{"id":1002,"date":"2024-05-13T04:59:13","date_gmt":"2024-05-12T19:59:13","guid":{"rendered":"http:\/\/18.179.16.182\/jigyou_shokei\/?p=1002"},"modified":"2024-07-25T14:25:17","modified_gmt":"2024-07-25T05:25:17","slug":"%e8%b3%87%e6%9c%ac%e3%82%b3%e3%82%b9%e3%83%88%e5%89%8a%e6%b8%9b%e3%81%ae%e3%83%9d%e3%82%a4%e3%83%b3%e3%83%88%ef%bc%81%e6%88%a6%e7%95%a5%e7%9a%84%e3%81%aa%e7%b5%8c%e5%96%b6%e3%82%92%e7%9b%ae%e6%8c%87","status":"publish","type":"post","link":"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002","title":{"rendered":"\u8cc7\u672c\u30b3\u30b9\u30c8\u524a\u6e1b\u306e\u30dd\u30a4\u30f3\u30c8\uff1a\u6226\u7565\u7684\u306a\u7d4c\u55b6\u3067\u7af6\u4e89\u529b\u3092\u9ad8\u3081\u308b\u305f\u3081\u306e\u5b9f\u8df5\u7684\u30a2\u30d7\u30ed\u30fc\u30c1"},"content":{"rendered":"<div class=\"post_image\">\r\n<div class=\"post_image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/jigyou-shokei.com\/wp-content\/uploads\/2024\/04\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2024-04-05-182531.png\" alt=\"\" width=\"888\" height=\"594\" class=\"alignnone wp-image-1014\" \/><\/div>\r\n<\/div>\r\n<span>\u8fd1\u5e74\u3001\u4f01\u696d\u306e\u6210\u529f\u306b\u4e0d\u53ef\u6b20\u306a\u8981\u7d20\u306e1\u3064\u3068\u3057\u3066\u3001\u6226\u7565\u7684\u306a\u8cc7\u672c\u30b3\u30b9\u30c8\u524a\u6e1b\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6700\u9069\u5316\u3057\u3001\u7af6\u4e89\u529b\u3092\u5f37\u5316\u3059\u308b\u305f\u3081\u306e\u6226\u7565\u7684\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u3064\u3044\u3066\u63a2\u6c42\u3057\u307e\u3059\u3002<\/span>\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 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href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%A8%E3%81%AF%EF%BC%9F\" title=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\">\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#2%E7%A8%AE%E9%A1%9E%E3%81%AE%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%EF%BC%9A%E8%87%AA%E5%B7%B1%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%A8%E8%B2%A0%E5%82%B5%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88\" title=\"2\u7a2e\u985e\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\uff1a\u81ea\u5df1\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u8cc7\u672c\u30b3\u30b9\u30c8\">2\u7a2e\u985e\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\uff1a\u81ea\u5df1\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u8cc7\u672c\u30b3\u30b9\u30c8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%8C%E9%AB%98%E3%81%84%E3%83%BB%E4%BD%8E%E3%81%84%E5%88%A4%E6%96%AD%E5%9F%BA%E6%BA%96%E3%81%A8%E5%85%B7%E4%BD%93%E4%BE%8B\" title=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u30fb\u4f4e\u3044\u5224\u65ad\u57fa\u6e96\u3068\u5177\u4f53\u4f8b\">\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u30fb\u4f4e\u3044\u5224\u65ad\u57fa\u6e96\u3068\u5177\u4f53\u4f8b<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%AE%E8%A8%88%E7%AE%97%E6%96%B9%E6%B3%95%E3%81%A8%E6%B1%82%E3%82%81%E6%96%B9\" title=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u6c42\u3081\u65b9\">\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u6c42\u3081\u65b9<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%AE%E6%A6%82%E8%A6%81\" title=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6982\u8981\">\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6982\u8981<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%AE%E8%A8%88%E7%AE%97%E5%BC%8F\" title=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u5f0f\">\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u5f0f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#WACC%EF%BC%88%E5%8A%A0%E9%87%8D%E5%B9%B3%E5%9D%87%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%EF%BC%89%E3%81%AE%E6%B1%82%E3%82%81%E6%96%B9%E3%81%A8%E8%A8%88%E7%AE%97%E4%BE%8B\" title=\"WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306e\u6c42\u3081\u65b9\u3068\u8a08\u7b97\u4f8b\">WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306e\u6c42\u3081\u65b9\u3068\u8a08\u7b97\u4f8b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E3%81%AE%E4%BD%BF%E3%81%84%E6%96%B9%EF%BC%9A%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E5%88%A4%E6%96%AD%E3%81%AB%E5%BD%B9%E7%AB%8B%E3%81%A4%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88\" title=\"%\u306e\u4f7f\u3044\u65b9\uff1a\u8cc7\u672c\u30b3\u30b9\u30c8\u5224\u65ad\u306b\u5f79\u7acb\u3064\u30dd\u30a4\u30f3\u30c8\">%\u306e\u4f7f\u3044\u65b9\uff1a\u8cc7\u672c\u30b3\u30b9\u30c8\u5224\u65ad\u306b\u5f79\u7acb\u3064\u30dd\u30a4\u30f3\u30c8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E3%83%AA%E3%82%B9%E3%82%AF%E8%AA%BF%E6%95%B4%E6%B8%88%E3%81%BF%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%EF%BC%88RAROC%EF%BC%89%E3%81%AE%E8%A8%88%E7%AE%97%E6%96%B9%E6%B3%95\" title=\"\u30ea\u30b9\u30af\u8abf\u6574\u6e08\u307f\u8cc7\u672c\u30b3\u30b9\u30c8\uff08RAROC\uff09\u306e\u8a08\u7b97\u65b9\u6cd5\">\u30ea\u30b9\u30af\u8abf\u6574\u6e08\u307f\u8cc7\u672c\u30b3\u30b9\u30c8\uff08RAROC\uff09\u306e\u8a08\u7b97\u65b9\u6cd5<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E6%9C%AC%E8%AA%BF%E9%81%94%E3%81%AE%E6%96%B9%E6%B3%95%E3%81%A8%E7%B5%8C%E5%96%B6%E6%88%A6%E7%95%A5%E3%81%AE%E9%96%A2%E9%80%A3%E6%80%A7\" title=\"\u8cc7\u672c\u8abf\u9054\u306e\u65b9\u6cd5\u3068\u7d4c\u55b6\u6226\u7565\u306e\u95a2\u9023\u6027\">\u8cc7\u672c\u8abf\u9054\u306e\u65b9\u6cd5\u3068\u7d4c\u55b6\u6226\u7565\u306e\u95a2\u9023\u6027<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E9%87%91%E8%AA%BF%E9%81%94%E3%81%AE%E6%96%B9%E6%B3%95%E3%82%84%E7%A8%AE%E9%A1%9E%E3%82%92%E6%AF%94%E8%BC%83%EF%BC%9A%E5%86%85%E9%83%A8%E8%AA%BF%E9%81%94%E3%81%A8%E5%A4%96%E9%83%A8%E8%AA%BF%E9%81%94\" title=\"\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u3084\u7a2e\u985e\u3092\u6bd4\u8f03\uff1a\u5185\u90e8\u8abf\u9054\u3068\u5916\u90e8\u8abf\u9054\">\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u3084\u7a2e\u985e\u3092\u6bd4\u8f03\uff1a\u5185\u90e8\u8abf\u9054\u3068\u5916\u90e8\u8abf\u9054<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E4%B8%8A%E5%A0%B4%E4%BC%81%E6%A5%AD%E3%81%AE%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%B8%E3%81%AE