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jslog=\"197247;track:generic_click,impression,attention;BardVeMetadataKey:[[&quot;r_0126945093d6724e&quot;,&quot;c_a76684ddf95cd5e6&quot;,null,&quot;rc_eecafb6a6947968f&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\" href=\"https:\/\/www.buffett-code.com\/\" class=\"ng-star-inserted broken_link\">https:\/\/www.buffett-code.com\/<\/a><\/link-block><\/response-element>\uff09\u306f\u3001\u65e5\u672c\u306e\u5168\u4e0a\u5834\u4f01\u696d\u306e\u8ca1\u52d9\u30c7\u30fc\u30bf\u3001\u682a\u4fa1\u6307\u6a19\u3001\u696d\u7e3e\u63a8\u79fb\u306a\u3069\u3092\u8996\u899a\u7684\u306b\u3001\u304b\u3064\u76f4\u611f\u7684\u306b\u5206\u6790\u3067\u304d\u308b<b data-path-to-node=\"19\" data-index-in-node=\"85\">\u7121\u6599\uff08\u4e00\u90e8\u9ad8\u5ea6\u306a\u6a5f\u80fd\u306f\u6709\u6599\uff09\u306eWeb\u30b5\u30fc\u30d3\u30b9<\/b>\u3067\u3059\u3002<\/p>\n<p 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data-path-to-node=\"23\">\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u3067\u306f\u3001\u58f2\u4e0a\u9ad8\u3001\u55b6\u696d\u5229\u76ca\u3001\u7d14\u5229\u76ca\u3001\u305d\u3057\u3066\u4f01\u696d\u306e\u7a3c\u3050\u52b9\u7387\u3092\u793a\u3059ROE\u3084ROA\u306e\u63a8\u79fb\u304c\u3001\u7f8e\u3057\u3044\u30ab\u30e9\u30fc\u30b0\u30e9\u30d5\u30a3\u30c3\u30af\u306e\u68d2\u30b0\u30e9\u30d5\u30fb\u6298\u308c\u7dda\u30b0\u30e9\u30d5\u3067\u8868\u793a\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001<\/p>\n<ul data-path-to-node=\"24\">\n<li>\n<p data-path-to-node=\"24,0,0\">\u300c\u3053\u306e\u4f01\u696d\u306f\u6bce\u5e74\u53f3\u80a9\u4e0a\u304c\u308a\u306b\u6210\u9577\u3057\u3066\u3044\u308b\u306a\u300d<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"24,1,0\">\u300c\u666f\u6c17\u306e\u6ce2\uff08\u30b7\u30ea\u30b3\u30f3\u30b5\u30a4\u30af\u30eb\u306a\u3069\uff09\u306b\u5de6\u53f3\u3055\u308c\u3084\u3059\u3044\u4f01\u696d\u3060\u306a\u300d<\/p>\n<p data-path-to-node=\"24,1,0\">\u3068\u3044\u3046\u4f01\u696d\u306e\u300c\u7656\u300d\u3084\u300c\u30d3\u30b8\u30cd\u30b9\u306e\u9aa8\u683c\u300d\u304c\u3001\u6587\u5b57\u3092\u8aad\u307f\u8fbc\u3080\u3053\u3068\u306a\u304f\u300c\u8996\u899a\uff08\u30d3\u30b8\u30e5\u30a2\u30eb\uff09\u300d\u3068\u3057\u3066\u4e00\u77ac\u3067\u8133\u306b\u98db\u3073\u8fbc\u3093\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"25\">2.3 \u5f37\u307f\u2461\uff1a\u8907\u96d1\u306a\u6761\u4ef6\u3092\u76f4\u611f\u7684\u306b\u7d44\u3081\u308b\u300c\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u6a5f\u80fd\u300d<\/h3>\n<p data-path-to-node=\"26\">\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u306e\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\uff08\u6761\u4ef6\u691c\u7d22\uff09\u6a5f\u80fd\u306f\u6975\u3081\u3066\u5f37\u529b\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"26\">\u5358\u306b\u300cPER\u304c15\u500d\u4ee5\u4e0b\u300d\u3068\u3044\u3046\u5358\u7d14\u306a\u7d5e\u308a\u8fbc\u307f\u3060\u3051\u3067\u306a\u304f\u3001<\/p>\n<ul data-path-to-node=\"27\">\n<li>\n<p data-path-to-node=\"27,0,0\">\u300c\u904e\u53bb5\u5e74\u306e\u58f2\u4e0a\u9ad8\u5e73\u5747\u6210\u9577\u7387\u304c10%\u4ee5\u4e0a\u300d\u304b\u3064\u300c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c50%\u4ee5\u4e0a\u300d<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"27,1,0\">\u300c\u55b6\u696d\u5229\u76ca\u7387\u304c15%\u4ee5\u4e0a\u300d\u304b\u3064\u300cPBR\u304c1\u500d\u5272\u308c\u300d<\/p>\n<p data-path-to-node=\"27,1,0\">\u3068\u3044\u3063\u305f\u3001<b data-path-to-node=\"27,1,0\" data-index-in-node=\"31\">\u300c\u6210\u9577\u6027\u300d\u300c\u5b89\u5168\u6027\u300d\u300c\u52b9\u7387\u6027\u300d\u300c\u5272\u5b89\u6027\u300d\u3092\u30af\u30ed\u30b9\u3055\u305b\u305f\u9ad8\u5ea6\u306a\u6761\u4ef6\u8a2d\u5b9a<\/b>\u304c\u3001\u30d7\u30ed\u30b0\u30e9\u30df\u30f3\u30b0\u306e\u77e5\u8b58\u306a\u3057\u3067\u3001\u30d7\u30eb\u30c0\u30a6\u30f3\u3068\u6570\u5024\u5165\u529b\u3060\u3051\u3067\u7c21\u5358\u306b\u5b9f\u73fe\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"28\">2.4 \u5f37\u307f\u2462\uff1a\u7af6\u5408\u4ed6\u793e\u6bd4\u8f03\uff08\u30d4\u30a2\u30b3\u30f3\u30d7\uff09\u304c\u30ef\u30f3\u30af\u30ea\u30c3\u30af\u3067\u5b8c\u4e86<\/h3>\n<p data-path-to-node=\"29\">\u6295\u8cc7\u5019\u88dc\u306e\u4f01\u696d\uff08\u4f8b\u3048\u3070\u30c8\u30e8\u30bf\u81ea\u52d5\u8eca\uff09\u3092\u898b\u3064\u3051\u305f\u3068\u304d\u3001\u6b21\u306b\u6c17\u306b\u306a\u308b\u306e\u306f\u300c\u65e5\u7523\u3084\u30db\u30f3\u30c0\u3001\u30de\u30c4\u30c0\u3068\u3044\u3063\u305f\u30e9\u30a4\u30d0\u30eb\u4f01\u696d\u3068\u6bd4\u3079\u3066\u3001\u3069\u3061\u3089\u304c\u512a\u79c0\u3067\u3001\u3069\u3061\u3089\u304c\u5272\u5b89\u304b\uff1f\u300d\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3053\u308c\u3092\u300c\u7af6\u5408\u6bd4\u8f03\uff08Peer Comparison\uff09\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"30\">\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u3067\u306f\u3001\u4f01\u696d\u30da\u30fc\u30b8\u306e\u4e0b\u90e8\u306b\u81ea\u52d5\u7684\u306b\u540c\u696d\u4ed6\u793e\u304c\u30ea\u30b9\u30c8\u30a2\u30c3\u30d7\u3055\u308c\u3001\u6642\u4fa1\u7dcf\u984d\u3001PER\u3001PBR\u3001ROE\u3001\u914d\u5f53\u5229\u56de\u308a\u306a\u3069\u306e\u4e3b\u8981\u6307\u6a19\u304c\u6a2a\u4e26\u3073\u306e\u8868\u3067\u4e00\u767a\u8868\u793a\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u300c\u696d\u754c\u5185\u3067\u6700\u3082\u5272\u5b89\u653e\u7f6e\u3055\u308c\u3066\u3044\u308b\u304a\u5b9d\u682a\u300d\u3084\u300c\u696d\u754c\u5185\u3067\u5727\u5012\u7684\u306a\u738b\u8005\u306e\u98a8\u683c\u3092\u6301\u3064\u4f01\u696d\u300d\u3092\u77ac\u6642\u306b\u898b\u5206\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"31\">2.5 \u4ed6\u306e\u30c4\u30fc\u30eb\uff08\u56db\u5b63\u5831\u30aa\u30f3\u30e9\u30a4\u30f3\u3001\u8a3c\u5238\u4f1a\u793e\u30c4\u30fc\u30eb\uff09\u3068\u306e\u6bd4\u8f03<\/h3>\n<p data-path-to-node=\"32\">\u3053\u3053\u3067\u3001\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u3068\u4ed6\u306e\u4e3b\u8981\u306a\u5206\u6790\u30c4\u30fc\u30eb\u306e\u9055\u3044\u3092\u6574\u7406\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<table data-path-to-node=\"33\">\n<thead>\n<tr>\n<td><strong>\u30c4\u30fc\u30eb\u540d<\/strong><\/td>\n<td><strong>\u9577\u6240<\/strong><\/td>\n<td><strong>\u77ed\u6240<\/strong><\/td>\n<td><strong>\u304a\u3059\u3059\u3081\u306e\u7528\u9014<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"33,1,0,0\"><b data-path-to-node=\"33,1,0,0\" data-index-in-node=\"0\">\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"33,1,1,0\">\u30fbUI\u304c\u629c\u7fa4\u306b\u7f8e\u3057\u3044<\/p>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"33,1,1,2\">\u30fb\u9577\u671f\u8ca1\u52d9\u30c7\u30fc\u30bf\u304c\u8c4a\u5bcc<\/p>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"33,1,1,4\">\u30fb\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u304c\u76f4\u611f\u7684<\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"33,1,2,0\">\u30fb\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306e\u677f\u60c5\u5831\u306a\u3069\u306f\u306a\u3044<\/p>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"33,1,2,2\">\u30fb\u4e00\u90e8\u8a73\u7d30\u30c7\u30fc\u30bf\u306f\u30d7\u30ec\u30df\u30a2\u30e0\u4f1a\u54e1\u9650\u5b9a<\/p>\n<\/td>\n<td><span data-path-to-node=\"33,1,3,0\"><b data-path-to-node=\"33,1,3,0\" data-index-in-node=\"0\">\u4e2d\u9577\u671f\u306e\u8ca1\u52d9\u5206\u6790\u3001\u6761\u4ef6\u5225\u306e\u9298\u67c4\u4e00\u62ec\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3001\u7af6\u5408\u6bd4\u8f03<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"33,2,0,0\"><b data-path-to-node=\"33,2,0,0\" data-index-in-node=\"0\">\u4f1a\u793e\u56db\u5b63\u5831\u30aa\u30f3\u30e9\u30a4\u30f3<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"33,2,1,0\">\u30fb\u8a18\u8005\u306e\u72ec\u81ea\u53d6\u6750\u30b3\u30e1\u30f3\u30c8\u304c\u3042\u308b<\/p>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"33,2,1,2\">\u30fb\u72ec\u81ea\u4e88\u60f3\u696d\u7e3e\u304c\u8aad\u3081\u308b<\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"33,2,2,0\">\u30fb\u7121\u6599\u7248\u306e\u5236\u9650\u304c\u53b3\u3057\u3044<\/p>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"33,2,2,2\">\u30fb\u753b\u9762\u306e\u30c7\u30b6\u30a4\u30f3\u304c\u3084\u3084\u786c\u304f\u3001\u521d\u5fc3\u8005\u306b\u306f\u8907\u96d1<\/p>\n<\/td>\n<td><span data-path-to-node=\"33,2,3,0\"><b data-path-to-node=\"33,2,3,0\" data-index-in-node=\"0\">\u4f01\u696d\u306e\u4e8b\u696d\u5185\u5bb9\u306e\u5b9a\u6027\u5206\u6790\u3001\u72ec\u81ea\u696d\u7e3e\u4e88\u60f3\u306e\u30c1\u30a7\u30c3\u30af<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"33,3,0,0\"><b data-path-to-node=\"33,3,0,0\" data-index-in-node=\"0\">\u697d\u5929\u30fbSBI\u7b49\u306e\u8a3c\u5238\u30c4\u30fc\u30eb<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"33,3,1,0\">\u30fb\u305d\u306e\u307e\u307e\u767a\u6ce8\u3067\u304d\u308b<\/p>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"33,3,1,2\">\u30fb\u30cb\u30e5\u30fc\u30b9\u306e\u9023\u52d5\u6027\u304c\u9ad8\u3044<\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"33,3,2,0\">\u30fb\u8ca1\u52d9\u30c7\u30fc\u30bf\u306e\u904e\u53bb\u63a8\u79fb\u30b0\u30e9\u30d5\u304c\u8ca7\u5f31\u306a\u5834\u5408\u304c\u3042\u308b<\/p>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"33,3,2,2\">\u30fb\u30c4\u30fc\u30eb\u3054\u3068\u306b\u64cd\u4f5c\u6027\u304c\u5927\u304d\u304f\u7570\u306a\u308b<\/p>\n<\/td>\n<td><span data-path-to-node=\"33,3,3,0\"><b data-path-to-node=\"33,3,3,0\" data-index-in-node=\"0\">\u65e5\u3005\u306e\u682a\u4fa1\u30c1\u30a7\u30c3\u30af\u3001\u5b9f\u969b\u306e\u58f2\u8cb7\u767a\u6ce8\u3001\u77ed\u671f\u30c8\u30ec\u30fc\u30c9<\/b><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"34\">\u7d50\u8ad6\u3068\u3057\u3066\u3001<b data-path-to-node=\"34\" data-index-in-node=\"6\">\u300c\u9298\u67c4\u3092\u63a2\u3059\uff08\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\uff09\u300d\u300c\u4f01\u696d\u306e\u5065\u5eb7\u72b6\u614b\u3092\u8a3a\u65ad\u3059\u308b\uff08\u8ca1\u52d9\u5206\u6790\uff09\u300d\u3068\u3044\u3046\u30d5\u30a7\u30fc\u30ba\u306b\u304a\u3044\u3066\u306f\u3001\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u306e\u53f3\u306b\u51fa\u308b\u30c4\u30fc\u30eb\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/b><\/p>\n<h2 data-path-to-node=\"36\">\u7b2c3\u7ae0\uff1a\u3010\u5b8c\u5168\u56f3\u89e3\u3011\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u306e\u57fa\u672c\u7684\u306a\u4f7f\u3044\u65b9<\/h2>\n<p data-path-to-node=\"37\">\u3053\u306e\u7ae0\u3067\u306f\u3001\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u3092\u4eca\u65e5\u304b\u3089\u4f7f\u3044\u3053\u306a\u3059\u305f\u3081\u306e\u3001\u57fa\u672c\u7684\u306a\u64cd\u4f5c\u624b\u9806\u3092\u30b9\u30c6\u30c3\u30d7\u30fb\u30d0\u30a4\u30fb\u30b9\u30c6\u30c3\u30d7\u3067\u89e3\u8aac\u3057\u307e\u3059\u3002\u30d1\u30bd\u30b3\u30f3\uff08PC\uff09\u306e\u753b\u9762\u3092\u30a4\u30e1\u30fc\u30b8\u3057\u306a\u304c\u3089\u8aad\u307f\u9032\u3081\u3066\u304f\u3060\u3055\u3044\uff08\u30b9\u30de\u30fc\u30c8\u30d5\u30a9\u30f3\u3067\u3082\u307b\u307c\u540c\u69d8\u306e\u64cd\u4f5c\u304c\u53ef\u80fd\u3067\u3059\uff09\u3002<\/p>\n<h3 data-path-to-node=\"38\">3.1 \u30c8\u30c3\u30d7\u753b\u9762\u306e\u69cb\u6210\u3068\u691c\u7d22\u7a93\u306e\u6d3b\u7528\u6cd5<\/h3>\n<p data-path-to-node=\"39\">\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u306e\u30c8\u30c3\u30d7\u30da\u30fc\u30b8\u306b\u30a2\u30af\u30bb\u30b9\u3059\u308b\u3068\u3001\u975e\u5e38\u306b\u30b7\u30f3\u30d7\u30eb\u3067\u6d17\u7df4\u3055\u308c\u305f\u691c\u7d22\u7a93\u304c\u4e2d\u592e\u306b\u73fe\u308c\u307e\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"40\">\n<li>\n<p data-path-to-node=\"40,0,0\"><b data-path-to-node=\"40,0,0\" data-index-in-node=\"0\">\u4f01\u696d\u540d\u30fb\u8a3c\u5238\u30b3\u30fc\u30c9\u3067\u306e\u691c\u7d22\uff1a<\/b><\/p>\n<p data-path-to-node=\"40,0,0\">\u691c\u7d22\u7a93\u306b\u300c7203\u300d\u3068\u8a3c\u5238\u30b3\u30fc\u30c9\u3092\u5165\u529b\u3059\u308b\u304b\u3001\u300c\u30c8\u30e8\u30bf\u300d\u3068\u4f01\u696d\u540d\u3092\u5165\u529b\u3057\u3066\u30a8\u30f3\u30bf\u30fc\u30ad\u30fc\u3092\u62bc\u3059\u3068\u3001\u5373\u5ea7\u306b\u305d\u306e\u4f01\u696d\u306e\u8a73\u7d30\u30da\u30fc\u30b8\u306b\u98db\u3073\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"40,1,0\"><b