{"id":262,"date":"2019-01-20T19:23:25","date_gmt":"2019-01-20T10:23:25","guid":{"rendered":"http:\/\/nsspirt-cashf2.com\/2019\/01\/20\/2018-09-23-192325\/"},"modified":"2023-09-25T13:46:09","modified_gmt":"2023-09-25T04:46:09","slug":"finance-beta","status":"publish","type":"post","link":"https:\/\/www.nsspirt-cashf2.com\/ba\/finance-beta\/","title":{"rendered":"\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u3068\u306f\uff1f\u3010\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3068\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3011"},"content":{"rendered":"<p>\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u3068\u306f\u3001\u500b\u5225\u682a\u5f0f\u306e\u5024\u52d5\u304d\u304c\u30de\u30fc\u30b1\u30c3\u30c8\u5168\u4f53\u306e\u5024\u52d5\u304d\u306b\u3069\u306e\u7a0b\u5ea6\u5f71\u97ff\u3055\u308c\u308b\u304b\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n<p>\u30d9\u30fc\u30bf\u306e\u3053\u3068\u3092\u03b2\u5024\uff08\u30d9\u30fc\u30bf\u5024\uff09\u3068\u547c\u3076\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u03b2\u304c1\u4ee5\u4e0a\u3067\u3042\u308c\u3070\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u52d5\u304d\u4ee5\u4e0a\u306b\u682a\u4fa1\u306e\u5024\u52d5\u304d\u304c\u8d77\u3053\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u3001\u03b2\u304c1\u4ee5\u4e0b\u3067\u3042\u308c\u3070\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u52d5\u304d\u306b\u682a\u4fa1\u304c\u5de6\u53f3\u3055\u308c\u306b\u304f\u3044\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u03b2\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u3001\u03b2\u304b\u3089\u8ca1\u52d9\u30ea\u30b9\u30af\u3092\u9664\u5916\u3057\u305f\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u306b\u3064\u3044\u3066\u3001\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<div id=\"nsspi-3858294304\" 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>\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u306e\u7b97\u51fa\u65b9\u6cd5\u306f\uff1f<\/h2>\n<p>\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u306f\u3001\u6b21\u306e\u3088\u3046\u306b\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p>\u03b2\u3000\uff1d<br \/>\n\u5e02\u5834\u5168\u4f53\u3068\u6bd4\u3079\u305f\u30ea\u30bf\u30fc\u30f3\u306e\u30d0\u30e9\u30c4\u30ad\u306e\u5927\u304d\u3055<br 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\/>\n\uff0f\u3000\u5e02\u5834\u5168\u4f53\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u6563<\/strong><\/p>\n<\/div>\n<p><strong>\u5206\u6563\u3068\u306f\uff1a<\/strong>\u30d0\u30e9\u30c4\u30ad\u3092\u8868\u3059\u6307\u6a19\u306e\u3053\u3068\u3067\u3001\u5927\u304d\u3044\u307b\u3069\u30d0\u30e9\u30c4\u30ad\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u5206\u6563\u306e\u5e73\u65b9\u6839\u306e\u3053\u3068\u3092\u6a19\u6e96\u504f\u5dee\u3068\u3044\u3044\u307e\u3059\u3002<\/p>\n<p><strong>\u5171\u5206\u6563\u3068\u306f\uff1a<\/strong>2\u3064\u306e\u4e8b\u8c61\u306e\u76f8\u95a2\u306e\u50be\u5411\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n<p>\u500b\u5225\u682a\u5f0f\u306e\u5024\u52d5\u304d\u3068\u682a\u5f0f\u5e02\u5834\u306e\u5024\u52d5\u304d\u304c\u307b\u3068\u3093\u3069\u540c\u3