{"id":27878,"date":"2026-07-22T10:33:45","date_gmt":"2026-07-22T01:33:45","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=27878"},"modified":"2026-07-22T10:33:45","modified_gmt":"2026-07-22T01:33:45","slug":"ue-how-do-warrants-stock-acquisition-rights-work","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-how-do-warrants-stock-acquisition-rights-work","title":{"rendered":"\u3010\u5b8c\u5168\u89e3\u5256\u3011\u30ef\u30e9\u30f3\u30c8\uff08\u65b0\u682a\u4e88\u7d04\u6a29\uff09\u306e\u4ed5\u7d44\u307f\u3068\u306f\uff1f\u521d\u5fc3\u8005\u5411\u3051\u89e3\u8aac\u304b\u3089MS\u30ef\u30e9\u30f3\u30c8\u306e\u6050\u6016\u307e\u3067"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u3010\u5b8c\u5168\u89e3\u5256\u3011\u30ef\u30e9\u30f3\u30c8\uff08\u65b0\u682a\u4e88\u7d04\u6a29\uff09\u306e\u4ed5\u7d44\u307f\u3068\u306f\uff1f\u521d\u5fc3\u8005\u5411\u3051\u89e3\u8aac\u304b\u3089MS\u30ef\u30e9\u30f3\u30c8\u306e\u6050\u6016\u307e\u3067<\/h2>\n<p 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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=\"9\">\u7b2c1\u7ae0\uff1a\u30ef\u30e9\u30f3\u30c8\u306e\u57fa\u790e\u69cb\u9020\u3068\u6982\u5ff5\u306e\u5b8c\u5168\u7406\u89e3<\/h2>\n<h3 data-path-to-node=\"10\">1-1. \u30ef\u30e9\u30f3\u30c8\uff08\u65b0\u682a\u4e88\u7d04\u6a29\uff09\u306e\u5b9a\u7fa9\u3068\u6cd5\u7684\u30fb\u91d1\u878d\u7684\u6027\u8cea<\/h3>\n<p data-path-to-node=\"11\">\u30ef\u30e9\u30f3\u30c8\uff08Warrant\uff09\u3068\u306f\u3001\u65e5\u672c\u8a9e\u306e\u6cd5\u7684\u540d\u79f0\u3067\u300c\u65b0\u682a\u4e88\u7d04\u6a29\uff08\u3057\u3093\u304b\u3076\u3088\u3084\u304f\u3051\u3093\uff09\u300d\u3068\u547c\u3070\u308c\u307e\u3059\u3002\u65e5\u672c\u306e\u4f1a\u793e\u6cd5\uff08\u7b2c2\u6761\u7b2c22\u53f7\uff09\u306b\u304a\u3044\u3066\u306f\u3001\u300c\u682a\u5f0f\u4f1a\u793e\u306b\u5bfe\u3057\u3066\u884c\u4f7f\u3059\u308b\u3053\u3068\u306b\u3088\u308a\u3001\u5f53\u8a72\u682a\u5f0f\u4f1a\u793e\u306e\u682a\u5f0f\u306e\u4ea4\u4ed8\u3092\u53d7\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u6a29\u5229\u300d\u3068\u5b9a\u7fa9\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"12\">\u91d1\u878d\u5de5\u5b66\u4e0a\u306e\u5206\u985e\u306b\u304a\u3044\u3066\u3001\u30ef\u30e9\u30f3\u30c8\u306f\u300c\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff08\u91d1\u878d\u6d3e\u751f\u5546\u54c1\uff09\u300d\u306e\u4e2d\u306e\u300c\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u8cb7\u4ed8\u6a29\u5229\uff09\u300d\u306b\u5c5e\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"13\">\u305d\u306e\u3082\u3063\u3068\u3082\u672c\u8cea\u7684\u306a\u6a5f\u80fd\u306f\u3001\u4ee5\u4e0b\u306e\u6761\u4ef6\u3092\u3042\u3089\u304b\u3058\u3081\u5951\u7d04\uff08\u767a\u884c\u8981\u9805\uff09\u3068\u3057\u3066\u56fa\u5b9a\u3057\u3001\u305d\u306e\u300c\u6a29\u5229\u300d\u81ea\u4f53\u3092\u72ec\u7acb\u3057\u3066\u58f2\u8cb7\u30fb\u4ed8\u4e0e\u53ef\u80fd\u306b\u3057\u305f\u70b9\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"14\">\n<li>\n<p data-path-to-node=\"14,0,0\"><b data-path-to-node=\"14,0,0\" data-index-in-node=\"0\">\u5bfe\u8c61\u682a\u5f0f\uff08Underlying Asset\uff09<\/b>\uff1a\u884c\u4f7f\u306b\u3088\u3063\u3066\u53d6\u5f97\u3067\u304d\u308b\u7279\u5b9a\u306e\u4f01\u696d\u306e\u682a\u5f0f\uff08\u4f8b\uff1a\u3007\u3007\u682a\u5f0f\u4f1a\u793e\u306e\u666e\u901a\u682a\u5f0f\uff09\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"14,1,0\"><b data-path-to-node=\"14,1,0\" data-index-in-node=\"0\">\u884c\u4f7f\u4fa1\u984d\uff08Strike Price \/ Exercise Price\uff09<\/b>\uff1a\u6a29\u5229\u3092\u884c\u4f7f\u3057\u3066\u682a\u5f0f\u3092\u53d6\u5f97\u3059\u308b\u969b\u3001\u4f01\u696d\u306b\u5bfe\u3057\u3066\u6255\u3044\u8fbc\u3080\u300c1\u682a\u3042\u305f\u308a\u306e\u91d1\u92ad\u300d\uff08\u4f8b\uff1a1\u682a\u306b\u3064\u304d1,000\u5186\uff09\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"14,2,0\"><b data-path-to-node=\"14,2,0\" data-index-in-node=\"0\">\u884c\u4f7f\u671f\u9593\uff08Exercise Period \/ Expiration Date\uff09<\/b>\uff1a\u305d\u306e\u6a29\u5229\u3092\u884c\u4f7f\u3057\u3066\u682a\u5f0f\u306b\u63db\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u671f\u9650\uff08\u4f8b\uff1a2026\u5e748\u67081\u65e5\u304b\u30892028\u5e747\u670831\u65e5\u307e\u3067\uff09\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"14,3,0\"><b data-path-to-node=\"14,3,0\" data-index-in-node=\"0\">\u5272\u5f53\u6570\u91cf\u30fb\u884c\u4f7f\u6bd4\u7387\uff08Ratio\uff09<\/b>\uff1a\u65b0\u682a\u4e88\u7d04\u6a291\u500b\u3042\u305f\u308a\u4f55\u682a\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3067\u304d\u308b\u304b\u3068\u3044\u3046\u6bd4\u7387\uff08\u901a\u5e38\u306f1\u500b\uff1d100\u682a\u306a\u3069\u306e\u3088\u3046\u306b\u8a2d\u5b9a\u3055\u308c\u308b\uff09\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"15\">\u3053\u3053\u3067\u6700\u3082\u91cd\u8981\u306a\u6cd5\u7684\u30fb\u7d4c\u6e08\u7684\u6027\u8cea\u306f\u3001\u300c\u7fa9\u52d9\u3067\u306f\u306a\u304f\u6a29\u5229\u3067\u3042\u308b\u300d\u3068\u3044\u3046\u70b9\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"16\">\u73fe\u7269\u682a\u5f0f\u306e\u58f2\u8cb7\u3084\u5148\u7269\u53d6\u5f15\u30fb\u4fe1\u7528\u53d6\u5f15\u306e\u5efa\u3066\u7389\u3068\u306f\u7570\u306a\u308a\u3001\u30ef\u30e9\u30f3\u30c8\u306e\u4fdd\u6709\u8005\u306f\u3001\u5e02\u5834\u74b0\u5883\u304c\u81ea\u5206\u306b\u3068\u3063\u3066\u6709\u5229\u306b\u50cd\u3044\u305f\u5834\u5408\u306e\u307f\u6a29\u5229\u3092\u884c\u4f7f\u3057\u3001\u81ea\u5206\u306b\u3068\u3063\u3066\u4e0d\u5229\u306a\u72b6\u6cc1\u306b\u306a\u3063\u305f\u5834\u5408\u306b\u306f\u6a29\u5229\u3092\u4e00\u5207\u884c\u4f7f\u305b\u305a\u306b\u653e\u68c4\u3059\u308b\u81ea\u7531\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"17\">1-2. \u65e5\u5e38\u751f\u6d3b\u306e\u4f8b\u3048\u3067\u7406\u89e3\u3059\u308b\u975e\u5bfe\u79f0\u306a\u640d\u76ca\u69cb\u9020<\/h3>\n<p data-path-to-node=\"18\">\u30ef\u30e9\u30f3\u30c8\u304c\u6301\u3064\u300c\u5229\u76ca\u306f\u7121\u9650\u5927\u306b\u62e1\u5927\u3057\u3046\u308b\u304c\u3001\u640d\u5931\u306f\u9650\u5b9a\u3055\u308c\u308b\u300d\u3068\u3044\u3046\u975e\u5bfe\u79f0\u306a\u640d\u76ca\u69cb\u9020\u3092\u3001\u65e5\u5e38\u306e\u8eab\u8fd1\u306a\u53d6\u5f15\u4f8b\u306b\u7f6e\u304d\u63db\u3048\u3066\u6df1\u304f\u7406\u89e3\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n<h4 data-path-to-node=\"19\">\u3010\u5177\u4f53\u7684\u306a\u4f8b\u3048\uff1a\u8d85\u4eba\u6c17\u9ad8\u7d1a\u30b9\u30cb\u30fc\u30ab\u30fc\u306e\u300e\u512a\u5148\u8cfc\u5165\u5238\u300f\u3011<\/h4>\n<p data-path-to-node=\"20\">\u3042\u306a\u305f\u306f\u30011\u5e74\u5f8c\u306b\u767a\u58f2\u3055\u308c\u308b\u9650\u5b9a\u30e2\u30c7\u30eb\u306e\u9ad8\u7d1a\u30b9\u30cb\u30fc\u30ab\u30fc\uff08\u5b9a\u4fa130,000\u5186\uff09\u304c\u307b\u3057\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30b9\u30cb\u30fc\u30ab\u30fc\u306f\u3001\u767a\u58f2\u5f8c\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u3064\u3044\u3066\u4fa1\u5024\u304c\u8df3\u306d\u4e0a\u304c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u9006\u306b\u30c7\u30b6\u30a4\u30f3\u306e\u8a55\u5224\u304c\u60aa\u304f\u66b4\u843d\u3059\u308b\u30ea\u30b9\u30af\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"21\">\u3053\u3053\u3067\u3001\u30b7\u30e7\u30c3\u30d7\u304b\u3089\u4ee5\u4e0b\u306e\u300c\u512a\u5148\u8cfc\u5165\u30c1\u30b1\u30c3\u30c8\uff08\u30ef\u30e9\u30f3\u30c8\uff09\u300d\u304c2,000\u5186\u3067\u58f2\u308a\u51fa\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n<ul data-path-to-node=\"22\">\n<li>\n<p data-path-to-node=\"22,0,0\"><b data-path-to-node=\"22,0,0\" data-index-in-node=\"0\">\u512a\u5148\u8cfc\u5165\u30c1\u30b1\u30c3\u30c8\u306e\u6761\u4ef6<\/b>\uff1a\u300c1\u5e74\u5f8c\u306e\u767a\u58f2\u65e5\u306b\u3001\u3053\u306e\u30c1\u30b1\u30c3\u30c8\u3092\u63d0\u793a\u3059\u308c\u3070\u3001\u5fc5\u305a\u5b9a\u4fa1\u306e\u300e30,000\u5186\u300f\u3067\u30b9\u30cb\u30fc\u30ab\u30fc\u30921\u8db3\u8cfc\u5165\u3067\u304d\u308b\u300d\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"23\">\u3053\u306e\u30c1\u30b1\u30c3\u30c8\u30922,000\u5186\u3067\u8cfc\u5165\u3057\u305f\u5834\u5408\u30011\u5e74\u5f8c\u306e\u30b9\u30cb\u30fc\u30ab\u30fc\u306e\u5e02\u5834\u4fa1\u5024\uff08\u4e8c\u6b21\u6d41\u901a\u4fa1\u683c\uff09\u306b\u3088\u3063\u3066\u3001\u3042\u306a\u305f\u306e\u640d\u76ca\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u5287\u7684\u306b\u5206\u304b\u308c\u307e\u3059\u3002<\/p>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-138 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3591150031=\"\" class=\"code-block ng-tns-c3591150031-138 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_251daae38ba2d643&quot;,&quot;c_eee8fda455fb080c&quot;,null,&quot;rc_d1f7b183a4ead231&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"formatted-code-block-internal-container ng-tns-c3591150031-138\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"animated-opacity ng-tns-c3591150031-138\">\n<pre _ngcontent-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-138\"><code _ngcontent-ng-c3591150031=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3591150031-138 no-decoration-radius\">\u3010\u30b7\u30ca\u30ea\u30aaA\uff1a\u30d7\u30ec\u30df\u30a2\u5316\u3057\u3066\u5e02\u5834\u4fa1\u683c\u304c100,000\u5186\u306b\u9ad8\u9a30\u3057\u305f\u5834\u5408\u3011\r\n\r\n1. \u3042\u306a\u305f\u306f\u512a\u5148\u8cfc\u5165\u30c1\u30b1\u30c3\u30c8\u3092\u4f7f\u3044\u3001\u30b7\u30e7\u30c3\u30d7\u304b\u3089\u300c30,000\u5186\u300d\u3067\u30b9\u30cb\u30fc\u30ab\u30fc\u3092\u8cfc\u5165\u3002\r\n2. \u305d\u306e\u30b9\u30cb\u30fc\u30ab\u30fc\u3092\u5373\u5ea7\u306b\u4e8c\u6b21\u6d41\u901a\u5e02\u5834\u3067\u300c100,000\u5186\u300d\u3067\u58f2\u5374\u3002\r\n3. \u5f97\u3089\u308c\u305f\u58f2\u5374\u76ca\uff1a100,000\u5186 - 30,000\u5186 \uff1d 70,000\u5186\u3002\r\n4. \u30c1\u30b1\u30c3\u30c8\u4ee32,000\u5186\u3092\u5dee\u3057\u5f15\u3044\u305f\u7d14\u5229\u76ca\uff1a70,000\u5186 - 2,000\u5186 \uff1d \uff0b68,000\u5186\uff01\r\n   \uff08\u6295\u8cc7\u984d2,000\u5186\u306b\u5bfe\u3057\u3001\u56de\u53ce\u984d70,000\u5186\u3067\u300c35\u500d\u300d\u306e\u9a5a\u7570\u7684\u306a\u30ea\u30bf\u30fc\u30f3\uff09\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-139 