{"id":2712,"date":"2026-01-09T19:00:00","date_gmt":"2026-01-09T10:00:00","guid":{"rendered":"https:\/\/cobaru.com\/?p=2712"},"modified":"2026-01-03T16:22:12","modified_gmt":"2026-01-03T07:22:12","slug":"%e9%ab%98%e9%85%8d%e5%bd%93%e6%a0%aa%e3%82%92%e5%a7%8b%e3%82%81%e3%82%8b%e5%89%8d%e3%81%ab%e7%9f%a5%e3%81%a3%e3%81%a6%e3%81%8a%e3%81%8d%e3%81%9f%e3%81%84%e3%80%8c%e6%b0%97%e3%82%92%e3%81%a4%e3%81%91","status":"publish","type":"post","link":"https:\/\/cobaru.com\/?p=2712","title":{"rendered":"\u9ad8\u914d\u5f53\u682a\u3092\u59cb\u3081\u308b\u524d\u306b\u77e5\u3063\u3066\u304a\u304d\u305f\u3044\u300c\u6c17\u3092\u3064\u3051\u308b\u30dd\u30a4\u30f3\u30c8\u300d\uff5c\u5229\u56de\u308a\u306b\u98db\u3073\u3064\u304f\u524d\u306e\u30c1\u30a7\u30c3\u30af\u30ea\u30b9\u30c8"},"content":{"rendered":"\n<p>\u9ad8\u914d\u5f53\u682a\u3063\u3066\u3001\u914d\u5f53\u304c\u5165\u308b\u305f\u3073\u306b\u300c\u8cc7\u7523\u304c\u50cd\u3044\u3066\u308b\u611f\u300d\u304c\u3042\u3063\u3066\u6c17\u6301\u3061\u3044\u3044\u3093\u3067\u3059\u3088\u306d\u3002<\/p>\n\n\n\n<p>\u3067\u3082\u59cb\u3081\u65b9\u3092\u9593\u9055\u3048\u308b\u3068\u3001<strong>\u914d\u5f53\u4ee5\u4e0a\u306b\u682a\u4fa1\u304c\u4e0b\u304c\u3063\u3066\u5b9f\u8cea\u30de\u30a4\u30ca\u30b9<\/strong>\u306b\u306a\u308a\u3084\u3059\u3044\u306e\u3082\u4e8b\u5b9f\u3002<\/p>\n\n\n\n<p>\u7279\u306b\u6700\u521d\u306f\u3001<\/p>\n\n\n\n<ul 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class=\"wp-block-separator has-alpha-channel-opacity\">\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/cobaru.com\/?p=2712\/#%E9%AB%98%E9%85%8D%E5%BD%93%E6%A0%AA%E3%81%AF%E3%80%8C%E5%88%A9%E5%9B%9E%E3%82%8A%E3%80%8D%E3%82%88%E3%82%8A%E2%80%9C%E6%8C%81%E3%81%A1%E7%B6%9A%E3%81%91%E3%82%89%E3%82%8C%E3%82%8B%E4%BC%81%E6%A5%AD%E3%81%8B%E2%80%9D%E3%81%8C%E3%81%99%E3%81%B9%E3%81%A6\" >\u9ad8\u914d\u5f53\u682a\u306f\u300c\u5229\u56de\u308a\u300d\u3088\u308a\u201c\u6301\u3061\u7d9a\u3051\u3089\u308c\u308b\u4f01\u696d\u304b\u201d\u304c\u3059\u3079\u3066<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/cobaru.com\/?p=2712\/#%E6%B0%97%E3%82%92%E3%81%A4%E3%81%91%E3%82%8B%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E2%91%A0%EF%BC%9A%E5%88%A9%E5%9B%9E%E3%82%8A%E3%81%8C%E9%AB%98%E3%81%84%EF%BC%9D%E5%84%AA%E8%89%AF%E3%81%A7%E3%81%AF%E3%81%AA%E3%81%84%EF%BC%88%E3%82%80%E3%81%97%E3%82%8D%E5%8D%B1%E9%99%BA%EF%BC%89\" >\u6c17\u3092\u3064\u3051\u308b\u30dd\u30a4\u30f3\u30c8\u2460\uff1a\u5229\u56de\u308a\u304c\u9ad8\u3044\uff1d\u512a\u826f\u3067\u306f\u306a\u3044\uff08\u3080\u3057\u308d\u5371\u967a\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/cobaru.com\/?p=2712\/#%E6%B0%97%E3%82%92%E3%81%A4%E3%81%91%E3%82%8B%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E2%91%A1%EF%BC%9A%E6%B8%9B%E9%85%8D%E3%83%AA%E3%82%B9%E3%82%AF%EF%BC%88%E9%85