{"id":26476,"date":"2026-06-29T11:02:32","date_gmt":"2026-06-29T02:02:32","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=26476"},"modified":"2026-06-29T11:02:32","modified_gmt":"2026-06-29T02:02:32","slug":"ue-what-is-roe-return-on-equity","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-what-is-roe-return-on-equity","title":{"rendered":"\u3010\u5b8c\u5168\u7248\u3011\u682a\u306e\u91cd\u8981\u6307\u6a19ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u3068\u306f\uff1f\u610f\u5473\u30fb\u8a08\u7b97\u5f0f\u30fb\u843d\u3068\u3057\u7a74\u307e\u3067\u521d\u5fc3\u8005\u5411\u3051\u306b\u5fb9\u5e95\u89e3\u8aac\uff01"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u3010\u5b8c\u5168\u7248\u3011\u682a\u306e\u91cd\u8981\u6307\u6a19ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u3068\u306f\uff1f\u610f\u5473\u30fb\u8a08\u7b97\u5f0f\u30fb\u843d\u3068\u3057\u7a74\u307e\u3067\u521d\u5fc3\u8005\u5411\u3051\u306b\u5fb9\u5e95\u89e3\u8aac\uff01<\/h2>\n<p data-path-to-node=\"1\">\u682a\u5f0f\u6295\u8cc7\u306e\u4e16\u754c\u3067\u306f\u3001\u6570\u591a\u304f\u306e\u30a2\u30eb\u30d5\u30a1\u30d9\u30c3\u30c83\u6587\u5b57\u306e\u5c02\u9580\u7528\u8a9e\u306b\u906d\u9047\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"2\">\u682a\u5f0f\u5e02\u5834\u306b\u306fEPS\u3068\u4e26\u3073\u79f0\u3055\u308c\u3001\u6295\u8cc7\u5bb6\u304c\u5fc5\u305a\u540c\u6642\u306b\u30c1\u30a7\u30c3\u30af\u3059\u308b\u3082\u3046\u4e00\u3064\u306e\u300c\u4e3b\u5f79\u7d1a\u300d\u306e\u6307\u6a19\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"3\">\u305d\u308c\u304c\u3001\u4eca\u56de\u89e3\u8aac\u3059\u308b\u300cROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u300d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"4\">ROE\u306f\u3001\u4f01\u696d\u306e\u300c\u304a\u91d1\u306e\u4f7f\u3044\u65b9\u306e\u52b9\u7387\u6027\u300d\u3092\u6e2c\u308b\u3001\u3044\u308f\u3070\u300c\u8cc7\u91d1\u904b\u7528\u306e\u5929\u624d\u5ea6\u300d\u3092\u8868\u3059\u901a\u4fe1\u7c3f\u3067\u3059\u3002\u65e5\u672c\u653f\u5e9c\u3084\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\uff08\u6771\u8a3c\uff09\u304c\u65e5\u672c\u4f01\u696d\u306b\u5bfe\u3057\u3066\u300cROE\u3092\u5411\u4e0a\u3055\u305b\u3088\uff01\u300d\u3068\u5f37\u304f\u8981\u8acb\u3057\u7d9a\u3051\u3066\u3044\u308b\u3053\u3068\u3082\u3042\u308a\u3001\u73fe\u5728\u306e\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3044\u3066\u6700\u3082\u6ce8\u76ee\u3055\u308c\u3066\u3044\u308b\u30ad\u30fc\u30ef\u30fc\u30c9\u306e\u4e00\u3064\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"5\">\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u682a\u5f0f\u6295\u8cc7\u306e\u521d\u5fc3\u8005\u3067\u3082\u5b8c\u5168\u306b\u7406\u89e3\u3067\u304d\u308b\u3088\u3046\u3001ROE\u306e\u57fa\u672c\u7684\u306a\u610f\u5473\u304b\u3089\u3001\u5177\u4f53\u7684\u306a\u8a08\u7b97\u65b9\u6cd5\u3001\u306a\u305c\u305d\u3053\u307e\u3067\u91cd\u8981\u8996\u3055\u308c\u308b\u306e\u304b\u3068\u3044\u3046\u7406\u7531\u3001\u6295\u8cc7\u3067\u5931\u6557\u3057\u306a\u3044\u305f\u3081\u306e\u6ce8\u610f\u70b9\u3001\u305d\u3057\u3066\u5b9f\u969b\u306e\u682a\u5f0f\u5e02\u5834\u3067ROE\u3092\u3069\u306e\u3088\u3046\u306b\u6d3b\u7528\u3057\u3066\u512a\u826f\u9298\u67c4\u3092\u898b\u3064\u3051\u51fa\u3059\u306e\u304b\u3068\u3044\u3046\u5b9f\u8df5\u7684\u306a\u30b9\u30c6\u30c3\u30d7\u307e\u3067\u4f53\u7cfb\u7684\u306b\u3001\u304b\u3064\u5206\u304b\u308a\u3084\u3059\u304f\u5fb9\u5e95\u89e3\u8aac\u3057\u307e\u3059\uff01<\/p>\n<div>\n<div class=\"attention a-1\">\n<p style=\"text-align: left;\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg\" alt=\"\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\" width=\"110\" height=\"110\" class=\"wp-image-2102 alignnone\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg 700w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-300x300.jpg 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-150x150.jpg 150w\" sizes=\"(max-width: 110px) 100vw, 110px\" \/>\u3000<strong>\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\u3000<\/strong><br \/>\n<span style=\"font-size: 10pt;\"><a href=\"https:\/\/official.gfs.tokyo\/\">GFS<\/a>\u6821\u9577\u3002CFP\u00ae\u30021\u7d1a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u6280\u80fd\u58eb(\u8cc7\u7523\u8a2d\u8a08\u63d0\u6848\u696d\u52d9)\u3002<a href=\"https:\/\/www.jafp.or.jp\/\">\u65e5\u672cFP\u5354\u4f1a<\/a>\u4f1a\u54e1\u3002\u65e5\u672cFP\u5b66\u4f1a\u4f1a\u54e1\u3002\u00a0<a href=\"https:\/\/mba.globis.ac.jp\/\">\u30b0\u30ed\u30fc\u30d3\u30b9\u7d4c\u55b6\u5927\u5b66\u9662<\/a>\u4fee\u4e86(MBA\/\u7d4c\u55b6\u5b66\u4fee\u58eb)\u3002<\/span><br \/>\n<span style=\"font-size: 10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 45\u306e\u6559\u3048\u300d\uff08\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u51fa\u7248\uff09<\/a><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10pt;\">\u516c\u5f0fX \u30a2\u30ab\u30a6\u30f3\u30c8\u3000<a href=\"https:\/\/twitter.com\/ichikawa_toushi\">\u5e02\u5ddd\u96c4\u4e00\u90ce@\u304a\u91d1\u306e\u5b66\u6821 \u6821\u9577<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"7\">1. ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306e\u6982\u8981\uff1a\u57fa\u672c\u3068\u8a08\u7b97\u69cb\u9020\u3092\u30de\u30b9\u30bf\u30fc\u3059\u308b<\/h2>\n<p data-path-to-node=\"8\">\u307e\u305a\u306f\u300cROE\u3068\u306f\u4e00\u4f53\u4f55\u306a\u306e\u304b\uff1f\u300d\u3068\u3044\u3046\u57fa\u672c\u4e2d\u306e\u57fa\u672c\u304b\u3089\u3001\u3058\u3063\u304f\u308a\u3068\u7d10\u89e3\u3044\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002\u8a00\u8449\u306e\u8868\u9762\u7684\u306a\u610f\u5473\u3060\u3051\u3067\u306a\u304f\u3001\u305d\u306e\u88cf\u5074\u306b\u3042\u308b\u69cb\u9020\u307e\u3067\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u3001\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u306e\u78ba\u304b\u306a\u571f\u53f0\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"9\">1-1. ROE\uff08Return On Equity\uff09\u306e\u8a00\u8449\u306e\u5b9a\u7fa9<\/h3>\n<p data-path-to-node=\"10\">ROE\u306f\u3001\u82f1\u8a9e\u306e <b data-path-to-node=\"10\" data-index-in-node=\"9\">Return On Equity<\/b> \u306e\u982d\u6587\u5b57\u3092\u53d6\u3063\u305f\u7565\u79f0\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"10\">\u65e5\u672c\u8a9e\u3067\u306f\u300c\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\u300d\u3001\u3042\u308b\u3044\u306f\u300c\u682a\u4e3b\u8cc7\u672c\u5229\u76ca\u7387\u300d\u3068\u7ffb\u8a33\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"11\">\n<li>\n<p data-path-to-node=\"11,0,0\"><b data-path-to-node=\"11,0,0\" data-index-in-node=\"0\">Return<\/b> \uff1d \u623b\u308a\u3001\u30ea\u30bf\u30fc\u30f3\uff08\u3053\u3053\u3067\u306f\u300c\u5f53\u671f\u7d14\u5229\u76ca\u300d\u306e\u3053\u3068\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"11,1,0\"><b data-path-to-node=\"11,1,0\" data-index-in-node=\"0\">On<\/b> \uff1d \u301c\u306b\u5bfe\u3059\u308b\u3001\u301c\u306e\u4e0a\u306e<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"11,2,0\"><b data-path-to-node=\"11,2,0\" data-index-in-node=\"0\">Equity<\/b> \uff1d \u81ea\u5df1\u8cc7\u672c\uff08\u682a\u4e3b\u304c\u51fa\u8cc7\u3057\u305f\u304a\u91d1 \uff0b \u904e\u53bb\u306e\u5229\u76ca\u306e\u84c4\u3048\uff09<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"12\">\u3064\u307e\u308a\u3001\u76f4\u8a33\u901a\u308a\u300c\u305d\u306e\u4f01\u696d\u304c\u3001\u682a\u4e3b\u304b\u3089\u9810\u304b\u3063\u305f\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u3092\u4f7f\u3063\u3066\u3001\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u5229\u76ca\uff08\u30ea\u30bf\u30fc\u30f3\uff09\u3092\u7a3c\u304e\u51fa\u3057\u305f\u304b\u300d\u3092\u30d1\u30fc\u30bb\u30f3\u30c6\u30fc\u30b8\uff08\uff05\uff09\u3067\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"13\">\u682a\u5f0f\u6295\u8cc7\u3068\u306f\u3001\u3042\u306a\u305f\u304c\u4f1a\u793e\u306e\u30aa\u30fc\u30ca\u30fc\uff08\u682a\u4e3b\uff09\u3068\u3057\u3066\u8cc7\u91d1\u3092\u30d3\u30b8\u30cd\u30b9\u306b\u8a17\u3059\u884c\u70ba\u3067\u3059\u3002\u8a17\u3057\u305f\u304a\u91d1\u304c\u3001\u5e74\u9593\u3067\u4f55\uff05\u306e\u5229\u76ca\u306b\u5316\u3051\u305f\u306e\u304b\u3002\u3053\u308c\u3092\u30d4\u30f3\u30dd\u30a4\u30f3\u30c8\u3067\u6559\u3048\u3066\u304f\u308c\u308b\u306e\u304cROE\u3067\u3059\u3002\u3044\u308f\u3070\u3001\u300c\u4f01\u696d\u3068\u3044\u3046\u540d\u306e\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u904b\u7528\u6210\u7e3e\u300d\u3068\u3082\u8a00\u3048\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"14\">1-2. ROE\u3092\u76f4\u611f\u7684\u306b\u7406\u89e3\u3059\u308b\u300c2\u3064\u306e\u30e9\u30fc\u30e1\u30f3\u5c4b\u3055\u3093\u300d\u306e\u5177\u4f53\u4f8b<\/h3>\n<p data-path-to-node=\"15\">\u6570\u5f0f\u3092\u898b\u308b\u524d\u306b\u3001\u307e\u305a\u306f\u5177\u4f53\u7684\u306a\u30a4\u30e1\u30fc\u30b8\u3067\u982d\u306b\u713c\u304d\u4ed8\u3051\u307e\u3057\u3087\u3046\u3002<\/p>\n<blockquote data-path-to-node=\"16\">\n<p data-path-to-node=\"16,0\"><b data-path-to-node=\"16,0\" data-index-in-node=\"3\">\u3010\u5177\u4f53\u4f8b\u30112\u3064\u306e\u30e9\u30fc\u30e1\u30f3\u5c4b\u3055\u3093\u306e\u904b\u7528\u5bfe\u6c7a<\/b><\/p>\n<p