{"id":2346,"date":"2022-03-25T12:30:47","date_gmt":"2022-03-25T03:30:47","guid":{"rendered":"https:\/\/paradigm-shift.co.jp\/media\/?p=2346"},"modified":"2022-03-25T12:30:47","modified_gmt":"2022-03-25T03:30:47","slug":"terminal-value","status":"publish","type":"post","link":"https:\/\/paradigm-shift.co.jp\/media\/terminal-value\/","title":{"rendered":"\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3068\u306f\uff1fDCF\u6cd5\u306b\u304a\u3051\u308b\u8a08\u7b97\u65b9\u6cd5\u3068\u6ce8\u610f\u70b9\u3092\u89e3\u8aac"},"content":{"rendered":"<p>DCF\u6cd5\u3068\u5bc6\u63a5\u306a\u95a2\u308f\u308a\u3092\u6301\u3064\u300c\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u300d\u3002<\/p>\n<p>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306b\u3064\u3044\u3066\u3001\u300c\u4e00\u4f53\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u306a\u306e\u304b\uff1f\u300d\u300c\u7b97\u51fa\u65b9\u6cd5\u3092\u77e5\u308a\u305f\u3044\u300d\u3068\u304a\u8003\u3048\u306e\u65b9\u3082\u591a\u3044\u306f\u305a\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001<span 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class=\"span__stk_maker_blue\">\u4f01\u696d\u306e\u5c06\u6765\u7684\u4fa1\u5024<\/span>\u306e\u3053\u3068\u3002<\/p>\n<p>\u4f01\u696d\u304c\u6c38\u7d9a\u3059\u308b\u3068\u3044\u3046\u524d\u63d0\u306e\u3082\u3068\u3001<strong>\u4e8b\u696d\u8a08\u753b\u306e\u6700\u7d42\u5e74\u5ea6\u4ee5\u964d\u306b\u751f\u3058\u308b\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3092\u73fe\u5728\u4fa1\u5024\u3067\u793a\u3057\u305f\u7dcf\u8a08<\/strong>\u3067\u3059\u3002<\/p>\n<p>\u65e5\u672c\u8a9e\u3067\u306f\u3001\u7d99\u7d9a\u4fa1\u5024\u30fb\u6c38\u7d9a\u4fa1\u5024\u30fb\u6b8b\u5b58\u4fa1\u5024\u3068\u3082\u547c\u3070\u308c\u3001\u58f2\u308a\u624b\u4f01\u696d\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u8868\u8a18\u7d71\u4e00\u3057\u3066\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3068\u8a18\u8ff0\u3057\u307e\u3059\u3002<\/p>\n<h2>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3068DCF\u6cd5\u306e\u95a2\u4fc2\u6027<\/h2>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-2350\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/qF25mUiK51RO9nc1647825928_1647825930.jpg\" alt=\"\" width=\"660\" height=\"439\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/qF25mUiK51RO9nc1647825928_1647825930.jpg 660w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/qF25mUiK51RO9nc1647825928_1647825930-300x200.jpg 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/qF25mUiK51RO9nc1647825928_1647825930-485x323.jpg 485w\" sizes=\"(max-width: 660px) 100vw, 660px\" 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class=\"span__stk_maker_blue\">\u4f01\u696d\u306e\u5c06\u6765\u6027\u3092\u3082\u3068\u306b\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u624b\u6cd5<\/span>\u3002<\/p>\n<p>M&amp;A\u306b\u304a\u3051\u308b\u4e0b\u8a183\u3064\u306e\u4fa1\u5024\u8a55\u4fa1\u624b\u6cd5\u306e\u3046\u3061\u3001<strong>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\uff1a\u4f01\u696d\u306e\u5c06\u6765\u6027\u3092\u3082\u3068\u306b\u8a55\u4fa1<\/li>\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\uff1a\u5e02\u5834\u306b\u304a\u3051\u308b\u985e\u4f3c\u4f01\u696d\u3092\u3082\u3068\u306b\u8a55\u4fa1<\/li>\n<li>\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\uff1a\u8ca1\u52d9\u8af8\u8868\u3092\u3082\u3068\u306b\u8a55\u4fa1<\/li>\n<\/ul>\n<p>\u4e8b\u696d\u8a08\u753b\u66f8\u3092\u3082\u3068\u306b\u3001\u4f01\u696d\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059\u3067\u3042\u308d\u3046\u4fa1\u5024\u3092\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3067\u7b97\u51fa\u3001\u30ea\u30b9\u30af\u3092\u