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3591150031=\"\" class=\"code-block ng-tns-c3591150031-139 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_251daae38ba2d643&quot;,&quot;c_eee8fda455fb080c&quot;,null,&quot;rc_d1f7b183a4ead231&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"formatted-code-block-internal-container ng-tns-c3591150031-139\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"animated-opacity ng-tns-c3591150031-139\">\n<pre _ngcontent-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-139\"><code _ngcontent-ng-c3591150031=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3591150031-139 no-decoration-radius\">\u3010\u30b7\u30ca\u30ea\u30aaB\uff1a\u4e0d\u4eba\u6c17\u3067\u4e8c\u6b21\u6d41\u901a\u5e02\u5834\u306e\u4fa1\u683c\u304c15,000\u5186\u306b\u66b4\u843d\u3057\u305f\u5834\u5408\u3011\r\n\r\n1. \u4e8c\u6b21\u6d41\u901a\u306715,000\u5186\u3067\u8cb7\u3048\u308b\u3082\u306e\u3092\u3001\u308f\u3056\u308f\u3056\u30c1\u30b1\u30c3\u30c8\u3092\u4f7f\u3063\u3066\u300c30,000\u5186\u300d\u3067\u8cb7\u3046\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002\r\n2. \u3042\u306a\u305f\u306f\u512a\u5148\u8cfc\u5165\u30c1\u30b1\u30c3\u30c8\u3092\u884c\u4f7f\u305b\u305a\u3001\u300c\u653e\u68c4\uff08\u7834\u68c4\uff09\u300d\u3057\u307e\u3059\u3002\r\n3. \u3042\u306a\u305f\u306e\u6700\u7d42\u640d\u5931\uff1a\u6700\u521d\u306b\u6255\u3063\u305f\u30c1\u30b1\u30c3\u30c8\u4ee3\u306e\u300c2,000\u5186\u306e\u307f\u300d\u3002\r\n   \uff08\u30b9\u30cb\u30fc\u30ab\u30fc\u81ea\u4f53\u306e\u4fa1\u683c\u304c\u3069\u308c\u307b\u3069\u66b4\u843d\u3057\u3088\u3046\u3068\u3082\u3001\u8ffd\u52a0\u306e\u640d\u5931\u306f1\u5186\u3082\u767a\u751f\u3057\u306a\u3044\uff09\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"26\">\u3053\u306e\u4f8b\u304c\u793a\u3059\u901a\u308a\u3001\u30ef\u30e9\u30f3\u30c8\u306e\u6700\u5927\u306e\u7279\u5fb4\u306f\u3001\u300c\u4e0a\u65b9\u3078\u306e\u682a\u4fa1\u5909\u52d5\u304b\u3089\u306f\u30d5\u30eb\u306b\u679c\u5b9f\uff08\u30d7\u30e9\u30b9\u306e\u30ea\u30bf\u30fc\u30f3\uff09\u3092\u5f97\u3089\u308c\u308b\u4e00\u65b9\u3067\u3001\u4e0b\u65b9\u3078\u306e\u682a\u4fa1\u66b4\u843d\u304b\u3089\u306f\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u8cfc\u5165\u4ee3\u91d1\uff09\u306e\u5168\u984d\u6d88\u5931\u3068\u3044\u3046\u58c1\u306b\u3088\u3063\u3066\u640d\u5931\u304c\u5b8c\u5168\u306b\u906e\u65ad\u3055\u308c\u308b\u300d\u3068\u3044\u3046\u975e\u5bfe\u79f0\u306a\u69cb\u9020\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"27\">1-3. \u91d1\u878d\u5e02\u5834\u306b\u304a\u3051\u308b\u91cd\u8981\u7528\u8a9e\u306e\u53b3\u5bc6\u306a\u5b9a\u7fa9<\/h3>\n<p data-path-to-node=\"28\">\u30ef\u30e9\u30f3\u30c8\u3092\u6271\u3046\u4e0a\u3067\u4e0d\u53ef\u6b20\u306a\u91cd\u8981\u7528\u8a9e\u3092\u3001\u5b9f\u52d9\u7684\u306a\u6587\u8108\u3092\u4ea4\u3048\u3066\u4f53\u7cfb\u7684\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"29\">\u2460 \u884c\u4f7f\u4fa1\u984d\uff08Exercise Price \/ Strike Price\uff09<\/h4>\n<p data-path-to-node=\"30\">\u65b0\u682a\u4e88\u7d04\u6a29\u3092\u884c\u4f7f\u3059\u308b\u969b\u306b\u3001\u6295\u8cc7\u5bb6\u304c\u767a\u884c\u4f01\u696d\u306b\u5bfe\u3057\u3066\u652f\u6255\u3046\u300c\u56fa\u5b9a\u3055\u308c\u305f1\u682a\u3042\u305f\u308a\u306e\u8cb7\u4ed8\u4fa1\u683c\u300d\u306e\u3053\u3068\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u884c\u4f7f\u4fa1\u984d\u304c500\u5186\u3068\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u308b\u30ef\u30e9\u30f3\u30c8\u3067\u3042\u308c\u3070\u3001\u5e02\u5834\u306e\u682a\u4fa1\u304c1,000\u5186\u3067\u3042\u3063\u3066\u30822,000\u5186\u3067\u3042\u3063\u3066\u3082\u3001\u6a29\u5229\u4fdd\u6709\u8005\u306f500\u5186\u3092\u652f\u6255\u3046\u3053\u3068\u3067\u65b0\u682a\u3092\u53d6\u5f97\u3067\u304d\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"31\">\u2461 \u30d7\u30ec\u30df\u30a2\u30e0\uff08Premium \/ \u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\uff09<\/h4>\n<p data-path-to-node=\"32\">\u30ef\u30e9\u30f3\u30c8\u305d\u306e\u3082\u306e\u306e\u300c\u5e02\u5834\u4fa1\u683c\uff08\u6a29\u5229\u81ea\u4f53\u306e\u5024\u6bb5\uff09\u300d\u3092\u6307\u3057\u307e\u3059\u3002\u4e0a\u8a18\u306e\u4f8b\u3048\u8a71\u306b\u304a\u3051\u308b\u300c\u512a\u5148\u8cfc\u5165\u30c1\u30b1\u30c3\u30c8\u306e\u4ee3\u91d1\uff082,000\u5186\uff09\u300d\u306b\u8a72\u5f53\u3057\u307e\u3059\u3002\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u5e02\u5834\u306e\u9700\u8981\u3068\u4f9b\u7d66\u3001\u682a\u4fa1\u306e\u5909\u52d5\u6027\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3001\u6b8b\u308a\u6642\u9593\u306a\u3069\u306b\u3088\u3063\u3066\u523b\u4e00\u523b\u3068\u5909\u52d5\u3057\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"33\">\u2462 \u672c\u8cea\u7684\u4fa1\u5024\uff08Intrinsic Value\uff09\u3068 \u6642\u9593\u4fa1\u5024\uff08Time Value\uff09<\/h4>\n<p data-path-to-node=\"34\">\u30ef\u30e9\u30f3\u30c8\u306e\u4fa1\u683c\uff08\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u306f\u3001\u5e38\u306b\u4ee5\u4e0b\u306e\u30b7\u30f3\u30d7\u30eb\u306a\u6570\u5f0f\u3067\u89e3\u5256\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<div data-path-to-node=\"35\">\n<div class=\"math-block\" data-math=\"\\text{\u30ef\u30e9\u30f3\u30c8\u306e\u4fa1\u683c\uff08\u30d7\u30ec\u30df\u30a2\u30e0\uff09} = \\text{\u672c\u8cea\u7684\u4fa1\u5024} + \\text{\u6642\u9593\u4fa1\u5024}\">\u30ef\u30e9\u30f3\u30c8\u306e\u4fa1\u683c\uff08\u30d7\u30ec\u30df\u30a2\u30e0\uff09 = \u672c\u8cea\u7684\u4fa1\u5024 + \u6642\u9593\u4fa1\u5024<\/div>\n<\/div>\n<ul data-path-to-node=\"36\">\n<li>\n<p data-path-to-node=\"36,0,0\"><b data-path-to-node=\"36,0,0\" data-index-in-node=\"0\">\u672c\u8cea\u7684\u4fa1\u5024<\/b>\uff1a\u300c\u4eca\u3059\u3050\u6a29\u5229\u884c\u4f7f\u3057\u305f\u5834\u5408\u306b\u5f97\u3089\u308c\u308b\u542b\u307f\u76ca\u300d\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"36,0,1\">\n<li>\n<p data-path-to-node=\"36,0,1,0,0\">\u73fe\u5728\u306e\u682a\u4fa1\u304c1,200\u5186\u3001\u884c\u4f7f\u4fa1\u984d\u304c1,000\u5186\u306e\u5834\u5408\u3001\u672c\u8cea\u7684\u4fa1\u5024\u306f <b data-path-to-node=\"36,0,1,0,0\" data-index-in-node=\"35\">200\u5186<\/b> \u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"36,0,1,1,0\">\u73fe\u5728\u306e\u682a\u4fa1\u304c800\u5186\u3001\u884c\u4f7f\u4fa1\u984d\u304c1,000\u5186\u306e\u5834\u5408\u3001\u6a29\u5229\u3092\u884c\u4f7f\u3057\u3066\u3082\u640d\u3092\u3059\u308b\u3060\u3051\u306a\u306e\u3067\u542b\u307f\u76ca\u306f\u30bc\u30ed\u3001\u3064\u307e\u308a\u672c\u8cea\u7684\u4fa1\u5024\u306f <b data-path-to-node=\"36,0,1,1,0\" data-index-in-node=\"60\">0\u5186<\/b> \u3067\u3059\uff08\u30de\u30a4\u30ca\u30b9\u306b\u306f\u306a\u308a\u307e\u305b\u3093\uff09\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"36,1,0\"><b data-path-to-node=\"36,1,0\" data-index-in-node=\"0\">\u6642\u9593\u4fa1\u5024<\/b>\uff1a\u300c\u6e80\u671f\uff08\u884c\u4f7f\u671f\u9650\uff09\u307e\u3067\u306b\u3001\u682a\u4fa1\u304c\u3055\u3089\u306b\u4e0a\u6607\u3057\u3066\u5229\u76ca\u3092\u3082\u305f\u3089\u3057\u3066\u304f\u308c\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3068\u3044\u3046\u671f\u5f85\u611f\u306e\u4fa1\u5024\u300d\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"36,1,1\">\n<li>\n<p data-path-to-node=\"36,1,1,0,0\">\u4f8b\u3048\u3070\u3001\u682a\u4fa1\u304c800\u5186\u3067\u884c\u4f7f\u4fa1\u984d\u304c1,000\u5186\uff08\u672c\u8cea\u7684\u4fa1\u50240\u5186\uff09\u3067\u3042\u3063\u3066\u3082\u3001\u6e80\u671f\u307e\u3067\u307e\u30603\u5e74\u3042\u308b\u306a\u3089\u3070\u3001\u300c3\u5e74\u306e\u9593\u306b\u682a\u4fa1\u304c1,500\u5186\u307e\u3067\u8df3\u306d\u4e0a\u304c\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u300d\u3068\u3044\u3046\u671f\u5f85\u304c\u751f\u307e\u308c\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u3053\u306e\u30ef\u30e9\u30f3\u30c8\u306b\u306f\u300c50\u5186\u300d\u306a\u3069\u306e\u6642\u9593\u4fa1\u5024\u304c\u3064\u304d\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u306f50\u5186\u3067\u53d6\u5f15\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"36,1,1,1,0\">\u6e80\u671f\u65e5\u306b\u8fd1\u3065\u304f\u306b\u3064\u308c\u3066\u3001\u682a\u4fa1\u304c\u5909\u52d5\u3059\u308b\u30c1\u30e3\u30f3\u30b9\u81ea\u4f53\u304c\u6e1b\u3063\u3066\u3044\u304f\u305f\u3081\u3001\u6642\u9593\u4fa1\u5024\u306f\u5f90\u3005\u306b\u6e1b\u5c11\u3057\u3066\u3044\u304d\u3001\u6700\u7d42\u7684\u306a\u6e80\u671f\u65e5\u306b\u306f\u6642\u9593\u4fa1\u5024\u306f\u300c\u5b8c\u5168\u306a\u30bc\u30ed\u300d\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"37\">\u2463 \u30a4\u30f3\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff08ITM\uff09\u3001\u30a2\u30c3\u30c8\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff08ATM\uff09\u3001\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff08OTM\uff09<\/h4>\n<p data-path-to-node=\"38\">\u73fe\u5728\u306e\u682a\u4fa1\u3068\u884c\u4f7f\u4fa1\u984d\u306e\u4f4d\u7f6e\u95a2\u4fc2\u3092\u8868\u3059\u7528\u8a9e\u3067\u3059\u3002<\/p>\n<table data-path-to-node=\"39\">\n<thead>\n<tr>\n<td><strong>\u72b6\u614b<\/strong><\/td>\n<td><strong>\u6761\u4ef6\uff08\u30b3\u30fc\u30eb\u30fb\u30ef\u30e9\u30f3\u30c8\u306e\u5834\u5408\uff09<\/strong><\/td>\n<td><strong>\u672c\u8cea\u7684\u4fa1\u5024<\/strong><\/td>\n<td><strong>\u610f\u5473<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"39,1,0,0\"><b data-path-to-node=\"39,1,0,0\" data-index-in-node=\"0\">\u30a4\u30f3\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff08ITM\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,1,1,0\"><b data-path-to-node=\"39,1,1,0\" data-index-in-node=\"0\">\u73fe\u5728\u306e\u682a\u4fa1 \uff1e \u884c\u4f7f\u4fa1\u984d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,1,2,0\">\u5b58\u5728\u3059\u308b\uff08\uff1e0\uff09<\/span><\/td>\n<td><span data-path-to-node=\"39,1,3,0\">\u4eca\u3059\u3050\u6a29\u5229\u3092\u884c\u4f7f\u3059\u308c\u3070\u30d7\u30e9\u30b9\u304c\u51fa\u308b\u72b6\u614b<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"39,2,0,0\"><b data-path-to-node=\"39,2,0,0\" data-index-in-node=\"0\">\u30a2\u30c3\u30c8\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff08ATM\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,2,1,0\"><b