{"id":33416,"date":"2026-10-30T10:44:23","date_gmt":"2026-10-30T01:44:23","guid":{"rendered":"https:\/\/official.gfs.tokyo\/blog\/?p=33416"},"modified":"2026-10-30T10:44:23","modified_gmt":"2026-10-30T01:44:23","slug":"ue-are-japanese-stocks-truly-undervalued","status":"publish","type":"post","link":"https:\/\/official.gfs.tokyo\/blog\/ue-are-japanese-stocks-truly-undervalued","title":{"rendered":"\u65e5\u672c\u682a\u306f\u672c\u5f53\u306b\u5272\u5b89\u304b\uff1f\u7c73\u56fd\u682a\u6bd4\u8f03\u30fb\u6771\u8a3c\u6539\u9769\u30fb\u6d77\u5916\u52e2\u306e\u52d5\u5411\u3092\u89e3\u8aac"},"content":{"rendered":"<h2 data-path-to-node=\"0\">\u65e5\u672c\u682a\u306f\u672c\u5f53\u306b\u5272\u5b89\u304b\uff1f\u7c73\u56fd\u682a\u6bd4\u8f03\u30fb\u6771\u8a3c\u6539\u9769\u30fb\u6d77\u5916\u52e2\u306e\u52d5\u5411\u3092\u89e3\u8aac<\/h2>\n<h5 data-path-to-node=\"1\">\u6307\u6570\u69cb\u9020\u30fb\u6771\u8a3c\u6539\u9769\u30fb\u5916\u56fd\u4eba\u30de\u30cd\u30fc\u304b\u3089\u89e3\u304d\u660e\u304b\u3059\u65e5\u672c\u5e02\u5834\u306e\u73fe\u5728\u5730\u3068\u672a\u6765<\/h5>\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=\"3\" class=\"\">\u6982\u8981\uff08Executive Summary\uff09<\/h2>\n<p data-path-to-node=\"4\"><span>\u8fd1\u5e74\u3001<\/span><span class=\"\">\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u306b\u3088\u308b\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3084\u682a\u4fa1\u3092\u610f\u8b58\u3057\u305f\u7d4c\u55b6\u300d\u306e\u8981\u8acb\u3084\u3001<\/span><span class=\"\">\u6b74\u53f2\u7684\u306a\u682a\u4fa1\u6c34\u6e96\u306e\u66f4\u65b0\u3092\u5951\u6a5f\u306b\u3001<\/span><span class=\"\">\u56fd\u5185\u5916\u306e\u6295\u8cc7\u5bb6\u304b\u3089\u65e5\u672c\u682a\u5e02\u5834\u3078\u304b\u3064\u3066\u306a\u3044\u898f\u6a21\u306e\u6ce8\u76ee\u304c\u96c6\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/span><span class=\"\">\u300c\u65e5\u672c\u682a\u306f\u6b27\u7c73\u306b\u6bd4\u3079\u3066\u5272\u5b89\u653e\u7f6e\u3055\u308c\u3066\u3044\u308b\u300d\u300c\u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\u306e\u8cb7\u3044\u306b\u3088\u3063\u3066\u3055\u3089\u306a\u308b\u4e0a\u6607\u304c\u898b\u8fbc\u3081\u308b\u300d\u3068\u3044\u3063\u305f\u5f37\u6c17\u306a\u898b\u89e3\u304c\u30e1\u30c7\u30a3\u30a2\u3092\u8cd1\u308f\u3059\u4e00\u65b9\u3001<\/span><span class=\"\">\u300c\u672c\u5f53\u306b\u5272\u5b89\u3068\u8a00\u3048\u308b\u306e\u304b\u300d\u300c\u5358\u306a\u308b\u4e00\u6642\u7684\u306a\u30d6\u30fc\u30e0\u306b\u904e\u304e\u306a\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u300d\u3068\u3044\u3046\u7591\u554f\u3092\u62b1\u304f\u6295\u8cc7\u5bb6\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<p data-path-to-node=\"5\"><span>\u7d50\u8ad6\u304b\u3089\u8a00\u3048\u3070\u3001<\/span><span class=\"\">\u65e5\u672c\u682a\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08\u6295\u8cc7\u5c3a\u5ea6\uff09\u306f\u300c\u3069\u3053\u3092\u6bd4\u8f03\u5bfe\u8c61\u306b\u3059\u308b\u304b\u300d\u306b\u3088\u3063\u3066\u5168\u304f\u7570\u306a\u308b\u8868\u60c5\u3092\u898b\u305b\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"6\">\n<li>\n<p data-path-to-node=\"6,0,0\"><b data-path-to-node=\"6,0,0\" data-index-in-node=\"0\">\u7c73\u56fd\u682a\uff08S&amp;P 500\uff09\u5bfe\u6bd4\uff1a<\/b><span> \u660e\u78ba\u306b\u5272\u5b89\u306b\u898b\u3048\u307e\u3059\u3002<\/span><span>\u7c73\u56fd\u5e02\u5834\u306e\u4e88\u60f3PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09\u304c20\u500d\u3092\u8d85\u3048\u308b\u306e\u306b\u5bfe\u3057\u3001<\/span><span class=\"\">\u65e5\u672c\u682a\u306f15\u301c17\u500d\u524d\u5f8c\u306b\u7559\u307e\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,1,0\"><b data-path-to-node=\"6,1,0\" data-index-in-node=\"0\">\u6b27\u5dde\u30fb\u65b0\u8208\u56fd\u5bfe\u6bd4\uff1a<\/b><span class=\"\"> \u6b27\u5dde\uff0813\u301c15\u500d\uff09\u3084\u65b0\u8208\u56fd\uff0811\u301c13\u500d\uff09\u3068\u540c\u7b49\u3001<\/span><span class=\"\">\u3042\u308b\u3044\u306f\u3080\u3057\u308d\u65e5\u672c\u306e\u65b9\u304c\u3084\u3084\u9ad8\u3044\u6c34\u6e96\u306b\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,2,0\"><b class=\"\" data-path-to-node=\"6,2,0\" data-index-in-node=\"0\">\u65e5\u672c\u682a\u306e\u904e\u53bb\u63a8\u79fb\u5bfe\u6bd4\uff1a<\/b><span class=\"\"> \u30a2\u30d9\u30ce\u30df\u30af\u30b9\u4ee5\u964d\u306e\u5e73\u5747\u30ec\u30f3\u30b8\uff0813\u301c15\u500d\uff09\u3084\u89e3\u6563\u4fa1\u5024\u3068\u3055\u308c\u308bPBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff091\u500d\u5272\u308c\u306e\u4f4e\u8ff7\u671f\u3092\u8131\u3057\u3001<\/span><span class=\"\">\u3059\u3067\u306b\u300c\u30d5\u30a7\u30a2\u30d0\u30ea\u30e5\u30fc\uff08\u9069\u6b63\u6c34\u6e96\uff09\u301c\u3084\u3084\u9ad8\u3081\u300d\u306e\u9818\u57df\u306b\u5230\u9054\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"7\"><span class=\"\">\u7c73\u56fd\u682a\u3068\u65e5\u672c\u682a\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u683c\u5dee\u306e\u6839\u5e95\u306b\u306f\u3001<\/span><span class=\"\">\u5e02\u5834\u3054\u3068\u306e\u300c\u696d\u7a2e\u69cb\u6210\uff08\u30bb\u30af\u30bf\u30fc\u6bd4\u7387\uff09\u300d\u3068\u300c\u8cc7\u672c\u52b9\u7387\uff08ROE\uff1a\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u300d\u3068\u3044\u30462\u3064\u306e\u69cb\u9020\u7684\u306a\u58c1\u304c\u5b58\u5728\u3057\u307e\u3059\u3002<\/span><span class=\"\">\u8d85\u9ad8\u53ce\u76ca\u30fb\u9ad8\u6210\u9577\u306e\u5de8\u5927IT\u4f01\u696d\u304c\u727d\u5f15\u3059\u308b\u7c73\u56fd\u3068\u3001<\/span><span class=\"\">\u666f\u6c17\u654f\u611f\u306a\u88fd\u9020\u696d\u30fb\u8cc7\u672c\u8ca1\u304c\u4e2d\u6838\u3092\u5360\u3081\u308b\u65e5\u672c\u3067\u306f\u3001<\/span><span class=\"\">\u5e02\u5834\u5168\u4f53\u306b\u8a31\u5bb9\u3055\u308c\u308b\u30de\u30eb\u30c1\u30d7\u30eb\uff08\u500d\u7387\uff09\u305d\u306e\u3082\u306e\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"8\"><span class=\"\">\u73fe\u5728\u9032\u884c\u4e2d\u306e\u6771\u8a3c\u6539\u9769\u306f\u3001<\/span><span class=\"\">\u65e5\u672c\u4f01\u696d\u304c\u9577\u5e74\u62b1\u3048\u8fbc\u3093\u3067\u304d\u305f\u4f59\u5270\u30ad\u30e3\u30c3\u30b7\u30e5\u3084\u653f\u7b56\u4fdd\u6709\u682a\u5f0f\u306e\u5727\u7e2e\u3092\u4fc3\u3057\u3001<\/span><span class=\"\">PBR1\u500d\u5272\u308c\u306e\u662f\u6b63\u3068\u3044\u3046\u300c\u5b88\u308a\u306e\u6539\u9769\u300d\u306b\u304a\u3044\u3066\u5927\u304d\u306a\u6210\u679c\u3092\u4e0a\u3052\u307e\u3057\u305f\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span class=\"\">\u682a\u4fa1\u304c\u4e00\u6642\u7684\u306b1\u500d\u3092\u8d85\u3048\u305f\u5f8c\u306b\u518d\u3073\u6c88\u3093\u3067\u3057\u307e\u3046\u300c\u30ea\u30d0\u30a6\u30f3\u30c9\u4f01\u696d\u300d\u3068\u3001<\/span><span>2\u500d\u3001<\/span><span>3\u500d\u3078\u3068\u8a55\u4fa1\u3092\u5b9a\u7740\u3055\u305b\u308b\u300c\u52dd\u3061\u7d44\u4f01\u696d\u300d\u306e\u9593\u3067\u3001<\/span><span>\u731b\u70c8\u306a\u4e8c\u6975\u5316\u304c\u59cb\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/span><span>\u65e5\u672c\u682a\u306e\u58f2\u8cb7\u30b7\u30a7\u30a2\u306e\u7d046\u301c7\u5272\u3092\u63e1\u308b\u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\u3082\u3001<\/span><span>\u65e5\u672c\u682a\u5168\u4f53\u3092\u6a5f\u68b0\u7684\u306b\u8cb7\u3046\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u8cb7\u3044\u304b\u3089\u3001<\/span><span class=\"\">\u4e16\u754c\u7684\u306a\u7af6\u4e89\u529b\u3068\u8cc7\u672c\u898f\u5f8b\u3092\u6301\u3064\u500b\u5225\u9298\u67c4\u3092\u53b3\u9078\u3059\u308b\u30d5\u30a7\u30fc\u30ba\u3078\u3068\u79fb\u884c\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"9\"><span>\u672c\u7a3f\u3067\u306f\u3001<\/span><span class=\"\">\u6295\u8cc7\u306e\u521d\u6b69\u7684\u306a\u57fa\u790e\u77e5\u8b58\u304b\u3089\u5c02\u9580\u7684\u306a\u5e02\u5834\u5206\u6790\u307e\u3067\u30921\u672c\u306e\u4f53\u7cfb\u7684\u306a\u30b9\u30c8\u30fc\u30ea\u30fc\u3068\u3057\u3066\u7e4b\u304e\u5408\u308f\u305b\u3001<\/span><span class=\"\">\u65e5\u672c\u5e02\u5834\u306e\u5b9f\u614b\u3001<\/span><span>\u6771\u8a3c\u6539\u9769\u306e\u5149\u3068\u5f71\u3001<\/span><span class=\"\">\u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\u306e\u30ea\u30a2\u30eb\u306a\u6295\u8cc7\u30ed\u30b8\u30c3\u30af\u3001<\/span><span class=\"\">\u305d\u3057\u3066\u6df7\u8ff7\u3059\u308b\u6642\u4ee3\u3092\u751f\u304d\u629c\u304f\u305f\u3081\u306b\u500b\u4eba\u304c\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u3092\u8eab\u306b\u3064\u3051\u308b\u3079\u304d\u672c\u8cea\u7684\u306a\u7406\u7531\u3092\u5fb9\u5e95\u7684\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"11\" class=\"\">\u7b2c1\u7ae0\uff1a\u57fa\u790e\u304b\u3089\u5b66\u3076\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u3068\u65e5\u672c\u682a\u306e\u73fe\u5728\u5730<\/h2>\n<p data-path-to-node=\"12\"><span class=\"\">\u682a\u5f0f\u6295\u8cc7\u306e\u4e16\u754c\u3067\u300c\u3053\u306e\u682a\u306f\u5b89\u3044\u300d\u300c\u3042\u306e\u5e02\u5834\u306f\u9ad8\u3044\u300d\u3068\u8a00\u3046\u3068\u304d\u3001<\/span><span class=\"\">\u305d\u308c\u306f\u5358\u306b1\u682a\u3042\u305f\u308a\u306e\u682a\u4fa1\uff081,<\/span><span class=\"\">000\u5186\u304b1\u4e07\u5186\u304b\uff09\u3092\u6307\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span>\u4f01\u696d\u306e\u7a3c\u3050\u529b\u3084\u6301\u3063\u3066\u3044\u308b\u8ca1\u7523\u306b\u5bfe\u3057\u3066\u3001<\/span><span class=\"\">\u682a\u4fa1\u304c\u3069\u308c\u3060\u3051\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u300c\u76f8\u5bfe\u7684\u306a\u5c3a\u5ea6\u300d\u3067\u5224\u65ad\u3057\u307e\u3059\u3002<\/span><span>\u3053\u308c\u304c\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u6307\u6a19\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"13\"><span>\u307e\u305a\u306f\u3001<\/span><span>\u5e02\u5834\u5206\u6790\u306b\u6b20\u304b\u305b\u306a\u30443\u5927\u6307\u6a19\u306e\u610f\u5473\u3092\u521d\u5fc3\u8005\u5411\u3051\u306b\u7d10\u89e3\u304d\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"14\">1. \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e3\u5927\u57fa\u672c\u6307\u6a19<\/h3>\n<h4 data-path-to-node=\"15\">\u2460 PER\uff08Price Earnings Ratio\uff1a\u682a\u4fa1\u53ce\u76ca\u7387\uff09<\/h4>\n<ul 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\">\u8a08\u7b97\u5f0f\uff1a<\/b><span> \u682a\u4fa1 \u00f7 1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\uff08EPS\uff09<\/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\">\u610f\u5473\uff1a<\/b><span> \u300c\u4f01\u696d\u304c\u5e74\u9593\u306b\u7a3c\u304e\u51fa\u3059\u7d14\u5229\u76ca\u306e\u4f55\u5e74\u5206\u307e\u3067\u682a\u4fa1\u304c\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u300d\u3092\u793a\u3057\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\">\u8003\u3048\u65b9\uff1a<\/b><span class=\"\"> PER\u304c15\u500d\u3067\u3042\u308c\u3070\u3001<\/span><span class=\"\">\u300c\u73fe\u5728\u306e\u30da\u30fc\u30b9\u3067\u5229\u76ca\u3092\u51fa\u3057\u7d9a\u3051\u305f\u5834\u5408\u3001<\/span><span class=\"\">\u6295\u8cc7\u8cc7\u91d1\u3092\u56de\u53ce\u3059\u308b\u306e\u306b15\u5e74\u304b\u304b\u308b\u300d\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><span>\u4e00\u822c\u7684\u306b\u3001<\/span><span>\u5229\u76ca\u306e\u6210\u9577\u671f\u5f85\u304c\u9ad8\u3044\u4f01\u696d\u307b\u3069PER\u306f\u9ad8\u304f\u306a\u308a\uff0825\u301c30\u500d\u8d85\uff09\u3001<\/span><span>\u6210\u9577\u304c\u6210\u719f\u3057\u305f\u4f01\u696d\u3084\u666f\u6c17\u306b\u5de6\u53f3\u3055\u308c\u3084\u3059\u3044\u4f01\u696d\u306f\u4f4e\u304f\uff0810\u301c12\u500d\u524d\u5f8c\uff09\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"17\">\u2461 PBR\uff08Price Book-value Ratio\uff1a\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09<\/h4>\n<ul data-path-to-node=\"18\">\n<li>\n<p data-path-to-node=\"18,0,0\"><b data-path-to-node=\"18,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\u5f0f\uff1a<\/b><span> \u682a\u4fa1 \u00f7 1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff08BPS\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"18,1,0\"><b data-path-to-node=\"18,1,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b><span> \u300c\u4f01\u696d\u304c\u4f1a\u793e\u3092\u89e3\u6563\u3057\u305f\u3068\u304d\u306b\u682a\u4e3b\u306b\u6b8b\u308b\u8ca1\u7523\uff08\u7d14\u8cc7\u7523\u30fb\u89e3\u6563\u4fa1\u5024\uff09\u306b\u5bfe\u3057\u3066\u3001<\/span><span>\u682a\u4fa1\u304c\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u300d\u3092\u793a\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"18,2,0\"><b data-path-to-node=\"18,2,0\" data-index-in-node=\"0\">\u8003\u3048\u65b9\uff1a<\/b><span class=\"\"> \u7406\u8ad6\u4e0a\u3001<\/span><span class=\"\">PBR 1\u500d\u306f\u300c\u682a\u4fa1\u3068\u89e3\u6563\u4fa1\u5024\u304c\u4e00\u81f4\u3057\u3066\u3044\u308b\u72b6\u614b\u300d\u3067\u3059\u3002<\/span><span class=\"\">PBR\u304c1\u500d\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\uff08\u4f8b\u3048\u30700.