{"id":5079,"date":"2023-12-07T15:56:34","date_gmt":"2023-12-07T06:56:34","guid":{"rendered":"https:\/\/biz.moneyforward.com\/ipo\/?p=5079"},"modified":"2026-04-16T12:52:32","modified_gmt":"2026-04-16T03:52:32","slug":"%e8%b3%87%e6%9c%ac%e3%82%b3%e3%82%b9%e3%83%88%e3%81%a8%e3%81%af%ef%bc%9f%e6%b1%82%e3%82%81%e6%96%b9%e3%82%84%e7%9b%b8%e5%a0%b4%e3%83%bb%e4%b8%8b%e3%81%92%e3%82%8b%e6%96%b9%e6%b3%95%e3%82%92%e3%82%8f","status":"publish","type":"post","link":"https:\/\/biz.moneyforward.com\/ipo\/basic\/5079\/","title":{"rendered":"\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u6c42\u3081\u65b9\u3084\u76f8\u5834\u30fb\u4e0b\u3052\u308b\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"<p>\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u3068\u306f\u3001\u4f01\u696d\u304c\u8cc7\u672c\u3092\u8abf\u9054\u3059\u308b\u305f\u3081\u306b\u652f\u6255\u3046\u30b3\u30b9\u30c8\u3067\u3059\u3002\u3053\u308c\u306b\u306f\u682a\u5f0f\u3001\u50b5\u5238\u3001\u9280\u884c\u30ed\u30fc\u30f3\u306a\u3069\u3001\u4f01\u696d\u304c\u4f7f\u7528\u3059\u308b\u3055\u307e\u3056\u307e\u306a<a 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href=\"https:\/\/biz.moneyforward.com\/ipo\/templates\/3433\/?provider=ipo&provider_info=cv.5079.part.templates-box\" target=\"_blank\" rel=\"noopener\">\n            <div class=\"advads-templates-box-inner\">\n                <div class=\"advads-templates-box-images\">\n                    <div class=\"advads-templates-box-img-wrap\"><div class=\"advads-templates-box-img\"><img decoding=\"async\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2025\/12\/minibook_ipo_5079.png\" alt=\"\" width=\"200\" height=\"auto\"><\/div><p><\/p><\/div>\n                <\/div>\n                <div class=\"advads-templates-box-desc\">\n                    <p class=\"advads-templates-box-title\" data-impression-and-click-trigger-link-text>\u8cc7\u672c\u30b3\u30b9\u30c8\u8a08\u7b97\u653b\u7565\u30d6\u30c3\u30af<\/p>\n                    <p class=\"advads-templates-box-text\">\u8cc7\u672c\u30b3\u30b9\u30c8\u8a08\u7b97\u653b\u7565\u30d6\u30c3\u30af\u3092\u7121\u6599\u3067\u63d0\u4f9b\u3057\u3066\u3044\u307e\u3059\u3002\u305c\u3072\u3054\u81ea\u7531\u306b\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9\u3057\u3066\u6d3b\u7528\u304f\u3060\u3055\u3044\u3002<\/p>\n                    <span class=\"advads-button-primary\">\u7121\u6599\u3067\u30c0\u30a6\u30f3\u30ed\u30fc\u30c9\u3059\u308b<\/span>\n                <\/div>\n            <\/div>\n        <\/a>\n    <\/div>\n<div id=\"post-below-intro\"><\/div><h2>\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5081\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-2.jpeg\" alt=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u6c42\u3081\u65b9\u3084\u76f8\u5834\u30fb\u4e0b\u3052\u308b\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"1000\" height=\"667\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-2.jpeg 1000w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-2-300x200.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-2-768x512.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" 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loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5082\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-3.jpeg\" alt=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u6c42\u3081\u65b9\u3084\u76f8\u5834\u30fb\u4e0b\u3052\u308b\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"999\" height=\"560\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-3.jpeg 999w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-3-300x168.