{"id":28162,"date":"2012-03-16T12:00:27","date_gmt":"2012-03-16T03:00:27","guid":{"rendered":"http:\/\/rmc-oden.com\/blog\/?p=28162"},"modified":"2012-03-16T11:24:36","modified_gmt":"2012-03-16T02:24:36","slug":"%e3%80%90%e8%b2%a1%e5%8b%99%e3%83%bb%e4%bc%9a%e8%a8%88%e3%80%91%e6%a9%8b%e3%81%92%e3%81%9f%e3%81%ae%e6%a7%8b%e7%af%89%e3%83%bb%e8%b2%a1%e5%8b%99%e7%b7%a8%ef%bc%88%e4%b8%8b%ef%bc%89-2","status":"publish","type":"post","link":"https:\/\/rmc-oden.com\/blog\/archives\/28162","title":{"rendered":"\u3010\u8ca1\u52d9\u30fb\u4f1a\u8a08\u3011\u6a4b\u3052\u305f\u306e\u69cb\u7bc9\u30fb\u8ca1\u52d9\u7de8\uff08\u4e0b\uff09"},"content":{"rendered":"<p>\u3053\u3093\u306b\u3061\u306f\u3002<a href=\"http:\/\/rmc-oden.com\/blog\/about#miyawaki\">\u3053\u3050\u307e<\/a>\u3067\u3059\u3002<\/p>\n<p>\u5148\u3005\u9031\u306b\u5f15\u304d\u7d9a\u304d\u3001<strong><span style=\"color: #ff0000;\">\u8ca1\u52d9\u7de8\uff08\u4e0b\uff09<\/span><\/strong>\u3067\u3059\u3002<br \/>\n\u6a4b\u3052\u305f\u306e\u65e9\u671f\u69cb\u7bc9\u3092\u76ee\u6307\u3057\u3066\u3001\u4eca\u56de\u3082\u57fa\u672c\u8ad6\u70b9\u306b\u7d5e\u308a\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5c11\u3057\u53e4\u3044\u3082\u306e\u3082\u3042\u308a\u307e\u3059\u304c\u3001<span class=\"oden_tag_em\">\u5f53\u8a72\u8ad6\u70b9\u306b\u95a2\u4fc2\u3059\u308b\u904e\u53bb\u554f<\/span>\u3092\u53c2\u8003\u3068\u3057\u3066\u793a\u3059\u3088\u3046\u306b\u3057\u307e\u3059\u3002<\/p>\n<p><a href=\"http:\/\/rmc-oden.com\/blog\/archives\/26039\">\u8ca1\u52d9\u7de8\uff08\u4e0a\uff09<\/a>\u306f\u3001\u4f1a\u8a08\u3068\u8ca1\u52d9\u306e\u9593\u306b\u4f4d\u7f6e\u3059\u308b\u91cd\u8981\u8ad6\u70b9\u3067\u3057\u305f\u304c\u3001\u4eca\u56de\u306fMBA\u306e\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6\u3092\u30d9\u30fc\u30b9\u306b\u3057\u305f\u8ad6\u70b9\u304c\u591a\u304f\u306a\u308a\u307e\u3059\u3002<br \/>\n\u4e00\u6b21\u3001\u4e8c\u6b21\u3068\u3082\u91cd\u8996\u3055\u308c\u3066\u3044\u308b\u5206\u91ce\u3067\u3059\u306e\u3067\u3001\u4e8c\u6b21\u8a66\u9a13\u3082\u5c11\u3057\u5ff5\u982d\u306b\u7f6e\u3044\u3066\u7406\u5c48\u4e2d\u5fc3\u306e\u8aac\u660e\u3092\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p><strong><span class=\"oden_tag_st\">\u25c6\u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u8cc7\u91d1\u8abf\u9054\uff09\u25c6<\/span>\uff08H19-14\u3001H20-14\u30fb16\u3001H22-17\uff09<\/strong><\/p>\n<p>\u524d\u56de\u3001<strong><span style=\"color: #ff0000;\">\u8ca1\u52d9\u30fb\u4f1a\u8a08\u306f\u30ab\u30cd\u3068\u3044\u3046\u89b3\u70b9\u3067\u7d4c\u55b6\u8005\u306e\u610f\u601d\u6c7a\u5b9a\u3092\u52a9\u3051\u308b\u305f\u3081\u306b\u3042\u308b<\/span><\/strong>\u3068\u7533\u3057\u4e0a\u3052\u307e\u3057\u305f\u3002<br \/>\n\u55b6\u696d\u6d3b\u52d5\u3084\u6295\u8cc7\u3092\u884c\u3046\u305f\u3081\u306b\u5fc5\u8981\u306a\u8cc7\u91d1\u3092\u3069\u306e\u3088\u3046\u306b\u8abf\u9054\u3059\u3079\u304d\u304b\u3001\u3068\u3044\u3046\u610f\u601d\u6c7a\u5b9a\u306b\u91cd\u8981\u306a\u8003\u3048\u65b9\u304c<span class=\"oden_tag_kw\">\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u300d<\/span>\u3067\u3059\u3002<\/p>\n<p>\u8cc7\u91d1\u8abf\u9054\u306e\u65b9\u6cd5\u306b\u306f\u3001<br \/>\n\u2460\u501f\u5165\u91d1\u3084\u793e\u50b5\u7b49\u306e<strong>\u6709\u5229\u5b50\u8ca0\u50b5<\/strong><br \/>\n\u2461\u682a\u5f0f\u767a\u884c\u306b\u3088\u308b<strong>\u682a\u4e3b\u8cc7\u672c<\/strong><br \/>\n\u306e\uff12\u901a\u308a\u306e\u8abf\u9054\u6e90\u6cc9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p><span class=\"oden_tag_em\">\u4f01\u696d\u5074<\/span>\u304b\u3089\u898b\u305f\u8abf\u9054\u30b3\u30b9\u30c8\u306f\u3001\u305d\u308c\u305e\u308c<br \/>\n\u2460\u652f\u6255\u5229\u606f\u306e<span class=\"oden_tag_kw\">\u8ca0\u50b5\u30b3\u30b9\u30c8<\/span><br \/>\n\u2461\u914d\u5f53\u7b49\u306e<span class=\"oden_tag_kw\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<\/span><br \/>\n\u306b\u5206\u3051\u3089\u308c\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3053\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u69cb\u6210\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3001\u3053\u306e\u30b3\u30b9\u30c8\u3092<span class=\"oden_tag_em\">\u8cc7\u91d1\u63d0\u4f9b\u5074<\/span>\u304b\u3089\u898b\u308b\u3068\u3001<br \/>\n\u2460<span class=\"oden_tag_kw\"><span class=\"oden_tag_kw\">\u50b5\u6a29\u8005\u304c\u6c42\u3081\u308b<span style=\"color: #000000;\"><span class=\"oden_tag_kw\">\u30ea\u30bf\u30fc\u30f3<\/span><\/span><\/span><\/span><br \/>\n\u2461<span class=\"oden_tag_kw\">\u682a\u4e3b\u304c\u6c42\u3081\u308b\u30ea\u30bf\u30fc\u30f3<\/span><br \/>\n\u3068\u3044\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/shihon-cost-Return.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/shihon-cost-Return.jpg\" alt=\"\" title=\"shihon cost &amp; Return\" width=\"289\" height=\"183\" class=\"size-full wp-image-28165 aligncenter\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u308c\u3089\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5\u304c\u3001\u51fa\u984c\u3055\u308c\u308b\u57fa\u672c\u7684\u306a\u8ad6\u70b9\u3067\u3059\u3002<\/p>\n<p>\u2460<span style=\"text-decoration: underline;\"><strong>\u8ca0\u50b5\u30b3\u30b9\u30c8<\/strong><\/span><br \/>\n\u3053\u308c\u306f\u308f\u304b\u308a\u3084\u3059\u3044\u3067\u3059\u306d\u3002<span class=\"oden_tag_kw\">\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u5229\u5b50\u7387<\/span>\u3067\u3059\u3002\u3042\u3089\u304b\u3058\u3081\u5229\u5b50\u7387\u306f\u5b9a\u3081\u3089\u308c\u3001\u50b5\u6a29\u8005\u306b\u5bfe\u3057\u3066\u305d\u306e\u652f\u6255\u3044\u304c\u7d04\u675f\u3055\u308c\u3066\u3044\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>\u2461<span style=\"text-decoration: underline;\"><strong>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<\/strong><\/span><br \/>\n\u4e0a\u8a18\u3067\u300c\u914d\u5f53<span class=\"oden_tag_kw\">\u7b49<\/span>\u300d\u3068\u66f8\u304d\u307e\u3057\u305f\u3002\u76ee\u306b\u898b\u3048\u308b\u30b3\u30b9\u30c8\u306f\u3001\u7372\u5f97\u3057\u305f\u5229\u76ca\u304b\u3089\u682a\u4e3b\u306b\u5206\u914d\u3055\u308c\u308b<span