data-path-to-node=\"40,1,0\" data-index-in-node=\"0\">\u30ad\u30fc\u30ef\u30fc\u30c9\u691c\u7d22\uff1a<\/b><\/p>\n<p data-path-to-node=\"40,1,0\">\u300c\u534a\u5c0e\u4f53\u300d\u300cAI\u300d\u300cDX\u300d\u300c\u9ad8\u914d\u5f53\u300d\u3068\u3044\u3063\u305f\u3001\u4eca\u8a71\u984c\u306e\u30ad\u30fc\u30ef\u30fc\u30c9\u3084\u30c6\u30fc\u30de\u3092\u5165\u529b\u3059\u308b\u3053\u3068\u3067\u3001\u305d\u308c\u306b\u95a2\u9023\u3059\u308b\u4f01\u696d\u3092\u4e00\u89a7\u8868\u793a\u3059\u308b\u3053\u3068\u3082\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"41\">3.2 \u4f01\u696d\u500b\u5225\u30da\u30fc\u30b8\u306e\u300c4\u3064\u306e\u30bf\u30d6\u300d\u3092\u30de\u30b9\u30bf\u30fc\u3059\u308b<\/h3>\n<p data-path-to-node=\"42\">\u7279\u5b9a\u306e\u4f01\u696d\u30da\u30fc\u30b8\u3092\u958b\u304f\u3068\u3001\u4e0a\u90e8\u306b\u3044\u304f\u3064\u304b\u306e\u30bf\u30d6\u304c\u8868\u793a\u3055\u308c\u307e\u3059\u3002\u3053\u3053\u3092\u6b63\u3057\u304f\u898b\u308b\u3053\u3068\u304c\u3001\u4f01\u696d\u5206\u6790\u306e\u57fa\u672c\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"43\">\u2460\u300c\u696d\u7e3e\u300d\u30bf\u30d6 \u2014\u2014 \u4f01\u696d\u306e\u904e\u53bb\u30fb\u73fe\u5728\u30fb\u672a\u6765\u306e\u30c8\u30ec\u30f3\u30c9\u3092\u63b4\u3080<\/h4>\n<p data-path-to-node=\"44\">\u3053\u3053\u306b\u306f\u3001\u58f2\u4e0a\u9ad8\u3001\u55b6\u696d\u5229\u76ca\u3001\u7d4c\u5e38\u5229\u76ca\u3001\u5f53\u671f\u7d14\u5229\u76ca\u306e\u63a8\u79fb\u304c\u30b0\u30e9\u30d5\u3067\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"45\">\n<li>\n<p data-path-to-node=\"45,0,0\"><b data-path-to-node=\"45,0,0\" data-index-in-node=\"0\">\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8\uff1a<\/b> 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data-path-to-node=\"47\">ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u3001ROA\uff08\u7dcf\u8cc7\u7523\u5229\u76ca\u7387\uff09\u3001\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3001D\/E\u30ec\u30b7\u30aa\uff08\u8ca0\u50b5\u8cc7\u672c\u500d\u7387\uff09\u306a\u3069\u306e\u91cd\u8981\u6307\u6a19\u304c\u4e26\u3073\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"48\">\n<li>\n<p data-path-to-node=\"48,0,0\"><b data-path-to-node=\"48,0,0\" data-index-in-node=\"0\">\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8\uff1a<\/b> \u30a6\u30a9\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u304c\u6700\u3082\u91cd\u8996\u3059\u308b\u6307\u6a19\u306e\u4e00\u3064\u304c<b data-path-to-node=\"48,0,0\" data-index-in-node=\"33\">ROE<\/b>\u3067\u3059\u3002\u3053\u308c\u304c\u5e38\u306b10%\u301c15%\u4ee5\u4e0a\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\u4f01\u696d\u306f\u3001\u682a\u4e3b\u304b\u3089\u9810\u304b\u3063\u305f\u304a\u91d1\u3092\u52b9\u7387\u3088\u304f\u5897\u3084\u3057\u3066\u3044\u308b\u300c\u512a\u79c0\u306a\u7d4c\u55b6\u9663\u300d\u304c\u3044\u308b\u8a3c\u62e0\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"49\">\u2462\u300c\u8ca1\u52d9\u300d\u30bf\u30d6 \u2014\u2014 \u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\uff08B\/S\uff09\u3092\u30d3\u30b8\u30e5\u30a2\u30eb\u3067\u7406\u89e3\u3059\u308b<\/h4>\n<p data-path-to-node=\"50\">\u4f01\u696d\u306e\u300c\u8cc7\u7523\u300d\u300c\u8ca0\u50b5\u300d\u300c\u7d14\u8cc7\u7523\u300d\u306e\u5185\u8a33\u304c\u3001\u30ab\u30e9\u30d5\u30eb\u306a\u56db\u89d2\u5f62\u306e\u30b0\u30e9\u30d5\uff08\u9762\u7a4d\u30b0\u30e9\u30d5\uff09\u3067\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"51\">\n<li>\n<p data-path-to-node=\"51,0,0\"><b data-path-to-node=\"51,0,0\" data-index-in-node=\"0\">\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8\uff1a<\/b> \u53f3\u5074\u306e\u300c\u7d14\u8cc7\u7523\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u300d\u306e\u5272\u5408\u304c\u5927\u304d\u304f\u3001\u5de6\u5074\u306e\u300c\u73fe\u9810\u91d1\u300d\u304c\u6f64\u6ca2\u306b\u3042\u308b\u4f01\u696d\u306f\u3001\u4e07\u304c\u4e00\u4e0d\u666f\u6c17\u304c\u6765\u3066\u3082\u7d76\u5bfe\u306b\u5012\u7523\u3057\u306a\u3044\u300c\u7b4b\u8089\u8cea\u306a\u8ca1\u52d9\u69cb\u9020\u300d\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"52\">\u2463\u300c\u914d\u5f53\u300d\u30bf\u30d6 \u2014\u2014 \u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\u6295\u8cc7\u5bb6\u306e\u8056\u5730<\/h4>\n<p data-path-to-node=\"53\">\u914d\u5f53\u91d1\u306e\u63a8\u79fb\u3001\u914d\u5f53\u5229\u56de\u308a\u3001\u305d\u3057\u3066\u300c\u914d\u5f53\u6027\u5411\uff08\u5229\u76ca\u306e\u3046\u3061\u4f55\uff05\u3092\u914d\u5f53\u306b\u56de\u3057\u305f\u304b\uff09\u300d\u304c\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"54\">\n<li>\n<p data-path-to-node=\"54,0,0\"><b data-path-to-node=\"54,0,0\" data-index-in-node=\"0\">\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8\uff1a<\/b> \u914d\u5f53\u91d1\u304c\u6bce\u5e74\u5897\u3048\u3066\u3044\u308b\u300c\u5897\u914d\u4f01\u696d\u300d\u3092\u898b\u3064\u3051\u308b\u306e\u306b\u6700\u9069\u3067\u3059\u3002\u914d\u5f53\u6027\u5411\u304c100%\u3092\u8d85\u3048\u3066\u3044\u308b\u4f01\u696d\u306f\u3001\u7121\u7406\u3092\u3057\u3066\u8caf\u91d1\u3092\u5207\u308a\u5d29\u3057\u3066\u914d\u5f53\u3092\u51fa\u3057\u3066\u3044\u308b\uff08\u30bf\u30b3\u8db3\u914d\u5f53\uff09\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"55\">3.3 \u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u753b\u9762\u3078\u306e\u30a2\u30af\u30bb\u30b9\u3068\u57fa\u672c\u64cd\u4f5c<\/h3>\n<p data-path-to-node=\"56\">\u30c8\u30c3\u30d7\u753b\u9762\u306e\u4e0a\u90e8\u30e1\u30cb\u30e5\u30fc\u306b\u3042\u308b\u300c\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u300d\u3092\u30af\u30ea\u30c3\u30af\u3059\u308b\u3068\u3001\u6761\u4ef6\u6307\u5b9a\u753b\u9762\u306b\u79fb\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"57\">\u753b\u9762\u306f\u5927\u304d\u304f\u5206\u3051\u3066\u300c\u6761\u4ef6\u6307\u5b9a\u30a8\u30ea\u30a2\uff08\u5de6\u301c\u4e0a\u90e8\uff09\u300d<b data-path-to-node=\"57\" data-index-in-node=\"24\">\u3068<\/b>\u300c\u691c\u7d22\u7d50\u679c\u4e00\u89a7\uff08\u4e0b\u90e8\uff09\u300d\u306b\u5206\u304b\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"58\">\n<li>\n<p data-path-to-node=\"58,0,0\"><b data-path-to-node=\"58,0,0\" data-index-in-node=\"0\">\u30ab\u30c6\u30b4\u30ea\u9078\u629e\uff1a<\/b> \u300c\u682a\u4fa1\u6307\u6a19\u300d\u300c\u53ce\u76ca\u6027\u300d\u300c\u6210\u9577\u6027\u300d\u300c\u5b89\u5168\u6027\u300d\u306a\u3069\u306e\u30ab\u30c6\u30b4\u30ea\u304b\u3089\u3001\u81ea\u5206\u304c\u4f7f\u3044\u305f\u3044\u6307\u6a19\uff08\u4f8b\uff1aPER\uff09\u3092\u9078\u3073\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"58,1,0\"><b data-path-to-node=\"58,1,0\" data-index-in-node=\"0\">\u6761\u4ef6\u5f0f\u30fb\u6570\u5024\u5165\u529b\uff1a<\/b> \u300c\u4ee5\u4e0b\u300d\u300c\u4ee5\u4e0a\u300d\u300c\u7b49\u3057\u3044\u300d\u306a\u3069\u306e\u6761\u4ef6\u3092\u9078\u629e\u3057\u3001\u6570\u5024\u3092\u5165\u529b\u3057\u307e\u3059\uff08\u4f8b\uff1aPER\u300c15\u300d\u300c\u4ee5\u4e0b\u300d\uff09\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"58,2,0\"><b data-path-to-node=\"58,2,0\" data-index-in-node=\"0\">\u691c\u7d22\u5b9f\u884c\uff1a<\/b> \u300c\u691c\u7d22\u300d\u30dc\u30bf\u30f3\u3092\u62bc\u3059\u3068\u3001\u4e00\u77ac\u306b\u3057\u3066\u6761\u4ef6\u306b\u5408\u81f4\u3057\u305f\u4f01\u696d\u304c\u30ba\u30e9\u30ea\u3068\u4e00\u89a7\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"59\">\u6b21\u306e\u7ae0\u304b\u3089\u306f\u3001\u3053\u306e\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u6a5f\u80fd\u3092\u4f7f\u3063\u3066\u3001\u5177\u4f53\u7684\u306b\u3069\u306e\u3088\u3046\u306a\u6570\u5024\u3092\u8a2d\u5b9a\u3059\u3079\u304d\u304b\u3001\u6226\u7565\u5225\u306b\u6df1\u304f\u6398\u308a\u4e0b\u3052\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h2 data-path-to-node=\"61\">\u7b2c4\u7ae0\uff1a\u57fa\u790e\u77e5\u8b58 \u2014\u2014 \u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3067\u7d76\u5bfe\u306b\u5916\u305b\u306a\u3044\u6700\u91cd\u8981\u6307\u6a1910\u9078<\/h2>\n<p data-path-to-node=\"62\">\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306e\u6761\u4ef6\u3092\u8a2d\u5b9a\u3059\u308b\u524d\u306b\u3001\u305d\u3053\u3067\u4f7f\u308f\u308c\u308b\u300c\u5c02\u9580\u7528\u8a9e\uff08\u6307\u6a19\uff09\u300d\u306e\u610f\u5473\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u81ea\u52d5\u8eca\u306e\u904b\u8ee2\u3067\u8a00\u3048\u3070\u3001\u30a2\u30af\u30bb\u30eb\u3068\u30d6\u30ec\u30fc\u30ad\u3001\u30b9\u30d4\u30fc\u30c9\u30e1\u30fc\u30bf\u30fc\u306e\u610f\u5473\u3092\u77e5\u308b\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"63\">\u521d\u5fc3\u8005\u306e\u65b9\u3067\u3082\u5b8c\u5168\u306b\u7406\u89e3\u3067\u304d\u308b\u3088\u3046\u3001\u6570\u5f0f\u3092\u4ea4\u3048\u3064\u3064\u3001\u76f4\u611f\u7684\u306a\u8a00\u8449\u3067\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"64\">4.1 \u5272\u5b89\u6027\u3092\u6e2c\u308b\u6307\u6a19\uff08\u30d0\u30ea\u30e5\u30fc\u6295\u8cc7\u306e\u57fa\u672c\uff09<\/h3>\n<h4 data-path-to-node=\"65\">\u2460 PER\uff08Price Earnings Ratio\uff1a\u682a\u4fa1\u53ce\u76ca\u7387\uff09<\/h4>\n<ul data-path-to-node=\"66\">\n<li>\n<p data-path-to-node=\"66,0,0\"><b data-path-to-node=\"66,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\u5f0f\uff1a<\/b><\/p>\n<div data-path-to-node=\"66,0,1\">\n<div class=\"math-block\" data-math=\"\\text{PER} = \\frac{\\text{\u682a\u4fa1}}{\\text{1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca (EPS)}}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.07.59-300x51.png\" alt=\"\" width=\"365\" height=\"62\" class=\"alignnone  wp-image-25465\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.07.59-300x51.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.07.59-768x129.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.07.59.png 854w\" sizes=\"(max-width: 365px) 100vw, 365px\" \/><\/div>\n<\/div>\n<\/li>\n<li>\n<p data-path-to-node=\"66,1,0\"><b data-path-to-node=\"66,1,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b> \u4f01\u696d\u306e\u300c\u7d14\u5229\u76ca\u300d\u306b\u5bfe\u3057\u3066\u3001\u682a\u4fa1\u304c\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002\u300c\u305d\u306e\u4f01\u696d\u304c\u4eca\u306e\u30da\u30fc\u30b9\u3067\u5229\u76ca\u3092\u4e0a\u3052\u7d9a\u3051\u305f\u5834\u5408\u3001\u6295\u8cc7\u8cc7\u91d1\u3092\u4f55\u5e74\u3067\u56de\u53ce\u3067\u304d\u308b\u304b\u300d\u3068\u8a00\u3044\u63db\u3048\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"66,2,0\"><b data-path-to-node=\"66,2,0\" data-index-in-node=\"0\">\u76ee\u5b89\uff1a<\/b> \u65e5\u672c\u5e02\u5834\u306e\u5e73\u5747\u306f\u4e00\u822c\u7684\u306b<b data-path-to-node=\"66,2,0\" data-index-in-node=\"16\">14\u500d\u301c16\u500d<\/b>\u7a0b\u5ea6\u3067\u3059\u3002\u3053\u308c\u3088\u308a\u4f4e\u3051\u308c\u3070\u5272\u5b89\u3001\u9ad8\u3051\u308c\u3070\u5272\u9ad8\uff08\u307e\u305f\u306f\u6210\u9577\u671f\u5f85\u304c\u9ad8\u3044\uff09\u3068\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"67\">\u2461 PBR\uff08Price Book-value Ratio\uff1a\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09<\/h4>\n<ul data-path-to-node=\"68\">\n<li>\n<p data-path-to-node=\"68,0,0\"><b data-path-to-node=\"68,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\u5f0f\uff1a<\/b><\/p>\n<div data-path-to-node=\"68,0,1\">\n<div class=\"math-block\" data-math=\"\\text{PBR} = \\frac{\\text{\u682a\u4fa1}}{\\text{1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523 (BPS)}}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.08.33-300x61.png\" alt=\"\" width=\"354\" height=\"72\" class=\"alignnone  wp-image-25467\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.08.33-300x61.