<\/span><span>7\u500d\uff09\u3068\u3044\u3046\u3053\u3068\u306f\u3001<\/span><span>\u300c\u4f1a\u793e\u304c\u4eca\u3059\u3050\u4e8b\u696d\u3092\u3084\u3081\u3066\u8cc7\u7523\u3092\u3059\u3079\u3066\u73fe\u91d1\u5316\u3057\u3066\u682a\u4e3b\u306b\u914d\u3063\u305f\u65b9\u304c\u3001<\/span><span>\u5e02\u5834\u3067\u3064\u3044\u3066\u3044\u308b\u682a\u4fa1\u306e\u5408\u8a08\uff08\u6642\u4fa1\u7dcf\u984d\uff09\u3088\u308a\u3082\u4fa1\u5024\u304c\u9ad8\u3044\u300d\u3068\u3044\u3046\u6975\u3081\u3066\u4e0d\u540d\u8a89\u306a\u8a55\u4fa1\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"19\">\u2462 ROE\uff08Return on Equity\uff1a\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/h4>\n<ul data-path-to-node=\"20\">\n<li>\n<p data-path-to-node=\"20,0,0\"><b data-path-to-node=\"20,0,0\" data-index-in-node=\"0\">\u8a08\u7b97\u5f0f\uff1a<\/b><span> \u5f53\u671f\u7d14\u5229\u76ca \u00f7 \u81ea\u5df1\u8cc7\u672c\uff08\u7d14\u8cc7\u7523\uff09 \u00d7 100\uff08%\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"20,1,0\"><b data-path-to-node=\"20,1,0\" data-index-in-node=\"0\">\u610f\u5473\uff1a<\/b><span> \u300c\u682a\u4e3b\u304b\u3089\u9810\u304b\u3063\u305f\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u3092\u4f7f\u3063\u3066\u3001<\/span><span>\u7d4c\u55b6\u9663\u304c\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u305f\u304b\u300d\u3068\u3044\u3046\u6295\u8cc7\u5229\u56de\u308a\u30fb\u8cc7\u672c\u52b9\u7387\u3092\u793a\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"20,2,0\"><b data-path-to-node=\"20,2,0\" data-index-in-node=\"0\">\u8003\u3048\u65b9\uff1a<\/b><span class=\"\"> \u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u6975\u3081\u3066\u91cd\u8996\u3055\u308c\u308b\u6307\u6a19\u3067\u3059\u3002<\/span><span>100\u5104\u5186\u306e\u5143\u624b\u306710\u5104\u5186\u7a3c\u3050\u4f01\u696d\uff08ROE 10%\uff09\u3068\u3001<\/span><span>100\u5104\u5186\u306e\u5143\u624b\u30672\u5104\u5186\u3057\u304b\u7a3c\u3052\u306a\u3044\u4f01\u696d\uff08ROE 2%\uff09\u3067\u306f\u3001<\/span><span>\u524d\u8005\u306e\u65b9\u304c\u5727\u5012\u7684\u306b\u8cc7\u672c\u52b9\u7387\u304c\u512a\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"21\">3\u3064\u306e\u6307\u6a19\u3092\u7d50\u3076\u6700\u91cd\u8981\u65b9\u7a0b\u5f0f<\/h4>\n<p data-path-to-node=\"22\"><span>PBR\u3001<\/span><span>PER\u3001<\/span><span>ROE\u306e\u9593\u306b\u306f\u3001<\/span><span>\u6570\u5b66\u7684\u306b\u7d76\u5bfe\u306b\u5d29\u308c\u306a\u3044\u7f8e\u3057\u3044\u95a2\u4fc2\u5f0f\u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/span><\/p>\n<div data-path-to-node=\"23\">\n<div class=\"math-block\" data-math=\"\\text{PBR} = \\text{ROE} \\times \\text{PER}\"><span style=\"font-size: 18pt;\"><strong>PBR = ROE \u00d7 PER<\/strong><\/span><\/div>\n<\/div>\n<p data-path-to-node=\"24\"><span>\u3053\u306e\u6570\u5f0f\u306f\u682a\u5f0f\u5e02\u5834\u306e\u771f\u7406\u3092\u7a81\u3044\u3066\u3044\u307e\u3059\u3002<\/span><span>\u300c\u4f01\u696d\u306ePBR\uff08\u89e3\u6563\u4fa1\u5024\u500d\u7387\uff09\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u306f\u3001<\/span><span>ROE\uff08\u8cc7\u672c\u52b9\u7387\uff09\u3092\u9ad8\u3081\u308b\u304b\u3001<\/span><span>PER\uff08\u5c06\u6765\u306e\u6210\u9577\u671f\u5f85\uff09\u3092\u9ad8\u3081\u308b\u3057\u304b\u306a\u3044\u300d\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/span><span>\u9577\u5e74\u65e5\u672c\u4f01\u696d\u304cPBR1\u500d\u5272\u308c\u306b\u7518\u3093\u3058\u3066\u304d\u305f\u6839\u672c\u539f\u56e0\u306f\u3001<\/span><span>\u3053\u306e\u6570\u5f0f\u3092\u898b\u308c\u3070\u4e00\u76ee\u77ad\u7136\u3067\u3059\u3002<\/span><span>\u65e5\u672c\u4f01\u696d\u306eROE\u304c\u6975\u3081\u3066\u4f4e\u304b\u3063\u305f\u304b\u3089\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"26\">2. \u30b0\u30ed\u30fc\u30d0\u30eb\u4e3b\u8981\u5e02\u5834\u3068\u306e\u6bd4\u8f03<\/h3>\n<p data-path-to-node=\"27\"><span>\u73fe\u5728\u3001<\/span><span class=\"\">\u4e16\u754c\u5404\u56fd\u306e\u4e3b\u8981\u5e02\u5834\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u4e26\u3079\u3066\u6bd4\u8f03\u3059\u308b\u3068\u3001<\/span><span class=\"\">\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<table data-path-to-node=\"28\">\n<thead>\n<tr>\n<td><strong>\u5730\u57df\u30fb\u5e02\u5834\u4ee3\u8868\u6307\u6570<\/strong><\/td>\n<td><strong>\u4e88\u60f3PER<\/strong><\/td>\n<td><strong>\u5b9f\u7e3ePBR<\/strong><\/td>\n<td><strong>\u5e73\u5747ROE<\/strong><\/td>\n<td><strong>\u4e3b\u306a\u7279\u5fb4\u30fb\u7523\u696d\u7279\u6027<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"28,1,0,0\"><b data-path-to-node=\"28,1,0,0\" data-index-in-node=\"0\">\u65e5\u672c\uff08TOPIX \/ \u65e5\u7d4c\u5e73\u5747\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,1,1,0\"><b data-path-to-node=\"28,1,1,0\" data-index-in-node=\"0\">\u7d0415\u301c17\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,1,2,0\"><b data-path-to-node=\"28,1,2,0\" data-index-in-node=\"0\">\u7d041.4\u301c1.6\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,1,3,0\"><b data-path-to-node=\"28,1,3,0\" data-index-in-node=\"0\">\u7d048\u301c9%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,1,4,0\">\u6771\u8a3c\u6539\u9769\u3067PBR1\u500d\u5272\u308c\u4f01\u696d\u304c\u6e1b\u5c11\u3002\u904e\u53bb\u5e73\u5747\u5bfe\u6bd4\u3067\u306f\u9069\u6b63\u6c34\u6e96\u3002\u88fd\u9020\u696d\u30fb\u81ea\u52d5\u8eca\u306e\u6bd4\u7387\u304c\u9ad8\u3044\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"28,2,0,0\"><b data-path-to-node=\"28,2,0,0\" data-index-in-node=\"0\">\u7c73\u56fd\uff08S&amp;P 500\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,2,1,0\"><b data-path-to-node=\"28,2,1,0\" data-index-in-node=\"0\">\u7d0421\u301c23\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,2,2,0\"><b data-path-to-node=\"28,2,2,0\" data-index-in-node=\"0\">\u7d044.5\u301c5.0\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,2,3,0\"><b data-path-to-node=\"28,2,3,0\" data-index-in-node=\"0\">\u7d0418\u301c20%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,2,4,0\">\u4e16\u754c\u306e\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u306e6\u5272\u8d85\u3002\u30d3\u30c3\u30b0\u30c6\u30c3\u30af\u304c\u727d\u5f15\u3059\u308b\u9ad8\u6210\u9577\u30fb\u9ad8\u53ce\u76ca\u5e02\u5834\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"28,3,0,0\"><b data-path-to-node=\"28,3,0,0\" data-index-in-node=\"0\">\u6b27\u5dde\uff08STOXX 600\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,3,1,0\"><b data-path-to-node=\"28,3,1,0\" data-index-in-node=\"0\">\u7d0413\u301c15\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,3,2,0\"><b data-path-to-node=\"28,3,2,0\" data-index-in-node=\"0\">\u7d041.8\u301c2.0\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,3,3,0\"><b data-path-to-node=\"28,3,3,0\" data-index-in-node=\"0\">\u7d0412\u301c14%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,3,4,0\">\u9280\u884c\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u30fb\u88fd\u85ac\u30fb\u6d88\u8cbb\u8ca1\u304c\u4e2d\u5fc3\u3002\u666f\u6c17\u6e1b\u901f\u61f8\u5ff5\u3084\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3092\u7e54\u308a\u8fbc\u307fPER\u306f\u4f4e\u3081\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"28,4,0,0\"><b data-path-to-node=\"28,4,0,0\" data-index-in-node=\"0\">\u65b0\u8208\u56fd\uff08MSCI EM\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,4,1,0\"><b data-path-to-node=\"28,4,1,0\" data-index-in-node=\"0\">\u7d0411\u301c13\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,4,2,0\"><b data-path-to-node=\"28,4,2,0\" data-index-in-node=\"0\">\u7d041.5\u301c1.7\u500d<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,4,3,0\"><b data-path-to-node=\"28,4,3,0\" data-index-in-node=\"0\">\u7d0411\u301c12%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"28,4,4,0\">\u4e2d\u56fd\u3001\u30a4\u30f3\u30c9\u3001\u53f0\u6e7e\u3001\u30d6\u30e9\u30b8\u30eb\u7b49\u3002\u9ad8\u3044\u30ab\u30f3\u30c8\u30ea\u30fc\u30ea\u30b9\u30af\u3084\u4e0d\u900f\u660e\u611f\u304b\u3089\u4f4e\u30de\u30eb\u30c1\u30d7\u30eb\u3067\u63a8\u79fb\u3002<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"29\">3. \u300c\u65e5\u672c\u682a\u306f\u5272\u5b89\u300d\u8ad6\u306e\u771f\u5b9f<\/h3>\n<p data-path-to-node=\"30\"><span>\u3053\u306e\u8868\u3092\u4e00\u77a5\u3059\u308b\u3060\u3051\u3067\u3001<\/span><span>\u5192\u982d\u306e\u7591\u554f\u306b\u5bfe\u3059\u308b\u7b54\u3048\u304c\u660e\u78ba\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"31\">\n<li>\n<p data-path-to-node=\"31,0,0\"><b class=\"\" data-path-to-node=\"31,0,0\" data-index-in-node=\"0\">\u300c\u7c73\u56fd\u5e02\u5834\u300d\u3068\u6bd4\u3079\u305f\u5834\u5408\uff1a<\/b><span class=\"\"> \u65e5\u672c\u682a\u306ePER\uff08\u7d0416\u500d\uff09\u306f\u7c73\u56fd\u306ePER\uff08\u7d0422\u500d\uff09\u3088\u308a\u3082\u7d043\u5272\u4f4e\u304f\u3001<\/span><span class=\"\">PBR\u306b\u81f3\u3063\u3066\u306f\u7c73\u56fd\u306e3\u5206\u306e1\u4ee5\u4e0b\u3067\u3059\u3002<\/span><span>\u30b0\u30ed\u30fc\u30d0\u30eb\u6295\u8cc7\u5bb6\u304c\u300c\u904e\u71b1\u611f\u306e\u3042\u308b\u7c73\u56fd\u682a\u304b\u3089\u3001<\/span><span class=\"\">\u76f8\u5bfe\u7684\u306b\u5272\u5b89\u306a\u65e5\u672c\u682a\u3078\u8cc7\u91d1\u3092\u5206\u6563\u3057\u3088\u3046\u300d\u3068\u8003\u3048\u308b\u306e\u306f\u81ea\u7136\u306a\u5fc3\u7406\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"31,1,0\"><b data-path-to-node=\"31,1,0\" data-index-in-node=\"0\">\u300c\u4e16\u754c\u306e\u305d\u308c\u4ee5\u5916\u306e\u5e02\u5834\u300d\u3068\u6bd4\u3079\u305f\u5834\u5408\uff1a<\/b><span> \u6b27\u5dde\u5e02\u5834\u306ePER\u306f13\u301c15\u500d\u3067\u3042\u308a\u3001<\/span><span>\u65e5\u672c\u682a\u306e\u65b9\u304c\u3080\u3057\u308d\u9ad8\u3044\u304b\u540c\u7b49\u3067\u3059\u3002<\/span><span>\u65b0\u8208\u56fd\u5e02\u5834\u3068\u6bd4\u3079\u308c\u3070\u3001<\/span><span>\u65e5\u672c\u682a\u306f\u660e\u3089\u304b\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u3064\u3044\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"31,2,0\"><b data-path-to-node=\"31,2,0\" data-index-in-node=\"0\">\u300c\u65e5\u672c\u81ea\u8eab\u306e\u904e\u53bb\u300d\u3068\u6bd4\u3079\u305f\u5834\u5408\uff1a<\/b><span> \u904e\u53bb10\u5e74\u4ee5\u4e0a\u306e\u9593\u3001<\/span><span>\u65e5\u7d4c\u5e73\u5747\u306e\u4e88\u60f3PER\u306f13\u301c15\u500d\u3001<\/span><span>PBR\u306f1.<\/span><span class=\"\">0\u301c1.<\/span><span>2\u500d\u3042\u305f\u308a\u3092\u5b9a\u4f4d\u7f6e\u3068\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/span><span>\u73fe\u5728\u306e\u6c34\u6e96\u306f\u3001<\/span><span>\u904e\u53bb\u306e\u4f4e\u8ff7\u671f\u306b\u6bd4\u3079\u308c\u3070\u3059\u3067\u306b\u5207\u308a\u4e0a\u304c\u3063\u3066\u304a\u308a\u3001<\/span><span>\u300c\u6b74\u53f2\u7684\u5272\u5b89\u570f\u300d\u3067\u306f\u306a\u304f\u300c\u5341\u5206\u306b\u8a55\u4fa1\u304c\u9032\u3093\u3060\u9069\u6b63\u30be\u30fc\u30f3\u300d\u306b\u4f4d\u7f6e\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"32\"><span class=\"\">\u3064\u307e\u308a\u3001<\/span><span>\u300c\u65e5\u672c\u682a\u306f\u5272\u5b89\u3060\u300d\u3068\u3044\u3046\u8a00\u8aac\u306f\u3001<\/span><span class=\"\">\u6b63\u78ba\u306b\u306f\u300c\u7570\u5e38\u306a\u9ad8\u53ce\u76ca\u30fb\u9ad8\u6210\u9577\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u8a87\u308b\u7c73\u56fd\u682a\u3068\u6bd4\u8f03\u3057\u305f\u5834\u5408\u306b\u306e\u307f\u5272\u5b89\u306b\u898b\u3048\u308b\u300d\u3068\u3044\u3046\u306e\u304c\u5ba2\u89b3\u7684\u306a\u4e8b\u5b9f\u306a\u306e\u3067\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"34\">\u7b2c2\u7ae0\uff1a\u65e5\u7c73\u5e02\u5834\u306e\u6c7a\u5b9a\u7684\u306a\u5dee\u3092\u751f\u3080\u300c\u696d\u7a2e\u69cb\u6210\uff08\u30bb\u30af\u30bf\u30fc\u6bd4\u7387\uff09\u300d\u306e\u58c1<\/h2>\n<p data-path-to-node=\"35\"><span>\u306a\u305c\u7c73\u56fd\u682a\u306f20\u500d\u3092\u8d85\u3048\u308b\u9ad8PER\u3092\u7dad\u6301\u3067\u304d\u3001<\/span><span>\u65e5\u672c\u682a\u306f15\u301c17\u500d\u524d\u5f8c\u3067\u982d\u6253\u3061\u306b\u306a\u308a\u3084\u3059\u3044\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/span><span class=\"\">\u305d\u306e\u6700\u5927\u306e\u8981\u56e0\u306f\u3001<\/span><span>\u65e5\u7c73\u6307\u6570\u306e\u300c\u696d\u7a2e\u69cb\u6210\uff08\u30bb\u30af\u30bf\u30fc\u6bd4\u7387\uff09\u300d\u306e\u9055\u3044\u306b\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"36\"><span>\u5e02\u5834\u5168\u4f53\u306ePER\u306f\u3001<\/span><span class=\"\">\u500b\u3005\u306e\u63a1\u7528\u9298\u67c4\u306ePER\u3092\u6642\u4fa1\u7dcf\u984d\u306a\u3069\u3067\u52a0\u91cd\u5e73\u5747\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/span><span>\u3069\u306e\u3088\u3046\u306a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3092\u6301\u3064\u4f01\u696d\u304c\u6307\u6570\u306e\u4e2d\u3067\u5927\u304d\u306a\u30a6\u30a7\u30a4\u30c8\u3092\u5360\u3081\u3066\u3044\u308b\u304b\u306b\u3088\u3063\u3066\u3001<\/span><span>\u6307\u6570\u5168\u4f53\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u69cb\u9020\u306f\u6c7a\u5b9a\u3065\u3051\u3089\u308c\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"37\">1. \u6307\u6570\u69cb\u6210\u30bb\u30af\u30bf\u30fc\u306e\u5fb9\u5e95\u6bd4\u8f03<\/h3>\n<p data-path-to-node=\"38\"><span>\u7c73\u56fd\u306e\u4ee3\u8868\u7684\u6307\u6570\u3067\u3042\u308b\u300cS&amp;P 500\u300d\u3001<\/span><span>\u65e5\u672c\u306e\u5e83\u7bc4\u306a\u5e02\u5834\u3092\u8868\u3059\u300cTOPIX\u300d\u3001<\/span><span class=\"\">\u305d\u3057\u3066\u30cb\u30e5\u30fc\u30b9\u3067\u65e5\u3005\u5831\u9053\u3055\u308c\u308b\u300c\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u300d\u306e\u30bb\u30af\u30bf\u30fc\u69cb\u6210\u3092\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/span><\/p>\n<table data-path-to-node=\"39\">\n<thead>\n<tr>\n<td><strong>\u4e3b\u8981\u30bb\u30af\u30bf\u30fc\u5206\u985e<\/strong><\/td>\n<td><strong>S&amp;P 500\uff08\u7c73\u56fd\uff09<\/strong><\/td>\n<td><strong>TOPIX\uff08\u65e5\u672c\uff09<\/strong><\/td>\n<td><strong>\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\uff08\u65e5\u672c\uff09<\/strong><\/td>\n<td><strong>\u30bb\u30af\u30bf\u30fc\u56fa\u6709\u306ePER\u7279\u6027\u3068\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"39,1,0,0\"><b data-path-to-node=\"39,1,0,0\" data-index-in-node=\"0\">\u60c5\u5831\u6280\u8853\uff08IT\u30fb\u30c6\u30c3\u30af\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,1,1,0\"><b data-path-to-node=\"39,1,1,0\" data-index-in-node=\"0\">\u7d0430\u301c32%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,1,2,0\">\u7d0413\u301c15%<\/span><\/td>\n<td><span data-path-to-node=\"39,1,3,0\"><b data-path-to-node=\"39,1,3,0\" data-index-in-node=\"0\">\u7d0420\u301c25%<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"39,1,4,0\"><b data-path-to-node=\"39,1,4,0\" data-index-in-node=\"0\">\u3010PER 25\u301c35\u500d\u8d85\u3011<\/b><\/p>\n<p><br data-path-to-node=\"39,1,4,1\" \/><\/p>\n<p data-path-to-node=\"39,1,4,2\">\u7121\u5f62\u8cc7\u7523\u30fb\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u30fb\u77e5\u8ca1\u304c\u4e3b\u8ef8\u3002\u9650\u754c\u8cbb\u7528\u304c\u6975\u3081\u3066\u4f4e\u304f\u3001\u5229\u76ca\u738730\u301c40%\u3092\u53e9\u304d\u51fa\u3059\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"39,2,0,0\"><b data-path-to-node=\"39,2,0,0\" data-index-in-node=\"0\">\u8cc7\u672c\u8ca1\u30fb\u6a5f\u68b0\u30fb\u91cd\u96fb<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,2,1,0\">\u7d048\u301c9%<\/span><\/td>\n<td><span