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class=\"attention a-3\">\n<p class=\"attention-p\"><strong>\u3010\u5185\u90e8\u7559\u4fdd\u3068\u6a5f\u4f1a\u8cbb\u7528\u3011<\/strong><\/p>\n<p class=\"attention-p\">\u5229\u76ca\u3092\u914d\u5f53\u305b\u305a\u306b\u5185\u90e8\u7559\u4fdd\u3068\u3057\u305f\u5834\u5408\u3001\u305d\u306e\u8cc7\u91d1\u3092\u5225\u306e\u7528\u9014\u306b\u6d3b\u7528\u3067\u304d\u305f\u53ef\u80fd\u6027\u3092\u8003\u616e\u3057\u3001\u5185\u90e8\u7559\u4fdd\u3092\u300c\u6a5f\u4f1a\u8cbb\u7528\uff08\u9038\u5931\u5229\u76ca\uff09\u300d\u3068\u3044\u3046\u4e00\u7a2e\u306e\u30b3\u30b9\u30c8\u3068\u3057\u3066\u6349\u3048\u308b\u8003\u3048\u65b9\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p class=\"attention-p\">\u307e\u305f\u3001\u4e00\u5b9a\u306e\u8981\u4ef6\u3092\u6e80\u305f\u3059\u7279\u5b9a\u540c\u65cf\u4f1a\u793e\u3067\u306f\u3001\u5229\u76ca\u3092\u904e\u5ea6\u306b\u7559\u4fdd\u3057\u305f\u5834\u5408\u306b\u7559\u4fdd\u91d1\u8ab2\u7a0e\u306e\u5bfe\u8c61\u3068\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/div>\n<h2 id=\"4pxe8jjfg8r4h5kmg0k80j\">3.\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u3054\u3068\u306e\u7279\u5fb4<\/h2>\n<p>\u3053\u308c\u307e\u3067\u30b3\u30b9\u30c8\u306e\u7a2e\u985e\u306b\u7740\u76ee\u3057\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u672c\u7ae0\u3067\u306f\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u3054\u3068\u306b\u30b3\u30b9\u30c8\u306e\u76ee\u5b89\u3068\u7279\u5fb4\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<h3 id=\"pppfabevbxo94lvfng51i\">3-1.\u516c\u7684\u6a5f\u95a2\u306e\u878d\u8cc7<\/h3>\n<p>\u516c\u7684\u878d\u8cc7\u3068\u306f\u3001\u56fd\u3084\u5730\u65b9\u81ea\u6cbb\u4f53\u304c\u63d0\u4f9b\u3059\u308b\u878d\u8cc7\u306b\u3088\u3063\u3066\u8cc7\u91d1\u3092\u5f97\u308b\u65b9\u6cd5\u3067\u3059\u3002<strong><span style=\"color: #e25041;\">\u65e5\u672c\u653f\u7b56\u91d1\u878d\u516c\u5eab<\/span>\u306e\u878d\u8cc7<\/strong>\u3001<strong>\u91d1\u878d\u6a5f\u95a2\u30fb<\/strong><strong>\u5730\u65b9\u81ea\u6cbb\u4f53\u30fb\u4fe1\u7528\u4fdd\u8a3c\u5354\u4f1a\u304c\u9023\u643a\u3057\u3066\u884c\u3046<span style=\"color: #e25041;\">\u5236\u5ea6\u878d\u8cc7<\/span><\/strong>\u306a\u3069\u304c\u8a72\u5f53\u3057\u307e\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>\u3010\u30b3\u30b9\u30c8\uff1a\u91d1\u5229\u3011<\/strong><br \/>\n<strong>\u91d1\u5229\u306f\u3001\u901a\u5e38\u306f3-5\uff05\u53f0\u3068\u4f4e\u3044\u305f\u3081\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u306f\u4f4e\u304f\u6291\u3048\u3089\u308c\u307e\u3059\u3002<\/strong><\/p>\n<\/div>\n<p><span style=\"font-size: 16px; color: #333333;\">\u8cc7\u91d1\u8abf\u9054\u3068\u3057\u3066\u3001\u6700\u521d\u306b\u691c\u8a0e\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u9078\u629e\u80a2\u3067\u3057\u3087\u3046\u3002<span