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href=\"https:\/\/aibashiro.jp\/contents\/what-is-per\/\">PER\u3068\u306f\uff1f\u682a\u3067\u898b\u308b\u682a\u4fa1\u53ce\u76ca\u7387\u306e\u610f\u5473\u3084\u8a08\u7b97\u306a\u3069\u4f7f\u3044\u65b9\u3092\u521d\u5fc3\u8005\u5411\u3051\u306b\u89e3\u8aac<\/a><\/p>\n<h3><b>PBR\u306f\u3001\u7d14\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u682a\u4fa1\u306e\u8a55\u4fa1\u3092\u78ba\u8a8d\u3059\u308b<\/b><\/h3>\n<p><img decoding=\"async\" src=\"https:\/\/aibashiro.jp\/contents\/wp\/wp-content\/uploads\/2026\/02\/4b3d9f0e86476c5e1cea91085046fa99.png\" alt=\"\" width=\"800\" height=\"450\" class=\"alignnone size-full wp-image-15836\" 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href=\"https:\/\/aibashiro.jp\/contents\/pbr\/\">PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09\u3068\u306f\uff1f\u76ee\u5b89\u3084\u6ce8\u610f\u70b9\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/a><\/p>\n<h3><b>\u914d\u5f53\u5229\u56de\u308a\u306f\u3001\u9084\u5143\u306e\u5927\u304d\u3055\u3068\u6301\u7d9a\u6027\u3092\u30bb\u30c3\u30c8\u3067\u898b\u308b<\/b><\/h3>\n<p>\u914d\u5f53\u5229\u56de\u308a\u306f\u3001\u300c\u682a\u4fa1\u306b\u5bfe\u3057\u3066\u914d\u5f53\u304c\u3069\u308c\u304f\u3089\u3044\u51fa\u3066\u3044\u308b\u304b\u300d\u3092\u793a\u3059\u76ee\u5b89\u3067\u3059\u3002<\/p>\n<p>\u5229\u56de\u308a\u304c\u9ad8\u3044\u3068\u9b45\u529b\u7684\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u305d\u306e\u7406\u7531\u306f\u5927\u304d\u304f\u5206\u3051\u3066\u4e8c\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u914d\u5f53\u304c\u5897\u3048\u305f\u5834\u5408\u3068\u3001\u682a\u4fa1\u304c\u4e0b\u304c\u3063\u3066\u898b\u304b\u3051\u4e0a\u9ad8\u304f\u306a\u3063\u305f\u5834\u5408\u3067\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u3001\u696d\u7e3e\u304c\u60aa\u5316\u3057\u3066\u682a\u4fa1\u304c\u4e0b\u304c\u308b\u3068\u3001\u914d\u5f53\u304c\u5909\u308f\u3089\u306a\u304f\u3066\u3082\u5229\u56de\u308a\u306f\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u305d\u306e\u914d\u5f53\u3092\u4eca\u5f8c\u3082\u7dad\u6301\u3067\u304d\u308b\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u914d\u5f53\u3092\u91cd\u8996\u3059\u308b\u5834\u5408\u306f\u3001\u914d\u5f53\u6027\u5411\u3084\u5229\u76ca\u306e\u5b89\u5b9a\u6027\u306a\u3069\u3001\u7d9a\u3051\u3089\u308c\u308b\u304b\u3069\u3046\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u914d\u5f53\u5229\u56de\u308a\u306f\u9b45\u529b\u3092\u793a\u3059\u6307\u6a19\u3067\u3042\u308b\u4e00\u65b9\u3001\u30ea\u30b9\u30af\u306e\u30b5\u30a4\u30f3\u306b\u306a\u308b\u3053\u3068\u3082\u3042\u308b\u3068\u77e5\u3063\u3066\u304a\u304f\u3053\u3068\u3067\u3059\u3002<\/p>\n<p><b>\u3053\u306e\u7ae0\u306e\u30dd\u30a4\u30f3\u30c8<\/b><b><br \/>\n<\/b><br \/>\n\u30fbPER\u306f\u5229\u76ca\u306b\u5bfe\u3059\u308b\u682a\u4fa1\u306e\u500d\u7387\u3067\u5272\u5b89\u306e\u7406\u7531\u3092\u63a2\u3059<br \/>\n\u30fbPBR\u306f\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u8a55\u4fa1\u306e\u76ee\u5b89\u3067\u53ce\u76ca\u6027\u3068\u30bb\u30c3\u30c8\u3067\u8003\u3048\u308b<br 