058\u306b\u306a\u308b\u5834\u5408\u3001\u03b2\u306f1\u306b\u8fd1\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u5f0f\u5e02\u5834\u3088\u308a\u500b\u5225\u682a\u5f0f\u306e\u632f\u308c\u5e45\uff08\u30ea\u30b9\u30af\uff09\u304c\u5927\u304d\u3044\u5834\u5408\u306f\u03b2\uff1e1\u3068\u306a\u308a\u3001\u9006\u306b\u500b\u5225\u682a\u5f0f\u306e\u632f\u308c\u5e45\uff08\u30ea\u30b9\u30af\uff09\u304c\u5c0f\u3055\u3044\u5834\u5408\u306f\u03b2\uff1c1\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u03b2\u306f<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wacc-capm\/\">WACC<\/a>\u3092\u6c42\u3081\u308b\u969b\u306b\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<h3>\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u3092\u30b0\u30e9\u30d5\u304b\u3089\u6c42\u3081\u308b\u65b9\u6cd5<\/h3>\n<p>\u03b2\u3092\u30b0\u30e9\u30d5\u3067\u8868\u3059\u3068\u3001\u305d\u306e\u610f\u5473\u304c\u3088\u308a\u308f\u304b\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e0b\u306e\u56f3\u306f2005\u5e743\u6708\u672b\uff5e2007\u5e742\u6708\u672b\u307e\u3067\u306e\u82b1\u738b\u3068TOPIX\u306e\u6708\u3054\u3068\u306e\u30ea\u30bf\u30fc\u30f3\uff08\uff1d\u5f53\u6708\u306e\u7d42\u5024\uff0f\u524d\u6708\u306e\u7d42\u5024\uff09\u306e\u95a2\u4fc2\u3092\u8868\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-13472\" src=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/beta06.jpg\" alt=\"\u30d9\u30fc\u30bf\u3092\u6563\u5e03\u56f3\u304b\u3089\u6c42\u3081\u308b\" width=\"650\" height=\"337\" \/>\n<p>\u3053\u306e\u4e21\u8005\u306e\u95a2\u4fc2\u3092\u8fd1\u4f3c\u76f4\u7dda\u3067\u8868\u3059\u3068\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-13474\" src=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/beta07.jpg\" alt=\"\u30d9\u30fc\u30bf\u3092\u6563\u5e03\u56f3\u304b\u3089\u6c42\u3081\u308b\" width=\"650\" height=\"337\" 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href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/regression-analysis\/\">\u5358\u56de\u5e30\u5206\u6790\u306e\u89e3\u8aac\u8a18\u4e8b<\/a>\u3092\u53c2\u7167\u304f\u3060\u3055\u3044\u3002\uff09<\/p>\n<p>\u3053\u306e\u76f4\u7dda\u306f\u3001TOPIX\u304c\u4e00\u5b9a\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u3082\u305f\u3089\u3059\u3068\u304d\u3001\u82b1\u738b\u306f\u305d\u306e\u7d040.8\u500d\u304f\u3089\u3044\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u3082\u305f\u3089\u3059\u3068\u3044\u3046\u610f\u5473\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u3053\u306e\u3068\u304d\u306e\u76f4\u7dda\u306e\u50be\u304d0.8\uff08\u6b63\u78ba\u306b\u306f0.7985\uff09\u304c\u3001\u03b2\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u540c\u3058\u3088\u3046\u306b\u30e4\u30d5\u30fc\u3068TOPIX\u306e\u95a2\u4fc2\u3092\u307f\u308b\u3068\u3001\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-13473\" src=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/beta08.jpg\" alt=\"\u30d9\u30fc\u30bf\u3092\u6563\u5e03\u56f3\u304b\u3089\u6c42\u3081\u308b\" width=\"650\" height=\"337\" \/>\n<p>\u82b1\u738b\u306e\u5834\u5408\u3068\u7570\u306a\u308a\u3001\u76f4\u7dda\u306e\u50be\u304d\u304c\u5927\u304d\u3044\u3001\u3059\u306a\u308f\u3061TOPIX\u