{"id":7810,"date":"2026-05-20T15:01:43","date_gmt":"2026-05-20T06:01:43","guid":{"rendered":"https:\/\/jioinc.jp\/investleaders\/?p=7810"},"modified":"2026-05-20T15:05:19","modified_gmt":"2026-05-20T06:05:19","slug":"funda_costequity","status":"publish","type":"post","link":"https:\/\/jioinc.jp\/investleaders\/funda_costequity\/","title":{"rendered":"\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f?\u6771\u8a3c\u6539\u9769\u3092\u7406\u89e3\u3059\u308b\u4e0a\u3067\u6b20\u304b\u305b\u306a\u3044CAPM\u306e\u8a08\u7b97\u65b9\u6cd5\u3092\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8(Cost of Equity)\u3068\u306f\u3001\u4f01\u696d\u304c\u682a\u4e3b\u304b\u3089\u8cc7\u672c\u3092\u8abf\u9054\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u30b3\u30b9\u30c8\u3001\u3064\u307e\u308a<strong><span class=\"swl-marker mark_yellow\">\u682a\u4e3b\u304c\u305d\u306e\u4f01\u696d\u3078\u306e\u6295\u8cc7\u306b\u5bfe\u3057\u3066\u671f\u5f85\u3059\u308b\u6700\u4f4e\u9650\u306e\u30ea\u30bf\u30fc\u30f3<\/span><\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001<a href=\"https:\/\/jioinc.jp\/investleaders\/funda_roe\/\" data-type=\"post\" data-id=\"1654\">ROE(\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387)<\/a>\u3084<a href=\"https:\/\/jioinc.jp\/investleaders\/stocindex_pbr\/\" data-type=\"post\" data-id=\"1600\">PBR(\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387)<\/a>\u3068\u3082\u5927\u304d\u304f\u95a2\u4fc2\u3057\u3066\u3044\u307e\u3059\u3002<br>2023\u5e74\u306e\u6771\u8a3c\u306b\u3088\u308b<a href=\"https:\/\/jioinc.jp\/investleaders\/news_2026pbr\/\">PBR1\u500d\u5272\u308c\u6539\u5584\u8981\u8acb<\/a>\u3092\u7406\u89e3\u3059\u308b\u4e0a\u3067\u3082\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u6b20\u304b\u305b\u306a\u3044\u6982\u5ff5\u3067\u3059\u3002<br><br>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001CAPM(Capital Asset Pricing Model\uff1a\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb)\u3092\u306f\u3058\u3081\u3068\u3059\u308b3\u3064\u306e\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5\u3001WACC(Weighted Average Cost of Capital\uff1a\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8)\u3084ROE\u3001PBR\u3068\u306e\u95a2\u4fc2\u3001\u4f01\u696d\u304c\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u5177\u4f53\u7b56\u307e\u3067\u3001\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n<div class=\"p-blogParts post_content\" data-partsID=\"1140\">\n<div class=\"swell-block-button red_ is-style-btn_normal\"><a href=\"https:\/\/jioinc.jp\/investleaders\/lp01\/\" class=\"swell-block-button__link\" data-has-icon=\"1\"><svg class=\"__icon\" height=\"1em\" width=\"1em\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" viewBox=\"0 0 48 48\"><path d=\"M25.2 24.7 46 9.5V9c0-1.1-.9-2-2-2H4c-1.1 0-2 .9-2 2v.5l20.8 15.1c.7.6 1.7.6 2.4.1z\"><\/path><path d=\"M22.8 29.6 2 14.5V38c0 1.7 1.3 3 3 3h38c1.7 0 3-1.3 3-3V14.5L25.2 29.6c-.7.5-1.7.5-2.4 0z\"><\/path><\/svg><span>\u6025\u9a30\u671f\u5f85\uff13\u9298\u67c4\u3092\u7121\u6599\u3067\u53d7\u3051\u53d6\u308b<\/span><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1622\" height=\"970\" src=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_01_definition.jpg\" alt=\"\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\" class=\"wp-image-10461\" srcset=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_01_definition.jpg 1622w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_01_definition-300x179.jpg 300w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_01_definition-768x459.jpg 768w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_01_definition-1536x919.jpg 1536w\" sizes=\"(max-width: 1622px) 100vw, 1622px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u4f01\u696d\u306b\u3068\u3063\u3066<strong>\u300c<span class=\"swl-marker mark_yellow\">\u682a\u5f0f\u306b\u3088\u308b\u8cc7\u91d1\u8abf\u9054\u306e\u8cbb\u7528<\/span>\u300d<\/strong>\u306b\u3042\u305f\u308a\u307e\u3059\u3002\u682a\u4e3b\u306f\u81ea\u3089\u306e\u304a\u91d1\u3092\u6295\u8cc7\u3059\u308b\u306b\u3042\u305f\u3063\u3066\u3001\u30ea\u30b9\u30af\u306b\u898b\u5408\u3063\u305f\u6700\u4f4e\u9650\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u671f\u5f85\u3057\u3066\u304a\u308a\u3001\u3053\u306e\u671f\u5f85\u3055\u308c\u308b\u30ea\u30bf\u30fc\u30f3\u304c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u6c34\u6e96\u3092\u4e0a\u56de\u308bROE\u3092\u9054\u6210\u3057\u306a\u3051\u308c\u3070\u3001<strong><span class=\"swl-marker mark_yellow\">\u4f01\u696d\u304c\u682a\u4e3b\u306e\u671f\u5f85\u306b\u5fdc\u3048\u3089\u308c\u3066\u3044\u306a\u3044<\/span><\/strong>\u3053\u3068\u306b\u306a\u308a\u3001\u682a\u4fa1\u306e\u4f4e\u8ff7\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f01\u696d\u8996\u70b9\u3068\u6295\u8cc7\u5bb6\u8996\u70b9\u3067\u306e\u5b9a\u7fa9\u3092\u6574\u7406<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u4f01\u696d\u5074\u3068\u6295\u8cc7\u5bb6\u5074\u306e\u4e21\u9762\u304b\u3089\u5b9a\u7fa9\u3067\u304d\u307e\u3059\u3002<br><br>\u4f01\u696d\u5074\u306e\u8996\u70b9\u3067\u306f\u300c<strong><span class=\"swl-marker mark_yellow\">\u682a\u4e3b\u304b\u3089\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u969b\u306b\u5fc5\u8981\u306a\u6700\u4f4e\u9650\u306e\u30b3\u30b9\u30c8<\/span><\/strong>\u300d\u3067\u3042\u308a\u3001ROE\u304c\u3053\u306e\u6c34\u6e96\u3092\u8d85\u3048\u306a\u3051\u308c\u3070\u4f01\u696d\u306e\u4fa1\u5024\u306f\u5411\u4e0a\u3057\u307e\u305b\u3093\u3002<br><br>\u6295\u8cc7\u5bb6\u5074\u306e\u8996\u70b9\u3067\u306f\u300c\u4ed6\u306e\u6295\u8cc7\u6a5f\u4f1a\u3068\u6bd4\u8f03\u3057\u3066\u671f\u5f85\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u300d\u3092\u6307\u3057\u3066\u3044\u307e\u3059\u3002<strong><span