{"id":20947,"date":"2026-04-03T13:03:26","date_gmt":"2026-04-03T04:03:26","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=20947"},"modified":"2026-04-03T13:03:26","modified_gmt":"2026-04-03T04:03:26","slug":"ue-explanation-of-share-buybacks","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-explanation-of-share-buybacks","title":{"rendered":"\u81ea\u793e\u682a\u8cb7\u3044\u306e\u30e1\u30ea\u30c3\u30c8\u3092\u4f01\u696d\u30fb\u6295\u8cc7\u5bb6\u306e\u76ee\u7dda\u3067\u5fb9\u5e95\u89e3\u8aac\uff01\u4ed5\u7d44\u307f\u304b\u3089\u30ea\u30b9\u30af\u307e\u3067\u7db2\u7f85"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\u306e\u30e1\u30ea\u30c3\u30c8\u3092\u4f01\u696d\u30fb\u6295\u8cc7\u5bb6\u306e\u76ee\u7dda\u3067\u5fb9\u5e95\u89e3\u8aac\uff01\u4ed5\u7d44\u307f\u304b\u3089\u30ea\u30b9\u30af\u307e\u3067\u7db2\u7f85<\/h2>\n<p 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10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 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data-path-to-node=\"15\">\u2462 \u81ea\u5df1\u682a\u5f0f\u306e\u516c\u958b\u8cb7\u4ed8\u3051\uff08TOB\uff09<\/h4>\n<p data-path-to-node=\"16\">\u5e02\u5834\u4fa1\u683c\u3088\u308a\u3082\u300c\u5b89\u3044\u300d\u307e\u305f\u306f\u300c\u9ad8\u3044\u300d\u4fa1\u683c\u3092\u63d0\u793a\u3057\u3066\u3001\u682a\u4e3b\u304b\u3089\u5e83\u304f\u52df\u96c6\u3057\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"17\">\n<li>\n<p data-path-to-node=\"17,0,0\"><b data-path-to-node=\"17,0,0\" data-index-in-node=\"0\">\u30d7\u30ec\u30df\u30a2\u30e0TOB\uff1a<\/b> \u682a\u4fa1\u306b\u4e0a\u4e57\u305b\u3057\u3066\u8cb7\u3046\u3002\u682a\u4e3b\u9084\u5143\u8272\u304c\u5f37\u3044\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,1,0\"><b data-path-to-node=\"17,1,0\" data-index-in-node=\"0\">\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8TOB\uff1a<\/b> \u5e02\u5834\u4fa1\u683c\u3088\u308a\u5b89\u304f\u8cb7\u3046\u3002\u4e3b\u306b\u653f\u7b56\u4fdd\u6709\u682a\uff08\u6301\u3061\u5408\u3044\u682a\uff09\u3092\u89e3\u6d88\u3057\u305f\u3044\u6cd5\u4eba\u682a\u4e3b\u304c\u3001\u7a0e\u52d9\u4e0a\u306e\u30e1\u30ea\u30c3\u30c8\uff08\u53d7\u53d6\u914d\u5f53\u7b49\u306e\u76ca\u91d1\u4e0d\u7b97\u5165\u5236\u5ea6\uff09\u3092\u72d9\u3063\u3066\u5229\u7528\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"18\" \/>\n<h3 data-path-to-node=\"19\">3. \u53d6\u5f97\u3057\u305f\u300c\u81ea\u5df1\u682a\u5f0f\u300d\u306e\u305d\u306e\u5f8c\u306e\u904b\u547d<\/h3>\n<p data-path-to-node=\"20\">\u8cb7\u3044\u623b\u3055\u308c\u305f\u682a\u5f0f\u306f\u300c\u81ea\u5df1\u682a\u5f0f\uff08\u91d1\u5eab\u682a\uff09\u300d\u3068\u3057\u3066\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\uff08\u8cb8\u501f\u5bfe\u7167\u8868\uff09\u306b\u8a18\u8f09\u3055\u308c\u307e\u3059\u304c\u3001\u305d\u306e\u5f8c\u306e\u6271\u3044\u306f\u5927\u304d\u304f2\u3064\u306b\u5206\u304b\u308c\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"21\">A. \u6d88\u5374\uff08\u30ad\u30e3\u30f3\u30bb\u30eb\uff09<\/h4>\n<p data-path-to-node=\"22\">\u6587\u5b57\u901a\u308a\u3001\u305d\u306e\u682a\u5f0f\u3092\u3053\u306e\u4e16\u304b\u3089\u6d88\u3057\u53bb\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"23\">\n<li>\n<p data-path-to-node=\"23,0,0\"><b data-path-to-node=\"23,0,0\" data-index-in-node=\"0\">\u52b9\u679c\uff1a<\/b> \u767a\u884c\u6e08\u682a\u5f0f\u7dcf\u6570\u304c\u7269\u7406\u7684\u306b\u6e1b\u5c11\u3057\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308aEPS\uff081\u682a\u5229\u76ca\uff09\u3084BPS\uff081\u682a\u7d14\u8cc7\u7523\uff09\u304c\u78ba\u5b9a\u7684\u306b\u5411\u4e0a\u3057\u3001\u300c\u682a\u4e3b\u9084\u5143\u306e\u5b8c\u6210\u300d\u3068\u307f\u306a\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"24\">B. \u4fdd\u6709\uff08\u91d1\u5eab\u682a\u3068\u3057\u3066\u7dad\u6301\uff09<\/h4>\n<p data-path-to-node=\"25\">\u6d88\u3055\u305a\u306b\u4f1a\u793e\u306e\u91d1\u5eab\u306b\u4fdd\u7ba1\u3057\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"26\">\n<li>\n<p data-path-to-node=\"26,0,0\"><b data-path-to-node=\"26,0,0\" data-index-in-node=\"0\">\u518d\u653e\u51fa\u306e\u30ea\u30b9\u30af\uff1a<\/b> \u4f1a\u793e\u304c\u5c06\u6765\u300c\u304a\u91d1\u304c\u5fc5\u8981\u306b\u306a\u3063\u305f\u300d\u969b\u306b\u3001\u518d\u3073\u5e02\u5834\u306b\u58f2\u308a\u51fa\u3059\uff08\u4e8c\u6b21\u58f2\u308a\u51fa\u3057\uff09\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002\u3053\u308c\u3092\u6295\u8cc7\u5bb6\u306f\u300c\u5c06\u6765\u306e\u9700\u7d66\u60aa\u5316\u8981\u56e0\u300d\u3068\u3057\u3066\u5acc\u6c17\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"26,1,0\"><b data-path-to-node=\"26,1,0\" data-index-in-node=\"0\">\u6226\u7565\u7684\u6d3b\u7528\uff1a<\/b> \u682a\u5f0f\u4ea4\u63db\u306b\u3088\u308bM&amp;A\uff08\u4ed6\u793e\u3092\u8cb7\u53ce\u3059\u308b\u969b\u3001\u73fe\u91d1\u306e\u4ee3\u308f\u308a\u306b\u81ea\u793e\u682a\u3092\u6e21\u3059\uff09\u3084\u3001\u5f79\u54e1\u3078\u306e\u682a\u5f0f\u5831\u916c\uff08RS\/RSU\u306a\u3069\uff09\u3068\u3057\u3066\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"27\" \/>\n<h3 data-path-to-node=\"28\">4. \u8ca1\u52d9\u4f1a\u8a08\u4e0a\u306e\u30de\u30b8\u30c3\u30af<\/h3>\n<p data-path-to-node=\"29\">\u81ea\u793e\u682a\u8cb7\u3044\u306f\u3001\u4f1a\u8a08\u4e0a\u300c\u8cc7\u7523\u300d\u306e\u5897\u52a0\u3067\u306f\u306a\u304f\u3001\u300c\u7d14\u8cc7\u7523\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u306e\u30de\u30a4\u30ca\u30b9\u9805\u76ee\u300d\u3068\u3057\u3066\u51e6\u7406\u3055\u308c\u307e\u3059\u3002<\/p>\n<div data-path-to-node=\"30\">\n<div class=\"math-block\" data-math=\"\u7d14\u8cc7\u7523 = \u8cc7\u672c\u91d1 + \u5229\u76ca\u5270\u4f59\u91d1 - \u81ea\u5df1\u682a\u5f0f\"><strong>\u7d14\u8cc7\u7523 = \u8cc7\u672c\u91d1 + \u5229\u76ca\u5270\u4f59\u91d1 &#8211; \u81ea\u5df1\u682a\u5f0f<\/strong><\/div>\n<\/div>\n<p data-path-to-node=\"31\">\u3053\u306e\u6570\u5f0f\u304c\u610f\u5473\u3059\u308b\u306e\u306f\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3046\u3068\u3001\u4f1a\u793e\u306e\u7d14\u8cc7\u7523\u304c\u76f4\u63a5\u7684\u306b\u6e1b\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"31\">\u300c\u8cc7\u7523\u304c\u6e1b\u308b\u306e\u306b\u3001\u306a\u305c\u3044\u3044\u3053\u3068\u306a\u306e\uff1f\u300d\u3068\u601d\u3046\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u6295\u8cc7\u5bb6\u304c\u91cd\u8996\u3059\u308b\u306e\u306f\u300c\u52b9\u7387\u300d\u3067\u3059\u3002<\/p>\n<blockquote data-path-to-node=\"32\">\n<p data-path-to-node=\"32,0\"><b data-path-to-node=\"32,0\" data-index-in-node=\"0\">\u4f8b\uff1a<\/b><\/p>\n<p data-path-to-node=\"32,0\">100\u5104\u5186\u306e\u7d14\u8cc7\u7523\u306710\u5104\u5186\u306e\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4f1a\u793e\uff08ROE 