{"id":18988,"date":"2025-12-19T05:00:00","date_gmt":"2025-12-18T20:00:00","guid":{"rendered":"https:\/\/www.aas-clover.com\/tokyoblog\/?p=18988"},"modified":"2025-12-19T12:14:37","modified_gmt":"2025-12-19T03:14:37","slug":"%e3%80%90%e3%81%8a%e3%81%8f%e3%81%a8%e3%80%91%e7%ac%ac9%e5%9b%9e%ef%bc%9a%e8%a8%88%e7%ae%97%e7%a7%91%e7%9b%ae%e3%81%a7%e5%b7%ae%e3%82%92%e3%81%a4%e3%81%91%e3%82%8b","status":"publish","type":"post","link":"https:\/\/www.aas-clover.com\/tokyoblog\/18988","title":{"rendered":"\u3010\u304a\u304f\u3068\u3011\u7b2c10\u56de\uff1a\u8a08\u7b97\u79d1\u76ee\u3067\u5dee\u3092\u3064\u3051\u308b"},"content":{"rendered":"\n

\u8ca1\u52d9\u30fb\u4f1a\u8a08\u3084\u904b\u55b6\u7ba1\u7406\u306e\u8a08\u7b97\u554f\u984c\u3067\u3001\u3053\u3093\u306a\u7d4c\u9a13\u306f\u3042\u308a\u307e\u305b\u3093\u304b\uff1f\u300c\u516c\u5f0f\u306f\u5b8c\u74a7\u306b\u6697\u8a18\u3057\u305f\u3002\u306a\u306e\u306b\u672c\u756a\u3067\u306f\u624b\u304c\u6b62\u307e\u308b\u300d\u2015\u79c1\u3082\u904e\u53bb\u554f\u6f14\u7fd2\u3067\u75db\u611f\u3057\u305f\u58c1\u3067\u3059\u3002<\/p>\n\n\n\n

\u8a08\u7b97\u79d1\u76ee\u306e\u672c\u8cea\u306f\u300c\u516c\u5f0f\u306e\u6697\u8a18\u300d\u3067\u306f\u306a\u304f\u300c\u554f\u984c\u6587\u2192\u5f0f\u2192\u7b54\u3048\u306e\u5909\u63db\u30d7\u30ed\u30bb\u30b9\u306e\u578b\u5316\u300d<\/span>\u306b\u3042\u308b\u3068\u601d\u3044\u307e\u3059\u3002\u983b\u51fa\u30d1\u30bf\u30fc\u30f3\u3092\u78ba\u5b9f\u306b\u62bc\u3055\u3048\u308b\u3053\u3068\u304c\u5408\u683c\u3078\u306e\u6700\u77ed\u30eb\u30fc\u30c8\u3067\u3059\u3002<\/p>\n\n\n\n

\u8ca1\u52d9\u30fb\u4f1a\u8a08\uff1a\u843d\u3068\u305b\u306a\u3044\u30d1\u30bf\u30fc\u30f3<\/p>\n\n\n\n

\u30fb\u30d1\u30bf\u30fc\u30f31\uff1aCVP\u5206\u6790\uff08\u640d\u76ca\u5206\u5c90\u70b9\uff09<\/p>\n\n\n\n

\u983b\u51fa\u3067\u3059\u3002<\/p>\n\n\n\n

\u57fa\u672c\u306e\u578b\uff1a<\/p>\n\n\n\n

1. \u554f\u984c\u6587\u304b\u3089\u300c\u56fa\u5b9a\u8cbb\u300d\u300c\u5909\u52d5\u8cbb\uff08\u7387\uff09\u300d\u300c\u58f2\u4e0a\u9ad8\u300d\u3092\u62fe\u3046
2. \u640d\u76ca\u5206\u5c90\u70b9\u58f2\u4e0a\u9ad8 = \u56fa\u5b9a\u8cbb \/\uff081 \u2212 \u5909\u52d5\u8cbb\u7387\uff09<\/p>\n\n\n\n

\u5fdc\u7528\u516c\u5f0f\uff08\u983b\u51fa\uff09\uff1a<\/p>\n\n\n\n

– \u5b89\u5168\u4f59\u88d5\u7387 + \u640d\u76ca\u5206\u5c90\u70b9\u6bd4\u7387 = 100%
– \u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8 = \u5b89\u5168\u4f59\u88d5\u7387\u306e\u9006\u6570<\/p>\n\n\n\n

