ࠗࡦ࠼ડᬺߩࠣࡠ࡯ࡃ࡞ᚢ⇛ ᐕ᦬ᣣ ᣣᧄ⾏ᤃᝄ⥝ᯏ᭴㧔ࠫࠚ࠻ࡠ㧕 ᶏᄖ⺞ᩏㇱ 1 ߪߓ߼ߦ ㄭᐕࠗࡦ࠼ડᬺߩࠢࡠࠬࡏ࡯࠳࡯M&A ߇ᵴ⊒ൻߒߡ޿߹ߔޕ2007 ᐕߩ࠲࠲࡮ࠬ࠴࡯࡞ ߦࠃࠆࠦ࡯࡜ࠬ࡮ࠣ࡞࡯ࡊ⾈෼ޔ2006 ᐕߩ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭ߦࠃࠆࡌ ࡯࠲ࡈࠔ࡯ࡓ⾈෼ߥߤ߇⸥ᙘߦᣂߒ޿ߣߎࠈߢߔޕߎࠇࠄߩࡔࠟ࠺ࠖ࡯࡞એᄖߦ߽ήᢙߩ M&A ߇ⴕࠊࠇߡ߅ࠅޔࠗࡦ࠼ડᬺߪࠣࡠ࡯ࡃ࡞ൻࠍㅴ߼ޔޟࠗࡦ࠼ᄙ࿖☋ડᬺޠߣߥࠅߟ ߟ޽ࠅ߹ߔޕߎࠇࠄࠗࡦ࠼ડᬺߪ᦭ᦸߥࡄ࡯࠻࠽࡯ߦޔ޽ࠆ޿ߪᚻߏࠊ޿┹੎⋧ᚻߦߥࠅ ߃߹ߔޕᧄ⺞ᩏߩ⋡⊛ߪޔߎ߁ߒߚਥⷐࠗࡦ࠼ડᬺߩၮᧄᖱႎ߿ߘߩᶏᄖᚢ⇛ࠍᢛℂߔࠆ ߎߣߢޔᣣᧄડᬺߩෳ⠨ߣߥࠆ⾗ᢱࠍឭଏߔࠆߎߣߦ޽ࠅ߹ߔޕ ߹ߚޔࠫࠚ࠻ࡠߢߪޔ೎ㅜޔ☨࿖ડᬺߩࠗࡦ࠼ะߌࠝࡈ࡚ࠪࠕ࡝ࡦࠣ⺞ᩏࠍታᣉߒߡ޿ ߹ߔޕᧄ⺞ᩏߪޔߎࠇߣ㑐ㅪߒߡޔࠗࡦ࠼߳ߩࠝࡈ࡚ࠪࠕ࡝ࡦࠣޔ․ߦ⍮⼂㓸⚂⊛ߥᬺോ ࠍኻ⽎ߣߔࠆ࠽࡟࠶ࠫ࡮ࡊࡠ࠮ࠬ࡮ࠕ࠙࠻࠰࡯ࠪࡦࠣ㧔KPO㧕ࠍ⥄りߢታ〣ߒޔߘߩ⚿ᨐ ࠍࠝࡈ࡚ࠪࠕ࡝ࡦࠣ⺞ᩏႎ๔ᦠߦᵴ߆ߔࠃ߁ߦ⸘↹ߒߚ߽ߩߢ߽޽ࠅ߹ߔޕౕ૕⊛ߦߪޔ ࠫࠚ࠻ࡠߪ⺞ᩏߩડ↹߅ࠃ߮ࡊࡠࠫࠚࠢ࠻࡮ࡑࡀࠫࡔࡦ࠻ߩߺࠍⴕ޿ޔ⃻࿾ߢߩ⺞ᩏߪో 㕙⊛ߦࠗࡦ࠼ߩ⺞ᩏડᬺࠗࡃ࡝ࡘࠨ࡯ࡉߦࠕ࠙࠻࠰࡯ࠬߒ߹ߒߚޕ ޟࠗࡦ࠼ડᬺߩᶏᄖᚢ⇛ޠ⺞ᩏࡊࡠࠫࠚࠢ࠻ߩ-21ࡢ࡯ࠢࡈࡠ࡯ ട╩䊶ୃᱜ ᦨ⚳ႎ๔ᦠ䈱ฃข ᦨ⚳ႎ๔ᦠ䈱⚊౉ ᦨ⚳ ਇ᣿ὐ䈱᣿⏕ൻ ႎ๔ ᦨ⚳⏕⹺ ⠡⸶ቢੌ ⋙⸶䇮⸶䈮䈧䈇䈩 ੑ㊀䉼䉢䉾䉪 䊐䉞䊷䊄䊋䉾䉪 ౝኈ䈱᣿⏕ൻ ౝኈ䈱ਇ᣿ὐ䉕⏕⹺ ⠡⸶ ᣣᧄ⺆⠡⸶ ⠡⸶㐿ᆎ䉕ᜰ␜ ⠡⸶䉕㐿ᆎ 㐿ᆎ䉕ᜰ␜ ⧷ᢥ䈪䈱 ᦨ⚳ႎ๔ ⧷ᢥਛ㑆ႎ๔ ⧷ᢥ䈪䈱 䈱䊐䉞䊷䊄䊋䉾䉪䇮 ਛ㑆ႎ๔ ਇ᣿ὐ䈱᣿⏕ൻ ⺞ᩏ ታᣉ ⺞ᩏታᣉ 䊒䊨䉳䉢䉪䊃䊶 䊙䊈䊷䉳䊞䊷 ⺞ᩏ⸳⸘วᗧ 䊶⺞ᩏ⸳⸘䈱ឭ᩺ 䉝䊅䊥䉴䊃 䊶ⷐઙቯ⟵䈱⏕⹺ ⸘↹ 䊶䊒䊨䉳䉢䉪䊃䊶䉼䊷䊛 䊶⺞ᩏડ↹┙᩺ 䇭䈱ㆬቯ 䊶ⷐઙቯ⟵ ⠡⸶ᜂᒰ 䉳䉢䊃䊨䋨᧲੩䋩 䉟䊋䊥䊠䉰䊷䊑㩿䊆䊠䊷䊂䊥䊷䋩 䉟䊋䊥䊠䉰䊷䊑䋨਄ᶏ䋩 2 ࠝࡈ࡚ࠪࠕ࡝ࡦࠣታ〣ߩᚑᨐߪޔޟࠗࡦ࠼ࠝࡈ࡚ࠪࠕ࡝ࡦࠣޠ㧔ࠫࠚ࠻ࡠೀ㧕ࠍߏⷩߊ ߛߐ޿ޕ߹ߚޔࠫࠚ࠻ࡠߩ࠙ࠚࡉࠨࠗ࠻㧔ർ☨ߩ⺞ᩏ࡟ࡐ࡯࠻㧦 http://www.jetro.go.jp/biz/world/n_america/reports/㧕ߦޔᧄ⺞ᩏߩ⧷⺆ ႎ๔ᦠࠍឝタߒߡ ߅ࠅ߹ߔޕ ᧄᦠߪޔࠗࡃ࡝ࡘࠨ࡯ࡉ␠߆ࠄฃ㗔ߒߚႎ๔ᦠߦޔࠫࠚ࠻ࡠߦߡട╩ୃᱜࠍട߃ߡ߅ࠅ ߹ߔ߇ޔౝኈߩᱜ⏕ᕈߦߟ޿ߡߪޔၮᧄ⊛ߦᆔ⸤ߒߚࠗࡦ࠼ߩ⺞ᩏડᬺࠗࡃ࡝ࡘࠨ࡯ࡉߩ ⺞ᩏ⢻ജߦଐߞߡ޿߹ߔޕ ߹ߚޔᧄᦠࠍߏⷩ޿ߚߛߊߦ޽ߚߞߡߪޔԘᧄᢥਛߢ૶↪ߒߡ޿ࠆ࠺࡯࠲߿੐ታ㑐ଥߪ ା㗬ߢ߈ࠆߣᕁࠊࠇࠆฦ⒳ᖱႎߦၮߠ޿ߡ޿ࠆ߽ߩߩޔߘߩᱜ⏕ᕈޔቢోᕈߦߟ޿ߡޔࠫ ࠚ࠻ࡠޔࠗࡃ࡝ࡘࠨ࡯ࡉߣ߽଻⸽ࠍߔࠆ߽ߩߢߪߥ޿ߎߣޔԙࠫࠚ࠻ࡠߪᧄႎ๔ߩ⺰ᣦߣ ৻⥌ߒߥ޿ઁߩ⾗ᢱࠍ⊒ⴕߒߡ޿ࠆޔ޽ࠆ޿ߪ੹ᓟ⊒ⴕߔࠆ႐ว߽޽ࠆߎߣޔԚᧄႎ๔ߪ ⺒⠪ߩᣇޘ߳ߩᖱႎឭଏࠍ⋡⊛ߣߒߚ߽ߩߢ޽ࠅޔ․ቯߩᛩ⾗್ᢿࠍଦߔ߽ߩߢߪߥߊޔ ႎ๔ᦠߩౝኈࠍෳ⠨ߦߒߡⴕࠊࠇߚ⚻ᷣⴕὑߩ⚿ᨐߦኻߒߡࠫࠚ࠻ࡠ߅ࠃ߮ࠗࡃ࡝ࡘࠨ࡯ ࡉߪ⽿છࠍ⽶ࠊߥ޿ߎߣޔߦߟ޿ߡޔߏੌ⸃߅㗿޿⥌ߒ߹ߔޕ ᧄᦠ߇⥝㓉ߒᆎ߼ߚࠗࡦ࠼ડᬺ߳ߩℂ⸃ࠍᷓ߼ࠃ߁ߣߐࠇࠆࡆࠫࡀࠬ࡮ࡄ࡯ࠬࡦࠍߪߓ ߼ޔߏ㑐ᔃࠍ㗂޿ߚᣇߦޔዋߒߢ߽߅ᓎߦ┙ߡ߫ᐘ޿ߢߔޕ ᣣᧄ⾏ᤃᝄ⥝ᯏ᭴ ᶏᄖ⺞ᩏㇱ ࡊࡠࠫࠚࠢ࠻ᜂᒰ⠪৻ⷩ ᣣᧄ⾏ᤃᝄ⥝ᯏ᭴ ᶏᄖ⺞ᩏㇱ ർ☨⺖㧔ડ↹࡮ో૕⛔᜝㧕 ડ↹࡮✬㓸㧦 ㋈ᧁ⵨᣿ ᣣᧄ஥ࡊࡠࠫࠚࠢ࠻࡮ࡑࡀ࡯ࠫࡖ࡯㧦 ↰ਛિ᣽ ⋙⸶㧦 㒙ㇱᄙᤋሶ ࠗࡃ࡝ࡘࠨ࡯ࡉ ࠗࡦ࠼࡮࠴࡯ࡓ㧔⺞ᩏᜂᒰ㧕 ࡊ࡟ࠫࠚࠢ࠻⛔᜝㧦 ࠕࠪࡘࠪࡘ࡮ࠣࡊ࠲㧔Ashish Gupta㧕 ࠗࡦ࠼஥ࡊࡠࠫࠚࠢ࠻࡮ࡑࡀ࡯ࠫࡖ࡯㧦 ࠕࠫࠚࠗ࡮ࡧࠔࠪࡘ࠾࡯㧔Ajay Varshney㧕 ⺞ᩏᜂᒰ㧦 ࠕࡆ࠽ࡉ࡮ࡊࡠࡅ࠻㧔Abhinav Purohit㧕 ⺞ᩏᜂᒰ㧦 ࠕࠞࠪࡘ࡮ࠢࡑ࡯࡞࡮ࠫࠚࠗࡦ㧔Akash Kumar Jain㧕 ⺞ᩏᜂᒰ㧦 ࠕࡒ࠲࡮ࠞ࡞࡜㧔Amita Kalra㧕 ਛ࿖࡮࠴࡯ࡓ 㧔⠡⸶ᜂᒰ㧕 ⠡⸶૞ᬺ⛔᜝㧦ࠛ࠼ࡢ࡯࠼࡮A࡮ࠕ࠳ࡓࠬࠠ࡯㧔Edward A. Adamski㧕 ⠡⸶ᜂᒰ㧦ࠫࠚ࠾࡯࡮࠙࡯㧔Jenny Wu㧕 ⠡⸶ᜂᒰ㧦 ࠠࡖ࡝࡯࡮ࡈ࡝ࠪ࠯ࡦ㧔Carrie Hrysyzen㧕 3 ᐨ┨ ....................................................................................................................................... 7 ╙1┨ ࠼ࠢ࠲࡯࡮࡟࠺ࠖ࡯ 㧔⵾⮎㧕.............................................................................. 11 1.1. ડᬺ᭎ⷐ .................................................................................................................... 11 1.2. ᩣਥ᭴ᚑ .................................................................................................................... 11 1.3. ᴪ㕟 ........................................................................................................................... 