{"id":2593,"date":"2022-09-22T07:57:11","date_gmt":"2022-09-21T22:57:11","guid":{"rendered":"https:\/\/sitecatcher.net\/blog\/?p=2593"},"modified":"2024-08-23T09:37:23","modified_gmt":"2024-08-23T00:37:23","slug":"value","status":"publish","type":"post","link":"https:\/\/sitecatcher.net\/blog\/sitema\/value","title":{"rendered":"\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u306f\u8cc7\u91d1\u30fb3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u6ce8\u76ee\u3059\u308b\u3068\u7c21\u5358\uff1f\u3010DCF\u30fbEBITA\u30fbWACC\u3011"},"content":{"rendered":"<div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img decoding=\"async\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/03\/121630.jpg\" width=\"96\" height=\"96\" alt=\"\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><strong>EBITA\u3068EBIT\u3068\u304b\u7528\u8a9e\u304c\u591a\u304f\u3066\u5168\u4f53\u304c\u63b4\u3081\u306a\u3044\u3002\u7528\u8a9e\u3092\u307e\u3068\u3081\u3066\u3042\u308b\u30b5\u30a4\u30c8\u306f\u306a\u3044\u3060\u308d\u304b\u2026\u2026<\/strong><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n<div class=\"w_b_box w_b_w100 w_b_flex w_b_div\"><div class=\"w_b_wrap w_b_wrap_talk w_b_L w_b_flex w_b_div\" style=\"\"><div class=\"w_b_ava_box w_b_relative w_b_ava_L w_b_f_n w_b_div\"><div class=\"w_b_icon_wrap w_b_relative w_b_div\"><div class=\"w_b_ava_wrap w_b_direction_L w_b_mp0 w_b_div\"><div class=\"w_b_ava_effect w_b_relative w_b_oh w_b_radius w_b_size_M w_b_div\" style=\"\">\n<img decoding=\"async\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/03\/119132.jpg\" width=\"96\" height=\"96\" alt=\"\" class=\"w_b_ava_img w_b_w100 w_b_h100  w_b_mp0 w_b_img\" style=\"\" \/>\n<\/div><\/div><\/div><\/div><div class=\"w_b_bal_box w_b_bal_L w_b_relative w_b_direction_L w_b_w100 w_b_div\"><div class=\"w_b_space w_b_mp0 w_b_div\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" x=\"0px\" y=\"0px\" width=\"1\" height=\"38\" viewBox=\"0 0 1 1\" fill=\"transparent\" stroke=\"transparent\" stroke-miterlimit=\"10\" class=\"w_b_db w_b_mp0\"><polygon fill=\"transparent\" stroke=\"transparent\" points=\"0,1 0,1 0,1 0,1 \"\/><\/svg><\/div><div class=\"w_b_bal_outer w_b_flex w_b_mp0 w_b_relative w_b_div\" style=\"\"><div class=\"w_b_bal_wrap w_b_bal_wrap_L w_b_div\"><div class=\"w_b_bal w_b_relative w_b_talk w_b_talk_L w_b_shadow_L w_b_ta_L w_b_div\"><div class=\"w_b_quote w_b_div\"><strong>\u81ea\u793e\u306e\u4fa1\u5024\u304c\u6c17\u306b\u306a\u3063\u305f\u3051\u3069\u8a08\u7b97\u65b9\u6cd5\u304c\u305f\u304f\u3055\u3093\u3042\u308b\u3002\u81ea\u5206\u306e\u4f1a\u793e\u306b\u9069\u3057\u305f\u8a08\u7b97\u65b9\u6cd5\u306f\u3069\u308c\u3060\u308d\u3046\u2026<\/strong><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n<span id=\"_w_b_caret\"><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u306e\u8a18\u4e8b\u3092\u8aad\u3093\u3067\u3044\u308b\u3042\u306a\u305f\u306f\u4f01\u696d\u306e\u4fa1\u5024\u3092\u77e5\u308a\u3001M\uff06A\u3084\u81ea\u793e\u306e\u73fe\u72b6\u3092\u628a\u63e1\u3059\u308b\u65b9\u6cd5\u3092\u63a2\u3057\u3066\u3044\u308b\u3051\u3069\u3001<span class=\"big\"><strong>\u8907\u96d1\u306a\u7528\u8a9e\u3084<\/strong><\/span><\/span><span class=\"big\"><strong>\u8a08\u7b97\u5f0f<\/strong><\/span><span style=\"font-weight: 400;\"><span class=\"big\"><strong>\u306b\u82e6\u6226<\/strong><\/span>\u3092\u3057\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\uff1f<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3084\u6642\u4fa1\u7dcf\u984d\u306e\u9055\u3044\u3084EBIT\u3084EBITA\u306a\u3069\u306e\u9055\u3044\u3092\u660e\u78ba\u306b\u3057\u3001\u7528\u8a9e\u306e\u5b9a\u7fa9\u30921\u304b\u3089\u89e3\u8aac\u3057\u307e\u3059\u3002\u307e\u305f2005\u5e74\u304b\u3089M\uff06A\u4e8b\u696d\u3092\u884c\u3063\u3066\u304d\u305f\u30b5\u30a4\u30c8\u30ad\u30e3\u30c3\u30c1\u30e3\u30fc\u306e\u7d4c\u9a13\u306b\u57fa\u3065\u3044\u305f\u300c\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u300d\u3092\u4e8b\u4f8b\u3092\u8e0f\u307e\u3048\u3066\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"red\"><strong>\u300c\u8a08\u7b97\u65b9\u6cd5\u306f\u3044\u3044\u304b\u3089\u5b9f\u969b\u306e\u76f8\u5834\u89b3\u3092\u3059\u3050\u306b\u77e5\u308a\u305f\u3044\u2026\u2026\u300d<\/strong><\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u3082\u3061\u308d\u3093\u8a08\u7b97\u65b9\u6cd5\u3060\u3051\u3067\u306a\u304f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7121\u6599\u3067\u81ea\u52d5\u8a08\u7b97\uff06\u67fb\u5b9a\u3057\u3066\u304f\u308c\u308b\u30c4\u30fc\u30eb\u3082\u7d39\u4ecb\u3002\u7c21\u6613\u7684\u306a\u8a08\u7b97\u30b5\u30a4\u30c8\u3084\u3001\u67fb\u5b9a\u3092\u5c02\u9580\u3068\u3059\u308b\u4f01\u696d\u306a\u3069\u591a\u304f\u306e\u9078\u629e\u80a2\u3092\u63d0\u793a\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f\u7559\u610f\u3059\u3079\u304d\u70b9\u3068\u3057\u3066\u3001M\uff06A\u306e\u5834\u9762\u3067\u306f\u3001\u60c5\u5831\u306e\u975e\u5bfe\u79f0\u306b\u3088\u308a\u3001\u8cb7\u3044\u624b\u5074\u304c\u6709\u5229\u306b\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u4f01\u696d\u3092\u58f2\u308b\u5074\u306f\u4eba\u751f\u3067\u4e00\u5ea6\u306e\u52dd\u8ca0\u3067\u3059\u304c\u3001\u8cb7\u3044\u624b\u5074\u306f\u4f55\u5ea6\u3082\u4f01\u696d\u306e\u8cb7\u53ce\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">M\uff06A\u4ef2\u4ecb\u4f01\u696d\u3082\u3001\u8cb7\u3044\u624b\u5074\u306b\u76ee\u7dda\u3092\u5411\u3051\u3066\u3044\u308b\u73fe\u72b6\u304c\u3042\u308a\u307e\u3059\u3002\u5b89\u304f\u8cb7\u3044\u305f\u305f\u304b\u308c\u308b\u53ef\u80fd\u6027\u3092\u5426\u5b9a\u3057\u304d\u308c\u306a\u3044\u305f\u3081\u3001\u81ea\u5206\u81ea\u8eab\u3067\u3082\u8a08\u7b97\u65b9\u6cd5\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3092\u5f37\u304f\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">20\u5206\u307b\u3069\u8aad\u3080\u3060\u3051\u3067\u3001\u4f01\u696d\u4fa1\u5024\u306b\u95a2\u3059\u308b\u7528\u8a9e\u3084\u65b9\u7a0b\u5f0f\u306e\u610f\u5473\u3092\u6700\u4f4e\u9650\u7406\u89e3\u3057\u3001\u81ea\u793e\u306e\u4f01\u696d\u4fa1\u5024\u3092\u81ea\u5206\u3067\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<div id=\"toc_container\" class=\"no_bullets\"><p class=\"toc_title\">\u76ee\u6b21<\/p><ul class=\"toc_list\"><li><a href=\"#1\">1. \u4f01\u696d\u4fa1\u5024\u3068\u306f\u975e\u4e8b\u696d\u8cc7\u7523\u3092\u542b\u3080\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024<\/a><ul><li><a href=\"#1-1\">1-1. \u4f01\u696d\u4fa1\u5024\u306e\u5b9a\u7fa9<\/a><\/li><li><a href=\"#1-2\">1-2. \u4f01\u696d\u4fa1\u5024\u3068\u682a\u4e3b\u4fa1\u5024\u306e\u9055\u3044<\/a><\/li><li><a href=\"#1-3\">1-3. \u682a\u4e3b\u4fa1\u5024\u3068\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u306e\u9055\u3044<\/a><\/li><\/ul><\/li><li><a href=\"#2\">2. \u5e02\u5834\u306b\u304a\u3051\u308b\u4f01\u696d\u4fa1\u5024<\/a><ul><li><a href=\"#2-1\">2-1. \u4e0a\u5834\u4f01\u696d\u3068\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a08\u7b97\u65b9\u6cd5\u306e\u9055\u3044<\/a><\/li><li><a href=\"#2-2_MA\">2-2. \u8cc7\u91d1\u8abf\u9054\u6642\u3068M\uff06A\u306e\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u9055\u3044<\/a><\/li><\/ul><\/li><li><a href=\"#3_5\">3. \u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd55\u3064<\/a><ul><li><a href=\"#3-1\">3-1. \u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/a><\/li><li><a href=\"#3-2\">3-2. \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/a><\/li><li><a href=\"#3-3_EBITDA\">3-3. EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\uff08\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\uff09<\/a><\/li><li><a href=\"#3-4\">3-4. \u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/a><\/li><li><a href=\"#3-5_waccDCF\">3-5. wacc\u3092\u7528\u3044\u308bDCF\u6cd5\u3000<\/a><\/li><\/ul><\/li><li><a href=\"#4_6\">4. \u4f01\u696d\u4fa1\u5024\u3092\u6c7a\u3081\u308b\u8981\u56e06\u3064<\/a><ul><li><a href=\"#4-1\">4-1. \u76ee\u7684\u8981\u56e0<\/a><\/li><li><a href=\"#4-2\">4-2. \u4e00\u822c\u7684\u8981\u56e0<\/a><\/li><li><a href=\"#4-3\">4-3. \u696d\u754c\u8981\u56e0<\/a><\/li><li><a href=\"#4-4\">4-4. \u4f01\u696d\u8981\u56e0<\/a><\/li><li><a href=\"#4-5\">4-5. \u682a\u4e3b\u8981\u56e0<\/a><\/li><\/ul><\/li><li><a href=\"#5_3\">5. \u4f01\u696d\u4fa1\u5024\u3092\u7c21\u5358\u306b\u5272\u308a\u51fa\u30593\u3064\u306e\u65b9\u6cd5<\/a><ul><li><a href=\"#5-1\">5-1. \u7121\u6599\u306e\u4f01\u696d\u4fa1\u5024\u8a08\u7b97\u30b5\u30a4\u30c8\u3092\u4f7f\u3046<\/a><\/li><li><a href=\"#5-2\">5-2. \u67fb\u5b9a\u4f01\u696d\u306b\u4f9d\u983c\u3059\u308b<\/a><\/li><li><a href=\"#5-3\">5-3. \u30a8\u30af\u30bb\u30eb\u306a\u3069\u306e\u8a08\u7b97\u30c4\u30fc\u30eb\u3067\u5272\u308a\u51fa\u3059<\/a><\/li><\/ul><\/li><li><a href=\"#6_5\">6. \u4f01\u696d\u4fa1\u5024\u306b\u3064\u3044\u3066\u5b66\u3079\u308b\u304a\u3059\u3059\u3081\u672c5\u9078<\/a><ul><li><a href=\"#6-1\">6-1. \u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u57fa\u672c\u304c\u308f\u304b\u308b\u300f<\/a><\/li><li><a href=\"#6-2_MBA\">6-2. \u300eMBA\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u300f<\/a><\/li><li><a href=\"#6-3\">6-3. \u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3010\u5165\u9580\u7de8\u3011\u300f<\/a><\/li><li><a href=\"#6-4_7\">6-4. \u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1 \u7b2c7\u7248[\u4e0a\u30fb\u4e0b] \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u7406\u8ad6\u3068\u5b9f\u8df5\u300f<\/a><\/li><\/ul><\/li><li><a href=\"#7_4\">7. \u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u3059\u3079\u304d\u3053\u30684\u9078<\/a><ul><li><a href=\"#7-1\">7-1. \u4e8b\u696d\u306e\u53ce\u76ca\u6027\u306e\u5411\u4e0a<\/a><\/li><li><a href=\"#7-2\">7-2. \u6295\u8cc7\u52b9\u7387\u306e\u6700\u9069\u5316<\/a><\/li><li><a href=\"#7-3\">7-3. \u8ca1\u52d9\u72b6\u614b\u306e\u898b\u76f4\u3057<\/a><\/li><li><a href=\"#7-4\">7-4. \u7121\u5f62\u8cc7\u7523\u306e\u628a\u63e1\u30fb\u6d3b\u7528<\/a><\/li><\/ul><\/li><li><a href=\"#8\">8. \u591a\u9762\u7684\u306b\u8a55\u4fa1\u3055\u308c\u308b\u4f01\u696d\u4fa1\u5024\u3092\u628a\u63e1\u3057\u3066\u6700\u5927\u5229\u76ca\u306a\u9078\u629e\u3092<\/a><\/li><li><a href=\"#9_QA\">9. \u4f01\u696d\u4fa1\u5024\u8a08\u7b97\u3088\u304f\u3042\u308bQ\uff06A<\/a><\/li><\/ul><\/div>\n<h2><span id=\"1\"><span style=\"font-weight: 400;\">1. <strong>\u4f01\u696d\u4fa1\u5024\u3068\u306f\u975e\u4e8b\u696d\u8cc7\u7523\u3092\u542b\u3080\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024<\/strong><\/span><\/span><\/h2>\n<p><strong><span class=\"keiko_yellow\">\u4f01\u696d\u4fa1\u5024\u3092\u7406\u89e3\u3059\u308b\u4e0a\u3067\u3001\u8a00\u8449\u306e\u5b9a\u7fa9\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/span><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u306e\u4fdd\u6709\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\uff08\u8cc7\u91d1\uff09\u306b\u6ce8\u76ee\u3092\u3057\u3001<\/span><\/p>\n<ul>\n<li><strong>\u4e8b\u696d\u4fa1\u5024\uff08EV\uff09<\/strong><\/li>\n<li><strong>\u682a\u4e3b\u4fa1\u5024<\/strong><\/li>\n<li><strong>\u6642\u4fa1\u7dcf\u984d<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u306a\u3069\u3001\u7d1b\u3089\u308f\u3057\u3044\u8a00\u8449\u3092\u305d\u308c\u305e\u308c\u8a73\u7d30\u306b\u8aac\u660e\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3><span id=\"1-1\"><strong>1-1. \u4f01\u696d\u4fa1\u5024\u306e\u5b9a\u7fa9<\/strong><\/span><\/h3>\n<table>\n<tbody>\n<tr>\n<td><strong>\u4f01\u696d\u4fa1\u5024<\/strong><\/td>\n<td><strong>\u4f01\u696d\u304c\u5c06\u6765\u7372\u5f97\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u4e8b\u696d\u4fa1\u5024<\/strong><\/td>\n<td><strong>\u4e8b\u696d\u6d3b\u52d5\u306b\u3088\u3063\u3066\u5c06\u6765\u7372\u5f97\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u8ca1\u7523\u4fa1\u5024<\/strong><\/td>\n<td><strong>\u904a\u4f11\u8cc7\u7523\uff08\u63db\u91d1\uff09\u3092\u58f2\u5374\u3059\u308b\u3053\u3068\u3067\u5f97\u3089\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u8ca0\u50b5\u4fa1\u5024<\/strong><\/td>\n<td><strong>\u4f01\u696d\u306e\u8ca0\u50b5\u3092\u5c06\u6765\u652f\u6255\u3046\u305f\u3081\u306b\u5fc5\u8981\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u682a\u4e3b\u4fa1\u5024<\/strong><\/td>\n<td><strong>\u4f01\u696d\u306e\u682a\u4e3b\u304c\u5c06\u6765\u7372\u5f97\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u6642\u4fa1\u7dcf\u984d<\/strong><\/td>\n<td><strong>\u767a\u884c\u682a\u5f0f\u6570\u00d7\u682a\u4fa1<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cashflow.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-2585 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cashflow.png\" alt=\"\u4f01\u696d\u4fa1\u5024\u8a08\u7b97\u3000\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6982\u5ff5\" width=\"1231\" height=\"676\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cashflow.png 1231w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cashflow-300x165.png 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cashflow-1024x562.png 1024w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cashflow-768x422.png 768w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cashflow-940x516.png 940w\" sizes=\"(max-width: 1231px) 100vw, 1231px\" \/><\/a><\/p>\n<p><span class=\"keiko_yellow\"><strong>\u4f01\u696d\u4fa1\u5024\u3068\u306f\u3001\u305d\u306e\u4f01\u696d\u306e\u7d4c\u6e08\u7684\u4fa1\u5024\u306e\u3053\u3068\u3067\u3001\u5177\u4f53\u7684\u306b\u306f\u4f01\u696d\u304c\u5c06\u6765\u7372\u5f97\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\uff08\u73fe\u91d1\u306e\u6d41\u308c\uff09\u306e\u73fe\u5728\u4fa1\u5024\u3068\u306a\u308a\u307e\u3059\u3002<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u56f3\u3092\u53c2\u8003\u306b\u3059\u308b\u3068\u3001\u4e8b\u696d\u4fa1\u5024\u3068\u8ca1\u7523\u4fa1\u5024\u3092\u8db3\u3057\u305f\u3082\u306e\u304c\u4f01\u696d\u4fa1\u5024\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2541 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s1.png\" alt=\"\u4f01\u696d\u4fa1\u5024\uff1d\u4e8b\u696d\u4fa1\u5024\uff0b\u8ca1\u7523\u4fa1\u5024\" width=\"410\" height=\"466\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s1.png 410w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s1-264x300.png 264w\" sizes=\"(max-width: 410px) 100vw, 410px\" \/><\/a><\/p>\n<h4><strong>\u00a0\u4e8b\u696d\u4fa1\u5024\uff08Enterprize Value\uff09\u3068\u306f<\/strong><\/h4>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u4e8b\u696d\u306b\u3088\u3063\u3066\u5c06\u6765\u7a3c\u304e\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3067\u3042\u308a\u3001<strong>\u300c\u4e8b\u696d\u304c\u3082\u305f\u3089\u3059\u4fa1\u5024\u300d<\/strong>\u3068\u3082\u8a00\u3044\u304b\u3048\u3089\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e8b\u696d\u4fa1\u5024\u306b\u306f\u3001\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u306f\u8a08\u4e0a\u3055\u308c\u306a\u3044\u3001\u306e\u308c\u3093\uff08\u55b6\u696d\u6a29\uff09\u30fb\u5546\u6a19\u6a29\u30fb\u7279\u8a31\u6a29\u306a\u3069\u306e\u7121\u5f62\u8cc7\u7523\u3082\u542b\u307e\u308c\u307e\u3059\u3002<\/span><\/p>\n<h4><strong>\u00a0\u8ca1\u7523\u4fa1\u5024\u3068\u306f<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">\u975e\u4e8b\u696d\u4fa1\u5024\u3067\u3042\u308a\u3001\u4e8b\u696d\u3068\u306f\u95a2\u4fc2\u306e\u306a\u3044\u3001\u4f59\u5270\u91d1\u3067\u884c\u3046\u6295\u8cc7\u3084\u904a\u4f11\u8cc7\u7523\u3092\u58f2\u5374\u3059\u308b\u3053\u3068\u3067\u5f97\u3089\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u4fa1\u5024\u3092\u8868\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3><span id=\"1-2\"><strong>1-2. \u4f01\u696d\u4fa1\u5024\u3068\u682a\u4e3b\u4fa1\u5024\u306e\u9055\u3044<\/strong><\/span><\/h3>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/1b44e4c3e372bdfc22d6e4f66e46691a.