{"id":209296,"date":"2025-05-26T06:00:05","date_gmt":"2025-05-25T21:00:05","guid":{"rendered":"https:\/\/rmc-oden.com\/blog\/?p=209296"},"modified":"2025-05-26T14:33:23","modified_gmt":"2025-05-26T05:33:23","slug":"%e8%b2%a1%e5%8b%99%e3%83%bb%e4%ba%8b%e4%be%8b%e2%85%b3%e3%81%ae%e9%a0%bb%e5%87%ba%e8%ab%96%e7%82%b9%e3%80%8cnpv%e3%80%8d%e3%82%92%e3%80%81%e4%bc%81%e6%a5%ad%e8%b2%b7%e5%8f%8e%e3%81%ae%e6%b5%81","status":"publish","type":"post","link":"https:\/\/rmc-oden.com\/blog\/archives\/209296","title":{"rendered":"\u8ca1\u52d9\u30fb\u4e8b\u4f8b\u2163\u306e\u983b\u51fa\u8ad6\u70b9\u300cNPV\u300d\u3092\u3001\u4f01\u696d\u8cb7\u53ce\u306e\u6d41\u308c\u3068\u5171\u306b\u5b66\u307c\u3046\uff01 by\u3072\u3067\u307e\u308b"},"content":{"rendered":"<div class=\"veu_autoEyeCatchBox\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"542\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u91d1\u306e\u5375\u3092\u7523\u3080\u9d8f\u3068DCF-1024x542.png\" class=\"attachment-large size-large wp-post-image\" alt=\"\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u91d1\u306e\u5375\u3092\u7523\u3080\u9d8f\u3068DCF-1024x542.png 1024w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u91d1\u306e\u5375\u3092\u7523\u3080\u9d8f\u3068DCF-300x159.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u91d1\u306e\u5375\u3092\u7523\u3080\u9d8f\u3068DCF-768x407.png 768w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u91d1\u306e\u5375\u3092\u7523\u3080\u9d8f\u3068DCF-1536x813.png 1536w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u91d1\u306e\u5375\u3092\u7523\u3080\u9d8f\u3068DCF.png 1866w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/div>\n<p><\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center\">\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>\u4e00\u767a\u5408\u683c\u9053\u5834\u30d6\u30ed\u30b0\u3092<\/strong><br><strong>\u3042\u306a\u305f\u306ePC\u30fb\u30b9\u30de\u30db\u306e<\/strong><br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">\u300c\u304a\u6c17\u306b\u5165\u308a\u300d\u300c\u30d6\u30c3\u30af\u30de\u30fc\u30af\u300d<\/mark>\u306b<\/strong><br><strong>\u3054\u767b\u9332\u304f\u3060\u3055\u3044\uff01<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\">\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606\u2606<\/p>\n\n\n\n<p class=\"has-text-align-center\"><img loading=\"lazy\" decoding=\"async\" width=\"48\" height=\"49\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/logo-black-160x160.png\" alt=\"\"><strong><a href=\"https:\/\/twitter.com\/shindanshi_dojo\" target=\"_blank\" rel=\"noreferrer noopener\">X(\u65e7Twitter)\u3082\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059<\/a><\/strong><\/p>\n\n\n\n<div class=\"wp-block-vk-blocks-table-of-contents-new vk_tableOfContents vk_tableOfContents-style-default tabs\"><div class=\"tab\"><div class=\"vk_tableOfContents_title\">\u76ee\u6b21<\/div><input type=\"checkbox\" id=\"chck1\"\/><label class=\"tab-label vk_tableOfContents_openCloseBtn button_status button_status-open\" for=\"chck1\" id=\"vk-tab-label\">CLOSE<\/label><ul class=\"vk_tableOfContents_list tab_content-open\">\n\t\t\t\t<li class=\"vk_tableOfContents_list_item vk_tableOfContents_list_item-h-2\">\n\t\t\t\t\t<a href=\"#vk-htags-99aa5f7c-e80a-46a7-90c4-100d4fa7e3f5\" class=\"vk_tableOfContents_list_item_link\">\n\t\t\t\t\t\t<span class=\"vk_tableOfContents_list_item_link_preNumber\">1. <\/span>\n\t\t\t\t\t\tNPV\u3063\u3066\u3044\u3064\u4f7f\u308f\u308c\u308b\u306e\uff1f\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\n\t\t\t\t<li class=\"vk_tableOfContents_list_item vk_tableOfContents_list_item-h-2\">\n\t\t\t\t\t<a href=\"#vk-htags-c65b4e7f-42cd-4e03-ba2d-956de3f81795\" class=\"vk_tableOfContents_list_item_link\">\n\t\t\t\t\t\t<span class=\"vk_tableOfContents_list_item_link_preNumber\">2. <\/span>\n\t\t\t\t\t\t\u4f01\u696d\u8cb7\u53ce\u30d7\u30ed\u30bb\u30b9\u306b\u304a\u3051\u308b\u30d3\u30b8\u30cd\u30b9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u7acb\u3061\u4f4d\u7f6e\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\n\t\t\t\t<li class=\"vk_tableOfContents_list_item vk_tableOfContents_list_item-h-3\">\n\t\t\t\t\t<a href=\"#vk-htags-e87f41a2-6a15-4825-8d33-c6f6ddd97ed4\" class=\"vk_tableOfContents_list_item_link\">\n\t\t\t\t\t\t<span class=\"vk_tableOfContents_list_item_link_preNumber\">2.1. <\/span>\n\t\t\t\t\t\t\u8cb7\u3048\u3070\u3082\u3063\u3068\u5132\u304b\u308b\u304b\u3089\u8cb7\u3046\u3001\u305d\u308c\u3060\u3051\u3088\uff01\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\n\t\t\t\t<li class=\"vk_tableOfContents_list_item vk_tableOfContents_list_item-h-3\">\n\t\t\t\t\t<a href=\"#vk-htags-9858c096-9353-470e-aebe-c10d5d798e0d\" class=\"vk_tableOfContents_list_item_link\">\n\t\t\t\t\t\t<span class=\"vk_tableOfContents_list_item_link_preNumber\">2.2. <\/span>\n\t\t\t\t\t\t\u4e8b\u696d\u8a08\u753b\u8a55\u4fa1\u306e\u30d7\u30ed\u30bb\u30b9\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\n\t\t\t\t<li class=\"vk_tableOfContents_list_item vk_tableOfContents_list_item-h-3\">\n\t\t\t\t\t<a href=\"#vk-htags-c2253740-cd0b-434a-831a-c043b8cb12e7\" class=\"vk_tableOfContents_list_item_link\">\n\t\t\t\t\t\t<span class=\"vk_tableOfContents_list_item_link_preNumber\">2.3. <\/span>\n\t\t\t\t\t\t\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97\u3092\u5206\u89e3\u3059\u308b\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\n\t\t\t\t<li class=\"vk_tableOfContents_list_item vk_tableOfContents_list_item-h-3\">\n\t\t\t\t\t<a href=\"#vk-htags-1b828ddc-0abf-45e9-8657-1b7976e54306\" class=\"vk_tableOfContents_list_item_link\">\n\t\t\t\t\t\t<span class=\"vk_tableOfContents_list_item_link_preNumber\">2.4. <\/span>\n\t\t\t\t\t\t\u5272\u5f15\u7387\u3001WACC\u3063\u3066\uff1f\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\n\t\t\t\t<li class=\"vk_tableOfContents_list_item vk_tableOfContents_list_item-h-2\">\n\t\t\t\t\t<a href=\"#vk-htags-0b2837c7-b965-4286-8d54-b8b4ed952efd\" class=\"vk_tableOfContents_list_item_link\">\n\t\t\t\t\t\t<span class=\"vk_tableOfContents_list_item_link_preNumber\">3. <\/span>\n\t\t\t\t\t\t\u8907\u5229\u73fe\u4fa1\u4fc2\u6570\u3067\u8a08\u7b97\u304c\u697d\u306b\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\n\t\t\t\t<li class=\"vk_tableOfContents_list_item vk_tableOfContents_list_item-h-2\">\n\t\t\t\t\t<a href=\"#vk-htags-970271c0-dd50-46c2-8242-2cd8d5740a16\" class=\"vk_tableOfContents_list_item_link\">\n\t\t\t\t\t\t<span class=\"vk_tableOfContents_list_item_link_preNumber\">4. <\/span>\n\t\t\t\t\t\t\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u516c\u5f0f\u306f\u5c0e\u51fa\u3067\u304d\u308b\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\n\t\t\t\t<li class=\"vk_tableOfContents_list_item vk_tableOfContents_list_item-h-2\">\n\t\t\t\t\t<a href=\"#vk-htags-eeed59d0-4a4a-44ea-9c22-02963b4964be\" class=\"vk_tableOfContents_list_item_link\">\n\t\t\t\t\t\t<span class=\"vk_tableOfContents_list_item_link_preNumber\">5. <\/span>\n\t\t\t\t\t\t\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t\n\t\t\t\t<li class=\"vk_tableOfContents_list_item vk_tableOfContents_list_item-h-2\">\n\t\t\t\t\t<a href=\"#vk-htags-59e3d8b3-8025-40ae-8556-7d3384e2b3a9\" class=\"vk_tableOfContents_list_item_link\">\n\t\t\t\t\t\t<span class=\"vk_tableOfContents_list_item_link_preNumber\">6. <\/span>\n\t\t\t\t\t\t\u7d42\u308f\u308a\u306b\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/li>\n\t\t\t<\/ul><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16\u4ee3\u76ee_\u3072\u3067\u307e\u308b.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u672c\u65e5\u306f\u300c\u3072\u3067\u307e\u308b\u300d\u304c\u304a\u9001\u308a\u3057\u307e\u3059\u3002<br>\u4eca\u56de\u3082\u300c\u30d7\u30ef\u30a1\uff5e\u300d\u3068\u97f3\u304c\u9cf4\u308b\u97f3\u7b26\u3055\u3093\u3068\u4e00\u7dd2\u306b\u304a\u9001\u308a\u3057\u307e\u3059\uff01<br>\u3088\u308d\u3057\u304f\u304a\u9858\u3044\u3057\u307e\u3059\uff01<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_mla w_b_jc_fe w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_R w_b_flex w_b_jc_fe w_b_div\" style=\"\"><div class=\"w_b_bal_box w_b_bal_R w_b_relative w_b_direction_R w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_R w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_R w_b_shadow_R w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u30d7\u30ef\u30a1\uff5e\uff08\u4eca\u56de\u306fNPV\u3084DCF\u6cd5\u3092\u89e3\u8aac\u3059\u308b\u3088\uff01\uff09<\/p><\/div><\/div><\/div><\/div><\/div><div class=\"w_b_ava_box w_b_relative w_b_ava_R w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_R w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u97f3\u7b26.png\" width=\"96\" height=\"96\" alt=\"\u97f3\u7b26\u3055\u3093\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u97f3\u7b26\u3055\u3093<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>\u4e2d\u5c0f\u4f01\u696d\u8a3a\u65ad\u58eb\u306e\uff11\u6b21\u8a66\u9a13\uff08\u8ca1\u52d9\u4f1a\u8a08\uff09\u30fb\uff12\u6b21\u8a66\u9a13\uff08\u4e8b\u4f8b\u2163\uff09\u306b\u304a\u3044\u3066\u8d85\u983b\u51fa\u8ad6\u70b9\u3068\u3082\u3044\u3048\u308b\u306e\u304c<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u300cDCF\u6cd5\u300d\u3084\u300cNPV\u300d<\/span><\/strong>\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\uff1fDCF\uff08Discounted Cash Flow\uff09\u6cd5\u3084NPV\uff08Net Present Value\uff09\u306f\u307b\u307c\u6bce\u5e74\u51fa\u984c\u3055\u308c\u3001\u4e2d\u5c0f\u4f01\u696d\u8a3a\u65ad\u58eb\u8a66\u9a13\u653b\u7565\u306e\u305f\u3081\u306b\u306f\u672c\u8ad6\u70b9\u3092\u30de\u30b9\u30bf\u30fc\u3059\u308b\u3053\u3068\u304c\u5fc5\u9808\u3068\u3082\u3044\u3048\u308b\u8ad6\u70b9\u3067\u3059\u3002<br>\u672c\u8a18\u4e8b\u3067\u306f<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4f01\u696d\u8cb7\u53ce\uff08M&amp;A\uff09\u306b\u304a\u3051\u308b\u30d3\u30b8\u30cd\u30b9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u6d41\u308c\u3092\u8ffd\u3044\u306a\u304c\u3089<\/span><\/strong>\u3001DCF\u6cd5\u3084NPV\u304c\u5b9f\u969b\u306b\u4f7f\u308f\u308c\u308b\u73fe\u5834\u3092\u898b\u308b\u3053\u3068\u3067\u30a4\u30e1\u30fc\u30b8\u3092\u3082\u3063\u3066\u3053\u308c\u3089\u306e\u6982\u5ff5\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u3092\u76ee\u6307\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16\u3072\u3067\u307e\u308b_.