{"id":31922,"date":"2026-10-05T10:38:51","date_gmt":"2026-10-05T01:38:51","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=31922"},"modified":"2026-10-05T10:38:51","modified_gmt":"2026-10-05T01:38:51","slug":"ue-debt-free-company","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-debt-free-company","title":{"rendered":"\u3010\u91d1\u5229\u4e0a\u6607\u671f\u3011\u7121\u501f\u91d1\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u4f01\u696dvs\u30ec\u30d0\u30ec\u30c3\u30b8\u4f01\u696d\uff01\u6c7a\u7b97\u66f8\u306e\u8aad\u307f\u65b9\u3082\u89e3\u8aac"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u3010\u91d1\u5229\u4e0a\u6607\u671f\u3011\u7121\u501f\u91d1\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u4f01\u696dvs\u30ec\u30d0\u30ec\u30c3\u30b8\u4f01\u696d\uff01\u6c7a\u7b97\u66f8\u306e\u8aad\u307f\u65b9\u3082\u89e3\u8aac<\/h2>\n<p data-path-to-node=\"1\"><span>\u65e5\u672c\u7d4c\u6e08\u304a\u3088\u3073\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u306f\u4eca\u3001<\/span><span>\u6570\u5341\u5e74\u9593\u7d9a\u3044\u305f\u8d85\u4f4e\u91d1\u5229\u30fb\u30bc\u30ed\u91d1\u5229\u6642\u4ee3\u304b\u3089\u300c\u91d1\u5229\u304c\u5b58\u5728\u3059\u308b\u4e16\u754c\u300d\u3078\u3068\u6b74\u53f2\u7684\u306a\u69cb\u9020\u5909\u5316\u3092\u9042\u3052\u3066\u3044\u307e\u3059\u3002<\/span><span>\u653f\u7b56\u91d1\u5229\u306e\u5f15\u304d\u4e0a\u3052\u3084\u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u306e\u9ad8\u307e\u308a\u306b\u4f34\u3044\u3001<\/span><span>\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u57fa\u8abf\u304c\u5b9a\u7740\u3057\u3064\u3064\u3042\u308b\u73fe\u5728\u3001<\/span><span>\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3051\u308b\u9298\u67c4\u9078\u5b9a\u306e\u30d1\u30e9\u30c0\u30a4\u30e0\uff08\u8a55\u4fa1\u57fa\u6e96\uff09\u3082\u5287\u7684\u306a\u8ee2\u63db\u3092\u8feb\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"2\"><span>\u672c\u8a18\u4e8b\u3067\u306f\u3001<\/span><strong><\/strong><span class=\"f-marker-p\"><strong>\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u306b\u304a\u3044\u3066\u811a\u5149\u3092\u6d74\u3073\u308b\u300c\u7121\u501f\u91d1\u3067\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u306a\u4f01\u696d\u300d\u3068\u3001\u3042\u3048\u3066\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u6d3b\u7528\u3057\u3066\u6025\u901f\u6210\u9577\u3092\u72d9\u3046\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u4f01\u696d\u300d\u306e\u69cb\u9020\u7684\u9055\u3044\u3092\u3001\u8ca1\u52d9\u6307\u6a19\uff08ROE\u30fbROIC\u30fbROA\u7b49\uff09\u3001\u4ee3\u8868\u7684\u306a\u5177\u4f53\u9298\u67c4\u3001\u7d4c\u55b6\u6226\u7565\u3001<\/strong><span><strong>\u305d\u3057\u3066\u91d1\u5229\u30a4\u30f3\u30d1\u30af\u30c8\u306e\u89b3\u70b9\u304b\u3089\u5305\u62ec\u7684\u306b\u89e3\u5256\u3057\u307e\u3059<\/strong><\/span><\/span><span>\u3002<\/span><span>\u3055\u3089\u306b\u3001<\/span><span>\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u306e\u5b9f\u8df5\u624b\u9806\u3001<\/span><span>\u521d\u5fc3\u8005\u3067\u3082\u4f01\u696d\u306e\u6c7a\u7b97\u66f8\uff08\u8cb8\u501f\u5bfe\u7167\u8868\u30fb\u640d\u76ca\u8a08\u7b97\u66f8\uff09\u3092\u8aad\u307f\u89e3\u3051\u308b\u30dd\u30a4\u30f3\u30c8\u3001<\/span><span>\u305d\u3057\u3066\u306a\u305c\u73fe\u4ee3\u306b\u304a\u3044\u3066\u91d1\u878d\u30fb\u6295\u8cc7\u306e\u77e5\u8b58\u304c\u4e0d\u53ef\u6b20\u306a\u306e\u304b\u3092\u4f53\u7cfb\u7684\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><\/p>\n<div>\n<div class=\"attention a-1\">\n<p style=\"text-align: left;\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg\" alt=\"\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\" width=\"110\" height=\"110\" class=\"wp-image-2102 alignnone\" srcset=\"https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa.jpg 700w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-300x300.jpg 300w, https:\/\/official.gfs.tokyo\/blog\/wp-content\/uploads\/2022\/03\/yuichiro_ichikawa-150x150.jpg 150w\" sizes=\"(max-width: 110px) 100vw, 110px\" \/>\u3000<strong>\u76e3\u4fee\u8005\uff1a\u5e02\u5ddd\u96c4\u4e00\u90ce\u3000<\/strong><br \/>\n<span style=\"font-size: 10pt;\"><a href=\"https:\/\/official.gfs.tokyo\/\">GFS<\/a>\u6821\u9577\u3002CFP\u00ae\u30021\u7d1a\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u6280\u80fd\u58eb(\u8cc7\u7523\u8a2d\u8a08\u63d0\u6848\u696d\u52d9)\u3002<a href=\"https:\/\/www.jafp.or.jp\/\">\u65e5\u672cFP\u5354\u4f1a<\/a>\u4f1a\u54e1\u3002\u65e5\u672cFP\u5b66\u4f1a\u4f1a\u54e1\u3002\u00a0<a href=\"https:\/\/mba.globis.ac.jp\/\">\u30b0\u30ed\u30fc\u30d3\u30b9\u7d4c\u55b6\u5927\u5b66\u9662<\/a>\u4fee\u4e86(MBA\/\u7d4c\u55b6\u5b66\u4fee\u58eb)\u3002<\/span><br \/>\n<span style=\"font-size: 10pt;\">\u65e5\u672c\u306eFP\u306e\u5148\u99c6\u8005\u3068\u3057\u3066\u8cc7\u7523\u904b\u7528\u306e\u5553\u8499\u306b\u5f93\u4e8b\u3002\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\u304c\u5275\u8a2d\u3057\u305f\u79c1\u7acb<a href=\"https:\/\/www.cyber-u.ac.jp\/teacher\/ichikawa_yuichiro.html\">\u30b5\u30a4\u30d0\u30fc\u5927\u5b66<\/a>\u3067\u6559\u97ad\u3092\u57f7\u308b\u307b\u304b\u3001\u8b1b\u6f14\u4f9d\u983c\u3001\u30e1\u30c7\u30a3\u30a2\u51fa\u6f14\u3082\u591a\u6570\u3002\u8457\u66f8\u306b<a href=\"https:\/\/www.amazon.co.jp\/%E6%8A%95%E8%B3%87%E3%81%A7%E5%88%A9%E7%9B%8A%E3%82%92%E5%87%BA%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B%E4%BA%BA%E3%81%9F%E3%81%A1%E3%81%8C%E5%A4%A7%E4%BA%8B%E3%81%AB%E3%81%97%E3%81%A6%E3%81%84%E3%82%8B-45%E3%81%AE%E6%95%99%E3%81%88-%E5%B8%82%E5%B7%9D-%E9%9B%84%E4%B8%80%E9%83%8E\/dp\/4532358825\">\u300c\u6295\u8cc7\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u4eba\u305f\u3061\u304c\u5927\u4e8b\u306b\u3057\u3066\u3044\u308b 45\u306e\u6559\u3048\u300d\uff08\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u51fa\u7248\uff09<\/a><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10pt;\">\u516c\u5f0fX \u30a2\u30ab\u30a6\u30f3\u30c8\u3000<a href=\"https:\/\/twitter.com\/ichikawa_toushi\">\u5e02\u5ddd\u96c4\u4e00\u90ce@\u304a\u91d1\u306e\u5b66\u6821 \u6821\u9577<\/a><\/span><\/p>\n<\/div>\n<\/div>\n<h2 data-path-to-node=\"4\">\u7b2c1\u7ae0 \u91d1\u5229\u4e0a\u6607\u57fa\u8abf\u3068\u682a\u5f0f\u5e02\u5834\u306e\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8<\/h2>\n<h3 data-path-to-node=\"5\">1.1 \u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u5229\u4e0a\u3052\u30e9\u30c3\u30b7\u30e5\u3068\u30a4\u30f3\u30d5\u30ec\u74b0\u5883<\/h3>\n<p data-path-to-node=\"6\"><span>\u4e16\u754c\u7684\u306a\u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u3084\u8cc7\u6e90\u4fa1\u683c\u306e\u5909\u52d5\u3001<\/span><span>\u4e3b\u8981\u56fd\u306e\u8ca1\u653f\u62e1\u5f35\u50be\u5411\u3092\u80cc\u666f\u306b\u3001<\/span><span>\u4e3b\u8981\u4e2d\u592e\u9280\u884c\uff08FRB\u3001<\/span><span>ECB\u3001<\/span><span>\u65e5\u672c\u9280\u884c\uff09\u306f\u91d1\u878d\u653f\u7b56\u306e\u6b63\u5e38\u5316\u30fb\u5f15\u304d\u7de0\u3081\u3078\u3068\u8235\u3092\u5207\u308a\u307e\u3057\u305f\u3002<\/span><span>\u4f4e\u91d1\u5229\u4e0b\u3067\u8a31\u5bb9\u3055\u308c\u3066\u3044\u305f\u300c\u8ca0\u50b5\u306b\u983c\u3063\u305f\u62e1\u5927\u30e2\u30c7\u30eb\u300d\u306f\u30b3\u30b9\u30c8\u4e0a\u6607\u306e\u30ea\u30b9\u30af\u306b\u76f4\u9762\u3057\u3066\u304a\u308a\u3001<\/span><span>\u682a\u5f0f\u5e02\u5834\u3067\u306f\u91d1\u5229\u4e0a\u6607\u3092\u30e1\u30a4\u30f3\u30b7\u30ca\u30ea\u30aa\u3068\u3057\u3066\u6295\u8cc7\u6226\u7565\u3092\u518d\u69cb\u7bc9\u3059\u308b\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"7\"><span>\u4e00\u822c\u7684\u306b\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u3067\u306f\u3001<\/span><span>\u5229\u30b6\u30e4\u62e1\u5927\u304c\u671f\u5f85\u3067\u304d\u308b\u9280\u884c\u306a\u3069\u306e\u91d1\u878d\u682a\u3084\u3001<\/span><span>\u30a4\u30f3\u30d5\u30ec\u306b\u5f37\u3044\u8cc7\u6e90\u30fb\u7d20\u6750\u95a2\u9023\u682a\u304c\u6ce8\u76ee\u3055\u308c\u307e\u3059\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span>\u4f01\u696d\u306e\u300c\u8ca1\u52d9\u69cb\u9020\u300d\u305d\u306e\u3082\u306e\u306b\u7740\u76ee\u3057\u305f\u6642\u3001<\/span><span>\u3088\u308a\u672c\u8cea\u7684\u306a\u5f37\u307f\u3092\u767a\u63ee\u3059\u308b\u306e\u304c\u300c\u7121\u501f\u91d1\uff08\u6709\u5229\u5b50\u8ca0\u50b5\u30bc\u30ed\uff09\u300d\u304b\u3064\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\uff08\u8c4a\u5bcc\u306a\u73fe\u9810\u91d1\u3092\u4fdd\u6709\uff09\u300d\u306a\u4f01\u696d\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"8\">1.2 \u91d1\u5229\u4e0a\u6607\u304c\u3082\u305f\u3089\u3059\u4f01\u696d\u8ca1\u52d9\u3078\u306e\u4e8c\u6975\u5316<\/h3>\n<p