style=\"font-size: 16px; color: #333333;\">\u307e\u305f\u3001\u9577\u671f\u501f\u5165\u304c\u3057\u3084\u3059\u3044\u50be\u5411\u3082\u3042\u308a\u307e\u3059\u3002<\/span><\/span><br \/>\n\u4e2d\u5c0f\u4f01\u696d\u3084\u5275\u696d\u8005\u306e\u652f\u63f4\u3001\u5730\u57df\u7d4c\u6e08\u306e\u6d3b\u6027\u5316\u3068\u3044\u3063\u305f\u6027\u8cea\u30fb\u7406\u5ff5\u304c\u63b2\u3052\u3089\u308c\u3066\u3044\u308b\u30b1\u30fc\u30b9\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u305d\u306e\u305f\u3081\u7406\u5ff5\u306b\u5408\u81f4\u3059\u308c\u3070\u3001\u4fe1\u983c\u304c\u4e4f\u3057\u3044\u3001\u5275\u696d\u304b\u3089\u65e5\u304c\u6d45\u3044\u3068\u3044\u3063\u305f\u4f01\u696d\u3067\u3082\u878d\u8cc7\u3092\u53d7\u3051\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n<h3 id=\"ozsd9xpjshsr64aaxfn4eg\">3-2.\u6c11\u9593\u91d1\u878d\u6a5f\u95a2\u306e\u878d\u8cc7<\/h3>\n<p>\u90fd\u5e02\u9280\u884c\u3084\u5730\u65b9\u9280\u884c\u3068\u3044\u3063\u305f\u6c11\u9593\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u878d\u8cc7\u306b\u3088\u3063\u3066\u8cc7\u91d1\u3092\u5f97\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>\u3010\u30b3\u30b9\u30c8\uff1a\u91d1\u5229\u3011<\/strong><br \/>\n<strong>\u91d1\u5229\u306f\u3001\u4e00\u822c\u7684\u306b\u6570\uff05\u7a0b\u3067\u3059\u304c\u3001\u91d1\u5229\u6c34\u6e96\u306f\u516c\u7684\u6a5f\u95a2\u878d\u8cc7\u3088\u308a\u3082\u9ad8\u3044\u3067\u3059\u3002<\/strong><\/p>\n<\/div>\n<p><span style=\"font-size: 16px; color: #333333;\">\u300c\u5927\u624b\u306e\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u878d\u8cc7\u5b9f\u7e3e\u304c\u6b32\u3057\u3044\u300d\u300c\u5730\u57df\u5bc6\u7740\u578b\u7d4c\u55b6\u3092\u3057\u3066\u3044\u308b\u306e\u3067\u5730\u5143\u306e\u4fe1\u7528\u91d1\u5eab\u3068\u306e\u4ed8\u304d\u5408\u3044\u3092\u5bc6\u306b\u3057\u305f\u3044\u300d\u3068\u3044\u3063\u305f\u4f01\u696d\u3067\u691c\u8a0e\u306e\u4f59\u5730\u304c\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/span><br \/>\n\u4f01\u696d\u306e\u4fe1\u7528\u529b\u3084\u8cc7\u672c\u30fb\u8ca1\u52d9\u72b6\u6cc1\u306a\u3069\u306b\u3088\u3063\u3066\u3082\u91d1\u5229\u304c\u5909\u5316\u3057\u307e\u3059\u3002\u5be9\u67fb\u306f\u53b3\u683c\u306b\u884c\u308f\u308c\u308b\u50be\u5411\u304c\u3042\u308a\u3001\u5be9\u67fb\u306e\u7d50\u679c\u878d\u8cc7\u304c\u901a\u3089\u306a\u3044\u3001\u3082\u3057\u304f\u306f\u91d1\u5229\u304c\u9ad8\u3081\u306b\u8a2d\u5b9a\u3055\u308c\u308b\u7b49\u306e\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3 id=\"ndl21rui9zgllo88q35kk\">3-3.