\u66b4\u843d\u682a\u306e\u8cb7\u3044\u6642\u306f\u3044\u3064\uff1f\u66b4\u843d\u682a\u3067\u5132\u3051\u308b\u65b9\u6cd5\u3092\u5fb9\u5e95\u89e3\u8aac<\/a><\/p>\n\u91d1\u5229\u3068\u682a\u4fa1\u306e\u52d5\u304d\u306b\u95a2\u4fc2\u3059\u308b\u30dd\u30a4\u30f3\u30c8<\/h2>\n
\u91d1\u5229\u3068\u682a\u4fa1\u306e\u95a2\u4fc2\u3092\u7406\u89e3\u3059\u308b\u4e0a\u3067\u3001\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n
\u56fd\u50b5\u5229\u56de\u308a\u3068\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/h3>\n
\u6295\u8cc7\u306e\u4e16\u754c\u3067\u306f\u3001\u30ed\u30fc\u30ea\u30b9\u30af\u30fb\u30ed\u30fc\u30ea\u30bf\u30fc\u30f3\u306e\u56fd\u50b5\u3068\u3001\u30cf\u30a4\u30ea\u30b9\u30af\u30fb\u30cf\u30a4\u30ea\u30bf\u30fc\u30f3\u306e\u682a\u5f0f\u304c\u3088\u304f\u6bd4\u8f03\u3055\u308c\u307e\u3059\u3002<\/p>\n
\u3053\u3053\u3067\u77e5\u3063\u3066\u304a\u304d\u305f\u3044\u306e\u304c\u300c\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\uff08ERP\uff09\u300d\u3068\u3044\u3046\u8003\u3048\u65b9\u3067\u3059\u3002<\/p>\n
\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\uff08ERP\uff09\u3068\u306f\u3001\u300c\u30ea\u30b9\u30af\u3092\u80cc\u8ca0\u3063\u3066\u682a\u3092\u8cb7\u3046\u304b\u3089\u306b\u306f\u3001\u3069\u306e\u304f\u3089\u3044\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u6b32\u3057\u3044\u304b\u300d\u3068\u3044\u3046\u5dee\u3067\u3059\u3002<\/p>\n
\u4f8b\u3048\u3070\u6295\u8cc7\u5bb6\u306f\u3001\u56fd\u50b5\u306e\u5229\u56de\u308a\u304c\u5e742%\u306e\u6642\u3001\u30ea\u30b9\u30af\u306e\u3042\u308b\u682a\u5f0f\u6295\u8cc7\u3092\u3059\u308b\u306e\u3067\u3042\u308c\u3070\u5e745\uff05\u306f\u6b32\u3057\u3044\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n
\u682a\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3067\u3042\u308b5\uff05\u304b\u3089\u3001\u56fd\u50b5\u306e\u5229\u56de\u308a 2\uff05\u3092\u5f15\u3044\u305f\u30013\uff05\u304c\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u3059\u3002<\/p>\n
\u56fd\u50b5\u306e\u5229\u56de\u308a\u304c\u9ad8\u304f\u306a\u308b\u3068\u3001\u30ea\u30b9\u30af\u3092\u53d6\u3089\u305a\u5132\u304b\u308b\u5546\u54c1\u3068\u3057\u3066\u3001\u56fd\u50b5\u306e\u9b45\u529b\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n
\u4e00\u65b9\u3067\u3001\u308f\u3056\u308f\u3056\u30ea\u30b9\u30af\u3092\u53d6\u3063\u3066\u682a\u5f0f\u6295\u8cc7\u3092\u3059\u308b\u5fc5\u8981\u304c\u306a\u3044\u3068\u8003\u3048\u308b\u6295\u8cc7\u5bb6\u304c\u5897\u3048\u3001\u682a\u306e\u4eba\u6c17\u304c\u4e0b\u304c\u308a\u3001\u682a\u4fa1\u304c\u4f4e\u304f\u306a\u308b\u3068\u3044\u3046\u6d41\u308c\u3067\u3059\u3002<\/p>\n
\u56fd\u50b5\u306e\u5229\u56de\u308a\u304c\u4f4e\u3051\u308c\u3070\u3001\u5229\u76ca\u304c\u307b\u3068\u3093\u3069\u5f97\u3089\u308c\u306a\u3044\u3053\u3068\u304b\u3089\u56fd\u50b5\u306e\u4eba\u6c17\u304c\u843d\u3061\u3001\u6295\u8cc7\u5bb6\u306f\u682a\u306b\u8cc7\u91d1\u3092\u79fb\u3059\u50be\u5411\u304c\u5f37\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u3055\u3089\u306b\u3001\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306b\u3064\u3044\u3066\u7406\u89e3\u3059\u308b\u306b\u3042\u305f\u308a\u3001\u91cd\u8981\u306a\u8981\u7d20\u304cDCF\u3068PER\u3067\u3059\u3002<\/p>\n
