{"id":2673,"date":"2022-05-24T13:22:21","date_gmt":"2022-05-24T04:22:21","guid":{"rendered":"https:\/\/paradigm-shift.co.jp\/media\/?p=2673"},"modified":"2022-06-08T11:43:52","modified_gmt":"2022-06-08T02:43:52","slug":"kabushikikachi","status":"publish","type":"post","link":"https:\/\/paradigm-shift.co.jp\/media\/kabushikikachi\/","title":{"rendered":"\u682a\u5f0f\u4fa1\u5024\u3068\u306f\uff1f\u682a\u4e3b\u4fa1\u5024\u3084\u6642\u4fa1\u7dcf\u984d\u3068\u306f\u4f55\u304c\u9055\u3046\uff1f\u8a08\u7b97\u65b9\u6cd5\u3082\u89e3\u8aac\uff01"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">M&amp;A\u3067\u4f1a\u793e\u306e\u58f2\u5374\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u969b\u306b\u3001\u300c\u682a\u5f0f\u4fa1\u5024\u306f\u3053\u308c\u304f\u3089\u3044\u300d\u300c\u682a\u5f0f\u4fa1\u5024\u306e\u5411\u4e0a\u3092\u76ee\u6307\u3059\u306a\u3089\u3001\u4f01\u696d\u4fa1\u5024\u3092\u4e0a\u3052\u308b\u3079\u304d\u300d\u3068\u3044\u3046\u8a00\u8449\u3092\u8033\u306b\u3059\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<strong>\u682a\u5f0f\u4fa1\u5024\u306f\u3001\u682a\u4fa1\u306e\u7dcf\u984d\u3067\u3042\u308b\u6642\u4fa1\u7dcf\u984d\u306e\u3053\u3068\u3092\u6307\u3057\u307e\u3059\u3002<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong><span class=\"span__stk_maker_blue\">\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u300c\u4e8b\u696d\u4fa1\u5024\u300d\u300c\u4f01\u696d\u4fa1\u5024\u300d<\/span><\/strong>\u306f\u305d\u308c\u305e\u308c\u985e\u4f3c\u3057\u305f\u8a00\u8449\u3067\u3059\u304c\u3001\u3069\u306e\u3088\u3046\u306a\u9055\u3044\u304c\u3042\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u307e\u305f\u3001\u300c\u682a\u4e3b\u4fa1\u5024\u300d\u3068\u3044\u3046\u8a00\u8449\u306e\u610f\u5473\u3082\u7406\u89e3\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/span><\/p>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u300c\u4e8b\u696d\u4fa1\u5024\u300d\u300c\u4f01\u696d\u4fa1\u5024\u300d\u306e\u9055\u3044\u3084\u8a08\u7b97\u65b9\u6cd5\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<span style=\"font-weight: 400;\">\u3053\u308c\u304b\u3089\u4f1a\u793e\u306e\u58f2\u5374\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u7d4c\u55b6\u8005\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u8a00\u8449\u3092\u7406\u89e3\u3059\u308b\u305f\u3081\u306b\u3001\u305c\u3072\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">\u682a\u5f0f\u4fa1\u5024\u306fM&amp;A\u3067\u6700\u3082\u5927\u4e8b\u306a\u6307\u6a19<\/span><\/h2>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-2692\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/4671782_s-min.jpg\" alt=\"\" width=\"640\" height=\"427\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/4671782_s-min.jpg 640w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/4671782_s-min-300x200.jpg 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/4671782_s-min-485x324.jpg 485w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\n<p><span style=\"font-weight: 400;\"><strong><span class=\"span__stk_maker_blue\">\u682a\u5f0f\u4fa1\u5024\u306f\u682a\u5f0f\u6642\u4fa1\u7dcf\u984d<\/span><\/strong>\u306e\u3053\u3068\u3092\u6307\u3057\u307e\u3059\u3002M&amp;A\u3067\u4e8b\u696d\u3092\u58f2\u5374\u3059\u308b\u969b\u306b\u300c\u3044\u304f\u3089\u3067\u58f2\u5374\u3059\u308b\u304b\u300d\u3092\u6c7a\u3081\u308b\u5224\u65ad\u57fa\u6e96\u3068\u3057\u3066\u3001\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u306f\u6700\u3082\u5927\u4e8b\u306a\u6307\u6a19\u3068\u8a00\u3063\u3066\u3082\u904e\u8a00\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e0a\u5834\u4f01\u696d\u3067\u3042\u308c\u3070\u3001\u682a\u4fa1\u3084\u6642\u4fa1\u7dcf\u984d\u304c\u5e38\u306b\u5024\u4ed8\u3051\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u308