class=\"oden_tag_kw\">\u914d\u5f53\u91d1<\/span>\u3067\u3059\u304c\u3001\u5b9f\u306f\u305d\u308c\u4ee5\u5916\u306e\u30b3\u30b9\u30c8\u306b<span class=\"oden_tag_kw\">\u682a\u5f0f\u4fa1\u5024\u306e\u5909\u52d5<\/span>\u304c\u3042\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u682a\u4fa1\u306e\u4e0a\u6607\u306b\u3088\u308b\u5dee\u76ca\u3067\u3059\u306d\u3002\u682a\u4e3b\u5074\u304b\u3089\u898b\u305f\u5834\u5408\u3001\u524d\u8005\u3092<span class=\"oden_tag_em\">\u30a4\u30f3\u30ab\u30e0\u30fb\u30b2\u30a4\u30f3<\/span>\u3001\u5f8c\u8005\u3092<span class=\"oden_tag_em\">\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b2\u30a4\u30f3<\/span>\u3068\u3044\u3044\u307e\u3059\u3002<br \/>\n\u3053\u3053\u3067\u3001<span class=\"oden_tag_em\">\u682a\u4fa1\u304c\u4e0a\u304c\u3063\u3066\u3082\u30b3\u30b9\u30c8\u3068\u3057\u3066\u4f1a\u793e\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3059\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3093\u3058\u3083\uff1f<\/span>\u3068\u601d\u308f\u308c\u308b\u65b9\u3082\u3044\u3089\u3063\u3057\u3083\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<p><strong><span style=\"color: #ff0000;\">\u9006\u306b\u682a\u4fa1\u304c\u4e0b\u304c\u3063\u305f\u5834\u5408\u306e\u3053\u3068\u3092\u8003\u3048\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/span><\/strong>\u682a\u4e3b\u304c\u671f\u5f85\u3057\u3066\u3044\u305f\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3089\u308c\u306a\u3044\u3068\u5224\u65ad\u3057\u305f\u5834\u5408\u3001\u3088\u308a\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\uff08\u671f\u5f85\u53ce\u76ca\u7387\uff09\u3092\u6c42\u3081\u3066\u3001\u305d\u306e\u4f1a\u793e\u306e\u682a\u5f0f\u3092\u58f2\u308a\u3001\u4ed6\u306e\u4f1a\u793e\u306e\u682a\u5f0f\u3078\u4e57\u308a\u63db\u3048\u308b\u3068\u3044\u3046\u884c\u52d5\u3092\u53d6\u308a\u307e\u3059\u3002\u305d\u3046\u3059\u308b\u3068<span style=\"text-decoration: underline;\"><strong>\u682a\u4fa1\u306f\u4e0b\u843d\u3057\u3001\u65e2\u5b58\u682a\u4e3b\u306e\u8cc7\u7523\u4fa1\u5024\u3092\u843d\u3068\u3057\u3066\u3057\u307e\u3044\u307e\u3059<\/strong><\/span>\u3002<\/p>\n<p>\u307e\u305f\u3001\u4f01\u696d\u5074\u304b\u3089\u898b\u3066\u3082\u3001<span style=\"color: #ff0000;\"><strong>\u682a\u4fa1\u306e\u4e0b\u843d\u306b\u3088\u308a\u3001\u682a\u5f0f\u3067\u306e\u8cc7\u91d1\u8abf\u9054\u304c\u96e3\u3057\u304f\u306a\u308b\u307b\u304b\u3001\u8abf\u9054\u30b3\u30b9\u30c8\u3082\u4e0a\u304c\u308b<\/strong><\/span>\u3053\u3068\u3068\u306a\u308a\u307e\u3059\uff08\u682a\u4fa1\u304c\u534a\u5206\u306b\u306a\u3063\u305f\u3089\u3001\u540c\u984d\u3092\u8abf\u9054\u3059\u308b\u305f\u3081\u306b\u306f\uff12\u500d\u306e\u682a\u6570\u3092\u767a\u884c\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u2192\u5c06\u6765\u306e\u914d\u5f53\u91d1\u8ca0\u62c5\u304c\u5897\u3048\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\uff09\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001<span class=\"oden_tag_kw\">\u682a\u4e3b\u306f\u6295\u8cc7\u3059\u308b\u898b\u8fd4\u308a\u3068\u3057\u3066\u3001\u914d\u5f53\u91d1\u4ee5\u5916\u306b\u682a\u4fa1\u306e\u4e0a\u6607\u306b\u3088\u308b\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b2\u30a4\u30f3\u3092\u6c42\u3081\u3066\u304a\u308a<\/span>\u3001<span style=\"text-decoration: underline;\"><span style=\"color: #000000;\"><strong>\u4f01\u696d\u5074\u304b\u3089\u898b\u308b\u3068\u3001\u682a\u4fa1\u3092\u4e0a\u6607\u3055\u305b\u308b\u305f\u3081\u306e\u4e0d\u65ad\u306e\u52aa\u529b\u304c\u5fc5\u8981<\/strong><\/span><\/span>\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308a\u3001\u672c\u8cea\u7684\u306b\u306f\u30b3\u30b9\u30c8\u306b\u4ed6\u306a\u3089\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3042\u305f\u308a\u304c\u3001\u7d4c\u5e38\u5229\u76ca\u3084\u7a0e\u5f15\u5f8c\u5f53\u671f\u5229\u76ca\u3067\u4f1a\u793e\u6570\u5024\u3092\u5224\u65ad\u3059\u308b\u300c\u4f1a\u8a08\u300d\u3068\u5927\u304d\u304f\u7570\u306a\u308b\u70b9\u3067\u3042\u308a\u3001\u306a\u304b\u306a\u304b\u8151\u306b\u843d\u3061\u306b\u304f\u3044\u70b9\u3067\u3059\u304c\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6\u306e\u8d77\u70b9\u3068\u306a\u308b\u8ad6\u70b9\u3067\u3059\u3002<\/p>\n<p>\u3067\u306f\u3001\u3069\u3046\u3084\u3063\u3066\u3053\u306e\u3088\u3046\u306b\u66d6\u6627\u306a\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6570\u5024\u3068\u3057\u3066\u7b97\u51fa\u3059\u308b\u306e\u304b\uff1f<br \/>\n\u8a3a\u65ad\u58eb\u8a66\u9a13\u3067\u51fa\u984c\u3055\u308c\u308b\u624b\u6cd5\u306f\u3001\u6b21\u306e\uff12\u3064\u3067\u3059\u3002\u8a08\u7b97\u5f0f\u306f\u30c6\u30ad\u30b9\u30c8\u3067\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<ul>\n<li style=\"background-color: #ccff99;\"><span class=\"oden_tag_kw\">\u300c\u8cc7\u672c\u8cc7\u7523\u8a55\u4fa1\u30e2\u30c7\u30eb\uff08CAPM\uff09\u300d<\/span><\/li>\n<li style=\"background-color: #ccff99;\"><span class=\"oden_tag_kw\">\u300c\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff08DDM\uff09\u300d<\/span>\u2026<strong>\u300c\u30bc\u30ed\u6210\u9577\u30e2\u30c7\u30eb\u300d<\/strong>\u3068<strong>\u300c\u5b9a\u7387\u6210\u9577\u30e2\u30c7\u30eb\u300d<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<p>(*)CAPM\u306e<span class=\"oden_tag_em\">\u30d9\u30fc\u30bf\u5024<\/span>\u306f\u3001\u4e0a\u5834\u4f1a\u793e\u3067\u3042\u308c\u3070<a href=\"http:\/\/www.bloomberg.co.jp\/apps\/data?pid=jp09_ticker_lookup\" target=\"_blank\">\u30d6\u30eb\u30fc\u30e0\u30d0\u30fc\u30b0\u306e\u30b5\u30a4\u30c8<\/a>\u3067\u8abf\u3079\u3089\u308c\u307e\u3059\u306e\u3067\u3001\u81ea\u793e\u306e\u30d9\u30fc\u30bf\u5024\u304c\u3044\u304f\u3089\u304b\u3092\u8abf\u3079\u3066\u307f\u308b\u306e\u3082\u4e00\u8208\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u524d\u7f6e\u304d\u304c\u9577\u304f\u306a\u308a\u307e\u3057\u305f\u304c\u30fb\u30fb\u30fb<br \/>\n\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u3068\u306f\u3001\u8ca0\u50b5\u3068\u682a\u4e3b\u8cc7\u672c\u3001\u305d\u308c\u305e\u308c\u306e\u8abf\u9054\u6e90\u6cc9\u306b\u3088\u308b\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3057\u3066\u7b97\u51fa\u3057\u305f\u3082\u306e\u3067\u3059\u3002<br \/>\n\u3053\u308c\u304c<span class=\"oden_tag_kw\">WACC\uff08Weighted Average Cost of Capital\uff09<\/span>\u3067\u3059\u306d\u3002<\/p>\n<p><a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/WACC-uchiwake.