{"id":84472,"date":"2025-09-09T15:43:18","date_gmt":"2025-09-09T06:43:18","guid":{"rendered":"https:\/\/biz.moneyforward.com\/accounting\/basic\/?p=84472"},"modified":"2026-03-24T09:50:08","modified_gmt":"2026-03-24T00:50:08","slug":"dcf%e6%b3%95%ef%bc%88%e3%83%87%e3%82%a3%e3%82%b9%e3%82%ab%e3%82%a6%e3%83%b3%e3%83%88%e3%82%ad%e3%83%a3%e3%83%83%e3%82%b7%e3%83%a5%e3%83%95%e3%83%ad%e3%83%bc%e6%96%b9%e5%bc%8f%ef%bc%89%e3%81%a8","status":"publish","type":"post","link":"https:\/\/biz.moneyforward.com\/accounting\/basic\/84472\/","title":{"rendered":"DCF\u6cd5\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u65b9\u5f0f\uff09\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u3068\u8a08\u7b97\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"<p>DCF\u6cd5\u3068\u306f\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u4ee3\u8868\u7684\u306a\u624b\u6cd5\u306e\u3072\u3068\u3064\u3067\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u5b9f\u969b\u306bDCF\u6cd5\u3092\u7528\u3044\u308b\u30e1\u30ea\u30c3\u30c8\u30fb\u30c7\u30e1\u30ea\u30c3\u30c8\u3084\u3001\u8a08\u7b97\u65b9\u6cd5\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u77e5\u3089\u306a\u3044\u65b9\u3082\u591a\u3044\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\uff1f<\/p>\n<p>\u305d\u3053\u3067\u3001\u672c\u8a18\u4e8b\u3067\u306f\u7d4c\u55b6\u8005\u3084\u7d4c\u7406\u62c5\u5f53\u8005\u5411\u3051\u306bDCF\u6cd5\u306e\u30e1\u30ea\u30c3\u30c8\u30c7\u30e1\u30ea\u30c3\u30c8\u3084\u3001\u8a08\u7b97\u65b9\u6cd5\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n 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id=\"post-below-intro\"><\/div><h2>DCF\u6cd5\uff08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u65b9\u5f0f\uff09\u3068\u306f\uff1f<\/h2>\n<p><span style=\"background-color: 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style=\"background-color: 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style=\"background-color: #ffff99;\"><b>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f\u3001\u55b6\u696d\u6d3b\u52d5\u306b\u3088\u3063\u3066\u624b\u5143\u306b\u6b8b\u3063\u305f\u304a\u91d1\u304b\u3089\u3001\u4eca\u5f8c\u306e\u6295\u8cc7\u306b\u5fc5\u8981\u306a\u91d1\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u5f8c\u306e\u3001\u4f01\u696d\u304c\u81ea\u7531\u306b\u4f7f\u3048\u308b\u8cc7\u91d1\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/b><\/span><\/p>\n<p>\u7a0e\u5f15\u5f8c\u306e<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/38796\/\" data-internallinksmanager029f6b8e52c=\"250\" title=\"\u55b6\u696d\u5229\u76ca\">\u55b6\u696d\u5229\u76ca<\/a>\u3092\u30d9\u30fc\u30b9\u306b\u3001<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/148\/\" data-internallinksmanager029f6b8e52c=\"240\" title=\"\u6e1b\u4fa1\u511f\u5374\u8cbb\">\u6e1b\u4fa1\u511f\u5374\u8cbb<\/a>\u3092\u8db3\u3057\u623b\u3057\u3001<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/44284\/\" data-internallinksmanager029f6b8e52c=\"452\" title=\"\u58f2\u639b\u91d1\">\u58f2\u639b\u91d1<\/a>\u3084<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/44962\/\" data-internallinksmanager029f6b8e52c=\"458\" title=\"\u8cb7\u639b\u91d1\">\u8cb7\u639b\u91d1<\/a>\u306e\u76f8\u6bba\u3092\u8003\u616e\u3057\u305f\u4e0a\u3067\u3001\u5de