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.08.33.png 710w\" sizes=\"(max-width: 354px) 100vw, 354px\" \/><\/div>\n<\/div>\n<\/li>\n<li>\n<p data-path-to-node=\"68,1,0\"><b data-path-to-node=\"68,1,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b> \u4f01\u696d\u306e\u300c\u7d14\u8cc7\u7523\uff08\u89e3\u6563\u4fa1\u5024\uff09\u300d\u306b\u5bfe\u3057\u3066\u3001\u682a\u4fa1\u304c\u4f55\u500d\u304b\u3092\u793a\u3057\u307e\u3059\u3002\u4eee\u306b\u4f01\u696d\u304c\u4eca\u3059\u3050\u4f1a\u793e\u3092\u89e3\u6563\u3057\u3066\u8cc7\u7523\u3092\u5168\u54e1\u3067\u5206\u3051\u305f\u5834\u5408\u3001\u624b\u5143\u306b\u6b8b\u308b\u4fa1\u5024\u3068\u682a\u4fa1\u306e\u6bd4\u8f03\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"68,2,0\"><b data-path-to-node=\"68,2,0\" data-index-in-node=\"0\">\u76ee\u5b89\uff1a<\/b> <b data-path-to-node=\"68,2,0\" data-index-in-node=\"4\">1.0\u500d<\/b>\u304c\u7d76\u5bfe\u7684\u306a\u57fa\u6e96\u3067\u3059\u3002PBR\u304c1\u500d\u3092\u5272\u3063\u3066\u3044\u308b\uff080.8\u500d\u306a\u3069\uff09\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u300c\u4f1a\u793e\u3092\u5b58\u7d9a\u3055\u305b\u308b\u3088\u308a\u3082\u3001\u4eca\u3059\u3050\u89e3\u6563\u3057\u3066\u8cc7\u7523\u3092\u5207\u308a\u58f2\u308a\u3057\u305f\u65b9\u304c\u4fa1\u5024\u304c\u3042\u308b\u300d\u3068\u3044\u3046\u3001\u7570\u5e38\u306a\u5272\u5b89\u72b6\u614b\uff08\u307e\u305f\u306f\u5e02\u5834\u304b\u3089\u4fe1\u983c\u3055\u308c\u3066\u3044\u306a\u3044\u72b6\u614b\uff09\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"69\">4.2 \u53ce\u76ca\u6027\u30fb\u52b9\u7387\u6027\u3092\u6e2c\u308b\u6307\u6a19\uff08\u7a3c\u3050\u529b\u3092\u8a55\u4fa1\u3059\u308b\uff09<\/h3>\n<h4 data-path-to-node=\"70\">\u2462 ROE\uff08Return on Equity\uff1a\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/h4>\n<ul data-path-to-node=\"71\">\n<li>\n<p data-path-to-node=\"71,0,0\"><b data-path-to-node=\"71,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\u5f0f\uff1a<\/b><\/p>\n<div data-path-to-node=\"71,0,1\">\n<div class=\"math-block\" data-math=\"\\text{ROE} = \\frac{\\text{\u5f53\u671f\u7d14\u5229\u76ca}}{\\text{\u81ea\u5df1\u8cc7\u672c\uff08\u682a\u4e3b\u8cc7\u672c\uff09}} \\times 100 \\, (\\%)\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.09.02-300x46.png\" alt=\"\" width=\"378\" height=\"58\" class=\"alignnone  wp-image-25468\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.09.02-300x46.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.09.02-768x118.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.09.02.png 914w\" sizes=\"(max-width: 378px) 100vw, 378px\" \/><\/div>\n<\/div>\n<\/li>\n<li>\n<p data-path-to-node=\"71,1,0\"><b data-path-to-node=\"71,1,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b> \u682a\u4e3b\u304c\u51fa\u8cc7\u3057\u305f\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u3092\u4f7f\u3063\u3066\u3001\u7d4c\u55b6\u9663\u304c\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u5229\u76ca\u3092\u7a3c\u304e\u51fa\u3057\u305f\u304b\u3068\u3044\u3046\u300c\u8cc7\u91d1\u306e\u904b\u7528\u52b9\u7387\u300d\u3092\u793a\u3057\u307e\u3059\u3002\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u304c\u6700\u3082\u611b\u3059\u308b\u6307\u6a19\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"71,2,0\"><b data-path-to-node=\"71,2,0\" data-index-in-node=\"0\">\u76ee\u5b89\uff1a<\/b> \u65e5\u672c\u4f01\u696d\u3067\u306f<b data-path-to-node=\"71,2,0\" data-index-in-node=\"10\">8%\u4ee5\u4e0a<\/b>\u304c\u512a\u826f\u4f01\u696d\u306e\u76ee\u5b89\u3001<b data-path-to-node=\"71,2,0\" data-index-in-node=\"23\">10%\u301c15%\u4ee5\u4e0a<\/b>\u3042\u308c\u3070\u8d85\u4e00\u6d41\u3068\u307f\u306a\u3055\u308c\u307e\u3059\u3002\u7c73\u56fd\u306e\u512a\u826f\u4f01\u696d\uff08\u30a2\u30c3\u30d7\u30eb\u3084\u30de\u30a4\u30af\u30ed\u30bd\u30d5\u30c8\u306a\u3069\uff09\u306f\u6570\u5341\uff05\u3068\u3044\u3046\u9a5a\u7570\u7684\u306aROE\u3092\u8a87\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"72\">\u2463 \u55b6\u696d\u5229\u76ca\u7387\uff08Operating Profit Margin\uff09<\/h4>\n<ul data-path-to-node=\"73\">\n<li>\n<p data-path-to-node=\"73,0,0\"><b data-path-to-node=\"73,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\u5f0f\uff1a<\/b><\/p>\n<div data-path-to-node=\"73,0,1\">\n<div class=\"math-block\" data-math=\"\\text{\u55b6\u696d\u5229\u76ca\u7387} = \\frac{\\text{\u55b6\u696d\u5229\u76ca}}{\\text{\u58f2\u4e0a\u9ad8}} \\times 100 \\, (\\%)\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.09.42-300x56.png\" alt=\"\" width=\"386\" height=\"72\" class=\"alignnone  wp-image-25469\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.09.42-300x56.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.09.42-768x143.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.09.42-767x146.png 767w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.09.42.png 784w\" sizes=\"(max-width: 386px) 100vw, 386px\" \/><\/div>\n<\/div>\n<\/li>\n<li>\n<p data-path-to-node=\"73,1,0\"><b data-path-to-node=\"73,1,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b> \u672c\u696d\u306e\u30d3\u30b8\u30cd\u30b9\u305d\u306e\u3082\u306e\u304c\u3001\u3069\u308c\u3060\u3051\u5132\u304b\u308b\u304b\u3068\u3044\u3046\u300c\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306e\u5f37\u3055\u300d\u3092\u793a\u3057\u307e\u3059\u3002\u539f\u4fa1\u304c\u4f4e\u304f\u3001\u9ad8\u3044\u4fa1\u683c\u3067\u58f2\u308c\u308b\u5546\u54c1\uff08\u30d6\u30e9\u30f3\u30c9\u529b\u306e\u3042\u308b\u88fd\u54c1\u3084\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\uff09\u3092\u6301\u3064\u4f01\u696d\u306f\u3001\u3053\u306e\u5024\u304c\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"73,2,0\"><b data-path-to-node=\"73,2,0\" data-index-in-node=\"0\">\u76ee\u5b89\uff1a<\/b> \u5168\u7523\u696d\u5e73\u5747\u306f\u7d045%\u301c7%\u3067\u3059\u3002<b data-path-to-node=\"73,2,0\" data-index-in-node=\"19\">10%\u4ee5\u4e0a<\/b>\u3042\u308c\u3070\u512a\u79c0\u3001<b data-path-to-node=\"73,2,0\" data-index-in-node=\"30\">20%\u3092\u8d85\u3048\u308b\u3068<\/b>\u5727\u5012\u7684\u306a\u7af6\u4e89\u512a\u4f4d\u6027\uff08\u53c2\u5165\u969c\u58c1\u3084\u30d6\u30e9\u30f3\u30c9\u529b\uff09\u3092\u6301\u3063\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c\u6975\u3081\u3066\u9ad8\u3044\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"74\">4.3 \u6210\u9577\u6027\u3092\u6e2c\u308b\u6307\u6a19\uff08\u672a\u6765\u306e\u4f38\u3073\u3057\u308d\u3092\u898b\u308b\uff09<\/h3>\n<h4 data-path-to-node=\"75\">\u2464 \u58f2\u4e0a\u9ad8\u6210\u9577\u7387 \/ \u55b6\u696d\u5229\u76ca\u6210\u9577\u7387\uff08CAGR\uff1a\u5e74\u5e73\u5747\u6210\u9577\u7387\uff09<\/h4>\n<ul data-path-to-node=\"76\">\n<li>\n<p data-path-to-node=\"76,0,0\"><b data-path-to-node=\"76,0,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b> \u904e\u53bb\u6570\u5e74\u9593\u306b\u308f\u305f\u308a\u3001\u4f01\u696d\u306e\u58f2\u4e0a\u3084\u5229\u76ca\u304c\u6bce\u5e74\u5e73\u5747\u3057\u3066\u4f55\uff05\u305a\u3064\u62e1\u5927\u3057\u3066\u3044\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"76,1,0\"><b data-path-to-node=\"76,1,0\" data-index-in-node=\"0\">\u76ee\u5b89\uff1a<\/b> \u5b89\u5b9a\u4f01\u696d\u3067\u3042\u308c\u3070\u524d\u5e74\u6bd4\u30d7\u30e9\u30b9\u3092\u7dad\u6301\u3057\u3066\u3044\u308c\u3070\u5341\u5206\u3067\u3059\u304c\u3001\u65b0\u8208\u682a\uff08\u30b0\u30ed\u30fc\u30b9\u682a\uff09\u3092\u72d9\u3046\u5834\u5408\u306f<b data-path-to-node=\"76,1,0\" data-index-in-node=\"48\">\u5e7410%\u301c20%\u4ee5\u4e0a<\/b>\u306e\u9023\u7d9a\u6210\u9577\u304c\u3072\u3068\u3064\u306e\u30bf\u30fc\u30b2\u30c3\u30c8\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"77\">4.4 \u5b89\u5168\u6027\u3092\u6e2c\u308b\u6307\u6a19\uff08\u5012\u7523\u30ea\u30b9\u30af\u3092\u56de\u907f\u3059\u308b\uff09<\/h3>\n<h4 data-path-to-node=\"78\">\u2465 \u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\uff08Equity Ratio\uff09<\/h4>\n<ul data-path-to-node=\"79\">\n<li>\n<p data-path-to-node=\"79,0,0\"><b data-path-to-node=\"79,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\u5f0f\uff1a<\/b><\/p>\n<div data-path-to-node=\"79,0,1\">\n<div class=\"math-block\" data-math=\"\\text{\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387} = \\frac{\\text{\u81ea\u5df1\u8cc7\u672c\uff08\u8fd4\u6e08\u4e0d\u8981\u306e\u8cc7\u672c\uff09}}{\\text{\u7dcf\u8cc7\u7523\uff08\u3059\u3079\u3066\u306e\u8cc7\u7523\uff09}} \\times 100 \\, (\\%)\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.10.13-300x30.png\" alt=\"\" width=\"460\" height=\"46\" class=\"alignnone  wp-image-25470\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.10.13-300x30.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.10.13-1024x102.png 1024w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.10.13-768x76.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.10.13.png 1246w\" sizes=\"(max-width: 460px) 100vw, 460px\" \/><\/div>\n<\/div>\n<\/li>\n<li>\n<p data-path-to-node=\"79,1,0\"><b data-path-to-node=\"79,1,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b> \u4f01\u696d\u306e\u5168\u8cc7\u7523\u306e\u3046\u3061\u3001\u8fd4\u6e08\u3059\u308b\u5fc5\u8981\u304c\u306a\u3044\u300c\u81ea\u5206\u306e\u5143\u624b\u300d\u304c\u4f55\uff05\u3092\u5360\u3081\u3066\u3044\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002\u3053\u308c\u304c\u4f4e\u3044\u4f01\u696d\u306f\u3001\u501f\u91d1\uff08\u8ca0\u50b5\uff09\u306b\u983c\u3063\u305f\u7d4c\u55b6\u3092\u3057\u3066\u304a\u308a\u3001\u666f\u6c17\u60aa\u5316\u6642\u306b\u5012\u7523\u3059\u308b\u30ea\u30b9\u30af\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"79,2,0\"><b data-path-to-node=\"79,2,0\" data-index-in-node=\"0\">\u76ee\u5b89\uff1a<\/b> <b data-path-to-node=\"79,2,0\" data-index-in-node=\"4\">40%\u4ee5\u4e0a<\/b>\u3042\u308c\u3070\u6a19\u6e96\u7684\u3067\u5b89\u5168\u3001<b data-path-to-node=\"79,2,0\" data-index-in-node=\"19\">70%\u4ee5\u4e0a<\/b>\u3042\u308c\u3070\u7121\u501f\u91d1\u7d4c\u55b6\u306b\u8fd1\u304f\u3001\u6587\u5b57\u901a\u308a\u300c\u76e4\u77f3\u300d\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u9280\u884c\u306a\u3069\u306e\u91d1\u878d\u696d\u306f\u30d3\u30b8\u30cd\u30b9\u306e\u6027\u8cea\u4e0a\u3001\u6975\u3081\u3066\u4f4e\u304f\u306a\u308b\u305f\u3081\u4f8b\u5916\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"80\">\u2466 \u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\uff08Net Cash\uff09<\/h4>\n<ul data-path-to-node=\"81\">\n<li>\n<p data-path-to-node=\"81,0,0\"><b data-path-to-node=\"81,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\u5f0f\uff1a<\/b><\/p>\n<div data-path-to-node=\"81,0,1\">\n<div class=\"math-block\" data-math=\"\\text{\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5} = (\\text{\u73fe\u9810\u91d1} + \\text{\u77ed\u671f\u4fdd\u6709\u306e\u6709\u4fa1\u8a3c\u5238}) - \\text{\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u501f\u91d1\uff09}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.10.40-300x17.png\" alt=\"\" width=\"583\" height=\"33\" class=\"alignnone  wp-image-25471\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.10.40-300x17.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.10.40-1024x58.png 1024w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.10.40-768x43.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.10.40.png 1454w\" sizes=\"(max-width: 583px) 100vw, 583px\" \/><\/div>\n<\/div>\n<\/li>\n<li>\n<p data-path-to-node=\"81,1,0\"><b data-path-to-node=\"81,1,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b> \u4f01\u696d\u304c\u4eca\u6301\u3063\u3066\u3044\u308b\u73fe\u30ca\u30de\u304b\u3089\u3001\u3059\u3079\u3066\u306e\u501f\u91d1\u3092\u4e00\u62ec\u8fd4\u6e08\u3057\u305f\u3068\u304d\u306b\u3001\u624b\u5143\u306b\u3044\u304f\u3089\u73fe\u91d1\u304c\u6b8b\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002\u3053\u308c\u304c\u30d7\u30e9\u30b9\u3067\u3001\u304b\u3064\u6642\u4fa1\u7dcf\u984d\u306b\u6bd4\u3079\u3066\u975e\u5e38\u306b\u5927\u304d\u3044\u4f01\u696d\u306f\u300c\u73fe\u91d1\u88fd\u9020\u6a5f\u300d\u3067\u3042\u308a\u3001\u5012\u7523\u78ba\u7387\u304c\u307b\u307c\u30bc\u30ed\u306b\u8fd1\u3044\u300c\u91d1\u6e80\u4f01\u696d\u300d\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"82\">4.5 \u682a\u4e3b\u9084\u5143\u3092\u6e2c\u308b\u6307\u6a19\uff08\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\u306e\u6e90\u6cc9\uff09<\/h3>\n<h4 data-path-to-node=\"83\">\u2467 \u914d\u5f53\u5229\u56de\u308a\uff08Dividend Yield\uff09<\/h4>\n<ul data-path-to-node=\"84\">\n<li>\n<p data-path-to-node=\"84,0,0\"><b data-path-to-node=\"84,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\u5f0f\uff1a<\/b><\/p>\n<div data-path-to-node=\"84,0,1\">\n<div class=\"math-block\" data-math=\"\\text{\u914d\u5f53\u5229\u56de\u308a} = \\frac{\\text{1\u682a\u5f53\u305f\u308a\u306e\u5e74\u9593\u914d\u5f53\u91d1}}{\\text{\u682a\u4fa1}} \\times 100 \\, (\\%)\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.11.07-300x51.png\" alt=\"\" width=\"429\" height=\"73\" class=\"alignnone  wp-image-25472\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.11.07-300x51.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.11.07-1024x173.png 1024w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.11.07-768x130.