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2572 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/1b44e4c3e372bdfc22d6e4f66e46691a.png\" alt=\"\u4f01\u696d\u4fa1\u5024\uff1d\u4e8b\u696d\u4fa1\u5024\uff0b\u8ca1\u7523\u4fa1\u5024\uff1d\u8ca0\u50b5\u4fa1\u5024\uff0b\u682a\u4e3b\u4fa1\u5024\" width=\"456\" height=\"432\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/1b44e4c3e372bdfc22d6e4f66e46691a.png 456w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/1b44e4c3e372bdfc22d6e4f66e46691a-300x284.png 300w\" sizes=\"(max-width: 456px) 100vw, 456px\" \/><\/a><\/p>\n<h4><strong>\u682a\u4e3b\u4fa1\u5024<\/strong><\/h4>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\"><strong>\u300c\u682a\u4e3b\u306b\u3068\u3063\u3066\u306e\u4fa1\u5024\u300d<\/strong>\u3067\u3042\u308a\u3001\u4f01\u696d\u306e\u682a\u4e3b\u304c\u5c06\u6765\u7684\u306b\u7372\u5f97\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306e\u3053\u3068\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\uff08\u4e8b\u696d\u4fa1\u5024\uff0b\u8ca1\u7523\u4fa1\u5024\uff09\u304b\u3089\u8ca0\u50b5\u4fa1\u5024\u3092\u5dee\u3057\u5f15\u304d\u3001\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u4fa1\u5024\u3092\u6c42\u3081\u305f\u3082\u306e\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><b>\u4f01\u696d\u4fa1\u5024\uff08\u4e8b\u696d\u4fa1\u5024\uff0b\u8ca1\u7523\u4fa1\u5024\uff09\u30fc\u8ca0\u50b5\u4fa1\u5024\uff1d\u682a\u4e3b\u4fa1\u5024<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u8ca0\u50b5\u4fa1\u5024\u3068\u306f\u3001\u4f01\u696d\u304c\u8fd4\u6e08\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u50b5\u52d9\uff08\u6709\u5229\u5b50\u8ca0\u50b5\uff09\u3067\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u9280\u884c\u304b\u3089\u306e\u501f\u5165\u91d1\u3084\u6295\u8cc7\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u306e\u878d\u8cc7\u91d1\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u308c\u3089\u306e\u501f\u5165\u91d1\u306f\u3001\u4f01\u696d\u306e\u53ce\u76ca\u529b\u3092\u671f\u5f85\u3055\u308c\u308b\u3053\u3068\u3067\u63d0\u4f9b\u3055\u308c\u308b\u305f\u3081\u3001\u4f01\u696d\u306e\u4fa1\u5024\u3068\u3057\u3066\u52a0\u7b97\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f\u682a\u4e3b\u4fa1\u5024\u3082\u4f01\u696d\u4fa1\u5024\u3092\u69cb\u6210\u3059\u308b\u8981\u7d20\u3067\u3042\u308b\u305f\u3081\u3001\u4ee5\u4e0b\u306e\u5f0f\u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/span><\/p>\n<p><b>\u4f01\u696d\u4fa1\u5024\uff1d\u8ca0\u50b5\u4fa1\u5024\uff0b\u682a\u4e3b\u4fa1\u5024<\/b><\/p>\n<p>&nbsp;<\/p>\n<h3><span id=\"1-3\"><strong>1-3. \u682a\u4e3b\u4fa1\u5024\u3068\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u306e\u9055\u3044<\/strong><\/span><\/h3>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/f730d22e28f7a745acfe9ed71205e312.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2573 aligncenter\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/f730d22e28f7a745acfe9ed71205e312.png\" alt=\"\u682a\u4e3b\u4fa1\u5024\u2252\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\" width=\"615\" height=\"448\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/f730d22e28f7a745acfe9ed71205e312.png 615w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/f730d22e28f7a745acfe9ed71205e312-300x219.png 300w\" sizes=\"(max-width: 615px) 100vw, 615px\" \/><\/a><\/p>\n<p><strong><span class=\"keiko_yellow\">\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u3068\u306f\u3001\u6295\u8cc7\u5bb6\u306e\u9700\u8981\u306b\u3088\u3063\u3066\u5909\u5316\u3059\u308b\u682a\u4fa1\u3092\u682a\u5f0f\u306e\u767a\u884c\u6570\u3067\u304b\u3051\u305f\u30e2\u30ce\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u306f\u5358\u7d14\u306b\u6642\u4fa1\u7dcf\u984d\u3068\u79f0\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n<p><b>\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\uff1d\u767a\u884c\u682a\u5f0f\u6570\u00d7\u682a\u4fa1<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u682a\u4e3b\u6a29\u5229\u306f\u682a\u5f0f\u306b<\/span><span style=\"font-weight: 400;\">\u7d10\u3065\u3044\u3066\u3044\u308b\u305f\u3081<\/span><span style=\"font-weight: 400;\">\u3001\u682a\u4e3b\u306e\u53d6\u308a\u5206\uff1d\u682a\u5f0f\u306e\u4fa1\u5024\u3068\u306a\u308a\u307e\u3059\u3002\u201d\u682a\u4e3b\u306b\u3068\u3063\u3066\u306e\u4fa1\u5024\u201d\u3067\u3042\u308b\u682a\u4e3b\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306f\u540c\u3058\u610f\u5473\u3067\u4f7f\u308f\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/8471a567d2807e76907386e6ec66c788.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2526 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/8471a567d2807e76907386e6ec66c788.png\" alt=\"\u682a\u4e3b\u4fa1\u5024\uff1d\u682a\u5f0f\u767a\u884c\u6570\u00d7\u682a\u4fa1\" width=\"889\" height=\"492\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/8471a567d2807e76907386e6ec66c788.png 889w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/8471a567d2807e76907386e6ec66c788-300x166.png 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/8471a567d2807e76907386e6ec66c788-768x425.png 768w\" sizes=\"(max-width: 889px) 100vw, 889px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\"><strong>\u7406\u8ad6\u7684\u306b\u306f\u3001\u6642\u4fa1\u7dcf\u984d\u306f\u682a\u4e3b\u4fa1\u5024\u3068\u4e00\u81f4\u3057\u307e\u3059\u304c\u3001\u73fe\u5b9f\u3068\u306f\u4e56\u96e2\u304c\u3042\u308a\u307e\u3059\u3002<\/strong>\u7406\u7531\u3068\u3057\u3066\u3001\u682a\u5f0f\u5e02\u5834\u306f\u697d\u89b3\u30fb\u60b2\u89b3\u306e\u6ce2\u304c\u3042\u308a\u3001\u4fa1\u683c\u304c\u5909\u52d5\u3059\u308b\u305f\u3081\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f\u6642\u4fa1\u7dcf\u984d\u306b\u306f\u3001\u4f01\u696d\u306e\u6210\u9577\u6027\u3084\u53ce\u76ca\u6027\u306a\u3069\u306e\u300c\u7a3c\u3050\u529b\u300d\u304c\u53cd\u6620\u3055\u308c\u308b\u305f\u3081\u3001\u300c\u7a3c\u3052\u308b\u300d\u3068\u8a55\u4fa1\u3055\u308c\u308b\u4f01\u696d\u307b\u3069\u3001\u9ad8\u3044\u6642\u4fa1\u7dcf\u984d\u3092\u51fa\u3057\u307e\u3059\u3002\u53cd\u5bfe\u306b\u300c\u7a3c\u3050\u529b\u300d\u304c\u904e\u5c0f\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u4f01\u696d\u306e\u5834\u5408\u306f\u3001\u4f4e\u3044\u6642\u4fa1\u7dcf\u984d\u3092\u51fa\u3057\u307e\u3059\u3002<\/span><\/p>\n<h2><span id=\"2\"><strong>2. \u5e02\u5834\u306b\u304a\u3051\u308b\u4f01\u696d\u4fa1\u5024<\/strong><\/span><\/h2>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/161a3f9d96da1d84e3975afe000b9f75.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2527 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/161a3f9d96da1d84e3975afe000b9f75.png\" alt=\"\u4f01\u696d\u4fa1\u5024\u306f\u591a\u9762\u7684\u306a\u8a55\u4fa1\" width=\"889\" height=\"501\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/161a3f9d96da1d84e3975afe000b9f75.png 889w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/161a3f9d96da1d84e3975afe000b9f75-300x169.png 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/161a3f9d96da1d84e3975afe000b9f75-768x433.png 768w\" sizes=\"(max-width: 889px) 100vw, 889px\" \/><\/a><\/p>\n<p><strong><span class=\"keiko_yellow\">\u4f01\u696d\u4fa1\u5024\u306f\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u3084\u6295\u8cc7\u5bb6\u306a\u3069\u306e\u7acb\u5834\u306b\u3088\u3063\u3066\u3001\u4fa1\u683c\u306e\u610f\u5473\u304c\u5927\u304d\u304f\u5909\u52d5\u3057\u307e\u3059\u3002<\/span><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u4e0a\u5834\u4f01\u696d\u3068\u975e\u4e0a\u5834\u4f01\u696d\u306e\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u306e\u9055\u3044\u3084\u3001\u4f01\u696d\u4fa1\u5024\u3092\u6c42\u3081\u308b\u969b\u306b\u6d3b\u7528\u3055\u308c\u308b\u4ee3\u8868\u7684\u306a3\u3064\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3><span id=\"2-1\"><strong>2-1. \u4e0a\u5834\u4f01\u696d\u3068\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a08\u7b97\u65b9\u6cd5\u306e\u9055\u3044<\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u306f\u4e0a\u5834\u4f01\u696d\u304b\u3001\u975e\u4e0a\u5834\u4f01\u696d\u3067\u8a08\u7b97\u306e\u8ca0\u62c5\u304c\u5927\u304d\u304f\u9055\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><strong><span class=\"keiko_yellow\">\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408\u3001\u516c\u958b\u3055\u308c\u3066\u3044\u308b\u682a\u5f0f\u3092\u7528\u3044\u3066\u8a08\u7b97\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u975e\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408\u306f\u5ba2\u89b3\u7684\u306a\u5224\u65ad\u304c\u96e3\u3057\u304f\u3001\u69d8\u3005\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u4f01\u696d\u306e\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002<\/span><\/strong><\/p>\n<h4><strong>\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">\u4e0a\u5834\u4f01\u696d\u306f\u3001\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u3068\u30cd\u30c3\u30c8\u30fb\u30c7\u30c3\u30c8 \/ \u30cd\u30c3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u7528\u3044\u3066\u7c21\u5358\u306b\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/e073514ec5c474f12482bee9e6dfa605.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2574 aligncenter\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/e073514ec5c474f12482bee9e6dfa605.png\" alt=\"\u682a\u4e3b\u4fa1\u5024\u2252\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\" width=\"310\" height=\"442\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/e073514ec5c474f12482bee9e6dfa605.png 310w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/e073514ec5c474f12482bee9e6dfa605-210x300.png 210w\" sizes=\"(max-width: 310px) 100vw, 310px\" \/><\/a><\/p>\n<p><b>\u682a\u5f0f\u4f01\u696d\u4fa1\u5024\uff1d\u6642\u4fa1\u7dcf\u984d\uff0d\u30cd\u30c3\u30c8\u30fb\u30c7\u30c3\u30c8\u00a0<\/b><\/p>\n<p><b>\u3000\u3000\u3000\u3000\u3000\u3000\uff1d\u6642\u4fa1\u7dcf\u984d\uff0b\u30cd\u30c3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\u306f<\/span><b>\u767a\u884c\u682a\u5f0f\u6570\u00d7\u682a\u4fa1<\/b><span style=\"font-weight: 400;\">\u3067\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u682a\u4fa1\u306f\u65e5\u3005\u306e\u682a\u5f0f\u5e02\u5834\u3067\u306e\u53d6\u308a\u5f15\u304d\u306b\u3088\u3063\u3066\u3001\u5ba2\u89b3\u7684\u306a\u682a\u4fa1\u306e\u5f62\u6210\u304c\u53ef\u80fd\u3067\u3059\u3002\u682a\u5f0f\u5e02\u5834\u3067\u5f62\u6210\u3055\u308c\u308b\u53d6\u5f15\u4fa1\u683c\u304c\u305d\u306e\u4f01\u696d\u306e\u6642\u4fa1\u3092\u8868\u3059\u305f\u3081\u3001\u6539\u3081\u3066\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<p><strong><span class=\"keiko_yellow\">\u3057\u304b\u3057\u3001\u516c\u958b\u8cb7\u3044\u4ed8\u3051\uff08TOB\uff09\u3084\u4ed6\u306e\u4e0a\u5834\u4f01\u696d\u3068\u306e\u7d71\u5408\u306e\u5834\u5408\u3001\u5e02\u5834\u682a\u4fa1\u3060\u3051\u3067\u306f\u306a\u304f\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3084DCF\u6cd5\u306b\u3088\u308b\u8a55\u4fa1\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/fe60a998bce7563aa512fcd4470a8f68.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2528 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/fe60a998bce7563aa512fcd4470a8f68.png\" alt=\"\u30cd\u30c3\u30c8\u30c7\u30c3\u30c8 \/ \u30cd\u30c3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u306e\u89e3\u8aac\" width=\"889\" height=\"496\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/fe60a998bce7563aa512fcd4470a8f68.png 889w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/fe60a998bce7563aa512fcd4470a8f68-300x167.png 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/fe60a998bce7563aa512fcd4470a8f68-768x428.png 768w\" sizes=\"(max-width: 889px) 100vw, 889px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f<strong>\u30cd\u30c3\u30c8\u30fb\u30c7\u30c3\u30c8 \/ \u30cd\u30c3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5<\/strong>\u3068\u306f\u3001\u4e8b\u696d\u306b\u76f4\u63a5\u95a2\u4fc2\u3059\u308b\u3082\u306e\u4ee5\u5916\u306e\u8cc7\u7523\u8ca0\u50b5\u3068\u3001\u300c\u6709\u5229\u5b50\u8ca0\u50b5\u300d\u3084\u305d\u308c\u306b\u985e\u4f3c\u3059\u308b\u8ca0\u50b5\u306a\u3069\u3067\u69cb\u6210\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>\u4e8b\u696d\u306b\u95a2\u4fc2\u3059\u308b\u3082\u306e\u4ee5\u5916\u306e\u8cc7\u7523\u8ca0\u50b5<\/strong>\u3068\u306f\u3001\u3042\u3063\u3066\u3082\u306a\u304f\u3066\u3082\u4e8b\u696d\u306e\u53ce\u76ca\u6027\u304c\u5909\u308f\u3089\u306a\u3044\u30e2\u30ce\u3067\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u4f59\u5270\u8cc7\u91d1\u3084\u672c\u696d\u3068\u306f\u95a2\u4fc2\u306e\u306a\u3044\u4e0d\u52d5\u7523\u6295\u8cc7\u3001\u5b9f\u8cea\u7684\u306b\u793e\u9577\u500b\u4eba\u306e\u8eca\u4e21\u3084\u793e\u5b85\u3001\u5f79\u54e1\u306e\u8caf\u84c4\u578b\u751f\u547d\u4fdd\u967a\u306a\u3069\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>\u300c\u6709\u5229\u5b50\u8ca0\u50b5\u300d\u3084\u305d\u308c\u306b\u985e\u4f3c\u3059\u308b\u8ca0\u50b5<\/strong>\u3068\u306f\u3001\u9280\u884c\u7b49\u306b\u8cb8\u3057\u3066\u3082\u3089\u3063\u305f\u5229\u606f\u3092\u4f34\u3046\u501f\u91d1\u306e\u3053\u3068\u3067\u3059\u3002\u4e2d\u5c0f\u4f01\u696d\u306a\u3069\u306b\u3088\u304f\u3042\u308b\u89aa\u65cf\u304b\u3089\u306e\u501f\u5165\u91d1\u3084\u5f79\u54e1\u501f\u5165\u91d1\u306a\u3069\u306e\u3001\u5229\u606f\u304c\u306a\u3044\u3082\u306e\u3082\u300c\u6709\u5229\u5b50\u8ca0\u50b5\u300d\u306b\u542b\u307e\u308c\u307e\u3059\u3002<\/span><\/p>\n<h4><strong>\u975e\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408<\/strong><\/h4>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s5.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2545 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s5.png\" alt=\"\u4f01\u696d\u4fa1\u5024\uff1d\u4e8b\u696d\u4fa1\u5024\uff0b\u8ca1\u7523\u4fa1\u5024\" width=\"339\" height=\"455\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s5.png 339w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s5-224x300.png 224w\" sizes=\"(max-width: 339px) 100vw, 339px\" \/><\/a><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u975e\u4e0a\u5834\u4f01\u696d\u306f\u682a\u5f0f\u5e02\u5834\u3067\u306e\u53d6\u5f15\u304c\u306a\u3044\u305f\u3081\u3001\u5ba2\u89b3\u7684\u306a\u4fa1\u683c\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u4e0a\u5834\u4f01\u696d\u3068\u6bd4\u3079\u308b\u3068\u3001\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u306f\u96e3\u3057\u304f\u3001\u591a\u9762\u7684\u306a\u65b9\u5411\u304b\u3089\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4ee3\u8868\u7684\u306a\u8a08\u7b97\u65b9\u6cd5\u306f\u5927\u304d\u304f3\u3064\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><strong>\u7740\u76ee\u70b9<\/strong><\/td>\n<td><strong>\u30a2\u30d7\u30ed\u30fc\u30c1\u65b9\u6cd5<\/strong><\/td>\n<td><strong>\u4ee3\u8868\u7684\u306a\u65b9\u6cd5<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n<td><strong>\u539f\u4fa1<\/strong><\/td>\n<td><strong>\u7d14\u8cc7\u7523\u306b\u57fa\u3065\u304f\u4fa1\u5024\u8a55\u4fa1<\/strong><\/td>\n<td><strong>\u30fb \u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/p>\n<p><strong>\u30fb \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\uff08\u4fee\u6b63\u7d14\u8cc7\u7523\uff09<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n<td><strong>\u5e02\u5834<\/strong><\/td>\n<td><strong>\u5e02\u5834\u4fa1\u683c\u306b\u4fa1\u5024\u57fa\u3065\u304f\u4fa1\u5024\u8a55\u4fa1<\/strong><\/td>\n<td><strong>\u30fb \u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5<\/strong><strong>\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09<\/strong><\/p>\n<p><strong>\u30fb \u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n<td><strong>\u53ce\u5165<\/strong><\/td>\n<td><strong>\u5c06\u6765\u751f\u307f\u3060\u3055\u308c\u308b<\/strong><\/p>\n<p><strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u57fa\u3065\u304f\u4fa1\u5024\u8a55\u4fa1<\/strong><\/td>\n<td><strong>\u30fb \uff24\uff23\uff26\u6cd5<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span class=\"keiko_yellow\"><span style=\"font-weight: 400;\">\u975e\u4e0a\u5834\u4f01\u696d\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u969b\u306b\u5171\u901a\u3059\u308b\u3053\u3068\u306b\u306f<\/span><b>\u4f1a\u793e\u306e\u300c\u7a3c\u3050\u529b<\/b><span style=\"font-weight: 400;\">\u300d\u3001\u4e8b\u696d\u4fa1\u5024\u3084\u8ca1\u7523\u4fa1\u5024\u306b\u7740\u76ee\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"100\" \/>\n<col