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-3-768x431.jpeg 768w\" sizes=\"auto, (max-width: 999px) 100vw, 999px\" \/><br \/>\n2018\u5e746\u6708\u306b\u6539\u8a02\u3055\u308c\u305f<a href=\"https:\/\/www.jpx.co.jp\/equities\/listing\/cg\/tvdivq0000008jdy-att\/nlsgeu000005lnul.pdf\" target=\"_blank\" rel=\"noopener\">\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30b3\u30fc\u30c9<\/a>\u306b\u304a\u3044\u3066\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u610f\u8b58\u306f\u7d4c\u55b6\u306b\u304a\u3044\u3066\u91cd\u8981\u306a\u9805\u76ee\u3068\u660e\u8a18\u3055\u308c\u307e\u3057\u305f\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u610f\u8b58\u304c\u4f01\u696d\u4fa1\u5024\u306e\u5411\u4e0a\u306b\u3082\u3064\u306a\u304c\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n<p>\u9006\u306b\u3044\u3046\u3068\u3001\u5fc5\u8981\u306a\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u610f\u8b58\u30fb\u7406\u89e3\u305b\u305a\u306b\u7d4c\u55b6\u6d3b\u52d5\u3092\u884c\u3063\u3066\u3082\u3001\u305d\u308c\u3092\u4e0a\u56de\u308b\u53ce\u76ca\u3092\u751f\u307f\u51fa\u305b\u307e\u305b\u3093\u3002\u7d50\u679c\u3068\u3057\u3066\u3001\u682a\u4e3b\u304c\u6c42\u3081\u308b\u30ea\u30bf\u30fc\u30f3\u30fb\u914d\u5f53\u3092\u6e80\u305f\u305b\u306a\u304f\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n<p>\u4e0a\u8a18\u306e\u3053\u3068\u304b\u3089\u3001\u591a\u304f\u306e\u4f01\u696d\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u610f\u8b58\u3057\u305f\u3046\u3048\u3067\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u3001\u682a\u4e3b\u3078\u306e\u671f\u5f85\u306b\u5fdc\u3048\u306a\u304c\u3089\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2>\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u7a2e\u985e<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5083\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-4.jpeg\" alt=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u6c42\u3081\u65b9\u3084\u76f8\u5834\u30fb\u4e0b\u3052\u308b\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"1000\" height=\"667\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-4.jpeg 1000w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-4-300x200.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-4-768x512.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><br \/>\n\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u7a2e\u985e\u306f\u3001\u5927\u304d\u304f\u5206\u3051\u308b\u30682\u3064\u306e\u7a2e\u985e\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u305e\u308c\u306e\u30b3\u30b9\u30c8\u304c\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u304b\u306b\u3064\u3044\u3066\u3001\u8a73\u3057\u304f\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<ul>\n<li>\u8ca0\u50b5\u30b3\u30b9\u30c8<\/li>\n<li><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<\/li>\n<\/ul>\n<h3>\u8ca0\u50b5\u30b3\u30b9\u30c8<\/h3>\n<p>\u8ca0\u50b5\u30b3\u30b9\u30c8\u306f\u3001\u9280\u884c\u30fb\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u501f\u308a\u5165\u308c\u305f\u969b\u306b\u767a\u751f\u3059\u308b\u3082\u306e\u3067\u3001\u300c\u4ed6\u4eba\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u3068\u3082\u3044\u3044\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u91d1\u5229\u3084\u793e\u50b5\u306e\u767a\u884c\u306e\u969b\u306b\u304b\u304b\u3063\u305f\u8cbb\u7528\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u307010,000\u5186\u3092\u5e74\u52295\uff05\u3067\u501f\u308a\u5165\u308c\u305f\u5834\u5408\u30011\u5e74\u5f8c\u306b\u5229\u606f\u3092\u542b\u308110,500\u5186\u306e\u8fd4\u6e08\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u5229\u606f\u306e500\u5186\u306e\u90e8\u5206\u304c\u8ca0\u50b5\u30b3\u30b9\u30c8\u3067\u3059\u3002<\/p>\n<p>\u91d1\u5229\u306b\u3064\u3044\u3066\u306f\u5229\u7528\u3059\u308b\u9280\u884c\u30fb\u91d1\u878d\u6a5f\u95a2\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u501f\u5165\u671f\u9593\u304c\u5f71\u97ff\u3059\u308b\u30b1\u30fc\u30b9\u3082\u73cd\u3057\u304f\u306a\u3044\u305f\u3081\u3001\u501f\u5165\u5148\u3068\u671f\u9593\u306b\u3064\u3044\u3066\u306f\u614e\u91cd\u306b\u5224\u65ad\u3059\u308b\u306e\u304c\u826f\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<h3>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<\/h3>\n<p>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u51fa\u8cc7\u3067\u8abf\u9054\u3057\u305f\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u767a\u751f\u3057\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u304b\u3089\u898b\u305f\u969b\u306e\u914d\u5f53\u3068\u8003\u3048\u308b\u306e\u304c\u308f\u304b\u308a\u3