data-path-to-node=\"39,2,2,0\"><b data-path-to-node=\"39,2,2,0\" data-index-in-node=\"0\">\u7d0422\u301c24%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,2,3,0\"><b data-path-to-node=\"39,2,3,0\" data-index-in-node=\"0\">\u7d0420\u301c23%<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"39,2,4,0\"><b data-path-to-node=\"39,2,4,0\" data-index-in-node=\"0\">\u3010PER 12\u301c16\u500d\u3011<\/b><\/p>\n<p><br data-path-to-node=\"39,2,4,1\" \/><\/p>\n<p data-path-to-node=\"39,2,4,2\">\u666f\u6c17\u654f\u611f\u578b\uff08\u30b7\u30af\u30ea\u30ab\u30eb\uff09\u3002\u8a2d\u5099\u6295\u8cc7\u30fb\u5de5\u5834\u304c\u5fc5\u8981\u3067\u3001\u666f\u6c17\u5f8c\u9000\u671f\u306b\u306f\u5229\u76ca\u304c\u6fc0\u6e1b\u3059\u308b\u30ea\u30b9\u30af\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"39,3,0,0\"><b data-path-to-node=\"39,3,0,0\" data-index-in-node=\"0\">\u91d1\u878d\uff08\u9280\u884c\u30fb\u4fdd\u967a\u30fb\u8a3c\u5238\uff09<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,3,1,0\">\u7d0412\u301c13%<\/span><\/td>\n<td><span data-path-to-node=\"39,3,2,0\"><b data-path-to-node=\"39,3,2,0\" data-index-in-node=\"0\">\u7d0412\u301c14%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,3,3,0\">\u7d042\u301c4%<\/span><\/td>\n<td>\n<p data-path-to-node=\"39,3,4,0\"><b data-path-to-node=\"39,3,4,0\" data-index-in-node=\"0\">\u3010PER 10\u301c13\u500d\u3011<\/b><\/p>\n<p><br data-path-to-node=\"39,3,4,1\" \/><\/p>\n<p data-path-to-node=\"39,3,4,2\">\u53b3\u3057\u3044\u81ea\u5df1\u8cc7\u672c\u898f\u5236\u304c\u3042\u308a\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u81ea\u7531\u306b\u5727\u7e2e\u3067\u304d\u306a\u3044\u305f\u3081\u3001\u69cb\u9020\u7684\u306b\u4f4ePER\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"39,4,0,0\"><b data-path-to-node=\"39,4,0,0\" data-index-in-node=\"0\">\u4e00\u822c\u6d88\u8cbb\u8ca1\u30fb\u81ea\u52d5\u8eca<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,4,1,0\">\u7d0410\u301c11%<\/span><\/td>\n<td><span data-path-to-node=\"39,4,2,0\"><b data-path-to-node=\"39,4,2,0\" data-index-in-node=\"0\">\u7d0415\u301c17%<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,4,3,0\"><b data-path-to-node=\"39,4,3,0\" data-index-in-node=\"0\">\u7d0418\u301c20%<\/b><\/span><\/td>\n<td>\n<p data-path-to-node=\"39,4,4,0\"><b data-path-to-node=\"39,4,4,0\" data-index-in-node=\"0\">\u3010PER 10\u301c20\u500d\u3011<\/b><\/p>\n<p><br data-path-to-node=\"39,4,4,1\" \/><\/p>\n<p data-path-to-node=\"39,4,4,2\">\u7c73\u56fd\u306fAmazon\u306a\u3069\u306e\u5de8\u5927EC\u3084Tesla\u3002\u65e5\u672c\u306f\u30c8\u30e8\u30bf\u3092\u7b46\u982d\u3068\u3059\u308b\u5b8c\u6210\u8eca\u30e1\u30fc\u30ab\u30fc\u304c\u4e2d\u5fc3\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"39,5,0,0\"><b data-path-to-node=\"39,5,0,0\" data-index-in-node=\"0\">\u901a\u4fe1\u30fb\u30e1\u30c7\u30a3\u30a2\u30fb\u30a8\u30f3\u30bf\u30e1<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,5,1,0\">\u7d049\u301c10%<\/span><\/td>\n<td><span data-path-to-node=\"39,5,2,0\">\u7d047\u301c8%<\/span><\/td>\n<td><span data-path-to-node=\"39,5,3,0\">\u7d048\u301c10%<\/span><\/td>\n<td>\n<p data-path-to-node=\"39,5,4,0\"><b data-path-to-node=\"39,5,4,0\" data-index-in-node=\"0\">\u3010\u7c73\uff1a20\u301c25\u500d \/ \u65e5\uff1a13\u301c15\u500d\u3011<\/b><\/p>\n<p><br data-path-to-node=\"39,5,4,1\" \/><\/p>\n<p data-path-to-node=\"39,5,4,2\">\u7c73\u56fd\u306fAlphabet\u3001Meta\u306a\u3069\u5e83\u544a\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3002\u65e5\u672c\u306fNTT\u3001KDDI\u306a\u3069\u901a\u4fe1\u30a4\u30f3\u30d5\u30e9\u3002<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"39,6,0,0\"><b data-path-to-node=\"39,6,0,0\" data-index-in-node=\"0\">\u30d8\u30eb\u30b9\u30b1\u30a2\u30fb\u88fd\u85ac<\/b><\/span><\/td>\n<td><span data-path-to-node=\"39,6,1,0\">\u7d0411\u301c12%<\/span><\/td>\n<td><span data-path-to-node=\"39,6,2,0\">\u7d048\u301c10%<\/span><\/td>\n<td><span data-path-to-node=\"39,6,3,0\">\u7d046\u301c8%<\/span><\/td>\n<td>\n<p data-path-to-node=\"39,6,4,0\"><b data-path-to-node=\"39,6,4,0\" data-index-in-node=\"0\">\u3010PER 16\u301c20\u500d\u3011<\/b><\/p>\n<p><br data-path-to-node=\"39,6,4,1\" \/><\/p>\n<p data-path-to-node=\"39,6,4,2\">\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u3002\u7c73\u56fd\u306f\u30e1\u30ac\u30d5\u30a1\u30fc\u30de\u304c\u5de8\u5927\u306a\u30d1\u30a4\u3092\u63e1\u308b\u3002<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 data-path-to-node=\"41\" class=\"\">2. \u69cb\u9020\u7684PER\u683c\u5dee\u3092\u751f\u307f\u51fa\u30593\u3064\u306e\u30e1\u30ab\u30cb\u30ba\u30e0<\/h3>\n<h4 data-path-to-node=\"42\">\u2460 \u7c73\u56fd\u30e1\u30ac\u30c6\u30c3\u30af\uff08\u30d3\u30c3\u30b0\u30c6\u30c3\u30af\uff09\u306e\u5b58\u5728\u611f<\/h4>\n<p data-path-to-node=\"43\"><span>S&amp;P 500\u306e\u4e0a\u4f4d\u306b\u306f\u3001<\/span><span>Apple\u3001<\/span><span>Microsoft\u3001<\/span><span>NVIDIA\u3001<\/span><span>Alphabet\u3001<\/span><span>Amazon\u3001<\/span><span>Meta\u3068\u3044\u3063\u305f\u4e16\u754c\u6642\u4fa1\u7dcf\u984d\u30c8\u30c3\u30d7\u30af\u30e9\u30b9\u306e\u4f01\u696d\u304c\u305a\u3089\u308a\u3068\u4e26\u3073\u3001<\/span><span>\u3053\u306e\u6570\u793e\u3060\u3051\u3067\u6307\u6570\u5168\u4f53\u306e3\u5272\u8fd1\u3044\u6bd4\u7387\u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002<\/span><span> \u3053\u308c\u3089\u306e\u4f01\u696d\u306f\u3001<\/span><span>\u5168\u4e16\u754c\u306e\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3084AI\u30a4\u30f3\u30d5\u30e9\u3001<\/span><span>\u30aa\u30da\u30ec\u30fc\u30c6\u30a3\u30f3\u30b0\u30b7\u30b9\u30c6\u30e0\u3092\u725b\u8033\u3063\u3066\u304a\u308a\u3001<\/span><span>\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u7279\u5fb4\u3092\u6301\u3061\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"44\">\n<li>\n<p data-path-to-node=\"44,0,0\"><span>\u5727\u5012\u7684\u306a\u53c2\u5165\u969c\u58c1\uff08\u5800\uff1d\u30e2\u30fc\u30c8\uff09<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"44,1,0\"><span>\u5de5\u5834\u306a\u3069\u306e\u7269\u7406\u8a2d\u5099\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u3001<\/span><span>\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u3092\u4e16\u754c\u3078\u8907\u88fd\u3067\u304d\u308b\u9a5a\u7570\u7684\u306a\u30b9\u30b1\u30fc\u30e9\u30d3\u30ea\u30c6\u30a3<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"44,2,0\"><span>30%\u3092\u8d85\u3048\u308b\u55b6\u696d\u5229\u76ca\u7387<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"45\"><span class=\"\">\u6295\u8cc7\u5bb6\u306f\u300c\u3053\u306e\u4f01\u696d\u7fa4\u306f\u4eca\u5f8c\u3082\u9ad8\u3044\u78ba\u7387\u3067\u5e74\u738715\u301c20%\u4ee5\u4e0a\u306e\u5229\u76ca\u6210\u9577\u3092\u7d9a\u3051\u308b\u300d\u3068\u78ba\u4fe1\u3057\u3066\u3044\u308b\u305f\u3081\u3001<\/span><span>30\u500d\u308440\u500d\u3068\u3044\u3063\u305f\u6975\u3081\u3066\u9ad8\u3044PER\u3092\u9032\u3093\u3067\u652f\u6255\u3044\u307e\u3059\u3002<\/span><span>\u3053\u308c\u304cS&amp;P 500\u5168\u4f53\u306ePER\u3092\u5927\u304d\u304f\u62bc\u3057\u4e0a\u3052\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h4 data-path-to-node=\"46\">\u2461 \u65e5\u672c\u306e\u4e3b\u529b\uff1d\u30cf\u30fc\u30c9\u30a6\u30a7\u30a2\u88fd\u9020\u696d\u30fb\u91cd\u539a\u9577\u5927\u30bb\u30af\u30bf\u30fc<\/h4>\n<p data-path-to-node=\"47\"><span>\u5bfe\u3059\u308b\u65e5\u672c\u306e\u4e3b\u529b\u6307\u6570\uff08TOPIX\uff09\u306f\u3001<\/span><span>\u30c8\u30e8\u30bf\u81ea\u52d5\u8eca\u3092\u306f\u3058\u3081\u3068\u3059\u308b\u81ea\u52d5\u8eca\u30e1\u30fc\u30ab\u30fc\u3001<\/span><span>\u4e09\u83f1\u91cd\u5de5\u696d\u3084\u30d5\u30a1\u30ca\u30c3\u30af\u306a\u3069\u306e\u6a5f\u68b0\u30fb\u8cc7\u672c\u8ca1\u3001<\/span><span>\u65e5\u7acb\u88fd\u4f5c\u6240\u3084\u30bd\u30cb\u30fc\u30b0\u30eb\u30fc\u30d7\u306a\u3069\u306e\u7dcf\u5408\u96fb\u6a5f\u304c\u4e0a\u4f4d\u3092\u5360\u3081\u307e\u3059\u3002<\/span><span> \u3053\u308c\u3089\u306f\u4e16\u754c\u5c48\u6307\u306e\u512a\u308c\u305f\u6280\u8853\u529b\u3092\u8a87\u308b\u3082\u306e\u306e\u3001<\/span><b data-path-to-node=\"47\" data-index-in-node=\"113\">\u300c\u5de5\u5834\u3092\u5efa\u3066\u3001\u90e8\u54c1\u3092\u8abf\u9054\u3057\u3001\u5728\u5eab\u3092\u7ba1\u7406\u3057\u3001\u8239\u3067\u904b\u3076\u300d\u3068\u3044\u3046\u7269\u7406\u7684\u306a\u5236\u7d04\u3092\u4f34\u3046BtoB\u88fd\u9020\u696d<\/b><span>\u3067\u3059\u3002<\/span><span>\u4e16\u754c\u666f\u6c17\u306e\u6e1b\u901f\u3084\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u306e\u6df7\u4e71\u3001<\/span><span>\u539f\u6750\u6599\u9ad8\u306e\u5f71\u97ff\u3092\u30c0\u30a4\u30ec\u30af\u30c8\u306b\u53d7\u3051\u308b\u305f\u3081\u3001<\/span><span>\u5e02\u5834\u306f\u3069\u3046\u3057\u3066\u3082\u300c\u5229\u76ca\u306e\u30d6\u30ec\uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u300d\u3092\u8b66\u6212\u3057\u3001<\/span><span>10\u301c15\u500d\u7a0b\u5ea6\u306e\u63a7\u3048\u3081\u306aPER\u3057\u304b\u4e0e\u3048\u307e\u305b\u3093\u3002<\/span><\/p>\n<h4 data-path-to-node=\"48\">\u2462 \u65e5\u7d4c\u5e73\u5747\u7279\u6709\u306e\u300c\u307f\u306a\u3057\u682a\u4fa1\u65b9\u5f0f\u300d\u306b\u3088\u308b\u6b6a\u307f<\/h4>\n<p data-path-to-node=\"49\"><span>\u65e5\u672c\u682a\u3092\u8a9e\u308b\u4e0a\u3067\u6b20\u304b\u305b\u306a\u3044\u306e\u304c\u3001<\/span><span>\u65e5\u7d4c\u5e73\u5747\u682a\u4fa1\u306e\u7279\u6b8a\u6027\u3067\u3059\u3002<\/span><span> S&amp;P 500\u3084TOPIX\u304c\u300c\u4f01\u696d\u306e\u6642\u4fa1\u7dcf\u984d\u306e\u5927\u304d\u3055\u306b\u5fdc\u3058\u3066\u30a6\u30a7\u30a4\u30c8\u3092\u6c7a\u3081\u308b\uff08\u6642\u4fa1\u7dcf\u984d\u52a0\u91cd\u5e73\u5747\uff09\u300d\u306e\u306b\u5bfe\u3057\u3001<\/span><span>\u65e5\u7d4c\u5e73\u5747\u306f\u300c\u682a\u4fa1\u306e\u9ad8\u3055\uff08\u307f\u306a\u3057\u682a\u4fa1\uff09\u3067\u30a6\u30a7\u30a4\u30c8\u3092\u6c7a\u3081\u308b\uff08\u682a\u4fa1\u5e73\u5747\u578b\uff09\u300d\u3068\u3044\u3046\u53e4\u3044\u7b97\u51fa\u65b9\u5f0f\u3092\u63a1\u7528\u3057\u3066\u3044\u307e\u3059\u3002<\/span><span> \u305d\u306e\u305f\u3081\u3001<\/span><span>\u30d5\u30a1\u30fc\u30b9\u30c8\u30ea\u30c6\u30a4\u30ea\u30f3\u30b0\uff08\u30e6\u30cb\u30af\u30ed\uff09\u3084\u6771\u4eac\u30a8\u30ec\u30af\u30c8\u30ed\u30f3\u3001<\/span><span>\u30a2\u30c9\u30d0\u30f3\u30c6\u30b9\u30c8\u3068\u3044\u3063\u305f\u6570\u9298\u67c4\u306e\u300c\u5024\u304c\u3055\u682a\uff08\u682a\u4fa1\u306e\u7d76\u5bfe\u984d\u304c\u9ad8\u3044\u9298\u67c4\uff09\u300d\u306e\u52d5\u304d\u3060\u3051\u3067\u6307\u6570\u306e\u5024\u52d5\u304d\u306e\u5927\u534a\u304c\u6c7a\u307e\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/span><span class=\"\">\u3053\u308c\u3089\u30cf\u30a4\u30c6\u30af\u30fb\u6210\u9577\u9298\u67c4\u306ePER\u304c\u5207\u308a\u4e0a\u304c\u308b\u3068\u65e5\u7d4c\u5e73\u5747\u306ePER\u306f\u8df3\u306d\u4e0a\u304c\u308a\u307e\u3059\u304c\u3001<\/span><span>\u6771\u8a3c\u4e0a\u5834\u9298\u67c4\u5168\u4f53\u306e\u4f53\u6e29\u3092\u6e2c\u308bTOPIX\u306ePER\u306f\u3001<\/span><span>\u4f4ePER\u306e\u91d1\u878d\u682a\u3084\u91cd\u539a\u9577\u5927\u682a\u304c\u91cd\u3057\u3068\u306a\u308a\u3001<\/span><span>\u65e5\u7d4c\u5e73\u5747\u3088\u308a\u3082\u4f4e\u4f4d\u306b\u7559\u307e\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"50\" class=\"\">3. \u540c\u4e00\u696d\u7a2e\u3067\u6bd4\u8f03\u3057\u3066\u3082\u5b58\u5728\u3059\u308b\u300c\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5dee\u300d<\/h3>\n<p data-path-to-node=\"51\"><span>\u300c\u696d\u7a2e\u69cb\u6210\u304c\u9055\u3046\u304b\u3089PER\u304c\u9055\u3046\u300d\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span>\u300c\u4eee\u306b\u540c\u3058\u696d\u7a2e\u306e\u4f01\u696d\u540c\u58eb\u3092\u6bd4\u8f03\u3057\u3066\u3082\u3001<\/span><span>\u7c73\u56fd\u4f01\u696d\u306e\u65b9\u304c\u9ad8\u304f\u8a55\u4fa1\u3055\u308c\u308b\u300d\u3068\u3044\u3046\u51b7\u5fb9\u306a\u73fe\u5b9f\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/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\">\u81ea\u52d5\u8eca\uff1a<\/b><span> \u30c8\u30e8\u30bf\u81ea\u52d5\u8eca\u306ePER\u304c10\u500d\u524d\u5f8c\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001<\/span><span>EV\u3084\u81ea\u52d5\u904b\u8ee2\u306e\u671f\u5f85\u3092\u7e54\u308a\u8fbc\u3080\u7c73Tesla\u306f50\u301c70\u500d\u8d85\u3002<\/span><span>\u4f1d\u7d71\u7684\u306a\u7c73General Motors\u3084Ford\u3067\u3082\u3001<\/span><span>\u5c40\u9762\u306b\u3088\u3063\u3066\u81ea\u793e\u682a\u8cb7\u3044\u306e\u898f\u6a21\u7b49\u3067\u30de\u30eb\u30c1\u30d7\u30eb\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/span><\/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\">\u534a\u5c0e\u4f53\uff1a<\/b><span class=\"\"> \u65e5\u672c\u304c\u4e16\u754c\u3092\u8a87\u308b\u88fd\u9020\u88c5\u7f6e\u5927\u624b\u306e\u6771\u4eac\u30a8\u30ec\u30af\u30c8\u30ed\u30f3\u306ePER\u304c20\u301c25\u500d\u524d\u5f8c\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001<\/span><span class=\"\">AI\u534a\u5c0e\u4f53\u306e\u738b\u8005\u3067\u3042\u308b\u7c73NVIDIA\u306f35\u301c45\u500d\u8d85\u3001<\/span><span class=\"\">\u9732\u5149\u88c5\u7f6e\u3092\u72ec\u5360\u3059\u308b\u6b27\u5ddeASML\u308230\u500d\u8d85\u3067\u53d6\u5f15\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"53\"><span>\u3053\u306e\u5dee\u3092\u751f\u3080\u306e\u304c\u300cROE\uff08\u8cc7\u672c\u52b9\u7387\uff09\u300d\u3068\u300c\u5e02\u5834\u306e\u6d41\u52d5\u6027\u30fb\u901a\u8ca8\u300d\u3067\u3059\u3002<\/span><span>\u7c73\u56fd\u4f01\u696d\u306f\u4f59\u5270\u8cc7\u91d1\u3092\u5fb9\u5e95\u3057\u3066\u81ea\u793e\u682a\u8cb7\u3044\u3084\u6210\u9577\u6295\u8cc7\u306b\u56de\u3057\u3001<\/span><span>\u81ea\u5df1\u8cc7\u672c\u3092\u30b9\u30ea\u30e0\u306b\u3057\u306618\u301c20%\u3068\u3044\u3046\u6975\u3081\u3066\u9ad8\u3044ROE\u3092\u9054\u6210\u3057\u307e\u3059\u3002<\/span><span>\u4e00\u65b9\u3001<\/span><span>\u65e5\u672c\u4f01\u696d\u306f\u5b89\u5168\u306e\u305f\u3081\u306b\u73fe\u91d1\u3092\u305f\u3081\u8fbc\u307f\u3001<\/span><span>ROE\u304c8\u301c9%\u306b\u7559\u307e\u308a\u304c\u3061\u3067\u3059\u3002<\/span><span> \u30b0\u30ed\u30fc\u30d0\u30eb\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u3001<\/span><span>\u300c\u540c\u3058100\u5104\u5186\u306e\u8cc7\u91d1\u3092\u9810\u3051\u3066\u3001<\/span><span>\u6bce\u5e7418\u5104\u5186\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u51fa\u3057\u3066\u304f\u308c\u308b\u4f01\u696d\u300d\u3068\u300c8\u5104\u5186\u3057\u304b\u51fa\u305b\u306a\u3044\u4f01\u696d\u300d\u3067\u306f\u3001<\/span><span>\u524d\u8005\u306b\u9ad8\u3044\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u9ad8PER\uff09\u3092\u6255\u3046\u306e\u306f\u5f53\u7136\u306e\u7d4c\u6e08\u5408\u7406\u6027\u306a\u306e\u3067\u3059\u3002<\/span><\/p>\n<div class=\"xcd-attention-6 xcd-col5 xcd-ripple\">\n<div class=\"xcd-title-wrap\">\n<div class=\"xcd-title\"><span>\u3042\u306a\u305f\u306b\u672c\u5f53\u306b\u9069\u3057\u305f\u6295\u8cc7\u306f\u3069\u308c\uff1f<\/span><\/div>\n<\/div>\n<div class=\"xcd-content\">\n<p><span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u3067\u53ce\u5165\u3092\u5f97\u305f\u3044\u3001\u8cc7\u7523\u3092\u5897\u3084\u3057\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u30ea\u30b9\u30af\u306f\u3067\u304d\u308b\u3060\u3051\u6291\u3048\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6295\u8cc7\u5148\u306e\u898b\u6975\u3081\u65b9\u3092\u77e5\u308a\u305f\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u6210\u529f\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u3068\u63a5\u70b9\u304c\u6b32\u3057\u3044\u3000YES or NO<\/strong><\/span><br \/>\n<span style=\"font-size: 12pt;\"><strong>\u30fb\u7269\u4fa1\u4e0a\u6607\u3078\u306e\u5bfe\u7b56\u306b\u306f\u6295\u8cc7\u304c\u5fc5\u8981\u3068\u8003\u3048\u3066\u3044\u308b\u3000YES or NO<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?