fd\u548c\u72b6\u614b\u304c\u78ba\u8a8d\u3067\u304d\u308b\u3002\u30de\u30eb\u30c1\u30db\u30fc\u30df\u30f3\u30b0\u304c\u5897\u52a0\u4e2d\u3002<\/td><\/tr><tr><td>4. \u30c7\u30fc\u30bf\u512a\u4f4d\u6027<\/td><td>\u7af6\u5408\u4ed6\u793e\u3068\u6bd4\u8f03\u3057\u3066\u4e88\u6e2c\u7cbe\u5ea6\u306b\u5927\u304d\u306a\u5dee\u304c\u3042\u308a\u3001\u9867\u5ba2\u306f\u6d1e\u5bdf\u3092\u5f97\u308b\u305f\u3081\u306b\u6599\u91d1\u3092\u652f\u6255\u3046\u3002<\/td><td>\u30c7\u30fc\u30bf\u306f\u793e\u5185\u3067\u306e\u307f\u4f7f\u7528\u3055\u308c\u3001\u9867\u5ba2\u306b\u306f\u77e5\u3089\u3055\u308c\u306a\u3044\u3002<\/td><td>\u7af6\u5408\u4ed6\u793e\u306f\u63d0\u643a\u3092\u901a\u3058\u3066\u30c7\u30fc\u30bf\u683c\u5dee\u3092\u89e3\u6d88\u3057\u3066\u3044\u308b<\/td><\/tr><tr><td>5. \u751f\u614b\u7cfb\u306e\u30ed\u30c3\u30af\u30a4\u30f3<\/td><td>\u9867\u5ba2\u306b\u3088\u308b\u30ab\u30b9\u30bf\u30e0\u30ef\u30fc\u30af\u30d5\u30ed\u30fc\u306e\u69cb\u7bc9\u3001\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u4e0a\u306e\u4f9d\u5b58\u95a2\u4fc2\u306e\u6df1\u5316<\/td><td>\u7d71\u5408\u6a5f\u80fd\u306f\u826f\u597d\u3002\u591a\u5c11\u306e\u4e0d\u5177\u5408\u3042\u308a\u3002<\/td><td>\u7d71\u5408\u306f\u8907\u88fd\u3055\u308c\u308b\u3002\u53cc\u65b9\u5411\u306e\u307f\u3002<\/td><\/tr><tr><td>6. \u30b3\u30b9\u30c8\u9762\u3067\u306e\u512a\u4f4d\u6027<\/td><td>\u898f\u6a21\u306e\u62e1\u5927\u306b\u4f34\u3044\u5358\u4f4d\u30b3\u30b9\u30c8\u306f\u4f4e\u4e0b\u3059\u308b\u304c\u3001\u5229\u76ca\u7387\u306e\u5dee\u306f\u62e1\u5927\u3059\u308b\u3002<\/td><td>\u30b3\u30b9\u30c8\u69cb\u9020\u306f\u5b89\u5b9a\u3057\u3066\u304a\u308a\u3001\u5229\u76ca\u7387\u3082\u7dad\u6301\u3055\u308c\u3066\u3044\u308b\u3002<\/td><td>\u7af6\u5408\u4ed6\u793e\u304c\u30b3\u30b9\u30c8\u5dee\u3092\u7e2e\u3081\u3066\u3044\u308b<\/td><\/tr><tr><td>7. \u5206\u5e03<\/td><td>\u30c1\u30e3\u30cd\u30eb\u5bc6\u5ea6\u304c\u5897\u52a0\u3001\u72ec\u5360\u7684\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u304c\u62e1\u5927<\/td><td>\u6d41\u901a\u306f\u5b89\u5b9a\u3057\u3066\u304a\u308a\u3001\u30ab\u30d0\u30fc\u7bc4\u56f2\u3082\u7dad\u6301\u3055\u308c\u3066\u3044\u308b\u3002<\/td><td>\u7af6\u5408\u4ed6\u793e\u306b\u3088\u308b\u30ab\u30d0\u30ec\u30c3\u30b8\u306e\u91cd\u8907\u3001\u30c1\u30e3\u30cd\u30eb\u7af6\u5408<\/td><\/tr><\/thead><\/table><\/figure>\n\n\n<hr  class=\"appear-on-scroll wp-block-separator has-alpha-channel-opacity\" \/>\n\n<p class=\"appear-on-scroll wp-block-paragraph\">\u8cc7\u7523\u304c\u3001\u7d14\u30d9\u30fc\u30b9\u3067\u3001\u8870\u9000\u3059\u308b\u5800\u3067\u306f\u306a\u304f\u3001\u8907\u5229\u7684\u306b\u62e1\u5927\u3059\u308b\u5800\u3092\u6301\u3063\u3066\u3044\u308b\u5834\u5408\u3001\u305d\u308c\u306f\u4fa1\u5024\u5275\u9020\u306e\u305f\u3081\u306e\u9577\u671f\u7684\u306a\u4f59\u5730\u3092\u6301\u3064\u30d7\u30ec\u30df\u30a2\u30e0\u8cc7\u7523\u3068\u306a\u308a\u5f97\u308b\u3002.