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/WACC-uchiwake-300x200.jpg\" alt=\"\" title=\"WACC uchiwake\" width=\"300\" height=\"200\" class=\"size-medium wp-image-28168 aligncenter\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/WACC-uchiwake-300x200.jpg 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/WACC-uchiwake.jpg 1002w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><span class=\"oden_tag_em\">\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3001\u3069\u3061\u3089\u304c\u9ad8\u304f\u3064\u304f\u304b<\/span>\u3001\u3082\u3046\u304a\u5206\u304b\u308a\u3067\u3059\u306d\u3002<br \/>\n\u8cc7\u91d1\u63d0\u4f9b\u8005\u3068\u3057\u3066\u3001\u53d7\u3051\u53d6\u308c\u308b\u5c06\u6765\u306e\u53ce\u76ca\u306e\u4e0d\u78ba\u5b9f\u6027\uff08\u30ea\u30b9\u30af\uff09\u306f\u682a\u4e3b\u306e\u307b\u3046\u304c\u9ad8\u3044\u3067\u3059\u3088\u306d\u3002\u914d\u5f53\u306f\u7d04\u675f\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3057\u5897\u6e1b\u3082\u3057\u307e\u3059\u3002\u4f55\u3088\u308a\u5c06\u6765\u306e\u682a\u4fa1\u304c\u3069\u308c\u304f\u3089\u3044\u5909\u52d5\u3059\u308b\u304b\u3001\u307e\u3063\u305f\u304f\u308f\u304b\u308a\u307e\u305b\u3093\u3002<br \/>\n<span class=\"oden_tag_kw\">\u682a\u4e3b\u3068\u3057\u3066\u306f\u3001\u4e00\u5b9a\u306e\u5229\u606f\u652f\u6255\u3044\u3092\u7d04\u675f\u3055\u308c\u3066\u3044\u308b\u50b5\u6a29\u8005\u3088\u308a\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u8981\u6c42\u3059\u308b\u306e\u306f\u5f53\u7136\u306e\u3053\u3068<\/span>\u3067\u3059\u3002<\/p>\n<p>\u8ca0\u50b5\u30b3\u30b9\u30c8\u3067\u3042\u308b\u652f\u6255\u5229\u606f\u306b\u306f<span style=\"color: #ff0000;\">\u6cd5\u4eba\u7a0e\u306e\u7bc0\u7a0e\u52b9\u679c\uff08\u30bf\u30c3\u30af\u30b9\u30fb\u30b7\u30fc\u30eb\u30c9\uff09<\/span>\u3082\u3042\u308a\u307e\u3059\u3002<br \/>\n\u3064\u307e\u308a\u4f01\u696d\u5074\u304b\u3089\u898b\u308c\u3070\u3001<span class=\"oden_tag_kw\">\u672c\u8cea\u7684\u306b\u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u307b\u3046\u304c\u9ad8\u3044<\/span>\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u4f1a\u8a08\u306e\u8003\u3048\u65b9\u3067\u306f\u306a\u304b\u306a\u304b\u99b4\u67d3\u3081\u306a\u3044\u7d50\u8ad6\u3067\u3059\u304c\u3001\u3053\u308c\u304c\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u8003\u3048\u65b9\u306e\u6839\u672c\u3067\u3059\u3002<\/p>\n<p><strong><span class=\"oden_tag_st\">\u25c6\u8cc7\u672c\u69cb\u6210\u25c6<\/span>\uff08H19-17\u3001H20-18\u3001H21-15\uff09<\/strong><br \/>\n\u8cc7\u672c\u69cb\u6210\u3068\u306f\u3001\u8ca0\u50b5\u3068\u682a\u4e3b\u8cc7\u672c\u306e\u5272\u5408\u306e\u3053\u3068\u3092\u6307\u3057\u307e\u3059\u3002\u4e8c\u6b21\u8a66\u9a13\u3067\u5fc5\u305a\u51fa\u984c\u3055\u308c\u308b\u7d4c\u55b6\u6307\u6a19\u5206\u6790\u306e\u554f\u984c\u306b\u304a\u3044\u3066\u3001\u5b89\u5168\u6027\u3092\u8aac\u660e\u3059\u308b\u969b\u306b<span class=\"oden_tag_em\">\u300c\u8cc7\u672c\u69cb\u6210\u304c\u8106\u5f31\u300d<\/span>\u3068\u304b<span class=\"oden_tag_em\">\u300c\u8cc7\u672c\u69cb\u6210\u304c\u4e0d\u5b89\u5b9a\u300d<\/span>\u3068\u3044\u3046\u3088\u3046\u306b\u4f7f\u3044\u307e\u3059\u3002\u7aef\u7684\u306b\u306f<strong><span style=\"color: #ff0000;\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/span><\/strong>\u3067\u8868\u3055\u308c\u307e\u3059\u3002<br \/>\n\u8cc7\u91d1\u8abf\u9054\u306b\u304a\u3051\u308b\u8ca0\u50b5\u306e\u5229\u7528\u306e\u3053\u3068\u3092<span class=\"oden_tag_kw\">\u300c\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u300d<\/span>\u3068\u547c\u3073\u3001<strong><span style=\"color: #ff0000;\">\u8ca0\u50b5\u6bd4\u7387<\/span><\/strong>\u3067\u8868\u3055\u308c\u307e\u3059\u3002<br \/>\n\u682a\u4e3b\u8cc7\u672c\u304c\u5c0f\u3055\u304f\u3066\u3082\u8ca0\u50b5\u3092\u5229\u7528\u3059\u308b\u3053\u3068\u306b\u3088\u308a\u3001\u65b0\u305f\u306a\u4e8b\u696d\u304c\u3067\u304d\u308b\u3068\u3044\u3046\u3088\u3046\u306a\u610f\u5473\u5408\u3044\u3067\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u3066\u3053\uff09\u3068\u547c\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<p>\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u5927\u304d\u3044\u307b\u3069\uff08\u8ca0\u50b5\u306e\u5229\u7528\u5ea6\u304c\u9ad8\u3044\u307b\u3069\uff09\u3001\u640d\u76ca\u306e\u30d0\u30e9\u3064\u304d\uff08\u30ea\u30b9\u30af\uff09\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<br \/>\n\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u8a08\u7b97\u5f0f\u3092\u898b\u308c\u3070\u308f\u304b\u308b\u3068\u304a\u308a\u3001\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u5927\u304d\u3044\u307b\u3069\u3001ROA\u306e\u5909\u5316\u304cROE\u306e\u632f\u5e45\u5e45\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u304c\u5927\u304d\u304f\u306a\u308a\u3001\u3053\u308c\u3092<span class=\"oden_tag_kw\">\u300c\u8ca1\u52d9\u30ea\u30b9\u30af\u300d<\/span>\u3068\u547c\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<p>\u7d4c\u55b6\u8005\u3078\u306e\u52a9\u8a00\u3068\u3044\u3046\u89b3\u70b9\u3067\u8003\u3048\u305f\u5834\u5408\u3001<span class=\"oden_tag_em\">\u300c\u6700\u9069\u306a\u8cc7\u672c\u69cb\u6210\u306f\u3069\u3046\u3044\u3046\u6bd4\u7387\u304b\u300d<\/span>\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<br \/>\n\u4f1d\u7d71\u7684\u306a\u8003\u3048\u65b9\u3067\u306f\u300c\u6700\u9069\u8cc7\u672c\u69cb\u6210\u306f\u5b58\u5728\u3059\u308b\u300d\u3067\u3059\u3002\u8ca0\u50b5\u306e\u5229\u7528\u304c\u8ca1\u52d9\u30ea\u30b9\u30af\u306b\u5f71\u97ff\u3059\u308b\u305f\u3081\u3001\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6700\u4f4e\u306b\u3059\u308b\u8ca0\u50b5\u306e\u6bd4\u7387\u304c\u3042\u308b\u306f\u305a\u3001\u3068\u3044\u3046\u8003\u3048\u65b9\u3067\u3059\u3002\u3057\u304b\u3057\u306a\u304c\u3089\u3001\u73fe\u5b9f\u306b\u306f\u69d8\u3005\u306a\u5916\u7684\u30fb\u5185\u7684\u8981\u56e0\u304c\u8907\u96d1\u306b\u7d61\u307f\u3001\u300c\u3053\u308c\u300d\u3068\u3044\u3046\u3072\u3068\u3064\u306e\u89e3\u3092\u793a\u3059\u3053\u3068\u306f\u56f0\u96e3\u3067\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3001\u8a3a\u65ad\u58eb\u8a66\u9a13\u3067\u3088\u304f\u51fa\u984c\u3055\u308c\u308b\u306e\u304c\u3001\u7d4c\u6e08\u5b66\u8005\u306e\u30e2\u30b8\u30ea\u30a2\u30fc\u30cb\u3068\u30df\u30e9\u30fc\u306b\u3088\u308b<span