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=\"55\" class=\"\">\u7b2c3\u7ae0\uff1a\u6771\u8a3c\u6539\u9769\u306e\u5149\u3068\u5f71 \u2014 \u65e5\u672c\u4f01\u696d\u306eROE\u306f\u3069\u3053\u307e\u3067\u4f38\u3073\u308b\u306e\u304b\uff1f<\/h2>\n<p data-path-to-node=\"56\"><span>\u3053\u3046\u3057\u305f\u300c\u4f4eROE\u30fbPBR1\u500d\u5272\u308c\u653e\u7f6e\u300d\u3068\u3044\u3046\u65e5\u672c\u306e\u75c5\u5f0a\u3092\u6253\u7834\u3059\u3079\u304f\u3001<\/span><span>2023\u5e74\u6625\u306b\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u304c\u6253\u3061\u51fa\u3057\u305f\u306e\u304c\u3001<\/span><span>\u4e16\u754c\u3067\u3082\u524d\u4f8b\u306e\u306a\u3044\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3084\u682a\u4fa1\u3092\u610f\u8b58\u3057\u305f\u7d4c\u55b6\u306e\u5b9f\u73fe\u306b\u5411\u3051\u305f\u5bfe\u5fdc\u8981\u8acb\u300d\u3067\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"57\"><span>\u3053\u306e\u6771\u8a3c\u6539\u9769\u306b\u3088\u3063\u3066\u65e5\u672c\u682a\u306f\u6b74\u53f2\u7684\u306a\u898b\u76f4\u3057\u8cb7\u3044\u3092\u7d4c\u9a13\u3057\u307e\u3057\u305f\u304c\u3001<\/span><span>\u4f01\u696d\u306e\u73fe\u5834\u3067\u306f\u4f55\u304c\u8d77\u304d\u3001<\/span><span class=\"\">\u4eca\u5f8c\u3069\u3053\u307e\u3067\u6307\u6a19\u306f\u6539\u5584\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/span><\/p>\n<h3 data-path-to-node=\"58\">1. \u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u3067\u8aad\u307f\u89e3\u304fROE\u306e\u6539\u5584\u4f59\u5730<\/h3>\n<p data-path-to-node=\"59\"><span>ROE\u3092\u5206\u6790\u3059\u308b\u969b\u3001<\/span><span>\u8ca1\u52d9\u5206\u6790\u306e\u6a19\u6e96\u30c4\u30fc\u30eb\u3067\u3042\u308b\u300c\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u300d\u3092\u7528\u3044\u308b\u3068\u3001<\/span><span>\u4f01\u696d\u304c\u3069\u306e\u30ec\u30d0\u30fc\u3092\u5f15\u3044\u3066ROE\u3092\u4e0a\u3052\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u304b\u304c\u6d6e\u304d\u5f6b\u308a\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<div data-path-to-node=\"60\">\n<div class=\"math-block\" data-math=\"\\text{ROE} = \\text{\u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387\uff08\u53ce\u76ca\u6027\uff09} \\times \\text{\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\uff08\u8cc7\u7523\u52b9\u7387\uff09} \\times \\text{\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u8cc7\u672c\u69cb\u6210\uff09}\"><span style=\"font-size: 18pt;\"><strong>ROE = \u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387\uff08\u53ce\u76ca\u6027\uff09 \u00d7 \u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\uff08\u8cc7\u7523\u52b9\u7387\uff09 \u00d7 \u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u8cc7\u672c\u69cb\u6210\uff09<\/strong><\/span><\/div>\n<div data-math=\"\\text{ROE} = \\text{\u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387\uff08\u53ce\u76ca\u6027\uff09} \\times \\text{\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\uff08\u8cc7\u7523\u52b9\u7387\uff09} \\times \\text{\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u8cc7\u672c\u69cb\u6210\uff09}\"><\/div>\n<\/div>\n<table data-path-to-node=\"61\">\n<thead>\n<tr>\n<td><strong>\u30c7\u30e5\u30dd\u30f3\u8981\u7d20<\/strong><\/td>\n<td><strong>\u8981\u7d20\u306e\u610f\u5473<\/strong><\/td>\n<td><strong>\u65e5\u672c\u4f01\u696d\u306e\u73fe\u72b6<\/strong><\/td>\n<td><strong>\u6539\u9769\u306b\u3088\u308b\u6539\u5584\u4f59\u5730<\/strong><\/td>\n<td><strong>\u69cb\u9020\u7684\u306a\u9650\u754c\u30fb\u5236\u7d04<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"61,1,0,0\"><b data-path-to-node=\"61,1,0,0\" data-index-in-node=\"0\">\u2460 \u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,1,1,0\">\u58f2\u4e0a\u304b\u3089\u3069\u308c\u3060\u3051\u624b\u5143\u306b\u7d14\u5229\u76ca\u3092\u6b8b\u305b\u308b\u304b<\/span><\/td>\n<td>\n<p data-path-to-node=\"61,1,2,0\"><b data-path-to-node=\"61,1,2,0\" data-index-in-node=\"0\">\u7d045\u301c6%<\/b><\/p>\n<p><br data-path-to-node=\"61,1,2,1\" \/><\/p>\n<p data-path-to-node=\"61,1,2,2\"><i data-path-to-node=\"61,1,2,2\" data-index-in-node=\"0\">(\u7c73\u56fd\u306f\u7d0411\u301c12%)<\/i><\/p>\n<\/td>\n<td><span data-path-to-node=\"61,1,3,0\">\u4fa1\u683c\u8ee2\u5ac1\u306e\u5b9a\u7740\u3001\u4e0d\u63a1\u7b97\u4e8b\u696d\u304b\u3089\u306e\u64a4\u9000\u3001\u9ad8\u4ed8\u52a0\u4fa1\u5024\u5316\u3002<\/span><\/td>\n<td><span data-path-to-node=\"61,1,4,0\">\u30cf\u30fc\u30c9\u30a6\u30a7\u30a2\u30fb\u4e0b\u8acb\u3051\u578b\u88fd\u9020\u696d\u304c\u591a\u304f\u3001\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2\u4e26\u307f\u306e\u30de\u30fc\u30b8\u30f3\u3092\u51fa\u3059\u306e\u306f\u56f0\u96e3\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,2,0,0\"><b data-path-to-node=\"61,2,0,0\" data-index-in-node=\"0\">\u2461 \u7dcf\u8cc7\u7523\u56de\u8ee2\u7387<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,2,1,0\">\u6295\u3058\u305f\u8cc7\u7523\u3092\u4f7f\u3063\u3066\u3069\u308c\u3060\u3051\u58f2\u4e0a\u3092\u7a3c\u3044\u3060\u304b<\/span><\/td>\n<td><span data-path-to-node=\"61,2,2,0\"><b data-path-to-node=\"61,2,2,0\" data-index-in-node=\"0\">\u7d040.6\u301c0.7\u56de<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,2,3,0\">\u653f\u7b56\u4fdd\u6709\u682a\u5f0f\u306e\u58f2\u5374\u3001\u904a\u4f11\u4e0d\u52d5\u7523\u306e\u58f2\u5374\u3001\u904e\u5270\u73fe\u91d1\u306e\u5727\u7e2e\u3002<\/span><\/td>\n<td><span data-path-to-node=\"61,2,4,0\">\u53d6\u5f15\u5148\u3068\u306e\u95a2\u4fc2\u7dad\u6301\u3084\u3001\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u9632\u885b\u306e\u305f\u3081\u306e\u5728\u5eab\u4fdd\u6709\u304c\u4f9d\u7136\u3068\u3057\u3066\u5fc5\u8981\u3002<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"61,3,0,0\"><b data-path-to-node=\"61,3,0,0\" data-index-in-node=\"0\">\u2462 \u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<\/b><\/span><\/td>\n<td><span data-path-to-node=\"61,3,1,0\">\u81ea\u5df1\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u7dcf\u8cc7\u7523\u304c\u4f55\u500d\u3042\u308b\u304b\uff08\u501f\u5165\u306e\u6d3b\u7528\u5ea6\uff09<\/span><\/td>\n<td>\n<p data-path-to-node=\"61,3,2,0\"><b data-path-to-node=\"61,3,2,0\" data-index-in-node=\"0\">\u7d042.2\u301c2.4\u500d<\/b><\/p>\n<p><br data-path-to-node=\"61,3,2,1\" \/><\/p>\n<p data-path-to-node=\"61,3,2,2\"><i data-path-to-node=\"61,3,2,2\" data-index-in-node=\"0\">(\u7c73\u56fd\u306f3.5\u500d\u8d85)<\/i><\/p>\n<\/td>\n<td><span data-path-to-node=\"61,3,3,0\">\u81ea\u793e\u682a\u8cb7\u3044\u30fb\u5897\u914d\u306b\u3088\u308b\u81ea\u5df1\u8cc7\u672c\u5727\u7e2e\u3001\u4f4e\u5229\u501f\u5165\u306e\u6d3b\u7528\u3002<\/span><\/td>\n<td><span data-path-to-node=\"61,3,4,0\">\u300c\u7121\u501f\u91d1\u7d4c\u55b6\u3053\u305d\u6b63\u7fa9\u300d\u3068\u3044\u3046\u65e5\u672c\u7684\u4fa1\u5024\u89b3\u3002\u65e5\u9280\u306e\u5229\u4e0a\u3052\u5c40\u9762\u306b\u4f34\u3046\u91d1\u5229\u8ca0\u62c5\u5897\u3002<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4 data-path-to-node=\"62\" class=\"\">\u77ed\u671f\u7684\u306a\u6253\u3061\u624b\uff1a\u300c\u5206\u6bcd\u300d\u306e\u524a\u6e1b\uff08\u81ea\u793e\u682a\u8cb7\u3044\uff09<\/h4>\n<p data-path-to-node=\"63\"><span class=\"\">\u6771\u8a3c\u6539\u9769\u76f4\u5f8c\u3001<\/span><span class=\"\">\u591a\u304f\u306e\u4f01\u696d\u304c\u4e00\u6589\u306b\u53d6\u308a\u7d44\u3093\u3060\u306e\u304c\u3001<\/span><span class=\"\">\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u306e\u300c\u2462\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u300d\u3084\u300c\u81ea\u5df1\u8cc7\u672c\uff08\u5206\u6bcd\uff09\u300d\u306b\u624b\u3092\u4ed8\u3051\u308b\u3053\u3068\u3067\u3057\u305f\u3002<\/span><span class=\"\"> \u624b\u5143\u306e\u73fe\u9810\u91d1\u3092\u53d6\u308a\u5d29\u3057\u305f\u308a\u3001<\/span><span>\u9577\u5e74\u4fdd\u6709\u3057\u3066\u3044\u305f\u53d6\u5f15\u5148\u306e\u300c\u6301\u3061\u5408\u3044\u682a\uff08\u653f\u7b56\u4fdd\u6709\u682a\u5f0f\uff09\u300d\u3092\u58f2\u5374\u3057\u3066\u3001<\/span><span>\u5927\u898f\u6a21\u306a\u81ea\u793e\u682a\u8cb7\u3044\u3092\u767a\u8868\u3057\u305f\u306e\u3067\u3059\u3002<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3046\u3068\u3001<\/span><span>\u5e02\u5834\u304b\u3089\u682a\u5f0f\u304c\u6d88\u3048\u3066\u81ea\u5df1\u8cc7\u672c\u304c\u6e1b\u308b\u305f\u3081\u3001<\/span><b data-path-to-node=\"63\" data-index-in-node=\"160\">\u7d14\u5229\u76ca\uff08\u5206\u5b50\uff09\u304c\u5909\u308f\u3089\u306a\u304f\u3066\u3082\u8a08\u7b97\u4e0a\u306eROE\u306f\u8df3\u306d\u4e0a\u304c\u308a\u307e\u3059<\/b><span>\u3002<\/span><span>\u3053\u308c\u306b\u3088\u308a\u3001<\/span><span>\u65e5\u672c\u4f01\u696d\u306e\u5e73\u5747ROE\u306f7%\u53f0\u304b\u30898\u301c9%\u3078\u3068\u5e95\u4e0a\u3052\u3055\u308c\u307e\u3057\u305f\u3002<\/span><\/p>\n<h4 data-path-to-node=\"64\">\u4e2d\u9577\u671f\u7684\u306a\u58c1\uff1a\u300c\u5206\u5b50\u300d\u306e\u62e1\u5927\uff08\u5229\u76ca\u7387\u306e\u5411\u4e0a\uff09<\/h4>\n<p data-path-to-node=\"65\"><span>\u3057\u304b\u3057\u3001<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u3060\u3051\u3067ROE\u309215%\u308420%\u306b\u5f15\u304d\u4e0a\u3052\u308b\u3053\u3068\u306f\u4e0d\u53ef\u80fd\u3067\u3059\u3002<\/span><span>\u4f1a\u793e\u306e\u304a\u91d1\u3092\u914d\u308a\u5c3d\u304f\u305b\u3070\u3001<\/span><span>\u3044\u305a\u308c\u81ea\u793e\u682a\u8cb7\u3044\u306e\u539f\u8cc7\u306f\u5c3d\u304d\u307e\u3059\u3002<\/span><span> \u6301\u7d9a\u7684\u306b\u9ad8\u3044ROE\u3092\u9054\u6210\u3059\u308b\u306b\u306f\u3001<\/span><span>\u300c\u2460\u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387\u300d\u3092\u9ad8\u3081\u308b\u3001<\/span><span>\u3059\u306a\u308f\u3061\u300c\u5024\u4e0a\u3052\u3092\u3057\u3066\u30de\u30fc\u30b8\u30f3\u3092\u7a3c\u3050\u300d\u300c\u5229\u76ca\u306e\u51fa\u306a\u3044\u8d64\u5b57\u4e8b\u696d\u304b\u3089\u64a4\u9000\u3059\u308b\u300d\u300cM&amp;A\u3084\u7814\u7a76\u958b\u767a\u306b\u3088\u3063\u3066\u9ad8\u5229\u76ca\u306a\u65b0\u88fd\u54c1\u3092\u751f\u307f\u51fa\u3059\u300d\u3068\u3044\u3046\u672c\u696d\u306e\u53ce\u76ca\u529b\u5f37\u5316\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span>\u65e5\u672c\u306e\u7d42\u8eab\u96c7\u7528\u6163\u884c\u3084\u52b4\u50cd\u6cd5\u5236\u306e\u4e0b\u3067\u306f\u3001<\/span><span>\u7c73\u56fd\u306e\u3088\u3046\u306a\u5927\u898f\u6a21\u306a\u4e8b\u696d\u58f2\u5374\u3084\u4eba\u54e1\u518d\u914d\u7f6e\u304c\u6975\u3081\u3066\u96e3\u3057\u304f\u3001<\/span><span>\u5206\u5b50\u306e\u6539\u5584\u306b\u306f\u6570\u5e74\u304b\u308910\u5e74\u5358\u4f4d\u306e\u6642\u9593\u304c\u304b\u304b\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"67\">2. \u4eca\u5f8c\u306eROE\u30fbPER\u4e0a\u6607\u30b7\u30ca\u30ea\u30aa<\/h3>\n<p data-path-to-node=\"68\"><span class=\"\">\u65e5\u672c\u682a\u5168\u4f53\u306e\u5e73\u5747ROE\u3084PER\u306f\u3001<\/span><span class=\"\">\u6771\u8a3c\u6539\u9769\u306e\u9032\u5c55\u306b\u3088\u3063\u3066\u4eca\u5f8c\u3069\u3053\u307e\u3067\u4e0a\u6607\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/span><span class=\"\">\u73fe\u5b9f\u7684\u306a3\u3064\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u63d0\u793a\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3372278408=\"\" class=\"ng-tns-c3372278408-395 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3372278408=\"\" class=\"code-block ng-tns-c3372278408-395 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mNDFkMThhMTYwZmJkMzRjIiwiY182NDRlOTkzMTQ2ZWZhZjI4IixudWxsLCJyY19iNjQ1NTJhYjRiNmRlMTgyIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c3372278408=\"\" class=\"formatted-code-block-internal-container ng-tns-c3372278408-395\">\n<div _ngcontent-ng-c3372278408=\"\" class=\"animated-opacity ng-tns-c3372278408-395\">\n<pre _ngcontent-ng-c3372278408=\"\" class=\"ng-tns-c3372278408-395\"><code _ngcontent-ng-c3372278408=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3372278408-395 no-decoration-radius\">\u3010\u65e5\u672c\u682a\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u5c06\u6765\u30b7\u30ca\u30ea\u30aa\u3011\r\n\r\n\uff3b\u73fe\u72b6\uff08\u79fb\u884c\u671f\uff09\uff3d\r\n  \u5e73\u5747ROE\uff1a\u7d048.5%  \uff0f  \u4e88\u60f3PER\uff1a\u7d0415\u301c16\u500d  \uff0f  PBR\uff1a\u7d041.3\u301c1.4\u500d\r\n      \u2193\r\n\uff3b\u57fa\u672c\u30b7\u30ca\u30ea\u30aa\uff083\u301c5\u5e74\u5f8c\u306e\u30e1\u30a4\u30f3\u30b7\u30ca\u30ea\u30aa\uff09\uff3d\r\n  \u5e73\u5747ROE\uff1a\u7d0410.0% \uff0f  \u4e88\u60f3PER\uff1a\u7d0416\u301c17\u500d  \uff0f  PBR\uff1a\u7d041.6\u301c1.7\u500d\r\n  \u2605 \u653f\u7b56\u4fdd\u6709\u682a\u306e\u7e2e\u6e1b\u304c\u4e00\u5de1\u3002\u4f4e\u63a1\u7b97\u4f01\u696d\u306e\u518d\u7de8\u304c\u9032\u307f\u3001\u30d7\u30e9\u30a4\u30e0\u4e0a\u5834\u4f01\u696d\u306eROE 10%\u304c\u5b9a\u7740\u3002\r\n      \u2193\r\n\uff3b\u5f37\u6c17\u30b7\u30ca\u30ea\u30aa\uff08\u65e5\u672c\u4f01\u696d\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u5909\u9769\u5b8c\u9042\uff09\uff3d\r\n  \u5e73\u5747ROE\uff1a\u7d0412.0% \uff0f  \u4e88\u60f3PER\uff1a\u7d0417\u301c18\u500d  \uff0f  PBR\uff1a\u7d042.0\u301c2.2\u500d\r\n  \u2605 \u4e0d\u63a1\u7b97\u4e8b\u696d\u306e\u58f2\u5374\u30fb\u64a4\u9000\u304c\u65e5\u5e38\u5316\u3057\u3001\u6b27\u5dde\u30c8\u30c3\u30d7\u4f01\u696d\u4e26\u307f\u306e\u53ce\u76ca\u6027\u3092\u7372\u5f97\u3002\r\n      \u00d7\r\n\uff3b\u975e\u73fe\u5b9f\u7684\u30b7\u30ca\u30ea\u30aa\uff1a\u7c73\u56fd\u4e26\u307f\uff08ROE 18%\u8d85 \/ PER 20\u500d\u8d85\uff09\uff3d\r\n  \u7523\u696d\u69cb\u9020\uff08\u30bd\u30d5\u30c8\u30a6\u30a7\u30a2 vs \u91cd\u539a\u9577\u5927\uff09\u3068\u52b4\u50cd\u5e02\u5834\u306e\u6d41\u52d5\u6027\u306e\u9055\u3044\u304b\u3089\u3001\u5e02\u5834\u5e73\u5747\u3068\u3057\u3066\u306e\u5230\u9054\u306f\u6975\u3081\u3066\u56f0\u96e3\u3002\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"70\"><span>\u6771\u8a3c\u6539\u9769\u306e\u73fe\u5b9f\u7684\u306a\u30b4\u30fc\u30eb\u306f\u3001<\/span><span>\u300c\u7c73\u56fd\u5e02\u5834\u306e\u30af\u30ed\u30fc\u30f3\u306b\u306a\u308b\u3053\u3068\u300d\u3067\u306f\u306a\u304f\u3001<\/span><span>\u300c\u6b27\u5dde\u5e02\u5834\u4e26\u307f\u306e\u52b9\u7387\u6027\uff08ROE 10\u301c12%\u3001<\/span><span>PER 16\u301c18\u500d\u3001<\/span><span>PBR 1.