{"id":31342,"date":"2026-09-24T10:16:21","date_gmt":"2026-09-24T01:16:21","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=31342"},"modified":"2026-09-24T10:16:21","modified_gmt":"2026-09-24T01:16:21","slug":"ue-5-rules-for-winning-at-small-and-mid-cap-stock-investing","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-5-rules-for-winning-at-small-and-mid-cap-stock-investing","title":{"rendered":"\u3010\u5b8c\u5168\u4fdd\u5b58\u7248\u3011\u4e2d\u5c0f\u682a\u6295\u8cc7\u3067\u52dd\u3064\u305f\u3081\u306e5\u3064\u306e\u6cd5\u5247\uff5c10\u500d\u682a\u306e\u63a2\u3057\u65b9\u3068\u521d\u5fc3\u8005\u5411\u3051\u91d1\u878d\u77e5\u8b58\u3092\u5fb9\u5e95\u89e3\u8aac"},"content":{"rendered":"<h2 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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=\"5\">\u7b2c1\u7ae0\uff1a\u306a\u305c\u4e2d\u5c0f\u682a\u306a\u306e\u304b\uff1f\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u52dd\u3066\u308b\u69cb\u9020\u7684\u7406\u7531<\/h2>\n<h3 data-path-to-node=\"6\">1. \u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u5165\u3063\u3066\u3053\u3089\u308c\u306a\u3044\u300c\u60c5\u5831\u306e\u6b6a\u307f\uff08\u30a2\u30eb\u30d5\u30a1\uff09\u300d\u306e\u767a\u751f\u30e1\u30ab\u30cb\u30ba\u30e0<\/h3>\n<p 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data-path-to-node=\"9,1,0\"><b data-path-to-node=\"9,1,0\" data-index-in-node=\"0\">\u30a2\u30ca\u30ea\u30b9\u30c8\u30ab\u30d0\u30fc\u306e\u4e0d\u5728\u304c\u751f\u3080\u4e0d\u5f53\u306a\u653e\u7f6e<\/b>\uff1a\u5927\u624b\u4f01\u696d\u3067\u3042\u308c\u3070\u3001\u696d\u7e3e\u306e\u597d\u8abf\u3055\u3084\u65b0\u30b5\u30fc\u30d3\u30b9\u306e\u30ea\u30ea\u30fc\u30b9\u306f\u5373\u5ea7\u306b\u30cb\u30e5\u30fc\u30b9\u3068\u306a\u308a\u682a\u4fa1\u306b\u7e54\u308a\u8fbc\u307e\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5c0f\u578b\u682a\u306e\u5834\u5408\u306f\u300c\u56db\u534a\u671f\u6c7a\u7b97\u3067\u55b6\u696d\u5229\u76ca\u304c\u524d\u5e74\u6bd42\u500d\u306b\u306a\u3063\u305f\u300d\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30cb\u30e5\u30fc\u30b9\u3067\u5831\u3058\u3089\u308c\u306a\u3044\u305f\u3081\u306b\u6570\u304b\u6708\u9593\u3082\u5272\u5b89\u306a\u682a\u4fa1\u306e\u307e\u307e\u653e\u7f6e\u3055\u308c\u308b\u30b1\u30fc\u30b9\u304c\u983b\u7e41\u306b\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"10\">2. \u6642\u4fa1\u7dcf\u984d\u306e\u69cb\u9020\u304c\u3082\u305f\u3089\u3059\u300c\u7206\u767a\u7684\u306a\u4e0a\u6607\u529b\u300d<\/h3>\n<p data-path-to-node=\"11\">\u682a\u5f0f\u6295\u8cc7\u306b\u304a\u3051\u308b\u30ea\u30bf\u30fc\u30f3\u306e\u672c\u8cea\u306f\u300c\u4f01\u696d\u4fa1\u5024\uff08\u6642\u4fa1\u7dcf\u984d\uff09\u306e\u62e1\u5927\u901f\u5ea6\u300d\u3067\u3059\u3002\u3053\u3053\u3067\u91cd\u8981\u306a\u306e\u306f\u3001\u6642\u4fa1\u7dcf\u984d\u306e\u300c\u898f\u6a21\u306e\u5dee\u300d\u304c\u3082\u305f\u3089\u3059\u7b97\u6570\u7684\u306a\u96e3\u6613\u5ea6\u306e\u9055\u3044\u3067\u3059\u3002<\/p>\n<table data-path-to-node=\"12\">\n<thead>\n<tr>\n<td><strong>\u4f01\u696d\u533a\u5206<\/strong><\/td>\n<td><strong>\u6642\u4fa1\u7dcf\u984d<\/strong><\/td>\n<td><strong>10\u500d\uff08\u30c6\u30f3\u30d0\u30ac\u30fc\uff09\u306b\u5fc5\u8981\u306a\u6642\u4fa1\u7dcf\u984d<\/strong><\/td>\n<td><strong>\u9054\u6210\u306e\u96e3\u6613\u5ea6\u3068\u5b9f\u4f8b<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"12,1,0,0\"><b data-path-to-node=\"12,1,0,0\" data-index-in-node=\"0\">\u8d85\u5927\u578b\u682a<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,1,1,0\">10\u5146\u5186<\/span><\/td>\n<td><span data-path-to-node=\"12,1,2,0\">100\u5146\u5186<\/span><\/td>\n<td><span data-path-to-node=\"12,1,3,0\">\u56fd\u306eGDP\u3084\u4e16\u754c\u7d4c\u6e08\u306b\u4f9d\u5b58\u3059\u308b\u305f\u3081\u3001\u77ed\u671f\u9593\u3067\u306e10\u500d\u306f\u6975\u3081\u3066\u56f0\u96e3\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"12,2,0,0\"><b data-path-to-node=\"12,2,0,0\" data-index-in-node=\"0\">\u5927\u578b\u682a<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,2,1,0\">1\u5146\u5186<\/span><\/td>\n<td><span data-path-to-node=\"12,2,2,0\">10\u5146\u5186<\/span><\/td>\n<td><span data-path-to-node=\"12,2,3,0\">\u696d\u754c\u69cb\u9020\u3092\u4e00\u5909\u3055\u305b\u308b\u4e16\u754c\u7684\u5927\u30d2\u30c3\u30c8\u304c\u5fc5\u8981\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"12,3,0,0\"><b data-path-to-node=\"12,3,0,0\" data-index-in-node=\"0\">\u4e2d\u5c0f\u682a\uff08\u30bf\u30fc\u30b2\u30c3\u30c8\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,3,1,0\"><b data-path-to-node=\"12,3,1,0\" data-index-in-node=\"0\">50\u5104\u5186<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,3,2,0\"><b data-path-to-node=\"12,3,2,0\" data-index-in-node=\"0\">500\u5104\u5186<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,3,3,0\">\u30cb\u30c3\u30c1\u5e02\u5834\u3067\u30c8\u30c3\u30d7\u30b7\u30a7\u30a2\u3092\u53d6\u308b\u3001\u307e\u305f\u306f\u753b\u671f\u7684\u306a\u30b5\u30fc\u30d3\u30b9\u304c1\u3064\u30d2\u30c3\u30c8\u3059\u308b\u3060\u3051\u3067\u5341\u5206\u306b\u5230\u9054\u53ef\u80fd\u3002<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"13\">\u4e2d\u5805IT\u4f01\u696d\u3084\u30cb\u30c3\u30c1\u88fd\u9020\u696d\u304c\u3001\u7279\u5b9a\u306e\u696d\u754c\u5411\u3051\u30d7\u30ed\u30c0\u30af\u30c8\u306e\u30d2\u30c3\u30c8\u3084\u5e97\u8217\u6570\u306e\u6025\u62e1\u5927\u306b\u3088\u3063\u3066\u58f2\u4e0a\u9ad8\u309230\u5104\u5186\u304b\u3089300\u5104\u5186\u3078\u4f38\u3070\u3059\u30b9\u30c8\u30fc\u30ea\u30fc\u306f\u73fe\u5b9f\u7684\u3067\u3059\u3002\u500b\u4eba\u6295\u8cc7\u5bb6\u306f\u3053\u306e\u300c\u30b9\u30b1\u30fc\u30eb\u30c1\u30a7\u30f3\u30b8\u306e\u521d\u671f\u6bb5\u968e\u300d\u3092\u5148\u56de\u308a\u3057\u3066\u8cfc\u5165\u3067\u304d\u308b\u552f\u4e00\u306e\u30d7\u30ec\u30a4\u30e4\u30fc\u306a\u306e\u3067\u3059\u3002<\/p>\n<h2 data-path-to-node=\"15\">\u7b2c2\u7ae0\uff1a\u4e2d\u5c0f\u682a\u6295\u8cc7\u3067\u52dd\u3064\u305f\u3081\u306e\u300c5\u3064\u306e\u7d76\u5bfe\u6cd5\u5247\u300d<\/h2>\n<p data-path-to-node=\"16\">\u4e2d\u5c0f\u682a\u6295\u8cc7\u3067\u518d\u73fe\u6027\u9ad8\u304f\u5229\u76ca\u3092\u51fa\u3057\u7d9a\u3051\u308b\u305f\u3081\u306b\u306f\u3001\u96f0\u56f2\u6c17\u3084\u76f4\u611f\u306b\u983c\u3089\u305a\u3001\u6570\u5024\u3068\u30ed\u30b8\u30c3\u30af\u306b\u57fa\u3065\u3044\u305f\u72ec\u81ea\u306e\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u57fa\u6e96\u3092\u8a2d\u3051\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"17\">\u6cd5\u52471\uff1a\u6c7a\u7b97\u66f8\uff08IR\uff09\u306e\u300c\u5909\u5316\u300d\u3092\u898b\u9003\u3055\u306a\u3044<\/h3>\n<p data-path-to-node=\"18\">\u682a\u4fa1\u304c\u6025\u4e0a\u6607\u3059\u308b\u6700\u5927\u306e\u30c8\u30ea\u30ac\u30fc\u306f\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u671f\u5f85\u5024\u3092\u826f\u3044\u610f\u5473\u3067\u88cf\u5207\u308b\u300c\u696d\u7e3e\u306e\u69cb\u9020\u5909\u5316\uff08\u30ab\u30bf\u30ea\u30b9\u30c8\uff09\u300d\u3067\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"19\">\n<li>\n<p data-path-to-node=\"19,0,0\"><b data-path-to-node=\"19,0,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8\u6210\u9577\u738720%\u4ee5\u4e0a\uff08\u524d\u5e74\u540c\u671f\u6bd4\uff09<\/b>\uff1a\u7d4c\u8cbb\u524a\u6e1b\u3060\u3051\u3067\u7d5e\u308a\u51fa\u3057\u305f\u5229\u76ca\u5897\u306f\u9577\u7d9a\u304d\u3057\u307e\u305b\u3093\u3002\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\uff08\u58f2\u4e0a\u9ad8\uff09\u304c\u4f38\u3073\u3066\u3044\u308b\u3053\u3068\u3053\u305d\u304c\u3001\u9867\u5ba2\u304b\u3089\u306e\u9700\u8981\u304c\u62e1\u5927\u3057\u3066\u3044\u308b\u52d5\u304b\u306c\u8a3c\u62e0\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,1,0\"><b