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.11.07.png 1098w\" sizes=\"(max-width: 429px) 100vw, 429px\" \/><\/div>\n<\/div>\n<\/li>\n<li>\n<p data-path-to-node=\"84,1,0\"><b data-path-to-node=\"84,1,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b> \u8cfc\u5165\u3057\u305f\u682a\u4fa1\u306b\u5bfe\u3057\u3066\u3001\u5e74\u9593\u3067\u4f55\uff05\u306e\u914d\u5f53\u91d1\u3092\u53d7\u3051\u53d6\u308c\u308b\u304b\u3068\u3044\u3046\u300c\u6295\u8cc7\u306e\u5229\u606f\u300d\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"84,2,0\"><b data-path-to-node=\"84,2,0\" data-index-in-node=\"0\">\u76ee\u5b89\uff1a<\/b> \u65e5\u672c\u5e02\u5834\u306e\u5e73\u5747\u306f2%\u524d\u5f8c\u3067\u3059\u3002<b data-path-to-node=\"84,2,0\" data-index-in-node=\"19\">4%\u4ee5\u4e0a<\/b>\u306b\u306a\u308b\u3068\u300c\u9ad8\u914d\u5f53\u682a\u300d\u306e\u90e8\u985e\u306b\u5165\u308a\u307e\u3059\u30025%\u301c6%\u3092\u8d85\u3048\u308b\u3082\u306e\u306f\u3001\u696d\u7e3e\u60aa\u5316\u3084\u6e1b\u914d\u306e\u30ea\u30b9\u30af\u3092\u5e02\u5834\u304c\u8b66\u6212\u3057\u3066\u3044\u308b\u30b1\u30fc\u30b9\u304c\u3042\u308b\u305f\u3081\u3001\u614e\u91cd\u306a\u898b\u6975\u3081\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"85\">\u2468 \u914d\u5f53\u6027\u5411\uff08Payout Ratio\uff09<\/h4>\n<ul data-path-to-node=\"86\">\n<li>\n<p data-path-to-node=\"86,0,0\"><b data-path-to-node=\"86,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\u5f0f\uff1a<\/b><\/p>\n<div data-path-to-node=\"86,0,1\">\n<div class=\"math-block\" data-math=\"\\text{\u914d\u5f53\u6027\u5411} = \\frac{\\text{1\u682a\u5f53\u305f\u308a\u914d\u5f53\u91d1}}{\\text{1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca (EPS)}} \\times 100 \\, (\\%)\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.11.28-300x43.png\" alt=\"\" width=\"398\" height=\"57\" class=\"alignnone  wp-image-25473\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.11.28-300x43.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.11.28-1024x145.png 1024w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.11.28-768x109.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-10-13.11.28.png 1128w\" sizes=\"(max-width: 398px) 100vw, 398px\" \/><\/div>\n<\/div>\n<\/li>\n<li>\n<p data-path-to-node=\"86,1,0\"><b data-path-to-node=\"86,1,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b> \u4f01\u696d\u304c\u305d\u306e\u671f\u306b\u7a3c\u3044\u3060\u7d14\u5229\u76ca\u306e\u3046\u3061\u3001\u4f55\uff05\u3092\u682a\u4e3b\u3078\u306e\u914d\u5f53\u91d1\u3068\u3057\u3066\u9084\u5143\u3057\u305f\u304b\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"86,2,0\"><b data-path-to-node=\"86,2,0\" data-index-in-node=\"0\">\u76ee\u5b89\uff1a<\/b> 30%\u301c50%\u304c\u5065\u5eb7\u7684\u3067\u3059\u3002\u3053\u308c\u304c70%\u3084100%\u3092\u8d85\u3048\u3066\u3044\u308b\u5834\u5408\u3001\u4f01\u696d\u306e\u6210\u9577\u306e\u305f\u3081\u306e\u6295\u8cc7\uff08\u8a2d\u5099\u6295\u8cc7\u3084R&amp;D\uff09\u306b\u304a\u56de\u3059\u304a\u91d1\u304c\u6b8b\u3089\u306a\u304f\u306a\u3063\u305f\u308a\u3001\u5c06\u6765\u696d\u7e3e\u304c\u5c11\u3057\u50be\u3044\u305f\u3060\u3051\u3067\u300c\u6e1b\u914d\uff08\u914d\u5f53\u3092\u6e1b\u3089\u3059\u3053\u3068\uff09\u300d\u306b\u8ffd\u3044\u8fbc\u307e\u308c\u305f\u308a\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"87\">\u2469 \u7dcf\u9084\u5143\u6027\u5411\uff08Total Return Ratio\uff09<\/h4>\n<ul data-path-to-node=\"88\">\n<li>\n<p data-path-to-node=\"88,0,0\"><b data-path-to-node=\"88,0,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b> \u914d\u5f53\u91d1\u3060\u3051\u3067\u306a\u304f\u3001\u4f01\u696d\u304c\u5e02\u5834\u304b\u3089\u81ea\u793e\u306e\u682a\u3092\u8cb7\u3044\u623b\u3059\u300c\u81ea\u793e\u682a\u8cb7\u3044\u300d\u3082\u542b\u3081\u305f\u3001\u7dcf\u5408\u7684\u306a\u682a\u4e3b\u9084\u5143\u306e\u59ff\u52e2\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002\u8fd1\u5e74\u3001\u6771\u8a3c\u306ePBR1\u500d\u5272\u308c\u6539\u5584\u8981\u6c42\u306a\u3069\u3082\u3042\u308a\u3001\u3053\u306e\u7dcf\u9084\u5143\u6027\u5411\u3092\u91cd\u8996\u3059\u308b\u4f01\u696d\u304c\u6025\u5897\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"90\">\u7b2c5\u7ae0\uff1a\u3010\u6226\u7565\u5225\u3011\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u30fb\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u5b9f\u8df5\u30ec\u30b7\u30d4<\/h2>\n<p data-path-to-node=\"91\">\u304a\u5f85\u305f\u305b\u3057\u307e\u3057\u305f\u3002\u3053\u3053\u304b\u3089\u306f\u3001\u5177\u4f53\u7684\u306a\u6295\u8cc7\u6226\u7565\u306b\u5fdc\u3058\u305f\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306e\u300c\u79d8\u4f1d\u306e\u30ec\u30b7\u30d4\uff08\u6761\u4ef6\u8a2d\u5b9a\uff09\u300d\u3092\u516c\u958b\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"92\">\u3054\u81ea\u8eab\u306e\u6295\u8cc7\u30b9\u30bf\u30a4\u30eb\uff08\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\u91cd\u8996\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\u91cd\u8996\u3001\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u91cd\u8996\u306a\u3069\uff09\u306b\u5408\u308f\u305b\u3066\u3001\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u306e\u753b\u9762\u306b\u305d\u306e\u307e\u307e\u6570\u5024\u3092\u6253\u3061\u8fbc\u3093\u3067\u307f\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<h3 data-path-to-node=\"94\">\u6226\u75651\uff1a\u3010\u738b\u9053\u306e\u9ad8\u914d\u5f53\u30fb\u5897\u914d\u682a\u6226\u7565\u3011\u301c\u4e0d\u52b4\u6240\u5f97\u306e\u6cc9\u3092\u4f5c\u308b\u301c<\/h3>\n<p data-path-to-node=\"95\">\u3053\u306e\u6226\u7565\u306e\u76ee\u7684\u306f\u3001\u300c\u6e1b\u914d\u306e\u30ea\u30b9\u30af\u304c\u6975\u3081\u3066\u4f4e\u304f\u3001\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u5b89\u5b9a\u3057\u305f\u914d\u5f53\uff08\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\uff09\u3092\u51fa\u3057\u7d9a\u3051\u3001\u304b\u3064\u5c06\u6765\u7684\u306b\u306f\u914d\u5f53\u91d1\u304c\u5897\u3048\u3066\u3044\u304f\uff08\u5897\u914d\uff09\u304a\u5b9d\u682a\u300d\u3092\u81ea\u52d5\u7684\u306b\u898b\u3064\u3051\u51fa\u3059\u3053\u3068\u3067\u3059\u3002\u5358\u306b\u300c\u4eca\u306e\u914d\u5f53\u5229\u56de\u308a\u304c\u9ad8\u3044\u3060\u3051\u306e\u7f60\u9298\u67c4\uff08\u696d\u7e3e\u60aa\u5316\u682a\uff09\u300d\u3092\u5fb9\u5e95\u7684\u306b\u6392\u9664\u3059\u308b\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"96\">\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u8a2d\u5b9a\u6761\u4ef6\uff08\u30ec\u30b7\u30d4\uff09<\/h4>\n<table data-path-to-node=\"97\">\n<thead>\n<tr>\n<td><strong>\u9806\u5e8f<\/strong><\/td>\n<td><strong>\u8a2d\u5b9a\u6307\u6a19<\/strong><\/td>\n<td><strong>\u6f14\u7b97\u5b50<\/strong><\/td>\n<td><strong>\u8a2d\u5b9a\u6570\u5024<\/strong><\/td>\n<td><strong>\u6761\u4ef6\u306e\u610f\u56f3\u30fb\u80cc\u666f<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"97,1,0,0\">1<\/span><\/td>\n<td><span data-path-to-node=\"97,1,1,0\"><b data-path-to-node=\"97,1,1,0\" data-index-in-node=\"0\">\u914d\u5f53\u5229\u56de\u308a<\/b><\/span><\/td>\n<td><span data-path-to-node=\"97,1,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"97,1,3,0\"><code data-path-to-node=\"97,1,3,0\" data-index-in-node=\"0\">3.8 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"97,1,4,0\">\u5e02\u5834\u5e73\u5747\u3092\u5927\u304d\u304f\u4e0a\u56de\u308b\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\u306e\u78ba\u4fdd<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"97,2,0,0\">2<\/span><\/td>\n<td><span data-path-to-node=\"97,2,1,0\"><b data-path-to-node=\"97,2,1,0\" data-index-in-node=\"0\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"97,2,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"97,2,3,0\"><code data-path-to-node=\"97,2,3,0\" data-index-in-node=\"0\">50 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"97,2,4,0\">\u4e0d\u6cc1\u304c\u6765\u3066\u3082\u30d3\u30af\u3068\u3082\u3057\u306a\u3044\u8ca1\u52d9\u306e\u5b89\u5168\u6027\u3092\u62c5\u4fdd<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"97,3,0,0\">3<\/span><\/td>\n<td><span data-path-to-node=\"97,3,1,0\"><b data-path-to-node=\"97,3,1,0\" data-index-in-node=\"0\">ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"97,3,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"97,3,3,0\"><code data-path-to-node=\"97,3,3,0\" data-index-in-node=\"0\">9 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"97,3,4,0\">\u8cc7\u672c\u3092\u52b9\u7387\u3088\u304f\u4f7f\u3044\u3001\u914d\u5f53\u306e\u539f\u8cc7\u3068\u306a\u308b\u5229\u76ca\u3092\u7a3c\u3044\u3067\u3044\u308b\u304b<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"97,4,0,0\">4<\/span><\/td>\n<td><span data-path-to-node=\"97,4,1,0\"><b data-path-to-node=\"97,4,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"97,4,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"97,4,3,0\"><code data-path-to-node=\"97,4,3,0\" data-index-in-node=\"0\">10 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"97,4,4,0\">\u672c\u696d\u306e\u5132\u3051\uff08\u53ce\u76ca\u6027\uff09\u304c\u9ad8\u304f\u3001\u8584\u5229\u591a\u58f2\u306e\u30d3\u30b8\u30cd\u30b9\u3067\u306a\u3044\u3053\u3068<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"97,5,0,0\">5<\/span><\/td>\n<td><span data-path-to-node=\"97,5,1,0\"><b data-path-to-node=\"97,5,1,0\" data-index-in-node=\"0\">\u914d\u5f53\u6027\u5411<\/b><\/span><\/td>\n<td><span data-path-to-node=\"97,5,2,0\">\u4ee5\u4e0b<\/span><\/td>\n<td><span data-path-to-node=\"97,5,3,0\"><code data-path-to-node=\"97,5,3,0\" data-index-in-node=\"0\">60 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"97,5,4,0\">\u5229\u76ca\u306b\u7121\u7406\u306e\u306a\u3044\u7bc4\u56f2\u3067\u914d\u5f53\u3092\u51fa\u3057\u3066\u3044\u308b\u304b\uff08\u6e1b\u914d\u30ea\u30b9\u30af\u56de\u907f\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"97,6,0,0\">6<\/span><\/td>\n<td><span data-path-to-node=\"97,6,1,0\"><b data-path-to-node=\"97,6,1,0\" data-index-in-node=\"0\">\u904e\u53bb3\u5e74\u58f2\u4e0a\u9ad8\u6210\u9577\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"97,6,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"97,6,3,0\"><code data-path-to-node=\"97,6,3,0\" data-index-in-node=\"0\">2 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"97,6,4,0\">\u30d3\u30b8\u30cd\u30b9\u304c\u7e2e\u5c0f\u5747\u8861\u3067\u306f\u306a\u304f\u3001\u7de9\u3084\u304b\u306b\u3067\u3082\u62e1\u5927\u3057\u3066\u3044\u308b\u3053\u3068<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4 data-path-to-node=\"98\">\u306a\u305c\u3053\u306e\u6761\u4ef6\u306a\u306e\u304b\uff1f \u5fb9\u5e95\u89e3\u8aac<\/h4>\n<p data-path-to-node=\"99\">\u9ad8\u914d\u5f53\u682a\u6295\u8cc7\u3067\u6700\u3082\u907f\u3051\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u306f\u300c\u9ad8\u914d\u5f53\u306e\u7f60\u300d\u3067\u3059\u3002\u682a\u4fa1\u304c\u696d\u7e3e\u60aa\u5316\u3067\u66b4\u843d\u3057\u305f\u7d50\u679c\u3001\u8a08\u7b97\u4e0a\u306e\u914d\u5f53\u5229\u56de\u308a\u304c\u4e00\u77ac\u3060\u3051\u9ad8\u304f\u306a\u3063\u3066\u3044\u308b\u4f01\u696d\u3092\u63b4\u3080\u3068\u3001\u305d\u306e\u5f8c\u5fc5\u305a\u300c\u6e1b\u914d\u300d\u304c\u767a\u8868\u3055\u308c\u3001\u682a\u4fa1\u3082\u3055\u3089\u306b\u4e0b\u304c\u3063\u3066\u5927\u640d\u3057\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"100\">\n<li>\n<p data-path-to-node=\"100,0,0\"><b data-path-to-node=\"100,0,0\" data-index-in-node=\"0\">\u300c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387 50%\u4ee5\u4e0a\u300d\u00d7\u300c\u914d\u5f53\u6027\u5411 60%\u4ee5\u4e0b\u300d\u306e\u9ec4\u91d1\u30b3\u30f3\u30d3\uff1a<\/b><\/p>\n<p data-path-to-node=\"100,0,0\">\u3053\u308c\u306b\u3088\u308a\u3001\u624b\u5143\u306b\u5341\u5206\u306a\u8cc7\u91d1\u7684\u4f59\u529b\uff08\u5185\u90e8\u7559\u4fdd\uff09\u304c\u3042\u308a\u3001\u5229\u76ca\u306e\u534a\u5206\u4ee5\u4e0a\u3092\u4f1a\u793e\u306b\u6b8b\u3057\u3066\u3044\u308b\u4f01\u696d\u3060\u3051\u304c\u6b8b\u308a\u307e\u3059\u3002\u4eee\u306b1\u5e74\u301c2\u5e74\u3001\u4e00\u6642\u7684\u306a\u5927\u4e0d\u6cc1\uff08\u30b3\u30ed\u30ca\u30b7\u30e7\u30c3\u30af\u306e\u3088\u3046\u306a\u4e8b\u614b\uff09\u304c\u6765\u3066\u3082\u3001\u3053\u308c\u3060\u3051\u306e\u4f59\u529b\u304c\u3042\u308c\u3070\u4f01\u696d\u306f\u914d\u5f53\u3092\u300c\u7dad\u6301\u300d\u307e\u305f\u306f\u300c\u5897\u914d\u300d\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"100,1,0\"><b