{"id":1718,"date":"2025-10-28T15:00:53","date_gmt":"2025-10-28T06:00:53","guid":{"rendered":"https:\/\/www.ht-tax.or.jp\/navi\/?p=1718"},"modified":"2025-10-28T14:51:22","modified_gmt":"2025-10-28T05:51:22","slug":"wacc-easy-to-understand","status":"publish","type":"post","link":"https:\/\/www.ht-tax.or.jp\/navi\/wacc-easy-to-understand","title":{"rendered":"WACC\u3068\u306f\uff1f\u308f\u304b\u308a\u3084\u3059\u304f\u8a08\u7b97\u65b9\u6cd5\u3084\u4f7f\u3044\u65b9\u3092\u89e3\u8aac"},"content":{"rendered":"

\u300cWACC\u3063\u3066\u805e\u3044\u305f\u3053\u3068\u306f\u3042\u308b\u3051\u3069\u3001\u6b63\u76f4\u3088\u304f\u308f\u304b\u3089\u306a\u3044\u300d\u300c\u5c02\u9580\u7528\u8a9e\u3070\u304b\u308a\u3067\u3001\u3069\u3053\u304b\u3089\u624b\u3092\u3064\u3051\u3066\u3044\u3044\u306e\u304b\u308f\u304b\u3089\u306a\u3044\u300d\u306a\u3069\u3068\u611f\u3058\u305f\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u304b\uff1f<\/p>\n

\u305d\u3046\u3057\u305f\u65b9\u306e\u305f\u3081\u306b\u3001\u3053\u308c\u304b\u3089WACC\u3092\u304b\u3093\u305f\u3093\u306b\u3001\u3066\u3044\u306d\u3044\u306b\u89e3\u8aac\u3057\u307e\u3059\u3002\u96e3\u3057\u3044\u6570\u5f0f\u3084\u5c02\u9580\u7528\u8a9e\u306f\u306a\u308b\u3079\u304f\u4f7f\u308f\u305a\u3001\u4f1a\u8a08\u3084\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u77e5\u8b58\u304c\u306a\u304f\u3066\u3082\u8aad\u3081\u308b\u3088\u3046\u306b\u5de5\u592b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u305d\u3082\u305d\u3082WACC\u3068\u306f\u3001\u4f1a\u793e\u304c\u304a\u91d1\u3092\u96c6\u3081\u308b\u3068\u304d\u306b\u304b\u304b\u308b\u300c\u30b3\u30b9\u30c8\u306e\u5e73\u5747\u300d\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u300cWACC\u304c5\uff05\u300d\u3068\u3044\u3048\u3070\u3001\u300c\u3053\u306e\u4f1a\u793e\u306f\u3001\u304a\u91d1\u3092\u96c6\u3081\u308b\u306e\u306b\u5e73\u5747\u30675\uff05\u306e\u30b3\u30b9\u30c8\u304c\u304b\u304b\u3063\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u610f\u5473\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u8a00\u3044\u304b\u3048\u308b\u3068\u3001WACC\u306f\u4f1a\u793e\u306b\u3068\u3063\u3066\u306e\u300c\u304a\u91d1\u3092\u501f\u308a\u305f\u308a\u51fa\u8cc7\u3057\u3066\u3082\u3089\u3063\u305f\u308a\u3059\u308b\u305f\u3081\u306e\u5229\u5b50\u3084\u914d\u5f53\u300d\u306a\u3069\u3001\u304a\u91d1\u3092\u8abf\u9054\u3059\u308b\u305f\u3081\u306b\u3069\u308c\u304f\u3089\u3044\u306e\u8ca0\u62c5\u304c\u3042\u308b\u304b\u3092\u8868\u3059\u6570\u5b57\u3067\u3059\u3002<\/p>\n

\u3067\u306f\u3001\u306a\u305c\u3053\u306e\u6570\u5b57\u304c\u305d\u3093\u306a\u306b\u5927\u5207\u306a\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n

\u305d\u308c\u306f\u3001WACC\u304c\u6295\u8cc7\u3059\u308b\u304b\u3069\u3046\u304b\u306e\u5224\u65ad\u57fa\u6e96\u306b\u306a\u3063\u305f\u308a\u3001\u4f1a\u793e\u306e\u4fa1\u5024\u3092\u306f\u304b\u308b\u305f\u3081\u306e\u6750\u6599\u306b\u306a\u3063\u305f\u308a\u3059\u308b\u304b\u3089\u3067\u3059\u3002\u5b9f\u969b\u306b\u3001\u4f01\u696d\u306e\u7d4c\u55b6\u5224\u65ad\u3084\u6295\u8cc7\u5bb6\u306e\u5206\u6790\u3067\u306f\u3001\u3053\u306eWACC\u304c\u3088\u304f\u4f7f\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001WACC\u306e\u57fa\u672c\u7684\u306a\u610f\u5473\u304b\u3089\u3001\u304b\u3093\u305f\u3093\u306a\u8a08\u7b97\u306e\u65b9\u6cd5\u3001\u305d\u3057\u3066\u5b9f\u969b\u306e\u30d3\u30b8\u30cd\u30b9\u3067\u3069\u3046\u6d3b\u304b\u3055\u308c\u3066\u3044\u308b\u304b\u307e\u3067\u3001\u521d\u5fc3\u8005\u306e\u65b9\u306b\u3082\u308f\u304b\u308b\u3088\u3046\u306b\u4e00\u6b69\u305a\u3064\u4e01\u5be7\u306b\u7d39\u4ecb\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n

\u300c\u306a\u3093\u3068\u306a\u304f\u805e\u3044\u305f\u3053\u3068\u304c\u3042\u308b\u300d\u304b\u3089\u3001\u300c\u3061\u3083\u3093\u3068\u7406\u89e3\u3067\u304d\u308b\u300d\u300c\u81ea\u5206\u3067\u3082\u4f7f\u3048\u308b\u300d\u3078\u3002<\/p>\n

\u3044\u3063\u3057\u3087\u306bWACC\u306b\u3064\u3044\u3066\u5b66\u3093\u3067\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n

1.WACC\u3068\u306f\u306a\u306b\u304b\uff1f<\/h2>\n

\u4f1a\u793e\u304c\u6d3b\u52d5\u3057\u3066\u3044\u304f\u305f\u3081\u306b\u306f\u3001\u5546\u54c1\u3092\u3064\u304f\u3063\u305f\u308a\u3001\u304a\u5e97\u3092\u3064\u304f\u3063\u305f\u308a\u3059\u308b\u305f\u3081\u306e\u304a\u91d1\u304c\u5fc5\u8981\u3067\u3059\u3002\u3067\u3082\u3001\u305d\u306e\u304a\u91d1\u3092\u3069\u3053\u304b\u3089\u3001\u3069\u306e\u3088\u3046\u306b\u96c6\u3081\u308b\u304b\u306b\u3088\u3063\u3066\u3001\u304b\u304b\u308b\u300c\u30b3\u30b9\u30c8\uff08\u8cbb\u7528\uff09\u300d\u304c\u5909\u308f\u3063\u3066\u304d\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u300c\u304a\u91d1\u3092\u96c6\u3081\u308b\u305f\u3081\u306b\u3001\u3069\u308c\u304f\u3089\u3044\u306e\u8cbb\u7528\u304c\u304b\u304b\u3063\u3066\u3044\u308b\u306e\u304b\uff1f\u300d\u3092\u8868\u3059\u306e\u304c\u3001WACC\u3068\u3044\u3046\u6307\u6a19\u3067\u3059<\/strong>\u3002\u3053\u3053\u3067\u306fWACC\u306b\u3064\u3044\u3066\u3001\u3084\u3055\u3057\u304f\u30fb\u308f\u304b\u308a\u3084\u3059\u304f\u8aac\u660e\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n

1-1.\u7c21\u5358\u306b\u8a00\u3046\u3068\u300c\u4f1a\u793e\u304c\u304a\u91d1\u3092\u96c6\u3081\u308b\u306e\u306b\u3069\u308c\u304f\u3089\u3044\u30b3\u30b9\u30c8\u304c\u304b\u304b\u3063\u3066\u3044\u308b\u304b\u300d\u3092\u8868\u3059\u6570\u5b57<\/h3>\n

WACC\u306f\u3001\u4f1a\u793e\u304c\u3069\u308c\u304f\u3089\u3044\u306e\u8cbb\u7528\u3092\u304b\u3051\u3066\u304a\u91d1\u3092\u96c6\u3081\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u6570\u5b57<\/strong>\u3067\u3059\u3002<\/p>\n

\u4f1a\u793e\u306f\u3001\u81ea\u5206\u306e\u304a\u91d1\u3060\u3051\u3067\u306a\u304f\u3001\u4ed6\u304b\u3089\u304a\u91d1\u3092\u96c6\u3081\u3066\u6d3b\u52d5\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u3068\u304d\u306b\u300c\u305f\u3060\u3067\u3082\u3089\u3048\u308b\u300d\u308f\u3051\u3067\u306f\u306a\u304f\u3001\u501f\u308a\u305f\u304a\u91d1\u306b\u306f\u5229\u606f\u304c\u3001\u51fa\u8cc7\u3057\u3066\u3082\u3089\u3063\u305f\u304a\u91d1\u306b\u306f\u304a\u8fd4\u3057\uff08\u914d\u5f53\uff09\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u3042\u306a\u305f\u304c\u53cb\u9054\u304b\u3089\u304a\u91d1\u3092\u501f\u308a\u305f\u3089\u300c\u3042\u3068\u3067\u3061\u3083\u3093\u3068\u8fd4\u3057\u3066\u306d\u300d\u3068\u8a00\u308f\u308c\u307e\u3059\u3057\u3001\u89aa\u304b\u3089\u304a\u3053\u3065\u304b\u3044\u3092\u3082\u3089\u3046\u3068\u304d\u3082\u300c\u5bb6\u306e\u624b\u4f1d\u3044\u3092\u3057\u3066\u306d\u300d\u3068\u6761\u4ef6\u304c\u3064\u304f\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u305d\u308c\u3068\u540c\u3058\u3088\u3046\u306b\u3001\u4f1a\u793e\u3082\u304a\u91d1\u3092\u96c6\u3081\u308b\u3068\u304d\u306f\u3001\u4f55\u304b\u3057\u3089\u306e\u300c\u304a\u8fd4\u3057\u300d\u3092\u3057\u306a\u3044\u3068\u3044\u3051\u306a\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001WACC\u306f\u300c\u4f1a\u793e\u304c1\u5186\u306e\u304a\u91d1\u3092\u96c6\u3081\u308b\u306e\u306b\u3001\u4f55\u5186\u5206\u306e\u8cbb\u7528\uff08\u304a\u8fd4\u3057\uff09\u304c\u304b\u304b\u3063\u3066\u3044\u308b\u304b\u300d\u3092\u6559\u3048\u3066\u304f\u308c\u308b\u6570\u5b57<\/strong>\u3067\u3059\u3002<\/p>\n

1-2.\u3088\u308a\u6b63\u78ba\u306b\u306f\u3001\u8907\u6570\u306e\u8cc7\u91d1\u8abf\u9054\u6cd5\u306e\u30b3\u30b9\u30c8\u3092\u5272\u5408\u306b\u5fdc\u3058\u3066\u300c\u52a0\u91cd\u5e73\u5747\u300d\u3057\u305f\u3082\u306e<\/h3>\n