10%\uff09\u304c\u300120\u5104\u5186\u306e\u81ea\u793e\u682a\u8cb7\u3044\u3092\u3057\u3066\u6d88\u5374\u3057\u305f\u5834\u5408\u3001\u5229\u76ca\u304c\u540c\u3058\u306a\u3089 ROE\u306f <span class=\"math-inline\" data-math=\"10 \\div 80 = 12.5\\%\" data-index-in-node=\"72\">10 \u00f7 80 = 12.5%$<\/span> \u306b\u8df3\u306d\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n<\/blockquote>\n<p data-path-to-node=\"33\">\u3053\u306e\u3088\u3046\u306b\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306f\u300c\u4f59\u5270\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u524a\u308a\u3001\u30b9\u30ea\u30e0\u3067\u7b4b\u8089\u8cea\u306a\u8ca1\u52d9\u4f53\u8cea\u3092\u4f5c\u308b\u300d\u305f\u3081\u306e\u9ad8\u5ea6\u306a\u5916\u79d1\u624b\u8853\u306e\u3088\u3046\u306a\u4ed5\u7d44\u307f\u306a\u306e\u3067\u3059\u3002<\/p>\n<hr data-path-to-node=\"34\" \/>\n<h3 data-path-to-node=\"35\">5. \u898f\u5236\u3068\u30eb\u30fc\u30eb\uff08\u30a4\u30f3\u30b5\u30a4\u30c0\u30fc\u53d6\u5f15\u306e\u9632\u6b62\uff09<\/h3>\n<p data-path-to-node=\"36\">\u4f01\u696d\u304c\u81ea\u7531\u306b\u8cb7\u3048\u308b\u3068\u3044\u3063\u3066\u3082\u3001\u597d\u304d\u52dd\u624b\u306b\u682a\u4fa1\u3092\u540a\u308a\u4e0a\u3052\u308b\u3053\u3068\u306f\u8a31\u3055\u308c\u307e\u305b\u3093\u3002<\/p>\n<ul data-path-to-node=\"37\">\n<li>\n<p data-path-to-node=\"37,0,0\"><b data-path-to-node=\"37,0,0\" data-index-in-node=\"0\">\u8cb7\u4ed8\u671f\u9593\u306e\u5236\u9650\uff1a<\/b> \u6c7a\u7b97\u767a\u8868\u76f4\u524d\u306e\u300c\u6c88\u9ed9\u671f\u9593\u300d\u306b\u306f\u5b9f\u65bd\u3067\u304d\u306a\u3044\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"37,1,0\"><b data-path-to-node=\"37,1,0\" data-index-in-node=\"0\">\u6570\u91cf\u306e\u5236\u9650\uff1a<\/b> 1\u65e5\u306e\u8cb7\u3044\u4ed8\u3051\u6570\u91cf\u306f\u3001\u904e\u53bb\u306e\u5e73\u5747\u51fa\u6765\u9ad8\u306e25%\u4ee5\u5185\u306b\u6291\u3048\u308b\u3068\u3044\u3063\u305f\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\uff08\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\uff09\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"38\">\u3053\u308c\u3089\u306e\u53b3\u3057\u3044\u30eb\u30fc\u30eb\u304c\u3042\u308b\u304b\u3089\u3053\u305d\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306f\u300c\u516c\u5e73\u306a\u682a\u4e3b\u9084\u5143\u300d\u3068\u3057\u3066\u306e\u4fe1\u983c\u6027\u3092\u4fdd\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\"><strong>\u8cc7\u7523\u904b\u7528\u3067\u5931\u6557\u3057\u305f\u304f\u306a\u3044\u65b9\u3078<\/strong><\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u5b66\u6821\u3067\u306f\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u304b\u3063\u305f\u304a\u91d1\u306e\u3053\u3068\u304c\u308f\u304b\u308b\u7121\u6599\u30b3\u30f3\u30c6\u30f3\u30c4\u3092\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><br \/>\n<strong><span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=om&amp;utm_medium=om&amp;utm_content=14519\" style=\"color: #0066c0;\">\u226b \u7121\u6599\u8b1b\u5ea7\uff1a\u304a\u91d1\u306e\u30d7\u30ed\u304c\u6559\u3048\u308b\u300c\u521d\u5fc3\u8005\u304c\u6bce\u6708\u53ce\u5165\u3092\u5f97\u308b\u6295\u8cc7\u306e\u59cb\u3081\u65b9\u300d<\/a><\/span><\/strong><\/div>\n<\/div>\n<hr data-path-to-node=\"10\" \/>\n<h2 data-path-to-node=\"11\">2. \u4f01\u696d\u5074\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u5b9f\u65bd\u76ee\u7684<\/h2>\n<p data-path-to-node=\"0\">\u4f01\u696d\u304c\u300c\u81ea\u793e\u682a\u8cb7\u3044\u300d\u3092\u9078\u629e\u3059\u308b\u80cc\u666f\u306b\u306f\u3001\u5358\u306a\u308b\u682a\u4e3b\u3078\u306e\u30b5\u30fc\u30d3\u30b9\u7cbe\u795e\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u6975\u3081\u3066\u9ad8\u5ea6\u306a<b data-path-to-node=\"0\" data-index-in-node=\"46\">\u7d4c\u55b6\u6226\u7565\u3068\u8ca1\u52d9\u8ad6\u7406<\/b>\u304c\u50cd\u3044\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"1\">\u300c\u4f01\u696d\u5074\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u5b9f\u65bd\u76ee\u7684\u300d\u306b\u3064\u3044\u3066\u3001\u3055\u3089\u306b\u5c02\u9580\u7684\u306a4\u3064\u306e\u8996\u70b9\u304b\u3089\u6df1\u6398\u308a\u3057\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"2\" \/>\n<h3 data-path-to-node=\"3\">1. \u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6700\u9069\u5316\u3068\u300cWACC\u300d\u306e\u4f4e\u6e1b<\/h3>\n<p data-path-to-node=\"4\">\u4f01\u696d\u7d4c\u55b6\u306b\u304a\u3044\u3066\u3001\u6700\u3082\u91cd\u8981\u306a\u6307\u6a19\u306e\u4e00\u3064\u306bWACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u9280\u884c\u306a\u3069\u304b\u3089\u306e\u501f\u5165\u30b3\u30b9\u30c8\uff08\u8ca0\u50b5\u30b3\u30b9\u30c8\uff09\u3068\u3001\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u53ce\u76ca\u7387\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3092\u6df7\u305c\u5408\u308f\u305b\u305f\u300c\u4f1a\u793e\u5168\u4f53\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u300d\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"5\">\n<li>\n<p data-path-to-node=\"5,0,0\"><b data-path-to-node=\"5,0,0\" data-index-in-node=\"0\">\u8cc7\u672c\u69cb\u6210\u306e\u662f\u6b63\uff1a<\/b> 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data-path-to-node=\"20\">\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u306e\u6c7a\u5b9a\u7684\u306a\u9055\u3044\u306f\u3001\u305d\u306e\u300c\u67d4\u8edf\u6027\u300d\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"21\">\n<li>\n<p data-path-to-node=\"21,0,0\"><b data-path-to-node=\"21,0,0\" data-index-in-node=\"0\">\u300c\u6e1b\u914d\u300d\u306e\u8ca0\u306e\u30a4\u30e1\u30fc\u30b8\u3092\u907f\u3051\u308b\uff1a<\/b> \u4e00\u5ea6\u914d\u5f53\u3092\u5897\u3084\u3059\uff08\u5897\u914d\uff09\u3068\u3001\u305d\u308c\u3092\u6e1b\u3089\u3059\u300c\u6e1b\u914d\u300d\u306f\u682a\u4fa1\u306b\u81f4\u547d\u7684\u306a\u30c0\u30e1\u30fc\u30b8\u3092\u4e0e\u3048\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4f01\u696d\u306f\u5897\u914d\u306b\u614e\u91cd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"21,1,0\"><b data-path-to-node=\"21,1,0\" data-index-in-node=\"0\">\u300c\u5358\u767a\u300d\u306e\u9084\u5143\u304c\u53ef\u80fd\uff1a<\/b> \u81ea\u793e\u682a\u8cb7\u3044\u306f\u300c\u4eca\u671f\u306f\u5229\u76ca\u304c\u51fa\u305f\u304b\u3089\u3001\u3053\u308c\u304f\u3089\u3044\u306e\u67a0\u3067\u8cb7\u3046\u300d\u3068\u3044\u3063\u305f\u3001\u696d\u7e3e\u306b\u5408\u308f\u305b\u305f\u67d4\u8edf\u306a\u8abf\u6574\u304c\u53ef\u80fd\u3067\u3059\u3002\u7d99\u7d9a\u7684\u306a\u914d\u5f53\u3068\u3001\u6a5f\u52d5\u7684\u306a\u81ea\u793e\u682a\u8cb7\u3044\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u306f\u8ca1\u52d9\u306e\u5065\u5168\u6027\u3092\u5b88\u308a\u3064\u3064\u3001\u6700\u5927\u9650\u306e\u9084\u5143\u3092\u884c\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"22\" \/>\n<blockquote