class=\"oden_tag_kw\">\u300cMM\u7406\u8ad6\u300d<span style=\"color: #000000; font-size: small;\">\u3067<\/span><\/span>\u3001\u3042\u308b\u4e00\u5b9a\u6761\u4ef6\u306e\u3082\u3068\u3001<span class=\"oden_tag_em\">\u8ca0\u50b5\u306e\u5229\u7528\u306f\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u306f\u5f71\u97ff\u305b\u305a\u3001\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u5e38\u306b\u4e00\u5b9a\u3067\u3042\u308a\u3001\u300c\u6700\u9069\u8cc7\u672c\u69cb\u6210\u306f\u5b58\u5728\u3057\u306a\u3044\u300d<\/span>\u3068\u3044\u3046\u3082\u306e\u3067\u3059\u3002<br \/>\n\u682a\u5f0f\u306e\u5b8c\u5168\u53d6\u5f15\u5e02\u5834\u304c\u524d\u63d0\u3067\u3001\u6cd5\u4eba\u7a0e\u3092\u7121\u8996\u3057\u3066\u3044\u307e\u3059\u306e\u3067\u3001\u73fe\u5b9f\u7684\u306b\u9069\u7528\u3067\u304d\u308b\u7406\u8ad6\u3068\u3044\u3048\u308b\u304b\u3069\u3046\u304b\uff1f\u3000\u307e\u305f\u3001\u8ca0\u50b5\u3092\u6975\u7aef\u306b\u5897\u3084\u305b\u3070\u3001\u5012\u7523\u3059\u308b\u30ea\u30b9\u30af\u3082\u9ad8\u304f\u306a\u308b\u3068\u8003\u3048\u308b\u306e\u304c\u666e\u901a\u3067\u3059\u3002<\/p>\n<p>\u4e00\u6b21\u8a66\u9a13\u3067\u306f<strong>H23-17<\/strong>\u3067\u914d\u5f53\u653f\u7b56\u306b\u3088\u308b\u682a\u5f0f\u4fa1\u5024\u3078\u306e\u5f71\u97ff\u304c\u554f\u308f\u308c\u3001<span class=\"oden_tag_em\">MM\u7406\u8ad6\u306f\u51fa\u5c3d\u304f\u3057\u611f<\/span>\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u8a3a\u65ad\u58eb\u8a66\u9a13\u3067\u306f\u597d\u307e\u308c\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u306e\u3067\u3001\u904e\u53bb\u554f\u3092\u4f7f\u3063\u3066\u547d\u984c\u3068\u8ad6\u70b9\u3092\u7406\u89e3\u3057\u3066\u304a\u3044\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p><strong><span class=\"oden_tag_st\">\u25c6\u6295\u8cc7\u8a55\u4fa1\uff08\u8cc7\u91d1\u904b\u7528\uff09\u25c6<\/span>\uff08H18-13\u30fb15\u3001H19-16\u3001H20-23\u3001H21-16\uff09<\/strong><br \/>\n\u4e00\u6b21\u8a66\u9a13\u3067\u3082\u4e8c\u6b21\u8a66\u9a13\u3067\u3082\u983b\u51fa\u306e\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3068\u3057\u3066\u306f\u6700\u91cd\u8981\u306e\u8ad6\u70b9\u3067\u3059\u3002\u6b21\u306e\u4f01\u696d\u4fa1\u5024\u306e\u8ad6\u70b9\u306b\u3082\u7e4b\u304c\u3063\u3066\u3044\u304d\u307e\u3059\u3002<br \/>\n\u8a2d\u5099\u6295\u8cc7\u3001\u4f01\u696d\u8cb7\u53ce\u306a\u3069\u3001\u6295\u8cc7\u3092\u884c\u3046\u3053\u3068\u306f\u4f01\u696d\u306e\u4e8b\u696d\u62e1\u5927\u3068\u6210\u9577\u306e\u305f\u3081\u306b\u4e0d\u53ef\u6b20\u306a\u624b\u6bb5\u3067\u3059\u3002\u305d\u306e\u610f\u601d\u6c7a\u5b9a\u3092\u3069\u3046\u3044\u3046\u624b\u6cd5\u3067\u884c\u3044\u3001\u4f55\u3092\u5b9f\u884c\u53ef\u5426\u306e\u5224\u65ad\u57fa\u6e96\u3068\u3059\u308b\u304b\u3001\u304c\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n<p>\u6295\u8cc7\u8a55\u4fa1\u306e\u65b9\u6cd5\u306b\u306f\u6b21\u306e\u3088\u3046\u306a\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002\u30c6\u30ad\u30b9\u30c8\u306b\u306f\u5fc5\u305a\u8f09\u3063\u3066\u3044\u307e\u3059\u3088\u306d\u3002<\/p>\n<ul>\n<li style=\"background-color: #ccff99;\"><strong>\u30fb\u56de\u53ce\u671f\u9593\u6cd5<\/strong><\/li>\n<li style=\"background-color: #ccff99;\"><strong>\u30fb\u4f1a\u8a08\u7684\u6295\u8cc7\u5229\u76ca\u7387\u6cd5<\/strong><\/li>\n<li style=\"background-color: #ccff99;\"><strong>\u30fb<span style=\"color: #ff0000;\">\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u6cd5\uff08NPV\u6cd5\uff09<\/span><\/strong><\/li>\n<li style=\"background-color: #ccff99;\"><strong>\u30fb<span style=\"color: #ff0000;\">\u5185\u90e8\u53ce\u76ca\u7387\u6cd5\uff08IRR\u6cd5\uff09<\/span><\/strong><\/li>\n<li style=\"background-color: #ccff99;\"><strong>\u30fb\u53ce\u76ca\u6027\u6307\u6570<\/strong><\/li>\n<\/ul>\n<p>\u305d\u308c\u305e\u308c\u306b\u9577\u6240\u3001\u77ed\u6240\u304c\u3042\u308a\u3001\u6642\u9593\u4fa1\u5024\u3092\u8003\u616e\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u70b9\u3067\u3001\u8a66\u9a13\u3067\u306fNPV\u6cd5\u3068IRR\u6cd5\u304c\u91cd\u8981\u3067\u3059\u3002<span class=\"oden_tag_em\">\u53ce\u76ca\u6027\u6307\u6570<\/span>\u306fNPV\u6cd5\u306e\u5909\u5f62\u3067\u3001\u51fa\u984c\u3055\u308c\u305f\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u7b97\u51fa\u5f0f\u306f\u899a\u3048\u3066\u304a\u3044\u305f\u307b\u3046\u304c\u3088\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u4e00\u756a\u512a\u308c\u3066\u3044\u308b\u3068\u8a00\u308f\u308c\u308b\u306e\u306fNPV\u6cd5\u3067\u3059\u304c\u3001\u73fe\u5b9f\u306e\u4e16\u754c\u3067\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\uff08PV\uff09\u306b\u5272\u308a\u5f15\u304f\u305f\u3081\u306e\u5272\u5f15\u7387\u3092\u6c7a\u3081\u308b\u3053\u3068\u304c\u96e3\u3057\u3044\u3068\u3044\u3046\u6b20\u70b9\u304c\u3042\u308a\u307e\u3059\u3002<br \/>\n\u3053\u3053\u3067\u3001\u4e0a\u8ff0\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u601d\u3044\u51fa\u3057\u3066\u304f\u3060\u3055\u3044\u3002<br \/>\n<span class=\"oden_tag_kw\">\u8cc7\u91d1\u63d0\u4f9b\u8005\u3067\u3042\u308b\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u304c\u4f01\u696d\u306b\u6c42\u3081\u308b\u53ce\u76ca\u7387\u306f\u4f55\u3060\u3063\u305f\u3067\u3057\u3087\u3046\u304b\uff1f<\/span><br \/>\n<span style=\"text-decoration: underline;\"><span class=\"oden_tag_kw\">WACC<\/span><\/span>\u3067\u3059\u306d\u3002<\/p>\n<p>\u3042\u304f\u307e\u3067<span class=\"oden_tag_em\">WACC\u306f\u3001\u8cc7\u91d1\u63d0\u4f9b\u8005\u5074\u304b\u3089\u898b\u308c\u3070\u3001\u3053\u306e\u30cf\u30fc\u30c9\u30eb\u306f\u8d85\u3048\u3066\u6b32\u3057\u3044\u3068\u8003\u3048\u308b\u53ce\u76ca\u7387<\/span>\u3067\u3059\u3002<br \/>\n\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u65b0\u3057\u3044\u6295\u8cc7\u3092\u884c\u3046\u969b\u3001<span