WACC\u3068\u306f\u3001\u4f1a\u793e\u304c\u3044\u308d\u3044\u308d\u306a\u65b9\u6cd5\u3067\u304a\u91d1\u3092\u96c6\u3081\u305f\u3068\u304d\u306e\u300c\u305d\u308c\u305e\u308c\u306e\u30b3\u30b9\u30c8\u300d\u3092\u3001\u30d0\u30e9\u30f3\u30b9\u3088\u304f\u8a08\u7b97\u3057\u3066\u5e73\u5747\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/strong><\/p>\n

\u4f1a\u793e\u306f\u3001\u9280\u884c\u304b\u3089\u306e\u501f\u91d1\u3060\u3051\u3067\u306a\u304f\u3001\u682a\u4e3b\u304b\u3089\u306e\u51fa\u8cc7\u306a\u3069\u3001\u8907\u6570\u306e\u65b9\u6cd5\u3067\u304a\u91d1\u3092\u96c6\u3081\u3066\u3044\u307e\u3059\u3002\u305d\u308c\u305e\u308c\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u306f\u9055\u3046\u306e\u3067\u3001\u3059\u3079\u3066\u3092\u3072\u3068\u307e\u3068\u3081\u306b\u3057\u3066\u5e73\u5747\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u3068\u304d\u3001\u91cd\u8981\u306a\u306e\u304c\u300c\u52a0\u91cd\u5e73\u5747\u300d\u3068\u3044\u3046\u8003\u3048\u65b9\u3067\u3059\u3002<\/p>\n

\u30c6\u30b9\u30c8\u3092\u53d7\u3051\u308b\u3053\u3068\u3092\u4f8b\u3068\u3057\u3066\u6319\u3052\u308b\u3068\u3001\u300c\u56fd\u8a9e30\u70b9\u3001\u6570\u5b6670\u70b9\u300d\u306e\u7d50\u679c\u3067\u3001\u6570\u5b66\u306e\u65b9\u304c\u53d7\u9a13\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u6559\u79d1\u3067\u3042\u308c\u3070\u3001\u540c\u3058\u91cd\u3055\u3067\u5e73\u5747\uff08\uff1d50\u70b9\uff09\u3092\u51fa\u3059\u3088\u308a\u3082\u3001\u6570\u5b66\u306e\u70b9\u6570\u306e\u65b9\u306b\u91cd\u307f\u3092\u3064\u3051\u3066\u5e73\u5747\u3059\u308b\u3079\u304d\u3067\u3059\u3088\u306d\u3002<\/p>\n

\u305d\u308c\u3068\u540c\u3058\u3067\u3001\u305f\u304f\u3055\u3093\u4f7f\u3063\u3066\u3044\u308b\u304a\u91d1\u306e\u30b3\u30b9\u30c8\u306e\u307b\u3046\u3092\u5927\u304d\u304f\u30ab\u30a6\u30f3\u30c8\u3057\u3066\u3001\u3088\u308a\u6b63\u78ba\u306a\u5e73\u5747\u3092\u51fa\u3059\u306e\u304c\u52a0\u91cd\u5e73\u5747\u3067\u3059\u3002<\/p>\n

WACC\u306f\u3001\u4f1a\u793e\u304c\u3069\u3046\u3084\u3063\u3066\u3069\u308c\u304f\u3089\u3044\u304a\u91d1\u3092\u96c6\u3081\u3066\u3044\u308b\u304b\u3092\u3001\u5168\u4f53\u3068\u3057\u3066\u6b63\u3057\u304f\u3064\u304b\u3080\u305f\u3081\u306e\u300c\u91cd\u307f\u4ed8\u304d\u306e\u5e73\u5747\u5024\u300d\u306a\u306e\u3067\u3059\u3002<\/strong><\/p>\n

1-3.\u3082\u3046\u5c11\u3057\u304f\u308f\u3057\u304f\u89e3\u8aac\u3059\u308b\u3068\u3001\u501f\u5165\u3068\u682a\u5f0f\u3001\u305d\u308c\u305e\u308c\u306e\u8cc7\u91d1\u8abf\u9054\u6cd5\u306b\u5fdc\u3058\u305f\u30b3\u30b9\u30c8\u306e\u5e73\u5747\u5024\u3092\u51fa\u3057\u3066\u3044\u308b<\/h3>\n

WACC\u3067\u306f\u3001\u9280\u884c\u306a\u3069\u304b\u3089\u306e\u501f\u91d1\u306b\u304b\u304b\u308b\u5229\u5b50\u3084\u3001\u682a\u4e3b\u306b\u51fa\u3059\u914d\u5f53\u306a\u3069\u3001\u305d\u308c\u305e\u308c\u306e\u8cbb\u7528\u3092\u304d\u3061\u3093\u3068\u308f\u3051\u3066\u8003\u3048\u307e\u3059\u3002<\/strong><\/p>\n

\u304a\u91d1\u306e\u96c6\u3081\u65b9\u306b\u3088\u3063\u3066\u3001\u5fc5\u8981\u3068\u306a\u308b\u300c\u304a\u8fd4\u3057\u300d\u304c\u3061\u304c\u3046\u304b\u3089\u3067\u3059\u3002\u501f\u91d1\u306a\u3089\u5229\u606f\u3092\u8fd4\u3057\u307e\u3059\u3057\u3001\u682a\u4e3b\u306b\u306f\u914d\u5f53\u3084\u682a\u4fa1\u306e\u4e0a\u6607\u3068\u3044\u3063\u305f\u898b\u8fd4\u308a\u3092\u671f\u5f85\u3055\u308c\u307e\u3059\u3002\u3060\u304b\u3089\u3001\u305d\u308c\u305e\u308c\u306e\u30b3\u30b9\u30c8\u3092\u6b63\u78ba\u306b\u8a08\u7b97\u3057\u3066\u3001\u305d\u308c\u306b\u4f7f\u308f\u308c\u305f\u5272\u5408\u3092\u304b\u3051\u3066\u5e73\u5747\u3092\u51fa\u3057\u307e\u3059\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u3042\u306a\u305f\u304c\u300c\u89aa\u304b\u3089\u304a\u3053\u3065\u304b\u3044\uff08\u5bb6\u4e8b\u3092\u3084\u308b\u4ee3\u308f\u308a\u306b\u3082\u3089\u3046\uff09\u300d\u3092\u3082\u3089\u3046\u306e\u3068\u3001\u300c\u53cb\u9054\u304b\u3089\u501f\u91d1\uff08\u73fe\u91d1\u3067\u8fd4\u6e08\u3059\u308b)\u300d\u3059\u308b\u306e\u3067\u306f\u3001\u8fd4\u3059\u5185\u5bb9\u304c\u9055\u3044\u307e\u3059\u3088\u306d\u3002\u4f1a\u793e\u3067\u3082\u540c\u69d8\u3067\u3001\u540c\u3058\u91d1\u984d\u3092\u3082\u3089\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u3069\u306e\u65b9\u6cd5\u3067\u5165\u624b\u3057\u305f\u304a\u91d1\u3092\u3069\u308c\u3060\u3051\u4f7f\u3063\u305f\u304b\u3067\u3001\u5168\u4f53\u306e\u8ca0\u62c5\u306f\u5909\u308f\u3063\u3066\u304f\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001WACC\u3067\u306f\u3001\u501f\u91d1\u3068\u51fa\u8cc7\u306e\u30b3\u30b9\u30c8\u3092\u5206\u3051\u3066\u8003\u3048\u3001\u3069\u3061\u3089\u3092\u591a\u304f\u4f7f\u3063\u3066\u3044\u308b\u304b\u306b\u5fdc\u3058\u3066\u3001\u73fe\u5b9f\u306b\u8fd1\u3044\u5e73\u5747\u5024\u3092\u51fa\u3059<\/strong>\u3088\u3046\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

1-4.WACC\u304c\u4f4e\u3044\u3068\u3069\u3046\u306a\u308b\uff1f<\/h3>\n

WACC\u304c\u4f4e\u3044\u307b\u3069\u3001\u4f1a\u793e\u306f\u300c\u5b89\u304f\u304a\u91d1\u3092\u96c6\u3081\u3089\u308c\u3066\u3044\u308b\u300d\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/strong><\/p>\n

<\/p>\n

\u4f4e\u3044WACC\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u4f1a\u793e\u304c\u5229\u606f\u3084\u914d\u5f53\u306a\u3069\u306b\u3042\u307e\u308a\u304a\u91d1\u3092\u4f7f\u308f\u305a\u306b\u3059\u3093\u3067\u3044\u308b\u3001\u3064\u307e\u308a\u300c\u52b9\u7387\u3088\u304f\u8cc7\u91d1\u3092\u96c6\u3081\u3066\u3044\u308b\u300d\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n

\u3042\u306a\u305f\u304c\u300c\u7121\u5229\u5b50\u3067\u304a\u91d1\u3092\u501f\u308a\u3089\u308c\u308b\u300d\u3068\u3057\u305f\u3089\u3001\u3068\u3066\u3082\u5f97\u3067\u3059\u3088\u306d\u3002\u4f1a\u793e\u306b\u3068\u3063\u3066\u3082\u3001\u306a\u308b\u3079\u304f\u30b3\u30b9\u30c8\u304c\u5c11\u306a\u3044\u307b\u3046\u304c\u3001\u304a\u91d1\u3092\u4f7f\u3044\u3084\u3059\u304f\u306a\u308a\u3001\u3044\u308d\u3093\u306a\u3053\u3068\u306b\u6295\u8cc7\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3088\u3063\u3066\u3001WACC\u304c\u4f4e\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u4f1a\u793e\u304c\u8cc7\u91d1\u96c6\u3081\u306b\u6210\u529f\u3057\u3066\u3044\u3066\u3001\u826f\u3044\u7d4c\u55b6\u3092\u3057\u3066\u3044\u308b\u8a3c\u62e0<\/strong>\u306b\u3082\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n

1-5.\u4f1a\u793e\u306e\u5927\u304d\u3055\u3068WACC\u306e\u95a2\u4fc2<\/h3>\n

\u4e00\u822c\u7684\u306b\u306f\u3001\u5c0f\u3055\u306a\u4f1a\u793e\u306e\u307b\u3046\u304cWACC\u304c\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/strong><\/p>\n

\u5c0f\u3055\u306a\u4f1a\u793e\u306f\u300c\u3064\u3076\u308c\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u300d\u300c\u5229\u76ca\u304c\u5b89\u5b9a\u3057\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u300d\u3068\u601d\u308f\u308c\u304c\u3061\u306a\u306e\u3067\u3001\u6295\u8cc7\u5bb6\u3084\u9280\u884c\u304c\u30ea\u30b9\u30af\u3092\u611f\u3058\u3066\u3001\u9ad8\u3044\u5229\u5b50\u3084\u898b\u8fd4\u308a\u3092\u6c42\u3081\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u307e\u3060\u540d\u524d\u306e\u77e5\u3089\u308c\u3066\u3044\u306a\u3044\u304a\u5e97\u306b\u304a\u91d1\u3092\u8cb8\u3059\u3068\u3057\u305f\u3089\u3001\u5fc3\u914d\u306b\u306a\u308a\u307e\u3059\u3088\u306d\u3002\u305d\u306e\u305f\u3081\u3001\u300c\u3061\u3087\u3063\u3068\u9ad8\u3081\u306e\u5229\u5b50\u3067\u8fd4\u3057\u3066\u306d\u300d\u3068\u8a00\u3044\u305f\u304f\u306a\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001\u6709\u540d\u306a\u5927\u4f01\u696d\u306a\u3089\u300c\u3061\u3083\u3093\u3068\u8fd4\u3057\u3066\u304f\u308c\u305d\u3046\u300d\u3068\u601d\u308f\u308c\u308b\u306e\u3067\u3001\u5b89\u3044\u5229\u5b50\u3067\u3082\u304a\u91d1\u3092\u96c6\u3081\u3084\u3059\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u4f1a\u793e\u304c\u5927\u304d\u304f\u3066\u4fe1\u983c\u3055\u308c\u3066\u3044\u308c\u3070WACC\u306f\u4e0b\u304c\u308a\u3084\u3059\u304f\u3001\u5c0f\u3055\u306a\u4f1a\u793e\u307b\u3069WACC\u304c\u9ad8\u304f\u306a\u3063\u3066\u3057\u307e\u3046\u306e\u3067\u3059\u3002<\/strong><\/p>\n