f\u304b\u308a\u3084\u3059\u3044\u306e\u3067\u3059\u304c\u3001\u975e\u4e0a\u5834\u4f01\u696d\u3068\u306a\u308b\u3068\u3001\u6539\u3081\u3066\u7b97\u51fa\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u304b\u3089\u4f1a\u793e\u3092\u58f2\u5374\u4e88\u5b9a\u306e\u7d4c\u55b6\u8005\u3067\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408\u306f\u3001\u591a\u304f\u306e\u624b\u9593\u3068\u6642\u9593\u304c\u304b\u304b\u308b\u3053\u3068\u306f\u5ff5\u982d\u306b\u5165\u308c\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u682a\u5f0f\u4fa1\u5024\u306e\u7b97\u51fa\u6cd5\u3068\u3057\u3066\u306f\u3001\u4f01\u696d\u4fa1\u5024\u304b\u3089\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u50b5\u6a29\u8005\u4fa1\u5024\uff09\u3092\u5dee\u3057\u5f15\u3044\u305f\u5206\u3067\u3001\u4f1a\u793e\u306e\u682a\u5f0f\u306e\u4fa1\u5024\u3092\u6307\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u304b\u3089\u3001\u3059\u3079\u3066\u306e\u501f\u91d1\u3092\u8fd4\u6e08\u3057\u3066\u6b8b\u3063\u305f\u3082\u306e\u3068\u3044\u3046\u3068\u30a4\u30e1\u30fc\u30b8\u304c\u3064\u304d\u3084\u3059\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u7d14\u8cc7\u7523\u3068\u307b\u307c\u8fd1\u3044\u6570\u5b57\u306b\u306f\u306a\u308a\u307e\u3059\u304c\u3001\u53b3\u5bc6\u306b\u8a00\u3046\u3068\u3001\u88ab\u652f\u914d\u682a\u4e3b\u6301\u5206\u3068\u65b0\u682a\u4e88\u7d04\u6a29\u306f\u3001\u682a\u5f0f\u4fa1\u5024\u306b\u542b\u307e\u308c\u306a\u3044\u305f\u3081\u3001\u7d14\u8cc7\u7523\u3068\u306e\u5b8c\u5168\u4e00\u81f4\u306b\u306f\u306a\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">\u4e8b\u696d\u4fa1\u5024\u30fb\u4f01\u696d\u4fa1\u5024\u3068\u306e\u9055\u3044\u306b\u3064\u3044\u3066<\/span><\/h2>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-2689\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/3298412_s-min.jpg\" alt=\"\" width=\"640\" height=\"427\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/3298412_s-min.jpg 640w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/3298412_s-min-300x200.jpg 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/3298412_s-min-485x324.jpg 485w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\n<p><span style=\"font-weight: 400;\">\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u300c\u4e8b\u696d\u4fa1\u5024\u300d\u300c\u4f01\u696d\u4fa1\u5024\u300d\u306f\u975e\u5e38\u306b\u5bc6\u63a5\u306a\u95a2\u4fc2\u3067\u3059\u3002\u682a\u5f0f\u4fa1\u5024\u3092\u77e5\u308b\u3068\u540c\u6642\u306b\u3001\u4e8b\u696d\u4fa1\u5024\u3068\u4f01\u696d\u4fa1\u5024\u306e\u610f\u5473\u3084\u9055\u3044\u306b\u3064\u3044\u3066\u3082\u77e5\u3063\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u4e8b\u696d\u4fa1\u5024\u3068\u306f<\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><strong><span class=\"span__stk_maker_blue\">\u4e8b\u696d\u4fa1\u5024\u3068\u306f\u3001\u305d\u306e\u4f01\u696d\u306e\u4e8b\u696d\u6d3b\u52d5\u306b\u304a\u3051\u308b\u4fa1\u5024\u306e\u3053\u3068<\/span><\/strong>\u3092\u6307\u3057\u307e\u3059\u3002\u5b9f\u969b\u306b\u660e\u78ba\u306a\u6570\u5b57\u306b\u8868\u305b\u306a\u3044\u3001\u7279\u8a31\u6a29\u3084\u5546\u6a19\u6a29\u3001\u55b6\u696d\u6a29\u306a\u3069\u306e\u4fa1\u5024\u304c\u4e8b\u696d\u4fa1\u5024\u306b\u542b\u307e\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e8b\u696d\u4fa1\u5024\u306f\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u306f\u8a08\u4e0a\u3055\u308c\u305a\u3001\u5c06\u6765\u7684\u306b\u3069\u308c\u307b\u3069\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u751f\u307f\u51fa\u3059\u304b\u3092\u3001\u4e88\u6e2c\u3057\u3066\u7b97\u51fa\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u3068\u306f<\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><strong><span