width=\"414\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5ba2\u89b3\u6027\u306b\u512a\u308c\u3066\u3044\u308b\u3053\u3068\\n\u7279\u5225\u306a\u8ca1\u52d9\u6307\u6a19\u3092\u7528\u610f\u3059\u308b\u5fc5\u8981\u304c\u306a\u3044\u306e\u3067\u3001\u8a08\u7b97\u304c\u7c21\u5358&quot;}\"><strong>\u30fb \u5ba2\u89b3\u6027\u306b\u512a\u308c\u3066\u3044\u308b\u3053\u3068<\/strong><br \/>\n<strong>\u30fb \u7279\u5225\u306a\u8ca1\u52d9\u6307\u6a19\u3092\u7528\u610f\u3059\u308b\u5fc5\u8981\u304c\u306a\u3044\u306e\u3067\u3001\u8a08\u7b97\u304c\u7c21\u5358<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5c06\u6765\u7684\u306a\u53ce\u76ca\u4fa1\u5024\u3092\u53cd\u6620\u3067\u304d\u306a\u3044\u3053\u3068\\r\\n&quot;}\"><strong>\u30fb \u5c06\u6765\u7684\u306a\u53ce\u76ca\u4fa1\u5024\u3092\u53cd\u6620\u3067\u304d\u306a\u3044\u3053\u3068<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\"><strong>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3068\u306f\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306e\u7d14\u8cc7\u7523\u3092\u3082\u3068\u306b\u4f01\u696d\u306e\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u30cd\u30c3\u30c8\u30a2\u30bb\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u3084\u30b9\u30c8\u30c3\u30af\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u3082\u79f0\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u3053\u306e\u624b\u6cd5\u306f\u8cc3\u501f\u5bfe\u7167\u8868\uff08\uff22\uff33\uff09\u3092\u524d\u63d0\u3068\u3059\u308b\u305f\u3081\u3001\u5ba2\u89b3\u6027\u306b\u512a\u308c\u305f\u8a55\u4fa1\u65b9\u6cd5\u3067\u3042\u308a\u3001\u660e\u78ba\u306a\u4fa1\u5024\u304c\u5206\u304b\u308a\u306b\u304f\u3044\u4e2d\u5c0f\u4f01\u696d\u306e\u8a55\u4fa1\u3084\u7cbe\u7b97\u306e\u5834\u9762\u3067\u591a\u304f\u5229\u7528\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u8a08\u7b97\u6cd5\u306f\u5927\u304d\u304f2\u3064\u3002\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"100\" \/>\n<col width=\"414\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u5ba2\u89b3\u6027\u30fb\u5e73\u7b49\u6027\u304c\u9ad8\u3044\\r\\n\u5e02\u5834\u74b0\u5883\u3092\u7e54\u308a\u8fbc\u307f\u3084\u3059\u3044&quot;}\"><strong>\u30fb \u5ba2\u89b3\u6027\u30fb\u5e73\u7b49\u6027\u304c\u9ad8\u3044<\/strong><br \/>\n<strong>\u30fb \u5e02\u5834\u74b0\u5883\u3092\u7e54\u308a\u8fbc\u307f\u3084\u3059\u3044<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u682a\u5f0f\u5e02\u5834\u306e\u6d41\u308c\u306b\u5de6\u53f3\u3055\u308c\u3084\u3059\u3044\uff08\u6295\u6a5f\u7684\u306a\u53d6\u5f15\u30fb\u653f\u7b56\u306e\u5f71\u97ff\u306a\u3069\uff09\\n\u7d14\u5229\u76ca\u306f\u4f1a\u8a08\u306e\u65b9\u91dd\u306a\u3069\u306e\u8cc7\u672c\u65bd\u7b56\u3001\u7279\u5225\u640d\u5931\u306a\u3069\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u3044\\n&quot;}\">\n<div>\n<div><strong>\u30fb \u682a\u5f0f\u5e02\u5834\u306e\u6d41\u308c\u306b\u5de6\u53f3\u3055\u308c\u3084\u3059\u3044\uff08\u6295\u6a5f\u7684\u306a\u53d6\u5f15\u30fb\u653f\u7b56\u306e\u5f71\u97ff\u306a\u3069\uff09<\/strong><br \/>\n<strong>\u30fb \u7d14\u5229\u76ca\u306f\u4f1a\u8a08\u306e\u65b9\u91dd\u306a\u3069\u306e\u8cc7\u672c\u65bd\u7b56\u3001\u7279\u5225\u640d\u5931\u306a\u3069\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u3044<\/strong><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\"><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3068\u306f\u3001\u8a55\u4fa1\u5bfe\u8c61\u3068\u306a\u308b\u4f01\u696d\u3092\u985e\u4f3c\u3059\u308b\u4e0a\u5834\u4f01\u696d\u306e\u8ca1\u52d9\u72b6\u6cc1\u3084\u5e02\u5834\u53d6\u5f15\u306e\u89b3\u70b9\u304b\u3089\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u5927\u304d\u304f2\u3064\u3001\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u30fb\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u8868\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"100\" \/>\n<col width=\"414\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u53ce\u76ca\u306e\u5c06\u6765\u7372\u5f97\u80fd\u529b\u3084\u56fa\u6709\u306e\u6027\u8cea\u3092\u8a55\u4fa1\u7d50\u679c\u306b\u53cd\u6620\u3055\u305b\u308b\u3053\u3068\\r\\nM&amp;A\u306b\u3088\u308b\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3092\u8003\u616e\u3057\u305f\u4e0a\u3067\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3067\u304d\u308b\u70b9\\r\\n\u8d85\u904e\u53ce\u76ca\u529b\u3092\u53cd\u6620\u3055\u305b\u3084\u3059\u3044&quot;}\"><strong>\u30fb \u53ce\u76ca\u306e\u5c06\u6765\u7372\u5f97\u80fd\u529b\u3084\u56fa\u6709\u306e\u6027\u8cea\u3092\u8a55\u4fa1\u7d50\u679c\u306b\u53cd\u6620\u3055\u305b\u308b\u3053\u3068<\/strong><br \/>\n<strong>\u30fb M&amp;A\u306b\u3088\u308b\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3092\u8003\u616e\u3057\u305f\u4e0a\u3067\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3067\u304d\u308b\u70b9<\/strong><br \/>\n<strong>\u30fb \u8d85\u904e\u53ce\u76ca\u529b\u3092\u53cd\u6620\u3055\u305b\u3084\u3059\u3044<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u4e8b\u696d\u8a08\u753b\u306a\u3069\u306e\u5c06\u6765\u7684\u306a\u60c5\u5831\u306b\u95a2\u3057\u3066\u3001\u6063\u610f\u6027\u306e\u6392\u9664\u304c\u96e3\u3057\u3044\\n\u4eee\u5b9a\u3059\u308b\u6570\u5024\u304c\u591a\u5c90\u306b\u6e21\u308b\\n\u4f01\u696d\u306e\u7d99\u7d9a\u6027\u306b\u7591\u7fa9\u304c\u3042\u308b\u5834\u5408\u306b\u306f\u614e\u91cd\u306a\u9069\u7528\u304c\u6c42\u3081\u3089\u308c\u308b&quot;}\"><strong>\u30fb \u4e8b\u696d\u8a08\u753b\u306a\u3069\u306e\u5c06\u6765\u7684\u306a\u60c5\u5831\u306b\u95a2\u3057\u3066\u3001\u6063\u610f\u6027\u306e\u6392\u9664\u304c\u96e3\u3057\u3044<\/strong><br \/>\n<strong>\u30fb \u4eee\u5b9a\u3059\u308b\u6570\u5024\u304c\u591a\u5c90\u306b\u6e21\u308b<\/strong><br \/>\n<strong>\u30fb \u4f01\u696d\u306e\u7d99\u7d9a\u6027\u306b\u7591\u7fa9\u304c\u3042\u308b\u5834\u5408\u306b\u306f\u614e\u91cd\u306a\u9069\u7528\u304c\u6c42\u3081\u3089\u308c\u308b<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\"><strong>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3068\u306f\u3001\u5c06\u6765\u671f\u5f85\u3055\u308c\u308b\u7d4c\u6e08\u7684\u5229\u76ca\u3092\u3001\u305d\u306e\u5229\u76ca\u5b9f\u73fe\u306b\u898b\u8fbc\u307e\u308c\u308b\u30ea\u30b9\u30af\u7b49\u3092\u8003\u616e\u3057\u305f\u5272\u5f15\u7387\u3067\u5272\u308a\u5f15\u304f\u3053\u3068\u306b\u3088\u308a\u4fa1\u5024\u8a55\u4fa1\u3092\u884c\u3046\u624b\u6cd5\u3002\u4ee3\u8868\u7684\u306a\u624b\u6cd5\u306bDCF\u6cd5\u3001\u914d\u5f53\u9084\u5143\u6cd5\u306a\u3069\u304c\u3042\u308b\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u306f\u3001\u904e\u53bb\u306e\u696d\u7e3e\u3060\u3051\u3067\u306a\u304f<strong>\u5c06\u6765\u6027\u3092\u30d9\u30fc\u30b9\u306b\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3067\u304d\u308b<\/strong>\u305f\u3081\u3001\u73fe\u5728\u306f\u696d\u7e3e\u304c\u82b3\u3057\u304f\u306a\u3044\u3082\u306e\u306e\u3001\u5c06\u6765\u7684\u306b\u4e8b\u696d\u304c\u6210\u9577\u3059\u308b\u3068\u671f\u5f85\u3055\u308c\u308b\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306b\u9069\u3057\u305f\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305fM&amp;A\u3067\u306f\u3001\u8cb7\u3044\u624b\u4f01\u696d\u3068\u58f2\u308a\u624b\u4f01\u696d\u306e\u7279\u6027\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u3001\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u306b\u3088\u3063\u3066\u4e8b\u696d\u306e\u6210\u9577\u3084\u62e1\u5927\u3092\u72d9\u3046\u306e\u304c\u5b9a\u77f3\u3068\u306a\u308a\u307e\u3059\u3002M&amp;A\u5f8c\u306e\u4e8b\u696d\u30d7\u30e9\u30f3\u3092\u8003\u616e\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u305f\u3081\u3001\u3053\u3046\u3057\u305f\u76ee\u306b\u898b\u3048\u306a\u3044\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3082\u52a0\u5473\u3057\u305f\u4e0a\u3067\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3067\u304d\u308b\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u3057\u3066\u3001\u5ba2\u89b3\u6027\u306b\u4e0d\u5b89\u304c\u6b8b\u308b\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u4e8b\u696d\u8a08\u753b\u304c\u697d\u89b3\u7684\u3067\u3042\u308c\u3070\u3001\u5b9f\u614b\u3088\u308a\u3082\u7b97\u5b9a\u3055\u308c\u308b\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u304f\u306a\u3063\u3066\u3057\u307e\u3044\u3001\u60b2\u89b3\u7684\u306a\u4e8b\u696d\u8a08\u753b\u3092\u4f5c\u6210\u3057\u305f\u5834\u5408\u306f\u3001\u5b9f\u614b\u3088\u308a\u3082\u4f01\u696d\u4fa1\u5024\u304c\u4f4e\u304f\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305fFCF\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306e\u898b\u7a4d\u308a\u306f\u3082\u3061\u308d\u3093\u306e\u3053\u3068\u3001\u5272\u5f15\u7387\u306e\u7b97\u5b9a\u3084\u7d99\u7d9a\u4fa1\u5024\u306e\u898b\u7a4d\u308a\u306b\u3064\u3044\u3066\u3082\u3001\u591a\u304f\u306e\u4eee\u5b9a\u306b\u3088\u3063\u3066\u8a08\u7b97\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u8a08\u7b97\u304c\u8907\u96d1\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3><span id=\"2-2_MA\"><strong>2-2. \u8cc7\u91d1\u8abf\u9054\u6642\u3068M\uff06A\u306e\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u9055\u3044<\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u3068\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u4f01\u696d\u306e\u7279\u5fb4\u3084\u58f2\u5374\u3057\u305f\u7406\u7531\u3001\u4f01\u696d\u306e\u72b6\u6cc1\u306a\u3069\u3092\u628a\u63e1\u3057\u3001\u8907\u6570\u306e\u65b9\u6cd5\u3092\u7528\u3044\u3066\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u7b97\u5b9a\u3059\u308b\u7dcf\u5408\u7684\u306a\u5224\u65ad\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3068\u3057\u3066\u3001\u91cd\u8981\u306a\u4ee5\u4e0b2\u70b9\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/span><\/p>\n<div class=\"sng-box box1\">\n<p>\u30fbM&amp;A<\/p>\n<p>\u30fb\u8cc7\u91d1\u8abf\u9054<\/p>\n<\/div>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/852394c740db29a7606e31aa96b5292a.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2577\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/852394c740db29a7606e31aa96b5292a.png\" alt=\"M\uff06A\u3067\u306e\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\" width=\"1236\" height=\"675\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/852394c740db29a7606e31aa96b5292a.png 1236w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/852394c740db29a7606e31aa96b5292a-300x164.png 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/852394c740db29a7606e31aa96b5292a-1024x559.png 1024w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/852394c740db29a7606e31aa96b5292a-768x419.png 768w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/852394c740db29a7606e31aa96b5292a-940x513.png 940w\" sizes=\"(max-width: 1236px) 100vw, 1236px\" \/><\/a><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">M\uff06A\u306e\u5834\u9762\u306b\u304a\u3044\u3066\u3001\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u58f2\u308a\u624b\u4f01\u696d\u306e\u4fa1\u5024\u3092\u8a55\u4fa1\u3057\u3001\u58f2\u8cb7\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u305f\u305f\u304d\u53f0\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u58f2\u308a\u624b\u306e\u8996\u70b9\u3068\u3057\u3066\u306f\u3001\u5c11\u3057\u3067\u3082\u9ad8\u3044\u91d1\u984d\u3067\u8a55\u4fa1\u3055\u308c\u308b\u3053\u3068\u3092\u671b\u307f\u307e\u3059\u3002\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306a\u3069\u306f\u8cc7\u91d1\u304c\u4e4f\u3057\u3044\u305f\u3081\u3001\u73fe\u72b6\u8cc7\u91d1\u306b\u7740\u76ee\u3059\u308b\u3068\u4f4e\u3044\u8a55\u4fa1\u306b\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3057\u304b\u3057\u3001\u8ca1\u52d9\u60c5\u5831\u3092\u57fa\u6e96\u3068\u3057\u305f\u7b97\u5b9a\u7d50\u679c\u3067\u306f\u306a\u304f\u3001DCF\u6cd5\u3084\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306a\u3069\u3067\u306f\u6570\u5b57\u3067\u306f\u8868\u3055\u308c\u306a\u3044\u8981\u7d20\u3092\u7b97\u5b9a\u306b\u542b\u3081\u308b\u3068\u3088\u308a\u9ad8\u3044\u91d1\u984d\u3067\u306e\u8a55\u4fa1\u304c\u53ef\u80fd\u3067\u3059\u3002\u5b9a\u91cf\u5316\u3057\u3065\u3089\u3044\u8981\u7d20\u3068\u3057\u3066\u3001\u5177\u4f53\u7684\u306b\u306f\u7279\u8a31\u3084\u30ce\u30a6\u30cf\u30a6\u3001\u4eba\u7684\u8cc7\u6e90\u3001\u7279\u5b9a\u306e\u53d6\u5f15\u5148\u306a\u3069\u306e\u58f2\u90e8\u306e\u95a2\u4fc2\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u8cb7\u3044\u624b\u5074\u306e\u8996\u70b9\u3068\u3057\u3066\u306f\u3001\u5c11\u3057\u3067\u3082\u5b89\u3044\u91d1\u984d\u3067\u8cb7\u53ce\u3057\u305f\u3044\u3068\u8003\u3048\u307e\u3059\u3002\u53d6\u5f15\u4fa1\u683c\u3092\u6291\u3048\u3066\u6d6e\u3044\u305f\u8cc7\u91d1\u3092\u4ed6\u4e8b\u696d\u306b\u5145\u3066\u308b\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u30ea\u30b9\u30af\u306e\u8ca0\u62c5\u3092\u8efd\u6e1b\u3067\u304d\u308b\u305f\u3081\u3067\u3059\u3002\u8cb7\u3044\u624b\u306f\u3001\u8cb7\u53ce\u4e88\u5b9a\u306e\u4f01\u696d\u304b\u3089\u904e\u5e74\u5ea6\u306e\u8ca1\u52d9\u60c5\u5831\u3084\u4e8b\u696d\u8a08\u753b\u306e\u60c5\u5831\u3092\u5165\u624b\u3057\u3001\u4f01\u696d\u4fa1\u683c\u306e\u7b97\u5b9a\u3092\u884c\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/IPO.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2578\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/IPO.png\" alt=\"IPO\u3067\u306e\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\" width=\"1234\" height=\"670\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/IPO.png 1234w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/IPO-300x163.png 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/IPO-1024x556.png 1024w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/IPO-768x417.png 768w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/IPO-940x510.png 940w\" sizes=\"(max-width: 1234px) 100vw, 1234px\" \/><\/a><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">IPO\u306a\u3069\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u304a\u3051\u308b\u5834\u9762\u3067\u3082\u3001\u767a\u884c\u3059\u308b\u682a\u5f0f\u306e\u4e00\u682a\u5f53\u305f\u308a\u306e\u91d1\u984d\u3092\u6c7a\u3081\u308b\u305f\u3081\u306b\u3001\u4f01\u696d\u8a55\u4fa1\u3092\u884c\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u51fa\u8cc7\u8005\u306e\u8996\u70b9\u3068\u3057\u3066\u306f\u3001\u6295\u4e0b\u3057\u305f\u8cc7\u91d1\u3092\u56de\u53ce\u3059\u308b\u3053\u3068\u3001\u6295\u8cc7\u8cc7\u91d1\u304b\u3089\u5229\u76ca\u3092\u78ba\u4fdd\u3059\u308b\u3053\u3068\u3092\u91cd\u8981\u8996\u3057\u307e\u3059\u3002\u51fa\u8cc7\u8005\u306b\u3068\u3063\u3066\u3001\u4e8b\u696d\u8a08\u753b\u306e\u9054\u6210\u3084\u5c06\u6765\u306e\u8cc7\u91d1\u56de\u53ce\u306e\u5b9f\u73fe\u53ef\u80fd\u6027\u3001\u8cc7\u91d1\u56de\u53ce\u6642\u3067\u306e\u671f\u5f85\u5229\u76ca\u7b97\u5b9a\u306b\u6ce8\u76ee\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u8cc7\u91d1\u8abf\u9054\u8005\u306e\u8996\u70b9\u3068\u3057\u3066\u306f\u3001\u8cc7\u91d1\u3092\u5f97\u308b\u3053\u3068\u306b\u6ce8\u76ee\u3057\u307e\u3059\u3002\u3053\u306e\u969b\u306b\u3001\u91cd\u8981\u306b\u306a\u308b\u306e\u304c\u8cc7\u91d1\u653f\u7b56\u3067\u3059\u3002\u8cc7\u91d1\u653f\u7b56\u3068\u306f\u3001\u4e8b\u696d\u3092\u9054\u6210\u3059\u308b\u305f\u3081\u306e\u8cc7\u91d1\u8abf\u9054\u3084\u682a\u4e3b\u8a08\u753b\u306e\u3053\u3068\u3092\u3044\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u3092\u4e0a\u3052\u3059\u304e\u308b\u3068\u6b21\u306e\u8cc7\u91d1\u8abf\u9054\u304c\u56f0\u96e3\u306b\u306a\u308b\u5834\u5408\u304c\u3042\u308b\u305f\u3081\u3001\u767a\u884c\u6642\u70b9\u3067\u682a\u5f0f\u767a\u884c\u5272\u5408\u3092\u4e0b\u3052\u3059\u304e\u306a\u3044\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u682a\u5f0f\u767a\u884c\u5272\u5408\u3092\u4e0b\u3052\u3059\u304e\u308b\u3068\u3001\u4f01\u696d\u306e\u767a\u884c\u6e08\u307f\u682a\u5f0f\u306e\u7dcf\u548c\u304c\u5897\u52a0\u3059\u308b\u3053\u3068\u3067\u3001\u4e00\u682a\u5f53\u305f\u308a\u306e\u682a\u5f0f\u4fa1\u5024\u304c\u4e0b\u304c\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/span><\/p>\n<h2><span id=\"3_5\"><strong>3. \u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd55\u3064<\/strong><\/span><\/h2>\n<table style=\"height: 728px;\" width=\"753\">\n<tbody>\n<tr>\n<td