data-path-to-node=\"19,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca\u7387\u306e\u5411\u4e0a\uff08\u9650\u754c\u5229\u76ca\u306e\u62e1\u5927\uff09<\/b>\uff1a\u58f2\u4e0a\u304c20%\u4f38\u3073\u305f\u969b\u3001\u55b6\u696d\u5229\u76ca\u304c40%\u5897\u306a\u3069\u300c\u58f2\u4e0a\u4ee5\u4e0a\u306e\u30b9\u30d4\u30fc\u30c9\u3067\u5229\u76ca\u304c\u6025\u5897\u3059\u308b\u5c40\u9762\u300d\u3092\u72d9\u3044\u307e\u3059\u3002\u56fa\u5b9a\u8cbb\u3092\u58f2\u4e0a\u3067\u5438\u53ce\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u58f2\u4e0a\u7dcf\u5229\u76ca\uff08\u8352\u5229\uff09\u304c\u30c0\u30a4\u30ec\u30af\u30c8\u306b\u55b6\u696d\u5229\u76ca\u3078\u6b8b\u308b\u30d5\u30a7\u30fc\u30ba\u306b\u5165\u3063\u305f\u4f01\u696d\u306f\u682a\u4fa1\u306e\u6025\u9a30\u304c\u898b\u8fbc\u3081\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"19,2,0\"><b data-path-to-node=\"19,2,0\" data-index-in-node=\"0\">\u56db\u534a\u671f\u3054\u3068\u306e\u9032\u6357\u7387\u3068\u901a\u671f\u4e0a\u65b9\u4fee\u6b63\u306e\u5148\u56de\u308a<\/b>\uff1a\u4f8b\u3048\u3070\u3001\u4f1a\u793e\u5074\u304c\u300c\u901a\u671f\u55b6\u696d\u5229\u76ca10\u5104\u5186\u300d\u3068\u767a\u8868\u3057\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u7b2c2\u56db\u534a\u671f\uff08\u4e0a\u534a\u671f\uff09\u7d42\u4e86\u6642\u70b9\u3067\u65e2\u306b7\u5104\u5186\uff08\u9032\u6357\u738770%\uff09\u3092\u9054\u6210\u3057\u3066\u3044\u308b\u3088\u3046\u306a\u9298\u67c4\u3092\u63a2\u3057\u307e\u3059\u3002\u901a\u5e38\u3001\u4e0b\u671f\u306b\u5411\u3051\u3066\u4f1a\u793e\u5074\u304c\u8a08\u753b\u3092\u4e0a\u65b9\u4fee\u6b63\u3059\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u304f\u3001\u4fee\u6b63\u767a\u8868\u3068\u540c\u6642\u306b\u682a\u4fa1\u304c\u5927\u304d\u304f\u8df3\u306d\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"20\">\u6cd5\u52472\uff1a\u30cb\u30c3\u30c1\u5e02\u5834\u306e\u300c\u30c8\u30c3\u30d7\u30b7\u30a7\u30a2\u300d\u3092\u72d9\u3046<\/h3>\n<p data-path-to-node=\"21\">\u5de8\u5927\u306a\u4e8b\u696d\u8cc7\u91d1\u3092\u6301\u3064\u5927\u4f01\u696d\u3068\u6b63\u9762\u7a81\u7834\u3067\u7af6\u5408\u3059\u308b\u4e2d\u5c0f\u4f01\u696d\u306f\u3001\u4fa1\u683c\u7af6\u4e89\u306b\u5dfb\u304d\u8fbc\u307e\u308c\u3066\u5229\u76ca\u7387\u304c\u5727\u8feb\u3055\u308c\u307e\u3059\u3002\u52dd\u3064\u3079\u304d\u4e2d\u5c0f\u4f01\u696d\u306f\u300c\u7279\u5b9a\u306e\u72ed\u3044\u9818\u57df\uff08\u30cb\u30c3\u30c1\u5e02\u5834\uff09\u3067\u72ec\u81ea\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u7bc9\u3044\u3066\u3044\u308b\u4f01\u696d\u300d\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"22\">\n<li>\n<p data-path-to-node=\"22,0,0\"><b data-path-to-node=\"22,0,0\" data-index-in-node=\"0\">\u9ad8\u3044\u53c2\u5165\u969c\u58c1\u3068\u4e57\u308a\u63db\u3048\u30b3\u30b9\u30c8\uff08\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30b3\u30b9\u30c8\uff09<\/b>\uff1a\u4f8b\u3048\u3070\u3001\u7279\u5b9a\u306e\u533b\u7642\u6a5f\u95a2\u5411\u3051\u57fa\u5e79\u30b7\u30b9\u30c6\u30e0\u3084\u3001\u7279\u5b9a\u306e\u88fd\u9020\u30e9\u30a4\u30f3\u5c02\u7528\u306e\u90e8\u54c1\u7ba1\u7406\u30bd\u30d5\u30c8\u306a\u3069\u3001\u300c\u4e00\u5ea6\u5c0e\u5165\u3059\u308b\u3068\u4ed6\u793e\u88fd\u54c1\u3078\u306e\u5207\u308a\u66ff\u3048\u306b\u83ab\u5927\u306a\u30b3\u30b9\u30c8\u3068\u52b4\u529b\u304c\u304b\u304b\u308b\u300d\u4e8b\u696d\u306f\u6975\u3081\u3066\u5f37\u3044\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u30d1\u30ef\u30fc\uff08\u4fa1\u683c\u6c7a\u5b9a\u6a29\uff09\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"22,1,0\"><b data-path-to-node=\"22,1,0\" data-index-in-node=\"0\">\u30b9\u30c8\u30c3\u30af\u578b\u53ce\u76ca\u306e\u6bd4\u7387<\/b>\uff1a\u4e00\u767a\u58f2\u5207\u306e\u58f2\u308a\u5207\u308a\u578b\uff08\u30d5\u30ed\u30fc\u578b\uff09\u3067\u306f\u306a\u304f\u3001\u6708\u984d\u5229\u7528\u6599\u3084\u5e74\u9593\u4fdd\u5b88\u5951\u7d04\u306a\u3069\u3001\u5951\u7d04\u6570\u304c\u7a4d\u307f\u4e0a\u304c\u308b\u307b\u3069\u81ea\u52d5\u7684\u306b\u6bce\u6708\u306e\u58f2\u4e0a\u304c\u4fdd\u8a3c\u3055\u308c\u308b\u300c\u30b9\u30c8\u30c3\u30af\u578b\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u300d\u3092\u6301\u3064\u4f01\u696d\u306f\u3001\u666f\u6c17\u5f8c\u9000\u671f\u306b\u3082\u696d\u7e3e\u304c\u5d29\u308c\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"23\">\u6cd5\u52473\uff1a\u7d4c\u55b6\u8005\u306e\u8cea\u3068\u300c\u5927\u682a\u4e3b\u69cb\u6210\u300d\u3092\u7cbe\u67fb\u3059\u308b<\/h3>\n<p data-path-to-node=\"24\">\u4e2d\u5c0f\u4f01\u696d\u306b\u304a\u3051\u308b\u7d4c\u55b6\u8005\u306e\u7d4c\u55b6\u624b\u8155\u306f\u3001\u4f01\u696d\u306e\u6210\u9577\u901f\u5ea6\u3092\u6c7a\u5b9a\u3065\u3051\u308b\u6700\u91cd\u8981\u30d5\u30a1\u30af\u30bf\u30fc\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"25\">\n<li>\n<p data-path-to-node=\"25,0,0\"><b data-path-to-node=\"25,0,0\" data-index-in-node=\"0\">\u5275\u696d\u8005\u793e\u9577\u304c\u7b46\u982d\u682a\u4e3b\u3067\u3042\u308b\u3053\u3068<\/b>\uff1a\u793e\u9577\u81ea\u8eab\u304c\u767a\u884c\u6e08\u682a\u5f0f\u306e30%\u301c50%\u4ee5\u4e0a\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u4f01\u696d\u306f\u3001\u300c\u682a\u4fa1\u3092\u4e0a\u3052\u308b\u3053\u3068\u304c\u793e\u9577\u81ea\u8eab\u306e\u500b\u4eba\u8cc7\u7523\u306e\u62e1\u5927\u306b\u76f4\u7d50\u3059\u308b\u300d\u305f\u3081\u3001\u682a\u4e3b\u4fa1\u5024\u306e\u5411\u4e0a\u306b\u5bfe\u3059\u308b\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u304c\u6975\u3081\u3066\u5f37\u529b\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"25,1,0\"><b data-path-to-node=\"25,1,0\" data-index-in-node=\"0\">ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u3068\u8cc7\u672c\u52b9\u7387\u3078\u306e\u610f\u6b32<\/b>\uff1a\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u3084\u4e2d\u9577\u671f\u7d4c\u55b6\u8a08\u753b\u306b\u304a\u3044\u3066\u3001ROE15%\u4ee5\u4e0a\u306e\u7dad\u6301\u3084\u7a4d\u6975\u7684\u306aIR\u6d3b\u52d5\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3084\u5897\u914d\u306a\u3069\u3001\u660e\u78ba\u306a\u682a\u4e3b\u9084\u5143\u59ff\u52e2\u3092\u793a\u3057\u3066\u3044\u308b\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"26\">\u6cd5\u52474\uff1a\u8cb7\u3044\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u300c\u9759\u3051\u3055\u306e\u4e2d\u300d\u3001\u58f2\u308a\u306f\u300c\u6b53\u559c\u306e\u4e2d\u300d<\/h3>\n<p data-path-to-node=\"27\">\u591a\u304f\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u306f\u3001SNS\u3067\u8a71\u984c\u306b\u306a\u3063\u305f\u308a\u3001\u30cb\u30e5\u30fc\u30b9\u3067\u6025\u9a30\u304c\u5831\u3058\u3089\u308c\u305f\u308a\u3057\u305f\u5f8c\u306b\u8cb7\u3044\u306b\u8d70\u308a\u307e\u3059\u304c\u3001\u3053\u308c\u306f\u300c\u9ad8\u5024\u63b4\u307f\uff08\u9ad8\u5024\u63b4\u307f\u306e\u30ab\u30e2\uff09\u300d\u306b\u306a\u308b\u5178\u578b\u4f8b\u3067\u3059\u3002<\/p>\n<h1 data-path-to-node=\"0\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-1784 enable-luminous-code-block ng-star-inserted\"><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-1784 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl80MWJmNmY1YTNkMzA2ZDk4IiwiY19iNjkwZWI1ZDcxZDg1OTlhIixudWxsLCJyY18yMmUwYTI3MGU0NThiZjJlIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDEsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-1784\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-1784\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-1784\"><span style=\"font-size: 14pt;\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-1784 no-decoration-radius\">\u3010\u7406\u60f3\u7684\u306a\u58f2\u8cb7\u30b5\u30a4\u30af\u30eb\u306e\u6bd4\u8f03\u3011\r\n [\u8ca0\u3051\u308b\u6295\u8cc7\u5bb6]  \u7121\u95a2\u5fc3\uff08\u7121\u8996\uff09 \u2500\u2500\u2192 \u696d\u7e3e\u597d\u8abf \u2500\u2500\u2192 \u682a\u4fa1\u6025\u9a30\u30fb\u8a71\u984c\u5316 \u2500\u2500\u2192 \u2605\u9ad8\u5024\u3067\u8cfc\u5165 \u2500\u2500\u2192 \u66b4\u843d\u3067\u640d\u5207\u308a\r\n [\u52dd\u3064\u6295\u8cc7\u5bb6]    \u2605\u9759\u304b\u306b\u4ed5\u8fbc\u307f \u2500\u2500\u2192 \u696d\u7e3e\u597d\u8abf \u2500\u2500\u2192 \u682a\u4fa1\u6025\u9a30\u30fb\u8a71\u984c\u5316 \u2500\u2500\u2192 \u2605\u6b53\u559c\u306e\u4e2d\u3067\u58f2\u5374\r\n<\/code><\/span><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p><\/code-block><\/response-element><\/h1>\n<ul data-path-to-node=\"29\">\n<li>\n<p data-path-to-node=\"29,0,0\"><b