data-path-to-node=\"100,1,0\" data-index-in-node=\"0\">\u300c\u55b6\u696d\u5229\u76ca\u7387 10%\u4ee5\u4e0a\u300d\u306e\u91cd\u8981\u6027\uff1a<\/b><\/p>\n<p data-path-to-node=\"100,1,0\">\u55b6\u696d\u5229\u76ca\u7387\u304c\u9ad8\u3044\u4f01\u696d\u306f\u3001\u7af6\u5408\u4ed6\u793e\u306b\u5bfe\u3057\u3066\u72ec\u81ea\u306e\u5f37\u307f\uff08\u30d6\u30e9\u30f3\u30c9\u3084\u6280\u8853\u3001\u7279\u8a31\u306a\u3069\uff09\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u4fa1\u683c\u7af6\u4e89\u306b\u5dfb\u304d\u8fbc\u307e\u308c\u306b\u304f\u3044\u305f\u3081\u3001\u30a4\u30f3\u30d5\u30ec\u5c40\u9762\u3067\u3082\u88fd\u54c1\u4fa1\u683c\u3092\u5024\u4e0a\u3052\u3057\u3066\u5229\u76ca\u3092\u7dad\u6301\u3067\u304d\u3001\u305d\u308c\u304c\u5b89\u5b9a\u3057\u305f\u914d\u5f53\u7d99\u7d9a\u3078\u3068\u7e4b\u304c\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"102\">\u6226\u75652\uff1a\u3010\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u6d41\u30fb\u30d0\u30ea\u30e5\u30fc\uff08\u5272\u5b89\u512a\u826f\uff09\u682a\u6226\u7565\u3011<\/h3>\n<p data-path-to-node=\"103\">\u3053\u308c\u305e\u672c\u5bb6\u672c\u5143\u3001\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u306e\u6295\u8cc7\u54f2\u5b66\u3092\u5177\u73fe\u5316\u3057\u305f\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"103\">\u30d0\u30d5\u30a7\u30c3\u30c8\u306e\u5e2b\u3067\u3042\u308b\u30d9\u30f3\u30b8\u30e3\u30df\u30f3\u30fb\u30b0\u30ec\u30a2\u30e0\u306e\u300c\u30c7\u30a3\u30fc\u30d7\u30fb\u30d0\u30ea\u30e5\u30fc\uff08\u8d85\u5272\u5b89\uff09\u6295\u8cc7\u300d\u306b\u3001\u30d0\u30d5\u30a7\u30c3\u30c8\u72ec\u81ea\u306e\u300c\u9ad8\u54c1\u8cea\u306a\u4f01\u696d\uff08\u6301\u7d9a\u7684\u306a\u7af6\u4e89\u512a\u4f4d\u6027\uff09\u300d\u3068\u3044\u3046\u6982\u5ff5\u3092\u30df\u30c3\u30af\u30b9\u3055\u305b\u305f\u3001\u300c\u8d85\u512a\u79c0\u306a\u306e\u306b\u3001\u5e02\u5834\u304b\u3089\u306a\u305c\u304b\u7121\u8996\u3055\u308c\u3066\u4e0d\u5f53\u306b\u5b89\u304f\u653e\u7f6e\u3055\u308c\u3066\u3044\u308b\u682a\u300d\u3092\u3042\u3076\u308a\u51fa\u3057\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"104\">\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u8a2d\u5b9a\u6761\u4ef6\uff08\u30ec\u30b7\u30d4\uff09<\/h4>\n<table data-path-to-node=\"105\">\n<thead>\n<tr>\n<td><strong>\u9806\u5e8f<\/strong><\/td>\n<td><strong>\u8a2d\u5b9a\u6307\u6a19<\/strong><\/td>\n<td><strong>\u6f14\u7b97\u5b50<\/strong><\/td>\n<td><strong>\u8a2d\u5b9a\u6570\u5024<\/strong><\/td>\n<td><strong>\u6761\u4ef6\u306e\u610f\u56f3\u30fb\u80cc\u666f<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"105,1,0,0\">1<\/span><\/td>\n<td><span data-path-to-node=\"105,1,1,0\"><b data-path-to-node=\"105,1,1,0\" data-index-in-node=\"0\">PER<\/b><\/span><\/td>\n<td><span data-path-to-node=\"105,1,2,0\">\u4ee5\u4e0b<\/span><\/td>\n<td><span data-path-to-node=\"105,1,3,0\"><code data-path-to-node=\"105,1,3,0\" data-index-in-node=\"0\">12 \u500d<\/code><\/span><\/td>\n<td><span data-path-to-node=\"105,1,4,0\">\u4f01\u696d\u306e\u7d14\u5229\u76ca\u306b\u5bfe\u3057\u3066\u682a\u4fa1\u304c\u660e\u78ba\u306b\u5272\u5b89\u3067\u3042\u308b\u3053\u3068<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"105,2,0,0\">2<\/span><\/td>\n<td><span data-path-to-node=\"105,2,1,0\"><b data-path-to-node=\"105,2,1,0\" data-index-in-node=\"0\">PBR<\/b><\/span><\/td>\n<td><span data-path-to-node=\"105,2,2,0\">\u4ee5\u4e0b<\/span><\/td>\n<td><span data-path-to-node=\"105,2,3,0\"><code data-path-to-node=\"105,2,3,0\" data-index-in-node=\"0\">1.0 \u500d<\/code><\/span><\/td>\n<td><span data-path-to-node=\"105,2,4,0\">\u4f01\u696d\u306e\u89e3\u6563\u4fa1\u5024\uff08\u7d14\u8cc7\u7523\uff09\u3092\u4e0b\u56de\u308b\u3001\u7d76\u5bfe\u7684\u306a\u5b89\u5168\u57df<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"105,3,0,0\">3<\/span><\/td>\n<td><span data-path-to-node=\"105,3,1,0\"><b data-path-to-node=\"105,3,1,0\" data-index-in-node=\"0\">ROE<\/b><\/span><\/td>\n<td><span data-path-to-node=\"105,3,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"105,3,3,0\"><code data-path-to-node=\"105,3,3,0\" data-index-in-node=\"0\">10 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"105,3,4,0\">\u5272\u5b89\u682a\uff08\u4e07\u5e74\u4f4e\u8ff7\u682a\uff09\u306b\u3042\u308a\u304c\u3061\u306a\u300c\u7d4c\u55b6\u52b9\u7387\u306e\u60aa\u3055\u300d\u3092\u6392\u9664<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"105,4,0,0\">4<\/span><\/td>\n<td><span data-path-to-node=\"105,4,1,0\"><b data-path-to-node=\"105,4,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"105,4,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"105,4,3,0\"><code data-path-to-node=\"105,4,3,0\" data-index-in-node=\"0\">12 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"105,4,4,0\">\u5f37\u56fa\u306a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\uff08\u30d0\u30d5\u30a7\u30c3\u30c8\u306e\u8a00\u3046\u300c\u7d4c\u6e08\u306e\u6e9d\uff1dMoat\u300d\uff09\u306e\u8a3c\u660e<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"105,5,0,0\">5<\/span><\/td>\n<td><span data-path-to-node=\"105,5,1,0\"><b data-path-to-node=\"105,5,1,0\" data-index-in-node=\"0\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"105,5,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"105,5,3,0\"><code data-path-to-node=\"105,5,3,0\" data-index-in-node=\"0\">45 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"105,5,4,0\">\u5272\u5b89\u306a\u307e\u307e\u5012\u7523\u3057\u3066\u3057\u307e\u3046\u300c\u30d0\u30ea\u30e5\u30fc\u30c8\u30e9\u30c3\u30d7\u300d\u306e\u5b8c\u5168\u56de\u907f<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4 data-path-to-node=\"106\">\u306a\u305c\u3053\u306e\u6761\u4ef6\u306a\u306e\u304b\uff1f \u5fb9\u5e95\u89e3\u8aac<\/h4>\n<p data-path-to-node=\"107\">\u65e5\u672c\u5e02\u5834\u306b\u306f\u3001PER\u3084PBR\u304c\u4f4e\u304f\u3066\u3082\u3001\u4e07\u5e74\u305d\u306e\u307e\u307e\u682a\u4fa1\u304c\u4e0a\u304c\u3089\u306a\u3044\u300c\u30d0\u30ea\u30e5\u30fc\u30c8\u30e9\u30c3\u30d7\uff08\u5272\u5b89\u306e\u7f60\uff09\u300d\u306b\u9665\u3063\u3066\u3044\u308b\u9298\u67c4\u304c\u7121\u6570\u306b\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u539f\u56e0\u306f\u300c\u7d4c\u55b6\u9663\u304c\u30d0\u30ab\u3067\u3001\u8cc7\u672c\u52b9\u7387\u304c\u60aa\u304f\u3001\u5229\u76ca\u304c\u5168\u304f\u51fa\u306a\u3044\u304b\u3089\u300d\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"108\">\n<li>\n<p data-path-to-node=\"108,0,0\"><b data-path-to-node=\"108,0,0\" data-index-in-node=\"0\">\u300cPBR 1.0\u500d\u4ee5\u4e0b\u300d\u3068\u300cROE 10%\u4ee5\u4e0a\u300d\u306e\u77db\u76fe\u3092\u7a81\u304f\uff1a<\/b><\/p>\n<p data-path-to-node=\"108,0,0\">\u3053\u306e\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306e\u771f\u9ac4\u306f\u3053\u3053\u306b\u3042\u308a\u307e\u3059\u3002\u7406\u8ad6\u4e0a\u3001ROE\u304c10%\u3082\u3042\u308b\u512a\u79c0\u306a\u4f01\u696d\u304c\u3001PBR1\u500d\u4ee5\u4e0b\uff08\u89e3\u6563\u4fa1\u5024\u4ee5\u4e0b\uff09\u3067\u653e\u7f6e\u3055\u308c\u308b\u306e\u306f\u4e0d\u81ea\u7136\u3067\u3059\u3002\u5e02\u5834\u306e\u6b6a\u307f\u3084\u3001\u4e00\u6642\u7684\u306a\u30bb\u30af\u30bf\u30fc\uff08\u696d\u754c\uff09\u306e\u4e0d\u4eba\u6c17\u306b\u3088\u3063\u3066\u3001\u300c\u4e2d\u8eab\u306f\u30d4\u30ab\u30d4\u30ab\u306e\u30c0\u30a4\u30e4\u30e2\u30f3\u30c9\u306a\u306e\u306b\u3001\u6ce5\u3092\u304b\u3076\u3063\u3066\u3044\u308b\u72b6\u614b\u306e\u4f01\u696d\u300d\u3092\u30d4\u30f3\u30dd\u30a4\u30f3\u30c8\u3067\u6355\u307e\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u6771\u8a3c\u306e\u300cPBR1\u500d\u5272\u308c\u662f\u6b63\u52e7\u544a\u300d\u306e\u6ce2\u306b\u6700\u3082\u4e57\u308a\u3084\u3059\u3044\u6226\u7565\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"108,1,0\"><b data-path-to-node=\"108,1,0\" data-index-in-node=\"0\">\u300c\u55b6\u696d\u5229\u76ca\u7387 12%\u4ee5\u4e0a\u300d\uff1a<\/b><\/p>\n<p data-path-to-node=\"108,1,0\">\u30d0\u30d5\u30a7\u30c3\u30c8\u306f\u300c\u7d4c\u6e08\u306e\u6e9d\uff08Economic Moat\uff09\u300d\u3092\u6301\u3064\u4f01\u696d\u3092\u597d\u307f\u307e\u3059\u3002\u4ed6\u793e\u304c\u771f\u4f3c\u3067\u304d\u306a\u3044\u72ec\u81ea\u306e\u5f37\u307f\u304c\u3042\u308b\u304b\u3089\u3053\u305d\u3001\u9ad8\u3044\u5229\u76ca\u7387\u304c\u7dad\u6301\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u6761\u4ef6\u3092\u5165\u308c\u308b\u3053\u3068\u3067\u3001\u5358\u306b\u300c\u30b3\u30b9\u30c8\u30ab\u30c3\u30c8\u3067\u4e00\u6642\u7684\u306b\u6570\u5b57\u3092\u3088\u304f\u898b\u305b\u3066\u3044\u308b\u3060\u3051\u306e\u30c0\u30e1\u4f01\u696d\u300d\u3092\u5b8c\u5168\u306b\u30b7\u30e3\u30c3\u30c8\u30a2\u30a6\u30c8\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"110\">\u6226\u75653\uff1a\u3010\u5927\u5316\u3051\u3092\u72d9\u3046\u30c6\u30f3\u30d0\u30ac\u30fc\uff0810\u500d\u682a\uff09\u5019\u88dc\u30fb\u30b0\u30ed\u30fc\u30b9\u682a\u6226\u7565\u3011<\/h3>\n<p data-path-to-node=\"111\">\u8cc7\u7523\u30925\u500d\u300110\u500d\u3078\u3068\u7206\u767a\u7684\u306b\u5897\u3084\u3057\u305f\u3044\u4eba\u306e\u305f\u3081\u306e\u3001\u653b\u3081\u306e\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"111\">\u6642\u4fa1\u7dcf\u984d\u304c\u307e\u3060\u5c0f\u3055\u304f\u3001\u4e16\u306e\u4e2d\u306b\u5e83\u304f\u77e5\u3089\u308c\u3066\u3044\u306a\u3044\u6bb5\u968e\u306e\u65b0\u8208\u4f01\u696d\u306e\u4e2d\u304b\u3089\u3001<b data-path-to-node=\"111\" data-index-in-node=\"76\">\u5727\u5012\u7684\u306a\u30b9\u30d4\u30fc\u30c9\u3067\u58f2\u4e0a\u3068\u5229\u76ca\u3092\u62e1\u5927\u3055\u305b\u3066\u3044\u308b\u300c\u672a\u6765\u306eGAFAM\uff08\u5de8\u5927IT\u4f01\u696d\uff09\u300d\u300c\u672a\u6765\u306e\u30e6\u30cb\u30b3\u30fc\u30f3\u300d\u306e\u539f\u77f3<\/b>\u3092\u898b\u3064\u3051\u51fa\u3057\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"112\">\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u8a2d\u5b9a\u6761\u4ef6\uff08\u30ec\u30b7\u30d4\uff09<\/h4>\n<table data-path-to-node=\"113\">\n<thead>\n<tr>\n<td><strong>\u9806\u5e8f<\/strong><\/td>\n<td><strong>\u8a2d\u5b9a\u6307\u6a19<\/strong><\/td>\n<td><strong>\u6f14\u7b97\u5b50<\/strong><\/td>\n<td><strong>\u8a2d\u5b9a\u6570\u5024<\/strong><\/td>\n<td><strong>\u6761\u4ef6\u306e\u610f\u56f3\u30fb\u80cc\u666f<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"113,1,0,0\">1<\/span><\/td>\n<td><span data-path-to-node=\"113,1,1,0\"><b data-path-to-node=\"113,1,1,0\" data-index-in-node=\"0\">\u6642\u4fa1\u7dcf\u984d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"113,1,2,0\">\u4ee5\u4e0b<\/span><\/td>\n<td><span data-path-to-node=\"113,1,3,0\"><code data-path-to-node=\"113,1,3,0\" data-index-in-node=\"0\">300 \u5104\u5186<\/code><\/span><\/td>\n<td><span data-path-to-node=\"113,1,4,0\">10\u500d\uff08\u30c6\u30f3\u30d0\u30ac\u30fc\uff09\u306b\u306a\u308b\u305f\u3081\u306e\u300c\u8efd\u3055\uff08\u4f38\u3073\u3057\u308d\uff09\u300d\u306e\u78ba\u4fdd<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"113,2,0,0\">2<\/span><\/td>\n<td><span data-path-to-node=\"113,2,1,0\"><b data-path-to-node=\"113,2,1,0\" data-index-in-node=\"0\">\u904e\u53bb3\u5e74\u58f2\u4e0a\u9ad8\u6210\u9577\u7387\uff08CAGR\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"113,2,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"113,2,3,0\"><code data-path-to-node=\"113,2,3,0\" data-index-in-node=\"0\">20 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"113,2,4,0\">\u5e02\u5834\u306e\u9700\u8981\u3092\u6025\u901f\u306b\u98f2\u307f\u8fbc\u3093\u3067\u3044\u308b\u5727\u5012\u7684\u306a\u6025\u6210\u9577\u6027<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"113,3,0,0\">3<\/span><\/td>\n<td><span data-path-to-node=\"113,3,1,0\"><b data-path-to-node=\"113,3,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca\u6210\u9577\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"113,3,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"113,3,3,0\"><code data-path-to-node=\"113,3,3,0\" data-index-in-node=\"0\">20 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"113,3,4,0\">\u58f2\u4e0a\u3060\u3051\u3067\u306a\u304f\u3001\u3057\u3063\u304b\u308a\u300c\u672c\u696d\u306e\u5132\u3051\u300d\u3082\u4f34\u3063\u3066\u62e1\u5927\u3057\u3066\u3044\u308b\u304b<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"113,4,0,0\">4<\/span><\/td>\n<td><span data-path-to-node=\"113,4,1,0\"><b data-path-to-node=\"113,4,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"113,4,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"113,4,3,0\"><code