DCF\u6cd5\u3068\u306f\u3001\u4f01\u696d\u306e\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3001\u3053\u306e\u4f1a\u793e\u306e\u682a\u306f\u3044\u304f\u3089\u304c\u59a5\u5f53\u304b\u3092\u5224\u65ad\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n
ERP\u306f\u3001DCF\u306e\u5272\u5f15\u7387\u3092\u7b97\u51fa\u3059\u308b\u6642\u306b\u5229\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n
PER\u306f\u3001\u682a\u4fa1\u53ce\u76ca\u7387\uff08Price Earnings Ratio\uff09\u306e\u7565\u3067\u3001\u682a\u4fa1\u306e\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad\u3059\u308b\u6307\u6a19\u3067\u3059\u3002<\/p>\n
DCF\u6cd5\u3067\u5229\u7528\u3059\u308b\u300c\u5272\u5f15\u7387\u300d\u3068\u3044\u3046\u6570\u5024\u306b\u3001ERP \u304c\u7d44\u307f\u8fbc\u307e\u308c\u307e\u3059\u3002<\/p>\n
\u307e\u305f\u3001PER\u306f\u682a\u4fa1\u304c\u5229\u76ca\u306b\u5bfe\u3057\u3066\u9ad8\u3059\u304e\u306a\u3044\u304b\u3092\u5224\u65ad\u3059\u308b\u6307\u6a19\u3067\u3042\u308a\u3001ERP\u306f\u5e02\u5834\u5168\u4f53\u306ePER\u304c\u9ad8\u3059\u304e\u308b\u304b\u3001\u5b89\u3059\u304e\u308b\u304b\u3092\u898b\u6975\u3081\u308b\u6750\u6599\u3068\u3057\u3066\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n
ERP\u304c\u4f4e\u3044\u306b\u3082\u95a2\u308f\u3089\u305aPER\u304c\u9ad8\u3044\u3068\u682a\u304c\u5272\u9ad8\u306e\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001ERP\u304c\u9ad8\u3044\u4e2d\u3067PER\u304c\u4f4e\u3044\u3068\u5272\u5b89\u306a\u30c1\u30e3\u30f3\u30b9\u306e\u53ef\u80fd\u6027\u304c\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n
\u5272\u5f15\u7387\u3068\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3078\u306e\u5f71\u97ff<\/h3>\n
DCF\u3092\u7528\u3044\u3066\u4f01\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8a55\u4fa1\u3059\u308b\u969b\u3001\u91d1\u5229\u304c\u4f4e\u4e0b\u3059\u308b\u307b\u3069\u8cc7\u7523\u306e\u73fe\u5728\u4fa1\u5024\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u3053\u308c\u306f\u3001\u5c06\u6765\u306e\u304a\u91d1\u306e\u4fa1\u5024\u304c\u73fe\u5728\u3068\u6bd4\u8f03\u3057\u3066\u3082\u305d\u308c\u307b\u3069\u76ee\u6e1b\u308a\u305b\u305a\u3001\u5272\u5f15\u7387\u304c\u4f4e\u304f\u306a\u308a\u3001\u672a\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u304c\u5927\u304d\u304f\u8a55\u4fa1\u3055\u308c\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n
\u53cd\u5bfe\u306b\u3001\u91d1\u5229\u304c\u9ad8\u3044\u3068\u73fe\u5728\u4fa1\u5024\u306f\u5c0f\u3055\u304f\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002<\/p>\n
\u307e\u305f\u3001\u91d1\u5229\u306f\u304a\u91d1\u306e\u6642\u9593\u4fa1\u5024\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u6295\u8cc7\u306b\u4f34\u3046\u30ea\u30b9\u30af\u3068\u3082\u95a2\u9023\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n
\u5e02\u5834\u5168\u4f53\u306e\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u306e\u4f4e\u3044\u6295\u8cc7\u65b9\u6cd5\u3067\u3082\u5927\u304d\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n