colspan=\"2\"><strong>\u8a08\u7b97\u65b9\u6cd5<\/strong><\/td>\n<td><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\"><strong>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n<td><strong>\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/td>\n<td><strong>\u30fb \u8a08\u7b97\u304c\u7c21\u5358<\/strong><\/td>\n<td><strong>\u30fb \u5c06\u6765\u306e\u53ce\u76ca\u6027\u3092\u8003\u616e\u3055\u308c\u306a\u3044<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/td>\n<td><strong>\u30fb BS\u306e\u8ca0\u50b5\u3092\u6642\u4fa1\u30d9\u30fc\u30b9\u3067\u8a08\u7b97<\/strong><\/td>\n<td><strong>\u30fb \u5c06\u6765\u306e\u53ce\u76ca\u6027\u3092\u8003\u616e\u3055\u308c\u306a\u3044<\/strong><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\"><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n<td><strong>\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5<\/strong><strong>\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\uff09<\/strong><\/td>\n<td><strong>\u30fb \u4e0a\u5834\u3057\u3066\u3044\u308b\u4f01\u696d\u306e\u8ca1\u52d9\u6307\u6a19\u3092\u4f7f\u3063\u3066\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u8a55\u4fa1\u984d\u3092\u7b97\u51fa\u3067\u304d\u308b<\/strong><\/p>\n<p><strong>\u30fb \u8a08\u7b97\u304c\u7c21\u5358<\/strong><\/td>\n<td><strong>\u30fb \u985e\u4f3c\u3059\u308b\u4e0a\u5834\u4f01\u696d\u306e\u5224\u65ad\u304c\u96e3\u3057\u3044<\/strong><\/p>\n<p><strong>\u30fb \u6063\u610f\u7684\u306a\u5224\u65ad\u304c\u542b\u307e\u308c\u308b\u5371\u967a<\/strong><\/p>\n<p><strong>\u30fb \u8ca1\u52d9\u6307\u6a19\u304b\u3089\u8aad\u307f\u53d6\u308c\u306a\u3044\u8981\u7d20\u304c\u3042\u308b<\/strong><\/p>\n<p><strong>\uff08\u306e\u308c\u3093\u4ee3\u306a\u3069\uff09<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03<\/strong><\/td>\n<td><strong>\u30fb \u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u3067\u306e\u6bd4\u8f03\u304c\u53ef\u80fd<\/strong><\/p>\n<p><strong>\u30fb \u6063\u610f\u6027\u306e\u306a\u3044\u5ba2\u89b3\u7684\u3067\u4e2d\u7acb\u306a\u8a55\u4fa1\u3092\u5f97\u308b\u3053\u3068\u304c\u53ef\u80fd<\/strong><\/td>\n<td><strong>\u30fb \u76f8\u5fdc\u306a\u53d6\u5f15\u4e8b\u4f8b\u30fb\u985e\u4f3c\u4f01\u696d\u304c\u898b\u3064\u304b\u3089\u306a\u3044\u53ef\u80fd\u6027<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong><\/td>\n<td><strong>\uff24\uff23\uff26\u6cd5<\/strong><\/td>\n<td><strong>\u30fb \u4f01\u696d\u306e\u5c06\u6765\u6027\u306b\u6ce8\u76ee<\/strong><\/p>\n<p><strong>\u30fb \u900f\u660e\u6027\u3092\u7dad\u6301\u3067\u304d\u308b<\/strong><\/td>\n<td><strong>\u30fb \u4e8b\u696d\u8a08\u753b\u306b\u3088\u3063\u3066\u5024\u304c\u73fe\u5b9f\u3068\u96e2\u308c\u308b<\/strong><\/p>\n<p><strong>\u30fb \u76f8\u7d9a\u30fb\u7cbe\u7b97\u306b\u306f\u9069\u3055\u306a\u3044<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u306e\u5927\u304d\u306a\u6d41\u308c\u3068\u3057\u30663\u3064\u3002\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u30fb\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u5177\u4f53\u7684\u306a\u8a08\u7b97\u65b9\u6cd5\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u7528\u8a9e\u3092\u7406\u89e3\u3057\u3001\u65b9\u7a0b\u5f0f\u304c\u610f\u56f3\u3059\u308b\u3053\u3068\u3092\u628a\u63e1\u3057\u307e\u3057\u3087\u3046\u3002<\/span><\/p>\n<p>&lt;\u53c2\u8003\u6587\u732e&gt;<\/p>\n<p><span style=\"font-weight: 400;\">\u300e\u4e2d\u5c0f M&amp;A \u30cf\u30f3\u30c9\u30d6\u30c3\u30af1\u7ae0\uff08\u7d4c\u6e08\u7523\u696d\u7701\/2020\/09\/04\uff09\u300f<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u300e<a href=\"https:\/\/www.rieti.go.jp\/jp\/special\/special_report\/118.html\">M&amp;A\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u306e\u5275\u9020\u3068\u7d4c\u55b6\u8005\u304a\u3088\u3073\u7d44\u7e54\u306e\u30b3\u30f3\u30d4\u30c6\u30f3\u30b7\u30fc<\/a>\uff08\u72ec\u7acb\u884c\u653f\u6cd5\u4eba\u7d4c\u6e08\u7523\u696d\u7814\u7a76\u6240\/2019\/10\uff09\u300f<\/span><\/p>\n<h3><span id=\"3-1\"><strong>3-1. \u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/span><\/h3>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s6.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2546 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s6.png\" alt=\"\u4f01\u696d\u4fa1\u5024\uff1d\u8ca0\u50b5\u4fa1\u5024\uff0b\u682a\u4e3b\u4fa1\u5024\" width=\"318\" height=\"439\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s6.png 318w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s6-217x300.png 217w\" sizes=\"(max-width: 318px) 100vw, 318px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\"><strong>\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong>\u3068\u306f\u3001\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4e00\u7a2e\u3067\u3001\u8cc3\u501f\u5bfe\u7167\u8868\uff08\uff22\uff33\uff09\u306e\u7c3f\u4fa1\u3092\u57fa\u6e96\u306b\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002\u8cc3\u501f\u5bfe\u7167\u8868\uff08\uff22\uff33\uff09\u306e\u5024\u3092\u305d\u306e\u307e\u307e\u5229\u7528\u3059\u308b\u305f\u3081\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u3042\u305f\u3063\u3066\u4f1a\u793e\u306e\u8a55\u4fa1\u3084\u5206\u6790\u306f\u307b\u3068\u3093\u3069\u884c\u308f\u308c\u307e\u305b\u3093\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u8cc7\u7523\u304b\u3089\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u304f\u3060\u3051\u3067\u8a08\u7b97\u3067\u304d\u308b\u65b9\u6cd5\u3067\u3059\u304c\u3001\u7c3f\u4fa1\u3068\u6642\u4fa1\u306e\u4e56\u96e2\u304c\u6fc0\u3057\u3044\u3068\u304d\u306b\u9069\u6b63\u306a\u4fa1\u683c\u304c\u7b97\u5b9a\u3067\u304d\u306a\u3044\u554f\u984c\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u6642\u4fa1\u8a55\u4fa1\u3057\u3066\u3082\u5927\u304d\u306a\u9055\u3044\u304c\u306a\u3044\u5834\u5408\u3084\u3001\u91cd\u8981\u5ea6\u306e\u4f4e\u3044\u5b50\u4f1a\u793e\u306e\u5834\u5408\u306b\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3092\u4f7f\u7528\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><b>\u4f01\u696d\u4fa1\u5024\uff1d\u7d14\u8cc7\u7523\uff0d\u8ca0\u50b5<\/b><\/p>\n<p>&nbsp;<\/p>\n<h3><span id=\"3-2\"><strong>3-2. \u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong><\/span><\/h3>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/dae923d1d583a6e2ccb37ca1ff62966c.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2575 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/dae923d1d583a6e2ccb37ca1ff62966c.png\" alt=\"\u8ca0\u50b5\u4fa1\u5024\u306b\u6642\u4fa1\u8981\u7d20\" width=\"562\" height=\"436\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/dae923d1d583a6e2ccb37ca1ff62966c.png 562w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/dae923d1d583a6e2ccb37ca1ff62966c-300x233.png 300w\" sizes=\"(max-width: 562px) 100vw, 562px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\"><strong>\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong>\u3068\u306f\u3001\u5e33\u7c3f\u4e0a\u306e\u8cc7\u7523\u4fa1\u5024\u3092\u5ff5\u982d\u306b\u7f6e\u304d\u3001\u4e0d\u78ba\u304b\u306a\u8981\u7d20\u306e\u591a\u3044\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u6bd4\u8f03\u3057\u3066\u3001\u4f01\u696d\u306e\u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u5b9f\u614b\u3092\u8003\u616e\u3057\u305f\u3082\u306e\u3068\u8a00\u3048\u3001\u3088\u308a\u6b63\u78ba\u306b\u4f01\u696d\u4fa1\u5024\u3084\u682a\u5f0f\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f\u5168\u3066\u306e\u8cc7\u7523\u3092\u6642\u4fa1\u8a55\u4fa1\u3059\u308b\u306e\u306f\u73fe\u5b9f\u7684\u3067\u306f\u306a\u3044\u305f\u3081\u3001<strong>\u4fee\u6b63\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5<\/strong>\u3068\u79f0\u3055\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5177\u4f53\u7684\u306b\u3001\u4fa1\u683c\u304c\u5909\u52d5\u3057\u3084\u3059\u3044\u8cc7\u7523\u306b\u306f\u571f\u5730\u30fb\u5efa\u7269\u306a\u3069\u306e\u4e0d\u52d5\u7523\u3084\u6709\u4fa1\u8a3c\u5238\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002\u542b\u307f\u640d\u76ca\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u3001\u6642\u4fa1\u8a55\u4fa1\u3092\u884c\u3044\u3084\u3059\u3044\u8cc7\u7523\u306b\u6ce8\u76ee\u3092\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u6642\u4fa1\u8a55\u4fa1\u3092\u884c\u3046\u305f\u3081\u3001\u7c3f\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3088\u308a\u3082\u9069\u6b63\u306a\u4fa1\u683c\u3092\u7b97\u5b9a\u3057\u3084\u3059\u304f\u3001\u4fdd\u6709\u8cc7\u7523\u3092\u5168\u3066\u51e6\u5206\u3057\u3066\u8ca0\u50b5\u3092\u652f\u6255\u3046\u3068\u3044\u3046\u8003\u3048\u304c\u3042\u308b\u305f\u3081\u3001\u7cbe\u7b97\u5834\u9762\u3067\u5229\u7528\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<h3><span id=\"3-3_EBITDA\"><strong>3-3. EBITDA\u30de\u30eb\u30c1\u30d7\u30eb\uff08\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\uff09<\/strong><\/span><\/h3>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/malti.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2581\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/malti.png\" alt=\"\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306e\u57fa\u672c\u7684\u8003\u3048\u65b9\" width=\"1234\" height=\"661\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/malti.png 1234w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/malti-300x161.png 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/malti-1024x549.png 1024w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/malti-768x411.png 768w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/malti-940x504.png 940w\" sizes=\"(max-width: 1234px) 100vw, 1234px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\"><strong>\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5<\/strong>\u306f\u3001\u5229\u76ca\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u7269\u5dee\u3057\u3068\u3057\u3066\u3001\u985e\u4f3c\u3059\u308b\u8907\u6570\u4f01\u696d\u306e\u5e73\u5747\u7684\u306a\u4f01\u696d\u4fa1\u5024\u3092\u3082\u3068\u306b\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u3092\u7b97\u5b9a\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\"><strong>\u300c\u3082\u3057\u81ea\u793e\u304c\u4e0a\u5834\u3057\u3066\u3044\u308b\u3068\u3057\u305f\u3089\u3044\u304f\u3089\u3050\u3089\u3044\u306e\u682a\u4fa1\u304c\u3064\u304f\u306e\u304b\u300d<\/strong>\u3068\u3044\u3046\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u898f\u6a21\u306b\u5bfe\u3059\u308b\u4f01\u696d\u4fa1\u5024\u306e\u6bd4\u7387\u306f\u3001\u985e\u4f3c\u3057\u305f\u4f01\u696d\u306e\u6bd4\u7387\u3068\u7b49\u3057\u3044\u3068\u3057\u3001\u985e\u4f3c\u4f01\u696d\u306e\u5f53\u8a72\u6bd4\u7387\u306e\u5e73\u5747\u5024\u3092\u7528\u3044\u307e\u3059\u3002\u307e\u305f\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u306f\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u3068\u3082\u79f0\u3055\u308c\u307e\u3059\u3002\u4f7f\u7528\u3059\u308b\u6bd4\u7387\u306b\u306f\u3001<\/span><b>EV\/EBITA\u500d\u7387\u30fbPER\u500d\u7387\u30fbEPS\u500d\u7387\u306a\u3069<\/b><span style=\"font-weight: 400;\">\u304c\u3042\u308a\u3001EBITA\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306a\u3069\u3068\u547c\u3070\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><strong>\u2460\u985e\u4f3c\u4f01\u696d\u306e\u9078\u5b9a<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u3068\u985e\u4f3c\u3059\u308b\u4f01\u696d\u3092\u9078\u5b9a\u3059\u308b\u969b\u306b\u3001\u696d\u7a2e\u30fb\u898f\u6a21\u30fb\u53ce\u76ca\u306a\u3069\u3092\u53c2\u8003\u306b\u4e0a\u5834\u4f01\u696d\u306e\u4e2d\u304b\u30891<strong>0\u301c15\u793e\u307b\u3069<\/strong>\u9078\u5b9a\u3057\u307e\u3059\u3002\u540c\u3058\u696d\u7a2e\u306e\u4e0a\u5834\u4f01\u696d\u304c\u306a\u3044\u5834\u5408\u306f\u3001\u4e8b\u696d\u69cb\u9020\u3084\u9867\u5ba2\u5c5e\u6027\u306a\u3069\u3092\u53c2\u8003\u306b\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u9078\u5b9a\u3057\u305f10\u301c15\u793e\u3092\u3001\u3055\u3089\u306b\u985e\u4f3c\u6027\u306e\u9ad8\u3055\u3067\u7d5e\u308a\u8fbc\u307f\u307e\u3059\u3002\u7d5e\u308a\u8fbc\u3080\u969b\u306b\u306f\u3001\u5546\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u30fb\u4e8b\u696d\u6226\u7565\u30fb\u5730\u57df\u30fb\u6210\u9577\u6027\u30fb\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u30fb\u8a31\u8a8d\u53ef\u306a\u3069\u3092\u53c2\u8003\u306b\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u306b\u3088\u308b\u4f01\u696d\u9078\u5b9a\u306b\u306f\u3001\u8ca1\u52d9\u7684\u306a\u5b9a\u91cf\u9762\u306f\u3082\u3061\u308d\u3093\u3001\u5b9a\u6027\u7684\u306a\u60c5\u5831\u304b\u3089\u3082\u5224\u65ad\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><strong>\u2461\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u5148\u305a\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u4e8b\u696d\u4fa1\u5024\uff08EV\uff09\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u3067\u306f\u5bfe\u8c61\u4f01\u696d\u3068\u985e\u4f3c\u4f1a\u793e\u306e\u4e8b\u696d\u4fa1\u5024\u306f\u540c\u7b49\u3068\u8003\u3048\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u9078\u5b9a\u3057\u305f\u985e\u4f3c\u4f01\u696d\u306e\u682a\u4fa1\u306a\u3069\u306e\u60c5\u5831\u304b\u3089\u3001\u4e8b\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002\u305d\u306e\u5f8c\u3001\u5e73\u5747\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><b>\u4e8b\u696d\u4fa1\u5024\uff1d\u6642\u4fa1\u7dcf\u984d\uff0b\u7d14\u6709\u5229\u5b50\u8ca0\u50b5<\/b><\/p>\n<p><strong>\u2462\u500d\u7387\u3092\u53c2\u7167\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u8a55\u4fa1\u500d\u7387\u3092\u7b97\u51fa\u3057\u3001\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002\u985e\u4f3c\u4f01\u696d\u306e\u682a\u4fa1\u304b\u3089\u8a08\u7b97\u3057\u305f\u5229\u76ca\u3084\u7d14\u8cc7\u7523\u984d\u306a\u3069\u306b\u5bfe\u3059\u308b\u500d\u7387\u304c\u3001\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u57fa\u790e\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8a55\u4fa1\u500d\u7387\u306b\u306fEBITA\u500d\u7387\u30fbPBR\u6cd5\u30fbPER\u6cd5\u306a\u3069\u304c\u7528\u3044\u3089\u308c\u307e\u3059\u3002\u63a1\u7528\u3057\u305f\u65b9\u6cd5\u3067\u985e\u4f3c\u4f01\u696d\u306e\u500d\u7387\u3092\u8a08\u7b97\u3057\u3001\u500d\u7387\u306e\u4e2d\u592e\u5024\u3092\u5229\u7528\u3059\u308b\u65b9\u6cd5\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5e73\u5747\u5024\u3067\u306f\u6700\u5927\u5024\u3084\u6700\u5c0f\u5024\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b\u305f\u3081\u3001\u6570\u5024\u304c\u73fe\u5b9f\u3068\u304b\u3051\u96e2\u308c\u308b\u5371\u967a\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u9078\u5b9a\u3057\u305f\u4f01\u696d\u306e\u4e2d\u592e\u5024\u3092\u5229\u7528\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u3067\u7528\u3044\u3089\u308c\u308b\u6307\u6a19\uff08\u500d\u7387\uff09\u3068\u3057\u3066\u306f\u3001<\/span><b>\u58f2\u4e0a\u9ad8\u30fb\u5229\u76ca\u30fb\u682a\u4fa1<\/b><span style=\"font-weight: 400;\">\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"2\"><strong>\u5404\u7a2e\u8a08\u7b97\u65b9\u6cd5<\/strong><\/td>\n<td><strong>\u7279\u5fb4<\/strong><\/td>\n<td><strong>\u76ee\u5b89<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>\u58f2\u4e0a\u500d\u7387<\/strong><\/td>\n<td><strong>\u4e8b\u696d\u4fa1\u5024\u00f7\u58f2\u4e0a\u9ad8<\/strong><\/td>\n<td><strong>\u30fb \u8d64\u5b57\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u7b49\u306b\u4f7f\u7528<\/strong><\/td>\n<td><strong>\u306a\u3057<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>EBIT\u500d\u7387<\/strong><\/td>\n<td><strong>\u4e8b\u696d\u4fa1\u5024\u00f7EBIT<\/strong><\/td>\n<td><strong>\u30fb \u672c\u696d\u306e\u53ce\u76ca\u529b\u3092\u8868\u3059<\/strong><\/p>\n<p><strong>\u30fb \u511f\u5374\u8cbb\u306e\u4f1a\u8a08\u65b9\u91dd\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b<\/strong><\/td>\n<td><strong>10\u500d\u524d\u5f8c<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>EBITA\u500d\u7387<\/strong><\/td>\n<td><strong>\u4e8b\u696d\u4fa1\u5024\u00f7EBITA<\/strong><\/td>\n<td><strong>\u30fb \u6700\u3082\u983b\u7e41\u306b\u5229\u7528\u3055\u308c\u308b<\/strong><\/p>\n<p><strong>\u30fb \u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u8003\u3048\u3068\u9069\u5408<\/strong><\/p>\n<p><strong>\u30fb \u6e1b\u4fa1\u511f\u5374\u8cbb\u306e\u4f1a\u8a08\u65b9\u91dd\u306e\u9055\u3044\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306a\u3044<\/strong><\/td>\n<td><strong>8\u500d<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>PER<\/strong><\/td>\n<td><strong>\u682a\u4e3b\u4fa1\u5024\u00f7\u5f53\u671f\u7d14\u5229\u76ca<\/strong><\/td>\n<td><strong>\u30fb \u6210\u9577\u671f\u5f85\u3092\u8868\u3059<\/strong><\/p>\n<p><strong>\u30fb \u81e8\u6642\u640d\u76ca\u7b49\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b<\/strong><\/td>\n<td><strong>15\u500d<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>PBR<\/strong><\/td>\n<td><strong>\u682a\u4e3b\u4fa1\u5024\u00f7\u7d14\u5229\u76ca<\/strong><\/td>\n<td><strong>\u30fb \u91d1\u878d\u696d\u3084\u4e0d\u52d5\u7523\u696d\u7b49\u306e\u696d\u754c\u3067\u4f7f\u7528<\/strong><\/td>\n<td><strong>1\u500d<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h4><\/h4>\n<h4><strong>\u58f2\u4e0a\u9ad8\u500d\u7387<\/strong><\/h4>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"100\" \/>\n<col width=\"414\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u58f2\u4e0a\u9ad8\u500d\u7387\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u58f2\u4e0a\u9ad8\u500d\u7387\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u3069\u306e\u3088\u3046\u306a\u4f01\u696d\u306b\u3082\u5f53\u3066\u306f\u3081\u308b\u3053\u3068\u304c\u53ef\u80fd&quot;}\"><strong>\u3069\u306e\u3088\u3046\u306a\u4f01\u696d\u306b\u3082\u5f53\u3066\u306f\u3081\u308b\u3053\u3068\u304c\u53ef\u80fd<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u58f2\u4e0a\u9ad8\u4ee5\u5916\u3092\u8003\u616e\u3057\u306a\u3044\u305f\u3081\u8a55\u4fa1\u984d\u306e\u59a5\u5f53\u6027\u3068\u3057\u3066\u306e\u6839\u62e0\u306b\u4e4f\u3057\u3044&quot;}\">\n<div>\n<div><strong>\u58f2\u4e0a\u9ad8\u4ee5\u5916\u3092\u8003\u616e\u3057\u306a\u3044\u305f\u3081\u8a55\u4fa1\u984d\u306e\u59a5\u5f53\u6027\u3068\u3057\u3066\u306e\u6839\u62e0\u306b\u4e4f\u3057\u3044<\/strong><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\"><strong>\u58f2\u4e0a\u9ad8\u500d\u7387<\/strong>\u306f\u3001\u985e\u4f3c\u4f01\u696d\u306e\u58f2\u4e0a\u9ad8\u304c\u4f01\u696d\u4fa1\u5024\u306e\u4f55\u500d\u306b\u306a\u308b\u306e\u304b\u3092\u7b97\u51fa\u3057\u3001\u5bfe\u8c61\u8a55\u4fa1\u4f01\u696d\u306e\u8a55\u4fa1\u984d\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4f8b\u3048\u3070\u3001A\u793e\u306e\u58f2\u4e0a\u9ad8\u304c100\u3060\u3068\u3057\u307e\u3059\u3002\u985e\u4f3c\u4f01\u696d\u3068\u3057\u3066\u9078\u5b9a\u3057\u305f\u4f01\u696dB\u306e\u58f2\u4e0a\u9ad8\u304c1,000\u3060\u3068\u3057\u307e\u3059\u3002\u4e0a\u5834\u4f01\u696dB\u793e\u306e\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d\uff0b\u8ca0\u50b5\u4fa1\u5024\uff1d\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u3067\u300110,000\u3068\u51fa\u305f\u3068\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><b>\u4f01\u696d\u4fa1\u502410,000\u00f7\u58f2\u4e0a\u9ad81,000\uff1d\u6bd4\u738710\u500d<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u306e\u6bd4\u738710\u500d\u3092A\u793e\u306b\u3082\u9069\u5fdc\u3059\u308b\u3068\u3001\u58f2\u4e0a\u9ad8\u500d\u7387\u306b\u57fa\u3065\u304f\u985e\u4f3c\u4f01\u696d\u6bd4\u8f03\u6cd5\u306b\u3088\u308bA\u793e\u306e\u8a55\u4fa1\u984d\u306f1,000<\/span><\/p>\n<h4><strong>EBIT\u500d\u7387<\/strong><\/h4>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"100\" \/>\n<col width=\"414\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;EBIT\u500d\u7387\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>EBIT\u500d\u7387\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u4e8b\u696d\u305d\u306e\u3082\u306e\u306e\u7d4c\u55b6\u72b6\u6cc1\u3092\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b&quot;}\"><strong>\u4e8b\u696d\u305d\u306e\u3082\u306e\u306e\u7d4c\u55b6\u72b6\u6cc1\u3092\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u4f01\u696d\u306b\u3088\u3063\u3066\u501f\u5165\u306e\u610f\u5473\u304c\u5909\u308f\u3063\u3066\u304f\u308b&quot;}\"><strong>\u4f01\u696d\u306b\u3088\u3063\u3066\u501f\u5165\u306e\u610f\u5473\u304c\u5909\u308f\u3063\u3066\u304f\u308b<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\"><strong>EBIT\uff08Earnings Before Interest and Taxes\uff09<\/strong>\u3068\u306f\u3001\u5229\u6255\u524d\u30fb\u7a0e\u5f15\u524d\u5229\u76ca\u3092\u6307\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u4f01\u696d\u304c\u501f\u308a\u5165\u308c\u3092\u884c\u3063\u3066\u3044\u308b\u5834\u5408\u306b\u306f\u652f\u6255\u5229\u606f\u304c\u767a\u751f\u3057\u3001\u305d\u306e\u5206\u5229\u76ca\u304c\u6e1b\u5c11\u3057\u3066\u3057\u307e\u3046\u306e\u3067\u3001\u501f\u308a\u5165\u308c\u306b\u3088\u308b\u30b3\u30b9\u30c8\uff08\u652f\u6255\u5229\u606f\u306a\u3069\uff09\u306e\u5f71\u97ff\u3092\u9664\u3044\u305f\u5229\u76ca\u3092\u898b\u308b\u305f\u3081\u306e\u3082\u306e\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5275\u696d\u9593\u3082\u306a\u3044\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306a\u3069\u306f\u501f\u308a\u5165\u308c\u304c\u591a\u3044\u305f\u3081\u3001\u305d\u306e\u5206\u306e\u5229\u606f\u306b\u3088\u3063\u3066\u5229\u76ca\u984d\u304c\u5c11\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u306a\u3069\u306e\u53ce\u76ca\u3092\u6b63\u78ba\u306b\u51fa\u3059\u305f\u3081\u306b\u3001\u501f\u5165\u30b3\u30b9\u30c8\u306e\u5f71\u97ff\u3092\u9664\u3044\u305f\u5229\u76ca\uff08EBIT\uff09\u3092\u7528\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><b>EBIT\uff1d\u5229\u606f\u3068\u7a0e\u91d1\u3092\u5f15\u304f\u524d\u306e\u5229\u76ca<\/b><b>\u2252\u55b6\u696d\u5229\u76ca<\/b><\/p>\n<h4><strong>EBITA\u500d\u7387<\/strong><\/h4>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"100\" \/>\n<col width=\"414\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;EBITA\u500d\u7387\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>EBITA\u500d\u7387\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u4e8b\u696d\u5834\u306e\u7d14\u7c8b\u306a\u5229\u76ca\u306b\u8fd1\u3044\u3082\u306e\u3092\u3082\u3068\u306b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b&quot;}\"><strong>\u4e8b\u696d\u5834\u306e\u7d14\u7c8b\u306a\u5229\u76ca\u306b\u8fd1\u3044\u3082\u306e\u3092\u3082\u3068\u306b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8a55\u4fa1\u984d\u306b\u5927\u304d\u306a\u30ba\u30ec\u304c\u751f\u3058\u308b\u53ef\u80fd\u6027&quot;}\"><strong>\u8a55\u4fa1\u984d\u306b\u5927\u304d\u306a\u30ba\u30ec\u304c\u751f\u3058\u308b\u53ef\u80fd\u6027<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\"><strong>EBITA\uff08Earnings Before Interest, Taxes, Depreciation, and Amortization<\/strong>\uff09\u3068\u306f\u3001\u91d1\u5229\u652f\u6255\u3044\u524d\u30fb\u7a0e\u91d1\u652f\u6255\u3044\u524d\u30fb\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u306e\u6e1b\u4fa1\u511f\u5374\u8cbb\u304a\u3088\u3073\u7121\u5f62\u56fa\u5b9a\u8cc7\u7523\u306e\u511f\u5374\u8cbb\u63a7\u9664\u524d\u306e\u5229\u76ca\u306e\u3053\u3068\u3067\u3059\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u5229\u606f\u3084\u7a0e\u91d1\u304c\u5dee\u3057\u5f15\u304b\u308c\u308b\u524d\u3001\u307e\u305f\u6e1b\u4fa1\u511f\u5374\u524d\u306e\u6570\u5024\u306e\u305f\u3081\u3001\u5229\u7387\u30fb\u7a0e\u7387\u30fb\u6e1b\u4fa1\u511f\u5374\u65b9\u6cd5\u306e\u9055\u3044\u306b\u3088\u308b\u5f71\u97ff\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">EBITDA\u306f\u3001\u985e\u4f3c\u4f01\u696d\u8a55\u4fa1\u6cd5\u306b\u3088\u308b\u4e2d\u5c0f\u4f01\u696d\u306eM&amp;A\u8a55\u4fa1\u3067\u306f\u3088\u304f\u4f7f\u308f\u308c\u308b\u6307\u6a19\u306e1\u3064\u3067\u3059\u3002\u7a0e\u7387\u3084\u652f\u6255\u5229\u606f\u3001\u6e1b\u4fa1\u511f\u5374\u306f\u4f01\u696d\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u3053\u3068\u304c\u591a\u3044\u305f\u3081\u3001EBITDA\u3067\u306f\u3053\u308c\u3089\u306e\u8981\u7d20\u304c\u8a55\u4fa1\u984d\u7b97\u51fa\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3057\u3066\u3057\u307e\u308f\u306a\u3044\u3088\u3046\u4e8b\u524d\u306b\u9664\u3044\u3066\u304a\u304d\u307e\u3059\u3002<\/span><\/p>\n<p><b>EBITA\uff1d\u5229\u606f\u3068\u7a0e\u91d1\u3068\u511f\u5374\u8cbb\u3092\u5dee\u3057\u5f15\u304f\u524d\u306e\u5229\u76ca<\/b><\/p>\n<p><b>\u3000\u3000\u3000\u2252\u55b6\u696d\u5229\u76ca\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb<\/b><\/p>\n<p><b>\u3000\u3000\u3000\u2252\u55b6\u696d\uff08\u4e8b\u696d\uff09\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/b><\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u203bEBIT\u3068EBITDA\u306e\u9055\u3044\u306f\u3001\u5229\u76ca\u5206\u306b\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u52a0\u3048\u308b\u304b\u3069\u3046\u304b\u3068\u3044\u3046\u70b9\u3067\u3059<\/strong><\/p>\n<p><span style=\"font-weight: 400;\"><strong>EBIT<\/strong>\u306f\u3001\u501f\u5165\u91d1\u306e\u652f\u6255\u5229\u606f\u5206\u3092\u9664\u3044\u3066\u7b97\u51fa\u3055\u308c\u308b\u5229\u76ca\u3067\u3059\u3002\u8d77\u696d\u3057\u305f\u3066\u306e\u4f01\u696d\u3067\u3042\u308c\u3070\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u305f\u3081\u306e\u501f\u5165\u91d1\u304c\u591a\u304f\u306a\u3063\u305f\u308a\u3001\u4e8b\u696d\u306e\u62e1\u5927\u3092\u7a4d\u6975\u7684\u306b\u884c\u3046\u4f01\u696d\u3067\u3042\u308c\u3070\u3001\u4f1a\u793e\u3092\u5927\u304d\u304f\u3059\u308b\u76ee\u7684\u3067\u306e\u501f\u5165\u91d1\u304c\u591a\u304f\u306a\u3063\u305f\u308a\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u969b\u3001\u501f\u5165\u91d1\u306e\u652f\u6255\u5229\u606f\u3092\u52a0\u3048\u306a\u3044\u5229\u76ca\u3092\u307f\u308b\u3053\u3068\u3067\u3001\u4e8b\u696d\u305d\u306e\u3082\u306e\u306e\u7d4c\u55b6\u72b6\u6cc1\u3092\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e00\u65b9\u306e<strong>EBITDA<\/strong>\u306f\u3001\u652f\u6255\u5229\u606f\u306b\u52a0\u3048\u3066\u6e1b\u4fa1\u511f\u5374\u8cbb\u3082\u9664\u3044\u3066\u7b97\u51fa\u3055\u308c\u308b\u5229\u76ca\u3067\u3059\u3002\u6e1b\u4fa1\u511f\u5374\u3068\u306f\u3001\u8cc7\u7523\u306f\u6642\u9593\u304c\u7d4c\u3064\u306b\u3064\u308c\u3066\u3001\u4fa1\u5024\u304c\u6e1b\u3063\u3066\u3044\u304f\u3068\u3044\u3046\u8003\u3048\u65b9\u306b\u57fa\u3065\u304f\u8cbb\u7528\u3067\u3059\u3002\u8a2d\u5099\u3092\u591a\u7528\u3059\u308b\u4f01\u696d\u306f\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u304c\u81a8\u3089\u307f\u304c\u3061\u3068\u306a\u308a\u3001\u5229\u76ca\u7387\u306b\u5927\u304d\u304f\u5f71\u97ff\u3057\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u52a0\u3048\u306a\u3044\u5229\u76ca\u3092\u898b\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u306e\u6bd4\u8f03\u306a\u3069\u3092\u3057\u3084\u3059\u304f\u3059\u308b\u72d9\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u203b\u6e1b\u4fa1\u511f\u5374\u8cbb\u3068\u306f\u3001\u56fa\u5b9a\u8cc7\u7523\u306e\u4fa1\u5024\u306e\u4f4e\u4e0b\u3092\u4e8b\u524d\u306b\u8003\u3048\u3001\u305d\u306e\u984d\u3092\u4f1a\u8a08\u671f\u3054\u3068\u306b\u898b\u7a4d\u3082\u308b\u8cbb\u7528\u3002\u4e00\u822c\u7684\u306b\u571f\u5730\u3092\u9664\u304f\u8cc7\u7523\u306f\u3001\u4f7f\u3044\u7d9a\u3051\u308b\u3046\u3061\u306b\u7d4c\u6e08\u7684\u306a\u4fa1\u5024\u304c\u4e0b\u304c\u308a\u307e\u3059\u3002\u3053\u3046\u3057\u305f\u4fa1\u683c\u306e\u4f4e\u4e0b\u3092\u4e8b\u524d\u306b\u8003\u3048\u3001\u4f7f\u7528\u53ef\u80fd\u306a\u671f\u9593\u306b\u5f93\u3063\u3066\u898b\u7a4d\u3082\u3063\u305f\u8cbb\u7528\u3092\u300c\u6e1b\u4fa1\u511f\u5374\u8cbb\u300d\u3068\u547c\u3073\u307e\u3059\u3002\uff08\u5b9f\u969b\u306e\u73fe\u91d1\u652f\u51fa\u304c\u7121\u3044\u4f1a\u8a08\u4e0a\u306e\u7d4c\u8cbb\u306e\u4ee3\u8868\u7684\u306a\u3082\u306e\uff09<\/span><\/p>\n<h4><strong>PER<\/strong><\/h4>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"100\" \/>\n<col width=\"414\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;PER\u500d\u7387\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>PER\u500d\u7387\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8a08\u7b97\u304c\u7c21\u5358&quot;}\"><strong>\u8a08\u7b97\u304c\u7c21\u5358<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u682a\u5f0f\u306b\u304a\u3051\u308b\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u671f\u5f85\u5024\u306b\u5de6\u53f3\u3055\u308c\u308b&quot;}\"><strong>\u682a\u5f0f\u306b\u304a\u3051\u308b\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u671f\u5f85\u5024\u306b\u5de6\u53f3\u3055\u308c\u308b<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\"><strong>PER\uff08Price Earnings Ratio\uff09<\/strong>\u3068\u306f\u3001\u682a\u4fa1\u53ce\u76ca\u529b\u306e\u3053\u3068\u3092\u6307\u3057\u30011\u682a\u5f53\u305f\u308a\u306e\u7d14\u5229\u76ca\uff08EPS\uff09\u306b\u5bfe\u3057\u3066\u3001\u5b9f\u969b\u306e\u682a\u4fa1\u304c\u4f55\u500d\u3067\u3042\u308b\u304b\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/span><\/p>\n<p><b>PER=\u682a\u4fa1\u00f71\u682a\u5f53\u305f\u308a\u5229\u76ca<\/b><\/p>\n<p><span style=\"font-weight: 400;\">\u4f8b\u3048\u3070\u3001\u4e0a\u5834\u4f01\u696dB\u793e\u306e\u5f53\u671f\u7d14\u5229\u76ca\u304c10,000\u3067\u3042\u308b\u5834\u5408\u3001\u767a\u884c\u682a\u5f0f\u304c1,000\u3060\u3068\u3059\u308b\u3068\u4e00\u682a\u5f53\u305f\u308a\u306e\u5229\u76ca(EPS)\u306f10\u5186\u3068\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306b\u5bfe\u3057\u3066\u3001C\u793e\u306e\u4e00\u682a\u5f53\u305f\u308a\u306e\u682a\u4fa1\u306f8\u5186\u3060\u3063\u305f\u3068\u3059\u308b\u3068\u3001PER\u306f10\u00f78=1.25\u500d\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h4><strong>PBR<\/strong><\/h4>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"100\" \/>\n<col width=\"414\" \/><\/colgroup>\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;PBR\u500d\u7387\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>PBR\u500d\u7387\u306e\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u8a08\u8a08\u7b97\u304c\u7c21\u5358\\n\u76f4\u63a5\u7684\u306a\u682a\u4fa1\u306e\u7b97\u51fa&quot;}\"><strong>\u8a08\u8a08\u7b97\u304c\u7c21\u5358<\/strong><br \/>\n<strong>\u76f4\u63a5\u7684\u306a\u682a\u4fa1\u306e\u7b97\u51fa<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u30c7\u30e1\u30ea\u30c3\u30c8&quot;}\"><strong>\u30c7\u30e1\u30ea\u30c3\u30c8<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;\u7d14\u8cc7\u7523\u306b\u7740\u76ee\u3059\u308b\u305f\u3081\u4f01\u696d\u306e\u7d99\u7d9a\u6027\u304c\u8003\u616e\u3067\u304d\u306a\u3044&quot;}\"><strong>\u7d14\u8cc7\u7523\u306b\u7740\u76ee\u3059\u308b\u305f\u3081\u4f01\u696d\u306e\u7d99\u7d9a\u6027\u304c\u8003\u616e\u3067\u304d\u306a\u3044<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\"><strong>PBR\uff08Price Book-value Ratio\uff09<\/strong>\u3068\u306f\u3001\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\u306e\u3053\u3068\u3067\u3042\u308a\u3001\u682a\u4fa1\u30921\u682a\u5f53\u305f\u308a\u306e\u7d14\u8cc7\u7523\u984d\u3092\u5272\u308b\u3053\u3068\u3067\u500d\u7387\u3092\u8a08\u7b97\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">PBR\u306e\u76ee\u5b89\u306f1\u500d\u3067\u3042\u308a\u3001\u682a\u4fa1\u3068\u7d14\u8cc7\u7523\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u898b\u307e\u3059\u3002\u500d\u7387\u304c\u9ad8\u304f\u306a\u308c\u3070\u5272\u9ad8\u3001\u500d\u7387\u304c\u4f4e\u3051\u308c\u3070\u5272\u5b89\u3068\u5224\u65ad\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><b>PBR\uff1d\u682a\u4fa1\u00f71\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523<\/b><\/p>\n<p><strong>\u2463\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/strong><\/p>\n<p>\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u57fa\u790e\u3092\u305d\u306e\u307e\u307e\u4f7f\u3046\u3068\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u8a55\u4fa1\u304c\u6b63\u78ba\u306b\u306f\u51fa\u307e\u305b\u3093\u3002\u5bfe\u8c61\u4f01\u696d\u306e\u898f\u6a21\u3084\u682a\u5f0f\u306a\u3069\u306e\u6d41\u52d5\u6027\u306b\u5408\u308f\u305b\u3001\u6700\u5f8c\u306b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n<p>\u985e\u4f3c\u4f01\u696d\u306e\u898f\u6a21\u304c\u5bfe\u8c61\u4f01\u696d\u3088\u308a\u3082\u5927\u304d\u3044\u5834\u5408\u306f\u3001\u4f01\u696d\u898f\u6a21\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u3057\u3066\u7d041\uff5e3\u5272\u307b\u3069\u5272\u308a\u5207\u308a\u307e\u3059\u3002\u307e\u305f\u975e\u4e0a\u5834\u306e\u5834\u5408\u3001\u682a\u5f0f\u306f\u5e02\u5834\u306b\u6d41\u901a\u3057\u3066\u3044\u306a\u3044\u5206\u3092\u73fe\u91d1\u5316\u3059\u308b\u306b\u306f\u8cbb\u7528\u304c\u5fc5\u8981\u306a\u305f\u3081\u3001\u3053\u306e\u8cbb\u7528\u3082\u5272\u308a\u5f15\u304d\u307e\u3059\u3002<\/p>\n<h3><span id=\"3-4\"><strong>3-4. \u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/strong><\/span><\/h3>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\"><strong>\u985e\u4f3c\u53d6\u5f15\u6bd4\u8f03\u6cd5<\/strong>\u3068\u306f\u3001\u5bfe\u8c61\u4f1a\u793e\u3068\u4e8b\u696d\u5185\u5bb9\u3001\u8ca1\u52d9\u7279\u6027\u3084\u6210\u9577\u6027\u7b49\u304c\u985e\u4f3c\u3057\u3066\u3044\u308b\u3068\u8003\u3048\u3089\u308c\u308b\u4f1a\u793e\u3092\u5bfe\u8c61\u3068\u3057\u3066\u3001\u985e\u4f3c\u306eM\uff06A\u53d6\u5f15\u306b\u304a\u3044\u3066\u6210\u7acb\u3057\u305f\u58f2\u8cb7\u4fa1\u683c\u306b\u57fa\u3065\u3044\u3066\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/p>\n<p><b>\u5e73\u5747\u58f2\u5374\uff08\u8b72\u6e21\uff09\u4fa1\u683c\uff0f\u58f2\u4e0a\u9ad8\uff1d\u5e73\u5747\u58f2\u5374\uff08\u8b72\u6e21\uff09\u4fa1\u683c \u00f7\u5e73\u5747\u5e74\u9593\u58f2\u4e0a\u9ad8 \uff1d\u6bd4\u7387<\/b><\/p>\n<p><b>\u4f01\u696d\u8a55\u4fa1\u984d\uff1d\u5e74\u9593\u58f2\u4e0a\u9ad8\u00d7\u6bd4\u7387<\/b><\/p>\n<h3><span id=\"3-5_waccDCF\"><strong>3-5. wacc\u3092\u7528\u3044\u308bDCF\u6cd5\u3000<\/strong><\/span><\/h3>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/96ef5290d0d4cb2c59736276dd151912.