data-path-to-node=\"113,4,3,0\" data-index-in-node=\"0\">15 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"113,4,4,0\">\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u3084DX\u306a\u3069\u3001\u7c97\u5229\u76ca\u7387\u304c\u9ad8\u304f\u62e1\u5f35\u6027\u306e\u3042\u308b\u30d3\u30b8\u30cd\u30b9\u304b<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"113,5,0,0\">5<\/span><\/td>\n<td><span data-path-to-node=\"113,5,1,0\"><b data-path-to-node=\"113,5,1,0\" data-index-in-node=\"0\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"113,5,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"113,5,3,0\"><code data-path-to-node=\"113,5,3,0\" data-index-in-node=\"0\">35 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"113,5,4,0\">\u6025\u6210\u9577\u671f\u306e\u904e\u5ea6\u306a\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u501f\u91d1\u5012\u7523\uff09\u30ea\u30b9\u30af\u3092\u6700\u4f4e\u9650\u30d8\u30c3\u30b8<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4 data-path-to-node=\"114\">\u306a\u305c\u3053\u306e\u6761\u4ef6\u306a\u306e\u304b\uff1f \u5fb9\u5e95\u89e3\u8aac<\/h4>\n<p data-path-to-node=\"115\">\u30c6\u30f3\u30d0\u30ac\u30fc\uff0810\u500d\u682a\uff09\u3092\u9054\u6210\u3057\u305f\u904e\u53bb\u306e\u9298\u67c4\u3092\u5206\u6790\u3059\u308b\u3068\u3001\u5171\u901a\u3059\u308b\u7d76\u5bfe\u7684\u306a\u6cd5\u5247\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u308c\u306f\u300c\u6642\u4fa1\u7dcf\u984d\u304c\u5c0f\u3055\u3044\u3053\u3068\uff08\u591a\u304f\u306f300\u5104\u5186\u4ee5\u4e0b\u3001\u3067\u304d\u308c\u3070100\u5104\u5186\u524d\u5f8c\uff09\u300d<b data-path-to-node=\"115\" data-index-in-node=\"83\">\u3068<\/b>\u300c\u58f2\u4e0a\u9ad8\u304c\u6bce\u5e7420%\u4ee5\u4e0a\u306e\u8907\u5229\u3067\u4f38\u3073\u3066\u3044\u308b\u3053\u3068\u300d\u3067\u3059\u3002\u6642\u4fa1\u7dcf\u984d\u304c\u3059\u3067\u306b3\u5146\u5186\u3042\u308b\u30c8\u30e8\u30bf\u81ea\u52d5\u8eca\u306e\u682a\u4fa1\u304c10\u500d\uff08\u6642\u4fa1\u7dcf\u984d30\u5146\u5186\uff09\u306b\u306a\u308b\u306e\u306f\u81f3\u96e3\u306e\u696d\u3067\u3059\u304c\u3001300\u5104\u5186\u306e\u4f01\u696d\u304c3000\u5104\u5186\u306b\u306a\u308b\u3053\u3068\u306f\u3001\u512a\u308c\u305f\u30b5\u30fc\u30d3\u30b9\u3055\u3048\u3042\u308c\u3070\u6570\u5e74\u3067\u5341\u5206\u306b\u8d77\u3053\u308a\u5f97\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"116\">\n<li>\n<p data-path-to-node=\"116,0,0\"><b data-path-to-node=\"116,0,0\" data-index-in-node=\"0\">\u300c\u58f2\u4e0a\u9ad8\u6210\u9577\u7387 20%\u4ee5\u4e0a\u300d\u306e\u5a01\u529b\uff1a<\/b><\/p>\n<p data-path-to-node=\"116,0,0\">\u6bce\u5e7420%\u3067\u58f2\u4e0a\u304c\u4f38\u3073\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u7d043.6\u5e74\u3067\u58f2\u4e0a\u9ad8\u304c2\u500d\u306b\u306a\u308b\u8a08\u7b97\uff08\u8907\u5229\u306e\u52b9\u679c\uff09\u3067\u3059\u3002\u3053\u308c\u306b\u300c\u55b6\u696d\u5229\u76ca\u738715%\u4ee5\u4e0a\u300d\u3068\u3044\u3046\u9ad8\u3044\u53ce\u76ca\u6027\u304c\u639b\u3051\u5408\u308f\u3055\u308b\u3068\u3001\u3042\u308b\u6642\u70b9\u304b\u3089\u300c\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u300d\u304c\u304b\u304b\u308a\u3001\u5229\u76ca\u304c\u58f2\u4e0a\u306e\u4f38\u3073\u3092\u5927\u304d\u304f\u8d85\u3048\u3066\u7206\u767a\u7684\u306b\u5897\u3048\u59cb\u3081\u307e\u3059\uff08J\u30ab\u30fc\u30d6\u52b9\u679c\uff09\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"116,1,0\"><b data-path-to-node=\"116,1,0\" data-index-in-node=\"0\">\u3042\u3048\u3066\u300cPER\u300d\u306e\u6761\u4ef6\u3092\u5165\u308c\u306a\u3044\u7406\u7531\uff1a<\/b><\/p>\n<p data-path-to-node=\"116,1,0\">\u30b0\u30ed\u30fc\u30b9\u682a\u6295\u8cc7\u306b\u304a\u3044\u3066\u3001\u73fe\u6642\u70b9\u306ePER\u306e\u9ad8\u3055\uff0850\u500d\u3001100\u500d\u306a\u3069\uff09\u3092\u6c17\u306b\u3057\u3066\u306f\u3044\u3051\u307e\u305b\u3093\u3002\u306a\u305c\u306a\u3089\u3001\u672a\u6765\u306e\u5229\u76ca\u304c\u7206\u767a\u7684\u306b\u5897\u3048\u308c\u3070\u3001\u73fe\u5728\u306e\u9ad8PER\u306f\u4e00\u77ac\u3067\u300c\u672a\u6765\u306e\u4f4ePER\u300d\u3078\u3068\u8584\u307e\u308b\u304b\u3089\u3067\u3059\u3002\u5272\u5b89\u6027\u3088\u308a\u3082\u300c\u6210\u9577\u306e\u30b9\u30d4\u30fc\u30c9\u300d\u306b\u4e00\u70b9\u96c6\u4e2d\u3059\u308b\u305f\u3081\u306e\u8a2d\u5b9a\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"118\">\u6226\u75654\uff1a\u3010\u7d76\u5bfe\u9632\u885b\uff01\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u6226\u7565\u3011<\/h3>\n<p data-path-to-node=\"119\">\u3053\u306e\u6226\u7565\u306f\u3001\u300c\u76f8\u5834\u304c\u3069\u308c\u3060\u3051\u5927\u66b4\u843d\u3057\u3088\u3046\u304c\u3001\u6226\u4e89\u3084\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u304c\u8d77\u304d\u3088\u3046\u304c\u3001\u7d76\u5bfe\u306b\u5012\u7523\u3057\u306a\u3044\u8d85\u30fb\u5b89\u5168\u306a\u4f01\u696d\u300d\u3092\u63a2\u3059\u3001\u7a76\u6975\u306e\u5b88\u308a\u306e\u6226\u7565\u3067\u3059\u3002\u30d9\u30f3\u30b8\u30e3\u30df\u30f3\u30fb\u30b0\u30ec\u30a2\u30e0\u304c\u63d0\u5531\u3057\u305f\u300c\u30cd\u30c3\u30c8\u30cd\u30c3\u30c8\u682a\uff08\u6b63\u5473\u6d41\u52d5\u8cc7\u7523\u306e\u5b9f\u8cea\u4fa1\u5024\u3088\u308a\u3082\u5b89\u3044\u682a\uff09\u300d\u306e\u73fe\u4ee3\u7248\u3067\u3042\u308a\u3001\u8cc7\u7523\u3092\u7d76\u5bfe\u306b\u6e1b\u3089\u3057\u305f\u304f\u306a\u3044\u4fdd\u5b88\u7684\u306a\u6295\u8cc7\u5bb6\u3084\u3001\u30ea\u30bf\u30a4\u30a2\u5f8c\u306e\u30b7\u30cb\u30a2\u6295\u8cc7\u5bb6\u306b\u6700\u9069\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"120\">\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u8a2d\u5b9a\u6761\u4ef6\uff08\u30ec\u30b7\u30d4\uff09<\/h4>\n<table data-path-to-node=\"121\">\n<thead>\n<tr>\n<td><strong>\u9806\u5e8f<\/strong><\/td>\n<td><strong>\u8a2d\u5b9a\u6307\u6a19<\/strong><\/td>\n<td><strong>\u6f14\u7b97\u5b50<\/strong><\/td>\n<td><strong>\u8a2d\u5b9a\u6570\u5024<\/strong><\/td>\n<td><strong>\u6761\u4ef6\u306e\u610f\u56f3\u30fb\u80cc\u666f<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"121,1,0,0\">1<\/span><\/td>\n<td><span data-path-to-node=\"121,1,1,0\"><b data-path-to-node=\"121,1,1,0\" data-index-in-node=\"0\">PBR<\/b><\/span><\/td>\n<td><span data-path-to-node=\"121,1,2,0\">\u4ee5\u4e0b<\/span><\/td>\n<td><span data-path-to-node=\"121,1,3,0\"><code data-path-to-node=\"121,1,3,0\" data-index-in-node=\"0\">0.7 \u500d<\/code><\/span><\/td>\n<td><span data-path-to-node=\"121,1,4,0\">\u89e3\u6563\u4fa1\u5024\u3092\u5927\u5e45\u306b\u4e0b\u56de\u308b\u5727\u5012\u7684\u306a\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"121,2,0,0\">2<\/span><\/td>\n<td><span data-path-to-node=\"121,2,1,0\"><b data-path-to-node=\"121,2,1,0\" data-index-in-node=\"0\">\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5 \/ \u6642\u4fa1\u7dcf\u984d\u6bd4\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"121,2,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"121,2,3,0\"><code data-path-to-node=\"121,2,3,0\" data-index-in-node=\"0\">50 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"121,2,4,0\">\u4f1a\u793e\u306e\u4fa1\u5024\u306e\u534a\u5206\u4ee5\u4e0a\u304c\u300c\u7d14\u7c8b\u306a\u73fe\u91d1\u300d\u3067\u69cb\u6210\u3055\u308c\u3066\u3044\u308b\u72b6\u614b<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"121,3,0,0\">3<\/span><\/td>\n<td><span data-path-to-node=\"121,3,1,0\"><b data-path-to-node=\"121,3,1,0\" data-index-in-node=\"0\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"121,3,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"121,3,3,0\"><code data-path-to-node=\"121,3,3,0\" data-index-in-node=\"0\">70 %<\/code><\/span><\/td>\n<td><span data-path-to-node=\"121,3,4,0\">\u501f\u91d1\u304c\u307b\u307c\u7686\u7121\u306e\u3001\u4e8b\u5b9f\u4e0a\u306e\u7121\u501f\u91d1\u7d4c\u55b6\u4f01\u696d<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"121,4,0,0\">4<\/span><\/td>\n<td><span data-path-to-node=\"121,4,1,0\"><b data-path-to-node=\"121,4,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca<\/b><\/span><\/td>\n<td><span data-path-to-node=\"121,4,2,0\">\u4ee5\u4e0a<\/span><\/td>\n<td><span data-path-to-node=\"121,4,3,0\"><code data-path-to-node=\"121,4,3,0\" data-index-in-node=\"0\">0\uff08\u9ed2\u5b57\uff09<\/code><\/span><\/td>\n<td><span data-path-to-node=\"121,4,4,0\">\u3044\u304f\u3089\u73fe\u91d1\u304c\u3042\u3063\u3066\u3082\u3001\u6bce\u671f\u8d64\u5b57\u3067\u73fe\u91d1\u3092\u5782\u308c\u6d41\u3059\u30be\u30f3\u30d3\u4f01\u696d\u3092\u6392\u9664<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4 data-path-to-node=\"122\">\u306a\u305c\u3053\u306e\u6761\u4ef6\u306a\u306e\u304b\uff1f \u5fb9\u5e95\u89e3\u8aac<\/h4>\n<p data-path-to-node=\"123\">\u4e16\u754c\u7684\u306a\u91d1\u878d\u5371\u6a5f\uff08\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u518d\u6765\u306a\u3069\uff09\u304c\u8d77\u304d\u305f\u3068\u304d\u3001\u6700\u3082\u5f37\u3044\u306e\u306f\u300c\u682a\u4fa1\u30c1\u30e3\u30fc\u30c8\u306e\u5f62\u300d\u3067\u306f\u306a\u304f\u3001\u300c\u4f1a\u793e\u306e\u91d1\u5eab\u306b\u5165\u3063\u3066\u3044\u308b\u73fe\u91d1\u306e\u91cf\u300d\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"124\">\n<li>\n<p data-path-to-node=\"124,0,0\"><b data-path-to-node=\"124,0,0\" data-index-in-node=\"0\">\u300c\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5 \/ \u6642\u4fa1\u7dcf\u984d\u6bd4\u7387 50%\u4ee5\u4e0a\u300d\u306e\u7570\u5e38\u6027\uff1a<\/b><\/p>\n<p data-path-to-node=\"124,0,0\">\u4f8b\u3048\u3070\u3001\u3042\u308b\u4f01\u696d\u306e\u6642\u4fa1\u7dcf\u984d\uff08\u4f1a\u793e\u3092\u4e38\u3054\u3068\u8cb7\u3044\u53d6\u308c\u308b\u91d1\u984d\uff09\u304c100\u5104\u5186\u3060\u3068\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u4f1a\u793e\u306e\u91d1\u5eab\u3092\u958b\u3051\u308b\u3068\u3001\u501f\u91d1\u3092\u3059\u3079\u3066\u5dee\u3057\u5f15\u3044\u305f\u300c\u7d14\u7c8b\u306a\u73fe\u91d1\uff08\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\uff09\u300d\u304c60\u5104\u5186\u5165\u3063\u3066\u3044\u308b\u2026\u2026\u3068\u3044\u3046\u306e\u304c\u3053\u306e\u72b6\u614b\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"124,0,0\">\u5b9f\u8cea\u7684\u306b\u3001\u3042\u306a\u305f\u306f\u300c100\u5104\u5186 &#8211; 60\u5104\u5186 = 40\u5104\u5186\u300d\u3067\u3001\u305d\u306e\u4f1a\u793e\u306e\u5de5\u5834\u3001\u571f\u5730\u3001\u30d6\u30e9\u30f3\u30c9\u3001\u305d\u3057\u3066\u6bce\u5e74\u306e\u30d3\u30b8\u30cd\u30b9\uff08\u9ed2\u5b57\uff09\u3092\u3059\u3079\u3066\u624b\u306b\u5165\u308c\u305f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u4ee5\u4e0a\u682a\u4fa1\u304c\u4e0b\u304c\u308a\u3088\u3046\u304c\u306a\u3044\u300c\u9244\u58c1\u306e\u5e95\u5024\u300d\u3092\u6301\u3064\u9298\u67c4\u3092\u898b\u3064\u3051\u51fa\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"126\">\u7b2c6\u7ae0\uff1a\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u5f8c\u306e\u30b9\u30c6\u30c3\u30d7 \u2014\u2014 \u304a\u5b9d\u682a\u3092\u898b\u6975\u3081\u308b\u300c3\u3064\u306e\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8\u300d<\/h2>\n<p data-path-to-node=\"127\">\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3092\u5b9f\u884c\u3059\u308b\u3068\u3001\u6761\u4ef6\u306b\u5408\u81f4\u3057\u305f\u4f01\u696d\u304c\u6570\u5341\u793e\u304b\u3089100\u793e\u307b\u3069\u30ea\u30b9\u30c8\u30a2\u30c3\u30d7\u3055\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u3001<b data-path-to-node=\"127\" data-index-in-node=\"50\">\u300c\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306b\u5f15\u3063\u304b\u304b\u3063\u305f\u682a\u3092\u3001\u305d\u306e\u307e\u307e\u4f55\u3082\u8003\u3048\u305a\u306b\u8cb7\u3063\u3066\u3044\u3044\u300d\u3068\u3044\u3046\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/b><\/p>\n<p data-path-to-node=\"128\">\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306f\u3001\u3042\u304f\u307e\u3067\u81a8\u5927\u306a\u9078\u629e\u80a2\u304b\u3089\u5019\u88dc\u3092\u7d5e\u308a\u8fbc\u3080\u300c\u4e00\u6b21\u4e88\u9078\uff08\u66f8\u985e\u9078\u8003\uff09\u300d\u306b\u904e\u304e\u307e\u305b\u3093\u3002\u3053\u3053\u304b\u3089\u3001\u672c\u5f53\u306b\u6295\u8cc7\u3059\u3079\u304d\u304b\u3092\u5224\u65ad\u3059\u308b\u300c\u4e8c\u6b21\u9078\u8003\uff08\u9762\u63a5\uff09\u300d\u3092\u884c\u3046\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u3092\u4f7f\u3044\u306a\u304c\u3089\u3001\u6b21\u306e3\u3064\u306e\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8\u3092\u5fc5\u305a\u5b9f\u884c\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<h3 