<\/span><span>8\u301c2.<\/span><span>0\u500d\uff09\u3078\u30ad\u30e3\u30c3\u30c1\u30a2\u30c3\u30d7\u3059\u308b\u3053\u3068\u300d\u306b\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<h2 data-path-to-node=\"72\">\u7b2c4\u7ae0\uff1a\u81ea\u793e\u682a\u8cb7\u3044 vs \u6210\u9577\u6295\u8cc7 \u2014 \u6210\u529f\u4f01\u696d\u3068\u300c\u9006\u623b\u308a\u4f01\u696d\u300d\u306e\u660e\u6697<\/h2>\n<p data-path-to-node=\"73\"><span>PBR1\u500d\u5272\u308c\u306e\u6539\u5584\u8981\u8acb\u304c\u51fa\u3055\u308c\u305f\u969b\u3001<\/span><span>\u591a\u304f\u306e\u7d4c\u55b6\u8005\u304c\u76f4\u9762\u3057\u305f\u306e\u304c\u300c\u624b\u5143\u8cc7\u91d1\u3092\u81ea\u793e\u682a\u8cb7\u3044\u306a\u3069\u306e\u682a\u4e3b\u9084\u5143\u306b\u4f7f\u3046\u3079\u304d\u304b\u3001<\/span><span>\u305d\u308c\u3068\u3082\u5c06\u6765\u306e\u305f\u3081\u306e\u6210\u9577\u6295\u8cc7\uff08\u8a2d\u5099\u6295\u8cc7\u30fb\u7814\u7a76\u958b\u767a\u30fbM&amp;A\uff09\u306b\u4f7f\u3046\u3079\u304d\u304b\u300d\u3068\u3044\u3046\u554f\u3044\u3067\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"74\"><span>\u682a\u5f0f\u5e02\u5834\u306f\u3053\u306e2\u3064\u3092\u3069\u306e\u3088\u3046\u306b\u8a55\u4fa1\u3057\u305f\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/span><\/p>\n<h3 data-path-to-node=\"75\">1. \u5e02\u5834\u8a55\u4fa1\u306e\u6642\u9593\u8ef8\u3068\u300cROIC vs \u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u306e\u529b\u5b66<\/h3>\n<p data-path-to-node=\"76\"><span>\u5e02\u5834\u306e\u8a55\u4fa1\u306f\u3001<\/span><span>\u300c\u4f01\u696d\u306e\u73fe\u5728\u306e\u53ce\u76ca\u529b\u300d\u3068\u300c\u6642\u9593\u8ef8\u300d\u306b\u3088\u3063\u3066\u9bae\u660e\u306b\u5206\u304b\u308c\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"77\">\n<li>\n<p data-path-to-node=\"77,0,0\"><b data-path-to-node=\"77,0,0\" data-index-in-node=\"0\">\u81ea\u793e\u682a\u8cb7\u3044\uff08\u682a\u4e3b\u9084\u5143\uff09\uff1a<\/b><span> \u767a\u8868\u3055\u308c\u305f\u77ac\u9593\u304b\u3089\u300cEPS\uff081\u682a\u5f53\u305f\u308a\u5229\u76ca\uff09\u306e\u4e0a\u6607\u300d\u3068\u300c\u9700\u7d66\u306e\u6539\u5584\u300d\u304c\u78ba\u5b9a\u3059\u308b\u305f\u3081\u3001<\/span><b data-path-to-node=\"77,0,0\" data-index-in-node=\"55\">\u77ed\u671f\u7684\uff08\u6570\u65e5\u301c\u6570\u30f6\u6708\uff09\u306b\u306f\u5727\u5012\u7684\u306a\u682a\u4fa1\u4e0a\u6607\u52b9\u679c<\/b><span>\u3092\u6301\u3061\u307e\u3059\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span>\u6210\u9577\u30b9\u30c8\u30fc\u30ea\u30fc\u3092\u4f34\u308f\u306a\u3044\u5358\u767a\u306e\u81ea\u793e\u682a\u8cb7\u3044\u306f\u3001<\/span><span>\u8cb7\u3044\u67a0\u3092\u6d88\u5316\u3057\u305f\u77ac\u9593\u306b\u682a\u4fa1\u304c\u5931\u901f\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"77,1,0\"><b data-path-to-node=\"77,1,0\" data-index-in-node=\"0\">\u6210\u9577\u6295\u8cc7\uff08\u8a2d\u5099\u30fbM&amp;A\u30fb\u7814\u7a76\u958b\u767a\uff09\uff1a<\/b><span> \u6295\u8cc7\u3057\u305f\u304a\u91d1\u304c\u5229\u76ca\u3068\u3057\u3066\u7d50\u5b9f\u3059\u308b\u307e\u3067\u306b2\u301c3\u5e74\u4ee5\u4e0a\u306e\u6642\u9593\u3092\u8981\u3059\u308b\u305f\u3081\u3001<\/span><b data-path-to-node=\"77,1,0\" data-index-in-node=\"54\">\u77ed\u671f\u7684\u306b\u306f\u6e1b\u4fa1\u511f\u5374\u8cbb\u3084\u4eba\u4ef6\u8cbb\u304c\u5897\u52a0\u3057\u3066\u6e1b\u76ca\u8981\u56e0<\/b><span>\u306b\u306a\u308a\u307e\u3059\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span>\u6295\u8cc7\u304c\u6210\u529f\u3057\u3066\u5229\u76ca\u304c\u62e1\u5927\u3057\u59cb\u3081\u308b\u3068\u3001<\/span><span>\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6210\u9577\u304c\u7e54\u308a\u8fbc\u307e\u308c\u3001<\/span><span>PER\u305d\u306e\u3082\u306e\u304c\u5207\u308a\u4e0a\u304c\u3063\u3066\u6301\u7d9a\u7684\u306aPBR\u62e1\u5927\u3092\u3082\u305f\u3089\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"78\"><span>\u3053\u3053\u3067\u91cd\u8981\u306b\u306a\u308b\u306e\u304c\u3001<\/span><span>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u6700\u3082\u91cd\u8996\u3059\u308b<\/span><b data-path-to-node=\"78\" data-index-in-node=\"23\">ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u3068WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306e\u95a2\u4fc2<\/b><span>\u3067\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"79\">\n<li>\n<p data-path-to-node=\"79,0,0\"><b data-path-to-node=\"79,0,0\" data-index-in-node=\"0\">ROIC \uff1c \u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u7d047\u301c8%\uff09\u306e\u4f01\u696d\uff1a<\/b><span> \u300c\u4e8b\u696d\u306b\u304a\u91d1\u3092\u6295\u3058\u3066\u3082\u3001<\/span><span>\u8abf\u9054\u30b3\u30b9\u30c8\u4ee5\u4e0b\u306e\u5229\u76ca\u3057\u304b\u51fa\u305b\u306a\u3044\u4f01\u696d\u300d\u3067\u3059\u3002<\/span><span>\u3053\u306e\u3088\u3046\u306a\u4f01\u696d\u304c\u7121\u95c7\u306b\u8a2d\u5099\u6295\u8cc7\u3084\u672a\u7d4c\u9a13\u5206\u91ce\u306eM&amp;A\u3092\u884c\u3046\u3068\u3001<\/span><span>\u6295\u8cc7\u5bb6\u306f\u300c\u8cb4\u91cd\u306a\u73fe\u91d1\u3092\u30c9\u30d6\u306b\u6368\u3066\u3066\u3044\u308b\uff08\u8cc7\u672c\u306e\u7834\u58ca\uff09\u300d\u3068\u5224\u65ad\u3057\u3001<\/span><span>\u682a\u4fa1\u3092\u53e9\u304d\u58f2\u308a\u307e\u3059\u3002<\/span><span>\u3053\u306e\u30bf\u30a4\u30d7\u306e\u4f01\u696d\u306f\u3001<\/span><b data-path-to-node=\"79,0,0\" data-index-in-node=\"140\">\u4f59\u8a08\u306a\u6295\u8cc7\u3092\u305b\u305a\u3001\u5168\u984d\u3092\u81ea\u793e\u682a\u8cb7\u3044\u3084\u5897\u914d\u3067\u682a\u4e3b\u306b\u8fd4\u9084\u3059\u308b\u3053\u3068\u3053\u305d\u304c\u6700\u9ad8\u306b\u8a55\u4fa1\u3055\u308c\u307e\u3059<\/b><span>\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"79,1,0\"><b data-path-to-node=\"79,1,0\" data-index-in-node=\"0\">ROIC \uff1e \u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u7d047\u301c8%\uff09\u306e\u4f01\u696d\uff1a<\/b><span> \u300c\u6295\u3058\u305f\u8cc7\u672c\u304b\u3089\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u5927\u304d\u304f\u4e0a\u56de\u308b\u30ea\u30bf\u30fc\u30f3\u3092\u751f\u307f\u51fa\u305b\u308b\u7af6\u4e89\u529b\u306e\u3042\u308b\u4f01\u696d\u300d\u3067\u3059\u3002<\/span><span>\u3053\u306e\u4f01\u696d\u304c\u81ea\u793e\u682a\u8cb7\u3044\u3070\u304b\u308a\u3092\u884c\u3063\u3066\u3044\u308b\u3068\u3001<\/span><span>\u5e02\u5834\u306f\u300c\u5c06\u6765\u306e\u6295\u8cc7\u5148\u304c\u898b\u3064\u304b\u3089\u306a\u3044\u3001<\/span><span>\u6210\u9577\u306e\u9650\u754c\u306b\u9054\u3057\u305f\u4f1a\u793e\u300d\u3068\u5224\u65ad\u3057\u3001<\/span><span>PER\u3092\u5f15\u304d\u4e0b\u3052\u307e\u3059\u3002<\/span><span>\u3053\u306e\u30bf\u30a4\u30d7\u306e\u4f01\u696d\u306f\u3001<\/span><b data-path-to-node=\"79,1,0\" data-index-in-node=\"143\">\u5229\u76ca\u3092\u7a4d\u6975\u7684\u306b\u672c\u696d\u306e\u6210\u9577\u6295\u8cc7\u3078\u632f\u308a\u5411\u3051\u308b\u3053\u3068\u304c\u6700\u3082\u9ad8\u304f\u8a55\u4fa1\u3055\u308c\u307e\u3059<\/b><span>\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"81\">2. PBR1\u500d\u8d85\u3048\u3092\u5b9a\u7740\u3055\u305b\u305f\u6210\u529f\u4f01\u696d\u306e\u5177\u4f53\u4f8b<\/h3>\n<p data-path-to-node=\"82\"><span>\u6771\u8a3c\u6539\u9769\u4ee5\u964d\u3001<\/span><span>\u4e00\u6642\u7684\u306a\u682a\u4fa1\u6025\u9a30\u306b\u3068\u3069\u307e\u3089\u305a\u3001<\/span><span>PBR1\u500d\u8d85\u3048\u3092\u5b9a\u7740\u30fb\u98db\u8e8d\u3055\u305b\u305f\u4f01\u696d\u306b\u306f\u660e\u78ba\u306a\u5171\u901a\u70b9\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<h4 data-path-to-node=\"83\">\u4e8b\u4f8b\u2460\uff1a\u30a4\u30c8\u30fc\u30ad\uff087972\uff09 \u2014 \u6771\u8a3c\u516c\u5f0f\u306e\u6a21\u7bc4\u4e8b\u4f8b<\/h4>\n<ul data-path-to-node=\"84\">\n<li>\n<p data-path-to-node=\"84,0,0\"><b data-path-to-node=\"84,0,0\" data-index-in-node=\"0\">\u8ecc\u8de1\uff1a<\/b><span> \u9577\u5e74PBR 0.<\/span><span>5\u301c0.<\/span><span>6\u500d\u3001<\/span><span>ROE 3\u301c4%\u53f0\u3067\u653e\u7f6e\u3055\u308c\u3066\u3044\u305f\u30aa\u30d5\u30a3\u30b9\u5bb6\u5177\u4e2d\u5805\u3002<\/span><span>\u6539\u9769\u3092\u7d4c\u3066<\/span><b data-path-to-node=\"84,0,0\" data-index-in-node=\"50\">PBR 1.4\u301c1.6\u500d\u8d85\u3001ROE 10%\u8d85<\/b><span>\u3078\u3068\u5909\u8c8c\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"84,1,0\"><b data-path-to-node=\"84,1,0\" data-index-in-node=\"0\">\u52dd\u56e0\uff1a<\/b><span> \u5358\u306a\u308b\u81ea\u793e\u682a\u8cb7\u3044\u3067\u306f\u306a\u304f\u3001<\/span><span>\u5fb9\u5e95\u3057\u305f\u5024\u4e0a\u3052\u3068\u4e0d\u63a1\u7b97\u6848\u4ef6\u306e\u53d7\u6ce8\u505c\u6b62\uff08\u30de\u30fc\u30b8\u30f3\u6539\u5584\uff09\u3092\u5b9f\u884c\u3002<\/span><span>\u3055\u3089\u306b\u914d\u5f53\u65b9\u91dd\u3092\u300c\u914d\u5f53\u6027\u541140%\u3092\u76ee\u5b89\u3068\u3057\u3001<\/span><span>\u4e0b\u9650\u3092\u8a2d\u5b9a\u3059\u308b\u300d\u3068\u3044\u3046\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u578b\u3078\u6539\u5b9a\u3002<\/span><span>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3068\u306e\u5bfe\u8a71\u3092\u7a4d\u6975\u7684\u306b\u91cd\u306d\u3001<\/span><span>\u69cb\u9020\u6539\u9769\u306e\u5b9f\u614b\u3092\u5e02\u5834\u306b\u8a8d\u77e5\u3055\u305b\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"85\">\u4e8b\u4f8b\u2461\uff1a\u65e5\u7acb\u88fd\u4f5c\u6240\uff086501\uff09 \u2014 \u4e8b\u696d\u518d\u7de8\u306e\u91d1\u5b57\u5854<\/h4>\n<ul data-path-to-node=\"86\">\n<li>\n<p data-path-to-node=\"86,0,0\"><b data-path-to-node=\"86,0,0\" data-index-in-node=\"0\">\u8ecc\u8de1\uff1a<\/b><span> \u304b\u3064\u3066\u88fd\u9020\u696d\u3068\u3057\u3066\u56fd\u5185\u6700\u5927\u306e\u6700\u7d42\u8d64\u5b57\uff087,<\/span><span>873\u5104\u5186\uff09\u3092\u8a08\u4e0a\u3057\u3001<\/span><span>PBR1\u500d\u3092\u5927\u304d\u304f\u4e0b\u56de\u3063\u3066\u3044\u305f\u5de8\u5927\u8907\u5408\u4f01\u696d\uff08\u30b3\u30f3\u30b0\u30ed\u30de\u30ea\u30c3\u30c8\uff09\u3002<\/span><span>\u69cb\u9020\u6539\u9769\u3092\u7d4c\u3066<\/span><b data-path-to-node=\"86,0,0\" data-index-in-node=\"75\">PBR 2.0\u301c2.5\u500d\u8d85\u3001ROE 12\u301c14%\u53f0<\/b><span>\u3078\u5b9a\u7740\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"86,1,0\"><b data-path-to-node=\"86,1,0\" data-index-in-node=\"0\">\u52dd\u56e0\uff1a<\/b><span> \u300c\u89aa\u5b50\u4e0a\u5834\u306e\u5b8c\u5168\u89e3\u6d88\u300d\u3092\u65ad\u884c\u3002<\/span><span>\u65e5\u7acb\u5316\u6210\u3001<\/span><span>\u65e5\u7acb\u91d1\u5c5e\u3001<\/span><span>\u65e5\u7acb\u5efa\u6a5f\u3068\u3044\u3063\u305f\u540d\u9580\u4e0a\u5834\u5b50\u4f1a\u793e\u3092\u6b21\u3005\u3068\u58f2\u5374\u3057\u3001<\/span><span>\u5f97\u305f\u83ab\u5927\u306a\u8cc7\u91d1\u3092\u72ec\u81ea\u306eIoT\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u300cLumada\u300d\u3084\u3001<\/span><span>\u30b9\u30a4\u30b9ABB\u306e\u30d1\u30ef\u30fc\u30b0\u30ea\u30c3\u30c9\u4e8b\u696d\uff08\u9001\u914d\u96fb\u30a4\u30f3\u30d5\u30e9\uff09\u306a\u3069\u306e\u9ad8\u5229\u76ca\u7387\u30fb\u6210\u9577\u5206\u91ce\u3078\u96c6\u4e2d\u6295\u8cc7\u3002<\/span><span>\u4f4e\u63a1\u7b97\u4e8b\u696d\u3092\u5207\u308a\u6368\u3066\u3066\u9ad8\u53ce\u76ca\u4e8b\u696d\u3078\u5165\u308c\u66ff\u3048\u308b\u300c\u4e8b\u696d\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u9078\u629e\u3068\u96c6\u4e2d\u300d\u3092\u6210\u3057\u9042\u3052\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"87\">\u4e8b\u4f8b\u2462\uff1a\u4e09\u83f1\u91cd\u5de5\u696d\uff087011\uff09 \u2014 \u75db\u307f\u3092\u4f34\u3046\u64a4\u9000\u3068\u56fd\u7b56\u9700\u8981\u306e\u878d\u5408<\/h4>\n<ul data-path-to-node=\"88\">\n<li>\n<p data-path-to-node=\"88,0,0\"><b data-path-to-node=\"88,0,0\" data-index-in-node=\"0\">\u8ecc\u8de1\uff1a<\/b><span> \u56fd\u7523\u65c5\u5ba2\u6a5f\uff08SpaceJet\uff09\u306e\u958b\u767a\u96e3\u822a\u306a\u3069\u3067\u5de8\u984d\u640d\u5931\u3092\u51fa\u3057\u3001<\/span><span>\u9577\u5e74PBR 0.<\/span><span>7\u301c0.