%8D%E5%BD%93%E3%81%AF%E2%80%9C%E7%B4%84%E6%9D%9F%E2%80%9D%E3%81%A7%E3%81%AF%E3%81%AA%E3%81%84%EF%BC%89\" >\u6c17\u3092\u3064\u3051\u308b\u30dd\u30a4\u30f3\u30c8\u2461\uff1a\u6e1b\u914d\u30ea\u30b9\u30af\uff08\u914d\u5f53\u306f\u201c\u7d04\u675f\u201d\u3067\u306f\u306a\u3044\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/cobaru.com\/?p=2712\/#%E9%8A%98%E6%9F%84%E9%81%B8%E3%81%B3%E3%81%AE%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E2%91%A0%EF%BC%9APER%E3%83%BBPBR%E3%83%BBROE%E3%81%AF%E3%80%8C%E6%9C%80%E4%BD%8E%E9%99%90%E3%81%AE%E5%81%A5%E5%BA%B7%E8%A8%BA%E6%96%AD%E3%80%8D\" >\u9298\u67c4\u9078\u3073\u306e\u30dd\u30a4\u30f3\u30c8\u2460\uff1aPER\u30fbPBR\u30fbROE\u306f\u300c\u6700\u4f4e\u9650\u306e\u5065\u5eb7\u8a3a\u65ad\u300d<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/cobaru.com\/?p=2712\/#PER%EF%BC%88%E6%A0%AA%E4%BE%A1%E5%8F%8E%E7%9B%8A%E7%8E%87%EF%BC%89\" >PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/cobaru.com\/?p=2712\/#PBR%EF%BC%88%E6%A0%AA%E4%BE%A1%E7%B4%94%E8%B3%87%E7%94%A3%E5%80%8D%E7%8E%87%EF%BC%89\" >PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/cobaru.com\/?p=2712\/#ROE%EF%BC%88%E8%87%AA%E5%B7%B1%E8%B3%87%E6%9C%AC%E5%88%A9%E7%9B%8A%E7%8E%87%EF%BC%89\" >ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/cobaru.com\/?p=2712\/#%E9%8A%98%E6%9F%84%E9%81%B8%E3%81%B3%E3%81%AE%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E2%91%A1%EF%BC%9A%E5%8F%82%E5%85%A5%E9%9A%9C%E5%A3%81%E3%81%8C%E9%AB%98%E3%81%84%E4%BC%81%E6%A5%AD%E3%81%BB%E3%81%A9%E3%80%81%E9%85%8D%E5%BD%93%E3%81%8C%E5%AE%89%E5%AE%9A%E3%81%97%E3%82%84%E3%81%99%E3%81%84\" >\u9298\u67c4\u9078\u3073\u306e\u30dd\u30a4\u30f3\u30c8\u2461\uff1a\u53c2\u5165\u969c\u58c1\u304c\u9ad8\u3044\u4f01\u696d\u307b\u3069\u3001\u914d\u5f53\u304c\u5b89\u5b9a\u3057\u3084\u3059\u3044<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/cobaru.com\/?p=2712\/#%E9%8A%98%E6%9F%84%E9%81%B8%E3%81%B3%E3%81%AE%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E2%91%A2%EF%BC%9A%E3%83%AA%E3%83%BC%E3%82%B9%E3%82%84%E4%BF%9D%E9%99%BA%E3%81%AA%E3%81%A9%E3%80%8C%E5%AE%89%E5%AE%9A%E5%8F%8E%E7%9B%8A%E3%81%AE%E6%A7%8B%E9%80%A0%E3%80%8D%E3%81%AF%E5%BC%B7%E3%81%84\" >\u9298\u67c4\u9078\u3073\u306e\u30dd\u30a4\u30f3\u30c8\u2462\uff1a\u30ea\u30fc\u30b9\u3084\u4fdd\u967a\u306a\u3069\u300c\u5b89\u5b9a\u53ce\u76ca\u306e\u69cb\u9020\u300d\u306f\u5f37\u3044<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/cobaru.com\/?p=2712\/#%E9%8A%98%E6%9F%84%E9%81%B8%E3%81%B3%E3%81%AE%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E2%91%A3%EF%BC%9A%E6%B8%9B%E9%85%8D%E3%81%8C%E3%81%AA%E3%81%8F%E3%80%81%E5%A2%97%E9%85%8D%E4%BC%81%E6%A5%AD%E3%81%A7%E3%81%82%E3%82%8B%EF%BC%88%E3%81%93%E3%82%8C%E3%81%8C%E6%9C%80%E5%BC%B7%E3%81%AE%E5%AE%89%E5%BF%83%E6%9D%90%E6%96%99%EF%BC%89\" >\u9298\u67c4\u9078\u