\u6d88\u8cbb\u8005\u91d1\u878d\u306e\u30d3\u30b8\u30cd\u30b9\u30ed\u30fc\u30f3<\/h3>\n<p>\u9810\u91d1\u696d\u52d9\u306e\u306a\u3044\u3001\u3044\u308f\u3086\u308b\u30ce\u30f3\u30d0\u30f3\u30af\u7cfb\u306e\u30d3\u30b8\u30cd\u30b9\u30ed\u30fc\u30f3\u3092\u5229\u7528\u3057\u3066\u8cc7\u91d1\u3092\u5f97\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>\u3010\u30b3\u30b9\u30c8\uff1a\u91d1\u5229\u3011<\/strong><br \/>\n<strong>\u91d1\u5229\u306f\u4e00\u6982\u306b\u306f\u8a00\u3048\u307e\u305b\u3093\u304c\u3001\u6982\u306d5\uff05\uff5e18\uff05\u7a0b\u5ea6\u3067\u3059\u3002<\/strong><\/p>\n<\/div>\n<p><span style=\"font-size: 16px; color: #333333;\">\u9280\u884c\u878d\u8cc7\u3068\u6bd4\u8f03\u3059\u308b\u3068\u5be9\u67fb\u57fa\u6e96\u304c\u67d4\u8edf\u306a\u306e\u3067\u3001\u6025\u306a\u8cc7\u91d1\u9700\u8981\u306b\u5bfe\u5fdc\u3057\u3084\u3059\u3044\u3067\u3059\u3002<span style=\"font-size: 16px; color: #333333;\">\u30b3\u30b9\u30c8\u306f\u9ad8\u3081\u3067\u3059\u304c\u3001\u4e00\u6642\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u3068\u3057\u3066\u5229\u7528\u3057\u3084\u3059\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/span><\/span><\/p>\n<p><span style=\"font-size: 16px; color: #333333;\">\u501f\u5165\u9650\u5ea6\u984d\u306f\u4e0a\u9650\u304c500\u4e07\u5186\u7a0b\u5ea6\u3068\u5c0f\u898f\u6a21\u306a\u3082\u306e\u304b\u3089\u3001\u4e0a\u96501\u5104\u306e\u3088\u3046\u306a\u5927\u53e3\u878d\u8cc7\u3082\u3042\u308a\u307e\u3059\u3002<\/span><br \/>\n\u305f\u3060\u3057\u3001\u501f\u5165\u91d1\u306f\u8cb8\u501f\u5bfe\u7167\u8868\u306b\u8a08\u4e0a\u3055\u308c\u308b\u305f\u3081\u3001\u501f\u5165\u6b8b\u9ad8\u3084\u8ca1\u52d9\u72b6\u6cc1\u306b\u3088\u3063\u3066\u306f\u3001\u5c06\u6765\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u878d\u8cc7\u3092\u53d7\u3051\u308b\u969b\u306e\u5be9\u67fb\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3 id=\"qin34yyr38n7nhq1t0c1p\">3-4.\u30d5\u30a1\u30af\u30bf\u30ea\u30f3\u30b0<\/h3>\n<p>\u30d5\u30a1\u30af\u30bf\u30ea\u30f3\u30b0\u3068\u306f\u3001\u81ea\u793e\u304c\u4fdd\u6709\u3057\u3066\u3044\u308b\u58f2\u639b\u50b5\u6a29\u7b49\u3092\u671f\u65e5\u524d\u306b\u4e00\u5b9a\u306e\u624b\u6570\u6599\u3092\u5fb4\u53ce\u3057\u3066\u58f2\u5374\u3059\u308b\u3053\u3068\u3067\u8cc7\u91d1\u3092\u5f97\u308b\u65b9\u6cd5\u3067\u3059\u3002\u6cd5\u7684\u306b\u306f\u50b5\u6a29\u306e\u58f2\u8cb7\u3067\u3042\u308a\u3001\u50b5\u6a29\u8b72\u6e21\u5951\u7d04\u306b\u8a72\u5f53\u3057\u307e\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p><strong>\u3010\u30b3\u30b9\u30c8\uff1a\u624b\u6570\u6599\u3011<br \/>\n\u30b5\u30fc\u30d3\u30b9\u306e\u63d0\u4f9b\u4e8b\u696d\u8005\u306b\u3088\u3063\u3066\u5dee\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u6982\u306d\u50b5\u6a29\u984d\u306e2\uff05\uff5e15\uff05\u7a0b\u5ea6\u3067\u3059\u3002<\/strong><\/p>\n<\/div>\n<p>\u50be\u5411\u3068\u3057\u3066\u3001\u6d88\u8cbb\u8005\u91d1\u878d\u3088\u308a\u3055\u3089\u306b\u5be9\u67fb\u30fb\u5165\u91d1\u307e\u3067\u306e\u30b9\u30d4\u30fc\u30c9\u304c\u901f\u3044\u3067\u3059\u3002\u7533\u3057\u8fbc\u307f\u304b\u3089\u632f\u8fbc\u307e\u3067\u304c\u6700\u77ed\u5f53\u65e5\u4e2d\u306e\u4e8b\u696d\u8005\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u307e\u305f\u3001\u5c06\u6765\u53d7\u3051\u53d6\u308c\u308b\u306f\u305a\u306e\u50b5\u6a29\u3092\u58f2\u5374\u3059\u308b\u3053\u3068\u3067\u3001\u4eca\u5f8c\u306e\u8cc7\u91d1\u7e70\u308a\u304c\u60aa\u5316\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<h3 id=\"m0roznup0f33m0b20ii8f\">3-5.