class=\"span__stk_maker_blue\">\u4f01\u696d\u4fa1\u5024\u306f\u3001\u6587\u5b57\u901a\u308a\u305d\u306e\u4f01\u696d\u306e\u5168\u4f53\u306e\u4fa1\u5024\u3092\u6307\u3057\u307e\u3059<\/span><\/strong>\u3002\u58f2\u4e0a\u306b\u76f4\u7d50\u3059\u308b\u4e8b\u696d\u4fa1\u5024\u3092\u306f\u3058\u3081\u3001\u50b5\u6a29\uff08\u501f\u91d1\uff09\u3082\u542b\u3081\u3066\u3001\u4f01\u696d\u4fa1\u5024\u3068\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>\u300c\u4f01\u696d\u4fa1\u5024\uff1d\u4e8b\u696d\u4fa1\u5024\uff0b\u682a\u5f0f\u4fa1\u5024\uff0b\u50b5\u6a29\u8005\u4fa1\u5024\uff0b\u975e\u4e8b\u696d\u4fa1\u5024\u300d<\/strong>\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u975e\u4e8b\u696d\u4fa1\u5024\u3068\u306f\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u76f4\u63a5\u7684\u306b\u95a2\u4e0e\u3057\u306a\u3044\u8cc7\u7523\u306e\u3053\u3068\u3092\u6307\u3057\u3001\u4e3b\u306b\u300c\u904a\u4f11\u8cc7\u7523\u300d\u300c\u51fa\u8cc7\u91d1\u300d\u300c\u6295\u8cc7\u8cc7\u91d1\u300d\u300c\u6709\u4fa1\u8a3c\u5238\u300d\u300c\u4fdd\u967a\u7a4d\u7acb\u91d1\u300d\u300c\u4f59\u5270\u8cc7\u91d1\u300d\u306a\u3069\u304c\u8a72\u5f53\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u3068EV\u306e\u9055\u3044\u306b\u3064\u3044\u3066<\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><strong>EV\uff08Enterprise Value\uff09<\/strong>\u3068\u3044\u3046\u8a00\u8449\u304c\u3042\u308a\u3001\u76f4\u8a33\u3059\u308b\u3068\u300c\u4f01\u696d\u4fa1\u5024\u300d\u3067\u3059\u3002<\/span><span style=\"font-weight: 400;\">\u3057\u304b\u3057\u3001\u65e5\u672c\u3067\u306f\u300c\u4e8b\u696d\u4fa1\u5024\u300d\u3068\u3044\u3046\u610f\u5473\u5408\u3044\u3067\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e8b\u696d\u4fa1\u5024\u3068\u4f01\u696d\u4fa1\u5024\u306f\u7570\u306a\u308b\u306e\u3067\u3001\u610f\u5473\u306e\u9055\u3044\u306b\u3064\u3044\u3066\u899a\u3048\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">\u682a\u5f0f\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5<\/span><\/h2>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-2696\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/23993683_s-min.jpg\" alt=\"\" width=\"640\" height=\"427\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/23993683_s-min.jpg 640w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/23993683_s-min-300x200.jpg 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/23993683_s-min-485x324.jpg 485w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\n<p><span style=\"font-weight: 400;\">\u682a\u5f0f\u4fa1\u5024\u306e\u4e3b\u306a\u8a08\u7b97\u65b9\u6cd5\u3068\u3057\u3066\u3001\u4ee5\u4e0b\u306e3\u3064\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><strong>DCF\u6cd5<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>\u682a\u4fa1\u500d\u7387\u7832<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>\u4fee\u6b63\u7d14\u8cc7\u7523\u6cd5<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">DCF\u6cd5<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">DCF\u6cd5\u306f\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u3044\u3046\u4f01\u696d\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u306e\u4e00\u3064\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30d5\u30ed\u30fc\u306e\u982d\u6587\u5b57\u3092\u53d6\u3063\u305f\u3082\u306e\u3067\u3001\u4f1a\u793e\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u3001\u305d\u3053\u304b\u3089\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u305f\u3082\u306e\u304c\u3001\u4e8b\u696d\u4fa1\u5024\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5177\u4f53\u7684\u306b\u306f\u3001<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u5272\u5f15\u7387\u306e\u8a08\u7b97<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a2d\u5b9a<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u3001\u4e8b\u696d\u4fa1\u5024\u306