data-path-to-node=\"29,0,0\" data-index-in-node=\"0\">\u30a8\u30f3\u30c8\u30ea\u30fc\uff08\u8cb7\u3044\uff09<\/b>\uff1a\u597d\u6c7a\u7b97\u3092\u51fa\u3057\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u5e02\u5834\u5168\u4f53\u306e\u5730\u5408\u3044\u304c\u60aa\u304b\u3063\u305f\u308a\u3001\u77e5\u540d\u5ea6\u304c\u4f4e\u3044\u305f\u3081\u306b\u58f2\u8cb7\u4ee3\u91d1\u304c\u5c11\u306a\u304f\u9759\u304b\u306b\u63a8\u79fb\u3057\u3066\u3044\u308b\u671f\u9593\u306b\u3001\u6570\u9031\u9593\u301c\u6570\u304b\u6708\u304b\u3051\u3066\u3058\u3063\u304f\u308a\u4ed5\u8fbc\u307f\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"29,1,0\"><b data-path-to-node=\"29,1,0\" data-index-in-node=\"0\">\u30a8\u30b0\u30b8\u30c3\u30c8\uff08\u58f2\u308a\uff09<\/b>\uff1a\u30e1\u30c7\u30a3\u30a2\u3084SNS\u3067\u8a71\u984c\u3068\u306a\u308a\u3001\u6bce\u65e5\u306e\u3088\u3046\u306b\u30b9\u30c8\u30c3\u30d7\u9ad8\u3092\u9023\u767a\u3057\u3001\u666e\u6bb5\u4e2d\u5c0f\u682a\u3092\u8cb7\u308f\u306a\u3044\u3088\u3046\u306a\u5c64\u307e\u3067\u304c\u8cb7\u3044\u7fa4\u304c\u3063\u305f\u300c\u6b53\u559c\u306e\u5c40\u9762\u300d\u3067\u6bb5\u968e\u7684\u306b\u5229\u76ca\u78ba\u5b9a\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"30\">\u6cd5\u52475\uff1a\u5fb9\u5e95\u7684\u306a\u30ea\u30b9\u30af\u7ba1\u7406\uff08\u640d\u5207\u308a\u3068\u8cc7\u91d1\u7ba1\u7406\uff09<\/h3>\n<p data-path-to-node=\"31\">\u4e2d\u5c0f\u682a\u306f\u4e0a\u6607\u6642\u306e\u7206\u767a\u529b\u304c\u5927\u304d\u3044\u53cd\u9762\u3001\u30b7\u30ca\u30ea\u30aa\u304c\u5d29\u308c\u305f\u969b\u306e\u4e0b\u843d\u30b9\u30d4\u30fc\u30c9\u3082\u6025\u6fc0\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"32\">\n<li>\n<p data-path-to-node=\"32,0,0\"><b data-path-to-node=\"32,0,0\" data-index-in-node=\"0\">\u30b7\u30ca\u30ea\u30aa\u5d29\u308c\u306e\u6a5f\u68b0\u7684\u640d\u5207\u308a<\/b>\uff1a\u8cfc\u5165\u6642\u306e\u524d\u63d0\uff08\u4f8b\uff1a\u300c\u65b0\u5546\u54c1\u306e\u58f2\u4e0a\u304c\u4eca\u671f30%\u4f38\u3073\u308b\u300d\uff09\u304c\u6c7a\u7b97\u767a\u8868\u3067\u5426\u5b9a\u3055\u308c\u305f\u5834\u5408\u3084\u3001\u682a\u4fa1\u304c\u8cb7\u5024\u304b\u3089-8%\u301c-10%\u306b\u9054\u3057\u305f\u5834\u5408\u306f\u3001\u7406\u7531\u3092\u3064\u3051\u305a\u306b\u6a5f\u68b0\u7684\u306b\u30ed\u30b9\u30ab\u30c3\u30c8\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"32,1,0\"><b data-path-to-node=\"32,1,0\" data-index-in-node=\"0\">\u30ca\u30f3\u30d4\u30f3\u8cb7\u3044\u306e\u7d76\u5bfe\u7981\u6b62<\/b>\uff1a\u682a\u4fa1\u304c\u4e0b\u304c\u3063\u305f\u969b\u306b\u300c\u5e73\u5747\u53d6\u5f97\u5358\u4fa1\u3092\u4e0b\u3052\u3088\u3046\u300d\u3068\u8cb7\u3044\u5897\u3059\u300c\u30ca\u30f3\u30d4\u30f3\u8cb7\u3044\u300d\u306f\u3001\u4e2d\u5c0f\u682a\u306b\u304a\u3044\u3066\u306f\u81f4\u547d\u50b7\uff08\u5012\u7523\u3084\u4f55\u5e74\u3082\u306e\u5869\u6f2c\u3051\uff09\u306b\u7e4b\u304c\u308b\u6700\u60aa\u306e\u9078\u629e\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\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?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\"><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=\"34\">\u7b2c3\u7ae0\uff1a\u3010\u6c7a\u7b97\u30fbIR\u89e3\u8aad\u7de8\u3011\u300c\u5316\u3051\u308b\u4e2d\u5c0f\u682a\u300d\u3092\u898b\u629c\u304f\u6975\u610f<\/h2>\n<p data-path-to-node=\"35\">\u9298\u67c4\u304c\u30c6\u30f3\u30d0\u30ac\u30fc\uff0810\u500d\u682a\uff09\u3078\u5316\u3051\u308b\u524d\u5146\u306f\u3001\u6c7a\u7b97\u77ed\u4fe1\u3084IR\u8cc7\u6599\u306e\u7279\u5b9a\u306e\u6570\u5024\u306b\u660e\u78ba\u306b\u8868\u308c\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u30d7\u30ed\u304c\u898b\u3066\u3044\u308b\u89e3\u8aad\u30dd\u30a4\u30f3\u30c8\u3092\u6398\u308a\u4e0b\u3052\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"36\">1. \u300c\u58f2\u4e0a\u306e\u8cea\u300d\u3092\u89e3\u8aad\u3059\u308b3\u3064\u306e\u9ad8\u5ea6\u306a\u8996\u70b9<\/h3>\n<p data-path-to-node=\"37\">\u5358\u306b\u300c\u58f2\u4e0a\u9ad8\u304c\u524d\u5e74\u6bd420%\u5897\u300d\u3068\u3044\u3046\u8868\u9762\u7684\u306a\u6570\u5024\u3092\u898b\u308b\u3060\u3051\u3067\u306f\u4e0d\u5341\u5206\u3067\u3059\u3002\u305d\u306e\u5185\u8a33\u3092\u5206\u6790\u3057\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"38\">\u2460 \u30b9\u30c8\u30c3\u30af\u58f2\u4e0a\u6bd4\u7387\u306e\u63a8\u79fb<\/h4>\n<p data-path-to-node=\"39\">\u58f2\u4e0a\u9ad8\u5168\u4f53\u306e\u3046\u3061\u3001\u89e3\u7d04\u3055\u308c\u306a\u3044\u9650\u308a\u6bce\u6708\u7a4d\u307f\u4e0a\u304c\u308b\u53ce\u5165\uff08\u30b5\u30d6\u30b9\u30af\u3001\u4fdd\u5b88\u8cbb\u3001\u4fdd\u5b88\u904b\u7528\u6599\u306a\u3069\uff09\u306e\u5272\u5408\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002\u30b9\u30c8\u30c3\u30af\u6bd4\u7387\u304c50%\u3092\u8d85\u3048\u3066\u4e0a\u6607\u3057\u3066\u3044\u308b\u4f01\u696d\u306f\u3001\u6765\u671f\u306e\u696d\u7e3e\u898b\u901a\u3057\u306e\u78ba\u5b9f\u6027\u304c\u6975\u3081\u3066\u9ad8\u304f\u3001\u5e02\u5834\u304b\u3089\u9ad8\u3044PER\uff08\u5272\u9ad8\u306a\u6c34\u6e96\u307e\u3067\u306e\u8cb7\u308f\u308c\u3084\u3059\u3055\uff09\u3092\u5bb9\u8a8d\u3055\u308c\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"40\">\u2461 ARR\uff08Annual Run Rate\uff09\u3068NRR\uff08Net Retention Rate\uff09<\/h4>\n<p data-path-to-node=\"41\">SaaS\u3084IT\u30b5\u30fc\u30d3\u30b9\u4f01\u696d\u3092\u5206\u6790\u3059\u308b\u969b\u3001\u6700\u91cd\u8981\u3068\u306a\u308b\u306e\u304c\u4ee5\u4e0b\u306e2\u6307\u6a19\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"42\">\n<li>\n<p data-path-to-node=\"42,0,0\"><b data-path-to-node=\"42,0,0\" data-index-in-node=\"0\">ARR\uff08\u5e74\u9593\u7d4c\u5e38\u53ce\u76ca\uff09<\/b>\uff1a\u76f4\u8fd1\u306e\u56db\u534a\u671f\u30b9\u30c8\u30c3\u30af\u58f2\u4e0a\u00d74\u3067\u8a66\u7b97\u3055\u308c\u308b\u5e74\u9593\u58f2\u4e0a\u30da\u30fc\u30b9\u3002\u524d\u5e74\u540c\u671f\u6bd4\u3067+25%\u301c+30%\u4ee5\u4e0a\u3067\u6210\u9577\u3057\u3066\u3044\u308b\u304b\u304c\u5408\u683c\u57fa\u6e96\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"42,1,0\"><b data-path-to-node=\"42,1,0\" data-index-in-node=\"0\">NRR\uff08\u58f2\u4e0a\u7d99\u7d9a\u7387\uff09<\/b>\uff1a\u65e2\u5b58\u9867\u5ba2\u304c\u524d\u5e74\u3068\u6bd4\u3079\u3066\u3069\u308c\u3060\u3051\u652f\u6255\u3044\u91d1\u984d\u3092\u5897\u3084\u3057\u305f\u304b\u3092\u793a\u3059\u6307\u6a19\u3002NRR\u304c<b data-path-to-node=\"42,1,0\" data-index-in-node=\"47\">110%\u301c120%\u3092\u8d85\u3048\u3066\u3044\u308b\u4f01\u696d<\/b>\u306f\u3001\u65b0\u898f\u9867\u5ba2\u30921\u4eba\u3082\u7372\u5f97\u3057\u306a\u304f\u3066\u3082\u65e2\u5b58\u9867\u5ba2\u306e\u30a2\u30c3\u30d7\u30bb\u30eb\uff08\u4e0a\u4f4d\u30d7\u30e9\u30f3\u3078\u306e\u79fb\u884c\uff09\u3060\u3051\u3067\u5e7410\u301c20%\u81ea\u52d5\u6210\u9577\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"43\">\u2462 \u89e3\u7d04\u7387\uff08Churn Rate\uff09\u3068\u9867\u5ba2\u7372\u5f97\u5358\u4fa1\uff08CAC\uff09\u306e\u30d0\u30e9\u30f3\u30b9<\/h4>\n<p data-path-to-node=\"44\">\u30b5\u30fc\u30d3\u30b9\u304b\u3089\u9867\u5ba2\u304c\u96e2\u8131\u3059\u308b\u5272\u5408\u3092\u793a\u3059Churn Rate\u304c\u6708\u6b21\u3067<b data-path-to-node=\"44\" data-index-in-node=\"32\">1%\u672a\u6e80<\/b>\u306b\u6291\u3048\u3089\u308c\u3066\u3044\u308b\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u96e2\u8131\u7387\u304c\u4f4e\u3051\u308c\u3070\u3001\u5e83\u544a\u5ba3\u4f1d\u8cbb\u3092\u6295\u5165\u3057\u3066\u7372\u5f97\u3057\u305f\u9867\u5ba2\u304c\u305d\u306e\u307e\u307e\u9577\u671f\u7684\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3057\u7d9a\u3051\u308b\u305f\u3081\u3001\u5c06\u6765\u306e\u5229\u76ca\u7387\u304c\u7d04\u675f\u3055\u308c\u307e\u3059\u3002<\/p>\n<h3 data-path-to-node=\"45\">2. \u6c7a\u7b97\u77ed\u4fe1\u306e\u300c\u5b9a\u6027\u60c5\u5831\u300d\u3068\u300c\u6ce8\u8a18\u300d\u306b\u7720\u308b\u304a\u5b9d\u30b7\u30b0\u30ca\u30eb<\/h3>\n<p data-path-to-node=\"46\">\u8ca1\u52d9\u8af8\u8868\u306e\u6570\u5b57\u306b\u51fa\u3066\u304f\u308b\u624b\u524d\u306e\u300c\u4e88\u5146\u300d\u3092\u3001\u6c7a\u7b97\u77ed\u4fe1\u306e\u30c6\u30ad\u30b9\u30c8\u60c5\u5831\u304b\u3089\u8aad\u307f\u53d6\u308a\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"47\">\n<li>\n<p