ベンチャー投資等に係る制度検討会 報告書 有限責任監査
Contents
1.2.
3.
4.
5.
6.
7. 29 29 2 1 6
8. M amp A IPO M amp A
9. 3 15 2 E
10. 54 3 1
11. M amp A 1
12. 36 2 22 56
13. 3
14. 9 lt E 69
15. 5 6 68 4 04
16. CFO 64 1 26 12 2 9 80 2
17. 5 WT ar H
18. A A A 1 A 2 A A A A 1 1 A A
19. 37 3
20. l 1 10 1 1 108
21. 22 2 2 1 29
22. 50 39
23. MBO a 30 2 1
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26. Qc 35 NVCA National Venture Capital Association HP http nvca org resources model legal documents Term sheet 55 389
27. 1 OG i 1 6 6
28. 1 1 2 3 4 3 2 3 i 4 1
29. RS a 1
30. 35
31. 23 2 3 1 2014 26 6 24 2 23 1
32. IPO 14 15 ah ia
33. deemed liquidation i
34. 14 14 ET 14 6 183 30
35. E FE 1
36. 200 20 1 3
37. 26 M amp A 2 2 IPO M amp A EXIT i
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39. preferred stock 9 3 1
40. 4 EN EO 1
41. 1 4 1 2 1
42. A A A A A A 1 1 A A
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49. NVCA National Venture Capital Association 28 273
50. 5 1 0 lt 5 4 M amp A EXI
51. M amp A 1 41 1 1 ke 108 18 7
52. MBO Management by Objectives Appendix 108 liquidation Dreference PO
53. A SO 20
54. 1 2
55. 6 68 4 04 2 97 2 19 1 1 IPO 23 11 22
56. 1 1 2 2 2 3 EO 3 3 4 4 3 4 4 6
57. 1 _ lt 2 EE 2 eH
58. 192 deemed 1iquidation 5 13
59. 18 3 1 1 1H 1
60. 2 0 1 1 322 2 E gt 3 59
61. IPO 1 100 1
62. 10 Ed ok z ow omzm moooW 20 50 a Appendix IPO Exit
63. 1
64. 3 21 1 2 108 1
65. 1 23 11 27 2 A A A 23 1 2
66. 9 2 2 EE 3 2
67. 2 1 mee AIN 1 H 1 HH kr HH
68. deemed liquidation 53
69. M amp A IFRS M amp A VC M amp A M amp A M amp A M amp A M amp A IFRS IFRS M amp A
70. 4 284
71. 16 I 17
72. NE lt PS M amp A M amp A M amp A M amp A M amp A M amp A IFR
73. ge N 1 2 preferred stock
74. 8 MBO Management by Objectives
75. 28 E 4 E 1
76. CFO 32 M amp A 27 3 LLP KDD
77. 31 82 24 4 24 22 1212 H24 4 24 33 34 2 H15 6 24
78. f M amp A 9 e 2 E KA 322 1 2 39
79. Appendix a sm em
80. 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
81. 108 1 1 IPO 4 RS 8 5 NE 1iquidation preference
82. EE x H M amp A f
83. me 3 3 8 9 322 1 322 3 58 322 1
84. 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
85. 1 1 26 4 53 1 8 2 7 53 36 40 45 1 1 1 1 3
86. 50 34 H 18 35
87. 2 20 2 2 7 5 7 10 2 5 10 8 9 100 90 80
88. 38 2
89. LLP KDD 1 KDD 1 1 1 4
90. M amp A M amp A M amp A M amp A 49 M amp A 29 2 1 6 29
91. 2 9 238 24 a A A A 1 A
92. 1 100 12 I 2 5 11 12 5 15 5 11
93. Appendix Appendix NN 16 17 18 M amp A
94. 768 2 773 2 VLF 2010 277 42 6 6 27 27 27 24 23 27 A 25 23 11
95. 15 7 5 1 2 KPI A SO B SO C SO h 84 yy 4 1 M amp A So 1 99 1 1
96. 6 8 51 1 2 34 1 3 E 3
97. KDDI M amp A 2014
98. 1 co kt MR OF 2014 9 6 1 1 Q F 23 11 23
99. 1 2 2 3 2 1 3 4 4 3 3 4 2
100. 5 IT 43 2 23 10 1
101. 1 30 31
102. CFO 1 2 1
103. 2 3 i Rt tt 31 1 10 100
104. M amp A 80 20 2 MET TT 100 90 80 70 60 50 1 100 2014 Y
105. i 5 108 P 23 15 1
106. 5 TIPO 1 10 22 4
107. 1 200 a E 2 10 H 29 2 1 6 E 238 3 1 31 38
108. 25 M amp A 1 2 IPO M amp A IPO IPO M amp A EXIT
109. E 1 i 321 A 2 E 22 s AE
110. Ki 322 1 322 1 A B C 22 1 60 4 1 3 E
111. 1 1 0
112. IFRS M amp A IFRS 2 IFRS IFRS
113. 2 22 24 1 M amp A
114. 3 _ IPO LM amp A IPO 7 M amp A F M amp A
115. 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
116. 4 1 E E E 200 20 52 3
117. IFRS M amp A M amp A M amp A IFRS IFRS 1IFRS IFRS M amp A M amp A VC VC IPO M amp A VC
118. 25 11 53 1 0 1 2 M amp A 2004 4 Practice Aid Valuation of Privately Held Company Equity Securities Issued as Compensation
119. 29 3 3 322 1 322 1 1
120. M amp A M amp A ea M amp A IFRS IFRS IFRS IFRS IFRS IFRS IFRS 2
121. 3 E 1 3 pd a
122. 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
123. M amp A M amp A M amp A No M amp A EXIT 8 M amp A M amp A M amp A IFRS M amp A IFRS
124. 0 YY L 1 749 2 1 19 E A 20
125. 7 9 2014 I 57 98 CO i A C 3 M amp A E M amp A
126. 1 IPO 2014 2 2
127. 32 12 5 12 5 100 12 3 393 3 MM f 3 1 N 4 1
128. M amp A M amp A M amp A IFRS IFRS IFRS IFRS M amp A IFRS
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130. 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
131. LLP KDD KDDI Appendix
132. EE 29 by
133. y AICPA 24 2 2 HP http www meti go jp policy newbusiness stock_optior 1
134. 6 oS 46 EXIT 5 5
135. 23 35 9 4 53 36 40
136. 4 2014 NN ST 2 2 9 en 20
137. 1 ll
138. 2 E E E 2 E
139. 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 27 3
140. lt HH
141. O T 48 2 IPO IPO M amp A EXIT
142. 70 60 50 100 1 2014 26 9 2 9 ul 12 2014 7
143. M amp A IPO Exit M amp A M amp A M amp A PMI M amp A CF IFRS
144. Ne 6 5 12 25 4 0 M amp A
145. 50 000 A 1 G 1 6 1 1 1 1
146. 44 1 j 749 2 ll 1 26 27 1 1
147. ln EE E 4 3 3 F E Lm gt 9 28 G 3
148. 0 31 3 23 11 M amp A 1 IPO M amp A 222 Exit gt ki IPO M amp A gt 1 j
149. E 1 IPO 1 1 IPO E 5 6 ITPO 5
150. S M amp A PP IFRS M amp A M amp A M amp A M amp A A M amp A M amp A M amp A
151. T 80 k l X 1 5 X80 47
152. keneihosyou 61 3 62 1
153. 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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