\u305d\u306e\u305f\u3081\u3001\u682a\u5f0f\u6295\u8cc7\u306e\u3088\u3046\u306a\u30ea\u30b9\u30af\u306e\u3042\u308b\u624b\u6cd5\u306b\u306f\u3001\u3088\u308a\u5927\u304d\u306a\u5229\u76ca\u3092\u6c42\u3081\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u305d\u3053\u3067\u5272\u5f15\u7387\u306f\u9ad8\u304f\u8a2d\u5b9a\u3055\u308c\u307e\u3059\u304c\u3001\u5c06\u6765\u7684\u306b\u751f\u307e\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u5024\u304c\u540c\u3058\u3067\u3042\u3063\u3066\u3082\u3001\u5272\u5f15\u7387\u304c\u4e0a\u304c\u308b\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u304c\u5c0f\u3055\u304f\u8a55\u4fa1\u3055\u308c\u308b\u305f\u3081\u3001\u4f01\u696d\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u3068\u3044\u3046\u6d41\u308c\u3067\u3059\u3002<\/p>\n
\u682a\u5f0f\u306e\u4e2d\u3067\u3082\u3001\u30b0\u30ed\u30fc\u30b9\u682a\u306f\u91d1\u5229\u306e\u5f71\u97ff\u3092\u5f37\u304f\u53d7\u3051\u307e\u3059\u3002<\/p>\n
\u3053\u308c\u306f\u3001\u30b0\u30ed\u30fc\u30b9\u682a\u306e\u4fa1\u5024\u306f\u300c\u9060\u3044\u5c06\u6765\u306b\u5f97\u3089\u308c\u308b\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u308b\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b\u300d\u305f\u3081\u3067\u3059\u3002<\/p>\n
\u9060\u3044\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u9069\u7528\u3055\u308c\u308b\u5e74\u6570\u304c\u5927\u304d\u304f\u3001\u5272\u5f15\u7387\u304c\u4e0a\u304c\u308c\u3070\u3001\u73fe\u5728\u4fa1\u5024\u306e\u4e0b\u843d\u3092\u5f15\u304d\u8d77\u3053\u3057\u307e\u3059\u3002<\/p>\n
\u696d\u7a2e\u5225\u306e\u611f\u5fdc\u5ea6<\/h3>\n
\u91d1\u5229\u306e\u52d5\u304d\u304c\u3069\u3093\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u304b\u306f\u3001\u696d\u7a2e\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u91d1\u5229\u4e0a\u6607\u304c\u30d7\u30e9\u30b9\u306b\u50cd\u304f\u696d\u7a2e\u306f\u3001\u9280\u884c\u30fb\u4fdd\u967a\u306a\u3069\u91d1\u878d\u3001\u30de\u30a4\u30ca\u30b9\u306b\u50cd\u304f\u696d\u7a2e\u306f\u3001\u30cf\u30a4\u30c6\u30af\u30fb\u30b0\u30ed\u30fc\u30b9\u306a\u3069\u3067\u3059\u3002<\/p>\n
\u9280\u884c\u306f\u3001\u9810\u91d1\u91d1\u5229\u3068\u8cb8\u51fa\u91d1\u5229\u306e\u5229\u30b6\u30e4\u304c\u53ce\u5165\u6e90\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n
\u4e00\u822c\u7684\u306b\u3001\u8cb8\u51fa\u91d1\u5229\u306e\u5f15\u304d\u4e0a\u3052\u306f\u3001\u9810\u91d1\u91d1\u5229\u306e\u5f15\u304d\u4e0a\u3052\u3088\u308a\u3082\u5927\u304d\u304f\u306a\u308b\u50be\u5411\u3067\u3059\u3002<\/p>\n
\u305d\u306e\u305f\u3081\u3001\u91d1\u5229\u4e0a\u6607\u306e\u5834\u9762\u3067\u306f\u5229\u3056\u3084\u304c\u62e1\u5927\u3057\u3001\u9280\u884c\u306e\u53ce\u76ca\u304c\u5411\u4e0a\u3057\u307e\u3059\u3002<\/p>\n
\u307e\u305f\u3001\u65b0\u898f\u3067\u8cfc\u5165\u3059\u308b\u56fd\u50b5\u306e\u5229\u56de\u308a\u304c\u9ad8\u304f\u306a\u308a\u3001\u904b\u7528\u53ce\u76ca\u304c\u6539\u5584\u3059\u308b\u70b9\u3082\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n
\u4fdd\u967a\u4f1a\u793e\u306f\u3001\u9867\u5ba2\u306e\u652f\u6255\u3046\u4fdd\u967a\u6599\u3092\u9577\u671f\u904b\u7528\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u91d1\u5229\u304c\u4e0a\u304c\u308a\u50b5\u5238\u306a\u3069\u306e\u5229\u56de\u308a\u304c\u9ad8\u304f\u306a\u308c\u3070\u53ce\u76ca\u304c\u5411\u4e0a\u3057\u307e\u3059\u3002<\/p>\n
\u307e\u305f\u3001\u91d1\u5229\u304c\u4f4e\u3044\u3068\u4e88\u5b9a\u5229\u7387\u3092\u4e0b\u56de\u308b\u904b\u7528\u3057\u304b\u3067\u304d\u307e\u305b\u3093\u304c\u3001\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u3088\u308a\u9b45\u529b\u7684\u306a\u5546\u54c1\u3092\u958b\u767a\u3067\u304d\u308b\u70b9\u3082\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n