2.WACC\u304c\u91cd\u8981\u3067\u3042\u308b\u308f\u304b\u308a\u3084\u3059\u3044\u7406\u7531<\/h2>\n

\u4f1a\u793e\u304c\u6210\u9577\u3057\u3066\u3044\u304f\u305f\u3081\u306b\u306f\u3001\u304a\u91d1\u306e\u4f7f\u3044\u65b9\u3060\u3051\u3067\u306a\u304f\u3001\u300c\u3069\u306e\u304f\u3089\u3044\u306e\u8cbb\u7528\u3067\u304a\u91d1\u3092\u96c6\u3081\u3066\u3044\u308b\u304b\u300d\u3082\u3068\u3066\u3082\u5927\u5207\u3067\u3059\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001WACC\u306f\u305f\u3060\u306e\u6570\u5b57\u3067\u306f\u306a\u304f\u3001\u7d4c\u55b6\u306e\u3042\u3089\u3086\u308b\u5834\u9762\u3067\u91cd\u8981\u306a\u5224\u65ad\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u7ae0\u3067\u306f\u3001WACC\u304c\u306a\u305c\u305d\u3093\u306a\u306b\u5927\u5207\u306a\u306e\u304b<\/strong>\u3001\u8eab\u8fd1\u306a\u4f8b\u3092\u4ea4\u3048\u306a\u304c\u3089\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n

2-1.\u81ea\u5206\u3060\u3051\u3067\u306f\u6c7a\u3081\u3089\u308c\u306a\u3044\u305f\u3081<\/h3>\n

WACC\u306f\u3001\u4f1a\u793e\u304c\u52dd\u624b\u306b\u6c7a\u3081\u3089\u308c\u308b\u6570\u5b57\u3067\u306f\u306a\u304f\u3001\u307e\u308f\u308a\u306e\u4eba\u305f\u3061\u306b\u3088\u3063\u3066\u6c7a\u307e\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n

\u306a\u305c\u306a\u3089\u3001WACC\u306b\u95a2\u308f\u308b\u5229\u606f\u3084\u914d\u5f53\u306e\u5927\u304d\u3055\u306f\u3001\u9280\u884c\u3084\u6295\u8cc7\u5bb6\uff08\u682a\u4e3b\uff09\u3068\u3044\u3063\u305f\u300c\u5916\u306e\u4eba\u305f\u3061\u300d\u304c\u6c7a\u3081\u308b\u304b\u3089\u3067\u3059\u3002\u4f1a\u793e\u304c\u300c\u30b3\u30b9\u30c8\u3092\u5b89\u304f\u3057\u3066\u300d\u3068\u8a00\u3063\u3066\u3082\u3001\u76f8\u624b\u304c\u7d0d\u5f97\u3057\u306a\u3051\u308c\u3070\u5b89\u304f\u306f\u306a\u308a\u307e\u305b\u3093\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u3042\u306a\u305f\u304c\u304a\u91d1\u3092\u501f\u308a\u3088\u3046\u3068\u3057\u3066\u3082\u3001\u8cb8\u3057\u3066\u304f\u308c\u308b\u76f8\u624b\u304c\u300c\u5229\u606f\u306f10\uff05\u306d\u300d\u3068\u8a00\u3063\u305f\u3089\u3001\u305d\u308c\u306b\u5f93\u3046\u3057\u304b\u3042\u308a\u307e\u305b\u3093\u3088\u306d\u3002\u4f1a\u793e\u3082\u540c\u3058\u3067\u3001\u307e\u308f\u308a\u306e\u4eba\u304c\u3069\u308c\u3060\u3051\u4fe1\u983c\u3057\u3066\u304f\u308c\u3066\u3044\u308b\u304b\u306b\u3088\u3063\u3066\u3001WACC\u306e\u9ad8\u3055\u304c\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001WACC\u306f\u300c\u4f1a\u793e\u306e\u5916\u304b\u3089\u898b\u305f\u4fe1\u983c\u306e\u30d0\u30ed\u30e1\u30fc\u30bf\u30fc\u300d\u3068\u3082\u8a00\u3048\u308b\u3001\u3068\u3066\u3082\u91cd\u8981\u306a\u6570\u5b57\u306a\u306e\u3067\u3059\u3002<\/p>\n

2-2.\u4f1a\u793e\u306e\u4fa1\u5024\u3092\u77e5\u308b\u624b\u304c\u304b\u308a\u306b\u306a\u308b\u305f\u3081<\/h3>\n

WACC\u306f\u3001\u305d\u306e\u4f1a\u793e\u306e\u300c\u4eca\u306e\u4fa1\u5024\u300d\u3084\u300c\u3053\u308c\u304b\u3089\u306e\u4fa1\u5024\u300d\u3092\u8a08\u7b97\u3059\u308b\u305f\u3081\u306e\u5927\u4e8b\u306a\u624b\u304c\u304b\u308a\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u4f1a\u793e\u306e\u5c06\u6765\u306e\u3082\u3046\u3051\u3092\u3001\u4eca\u306e\u4fa1\u5024\u306b\u76f4\u3059\uff08\uff1d\u5272\u5f15\u304f\uff09\u3068\u304d\u306b\u4f7f\u3046\u306e\u304cWACC\u3060\u304b\u3089\u3067\u3059\u3002\u3055\u3089\u306b\u3001\u65b0\u3057\u3044\u4ed5\u4e8b\u3084\u4e8b\u696d\u3092\u59cb\u3081\u308b\u3068\u304d\u306b\u3082\u3001\u300c\u3053\u306e\u6295\u8cc7\u306f\u672c\u5f53\u306b\u610f\u5473\u304c\u3042\u308b\u306e\u304b\uff1f\u300d\u3092\u5224\u65ad\u3059\u308b\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001100\u4e07\u5186\u306e\u5229\u76ca\u304c5\u5e74\u5f8c\u306b\u624b\u306b\u5165\u308b\u306e\u3068\u3001\u4eca\u3059\u3050100\u4e07\u5186\u3082\u3089\u3046\u306e\u3068\u3067\u306f\u4fa1\u5024\u304c\u3061\u304c\u3044\u307e\u3059\u3088\u306d\u3002\u305d\u306e\u300c\u6642\u9593\u306e\u5dee\u300d\u3092\u57cb\u3081\u308b\u305f\u3081\u306b\u4f7f\u3046\u306e\u304cWACC\u3067\u3059\u3002WACC\u304c\u9ad8\u3051\u308c\u3070\u9ad8\u3044\u307b\u3069\u3001\u5c06\u6765\u306e\u5229\u76ca\u306e\u4fa1\u5024\u306f\u4e0b\u304c\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n

\u3060\u304b\u3089\u3001WACC\u3092\u4f7f\u3046\u3053\u3068\u3067\u3001\u4f1a\u793e\u306e\u4eca\u306e\u4fa1\u5024\u3084\u672a\u6765\u3078\u306e\u6295\u8cc7\u304c\u300c\u672c\u5f53\u306b\u304a\u30c8\u30af\u304b\u3069\u3046\u304b\u300d\u3092\u77e5\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002<\/p>\n

2-3.\u65b0\u3057\u3044\u3053\u3068\u3092\u59cb\u3081\u308b\u3068\u304d\u306e\u57fa\u6e96\u306b\u306a\u308b\u305f\u3081<\/h3>\n

WACC\u306f\u3001\u65b0\u3057\u3044\u4e8b\u696d\u3092\u59cb\u3081\u308b\u3068\u304d\u306b\u300c\u3084\u308b\u3079\u304d\u304b\u3069\u3046\u304b\u300d\u3092\u6c7a\u3081\u308b\u57fa\u6e96\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3069\u3093\u306a\u4e8b\u696d\u3082\u3001\u3084\u3063\u3066\u307f\u306a\u3051\u308c\u3070\u5229\u76ca\u304c\u51fa\u308b\u304b\u308f\u304b\u308a\u307e\u305b\u3093\u3002\u3067\u3082\u300c\u305d\u306e\u4e8b\u696d\u304c\u3001WACC\u3088\u308a\u3082\u9ad8\u3044\u5229\u76ca\u3092\u51fa\u305b\u308b\u304b\uff1f\u300d\u3068\u3044\u3046\u3053\u3068\u3092\u76ee\u5b89\u306b\u3059\u308c\u3070\u3001\u59cb\u3081\u308b\u304b\u3069\u3046\u304b\u3092\u5224\u65ad\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u65b0\u3057\u3044\u304a\u5e97\u3092\u958b\u3044\u306610\uff05\u306e\u3082\u3046\u3051\u304c\u51fa\u305d\u3046\u3060\u3068\u3057\u307e\u3059\u3002\u3067\u3082\u305d\u306e\u4f1a\u793e\u306eWACC\u304c8\uff05\u306a\u3089\u3001\u300c10\uff05\u22128\uff05\uff1d2\uff05\u306e\u5229\u76ca\u304c\u6b8b\u308b\u300d\u3068\u8003\u3048\u3089\u308c\u308b\u306e\u3067\u3001\u3084\u308b\u4fa1\u5024\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u9006\u306bWACC\u304c12\uff05\u3060\u3063\u305f\u3089\u3001\u300c\u305b\u3063\u304b\u304f10\uff05\u3082\u3046\u3051\u3066\u3082\u3001\u305d\u308c\u4ee5\u4e0b\u306e\u4fa1\u5024\u3057\u304b\u751f\u307e\u308c\u306a\u3044\u300d\u306e\u3067\u3001\u3084\u3089\u306a\u3044\u307b\u3046\u304c\u826f\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n

\u30a4\u30e9\u30b9\u30c8\u3067\u306e\u30a4\u30e1\u30fc\u30b8<\/strong><\/p>\n

<\/p>\n

\u30a4\u30e1\u30fc\u30b8\u56f3\u3068\u3057\u3066\u3001\u300cWACC\uff1d\u30cf\u30fc\u30c9\u30eb\u300d\u300c\u5f97\u3089\u308c\u308b\u5229\u76ca\uff1d\u30b8\u30e3\u30f3\u30d7\u529b\u300d\u3068\u8003\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n

\u30b8\u30e3\u30f3\u30d7\uff08\u5229\u76ca\uff09\u304c\u30cf\u30fc\u30c9\u30eb\uff08WACC\uff09\u3092\u8d8a\u3048\u3089\u308c\u308c\u3070\u3001\u305d\u306e\u4e8b\u696d\u306f\u610f\u5473\u304c\u3042\u308b\u3068\u5224\u65ad\u3067\u304d\u307e\u3059\u304c\u3001\u8d8a\u3048\u3089\u308c\u306a\u3051\u308c\u3070\u3001\u640d\u3059\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001WACC\u306f\u65b0\u3057\u3044\u3053\u3068\u3092\u300c\u3084\u308b\u3079\u304d\u304b\u30fb\u3084\u3081\u308b\u3079\u304d\u304b\u300d\u3092\u8003\u3048\u308b\u3068\u304d\u306e\u3082\u306e\u3055\u3057\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