data-path-to-node=\"16,1\">\u3053\u3053\u306b\u3001\u5473\u3082\u77e5\u540d\u5ea6\u3082\u540c\u3058\u304f\u3089\u3044\u4eba\u6c17\u306e2\u3064\u306e\u30e9\u30fc\u30e1\u30f3\u5c4b\u3055\u3093\uff08\u682a\u5f0f\u4f1a\u793e\uff09\u304c\u3042\u308b\u3068\u3057\u307e\u3059\u3002\u3069\u3061\u3089\u3082\u5e74\u9593\u3067\u6700\u7d42\u7684\u306b\u300c1,000\u4e07\u5186\u306e\u7d14\u5229\u76ca\u300d\u3092\u7a3c\u304e\u51fa\u3057\u307e\u3057\u305f\u3002\u4e00\u898b\u3001\u3069\u3061\u3089\u3082\u540c\u3058\u304f\u3089\u3044\u512a\u79c0\u306b\u898b\u3048\u307e\u3059\u3088\u306d\u3002<\/p>\n<p data-path-to-node=\"16,2\">\u3057\u304b\u3057\u3001\u304a\u5e97\u3092\u958b\u304f\u305f\u3081\u306b\u4f7f\u3063\u305f\u300c\u5143\u624b\uff08\u682a\u4e3b\u304b\u3089\u96c6\u3081\u305f\u304a\u91d1\uff09\u300d\u304c\u5168\u304f\u9055\u3063\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n<ul data-path-to-node=\"16,3\">\n<li>\n<p data-path-to-node=\"16,3,0,0\"><b data-path-to-node=\"16,3,0,0\" data-index-in-node=\"0\">\u3010\u30e9\u30fc\u30e1\u30f3\u5e97\u30fb\u5320\uff08\u305f\u304f\u307f\uff09\u3011<\/b><\/p>\n<ul data-path-to-node=\"16,3,0,1\">\n<li>\n<p data-path-to-node=\"16,3,0,1,0,0\">\u682a\u4e3b\u304b\u3089\u96c6\u3081\u305f\u5143\u624b\uff1a<b data-path-to-node=\"16,3,0,1,0,0\" data-index-in-node=\"10\">2,000\u4e07\u5186<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,3,0,1,1,0\">\u5e74\u9593\u306e\u7d14\u5229\u76ca\uff1a1,000\u4e07\u5186<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,3,0,1,2,0\"><i data-path-to-node=\"16,3,0,1,2,0\" data-index-in-node=\"0\">\u5206\u6790\uff1a2,000\u4e07\u5186\u306e\u304a\u91d1\u3092\u4f7f\u3063\u30661,000\u4e07\u5186\u3092\u7a3c\u3044\u3060\u306e\u3067\u3001\u5143\u624b\u306b\u5bfe\u3059\u308b\u52b9\u7387\u306f <b data-path-to-node=\"16,3,0,1,2,0\" data-index-in-node=\"41\">50%<\/b> \u3067\u3059\u3002<\/i><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"16,3,1,0\"><b data-path-to-node=\"16,3,1,0\" data-index-in-node=\"0\">\u3010\u30e9\u30fc\u30e1\u30f3\u5e97\u30fb\u6975\uff08\u304d\u308f\u307f\uff09\u3011<\/b><\/p>\n<ul data-path-to-node=\"16,3,1,1\">\n<li>\n<p data-path-to-node=\"16,3,1,1,0,0\">\u682a\u4e3b\u304b\u3089\u96c6\u3081\u305f\u5143\u624b\uff1a<b data-path-to-node=\"16,3,1,1,0,0\" data-index-in-node=\"10\">1\u5104\u5186<\/b>\uff08\u8c6a\u83ef\u306a\u5185\u88c5\u3084\u6700\u65b0\u306e\u53a8\u623f\u6a5f\u5668\u3092\u30d5\u30eb\u88c5\u5099\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,3,1,1,1,0\">\u5e74\u9593\u306e\u7d14\u5229\u76ca\uff1a1,000\u4e07\u5186<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,3,1,1,2,0\"><i data-path-to-node=\"16,3,1,1,2,0\" data-index-in-node=\"0\">\u5206\u6790\uff1a1\u5104\u5186\u3068\u3044\u3046\u5927\u91d1\u3092\u4f7f\u3063\u305f\u306e\u306b1,000\u4e07\u5186\u3057\u304b\u7a3c\u3052\u306a\u304b\u3063\u305f\u306e\u3067\u3001\u5143\u624b\u306b\u5bfe\u3059\u308b\u52b9\u7387\u306f <b data-path-to-node=\"16,3,1,1,2,0\" data-index-in-node=\"45\">10%<\/b> \u3067\u3059\u3002<\/i><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/blockquote>\n<p data-path-to-node=\"17\">\u682a\u4e3b\uff08\u6295\u8cc7\u5bb6\uff09\u306e\u8996\u70b9\u306b\u7acb\u3063\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002\u3069\u3061\u3089\u306e\u7d4c\u55b6\u8005\u306b\u304a\u91d1\u3092\u9810\u3051\u305f\u3044\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p data-path-to-node=\"17\">\u5727\u5012\u7684\u306b\u300c\u30e9\u30fc\u30e1\u30f3\u5e97\u30fb\u5320\u300d\u3067\u3059\u3088\u306d\u3002\u5320\u306e\u793e\u9577\u306f\u3001\u5c11\u306a\u3044\u5143\u624b\u3092\u5929\u624d\u7684\u306a\u52b9\u7387\u3067\u3076\u3093\u56de\u3057\u3066\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u307e\u3059\u3002\u4e00\u65b9\u3001\u6975\u306e\u793e\u9577\u306f\u3001\u5927\u91d1\u3092\u4f7f\u3063\u3066\u3044\u308b\u5272\u306b\u306f\u30ea\u30bf\u30fc\u30f3\u304c\u7269\u8db3\u308a\u307e\u305b\u3093\u3002<\/p>\n<p data-path-to-node=\"18\">\u3053\u306e\u300c\u5143\u624b\u306b\u5bfe\u3059\u308b\u7a3c\u304e\u306e\u52b9\u7387\uff08\uff05\uff09\u300d\u3053\u305d\u304c<b data-path-to-node=\"18\" data-index-in-node=\"21\">ROE<\/b>\u3067\u3059\u3002\u5168\u4f53\u306e\u5229\u76ca\u304c\u540c\u30581,000\u4e07\u5186\u3067\u3042\u3063\u3066\u3082\u3001ROE\u3092\u898b\u308b\u3053\u3068\u3067\u300c\u3069\u3061\u3089\u304c\u672c\u5f53\u306b\u304a\u91d1\u3092\u4f7f\u3046\u306e\u304c\u4e0a\u624b\u3044\u7d4c\u55b6\u8005\u304b\u300d\u304c\u767d\u65e5\u306e\u4e0b\u306b\u3055\u3089\u3055\u308c\u308b\u306e\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"19\">1-3. ROE\u306e\u8a08\u7b97\u5f0f\u3068\u300c\u81ea\u5df1\u8cc7\u672c\u300d\u306e\u6b63\u4f53<\/h3>\n<p data-path-to-node=\"20\">ROE\u3092\u8a08\u7b97\u3059\u308b\u5f0f\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<div data-path-to-node=\"21\">\n<div class=\"math-block\" data-math=\"\\text{ROE\uff08\\%\uff09} = \\frac{\\text{\u5f53\u671f\u7d14\u5229\u76ca}}{\\text{\u81ea\u5df1\u8cc7\u672c}} \\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\u30c8-2026-06-26-12.42.58-300x76.png\" alt=\"\" width=\"343\" height=\"87\" class=\"alignnone  wp-image-26520\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.42.58-300x76.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.42.58.png 746w\" sizes=\"(max-width: 343px) 100vw, 343px\" \/><\/div>\n<\/div>\n<p data-path-to-node=\"22\">\u5206\u5b50\u306b\u3042\u308b\u300c\u5f53\u671f\u7d14\u5229\u76ca\u300d\u306f\u3001\u524d\u56de\u306eEPS\u306e\u7ae0\u3067\u3082\u5b66\u3093\u3060\u901a\u308a\u3001\u7a0e\u91d1\u306a\u3069\u3082\u3059\u3079\u3066\u652f\u6255\u3044\u7d42\u3048\u305f\u3001\u6700\u7d42\u7684\u306b\u4f1a\u793e\u306e\u624b\u5143\u306b\u6b8b\u3063\u305f\u682a\u4e3b\u306e\u53d6\u308a\u5206\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"23\">\u3053\u3053\u3067\u65b0\u3057\u304f\u767b\u5834\u3059\u308b\u306e\u304c\u3001\u5206\u6bcd\u306b\u3042\u308b\u300c\u81ea\u5df1\u8cc7\u672c\u300d\u3068\u3044\u3046\u8a00\u8449\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"23\">\u4f1a\u793e\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\uff08\u8cb8\u501f\u5bfe\u7167\u8868\uff09\u3092\u958b\u304f\u3068\u3001\u4f1a\u793e\u304c\u6301\u3063\u3066\u3044\u308b\u8cc7\u7523\u3084\u8ca0\u50b5\u304c\u4e26\u3093\u3067\u3044\u307e\u3059\u304c\u3001\u5927\u304d\u304f\u5206\u3051\u308b\u3068\u4f1a\u793e\u306e\u304a\u91d1\u306f\u4ee5\u4e0b\u306e2\u3064\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"24\">\n<li>\n<p data-path-to-node=\"24,0,0\"><b data-path-to-node=\"24,0,0\" data-index-in-node=\"0\">\u4ed6\u4eba\u8cc7\u672c\uff08\u8ca0\u50b5\uff09<\/b>\uff1a\u9280\u884c\u304b\u3089\u306e\u501f\u308a\u5165\u308c\u3001\u793e\u50b5\u3001\u53d6\u5f15\u5148\u3078\u306e\u672a\u6255\u91d1\u306a\u3069\u3002<b data-path-to-node=\"24,0,0\" data-index-in-node=\"33\">\uff08\u3044\u305a\u308c\u8fd4\u3055\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u304a\u91d1\uff09<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"24,1,0\"><b data-path-to-node=\"24,1,0\" data-index-in-node=\"0\">\u81ea\u5df1\u8cc7\u672c\uff08\u7d14\u8cc7\u7523\u306e\u4e3b\u8981\u90e8\u5206\uff09<\/b>\uff1a\u682a\u4e3b\u304c\u6700\u521d\u306b\u6255\u3044\u8fbc\u3093\u3060\u51fa\u8cc7\u91d1\uff08\u8cc7\u672c\u91d1\uff09\u3068\u3001\u4f1a\u793e\u304c\u904e\u53bb\u306b\u7a3c\u3044\u3067\u5185\u90e8\u306b\u30b3\u30c4\u30b3\u30c4\u8caf\u3081\u3066\u304d\u305f\u5229\u76ca\u306e\u84c4\u7a4d\uff08\u5229\u76ca\u5270\u4f59\u91d1\uff09\u306e\u5408\u8a08\u3002<b data-path-to-node=\"24,1,0\" data-index-in-node=\"73\">\uff08\u8fd4\u3059\u5fc5\u8981\u304c\u306a\u3044\u3001\u6b63\u771f\u6b63\u9298\u306e\u300c\u682a\u4e3b\u306e\u304a\u91d1\u300d\uff09<\/b><\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"25\">ROE\u306e\u5206\u6bcd\u306b\u306a\u308b\u306e\u306f\u3001\u5f8c\u8005\u306e\u300c\u8fd4\u3059\u5fc5\u8981\u304c\u306a\u3044\u3001\u682a\u4e3b\u306e\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u300d\u3060\u3051\u3067\u3059\u3002\u9280\u884c\u304b\u3089\u501f\u308a\u305f\u304a\u91d1\u3067\u306f\u306a\u304f\u3001\u300c\u682a\u4e3b\u306e\u304a\u91d1\u3060\u3051\u3092\u3069\u308c\u304f\u3089\u3044\u52b9\u7387\u3088\u304f\u5897\u3084\u305b\u305f\u304b\u300d\u3092\u6e2c\u308b\u305f\u3081\u3001\u3053\u306e\u3088\u3046\u306a\u8a08\u7b97\u69cb\u9020\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"26\">1-4. \u65e5\u672c\u5e02\u5834\u306b\u304a\u3051\u308bROE\u306e\u300c\u5408\u683c\u30e9\u30a4\u30f3\u300d\u3068\u6771\u8a3c\u306e\u5727\u529b<\/h3>\n<p data-path-to-node=\"27\">\u3067\u306f\u3001ROE\u306f\u4f55\uff05\u304f\u3089\u3044\u3042\u308c\u3070\u300c\u512a\u79c0\u300d\u3068\u307f\u306a\u3055\u308c\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<ul data-path-to-node=\"28\">\n<li>\n<p data-path-to-node=\"28,0,0\"><b data-path-to-node=\"28,0,0\" data-index-in-node=\"0\">\u30b0\u30ed\u30fc\u30d0\u30eb\uff08\u7c73\u56fd\u306a\u3069\uff09\u306e\u57fa\u6e96<\/b>\uff1a\u4e00\u822c\u7684\u306b <b data-path-to-node=\"28,0,0\" data-index-in-node=\"20\">10%\u4ee5\u4e0a<\/b> \u3067\u512a\u826f\u4f01\u696d\u3001<b data-path-to-node=\"28,0,0\" data-index-in-node=\"32\">15%\u301c20%\u4ee5\u4e0a<\/b> \u306a\u3089\u8d85\u4e00\u6d41\u4f01\u696d\u3068\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"28,1,0\"><b