12 1.4. ో૕ߩ⊒ዷᚢ⇛,......................................................................................................... 12 1.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ..................................................................... 14 1.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ......................................................................................................... 17 1.7. ⷐὐ ........................................................................................................................... 18 ╙2┨ ࡜ࡦࡃࠢࠪ࡯࡮࡜ࡏ࡜࠻࡝࡯࠭ 㧔⵾⮎㧕 ............................................................ 19 2.1. ડᬺ᭎ⷐ .................................................................................................................... 19 2.2. ᩣਥ᭴ᚑ .................................................................................................................... 19 2.3. ᴪ㕟 ........................................................................................................................... 20 2.4. ో૕ߩ⊒ዷᚢ⇛ ......................................................................................................... 20 2.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ..................................................................... 21 2.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ......................................................................................................... 24 2.7. ⷐὐ ........................................................................................................................... 25 ╙3┨ ࠙ࠜ࠶ࠢࡂ࡞࠻ 㧔⵾⮎㧕..................................................................................... 26 3.1. ડᬺ᭎ⷐ .................................................................................................................... 26 3.2. ᩣਥ᭴ᚑ .................................................................................................................... 26 3.3. ᴪ㕟 ........................................................................................................................... 27 3.4. ో૕ߩ⊒ዷᚢ⇛ ......................................................................................................... 27 3.5. ⵾ຠ࡜ࠗࡦߣᄁ਄ߍേะ........................................................................................... 28 3.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ......................................................................................................... 