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>\u305f\u3068\u3048\u3070\u3001\u7279\u5b9a\u306e\u53d6\u5f15\u5148\u306b\u58f2\u4e0a\u304c\u5927\u304d\u304f\u504f\u3063\u3066\u3044\u308b\u4f01\u696d\u306f\u3001\u305d\u306e\u95a2\u4fc2\u304c\u5d29\u308c\u305f\u77ac\u9593\u306b\u696d\u7e3e\u304c\u6025\u5909\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u3046\u3057\u305f\u30ea\u30b9\u30af\u304c\u3042\u308b\u5834\u5408\u3001\u5e02\u5834\u306f\u5b89\u5168\u5074\u306b\u5bc4\u305b\u3066\u8a55\u4fa1\u3092\u4f4e\u304f\u3057\u304c\u3061\u3067\u3059\u3002<\/p>\n<p>\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u6307\u6a19\u304c\u4f4e\u3044\u306e\u3092\u898b\u305f\u3089\u5e02\u5834\u306f\u4f55\u3092\u5fc3\u914d\u3057\u3066\u3044\u308b\u306e\u304b\u3092\u63a2\u3057\u3001\u305d\u306e\u5fc3\u914d\u304c\u81ea\u5206\u306b\u3068\u3063\u3066\u8a31\u5bb9\u3067\u304d\u308b\u3082\u306e\u304b\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<p><b>\u3053\u306e\u7ae0\u306e\u30dd\u30a4\u30f3\u30c8<\/b><\/p>\n<p>\u30fb\u5272\u5b89\u306f\u4e00\u6642\u7684\u8981\u56e0\u304b\u69cb\u9020\u7684\u554f\u984c\u304b\u3067\u610f\u5473\u304c\u5909\u308f\u308b<\/p>\n<p>\u30fb\u8ca1\u52d9\u306e\u5f31\u3055\u306f\u8a55\u4fa1\u3092\u4e0b\u3052\u3084\u3059\u304f\u3001\u6307\u6a19\u306e\u4f4e\u3055\u306b\u76f4\u7d50\u3059\u308b<\/p>\n<p>\u30fb\u6307\u6a19\u304c\u4f4e\u3044\u3068\u304d\u306f\u5e02\u5834\u304c\u8b66\u6212\u3059\u308b\u7406\u7531\u3092\u63a2\u3059<\/p>\n<p>\u6b21\u306f\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u306e\u826f\u3044\u70b9\u3060\u3051\u3067\u306a\u304f\u3001\u521d\u5fc3\u8005\u304c\u3064\u307e\u305a\u304d\u3084\u3059\u3044\u30c7\u30e1\u30ea\u30c3\u30c8\u3082\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h2><b>\u30d0\u30ea\u30e5\u30fc\u682a\u306e\u30e1\u30ea\u30c3\u30c8\u3068\u30c7\u30e1\u30ea\u30c3\u30c8<\/b><\/h2>\n<p>\u30d0\u30ea\u30e5\u30fc\u682a\u306f\u5805\u5b9f\u3068\u3044\u3046\u30a4\u30e1\u30fc\u30b8\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u5fc5\u305a\u3057\u3082\u697d\u306b\u5229\u76ca\u304c\u51fa\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u4e0a\u304c\u308b\u307e\u3067\u6642\u9593\u304c\u304b\u304b\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3053\u3068\u3084\u3001\u4e0b\u843d\u30ea\u30b9\u30af\u304c\u6d88\u3048\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u70b9\u3092\u7406\u89e3\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/aibashiro.jp\/contents\/wp\/wp-content\/uploads\/2026\/02\/eda8cbfe4ce76b80a4779db91fc8b8df.png\" alt=\"\" width=\"800\" height=\"450\" class=\"alignnone size-full wp-image-15837\" \/><\/p>\n<h3><b>\u30d0\u30ea\u30e5\u30fc\u682a\u306f\u671f\u5f85\u304c\u4f4e\u3044\u5206\u3001\u898b\u76f4\u3057\u3067\u4e0a\u304c\u308b\u4f59\u5730\u304c\u3042\u308b<\/b><\/h3>\n<p>\u5e02\u5834\u306e\u671f\u5f85\u304c\u4f4e\u3044\u4f01\u696d\u306f\u3001\u826f\u3044\u5909\u5316\u304c\u8d77\u304d\u305f\u3068\u304d\u306b\u8a55\u4fa1\u304c\u5909\u308f\u308a\u3084\u3059\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u696d\u7e3e\u304c\u6301\u3061\u76f4\u3057\u305f\u3001\u69cb\u9020\u6539\u9769\u304c\u9032\u3093\u3060\u3001\u306a\u3