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u5177\u4f53\u7684\u306a\u73fe\u5834\u306e\u6d41\u308c\u3092\u898b\u306a\u304c\u3089\u3001\u3068\u3063\u3064\u304d\u306b\u304f\u3044DCF\u6cd5\u3084NPV\u306e\u8003\u3048\u65b9\u3092\u5b66\u3073\u307e\u3057\u3087\u3046\uff01<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"vk-htags-99aa5f7c-e80a-46a7-90c4-100d4fa7e3f5\">NPV\u3063\u3066\u3044\u3064\u4f7f\u308f\u308c\u308b\u306e\uff1f<\/h2>\n\n\n\n<p>\u6642\u306f2025\u5e745\u6708\u3001\u3068\u3042\u308b\u57f7\u7b46\u8005\u3068\u97f3\u7b26\u3055\u3093\u306e\u4f1a\u8a71\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16\u3072\u3067\u307e\u308b_.png\" width=\"96\" height=\"96\" alt=\"\u3068\u3042\u308b\u57f7\u7b46\u8005\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3068\u3042\u308b\u57f7\u7b46\u8005<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u3068\u3042\u308b\u57f7\u7b46\u8005\u3060\u3088\uff01\u3044\u3064\u3082\u8a18\u4e8b\u306e\u30cd\u30bf\u3092\u8003\u3048\u306a\u304c\u3089\u904e\u3054\u3057\u3066\u3044\u308b\u3093\u3060\uff01<br>\u4eca\u56de\u306f\u3069\u3093\u306a\u4f01\u753b\u304c\u3044\u3044\u304b\u306a\uff1f<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_mla w_b_jc_fe w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_R w_b_flex w_b_jc_fe w_b_div\" style=\"\"><div class=\"w_b_bal_box w_b_bal_R w_b_relative w_b_direction_R w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_R w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_R w_b_shadow_R w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u30d7\u30ef\u30a1\uff5e\uff08\u8a3a\u65ad\u58eb\u3067\u6700\u3082\u91cd\u8981\u306a\u79d1\u76ee\u306e\u4e00\u3064\u3068\u8a00\u308f\u308c\u308b\u3001\u8ca1\u52d9\u4f1a\u8a08\u30fb\u4e8b\u4f8b\u2163\u306e\u8ad6\u70b9\u304c\u3044\u3044\u306d\uff01\uff09<\/p><\/div><\/div><\/div><\/div><\/div><div class=\"w_b_ava_box w_b_relative w_b_ava_R w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_R w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u97f3\u7b26.png\" width=\"96\" height=\"96\" alt=\"\u97f3\u7b26\u3055\u3093\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u97f3\u7b26\u3055\u3093<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u9060\u3044\u76ee-1.png\" width=\"96\" height=\"96\" alt=\"\u30c9\u672c\u547d\u306b\u6311\u6226\uff01\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u30c9\u672c\u547d\u306b\u6311\u6226\uff01<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u3060\u3063\u305f\u3089\u3001DCF\u6cd5\u3001NPV\u306f\u3069\u3046\u3060\u308d\u3046\uff1f<br>\u6bce\u5e74\u51fa\u984c\u3055\u308c\u308b\u91cd\u8981\u8ad6\u70b9\u3060\u3088\uff01\u5148\u4ee3\u3067\u3082\u30c8\u30ed\u30aa\u30c9\u30f3\u3055\u3093\u304c<a href=\"https:\/\/rmc-oden.com\/blog\/archives\/180960\">\u6bce\u5e74\u306eNPV\u7b49\u306e\u51fa\u984c\u50be\u5411\u3092\u5206\u6790<\/a>\u3057\u3066\u304f\u3060\u3055\u3063\u3066\u3044\u3066\u3001\u76f8\u5f53\u306a\u70b9\u6570\u304c\u3053\u306e\u8ad6\u70b9\u306b\u5272\u304b\u308c\u3066\u3044\u308b\u3068\u308f\u304b\u308b\u306d\uff01<br>\u3057\u304b\u3082\u3001\u3053\u308c\u3089\u306f\u7c3f\u8a18\uff11\u7d1a\u306e\u8ad6\u70b9\u3060\u304b\u3089\u5927\u534a\u306e\u53d7\u9a13\u751f\uff08\u7c3f\u8a18\uff12\u7d1a\u307e\u3067\u306f\u6301\u3063\u3066\u3044\u3066\u3082\uff11\u7d1a\u3092\u52c9\u5f37\u3057\u3066\u3044\u308b\u4eba\u306f\u5c11\u306a\u3044\uff09\u306b\u3068\u3063\u3066\u306f\u76ee\u65b0\u3057\u304f\u3001\u96e3\u3057\u3044\u3068\u601d\u3046\u4eba\u3082\u591a\u3044\u8ad6\u70b9\u3060\u3088\u306d\u3002<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"993\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2075.png\" alt=\"\" class=\"wp-image-209285\" style=\"width:618px;height:auto\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2075.png 768w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2075-232x300.png 232w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">\u30c8\u30ed\u30aa\u30c9\u30f3\u3055\u3093\u8a18\u4e8b\u3088\u308a\u5f15\u7528<\/figcaption><\/figure>\n<\/div>\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_mla w_b_jc_fe w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_R w_b_flex w_b_jc_fe w_b_div\" style=\"\"><div class=\"w_b_bal_box w_b_bal_R w_b_relative w_b_direction_R w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_R w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_R w_b_shadow_R w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u30d7\u30ef\u30a1\uff5e\uff08\u78ba\u304b\u306b\u3053\u308c\u3089\u306f\u91cd\u8981\u8ad6\u70b9\u3060\u3088\u306d\uff01\u3044\u3044\u306d\uff01\u3067\u3082\u4f55\u304b\u61f8\u5ff5\u3067\u3082\u3042\u308b\u306e\uff1f\uff09<\/p><\/div><\/div><\/div><\/div><\/div><div class=\"w_b_ava_box w_b_relative w_b_ava_R w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_R w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u97f3\u7b26.png\" width=\"96\" height=\"96\" alt=\"\u97f3\u7b26\u3055\u3093\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u97f3\u7b26\u3055\u3093<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u6d99\u3092\u6d41\u3059.png\" width=\"96\" height=\"96\" alt=\"\u5148\u4eba\u306f\u5049\u5927\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u5148\u4eba\u306f\u5049\u5927<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u65e2\u306b\u5148\u8f29\u65b9\u304c\u305f\u304f\u3055\u3093\u89e3\u8aac\u3057\u3066\u3044\u308b\u3093\u3060\u3088\u2026\uff01\u91cd\u8981\u306a\u8ad6\u70b9\u3060\u304b\u3089\u306d\u3002<br>\u5148\u8f29\u65b9\u304c\u5341\u5206\u306a\u89e3\u8aac\u3092\u3057\u3066\u304f\u308c\u3066\u308b\u304b\u3089\u3001\u305d\u306e\u8a18\u4e8b\u3092\u7d39\u4ecb\u3059\u308b\u3060\u3051\u3067\u5341\u5206\u3058\u3083\u306a\u3044\u304b\u306a\u2026\u3002<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_mla w_b_jc_fe w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_R w_b_flex w_b_jc_fe w_b_div\" style=\"\"><div class=\"w_b_bal_box w_b_bal_R w_b_relative w_b_direction_R w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_R w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_R w_b_shadow_R w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u30d7\u30ef\u30a1\uff5e\uff08\u3067\u3082\u3001\u3072\u3067\u307e\u308b\u306f\u4f01\u696d\u8cb7\u53ce\u306b\u643a\u308f\u3063\u3066\u3044\u305f\u3068\u304d\u3001DCF\u6cd5\u3092\u5b9f\u969b\u306b\u4f7f\u3063\u3066\u696d\u52d9\u3092\u3057\u3066\u3044\u305f\u3053\u3068\u304c\u3042\u308b\u3088\u306d\u3002\u5177\u4f53\u7684\u306a\u73fe\u5834\u304c\u308f\u304b\u308b\u3068\u3001\u6982\u5ff5\u306e\u7406\u89e3\u3082\u9032\u3080\u3093\u3058\u3083\u306a\u3044\u304b\u306a\uff1f\uff09<\/p><\/div><\/div><\/div><\/div><\/div><div class=\"w_b_ava_box w_b_relative w_b_ava_R w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_R w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u97f3\u7b26.png\" width=\"96\" height=\"96\" alt=\"\u97f3\u7b26\u3055\u3093\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u97f3\u7b26\u3055\u3093<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u30a4\u30b1\u30e1\u30f3\u306a\u76ee.png\" width=\"96\" height=\"96\" alt=\"\u5b9f\u4f53\u9a13\u3092\u8a9e\u308b\u3088\uff01\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u5b9f\u4f53\u9a13\u3092\u8a9e\u308b\u3088\uff01<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u78ba\u304b\u306b\uff01\u305d\u308c\u3060\u3063\u305f\u3089\u65b0\u3057\u3044\u8996\u70b9\u3067NPV\u306b\u89e6\u308c\u308b\u304d\u3063\u304b\u3051\u306b\u306a\u308b\u306d\uff01<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>\u7b46\u8005\u306f\u4e2d\u5c0f\u4f01\u696d\u8a3a\u65ad\u58eb\u306e\u8a66\u9a13\u52c9\u5f37\u3092\u59cb\u3081\u308b\u524d\u3001\u4f01\u696d\u8cb7\u53ce\u3084\u51fa\u8cc7\u6848\u4ef6\u306b\u3044\u304f\u3064\u304b\u304b\u304b\u308f\u3063\u3066\u304a\u308a\u307e\u3057\u305f\u3002\u305d\u306e\u73fe\u5834\u3067\u306fDCF\u6cd5\u3084NPV\u304c\u5b9f\u969b\u306b\u4f7f\u308f\u308c\u3066\u3001\u51fa\u8cc7\u3059\u308b\u5074\u3068\u51fa\u8cc7\u3055\u308c\u308b\u5074\u306e\u4ea4\u6e09\u306b\u3066\u306a\u304f\u3066\u306f\u306a\u3089\u306a\u3044\u7269\u3068\u306a\u3063\u3066\u304a\u308a\u307e\u3057\u305f\u3002\u7b46\u8005\u81ea\u8eab\u306f\u8ca1\u52d9\u62c5\u5f53\u8005\u3067\u306f\u306a\u304b\u3063\u305f\u306e\u3067\u305d\u306e\u73fe\u5834\u3067\u5b9f\u969b\u306e\u8a08\u7b97\u3092\u884c\u3063\u305f\u308a\u306f\u3057\u3066\u3044\u306a\u304b\u3063\u305f\u3082\u306e\u306e\u3001\u8ca1\u52d9\u62c5\u5f53\u8005\u3068\u306e\u3084\u308a\u53d6\u308a\u3092\u901a\u3058\u3066DCF\u6cd5\u3084NPV\u306e\u30a4\u30e1\u30fc\u30b8\u3092\u611f\u899a\u7684\u306b\u3064\u304b\u3080\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002\u7b46\u8005\u306f\u305d\u306e\u304a\u304b\u3052\u3067\u3001\u8a3a\u65ad\u58eb\u306e\u52c9\u5f37\u3092\u59cb\u3081\u305f\u3068\u304d\u30b9\u30e0\u30fc\u30b9\u306b\u52c9\u5f37\u3092\u9032\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u3053\u3067\u672c\u8a18\u4e8b\u3067\u306f\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u5b9f\u969b\u306e\u4f01\u696d\u8cb7\u53ce\u306e\u6d41\u308c\u3092\u4e00\u7dd2\u306b\u305f\u3069\u308b\u3053\u3068\u3067\u3001DCF\u6cd5\u3084NPV\u306e\u30a4\u30e1\u30fc\u30b8\u3092\u5177\u4f53\u7684\u306b\u6301\u3063\u3066\u3082\u3089\u304a\u3046<\/span><\/strong>\u3068\u3044\u3046\u8a66\u307f\u3067\u304a\u9001\u308a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"vk-htags-c65b4e7f-42cd-4e03-ba2d-956de3f81795\">\u4f01\u696d\u8cb7\u53ce\u30d7\u30ed\u30bb\u30b9\u306b\u304a\u3051\u308b\u30d3\u30b8\u30cd\u30b9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u7acb\u3061\u4f4d\u7f6e<\/h2>\n\n\n\n<p>\u4f01\u696d\u8cb7\u53ce\u306e\u30d7\u30ed\u30bb\u30b9\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\uff16\u3064\u3067\u69cb\u6210\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"571\" height=\"1024\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2083-571x1024.png\" alt=\"\" class=\"wp-image-209347\" style=\"width:423px;height:auto\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2083-571x1024.png 571w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2083-167x300.png 167w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2083.png 649w\" sizes=\"auto, (max-width: 571px) 100vw, 571px\" \/><\/figure>\n<\/div>\n\n\n<p>\u3053\u306e\u3046\u3061\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u3092\u884c\u3046\u306e\u304c\u2462\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff08DD)\u3001\u7279\u306b\u30d3\u30b8\u30cd\u30b9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9<\/span><\/strong>\u3067\u3059\u3002\u30d3\u30b8\u30cd\u30b9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3067\u306f\u3001\u5e02\u5834\u30fb\u9867\u5ba2\u30fb\u7af6\u4e89\u74b0\u5883\u5206\u6790\u3084\u3001\u8cb7\u53ce\u5bfe\u8c61\u306e\u4e8b\u696d\u8a08\u753b\u3084\u4e8b\u696d\u30e2\u30c7\u30eb\u306e\u8a55\u4fa1\u3001\u305d\u3057\u3066M&amp;A\u306b\u3088\u3063\u3066\u751f\u307e\u308c\u308b\u4e21\u793e\u306e\u30b7\u30ca\u30b8\u30fc\uff08\u76f8\u4e57\u52b9\u679c\uff09\u306e\u8a55\u4fa1\u3092\u884c\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u4e8b\u696d\u8a08\u753b\u304b\u3089\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3057\u3066\u4fa1\u683c\u4ea4\u6e09\u3092\u884c\u3063\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u4e8b\u696d\u8a08\u753b\u306e\u8a55\u4fa1\u3001\u305d\u3057\u3066\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\uff08DCF\u6cd5\uff09\u3092\u7528\u3044\u305f\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u306e\u6d41\u308c\u306b\u3064\u3044\u3066\u5b66\u3093\u3067\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"vk-htags-e87f41a2-6a15-4825-8d33-c6f6ddd97ed4\">\u8cb7\u3048\u3070\u3082\u3063\u3068\u5132\u304b\u308b\u304b\u3089\u8cb7\u3046\u3001\u305d\u308c\u3060\u3051\u3088\uff01<\/h3>\n\n\n\n<p>\u4f01\u696d\u8cb7\u53ce\u3068\u3044\u3046\u3068\u91d1\u984d\u3082\u5927\u304d\u3044\u3067\u3059\u3057\u3001\u4e00\u822c\u7684\u306a\u30e2\u30ce\u306e\u58f2\u8cb7\u3068\u306f\u9055\u3063\u305f\u3082\u306e\u306b\u611f\u3058\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u6cd5\u5f8b\u4e0a\u306f\u4f01\u696d\u306f\u6cd5\u4eba\u3067\u3042\u308a\u3001\u4eba\u306e\u3088\u3046\u306b\u898b\u306a\u3055\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3057\u3001\u7279\u5225\u306a\u611f\u3058\u304c\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4f01\u696d\u8cb7\u53ce\u306e\u73fe\u5834\u304b\u3089\u3059\u308c\u3070\u4f01\u696d\u3082\u305f\u3060\u306e\u30e2\u30ce\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u30e2\u30ce\u306e\u4fa1\u5024\u304c\u6255\u3046\u304a\u91d1\u306b\u5bfe\u3057\u3066\u898b\u5408\u3063\u305f\u3082\u306e\u3067\u3042\u308b\u306a\u3089\u8cb7\u3046\u3057\u3001\u305d\u3046\u3067\u306a\u3051\u308c\u3070\u8cb7\u308f\u306a\u3044\u3001\u3068\u3044\u3046\u5358\u7d14\u306a\u5224\u65ad\u3067\u4f01\u696d\u306f\u53d6\u5f15\u3055\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u7686\u3055\u307e\u306f\u30e2\u30ce\u3092\u8cb7\u3046\u3068\u304d\uff08\u304a\u91d1\u3092\u6255\u3063\u3066\u4f55\u304b\u3092\u3059\u308b\u3068\u304d\uff09\u3069\u306e\u3088\u3046\u306a\u5224\u65ad\u3092\u3055\u308c\u3066\u3044\u308b\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16\u3072\u3067\u307e\u308b_.