\u3053\u308c\u3089\u306e\u4f01\u696d\u3068\u306f\u53cd\u5bfe\u306b\u3001\u30cf\u30a4\u30c6\u30af\u4f01\u696d\u3084\u30b0\u30ed\u30fc\u30b9\u682a\u4f01\u696d\u306b\u306f\u3001\u91d1\u5229\u4e0a\u6607\u304c\u4e0d\u5229\u306b\u50cd\u304d\u307e\u3059\u3002<\/p>\n
\u3053\u308c\u3089\u306e\u4f01\u696d\u306f\u3001\u5c06\u6765\u7684\u306a\u6210\u9577\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u671f\u5f85\u3055\u308c\u3066\u8a55\u4fa1\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n
DCF\u6cd5\u306f\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u5f15\u7387\u3067\u5272\u308a\u5f15\u3044\u3066\u73fe\u5728\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u304c\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u5272\u5f15\u7387\u3092\u62bc\u3057\u4e0a\u3052\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n
\u682a\u5f0f\u6295\u8cc7\u3067\u8cc7\u7523\u3092\u5897\u3084\u3059\u305f\u3081\u306e\u30b3\u30c4<\/h2>\n
\u682a\u5f0f\u6295\u8cc7\u3067\u8cc7\u7523\u3092\u5897\u3084\u3059\u306b\u306f\u3001\u3044\u304f\u3064\u304b\u306e\u30b3\u30c4\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n
\u666f\u6c17\u5c40\u9762\u3092\u8aad\u3080<\/h3>\n
\u91d1\u5229\u306e\u52d5\u304d\u3068\u3001\u77ed\u671f\u91d1\u5229\u3068\u9577\u671f\u91d1\u5229\u306e\u95a2\u4fc2\u306f\u3001\u666f\u6c17\u5c40\u9762\u3092\u8aad\u3080\u969b\u306b\u5f79\u7acb\u3061\u307e\u3059\u3002<\/p>\n
\u666f\u6c17\u5c40\u9762\u3092\u8aad\u3080\u305f\u3081\u306b\u306f\u3001\u6295\u8cc7\u3057\u305f\u91d1\u984d\u306b\u5bfe\u3057\u30661\u5e74\u306b\u4f55\uff05\u306e\u53ce\u76ca\u3092\u751f\u3080\u304b\u3092\u8868\u3059\u3001\u30a4\u30fc\u30eb\u30c9\u306b\u6ce8\u76ee\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n
\u82f1\u8a9e\u3067\u306fyield\u3068\u8868\u8a18\u3057\u3001\u52d5\u8a5e\u3067\u306f\u3001\u7523\u51fa\u3059\u308b\u3001\u3082\u305f\u3089\u3059\u3001\u4e0e\u3048\u308b\u3068\u8a00\u3063\u305f\u610f\u5473\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n
\u300c\u3053\u306e\u6295\u8cc7\u306f\u5e745%\u306e\u5229\u56de\u308a\u304c\u3042\u308b\u300d\u306f”This investment yields 5% annually.”\u3068\u8a33\u3055\u308c\u307e\u3059\u3002<\/p>\n
\u540d\u8a5e\u3067\u306e\u610f\u5473\u306f\u3001\u7523\u51fa\u91cf\u3001\u53ce\u76ca\u3001\u5229\u56de\u308a\u3067\u3059\u3002<\/p>\n
\u30a4\u30fc\u30eb\u30c9\u306b\u306f\u30012\u3064\u306e\u7a2e\u985e\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n
1\u3064\u76ee\u306e\u9806\u30a4\u30fc\u30eb\u30c9\u3068\u306f\u3001\u671f\u9593\u304c\u9577\u3044\u50b5\u5238\u307b\u3069\u91d1\u5229\u304c\u9ad8\u3044\u72b6\u614b\u3067\u3059\u3002<\/p>\n
\u6b63\u5e38\u30a4\u30fc\u30eb\u30c9\u3068\u3082\u547c\u3070\u308c\u3001\u300c\u6295\u8cc7\u5bb6\u304c\u9577\u671f\u3067\u304a\u91d1\u3092\u8cb8\u3059\u3053\u3068\u306b\u5bfe\u3057\u3066\u3001\u3088\u308a\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u8981\u6c42\u3059\u308b\u300d\u3068\u3044\u3046\u6b63\u5e38\u306a\u72b6\u614b\u3060\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n
\u9806\u30a4\u30fc\u30eb\u30c9\u3067\u306f\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u3092\u53d6\u308a\u3084\u3059\u304f\u30b0\u30ed\u30fc\u30b9\u682a\u304c\u597d\u307e\u308c\u308b\u50be\u5411\u3067\u3001\u666f\u6c17\u62e1\u5927\u3092\u793a\u5506\u3057\u307e\u3059\u3002<\/p>\n