\u30fb\u30d1\u30bf\u30fc\u30f32\uff1aNPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09<\/p>\n\n\n\n

2\u6b21\u8a66\u9a13\u306e\u4e8b\u4f8b\u2163\u306b\u3082\u76f4\u7d50\u3059\u308b\u91cd\u8981\u8ad6\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n

\u57fa\u672c\u306e\u578b\uff1a<\/p>\n\n\n\n

1.\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6642\u7cfb\u5217\u3067\u6574\u7406
2.\u5272\u5f15\u7387\u3092\u78ba\u8a8d
3.\u5404\u5e74\u306eCF\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u5f15<\/p>\n\n\n\n

\u30fb\u30d1\u30bf\u30fc\u30f33\uff1a\u8ca1\u52d9\u8af8\u8868\u3068\u8ca1\u52d9\u6bd4\u7387<\/p>\n\n\n\n

\u69cb\u9020\u3092\u7406\u89e3\u3057\u3066\u3044\u308c\u3070\u3001\u672a\u77e5\u306e\u9805\u76ee\u3092\u9006\u7b97\u3067\u304d\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u983b\u51fa\u306e\u8ca1\u52d9\u6bd4\u7387\uff1a<\/p>\n\n\n\n

– \u6d41\u52d5\u6bd4\u7387 = \u6d41\u52d5\u8cc7\u7523\/\u6d41\u52d5\u8ca0\u50b5
– \u81ea\u5df1\u8cc7\u672c\u6bd4\u7387 = \u81ea\u5df1\u8cc7\u672c\/\u8cc7\u7523
– ROE = \u5f53\u671f\u7d14\u5229\u76ca\/\u81ea\u5df1\u8cc7\u672c<\/p>\n\n\n\n

\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u5206\u91ce\u3067\u5dee\u3092\u3064\u3051\u308b<\/p>\n\n\n\n

\u8ca1\u52d9\u30fb\u4f1a\u8a08\u306f\u5f8c\u534a\u306e\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u5206\u91ce\u306b\u6642\u9593\u3092\u78ba\u4fdd<\/span>\u3059\u308b\u3053\u3068\u3082\u9375\u3060\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\u30fbCAPM\uff08\u8cc7\u672c\u8cc7\u7523\u8a55\u4fa1\u30e2\u30c7\u30eb\uff09<\/p>\n\n\n\n

\u516c\u5f0f\uff1a\u500b\u5225\u8a3c\u5238\u306e\u671f\u5f85\u53ce\u76ca\u7387 = \u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8 + \u03b2 \u00d7\uff08\u5e02\u5834\u306e\u671f\u5f85\u53ce\u76ca\u7387 \u2212 \u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\uff09<\/p>\n\n\n\n

\u30fb\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09<\/p>\n\n\n\n

\u8ca0\u50b5\u306e\u5229\u5b50\u306f\u640d\u91d1\u7b97\u5165\u3067\u304d\u308b\u305f\u3081\u3001\u7bc0\u7a0e\u52b9\u679c\u3092\u8003\u616e\u3057\u307e\u3059\u3002CAPM\u3067\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6c42\u3081\u3001WACC\u306e\u5f0f\u306b\u4ee3\u5165\u3059\u308b\u30d1\u30bf\u30fc\u30f3\u304c\u983b\u51fa\u3067\u3059\u3002<\/p>\n\n\n\n

\u904b\u55b6\u7ba1\u7406\uff1a\u57fa\u790e\u8a08\u7b97\u3067\u78ba\u5b9f\u306b\u5f97\u70b9<\/p>\n\n\n\n

\u904b\u55b6\u7ba1\u7406\u306e\u8a08\u7b97\u306f\u305d\u308c\u307b\u3069\u8907\u96d1\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u5358\u4f4d\u3084\u6761\u4ef6\u306e\u8aad\u307f\u843d\u3068\u3057\u304c\u591a\u3044<\/span>\u3067\u3059\u3002<\/p>\n\n\n\n