8003\u616e\u3057\u305f\u5272\u5f15\u7387\uff08WACC\uff09\u3067\u5272\u308a\u5f15\u3044\u305f\u3082\u306e\u304cDCF\u3067\u3059\u3002<\/p>\n<p>\u3053\u308c\u3092\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3066\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u3001DCF\u6cd5\u3068\u547c\u3070\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>DCF\u6cd5\u306f\u3001\u58f2\u308a\u624b\u4f01\u696d\u306e\u7121\u5f62\u4fa1\u5024\u3084\u5c06\u6765\u6027\u3092\u6b63\u78ba\u306b\u8a55\u4fa1\u3067\u304d\u308b\u305f\u3081\u3001<strong>\u4e2d\u5805\u4f01\u696d\u301c\u5927\u4f01\u696d\u306eM&amp;A\u3067\u7528\u3044\u3089\u308c\u307e\u3059<\/strong>\u3002<\/p>\n<h3>DCF\u6cd5\u306e\u4e88\u6e2c\u671f\u9593\u30fb\u6b8b\u5b58\u671f\u9593<\/h3>\n<p>DCF\u6cd5\u3067\u306f\u3001\u4f01\u696d\u306e\u5c06\u6765\u7684\u306a\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5408\u7406\u7684\u306b\u7b97\u51fa\u3067\u304d\u308b\u671f\u9593\u3092\u300c\u4e88\u6e2c\u671f\u9593\u300d\u3001\u4e88\u6e2c\u671f\u9593\u4ee5\u964d\u3092\u300c\u6b8b\u5b58\u671f\u9593\u300d\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<p>\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u7b97\u51fa\u306b\u306f\u30013\uff5e5\u5e74\u306e\u8a08\u753b\u3092\u76db\u308a\u8fbc\u3093\u3060\u4e2d\u671f\u4e8b\u696d\u8a08\u753b\u66f8\u3092\u7528\u3044\u308b\u305f\u3081\u3001<strong>DCF\u6cd5\u306e\u4e88\u6e2c\u671f\u9593\u3082\u3053\u308c\u306b\u6e96\u3058\u30663\uff5e5\u5e74<\/strong>\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001DCF\u6cd5\u3067\u306f\u3001\u4e88\u6e2c\u671f\u9593\u4ee5\u964d\u3082\u4f01\u696d\u304c\u6c38\u7d9a\u3059\u308b\u3068\u3044\u3046\u524d\u63d0\u306e\u3082\u3068\u3001<strong>\u6b8b\u5b58\u671f\u9593\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3082\u8a55\u4fa1\u5bfe\u8c61<\/strong>\u306b\u542b\u307f\u307e\u3059\u3002<\/p>\n<p><span class=\"span__stk_maker_blue\">\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u3001\u6b8b\u5b58\u671f\u9593\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u305f\u7dcf\u8a08<\/span>\u306e\u305f\u3081\u3001DCF\u6cd5\u5185\u3067\u7b97\u51fa\u3055\u308c\u308b\u4f01\u696d\u4fa1\u5024\u3068\u8a00\u3044\u63db\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<h2>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a08\u7b97\u306b\u5fc5\u8981\u306a3\u3064\u306e\u8981\u7d20<\/h2>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-2347\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/DcRsXlQfoMWAjjd1647825956_1647825958.jpg\" alt=\"\" width=\"660\" height=\"439\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/DcRsXlQfoMWAjjd1647825956_1647825958.jpg 660w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/DcRsXlQfoMWAjjd1647825956_1647825958-300x200.jpg 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/DcRsXlQfoMWAjjd1647825956_1647825958-485x323.jpg 485w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/>\n<p>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a08\u7b97\u306b\u5fc5\u8981\u306a\u8981\u7d20\u306f\u4e0b\u8a18\u306e\uff13\u3064\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/li>\n<li>\u5272\u5f15\u7387<\/li>\n<li>\u6c38\u4e45\u6210\u9577\u7387<\/li>\n<\/ul>\n<p>\u5404\u8981\u7d20\u306e\u6982\u8981\u3068\u7b97\u51fa\u65b9\u6cd5\u3092\u9806\u306b\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<p>\u306a\u304a\u3001\u672c\u8a18\u4e8b\u3067\u306fDCF\u6cd5\u306b\u304a\u3051\u308b\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a08\u7b97\u65b9\u6cd5\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<p>\u4f01\u696d\u4fa1\u5024\u5168\u4f53\u3092\u8a55\u4fa1\u3057\u305f\u3044\u65b9\u306f\u3001\u3053\u3061\u3089\u306e\u8a18\u4e8b\u3092\u3054\u53c2\u8003\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u95a2\u9023\u8a18\u4e8b\uff1a<a