2-4.\u307b\u304b\u306e\u4f1a\u793e\u3068\u6bd4\u3079\u3089\u308c\u308b\u305f\u3081<\/h3>\n

WACC\u3092\u4f7f\u3048\u3070\u3001\u81ea\u5206\u306e\u4f1a\u793e\u3068\u307b\u304b\u306e\u4f1a\u793e\u306e\u300c\u304a\u91d1\u306e\u96c6\u3081\u65b9\u300d\u3092\u304f\u3089\u3079\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/strong><\/p>\n

\u540c\u3058\u3088\u3046\u306a\u4ed5\u4e8b\u3092\u3057\u3066\u3044\u308b\u4f1a\u793e\u3067\u3082\u3001WACC\u304c\u9ad8\u3044\u4f1a\u793e\u3068\u4f4e\u3044\u4f1a\u793e\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u308c\u3092\u898b\u308c\u3070\u3001\u300c\u81ea\u5206\u306e\u4f1a\u793e\u306f\u8cc7\u91d1\u8abf\u9054\u306b\u30e0\u30c0\u304c\u3042\u308b\u306e\u3067\u306f\uff1f\u300d\u3068\u6c17\u3065\u304f\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u540c\u3058\u30b1\u30fc\u30ad\u5c4b\u3055\u3093\u306a\u306e\u306b\u3001A\u793e\u306fWACC\u304c5\uff05\u3001B\u793e\u306f8\uff05\u3060\u3063\u305f\u3068\u3057\u307e\u3059\u3002\u3053\u306e\u5834\u5408\u3001B\u793e\u306f\u3082\u3063\u3068\u52b9\u7387\u306e\u3044\u3044\u8cc7\u91d1\u306e\u96c6\u3081\u65b9\u3092\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u9280\u884c\u306e\u6761\u4ef6\u3092\u898b\u76f4\u3057\u305f\u308a\u3001\u682a\u4e3b\u3078\u306e\u914d\u5f53\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u8003\u3048\u76f4\u3057\u305f\u308a\u3067\u304d\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n

\u3064\u307e\u308a\u3001WACC\u306f\u300c\u4f1a\u793e\u306e\u304a\u91d1\u306e\u96c6\u3081\u65b9\u306e\u3046\u307e\u3055\u300d\u3092\u3001\u4ed6\u793e\u3068\u304f\u3089\u3079\u308b\u305f\u3081\u306e\u4fbf\u5229\u306a\u6307\u6a19<\/strong>\u3067\u3082\u3042\u308b\u306e\u3067\u3059\u3002<\/p>\n

3.WACC\u306e\u304b\u3093\u305f\u3093\u306a\u8a08\u7b97\u65b9\u6cd5<\/h2>\n

WACC\u306f\u5c11\u3057\u3080\u305a\u304b\u3057\u305d\u3046\u306b\u611f\u3058\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u57fa\u672c\u306e\u8003\u3048\u65b9\u306f\u300c\u3044\u304f\u3089\u306e\u30b3\u30b9\u30c8\u3067\u3001\u3069\u3093\u306a\u5272\u5408\u3067\u304a\u91d1\u3092\u96c6\u3081\u3066\u3044\u308b\u304b\u300d\u3092\u6574\u7406\u3059\u308b\u3060\u3051\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u7ae0\u3067\u306f\u3001\u304b\u3093\u305f\u3093\u306a\u5f0f\u30683\u3064\u306e\u30b9\u30c6\u30c3\u30d7\u3067\u3001WACC\u306e\u51fa\u3057\u65b9\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u8aac\u660e\u3057\u307e\u3059\u3002<\/strong><\/p>\n

3-1.WACC\u306e\u8a08\u7b97\u5f0f<\/h3>\n

WACC\u306f\u3001\u6b21\u306e\u5f0f\u3067\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n

\n

WACC \uff1d \u682a\u4e3b\u304b\u3089\u306e\u304a\u91d1\u306e\u30b3\u30b9\u30c8 \u00d7 \u5272\u5408 \uff0b \u501f\u91d1\u306e\u30b3\u30b9\u30c8 \u00d7\uff081 \u2212 \u7a0e\u91d1\u306e\u5272\u5408\uff09\u00d7 \u5272\u5408<\/strong><\/p>\n<\/div>\n

\u4f1a\u793e\u306f\u300c\u682a\u4e3b\u304b\u3089\u51fa\u3057\u3066\u3082\u3089\u3063\u305f\u304a\u91d1\u300d\u3068\u300c\u9280\u884c\u306a\u3069\u304b\u3089\u501f\u308a\u305f\u304a\u91d1\u300d\u306e2\u3064\u3067\u8cc7\u91d1\u3092\u96c6\u3081\u307e\u3059\u3002\u305d\u308c\u305e\u308c\u306e\u65b9\u6cd5\u306b\u304b\u304b\u308b\u8cbb\u7528\uff08\uff1d\u30b3\u30b9\u30c8\uff09\u3092\u3001\u4f7f\u3063\u3066\u3044\u308b\u5272\u5408\u306b\u5fdc\u3058\u3066\u8db3\u3057\u5408\u308f\u305b\u308b\u306e\u304c\u3053\u306e\u5f0f\u3067\u3059\u3002<\/p>\n

\n

\u6ce8\u610f\u70b9<\/strong><\/p>\n

\u30fb\u300c\u682a\u4e3b\u304b\u3089\u306e\u304a\u91d1\u306e\u30b3\u30b9\u30c8\u300d\u3068\u306f\u3001\u914d\u5f53\u3084\u682a\u4e3b\u306e\u671f\u5f85\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u306e\u3053\u3068\u3002<\/p>\n

\u30fb\u300c\u501f\u91d1\u306e\u30b3\u30b9\u30c8\u300d\u3068\u306f\u3001\u9280\u884c\u306a\u3069\u304b\u3089\u306e\u5229\u5b50\u306e\u3053\u3068\u3002<\/p>\n

\u30fb\u300c\uff081 \u2212 \u7a0e\u91d1\u306e\u5272\u5408\uff09\u300d\u3068\u3059\u308b\u306e\u306f\u3001\u501f\u91d1\u306e\u5229\u5b50\u306f\u7a0e\u91d1\u3092\u5c11\u306a\u304f\u3067\u304d\u308b\u52b9\u679c\u304c\u3042\u308b\u305f\u3081\uff08\u7a0e\u91d1\u306e\u5206\u3092\u5dee\u3057\u5f15\u3044\u3066\u8003\u3048\u308b\uff09\u3002<\/p>\n<\/div>\n

\u3064\u307e\u308a\u3001WACC\u306e\u5f0f\u306f\u300c\u305d\u308c\u305e\u308c\u306e\u304a\u91d1\u306e\u30b3\u30b9\u30c8 \u00d7 \u5272\u5408\u300d\u306e\u5408\u8a08<\/strong>\u3060\u3068\u899a\u3048\u308b\u3068\u3088\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n

3-2.3\u3064\u306e\u30b9\u30c6\u30c3\u30d7\u3067\u8003\u3048\u308b<\/h3>\n

WACC\u306e\u8a08\u7b97\u306f\u3001\u305f\u3063\u305f3\u3064\u306e\u30b9\u30c6\u30c3\u30d7\u3067\u3067\u304d\u307e\u3059\u3002<\/p>\n

Step\u2460\u682a\u4e3b\u304b\u3089\u306e\u304a\u91d1\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3092\u8a08\u7b97\u3059\u308b<\/strong><\/p>\n

\u2192 \u3053\u308c\u306f\u300c\u914d\u5f53\u300d\u3084\u300c\u671f\u5f85\u3055\u308c\u308b\u5229\u76ca\u300d\u306e\u5272\u5408\u306e\u3053\u3068\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u682a\u4e3b\u304c6\uff05\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u3066\u3044\u308b\u306a\u3089\u3001\u305d\u308c\u304c\u682a\u4e3b\u30b3\u30b9\u30c8\u3067\u3059\u3002<\/p>\n

Step\u2461\u9280\u884c\u306a\u3069\u304b\u3089\u501f\u308a\u305f\u304a\u91d1\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3092\u8a08\u7b97\u3059\u308b<\/strong><\/p>\n

\u2192 \u9280\u884c\u304b\u3089\u306e\u501f\u91d1\u306b\u306f\u5229\u5b50\uff08\u305f\u3068\u3048\u3070\u5e744\uff05\u306a\u3069\uff09\u304c\u304b\u304b\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u3053\u308c\u306f\u7a0e\u91d1\u3092\u5f15\u3044\u305f\u3042\u3068\u306e\u91d1\u984d\u3067\u8003\u3048\u308b\u305f\u3081\u3001\u300c\u5229\u5b50 \u00d7\uff081 \u2212 \u7a0e\u7387\uff09\u300d\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n

Step\u2462\u305d\u308c\u305e\u308c\u306e\u30b3\u30b9\u30c8\u306b\u3001\u8cc7\u91d1\u5168\u4f53\u306e\u4e2d\u3067\u306e\u5272\u5408\u3092\u304b\u3051\u3066\u3001\u5408\u8a08\u3059\u308b<\/strong><\/p>\n

\u2192 \u682a\u4e3b\u306e\u304a\u91d1\u304c\u5168\u4f53\u306e60%\u3001\u501f\u91d1\u304c40%\u306a\u3089\u3001\u305d\u308c\u305e\u308c\u306b\u305d\u306e\u5272\u5408\u3092\u304b\u3051\u307e\u3059\u3002<\/p>\n

\u3053\u306e3\u30b9\u30c6\u30c3\u30d7\u3092\u9806\u756a\u306b\u3084\u308c\u3070\u3001WACC\u304c\u8a08\u7b97\u3067\u304d\u307e\u3059\u3002<\/p>\n

3-3.WACC\u3092\u7528\u3044\u305f\u5b9f\u4f8b<\/h3>\n

\u3053\u3053\u3067\u306f\u3001\u5b9f\u969b\u306e\u6570\u5b57\u3092\u4f7f\u3063\u3066WACC\u3092\u8a08\u7b97\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n

\u4eee\u5b9a\u3059\u308b\u6761\u4ef6<\/strong><\/p>\n

\u00a0 \u00a0\u00a0\u2022\u00a0 \u00a0\u00a0\u682a\u4e3b\u304b\u3089\u306e\u304a\u91d1\uff1a60\uff05\uff08\u5272\u5408\uff09<\/p>\n

\u00a0 \u00a0\u00a0\u2022\u00a0 \u00a0\u00a0\u501f\u91d1\uff1a40\uff05\uff08\u5272\u5408\uff09<\/p>\n

\u00a0 \u00a0\u00a0\u2022\u00a0 \u00a0\u00a0\u682a\u4e3b\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff08\u682a\u4e3b\u30b3\u30b9\u30c8\uff09\uff1a6\uff05<\/p>\n

\u00a0 \u00a0\u00a0\u2022\u00a0 \u00a0\u00a0\u501f\u91d1\u306e\u5229\u5b50\uff08\u8ca0\u50b5\u30b3\u30b9\u30c8\uff09\uff1a4\uff05<\/p>\n

\u00a0 \u00a0\u00a0\u2022\u00a0 \u00a0\u00a0\u7a0e\u91d1\u306e\u5272\u5408\uff08\u5b9f\u52b9\u7a0e\u7387\uff09\uff1a30\uff05<\/p>\n

