{"id":263,"date":"2019-01-08T19:22:46","date_gmt":"2019-01-08T10:22:46","guid":{"rendered":"http:\/\/nsspirt-cashf2.com\/2019\/01\/08\/2018-09-23-192246\/"},"modified":"2023-09-25T13:47:03","modified_gmt":"2023-09-25T04:47:03","slug":"wacc-capm","status":"publish","type":"post","link":"https:\/\/www.nsspirt-cashf2.com\/ba\/wacc-capm\/","title":{"rendered":"WACC\u3068\u306f\uff1fCAPM\u3068\u306f\uff1f\u3010\u5272\u5f15\u7387\u30fb\u8cc7\u672c\u30b3\u30b9\u30c8\u3011\u8a08\u7b97\u4f8b\u4ed8\u304d\u3067\u89e3\u8aac"},"content":{"rendered":"<p>WACC\uff08\u30ef\u30c3\u30af\uff09\u3068\u306f\u3001\u305d\u306e\u4f1a\u793e\u306e\u7dcf\u5408\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<\/p>\n<p>WACC\u306f\u3001Weighted Average Cost of Capital\u306e\u7565\u3067\u3001\u65e5\u672c\u8a9e\u3067\u306f\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8a00\u3044\u307e\u3059\u3002<\/p>\n<p><a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/finance-index\/\">\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6<\/a>\u306b\u304a\u3051\u308b<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf\/\">DCF\u6cd5<\/a>\u3067\u306f\u3001\u5272\u5f15\u7387\u3068\u3044\u3046\u6982\u5ff5\u304c\u5927\u4e8b\u306b\u306a\u3063\u3066\u304d\u307e\u3059\u3002<\/p>\n<p>\u5272\u5f15\u7387\u3068\u306f\u3001\u5c06\u6765\u306e\u73fe\u91d1\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5272\u5f15\u304f\u969b\u306b\u4f7f\u3046\u4fc2\u6570\u306e\u3053\u3068\u3067\u3001\u300c\u30ea\u30b9\u30af\u300d\u306e\u5927\u304d\u3055\u3068\u3068\u3089\u3048\u308b\u3053\u3068\u3082\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6\u306b\u304a\u3051\u308b\u5272\u5f15\u7387\u306e\u8a08\u7b97\u3067\u3001\u6700\u3082\u3088\u304f\u4f7f\u308f\u308c\u308b\u306e\u304cWACC\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001DCF\u6cd5\u306b\u304a\u3051\u308b\u5272\u5f15\u7387\u3068\u3057\u3066\u6d3b\u7528\u3055\u308c\u308bWACC\u3068\u3001WACC\u306e\u8a08\u7b97\u3067\u91cd\u8981\u3068\u306a\u308bCAPM\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<div id=\"nsspi-290909131\" 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>WACC\u306e\u610f\u5473\u30fb\u6982\u8981<\/h2>\n<p>\u4f01\u696d\u304c\u4e8b\u696d\u3092\u904b\u55b6\u3057\u3066\u3044\u304f\u4e0a\u3067\u5fc5\u8981\u306a\u8cc7\u91d1\u306b\u306f\u8ca0\u50b5\u3068\u8cc7\u672c\u304c\u3042\u308a\u3001\u305d\u308c\u305e\u308c\u8abf\u9054\u306e\u305f\u3081\u306b\u306f\u91d1\u5229\u3084\u914d\u5f53\u91d1\u306a\u3069\u3001\u8abf\u9054\u306e\u305f\u3081\u306e\u30b3\u30b9\u30c8\u304c\u5fc5\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>WACC\u306f\u3001\u8cc7\u672c\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3068\u3001\u8ca0\u50b5\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3059\u308b\u3053\u3068\u3067\u3001\u305d\u306e\u4f1a\u793e\u306e\u7dcf\u5408\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\uff08\uff1d\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<p>\u4f01\u696d\u304c\u50b5\u6a29\u8005\u3084\u682a\u4e3b\u306e\u671f\u5f85\u3092\u8d85\u3048\u308b\u53ce\u76ca\u3092\u4e0a\u3052\u308b\u305f\u3081\u306b\u306f\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u8d85\u3048\u308b\u53ce\u76ca\u7387\u3092\u5b9f\u73fe\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\uff08WACC\u3068\u6bd4\u8f03\u3059\u308b\u53ce\u76ca\u7387\u306b\u306f<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/roic\/\">ROIC<\/a>\u304c\u7528\u3044\u3089\u308c\u307e\u3059\uff09<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13230\" src=\"https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2019\/01\/wacc001.jpg\" alt=\"WACC\u306e\u56f3\u89e3\" width=\"983\" height=\"648\" srcset=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/wacc001.jpg 983w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/wacc001-300x198.jpg 300w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/wacc001-768x506.jpg 768w, https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2019\/01\/wacc001.jpg 856w\" sizes=\"auto, (max-width: 983px) 100vw, 983px\" \/>\n<div class=\"simple-box3\">\n<p>WACC\u306f\u3069\u3093\u306a\u3068\u304d\u306b\u4f7f\u308f\u308c\u308b\u306e\u304b\uff1f<\/p>\n<ol>\n<li>\u4f01\u696d\u304c\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u6295\u8cc7\u3092\u3059\u308b\u969b\u306b\u306f\u4e00\u822c\u7684\u306b\u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u5272\u5f15\u7387\uff09\u3068\u3057\u3066WACC\u304c\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u307e\u3059\u3002\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u53ce\u76ca\u7387\u304cWACC\u3092\u8d85\u3048\u308b\u304b\u3069\u3046\u304b\u304c\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3078\u306e\u6295\u8cc7\u5224\u65ad\u306e\u57fa\u6e96\u3068\u306a\u308a\u307e\u3059\u3002<\/li>\n<li>\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u304a\u3044\u3066\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3059\u308b\u969b\u306e\u5272\u5f15\u7387\u3068\u3057\u3066\u3082WACC\u304c\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/li>\n<\/ol>\n<\/div>\n<p>\u95a2\u9023\u8a18\u4e8b<br \/>\n&gt;&gt;<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf-examples\/\">DCF\u6cd5\u3092\u6d3b\u7528\u3057\u305f\u7406\u8ad6\u682a\u4fa1\u7b97\u51fa\u30fb\u8a08\u7b97\u65b9\u6cd5<\/a><br \/>\n&gt;&gt;<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/corporate-value\/\">\u3010\u56f3\u89e3\u3011\u4f01\u696d\u4fa1\u5024\u3068\u306f\u30fb\u682a\u4e3b\u4fa1\u5024\u3068\u306f<\/a><\/p>\n<h2>WACC\u306e\u8a08\u7b97\u5f0f\u306f\uff1f<\/h2>\n<p>WACC\u306f\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3059\u308b\u3053\u3068\u3067\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u5177\u4f53\u7684\u306aWACC\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p><strong>WACC\u3000<\/strong><\/p>\n<p><strong>\uff1d\u3000\uff3brE\u3000\u00d7\u3000E\uff0f(D+E)\u3000\uff3d\u3000\uff0b\u3000\uff3brD\u00d7(1-T)\u3000\u00d7\u3000D\uff0f(D+E)\uff3d<\/strong><\/p>\n<p>\uff52E\u3000\uff1d\u3000\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<br \/>\n\uff52D\u3000\uff1d\u3000\u8ca0\u50b5\u30b3\u30b9\u30c8<br \/>\nD\u3000\uff1d\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u984d\uff08\u6642\u4fa1\uff09<br \/>\nE\u3000\uff1d\u682a\u4e3b\u8cc7\u672c\u306e\u984d\uff08\u6642\u4fa1\uff09<br \/>\nT\u3000\uff1d\u5b9f\u52b9\u7a0e\u7387<\/p>\n<\/div>\n<p>\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6\u3067\u306f\u3001\u5168\u3066\u6642\u4fa1\u3067\u8003\u3048\u308b\u306e\u304c\u57fa\u672c\u3067\u3059\u304c\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u3088\u3046\u306b\u6642\u4fa1\u3068\u8ca1\u52d9\u8af8\u8868\u4e0a\u306e\u7c3f\u4fa1\u3068\u3067\u5927\u304d\u306a\u5dee\u304c\u306a\u3044\u5834\u5408\u306f\u7c3f\u4fa1\u3092\u4f7f\u3046\u5834\u5408\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3>\u8ca0\u50b5\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5<\/h3>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13229\" src=\"https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2019\/01\/wacc002.jpg\" alt=\"\u8ca0\u50b5\u30b3\u30b9\u30c8\u306e\u56f3\u89e3\" width=\"983\" height=\"403\" srcset=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/wacc002.jpg 983w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/wacc002-300x123.jpg 300w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/wacc002-768x315.jpg 768w, https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2019\/01\/wacc002.jpg 856w\" sizes=\"auto, (max-width: 983px) 100vw, 983px\" \/>\n<p>\u8ca0\u50b5\u306b\u304b\u304b\u308b\u8abf\u9054\u30b3\u30b9\u30c8\u3068\u306f\u3001\u501f\u5165\u91d1\u306b\u5bfe\u3059\u308b\u5229\u606f\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u306f\u3001\u6b21\u306e\u5f0f\u304b\u3089\u6c42\u3081\u308b\u4e8b\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p><strong>\u8ca0\u50b5\u30b3\u30b9\u30c8rD\u3000\uff1d\u3000\u8ca0\u50b5\u306b\u5bfe\u3059\u308b\u91d1\u5229<\/strong><\/p>\n<p><strong>\uff1d\u3000\u652f\u6255\u5229\u606f\u3000\uff0f [\uff08\u671f\u9996\u6709\u5229\u5b50\u8ca0\u50b5\u3000+\u3000\u671f\u672b\u6709\u5229\u5b50\u8ca0\u50b5\uff09 \/ 2 ]<\/strong><\/p>\n<\/div>\n<p>\u672c\u6765\u306f\u3001\u305d\u306e\u4f1a\u793e\u304c\u73fe\u6642\u70b9\u3067\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u3044\u304f\u3089\u306e\u91d1\u5229\u304c\u501f\u308a\u5165\u308c\u3067\u304d\u308b\u304b\u3067\u8003\u3048\u308b\u3079\u304d\u306a\u306e\u3067\u3059\u304c\u3001\u5916\u90e8\u304b\u3089\u3060\u3068\u9280\u884c\u304c\u91d1\u5229\u3092\u3044\u304f\u3089\u306b\u8a2d\u5b9a\u3059\u308b\u304b\u306a\u3069\u7d30\u304b\u3044\u3053\u3068\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u305d\u3053\u3067\u3001\u8ca1\u52d9\u8af8\u8868\u304b\u3089\u7c21\u5358\u306b\u5224\u5225\u3067\u304d\u308b\u5b9f\u969b\u306e\u652f\u6255\u5229\u606f\u3068\u3001\u671f\u9996\u30fb\u671f\u672b\u306e\u6709\u5229\u5b50\u8ca0\u50b5\u304b\u3089\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p>\u8ca0\u50b5\u306b\u306f\u7bc0\u7a0e\u52b9\u679c\u304c\u3042\u308b\u306e\u3067\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u306f\u5b9f\u52b9\u7a0e\u7387\u306e\u5206\u3060\u3051\u5272\u5f15\u304b\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u304cWACC\u306e\u8a08\u7b97\u5f0f\u306b\u3042\u308b\u3000rD\u3000\u00d7\u3000\uff081-T\uff09\u3000\u3092\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<h4>\u5b9f\u52b9\u7a0e\u7387\u3068\u306f<\/h4>\n<p>\u5b9f\u52b9\u7a0e\u7387\u3068\u306f\u3001\u6cd5\u4eba\u7a0e\u3084\u4e8b\u696d\u7a0e\u3001\u4f4f\u6c11\u7a0e\u306a\u3069\u306e\u7a0e\u7387\u306b\u57fa\u3065\u3044\u3066\u8a08\u7b97\u3055\u308c\u305f\u7dcf\u5408\u7684\u306a\u7a0e\u7387\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u5b9f\u52b9\u7a0e\u7387\u306f\u3001\u7a0e\u52b9\u679c\u4f1a\u8a08\u3084\u4e2d\u671f\u7d4c\u55b6\u8a08\u753b\u7b49\u3067\u6cd5\u4eba\u7a0e\u7b49\u3092\u60f3\u5b9a\u3059\u308b\u969b\u306b\u7528\u3044\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3001\u5b9f\u969b\u306e\u7d0d\u7a0e\u8a08\u7b97\u3067\u4f7f\u308f\u308c\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u5b9f\u52b9\u7a0e\u7387\u306f\u6b21\u306e\u8a08\u7b97\u5f0f\u306b\u3088\u3063\u3066\u8868\u3055\u308c\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p><strong>\u6cd5\u5b9a\u5b9f\u52b9\u7a0e\u7387 <\/strong><\/p>\n<p><strong>\uff1d \u3014\u6cd5\u4eba\u7a0e\u7387\u00d7\uff081\uff0b\u4f4f\u6c11\u7a0e\u7387\uff09\uff0b\u4e8b\u696d\u7a0e\u7387\u3015\u00f7\uff081\uff0b\u4e8b\u696d\u7a0e\u7387\uff09<\/strong><\/p>\n<\/div>\n<p>\u5b9f\u52b9\u7a0e\u7387\u306f\u56fd\u306b\u3088\u3063\u3066\u6c7a\u307e\u3063\u3066\u3044\u3066\u3001\u4f4e\u3044\u65b9\u304c\u5229\u76ca\uff08\u53b3\u5bc6\u306b\u306f\u8ab2\u7a0e\u6240\u5f97\uff09\u306b\u5bfe\u3059\u308b\u7a0e\u7387\u304c\u4f4e\u3044\u3001\u3059\u306a\u308f\u3061\u6700\u7d42\u5229\u76ca\u304c\u5927\u304d\u304f\u306a\u308a\u3001\u9006\u306b\u9ad8\u3044\u65b9\u304c\u6700\u7d42\u5229\u76ca\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u53c2\u8003\u8a18\u4e8b\uff1a<a href=\"https:\/\/www.globalnote.jp\/post-12159.html\">\u4e16\u754c\u306e\u6cd5\u4eba\u7a0e\u7387\uff08\u6cd5\u5b9a\u5b9f\u52b9\u7a0e\u7387\uff09 \u56fd\u5225\u30e9\u30f3\u30ad\u30f3\u30b0\u30fb\u63a8\u79fb<\/a><cite class=\"hatena-citation\"><\/cite><\/p>\n<p>\u306a\u304a\u3001\u4e0a\u8a18\u30da\u30fc\u30b8\u306b\u306f\u306a\u3044\u30a2\u30b8\u30a2\u5404\u56fd\u3067\u3059\u304c\u3001\u4e00\u822c\u7684\u306b\u306f\u4e2d\u56fd\u306f25%\u3001\u30de\u30ec\u30fc\u30b7\u30a2\u30fb\u30a4\u30f3\u30c9\u30cd\u30b7\u30a2\u308225%\u3001\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u306f17%\u3001\u30bf\u30a4\u306f20%\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\uff08\u7523\u696d\u306b\u3088\u3063\u3066\u8efd\u6e1b\u7a0e\u7387\u304c\u9069\u7528\u3055\u308c\u308b\u306a\u3069\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u3042\u304f\u307e\u3067\u4e00\u822c\u7684\u306a\u7a0e\u7387\u3067\u3059\u3002\uff09<\/p>\n<h3>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5\uff08CAPM\uff09<\/h3>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13228\" src=\"https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2019\/01\/wacc003.jpg\" alt=\"\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u56f3\u89e3\" width=\"983\" height=\"385\" srcset=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/wacc003.jpg 983w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/wacc003-300x117.jpg 300w, https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/wacc003-768x301.jpg 768w, https:\/\/www.nsspirt-cashf2.com\/wp-content\/uploads\/2019\/01\/wacc003.jpg 856w\" sizes=\"auto, (max-width: 983px) 100vw, 983px\" \/>\n<p>\u682a\u4e3b\u8cc7\u672c\u306e\u8abf\u9054\u5148\u306f\u4e3b\u306b\u682a\u4e3b\u3067\u3059\u3002<\/p>\n<p>\u682a\u4e3b\u306f\u4f01\u696d\u306b\u8cc7\u91d1\u3092\u6295\u8cc7\u3059\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u3001\u4ed6\u306e\u6295\u8cc7\u6a5f\u4f1a\uff08\u4ed6\u306e\u4f01\u696d\u306e\u682a\u5f0f\u3084\u5916\u70ba\u306a\u3069\uff09\u3092\u596a\u308f\u308c\u308b\u3046\u3048\u3001\u5143\u672c\u5272\u308c\u306e\u30ea\u30b9\u30af\u3092\u80cc\u8ca0\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u682a\u4e3b\u306f\u4f01\u696d\u3078\u306e\u6295\u8cc7\u306b\u5bfe\u3057\u3066\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u306e\u5229\u56de\u308a\u4ee5\u4e0a\u306e\u5229\u56de\u308a\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n<p>\u9006\u306b\u682a\u4e3b\u306e\u671f\u5f85\u3059\u308b\u5229\u56de\u308a\u3092\u4e0a\u56de\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u3051\u308c\u3070\u3001\u682a\u4e3b\u306f\u8cc7\u91d1\u3092\u6295\u8cc7\u3057\u3066\u304f\u308c\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u4e00\u822c\u7684\u306b<strong>CAPM\uff08Capital Asset Pricing Model\u3000\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\uff09<\/strong>\u3068\u547c\u3070\u308c\u308b\u7406\u8ad6\u306b\u57fa\u3065\u3044\u3066\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002\uff08CAPM\u306f\u30ad\u30e3\u30c3\u30d7\u30a8\u30e0\u3068\u8aad\u307f\u307e\u3059\uff09<\/p>\n<p>CAPM\u3068\u306f\u3001\u682a\u4e3b\u304c\u4f01\u696d\u306b\u671f\u5f85\u3059\u308b\u5229\u56de\u308a\u306e\u3053\u3068\u3067\u3001\u7406\u8ad6\u4e0a\u3067\u306f\u4f01\u696d\u306fCAPM\u76f8\u5f53\u306e\u5229\u56de\u308a\u3092\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u5b9f\u73fe\u3067\u304d\u306a\u3051\u308c\u3070\u3001\u682a\u4e3b\u8cc7\u672c\u306f\u4ed6\u306e\u6295\u8cc7\u6a5f\u4f1a\u306b\u596a\u308f\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>CAPM\u3067\u306f\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6b21\u306e\u3088\u3046\u306b\u6c42\u3081\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p><strong>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8rE<\/strong><\/p>\n<p>\uff1d\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3000\uff0b\u3000\u03b2\u00d7\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/p>\n<p>\uff1d\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3000\uff0b\u3000\u03b2\u00d7\uff08\u5e02\u5834\u5168\u4f53\u306e\u6295\u8cc7\u5229\u56de\u308a\u3000\uff0d\u3000\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