\u5897\u8cc7<\/h3>\n<p>\u5897\u8cc7\u3068\u306f\u3001\u4e3b\u306b\u65b0\u3057\u3044\u682a\u5f0f\u3092\u767a\u884c\u3059\u308b\u3053\u3068\u3067\u8cc7\u672c\u3092\u5f97\u308b\u65b9\u6cd5\u3067\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u6295\u8cc7\u5bb6\u3084\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u306b\u65b0\u682a\u3092\u58f2\u308a\u3001\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u8fd4\u6e08\u7fa9\u52d9\u304c\u306a\u304f\u3001\u8fd4\u6e08\u306b\u4f34\u3046\u91d1\u5229\u3082\u767a\u751f\u3057\u306a\u3044\u306e\u304c\u5927\u304d\u306a\u30e1\u30ea\u30c3\u30c8\u3067\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>\u3010\u30b3\u30b9\u30c8\uff1a\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3011<br \/>\n\u914d\u5f53\u3084<\/strong><strong>\u682a\u4fa1\u4e0a\u6607\u671f\u5f85\u3092\u542b\u3081\u305f\u682a\u4e3b\u306e\u671f\u5f85\u53ce\u76ca\u7387\u3067\u3059\u3002\u4f1a\u793e\u306e\u72b6\u614b\u306b\u3088\u3063\u3066\u5e45\u304c\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/strong><\/p>\n<\/div>\n<p>\u914d\u5f53\u3092\u5b9f\u65bd\u3059\u308b\u5834\u5408\u306f\u3001\u682a\u5f0f\u6570\u306e\u5897\u52a0\u306b\u4f34\u3063\u3066\u914d\u5f53\u7dcf\u984d\u304c\u5897\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u65b0\u682a\u306e\u767a\u884c\u306b\u3088\u308a\u65e2\u5b58\u682a\u4e3b\u306e\u6301\u682a\u6bd4\u7387\u304c\u4f4e\u4e0b\u3057\u3001\u7d4c\u55b6\u6a29\u3084\u682a\u4e3b\u69cb\u6210\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3059\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2 id=\"4acfk48bozxmzhs49ebq5\">4.\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5\uff5cWACC\u3068\u306f<\/h2>\n<p><strong>WACC\uff08Weighted Average Cost of Capital\uff09\u3092\u7528\u3044\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u5168\u4f53\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u5272\u5408\uff08\u8cc7\u672c\u30b3\u30b9\u30c8\u7387\uff09\u3068\u3057\u3066\u628a\u63e1\u3067\u304d\u307e\u3059\u3002<\/strong><\/p>\n<p>\u3053\u3053\u307e\u3067\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u306e\u7a2e\u985e\u3084\u65b9\u6cd5\u3054\u3068\u306e\u7279\u5fb4\u3092\u898b\u3066\u304d\u307e\u3057\u305f\u304c\u3001\u8907\u6570\u306e\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3082\u591a\u3044\u3067\u3059\u3002<span style=\"font-size: 16px; color: #333333;\">\u501f\u5165\u306b\u304b\u304b\u308b\u91d1\u5229\u306a\u3069\u306e\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u3001\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u53ce\u76ca\u7387\u3067\u3042\u308b\u682a<span