data-path-to-node=\"28,1,0\" data-index-in-node=\"0\">\u65e5\u672c\u4f01\u696d\u306e\u5e73\u5747<\/b>\uff1a\u6b74\u53f2\u7684\u306b\u65e5\u672c\u4f01\u696d\u306f\u73fe\u91d1\u3092\u6e9c\u3081\u8fbc\u3080\u6027\u8cea\u304c\u3042\u308a\u3001\u9577\u5e74 <b data-path-to-node=\"28,1,0\" data-index-in-node=\"33\">6%\u301c8%\u524d\u5f8c<\/b> \u3068\u4f4e\u8ff7\u3057\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"29\">\u3057\u304b\u3057\u8fd1\u5e74\u3001\u3053\u306e\u72b6\u6cc1\u304c\u5287\u7684\u306b\u5909\u308f\u308a\u3064\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"29\">\u7d4c\u6e08\u7523\u696d\u7701\u304c\u767a\u8868\u3057\u305f\u901a\u79f0\u300c\u4f0a\u85e4\u30ec\u30dd\u30fc\u30c8\u300d\u306b\u304a\u3044\u3066\u3001\u300c\u65e5\u672c\u4f01\u696d\u306f\u30b0\u30ed\u30fc\u30d0\u30eb\u3067\u6226\u3046\u305f\u3081\u306b\u3001\u6700\u4f4e\u3067\u3082ROE 8%\u4ee5\u4e0a\u3092\u76ee\u6307\u3059\u3079\u304d\u3067\u3042\u308b\u300d\u3068\u660e\u78ba\u306a\u76ee\u6a19\u304c\u63b2\u3052\u3089\u308c\u307e\u3057\u305f\u3002<\/p>\n<p data-path-to-node=\"30\">\u3055\u3089\u306b2023\u5e74\u4ee5\u964d\u3001\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\uff08\u6771\u8a3c\uff09\u304c\u300cPBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff091\u500d\u5272\u308c\u4f01\u696d\u300d\u3084\u300c\u8cc7\u672c\u52b9\u7387\u304c\u60aa\u3044\u4f01\u696d\u300d\u306b\u5bfe\u3057\u3066\u3001\u6539\u5584\u7b56\u3092\u5f37\u304f\u6c42\u3081\u308b\u7570\u4f8b\u306e\u8981\u8acb\uff08\u3044\u308f\u3086\u308b\u6771\u8a3c\u6539\u9769\uff09\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002PBR\u3092\u4e0a\u3052\u308b\u305f\u3081\u306b\u306f\u3001\u305d\u306e\u69cb\u6210\u8981\u7d20\u3067\u3042\u308bROE\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4eca\u306e\u65e5\u672c\u5e02\u5834\u3067\u306f\u3001<b data-path-to-node=\"30\" data-index-in-node=\"143\">\u300cROE 8%\u301c10%\u4ee5\u4e0a\u300d\u304c\u512a\u826f\u4f01\u696d\u306e\u6700\u4f4e\u5408\u683c\u30e9\u30a4\u30f3<\/b>\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u3053\u308c\u3092\u30af\u30ea\u30a2\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u304c\u3001\u30d7\u30ed\u306e\u6295\u8cc7\u5bb6\u304c\u65e5\u672c\u682a\u3092\u8cb7\u3046\u304b\u3069\u3046\u304b\u306e\u6700\u521d\u306e\u5de8\u5927\u306a\u30d5\u30a3\u30eb\u30bf\u30fc\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2 data-path-to-node=\"32\">2. \u306a\u305cROE\u306e\u77e5\u8b58\u304c\u91cd\u8981\u306a\u306e\u304b\uff1f\u6295\u8cc7\u306e\u6210\u679c\u3092\u5de6\u53f3\u3059\u308b4\u3064\u306e\u7406\u7531<\/h2>\n<p data-path-to-node=\"33\">ROE\u306e\u610f\u5473\u3092\u7406\u89e3\u3057\u305f\u3068\u3053\u308d\u3067\u3001\u6b21\u306f\u304a\u305d\u3089\u304f\u7686\u3055\u3093\u304c\u6700\u3082\u77e5\u308a\u305f\u3044\u3067\u3042\u308d\u3046\u300c\u306a\u305c\u3001ROE\u306e\u77e5\u8b58\u304c\u5b9f\u969b\u306e\u6295\u8cc7\u3067\u305d\u3053\u307e\u3067\u91cd\u8981\u306a\u306e\u304b\uff1f\u300d\u300c\u77e5\u3063\u3066\u3044\u308b\u3068\u3069\u3093\u306a\u5f97\u304c\u3042\u308a\u3001\u77e5\u3089\u306a\u3044\u3068\u3069\u3093\u306a\u640d\u3092\u3059\u308b\u306e\u304b\uff1f\u300d\u3068\u3044\u3046\u6838\u5fc3\u306b\u8feb\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"34\">\u7406\u7531\u306f\u5927\u304d\u304f\u5206\u3051\u30664\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"35\">2-1. \u7406\u7531\u2460\uff1aEPS\uff08\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\uff09\u306e\u300c\u6210\u9577\u30b9\u30d4\u30fc\u30c9\u300d\u3092\u4e88\u6e2c\u3067\u304d\u308b\u304b\u3089<\/h3>\n<p data-path-to-node=\"36\">\u524d\u56de\u306e\u8a18\u4e8b\u3067\u3001\u682a\u4fa1\u3092\u652f\u3048\u308b\u6700\u5f37\u306e\u30a8\u30f3\u30b8\u30f3\u306f\u300cEPS\uff08\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\uff09\u300d\u3060\u3068\u89e3\u8aac\u3057\u307e\u3057\u305f\u3002EPS\u304c\u6bce\u5e74\u53f3\u80a9\u4e0a\u304c\u308a\u3067\u5897\u3048\u3066\u3044\u304f\u682a\u3092\u8cb7\u3048\u3070\u3001\u9577\u671f\u6295\u8cc7\u306f\u307b\u307c\u52dd\u3066\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"37\">\u3067\u306f\u3001\u300c\u6765\u5e74\u4ee5\u964d\u3001\u305d\u306e\u4f01\u696d\u306eEPS\u304c\u3069\u308c\u304f\u3089\u3044\u306e\u30b9\u30d4\u30fc\u30c9\u3067\u6210\u9577\u3057\u3066\u3044\u304f\u304b\u300d\u3092\u4e88\u6e2c\u3059\u308b\u306b\u306f\u3069\u3046\u3059\u308c\u3070\u3044\u3044\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u306e\u7b54\u3048\u3092\u63e1\u3063\u3066\u3044\u308b\u306e\u304c<b data-path-to-node=\"37\" data-index-in-node=\"69\">ROE<\/b>\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"38\">\u3053\u3053\u306b\u3001\u4ee5\u4e0b\u306e\u95a2\u4fc2\u5f0f\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<div data-path-to-node=\"39\">\n<div class=\"math-block\" data-math=\"\\text{EPS\u306e\u6210\u9577\uff08\u5229\u76ca\u306e\u518d\u6295\u8cc7\u52b9\u7387\uff09} \\approx \\text{ROE} \\times (1 - \\text{\u914d\u5f53\u6027\u5411})\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.43.29-300x24.png\" alt=\"\" width=\"525\" height=\"42\" class=\"alignnone  wp-image-26522\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.43.29-300x24.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.43.29-1024x80.png 1024w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.43.29-768x60.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.43.29.png 1302w\" sizes=\"(max-width: 525px) 100vw, 525px\" \/><\/div>\n<\/div>\n<p data-path-to-node=\"40\">\u5c11\u3057\u96e3\u3057\u304f\u898b\u3048\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u610f\u5473\u306f\u975e\u5e38\u306b\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"40\">\u4f1a\u793e\u304c\u7a3c\u3044\u3060\u5229\u76ca\u306e\u3046\u3061\u3001\u914d\u5f53\u91d1\u3068\u3057\u3066\u682a\u4e3b\u306b\u914d\u3089\u306a\u304b\u3063\u305f\u6b8b\u308a\u306e\u53d6\u308a\u5206\uff08\u5185\u90e8\u7559\u4fdd\uff09\u306f\u3001\u7fcc\u5e74\u306e\u300c\u81ea\u5df1\u8cc7\u672c\uff08\u5143\u624b\uff09\u300d\u306b\u7d44\u307f\u8fbc\u307e\u308c\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"40\">\u305d\u306e<b data-path-to-node=\"40\" data-index-in-node=\"97\">\u65b0\u3057\u304f\u5897\u3048\u305f\u5143\u624b\u3092\u3001\u4f01\u696d\u304c\u3069\u308c\u3060\u3051\u306e\u52b9\u7387\uff08ROE\uff09\u3067\u7fcc\u5e74\u3076\u3093\u56de\u305b\u308b\u304b<\/b>\u306b\u3088\u3063\u3066\u3001\u7fcc\u5e74\u306e\u5229\u76ca\uff08EPS\uff09\u306e\u4f38\u3073\u304c\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"41\">\n<li>\n<p data-path-to-node=\"41,0,0\"><b data-path-to-node=\"41,0,0\" data-index-in-node=\"0\">ROE\u304c20%\u306e\u4f01\u696d<\/b>\uff1a\u793e\u5185\u306b\u6b8b\u3057\u305f\u304a\u91d1\u3092\u3001\u7fcc\u5e7420%\u3068\u3044\u3046\u8d85\u9ad8\u5229\u56de\u308a\u3067\u904b\u7528\u3057\u3066\u3055\u3089\u306b\u5927\u304d\u306a\u5229\u76ca\u3092\u751f\u307f\u51fa\u305b\u307e\u3059\u3002\u3064\u307e\u308a\u3001EPS\u306e\u6210\u9577\u30b9\u30d4\u30fc\u30c9\uff08\u8907\u5229\u52b9\u679c\uff09\u304c\u7206\u767a\u7684\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"41,1,0\"><b data-path-to-node=\"41,1,0\" data-index-in-node=\"0\">ROE\u304c4%\u306e\u4f01\u696d<\/b>\uff1a\u793e\u5185\u306b\u304a\u91d1\u3092\u6b8b\u3057\u3066\u3082\u3001\u7fcc\u5e744%\u306e\u4f4e\u3044\u52b9\u7387\u3067\u3057\u304b\u904b\u7528\u3067\u304d\u307e\u305b\u3093\u3002\u3053\u308c\u306a\u3089\u3001\u793e\u5185\u306b\u8caf\u3081\u8fbc\u307e\u305a\u306b\u5168\u984d\u914d\u5f53\u91d1\u3068\u3057\u3066\u682a\u4e3b\u306b\u8fd4\u3057\u3066\u3082\u3089\u3063\u305f\u65b9\u304c\u30de\u30b7\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"42\">ROE\u304c\u9ad8\u3044\u4f01\u696d\u3092\u9078\u3076\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u300c\u793e\u5185\u3067\u5229\u76ca\u3092\u96ea\u3060\u308b\u307e\u5f0f\u306b\u5897\u3084\u3059\u300e\u8907\u5229\u306e\u30de\u30b7\u30fc\u30f3\u300f\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u300d\u3053\u3068\u3068\u540c\u7fa9\u306a\u306e\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"43\">2-2. \u7406\u7531\u2461\uff1a\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u304c\u300c\u6700\u3082\u611b\u3059\u308b\u6307\u6a19\u300d\u3060\u304b\u3089<\/h3>\n<p data-path-to-node=\"44\">\u4e16\u754c\u4e00\u306e\u6295\u8cc7\u5bb6\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u306f\u3001\u6295\u8cc7\u5148\u3092\u9078\u3076\u57fa\u6e96\u3068\u3057\u3066\u300c\u58f2\u4e0a\u9ad8\u306e\u5927\u304d\u3055\u300d\u3084\u300c\u4e00\u6642\u7684\u306a\u5229\u76ca\u306e\u6025\u5897\u300d\u3092\u307b\u3068\u3093\u3069\u4fe1\u7528\u3057\u307e\u305b\u3093\u3002\u5f7c\u304c\u4f1a\u793e\u306e\u7d4c\u55b6\u9663\u306e\u624b\u8155\u3092\u8a55\u4fa1\u3059\u308b\u969b\u3001\u6700\u3082\u4fe1\u983c\u3092\u5bc4\u305b\u3066\u3044\u308b\u306e\u304cROE\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"45\">\u30d0\u30d5\u30a7\u30c3\u30c8\u306f\u81ea\u8eab\u306e\u682a\u4e3b\u3078\u306e\u624b\u7d19\u306e\u4e2d\u3067\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u8da3\u65e8\u306e\u767a\u8a00\u3092\u4f55\u5ea6\u3082\u6b8b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<blockquote data-path-to-node=\"46\">\n<p