2\u3064\u76ee\u306e\u9006\u30a4\u30fc\u30eb\u30c9\u3068\u306f\u3001\u77ed\u671f\u91d1\u5229\u304c\u9577\u671f\u91d1\u5229\u3092\u4e0a\u56de\u308b\u72b6\u614b\u3067\u3059\u3002<\/p>\n
\u5e02\u5834\u304c\u5c06\u6765\u7684\u306a\u666f\u6c17\u5f8c\u9000\u3084\u30a4\u30f3\u30d5\u30ec\u920d\u5316\u304c\u4e88\u60f3\u3055\u308c\u3001\u9577\u671f\u7684\u306a\u7d4c\u6e08\u6210\u9577\u3078\u306e\u671f\u5f85\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n
\u9006\u30a4\u30fc\u30eb\u30c9\u306f\u666f\u6c17\u5f8c\u9000\u306e\u5f37\u529b\u306a\u524d\u5146\u3068\u3057\u3066\u77e5\u3089\u308c\u3001\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u56de\u907f\u306e\u59ff\u52e2\u3092\u5f37\u3081\u307e\u3059\u3002<\/p>\n
\u307e\u305f\u3001FRB\u304c\u5229\u4e0a\u3052\u3092\u884c\u3046\u3068\u3001\u9006\u30a4\u30fc\u30eb\u30c9\u304c\u767a\u751f\u3057\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n
\u3053\u308c\u306f\u3001FRB\u304c\u91d1\u5229\u3092\u4e0a\u3052\u308b\u3068\u77ed\u671f\u91d1\u5229\u304c\u4e00\u6c17\u306b\u4e0a\u6607\u3057\u3001\u4e2d\u592e\u9280\u884c\u304c\u77ed\u671f\u7684\u306a\u8cc7\u91d1\u4f9b\u7d66\u91cf\u3092\u8abf\u6574\u3059\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n
\u306a\u304a\u3001\u77ed\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3066\u9577\u671f\u91d1\u5229\u304c\u4f4e\u4e0b\u3059\u308b\u3068\u3001\u77ed\u671f\u91d1\u5229\u304c\u9577\u671f\u91d1\u5229\u3092\u4e0a\u56de\u308a\u9006\u30a4\u30fc\u30eb\u30c9\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n
\u5b9f\u8cea\u91d1\u5229\u306b\u6ce8\u76ee\u3059\u308b<\/h3>\n
\u540d\u76ee\u91d1\u5229\u3060\u3051\u3067\u306f\u306a\u304f\u5b9f\u8cea\u91d1\u5229\u306b\u6ce8\u76ee\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u74b0\u5883\u306e\u5909\u5316\u3092\u6b63\u78ba\u306b\u6349\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n
![\"\u91d1\u5229\u3068\u682a\u4fa1\u306b\u306f\u3069\u3093\u306a\u95a2\u4fc2\u304c\u3042\u308b\uff1f\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u6ce8\u76ee\u3059\u3079\u304d\u30dd\u30a4\u30f3\u30c8\u3092\u89e3\u8aac\uff01\"](\"https:\/\/aibashiro.jp\/contents\/wp\/wp-content\/uploads\/2025\/06\/ee55f72a95d2929510a290e4445a725a.png\")
<\/p>\n
\u5b9f\u8cea\u91d1\u5229\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u300c\u8cfc\u8cb7\u529b\u30d9\u30fc\u30b9\u3067\u3069\u308c\u304f\u3089\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u308b\u304b\u300d\u3092\u793a\u3059\u3082\u306e\u3067\u3001\u3088\u308a\u672c\u8cea\u3092\u8868\u3057\u305f\u91d1\u5229\u3060\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n
\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f\u969b\u306e\u5272\u5f15\u7387\u304c\u4e0a\u6607\u3057\u3001\u682a\u5f0f\u306e\u4fa1\u5024\u306f\u4f4e\u4e0b\u3057\u307e\u3059\u3002<\/p>\n
\u307e\u305f\u3001\u56fd\u50b5\u306a\u3069\u306e\u5546\u54c1\u3067\u3082\u30ea\u30bf\u30fc\u30f3\u304c\u5f97\u3084\u3059\u304f\u306a\u308a\u3001\u8cc7\u91d1\u30ea\u30b9\u30af\u8cc7\u7523\u304b\u3089\u5b89\u5168\u8cc7\u7523\u3078\u30b7\u30d5\u30c8\u3055\u308c\u3066\u3044\u304f\u50be\u5411\u3067\u3059\u3002<\/p>\n
\u8cc7\u91d1\u306e\u52d5\u304d\u3092\u8aad\u3080<\/h3>\n
