{"id":93941,"date":"2016-07-10T17:16:57","date_gmt":"2016-07-10T08:16:57","guid":{"rendered":"http:\/\/rmc-oden.com\/blog\/?p=93941"},"modified":"2016-07-10T17:16:57","modified_gmt":"2016-07-10T08:16:57","slug":"%e8%b2%a1%e5%8b%99%e6%94%b9%e9%a1%8c%e3%82%b7%e3%83%aa%e3%83%bc%e3%82%ba%e3%81%9d%e3%81%ae5","status":"publish","type":"post","link":"https:\/\/rmc-oden.com\/blog\/archives\/93941","title":{"rendered":"\u8ca1\u52d9\u6539\u984c\u30b7\u30ea\u30fc\u30ba\u305d\u306e5"},"content":{"rendered":"

\u6539\u984c\u305d\u306e5
\n<\/span><\/strong><\/span><\/p>\n

\u3053\u3093\u306b\u3061\u306f\u3001\u3053\u3070\u3067\u3059\u3002
\n\u30bb\u754c\u306e\u8caf\u91d1\u306f\u9bc9\u304c\u72ec\u308a\u5360\u3081<\/a>\u3002\u305d\u306e\u4ed6\u306e\u30c1\u30fc\u30e0\u306f\u501f\u91d1\u7d4c\u55b6\u3002\u3061\u306a\u307f\u306b\u53bb\u5e74\u306e\u30bb\u754c\u306f\u501f\u91d1\u5730\u7344\u3002
\n\u8a3a\u65ad\u58eb\u8a66\u9a13\u3092\u52c9\u5f37\u3057\u3066\u3044\u304f\u3068\u501f\u91d1\u7d4c\u55b6\u306e\u65b9\u304c\u3044\u308d\u3044\u308d\u3068\u304a\u5f97\u3068\u611f\u3058\u308b\u3053\u3068\u304c\u3042\u308b\u3002<\/p>\n

\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u7b2c5\u5f3e\u306f\u4f01\u696d\u4fa1\u5024\u3068MM\u7406\u8ad6\u3002\u501f\u91d1\u7d4c\u55b6\u304c\u3069\u3046\u4f01\u696d\u4fa1\u5024\u306a\u3069\u3092\u9ad8\u3081\u308b\u306e\u304b\u3092\u5b66\u7fd2\u3059\u308b\u3002<\/p>\n

\u307e\u305a\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3068MM\u7406\u8ad6\u306e\u30dd\u30a4\u30f3\u30c8\u3092\u8d85\u3056\u3063\u304f\u308a\u78ba\u8a8d\u3002<\/p>\n

\u25a0\u4f01\u696d\u4fa1\u5024\uff1d\u8ca0\u50b5\u4fa1\u5024\u3000\uff0b\u3000\u682a\u5f0f\u4fa1\u5024\u3000\u53c8\u306f\u3000\u4f01\u696d\u4fa1\u5024\u3000\uff1d\u3000FCF\u3000\u00f7\u3000WACC
\n\u25a0MM\u7406\u8ad6\u3068\u306f
\n\u30fb\u6cd5\u4eba\u7a0e\u304c\u306a\u3044\u5e02\u5834\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u306f\u305d\u306e\u8cc7\u672c\u69cb\u6210\u306b\u4f9d\u5b58\u3057\u306a\u3044\u3002<\/div>\n

\u8a73\u3057\u304f\u306f\u3053\u3061\u3089<\/a>\u309210\u5206\u3067\u78ba\u8a8d\u3002<\/p>\n

\u305d\u308c\u3067\u306f\u672c\u984c\u306e<\/p>\n

\u25a1\u904e\u53bb\u554f\u6539\u984c\u25a1<\/strong><\/p>\n

\u5e73\u621026\u5e74\u3000\u7b2c15\u554f\uff08\u6539\u984c\uff09
\n\u73fe\u5728 A \u793e\u306f\u3001\u5168\u984d\u81ea\u5df1\u8cc7\u672c\u3067\u8cc7\u91d1\u8abf\u9054\u3057\u3066\u304a\u308a\u3001\u305d\u306e\u6642\u4fa1\u306f 10,000 \u4e07\u5186\u3067\u3042 \u308b\u3002 A \u793e\u306f\u6bce\u671f 1,000 \u4e07\u5186\u306e\u55b6\u696d\u5229\u76ca\u3092\u3042\u3052\u3066\u304a\u308a\u3001\u3002MM \u7406\u8ad6\u304c\u6210\u308a\u7acb\u3064\u3082\u306e\u3068\u3057\u3066\u3001\u4e0b\u8a18\u306e\u8a2d\u554f\u306b\u7b54\u3048\u3088\u3002<\/p>\n