data-path-to-node=\"46,0\">\u4f01\u696d\u306e\u672c\u5f53\u306e\u512a\u79c0\u3055\u3092\u8a08\u308b\u57fa\u6e96\u306f\u30011\u682a\u5f53\u305f\u308a\u306e\u5229\u76ca\uff08EPS\uff09\u304c\u6bce\u5e74\u5897\u3048\u3066\u3044\u308b\u304b\u3067\u306f\u306a\u304f\u3001**\u300c\u9810\u304b\u3063\u305f\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u3001\u3069\u308c\u3060\u3051\u9ad8\u3044\u6bd4\u7387\uff08ROE\uff09\u3067\u5229\u76ca\u3092\u4e0a\u3052\u7d9a\u3051\u3066\u3044\u308b\u304b\u300d**\u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n<p data-path-to-node=\"47\">\u30d0\u30d5\u30a7\u30c3\u30c8\u304c\u597d\u3080\u306e\u306f\u3001\u83ab\u5927\u306a\u5de5\u5834\u8a2d\u5099\u3084\u5de8\u984d\u306e\u501f\u91d1\u3092\u5fc5\u8981\u3068\u305b\u305a\u3001\u5f37\u70c8\u306a\u30d6\u30e9\u30f3\u30c9\u529b\u3084\u30d3\u30b8\u30cd\u30b9\u306e\u4ed5\u7d44\u307f\u3060\u3051\u3067\u3001\u5c11\u306a\u3044\u8cc7\u672c\u304b\u3089\u83ab\u5927\u306a\u73fe\u91d1\u3092\u56de\u53ce\u3067\u304d\u308b\u4f01\u696d\uff08\uff1d\u9ad8ROE\u4f01\u696d\uff09\u3067\u3059\u3002\u5f7c\u304c\u30a2\u30c3\u30d7\u30eb\uff08Apple\uff09\u3084\u30b3\u30ab\u30fb\u30b3\u30fc\u30e9\u3001\u30a2\u30e1\u30c3\u30af\u30b9\u306b\u6295\u8cc7\u3057\u7d9a\u3051\u308b\u7406\u7531\u306e\u6839\u5e95\u306b\u306f\u3001\u3053\u308c\u3089\u306e\u4e00\u6d41\u4f01\u696d\u304c\u9a5a\u7570\u7684\u306a\u9ad8ROE\u3092\u4f55\u5341\u5e74\u3082\u7dad\u6301\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"48\">2-3. \u7406\u7531\u2462\uff1a\u6a5f\u95a2\u6295\u8cc7\u5bb6\uff08\u30d7\u30ed\uff09\u306e\u304a\u91d1\u306e\u6d41\u308c\u306b\u4e57\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u304b\u3089<\/h3>\n<p data-path-to-node=\"49\">\u500b\u4eba\u306e\u6295\u8cc7\u5bb6\u3068\u9055\u3044\u3001\u5e02\u5834\u3092\u52d5\u304b\u3059\u5de8\u984d\u306e\u8cc7\u91d1\u3092\u52d5\u304b\u3059\u300c\u6a5f\u95a2\u6295\u8cc7\u5bb6\uff08\u5e74\u91d1\u57fa\u91d1\u3084\u6d77\u5916\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306a\u3069\uff09\u300d\u306f\u3001\u72ec\u81ea\u306e\u53b3\u3057\u3044\u6295\u8cc7\u30eb\u30fc\u30eb\uff08\u30ac\u30d0\u30ca\u30f3\u30b9\u57fa\u6e96\uff09\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"50\">\u7279\u306b\u65e5\u672c\u306e\u516c\u7684\u5e74\u91d1\u3092\u904b\u7528\u3057\u3066\u3044\u308b\u4e16\u754c\u6700\u5927\u306e\u6295\u8cc7\u6a5f\u95a2\u300cGPIF\uff08\u5e74\u91d1\u7a4d\u7acb\u91d1\u7ba1\u7406\u904b\u7528\u72ec\u7acb\u884c\u653f\u6cd5\u4eba\uff09\u300d\u306f\u3001\u6295\u8cc7\u4fe1\u8a17\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af\uff08\u6307\u6a19\uff09\u3068\u3057\u3066\u300cJPX\u65e5\u7d4c\u30a4\u30f3\u30c7\u30c3\u30af\u30b9400\u300d<b data-path-to-node=\"50\" data-index-in-node=\"84\">\u3068\u3044\u3046\u682a\u4fa1\u6307\u6570\u3092\u91cd\u8996\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6307\u6570\u306f\u3001\u65e5\u672c\u306e\u4e0a\u5834\u4f01\u696d\u306e\u4e2d\u304b\u3089\u300c\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u6295\u8cc7\u9b45\u529b\u306e\u9ad8\u3044\u512a\u79c0\u306a400\u793e\u300d\u3092\u9078\u3073\u629c\u3044\u305f\u3082\u306e\u3067\u3059\u304c\u3001\u305d\u306e\u9078\u5b9a\u57fa\u6e96\u306e\u6700\u512a\u5148\u9805\u76ee\u3068\u3057\u3066<\/b>\u300c\u904e\u53bb3\u5e74\u9593\u306e\u5e73\u5747ROE\u300d\u304c\u7d44\u307f\u8fbc\u307e\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"51\">\u3064\u307e\u308a\u3001ROE\u304c\u4f4e\u3044\u4f01\u696d\u306f\u3001\u3069\u308c\u3060\u3051\u6709\u540d\u3067\u3042\u3063\u3066\u3082\u30d7\u30ed\u306e\u5de8\u5927\u306a\u8cc7\u91d1\u306e\u8cb7\u3044\u5bfe\u8c61\u304b\u3089\u6700\u521d\u304b\u3089\u9664\u5916\u3055\u308c\u3066\u3057\u307e\u3046\u306e\u3067\u3059\u3002\u9006\u306b\u3001ROE\u304c8%\u3092\u8d85\u3048\u300110%\u300115%\u3078\u3068\u5411\u4e0a\u3057\u3066\u3044\u308b\u4f01\u696d\u306b\u306f\u3001\u30d7\u30ed\u306e\u8cc7\u91d1\u304c\u81ea\u52d5\u7684\u3001\u3042\u308b\u3044\u306f\u7a4d\u6975\u7684\u306b\u6d41\u308c\u8fbc\u307f\u3084\u3059\u304f\u306a\u308a\u3001\u682a\u4fa1\u304c\u9577\u671f\u7684\u306b\u4e0b\u652f\u3048\u3055\u308c\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"52\">2-4. \u7406\u7531\u2463\uff1a\u4f01\u696d\u306e\u300c\u4e0d\u5065\u5168\u306a\u73fe\u91d1\u6e9c\u3081\u8fbc\u307f\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u306e\u7f60\uff09\u300d\u3092\u898b\u629c\u3051\u308b\u304b\u3089<\/h3>\n<p data-path-to-node=\"53\">\u65e5\u672c\u306e\u53e4\u3044\u4f01\u696d\u306b\u3088\u304f\u3042\u308b\u306e\u304c\u3001\u300c\u58f2\u4e0a\u3082\u5229\u76ca\u3082\u305d\u3053\u305d\u3053\u51fa\u3066\u3044\u308b\u306e\u306b\u3001\u682a\u4fa1\u304c\u4e00\u5411\u306b\u4e0a\u304c\u3089\u306a\u3044\u300d\u3068\u3044\u3046\u73fe\u8c61\u3067\u3059\u3002\u6c7a\u7b97\u66f8\u3092\u898b\u308b\u3068\u3001\u4f1a\u793e\u306e\u91d1\u5eab\u306b\u306f\u4f7f\u3044\u9053\u306e\u306a\u3044\u73fe\u91d1\u304c\u4f55\u767e\u5104\u5186\u3082\u7720\u3063\u3066\u3044\u307e\u3059\u3002\u4e00\u898b\u3001\u300c\u73fe\u91d1\u304c\u305f\u304f\u3055\u3093\u3042\u3063\u3066\u5b89\u5168\u306a\u826f\u3044\u4f1a\u793e\u3060\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\uff09\u300d\u3068\u601d\u3046\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<p data-path-to-node=\"54\">\u3057\u304b\u3057\u3001\u6295\u8cc7\u5bb6\u306e\u8996\u70b9\u304b\u3089\u898b\u308b\u3068\u3001\u3053\u308c\u306f\u300c\u7d4c\u55b6\u6020\u6162\u300d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"54\">\u304a\u91d1\u3092\u30d3\u30b8\u30cd\u30b9\u306b\u6295\u8cc7\u3057\u3066\u3055\u3089\u306b\u5897\u3084\u3059\u306e\u304c\u7d4c\u55b6\u8005\u306e\u4ed5\u4e8b\u306a\u306e\u306b\u3001\u305d\u308c\u3092\u305f\u3060\u91d1\u5eab\u306b\u7720\u3089\u305b\u3066\u3044\u308b\uff08\u307e\u305f\u306f\u5229\u56de\u308a\u306e\u307b\u307c\u30bc\u30ed\u306a\u56fd\u50b5\u306b\u5909\u3048\u3066\u3044\u308b\uff09\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u682a\u4e3b\u306e\u304a\u91d1\u3092\u30bf\u30f3\u30b9\u9810\u91d1\u3057\u3066\u3044\u308b\u306e\u3068\u540c\u3058\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"55\">\u81ea\u5df1\u8cc7\u672c\uff08\u5206\u6bcd\uff09\u306e\u4e2d\u306b\u4f7f\u308f\u306a\u3044\u73fe\u91d1\u304c\u3069\u3093\u3069\u3093\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u3044\u304f\u3068\u3001ROE\u306e\u6570\u5f0f\u4e0a\u3001\u5206\u6bcd\u304c\u5de8\u5927\u5316\u3059\u308b\u305f\u3081\u3001<b data-path-to-node=\"55\" data-index-in-node=\"51\">ROE\u306f\u3069\u3093\u3069\u3093\u4f4e\u4e0b\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/b><\/p>\n<p data-path-to-node=\"55\">ROE\u306e\u77e5\u8b58\u3092\u6301\u3063\u3066\u3044\u308c\u3070\u3001\u300c\u3053\u306e\u4f1a\u793e\u306f\u3001\u898b\u304b\u3051\u306e\u8ca1\u52d9\u306f\u5065\u5168\u306b\u898b\u3048\u308b\u3051\u308c\u3069\u3001\u682a\u4e3b\u306e\u304a\u91d1\u3092\u5168\u304f\u6d3b\u7528\u3067\u304d\u3066\u3044\u306a\u3044\u300e\u5b9d\u306e\u6301\u3061\u8150\u308c\u4f01\u696d\u300f\u3060\u306a\u300d\u3068\u3044\u3046\u672c\u8cea\u3092\u898b\u629c\u304f\u3053\u3068\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?argument=XJhet6w1&amp;dmai=a64e31f9ee75a0\"><strong>\u2192\u3000YES\u304c\uff13\u3064\u4ee5\u4e0a\u3060\u3063\u305f\u65b9\u306f\u3001\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/strong><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"57\">3. ROE\u3092\u898b\u308b\u6642\u306b\u300c\u7d76\u5bfe\u306b\u6c17\u3092\u3064\u3051\u308b\u3079\u304d\u300d4\u3064\u306e\u843d\u3068\u3057\u7a74<\/h2>\n<p data-path-to-node=\"58\">ROE\u306f\u4f01\u696d\u306e\u52b9\u7387\u6027\u3092\u6e2c\u308b\u4e0a\u3067\u975e\u5e38\u306b\u7f8e\u3057\u3044\u6307\u6a19\u3067\u3059\u304c\u3001\u3053\u308c\u5358\u4f53\u3060\u3051\u3092\u898b\u3066\u6295\u8cc7\u5224\u65ad\u3092\u3059\u308b\u3068\u3001\u4eba\u751f\u6700\u5927\u306e\u6295\u8cc7\u306e\u5927\u5931\u6557\u3092\u72af\u3059\u53ef\u80fd\u6027\u304c\u3042\u308b\u300c\u60aa\u9b54\u306e\u843d\u3068\u3057\u7a74\u300d\u304c\u6f5c\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"59\">ROE\u306e\u672c\u8cea\u306f\u3001\u6570\u5f0f\u306e\u88cf\u5074\u306b\u3042\u308b\u300c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\uff08\u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u30d0\u30e9\u30f3\u30b9\uff09\u300d\u306b\u3042\u308a\u307e\u3059\u3002\u4ee5\u4e0b\u306e4\u3064\u306e\u7f60\u306f\u3001\u7d76\u5bfe\u306b\u982d\u306b\u53e9\u304d\u8fbc\u3093\u3067\u304a\u3044\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<h3 data-path-to-node=\"60\">3-1. \u843d\u3068\u3057\u7a74\u2460\uff1a\u501f\u91d1\u307e\u307f\u308c\u306e\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u578b\u9ad8ROE\u300d\u306e\u6050\u6016<\/h3>\n<p data-path-to-node=\"61\">ROE\u306e\u8a08\u7b97\u5f0f\u3092\u3082\u3046\u4e00\u5ea6\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u5206\u6bcd\u306b\u3042\u308b\u306e\u306f\u300c\u81ea\u5df1\u8cc7\u672c\uff08\u682a\u4e3b\u306e\u304a\u91d1\uff09\u300d\u3060\u3051\u3067\u3059\u3002\u9280\u884c\u304b\u3089\u306e\u501f\u91d1\uff08\u4ed6\u4eba\u8cc7\u672c\uff09\u306f\u3001\u5206\u6bcd\u306b\u542b\u307e\u308c\u307e\u305b\u3093\u3002<\/p>\n<p