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2532 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/96ef5290d0d4cb2c59736276dd151912.png\" alt=\"DCF\u6cd5\u306e\u57fa\u672c\u7684\u8003\u3048\u65b9\" width=\"885\" height=\"492\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/96ef5290d0d4cb2c59736276dd151912.png 885w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/96ef5290d0d4cb2c59736276dd151912-300x167.png 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/96ef5290d0d4cb2c59736276dd151912-768x427.png 768w\" sizes=\"(max-width: 885px) 100vw, 885px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\"><strong>DCF\u6cd5\uff08Discounted Cash Flow\uff09<\/strong>\u3068\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u5c06\u6765\u5229\u76ca\u4e88\u60f3\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u4e88\u60f3\u306b\u57fa\u3065\u3044\u3066\u4fa1\u5024\u8a55\u4fa1\u3092\u3059\u308b\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u8a08\u7b97\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">5\u5e74\u5206\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u3092\u898b\u7a4d\u3082\u308b\u3053\u3068\u304c\u591a\u304f\u3001<strong>FCF\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\uff09<\/strong>\u3068<strong>\u5272\u5f15\u7387\uff08Wacc<\/strong>\uff09\u3092\u7528\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><b>\u4f01\u696d\u4fa1\u5024\uff1dFCF\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u00f7\u5272\u5f15\u7387<\/b><\/p>\n<p><b>\u2460FCF\uff1dEBIT\u00d7\uff08\uff11\uff0d\u6cd5\u4eba\u7a0e\u7387\uff09\uff0b\u6e1b\u4fa1\u511f\u5374\u8cbb\uff0d\u8a2d\u5099\u6295\u8cc7\u7b49-\u0394\u904b\u8ee2\u8cc7\u672c<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><strong>EBIT\uff08Earnings Before Interest and Taxes<\/strong>\uff09\u3068\u306f\u3001\u6cd5\u4eba\u7a0e\u306b\u3088\u3063\u3066\u5272\u308a\u5f15\u304b\u308c\u308b\u524d\u306e\u4f01\u696d\u5229\u76ca\u306e\u3053\u3068\u3001\u4e00\u822c\u7684\u306b\u306f\u55b6\u696d\u5229\u76ca\u3068\u53d7\u53d6\u914d\u5f53\u91d1\u3092\u8db3\u3057\u305f\u3082\u306e\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u8db3\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u5b9f\u969b\u306e\u73fe\u91d1\u652f\u51fa\u3067\u306f\u306a\u304f\u4f1a\u8a08\u4e0a\u306e\u652f\u51fa\u3060\u304b\u3089\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8a2d\u5099\u6295\u8cc7\u306f\u3001EBIT\u306e\u8a08\u7b97\u306b\u306f\u542b\u307e\u308c\u306a\u3044\u305f\u3081\u3001\u73fe\u91d1\u652f\u51fa\u304c\u3042\u3063\u305f\u3068\u3057\u3066\u5dee\u3057\u5f15\u304b\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u904b\u8ee2\u8cc7\u672c\u3068\u306f\u3001\u4e8b\u696d\u6d3b\u52d5\u3092\u55b6\u3093\u3067\u3044\u304f\u305f\u3081\u306b\u5fc5\u8981\u306a\u8cc7\u91d1\u306e\u3053\u3068\u3067\u3001\u0394\u904b\u8ee2\u8cc7\u672c\u306f\u904b\u8ee2\u8cc7\u672c\u304c\u6b63\u5473\u3069\u308c\u3060\u3051\u5897\u3048\u305f\u304b\u3068\u3044\u3046\u5024\u3067\u3059\u3002<\/span><\/p>\n<p><b>\u2461\u5272\u5f15\u7387\u306f\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8(WACC)<\/b><\/p>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s8.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2548 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s8.png\" alt=\"\u682a\u4e3b\u4fa1\u5024\uff0b\u8ca0\u50b5\u4fa1\u5024\" width=\"151\" height=\"438\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s8.png 151w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/s8-103x300.png 103w\" sizes=\"(max-width: 151px) 100vw, 151px\" \/><\/a><\/p>\n<p><b>\uff08\u682a\u4e3b\u8cc7\u672c\u306e\u7dcf\u984d\u00d7\u8cc7\u672c\u30b3\u30b9\u30c8\uff0b\u8ca0\u50b5\u306e\u7dcf\u984d\u00d7\u8ca0\u50b5\u5229\u5b50\u7387\u00d7\uff081\uff0d\u5b9f\u52b9\u7a0e\u7387\uff09\uff09\u00f7\uff08\u682a\u4e3b\u8cc7\u672c\u306e\u7dcf\u984d\uff0b\u8ca0\u50b5\u306e\u7dcf\u984d\uff09<\/b><\/p>\n<p><span style=\"font-weight: 400;\">WACC\uff08Weighted Average Cost of Capital\uff09\u3068\u306f\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u305d\u308c\u305e\u308c\u306e\u6642\u4fa1\u3067\u52a0\u91cd\u5e73\u5747\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3002\u3064\u307e\u308a\u3001<strong>\u300c\u4f01\u696d\u304c\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u5834\u5408\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u306e\u5e73\u5747\u5024\u300d<\/strong>\u3092\u6307\u3057\u307e\u3059\u3002<\/span><\/p>\n<h2><span id=\"4_6\"><strong>4. \u4f01\u696d\u4fa1\u5024\u3092\u6c7a\u3081\u308b\u8981\u56e06\u3064<\/strong><\/span><\/h2>\n<div class=\"sng-box box1\">\n<p>\u30fb \u76ee\u7684\u8981\u56e0<\/p>\n<p>\u30fb \u4e00\u822c\u7684\u8981\u56e0<\/p>\n<p>\u30fb \u696d\u754c\u8981\u56e0<\/p>\n<p>\u30fb \u4f01\u696d\u8981\u56e0<\/p>\n<p>\u30fb \u682a\u4e3b\u8981\u56e0<\/p>\n<\/div>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u304c\u5fc5\u8981\u3068\u306a\u308b\u5c40\u9762\u306f\u591a\u7a2e\u591a\u69d8\u3067\u3042\u308a\u3001\u8a55\u4fa1\u3057\u3088\u3046\u3068\u3059\u308b\u4f01\u696d\u304c\u7f6e\u304b\u308c\u305f\u74b0\u5883\u3084\u4f01\u696d\u305d\u306e\u3082\u306e\u306e\u7279\u6027\u3092\u8e0f\u307e\u3048\u305f\u3046\u3048\u3067\u3001\u9069\u5207\u306a\u5224\u65ad\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u516c\u8a8d\u4f1a\u8a08\u58eb\u5354\u4f1a\u304c\u767a\u884c\u3057\u3066\u3044\u308b<a href=\"https:\/\/jicpa.or.jp\/specialized_field\/publication\/files\/2-3-32-2a-20130722.pdf\">\u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u300f<\/a>\u306b\u3088\u308c\u3070\u3001\u4f01\u696d\u4fa1\u5024\u7b49\u5f62\u6210\u8981\u56e0\u306f\u5927\u304d\u304f5\u3064\u306b\u5927\u5225\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<h3><span id=\"4-1\"><strong>4-1. \u76ee\u7684\u8981\u56e0<\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u7b49\u3092\u4f55\u306e\u76ee\u7684\u3067\u8a55\u4fa1\u3059\u308b\u306e\u304b\u3001\u305d\u306e\u8a55\u4fa1\u76ee\u7684\u306b\u3088\u3063\u3066\u4fa1\u5024\u5f62\u6210\u8981\u56e0\u306e\u3068\u3089\u3048\u65b9\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u53d6\u5f15\u76ee\u7684\uff08\u6295\u8cc7\u691c\u8a0e\u6642\u70b9\u3001\u4fdd\u6709\u7ba1\u7406\u6642\u70b9\u3001\u58f2\u5374\u691c\u8a0e\u6642\u70b9\uff09<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u88c1\u5224\u76ee\u7684\uff08\u53cd\u5bfe\u682a\u4e3b\u3001\u8b72\u6e21\u5236\u9650\u682a\u5f0f\u4fdd\u6709\u8005\u3001\u682a\u4e3b\u306e\u76f8\u7d9a\u4eba\u7b49\u304b\u3089\u306e\u8acb\u6c42\u306b\u5fdc\u3058\u3066\uff09<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u305d\u306e\u4ed6\uff08\u51e6\u5206\u76ee\u7684\u3001\u8ab2\u7a0e\u76ee\u7684\u3001PPA\uff08Purchase Price Allocation\uff1a\u53d6\u5f97\u539f\u4fa1\u306e\u914d\u5206\uff09\u76ee\u7684\u4ed6\uff09<\/span><\/li>\n<\/ul>\n<h3><span id=\"4-2\"><strong>4-2. \u4e00\u822c\u7684\u8981\u56e0<\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u7b49\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u4fa1\u5024\u5f62\u6210\u8981\u56e0\u306e\u3046\u3061\u3001\u30de\u30af\u30ed\u7684\u8981\u56e0\u3092\u3055\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u305d\u306e\u4e3b\u8981\u306a\u8981\u56e0\u306b\u306f\u4ee5\u4e0b\u306e\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u793e\u4f1a\u7684\u8981\u56e0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u653f\u6cbb\u72b6\u6cc1<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u7d4c\u6e08\u653f\u7b56\u30fb\u666f\u6c17\u5bfe\u7b56<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u6cd5\u4ee4<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u666f\u6c17\u52d5\u5411<\/span><\/li>\n<\/ul>\n<h3><span id=\"4-3\"><strong>4-3. \u696d\u754c\u8981\u56e0<\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u7b49\uff08\u4e8b\u696d\u4fa1\u5024\u3001\u4f01\u696d\u4fa1\u5024\u3001\u682a\u4e3b\u4fa1\u5024\uff09\u3092\u8a55\u4fa1\u3059\u308b\u5834\u5408\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u304c\u5c5e\u3059\u308b\u696d\u754c\u306e\u4ee5\u4e0b\u306e\u4fa1\u5024\u5f62\u6210\u8981\u56e0\u3092\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u5c5e\u3059\u308b\u696d\u754c\u306e\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306b\u304a\u3051\u308b\u30e9\u30a4\u30d5\u30b9\u30c6\u30fc\u30b8\uff08\u5275\u6210\u671f\u3001\u6210\u9577\u671f\u3001\u5b89\u5b9a\u671f\u53c8\u306f\u8870\u9000\u671f\uff09<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u696d\u754c\u306e\u7d44\u7e54\u518d\u7de8\u306e\u52d5\u5411<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u985e\u4f3c\u4e0a\u5834\u4f1a\u793e\u306e\u682a\u4fa1\u52d5\u5411<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u540c\u696d\u4ed6\u793e\u306e\u7d4c\u55b6\u6226\u7565\u8ee2\u63db<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u540c\u696d\u4ed6\u793e\u306e\u696d\u7e3e\u5909\u5316<\/span><\/li>\n<\/ul>\n<h3><span id=\"4-4\"><strong>4-4. \u4f01\u696d\u8981\u56e0<\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u7b49\u306e\u5f62\u6210\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0\u306e\u3046\u3061\u3001\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u53ca\u3073\u305d\u306e\u30b0\u30eb\u30fc\u30d7\u306b\u95a2\u308f\u308b\u3082\u306e\u3068\u3057\u3066\u306f\u4ee5\u4e0b\u306e\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u8a55\u4fa1\u5bfe\u8c61\u4f1a\u793e\u306e\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306b\u304a\u3051\u308b\u30e9\u30a4\u30d5\u30b9\u30c6\u30fc\u30b8\uff08\u5275\u6210\u671f\u3001\u6210\u9577\u671f\u3001\u5b89\u5b9a\u671f\u53c8\u306f\u8870\u9000\u671f\uff09<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u7d4c\u55b6\u6226\u7565\u3084\u7d4c\u55b6\u8a08\u753b\u3068\u305d\u308c\u3089\u306e\u9054\u6210\u72b6\u6cc1<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u53ce\u76ca\u6027<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u8ca1\u653f\u72b6\u614b<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u914d\u5f53\u653f\u7b56<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u7d4c\u55b6\u3001\u55b6\u696d\u3001\u6280\u8853\u3001\u7814\u7a76\u7b49\u306e\u7279\u7570\u6027<\/span><\/li>\n<\/ul>\n<h3><span id=\"4-5\"><strong>4-5. \u682a\u4e3b\u8981\u56e0<\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u682a\u4e3b\u306b\u95a2\u9023\u3057\u3066\u4ee5\u4e0b\u306e\u4fa1\u5024\u5f62\u6210\u8981\u56e0\u306f\u3001\u4f01\u696d\u4fa1\u5024\u7b49\u306e\u5f62\u6210\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3082\u306e\u3068\u3057\u3066\u8003\u616e\u304c\u5fc5\u8981\u3067\u3059\u3002<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u682a\u4e3b\u69cb\u6210\uff08\u682a\u4e3b\u306e\u96c6\u4e2d\u3001\u5206\u6563\u306e\u72b6\u6cc1\uff09<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u682a\u4e3b\u95a2\u4fc2\uff08\u540c\u65cf\u95a2\u4fc2\u3001\u652f\u914d\u682a\u4e3b\u95a2\u4fc2\u3001\u4e00\u5b9a\u306e\u682a\u4e3b\u30b0\u30eb\u30fc\u30d7\u306e\u5f62\u6210\u72b6\u6cc1\uff09<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u682a\u5f0f\u306e\u7a2e\u985e\u3068\u767a\u884c\u72b6\u6cc1\uff08\u666e\u901a\u682a\u5f0f\u3001\u7a2e\u985e\u682a\u5f0f\uff09<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u53d6\u5f15\u5f8c\u306e\u682a\u4e3b\u69cb\u6210\u306e\u5909\u5316<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u53d6\u5f15\u6570\u91cf\uff08\u5168\u91cf\u3001\u5927\u91cf\u3001\u4e2d\u91cf\u53c8\u306f\u5c11\u91cf\uff09<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u904e\u53bb\u306b\u304a\u3051\u308b\u58f2\u8cb7\u306e\u4e8b\u4f8b\uff08\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u306e\u72b6\u6cc1\uff09<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u682a\u5f0f\u8b72\u6e21\u5236\u9650\u306e\u6709\u7121<\/span><\/li>\n<\/ul>\n<h2><span id=\"5_3\"><strong>5. \u4f01\u696d\u4fa1\u5024\u3092\u7c21\u5358\u306b\u5272\u308a\u51fa\u30593\u3064\u306e\u65b9\u6cd5<\/strong><\/span><\/h2>\n<div class=\"sng-box box1\">\n<p><strong>\u30fb \u7121\u6599\u306e\u4f01\u696d\u4fa1\u5024\u8a08\u7b97\u30b5\u30a4\u30c8\u3092\u4f7f\u3046<\/strong><\/p>\n<p><strong>\u30fb \u4f01\u696d\u4fa1\u5024\u306e\u67fb\u5b9a\u4f01\u696d\u306b\u4f9d\u983c\u3059\u308b<\/strong><\/p>\n<p><strong>\u30fb \u30a8\u30af\u30bb\u30eb\u306a\u3069\u306e\u8a08\u7b97\u30c4\u30fc\u30eb\u3067\u5272\u308a\u51fa\u3059<\/strong><\/p>\n<\/div>\n<p><span class=\"red\"><b>\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u3092\u5b66\u3093\u3067\u3082\u3001\u5b9f\u969b\u306b\u8a08\u7b97\u3059\u308b\u306e\u306f\u5104\u52ab<\/b><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u305d\u306e\u3088\u3046\u306a\u3042\u306a\u305f\u306b\u306f\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u3066\u304f\u308c\u308b\u30b5\u30fc\u30d3\u30b9\u304c\u304a\u3059\u3059\u3081\u3002<\/span><\/p>\n<h3><span id=\"5-1\"><strong>5-1. \u7121\u6599\u306e\u4f01\u696d\u4fa1\u5024\u8a08\u7b97\u30b5\u30a4\u30c8\u3092\u4f7f\u3046<\/strong><\/span><\/h3>\n<h4><a href=\"https:\/\/knowhows.jp\/howmuch\"><strong>\u30ce\u30a6\u30cf\u30a6\u30ba<\/strong><\/a><span style=\"font-weight: 400;\">\u3000<\/span><\/h4>\n<p><a href=\"https:\/\/knowhows.jp\/howmuch\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2533 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/4ec0f8e58c7d10a33c460a18e7dd44ea.png\" alt=\"\u30ce\u30a6\u30cf\u30a6\u30ba\u3000\u8a08\u7b97\" width=\"1362\" height=\"726\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/4ec0f8e58c7d10a33c460a18e7dd44ea.png 1362w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/4ec0f8e58c7d10a33c460a18e7dd44ea-300x160.png 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/4ec0f8e58c7d10a33c460a18e7dd44ea-1024x546.png 1024w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/4ec0f8e58c7d10a33c460a18e7dd44ea-768x409.png 768w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/4ec0f8e58c7d10a33c460a18e7dd44ea-940x501.png 940w\" sizes=\"(max-width: 1362px) 100vw, 1362px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">\u30ce\u30a6\u30cf\u30a6\u30ba\u306f\u4e8b\u696d\u306b\u95a2\u3059\u308b\u76f8\u8ac7\u3084\u30d3\u30b8\u30cd\u30b9\u30c4\u30fc\u30eb\u304c\u53ef\u80fd\u306b\u306a\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u3067\u3059\u3002\u4f01\u696d\u4fa1\u5024\u3092\u7c21\u6613\u7684\u306b\u8a08\u7b97\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u300c\u307f\u3093\u306a\u306e\u4e8b\u696d\u76f8\u8ac7\u300d\u3068\u3044\u3063\u305f\u63b2\u793a\u677f\u3092\u5229\u7528\u3067\u304d\u307e\u3059\u3002\u7121\u6599\u3067\u5229\u7528\u3067\u304d\u308b\u305f\u3081\u3001\u767b\u9332\u3060\u3051\u3067\u3082\u3059\u308b\u3053\u3068\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u30b5\u30a4\u30c8\u3067\u306f\u767b\u9332\u3055\u308c\u3066\u3044\u308b\u4e2d\u5c0f\u4f01\u696d\u8a3a\u65ad\u58eb\u3084\u5f01\u8b77\u58eb\u3001\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8\u306a\u3069\u306e\u5c02\u9580\u5bb6\u304c\u63b2\u793a\u677f\u5f62\u5f0f\u3067\u7b54\u3048\u3066\u304f\u308c\u307e\u3059\u3002<\/span><\/p>\n<h3><span id=\"5-2\"><strong>5-2. \u67fb\u5b9a\u4f01\u696d\u306b\u4f9d\u983c\u3059\u308b<\/strong><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">M\uff06A\u4ef2\u4ecb\u4f01\u696d\u306b\u4f9d\u983c\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u516c\u8a8d\u4f1a\u8a08\u58eb\u4e8b\u52d9\u6240\u306b\u4f9d\u983c\u3002<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u5c02\u9580\u306e\u4f01\u696d\u306b\u4f9d\u983c\u3002<\/span><\/li>\n<\/ul>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/427fea17641c263e9b1f5a21305c5006.