%E5%BD%B1%E9%9F%BF\" title=\"\u4e0a\u5834\u4f01\u696d\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3078\u306e\u5f71\u97ff\">\u4e0a\u5834\u4f01\u696d\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3078\u306e\u5f71\u97ff<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#IPO%E3%81%AE%E3%83%AA%E3%82%B9%E3%82%AF\" title=\"IPO\u306e\u30ea\u30b9\u30af\">IPO\u306e\u30ea\u30b9\u30af<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E6%84%8F%E8%AD%98%E3%81%8B%E3%82%89%E8%A6%8B%E3%81%9F%E7%B5%8C%E5%96%B6%E8%80%85%E3%81%AE%E5%BD%B9%E5%89%B2\" title=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u610f\u8b58\u304b\u3089\u898b\u305f\u7d4c\u55b6\u8005\u306e\u5f79\u5272\">\u8cc7\u672c\u30b3\u30b9\u30c8\u610f\u8b58\u304b\u3089\u898b\u305f\u7d4c\u55b6\u8005\u306e\u5f79\u5272<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E5%89%8A%E6%B8%9B%E3%81%B8%E3%81%AE%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E3%81%A8%E5%85%B7%E4%BD%93%E7%AD%96\" title=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u524a\u6e1b\u3078\u306e\u30dd\u30a4\u30f3\u30c8\u3068\u5177\u4f53\u7b56\">\u8cc7\u672c\u30b3\u30b9\u30c8\u524a\u6e1b\u3078\u306e\u30dd\u30a4\u30f3\u30c8\u3068\u5177\u4f53\u7b56<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E7%B5%8C%E5%96%B6%E5%8A%B9%E7%8E%87%E5%8C%96%E3%81%A7%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%82%92%E4%B8%8B%E3%81%92%E3%82%8B%E6%96%B9%E6%B3%95\" title=\"\u7d4c\u55b6\u52b9\u7387\u5316\u3067\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u65b9\u6cd5\">\u7d4c\u55b6\u52b9\u7387\u5316\u3067\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u65b9\u6cd5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E6%9C%AC%E6%A7%8B%E6%88%90%E3%81%A8%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%AE%E9%96%A2%E4%BF%82%EF%BC%9A%E6%9C%80%E9%81%A9%E3%81%AA%E8%B3%87%E6%9C%AC%E6%A7%8B%E6%88%90%E3%82%92%E8%A6%8B%E3%81%A4%E3%81%91%E3%82%8B\" title=\"\u8cc7\u672c\u69cb\u6210\u3068\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u95a2\u4fc2\uff1a\u6700\u9069\u306a\u8cc7\u672c\u69cb\u6210\u3092\u898b\u3064\u3051\u308b\">\u8cc7\u672c\u69cb\u6210\u3068\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u95a2\u4fc2\uff1a\u6700\u9069\u306a\u8cc7\u672c\u69cb\u6210\u3092\u898b\u3064\u3051\u308b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E4%BA%8B%E4%BE%8B%E3%81%8B%E3%82%89%E5%AD%A6%E3%81%B6%EF%BC%9A%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E5%89%8A%E6%B8%9B%E3%81%AE%E6%88%90%E5%8A%9F%E4%BA%8B%E4%BE%8B%E3%81%A8%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88\" title=\"\u4e8b\u4f8b\u304b\u3089\u5b66\u3076\uff1a\u8cc7\u672c\u30b3\u30b9\u30c8\u524a\u6e1b\u306e\u6210\u529f\u4e8b\u4f8b\u3068\u30dd\u30a4\u30f3\u30c8\">\u4e8b\u4f8b\u304b\u3089\u5b66\u3076\uff1a\u8cc7\u672c\u30b3\u30b9\u30c8\u524a\u6e1b\u306e\u6210\u529f\u4e8b\u4f8b\u3068\u30dd\u30a4\u30f3\u30c8<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/librus.co.jp\/jigyou_shokei\/new\/strategy\/1002\/#%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E5%89%8A%E6%B8%9B%E3%81%AE%E3%81%BE%E3%81%A8%E3%82%81%E3%81%A8%E4%BB%8A%E5%BE%8C%E3%81%AE%E5%B1%95%E6%9C%9B\" title=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u524a\u6e1b\u306e\u307e\u3068\u3081\u3068\u4eca\u5f8c\u306e\u5c55\u671b\">\u8cc7\u672c\u30b3\u30b9\u30c8\u524a\u6e1b\u306e\u307e\u3068\u3081\u3068\u4eca\u5f8c\u306e\u5c55\u671b<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%AE%E3%82%8F%E3%81%8B%E3%82%8A%E3%82%84%E3%81%99%E3%81%84%E8%A7%A3%E8%AA%AC%E3%81%A8%E5%85%B7%E4%BD%93%E4%BE%8B\"><\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u308f\u304b\u308a\u3084\u3059\u3044\u89e3\u8aac\u3068\u5177\u4f53\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<h3><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%A8%E3%81%AF%EF%BC%9F\"><\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\u4f01\u696d\u304c\u8cc7\u672c\u3092\u8abf\u9054\u3059\u308b\u969b\u306b\u652f\u6255\u3046\u30b3\u30b9\u30c8\u3067\u3042\u308a\u3001\u682a\u5f0f\u3001\u50b5\u5238\u3001\u9280\u884c\u30ed\u30fc\u30f3\u306a\u3069\u306e\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306b\u3088\u3063\u3066\u767a\u751f\u3057\u307e\u3059\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u4f01\u696d\u306e\u7d4c\u55b6\u306b\u304a\u3044\u3066\u91cd\u8981\u306a\u8981\u7d20\u3067\u3042\u308a\u3001\u8cc7\u672c\u306e\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u3068\u4f01\u696d\u306e\u5229\u76ca\u306b\u60aa\u5f71\u97ff\u3092\u53ca\u307c\u3059\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\r\n<h3><span class=\"ez-toc-section\" id=\"2%E7%A8%AE%E9%A1%9E%E3%81%AE%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%EF%BC%9A%E8%87%AA%E5%B7%B1%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%A8%E8%B2%A0%E5%82%B5%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88\"><\/span>2\u7a2e\u985e\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\uff1a\u81ea\u5df1\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u8cc7\u672c\u30b3\u30b9\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<ul>\r\n \t<li><strong>\u81ea\u5df1\u8cc7\u672c\u30b3\u30b9\u30c8<\/strong>\uff1a\u4f01\u696d\u306e\u682a\u4e3b\u304c\u51fa\u8cc7\u3059\u308b\u969b\u306e\u30b3\u30b9\u30c8\u3067\u3042\u308a\u3001\u682a\u4e3b\u306b\u5bfe\u3059\u308b\u914d\u5f53\u3084\u682a\u4fa1\u306e\u5909\u52d5\u30ea\u30b9\u30af\u304c\u542b\u307e\u308c\u307e\u3059\u3002<\/li>\r\n \t<li><strong>\u8ca0\u50b5\u8cc7\u672c\u30b3\u30b9\u30c8<\/strong>\uff1a\u9280\u884c\u3084\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u501f\u5165\u306b\u4f34\u3046\u30b3\u30b9\u30c8\u3067\u3042\u308a\u3001\u5229\u5b50\u3084\u624b\u6570\u6599\u306a\u3069\u304c\u542b\u307e\u308c\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u30b3\u30b9\u30c8\u306f\u4f01\u696d\u306eWACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306e\u7b97\u51fa\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002<\/li>\r\n<\/ul>\r\n<h3><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%8C%E9%AB%98%E3%81%84%E3%83%BB%E4%BD%8E%E3%81%84%E5%88%A4%E6%96%AD%E5%9F%BA%E6%BA%96%E3%81%A8%E5%85%B7%E4%BD%93%E4%BE%8B\"><\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u30fb\u4f4e\u3044\u5224\u65ad\u57fa\u6e96\u3068\u5177\u4f53\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u9ad8\u4f4e\u306f\u4f01\u696d\u306e\u7d4c\u55b6\u306b\u76f4\u63a5\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u5834\u5408\u3001\u4f01\u696d\u306e\u53ce\u76ca\u6027\u304c\u4f4e\u4e0b\u3057\u3001\u6295\u8cc7\u5bb6\u306e\u5229\u76ca\u3082\u6e1b\u5c11\u3057\u307e\u3059\u3002\u9006\u306b\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u4f4e\u3044\u5834\u5408\u3001\u4f01\u696d\u306e\u5229\u76ca\u304c\u5897\u52a0\u3057\u3001\u6295\u8cc7\u5bb6\u306b\u3088\u308a\u5927\u304d\u306a\u30ea\u30bf\u30fc\u30f3\u304c\u671f\u5f85\u3055\u308c\u307e\u3059\u3002\r\n\r\n\u81ea\u5df1\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u4f01\u696d\u306f\u3001\u682a\u4e3b\u3078\u306e\u914d\u5f53\u304c\u5897\u52a0\u3057\u3001\u682a\u4fa1\u306e\u4e0b\u843d\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001\u8ca0\u50b5\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u4f01\u696d\u306f\u3001\u501f\u5165\u91d1\u306e\u8fd4\u6e08\u306b\u3088\u308b\u8ca1\u52d9\u30ea\u30b9\u30af\u304c\u5897\u52a0\u3057\u3001\u91d1\u878d\u6a5f\u95a2\u3068\u306e\u4fe1\u983c\u95a2\u4fc2\u304c\u640d\u306a\u308f\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\r\n\r\n<strong>\u5177\u4f53\u4f8b<\/strong>\r\n\r\n\u3042\u308b\u4f01\u696d\u304c\u5e74\u52295%\u306710,000\u5186\u3092\u501f\u308a\u5165\u308c\u305f\u5834\u5408\u30011\u5e74\u5f8c\u306b\u306f10,500\u5186\u3092\u8fd4\u6e08\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u5229\u606f500\u5186\u304c\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u4e00\u90e8\u3068\u306a\u308a\u3001\u3053\u308c\u304c\u4f4e\u3044\u304b\u9ad8\u3044\u304b\u306f\u4ed6\u306e\u878d\u8cc7\u6761\u4ef6\u3084\u5e02\u5834\u306e\u91d1\u5229\u6c34\u6e96\u306b\u6bd4\u3079\u3066\u8a55\u4fa1\u3055\u308c\u307e\u3059 \u3002\r\n\r\n\u4e00\u822c\u7684\u306b\u306f\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u4f4e\u3044\u65b9\u304c\u4f01\u696d\u306b\u3068\u3063\u3066\u6709\u5229\u3067\u3042\u308b\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u696d\u7a2e\u3084\u4f01\u696d\u898f\u6a21\u3001\u4e8b\u696d\u30ea\u30b9\u30af\u306a\u3069\u306b\u3088\u3063\u3066\u3001\u9069\u6b63\u306a\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u7570\u306a\u308a\u307e\u3059 \u3002\r\n\r\n\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u610f\u8b58\u3057\u305f\u7d4c\u55b6\u306b\u304a\u3044\u3066\u91cd\u8981\u306a\u6307\u6a19\u3068\u305d\u306e\u6c42\u3081\u65b9\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\r\n\r\n<strong>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09<\/strong>: WACC\u306f\u3001\u4f01\u696d\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u306e\u5e73\u5747\u5024\u3092\u793a\u3057\u307e\u3059\u3002\u8a08\u7b97\u65b9\u6cd5\u306f\u3001\u5404\u8cc7\u91d1\u6e90\uff08\u8ca0\u50b5\u3068\u682a\u4e3b\u8cc7\u672c\uff09\u306e\u30b3\u30b9\u30c8\u306b\u305d\u308c\u305e\u308c\u306e\u8cc7\u672c\u69cb\u6210\u6bd4\u3092\u4e57\u3058\u305f\u3082\u306e\u306e\u5408\u8a08\u3067\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001<span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-mathml\"><\/span><\/span><\/span>\r\n\r\n<math xmlns=\"http:\/\/www.w3.org\/1998\/Math\/MathML\"><semantics><mrow><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc4a<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc34<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc36<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc36<\/span><\/span><\/mi><mo><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/mo><mo stretchy=\"false\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">(<\/span><\/span><\/mo><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc38<\/span><\/span><\/mi><mi mathvariant=\"normal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\/<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc49<\/span><\/span><\/mi><mo><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7<\/span><\/span><\/mo><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc45<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc52<\/span><\/span><\/mi><mo stretchy=\"false\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">)<\/span><\/span><\/mo><mo><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">+<\/span><\/span><\/mo><mo stretchy=\"false\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">(<\/span><\/span><\/mo><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc37<\/span><\/span><\/mi><mi mathvariant=\"normal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\/<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc49<\/span><\/span><\/mi><mo><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7<\/span><\/span><\/mo><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc45<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc51<\/span><\/span><\/mi><mo><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7<\/span><\/span><\/mo><mo stretchy=\"false\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">(<\/span><\/span><\/mo><mn><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">1<\/span><\/span><\/mn><mo><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u2212<\/span><\/span><\/mo><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc47<\/span><\/span><\/mi><mo stretchy=\"false\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">)<\/span><\/span><\/mo><mo stretchy=\"false\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">)<\/span><\/span><\/mo><\/mrow><\/semantics><\/math>\r\n\r\n<span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">W<\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u30fbA\u30fb<\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">CC<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mopen\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">( <\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">E <\/span><\/span><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\/ <\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">V<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u30ec<\/span><\/span><\/span><span style=\"vertical-align: inherit;\"><span class=\"mclose\"><span style=\"vertical-align: inherit;\">)<\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u200b<\/span><\/span><\/span><span class=\"mclose\"><span style=\"vertical-align: inherit;\"><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">+<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mopen\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">( <\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">D <\/span><\/span><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\/ <\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">V<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">Rd<\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u200b<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mopen\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">( <\/span><\/span><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">1<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u2212<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\">T<\/span><span class=\"mclose\">))<\/span><\/span><\/span> \u3053\u3053\u3067\u3001E\u306f\u5e02\u5834\u4fa1\u5024\u306b\u304a\u3051\u308b\u682a\u4e3b\u8cc7\u672c\u3001V\u306f\u7dcf\u8cc7\u672c\u3001Re\u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3001D\u306f\u5e02\u5834\u4fa1\u5024\u306b\u304a\u3051\u308b\u8ca0\u50b5\u3001Rd\u306f\u8ca0\u50b5\u30b3\u30b9\u30c8\u3001T\u306f\u6cd5\u4eba\u7a0e\u7387\u3067\u3059\u3002\r\n\r\n<strong>ROIC\uff08\u6295\u8cc7\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/strong>: ROIC\u306f\u3001\u4f01\u696d\u304c\u6295\u8cc7\u3057\u305f\u8cc7\u672c\u304b\u3089\u3069\u308c\u3060\u3051\u306e\u53ce\u76ca\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002\u8a08\u7b97\u5f0f\u306f\u3001<span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-mathml\"><\/span><\/span><\/span>\r\n\r\n<math xmlns=\"http:\/\/www.w3.org\/1998\/Math\/MathML\"><semantics><mrow><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc45<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc42<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc3c<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc36<\/span><\/span><\/mi><mo><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/mo><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc41<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc42<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc43<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc34<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc47<\/span><\/span><\/mi><mi mathvariant=\"normal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\/<\/span><\/span><\/mi><mtext>\u6295\u8cc7\u3055\u308c\u305f\u8cc7\u672c<\/mtext><\/mrow><\/semantics><\/math>\r\n\r\n<span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">ROIC<\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u200b<\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u200b<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\">NOP<\/span><span class=\"mord mathnormal\">A<\/span><span class=\"mord mathnormal\">T<\/span><span class=\"mord\">\/<\/span><span class=\"mord cjk_fallback\">\u6295\u8cc7\u3055\u308c\u305f\u8cc7\u672c<\/span><\/span><\/span> \u3053\u3053\u3067\u3001NOPAT\u306f\u7a0e\u5f15\u304d\u5f8c\u55b6\u696d\u5229\u76ca\u3067\u3059\u3002\u3053\u306e\u6307\u6a19\u306f\u3001\u4f01\u696d\u304c\u3069\u308c\u3060\u3051\u52b9\u7387\u7684\u306b\u8cc7\u672c\u3092\u4f7f\u3063\u3066\u3044\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002\r\n\r\n<strong>ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/strong>: ROE\u306f\u3001\u682a\u4e3b\u304c\u63d0\u4f9b\u3057\u305f\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u4f01\u696d\u304c\u3069\u308c\u3060\u3051\u306e\u5229\u76ca\u3092\u751f\u6210\u3057\u3066\u3044\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002\u8a08\u7b97\u5f0f\u306f\u3001<span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-mathml\"><\/span><\/span><\/span>\r\n\r\n<math xmlns=\"http:\/\/www.w3.org\/1998\/Math\/MathML\"><semantics><mrow><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc45<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc42<\/span><\/span><\/mi><mi><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\ud835\udc38<\/span><\/span><\/mi><mo><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/mo><mtext>\u5f53\u671f\u7d14\u5229\u76ca<\/mtext><mi mathvariant=\"normal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\/<\/span><\/span><\/mi><mtext><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u81ea\u5df1\u8cc7\u672c<\/span><\/span><\/mtext><\/mrow><\/semantics><\/math>\r\n\r\n<span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u5375<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord cjk_fallback\">\u5f53\u671f\u7d14\u5229\u76ca<\/span><span class=\"mord\">\/<\/span><span class=\"mord cjk_fallback\">\u81ea\u5df1\u8cc7\u672c<\/span><\/span><\/span> \u3067\u3059\u3002\u3053\u306e\u6bd4\u7387\u306f\u4f01\u696d\u306e\u53ce\u76ca\u6027\u3068\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u793a\u3057\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u9b45\u529b\u3092\u6e2c\u308b\u4e00\u3064\u306e\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002\r\n<h2><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%AE%E8%A8%88%E7%AE%97%E6%96%B9%E6%B3%95%E3%81%A8%E6%B1%82%E3%82%81%E6%96%B9\"><\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u6c42\u3081\u65b9<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<h3><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%AE%E6%A6%82%E8%A6%81\"><\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6982\u8981<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u4f01\u696d\u304c\u8cc7\u91d1\u8abf\u9054\u3059\u308b\u969b\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3092\u6307\u3057\u3001\u682a\u5f0f\u3084\u50b5\u5238\u3001\u9280\u884c\u30ed\u30fc\u30f3\u306a\u3069\u306e\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002\u4f01\u696d\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6700\u5c0f\u5316\u3059\u308b\u3053\u3068\u3067\u5229\u76ca\u3092\u6700\u5927\u5316\u3057\u3001\u6295\u8cc7\u5bb6\u306b\u9b45\u529b\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3092\u76ee\u6307\u3057\u307e\u3059\u3002\r\n<h3><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%AE%E8%A8%88%E7%AE%97%E5%BC%8F\"><\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u5f0f<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u4e00\u822c\u7684\u306b\u3001\u81ea\u5df1\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u5408\u8a08\u3067\u8868\u3055\u308c\u307e\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u682a\u4e3b\u306e\u8981\u6c42\u5229\u56de\u308a\u7387\u304b\u3089\u7b97\u51fa\u3055\u308c\u3001\u8ca0\u50b5\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u9280\u884c\u304b\u3089\u306e\u501f\u5165\u91d1\u306e\u5229\u5b50\u7387\u304b\u3089\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002\u4f01\u696d\u306e\u7279\u5b9a\u306e\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u306b\u5fdc\u3058\u3066\u3001\u9069\u5207\u306a\u8a08\u7b97\u5f0f\u3092\u9078\u629e\u3057\u307e\u3059\u3002\r\n<h3><span