\u91d1\u5229\u306e\u52d5\u304d\u304b\u3089\u3001\u5e02\u5834\u306e\u8cc7\u91d1\u304c\u3069\u3046\u52d5\u304f\u304b\u3092\u8aad\u3080\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n
\u5229\u4e0a\u3052\u5c40\u9762\u3067\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u3092\u56de\u907f\u3057\u3088\u3046\u3068\u52d5\u304f\u305f\u3081\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u3084\u77ed\u671f\u50b5\u306a\u3069\u306b\u8cc7\u91d1\u304c\u96c6\u307e\u308a\u307e\u3059\u3002<\/p>\n
\u9006\u30a4\u30fc\u30eb\u30c9\u767a\u751f\u6642\u306f\u3001\u98df\u54c1\u3084\u98f2\u6599\u3001\u533b\u85ac\u54c1\u3001\u30ac\u30b9\u306a\u3069\u306e\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u682a\u306b\u8cc7\u91d1\u304c\u30b7\u30d5\u30c8\u3057\u3001\u30b0\u30ed\u30fc\u30b9\u682a\u3084\u666f\u6c17\u654f\u611f\u682a\u306f\u907f\u3051\u3089\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n
\u70ba\u66ff\u30fb\u8cc7\u91d1\u30d5\u30ed\u30fc\u3068\u306e\u95a2\u9023\u3092\u898b\u6975\u3081\u308b<\/h3>\n
\u91d1\u5229\u306e\u52d5\u304d\u306f\u3001\u56fd\u5185\u5e02\u5834\u3060\u3051\u3067\u306f\u306a\u304f\u70ba\u66ff\u5e02\u5834\u3084\u56fd\u969b\u7684\u306a\u8cc7\u91d1\u306e\u6d41\u308c\u306b\u3082\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002<\/p>\n
\u4f8b\u3048\u3070\u3001\u3042\u308b\u56fd\u306e\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u3001\u305d\u306e\u56fd\u306e\u901a\u8ca8\u306e\u9b45\u529b\u304c\u5897\u3057\u3066\u8cb7\u308f\u308c\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u3053\u308c\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u3088\u308a\u9ad8\u3044\u91d1\u5229\u3067\u8cc7\u91d1\u3092\u904b\u7528\u3057\u3088\u3046\u3068\u3001\u305d\u306e\u56fd\u306e\u901a\u8ca8\u5efa\u3066\u306e\u56fd\u50b5\u3084\u9810\u91d1\u306a\u3069\u306b\u8cc7\u91d1\u3092\u632f\u308a\u5411\u3051\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n
\u65e5\u672c\u306e\u3088\u3046\u306a\u8f38\u51fa\u4f9d\u5b58\u5ea6\u306e\u9ad8\u3044\u56fd\u3067\u306f\u3001\u30c9\u30eb\u9ad8\u304c\u9032\u3080\u3068\u8f38\u51fa\u4f01\u696d\u306e\u696d\u7e3e\u306b\u597d\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002<\/p>\n
\u65e5\u672c\u7d4c\u6e08\u306f\u8f38\u51fa\u7523\u696d\u306e\u6bd4\u7387\u304c\u9ad8\u304f\u3001\u4e00\u822c\u7684\u306b\u5186\u5b89\u306f\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u306b\u3068\u3063\u3066\u8ffd\u3044\u98a8\u3068\u306a\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n
\u5186\u9ad8\u306b\u306a\u308b\u3068\u8f38\u51fa\u4f01\u696d\u306e\u58f2\u4e0a\u30fb\u5229\u76ca\u304c\u5186\u63db\u7b97\u3067\u76ee\u6e1b\u308a\u3057\u3001TOPIX\u3084\u65e5\u7d4c\u5e73\u5747\u306b\u3068\u3063\u3066\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u4e16\u754c\u7d4c\u6e08\u3092\u898b\u3066\u307f\u308b\u3068\u3001\u30c9\u30eb\u9ad8\u306f\u3001\u65b0\u8208\u56fd\u7d4c\u6e08\u3084\u682a\u5f0f\u5e02\u5834\u306b\u3068\u3063\u3066\u30de\u30a4\u30ca\u30b9\u306b\u50cd\u304d\u307e\u3059\u3002<\/p>\n
\u3053\u308c\u306f\u3001\u4e16\u754c\u7684\u306b\u30ea\u30b9\u30af\u30aa\u30d5\u306e\u52d5\u304d\u304c\u751f\u307e\u308c\u308b\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u304c\u3088\u308a\u5b89\u5168\u306a\u30a2\u30e1\u30ea\u30ab\u5e02\u5834\u3078\u3068\u8cc7\u91d1\u3092\u30b7\u30d5\u30c8\u3055\u305b\u3066\u3044\u304f\u305f\u3081\u3067\u3059\u3002<\/p>\n