30 3.7. ⷐὐ ........................................................................................................................... 31 ╙4┨ ࠲࠲࡮ࠤࡒࠞ࡞ 㧔ൻቇ㧕..................................................................................... 32 4.1. ડᬺ᭎ⷐ .................................................................................................................... 32 4.2. ᩣਥ᭴ᚑ .................................................................................................................... 32 4.3. ᴪ㕟 ........................................................................................................................... 33 4.4. ో૕ߩ⊒ዷᚢ⇛ ......................................................................................................... 33 4.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ..................................................................... 35 4.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ......................................................................................................... 37 4.7. ⷐὐ ........................................................................................................................... 38 ╙5┨ ࠲࠲࡮ࠬ࠴࡯࡞ 㧔㋕㍑㧕..................................................................................... 39 5.1. ડᬺ᭎ⷐ .................................................................................................................... 39 5.2. ᩣਥ᭴ᚑ .................................................................................................................... 39 5.3. ᴪ㕟 ........................................................................................................................... 40 5.4. ో૕ߩ⊒ዷᚢ⇛ ......................................................................................................... 40 5.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ..................................................................... 43 5.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ......................................................................................................... 44 5.7. ⷐὐ ........................................................................................................................... 45 ╙6┨ ࡃ࡯࡜࠻࡮ࡈࠜ࡯ࠫ 㧔㎊ㅧ㧕.............................................................................. 47 6.1. ડᬺ᭎ⷐ .................................................................................................................... 47 6.2. ᩣਥ᭴ᚑ .................................................................................................................... 