e\u7b97\u51fa<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u682a\u5f0f\u4fa1\u5024\u3092\u8a08\u7b97<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u3068\u3044\u3046\u6d41\u308c\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">FCF\u3068\u547c\u3070\u308c\u308b\u3053\u3068\u306e\u591a\u3044\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002\u5c06\u6765\u898b\u8fbc\u307e\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u3001\u4e8b\u696d\u8a08\u753b\u66f8\u3092\u5143\u306b\u7b97\u51fa\u3057\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u8db3\u3057\u305f\u3082\u306e\u306b\u3001\u8a2d\u5099\u6295\u8cc7\u8cbb\u3084\u904b\u8ee2\u8cc7\u91d1\u5897\u6e1b\u984d\u3092\u5f15\u3044\u305f\u3082\u306e\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e8b\u696d\u8a08\u753b\u306f\u30013\u5e74\u301c5\u5e74\u5148\u306e\u5c06\u6765\u3092\u4e88\u6e2c\u3057\u3066\u4f5c\u3089\u308c\u308b\u3053\u3068\u304c\u901a\u5e38\u3067\u3059\u3002<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u5272\u5f15\u7387\u306e\u8a08\u7b97<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">FCF\u304b\u3089\u91d1\u5229\u3092\u8003\u616e\u3057\u5272\u5f15\u7387\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002\u5177\u4f53\u7684\u306a\u8a08\u7b97\u65b9\u6cd5\u306b\u306f\u300cWACC(Weighted Average Cost of Capital\u306e\u7565)\u300d\u3068\u547c\u3070\u308c\u308b\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u7528\u3044\u307e\u3059\u3002<\/span><span style=\"font-weight: 400;\">\u8a08\u7b97\u5f0f\u306f\u3001<\/span><\/p>\n<ul>\n<li><strong>\u6709\u5229\u5b50\u8ca0\u50b5\u7dcf\u984d\u2026D<\/strong><\/li>\n<li><strong>\u8ca0\u50b5\u30b3\u30b9\u30c8\uff08\u91d1\u5229\uff09\u2026rD<\/strong><\/li>\n<li><strong>\u682a\u4e3b\u8cc7\u672c\u2026E<\/strong><\/li>\n<li><strong>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u2026rE<\/strong><\/li>\n<li><strong>\u5b9f\u52b9\u7a0e\u7387\u2026T<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u3068\u3057\u305f\u6642\u3001<\/span><\/p>\n<p><strong>WACC=D\/(D+E)\u00d7rD\u00d7(1-T)+E\/(D+E)\u00d7rE<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u3068\u3044\u3046\u8a08\u7b97\u5f0f\u3067\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8a08\u7b97\u5f0f\u3060\u3051\u898b\u308b\u3068\u975e\u5e38\u306b\u3084\u3084\u3053\u3057\u3044\u306e\u3067\u3059\u304c\u3001\u8981\u306f<span class=\"span__stk_maker_blue\"><strong>\u300c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u3001\u305d\u308c\u305e\u308c\u306e\u6642\u4fa1\u3067\u52a0\u91cd\u5e73\u5747\u3059\u308b\u300d<\/strong><\/span>\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a2d\u5b9a<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u30016\u5e74\u76ee\u4ee5\u964d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3057\u305f\u7dcf\u984d\u306e\u3053\u3068\u3092\u6307\u3057\u307e\u3059\u3002DCF\u6cd5\u3092\u7528\u3044\u3066\u8a08\u7b97\u3059\u308b\u5834\u5408\u3001\u4f1a\u793e\u306f\u6c38\u4e45\u306b\u5b58\u7d9a\u3059\u308b\u3068\u3044\u3046\u524d\u63d0\u3067\u8a08\u7b97\u3059\u308b\u306e\u3067\u30016\u5e74\u76ee\u4ee5\u964d\u306f\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3068\u3057\u3066\u8a2d\u5b9a\u3057\u307e\u3059\u3002<\/span><span style=\"font-weight: 400;\">\u8a08\u7b97\u5f0f\u306f\u3001<\/span><\/p>\n<p><strong>5\u5e74\u76ee\u306eFCF\u00d7(1+\u6c38\u4e45\u6210\u9577\u7387)\/(\u5272\u5f15\u7387-\u6c38\u4e45\u6210\u9577\u7387)<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u6c38\u4e45\u6210\u9577\u7387\u306f\u3001\u4e00\u822c\u7684\u306b0%\u301c1%\u3067\u8a2d\u5b9a\u3057\u307e\u3059\u3002\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u4e00\u5b9a\u306e\u5272\u5408\u3067\u6c38\u4e45\u7684\u306b\u6210\u9577\u3057\u7d9a\u3051\u308b\u3068\u4eee\u5b9a\u3057\u305f\u4e0a\u3067\u7b97\u51fa\u3055\u308c\u308b\u305f\u3081\u3001\u3053\u306e\u3088\u3046\u306a\u6570\u5024\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u95a2\u9023\u8a18\u4e8b\uff1a\u300c<\/span><a