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u4f8b\u3048\u3070\u3001\u30c7\u30a3\u30ca\u30fc\u3092\u98df\u3079\u306b\u30ec\u30b9\u30c8\u30e9\u30f3\u306b\u884c\u304f\u3068\u3044\u3046\u30b7\u30c1\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3067\u306f\u3001\u6599\u7406\u306e\u304a\u3044\u3057\u3055\u3084\u30ec\u30b9\u30c8\u30e9\u30f3\u306e\u96f0\u56f2\u6c17\u3068\u3044\u3063\u305f\u3001\u591a\u69d8\u306a\u8981\u7d20\u3092\u8e0f\u307e\u3048\u3066\u5224\u65ad\u3057\u307e\u3059\u3002<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_mla w_b_jc_fe w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_R w_b_flex w_b_jc_fe w_b_div\" style=\"\"><div class=\"w_b_bal_box w_b_bal_R w_b_relative w_b_direction_R w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_R w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_R w_b_shadow_R w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u30d7\u30ef\u30a1\uff5e\uff08\u52a0\u3048\u3066\u8a18\u5ff5\u65e5\u3068\u3044\u3063\u305f\u7279\u5225\u306a\u65e5\u306f\u596e\u767a\u3057\u3066\u3057\u307e\u304a\u3046\uff5e\u3068\u601d\u3063\u305f\u308a\u3057\u307e\u3059\u306d\u3002\uff09<\/p><\/div><\/div><\/div><\/div><\/div><div class=\"w_b_ava_box w_b_relative w_b_ava_R w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_R w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u97f3\u7b26.png\" width=\"96\" height=\"96\" alt=\"\u97f3\u7b26\u3055\u3093\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u97f3\u7b26\u3055\u3093<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u30e2\u30ce\u3092\u8cb7\u3046\u6642\u3001\u4eba\u9593\u306f\u8907\u96d1\u306a\u601d\u8003\u3092\u884c\u3063\u3066\u6c7a\u65ad\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u6642\u306b\u306f\u975e\u5408\u7406\u7684\u306a\u9078\u629e\u3092\u3059\u308b\u3053\u3068\u3082\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3067\u3001\u4f01\u696d\u8cb7\u53ce\u306e\u7406\u8ad6\u3001\u3068\u304f\u306b\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u304a\u3044\u3066\u306f\u5408\u7406\u7684\u306a\u57fa\u6e96\u3067\u58f2\u8cb7\u304c\u9032\u3081\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u308c\u306f\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u3053\u306e\u4f1a\u793e\u3092\u8cb7\u3046\u3053\u3068\u3067\u5c06\u6765\u7684\u306b\u6255\u3063\u305f\u984d\u3088\u308a\u5132\u304b\u308b\u304b\u3089\u8cb7\u53ce\u3059\u308b<\/span><\/strong>\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<br>\u203b\u306a\u304a\u3001\u73fe\u5834\u306b\u304a\u3044\u3066\u306f\u3001\u8cb7\u53ce\u4fa1\u683c\u306f\u5272\u3068\u6063\u610f\u7684\u306b\u6c7a\u3081\u3089\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u3001\u4e8b\u696d\u8a08\u753b\u8a55\u4fa1\u306e\u30d7\u30ed\u30bb\u30b9\u3067\u5e33\u5c3b\u3092\u5408\u308f\u305b\u3066\u6063\u610f\u7684\u306a\u4fa1\u683c\u4ed8\u3051\u3092\u6b63\u5f53\u5316\u3057\u3088\u3046\u3068\u3057\u305f\u308a\u3059\u308b\u3053\u3068\u3082\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u305f\u3060\u3057\u3001\u904b\u7528\u65b9\u6cd5\u304c\u6063\u610f\u7684\u3067\u3042\u308b\u3053\u3068\u3067\u7d50\u679c\u7684\u306b\u5408\u7406\u6027\u304c\u6b20\u843d\u3059\u308b\u3060\u3051\u3067\u3042\u308a\u3001\u3042\u304f\u307e\u3067\u7406\u8ad6\u7684\u306b\u306fDCF\u6cd5\u306f\u5408\u7406\u7684\u306a\u8003\u3048\u3067\u69cb\u7bc9\u3055\u308c\u305f\u624b\u6cd5\u3067\u3059\u3002\u305d\u3082\u305d\u3082\u672a\u6765\u306e\u3053\u3068\u3092\u5360\u3063\u3066\u4fa1\u683c\u3092\u6c7a\u3081\u3066\u3044\u308b\u4ee5\u4e0a\u3001\u6063\u610f\u6027\u304b\u3089\u9003\u308c\u308b\u3053\u3068\u306f\u4e0d\u53ef\u80fd\u3067\u3042\u308a\u3001\u305d\u308c\u304cDCF\u6cd5\u306e\u9650\u754c\u3060\u3068\u8a00\u308f\u308c\u305f\u308a\u3057\u307e\u3059\u3002\u7406\u8ad6\u7684\u306b\u306f\u5b8c\u74a7\u3060\u304c\u3001\u5b9f\u7528\u7684\u3067\u306f\u306a\u3044\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"459\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2074.png\" alt=\"\" class=\"wp-image-209282\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2074.png 940w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2074-300x146.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2074-768x375.png 768w\" sizes=\"auto, (max-width: 940px) 100vw, 940px\" \/><\/figure>\n<\/div>\n\n\n<p>\u4f01\u696d\u8cb7\u53ce\u306b\u304a\u3044\u3066\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4f1a\u793e\u3068\u306f\u91d1\u306e\u5375\u3092\u7523\u3080\u9d8f<\/span><\/strong>\u3067\u3059\u3002\u9d8f\u306f\u91d1\u306e\u5375\uff08\u3044\u308f\u3086\u308b\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\uff09\u3092\u98fc\u3044\u4e3b\u306b\u63d0\u4f9b\u3057\u3066\u304f\u308c\u308b\u3068\u5171\u306b\u3001\u9d8f\u305d\u306e\u3082\u306e\u306e\u4fa1\u5024\u3082\u5024\u4e0a\u304c\u308a\u3057\u3066\u3044\u3056\u3068\u3044\u3046\u6642\u306b\u9d8f\u304c\u9ad8\u5024\u3067\u58f2\u308c\u308b\uff08\u3044\u308f\u3086\u308b\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\uff09\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002\u9006\u306b\u8a00\u3046\u3068\u3001\u305d\u308c\u4ee5\u4e0a\u3067\u3082\u305d\u308c\u4ee5\u4e0b\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u4f1a\u793e\u306f\u3001\u5229\u76ca\u3068\u3044\u3046\u5f62\u3067\u6bce\u5e74\u304a\u91d1\u3092\u6de1\u3005\u3068\u751f\u3093\u3067\u304f\u308c\u308b\u306e\u3067\u3042\u308a\u304c\u305f\u3044\u5b58\u5728\u3067\u3059\u3002\u4e00\u65b9\u3067\u3001\u7279\u5225\u306a\u611f\u60c5\u3092\u6301\u3063\u3066\u63a5\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u4f1a\u793e\u304c\u884c\u3063\u3066\u3044\u308b\u4e8b\u696d\u306b\u601d\u3044\u5165\u308c\u304c\u3042\u3063\u3066\u3082\u3001\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u304a\u3044\u3066\u7406\u8ad6\u7684\u306b\u306f\u305d\u306e\u4f1a\u793e\u306e\u4fa1\u683c\u306f\u4e0a\u304c\u308a\u307e\u305b\u3093\u3002\uff08\u305f\u3060\u3057\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u304a\u3044\u3066\u306f\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u3092\u52d5\u304b\u3059\u4eba\u306e\u5fc3\u306b\u3088\u3063\u3066\u5024\u4ed8\u3051\u304c\u3055\u308c\u308b\u306e\u3067\u601d\u3044\u5165\u308c\u304c\u5f71\u97ff\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\uff09<\/p>\n\n\n\n<p>\u305d\u306e\u305f\u3081\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u8cb7\u53ce\u4fa1\u683c\u3088\u308a\u3082\u3001\u305d\u306e\u4f1a\u793e\u304c\u5c06\u6765\u751f\u3093\u3067\u304f\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u306e\u65b9\u304c\u5927\u304d\u3051\u308c\u3070\u3001\u5c06\u6765\u7684\u306b\u81ea\u5206\u306f\u5f97\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u4f1a\u793e\u3092\u8cb7\u3044\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3057\u3001\u305d\u3046\u3067\u306a\u3051\u308c\u3070\u81ea\u5206\u306f\u5c06\u6765\u7684\u306b\u640d\u3092\u3059\u308b\u306e\u3067\u8cb7\u3044\u305f\u304f\u306a\u3044\u3068\u601d\u3046<\/span><\/strong>\u308f\u3051\u3067\u3059\u3002<br>\u3053\u3053\u3067\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u5224\u65ad\u306e\u57fa\u6e96\u306f\u300c\u5229\u76ca\u300d\u3067\u306f\u306a\u304f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u306a\u3063\u3066\u3044\u308b<\/span><\/strong>\u3053\u3068\u306b\u6ce8\u610f\u3057\u307e\u3059\u3002\u4f1a\u793e\u3092\u8cb7\u53ce\u3059\u308b\u3068\u304d\u306b\u8cb7\u3044\u624b\u304c\u58f2\u308a\u624b\u306b\u6255\u3046\u306e\u306f\u73fe\u91d1\uff08\u307e\u305f\u306f\u73fe\u91d1\u76f8\u5f53\u5206\u306e\u81ea\u793e\u682a\u5f0f\u7b49\uff09\u3067\u3042\u308b\u308f\u3051\u3067\u3059\u304b\u3089\u3001\u305d\u306e\u73fe\u91d1\u3092\u540c\u3058\u304f\u73fe\u91d1\u3067\u56de\u53ce\u3057\u306a\u3044\u3068\u3044\u3051\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u3001\u5229\u76ca\u3067\u306f\u306a\u304f\u3066\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u8a55\u4fa1\u3059\u308b\u3053\u3068\u3067\u3001\u8cb7\u3046\u305f\u3081\u306b\u652f\u6255\u3046\u304a\u91d1\u3068\u3001\u8cb7\u3063\u305f\u5f8c\u306b\u624b\u306b\u5165\u308b\u304a\u91d1\u3092\u6bd4\u3079\u308b\u3068\u3044\u3046\u5408\u7406\u7684\u306a\u5224\u65ad\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16\u3072\u3067\u307e\u308b_.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" 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class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2072-1024x683.png\" alt=\"\" class=\"wp-image-209277\" style=\"width:616px;height:auto\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2072-1024x683.png 1024w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2072-300x200.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2072-768x512.png 768w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2072.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" 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class=\"vk_highlighter\">\u8a08\u753b\u306f\u4e00\u3064\u3067\u306f\u306a\u304f\u69d8\u3005\u306a\u3082\u306e\uff08\u697d\u89b3\u7684\u306a\u3082\u306e\u3001\u60b2\u89b3\u7684\u306a\u3082\u306e\uff09\u3092\u4f5c\u308b\u3053\u3068\u304c\u591a\u3044<\/span><\/strong>\u3067\u3059\u3002\u79c1\u306e\u7d4c\u9a13\u4e0a\u306f\u3053\u308c\u306e\u547c\u3073\u540d\u306f\u69d8\u3005\u3067\u3001\u30d6\u30eb\u30fb\u30d9\u30a2\u3068\u547c\u3076\u4eba\u3067\u3042\u3063\u305f\u308a\u3001\u30d9\u30b9\u30c8\u30b7\u30ca\u30ea\u30aa\u30fb\u30ef\u30fc\u30b9\u30c8\u30b7\u30ca\u30ea\u30aa\uff08\u30ea\u30b9\u30af\u30b7\u30ca\u30ea\u30aa\uff09\u3068\u3044\u3063\u305f\u8a00\u3044\u65b9\u3092\u3059\u308b\u4eba\u3082\u3044\u305f\u308a\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u3089\u3092\u4f5c\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u306b\u304a\u3044\u3066\u8a08\u7b97\u7d50\u679c\u306b\u5e45\u3092\u6301\u305f\u305b\u3001\u300c\u3053\u306e\u4fa1\u683c\u306a\u3089\u3070\u601d\u3063\u305f\u3088\u308a\u4f1a\u793e\u304c\u6210\u9577\u3057\u306a\u304f\u3066\u3082\u51fa\u8cc7\u91d1\u3092\u56de\u53ce\u3067\u304d\u308b\u306a\u2026\u300d\u300c\u3042\u306e\u4fa1\u683c\u3060\u3068\u76f8\u5f53\u3088\u3044\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u306a\u3044\u3068\u640d\u3057\u3066\u3057\u307e\u3046\u305e\u2026\uff01\u300d\u3068\u3044\u3063\u305f\u5224\u65ad\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4fa1\u683c\u4ea4\u6e09\u306b\u304a\u3044\u3066\u67d4\u8edf\u306a\u5bfe\u5fdc\u304c\u3067\u304d\u308b<\/span><\/strong>\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2077.png\" alt=\"\" class=\"wp-image-209291\" style=\"width:430px;height:auto\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2077.png 1024w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2077-300x300.