\u554f\u2460A\u793e\u306eWACC\u3092\u6c42\u3081\u3088\u3002\u6e1b\u4fa1\u511f\u5374\u8cbb\u304c500\u4e07\u5186\u3001\u8a2d\u5099\u6295\u8cc7\u304c500\u4e07\u5186\u3067\u3042\u308b\u3002\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u306f\u306a\u3044\u3082\u306e\u3068\u3059\u308b\u3002
\n\u30a2\uff1a5\uff05
\n\u30a4\uff1a10\uff05
\n\u30a6\uff1a15\uff05
\n\u30a8\uff1a20\uff05<\/p>\n

\u554f\u2461A \u793e\u304c\u5229\u5b50\u7387 2\uff05\u306e\u501f\u5165\u3092\u884c\u3046\u3053\u3068\u306b\u3088\u3063\u3066 2,000 \u4e07\u5186\u306e\u81ea\u5df1\u682a\u5f0f\u3092\u8cb7\u5165\u6d88 \u5374\u3057\u3001\u8ca0\u50b5\u5bfe\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3092 20\uff1a80 \u306b\u5909\u5316\u3055\u305b\u305f\u3068\u304d\u3001A \u793e\u306eWACC\u306f\u4f55\uff05\u306b\u306a\u308b\u304b\u3002\u6700\u3082\u9069\u5207\u306a\u3082\u306e\u3092\u9078\u3079\u3002\u305f\u3060\u3057\u3001\u6cd5\u4eba\u7a0e\u306f\u5b58\u5728\u3057\u306a\u3044\u3082\u306e\u3068\u3059\u308b\u3002<\/p>\n

\u30a2\uff1a5\uff05
\n\u30a4\uff1a10\uff05
\n\u30a6\uff1a15\uff05
\n\u30a8\uff1a20\uff05<\/p>\n

\u554f\u2462\u3001\u554f\u2461\u306e\u3088\u3046\u306b A \u793e\u304c\u8cc7\u672c\u69cb\u6210\u3092\u5909\u5316\u3055\u305b\u305f\u3068\u304d\u3001\u6cd5\u4eba\u7a0e\u304c\u5b58\u5728\u3059\u308b\u5834\u5408\u3001 \u7bc0\u7a0e\u52b9\u679c\u306f\u3044\u304f\u3089\u306b\u306a\u308b\u304b\u3002\u6700\u3082\u9069\u5207\u306a\u3082\u306e\u3092\u9078\u3079\u3002 \u305f\u3060\u3057\u3001\u6cd5\u4eba\u7a0e\u7387\u306f 30 \uff05 \u3068\u3059\u308b\u3002<\/p>\n

\u30a2\uff1a10,000\u4e07\u5186
\n\u30a4\uff1a10,600\u4e07\u5186
\n\u30a6:0\u4e07\u5186
\n\u30a8\uff1a600\u4e07\u5186<\/p>\n

\u554f\u2463\u554f\u2461\u306e\u3088\u3046\u306b A \u793e\u304c\u8cc7\u672c\u69cb\u6210\u3092\u5909\u5316\u3055\u305b\u305f\u5834\u5408\u3001\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u52b9\u679c\u304c\u751f\u307e\u308c\u308b\u3002\u305d\u306e\u5834\u5408\u306eROE\u3092\u6c42\u3081\u3088\u3002\u305f\u3060\u3057\u3001\u554f\u2462\u540c\u69d8\u306e\u6cd5\u4eba\u7a0e\u304c\u5b58\u5728\u3059\u308b\u3002<\/p>\n

\u30a2\uff1a7\uff05
\n\u30a4\uff1a8\uff05
\n\u30a6\uff1a8.4\uff05
\n\u30a8\uff1a10\uff05<\/p>\n