306e\u30ea\u30bf\u30fc\u30f3\u3088\u308a\u3082\u30e4\u30d5\u30fc\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u65b9\u304c\u5927\u304d\u304f\u52d5\u3044\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u5834\u5408\u306e\u03b2\u306f\u3001\u76f4\u7dda\u306e\u50be\u304d\u3067\u3042\u308b1.4107\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h2>\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3068\u306f<\/h2>\n<p>\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3068\u306f\u3001\u4f01\u696d\u306e\u30ea\u30b9\u30af\u306e\u4e2d\u304b\u3089\u8ca1\u52d9\u30ea\u30b9\u30af\u3092\u9664\u3044\u3066\u4e8b\u696d\u30ea\u30b9\u30af\u306e\u307f\u3092\u62bd\u51fa\u3057\u305f\u30d9\u30fc\u30bf\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u4f01\u696d\u304c\u8ca0\u50b5\u306b\u983c\u3089\u305a\u306b\u8cc7\u91d1\u8abf\u9054\uff08\u7121\u501f\u91d1\u7d4c\u55b6\uff09\u3057\u3066\u3044\u308b\u3068\u904e\u7a0b\u3057\u305f\u5834\u5408\u306e\u30d9\u30fc\u30bf\u3068\u8a00\u3044\u63db\u3048\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002<\/p>\n<h3>\u30a2\u30f3\u30ec\u30fc\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u4f7f\u3046\u610f\u5473<\/h3>\n<p>\u4f01\u696d\u8cb7\u53ce\u306a\u3069\u3067\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u4f01\u696d\u4fa1\u5024\u3084\u682a\u4e3b\u4fa1\u5024\u3092\u6c42\u3081\u308b\u5834\u5408\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6c42\u3081\u308b\u969b\u306e\u03b2\u306e\u8a08\u7b97\u3092\u5de5\u592b\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u4e0a\u5834\u4f01\u696d\u306e\u03b2\u306f\u3001\u904e\u53bb\u306e\u682a\u4fa1\u306e\u52d5\u304d\u304b\u3089\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u304c\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408\u306f\u682a\u4fa1\u304c\u5b58\u5728\u3057\u306a\u3044\u305f\u3081\u3067\u3059\u3002<\/p>\n<p>\u305d\u3053\u3067\u3001\u540c\u3058\u696d\u754c\u3067\u4e8b\u696d\u306e\u72b6\u6cc1\u304c\u4f3c\u3066\u3044\u308b\u4f01\u696d\u306f\u3001\u4e8b\u696d\u30ea\u30b9\u30af\u3082\u307b\u307c\u540c\u4e00\u3060\u3068\u3044\u3046\u4eee\u5b9a\u3067\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u03b2\u3092\u6c42\u3081\u3066\u3044\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u5e02\u5834\u3067\u308f\u304b\u308b\u03b2\u306f\u3001\u3042\u304f\u307e\u3067\u682a\u4e3b\u304b\u3089\u898b\u305f\u3068\u304d\u306e\u03b2\u3067\u3059\u3002<\/p>\n<p>\u682a\u4e3b\u304b\u3089\u898b\u305f\u03b2\u306b\u306f\u3001\u305d\u306e\u4f01\u696d\u306e\u8ca1\u52d9\u30ea\u30b9\u30af\u307e\u3067\u542b\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<p>\u682a\u4e3b\u304b\u3089\u898b\u308b\u3068\u3001\u8ca0\u50b5\u304c\u591a\u3044\u4f01\u696d\u306b\u306f\u4f1a\u793e\u304c\u7834\u7dbb\u3057\u305f\u3068\u304d\u306b\u624b\u5143\u306b\u623b\u308b\u91d1\u984d\u304c\u5c11\u306a\u304f\u306a\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u306e\u3067\u3001\u305d\u306e\u5206\u3060\u3051\u03b2\u3092\u9ad8\u304f\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u8a00\u3044\u63db\u3048\u308b\u3068\u3001\u8ca0\u50b5\u306e\u6bd4\u7387\u304c\u5c11\u306a\u3051\u308c\u3070\u3001\u03b2\u306f\u5fc5\u7136\u7684\u306b\u4f4e\