Step\u2460\uff1a\u682a\u4e3b\u306e\u304a\u91d1\u306e\u30b3\u30b9\u30c8 \u00d7 \u5272\u5408<\/strong><\/p>\n

6% \u00d7 0.6 = 3.6%<\/p>\n

Step\u2461\uff1a\u501f\u91d1\u306e\u30b3\u30b9\u30c8 \u00d7\uff081 \u2212 \u7a0e\u7387\uff09\u00d7 \u5272\u5408<\/strong><\/p>\n

4% \u00d7\uff081 \u2212 0.3\uff09\u00d7 0.4<\/p>\n

\uff1d 4% \u00d7 0.7 \u00d7 0.4<\/p>\n

\uff1d 1.12%<\/p>\n

Step\u2462\uff1a\u5408\u8a08\u3057\u3066WACC\u3092\u51fa\u3059<\/strong><\/p>\n

3.6% + 1.12% =\u00a04.72%<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001WACC\u306f\u300c\u682a\u4e3b\u3068\u501f\u91d1\u306e\u305d\u308c\u305e\u308c\u306e\u30b3\u30b9\u30c8 \u00d7 \u5272\u5408\u300d\u3092\u8db3\u3057\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u51fa\u3059<\/strong>\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u6570\u5b57\u304c\u591a\u304f\u898b\u3048\u3066\u3082\u3001\u8a08\u7b97\u306f\u30b7\u30f3\u30d7\u30eb\u306a\u306e\u3067\u3001\u6163\u308c\u308c\u3070\u3059\u3050\u306b\u7406\u89e3\u3067\u304d\u307e\u3059\u3002<\/p>\n

4.WACC\u306e\u5e73\u5747\u306f\u3069\u308c\u304f\u3089\u3044\uff1f<\/h2>\n

WACC\u306e\u6570\u5b57\u306f\u3001\u696d\u7a2e\u3084\u56fd\u3001\u4f01\u696d\u306e\u898f\u6a21\u306a\u3069\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u304c\u3001\u3060\u3044\u305f\u3044\u306e\u76ee\u5b89\u3092\u77e5\u3063\u3066\u304a\u304f\u3068\u4fbf\u5229\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u7ae0\u3067\u306f\u3001\u4e16\u754c\u3084\u65e5\u672c\u306e\u4f1a\u793e\u3067\u3001WACC\u304c\u3069\u306e\u304f\u3089\u3044\u306e\u6570\u5024\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u304b<\/strong>\u3092\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n

4-1.\u4e16\u754c\u5168\u4f53\u3067\u306e\u5e73\u5747\u306f5\u301c8%<\/h3>\n

WACC\uff08\u4f1a\u793e\u304c\u304a\u91d1\u3092\u96c6\u3081\u308b\u3068\u304d\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u306e\u5e73\u5747\uff09\u306f\u3001\u4e16\u754c\u5168\u4f53\u3067\u898b\u308b\u3068\u3001\u3060\u3044\u305f\u30445\uff05\u301c8\uff05\u304f\u3089\u3044\u306b\u304a\u3055\u307e\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/strong><\/p>\n

\u3053\u308c\u306f\u3001\u4f1a\u793e\u304c\u300c\u682a\u4e3b\u304b\u3089\u306e\u304a\u91d1\u300d\u3068\u300c\u9280\u884c\u306a\u3069\u304b\u3089\u306e\u501f\u91d1\u300d\u306e\u4e21\u65b9\u3092\u4f7f\u3063\u3066\u304a\u91d1\u3092\u96c6\u3081\u308b\u3068\u304d\u3001\u305d\u306e\u30b3\u30b9\u30c8\u304c\u5e02\u5834\u306e\u30eb\u30fc\u30eb\u306b\u3057\u305f\u304c\u3063\u3066\u3042\u308b\u7a0b\u5ea6\u6c7a\u307e\u3063\u3066\u304f\u308b\u304b\u3089\u3067\u3059\u3002\u3064\u307e\u308a\u3001\u3069\u306e\u4f1a\u793e\u3082\u3060\u3044\u305f\u3044\u4f3c\u305f\u3088\u3046\u306a\u6761\u4ef6\u3067\u304a\u91d1\u3092\u96c6\u3081\u3066\u3044\u308b\u306e\u3067\u3001WACC\u3082\u3042\u308b\u7a0b\u5ea6\u306e\u7bc4\u56f2\u306b\u307e\u3068\u307e\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u306eWACC\u306e\u5e73\u5747\u306f\u3001\u7269\u306e\u5024\u6bb5\u304c\u3069\u308c\u304f\u3089\u3044\u4e0a\u304c\u308b\u304b\uff08\u30a4\u30f3\u30d5\u30ec\uff09\u3084\u3001\u304a\u91d1\u3092\u501f\u308a\u305f\u3068\u304d\u306e\u5229\u5b50\uff08\u91d1\u5229)\u306b\u3082\u5927\u304d\u304f\u5f71\u97ff\u3055\u308c\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u3084\u30e8\u30fc\u30ed\u30c3\u30d1\u306e\u5927\u304d\u306a\u4f1a\u793e\u3092\u96c6\u3081\u305f\u300c\u30e9\u30c3\u30bb\u30eb3000\u300d\u3068\u3044\u3046\u30b0\u30eb\u30fc\u30d7\u3067\u306f\u3001\u6700\u8fd1\u306eWACC\u306f6\uff05\u301c8\uff05\u304f\u3089\u3044\u3067\u52d5\u3044\u3066\u3044\u307e\u3059\u3002\u305d\u3057\u3066\u30015\uff05\u3092\u4e0b\u56de\u308b\u3053\u3068\u306f\u3042\u307e\u308a\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u4e16\u754c\u306e\u3044\u308d\u3044\u308d\u306a\u4f1a\u793e\u3092\u898b\u3066\u3082\u3001\u300c\u3060\u3044\u305f\u3044WACC\u306f5\uff05\u301c8\uff05\u304f\u3089\u3044\u304c\u3075\u3064\u3046\u306a\u3093\u3060\u306a\u300d<\/strong>\u3068\u601d\u3063\u3066\u304a\u3051\u3070\u3001\u57fa\u672c\u7684\u306b\u306f\u9593\u9055\u3044\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n

4-2.\u65e5\u672c\u306e\u4e0a\u5834\u4f01\u696d\u306e\u5e73\u5747\u306f5\u301c6\uff05\uff08\u5c11\u3057\u4f4e\u3044\uff09<\/h3>\n

\u65e5\u672c\u306e\u5927\u304d\u306a\u4f1a\u793e\uff08\u4e0a\u5834\u4f01\u696d\uff09\u306b\u3064\u3044\u3066\u898b\u308b\u3068\u3001WACC\uff08\u304a\u91d1\u3092\u96c6\u3081\u308b\u306e\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u306e\u5e73\u5747\uff09\u306f\u3001\u3060\u3044\u305f\u30445\u301c6\uff05\u304f\u3089\u3044\u306b\u304a\u3055\u307e\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/strong><\/p>\n

\u305d\u306e\u7406\u7531\u306e\u4e00\u3064\u306f\u3001\u65e5\u672c\u3067\u306f\u9577\u3044\u3042\u3044\u3060\u300c\u91d1\u5229\u304c\u3068\u3066\u3082\u4f4e\u3044\u72b6\u614b\u300d\u304c\u7d9a\u3044\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002\u91d1\u5229\u304c\u4f4e\u3044\u3068\u3001\u4f1a\u793e\u304c\u9280\u884c\u306a\u3069\u304b\u3089\u304a\u91d1\u3092\u501f\u308a\u308b\u3068\u304d\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\uff08\u8ca0\u50b5\u30b3\u30b9\u30c8\uff09\u3082\u5b89\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u307e\u305f\u3001\u65e5\u672c\u3067\u306f\u3001\u682a\u3092\u8cb7\u3063\u3066\u304f\u308c\u308b\u4eba\u305f\u3061\uff08\u682a\u4e3b\uff09\u304c\u4f1a\u793e\u306b\u6c42\u3081\u308b\u898b\u8fd4\u308a\uff08\uff1d\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3082\u3001\u30a2\u30e1\u30ea\u30ab\u3084\u30e8\u30fc\u30ed\u30c3\u30d1\u306e\u4f1a\u793e\u3068\u6bd4\u3079\u308b\u3068\u5c11\u306a\u3081\u306b\u898b\u7a4d\u3082\u3089\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002\u3060\u304b\u3089\u3001\u5168\u4f53\u7684\u306b\u898b\u3066\u3082WACC\u304c\u4f4e\u3081\u306b\u306a\u308a\u3084\u3059\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u30c8\u30e8\u30bf\u3084\u65e5\u7acb\u306a\u3069\u304c\u4e0a\u5834\u3057\u3066\u3044\u308b\u300c\u6771\u8a3c\u30d7\u30e9\u30a4\u30e0\u300d\u3068\u3044\u3046\u30b0\u30eb\u30fc\u30d7\u306e\u4f1a\u793e\u306e\u591a\u304f\u306f\u3001\u81ea\u5206\u305f\u3061\u306e\u8cc7\u6599\u306e\u4e2d\u3067\u30015\u301c6\uff05\u304f\u3089\u3044\u306eWACC\u3092\u4f7f\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u767a\u8868\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u4f1a\u793e\u304c\u3069\u308c\u304f\u3089\u3044\u306e\u5229\u76ca\u3092\u51fa\u305b\u3070\u3044\u3044\u304b\u3092\u8003\u3048\u308b\u3068\u304d\u3084\u3001\u3069\u308c\u3060\u3051\u914d\u5f53\uff08\u682a\u4e3b\u306b\u6e21\u3059\u304a\u91d1\uff09\u3092\u51fa\u3059\u304b\u3092\u6c7a\u3081\u308b\u3068\u304d\u306e\u76ee\u5b89\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3068\u304f\u306b\u300c\u3082\u306e\u3065\u304f\u308a\uff08\u88fd\u9020\u696d\uff09\u300d\u3084\u300c\u751f\u6d3b\u306b\u5fc5\u8981\u306a\u30b5\u30fc\u30d3\u30b9\uff08\u30a4\u30f3\u30d5\u30e9\u7cfb\uff09\u300d\u306e\u4f1a\u793e\u3067\u306f\u3001\u3053\u306e5\u301c6\uff05\u306e\u3042\u305f\u308a\u306b\u96c6\u4e2d\u3057\u3066\u3044\u308b\u50be\u5411\u304c\u5f37\u304f\u898b\u3089\u308c\u307e\u3059\u3002<\/p>\n

4-3.\u5b89\u5b9a\u3057\u3066\u3044\u308b\u696d\u7a2e\u306e\u5e73\u5747\u306f2\u301c3\uff05<\/h3>\n

\u4f1a\u793e\u306eWACC\uff08\u304a\u91d1\u3092\u96c6\u3081\u308b\u3068\u304d\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u306e\u5e73\u5747\uff09\u306f\u3001\u696d\u7a2e\uff08\u3069\u3093\u306a\u4ed5\u4e8b\u3092\u3057\u3066\u3044\u308b\u304b\uff09\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u9055\u3046\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u96fb\u6c17\u3084\u30ac\u30b9\u306a\u3069\u306e\u4f1a\u793e\u306f\u3001WACC\u304c\u3068\u3066\u3082\u4f4e\u304f\u306a\u308b\u3053\u3068\u304c\u591a\u304f\u30012\u301c3\uff05\u304f\u3089\u3044\u3068\u3044\u3046\u6570\u5b57\u3082\u3088\u304f\u898b\u3089\u308c\u307e\u3059\u3002<\/strong><\/p>\n