\u25a1\u89e3\u7b54\u89e3\u8aac\u25a1<\/strong><\/p>\n

\u5e73\u621026\u5e74\u3000\u7b2c15\u554f\uff08\u6539\u984c\uff09
\n\u554f\u2460
\n\u6b63\u89e3\u306f\u30a4
\n\u3053\u306e\u554f\u984c\u306f\u4f01\u696d\u4fa1\u5024\u306e\u516c\u5f0f\u3092\u4f7f\u3044\u77ac\u6bba\u3067\u89e3\u304f\u3002
\n\u4f01\u696d\u4fa1\u5024\u300010,000\u3000\uff1dFCF\u3000\u00f7\u3000WACC\u2015\u2460
\nFCF =\u3000\u55b6\u696d\u5229\u76ca\u3000\u00d7\uff08\uff11\uff0d\u6cd5\u4eba\u7a0e\u7387\uff09\u3000\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\u3000\u2015\u3000\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\u984d\u3000\u2015\u3000\u6295\u8cc7\u984d\u3088\u308a
\nFCF =\u30001,000\u3000\uff0b500\u3000\u2015\u3000\uff10\u3000\uff0d\u3000500\u3000\uff1d1,000\u4e07\u5186\u2015\u2461
\n\u2460\u3001\u2461\u3088\u308a
\nWACC\u3000\uff1d1,000\u3000\u00f7\u300010,000\u3000\uff1d 10% \u3088\u3063\u3066\u30a4<\/p>\n

\u554f\u2461
\n\u6b63\u89e3\u306f\u30a4
\nMM\u7406\u8ad6\u306e\u547d\u984c\u3092\u4f7f\u3063\u3066\u77ac\u6bba\u3067\u89e3\u304f\u3002\u6cd5\u4eba\u7a0e\u304c\u306a\u3044\u5834\u5408\u306fWACC\u4e00\u5b9a\u3002
\n\u3010MM\u7406\u8ad6\u306e\u547d\u984c\u307e\u3068\u3081\u3011<\/p>\n

1:\u6cd5\u4eba\u7a0e\u304c\u5b58\u5728\u3057\u306a\u3044\u5834\u5408\u3001\u4f01\u696d\u4fa1\u5024\u306f\u305d\u306e\u8cc7\u672c\u69cb\u6210\u306b\u4f9d\u5b58\u3057\u306a\u3044\u3002
\n2:\u6cd5\u4eba\u6750\u304c\u5b58\u5728\u3057\u306a\u3044\u5834\u5408\u3001\u8cc7\u672c\u69cb\u6210\u304c\u5909\u308f\u3063\u3066\u3082WACC\u306f\u4e00\u5b9a\u3067\u3042\u308b\u3002
\n3:\u6cd5\u4eba\u7a0e\u304c\u5b58\u5728\u3059\u308b\u5834\u5408\u3001\u8ca0\u50b5\u3092\u5229\u7528\u3059\u308b\u3068\u8ca0\u50b5\u5229\u5b50\u306e\u7bc0\u7a0e\u52b9\u679c\u306e\u73fe\u5728\u4fa1\u5024\u5206\u3060\u3051\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u307e\u308b\u3002<\/div>\n

\u554f\u2462
\n\u3053\u306e\u554f\u984c\u306fMM\u7406\u8ad6\u306e\u547d\u984c3\u304c\u5f53\u3066\u306f\u307e\u308b\u3002
\n\u7bc0\u7a0e\u52b9\u679c\u3000\uff1d\u3000\u8ca0\u50b5\u984d\u3000\u00d7\u3000\u7a0e\u7387\u3000\uff1d2,000\u3000\u00d7\u30000.3\u3000\uff1d\u3000600\u4e07\u5186
\n\u3088\u3063\u3066\u6b63\u89e3\u306f\u30a8\u3067\u3042\u308b\u3002
\n\u307e\u305f\u3001\u3053\u306e\u5834\u5408\u306e\u4f01\u696d\u4fa1\u5024\u306f\u7bc0\u7a0e\u52b9\u679c\u306e\u984d\u9ad8\u307e\u308a\u300110,600\u4e07\u5186\u3068\u306a\u308b\u3002<\/p>\n

\u554f\u2463
\n\u4f01\u696d\u4fa1\u5024\u3068\u30bb\u30c3\u30c8\u306b\u306a\u308b\u306e\u304c\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u3002\u5e73\u621026\u5e74\u306e\u554f\u984c\u306f\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u4f7f\u7528\u3057\u306a\u304f\u3066\u3082\u3001\u89e3\u304f\u3053\u3068\u304c\u53ef\u80fd\u3067\u3042\u308b\u304c\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306f\u4e8c\u6b21\u8a66\u9a13\u3067\u3082\u51fa\u984c\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u3001\u3053\u3053\u3067\u4f7f\u3048\u308b\u3088\u3046\u306b\u3057\u3066\u304a\u304f\u3002<\/p>\n