069\u306e\u6750\u6599\u304c\u51fa\u308b\u3068\u3001\u300c\u601d\u3063\u3066\u3044\u305f\u307b\u3069\u60aa\u304f\u306a\u3044\u300d\u3068\u3044\u3046\u898b\u76f4\u3057\u304c\u5165\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u5229\u76ca\u304c\u5b89\u5b9a\u3057\u3066\u304d\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u682a\u4fa1\u304c\u653e\u7f6e\u3055\u308c\u3066\u3044\u308b\u4f01\u696d\u306f\u3001\u6ce8\u76ee\u304c\u96c6\u307e\u3063\u305f\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u682a\u4fa1\u306e\u8a55\u4fa1\u304c\u5909\u308f\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u304c\u3001\u30d0\u30ea\u30e5\u30fc\u682a\u306e\u4ee3\u8868\u7684\u306a\u9b45\u529b\u306e\u4e00\u3064\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u898b\u76f4\u3057\u304c\u3044\u3064\u8d77\u304d\u308b\u304b\u306f\u8aad\u307f\u3065\u3089\u3044\u305f\u3081\u3001\u671f\u5f85\u3060\u3051\u3067\u77ed\u671f\u7684\u306a\u52dd\u8ca0\u306b\u3057\u306a\u3044\u3088\u3046\u306b\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3><b>\u4fa1\u683c\u304c\u4e0a\u304c\u308b\u307e\u3067\u6642\u9593\u304c\u304b\u304b\u308b\u3053\u3068\u304c\u3042\u308b<\/b><\/h3>\n<p>\u30d0\u30ea\u30e5\u30fc\u682a\u3067\u3088\u304f\u3042\u308b\u60a9\u307f\u306f\u3001\u3044\u3064\u4e0a\u304c\u308b\u306e\u304b\u5206\u304b\u3089\u306a\u3044\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u5e02\u5834\u304c\u8a55\u4fa1\u3092\u5909\u3048\u308b\u306b\u306f\u3001\u696d\u7e3e\u306e\u6539\u5584\u3084\u74b0\u5883\u306e\u5909\u5316\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<p>\u6642\u9593\u304c\u304b\u304b\u308b\u5834\u5408\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u696d\u7e3e\u304c\u56de\u5fa9\u3057\u3066\u3082\u3001\u6295\u8cc7\u5bb6\u304c\u614e\u91cd\u306a\u307e\u307e\u3060\u3068\u682a\u4fa1\u304c\u3059\u3050\u306b\u53cd\u5fdc\u3057\u306a\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u4e00\u65b9\u3067\u3001\u5f85\u3063\u3066\u3044\u308b\u9593\u306b\u65b0\u305f\u306a\u4e0d\u5b89\u6750\u6599\u304c\u51fa\u3066\u3001\u8a55\u4fa1\u304c\u3055\u3089\u306b\u4e0b\u304c\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u3046\u3057\u305f\u6027\u8cea\u3092\u7406\u89e3\u3057\u305f\u3046\u3048\u3067\u3001\u6642\u9593\u8ef8\u3092\u9577\u3081\u306b\u8a2d\u5b9a\u3057\u3001\u9014\u4e2d\u306e\u5024\u52d5\u304d\u306b\u8010\u3048\u3089\u308c\u308b\u7bc4\u56f2\u3067\u8003\u3048\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3><b>\u914d\u5f53\u306f\u300c\u6e1b\u914d\u300d\u3084\u300c\u7121\u914d\u300d\u306e\u30ea\u30b9\u30af\u3082\u3042\u308b<\/b><\/h3>\n<p>\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u914d\u5f53\u306f\u76f8\u6027\u304c\u826f\u3044\u3068\u8a00\u308f\u308c\u307e\u3059\u304c\u3001\u914d\u5f53\u306f\u56fa\u5b9a\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>\u5229\u76ca\u304c\u843d\u3061\u308c\u3070\u3001\u6e1b\u914d\u3084\u7121\u914d\u306b\u306a\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u9ad8\u914d\u5f53\u3067\u6ce8\u76ee\u3055\u308c\u3066\u3044\u305f\u4f01\u696d\u3067\u3082\u3001\u666f\u6c17\u5f8c\u9000\u3084\u4e8b\u696d\u74b0\u5883\u306e\u5909\u5316\u306b\u3088