農業の事業性評価手法とM&A

位置づけと農業経営における具体的手法

抄録

In Japan, mergers and business transfers among agricultural corporations and wide-area partnerships in agricultural production and sales are expected to increase. In such cases, in addition to financial information and other information that can be compared numerically, qualitative information such as technical and sales capabilities and management skills must also be disclosed. In general merger and acquisition (M&A) procedures, due diligence (DD) is conducted, and the parties to the transaction enter negotiations after estimating the value of the business through a thorough examination of finances, assets, business, legal affairs, etc. The same process is followed in M&A with smaller scale businesses, such as agricultural corporations.

The following are the business valuation methods used in the agricultural sector. The evaluation criteria are determined based on the characteristics of agriculture and various conditions surrounding agricultural corporations, and consist of seven major categories (business form, regional characteristics, business infrastructure, management, business structure, environmental analysis, and risk analysis), 15 subcategories, and 50 sub-subcategories. These sub-subcategories are examined based on their suitability, effectiveness, efficiency, and sustainability. Their levels of achievement are evaluated with a grade of “excellent,” “good,” “acceptable,” or “needs improvement.” The analysis of the qualitative business value obtained through this process in relation to the quantitative business value obtained from financial information, etc., facilitates “management visualization” and reveals the sustainability of the business.