href=\"https:\/\/paradigm-shift.co.jp\/media\/enterprise-value\/\" target=\"_blank\" rel=\"noopener\">\u4f01\u696d\u4fa1\u5024\u3068\u306f\uff1f\u7b97\u5b9a\u65b9\u6cd5\u3084\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u65b9\u6cd5\u3092\u3042\u308f\u305b\u3066\u89e3\u8aac<\/a><\/p>\n<h3>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/h3>\n<p>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3068\u306f\u3001<span class=\"span__stk_maker_blue\">\u4f01\u696d\u304c\u4e8b\u696d\u3067\u751f\u307f\u51fa\u3057\u305f\u304a\u91d1\u306e\u3046\u3061\u3001\u81ea\u7531\u306b\u4f7f\u3048\u308b\u304a\u91d1<\/span>\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6c42\u3081\u308b\u969b\u306b\u767b\u5834\u3059\u308b\u306e\u304c\u3001\u4e0b\u8a182\u3064\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/li>\n<li>\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/li>\n<\/ul>\n<p><strong>\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/strong>\u306f\u3001\u539f\u6750\u6599\u306e\u4ed5\u5165\u308c\u3084\u5546\u54c1\u306e\u8ca9\u58f2\u306a\u3069\u3001\u4e8b\u696d\u3092\u884c\u306a\u3046\u4e0a\u3067\u306e\u304a\u91d1\u306e\u51fa\u5165\u308a\u3092\u8868\u3059\u3082\u306e\u3002<\/p>\n<p>\u4e8b\u696d\u3092\u7d99\u7d9a\u3059\u308b\u306b\u306f\u3001\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30d7\u30e9\u30b9\u3067\u3042\u308b\u3053\u3068\u304c\u524d\u63d0\u3067\u3001\u30de\u30a4\u30ca\u30b9\u306e\u5834\u5408\u306f\u3001\u58f2\u4e0a\u4e0d\u632f\u3084\u73fe\u91d1\u306e\u56de\u53ce\u304c\u3067\u304d\u3066\u3044\u306a\u3044\u306a\u3069\u3001\u65e9\u6025\u306a\u5bfe\u7b56\u304c\u5fc5\u8981\u306a\u72b6\u614b\u3067\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3001<strong>\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/strong>\u306f\u3001\u8a2d\u5099\u6295\u8cc7\u3084\u4f01\u696d\u8cb7\u53ce\u306a\u3069\u3001\u4e8b\u696d\u62e1\u5927\u306e\u305f\u3081\u306e\u6295\u8cc7\u306b\u3088\u308b\u304a\u91d1\u306e\u51fa\u5165\u308a\u3092\u8868\u3059\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6c42\u3081\u308b\u969b\u306b\u306f\u3001\u7a0e\u5f15\u304d\u5f8c\u306e\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u7528\u3044\u3066\u4e0b\u8a18\u306e\u5f0f\u3067\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\uff1d\u300c\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d\u2212\u300c\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d+\u300c\u6e1b\u4fa1\u511f\u5374\u8cbb\u300d<\/strong><\/p>\n<p>\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u3001\u6c7a\u7b97\u66f8\u4e0a\u3001\u7d4c\u8cbb\u3068\u3057\u3066\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u542b\u307e\u308c\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3001\u3042\u304f\u307e\u3067\u3082\u304a\u91d1\u306e\u51fa\u5165\u308a\u3092\u8868\u3059\u3082\u306e\u3002<\/p>\n<p>\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u3001\u3059\u3067\u306b\u652f\u6255\u3044\u304c\u5b8c\u4e86\u3057\u3066\u304a\u308a\u3001\u5b9f\u969b\u306b\u306f\u304a\u91d1\u306e\u52d5\u304d\u304c\u306a\u3044\u975e\u8cc7\u91d1\u640d\u76ca\u3067\u3042\u308b\u305f\u3081\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u7b97\u51fa\u6642\u306b\u306f\u30d7\u30e9\u30b9\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3>\u5272\u5f15\u7387<\/h3>\n<p>\u5272\u5f15\u7387\u3068\u306f\u3001<span