3073\u306e\u30dd\u30a4\u30f3\u30c8\u2463\uff1a\u6e1b\u914d\u304c\u306a\u304f\u3001\u5897\u914d\u4f01\u696d\u3067\u3042\u308b\uff08\u3053\u308c\u304c\u6700\u5f37\u306e\u5b89\u5fc3\u6750\u6599\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/cobaru.com\/?p=2712\/#%E3%81%BE%E3%81%A8%E3%82%81%EF%BC%9A%E9%AB%98%E9%85%8D%E5%BD%93%E6%A0%AA%E3%81%AF%E3%80%8C%E5%88%A9%E5%9B%9E%E3%82%8A%E3%80%8D%E3%82%88%E3%82%8A%E2%80%9C%E4%BC%81%E6%A5%AD%E3%81%AE%E5%BC%B7%E3%81%95%E2%80%9D%E3%81%A7%E6%B1%BA%E3%82%81%E3%82%8B\" >\u307e\u3068\u3081\uff1a\u9ad8\u914d\u5f53\u682a\u306f\u300c\u5229\u56de\u308a\u300d\u3088\u308a\u201c\u4f01\u696d\u306e\u5f37\u3055\u201d\u3067\u6c7a\u3081\u308b<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"i-0\"><span class=\"ez-toc-section\" id=\"%E9%AB%98%E9%85%8D%E5%BD%93%E6%A0%AA%E3%81%AF%E3%80%8C%E5%88%A9%E5%9B%9E%E3%82%8A%E3%80%8D%E3%82%88%E3%82%8A%E2%80%9C%E6%8C%81%E3%81%A1%E7%B6%9A%E3%81%91%E3%82%89%E3%82%8C%E3%82%8B%E4%BC%81%E6%A5%AD%E3%81%8B%E2%80%9D%E3%81%8C%E3%81%99%E3%81%B9%E3%81%A6\"><\/span><strong>\u9ad8\u914d\u5f53\u682a\u306f\u300c\u5229\u56de\u308a\u300d\u3088\u308a\u201c\u6301\u3061\u7d9a\u3051\u3089\u308c\u308b\u4f01\u696d\u304b\u201d\u304c\u3059\u3079\u3066<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7d50\u8ad6\u304b\u3089\u8a00\u3046\u3068\u3001\u9ad8\u914d\u5f53\u682a\u306f\u77ed\u8ddd\u96e2\u8d70\u3058\u3083\u306a\u304f\u30de\u30e9\u30bd\u30f3\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4e00\u5ea6\u8cb7\u3063\u305f\u3089\u3001\u666f\u6c17\u3084\u91d1\u5229\u3001\u696d\u7e3e\u306e\u6ce2\u3092\u8d8a\u3048\u3066\u6301\u3064\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u91cd\u8981\u306a\u306e\u306f\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u682a\u4fa1\u304c\u4e0b\u304c\u3063\u3066\u3082\u81f4\u547d\u50b7\u306b\u306a\u3089\u306a\u3044<\/li>\n\n\n\n<li>\u6e1b\u914d\u3057\u306b\u304f\u3044\u30d3\u30b8\u30cd\u30b9\u69cb\u9020\u304c\u3042\u308b<\/li>\n\n\n\n<li>\u914d\u5f53\u3092\u51fa\u3057\u7d9a\u3051\u308b\u4f53\u529b\u304c\u3042\u308b<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u306e3\u70b9\u3002<\/p>\n\n\n\n<p>\u5229\u56de\u308a\u306e\u9ad8\u3055\u306f\u300c\u5165\u308a\u53e3\u300d\u3067\u3001\u52dd\u8ca0\u306f\u201c\u4e2d\u8eab\u201d\u3067\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\">\n\n\n\n<h2 class=\"wp-block-heading\" id=\"i-1\"><span class=\"ez-toc-section\" id=\"%E6%B0%97%E3%82%92%E3%81%A4%E3%81%91%E3%82%8B%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E2%91%A0%EF%BC%9A%E5%88%A9%E5%9B%9E%E3%82%8A%E3%81%8C%E9%AB%98%E3%81%84%EF%BC%9D%E5%84%AA%E8%89%AF%E3%81%A7%E3%81%AF%E3%81%AA%E3%81%84%EF%BC%88%E3%82%80%E3%81%97%E3%82%8D%E5%8D%B1%E9%99%BA%EF%BC%89\"><\/span><strong>\u6c17\u3092\u3064\u3051\u308b\u30dd\u30a4\u30f3\u30c8\u2460\uff1a\u5229\u56de\u308a\u304c\u9ad8\u3044\uff1d\u512a\u826f\u3067\u306f\u306a\u3044\uff08\u3080\u3057\u308d\u5371\u967a\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7d50\u8ad6\uff1a\u5229\u56de\u308a\u3060\u3051\u3067\u8cb7\u3046\u306e\u306f\u5371\u967a\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u7406\u7531\u306f\u7c21\u5358\u3067\u3001\u5229\u56de\u308a\u306f <strong>\u914d\u5f53 \u00f7 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class=\"wp-block-list\">\n<li>\u5229\u56de\u308a\u304c\u6975\u7aef\u306b\u9ad8\u3044\uff08\u4f8b\uff1a8%\u8d85\u304c\u5e38\u614b\uff09<\/li>\n\n\n\n<li>\u682a\u4fa1\u304c\u9577\u671f\u3067\u53f3\u80a9\u4e0b\u304c\u308a<\/li>\n\n\n\n<li>\u5229\u76ca\u304c\u843d\u3061\u3066\u308b\u306e\u306b\u914d\u5f53\u3060\u3051\u7dad\u6301\u3057\u3066\u3044\u308b<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\">\n\n\n\n<h2 class=\"wp-block-heading\" id=\"i-2\"><span class=\"ez-toc-section\" id=\"%E6%B0%97%E3%82%92%E3%81%A4%E3%81%91%E3%82%8B%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E2%91%A1%EF%BC%9A%E6%B8%9B%E9%85%8D%E3%83%AA%E3%82%B9%E3%82%AF%EF%BC%88%E9%85%8D%E5%BD%93%E3%81%AF%E2%80%9C%E7%B4%84%E6%9D%9F%E2%80%9D%E3%81%A7%E3%81%AF%E3%81%AA%E3%81%84%EF%BC%89\"><\/span><strong>\u6c17\u3092\u3064\u3051\u308b\u30dd\u30a4\u30f3\u30c8\u2461\uff1a\u6e1b\u914d\u30ea\u30b9\u30af\uff08\u914d\u5f53\u306f\u201c\u7d04\u675f\u201d\u3067\u306f\u306a\u3044\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7d50\u8ad6\uff1a\u914d\u5f53\u306f\u56fa\u5b9a\u3058\u3083\u306a\u304f\u3001\u305d\u306e\u5e74\u306e\u65b9\u91dd\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4f01\u696d\u306f\u3001\u5229\u76ca\u3084\u6295\u8cc7\u8a08\u753b\u306b\u3088\u3063\u3066\u914d\u5f53\u3092\u6e1b\u3089\u305b\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u7279\u306b\u666f\u6c17\u304c\u60aa\u3044\u5c40\u9762\u3067\u306f\u300c\u914d\u5f53\u3088\u308a\u8cc7\u91d1\u78ba\u4fdd\u300d\u304c\u512a\u5148\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u2705\u6e1b\u914d\u3057\u3084\u3059\u3044\u30b5\u30a4\u30f3<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u914d\u5f53\u6027\u5411\u304c\u9ad8\u3059\u304e\u308b\uff08\u5229\u76ca\u306e\u5927\u534a\u3092\u914d\u5f53\u306b\u56de\u3057\u3066\u3044\u308b\uff09<\/li>\n\n\n\n<li>\u4e00\u6642\u7684\u306a\u5229\u76ca\u3067\u914d\u5f53\u3092\u51fa\u3057\u3066\u3044\u308b<\/li>\n\n\n\n<li>\u501f\u91d1\u304c\u5897\u3048\u3066\u3044\u308b\uff08\u5229\u6255\u3044\u8ca0\u62c5\u304c\u5897\u3048\u308b\uff09<\/li>\n<\/ul>\n\n\n\n<p>\u2705\u5b89\u5fc3\u6750\u6599<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6e1b\u914d\u304c\u5c11\u306a\u304f\u3001\u5897\u914d\u30fb\u7dad\u6301\u306e\u5b9f\u7e3e\u304c\u9577\u3044<\/li>\n\n\n\n<li>\u5229\u76ca\u306e\u6ce2\u304c\u5c0f\u3055\u3044<\/li>\n\n\n\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\uff08\u73fe\u91d1\uff09\u3092\u5b89\u5b9a\u7684\u306b\u7a3c\u3052\u3066\u3044\u308b<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\">\n\n\n\n<h2 