47 4 6.3. ᴪ㕟 ........................................................................................................................... 48 6.4. ో૕ߩ⊒ዷᚢ⇛ ......................................................................................................... 48 6.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ..................................................................... 50 6.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ......................................................................................................... 51 6.7. ⷐὐ ........................................................................................................................... 53 ╙7┨ ࡅࡦ࠳࡞ࠦ࡮ࠗࡦ࠳ࠬ࠻࡝࡯࠭ 㧔ࠕ࡞ࡒ♖㍰㧕 ................................................. 54 7.1. ડᬺ᭎ⷐ .................................................................................................................... 54 7.2. ᩣਥ᭴ᚑ .................................................................................................................... 54 7.3. ᴪ㕟 ........................................................................................................................... 55 7.4. ో૕ߩ⊒ዷᚢ⇛ ......................................................................................................... 55 7.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ..................................................................... 57 7.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ......................................................................................................... 58 7.7. ⷐὐ ........................................................................................................................... 59 ╙8┨ ࠲࠲࡮ࡕ࡯࠲࡯࠭ 㧔⥄േゞ㧕.............................................................................. 60 8.1. ડᬺ᭎ⷐ .................................................................................................................... 60 8.2. ᩣਥ᭴ᚑ .................................................................................................................... 60 8.3. ᴪ㕟 ........................................................................................................................... 61 8.4. ో૕ߩ⊒ዷᚢ⇛ ......................................................................................................... 61 8.5. ⵾ຠ࡮ࠨ࡯ࡆࠬ࡜ࠗࡦߣਥⷐ⽷ോᜰᮡ..................................................................... 64 8.6. ࠣࡠ࡯ࡃ࡞ᚢ⇛ ........................................................................................................