084\u3059\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u57fa\u672c\u7684\u306b\u682a\u4e3b\u306f\u3001\u914d\u5f53\u91d1\u3092\u6c42\u3081\u3066\u6295\u8cc7\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u4f8b\u3048\u30705\uff05\u306e\u914d\u5f53\u3092\u898b\u8fbc\u3093\u3067\u6295\u8cc7\u3057\u3066\u3044\u308b\u5834\u5408\u300110,000\u5186\u306e\u682a\u306b\u5bfe\u3057\u3066500\u5186\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u4f01\u696d\u306f\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u3001\u671f\u5f85\u5229\u56de\u308a\u4ee5\u4e0a\u306e\u914d\u5f53\u3092\u51fa\u305b\u308b\u3088\u3046\u306b\u7d4c\u55b6\u3059\u308b\u3053\u3068\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u682a\u4fa1\u306f\u305d\u306e\u3068\u304d\u306e\u4f01\u696d\u4fa1\u5024\u3084\u696d\u7e3e\u30fb\u60c5\u52e2\u306b\u3088\u3063\u3066\u5909\u5316\u3059\u308b\u305f\u3081\u3001\u7684\u78ba\u306a\u7b97\u51fa\u306f\u96e3\u3057\u3044\u3068\u3044\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2>\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6c42\u3081\u65b9<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5084\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-5.jpeg\" alt=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u6c42\u3081\u65b9\u3084\u76f8\u5834\u30fb\u4e0b\u3052\u308b\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"1000\" height=\"668\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-5.jpeg 1000w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-5-300x200.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-5-768x513.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p>\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6c42\u3081\u308b\u4ee3\u8868\u7684\u306a\u65b9\u6cd5\u3068\u3057\u3066\u3001\u300cWACC\u300d\u3068\u547c\u3070\u308c\u308b\u3082\u306e\u304c\u3042\u308a\u307e\u3059\u3002WACC\uff08Weighted Average Cost of Capital\u306e\u7565\u79f0\uff09\u306f\u3001\u73fe\u5728\u306e\u4e8b\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u5272\u5f15\u7387\u3068\u3057\u3066\u5229\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3001\u304a\u3088\u3073\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u6642\u4fa1\u3067\u91cd\u8981\u5ea6\u306a\u3069\u3092\u52a0\u5473\u3057\u3066\u300c\u52a0\u91cd\u5e73\u5747\u300d\u3057\u305f\u3082\u306e\u3068\u7406\u89e3\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<p>WACC\u3092\u7528\u3044\u3066\u8a08\u7b97\u3059\u308b\u969b\u306f\u3001\u4ee5\u4e0b\u306e\u5f0f\u304c\u5229\u7528\u3055\u308c\u307e\u3059\u3002<\/p>\n<p><strong>WACC = D \/ (D + E) \u00d7 rD(1 \u2013 T) + E \/ (D + E) \u00d7 rE<\/strong><\/p>\n<p>\u5f0f\u4e2d\u306e\u30a2\u30eb\u30d5\u30a1\u30d9\u30c3\u30c8\u306e\u610f\u5473\u306b\u3064\u3044\u3066\u306f\u3001\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul>\n<li>D\uff1a\u6709\u5229\u5b50\u306e\u8ca0\u50b5\u984d<\/li>\n<li>E\uff1a\u682a\u4e3b\u8cc7\u672c\u306e\u6642\u4fa1\u7dcf\u984d<\/li>\n<li>rD\uff1a\u8ca0\u50b5\u30b3\u30b9\u30c8\uff08\u91d1\u5229\uff09<\/li>\n<li>rE\uff1a\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<\/li>\n<li>T\uff1a\u5b9f\u52b9\u7a0e\u7387<\/li>\n<\/ul>\n<p>\u5b9f\u969b\u306b\u3001\u4ee5\u4e0b\u306e\u30b1\u30fc\u30b9\u3092\u8a08\u7b97\u5f0f\u306b\u5f53\u3066\u306f\u3081\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n<p><strong>\u3010\u524d\u63d0\u60c5\u5831\u3011<\/strong><\/p>\n<ul>\n<li>\u682a\u4e3b\u8cc7\u672c (E)\uff1a1,000\u4e07\u5186<\/li>\n<li>\u8ca0\u50b5 (D)\uff1a500\u4e07\u5186<\/li>\n<li>%<\/li>\n<li>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c87.2%<\/li>\n<li>\u8ca0\u50b5\u30b3\u30b9\u30c8rD :3.2%<\/li>\n<\/ul>\n<p><strong>\u3010WACC\u306e\u8a08\u7b97\u5f0f\u3011<\/strong><br \/>\nWACC = 7.2% \u00d7 (1,000\u4e07\u5186 \/ (1,000\u4e07\u5186 + 500\u4e07\u5186)) + 3.2% \u00d7 (500\u4e07\u5186 \/ (1,000\u4e07\u5186 + 500\u4e07\u5186))= 5.44%<\/p>\n<p>\u4e0a\u8a18\u306e\u7d50\u679c\u3001\u3053\u306e\u30b1\u30fc\u30b9\u306b\u304a\u3051\u308bWACC\u306f5.44\uff05\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u306a\u304a\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u3064\u3044\u3066\u306f\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308f\u305b\u3066\u3054\u53c2\u8003\u304f\u3060\u3055\u3044\u3002<\/p>\n<div