data-path-to-node=\"23\">\n<p data-path-to-node=\"23,0\"><b data-path-to-node=\"23,0\" data-index-in-node=\"0\">[\u4f01\u696d\u5074\u306e\u8996\u70b9\u306e\u307e\u3068\u3081]<\/b> \u81ea\u793e\u682a\u8cb7\u3044\u306f\u3001\u5358\u306b\u300c\u304a\u91d1\u304c\u4f59\u3063\u3066\u3044\u308b\u304b\u3089\u914d\u5f53\u306e\u4ee3\u308f\u308a\u306b\u3084\u308b\u300d\u3068\u3044\u3046\u5358\u7d14\u306a\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<b data-path-to-node=\"23,0\" data-index-in-node=\"59\">\u8cc7\u672c\u52b9\u7387\u306e\u6539\u5584\u3001\u5e02\u5834\u8a55\u4fa1\u306e\u662f\u6b63\u3001\u5c06\u6765\u306e\u6226\u7565\u7684\u6295\u8cc7\uff08M&amp;A\u30fb\u4eba\u6750\uff09\u3078\u306e\u6e96\u5099\u3001\u305d\u3057\u3066\u6295\u8cc7\u5bb6\u3078\u306e\u5f37\u529b\u306a\u30e1\u30c3\u30bb\u30fc\u30b8\u767a\u4fe1<\/b>\u3068\u3044\u3046\u3001\u8907\u6570\u306e\u76ee\u7684\u3092\u540c\u6642\u306b\u9054\u6210\u3059\u308b\u305f\u3081\u306e\u300c\u9ad8\u5ea6\u306a\u8ca1\u52d9\u6226\u7565\u300d\u306a\u306e\u3067\u3059\u3002<\/p>\n<\/blockquote>\n<p data-path-to-node=\"24\">\u4f01\u696d\u304c\u81ea\u793e\u682a\u8cb7\u3044\u3092\u767a\u8868\u3057\u305f\u969b\u3001\u300c\u3069\u306e\u624b\u6cd5\u3067\u3001\u3069\u306e\u7a0b\u5ea6\u306e\u898f\u6a21\u3067\u3001\u306a\u305c\u4eca\u306a\u306e\u304b\u300d\u3092\u8aad\u307f\u89e3\u304f\u3053\u3068\u3067\u3001\u305d\u306e\u7d4c\u55b6\u9663\u304c\u63cf\u304f\u5c06\u6765\u306e\u30d3\u30b8\u30e7\u30f3\u304c\u900f\u3051\u3066\u898b\u3048\u3066\u304f\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"26\" \/>\n<h2 data-path-to-node=\"27\">3. \u6295\u8cc7\u5bb6\u76ee\u7dda\u3067\u306e\u30e1\u30ea\u30c3\u30c8<\/h2>\n<p data-path-to-node=\"0\">\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306f\u5358\u306a\u308b\u300c\u682a\u4fa1\u4e0a\u6607\u306e\u304d\u3063\u304b\u3051\u300d\u4ee5\u4e0a\u306e\u6df1\u3044\u610f\u5473\u3092\u6301\u3061\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u304c\u4eab\u53d7\u3067\u304d\u308b\u30e1\u30ea\u30c3\u30c8\u3092\u3001\u300c\u7d4c\u6e08\u7684\u5229\u76ca\u300d\u300c\u7a0e\u52d9\u52b9\u7387\u300d\u300c\u5fc3\u7406\u7684\u30fb\u69cb\u9020\u7684\u5074\u9762\u300d\u306e3\u3064\u306e\u89b3\u70b9\u304b\u3089\u3055\u3089\u306b\u5c02\u9580\u7684\u306b\u6df1\u6398\u308a\u3057\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"1\" \/>\n<h3 data-path-to-node=\"2\">1. \u300c\u5b9f\u8cea\u6240\u6709\u6a29\u300d\u306e\u62e1\u5927\uff1a\u6301\u5206\u6bd4\u7387\u306e\u81ea\u52d5\u7684\u30a2\u30c3\u30d7<\/h3>\n<p data-path-to-node=\"3\">\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066<strong>\u6700\u3082\u672c\u8cea\u7684\u306a\u30e1\u30ea\u30c3\u30c8\u306f\u3001\u300c\u81ea\u5206\u304c\u4f55\u3082\u3057\u306a\u304f\u3066\u3082\u3001\u4f1a\u793e\u306b\u5bfe\u3059\u308b\u652f\u914d\u6a29\uff08\u6301\u3061\u5206\uff09\u304c\u5897\u3048\u308b\u300d<\/strong>\u3053\u3068\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"4\">\n<li>\n<p data-path-to-node=\"4,0,0\"><b data-path-to-node=\"4,0,0\" data-index-in-node=\"0\">\u30d1\u30a4\u306e\u53d6\u308a\u5206\u306e\u5897\u52a0\uff1a<\/b> \u4f1a\u793e\u3092\u4e00\u3064\u306e\u300c\u30d1\u30a4\u300d\u306b\u4f8b\u3048\u308b\u3068\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3088\u3063\u3066\u767a\u884c\u6e08\u682a\u5f0f\u7dcf\u6570\u304c\u6e1b\u308b\u3053\u3068\u306f\u3001\u30d1\u30a4\u306e\u30ab\u30c3\u30c8\u6570\u304c\u6e1b\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u3042\u306a\u305f\u304c\u6301\u3063\u3066\u3044\u308b\u300c1\u5207\u308c\u300d\u306e\u30b5\u30a4\u30ba\u304c\u3001\u76f8\u5bfe\u7684\u306b\u5927\u304d\u304f\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"4,1,0\"><b data-path-to-node=\"4,1,0\" data-index-in-node=\"0\">\u8b70\u6c7a\u6a29\u306e\u91cd\u307f\uff1a<\/b> \u81ea\u5df1\u682a\u5f0f\u306b\u306f\u8b70\u6c7a\u6a29\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u3001\u81ea\u793e\u682a\u8cb7\u3044\u304c\u884c\u308f\u308c\u308b\u3068\u3001\u65e2\u5b58\u682a\u4e3b\u304c\u6301\u30641\u682a\u3042\u305f\u308a\u306e\u8b70\u6c7a\u6a29\u306e\u6bd4\u7387\u304c\u76f8\u5bfe\u7684\u306b\u9ad8\u307e\u308a\u3001\u9593\u63a5\u7684\u306b\u7d4c\u55b6\u3078\u306e\u5f71\u97ff\u529b\u304c\u5897\u3059\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"5\" \/>\n<h3 data-path-to-node=\"6\">2. \u7a0e\u5236\u4e0a\u306e\u5727\u5012\u7684\u512a\u4f4d\u6027\uff1a\u8907\u5229\u52b9\u679c\u306e\u6700\u5927\u5316<\/h3>\n<p data-path-to-node=\"7\">\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u898b\u843d\u3068\u3057\u304c\u3061\u3067\u3059\u304c\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306f\u300c\u914d\u5f53\u300d\u3068\u6bd4\u8f03\u3057\u3066\u3001<b data-path-to-node=\"7\" data-index-in-node=\"33\">\u7a0e\u91d1\u9762\u3067\u975e\u5e38\u306b\u52b9\u7387\u7684\u306a\u9084\u5143\u624b\u6cd5<\/b>\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"8\">\u914d\u5f53 vs \u81ea\u793e\u682a\u8cb7\u3044 \u306e\u7a0e\u52d9\u6bd4\u8f03<\/h4>\n<ul data-path-to-node=\"9\">\n<li>\n<p data-path-to-node=\"9,0,0\"><b data-path-to-node=\"9,0,0\" data-index-in-node=\"0\">\u914d\u5f53\u306e\u5834\u5408\uff1a<\/b><\/p>\n<p data-path-to-node=\"9,0,0\">\u53d7\u3051\u53d6\u308b\u305f\u3073\u306b\u7d0420%\u306e\u6240\u5f97\u7a0e\u30fb\u4f4f\u6c11\u7a0e\u304c\u5dee\u3057\u5f15\u304b\u308c\u307e\u3059\u3002\u518d\u6295\u8cc7\u3057\u3088\u3046\u3068\u3057\u3066\u3082\u3001\u3059\u3067\u306b\u7a0e\u91d1\u30672\u5272\u524a\u3089\u308c\u305f\u5f8c\u306e\u8cc7\u91d1\u3057\u304b\u56de\u305b\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,1,0\"><b data-path-to-node=\"9,1,0\" data-index-in-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\u306e\u5834\u5408\uff1a<\/b><\/p>\n<p data-path-to-node=\"9,1,0\">\u9084\u5143\u306f\u300c\u682a\u4fa1\u306e\u4e0a\u6607\u300d\u3068\u3044\u3046\u5f62\u3067\u73fe\u308c\u307e\u3059\u3002\u682a\u3092\u58f2\u5374\u3057\u306a\u3044\u9650\u308a\u8ab2\u7a0e\u3055\u308c\u306a\u3044\u305f\u3081\uff08\u542b\u307f\u76ca\u306e\u72b6\u614b\uff09\u3001\u672c\u6765\u7a0e\u91d1\u3068\u3057\u3066\u6d88\u3048\u308b\u306f\u305a\u3060\u3063\u305f20%\u306e\u8cc7\u91d1\u3082\u5e02\u5834\u306b\u6295\u3058\u3089\u308c\u305f\u307e\u307e\u306e\u72b6\u614b\u306b\u306a\u308a\u3001\u300c\u8ab2\u7a0e\u7e70\u308a\u5ef6\u3079\u306b\u3088\u308b\u8907\u5229\u52b9\u679c\u300d\u3092\u30d5\u30eb\u306b\u4eab\u53d7\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<blockquote data-path-to-node=\"10\">\n<p data-path-to-node=\"10,0\"><b data-path-to-node=\"10,0\" data-index-in-node=\"0\">\u30d7\u30ed\u306e\u8996\u70b9\uff1a<\/b><\/p>\n<p