\u3063\u3066\u5229\u76ca\u304c\u6e1b\u308b\u3068\u3001\u914d\u5f53\u65b9\u91dd\u304c\u898b\u76f4\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u5229\u56de\u308a\u3060\u3051\u306b\u6ce8\u76ee\u3059\u308b\u3068\u3001\u6e1b\u914d\u306b\u3088\u308b\u5931\u671b\u3068\u682a\u4fa1\u4e0b\u843d\u304c\u91cd\u306a\u308a\u3001\u7d50\u679c\u7684\u306b\u5927\u304d\u306a\u75db\u624b\u306b\u306a\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u914d\u5f53\u3092\u9b45\u529b\u3068\u3057\u3066\u8003\u3048\u308b\u5834\u5408\u306f\u3001\u5229\u56de\u308a\u306e\u9ad8\u3055\u3060\u3051\u3067\u306a\u304f\u3001\u914d\u5f53\u3092\u652f\u3048\u308b\u5229\u76ca\u306e\u5b89\u5b9a\u6027\u3084\u3001\u4f01\u696d\u306e\u914d\u5f53\u65b9\u91dd\u3082\u3042\u308f\u305b\u3066\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<p><a href=\"https:\/\/aibashiro.jp\/contents\/dividend-structure\/\">\u521d\u5fc3\u8005\u3067\u3082\u308f\u304b\u308b\uff01\u682a\u306e\u914d\u5f53\u91d1\u306e\u4ed5\u7d44\u307f\u3068\u9ad8\u914d\u5f53\u9298\u67c4\u3092\u9078\u3076\u30dd\u30a4\u30f3\u30c8<\/a><\/p>\n<p><b>\u3053\u306e\u7ae0\u306e\u30dd\u30a4\u30f3\u30c8<\/b><\/p>\n<p>\u30fb\u8a55\u4fa1\u306e\u898b\u76f4\u3057\u4f59\u5730\u304c\u3042\u308b\u304c\u3001\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u8aad\u307f\u3065\u3089\u3044<\/p>\n<p>\u30fb\u6642\u9593\u304c\u304b\u304b\u308b\u53ef\u80fd\u6027\u3092\u524d\u63d0\u306b\u6642\u9593\u8ef8\u3068\u8cc7\u91d1\u914d\u5206\u3092\u8003\u3048\u308b<\/p>\n<p>\u30fb\u914d\u5f53\u72d9\u3044\u3067\u3082\u6301\u7d9a\u6027\u3068\u6e1b\u914d\u30ea\u30b9\u30af\u306e\u78ba\u8a8d\u304c\u6b20\u304b\u305b\u306a\u3044<\/p>\n<p>\u6b21\u306f\u3001\u521d\u5fc3\u8005\u304c\u5b9f\u969b\u306b\u9298\u67c4\u3092\u898b\u305f\u3068\u304d\u306b\u8ff7\u308f\u306a\u3044\u3088\u3046\u3001\u30c1\u30a7\u30c3\u30af\u624b\u9806\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h2><b>\u521d\u5fc3\u8005\u3067\u3082\u8ff7\u308f\u306a\u3044\uff01\u30d0\u30ea\u30e5\u30fc\u682a\u306e\u30c1\u30a7\u30c3\u30af\u624b\u9806<\/b><\/h2>\n<p>\u682a\u306b\u307e\u3064\u308f\u308b\u60c5\u5831\u304c\u591a\u3044\u307b\u3069\u3001\u4f55\u304b\u3089\u898b\u308c\u3070\u3044\u3044\u304b\u5206\u304b\u3089\u306a\u304f\u306a\u308a\u307e\u3059\u3088\u306d\u3002<\/p>\n<p>\u305d\u3093\u306a\u3068\u304d\u306f\u78ba\u8a8d\u3059\u308b\u9806\u756a\u3092\u56fa\u5b9a\u3059\u308b\u3053\u3068\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/p>\n<p>\u6307\u6a19\u306b\u632f\u308a\u56de\u3055\u308c\u305a\u3001\u300c\u306a\u305c\u5272\u5b89\u3060\u3068\u601d\u3063\u305f\u306e\u304b\u300d\u3092\u81ea\u5206\u306e\u8a00\u8449\u3067\u8aac\u660e\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3><b>STEP1. \u3053\u306e\u4f1a\u793e\u306f\u4f55\u3067\u5132\u3051\u3066\u3044\u308b\u306e\u304b\u3092\u7406\u89e3\u3059\u308b<\/b><\/h3>\n<p>\u30d0\u30ea\u30e5\u30fc\u682a\u3092\u9078\u3076\u306b\u306f\u3001\u305d\u306e\u4f1a\u793e\u304c\u4f55\u3067\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u306e\u304b\u3092\u8aac\u660e\u3067\u304d\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<p>\u7a3c\u3050\u4ed5\u7d44\u307f\u304c\u5206\u304b\u3089\u306a\u3044\u307e\u307e\u3067\u306f\u3001\u5272\u5b89\u304b\u3069\u3046\u304b\u4ee5\u524d\u306b\u3001\u30ea\u30b9\u30af\u306e\u5224\u65ad\u304c\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070<br \/>\n\u30fb\u4f55\u3092\u58f2\u3063\u3066\u3044\u308b\u4f1a\u793e\u306a\u306e\u304b<br \/>\n\u30fb\u4e3b\u306a\u9867\u5ba2\u306f\u8ab0\u306a\u306e\u304b<br \/>\n\u30fb\u666f\u6c17\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u3044\u304b<\/p>\n<p>\u3053\u306e\u3042\u305f\u308a\u3092\u6574\u7406\u3059\u308b\u3060\u3051\u3067\u3082\u3001\u4e8b\u696d\u306e\u6027\u8cea\u306f\u304b\u306a\u308a\u898b\u3048\u3066\u304d\u307e\u3059\u3002<\/p>\n<p>\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u521d\u3081\u3066\u805e\u304f\u4eba\u306b\u4e00\u8a00\u3067\u8aac\u660e\u3067\u304d\u308b\u30ec\u30d9\u30eb\u307e\u3067\u843d\u3068\u3059\u3053\u3068\u3067\u3059\u3002<\/p>\n<h3><b>STEP2. \u6307\u6a19\u304c\u540c\u696d\u4ed6\u793e\u3068\u6bd4\u3079\u3066\u4f4e\u3044\u7406\u7531\u3092\u8003\u3048\u308b<\/b><\/h3>\n<p>\u6307\u6a19\u306f\u3001\u6bd4\u8f03\u3057\u306a\u304c\u3089\u898b\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>PER\u3084PBR\u3092\u78ba\u8a8d\u3057\u305f\u3089\u3001\u540c\u696d\u4ed6\u793e\u3084\u904e\u53bb\u306e\u6c34\u6e96\u3068\u6bd4\u3079\u3066\u3001\u9ad8\u3044\u306e\u304b\u4f4e\u3044\u306e\u304b\u3092\u30c1\u30a7\u30c3\u30af\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>\u540c\u3058\u696d\u754c\u3067\u898f\u6a21\u3082\u8fd1\u3044\u306e\u306b\u3001PER\u304c\u6975\u7aef\u306b\u4f4e\u3044\u4f01\u696d\u304c\u3042\u308c\u3070\u3001\u5e02\u5834\u304c\u8b66\u6212\u3057\u3066\u3044\u308b\u7406\u7531\u304c\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<p>\u696d\u7e3e\u3078\u306e\u4e0d\u5b89\u3001\u6210\u9577\u306e\u920d\u5316\u3001\u8ca1\u52d9\u306e\u5f31\u3055\u306a\u3069\u3001\u305d\u306e\u7406\u7531\u304c\u4e00\u6642\u7684\u306a\u3082\u306e\u306a\u306e\u304b\u3001\u69cb\u9020\u7684\u306a\u554f\u984c\u306a\u306e\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<p>\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u6307\u6a19\u3092\u9d5c\u5451\u307f\u306b\u305b\u305a\u3001\u4ed6\u793e\u3088\u308a\u4f4e\u3044\u7406\u7531\u3092\u81ea\u5206\u3067\u63a2\u3059\u3053\u3068\u3067\u3059\u3002<\/p>\n<h3><b>STEP3. \u8ca1\u52d9\u3068\u682a\u4e3b\u9084\u5143\u3092\u898b\u308b<\/b><\/h3>\n<p>\u30d0\u30ea\u30e5\u30fc\u682a\u306f\u3001\u8a55\u4fa1\u304c\u898b\u76f4\u3055\u308c\u308b\u307e\u3067\u306b\u6642\u9593\u304c\u304b\u304b\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u6301\u3061\u7d9a\u3051\u3089\u308c\u308b\u304b\u3001\u3068\u3044\u3046\u8996\u70b9\u3092\u5fc5\u305a\u6301\u3061\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>\u30fb\u73fe\u91d1\u304c\u5341\u5206\u306b\u3042\u308a\u3001\u501f\u5165\u304c\u904e\u5ea6\u3067\u306a\u3044\u304b<br \/>\n\u30fb\u8cc7\u91d1\u7e70\u308a\u306b\u7121\u7406\u304c\u306a\u3055\u305d\u3046\u304b<\/p>\n<p>\u3068\u3044\u3063\u305f\u70b9\u3092\u898b\u308b\u3060\u3051\u3067\u3082\u3001\u5b89\u5fc3\u611f\u306f\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u682a\u4e3b\u9084\u5143\u306e\u59ff\u52e2\u304c\u660e\u78ba\u306a\u4f01\u696d\u306f\u3001\u8a55\u4fa1\u304c\u4e0b\u304c\u3063\u305f\u3068\u304d\u306e\u652f\u3048\u306b\u306a\u308a\u3084\u3059\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u5272\u5b89\u306b\u898b\u3048\u308b\u7406\u7531\u3092\u3001\u4e8b\u696d\u306e\u5185\u5bb9\u3068\u6570\u5b57\u306e\u4e21\u65b9\u3067\u8aac\u660e\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u3087\u3046\u3002<\/p>\n<p><b>\u3053\u306e\u7ae0\u306e\u30dd\u30a4\u30f3\u30c8<\/b><\/p>\n<p>\u30fb\u4e8b\u696d\u306e\u7a3c\u3050\u4ed5\u7d44\u307f\u3092\u4e00\u8a00\u3067\u8aac\u660e\u3067\u304d\u308b\u304b\uff1f<\/p>\n<p>\u30fb\u6307\u6a19\u306f\u540c\u696d\u6bd4\u8f03\u3067\u4f7f\u3044\u3001\u5272\u5b89\u306e\u7406\u7531\u3092\u8a00\u8a9e\u5316\u3059\u308b<\/p>\n<p>\u30fb\u8ca1\u52d9\u3068\u9084\u5143\u3092\u898b\u3066\u3001\u9577\u304f\u6301\u3066\u308b\u524d\u63d0\u3092\u78ba\u8a8d\u3059\u308b<\/p>\n<p>\u6b21\u306f\u3001\u3053\u3053\u307e\u3067\u306e\u7406\u89e3\u3092\u81ea\u5206\u306e\u6027\u683c\u3084\u76ee\u7684\u306b\u843d\u3068\u3057\u8fbc\u307f\u3001\u5411\u304d\u4e0d\u5411\u304d\u306e\u5224\u65ad\u3092\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<h2><b>\u30d0\u30ea\u30e5\u30fc\u682a\u304c\u5411\u3044\u3066\u3044\u308b\u4eba\u30fb\u5411\u3044\u3066\u3044\u306a\u3044\u4eba\u306e\u7279\u5fb4<\/b><\/h2>\n<p>\u30d0\u30ea\u30e5\u30fc\u682a\u304c\u826f\u3044\u3068\u805e\u3044\u3066\u3082\u3001\u3059\u3079\u3066\u306e\u4eba\u306b\u5408\u3046\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u5411\u304d\u4e0d\u5411\u304d\u3092\u5206\u3051\u308b\u306e\u306f\u3001\u77e5\u8b58\u91cf\u3088\u308a\u3082\u6642\u9593\u8ef8\u306e\u53d6\u308a\u65b9\u3068\u5024\u52d5\u304d\u3068\u306e\u4ed8\u304d\u5408\u3044\u65b9\u3067\u3059\u3002<\/p>\n<h3><b>\u6570\u5e74\u5358\u4f4d\u3067\u8003\u3048\u3001\u7d0d\u5f97\u3057\u3066\u4fdd\u6709\u3067\u304d\u308b\u4eba\u306f\u5411\u3044\u3066\u3044\u308b<\/b><\/h3>\n<p>\u30d0\u30ea\u30e5\u30fc\u682a\u306f\u3001\u8a55\u4fa1\u306e\u898b\u76f4\u3057\u3092\u5f85\u3064\u6642\u9593\u304c\u767a\u751f\u3057\u3084\u3059\u3044\u6295\u8cc7\u30b9\u30bf\u30a4\u30eb\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u77ed\u671f\u9593\u3067\u7d50\u679c\u3092\u6c42\u3081\u308b\u3068\u3001\u3069\u3046\u3057\u3066\u3082\u30b9\u30c8\u30ec\u30b9\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u300c\u6570\u30ab\u6708\u3067\u6210\u679c\u3092\u51fa\u3057\u305f\u3044\u300d\u3068\u3044\u3046\u6c17\u6301\u3061\u304c\u5f37\u3044\u3068\u3001\u682a\u4fa1\u304c\u52d5\u304b\u306a\u3044\u671f\u9593\u306b\u4e0d\u5b89\u304c\u5897\u3048\u3001\u5224\u65ad\u304c\u3076\u308c\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u3001\u6570\u5e74\u5358\u4f4d\u3067\u8003\u3048\u3089\u308c\u308b\u4eba\u306f\u3001\u4e8b\u696d\u3084\u8ca1\u52d9\u306e\u5909\u5316\u3092\u898b\u306a\u304c\u3089\u3001\u843d\u3061\u7740\u3044\u3066\u4fdd\u6709\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u9577\u3081\u306e\u6642\u9593\u8ef8\u3092\u524d\u63d0\u306b\u3067\u304d\u308b\u304b\uff1f\u3092\u81ea\u5206\u81ea\u8eab\u306b\u554f\u3044\u76f4\u3059\u3053\u3068\u3067\u3059\u3002<\/p>\n<h3><b>\u77ed\u671f\u306e\u5024\