data-path-to-node=\"47,0,0\"><b data-path-to-node=\"47,0,0\" data-index-in-node=\"0\">\u300c\u53d7\u6ce8\u6b8b\u9ad8\u300d\u3068\u300c\u53d7\u6ce8\u9ad8\u300d\u306e\u5148\u884c\u6307\u6a19\u5206\u6790<\/b>\uff1aIT\u30b7\u30b9\u30c6\u30e0\u306e\u53d7\u8a17\u958b\u767a\u4f1a\u793e\u3084\u30d7\u30e9\u30f3\u30c8\u5efa\u8a2d\u4f1a\u793e\u3001\u88fd\u9020\u88c5\u7f6e\u30e1\u30fc\u30ab\u30fc\u306a\u3069\u306f\u3001\u58f2\u4e0a\u3068\u3057\u3066\u8a08\u4e0a\u3055\u308c\u308b\u6570\u304b\u6708\u301c1\u5e74\u524d\u306b\u300c\u53d7\u6ce8\u300d\u304c\u767a\u751f\u3057\u307e\u3059\u3002\u6c7a\u7b97\u77ed\u4fe1\u306e\u88dc\u8db3\u8cc7\u6599\u306b\u8a18\u8f09\u3055\u308c\u3066\u3044\u308b\u300c\u53d7\u6ce8\u6b8b\u9ad8\u300d\u304c\u524d\u5e74\u540c\u671f\u6bd4\u306740%\u5897\u306a\u3069\u3068\u6025\u5897\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u6570\u304b\u6708\u5f8c\u306e\u6c7a\u7b97\u3067\u5de8\u5927\u306a\u58f2\u4e0a\u304c\u8a08\u4e0a\u3055\u308c\u308b\u3053\u3068\u304c\u78ba\u5b9a\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u5f37\u529b\u306a\u8cb7\u3044\u30b7\u30b0\u30ca\u30eb\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"47,1,0\"><b data-path-to-node=\"47,1,0\" data-index-in-node=\"0\">\u300c\u69cb\u9020\u7684\u5148\u884c\u6295\u8cc7\u300d\u306b\u3088\u308b\u4e00\u6642\u7684\u306a\u6e1b\u76ca\u306e\u898b\u6975\u3081<\/b>\uff1a\u55b6\u696d\u5229\u76ca\u304c\u524d\u5e74\u6bd4\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u3066\u3044\u3066\u3082\u3001\u7406\u7531\u304c\u300c\u30c6\u30ec\u30d3CM\u306a\u3069\u306e\u5e83\u544a\u5ba3\u4f1d\u8cbb\u3092\u5f53\u671f\u306b\u96c6\u4e2d\u6295\u5165\u3057\u305f\u300d\u300c\u55b6\u696d\u793e\u54e1\u3092\u524d\u5e74\u6bd41.5\u500d\u306b\u5897\u54e1\u3057\u305f\u300d\u3068\u3044\u3063\u305f\u660e\u78ba\u306a\u6210\u9577\u6295\u8cc7\u3067\u3042\u308b\u5834\u5408\u3001\u305d\u308c\u306f\u60aa\u6750\u6599\u3067\u306f\u306a\u304f\u300c\u5c06\u6765\u306e\u5229\u76ca\u304c\u500d\u5897\u3059\u308b\u524d\u89e6\u308c\u300d\u3067\u3059\u3002\u5e02\u5834\u304c\u6e1b\u76ca\u306e\u307f\u3092\u5acc\u6c17\u3057\u3066\u682a\u4fa1\u304c\u6025\u843d\u3057\u305f\u77ac\u9593\u306f\u3001\u7d76\u597d\u306e\u8cb7\u3044\u5834\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"49\">\u7b2c4\u7ae0\uff1a\u3010\u8cc7\u91d1\u7ba1\u7406\u30fb\u58f2\u8cb7\u6226\u7565\u3011\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u69cb\u7bc9\u306810\u4e07\u5186\u4ee5\u4e0b\u9298\u67c4\u306e\u653b\u7565\u6cd5<\/h2>\n<h3 data-path-to-node=\"50\">1. \u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6700\u9069\u30d0\u30e9\u30f3\u30b9\u3068\u96c6\u4e2d\u5ea6<\/h3>\n<p data-path-to-node=\"51\">\u8cc7\u91d1\u30921\u9298\u67c4\u306b\u5168\u984d\u8ced\u3051\u308b\u300c\u4e00\u70b9\u8cb7\u3044\u300d\u306f\u3001\u6c7a\u7b97\u4e8b\u6545\u3084\u4e0d\u7965\u4e8b\u4e00\u3064\u3067\u8cc7\u7523\u3092\u5931\u3046\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\u4e00\u65b9\u3067\u300115\u9298\u67c4\u4ee5\u4e0a\u306b\u5206\u6563\u3057\u3059\u304e\u308b\u3068\u30011\u9298\u67c4\u304c10\u500d\u306b\u306a\u3063\u3066\u3082\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u3078\u306e\u5bc4\u4e0e\u5ea6\u306f\u9650\u5b9a\u7684\u306b\u306a\u308a\u3001\u4e2d\u5c0f\u682a\u306e\u7206\u767a\u529b\u3092\u76f8\u6bba\u3057\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"52\">\n<li>\n<p data-path-to-node=\"52,0,0\"><b data-path-to-node=\"52,0,0\" data-index-in-node=\"0\">\u63a8\u5968\u4fdd\u6709\u9298\u67c4\u6570<\/b>\uff1a\u500b\u4eba\u6295\u8cc7\u5bb6\u306e\u30ea\u30b5\u30fc\u30c1\u80fd\u529b\u3068\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u306e\u30d0\u30e9\u30f3\u30b9\u304b\u3089\u3001<b data-path-to-node=\"52,0,0\" data-index-in-node=\"35\">3\u301c5\u9298\u67c4<\/b>\u306b\u53b3\u9078\u3059\u308b\u306e\u304c\u6700\u3082\u52b9\u7387\u7684\u3067\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"52,1,0\"><b data-path-to-node=\"52,1,0\" data-index-in-node=\"0\">\u30b3\u30a2\uff06\u30b5\u30c6\u30e9\u30a4\u30c8\u69cb\u6210\u306e\u9ec4\u91d1\u6bd4<\/b>\uff1a<\/p>\n<\/li>\n<\/ul>\n<h1 data-path-to-node=\"0\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-1785 enable-luminous-code-block ng-star-inserted\"><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-1785 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl80MWJmNmY1YTNkMzA2ZDk4IiwiY19iNjkwZWI1ZDcxZDg1OTlhIixudWxsLCJyY18yMmUwYTI3MGU0NThiZjJlIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDEsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-1785\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-1785\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-1785\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-1785 no-decoration-radius\"><span style=\"font-size: 14pt;\">\u3010\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u914d\u5206\u30e2\u30c7\u30eb\u3011\r\n \u251c\u2500\u2500 \u30b3\u30a2\u9298\u67c4 (60%\u301c70%)    : \u6642\u4fa1\u7dcf\u984d100\u5104\u301c300\u5104\u5186 \/ \u5b89\u5b9a\u9ad8\u6210\u9577 (2\u301c3\u9298\u67c4)\r\n \u2514\u2500\u2500 \u30b5\u30c6\u30e9\u30a4\u30c8\u9298\u67c4 (30%\u301c40%): \u6642\u4fa1\u7dcf\u984d30\u5104\u301c100\u5104\u5186 \/ \u8d85\u5c0f\u578b\u30fb\u7206\u767a\u578b (1\u301c2\u9298\u67c4)\r\n<\/span><\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p><\/code-block><\/response-element><\/h1>\n<h3 data-path-to-node=\"54\">2. \u30d4\u30e9\u30df\u30c3\u30c7\u30a3\u30f3\u30b0\uff08\u8cb7\u3044\u4e0a\u304c\u308a\uff09\u306e\u5177\u4f53\u7684\u30b9\u30c6\u30c3\u30d7<\/h3>\n<p data-path-to-node=\"55\">\u8cfc\u5165\u6642\u306e\u30ea\u30b9\u30af\u3092\u6700\u5c0f\u5316\u3059\u308b\u305f\u3081\u3001\u4e00\u5ea6\u306b\u76ee\u6a19\u679a\u6570\u3092\u8cb7\u308f\u305a\u3001\u682a\u4fa1\u306e\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u3068\u696d\u7e3e\u306e\u78ba\u8a8d\u306b\u5408\u308f\u305b\u3066\u8cb7\u3044\u5897\u3057\u3066\u3044\u304f\u300c\u30d4\u30e9\u30df\u30c3\u30c7\u30a3\u30f3\u30b0\u300d\u3092\u5b9f\u8df5\u3057\u307e\u3059\u3002<\/p>\n<ol start=\"1\" data-path-to-node=\"56\">\n<li>\n<p data-path-to-node=\"56,0,0\"><b data-path-to-node=\"56,0,0\" data-index-in-node=\"0\">\u7b2c1\u5f3e\uff1a\u6253\u8a3a\u8cb7\u3044\uff08\u4e88\u5b9a\u8cc7\u91d1\u306e30%\uff09<\/b><\/p>\n<p data-path-to-node=\"56,0,0\">\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3068\u6c7a\u7b97\u5206\u6790\u3092\u7d42\u3048\u3001\u682a\u4fa1\u304c\u79fb\u52d5\u5e73\u5747\u7dda\u306e\u4ed8\u8fd1\u3067\u9759\u304b\u306b\u6a2a\u3070\u3044\u63a8\u79fb\u3057\u3066\u3044\u308b\u671f\u9593\u3067\u8cfc\u5165\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"56,1,0\"><b data-path-to-node=\"56,1,0\" data-index-in-node=\"0\">\u7b2c2\u5f3e\uff1a\u8ffd\u6483\u8cb7\u3044\uff08\u4e88\u5b9a\u8cc7\u91d1\u306e40%\uff09<\/b><\/p>\n<p data-path-to-node=\"56,1,0\">\u4e88\u60f3\u901a\u308a\u56db\u534a\u671f\u6c7a\u7b97\u3067\u597d\u696d\u7e3e\u304c\u767a\u8868\u3055\u308c\u3001\u682a\u4fa1\u304c\u76f4\u8fd1\u306e\u9ad8\u5024\u3092\u629c\u3051\u3066\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u306b\u5165\u3063\u305f\u3053\u3068\u3092\u78ba\u8a8d\u3057\u3066\u8ffd\u52a0\u8cfc\u5165\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"56,2,0\"><b data-path-to-node=\"56,2,0\" data-index-in-node=\"0\">\u7b2c3\u5f3e\uff1a\u5b8c\u6210\uff08\u4e88\u5b9a\u8cc7\u91d1\u306e30%\uff09<\/b><\/p>\n<p data-path-to-node=\"56,2,0\">\u51fa\u6765\u9ad8\u3092\u4f34\u3063\u3066\u5f37\u3044\u65b0\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u6b8b\u308a\u3092\u8cb7\u3044\u5897\u3057\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u5b8c\u6210\u3055\u305b\u308b\u3002<\/p>\n<\/li>\n<\/ol>\n<blockquote data-path-to-node=\"57\">\n<p data-path-to-node=\"57,0\"><b