data-path-to-node=\"39,2,1,0\" data-index-in-node=\"0\">\u73fe\u5728\u306e\u682a\u4fa1 \uff1d \u884c\u4f7f\u4fa1\u984d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,2,2,0\">0\uff08\u5883\u754c\u7dda\uff09<\/span><\/td>\n<td><span data-path-to-node=\"39,2,3,0\">\u682a\u4fa1\u304c\u884c\u4f7f\u4fa1\u984d\u3068\u540c\u6c34\u6e96\u306b\u3042\u308b\u72b6\u614b<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"39,3,0,0\"><b data-path-to-node=\"39,3,0,0\" data-index-in-node=\"0\">\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\uff08OTM\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,3,1,0\"><b data-path-to-node=\"39,3,1,0\" data-index-in-node=\"0\">\u73fe\u5728\u306e\u682a\u4fa1 \uff1c \u884c\u4f7f\u4fa1\u984d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,3,2,0\">0<\/span><\/td>\n<td><span data-path-to-node=\"39,3,3,0\">\u4eca\u3059\u3050\u884c\u4f7f\u3057\u3066\u3082\u640d\u5931\u306b\u306a\u308b\u305f\u3081\u3001\u4fa1\u5024\u304c\u6642\u9593\u4fa1\u5024\u306e\u307f\u306e\u72b6\u614b<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 data-path-to-node=\"41\">\u7b2c2\u7ae0\uff1a\u30ef\u30e9\u30f3\u30c8\u306e\u7d4c\u6e08\u7684\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3068\u5b9f\u52d9\u6d3b\u7528<\/h2>\n<p data-path-to-node=\"42\">\u306a\u305c\u4f01\u696d\u306f\u81ea\u3089\u306e\u682a\u5f0f\u3092\u5c06\u6765\u5b89\u304f\u6e21\u3057\u3066\u3057\u307e\u3046\u304b\u3082\u3057\u308c\u306a\u3044\u300c\u65b0\u682a\u4e88\u7d04\u6a29\u300d\u3092\u767a\u884c\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u307e\u305f\u3001\u306a\u305c\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u3092\u8ca0\u3063\u3066\u307e\u3067\u30ef\u30e9\u30f3\u30c8\u306b\u8cc7\u91d1\u3092\u6295\u3058\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u305d\u308c\u305e\u308c\u306e\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3092\u5fb9\u5e95\u5206\u6790\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"43\">2-1. \u4f01\u696d\u5074\u306e\u8cc7\u91d1\u8abf\u9054\u30fb\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u8a2d\u8a08\u306b\u304a\u3051\u308b\u30e1\u30ea\u30c3\u30c8<\/h3>\n<p data-path-to-node=\"44\">\u4f01\u696d\u304c\u30ef\u30e9\u30f3\u30c8\u3092\u6d3b\u7528\u3059\u308b\u80cc\u666f\u306b\u306f\u3001\u901a\u5e38\u306e\u300c\u9280\u884c\u878d\u8cc7\u300d\u3084\u300c\u5358\u306a\u308b\u682a\u5f0f\u767a\u884c\uff08\u516c\u52df\u5897\u8cc7\uff09\u300d\u3067\u306f\u9054\u6210\u3067\u304d\u306a\u3044\u9ad8\u5ea6\u306a\u8ca1\u52d9\u6226\u7565\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-140 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3591150031=\"\" class=\"code-block ng-tns-c3591150031-140 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_251daae38ba2d643&quot;,&quot;c_eee8fda455fb080c&quot;,null,&quot;rc_d1f7b183a4ead231&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"formatted-code-block-internal-container ng-tns-c3591150031-140\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"animated-opacity ng-tns-c3591150031-140\">\n<pre _ngcontent-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-140\"><code _ngcontent-ng-c3591150031=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3591150031-140 no-decoration-radius\">                       \u3010\u4f01\u696d\u304b\u3089\u898b\u305f\u30ef\u30e9\u30f3\u30c8\u306e\u6d3b\u7528\u30d1\u30bf\u30fc\u30f3\u3011\r\n\r\n      \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u253c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n      \u25bc                         \u25bc                         \u25bc\r\n\u3010\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u3011         \u3010\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u5831\u916c\u3011      \u3010M&amp;A\u30fb\u8ca1\u52d9\u6226\u7565\u3011\r\n\u30fb\u30ef\u30e9\u30f3\u30c8\u50b5\uff08WB\uff09       \u30fb\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3       \u30fb\u8cb7\u53ce\u9632\u885b\u7b56\uff08\u30dd\u30a4\u30ba\u30f3\u30d4\u30eb\uff09\r\n\u30fb\u4f4e\u91d1\u5229\u3067\u306e\u8cc7\u91d1\u96c6\u3081     \u30fb\u696d\u7e3e\u5411\u4e0a\u3078\u306e\u30e2\u30c1\u30d9\u30fc\u30b7\u30e7\u30f3 \u30fb\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h4 data-path-to-node=\"46\">\u2460 \u4f4e\u91d1\u5229\uff08\u4f4e\u30b3\u30b9\u30c8\uff09\u3067\u306e\u8cc7\u91d1\u8abf\u9054\uff08\u30ef\u30e9\u30f3\u30c8\u50b5 \/ WB\uff09<\/h4>\n<p data-path-to-node=\"47\">\u4f01\u696d\u304c\u793e\u50b5\uff08\u501f\u91d1\uff09\u3092\u767a\u884c\u3057\u3066\u8cc7\u91d1\u3092\u52df\u308b\u969b\u3001\u793e\u50b5\u306b\u30ef\u30e9\u30f3\u30c8\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u91d1\u878d\u5546\u54c1\uff08\u65b0\u682a\u4e88\u7d04\u6a29\u4ed8\u793e\u50b5\uff1dWB\uff1aWarrant Bond\uff09\u3092\u767a\u884c\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"48\">\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u300c\u793e\u50b5\u3068\u3057\u3066\u306e\u5229\u5b50\u53ce\u5165\u3092\u5f97\u3089\u308c\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u5c06\u6765\u682a\u4fa1\u304c\u4e0a\u304c\u308c\u3070\u30ef\u30e9\u30f3\u30c8\u3092\u884c\u4f7f\u3057\u3066\u5de8\u984d\u306e\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\u3082\u72d9\u3048\u308b\u300d\u3068\u3044\u3046\u9b45\u529b\u7684\u3067\u304a\u5f97\u306a\u5546\u54c1\u306b\u898b\u3048\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4f01\u696d\u5074\u306f\u901a\u5e38\u3088\u308a\u3082<b data-path-to-node=\"48\" data-index-in-node=\"96\">\u306f\u308b\u304b\u306b\u4f4e\u3044\u91d1\u5229\uff08\u30af\u30fc\u30dd\u30f3\uff09\u3092\u8a2d\u5b9a\u3057\u3066\u5e02\u5834\u304b\u3089\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd<\/b>\u306b\u306a\u308a\u307e\u3059\u3002\u8cc7\u91d1\u7e70\u308a\u306b\u4f59\u88d5\u306e\u306a\u3044\u6210\u9577\u4f01\u696d\u306b\u3068\u3063\u3066\u3001\u652f\u6255\u5229\u606f\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u3089\u308c\u308b\u975e\u5e38\u306b\u5f37\u529b\u306a\u30c4\u30fc\u30eb\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"49\">\u2461 \u8cc7\u672c\u306e\u6bb5\u968e\u7684\u5897\u5f37\uff08\u6210\u9577\u306b\u5408\u308f\u305b\u305f\u8cc7\u91d1\u8abf\u9054\uff09<\/h4>\n<p data-path-to-node=\"50\">\u65b0\u8208\u4f01\u696d\u304c\u4e00\u5ea6\u306b\u5927\u91cf\u306e\u666e\u901a\u682a\u5f0f\u3092\u767a\u884c\u3059\u308b\u3068\u3001\u682a\u5f0f\u6570\u304c\u6025\u5897\u3057\u3066\u4e00\u682a\u3042\u305f\u308a\u5229\u76ca\uff08EPS\uff09\u304c\u8457\u3057\u304f\u4f4e\u4e0b\u3057\u3001\u65e2\u5b58\u682a\u4e3b\u304b\u3089\u306e\u731b\u53cd\u767a\u3092\u53d7\u3051\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"51\">\u3057\u304b\u3057\u30ef\u30e9\u30f3\u30c8\u3092\u767a\u884c\u3057\u305f\u5834\u5408\u3001\u682a\u4fa1\u304c\u4e0a\u6607\u3057\u3001\u4e8b\u696d\u304c\u62e1\u5927\u3057\u3066\u3044\u304f\u30d7\u30ed\u30bb\u30b9\u306b\u5408\u308f\u305b\u3066\u6295\u8cc7\u5bb6\u304c\u6bb5\u968e\u7684\u306b\u6a29\u5229\u3092\u884c\u4f7f\uff08\uff1d\u4f01\u696d\u306b\u73fe\u91d1\u304c\u6255\u3044\u8fbc\u307e\u308c\u308b\uff09\u3059\u308b\u305f\u3081\u3001<b data-path-to-node=\"51\" data-index-in-node=\"73\">\u4f01\u696d\u306e\u6210\u9577\u30b9\u30d4\u30fc\u30c9\u3068\u540c\u671f\u3055\u305b\u306a\u304c\u3089\u6bb5\u968e\u7684\u306b\u81ea\u5df1\u8cc7\u672c\u3092\u5897\u5f37\u3067\u304d\u308b<\/b>\u3068\u3044\u3046\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"52\">\u2462 \u512a\u79c0\u306a\u4eba\u6750\u3092\u5f15\u304d\u3064\u3051\u308b\u6210\u679c\u5831\u916c\uff08\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\uff09<\/h4>\n<p data-path-to-node=\"53\">\u65b0\u682a\u4e88\u7d04\u6a29\u3092\u5f79\u54e1\u3084\u5f93\u696d\u54e1\u306b\u5831\u916c\u3068\u3057\u3066\u4ed8\u4e0e\u3059\u308b\u4ed5\u7d44\u307f\u304c\u300c\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u300d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"54\">\u5275\u696d\u9593\u3082\u306a\u3044\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d\u306f\u3001\u5927\u624b\u4f01\u696d\u306e\u3088\u3046\u306a\u9ad8\u3044\u57fa\u672c\u7d66\u3092\u652f\u6255\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u3001\u300c1\u682a100\u5186\u3067\u884c\u4f7f\u3067\u304d\u308b\u65b0\u682a\u4e88\u7d04\u6a29\u300d\u3092\u793e\u54e1\u306b\u914d\u3063\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"55\">\u793e\u54e1\u305f\u3061\u306e\u8840\u306e\u306b\u3058\u3080\u52aa\u529b\u306b\u3088\u3063\u3066\u4f1a\u793e\u304c\u4e0a\u5834\u3057\u3001\u682a\u4fa1\u304c5,000\u5186\u306b\u5316\u3051\u305f\u3068\u304d\u3001\u793e\u54e1\u306f\u305d\u306e\u6a29\u5229\u3092\u884c\u4f7f\u3057\u30661\u682a100\u5186\u3067\u682a\u3092\u624b\u5165\u308c\u3001\u5e02\u5834\u30675,000\u5186\u3067\u58f2\u5374\u3059\u308b\u3053\u3068\u3067\u3001\u6570\u5343\u4e07\u5186\u301c\u6570\u5104\u5186\u898f\u6a21\u306e\u5de8\u984d\u306e\u5831\u916c\uff08\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\uff09\u3092\u624b\u306b\u5165\u308c\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"56\">\u300c\u4f1a\u793e\u306e\u6210\u9577\uff1d\u500b\u4eba\u306e\u5bcc\u300d\u3068\u3044\u3046\u5f37\u70c8\u306a\u4e00\u81f4\u3092\u4f5c\u308a\u51fa\u3059\u3053\u3068\u3067\u3001\u512a\u79c0\u306a\u512a\u79c0\u306a\u30a8\u30f3\u30b8\u30cb\u30a2\u3084\u7d4c\u55b6\u4eba\u6750\u3092\u60f9\u304d\u3064\u3051\u308b\u6700\u5f37\u306e\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"57\">2-2. \u6295\u8cc7\u5bb6\u5074\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u52b9\u679c\u3068\u4e0b\u632f\u308c\u30ea\u30b9\u30af\u306e\u906e\u65ad<\/h3>\n<p data-path-to-node=\"58\">\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u30ef\u30e9\u30f3\u30c8\u306e\u9b45\u529b\u306f\u3001\u4f55\u3068\u8a00\u3063\u3066\u3082\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u3066\u3053\u306e\u539f\u7406\uff09\u300d<b data-path-to-node=\"58\" data-index-in-node=\"37\">\u3068<\/b>\u300c\u640d\u5931\u9650\u5b9a\u300d\u306e\u5b8c\u74a7\u306a\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u69cb\u9020\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"59\">\u3010\u6570\u5024\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u3088\u308b\u6bd4\u8f03\u691c\u8a3c\u3011<\/h4>\n<p