\u30fb\u5728\u5eab\u7ba1\u7406\u306e\u8a08\u7b97<\/p>\n\n\n\n

\u7d4c\u6e08\u7684\u767a\u6ce8\u91cf\uff08EOQ\uff09\uff1a\u767a\u6ce8\u8cbb\u7528\u3068\u5728\u5eab\u4fdd\u7ba1\u8cbb\u7528\u306e\u30d0\u30e9\u30f3\u30b9\u3067\u6700\u9069\u767a\u6ce8\u91cf\u3092\u6c42\u3081\u308b<\/p>\n\n\n\n

\u767a\u6ce8\u70b9\uff1a\u767a\u6ce8\u70b9 = \u8abf\u9054\u671f\u9593\u4e2d\u306e\u63a8\u5b9a\u9700\u8981\u91cf + \u5b89\u5168\u5728\u5eab<\/p>\n\n\n\n

\u5b9f\u8df5\u3057\u305f\u30df\u30b9\u9632\u6b62\u7b56\uff1a<\/p>\n\n\n\n

1. \u5358\u4f4d\u3092\u5e38\u306b\u610f\u8b58
2. \u554f\u984c\u6587\u306e\u6570\u5024\u306b\u25cb\u3001\u6761\u4ef6\u306b\u4e0b\u7dda
3. \u5e38\u8b58\u7684\u306b\u7b54\u3048\u304c\u660e\u3089\u304b\u306b\u304a\u304b\u3057\u304f\u306a\u3044\u304b\u30c1\u30a7\u30c3\u30af<\/p>\n\n\n\n

\u30fb\u305d\u306e\u4ed6\u983b\u51fa\u8a08\u7b97<\/p>\n\n\n\n

\u5de5\u7a0b\u7ba1\u7406\uff08\u7de8\u6210\u52b9\u7387\uff09\u3001\u5e97\u8217\u7ba1\u7406\uff08\u4ea4\u5dee\u6bd4\u7387\u3001GMROI\uff09\u3082\u983b\u51fa\u3067\u3059\u3002<\/p>\n\n\n\n

\u8a08\u7b97\u30df\u30b9\u3092\u9632\u3050<\/p>\n\n\n\n

\u30fb\u539f\u52471\uff1a\u5909\u63db\u30d7\u30ed\u30bb\u30b9\u3092\u8a00\u8a9e\u5316<\/p>\n\n\n\n

\u3044\u304d\u306a\u308a\u8a08\u7b97\u305b\u305a\u300c\u4f55\u3092\u6c42\u3081\u308b\u304b\u2192\u3069\u306e\u516c\u5f0f\u2192\u3069\u306e\u6570\u5024\u3092\u4ee3\u5165\u3059\u308b\u304b\u300d\u3092\u982d\u3067\u6574\u7406\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

\u30fb\u539f\u52472\uff1a\u691c\u7b97\u30eb\u30fc\u30c6\u30a3\u30f3<\/p>\n\n\n\n

– \u4f8b\u3048\u3070\u3001CVP\u5206\u6790\u306a\u3089\u5b89\u5168\u4f59\u88d5\u7387+\u640d\u76ca\u5206\u5c90\u70b9\u6bd4\u7387=100%<\/p>\n\n\n\n

\u30fb\u539f\u52473\uff1a\u9078\u629e\u80a2\u3092\u6700\u5f8c\u307e\u3067\u8aad\u3080<\/p>\n\n\n\n

\u8a08\u7b97\u3057\u3066\u7b54\u3048\u3092\u51fa\u3057\u305f\u3089\u7d42\u308f\u308a\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u9078\u629e\u80a2\u3092\u6700\u5f8c\u307e\u3067\u78ba\u8a8d<\/span>\u3057\u3066\u9078\u629e\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

\u307e\u3068\u3081\uff1a\u8a08\u7b97\u79d1\u76ee\u306f\u300c\u578b\u300d\u3067\u653b\u7565<\/p>\n\n\n\n

\u8a08\u7b97\u554f\u984c\u304c\u5f97\u610f\u306a\u4eba\u306f\u3001\u983b\u51fa\u30d1\u30bf\u30fc\u30f3\u306e\u89e3\u6cd5\u3092\u578b\u5316\u3057\u3001\u30df\u30b9\u9632\u6b62\u306e\u4ed5\u7d44\u307f\u3092\u6301\u3063\u3066\u3044\u308b<\/span>\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