data-path-to-node=\"57,0\" data-index-in-node=\"0\">\u91cd\u8981\u539f\u5247<\/b>\uff1a\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u5e73\u5747\u53d6\u5f97\u5358\u4fa1\u306f\u4e0a\u304c\u3063\u3066\u3044\u304d\u307e\u3059\u304c\u3001\u300c\u81ea\u5206\u306e\u4e88\u6e2c\u304c\u6b63\u3057\u3044\uff08\u542b\u307f\u76ca\u304c\u51fa\u3066\u3044\u308b\uff09\u72b6\u614b\u3067\u306e\u307f\u8cb7\u3044\u5897\u3059\u300d\u305f\u3081\u3001\u5927\u8ca0\u3051\u3059\u308b\u30ea\u30b9\u30af\u3092\u6975\u9650\u307e\u3067\u6e1b\u3089\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/blockquote>\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=article&amp;utm_medium=cta&amp;utm_content=ueoka\" 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=\"59\">\u7b2c5\u7ae0\uff1a\u91d1\u878d\u30fb\u6295\u8cc7\u77e5\u8b58\u306e\u4f53\u7cfb\u7684\u89e3\u8aac\uff08\u521d\u5fc3\u8005\u5411\u3051\u5b8c\u5168\u30ac\u30a4\u30c9\uff09<\/h2>\n<p data-path-to-node=\"60\">\u6295\u8cc7\u3067\u52dd\u3061\u7d9a\u3051\u308b\u305f\u3081\u306b\u306f\u3001\u5358\u306a\u308b\u9298\u67c4\u9078\u3073\u306e\u624b\u6cd5\u3060\u3051\u3067\u306a\u304f\u3001\u305d\u306e\u80cc\u666f\u306b\u3042\u308b\u300c\u7d4c\u6e08\u306e\u4ed5\u7d44\u307f\uff08\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\uff09\u300d\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h1 data-path-to-node=\"0\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-1786 enable-luminous-code-block ng-star-inserted\"><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-1786 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl80MWJmNmY1YTNkMzA2ZDk4IiwiY19iNjkwZWI1ZDcxZDg1OTlhIixudWxsLCJyY18yMmUwYTI3MGU0NThiZjJlIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDEsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-1786\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-1786\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-1786\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-1786 no-decoration-radius\"><span style=\"font-size: 14pt;\">\u3010\u4f53\u7cfb\u7684\u91d1\u878d\u77e5\u8b58\u306e4\u5927\u30d4\u30e9\u30fc\u3011\r\n \u251c\u2500\u2500 [1] \u30de\u30af\u30ed\u7d4c\u6e08\u5b66   ... \u91d1\u5229\u30fb\u70ba\u66ff\u30fb\u30a4\u30f3\u30d5\u30ec\u306a\u3069\u5e02\u5834\u5168\u4f53\u306e\u6ce2\u3092\u8aad\u3080\r\n \u251c\u2500\u2500 [2] \u4f01\u696d\u8ca1\u52d9\u30fb\u4f1a\u8a08 ... \u6c7a\u7b97\u66f8\uff08P\/L, B\/S, C\/F\uff09\u304b\u3089\u4f01\u696d\u306e\u5065\u5eb7\u72b6\u614b\u3092\u89e3\u8aad\u3059\u308b\r\n \u251c\u2500\u2500 [3] \u682a\u4fa1\u8a55\u4fa1\u6307\u6a19   ... PER, PBR, ROE\u306a\u3069\u3092\u4f7f\u3044\u3001\u5272\u5b89\u304b\u5272\u9ad8\u304b\u3092\u6e2c\u5b9a\u3059\u308b\r\n \u2514\u2500\u2500 [4] \u884c\u52d5\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9 ... \u6295\u8cc7\u5bb6\u5fc3\u7406\u306e\u30d0\u30b0\u3092\u7406\u89e3\u3057\u3001\u81ea\u5206\u306e\u611f\u60c5\u3092\u5236\u5fa1\u3059\u308b\r\n<\/span><\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p><\/code-block><\/response-element><\/h1>\n<h3 data-path-to-node=\"63\">[1] \u30de\u30af\u30ed\u7d4c\u6e08\u306e\u57fa\u790e\uff08\u5927\u304d\u306a\u6d41\u308c\u3092\u63b4\u3080\uff09<\/h3>\n<p data-path-to-node=\"64\">\u500b\u5225\u9298\u67c4\u304c\u3069\u308c\u307b\u3069\u512a\u79c0\u3067\u3042\u3063\u3066\u3082\u3001\u30de\u30af\u30ed\u7d4c\u6e08\u306e\u5de8\u5927\u306a\u6ce2\u306b\u306f\u9006\u3089\u3048\u307e\u305b\u3093\u3002\u7279\u306b\u300c\u91d1\u5229\u300d\u306f\u682a\u5f0f\u5e02\u5834\u306e\u3059\u3079\u3066\u306e\u4fa1\u683c\u6c7a\u5b9a\u306b\u304a\u3051\u308b\u6839\u5e79\u3067\u3059\u3002<\/p>\n<h4 data-path-to-node=\"65\">1. \u4e2d\u592e\u9280\u884c\u306e\u653f\u7b56\u91d1\u5229\u3068\u682a\u4fa1\u306e\u30e1\u30ab\u30cb\u30ba\u30e0<\/h4>\n<ul data-path-to-node=\"66\">\n<li>\n<p data-path-to-node=\"66,0,0\"><b data-path-to-node=\"66,0,0\" data-index-in-node=\"0\">\u91d1\u5229\u306e\u5f15\u304d\u4e0b\u3052\uff08\u91d1\u878d\u7de9\u548c\u653f\u7b56\uff09<\/b>\uff1a\u4e2d\u592e\u9280\u884c\u304c\u91d1\u5229\u3092\u4e0b\u3052\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u3084\u500b\u4eba\u306f\u304a\u91d1\u3092\u501f\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002\u540c\u6642\u306b\u3001\u56fd\u50b5\u3084\u9280\u884c\u9810\u91d1\u306e\u5229\u56de\u308a\u304c\u4f4e\u4e0b\u3059\u308b\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u306f\u3088\u308a\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u3066\u682a\u5f0f\u5e02\u5834\u3078\u8cc7\u91d1\u3092\u79fb\u52d5\u3055\u305b\u307e\u3059\u3002\u7d50\u679c\u3068\u3057\u3066<b data-path-to-node=\"66,0,0\" data-index-in-node=\"109\">\u5e02\u5834\u5168\u4f53\uff08\u7279\u306b\u5c06\u6765\u306e\u6210\u9577\u3092\u7e54\u308a\u8fbc\u3080\u4e2d\u5c0f\u30b0\u30ed\u30fc\u30b9\u682a\uff09\u306e\u682a\u4fa1\u304c\u6025\u4e0a\u6607<\/b>\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"66,1,0\"><b data-path-to-node=\"66,1,0\" data-index-in-node=\"0\">\u91d1\u5229\u306e\u5f15\u304d\u4e0a\u3052\uff08\u91d1\u878d\u5f15\u304d\u7de0\u3081\u653f\u7b56\uff09<\/b>\uff1a\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u5236\u3059\u308b\u305f\u3081\u306b\u91d1\u5229\u3092\u5f15\u304d\u4e0a\u3052\u308b\u3068\u3001\u4f01\u696d\u306e\u501f\u5165\u30b3\u30b9\u30c8\u304c\u5897\u5927\u3057\u3001\u6295\u8cc7\u610f\u6b32\u304c\u6e1b\u9000\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u5c06\u6765\u5f97\u3089\u308c\u308b\u4e88\u60f3\u5229\u76ca\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308b\u969b\u306e\u300c\u5272\u5f15\u7387\u300d\u304c\u9ad8\u304f\u306a\u308b\u305f\u3081\u3001<b data-path-to-node=\"66,1,0\" data-index-in-node=\"103\">\u9ad8\u3044PER\u3067\u8cb7\u308f\u308c\u3066\u3044\u305f\u6210\u9577\u682a\u306e\u682a\u4fa1\u306f\u5f37\u304f\u4e0b\u843d<\/b>\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"67\">2. \u70ba\u66ff\u30ec\u30fc\u30c8\uff08\u5186\u9ad8\u30fb\u5186\u5b89\uff09\u304c\u4e2d\u5c0f\u682a\u306b\u4e0e\u3048\u308b\u5f71\u97ff<\/h4>\n<p data-path-to-node=\"68\">\u5927\u4f01\u696d\u306e\u591a\u304f\u304c\u8f38\u51fa\u578b\u88fd\u9020\u696d\uff08\u30c8\u30e8\u30bf\u306a\u3069\uff09\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001\u4e2d\u5c0f\u682a\u306e\u591a\u304f\u306f\u300c\u5185\u9700\u578b\u30b5\u30fc\u30d3\u30b9\u696d\u300d\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\">\u5186\u5b89\u5c40\u9762<\/b>\uff1a\u8f38\u5165\u30b3\u30b9\u30c8\u304c\u4e0a\u6607\u3059\u308b\u305f\u3081\u3001\u5185\u9700\u306e\u4e2d\u5c0f\u4f01\u696d\u306b\u3068\u3063\u3066\u306f\u539f\u6750\u6599\u8cbb\u3084\u30af\u30e9\u30a6\u30c9\u30b5\u30fc\u30d0\u30fc\u4ee3\u306e\u9ad8\u9a30\u306b\u3088\u308b\u5229\u76ca\u7387\u60aa\u5316\u8981\u56e0\u3068\u306a\u308a\u307e\u3059\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\">\u5186\u9ad8\u5c40\u9762<\/b>\uff1a\u5927\u624b\u8f38\u51fa\u4f01\u696d\u304b\u3089\u8cc7\u91d1\u304c\u9003\u3052\u51fa\u3057\u3001\u70ba\u66ff\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u3044\u5185\u9700\u306e\u512a\u826f\u4e2d\u5c0f\u682a\u3078\u8cc7\u91d1\u304c\u30b7\u30d5\u30c8\u3059\u308b\u597d\u6a5f\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"71\">[2] \u4f1a\u8a08\u30fb\u8ca1\u52d9\u306e\u77e5\u8b58\uff08\u6c7a\u7b97\u66f8\u306e\u8aad\u307f\u89e3\u304d\uff09<\/h3>\n<p data-path-to-node=\"72\">\u8ca1\u52d9\u4e09\u8868\uff08P\/L\u3001B\/S\u3001C\/F\uff09\u306f\u3001\u4f01\u696d\u306e\u904e\u53bb\u30fb\u73fe\u5728\u30fb\u672a\u6765\u3092\u6620\u3057\u51fa\u3059\u93e1\u3067\u3059\u3002\u5404\u8868\u306e\u5f79\u5272\u3068\u9023\u52d5\u6027\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n<h1 data-path-to-node=\"0\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-1787 enable-luminous-code-block ng-star-inserted\"><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-1787 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl80MWJmNmY1YTNkMzA2ZDk4IiwiY19iNjkwZWI1ZDcxZDg1OTlhIixudWxsLCJyY18yMmUwYTI3MGU0NThiZjJlIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDEsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-1787\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-1787\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-1787\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-1787 no-decoration-radius\"><span style=\"font-size: 14pt;\">\u3010\u8ca1\u52d9\u4e09\u8868\u306e\u9023\u52d5\u30a4\u30e1\u30fc\u30b8\u3011\r\n  [\u640d\u76ca\u8a08\u7b97\u66f8 (P\/L)]  \u2500\u2500\u2500\u2500\u2500 \u5f53\u671f\u7d14\u5229\u76ca \u2500\u2500\u2500\u2500\u2500\u2192  [\u8cb8\u501f\u5bfe\u7167\u8868 (B\/S)]\r\n  (\u3044\u304f\u3089\u7a3c\u3044\u3060\u304b)                                (\u7d14\u8cc7\u7523\u306e\u90e8\u306b\u84c4\u7a4d)\r\n        \u2502                                               \u2502\r\n  \u73fe\u91d1\u53ce\u652f\u306e\u30ba\u30ec                                   \u73fe\u91d1\u6b8b\u9ad8\u306e\u5909\u52d5\r\n        \u25bc                                               \u25bc\r\n  [\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8 (C\/F)] \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 \u73fe\u91d1\u306e\u5897\u6e1b\r\n<\/span><\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p><\/code-block><\/response-element><\/h1>\n<h4 data-path-to-node=\"74\">\u8ca1\u52d9\u4e09\u8868\u306e\u8981\u70b9\u3068\u30c1\u30a7\u30c3\u30af\u9805\u76ee<\/h4>\n<table data-path-to-node=\"75\">\n<thead>\n<tr>\n<td><strong>\u8ca1\u52d9\u8af8\u8868<\/strong><\/td>\n<td><strong>\u5f79\u5272<\/strong><\/td>\n<td><strong>\u6700\u91cd\u8981\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"75,1,0,0\"><b data-path-to-node=\"75,1,0,0\" data-index-in-node=\"0\">\u640d\u76ca\u8a08\u7b97\u66f8\uff08P\/L\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"75,1,1,0\">\u4e00\u5b9a\u671f\u9593\u306b\u300c\u3069\u308c\u3060\u3051\u7a3c\u3044\u3060\u304b\u300d\u3092\u793a\u3059\u3002<\/span><\/td>\n<td><span data-path-to-node=\"75,1,2,0\">\u672c\u696d\u306e\u7a3c\u3050\u529b\u3067\u3042\u308b**\u300c\u55b6\u696d\u5229\u76ca\u300d**\u306e\u6210\u9577\u7387\u3002\u58f2\u4e0a\u9ad8\u304b\u3089\u58f2\u4e0a\u539f\u4fa1\u3092\u5f15\u3044\u305f\u300c\u58f2\u4e0a\u7dcf\u5229\u76ca\uff08\u8352\u5229\uff09\u300d\u306e\u7c97\u5229\u76ca\u7387\u5411\u4e0a\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"75,2,0,0\"><b data-path-to-node=\"75,2,0,0\" data-index-in-node=\"0\">\u8cb8\u501f\u5bfe\u7167\u8868\uff08B\/S\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"75,2,1,0\">\u3042\u308b\u6642\u70b9\u3067\u306e\u300c\u8cc7\u7523\u30fb\u8ca0\u50b5\u30fb\u7d14\u8cc7\u7523\u300d\u306e\u72b6\u614b\u3092\u793a\u3059\u3002<\/span><\/td>\n<td><span data-path-to-node=\"75,2,2,0\">\u4f01\u696d\u306e\u5b89\u5168\u6027\u3092\u8868\u3059**\u300c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\uff0850%\u4ee5\u4e0a\u304c\u671b\u307e\u3057\u3044\uff09\u300d**\u3002\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u3066\u3082\u73fe\u91d1\u304c\u6b8b\u308b\u300c\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\uff08\u7d14\u73fe\u91d1\uff09\u300d\u306e\u8c4a\u5bcc\u3055\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"75,3,0,0\"><b data-path-to-node=\"75,3,0,0\" data-index-in-node=\"0\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\uff08C\/F\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"75,3,1,0\">\u5b9f\u969b\u306e\u300c\u73fe\u91d1\u306e\u51fa\u5165\u308a\u300d\u3092\u8ffd\u8de1\u3059\u308b\u3002<\/span><\/td>\n<td><span data-path-to-node=\"75,3,2,0\"><b data-path-to-node=\"75,3,2,0\" data-index-in-node=\"0\">\u55b6\u696dCF\u304c\u5e38\u306b\u30d7\u30e9\u30b9<\/b>\u3067\u3042\u308b\u3053\u3068\u3002\u6210\u9577\u4f01\u696d\u3067\u3042\u308c\u3070\u3001\u55b6\u696dCF\u3067\u5f97\u305f\u73fe\u91d1\u3092**\u6295\u8cc7CF\uff08\u30de\u30a4\u30ca\u30b9\uff09**\u306b\u56de\u3057\u3066\u6210\u9577\u6295\u8cc7\u3092\u884c\u3063\u3066\u3044\u308b\u304b\u3002<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"77\">[3] \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08\u682a\u4fa1\u8a55\u4fa1\u6307\u6a19\uff09\u306e\u6c7a\u5b9a\u7248<\/h3>\n<p data-path-to-node=\"4\">\u4f01\u696d\u306e\u6210\u9577\u6027\u3068\u73fe\u5728\u306e\u682a\u4fa1\u304c\u300c\u5272\u5b89\u304b\u5272\u9ad8\u304b\u300d\u3092\u5224\u65ad\u3059\u308b\u305f\u3081\u306e\u4ee3\u8868\u7684\u6307\u6a19\u3067\u3059\u3002\u7279\u306b\u4f1d\u7d71\u7684\u306a\u6307\u6a19\uff08PER\u30fbPBR\uff09\u306b\u52a0\u3048\u3066\u3001\u4e2d\u5c0f\u30fb\u5c0f\u578b\u6210\u9577\u682a\u306b\u7279\u6709\u306e\u6307\u6a19\uff08PSR\u30fbPEG\u30ec\u30b7\u30aa\uff09\u3092\u6b63\u3057\u304f\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"78\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-1797 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-1797 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mMDU4MTQ2YjE0ZTViOWZlIiwiY19iNjkwZWI1ZDcxZDg1OTlhIixudWxsLCJyY19lM2IxZmFlN2E0ZGZlYzM0IixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDEsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-1797\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-1797\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-1797\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-1797 no-decoration-radius\">\u3010\u5c0f\u578b\u6210\u9577\u682a\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u8a55\u4fa1\u30de\u30c8\u30ea\u30c3\u30af\u30b9\u3011\r\n  \u251c\u2500\u2500 \u9ed2\u5b57\u4f01\u696d\u30fb\u6210\u719f\u4f01\u696d     \u2500\u2500\u2192 PER\u30fbPBR\u30fbROE\uff08\u5229\u76ca\u3068\u7d14\u8cc7\u7523\u3067\u8a55\u4fa1\uff09\r\n  \u251c\u2500\u2500 \u9ed2\u5b57\u6210\u9577\u4f01\u696d          \u2500\u2500\u2192 PEG\u30ec\u30b7\u30aa\uff08\u5229\u76ca\u6210\u9577\u901f\u5ea6\u3092\u52a0\u5473\u3057\u3066\u8a55\u4fa1\uff09\r\n  \u2514\u2500\u2500 \u8d64\u5b57\u30fb\u5148\u884c\u6295\u8cc7\u578b\u6210\u9577\u682a \u2500\u2500\u2192 PSR\uff08\u58f2\u4e0a\u9ad8\u3068\u305d\u306e\u6210\u9577\u7387\u3067\u8a55\u4fa1\uff09\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h4 data-path-to-node=\"6\">1. PSR\uff08\u682a\u4fa1\u58f2\u4e0a\u9ad8\u500d\u7387\uff1aPrice-to-Sales Ratio\uff09\u2605\u5c0f\u578b\u6210\u9577\u682a\u306e\u5fc5\u9808\u6307\u6a19<\/h4>\n<p data-path-to-node=\"7\">\u8d64\u5b57\u6210\u9577\u4f01\u696d\u3084\u3001\u6025\u6210\u9577\u4e2d\u3067\u5229\u76ca\u3092\u610f\u56f3\u7684\u306b\u6291\u3048\u3066\u3044\u308b\u4e2d\u5c0f\u30fb\u5c0f\u578b\u682a\u306e\u8a55\u4fa1\u306b\u304a\u3044\u3066\u3001\u6700\u3082\u59a5\u5f53\u6027\u304c\u9ad8\u304f\u5a01\u529b\u3092\u767a\u63ee\u3059\u308b\u6307\u6a19\u304c\u300cPSR\u300d\u3067\u3059\u3002<\/p>\n<div data-path-to-node=\"8\">\n<div class=\"math-block\" data-math=\"\\text{PSR (\u500d)} = \\frac{\\text{\u6642\u4fa1\u7dcf\u984d}}{\\text{\u58f2\u4e0a\u9ad8}} = \\frac{\\text{\u682a\u4fa1}}{\\text{1\u682a\u5f53\u305f\u308a\u58f2\u4e0a\u9ad8 (SPS)}}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.05.png\" alt=\"\" width=\"599\" height=\"82\" class=\"aligncenter  wp-image-31375\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.05.png 932w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.05-300x41.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.05-768x105.png 768w\" sizes=\"(max-width: 599px) 100vw, 599px\" \/><\/div>\n<\/div>\n<ul data-path-to-node=\"9\">\n<li>\n<p data-path-to-node=\"9,0,0\"><b data-path-to-node=\"9,0,0\" data-index-in-node=\"0\">\u306a\u305c\u4e2d\u5c0f\u5c0f\u578b\u682a\u3067\u59a5\u5f53\u6027\u304c\u9ad8\u3044\u306e\u304b\uff1f<\/b><\/p>\n<ul data-path-to-node=\"9,0,1\">\n<li>\n<p data-path-to-node=\"9,0,1,0,0\"><b data-path-to-node=\"9,0,1,0,0\" data-index-in-node=\"0\">\u5229\u76ca\u304c\u51fa\u3066\u3044\u306a\u3044\uff08\u8d64\u5b57\uff09\u4f01\u696d\u306e\u8a55\u4fa1\u304c\u53ef\u80fd<\/b>\uff1aSaaS\u3084\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u578bIT\u4f01\u696d\u306a\u3069\u3001\u4e8b\u696d\u62e1\u5927\u671f\u306e\u4e2d\u5c0f\u682a\u306f\u300c\u7814\u7a76\u958b\u767a\u8cbb\u300d\u300c\u4eba\u4ef6\u8cbb\u300d\u300c\u5e83\u544a\u5ba3\u4f1d\u8cbb\u300d\u306a\u3069\u306e\u5148\u884c\u6295\u8cc7\u3092\u5927\u91cf\u306b\u6295\u5165\u3059\u308b\u305f\u3081\u3001\u55b6\u696d\u5229\u76ca\u304c\u8d64\u5b57\u307e\u305f\u306f\u307b\u307c\u30bc\u30ed\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u5834\u5408\u3001PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u306f\u8a08\u7b97\u4e0d\u53ef\u80fd\uff08\u307e\u305f\u306f\u6570\u5343\u500d\u306a\u3069\u306e\u7570\u5e38\u5024\uff09\u306b\u306a\u308a\u307e\u3059\u304c\u3001PSR\u3092\u4f7f\u3048\u3070\u300c\u58f2\u4e0a\u898f\u6a21\u306b\u5bfe\u3057\u3066\u682a\u4fa1\u304c\u59a5\u5f53\u304b\u300d\u3092\u5ba2\u89b3\u7684\u306b\u6e2c\u5b9a\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,0,1,1,0\"><b