data-path-to-node=\"60\">\u3053\u3053\u3067\u3001\u3042\u308b\u4e0a\u5834\u4f01\u696d\uff08X\u793e\uff09\u306e\u682a\u4fa1\u304c\u73fe\u5728\u300c1,000\u5186\u300d\u3067\u3042\u308b\u3068\u3057\u307e\u3059\u3002\u6295\u8cc7\u5bb6A\u306f\u300c\u73fe\u7269\u682a\u5f0f\u300d\u3092\u8cfc\u5165\u3057\u3001\u6295\u8cc7\u5bb6B\u306f\u300cX\u793e\u306e\u30ef\u30e9\u30f3\u30c8\uff08\u884c\u4f7f\u4fa1\u984d1,000\u5186\u3001\u6e80\u671f1\u5e74\u5f8c\u3001\u30d7\u30ec\u30df\u30a2\u30e0100\u5186\uff09\u300d\u3092\u8cfc\u5165\u3057\u307e\u3057\u305f\u3002\u6295\u8cc7\u8cc7\u91d1\u306f\u3069\u3061\u3089\u308210\u4e07\u5186\u7528\u610f\u3057\u305f\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002<\/p>\n<table data-path-to-node=\"61\">\n<thead>\n<tr>\n<td><strong>\u6bd4\u8f03\u9805\u76ee<\/strong><\/td>\n<td><strong>\u6295\u8cc7\u5bb6A\uff08\u73fe\u7269\u682a\u5f0f\u6295\u8cc7\uff09<\/strong><\/td>\n<td><strong>\u6295\u8cc7\u5bb6B\uff08\u30ef\u30e9\u30f3\u30c8\u6295\u8cc7\uff09<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"61,1,0,0\"><b data-path-to-node=\"61,1,0,0\" data-index-in-node=\"0\">\u521d\u671f\u6295\u8cc7\u984d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,1,1,0\">100,000\u5186<\/span><\/td>\n<td><span data-path-to-node=\"61,1,2,0\">100,000\u5186<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,2,0,0\"><b data-path-to-node=\"61,2,0,0\" data-index-in-node=\"0\">\u8cfc\u5165\u6570\u91cf<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,2,1,0\">100\u682a\uff08\uff201,000\u5186\uff09<\/span><\/td>\n<td><span data-path-to-node=\"61,2,2,0\">1,000\u500b\uff08\uff20100\u5186\uff09\u203b1\u500b\uff1d1\u682a\u5bfe\u5fdc<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,3,0,0\"><b data-path-to-node=\"61,3,0,0\" data-index-in-node=\"0\">\u3010\u30b1\u30fc\u30b91\u30111\u5e74\u5f8c\u306b\u682a\u4fa1\u304c2,000\u5186\u306b\u500d\u5897\uff08\uff0b100%\u4e0a\u6607\uff09\u3057\u305f\u5834\u5408<\/b><\/span><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,4,0,0\"><b data-path-to-node=\"61,4,0,0\" data-index-in-node=\"0\">\u4fdd\u6709\u8cc7\u7523\u306e\u4fa1\u5024<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,4,1,0\">200,000\u5186<\/span><\/td>\n<td><span data-path-to-node=\"61,4,2,0\">1,000,000\u5186\uff08\u203b\u884c\u4f7f\u4fa1\u683c1,000\u5186\u3068\u306e\u5dee\u984d1,000\u5186\u00d71,000\u500b\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,5,0,0\"><b data-path-to-node=\"61,5,0,0\" data-index-in-node=\"0\">\u7d14\u5229\u76ca<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,5,1,0\">\uff0b100,000\u5186<\/span><\/td>\n<td><span data-path-to-node=\"61,5,2,0\">\uff0b900,000\u5186<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,6,0,0\"><b data-path-to-node=\"61,6,0,0\" data-index-in-node=\"0\">\u53ce\u76ca\u7387\uff08ROI\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,6,1,0\"><b data-path-to-node=\"61,6,1,0\" data-index-in-node=\"0\">\uff0b100%\uff082\u500d\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,6,2,0\"><b data-path-to-node=\"61,6,2,0\" data-index-in-node=\"0\">\uff0b900%\uff0810\u500d\uff01\uff09<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,7,0,0\"><b data-path-to-node=\"61,7,0,0\" data-index-in-node=\"0\">\u3010\u30b1\u30fc\u30b92\u30111\u5e74\u5f8c\u306b\u682a\u4fa1\u304c200\u5186\u306b\u66b4\u843d\uff08\u30fc80%\u4e0b\u843d\uff09\u3057\u305f\u5834\u5408<\/b><\/span><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,8,0,0\"><b data-path-to-node=\"61,8,0,0\" data-index-in-node=\"0\">\u4fdd\u6709\u8cc7\u7523\u306e\u4fa1\u5024<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,8,1,0\">20,000\u5186<\/span><\/td>\n<td><span data-path-to-node=\"61,8,2,0\">0\u5186\uff08\u6a29\u5229\u884c\u4f7f\u305b\u305a\u653e\u7f6e\u30fb\u5168\u984d\u6d88\u5931\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,9,0,0\"><b data-path-to-node=\"61,9,0,0\" data-index-in-node=\"0\">\u7d14\u640d\u5931<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,9,1,0\">\u30fc80,000\u5186<\/span><\/td>\n<td><span data-path-to-node=\"61,9,2,0\">\u30fc100,000\u5186<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,10,0,0\"><b data-path-to-node=\"61,10,0,0\" data-index-in-node=\"0\">\u6700\u5927\u8ffd\u8a3c\u30ea\u30b9\u30af<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,10,1,0\">\u306a\u3057<\/span><\/td>\n<td><span data-path-to-node=\"61,10,2,0\">\u306a\u3057<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"62\">\u3053\u306e\u6bd4\u8f03\u304b\u3089\u660e\u3089\u304b\u306a\u3088\u3046\u306b\u3001\u30ef\u30e9\u30f3\u30c8\u6295\u8cc7\u306f\u682a\u4fa1\u304c\u601d\u60d1\u901a\u308a\u306b\u4e0a\u6607\u3057\u305f\u5834\u5408\u3001\u73fe\u7269\u682a\u5f0f\u3068\u306f\u6bd4\u8f03\u306b\u306a\u3089\u306a\u3044\u7570\u6b21\u5143\u306e\u7206\u767a\u7684\u30ea\u30bf\u30fc\u30f3\uff0810\u500d\u306a\u3069\uff09\u3092\u751f\u307f\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"63\">\u305d\u3057\u3066\u3001\u4eee\u306b\u682a\u4fa1\u304c\u4f1a\u793e\u6e05\u7b97\u30ec\u30d9\u30eb\u307e\u3067\u66b4\u843d\u3057\u305f\u3068\u3057\u3066\u3082\u3001\u8ffd\u8a3c\uff08\u8ffd\u52a0\u62c5\u4fdd\u306e\u5dee\u3057\u5165\u308c\u7fa9\u52d9\uff09\u304c\u767a\u751f\u3059\u308b\u4fe1\u7528\u53d6\u5f15\u3084FX\u3068\u306f\u7570\u306a\u308a\u3001<b data-path-to-node=\"63\" data-index-in-node=\"60\">\u300c\u6700\u521d\u306b\u6295\u3058\u305f\u8cc7\u91d1\uff0810\u4e07\u5186\uff09\u304c\u30bc\u30ed\u306b\u306a\u308b\u3060\u3051\u300d\u3067\u640d\u5931\u304c\u30d4\u30bf\u30ea\u3068\u6b62\u307e\u308b<\/b>\u306e\u3067\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=\"65\">\u7b2c3\u7ae0\uff1a\u4e3b\u8981\u306a\u30ef\u30e9\u30f3\u30c8\u306e\u5206\u985e\u3068\u30e1\u30ab\u30cb\u30ba\u30e0<\/h2>\n<p data-path-to-node=\"66\">\u5e02\u5834\u306b\u5b58\u5728\u3059\u308b\u30ef\u30e9\u30f3\u30c8\u306f\u3001\u305d\u306e\u767a\u884c\u5f62\u614b\u3084\u76ee\u7684\u3001\u53d6\u5f15\u4e3b\u4f53\u306b\u3088\u3063\u3066\u591a\u7a2e\u591a\u69d8\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002\u4ee3\u8868\u7684\u306a3\u3064\u306e\u30ab\u30c6\u30b4\u30ea\u30fc\u3092\u6df1\u6398\u308a\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"67\">3-1. \u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u578b\u30ef\u30e9\u30f3\u30c8\uff09<\/h3>\n<p data-path-to-node=\"68\">\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u3001\u4f1a\u793e\u6cd5\u4e0a\u306e\u65b0\u682a\u4e88\u7d04\u6a29\u3092\u5229\u7528\u3057\u3066\u3001\u793e\u5185\u306e\u5f79\u54e1\u30fb\u5f93\u696d\u54e1\uff08\u6642\u306b\u306f\u793e\u5916\u306e\u9867\u554f\u3084\u5354\u529b\u8005\uff09\u306b\u767a\u884c\u3055\u308c\u308b\u975e\u4e0a\u5834\u306e\u30ef\u30e9\u30f3\u30c8\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"69\">\n<li>\n<p data-path-to-node=\"69,0,0\"><b data-path-to-node=\"69,0,0\" data-index-in-node=\"0\">\u7121\u511f\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3<\/b>\uff1a\u52e4\u52d9\u306b\u5bfe\u3059\u308b\u5831\u916c\u3068\u3057\u3066\u3001\u5f93\u696d\u54e1\u306b\u300c\u30bf\u30c0\uff08\u7121\u511f\uff09\u300d\u3067\u65b0\u682a\u4e88\u7d04\u6a29\u3092\u914d\u308b\u5f62\u614b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"69,1,0\"><b data-path-to-node=\"69,1,0\" data-index-in-node=\"0\">\u6709\u511f\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3<\/b>\uff1a\u5f79\u54e1\u3084\u5f93\u696d\u54e1\u304c\u3001\u81ea\u3089\u306e\u30dd\u30b1\u30c3\u30c8\u30de\u30cd\u30fc\u3067\u300c\u516c\u6b63\u306a\u767a\u884c\u4fa1\u683c\uff08\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u300d\u3092\u4f1a\u793e\u306b\u652f\u6255\u3063\u3066\u65b0\u682a\u4e88\u7d04\u6a29\u3092\u8cfc\u5165\u3059\u308b\u5f62\u614b\u3002\u5f79\u54e1\u5074\u3082\u30ea\u30b9\u30af\u3092\u8ca0\u3046\u305f\u3081\u3001\u7a0e\u52d9\u4e0a\u306e\u512a\u9047\u63aa\u7f6e\u3092\u53d7\u3051\u3084\u3059\u3044\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"69,2,0\"><b data-path-to-node=\"69,2,0\" data-index-in-node=\"0\">\u696d\u7e3e\u9023\u52d5\u578b\u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3<\/b>\uff1a\u300c\u55b6\u696d\u5229\u76ca\u3007\u3007\u5104\u5186\u3092\u9054\u6210\u3057\u305f\u5834\u5408\u306e\u307f\u884c\u4f7f\u53ef\u80fd\u300d\u3068\u3044\u3063\u305f\u6761\u4ef6\uff08\u30cf\u30fc\u30c9\u30eb\uff09\u304c\u7d44\u307f\u8fbc\u307e\u308c\u305f\u9ad8\u5ea6\u306a\u8a2d\u8a08\u306e\u30ef\u30e9\u30f3\u30c8\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"70\">3-2. e\u30ef\u30e9\u30f3\u30c8\uff08\u500b\u4eba\u6295\u8cc7\u5bb6\u5411\u3051\u30ab\u30d0\u30fc\u30c9\u30ef\u30e9\u30f3\u30c8\uff09<\/h3>\n<p data-path-to-node=\"71\">\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u8a3c\u5238\u4f1a\u793e\uff08\u30ab\u30d0\u30fc\u30c9\u30ef\u30e9\u30f3\u30c8\u767a\u884c\u4f53\uff09\u3092\u901a\u3058\u3066\u5e02\u5834\u3067\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306b\u58f2\u8cb7\u3067\u304d\u308b\u3088\u3046\u306b\u5546\u54c1\u5316\u3055\u308c\u305f\u3082\u306e\u304c\u300ce\u30ef\u30e9\u30f3\u30c8\u300d\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"72\">\u4f01\u696d\u304c\u81ea\u793e\u682a\u3092\u5897\u3084\u3059\u305f\u3081\u306b\u76f4\u63a5\u767a\u884c\u3059\u308b\u30ef\u30e9\u30f3\u30c8\u3068\u306f\u7570\u306a\u308a\u3001\u30b4\u30fc\u30eb\u30c9\u30de\u30f3\u30fb\u30b5\u30c3\u30af\u30b9\u306a\u3069\u306e\u91d1\u878d\u6a5f\u95a2\u304c\u300c\u767a\u884c\u4f53\u300d\u3068\u306a\u308a\u3001\u81ea\u793e\u304c\u4fdd\u6709\u3059\u308b\u539f\u8cc7\u7523\u3092\u88cf\u4ed8\u3051\u306b\u3057\u3066\u767a\u884c\u3059\u308b\u305f\u3081\u300c\u30ab\u30d0\u30fc\u30c9\u30ef\u30e9\u30f3\u30c8\uff08Covered Warrant\uff09\u300d\u3068\u547c\u3070\u308c\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"73\">e\u30ef\u30e9\u30f3\u30c8\u306e\u4e3b\u8981\u306a\u30e9\u30a4\u30f3\u30ca\u30c3\u30d7<\/h4>\n<ol start=\"1\" data-path-to-node=\"74\">\n<li>\n<p data-path-to-node=\"74,0,0\"><b data-path-to-node=\"74,0,0\" data-index-in-node=\"0\">\u30b3\u30fc\u30eb\u30ef\u30e9\u30f3\u30c8<\/b>\uff1a\u5bfe\u8c61\u3068\u306a\u308b\u682a\u4fa1\u3084\u6307\u6570\u304c\u300c\u4e0a\u6607\u3059\u308b\u300d\u3068\u4e88\u60f3\u3057\u305f\u3068\u304d\u306b\u8cb7\u3046\u6a29\u5229\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"74,1,0\"><b