{"id":178,"date":"2018-09-24T21:57:54","date_gmt":"2018-09-24T12:57:54","guid":{"rendered":"http:\/\/nsspirt-cashf2.com\/2018\/09\/24\/2018-09-24-215754\/"},"modified":"2023-05-08T18:06:10","modified_gmt":"2023-05-08T09:06:10","slug":"dividend-discount-model","status":"publish","type":"post","link":"https:\/\/www.nsspirt-cashf2.com\/ba\/dividend-discount-model\/","title":{"rendered":"\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u3068\u306f\uff1f\u8a08\u7b97\u65b9\u6cd5\u3092\u89e3\u8aac"},"content":{"rendered":"<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u914d\u5f53\u91d1\u304b\u3089\u7406\u8ad6\u682a\u4fa1\u3092\u8003\u3048\u308b\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<div id=\"nsspi-3203244887\" class=\"nsspi-toc nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- responsive -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"5736131584\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb<\/h2>\n<p>\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u3068\u306f\u3001\u5c06\u6765\u6295\u8cc7\u5bb6\u304c\u5f97\u308b\u914d\u5f53\u91d1\u306e\u5408\u8a08\u3092\u671f\u5f85\u53ce\u76ca\u7387\u3067\u5272\u308a\u5f15\u3044\u3066\u3001\u73fe\u5728\u4fa1\u5024\u306b\u3059\u308b\u3053\u3068\u3067\u682a\u5f0f\u306e\u7406\u8ad6\u682a\u4fa1\u3092\u6c42\u3081\u308b\u624b\u6cd5\u306e\u3053\u3068\u3067\u3059\u3002\uff08\u305f\u3060\u3057\u3001\u3042\u307e\u308a\u591a\u304f\u4f7f\u308f\u308c\u3066\u3044\u308b\u65b9\u6cd5\u3067\u306f\u306a\u3044\u3088\u3046\u3067\u3059\u3002\uff09<\/p>\n<h2>\u6210\u9577\u6027\u3092\u52a0\u5473\u3057\u306a\u3044\u5834\u5408<\/h2>\n<p>\u73fe\u5728\u306e\u682a\u4fa1P\u306f1\u5e74\u5f8c\u306e\u914d\u5f53\u91d1D1\uff08\u30a4\u30f3\u30ab\u30e0\u30b2\u30a4\u30f3\uff09\u30681\u5e74\u5f8c\u306e\u682a\u4fa1P1\uff08\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\uff09\u306b\u3088\u3063\u3066\u8868\u3055\u308c\u308b\u3068\u3057\u307e\u3059\u3002<\/p>\n<p><strong>P\u3000\uff1d\u3000\uff08D1\u3000\uff0b\u3000P1\uff09\uff0f\uff081+\uff52\uff09<\/strong><\/p>\n<p>1\u5e74\u5f8c\u306e\u914d\u5f53\u91d1\u304a\u3088\u3073\u682a\u4fa1\u306f\u3001\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5272\u308a\u623b\u3059\u5fc5\u8981\u304c\u3042\u308b\u305f\u3081\u3001<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wacc-capm\/\">\u5272\u5f15\u7387\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09<\/a>r\u3067\u73fe\u5728\u4fa1\u5024\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3055\u3089\u306b1\u5e74\u5f8c\u306e\u682a\u4fa1\u30922\u5e74\u5f8c\u306e\u914d\u5f53\u91d1\u3068\u682a\u4fa1\u3067\u8868\u3059\u3068\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><strong>P\u3000\uff1d\u3000D1\uff0f\uff081+r\uff09\u3000\uff0b\u3000D2\uff0f\uff081+r\uff09<sup>2<\/sup>\u3000\uff0b\u3000P2\uff0f\uff081+r\uff09<sup>2<\/sup>\u3000<\/strong><\/p>\n<p>\u3053\u306e\u8a08\u7b97\u3092\u7d9a\u3051\u3066\u3044\u304f\u3068\u3001n\u5e74\u5f8c\u306e\u914d\u5f53\u91d1\u3092Dn\u3068\u682a\u4fa1 P\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><strong>\u3000P\u3000\uff1d\u3000D1\uff0f\uff081+r\uff09\u3000\uff0b\u3000D2\uff0f\uff081+r\uff09<sup>2<\/sup>\u3000\uff0b\u3000D3\uff0f\uff081+r\uff09<sup>3<\/sup>\uff0b\u30fb\u30fb\u30fb\u30fb<br \/>\n\uff0bD\uff4e\uff0f\uff081+r\uff09<sup>n<\/sup>\u3000\uff0b\u3000P\uff4e\uff0f\uff081+r\uff09<sup>n<\/sup><br \/>\n\uff1d\u3000\u2211\uff5bDn\uff0f\uff081+r\uff09<sup>n<\/sup>\uff5d\u3000\uff0b\u3000P\uff4e\uff0f\uff081+r\uff09<sup>n<\/sup>\u3000<\/strong><\/p>\n<p>\u3053\u3053\u3067\u3001n\u5e74\u5f8c\u306e\u682a\u4fa1\u306f\u5341\u5206\u5c0f\u3055\u304f\u306a\u308a\u7121\u8996\u3067\u304d\u308b\u306e\u3067\u3001\u6bce\u671f\u306e\u914d\u5f53\u91d1 D\u304c\u5c06\u6765\u3082\u540c\u3058\u3068\u4eee\u5b9a\u3057\u305f\u5834\u5408\u3001\u682a\u4fa1\u306f\u6b21\u306e\u3088\u3046\u8a08\u7b97\u3055\u308c\u307e\u3059\u3002<\/p>\n<table bgcolor=\"#cccccc\">\n<tbody>\n<tr>\n<td>\u3000<strong>\u3000P\u3000\uff1d\u3000D\uff0fr\u3000\u3000\u30fb\u30fb\u30fb\u2460<br \/>\n\uff08\u682a\u4fa1\uff09\u3000\uff1d\u3000\uff08\u914d\u5f53\u91d1\uff09\uff0f\uff08\u671f\u5f85\u53ce\u76ca\u7387\uff09<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u305f\u3068\u3048\u3070\u3001\u3042\u308b\u4f1a\u793e\u306e\u914d\u5f53\u91d1\u304c100\u5186\u3067\u671f\u5f85\u53ce\u76ca\u7387\u30926\uff05\u3068\u3057\u305f\u5834\u5408\u3001\u7406\u8ad6\u682a\u4fa1 