data-path-to-node=\"62\">\u3053\u3053\u306b\u3001ROE\u3068\u3044\u3046\u6307\u6a19\u306e\u6700\u5927\u306e\u8106\u5f31\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"62\">\u300c\u672c\u696d\u306e\u7a3c\u3050\u529b\u306f\u3081\u3061\u3083\u304f\u3061\u3083\u5f31\u3044\u306e\u306b\u3001\u305f\u3060\u83ab\u5927\u306a\u501f\u91d1\u3092\u3057\u3066\u81ea\u5df1\u8cc7\u672c\u3092\u6975\u9650\u307e\u3067\u5c0f\u3055\u304f\u3059\u308b\u3053\u3068\u3067\u3001ROE\u306e\u6570\u5b57\u3060\u3051\u3092\u7206\u4e0a\u3052\u3057\u3066\u3044\u308b\u4f01\u696d\u300d\u304c\u5b58\u5728\u3059\u308b\u306e\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"63\">\u5177\u4f53\u7684\u306a\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u3001\u305d\u306e\u6050\u6016\u306e\u69cb\u9020\u3092\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n<table data-path-to-node=\"64\">\n<thead>\n<tr>\n<td><strong>\u9805\u76ee<\/strong><\/td>\n<td><strong>\u5065\u5168\u7d4c\u55b6\u306eA\u793e<\/strong><\/td>\n<td><strong>\u501f\u91d1\u307e\u307f\u308c\u306eB\u793e\uff08\u30ec\u30d0\u30ec\u30c3\u30b8\u578b\uff09<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"64,1,0,0\"><b data-path-to-node=\"64,1,0,0\" data-index-in-node=\"0\">\u4f1a\u793e\u306e\u7dcf\u8cc7\u7523\uff08\u30d3\u30b8\u30cd\u30b9\u306e\u898f\u6a21\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"64,1,1,0\">1\u5104\u5186<\/span><\/td>\n<td><span data-path-to-node=\"64,1,2,0\">1\u5104\u5186<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"64,2,0,0\"><b data-path-to-node=\"64,2,0,0\" data-index-in-node=\"0\">\u3010\u5185\u8a33\u3011\u81ea\u5df1\u8cc7\u672c\uff08\u682a\u4e3b\u306e\u304a\u91d1\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"64,2,1,0\"><b data-path-to-node=\"64,2,1,0\" data-index-in-node=\"0\">9,000\u4e07\u5186<\/b><\/span><\/td>\n<td><span data-path-to-node=\"64,2,2,0\"><b data-path-to-node=\"64,2,2,0\" data-index-in-node=\"0\">1,000\u4e07\u5186<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"64,3,0,0\"><b data-path-to-node=\"64,3,0,0\" data-index-in-node=\"0\">\u3010\u5185\u8a33\u3011\u4ed6\u4eba\u8cc7\u672c\uff08\u9280\u884c\u304b\u3089\u306e\u501f\u91d1\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"64,3,1,0\">1,000\u4e07\u5186<\/span><\/td>\n<td><span data-path-to-node=\"64,3,2,0\">9,000\u4e07\u5186<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"64,4,0,0\"><b data-path-to-node=\"64,4,0,0\" data-index-in-node=\"0\">\u5f53\u671f\u7d14\u5229\u76ca\uff08\u5e74\u9593\u5229\u76ca\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"64,4,1,0\">1,000\u4e07\u5186<\/span><\/td>\n<td><span data-path-to-node=\"64,4,2,0\">500\u4e07\u5186<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"64,5,0,0\"><b data-path-to-node=\"64,5,0,0\" 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=\"64,5,1,0\"><span class=\"math-inline\" data-math=\"\\frac{1,000\\text{\u4e07}}{9,000\\text{\u4e07}} \\times 100 = \\textbf{11.1\\%}\" data-index-in-node=\"0\">1,000\u4e07 \/ 9,000\u4e07 \u00d7 100 = 11.1%<\/span><\/span><\/td>\n<td><span data-path-to-node=\"64,5,2,0\"><span class=\"math-inline\" data-math=\"\\frac{500\\text{\u4e07}}{1,000\\text{\u4e07}} \\times 100 = \\textbf{50.0\\%}\" data-index-in-node=\"0\">500\u4e07\u00d71,000\u4e07 \u00d7 100 = 50.0%<\/span><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"65\">\u6bd4\u8f03\u3057\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002\u672c\u696d\u306e\u7a3c\u3050\u529b\uff08\u7d14\u5229\u76ca\uff09\u306f\u3001A\u793e\uff081,000\u4e07\u5186\uff09\u306e\u65b9\u304cB\u793e\uff08500\u4e07\u5186\uff09\u306e2\u500d\u3082\u512a\u79c0\u3067\u3059\u3002\u3057\u304b\u3057\u3001ROE\u306e\u6570\u5b57\u3060\u3051\u3092\u898b\u308b\u3068\u3001B\u793e\u306f\u300c50%\u300d\u3068\u3044\u3046\u3001\u4e16\u754c\u3072\u3063\u304f\u308a\u8fd4\u308b\u307b\u3069\u306e\u8d85\u5929\u624d\u7684\u306a\u6570\u5b57\u3092\u53e9\u304d\u51fa\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"66\">\u306a\u305c\u3053\u3093\u306a\u3053\u3068\u304c\u8d77\u304d\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u7406\u7531\u306f\u7c21\u5358\u3001B\u793e\u306f\u5143\u624b\u306e\u307b\u3068\u3093\u3069\u3092\u9280\u884c\u304b\u3089\u306e\u501f\u91d1\uff089,000\u4e07\u5186\uff09\u3067\u8cc4\u3063\u3066\u304a\u308a\u3001\u682a\u4e3b\u306e\u304a\u91d1\uff081,000\u4e07\u5186\uff09\u3092\u6975\u9650\u307e\u3067\u5c11\u306a\u304f\u3057\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u3053\u308c\u3092\u300c\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u3066\u3053\u306e\u539f\u7406\uff09\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"67\">\u666f\u6c17\u304c\u826f\u3044\u3068\u304d\u306f\u3053\u308c\u3067\u3082\u56de\u308a\u307e\u3059\u304c\u3001\u3072\u3068\u305f\u3073\u4e0d\u666f\u6c17\u304c\u6765\u3066\u5229\u76ca\u304c\u5c11\u3057\u3067\u3082\u6e1b\u3063\u305f\u308a\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3066\u9280\u884c\u3078\u306e\u5229\u6255\u3044\u306b\u8ffd\u308f\u308c\u305f\u308a\u3059\u308b\u3068\u3001B\u793e\u306e\u3088\u3046\u306a\u501f\u91d1\u307e\u307f\u308c\u306e\u9ad8ROE\u4f01\u696d\u306f\u3001\u4e00\u77ac\u3067\u50b5\u52d9\u8d85\u904e\uff08\u5012\u7523\uff09\u306e\u5371\u6a5f\u306b\u9665\u308a\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"68\">\u9632\u885b\u7b56\uff1a<\/h4>\n<p data-path-to-node=\"69\">ROE\u304c\u9ad8\u3044\u4f01\u696d\u3092\u898b\u3064\u3051\u305f\u3089\u3001\u5fc5\u305a\u30bb\u30c3\u30c8\u3067\u300c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\uff08\u7dcf\u8cc7\u7523\u306b\u5360\u3081\u308b\u81ea\u5df1\u8cc7\u672c\u306e\u5272\u5408\uff09\u300d<b data-path-to-node=\"69\" data-index-in-node=\"45\">\u3092\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c20%\u308410%\u4ee5\u4e0b\u3068\u6975\u7aef\u306b\u4f4e\u3044\u306e\u306b\u3001ROE\u3060\u3051\u304c30%\u308450%\u3092\u8d85\u3048\u3066\u3044\u308b\u3088\u3046\u306a\u4f01\u696d\u306f\u3001\u8584\u6c37\u306e\u4e0a\u3067\u66f2\u82b8\u3092\u3057\u3066\u3044\u308b\u3088\u3046\u306a\u5371\u967a\u306a\u30cf\u30a4\u30ea\u30b9\u30af\u682a\u3067\u3059\u3002\u76ee\u5b89\u3068\u3057\u3066\u3001<\/b>\u300c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c\u6700\u4f4e\u3067\u308240%\u301c50%\u4ee5\u4e0a\u3042\u308a\u3001\u306a\u304a\u304b\u3064ROE\u304c10%\u4ee5\u4e0a\u3042\u308b\u4f01\u696d\u300d\u304c\u3001\u672c\u5f53\u306b\u9811\u4e08\u3067\u512a\u79c0\u306a\u4f01\u696d\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"70\">3-2. \u843d\u3068\u3057\u7a74\u2461\uff1a\u696d\u7e3e\u304c\u826f\u3044\u3068\u932f\u899a\u3055\u305b\u308b\u300c\u30c7\u30e5\u30dd\u30f3\u5206\u6790\u300d\u306e\u7f60<\/h3>\n<p data-path-to-node=\"71\">ROE\u304c\u306a\u305c\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u304b\u3001\u305d\u306e\u7406\u7531\u30923\u3064\u306e\u8981\u7d20\u306b\u5206\u89e3\u3057\u3066\u89e3\u5256\u3059\u308b\u8ca1\u52d9\u306e\u624b\u6cd5\u3092\u300c\u30c7\u30e5\u30dd\u30f3\u5206\u6790\u300d\u3068\u547c\u3073\u307e\u3059\u3002\u30d7\u30ed\u306e\u6295\u8cc7\u5bb6\u306f\u3001ROE\u3092\u5fc5\u305a\u4ee5\u4e0b\u306e3\u3064\u306b\u639b\u3051\u7b97\u5206\u89e3\u3057\u3066\u4e2d\u8eab\u3092\u30c1\u30a7\u30c3\u30af\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<div data-path-to-node=\"72\">\n<div class=\"math-block\" data-math=\"\\text{ROE} = \\text{\u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387\uff08\u53ce\u76ca\u6027\uff09} \\times \\text{\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\uff08\u52b9\u7387\u6027\uff09} \\times \\text{\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u5b89\u5168\u6027\uff09}\"><span style=\"font-size: 14pt;\"><strong>ROE = \u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387\uff08\u53ce\u76ca\u6027\uff09} \u00d7 \u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\uff08\u52b9\u7387\u6027\uff09\u00d7 \u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u5b89\u5168\u6027\uff09<\/strong><\/span><\/div>\n<\/div>\n<ol start=\"1\" 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\">\u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387<\/b>\uff08\u5229\u76ca\u7387\u304c\u9ad8\u3044\u304b\uff1f\u8584\u5229\u591a\u58f2\u3067\u306f\u306a\u304f\u3001\u4ed8\u52a0\u4fa1\u5024\u306e\u9ad8\u3044\u30d3\u30b8\u30cd\u30b9\u304b\uff09<\/p>\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\">\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387<\/b>\uff08\u6301\u3063\u3066\u3044\u308b\u8a2d\u5099\u3084\u5e97\u8217\u3092\u3001\u7121\u99c4\u306a\u304f\u30b9\u30d4\u30fc\u30c7\u30a3\u30fc\u306b\u3076\u3093\u56de\u3057\u3066\u3044\u308b\u304b\uff09<\/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\">\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<\/b>\uff08\u9069\u5ea6\u306b\u501f\u91d1\u3092\u4f7f\u3063\u3066\u3001\u30d3\u30b8\u30cd\u30b9\u306e\u898f\u6a21\u3092\u62e1\u5927\u3057\u3066\u3044\u308b\u304b\uff09<\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"74\">ROE\u304c\u5411\u4e0a\u3057\u3066\u3044\u308b\u7406\u7531\u304c\u30011\u756a\u306e\u300c\u5229\u76ca\u7387\u304c\u4e0a\u304c\u3063\u305f\u304b\u3089\uff08\u88fd\u54c1\u304c\u5024\u4e0a\u3052\u3067\u304d\u305f\u3001\u30b3\u30b9\u30c8\u30ab\u30c3\u30c8\u306b\u6210\u529f\u3057\u305f\uff09\u300d\u3067\u3042\u308c\u3070\u3001\u6587\u53e5\u306a\u3057\u306e100\u70b9\u6e80\u70b9\u306e\u4e0a\u6607\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"74\">\u3057\u304b\u3057\u3001\u5229\u76ca\u7387\u3082\u56de\u8ee2\u7387\u3082\u4e0b\u304c\u3063\u3066\u3044\u308b\u306e\u306b\u30013\u756a\u306e\u300c\u501f\u91d1\u3092\u5897\u3084\u3057\u305f\u3060\u3051\u300d\u3067ROE\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u5834\u5408\u306f\u3001\u524d\u8ff0\u306e\u901a\u308a\u305f\u3060\u306e\u30ea\u30b9\u30af\u306e\u5148\u9001\u308a\u3067\u3059\u3002\u6570\u5b57\u306e\u898b\u305f\u76ee\u3060\u3051\u306b\u9a19\u3055\u308c\u306a\u3044\u3088\u3046\u3001\u4e2d\u8eab\u306e\u56e0\u6570\u5206\u89e3\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"75\">3-3. \u843d\u3068\u3057\u7a74\u2462\uff1aEPS\u3068\u540c\u69d8\u3001\u305d\u306e\u5e74\u9650\u308a\u306e\u300c\u7279\u5225\u5229\u76ca\u300d\u306b\u3088\u308b\u4e00\u6642\u7684\u306a\u8df3\u306d\u4e0a\u304c\u308a<\/h3>\n<p