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u3053\u3067\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u03b2\u3092\u6c42\u3081\u308b\u306b\u306f\u3001\u985e\u4f3c\u4f01\u696d\u306e\u5e02\u5834\u306b\u304a\u3051\u308b\u03b2\uff08\u682a\u4e3b\u304b\u3089\u898b\u3048\u308b\u03b2\uff09\u304b\u3089\u4e8b\u696d\u306e\u30ea\u30b9\u30af\u3060\u3051\u3092\u62bd\u51fa\u3057\u305f\u300c\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u300d\u3092\u6c42\u3081\u305f\u4e0a\u3067\u3001\u03b2\u3092\u6c42\u3081\u308b\u5bfe\u8c61\u4f01\u696d\u306e\u8ca1\u52d9\u30ea\u30b9\u30af\u3092\u52a0\u5473\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13471\" src=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/beta05.jpg\" alt=\"\u30d9\u30fc\u30bf\u3092\u56f3\u89e3\u306b\u3088\u3063\u3066\u89e3\u8aac\" width=\"745\" height=\"532\" \/>\n<h3>\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u306e\u8a08\u7b97\u5f0f<\/h3>\n<p>\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u03b2<sub>U<\/sub>\u306f\u3001\u8ca1\u52d9\u30ea\u30b9\u30af\u3082\u542b\u3093\u3060\u30d9\u30fc\u30bf\u3067\u3042\u308b\u03b2<sub>L<\/sub>\u3092\u4f7f\u3063\u3066\u3001\u6b21\u306e\u3088\u3046\u306b\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p><strong>\u03b2<sub>L<\/sub>\u3000\uff1d\u3000\u03b2<sub>U<\/sub> \u00d7\u3000\uff3b1\u3000\uff0b\u3000\uff081\uff0d\uff54\uff09D\uff0fE\uff3d<\/strong><br \/>\n<strong>\u03b2<sub>U<\/sub>\u3000\uff1d\u3000\u03b2<sub>L<\/sub> \uff0f\u3000\uff3b\u30001\u3000\uff0b\u3000\uff081\uff0d\uff54\uff09D\uff0fE\u3000\uff3d<\/strong><\/p>\n<p>\uff08D\uff1a\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u7c3f\u4fa1\u3001E\uff1a\u682a\u4e3b\u4fa1\u5024\u306e\u6642\u4fa1\u3001t\uff1a\u5b9f\u52b9\u7a0e\u7387\uff09<\/p>\n<\/div>\n<p>D\/E\u306e\u3053\u3068\u3092D\/E\u6bd4\u7387\uff08\u30c7\u30c3\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u30fb\u30ec\u30b7\u30aa\uff09\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u6c42\u3081\u308b\u3053\u3068\u3092\u30d9\u30fc\u30bf\u3092\u30a2\u30f3\u30ec\u30d0\u30fc\u5316\u3059\u308b\u3068\u3044\u3044\u307e\u3059\u3002\uff08\u3053\u306e\u6570\u5f0f\u306e\u8a3c\u660e\u306f\u3053\u306e\u30da\u30fc\u30b8\u306e\u4e0b\u90e8\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002\uff09<\/p>\n<h3>\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u4f7f\u3063\u305f\u975e\u4e0a\u5834\u4f01\u696d\u306e\u30d9\u30fc\u30bf\u7b97\u51fa\u4f8b<\/h3>\n<p>\u3053\u3053\u3067\u306f\u3001\u975e\u4e0a\u5834\u4f01\u696dF\u793e\u306e\u30d9\u30fc\u30bf\u7b97\u51fa\u3092\u4f8b\u306b\u3057\u307e\u3059\u3002<\/p>\n<h4>\u53c2\u8003\u3068\u3059\u308b\u4e0a\u5834\u4f01\u696d\u306e\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u7b97\u51fa\u3059\u308b<\/h4>\n<p>\u307e\u305a\u3001\u53c2\u8003\u3068\u3059\u308b\u4e0a\u5834\u4f01\u696d\u306e\u03b2\u3092\u6c42\u3081\u307e\u3059\u3002\u3053\u308c\u3092\u03b2<sub>L<\/sub>\uff08\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\uff1a\u8ca1\u52d9\u30ea\u30b9\u30af\u307e\u3067\u542b\u3093\u3060\u30d9\u30fc\u30bf\u3067\u3059\uff09\u3068\u3057\u307e\u3059\u3002<\/p>\n<p>\u6b21\u306b\u3001\u305d\u306e\u4e0a\u5834\u4f01\u696d\u306e\u4e8b\u696d\u