data-path-to-node=\"9\"><span>\u91d1\u5229\u306e\u4e0a\u6607\u306f\u3001<\/span><span>\u4f01\u696d\u306e\u8cb8\u501f\u5bfe\u7167\u8868\uff08B\/S\uff09\u3068\u640d\u76ca\u8a08\u7b97\u66f8\uff08P\/L\uff09\u306b\u5bfe\u3057\u3066\u660e\u78ba\u306a\u4e8c\u6975\u5316\u3092\u3082\u305f\u3089\u3057\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"10\">\n<li>\n<p data-path-to-node=\"10,0,0\"><b data-path-to-node=\"10,0,0\" data-index-in-node=\"0\">\u6709\u5229\u5b50\u8ca0\u50b5\u304c\u591a\u3044\u4f01\u696d<\/b><span>\uff1a\u501f\u5165\u91d1\u306e\u5229\u6255\u3044\u8ca0\u62c5\u304c\u6025\u5897\u3057\u3001<\/span><span>\u55b6\u696d\u5916\u8cbb\u7528\u304c\u81a8\u3089\u3080\u3053\u3068\u3067\u6700\u7d42\u5229\u76ca\uff08\u7d14\u5229\u76ca\uff09\u304c\u5727\u8feb\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"10,1,0\"><b data-path-to-node=\"10,1,0\" data-index-in-node=\"0\">\u7121\u501f\u91d1\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u4f01\u696d<\/b><span>\uff1a\u5229\u6255\u3044\u8ca0\u62c5\u304c\u30bc\u30ed\u3067\u3042\u308b\u305f\u3081\u696d\u7e3e\u60aa\u5316\u30ea\u30b9\u30af\u304c\u306a\u3044\u3070\u304b\u308a\u304b\u3001<\/span><span>\u4fdd\u6709\u3059\u308b\u81a8\u5927\u306a\u9810\u91d1\u306e\u53d7\u53d6\u5229\u606f\u304c\u5897\u52a0\u3057\u3001<\/span><span>\u3080\u3057\u308d\u7d14\u5229\u76ca\u304c\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b\u300c\u8ffd\u3044\u98a8\u300d\u3092\u53d7\u3051\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"12\">\u7b2c2\u7ae0 \u300c\u7121\u501f\u91d1\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u4f01\u696d\u300d\u306e\u89e3\u5256<\/h2>\n<h3 data-path-to-node=\"13\">2.1 \u5b9a\u7fa9\u3068\u672c\u8cea\u7684\u306a\u7279\u5fb4<\/h3>\n<p data-path-to-node=\"14\"><span>\u300c\u7121\u501f\u91d1\u4f01\u696d\u300d\u3068\u306f\u3001<\/span><span>\u77ed\u671f\u501f\u5165\u91d1\u3001<\/span><span>\u9577\u671f\u501f\u5165\u91d1\u3001<\/span><span>1\u5e74\u4ee5\u5185\u306b\u8fd4\u6e08\u4e88\u5b9a\u306e\u9577\u671f\u501f\u5165\u91d1\u3001<\/span><span>\u793e\u50b5\u3001<\/span><span>\u30ea\u30fc\u30b9\u50b5\u52d9\u306a\u3069\u306e\u6709\u5229\u5b50\u8ca0\u50b5\u304c\u5b9f\u8cea\u7684\u306b\u30bc\u30ed\u3067\u3042\u308b\u8ca1\u653f\u72b6\u614b\u3092\u6307\u3057\u307e\u3059\u3002<\/span><span>\u307e\u305f\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u4f01\u696d\u300d\u3068\u306f\u3001<\/span><span>\u7dcf\u8cc7\u7523\u306b\u5360\u3081\u308b\u73fe\u9810\u91d1\u3084\u6709\u4fa1\u8a3c\u5238\u306e\u5272\u5408\u304c\u975e\u5e38\u306b\u9ad8\u304f\u3001<\/span><span>\u5b9f\u8cea\u7684\u306a\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\uff08\u73fe\u9810\u91d1 \uff0d \u6709\u5229\u5b50\u8ca0\u50b5\uff09\u304c\u5de8\u984d\u3067\u3042\u308b\u4f01\u696d\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"15\">2.2 \u7121\u501f\u91d1\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u7d4c\u55b6\u3092\u9078\u30765\u3064\u306e\u7406\u7531<\/h3>\n<ol start=\"1\" data-path-to-node=\"16\">\n<li>\n<p data-path-to-node=\"16,0,0\"><b data-path-to-node=\"16,0,0\" data-index-in-node=\"0\">\u8cc7\u91d1\u30b7\u30e7\u30fc\u30c8\uff08\u5012\u7523\u30ea\u30b9\u30af\uff09\u3092\u9650\u308a\u306a\u304f\u30bc\u30ed\u306b\u3059\u308b<\/b><span> \u4f01\u696d\u7834\u7dbb\u306e\u771f\u306e\u539f\u56e0\u306f\u8d64\u5b57\u3067\u306f\u306a\u304f\u624b\u5143\u8cc7\u91d1\u306e\u67af\u6e07\u3067\u3059\u3002<\/span><span>\u9700\u8981\u5909\u52d5\u3084\u4e0d\u6cc1\u304c\u6765\u3066\u3082\u6bce\u6708\u306e\u8fd4\u6e08\u306b\u8ffd\u308f\u308c\u306a\u3044\u305f\u3081\u3001<\/span><span>\u4e8b\u696d\u7d99\u7d9a\u6027\u304c\u6975\u3081\u3066\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/span><span>\u534a\u5c0e\u4f53\u3084\u30b2\u30fc\u30e0\u306a\u3069\u3001<\/span><span>\u666f\u6c17\u3084\u9700\u8981\u306e\u6ce2\u304c\u6fc0\u3057\u3044\u696d\u754c\u3067\u306f\u7279\u306b\u5f37\u529b\u306a\u7af6\u5408\u512a\u4f4d\u6027\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,1,0\"><b data-path-to-node=\"16,1,0\" data-index-in-node=\"0\">\u9577\u671f\u7684\u304b\u3064\u6a5f\u52d5\u7684\u306a\u7d4c\u55b6\u5224\u65ad<\/b><span> \u9280\u884c\u3084\u50b5\u6a29\u8005\u306e\u610f\u5411\u30fb\u8ca1\u52d9\u5236\u9650\u6761\u9805\u306b\u7e1b\u3089\u308c\u308b\u3053\u3068\u306a\u304f\u3001<\/span><span>5\u5e74\u30fb10\u5e74\u5148\u3092\u898b\u636e\u3048\u305fR&amp;D\uff08\u7814\u7a76\u958b\u767a\uff09\u3084\u5927\u898f\u6a21\u306aM&amp;A\u3092\u81ea\u793e\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u6c7a\u5b9a\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,2,0\"><b data-path-to-node=\"16,2,0\" data-index-in-node=\"0\">\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u4e0a\u306e\u4f4e\u8cc7\u672c\u8981\u4ef6\uff08\u30d5\u30a1\u30d6\u30ec\u30b9\u7b49\uff09<\/b><span> \u81ea\u793e\u3067\u5de8\u5927\u306a\u5de5\u5834\u3092\u6301\u305f\u306a\u3044\u300c\u30d5\u30a1\u30d6\u30ec\u30b9\u5f62\u614b\u300d\u3084\u300cIT\u30fb\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u4e8b\u696d\u300d\u3067\u306f\u3001<\/span><span>\u83ab\u5927\u306a\u8a2d\u5099\u6295\u8cc7\u3092\u5fc5\u8981\u3068\u3057\u306a\u3044\u305f\u3081\u3001<\/span><span>\u4e8b\u696d\u3067\u7a3c\u3044\u3060\u30ad\u30e3\u30c3\u30b7\u30e5\u3060\u3051\u3067\u6210\u9577\u8cc7\u91d1\u3092\u5b8c\u5168\u306b\u8cc4\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,3,0\"><b data-path-to-node=\"16,3,0\" data-index-in-node=\"0\">\u53d6\u5f15\u5148\u304b\u3089\u306e\u5727\u5012\u7684\u306a\u4fe1\u7528\u529b<\/b><span> BtoB\u53d6\u5f15\u306b\u304a\u3044\u3066\u300c\u7d76\u5bfe\u306b\u6f70\u308c\u306a\u3044\u8ca1\u52d9\u57fa\u76e4\u300d\u306f\u5f37\u529b\u306a\u7af6\u4e89\u512a\u4f4d\u6027\u3068\u306a\u308a\u307e\u3059\u3002<\/span><span>\u5c0e\u5165\u3057\u305f\u30b7\u30b9\u30c6\u30e0\u3084\u90e8\u54c1\u3092\u9577\u671f\u9593\u4f7f\u3044\u7d9a\u3051\u308b\u9867\u5ba2\u306b\u3068\u3063\u3066\u3001<\/span><span>\u8ca1\u52d9\u7684\u306a\u5b89\u5b9a\u6027\u306f\u5927\u304d\u306a\u4fe1\u983c\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,4,0\"><b data-path-to-node=\"16,4,0\" data-index-in-node=\"0\">\u91d1\u5229\u4e0a\u6607\u671f\u306b\u304a\u3051\u308b\u69cb\u9020\u7684\u512a\u4f4d\u6027<\/b><span> \u5229\u6255\u3044\u8ca0\u62c5\u304c\u5897\u3048\u306a\u3044\u3069\u3053\u308d\u304b\u3001<\/span><span>\u91d1\u5229\u4e0a\u6607\u304c\u300c\u904b\u7528\u5229\u606f\u306e\u5897\u52a0\u300d\u3068\u3044\u3046\u30c0\u30a4\u30ec\u30af\u30c8\u306a\u5229\u76ca\u5411\u4e0a\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"17\">2.3 \u65e5\u672c\u306e\u4ee3\u8868\u7684\u306a\u7121\u501f\u91d1\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u9298\u67c4<\/h3>\n<p data-path-to-node=\"18\"><span>\u65e5\u672c\u306e\u682a\u5f0f\u5e02\u5834\u306b\u306f\u3001<\/span><span>\u4e16\u754c\u7684\u306a\u7af6\u4e89\u529b\u3092\u6301\u3061\u306a\u304c\u3089\u9244\u58c1\u306e\u8ca1\u52d9\u57fa\u76e4\u3092\u8a87\u308b\u4f01\u696d\u304c\u591a\u6570\u5b58\u5728\u3057\u307e\u3059\u3002<\/span><\/p>\n<table data-path-to-node=\"19\">\n<thead>\n<tr>\n<td><strong>\u4f01\u696d\u540d\uff08\u8a3c\u5238\u30b3\u30fc\u30c9\uff09<\/strong><\/td>\n<td><strong>\u4e3b\u306a\u4e8b\u696d\u9818\u57df<\/strong><\/td>\n<td><strong>\u8ca1\u52d9\u30fb\u7d4c\u55b6\u306e\u30dd\u30a4\u30f3\u30c8<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"19,1,0,0\"><b data-path-to-node=\"19,1,0,0\" data-index-in-node=\"0\">\u30ad\u30fc\u30a8\u30f3\u30b9\uff086861\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,1,1,0\">FA\u7528\u30bb\u30f3\u30b5\u30fc\u30fb\u6e2c\u5b9a\u5668<\/span><\/td>\n<td><span data-path-to-node=\"19,1,2,0\">\u30d5\u30a1\u30d6\u30ec\u30b9\u7d4c\u55b6\u306b\u3088\u308a\u55b6\u696d\u5229\u76ca\u738750%\u524d\u5f8c\u3092\u9054\u6210\u3002\u501f\u5165\u91d1\u30bc\u30ed\u3067\u6570\u5343\u5104\u5186\u898f\u6a21\u306e\u73fe\u9810\u91d1\u3092\u4fdd\u6709\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,2,0,0\"><b data-path-to-node=\"19,2,0,0\" data-index-in-node=\"0\">\u4efb\u5929\u5802\uff087974\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,2,1,0\">\u30b2\u30fc\u30e0\u6a5f\u30fb\u30bd\u30d5\u30c8<\/span><\/td>\n<td><span data-path-to-node=\"19,2,2,0\">1.5\u5146\u5186\u898f\u6a21\u306e\u73fe\u9810\u91d1\u3092\u4fdd\u6709\u3002\u30d2\u30c3\u30c8\u306e\u6ce2\u304c\u6fc0\u3057\u3044\u696d\u754c\u3067\u4e0d\u632f\u671f\u3092\u8010\u3048\u629c\u304d\u6b21\u4e16\u4ee3\u6a5f\u3092\u958b\u767a\u3059\u308b\u9632\u58c1\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,3,0,0\"><b data-path-to-node=\"19,3,0,0\" data-index-in-node=\"0\">\u4fe1\u8d8a\u5316\u5b66\u5de5\u696d\uff084063\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,3,1,0\">\u30b7\u30ea\u30b3\u30f3\u30a6\u30a7\u30fc\u30cf\u30fb\u5869\u30d3<\/span><\/td>\n<td><span