P\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><strong>\u3000P\u3000\uff1d\u3000100\uff0f6\uff05\u3000\uff1d\u30001667\u5186<\/strong><\/p>\n<p>\u3053\u3053\u3067\u671f\u5f85\u53ce\u76ca\u7387\u306b\u306f\u4e00\u822c\u7684\u306b<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wacc-capm\/\">WACC<\/a>\u3092\u7528\u3044\u307e\u3059\u3002<br \/>\n<strong style=\"font-size: 150%;\"><span style=\"text-decoration: underline;\"><br \/>\n<\/span><\/strong><\/p>\n<div id=\"nsspi-1465529286\" class=\"nsspi-h2-4 nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"6457306725\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><div id=\"nsspi-4111353253\" class=\"nsspi-h2-2 nsspi-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-3661469849757690\"\r\n     data-ad-slot=\"6457306725\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2>\u6210\u9577\u6027\u3092\u52a0\u5473\u3057\u305f\u5834\u5408<\/h2>\n<p>\u2460\u5f0f\u3067\u306f\u6210\u9577\u306e\u6982\u5ff5\u304c\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u6bce\u671f\u306e\u914d\u5f53\u91d1\u304c\u5e74\u9593g\u306e\u6210\u9577\u7387\u3067\u6210\u9577\u3057\u305f\u3068\u3059\u308b\u3068\u3001\u7406\u8ad6\u682a\u4fa1 P\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\uff08\u8a73\u3057\u3044\u8a08\u7b97\u904e\u7a0b\u306f\u7701\u7565\u3057\u307e\u3059\uff09<\/p>\n<table bgcolor=\"#cccccc\">\n<tbody>\n<tr>\n<td>\u3000<strong>\u3000P\u3000\uff1d\u3000D\u3000\uff0f\u3000\uff08r\uff0dg\uff09<br \/>\n\uff08\u682a\u4fa1\uff09\u3000\uff1d\u3000\uff08\u914d\u5f53\u91d1\uff09\uff0f\uff08\u671f\u5f85\u53ce\u76ca\u7387\uff0d\u6210\u9577\u7387\uff09<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u5148\u307b\u3069\u306e\u8a08\u7b97\u4f8b\u3067\u914d\u5f53\u91d1\u306e\u6210\u9577\u7387\u304c\u5e742\uff05\u3060\u3068\u898b\u8fbc\u3080\u3068\u7406\u8ad6\u682a\u4fa1 P\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><strong>P\u3000\uff1d\u3000100\uff0f\uff086\uff05\uff0d2\uff05\uff09\u3000\uff1d\u30002000\u5186<\/strong><\/p>\n<p>\u3055\u3066\u3001\u5148\u307b\u3069\u306e\u5f0f\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><strong>r\uff0dg\u3000\uff1d\u3000D\uff0fP\u3000\uff1d\u3000\u914d\u5f53\u5229\u56de\u308a<\/strong><\/p>\n<p>D\uff0fP\u306f\u914d\u5f53\u91d1\uff0f\u682a\u4fa1\u306a\u306e\u3067\u3001\u3053\u306e\u5f0f\u306f\u914d\u5f53\u5229\u56de\u308a\u3092\u8868\u3057\u307e\u3059\u3002\u3082\u3057\u6295\u8cc7\u5bb6\u306e\u682a\u5f0f\u306b\u5bfe\u3059\u308b\u671f\u5f85\u53ce\u76ca\u7387\u304c6\uff05\u3067\u3001\u3042\u308b\u4f01\u696d\u306e\u914d\u5f53\u5229\u56de\u308a\u304c1\uff05\u306e\u5834\u5408\u3001\u6295\u8cc7\u5bb6\u306f\u305d\u306e\u4f01\u696d\u306b\u5e745\uff05\u306e\u6210\u9577\u671f\u5f85\u3092\u3057\u3066\u3044\u308b\u3068\u8003\u3048\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u914d\u5f53\u91d1\u304b\u3089\u7406\u8ad6\u682a\u4fa1\u3092\u8003\u3048\u308b\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002 \u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb \u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u3068\u306f\u3001\u5c06\u6765\u6295\u8cc7\u5bb6\u304c\u5f97\u308b\u914d\u5f53\u91d1\u306e\u5408\u8a08\u3092\u671f\u5f85\u53ce\u76ca\u7387\u3067\u5272\u308a\u5f15\u3044\u3066\u3001\u73fe\u5728\u4fa1\u5024\u306b\u3059\u308b\u3053\u3068\u3067\u682a\u5f0f\u306e\u7406\u8ad6\u682a\u4fa1\u3092\u6c42\u3081\u308b\u624b\u6cd5\u306e\u3053\u3068\u3067<\/p>\n","protected":false},"author":1,"featured_media":1130,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts\/178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/comments?post=178"}],"version-history":[{"count":0,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts\/178\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/media\/1130"}],"wp:attachment":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/media?parent=178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/categories?post=178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/tags?post=178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}