class=\"oden_tag_kw\">\u4f01\u696d\u3068\u3057\u3066\u306f\u3053\u306e\u53ce\u76ca\u7387\u4ee5\u4e0a\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u5fc5\u8981<\/span>\u3068\u306a\u308a\u307e\u3059\u306d\u3002<br \/>\n\u3088\u3063\u3066\u3001\u6295\u8cc7\u8a55\u4fa1\u306e\u969b\u3001<span class=\"oden_tag_em\">\u5c06\u6765CF\u3092PV\u306b\u5272\u308a\u5f15\u304f\u305f\u3081\u306e\u5272\u5f15\u7387\u306f\u3001WACC\u4ee5\u4e0a\u3067\u3042\u308b\u3079\u304d<\/span>\u3067\u3059\u3002\u5c06\u6765CF\u306ePV\u304b\u3089\u6295\u8cc7\u984d\u306ePV\u3092\u5f15\u3044\u305f\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff08NPV\uff09\u304c\u30d7\u30e9\u30b9\u3067\u3042\u308c\u3070\u3001\u305d\u306e\u6295\u8cc7\u306f\u5b9f\u884c\u3068\u3044\u3046\u5224\u65ad\u3092\u3057\u307e\u3059\u3002<\/p>\n<p>\u5b9f\u969b\u306e\u8a66\u9a13\u554f\u984c\u3067\u306f\u5272\u5f15\u7387\u306f\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001<span class=\"oden_tag_kw\">\u672c\u8cea\u7684\u306a\u8003\u3048\u65b9\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3068\u4e8c\u6b21\u8a66\u9a13\u306b\u3082\u5f79\u7acb\u3064<\/span>\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>IRR\u6cd5\u306f\u3001<span class=\"oden_tag_kw\">NPV\uff1d0\u3068\u306a\u308b\u5272\u5f15\u7387\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09<\/span>\u304c\u9ad8\u3044\u65b9\u306e\u6295\u8cc7\u3092\u9078\u629e\u3059\u308b\u3068\u3044\u3046\u3082\u306e\u3067\u3059\u304c\u3001\u6295\u8cc7\u898f\u6a21\u3092\u8003\u616e\u3057\u306a\u3044\u3001\u8907\u6570\u306e\u76f8\u4e92\u6392\u4ed6\u7684\u6295\u8cc7\u6848\u306b\u304a\u3044\u3066\u512a\u5148\u9806\u4f4d\u304c\u4ed8\u3051\u3089\u308c\u306a\u3044\u5834\u5408\u304c\u3042\u308b\uff08\u300c\u4fa1\u5024\u52a0\u6cd5\u6027\u300d\u306e\u554f\u984c\uff09\u3001\u5c06\u6765CF\u306b\u6b63\u3068\u8ca0\u306e\u6570\u5024\u304c\u542b\u307e\u308c\u308b\u5834\u5408\u306bIRR\u304c\u8907\u6570\u5b58\u5728\u3059\u308b\u3053\u3068\u304c\u3042\u308b\u3001\u5b9f\u6570\u306b\u306a\u3089\u306a\u3044\u5834\u5408\u304c\u3042\u308b\u3001\u7b49\u306e\u554f\u984c\u70b9\u3092\u542b\u3093\u3067\u3044\u307e\u3059\u3002<br \/>\n\u4e0a\u8a18\u306eNPV\u6cd5\u3068\u540c\u69d8\u3001<span class=\"oden_tag_em\">IRR\u304cWACC\u3088\u308a\u5927\u304d\u3044\u304b\u5c0f\u3055\u3044\u304b\u304c\u6295\u8cc7\u306e\u5224\u65ad\u57fa\u6e96<\/span>\u3067\u3059\u3002<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/NPV-IRR1.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/NPV-IRR1-300x193.jpg\" alt=\"\" title=\"NPV-IRR\" width=\"300\" height=\"193\" class=\"alignnone size-medium wp-image-28172\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/NPV-IRR1-300x193.jpg 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/NPV-IRR1-1024x661.jpg 1024w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/NPV-IRR1.jpg 1032w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>IRR\u3092\u7b97\u51fa\u3055\u305b\u308b\u554f\u984c\u304c\u51fa\u305f\u5834\u5408\u3001\u6bce\u5e74\u306eCF\u304c\u540c\u984d\u3067\u3042\u308c\u3070\u3001\u305d\u306ePV\u5408\u8a08\u984d\u3092\u6bce\u5e74\u306eCF\u3067\u5272\u3063\u3066\u5e74\u91d1\u73fe\u4fa1\u4fc2\u6570\u3092\u7b97\u51fa\u3057\u3001\u88dc\u9593\u6cd5\u3067IRR\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u4e0a\u8a18\u30b0\u30e9\u30d5\u3067\u306f\u3001<strong>IRR\u306f6%\u30689%\u3068\u306e\u9593\u306e\u3069\u3053\u304b\u306b\u3042\u308b<\/strong>\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3001\u6bce\u5e74\u306eCF\u304c\u540c\u984d\u3067\u306f\u306a\u3044\u5834\u5408\u306f\u3001\u8a66\u884c\u932f\u8aa4\u3057\u3066IRR\u3092\u7b97\u51fa\u305b\u3056\u308b\u3092\u5f97\u307e\u305b\u3093\u304c\u3001\u624b\u8a08\u7b97\u3067\u306f\u9762\u5012\u306a\u306e\u3067\u51fa\u984c\u306f\u3055\u308c\u306a\u3044\u3068\u601d\u3044\u307e\u3059\u3002<br \/>\n\u53e4\u3044\u904e\u53bb\u554f\u3067\u3059\u304c\u3001<span class=\"oden_tag_em\">H15-16\u304c\u5178\u578b\u7684\u306aIRR\u6cd5\u306e\u554f\u984c<\/span>\u3067\u3059\u3002\u3054\u53c2\u8003\u307e\u3067\u306b\u3002<\/p>\n<p>\u5c06\u6765CF\u3092\u5e74\u5ea6\u3054\u3068\u306b\u7b97\u51fa\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3088\u3046\u306a\u554f\u984c\u306e\u5834\u5408\u3001\u4e0e\u3048\u3089\u308c\u305f\u6761\u4ef6\u3067\u7c21\u4fbf\u7684\u306aCF\u8a08\u7b97\u66f8\u3092\u3055\u3063\u3068\u4f5c\u3063\u305f\u307b\u3046\u304c\u30d9\u30bf\u30fc\u3068\u601d\u3044\u307e\u3059\u3002<br \/>\n\u3053\u306e\u8a08\u7b97\u306f\u4e8c\u6b21\u8a66\u9a13\u3067\u3082\u8d85\u91cd\u8981\u3067\u3059\u304c\u3001\u3053\u308c\u307e\u305f\u6848\u5916\u3001\u9593\u9055\u3048\u307e\u3059\u3002<br \/>\n<span class=\"oden_tag_kw\">\u5c06\u6765CF\u306e\u8a08\u7b97\u3055\u3048\u6b63\u3057\u304f\u884c\u3048\u3070\u3001\u307b\u307c\u3067\u304d\u305f\u3082\u540c\u7136<\/span>\u3002<br \/>\n\u7279\u306b\u3001<strong><span style=\"color: #ff0000;\">\u53d6\u66ff\u6295\u8cc7\u3067\u306f\u3001\u65e7\u8a2d\u5099\u306e\u58f2\u5374\u640d\u306b\u3088\u308b\u6cd5\u4eba\u7a0e\u306e\u7bc0\u7a0e\u52b9\u679c\u304c\u30d7\u30e9\u30b9CF<\/span><\/strong>\u3068\u306a\u308b\u306e\u3067\u3001\u7e54\u308a\u8fbc\u3080\u3053\u3068\u3092\u304a\u5fd8\u308c\u306a\u304f\u3002<\/p>\n<p>T\u25cbC\u3067\u306f\u3001CIF\u3001COF\u3068\u3044\u3046\u8a00\u8449\u3092\u4f7f\u3063\u3066\u3001CF\u306e\u56f3\u3092\u4f7f\u3046\u89e3\u6cd5\u304c\u7528\u3044\u3089\u308c\u3066\u3044\u307e\u3059\u306d\u3002\u9762\u5012\u3067\u3082\u56f3\u306b\u66f8\u3044\u3066\u307f\u308b\u3001\u3053\u308c\u306f\u308f\u304b\u308a\u3084\u3059\u304f\u9593\u9055\u3044\u306b\u304f\u3044\u65b9\u6cd5\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p><strong><span class=\"oden_tag_st\">\u25c6\u4f01\u696d\u4fa1\u5024\u25c6<\/span>\uff08H17-12\u3001H19-17\u3001H22-12\u30fb14\uff09<\/strong><br \/>\n\u4f01\u696d\u304c\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u304c\u4f01\u696d\u4fa1\u5024\u3067\u3042\u308a\u3001\u50b5\u6a29\u8005\u306b\u3068\u3063\u3066\u306e\u4fa1\u5024\u3067\u3042\u308b\u300c\u8ca0\u50b5\u4fa1\u5024\u300d\u3068\u682a\u4e3b\u306b\u3068\u3063\u3066\u306e\u4fa1\u5024\u3067\u3042\u308b\u300c\u682a\u4e3b\u8cc7\u672c\u4fa1\u5024\u300d\u306e\u5408\u8a08\u3067\u3059\u3002<\/p>\n<p><span