\uff09<\/p>\n<p>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3000\uff1d\u300010\u5e74\u56fd\u50b5\u306e\u5229\u56de\u308a<\/p>\n<p>\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3000\uff1d\u3000\u5e02\u5834\u5168\u4f53\u306e\u6295\u8cc7\u5229\u56de\u308a\uff0d\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\uff08\u3042\u308b\u3044\u306f\u904e\u53bb\u306e\u53ce\u76ca\u7387\uff09<\/p>\n<p>\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u3000\uff1d\u3000\u500b\u5225\u682a\u5f0f\u306e\u5909\u52d5\uff0f\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u306e\u5909\u52d5\u3000\uff08\u4f01\u696d\u3054\u3068\u306b\u5024\u304c\u7570\u306a\u308a\u307e\u3059\uff09<\/p>\n<\/div>\n<p>\u4e00\u822c\u7684\u306b\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u8ca0\u50b5\u30b3\u30b9\u30c8\u3088\u308a\u3082\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box3\">\n<p>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u306a\u305c\u9ad8\u3044\uff1f<\/p>\n<p>\u682a\u4e3b\u304c\u51fa\u3057\u305f\u304a\u91d1\u306f\u4eee\u306b\u4f1a\u793e\u304c\u5012\u7523\u3057\u305f\u3068\u3057\u3066\u3082\u623b\u3063\u3066\u304d\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u91d1\u878d\u6a5f\u95a2\u306a\u3069\u306e\u8ca0\u50b5\u306e\u8cb8\u3057\u624b\u3067\u3042\u308b\u50b5\u6a29\u8005\u3088\u308a\u3082\u9ad8\u3044\u30ea\u30b9\u30af\u3092\u8ca0\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002 \u305d\u306e\u305f\u3081\u306b\u682a\u4e3b\u304c\u30ea\u30bf\u30fc\u30f3\u3068\u3057\u3066\u6c42\u3081\u308b\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u3088\u308a\u3082\u9ad8\u304f\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n<\/div>\n<h4>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3068\u306f<\/h4>\n<p>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3068\u306f\u3001\u30ea\u30b9\u30af\u306e\u7121\u3044\uff08\u5143\u672c\u306e\u4fdd\u8a3c\u3055\u308c\u305f\uff09\u6295\u8cc7\u5546\u54c1\u306b\u304a\u3051\u308b\u5229\u56de\u308a\u306e\u3053\u3068\u3092\u3044\u3044\u307e\u3059\u3002<\/p>\n<p>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u306b\u306f\u3001\u9280\u884c\u9810\u91d1\u3084\u90f5\u4fbf\u8caf\u91d1\u306e\u5229\u56de\u308a\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u4e00\u822c\u7684\u306b\u3088\u304f\u7528\u3044\u3089\u308c\u308b\u306e\u304c\u300110\u5e74\u3082\u306e\u306e\u65e5\u672c\u56fd\u50b5\u306e\u5229\u56de\u308a\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u306f\u3001\u4f55\u304b\u306b\u6295\u8cc7\u3092\u3059\u308b\u969b\u306e\u6bd4\u8f03\u57fa\u6e96\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u3001\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u6295\u8cc7\u5bfe\u8c61\u306e\u5229\u56de\u308a\u304c\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3088\u308a\u4f4e\u304b\u3063\u305f\u3089\u3001\u59cb\u3081\u304b\u3089\u9810\u91d1\u3092\u3057\u3066\u304a\u3044\u305f\u307b\u304c\u30de\u30b7\u3068\u3044\u3046\u7d50\u8ad6\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3092\u4e0a\u56de\u308a\u3055\u3048\u3059\u308c\u3070\u3088\u3044\u304b\u3068\u3044\u3046\u3068\u3001\u305d\u3046\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u6295\u8cc7\u5bfe\u8c61\u306e\u671f\u5f85\u5229\u56de\u308a\u306b\u306f\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u306e\u4ed6\u306b\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u4e0a\u4e57\u305b\u3057\u307e\u3059\u3002<\/p>\n<h4>\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f<\/h4>\n<p>\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f\u3001\u6295\u8cc7\u3092\u3059\u308b\u969b\u306b\u8cc7\u91d1\u3092\u540c\u3058\u3088\u3046\u306a\u30ea\u30b9\u30af\u306b\u3055\u3089\u3057\u305f\u5834\u5408\u306e\u671f\u5f85\u5229\u56de\u308a\u3068\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3068\u306e\u5dee\u3092\u3044\u3044\u307e\u3059\u3002<\/p>\n<p>\u5143\u672c\u3092\u5371\u967a\u306b\u3055\u3089\u3059\u3088\u3046\u306a\u6295\u8cc7\u306e\u5834\u5408\u3001\u671f\u5f85\u5229\u56de\u308a\u304c\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3088\u308a\u9ad8\u304f\u306a\u308b\u306e\u306f\u5f53\u7136\u3067\u3059\u304c\u3001\u305d\u308c\u3092\u3069\u306e\u7a0b\u5ea6\u898b\u3066\u304a\u3051\u3070\u3088\u3044\u304b\u5224\u65ad\u3059\u308b\u3068\u304d\u306b\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7528\u3044\u307e\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u304c1.5\uff05\u3067\u3001\u3042\u308b\u671f\u9593\uff08\u4e00\u822c\u7684\u306b\u306f\u6570\u5341\u5e74\u5358\u4f4d\uff09\u306b\u304a\u3051\u308bINDEX\u306e\u4e0a\u6607\u7387\u304c5\uff05\u306e\u5834\u5408\u3001\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p>\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3000\uff1d\u3000\uff085\uff05\uff0d1.5\uff05\uff09\u3000\uff1d\u30003.5\uff05<\/p>\n<\/div>\n<h4>\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u3068\u306f<\/h4>\n<p>\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u3068\u306f\u3001\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u306b\u5bfe\u3059\u308b\u500b\u5225