class=\"wp-block-heading\" id=\"i-3\"><span class=\"ez-toc-section\" id=\"%E9%8A%98%E6%9F%84%E9%81%B8%E3%81%B3%E3%81%AE%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E2%91%A0%EF%BC%9APER%E3%83%BBPBR%E3%83%BBROE%E3%81%AF%E3%80%8C%E6%9C%80%E4%BD%8E%E9%99%90%E3%81%AE%E5%81%A5%E5%BA%B7%E8%A8%BA%E6%96%AD%E3%80%8D\"><\/span><strong>\u9298\u67c4\u9078\u3073\u306e\u30dd\u30a4\u30f3\u30c8\u2460\uff1aPER\u30fbPBR\u30fbROE\u306f\u300c\u6700\u4f4e\u9650\u306e\u5065\u5eb7\u8a3a\u65ad\u300d<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7d50\u8ad6\uff1a\u9ad8\u914d\u5f53\u682a\u3067\u3082\u3001\u5272\u9ad8\u63b4\u307f\u306f\u907f\u3051\u305f\u3044\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u305f\u3081\u306e\u6700\u4f4e\u9650\u306e\u6307\u6a19\u304c <strong>PER\u30fbPBR\u30fbROE<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u96e3\u3057\u3044\u8a08\u7b97\u306f\u4e0d\u8981\u3067\u3001\u610f\u5473\u3060\u3051\u62bc\u3055\u3048\u308c\u3070OK\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"i-4\"><span class=\"ez-toc-section\" id=\"PER%EF%BC%88%E6%A0%AA%E4%BE%A1%E5%8F%8E%E7%9B%8A%E7%8E%87%EF%BC%89\"><\/span><strong>PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>\u5229\u76ca\u306b\u5bfe\u3057\u3066\u682a\u4fa1\u304c\u9ad8\u3044\u304b\u5b89\u3044\u304b<\/strong>\u306e\u76ee\u5b89\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PER\u304c\u9ad8\u3059\u304e\u308b\uff1a\u671f\u5f85\u5148\u884c\u3067\u5272\u9ad8\u306e\u53ef\u80fd\u6027<\/li>\n\n\n\n<li>PER\u304c\u4f4e\u3059\u304e\u308b\uff1a\u5e02\u5834\u304c\u7591\u3063\u3066\u3044\u308b\uff08\u8981\u6ce8\u610f\uff09\u53ef\u80fd\u6027<\/li>\n<\/ul>\n\n\n\n<p>\ud83d\udca1\u30dd\u30a4\u30f3\u30c8<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u300c\u540c\u696d\u4ed6\u793e\u3068\u6bd4\u3079\u3066\u3069\u3046\u304b\u300d\u3067\u898b\u308b\u306e\u304c\u73fe\u5b9f\u7684<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"i-5\"><span class=\"ez-toc-section\" id=\"PBR%EF%BC%88%E6%A0%AA%E4%BE%A1%E7%B4%94%E8%B3%87%E7%94%A3%E5%80%8D%E7%8E%87%EF%BC%89\"><\/span><strong>PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u4f1a\u793e\u306e\u8cc7\u7523\u4fa1\u5024\u306b\u5bfe\u3057\u3066\u682a\u4fa1\u304c\u9ad8\u3044\u304b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PBR1\u500d\u5272\u308c\uff1a\u5272\u5b89\u306b\u898b\u3048\u308b\u304c\u201c\u7a3c\u3050\u529b\u304c\u5f31\u3044\u201d\u5834\u5408\u3082<\/li>\n\n\n\n<li>PBR\u304c\u9ad8\u3044\uff1a\u30d6\u30e9\u30f3\u30c9\u30fb\u6210\u9577\u30fb\u53ce\u76ca\u6027\u304c\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u3082<\/li>\n<\/ul>\n\n\n\n<p>\ud83d\udca1\u30dd\u30a4\u30f3\u30c8<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PBR\u3060\u3051\u3067\u5224\u65ad\u3057\u306a\u3044\uff08ROE\u3068\u30bb\u30c3\u30c8\u304c\u9244\u5247\uff09<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"i-6\"><span