style=\"font-size: 16px; color: #333333;\">\u4e3b<\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u52a0\u5473\u3057\u3066\u8a08\u7b97\u3059\u308b\u306e\u304cWACC\u3067\u3059\u3002<\/span><\/p>\n<p>\u8a08\u7b97\u306f\u9867\u554f\u7a0e\u7406\u58eb\u7b49\u306b\u4efb\u305b\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3001\u8a08\u7b97\u3059\u308b\u6a5f\u4f1a\u306f\u5c11\u306a\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3067\u3059\u304c\u3001\u7d4c\u55b6\u8005\u3084\u7d4c\u7406\u62c5\u5f53\u8005\u3082<strong>\u300c\u3069\u3093\u306a\u8981\u7d20\uff08\u6570\u5024\uff09\u3067\u8a08\u7b97\u3059\u308b\u306e\u304b\u300d\u300c\u8a08\u7b97\u5f0f\u306e\u610f\u5473\u306f\u300d\u3068\u3044\u3063\u305f\u57fa\u672c<\/strong>\u306f\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3 id=\"rnazpre4ujfrnpp1h2dcyh\">4-1.WACC\u3068\u306f\u304a\u91d1\u3092\u96c6\u3081\u308b\u305f\u3081\u306e\u30b3\u30b9\u30c8\u3092\u8868\u3059\u6307\u6a19<\/h3>\n<p><span style=\"font-size: 16px; color: #333333;\"><span style=\"font-size: 16px; color: #333333;\"><strong>\u501f\u5165\u306b\u3088\u308b\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u682a<span style=\"font-size: 16px; color: #333333;\">\u4e3b<\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u3001\u8cc7\u91d1\u8abf\u9054\u984d\u306e\u5272\u5408\u306b\u5fdc\u3058\u3066\u52a0\u91cd\u5e73\u5747\u3057\u305f\u3082\u306e\u304c<\/strong><\/span><span style=\"font-size: 16px; color: #e25041;\"><strong>WACC<\/strong><\/span><span style=\"font-size: 16px; color: #333333;\"><strong>\u3067\u3059\u3002<\/strong><\/span><\/span><br \/>\n<span style=\"font-size: 16px; color: #333333;\">\u52a0\u91cd\u5e73\u5747\u3001\u3064\u307e\u308a\u3088\u308a\u591a\u304f\u8cc7\u91d1\u3092\u5f97\u3066\u3044\u308b\u65b9\u6cd5\u306e<span style=\"font-size: 16px; color: #333333;\">\u30b3\u30b9\u30c8\u3092\u3088\u308a\u5927\u304d\u304f\u30ab\u30a6\u30f3\u30c8\u3057\u307e\u3059\u3002\u305d\u308c\u306b\u3088\u3063\u3066\u3001\u5b9f\u614b\u306b\u6cbf\u3063\u305f\u5e73\u5747\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u7387\u3092\u7b97\u51fa\u3067\u304d\u307e\u3059\u3002<\/span><\/span><\/p>\n<p><span style=\"font-size: 16px; color: #333333;\">\u5177\u4f53\u7684\u306b\u306f\u300c\u8ca0\u50b5\u30b3\u30b9\u30c8\u300d\u3068\u300c\u682a<span style=\"font-size: 16px; color: #333333;\">\u4e3b<\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u3092\u5225\u3005\u306b\u8a08\u7b97\u3057\u305f\u3042\u3068\u3067\u3001\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u306e\u5272\u5408\u306b\u5fdc\u3058\u3066\u52a0\u91cd\u5e73\u5747\u3057\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u3063\u3066\u3001\u81ea\u793e\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u7dcf\u5408\u7684\u306b\u628a\u63e1\u3059\u308b\u306e\u3092\u52a9\u3051\u307e\u3059\u3002<\/span><br \/>\n<span style=\"font-size: 16px; color: #333333;\">\u4f8b\u3048\u3070\u65b0\u898f\u4e8b\u696d\u306e\u305f\u3081\u306b\u8cc7\u91d1\u8abf\u9054\u3092\u3059\u308b\u969b\u306b\u3001WACC\u3092\u4e0a\u56de\u308b\u53ce\u76ca\u7387\u304c\u898b\u8fbc\u3081\u308b\u304b\u3092\u691c\u8a0e\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u306e\u63a1\u7b97\u6027\u3092\u5224\u65ad\u3067\u304d\u307e\u3059\u3002<\/span><\/p>\n<h3 id=\"hpyo13appn4vvexza7538\">4-2.WACC\u306e\u8a08\u7b97\u65b9\u6cd5<\/h3>\n<p>WACC\u306e\u8a08\u7b97\u5f0f\u3068\u8a08\u7b97\u65b9\u6cd5\u306f\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><strong>\u3010WACC\u8a08\u7b97\u5f0f\u3011<br \/>\n<span style=\"color: #000000;\">WACC\uff08\uff05\uff09\uff1dRE\u00d7\uff08E \/\uff08E + D\uff09\uff09\uff0bRD\uff081\uff0dT\uff09\u00d7\uff08D \/\uff08E + D\uff09\uff09<\/span><\/strong><\/p>\n<p class=\"attention-p\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff1d\uff08\u682a<span style=\"font-size: 16px; color: #333333;\">\u4e3b<\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u00d7\u682a<span style=\"font-size: 16px; color: #333333;\">\u4e3b<\/span>\u8cc7\u672c\u5272\u5408\uff09\uff0b\uff08\u8ca0\u50b5\u30b3\u30b9\u30c8\u00d7\u8ca0\u50b5\u5272\u5408\uff09<\/p>\n<\/div>\n<ul>\n<li>RE<br \/>\n\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u53ce\u76ca\u7387\uff09<\/li>\n<li>RD<br \/>\n\u8ca0\u50b5\u30b3\u30b9\u30c8\uff08\u501f\u5165\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\uff09<\/li>\n<li>E<br \/>\n\u682a\u4e3b\u8cc7\u672c\uff08\u682a\u4e3b\u304b\u3089\u63d0\u4f9b\u3055\u308c\u305f\u8cc7\u672c\uff09<\/li>\n<li>D<br \/>\n\u8ca0\u50b5\uff08\u501f\u5165\u3084\u793e\u50b5\u306a\u3069\u3067\u8abf\u9054\u3057\u305f\u8cc7\u91d1\uff09<\/li>\n<li>T<br \/>\n\u6cd5\u4eba\u7a0e\u5b9f\u52b9\u7a0e\u7387\uff08\u4f01\u696d\u304c\u652f\u6255\u3046\u7a0e\u91d1\u306e\u5272\u5408\uff09<\/li>\n<\/ul>\n<p>\u307e\u305f\u3001\u305d\u308c\u305e\u308c\u306e\u30b9\u30c6\u30c3\u30d7\u306f\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<h6 id=\"8c3u8utw4pqogiii8gj8u8\">1.RE\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3092\u8a08\u7b97\u3059\u308b<\/h6>\n<p>\u4e0a\u306e\u3010WACC\u8a08\u7b97\u5f0f\u3011\u306e<strong><span style=\"color: #e25041;\">\u300cRE\u300d<\/span><\/strong>\u306e\u90e8\u5206\u3067\u3059\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.ht-tax.or.jp\/navi\/cms\/wp-content\/uploads\/2026\/07\/hmsuW6CPNOHFZTBn0E345IUo8-1781675679.png\" style=\"display: block; vertical-align: top; margin: 5px auto; text-align: center;\" class=\"fr-draggable\" \/>\u00a0<\/p>\n<p>RE\u306f\u6b21\u306e\u3088\u3046\u306a\u8a08\u7b97\u5f0f\u3067\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\">RE\uff08\u682a<span