class=\"swl-marker mark_yellow\">\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u4f01\u696d\u307b\u3069\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3082\u9ad8\u304f<\/span><\/strong>\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u306e\u9055\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f01\u696d\u306e\u8cc7\u672c\u8abf\u9054\u30b3\u30b9\u30c8\u306b\u306f<span class=\"swl-marker mark_yellow\"><strong>\u8ca0\u50b5\u30b3\u30b9\u30c8(Cost of Debt)<\/strong><\/span>\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e2\u7a2e\u985e\u304c\u3042\u308a\u307e\u3059\u3002<br><br>\u8ca0\u50b5\u30b3\u30b9\u30c8\u306f<span class=\"swl-marker mark_yellow\"><strong>\u501f\u5165\u91d1\u3084\u793e\u50b5\u306e\u5229\u5b50\u7387<\/strong><\/span>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u652f\u6255\u3046\u5229\u606f\u306f\u3001\u7a0e\u6cd5\u3067\u8cbb\u7528\u3068\u3057\u3066\u8a8d\u3081\u3089\u308c\u308b\u305f\u3081\u3001\u7bc0\u7a0e\u52b9\u679c\u307e\u3067\u542b\u3081\u305f\u5f8c\u306e\u5b9f\u8cea\u7684\u306b\u8ca0\u62c5\u3059\u308b\u30b3\u30b9\u30c8\u306f\u300c\u5229\u5b50\u7387 \u00d7(1 &#8211; \u6cd5\u4eba\u7a0e\u7387)\u300d\u3067\u7b97\u51fa\u3067\u304d\u307e\u3059\u3002<br><br>\u8ca0\u50b5\u30b3\u30b9\u30c8\u3088\u308a\u3082\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u65b9\u304c\u9ad8\u304f\u306a\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u4f01\u696d\u304c\u7a3c\u3044\u3060\u304a\u91d1\u3092\u682a\u4e3b\u3088\u308a\u3082\u50b5\u6a29\u8005\u306e\u65b9\u304c\u512a\u5148\u7684\u306b\u53d7\u3051\u53d6\u308c\u3001\u682a\u4e3b\u306e\u65b9\u304c\u50b5\u6a29\u8005\u3088\u308a\u3082\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u7acb\u5834\u306b\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u4ee3\u8868\u7684\u306a\u8a08\u7b97\u65b9\u6cd5<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1620\" height=\"971\" src=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_02_calculation_methods.jpg\" alt=\"\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u4ee3\u8868\u7684\u306a\u8a08\u7b97\u65b9\u6cd5\" class=\"wp-image-10463\" srcset=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_02_calculation_methods.jpg 1620w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_02_calculation_methods-300x180.jpg 300w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_02_calculation_methods-768x460.jpg 768w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_02_calculation_methods-1536x921.jpg 1536w\" sizes=\"(max-width: 1620px) 100vw, 1620px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u8a08\u7b97\u3059\u308b\u4ee3\u8868\u7684\u306a\u65b9\u6cd5\u306f3\u3064\u3042\u308a\u3001\u4f01\u696d\u306e\u7279\u6027\u3084\u5229\u7528\u53ef\u80fd\u306a\u30c7\u30fc\u30bf\u306b\u5fdc\u3058\u3066\u4f7f\u3044\u5206\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002<br>\u305d\u308c\u305e\u308c\u306e\u7279\u5fb4\u3068\u4f7f\u3044\u65b9\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">CAPM(\u8cc7\u672c\u8cc7\u7523\u8a55\u4fa1\u30e2\u30c7\u30eb)\uff5c\u6700\u3082\u5e83\u304f\u4f7f\u308f\u308c\u3066\u3044\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u3067\u6700\u3082\u5e83\u304f\u4f7f\u308f\u308c\u3066\u3044\u308b\u306e\u304c<strong><span class=\"swl-marker mark_yellow\">CAPM(\u8cc7\u672c\u8cc7\u7523\u8a55\u4fa1\u30e2\u30c7\u30eb)<\/span><\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a08\u7b97\u5f0f\u306f\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_info wp-block-paragraph\"><strong>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8 = \u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8 + \u03b2 (\u30d9\u30fc\u30bf\u5024)\u00d7 \u30de\u30fc\u30b1\u30c3\u30c8\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3068\u306f\u3001\u30ea\u30b9\u30af\u30bc\u30ed\u3067\u53d7\u3051\u53d6\u308c\u308b\u5229\u56de\u308a\u3092\u6307\u3057\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u56fd\u304c\u767a\u884c\u3059\u308b\u56fd\u50b5\u306e\u3088\u3046\u306b\u3001<strong><span class=\"swl-marker mark_yellow\">\u5143\u672c\u3084\u5229\u606f\u3092\u53d7\u3051\u53d6\u308c\u306a\u304f\u306a\u308b\u30ea\u30b9\u30af\u304c\u304b\u306a\u308a\u4f4e\u3044\u8cc7\u7523\u306e\u5229\u56de\u308a<\/span><\/strong>\u304c\u57fa\u6e96\u306b\u306a\u308a\u307e\u3059\u3002<br><br>\u03b2(\u30d9\u30fc\u30bf\u5024)\u306f\u3001\u305d\u306e\u682a\u304c\u5e02\u5834\u5168\u4f53\u306b\u3069\u308c\u3060\u3051\u5f71\u97ff\u3055\u308c\u3084\u3059\u3044\u304b\u3092\u793a\u3059\u5024\u3067\u3059\u3002\u5e02\u5834\u5e73\u5747\u3068\u540c\u7a0b\u5ea6\u306b\u52d5\u304f\u682a\u306e\u03b2\u306f\u30011\u304c\u57fa\u6e96\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">\u03b2\u304c1\u3088\u308a\u3082\u5927\u304d\u3051\u308c\u3070\u9ad8\u30ea\u30b9\u30af\u30fb\u9ad8\u30ea\u30bf\u30fc\u30f3\u3001\u4f4e\u3051\u308c\u3070\u4f4e\u30ea\u30b9\u30af\u30fb\u4f4e\u30ea\u30bf\u30fc\u30f3<\/span><\/strong>\u3092\u793a\u3057\u307e\u3059\u3002<br><br>\u30de\u30fc\u30b1\u30c3\u30c8\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f\u3001<strong><span class=\"swl-marker