data-path-to-node=\"76\">ROE\u306e\u5206\u5b50\u306f\u300c\u5f53\u671f\u7d14\u5229\u76ca\u300d\u3067\u3059\u306e\u3067\u3001\u524d\u56de\u306eEPS\u306e\u8b1b\u7fa9\u3067\u5b66\u3093\u3060\u7f60\u3068\u5168\u304f\u540c\u3058\u73fe\u8c61\u304c\u8d77\u304d\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"77\">\u672c\u696d\u304c\u8d64\u5b57\u3067\u3042\u3063\u3066\u3082\u3001\u305d\u306e\u5e74\u306b\u6301\u3063\u3066\u3044\u305f\u53e4\u3044\u5de5\u5834\u3084\u4ed6\u793e\u306e\u682a\u3092\u58f2\u5374\u3057\u3066\u300c\u7279\u5225\u5229\u76ca\u300d\u3092\u8a08\u4e0a\u3059\u308b\u3068\u3001\u305d\u306e\u5e74\u3060\u3051\u5f53\u671f\u7d14\u5229\u76ca\u304c\u4e00\u6642\u7684\u306b5\u500d\u300110\u500d\u306b\u81a8\u3089\u307f\u3001\u7d50\u679c\u3068\u3057\u3066ROE\u3082\u305d\u306e\u5e74\u3060\u305130%\u3068\u3044\u3063\u305f\u7570\u5e38\u306a\u9ad8\u6570\u5024\u3092\u53e9\u304d\u51fa\u3057\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"78\">\u9632\u885b\u7b56\uff1a<\/h4>\n<p data-path-to-node=\"79\">\u5358\u5e74\u3060\u3051\u306eROE\u3092\u898b\u308b\u306e\u306f\u7d76\u5bfe\u306b\u3084\u3081\u3066\u304f\u3060\u3055\u3044\u3002\u6700\u4f4e\u3067\u3082\u904e\u53bb3\u5e74\u3001\u3067\u304d\u308c\u3070<b data-path-to-node=\"79\" data-index-in-node=\"37\">\u904e\u53bb5\u5e74\u4ee5\u4e0a\u306e\u300cROE\u306e\u63a8\u79fb\u300d\u3092\u6a2a\u4e26\u3073\u3067\u78ba\u8a8d<\/b>\u3057\u3001\u6bce\u5e74\u5b89\u5b9a\u3057\u3066\u9ad8\u3044\u6c34\u6e96\uff08\u4f8b\uff1a\u6bce\u5e7412%\u219213%\u219212%\u219214%\u306a\u3069\uff09\u3092\u30ad\u30fc\u30d7\u3057\u3066\u3044\u308b\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u30021\u5e74\u3060\u3051\u7a81\u767a\u7684\u306b\u4e0a\u304c\u3063\u3066\u3044\u308b\u5834\u5408\u306f\u3001\u6c7a\u7b97\u66f8\u306e\u30c9\u30fc\u30d4\u30f3\u30b0\u3092\u7591\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<h3 data-path-to-node=\"80\">3-4. \u843d\u3068\u3057\u7a74\u2463\uff1a\u904e\u5ea6\u306a\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3088\u308b\u300c\u7e2e\u5c0f\u5747\u8861\u300d<\/h3>\n<p data-path-to-node=\"81\">\u4f01\u696d\u304c\u5229\u76ca\u3092\u4f7f\u3063\u3066\u300c\u81ea\u793e\u682a\u8cb7\u3044\u300d\u3092\u884c\u3046\u3068\u3001\u8cb7\u3044\u53d6\u3063\u305f\u682a\u306e\u5206\u3060\u3051\u300c\u81ea\u5df1\u8cc7\u672c\uff08\u7d14\u8cc7\u7523\uff09\u300d\u304c\u6e1b\u5c11\u3057\u307e\u3059\u3002\u5206\u6bcd\u304c\u5c0f\u3055\u304f\u306a\u308b\u305f\u3081\u3001\u3053\u308c\u3082ROE\u3092\u62bc\u3057\u4e0a\u3052\u308b\u52b9\u679c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"82\">\u9069\u5207\u306a\u81ea\u793e\u682a\u8cb7\u3044\u306f\u7d20\u6674\u3089\u3057\u3044\u306e\u3067\u3059\u304c\u3001\u3042\u307e\u308a\u306b\u3082\u672c\u696d\u3078\u306e\u6295\u8cc7\u30c1\u30e3\u30f3\u30b9\uff08\u6210\u9577\u306e\u6a5f\u4f1a\uff09\u304c\u306a\u3044\u4f01\u696d\u304c\u3001ROE\u306e\u76ee\u6a19\u6570\u5024\u3092\u30af\u30ea\u30a2\u3059\u308b\u305f\u3081\u3060\u3051\u306b\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3070\u304b\u308a\u3092\u7e70\u308a\u8fd4\u3057\u3066\u4f1a\u793e\u306e\u898f\u6a21\u3092\u7e2e\u5c0f\u3055\u305b\u3066\u3044\u304f\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3092\u300c\u7e2e\u5c0f\u5747\u8861\uff08\u3057\u3085\u304f\u3057\u3087\u3046\u304d\u3093\u3053\u3046\uff09\u306eROE\u5411\u4e0a\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"83\">\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u306f\u3001\u305f\u3060\u682a\u6570\u3092\u6e1b\u3089\u3057\u3066\u8a08\u7b97\u4e0a\u306e\u6570\u5b57\u3092\u6574\u3048\u3066\u3044\u308b\u3060\u3051\u306e\u4f01\u696d\u3088\u308a\u3082\u3001\u65b0\u3057\u3044\u8a2d\u5099\u6295\u8cc7\u3084\u7814\u7a76\u958b\u767a\u306b\u7a4d\u6975\u7684\u306b\u304a\u91d1\u3092\u4f7f\u3044\u3001\u30d3\u30b8\u30cd\u30b9\u305d\u306e\u3082\u306e\u3092\u5927\u304d\u304f\u3057\u306a\u304c\u3089\u9ad8ROE\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\u4f01\u696d\u306e\u65b9\u304c\u3001\u5c06\u6765\u306e\u682a\u4fa1\u306e\u5927\u5316\u3051\uff08\u30c6\u30f3\u30d0\u30ac\u30fc\u306a\u3069\uff09\u3092\u671f\u5f85\u3067\u304d\u307e\u3059\u3002<\/p>\n<h2 data-path-to-node=\"85\">4. \u4f53\u7cfb\u7684\u306b\u5b66\u3076\uff1aROE\u3092\u6b66\u5668\u306b\u3057\u305f\u300c\u5931\u6557\u3057\u306a\u3044\u9298\u67c4\u9078\u3073\u300d\u306e4\u30b9\u30c6\u30c3\u30d7<\/h2>\n<p data-path-to-node=\"86\">ROE\u306e\u5f37\u307f\u3068\u81f4\u547d\u7684\u306a\u5f31\u70b9\u3092\u7406\u89e3\u3057\u305f\u3089\u3001\u3044\u3088\u3044\u3088\u5b9f\u8df5\u7de8\u3067\u3059\u3002\u79c1\u305f\u3061\u304c\u5e02\u5834\u3067\u30ab\u30e2\u306b\u3055\u308c\u305a\u3001\u672c\u7269\u306e\u300c\u8cc7\u91d1\u904b\u7528\u306e\u5929\u624d\u4f01\u696d\u300d\u3092ROE\u3092\u30d9\u30fc\u30b9\u306b\u898b\u3064\u3051\u51fa\u3059\u305f\u3081\u306e\u4f53\u7cfb\u7684\u306a4\u3064\u306e\u30b9\u30c6\u30c3\u30d7\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3155810465=\"\" class=\"ng-tns-c3155810465-577 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3155810465=\"\" class=\"code-block ng-tns-c3155810465-577 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_feeaa864456b74a5&quot;,&quot;c_08a034e4bb0347e4&quot;,null,&quot;rc_06acc6ff124aab15&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3155810465=\"\" class=\"formatted-code-block-internal-container ng-tns-c3155810465-577\">\n<div _ngcontent-ng-c3155810465=\"\" class=\"animated-opacity ng-tns-c3155810465-577\">\n<pre _ngcontent-ng-c3155810465=\"\" class=\"ng-tns-c3155810465-577\"><code _ngcontent-ng-c3155810465=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3155810465-577 no-decoration-radius\">\u3010ROE\u9298\u67c4\u9078\u5b9a\u306e\u9ec4\u91d1\u30d5\u30ed\u30fc\u3011\r\n[STEP 1] \u904e\u53bb5\u5e74\u4ee5\u4e0a\u306eROE\u304c\u300c\u5b89\u5b9a\u3057\u306610%\u4ee5\u4e0a\u300d\u3092\u30ad\u30fc\u30d7\u3057\u3066\u3044\u308b\u304b\r\n   \u2193\r\n[STEP 2] \u300c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\uff0840%\u4ee5\u4e0a\uff09\u300d\u3092\u30c1\u30a7\u30c3\u30af\u3057\u3001\u501f\u91d1\u4f9d\u5b58\u5ea6\u3092\u6392\u9664\r\n   \u2193\r\n[STEP 3] \u300cROA\uff08\u7dcf\u8cc7\u7523\u5229\u76ca\u7387\uff09\u300d\u3092\u4e26\u3079\u3066\u898b\u3066\u3001\u672c\u5f53\u306e\u7a3c\u3050\u529b\u3092\u4e8c\u91cd\u30c1\u30a7\u30c3\u30af\r\n   \u2193\r\n[STEP 4] \u524d\u56de\u306e\u300cEPS\u306e\u53f3\u80a9\u4e0a\u304c\u308a\u300d\u3068\u30c9\u30c3\u30ad\u30f3\u30b0\u3055\u305b\u3001\u6700\u7d42\u6c7a\u5b9a\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"88\">\u30b9\u30c6\u30c3\u30d71\uff1a\u904e\u53bb5\u5e74\u4ee5\u4e0a\u306e\u30c7\u30fc\u30bf\u3067\u300c\u5b89\u5b9a\u3057\u306610%\u4ee5\u4e0a\u300d\u306e\u4f01\u696d\u3092\u62bd\u51fa\u3059\u308b<\/h3>\n<p data-path-to-node=\"89\">\u307e\u305a\u306f\u3001\u4f01\u696d\u306e\u904e\u53bb\u306e\u696d\u7e3e\u3092\u9061\u308a\u3001ROE\u306e\u5b89\u5b9a\u6027\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"89\">\u3088\u304f\u3042\u308b\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u6761\u4ef6\u3068\u3057\u3066\u306f\u3001\u300c\u4eca\u671f\u306e\u4e88\u60f3ROE\u304c10%\u4ee5\u4e0a\u300d\u3068\u8a2d\u5b9a\u3057\u304c\u3061\u3067\u3059\u304c\u3001\u3053\u308c\u3067\u306f\u524d\u8ff0\u306e\u300c\u4e00\u6642\u7684\u306a\u30c9\u30fc\u30d4\u30f3\u30b0\u4f01\u696d\u300d\u304c\u5f15\u3063\u304b\u304b\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"90\">\u7406\u60f3\u7684\u306a\u6761\u4ef6\u306f\u3001\u300c\u904e\u53bb5\u5e74\u9593\u306e\u3044\u305a\u308c\u306e\u5e74\u306b\u304a\u3044\u3066\u3082\u3001ROE\u304c\u4e00\u5ea6\u30828%\u3092\u5272\u3063\u3066\u304a\u3089\u305a\u3001\u5e73\u5747\u3057\u306610%\u301c15%\u4ee5\u4e0a\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\u4f01\u696d\u300d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"91\">\u3053\u306e\u3088\u3046\u306a\u4f01\u696d\u306f\u3001\u666f\u6c17\u306e\u6ce2\uff08\u597d\u666f\u6c17\u30fb\u4e0d\u666f\u6c17\uff09\u306b\u95a2\u308f\u3089\u305a\u3001\u5e38\u306b\u52b9\u7387\u7684\u306b\u304a\u91d1\u3092\u7a3c\u304e\u7d9a\u3051\u308b\u4ed5\u7d44\u307f\u304c\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u81ea\u4f53\u306b\u7d44\u307f\u8fbc\u307e\u308c\u3066\u3044\u308b\u8a3c\u62e0\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"92\">\u30b9\u30c6\u30c3\u30d72\uff1a\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3092\u30c1\u30a7\u30c3\u30af\u3057\u3001\u300c\u507d\u308a\u306e\u9ad8ROE\u300d\u3092\u53e9\u304d\u843d\u3068\u3059<\/h3>\n<p