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2077-160x160.png 160w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2077-768x768.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"vk-htags-c2253740-cd0b-434a-831a-c043b8cb12e7\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97\u3092\u5206\u89e3\u3059\u308b<\/h3>\n\n\n\n<p>\u4e8b\u696d\u8a08\u753b\u8a55\u4fa1\u304c\u7d42\u308f\u308c\u3070\u3001\u3068\u3046\u3068\u3046\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u304c\u53ef\u80fd\u3067\u3059\u3002\u5148\u307b\u3069\u306e\u30d9\u30fc\u30b9\u30b1\u30fc\u30b9\uff08\u30b9\u30bf\u30f3\u30c9\u30a2\u30ed\u30f3\uff09\u3084\u30b7\u30ca\u30b8\u30fc\u30b1\u30fc\u30b9\u3092\u7528\u3044\u3066\u3001\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u3092\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u57fa\u3065\u3044\u3066\u884c\u3063\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u305f\u3081\u306b\u3001\u307e\u305a\u306f<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u5404\u5e74\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/span><\/strong>\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002\u3053\u306e\u30d7\u30ed\u30bb\u30b9\u306f\u4e2d\u5c0f\u4f01\u696d\u8a3a\u65ad\u58eb\u306e\u8a66\u9a13\u3067\u3082\u304a\u306a\u3058\u307f\u3067\u3059\u306d\u3002\u306a\u304a\u3001\u8a3a\u65ad\u58eb\u306e\uff12\u6b21\u8a66\u9a13\u3067\u306f\u4f01\u696d\u8cb7\u53ce\u3067\u306f\u306a\u304f\u65b0\u898f\u8a2d\u5099\u6295\u8cc7\u304c\u554f\u984c\u306b\u306a\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u304c\u3001\u4eca\u307e\u3067\u306e\u8aac\u660e\u306e\u901a\u308a\u3053\u308c\u3089\u306e\u8ad6\u70b9\u306f\u300c\u6255\u3063\u305f\u984d\u4ee5\u4e0a\u306b\u5132\u304b\u308b\u306a\u3089\u8cb7\u3046\u300d\u3068\u3044\u3046\u3060\u3051\u3067\u3059\u306e\u3067\u3001\u672c\u8cea\u7684\u306b\u306f\u540c\u3058\u8ad6\u70b9\u3067\u3059\u3002<br>\u306a\u304a\u3001\u7e70\u308a\u8fd4\u3057\u3068\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u304c<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u5224\u65ad\u306e\u57fa\u6e96\u306f\u300c\u5229\u76ca\u300d\u3067\u306f\u306a\u304f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u306a\u3063\u3066\u3044\u308b<\/span><\/strong>\u3053\u3068\u306b\u6ce8\u610f\u3057\u307e\u3059\u3002\u4f1a\u793e\u3092\u8cb7\u53ce\u3059\u308b\u3068\u304d\u306b\u8cb7\u3044\u624b\u304c\u58f2\u308a\u624b\u306b\u6255\u3046\u306e\u306f\u73fe\u91d1\u3067\u3042\u308b\u305f\u3081\u3001\u4f1a\u793e\u306e\u8a55\u4fa1\u3082\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30d9\u30fc\u30b9\u3067\u884c\u3046\u4e8b\u3067\u3001\u5e33\u5c3b\u3092\u5408\u308f\u305b\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u3064\u3044\u3066\u306f\u5148\u4ee3\u306e\u30c8\u30ed\u30aa\u30c9\u30f3\u3055\u3093\u304c<a href=\"https:\/\/rmc-oden.com\/blog\/archives\/180960\">\u3053\u3061\u3089\u306e\u8a18\u4e8b<\/a>\u3067\u308f\u304b\u308a\u3084\u3059\u3044\u30a4\u30e9\u30b9\u30c8\u3092\u4f5c\u3063\u3066\u304f\u3060\u3055\u3063\u3066\u3044\u308b\u306e\u3067\u5f15\u7528\u3057\u307e\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"515\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2078-1024x515.png\" alt=\"\" class=\"wp-image-209292\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2078-1024x515.png 1024w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2078-300x151.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2078-768x386.png 768w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2078-1536x772.png 1536w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2078-2048x1029.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">\u30c8\u30ed\u30aa\u30c9\u30f3\u3055\u3093\u8a18\u4e8b\u3088\u308a\u5f15\u7528<\/figcaption><\/figure>\n<\/div>\n\n\n<p>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u305d\u306e\u3082\u306e\u3092\u76f4\u63a5\u8a08\u7b97\u3067\u304d\u308c\u3070\u554f\u984c\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4e8b\u696d\u8a08\u753b\u306f\u58f2\u4e0a\u30fb\u8cbb\u7528\u30fb\u5229\u76ca\u30d9\u30fc\u30b9\u3067\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u305f\u3081\u3001\u3053\u308c\u3089\u3092\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30d9\u30fc\u30b9\u306b\u7f6e\u304d\u63db\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u8ad6\u70b9\u304c\u4e2d\u5c0f\u4f01\u696d\u8a3a\u65ad\u58eb\u306e\u8a66\u9a13\u3067\u306f\u3088\u304f\u51fa\u984c\u3055\u308c\u307e\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<p>\u5229\u76ca\u304b\u3089\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u7f6e\u304d\u63db\u3048\u308b\u306b\u306f\u4ee5\u4e0b\u306e\u8a08\u7b97\u5f0f\u3092\u6d3b\u7528\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-vk-blocks-border-box vk_borderBox vk_borderBox-background-transparent has-text-color has-black-color is-style-vk_borderBox-style-solid-kado-tit-tab\"><div class=\"vk_borderBox_title_container has-background has-black-background-color\"><i class=\"\"><\/i><h4 class=\"vk_borderBox_title\">\u55b6\u696d\u5229\u76ca\u3092\u8d77\u70b9\u3068\u3059\u308b\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97<\/h4><\/div><div class=\"vk_borderBox_body\">\n<p><strong>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<br>\u3000= \u55b6\u696d\u5229\u76ca \u00d7 (1 &#8211; \u6cd5\u4eba\u7a0e\u7387)\u3000\u30fb\u30fb\u30fb\u2460<br>\u3000+ \u975e\u73fe\u91d1\u652f\u51fa\u8cbb\u7528\u3000\u203b\u4e3b\u306b\u6e1b\u4fa1\u511f\u5374\u8cbb\u3000\u30fb\u30fb\u30fb\u2461<br>\u3000- \u904b\u8ee2\u8cc7\u672c\u5897\u52a0\u984d\u3000\u30fb\u30fb\u30fb\u2462<br>\u3000- \u8a2d\u5099\u6295\u8cc7\u984d<\/strong>\u3000\u30fb\u30fb\u30fb\u2463<\/p>\n<\/div><\/div>\n\n\n\n<p>\u2460\u304c\u4e0a\u8a18\u306e\u56f3\u3067\u3044\u3046\u9ec4\u7dd1\u306e\u300c\u5229\u76ca-\u7a0e\u91d1\u300d\u3001\u305d\u308c\u4ee5\u5916\u304c\u30aa\u30ec\u30f3\u30b8\u306e\u300c\u73fe\u91d1\u53ce\u5165-\u73fe\u91d1\u652f\u51fa\u300d\u3092\u8868\u3057\u3066\u3044\u307e\u3059\u3002<br>\u3067\u306f\u3001\u3053\u306e\u8a08\u7b97\u3092\u4e00\u3064\u305a\u3064\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p><strong>\u2460\u55b6\u696d\u5229\u76ca \u00d7 (1 &#8211; \u6cd5\u4eba\u7a0e\u7387)<\/strong><br>\u5229\u76ca\u304c\u51fa\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u304a\u91d1\u304c\u5132\u304b\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3088\u3063\u3066\u30ad\u30e3\u30c3\u30b7\u30e5\u30a4\u30f3\uff08\u304a\u91d1\u304c\u5897\u3048\u308b\uff09\u3068\u8a00\u3048\u307e\u3059\u306d\u3002\u305f\u3060\u3057\u3001\u55b6\u696d\u5229\u76ca\u306f\u7a0e\u91d1\u3092\u8003\u616e\u3057\u3066\u3044\u306a\u3044\u306e\u3067\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u7a0e\u91d1\u3092\u652f\u6255\u3063\u305f\u5f8c\u306e\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09\u306b\u3059\u308b\u5fc5\u8981<\/span><\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p><strong>\u2461\u975e\u73fe\u91d1\u652f\u51fa\u8cbb\u7528<\/strong><br>\u57fa\u672c\u7684\u306b\u300c\u8cbb\u7528\u304c\u767a\u751f\u3059\u308b\u300d\uff1d\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30a2\u30a6\u30c8\uff08\u304a\u91d1\u3092\u6255\u3046\uff09\u300d\u3067\u3042\u308b\u308f\u3051\u3067\u3059\u304c\u3001\u6642\u306b\u306f\u305d\u3046\u3067\u306f\u306a\u3044\u3068\u304d\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u308c\u304c\u975e\u73fe\u91d1\u652f\u51fa\u8cbb\u7528\u3067\u3059\u3002\u305d\u3053\u3067\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u304a\u91d1\u3092\u6255\u3063\u3066\u3044\u306a\u3044\u306e\u306b\u8cbb\u7528\u3068\u3057\u3066\u51fa\u3066\u3044\u308b\u5206\u3092\u8db3\u3057\u623b\u3059\u51e6\u7406<\/span><\/strong>\u3092\u884c\u3046\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<br>\u975e\u73fe\u91d1\u652f\u51fa\u8cbb\u7528\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\uff1a<\/p>\n\n\n\n<ul class=\"vk_block-margin-0--margin-top vk_block-margin-0--margin-bottom wp-block-list\">\n<li><strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u6e1b\u4fa1\u511f\u5374\u8cbb<\/span><\/strong>\u3001\u306e\u308c\u3093\u511f\u5374\u8cbb\u3001\u7121\u5f62\u56fa\u5b9a\u8cc7\u7523\u511f\u5374\u8cbb<\/li>\n\n\n\n<li><strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u8cc7\u7523\u306e\u9664\u5374\u640d\u30fb\u58f2\u5374\u640d<\/span><\/strong>\u306a\u3069<\/li>\n<\/ul>\n\n\n\n<p>\u4ee3\u8868\u7684\u306a\u4f8b\u3067\u3042\u308b\u6e1b\u4fa1\u511f\u5374\u8cbb\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u3001\u65e2\u306b\u8cfc\u5165\u3057\u305f\u56fa\u5b9a\u8cc7\u7523\u306b\u3064\u3044\u3066\u6bb5\u968e\u7684\u306b\u8cbb\u7528\u5316\u3057\u3066\u3044\u304f\u904e\u7a0b\u3067\u767a\u751f\u3059\u308b\u8cbb\u7528\u3067\u3042\u308b\u305f\u3081\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u8a08\u4e0a\u3059\u308b\u3068\u304d\u306b\u306f\uff11\u5186\u3082\u304a\u91d1\u306f\u6255\u3044\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u5206\u4f59\u8a08\u306b\u304a\u91d1\u3092\u6255\u3063\u3066\u3057\u307e\u3046\u8a08\u7b97\u306b\u306a\u3089\u306a\u3044\u3088\u3046\u306b\u3001\u3053\u306e\u9805\u3067\u8db3\u3057\u623b\u3057\u3066\u304a\u304f\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u306d\u3002<\/p>\n\n\n\n<p><strong>\u2462\u904b\u8ee2\u8cc7\u672c\u5897\u52a0\u984d<\/strong><br>\u3053\u308c\u306f\u3001\u4f1a\u793e\u304c\u4e8b\u696d\u3092\u884c\u3046\u306b\u3042\u305f\u3063\u3066\u5fc5\u8981\u306a\u304a\u91d1\u3092\u4fdd\u6301\u3057\u3066\u304a\u304f\u305f\u3081\u306b\u884c\u3046\u51e6\u7406\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u4f1a\u793e\u306e\u4e8b\u696d\u304c\u62e1\u5927\u3057\u3066\u3044\u304f\u3068\u3001\u4ed5\u5165\u308c\u984d\u3082\u5897\u3048\u305f\u308a\u3057\u307e\u3059\u306e\u3067\u3001\u4e00\u6642\u7684\u306b\u5927\u304d\u306a\u304a\u91d1\u3092\u652f\u51fa\u3059\u308b\u5fc5\u8981\u304c\u51fa\u3066\u304f\u308b\u305f\u3081\u3001\u904b\u8ee2\u8cc7\u672c\u304c\u5897\u52a0\u3057\u307e\u3059\u3002\u904b\u8ee2\u8cc7\u672c\u304c\u5897\u52a0\u3059\u308c\u3070\u3001\u5fc5\u8981\u306b\u306a\u308b\u304a\u91d1\u304c\u5897\u3048\u3066\u30d5\u30ea\u30fc\u3067\u4f7f\u3048\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u306f\u6e1b\u3063\u3066\u3057\u307e\u3046\u306e\u3067\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u3053\u3053\u3067\u306e\u8a08\u7b97\u306f\u300c\u30de\u30a4\u30ca\u30b9\u300d\u304c\u3064\u304f\u3053\u3068\u306b\u6ce8\u610f<\/span><\/strong>\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u9060\u3044\u76ee.