u52d5\u304d\u306b\u632f\u308a\u56de\u3055\u308c\u3084\u3059\u3044\u4eba\u306f\u5de5\u592b\u304c\u5fc5\u8981<\/b><\/h3>\n<p>\u30d0\u30ea\u30e5\u30fc\u682a\u3067\u3082\u3001\u4e0b\u843d\u306f\u666e\u901a\u306b\u8d77\u3053\u308a\u307e\u3059\u3002<\/p>\n<p>\u3080\u3057\u308d\u3001\u4eba\u6c17\u304c\u4f4e\u3044\u5c40\u9762\u3067\u306f\u3001\u6750\u6599\u304c\u51fa\u308b\u307e\u3067\u4e0b\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u3088\u3046\u306b\u898b\u3048\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u6307\u6a19\u304c\u4f4e\u3044\u306e\u306b\u3055\u3089\u306b\u682a\u4fa1\u304c\u4e0b\u304c\u308b\u3068\u3001\u300c\u5272\u5b89\u306a\u306e\u306b\u4e0b\u304c\u308b\u306e\u306f\u304a\u304b\u3057\u3044\u300d\u3068\u611f\u3058\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u5e02\u5834\u306f\u5e38\u306b\u671f\u5f85\u3068\u4e0d\u5b89\u3067\u52d5\u3044\u3066\u304a\u308a\u3001\u8a55\u4fa1\u304c\u3059\u3050\u306b\u5909\u308f\u3089\u306a\u3044\u3053\u3068\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3053\u3046\u3057\u305f\u30b9\u30c8\u30ec\u30b9\u3092\u6e1b\u3089\u3059\u306b\u306f\u3001<\/p>\n<p>\u30fb\u8cfc\u5165\u91d1\u984d\u3092\u6291\u3048\u308b<br \/>\n\u30fb\u9298\u67c4\u3092\u5206\u6563\u3059\u308b<br \/>\n\u30fb\u632f\u308a\u8fd4\u308a\u306e\u30eb\u30fc\u30eb\u3092\u6c7a\u3081\u308b<\/p>\n<p>\u3068\u3044\u3063\u305f\u884c\u52d5\u9762\u306e\u5de5\u592b\u304c\u52b9\u679c\u7684\u3067\u3059\u3002<\/p>\n<h3><b>\u5c11\u984d\u3067\u8a66\u3057\u3001\u81ea\u5206\u306e\u5224\u65ad\u30eb\u30fc\u30eb\u3092\u4f5c\u308c\u308b\u4eba\u306f\u7d9a\u3051\u3084\u3059\u3044<\/b><\/h3>\n<p>\u521d\u5fc3\u8005\u304c\u6700\u521d\u304b\u3089\u5b8c\u74a7\u306b\u30d0\u30ea\u30e5\u30fc\u682a\u3092\u898b\u629c\u304f\u306e\u306f\u96e3\u3057\u3044\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u5c11\u984d\u3067\u691c\u8a3c\u3057\u306a\u304c\u3089\u5b66\u3076\u3053\u3068\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/p>\n<p>\u6c17\u306b\u306a\u308b\u9298\u67c4\u3092\u3044\u304d\u306a\u308a\u5927\u304d\u304f\u8cb7\u3046\u306e\u3067\u306f\u306a\u304f\u3001\u5c11\u984d\u3067\u4fdd\u6709\u3057\u3001\u6c7a\u7b97\u3084\u30cb\u30e5\u30fc\u30b9\u3001\u682a\u4fa1\u306e\u53cd\u5fdc\u3001\u305d\u3057\u3066\u81ea\u5206\u306e\u611f\u60c5\u3092\u89b3\u5bdf\u3057\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u3060\u3051\u3067\u3082\u300c\u81ea\u5206\u306f\u3053\u306e\u5024\u52d5\u304d\u306b\u8010\u3048\u3089\u308c\u308b\u304b\u300d\u300c\u3053\u306e\u8003\u3048\u65b9\u304c\u5408\u3063\u3066\u3044\u308b\u304b\u300d\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002<\/p>\n<p>\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u77e5\u8b58\u3092\u96c6\u3081\u5207\u3063\u3066\u304b\u3089\u59cb\u3081\u308b\u3053\u3068\u3067\u306f\u306a\u304f\u3001\u30ea\u30b9\u30af\u3092\u6291\u3048\u306a\u304c\u3089\u7d4c\u9a13\u3092\u7a4d\u307f\u3001\u5224\u65ad\u306e\u7cbe\u5ea6\u3092\u4e0a\u3052\u3066\u3044\u304f\u3053\u3068\u3067\u3059\u3002<\/p>\n<p><b>\u3053\u306e\u7ae0\u306e\u30dd\u30a4\u30f3\u30c8<\/b><\/p>\n<p>\u30fb\u6570\u5e74\u5358\u4f4d\u3067\u8003\u3048\u3089\u308c\u308b\u4eba\u307b\u3069\