30ea\u30b9\u30af\uff08\u3064\u307e\u308a\u305d\u306e\u4f01\u696d\u304c\u7121\u501f\u91d1\u3060\u3063\u305f\u3068\u4eee\u5b9a\u3057\u3066\u8ca1\u52d9\u30ea\u30b9\u30af\u3092\u53d6\u308a\u9664\u3044\u305f\u5834\u5408\u306e\u30d9\u30fc\u30bf\uff09\u3092\u8868\u3059\u03b2\u3092\u03b2<sub>U<\/sub> \uff08\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\uff09\u3068\u3057\u307e\u3059\u3002<\/p>\n<p>\u3053\u3053\u3067\u306f\u985e\u4f3c\u4f01\u696d\u3092\u305d\u308c\u305e\u308cZ\u793e\u3001N\u793e\u3001P\u793e\u3068\u3057\u3001\u6b21\u306e\u3088\u3046\u306b\u6c42\u3081\u3089\u308c\u305f\u3068\u3057\u307e\u3059\u3002<\/p>\n<table cellpadding=\"5\" bgcolor=\"#cccccc\">\n<tbody>\n<tr>\n<td bgcolor=\"#ffffff\" width=\"60\"><\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">\u03b2<sub>L<\/sub><\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">D\/E\u6bd4\u7387<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">\u7a0e\u7387<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">\u03b2<sub>U<\/sub><\/td>\n<\/tr>\n<tr>\n<td bgcolor=\"#ffffff\" width=\"60\">Z\u793e<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">1.40<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">45\uff05<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">40.7\uff05<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">1.11<\/td>\n<\/tr>\n<tr>\n<td bgcolor=\"#ffffff\" width=\"60\">N\u793e<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">1.35<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">35\uff05<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">41.0\uff05<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">1.12<\/td>\n<\/tr>\n<tr>\n<td bgcolor=\"#ffffff\" width=\"60\">P\u793e<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">1.28<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">10\uff05<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">41.3\uff05<\/td>\n<td align=\"center\" bgcolor=\"#ffffff\" width=\"60\">1.21<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u3053\u306e3\u793e\u306e\u03b2<sub>U<\/sub>\u306e\u5e73\u5747\u3092\u3068\u308b\u30681.14\u3068\u306a\u308b\u306e\u3067\u30011.14\u3092F\u793e\u306e\u03b2<sub>U<\/sub>\u3068\u3057\u307e\u3059\u3002\uff08\u3053\u306e\u3088\u3046\u306b\u5358\u7d14\u306b\u5e73\u5747\u3092\u3068\u308b\u5834\u5408\u3084\u3001\u4e2d\u592e\u5024\u3092\u3068\u308b\u5834\u5408\u3001\u6bd4\u8f03\u5bfe\u8c61\u304c\u591a\u3044\u3068\u304d\u306f\u4e0a\u4e0b\u3092\u9664\u3044\u305f\u5e73\u5747\u3092\u3068\u308b\u5834\u5408\u3082\u3042\u308a\u307e\u3059\uff09<\/p>\n<h4>\u5bfe\u8c61\u4f01\u696d\u306e\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u7b97\u51fa\u3059\u308b<\/h4>\n<p>\u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u306e\u7121\u501f\u91d1\u72b6\u614b\u3067\u306e\u4e8b\u696d\u30ea\u30b9\u30af\u03b2<sub>U<\/sub>\u3092\u6c42\u3081\u305f\u3089\u3001\u6b21\u306b\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8cc7\u672c\u69cb\u6210\u3067\u3001\u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u306e\u4e8b\u696d\u3092\u884c\u3063\u305f\u5834\u5408\u306e\u30ea\u30b9\u30af\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n<p>\u3064\u307e\u308a\