\u682a\u5f0f\u306e\u52d5\u304d\u3092\u8868\u3059\u4fc2\u6570\u3067\u3059\u3002<\/p>\n<p>\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u5e02\u5834\u5168\u4f53\u306e\u5024\u52d5\u304d\u306b\u5bfe\u3057\u3066\u3001\u500b\u5225\u682a\u5f0f\u304c\u654f\u611f\u306b\u53cd\u5fdc\u3059\u308b\u3053\u3068\u3092\u793a\u3057\u3001\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u5c0f\u3055\u3044\u307b\u3069\u3001\u5e02\u5834\u5168\u4f53\u306e\u5024\u52d5\u304d\u306b\u5bfe\u3057\u3066\u3001\u500b\u5225\u682a\u5f0f\u306e\u53cd\u5fdc\u304c\u7de9\u3084\u304b\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<p>\u4e00\u822c\u7684\u306b\u3001\u751f\u6d3b\u5fc5\u9700\u54c1\u3084\u30a4\u30f3\u30d5\u30e9\u306a\u3069\u666f\u6c17\u306b\u5de6\u53f3\u3055\u308c\u306b\u304f\u3044\u3082\u306e\u306f\u03b2\u304c\u5c0f\u3055\u304f\u3001\u55dc\u597d\u54c1\u306e\u3088\u3046\u306b\u666f\u6c17\u306b\u5de6\u53f3\u3055\u308c\u3084\u3059\u3044\u3082\u306e\u306f\u03b2\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u8a73\u7d30\u306f\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/finance-beta\/<\/p>\n<h4>CAPM\u306e\u8a08\u7b97\u4f8b<\/h4>\n<p>CAPM\u306e\u8a08\u7b97\u4f8b\u3092\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\uff1a1.44\uff05<\/p>\n<p>\u3042\u308b\u4f01\u696d\u306e\u3042\u308b\u671f\u9593\u306b\u304a\u3051\u308b\u682a\u4fa1\u4e0a\u6607\u7387\uff1a5\uff05<\/p>\n<p>\u540c\u671f\u9593\u306b\u304a\u3051\u308b\u5e02\u5834\u5168\u4f53\u306e\u4e0a\u6607\u7387\uff1a4\uff05<\/p>\n<\/div>\n<p>\u3053\u306e\u3068\u304d\u3001\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u3068\u3001\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p>\u03b2\uff1d\u30005\uff05\uff0f4\uff05\u3000\uff1d\u30001.25<\/p>\n<p>\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3000\uff1d\u3000\uff084%\uff0d1.44%\uff09\u3000\uff1d\u30002.56%<\/p>\n<\/div>\n<p>\u3053\u3053\u304b\u3089\u3001CPAM\u3092\u4f7f\u3063\u3066\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8rE\u3092\u6b21\u306e\u3088\u3046\u306b\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p><strong>rE\u3000\uff1d\u30001.44\uff05\uff0b\uff085\uff05\uff0f4\uff05\uff09\u00d7\uff084\uff05-1.44\uff05\uff09\u3000\uff1d\u30004.64\uff05<\/strong><\/p>\n<\/div>\n<div id=\"nsspi-1294466298\" 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>WACC\u306e\u8a08\u7b97\u4f8b<\/h2>\n<p>WACC\u306e\u8a08\u7b97\u4f8b\u30922\u3064\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h3>WACC\u306e\u8a08\u7b97\u4f8b1<\/h3>\n<p>\u3042\u308b\u4f1a\u793e\u306eWACC\u7b97\u5b9a\u306e\u305f\u3081\u306e\u6761\u4ef6\u304c\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u305f\u3068\u3057\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p>\u25a0\u9577\u671f\u56fd\u50b5\u5229\u56de\u308a\u30001.44\uff05<\/p>\n<p>\u25a0\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u30004.5\uff05<\/p>\n<p>\u25a0\u30d9\u30fc\u30bf\u30001\uff08\u9298\u67c4\u306e\u5024\u52d5\u304d\u3068\u5e02\u5834\u306e\u5024\u52d5\u304d\u306f\u5b8c\u5168\u306b\u9023\u52d5\u3057\u3066\u3044\u308b\u3068\u4eee\u5b9a\uff09<\/p>\n<p>\u25a0\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u984d\u30005,755\u767e\u4e07\u5186<\/p>\n<p>\u25a0\u6642\u4fa1\u7dcf\u984d\u300081,010\u767e\u4e07\u5186<\/p>\n<p>\u25a0\u5b9f\u52b9\u7a0e\u7387\u300040.0\uff05<\/p>\n<p>\u25a0\u8ca0\u50b5\u306b\u5bfe\u3059\u308b\u5229\u606f\u3000125\u767e\u4e07\u5186<\/p>\n<\/div>\n<p>\u3053\u306e\u6761\u4ef6\u304b\u3089\u3001WACC\u3092\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<p><strong>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8rE\u3000\uff1d\u30001.44\uff05\u3000\uff0b\u30001.0\u3000\u00d7\u30004.5\uff05\u3000\uff1d\u30005.94\uff05<\/strong><\/p>\n<p><strong>\u8ca0\u50b5\u30b3\u30b9\u30c8\uff52D\uff1d125\uff0f5755 \uff1d 2.17\uff05<\/strong><\/p>\n<p><strong>\u8ca0\u50b5\u6bd4\u7387\uff1d5,755 \/ (81,010+5755) = 6.63%<\/strong><\/p>\n<p><strong>\u8cc7\u672c\u6bd4\u7387\uff1d5,755 \/ (1,781,010+5755) = 93.37%<\/strong><\/p>\n<p>\u4e0a\u8a18\u6570\u5024\u3092\u4f7f\u3063\u3066\u3001WACC\u3092\u8a08\u7b97\u3059\u308b\u3068\u3001\u3001\u3001<\/p>\n<p><strong>WACC\uff1d 5.94\uff05 * 93.37% + 2.17% * 6.63% = 5.69%<\/strong><\/p>\n<\/div>\n<h3>WACC\u306e\u8a08\u7b97\u4f8b2<\/h3>\n<p>WACC\u306e\u4e8b\u4f8b\u3068\u3057\u3066\u3001YAHOO\u77e5\u6075\u888b\u306b\u3042\u3063\u305f\u8cea\u554f\u3067\u3001\u79c1\u304c\u56de\u7b54\u3057\u305f\u3082\u306e\u3092\u4ee5\u4e0b\u306b\u629c\u7c8b\u3057\u307e\u3059\u3002<\/p>\n<blockquote><p>\u8cea\u554f<\/p>\n<p>\u6b21\u306e\u4f01\u696d\u306eWACC\u3092\u6c42\u3081\u3066\u304f\u3060\u3055\u3044\u3002\u524d\u63d0\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3068\u3057\u307e\u3059\u3002<br \/>\n\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0 6%<br \/>\n\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8 2%<br \/>\n\u30d9\u30fc\u30bf 1.2<br \/>\n\u7a0e\u7387 30%<br \/>\n\u8ca0\u50b5\u5229\u56de\u308a 2%<br \/>\n\u8ca0\u50b5\u00f7\u8cc7\u7523 (VD\/VA) 0.5<\/p>\n<p>\u524d\u554f\u306e\u4f01\u696d\u304c\u8cc7\u672c\u69cb\u6210\u3092\u5909\u66f4\u3057\u3001\u8ca0\u50b5\u00f7\u8cc7\u7523 (VD\/VA) \u30920.2\u3068\u3057\u305f\u5834\u5408\u306e\u65b0\u3057\u3044\u682a\u5f0f\u306e\u30d9\u30fc\u30bf\u3068\u3057\u3066\u6b63\u3057\u3044\u3082\u306e\u3092\u9078\u3093\u3067\u304f\u3060\u3055\u3044\u3002\u8ca0\u50b5\u306e\u30d9\u30fc\u30bf\u306f0\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002<\/p>\n<p>A\u793e\u306f\u6642\u4fa1\u7dcf\u984d12,000\u5186\u3001\u767a\u884c\u6e08\u682a\u5f0f\u6570300\u682a\u3001B\u793e\u306f\u6642\u4fa1\u7dcf\u984d4,000\u5186\u3001\u767a\u884c\u6e08\u682a\u5f0f\u657080\u682a\u3068\u3057\u307e\u3059\u3002<\/p>\n<p>(1)A\u793e\u3092\u5b58\u7d9a\u4f1a\u793e\u3068\u3057\u3066B\u793e\u3068\u5408\u4f75\u3059\u308b\u3068\u304d\u306e\u5408\u4f75\u6bd4\u7387\u3092\u6c42\u3081\u3066\u304f\u3060\u3055\u3044\u3002<br \/>\n(2)\u5408\u4f75\u5f8c\u306e\u767a\u884c\u6e08\u682a\u5f0f\u7dcf\u6570\u3092\u6c42\u3081\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>\u51fa\u5c55\uff1a<a href=\"https:\/\/detail.chiebukuro.yahoo.co.jp\/qa\/question_detail\/q13199635938\">YAHOO\u77e5\u6075\u888b<\/a><\/p><\/blockquote>\n<blockquote><p>\u56de\u7b54<\/p>\n<p>WACC \uff1d \uff3brE \u00d7 E\uff0f(D+E) \uff3d \uff0b \uff3brD\u00d7(1-T) \u00d7 D\uff0f(D+E)\uff3d<\/p>\n<p>\uff52E \uff1d \u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<br \/>\n\uff52D \uff1d \u8ca0\u50b5\u30b3\u30b9\u30c8<br \/>\nD \uff1d\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u984d\uff08\u6642\u4fa1\uff09<br \/>\nE \uff1d\u682a\u4e3b\u8cc7\u672c\u306e\u984d\uff08\u6642\u4fa1\uff09<br \/>\nT \uff1d\u5b9f\u52b9\u7a0e\u7387<\/p>\n<p>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8rE<br \/>\n\uff1d\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8 \uff0b \u03b2\u00d7\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/p>\n<p>rE = 2% + 1.2*6% = 9.2%<\/p>\n<p>WACC \uff1d 9.2% * (1-0.5) + 2%*(1-30%)*0.5 = 5.3%<\/p>\n<p>&gt;\u524d\u554f\u306e\u4f01\u696d\u304c\u8cc7\u672c\u69cb\u6210\u3092\u5909\u66f4\u3057\u3001\u8ca0\u50b5\u00f7\u8cc7\u7523 (VD\/VA) \u30920.2\u3068\u3057\u305f\u5834\u5408\u306e\u65b0\u3057\u3044\u682a\u5f0f\u306e\u30d9\u30fc\u30bf\u3068\u3057\u3066\u6b63\u3057\u3044\u3082\u306e\u3092\u9078\u3093\u3067\u304f\u3060\u3055\u3044\u3002\u8ca0\u50b5\u306e\u30d9\u30fc\u30bf\u306f0\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002<\/p>\n<p>\u5f53\u521d\u306e\u8cc7\u672c\u69cb\u6210\u6642\u306b\u304a\u3051\u308b\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u304c1.2\u306a\u306e\u3067\u3001\u305d\u306e\u3068\u304d\u306e\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\uff08\u8cc7\u672c\u69cb\u6210\u5f71\u97ff\u3092\u9664\u3044\u305f\u7d14\u7c8b\u306a\u30d3\u30b8\u30cd\u30b9\u3068\u3057\u3066\u306e\u30d9\u30fc\u30bf\uff09\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n<p>\u03b2U \uff1d \u03b2L \uff0f \uff3b 1 \uff0b \uff081\uff0d\uff54\uff09D\uff0fE \uff3d<br \/>\n= 1.2 \/ (1+(1-30%)*0.5) = 0.89<\/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<p>\u6b21\u306b\u8cc7\u672c\u69cb\u6210\u306e\u5909\u5316\u3092\u8e0f\u307e\u3048\u3066\u30ec\u30d0\u30fc\u30c9\u30d9\u30fc\u30bf\u3092\u6c42\u3081\u76f4\u3057\u307e\u3059\u3002<\/p>\n<p>\u03b2L \uff1d \u03b2U \u00d7 \uff3b1 \uff0b \uff081\uff0d\uff54\uff09D\uff0fE\uff3d<br \/>\n= 0.89 * (1 + (1-30%)*0.2) = 1.01<\/p>\n<p>&gt;A\u793e\u306f\u6642\u4fa1\u7dcf\u984d12,000\u5186\u3001\u767a\u884c\u6e08\u682a\u5f0f\u6570300\u682a\u3001B\u793e\u306f\u6642\u4fa1\u7dcf\u984d4,000\u5186\u3001\u767a\u884c\u6e08\u682a\u5f0f\u657080\u682a\u3068\u3057\u307e\u3059\u3002<\/p>\n<p>\uff1e(1)A\u793e\u3092\u5b58\u7d9a\u4f1a\u793e\u3068\u3057\u3066B\u793e\u3068\u5408\u4f75\u3059\u308b\u3068\u304d\u306e\u5408\u4f75\u6bd4\u7387\u3092\u6c42\u3081\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<p>B\u793e\u306e\u682a\u5f0f\u3092\u5b58\u7d9a\u4f1a\u793e\u3067\u3042\u308bA\u793e\u306e\u682a\u5f0f\u306b\u5909\u63db\u3057\u307e\u3059\u3002<\/p>\n<p>A\u793e\u682a\u4fa1 \uff1d 12,000 \/ 300 = 40\u5186<\/p>\n<p>B\u793e\u682a\u4fa1 \uff1d 4000 \/ 80 = 50\u5186<\/p>\n<p>\u5408\u4f75\u5f8c 50 \/ 40 =1.25<br \/>\n\u3057\u305f\u304c\u3063\u3066\u3001B\u793e\u682a 1\u682a\u3092 A\u793e\u682a 1.25\u682a\u3068\u4ea4\u63db\u3059\u308b\u306e\u3067\u30011:1.25\u3067\u3059\u3002<\/p>\n<p>\uff1e(2)\u5408\u4f75\u5f8c\u306e\u767a\u884c\u6e08\u682a\u5f0f\u7dcf\u6570\u3092\u6c42\u3081\u3066\u304f\u3060\u3055\u3044\u3002<br \/>\n\u7dcf\u767a\u884c\u682a\u5f0f\u6570 \uff1d 300 + 80*1.25 = 400\u682a<\/p><\/blockquote>\n<h2>WACC\u306e\u554f\u984c\u70b9\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u306f\uff1f<\/h2>\n<p>WACC\u306f\u3001\u5272\u5f15\u7387\u306e\u8a08\u7b97\u306b\u4f7f\u3048\u308b\u4fbf\u5229\u306a\u6307\u6a19\u3067\u3059\u304c\u3001\u4ee5\u4e0b2\u3064\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<div