data-path-to-node=\"129\">\u3010\u30c1\u30a7\u30c3\u30af1\u3011\u696d\u7e3e\u306e\u300c\u4e00\u8cab\u6027\u300d\u3068\u300c\u6301\u7d9a\u6027\u300d\u3092\u30b0\u30e9\u30d5\u3067\u8996\u8a8d\u3059\u308b<\/h3>\n<p data-path-to-node=\"130\">\u30ea\u30b9\u30c8\u30a2\u30c3\u30d7\u3055\u308c\u305f\u4f01\u696d\u306e\u500b\u5225\u30da\u30fc\u30b8\u3092\u958b\u304d\u3001\u300c\u696d\u7e3e\u300d\u30bf\u30d6\u306e\u30b0\u30e9\u30d5\u3092\u898b\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<ul data-path-to-node=\"131\">\n<li>\n<p data-path-to-node=\"131,0,0\"><b data-path-to-node=\"131,0,0\" data-index-in-node=\"0\">\u5408\u683c\u306e\u5f62\uff08\u30b9\u30c8\u30c3\u30af\u578b\uff09\uff1a<\/b><\/p>\n<p data-path-to-node=\"131,0,0\">\u58f2\u4e0a\u9ad8\u3068\u5229\u76ca\u306e\u30b0\u30e9\u30d5\u304c\u3001\u307e\u308b\u3067\u7dba\u9e97\u306b\u7a4d\u307f\u4e0a\u3052\u3089\u308c\u305f\u968e\u6bb5\u306e\u3088\u3046\u306b\u3001\u6bce\u5e74\u3001\u307e\u305f\u306f\u6570\u5e74\u5358\u4f4d\u3067\u53f3\u80a9\u4e0a\u304c\u308a\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u3001\u9867\u5ba2\u304c\u4e00\u5ea6\u5951\u7d04\u3059\u308b\u3068\u6bce\u6708\u304a\u91d1\u304c\u5165\u308a\u7d9a\u3051\u308b\u30d3\u30b8\u30cd\u30b9\uff08SaaS\u3001\u4fdd\u5b88\u70b9\u691c\u3001\u30a4\u30f3\u30d5\u30e9\u3001\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u306a\u3069\uff09\u3084\u3001\u5727\u5012\u7684\u306a\u30d6\u30e9\u30f3\u30c9\u529b\u3092\u6301\u3064\u4f01\u696d\u306e\u7279\u5fb4\u3067\u3059\u3002\u30d0\u30d5\u30a7\u30c3\u30c8\u304c\u6700\u3082\u597d\u3080\u5f62\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"131,1,0\"><b data-path-to-node=\"131,1,0\" data-index-in-node=\"0\">\u8981\u8b66\u6212\u306e\u5f62\uff08\u30b7\u30af\u30ea\u30ab\u30eb\u578b\uff09\uff1a<\/b><\/p>\n<p data-path-to-node=\"131,1,0\">\u3042\u308b\u5e74\u306f\u5229\u76ca\u304c\u7206\u767a\u7684\u306b\u51fa\u3066\u3044\u308b\u304c\u3001\u305d\u306e\u6570\u5e74\u524d\u306f\u8d64\u5b57\u5bf8\u524d\u307e\u3067\u843d\u3061\u8fbc\u3093\u3067\u3044\u308b\u3088\u3046\u306a\u3001\u6fc0\u3057\u3044V\u5b57\u3084\u9006V\u5b57\u3092\u63cf\u3044\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u3001\u534a\u5c0e\u4f53\u3001\u6d77\u904b\u3001\u9244\u92fc\u3001\u4e0d\u52d5\u7523\u958b\u767a\u306a\u3069\u306e\u300c\u666f\u6c17\u654f\u611f\u682a\u300d\u306b\u591a\u304f\u898b\u3089\u308c\u307e\u3059\u3002\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3057\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u304c\u300c\u305f\u307e\u305f\u307e\u666f\u6c17\u306e\u30d4\u30fc\u30af\uff08\u7d76\u597d\u8abf\u671f\uff09\u300d\u3060\u3063\u305f\u5834\u5408\u3001\u73fe\u5728\u306ePER\u3084\u914d\u5f53\u5229\u56de\u308a\u304c\u7570\u5e38\u306b\u826f\u304f\u898b\u3048\u3066\u3044\u308b\u3060\u3051\u306e\u53ef\u80fd\u6027\u304c\u9ad8\u304f\u3001\u3053\u3053\u304b\u3089\u8cfc\u5165\u3059\u308b\u3068\u5927\u640d\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"132\">\u3010\u30c1\u30a7\u30c3\u30af2\u3011\u7af6\u5408\u4ed6\u793e\u6bd4\u8f03\uff08\u30d4\u30a2\u30b3\u30f3\u30d7\uff09\u3067\u300c\u305d\u306e\u4f01\u696d\u3067\u3042\u308b\u7406\u7531\u300d\u3092\u660e\u78ba\u306b\u3059\u308b<\/h3>\n<p data-path-to-node=\"133\">\u4f01\u696d\u30da\u30fc\u30b8\u306e\u4e0b\u90e8\u306b\u3042\u308b\u300c\u7af6\u5408\u6bd4\u8f03\u30c6\u30fc\u30d6\u30eb\u300d\u3092\u719f\u8996\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"134\">\u4f8b\u3048\u3070\u3001\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3067\u9078\u3093\u3060\u300cA\u793e\u300d\u306ePER\u304c10\u500d\u3001ROE\u304c12%\u3060\u3063\u305f\u3068\u3057\u307e\u3059\u3002\u975e\u5e38\u306b\u512a\u79c0\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u30e9\u30a4\u30d0\u30eb\u306e\u300cB\u793e\u300d\u3092\u898b\u305f\u3068\u3053\u308d\u3001PER\u304c8\u500d\u3001ROE\u304c15%\u3067\u3001\u3055\u3089\u306b\u8ca1\u52d9\u304c\u5065\u5168\u3060\u3063\u305f\u2026\u2026\u3068\u3044\u3046\u3053\u3068\u304c\u3088\u304f\u8d77\u3053\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"135\">\n<li>\n<p data-path-to-node=\"135,0,0\">\u300c\u696d\u754c\u5185\u3067\u3001\u3053\u306e\u4f01\u696d\u306f\u672c\u5f53\u306b\u4e00\u756a\u52b9\u7387\u3088\u304f\u7a3c\u3052\u3066\u3044\u308b\u304b\uff1f\u300d<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"135,1,0\">\u300c\u3082\u3063\u3068\u5272\u5b89\u3067\u653e\u7f6e\u3055\u308c\u3066\u3044\u308b\u3001\u96a0\u308c\u305f\u738b\u9053\u4f01\u696d\u306f\u306a\u3044\u304b\uff1f\u300d<\/p>\n<p data-path-to-node=\"135,1,0\">\u3092\u7af6\u5408\u6bd4\u8f03\u3067\u78ba\u8a8d\u3057\u3001\u300c\u696d\u754c\u5185\u3067\u306e\u30d9\u30b9\u30c8\u306a1\u793e\u300d\u306b\u7d5e\u308a\u8fbc\u307f\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"136\">\u3010\u30c1\u30a7\u30c3\u30af3\u3011\u5b9a\u6027\u5206\u6790\uff08\u6570\u5b57\u306b\u8868\u308c\u306a\u3044\u5f37\u307f\uff09\u3092\u8abf\u3079\u308b<\/h3>\n<p data-path-to-node=\"137\">\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u306f\u8ca1\u52d9\uff08\u6570\u5b57\uff09\u306e\u5206\u6790\u306b\u304a\u3044\u3066\u6700\u5f37\u3067\u3059\u304c\u3001\u4f01\u696d\u306e\u300c\u30d3\u30b8\u30cd\u30b9\u306e\u73fe\u5834\u300d\u3084\u300c\u7d4c\u55b6\u8005\u306e\u8cea\u300d\u3068\u3044\u3063\u305f\u5b9a\u6027\u7684\u306a\u60c5\u5831\u306f\u3001\u81ea\u5206\u3067\u88dc\u3046\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"138\">\u4ee5\u4e0b\u306e\u8cea\u554f\u306b\u3001\u3042\u306a\u305f\u81ea\u8eab\u304c15\u79d2\u4ee5\u5185\u306b\u7b54\u3048\u3089\u308c\u308b\u304b\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"139\">\n<li>\n<p data-path-to-node=\"139,0,0\"><b data-path-to-node=\"139,0,0\" data-index-in-node=\"0\">\u300c\u3053\u306e\u4f1a\u793e\u306f\u3001\u4f55\u3092\u3057\u3066\u304a\u91d1\u3092\u7a3c\u3044\u3067\u3044\u308b\u306e\u304b\uff1f\uff08\u4e2d\u5b66\u751f\u3067\u3082\u308f\u304b\u308b\u30ec\u30d9\u30eb\u3067\uff09\u300d<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"139,1,0\"><b data-path-to-node=\"139,1,0\" data-index-in-node=\"0\">\u300c\u30e9\u30a4\u30d0\u30eb\u4f01\u696d\u304c\u3001\u3053\u306e\u4f1a\u793e\u306e\u771f\u4f3c\u3092\u3057\u3088\u3046\u3068\u3057\u305f\u3068\u304d\u3001\u305d\u308c\u3092\u963b\u3080\u58c1\uff08\u7279\u8a31\u3001\u6280\u8853\u529b\u3001\u5727\u5012\u7684\u306a\u8a8d\u77e5\u5ea6\u3001\u5207\u308a\u66ff\u3048\u30b3\u30b9\u30c8\u306e\u9ad8\u3055\u306a\u3069\uff09\u306f\u4f55\u304b\uff1f\u300d<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"139,2,0\"><b data-path-to-node=\"139,2,0\" data-index-in-node=\"0\">\u300c\u4eca\u8d77\u304d\u3066\u3044\u308b\u793e\u4f1a\u306e\u5909\u5316\uff08\u5c11\u5b50\u9ad8\u9f62\u5316\u3001DX\u3001\u30a4\u30f3\u30d5\u30ec\u3001EV\u5316\u306a\u3069\uff09\u306f\u3001\u3053\u306e\u4f1a\u793e\u306b\u3068\u3063\u3066\u8ffd\u3044\u98a8\u304b\u3001\u305d\u308c\u3068\u3082\u5411\u304b\u3044\u98a8\u304b\uff1f\u300d<\/b><\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"140\">\u8ca1\u52d9\u30c7\u30fc\u30bf\uff08\u6570\u5b57\uff09\u304c\u904e\u53bb\u306b\u3069\u308c\u3060\u3051\u826f\u304f\u3066\u3082\u3001\u672a\u6765\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u304c\u6642\u4ee3\u9045\u308c\uff08\u4f8b\uff1a\u30b9\u30de\u30db\u6642\u4ee3\u306b\u304a\u3051\u308b\u30ac\u30e9\u30b1\u30fc\u88fd\u9020\u4f1a\u793e\uff09\u3067\u3042\u308c\u3070\u3001\u305d\u306e\u6295\u8cc7\u306f\u5931\u6557\u306b\u7d42\u308f\u308a\u307e\u3059\u3002<b data-path-to-node=\"140\" data-index-in-node=\"77\">\u300c\u6570\u5b57\uff08\u5b9a\u91cf\uff09\u300d\u3068\u300c\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\uff08\u5b9a\u6027\uff09\u300d\u306e\u53cc\u65b9\u304c\u63c3\u3063\u3066\u521d\u3081\u3066\u3001\u672c\u7269\u306e\u6295\u8cc7\u5bfe\u8c61\u3068\u306a\u308a\u307e\u3059\u3002<\/b><\/p>\n<h2 data-path-to-node=\"142\">\u7b2c7\u7ae0\uff1a\u3010\u521d\u5fc3\u8005\u5fc5\u8aad\u3011\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3067\u72af\u3057\u3084\u3059\u30445\u3064\u306e\u81f4\u547d\u7684\u306a\u7f60\u3068\u56de\u907f\u7b56<\/h2>\n<p data-path-to-node=\"143\">\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306f\u975e\u5e38\u306b\u4fbf\u5229\u306a\u30c4\u30fc\u30eb\u3067\u3059\u304c\u3001\u4f7f\u3044\u65b9\u3092\u4e00\u6b69\u9593\u9055\u3048\u308b\u3068\u3001\u3042\u306a\u305f\u306e\u5927\u5207\u306a\u8cc7\u7523\u3092\u6eb6\u304b\u3059\u300c\u8af8\u5203\u306e\u5263\u300d\u306b\u306a\u308a\u307e\u3059\u3002\u521d\u5fc3\u8005\u304c\u7279\u306b\u9665\u308a\u3084\u3059\u30445\u3064\u306e\u7f60\u3068\u3001\u305d\u306e\u5177\u4f53\u7684\u306a\u56de\u907f\u7b56\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"144\">\u7f60\u2460\uff1a\u300c\u73fe\u5728\u306e\u6570\u5b57\u300d\u3060\u3051\u306b\u9a19\u3055\u308c\u308b\uff08\u4e00\u904e\u6027\u5229\u76ca\u306e\u7f60\uff09<\/h3>\n<ul data-path-to-node=\"145\">\n<li>\n<p data-path-to-node=\"145,0,0\"><b data-path-to-node=\"145,0,0\" data-index-in-node=\"0\">\u73fe\u8c61\uff1a<\/b> PER\u304c3\u500d\u3001\u914d\u5f53\u5229\u56de\u308a\u304c8%\u3068\u3044\u3046\u3001\u3068\u3093\u3067\u3082\u306a\u3044\u304a\u5b9d\u682a\u3092\u767a\u898b\u3057\u3066\u8208\u596e\u3057\u3066\u8cfc\u5165\u3002\u3057\u304b\u3057\u3001\u7fcc\u5e74\u306b\u696d\u7e3e\u304c\u30ac\u30bf\u843d\u3061\u3057\u3001\u682a\u4fa1\u3082\u534a\u5024\u306b\u306a\u3063\u305f\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"145,1,0\"><b data-path-to-node=\"145,1,0\" data-index-in-node=\"0\">\u539f\u56e0\uff1a<\/b> \u305d\u306e\u4f01\u696d\u304c\u3001\u305d\u306e\u671f\u306b\u300c\u4fdd\u6709\u3057\u3066\u3044\u305f\u672c\u793e\u30d3\u30eb\u3092\u58f2\u5374\u3057\u305f\u300d\u300c\u5de5\u5834\u3092\u58f2\u3063\u3066\u7279\u5225\u5229\u76ca\u304c\u51fa\u305f\u300d\u306a\u3069\u3001<b data-path-to-node=\"145,1,0\" data-index-in-node=\"49\">\u672c\u696d\u3068\u306f\u95a2\u4fc2\u306e\u306a\u3044\u4e00\u904e\u6027\u306e\u5229\u76ca<\/b>\u306b\u3088\u3063\u3066\u30011\u5e74\u3060\u3051\u7d14\u5229\u76ca\u304c\u7206\u767a\u7684\u306b\u5897\u3048\u3066\u3044\u305f\u30b1\u30fc\u30b9\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"145,2,0\"><b data-path-to-node=\"145,2,0\" data-index-in-node=\"0\">\u56de\u907f\u7b56\uff1a<\/b> 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data-path-to-node=\"146\">\u7f60\u2461\uff1a\u4f4ePBR\u306e\u88cf\u306b\u3042\u308b\u300c\u30be\u30f3\u30d3\u4f01\u696d\u300d\u3092\u63b4\u3080\uff08\u30d0\u30ea\u30e5\u30fc\u30c8\u30e9\u30c3\u30d7\uff09<\/h3>\n<ul data-path-to-node=\"147\">\n<li>\n<p data-path-to-node=\"147,0,0\"><b data-path-to-node=\"147,0,0\" data-index-in-node=\"0\">\u73fe\u8c61\uff1a<\/b> PBR 0.4\u500d\u306e\u682a\u3092\u8cfc\u5165\u3002\u300c\u89e3\u6563\u4fa1\u5024\u306e\u534a\u984d\u4ee5\u4e0b\u3060\u304b\u3089\u3001\u7d76\u5bfe\u306b\u3044\u3064\u304b\u898b\u76f4\u3055\u308c\u3066\u4e0a\u304c\u308b\u306f\u305a\u300d\u3068\u4fe1\u3058\u30665\u5e74\u9593\u4fdd\u6709\u3057\u305f\u304c\u3001\u682a\u4fa1\u306f1\u30df\u30ea\u3082\u4e0a\u304c\u3089\u305a\u3001\u65e5\u7d4c\u5e73\u5747\u306e\u4e0a\u6607\u306b\u53d6\u308a\u6b8b\u3055\u308c\u305f\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"147,1,0\"><b data-path-to-node=\"147,1,0\" data-index-in-node=\"0\">\u539f\u56e0\uff1a<\/b> 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data-index-in-node=\"36\">\u3001\u3042\u308b\u3044\u306f<\/b>\u300c\u76f4\u8fd1\u306e\u5897\u914d\u5b9f\u7e3e\u300d\u3092\u52a0\u3048\u307e\u3057\u3087\u3046\u3002\u7d4c\u55b6\u9663\u304c\u300c\u8cc7\u672c\u306e\u52b9\u7387\u5316\u3084\u682a\u4e3b\u9084\u5143\u306b\u5bfe\u3057\u3066\u3084\u308b\u6c17\u304c\u3042\u308b\u304b\u3069\u3046\u304b\u300d\u3092\u30d5\u30a3\u30eb\u30bf\u30ea\u30f3\u30b0\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"148\">\u6162\u2462\uff1a\u6761\u4ef6\u3092\u53b3\u3057\u304f\u3057\u3059\u304e\u3066\u300c\u7d50\u679c\u304c\u30bc\u30ed\u300d\u306b\u306a\u308b<\/h3>\n<ul data-path-to-node=\"149\">\n<li>\n<p data-path-to-node=\"149,0,0\"><b data-path-to-node=\"149,0,0\" data-index-in-node=\"0\">\u73fe\u8c61\uff1a<\/b> \u300cPER 10\u500d\u4ee5\u4e0b\u300d\u304b\u3064\u300cROE 20%\u4ee5\u4e0a\u300d\u304b\u3064\u300c\u58f2\u4e0a\u9ad8\u6210\u9577\u7387 30%\u4ee5\u4e0a\u300d\u304b\u3064\u300c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387 