class=\"ez-toc-section\" id=\"WACC%EF%BC%88%E5%8A%A0%E9%87%8D%E5%B9%B3%E5%9D%87%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%EF%BC%89%E3%81%AE%E6%B1%82%E3%82%81%E6%96%B9%E3%81%A8%E8%A8%88%E7%AE%97%E4%BE%8B\"><\/span>WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306e\u6c42\u3081\u65b9\u3068\u8a08\u7b97\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\nWACC\u306f\u4f01\u696d\u304c\u8907\u6570\u306e\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u3092\u63a1\u7528\u3057\u3066\u3044\u308b\u5834\u5408\u306b\u4f7f\u7528\u3055\u308c\u308b\u6307\u6a19\u3067\u3042\u308a\u3001\u682a\u5f0f\u3068\u50b5\u5238\u306e\u5272\u5408\u3092\u8003\u616e\u3057\u3066\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002\u4e00\u822c\u7684\u306a\u8a08\u7b97\u5f0f\u306f\u3001\u300c\u81ea\u5df1\u8cc7\u672c\u306e\u5272\u5408 \u00d7 \u81ea\u5df1\u8cc7\u672c\u30b3\u30b9\u30c8 + \u8ca0\u50b5\u306e\u5272\u5408 \u00d7 \u8ca0\u50b5\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u3067\u3059\u3002\u4f01\u696d\u306e\u7279\u5b9a\u306e\u72b6\u6cc1\u306b\u5fdc\u3058\u3066\u3001\u9069\u5207\u306a\u8a08\u7b97\u624b\u6cd5\u3092\u9078\u629e\u3057\u307e\u3059\u3002\r\n\r\n<span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u8a08\u7b97\u5f0f<\/span><\/span>\r\n\r\nWACC\u306e\u8a08\u7b97\u5f0f\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\uff1a\r\n\r\n<span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-mathml\"><span class=\"base\"><span class=\"mord text\"><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">WACC<\/span><\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">= <\/span><\/span><\/span><span class=\"mord\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\"><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">V\/<\/span><\/span><\/span><\/span><\/span><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\"><span style=\"vertical-align: inherit;\"><\/span><\/span><\/span><\/span><\/span><span style=\"vertical-align: inherit;\"><span class=\"vlist-s\"><span style=\"vertical-align: inherit;\"> E<\/span><\/span><\/span><span class=\"vlist-s\"><span style=\"vertical-align: inherit;\"><\/span><\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\"><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><\/span><span class=\"mbin\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7<\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u518d<\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u200b<\/span><\/span><\/span><span class=\"mspace\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><\/span><span class=\"mbin\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">+ <\/span><\/span><\/span><span class=\"mord\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\"><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">V\/<\/span><\/span><\/span><\/span><\/span><span class=\"pstrut\"><\/span><span class=\"frac-line\"><\/span><span class=\"pstrut\"><\/span><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\"><span style=\"vertical-align: inherit;\"><\/span><\/span><\/span><\/span><\/span><span style=\"vertical-align: inherit;\"><span class=\"vlist-s\"><span style=\"vertical-align: inherit;\">D<\/span><\/span><\/span><span class=\"vlist-s\"><span style=\"vertical-align: inherit;\"><\/span><\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\"><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><\/span><span class=\"mbin\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7 <\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">Rd<\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u200b<\/span><\/span><\/span><span class=\"mspace\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><\/span><span class=\"mbin\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7 <\/span><\/span><\/span><span class=\"mopen\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">( <\/span><\/span><\/span><span class=\"mord\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">1<\/span><\/span><\/span><span class=\"mspace\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><\/span><span class=\"mbin\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u2212 <\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">T <\/span><\/span><\/span><span class=\"mord mathnormal\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">c <\/span><\/span><\/span><span class=\"mclose\" style=\"background-color: var(--global--color-background); color: var(--global--color-primary); font-family: var(--global--font-secondary); font-size: var(--global--font-size-base);\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\r\n\r\n\u3053\u3053\u3067\u3001\r\n<ul>\r\n \t<li><span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord mathnormal\">E<\/span><\/span><\/span><\/span><\/span> \u306f\u4f01\u696d\u306e\u682a\u4e3b\u8cc7\u672c\u306e\u5e02\u5834\u4fa1\u5024<\/li>\r\n \t<li><span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord mathnormal\">V<\/span><\/span><\/span><\/span><\/span> \u306f\u4f01\u696d\u306e\u8cc7\u672c\u306e\u5408\u8a08\u5e02\u5834\u4fa1\u5024\uff08<span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord mathnormal\">E<\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">+<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u30cb<\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\uff09<\/span><\/span><\/li>\r\n \t<li><span class=\"math math-inline\" style=\"font-family: var(--list--font-family); background-color: var(--global--color-background); color: var(--global--color-primary); font-size: var(--global--font-size-base);\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord mathnormal\">R<\/span><span class=\"mord mathnormal\">e<\/span><\/span><\/span><\/span><\/span><span style=\"font-family: var(--list--font-family); background-color: var(--global--color-background); color: var(--global--color-primary); font-size: var(--global--font-size-base);\"> \u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<\/span><\/li>\r\n \t<li><span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord mathnormal\">D<\/span><\/span><\/span><\/span><\/span> \u306f\u4f01\u696d\u306e\u8ca0\u50b5\u306e\u5e02\u5834\u4fa1\u5024<\/li>\r\n \t<li><span class=\"math math-inline\" style=\"font-family: var(--list--font-family); background-color: var(--global--color-background); color: var(--global--color-primary); font-size: var(--global--font-size-base);\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord mathnormal\">R<\/span><span class=\"mord mathnormal\">d<\/span><\/span><\/span><\/span><\/span><span style=\"font-family: var(--list--font-family); background-color: var(--global--color-background); color: var(--global--color-primary); font-size: var(--global--font-size-base);\"> \u306f\u8ca0\u50b5\u30b3\u30b9\u30c8<\/span><\/li>\r\n \t<li><span class=\"math math-inline\" style=\"font-family: var(--list--font-family); background-color: var(--global--color-background); color: var(--global--color-primary); font-size: var(--global--font-size-base);\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord mathnormal\">T<\/span><span class=\"mord mathnormal\">c<\/span><\/span><\/span><\/span><\/span><span style=\"font-family: var(--list--font-family); background-color: var(--global--color-background); color: var(--global--color-primary); font-size: var(--global--font-size-base);\"> \u306f\u4f01\u696d\u306e\u5b9f\u52b9\u7a0e\u7387<\/span><\/li>\r\n<\/ul>\r\n<strong>\u8a08\u7b97\u4f8b<\/strong>\r\n\r\n\u4f8b\u3048\u3070\u3001\u4f01\u696d\u306e\u682a\u4e3b\u8cc7\u672c\u306e\u5e02\u5834\u4fa1\u5024\u304c800\u4e07\u5186\u3001\u8ca0\u50b5\u306e\u5e02\u5834\u4fa1\u5024\u304c200\u4e07\u5186\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c10%\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u304c5%\u3001\u5b9f\u52b9\u7a0e\u7387\u304c30%\u306e\u5834\u5408\u3001WACC\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8a08\u7b97\u3055\u308c\u307e\u3059\uff1a\r\n\r\n<span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-mathml\">V=800\u4e07\u5186+200\u4e07\u5186=1000\u4e07\u5186<\/span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u3067<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\">800<\/span><span class=\"mord cjk_fallback\">\u4e07\u5186<\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">+<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\">200<\/span><span class=\"mord cjk_fallback\">\u4e07\u5186<\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\">1000<\/span><span class=\"mord cjk_fallback\">\u4e07\u5186<\/span><\/span><\/span><\/span><\/span>\r\n\r\n<span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-mathml\">W ACC\r\n=800\u4e07\u51861000\u4e07\u5186\u00d710%+200\u4e07\u51861000\u4e07\u5186\u00d75%\u00d7(1\u221230%)<\/span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">W<\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u30fbA\u30fb<\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">CC<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\"><span><span class=\"pstrut\"><\/span><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1000<span class=\"mord cjk_fallback mtight\">\u4e07\u5186<\/span><\/span><\/span><\/span><span><span class=\"pstrut\"><\/span><span class=\"frac-line\"><\/span><\/span><span><span class=\"pstrut\"><\/span><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">800<span class=\"mord cjk_fallback mtight\">\u4e07\u5186<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">10%<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">+<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\"><span><span class=\"pstrut\"><\/span><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">1000<\/span><\/span><span class=\"mord cjk_fallback mtight\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u4e07\u5186<\/span><\/span><\/span><\/span><\/span><\/span><span><span class=\"pstrut\"><\/span><span class=\"frac-line\"><\/span><\/span><span><span class=\"pstrut\"><\/span><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">200<span class=\"mord cjk_fallback mtight\">\u4e07\u5186<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">5%<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u00d7<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mopen\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">( <\/span><\/span><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">1<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u2212<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">30\uff05<\/span><\/span><\/span><span class=\"mclose\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\uff09<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\r\n\r\n<span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-mathml\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">W ACC <\/span><\/span>\r\n<span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=0.08+0.007=0.087<\/span><\/span><\/span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">W<\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u30fbA\u30fb<\/span><\/span><\/span><span class=\"mord mathnormal\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">CC<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">0.08<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mbin\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">+<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">0.007<\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">0.087<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\r\n\r\n\u3064\u307e\u308a\u3001WACC\u306f8.7%\u3068\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u6570\u5024\u306f\u3001\u4f01\u696d\u304c\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u305f\u3081\u306b\u5e73\u5747\u7684\u306b\u652f\u6255\u3046\u30b3\u30b9\u30c8\u306e\u5272\u5408\u3092\u610f\u5473\u3057\u307e\u3059\u3002\r\n<h3><span