href=\"https:\/\/paradigm-shift.co.jp\/media\/terminal-value\/\"><span style=\"font-weight: 400;\">\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<\/span><\/a><span style=\"font-weight: 400;\">\u300d<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u3001\u4e8b\u696d\u4fa1\u5024\u306e\u7b97\u51fa<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u5148\u8ff0\u3057\u305fWACC\u3067\u5272\u308a\u5f15\u3044\u3066\u3001\u73fe\u5728\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u682a\u5f0f\u4fa1\u5024\u306e\u8a08\u7b97<\/span><\/h4>\n<p><span style=\"font-weight: 400;\"><strong>\u4e8b\u696d\u4fa1\u5024\uff0b\u975e\u4e8b\u696d\u4fa1\u5024-\u50b5\u6a29\u8005\u4fa1\u5024\uff08\u6709\u5229\u5b50\u8ca0\u50b5\uff09<\/strong>\u306e\u8a08\u7b97\u5f0f\u3092\u7528\u3044\u3066\u3001\u682a\u5f0f\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u50b5\u6a29\u8005\u4fa1\u5024\u306b\u306f\u3001\u4ed6\u4eba\u8cc7\u672c\u3084\u30c7\u30c3\u30c8\u30e9\u30a4\u30af\u30a2\u30a4\u30c6\u30e0\u3082\u542b\u307e\u308c\u307e\u3059\u3002<\/span><span style=\"font-weight: 400;\">\u30c7\u30c3\u30c8\u30e9\u30a4\u30af\u30a2\u30a4\u30c6\u30e0\u3068\u306f\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u306b\u4f3c\u305f\u3082\u306e\u3067\u3001<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u672a\u6255\u8cde\u4e0e<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u30ea\u30fc\u30b9\u50b5\u52d9<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u9000\u8077\u7d66\u4ed8\u50b5\u52d9<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u5f79\u54e1\u9000\u8077\u6170\u52b4\u5f15\u5f53\u91d1<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u767a\u50b5\u52d9<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u306a\u3069\u304c\u542b\u307e\u308c\u307e\u3059\u3002<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u682a\u4fa1\u500d\u7387\u6cd5<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u682a\u4fa1\u500d\u7387\u6cd5\u306f<strong>\u985e\u4f3c\u682a\u5316\u6bd4\u6e96\u6cd5\u3084\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5<\/strong>\u3068\u3082\u3044\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong><span class=\"span__stk_maker_blue\">\u4e0a\u5834\u3057\u3066\u3044\u308b\u540c\u696d\u4ed6\u793e\u306e\u682a\u4fa1\u3084\u6642\u4fa1\u7dcf\u984d\u3001\u8ca1\u52d9\u6570\u5024\u306a\u3069\u3092\u53c2\u8003\u30fb\u6bd4\u8f03\u3057\u3066\u500d\u7387\u3092\u7b97\u51fa\u3057\u3001\u8a55\u4fa1\u5bfe\u8c61\u306e\u4f1a\u793e\u306b\u305d\u306e\u500d\u7387\u3092\u9069\u7528\u3057\u3066\u7b97\u51fa\u3059\u308b<\/span><\/strong>\u65b9\u6cd5\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u6bd4\u8f03\u5bfe\u8c61\u306e\u540c\u696d\u4ed6\u793e\u304c\u3044\u306a\u3044\u5834\u5408\u3084\u3001\u30b5\u30f3\u30d7\u30eb\u6570\u304c\u5c11\u306a\u3044\u5834\u5408\u306f\u3001\u682a\u4fa1\u500d\u7387\u6cd5\u306f\u4f7f\u7528\u3067\u304d\u307e\u305b\u3093\u3002<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u306e\u9078\u5b9a\u30dd\u30a4\u30f3\u30c8<\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u540c\u696d\u7a2e\u3042\u308b\u3044\u306f\u985e\u4f3c\u696d\u7a2e\u304b<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u304c\u985e\u4f3c\u3057\u3066\u3044\u308b\u304b<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u9867\u5ba2\u30fb\u30bf\u30fc\u30b2\u30c3\u30c8\u5c64\u306f\u985e\u4f3c\u3057\u3066\u3044\u308b\u304b<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u53ce\u76ca\u30fb\u7d4c\u55b6\u898f\u6a21\u306b\u5927\u304d\u306a\u5dee\u306f\u306a\u3044\u304b<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