class=\"oden_tag_kw\">\u300c\u4f01\u696d\u4fa1\u5024\uff1d\u8ca0\u50b5\u4fa1\u5024\uff0b\u682a\u4e3b\u8cc7\u672c\u4fa1\u5024\u300d<\/span><\/p>\n<p>\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u51fa\u65b9\u6cd5\u3067\u51fa\u984c\u983b\u5ea6\u304c\u9ad8\u3044\u3082\u306e\u306b\u306f\u3001DCF\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u6cd5\u3092\u4f7f\u3063\u305f\u6b21\u306e\uff12\u3064\u306e\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u2460<span style=\"text-decoration: underline;\"><strong>\u8ca0\u50b5\u4fa1\u5024\u3068\u682a\u4e3b\u8cc7\u672c\u4fa1\u5024\u3092\u5225\u3005\u306b\u7b97\u51fa\u3057\u5408\u8a08\u3059\u308b<\/strong><\/span><br \/>\n\u50b5\u6a29\u8005\u306e\u53ce\u76ca\u306f\u5229\u606f\u3001\u682a\u4e3b\u306e\u53ce\u76ca\u306f\u914d\u5f53\u91d1\u3067\u3059\u3002\u4e0a\u8ff0\u306e\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u3092\u4f7f\u3063\u3066\u305d\u308c\u305e\u308c\u306e\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p><span class=\"oden_tag_kw\">\u30fb<span class=\"oden_tag_kw\">\u8ca0\u50b5\u4fa1\u5024\uff1d\u652f\u6255\u5229\u606f\u00f7\u8ca0\u50b5\u30b3\u30b9\u30c8\uff08\u5229\u5b50\u7387\uff09<\/span><\/span><br \/>\n<span class=\"oden_tag_kw\">\u30fb\u682a\u4e3b\u8cc7\u672c\u4fa1\u5024\uff1d\u914d\u5f53\u91d1\u00f7\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<\/span><\/p>\n<p>\u2461<span style=\"text-decoration: underline;\"><strong>FCF\uff08\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u3092\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3067\u5272\u308a\u5f15\u304f<\/strong><\/span><br \/>\n\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6982\u5ff5\u306f\u7406\u89e3\u3057\u3066\u304a\u3089\u308c\u307e\u3059\u304b\uff1f\u3000\u3044\u308d\u3044\u308d\u306a\u8aac\u660e\u306e\u4ed5\u65b9\u304c\u5b58\u5728\u3057\u307e\u3059\u304c\u3001\u3053\u3053\u3067\u306f\u3001\u8cc7\u91d1\u63d0\u4f9b\u8005\u306b\u3068\u3063\u3066\u306e\u4f01\u696d\u4fa1\u5024\u3068\u3044\u3046\u89b3\u70b9\u304b\u3089\u3001<span class=\"oden_tag_em\">\u300c\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u304c\u81ea\u7531\u306b\u4f7f\u3048\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u3067\u3042\u308b\u300d<\/span>\u3068\u5b9a\u7fa9\u3057\u3066\u304a\u304d\u307e\u3059\u3002\u300c\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u306b\u81ea\u7531\u306b\u914d\u5206\u3067\u304d\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u3067\u3042\u308b\u300d\u3068\u8a00\u3044\u63db\u3048\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u306d\u3002<span class=\"oden_tag_kw\" style=\"color: #000000;\"><span style=\"font-size: small;\"><strong>\u5229\u606f\u652f\u6255\u3044\u3084\u501f\u5165\u8fd4\u6e08\u3001\u914d\u5f53\u91d1\u652f\u6255\u306e\u539f\u8cc7<\/strong><\/span><span style=\"font-size: small;\">\u3068\u306a\u308b<\/span><\/span>\u3082\u306e\u3067\u3059\u3002<br \/>\n\u307e\u305f\u3001FCF\u306f\u8abf\u9054\u65b9\u6cd5\u306b\u306f\u5de6\u53f3\u3055\u308c\u307e\u305b\u3093\u3002<br \/>\nFCF\u306f\u4e0b\u8a18\u8a08\u7b97\u5f0f\u3067\u5c0e\u304d\u51fa\u3055\u308c\u307e\u3059\u306d\u3002\u91cd\u8981\u306a\u5f0f\u3067\u3059\u3002\u4e00\u65b9\u3001<a href=\"http:\/\/rmc-oden.com\/blog\/archives\/1413\">\u3053\u306e\u8a18\u4e8b<\/a>\u306e\u3088\u3046\u306bP\/L\u304b\u3089\u5c0e\u304d\u51fa\u3059\u3053\u3068\u3082\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<p><span class=\"oden_tag_kw\">\u300cFCF\uff1d\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09\u00d7\uff08\uff11\uff0d\u6cd5\u4eba\u7a0e\u7387\uff09\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\uff0d\u8a2d\u5099\u6295\u8cc7\u984d\uff0d\u904b\u8ee2\u8cc7\u91d1\u5897\u52a0\u984d\u300d<\/span><\/p>\n<p>\u305d\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u5f0f\u306f\u3001<br \/>\n<span class=\"oden_tag_kw\">\u300c\u4f01\u696d\u4fa1\u5024\uff1dFCF\u00f7WACC\u300d<\/span><br \/>\n\u3067\u3059\u306d\u3002<\/p>\n<p><span class=\"oden_tag_kw\">\u306a\u305cWACC\u3067\u5272\u308a\u5f15\u304f\u306e\u304b\uff1f<\/span><br \/>\n\u305d\u308c\u306f\u3001\u4e0a\u8a18\u306e\u8cc7\u91d1\u8abf\u9054\u3068\u904b\u7528\u3067\u66f8\u3044\u305f\u3088\u3046\u306b\u3001<span style=\"text-decoration: underline;\"><strong>\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u304c\u4f01\u696d\u306b\u8981\u6c42\u3059\u308b\u6700\u4f4e\u9650\u306e\u53ce\u76ca\u7387\uff08\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\uff09<\/strong><\/span>\u3060\u304b\u3089\u3067\u3059\u3002<\/p>\n<p><span class=\"oden_tag_em\">\u7d4c\u55b6\u8005\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u4e0a\u3052\u308b\u305f\u3081\u306b\u3001FCF\u3092\u3067\u304d\u308b\u3060\u3051\u5927\u304d\u304f\u3059\u308b\u3053\u3068\u3001\u307e\u305f\u306f\uff0f\u304b\u3064\u3001WACC\u3092\u3067\u304d\u308b\u3060\u3051\u5c0f\u3055\u304f\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u308b<\/span>\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/risk-WACC.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/risk-WACC-300x60.jpg\" alt=\"\" title=\"risk-WACC\" width=\"300\" height=\"60\" class=\"alignnone size-medium wp-image-28269\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/risk-WACC-300x60.jpg 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/risk-WACC-1024x205.jpg 1024w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/risk-WACC.jpg 1294w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>\u3055\u3066\u3001FCF\u306e\u8a08\u7b97\u5f0f\u3067<strong>NOPAT<\/strong>\u3068\u3044\u3046\u4f1a\u8a08\u306b\u306f\u306a\u3044\u5229\u76ca\u6982\u5ff5\u304c\u51fa\u3066\u304d\u307e\u3057\u305f\u3002\u306a\u305c\u7d4c\u5e38\u5229\u76ca\u3067\u306f\u306a\u3044\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<br \/>\n\u305d\u308c\u306f\u3001<span style=\"color: #ff0000;\"><strong>\u7d4c\u5e38\u5229\u76ca\u3060\u3068\u3001\u50b5\u6a29\u8005\u306b\u652f\u6255\u3046\u652f\u6255\u5229\u606f\u304c\u5dee\u3057\u5f15\u304b\u308c\u3066\u3057\u307e\u3063\u3066\u3044\u308b\u304b\u3089<\/strong><\/span>\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u652f\u6255\u5229\u606f\u306f\u50b5\u6a29\u8005\u306e\u53ce\u76ca\u3068\u306a\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u3057\u305f\u306d\u3002<\/p>\n<p>\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u5f0f\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<strong>\u5206\u6bcd\u306eWACC\u306f\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u52a0\u91cd\u5e73\u5747<\/strong>\u3067\u3059\u3002\u3064\u307e\u308a\u3001<span class=\"oden_tag_kw\">\u5206\u6bcd\u306b\u306f\u5229\u5b50\u7387\u304c\u542b\u307e\u308c\u3066\u3044\u308b<\/span>\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<br \/>\n\u5f93\u3044\u3001<span class=\"oden_tag_kw\">\u5206\u5b50\u3067\u3042\u308bFCF\u306b\u3082\u50b5\u6a29\u8005\u306e\u53ce\u76ca\u3067\u3042\u308b\u5229\u606f\u304c\u542b\u307e\u308c\u3066\u3044\u306a\u3044\u3068\u3001\u5206\u6bcd\u3068\u5206\u5b50\u304c\u5bfe\u5fdc\u3057\u307e\u305b\u3093<\/span>\u3002<br \/>\n\u305d\u306e\u305f\u3081\u3001FCF\u8a08\u7b97\u306b\u306f\u55b6\u696d\u5229\u76ca\u3092\u4f7f\u3044\u3001\u305d\u308c\u306b\u6cd5\u4eba\u7a0e\u304c\u304b\u304b\u308b\u3068\u307f\u306a\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/FCF-WACC.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/FCF-WACC-300x210.jpg\" alt=\"\" title=\"FCF-WACC\" width=\"300\" height=\"210\" class=\"alignnone size-medium wp-image-28187\" srcset=\"https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/FCF-WACC-300x210.jpg 300w, https:\/\/rmc-oden.com\/blog\/wp-content\/uploads\/FCF-WACC.jpg 1002w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>\u4e0a\u8a18\u3069\u3061\u3089\u306e\u65b9\u6cd5\u3067\u7b97\u51fa\u3055\u308c\u305f\u4f01\u696d\u4fa1\u5024\u3082<span class=\"oden_tag_kw\">\u300c\u6642\u4fa1\u300d<\/span>\u3067\u3059\u3002\u4f01\u696d\u8cb7\u53ce\u3092\u691c\u8a0e\u3059\u308b\u5834\u5408\u306b\u3001\u88ab\u8cb7\u53ce\u4f01\u696d\u306e\u5024\u6bb5\u304c\u3044\u304f\u3089\u304b\u3001\u63d0\u793a\u3055\u308c\u305f\u8cb7\u53ce\u4fa1\u683c\u306f\u9ad8\u3044\u306e\u304b\u5b89\u3044\u306e\u304b\u3001\u306a\u3069\u306e\u610f\u601d\u6c7a\u5b9a\u3092\u884c\u3046\u305f\u3081\u306b\u5fc5\u8981\u306a\u8003\u3048\u65b9\u3067\u3042\u308b\u3053\u3068\u3092\u4ed8\u3051\u52a0\u3048\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n<p><strong><span class=\"oden_tag_st\">\u25c6\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u7406\u8ad6\uff08\u6295\u8cc7\u30ea\u30b9\u30af\uff09\u25c6<\/span>\uff08H20-19\u30fb20\u3001H21-17\u30fb18\u3001H22-16\uff09<\/strong><br \/>\n\u30cf\u30a4\u30ea\u30b9\u30af\u30fb\u30cf\u30a4\u30ea\u30bf\u30fc\u30f3\u3068\u3044\u3046\u8a00\u8449\u304c\u3042\u308b\u3088\u3046\u306b\u3001\u30ea\u30bf\u30fc\u30f3\u306b\u306f\u30ea\u30b9\u30af\u304c\u5fc5\u305a\u4ed8\u304d\u307e\u3068\u3044\u307e\u3059\u3002<br \/>\n\u6295\u8cc7\u5bfe\u8c61\u306b\u3088\u3063\u3066\u3001\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u95a2\u4fc2\u306f\u7570\u306a\u308a\u307e\u3059\u3002\u8a3a\u65ad\u58eb\u8a66\u9a13\u3067\u306f\u682a\u5f0f\u7b49\u306e\u8a3c\u5238\u6295\u8cc7\u306b\u95a2\u3059\u308b\u554f\u984c\u3068\u3057\u3066\u51fa\u984c\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>\u2460<span style=\"text-decoration: underline;\"><strong>\u30ea\u30bf\u30fc\u30f3<\/strong><\/span><br \/>\n\u6295\u8cc7\u306e\u4e88\u60f3\u53ce\u76ca\u7387\u306f\u3001\u5c06\u6765\u8d77\u304d\u308b\u4e8b\u8c61\u306b\u3088\u3063\u3066\u5909\u5316\u3057\u3001\u554f\u984c\u3067\u306f\u305d\u306e\u78ba\u7387\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\uff08\u78ba\u7387\u306e\u5408\u8a08\u306f\u5f53\u7136100%\uff09\u3002<br \/>\n\u63d0\u793a\u3055\u308c\u3066\u3044\u308b\u4e88\u60f3\u53ce\u76ca\u7387\u3068\u78ba\u7387\u3092\u304b\u3051\u305f\u3082\u306e\u306e\u52a0\u91cd\u5e73\u5747\u5024\u304c\u3001\u305d\u306e\u6295\u8cc7\u306b\u95a2\u3059\u308b<span class=\"oden_tag_kw\">\u300c\u671f\u5f85\u53ce\u76ca\u7387\u300d<\/span>\u3068\u547c\u3070\u308c\u308b\u3082\u306e\u3067\u3001\u4e8c\u6b21\u8a66\u9a13\u3067\u3082\u554f\u308f\u308c\u308b\u91cd\u8981\u306a\u8003\u3048\u65b9\u3067\u3059\u3002<br \/>\n\u6570\u5b66\u306e\u671f\u5f85\u5024\u306e\u8003\u3048\u65b9\u3068\u540c\u3058\u3067\u3059\u306d\u3002<\/p>\n<p>\u2461<span style=\"text-decoration: underline;\"><strong>\u30ea\u30b9\u30af<\/strong><\/span><br \/>\n\u81ea\u5206\u306e\u4e88\u60f3\u304b\u3089\u3069\u308c\u3060\u3051\u3076\u308c\u308b\u304b\u3001\u306e\u5909\u52d5\u304c\u30ea\u30b9\u30af\u3067\u3059\u3002<br \/>\n\u3064\u307e\u308a\u3001\u671f\u5f85\u53ce\u76ca\u7387\u304b\u3089\u306e\u30d0\u30e9\u30c4\u30ad\u306e\u5ea6\u5408\u3044\u3067\u30ea\u30b9\u30af\u306e\u5927\u5c0f\u3092\u6e2c\u308b\u3082\u306e\u3067\u3059\u3002<br \/>\n\u3053\u306e\u30d0\u30e9\u30c4\u30ad\u3092\u6570\u5024\u3068\u3057\u3066\u3042\u3089\u308f\u3059\u306e\u304c\u3001<span class=\"oden_tag_kw\">\u300c\u5206\u6563\u300d<\/span>\u3068<span class=\"oden_tag_kw\">\u300c\u6a19\u6e96\u504f\u5dee\u300d<\/span>\u3067\u3059\u3002<\/p>\n<p>\u4e00\u6b21\u8a66\u9a13\u3067\u51fa\u984c\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u306e\u306f\u3001\u7570\u306a\u308b\uff12\u3064\u306e\u8a3c\u5238\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u6295\u8cc7\u3057\u3001\u500b\u5225\u8a3c\u5238\u306e\u4fa1\u683c\u5909\u52d5\u304c\u7570\u306a\u308b\u3053\u3068\u3092\u5229\u7528\u3057\u3066\u30ea\u30b9\u30af\u3092\u4f4e\u6e1b\u3059\u308b\u52b9\u679c\u3092\u72d9\u3046\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u8003\u3048\u65b9\u3067\u3059\u3002<br \/>\n<span class=\"oden_tag_em\">\u6a19\u6e96\u504f\u5dee\uff08x\u8ef8\uff09\u3068\u671f\u5f85\u53ce\u76ca\u7387\uff08y\u8ef8\uff09\u306e\u30b0\u30e9\u30d5<\/span>\u3067\u3001\uff12\u3064\u306e\u8a3c\u5238\u306e\u7d44\u307f\u5408\u308f\u305b\u306b\u3088\u308b\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u9077\u79fb\u304c\u8868\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u8907\u96d1\u306a\u8a08\u7b97\u3082\u542b\u307e\u308c\u308b\u305f\u3081\u3001\u4e0a\u8a18\u306b\u793a\u3057\u305f\u904e\u53bb\u554f\u4ee5\u5916\u3067\u306f\u3001<span class=\"oden_tag_em\">\u300c<a