data-path-to-node=\"9,0,1,1,0\" data-index-in-node=\"0\">\u4f1a\u8a08\u64cd\u4f5c\u3092\u53d7\u3051\u306b\u304f\u3044<\/b>\uff1a\u5229\u76ca\u306f\u6e1b\u4fa1\u511f\u5374\u8cbb\u3084\u6295\u8cc7\u8cbb\u7528\u306a\u3069\u306e\u4f1a\u8a08\u4e0a\u306e\u64cd\u4f5c\u3067\u5927\u304d\u304f\u5909\u52d5\u3057\u307e\u3059\u304c\u3001\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\u3067\u3042\u308b\u300c\u58f2\u4e0a\u9ad8\u300d\u306f\u8aa4\u9b54\u5316\u3057\u306b\u304f\u3044\u305f\u3081\u3001\u4f01\u696d\u306e\u771f\u306e\u6210\u9577\u30b9\u30b1\u30fc\u30eb\u3092\u53cd\u6620\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"9,1,0\"><b data-path-to-node=\"9,1,0\" data-index-in-node=\"0\">\u76ee\u5b89\u3068\u5224\u65ad\u57fa\u6e96<\/b>\uff1a<\/p>\n<ul data-path-to-node=\"9,1,1\">\n<li>\n<p data-path-to-node=\"9,1,1,0,0\"><b data-path-to-node=\"9,1,1,0,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8\u6210\u9577\u738720%\u672a\u6e80<\/b>\u306e\u4e2d\u5c0f\u4f01\u696d\uff1a<b data-path-to-node=\"9,1,1,0,0\" data-index-in-node=\"17\">PSR 1\u301c2\u500d\u4ee5\u4e0b<\/b>\uff08\u5272\u5b89\u306e\u76ee\u5b89\uff09<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"9,1,1,1,0\"><b data-path-to-node=\"9,1,1,1,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8\u6210\u9577\u738730%\u301c50%\u4ee5\u4e0a<\/b>\u306e\u9ad8\u6210\u9577SaaS\u30fbIT\u4f01\u696d\uff1a<b data-path-to-node=\"9,1,1,1,0\" data-index-in-node=\"29\">PSR 5\u301c10\u500d\u7a0b\u5ea6<\/b>\u307e\u3067\u8a31\u5bb9\u3055\u308c\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"9,2,0\"><b data-path-to-node=\"9,2,0\" data-index-in-node=\"0\">\u6ce8\u610f\u70b9\uff08PSR\u306e\u7f60\uff09<\/b>\uff1a<\/p>\n<ul data-path-to-node=\"9,2,1\">\n<li>\n<p data-path-to-node=\"9,2,1,0,0\">\u5358\u306bPSR\u304c\u4f4e\u3044\u3060\u3051\u3067\u300c\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\uff08\u7c97\u5229\u76ca\u7387\uff09\u304c\u8457\u3057\u304f\u4f4e\u3044\u5546\u793e\u3084\u8584\u5229\u591a\u58f2\u30d3\u30b8\u30cd\u30b9\u300d\u3092\u5272\u5b89\u3068\u5224\u5b9a\u3057\u3066\u3057\u307e\u3046\u5371\u967a\u304c\u3042\u308a\u307e\u3059\u3002<b data-path-to-node=\"9,2,1,0,0\" data-index-in-node=\"61\">\u300c\u7c97\u5229\u76ca\u7387\u304c\u9ad8\u3044\uff0850%\u301c80%\u4ee5\u4e0a\uff09\u9ad8\u53ce\u76ca\u4f53\u8cea\u306e\u4f01\u696d\u300d\u3067\u3042\u308b\u3053\u3068\u3092\u524d\u63d0\u306bPSR\u3092\u6d3b\u7528\u3059\u308b<\/b>\u306e\u304c\u9244\u5247\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"10\">2. ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/h4>\n<div data-path-to-node=\"11\">\n<div class=\"math-block\" data-math=\"\\text{ROE (\\%)} = \\frac{\\text{\u5f53\u671f\u7d14\u5229\u76ca}}{\\text{\u81ea\u5df1\u8cc7\u672c}} \\times 100\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.32.png\" alt=\"\" width=\"368\" height=\"86\" class=\"aligncenter  wp-image-31376\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.32.png 608w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.32-300x70.png 300w\" sizes=\"(max-width: 368px) 100vw, 368px\" \/><\/div>\n<\/div>\n<p data-path-to-node=\"12\">\u682a\u4e3b\u304c\u51fa\u8cc7\u3057\u305f\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u3092\u4f7f\u3063\u3066\u3001\u4f01\u696d\u304c\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u5229\u76ca\u3092\u51fa\u3057\u305f\u304b\u3092\u793a\u3059\u300c\u8cc7\u672c\u52b9\u7387\u306e\u6307\u6a19\u300d\u3067\u3059\u3002\u65e5\u672c\u4f01\u696d\u306e\u5e73\u5747\u306f8%\u524d\u5f8c\u3067\u3059\u304c\u3001\u52dd\u3061\u7d44\u306e\u4e2d\u5c0f\u682a\u3092\u63a2\u3059\u969b\u306f<b data-path-to-node=\"12\" data-index-in-node=\"82\">15%\u4ee5\u4e0a<\/b>\u3092\u57fa\u6e96\u3068\u3057\u307e\u3059\u3002<\/p>\n<h4 data-path-to-node=\"13\">3. PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u3068 PEG\u30ec\u30b7\u30aa<\/h4>\n<div data-path-to-node=\"14\">\n<div class=\"math-block\" data-math=\"\\text{PER (\u500d)} = \\frac{\\text{\u682a\u4fa1}}{\\text{1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca (EPS)}}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.55.png\" alt=\"\" width=\"471\" height=\"79\" class=\"aligncenter  wp-image-31377\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.55.png 810w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.55-300x50.png 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.28.55-768x129.png 768w\" sizes=\"(max-width: 471px) 100vw, 471px\" \/><\/div>\n<\/div>\n<p data-path-to-node=\"15\">\u73fe\u5728\u306e\u682a\u4fa1\u304c\u300c1\u682a\u5f53\u305f\u308a\u5229\u76ca\u306e\u4f55\u5e74\u5206\u304b\u300d\u3092\u793a\u3057\u307e\u3059\u3002\u4e00\u822c\u7684\u306a\u76ee\u5b89\u306f15\u500d\u524d\u5f8c\u3067\u3059\u304c\u3001\u6210\u9577\u4f01\u696d\u306e\u5834\u5408\u306fPER\u5358\u4f53\u3067\u5224\u65ad\u3059\u308b\u3068\u8aa4\u3063\u305f\u7d50\u8ad6\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u3053\u3067\u4f7f\u3046\u306e\u304c<b data-path-to-node=\"15\" data-index-in-node=\"80\">PEG\u30ec\u30b7\u30aa<\/b>\u3067\u3059\u3002<\/p>\n<div data-path-to-node=\"16\">\n<div class=\"math-block\" data-math=\"\\text{PEG\u30ec\u30b7\u30aa} = \\frac{\\text{PER}}{\\text{\u55b6\u696d\u5229\u76ca\u6210\u9577\u7387 (\\%)}}\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.29.15.png\" alt=\"\" width=\"435\" height=\"90\" class=\"aligncenter  wp-image-31379\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.29.15.png 696w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2026\/09\/\u30b9\u30af\u30ea\u30fc\u30f3\u30b7\u30e7\u30c3\u30c8-2026-09-18-12.29.15-300x62.png 300w\" sizes=\"(max-width: 435px) 100vw, 435px\" \/><\/div>\n<\/div>\n<ul data-path-to-node=\"17\">\n<li>\n<p data-path-to-node=\"17,0,0\"><b data-path-to-node=\"17,0,0\" data-index-in-node=\"0\">\u4f8b<\/b>\uff1aPER\u304c30\u500d\u3068\u4e00\u898b\u5272\u9ad8\u306b\u898b\u3048\u308b\u4f01\u696d\u3067\u3082\u3001\u5229\u76ca\u6210\u9577\u7387\u304c30%\u3067\u3042\u308c\u3070 <code data-path-to-node=\"17,0,0\" data-index-in-node=\"37\">30 \u00f7 30 = 1.0<\/code> \u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"17,1,0\"><b data-path-to-node=\"17,1,0\" data-index-in-node=\"0\">\u5224\u65ad\u57fa\u6e96<\/b>\uff1aPEG\u30ec\u30b7\u30aa\u304c<b data-path-to-node=\"17,1,0\" data-index-in-node=\"12\">1.0\u500d\u672a\u6e80\u306f\u5272\u5b89<\/b>\u30012.0\u500d\u3092\u8d85\u3048\u308b\u3068\u5272\u9ad8\u3068\u5224\u65ad\u3057\u307e\u3059\u3002\u6210\u9577\u901f\u5ea6\u306b\u5bfe\u3057\u3066\u682a\u4fa1\u304c\u653e\u7f6e\u3055\u308c\u3066\u3044\u308b\u9ed2\u5b57\u6210\u9577\u682a\u3092\u898b\u3064\u3051\u51fa\u3059\u6700\u5f37\u306e\u6307\u6a19\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"88\">[4] \u6295\u8cc7\u5fc3\u7406\u5b66\uff08\u884c\u52d5\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff09\u3067\u81ea\u5206\u3092\u5236\u3059\u308b<\/h3>\n<p data-path-to-node=\"89\">\u682a\u5f0f\u5e02\u5834\u3067\u8ca0\u3051\u308b\u6700\u5927\u306e\u539f\u56e0\u306f\u300c\u77e5\u8b58\u4e0d\u8db3\u300d\u3067\u306f\u306a\u304f\u300c\u81ea\u5206\u81ea\u8eab\u306e\u611f\u60c5\u306e\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u5931\u6557\u300d\u3067\u3059\u3002<\/p>\n<ul data-path-to-node=\"90\">\n<li>\n<p data-path-to-node=\"90,0,0\"><b data-path-to-node=\"90,0,0\" data-index-in-node=\"0\">\u30d7\u30ed\u30b9\u30da\u30af\u30c8\u7406\u8ad6<\/b>\uff1a\u4eba\u9593\u306f\u300c\u540c\u984d\u306e\u5229\u76ca\u3092\u5f97\u308b\u559c\u3073\u300d\u3088\u308a\u3082\u300c\u640d\u5931\u3092\u51fa\u3059\u82e6\u75db\u300d\u3092\u7d042\u500d\u5f37\u304f\u611f\u3058\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u542b\u307f\u76ca\u304c\u51fa\u308b\u3068\u3059\u3050\u306b\u78ba\u5b9a\u3057\u305f\u304f\u306a\u308a\uff08\u5229\u5c0f\uff09\u3001\u542b\u307f\u640d\u304c\u51fa\u308b\u3068\u300c\u3044\u3064\u304b\u623b\u308b\u306f\u305a\u3060\u300d\u3068\u73fe\u5b9f\u9003\u907f\u3057\u3066\u640d\u5207\u308a\u3067\u304d\u306a\u304f\u306a\u308b\uff08\u640d\u5927\uff09\u3068\u3044\u3046\u672c\u80fd\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<b