class=\"ez-toc-section\" id=\"ROE%EF%BC%88%E8%87%AA%E5%B7%B1%E8%B3%87%E6%9C%AC%E5%88%A9%E7%9B%8A%E7%8E%87%EF%BC%89\"><\/span><strong>ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>\u4f1a\u793e\u304c\u682a\u4e3b\u306e\u304a\u91d1\u3067\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u7a3c\u3044\u3067\u3044\u308b\u304b<\/strong>\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ROE\u304c\u9ad8\u3044\uff1a\u7a3c\u3050\u529b\u304c\u5f37\u3044<\/li>\n\n\n\n<li>ROE\u304c\u4f4e\u3044\uff1a\u8cc7\u672c\u3092\u6301\u3066\u4f59\u3057\u3066\u3044\u308b\u53ef\u80fd\u6027<\/li>\n<\/ul>\n\n\n\n<p>\u2705\u307e\u3068\u3081\uff1a3\u70b9\u30bb\u30c3\u30c8\u306e\u898b\u65b9<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>PBR\u304c\u4f4e\u3044\u306e\u306bROE\u3082\u4f4e\u3044<\/strong> \u2192 \u201c\u5b89\u3044\u3051\u3069\u5f31\u3044\u201d\u304b\u3082<\/li>\n\n\n\n<li><strong>PBR\u304c\u9ad8\u3044\u3051\u3069ROE\u3082\u9ad8\u3044<\/strong> \u2192 \u201c\u9ad8\u3044\u306a\u308a\u306e\u7406\u7531\u201d\u304c\u3042\u308b<\/li>\n\n\n\n<li><strong>PER\u304c\u4f4e\u3044<\/strong> \u2192 \u5e02\u5834\u306e\u4e0d\u5b89\u8981\u7d20\uff08\u696d\u7e3e\u30fb\u69cb\u9020\uff09\u304c\u306a\u3044\u304b\u78ba\u8a8d<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\">\n\n\n\n<h2 class=\"wp-block-heading\" id=\"i-7\"><span class=\"ez-toc-section\" id=\"%E9%8A%98%E6%9F%84%E9%81%B8%E3%81%B3%E3%81%AE%E3%83%9D%E3%82%A4%E3%83%B3%E3%83%88%E2%91%A1%EF%BC%9A%E5%8F%82%E5%85%A5%E9%9A%9C%E5%A3%81%E3%81%8C%E9%AB%98%E3%81%84%E4%BC%81%E6%A5%AD%E3%81%BB%E3%81%A9%E3%80%81%E9%85%8D%E5%BD%93%E3%81%8C%E5%AE%89%E5%AE%9A%E3%81%97%E3%82%84%E3%81%99%E3%81%84\"><\/span><strong>\u9298\u67c4\u9078\u3073\u306e\u30dd\u30a4\u30f3\u30c8\u2461\uff1a\u53c2\u5165\u969c\u58c1\u304c\u9ad8\u3044\u4f01\u696d\u307b\u3069\u3001\u914d\u5f53\u304c\u5b89\u5b9a\u3057\u3084\u3059\u3044<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7d50\u8ad6\uff1a\u9ad8\u914d\u5f53\u682a\u3067\u5927\u4e8b\u306a\u306e\u306f\u300c\u7af6\u4e89\u306b\u8ca0\u3051\u306b\u304f\u3044\u3053\u3068\u300d\u3002<\/p>\n\n\n\n<p>\u53c2\u5165\u969c\u58c1\u304c\u9ad8\u3044\u4f01\u696d\u306f\u3001\u4fa1\u683c\u7af6\u4e89\u306b\u306a\u308a\u306b\u304f\u304f\u3001\u5229\u76ca\u304c\u5b89\u5b9a\u3057\u3084\u3059\u3044\u3002<\/p>\n\n\n\n<p>\u7d50\u679c\u3068\u3057\u3066\u3001\u914d\u5f53\u3082\u7dad\u6301\u3055\u308c\u3084\u3059\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u2705\u53c2\u5165\u969c\u58c1\u304c\u9ad8\u3044\u4f8b<\/p>\n\n\n\n<ul 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