5\u5834\u3078\u306e\u8a2d\u5099\u6295\u8cc7\u984d\u306a\u3069\u3092\u9664\u3044\u305f\u3082\u306e\u304c\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u3059\u3002<\/p>\n<p>\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u3001\u914d\u5f53\u3084\u682a\u5f0f\u306e\u8cb7\u3044\u623b\u3057\u306e\u539f\u8cc7\u3068\u306a\u308b\u305f\u3081\u3001\u4f01\u696d\u306e\u5b9f\u969b\u306e\u7a3c\u3050\u529b\u3092\u6e2c\u308b\u91cd\u8981\u306a\u6307\u6a19\u3067\u3059\u3002<\/p>\n<p>\u4f1a\u8a08\u4e0a\u306e\u5229\u76ca\u3060\u3051\u3067\u306f\u4f01\u696d\u306e\u4fa1\u5024\u3092\u6b63\u3057\u304f\u6e2c\u308c\u306a\u3044\u305f\u3081\u3001\u5b9f\u969b\u306b\u624b\u5143\u306b\u6b8b\u308b\u8cc7\u91d1\u3067\u3042\u308b\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u57fa\u6e96\u306b\u3059\u308b\u3053\u3068\u304c\u3001DCF\u6cd5\u306e\u4fe1\u983c\u6027\u3092\u9ad8\u3081\u308b\u6839\u62e0\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u5272\u5f15\u7387<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>DCF\u6cd5\u3067\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u76f4\u3059\u305f\u3081\u306b\u5272\u5f15\u7387\u3092\u7528\u3044\u307e\u3059\u3002<\/b><\/span><\/p>\n<p>\u3053\u306e\u5272\u5f15\u7387\u306b\u306f\u3001\u4e00\u822c\u7684\u306b\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>WACC\u3068\u306f\u3001\u4f01\u696d\u304c<a href=\"https:\/\/biz.moneyforward.com\/establish\/basic\/44\/\" data-internallinksmanager029f6b8e52c=\"491\" title=\"\u8cc7\u91d1\u8abf\u9054\">\u8cc7\u91d1\u8abf\u9054<\/a>\u3092\u3059\u308b\u306b\u3042\u305f\u308a\u3001\u501f\u5165\u306b\u3088\u308b\u5834\u5408\uff08\u5229\u606f\u306a\u3069\u306e\u30b3\u30b9\u30c8\u304c\u767a\u751f\uff09\u3068\u5897\u8cc7\u306b\u3088\u308b\u5834\u5408\uff08\u914d\u5f53\u306a\u3069\u306e\u30b3\u30b9\u30c8\u304c\u767a\u751f\uff09\u305d\u308c\u305e\u308c\u306e\u8cc7\u91d1\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>\u5272\u5f15\u7387\u304c\u9ad8\u3051\u308c\u3070\u4f01\u696d\u306e\u4fa1\u5024\u306f\u5c0f\u3055\u304f\u8a55\u4fa1\u3055\u308c\u3001\u9006\u306b\u4f4e\u3051\u308c\u3070\u4f01\u696d\u306e\u4fa1\u5024\u306f\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u3001\u5b89\u5b9a\u3057\u305f\u5927\u4f01\u696d\u306f\u30ea\u30b9\u30af\u304c\u4f4e\u3044\u305f\u3081\u5272\u5f15\u7387\u3082\u4f4e\u3081\u306b\u8a2d\u5b9a\u3055\u308c\u3001\u6210\u9577\u6bb5\u968e\u306b\u3042\u308b<a href=\"https:\/\/biz.moneyforward.com\/establish\/basic\/351\/\" data-internallinksmanager029f6b8e52c=\"495\" title=\"\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\">\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d<\/a>\u306f\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u305f\u3081\u5272\u5f15\u7387\u304c\u9ad8\u3081\u306b\u8a2d\u5b9a\u3055\u308c\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u5272\u5f15\u7387\u306e\u9069\u5207\u306a\u8a2d\u5b9a\u304c\u3001DCF\u6cd5\u306e\u7d50\u679c\u306e\u6b63\u78ba\u6027\u3092\u5de6\u53f3\u3059\u308b\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n<h3>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff08TV\uff09<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3068\u306f\u3001\u4e8b\u696d\u8a08\u753b\u3067\u4e88\u6e2c\u3067\u304d\u308b\u671f\u9593\u3092\u8d85\u3048\u305