data-path-to-node=\"19,3,2,0\">\u7dcf\u5408\u5316\u5b66\u5927\u624b\u3067\u3042\u308a\u306a\u304c\u3089\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e51\u5146\u5186\u898f\u6a21\u3002\u5727\u5012\u7684\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u5275\u51fa\u529b\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,4,0,0\"><b data-path-to-node=\"19,4,0,0\" data-index-in-node=\"0\">\u30c7\u30a3\u30b9\u30b3\uff086146\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,4,1,0\">\u534a\u5c0e\u4f53\u5207\u65ad\u30fb\u7814\u524a\u88c5\u7f6e<\/span><\/td>\n<td><span data-path-to-node=\"19,4,2,0\">\u4e16\u754c\u30b7\u30a7\u30a2\u30c8\u30c3\u30d7\u306e\u6280\u8853\u529b\u3002\u9ad8\u53ce\u76ca\u306a\u4e8b\u696d\u304b\u3089\u751f\u307e\u308c\u308b\u81ea\u5df1\u8cc7\u91d1\u3067\u6210\u9577\u6295\u8cc7\u3092\u5b8c\u5168\u30ab\u30d0\u30fc\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,5,0,0\"><b data-path-to-node=\"19,5,0,0\" data-index-in-node=\"0\">\u30aa\u30fc\u30d3\u30c3\u30af\uff084684\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,5,1,0\">\u7d71\u5408\u696d\u52d9\u30bd\u30d5\u30c8\uff08ERP\uff09<\/span><\/td>\n<td><span data-path-to-node=\"19,5,2,0\">\u9ad8\u5229\u76ca\u7387\u306820\u671f\u4ee5\u4e0a\u306e\u9023\u7d9a\u6700\u9ad8\u76ca\u3092\u80cc\u666f\u306b\u6f64\u6ca2\u306a\u624b\u5143\u8cc7\u91d1\u3092\u84c4\u7a4d\u3002\u9ad8ROE\u3068\u7121\u501f\u91d1\u3092\u4e21\u7acb\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,6,0,0\"><b data-path-to-node=\"19,6,0,0\" data-index-in-node=\"0\">\u30d7\u30e9\u30b9\u30a2\u30eb\u30d5\u30a1\u30fb\u30b3\u30f3\u30b5\u30eb\uff084071\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,6,1,0\">\u30bf\u30ec\u30f3\u30c8\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u7b49<\/span><\/td>\n<td><span data-path-to-node=\"19,6,2,0\">\u300c\u30bf\u30ec\u30f3\u30c8\u30d1\u30ec\u30c3\u30c8\u300d\u7b49\u3092\u5c55\u958b\u3002\u7121\u501f\u91d1\u304b\u3064\u9ad8\u6210\u9577\u3092\u7dad\u6301\u3059\u308b\u30c7\u30fc\u30bf\u30a2\u30ca\u30ea\u30c6\u30a3\u30af\u30b9\u4f01\u696d\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"19,7,0,0\"><b data-path-to-node=\"19,7,0,0\" data-index-in-node=\"0\">\u30ab\u30d7\u30b3\u30f3\uff089697\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"19,7,1,0\">\u30b2\u30fc\u30e0\u30b3\u30f3\u30c6\u30f3\u30c4<\/span><\/td>\n<td><span data-path-to-node=\"19,7,2,0\">\u30b0\u30ed\u30fc\u30d0\u30ebIP\u306e\u30c7\u30b8\u30bf\u30eb\u8ca9\u58f2\u3067\u5229\u76ca\u7387\u304c\u5411\u4e0a\u3002\u5805\u5b9f\u306a\u8ca1\u52d9\u57fa\u76e4\u3067\u958b\u767a\u6295\u8cc7\u3092\u7d99\u7d9a\u3002<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 data-path-to-node=\"21\">\u7b2c3\u7ae0 \u5bfe\u6975\u306b\u4f4d\u7f6e\u3059\u308b\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u7d4c\u55b6\uff08\u8ca0\u50b5\u6d3b\u7528\uff09\u300d\u3068\u306e\u5fb9\u5e95\u6bd4\u8f03<\/h2>\n<p data-path-to-node=\"22\"><span>\u5bfe\u7167\u7684\u306b\u3001<\/span><span class=\"\">\u3042\u3048\u3066\u9280\u884c\u501f\u5165\u3084\u793e\u50b5\u767a\u884c\u306b\u3088\u3063\u3066\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5897\u3084\u3057\u3001<\/span><span>\u4e8b\u696d\u3092\u6025\u901f\u306b\u62e1\u5927\u3055\u305b\u308b\u624b\u6cd5\u3092\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u3066\u3053\u5165\u308c\uff09\u7d4c\u55b6\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"23\">3.1 \u30ec\u30d0\u30ec\u30c3\u30b8\u7d4c\u55b6\u306e\u4ee3\u8868\u683c\uff1a\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30b0\u30eb\u30fc\u30d7\uff089984\uff09<\/h3>\n<ul data-path-to-node=\"24\">\n<li>\n<p data-path-to-node=\"24,0,0\"><b data-path-to-node=\"24,0,0\" data-index-in-node=\"0\">\u6226\u7565<\/b><span>\uff1a\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5341\u6570\u5146\u5186\u898f\u6a21\u307e\u3067\u6d3b\u7528\u3002<\/span><span>\u4e16\u754c\u4e2d\u306e\u6295\u8cc7\u5bb6\u3084\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3001<\/span><span>ARM\u8cb7\u53ce\u3084\u30d3\u30b8\u30e7\u30f3\u30fb\u30d5\u30a1\u30f3\u30c9\u3092\u901a\u3058\u305f\u30b0\u30ed\u30fc\u30d0\u30ebIT\/AI\u4f01\u696d\u3078\u306e\u5de8\u984d\u6295\u8cc7\u3092\u4e00\u6c17\u306b\u65ad\u884c\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"24,1,0\"><b data-path-to-node=\"24,1,0\" data-index-in-node=\"0\">\u76ee\u7684<\/b><span>\uff1a\u6280\u8853\u9769\u65b0\u304c\u8457\u3057\u3044\u5e02\u5834\u306b\u304a\u3044\u3066\u300c\u81ea\u793e\u306e\u5229\u76ca\u304c\u8caf\u307e\u308b\u306e\u3092\u5f85\u3064\u300d\u6642\u9593\u3092\u7701\u304d\u3001<\/span><span>\u4ed6\u4eba\u306e\u8cc7\u672c\u3092\u4f7f\u3063\u3066\u300c\u6642\u9593\u3068\u5e02\u5834\u30b7\u30a7\u30a2\u3092\u8cb7\u3044\u53d6\u308b\u300d\u3053\u3068\u3067\u7206\u767a\u7684\u306a\u6210\u9577\u3092\u5b9f\u73fe\u3059\u308b\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"25\">3.2 \u7121\u501f\u91d1\u7d4c\u55b6 vs \u30ec\u30d0\u30ec\u30c3\u30b8\u7d4c\u55b6\u306e\u6bd4\u8f03\u4e00\u89a7<\/h3>\n<table data-path-to-node=\"26\">\n<thead>\n<tr>\n<td><strong>\u6bd4\u8f03\u8ef8<\/strong><\/td>\n<td><strong>\u7121\u501f\u91d1\u7d4c\u55b6\uff08\u4f8b\uff1a\u4efb\u5929\u5802\u3001\u30ad\u30fc\u30a8\u30f3\u30b9\uff09<\/strong><\/td>\n<td><strong>\u30ec\u30d0\u30ec\u30c3\u30b8\u7d4c\u55b6\uff08\u4f8b\uff1a\u30bd\u30d5\u30c8\u30d0\u30f3\u30afG\u3001\u30a4\u30f3\u30d5\u30e9\u30fb\u4e0d\u52d5\u7523\uff09<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"26,1,0,0\"><b data-path-to-node=\"26,1,0,0\" data-index-in-node=\"0\">\u8cc7\u91d1\u8abf\u9054\u306e\u6e90\u6cc9<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,1,1,0\">\u55b6\u696d\u6d3b\u52d5\u3067\u5f97\u305f\u81ea\u793e\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\uff08\u81ea\u5df1\u8cc7\u672c\uff09<\/span><\/td>\n<td><span data-path-to-node=\"26,1,2,0\">\u9280\u884c\u501f\u5165\u3001\u793e\u50b5\u3001\u7b2c\u4e09\u8005\u5272\u5f53\u5897\u8cc7\uff08\u4ed6\u8005\u8cc7\u672c\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"26,2,0,0\"><b data-path-to-node=\"26,2,0,0\" data-index-in-node=\"0\">\u6210\u9577\u30b9\u30d4\u30fc\u30c9<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,2,1,0\">\u7740\u5b9f\u30fb\u6301\u7d9a\u7684\uff08\u81ea\u5df1\u8cc7\u91d1\u306e\u7bc4\u56f2\u5185\uff09<\/span><\/td>\n<td><span data-path-to-node=\"26,2,2,0\"><b data-path-to-node=\"26,2,2,0\" data-index-in-node=\"0\">\u6975\u3081\u3066\u30b9\u30d4\u30fc\u30c7\u30a3<\/b>\uff08\u8cc7\u672c\u306e\u300c\u3066\u3053\u300d\u3092\u6d3b\u7528\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"26,3,0,0\"><b data-path-to-node=\"26,3,0,0\" data-index-in-node=\"0\">\u4e0d\u6cc1\u30fb\u91d1\u5229\u4e0a\u6607\u3078\u306e\u8010\u6027<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,3,1,0\"><b data-path-to-node=\"26,3,1,0\" data-index-in-node=\"0\">\u6975\u3081\u3066\u5f37\u3044<\/b>\uff08\u5012\u7523\u30ea\u30b9\u30af\u306a\u3057\u30fb\u5229\u606f\u53ce\u5165\u5897\uff09<\/span><\/td>\n<td><span data-path-to-node=\"26,3,2,0\"><b data-path-to-node=\"26,3,2,0\" data-index-in-node=\"0\">\u5f31\u3044<\/b>\uff08\u5229\u6255\u3044\u8ca0\u62c5\u6025\u5897\u30fb\u8cc7\u91d1\u7e70\u308a\u518d\u69cb\u7bc9\u304c\u5fc5\u8981\uff09<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"26,4,0,0\"><b data-path-to-node=\"26,4,0,0\" data-index-in-node=\"0\">\u4e3b\u306a\u8ab2\u984c\u30fb\u6279\u5224<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,4,1,0\">\u300c\u8cc7\u672c\u52b9\u7387\uff08ROE\uff09\u304c\u4f4e\u3044\u300d\u300c\u73fe\u91d1\u306e\u6e9c\u3081\u8fbc\u307f\u300d<\/span><\/td>\n<td><span data-path-to-node=\"26,4,2,0\">\u300c\u8ca1\u52d9\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u300d\u300c\u50b5\u52d9\u904e\u591a\u306b\u3088\u308b\u7834\u305f\u3093\u61f8\u5ff5\u300d<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"26,5,0,0\"><b data-path-to-node=\"26,5,0,0\" data-index-in-node=\"0\">\u9069\u3057\u305f\u696d\u754c<\/b><\/span><\/td>\n<td><span data-path-to-node=\"26,5,1,0\">\u30a8\u30f3\u30bf\u30e1\u3001IT\/\u30bd\u30d5\u30c8\u3001\u9ad8\u7c97\u5229BtoB\u3001\u30d5\u30a1\u30d6\u30ec\u30b9<\/span><\/td>\n<td><span data-path-to-node=\"26,5,2,0\">\u901a\u4fe1\u3001\u4e0d\u52d5\u7523\u3001\u30a4\u30f3\u30d5\u30e9\u3001\u6025\u901f\u62e1\u5927\u3092\u72d9\u3046\u30e1\u30ac\u30d9\u30f3\u30c1\u30e3\u30fc<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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=\"28\">\u7b2c4\u7ae0 \u8ca1\u52d9\u6307\u6a19\uff08ROE\u30fbROIC\u30fbROA\uff09\u306b\u898b\u308b\u672c\u8cea\u7684\u306a\u5909\u5316<\/h2>\n<p