data-path-to-node=\"10,0\">\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u7387\u3044\u308b\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u30fb\u30cf\u30b5\u30a6\u30a7\u30a4\u304c\u914d\u5f53\u3092\u51fa\u3055\u305a\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3092\u597d\u3080\u6700\u5927\u306e\u7406\u7531\u304c\u3053\u308c\u3067\u3059\u3002\u6295\u8cc7\u5bb6\u304c\u81ea\u5206\u3067\u51fa\u53e3\uff08\u58f2\u5374\u6642\u671f\uff09\u3092\u6c7a\u3081\u3089\u308c\u308b\u305f\u3081\u3001\u500b\u3005\u306e\u30e9\u30a4\u30d5\u30d7\u30e9\u30f3\u306b\u5408\u308f\u305b\u305f\u7d0d\u7a0e\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/blockquote>\n<hr data-path-to-node=\"11\" \/>\n<h3 data-path-to-node=\"12\">3. \u300c\u4e0b\u65b9\u786c\u76f4\u6027\u300d\u306e\u78ba\u4fdd\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u6291\u5236<\/h3>\n<p data-path-to-node=\"13\">\u81ea\u793e\u682a\u8cb7\u3044\u306f\u3001\u682a\u4fa1\u304c\u4e0b\u843d\u3057\u305f\u969b\u306e\u300c\u5f37\u529b\u306a\u30af\u30c3\u30b7\u30e7\u30f3\uff08\u4e0b\u652f\u3048\uff09\u300d\u3068\u3057\u3066\u6a5f\u80fd\u3057\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"14\">\n<li>\n<p data-path-to-node=\"14,0,0\"><b data-path-to-node=\"14,0,0\" data-index-in-node=\"0\">\u9700\u7d66\u306e\u5f15\u304d\u7de0\u307e\u308a\uff1a<\/b> \u4f01\u696d\u3068\u3044\u3046\u300c\u671f\u9650\u3092\u6c7a\u3081\u305a\u3001\u5927\u91cf\u306b\u8cb7\u3046\u610f\u6b32\u306e\u3042\u308b\u8cb7\u3044\u624b\u300d\u304c\u5b58\u5728\u3059\u308b\u3053\u3068\u3067\u3001\u30d1\u30cb\u30c3\u30af\u58f2\u308a\u304c\u767a\u751f\u3057\u3066\u3082\u8cb7\u3044\u6ce8\u6587\u304c\u5165\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"14,1,0\"><b data-path-to-node=\"14,1,0\" data-index-in-node=\"0\">\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u4fee\u6b63\uff1a<\/b> \u682a\u4fa1\u304c\u4e0b\u304c\u308c\u3070\u4e0b\u304c\u308b\u307b\u3069\u3001\u4f01\u696d\u306b\u3068\u3063\u3066\u306f\u300c\u5b89\u304f\u81ea\u793e\u682a\u3092\u8cb7\u3044\u623b\u305b\u308b\u30c1\u30e3\u30f3\u30b9\u300d\u306b\u306a\u308a\u307e\u3059\u3002\u5c11\u306a\u3044\u8cc7\u91d1\u3067\u3088\u308a\u591a\u304f\u306e\u682a\u3092\u6d88\u5374\u3067\u304d\u308b\u305f\u3081\u3001\u4e0b\u843d\u5c40\u9762\u3067\u306e\u81ea\u793e\u682a\u8cb7\u3044\u306f1\u682a\u3042\u305f\u308a\u4fa1\u5024\uff08EPS\uff09\u3092\u3055\u3089\u306b\u5287\u7684\u306b\u5411\u4e0a\u3055\u305b\u307e\u3059\u3002\u3053\u308c\u304c\u300c\u3053\u308c\u4ee5\u4e0a\u306f\u4e0b\u304c\u308a\u306b\u304f\u3044\u300d\u3068\u3044\u3046\u6295\u8cc7\u5bb6\u306e\u5b89\u5fc3\u611f\uff08\u30bb\u30fc\u30d5\u30c6\u30a3\u30cd\u30c3\u30c8\uff09\u306b\u7e4b\u304c\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"15\" \/>\n<h3 data-path-to-node=\"16\">4. \u7d4c\u55b6\u9663\u3068\u306e\u300c\u5229\u5bb3\u4e00\u81f4\u300d\u306e\u78ba\u8a8d<\/h3>\n<p data-path-to-node=\"17\"><strong>\u81ea\u793e\u682a\u8cb7\u3044\u3092\u5b9f\u65bd\u3059\u308b\u4f01\u696d\u306f\u3001\u682a\u4e3b\u4fa1\u5024\u3092\u91cd\u8996\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u300c\u682a\u4e3b\u30d5\u30ec\u30f3\u30c9\u30ea\u30fc\u300d\u306a\u59ff\u52e2\u3092\u660e\u78ba\u306b\u793a\u3057\u3066\u3044\u307e\u3059<\/strong>\u3002<\/p>\n<ul data-path-to-node=\"18\">\n<li>\n<p data-path-to-node=\"18,0,0\"><b data-path-to-node=\"18,0,0\" data-index-in-node=\"0\">\u30a8\u30fc\u30b8\u30a7\u30f3\u30b7\u30fc\u554f\u984c\u306e\u89e3\u6d88\uff1a<\/b> \u7d4c\u55b6\u8005\u304c\u300c\u7121\u99c4\u306a\u7bb1\u30e2\u30ce\u6295\u8cc7\u300d\u3084\u300c\u81ea\u5df1\u6e80\u8db3\u306eM&amp;A\u300d\u306b\u8cc7\u91d1\u3092\u6d6a\u8cbb\u3059\u308b\u30ea\u30b9\u30af\u3092\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3068\u3044\u3046\u5f62\u3067\u8cc7\u91d1\u3092\u682a\u4e3b\u306b\u9084\u5143\u3055\u305b\u308b\u3053\u3068\u3067\u6291\u5236\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"18,1,0\"><b data-path-to-node=\"18,1,0\" data-index-in-node=\"0\">\u7d4c\u55b6\u9663\u306e\u5831\u916c\u4f53\u7cfb\u3068\u306e\u9023\u52d5\uff1a<\/b> \u8fd1\u5e74\u3001\u591a\u304f\u306e\u7d4c\u55b6\u9663\u306e\u5831\u916c\u306f\u300c\u682a\u4fa1\u300d\u3084\u300cROE\u300d\u306b\u9023\u52d5\u3057\u3066\u3044\u307e\u3059\u3002\u81ea\u793e\u682a\u8cb7\u3044\u3092\u9078\u3076\u7d4c\u55b6\u9663\u306f\u3001\u81ea\u5206\u305f\u3061\u306e\u5831\u916c\u3092\u5897\u3084\u3059\u305f\u3081\u306b\u3082\u682a\u4fa1\u3092\u4e0a\u3052\u308b\u52d5\u6a5f\u304c\u3042\u308a\u3001\u6295\u8cc7\u5bb6\u3068\u540c\u3058\u65b9\u5411\uff08\u682a\u4fa1\u4e0a\u6607\uff09\u3092\u5411\u3044\u3066\u3044\u308b\u3068\u5224\u65ad\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"19\" \/>\n<h3 data-path-to-node=\"20\">5. \u300c\u9078\u5225\u3055\u308c\u305f\u512a\u826f\u682a\u300d\u306e\u8a3c<\/h3>\n<p data-path-to-node=\"21\">\u305d\u3082\u305d\u3082\u3001\u81ea\u793e\u682a\u8cb7\u3044\u304c\u3067\u304d\u308b\u4f01\u696d\u306f\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6f64\u6ca2\u3067\u3042\u308b\u300d\u3053\u3068\u304c\u524d\u63d0\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"22\">\n<li>\n<p data-path-to-node=\"22,0,0\"><b data-path-to-node=\"22,0,0\" data-index-in-node=\"0\">\u5012\u7523\u30ea\u30b9\u30af\u306e\u4f4e\u3055\uff1a<\/b> \u501f\u91d1\u3092\u3057\u3066\u307e\u3067\u7121\u7406\u306a\u81ea\u793e\u682a\u8cb7\u3044\u3092\u3059\u308b\u30b1\u30fc\u30b9\uff08\u5f8c\u8ff0\u306e\u6ce8\u610f\u70b9\uff09\u3092\u9664\u304d\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3092\u7d99\u7d9a\u3067\u304d\u308b\u4f01\u696d\u306f\u3001\u672c\u696d\u3067\u3057\u3063\u304b\u308a\u3068\u73fe\u91d1\u3092\u7a3c\u3050\u529b\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"22,1,0\"><b data-path-to-node=\"22,1,0\" data-index-in-node=\"0\">\u30af\u30aa\u30ea\u30c6\u30a3\u30fb\u30a4\u30f3\u30d9\u30b9\u30c8\u30e1\u30f3\u30c8\uff1a<\/b> \u81ea\u793e\u682a\u8cb7\u3044\u306e\u767a\u8868\u306f\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u300c\u3053\u306e\u4f01\u696d\u306f\u8ca1\u52d9\u7684\u306b\u5065\u5168\u3067\u3001\u306a\u304a\u304b\u3064\u682a\u4e3b\u3092\u5927\u5207\u306b\u3059\u308b\u610f\u601d\u304c\u3042\u308b\u300d\u3068\u3044\u3046\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\uff08\u9078\u5225\uff09\u306e\u57fa\u6e96\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"23\" \/>\n<h3 data-path-to-node=\"24\">\u6295\u8cc7\u5bb6\u304c\u6ce8\u76ee\u3059\u3079\u304d\u300c\u9084\u5143\u5229\u56de\u308a\u300d<\/h3>\n<p data-path-to-node=\"25\">\u6295\u8cc7\u5bb6\u306f\u300c\u914d\u5f53\u5229\u56de\u308a\u300d\u3060\u3051\u3067\u306a\u304f\u3001\u300c\u7dcf\u9084\u5143\u5229\u56de\u308a\uff08Total Payout Yield\uff09\u300d\u3092\u898b\u308b\u3079\u304d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"27\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/04\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-04-03-12.55.12-300x43.png\" alt=\"\" width=\"426\" height=\"61\" class=\"alignnone wp-image-20972\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/04\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-04-03-12.55.12-300x43.