class=\"simple-box1\">\n<ul>\n<li>\u6642\u5236\u306e\u4e0d\u4e00\u81f4<\/li>\n<li>\u8cc7\u672c\u69cb\u6210\u306e\u5909\u5316\u3092\u53cd\u6620\u3067\u304d\u306a\u3044<\/li>\n<\/ul>\n<\/div>\n<h3>WACC\u306e\u30c7\u30e1\u30ea\u30c3\u30c81\uff1a\u6642\u5236\u306e\u4e0d\u4e00\u81f4<\/h3>\n<p>1\u3064\u3081\u306e\u554f\u984c\u70b9\u306f\u3001CAPM\u7b97\u51fa\u306e\u969b\u306b\u7528\u3044\u308b\u03b2\uff08\u30de\u30fc\u30b1\u30c3\u30c8\u30ea\u30b9\u30af\u3068\u306e\u9023\u52d5\u6027\uff09\u3068\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u3059\u3002<\/p>\n<p>WACC\u306f\u3001\u4f01\u696d\u304c\u5c06\u6765\u5275\u51fa\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u306b\u5bfe\u3059\u308b\u5272\u5f15\u7387\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u3059\u3079\u3066\u306e\u6307\u6a19\u306f\u5c06\u6765\u7684\u306a\u6307\u6a19\u306b\u57fa\u3065\u3044\u3066\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3068\u3053\u308d\u304c\u3001\u5c06\u6765\u306e\u03b2\u3068\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7406\u8ad6\u7684\u306b\u7b97\u51fa\u3059\u308b\u3053\u3068\u306f\u4e0d\u53ef\u80fd\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u03b2\u3068\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306b\u3064\u3044\u3066\u306f\u3001\u904e\u53bb\u306e\u30c7\u30fc\u30bf\u3092\u62e0\u308a\u6240\u306b\u6c42\u3081\u308b\u4ee5\u5916\u306e\u65b9\u6cd5\u304c\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3053\u308c\u304c\u3001WACC\u306e\u9650\u754c\u306e1\u3064\u3067\u3042\u308b\u6642\u5236\u306e\u4e0d\u4e00\u81f4\u304c\u8d77\u3053\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3>WACC\u306e\u30c7\u30e1\u30ea\u30c3\u30c82\uff1a\u8cc7\u672c\u69cb\u6210\u306e\u5909\u5316\u3092\u53cd\u6620\u3067\u304d\u306a\u3044<\/h3>\n<p>WACC\u306e\u3082\u3046\u3072\u3068\u3064\u306e\u9650\u754c\u306f\u3001\u8cc7\u672c\u69cb\u6210\u306b\u3088\u3063\u3066\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u70b9\u3067\u3059\u3002<\/p>\n<p>WACC\u306b\u3088\u308b\u5272\u5f15\u7387\u306f\u3001\u5c06\u6765\u306b\u308f\u305f\u3063\u3066\u8cc7\u672c\u69cb\u6210\uff08\u8ca0\u50b5\u3068\u682a\u4e3b\u8cc7\u672c\uff08\u6642\u4fa1\uff09\u306e\u5272\u5408\uff09\u304c\u4e00\u5b9a\u3067\u3042\u308b\u3053\u3068\u3092\u524d\u63d0\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u3082\u3057\u3001\u5c06\u6765\u306e\u8cc7\u672c\u69cb\u6210\u304c\u5909\u308f\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u5c06\u6765\u306e\u8a08\u7b97\u306b\u7528\u3044\u308bWACC\u3082\u5909\u3048\u306a\u3051\u308c\u3070\u3044\u3051\u306a\u304f\u306a\u308a\u307e\u3059\u304c\u3001\u305d\u3046\u3059\u308b\u3068\u8a08\u7b97\u304c\u975e\u5e38\u306b\u7169\u96d1\u306b\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf\/\">DCF\u6cd5<\/a>\u3067WACC\u3092\u5272\u5f15\u7387\u306b\u7528\u3044\u308b\u5834\u5408\u3001\u5c06\u6765\u306b\u308f\u305f\u3063\u3066\u8cc7\u672c\u69cb\u6210\u304c\u5b89\u5b9a\u3057\u3066\u3044\u3066WACC\u306e\u5909\u52d5\u304c\u5c11\u306a\u3044\u3053\u3068\u3092\u524d\u63d0\u306b\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13498\" src=\"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-content\/uploads\/2019\/01\/wacc004.jpg\" alt=\"WACC\u306e\u9650\u754c\" width=\"687\" height=\"451\" \/>\n<p>\u306a\u304a\u3001\u4f1a\u793e\u306e\u8cc7\u672c\u69cb\u6210\u304c\u5927\u304d\u304f\u5909\u5316\u3059\u308b\u3053\u3068\u304c\u60f3\u5b9a\u3055\u308c\u308b\u3068\u304d\u306f\u3001WACC\u3067\u306f\u306a\u304fAPV\u6cd5\u3092\u7528\u3044\u307e\u3059\u3002<\/p>\n<p>APV\u6cd5\u306b\u3064\u3044\u3066\u306f\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/apv\/<\/p>\n<h2>WACC\u3067\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n<p>WACC\u3092\u5b66\u3076\u3068\u304d\u306b\u3088\u304f\u51fa\u3066\u304f\u308b\u8cea\u554f\u3068\u3001\u305d\u306e\u56de\u7b54\u3067\u3059\u3002<\/p>\n<h3>WACC\u3068CAPM\u306e\u9055\u3044\u306f\uff1f<\/h3>\n<p>WACC\u3068CAPM\u306e\u6700\u5927\u306e\u9055\u3044\u306f\u3001WACC\u304c\u4f01\u696d\u5168\u4f53\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u8a08\u7b97\u3059\u308b\u306e\u306b\u5bfe\u3057\u3001CAPM\u306f\u7279\u5b9a\u306e\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u7b97\u3059\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306f\u3001\u4f01\u696d\u304c\u8abf\u9054\u3059\u308b\u3059\u3079\u3066\u306e\u8cc7\u672c\uff08\u8ca0\u50b5\uff0b\u682a\u4e3b\u8cc7\u672c\uff09\u306e\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3057\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u4f01\u696d\u5168\u4f53\u306e\u6295\u8cc7\u30ea\u30b9\u30af\u306b\u5bfe\u3059\u308b\u9069\u5207\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3001CAPM\uff08\u8cc7\u672c\u8cc7\u7523\u8a55\u4fa1\u30e2\u30c7\u30eb\uff09\u306f\u3001\u5358\u4e00\u306e\u8cc7\u7523\uff08\u682a\u4e3b\u8cc7\u672c\uff09\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u8a08\u7b97\u3059\u308b\u305f\u3081\u306b\u4f7f\u7528\u3055\u308c\u308b\u30e2\u30c7\u30eb\u3067\u3059\u3002<\/p>\n<h3>WACC\u304c\u9ad8\u3044\u3068\u3069\u306e\u3088\u3046\u306a\u5f71\u97ff\u304c\u3042\u308a\u307e\u3059\u304b\uff1f<\/h3>\n<p>WACC\u304c\u9ad8\u3044\u3068\u3001\u4f01\u696d\u306e\u6295\u8cc7\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u5fc5\u8981\u3068\u306a\u308b\u30ea\u30bf\u30fc\u30f3\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