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2576 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/427fea17641c263e9b1f5a21305c5006.jpg\" alt=\"\u30b5\u30a4\u30c8\u30ad\u30e3\u30c3\u30c1\u30e3\u30fc\u3000\u516c\u5f0f\u30b5\u30a4\u30c8\" width=\"1600\" height=\"750\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/427fea17641c263e9b1f5a21305c5006.jpg 1600w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/427fea17641c263e9b1f5a21305c5006-300x141.jpg 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/427fea17641c263e9b1f5a21305c5006-1024x480.jpg 1024w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/427fea17641c263e9b1f5a21305c5006-768x360.jpg 768w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/427fea17641c263e9b1f5a21305c5006-1536x720.jpg 1536w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/427fea17641c263e9b1f5a21305c5006-940x441.jpg 940w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/a><\/p>\n<p>\u30b5\u30a4\u30c8\u30ad\u30e3\u30c3\u30c1\u30e3\u30fc\u306f\u3001<strong>\u696d\u754c\u77e5\u540d\u5ea6No1.<\/strong>\u306b\u52a0\u3048\u3001\u7dcf\u5408\uff2d\uff06A\u304b\u3089\u30b5\u30a4\u30c8\u306e\u500b\u4eba\uff2d\uff06A\u306a\u3069\u3001\u4e2d\u9593\u7684\u306a\u7acb\u3061\u56de\u308a\u304c\u53ef\u80fd\u3067\u3059\u3002\u898f\u6a21\u3068\u3057\u3066\u306f\u30011000\u4e07\u5186\u301c\u6570\u5104\u5186\u3092\u624b\u639b\u3051\u3066\u304d\u307e\u3057\u305f\u3002<strong><span class=\"red\">\u300c\u3069\u3046\u305b\u58f2\u308c\u306a\u3044\u300d<\/span><\/strong>\u3068\u8003\u3048\u3066\u3044\u308b\u30b5\u30a4\u30c8\u3084\u4ed6\u306e\uff2d\uff06A\u4ef2\u4ecb\u4f1a\u793e\u3067\u65ad\u3089\u308c\u305f\u30b5\u30a4\u30c8\u306a\u3069\u3001\u30b5\u30a4\u30c8\u30ad\u30e3\u30c3\u30c1\u30e3\u30fc\u306b\u76f8\u8ac7\u3057\u3066\u9802\u304d\u3001\u7d04600\u4e07\u5186\u3067\u58f2\u5374\u3092\u3057\u305f\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p><strong><span class=\"keiko_yellow\">\u4f01\u696d\u4fa1\u5024\u306e\u76f8\u8ac7\u3060\u3051\u3067\u3082\u305c\u3072\u3054\u76f8\u8ac7\u3092\uff01<\/span><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f\u4f01\u696d\u4fa1\u5024\u306e\u67fb\u5b9a\u306b\u306f\u516c\u8a8d\u4f1a\u8a08\u58eb\u4e8b\u52d9\u6240\u3068\u306e\u76f8\u8ac7\u306a\u3069\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u516c\u8a8d\u4f1a\u8a08\u58eb\u304c\u767a\u884c\u3057\u3066\u3044\u308b<a href=\"https:\/\/jicpa.or.jp\/specialized_field\/publication\/files\/2-3-32-2a-20130722.pdf\"><strong>\u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u30ac\u30a4\u30c0\u30f3\u30b9\u300f<\/strong><\/a>\u306b\u306f\u3001\u4f01\u696d\u8a55\u4fa1\u6642\u306b\u6c42\u3081\u3089\u308c\u308b\u516c\u8a8d\u4f1a\u8a08\u58eb\u3092\u4ee5\u4e0b\u306e2\u70b9\u3067\u5b9a\u7fa9\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2460 \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u696d\u52d9\u3092\u884c\u3046\u516c\u8a8d\u4f1a\u8a08\u58eb\u306f\u3001\u4f1a\u8a08\u53ca\u3073\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u95a2\u3057\u3066\u3001\u5c02\u9580\u7684\u77e5\u8b58\u3068\u7d4c\u9a13\u3092\u6709\u3057\u3066\u3044\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2461 \u8077\u696d\u502b\u7406\u3068\u8aa0\u5b9f\u6027\u3092\u3082\u3063\u3066\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u696d\u52d9\u3092\u9042\u884c\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u306e\u3088\u3046\u306a\u7d20\u8cea\u3092\u6301\u3063\u305f\u516c\u8a8d\u4f1a\u8a08\u58eb\u3060\u3051\u304c\u3001\u4f01\u696d\u306b\u5bfe\u3057\u3066\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3092\u884c\u3044\u3001\u4f01\u696d\u4fa1\u5024\u3092\u67fb\u5b9a\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><a href=\"https:\/\/www.value-advisory.co.jp\/\" class=\"broken_link\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2534 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/21cd7012979cff7bb4c194dc310e0ab0.jpg\" alt=\"\u30d0\u30ea\u30e5\u30fc\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u3000\u516c\u5f0f\u30b5\u30a4\u30c8\" width=\"1449\" height=\"931\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/21cd7012979cff7bb4c194dc310e0ab0.jpg 1449w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/21cd7012979cff7bb4c194dc310e0ab0-300x193.jpg 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/21cd7012979cff7bb4c194dc310e0ab0-1024x658.jpg 1024w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/21cd7012979cff7bb4c194dc310e0ab0-768x493.jpg 768w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/21cd7012979cff7bb4c194dc310e0ab0-940x604.jpg 940w\" sizes=\"(max-width: 1449px) 100vw, 1449px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024 \/ \u682a\u5f0f\u4fa1\u5024\u8a55\u4fa1\u30fb\u7121\u5f62\u8cc7\u7523\u4fa1\u5024\u8a55\u4fa1\u3092\u5c02\u9580\u3068\u3059\u308b\u4f1a\u793e\u306b\u306f<a href=\"https:\/\/www.value-advisory.co.jp\/\" class=\"broken_link\">\u30d0\u30ea\u30e5\u30fc\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u5408\u540c\u4f1a\u793e<\/a>\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002M\uff06A\u4ef2\u4ecb\u4f01\u696d\u306b\u67fb\u5b9a\u3092\u4f9d\u983c\u3059\u308b\u524d\u306b\u3001\u6063\u610f\u6027\u304c\u8584\u3044\u3001\u5ba2\u89b3\u7684\u306a\u30a2\u30c9\u30d0\u30a4\u30b9\u3092\u8cb0\u3046\u3053\u3068\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3><span id=\"5-3\"><strong>5-3. \u30a8\u30af\u30bb\u30eb\u306a\u3069\u306e\u8a08\u7b97\u30c4\u30fc\u30eb\u3067\u5272\u308a\u51fa\u3059<\/strong><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2535 size-full\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/Udemy.png\" alt=\"Udemy\u3000\u30a8\u30af\u30bb\u30eb\u3000\u8a08\u7b97\" width=\"1264\" height=\"772\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/Udemy.png 1264w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/Udemy-300x183.png 300w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/Udemy-1024x625.png 1024w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/Udemy-768x469.png 768w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/Udemy-940x574.png 940w\" sizes=\"(max-width: 1264px) 100vw, 1264px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u3092\u81ea\u5206\u3067\u6c42\u3081\u308b\u5834\u5408\u306f\u30a8\u30af\u30bb\u30eb\u306a\u3069\u306e\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002\u4f1a\u8a08\u4e8b\u52d9\u6240\u304c\u7121\u6599\u3067\u516c\u958b\u3059\u308b\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u30c4\u30fc\u30eb\u306e\u5229\u7528\u3084\u3001Udemy\u306a\u3069\u306e\u30aa\u30f3\u30e9\u30a4\u30f3\u5b66\u7fd2\u30b5\u30fc\u30d3\u30b9\u306a\u3069\u3092\u5229\u7528\u3057\u3001\u81ea\u5206\u30671\u304b\u3089\u30a8\u30af\u30bb\u30eb\u3092\u4f5c\u308b\u65b9\u6cd5\u306a\u3069\u304c\u304a\u3059\u3059\u3081\u3067\u3059\u3002<\/span><\/p>\n<h2><span id=\"6_5\"><strong>6. \u4f01\u696d\u4fa1\u5024\u306b\u3064\u3044\u3066\u5b66\u3079\u308b\u304a\u3059\u3059\u3081\u672c5\u9078<\/strong><\/span><\/h2>\n<div class=\"sng-box box1\">\n<p><strong>\u30fb \u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u57fa\u672c\u304c\u308f\u304b\u308b\u300f<\/strong><\/p>\n<p><strong>\u30fb \u300eMBA\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u300f<\/strong><\/p>\n<p><strong>\u30fb \u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3010\u5165\u9580\u7de8\u3011\u300f<\/strong><\/p>\n<p><strong>\u30fb \u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1 \u7b2c7\u7248[\u4e0a\u30fb\u4e0b] \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u7406\u8ad6\u3068\u5b9f\u8df5\u300f<\/strong><\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u306f\u5b9f\u52d9\u3067\u6d3b\u7528\u3055\u308c\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u7406\u8ad6\u7684\u306a\u9762\u3082\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u3088\u308a\u6df1\u304f\u5b66\u3073\u305f\u3044\u4eba\u5411\u3051\u306b\u3001\u521d\u5fc3\u8005\uff5e\u4e0a\u7d1a\u8005\u307e\u3067\u3001\u30ec\u30d9\u30eb\u5225\u306b\u304a\u3059\u3059\u3081\u672c\u3092\u7d39\u4ecb\uff01<\/span><\/p>\n<h3><span id=\"6-1\"><strong>6-1. \u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u57fa\u672c\u304c\u308f\u304b\u308b\u300f<\/strong><\/span><\/h3>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/328e8005ed9c127ca379bfd1747beba8.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2537 aligncenter\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/328e8005ed9c127ca379bfd1747beba8.png\" alt=\"\" width=\"215\" height=\"285\" \/><\/a><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">\u540d\u79f0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u300e\u56f3\u89e3\u3067\u308f\u304b\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u3059\u3079\u3066\u300f<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u51fa\u7248\u793e<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u65e5\u672c\u5b9f\u696d\u51fa\u7248\u793e<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u767a\u58f2\u65e5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2011\/05<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u30da\u30fc\u30b8\u6570<\/span><\/td>\n<td><span style=\"font-weight: 400;\">206<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u8457\u8005<\/span><\/td>\n<td><span style=\"font-weight: 400;\">(\u682a)KPMG FAS<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u30ec\u30d9\u30eb<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u521d\u5b66\u8005\u5411\u3051<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u3064\u3044\u3066\u306e\u8003\u3048\u65b9\u304b\u3089\u5b9f\u52d9\u306e\u5165\u308a\u53e3\u307e\u3067\u3001\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u521d\u5b66\u8005\u306b\u304a\u3059\u3059\u3081\u3067\u304d\u308b\u4e00\u518a\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f\u521d\u5b66\u8005\u3060\u3051\u3067\u306a\u304f\u3001\u591a\u5c11\u306e\u5b9f\u52d9\u7d4c\u9a13\u304c\u3042\u308b\u4eba\u306b\u3068\u3063\u3066\u3082\u3001\u7db2\u7f85\u7684\u306b\u57fa\u790e\u7684\u4e8b\u9805\u306e\u5fa9\u7fd2\u304c\u53ef\u80fd\u3067\u3059\u3002\u5dfb\u672b\u306b\u3042\u308b\u3001\u5b9f\u52d9\u306b\u304a\u3051\u308b\u5fc5\u8981\u8cc7\u6599\u30ea\u30b9\u30c8\u3084\u30a2\u30d7\u30ed\u30fc\u30c1\u3054\u3068\u306e\u30a2\u30a6\u30c8\u30d7\u30c3\u30c8\u8cc7\u6599\u304c\u5b9f\u52d9\u306e\u30a4\u30e1\u30fc\u30b8\u306b\u8ca2\u732e\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u56f3\u89e3\u3082\u542b\u3081\u308c\u3066\u3044\u308b\u305f\u3081\u521d\u5b66\u8005\u3067\u3082\u3001\u30a4\u30e1\u30fc\u30b8\u3057\u3084\u3059\u3044\u305f\u3081\u304a\u3059\u3059\u3081\u3002<\/span><\/p>\n<h3><span id=\"6-2_MBA\"><strong>6-2. \u300eMBA\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u300f<\/strong><\/span><\/h3>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/ssss.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2540 aligncenter\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/ssss.png\" alt=\"\" width=\"229\" height=\"331\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/ssss.png 229w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/ssss-208x300.png 208w\" sizes=\"(max-width: 229px) 100vw, 229px\" \/><\/a><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">\u540d\u79f0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u300eMBA\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u300f<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u51fa\u7248\u793e<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u65e5\u7d4cBP<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u767a\u58f2\u65e5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2001\/10\/13<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u30da\u30fc\u30b8\u6570<\/span><\/td>\n<td><span style=\"font-weight: 400;\">238<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u8457\u8005<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u68ee\u751f \u660e<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u30ec\u30d9\u30eb<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u521d\u5b66\u8005\u5411\u3051<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u300c\u4f01\u696d\u4fa1\u5024\u300d\u3092\u77e5\u308a\u305f\u3044\u8aad\u8005\u306b\u3068\u3063\u3066\u3001\u6700\u521d\u306e\u4e00\u518a\u3068\u3057\u3066\u304a\u3059\u3059\u3081\u306e\u66f8\u7c4d\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u7b46\u8005\u306e\u81ea\u3089\u306e\u4f53\u9a13\u3092\u4ea4\u3048\u3064\u3064\u3001\u4f01\u696d\u4fa1\u5024\u306e\u610f\u5473\u3092\u5e73\u5766\u306a\u8a00\u8449\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002\u6700\u7d42\u7ae0\u3067\u306f\u3001M\uff06A\u3068\u306f\u4f55\u304b\u3001\u6575\u5bfe\u7684M&amp;A\u306f\u60aa\u3044\u306e\u304b\u3001\u3068\u3044\u3063\u305f\u3088\u308a\u6df1\u3044\u8996\u70b9\u3067\u3001M&amp;A\u306e\u5728\u308a\u65b9\u30fb\u8003\u3048\u65b9\u3092\u4f1d\u3048\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h3><span id=\"6-3\"><strong>6-3. \u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3010\u5165\u9580\u7de8\u3011\u300f<\/strong><\/span><\/h3>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/b.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2538 aligncenter\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/b.png\" alt=\"\" width=\"208\" height=\"302\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/b.png 208w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/b-207x300.png 207w\" sizes=\"(max-width: 208px) 100vw, 208px\" \/><\/a><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">\u540d\u79f0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3010\u5165\u9580\u7de8\u3011\u300f<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u51fa\u7248\u793e<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u30c0\u30a4\u30e4\u30e2\u30f3\u30c9\u793e<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u767a\u58f2\u65e5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2018\/10\/24<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u30da\u30fc\u30b8\u6570<\/span><\/td>\n<td><span style=\"font-weight: 400;\">274<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u8457\u8005<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u9234\u6728\u4e00\u529f(\u3059\u305a\u304d\u30fb\u304b\u305a\u306e\u308a)<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u30ec\u30d9\u30eb<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u521d\u5b66\u8005\u5411\u3051<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u4f1a\u8a08\u306e\u5c02\u9580\u77e5\u8b58\u3082\u3001\u8907\u96d1\u306a\u6570\u5f0f\u3082\u4f7f\u7528\u3055\u308c\u305a\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6\u304b\u3089\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5b9f\u52d9\u307e\u3067\u3001\u3053\u306e\u4e00\u518a\u3067\u4f53\u7cfb\u7684\u306b\u5b66\u3076\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u524d\u534a\u306e\u7406\u8ad6\u7684\u306a\u90e8\u5206\u3092\u51fa\u6765\u308b\u3060\u3051\u30b3\u30f3\u30d1\u30af\u30c8\u306b\u307e\u3068\u3081\u3001\u5b9f\u8df5\u90e8\u5206\u3067\u306f\u65e5\u672c\u4f01\u696d\u3092\u984c\u6750\u306b\u3057\u305f\u3082\u306e\u304c\u8a18\u8f09\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5b66\u751f\u3084\u3001\u3053\u308c\u3089\u95a2\u9023\u696d\u52d9\u306b\u643a\u308f\u308b\u8005\u306b\u304a\u3059\u3059\u3081\u3002<\/span><\/p>\n<h3><span id=\"6-4_7\"><strong>6-4. \u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1 \u7b2c7\u7248[\u4e0a\u30fb\u4e0b] \u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306e\u7406\u8ad6\u3068\u5b9f\u8df5\u300f<\/strong><\/span><\/h3>\n<p><a href=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cv.