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/04\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-04-03-12.55.12-768x111.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/04\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-04-03-12.55.12.png 912w\" sizes=\"(max-width: 426px) 100vw, 426px\" \/><\/p>\n<p data-path-to-node=\"27\">\u914d\u5f53\u5229\u56de\u308a\u304c2%\u3067\u3082\u3001\u81ea\u793e\u682a\u8cb7\u3044\u30923%\u5206\u884c\u3063\u3066\u3044\u308c\u3070\u3001\u5b9f\u8cea\u7684\u306a\u9084\u5143\u5229\u56de\u308a\u306f5%\u306b\u9054\u3057\u307e\u3059\u3002\u3053\u306e\u8996\u70b9\u3092\u6301\u3064\u3053\u3068\u3067\u3001\u5730\u5473\u306a\u9ad8\u914d\u5f53\u682a\u3088\u308a\u3082\u3001\u6a5f\u52d5\u7684\u306b\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3046\u6210\u9577\u682a\u306e\u65b9\u304c\u3001\u30c8\u30fc\u30bf\u30eb\u30ea\u30bf\u30fc\u30f3\u3067\u52dd\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3053\u3068\u306b\u6c17\u3065\u3051\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<blockquote data-path-to-node=\"28\">\n<p data-path-to-node=\"28,0\"><b data-path-to-node=\"28,0\" data-index-in-node=\"0\">[\u6295\u8cc7\u5bb6\u76ee\u7dda\u306e\u307e\u3068\u3081]<\/b><\/p>\n<p data-path-to-node=\"28,0\">\u81ea\u793e\u682a\u8cb7\u3044\u306f\u3001<strong>\u300c\u7a0e\u91d1\u3092\u6291\u3048\u306a\u304c\u3089\u300d\u300c\u6301\u3061\u5206\u6bd4\u7387\u3092\u9ad8\u3081\u300d\u300c\u4e0b\u5024\u30ea\u30b9\u30af\u3092\u9650\u5b9a\u3055\u305b\u3064\u3064\u300d\u300c\u7d4c\u55b6\u9663\u3068\u540c\u3058\u8239\u306b\u4e57\u308b\u300d\u305f\u3081\u306e\u3001\u6975\u3081\u3066\u5408\u7406\u7684\u306a\u4ed5\u7d44\u307f\u3067\u3059<\/strong>\u3002\u6295\u8cc7\u5bb6\u306f\u3053\u306e\u767a\u8868\u3092\u5358\u306a\u308b\u30a4\u30d9\u30f3\u30c8\u3068\u3057\u3066\u6349\u3048\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u4f01\u696d\u306e\u300c\u7a3c\u3050\u529b\u300d\u3068\u300c\u9084\u5143\u3078\u306e\u672c\u6c17\u5ea6\u300d\u3092\u6e2c\u308b\u30d0\u30ed\u30e1\u30fc\u30bf\u30fc\u3068\u3057\u3066\u6d3b\u7528\u3059\u3079\u304d\u3067\u3059\u3002<\/p>\n<\/blockquote>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?argument=XJhet6w1&amp;dmai=a64e31f9ee75a0\"><strong>\u2192\u3000YES\u304c\uff13\u3064\u4ee5\u4e0a\u3060\u3063\u305f\u65b9\u306f\u3001\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/strong><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<hr data-path-to-node=\"36\" \/>\n<h2 data-path-to-node=\"37\">4. \u5e02\u5834\u306b\u304a\u3044\u3066\u6ce8\u610f\u3059\u3079\u304d\u3053\u3068\u30fb\u30ea\u30b9\u30af<\/h2>\n<p data-path-to-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\u306f\u300c\u9b54\u6cd5\u306e\u6756\u300d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u81ea\u793e\u682a\u8cb7\u3044\u304c\u5fc5\u305a\u3057\u3082\u682a\u4e3b\u4fa1\u5024\u306e\u5411\u4e0a\u306b\u3064\u306a\u304c\u3089\u306a\u3044\u30b1\u30fc\u30b9\u3001\u3042\u308b\u3044\u306f\u3080\u3057\u308d<b data-path-to-node=\"0\" data-index-in-node=\"62\">\u4f01\u696d\u306e\u9577\u671f\u7684\u306a\u8870\u9000\u3092\u62db\u304f\u6bd2\u85ac<\/b>\u3068\u306a\u308b\u30b1\u30fc\u30b9\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"1\">\u3053\u3053\u3067\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u6ce8\u610f\u3059\u3079\u304d\u30ea\u30b9\u30af\u30924\u3064\u306e\u89b3\u70b9\u304b\u3089\u6df1\u6398\u308a\u3057\u3001\u904e\u53bb\u306e\u8c61\u5fb4\u7684\u306a\u4e8b\u4f8b\u3092\u4ea4\u3048\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"2\" \/>\n<h3 data-path-to-node=\"3\">1. \u300c\u6210\u9577\u3078\u306e\u6295\u8cc7\u300d\u3092\u653e\u68c4\u3057\u305f\u300c\u7e2e\u5c0f\u5747\u8861\u300d\u306e\u30ea\u30b9\u30af<\/h3>\n<p data-path-to-node=\"4\"><span class=\"f-marker-y\">\u6700\u3082\u6ce8\u610f\u3059\u3079\u304d\u306f\u3001\u4f01\u696d\u304c\u672c\u6765\u884c\u3046\u3079\u304d<b data-path-to-node=\"4\" data-index-in-node=\"18\">\u4e8b\u696d\u62e1\u5927\u3084\u6280\u8853\u958b\u767a\u3078\u306e\u6295\u8cc7\u3092\u72a0\u7272\u306b\u3057\u3066\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3063\u3066\u3044\u308b\u30b1\u30fc\u30b9<\/b>\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"5\">\u4f01\u696d\u4fa1\u5024\u306e\u6e90\u6cc9\u306f\u3001\u5c06\u6765\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7dcf\u8a08\u3067\u3059\u3002\u81ea\u793e\u682a\u8cb7\u3044\u306f\u300cROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u300d\u3068\u3044\u3046\u6307\u6a19\u3092\u4e00\u6642\u7684\u306b\u826f\u304f\u898b\u305b\u307e\u3059\u304c\u3001\u305d\u308c\u306f\u300c\u5206\u6bcd\uff08\u8cc7\u672c\uff09\u300d\u3092\u6e1b\u3089\u3057\u3066\u3044\u308b\u306b\u904e\u304e\u307e\u305b\u3093\u3002\u300c\u5206\u5b50\uff08\u5229\u76ca\uff09\u300d\u3092\u751f\u307f\u51fa\u3059\u305f\u3081\u306e\u8a2d\u5099\u6295\u8cc7\u3084R&amp;D\uff08\u7814\u7a76\u958b\u767a\uff09\u3092\u6020\u308c\u3070\u3001\u305d\u306e\u4f01\u696d\u306e\u7af6\u4e89\u529b\u306f\u6570\u5e74\u5f8c\u306b\u78ba\u5b9f\u306b\u4f4e\u4e0b\u3057\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"6\">\u4e8b\u4f8b\uff1a\u7c73\u30dc\u30fc\u30a4\u30f3\u30b0\uff08Boeing\uff09\u306e\u30b1\u30fc\u30b9<\/h4>\n<p data-path-to-node=\"7\">\u30dc\u30fc\u30a4\u30f3\u30b0\u306f2010\u5e74\u4ee3\u3001\u81a8\u5927\u306a\u5229\u76ca\u306e\u5927\u90e8\u5206\u3092\u81ea\u793e\u682a\u8cb7\u3044\u306b\u6295\u3058\u307e\u3057\u305f\u30022013\u5e74\u304b\u30892019\u5e74\u306b\u304b\u3051\u3066\u6295\u3058\u305f\u91d1\u984d\u306f\u7d04430\u5104\u30c9\u30eb\uff08\u5f53\u6642\u306e\u30ec\u30fc\u30c8\u3067\u7d044.7\u5146\u5186\uff09\u306b\u53ca\u3073\u307e\u3059\u3002\u682a\u4fa1\u306f\u4e00\u6642\u7684\u306b\u9ad8\u9a30\u3057\u3001\u7d4c\u55b6\u9663\u306f\u5de8\u984d\u306e\u5831\u916c\u3092\u5f97\u307e\u3057\u305f\u304c\u3001\u305d\u306e\u88cf\u3067\u65b0\u578b\u6a5f\u300c737MAX\u300d\u306e\u958b\u767a\u8cbb\u3084\u5b89\u5168\u5bfe\u7b56\u306e\u30b3\u30b9\u30c8\u304c\u524a\u3089\u308c\u3066\u3044\u305f\u3068\u6279\u5224\u3055\u308c\u307e\u3057\u305f\u3002 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data-path-to-node=\"12\">\u6295\u8cc7\u5bb6\u306f\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306e\u30cb\u30e5\u30fc\u30b9\u3092\u898b\u305f\u969b\u306b\u3001\u5fc5\u305a\u300c\u305d\u306e\u8cc7\u91d1\u306f\u3069\u3053\u304b\u3089\u51fa\u3066\u3044\u308b\u304b\uff08\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7bc4\u56f2\u5185\u304b\u3001\u305d\u308c\u3068\u3082\u501f\u91d1\u304b\uff09\u300d\u3092\u78ba\u8a8d\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"13\" \/>\n<h3 