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u6e1b\u4fa1\u511f\u5374\u8cbb\u30fb\u9664\u5374\u640d\u306b\u3088\u308b\u975e\u73fe\u91d1\u652f\u51fa\u8cbb\u7528\u3001\u305d\u3057\u3066\u904b\u8ee2\u8cc7\u672c\u5897\u52a0\u984d\u306b\u3064\u3044\u3066\u306f<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\uff12\u6b21\u8a66\u9a13\u306e\u4e8b\u4f8b\u2163\u3067\u306f\u983b\u51fa\u8ad6\u70b9<\/span><\/strong>\u306b\u306a\u308a\u307e\u3059\uff01<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p><strong>\u2463\u8a2d\u5099\u6295\u8cc7\u984d<\/strong><br>\u3053\u308c\u306f\u3001\u4e8b\u696d\u62e1\u5927\u306a\u3069\u306b\u3068\u3082\u306a\u3063\u3066\u65b0\u3057\u3044\u8a2d\u5099\u3092\u5c0e\u5165\u3057\u305f\u308a\u3059\u308b\u3068\u304d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30a2\u30a6\u30c8\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u5148\u307b\u3069<strong>\u975e\u73fe\u91d1\u652f\u51fa\u8cbb\u7528<\/strong>\u306e\u8aac\u660e\u3067\u8a00\u53ca\u3057\u305f\u3088\u3046\u306b\u3001\u56fa\u5b9a\u8cc7\u7523\u306f\u8cb7\u3063\u305f\u77ac\u9593\u306b\u304a\u91d1\u3092\u6255\u3063\u3066\u304a\u308a\u307e\u3059\u304c\u3001\u8cbb\u7528\u5316\u306f\u6e1b\u4fa1\u511f\u5374\u8cbb\u306b\u3088\u3063\u3066\u6bb5\u968e\u7684\u306b\u884c\u308f\u308c\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u8cbb\u7528\u5316\u30bf\u30a4\u30df\u30f3\u30b0\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30a2\u30a6\u30c8\u30bf\u30a4\u30df\u30f3\u30b0\u304c\u305a\u308c\u308b\u305f\u3081\u3001\u305d\u308c\u3092\u88dc\u6b63\u3059\u308b\u305f\u3081\u306b\u3053\u3053\u3067\u8a2d\u5099\u6295\u8cc7\u984d\u3092\u5f15\u304f<\/span><\/strong>\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u306a\u304a\u3001\u4e0a\u8a18\u306e\u30c8\u30ed\u30aa\u30c9\u30f3\u3055\u3093\u306e\u56f3\u3067\u306f<strong>\u56de\u53ce\u3067\u304d\u3066\u3044\u306a\u3044\u58f2\u639b\u91d1<\/strong>\u306a\u3069\u3082\u8003\u616e\u3057\u305f\u56f3\u306b\u306a\u3063\u3066\u304a\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306f\u65e5\u3005\u306e\u5b9f\u52d9\u3067\u306f\u3088\u304f\u51fa\u3066\u304d\u3066\u3044\u308b\u3082\u306e\u3067\u3059\u304c\u3001\u4f01\u696d\u8cb7\u53ce\u30ec\u30d9\u30eb\u306b\u306a\u308b\u3068\u7121\u8996\u3057\u3066\u3057\u307e\u3046\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"vk-htags-1b828ddc-0abf-45e9-8657-1b7976e54306\">\u5272\u5f15\u7387\u3001WACC\u3063\u3066\uff1f<\/h3>\n\n\n\n<p>\u3084\u3063\u3068\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u304c\u7d42\u308f\u308a\u307e\u3057\u305f\u3002\u305d\u308c\u3067\u306f\u3001\u3068\u3046\u3068\u3046\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u306b\u79fb\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u3067\u6ce8\u610f\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u57fa\u672c\u7684\u306b\u4f01\u696d\u306f\u7d99\u7d9a\u7684\u306b\u4e8b\u696d\u3092\u55b6\u3080\u3053\u3068\u3092\u539f\u5247\u3068\u3057\u307e\u3059\u304c\u3001\u305d\u306e\u539f\u5247\u306b\u5f93\u3046\u3068\u3001\u6bce\u5e74\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30d7\u30e9\u30b9\u3067\u3042\u308c\u3070\u672a\u6765\u6c38\u52ab\u307e\u3067\u8003\u3048\u308b\u3068\u7121\u9650\u306b\u304a\u91d1\u304c\u624b\u306b\u5165\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u308c\u306a\u3089\u3070\u3069\u3093\u306a\u4f1a\u793e\u3067\u3082\u8cb7\u3063\u305f\u307b\u3046\u304c\u3088\u3044\u3068\u3044\u3046\u7d50\u8ad6\u306b\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u306d\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001DCF\u6cd5\u3067\u306f\u4e0a\u8a18\u306e\u3088\u3046\u306a\u7d50\u8ad6\u306b\u306f\u306a\u308a\u307e\u305b\u3093\u3002\u305d\u308c\u306f<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u5272\u5f15\u7387\u3068\u3044\u3046\u6982\u5ff5\u304c\u3042\u308b<\/span><\/strong>\u304b\u3089\u3067\u3059\u3002\u3053\u306e\u8a18\u4e8b\u3092\u304a\u8aad\u307f\u306e\u8aad\u8005\u306e\u65b9\u3067\u3042\u308c\u3070\u3054\u5b58\u3058\u3001\u73fe\u5728\u306e\uff11\u5186\u306f\u5c06\u6765\u306e\uff11\u5186\u3088\u308a\u4fa1\u5024\u304c\u9ad8\u3044\u3001\u3068\u3044\u3046\u6982\u5ff5\u3067\u3059\u3002\u4eca\u306e\u4fa1\u5024\uff08\u73fe\u5728\u4fa1\u5024\uff09\u306b\u76f4\u3059\u3053\u3068\u3092\u3001\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u3068\u8a00\u3063\u305f\u308a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4f01\u696d\u8cb7\u53ce\u306e\u5834\u5408\u306f\u305d\u306e\u5272\u5f15\u7387\u306fWACC\uff08Weighted Average Cost of Capital\uff09\u3092\u7528\u3044\u308b<\/span><\/strong>\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u73fe\u91d1\u3092\u8abf\u9054\u3059\u308b\u65b9\u6cd5\u306f\u682a\u5f0f\uff08\u30a8\u30af\u30a4\u30c6\u30a3\uff09\u3068\u793e\u50b5\uff08\u30c7\u30c3\u30c8\uff09\u304c\u3042\u308b\u305f\u3081\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">WACC\u306f\u300c\u682a\u4e3b\u8cc7\u672c\u6bd4\u7387\u00d7\u682a\u5f0f\u8cc7\u672c\u30b3\u30b9\u30c8\uff0b\u8ca0\u50b5\u6bd4\u7387\u00d7\u501f\u5165\u5229\u56de\u308a\u300d\u3068\u52a0\u91cd\u5e73\u5747\u306e\u5f0f\u3067\u3042\u3089\u308f\u3055\u308c\u307e\u3059<\/span><\/strong>\u3002\u3053\u3053\u3067\u52a0\u91cd\u5e73\u5747\u3092\u884c\u3046\u306e\u306f\u3001\u682a\u5f0f\u3068\u793e\u50b5\u3067\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9055\u3046\u305f\u3081\u3001\u682a\u5f0f\u3067\u591a\u304f\u3092\u8abf\u9054\u3057\u305f\u306a\u3089\u3070\u682a\u5f0f\u8cc7\u672c\u30b3\u30b9\u30c8\u306bWACC\u304c\u8fd1\u3065\u304f\u3088\u3046\u306b\u3001\u793e\u50b5\u3067\u591a\u304f\u3092\u8abf\u9054\u3057\u305f\u306a\u3089\u3070\u501f\u5165\u5229\u56de\u308a\u306bWACC\u304c\u8fd1\u3065\u304f\u3088\u3046\u3057\u305f\u3044\u304b\u3089\u3067\u3059\u3002\u203b\u7bc0\u7a0e\u52b9\u679c\u3092\u8003\u616e\u3059\u308b\u5834\u5408\u306f\u5c11\u3057\u5f0f\u304c\u8907\u96d1\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u3053\u3053\u3067\u306f\u7701\u7565\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u9060\u3044\u76ee.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u3067\u306f\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u306a\u305c\u5272\u5f15\u7387\u306fWACC\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/span><\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_mla w_b_jc_fe w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_R w_b_flex w_b_jc_fe w_b_div\" style=\"\"><div class=\"w_b_bal_box w_b_bal_R w_b_relative w_b_direction_R w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_R w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_R w_b_shadow_R w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u30d7\u30ef\u30a1\uff5e\uff08\u4f01\u696d\u8cb7\u53ce\u306e\u305f\u3081\u306b\u3001\u8cb7\u3044\u624b\u306f\u304a\u91d1\u3092\u8abf\u9054\u3057\u306a\u304f\u3066\u306f\u3044\u3051\u306a\u3044\u304b\u3089\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002\uff09<\/p><\/div><\/div><\/div><\/div><\/div><div class=\"w_b_ava_box w_b_relative w_b_ava_R w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_R w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u97f3\u7b26.png\" width=\"96\" height=\"96\" alt=\"\u97f3\u7b26\u3055\u3093\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u97f3\u7b26\u3055\u3093<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>\u4f01\u696d\u306f\u5fc5\u8981\u4ee5\u4e0a\u306b\u304a\u91d1\u3092\u904a\u3070\u305b\u3066\u304a\u304f\u308f\u3051\u306b\u306f\u3044\u304d\u307e\u305b\u3093\u3002\u4e8b\u696d\u3092\u884c\u3063\u3066\u304a\u91d1\u3092\u3055\u3089\u306b\u7a3c\u3050\u304b\u3001\u914d\u5f53\u306a\u3069\u3067\u682a\u4e3b\u306b\u9084\u5143\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u4e00\u65b9\u3067\u3001\u4f01\u696d\u8cb7\u53ce\u3092\u884c\u3046\u5834\u5408\u306f\u682a\u5f0f\u4ea4\u63db\u3067\u3082\u306a\u3044\u9650\u308a\u306f\u73fe\u91d1\u304c\u5fc5\u8981\u3067\u3059\u3002\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u4f01\u696d\u8cb7\u53ce\u3092\u884c\u3046\u306b\u3042\u305f\u3063\u3066\u3001\u3069\u3053\u304b\u304b\u3089\u73fe\u91d1\u3092\u8abf\u9054\u3057\u3066\u304f\u308b\u3068\u3044\u3046\u306e\u304c\u57fa\u672c\u306b\u306a\u308a\u307e\u3059\u3002\u73fe\u91d1\u3092\u8abf\u9054\u3059\u308b\u306b\u3042\u305f\u3063\u3066\u682a\u5f0f\u3068\u793e\u50b5\u3069\u3061\u3089\u3092\u4f7f\u3063\u305f\u5834\u5408\u3067\u3082\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u304a\u91d1\u3092\u51fa\u3057\u3066\u304f\u3060\u3055\u3063\u305f\u4eba\u306b\u306f\u304a\u91d1\u3092\u4e0a\u4e57\u305b\u3057\u3066\u8fd4\u3055\u306a\u3044\u3068\u3044\u3051\u307e\u305b\u3093<\/span><\/strong>\u3002\u3053\u306e\u4e0a\u4e57\u305b\u5206\u304c\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3001\u3044\u308f\u3086\u308bWACC\u3068\u547c\u3070\u308c\u308b\u3082\u306e\u306b\u306a\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">a\u5186\u306e\u304a\u91d1\u3092\u8abf\u9054\u3057\u305f\u5834\u5408\u3001\uff11\u5e74\u5f8c\u306b\u8fd4\u3059\u984d\u306f\uff081+WACC\uff09\u00d7a\u5186\u3068\u306a\u308a\u307e\u3059<\/span><\/strong>\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"892\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2086-1024x892.png\" alt=\"\" class=\"wp-image-209357\" style=\"width:526px;height:auto\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2086-1024x892.png 1024w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2086-300x261.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2086-768x669.png 768w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2086.png 1378w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p>\u3053\u308c\u3092\u9006\u306b\u8003\u3048\u3066\u307f\u307e\u3059\u3002\u3042\u308b\u4f01\u696d\u3092\u8cb7\u53ce\u3057\u3001\u305d\u306e\u4f1a\u793e\u306e\u4e8b\u696d\u30671\u5e74\u5f8c\u306bb\u5186\u5132\u304b\u3063\u305f\u3068\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4f01\u696d\u3092\u8cb7\u53ce\u3059\u308b\u306b\u3042\u305f\u3063\u3066\u73fe\u6642\u70b9\u3067\u304a\u91d1\u3092\u8abf\u9054\u3057\u306a\u304f\u3066\u306f\u306a\u3089\u305a\u3001\uff11\u5e74\u5f8c\u306b\u306f1+WACC\u500d\u3067\u304a\u91d1\u3092\u8fd4\u3055\u306a\u3044\u3068\u3044\u3051\u306a\u3044\u3067\u3059\u304b\u3089\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\uff11\u5e74\u5f8c\u306eb\u5186\u306f\u73fe\u5728\u306e\u4fa1\u5024\u3067\u306fb\/\uff081+WACC\uff09\u5186\u76f8\u5f53\u306b\u306a\u308a\u307e\u3059<\/span><\/strong>\u3002\u3053\u308c\u304c\u3001\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u3068\u3044\u3046\u8a08\u7b97\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"692\" height=\"534\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2087.png\" alt=\"\" class=\"wp-image-209359\" style=\"width:600px;height:auto\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2087.png 692w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2087-300x232.png 300w\" sizes=\"auto, (max-width: 692px) 100vw, 692px\" \/><\/figure>\n<\/div>\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u4f01\u696d\u304c\u304a\u91d1\u3092\u8abf\u9054\u3059\u308b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u8003\u3048\u308b\u3053\u3068\u3067\u3001\uff11\u5e74\u5f8c\u3001\uff12\u5e74\u5f8c\u306e\uff11\u5186\u306e\u4fa1\u5024\u304c\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u3053\u3068\u306b\u306a\u308a\u3001\u7d50\u679c\u3068\u3057\u3066\u6c38\u4e45\u306b\u7d99\u7d9a\u3059\u308b\u4f01\u696d\u3092\u8cb7\u53ce\u3057\u305f\u3068\u3057\u3066\u3082\u3001\u5f97\u3089\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u3068\u7121\u9650\u3067\u306f\u306a\u304f\u6709\u9650\u306e\u5024\u306b\u843d\u3061\u7740\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"vk-htags-0b2837c7-b965-4286-8d54-b8b4ed952efd\">\u8907\u5229\u73fe\u4fa1\u4fc2\u6570\u3067\u8a08\u7b97\u304c\u697d\u306b<\/h2>\n\n\n\n<p>\u3067\u306f\u3001\u5272\u5f15\u7387\u3092\u7528\u3044\u3066\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u8a08\u7b97\u3092\u884c\u3044\u307e\u3057\u3087\u3046\u3002\u524d\u7ae0\u3067\u3001\uff11\u5e74\u5f8c\u306b\u7a3c\u3044\u3060\u304a\u91d1\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306e\u4fa1\u5024\u306f\u73fe\u5728\u4fa1\u5024\u306b\u76f4\u3059\u306b\u306f1\/\uff081+WACC\uff09\u500d\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3068\u308f\u304b\u308a\u307e\u3057\u305f\u3002\u3088\u3063\u3066\u3001t\u5e74\u5f8c\u306b\u7a3c\u3044\u3060\u304a\u91d1\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306e\u4fa1\u5024\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u3053\u3067\u3001FCF\u306f\u7a3c\u3044\u3060\u304a\u91d1\uff08Free