u8ef8\u3068\u306a\u308b\u5730\u57df\u306b\u5171\u901a\u70b9\u306f\u3042\u308b\u304b<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">\u4e8b\u696d\u306e\u6210\u9577\u898b\u8fbc\u307f\u306f\u540c\u7a0b\u5ea6\u304b<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u306a\u3069\u306e\u8981\u7d20\u3092\u5224\u65ad\u6750\u6599\u3068\u3057\u3001\u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u3092\u9078\u5b9a\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u6761\u4ef6\u306b\u5f53\u3066\u306f\u307e\u308b\u4e0a\u5834\u4f01\u696d\u3092\u8907\u6570\u793e\uff085\u301c8\u793e\uff09\u9078\u5b9a\u3067\u304d\u308c\u3070\u3001\u682a\u4fa1\u500d\u7387\u6cd5\u3092\u7528\u3044\u3066\u7b97\u51fa\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u682a\u4fa1\u500d\u7387\u306e\u8a08\u7b97<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u9078\u5b9a\u3057\u305f\u4e0a\u5834\u4f01\u696d\u306e\u682a\u4fa1\u500d\u7387\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002PER\u500d\u7387\u3001PBR\u500d\u7387\u3001PSR\u500d\u7387\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u304c\u3001M&amp;A\u3067\u306f\u3001<strong>EBITDA\uff08\u30a4\u30fc\u30d3\u30c3\u30c8\u30c7\u30a3\u30fc\u30a8\u30fc\uff09\u500d\u7387<\/strong>\u3068\u547c\u3070\u308c\u308b\u3001\u4e8b\u696d\u4fa1\u5024\u30d9\u30fc\u30b9\u306e\u500d\u7387\u3092\u4f7f\u7528\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u682a\u5f0f\u4fa1\u5024\u306e\u8a08\u7b97<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u682a\u4fa1\u500d\u7387\u3092\u7b97\u51fa\u3057\u305f\u3089\u3001\u305d\u308c\u3092\u5143\u306b\u682a\u5f0f\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u4fee\u6b63\u7d14\u8cc7\u7523\u6cd5<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u4fee\u6b63\u7d14\u8cc7\u7523\u6cd5\u306f\u3001<\/span><span style=\"font-weight: 400;\"><strong><span class=\"span__stk_maker_blue\">\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u7c3f\u4fa1\u7d14\u8cc7\u7523\u984d\u3092\u6642\u4fa1\u3067\u8a55\u4fa1\u3067\u304d\u308b\u3082\u306e\u306f\u6642\u4fa1\u3067\u518d\u8a08\u7b97\u3057\u3066\u4fee\u6b63\u3059\u308b\u65b9\u6cd5<\/span><\/strong>\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u6642\u4fa1\u306b\u5909\u3048\u3089\u308c\u308b\u3082\u306e\u5168\u3066\u3067\u306f\u306a\u304f\u3001\u4e3b\u8981\u306a\u3082\u306e\u3060\u3051\u3092\u6642\u4fa1\u3067\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8cc7\u7523\u3084\u8ca0\u50b5\u9805\u76ee\u5168\u3066\u3092\u6642\u4fa1\u3067\u8a55\u4fa1\u3059\u308b\u3082\u306e\u306f\u3001<\/span><span style=\"font-weight: 400;\">\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3068\u3044\u3044\u307e\u3059\u3002<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u4fee\u6b63\u7d14\u8cc7\u7523\u6cd5\u3068\u3001DCF\u6cd5\u30fb\u682a\u4fa1\u500d\u7387\u6cd5\u3068\u306e\u9055\u3044<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u682a\u5f0f\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u3057\u3066<\/span><span style=\"font-weight: 400;\">\u305d\u308c\u305e\u308c\u3001<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4ee3\u8868\u3068\u3057\u3066\u300cDCF\u6cd5\u300d<\/span><\/li>\n<li><span style=\"font-weight: 400;\">\u30de\u30fc\u30b1\u30c3\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4ee3\u8868\u3068\u3057\u3066\u300c<\/span><span style=\"font-weight: 400;\">\u682a\u4fa1\u500d\u7387\u6cd5<\/span><span style=\"font-weight: 400;\">\u300d<\/span><\/li>\n<li><span style=\"font-weight: 400;\">\u30b3\u30b9\u30c8\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u4ee3\u8868\u3068\u3057\u3066\u300c<\/span><span style=\"font-weight: 400;\">\u4fee\u6b63\u7d14\u8cc7\u7523\u6cd5<\/span><span style=\"font-weight: 