mark_yellow\">\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u306e\u671f\u5f85\u3055\u308c\u308b\u53ce\u76ca\u7387\u3068\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u306e\u5dee<\/span><\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u671f\u5f85\u3055\u308c\u308b\u53ce\u76ca\u7387\u306f\u3001\u904e\u53bb\u306e\u5e73\u5747\u7684\u306a\u5b9f\u7e3e\u304b\u3089\u7b97\u51fa\u3055\u308c\u308b\u5834\u5408\u3082\u3042\u308c\u3070\u3001\u4eca\u306e\u682a\u4fa1\u304b\u3089\u5c06\u6765\u306e\u914d\u5f53\u3084\u5229\u76ca\u304c\u3069\u306e\u7a0b\u5ea6\u3067\u3042\u308c\u3070\u5408\u7406\u7684\u304b\u3092\u5c0e\u304d\u51fa\u3057\u3001\u671f\u5f85\u53ce\u76ca\u7387\u3092\u8a08\u7b97\u3059\u308b\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb(DDM)\uff5c\u5b89\u5b9a\u914d\u5f53\u4f01\u696d\u306b\u6709\u52b9\u306a\u8a08\u7b97\u6cd5<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001<strong><span class=\"swl-marker mark_yellow\">\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb(DDM: Dividend Discount Model)<\/span><\/strong>\u3092\u4f7f\u3063\u3066\u8a08\u7b97\u3055\u308c\u308b\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb(DDM)\u3068\u306f\u3001\u7406\u8ad6\u682a\u4fa1\u3092\u7b97\u51fa\u3059\u308b\u305f\u3081\u306e\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u306e\u8a08\u7b97\u5f0f\u3067\u3001\u5c06\u6765\u306e\u914d\u5f53\u91d1\u306e\u5408\u8a08\u984d\u3092\u4eca\u306e\u4fa1\u5024\u306b\u76f4\u3057\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_info wp-block-paragraph\"><strong>\u682a\u4fa1\uff1d\u6765\u671f\u306e\u914d\u5f53\u00f7(\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u53ce\u76ca\u7387-\u914d\u5f53\u6210\u9577\u7387)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5c06\u6765\u306e\u6295\u8cc7\u5bb6\u304c\u53d7\u3051\u53d6\u308b\u914d\u5f53\u91d1\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u5408\u8a08\u3059\u308c\u3070\u3001\u73fe\u5728\u306e\u682a\u4fa1\u306b\u7b49\u3057\u304f\u306a\u308b\u3068\u3044\u3046\u4eee\u5b9a\u306b\u57fa\u3065\u304f\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u306b\u51fa\u3066\u304f\u308b\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u53ce\u76ca\u7387\u3092\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u6349\u3048\u3001\u5f0f\u306e\u5f62\u3092\u5909\u3048\u308b\u3068\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_info wp-block-paragraph\"><strong>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8 = \u6765\u671f\u306e\u914d\u5f53 \u00f7 \u73fe\u5728\u306e\u682a\u4fa1 + \u914d\u5f53\u6210\u9577\u7387<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3068\u3048\u30701\u682a\u914d\u5f53100\u5186\u3001\u682a\u4fa12,000\u5186\u3001\u914d\u5f53\u6210\u9577\u73873%\u306e\u4f01\u696d\u306e\u5834\u5408\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f8%\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_pen wp-block-paragraph\">100 \u5186\u00f7 2,000 \u5186+ 3%= 5% + 3% = <strong>8%<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u306f\u3001\u5b89\u5b9a\u7684\u306a\u914d\u5f53\u3092\u7d99\u7d9a\u3057\u3066\u3044\u308b\u6210\u719f\u4f01\u696d\u306e\u5206\u6790\u306b\u5411\u3044\u3066\u3044\u307e\u3059\u304c\u3001\u7121\u914d\u306e\u6210\u9577\u4f01\u696d\u306b\u306f\u9069\u7528\u304c\u96e3\u3057\u3044\u6b20\u70b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30dc\u30f3\u30c9\u30fb\u30a4\u30fc\u30eb\u30c9\u30d7\u30e9\u30b9\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u6cd5<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f01\u696d\u306e\u793e\u50b5\u5229\u56de\u308a(\u8ca0\u50b5\u30b3\u30b9\u30c8)\u306b\u3001\u524d\u8ff0\u306e\u30de\u30fc\u30b1\u30c3\u30c8\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u52a0\u7b97\u3059\u308b\u65b9\u6cd5\u3082\u3042\u308a\u307e\u3059\u3002\u793e\u50b5\u5e02\u5834\u306e\u30c7\u30fc\u30bf\u304c\u53d6\u308c\u308b\u4e0a\u5834\u4f01\u696d\u3067\u3042\u308c\u3070\u6bd4\u8f03\u7684\u7c21\u4fbf\u306b\u7b97\u51fa\u3067\u304d\u308b\u70b9\u304c\u3053\u306e\u65b9\u6cd5\u306e\u30e1\u30ea\u30c3\u30c8\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CAPM\u306e\u88dc\u5b8c\u3068\u3057\u3066\u4f75\u7528\u3055\u308c\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">WACC(\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8)\u3068\u306e\u95a2\u4fc2<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1619\" height=\"971\" src=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_03_wacc_relationship.jpg\" alt=\"WACC(\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8)\u3068\u306e\u95a2\u4fc2\" class=\"wp-image-10464\" srcset=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_03_wacc_relationship.jpg 1619w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_03_wacc_relationship-300x180.jpg 300w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_03_wacc_relationship-768x461.jpg 768w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_03_wacc_relationship-1536x921.jpg 1536w\" sizes=\"(max-width: 1619px) 100vw, 1619px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">WACC(\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8)\u3068\u306f\u3001\u4f01\u696d\u304c\u8abf\u9054\u3057\u305f\u304a\u91d1\u5168\u4f53\u306e\u30b3\u30b9\u30c8\u3092\u5e73\u5747\u3057\u305f\u6307\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5177\u4f53\u7684\u306b\u306f\u682a\u5f0f\u767a\u884c\u3067\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u969b\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8(\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8)\u3068\u501f\u5165\u308c\u3084\u8ca0\u50b5\u306e\u5229\u5b50\u7387(\u8ca0\u50b5\u30b3\u30b9\u30c8)\u3092\u3001\u305d\u308c\u305e\u308c\u306e\u8abf\u9054\u91d1\u984d\u306e\u6bd4\u7387\u3067\u52a0\u91cd\u5e73\u5747\u3057\u3066\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">WACC\u306e\u8a08\u7b97\u5f0f\uff5c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u4f4d\u7f6e\u3065\u3051<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">WACC\u306e\u8a08\u7b97\u5f0f\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>WACC = \u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8 \u00d7(E \u00f7 V)+ \u8ca0\u50b5\u30b3\u30b9\u30c8 \u00d7(1 &#8211; \u7a0e\u7387)\u00d7(D \u00f7 V)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">E\u306f\u3001\u682a\u5f0f\u3067\u8abf\u9054\u3057\u305f\u304a\u91d1(\u682a\u4e3b\u8cc7\u672c\uff1aEquity)\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3057\u304b\u3057\u3001\u3053\u306e\u8a08\u7b97\u306e\u6642\u306b\u4f7f\u3046\u306e\u306f\u3001\u6c7a\u7b97\u66f8\u306b\u8f09\u3063\u3066\u3044\u308b\u4f1a\u8a08\u4e0a\u306e\u6570\u5b57\u3067\u3042\u308b\u682a\u4e3b\u8cc7\u672c\u3067\u306f\u306a\u304f\u3001\u6642\u4fa1\u7dcf\u984d\u3067\u3059\u3002\u6642\u4fa1\u7dcf\u984d\u306f\u3001\u4eca\u3053\u306e\u77ac\u9593\u3001\u5e02\u5834\u304c\u300c\u3053\u306e\u4f1a\u793e\u306f\u3053\u308c\u3060\u3051\u306e\u4fa1\u5024\u304c\u3042\u308b\u300d\u3068\u5224\u65ad\u3057\u3066\u3044\u308b\u6570\u5b57\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WACC\u306f\u3001\u300c\u6295\u8cc7\u5bb6\u304c\u4eca\u3001\u3053\u306e\u4f1a\u793e\u306b\u6c42\u3081\u3066\u3044\u308b\u30ea\u30bf\u30fc\u30f3\u300d\u3092\u8a08\u7b97\u3059\u308b\u3082\u306e\u306a\u306e\u3067\u3001\u682a\u4e3b\u8cc7\u672c\u306e\u8a08\u7b97\u306b\u3082\u3001\u4eca\u305d\u306e\u6642\u70b9\u306e\u4fa1\u5024\u3067\u3042\u308b\u6642\u4fa1\u7dcf\u984d\u3092\u7528\u3044\u307e\u3059\u3002<br><br>D\u306f\u3001\u501f\u5165\u30fb\u793e\u50b5\u306a\u3069\u6709\u5229\u5b50\u8ca0\u50b5(Debt)\u306e\u6642\u4fa1\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u306f\u3001E\u3068D\u3092\u5408\u8a08\u3057\u305f\u3001\u4f01\u696d\u306e\u8cc7\u91d1\u8abf\u9054\u5168\u4f53\u3001\u8cc7\u672c\u7dcf\u984d(Value)\u306e\u3053\u3068\u3067\u3059\u3002<br><br>\u3064\u307e\u308a\u300cE \u00f7 V\u300d\u306f<strong>\u8abf\u9054\u8cc7\u91d1\u5168\u4f53\u306e\u3046\u3061\u682a\u5f0f\u304c\u5360\u3081\u308b\u5272\u5408<\/strong>\u3001\u300cD \u00f7 V\u300d\u306f<strong>\u501f\u5165\u304c\u5360\u3081\u308b\u5272\u5408<\/strong>\u3092\u793a\u3057\u307e\u3059\u3002<br>\u305d\u308c\u305e\u308c\u306e\u5272\u5408\u3092\u30b3\u30b9\u30c8\u306b\u639b\u3051\u5408\u308f\u305b\u308c\u3070\u3001\u5168\u4f53\u306e\u5e73\u5747\u30b3\u30b9\u30c8\u304c\u5c0e\u304d\u51fa\u305b\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">WACC\u304c\u9ad8\u3044\u3068\u4f01\u696d\u4fa1\u5024\u306f\u3069\u3046\u5909\u308f\u308b\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">WACC\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc(\u4e8b\u696d\u6d3b\u52d5\u304c\u751f\u3080\u73fe\u91d1)\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f\u969b\u306e\u300c\u5272\u5f15\u7387\u300d\u3068\u3057\u3066\u4f7f\u308f\u308c\u307e\u3059\u3002M&amp;A\u306e\u4fa1\u683c\u7b97\u5b9a\u3084\u8a2d\u5099\u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u4e0d\u53ef\u6b20\u306a\u6570\u5024\u3067\u3059\u3002<br><br>WACC\u304c\u9ad8\u3051\u308c\u3070\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306f\u5c0f\u3055\u304f\u306a\u308a\u3001\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u306f\u4f4e\u4e0b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u9006\u306bWACC\u304c\u4f4e\u3044\u307b\u3069\u4f01\u696d\u4fa1\u5024\u306f\u9ad8\u304f\u8a55\u4fa1\u3055\u308c\u308b\u305f\u3081\u3001<strong><span class=\"swl-marker mark_yellow\">\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u3053\u3068\u304c\u3001\u4f01\u696d\u4fa1\u5024\u306e\u5411\u4e0a\u306b\u3064\u306a\u304c\u308a\u307e\u3059<\/span><\/strong>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068ROE\u3084PBR\u3068\u306e\u95a2\u4fc2<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1622\" height=\"970\" src=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_04_roe_pbr_relationship.jpg\" alt=\"\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068ROE\u3084PBR\u3068\u306e\u95a2\u4fc2\" class=\"wp-image-10465\" srcset=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_04_roe_pbr_relationship.jpg 1622w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_04_roe_pbr_relationship-300x179.jpg 300w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_04_roe_pbr_relationship-768x459.jpg 768w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_04_roe_pbr_relationship-1536x919.jpg 1536w\" sizes=\"(max-width: 1622px) 100vw, 1622px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f01\u696d\u304c\u4fa1\u5024\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u308b\u3068\u8a55\u4fa1\u3055\u308c\u308b\u305f\u3081\u306b\u306f\u30011\u3064\u306e\u660e\u78ba\u306a\u57fa\u6e96\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u308c\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u671f\u5f85\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u3067\u3042\u308b\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u3001\u5b9f\u969b\u306e\u7a3c\u304e\u3067\u3042\u308bROE(\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387)\u304c\u4e0a\u56de\u3063\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ROE &gt; \u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u300c\u4fa1\u5024\u5275\u51fa\u300d\u306e\u6761\u4ef6<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3082\u3057ROE\u304c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u3063\u3066\u3044\u308c\u3070\u3001\u305d\u306e\u4f01\u696d\u306f\u6295\u8cc7\u5bb6\u306e\u671f\u5f85\u3092\u8d85\u3048\u308b\u5229\u76ca\u3092\u5275\u51fa\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308a\u3001\u5e02\u5834\u304b\u3089\u306e\u8a55\u4fa1\u3082\u9ad8\u307e\u3063\u3066PBR(\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387)\u306f1\u500d\u3092\u8d85\u3048\u3066\u3044\u304d\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u53cd\u5bfe\u306b\u3001ROE\u304c\u30b3\u30b9\u30c8\u3092\u4e0b\u56de\u3063\u3066\u3057\u307e\u3046\u3068\u3001\u4e8b\u696d\u3092\u3059\u308c\u3070\u3059\u308b\u307b\u3069\u4fa1\u5024\u3092\u640d\u306a\u3063\u3066\u3044\u308b\u3068\u898b\u306a\u3055\u308c\u3001PBR\u306f1\u500d\u3092\u5272\u308a\u8fbc\u307f\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<br><br>\u3064\u307e\u308aPBR1\u500d\u3068\u3044\u3046\u30e9\u30a4\u30f3\u306f\u3001\u4f01\u696d\u304c\u4fa1\u5024\u3092\u751f\u3093\u3067\u3044\u308b\u304b\u58ca\u3057\u3066\u3044\u308b\u304b\u3092\u5206\u3051\u308b\u5883\u754c\u7dda\u306a\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">PBR1\u500d\u5272\u308c\u554f\u984c\u3068\u6771\u8a3c\u306e\u6539\u5584\u8981\u8acb<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">2023\u5e743\u6708\u3001\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u306fPBR1\u500d\u5272\u308c\u304c\u7d9a\u304f\u30d7\u30e9\u30a4\u30e0\u30fb\u30b9\u30bf\u30f3\u30c0\u30fc\u30c9\u5e02\u5834\u306e\u4e0a\u5834\u4f01\u696d\u306b\u5bfe\u3057\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3084\u682a\u4fa1\u3092\u610f\u8b58\u3057\u305f\u7d4c\u55b6\u306e\u5b9f\u73fe\u306b\u5411\u3051\u305f\u5bfe\u5fdc\u300d\u3092\u8981\u8acb\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PBR\u304c1\u500d\u3092\u4e0b\u56de\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u6975\u8ad6\u3092\u8a00\u3063\u3066\u3057\u307e\u3048\u3070\u3001\u4f1a\u793e\u3092\u4eca\u3059\u3050\u89e3\u6563\u3057\u3066\u8cc7\u7523\u3092\u5206\u3051\u305f\u65b9\u304c\u30de\u30b7\u3068\u5e02\u5834\u304b\u3089\u5224\u65ad\u3055\u308c\u3066\u3044\u308b\u3082\u540c\u7136\u3060\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u6771\u8a3c\u306e\u8981\u8acb\u3092\u304d\u3063\u304b\u3051\u306b\u3001\u591a\u304f\u306e\u65e5\u672c\u4f01\u696d\u304c\u91cd\u3044\u8170\u3092\u4e0a\u3052\u307e\u3057\u305f\u3002\u914d\u5f53\u3092\u5897\u3084\u3057\u305f\u308a\u81ea\u793e\u682a\u8cb7\u3044\u3092\u884c\u3063\u305f\u308a\u3059\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u6839\u672c\u7684\u306a\u7a3c\u3050\u529b\u3092\u9ad8\u3081\u308b\u305f\u3081\u306bROE\u306e\u76ee\u6a19\u3092\u5f15\u304d\u4e0a\u3052\u308b\u52d5\u304d\u304c\u52a0\u901f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u73fe\u5728\u3001\u3053\u306e\u8cc7\u672c\u52b9\u7387\u306e\u6539\u5584\u306f\u4e00\u904e\u6027\u306e\u6d41\u884c\u3067\u306f\u306a\u304f\u3001\u65e5\u672c\u4f01\u696d\u306e\u7af6\u4e89\u529b\u3092\u5e95\u4e0a\u3052\u3059\u308b\u305f\u3081\u306e\u69cb\u9020\u7684\u306a\u30c6\u30fc\u30de\u3068\u3057\u3066\u6df1\u304f\u5b9a\u7740\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u306a\u305c\u300cROE8%\u300d\u304c\u76ee\u6a19\uff1f\uff5c\u4f0a\u85e4\u30ec\u30dd\u30fc\u30c8\u3068\u306f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1620\" height=\"971\" src=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_05_ito_report_roe_target.jpg\" alt=\"\u306a\u305c\u300cROE8%\u300d\u304c\u76ee\u6a19\uff1f\uff5c\u4f0a\u85e4\u30ec\u30dd\u30fc\u30c8\u3068\u306f\" class=\"wp-image-10466\" srcset=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_05_ito_report_roe_target.jpg 1620w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_05_ito_report_roe_target-300x180.jpg 300w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_05_ito_report_roe_target-768x460.jpg 768w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_05_ito_report_roe_target-1536x921.jpg 1536w\" sizes=\"(max-width: 1620px) 100vw, 1620px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u610f\u8b58\u3057\u305f\u7d4c\u55b6\u300d\u3092\u8a9e\u308b\u4e0a\u3067\u6b20\u304b\u305b\u306a\u3044\u306e\u304c\u3001\u4e00\u6a4b\u5927\u5b66\u306e\u6559\u6388(\u73fe\u5728\u306f\u540d\u8a89\u6559\u6388)\u3067\u3042\u3063\u305f\u4f0a\u85e4\u90a6\u96c4\u6c0f\u304c\u767a\u8868\u3057\u305f\u30ec\u30dd\u30fc\u30c8\u3067\u3059\u3002\u4f0a\u85e4\u6c0f\u306f\u3053\u306e\u30ec\u30dd\u30fc\u30c8\u3067\u3001\u65e5\u672c\u4f01\u696d\u304c\u518d\u3073\u6210\u9577\u3059\u308b\u305f\u3081\u306b\u306f\u300cROE(\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387)8%\u4ee5\u4e0a\u300d\u3092\u76ee\u6307\u3059\u3079\u304d\u3060\u3068\u5f37\u304f\u63d0\u8a00\u3057\u307e\u3057\u305f\u3002<br><br>\u306a\u305c8%\u306a\u306e\u304b\u3002\u305d\u308c\u306f\u3001\u5f53\u6642\u306e\u6295\u8cc7\u5bb6\u304c\u65e5\u672c\u4f01\u696d\u306b\u671f\u5f85\u3059\u308b\u6700\u4f4e\u9650\u306e\u30ea\u30bf\u30fc\u30f3\u3001\u3064\u307e\u308a\u300c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u304c5%\u304b\u30898%\u7a0b\u5ea6\u3060\u3063\u305f\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f0a\u85e4\u30ec\u30dd\u30fc\u30c8\u306f\u300c\u6295\u8cc7\u5bb6\u3068\u306e\u5bfe\u8a71\u3092\u901a\u3058\u3066\u3001\u671f\u5f85\u3092\u8d85\u3048\u308b\u5229\u76ca\u3092\u51fa\u305d\u3046\u300d\u3068\u3001\u65e5\u672c\u4f01\u696d\u306e\u80cc\u4e2d\u3092\u5f37\u304f\u62bc\u3057\u305f\