data-path-to-node=\"74,1,0\" data-index-in-node=\"0\">\u30d7\u30c3\u30c8\u30ef\u30e9\u30f3\u30c8<\/b>\uff1a\u5bfe\u8c61\u3068\u306a\u308b\u682a\u4fa1\u3084\u6307\u6570\u304c\u300c\u4e0b\u843d\u3059\u308b\u300d\u3068\u4e88\u60f3\u3057\u305f\u3068\u304d\u306b\u8cb7\u3046\u6a29\u5229\uff08\u76f8\u5834\u4e0b\u843d\u5c40\u9762\u3067\u3082\u5229\u76ca\u3092\u72d9\u3048\u308b\uff09\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"74,2,0\"><b data-path-to-node=\"74,2,0\" data-index-in-node=\"0\">\u30c8\u30e9\u30c3\u30ab\u30fc\u30ef\u30e9\u30f3\u30c8<\/b>\uff1a\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u304b\u3051\u305a\u3001\u5bfe\u8c61\u539f\u8cc7\u7523\uff08\u4f8b\uff1a\u91d1\u4fa1\u683c\u3084\u65b0\u8208\u56fd\u682a\u6307\u6570\u306a\u3069\uff09\u306e\u5024\u52d5\u304d\u306b1:1\u3067\u9023\u52d5\u3055\u305b\u308b\u9023\u52d5\u578b\u8a3c\u5238\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"74,3,0\"><b data-path-to-node=\"74,3,0\" data-index-in-node=\"0\">\u30d7\u30e9\u30b95\u500d \/ \u30de\u30a4\u30ca\u30b93\u500d\u30ef\u30e9\u30f3\u30c8<\/b>\uff1a\u65e5\u3005\u306e\u5909\u52d5\u5e45\u306b\u4e00\u5b9a\u306e\u500d\u7387\u3092\u304b\u3051\u305f\u9ad8\u5ea6\u306a\u30ec\u30d0\u30ec\u30c3\u30b8\u5546\u54c1\u3002<\/p>\n<\/li>\n<\/ol>\n<p data-path-to-node=\"75\">\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u3001\u308f\u305a\u304b\u6570\u5343\u5186\u3068\u3044\u3046\u30ef\u30f3\u30b3\u30a4\u30f3\u611f\u899a\u306e\u5c0f\u984d\u8cc7\u91d1\u304b\u3089\u3001\u7c73\u56fdGAFAM\u682a\u5f0f\u3001\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u3001\u539f\u6cb9\u3001\u91d1\uff08\u30b4\u30fc\u30eb\u30c9\uff09\u3001\u70ba\u66ff\uff08\u7c73\u30c9\u30eb\/\u5186\uff09\u306a\u3069\u306b\u5e45\u5e83\u304f\u6295\u8cc7\u3067\u304d\u308b\u5229\u4fbf\u6027\u304c\u3042\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=\"77\">\u7b2c4\u7ae0\uff1a\u5e02\u5834\u306e\u6b7b\u795e\u300cMS\u30ef\u30e9\u30f3\u30c8\u300d\u306e\u6050\u6016\u3068\u58ca\u6ec5\u7684\u30a4\u30f3\u30d1\u30af\u30c8<\/h2>\n<p data-path-to-node=\"78\">\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3044\u3066\u3001\u500b\u4eba\u6295\u8cc7\u5bb6\u304b\u3089\u300c\u60aa\u9b54\u306e\u8abf\u9054\u624b\u6cd5\u300d\u300c\u682a\u4fa1\u6bba\u3057\u300d\u3068\u6050\u308c\u3089\u308c\u3001\u767a\u8868\u3055\u308c\u305f\u77ac\u9593\u306b\u6295\u3052\u58f2\u308a\u304c\u6bba\u5230\u3059\u308b\u306e\u304cMS\u30ef\u30e9\u30f3\u30c8\uff08Moving Strike Warrant\uff1a\u884c\u4f7f\u4fa1\u984d\u4fee\u6b63\u6761\u9805\u4ed8\u65b0\u682a\u4e88\u7d04\u6a29\uff09\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"79\">\u306a\u305c\u3053\u308c\u307b\u3069\u307e\u3067\u306b\u5acc\u5fcc\u3055\u308c\u308b\u306e\u304b\u3001\u305d\u306e\u60aa\u9b54\u7684\u30e1\u30ab\u30cb\u30ba\u30e0\u3068\u65e2\u5b58\u682a\u4e3b\u3078\u306e\u58ca\u6ec5\u7684\u306a\u5f71\u97ff\u3092\u5fb9\u5e95\u89e3\u5256\u3057\u307e\u3059\u3002<\/p>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-141 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3591150031=\"\" class=\"code-block ng-tns-c3591150031-141 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_251daae38ba2d643&quot;,&quot;c_eee8fda455fb080c&quot;,null,&quot;rc_d1f7b183a4ead231&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"formatted-code-block-internal-container ng-tns-c3591150031-141\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"animated-opacity ng-tns-c3591150031-141\">\n<pre _ngcontent-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-141\"><code _ngcontent-ng-c3591150031=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3591150031-141 no-decoration-radius\">                    \u3010MS\u30ef\u30e9\u30f3\u30c8\uff08Moving Strike Warrant\uff09\u306e\u69cb\u9020\u3011\r\n\r\n      \u901a\u5e38\u306e\u30ef\u30e9\u30f3\u30c8                             MS\u30ef\u30e9\u30f3\u30c8\r\n\u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510               \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n\u2502 \u884c\u4f7f\u4fa1\u683c\uff1a1,000\u5186\uff08\u56fa\u5b9a\uff09 \u2502               \u2502 \u884c\u4f7f\u4fa1\u683c\uff1a\u682a\u4fa1\u306b\u9023\u52d5\u3057\u3066 \u2502\r\n\u2502                         \u2502               \u2502           \u65e5\u3005\u4fee\u6b63\u3055\u308c\u308b\u2502\r\n\u2502 \u682a\u4fa1\u4e0b\u843d \u2794 \u6a29\u5229\u653e\u7f6e     \u2502               \u2502 \u682a\u4fa1\u4e0b\u843d \u2794 \u884c\u4f7f\u4fa1\u683c\u4e0b\u843d \u2502\r\n\u2502 \uff08\u4f01\u696d\u306f\u8cc7\u91d1\u8abf\u9054\u5931\u6557\uff09   \u2502               \u2502 \uff08\u4f01\u696d\u306f\u5e0c\u8584\u5316\u3068\u5f15\u304d\u63db\u3048\u2502\r\n\u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518               \u2502   \u306b\u8cc7\u91d1\u78ba\u4fdd\u3067\u304d\u308b\uff09    \u2502\r\n                                          \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h3 data-path-to-node=\"81\">4-1. MS\u30ef\u30e9\u30f3\u30c8\uff08\u884c\u4f7f\u4fa1\u984d\u4fee\u6b63\u6761\u9805\u4ed8\u65b0\u682a\u4e88\u7d04\u6a29\uff09\u306e\u30e1\u30ab\u30cb\u30ba\u30e0<\/h3>\n<p data-path-to-node=\"82\">\u666e\u901a\u306e\u30ef\u30e9\u30f3\u30c8\u306f\u3001\u524d\u8ff0\u306e\u901a\u308a\u884c\u4f7f\u4fa1\u984d\u304c\u300c1\u682a\uff1d1,000\u5186\u300d\u306e\u3088\u3046\u306b\u56fa\u5b9a\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u4f01\u696d\u306e\u696d\u7e3e\u304c\u60aa\u5316\u3057\u3066\u682a\u4fa1\u304c300\u5186\u306b\u66b4\u843d\u3059\u308b\u3068\u3001\u8ab0\u30821,000\u5186\u3067\u682a\u3092\u8cb7\u3046\u6a29\u5229\u306a\u3069\u4f7f\u308f\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u7d50\u679c\u3068\u3057\u3066\u3001\u4f01\u696d\u306f1\u5186\u306e\u8cc7\u91d1\u3082\u8abf\u9054\u3067\u304d\u305a\u306b\u7d42\u308f\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"83\">\u3053\u306e\u300c\u4f01\u696d\u5074\u306e\u8abf\u9054\u5931\u6557\u30ea\u30b9\u30af\u300d\u3092\u6975\u9650\u307e\u3067\u6392\u9664\u3057\u3001\u8cc7\u91d1\u8abf\u9054\u3092100%\u6210\u529f\u3055\u305b\u308b\u305f\u3081\u306b\u751f\u307f\u51fa\u3055\u308c\u305f\u306e\u304c<b data-path-to-node=\"83\" data-index-in-node=\"49\">MS\u30ef\u30e9\u30f3\u30c8<\/b>\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"84\">MS\u30ef\u30e9\u30f3\u30c8\u306e\u6700\u5927\u306e\u7279\u5fb4\u306f\u3001\u300c\u682a\u4fa1\u304c\u4e0b\u304c\u308c\u3070\u3001\u305d\u308c\u306b\u5408\u308f\u305b\u3066\u884c\u4f7f\u4fa1\u984d\u3082\u81ea\u52d5\u7684\u306b\u30ba\u30eb\u30ba\u30eb\u3068\u5f15\u304d\u4e0b\u3052\u3089\u308c\u3066\u4fee\u6b63\u3055\u308c\u308b\u300d\u3068\u3044\u3046\u70b9\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"85\">\n<li>\n<p data-path-to-node=\"85,0,0\">\u4f8b\uff1a\u5f53\u521d\u306e\u884c\u4f7f\u4fa1\u984d\u304c1,000\u5186\u3067\u3042\u3063\u3066\u3082\u3001\u682a\u4fa1\u304c700\u5186\u306b\u4e0b\u304c\u308c\u3070\u884c\u4f7f\u4fa1\u984d\u306f\u300c630\u5186\u300d\u306b\u4fee\u6b63\u3055\u308c\u3001\u682a\u4fa1\u304c400\u5186\u306b\u4e0b\u304c\u308c\u3070\u300c360\u5186\u300d\u306b\u4fee\u6b63\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"86\">4-2. \u5f15\u53d7\u5148\uff08\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\uff09\u306e\u300c\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\uff08\u7d76\u5bfe\u52dd\u5229\uff09\u300d\u30ed\u30b8\u30c3\u30af<\/h3>\n<p data-path-to-node=\"87\">MS\u30ef\u30e9\u30f3\u30c8\u306e\u591a\u304f\u306f\u3001\u6d77\u5916\u306e\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u3084\u8a3c\u5238\u4f1a\u793e\u306a\u3069\u306e\u300c\u7279\u5b9a\u306e\u7b2c\u4e09\u8005\uff08\u5272\u5f53\u5148\uff09\u300d\u306b\u5bfe\u3057\u3066\u307e\u3068\u3081\u3066\u767a\u884c\u3055\u308c\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"88\">\u3053\u306e\u5f15\u304d\u53d7\u3051\u305f\u30d5\u30a1\u30f3\u30c9\u5074\u306b\u306f\u3001\u300c\u5e38\u306b\u4fee\u6b63\u65e5\u306e\u682a\u4fa1\u304b\u3089\u4e00\u5b9a\u306e\u5272\u5f15\u7387\uff08\u4f8b\uff1a90%\uff1d10%\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff09\u3067\u884c\u4f7f\u4fa1\u984d\u304c\u8a2d\u5b9a\u3055\u308c\u308b\u300d\u3068\u3044\u3046\u7d04\u675f\u304c\u7d44\u307f\u8fbc\u307e\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"89\">\u30d5\u30a1\u30f3\u30c9\u5074\u304c\u884c\u3046\u5b9f\u969b\u306e\u53d6\u5f15\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\uff08\u30b5\u30e4\u53d6\u308a\u306e\u624b\u6cd5\uff09\u3092\u8ffd\u3063\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-142 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3591150031=\"\" class=\"code-block ng-tns-c3591150031-142 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_251daae38ba2d643&quot;,&quot;c_eee8fda455fb080c&quot;,null,&quot;rc_d1f7b183a4ead231&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"formatted-code-block-internal-container ng-tns-c3591150031-142\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"animated-opacity ng-tns-c3591150031-142\">\n<pre _ngcontent-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-142\"><code _ngcontent-ng-c3591150031=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3591150031-142 no-decoration-radius\">\u3010\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u306e\u7121\u30ea\u30b9\u30af\u5229\u76ca\u78ba\u5b9a\u30d5\u30ed\u30fc\u3011\r\n\r\n[\u30b9\u30c6\u30c3\u30d71] \u30d5\u30a1\u30f3\u30c9\u306f\u5e02\u5834\u3067\u73fe\u5728\u306e\u682a\u4fa1\uff08\u4f8b\uff1a1,000\u5186\uff09\u3067\u4fdd\u6709\u3057\u3066\u3044\u306a\u3044\u682a\u3092\u7a7a\u58f2\u308a\uff08\u58f2\u5374\uff09\u3059\u308b\u3002\r\n    \u2502\r\n    \u25bc\r\n[\u30b9\u30c6\u30c3\u30d72] MS\u30ef\u30e9\u30f3\u30c8\u306e\u884c\u4f7f\u4fa1\u984d\u304c10%\u5f15\u304d\u306e\u300c900\u5186\u300d\u306b\u4fee\u6b63\u3055\u308c\u308b\u3002\r\n    \u2502\r\n    \u25bc\r\n[\u30b9\u30c6\u30c3\u30d73] \u30d5\u30a1\u30f3\u30c9\u306f900\u5186\u3067\u30ef\u30e9\u30f3\u30c8\u3092\u884c\u4f7f\u3057\u3001\u4f1a\u793e\u304b\u3089\u51fa\u6765\u7acb\u3066\u306e\u65b0\u682a\u3092\u53d7\u3051\u53d6\u308b\u3002\r\n    \u2502\r\n    \u25bc\r\n[\u30b9\u30c6\u30c3\u30d74] \u53d7\u3051\u53d6\u3063\u305f\u65b0\u682a\u3092[\u30b9\u30c6\u30c3\u30d71]\u306e\u7a7a\u58f2\u308a\u306e\u8fd4\u6e08\uff08\u73fe\u6e21\uff09\u306b\u5145\u3066\u308b\u3002\r\n    \u2502\r\n    \u25bc\r\n[\u7d50\u679c] \u682a\u4fa1\u304c\u4e0a\u304c\u308d\u3046\u304c\u4e0b\u304c\u308d\u3046\u304c\u3001\u30d5\u30a1\u30f3\u30c9\u306f\u300c1\u682a\u3042\u305f\u308a100\u5186\u306e\u5229\u76ca\u300d\u3092\u30ce\u30fc\u30ea\u30b9\u30af\u3067\u78ba\u5b9f\u306b\u7372\u5f97\uff01\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"91\">\u3064\u307e\u308a\u3001<b data-path-to-node=\"91\" data-index-in-node=\"4\">\u30d5\u30a1\u30f3\u30c9\u5074\u306f\u682a\u4fa1\u306e\u5148\u884c\u304d\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u3092\u4e00\u5207\u8ca0\u3063\u3066\u3044\u307e\u305b\u3093<\/b>\u3002\u682a\u4fa1\u304c\u3044\u304f\u3089\u66b4\u843d\u3057\u3088\u3046\u3068\u3082\u3001\u305d\u306e\u66b4\u843d\u3057\u305f\u4fa1\u683c\u304b\u3089\u3055\u3089\u306b10%\u5f15\u304d\u3067\u65b0\u682a\u3092\u624b\u306b\u5165\u308c\u3066\u5e02\u5834\u3067\u58f2\u5374\u3059\u308b\u3060\u3051\u306a\u306e\u3067\u3001\u300c\u78ba\u5b9f\u306b\u52dd\u3066\u308b\u932c\u91d1\u8853\u300d\u3092\u884c\u3063\u3066\u3044\u308b\u306b\u904e\u304e\u306a\u3044\u306e\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"92\">4-3. \u306a\u305c\u4f01\u696d\u306f\u60aa\u9b54\u306b\u9b42\u3092\u58f2\u308b\u306e\u304b\uff1f\uff08\u767a\u884c\u4f01\u696d\u306e\u88cf\u4e8b\u60c5\uff09<\/h3>\n<p data-path-to-node=\"93\">\u65e2\u5b58\u682a\u4e3b\u3092\u5730\u7344\u306b\u7a81\u304d\u843d\u3068\u3059\u3053\u3068\u304c\u76ee\u306b\u898b\u3048\u3066\u3044\u308bMS\u30ef\u30e9\u30f3\u30c8\u3092\u3001\u306a\u305c\u4f01\u696d\u306f\u767a\u884c\u3057\u3066\u3057\u307e\u3046\u306e\u3067\u3057\u3087\u3046\u304b\uff1f\u7406\u7531\u306f\u5927\u304d\u304f\u5206\u3051\u30663\u3064\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n<ol start=\"1\" 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\">\u9280\u884c\u878d\u8cc7\u3082\u516c\u52df\u5897\u8cc7\u3082\u4e0d\u53ef\u80fd\u306a\u300c\u6700\u7d42\u672b\u671f\u72b6\u614b\u300d<\/b>\uff1a\u9023\u7d9a\u8d64\u5b57\u3084\u50b5\u52d9\u8d85\u904e\u5bf8\u524d\u3067\u9280\u884c\u306f1\u5186\u3082\u8cb8\u3057\u3066\u304f\u308c\u305a\u3001\u4fe1\u7528\u304c\u306a\u3044\u305f\u3081\u5e83\u304f\u4e00\u822c\u6295\u8cc7\u5bb6\u304b\u3089\u52df\u308b\u300c\u516c\u52df\u5897\u8cc7\u300d\u3082\u4e0d\u53ef\u80fd\u306a\u4f01\u696d\u306b\u3068\u3063\u3066\u3001\u552f\u4e00\u5f15\u304d\u53d7\u3051\u3066\u3082\u3089\u3048\u308b\u91d1\u878d\u624b\u6cd5\u304cMS\u30ef\u30e9\u30f3\u30c8\u3060\u304b\u3089\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"94,1,0\"><b data-path-to-node=\"94,1,0\" data-index-in-node=\"0\">\u78ba\u5b9f\u306b\u73fe\u91d1\u3092\u78ba\u4fdd\u3067\u304d\u308b<\/b>\uff1a\u30d5\u30a1\u30f3\u30c9\u5074\u304c\u30ea\u30b9\u30af\u3092\u8ca0\u308f\u306a\u3044\u4ed5\u7d44\u307f\u306b\u306a\u3063\u3066\u3044\u308b\u305f\u3081\u3001\u4f01\u696d\u5074\u3068\u3057\u3066\u306f\u300c\u682a\u4fa1\u306f\u66b4\u843d\u3059\u308b\u304c\u3001\u81ea\u793e\u306e\u624b\u5143\u30ad\u30e3\u30c3\u30b7\u30e5\u3060\u3051\u306f\u78ba\u5b9f\u306b\u5897\u3048\u308b\u300d\u3068\u3044\u3046\u80cc\u306b\u8179\u306f\u4ee3\u3048\u3089\u308c\u306a\u3044\u9078\u629e\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"94,2,0\"><b data-path-to-node=\"94,2,0\" data-index-in-node=\"0\">\u7d4c\u55b6\u9663\u306e\u4fdd\u8eab\u30fb\u5ef6\u547d<\/b>\uff1a\u7834\u7523\u3084\u5012\u7523\u3092\u56de\u907f\u3057\u3001\u4f1a\u793e\u3092\u5012\u7523\u3055\u305b\u305a\u306b\u5ef6\u547d\u3055\u305b\u308b\u305f\u3081\u306e\u300c\u6700\u5f8c\u306e\u547d\u7db1\u300d\u3068\u3057\u3066\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"95\">4-4. \u65e2\u5b58\u682a\u4e3b\u3092\u8972\u3046\u300c3\u5927\u60e8\u4e8b\u300d\u3068\u300c\u30c7\u30b9\u30fb\u30b9\u30d1\u30a4\u30e9\u30eb\u300d<\/h3>\n<p data-path-to-node=\"96\">MS\u30ef\u30e9\u30f3\u30c8\u306e\u767a\u884c\u304c\u767a\u8868\u3055\u308c\u305f\u4f01\u696d\u306b\u304a\u3044\u3066\u3001\u65e2\u5b58\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u964d\u308a\u304b\u304b\u308b\u60e8\u5287\u306f\u4ee5\u4e0b\u306e3\u70b9\u306b\u96c6\u7d04\u3055\u308c\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"97\">\u2460 \u5927\u91cf\u306e\u9023\u7d9a\u58f2\u308a\u5727\u529b\uff08\u30d5\u30a1\u30f3\u30c9\u306e\u58f2\u308a\u53e9\u304d\uff09<\/h4>\n<p data-path-to-node=\"98\">\u30d5\u30a1\u30f3\u30c9\u306f\u624b\u306b\u5165\u308c\u305f\u65b0\u682a\u3092\u6301\u3061\u7d9a\u3051\u308b\u6c17\u306f\u6bdb\u982d\u3042\u308a\u307e\u305b\u3093\u3002\u65e5\u3005\u3001\u6a5f\u68b0\u7684\u304b\u3064\u9023\u7d9a\u7684\u306b\u5e02\u5834\u3067\u5927\u91cf\u306e\u58f2\u308a\u6ce8\u6587\u3092\u6d74\u3073\u305b\u7d9a\u3051\u307e\u3059\u3002\u3053\u306e\u305f\u3081\u3001\u682a\u4fa1\u306e\u4e0a\u5024\u306f\u5b8c\u5168\u306b\u91cd\u304f\u306a\u308a\u3001\u3069\u308c\u307b\u3069\u826f\u3044\u30cb\u30e5\u30fc\u30b9\u304c\u51fa\u3066\u3082\u682a\u4fa1\u306f\u4e0a\u304c\u3089\u306a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"99\">\u2461 \u6fc0\u3057\u3044\u682a\u5f0f\u306e\u5e0c\u8584\u5316\uff08\u30c0\u30a4\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\uff09<\/h4>\n<p data-path-to-node=\"100\">\u682a\u4fa1\u304c\u4e0b\u304c\u308c\u3070\u4e0b\u304c\u308b\u307b\u3069\u3001\u4f01\u696d\u304c\u300c\u540c\u3058\u91d1\u984d\uff08\u4f8b\uff1a10\u5104\u5186\uff09\u300d\u3092\u8abf\u9054\u3059\u308b\u305f\u3081\u306b\u767a\u884c\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u65b0\u682a\u306e\u679a\u6570\u306f\u30cd\u30ba\u30df\u7b97\u5f0f\u306b\u8df3\u306d\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"101\">\n<li>\n<p data-path-to-node=\"101,0,0\">1\u682a1,000\u5186\u306a\u3089\u300110\u5104\u5186\u8abf\u9054\u3059\u308b\u306e\u306b\u5fc5\u8981\u306a\u65b0\u682a\u306f <b data-path-to-node=\"101,0,0\" data-index-in-node=\"28\">100\u4e07\u682a<\/b>\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"101,1,0\">\u682a\u4fa1\u304c100\u5186\u307e\u3067\u66b4\u843d\u3059\u308b\u3068\u300110\u5104\u5186\u8abf\u9054\u3059\u308b\u306e\u306b\u5fc5\u8981\u306a\u65b0\u682a\u306f <b data-path-to-node=\"101,1,0\" data-index-in-node=\"32\">1,000\u4e07\u682a<\/b>\uff01<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"102\">\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570\u304c\u4f55\u500d\u30fb\u4f55\u5341\u500d\u306b\u3082\u81a8\u308c\u4e0a\u304c\u308b\u305f\u3081\u3001\u65e2\u5b58\u682a\u4e3b\u304c\u6301\u3063\u3066\u3044\u308b1\u682a\u3042\u305f\u308a\u306e\u4fa1\u5024\uff08\u5229\u76ca\u30fb\u914d\u5f53\u30fb\u89e3\u6563\u4fa1\u5024\u306e\u6a29\u5229\uff09\u306f\u6975\u9650\u307e\u3067\u8584\u3081\u3089\u308c\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"103\">\u2462 \u6050\u6016\u306e\u300c\u30c7\u30b9\u30fb\u30b9\u30d1\u30a4\u30e9\u30eb\uff08Death Spiral\uff09\u300d<\/h4>\n<p data-path-to-node=\"104\">MS\u30ef\u30e9\u30f3\u30c8\u304c\u3082\u3063\u3068\u3082\u6050\u308c\u3089\u308c\u308b\u6700\u5927\u306e\u7406\u7531\u306f\u3001\u4e00\u5ea6\u59cb\u307e\u308b\u3068\u81ea\u6d44\u4f5c\u7528\u304c\u52b9\u304b\u306a\u304f\u306a\u308b\u300c\u60aa\u9b54\u306e\u8ca0\u306e\u87ba\u65cb\uff08\u30c7\u30b9\u30fb\u30b9\u30d1\u30a4\u30e9\u30eb\uff09\u300d\u3067\u3059\u3002<\/p>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-143 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3591150031=\"\" class=\"code-block ng-tns-c3591150031-143 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_251daae38ba2d643&quot;,&quot;c_eee8fda455fb080c&quot;,null,&quot;rc_d1f7b183a4ead231&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"formatted-code-block-internal-container ng-tns-c3591150031-143\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"animated-opacity ng-tns-c3591150031-143\">\n<pre _ngcontent-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-143\"><code _ngcontent-ng-c3591150031=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3591150031-143 no-decoration-radius\">\u3010\u30c7\u30b9\u30fb\u30b9\u30d1\u30a4\u30e9\u30eb\u306e\u9023\u9396\u69cb\u9020\u3011\r\n\r\n \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n \u2502 \u2460 \u30d5\u30a1\u30f3\u30c9\u304c\u5229\u76ca\u78ba\u5b9a\u306e\u305f\u3081\u306b\u5e02\u5834\u3067\u5927\u91cf\u306e\u682a\u3092\u58f2\u308a\u53e9\u304f   \u2502\r\n \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n                             \u2502\r\n                             \u25bc\r\n \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n \u2502 \u2461 \u682a\u4fa1\u304c\u6025\u843d\u3059\u308b                                       \u2502\r\n \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n                             \u2502\r\n                             \u25bc\r\n \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n \u2502 \u2462 MS\u30ef\u30e9\u30f3\u30c8\u306e\u884c\u4f7f\u4fa1\u984d\u304c\u3055\u3089\u306b\u4f4e\u304f\u4fee\u6b63\u3055\u308c\u308b            \u2502\r\n \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n                             \u2502\r\n                             \u25bc\r\n \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n \u2502 \u2463 \u8abf\u9054\u984d\u3092\u6e80\u305f\u3059\u305f\u3081\u3001\u3055\u3089\u306b\u5927\u91cf\u306e\u65b0\u682a\u304c\u5237\u308a\u51fa\u3055\u308c\u308b   \u2502\r\n \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n                             \u2502\r\n                             \u25bc\r\n \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\r\n \u2502 \u2464 \u2460\u3078\u623b\u308b\uff08\u682a\u4fa1\u304c1\u5186\u3084\u6570\u5186\u306b\u306a\u308b\u307e\u3067\u679c\u3066\u3057\u306a\u304f\u7d9a\u304f\u2026\uff09  \u2502\r\n \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"106\">\u3053\u306e\u30c7\u30b9\u30fb\u30b9\u30d1\u30a4\u30e9\u30eb\u306b\u5dfb\u304d\u8fbc\u307e\u308c\u305f\u9298\u67c4\u306f\u3001\u682a\u4fa1\u304c\u534a\u984d\u300110\u5206\u306e1\u3001\u6642\u306b\u306f100\u5206\u306e1\u306b\u307e\u3067\u66b4\u843d\u3057\u3001\u65e2\u5b58\u682a\u4e3b\u306e\u8cc7\u7523\u306f\u4e00\u77ac\u306b\u3057\u3066\u58ca\u6ec5\u7684\u306a\u6253\u6483\u3092\u53d7\u3051\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"106\">\n<h2 