\u65b0\u8208\u4f01\u696d\u306e\u682a\u4fa1\u4e0b\u843d\u304c\u9032\u307f\u3001\u65b0\u8208\u56fd\u5e02\u5834\u5168\u4f53\u306e\u4f4e\u8ff7\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n
\u91d1\u5229\u3068\u682a\u4fa1\u306e\u95a2\u4fc2\u306b\u95a2\u3059\u308b\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n
\u91d1\u5229\u3068\u682a\u4fa1\u306e\u95a2\u4fc2\u306b\u95a2\u3059\u308b\u3088\u304f\u3042\u308b\u8cea\u554f\u306b\u56de\u7b54\u3057\u307e\u3059\u3002<\/p>\n
\u91d1\u5229\u3068\u682a\u4fa1\u306f\u3069\u3093\u306a\u95a2\u4fc2\u6027\u3067\u3059\u304b<\/h3>\n
\u91d1\u5229\u304c\u4e0b\u304c\u308b\u3068\u3001\u4f01\u696d\u306b\u3068\u3063\u3066\u501f\u308a\u5165\u308c\u306e\u30cf\u30fc\u30c9\u30eb\u304c\u4e0b\u304c\u308a\u307e\u3059\u3002<\/p>\n
\u3053\u308c\u306b\u3088\u3063\u3066\u4e8b\u696d\u3092\u62e1\u5927\u3057\u3084\u3059\u304f\u306a\u308a\u3001\u696d\u7e3e\u304c\u5411\u4e0a\u3057\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n
\u307e\u305f\u3001\u6295\u8cc7\u5bb6\u306f\u4e00\u5b9a\u306e\u30ea\u30b9\u30af\u304c\u3042\u3063\u3066\u3082\u3001\u9810\u91d1\u3088\u308a\u682a\u5f0f\u6295\u8cc7\u306b\u8cc7\u91d1\u3092\u6295\u3058\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u3053\u308c\u3089\u306e\u52d5\u304d\u306b\u3088\u308a\u3001\u682a\u4fa1\u304c\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n
\u91d1\u5229\u304c\u4e0a\u304c\u308b\u3068\u3001\u4f01\u696d\u306f\u501f\u308a\u5165\u308c\u3092\u907f\u3051\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u3053\u308c\u306b\u3088\u3063\u3066\u4e8b\u696d\u3092\u62e1\u5927\u3057\u306b\u304f\u304f\u306a\u308a\u3001\u696d\u7e3e\u304c\u4f38\u3073\u60a9\u3080\u3053\u3068\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n
\u307e\u305f\u3001\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u306e\u307b\u3068\u3093\u3069\u306a\u3044\u9810\u91d1\u306b\u3088\u3063\u3066\u3042\u308b\u7a0b\u5ea6\u306e\u5229\u5b50\u3092\u53d7\u3051\u53d6\u308c\u308b\u3088\u3046\u306b\u306a\u308b\u305f\u3081\u3001\u682a\u5f0f\u6295\u8cc7\u3092\u907f\u3051\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u682a\u4fa1\u304c\u4e0b\u304c\u308a\u307e\u3059\u3002<\/p>\n
\u91d1\u5229\u3068\u682a\u4fa1\u306e\u3069\u3053\u306b\u6ce8\u76ee\u3059\u308c\u3070\u3044\u3044\u3067\u3059\u304b<\/h3>\n
\u91d1\u5229\u306e\u52d5\u304d\u3092\u77e5\u308b\u3053\u3068\u3067\u3001\u666f\u6c17\u5c40\u9762\u3092\u8aad\u307f\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u9806\u30a4\u30fc\u30eb\u30c9\u306e\u6642\u306f\u30b0\u30ed\u30fc\u30b9\u682a\u304c\u597d\u307e\u308c\u3001\u9006\u30a4\u30fc\u30eb\u30c9\u304c\u767a\u751f\u3057\u305f\u3089\u666f\u6c17\u5f8c\u9000\u3092\u5371\u60e7\u3059\u308b\u3068\u3044\u3046\u70b9\u3092\u899a\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n
\u307e\u305f\u3001\u91d1\u5229\u306e\u52d5\u304d\u304b\u3089\u5e02\u5834\u306e\u8cc7\u91d1\u306e\u6d41\u308c\u3092\u8aad\u3080\u3053\u3068\u3082\u91cd\u8981\u3067\u3059\u3002<\/p>\n
\u5229\u4e0a\u3052\u5c40\u9762\u3067\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u3084\u77ed\u671f\u50b5\u3001\u9006\u30a4\u30fc\u30eb\u30c9\u304c\u767a\u751f\u3057\u305f\u6642\u306f\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u682a\u306b\u8cc7\u91d1\u304c\u96c6\u307e\u308a\u307e\u3059\u3002<\/p>\n