f\u5f8c\u3082\u4f01\u696d\u304c\u7d99\u7d9a\u3057\u3066\u4fa1\u5024\u3092\u751f\u307f\u51fa\u3059\u3068\u4eee\u5b9a\u3057\u3066\u3001\u305d\u306e\u5c06\u6765\u306e\u4fa1\u5024\u3092\u4e00\u62ec\u3067\u8a08\u7b97\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/b><\/span><\/p>\n<p>\u305f\u3068\u3048\u3070\u3001\u4e88\u6e2c\u53ef\u80fd\u306a5\u5e74\u9593\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092DCF\u3067\u8a55\u4fa1\u3057\u305f\u5f8c\u30016\u5e74\u76ee\u4ee5\u964d\u306f\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3068\u3057\u3066\u307e\u3068\u3081\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<p>\u5b9f\u969b\u306e\u8a08\u7b97\u3067\u306f\u3001\u6700\u7d42\u5e74\u5ea6\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u5f15\u7387\u3068\u6c38\u4e45\u6210\u9577\u7387\u3092\u7528\u3044\u305f\u6570\u5f0f\u3067\u5272\u308a\u623b\u3057\u3066\u6c42\u3081\u307e\u3059\u3002<\/p>\n<p>\u4e0a\u8a18\u306e\u5024\u3092\u52a0\u3048\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u304c\u3088\u308a\u73fe\u5b9f\u306b\u8fd1\u3065\u304f\u306e\u3067\u3059\u3002<\/p>\n<p>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u4f01\u696d\u306e\u9577\u671f\u7684\u306a\u53ce\u76ca\u529b\u3092\u53cd\u6620\u3059\u308b\u305f\u3081\u3001DCF\u6cd5\u306b\u304a\u3051\u308b\u6b20\u304b\u305b\u306a\u3044\u8981\u7d20\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u6c38\u4e45\u6210\u9577\u7387<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u6c38\u4e45\u6210\u9577\u7387\u3068\u306f\u3001\u4e88\u6e2c\u671f\u9593\u7d42\u4e86\u5f8c\u3082\u4f01\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u4e00\u5b9a\u306e\u5272\u5408\u3067\u5897\u52a0\u3059\u308b\u3068\u4eee\u5b9a\u3057\u3066\u8a2d\u5b9a\u3059\u308b\u6210\u9577\u7387\u306e\u3053\u3068\u3067\u3059\u3002<\/b><\/span><\/p>\n<p>\u901a\u5e38\u306f\u3001\u7d4c\u6e08\u5168\u4f53\u306e\u6210\u9577\u7387\u3084\u696d\u754c\u306e\u5b89\u5b9a\u7684\u306a\u4f38\u3073\u7387\u3092\u53c2\u8003\u306b\u6c7a\u5b9a\u3057\u307e\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u3001\u65e5\u672c\u56fd\u5185\u306e\u9577\u671f\u7684\u306a\u540d\u76eeGDP\u6210\u9577\u7387\u304c2\uff05\u7a0b\u5ea6\u3068\u4e88\u6e2c\u3055\u308c\u308b\u5834\u5408\u3001\u6c38\u4e45\u6210\u9577\u7387\u3082\u305d\u308c\u306b\u8fd1\u3044\u6570\u5024\u3067\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n<p>\u6570\u5024\u3092\u9ad8\u304f\u898b\u7a4d\u3082\u308c\u3070\u4f01\u696d\u4fa1\u5024\u306f\u81a8\u3089\u307f\u307e\u3059\u304c\u3001\u904e\u5ea6\u306b\u697d\u89b3\u7684\u306a\u8a2d\u5b9a\u306f\u73fe\u5b9f\u96e2\u308c\u3057\u305f\u8a55\u4fa1\u3092\u5c0e\u3044\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<p>\u9006\u306b\u904e\u5c0f\u306b\u898b\u7a4d\u3082\u308c\u3070\u4f01\u696d\u4fa1\u5024\u304c\u904e\u5c0f\u8a55\u4fa1\u3055\u308c\u308b\u6050\u308c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u6210\u9577\u7387\u3092\u9069\u5207\u306b\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u304c\u3001DCF\u6cd5\u3092\u5b9f\u52d9\u3067\u6d3b\u7528\u3059\u308b\u969b\u306e\u4fe1\u983c\u6027\u3092\u9ad8\u3081\u308b\u5927\u5207\u306a\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n<h2>DCF\u6cd5\u306e\u8a08\u7b97\u5f0f\u3068\u8a08\u7b97\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/h2>\n<p><span