data-path-to-node=\"108\">\u7b2c5\u7ae0\uff1a\u30ef\u30e9\u30f3\u30c8\u6295\u8cc7\u30fb\u9298\u67c4\u5206\u6790\u306b\u304a\u3051\u308b\u5b9f\u8df5\u7684\u6ce8\u610f\u70b9\u3068\u30ea\u30b9\u30af\u7ba1\u7406<\/h2>\n<p data-path-to-node=\"109\">\u30ef\u30e9\u30f3\u30c8\u3092\u81ea\u3089\u53d6\u5f15\u3059\u308b\u5834\u5408\u3001\u3042\u308b\u3044\u306f\u81ea\u5206\u304c\u4fdd\u6709\u3057\u3066\u3044\u308b\u73fe\u7269\u682a\u5f0f\u306e\u9298\u67c4\u304c\u30ef\u30e9\u30f3\u30c8\u3092\u767a\u884c\u3057\u305f\u5834\u5408\u3001\u3069\u306e\u3088\u3046\u306a\u30ea\u30b9\u30af\u306b\u6ce8\u610f\u3057\u3001\u3069\u3046\u5bfe\u5fdc\u3059\u3079\u304d\u304b\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"110\">5-1. \u30ef\u30e9\u30f3\u30c8\u53d6\u5f15\u306b\u304a\u3051\u308b4\u5927\u69cb\u9020\u30ea\u30b9\u30af<\/h3>\n<p data-path-to-node=\"111\">e\u30ef\u30e9\u30f3\u30c8\u306a\u3069\u306e\u53d6\u5f15\u3092\u884c\u3046\u969b\u3001\u521d\u5fc3\u8005\u6295\u8cc7\u5bb6\u304c\u9665\u308a\u3084\u3059\u3044\u4ee3\u8868\u7684\u306a\u5931\u6557\u30d1\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u30e1\u30ab\u30cb\u30ba\u30e0\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"112\">\u30ea\u30b9\u30af\u2460\uff1a\u30bf\u30a4\u30e0\u30c7\u30a3\u30b1\u30a4\uff08\u6642\u9593\u7d4c\u904e\u306b\u3088\u308b\u4fa1\u5024\u6e1b\u5c11\uff09\u306e\u6050\u6016<\/h4>\n<p data-path-to-node=\"113\">\u682a\u4fa1\u3084\u70ba\u66ff\u306a\u3069\u306e\u539f\u8cc7\u7523\u4fa1\u683c\u304c<b data-path-to-node=\"113\" data-index-in-node=\"14\">\u307e\u3063\u305f\u304f\u52d5\u304b\u306a\u304b\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u30ef\u30e9\u30f3\u30c8\u306e\u4fa1\u683c\u306f\u6bce\u65e5\u4e0b\u304c\u308a\u7d9a\u3051\u307e\u3059<\/b>\u3002<\/p>\n<p data-path-to-node=\"114\">\u3053\u308c\u3092\u91d1\u878d\u7528\u8a9e\u3067\u300c\u30bf\u30a4\u30e0\u30c7\u30a3\u30b1\u30a4\uff08Time Decay\uff09\u300d\u3068\u547c\u3073\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u7406\u8ad6\u306e\u30ae\u30ea\u30b7\u30e3\u6307\u6a19\uff08Greeks\uff09\u3067\u306f\u300c\u30b7\u30fc\u30bf\uff08<span class=\"math-inline\" data-math=\"\\Theta\" data-index-in-node=\"62\">$\\Theta$<\/span>\uff09\u300d\u3067\u8868\u3055\u308c\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"115\">\u7279\u306b\u6e80\u671f\u65e5\uff08\u884c\u4f7f\u671f\u9650\uff09\u307e\u3067\u306e\u6b8b\u5b58\u671f\u9593\u304c3\u30f6\u6708\u30011\u30f6\u6708\u3068\u77ed\u304f\u306a\u308b\u306b\u3064\u308c\u3066\u3001\u6642\u9593\u4fa1\u5024\u304c\u6e1b\u5c11\u3059\u308b\u30b9\u30d4\u30fc\u30c9\u306f\u4e8c\u6b21\u95a2\u6570\u7684\u306b\u52a0\u901f\u3057\u3066\u3044\u304d\u307e\u3059\u3002\u73fe\u7269\u682a\u5f0f\u306e\u3088\u3046\u306b\u300c\u5869\u6f2c\u3051\u306b\u3057\u3066\u304a\u3051\u3070\u3044\u3064\u304b\u623b\u308b\u3060\u308d\u3046\u300d\u3068\u3044\u3046\u6226\u7565\u306f\u3001\u30ef\u30e9\u30f3\u30c8\u306b\u304a\u3044\u3066\u306f\u7d76\u5bfe\u7684\u306a\u6557\u5317\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"116\">\u30ea\u30b9\u30af\u2461\uff1a\u6e80\u671f\u65e5\u306b\u304a\u3051\u308b\u5168\u984d\u6d88\u5931\uff08\u4fa1\u5024\u30bc\u30ed\uff09\u30ea\u30b9\u30af<\/h4>\n<p data-path-to-node=\"117\">\u73fe\u7269\u682a\u5f0f\u3067\u3042\u308c\u3070\u3001\u4f1a\u793e\u304c\u5012\u7523\u3057\u306a\u3044\u9650\u308a\u4fa1\u5024\u304c\u5b8c\u5168\u306a\u30bc\u30ed\uff080\u5186\uff09\u306b\u306a\u308b\u3053\u3068\u306f\u6ec5\u591a\u306b\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p data-path-to-node=\"118\">\u3057\u304b\u3057\u3001\u30ef\u30e9\u30f3\u30c8\u306f\u6e80\u671f\u65e5\uff08\u884c\u4f7f\u671f\u9650\uff09\u3092\u8fce\u3048\u305f\u77ac\u9593\u306b\u3001\u682a\u4fa1\u304c\u884c\u4f7f\u4fa1\u683c\u306b1\u5186\u3067\u3082\u5c4a\u3044\u3066\u3044\u306a\u3051\u308c\u3070\uff08\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u72b6\u614b\uff09\u3001<b data-path-to-node=\"118\" data-index-in-node=\"63\">\u305d\u306e\u4fa1\u5024\u306f\u4f8b\u5916\u306a\u304f\u300c0\u5186\u300d\u306b\u306a\u308a\u3001\u5168\u984d\u6d88\u5931<\/b>\u3057\u307e\u3059\u3002\u6295\u8cc7\u3057\u305f\u8cc7\u91d1100%\u304c\u6d88\u6ec5\u3059\u308b\u30cf\u30a4\u30ea\u30b9\u30af\u306a\u6027\u8cea\u3092\u5e38\u306b\u8a8d\u8b58\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<h4 data-path-to-node=\"119\">\u30ea\u30b9\u30af\u2462\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u5909\u52d5\u30ea\u30b9\u30af\uff08\u30d9\u30ac\u30fb\u30ea\u30b9\u30af\uff09<\/h4>\n<p data-path-to-node=\"120\">\u30ef\u30e9\u30f3\u30c8\u306e\u4fa1\u683c\u306f\u3001\u5bfe\u8c61\u3068\u3059\u308b\u682a\u4fa1\u306e\u5024\u52d5\u304d\u3060\u3051\u3067\u306a\u304f\u3001\u5e02\u5834\u306e\u6050\u6016\u5fc3\u3084\u671f\u5f85\u611f\u3092\u8868\u3059\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u4fa1\u683c\u5909\u52d5\u7387\uff09\u300d\u306b\u5927\u304d\u304f\u5de6\u53f3\u3055\u308c\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"121\">\u305f\u3068\u3048\u682a\u4fa1\u304c\u4e88\u60f3\u901a\u308a\u306e\u65b9\u5411\u306b\u52d5\u3044\u305f\u3068\u3057\u3066\u3082\u3001\u5e02\u5834\u5168\u4f53\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u6025\u4f4e\u4e0b\uff08\u9759\u307e\u308a\u8fd4\u308b\uff09\u3057\u305f\u5834\u5408\u3001\u30ef\u30e9\u30f3\u30c8\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u6025\u843d\u3057\u3066\u640d\u3092\u3059\u308b\u3068\u3044\u3046\u73fe\u8c61\uff08\u30d9\u30ac\u30b7\u30e7\u30c3\u30af\uff09\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"122\">\u30ea\u30b9\u30af\u2463\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u6d41\u52d5\u6027\u30ea\u30b9\u30af<\/h4>\n<p data-path-to-node=\"123\">e\u30ef\u30e9\u30f3\u30c8\u306a\u3069\u306e\u53d6\u5f15\u3067\u306f\u3001\u767a\u884c\u4f53\uff08\u8a3c\u5238\u4f1a\u793e\uff09\u304c\u63d0\u793a\u3059\u308b\u300c\u8cb7\u4ed8\u4fa1\u683c\uff08Ask\uff09\u300d\u3068\u300c\u58f2\u5374\u4fa1\u683c\uff08Bid\uff09\u300d\u306e\u5dee\u984d\uff08\u30b9\u30d7\u30ec\u30c3\u30c9\uff09\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n<p data-path-to-node=\"124\">\u30de\u30a4\u30ca\u30fc\u306a\u9298\u67c4\u3084\u6d41\u52d5\u6027\u306e\u4f4e\u3044\u30ef\u30e9\u30f3\u30c8\u3067\u306f\u3001\u3053\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u6975\u7aef\u306b\u5e83\u304f\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u3042\u308a\u3001\u300c\u8cb7\u3063\u305f\u77ac\u9593\u306b\u3059\u3067\u306b10%\u301c20%\u306e\u542b\u307f\u640d\u304b\u3089\u30b9\u30bf\u30fc\u30c8\u3059\u308b\u300d\u3068\u3044\u3046\u53b3\u3057\u3044\u53d6\u5f15\u6761\u4ef6\u3092\u5f37\u3044\u3089\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"125\">5-2. \u9069\u6642\u958b\u793a\uff08IR\uff09\u3067MS\u30ef\u30e9\u30f3\u30c8\u3092\u898b\u629c\u304d\u3001\u8cc7\u7523\u3092\u5b88\u308b\u5b9f\u8df5\u30ce\u30a6\u30cf\u30a6<\/h3>\n<p data-path-to-node=\"126\">\u81ea\u5206\u304c\u4fdd\u6709\u3057\u3066\u3044\u308b\u500b\u5225\u682a\u306e\u4f01\u696d\u304c\u3001\u3042\u308b\u65e5\u7a81\u7136\u9069\u6642\u958b\u793a\uff08IR\u30cb\u30e5\u30fc\u30b9\uff09\u3092\u51fa\u3057\u305f\u969b\u3001\u305d\u308c\u304c\u300c\u5371\u967a\u306aMS\u30ef\u30e9\u30f3\u30c8\u300d\u3067\u3042\u308b\u304b\u3069\u3046\u304b\u3092\u5373\u5ea7\u306b\u898b\u629c\u304f\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8\u3092\u4f1d\u6388\u3057\u307e\u3059\u3002<\/p>\n<p><response-element class=\"\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-144 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3591150031=\"\" class=\"code-block ng-tns-c3591150031-144 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:[[&quot;r_251daae38ba2d643&quot;,&quot;c_eee8fda455fb080c&quot;,null,&quot;rc_d1f7b183a4ead231&quot;,null,null,&quot;ja&quot;,null,1,null,null,1,0]]\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"formatted-code-block-internal-container ng-tns-c3591150031-144\">\n<div _ngcontent-ng-c3591150031=\"\" class=\"animated-opacity ng-tns-c3591150031-144\">\n<pre _ngcontent-ng-c3591150031=\"\" class=\"ng-tns-c3591150031-144\"><code _ngcontent-ng-c3591150031=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3591150031-144 no-decoration-radius\">\u3010IR\u958b\u793a\u8cc7\u6599\u306e\u5371\u967a\u5ea6\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8\u3011\r\n\r\n\u25a1 \u30bf\u30a4\u30c8\u30eb\u306b\u300c\u884c\u4f7f\u4fa1\u984d\u4fee\u6b63\u6761\u9805\u4ed8\u300d\u300c\u7b2c\u3007\u56de\u65b0\u682a\u4e88\u7d04\u6a29\u300d\u306e\u6587\u5b57\u304c\u3042\u308b\u304b\uff1f\r\n\u25a1 \u5272\u5f53\u5148\uff08\u5f15\u53d7\u5148\uff09\u304c\u300c\u3007\u3007\u30d5\u30a1\u30f3\u30c9\u300d\u300c\u3007\u3007\u6295\u8cc7\u4e8b\u696d\u7d44\u5408\u300d\u306a\u3069\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304b\uff1f\r\n\u25a1 \u300c\u4fee\u6b63\u6761\u4ef6\u300d\u3068\u3057\u3066\u300c\u524d\u65e5\u7d42\u5024\u306e90%\u306b\u6bce\u65e5\u4fee\u6b63\u300d\u3068\u3044\u3063\u305f\u8a18\u8ff0\u304c\u3042\u308b\u304b\uff1f\r\n\u25a1 \u300c\u4e0b\u9650\u884c\u4f7f\u4fa1\u984d\u300d\u304c\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u308b\u304b\u3001\u305d\u308c\u3068\u3082\u4e0b\u9650\u306a\u3057\u306e\u91ce\u653e\u3057\u72b6\u614b\u304b\uff1f\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h4 data-path-to-node=\"128\">\u3010\u6295\u8cc7\u5bb6\u304c\u53d6\u308b\u3079\u304d\u884c\u52d5\u6307\u91dd\u3011<\/h4>\n<ol start=\"1\" data-path-to-node=\"129\">\n<li>\n<p data-path-to-node=\"129,0,0\"><b data-path-to-node=\"129,0,0\" data-index-in-node=\"0\">\u57fa\u672c\u65b9\u91dd\u306f\u300c\u5373\u6642\u907f\u96e3\uff08\u5168\u58f2\u5374\uff09\u300d<\/b>\uff1a<\/p>\n<p data-path-to-node=\"129,0,0\">\u81ea\u5206\u304c\u6301\u3063\u3066\u3044\u308b\u682a\u3067\u300c\u884c\u4f7f\u4fa1\u984d\u4fee\u6b63\u6761\u9805\u4ed8\u65b0\u682a\u4e88\u7d04\u6a29\uff08MS\u30ef\u30e9\u30f3\u30c8\uff09\u300d\u306e\u767a\u884c\u304c\u767a\u8868\u3055\u308c\u305f\u5834\u5408\u3001\u7406\u7531\u3092\u554f\u308f\u305a<b