data-path-to-node=\"14\">3. \u7d4c\u55b6\u9663\u306e\u300c\u5831\u916c\u6700\u5927\u5316\u300d\u306e\u305f\u3081\u306e\u682a\u4fa1\u64cd\u4f5c<\/h3>\n<p data-path-to-node=\"15\">\u81ea\u793e\u682a\u8cb7\u3044\u306e\u6c7a\u5b9a\u6a29\u306f\u53d6\u7de0\u5f79\u4f1a\u306b\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001<span class=\"f-marker-y\">\u7d4c\u55b6\u9663\u306e\u5831\u916c\u4f53\u7cfb\u304c\u300cEPS\uff081\u682a\u3042\u305f\u308a\u5229\u76ca\uff09\u300d\u3084\u300c\u682a\u4fa1\u300d\u306b\u5f37\u304f\u9023\u52d5\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u5f7c\u3089\u306f<b data-path-to-node=\"15\" data-index-in-node=\"67\">\u81ea\u5206\u305f\u3061\u306e\u30dc\u30fc\u30ca\u30b9\u3092\u5897\u3084\u3059\u305f\u3081\u306b\u3001\u4f1a\u793e\u306e\u8cb4\u91cd\u306a\u73fe\u91d1\u3092\u81ea\u793e\u682a\u8cb7\u3044\u306b\u6d6a\u8cbb\u3059\u308b\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6<\/b>\u304c\u50cd\u304d\u307e\u3059<\/span>\u3002<\/p>\n<ul data-path-to-node=\"16\">\n<li>\n<p data-path-to-node=\"16,0,0\"><b data-path-to-node=\"16,0,0\" data-index-in-node=\"0\">\u30b7\u30b0\u30ca\u30ea\u30f3\u30b0\u306e\u60aa\u7528\uff1a<\/b> 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class=\"f-marker-y\"><strong>\u65e5\u672c\u5e02\u5834\u3067\u7279\u306b\u6ce8\u610f\u3059\u3079\u304d\u306a\u306e\u304c\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306e\u300c\u8a2d\u5b9a\u67a0\u300d\u3068\u300c\u5b9f\u884c\u7d50\u679c\u300d\u306e\u4e56\u96e2\u3067\u3059<\/strong><\/span>\u3002<\/p>\n<p data-path-to-node=\"20\">\u4f01\u696d\u306f\u300c\u4e0a\u9650100\u5104\u5186\u3001100\u4e07\u682a\u300d\u3068\u3044\u3063\u305f\u81ea\u793e\u682a\u8cb7\u3044\u306e\u300c\u67a0\u300d\u3092\u767a\u8868\u3057\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u3042\u304f\u307e\u3067\u300c\u8cb7\u3046\u6a29\u5229\u3092\u5f97\u305f\u300d\u3068\u3044\u3046\u5ba3\u8a00\u306b\u904e\u304e\u305a\u3001<b data-path-to-node=\"20\" data-index-in-node=\"65\">\u6700\u5f8c\u307e\u3067\u8cb7\u3044\u5207\u308b\u7fa9\u52d9\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/b><\/p>\n<ul data-path-to-node=\"21\">\n<li>\n<p data-path-to-node=\"21,0,0\"><b data-path-to-node=\"21,0,0\" data-index-in-node=\"0\">\u30a2\u30ca\u30a6\u30f3\u30b9\u30e1\u30f3\u30c8\u52b9\u679c\u306e\u60aa\u7528\uff1a<\/b> \u682a\u4fa1\u304c\u4e0b\u304c\u3063\u305f\u3068\u304d\u306b\u767a\u8868\u3060\u3051\u3057\u3066\u5e02\u5834\u3092\u5b89\u5fc3\u3055\u305b\u3001\u5b9f\u969b\u306b\u306f\u307b\u3068\u3093\u3069\u8cb7\u3044\u4ed8\u3051\u3092\u884c\u308f\u306a\u3044\u4f01\u696d\u3082\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"21,1,0\"><b data-path-to-node=\"21,1,0\" data-index-in-node=\"0\">\u6295\u8cc7\u5bb6\u306e\u9632\u885b\u7b56\uff1a<\/b> 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2020\u5e74\u4ee3\u306e\u7c73\u56fd\u682a\u306e\u5f37\u6c17\u76f8\u5834\u306f\u3001\u4f01\u696d\u306e\u81ea\u793e\u682a\u8cb7\u3044\u304c\u6700\u5927\u306e\u8cb7\u3044\u624b\u3068\u306a\u3063\u3066\u652f\u3048\u3066\u304d\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3001\u501f\u91d1\u306b\u3088\u308b\u8cb7\u3044\u623b\u3057\u304c\u56f0\u96e3\u306b\u306a\u308b\u3068\u3001\u5e02\u5834\u304b\u3089\u5de8\u5927\u306a\u8cb7\u3044\u9700\u8981\u304c\u6d88\u5931\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"25\"><b data-path-to-node=\"25\" data-index-in-node=\"0\">\u300c\u81ea\u793e\u682a\u8cb7\u3044\u304c\u6b62\u307e\u308b\u3053\u3068\u300d\u81ea\u4f53\u304c\u3001\u682a\u4fa1\u66b4\u843d\u306e\u5f15\u304d\u91d1\u306b\u306a\u308b<\/b>\u3068\u3044\u3046\u9006\u8aac\u7684\u306a\u30ea\u30b9\u30af\u3092\u3001\u73fe\u4ee3\u306e\u6295\u8cc7\u5bb6\u306f\u5e38\u306b\u610f\u8b58\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"26\" \/>\n<h4 data-path-to-node=\"27\">\u307e\u3068\u3081\uff1a\u6295\u8cc7\u5bb6\u304c\u30c1\u30a7\u30c3\u30af\u3059\u3079\u304d\u300c3\u3064\u306e\u8d64\u4fe1\u53f7\u300d<\/h4>\n<p data-path-to-node=\"28\">\u81ea\u793e\u682a\u8cb7\u3044\u306e\u30cb\u30e5\u30fc\u30b9\u306b\u63a5\u3057\u305f\u3068\u304d\u3001\u4ee5\u4e0b\u306e\u72b6\u6cc1\u306b\u5f53\u3066\u306f\u307e\u308b\u5834\u5408\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"29\">\n<li>\n<p data-path-to-node=\"29,0,0\"><b data-path-to-node=\"29,0,0\" data-index-in-node=\"0\">\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30de\u30a4\u30ca\u30b9<\/b>\u306a\u306e\u306b\u3001\u501f\u91d1\u3084\u8cc7\u7523\u5207\u308a\u58f2\u308a\u3067\u81ea\u793e\u682a\u8cb7\u3044\u3092\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"29,1,0\"><b data-path-to-node=\"29,1,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8\u304c\u6a2a\u3070\u3044\u30fb\u6e1b\u5c11<\/b>\u3057\u3066\u3044\u308b\u306e\u306b\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3060\u3051\u3067EPS\u3092\u300c\u507d\u88c5\u300d\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"29,2,0\"><b data-path-to-node=\"29,2,0\" data-index-in-node=\"0\">\u8a2d\u5099\u6295\u8cc7\u984d\u3088\u308a\u3082\u81ea\u793e\u682a\u8cb7\u3044\u306e\u984d\u304c\u5727\u5012\u7684\u306b\u591a\u3044<\/b>\uff08\u5c06\u6765\u306e\u7a2e\u307e\u304d\u3092\u6b62\u3081\u3066\u3044\u308b\uff09\u3002<\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"30\">\u81ea\u793e\u682a\u8cb7\u3044\u306f\u3001\u512a\u308c\u305f\u7d4c\u55b6\u8005\u306e\u624b\u306b\u304b\u304b\u308c\u3070\u300c\u6700\u5f37\u306e\u6b66\u5668\u300d\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u7121\u80fd\u306a\u7d4c\u55b6\u8005\u3084\u76ee\u5148\u306e\u5229\u76ca\u3092\u8ffd\u3046\u7d4c\u55b6\u8005\u306e\u624b\u306b\u304b\u304b\u308c\u3070\u300c\u7de9\u3084\u304b\u306a\u81ea\u6bba\u300d\u306e\u624b\u6bb5\u3068\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u9055\u3044\u3092\u5224\u5225\u3067\u304d\u308b\u306e\u306f\u3001\u8868\u9762\u7684\u306a\u30cb\u30e5\u30fc\u30b9\u306b\u98db\u3073\u3064\u304b\u306a\u3044\u3001\u6df1\u3044\u6295\u8cc7\u77e5\u8b58\u3092\u6301\u3063\u305f\u6295\u8cc7\u5bb6\u3060\u3051\u306a\u306e\u3067\u3059\u3002<\/p>\n<blockquote data-path-to-node=\"31\">\n<p data-path-to-node=\"31,0\">\u81ea\u793e\u682a\u8cb7\u3044\u306f\u300c\u4f01\u696d\u306e\u5065\u5eb7\u72b6\u614b\u300d\u3092\u793a\u3059\u30d0\u30ed\u30e1\u30fc\u30bf\u30fc\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3080\u3057\u308d\u3001\u300c\u5065\u5eb7\u3092\u524a\u3063\u3066\u3067\u3082\u3001\u4eca\u304d\u308c\u3044\u306b\u898b\u305b\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\uff1f\u300d\u3068\u3044\u3046\u7591\u3044\u306e\u76ee\u3092\u6301\u3063\u3066\u5206\u6790\u3059\u308b\u3053\u3068\u304c\u3001\u5e02\u5834\u3067\u751f\u304d\u6b8b\u308b\u305f\u3081\u306e\u9244\u5247\u3067\u3059\u3002<\/p>\n<\/blockquote>\n<div><\/div>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\">GFS\u3067\u306f\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u9811\u5f35\u308b\u4ef2\u9593\u304c\u305f\u304f\u3055\u3093\u3044\u307e\u3059<\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u6709\u540d\u6295\u8cc7\u5bb6\u306e\u30e9\u30a4\u30d6\u8b1b\u7fa9\u3084\u63b2\u793a\u677f\u3001LINE\u306a\u3069\u3092\u901a\u3058\u3066\u3055\u307e\u3056\u307e\u306a\u60c5\u5831\u4ea4\u63db\u3084\u4ea4\u6d41\u304c\u3067\u304d\u307e\u3059\u3002<\/strong><br \/>\n<span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=om&amp;utm_medium=om&amp;utm_content=14519\" style=\"color: #0066c0;\">\u226b \u521d\u5fc3\u8005\u5411\u3051\u7121\u6599\u8b1b\u5ea7\uff1a\u8cc7\u7523\u5f62\u6210\u3092\u5b66\u7fd2\u3067\u304d\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u30bb\u30df\u30ca\u30fc<\/a><\/span><\/div>\n<\/div>\n<hr data-path-to-node=\"45\" \/>\n<h2 data-path-to-node=\"46\">5. \u7d50\u8ad6\uff1a\u6295\u8cc7\u77e5\u8b58\u3092\u3064\u3051\u308b\u3053\u3068\u304c\u6700\u3082\u91cd\u8981\u3067\u3042\u308b\u7406\u7531<\/h2>\n<p data-path-to-node=\"0\">\u300c\u81ea\u793e\u682a\u8cb7\u3044\u300d\u3068\u3044\u3046\u4e00\u3064\u306e\u30c6\u30fc\u30de\u3092\u6df1\u6398\u308a\u3057\u3066\u898b\u3048\u3066\u304d\u305f\u306e\u306f\u3001<strong><\/strong><span class=\"f-marker-p\"><strong>\u305d\u308c\u304c\u5358\u306a\u308b\u300c\u682a\u4fa1\u304c\u4e0a\u304c\u308b\u30cb\u30e5\u30fc\u30b9\u300d\u3067\u306f\u306a\u304f\u3001\u4f01\u696d\u306e\u8ca1\u52d9\u6226\u7565\u3001\u6cd5\u898f\u5236\u3001\u7a0e\u5236\u3001\u305d\u3057\u3066\u7d4c\u55b6\u8005\u306e\u5fc3\u7406\u304c\u8907\u96d1\u306b\u7d61\u307f\u5408\u3063\u305f\u300c\u9ad8\u5ea6\u306a\u7d4c\u6e08\u6d3b\u52d5\u300d\u3067\u3042\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u3067\u3059<\/strong><\/span>\u3002<\/p>\n<p data-path-to-node=\"1\">\u306a\u305c\u3001\u60c5\u5831\u306e\u65ad\u7247\u3092\u8ffd\u3046\u306e\u3067\u306f\u306a\u304f\u3001\u4f53\u7cfb\u7684\u306a\u300c\u6295\u8cc7\u77e5\u8b58\u300d\u3092\u8eab\u306b\u3064\u3051\u308b\u3053\u3068\u304c\u3001\u73fe\u4ee3\u3092\u751f\u304d\u308b\u79c1\u305f\u3061\u306b\u3068\u3063\u3066\u6700\u3082\u91cd\u8981\u306a\u306e\u304b\u3002\u305d\u306e\u7406\u7531\u30924\u3064\u306e\u672c\u8cea\u7684\u306a\u8996\u70b9\u304b\u3089\u7d50\u8ad6\u3065\u3051\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"2\" \/>\n<h3 data-path-to-node=\"3\">1. \u300c\u60c5\u5831\u300d\u3068\u300c\u77e5\u6075\u300d\u306e\u6c7a\u5b9a\u7684\u306a\u9055\u3044\u3092\u7406\u89e3\u3059\u308b\u305f\u3081<\/h3>\n<p data-path-to-node=\"4\">\u73fe\u4ee3\u793e\u4f1a\u306f\u60c5\u5831\u3067\u3042\u3075\u308c\u3066\u3044\u307e\u3059\u3002\u300c\u3007\u3007\u793e\u304c1000\u5104\u5186\u306e\u81ea\u793e\u682a\u8cb7\u3044\u3092\u767a\u8868\uff01\u300d\u3068\u3044\u3046\u30cb\u30e5\u30fc\u30b9\u306f\u3001\u30b9\u30de\u30db\u4e00\u3064\u3067\u8ab0\u3067\u3082\u4e00\u77ac\u3067\u624b\u306b\u5165\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u60c5\u5831\u306f\u300c\u5358\u306a\u308b\u4e8b\u5b9f\u300d\u306b\u904e\u304e\u307e\u305b\u3093\u3002<\/p>\n<p data-path-to-node=\"5\">\u6295\u8cc7\u77e5\u8b58\u3092\u6301\u3064\u4eba\u306b\u3068\u3063\u3066\u3001\u305d\u306e\u30cb\u30e5\u30fc\u30b9\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u300c\u5206\u6790\u300d\u306b\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"6\">\n<li>\n<p data-path-to-node=\"6,0,0\">\u300c\u3053\u306e1000\u5104\u5186\u306f\u3001\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7bc4\u56f2\u5185\u304b\u3001\u305d\u308c\u3068\u3082\u501f\u91d1\u304b\uff1f\u300d<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,1,0\">\u300c\u3053\u306e\u4f01\u696d\u306ePBR\u306f\u73fe\u57280.8\u500d\u3002\u89e3\u6563\u4fa1\u5024\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u304b\u3089\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306f\u6975\u3081\u3066\u5408\u7406\u7684\u306a\u5224\u65ad\u3060\u300d<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,2,0\">\u300c\u904e\u53bb3\u5e74\u3001\u3053\u306e\u4f01\u696d\u306f\u767a\u8868\u3057\u305f\u67a0\u306e30%\u3057\u304b\u5b9f\u884c\u3057\u3066\u3044\u306a\u3044\u3002\u4eca\u56de\u3082\u53e3\u5148\u3060\u3051\u306e\u53ef\u80fd\u6027\u304c\u3042\u308b\u300d<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"7\">\u77e5\u8b58\u304c\u306a\u3051\u308c\u3070\u3001\u60c5\u5831\u306e\u6ce2\u306b\u98f2\u307f\u8fbc\u307e\u308c\u3001\u8868\u9762\u7684\u306a\u52d5\u304d\u306b\u4e00\u559c\u4e00\u6182\u3059\u308b\u300c\u30ab\u30e2\u300d\u306b\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"7\"><b data-path-to-node=\"7\" data-index-in-node=\"46\"><\/b><span class=\"f-marker-p\"><b data-path-to-node=\"7\" data-index-in-node=\"46\">\u60c5\u5831\u3092\u300c\u5229\u76ca\u3092\u751f\u3080\u77e5\u6075\u300d\u306b\u5909\u63db\u3067\u304d\u308b\u306e\u306f\u3001\u571f\u53f0\u3068\u306a\u308b\u6295\u8cc7\u77e5\u8b58\u304c\u3042\u308b\u4eba\u3060\u3051<\/b>\u306a\u306e\u3067\u3059\u3002<\/span><\/p>\n<hr data-path-to-node=\"8\" \/>\n<h3 data-path-to-node=\"9\">2. \u8cc7\u672c\u4e3b\u7fa9\u306e\u300c\u30eb\u30fc\u30eb\u300d\u3092\u5473\u65b9\u306b\u3064\u3051\u308b\u305f\u3081<\/h3>\n<p data-path-to-node=\"10\">\u79c1\u305f\u3061\u304c\u751f\u304d\u3066\u3044\u308b\u306e\u306f\u8cc7\u672c\u4e3b\u7fa9\u793e\u4f1a\u3067\u3059\u3002\u3053\u306e\u793e\u4f1a\u306b\u306f\u660e\u78ba\u306a\u300c\u30eb\u30fc\u30eb\u300d\u3068\u300c\u529b\u5b66\u300d\u304c\u5b58\u5728\u3057\u307e\u3059\u3002\u81ea\u793e\u682a\u8cb7\u3044\u306e\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u77e5\u308b\u3053\u3068\u306f\u3001\u8cc7\u672c\u4e3b\u7fa9\u306b\u304a\u3051\u308b\u300c\u5bcc\u306e\u79fb\u8ee2\u300d\u306e\u4ed5\u7d44\u307f\u3092\u77e5\u308b\u3053\u3068\u306b\u4ed6\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<ul data-path-to-node=\"11\">\n<li>\n<p data-path-to-node=\"11,0,0\"><b data-path-to-node=\"11,0,0\" data-index-in-node=\"0\">\u683c\u5dee\u306e\u6b63\u4f53\uff1a<\/b> \u52b4\u50cd\u306b\u3088\u308b\u8cc3\u91d1\u4e0a\u6607\u3088\u308a\u3082\u3001\u8cc7\u672c\uff08\u682a\uff09\u306b\u3088\u308b\u8cc7\u7523\u6210\u9577\u306e\u65b9\u304c\u901f\u3044\uff08\u30d4\u30b1\u30c6\u30a3\u306e <span class=\"math-inline\" data-math=\"r &gt; g\" data-index-in-node=\"44\">r &gt; g<\/span>\uff09\u3002\u81ea\u793e\u682a\u8cb7\u3044\u306f\u3001\u4f01\u696d\u304c\u7a3c\u3044\u3060\u5229\u76ca\u3092\u300c\u682a\u4e3b\u300d\u3068\u3044\u3046\u8cc7\u672c\u63d0\u4f9b\u8005\u306b\u96c6\u7d04\u3055\u305b\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"11,1,0\"><b data-path-to-node=\"11,1,0\" data-index-in-node=\"0\">\u7121\u77e5\u306e\u30b3\u30b9\u30c8\uff1a<\/b> \u77e5\u8b58\u304c\u306a\u3044\u4eba\u306f\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3088\u3063\u3066EPS\uff081\u682a\u5229\u76ca\uff09\u304c\u5411\u4e0a\u3057\u3001\u5b9f\u8cea\u7684\u306a\u8cc7\u7523\u4fa1\u5024\u304c\u5897\u3048\u3066\u3044\u308b\u3053\u3068\u306b\u6c17\u3065\u304b\u305a\u3001\u76ee\u5148\u306e\u308f\u305a\u304b\u306a\u682a\u4fa1\u5909\u52d5\u3067\u624b\u653e\u3057\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<p 