data-path-to-node=\"93\">\u30b9\u30c6\u30c3\u30d71\u3067\u9ad8ROE\u4f01\u696d\u3092\u7d5e\u308a\u8fbc\u3093\u3060\u3089\u3001\u3059\u304b\u3055\u305a\u6b21\u306e\u9632\u5fa1\u58c1\u3092\u7acb\u3061\u4e0a\u3052\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"93\">\u305d\u308c\u304c\u3001\u7b2c3\u7ae0\u3067\u5b66\u3093\u3060\u300c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u300d\u306e\u30c1\u30a7\u30c3\u30af\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"94\">\n<li>\n<p data-path-to-node=\"94,0,0\"><b data-path-to-node=\"94,0,0\" data-index-in-node=\"0\">ROE\u304c25%\u306e\u8d85\u9ad8\u52b9\u7387\u4f01\u696d<\/b>\u3092\u898b\u3064\u3051\u305f\uff01<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"94,1,0\">\u3057\u304b\u3057\u3001\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3092\u898b\u308b\u3068\u300c8%\u300d\u3057\u304b\u306a\u304b\u3063\u305f\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"94,2,0\"><span class=\"math-inline\" data-math=\"\\rightarrow\" data-index-in-node=\"0\">$\\rightarrow$<\/span> <b data-path-to-node=\"94,2,0\" data-index-in-node=\"12\">\u3010\u5224\u5b9a\u3011\u5373\u5ea7\u306b\u6295\u8cc7\u5bfe\u8c61\u304b\u3089\u9664\u5916\uff08\u5373\u30c9\u30ed\u30c3\u30d7\u30a2\u30a6\u30c8\uff09<\/b><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"95\">\u76ee\u5b89\u3068\u3057\u3066\u3001\u300c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c40%\u4ee5\u4e0a\uff08\u88fd\u9020\u696d\u306a\u308950%\u4ee5\u4e0a\u3001\u30b5\u30fc\u30d3\u30b9\u696d\u3084IT\u306a\u308930%\u4ee5\u4e0a\u3067\u3082\u53ef\uff09\u300d\u3068\u3044\u3046\u5065\u5168\u306a\u8ca1\u52d9\u306e\u76fe\u3092\u6301\u3061\u306a\u304c\u3089\u3001\u306a\u304a\u304b\u3064ROE\u304c10%\u4ee5\u4e0a\u3092\u8d85\u3048\u3066\u3044\u308b\u4f01\u696d\u3060\u3051\u3092\u3001\u672c\u7269\u306e\u5019\u88dc\u3068\u3057\u3066\u6b8b\u3057\u307e\u3059\u3002\u3053\u306e\u30b9\u30c6\u30c3\u30d7\u3060\u3051\u3067\u3001\u5c06\u6765\u306e\u5012\u7523\u30ea\u30b9\u30af\u3084\u5927\u66b4\u843d\u30ea\u30b9\u30af\u3092\u5287\u7684\u306b\u6e1b\u3089\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"96\">\u30b9\u30c6\u30c3\u30d73\uff1a\u5144\u5f1f\u6307\u6a19\u300cROA\uff08\u7dcf\u8cc7\u7523\u5229\u76ca\u7387\uff09\u300d\u3092\u6a2a\u306b\u4e26\u3079\u3066\u4e8c\u91cd\u30c1\u30a7\u30c3\u30af\u3059\u308b<\/h3>\n<p data-path-to-node=\"97\">ROE\u306e\u5f31\u70b9\uff08\u501f\u91d1\u304c\u8a08\u7b97\u306b\u542b\u307e\u308c\u306a\u3044\u3053\u3068\uff09\u3092\u5b8c\u5168\u306b\u88dc\u3063\u3066\u304f\u308c\u308b\u3001\u6700\u9ad8\u306e\u76f8\u68d2\uff08\u5144\u5f1f\u6307\u6a19\uff09\u304c\u5b58\u5728\u3057\u307e\u3059\u3002\u305d\u308c\u304c\u300cROA\uff08\u7dcf\u8cc7\u7523\u5229\u76ca\u7387\uff1aReturn On Assets\uff09\u300d\u3067\u3059\u3002<\/p>\n<div data-path-to-node=\"98\">\n<div class=\"math-block\" data-math=\"\\text{ROA\uff08\\%\uff09} = \\frac{\\text{\u5f53\u671f\u7d14\u5229\u76ca}}{\\text{\u7dcf\u8cc7\u7523\uff08\u682a\u4e3b\u306e\u304a\u91d1 \uff0b \u501f\u91d1\u306e\u3059\u3079\u3066\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\u30c8-2026-06-26-12.46.42-300x31.png\" alt=\"\" width=\"474\" height=\"49\" class=\"alignnone  wp-image-26523\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.46.42-300x31.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.46.42-1024x106.png 1024w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.46.42-768x80.png 768w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/06\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-06-26-12.46.42.png 1328w\" sizes=\"(max-width: 474px) 100vw, 474px\" \/><\/div>\n<\/div>\n<p data-path-to-node=\"99\">ROA\u306f\u3001\u5206\u6bcd\u306b\u682a\u4e3b\u306e\u304a\u91d1\u3060\u3051\u3067\u306a\u304f\u300c\u9280\u884c\u304b\u3089\u306e\u501f\u91d1\u3082\u542b\u3081\u305f\u3001\u4f1a\u793e\u304c\u6301\u3063\u3066\u3044\u308b\u3059\u3079\u3066\u306e\u304a\u91d1\uff08\u7dcf\u8cc7\u7523\uff09\u300d<b data-path-to-node=\"99\" data-index-in-node=\"51\">\u3092\u6301\u3063\u3066\u304d\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u8ca1\u52d9\u306e\u30c6\u30af\u30cb\u30c3\u30af\uff08\u501f\u91d1\u3067\u306e\u3054\u307e\u304b\u3057\uff09\u304c\u4e00\u5207\u901a\u7528\u3057\u306a\u3044\u3001<\/b>\u300c\u4f1a\u793e\u5168\u4f53\u306e\u3001\u30d3\u30b8\u30cd\u30b9\u305d\u306e\u3082\u306e\u306e\u7d14\u7c8b\u306a\u7a3c\u3050\u52b9\u7387\u300d\u304c\u4e38\u88f8\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"100\">\u30d7\u30ed\u306e\u9ec4\u91d1\u6bd4\u7387\uff1a<\/h4>\n<ul data-path-to-node=\"101\">\n<li>\n<p data-path-to-node=\"101,0,0\"><b data-path-to-node=\"101,0,0\" data-index-in-node=\"0\">ROE\u304c10%\u4ee5\u4e0a<\/b>\u3001\u304b\u3064 <b data-path-to-node=\"101,0,0\" data-index-in-node=\"13\">ROA\u304c5%\u4ee5\u4e0a<\/b><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"102\">\u3053\u306e2\u3064\u306e\u6761\u4ef6\u3092\u540c\u6642\u306b\u6e80\u305f\u3057\u3066\u3044\u308b\u4f01\u696d\u306f\u3001\u501f\u91d1\u306b\u4f9d\u5b58\u3057\u3059\u304e\u305a\u3001\u304b\u3068\u3044\u3063\u3066\u73fe\u91d1\u3092\u7121\u99c4\u306b\u6e9c\u3081\u8fbc\u307f\u3059\u304e\u3066\u3082\u3044\u306a\u3044\u3001\u300c\u8cc7\u672c\u653f\u7b56\u306e\u30d0\u30e9\u30f3\u30b9\u304c\u82b8\u8853\u7684\u306a\u307e\u3067\u306b\u5b8c\u74a7\u306a\u8d85\u512a\u826f\u4f01\u696d\u300d\u3067\u3059\u3002\u3053\u306e\u4e8c\u91cd\u30c1\u30a7\u30c3\u30af\u3092\u901a\u904e\u3057\u305f\u9298\u67c4\u306f\u3001\u9577\u671f\u4fdd\u6709\u306b\u304a\u3044\u3066\u6975\u3081\u3066\u9ad8\u3044\u5b89\u5fc3\u611f\u3092\u3082\u305f\u3089\u3057\u3066\u304f\u308c\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"103\">\u30b9\u30c6\u30c3\u30d74\uff1a\u524d\u56de\u306e\u300cEPS\u300d\u3068\u5408\u4f53\u3055\u305b\u3001\u6700\u5f37\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u5b8c\u6210\u3055\u305b\u308b<\/h3>\n<p data-path-to-node=\"104\">\u6700\u5f8c\u306e\u4ed5\u4e0a\u3052\u3067\u3059\u3002\u4eca\u56de\u5b66\u3093\u3060\u300c\u52b9\u7387\u6027\u306e\u738b\u69d8\uff08ROE\uff09\u300d\u3068\u3001\u524d\u56de\u5b66\u3093\u3060\u300c\u7a3c\u3050\u529b\u306e\u738b\u69d8\uff08EPS\uff09\u300d\u3092\u982d\u306e\u4e2d\u3067\u30c9\u30c3\u30ad\u30f3\u30b0\u3055\u305b\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"105\">\n<li>\n<p data-path-to-node=\"105,0,0\"><b data-path-to-node=\"105,0,0\" data-index-in-node=\"0\">EPS<\/b>\uff1a\u6bce\u5e74\u3001\u7dba\u9e97\u306b\u53f3\u80a9\u4e0a\u304c\u308a\u3067\u5897\u3048\u7d9a\u3051\u3066\u3044\u308b\uff08\u30a8\u30f3\u30b8\u30f3\u306e\u51fa\u529b\u304c\u6bce\u5e74\u30a2\u30c3\u30d7\u3057\u3066\u3044\u308b\uff09\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"105,1,0\"><b data-path-to-node=\"105,1,0\" data-index-in-node=\"0\">ROE<\/b>\uff1a\u6bce\u5e74\u3001\u5b89\u5b9a\u3057\u306610%\u301c20%\u306e\u9ad8\u3044\u6c34\u6e96\u3092\u7dad\u6301\u3057\u3066\u3044\u308b\uff08\u304a\u91d1\u306e\u4f7f\u3044\u65b9\u306e\u52b9\u7387\u304c\u5e38\u306b\u5929\u624d\u7684\uff09\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"106\">\u3053\u306e2\u3064\u306e\u6761\u4ef6\u304c\u63c3\u3063\u305f\u3068\u304d\u3001\u4f55\u304c\u8d77\u304d\u308b\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p data-path-to-node=\"106\">\u4f01\u696d\u306f\u3001\u9ad8\u3044\u52b9\u7387\uff08ROE\uff09\u3067\u7a3c\u3044\u3060\u83ab\u5927\u306a\u5229\u76ca\u3092\u793e\u5185\u306b\u518d\u6295\u8cc7\u3057\u3001\u305d\u308c\u306b\u3088\u3063\u3066\u7fcc\u5e74\u306e1\u682a\u5f53\u305f\u308a\u306e\u4fa1\u5024\uff08EPS\uff09\u3092\u3055\u3089\u306b\u5927\u304d\u304f\u62bc\u3057\u4e0a\u3052\u307e\u3059\u3002\u3053\u306e\u7dba\u9e97\u306a\u300c\u6210\u9577\u306e\u30dd\u30b8\u30c6\u30a3\u30d6\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\uff08\u8907\u5229\u306e\u30eb\u30fc\u30d7\uff09\u300d\u304c\u5b8c\u6210\u3057\u3066\u3044\u308b\u4f01\u696d\u306e\u682a\u4fa1\u306f\u30013\u5e74\u30015\u5e74\u300110\u5e74\u3068\u3044\u3046\u9577\u671f\u306e\u30b9\u30d1\u30f3\u3067\u898b\u308b\u3068\u3001\u307b\u307c\u78ba\u5b9f\u306b\u9a5a\u304f\u3079\u304d\u4e0a\u6607\u3092\u63cf\u304f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\"><strong>\u8cc7\u7523\u904b\u7528\u3067\u5931\u6557\u3057\u305f\u304f\u306a\u3044\u65b9\u3078<\/strong><\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u5b66\u6821\u3067\u306f\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u304b\u3063\u305f\u304a\u91d1\u306e\u3053\u3068\u304c\u308f\u304b\u308b\u7121\u6599\u30b3\u30f3\u30c6\u30f3\u30c4\u3092\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><br \/>\n<strong><span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=om&amp;utm_medium=om&amp;utm_content=14519\" style=\"color: #0066c0;\">\u226b \u7121\u6599\u8b1b\u5ea7\uff1a\u304a\u91d1\u306e\u30d7\u30ed\u304c\u6559\u3048\u308b\u300c\u521d\u5fc3\u8005\u304c\u6bce\u6708\u53ce\u5165\u3092\u5f97\u308b\u6295\u8cc7\u306e\u59cb\u3081\u65b9\u300d<\/a><\/span><\/strong><\/div>\n<\/div>\n<h2 data-path-to-node=\"108\">5. \u5b9f\u8df5\u306e\u30d2\u30f3\u30c8\uff1aROE\u306e\u89b3\u70b9\u304b\u3089\u6ce8\u76ee\u3057\u305f\u3044\u300c\u8cc7\u91d1\u904b\u7528\u306e\u5929\u624d\u4f01\u696d\u300d\u306e\u7279\u5fb4<\/h2>\n<p