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2539 aligncenter\" src=\"http:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cv.png\" alt=\"\" width=\"391\" height=\"278\" srcset=\"https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cv.png 391w, https:\/\/sitecatcher.net\/blog\/wp-content\/uploads\/2022\/08\/cv-300x213.png 300w\" sizes=\"(max-width: 391px) 100vw, 391px\" \/><\/a><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">\u540d\u79f0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1 \u7b2c6\u7248 \u3010\u4e0a\u3011\u300f<\/span><\/td>\n<td rowspan=\"6\"><\/td>\n<td><span style=\"font-weight: 400;\">\u540d\u79f0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u300e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1 \u7b2c6\u7248 \u3010\u4e0b\u3011\u300f<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u51fa\u7248\u793e<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u30c0\u30a4\u30e4\u30e2\u30f3\u30c9\u793e<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u51fa\u7248\u793e<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u30c0\u30a4\u30e4\u30e2\u30f3\u30c9\u793e<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u767a\u58f2\u65e5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2016\/8\/25<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u767a\u58f2\u65e5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2022\/1\/26<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u30da\u30fc\u30b8\u6570<\/span><\/td>\n<td><span style=\"font-weight: 400;\">624<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u30da\u30fc\u30b8\u6570<\/span><\/td>\n<td><span style=\"font-weight: 400;\">520<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u8457\u8005<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u30c6\u30a3\u30e0\u30fb\u30b3\u30ca\u30fc<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u8457\u8005<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u30c6\u30a3\u30e0\u30fb\u30b3\u30ca\u30fc<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u30ec\u30d9\u30eb<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u4e2d\u7d1a\uff5e\u4e0a\u7d1a\u8005<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u30ec\u30d9\u30eb<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u4e2d\u7d1a\uff5e\u4e0a\u7d1a\u8005<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u30d0\u30a4\u30d6\u30eb\u3068\u3082\u547c\u3079\u308b\u672c\u3067\u3059\u3002\u30ed\u30f3\u30b0\u30bb\u30e9\u30fc\u3092\u8a87\u308a\u30012022\u5e74\u306b\u7b2c7\u7248\u304c\u767a\u58f2\u3055\u308c\u307e\u3057\u305f\u3002\u4e0a\u5dfb\u3068\u4e0b\u5dfb\u306b\u5206\u304b\u308c\u3066\u304a\u308a\u3001\u4e0a\u5dfb\u306f\u57fa\u790e\u3084\u7406\u8ad6\u3092\u8a18\u3057\u3066\u3044\u307e\u3059\u3002\u4e0b\u5dfb\u3067\u306f\u72b6\u6cc1\u306b\u5fdc\u3058\u305f\u5bfe\u5fdc\u304c\u8a18\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u5b9f\u8df5\u5411\u304d\u306a\u5185\u5bb9\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u30ec\u30d9\u30eb\u3068\u3057\u3066\u306f\u3042\u308b\u7a0b\u5ea6\u306e\u4f1a\u8a08\u30b9\u30ad\u30eb\u3084\u6570\u5b66\u30b9\u30ad\u30eb\u304c\u5fc5\u8981\u3067\u3059\u3001\u30d7\u30ed\u306e\u5b9f\u52d9\u5bb6\u5411\u3051\u306e\u9762\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u3088\u308a\u4f01\u696d\u4fa1\u5024\u3092\u5b66\u3073\u305f\u3044\u4eba\u306b\u304a\u3059\u3059\u3081\u3067\u3059\u3002<\/span><\/p>\n<h2><span id=\"7_4\"><strong>7. \u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u3059\u3079\u304d\u3053\u30684\u9078<\/strong><\/span><\/h2>\n<div class=\"sng-box box1\">\n<p><strong>\u30fb \u4e8b\u696d\u306e\u53ce\u76ca\u6027\u306e\u5411\u4e0a<\/strong><\/p>\n<p><strong>\u30fb \u6295\u8cc7\u52b9\u7387\u306e\u6700\u9069\u5316<\/strong><\/p>\n<p><strong>\u30fb \u8ca1\u52d9\u72b6\u6cc1\u306e\u898b\u76f4\u3057<\/strong><\/p>\n<p><strong>\u30fb \u7121\u5f62\u8cc7\u7523\u306e\u628a\u63e1\u30fb\u6d3b\u7528<\/strong><\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u306e\u5b9a\u7fa9\u30fb\u8a08\u7b97\u65b9\u6cd5\u3092\u628a\u63e1\u3057\u3001\u81ea\u793e\u306e\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u65b9\u6cd5\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>&lt;\u53c2\u8003\u6587\u732e&gt;<\/p>\n<p><span style=\"font-weight: 400;\">\u300e<a href=\"https:\/\/www.tdb.co.jp\/knowledge\/kachi\/07.html\">\u7b2c7\u56de\uff1a\u4f01\u696d\u4fa1\u5024\u306e\u5411\u4e0a\u7b56\uff081\uff09\uff5e\u53ce\u76ca\u6027\u3001\u6295\u8cc7\uff08\u8cc7\u7523\uff09\u52b9\u7387\u6027\u306e\u5411\u4e0a\uff5e<\/a>\uff08\u5e1d\u56fd\u30d0\u30f3\u30af.2007\/01\/30\uff09\u300f<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u300e<a href=\"https:\/\/www.tabisland.ne.jp\/tdb\/kachi\/kachi_006.htm\" class=\"broken_link\">\u4f01\u696d\u4fa1\u5024\u306e\u5411\u4e0a\u7b56\u3000\uff11<\/a>\uff08TabisLand\uff09\u300f<\/span><\/p>\n<h3><span id=\"7-1\"><strong>7-1. \u4e8b\u696d\u306e\u53ce\u76ca\u6027\u306e\u5411\u4e0a<\/strong><\/span><\/h3>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u53ce\u76ca\u306e\u5411\u4e0a\u306f\u640d\u76ca\u8a08\u7b97\u66f8\u306e\u8996\u70b9\u3067\u3001\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306b\u91cd\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u3092\u5411\u4e0a\u3055\u305b\u308b\u306b\u306f\u53ce\u76ca\u6027\u306e\u5411\u4e0a\u3092\u5148\u305a\u610f\u8b58\u3059\u308b\u3053\u3068\u3067\u3059\u304c\u3001\u53ce\u76ca\u6027\u3068\u751f\u7523\u6027\u306e\u95a2\u4fc2\u3092\u610f\u8b58\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002\u53ce\u76ca\u3068\u306f\u3001\u4e8b\u696d\u904b\u55b6\u306b\u3088\u3063\u3066\u5f97\u308b\u5229\u76ca\u306e\u3053\u3068\u3067\u3001\u4e00\u822c\u7684\u306b\u306f\u58f2\u4e0a\u9ad8\u306e\u3053\u3068\u3092\u3055\u3057\u307e\u3059\u3002\u4e00\u65b9\u3001\u53ce\u76ca\u6027\u3068\u306f\u30b3\u30b9\u30c8\u3092\u5dee\u3057\u5f15\u3044\u305f\u624b\u5143\u306b\u6b8b\u308b\u7d14\u5229\u76ca\u306e\u3053\u3068\u3067\u3059\u3002\u53ce\u76ca\u6027\u3092\u5411\u4e0a\u3055\u305b\u308b\u5177\u4f53\u7684\u306a\u65b9\u6cd5\u306f\u3001\u58f2\u4e0a\u9ad8\u306e\u5411\u4e0a\u3084\u8af8\u30b3\u30b9\u30c8\u306e\u524a\u6e1b\u304c\u5fc5\u8981\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u65bd\u7b56\u3068\u3057\u3066\u3001\u55b6\u696d\u529b\u306e\u5f37\u5316\u3084\u4ed8\u52a0\u4fa1\u5024\u306e\u9ad8\u3044\u88fd\u54c1\u306e\u958b\u767a\u3084\u62e1\u8ca9\u3001\u5e02\u5834\u306b\u304a\u3051\u308b\u7af6\u4e89\u529b\u306e\u5f37\u5316\u3001\u5dee\u5225\u5316\u3068\u3044\u3063\u305f\u3082\u306e\u304c\u6b20\u304b\u305b\u307e\u305b\u3093\u3002<\/span><\/p>\n<h3><span id=\"7-2\">7-2. \u6295\u8cc7\u52b9\u7387\u306e\u6700\u9069\u5316<\/span><\/h3>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u52b9\u7387\u306e\u6700\u9069\u5316\u306f\u8cc3\u501f\u5bfe\u7167\u8868\uff08BS\uff09\u306e\u5de6\u5074\u3001\u4e8b\u696d\u4fa1\u683c\u30fb\u975e\u4e8b\u696d\u4fa1\u683c\u306e\u8996\u70b9\u304c\u91cd\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u6295\u8cc7\u52b9\u7387\u306e\u6700\u9069\u5316\u3068\u306f\u3001\u8cc7\u7523\u306e\u6709\u52b9\u6d3b\u7528\u3092\u3057\u3001\u30b9\u30ea\u30e0\u306a\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306b\u3059\u308b\u3053\u3068\u30fb\u7121\u99c4\u306a\u8cc7\u7523\u3092\u6301\u305f\u306a\u3044\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u58f2\u4e0a\u50b5\u6a29\u3092\u56de\u53ce\u3059\u308b\u3053\u3068\u3092\u610f\u8b58\u3057\u3001\u58f2\u3063\u3066\u7d42\u308f\u308a\u3067\u306f\u306a\u304f\u3001\u3067\u304d\u308b\u3060\u3051\u65e9\u671f\u306b\u4ee3\u91d1\u3092\u56de\u53ce\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002\u307e\u305f\u5728\u5eab\u306f\u8cc7\u91d1\u56de\u53ce\u306b\u81f3\u308b\u307e\u3067\u306e\u9014\u4e2d\u6bb5\u968e\u306b\u306a\u308b\u305f\u3081\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u7684\u306b\u306f\u30de\u30a4\u30ca\u30b9\u306e\u8cc7\u7523\u306b\u306a\u308a\u307e\u3059\u3002\u7121\u99c4\u306a\u5728\u5eab\u3092\u306a\u304f\u3059\u305f\u3081\u306b\u53ef\u8996\u5316\u3092\u610f\u8b58\u3057\u3001\u56de\u8ee2\u7387\u3092\u4e0a\u3052\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4fca\u654f\u6027\u306e\u9ad8\u3044\u4f01\u696d\u307b\u3069\u3001\u53ce\u76ca\u3068\u8cbb\u7528\u5bfe\u52b9\u679c\u306e\u9ad8\u3044\u30b3\u30f3\u30c6\u30f3\u30c4\u306b\u55b6\u696d\u4e88\u7b97\u3092\u5272\u308a\u5f53\u3066\u3001\u6295\u8cc7\u3092\u884c\u3044\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u5229\u76ca\u3092\u751f\u307f\u51fa\u3059\u30b3\u30f3\u30c6\u30f3\u30c4\u306b\u5bfe\u3057\u3066\u3001\u6700\u9069\u306a\u6295\u8cc7\u3092\u884c\u3046\u3053\u3068\u3082\u5927\u5207\u3067\u3059\u3002<\/span><\/p>\n<h3><span id=\"7-3\"><strong>7-3. \u8ca1\u52d9\u72b6\u614b\u306e\u898b\u76f4\u3057<\/strong><\/span><\/h3>\n<p><span class=\"keiko_yellow\" style=\"font-weight: 400;\">\u8ca1\u52d9\u306e\u6700\u9069\u5316\u306f\u8cc3\u501f\u5bfe\u7167\u8868\uff08BS\uff09\u306e\u53f3\u5074\u3001\u8ca0\u50b5\u4fa1\u683c\u306e\u8996\u70b9\u304c\u91cd\u8981\u3068\u306a\u308a\u307e\u3059\u3002\u307e\u305f\u682a\u5f0f\u516c\u958b\u4f01\u696d\u5411\u3051\u306e\u8a71\u306b\u3082\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8ca0\u50b5\u30fb\u8cc7\u672c\u304b\u3089\u898b\u308b\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u7b56\u306f\u3001\u8cc7\u91d1\u306e\u6e90\u6cc9\u3068\u4f7f\u9014\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u898b\u308b\u3053\u3068\u3068\u3082\u8a00\u3044\u304b\u3048\u3089\u308c\u307e\u3059\u3002\u8ca0\u50b5\u306e\u5229\u7528\u306b\u3088\u308b\u53ce\u76ca\u6027\u3084\u4fa1\u5024\u306e\u5411\u4e0a\u3084\u5c11\u984d\u306e\u6295\u8cc7\u3067\u591a\u984d\u306e\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u3092\u610f\u8b58\u3059\u308b\u3053\u3068\u304c\u5fc5\u8981\u3067\u3059\u3002<\/span><\/p>\n<h3><span id=\"7-4\"><strong>7-4. \u7121\u5f62\u8cc7\u7523\u306e\u628a\u63e1\u30fb\u6d3b\u7528<\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u7121\u5f62\u8cc7\u7523\u3068\u306f\u3001\u7279\u8a31\u6a29\u3084\u5546\u6a19\u6a29\u306a\u3069\u306e\u4f1a\u8a08\u4e0a\u306e\u7121\u5f62\u56fa\u5b9a\u8cc7\u7523\u3092\u6307\u3057\u307e\u3059\u3002\u4ed6\u306b\u3082\u3001\u4eba\u6750\u3084\u6280\u8853\u3001\u7d44\u7e54\u3001\u9867\u5ba2\u30c7\u30fc\u30bf\u306a\u3069\u5e45\u5e83\u304f\u5b58\u5728\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span class=\"keiko_green\" style=\"font-weight: 400;\">\u6709\u5f62\u306e\u751f\u7523\u8a2d\u5099\u3088\u308a\u3082\u7121\u5f62\u8cc7\u7523\u304c\u5229\u76ca\u7387\u306b\u5f71\u97ff\u3059\u308b\u5834\u5408\u3001\u4f01\u696d\u4fa1\u5024\u3092\u5411\u4e0a\u3055\u305b\u308b\u7cf8\u53e3\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f\u4f1a\u8a08\u4e0a\u306e\u7121\u5f62\u8cc7\u7523\u306f\u81ea\u7136\u767a\u751f\u3057\u305f\u3082\u306e\u306f\u8a8d\u3081\u3089\u308c\u305a\u3001M&amp;A\u306a\u3069\u306e\u58f2\u8cb7\u53d6\u5f15\u3092\u901a\u3058\u3066\u6709\u511f\u53d6\u5f97\u3057\u305f\u3082\u306e\u306e\u307f\u3001\u8cc7\u7523\u8a08\u4e0a\u304c\u8a8d\u3081\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<h2><span id=\"8\"><strong>8. \u591a\u9762\u7684\u306b\u8a55\u4fa1\u3055\u308c\u308b\u4f01\u696d\u4fa1\u5024\u3092\u628a\u63e1\u3057\u3066\u6700\u5927\u5229\u76ca\u306a\u9078\u629e\u3092<\/strong><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u306b\u306f\u7d76\u5bfe\u7684\u306a\u30e2\u30ce\u306f\u5b58\u5728\u3057\u307e\u305b\u3093\u3002<\/span><\/p>\n<p><strong><span class=\"keiko_yellow\">\u4f1a\u793e\u904b\u55b6\u306b\u306f\u5b9a\u91cf\u5316\u304c\u51fa\u6765\u308b\u3082\u306e\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u4eba\u6750\u3084\u30ce\u30a6\u30cf\u30a6\u306a\u3069\u76ee\u306b\u898b\u3048\u306a\u3044\u5b9a\u6027\u7684\u306a\u8981\u7d20\u304c\u591a\u304f\u3042\u308a\u307e\u3059\u3002\u305d\u308c\u3089\u8981\u7d20\u306e\u4fa1\u5024\u3092\u3001\u7b2c\u4e09\u8005\u306b\u3082\u7d0d\u5f97\u3055\u305b\u308b\u3055\u305b\u308b\u3053\u3068\u304c\u5927\u5207\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">DCF\u6cd5\u3084\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306a\u3069\u3001\u5b9f\u52d9\u7684\u306b\u5229\u7528\u3055\u308c\u308b\u8a08\u7b97\u65b9\u6cd5\u306f\u3042\u308b\u7a0b\u5ea6\u52c9\u5f37\u3059\u308c\u3070\u8eab\u306b\u7740\u3051\u308b\u3053\u3068\u304c\u51fa\u6765\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u4f01\u696d\u306e\u5b9a\u91cf\u5316\u3067\u304d\u306a\u3044\u8981\u7d20\u306f\u81ea\u5206\u306b\u3057\u304b\u5206\u304b\u3089\u306a\u3044\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u81ea\u793e\u306e\u5b9a\u6027\u7684\u306a\u5f37\u307f\u3092\u30a2\u30d4\u30fc\u30eb\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/span><\/p>\n<h2><span id=\"9_QA\"><strong>9. \u4f01\u696d\u4fa1\u5024\u8a08\u7b97\u3088\u304f\u3042\u308bQ\uff06A<\/strong><\/span><\/h2>\n<p class=\"hh hhq\"><strong>\u4f01\u696d\u4fa1\u5024\u3092\u5b89\u304f\u898b\u7a4d\u3082\u3089\u308c\u308b\u3053\u3068\u306f\u3042\u308b\u306e\uff1f<\/strong><\/p>\n<p class=\"hh hha\"><strong>\u4f01\u696d\u4fa1\u5024\u306f\u69d8\u3005\u306a\u8981\u7d20\u306e\u5f71\u97ff\u3092\u53d7\u3051\u305f\u308a\u3001\u8a08\u7b97\u65b9\u6cd5\u306b\u3088\u3063\u3066\u4fa1\u5024\u304c\u5927\u304d\u304f\u5909\u52d5\u3057\u307e\u3059\u3002\u81ea\u8eab\u304c\u5e0c\u671b\u3057\u305f\u4f01\u696d\u4fa1\u5024\u3088\u308a\u3082\u4f4e\u304f\u898b\u7a4d\u3082\u3089\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u3088\u308a\u591a\u304f\u306e\u5074\u9762\u304b\u3089\u306e\u7b97\u5b9a\u306b\u3088\u308a\u3001\u81ea\u5206\u304c\u7d0d\u5f97\u3059\u308b\u4fa1\u683c\u3092\u898b\u3064\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/strong><\/p>\n<p class=\"hh hhq\"><strong>5\u5e74\u5148\u306e\u4fa1\u5024\u306e\u826f\u3057\u60aa\u3057\u306f\u3069\u3046\u5224\u65ad\u3055\u308c\u308b\uff1f<\/strong><\/p>\n<p class=\"hh hha\"><strong>\u4e3b\u306b\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306eDCF\u6cd5\u306b\u3088\u3063\u3066\u5224\u65ad\u3055\u308c\u307e\u3059\u3002\u4f01\u696d\u306e\u5c06\u6765\u6027\u306b\u7740\u76ee\u3055\u308c\u308b\u305f\u3081\u3001\u5b9a\u6027\u7684\u306a\u8981\u7d20\u304c\u8003\u616e\u3055\u308c\u307e\u3059\u3002\u307e\u305fM\uff06A\u306e\u5834\u9762\u3067\u306f\u3001\u4f01\u696d\u540c\u58eb\u306e\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u306a\u3069\u306b\u7740\u76ee\u3055\u308c\u307e\u3059\u3002<\/strong><\/p>\n<p class=\"hh hhq\"><strong>\u4f01\u696d\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u8981\u56e0\u3068\u304b\u3063\u3066\u3042\u308b\u306e\uff1f<\/strong><\/p>\n<p class=\"hh hha\"><strong>\u4f01\u696d\u4fa1\u5024\u306f\u69d8\u3005\u306a\u8a08\u7b97\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u5171\u901a\u3059\u308b\u3053\u3068\u3067\u300c\u7a3c\u3050\u529b\u300d\u3068\u300c\u6210\u9577\u300d\u3067\u8a55\u4fa1\u3092\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u8981\u7d20\u304c\u3001\u67fb\u5b9a\u8005\u306b\u7121\u3044\u3068\u5224\u65ad\u3055\u308c\u308b\u3068\u4f01\u696d\u4fa1\u5024\u306f\u4e0b\u304c\u308a\u307e\u3059\u3002<\/strong><\/p>\n<p class=\"hh hhq\"><strong>\u6642\u4fa1\u7dcf\u984d\u306f\u3069\u306e\u3088\u3046\u306b\u5909\u52d5\u3059\u308b\uff1f<\/strong><\/p>\n<p class=\"hh hha\"><strong>\u5e02\u5834\u306e\u52d5\u304d\u306b\u5de6\u53f3\u3055\u308c\u307e\u3059\u3002\u653f\u7b56\u7684\u306a\u30de\u30af\u30ed\u8981\u7d20\u306f\u3082\u3061\u308d\u3093\u3001\u6295\u8cc7\u5bb6\u9054\u306e\u4f01\u696d\u306b\u5bfe\u3059\u308b\u60b2\u89b3\u3084\u697d\u89b3\u306a\u3069\u306e\u8981\u7d20\u3092\u542b\u307f\u307e\u3059\u3002<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p class=\"hh hhq\">\u4f01\u696d\u4fa1\u5024\u306b\u7d0d\u5f97\u304c\u51fa\u6765\u306a\u3044\u5834\u5408\u306f\u3069\u3046\u3059\u308c\u3070\u3044\u3044\uff1f<\/p>\n<p class=\"hh 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