class=\"span__stk_maker_blue\">\u4f01\u696d\u304c\u5c06\u6765\u7684\u306b\u751f\u307f\u51fa\u3059\u3067\u3042\u308d\u3046\u4fa1\u5024\u3092\u3001\u73fe\u5728\u4fa1\u5024\u3078\u63db\u7b97\u3059\u308b\u969b\u306b\u7528\u3044\u3089\u308c\u308b\u4fc2\u6570<\/span>\u306e\u3053\u3068\u3002<\/p>\n<p>DCF\u6cd5\u3067\u306f\u3001\u4f01\u696d\u306e\u5c06\u6765\u6027\u3092\u3082\u3068\u306b\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u3001\u5272\u5f15\u7387\u3092\u7528\u3044\u3066\u5c06\u6765\u751f\u307f\u51fa\u3059\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u3078\u63db\u7b97\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u3001\u4eca\u3082\u3089\u3048\u308b100\u4e07\u5186\u30681\u5e74\u5f8c\u306b\u3082\u3089\u3048\u308b100\u4e07\u5186\u3001\u3042\u306a\u305f\u306f\u3069\u3061\u3089\u3092\u9078\u3073\u307e\u3059\u304b\uff1f<\/p>\n<p>\u304a\u305d\u3089\u304f\u591a\u304f\u306e\u65b9\u306f\u3001\u524d\u8005\u3092\u9078\u3076\u306f\u305a\u3067\u3059\u3002<\/p>\n<p>\u3053\u308c\u306f\u30011\u5e74\u5f8c\u306b\u3082\u3089\u3048\u308b100\u4e07\u5186\u306e\u65b9\u304c\u3001\u4eca\u3082\u3089\u3048\u308b100\u4e07\u5186\u3088\u308a\u3082\u4fa1\u5024\u304c\u4f4e\u304f\u3001<strong>\u4e21\u8005\u306e\u4fa1\u5024\u306b\u5dee\u304c\u751f\u3058\u3066\u3044\u308b<\/strong>\u3068\u3044\u3046\u3053\u3068\u3002<\/p>\n<p>DCF\u6cd5\u3067\u3082\u540c\u69d8\u3067\u3001\u4f01\u696d\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4fa1\u5024\u3068\u3001\u73fe\u5728\u306e\u4fa1\u5024\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u5272\u5f15\u7387\u3092\u7528\u3044\u3066\u73fe\u5728\u4fa1\u5024\u3078\u3068\u63db\u7b97\u3059\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u4e00\u822c\u7684\u306b\u3001\u5272\u5f15\u7387\u306b\u7528\u3044\u3089\u308c\u308b\u5024\u306f\u30011\u5186\u306e\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u306e\u306b\u3069\u308c\u307b\u3069\u306e\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308b\u306e\u304b\u3092\u793a\u3059\u300c<strong>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09<\/strong>\u300d\u3067\u3059\u3002<\/p>\n<p>\u5272\u5f15\u7387\u3068\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u8a00\u8449\u306e\u610f\u5473\u3053\u305d\u7570\u306a\u308a\u307e\u3059\u304c\u3001\u540c\u3058\u6570\u5024\u3092\u793a\u3059\u305f\u3081\u300c\u5272\u5f15\u7387\uff1d\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u5272\u5f15\u7387\uff08WACC\uff09\u306e\u7b97\u51fa\u65b9\u6cd5\u306f\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p><strong>\u8cc7\u672c\u7dcf\u984d\u00d7\u81ea\u5df1\u8cc7\u672c\u30b3\u30b9\u30c8\uff0f\uff08\u8cc7\u672c\u7dcf\u984d\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\uff09\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\u00d7\u6709\u5229\u5b50\u8ca0\u50b5\u30b3\u30b9\u30c8\u00d7\uff081\uff0d\u5b9f\u52b9\u7a0e\u7387\uff09\uff0f\uff08\u6709\u5229\u5b50\u8ca0\u50b5\uff0b\u8cc7\u672c\u7dcf\u984d\uff09<\/strong><\/p>\n<h3>\u6c38\u4e45\u6210\u9577\u7387<\/h3>\n<p>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u3001<strong>\u6b8b\u5b58\u671f\u9593\u4e2d\u306b\u4f01\u696d\u304c\u4e00\u5b9a\u306e\u5272\u5408\u3067\u6210\u9577\u3059\u308b<\/strong>\u3001\u3042\u308b\u3044\u306f<strong>\u4e88\u6e2c\u671f\u9593\u6700\u7d42\u5e74\u5ea6\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u7d99\u7d9a\u3059\u308b<\/strong>\u3001\u306a\u3069\u306e\u4eee\u8aac\u3092\u3082\u3068\u306b\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002<\/p>\n<p><span