style=\"background-color: #ffff99;\"><b>DCF\u6cd5\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u5b9a\u3059\u308b\u305f\u3081\u306b\u3044\u304f\u3064\u304b\u306e\u624b\u9806\u3092\u8e0f\u3093\u3067\u8a08\u7b97\u3059\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/b><\/span><\/p>\n<p>\u307e\u305a\u3001\u55b6\u696d\u6d3b\u52d5\u3084\u6295\u8cc7\u6d3b\u52d5\u304b\u3089\u7b97\u51fa\u3055\u308c\u308b\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6c42\u3081\u3001\u305d\u306e\u5f8c\u306b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u53cd\u6620\u3057\u305f\u5272\u5f15\u7387\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p>\u3055\u3089\u306b\u3001\u4e88\u6e2c\u671f\u9593\u3092\u8d85\u3048\u308b\u5c06\u6765\u306e\u4fa1\u5024\u3092\u793a\u3059\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u8a2d\u5b9a\u3057\u3001\u6700\u5f8c\u306b\u5404\u671f\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5408\u7b97\u3059\u308b\u3053\u3068\u3067\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p>\u4e0a\u8a18\u306e\u624b\u9806\u3092\u6b63\u3057\u304f\u7406\u89e3\u3059\u308c\u3070\u3001\u5b9f\u52d9\u306e\u73fe\u5834\u3067\u3082\u6d3b\u7528\u3067\u304d\u308b\u8a55\u4fa1\u65b9\u6cd5\u3068\u3057\u3066\u6709\u52b9\u3067\u3059\u3002<\/p>\n<p>\u305d\u308c\u305e\u308c\u89e3\u8aac\u3057\u3066\u3044\u304d\u307e\u3059\u306e\u3067\u3001\u305c\u3072\u53c2\u8003\u306b\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<h3>\u2460FCF\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u306e\u8a08\u7b97<\/h3>\n<p><span style=\"background-color: 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style=\"background-color: #ffff99;\"><b>DCF\u6cd5\u3067\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u76f4\u3059\u305f\u3081\u306b\u5272\u5f15\u7387\u3092\u4f7f\u3044\u307e\u3059\u3002<\/b><\/span><\/p>\n<p>\u3053\u306e\u5272\u5f15\u7387\u3068\u3057\u3066\u4e00\u822c\u7684\u306b\u7528\u3044\u3089\u308c\u308b\u306e\u304c\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3067\u3059\u3002<\/p>\n<p>WACC\u306e\u8a08\u7b97\u5f0f\u306f\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<div style=\"border: 2px solid #0054ac; padding: 10px 20px; border-radius: 0px; margin-bottom: 1em; text-align: left;\"><strong>\u300c\u8ca0\u50b5\u30b3\u30b9\u30c8\u00d7\uff081\uff0d\u5b9f\u52b9\u7a0e\u7387\uff09\u00d7\uff3b\u8ca0\u50b5\u7dcf\u984d\uff0f\uff08\u8ca0\u50b5\u7dcf\u984d\uff0b\u682a\u5f0f\u306e\u6642\u4fa1\u7dcf\u984d\uff09\uff3d\uff0b<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/46289\/\" data-internallinksmanager029f6b8e52c=\"320\" title=\"\u682a\u4e3b\u8cc7\u672c\">\u682a\u4e3b\u8cc7\u672c<\/a>\u30b3\u30b9\u30c8\u00d7\uff3b\u682a\u5f0f\u306e\u6642\u4fa1\u7dcf\u984d\uff0f\uff08\u8ca0\u50b5\u7dcf\u984d\uff0b\u682a\u5f0f\u306e\u6642\u4fa1\u7dcf\u984d\uff09\uff3d\u300d<\/strong><\/div>\n<p>\u3053\u3053\u3067\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u306f<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/66470\/\" data-internallinksmanager029f6b8e52c=\"378\" title=\"\u652f\u6255\u5229\u606f\">\u652f\u6255\u5229\u606f<\/a>\u3092\u6709\u5229\u5b50\u8ca0\u50b5\u3067\u5272\u3063\u305f\u5024\u3067\u3042\u308a\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