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data-path-to-node=\"15\">\u4f01\u696d\u7d4c\u55b6\u8005\u306f\u5e38\u306b\u300c\u81ea\u5206\u305f\u3061\u306f\u682a\u4e3b\u306e\u305f\u3081\u306b\u50cd\u3044\u3066\u3044\u308b\u300d\u3068\u8a00\u3044\u307e\u3059\u304c\u3001\u73fe\u5b9f\u306f\u5fc5\u305a\u3057\u3082\u305d\u3046\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<ul data-path-to-node=\"16\">\n<li>\n<p data-path-to-node=\"16,0,0\"><b data-path-to-node=\"16,0,0\" data-index-in-node=\"0\">\u30a8\u30fc\u30b8\u30a7\u30f3\u30b7\u30fc\u554f\u984c\u306e\u7406\u89e3\uff1a<\/b> 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class=\"f-marker-p\"><strong>\u300c\u6570\u5b57\u306f\u5618\u3092\u3064\u304b\u306a\u3044\u304c\u3001\u5618\u3064\u304d\u306f\u6570\u5b57\u3092\u4f7f\u3046\u300d\u3068\u3044\u3046\u8a00\u8449\u304c\u3042\u308a\u307e\u3059<\/strong>\u3002\u6295\u8cc7\u77e5\u8b58\u3068\u3044\u3046\u30d5\u30a3\u30eb\u30bf\u30fc\u3092\u901a\u3059\u3053\u3068\u3067\u3001\u7d4c\u55b6\u8005\u306e\u7518\u3044\u8a00\u8449\u306e\u88cf\u306b\u3042\u308b\u771f\u5b9f\u3092\u898b\u629c\u304f\u529b\u304c\u990a\u308f\u308c\u307e\u3059\u3002<\/span><\/p>\n<hr data-path-to-node=\"18\" \/>\n<h3 data-path-to-node=\"19\">4. \u611f\u60c5\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3057\u300c\u81ea\u5206\u8ef8\u300d\u3067\u5224\u65ad\u3059\u308b\u305f\u3081<\/h3>\n<p data-path-to-node=\"20\">\u6295\u8cc7\u3067\u5931\u6557\u3059\u308b\u6700\u5927\u306e\u539f\u56e0\u306f\u3001\u77e5\u8b58\u306e\u6b20\u5982\u3067\u306f\u306a\u304f\u3001\u77e5\u8b58\u304c\u306a\u3044\u3053\u3068\u306b\u3088\u308b\u300c\u6050\u6016\u300d\u3068\u300c\u5f37\u6b32\u300d\u306e\u66b4\u8d70\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"21\">\n<li>\n<p data-path-to-node=\"21,0,0\"><b data-path-to-node=\"21,0,0\" data-index-in-node=\"0\">\u30d1\u30cb\u30c3\u30af\u3092\u9632\u3050\uff1a<\/b> \u5e02\u5834\u304c\u66b4\u843d\u3057\u305f\u969b\u3001\u6295\u8cc7\u77e5\u8b58\u304c\u3042\u308c\u3070\u300c\u3053\u306e\u4f01\u696d\u306f\u4eca\u3001\u5272\u5b89\u3067\u81ea\u793e\u682a\u8cb7\u3044\u3092\u3057\u3066\u3044\u308b\u3002\u3080\u3057\u308d1\u682a\u3042\u305f\u308a\u306e\u4fa1\u5024\u306f\u9ad8\u307e\u3063\u3066\u3044\u308b\u300d\u3068\u51b7\u9759\u306b\u5224\u65ad\u3057\u3001\u8cb7\u3044\u5897\u3059\u52c7\u6c17\u304c\u6301\u3066\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"21,1,0\"><b data-path-to-node=\"21,1,0\" data-index-in-node=\"0\">\u30d6\u30fc\u30e0\u306b\u6d41\u3055\u308c\u306a\u3044\uff1a<\/b> \u300c\u732b\u3082\u6753\u5b50\u3082\u81ea\u793e\u682a\u8cb7\u3044\u300d\u3068\u3044\u3046\u30d6\u30fc\u30e0\u304c\u8d77\u304d\u305f\u969b\u3001\u305d\u308c\u304c\u300c\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u3067\u306e\u5371\u967a\u306a\u30ec\u30d0\u30ec\u30c3\u30b8\u300d\u3067\u3042\u308b\u3068\u77e5\u3063\u3066\u3044\u308c\u3070\u3001\u9ad8\u5024\u63b4\u307f\u3092\u907f\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"22\">\u6295\u8cc7\u77e5\u8b58\u306f\u3001\u8352\u308c\u72c2\u3046\u5e02\u5834\u3068\u3044\u3046\u6d77\u306b\u304a\u3044\u3066\u3001\u81ea\u5206\u304c\u884c\u304f\u3079\u304d\u65b9\u5411\u3092\u6307\u3057\u793a\u3059\u300c\u7f85\u91dd\u76e4\u300d\u3068\u306a\u308a\u307e\u3059\u3002\u4ed6\u4eba\u306e\u610f\u898b\u3084SNS\u306e\u5642\u306b\u60d1\u308f\u3055\u308c\u306a\u3044\u300c\u81ea\u5206\u8ef8\u300d\u306e\u5224\u65ad\u3053\u305d\u304c\u3001\u9577\u671f\u7684\u306a\u6210\u529f\u3092\u3082\u305f\u3089\u3057\u307e\u3059\u3002<\/p>\n<hr data-path-to-node=\"23\" \/>\n<h2 data-path-to-node=\"24\">\u81ea\u5df1\u6295\u8cc7\u3053\u305d\u304c\u300c\u7a76\u6975\u306e\u81ea\u793e\u682a\u8cb7\u3044\u300d<\/h2>\n<p data-path-to-node=\"25\">\u81ea\u793e\u682a\u8cb7\u3044\u304c\u300c\u4f01\u696d\u306e\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u6700\u9ad8\u306e\u6295\u8cc7\u300d\u3067\u3042\u308b\u306e\u3068\u540c\u69d8\u306b\u3001\u3042\u306a\u305f\u306b\u3068\u3063\u3066\u306e\u6700\u9ad8\u306e\u6295\u8cc7\u306f\u3001\u81ea\u5206\u81ea\u8eab\u306e\u8133\u306b\u77e5\u8b58\u3092\u84c4\u3048\u308b\u300c\u81ea\u5df1\u6295\u8cc7\u300d\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"26\">\n<li>\n<p data-path-to-node=\"26,0,0\"><b data-path-to-node=\"26,0,0\" data-index-in-node=\"0\">\u8907\u5229\u306e\u52b9\u679c\uff1a<\/b> \u82e5\u3044\u3046\u3061\u306b\u8eab\u306b\u3064\u3051\u305f\u6295\u8cc7\u77e5\u8b58\u306f\u3001\u305d\u306e\u5f8c\u306e\u6570\u5341\u5e74\u9593\u306b\u308f\u305f\u3063\u3066\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u7d9a\u3051\u3001\u96ea\u3060\u308b\u307e\u5f0f\u306b\u5897\u3048\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"26,1,0\"><b data-path-to-node=\"26,1,0\" data-index-in-node=\"0\">\u596a\u308f\u308c\u306a\u3044\u8cc7\u7523\uff1a<\/b> \u682a\u4fa1\u306f\u66b4\u843d\u3057\u3001\u73fe\u91d1\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u76ee\u6e1b\u308a\u3059\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u4e00\u5ea6\u8eab\u306b\u3064\u3051\u305f\u300c\u601d\u8003\u306e\u67a0\u7d44\u307f\u300d\u306f\u8ab0\u306b\u3082\u596a\u308f\u308c\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"27\">2026\u5e74\u73fe\u5728\u3001AI\uff08\u79c1\u306e\u3088\u3046\u306a\u5b58\u5728\uff09\u306e\u9032\u5316\u306b\u3088\u308a\u3001\u60c5\u5831\u306e\u8981\u7d04\u3084\u5206\u6790\u306f\u3088\u308a\u8eab\u8fd1\u306b\u306a\u308a\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001<b data-path-to-node=\"27\" data-index-in-node=\"50\">\u6700\u5f8c\u306b\u610f\u601d\u6c7a\u5b9a\u3092\u4e0b\u3057\u3001\u30ea\u30b9\u30af\u3092\u53d6\u308a\u3001\u305d\u306e\u679c\u5b9f\u3092\u53d7\u3051\u53d6\u308b\u306e\u306f\u300c\u3042\u306a\u305f\u81ea\u8eab\u300d\u3067\u3059\u3002<\/b><\/p>\n<p data-path-to-node=\"28\">\u81ea\u793e\u682a\u8cb7\u3044\u3068\u3044\u3046\u30c6\u30fc\u30de\u3092\u901a\u3058\u3066\u5b66\u3093\u3060\u300c\u8cc7\u672c\u306e\u8ad6\u7406\u300d\u3092\u5165\u308a\u53e3\u306b\u3001\u3055\u3089\u306b\u5e83\u304f\u6df1\u3044\u6295\u8cc7\u77e5\u8b58\u3092\u5438\u53ce\u3057\u7d9a\u3051\u3066\u304f\u3060\u3055\u3044\u3002\u305d\u306e\u77e5\u7684\u597d\u5947\u5fc3\u3053\u305d\u304c\u3001\u3042\u306a\u305f\u306e\u672a\u6765\u3092\u8c4a\u304b\u306b\u3059\u308b\u6700\u3082\u78ba\u5b9f\u306a\u8cc7\u7523\u306b\u306a\u308b\u306f\u305a\u3067\u3059\u3002<\/p>\n<blockquote data-path-to-node=\"29\">\n<p data-path-to-node=\"29,0\"><span style=\"font-size: 18pt;\"><b data-path-to-node=\"29,0\" 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