Cash Flow\uff09\u306e\u3053\u3068\u3001PV\u306f\u73fe\u5728\u4fa1\u5024\uff08Present Value\uff09\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"498\" height=\"104\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2088.png\" alt=\"\" class=\"wp-image-209363\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2088.png 498w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2088-300x63.png 300w\" sizes=\"auto, (max-width: 498px) 100vw, 498px\" \/><\/figure>\n<\/div>\n\n\n<p>\u3053\u3053\u3067\u30011\/\uff081+WACC\uff09\u3092t\u4e57\u3059\u308b\u306a\u3093\u3066\u8a08\u7b97\u3092\u81ea\u5206\u3067\u884c\u3046\u306e\u306f\u5927\u5909\u3067\u3059\u3002\u305d\u3053\u3067\u3001<span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4e2d\u5c0f\u4f01\u696d\u8a3a\u65ad\u58eb\u306e\u8a66\u9a13\u3067\u306f\u3053\u306e\u5024\u3092\u3059\u3067\u306b\u8a08\u7b97\u3057\u3066\u7528\u610f\u3057\u3066\u304f\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u304c\u3001\u8907\u5229\u73fe\u4fa1\u4fc2\u6570\u3084\u3001\u5e74\u91d1\u73fe\u4fa1\u4fc2\u6570\u3067\u3059<\/span>\u3002\u8907\u5229\u73fe\u4fa1\u4fc2\u6570\u306f1\/(1+WACC)<sup>t<\/sup>\u305d\u306e\u3082\u306e\u306e\u5024\u3001\u5e74\u91d1\u73fe\u4fa1\u4fc2\u6570\u306f1\u5e74\u5f8c\u304b\u3089t\u5e74\u5f8c\u307e\u3067\u306e\u8907\u5229\u73fe\u4fa1\u4fc2\u6570\u3092\u8db3\u3057\u5408\u308f\u305b\u305f\u5024\u306e\u3053\u3068\u3067\u3059\u3002\u3053\u306e\u4fc2\u6570\u8868\u3092\u4f7f\u3046\u3053\u3068\u3067\u3042\u307e\u308a1\/(1+WACC)<sup>t<\/sup>\u3068\u3044\u3046\u8907\u96d1\u306a\u5f0f\u3092\u610f\u8b58\u3057\u306a\u304f\u3066\u3082\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u80cc\u5f8c\u306b\u3053\u306e\u3088\u3046\u306a\u5f0f\u304c\u3042\u308b\u306e\u3060\u3068\u77e5\u3063\u3066\u3044\u305f\u65b9\u304c\u5fdc\u7528\u529b\u304c\u9ad8\u307e\u308b\u3067\u3057\u3087\u3046\u3002\uff08<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u5b9f\u969b\u3001\u4ee4\u548c\uff16\u5e74\u306e\uff12\u6b21\u8a66\u9a13\u3067\u8907\u5229\u73fe\u4fa1\u4fc2\u6570\u3084\u5e74\u91d1\u73fe\u4fa1\u4fc2\u6570\u3092\u4f7f\u3046\u554f\u984c\u304c\u51fa\u305f\u3068\u304d\u306f\u3001\u5c11\u3057\u5f0f\u3092\u6574\u7406\u3057\u306a\u3044\u3068\u3046\u307e\u304f\u4fc2\u6570\u304c\u4f7f\u3048\u306a\u3044\u4e00\u3072\u306d\u308a\u304c\u3042\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u3088\u3046\u306a\u6642\u306b\u5fdc\u7528\u529b\u304c\u8a66\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/span><\/strong>\uff09<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"999\" height=\"311\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2089.png\" alt=\"\" class=\"wp-image-209364\" style=\"width:663px;height:auto\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2089.png 999w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2089-300x93.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2089-768x239.png 768w\" sizes=\"auto, (max-width: 999px) 100vw, 999px\" \/><figcaption class=\"wp-element-caption\">\u5e73\u621028\u5e74\u5ea6\u30002\u6b21\u4e8b\u4f8b\u2163\u3000\u7b2c2\u554f\uff08\u8a2d\u554f2\uff09\u3088\u308a\u5f15\u7528<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"vk-htags-970271c0-dd50-46c2-8242-2cd8d5740a16\">\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u516c\u5f0f\u306f\u5c0e\u51fa\u3067\u304d\u308b<\/h2>\n\n\n\n<p>\u3053\u3053\u3067\u4ee5\u524d\u306e\u7ae0\uff08\u4e8b\u696d\u8a08\u753b\u8a55\u4fa1\u306e\u30d7\u30ed\u30bb\u30b9\uff09\u306b\u3066\u3001\u30d3\u30b8\u30cd\u30b9\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3067\u306f\u4eca\u5f8c\uff15\u5e74\u7a0b\u5ea6\u306e\u4e8b\u696d\u8a08\u753b\u3092\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u3068\u8ff0\u3079\u307e\u3057\u305f\u3002\u3088\u3063\u3066\u3001\uff11\u5e74\u76ee\u3001\uff12\u5e74\u76ee\u2026\uff15\u5e74\u76ee\u307e\u3067\u306b\u7a3c\u3044\u3060\u984d\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u8a08\u7b97\u306f\u7c21\u5358\u306b\u884c\u3046\u4e8b\u304c\u3067\u304d\u307e\u3059\u3002\u4e00\u65b9\u3067\u3001\u4f01\u696d\u304c\u4e88\u6e2c\u671f\u9593\u5f8c\u3082\u6c38\u7d9a\u7684\u306b\u4e8b\u696d\u3092\u7d99\u7d9a\u3059\u308b\u3068\u3044\u3046\u524d\u63d0\u306b\u304a\u3044\u3066\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4e8b\u696d\u8a08\u753b\u304c\u306a\u3044\uff16\u5e74\u76ee\u4ee5\u964d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3069\u306e\u3088\u3046\u306b\u8a55\u4fa1\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/span><\/strong><\/p>\n\n\n\n<p>\u4e88\u6e2c\u671f\u9593\u7d42\u4e86\u5f8c\uff08\u3053\u3053\u3067\u3044\u3046\uff16\u5e74\u76ee\u4ee5\u964d\uff09\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4fa1\u5024\u306f\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff08\u7d99\u7d9a\u4fa1\u5024\u3001\u6b8b\u5b58\u4fa1\u5024\uff09<\/span><\/strong>\u3068\u547c\u3070\u308c\u307e\u3059\u3002\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a08\u7b97\u306b\u304a\u3044\u3066\u3001\u3082\u3063\u3068\u3082\u7c21\u5358\u306a\u4eee\u5b9a\u304c<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\uff15\u5e74\u76ee\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u305d\u306e\u307e\u307e\u672a\u6765\u6c38\u52ab\u7d99\u7d9a\u3059\u308b<\/span><\/strong>\u3068\u3044\u3046\u4eee\u5b9a\u3067\u3059\u3002\u3053\u308c\u306f\u4fdd\u5b88\u7684\u306a\u4eee\u5b9a\u3068\u307f\u306a\u3055\u308c\u3066\u304a\u308a\u3001\u4f01\u696d\u8cb7\u53ce\u306e\u5bfe\u8c61\u306b\u306a\u308b\u3088\u3046\u306a\u4f1a\u793e\u306f\u6210\u9577\u4f01\u696d\u3067\u3042\u308b\u3053\u3068\u3082\u591a\u3044\u306b\u3082\u304b\u304b\u308f\u3089\u305a\uff16\u5e74\u76ee\u4ee5\u964d\u306f\u6210\u9577\u3057\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u5b9f\u969b\u306f\u3001\u4f01\u696d\u306e\u5bff\u547d\u304c\u3055\u3057\u3066\u9577\u304f\u306a\u3044\u4e2d\u3001\u6c38\u4e45\u306b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3057\u7d9a\u3051\u308b\u3068\u3044\u3046\u4eee\u5b9a\u306f\u3044\u3055\u3055\u304b\u697d\u89b3\u7684\u306a\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u7b46\u8005\u306f\u601d\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u304c\u3001\u696d\u754c\u7684\u306b\u306f\u3053\u308c\u304c\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u6642\u3001\uff16\u5e74\u76ee\u4ee5\u964d\u306f\uff15\u5e74\u76ee\u3068\u540c\u984d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3057\u7d9a\u3051\u307e\u3059\u304b\u3089\u3001\uff15\u5e74\u76ee\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092FCF<sub>n<\/sub>\u5186\u3068\u304a\u304f\u3068\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\uff16\u5e74\u76ee\u4ee5\u964d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306fFCF<sub>n<\/sub>\/(1+WACC)<sup>6<\/sup>+FCF<sub>n<\/sub>\/(1+WACC)7+FCF<sub>n<\/sub>\/(1+WACC)<sup>8<\/sup>+FCF<sub>n<\/sub>\/(1+WACC)<sup>9<\/sup>\u2026\u3068\u6c38\u9060\u306b\u8db3\u3057\u7b97\u304c\u7d9a\u304d\u307e\u3059<\/span><\/strong>\u3002\u3053\u308c\u304c\u3044\u308f\u3086\u308b<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff08TV\uff09<\/span><\/strong>\u3068\u8a00\u308f\u308c\u308b\u3082\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u7121\u9650\u548c\u3068\u306a\u3063\u3066\u3057\u307e\u3044\u3001\u3044\u3055\u3055\u304b\u3068\u3063\u3064\u304d\u306b\u304f\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3055\u3089\u306b\u60b2\u3057\u3044\u3053\u3068\u306b\u3001\u4e0a\u8a18\u3088\u308a\u8907\u96d1\u306a\u30d1\u30bf\u30fc\u30f3\u3068\u3057\u3066\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u6c38\u4e45\u6210\u9577\u30e2\u30c7\u30eb<\/span><\/strong>\u3068\u3044\u3046\u3082\u306e\u3082\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u5148\u307b\u3069\u306e\u4eee\u5b9a\uff08\uff15\u5e74\u76ee\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u305d\u306e\u307e\u307e\u672a\u6765\u6c38\u52ab\u7d99\u7d9a\u3059\u308b\uff09\u3088\u308a\u3082\u3055\u3089\u306b\u697d\u89b3\u7684\u306a\u4eee\u5b9a\u3067\u3042\u308a\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\uff16\u5e74\u76ee\u4ee5\u964d\u3082\u6c38\u4e45\u6210\u9577\u7387g\u3060\u3051\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6210\u9577\u3057\u7d9a\u3051\u308b\u3068\u3044\u3046\u4eee\u5b9a<\/span><\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u5834\u5408\u306f\u3001\uff16\u5e74\u76ee\u4ee5\u964d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff09\u306fFCF<sub>n<\/sub>(1+g)\/(1+WACC)<sup>6<\/sup>+FCF<sub>n<\/sub>(1+g)<sup>2<\/sup>\/(1+WACC)<sup>7<\/sup>+FCF<sub>n<\/sub>(1+g)<sup>3<\/sup>\/(1+WACC)<sup>8<\/sup>+FCF<sub>n<\/sub>(1+g)<sup>4<\/sup>\/(1+WACC)<sup>9<\/sup>\u2026\u3068\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u5148\u307b\u3069\u3068\u540c\u3058\u3088\u3046\u306a\u5f62\u306e\u7121\u9650\u548c\u3067\u3001\u5404\u9805\u306b(1+g)\u306e\u5f62\u3092\u3057\u305f\u639b\u3051\u7b97\u304c\u3055\u3089\u306b\u8ffd\u52a0\u3055\u308c\u307e\u3059\u3002<\/span><\/strong>\u5148\u307b\u3069\u3088\u308a\u3082\u3063\u3068\u8907\u96d1\u306b\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3057\u305f\u3002\u3053\u306e\u8a08\u7b97\u7d50\u679c\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\uff12\u3064\u306e\u5f0f\u304c\u3042\u308a\u3001\uff11\u3064\u76ee\u306f\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u8a08\u7b97\u3059\u308b\u5f0f\u3001\uff12\u3064\u76ee\u306f\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u8a08\u7b97\u3067\u3059\u3002PV(TV)\u3068\u3044\u3046\u306e\u306fTV\uff08\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff09\u306ePV\uff08\u73fe\u5728\u4fa1\u5024\uff09\u3068\u3044\u3046\u610f\u5473\u3067\u3059\u3002\uff08PV\u00d7TV\u3068\u3044\u3046\u610f\u5473\u3067\u306f\u306a\u3044\u306e\u3067\u3054\u6ce8\u610f\u304f\u3060\u3055\u3044\uff01\uff09<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"641\" height=\"65\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2092.png\" alt=\"\" class=\"wp-image-209371\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2092.png 641w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2092-300x30.png 300w\" sizes=\"auto, (max-width: 641px) 100vw, 641px\" \/><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"615\" height=\"104\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2091.png\" alt=\"\" class=\"wp-image-209369\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2091.png 615w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2091-300x51.png 300w\" sizes=\"auto, (max-width: 615px) 100vw, 615px\" \/><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"243\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2093-1024x243.png\" alt=\"\" class=\"wp-image-209372\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2093-1024x243.png 1024w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2093-300x71.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2093-768x182.png 768w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2093.png 1285w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u6d99\u3092\u6d41\u3059.