ベンチャー投資等に係る制度検討会報告書 （PDF形式
Contents
1.2.
3.
4. 29 29 2 1 6
5. M amp A IPO M amp A
6. 3 15 2 E
7. 54 3 1
8. 36 2 22 56
9. 3
10. 9 lt E 69
11. 5 6 68 4 04
12. CFO 64 1 26 12 2 9 80 2
13. 5 WT ar H
14. 37 3
15. l 1 10 1 1 108
16. 50 39
17. MBO a 30 2 1
18. 16 1 1
19. Qc 35 NVCA National Venture Capital Association HP http nvca org resources model legal documents Term sheet 55 389
20. 1 OG i 1 6 6
21. 35
22. IPO 14 15 ah ia
23. 14 14 ET 14 6 183 30
24. E FE 1
25. Ne H15 8 11 6 31 32 33 84 238 239 HP http www cour
26. preferred stock 9 3 1
27. 4 EN EO 1
28. 1 4 1 2 1
29. A A A A A A 1 1 A A
30. 15 16 FPI SLM EE SCD E C CC gt 16 2015 39 2 40 1
31. 6 7 8 4 2 50 20
32. IPO a
33. a 4 SN 40 http www fsa go jp singi singi_kinyu tosin 20131225 1 html 41 http wwwr chusho meti go jp kinyu
34. E E tk
35. 5 1 0 lt 5 4 M amp A EXI
36. M amp A 1 41 1 1 ke 108 18 7
37. 1 2
38. 192 deemed 1iquidation 5 13
39. 18 3 1 1 1H 1
40. 2 0 1 1 322 2 E gt 3 59
41. 1
42. 9 2 2 EE 3 2
43. 2 1 mee AIN 1 H 1 HH kr HH
44. deemed liquidation 53
45. 4 284
46. 16 I 17
47. 8 MBO Management by Objectives
48. 28 E 4 E 1
49. 31 82 24 4 24 22 1212 H24 4 24 33 34 2 H15 6 24
50. f M amp A 9 e 2 E KA 322 1 2 39
51. 1 28 M amp A EXIT 80 M amp A EXIT 28 23 Practice Aid Valuation of Privately Held Company Equity Securities 1ssued as Compensation M
52. 108 1 1 IPO 4 RS 8 5 NE 1iquidation preference
53. EE x H M amp A f
54. me 3 3 8 9 322 1 322 3 58 322 1
55. 2 97 2 19 1 1 IPO 3 6 9 10 4 04 2 55 2 19 IPO 04 2 55 2 19 10 8 0O 7 00 1 6G 001 00 001 3 001 00 1 001 0 0041 1 9
56. 1 1 26 4 53 1 8 2 7 53 36 40 45 1 1 1 1 3
57. 50 34 H 18 35
58. 2 20 2 2 7 5 7 10 2 5 10 8 9 100 90 80
59. 38 2
60. LLP KDD 1 KDD 1 1 1 4
61. M amp A M amp A M amp A M amp A 49 M amp A 29 2 1 6 29
62. 2 9 238 24 a A A A 1 A
63. 1 100 12 I 2 5 11 12 5 15 5 11
64. 768 2 773 2 VLF 2010 277 42 6 6 27 27 27 24 23 27 A 25 23 11
65. 6 8 51 1 2 34 1 3 E 3
66. 1 co kt MR OF 2014 9 6 1 1 Q F 23 11 23
67. 1 2 2 3 2 1 3 4 4 3 3 4 2
68. 5 IT 43 2 23 10 1
69. CFO 1 2 1
70. 2 3 i Rt tt 31 1 10 100
71. 5 TIPO 1 10 22 4
72. 1 200 a E 2 10 H 29 2 1 6 E 238 3 1 31 38
73. E 1 i 321 A 2 E 22 s AE
74. Ki 322 1 322 1 A B C 22 1 60 4 1 3 E
75. 3 _ IPO LM amp A IPO 7 M amp A F M amp A
76. E 27 3 ON 5 1 aR 6 2 kkk a aa 7 2 9 1 10 1 aiai 11 11 kk 12 3 19 MNO 31 1 31 0 ki 31 3
77. 4 1 E E E 200 20 52 3
78. 25 11 53 1 0 1 2 M amp A 2004 4 Practice Aid Valuation of Privately Held Company Equity Securities Issued as Compensation
79. 3 E 1 3 pd a
80. EE rd om zm omzm 20 50 200 150 100 20 2 10 2 000 8 000 8 000 100 8 000 10 000 80 200 150 100 50 1
81. 0 YY L 1 749 2 1 19 E A 20
82. 7 9 2014 I 57 98 CO i A C 3 M amp A E M amp A
83. 32 12 5 12 5 100 12 3 393 3 MM f 3 1 N 4 1
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85. 2 5 10 4 8 000 2 6 F 23 7 3 E EX 19 IT 2 2 5 8 000 8 00078 000 100 8 000716 000 50
86. EE 29 by
87. 6 oS 46 EXIT 5 5
88. 1 ll
89. 2 E E E 2 E
90. 26 12 j 16 9 00 11 30 10 30 M amp A 8 NR 6 10 00 4 27 8 1 gt 0 10 30 12 00 12 00 65
91. lt HH
92. O T 48 2 IPO IPO M amp A EXIT
93. 70 60 50 100 1 2014 26 9 2 9 ul 12 2014 7
94. Ne 6 5 12 25 4 0 M amp A
95. 50 000 A 1 G 1 6 1 1 1 1
96. 44 1 j 749 2 ll 1 26 27 1 1
97. ln EE E 4 3 3 F E Lm gt 9 28 G 3
98. E 1 IPO 1 1 IPO E 5 6 ITPO 5
99. T 80 k l X 1 5 X80 47
100. keneihosyou 61 3 62 1
101. ts go jp 593 H18 6 19 E 3 1 2 3 1 7 8 7 2 8 0 2 1 1 E E
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