\u3010\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u3011
\nROE \u3000\uff1d\u3000\uff081\uff0d\u7a0e\u7387\uff09\u00d7\uff5bROA\uff0b\uff08ROA\u2015i)\u00d7\u3000\u8ca0\u50b5\u6bd4\u7387\uff5d
\ni\uff1a\u8ca0\u50b5\u5229\u5b50\u7387 ROE\uff1a\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3000ROA:\u7dcf\u8cc7\u672c\u4e8b\u696d\u5229\u76ca\u7387
\n\u203b\u8ca0\u50b5\u6bd4\u7387\uff1d\u8ca0\u50b5\u00f7\u81ea\u5df1\u8cc7\u672c\uff08\u7d4c\u55b6\u5206\u6790\u983b\u51fa\uff09<\/p>\n

ROE\uff1d\uff081\uff0d0.3\uff09\u00d7\uff0810\uff0b8\u00d72000\u00f78,000\uff09
\nROE\uff1d0.7 \u00d7 12 \u00a0= 8.4\uff05\u3088\u3063\u3066\u6b63\u89e3\u306f\u30a6<\/p>\n

\u554f\u2462\u3001\u2463\u3092\u89e3\u304f\u3068\u8ca0\u50b5\u304c\u3042\u3063\u305f\u65b9\u304c\u3044\u3044\u304a\u5f97\u3068\u611f\u3058\u308b\u304c\u3001\u8ca0\u50b5\u6bd4\u7387\u304c\u9ad8\u307e\u308b\u3068\u9577\u671f\u5b89\u5168\u6027\u304c\u6b20\u3051\u5012\u7523\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308b\u3002
\n\u8ca0\u50b5\u3067\u8cc7\u91d1\u8abf\u9054\u3092\u3059\u308b\u3053\u3068\u306f\u30c7\u30e1\u30ea\u30c3\u30c8\u304c<\/a>\u5b58\u5728\u3059\u308b\u3002<\/p>\n

\u3067\u306f\u3001\u307e\u3068\u3081<\/p>\n

\u30fbMM\u7406\u8ad6\u306e\u547d\u984c\u3092\u3057\u3063\u304b\u308a\u899a\u3048\u308b\u3002
\n\u30fb\u501f\u91d1\u7d4c\u55b6\u306f\u4f01\u696d\u4fa1\u5024\u3001ROE\u3092\u9ad8\u3081\u308b\u3002
\n\u30fb\u8ca0\u50b5\u6bd4\u7387\u3092\u9ad8\u3081\u3059\u304e\u308b\u3068\u9577\u671f\u5b89\u5168\u6027\u3092\u6b20\u304d\u3001\u5012\u7523\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308b\u3002<\/div>\n

by\u3053\u3070<\/p>\n

\n

\u3042\u306e\u71b1\u3044\u590f\u304c\u3084\u3063\u3066\u304f\u308b\uff01\u4eca\u5e74\u3082\u958b\u50ac\uff01\u5927\u597d\u8a55\u306e\u4e00\u767a\u5408\u683c\u9053\u5834\u590f\u30bb\u30df\u30ca\u30fc\u958b\u50ac\u306e\u304a\u77e5\u3089\u305b\u3067\u3059\u3002<\/p>\n

\u3010\uff12\u6b21\u8a66\u9a13\u30ed\u30b1\u30c3\u30c8\u30b9\u30bf\u30fc\u30c8\u30bb\u30df\u30ca\u30fc\u958b\u50ac\u6982\u8981\u3011<\/span><\/strong><\/p>\n

\u65e5\u6642\uff1a\uff12\uff10\uff11\uff16\u5e74 \uff18\u6708\uff11\uff11\u65e5(\u6728)\u3000\uff11\uff14:\uff10\uff10\u301c\uff11\uff16\uff1a\uff13\uff10\uff08\u4e88\u5b9a\uff09 \uff08\u958b\u5834\u30fb\u53d7\u4ed8\u958b\u59cb\uff1a\uff11\uff13\uff1a\uff13\uff10\uff09
\n\u5834\u6240\uff1a\u5927\u5d0e\u7b2c\u4e8c\u5730\u57df\u30bb\u30f3\u30bf\u30fc\u30fb\u533a\u6c11\u96c6\u4f1a\u6240\uff08JR\u5927\u5d0e\u99c5\u3059\u3050\uff09
\nhttp:\/\/www.city.shinagawa.tokyo.jp\/hp\/menu000007300\/hpg000007212.htm<\/a>
\n\u5bfe\u8c61\uff1a2016\u5e74\u3000\u4e2d\u5c0f\u4f01\u696d\u8a3a\u65ad\u58eb\u8a66\u9a13\u3000\u5408\u683c\u3092\u76ee\u6307\u3059\u65b9
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