\u306a\u305c\u3053\u3093\u306a\u306b\u4f4e\u3044\u306e\u304b\u3068\u3044\u3046\u3068\u3001\u307e\u305a\u3001\u96fb\u6c17\u3084\u30ac\u30b9\u306e\u3088\u3046\u306a\u4ed5\u4e8b\u306f\u3068\u3066\u3082\u5b89\u5b9a\u3057\u3066\u3044\u3066\u3001\u3042\u307e\u308a\u5927\u304d\u306a\u5909\u5316\u304c\u306a\u3044\u304b\u3089\u3067\u3059\u3002\u6bce\u65e5\u5fc5\u305a\u5fc5\u8981\u306a\u3082\u306e\u3092\u3042\u3064\u304b\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u304a\u5ba2\u69d8\u304c\u3044\u306a\u304f\u306a\u308b\u5fc3\u914d\u3082\u5c11\u306a\u304f\u3001\u5c06\u6765\u306e\u3082\u3046\u3051\u306e\u898b\u901a\u3057\u3082\u7acb\u3066\u3084\u3059\u3044\u306e\u3067\u3059\u3002<\/p>\n

\u3055\u3089\u306b\u3001\u3053\u308c\u3089\u306e\u4f1a\u793e\u306f\u300c\u307f\u3093\u306a\u306e\u66ae\u3089\u3057\u306b\u5fc5\u8981\u306a\u4ed5\u4e8b\uff08\u516c\u76ca\u6027\u306e\u9ad8\u3044\u4ed5\u4e8b\uff09\u300d\u3092\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u56fd\u306e\u30b5\u30dd\u30fc\u30c8\u3084\u7279\u5225\u306a\u5236\u5ea6\u304c\u3042\u308a\u3001\u91d1\u5229\u3084\u666f\u6c17\u306e\u5909\u5316\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u3044\u3068\u3044\u3046\u7279\u5fb4\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u5927\u624b\u306e\u96fb\u529b\u4f1a\u793e\u3084\u30ac\u30b9\u4f1a\u793e\u3067\u306f\u3001\u4f1a\u793e\u304c\u6301\u3063\u3066\u3044\u308b\u304a\u91d1\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u3082\u591a\u304f\u3001\u501f\u91d1\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\uff08\u5229\u5b50\uff09\u3082\u4f4e\u3044\u305f\u3081\u3001\u5168\u4f53\u3068\u3057\u3066WACC\u304c\u3068\u3066\u3082\u4f4e\u304f\u306a\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u3076\u3093\u8a2d\u5099\u306b\u304a\u91d1\u3092\u4f7f\u3063\u305f\u308a\u3001\u682a\u4e3b\u306b\u304a\u91d1\u3092\u8fd4\u3057\u305f\u308a\uff08\u914d\u5f53\uff09\u3059\u308b\u4f59\u88d5\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u3053\u306e\u3088\u3046\u306b\u3001WACC\u306f\u4f1a\u793e\u306e\u300c\u4ed5\u4e8b\u306e\u5185\u5bb9\u300d\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u5909\u308f\u308a\u307e\u3059\u3002\u3060\u304b\u3089\u3001\u3042\u308b\u4f1a\u793e\u3092\u898b\u3066\u300cWACC\u304c\u9ad8\u3044\u30fb\u4f4e\u3044\u300d\u3068\u5224\u65ad\u3059\u308b\u3068\u304d\u306f\u3001\u5168\u4f53\u306e\u5e73\u5747\u3068\u6bd4\u3079\u308b\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u305d\u306e\u4f1a\u793e\u304c\u3069\u3093\u306a\u4ed5\u4e8b\u3092\u3057\u3066\u3044\u308b\u304b\uff08\u696d\u7a2e\uff09\u3082\u4e00\u7dd2\u306b\u8003\u3048\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n

4-4.\u4e2d\u5c0f\u4f01\u696d\u306e\u5e73\u5747\u306f8\u301c12%<\/h3>\n

\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u3001WACC\u304c8\u301c12\uff05\u304f\u3089\u3044\u3068\u9ad8\u304f\u306a\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/strong><\/p>\n

\u305d\u306e\u7406\u7531\u306f\u3001\u4e2d\u5c0f\u4f01\u696d\u306f\u5927\u304d\u306a\u4f1a\u793e\u306b\u6bd4\u3079\u3066\u300c\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u300d\u3068\u898b\u3089\u308c\u304c\u3061\u3060\u304b\u3089\u3067\u3059\u3002<\/strong>\u4f1a\u793e\u306e\u6b74\u53f2\u304c\u6d45\u304b\u3063\u305f\u308a\u3001\u5b89\u5b9a\u3057\u305f\u53ce\u76ca\u304c\u307e\u3060\u306a\u304b\u3063\u305f\u308a\u3059\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u3084\u9280\u884c\u306f\u300c\u3053\u306e\u4f1a\u793e\u306b\u304a\u91d1\u3092\u51fa\u3057\u3066\u5927\u4e08\u592b\u304b\u306a\uff1f\u300d\u3068\u5fc3\u914d\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u3046\u306a\u308b\u3068\u3001\u304a\u91d1\u3092\u96c6\u3081\u308b\u305f\u3081\u306b\u3001\u3088\u308a\u9ad8\u3044\u5229\u5b50\u3084\u898b\u8fd4\u308a\u3092\u6c42\u3081\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u3042\u308b\u4e2d\u5c0f\u4f01\u696d\u304c\u65b0\u3057\u3044\u6a5f\u68b0\u3092\u8cb7\u3046\u305f\u3081\u306b\u304a\u91d1\u3092\u501f\u308a\u3088\u3046\u3068\u3057\u305f\u3068\u3057\u307e\u3059\u3002\u3067\u3082\u3001\u305d\u306e\u4f1a\u793e\u304c\u307e\u3060\u5c0f\u3055\u304f\u3066\u4fe1\u7528\u304c\u5c11\u306a\u3044\u5834\u5408\u3001\u9280\u884c\u306f\u300c10\uff05\u306e\u5229\u5b50\u3092\u3064\u3051\u306a\u3044\u3068\u8cb8\u305b\u306a\u3044\u300d\u3068\u8a00\u3046\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3059\u308b\u3068\u3001\u305d\u306e\u4f1a\u793e\u306eWACC\u3082\u81ea\u7136\u3068\u9ad8\u304f\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001\u4e2d\u5c0f\u4f01\u696d\u306f\u304a\u91d1\u3092\u96c6\u3081\u308b\u3068\u304d\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u304c\u5927\u304d\u304f\u306a\u308a\u3084\u3059\u304f\u3001\u305d\u306e\u7d50\u679c\u3001WACC\u3082\u9ad8\u304f\u306a\u308a\u304c\u3061\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u3053\u308c\u306f\u300c\u4f1a\u793e\u306e\u5927\u304d\u3055\u300d\u3084\u300c\u4fe1\u7528\u306e\u5ea6\u5408\u3044\u300d\u306b\u3088\u3063\u3066\u5909\u308f\u3063\u3066\u304f\u308b\u3068\u3044\u3046\u7279\u5fb4<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

5.WACC\u306e\u4f7f\u3044\u307f\u3061<\/h2>\n

WACC\u306f\u3001\u4f1a\u793e\u304c\u304a\u91d1\u3092\u3069\u308c\u304f\u3089\u3044\u306e\u30b3\u30b9\u30c8\u3067\u96c6\u3081\u3066\u3044\u308b\u304b\u3092\u8868\u3059\u5927\u5207\u306a\u6570\u5b57\u3067\u3059\u3002\u3053\u306e\u6570\u5b57\u306f\u3001\u4f1a\u793e\u304c\u300c\u3053\u308c\u304b\u3089\u4f55\u3092\u3059\u308b\u304b\u300d\u3092\u6c7a\u3081\u308b\u3068\u304d\u306b\u3001\u3068\u3066\u3082\u5f79\u306b\u7acb\u3061\u307e\u3059\u3002<\/p>\n

\u3053\u306e\u7ae0\u3067\u306f\u3001WACC\u304c\u3069\u306e\u3088\u3046\u306b\u3001\u306a\u3093\u306e\u305f\u3081\u306b\u4f7f\u308f\u308c\u308b\u306e\u304b<\/strong>\u3092\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n

<\/p>\n

5-1.\u65b0\u3057\u3044\u6295\u8cc7\u3092\u3059\u308b\u304b\u3069\u3046\u304b\u6c7a\u3081\u308b\u3068\u304d\u306b\u4f7f\u3046<\/h3>\n

WACC\u306f\u3001\u4f1a\u793e\u304c\u65b0\u3057\u3044\u4e8b\u696d\u306b\u304a\u91d1\u3092\u4f7f\u3046\u3068\u304d\u3001\u300c\u305d\u306e\u304a\u91d1\u306e\u4f7f\u3044\u65b9\u304c\u307b\u3093\u3068\u3046\u306b\u610f\u5473\u304c\u3042\u308b\u304b\u300d\u3092\u5224\u65ad\u3059\u308b\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002<\/strong><\/p>\n

\u306a\u305c\u306a\u3089\u3001WACC\u306f\u300c\u304a\u91d1\u3092\u96c6\u3081\u308b\u305f\u3081\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u300d\u3060\u304b\u3089\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u3042\u308b\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c10%\u306e\u3082\u3046\u3051\u3092\u51fa\u305b\u305d\u3046\u3067\u3082\u3001WACC\u304c12%\u3060\u3063\u305f\u3089\u3001\u305d\u306e\u4e8b\u696d\u3092\u3084\u308b\u3068\u4f1a\u793e\u306f\u304b\u3048\u3063\u3066\u640d\u3092\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u308c\u306f\u3001\u3061\u3087\u3046\u3069\u304a\u5c0f\u9063\u3044\u3067\u30b2\u30fc\u30e0\u3092\u8cb7\u3046\u3068\u304d\u306b\u3001\u300c\u3053\u306e\u30b2\u30fc\u30e0\u3001\u5024\u6bb5\u306b\u898b\u5408\u3046\u304f\u3089\u3044\u697d\u3057\u3081\u308b\u304b\u306a\uff1f\u300d\u3068\u8003\u3048\u308b\u306e\u3068\u540c\u3058\u3067\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001WACC\u3088\u308a\u3082\u3082\u3046\u3051\u304c\u591a\u3051\u308c\u3070\u3001\u305d\u306e\u6295\u8cc7\u306f\u300c\u3084\u308b\u4fa1\u5024\u3042\u308a\u300d\u3068\u5224\u65ad\u3067\u304d\u307e\u3059\u3002<\/strong><\/p>\n

5-2.\u65b0\u3057\u3044\u8a2d\u5099\u3092\u8cb7\u3046\u304b\u3069\u3046\u304b\u8003\u3048\u308b\u3068\u304d\u306b\u4f7f\u3046<\/h3>\n

WACC\u306f\u3001\u5de5\u5834\u306e\u6a5f\u68b0\u3092\u65b0\u3057\u304f\u3057\u305f\u308a\u3001\u30aa\u30d5\u30a3\u30b9\u3092\u5897\u3084\u3057\u305f\u308a\u3059\u308b\u300c\u8a2d\u5099\u6295\u8cc7\u300d\u306e\u5224\u65ad\u306b\u3082\u4f7f\u308f\u308c\u307e\u3059\u3002<\/strong><\/p>\n