data-path-to-node=\"29\"><span>\u8ca1\u52d9\u69cb\u9020\u306e\u9055\u3044\u306f\u3001<\/span><span>\u682a\u5f0f\u5e02\u5834\u304c\u4f01\u696d\u3092\u8a55\u4fa1\u3059\u308b\u969b\u306e\u4e3b\u8981\u6307\u6a19\uff08ROE\u3001<\/span><span>ROIC\u3001<\/span><span>ROA\uff09\u306b\u6c7a\u5b9a\u7684\u306a\u9055\u3044\u3092\u751f\u307f\u51fa\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"30\">4.1 \u5177\u4f53\u7684\u306a\u6570\u5024\u30e2\u30c7\u30eb\u306b\u3088\u308b\u6bd4\u8f03<\/h3>\n<p data-path-to-node=\"31\"><span>\u4e8b\u696d\u3067\u7a3c\u3050\u5229\u76ca\uff08EBIT\uff1a\u652f\u6255\u5229\u606f\u524d\u30fb\u7a0e\u5f15\u524d\u5229\u76ca\uff09\u304c<\/span><b data-path-to-node=\"31\" data-index-in-node=\"26\">100\u5104\u5186<\/b><span>\u3001<\/span><span>\u5b9f\u52b9\u7a0e\u738730%\u306e2\u793e\u3092\u6bd4\u3079\u307e\u3059\u3002<\/span><\/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\">\u7121\u501f\u91d1\u4f01\u696d A\u793e<\/b><span>\uff1a\u81ea\u5df1\u8cc7\u672c 1,<\/span><span>000\u5104\u5186\u3001<\/span><span>\u501f\u5165\u91d1 0\u5186\uff08\u91d1\u5229 0%\uff09<\/span><\/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\">\u30ec\u30d0\u30ec\u30c3\u30b8\u4f01\u696d B\u793e<\/b><span>\uff1a\u81ea\u5df1\u8cc7\u672c 500\u5104\u5186\u3001<\/span><span>\u501f\u5165\u91d1 500\u5104\u5186\uff08\u91d1\u5229 2%\uff1d\u652f\u6255\u5229\u606f 10\u5104\u5186\uff09<\/span><\/p>\n<\/li>\n<\/ul>\n<p><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c70665899=\"\" class=\"ng-tns-c70665899-3802 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c70665899=\"\" class=\"code-block ng-tns-c70665899-3802 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl8zYWVmNTgxYjFlMmEzZmQ4IiwiY18xMDZlZDhlNWFmNmI5N2ZmIixudWxsLCJyY19kYzIwYTAxZTI0YjJiMjIwIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c70665899=\"\" class=\"formatted-code-block-internal-container ng-tns-c70665899-3802\">\n<div _ngcontent-ng-c70665899=\"\" class=\"animated-opacity ng-tns-c70665899-3802\">\n<pre _ngcontent-ng-c70665899=\"\" class=\"ng-tns-c70665899-3802\"><code _ngcontent-ng-c70665899=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c70665899-3802 no-decoration-radius\">[ A\u793e\uff08\u7121\u501f\u91d1\uff09 ]  EBIT: 100\u5104\u5186 \u2500\u2500 \u652f\u6255\u5229\u606f: 0\u5104\u5186  \u2500\u2500 \u7a0e\u5f8c\u5229\u76ca: 70\u5104\u5186\r\n[ B\u793e\uff08\u8ca0\u50b5500\u5104\uff09] EBIT: 100\u5104\u5186 \u2500\u2500 \u652f\u6255\u5229\u606f: 10\u5104\u5186 \u2500\u2500 \u7a0e\u5f8c\u5229\u76ca: 63\u5104\u5186\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<table data-path-to-node=\"34\">\n<thead>\n<tr>\n<td><strong>\u8ca1\u52d9\u6307\u6a19<\/strong><\/td>\n<td><strong>\u7121\u501f\u91d1\u4f01\u696d A\u793e<\/strong><\/td>\n<td><strong>\u30ec\u30d0\u30ec\u30c3\u30b8\u4f01\u696d B\u793e<\/strong><\/td>\n<td><strong>\u30e1\u30ab\u30cb\u30ba\u30e0\u3068\u8a55\u4fa1\u306e\u30dd\u30a4\u30f3\u30c8<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"34,1,0,0\"><b data-path-to-node=\"34,1,0,0\" data-index-in-node=\"0\">\u5f53\u671f\u7d14\u5229\u76ca<\/b><\/span><\/td>\n<td><span data-path-to-node=\"34,1,1,0\"><b data-path-to-node=\"34,1,1,0\" data-index-in-node=\"0\">70\u5104\u5186<\/b><\/span><\/td>\n<td><span data-path-to-node=\"34,1,2,0\"><b data-path-to-node=\"34,1,2,0\" data-index-in-node=\"0\">63\u5104\u5186<\/b><\/span><\/td>\n<td><span data-path-to-node=\"34,1,3,0\">\u652f\u6255\u5229\u606f10\u5104\u5186\u306e\u63a7\u9664\uff08\u7a0e\u52b9\u679c\u8003\u616e\u5f8c7\u5104\u5186\u6e1b\u5c11\uff09\u306b\u3088\u308a\u3001B\u793e\u306e\u7d14\u5229\u76ca\u306f\u5c0f\u3055\u304f\u306a\u308b\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td>\n<p data-path-to-node=\"34,2,0,0\"><b data-path-to-node=\"34,2,0,0\" data-index-in-node=\"0\">ROE<\/b><\/p>\n<p><br data-path-to-node=\"34,2,0,1\" \/><\/p>\n<p data-path-to-node=\"34,2,0,2\">\uff08\u682a\u4e3b\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"34,2,1,0\"><b data-path-to-node=\"34,2,1,0\" data-index-in-node=\"0\">7.0%<\/b><\/p>\n<p><br data-path-to-node=\"34,2,1,1\" \/><\/p>\n<p data-path-to-node=\"34,2,1,2\"><span class=\"math-inline\" data-math=\"(70 \\div 1,000)\" data-index-in-node=\"0\">(70 \u00f7 1,000)<\/span><\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"34,2,2,0\"><b data-path-to-node=\"34,2,2,0\" data-index-in-node=\"0\">12.6%<\/b><\/p>\n<p><br data-path-to-node=\"34,2,2,1\" \/><\/p>\n<p data-path-to-node=\"34,2,2,2\"><span class=\"math-inline\" data-math=\"(63 \\div 500)\" data-index-in-node=\"0\">(63 \u00f7 500)<\/span><\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"34,2,3,0\"><b data-path-to-node=\"34,2,3,0\" data-index-in-node=\"0\">\u30ec\u30d0\u30ec\u30c3\u30b8\u4f01\u696d\uff08B\u793e\uff09\u304c\u5927\u5e45\u306b\u9ad8\u304f\u306a\u308b\u3002<\/b><\/p>\n<p><br data-path-to-node=\"34,2,3,1\" \/><\/p>\n<p data-path-to-node=\"34,2,3,2\">\u682a\u4e3b\u304c\u51fa\u3057\u305f\u304a\u91d1\uff08\u5206\u6bcd\uff09\u3092\u6291\u3048\u3066\u8ca0\u50b5\u3067\u88dc\u3063\u3066\u3044\u308b\u305f\u3081\u3001\u898b\u304b\u3051\u306e\u8cc7\u672c\u52b9\u7387\u304c\u8df3\u306d\u4e0a\u304c\u308b\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p data-path-to-node=\"34,3,0,0\"><b data-path-to-node=\"34,3,0,0\" data-index-in-node=\"0\">ROIC<\/b><\/p>\n<p><br data-path-to-node=\"34,3,0,1\" \/><\/p>\n<p data-path-to-node=\"34,3,0,2\">\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"34,3,1,0\"><b data-path-to-node=\"34,3,1,0\" data-index-in-node=\"0\">7.0%<\/b><\/p>\n<p><br data-path-to-node=\"34,3,1,1\" \/><\/p>\n<p data-path-to-node=\"34,3,1,2\"><span class=\"math-inline\" data-math=\"(70 \\div 1,000)\" data-index-in-node=\"0\">(70 \u00f7 1,000)<\/span><\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"34,3,2,0\"><b data-path-to-node=\"34,3,2,0\" data-index-in-node=\"0\">7.0%<\/b><\/p>\n<p><br data-path-to-node=\"34,3,2,1\" \/><\/p>\n<p data-path-to-node=\"34,3,2,2\"><span class=\"math-inline\" data-math=\"(70 \\div 1,000)\" data-index-in-node=\"0\">(70 \u00f7 1,000)<\/span><\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"34,3,3,0\"><b data-path-to-node=\"34,3,3,0\" data-index-in-node=\"0\">\u4e21\u793e\u3067\u5b8c\u5168\u306b\u4e00\u81f4\u3059\u308b\u3002<\/b><\/p>\n<p><br data-path-to-node=\"34,3,3,1\" \/><\/p>\n<p data-path-to-node=\"34,3,3,2\">\u8abf\u9054\u65b9\u6cd5\uff08\u501f\u5165\u304b\u8cc7\u672c\u304b\uff09\u306e\u5f71\u97ff\u3092\u6392\u9664\u3057\u3001\u300c\u4e8b\u696d\u305d\u306e\u3082\u306e\u306e\u7a3c\u3050\u529b\u300d\u3092\u7d14\u7c8b\u306b\u6e2c\u5b9a\u3059\u308b\u305f\u3081\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p data-path-to-node=\"34,4,0,0\"><b data-path-to-node=\"34,4,0,0\" data-index-in-node=\"0\">ROA<\/b><\/p>\n<p><br data-path-to-node=\"34,4,0,1\" \/><\/p>\n<p data-path-to-node=\"34,4,0,2\">\uff08\u7dcf\u8cc7\u7523\u5229\u76ca\u7387\uff09<\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"34,4,1,0\"><b data-path-to-node=\"34,4,1,0\" data-index-in-node=\"0\">7.0%<\/b><\/p>\n<p><br data-path-to-node=\"34,4,1,1\" \/><\/p>\n<p data-path-to-node=\"34,4,1,2\"><span class=\"math-inline\" data-math=\"(70 \\div 1,000)\" data-index-in-node=\"0\">(70 \u00f7 1,000)<\/span><\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"34,4,2,0\"><b data-path-to-node=\"34,4,2,0\" data-index-in-node=\"0\">6.3%<\/b><\/p>\n<p><br data-path-to-node=\"34,4,2,1\" \/><\/p>\n<p data-path-to-node=\"34,4,2,2\"><span class=\"math-inline\" data-math=\"(63 \\div 1,000)\" data-index-in-node=\"0\">(63 \u00f7 1,000)<\/span><\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"34,4,3,0\"><b data-path-to-node=\"34,4,3,0\" data-index-in-node=\"0\">\u7121\u501f\u91d1\u4f01\u696d\uff08A\u793e\uff09\u304c\u9ad8\u304f\u306a\u308b\u3002<\/b><\/p>\n<p><br data-path-to-node=\"34,4,3,1\" \/><\/p>\n<p data-path-to-node=\"34,4,3,2\">\u7dcf\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u7d14\u5229\u76ca\u306e\u5272\u5408\u3067\u3042\u308b\u305f\u3081\u3001\u5229\u6255\u3044\u304c\u3042\u308b\u5206B\u793e\u306f\u4f4e\u4e0b\u3059\u308b\u3002<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p data-path-to-node=\"35\"><span class=\"\">\u4ee5\u4e0b\u3067\u300c\u501f\u5165\u91d1\u5229\u300d\u3084\u300c\u4e8b\u696d\u5229\u76ca\uff08EBIT\uff09\u300d\u3092\u5909\u66f4\u3057\u3001<\/span><span class=\"\">\u4e21\u793e\u306e\u7d14\u5229\u76ca\u304c\u91d1\u5229\u4e0a\u6607\u306b\u3088\u3063\u3066\u3069\u306e\u3088\u3046\u306b\u9006\u8ee2\u30fb\u5909\u5316\u3059\u308b\u304b\u3092\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/span><\/p>\n<div class=\"attachment-container unknown\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><\/response-element><\/div>\n<div class=\"attachment-container unknown\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><\/response-element><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><\/response-element><\/div>\n<h3 