400;\">\u300d<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u3092\u7d39\u4ecb\u3057\u307e\u3057\u305f\u304c\u3001DCF\u3068\u682a\u4fa1\u500d\u7387\u6cd5\u306f\u4e8b\u696d\u4fa1\u5024\u304b\u3089\u682a\u5f0f\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u306e\u306b\u5bfe\u3057\u3066\u3001<\/span><span style=\"font-weight: 400;\">\u4fee\u6b63\u7d14\u8cc7\u7523\u6cd5\u3060\u3051\u306f\u4e8b\u696d\u4fa1\u5024\u306e\u6982\u5ff5\u306f\u306a\u304f\u3001\u8cb8\u501f\u5bfe\u7167\u8868\u306e\u8cc7\u7523\u3084\u8ca0\u50b5\u3092\u5143\u306b\u3001\u76f4\u63a5\u7684\u306b\u682a\u5f0f\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3069\u306e\u65b9\u6cd5\u3067\u8a08\u7b97\u3059\u308b\u306e\u304c\u3044\u3044\u304b\u306f\u3001\u4e8b\u696d\u306b\u3088\u3063\u3066\u5909\u308f\u3063\u3066\u304f\u308b\u3068\u601d\u3044\u307e\u3059\u306e\u3067\u3001\u5404\u7a2e\u5c02\u9580\u5bb6\u306b\u76f8\u8ac7\u3057\u305f\u307b\u3046\u304c\u3088\u3044\u3067\u3057\u3087\u3046\u3002<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">\u4e8b\u696d\u4fa1\u5024\u30fb\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5<\/span><\/h2>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-2695\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/23599236_s-min.jpg\" alt=\"\" width=\"640\" height=\"427\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/23599236_s-min.jpg 640w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/23599236_s-min-300x200.jpg 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/23599236_s-min-485x324.jpg 485w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\n<p><span style=\"font-weight: 400;\">\u4e8b\u696d\u4fa1\u5024\u306f\u3001\u4e8b\u696d\u304c\u751f\u307f\u51fa\u3057\u305f\u4fa1\u5024\u3067\u3001\u4f01\u696d\u4fa1\u5024\u306e\u5927\u534a\u306b\u306f\u3001\u3053\u306e\u4e8b\u696d\u4fa1\u5024\u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u4f01\u696d\u4fa1\u5024\u306b\u306f\u3001\u4e8b\u696d\u4fa1\u5024\u4ee5\u5916\u306e\u975e\u4e8b\u60c5\u4fa1\u5024\u3084\u682a\u5f0f\u4fa1\u5024\u3001\u8ca0\u50b5\u306a\u3069\u3082\u542b\u307e\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e8b\u696d\u4fa1\u5024\u3001\u4f01\u696d\u4fa1\u5024\u305d\u308c\u305e\u308c\u306e\u8a08\u7b97\u65b9\u6cd5\uff08\u8a08\u7b97\u5f0f\uff09\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u4e8b\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u4e8b\u696d\u4fa1\u5024\u306e\u5177\u4f53\u7684\u306a\u8a08\u7b97\u306e\u6d41\u308c\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u9032\u3081\u3066\u3044\u304d\u307e\u3059\u3002<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><strong>\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u904e\u53bb\u306e\u6c7a\u7b97\u66f8\u304b\u3089\u4e88\u6e2c<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f<\/strong><\/li>\n<li style=\"font-weight: 400;\"><strong>\u5404\u5e74\u5ea6\u306e\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3068\u5408\u308f\u305b\u3066\u8a08\u7b97<\/strong><\/li>\n<\/ol>\n<h4><span style=\"font-weight: 400;\">\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u904e\u53bb\u306e\u6c7a\u7b97\u66f8\u304b\u3089\u4e88\u6e2c<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u6839\u62e0\u306a\u304f\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e88\u6e2c\u3059\u308b\u308f\u3051\u306b\u306f\u3044\u304d\u307e\u305b\u3093\u3002\u904e\u53bb\u306e\u6c7a\u7b97\u66f8\u306e<strong>\u300c\u58f2\u4e0a\u9ad8\u300d\u300c\u58f2\u4e0a\u539f\u4fa1\u300d\u300c\u8ca9\u58f2\u8cbb\u304a\u3088\u3073\u4e00\u822c\u7ba1\u7406\u8cbb\u300d\u300c\u6e1b\u4fa1\u511f\u5374\u8cbb\u300d\u300c\u904b\u8ee2\u8cc7\u672c\u5897\u52a0\u984d\u300d\u300c\u8a2d\u5099\u6295\u8cc7\u300d<\/strong>\u3092\u5143\u306b\u3001\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5f53\u7136\u3001\u4e88\u6e2c\u3057\u305f\u4fa1\u5024\u306b\