001WACC\u304c\u9ad8\u3044\u4f01\u696d\u304c\u9069\u5207\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u308b\u305f\u3081\u306b\u306f\u3001\u3088\u308a\u6295\u8cc7\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3092\u9078\u629e\u3059\u308b\u53ef\u80fd\u6027\u304c\u51fa\u3066\u304d\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001WACC\u304c\u9ad8\u3044\u5834\u5408\u3001\u4e00\u822c\u7684\u306b\u305d\u306e\u4f01\u696d\u306e\u682a\u5f0f\u4fa1\u5024\u304c\u4f4e\u4e0b\u3057\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u3053\u3068\u306fDCF\u6cd5\u306b\u3088\u3063\u3066\u660e\u3089\u304b\u306b\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u95a2\u9023\u8a18\u4e8b\uff1a<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf-examples\/\">DCF\u6cd5\u3092\u6d3b\u7528\u3057\u305f\u7406\u8ad6\u682a\u4fa1\u7b97\u51fa\u30fb\u8a08\u7b97\u65b9\u6cd5\u30007\u3064\u306e\u30b9\u30c6\u30c3\u30d7<\/a><\/p>\n<h3>WACC\u306f\u3069\u306e\u3088\u3046\u306b\u6539\u5584\u3067\u304d\u307e\u3059\u304b\uff1f<\/h3>\n<p>WACC\u3092\u6539\u5584\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u4f01\u696d\u304c\u8abf\u9054\u3059\u308b\u8cc7\u672c\u306e\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u306b\u306f\u3001\u8ca0\u50b5\u306e\u91d1\u5229\u3092\u4e0b\u3052\u305f\u308a\u3001\u6295\u8cc7\u5bb6\u304b\u3089\u898b\u3066\u3088\u308a\u30ed\u30fc\u30ea\u30b9\u30af\u306e\u4e8b\u696d\u3092\u904b\u55b6\u3059\u308b\u306a\u3069\u3057\u3066\u3001\u3088\u308a\u5b89\u4fa1\u306b\u8cc7\u91d1\u8abf\u9054\u3067\u304d\u308b\u3088\u3046\u306a\u74b0\u5883\u3092\u6574\u3048\u308b\u3053\u3068\u304c\u6709\u52b9\u3067\u3059\u3002<\/p>\n<h3>WACC\u3068IRR\u306e\u9055\u3044\u306f\u4f55\u3067\u3059\u304b\uff1f<\/h3>\n<p>WACC\u306f\u3001\u4f01\u696d\u5168\u4f53\u306e\u6295\u8cc7\u30ea\u30b9\u30af\u306b\u5bfe\u3059\u308b\u9069\u5207\u306a\u30ea\u30bf\u30fc\u30f3\u3092\u8868\u3057\u3001\u6295\u8cc7\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u53ce\u76ca\u7387\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306b\u4f7f\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u4e00\u65b9\u3001IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u306f\u3001\u6295\u8cc7\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u53ce\u76ca\u7387\u3092\u8868\u3057\u3001\u305d\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c\u6295\u8cc7\u3059\u308b\u4fa1\u5024\u304c\u3042\u308b\u304b\u3069\u3046\u304b\u3092\u5224\u65ad\u3059\u308b\u305f\u3081\u306b\u4f7f\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u95a2\u9023\u8a18\u4e8b\uff1a<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/irr\/\">IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u3068\u306f\uff1f<\/a><\/p>\n<div id=\"nsspi-712089318\" 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><h2>\u307e\u3068\u3081<\/h2>\n<p>\u4ee5\u4e0a\u3001WACC\u306e\u89e3\u8aac\u3067\u3057\u305f\u3002<\/p>\n<div class=\"concept-box1\">\n<ul>\n<li>WACC\u306f<a href=\"https:\/\/www.nsspirt-cashf2.com\/ba\/dcf\/\">DCF\u6cd5<\/a>\u306e\u5272\u5f15\u7387\u3068\u3057\u3066\u6700\u3082\u3088\u304f\u4f7f\u308f\u308c\u308b\u3082\u306e\u3067\u3042\u308b\u3002<\/li>\n<li>WACC\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u306e\u52a0\u91cd\u5e73\u5747\u306b\u3088\u308a\u7b97\u51fa\u3055\u308c\u308b\u3002<\/li>\n<li>\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u306fCAPM\u7406\u8ad6\u304c\u4f7f\u308f\u308c\u308b\u3002<\/li>\n<li>WACC\u306b\u3082\u9650\u754c\u304c\u3042\u308a\u4e07\u80fd\u3067\u306f\u306a\u3044\u306e\u3067\u3001\u6b20\u70b9\u3092\u8e0f\u307e\u3048\u3066\u6d3b\u7528\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/li>\n<\/ul>\n<\/div>\n<p><strong>\u8ca1\u52d9\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3092\u3082\u3063\u3068\u77e5\u308a\u305f\u3044\u65b9\u306f<\/strong><\/p>\n<p>https:\/\/www.nsspirt-cashf2.com\/ba\/books-for-finance\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WACC\uff08\u30ef\u30c3\u30af\uff09\u3068\u306f\u3001\u305d\u306e\u4f1a\u793e\u306e\u7dcf\u5408\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002 WACC\u306f\u3001Weighted Average Cost of Capital\u306e\u7565\u3067\u3001\u65e5\u672c\u8a9e\u3067\u306f\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8a00\u3044\u307e\u3059\u3002 \u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6\u306b\u304a<\/p>\n","protected":false},"author":1,"featured_media":10542,"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-263","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\/263","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=263"}],"version-history":[{"count":0,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/posts\/263\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/media\/10542"}],"wp:attachment":[{"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/media?parent=263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/categories?post=263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsspirt-cashf2.com\/ba\/wp-json\/wp\/v2\/tags?post=263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}