<\/span><span>9\u500d\u3067\u4f4e\u8ff7\u3002<\/span><span>\u6539\u9769\u5f8c\u306f<\/span><b data-path-to-node=\"88,0,0\" data-index-in-node=\"57\">PBR 2.0\u301c3.0\u500d\u8d85<\/b><span>\u3078\u3068\u5927\u8e8d\u9032\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"88,1,0\"><b data-path-to-node=\"88,1,0\" data-index-in-node=\"0\">\u52dd\u56e0\uff1a<\/b><span> SpaceJet\u4e8b\u696d\u304b\u3089\u306e\u64a4\u9000\u3092\u6b63\u5f0f\u6c7a\u5b9a\u3057\u3001<\/span><span>\u50b7\u53e3\u3092\u6b62\u8840\u3002<\/span><span>\u9632\u885b\u95a2\u9023\u4e88\u7b97\u306e\u5897\u984d\u3084\u3001<\/span><span>\u8131\u70ad\u7d20\u306b\u5411\u3051\u305f\u539f\u5b50\u529b\u30fb\u30ac\u30b9\u30bf\u30fc\u30d3\u30f3\u9700\u8981\u3068\u3044\u3046\u8ffd\u3044\u98a8\u3092\u6349\u3048\u3001<\/span><span>\u4e2d\u8a08\u3067ROIC\u7d4c\u55b6\u3092\u5fb9\u5e95\u3002<\/span><span>\u8cc7\u672c\u306e\u4f7f\u3044\u9053\u3092\u6210\u9577\u5206\u91ce\u3078\u7d5e\u308a\u8fbc\u307f\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"90\">3. \u4e00\u6642\u7684\u306b1\u500d\u3092\u8d85\u3048\u3066\u300c\u9006\u623b\u308a\u300d\u3057\u305f\u4f01\u696d\u306e4\u5927\u5931\u6557\u8981\u56e0<\/h3>\n<p data-path-to-node=\"91\"><span>\u4e00\u65b9\u3067\u3001<\/span><span>\u6771\u8a3c\u8981\u8acb\u306e\u76f4\u5f8c\u306b\u682a\u4fa1\u304c\u6025\u9a30\u3057\u3066\u4e00\u6642\u7684\u306bPBR1\u500d\u3092\u8d85\u3048\u305f\u3082\u306e\u306e\u3001<\/span><span>\u6570\u30f6\u6708\u301c1\u5e74\u3067\u518d\u30731\u500d\u5272\u308c\u306e\u6c34\u6e96\u3078\u6c88\u3093\u3067\u3057\u307e\u3063\u305f\u4f01\u696d\u304c\u591a\u6570\u5b58\u5728\u3057\u307e\u3059\u3002<\/span><span>\u3053\u308c\u3089\u300c\u9006\u623b\u308a\u7d44\u300d\u306b\u306f\u3001<\/span><span>\u9a5a\u304f\u307b\u3069\u5171\u901a\u3057\u305f\u5931\u6557\u30d1\u30bf\u30fc\u30f3\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3372278408=\"\" class=\"ng-tns-c3372278408-396 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3372278408=\"\" class=\"code-block ng-tns-c3372278408-396 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mNDFkMThhMTYwZmJkMzRjIiwiY182NDRlOTkzMTQ2ZWZhZjI4IixudWxsLCJyY19iNjQ1NTJhYjRiNmRlMTgyIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c3372278408=\"\" class=\"formatted-code-block-internal-container ng-tns-c3372278408-396\">\n<div _ngcontent-ng-c3372278408=\"\" class=\"animated-opacity ng-tns-c3372278408-396\">\n<pre _ngcontent-ng-c3372278408=\"\" class=\"ng-tns-c3372278408-396\"><code _ngcontent-ng-c3372278408=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3372278408-396 no-decoration-radius\">\u3010PBR 1\u500d\u5272\u308c\u3078\u9006\u623b\u308a\u3057\u305f\u4f01\u696d\u306e\u5931\u6557\u30d1\u30bf\u30fc\u30f3\u3011\r\n\r\n\uff3b\u5931\u6557\u8981\u56e01\uff1a\u4e00\u904e\u6027\u306e\u5358\u767a\u81ea\u793e\u682a\u8cb7\u3044\uff3d\r\n  \u30fb\u624b\u5143\u8cc7\u91d1\u3067\u767a\u884c\u6e08\u682a\u5f0f\u306e\u6570\uff05\u3092\u8cb7\u3044\u4ed8\u3051\u3066\u7d42\u4e86\u3002\r\n  \u30fb\u7d99\u7d9a\u7684\u306a\u682a\u4e3b\u9084\u5143\u65b9\u91dd\uff08DOE\u5c0e\u5165\u306a\u3069\uff09\u304c\u793a\u3055\u308c\u305a\u3001\u8cb7\u3044\u67a0\u306e\u6d88\u5316\u3068\u3068\u3082\u306b\u682a\u4fa1\u304c\u6025\u843d\u3002\r\n\r\n\uff3b\u5931\u6557\u8981\u56e02\uff1a\u4f4e\u63a1\u7b97\u4e8b\u696d\u306e\u6e29\u5b58\uff08\u69cb\u9020\u6539\u9769\u306e\u5148\u9001\u308a\uff09\uff3d\r\n  \u30fb\u300c\u672c\u696d\u306e\u7dad\u6301\u300d\u300c\u5f93\u696d\u54e1\u306e\u96c7\u7528\u300d\u3092\u7406\u7531\u306b\u3001\u8d64\u5b57\u30fb\u4f4e\u5229\u76ca\u7387\u90e8\u9580\u306e\u58f2\u5374\u30fb\u64a4\u9000\u304b\u3089\u9003\u907f\u3002\r\n  \u30fb\u666f\u6c17\u5f8c\u9000\u5c40\u9762\u3067\u696d\u7e3e\u304c\u6025\u60aa\u5316\u3057\u3001\u30b3\u30f3\u30b0\u30ed\u30de\u30ea\u30c3\u30c8\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u304c\u518d\u71c3\u3002\r\n\r\n\uff3b\u5931\u6557\u8981\u56e03\uff1a\u6295\u8cc7\u30b9\u30c8\u30fc\u30ea\u30fc\u306a\u304d\u73fe\u91d1\u306e\u6ede\u7559\uff3d\r\n  \u30fb\u653f\u7b56\u4fdd\u6709\u682a\u3092\u58f2\u5374\u3057\u305f\u3082\u306e\u306e\u3001\u4f7f\u3044\u9053\u304c\u6c7a\u307e\u3089\u305a\u73fe\u91d1\u3068\u3057\u3066\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306b\u6ede\u7559\u3002\r\n  \u30fb\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\u304c\u3055\u3089\u306b\u60aa\u5316\u3057\u3001\u7d50\u679c\u3068\u3057\u3066ROE\u304c\u4f4e\u4e0b\u3002\r\n\r\n\uff3b\u5931\u6557\u8981\u56e04\uff1a\u30b7\u30af\u30ea\u30ab\u30eb\uff08\u5e02\u6cc1\uff09\u8ffd\u3044\u98a8\u306e\u81ea\u60da\u308c\uff3d\r\n  \u30fb\u5186\u5b89\u3084\u8cc7\u6e90\u9ad8\u3001\u6d77\u904b\u5e02\u6cc1\u306e\u9ad8\u9a30\u306b\u3088\u3063\u3066\u4e00\u6642\u7684\u306b\u6700\u9ad8\u76ca\u3092\u51fa\u3057\u3001\u898b\u304b\u3051\u306ePBR\u304c1\u500d\u3092\u7a81\u7834\u3002\r\n  \u30fb\u5916\u90e8\u74b0\u5883\u306e\u4e00\u5de1\u3068\u3068\u3082\u306b\u5229\u76ca\u304c\u5e73\u5e38\u5316\u3057\u3001\u5143\u306e\u4f4ePBR\u3078\u9006\u623b\u308a\u3002\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"93\"><span>\u5e02\u5834\u306f\u6975\u3081\u3066\u51b7\u9177\u304b\u3064\u5408\u7406\u7684\u3067\u3059\u3002<\/span><b data-path-to-node=\"93\" data-index-in-node=\"16\">\u300c\u75db\u307f\u3092\u4f34\u3046\u4e8b\u696d\u306e\u6574\u7406\uff08\u5206\u5b50\u306e\u6539\u5584\uff09\u300d\u3092\u884c\u308f\u305a\u3001\u300c\u5358\u306b\u4f59\u3063\u305f\u304a\u91d1\u3092\u5410\u304d\u51fa\u3057\u3066\u898b\u304b\u3051\u306e\u6570\u5b57\u3092\u7e55\u3063\u305f\u3060\u3051\u306e\u4f01\u696d\uff08\u5bfe\u75c7\u7642\u6cd5\u306e\u5206\u6bcd\u8abf\u6574\uff09\u300d\u306f\u3001\u4e00\u77ac\u3067\u898b\u900f\u304b\u3055\u308c\u3066\u58f2\u308a\u623b\u3055\u308c\u308b<\/b><span>\u306e\u3067\u3059\u3002<\/span><\/p>\n<div class=\"xcd-attention-1 xcd-col2 xcd-ripple\">\n<div class=\"xcd-title\"><strong>\u8cc7\u7523\u904b\u7528\u3067\u5931\u6557\u3057\u305f\u304f\u306a\u3044\u65b9\u3078<\/strong><\/div>\n<div class=\"xcd-content\"><strong>\u79c1\u305f\u3061GFS\u3067\u306f\u3001\u5b66\u6821\u3067\u306f\u6559\u3048\u3066\u3082\u3089\u3048\u306a\u304b\u3063\u305f\u304a\u91d1\u306e\u3053\u3068\u304c\u308f\u304b\u308b\u7121\u6599\u30b3\u30f3\u30c6\u30f3\u30c4\u3092\u3054\u7528\u610f\u3057\u3066\u3044\u307e\u3059\u3002<\/strong><br \/>\n<strong><span style=\"color: #0066c0;\"><a href=\"https:\/\/toushi-up.com\/ow\/05.html?utm_source=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=\"95\">\u7b2c5\u7ae0\uff1a\u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\u306e\u30ea\u30a2\u30eb\u306a\u6295\u8cc7\u30ed\u30b8\u30c3\u30af\u3068\u65e5\u672c\u682a\u306e\u9078\u5225\u57fa\u6e96<\/h2>\n<p data-path-to-node=\"96\"><span>\u65e5\u672c\u306e\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3051\u308b\u65e5\u3005\u306e\u58f2\u8cb7\u4ee3\u91d1\u306e\u3046\u3061\u3001<\/span><span>\u7d0460\u301c70%\u3092\u5360\u3081\u3066\u3044\u308b\u306e\u306f\u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\uff08\u6d77\u5916\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3001<\/span><span>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001<\/span><span>\u5e74\u91d1\u57fa\u91d1\u306a\u3069\uff09\u3067\u3059\u3002<\/span><span>\u65e5\u672c\u682a\u306e\u76f8\u5834\u304c\u5927\u304d\u304f\u52d5\u304f\u3068\u304d\u3001<\/span><span>\u305d\u306e\u5f15\u304d\u91d1\u3092\u5f15\u3044\u3066\u3044\u308b\u306e\u306f\u5e38\u306b\u6d77\u5916\u30de\u30cd\u30fc\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"97\"><span>\u5f7c\u3089\u306f\u65e5\u672c\u5e02\u5834\u3092\u3069\u306e\u3088\u3046\u306b\u6349\u3048\u3001<\/span><span>\u3069\u306e\u3088\u3046\u306a\u57fa\u6e96\u3067\u8cc7\u91d1\u3092\u914d\u5206\u3057\u3066\u3044\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/span><\/p>\n<h3 data-path-to-node=\"98\">1. \u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\u304c\u65e5\u672c\u682a\u306b\u8cc7\u91d1\u3092\u632f\u308a\u5411\u3051\u308b4\u3064\u306e\u7406\u7531<\/h3>\n<ol start=\"1\" 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\">30\u5e74\u3076\u308a\u306e\u300c\u30c7\u30d5\u30ec\u8131\u5374\u300d\u3068\u8cc3\u91d1\u30fb\u7269\u4fa1\u306e\u597d\u5faa\u74b0<\/b><\/p>\n<p data-path-to-node=\"99,0,1\"><span>\u6d77\u5916\u6295\u8cc7\u5bb6\u304c\u9577\u5e74\u65e5\u672c\u682a\u3092\u656c\u9060\u3057\u3066\u304d\u305f\u6700\u5927\u306e\u7406\u7531\u306f\u300c\u30c7\u30d5\u30ec\u300d\u3067\u3057\u305f\u3002<\/span><span>\u30c7\u30d5\u30ec\u4e0b\u3067\u306f\u4f01\u696d\u304c\u30e2\u30ce\u306e\u5024\u6bb5\u3092\u4e0a\u3052\u3089\u308c\u305a\u3001<\/span><span>\u58f2\u4e0a\uff08\u30c8\u30c3\u30d7\u30e9\u30a4\u30f3\uff09\u304c\u4f38\u3073\u307e\u305b\u3093\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span>\u65e5\u672c\u304c\u30a4\u30f3\u30d5\u30ec\u7d4c\u6e08\u3078\u79fb\u884c\u3057\u3001<\/span><span>\u4fa1\u683c\u8ee2\u5ac1\u3068\u8cc3\u4e0a\u3052\u304c\u5b9a\u7740\u3057\u305f\u3053\u3068\u3067\u3001<\/span><span>\u300c\u65e5\u672c\u4f01\u696d\u3082\u540d\u76ee\u6210\u9577\u3067\u304d\u308b\u300d\u3068\u3044\u3046\u78ba\u4fe1\u304c\u751f\u307e\u308c\u307e\u3057\u305f\u3002<\/span><\/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\">\u6771\u8a3c\u6539\u9769\u306b\u3088\u308b\u300c\u30ac\u30d0\u30ca\u30f3\u30b9\u6539\u5584\u300d\u306e\u5b9f\u8cea\u5316<\/b><\/p>\n<p data-path-to-node=\"99,1,1\"><span>\u304b\u3064\u3066\u306f\u6d77\u5916\u6295\u8cc7\u5bb6\u304c\u682a\u4e3b\u63d0\u6848\u3092\u3057\u3066\u3082\u300c\u65e5\u672c\u7684\u6163\u884c\u300d\u3068\u3057\u3066\u9580\u524d\u6255\u3044\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u3002<\/span><span>\u3057\u304b\u3057\u6771\u8a3c\u306e\u5f37\u3044\u53f7\u4ee4\u306b\u3088\u308a\u3001<\/span><span>\u653f\u7b56\u4fdd\u6709\u682a\u306e\u89e3\u6d88\u3001<\/span><span>\u89aa\u5b50\u4e0a\u5834\u306e\u89e3\u6d88\u3001<\/span><span>\u793e\u5916\u53d6\u7de0\u5f79\u306e\u5897\u54e1\u3001<\/span><span>\u81ea\u793e\u682a\u8cb7\u3044\u304c\u6025\u901f\u306b\u9032\u5c55\u3057\u3001<\/span><span>\u682a\u4e3b\u5229\u76ca\u3092\u91cd\u8996\u3059\u308b\u5e02\u5834\u3078\u3068\u5909\u8c8c\u3057\u3064\u3064\u3042\u308a\u307e\u3059\u3002<\/span><\/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\">\u4e2d\u56fd\u5e02\u5834\u304b\u3089\u306e\u8cc7\u91d1\u30b7\u30d5\u30c8\uff08\u30a2\u30b8\u30a2\u306e\u4ee3\u66ff\u53d7\u3051\u76bf\uff09<\/b><\/p>\n<p data-path-to-node=\"99,2,1\"><span>\u5730\u653f\u5b66\u7684\u7dca\u5f35\u3001<\/span><span>\u653f\u5e9c\u306b\u3088\u308b\u6c11\u9593\u4f01\u696d\u3078\u306e\u898f\u5236\u30ea\u30b9\u30af\u3001<\/span><span>\u4e0d\u52d5\u7523\u4e0d\u6cc1\u306a\u3069\u3092\u80cc\u666f\u306b\u3001<\/span><span>\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u904b\u7528\u4f1a\u793e\u306f\u4e2d\u56fd\u682a\u306e\u6295\u8cc7\u6bd4\u7387\u3092\u5f15\u304d\u4e0b\u3052\u3066\u3044\u307e\u3059\u3002<\/span><span>\u305d\u306e\u969b\u3001<\/span><span>\u30a2\u30b8\u30a2\u306e\u4e2d\u3067\u6cd5\u5236\u5ea6\u304c\u5b89\u5b9a\u3057\u3001<\/span><span>\u5de8\u5927\u306a\u5e02\u5834\u898f\u6a21\u3068\u9ad8\u3044\u6d41\u52d5\u6027\u3092\u6301\u3064\u5b89\u5168\u306a\u9003\u907f\u5148\u3068\u3057\u3066\u3001<\/span><span>\u65e5\u672c\u682a\u304c\u518d\u6d6e\u4e0a\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"99,3,0\"><b data-path-to-node=\"99,3,0\" data-index-in-node=\"0\">\u30d0\u30d5\u30a7\u30c3\u30c8\u52b9\u679c\u3068\u9577\u671f\u8cc7\u91d1\u306e\u53c2\u5165<\/b><\/p>\n<p data-path-to-node=\"99,3,1\"><span>\u4e16\u754c\u6700\u5927\u306e\u6295\u8cc7\u5bb6\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f\u7387\u3044\u308b\u30d0\u30fc\u30af\u30b7\u30e3\u30fc\u30fb\u30cf\u30b5\u30a6\u30a7\u30a4\u304c\u65e5\u672c\u306e5\u5927\u7dcf\u5408\u5546\u793e\u682a\u3092\u5927\u91cf\u4fdd\u6709\u3057\u3001<\/span><span>\u9577\u671f\u4fdd\u6709\u3067\u5de8\u984d\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u4e0a\u3052\u3066\u3044\u308b\u4e8b\u5b9f\u306f\u3001<\/span><span>\u4e16\u754c\u4e2d\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u300c\u65e5\u672c\u306b\u306f\u653e\u7f6e\u3055\u308c\u305f\u512a\u826f\u30d0\u30ea\u30e5\u30fc\u682a\u306e\u5b9d\u5eab\u304c\u3042\u308b\u300d\u3068\u3044\u3046\u5f37\u70c8\u306a\u30b7\u30b0\u30ca\u30eb\u3068\u306a\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"101\">2. \u6d77\u5916\u30de\u30cd\u30fc\u304c\u597d\u3093\u3067\u8cb7\u3044\u8d8a\u3059\u30bb\u30af\u30bf\u30fc\u306e\u7279\u5fb4<\/h3>\n<p data-path-to-node=\"102\"><span>\u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\u306f\u3001<\/span><span>\u65e5\u672c\u306e\u4e0a\u5834\u4f01\u696d\u7d044,<\/span><span>000\u793e\u3092\u7b49\u3057\u304f\u8cb7\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span>\u8cc7\u91d1\u306f\u7279\u5b9a\u306e\u30bb\u30af\u30bf\u30fc\u306b\u6975\u7aef\u306b\u96c6\u4e2d\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"103\">\n<li>\n<p data-path-to-node=\"103,0,0\"><b data-path-to-node=\"103,0,0\" data-index-in-node=\"0\">\u2460 \u534a\u5c0e\u4f53\u88fd\u9020\u88c5\u7f6e\u30fb\u5148\u7aef\u96fb\u5b50\u6750\u6599\uff08\u4e16\u754c\u30b7\u30a7\u30a2\u72ec\u5360\u4f01\u696d\uff09\uff1a<\/b><\/p>\n<p data-path-to-node=\"103,0,1\"><span>\u6771\u4eac\u30a8\u30ec\u30af\u30c8\u30ed\u30f3\u3001<\/span><span>\u30a2\u30c9\u30d0\u30f3\u30c6\u30b9\u30c8\u3001<\/span><span>\u30c7\u30a3\u30b9\u30b3\u3001<\/span><span>\u4fe1\u8d8a\u5316\u5b66\u5de5\u696d\u306a\u3069\u3002<\/span><span>AI\u306e\u666e\u53ca\u3084\u30c7\u30b8\u30bf\u30eb\u30c8\u30e9\u30f3\u30b9\u30d5\u30a9\u30fc\u30e1\u30fc\u30b7\u30e7\u30f3\u306b\u4e0d\u53ef\u6b20\u3067\u3042\u308a\u3001<\/span><span>\u300c\u65e5\u672c\u4f01\u696d\u304c\u88c5\u7f6e\u3084\u6750\u6599\u306e\u4f9b\u7d66\u3092\u6b62\u3081\u308c\u3070\u3001<\/span><span>\u4e16\u754c\u306e\u534a\u5c0e\u4f53\u30b5\u30d7\u30e9\u30a4\u30c1\u30a7\u30fc\u30f3\u304c\u30b9\u30c8\u30c3\u30d7\u3059\u308b\u300d\u307b\u3069\u306e\u9ad8\u3044\u53c2\u5165\u969c\u58c1\u3092\u6301\u3064\u4f01\u696d\u7fa4\u3067\u3059\u3002<\/span><span>\u30b7\u30ea\u30b3\u30f3\u30b5\u30a4\u30af\u30eb\u306e\u6ce2\u306f\u3042\u3063\u3066\u3082\u3001<\/span><span>\u9ad8\u3044\u5229\u76ca\u7387\u3092\u7dad\u6301\u3067\u304d\u308b\u305f\u3081\u3001<\/span><span>\u6d77\u5916\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u30b3\u30a2\u306b\u636e\u3048\u3089\u308c\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"103,1,0\"><b data-path-to-node=\"103,1,0\" data-index-in-node=\"0\">\u2461 \u30e1\u30ac\u30d0\u30f3\u30af\u30fb\u5927\u624b\u91d1\u878d\uff08\u5229\u4e0a\u3052\u6069\u6075\uff0b\u8cc7\u672c\u653f\u7b56\u306e\u5927\u8ee2\u63db\uff09\uff1a<\/b><\/p>\n<p