u53ce\u76ca\u7387\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n<p>\u305f\u3068\u3048\u3070\u3001\u4f4e\u91d1\u5229\u3067\u501f\u5165\u3092\u3057\u3066\u3044\u308b\u4f01\u696d\u306f\u8ca0\u50b5\u30b3\u30b9\u30c8\u304c\u4f4e\u304f\u306a\u308a\u3001\u7d50\u679c\u7684\u306bWACC\u3082\u4e0b\u304c\u308a\u3001\u682a\u4e3b\u304c\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u308b\u5834\u5408\u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9ad8\u304f\u306a\u308a\u3001WACC\u3082\u4e0a\u6607\u3057\u307e\u3059\u3002<\/p>\n<p>\u5272\u5f15\u7387\u306e\u9069\u5207\u306a\u8a2d\u5b9a\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u5927\u304d\u304f\u5de6\u53f3\u3059\u308b\u305f\u3081\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u2462TV\uff08\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff09\u306e\u8a08\u7b97<\/h3>\n<p><span style=\"background-color: #ffff99;\"><b>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u3001\u4e88\u6e2c\u671f\u9593\u3092\u8d85\u3048\u308b\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e00\u62ec\u3067\u8a55\u4fa1\u3059\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002<\/b><\/span><\/p>\n<p>DCF\u6cd5\u3067\u306f\u3001\u5c06\u6765\u3059\u3079\u3066\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u7121\u9650\u306b\u4e88\u6e2c\u3059\u308b\u3053\u3068\u306f\u4e0d\u53ef\u80fd\u306a\u305f\u3081\u3001\u4e00\u5b9a\u306e\u5e74\u6570\u3092\u533a\u5207\u3063\u3066\u305d\u306e\u5148\u306e\u4fa1\u5024\u3092\u307e\u3068\u3081\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p>\u5177\u4f53\u7684\u306b\u306f\u4ee5\u4e0b\u306e\u5f0f\u3067\u6c42\u3081\u307e\u3059\u3002<\/p>\n<div style=\"border: 2px solid #0054ac; padding: 10px 20px; border-radius: 0px; margin-bottom: 1em; text-align: left;\"><strong>\u300c\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff1d\u4e88\u60f3\u671f\u9593\u306e\u6700\u7d42\u5e74\u5ea6\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u00d7\uff081\uff0b\u6c38\u4e45\u6210\u9577\u7387\uff09\u00f7\uff08\u5272\u5f15\u7387\uff0d\u6c38\u4e45\u6210\u9577\u7387\uff09\u300d<\/strong><\/div>\n<p>\u305f\u3068\u3048\u3070\u3001\u6700\u7d42\u5e74\u5ea6\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c1\u5104\u5186\u3001\u5272\u5f15\u7387\u304c8\uff05\u3001\u6c38\u4e45\u6210\u9577\u7387\u304c2\uff05\u3068\u3057\u305f\u5834\u5408\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u3001\u4ee5\u4e0b\u306e\u8a08\u7b97\u5f0f\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<div style=\"border: 2px solid #0054ac; padding: 10px 20px; border-radius: 0px; margin-bottom: 1em; text-align: left;\"><strong>1\u5104\u5186\u00d7(1+0.02)\u00f7(0.08-0.02)\uff1d17\u5104\u5186<\/strong><\/div>\n<p>\u3053\u306e\u91d1\u984d\u3092\u52a0\u3048\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u304c\u73fe\u5b9f\u306b\u5373\u3057\u305f\u6c34\u6e96\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306f\u3001DCF\u6cd5\u306b\u304a\u3044\u3066\u9577\u671f\u7684\u306a\u4f01\u696d\u4fa1\u5024\u3092\u8868\u3059\u8981\u3068\u306a\u308b\u8a08\u7b97\u8981\u7d20\u3067\u3059\u3002<\/p>\n<h3>\u2463\u4f01\u696d\u4fa1\u5024\u306e\u7b97\u51fa<\/h3>\n<p><span style=\"background-color: 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