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u76f8\u6027\u304c\u826f\u3044<\/p>\n<p>\u30fb\u5024\u52d5\u304d\u3067\u4e0d\u5b89\u306b\u306a\u308a\u3084\u3059\u3044\u4eba\u306f\u8cc7\u91d1\u914d\u5206\u306a\u3069\u306e\u5de5\u592b\u304c\u5fc5\u8981<\/p>\n<p>\u30fb\u5c11\u984d\u3067\u691c\u8a3c\u3057\u3001\u81ea\u5206\u306e\u5224\u65ad\u30eb\u30fc\u30eb\u306b\u843d\u3068\u3059\u3068\u5f8c\u6094\u304c\u6e1b\u308b<\/p>\n<h2><b>\u30d0\u30ea\u30e5\u30fc\u682a\u306e\u3088\u304f\u3042\u308b\u8cea\u554f\uff08Q\uff06A\uff09<\/b><\/h2>\n<h3><b>\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f<\/b><\/h3>\n<p>\u4f01\u696d\u4fa1\u5024\u306b\u5bfe\u3057\u3066\u3001\u682a\u4fa1\u304c\u4f4e\u3044\u3068\u8003\u3048\u3089\u308c\u308b\u682a\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u682a\u4fa1\u304c\u5b89\u3044\u3068\u3044\u3046\u610f\u5473\u3067\u306f\u306a\u304f\u3001\u5229\u76ca\u3084\u8cc7\u7523\u306a\u3069\u306e\u4e2d\u8eab\u306b\u5bfe\u3057\u3066\u3001\u5e02\u5834\u304b\u3089\u306e\u8a55\u4fa1\u304c\u4f4e\u3044\u72b6\u614b\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n<h3><b>\u30d0\u30ea\u30e5\u30fc\u682a\u306f\u5b89\u5168\u3067\u3059\u304b\uff1f<\/b><\/h3>\n<p>\u5272\u5b89\u306b\u898b\u3048\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304c\u3001\u5b89\u5168\u304c\u4fdd\u8a3c\u3055\u308c\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u6307\u6a19\u304c\u4f4e\u3044\u7406\u7531\u3068\u3057\u3066\u3001\u696d\u7e3e\u306e\u60aa\u5316\u3084\u8ca1\u52d9\u4e0d\u5b89\u306a\u3069\u306e\u30ea\u30b9\u30af\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u306a\u305c\u5272\u5b89\u306a\u306e\u304b\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h3><b>PER\u3084PBR\u304c\u4f4e\u3051\u308c\u3070\u8cb7\u3044\u3067\u3059\u304b\uff1f<\/b><\/h3>\n<p>\u4f4e\u3044\u3053\u3068\u3060\u3051\u3067\u5224\u65ad\u3059\u308b\u306e\u306f\u304a\u3059\u3059\u3081\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<p>\u540c\u696d\u4ed6\u793e\u3084\u904e\u53bb\u306e\u6c34\u6e96\u3068\u6bd4\u3079\u305f\u3046\u3048\u3067\u3001\u4f4e\u3044\u7406\u7531\u304c\u4e00\u6642\u7684\u306a\u3082\u306e\u304b\u3001\u69cb\u9020\u7684\u306a\u554f\u984c\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3><b>\u30d0\u30ea\u30e5\u30fc\u682a\u306f\u3044\u3064\u4e0a\u304c\u308a\u307e\u3059\u304b\uff1f<\/b><\/h3>\n<p>\u4e0a\u304c\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u6b63\u78ba\u306b\u4e88\u6e2c\u3059\u308b\u306e\u306f\u96e3\u3057\u304f\u3001\u6642\u9593\u304c\u304b\u304b\u308b\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u8a55\u4fa1\u306e\u898b\u76f4\u3057\u304c\u8d77\u304d\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u696d\u7e3e\u3084\u4e8b\u696d\u74b0\u5883\u306e\u5909\u5316\u306b\u3088\u3063\u3066\u5de6\u53f3\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u77ed\u671f\u3067\u306f\u306a\u304f\u3001\u6642\u9593\u8ef8\u3092\u9577\u3081\u306b\u8003\u3048\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3><b>\u521d\u5fc3\u8005\u306f\u30d0\u30ea\u30e5\u30fc\u682a\u3068\u30b0\u30ed\u30fc\u30b9\u682a\u3069\u3061\u3089\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