data-path-to-node=\"103,1,1\"><span>\u4e09\u83f1UFJ\u30d5\u30a3\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30b0\u30eb\u30fc\u30d7\u3001<\/span><span>\u4e09\u4e95\u4f4f\u53cb\u30d5\u30a3\u30ca\u30f3\u30b7\u30e3\u30eb\u30b0\u30eb\u30fc\u30d7\u306a\u3069\u3002<\/span><span>\u65e5\u672c\u9280\u884c\u306e\u91d1\u5229\u5f15\u304d\u4e0a\u3052\u306b\u3088\u308b\u56fd\u5185\u5916\u306e\u5229\u3056\u3084\u6539\u5584\u3068\u3044\u3046\u660e\u78ba\u306a\u53ce\u76ca\u62e1\u5927\u30b9\u30c8\u30fc\u30ea\u30fc\u306b\u52a0\u3048\u3001<\/span><span>\u9577\u5e74\u306e\u61f8\u6848\u3060\u3063\u305f\u653f\u7b56\u4fdd\u6709\u682a\u5f0f\u306e\u58f2\u5374\u76ca\u3092\u539f\u8cc7\u3068\u3059\u308b\u5927\u898f\u6a21\u306a\u81ea\u793e\u682a\u8cb7\u3044\u3084\u7d2f\u9032\u914d\u5f53\uff08\u6e1b\u914d\u305b\u305a\u7dad\u6301\u307e\u305f\u306f\u5897\u914d\u3059\u308b\u65b9\u91dd\uff09\u3078\u306e\u30b7\u30d5\u30c8\u304c\u9ad8\u304f\u8a55\u4fa1\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"103,2,0\"><b data-path-to-node=\"103,2,0\" data-index-in-node=\"0\">\u2462 \u5927\u624b\u7dcf\u5408\u5546\u793e\uff08\u9ad8\u914d\u5f53\u30fb\u4e8b\u696d\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5999\uff09\uff1a<\/b><\/p>\n<p data-path-to-node=\"103,2,1\"><span>\u4e09\u83f1\u5546\u4e8b\u3001<\/span><span>\u4e09\u4e95\u7269\u7523\u3001<\/span><span>\u4f0a\u85e4\u5fe0\u5546\u4e8b\u306a\u3069\u3002<\/span><span>\u8cc7\u6e90\u4fa1\u683c\u306e\u5909\u52d5\u30ea\u30b9\u30af\u3092\u30d8\u30c3\u30b8\u3057\u3064\u3064\u3001<\/span><span>\u98df\u6599\u30fb\u30a4\u30f3\u30d5\u30e9\u30fb\u30d8\u30eb\u30b9\u30b1\u30a2\u30fbDX\u306a\u3069\u975e\u8cc7\u6e90\u5206\u91ce\u306e\u53ce\u76ca\u57fa\u76e4\u3092\u56fa\u3081\u305f\u300c\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u5275\u51fa\u30de\u30b7\u30fc\u30f3\u300d\u3068\u3057\u3066\u8a55\u4fa1\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"103,3,0\"><b data-path-to-node=\"103,3,0\" data-index-in-node=\"0\">\u2463 \u8cc7\u672c\u8ca1\u30fb\u91cd\u96fb\u30fb\u9632\u885b\u30a4\u30f3\u30d5\u30e9\uff08\u56fd\u7b56\u9700\u8981\u3068\u4e8b\u696d\u518d\u7de8\uff09\uff1a<\/b><\/p>\n<p data-path-to-node=\"103,3,1\"><span>\u65e5\u7acb\u88fd\u4f5c\u6240\u3001<\/span><span>\u4e09\u83f1\u91cd\u5de5\u696d\u3001<\/span><span>\u30c0\u30a4\u30ad\u30f3\u5de5\u696d\u3001<\/span><span>\u30ad\u30fc\u30a8\u30f3\u30b9\u306a\u3069\u3002<\/span><span>\u8131\u70ad\u7d20\uff08\u9001\u96fb\u7db2\u66f4\u65b0\uff09\u3001<\/span><span>\u9632\u885b\u8cbb\u62e1\u5927\u3001<\/span><span>\u5de5\u5834\u306e\u81ea\u52d5\u5316\uff08FA\uff09\u3068\u3044\u3046\u4e16\u754c\u7684\u306a\u30e1\u30ac\u30c8\u30ec\u30f3\u30c9\u306b\u4e57\u308b\u4f01\u696d\u7fa4\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"105\">3. \u6d77\u5916\u52e2\u304c\u300c\u65e5\u672c\u306e\u4e2d\u5c0f\u578b\u682a\u300d\u306b\u624b\u3092\u51fa\u3059\u3068\u304d\u306e\u7279\u6b8a\u306a\u6761\u4ef6<\/h3>\n<p data-path-to-node=\"106\"><span>\u6642\u4fa1\u7dcf\u984d\u304c\u6570\u5146\u5186\u3042\u308b\u5927\u578b\u682a\u306f\u3001<\/span><span>\u5e02\u5834\u5168\u4f53\u3092\u8cb7\u3046\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\uff08\u53d7\u52d5\u7684\u306a\u30d1\u30c3\u30b7\u30d6\u8cc7\u91d1\uff09\u306b\u3088\u3063\u3066\u81ea\u52d5\u7684\u306b\u8cb7\u308f\u308c\u307e\u3059\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span>\u6642\u4fa1\u7dcf\u984d\u6570\u767e\u5104\u301c\u6570\u5343\u5104\u5186\u306e\u4e2d\u5c0f\u578b\u682a\u306b\u6d77\u5916\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3084\u5c0f\u578b\u682a\u5c02\u9580\u30a2\u30af\u30c6\u30a3\u30d6\u30d5\u30a1\u30f3\u30c9\u304c\u6295\u8cc7\u3059\u308b\u5834\u5408\u3001<\/span><span>\u307e\u3063\u305f\u304f\u7570\u306a\u308b\u300c\u53b3\u3057\u3044\u6761\u4ef6\u3068\u30ab\u30bf\u30ea\u30b9\u30c8\uff08\u8d77\u7206\u5264\uff09\u300d\u304c\u8981\u6c42\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<h4 data-path-to-node=\"107\">\u524d\u63d0\u3068\u306a\u308b\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u6761\u4ef6<\/h4>\n<ul data-path-to-node=\"108\">\n<li>\n<p data-path-to-node=\"108,0,0\"><b data-path-to-node=\"108,0,0\" data-index-in-node=\"0\">\u6642\u4fa1\u7dcf\u984d\u3068\u58f2\u8cb7\u6d41\u52d5\u6027\u306e\u58c1\uff1a<\/b><span> \u6642\u4fa1\u7dcf\u984d\u304c\u6700\u4f4e\u3067\u3082300\u5104\u301c500\u5104\u5186\u4ee5\u4e0a\uff08\u7406\u60f3\u306f1,<\/span><span>000\u5104\u5186\u4ee5\u4e0a\uff09\u3001<\/span><span>1\u65e5\u306e\u58f2\u8cb7\u4ee3\u91d1\u304c\u6570\u5104\u5186\u4ee5\u4e0a\u306a\u3051\u308c\u3070\u3001<\/span><span>\u6d77\u5916\u30d5\u30a1\u30f3\u30c9\u306f\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u58f2\u308a\u629c\u3051\u304c\u3067\u304d\u306a\u3044\u305f\u3081\u6700\u521d\u304b\u3089\u30b9\u30af\u30ea\u30fc\u30cb\u30f3\u30b0\u3067\u9664\u5916\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"108,1,0\"><b data-path-to-node=\"108,1,0\" data-index-in-node=\"0\">\u82f1\u6587\u958b\u793a\u3068\u6d77\u5916IR\u4f53\u5236\uff1a<\/b><span> \u6c7a\u7b97\u8aac\u660e\u4f1a\u8cc7\u6599\u3084\u6709\u4fa1\u8a3c\u5238\u5831\u544a\u66f8\u306e\u82f1\u8a9e\u958b\u793a\u304c\u9045\u308c\u3066\u3044\u308b\u4f01\u696d\u3001<\/span><span>\u6d77\u5916\u6295\u8cc7\u5bb6\u3068\u306e\u30aa\u30f3\u30e9\u30a4\u30f31on1\u9762\u8ac7\u3092\u62d2\u5426\u3059\u308b\u4f01\u696d\u306f\u3001<\/span><span>\u3069\u3093\u306a\u306b\u597d\u696d\u7e3e\u30fb\u5272\u5b89\u3067\u3082\u7d76\u5bfe\u306b\u8cb7\u308f\u308c\u307e\u305b\u3093\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h4 data-path-to-node=\"109\">\u6295\u8cc7\u306e\u5f15\u304d\u91d1\u3068\u306a\u308b4\u5927\u30ab\u30bf\u30ea\u30b9\u30c8\uff08\u8d77\u7206\u5264\uff09<\/h4>\n<p data-path-to-node=\"110\"><span>\u4e2d\u5c0f\u578b\u682a\u306f\u8a3c\u5238\u4f1a\u793e\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u304c\u30ab\u30d0\u30fc\u3057\u3066\u3044\u306a\u3044\u3053\u3068\u304c\u591a\u304f\u3001<\/span><span>\u653e\u7f6e\u3055\u308c\u304c\u3061\u3067\u3059\u3002<\/span><span>\u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\u306f\u3001<\/span><span>\u305d\u306e\u300c\u653e\u7f6e\u3055\u308c\u305f\u6b6a\u307f\u300d\u304c\u4e00\u6c17\u306b\u5439\u304d\u98db\u3076\u4ee5\u4e0b\u306e\u30a4\u30d9\u30f3\u30c8\u3092\u72d9\u3063\u3066\u4ed5\u639b\u3051\u307e\u3059\u3002<\/span><\/p>\n<ol start=\"1\" data-path-to-node=\"111\">\n<li>\n<p data-path-to-node=\"111,0,0\"><b data-path-to-node=\"111,0,0\" data-index-in-node=\"0\">\u89aa\u5b50\u4e0a\u5834\u306e\u89e3\u6d88\uff08TOB \/ MBO\uff09\uff1a<\/b><\/p>\n<p data-path-to-node=\"111,0,1\"><span>\u89aa\u4f1a\u793e\u304c\u4e0a\u5834\u5b50\u4f1a\u793e\u3092100%\u5b8c\u5168\u5b50\u4f1a\u793e\u5316\u3059\u308b\u682a\u5f0f\u516c\u958b\u8cb7\u4ed8\uff08TOB\uff09\u3084\u3001<\/span><span>\u7d4c\u55b6\u9663\u306b\u3088\u308bMBO\u3002<\/span><span>\u904e\u53bb\u306e\u5e02\u5834\u5e73\u5747\u306730\u301c50%\u8d85\u306e\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u4e0a\u4e57\u305b\u4fa1\u683c\uff09\u3092\u3064\u3051\u3066\u8cb7\u3044\u53d6\u3089\u308c\u308b\u30b1\u30fc\u30b9\u304c\u591a\u304f\u3001<\/span><span>\u77ed\u671f\u9593\u3067\u78ba\u5b9f\u306a\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3048\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"111,1,0\"><b data-path-to-node=\"111,1,0\" data-index-in-node=\"0\">\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\uff08\u7269\u8a00\u3046\u682a\u4e3b\uff09\u306e\u53c2\u5165\uff1a<\/b><\/p>\n<p data-path-to-node=\"111,1,1\"><span>\u5927\u91cf\u306e\u73fe\u9810\u91d1\u3092\u62b1\u3048\u306a\u304c\u3089PBR0.<\/span><span>5\u500d\u524d\u5f8c\u3067\u653e\u7f6e\u3055\u308c\u3066\u3044\u308b\u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u4f01\u696d\u306b\u5bfe\u3057\u3001<\/span><span>\u56fd\u5185\u5916\u306e\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\u30d5\u30a1\u30f3\u30c9\u304c\u6570\uff05\u301c10%\u8d85\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3066\u682a\u4e3b\u63d0\u6848\u3092\u884c\u3046\u30b1\u30fc\u30b9\u3002<\/span><span>\u914d\u5f53\u5897\u984d\u3084\u81ea\u793e\u682a\u8cb7\u3044\u3001<\/span><span>\u4e0d\u63a1\u7b97\u4e8b\u696d\u306e\u58f2\u5374\u304c\u5f37\u5236\u7684\u306b\u8feb\u3089\u308c\u3001<\/span><span>\u682a\u4fa1\u304c\u6025\u9a30\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"111,2,0\"><b data-path-to-node=\"111,2,0\" data-index-in-node=\"0\">\u30b0\u30ed\u30fc\u30d0\u30eb\u5c0f\u578b\u682a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\uff08MSCI Small Cap\u7b49\uff09\u3078\u306e\u65b0\u898f\u63a1\u7528\uff1a<\/b><\/p>\n<p data-path-to-node=\"111,2,1\"><span>\u4e16\u754c\u57fa\u6e96\u306e\u5c0f\u578b\u682a\u6307\u6570\u306b\u63a1\u7528\u3055\u308c\u308b\u3068\u3001<\/span><span>\u305d\u308c\u3092\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u3068\u3059\u308b\u6d77\u5916\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u306e\u6a5f\u68b0\u7684\u306a\u8cb7\u3044\u9700\u8981\u304c\u6570\u5104\u301c\u6570\u5341\u5104\u5186\u898f\u6a21\u3067\u4e00\u6c17\u306b\u6d41\u5165\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"111,3,0\"><b data-path-to-node=\"111,3,0\" data-index-in-node=\"0\">\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30cb\u30c3\u30c1\u30c8\u30c3\u30d7\u306e\u5b9f\u8a3c\uff1a<\/b><\/p>\n<p data-path-to-node=\"111,3,1\"><span>\u4e16\u754c\u5e02\u5834\u898f\u6a21\u306f\u6570\u767e\u5104\u5186\u7a0b\u5ea6\u3068\u5c0f\u3055\u3044\u3082\u306e\u306e\u3001<\/span><span>\u7279\u5b9a\u306e\u533b\u7642\u5668\u5177\u90e8\u54c1\u3084\u7cbe\u5bc6\u96fb\u5b50\u6750\u6599\u3067\u4e16\u754c\u30b7\u30a7\u30a250%\u4ee5\u4e0a\u3092\u63e1\u308a\u3001<\/span><span>\u55b6\u696d\u5229\u76ca\u738720%\u8d85\u3092\u53e9\u304d\u51fa\u3059\u3088\u3046\u306a\u96a0\u308c\u305f\u512a\u826f\u4f01\u696d\u3067\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ol>\n<h3 data-path-to-node=\"113\">4. \u8cc7\u91d1\u6d41\u5165\u304c\u53cd\u8ee2\u3059\u308b\u300c\u6d41\u51fa\u30ea\u30b9\u30af\u3068\u843d\u3068\u3057\u7a74\u300d<\/h3>\n<p data-path-to-node=\"114\"><span>\u300c\u4eca\u5f8c\u3082\u6d77\u5916\u304b\u3089\u306e\u8cc7\u91d1\u6d41\u5165\u304c\u7121\u9650\u306b\u7d9a\u304f\u300d\u3068\u76f2\u4fe1\u3059\u308b\u306e\u3082\u5371\u967a\u3067\u3059\u3002<\/span><span>\u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\u306f\u51b7\u5fb9\u3067\u3042\u308a\u3001<\/span><span>\u4ee5\u4e0b\u306e\u30ea\u30b9\u30af\u304c\u9855\u5728\u5316\u3057\u305f\u77ac\u9593\u306b\u5927\u898f\u6a21\u306a\u58f2\u308a\u8d8a\u3057\u3078\u3068\u8ee2\u3058\u308b\u7fd2\u6027\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"115\">\n<li>\n<p data-path-to-node=\"115,0,0\"><b data-path-to-node=\"115,0,0\" data-index-in-node=\"0\">\u6025\u6fc0\u306a\u5186\u9ad8\u306b\u4f34\u3046\u300c\u70ba\u66ff\u306e\u5dfb\u304d\u623b\u3057\u300d\uff1a<\/b><\/p>\n<p data-path-to-node=\"115,0,1\"><span>\u65e5\u7c73\u91d1\u5229\u5dee\u306e\u7e2e\u5c0f\u306b\u3088\u3063\u3066\u6025\u6fc0\u306a\u5186\u9ad8\u304c\u9032\u3080\u3068\u3001<\/span><span>\u65e5\u672c\u306e\u8f38\u51fa\u88fd\u9020\u696d\u306e\u696d\u7e3e\u4e0b\u65b9\u4fee\u6b63\u61f8\u5ff5\u304c\u4e00\u6c17\u306b\u5f37\u307e\u308a\u307e\u3059\u3002<\/span><span>\u307e\u305f\u3001<\/span><span>\u300c\u5186\u3092\u4f4e\u91d1\u5229\u3067\u501f\u308a\u3066\u4ed6\u56fd\u306e\u9ad8\u91d1\u5229\u8cc7\u7523\u3067\u904b\u7528\u3059\u308b\uff08\u5186\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\uff09\u300d\u3092\u884c\u3063\u3066\u3044\u305f\u6295\u6a5f\u7b4b\u304c\u4e00\u6589\u306b\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u89e3\u6d88\u3059\u308b\u904e\u7a0b\u3067\u3001<\/span><span>\u65e5\u7d4c\u5e73\u5747\u5148\u7269\u304c\u6295\u3052\u58f2\u3089\u308c\u308b\u73fe\u8c61\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"115,1,0\"><b data-path-to-node=\"115,1,0\" data-index-in-node=\"0\">\u4e16\u754c\u7684\u306a\u666f\u6c17\u5f8c\u9000\uff08\u30ea\u30bb\u30c3\u30b7\u30e7\u30f3\uff09\uff1a<\/b><\/p>\n<p data-path-to-node=\"115,1,1\"><span>\u65e5\u672c\u5e02\u5834\u306f\u88fd\u9020\u696d\u3084\u8cc7\u672c\u8ca1\u306e\u30a6\u30a7\u30a4\u30c8\u304c\u9ad8\u3044\u30b7\u30af\u30ea\u30ab\u30eb\u5e02\u5834\u3067\u3042\u308b\u305f\u3081\u3001<\/span><span>\u7c73\u56fd\u3084\u6b27\u5dde\u306e\u666f\u6c17\u304c\u51b7\u3048\u8fbc\u3080\u3068\u3001<\/span><span>\u30b0\u30ed\u30fc\u30d0\u30eb\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4e2d\u3067\u300c\u771f\u3063\u5148\u306b\u5229\u76ca\u78ba\u5b9a\u58f2\u308a\u3092\u51fa\u3055\u308c\u308b\u5bfe\u8c61\u300d\u306b\u306a\u308a\u3084\u3059\u3044\u8106\u5f31\u6027\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"115,2,0\"><b data-path-to-node=\"115,2,0\" data-index-in-node=\"0\">\u300c\u6539\u9769\u75b2\u308c\u300d\u306b\u5bfe\u3059\u308b\u5931\u671b\u58f2\u308a\uff1a<\/b><\/p>\n<p data-path-to-node=\"115,2,1\"><span>\u6771\u8a3c\u8981\u8acb\u304b\u3089\u6570\u5e74\u304c\u7d4c\u904e\u3057\u3066\u3082\u5177\u4f53\u7684\u306a\u53ce\u76ca\u6027\u5411\u4e0a\u3092\u793a\u305b\u306a\u3044\u4f01\u696d\u7fa4\u306b\u5bfe\u3057\u3066\u306f\u3001<\/span><span>\u6d77\u5916\u6295\u8cc7\u5bb6\u306e\u6211\u6162\u306e\u9650\u754c\u304c\u8a2a\u308c\u307e\u3059\u3002<\/span><span>\u65e5\u672c\u682a\u5168\u4f53\u3078\u306e\u5931\u671b\u304c\u5e83\u304c\u308c\u3070\u3001<\/span><span>\u5168\u4f53\u306e\u30de\u30eb\u30c1\u30d7\u30eb\u304c\u518d\u3073\u5f15\u304d\u4e0b\u3052\u3089\u308c\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"117\">\u7b2c6\u7ae0\uff1a\u4e0d\u78ba\u5b9f\u306a\u6642\u4ee3\u3092\u751f\u304d\u629c\u304f\u300c\u91d1\u878d\u30fb\u6295\u8cc7\u30ea\u30c6\u30e9\u30b7\u30fc\u300d\u306e\u672c\u8cea\u7684\u610f\u7fa9<\/h2>\n<p data-path-to-node=\"118\"><span>\u3053\u3053\u307e\u3067\u3001<\/span><span>\u65e5\u672c\u682a\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3001<\/span><span>\u30bb\u30af\u30bf\u30fc\u69cb\u9020\u3001<\/span><span>\u6771\u8a3c\u6539\u9769\u3001<\/span><span>\u5916\u56fd\u4eba\u30de\u30cd\u30fc\u306e\u52d5\u5411\u3092\u8ad6\u3058\u3066\u304d\u307e\u3057\u305f\u3002<\/span><span> \u6700\u5f8c\u306b\u3001<\/span><span>\u306a\u305c\u79c1\u305f\u3061\u4e00\u4eba\u3072\u3068\u308a\u306e\u500b\u4eba\u304c\u3001<\/span><span>\u3053\u3046\u3057\u305f\u30de\u30af\u30ed\u7d4c\u6e08\u3084\u682a\u5f0f\u5e02\u5834\u306e\u69cb\u9020\u3001<\/span><span>\u305d\u3057\u3066\u91d1\u878d\u3084\u6295\u8cc7\u306e\u77e5\u8b58\u3092\u4f53\u7cfb\u7684\u306b\u8eab\u306b\u3064\u3051\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u304b\u3001<\/span><span>\u305d\u306e\u672c\u8cea\u7684\u306a\u7406\u7531\u306b\u3064\u3044\u3066\u8ff0\u3079\u307e\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"119\" class=\"\">1. \u300c\u9810\u91d1\u795e\u8a71\u300d\u306e\u5b8c\u5168\u306a\u5d29\u58ca\u3068\u30a4\u30f3\u30d5\u30ec\u3068\u3044\u3046\u9759\u304b\u306a\u7a0e\u91d1<\/h3>\n<p data-path-to-node=\"120\"><span>\u904e\u53bb30\u5e74\u9593\u306e\u30c7\u30d5\u30ec\u4e0b\u306b\u304a\u3044\u3066\u3001<\/span><span>\u65e5\u672c\u4eba\u304c\u300c\u8cc7\u7523\u904b\u7528\u306a\u3069\u305b\u305a\u3001<\/span><span>\u5168\u984d\u3092\u9280\u884c\u9810\u91d1\u306b\u7f6e\u3044\u3066\u304a\u304f\u300d\u3068\u3044\u3046\u884c\u52d5\u3092\u3068\u3063\u305f\u3053\u3068\u306f\u3001<\/span><span>\u3042\u308b\u610f\u5473\u3067\u6975\u3081\u3066\u5408\u7406\u7684\u3067\u3057\u305f\u3002<\/span><span>\u7269\u4fa1\u304c\u4e0b\u843d\u3057\u3066\u3044\u305f\u305f\u3081\u3001<\/span><span>\u73fe\u91d1\u306e\u307e\u307e\u6301\u3063\u3066\u3044\u308c\u3070\u5b9f\u8cea\u7684\u306a\u8cfc\u8cb7\u529b\u306f\u5e74\u3005\u4e0a\u304c\u3063\u3066\u3044\u305f\u304b\u3089\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"121\"><span>\u3057\u304b\u3057\u3001<\/span><span>\u305d\u306e\u6642\u4ee3\u306f\u5b8c\u5168\u306b\u7d42\u308f\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<p data-path-to-node=\"122\"><span>\u73fe\u5728\u3001<\/span><span>\u4e16\u754c\u7684\u306a\u8cc7\u6e90\u9ad8\u3001<\/span><span>\u5730\u653f\u5b66\u30ea\u30b9\u30af\u3001<\/span><span>\u305d\u3057\u3066\u56fd\u5185\u306e\u69cb\u9020\u7684\u306a\u4eba\u624b\u4e0d\u8db3\u306b\u4f34\u3046\u4eba\u4ef6\u8cbb\u4e0a\u6607\u306b\u3088\u308a\u3001<\/span><span>\u65e5\u672c\u3067\u3082\u660e\u78ba\u306a\u30a4\u30f3\u30d5\u30ec\u304c\u5b9a\u7740\u3057\u3066\u3044\u307e\u3059\u3002<\/span><span> \u4eee\u306b\u7269\u4fa1\u304c\u5e74\u73872\u301c3%\u3067\u4e0a\u6607\u3057\u7d9a\u3051\u305f\u5834\u5408\u3001<\/span><span>\u9280\u884c\u306b\u9810\u3051\u3066\u3044\u308b\u9810\u91d1\u306e\u91d1\u5229\u304c0.