data-path-to-node=\"38\">4.2 ROE\u306e\u7f60\u3068ROIC\u91cd\u8996\u306e\u6f6e\u6d41<\/h3>\n<p data-path-to-node=\"39\"><span class=\"\">\u8cc7\u672c\u52b9\u7387\u3092\u793a\u3059ROE\uff08\u682a\u4e3b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306f\u6295\u8cc7\u5bb6\u304b\u3089\u5f37\u304f\u91cd\u8996\u3055\u308c\u307e\u3059\u304c\u3001<\/span><span class=\"\">\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3088\u308b\u682a\u4e3b\u8cc7\u672c\u306e\u5727\u7e2e\u3084\u3001<\/span><span class=\"\">\u904e\u5270\u306a\u8ca0\u50b5\u306e\u6d3b\u7528\u306b\u3088\u3063\u3066\u300c\u898b\u305f\u76ee\u4e0a\u306e\u6570\u5024\u300d\u3092\u91e3\u308a\u4e0a\u3052\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"40\"><span>\u4e00\u65b9\u3001<\/span><span>ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306f\u3001<\/span><span>\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u306e\u53cc\u65b9\u304b\u3089\u96c6\u3081\u305f\u4e8b\u696d\u8cc7\u91d1\u306b\u5bfe\u3057\u3066\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u672c\u696d\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u305f\u304b\u3092\u793a\u3059\u305f\u3081\u3001<\/span><span>\u8abf\u9054\u69cb\u9020\u306b\u5de6\u53f3\u3055\u308c\u307e\u305b\u3093\u3002<\/span><span>\u8fd1\u5e74\u306e\u91d1\u5229\u4e0a\u6607\u306b\u4f34\u3044\u3001<\/span><span>\u5358\u306a\u308b\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u3088\u308b\u9ad8ROE\u3067\u306f\u306a\u304f\u3001<\/span><span>\u9ad8\u3044ROIC\u306b\u88cf\u6253\u3061\u3055\u308c\u305f\u7121\u501f\u91d1\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u4f01\u696d\u306e\u300c\u672c\u8cea\u7684\u306a\u7a3c\u3050\u529b\u300d\u304c\u6b63\u5f53\u306b\u8a55\u4fa1\u3055\u308c\u308b\u6642\u4ee3\u3078\u3068\u79fb\u884c\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"42\">\u7b2c5\u7ae0 \u91d1\u5229\u4e0a\u6607\u304c\u300c\u696d\u7e3e\u300d\u3068\u300c\u682a\u4fa1\u300d\u306b\u4e0e\u3048\u308b\u5177\u8c61\u7684\u30a4\u30f3\u30d1\u30af\u30c8<\/h2>\n<h3 data-path-to-node=\"43\">5.1 \u696d\u7e3e\uff08P\/L\uff09\u30a4\u30f3\u30d1\u30af\u30c8\u306e\u6c7a\u5b9a\u5dee<\/h3>\n<p data-path-to-node=\"44\"><span>\u91d1\u5229\u306e\u4e0a\u6607\u306f\u3001<\/span><span>\u4e21\u8005\u306e\u640d\u76ca\u8a08\u7b97\u66f8\u306b\u5bfe\u3057\u3066\u771f\u9006\u306e\u529b\u5b66\u3068\u3057\u3066\u50cd\u304d\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"45\">\n<li>\n<p data-path-to-node=\"45,0,0\"><b data-path-to-node=\"45,0,0\" data-index-in-node=\"0\">\u7121\u501f\u91d1\u4f01\u696d<\/b><span>\uff1a\u5e02\u5834\u91d1\u5229\u306e\u4e0a\u6607\u306b\u3088\u308a\u3001<\/span><span>\u4fdd\u6709\u3059\u308b\u73fe\u9810\u91d1\u304b\u3089\u306e<\/span><b data-path-to-node=\"45,0,0\" data-index-in-node=\"27\">\u53d7\u53d6\u5229\u606f\uff08\u55b6\u696d\u5916\u53ce\u76ca\uff09\u304c\u5897\u52a0<\/b><span>\u3057\u307e\u3059\u3002<\/span><span>\u672c\u696d\u5229\u76ca\u304c\u5909\u308f\u3089\u306a\u304f\u3066\u3082\u6700\u7d42\u7d14\u5229\u76ca\u304c\u5e95\u4e0a\u3052\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"45,1,0\"><b data-path-to-node=\"45,1,0\" data-index-in-node=\"0\">\u30ec\u30d0\u30ec\u30c3\u30b8\u4f01\u696d<\/b><span>\uff1a\u501f\u5165\u91d1\u306e\u66f4\u65b0\u3084\u793e\u50b5\u767a\u884c\u30b3\u30b9\u30c8\u304c\u4e0a\u304c\u308a\u3001<\/span><b data-path-to-node=\"45,1,0\" data-index-in-node=\"27\">\u652f\u6255\u5229\u606f\uff08\u55b6\u696d\u5916\u8cbb\u7528\uff09\u304c\u6025\u5897<\/b><span>\u3057\u307e\u3059\u3002<\/span><span>\u672c\u696d\u304c\u9806\u8abf\u3067\u3082\u5229\u76ca\u304c\u5727\u8feb\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"46\">5.2 \u682a\u4fa1\u8a55\u4fa1\uff08DCF\u30e2\u30c7\u30eb\u30fb\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3078\u306e\u5f71\u97ff<\/h3>\n<p data-path-to-node=\"47\"><span>\u7406\u8ad6\u682a\u4fa1\u306e\u8a08\u7b97\u306b\u304a\u3044\u3066\u3001<\/span><span>\u91d1\u5229\u4e0a\u6607\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u5272\u5f15\u7387\uff09\u306e\u4e0a\u6607\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"48\">\n<li>\n<p data-path-to-node=\"48,0,0\"><span>\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u591a\u3044\u4f01\u696d\u306f\u3001<\/span><span>\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u5bfe\u3059\u308b\u5272\u5f15\u7387\u304c\u9ad8\u304f\u306a\u308a\u3001<\/span><b data-path-to-node=\"48,0,0\" data-index-in-node=\"35\">\u7406\u8ad6\u682a\u4fa1\u304c\u4e0b\u843d\u3057\u3084\u3059\u3044\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u306e\u7e2e\u5c0f\uff09<\/b><span>\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"48,1,0\"><span>\u7121\u501f\u91d1\u4f01\u696d\u306f\u8ca1\u52d9\u30ea\u30b9\u30af\u304c\u306a\u304f\u3001<\/span><span>\u8c4a\u5bcc\u306a\u624b\u5143\u8cc7\u91d1\u3092\u6d3b\u7528\u3057\u305f\u300c\u5897\u914d\u300d\u3084\u300c\u81ea\u793e\u682a\u8cb7\u3044\u300d\u306a\u3069\u306e\u682a\u4e3b\u9084\u5143\u3092\u6a5f\u52d5\u7684\u306b\u5b9f\u65bd\u3067\u304d\u308b\u305f\u3081\u3001<\/span><b data-path-to-node=\"48,1,0\" data-index-in-node=\"59\">\u682a\u4fa1\u306e\u4e0b\u5024\u304c\u5805\u56fa\u3067\u3042\u308a\u9ad8\u8a55\u4fa1\u3092\u7dad\u6301\u3057\u3084\u3059\u3044<\/b><span>\u3002<\/span><\/p>\n<\/li>\n<\/ul>\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=\"50\">\u7b2c6\u7ae0 \u512a\u826f\u30fb\u7121\u501f\u91d1\u9298\u67c4\u3092\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3059\u308b\u5b9f\u8df5\u30dd\u30a4\u30f3\u30c8<\/h2>\n<p data-path-to-node=\"51\"><span>\u300c\u7121\u501f\u91d1\u300d\u304b\u3064\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u300d\u306a\u512a\u826f\u9298\u67c4\u3092\u3001<\/span><span>\u8a3c\u5238\u4f1a\u793e\u306e\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u6a5f\u80fd\uff08\u9298\u67c4\u691c\u7d22\u30c4\u30fc\u30eb\uff09\u3092\u4f7f\u3063\u3066\u52b9\u7387\u3088\u304f\u7d5e\u308a\u8fbc\u3080\u305f\u3081\u306e\u5177\u4f53\u7684\u306a\u6761\u4ef6\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"52\">6.1 \u304a\u3059\u3059\u3081\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u6761\u4ef6\u30bb\u30c3\u30c8\uff084\u6bb5\u968e\uff09<\/h3>\n<table data-path-to-node=\"53\">\n<thead>\n<tr>\n<td><strong>\u8a55\u4fa1\u306e\u72d9\u3044<\/strong><\/td>\n<td><strong>\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u9805\u76ee<\/strong><\/td>\n<td><strong>\u63a8\u5968\u8a2d\u5b9a\u5024\uff08\u6761\u4ef6\uff09<\/strong><\/td>\n<td><strong>\u306a\u305c\u3053\u306e\u6761\u4ef6\u3092\u8a2d\u5b9a\u3059\u308b\u306e\u304b\uff1f<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"53,1,0,0\"><b data-path-to-node=\"53,1,0,0\" data-index-in-node=\"0\">\u2460 \u5b89\u5168\u6027<\/b><\/span><\/td>\n<td><span data-path-to-node=\"53,1,1,0\"><b data-path-to-node=\"53,1,1,0\" data-index-in-node=\"0\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"53,1,2,0\"><b data-path-to-node=\"53,1,2,0\" data-index-in-node=\"0\">60% \u4ee5\u4e0a<\/b>\uff08\u53b3\u9078\u306a\u3089 70% \u4ee5\u4e0a\uff09<\/span><\/td>\n<td><span data-path-to-node=\"53,1,3,0\">\u8ca1\u52d9\u306e\u5b89\u5168\u6027\u3092\u78ba\u4fdd\u3057\u3001\u4e0d\u6cc1\u3084\u91d1\u5229\u5909\u52d5\u30ea\u30b9\u30af\u3092\u6392\u9664\u3059\u308b\u305f\u3081\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"53,2,0,0\"><b data-path-to-node=\"53,2,0,0\" data-index-in-node=\"0\">\u2461 \u7a3c\u3050\u529b<\/b><\/span><\/td>\n<td><span data-path-to-node=\"53,2,1,0\"><b data-path-to-node=\"53,2,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"53,2,2,0\"><b data-path-to-node=\"53,2,2,0\" data-index-in-node=\"0\">10% \u4ee5\u4e0a<\/b><\/span><\/td>\n<td><span data-path-to-node=\"53,2,3,0\">\u5358\u306b\u5b89\u5168\u306a\u3060\u3051\u3067\u306a\u304f\u3001\u300c\u672c\u696d\u3067\u9ad8\u3044\u5132\u3051\u3092\u51fa\u3057\u3066\u3044\u308b\u304b\u300d\u3092\u5224\u5b9a\u3059\u308b\u305f\u3081\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"53,3,0,0\"><b data-path-to-node=\"53,3,0,0\" data-index-in-node=\"0\">\u2462 \u5065\u5168\u6027<\/b><\/span><\/td>\n<td><span data-path-to-node=\"53,3,1,0\"><b data-path-to-node=\"53,3,1,0\" data-index-in-node=\"0\">\u6709\u5229\u5b50\u8ca0\u50b5\u500d\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"53,3,2,0\"><b data-path-to-node=\"53,3,2,0\" data-index-in-node=\"0\">0.1\u500d \u4ee5\u4e0b<\/b>\uff08\u307e\u305f\u306f\u300c\u6709\u5229\u5b50\u8ca0\u50b5\uff1d0\u300d\uff09<\/span><\/td>\n<td><span data-path-to-node=\"53,3,3,0\">\u501f\u5165\u91d1\u3084\u793e\u50b5\u306a\u3069\u306e\u5229\u6255\u3044\u8ca0\u62c5\u304c\u307b\u307c\u30bc\u30ed\u3067\u3042\u308b\u3053\u3068\u3092\u62c5\u4fdd\u3057\u307e\u3059\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"53,4,0,0\"><b