80%\u4ee5\u4e0a\u300d\u3067\u691c\u7d22\u3057\u305f\u3068\u3053\u308d\u3001\u300c\u8a72\u5f53\u3059\u308b\u9298\u67c4\u306f\u3042\u308a\u307e\u305b\u3093\u300d\u3068\u8868\u793a\u3055\u308c\u3001\u3084\u308b\u6c17\u3092\u5931\u3046\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"149,1,0\"><b data-path-to-node=\"149,1,0\" data-index-in-node=\"0\">\u539f\u56e0\uff1a<\/b> \u4e16\u754c\u4e2d\u306e\u30d7\u30ed\u6295\u8cc7\u5bb6\u304c\u6bce\u65e5\u5e02\u5834\u3092\u76e3\u8996\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u3059\u3079\u3066\u306e\u9805\u76ee\u304c100\u70b9\u6e80\u70b9\u306e\u975e\u306e\u6253\u3061\u6240\u304c\u306a\u3044\u4f01\u696d\u304c\u3001\u5272\u5b89\u3067\u653e\u7f6e\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u306f\uff08\u5927\u66b4\u843d\u76f8\u5834\u3092\u9664\u3044\u3066\uff09\u57fa\u672c\u7684\u306b\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"149,2,0\"><b data-path-to-node=\"149,2,0\" data-index-in-node=\"0\">\u56de\u907f\u7b56\uff1a<\/b> \u6761\u4ef6\u3092\u300c\u5c11\u3057\u305a\u3064\u7de9\u3081\u308b\u300d\u306e\u304c\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306e\u9244\u5247\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"149,2,1\">\n<li>\n<p data-path-to-node=\"149,2,1,0,0\">ROE\u309220% \u2192 12%\u306b\u4e0b\u3052\u308b<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"149,2,1,1,0\">PER\u309210\u500d \u2192 14\u500d\u306b\u4e0a\u3052\u308b<\/p>\n<p data-path-to-node=\"149,2,1,1,0\">\u306a\u3069\u3001\u30d1\u30e9\u30e1\u30fc\u30bf\u30fc\u3092\u8abf\u6574\u3057\u306a\u304c\u3089\u3001\u5e38\u306b\u300c\u5e02\u5834\u306b20\u301c50\u793e\u7a0b\u5ea6\u304c\u30d2\u30c3\u30c8\u3059\u308b\u7d76\u5999\u306a\u6e6f\u52a0\u6e1b\u300d\u3092\u63a2\u308b\u7656\u3092\u3064\u3051\u307e\u3057\u3087\u3046\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"150\">\u7f60\u2463\uff1a\u30bb\u30af\u30bf\u30fc\u3054\u3068\u306e\u300c\u7279\u6027\u300d\u3092\u7121\u8996\u3057\u3066\u4e00\u62ec\u6bd4\u8f03\u3059\u308b<\/h3>\n<ul data-path-to-node=\"151\">\n<li>\n<p data-path-to-node=\"151,0,0\"><b data-path-to-node=\"151,0,0\" data-index-in-node=\"0\">\u73fe\u8c61\uff1a<\/b> \u300c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387 60%\u4ee5\u4e0a\u300d\u3067\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3092\u304b\u3051\u305f\u3089\u3001\u9280\u884c\u3001\u8a3c\u5238\u3001\u4fdd\u967a\u3001\u30ea\u30fc\u30b9\u306a\u3069\u306e\u91d1\u878d\u4f01\u696d\u304c1\u793e\u3082\u5f15\u3063\u304b\u304b\u3089\u305a\u3001IT\u4f01\u696d\u3084\u88fd\u9020\u696d\u3070\u304b\u308a\u306b\u306a\u3063\u305f\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"151,1,0\"><b data-path-to-node=\"151,1,0\" data-index-in-node=\"0\">\u539f\u56e0\uff1a<\/b> 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data-path-to-node=\"155\">\u7b2c8\u7ae0\uff1a\u3010\u4e2d\u4e0a\u7d1a\u8005\u5411\u3051\u3011\u3055\u3089\u306b\u5dee\u3092\u3064\u3051\u308b\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u5fdc\u7528\u8853<\/h2>\n<p data-path-to-node=\"156\">\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u306e\u57fa\u672c\u3092\u30de\u30b9\u30bf\u30fc\u3057\u305f\u65b9\u306e\u305f\u3081\u306b\u3001\u3055\u3089\u306b\u6295\u8cc7\u306e\u7cbe\u5ea6\u3092\u30d7\u30ed\u30ec\u30d9\u30eb\u306b\u5f15\u304d\u4e0a\u3052\u308b\u305f\u3081\u306e\u5fdc\u7528\u30c6\u30af\u30cb\u30c3\u30af\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"157\">8.1 \u8907\u6570\u6761\u4ef6\u306e\u4fdd\u5b58\u6a5f\u80fd\u3068\u300c\u6bce\u6708\u306e\u5b9a\u671f\u5de1\u56de\u300d<\/h3>\n<p data-path-to-node=\"158\">\u682a\u5f0f\u5e02\u5834\u306f\u3001\u307e\u308b\u3067\u751f\u304d\u7269\u306e\u3088\u3046\u306b\u6bce\u65e5\u4fa1\u683c\u304c\u5909\u52d5\u3057\u30013\u30f6\u6708\u306b1\u56de\u306e\u6c7a\u7b97\u671f\u3054\u3068\u306b\u4f01\u696d\u306e\u8ca1\u52d9\u30c7\u30fc\u30bf\u304c\u5237\u65b0\u3055\u308c\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"158\">\u3064\u307e\u308a\u3001\u300c3\u30f6\u6708\u524d\u306b\u691c\u7d22\u3057\u3066\u30c0\u30e1\u3060\u3063\u305f\u4f01\u696d\u304c\u3001\u4eca\u65e5\u306e\u6c7a\u7b97\u767a\u8868\u3067\u6700\u9ad8\u306e\u6295\u8cc7\u5bfe\u8c61\u306b\u5316\u3051\u308b\u300d\u3068\u3044\u3046\u3053\u3068\u304c\u983b\u7e41\u306b\u8d77\u3053\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"159\">\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\uff08\u7121\u6599\u306e\u30a2\u30ab\u30a6\u30f3\u30c8\u767b\u9332\u304c\u5fc5\u8981\u306a\u5834\u5408\u304c\u3042\u308a\u307e\u3059\uff09\u3067\u306f\u3001\u81ea\u5206\u304c\u4f5c\u6210\u3057\u305f\u3053\u3060\u308f\u308a\u306e\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u6761\u4ef6\u3092\u4fdd\u5b58\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"160\">\n<li>\n<p data-path-to-node=\"160,0,0\">\u300c\u30de\u30a4\u9ad8\u914d\u5f53\u682a\u30ec\u30b7\u30d4\u300d<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"160,1,0\">\u300c\u30de\u30a4\u30d0\u30ea\u30e5\u30fc\u682a\u30ec\u30b7\u30d4\u300d<\/p>\n<p 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data-path-to-node=\"162\">\u4e0a\u7d1a\u8005\u304c\u6c7a\u7b97\u671f\u306b\u3088\u304f\u4f7f\u3046\u30c6\u30af\u30cb\u30c3\u30af\u304c\u3001\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u306b\u304a\u3051\u308b\u300c\u56db\u534a\u671f\u9032\u6357\u7387\u300d\u306e\u30c1\u30a7\u30c3\u30af\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"163\">\u591a\u304f\u306e\u65e5\u672c\u4f01\u696d\u306f\u3001\u4fdd\u5b88\u7684\uff08\u5f31\u6c17\uff09\u306a\u696d\u7e3e\u4e88\u60f3\u3092\u671f\u521d\uff085\u6708\u9803\uff09\u306b\u767a\u8868\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u30d3\u30b8\u30cd\u30b9\u304c\u7d76\u597d\u8abf\u306a\u4f01\u696d\u306f\u3001\u7b2c2\u56db\u534a\u671f\uff08\u4e2d\u9593\u6c7a\u7b97\uff09\u3001\u7b2c3\u56db\u534a\u671f\u3068\u9032\u3080\u306b\u3064\u308c\u3066\u3001\u5f53\u521d\u306e\u4e88\u60f3\u3092\u5927\u304d\u304f\u4e0a\u56de\u308b\u30da\u30fc\u30b9\u3067\u5229\u76ca\u3092\u53e9\u304d\u51fa\u3057\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"164\">\n<li>\n<p data-path-to-node=\"164,0,0\"><b data-path-to-node=\"164,0,0\" data-index-in-node=\"0\">\u5148\u56de\u308a\u6280\uff1a<\/b><\/p>\n<p data-path-to-node=\"164,0,0\">\u7b2c3\u56db\u534a\u671f\uff083Q\uff09\u304c\u7d42\u308f\u3063\u305f\u6642\u70b9\u3067\u3001\u901a\u671f\u306e\u55b6\u696d\u5229\u76ca\u4e88\u60f3\u306b\u5bfe\u3059\u308b\u300c\u9032\u6357\u7387\u300d\u304c\u3059\u3067\u306b90%\u3084100%<b data-path-to-node=\"164,0,0\" data-index-in-node=\"54\">\u306b\u9054\u3057\u3066\u3044\u308b\u4f01\u696d\u3092\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u7b49\u3067\u898b\u3064\u3051\u307e\u3059\u3002 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data-path-to-node=\"167,0,0\">\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u7d50\u679c\u3084\u3001\u4f01\u696d\u306e10\u5e74\u4ee5\u4e0a\u306e\u8ca1\u52d9\u8af8\u8868\u3092\u307e\u308b\u3054\u3068Excel\u30c7\u30fc\u30bf\u3068\u3057\u3066\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9\u3067\u304d\u307e\u3059\u3002\u72ec\u81ea\u306e\u6570\u5f0f\u3067\u3055\u3089\u306b\u8a73\u7d30\u306a\u4f01\u696d\u4fa1\u5024\uff08DCF\u6cd5\u306b\u3088\u308b\u7406\u8ad6\u682a\u4fa1\u306e\u7b97\u51fa\u306a\u3069\uff09\u3092\u8a08\u7b97\u3057\u305f\u3044\u30ac\u30c1\u52e2\u306b\u306f\u5fc5\u9808\u306e\u6a5f\u80fd\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"167,1,0\"><b data-path-to-node=\"167,1,0\" data-index-in-node=\"0\">\u3088\u308a\u8a73\u7d30\u306a\u30bb\u30b0\u30e1\u30f3\u30c8\u5206\u6790\uff1a<\/b><\/p>\n<p data-path-to-node=\"167,1,0\">\u4f01\u696d\u304c\u8907\u6570\u306e\u4e8b\u696d\u3092\u884c\u3063\u3066\u3044\u308b\u5834\u5408\uff08\u4f8b\uff1a\u30bd\u30cb\u30fc\u304c\u30b2\u30fc\u30e0\u3001\u6620\u753b\u3001\u91d1\u878d\u3001\u534a\u5c0e\u4f53\u3092\u3084\u3063\u3066\u3044\u308b\u3088\u3046\u306b\uff09\u3001\u305d\u308c\u305e\u308c\u306e\u4e8b\u696d\uff08\u30bb\u30b0\u30e1\u30f3\u30c8\uff09\u3054\u3068\u306e\u58f2\u4e0a\u3084\u5229\u76ca\u306e\u63a8\u79fb\u3092\u30d3\u30b8\u30e5\u30a2\u30eb\u3067\u5206\u6790\u3067\u304d\u307e\u3059\u3002\u300c\u4f1a\u793e\u5168\u4f53\u3068\u3057\u3066\u306f\u30d1\u30c3\u3068\u3057\u306a\u3044\u304c\u3001\u5b9f\u306f\u7279\u5b9a\u306e\u65b0\u898f\u4e8b\u696d\u304c\u731b\u70c8\u306a\u52e2\u3044\u3067\u6210\u9577\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3063\u305f\u3001\u771f\u306e\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306e\u5146\u5019\u3092\u898b\u9003\u3055\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"168\">\u307e\u305a\u306f\u7121\u6599\u7248\u3092\u5fb9\u5e95\u7684\u306b\u4f7f\u3044\u5012\u3057\u3001\u7269\u8db3\u308a\u306a\u304f\u306a\u3063\u305f\u308a\u3001\u6295\u8cc7\u8cc7\u91d1\u304c\u5927\u304d\u304f\u306a\u3063\u3066\u30c4\u30fc\u30eb\u306e\u30b3\u30b9\u30c8\u3092\u5341\u5206\u306b\u56de\u53ce\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u308a\u3057\u305f\u6bb5\u968e\u3067\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u30d7\u30e9\u30f3\u3078\u306e\u79fb\u884c\u3092\u691c\u8a0e\u3059\u308b\u306e\u304c\u8ce2\u660e\u3067\u3059\u3002<\/p>\n<h2 data-path-to-node=\"170\">\u7b2c9\u7ae0\uff1a\u307e\u3068\u3081 \u2014\u2014 \u30c7\u30fc\u30bf\u99c6\u52d5\u578b\u6295\u8cc7\u3067\u672a\u6765\u306e\u8cc7\u7523\u3092\u7bc9\u304f<\/h2>\n<h3 data-path-to-node=\"171\">9.1 \u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306f\u300c\u76f4\u611f\u300d\u3092\u300c\u78ba\u4fe1\u300d\u306b\u5909\u3048\u308b\u4f5c\u696d<\/h3>\n<p data-path-to-node=\"172\">\u3053\u3053\u307e\u3067\u304a\u8aad\u307f\u3044\u305f\u3060\u304d\u3001\u672c\u5f53\u306b\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3057\u305f\u3002<\/p>\n<p data-path-to-node=\"172\">2\u4e07\u5b57\u3092\u8d85\u3048\u308b\u81a8\u5927\u306a\u8b1b\u7fa9\u3092\u901a\u3058\u3066\u3001\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u3092\u4f7f\u3063\u305f\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306e\u91cd\u8981\u6027\u3001\u5177\u4f53\u7684\u306a\u8a2d\u5b9a\u65b9\u6cd5\u3001\u305d\u3057\u3066\u5404\u6307\u6a19\u306e\u88cf\u306b\u3042\u308b\u672c\u8cea\u7684\u306a\u610f\u5473\u3092\u4f53\u7cfb\u7684\u306b\u3054\u7406\u89e3\u3044\u305f\u3060\u3051\u305f\u304b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"173\">\u6295\u8cc7\u306e\u4e16\u754c\u306b\u304a\u3044\u3066\u3001\u6700\u3082\u5371\u967a\u306a\u306e\u306f\u300c\u96f0\u56f2\u6c17\u300d\u3067\u58f2\u8cb7\u3059\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"174\">\n<li>\n<p data-path-to-node=\"174,0,0\">\u300c\u30cb\u30e5\u30fc\u30b9\u3067\u3088\u304f\u898b\u308b\u304b\u3089\u300d<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"174,1,0\">\u300c\u6709\u540d\u306a\u30a4\u30f3\u30d5\u30eb\u30a8\u30f3\u30b5\u30fc\u304c\u304a\u3059\u3059\u3081\u3057\u3066\u3044\u305f\u304b\u3089\u300d<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"174,2,0\">\u300c\u30c1\u30e3\u30fc\u30c8\u306e\u5f62\u304c\u4e0a\u304c\u308a\u305d\u3046\u3060\u304b\u3089\u300d<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"175\">\u3053\u308c\u3089\u306e\u52d5\u6a5f\u306b\u306f\u3001\u5ba2\u89b3\u7684\u306a\u300c\u30c7\u30fc\u30bf\uff08\u8a3c\u62e0\uff09\u300d\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u30d0\u30d5\u30a7\u30c3\u30c8\u30fb\u30b3\u30fc\u30c9\u3092\u7528\u3044\u305f\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306e\u672c\u8cea\u306f\u3001<b data-path-to-node=\"175\" data-index-in-node=\"54\">\u3042\u306a\u305f\u306e\u300c\u3053\u306e\u4f01\u696d\u306f\u826f\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u300d\u3068\u3044\u3046\u76f4\u611f\u3092\u3001\u51b7\u5fb9\u306a\u8ca1\u52d9\u30c7\u30fc\u30bf\u306b\u3088\u3063\u3066\u300c\u3053\u306e\u4f01\u696d\u306f\u6570\u5b57\u4e0a\u3001\u9593\u9055\u3044\u306a\u304f\u7d20\u6674\u3089\u3057\u3044\u300d\u3068\u3044\u3046\u78ba\u4fe1\u3078\u3068\u6607\u83ef\u3055\u305b\u308b\u4f5c\u696d<\/b>\u306b\u4ed6\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<h3 data-path-to-node=\"176\">9.2 \u660e\u65e5\u304b\u3089\u5b9f\u8df5\u3059\u308b\u305f\u3081\u306e3\u3064\u306e\u30a2\u30af\u30b7\u30e7\u30f3\u30d7\u30e9\u30f3<\/h3>\n<p data-path-to-node=\"177\">\u3053\u306e\u8a18\u4e8b\u3092\u8aad\u307f\u7d42\u3048\u305f\u3042\u306a\u305f\u306b\u3001\u660e\u65e5\u304b\u3089\u5b9f\u8df5\u3057\u3066\u307b\u3057\u30443\u3064\u306e\u30b9\u30c6\u30c3\u30d7\u3092\u63d0\u793a\u3057\u307e\u3059\u3002<\/p>\n<ol start=\"1\" 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