\u7406\u7531\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3001\u300c\u65b0\u3057\u3044\u8a2d\u5099\u306b\u304a\u91d1\u3092\u4f7f\u3046\uff1d\u4f1a\u793e\u306b\u3068\u3063\u3066\u306e\u8cb7\u3044\u7269\u300d\u3067\u3042\u308b\u305f\u3081\u3001\u6295\u8cc7\u3068\u540c\u69d8\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3067\u5fc5\u8981\u304b\u3069\u3046\u304b\u3092\u5224\u65ad\u3067\u304d\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001\u65b0\u3057\u3044\u30ed\u30dc\u30c3\u30c8\u3092\u8cb7\u3063\u3066\u3082\u3001\u305d\u306e\u30ed\u30dc\u30c3\u30c8\u304c\u751f\u307f\u51fa\u3059\u5229\u76ca\u304cWACC\u3088\u308a\u5c11\u306a\u3051\u308c\u3070\u3001\u304b\u3048\u3063\u3066\u640d\u306b\u306a\u308a\u307e\u3059\u3002\u9006\u306b\u3001WACC\u3092\u8d85\u3048\u308b\u3082\u3046\u3051\u304c\u671f\u5f85\u3067\u304d\u308c\u3070\u3001\u305d\u306e\u6295\u8cc7\u306f\u6210\u529f\u306b\u3064\u306a\u304c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

5-3.\u4f1a\u793e\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u305f\u3081\u306b\u4f7f\u3046<\/h3>\n

WACC\u306f\u3001\u4f1a\u793e\u306e\u300c\u4eca\u306e\u5024\u6bb5\uff08\uff1d\u4f01\u696d\u4fa1\u5024\uff09\u300d\u3092\u306f\u304b\u308b\u3068\u304d\u306b\u3082\u4f7f\u3044\u307e\u3059\u3002<\/strong><\/p>\n

\u3069\u3046\u3044\u3046\u3053\u3068\u304b\u3068\u3044\u3046\u3068\u3001\u4f1a\u793e\u304c\u3053\u308c\u304b\u3089\u5f97\u308b\u3082\u3046\u3051\uff08\u5229\u76ca\uff09\u3092\u3001\u3069\u306e\u304f\u3089\u3044\u306e\u4fa1\u5024\u3068\u3057\u3066\u8a55\u4fa1\u3059\u308b\u304b\u3092\u6c7a\u3081\u308b\u3068\u304d\u306b\u3001WACC\u304c\u57fa\u6e96\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u300c\u3053\u306e\u4f1a\u793e\u306f\u6bce\u5e741\u5104\u5186\u306e\u5229\u76ca\u3092\u51fa\u305b\u305d\u3046\u3002\u3067\u3082\u3001WACC\u304c\u9ad8\u3044\u304b\u3089\u3001\u3042\u307e\u308a\u9ad8\u304f\u306f\u8a55\u4fa1\u3067\u304d\u306a\u3044\u306a\u300d\u306a\u3069\u3068\u5224\u65ad\u3057\u307e\u3059\u3002<\/p>\n

\u3053\u308c\u306f\u3001\u300c\u3053\u306e\u4eba\u304b\u3089\u304a\u91d1\u3092\u501f\u308a\u308b\u3068\u5229\u606f\u304c\u9ad8\u3044\u304b\u3089\u3001\u305d\u306e\u3076\u3093\u3092\u5dee\u3057\u5f15\u3044\u3066\u8003\u3048\u3088\u3046\u300d\u3068\u3044\u3046\u3088\u3046\u306a\u8003\u3048\u65b9\u306b\u8fd1\u3044\u3067\u3059\u3002<\/p>\n

5-4.\u304a\u91d1\u306e\u96c6\u3081\u65b9\u3092\u8003\u3048\u308b\u3068\u304d\u306b\u4f7f\u3046<\/h3>\n

WACC\u306f\u3001\u4f1a\u793e\u304c\u304a\u91d1\u3092\u3069\u3046\u3084\u3063\u3066\u96c6\u3081\u308b\u304b\uff08\u8cc7\u91d1\u306e\u30d0\u30e9\u30f3\u30b9\uff09\u3092\u8003\u3048\u308b\u3068\u304d\u306b\u3082\u4f7f\u308f\u308c\u307e\u3059\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u4f1a\u793e\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u306f\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u300c\u501f\u91d1\u3092\u3059\u308b\u300d\u65b9\u6cd5\u3068\u300c\u682a\u4e3b\u3092\u5897\u3084\u3059\uff08\u51fa\u8cc7\u3057\u3066\u3082\u3089\u3046\uff09\u300d\u3068\u3044\u30462\u3064\u306e\u4e3b\u306a\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3069\u3061\u3089\u3092\u3069\u306e\u304f\u3089\u3044\u4f7f\u3046\u304b\u306b\u3088\u3063\u3066\u3001WACC\u306f\u5909\u308f\u308a\u307e\u3059\u3002\u501f\u91d1\u304c\u591a\u3059\u304e\u308b\u3068\u30ea\u30b9\u30af\u3082\u5897\u3048\u307e\u3059\u3057\u3001\u682a\u4e3b\u304c\u591a\u3059\u304e\u3066\u3082\u914d\u5f53\u306e\u8ca0\u62c5\u304c\u5897\u3048\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n

\u305d\u306e\u305f\u3081\u3001WACC\u3092\u898b\u306a\u304c\u3089\u3001\u300c\u501f\u91d1\u3092\u5897\u3084\u3059\uff1f\u305d\u308c\u3068\u3082\u682a\u4e3b\u3092\u5897\u3084\u3059\uff1f\u300d\u3068\u3044\u3063\u305f\u304a\u91d1\u306e\u96c6\u3081\u65b9\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u8003\u3048\u308b\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

6.WACC\u306e\u307b\u304b\u306b\u898b\u308b\u3079\u304d\u6570\u5b57<\/h2>\n

WACC\uff08\u304a\u91d1\u3092\u96c6\u3081\u308b\u30b3\u30b9\u30c8\uff09\u3060\u3051\u3092\u898b\u3066\u3044\u3066\u3082\u3001\u4f1a\u793e\u306e\u672c\u5f53\u306e\u5b9f\u529b\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u305d\u3053\u3067\u3001\u4f1a\u793e\u304c\u3069\u308c\u304f\u3089\u3044\u300c\u3046\u307e\u304f\u300d\u305d\u306e\u304a\u91d1\u3092\u4f7f\u3063\u3066\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u304b\u3092\u898b\u308b\u305f\u3081\u306b\u3001\u3082\u3046\u5c11\u3057\u5225\u306e\u89d2\u5ea6\u304b\u3089\u306e\u6570\u5b57\u3082\u30c1\u30a7\u30c3\u30af\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/strong>\u3053\u306e\u7ae0\u3067\u306f\u3001\u7279\u306b\u3088\u304f\u4f7f\u308f\u308c\u308b3\u3064\u306e\u6307\u6a19<\/strong>\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n

6-1.ROE\uff1d\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387<\/h3>\n

ROE\u306f\u3001\u682a\u4e3b\u304c\u51fa\u3057\u3066\u304f\u308c\u305f\u304a\u91d1\uff08\uff1d\u81ea\u5df1\u8cc7\u672c\uff09\u3092\u4f7f\u3063\u3066\u3001\u4f1a\u793e\u304c\u3069\u308c\u304f\u3089\u3044\u3082\u3046\u3051\u305f\u304b\u3092\u8868\u3059\u6570\u5b57\u3067\u3059\u3002<\/strong><\/p>\n

\u4f8b\u3048\u3070\u3001\u3042\u308b\u4f1a\u793e\u304c\u682a\u4e3b\u304b\u30891\u5104\u5186\u51fa\u8cc7\u3057\u3066\u3082\u3089\u3044\u30011\u5e74\u9593\u30671,000\u4e07\u5186\u306e\u5229\u76ca\u3092\u51fa\u3057\u305f\u3068\u3057\u307e\u3059\u3002\u3053\u306e\u3068\u304d\u306eROE\u306f10%\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

ROE\u306f\u3001\u300c\u682a\u4e3b\u306b\u3068\u3063\u3066\u3001\u3053\u306e\u4f1a\u793e\u306f\u304a\u91d1\u306e\u4f7f\u3044\u65b9\u304c\u3046\u307e\u3044\u304b\u3069\u3046\u304b\u300d\u3092\u898b\u308b\u305f\u3081\u306e\u6570\u5b57\u3067\u3082\u3042\u308a\u307e\u3059\u3002ROE\u304c\u9ad8\u3044\u307b\u3069\u3001\u5c11\u306a\u3044\u304a\u91d1\u3067\u5927\u304d\u306a\u3082\u3046\u3051\u3092\u51fa\u3057\u3066\u3044\u308b\u3001\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3064\u307e\u308a\u3001WACC\uff08\u30b3\u30b9\u30c8\uff09\u306b\u5bfe\u3057\u3066\u3001ROE\uff08\u30ea\u30bf\u30fc\u30f3\uff09\u304c\u9ad8\u3051\u308c\u3070\u9ad8\u3044\u307b\u3069\u3001\u826f\u3044\u7d4c\u55b6\u304c\u3067\u304d\u3066\u3044\u308b\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n

6-2.ROA\uff1d\u7dcf\u8cc7\u7523\u5229\u76ca\u7387<\/h3>\n

ROA\u306f\u3001\u4f1a\u793e\u304c\u6301\u3063\u3066\u3044\u308b\u3059\u3079\u3066\u306e\u8cc7\u7523\uff08\u5efa\u7269\u30fb\u8a2d\u5099\u30fb\u73fe\u91d1\u306a\u3069\uff09\u3092\u4f7f\u3063\u3066\u3001\u3069\u308c\u304f\u3089\u3044\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u304b\u3092\u8868\u3059\u6570\u5b57\u3067\u3059\u3002<\/strong><\/p>\n

ROE\u304c\u300c\u682a\u4e3b\u304b\u3089\u306e\u304a\u91d1\u300d\u3060\u3051\u3092\u898b\u3066\u3044\u308b\u306e\u306b\u5bfe\u3057\u3066\u3001ROA\u306f\u300c\u4f1a\u793e\u304c\u6301\u3063\u3066\u3044\u308b\u3082\u306e\u3059\u3079\u3066\u300d\u3092\u5bfe\u8c61\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001ROA\u304c\u9ad8\u3044\u4f1a\u793e\u306f\u3001\u300c\u5c11\u306a\u3044\u8cc7\u7523\u3067\u3082\u52b9\u7387\u3088\u304f\u5229\u76ca\u3092\u51fa\u305b\u3066\u3044\u308b\u300d\u3068\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u307e\u308b\u3067\u5c0f\u3055\u306a\u30ea\u30e5\u30c3\u30af\u3072\u3068\u3064\u3067\u4e16\u754c\u65c5\u884c\u3092\u6210\u529f\u3055\u305b\u3066\u3044\u308b\u3088\u3046\u306a\u3001\u30b9\u30de\u30fc\u30c8\u3067\u30e0\u30c0\u306e\u306a\u3044\u7d4c\u55b6\u3060\u3068\u30a4\u30e1\u30fc\u30b8\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n

6-3.ROIC\uff1d\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387<\/h3>\n

ROIC\u306f\u3001\u682a\u4e3b\u304b\u3089\u306e\u304a\u91d1\u3068\u501f\u91d1\u3092\u5408\u308f\u305b\u305f\u300c\u4f7f\u3063\u305f\u304a\u91d1\u3059\u3079\u3066\u300d\u306b\u5bfe\u3057\u3066\u3001\u3069\u308c\u304f\u3089\u3044\u5229\u76ca\u304c\u51fa\u3066\u3044\u308b\u304b\u3092\u898b\u308b\u6307\u6a19\u3067\u3059\u3002<\/strong><\/p>\n