\u4eca\u65e5\u304b\u3089\u5b9f\u8df5\u3057\u3066\u307b\u3057\u3044\u3053\u3068\uff1a<\/p>\n\n\n\n

– CVP\u3001NPV\u306a\u3069\u306e\u30d1\u30bf\u30fc\u30f3\u3092\u904e\u53bb\u554f\u3067\u53cd\u5fa9
– \u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u5206\u91ce\u306b\u512a\u5148\u7684\u306b\u6642\u9593\u3092\u5272\u304f\u610f\u8b58
– \u81ea\u5206\u306e\u30df\u30b9\u30d1\u30bf\u30fc\u30f3\u3092\u8a18\u9332<\/p>\n\n\n\n

\u8ca1\u52d9\u30fb\u4f1a\u8a08\u3084\u904b\u55b6\u7ba1\u7406\u306e\u5404\u8ad6\u70b9\u306e\u8a73\u3057\u3044\u89e3\u8aac\u306fYouTube\u30c1\u30e3\u30f3\u30cd\u30eb\u3067\u79d1\u76ee\u5225\u306b\u7d39\u4ecb<\/span>\u3057\u3066\u3044\u307e\u3059\u3002\u52d5\u753b\u3067\u306f\u3055\u3089\u306b\u308f\u304b\u308a\u3084\u3059\u304f\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u306e\u3067\u3001\u305c\u3072\u30c1\u30a7\u30c3\u30af\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

https:\/\/youtube.com\/channel\/UC2DVVfq-6H3O3qTUBy-gpoQ?si=ayaGh7tm4cOUITTq<\/a><\/p>\n\n\n\n

\u8a08\u7b97\u79d1\u76ee\u3092\u5f97\u70b9\u6e90\u306b\u5909\u3048\u3066\u3001\u5408\u683c\u3092\u78ba\u5b9f\u306a\u3082\u306e\u306b\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u8ca1\u52d9\u30fb\u4f1a\u8a08\u3084\u904b\u55b6\u7ba1\u7406\u306e\u8a08\u7b97\u554f\u984c\u3067\u3001\u3053\u3093\u306a\u7d4c\u9a13\u306f\u3042\u308a\u307e\u305b\u3093\u304b\uff1f\u300c\u516c\u5f0f\u306f\u5b8c\u74a7\u306b\u6697\u8a18\u3057\u305f\u3002\u306a\u306e\u306b\u672c\u756a\u3067\u306f\u624b\u304c\u6b62\u307e\u308b\u300d\u2015\u79c1\u3082\u904e\u53bb\u554f\u6f14\u7fd2\u3067\u75db\u611f\u3057\u305f\u58c1\u3067\u3059\u3002 \u8a08\u7b97\u79d1\u76ee\u306e\u672c\u8cea\u306f\u300c\u516c\u5f0f\u306e\u6697\u8a18\u300d\u3067\u306f\u306a\u304f\u300c\u554f\u984c\u6587\u2192\u5f0f\u2192\u7b54\u3048\u306e\u5909\u63db\u30d7\u30ed\u30bb\u30b9\u306e\u578b […]<\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[40,41],"tags":[245],"class_list":["post-18988","post","type-post","status-publish","format-standard","hentry","category-blog-advice01","category-blog-coffee","tag-245"],"_links":{"self":[{"href":"https:\/\/www.aas-clover.com\/tokyoblog\/wp-json\/wp\/v2\/posts\/18988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aas-clover.com\/tokyoblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aas-clover.com\/tokyoblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aas-clover.com\/tokyoblog\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aas-clover.com\/tokyoblog\/wp-json\/wp\/v2\/comments?post=18988"}],"version-history":[{"count":2,"href":"https:\/\/www.aas-clover.com\/tokyoblog\/wp-json\/wp\/v2\/posts\/18988\/revisions"}],"predecessor-version":[{"id":18991,"href":"https:\/\/www.aas-clover.com\/tokyoblog\/wp-json\/wp\/v2\/posts\/18988\/revisions\/18991"}],"wp:attachment":[{"href":"https:\/\/www.aas-clover.com\/tokyoblog\/wp-json\/wp\/v2\/media?parent=18988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aas-clover.com\/tokyoblog\/wp-json\/wp\/v2\/categories?post=18988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aas-clover.com\/tokyoblog\/wp-json\/wp\/v2\/tags?post=18988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}