class=\"ez-toc-section\" id=\"%E3%81%AE%E4%BD%BF%E3%81%84%E6%96%B9%EF%BC%9A%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E5%88%A4%E6%96%AD%E3%81%AB%E5%BD%B9%E7%AB%8B%E3%81%A4%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88\"><\/span>%\u306e\u4f7f\u3044\u65b9\uff1a\u8cc7\u672c\u30b3\u30b9\u30c8\u5224\u65ad\u306b\u5f79\u7acb\u3064\u30dd\u30a4\u30f3\u30c8<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u767e\u5206\u7387\u3067\u8868\u3059\u3053\u3068\u3067\u3001\u4f01\u696d\u306e\u6295\u8cc7\u5224\u65ad\u3084\u8cc7\u91d1\u8abf\u9054\u306e\u6c7a\u5b9a\u306b\u5f79\u7acb\u3061\u307e\u3059\u3002\u4f4e\u3044\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u9b45\u529b\u7684\u306a\u6295\u8cc7\u6a5f\u4f1a\u3092\u793a\u3057\u3001\u9ad8\u3044\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u6295\u8cc7\u5bb6\u306e\u30ea\u30b9\u30af\u3092\u793a\u5506\u3057\u307e\u3059\u3002\u6b63\u78ba\u306a\u767e\u5206\u7387\u3092\u4f7f\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u306e\u6226\u7565\u7684\u610f\u601d\u6c7a\u5b9a\u3092\u652f\u63f4\u3057\u307e\u3059\u3002\r\n<h3><span class=\"ez-toc-section\" id=\"%E3%83%AA%E3%82%B9%E3%82%AF%E8%AA%BF%E6%95%B4%E6%B8%88%E3%81%BF%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%EF%BC%88RAROC%EF%BC%89%E3%81%AE%E8%A8%88%E7%AE%97%E6%96%B9%E6%B3%95\"><\/span>\u30ea\u30b9\u30af\u8abf\u6574\u6e08\u307f\u8cc7\u672c\u30b3\u30b9\u30c8\uff08RAROC\uff09\u306e\u8a08\u7b97\u65b9\u6cd5<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\nRAROC\u306f\u30ea\u30b9\u30af\u8abf\u6574\u6e08\u307f\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u7565\u3067\u3042\u308a\u3001\u7279\u5b9a\u306e\u6295\u8cc7\u3084\u4e8b\u696d\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u3092\u8003\u616e\u3057\u305f\u8cc7\u672c\u30b3\u30b9\u30c8\u3067\u3059\u3002\u4e00\u822c\u7684\u306b\u3001\u6295\u8cc7\u306e\u30ea\u30b9\u30af\u3092\u8003\u616e\u3057\u3066\u3001WACC\u3084\u4ed6\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u8abf\u6574\u3057\u307e\u3059\u3002\u5177\u4f53\u7684\u306a\u8a08\u7b97\u65b9\u6cd5\u306f\u3001\u6295\u8cc7\u306e\u30ea\u30b9\u30af\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u3084\u4e88\u60f3\u3055\u308c\u308b\u30ea\u30bf\u30fc\u30f3\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3059\u3002\r\n\r\nRAROC\u306e\u8a08\u7b97\u306b\u306f\u4e3b\u306b\u300c\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u53ce\u76ca\u300d\u3068\u300c\u30ea\u30b9\u30af\u8cc7\u672c\u300d\u304c\u5fc5\u8981\u3067\u3059\u3002\u8a08\u7b97\u5f0f\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\uff1a\r\n\r\n<span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-mathml\">RAROC=\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u53ce\u76ca\u30ea\u30b9\u30af\u8cc7\u672c<\/span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord text\"><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u30e9\u30ed\u30c3\u30af<\/span><\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\"><span><span class=\"pstrut\"><\/span><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord cjk_fallback mtight\">\u30ea\u30b9\u30af\u8cc7\u672c<\/span><\/span><\/span><\/span><\/span><span><span class=\"pstrut\"><\/span><span class=\"frac-line\"><\/span><\/span><span><span class=\"pstrut\"><\/span><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord cjk_fallback mtight\">\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u53ce\u76ca<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span>\r\n\r\n<strong>\u5177\u4f53\u4f8b<\/strong>\r\n\r\n\u4f01\u696d\u304c\u3042\u308b\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304b\u3089100\u4e07\u5186\u306e\u53ce\u76ca\u3092\u5f97\u305f\u3068\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u53ce\u76ca\u306f\u30ea\u30b9\u30af\u3092\u4f34\u3046\u305f\u3081\u3001\u30ea\u30b9\u30af\u8abf\u6574\u3092\u884c\u3044\u3001\u5b9f\u8cea\u7684\u306a\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u53ce\u76ca\u309280\u4e07\u5186\u3068\u8a55\u4fa1\u3057\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u3053\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u5bfe\u3057\u3066\u5fc5\u8981\u306a\u30ea\u30b9\u30af\u8cc7\u672c\u304c200\u4e07\u5186\u3067\u3042\u3063\u305f\u3068\u3057\u307e\u3059\u3002\u3053\u306e\u5834\u5408\u3001RAROC\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8a08\u7b97\u3067\u304d\u307e\u3059\uff1a\r\n\r\n<span class=\"math math-inline\"><span class=\"katex\"><span class=\"katex-mathml\">RAROC=80\u4e07\u5186200\u4e07\u5186=0.4<\/span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord text\"><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">\u30e9\u30ed\u30c3\u30af<\/span><\/span><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\"><span><span class=\"pstrut\"><\/span><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">200<span class=\"mord cjk_fallback mtight\">\u4e07\u5186<\/span><\/span><\/span><\/span><span><span class=\"pstrut\"><\/span><span class=\"frac-line\"><\/span><\/span><span><span class=\"pstrut\"><\/span><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">80<span class=\"mord cjk_fallback mtight\">\u4e07\u5186<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\"><\/span><span class=\"mrel\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">=<\/span><\/span><\/span><span class=\"mspace\"><\/span><\/span><span class=\"base\"><span class=\"strut\"><\/span><span class=\"mord\"><span style=\"vertical-align: inherit;\"><span style=\"vertical-align: inherit;\">0.4<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\r\n\r\n\u3053\u308c\u306f\u3001\u30ea\u30b9\u30af\u8cc7\u672c\u306b\u5bfe\u3057\u306640%\u306e\u53ce\u76ca\u3092\u5f97\u305f\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002RAROC\u306f\u901a\u5e38\u3001\u30d1\u30fc\u30bb\u30f3\u30c6\u30fc\u30b8\u3067\u8868\u3055\u308c\u308b\u305f\u3081\u3001\u3053\u306e\u5834\u5408\u306f40%\u304cRAROC\u5024\u3068\u306a\u308a\u307e\u3059\u3002\r\n\r\n\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u53ce\u76ca\u306e\u8a08\u7b97\u3084\u30ea\u30b9\u30af\u8cc7\u672c\u306e\u7b97\u5b9a\u65b9\u6cd5\u306f\u3001\u4f01\u696d\u306e\u30ea\u30b9\u30af\u7ba1\u7406\u65b9\u91dd\u3084\u8a08\u7b97\u57fa\u6e96\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u305f\u3081\u3001\u5177\u4f53\u7684\u306a\u8a08\u7b97\u306b\u306f\u305d\u308c\u305e\u308c\u306e\u4f01\u696d\u306e\u57fa\u6e96\u3092\u53c2\u7167\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059 \u3002\r\n<h2><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E8%AA%BF%E9%81%94%E3%81%AE%E6%96%B9%E6%B3%95%E3%81%A8%E7%B5%8C%E5%96%B6%E6%88%A6%E7%95%A5%E3%81%AE%E9%96%A2%E9%80%A3%E6%80%A7\"><\/span><a href=\"http:\/\/18.179.16.182\/jigyou_shokei\/new\/succession\/981\">\u8cc7\u672c\u8abf\u9054\u306e\u65b9\u6cd5<\/a>\u3068\u7d4c\u55b6\u6226\u7565\u306e\u95a2\u9023\u6027<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<h3><span class=\"ez-toc-section\" id=\"%E8%B3%87%E9%87%91%E8%AA%BF%E9%81%94%E3%81%AE%E6%96%B9%E6%B3%95%E3%82%84%E7%A8%AE%E9%A1%9E%E3%82%92%E6%AF%94%E8%BC%83%EF%BC%9A%E5%86%85%E9%83%A8%E8%AA%BF%E9%81%94%E3%81%A8%E5%A4%96%E9%83%A8%E8%AA%BF%E9%81%94\"><\/span>\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u3084\u7a2e\u985e\u3092\u6bd4\u8f03\uff1a\u5185\u90e8\u8abf\u9054\u3068\u5916\u90e8\u8abf\u9054<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<h4>\u5185\u90e8\u8abf\u9054<\/h4>\r\n\u5185\u90e8\u8abf\u9054\u306f\u3001\u4f01\u696d\u304c\u81ea\u5df1\u8cc7\u672c\u3084\u5229\u76ca\u3092\u6d3b\u7528\u3057\u3066\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u5185\u90e8\u7559\u4fdd\u306e\u6d3b\u7528\u3084\u8cc7\u7523\u58f2\u5374\u306a\u3069\u304c\u542b\u307e\u308c\u307e\u3059\u3002\u5185\u90e8\u8abf\u9054\u306e\u4e3b\u306a\u5229\u70b9\u306f\u3001\u8fd4\u6e08\u306e\u5fc5\u8981\u304c\u306a\u3044\u305f\u3081\u8ca1\u52d9\u30ea\u30b9\u30af\u304c\u4f4e\u304f\u3001\u7d4c\u55b6\u8005\u304c\u7d4c\u55b6\u306b\u5bfe\u3059\u308b\u67d4\u8edf\u6027\u3092\u7dad\u6301\u3067\u304d\u308b\u70b9\u3067\u3059\u3002\r\n<h4>\u5916\u90e8\u8abf\u9054<\/h4>\r\n\u5916\u90e8\u8abf\u9054\u306f\u3001\u4f01\u696d\u304c\u5916\u90e8\u304b\u3089\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u65b9\u6cd5\u3067\u3042\u308a\u3001\u4e3b\u306b\u682a\u5f0f\u767a\u884c\u3084\u501f\u5165\u91d1\u306e\u53d6\u5f97\u306a\u3069\u304c\u542b\u307e\u308c\u307e\u3059\u3002\u5916\u90e8\u8abf\u9054\u306e\u5229\u70b9\u306f\u3001\u5927\u898f\u6a21\u306a\u8cc7\u91d1\u8abf\u9054\u304c\u53ef\u80fd\u3067\u3042\u308a\u3001\u4f01\u696d\u306e\u6210\u9577\u3084\u62e1\u5927\u306b\u5411\u3051\u305f\u8cc7\u91d1\u3092\u78ba\u4fdd\u3067\u304d\u308b\u70b9\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u8fd4\u6e08\u3084\u914d\u5f53\u306e\u7fa9\u52d9\u304c\u3042\u308b\u305f\u3081\u3001\u8ca1\u52d9\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\r\n<h3><span class=\"ez-toc-section\" id=\"%E4%B8%8A%E5%A0%B4%E4%BC%81%E6%A5%AD%E3%81%AE%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E3%81%B8%E3%81%AE%E5%BD%B1%E9%9F%BF\"><\/span>\u4e0a\u5834\u4f01\u696d\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3078\u306e\u5f71\u97ff<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\u4e0a\u5834\u4f01\u696d\u306f\u4e00\u822c\u306b\u5e02\u5834\u3067\u682a\u5f0f\u3092\u516c\u958b\u3057\u3001\u8cc7\u91d1\u8abf\u9054\u3092\u884c\u3044\u307e\u3059\u3002\u3053\u306e\u969b\u3001\u6295\u8cc7\u5bb6\u306e\u671f\u5f85\u3084\u5e02\u5834\u306e\u52d5\u5411\u306b\u3088\u3063\u3066\u682a\u4fa1\u304c\u5909\u52d5\u3057\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002\u9ad8\u3044\u682a\u4fa1\u306f\u8cc7\u91d1\u8abf\u9054\u3092\u5bb9\u6613\u306b\u3057\u3001\u4f4e\u3044\u682a\u4fa1\u306f\u8cc7\u91d1\u8abf\u9054\u3092\u56f0\u96e3\u306b\u3057\u307e\u3059\u3002\r\n<h3><span class=\"ez-toc-section\" id=\"IPO%E3%81%AE%E3%83%AA%E3%82%B9%E3%82%AF\"><\/span>IPO\u306e\u30ea\u30b9\u30af<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\nIPO\u306f\u4f01\u696d\u306e\u77e5\u540d\u5ea6\u5411\u4e0a\u3084\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306e\u591a\u69d8\u5316\u3092\u3082\u305f\u3089\u3057\u307e\u3059\u304c\u3001\u30ea\u30b9\u30af\u3082\u4f34\u3044\u307e\u3059\u3002\u5e02\u5834\u306e\u5909\u52d5\u3084\u6295\u8cc7\u5bb6\u306e\u53cd\u5fdc\u306b\u3088\u3063\u3066\u682a\u4fa1\u304c\u4e0d\u5b89\u5b9a\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u305d\u308c\u306b\u3088\u3063\u3066\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u5897\u52a0\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\r\n<h3><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E6%84%8F%E8%AD%98%E3%81%8B%E3%82%89%E8%A6%8B%E3%81%9F%E7%B5%8C%E5%96%B6%E8%80%85%E3%81%AE%E5%BD%B9%E5%89%B2\"><\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u610f\u8b58\u304b\u3089\u898b\u305f\u7d4c\u55b6\u8005\u306e\u5f79\u5272<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n\u8cc7\u672c\u30b3\u30b9\u30c8\u610f\u8b58\u3092\u6301\u3064\u7d4c\u55b6\u8005\u306f\u3001\u4f01\u696d\u306e\u8cc7\u91d1\u8abf\u9054\u6226\u7565\u3084\u6295\u8cc7\u5224\u65ad\u306b\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002\u5f7c\u3089\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6700\u5c0f\u5316\u3057\u3001\u4f01\u696d\u4fa1\u5024\u3092\u6700\u5927\u5316\u3059\u308b\u305f\u3081\u306b\u52b9\u679c\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u7b56\u3092\u691c\u8a0e\u3057\u3001\u30ea\u30b9\u30af\u3092\u7ba1\u7406\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u6295\u8cc7\u5bb6\u3068\u306e\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u901a\u3058\u3066\u3001\u5e02\u5834\u306e\u671f\u5f85\u306b\u5fdc\u3048\u308b\u6226\u7565\u3092\u7b56\u5b9a\u3057\u307e\u3059\u3002\r\n<h2><span class=\"ez-toc-section\" id=\"%E8%B3%87%E6%9C%AC%E3%82%B3%E3%82%B9%E3%83%88%E5%89%8A%E6%B8%9B%E3%81%B8%E3%81%AE%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E3%81%A8%E5%85%B7%E4%BD%93%E7%AD%96\"><\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u524a\u6e1b\u3078\u306e\u30dd\u30a4\u30f3\u30c8\u3068\u5177\u4f53\u7b56<span 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