style=\"font-size: 16px; color: #333333;\">\u4e3b<\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\uff09=RF+\u03b2(RM\uff0dRF)<\/p>\n<\/div>\n<ul>\n<li>RF<br \/>\n\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8<br \/>\n\u307b\u3068\u3093\u3069\u30ea\u30b9\u30af\u306e\u306a\u3044\u72b6\u614b\u3067\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u53ce\u76ca\u7387\u3092\u793a\u3059\u3082\u306e<br \/>\n\u4e00\u822c\u7684\u306b\u306f\u300110\u5e74\u56fd\u50b5\u306e\u5229\u7387\u3092\u5229\u7528\u3059\u308b<\/li>\n<li>\u03b2<br \/>\n\u30d9\u30fc\u30bf\u5024<br \/>\n\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u306e\u5909\u52d5\u306b\u5bfe\u3059\u308b\u81ea\u793e\u306e\u682a\u4fa1\u306e\u5909\u52d5\u306e\u5927\u304d\u3055\u3092\u793a\u3059<\/li>\n<li>RM<br \/>\n\u5e02\u5834\u306e\u671f\u5f85\u53ce\u76ca\u7387<br \/>\n\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u306b\u6295\u8cc7\u3057\u305f\u5834\u5408\u306b\u671f\u5f85\u3055\u308c\u308b\u53ce\u76ca\u7387<\/li>\n<li>RM\u2212RF<br \/>\n\u30de\u30fc\u30b1\u30c3\u30c8\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<br \/>\n\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u6295\u8cc7\u3059\u308b\u3053\u3068\u3067\u671f\u5f85\u3055\u308c\u308b\u8d85\u904e\u53ce\u76ca\u7387<\/li>\n<\/ul>\n<h6 id=\"nie1mn5ld0o74zn3qppsb4\">2.RD\uff08\u8ca0\u50b5\u30b3\u30b9\u30c8\uff09\u3092\u8a08\u7b97\u3059\u308b<\/h6>\n<p>\u4e0a\u306e\u3010WACC\u8a08\u7b97\u5f0f\u3011\u306e<strong><span style=\"color: #2c82c9;\">\u300cRD\uff081\uff0dT\uff09\u300d<\/span><\/strong>\u306e\u90e8\u5206\u3067\u3059\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.ht-tax.or.jp\/navi\/cms\/wp-content\/uploads\/2026\/07\/2l6CJjv7rmg1p3FNB8naykqVd-1781675697.png\" style=\"display: block; vertical-align: top; margin: 5px auto; text-align: center;\" class=\"fr-draggable\" \/><\/p>\n<p><strong>\u5b9f\u52b9\u7a0e\u7387\u5f71\u97ff\u5f8c\u306e\u8ca0\u50b5\u30b3\u30b9\u30c8<\/strong>\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<div class=\"attention a-1\">\n<p class=\"attention-p\"><span style=\"font-size: 16px; color: #333333;\">\u5b9f\u52b9\u7a0e\u7387\u5f71\u97ff\u5f8c\u306e\u8ca0\u50b5\u30b3\u30b9\u30c8\uff1dRD\uff081\uff0dT\uff09<\/span><\/p>\n<\/div>\n<ul>\n<li>RD<br \/>\n\u501f\u5165\u5229\u7387<\/li>\n<li>T<br \/>\n\u6cd5\u4eba\u7a0e\u5b9f\u52b9\u7a0e\u7387<\/li>\n<\/ul>\n<h6 id=\"4hw2r82fb2y76zy4pkh47e\">3.\u00a0WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3092\u8a08\u7b97\u3059\u308b<\/h6>\n<p><span style=\"font-size: 16px; color: #3c3c3c;\">\u4e0a\u306e<span style=\"font-size: 16px; color: #333333;\">WACC\u306e\u8a08\u7b97\u5f0f\u306b<\/span><\/span><span style=\"font-size: 16px; color: #000000;\">\u300cRE<span style=\"font-size: 16px;\">\uff08\u682a<span style=\"font-size: 