data-path-to-node=\"53,4,0,0\" data-index-in-node=\"0\">\u2463 \u8cc7\u672c\u52b9\u7387<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"53,4,1,0\"><b data-path-to-node=\"53,4,1,0\" data-index-in-node=\"0\">ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/b><\/p>\n<p><br data-path-to-node=\"53,4,1,1\" \/><\/p>\n<p data-path-to-node=\"53,4,1,2\">\u307e\u305f\u306f <b data-path-to-node=\"53,4,1,2\" data-index-in-node=\"4\">ROE<\/b><\/p>\n<\/td>\n<td>\n<p data-path-to-node=\"53,4,2,0\"><b data-path-to-node=\"53,4,2,0\" data-index-in-node=\"0\">ROIC 8% \u4ee5\u4e0a<\/b><\/p>\n<p><br data-path-to-node=\"53,4,2,1\" \/><\/p>\n<p data-path-to-node=\"53,4,2,2\">\uff08\u307e\u305f\u306f ROE 8% \u4ee5\u4e0a\uff09<\/p>\n<\/td>\n<td><span data-path-to-node=\"53,4,3,0\">\u73fe\u91d1\u3092\u8caf\u3081\u8fbc\u3093\u3067\u3044\u308b\u3060\u3051\u306e\u300c\u5272\u5b89\u653e\u7f6e\u682a\uff08\u30d0\u30ea\u30e5\u30fc\u30c8\u30e9\u30c3\u30d7\uff09\u300d\u3092\u6392\u9664\u3059\u308b\u305f\u3081\u3002<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"54\">6.2 \u300c\u30d0\u30ea\u30e5\u30fc\u30c8\u30e9\u30c3\u30d7\uff08\u5272\u5b89\u306e\u7f60\uff09\u300d\u306e\u56de\u907f\u7b56<\/h3>\n<p data-path-to-node=\"55\"><span>\u7121\u501f\u91d1\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u4f01\u696d\u306e\u4e2d\u306b\u306f\u3001<\/span><span>\u73fe\u91d1\u3092\u6e9c\u3081\u8fbc\u3080\u3060\u3051\u3067\u6210\u9577\u6295\u8cc7\u3082\u682a\u4e3b\u9084\u5143\u3082\u305b\u305a\u3001<\/span><span>\u682a\u4fa1\u304c\u9577\u5e74\u4f4e\u8ff7\u3057\u305f\u307e\u307e\u653e\u7f6e\u3055\u308c\u308b\u300c\u30d0\u30ea\u30e5\u30fc\u30c8\u30e9\u30c3\u30d7\u300d<\/span><b data-path-to-node=\"55\" data-index-in-node=\"68\">\u304c\u5b58\u5728\u3057\u307e\u3059\u3002\u3053\u308c\u3092\u9632\u3050\u305f\u3081\u3001\u5358\u306b\u300c\u7121\u501f\u91d1\u30fb\u4f4ePBR\u300d\u3067\u691c\u7d22\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u5fc5\u305a<\/b><span>\u300c\u55b6\u696d\u5229\u76ca\u7387 10%\u4ee5\u4e0a\u300d\u300cROIC 8%\u4ee5\u4e0a\u300d<\/span><b data-path-to-node=\"55\" data-index-in-node=\"132\">\u3068\u3044\u3063\u305f<\/b><span>\u7a3c\u3050\u529b\u306e\u6307\u6a19\u3092\u30bb\u30c3\u30c8\u3067\u6761\u4ef6\u6307\u5b9a\u3059\u308b\u3053\u3068\u304c\u6975\u3081\u3066\u91cd\u8981\u3067\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"57\">\u7b2c7\u7ae0 \u521d\u5fc3\u8005\u3067\u3082\u308f\u304b\u308b\uff01\u6c7a\u7b97\u66f8\uff08B\/S\u30fbP\/L\uff09\u306e\u6700\u4f4e\u9650\u30c1\u30a7\u30c3\u30af\u30dd\u30a4\u30f3\u30c8<\/h2>\n<p data-path-to-node=\"58\"><span>\u4f01\u696d\u304c\u300c\u7121\u501f\u91d1\u3067\u5b89\u5168\u304b\u300d\u300c\u672c\u696d\u3067\u7a3c\u3050\u529b\u304c\u3042\u308b\u304b\u300d\u3092\u78ba\u304b\u3081\u308b\u306b\u306f\u3001<\/span><span>\u6c7a\u7b97\u66f8\uff08\u8ca1\u52d9\u8af8\u8868\uff09\u3092\u76f4\u63a5\u78ba\u8a8d\u3059\u308b\u306e\u304c\u78ba\u5b9f\u3067\u3059\u3002<\/span><span>\u96e3\u3057\u305d\u3046\u306b\u898b\u3048\u308b\u6c7a\u7b97\u66f8\u3067\u3059\u304c\u3001<\/span><span>\u898b\u308b\u3079\u304d\u30dd\u30a4\u30f3\u30c8\u306f\u9650\u5b9a\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<div class=\"attachment-container unknown\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><\/response-element><\/div>\n<div class=\"attachment-container unknown\"><\/div>\n<h3 data-path-to-node=\"61\">7.1 \u640d\u76ca\u8a08\u7b97\u66f8\uff08P\/L\uff09\uff1a\u4f01\u696d\u306e\u300c\u7a3c\u3050\u529b\u300d\u3092\u30c1\u30a7\u30c3\u30af\u3059\u308b<\/h3>\n<p data-path-to-node=\"62\"><span>\u640d\u76ca\u8a08\u7b97\u66f8\u306f\u3001<\/span><span>\u300c\u4e00\u5b9a\u671f\u9593\u3067\u3069\u308c\u3060\u3051\u7a3c\u3044\u3067\u3001<\/span><span>\u3044\u304f\u3089\u4f7f\u3063\u305f\u304b\u300d\u3092\u8868\u3059\u53ce\u652f\u5831\u544a\u66f8\u3067\u3059\u3002<\/span><span>\u521d\u5fc3\u8005\u304c\u898b\u308b\u3079\u304d\u306f\u4ee5\u4e0b\u306e3\u70b9\u3067\u3059\u3002<\/span><\/p>\n<ol start=\"1\" data-path-to-node=\"63\">\n<li>\n<p data-path-to-node=\"63,0,0\"><b data-path-to-node=\"63,0,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca\uff08\u6700\u91cd\u8981\u30fb\u672c\u696d\u306e\u5132\u3051\uff09<\/b><\/p>\n<ul data-path-to-node=\"63,0,1\">\n<li>\n<p data-path-to-node=\"63,0,1,0,0\"><span>\u58f2\u4e0a\u9ad8\u304b\u3089\u539f\u4fa1\u3084\u4eba\u4ef6\u8cbb\u306a\u3069\u306e\u7d4c\u8cbb\u3092\u5f15\u3044\u305f\u300c\u672c\u696d\u3067\u7a3c\u3044\u3060\u5229\u76ca\u300d\u3067\u3059\u3002<\/span><span>\u9ed2\u5b57\u3067\u3042\u308b\u3053\u3068\u306f\u3082\u3061\u308d\u3093\u3001<\/span><span>\u300c\u6bce\u5e74\u5897\u3048\u3066\u3044\u308b\u304b\uff08\u55b6\u696d\u5897\u76ca\uff09\u300d\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"63,1,0\"><b data-path-to-node=\"63,1,0\" data-index-in-node=\"0\">\u55b6\u696d\u5229\u76ca\u7387\uff08\u5132\u3051\u306e\u52b9\u7387\uff09<\/b><\/p>\n<ul data-path-to-node=\"63,1,1\">\n<li>\n<p data-path-to-node=\"63,1,1,0,0\"><span>\u8a08\u7b97\u5f0f\uff1a<\/span><code data-path-to-node=\"63,1,1,0,0\" data-index-in-node=\"4\">\u55b6\u696d\u5229\u76ca \u00f7 \u58f2\u4e0a\u9ad8 \u00d7 100 (%)<\/code><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"63,1,1,1,0\"><span>\u76ee\u5b89\uff1a10%\u4ee5\u4e0a\u3067\u512a\u79c0\u3001<\/span><span>20%\u4ee5\u4e0a\u306a\u3089\u4e16\u754c\u7684\u306a\u7af6\u4e89\u529b\u3084\u5f37\u56fa\u306a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3092\u6301\u3064\u8d85\u512a\u826f\u4f01\u696d\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p data-path-to-node=\"63,2,0\"><b data-path-to-node=\"63,2,0\" data-index-in-node=\"0\">\u58f2\u4e0a\u9ad8\u3068\u5f53\u671f\u7d14\u5229\u76ca\u306e\u6210\u9577\u6027<\/b><\/p>\n<ul data-path-to-node=\"63,2,1\">\n<li>\n<p data-path-to-node=\"63,2,1,0,0\"><span>\u904e\u53bb3\u301c5\u5e74\u306e\u63a8\u79fb\u3092\u898b\u3066\u3001<\/span><span>\u898f\u6a21\uff08\u58f2\u4e0a\u9ad8\uff09\u3068\u6700\u7d42\u5229\u76ca\uff08\u5f53\u671f\u7d14\u5229\u76ca\uff09\u304c\u53f3\u80a9\u4e0a\u304c\u308a\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"64\">7.2 \u8cb8\u501f\u5bfe\u7167\u8868\uff08B\/S\uff09\uff1a\u4f01\u696d\u306e\u300c\u5b89\u5168\u5ea6\u3068\u8ca1\u7523\u72b6\u6cc1\u300d\u3092\u30c1\u30a7\u30c3\u30af\u3059\u308b<\/h3>\n<p data-path-to-node=\"65\"><span>\u8cb8\u501f\u5bfe\u7167\u8868\u306f\u3001<\/span><span>\u7279\u5b9a\u306e\u65e5\u6642\u70b9\u3067\u306e\u300c\u4f1a\u793e\u306e\u304a\u91d1\u306e\u96c6\u3081\u65b9\u3068\u4f7f\u3044\u9053\u300d\u3092\u8868\u3059\u8ca1\u7523\u76ee\u9332\u3067\u3059\u3002<\/span><\/p>\n<ol start=\"1\" 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\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\uff08\u5012\u7523\u30ea\u30b9\u30af\u306e\u4f4e\u3055\uff09<\/b><\/p>\n<ul data-path-to-node=\"66,0,1\">\n<li>\n<p data-path-to-node=\"66,0,1,0,0\"><span>\u8a08\u7b97\u5f0f\uff1a<\/span><code data-path-to-node=\"66,0,1,0,0\" data-index-in-node=\"4\">\u7d14\u8cc7\u7523 \u00f7 \u7dcf\u8cc7\u7523 \u00d7 100 (%)<\/code><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"66,0,1,1,0\"><span>\u76ee\u5b89\uff1a<\/span><b data-path-to-node=\"66,0,1,1,0\" data-index-in-node=\"3\">40%\u4ee5\u4e0a<\/b><span>\u3067\u5b89\u5168\u6027\u304c\u9ad8\u304f\u3001<\/span><b data-path-to-node=\"66,0,1,1,0\" data-index-in-node=\"16\">70%\u4ee5\u4e0a<\/b><span>\u306a\u3089\u5012\u7523\u30ea\u30b9\u30af\u304c\u6975\u3081\u3066\u4f4e\u3044\u30ec\u30d9\u30eb\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\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\">\u73fe\u9810\u91d1 vs \u6709\u5229\u5b50\u8ca0\u50b5\uff08\u5b9f\u8cea\u7121\u501f\u91d1\u304b\u306e\u78ba\u8a8d\uff09<\/b><\/p>\n<ul data-path-to-node=\"66,1,1\">\n<li>\n<p data-path-to-node=\"66,1,1,0,0\"><span>\u624b\u5143\u306e\u300c\u73fe\u91d1\u53ca\u3073\u9810\u91d1\u300d\u3068\u3001<\/span><span>\u5229\u606f\u304c\u767a\u751f\u3059\u308b\u300c\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u501f\u5165\u91d1\u30fb\u793e\u50b5\uff09\u300d\u306e\u91d1\u984d\u3092\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/span><code data-path-to-node=\"66,1,1,0,0\" data-index-in-node=\"45\">\u73fe\u9810\u91d1 \uff1e \u6709\u5229\u5b50\u8ca0\u50b5<\/code><span> \u3067\u3042\u308c\u3070\u5b9f\u8cea\u7121\u501f\u91d1\u3067\u3042\u308a\u3001<\/span><span>\u91d1\u5229\u4e0a\u6607\u671f\u306b\u6700\u3082\u5f37\u3044\u8010\u6027\u3092\u6301\u3061\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<h2 data-path-to-node=\"68\">\u7b2c8\u7ae0 \u91d1\u878d\u30fb\u6295\u8cc7\u306e\u77e5\u8b58\u306e\u91cd\u8981\u6027\uff1a\u521d\u5fc3\u8005\u5411\u3051\u4f53\u7cfb\u7684\u30ac\u30a4\u30c9<\/h2>\n<p