u3001\u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u3067\u7b97\u51fa\u3057\u305f\u03b2<sub>U<\/sub> \u304b\u3089\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8cc7\u672c\u69cb\u6210\u3092\u3082\u3068\u306b\u03b2<sub>L<\/sub>\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u5834\u5408\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u4e0a\u306e\u7c3f\u4fa1\u306e\u8cc7\u672c\u69cb\u6210\u306f\u308f\u304b\u3063\u3066\u3082\u3001\u6642\u4fa1\u306e\u8cc7\u672c\u69cb\u6210\uff08\u7279\u306b\u682a\u4e3b\u8cc7\u672c\u306e\u6642\u4fa1\uff09\u306b\u3064\u3044\u3066\u306f\u3001\u682a\u4fa1\u304c\u306a\u3044\u306e\u3067\u308f\u304b\u308a\u307e\u305b\u3093\u3002\uff08\u305d\u3082\u305d\u3082\u3001\u305d\u306e\u682a\u4fa1\u3092\u6c42\u3081\u308b\u305f\u3081\u306b\u03b2<sub>L<\/sub>\u306e\u7b97\u51fa\u3092\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002\uff09<\/p>\n<p>\u305d\u306e\u5834\u5408\u306f\u3001\u5bfe\u8c61\u4f01\u696d\u306f\u4e0a\u5834\u3057\u3066\u3044\u308b\u4f01\u696d\u306b\u8fd1\u3044\u8cc7\u672c\u69cb\u6210\u3067\u4e8b\u696d\u904b\u55b6\u3055\u308c\u308b\u3068\u3044\u3046\u524d\u63d0\u306b\u7acb\u3063\u3066\u3001\u4e0a\u5834\u4f01\u696d\u306e\u8cc7\u672c\u69cb\u6210\u3092\u53c2\u8003\u306b\u3057\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u4f8b\u3060\u3068\u3001\u4e0a\u58343\u793e\u306eD\/E\u6bd4\u7387\u306e\u5e73\u5747\u306f30\uff05\u306b\u306a\u308b\u306e\u3067\u300130\uff05\u3067\u03b2<sub>L<\/sub>\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u03b2<sub>L<\/sub>\u3000\uff1d\u30001.14\u3000\u00d7\u3000\uff081\uff0b(1-0.415)\u00d70.3\uff09\u3000\uff1d\u30001.34<\/strong><\/p>\n<p>\uff08\u7a0e\u7387\u306f\u4eee\u306b41.5\uff05\u3068\u3057\u3066\u3044\u307e\u3059\u3002\uff09<\/p>\n<p>\u3053\u308c\u304c\u682a\u4e3b\u304b\u3089\u898b\u305fF\u793e\u306e\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\uff08\u30ea\u30b9\u30af\uff09\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u305d\u306e\u4ed6\u306e\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u6d3b\u7528\u4e8b\u4f8b<\/h3>\n<p>\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u306f\u6b21\u306e\u3088\u3046\u306a\u30b1\u30fc\u30b9\u3067\u3082\u6d3b\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<h4>\u65b0\u898f\u4e8b\u696d\u306b\u53c2\u5165\u3057\u3066\u3001\u4f1a\u793e\u306e\u30d3\u30b8\u30cd\u30b9\u30ea\u30b9\u30af\u304c\u5909\u5316\u3059\u308b\u3068\u304d<\/h4>\n<p>\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u306f\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306e\u30d9\u30fc\u30bf\u3092\u6c42\u3081\u308b\u3068\u304d\u3060\u3051\u3067\u306a\u304f\u3001\u3042\u308b\u4f1a\u793e\u304c\u65b0\u898f\u4e8b\u696d\u306b\u53c2\u5165\u3059\u308b\u969b\u3001\u3042\u308b\u3044\u306f\u65b0\u898f\u4e8b\u696d\u3092\u8cb7\u53ce\u3059\u308b\u969b\u306e\u30d3\u30b8\u30cd\u30b9\u30ea\u30b9\u30af\u3092\u6c42\u3081\u308b\u3068\u304d\u306b\u3082\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u4f1a\u793e\u306e\u4e8b\u696d\u69cb\u6210\u3092\u5909\u3048\u308b\u5834\u5408\u3001\u305d\u308c\u307e\u3067\u306e\u30d9\u30fc\u30bf\u3067\u8868\u3055\u308c\u308b\u30ea\u30b9\u30af\u3060\u3051\u3092\u8003\u3048\u308