16px;\">\u4e3b<\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\uff09<\/span>\u300d<\/span><span style=\"color: #000000;\"><span style=\"font-size: 16px;\">\u3068<\/span><\/span><span style=\"font-size: 16px; color: #000000;\">\u300cRD\uff081-T\uff09<span style=\"font-size: 16px;\">\uff08\u5b9f\u52b9\u7a0e\u7387\u5f71\u97ff\u5f8c\u306e\u8ca0\u50b5\u30b3\u30b9\u30c8\uff09<\/span>\u300d<\/span><span style=\"font-size: 16px; color: #3c3c3c;\">\u3068\u3001\u81ea\u793e\u306e<\/span><span style=\"font-size: 16px; color: #41a85f;\"><strong>\u300c<\/strong><\/span><strong><span style=\"color: #41a85f;\">E\uff08\u682a<span style=\"font-size: 16px;\">\u4e3b<\/span>\u8cc7\u672c\uff09\u300d<\/span><\/strong>\u3068<strong><span style=\"color: #41a85f;\">\u300cD\uff08\u8ca0\u50b5\uff09\u300d<\/span><\/strong>\u3092<span style=\"font-size: 16px; color: #3c3c3c;\">\u5f53\u3066\u306f\u3081\u307e\u3059\u3002<\/span><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.ht-tax.or.jp\/navi\/cms\/wp-content\/uploads\/2026\/07\/bOmyUDVieZ95Hk7CoRucXAx1q-1781675715.png\" style=\"display: block; vertical-align: top; margin: 5px auto; text-align: center;\" class=\"fr-draggable\" \/><\/p>\n<p><span style=\"font-size: 16px; color: #3c3c3c;\"><span style=\"font-size: 16px; color: #3c3c3c;\">\u300c\u682a<span style=\"font-size: 16px; color: #333333;\">\u4e3b<\/span>\u8cc7\u672c\u30b3\u30b9\u30c8\u00d7\u682a\u4e3b\u8cc7\u672c\u306e\u5272\u5408\u300d\u3068\u300c\u8ca0\u50b5\u30b3\u30b9\u30c8\u00d7\u8ca0\u50b5\u306e\u5272\u5408\u300d\u3092\u305d\u308c\u305e\u308c\u8a08\u7b97\u3057\u3066\u5408\u8a08\u3059\u308b\u3053\u3068\u3067\u3001<\/span>\u52a0\u91cd\u5e73\u5747\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>WACC\u306b\u3064\u3044\u3066\u3088\u308a\u8a73\u3057\u304f\u306f\u300c<a href=\"https:\/\/www.ht-tax.or.jp\/navi\/wacc-easy-to-understand\" target=\"_blank\" rel=\"noopener\">WACC\u3068\u306f\uff1f\u308f\u304b\u308a\u3084\u3059\u304f\u8a08\u7b97\u65b9\u6cd5\u3084\u4f7f\u3044\u65b9\u3092\u89e3\u8aac<\/a>\u300d\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/p>\n<h2 id=\"s68ndenfbir4nii4yqrach\">5.\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u6291\u3048\u308b\u305f\u3081\u306e\u30dd\u30a4\u30f3\u30c8<\/h2>\n<p>\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u306f\u5de5\u592b\u306b\u3088\u3063\u3066\u6291\u3048\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u5177\u4f53\u7684\u306a\u65b9\u6cd5\u30923\u3064\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h3 id=\"ql00jfy7nfgbst8il10u1l\">5-1.\u4e0d\u52d5\u7523\u3092\u62c5\u4fdd\u3068\u3057\u3066\u6d3b\u7528\u3059\u308b<\/h3>\n<p>\u878d\u8cc7\u306e\u969b\u306b\u4e0d\u52d5\u7523\u3092\u62c5\u4fdd\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u91d1\u5229\u3092\u4e0b\u3052\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<br 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