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2015\u5e74\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30b3\u30fc\u30c9(\u4f01\u696d\u7d71\u6cbb\u6307\u91dd)\u306e\u5236\u5b9a\u3084\u30012022\u5e74\u306e\u6771\u8a3c\u5e02\u5834\u518d\u7de8\u3001\u305d\u3057\u30662023\u5e74\u306e\u300cPBR1\u500d\u5272\u308c\u300d\u306b\u5bfe\u3059\u308b\u6539\u5584\u8981\u8acb\u307e\u3067\u3001\u4e00\u9023\u306e\u6d41\u308c\u306f\u3059\u3079\u3066\u5730\u7d9a\u304d\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u305f\u3081\u306e\u5177\u4f53\u7b56<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1620\" height=\"971\" src=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_06_how_to_lower.jpg\" alt=\"\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u305f\u3081\u306e\u5177\u4f53\u7b56\" class=\"wp-image-10467\" srcset=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_06_how_to_lower.jpg 1620w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_06_how_to_lower-300x180.jpg 300w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_06_how_to_lower-768x460.jpg 768w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_06_how_to_lower-1536x921.jpg 1536w\" sizes=\"(max-width: 1620px) 100vw, 1620px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3053\u308d\u3067\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u4f01\u696d\u3068\u4f4e\u3044\u4f01\u696d\u306f\u4f55\u304c\u7570\u306a\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<br>\u9375\u3092\u63e1\u308b\u306e\u306f\u4e0d\u78ba\u5b9f\u6027\u3068\u304a\u91d1\u306e\u4f7f\u3044\u65b9\u306e2\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4ee5\u4e0b\u3067\u306f\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u305f\u3081\u306e\u5177\u4f53\u7684\u306a\u65b9\u6cd5\u3092\u898b\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">IR\u5f37\u5316\u3067\u03b2\u5024\u3092\u4f4e\u4e0b\u3055\u305b\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305a\u306f\u3001\u6295\u8cc7\u5bb6\u3068\u306e\u30b3\u30df\u30e5\u30cb\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u6df1\u3081\u3066\u3001\u682a\u4fa1\u306e\u5909\u52d5\u3092\u7a4f\u3084\u304b\u306b\u3059\u308b\u65b9\u6cd5\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<br><br>\u4f01\u696d\u304c\u60c5\u5831\u306e\u958b\u793a(IR)\u306e\u8cea\u3068\u91cf\u3092\u9ad8\u3081\u308b\u307b\u3069\u3001\u6295\u8cc7\u5bb6\u304c\u611f\u3058\u308b\u4e0d\u78ba\u5b9f\u6027\u306f\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002\u4e2d\u8eab\u304c\u898b\u3048\u306a\u3044\u4e0d\u900f\u660e\u306a\u4f01\u696d\u307b\u3069\u3001\u682a\u4fa1\u306f\u6fc0\u3057\u304f\u4e0a\u4e0b(\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u72b6\u614b)\u3057\u3001\u6295\u8cc7\u5bb6\u306f\u9ad8\u3044\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u8981\u6c42\u3057\u307e\u3059\u3002<br><br>\u305d\u3053\u3067\u3001\u5b9a\u671f\u7684\u306a\u6c7a\u7b97\u8aac\u660e\u4f1a\u3084\u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\u306e\u4e01\u5be7\u306a\u89e3\u8aac\u3001\u82f1\u8a9e\u3067\u306e\u60c5\u5831\u767a\u4fe1\u3092\u7a4d\u6975\u7684\u306b\u9032\u3081\u308b\u3053\u3068\u304c\u3001\u682a\u4fa1\u306e\u632f\u308c\u5e45\uff08\u30d9\u30fc\u30bf\u5024\uff09\u3092\u4e0b\u3052\u308b\u6709\u529b\u306a\u624b\u6bb5\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u771f\u646f\u306a\u60c5\u5831\u958b\u793a\u306e\u59ff\u52e2\u305d\u306e\u3082\u306e\u304c\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u62bc\u3057\u4e0b\u3052\u308b\u5927\u304d\u306a\u6b66\u5668\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ESG\u7d4c\u55b6\u30fb\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u5f37\u5316<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6295\u8cc7\u5bb6\u3068\u9577\u671f\u7684\u306a\u4fe1\u983c\u3092\u7bc9\u3051\u3070\u3001\u5b89\u5b9a\u3057\u305f\u8cc7\u91d1\u3092<\/strong>\u547c\u3073\u8fbc\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u74b0\u5883\u30fb\u793e\u4f1a\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u3078\u306e\u53d6\u308a\u7d44\u307f\u3092\u5f37\u5316\u3059\u308bESG\u7d4c\u55b6\u306f\u3001\u5358\u306a\u308b\u793e\u4f1a\u8ca2\u732e\u3067\u306f\u306a\u304f\u3001\u9577\u671f\u7684\u306a\u4e8b\u696d\u30ea\u30b9\u30af\u3092\u4e0b\u3052\u308b\u305f\u3081\u306e\u6226\u7565\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7279\u306b\u30ac\u30d0\u30ca\u30f3\u30b9\u6539\u9769\u306b\u304a\u3044\u3066\u3001\u72ec\u7acb\u3057\u305f\u793e\u5916\u53d6\u7de0\u5f79\u306e\u5897\u54e1\u3084\u5831\u916c\u4f53\u7cfb\u306e\u900f\u660e\u5316\u3092\u9032\u3081\u308b\u3053\u3068\u306f\u3001\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u4fe1\u983c\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002\u30ea\u30b9\u30af\u7ba1\u7406\u304c\u5fb9\u5e95\u3055\u308c\u3066\u3044\u308b\u3068\u8a55\u4fa1\u3055\u308c\u308c\u3070\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u9577\u671f\u5b89\u5b9a\u8cc7\u91d1\u304c\u96c6\u307e\u308a\u3084\u3059\u304f\u306a\u308a\u3001\u7d50\u679c\u3068\u3057\u3066\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u4f4e\u6e1b\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u900f\u660e\u6027\u306e\u9ad8\u3044\u7d4c\u55b6\u4f53\u5236\u3092\u69cb\u7bc9\u3059\u308b\u3053\u3068\u306f\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u6700\u3082\u76f4\u63a5\u7684\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u9818\u57df\u306e\u4e00\u3064\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u81ea\u793e\u682a\u8cb7\u3044\u30fb\u5897