data-path-to-node=\"129,0,0\" data-index-in-node=\"70\">\u4e00\u65e6\u3059\u3079\u3066\u306e\u682a\u5f0f\u3092\u58f2\u5374\u3057\u3066\u5e02\u5834\u304b\u3089\u9000\u907f\u3059\u308b<\/b>\u306e\u304c\u3001\u8cc7\u91d1\u3092\u9632\u885b\u3059\u308b\u305f\u3081\u306e\u6700\u3082\u8ce2\u660e\u306a\u9244\u5247\u3067\u3059\u3002\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u7d99\u7d9a\u7684\u306a\u58f2\u308a\u5727\u529b\u3068\u30c7\u30b9\u30fb\u30b9\u30d1\u30a4\u30e9\u30eb\u3092\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u8df3\u306d\u8fd4\u3059\u3053\u3068\u306f\u4e0d\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"129,1,0\"><b data-path-to-node=\"129,1,0\" data-index-in-node=\"0\">\u4f8b\u5916\u7684\u306a\u30b1\u30fc\u30b9\u306e\u8b58\u5225<\/b>\uff1a<\/p>\n<p data-path-to-node=\"129,1,0\">\u8abf\u9054\u3055\u308c\u305f\u8cc7\u91d1\u304c\u300c\u660e\u78ba\u304b\u3064\u753b\u671f\u7684\u306aM&amp;A\uff08\u4f01\u696d\u8cb7\u53ce\uff09\u300d\u3084\u300c\u3059\u3067\u306b\u53d7\u6ce8\u304c\u78ba\u5b9a\u3057\u3066\u3044\u308b\u5de8\u5927\u5de5\u5834\u306e\u5efa\u8a2d\u300d\u306a\u3069\u3001\u5e0c\u8584\u5316\u306e\u60aa\u5f71\u97ff\u3092\u9065\u304b\u306b\u4e0a\u56de\u308b\u7206\u767a\u7684\u306a\u5229\u76ca\u6210\u9577\u3092\u3082\u305f\u3089\u3059\u3053\u3068\u304c\u78ba\u5b9a\u3057\u3066\u3044\u308b\u5834\u5408\u306e\u307f\u3001\u9759\u89b3\u3059\u308b\u4f59\u5730\u304c\u3042\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u305d\u306e\u3088\u3046\u306a\u597d\u696d\u7e3e\u4f01\u696d\u3067\u3042\u308c\u3070\u3001\u305d\u3082\u305d\u3082MS\u30ef\u30e9\u30f3\u30c8\u306a\u3069\u4f7f\u308f\u305a\u306b\u5927\u624b\u9280\u884c\u3084\u516c\u52df\u5897\u8cc7\u3067\u8cc7\u91d1\u8abf\u9054\u3067\u304d\u308b\u306f\u305a\u3067\u3042\u308a\u3001\u4f8b\u5916\u306f\u6975\u3081\u3066\u7a00\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<h2 data-path-to-node=\"131\">\u7b2c6\u7ae0\uff1a\u7d50\u8ad6 \u2014 \u91d1\u878d\u77e5\u8b58\u3053\u305d\u304c\u6700\u5927\u306e\u9632\u5fa1\u3067\u3042\u308a\u6b66\u5668\u3067\u3042\u308b<\/h2>\n<h3 data-path-to-node=\"132\">6-1. \u4f53\u7cfb\u7684\u6574\u7406\uff1a\u30ef\u30e9\u30f3\u30c8\u306e\u5168\u4f53\u50cf\u30de\u30c3\u30d7<\/h3>\n<p data-path-to-node=\"133\">\u3053\u3053\u307e\u3067\u89e3\u8aac\u3057\u3066\u304d\u305f\u30ef\u30e9\u30f3\u30c8\u306e\u5168\u5bb9\u3092\u3001\u632f\u308a\u8fd4\u308a\u306e\u305f\u3081\u306b\u4e00\u89a7\u8868\u3068\u3057\u3066\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<table data-path-to-node=\"134\">\n<thead>\n<tr>\n<td><strong>\u89b3\u70b9\u30fb\u9805\u76ee<\/strong><\/td>\n<td><strong>\u5185\u5bb9\u30fb\u8981\u70b9<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"134,1,0,0\"><b data-path-to-node=\"134,1,0,0\" data-index-in-node=\"0\">\u672c\u8cea\u7684\u5b9a\u7fa9<\/b><\/span><\/td>\n<td><span data-path-to-node=\"134,1,1,0\">\u6307\u5b9a\u306e\u671f\u65e5\u307e\u3067\u306b\u3001\u7d04\u675f\u3055\u308c\u305f\u4fa1\u683c\uff08\u884c\u4f7f\u4fa1\u984d\uff09\u3067\u682a\u5f0f\u3092\u8cb7\u3046\u3053\u3068\u304c\u3067\u304d\u308b\u300c\u6a29\u5229\u300d<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"134,2,0,0\"><b data-path-to-node=\"134,2,0,0\" data-index-in-node=\"0\">\u6700\u5927\u306e\u9b45\u529b<\/b><\/span><\/td>\n<td><span data-path-to-node=\"134,2,1,0\">\u5c11\u984d\u306e\u8cc7\u91d1\u3067\u5de8\u984d\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3048\u308b\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u52b9\u679c\u300d\u3068\u300c\u640d\u5931\u9650\u5b9a\u300d<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"134,3,0,0\"><b data-path-to-node=\"134,3,0,0\" data-index-in-node=\"0\">\u4e3b\u306a\u7a2e\u985e<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"134,3,1,0\">\u2460 \u30b9\u30c8\u30c3\u30af\u30aa\u30d7\u30b7\u30e7\u30f3\uff08\u793e\u5185\u5831\u916c\uff09<\/p>\n<p><br data-path-to-node=\"134,3,1,1\" \/><\/p>\n<p data-path-to-node=\"134,3,1,2\">\u2461 e\u30ef\u30e9\u30f3\u30c8\uff08\u500b\u4eba\u6295\u8cc7\u5bb6\u5411\u3051\u5546\u54c1\uff09<\/p>\n<p><br data-path-to-node=\"134,3,1,3\" \/><\/p>\n<p data-path-to-node=\"134,3,1,4\">\u2462 MS\u30ef\u30e9\u30f3\u30c8\uff08\u884c\u4f7f\u4fa1\u683c\u5909\u52d5\u578b\u8abf\u9054\uff09<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"134,4,0,0\"><b data-path-to-node=\"134,4,0,0\" data-index-in-node=\"0\">\u69cb\u9020\u7684\u30ea\u30b9\u30af<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"134,4,1,0\">\u2460 \u30bf\u30a4\u30e0\u30c7\u30a3\u30b1\u30a4\uff08\u6642\u9593\u306e\u7d4c\u904e\u306b\u3088\u308b\u4fa1\u5024\u6e1b\u5c11\uff09<\/p>\n<p><br data-path-to-node=\"134,4,1,1\" \/><\/p>\n<p data-path-to-node=\"134,4,1,2\">\u2461 \u6e80\u671f\u6642\u306e\u5168\u984d\u6d88\u5931\uff08\u4fa1\u5024\u30bc\u30ed\uff09<\/p>\n<p><br data-path-to-node=\"134,4,1,3\" \/><\/p>\n<p data-path-to-node=\"134,4,1,4\">\u2462 \u5e0c\u8584\u5316\uff08\u682a\u4e3b\u4fa1\u5024\u306e\u4f4e\u4e0b\uff09<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"134,5,0,0\"><b data-path-to-node=\"134,5,0,0\" data-index-in-node=\"0\">\u6700\u8b66\u6212\u4e8b\u8c61<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"134,5,1,0\"><b data-path-to-node=\"134,5,1,0\" data-index-in-node=\"0\">MS\u30ef\u30e9\u30f3\u30c8\uff08\u884c\u4f7f\u4fa1\u984d\u4fee\u6b63\u6761\u9805\u4ed8\u65b0\u682a\u4e88\u7d04\u6a29\uff09<\/b><\/p>\n<p><br data-path-to-node=\"134,5,1,1\" \/><\/p>\n<p data-path-to-node=\"134,5,1,2\">\u2794 \u30d5\u30a1\u30f3\u30c9\u306e\u7121\u30ea\u30b9\u30af\u30b5\u30e4\u53d6\u308a\u306b\u3088\u308b\u58f2\u308a\u5727\u529b\u3068\u3001\u30c7\u30b9\u30fb\u30b9\u30d1\u30a4\u30e9\u30eb\u306b\u3088\u308b\u682a\u4fa1\u66b4\u843d<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"136\">6-2. \u300c\u77e5\u3063\u3066\u3044\u308b\u8005\u300d\u3068\u300c\u77e5\u3089\u306a\u3044\u8005\u300d\u3092\u5206\u3051\u308b\u30de\u30cd\u30fc\u30ea\u30c6\u30e9\u30b7\u30fc\u306e\u58c1<\/h3>\n<p data-path-to-node=\"137\">\u91d1\u878d\u5e02\u5834\u306f\u3001\u512a\u3057\u3055\u306b\u6e80\u3061\u305f\u5834\u6240\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u3053\u306f\u3001\u300c\u77e5\u8b58\u3092\u6301\u3064\u8005\u300d\u304c\u300c\u77e5\u8b58\u3092\u6301\u305f\u306a\u3044\u8005\u300d\u304b\u3089\u5408\u6cd5\u7684\u306b\u8cc7\u672c\u3092\u5438\u3044\u4e0a\u3052\u308b\u3001\u6975\u3081\u3066\u30b7\u30d3\u30a2\u306a\u7d4c\u6e08\u306e\u6700\u524d\u7dda\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"138\">\u30ef\u30e9\u30f3\u30c8\u3068\u3044\u3046\u91d1\u878d\u30c4\u30fc\u30eb\u306f\u3001\u305d\u306e\u51b7\u5fb9\u306a\u8cc7\u672c\u4e3b\u7fa9\u306e\u69cb\u9020\u3092\u6700\u3082\u7aef\u7684\u306b\u8c61\u5fb4\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"139\">\u77e5\u8b58\u304c\u306a\u3044\u6295\u8cc7\u5bb6\u306e\u8fbf\u308b\u9053\uff1a<\/h4>\n<ul data-path-to-node=\"140\">\n<li>\n<p data-path-to-node=\"140,0,0\">\u300c\u682a\u4fa1\u304c\u6570\u767e\u5186\u306e\u9298\u67c4\u3060\u304b\u3089\u3001\u4f55\u3068\u306a\u304f\u5b89\u304f\u3066\u304a\u8cb7\u3044\u5f97\u306b\u898b\u3048\u308b\u300d\u3068\u5b89\u6613\u306b\u98db\u3073\u3064\u304f\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"140,1,0\">\u4f01\u696d\u304c\u300c\u8cc7\u91d1\u8abf\u9054\u6c7a\u5b9a\uff01\u4e8b\u696d\u62e1\u5927\u3078\uff01\u300d\u3068\u4e00\u898b\u30dd\u30b8\u30c6\u30a3\u30d6\u306b\u898b\u3048\u308bIR\u3092\u51fa\u3057\u305f\u969b\u3001\u305d\u306e\u4e2d\u8eab\u304c\u300cMS\u30ef\u30e9\u30f3\u30c8\u306b\u3088\u308b\u65e2\u5b58\u682a\u4e3b\u306e\u72a0\u7272\u300d\u3067\u3042\u308b\u3053\u3068\u306b\u6c17\u3065\u304b\u305a\u3001\u8cb7\u3044\u5897\u3057\u3057\u3066\u3057\u307e\u3046\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"140,2,0\">\u7d50\u679c\u3068\u3057\u3066\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u6a5f\u68b0\u7684\u306a\u58f2\u308a\u53e9\u304d\u3068\u30c7\u30b9\u30fb\u30b9\u30d1\u30a4\u30e9\u30eb\u306b\u5dfb\u304d\u8fbc\u307e\u308c\u3001\u8cc7\u7523\u306e\u5927\u90e8\u5206\u3092\u5931\u3063\u3066\u304b\u3089\u300c\u306a\u305c\u682a\u4fa1\u304c\u4e0b\u304c\u308a\u7d9a\u3051\u308b\u306e\u304b\u300d\u3068\u982d\u3092\u62b1\u3048\u308b\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"141\">\u6b63\u3057\u3044\u91d1\u878d\u77e5\u8b58\u3092\u5099\u3048\u305f\u6295\u8cc7\u5bb6\u306e\u8fbf\u308b\u9053\uff1a<\/h4>\n<ul data-path-to-node=\"142\">\n<li>\n<p data-path-to-node=\"142,0,0\">\u30ef\u30e9\u30f3\u30c8\u306e\u640d\u76ca\u69cb\u9020\uff08\u672c\u8cea\u7684\u4fa1\u5024\u3068\u6642\u9593\u4fa1\u5024\uff09\u3092\u7406\u89e3\u3057\u3001\u7121\u7406\u306a\u9577\u671f\u4fdd\u6709\u3092\u305b\u305a\u3001\u53b3\u683c\u306a\u8cc7\u91d1\u7ba1\u7406\u306e\u4e0b\u3067\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3059\u308b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"142,1,0\">\u9069\u6642\u958b\u793a\u60c5\u5831\uff08IR\uff09\u304c\u51fa\u305f\u77ac\u9593\u3001\u300c\u884c\u4f7f\u4fa1\u984d\u4fee\u6b63\u6761\u9805\u300d\u306e\u6587\u5b57\u3092\u898b\u629c\u304d\u3001\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u308b\u58f2\u308a\u5727\u529b\u3092\u4e88\u6e2c\u3057\u3066\u5373\u5ea7\u306b\u5229\u76ca\u78ba\u5b9a\u30fb\u640d\u5207\u308a\uff08\u4e00\u6642\u907f\u96e3\uff09\u3092\u5b9f\u884c\u3059\u308b\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"142,2,0\">\u4f01\u696d\u8ca1\u52d9\u306e\u88cf\u5074\u3092\u898b\u629c\u304d\u3001\u771f\u306b\u6210\u9577\u3059\u308b\u4f01\u696d\u3068\u3001\u30de\u30cd\u30fc\u30b2\u30fc\u30e0\u306e\u9053\u5177\u3068\u3057\u3066\u65b0\u682a\u3092\u5237\u308a\u4e71\u767a\u3059\u308b\u5371\u967a\u306a\u4f01\u696d\u3092\u660e\u78ba\u306b\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3059\u308b\u3002<\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"143\">\u91d1\u878d\u77e5\u8b58\uff08\u30de\u30cd\u30fc\u30ea\u30c6\u30e9\u30b7\u30fc\uff09\u3068\u306f\u3001\u5358\u306b\u300c\u304a\u91d1\u3092\u5897\u3084\u3059\u305f\u3081\u306e\u88cf\u30ef\u30b6\u300d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5e02\u5834\u3068\u3044\u3046\u8352\u6ce2\u306e\u4e2d\u3067\u3001\u7406\u4e0d\u5c3d\u306a\u640d\u5931\u3084\u91d1\u878d\u306e\u7f60\u304b\u3089\u3001\u3042\u306a\u305f\u3068\u3042\u306a\u305f\u306e\u5bb6\u65cf\u306e\u8cb4\u91cd\u306a\u8ca1\u7523\u3092\u5b88\u308a\u629c\u304f\u305f\u3081\u306e\u300c\u6700\u5f37\u306e\u9632\u5177\u300d\u306a\u306e\u3067\u3059\u3002<\/p>\n<p 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