<\/span><span>1\u301c0.<\/span><span>3%\u7a0b\u5ea6\u3067\u3042\u308c\u3070\u3001<\/span><b data-path-to-node=\"122\" data-index-in-node=\"115\">\u3042\u306a\u305f\u306e\u304a\u91d1\u306e\u300c\u5b9f\u8cea\u7684\u306a\u4fa1\u5024\uff08\u8cb7\u3048\u308b\u30e2\u30ce\u306e\u91cf\uff09\u300d\u306f\u3001\u6bce\u5e74\u78ba\u5b9f\u306b2%\u4ee5\u4e0a\u76ee\u6e1b\u308a\u3057\u7d9a\u3051\u3066\u3044\u308b<\/b><span>\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><response-element class=\"no-md md-has-block-component\" ng-version=\"0.0.0-PLACEHOLDER\"><code-block _nghost-ng-c3372278408=\"\" class=\"ng-tns-c3372278408-397 enable-luminous-code-block ng-star-inserted\"><\/code-block><\/response-element><\/p>\n<div _ngcontent-ng-c3372278408=\"\" class=\"code-block ng-tns-c3372278408-397 ng-animate-disabled ng-trigger ng-trigger-codeBlockRevealAnimation\" jslog=\"223238;track:impression,attention;BardVeMetadataKey:W1sicl9mNDFkMThhMTYwZmJkMzRjIiwiY182NDRlOTkzMTQ2ZWZhZjI4IixudWxsLCJyY19iNjQ1NTJhYjRiNmRlMTgyIixudWxsLG51bGwsImphIixudWxsLDEsbnVsbCxudWxsLDAsMF1d\">\n<div _ngcontent-ng-c3372278408=\"\" class=\"formatted-code-block-internal-container ng-tns-c3372278408-397\">\n<div _ngcontent-ng-c3372278408=\"\" class=\"animated-opacity ng-tns-c3372278408-397\">\n<pre _ngcontent-ng-c3372278408=\"\" class=\"ng-tns-c3372278408-397\"><code _ngcontent-ng-c3372278408=\"\" role=\"text\" data-test-id=\"code-content\" class=\"code-container formatted ng-tns-c3372278408-397 no-decoration-radius\">\u3010\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u308b\u73fe\u91d1\u306e\u8cfc\u8cb7\u529b\u4f4e\u4e0b\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3011\r\n\uff08\u73fe\u5728\u306e1,000\u4e07\u5186\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u7387 \u5e742%\u3067\u63a8\u79fb\u3057\u305f\u5834\u5408\u306e\u5b9f\u8cea\u4fa1\u5024\uff09\r\n\r\n\u30fb 5\u5e74\u5f8c\uff1a \u7d04 905\u4e07\u5186\r\n\u30fb10\u5e74\u5f8c\uff1a \u7d04 820\u4e07\u5186\r\n\u30fb20\u5e74\u5f8c\uff1a \u7d04 672\u4e07\u5186  \u2190 \u7d043\u5206\u306e1\u306e\u4fa1\u5024\u304c\u6d88\u6ec5\r\n\u30fb30\u5e74\u5f8c\uff1a \u7d04 552\u4e07\u5186  \u2190 \u307b\u307c\u534a\u6e1b\r\n<\/code><\/pre>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"124\"><span>\u901a\u5e33\u306b\u5370\u5b57\u3055\u308c\u3066\u3044\u308b\u6570\u5b57\uff08\u540d\u76ee\u91d1\u984d\uff09\u306f1,<\/span><span>000\u4e07\u5186\u306e\u307e\u307e\u6e1b\u308a\u307e\u305b\u3093\u3002<\/span><span>\u3057\u304b\u3057\u3001<\/span><span>\u30b9\u30fc\u30d1\u30fc\u3067\u8cb7\u3048\u308b\u98df\u54c1\u306e\u91cf\u3001<\/span><span>\u5bb6\u8cc3\u3001<\/span><span>\u81ea\u52d5\u8eca\u306e\u4fa1\u683c\u304c\u4e0a\u304c\u308b\u3053\u3068\u306b\u3088\u308a\u3001<\/span><span>\u8cc7\u7523\u306e\u5b9f\u8cea\u7684\u306a\u4fa1\u5024\u306f\u9759\u304b\u306b\u3001<\/span><span>\u3057\u304b\u3057\u78ba\u5b9f\u306b\u596a\u308f\u308c\u3066\u3044\u304d\u307e\u3059\u3002<\/span><span> \u30a4\u30f3\u30d5\u30ec\u7d4c\u6e08\u306b\u304a\u3044\u3066\u3001<\/span><span>\u300c\u4f55\u3082\u3057\u306a\u3044\u3053\u3068\uff08\u5168\u984d\u73fe\u9810\u91d1\u4fdd\u6709\uff09\u300d\u306f\u3001<\/span><span>\u3082\u306f\u3084\u7121\u30ea\u30b9\u30af\u306e\u5b89\u5168\u7b56\u3067\u306f\u306a\u304f\u3001<\/span><span>\u300c\u6700\u3082\u78ba\u5b9f\u306b\u304a\u91d1\u3092\u5931\u3046\u9ad8\u30ea\u30b9\u30af\u306a\u6295\u6a5f\u884c\u52d5\u300d\u3078\u3068\u5909\u8c8c\u3057\u305f\u306e\u3067\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"125\"><span>\u8cc7\u672c\u4e3b\u7fa9\u793e\u4f1a\u306b\u304a\u3044\u3066\u3001<\/span><span>\u30a4\u30f3\u30d5\u30ec\u304b\u3089\u8cc7\u7523\u3092\u9632\u885b\u3059\u308b\u552f\u4e00\u306e\u624b\u6bb5\u306f\u3001<\/span><b data-path-to-node=\"125\" data-index-in-node=\"31\">\u300c\u7269\u4fa1\u4e0a\u6607\u306b\u5408\u308f\u305b\u3066\u4fa1\u683c\u8ee2\u5ac1\u3092\u884c\u3044\u3001\u5229\u76ca\u3092\u5897\u3084\u3057\u3001\u914d\u5f53\u3084\u682a\u4fa1\u3092\u6210\u9577\u3055\u305b\u3089\u308c\u308b\u512a\u308c\u305f\u4f01\u696d\uff08\u682a\u5f0f\uff09\u300d\u306b\u8cc7\u672c\u3092\u914d\u5206\u3059\u308b\u3053\u3068<\/b><span>\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"127\">2. \u300c\u30cb\u30e5\u30fc\u30b9\u306e\u771f\u610f\u300d\u3092\u898b\u629c\u304f\u6279\u5224\u7684\u601d\u8003\u529b\u306e\u7372\u5f97<\/h3>\n<p data-path-to-node=\"128\"><span>\u91d1\u878d\u306e\u77e5\u8b58\u3092\u6301\u305f\u306a\u3044\u4eba\u306f\u3001<\/span><span>\u65e5\u3005\u30e1\u30c7\u30a3\u30a2\u304b\u3089\u6d41\u308c\u3066\u304f\u308b\u30bb\u30f3\u30bb\u30fc\u30b7\u30e7\u30ca\u30eb\u306a\u898b\u51fa\u3057\u306b\u632f\u308a\u56de\u3055\u308c\u3001<\/span><span>\u9ad8\u5024\u63b4\u307f\u3084\u72fc\u72fd\u58f2\u308a\u3092\u7e70\u308a\u8fd4\u3057\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/span><\/p>\n<ul data-path-to-node=\"129\">\n<li>\n<p data-path-to-node=\"129,0,0\"><span>\u30e1\u30c7\u30a3\u30a2\u304c\u300c\u65e5\u672c\u682a\u306f\u7c73\u56fd\u682a\u306b\u6bd4\u3079\u3066\u8d85\u5272\u5b89\uff01\u307e\u3060\u4e0a\u304c\u308b\uff01\u300d\u3068\u5831\u3058\u305f\u3068\u304d\u3001<\/span><span>\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u304c\u3042\u308b\u4eba\u306f\u3053\u3046\u8003\u3048\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"129,0,1\"><i data-path-to-node=\"129,0,1\" data-index-in-node=\"0\">\u300c\u78ba\u304b\u306bS&amp;P 500\u5bfe\u6bd4\u306ePER\u306f\u898b\u304b\u3051\u4e0a\u4f4e\u3044\u304c\u3001\u7523\u696d\u69cb\u9020\u304c\u30c6\u30c3\u30af\u4e3b\u5c0e\u3068\u88fd\u9020\u696d\u4e3b\u5c0e\u3067\u5168\u304f\u7570\u306a\u308b\u3002\u6b27\u5dde\u5e02\u5834\u3068\u6bd4\u3079\u308c\u3070\u9069\u6b63\u6c34\u6e96\u3060\u3057\u3001\u904e\u53bb\u306e\u65e5\u672c\u682a\u6c34\u6e96\u304b\u3089\u898b\u308c\u3070\u9ad8\u5024\u570f\u3060\u3002\u7121\u5dee\u5225\u306b\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u3092\u8cb7\u3046\u306e\u3067\u306f\u306a\u304f\u3001\u4fa1\u683c\u8ee2\u5ac1\u529b\u3068\u9ad8ROIC\u3092\u6301\u3064\u500b\u5225\u4f01\u696d\u3092\u9078\u5225\u3059\u3079\u304d\u3060\u3002\u300d<\/i><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"129,1,0\"><span>\u30e1\u30c7\u30a3\u30a2\u304c\u300cPBR1\u500d\u5272\u308c\u306e\u4f01\u696d\u3060\u304b\u3089\u3001<\/span><span>\u6771\u8a3c\u6539\u9769\u3067\u7206\u4e0a\u3052\u3059\u308b\uff01\u300d\u3068\u717d\u3063\u305f\u3068\u304d\u3001<\/span><span>\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u304c\u3042\u308b\u4eba\u306f\u3053\u3046\u898b\u629c\u304d\u307e\u3059\u3002<\/span><\/p>\n<p data-path-to-node=\"129,1,1\"><i data-path-to-node=\"129,1,1\" data-index-in-node=\"0\">\u300c\u3053\u306e\u4f01\u696d\u306fROIC\u304c\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u5927\u5e45\u306b\u4e0b\u56de\u3063\u3066\u3044\u308b\u3002\u5358\u767a\u306e\u81ea\u793e\u682a\u8cb7\u3044\u3067\u4e00\u6642\u7684\u306b\u4e0a\u304c\u3063\u3066\u3082\u3001\u672c\u696d\u306e\u8d64\u5b57\u4e8b\u696d\u3092\u58f2\u5374\u3057\u306a\u3044\u9650\u308a\u3001\u3059\u3050\u306b\u307e\u305f1\u500d\u5272\u308c\u3078\u9006\u623b\u308a\u3059\u308b\u30c8\u30e9\u30c3\u30d7\u9298\u67c4\u3067\u306f\u306a\u3044\u304b\uff1f\u300d<\/i><\/p>\n<\/li>\n<\/ul>\n<p data-path-to-node=\"130\"><span>\u91d1\u878d\u30ea\u30c6\u30e9\u30b7\u30fc\u3068\u306f\u3001<\/span><span>\u5358\u306b\u300c\u5132\u304b\u308b\u682a\u306e\u9298\u67c4\u30b3\u30fc\u30c9\u3092\u5f53\u3066\u308b\u6280\u8853\u300d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><span> \u4e16\u754c\u3067\u8d77\u304d\u3066\u3044\u308b\u653f\u6cbb\u3001<\/span><span>\u91d1\u5229\u3001<\/span><span>\u70ba\u66ff\u3001<\/span><span>\u4f01\u696d\u884c\u52d5\u3068\u3044\u3063\u305f\u8907\u96d1\u306a\u4e8b\u8c61\u3092\u3001<\/span><span>\u8ad6\u7406\u7684\u306a\u56e0\u679c\u95a2\u4fc2\u3067\u89e3\u304d\u307b\u3050\u3057\u3001<\/span><span>\u81ea\u5206\u81ea\u8eab\u306e\u8cc7\u7523\u3092\u5b88\u308a\u80b2\u3066\u308b\u305f\u3081\u306e\u300c\u77e5\u7684\u9632\u5177\u300d\u3067\u3042\u308a\u300c\u7f85\u91dd\u76e4\u300d\u306a\u306e\u3067\u3059\u3002<\/span><\/p>\n<h3 data-path-to-node=\"132\">3. \u500b\u4eba\u304c\u3068\u308b\u3079\u304d\u8cc7\u7523\u5f62\u6210\u306e\u539f\u5247<\/h3>\n<p data-path-to-node=\"133\"><span>\u30d7\u30ed\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3084\u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\u304c\u3057\u306e\u304e\u3092\u524a\u308b\u8cc7\u672c\u5e02\u5834\u306b\u304a\u3044\u3066\u3001<\/span><span class=\"\">\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u52dd\u3061\u6b8b\u308b\u305f\u3081\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001<\/span><span>\u5947\u3092\u3066\u3089\u3063\u305f\u30c7\u30a4\u30c8\u30ec\u30fc\u30c9\u3084\u77ed\u671f\u7684\u306a\u6295\u6a5f\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<ol start=\"1\" data-path-to-node=\"134\">\n<li>\n<p data-path-to-node=\"134,0,0\"><b data-path-to-node=\"134,0,0\" data-index-in-node=\"0\">\u5168\u4e16\u754c\u3078\u306e\u30b3\u30a2\u5206\u6563\u6295\u8cc7\uff08\u9577\u671f\u30fb\u7a4d\u7acb\u30fb\u5206\u6563\uff09<\/b><\/p>\n<p data-path-to-node=\"134,0,1\"><span>\u7c73\u56fd\u3001<\/span><span>\u65e5\u672c\u3001<\/span><span>\u6b27\u5dde\u3001<\/span><span>\u65b0\u8208\u56fd\u3092\u7db2\u7f85\u3057\u305f\u4f4e\u30b3\u30b9\u30c8\u306e\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d5\u30a1\u30f3\u30c9\uff08\u5168\u4e16\u754c\u682a\u5f0f\u306a\u3069\uff09\u3092\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6838\uff08\u30b3\u30a2\uff09\u306b\u636e\u3048\u308b\u3053\u3068\u3002<\/span><span>\u3053\u308c\u306b\u3088\u308a\u3001<\/span><span>\u7279\u5b9a\u306e\u56fd\u3084\u30bb\u30af\u30bf\u30fc\u306e\u76db\u8870\u306b\u4e00\u559c\u4e00\u6182\u305b\u305a\u3001<\/span><span>\u4e16\u754c\u7d4c\u6e08\u5168\u4f53\u306e\u6210\u9577\u679c\u5b9f\u3092\u4eab\u53d7\u3057\u7d9a\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"134,1,0\"><b data-path-to-node=\"134,1,0\" data-index-in-node=\"0\">\u69cb\u9020\u7684\u512a\u4f4d\u6027\u3092\u6301\u3064\u65e5\u672c\u4f01\u696d\u3078\u306e\u30b5\u30c6\u30e9\u30a4\u30c8\u6295\u8cc7<\/b><\/p>\n<p data-path-to-node=\"134,1,1\"><span>\u65e5\u672c\u306b\u66ae\u3089\u3057\u3066\u3044\u308b\u79c1\u305f\u3061\u306f\u3001<\/span><span>\u8eab\u306e\u56de\u308a\u306e\u88fd\u54c1\u3001<\/span><span>\u30b5\u30fc\u30d3\u30b9\u306e\u8cea\u306e\u5909\u5316\u3001<\/span><span>\u4f01\u696d\u306e\u5e97\u8217\u306e\u8cd1\u308f\u3044\u3001<\/span><span>IR\u8aac\u660e\u4f1a\u306e\u65e5\u672c\u8a9e\u306e\u30cb\u30e5\u30a2\u30f3\u30b9\u3092\u3001<\/span><span>\u5916\u56fd\u4eba\u6295\u8cc7\u5bb6\u3088\u308a\u3082\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u3067\u808c\u3067\u611f\u3058\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><span>\u534a\u5c0e\u4f53\u7d20\u6750\u3001<\/span><span>\u30e1\u30ac\u30d0\u30f3\u30af\u306e\u6539\u9769\u3001<\/span><span>\u30b0\u30ed\u30fc\u30d0\u30eb\u30cb\u30c3\u30c1\u30c8\u30c3\u30d7\u4f01\u696d\u306a\u3069\u3001<\/span><span>\u672c\u7a3f\u3067\u89e3\u8aac\u3057\u305f\u3088\u3046\u306a\u300c\u4e16\u754c\u57fa\u6e96\u3067\u6226\u3048\u308b\u5f37\u3044\u65e5\u672c\u4f01\u696d\u300d\u3092\u898b\u6975\u3081\u3001<\/span><span class=\"\">\u4e2d\u9577\u671f\u306e\u8996\u70b9\u3067\u8cc7\u7523\u306e\u4e00\u90e8\u3092\u914d\u5206\u3059\u308b\u3053\u3068\u306f\u3001<\/span><span>\u975e\u5e38\u306b\u5408\u7406\u7684\u3067\u5b9f\u308a\u3042\u308b\u6295\u8cc7\u4f53\u9a13\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"134,2,0\"><b data-path-to-node=\"134,2,0\" data-index-in-node=\"0\">\u81ea\u5df1\u8cc7\u672c\uff08\u4eba\u7684\u8cc7\u672c\uff09\u306e\u6700\u5927\u5316<\/b><\/p>\n<p data-path-to-node=\"134,2,1\"><span>\u500b\u4eba\u306e\u6700\u5927\u306e\u8cc7\u672c\u306f\u300c\u81ea\u5206\u81ea\u8eab\u306e\u7a3c\u3050\u529b\uff08\u4eba\u7684\u8cc7\u672c\uff09\u300d\u3067\u3059\u3002<\/span><span>\u672c\u696d\u3067\u30b9\u30ad\u30eb\u3092\u78e8\u304d\u3001<\/span><span class=\"\">\u5b89\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3057\u3001<\/span><span 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