data-path-to-node=\"69\"><span>\u3053\u3053\u307e\u3067\u306e\u5206\u6790\u3092\u901a\u3058\u3066\u660e\u3089\u304b\u306a\u3088\u3046\u306b\u3001<\/span><span>\u5358\u306b\u300c\u6709\u540d\u306a\u4f1a\u793e\u3060\u304b\u3089\u300d\u300c\u58f2\u4e0a\u304c\u4f38\u3073\u3066\u3044\u308b\u304b\u3089\u300d\u3068\u3044\u3046\u7406\u7531\u3060\u3051\u3067\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u3068\u3001<\/span><span>\u91d1\u5229\u74b0\u5883\u306e\u5909\u5316\u306b\u3088\u3063\u3066\u601d\u308f\u306c\u640d\u5931\u3092\u88ab\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"70\"><span>\u73fe\u4ee3\u793e\u4f1a\u306b\u304a\u3044\u3066\u3001<\/span><span>\u91d1\u878d\u3084\u6295\u8cc7\u306e\u77e5\u8b58\uff08\u30de\u30cd\u30fc\u30ea\u30c6\u30e9\u30b7\u30fc\uff09\u3092\u8eab\u306b\u3064\u3051\u308b\u3053\u3068\u306f\u3001<\/span><span>\u5358\u306a\u308b\u304a\u5c0f\u9063\u3044\u7a3c\u304e\u3067\u306f\u306a\u304f\u3001<\/span><b data-path-to-node=\"70\" data-index-in-node=\"51\">\u300c\u7d4c\u6e08\u7684\u306a\u81ea\u7acb\u3068\u81ea\u5df1\u9632\u885b\u300d\u306e\u305f\u3081\u306b\u4e0d\u53ef\u6b20\u306a\u6559\u990a<\/b><span>\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"71\" class=\"\">8.1 \u306a\u305c\u4eca\u3001\u91d1\u878d\u30fb\u6295\u8cc7\u306e\u77e5\u8b58\u304c\u5fc5\u8981\u306a\u306e\u304b\uff1f<\/h3>\n<ol start=\"1\" data-path-to-node=\"72\">\n<li>\n<p data-path-to-node=\"72,0,0\"><b data-path-to-node=\"72,0,0\" data-index-in-node=\"0\">\u300c\u9810\u91d1\u3060\u3051\u300d\u3067\u306f\u8cc7\u7523\u304c\u5b9f\u8cea\u76ee\u6e1b\u308a\u3059\u308b\uff08\u30a4\u30f3\u30d5\u30ec\u30ea\u30b9\u30af\uff09<\/b><span> \u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3082\u3001<\/span><span>\u7269\u4fa1\u4e0a\u6607\u7387\uff08\u30a4\u30f3\u30d5\u30ec\u7387\uff09\u304c\u305d\u308c\u3092\u4e0a\u56de\u308b\u5834\u5408\u3001<\/span><span>\u9280\u884c\u306b\u9810\u3051\u3066\u3044\u308b\u73fe\u91d1\u306e\u300c\u5b9f\u8cea\u7684\u306a\u8cb7\u3044\u3084\u3059\u3055\uff08\u8cfc\u8cb7\u529b\uff09\u300d\u306f\u4f4e\u4e0b\u3057\u307e\u3059\u3002<\/span><span>\u8cc7\u7523\u3092\u30a4\u30f3\u30d5\u30ec\u304b\u3089\u5b88\u308b\u306b\u306f\u3001<\/span><span>\u6210\u9577\u3059\u308b\u8cc7\u7523\uff08\u682a\u5f0f\u3084\u4e0d\u52d5\u7523\u7b49\uff09\u3078\u306e\u6295\u8cc7\u304c\u5fc5\u8981\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"72,1,0\"><b data-path-to-node=\"72,1,0\" data-index-in-node=\"0\">\u4eba\u751f100\u5e74\u6642\u4ee3\u3068\u81ea\u5f8b\u7684\u306a\u8cc7\u7523\u5f62\u6210<\/b><span> \u9000\u8077\u91d1\u5236\u5ea6\u306e\u5909\u5316\u3084\u9577\u5bff\u5316\u306b\u4f34\u3044\u3001<\/span><span>\u56fd\u3084\u4f1a\u793e\u306b\u4f9d\u5b58\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001<\/span><span>\u81ea\u529b\u3067\u8cc7\u7523\u5f62\u6210\u3092\u884c\u3046\u5fc5\u8981\u6027\u304c\u9ad8\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"72,2,0\"><b data-path-to-node=\"72,2,0\" data-index-in-node=\"0\">\u30d3\u30b8\u30cd\u30b9\u30d1\u30fc\u30bd\u30f3\u3068\u3057\u3066\u306e\u610f\u601d\u6c7a\u5b9a\u529b\u306e\u5411\u4e0a<\/b><span> \u4f01\u696d\u306e\u8ca1\u52d9\u8af8\u8868\uff08B\/S\u3084P\/L\uff09\u3092\u8aad\u307f\u89e3\u304f\u529b\u3084\u91d1\u5229\u306e\u4ed5\u7d44\u307f\u3092\u77e5\u308b\u3053\u3068\u306f\u3001<\/span><span>\u6295\u8cc7\u3060\u3051\u3067\u306a\u304f\u3001<\/span><span>\u81ea\u793e\u306e\u7d4c\u55b6\u72b6\u6cc1\u306e\u7406\u89e3\u3001<\/span><span>\u53d6\u5f15\u5148\u306e\u4fe1\u7528\u5206\u6790\u3001<\/span><span>\u30ad\u30e3\u30ea\u30a2\u9078\u629e\u306b\u3082\u76f4\u7d50\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"73\">8.2 \u521d\u5fc3\u8005\u306e\u305f\u3081\u306e\u4f53\u7cfb\u7684\u5b66\u7fd2\u30ed\u30fc\u30c9\u30de\u30c3\u30d7<\/h3>\n<p data-path-to-node=\"74\"><span>\u91d1\u878d\u77e5\u8b58\u3092\u8eab\u306b\u3064\u3051\u3001<\/span><span>\u30ea\u30b9\u30af\u3092\u6291\u3048\u3066\u6295\u8cc7\u3092\u59cb\u3081\u308b\u305f\u3081\u306e\u30b9\u30c6\u30c3\u30d7\u3092\u4f53\u7cfb\u7684\u306b\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<div class=\"attachment-container unknown\"><response-element class=\"no-md\" ng-version=\"0.0.0-PLACEHOLDER\"><sequence class=\"lm-enabled ng-star-inserted\"><\/p>\n<div class=\"sequence-container\" jslog=\"308913;track:impression,attention\">\n<div class=\"sequence-event ng-star-inserted\">\n<div class=\"sequence-event-content\">\n<div class=\"sequence-event-description gds-body-l\"><span only-show-to-message-actions=\"\" data-test-id=\"sequence-export-header\" class=\"only-show-to-message-actions\"><strong>1.\u8ca1\u52d9\u30fb\u7d4c\u6e08\u306e\u57fa\u672c\u7528\u8a9e\u3092\u7406\u89e3\u3059\u308b:<\/strong>B\/S\u30fbP\/L\u3001\u91d1\u5229\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u4ed5\u7d44\u307f\u3092\u62bc\u3055\u3048\u308b\u3002<\/span><structured-node-sequence class=\"ng-star-inserted\"><structured-text class=\"ng-star-inserted\"><\/p>\n<p class=\"ng-star-inserted\">\u307e\u305a\u306f\u300c\u91d1\u5229\u304c\u4e0a\u304c\u308b\u3068\u3069\u3046\u306a\u308b\u304b\u300d\u300c\u58f2\u4e0a\u3068\u5229\u76ca\u306e\u9055\u3044\u300d\u300c\u81ea\u5df1\u8cc7\u672c\u3068\u8ca0\u50b5\u306e\u9055\u3044\u300d\u3068\u3044\u3063\u305f\u57fa\u672c\u6982\u5ff5\u3092\u6574\u7406\u3057\u307e\u3059\u3002\u6c7a\u7b97\u66f8\u306e\u8aad\u307f\u65b9\u3092\u899a\u3048\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u306e\u672c\u5f53\u306e\u5f37\u3055\u304c\u898b\u3048\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><\/structured-text><\/structured-node-sequence><\/div>\n<\/div>\n<\/div>\n<div class=\"sequence-event ng-star-inserted\">\n<div class=\"sequence-event-content\">\n<div class=\"sequence-event-description gds-body-l\"><span only-show-to-message-actions=\"\" data-test-id=\"sequence-export-header\" class=\"only-show-to-message-actions\"><strong>2.\u751f\u6d3b\u9632\u885b\u8cc7\u91d1\u3092\u78ba\u4fdd\u3059\u308b:<\/strong>\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u3057\u3066\u73fe\u9810\u91d1\u3092\u6b8b\u3059\u3002<\/span><structured-node-sequence class=\"ng-star-inserted\"><structured-text class=\"ng-star-inserted\"><\/p>\n<p class=\"ng-star-inserted\">\u6295\u8cc7\u306f\u5fc5\u305a\u300c\u4f59\u5270\u8cc7\u91d1\u300d\u3067\u884c\u3046\u306e\u304c\u9244\u5247\u3067\u3059\u3002\u7a81\u7136\u306e\u75c5\u6c17\u3084\u96e2\u8077\u306b\u5099\u3048\u3001\u751f\u6d3b\u8cbb\u306e3\u301c6\u30f6\u6708\u5206\u301c1\u5e74\u5206\u3092\u300c\u751f\u6d3b\u9632\u885b\u8cc7\u91d1\u300d\u3068\u3057\u3066\u9280\u884c\u53e3\u5ea7\u306b\u78ba\u4fdd\u3057\u307e\u3059\u3002<\/p>\n<p><\/structured-text><\/structured-node-sequence><\/div>\n<\/div>\n<\/div>\n<div class=\"sequence-event ng-star-inserted\">\n<div class=\"sequence-event-content\">\n<div class=\"sequence-event-description gds-body-l\"><span only-show-to-message-actions=\"\" data-test-id=\"sequence-export-header\" class=\"only-show-to-message-actions\"><strong>3.\u9577\u671f\u30fb\u7a4d\u7acb\u30fb\u5206\u6563\u6295\u8cc7\uff08\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u6295\u8cc7\uff09\u3067\u571f\u53f0\u3092\u4f5c\u308b:<\/strong>\u30c9\u30eb\u30fb\u30b3\u30b9\u30c8\u5e73\u5747\u6cd5\u306e\u6d3b\u7528\u3002<\/span><structured-node-sequence class=\"ng-star-inserted\"><structured-text class=\"ng-star-inserted\"><\/p>\n<p class=\"ng-star-inserted\">\u500b\u5225\u306e\u9298\u67c4\u9078\u5b9a\u306b\u5165\u308b\u524d\u306b\u3001\u5168\u4e16\u754c\u682a\u5f0f\uff08\u30aa\u30fc\u30eb\u30fb\u30ab\u30f3\u30c8\u30ea\u30fc\uff09\u3084S&amp;P500\u306a\u3069\u306b\u9023\u52d5\u3059\u308b\u4f4e\u30b3\u30b9\u30c8\u306a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\u3092\u6d3b\u7528\u3057\u3001\u6bce\u6708\u4e00\u5b9a\u984d\u3092\u7a4d\u307f\u7acb\u3066\u308b\u5206\u6563\u6295\u8cc7\u304b\u3089\u30b9\u30bf\u30fc\u30c8\u3057\u307e\u3059\u3002<\/p>\n<p><\/structured-text><\/structured-node-sequence><\/div>\n<\/div>\n<\/div>\n<div class=\"sequence-event ng-star-inserted\">\n<div class=\"sequence-event-content\">\n<div class=\"sequence-event-description gds-body-l\"><span only-show-to-message-actions=\"\" data-test-id=\"sequence-export-header\" class=\"only-show-to-message-actions\"><strong>4.