class=\"span__stk_maker_blue\">\u6c38\u4e45\u6210\u9577\u7387<\/span>\u306f\u3001\u524d\u8005\u306e\u4eee\u8aac\u3092\u7528\u3044\u305f\u969b\u306b\u4f7f\u7528\u3059\u308b\u6210\u9577\u5272\u5408\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u5f93\u6765\u3001\u6c38\u4e45\u6210\u9577\u7387\u306b\u306f\u3001\u65e5\u672c\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u3084\u8a55\u4fa1\u5bfe\u8c61\u4f01\u696d\u306e\u6210\u9577\u6027\u3092\u8003\u616e\u3057\u305f\u5024\u304c\u7528\u3044\u3089\u308c\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u3044\u5c06\u6765\u306e\u6210\u9577\u7387\u3092\u5408\u7406\u7684\u306b\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u306f\u56f0\u96e3\u3067\u3042\u308a\u3001\u4fe1\u6191\u6027\u30fb\u7c21\u6613\u6027\u306e\u9762\u304b\u3089<strong>\u8fd1\u5e74\u3067\u306f0%\u3092\u7528\u3044\u308b\u30b1\u30fc\u30b9\u304c\u591a\u304f<\/strong>\u898b\u3089\u308c\u307e\u3059\u3002<\/p>\n<h2>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a08\u7b97\u65b9\u6cd5<\/h2>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-2348\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/Knh2viypYDVImPq1647825913_1647825915.jpg\" alt=\"\" width=\"660\" height=\"389\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/Knh2viypYDVImPq1647825913_1647825915.jpg 660w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/Knh2viypYDVImPq1647825913_1647825915-300x177.jpg 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/Knh2viypYDVImPq1647825913_1647825915-485x286.jpg 485w\" sizes=\"(max-width: 660px) 100vw, 660px\" \/>\n<p>DCF\u6cd5\u3067\u306f\u3001<span class=\"span__stk_maker_blue\">\u4e88\u6e2c\u671f\u9593\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u73fe\u5728\u4fa1\u5024\u3068\u3001\u6b8b\u5b58\u671f\u9593\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u73fe\u5728\u4fa1\u5024\uff08\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff09\u3092\u5206\u3051\u3066\u8a08\u7b97<\/span>\u3057\u307e\u3059\u3002<\/p>\n<p>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u7b97\u51fa\u306f\u4e88\u6e2c\u671f\u9593\u306e\u6700\u7d42\u5e74\u5ea6\u3092\u8d77\u70b9\u3068\u3057\u3001\u4e88\u6e2c\u671f\u9593\u7d42\u4e86\u5f8c\u301c\u672a\u6765\u6c38\u7d9a\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u73fe\u5728\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u30012020\u5e74\u304b\u3089\u898b\u3066\u4e88\u6e2c\u671f\u9593\u30923\u5e74\u306b\u8a2d\u5b9a\u3057\u305f\u5834\u5408\u3001\u7b97\u51fa\u3059\u308b\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u4e88\u6e2c\u671f\u9593\uff1a2020\u5e74\u301c2023\u5e74\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u73fe\u5728\u4fa1\u5024<\/li>\n<li>\u6b8b\u5b58\u671f\u9593\uff08\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff09\uff1a2023\u5e74\u301c\u30fb\u30fb\u30fb\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u73fe\u5728\u4fa1\u5024<\/li>\n<\/ul>\n<p>\u307e\u305f\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u5148\u8ff0\u3057\u305f\u6b8b\u5b58\u671f\u9593\u4e2d\u306e\u4f01\u696d\u6210\u9577\u7387\u306e\u4eee\u8aac\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u4f01\u696d\u304c\u4e00\u5b9a\u306e\u5272\u5408\u3067\u6210\u9577\u3059\u308b\u3068\u4eee\u5b9a\u3057\u305f\u5834\u5408\u3001\u6c38\u4e45\u6210\u9577\u7387\u3092\u7528\u3044\u3066\u4e0b\u8a18\u306e\u8a08\u7b97\u5f0f\u3067\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff1d\u4e88\u6e2c\u671f\u9593\u6700\u7d42\u5e74\u5ea6\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\/\uff08\u5272\u5f15\u7387\u30fc\u6c38\u4e45\u6210\u9577\u7387\uff09<\/strong><\/p>\n<p>\u4e00\u65b9\u3001\u4e88\u6e2c\u671f\u9593\u6700\u7d42\u5e74\u5ea6\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u7d99\u7d9a\u3059\u308b\u3068\u4eee\u5b9a\u3057\u305f\u5834\u5408\u3001\u8a08\u7b97\u5f0f\u306f\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p><strong>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff1d\u4e88\u6e2c\u671f\u9593\u6700\u7d42\u5e74\u5ea6\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\/\u5272\u5f15\u7387<\/strong><\/p>\n<p>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u3001DCF\u6cd5\u306b\u304a