data-path-to-node=\"90,0,0\" data-index-in-node=\"124\">\u52dd\u3064\u6295\u8cc7\u5bb6\u306f\u30eb\u30fc\u30eb\u306b\u5f93\u3044\u300c\u5229\u5927\u640d\u5c0f\u300d\u3092\u6a5f\u68b0\u7684\u306b\u5fb9\u5e95\u3057\u307e\u3059\u3002<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"90,1,0\"><b data-path-to-node=\"90,1,0\" data-index-in-node=\"0\">\u8a8d\u77e5\u306e\u6b6a\u307f\u3068\u30d0\u30f3\u30c9\u30ef\u30b4\u30f3\u52b9\u679c<\/b>\uff1a\u682a\u4fa1\u304c\u9023\u65e5\u4e0a\u304c\u3063\u3066\u3044\u308b\u9298\u67c4\u3092\u898b\u308b\u3068\u3001\u300c\u4e57\u308a\u9045\u308c\u305f\u304f\u306a\u3044\uff08FOMO\uff09\u300d\u3068\u3044\u3046\u611f\u60c5\u304c\u50cd\u304d\u3001\u6839\u62e0\u306e\u306a\u3044\u9ad8\u5024\u3067\u8cb7\u3063\u3066\u3057\u307e\u3046\u5fc3\u7406\u50be\u5411\u3067\u3059\u3002\u5e02\u5834\u306e\u71b1\u72c2\u304b\u3089\u4e00\u6b69\u5f15\u304d\u3001\u8ab0\u3082\u6ce8\u76ee\u3057\u3066\u3044\u306a\u3044\u9759\u304b\u306a\u6642\u306b\u8cb7\u3044\u3001\u71b1\u72c2\u306e\u4e2d\u3067\u58f2\u308b\u51b7\u5fb9\u3055\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 data-path-to-node=\"92\">\u7b2c6\u7ae0\uff1a\u5b9f\u8df5\uff01\u8cb7\u3044\u304b\u3089\u58f2\u308a\u307e\u3067\u306e\u5b8c\u5168\u30a2\u30af\u30b7\u30e7\u30f3\u30d7\u30e9\u30f3<\/h2>\n<p data-path-to-node=\"93\">\u3053\u308c\u307e\u3067\u306e\u7406\u8ad6\u3092\u5b9f\u969b\u306e\u53d6\u5f15\u306b\u843d\u3068\u3057\u8fbc\u3080\u305f\u3081\u306e\u5177\u4f53\u7684\u624b\u9806\u3067\u3059\u3002<\/p>\n<h3 data-path-to-node=\"94\">STEP 1\uff1a\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u6761\u4ef6\u306e\u8a2d\u5b9a<\/h3>\n<p data-path-to-node=\"95\">\u8a3c\u5238\u4f1a\u793e\uff08SBI\u8a3c\u5238\u3001\u697d\u5929\u8a3c\u5238\u3001\u30de\u30cd\u30c3\u30af\u30b9\u8a3c\u5238\u306a\u3069\uff09\u306e\u9298\u67c4\u691c\u7d22\u6a5f\u80fd\u3067\u4ee5\u4e0b\u306e\u6761\u4ef6\u3092\u5165\u529b\u3057\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"96\">\n<li>\n<p data-path-to-node=\"96,0,0\"><b data-path-to-node=\"96,0,0\" data-index-in-node=\"0\">\u5e02\u5834<\/b>\uff1a\u6771\u8a3c\u30b0\u30ed\u30fc\u30b9\u3001\u6771\u8a3c\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"96,1,0\"><b data-path-to-node=\"96,1,0\" data-index-in-node=\"0\">\u6642\u4fa1\u7dcf\u984d<\/b>\uff1a50\u5104\u5186\u4ee5\u4e0a \u301c 300\u5104\u5186\u4ee5\u4e0b<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"96,2,0\"><b data-path-to-node=\"96,2,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8\u5909\u5316\u7387\uff08\u524d\u5e74\u540c\u671f\u6bd4\uff09<\/b>\uff1a+15%\u4ee5\u4e0a<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"96,3,0\"><b data-path-to-node=\"96,3,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca\u5909\u5316\u7387\uff08\u524d\u5e74\u540c\u671f\u6bd4\uff09<\/b>\uff1a+20%\u4ee5\u4e0a<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"96,4,0\"><b data-path-to-node=\"96,4,0\" data-index-in-node=\"0\">ROE<\/b>\uff1a10%\u4ee5\u4e0a<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"97\">STEP 2\uff1a\u5b9a\u6027\u8abf\u67fb\u3068\u6c7a\u7b97\u8cc7\u6599\u306e\u5206\u6790<\/h3>\n<p data-path-to-node=\"98\">\u62bd\u51fa\u3055\u308c\u305f\u30ea\u30b9\u30c8\u304b\u3089\u3001\u5404\u793e\u306eIR\u30da\u30fc\u30b8\u3078\u30a2\u30af\u30bb\u30b9\u3057\u3001\u76f4\u8fd1\u306e\u300c\u6c7a\u7b97\u8aac\u660e\u8cc7\u6599\u300d\u3068\u300c\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u300d\u3092\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9\u3057\u307e\u3059\u3002<\/p>\n<ul data-path-to-node=\"99\">\n<li>\n<p data-path-to-node=\"99,0,0\"><b data-path-to-node=\"99,0,0\" data-index-in-node=\"0\">\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306e\u691c\u8a3c<\/b>\uff1a\u4f55\u3067\u7a3c\u3044\u3067\u3044\u308b\u304b\uff1f\u30b9\u30c8\u30c3\u30af\u6bd4\u7387\u306f\u9ad8\u3044\u304b\uff1f<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"99,1,0\"><b data-path-to-node=\"99,1,0\" data-index-in-node=\"0\">\u5927\u682a\u4e3b\u306e\u78ba\u8a8d<\/b>\uff1a\u5275\u696d\u8005\u30fb\u793e\u9577\u304c\u7b46\u982d\u682a\u4e3b\u3067\u3001\u5341\u5206\u306a\u682a\u5f0f\u3092\u4fdd\u6709\u3057\u3066\u3044\u308b\u304b\uff1f<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"99,2,0\"><b data-path-to-node=\"99,2,0\" data-index-in-node=\"0\">\u6210\u9577\u3078\u306e\u30ed\u30fc\u30c9\u30de\u30c3\u30d7<\/b>\uff1a\u4f1a\u793e\u5074\u304c\u793a\u3057\u3066\u3044\u308b\u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\u306b\u5b9f\u73fe\u53ef\u80fd\u6027\u304c\u3042\u308b\u304b\uff1f<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"100\">STEP 3\uff1a\u58f2\u8cb7\u30b7\u30ca\u30ea\u30aa\u306e\u4f5c\u6210\u3068\u6ce8\u6587\u767a\u6ce8<\/h3>\n<ul data-path-to-node=\"101\">\n<li>\n<p data-path-to-node=\"101,0,0\"><b data-path-to-node=\"101,0,0\" data-index-in-node=\"0\">\u8cb7\u5024\u306e\u8a2d\u5b9a<\/b>\uff1a\u677f\u306e\u8584\u3044\u5c0f\u578b\u682a\u3067\u306f\u300c\u6210\u884c\u6ce8\u6587\u300d\u3092\u4f7f\u308f\u305a\u3001\u5fc5\u305a\u4fa1\u683c\u3092\u6307\u5b9a\u3059\u308b\u300c\u6307\u5024\u6ce8\u6587\u300d\u3092\u767a\u6ce8\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"101,1,0\"><b data-path-to-node=\"101,1,0\" data-index-in-node=\"0\">\u30ed\u30b9\u30ab\u30c3\u30c8\u30e9\u30a4\u30f3\u306e\u4e8b\u524d\u8a2d\u5b9a<\/b>\uff1a\u8cfc\u5165\u3068\u540c\u6642\u306b\u3001\u8cb7\u5024\u304b\u3089-8%\u301c-10%\u4e0b\u843d\u3057\u305f\u5730\u70b9\u306b\u300c\u9006\u6307\u5024\u6ce8\u6587\uff08\u81ea\u52d5\u640d\u5207\u308a\u6ce8\u6587\uff09\u300d\u3092\u767a\u6ce8\u3057\u3001\u611f\u60c5\u304c\u5165\u308b\u4f59\u5730\u3092\u6392\u9664\u3057\u307e\u3059\u3002<\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"103\">\u7d50\u3073\uff1a\u77e5\u8b58\u306f\u300c\u4e00\u751f\u30e2\u30ce\u306e\u8cc7\u7523\u300d\u306b\u306a\u308b<\/h2>\n<p data-path-to-node=\"104\">\u4e2d\u5c0f\u682a\u6295\u8cc7\u306f\u3001\u6b63\u3057\u3044\u6226\u7565\u3068\u77e5\u8b58\u3001\u305d\u3057\u3066\u53b3\u683c\u306a\u30eb\u30fc\u30eb\u9075\u5b88\u3055\u3048\u3042\u308c\u3070\u3001\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u8cc7\u672c\u529b\u306e\u30cf\u30f3\u30c7\u3092\u8986\u3057\u3001\u8cc7\u7523\u3092\u5287\u7684\u306b\u62e1\u5927\u3067\u304d\u308b\u6700\u9ad8\u306e\u4e3b\u6226\u5834\u3067\u3059\u3002<\/p>\n<p data-path-to-node=\"105\">\u4e00\u6642\u7684\u306a\u5e02\u5834\u306e\u6d41\u884c\u3084\u4ed6\u4eba\u306e\u63a8\u5968\u9298\u67c4\u306b\u8eab\u3092\u59d4\u306d\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u300c\u4f01\u696d\u306e\u6210\u9577\u3092\u898b\u6975\u3081\u308b\u8ca1\u52d9\u5206\u6790\u529b\u300d\u300c\u30de\u30af\u30ed\u7d4c\u6e08\u3092\u8aad\u3080\u8996\u70b9\u300d\u300c\u81ea\u3089\u306e\u611f\u60c5\u3092\u5236\u5fa1\u3059\u308b\u8cc7\u91d1\u7ba1\u7406\u8853\u300d\u3068\u3044\u3046\u4e00\u751f\u30e2\u30ce\u306e\u6b66\u5668\u3092\u8eab\u306b\u3064\u3051\u3001\u81ea\u3089\u306e\u624b\u3067\u5e02\u5834\u3067\u52dd\u3061\u7d9a\u3051\u308b\u6295\u8cc7\u5bb6\u3092\u76ee\u6307\u3057\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<div><\/div>\n<div class=\"xcd-attention-8 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title\"><span style=\"font-size: 18pt;\">\u30d7\u30ed\u306e\u77e5\u8b58\u304c\u7121\u6599\u3067\u5b66\u3079\u307e\u3059<\/span><\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 14pt;\"><strong>\u300c\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u4f55\u304b\u3089\u3084\u3063\u3066\u3044\u3044\u304b\u308f\u304b\u3089\u306a\u3044\u300d\u300c\u6295\u8cc7\u3067\u8cc7\u7523\u3092\u4f5c\u308a\u305f\u3044\u3001\u53ce\u5165\u3092\u5897\u3084\u3057\u305f\u3044\u300d<\/strong><\/span><\/p>\n<p>\u305d\u3093\u306a\u6642\u306f<b><span class=\"f-marker-p\">\u7121\u6599\u3067\u8996\u8074\u3067\u304d\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u300c<a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">GFS\u76e3\u4fee 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