b\u306e\u306f\u4e0d\u5341\u5206\u3067\u3001\u65b0\u898f\u4e8b\u696d\u306e\u30ea\u30b9\u30af\u3092\u4f1a\u793e\u306e\u30ea\u30b9\u30af\u3068\u3057\u3066\u7e54\u308a\u8fbc\u3080\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u3053\u3067\u3001\u65b0\u898f\u4e8b\u696d\u306e\u30d3\u30b8\u30cd\u30b9\u3060\u3051\u306e\u30ea\u30b9\u30af\u3092\u8868\u3059\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u696d\u754c\u4ed6\u793e\u306e\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u53c2\u8003\u306b\u7b97\u51fa\u3057\u3066\u3001\u4f1a\u793e\u306e\u65b0\u898f\u4e8b\u696d\u3092\u52a0\u3048\u308b\u524d\u306e\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3068\u8cc7\u7523\u984d\u30d9\u30fc\u30b9\u3067\u52a0\u91cd\u5e73\u5747\u3057\u307e\u3059\u3002<\/p>\n<p>\u305d\u3053\u3067\u3001\u6c42\u3081\u305f\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u306f\u3001\u81ea\u793e\u306e\u8cc7\u672c\u69cb\u6210\u306b\u5fdc\u3058\u3066\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u306b\u5909\u63db\u3057\u3066\u305d\u306e\u4f1a\u793e\u306e\u30d9\u30fc\u30bf\u3068\u3057\u3066\u6271\u3044\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13467\" src=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/beta01.jpg\" alt=\"\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u56f3\u89e3\u3067\u89e3\u8aac\" width=\"741\" height=\"478\" \/>\n<h4>\u4e8b\u696d\u90e8\u3054\u3068\u306e\u30ea\u30b9\u30af\u3092\u6c42\u3081\u308b\u3068\u304d<\/h4>\n<p>\u540c\u3058\u4f1a\u793e\u306e\u4e2d\u3067\u3082\u3001\u7af6\u4e89\u74b0\u5883\u304c\u5168\u304f\u7570\u306a\u308b\u4e8b\u696d\u304c\u8907\u6570\u3042\u308b\u5834\u5408\u3001\u5168\u793e\u306e\u30d9\u30fc\u30bf\u3092\u7528\u3044\u308b\u3068\u6295\u8cc7\u306e\u5224\u65ad\u3092\u8aa4\u3063\u3066\u3057\u307e\u3046\u3053\u3068\u304b\u3089\u3001\u4e8b\u696d\u90e8\u3054\u3068\u306b\u30d9\u30fc\u30bf\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u969b\u306b\u3082\u696d\u754c\u4ed6\u793e\u3092\u53c2\u8003\u306b\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13470\" src=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/beta02.jpg\" alt=\"\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u56f3\u89e3\" width=\"629\" height=\"484\" \/>\n<h3>\uff08\u88dc\u8db3\uff09\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u8a08\u7b97\u5f0f\u306e\u5c0e\u51fa\u3059\u308b\u624b\u9806<\/h3>\n<p>\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u306e\u5c0e\u51fa\u306f\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u304b\u3089\u8003\u3048\u3066\u304d\u307e\u3059\u3002<\/p>\n<p>\u6b21\u306e\u3088\u3046\u306b\u8abf\u9054\u5074\u306e\u8ca0\u50b5D\u3068\u8cc7\u672cE\u304c\u3001\u8ca0\u50b5\u306e\u7bc0\u7a0e\u52b9\u679c\u3068\u7121\u501f\u91d1\u3068\u3057\u305f\u5834\u5408\u306e\u8cc7\u7523\u306b\u5206\u304b\u308c\u3066\u3044\u305f\u3068\u3057\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13469\" src=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/beta03.jpg\" alt=\"\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u304b\u3089\u89e3\u8aac\" width=\"408\" height=\"349\" \/>\n<p>\uff08\u03b2\u306f\u305d\u308c\u305e\u308c\u306e\u30ea\u30b9\u30af\u3092\u3001\uff54\u306f\u5b9f\u52b9\u7a0e\u7387\u3092\u793a\u3057\u307e\u3059\uff09<\/p>\n<p>\u3053\u306e\u3068\u304d\u3001\u5404\u30d9\u30fc\u30bf\u306f\u6b21\u306e\u3088\u3046\u306b\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p><strong>\uff3b\uff08D+E\u3000\uff0d\u3000t\u00d7D\uff09\u3000\u00d7\u3000\u03b2<sub>U<\/sub> \u3000\uff0b\u3000\uff08\uff54\u00d7D\uff09\u3000\u00d7\u3000\u03b2<sub>D<\/sub> \u3000\uff3d<br \/>\n\uff0f\u3000\uff3b\u3000\uff08D+E\u3000\uff0d\u3000\uff54\u00d7D\uff09\u3000\uff0b\u3000\uff08\uff54\u00d7D\uff09\u3000\uff3d<br \/>\n\uff1d\u3000\uff3b\uff08D\u00d7\u03b2<sub>D<\/sub> \uff09\u3000\uff0b\u3000\uff08E\u00d7\u03b2<sub>L<\/sub> \uff09\uff3d\u3000\uff0f\u3000\uff08D\uff0bE\uff09<\/strong><\/p>\n<p><strong>\u03b2<sub>L<\/sub>\u3000\uff1d\u3000\u03b2<sub>L<\/sub> \u00d7\u3000\uff3b\u30001\u3000\uff0b\u3000\uff081\uff0d\uff54\uff09D\uff0fE\u3000\uff3d\u3000\uff0d\u3000\u03b2<sub>D<\/sub>\u00d7\uff081\uff0d\uff54\uff09D\uff0fE<\/strong><\/p>\n<\/div>\n<p>\u8ca0\u50b5\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u03b2<sub>D<\/sub>\u306f\u30de\u30fc\u30b1\u30c3\u30c8\u30ea\u30b9\u30af\u306b\u5bfe\u3057\u3066\u5909\u52d5\u304c\u307b\u3068\u3093\u3069\u306a\u3044\u3068\u8003\u3048\u3089\u308c\u308b\u306e\u3067\u3001\u30bc\u30ed\u3068\u898b\u306a\u3059\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u305d\u3046\u3059\u308b\u3068\u3001\u4e0a\u306e\u5f0f\u3092\u5909\u5f62\u3059\u308b\u3068\u03b2<sub>U<\/sub>\u3068\u03b2<sub>L<\/sub>\u306e\u95a2\u4fc2\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p><strong>\u03b2<sub>U<\/sub>\u3000\uff1d\u3000\u03b2<sub>L<\/sub> \uff0f\u3000\uff3b\u30001\u3000\uff0b\u3000\uff081\uff0d\uff54\uff09D\uff0fE\u3000\uff3d<\/strong><\/p>\n<\/div>\n<div id=\"nsspi-989023852\" 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-993911276\" 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>\u307e\u3068\u3081<\/h2>\n<p>\u4ee5\u4e0a\u304c\u30d9\u30fc\u30bf\u304a\u3088\u3073\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u306e\u89e3\u8aac\u3067\u3057\u305f\u3002<\/p>\n<div 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\u30d9\u30fc\u30bf\u306e\u3053\u3068\u3092\u03b2\u5024\uff08\u30d9\u30fc\u30bf\u5024\uff09\u3068\u547c\u3076\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002 \u03b2\u304c1\u4ee5\u4e0a\u3067\u3042\u308c\u3070\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u52d5\u304d\u4ee5\u4e0a\u306b\u682a\u4fa1\u306e\u5024\u52d5\u304d\u304c\u8d77\u3053\u308b\u3053\u3068\u3092<\/p>\n","protected":false},"author":1,"featured_media":10536,"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-262","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\/262","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=262"}],"version-history":[{"count":0,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts\/262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/media\/10536"}],"wp:attachment":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/media?parent=262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/categories?post=262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/tags?post=262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}