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u3053\u306e\u6570\u5f0f\u3001\u3071\u3063\u3068\u898b\u3068\u3066\u3082\u96e3\u89e3\u306b\u611f\u3058\u3066\u3057\u307e\u3044\u307e\u3059\u3057\u3001\u6697\u8a18\u3067\u899a\u3048\u3088\u3046\u3068\u3057\u3066\u3082n\u304c\u4f55\u3060\u3063\u305f\u306e\u304b\u3059\u3050\u306b\u308f\u304b\u3089\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u4e0a\u8a18\u306e\u4f8b\u306a\u3089\u3070\u3001n\u306f5\u3060\u3063\u305f\u3063\u3051\u2026\u305d\u308c\u3068\u30826\u3060\u3063\u305f\u3063\u3051\u2026\u3068\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u2026\uff01\uff01\uff01\uff01<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_mla w_b_jc_fe w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_R w_b_flex w_b_jc_fe w_b_div\" style=\"\"><div class=\"w_b_bal_box w_b_bal_R w_b_relative w_b_direction_R w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_R w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_R w_b_shadow_R w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u30d7\u30ef\u30a1\uff5e\uff08\u3067\u3082\u3001\u6559\u79d1\u66f8\u306b\u306f\u30dd\u30f3\u3063\u3068\u516c\u5f0f\u304c\u8f09\u3063\u3066\u3044\u308b\u3060\u3051\u306a\u3093\u3060\u2026\uff01\uff09<\/p><\/div><\/div><\/div><\/div><\/div><div class=\"w_b_ava_box w_b_relative w_b_ava_R w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_R w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u97f3\u7b26.png\" width=\"96\" height=\"96\" alt=\"\u97f3\u7b26\u3055\u3093\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u97f3\u7b26\u3055\u3093<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u6d99\u3092\u6d41\u3059.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u96e3\u3057\u3044\u6570\u5f0f\u3067\u3059\u3088\u306d\u2026\u3002<br>\u3057\u304b\u3057\u60b2\u5831\u3067\u3059\u2026<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u3053\u308c\u3092\u4f7f\u3046\u554f\u984c\u304c\u4ee4\u548c\uff16\u5e74\u5ea6\u306e\uff11\u6b21\u8a66\u9a13\u8ca1\u52d9\u4f1a\u8a08\u3067\u51fa\u984c\u3055\u308c\u307e\u3057\u305f<\/span><\/strong>\u3002<br><br>\u554f\u984c\u3092\u89e3\u304f\u305f\u3081\u306b\u3001\u3053\u306e\u3088\u3046\u306a\u8907\u96d1\u306a\u6570\u5f0f\u3092\u4e38\u6697\u8a18\u3057\u306a\u3044\u3068\u3044\u3051\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>\u6b63\u76f4\u3001\u8a66\u9a13\u5bfe\u7b56\u3068\u3057\u3066\u306f\u3053\u306e\u8ad6\u70b9\u3092\u6368\u3066\u3066\u3057\u307e\u3046\u306e\u3082\u624b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u8ad6\u70b9\u3082\u304d\u3061\u3093\u3068\u70b9\u3092\u53d6\u308d\u3046\u3068\u3044\u3046\u8aad\u8005\u3055\u307e\u306b\u5bfe\u3057\u3066\u306f\u3001\u7b46\u8005\u306e\u30aa\u30b9\u30b9\u30e1\u306f<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u5143\u306e\u7121\u9650\u548c\u3092\u8a08\u7b97\u3057\u3066\u81ea\u5206\u3067\u516c\u5f0f\u3092\u5c0e\u304f<\/span><\/strong>\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u516c\u5f0f\u306e\u5c0e\u304d\u65b9\u306b\u3064\u3044\u3066\u306f\u3001\u5148\u4ee3\u306eTomatsu\u3055\u3093\u304c\u975e\u5e38\u306b\u5206\u304b\u308a\u3084\u3059\u3044\u89e3\u8aac\u3092\u3057\u3066\u304f\u3060\u3055\u3063\u3066\u3044\u307e\u3059\uff01<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"qzgOmKFu34\"><a href=\"https:\/\/rmc-oden.com\/blog\/archives\/124209\">\u3010\u6e3e\u8eab\u3011\u306a\u305c\u5272\u5f15\u7387\u304b\u3089\u6210\u9577\u7387\u3092\u5f15\u304f\u306e\u304b\uff1f\u3010\u8ca1\u52d9\u30fb\u4f1a\u8a08\u3011<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;\u3010\u6e3e\u8eab\u3011\u306a\u305c\u5272\u5f15\u7387\u304b\u3089\u6210\u9577\u7387\u3092\u5f15\u304f\u306e\u304b\uff1f\u3010\u8ca1\u52d9\u30fb\u4f1a\u8a08\u3011&#8221; &#8212; \u4e2d\u5c0f\u4f01\u696d\u8a3a\u65ad\u58eb\u8a66\u9a13 \u4e00\u767a\u5408\u683c\u9053\u5834\" src=\"https:\/\/rmc-oden.com\/blog\/archives\/124209\/embed#?secret=bEB5FbWiFE#?secret=qzgOmKFu34\" data-secret=\"qzgOmKFu34\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u3082\u7c21\u5358\u306b\u5c0e\u51fa\u65b9\u6cd5\u3092\u8aac\u660e\u3057\u307e\u3059\u3002\u203b\u305f\u3060\u3057\u3001Tomatsu\u3055\u3093\u306e\u8a18\u4e8b\u306e\u65b9\u304c100\u500d\u308f\u304b\u308a\u3084\u3059\u3044\u306e\u3067\u3001\u305d\u3061\u3089\u3092\u53c2\u7167\u3044\u305f\u3060\u304f\u3053\u3068\u3092\u63a8\u5968\u3057\u307e\u3059\uff01<\/p>\n\n\n\n<div class=\"wp-block-vk-blocks-accordion vk_accordion\" data-initial-state=\"close\" data-initial-state-mobile=\"\" data-initial-state-tablet=\"\" data-initial-state-desktop=\"\" data-device-specific=\"false\">\n<div class=\"wp-block-vk-blocks-accordion-trigger vk_accordion-trigger\">\n<p><strong>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u516c\u5f0f\u5c0e\u51fa\u65b9\u6cd5<\/strong><\/p>\n<span class=\"vk_accordion-toggle vk_accordion-toggle-close\"><\/span><\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-accordion-target vk_accordion-target\">\n<p>\u3053\u306e\u8a08\u7b97\u306f\u3001\u7121\u9650\u306b\u8db3\u3057\u5408\u308f\u305b\u308b\u7121\u9650\u548c\u306e\u8a08\u7b97\u3068\u306a\u3063\u3066\u304a\u308a\u7406\u7cfb\u3057\u304b\u5b66\u3070\u306a\u3044\u9ad8\u6821\u6570\u5b66\u306e\u7bc4\u56f2\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u304c\u3001\u53b3\u5bc6\u6027\u3092\u7121\u8996\u3059\u308c\u3070\u6587\u7cfb\u3082\u5b66\u3076\u7b49\u6bd4\u6570\u5217\u306e\u7dcf\u548c\u8a08\u7b97\u3092\u3064\u304b\u3063\u3066\u8a08\u7b97\u306f\u53ef\u80fd\u3067\u3059\u3002\u3067\u306f\u3001\u8a08\u7b97\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16\u3072\u3067\u307e\u308b_.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u8a08\u7b97\u306e\u8981\u306f\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u5143\u306e\u5f0f\u304b\u3089\u4e21\u8fba\u306b(1+g)\/(1+WACC)\u3092\u639b\u3051\u305f\u5f0f\u3092\u5f15\u304f\u3053\u3068\u3067\u7121\u9650\u548c\u3092\u306a\u304f\u3059\u3053\u3068\u3067\u3059<\/span><\/strong>\u3002<br>\u3053\u306e\u5f0f\u5909\u5f62\u3055\u3048\u899a\u3048\u3066\u304a\u3051\u3070\u3001\u672c\u756a\u3067\u516c\u5f0f\u3092\u601d\u3044\u51fa\u305b\u306a\u304b\u3063\u305f\u5834\u5408\u3067\u3082\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u81ea\u5206\u3067\u516c\u5f0f\u3092\u5c0e\u3051\u307e\u3059<\/span><\/strong>\uff01<br>\u5c0e\u51fa\u65b9\u6cd5\u3092\u899a\u3048\u308b\u307b\u3046\u304c\u3001\u516c\u5f0f\u305d\u306e\u3082\u306e\u3092\u899a\u3048\u308b\u3088\u308a\u3082\u899a\u3048\u3084\u3059\u3044\u3067\u3057\u3087\u3046\u3002<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_mla w_b_jc_fe w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_R w_b_flex w_b_jc_fe w_b_div\" style=\"\"><div class=\"w_b_bal_box w_b_bal_R w_b_relative w_b_direction_R w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_R w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_R w_b_shadow_R w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u30d7\u30ef\u30a1\uff5e\uff08n\u306f5\u3060\u3063\u3051\uff1f6\u3060\u3063\u3051\uff1f\u3068\u60a9\u3080\u5fc5\u8981\u3082\u306a\u304f\u306a\u308a\u307e\u3059\uff01\uff09<\/p><\/div><\/div><\/div><\/div><\/div><div class=\"w_b_ava_box w_b_relative w_b_ava_R w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_R w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u97f3\u7b26.png\" width=\"96\" height=\"96\" alt=\"\u97f3\u7b26\u3055\u3093\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u97f3\u7b26\u3055\u3093<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-vk-blocks-border-box vk_borderBox vk_borderBox-background-transparent has-text-color has-black-color is-style-vk_borderBox-style-solid-kado-tit-tab\"><div class=\"vk_borderBox_title_container has-background has-black-background-color\"><i class=\"\"><\/i><h4 class=\"vk_borderBox_title\">\u6c38\u4e45\u6210\u9577\u30e2\u30c7\u30eb\u306e\u516c\u5f0f\u306e\u5c0e\u51fa<\/h4><\/div><div class=\"vk_borderBox_body\">\n<p>\u307e\u305a\u3001\u6c42\u3081\u308b\u3079\u304d\u548c\u3092\u898b\u3084\u3059\u3044\u3088\u3046\u306b\u7c21\u6613\u7684\u306bS=PV(TV)\u3068\u304a\u304d\u307e\u3059\u3002<br>n\u5e74\u76ee\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fcFCF<sub>n<\/sub>\u3092\u7528\u3044\u3066S=PV(TV)\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8868\u305b\u307e\u3059\uff1a<\/p>\n\n\n\n<p class=\"has-text-align-center\">S = FCF<sub>n<\/sub>(1+g)\/(1+WACC)<sup>n+1<\/sup>+FCF<sub>n<\/sub>(1+g)<sup>2<\/sup>\/(1+WACC)<sup>n+2<\/sup>+FCF<sub>n<\/sub>(1+g)<sup>3<\/sup>\/(1+WACC)<sup>n+3<\/sup>+FCF<sub>n<\/sub>(1+g)<sup>4<\/sup>\/(1+WACC)<sup>n+4<\/sup>\u2026\u30fb\u30fb\u30fb\u2460<\/p>\n\n\n\n<p>\u3053\u3053\u3067\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4e21\u8fba\u306b(1+g)\/(1+WACC)\u3092\u639b\u3051\u308b<\/span><\/strong>\u3068\u3001\u53f3\u8fba\u306f\u521d\u9805\u304c\u7b2c\uff12\u9805\u306e\u5f62\u306b\u3001\u7b2c\uff12\u9805\u304c\u7b2c\uff13\u9805\u306e\u5f62\u306b\u2026\u3068\u4e00\u3064\u305a\u3064\u5f62\u304c\u305a\u308c\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center\">(1+g)\/(1+WACC)\u00d7S = FCF<sub>n<\/sub>(1+g)<sup>2<\/sup>\/(1+WACC)<sup>n+2<\/sup>+FCF<sub>n<\/sub>(1+g)<sup>3<\/sup>\/(1+WACC)<sup>n+3<\/sup>+FCF<sub>n<\/sub>(1+g)<sup>4<\/sup>\/(1+WACC)<sup>n+4<\/sup>\u2026\u30fb\u30fb\u30fb\u2461<\/p>\n\n\n\n<p>\u5f8c\u306f\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u2460\u304b\u3089\u2461\u3092\u5f15\u3051\u3070FCF<sub>n<\/sub>(1+g)<sup>2<\/sup>\/(1+WACC)<sup>n+2<\/sup>+FCF<sub>n<\/sub>(1+g)<sup>3<\/sup>\/(1+WACC)<sup>n+3<\/sup>+FCF<sub>n<\/sub>(1+g)<sup>4<\/sup>\/(1+WACC)<sup>n+4<\/sup>\u2026\u306e\u90e8\u5206\u306f\u540c\u3058\u5f62\u3092\u3057\u3066\u3044\u307e\u3059\u304b\u3089\u3001\u6253\u3061\u6d88\u3055\u308c\u3066\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u3067\u7121\u9650\u548c\u304c\u6d88\u3048\u307e\u3057\u305f\u3002<\/span><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\">S &#8211; (1+g)\/(1+WACC)\u00d7S = FCF<sub>n<\/sub>(1+g)\/(1+WACC)<sup>n+1<\/sup><\/p>\n\n\n\n<p>\u6b8b\u308a\u306f\u5f0f\u5909\u5f62\u3092\u3059\u308b\u3060\u3051\u3067\u3059\u3002\u6b21\u306b\u3001\u5de6\u8fba\u3092\u6574\u7406\u3059\u308b\u3068\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center\">S &#8211; (1+g)\/(1+WACC)\u00d7S = (1+WACC)\/(1+WACC)\u00d7S &#8211; (1+g)\/(1+WACC)\u00d7S  = (WACC-g)\/(1+WACC)\u00d7S<\/p>\n\n\n\n<p>\u5f8c\u306f\u3001S\u4ee5\u5916\u3092\u5de6\u8fba\u304b\u3089\u53f3\u8fba\u306b\u79fb\u305b\u3070\u3001\u6c42\u3081\u308b\u3079\u304d\u548cS\u304c\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center\">S = (1+WACC)\/(WACC-g) \u00d7 FCF<sub>n<\/sub>(1+g)\/(1+WACC)<sup>n+1<\/sup> = FCF<sub>n<\/sub>(1+g)\/(1+WACC)<sup>n<\/sup>\/(WACC-g)<\/p>\n\n\n\n<p class=\"has-text-align-left\">\u5148\u307b\u3069\u306e\u516c\u5f0f\u306e\u5f62\u306b\u76f4\u3059\u306a\u3089\u3070\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u5909\u5f62\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center\">TV = FCF<sub>n<\/sub>(1+g) \/ (WACC-g)<br>PV(TV) = S = TV \/ (1+WACC)<sup>n<\/sup><\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"vk-htags-eeed59d0-4a4a-44ea-9c22-02963b4964be\">\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97<\/h2>\n\n\n\n<p>\u3053\u3053\u307e\u3067\u304f\u308c\u3070\u3042\u3068\u4e00\u606f\u3067\u3059\u3002\u5148\u307b\u3069\u6c42\u3081\u305f\u3001\u4e8b\u696d\u8a08\u753b\u3092\u7b97\u5b9a\u3057\u305f\u90e8\u5206\uff08\uff11\uff5e\uff15\u5e74\u76ee\uff09\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff08\uff16\u5e74\u76ee\u4ee5\u964d\uff09\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u3001\u305d\u308c\u305e\u308c\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u623b\u3057\u3066\u8db3\u3057\u5408\u308f\u305b\u308c\u3070\u3001\u4f01\u696d\u4fa1\u5024\u304c\u7b97\u5b9a\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"603\" height=\"113\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2094.png\" alt=\"\" class=\"wp-image-209388\" style=\"width:614px;height:auto\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2094.png 603w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2094-300x56.