\u914d\u306b\u3088\u308b\u8cc7\u672c\u69cb\u6210\u306e\u6700\u9069\u5316<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6301\u3063\u3066\u3044\u308b\u73fe\u91d1\u3092\u8ce2\u304f\u4f7f\u3046\u3053\u3068\u3067\u3001\u4f01\u696d\u4fa1\u5024\u3068\u8cc7\u672c\u52b9\u7387\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u6574\u3048\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u624b\u5143\u306b\u3042\u308b\u4f59\u5270\u8cc7\u91d1\u3092\u81ea\u793e\u682a\u8cb7\u3044\u3084\u5897\u914d\u3068\u3057\u3066\u682a\u4e3b\u306b\u9084\u5143\u3059\u308b\u3053\u3068\u3082\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u610f\u8b58\u3057\u305f\u6709\u52b9\u306a\u624b\u6bb5\u3067\u3059\u3002\u3053\u308c\u3089\u3092\u5b9f\u884c\u3059\u308b\u3053\u3068\u3067\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff08ROE\uff09\u304c\u6539\u5584\u3057\u3001\u300c\u6295\u8cc7\u5bb6\u306e\u671f\u5f85\u4ee5\u4e0a\u306b\u7a3c\u3050\u300d\u3068\u3044\u3046\u76ee\u6a19\u306e\u9054\u6210\u304c\u65e9\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305f\u3001\u9069\u5ea6\u306a\u501f\u308a\u5165\u308c\u3092\u6d3b\u7528\u3057\u3066\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u8abf\u6574\u3059\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u5168\u4f53\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\uff08WACC\uff09\u3092\u5f15\u304d\u4e0b\u3052\u308b\u52b9\u679c\u3082\u671f\u5f85\u3067\u304d\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u683c\u4ed8\u3051\u306b\u5f71\u97ff\u3059\u308b\u307b\u3069\u306e\u904e\u5ea6\u306a\u501f\u308a\u5165\u308c\u306b\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002\u30c8\u30e8\u30bf\u81ea\u52d5\u8eca\u3084\u65e5\u672c\u88fd\u9244\u306e\u3088\u3046\u306a\u65e5\u672c\u3092\u4ee3\u8868\u3059\u308b\u4f01\u696d\u3082\u3001\u81ea\u793e\u682a\u8cb7\u3044\u3092\u8cc7\u672c\u52b9\u7387\u6539\u5584\u306e\u67f1\u3068\u3057\u3066\u5b9a\u7740\u3055\u305b\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u696d\u7a2e\u5225\u306e\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u76ee\u5b89<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1619\" height=\"971\" src=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_07_industry_benchmarks.jpg\" alt=\"\" class=\"wp-image-10468\" srcset=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_07_industry_benchmarks.jpg 1619w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_07_industry_benchmarks-300x180.jpg 300w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_07_industry_benchmarks-768x461.jpg 768w, https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/cost_of_equity_07_industry_benchmarks-1536x921.jpg 1536w\" sizes=\"(max-width: 1619px) 100vw, 1619px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u696d\u7a2e\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u5b89\u5b9a\u3057\u3066\u3044\u308b\u516c\u76ca\u4e8b\u696d\u306f\u03b2\u5024\u304c\u4f4e\u304f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3082\u4f4e\u3081\u306b\u306a\u308b\u4e00\u65b9\u3001\u666f\u6c17\u5909\u52d5\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u3044\u534a\u5c0e\u4f53\u3084\u81ea\u52d5\u8eca\u306f\u03b2\u5024\u304c\u9ad8\u304f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3082\u9ad8\u6c34\u6e96\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\">\n<table class=\"has-fixed-layout\">\n<thead>\n<tr>\n<th>\u696d\u7a2e<\/th>\n<th>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u76ee\u5b89<\/th>\n<th>\u7279\u5fb4<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u516c\u76ca\u4e8b\u696d(\u96fb\u529b\u30fb\u30ac\u30b9\u30fb\u9244\u9053)<\/td>\n<td>3.7\u301c5.7%<\/td>\n<td>\u5b89\u5b9a\u7684\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001\u4f4e\u03b2<\/td>\n<\/tr>\n<tr>\n<td>\u98df\u6599\u30fb\u98f2\u6599\u30fb\u30bf\u30d0\u30b3<\/td>\n<td>2.4\u301c4.1%<\/td>\n<td>\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\u9298\u67c4\u3001\u9700\u8981\u5909\u52d5\u304c\u5c0f\u3055\u3044<\/td>\n<\/tr>\n<tr>\n<td>\u81ea\u52d5\u8eca\u30fb\u81ea\u52d5\u8eca\u90e8\u54c1<\/td>\n<td>7.8\u301c10.2%<\/td>\n<td>\u666f\u6c17\u654f\u611f\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u7af6\u4e89\u304c\u6fc0\u3057\u3044<\/td>\n<\/tr>\n<tr>\n<td>\u534a\u5c0e\u4f53\u30fb\u534a\u5c0e\u4f53\u88fd\u9020\u88c5\u7f6e<\/td>\n<td>9.3\u301c13.6%<\/td>\n<td>\u30b7\u30ea\u30b3\u30f3\u30b5\u30a4\u30af\u30eb\u306b\u3088\u308b\u696d\u7e3e\u5909\u52d5\u304c\u5927\u304d\u3044<\/td>\n<\/tr>\n<tr>\n<td>\u6771\u8a3c\u30d7\u30e9\u30a4\u30e0\u5e02\u5834\u5168\u4f53<\/td>\n<td>4.5\u301c8.1%<\/td>\n<td>\u696d\u7a2e\u69cb\u6210\u306b\u3088\u308b\u5e45\u3042\u308a<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u81ea\u5206\u304c\u6295\u8cc7\u3057\u3066\u3044\u308b\u4f01\u696d\u306e\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u628a\u63e1\u3057\u3066\u304a\u304f\u3068\u3001ROE\u3068\u306e\u6bd4\u8f03\u3067\u300c\u3053\u306e\u4f01\u696d\u306f\u672c\u5f53\u306b\u4fa1\u5024\u3092\u5275\u51fa\u3057\u3066\u3044\u308b\u306e\u304b\u300d\u3092\u5224\u65ad\u3059\u308b\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u307e\u3068\u3081\uff5c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u6295\u8cc7\u5224\u65ad\u3068\u4f01\u696d\u8a55\u4fa1\u306e\u571f\u53f0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3001\u7d4c\u55b6\u610f\u601d\u6c7a\u5b9a\u3001\u8cc7\u672c\u653f\u7b56\u306e\u3059\u3079\u3066\u306b\u95a2\u308f\u308b\u57fa\u790e\u6982\u5ff5\u3067\u3059\u3002CAPM\u306e\u8a08\u7b97\u5f0f\u3092\u7406\