href=\"http:\/\/rmc-oden.com\/blog\/archives\/category\/%E3%82%B9%E3%83%94%E3%83%BC%E3%83%89%E5%95%8F%E9%A1%8C%E9%9B%86\">\u30b9\u30d4\u30fc\u30c9\u554f\u984c\u96c6<\/a>\u300d\u306e\u7b2c27\u554f<\/span>\uff08\u3053\u308c\u306f\u975e\u5e38\u306b\u826f\u3044\u554f\u984c\uff09\u306e\u89e3\u8aac\u3092\u3088\u304f\u8aad\u307f\u8fbc\u3093\u3067\u307f\u3066\u304f\u3060\u3055\u3044\u3002\u5171\u5206\u6563\u3084\u76f8\u95a2\u4fc2\u6570\u307e\u3067\u4e00\u9023\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u7406\u8ad6\u306b\u95a2\u3059\u308b\u57fa\u672c\u3092\u5b66\u3076\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\uff13\u56de\u306b\u6e21\u308a\u3001\u300c\u8ca1\u52d9\u30fb\u4f1a\u8a08\u300d\u306e\u57fa\u672c\u8ad6\u70b9\u3092\u307e\u3068\u3081\u3066\u307f\u307e\u3057\u305f\u3002\u3069\u3061\u3089\u304b\u3068\u3044\u3046\u3068\u57fa\u672c\u7684\u306a\u8003\u3048\u65b9\u3092\u4e2d\u5fc3\u306b\u8aac\u660e\u3057\u305f\u3064\u3082\u308a\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u4e8c\u6b21\u8a66\u9a13\u306b\u3082\u901a\u3058\u308b\u8003\u3048\u65b9\u3060\u304b\u3089\u3067\u3059\u3002\u305f\u3060\u3001\u4eca\u56de\u306f\u9577\u3059\u304e\u307e\u3057\u305f\u306d\u30fb\u30fb\u30fb<img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/rmc-oden.com\/blog\/wp-content\/plugins\/typepad-emoji-for-tinymce\/icons\/07\/coldsweats01.gif\" width=\"16\" height=\"16\" style=\"margin-left: 3px; margin-right: 3px; vertical-align: middle;\" \/><\/p>\n<p>\u9053\u5834\u30e1\u30f3\u30d0\u30fc\u3082\u6614\u304b\u3089\u53e3\u3092\u9178\u3063\u3071\u304f\u3057\u3066\u7e70\u308a\u8fd4\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3053\u306e\u79d1\u76ee\u306e\u91cd\u8981\u5ea6\u3068\u96e3\u3057\u3055\u306f\u5e74\u3005\u5897\u3057\u3066\u3044\u307e\u3059\u3002\u30ac\u30c4\u30f3\uff01\u3068\u3084\u3063\u3066\u4e00\u901a\u308a\u57fa\u672c\u8ad6\u70b9\u3092\u7406\u89e3\u3067\u304d\u305f\u3089\u3001\u3042\u3068\u306f<span class=\"oden_tag_em\">\u7df4\u7fd2\u3042\u308b\u306e\u307f<\/span>\u3067\u3059\u3002\u79c1\u306f\u5f97\u610f\u306b\u3057\u3066\u3044\u305f\u307b\u3046\u3067\u3059\u304c\u3001\u305d\u308c\u3067\u3082\uff12\u9031\u9593\u3082\u96e2\u308c\u308b\u3068\u3001\u304c\u304f\u3063\u3068\u76ee\u306b\u898b\u3048\u3066\u529b\u304c\u843d\u3061\u3066\u3044\u307e\u3057\u305f\u3002<span class=\"oden_tag_kw\">\u308f\u304b\u3063\u3066\u308b\u3064\u3082\u308a\u306a\u306e\u306b\u3001\u300c\u624b\u304c\u52d5\u304b\u306a\u3044\u300d<\/span>\u306e\u3067\u3059\u3002<\/p>\n<p>\u4e8c\u6b21\u8a66\u9a13\u306b\u5411\u3051\u3066\u306e\u52c9\u5f37\u3067\u306f\u3001\u9699\u9593\u6642\u9593\u306b\u306f\u8ca1\u52d9\u30fb\u4f1a\u8a08\u306e<strong><span style=\"color: #ff0000;\">\u30b9\u30d4\u554f\u3092\u8aad\u307f\u76f4\u3057<\/span><\/strong>\u3066\u3044\u307e\u3057\u305f\u3002<br \/>\n\u5b9f\u52d9\u88dc\u7fd2\u4e2d\u3082\u3001\u4e00\u6b21\u30c6\u30ad\u30b9\u30c8\u3092\u53c2\u7167\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u305d\u3057\u3066\u3001\u4eca\u307e\u3067\u66f8\u3044\u3066\u304d\u305f\u3088\u3046\u306a\u5185\u5bb9\u304c\u3044\u304b\u306b\u73fe\u5834\u3067\u91cd\u8981\u304b\u3001\u6539\u3081\u3066\u75db\u611f\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u3046\u3044\u3046\u8ad6\u70b9\u3092\u4e2d\u5fc3\u306b\u66f8\u304b\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u73fe\u6642\u70b9\u3067\u3001\u3059\u3067\u306b\u904e\u53bb\u554f\u3092\u30b3\u30f3\u30b9\u30bf\u30f3\u30c8\u306b<span class=\"oden_tag_em\">6\uff5e70\u70b9\u4ee5\u4e0a<\/span>\u3001\u53d6\u308c\u308b\u65b9\u306f\u3001\u4f59\u88d5\u304c\u3042\u308c\u3070<span class=\"oden_tag_em\">\u4e8b\u4f8b\u2163\u3060\u3051\u306f\u5c11\u3057\u305a\u3064\u624b\u3092\u3064\u3051\u59cb\u3081\u3066\u307f\u3066\u3082\u3044\u3044\u304b\u3082<\/span>\u3057\u308c\u307e\u305b\u3093\u3002<br \/>\n\u3064\u307e\u308a<span class=\"oden_tag_kw\">\u8ca1\u52d9\u30fb\u4f1a\u8a08\u304c\u5f97\u610f\u306a\u4eba\u306f\u3001\u3053\u306e\u6bb5\u968e\u304b\u3089\u30e9\u30a4\u30d0\u30eb\u306b\u5dee\u3092\u3064\u3051\u3084\u3059\u3044<\/span>\u3001\u3068\u3044\u3046\u306e\u304c\u7d50\u8ad6\u3067\u3059\u3002<\/p>\n<p>By <a href=\"http:\/\/rmc-oden.com\/blog\/about#miyawaki\">\u3053\u3050\u307e<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u3093\u306b\u3061\u306f\u3002\u3053\u3050\u307e\u3067\u3059\u3002 \u5148\u3005\u9031\u306b\u5f15\u304d\u7d9a\u304d\u3001\u8ca1\u52d9\u7de8\uff08\u4e0b\uff09\u3067\u3059\u3002 \u6a4b\u3052\u305f\u306e\u65e9\u671f\u69cb\u7bc9\u3092\u76ee\u6307\u3057\u3066\u3001\u4eca\u56de\u3082\u57fa\u672c\u8ad6\u70b9\u306b\u7d5e\u308a\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u5c11\u3057\u53e4\u3044\u3082\u306e\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u5f53\u8a72\u8ad6\u70b9\u306b\u95a2\u4fc2\u3059\u308b\u904e\u53bb\u554f\u3092\u53c2\u8003\u3068\u3057\u3066\u793a\u3059\u3088\u3046\u306b\u3057\u307e\u3059\u3002 \u8ca1\u52d9 [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"vkexunit_cta_each_option":"","footnotes":""},"categories":[4,20,258,6,223,7,17,428],"tags":[],"class_list":["post-28162","post","type-post","status-publish","format-standard","hentry","category-00-","category-02-","category-14-iv-","category-6","category-223","category-7","category-17","category-428"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/rmc-oden.com\/blog\/wp-json\/wp\/v2\/posts\/28162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rmc-oden.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rmc-oden.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rmc-oden.com\/blog\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/rmc-oden.com\/blog\/wp-json\/wp\/v2\/comments?post=28162"}],"version-history":[{"count":0,"href":"https:\/\/rmc-oden.com\/blog\/wp-json\/wp\/v2\/posts\/28162\/revisions"}],"wp:attachment":[{"href":"https:\/\/rmc-oden.com\/blog\/wp-json\/wp\/v2\/media?parent=28162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rmc-oden.com\/blog\/wp-json\/wp\/v2\/categories?post=28162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rmc-oden.com\/blog\/wp-json\/wp\/v2\/tags?post=28162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}