\u3053\u306e\u6570\u5b57\u306f\u3001WACC\u3068\u7279\u306b\u76f8\u6027\u304c\u3088\u304f\u30012\u3064\u3092\u6bd4\u3079\u3066\u300c\u52b9\u7387\u304c\u3044\u3044\u304b\u3069\u3046\u304b\u300d\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n

\u4f8b\u3048\u3070\u3001ROIC\u304c8%\u3001WACC\u304c5%\u3060\u3063\u305f\u3089\u3001\u4f1a\u793e\u306f\u304a\u91d1\u3092\u96c6\u3081\u308b\u30b3\u30b9\u30c85%\u306b\u5bfe\u3057\u3066\u30018%\u306e\u3082\u3046\u3051\u3092\u51fa\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u300c\u52b9\u7387\u3088\u304f\u7a3c\u3052\u3066\u3044\u308b\u72b6\u614b\u300d\u3068\u8a00\u3048\u308b\u306e\u3067\u3059\u3002<\/p>\n

\u9006\u306b\u3001ROIC\u304cWACC\u3088\u308a\u4f4e\u3051\u308c\u3070\u3001\u300c\u304a\u91d1\u3092\u96c6\u3081\u308b\u306e\u306b\u304b\u304b\u308b\u8cbb\u7528\u306e\u307b\u3046\u304c\u9ad8\u304f\u3064\u3044\u3066\u3044\u308b\u300d\uff1d\u300c\u7d4c\u55b6\u304c\u3046\u307e\u304f\u3044\u3063\u3066\u3044\u306a\u3044\u300d\u3068\u3044\u3046\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

7.\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u696d\u52d9\u306e\u30b5\u30dd\u30fc\u30c8\u304c\u5fc5\u8981\u306a\u65b9\u306f\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e\u3078\u3054\u76f8\u8ac7\u3092<\/h2>\n

M&A\u3001\u4e8b\u696d\u627f\u7d99\u3001\u682a\u5f0f\u8b72\u6e21\u306a\u3069\u306e\u3001\u4f01\u696d\u306e\u5927\u304d\u306a\u8ee2\u6a5f\u306b\u304a\u3044\u3066\u3001\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff08\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff09<\/span><\/strong>\u306f\u6b20\u304b\u305b\u306a\u3044\u5224\u65ad\u6750\u6599\u3067\u3059\u3002<\/p>\n

\u6b63\u78ba\u306a\u4fa1\u5024\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u306f\u3001\u4ea4\u6e09\u529b\u306e\u6e90\u3067\u3042\u308a\u3001\u30ea\u30b9\u30af\u56de\u907f\u306e\u9375\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u3053\u3046\u3057\u305f\u8a55\u4fa1\u306b\u95a2\u3059\u308b\u696d\u52d9\u3067\u306f\u3001\u5c02\u9580\u7684\u77e5\u8b58\u3068\u8c4a\u5bcc\u306a\u7d4c\u9a13\u304c\u6c42\u3081\u3089\u308c\u308b\u5206\u91ce\u3067\u3042\u308b\u305f\u3081\u3001\u4fe1\u983c\u3067\u304d\u308b\u30d1\u30fc\u30c8\u30ca\u30fc\u306e\u5b58\u5728\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n

\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3067\u306f\u3001\u8ca1\u52d9\u3084\u7a0e\u52d9\u306e\u5b9f\u52d9\u7d4c\u9a13\u3092\u6301\u3064\u5c02\u9580\u5bb6\u304c\u3001\u696d\u754c\u6a19\u6e96\u306b\u5247\u3063\u305f\u6b63\u78ba\u304b\u3064\u900f\u660e\u306a\u8a55\u4fa1\u696d\u52d9\u3092\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u8cb7\u53ce\u76e3\u67fb\u3001PPA\u3001\u682a\u4fa1\u7b97\u5b9a\u306a\u3069\u306e\u57fa\u672c\u7684\u30b5\u30fc\u30d3\u30b9\u306f\u3082\u3061\u308d\u3093\u3001\u8fbb\u30fb\u672c\u90f7\u30b0\u30eb\u30fc\u30d7\u5168\u4f53\u3068\u9023\u643a\u3057\u305f\u30ef\u30f3\u30b9\u30c8\u30c3\u30d7\u306a\u652f\u63f4\u4f53\u5236<\/strong>\u306b\u3088\u308a\u3001\u6cd5\u52d9\u30fb\u52b4\u52d9\u30fb\u7a0e\u52d9\u3092\u542b\u3080\u8907\u96d1\u306a\u6848\u4ef6\u306b\u3082\u5bfe\u5fdc\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

\u682a\u5f0f\u8b72\u6e21\u4fa1\u683c(\u4f01\u696d\u4fa1\u5024)\u306e\u7b97\u5b9a\u3001\u4e8b\u696d\u4fa1\u5024\u306e\u7b97\u5b9a\u3092\u884c\u3046\u4e0a\u3067\u3001\u5358\u306a\u308b\u6570\u5b57\u306e\u7b97\u5b9a\u306b\u3068\u3069\u307e\u3089\u305a\u3001\u5404\u5206\u91ce\u306e\u5c02\u9580\u5bb6(\u516c\u8a8d\u4f1a\u8a08\u58eb\u30fb\u7a0e\u7406\u58eb\u306a\u3069)\u3068\u9023\u643a\u3057\u307e\u3059\u3002<\/strong><\/p>\n

\u305d\u306e\u4fa1\u5024\u306e\u80cc\u666f\u306b\u95a2\u3059\u308b\u4f01\u696d\u306e\u5b9f\u614b\u8abf\u67fb\u3092\u884c\u3044\u3001\u6226\u7565\u7684\u610f\u5473\u3084\u30a2\u30c9\u30d0\u30a4\u30b9\u306e\u6839\u62e0\u307e\u3067\u3001\u660e\u78ba\u306b\u3054\u8aac\u660e\u3044\u305f\u3057\u307e\u3059\u3002<\/p>\n

\u300c\u4f01\u696d\u306e\u4fa1\u5024\u3092\u6b63\u3057\u304f\u77e5\u308a\u305f\u3044\u300d\u300c\u4fa1\u683c\u4ea4\u6e09\u306b\u5099\u3048\u305f\u5ba2\u89b3\u7684\u306a\u8a55\u4fa1\u304c\u5fc5\u8981\u300d\u300c\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u304b\u3089PMI\u307e\u3067\u4e00\u8cab\u3057\u305f\u652f\u63f4\u3092\u53d7\u3051\u305f\u3044\u300d\u3068\u3044\u3063\u305f\u30cb\u30fc\u30ba\u3092\u304a\u6301\u3061\u3067\u3057\u305f\u3089\u3001\u307e\u305a\u306f\u8fbb\u30fb\u672c\u90f7 FAS\u682a\u5f0f\u4f1a\u793e<\/span><\/strong>\u3078\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\u3002<\/p>\n

8.\u307e\u3068\u3081<\/h2>\n

WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306f\u3001\u4f1a\u793e\u304c\u3069\u308c\u304f\u3089\u3044\u306e\u30b3\u30b9\u30c8\u3067\u304a\u91d1\u3092\u96c6\u3081\u3066\u3044\u308b\u304b\u3092\u8868\u3059\u6570\u5b57\u3067\u3059\u3002<\/strong><\/p>\n

\u3053\u306e\u6570\u5b57\u304c\u4f4e\u3051\u308c\u3070\u4f4e\u3044\u307b\u3069\u3001\u4f1a\u793e\u306b\u3068\u3063\u3066\u306f\u3088\u3044\u3053\u3068\u3067\u3059\u3002<\/p>\n

\u65b0\u3057\u3044\u4e8b\u696d\u3092\u59cb\u3081\u305f\u308a\u3001\u9006\u306b\u4e8b\u696d\u306b\u5bfe\u3057\u3066\u6295\u8cc7\u3092\u3059\u308b\u304b\u3069\u3046\u304b\u3092\u6c7a\u3081\u308b\u3068\u304d\u306b\u3068\u3066\u3082\u5927\u5207\u306a\u6570\u5b57\u3067\u3059\u3002<\/p>\n

\u306a\u305c\u306a\u3089\u3001WACC\u306f\u300c\u4f01\u696d\u304c\u3069\u308c\u304f\u3089\u3044\u306e\u30b3\u30b9\u30c8\u3067\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3066\u3044\u308b\u304b\u300d\u3092\u793a\u3059\u6570\u5024\u3067\u3042\u308a\u3001\u305d\u308c\u3092\u57fa\u6e96\u306b\u3057\u3066\u6295\u8cc7\u306e\u63a1\u7b97\u6027\u3084\u4e8b\u696d\u306e\u59a5\u5f53\u6027\u3092\u5224\u65ad\u3067\u304d\u308b\u304b\u3089\u3067\u3059\u3002WACC\u304c\u4f4e\u3044\u4f01\u696d\u306f\u3001\u305d\u308c\u3060\u3051\u6709\u5229\u306b\u8cc7\u91d1\u3092\u96c6\u3081\u3066\u3044\u308b\u3068\u8003\u3048\u3089\u308c\u3001\u7af6\u4e89\u4e0a\u306e\u5f37\u307f\u3092\u6301\u3063\u3066\u3044\u308b\u3068\u3082\u8a00\u3048\u307e\u3059\u3002<\/p>\n

\u4ee5\u4e0b\u306b\u3001\u8a18\u4e8b\u306e\u307e\u3068\u3081\u3068\u306a\u308b\u30dd\u30a4\u30f3\u30c8\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n

\n

\u8a18\u4e8b\u306e\u307e\u3068\u3081<\/strong><\/p>\n

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\u30fbWACC\u304c\u4f4e\u3044\u307b\u3069\u3001\u4f01\u696d\u306f\u5b89\u304f\u8cc7\u91d1\u3092\u8abf\u9054\u3067\u304d\u3066\u3044\u308b<\/p>\n

\u30fb\u6295\u8cc7\u5224\u65ad\u3084\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u57fa\u6e96\u306b\u306a\u308b<\/p>\n

\u30fb\u4f1a\u793e\u304c\u3069\u308c\u304f\u3089\u3044\u306e\u30b3\u30b9\u30c8\u3067\u304a\u91d1\u3092\u96c6\u3081\u3066\u3044\u308b\u304b\u3092\u8868\u3059\u305f\u3081\u3001\u7d4c\u55b6\u3084\u6295\u8cc7\u5224\u65ad\u3067\u3068\u3066\u3082\u91cd\u8981\u306a\u6307\u6a19\u3068\u306a\u308b<\/p>\n<\/div>\n

WACC\u306f\u6295\u8cc7\u6848\u4ef6\u306e\u63a1\u5426\u3084\u4f01\u696d\u4fa1\u5024\u306e\u8a08\u7b97\u306b\u304a\u3044\u3066\u3001\u57fa\u6e96\u3068\u306a\u308b\u5b58\u5728\u3067\u3059\u3002<\/p>\n

WACC\u306f\u5358\u306a\u308b\u7406\u8ad6\u5024\u3067\u306f\u306a\u304f\u3001\u300c\u7d4c\u55b6\u8005\u304c\u3069\u308c\u304f\u3089\u3044\u306e\u30b3\u30b9\u30c8\u3067\u8cc7\u672c\u3092\u6d3b\u7528\u3057\u3066\u3044\u308b\u304b\u300d\u3092\u793a\u3059\u5b9f\u8df5\u7684\u306a\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n

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