\u307e\u3068\u3081<\/h2>\n
\u4eca\u56de\u306f\u3001\u91d1\u5229\u3068\u682a\u4fa1\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3057\u305f\u3002<\/p>\n
\u3053\u306e2\u3064\u306f\u5bc6\u63a5\u306b\u9023\u52d5\u3057\u3066\u304a\u308a\u3001\u91d1\u5229\u304c\u4e0a\u304c\u308b\u3068\u682a\u4fa1\u306b\u60aa\u5f71\u97ff\u3092\u53ca\u307c\u3057\u3001\u91d1\u5229\u304c\u4e0b\u304c\u308b\u3068\u682a\u5f0f\u5e02\u5834\u306b\u8cc7\u91d1\u304c\u6d41\u308c\u307e\u3059\u3002<\/p>\n
\u682a\u5f0f\u6295\u8cc7\u3092\u884c\u3046\u65b9\u306f\u3001\u5e38\u306b\u91d1\u5229\u306b\u3064\u3044\u3066\u306e\u60c5\u5831\u306b\u30ad\u30e3\u30c3\u30c1\u30a2\u30c3\u30d7\u3057\u3001\u682a\u4fa1\u304c\u3053\u308c\u304b\u3089\u4e0a\u6607\u30fb\u4e0b\u843d\u306e\u3069\u3061\u3089\u306b\u52d5\u304f\u306e\u304b\u3092\u898b\u6975\u3081\u3089\u308c\u308b\u3088\u3046\u306b\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n
\u5186\u9ad8\u306e\u3068\u304d\u306b\u682a\u4fa1\u306f\u3069\u3046\u306a\u308b\u306e\u304b\u89e3\u8aac\uff01\u5186\u9ad8\u3092\u5229\u7528\u3057\u3066\u5132\u3051\u308b\u6295\u8cc7\u5546\u54c1\u3082\u7d39\u4ecb<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"\u300c\u91d1\u5229\u304c\u4e0a\u304c\u308b\u3068\u682a\u4fa1\u304c\u4e0b\u304c\u308b\u300d\u3068\u3044\u3046\u8a00\u8449\u3092\u8033\u306b\u3057\u305f\u3053\u3068\u304c\u3042\u308b\u6295\u8cc7\u5bb6\u306f\u591a\u3044\u3067\u3057\u3087\u3046\u3002 \u3057\u304b\u3057\u3001\u306a\u305c\u91d1\u5229\u304c\u52d5\u304f\u3068\u682a\u4fa1\u304c\u5909\u52d5\u3059\u308b\u306e\u304b\u3001\u305d\u306e\u5177\u4f53\u7684\u306a\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u6b63\u78ba\u306b\u7406\u89e3\u3057\u3066\u3044\u308b\u4eba\u306f\u610f\u5916\u3068\u5c11\u306a\u3044\u3082\u306e\u3067\u3059\u3002 \u91d1\u5229\u306f\u300c\u5e02\u5834\u306e\u91cd\u529b\u300d\u3068 […]<\/p>\n","protected":false},"author":9,"featured_media":13133,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","swell_btn_cv_data":"","footnotes":""},"categories":[586],"tags":[],"class_list":["post-13130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-basics"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/posts\/13130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/comments?post=13130"}],"version-history":[{"count":4,"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/posts\/13130\/revisions"}],"predecessor-version":[{"id":15913,"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/posts\/13130\/revisions\/15913"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/media\/13133"}],"wp:attachment":[{"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/media?parent=13130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/categories?post=13130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aibashiro.jp\/contents\/wp-json\/wp\/v2\/tags?post=13130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"\u91d1\u5229\u3068\u682a\u4fa1\u306b\u306f\u3069\u3093\u306a\u95a2\u4fc2\u304c\u3042\u308b\uff1f\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u6ce8\u76ee\u3059\u3079\u304d\u30dd\u30a4\u30f3\u30c8\u3092\u89e3\u8aac\uff01\"](\"https:\/\/aibashiro.jp\/contents\/wp\/wp-content\/uploads\/2025\/06\/1af889be13831b0e01a7a3661e351387.png\")
<\/p>\n