\u3051\u308b\u4f01\u696d\u4fa1\u5024\u306e\u5927\u90e8\u5206\u3092\u5360\u3081\u307e\u3059\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u3069\u306e\u3088\u3046\u306a\u4eee\u8aac\u3092\u7528\u3044\u3066\u7b97\u51fa\u3057\u305f\u306e\u304b\u3092\u660e\u78ba\u306b\u3057\u3001\u7b97\u51fa\u7d50\u679c\u306e\u6839\u62e0\u3092\u793a\u3059\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h3>\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u51fa\u306b\u306f\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u304c\u5fc5\u8981<\/h3>\n<p>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u7b97\u51fa\u65b9\u6cd5\u3092\u7d39\u4ecb\u3057\u307e\u3057\u305f\u304c\u3001<span class=\"span__stk_maker_blue\">\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u306b\u306f\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u304c\u5fc5\u8981<\/span>\u3067\u3059\u3002<\/p>\n<p>\u5148\u307b\u3069\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u7b97\u51fa\u306f\u4e88\u6e2c\u671f\u9593\u306e\u6700\u7d42\u5e74\u5ea6\u3092\u8d77\u70b9\u3068\u3057\u3001\u5c06\u6765\u7684\u306a\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u6c42\u3081\u308b\u3068\u7d39\u4ecb\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u7b97\u51fa\u3057\u305f\u3060\u3051\u3067\u306f\u3001<strong>\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u73fe\u5728\u304b\u3089\u307f\u308b\u3068\u672a\u6765\u306e\u4fa1\u5024<\/strong>\u3067\u3042\u308a\u3001\u73fe\u5728\u4fa1\u5024\u3078\u306e\u63db\u7b97\u304c\u5fc5\u8981\u306a\u306e\u3067\u3059\u3002<\/p>\n<p>\u5148\u306e\u4f8b\u3092\u7528\u3044\u308b\u3068\u3001\u5404\u6642\u7cfb\u5217\u306f\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u73fe\u5728\uff08\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u5730\u70b9\uff09\uff1a2020\u5e74<\/li>\n<li>\u4e88\u6e2c\u671f\u95933\u5e74\uff1a2020\u5e74\u301c2023\u5e74<\/li>\n<li>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u7b97\u51fa\uff1a2023\u5e74\u301c\u672a\u6765<\/li>\n<\/ul>\n<p><strong>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u7b97\u51fa\u306f2023\u5e74\u3092\u8d77\u70b9<\/strong>\u3068\u3057\u3066\u884c\u308f\u308c\u305f\u305f\u3081\u3001\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b2020\u5e74\u304b\u3089\u898b\u308b\u3068\u672a\u6765\u306b\u3042\u305f\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u306b\u306f\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092<strong>2020\u5e74\u6642\u70b9\u306e\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97<\/strong>\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p><strong>2020\u5e74\u6642\u306e\u73fe\u5728\u4fa1\u5024\uff1d\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\/\uff081+\u5272\u5f15\u7387\uff09^\u5e74\u6570<\/strong><\/p>\n<p>\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u969b\u306b\u306f\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u63db\u7b97\u3092\u5fd8\u308c\u305a\u306b\u304a\u3053\u306a\u3044\u307e\u3057\u3087\u3046\u3002<\/p>\n<h2>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u30fbDCF\u6cd5\u306e\u6ce8\u610f\u70b9<\/h2>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-2349\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/O1OzUxL5EA50VNx1647825921_1647825923.jpg\" alt=\"\" width=\"660\" height=\"441\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/O1OzUxL5EA50VNx1647825921_1647825923.jpg 660w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/O1OzUxL5EA50VNx1647825921_1647825923-300x200.jpg 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/03\/O1OzUxL5EA50VNx1647825921_1647825923-485x324.jpg 485w\" sizes=\"(max-width: 660px) 100vw, 660px\" 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