<\/p>\n\n<ul  class=\"appear-on-scroll-children wp-block-list\" >\n<li>\u3082\u3057&nbsp;<strong>\u5800\u306f\u91cd\u306a\u308a\u5408\u3063\u3066\u3044\u308b<\/strong>, TargetCo\u306f\u3001\u4fa1\u5024\u5275\u9020\u306e\u4f59\u5730\u304c\u9577\u304f\u3001\u512a\u826f\u8cc7\u7523\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/li>\n\n\n\n<li>\u3082\u3057&nbsp;<strong>\u5800\u306f\u9632\u5fa1\u3057\u3066\u3044\u308b<\/strong>, TargetCo\u306f\u5b89\u5b9a\u3057\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u304c\u3001\u4fa1\u5024\u5275\u9020\u306b\u306f\u9650\u754c\u304c\u3042\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002\u682a\u4fa1\u500d\u7387\u306e\u62e1\u5927\u3088\u308a\u3082\u696d\u52d9\u6539\u5584\u306b\u6ce8\u529b\u3059\u3079\u304d\u3067\u3042\u308b\u3002<\/li>\n\n\n\n<li>\u3082\u3057&nbsp;<strong>\u5800\u306f\u673d\u3061\u679c\u3066\u3066\u3044\u308b<\/strong>, TargetCo\u306f\u53ce\u7a6b\u671f\u306b\u5165\u3063\u3066\u304a\u308a\u3001\u6295\u8cc7\u30ea\u30b9\u30af\u306f\u9ad8\u3044\u3002<\/li>\n<\/ul>\n\n<p class=\"appear-on-scroll wp-block-paragraph\"><a href=\"https:\/\/mattersgraph.com\/ja\/briefs\/articles\/part-2-of-4-matters-graphs-seven-moat-commercial-diligence-diagnostic-voice-of-customer-methodologies\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>044\u3001\u30d1\u30fc\u30c82\uff1a\u30de\u30bf\u30fc\u30ba\u30b0\u30e9\u30d5\u306e7\u3064\u306e\u5800\u5546\u696d\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u8a3a\u65ad\u3078<\/em><\/a><\/p><\/div>\n\n<div class=\"wp-block-theme-blocks-footnotes appear-on-scroll is-style-pull-left\"><div class=\"block-label\">\u00b9 \u51fa\u5178\uff1a\u300c\u6301\u7d9a\u53ef\u80fd\u306a\u7af6\u4e89\u512a\u4f4d\u6027\u3068\u682a\u4fa1\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\uff1a\u30ef\u30a4\u30c9\u30e2\u30fc\u30c8\u682a\u306e\u4e8b\u4f8b\u300d\u3001Applied Economics\u30012016\u5e74\u3002\u3053\u306e\u7814\u7a76\u3067\u306f\u30012002\u5e746\u6708\u304b\u30892014\u5e745\u6708\u307e\u3067\u306e\u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc\u306e\u30ef\u30a4\u30c9\u30e2\u30fc\u30c8\u5206\u985e\u3092\u5206\u6790\u3057\u3001\u30ef\u30a4\u30c9\u30e2\u30fc\u30c8\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304cS&amp;P 