M&Aの過程において、財務デューデリジェンスは欠かせないステップとなっています。
基本合意が成立した段階で始められることが一般的で、このプロセスでは譲受側が譲渡側の財務状況について詳細に調査します。
この調査によって、最終合意に向けた進展が図られるのがM&Aにおける通常の流れです。
この記事では、M&Aにおける財務デューデリジェンスの目的と進め方について詳しく説明します。
M&Aの財務デューデリジェンスの目的
M&Aにおける財務デューデリジェンスは譲受側が譲渡側の財務諸表を厳密に分析するプロセスで、企業の価値や潜在的なリスクを詳細に調査します。
この調査はM&Aの定石であり、非常に重要な役割を果たします。
なぜなら、M&Aが完了した後に財務上の問題が発覚すると、企業経営が危機に陥ることがあるからです。
そのようなリスクを未然に防ぐため、財務デューデリジェンスでは過去の財務諸表を基に将来のリスクを予測し、M&A後の経営が困難にならないように計画します。
財務リスクの網羅的な洗い出し
財務デューデリジェンスの主要な目的は、譲渡先が持つ財務リスクを正確に把握することです。
M&Aの過程で譲受側が未知の財務問題を引き継いでしまうと、両企業が共倒れの危機に陥る可能性があるためこの調査は極めて重要です。
財務諸表の分析により、債務状況を含む簿外債務まで詳細に調査し、業績や収益力についても数字ベースで精確に理解します。
簿外債務が存在する場合や、収益力が当初の説明よりも低い場合など契約を不利にしないように、これらの情報を交渉の根拠として活用することができます。
譲渡企業の正しい価値評価
財務デューデリジェンスは、M&Aの譲渡価額を適正にするための重要なプロセスです。
譲渡側の価値を評価する際、財務諸表に基づいた業績の分析が不可欠となります。
この分析を通じて譲渡企業の評価価額が適切かどうかを判断し、必要に応じて金額の調整を行うための根拠となる情報を提供します。
財務デューデリジェンスは、M&Aの契約条件や取引の構造を交渉する際の基盤となる情報も提供するため、このプロセスはM&Aの成功にとって欠かせない要素となります。
譲受企業のM&Aの可否判断
財務デューデリジェンスは、譲受側にとってM&Aの実施可否を判断する際の最終的な基準となることが多いです。
初期の打ち合わせで理解していた財務状況と異なり、負債が想定以上に大きかったり、売上利益が伸び悩んでいたりする場合M&Aの負担が過大になる恐れがあります。
そのような状況では、M&Aの断念が選択されることもあるでしょう。
財務諸表は企業価値を明確に示す数値指標となるため、M&Aの最終判断において重要な役割を果たします。
財務状況に基づくM&A後のPMI計画の土台作り
M&A成立後のPMI計画の策定に必要な情報を契約前に収集することも、財務デューデリジェンスの目的です。
PMIの過程で財務の改善が見込めない場合、M&Aは失敗するリスクが高まります。
プレPMIの段階で、M&A後の統合計画の基盤を構築し、将来の企業成長を促進する仕組みを検討するために財務デューデリジェンスは不可欠です。
この調査を通じて、M&Aが成功へと導かれるかどうかの重要な判断材料が得られるのです。
M&Aにおける財務デューデリジェンスの進め方・流れ
M&Aにおける財務デューデリジェンスは外部に依頼して進めるのが一般的です。
ここでは財務デューデリジェンスの流れを簡単に解説します。
公認会計士や監査法人への依頼
財務デューデリジェンスは、公認会計士や監査法人などに依頼して調査します。
客観的な視点で調査して評価結果を受け取れるので、自社のバイアスがかからないのがメリットです。
M&Aに伴う財務デューデリジェンスについて相談したいと伝えれば、経験のある専門家ならすぐに対応してくれます。
財務諸表や会計資料の収集と整理
専門家に依頼をしたら、調査範囲を策定して作業を進めてもらいます。
譲渡側の企業に、財務諸表や会計資料の開示を請求して取り寄せます。
公開されているIR情報なども収集するのが一般的です。
そして、集められた情報を整理して一連の資料にまとめます。
損益・財政・資金繰りの分析
M&Aの財務デューデリジェンスでは損益、財政、資金繰りを中心として徹底した調査を実施して資料を分析します。
収益力があるか、運転資金はあるか、負債の状況はどのようになっているかといった点や、キャッシュフロー、固定資産などの状況を確認してまとめていくのが基本的な進め方です。
不明点がある場合には、譲渡側の経営者や財務担当者に対してヒアリングを実施して、財務状況についての正確な状況を確認します。
依頼先からの結果報告と改善提案
一通りの調査と分析が終わった時点で、依頼先から財務デューデリジェンスの調査結果の報告があります。
M&Aによる財務の面からのベネフィットとリスクについての報告だけでなく、改善の可能性についての提案も受けられるのが一般的です。
まとめ
M&Aの過程において、財務デューデリジェンスは絶対に必要なステップです。
譲受側は譲渡側の財務状況を詳細に理解し、M&A後の成長可能性や、負債などの負担が予想以上に大きくないかを確認する必要があります。
専門家に依頼して客観的な財務デューデリジェンスの報告を受け、必要に応じて契約条件を再交渉することが重要です。
M&Aが成功に向けて適切に進行するように財務デューデリジェンスを進めましょう。
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