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2094-600x113.png 600w\" sizes=\"auto, (max-width: 603px) 100vw, 603px\" \/><figcaption class=\"wp-element-caption\">\u7b2c\u4e00\u9805\u306e\u7dcf\u548c\u8a08\u7b97\uff08\u30b7\u30b0\u30de\u8a08\u7b97\uff09\u306ft=1\u304b\u3089t=n\u307e\u3067\u306e\u7dcf\u548c\u3067\u3059<\/figcaption><\/figure>\n<\/div>\n\n\n<p>\u5b9f\u969b\u306b\u8a08\u7b97\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u554f\u984c\u3092\u89e3\u304f\u3068\u304d\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u8868\u5f62\u5f0f\u306b\u3057\u3066\u307f\u308b\u3068\u308f\u304b\u308a\u3084\u3059\u3044<\/span><\/strong>\u3067\u3059\u3002<br>\u4ee5\u4e0b\u3067\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\uff11\u5e74\u76ee1,000\u767e\u4e07\u5186\u3001\uff12\u5e74\u76ee1,200\u767e\u4e07\u5186\u3001\uff13\u5e74\u76ee1,500\u767e\u4e07\u5186\u3001\uff14\u5e74\u76ee1,800\u767e\u4e07\u5186\u3001\uff15\u5e74\u76ee2,000\u767e\u4e07\u5186\u3001WACC\u304c8\uff05\u3001\u6c38\u4e45\u6210\u9577\u7387\u304c2%\u306e\u4e8b\u4f8b\u3092\u8f09\u305b\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"566\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2095-1024x566.png\" alt=\"\" class=\"wp-image-209390\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2095-1024x566.png 1024w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2095-300x166.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2095-768x425.png 768w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2095-1536x849.png 1536w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/image-2095-2048x1133.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16\u3072\u3067\u307e\u308b_.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u3053\u306e\u4f8b\u3067\u3082\u308f\u304b\u308b\u901a\u308a\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4f01\u696d\u4fa1\u5024\u306e\u307b\u3068\u3093\u3069\u304c\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306b\u3088\u3063\u3066\u69cb\u6210<\/span><\/strong>\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p><br>\u4f59\u8ac7\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u4f01\u696d\u4fa1\u5024\u306e\u307b\u3068\u3093\u3069\u304c\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306b\u3088\u3063\u3066\u69cb\u6210\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u306fDCF\u6cd5\u306e\u7f60\u3067\u3042\u308a\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u6700\u7d42\u5e74\u5ea6\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5927\u304d\u304f\u3059\u308b\u3060\u3051\u3067\u7c21\u5358\u306b\u4f01\u696d\u4fa1\u5024\u3092\u5897\u5927\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u3066\u3057\u307e\u3044\u307e\u3059<\/span><\/strong>\u3002<br>\u4e00\u756a\u4e88\u6e2c\u3067\u304d\u306a\u3044\u6700\u7d42\u5e74\u5ea6\u306e\u4e8b\u696d\u8a08\u753b\u3067\u3059\u304b\u3089\u3001\u5272\u3068\u6063\u610f\u7684\u306b\u5927\u304d\u304f\u3057\u305f\u308a\u5c0f\u3055\u304f\u3057\u305f\u308a\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002\u3053\u308c\u304c\u3001\u4e8b\u696d\u8a08\u753b\u8a55\u4fa1\u306e\u30d7\u30ed\u30bb\u30b9\u3067\u5e33\u5c3b\u3092\u5408\u308f\u305b\u3066\u6063\u610f\u7684\u306a\u4fa1\u683c\u4ed8\u3051\u3092\u6b63\u5f53\u5316\u3059\u308b\u3068\u304d\u306b\u4f7f\u308f\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u7406\u8ad6\u7684\u306b\u306fDCF\u6cd5\u306f\u5408\u7406\u7684\u306a\u8003\u3048\u3067\u69cb\u7bc9\u3055\u308c\u3066\u3044\u308b\u304c\u3001\u5b9f\u52d9\u4e0a\u306f\u7406\u60f3\u8ad6\u3068\u306f\u7a0b\u9060\u3044\u904b\u7528\u304c\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u306f\uff1f\u3068\u6279\u5224\u3055\u308c\u308b\u8981\u56e0\u306e\u4e00\u3064\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_mla w_b_jc_fe w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_R w_b_flex w_b_jc_fe w_b_div\" style=\"\"><div class=\"w_b_bal_box w_b_bal_R w_b_relative w_b_direction_R w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_R w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_R w_b_shadow_R w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u30d7\u30ef\u30a1\uff5e\uff08\u3053\u3053\u3067\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u306f\u7d42\u308f\u308a\u3067\u3059\u3002\uff09<\/p><\/div><\/div><\/div><\/div><\/div><div class=\"w_b_ava_box w_b_relative w_b_ava_R w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_R w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3072\u3067\u307e\u308b_\u97f3\u7b26.png\" width=\"96\" height=\"96\" alt=\"\u97f3\u7b26\u3055\u3093\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u97f3\u7b26\u3055\u3093<\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16\u3072\u3067\u307e\u308b_.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u305f\u3060\u3057\u3001\u682a\u5f0f\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u305f\u3081\u306b\u306f\u4f01\u696d\u4fa1\u5024\u304b\u3089\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u8ca0\u50b5\u4fa1\u5024\uff09\u3092\u3055\u3089\u306b\u5f15\u304f\u5fc5\u8981\u304c\u3042\u308b\u3053\u3068\u306b\u6ce8\u610f\u3057\u307e\u3059\u3002\u4f01\u696d\u4fa1\u5024\u306f\u304a\u91d1\u306e\u8cb8\u3057\u624b\u3067\u3042\u308b\u50b5\u6a29\u8005\u306b\u5e30\u5c5e\u3059\u308b\u5206\u3068\u3001\u51fa\u8cc7\u8005\u3067\u3042\u308b\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u5206\u306e\u5408\u8a08\u3067\u3042\u308a\u307e\u3059\u3002\u682a\u5f0f\u4fa1\u5024\u306f\u305d\u306e\u5f8c\u8005\u3060\u3051\u3067\u3042\u308b\u305f\u3081\u3001\u524d\u8005\u306b\u76f8\u5f53\u3059\u308b\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u8ca0\u50b5\u4fa1\u5024\uff09\u3092\u53d6\u308a\u9664\u304f\u5fc5\u8981\u304c\u3042\u308b\u306e\u3067\u3059\u3002<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"vk-htags-59e3d8b3-8025-40ae-8556-7d3384e2b3a9\">\u7d42\u308f\u308a\u306b<\/h2>\n\n\n\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u4f01\u696d\u8cb7\u53ce\u306e\u5b9f\u52d9\u3092\u901a\u3058\u3066DCF\u6cd5\u3084NPV\u306e\u8a08\u7b97\u65b9\u6cd5\u3092\u5b66\u3076<\/span><\/strong>\u3053\u3068\u3092\u30c6\u30fc\u30de\u306b\u304a\u9001\u308a\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>DCF\u6cd5\u3084NPV\u306f\u983b\u51fa\u8ad6\u70b9\u3067\u3042\u308a\u3001\u7279\u306b\u4e8c\u6b21\u8a66\u9a13\u4e8b\u4f8b\u2163\u3067\u306f\u6bce\u5e74\u51fa\u984c\u3055\u308c\u308b\u8ad6\u70b9\u3067\u3059\u3002\u4e8c\u6b21\u8a66\u9a13\u3067\u306f\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u307e\u3067\u51fa\u984c\u3055\u308c\u308b\u3053\u3068\u306f\u591a\u304f\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u51fa\u984c\u5b9f\u7e3e\u3082\u3042\u308a\u307e\u3059\u3002\u8a08\u7b97\u304c\u7169\u96d1\u306b\u306a\u3063\u305f\u308a\u3068\u96e3\u3057\u3044\u8ad6\u70b9\u3067\u3042\u308a\u3001\u6368\u3066\u3066\u3057\u307e\u3046\u65b9\u3082\u4e00\u5b9a\u7a0b\u5ea6\u3044\u3089\u3063\u3057\u3083\u3044\u307e\u3059\u304c\u3001\u5c11\u3057\u3067\u3082\u8a66\u9a13\u672c\u756a\u3067\u70b9\u3092\u3082\u304e\u53d6\u308c\u308b\u3088\u3046\u306b\u672c\u8ad6\u70b9\u3078\u306e\u7406\u89e3\u3092\u6df1\u3081\u3066\u304a\u304d\u305f\u3044\u3068\u3053\u308d\u3067\u3059\u3002\u672c\u8a18\u4e8b\u304c\u305d\u306e\u4e00\u52a9\u306b\u306a\u308c\u3070\u5e78\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306a\u91d1\u878d\u7cfb\u306e\u9818\u57df\u306b\u3064\u3044\u3066\u306f\u3001\u3055\u304f\u3089<img loading=\"lazy\" decoding=\"async\" width=\"50\" height=\"50\" class=\"wp-image-209549\" style=\"width: 50px;\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3055\u304f\u3089-2.png\" alt=\"\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3055\u304f\u3089-2.png 500w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3055\u304f\u3089-2-300x300.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u3055\u304f\u3089-2-160x160.png 160w\" sizes=\"auto, (max-width: 50px) 100vw, 50px\" \/>\u3084\u306a\u3064<img loading=\"lazy\" decoding=\"async\" width=\"50\" height=\"50\" class=\"wp-image-209553\" style=\"width: 50px;\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u306a\u3064-1.png\" alt=\"\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u306a\u3064-1.png 500w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u306a\u3064-1-300x300.png 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16_\u306a\u3064-1-160x160.png 160w\" sizes=\"auto, (max-width: 50px) 100vw, 50px\" \/>\u304c\u8a73\u3057\u3044\u3067\u3059\u3002\u3055\u304f\u3089\u306e\u524d\u56de\u306e\u8a18\u4e8b\uff08\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u89e3\u8aac\uff09\u3082\u53c2\u8003\u306b\u3055\u308c\u3066\u304f\u3060\u3055\u3044\uff01<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"AWZlFKRASW\"><a href=\"https:\/\/rmc-oden.com\/blog\/archives\/210079\">\u3010\u8ca1\u52d9\u30fb\u4f1a\u8a08\u3011\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6 \u2460\u70ba\u66ff\u4e88\u7d04   by \u3055\u304f\u3089<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;\u3010\u8ca1\u52d9\u30fb\u4f1a\u8a08\u3011\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6 \u2460\u70ba\u66ff\u4e88\u7d04   by \u3055\u304f\u3089&#8221; &#8212; \u4e2d\u5c0f\u4f01\u696d\u8a3a\u65ad\u58eb\u8a66\u9a13 \u4e00\u767a\u5408\u683c\u9053\u5834\" src=\"https:\/\/rmc-oden.com\/blog\/archives\/210079\/embed#?secret=W2KbyfIiXl#?secret=AWZlFKRASW\" data-secret=\"AWZlFKRASW\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_col w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/16\u3072\u3067\u307e\u308b.png\" width=\"96\" height=\"96\" alt=\"\u3072\u3067\u307e\u308b\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><div class=\"w_b_name w_b_w100 w_b_lh w_b_name_C w_b_ta_C w_b_mp0 w_b_div\">\u3072\u3067\u307e\u308b<\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><p>\u660e\u65e5\u306f\u304a\u4f11\u307f\u3067\u3059\uff01<br>\u660e\u5f8c\u65e5\u306e\u62c5\u5f53\u306f<strong><span data-color=\"#fffd6b\" style=\"background: linear-gradient(transparent 60%,rgba(255, 253, 107, 0.7) 0);\" class=\"vk_highlighter\">\u30c0\u30fc\u30e4\u30b9<\/span><\/strong>\u3067\u3059\uff01<br>\u30dd\u30a8\u30e0\u64b2\u6ec5\uff01\u3069\u3093\u306a\u79d8\u8a23\u304c\u767b\u5834\u3059\u308b\u306e\u304b\u306a\u2026\uff1f\u304a\u697d\u3057\u307f\u306b\uff01\uff01\uff01<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-word-balloon-word-balloon-block\"><div class=\"w_b_box w_b_w100 w_b_flex w_b_mla w_b_jc_fe w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_R w_b_flex w_b_jc_fe w_b_div\" style=\"\"><div class=\"w_b_bal_box w_b_bal_R w_b_relative w_b_direction_R w_b_w100 w_b_div\"><div class=\"w_b_space 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