500\u6307\u6570\u3068\u30e9\u30c3\u30bb\u30eb3000\u6307\u6570\u3092\u4e0a\u56de\u308a\u3001\u30b7\u30e3\u30fc\u30d7\u30ec\u30b7\u30aa\u3001\u30bd\u30eb\u30c6\u30a3\u30fc\u30ce\u30ec\u30b7\u30aa\u3001\u30c8\u30ec\u30a4\u30ca\u30fc\u30ec\u30b7\u30aa\u304c\u9ad8\u304f\u3001\u30ab\u30fc\u30cf\u30fc\u30c84\u30d5\u30a1\u30af\u30bf\u30fc\u30e2\u30c7\u30eb\u3068\u30d5\u30a1\u30de\u30fb\u30d5\u30ec\u30f3\u30c15\u30d5\u30a1\u30af\u30bf\u30fc\u30e2\u30c7\u30eb\u3092\u4f7f\u7528\u3057\u305f\u30ea\u30b9\u30af\u8abf\u6574\u6e08\u307f\u30a2\u30eb\u30d5\u30a1\u304c\u5927\u5e45\u306b\u30d7\u30e9\u30b9\u3067\u3042\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3057\u305f\u3002.<br><br>\u00b2 \u30d9\u30c3\u30af\u30de\u30f3\u30fb\u30b3\u30fc\u30eb\u30bf\u30fc\u306e\u7d4c\u6e08\u7684\u5800\u5206\u6790\u306f\u3001\u30c0\u30ca\u30cf\u30fc\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u516c\u958b\u66f8\u985e\u3001\u6295\u8cc7\u5bb6\u5411\u3051\u30d7\u30ec\u30bc\u30f3\u30c6\u30fc\u30b7\u30e7\u30f3\u3001\u304a\u3088\u3073\u30e2\u30fc\u30cb\u30f3\u30b0\u30b9\u30bf\u30fc\u306e\u682a\u5f0f\u8abf\u67fb\u30ec\u30dd\u30fc\u30c8\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3059\u3002\u30d9\u30c3\u30af\u30de\u30f3\u306e\u8cb7\u53ce\u5b8c\u4e86\u304b\u30896\u304b\u6708\u4ee5\u5185\u306b\u884c\u308f\u308c\u305f\u30c0\u30ca\u30cf\u30fc\u306b\u3088\u308b\u30d6\u30eb\u30fc\u30aa\u30fc\u30b7\u30e3\u30f3\u30fb\u30d0\u30a4\u30aa\u30e1\u30c7\u30a3\u30ab\u30eb\u306e\u8cb7\u53ce\u306f\u3001\u30c0\u30ca\u30cf\u30fc\u306e2011-2012\u5e74\u5ea6\u5e74\u6b21\u5831\u544a\u66f8\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u307e\u3059\u3002.<\/div><div class=\"block-footnotes\">\n\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>\u306a\u305c\u5800\u304c\u91cd\u8981\u306a\u306e\u304b\uff1a\u6295\u8cc7\u53ce\u76ca\u306b\u95a2\u3059\u308b\u8a3c\u62e0 \u5b9a\u91cf\u7684\u8a3c\u62e0\uff1a\u7d4c\u6e08\u7684\u5800\u306f\u5353\u8d8a\u3057\u305f\u53ce\u76ca\u3092\u3082\u305f\u3089\u3059 \u7814\u7a76\u306f\u4e00\u8cab\u3057\u3066\u3001\u6301\u7d9a\u7684\u306a\u7af6\u4e89\u512a\u4f4d\u6027\u3092\u6301\u3064\u4f01\u696d\u304c\u5927\u5e45\u306b\u9ad8\u3044\u53ce\u76ca\u3092\u751f\u307f\u51fa\u3059\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u308b\uff1a\u5e83\u3044\u5800\u3092\u6301\u3064\u4f01\u696d\u2026<\/p>","protected":false},"author":[39],"featured_media":0,"template":"","meta":{"featured_image_background_position":"","promoted":false,"promoted-priority":0,"footnotes":""},"sector":[],"topic":[98,147],"audience":[],"insight-category":[144],"class_list":["post-1496","insight","type-insight","status-publish","hentry","topic-competitive-position","topic-moats","insight-category-competitive-position","author-mark-stein"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>044, Part 1 of 4: The Returns Case and Framework for Moat Analysis in Commercial Due Diligence - Matters 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