\u500b\u5225\u682a\u6295\u8cc7\u3067\u300c\u8ca1\u52d9\u5065\u5168\u6027\u300d\u3092\u78ba\u8a8d\u3059\u308b:<\/strong>\u7121\u501f\u91d1\u30fb\u9ad8ROIC\u30fb\u9ad8\u5229\u76ca\u7387\u306e\u5206\u6790\u3002<\/span><structured-node-sequence class=\"ng-star-inserted\"><structured-text class=\"ng-star-inserted\"><\/p>\n<p class=\"ng-star-inserted\">\u500b\u5225\u4f01\u696d\u306b\u6295\u8cc7\u3059\u308b\u969b\u306f\u3001\u672c\u8a18\u4e8b\u3067\u89e3\u8aac\u3057\u305f\u300c\u7121\u501f\u91d1\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u304b\u300d\u300c\u4e8b\u696d\u306e\u7a3c\u3050\u529b\uff08ROIC\u30fb\u55b6\u696d\u5229\u76ca\u7387\uff09\u304c\u9ad8\u3044\u304b\u300d\u300c\u91d1\u5229\u4e0a\u6607\u306b\u8010\u3048\u3089\u308c\u308b\u8ca1\u52d9\u69cb\u9020\u304b\u300d\u3092\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8\u3068\u3057\u3066\u6d3b\u7528\u3057\u3001\u9298\u67c4\u3092\u9078\u5b9a\u3057\u307e\u3059\u3002<\/p>\n<p><\/structured-text><\/structured-node-sequence><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/sequence><\/response-element><\/div>\n<h2 data-path-to-node=\"77\">\u7d50\u8ad6\uff1a\u91d1\u5229\u306e\u3042\u308b\u4e16\u754c\u3092\u751f\u304d\u629c\u304f\u305f\u3081\u306e\u77e5\u6075<\/h2>\n<p data-path-to-node=\"78\"><span class=\"\">\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u306b\u304a\u3044\u3066\u3001<\/span><span class=\"\">\u300c\u7121\u501f\u91d1\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u4f01\u696d\u300d\u306f\u5358\u306a\u308b\u5b89\u5168\u306a\u907f\u96e3\u5834\u6240\u306b\u3068\u3069\u307e\u3089\u305a\u3001<\/span><span>\u53d7\u53d6\u5229\u606f\u306e\u5897\u52a0\u3084\u8c4a\u5bcc\u306a\u8cc7\u91d1\u529b\u3092\u6d3b\u304b\u3057\u305f\u7a4d\u6975\u7684\u306a\u682a\u4e3b\u9084\u5143\u30fbM&amp;A\u3092\u884c\u3048\u308b\u300c\u5f37\u529b\u306a\u6210\u9577\u3068\u9632\u885b\u306e\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u9298\u67c4\u300d\u3068\u3057\u3066\u6a5f\u80fd\u3057\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"79\"><span>\u4e00\u65b9\u3067\u3001<\/span><span>\u8cc7\u672c\u52b9\u7387\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u6d3b\u7528\u3059\u308b\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u4f01\u696d\u300d\u3082\u3001<\/span><span>\u4f4e\u91d1\u5229\u74b0\u5883\u3084\u7279\u5b9a\u5e02\u5834\u306e\u6025\u62e1\u5927\u306b\u304a\u3044\u3066\u306f\u5927\u304d\u306a\u5a01\u529b\u3092\u767a\u63ee\u3057\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"80\"><span>\u91cd\u8981\u306a\u306e\u306f\u3001<\/span><b data-path-to-node=\"80\" data-index-in-node=\"6\">\u300c\u3069\u3061\u3089\u304b\u4e00\u65b9\u304c\u7d76\u5bfe\u7684\u306b\u6b63\u89e3\u300d\u306a\u306e\u3067\u306f\u306a\u304f\u3001\u7d4c\u6e08\u74b0\u5883\uff08\u91d1\u5229\u30fb\u30a4\u30f3\u30d5\u30ec\u30fb\u666f\u6c17\u5faa\u74b0\uff09\u306b\u5fdc\u3058\u3066\u4f01\u696d\u304c\u7f6e\u304b\u308c\u305f\u8ca1\u52d9\u69cb\u9020\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u3092\u6b63\u3057\u304f\u898b\u6975\u3081\u308b\u773c\u3092\u990a\u3046\u3053\u3068<\/b><span>\u3067\u3059\u3002<\/span><span>\u91d1\u878d\u77e5\u8b58\u3068\u3044\u3046\u6b66\u5668\u3092\u8eab\u306b\u3064\u3051\u308b\u3053\u3068\u3067\u3001<\/span><span>\u4e0d\u78ba\u5b9f\u306a\u7d4c\u6e08\u306e\u6ce2\u306b\u5451\u307e\u308c\u308b\u3053\u3068\u306a\u304f\u3001<\/span><span>\u7740\u5b9f\u3067\u8ce2\u660e\u306a\u8cc7\u7523\u5f62\u6210\u3068\u30d3\u30b8\u30cd\u30b9\u5224\u65ad\u3092\u5b9f\u8df5\u3057\u3066\u3044\u304f\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/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 \u6295\u8cc7\u306e\u9054\u4eba\u8b1b\u5ea7<\/a>\u300d\u3092\u307e\u305a\u306f\u304a\u8a66\u3057\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/span><\/b><\/p>\n<p>\u6295\u8cc7\u306e\u9054\u4eba\u306b\u306a\u308b\u6295\u8cc7\u8b1b\u5ea7\u306f\u3001\u751f\u5f92\u657050,000\u4eba\u3092\u8d85\u3048\u8b1b\u7fa9\u6570\u65e5\u672c\u4e00\u306e\u6295\u8cc7\u30b9\u30af\u30fc\u30eb<a href=\"https:\/\/gfs.tokyo\/\">GFS<\/a>\u304c\u63d0\u4f9b\u3059\u308b\u7121\u6599\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u3067\u3059\u3002\u30d7\u30ed\u306e\u6295\u8cc7\u5bb6\u3067\u3042\u308b\u8b1b\u5e2b\u304c\u3001\u672a\u7d4c\u9a13\u8005\u3084\u82e6\u624b\u610f\u8b58\u304c\u3042\u308b\u4eba\u3067\u3082\u5206\u304b\u308b\u3088\u3046\u306b\u3001\u6295\u8cc7\u306e\u4ed5\u7d44\u307f\u3084\u5168\u4f53\u50cf\u3001\u30eb\u30fc\u30eb\u3092\u57fa\u790e\u304b\u3089\u56f3\u89e3\u3092\u4ea4\u3048\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<p>\u6295\u8cc7\u306e\u52c9\u5f37\u3092\u306a\u308b\u3079\u304f\u52b9\u7387\u3088\u304f\u59cb\u3081\u305f\u3044\u4eba\u306f\u3001\u305c\u3072\u4e00\u5ea6\u3054\u8996\u8074\u304f\u3060\u3055\u3044\u3002<\/p>\n<div class=\"cv-btn-wrap\">\n<div class=\"cv-copy\" style=\"text-align: center;\"><strong><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">\uff3c1\u5206\u3067\u7c21\u5358\u7533\u8fbc\uff0f<\/a><\/strong><\/div>\n<div class=\"cv-btn\" style=\"text-align: center;\"><strong><span class=\"cv-em\">\u7121\u6599<\/span><\/strong><br \/>\n<strong><span class=\"cv-text\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=article&amp;utm_medium=cta&amp;utm_content=ueoka\">\u30aa\u30f3\u30e9\u30a4\u30f3\u8b1b\u5ea7\u306f\u3053\u3061\u3089<\/a><\/span><\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3 data-path-to-node=\"4\">\u3010\u91cd\u8981\u3011\u514d\u8cac\u4e8b\u9805<\/h3>\n<ul data-path-to-node=\"5\">\n<li>\n<p data-path-to-node=\"5,0,0\"><b data-path-to-node=\"5,0,0\" data-index-in-node=\"0\">\u6295\u8cc7\u5224\u65ad\u306e\u6700\u7d42\u8cac\u4efb\uff1a<\/b> \u672c\u8a18\u4e8b\u3067\u7d39\u4ecb\u3057\u3066\u3044\u308b\u9298\u67c4\u3084\u30bb\u30af\u30bf\u30fc\u3001\u5206\u6790\u5185\u5bb9\u306f\u3001\u60c5\u5831\u63d0\u4f9b\u304a\u3088\u3073\u5b66\u7fd2\u306e\u5553\u767a\u306e\u307f\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u9298\u67c4\u306e\u58f2\u8cb7\u3092\u63a8\u5968\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6295\u8cc7\u306b\u95a2\u3059\u308b\u6700\u7d42\u6c7a\u5b9a\u306f\u3001\u5fc5\u305a\u3054\u81ea\u8eab\u306e\u5224\u65ad\u3068\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,1,0\"><b data-path-to-node=\"5,1,0\" data-index-in-node=\"0\">\u6210\u679c\u306e\u975e\u4fdd\u8a3c\uff1a<\/b> \u904e\u53bb\u306e\u30c7\u30fc\u30bf\u3084\u4e88\u6e2c\u306f\u3001\u5c06\u6765\u306e\u6295\u8cc7\u6210\u679c\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5e02\u5834\u74b0\u5883\u306e\u5909\u5316\u306b\u3088\u308a\u3001\u8cc7\u7523\u304c\u6e1b\u5c11\u3059\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,2,0\"><b data-path-to-node=\"5,2,0\" data-index-in-node=\"0\">\u60c5\u5831\u306e\u6b63\u78ba\u6027\uff1a<\/b> 2026\u5e74\u6642\u70b9\u306e\u60c5\u5831\u306b\u57fa\u3065\u304d\u4f5c\u6210\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u305d\u306e\u6b63\u78ba\u6027\u3084\u5b8c\u5168\u6027\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6700\u65b0\u306e\u696d\u7e3e\u3084\u30cb\u30e5\u30fc\u30b9\u306f\u3001\u5fc5\u305a\u5404\u4f01\u696d\u306eIR\u30b5\u30a4\u30c8\u3084\u4e00\u6b21\u8cc7\u6599\u3067\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"5,3,0\"><b data-path-to-node=\"5,3,0\" data-index-in-node=\"0\">\u640d\u5931\u306e\u88dc\u511f\uff1a<\/b> \u672c\u8a18\u4e8b\u306e\u5185\u5bb9\u306b\u57fa\u3065\u3044\u3066\u88ab\u3063\u305f\u3044\u304b\u306a\u308b\u640d\u5bb3\uff08\u76f4\u63a5\u7684\u30fb\u9593\u63a5\u7684\u3092\u554f\u308f\u305a\uff09\u306b\u3064\u3044\u3066\u3082\u3001\u7b46\u8005\u306f\u4e00\u5207\u306e\u8cac\u4efb\u3092\u8ca0\u3044\u307e\u305b\u3093\u3002<\/p>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u3010\u91d1\u5229\u4e0a\u6607\u671f\u3011\u7121\u501f\u91d1\u30ad\u30e3\u30c3\u30b7\u30e5\u30ea\u30c3\u30c1\u4f01\u696dvs\u30ec\u30d0\u30ec\u30c3\u30b8\u4f01\u696d\uff01\u6c7a\u7b97\u66f8\u306e\u8aad\u307f\u65b9\u3082\u89e3\u8aac \u65e5\u672c\u7d4c\u6e08\u304a\u3088\u3073\u30b0\u30ed\u30fc\u30d0\u30eb\u5e02\u5834\u306f\u4eca\u3001\u6570\u5341\u5e74\u9593\u7d9a\u3044\u305f\u8d85\u4f4e\u91d1\u5229\u30fb\u30bc\u30ed\u91d1\u5229\u6642\u4ee3\u304b\u3089\u300c\u91d1\u5229\u304c\u5b58\u5728\u3059\u308b\u4e16\u754c\u300d\u3078\u3068\u6b74\u53f2\u7684\u306a\u69cb\u9020\u5909\u5316\u3092\u9042\u3052\u3066\u3044\u307e\u3059\u3002\u653f\u7b56\u91d1 [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":31924,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10,12],"acf":[],"_links":{"self":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/31922"}],"collection":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/comments?post=31922"}],"version-history":[{"count":7,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/31922\/revisions"}],"predecessor-version":[{"id":31962,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/posts\/31922\/revisions\/31962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/media\/31924"}],"wp:attachment":[{"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/media?parent=31922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/official.gfs.tokyo\/blog\/wp-json\/wp\/v2\/categories?post=31922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}