data-path-to-node=\"109\">\u500b\u4eba\u306e\u6295\u8cc7\u5bb6\u306e\u7686\u3055\u3093\u304c\u3001\u5b9f\u969b\u306e\u682a\u5f0f\u5e02\u5834\u3067\u52b9\u7387\u3088\u304f\u304a\u5b9d\u682a\u3092\u63a2\u305b\u308b\u3088\u3046\u3001\u8ca1\u52d9\u304c\u5065\u5168\u3067\u3042\u308a\u306a\u304c\u3089\u9ad8ROE\u3092\u7dad\u6301\u3067\u304d\u308b\u300c\u6700\u5f37\u306e\u30d3\u30b8\u30cd\u30b9\u69cb\u9020\u3092\u6301\u3064\u4f01\u696d\u306e\u7279\u5fb4\u300d\u3092\u3001\u5177\u4f53\u7684\u306a\u696d\u754c\u306e\u7279\u6027\u3092\u4ea4\u3048\u3066\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"110\">5-1. \u7279\u5fb4\u2460\uff1a\u5de5\u5834\u3082\u5728\u5eab\u3082\u6301\u305f\u306a\u3044\u300c\u30a2\u30bb\u30c3\u30c8\u30e9\u30a4\u30c8\uff08\u8cc7\u7523\u8efd\u88c5\u5099\uff09\u578b\u300d\u306eIT\u30fb\u30b5\u30fc\u30d3\u30b9\u696d<\/h3>\n<p data-path-to-node=\"111\">ROE\u3092\u9ad8\u304f\u3059\u308b\u305f\u3081\u306e\u6700\u3082\u624b\u3063\u53d6\u308a\u65e9\u3044\u65b9\u6cd5\u306f\u3001\u30d3\u30b8\u30cd\u30b9\u3092\u59cb\u3081\u308b\u305f\u3081\u306e\u300c\u7dcf\u8cc7\u7523\uff08\u5de5\u5834\u3001\u6a5f\u68b0\u3001\u5e97\u8217\u3001\u5927\u91cf\u306e\u5728\u5eab\u306a\u3069\uff09\u300d\u3092\u5fc5\u8981\u3068\u3057\u306a\u3044\u30d3\u30b8\u30cd\u30b9\u3092\u5c55\u958b\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u3053\u308c\u3092\u300c\u30a2\u30bb\u30c3\u30c8\u30e9\u30a4\u30c8\u306a\u7d4c\u55b6\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"112\">\u4f8b\u3048\u3070\u3001\u5de8\u5927\u306a\u81ea\u52d5\u8eca\u30e1\u30fc\u30ab\u30fc\u3084\u9244\u92fc\u30e1\u30fc\u30ab\u30fc\u306f\u30011\u672c\u306e\u65b0\u3057\u3044\u30e9\u30a4\u30f3\u3092\u4f5c\u308b\u305f\u3081\u306b\u6570\u767e\u5104\u5186\u301c\u6570\u5343\u5104\u5186\u306e\u5de5\u5834\uff08\u8cc7\u7523\uff09\u3092\u5efa\u3066\u306a\u3051\u308c\u3070\u306a\u3089\u305a\u3001\u5206\u6bcd\u304c\u3069\u3046\u3057\u3066\u3082\u5de8\u5927\u5316\u3059\u308b\u305f\u3081\u3001ROE\u309220%\u306b\u4e0a\u3052\u308b\u306e\u306f\u81f3\u96e3\u306e\u696d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"113\">\u4e00\u65b9\u3001\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u306e\u958b\u767a\u3001\u30cd\u30c3\u30c8\u30b5\u30fc\u30d3\u30b9\u3001\u4eba\u6750\u6d3e\u9063\u3001\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u3068\u3044\u3063\u305f\u696d\u7a2e\u306f\u3001\u30d1\u30bd\u30b3\u30f3\u3068\u512a\u79c0\u306a\u4eba\u9593\u306e\u982d\u8133\u3055\u3048\u3042\u308c\u3070\u3001\u6570\u5104\u5186\u306e\u5143\u624b\u3067\u4f55\u5341\u5104\u5186\u3082\u306e\u7d14\u5229\u76ca\u3092\u53e9\u304d\u51fa\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"114\">\n<li>\n<p data-path-to-node=\"114,0,0\"><b data-path-to-node=\"114,0,0\" data-index-in-node=\"0\">\u5177\u4f53\u7684\u306a\u72d9\u3044\u76ee<\/b>\uff1a<\/p>\n<ul data-path-to-node=\"114,0,1\">\n<li>\n<p data-path-to-node=\"114,0,1,0,0\">\u533b\u7642\u7cfbIT\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\uff08\u30a8\u30e0\u30b9\u30ea\u30fc\u306a\u3069\uff09\u3084\u3001<b data-path-to-node=\"114,0,1,0,0\" data-index-in-node=\"24\">\u96fb\u5b50\u627f\u8afe\u30fb\u696d\u52d9\u52b9\u7387\u5316SaaS\u4f01\u696d<\/b>\uff1a\u4e00\u5ea6\u30b7\u30b9\u30c6\u30e0\u3092\u4f5c\u3063\u3066\u3057\u307e\u3048\u3070\u3001\u8ffd\u52a0\u306e\u5de5\u5834\u5efa\u8a2d\u306a\u3069\u306f\u4e0d\u8981\u3067\u3001\u65e5\u672c\u4e2d\u306e\u4f01\u696d\u3084\u533b\u5e2b\u304c\u5229\u7528\u3059\u308b\u305f\u3073\u306b\u5229\u76ca\u304c\u8ee2\u304c\u308a\u8fbc\u307f\u307e\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u3092\u5c0f\u3055\u304f\u6291\u3048\u305f\u307e\u307e\u5229\u76ca\uff08\u5206\u5b50\uff09\u3060\u3051\u304c\u7206\u767a\u7684\u306b\u5897\u3048\u308b\u305f\u3081\u3001\u8ca1\u52d9\u304c\u8d85\u5065\u5168\uff08\u7121\u501f\u91d1\uff09\u3067\u3042\u308a\u306a\u304c\u3089\u3001ROE\u304c20%\u301c30%\u3092\u8d85\u3048\u308b\u3088\u3046\u306a\u9a5a\u7570\u7684\u306a\u5316\u3051\u7269\u4f01\u696d\u304c\u751f\u307e\u308c\u3084\u3059\u3044\u30bb\u30af\u30bf\u30fc\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"115\">5-2. \u7279\u5fb4\u2461\uff1a\u5727\u5012\u7684\u306a\u30d6\u30e9\u30f3\u30c9\u529b\u3092\u6301\u3061\u3001\u7814\u7a76\u958b\u767a\u8cbb\u3092\u77ac\u6642\u306b\u56de\u53ce\u3059\u308b\u300c\u9ad8\u4ed8\u52a0\u4fa1\u5024\u578b\u300d\u88fd\u9020\u696d<\/h3>\n<p data-path-to-node=\"116\">\u88fd\u9020\u696d\uff08\u30e2\u30ce\u3065\u304f\u308a\uff09\u3067\u3042\u3063\u3066\u3082\u3001\u4ed6\u793e\u304c\u7d76\u5bfe\u306b\u771f\u4f3c\u3067\u304d\u306a\u3044\u7279\u8a31\u3084\u3001\u71b1\u72c2\u7684\u306a\u30d6\u30e9\u30f3\u30c9\u529b\u3092\u6301\u3064\u4f01\u696d\u306f\u3001\u4f8b\u5916\u7684\u306b\u975e\u5e38\u306b\u9ad8\u3044ROE\u3092\u53e9\u304d\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"117\">\u5f7c\u3089\u306f\u5546\u54c1\u306e\u4fa1\u683c\u3092\u975e\u5e38\u306b\u9ad8\u304f\u8a2d\u5b9a\u3067\u304d\u308b\uff08\u9ad8\u3044\u55b6\u696d\u5229\u76ca\u7387\uff09\u305f\u3081\u3001\u5de5\u5834\u306e\u7dad\u6301\u8cbb\u306a\u3069\u306e\u5206\u6bcd\u306e\u5927\u304d\u3055\u3092\u3001\u5727\u5012\u7684\u306a\u5206\u5b50\uff08\u5229\u76ca\uff09\u306e\u5927\u304d\u3055\u3067\u306d\u3058\u4f0f\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"118\">\n<li>\n<p data-path-to-node=\"118,0,0\"><b data-path-to-node=\"118,0,0\" data-index-in-node=\"0\">\u5177\u4f53\u7684\u306a\u72d9\u3044\u76ee<\/b>\uff1a<\/p>\n<ul data-path-to-node=\"118,0,1\">\n<li>\n<p data-path-to-node=\"118,0,1,0,0\"><b data-path-to-node=\"118,0,1,0,0\" data-index-in-node=\"0\">\u5de5\u5834\u81ea\u52d5\u5316\uff08FA\uff09\u306e\u30bb\u30f3\u30b5\u30fc\u5927\u624b\uff08\u30ad\u30fc\u30a8\u30f3\u30b9\u306a\u3069\uff09<\/b>\uff1a\u65e5\u672c\u3092\u4ee3\u8868\u3059\u308b\u9ad8\u53ce\u76ca\u4f01\u696d\u3067\u3042\u308b\u30ad\u30fc\u30a8\u30f3\u30b9\u306f\u3001\u5b9f\u306f\u81ea\u793e\u3067\u5de5\u5834\u3092\u6301\u305f\u306a\u3044\u300c\u30d5\u30a1\u30d6\u30ec\u30b9\u7d4c\u55b6\u300d\u3092\u5fb9\u5e95\u3057\u3066\u3044\u307e\u3059\u3002\u958b\u767a\u3068\u4f01\u753b\u306b\u7279\u5316\u3057\u3001\u88fd\u9020\u306f\u4ed6\u793e\u306b\u59d4\u8a17\u3059\u308b\u3053\u3068\u3067\u3001\u8cc7\u7523\u3092\u6975\u9650\u307e\u3067\u8efd\u304f\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u7121\u501f\u91d1\u3067\u6570\u5146\u5186\u306e\u73fe\u91d1\u3092\u62b1\u3048\u306a\u304c\u3089\u3082\u3001ROE\u3092\u9ad8\u3044\u6c34\u6e96\u3067\u7dad\u6301\u3057\u7d9a\u3051\u308b\u3068\u3044\u3046\u3001\u901a\u5e38\u306e\u8ca1\u52d9\u306e\u5e38\u8b58\u3092\u8986\u3059\u7d4c\u55b6\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 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data-path-to-node=\"123,0,0\">\u7d4c\u55b6\u9663\u304c\u7a81\u7136\u3001\u8a18\u8005\u4f1a\u898b\u3067\u300c\u6211\u304c\u793e\u306f\u751f\u307e\u308c\u5909\u308f\u308a\u307e\u3059\u3002\u4eca\u5f8c3\u5e74\u9593\u3067\u3001\u6e9c\u3081\u8fbc\u3093\u3060\u73fe\u91d1\u3092\u4f7f\u3063\u3066<b data-path-to-node=\"123,0,0\" data-index-in-node=\"55\">\u904e\u53bb\u6700\u5927\u306e\u81ea\u793e\u682a\u8cb7\u3044<\/b>\u3092\u884c\u3044\u3001<b data-path-to-node=\"123,0,0\" data-index-in-node=\"69\">\u914d\u5f53\u91d1\u30922\u500d<\/b>\u306b\u3057\u307e\u3059\u3002\u305d\u3057\u3066<b data-path-to-node=\"123,0,0\" data-index-in-node=\"83\">ROE10%\u3092\u7d76\u5bfe\u9054\u6210<\/b>\u3057\u307e\u3059\u300d\u3068\u5ba3\u8a00\u3059\u308b\u30b1\u30fc\u30b9\u304c\u76f8\u6b21\u3044\u3067\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"123,0,0\">\u3053\u306e\u3088\u3046\u306a\u30ea\u30ea\u30fc\u30b9\u304c\u51fa\u305f\u77ac\u9593\u3001\u81ea\u5df1\u8cc7\u672c\uff08\u5206\u6bcd\uff09\u304c\u6025\u7e2e\u5c0f\u3057\u3001\u6295\u8cc7\u5bb6\u306e\u8a55\u4fa1\u304c\u30ac\u30e9\u30ea\u3068\u5909\u308f\u308b\u305f\u3081\u3001\u682a\u4fa1\u304c\u6570\u30f6\u6708\u30672\u500d\u30013\u500d\u3078\u3068\u898b\u76f4\u3057\u8cb7\u3044\uff08\u30ea\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u3055\u308c\u308b\u5927\u76f8\u5834\u304c\u4eca\u306e\u65e5\u672c\u5e02\u5834\u306e\u30c8\u30ec\u30f3\u30c9\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"125\">6. \u307e\u3068\u3081\uff1aROE\u306f\u6295\u8cc7\u5bb6\u306e\u304a\u91d1\u3092\u5897\u3084\u3059\u300c\u9b54\u6cd5\u306e\u6756\u300d\u306e\u8f1d\u304d<\/h2>\n<p 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data-index-in-node=\"0\">ROE\u306f\u300c\u9810\u304b\u3063\u305f\u304a\u91d1\u306e\u904b\u7528\u306e\u5929\u624d\u5ea6\uff08\uff05\uff09\u300d\u3067\u3042\u308b\u3002<\/b><\/p>\n<p data-path-to-node=\"128,0,0\">\u5168\u4f53\u306e\u5229\u76ca\u306e\u5927\u304d\u3055\u306b\u9a19\u3055\u308c\u305a\u3001\u7d4c\u55b6\u9663\u304c\u3069\u308c\u3060\u3051\u5c11\u306a\u3044\u5143\u624b\u3067\u52b9\u7387\u3088\u304f\u5229\u76ca\u306b\u5909\u63db\u3067\u304d\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u300c\u5229\u56de\u308a\u300d\u306e\u8996\u70b9\u3092\u6301\u3063\u3066\u304f\u3060\u3055\u3044\u3002\u65e5\u672c\u682a\u3092\u8cb7\u3046\u306a\u3089\u3001\u307e\u305a\u306f\u300cROE 8%\u301c10%\u4ee5\u4e0a\u300d\u304c\u30d7\u30ed\u3068\u540c\u3058\u571f\u4ff5\u306b\u7acb\u3064\u305f\u3081\u306e\u6700\u4f4e\u30e9\u30a4\u30f3\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"128,1,0\"><b data-path-to-node=\"128,1,0\" 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