u306f\u3001\u6839\u62e0\u304c\u306a\u3044\u3068\u3044\u3051\u307e\u305b\u3093\u3002<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u4eca\u306e\u4fa1\u5024\u304c100\u4e07\u5186\u3068\u3057\u3066\u3001\u91d1\u522910%\u3067\u904b\u7528\u3057\u30011\u5e74\u5f8c\u306b110\u4e07\u5186\u306b\u306a\u308b\u3068\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1\u5e74\u5f8c\u306b\u306f100\u4e07\u5186\u304c110\u4e07\u5186\u306b\u5897\u3048\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u304c\u30011\u5e74\u5f8c\u306e110\u4e07\u5186\u306f\u73fe\u5728\u3067\u3044\u3046100\u4e07\u5186\u306e\u4fa1\u5024\u306b\u3057\u304b\u306a\u308a\u307e\u305b\u3093\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u308c\u3092\u30012\u5e74\u5f8c3\u5e74\u5f8c\u2026\u3068\u3001\u5c06\u6765\u306e\u4fa1\u5024\u304b\u3089\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u3044\u304d\u3001\u7b97\u51fa\u3057\u307e\u3059\u3002<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">\u5404\u5e74\u5ea6\u306e\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3068\u5408\u308f\u305b\u3066\u8a08\u7b97<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">\u3053\u306e\u73fe\u5728\u4fa1\u5024\u306e\u7b97\u51fa\u65b9\u6cd5\u306f\u3001\u4f1a\u793e\u304c\u9014\u4e2d\u3067\u7d42\u308f\u308b\u3053\u3068\u306a\u304f\u3001\u6c38\u4e45\u306b\u7d9a\u304f\u524d\u63d0\u3067\u8a08\u7b97\u3055\u308c\u307e\u3059\u3002\u5272\u5f15\u7387\u3067\u8a08\u7b97\u3055\u308c\u3066\u3044\u304f\u306e\u3067\u3001\u5e74\u6570\u304c\u7d4c\u3064\u306b\u3064\u308c\u30010\u306b\u8fd1\u3065\u3044\u3066\u3044\u304d\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u3053\u3067\u7b97\u51fa\u3055\u308c\u305f\u6570\u5b57\u304c\u3001\u4e8b\u696d\u4fa1\u5024\u3068\u306a\u308a\u3001\u4f01\u696d\u4fa1\u5024\u306e\u4e00\u90e8\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5<\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><strong><span class=\"span__stk_maker_blue\">\u4f01\u696d\u4fa1\u5024\u306f\u3001\u4e8b\u696d\u4fa1\u5024\u3068\u682a\u5f0f\u4fa1\u5024\u306b\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u6b8b\u9ad8\uff08\u50b5\u6a29\u8005\u4fa1\u5024\uff09\u3082\u542b\u3081\u305f\u5408\u8a08<\/span><\/strong>\u3067\u51fa\u305b\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u51fa\u6cd5\u3068\u3057\u3066\u3001\u4e3b\u306b<strong>\u300c\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u300c\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u300d\u300c\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u300d<\/strong>\u306e3\u7a2e\u985e\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u4e00\u9577\u4e00\u77ed\u3042\u308b\u306e\u3067\u3001\u4f01\u696d\u306b\u3088\u3063\u3066\u3044\u305a\u308c\u304b\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u7b97\u51fa\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u3068\u300c\u682a\u4e3b\u4fa1\u5024\u300d\u306b\u3064\u3044\u3066<\/span><\/h2>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-2691\" src=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/4362850_s-min.jpg\" alt=\"\" width=\"640\" height=\"427\" srcset=\"https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/4362850_s-min.jpg 640w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/4362850_s-min-300x200.jpg 300w, https:\/\/paradigm-shift.co.jp\/media\/wp-content\/uploads\/2022\/05\/4362850_s-min-485x324.jpg 485w\" sizes=\"(max-width: 640px) 100vw, 640px\" \/>\n<p><span style=\"font-weight: 400;\">\u300c\u682a\u5f0f\u4fa1\u5024\u300d\u3068\u300c\u682a\u4e3b\u4fa1\u5024\u300d\u306b\u3064\u3044\u3066\u3001\u540c\u3058\u610f\u5473\u3068\u3057\u3066\u4f7f\u308f\u308c\u308b\u3053\u3068\u304c\u307b\u3068\u3093\u3069\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 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