u89e3\u3057\u3001ROE\u3068\u306e\u6bd4\u8f03\u3067PBR1\u500d\u5272\u308c\u306e\u672c\u8cea\u3092\u898b\u629c\u3051\u308b\u3088\u3046\u306b\u306a\u308c\u3070\u3001\u6295\u8cc7\u5148\u306e\u9078\u5b9a\u7cbe\u5ea6\u306f\u5927\u304d\u304f\u5411\u4e0a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6771\u8a3c\u306e\u6539\u5584\u8981\u8acb\u3092\u5951\u6a5f\u306b\u3001\u65e5\u672c\u4f01\u696d\u306e\u8cc7\u672c\u52b9\u7387\u306b\u5bfe\u3059\u308b\u610f\u8b58\u306f\u78ba\u5b9f\u306b\u5909\u5316\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u306f\u300c\u4f01\u696d\u304cROE\u3067\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u7d99\u7d9a\u7684\u306b\u4e0a\u56de\u308c\u3066\u3044\u308b\u304b\u300d\u3092\u5b9a\u70b9\u89b3\u6e2c\u3059\u308b\u3053\u3068\u304c\u3001\u512a\u308c\u305f\u9298\u67c4\u9078\u5b9a\u3078\u306e\u7b2c\u4e00\u6b69\u3067\u3059\u3002<\/p>\n\n\n<div class=\"p-blogParts post_content\" data-partsID=\"1144\">\n<div class=\"ctacontent01\">\n  <div class=\"toptext\">\n   <p class=\"heading-21\"><img decoding=\"async\" src=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/kijishitactaimg01.png\" \/><\/p>\n   <p class=\"cta_text01_03\">\u4eca\u306a\u3089\u6025\u9a30\u671f\u5f85\u306e\u201c\u6709\u529b3\u9298\u67c4\u201d\u3092<br class=\"sp_\">\u7121\u6599\u3067\u914d\u4fe1\u3044\u305f\u3057\u307e\u3059<\/p>\n   <p class=\"cta_text01_02\">\u8cb7\u3044\u3068\u58f2\u308a\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u304b\u3089\u9298\u67c4\u9078\u3073\u307e\u3067\u5168\u3066\u5f0a\u793e\u306b\u304a\u4efb\u305b\u304f\u3060\u3055\u3044\u3002<br>\u6295\u8cc7\u306b\u7cbe\u901a\u3057\u305f\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u624b\u8155\u3092\u60dc\u3057\u3052\u3082\u306a\u304f\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002<\/p>\n   <p class=\"cta_text01_02\">\u5f0a\u793e\u304c\u3054\u63d0\u4f9b\u3059\u308b\u9298\u67c4\u306e\u826f\u3055\u3092\u307e\u305a\u306f\u3054\u5b9f\u611f\u304f\u3060\u3055\u3044\u3002<\/p>\n   <p class=\"cta_text02\">\u25bc\u30d7\u30ed\u304c\u9078\u3093\u30603\u9298\u67c4\u3092\u7121\u6599\u3067\u3054\u63d0\u6848\u25bc<\/p>\n  <\/div>\n\n  <form method=\"POST\" action=\"https:\/\/report.calltree-system.com\/jio\/register.php\">\n  <input type=\"hidden\" name=\"success-page\" value=\"https:\/\/trend-scouter.jp\/jio\/pages\/thanks.html\"> <!-- value\u306b\u306f \u767b\u9332\u6210\u529f\u6642\u306e\u9077\u79fb\u5148\u3092 https:\/\/ \u304b\u3089\u30d5\u30eb\u30d1\u30b9\u3067\u6307\u5b9a\u3059\u308b -->\n  <input type=\"hidden\" name=\"error-page\" value=\"https:\/\/trend-scouter.jp\/jio\/pages\/error.html\"> <!-- value\u306b\u306f \u767b\u9332\u5931\u6557\u6642\u306e\u9077\u79fb\u5148\u3092 https:\/\/ \u304b\u3089\u30d5\u30eb\u30d1\u30b9\u3067\u6307\u5b9a\u3059\u308b -->\n  <input type=\"hidden\" name=\"check-email-duplication\" value=\"1\"><!-- \u91cd\u8907\u767b\u9332\u6642\u30a8\u30e9\u30fc\u7528 -->\n    <!-- \u30ea\u30d5\u30a1\u30e9\u30fc -->\n<input type=\"hidden\" name=\"referer\" value=\"\">\n<input type=\"hidden\" name=\"code\" value=\"\">\n<input type=\"hidden\" name=\"utm_source\" value=\"\">\n<input type=\"hidden\" name=\"utm_medium\" value=\"\">\n<input type=\"hidden\" name=\"utm_campaign\" value=\"\">\n\t<div class=\"kijishitacv\">\n\t\t<div class=\"left_box\">\n\t\t\t<input name=\"email\" placeholder=\"\u3053\u3053\u306b\u30e1\u30fc\u30eb\u30a2\u30c9\u30ec\u30b9\u3092\u5165\u529b\" id=\"Usermail\" value=\"\" class=\"form_input_input\" type=\"email\" required\/>\n\t\t\t<div>\n\t\t\t<label><input type=\"checkbox\" class=\"checkbox1\" name=\"privacy\" value=\"1\" checked \/><a href=\"https:\/\/trend-scouter.jp\/jio\/pages\/privacy.html\" target=\"_blank\">\u500b\u4eba\u60c5\u5831\u4fdd\u8b77\u306b\u95a2\u3059\u308b\u4e8b\u9805<\/a>\u306b\u540c\u610f\u3059\u308b<\/label>\n\t\t\t<label><input type=\"checkbox\" class=\"checkbox1\" name=\"email-check\" value=\"1\" checked \/>\u30e1\u30fc\u30eb\u914d\u4fe1\u306b\u540c\u610f\u3057\u3001\u65e5\u672c\u6295\u8cc7\u6a5f\u69cb\u682a\u5f0f\u4f1a\u793e\u304b\u3089\u306e\u30e1\u30fc\u30eb\u3092\u53d7\u3051\u53d6\u308b<\/label>\n      <label><input type=\"checkbox\" class=\"checkbox1\" name=\"hansya\" value=\"1\" checked \/>\u5f53\u30b5\u30a4\u30c8\u306e<a href=\"https:\/\/trend-scouter.jp\/\u53cd\u793e\u4f1a\u7684\u52e2\u529b\u3068\u306e\u95a2\u4fc2\u906e\u65ad\u306b\u5bfe\u3059\u308b\u57fa\u672c\u65b9\u91dd.pdf\" target=\"_blank\">\u53cd\u793e\u4f1a\u7684\u52e2\u529b\u3068\u306e\u95a2\u4fc2\u906e\u65ad\u306b\u5bfe\u3059\u308b\u57fa\u672c\u65b9\u91dd<\/a>\u306b\u540c\u610f\u3059\u308b<\/label>\n\n<br>\n<\/div>\n\t\t<\/div>\n\t\t<div class=\"right_box\">\n\t\t\t<input type=\"image\" src=\"https:\/\/jioinc.jp\/investleaders\/wp-content\/uploads\/btn.png\" id=\"btn1\" name=\"send\">\n    <\/div>\n  <div class=\"cvtxt\">\n    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class=\"photo\"><\/a><\/p><div class=\"weiter-text\">\n\t\t    <p class=\"weiter-name\"><a href=\"https:\/\/jioinc.jp\/investleaders\/editorial_department\/jiodesk\/\">\u65e5\u672c\u6295\u8cc7\u6a5f\u69cb\u3000\u7de8\u96c6\u90e8<\/a><\/p><p class=\"weiter-prof01\">\u65e5\u672c\u6295\u8cc7\u6a5f\u69cb\u682a\u5f0f\u4f1a\u793e<\/p>\n\t\t<\/div><div class=\"weiter-profbox\">\n\t\t    <div class=\"weiter-prof02\">\n\t\t      <p class=\"weiter-proftext\">INVEST 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<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8(Cost of 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