class=\"linkcard\"><div class=\"lkc-internal-wrap\"><a class=\"lkc-link no_icon\" href=\"https:\/\/biz.moneyforward.com\/ipo\/basic\/5094\/\" data-lkc-id=\"99\" target=\"_blank\"><div class=\"lkc-card\"><div class=\"lkc-info\"><div  class=\"lkc-favicon\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2022\/06\/favicon.ico\" alt=\"\" width=\"16\" height=\"16\" \/><\/div><div class=\"lkc-domain\">IPO\u30b5\u30dd\u30fc\u30c8\u30e1\u30c7\u30a3\u30a2<\/div><\/div><div class=\"lkc-content\"><div class=\"lkc-title\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u3084\u624b\u9806\u30fb\u5e73\u5747\u306b\u3064\u3044\u3066\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/div><div class=\"lkc-excerpt\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306f\u3001\u4f01\u696d\u306e\u6295\u8cc7\u5224\u65ad\u3084\u4e8b\u696d\u8a55\u4fa1\u306b\u91cd\u8981\u306a\u6307\u6a19\u3067\u3042\u308a\u3001\u305d\u306e\u7406\u89e3\u3068\u9069\u5207\u306a\u6d3b\u7528\u306f\u4f01\u696d\u306e\u8ca1\u52d9\u6226\u7565\u3092\u7acb\u3066\u308b\u4e0a\u3067\u4e0d\u53ef\u6b20\u3067\u3059\u3002\u30d3\u30b8\u30cd\u30b9\u3092\u3057\u3066\u3044\u304f\u4e0a\u3067\u306f\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u4e21\u65b9\u3092\u30ab\u30d0\u30fc\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u3001\u50b5\u6a29\u8005\u3068\u682a\u4e3b\u3092\u6e80\u8db3\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002\u672c\u8a18\u4e8b\u306f\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6982\u8981\u3084\u8a08\u7b97\u65b9\u6cd5\u3001\u6d3b\u7528\u65b9\u6cd5\u306a\u3069\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u7406\u89e3\u3092\u6df1\u3081\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u52b9\u7387\u7684\u306a\u7d4c\u55b6\u304c\u3067\u304d\u308b\u304d\u3063\u304b\u3051\u3068\u306a\u308b\u305f\u3081\u3001\u7d4c\u55b6\u8005\u3084\u8ca1\u52d9\u62c5\u5f53\u8005\u3001\u6295\u8cc7\u5bb6\u306a\u3069\u3001\u4f01\u696d\u306e\u8ca1\u52d9\u306b\u95a2\u308f\u308b\u65b9\u306f\u305c\u3072\u53c2\u8003\u306b\u3057\u3066...<\/div><\/div><div class=\"clear\"><\/div><\/div><\/a><\/div><\/div>\n<h2>\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9ad8\u304f\u306a\u308b\u539f\u56e0<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5085\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-6.jpeg\" alt=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u6c42\u3081\u65b9\u3084\u76f8\u5834\u30fb\u4e0b\u3052\u308b\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"1000\" height=\"667\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-6.jpeg 1000w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-6-300x200.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-6-768x512.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><br \/>\n\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u57fa\u672c\u7684\u306b\u4f4e\u3044\u65b9\u304c\u826f\u3044\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u5b9f\u969b\u306b\u306f\u9ad8\u304f\u306a\u3063\u3066\u3057\u307e\u3046\u30b1\u30fc\u30b9\u3082\u3042\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u9ad8\u304f\u306a\u308b\u4e3b\u306a\u539f\u56e0\u3068\u3057\u3066\u3001\u4ee5\u4e0b\u306e\u5185\u5bb9\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4f1a\u793e\u69cb\u9020\u7684\u306b\u4e8b\u696d\u30ea\u30b9\u30af\u304c\u9ad8\u3044<\/li>\n<li>\u501f\u308a\u5165\u308c\u306e\u5229\u7387\u304c\u9ad8\u3044<\/li>\n<li>\u4f1a\u793e\u306b\u9069\u7528\u3059\u308b\u7a0e\u7387\u304c\u4f4e\u3044<\/li>\n<\/ul>\n<p>\u4f1a\u793e\u69cb\u9020\u7684\u306b\u4e8b\u696d\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u3068\u3001\u6295\u8cc7\u5bb6\u306f\u3088\u308a\u591a\u304f\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u3066\u914d\u5f53\u91d1\u304c\u591a\u304f\u306a\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u30b3\u30b9\u30c8\u3092\u5f15\u304d\u4e0b\u3052\u308b\u305f\u3081\u306b\u4f1a\u793e\u69cb\u9020\u3092\u898b\u76f4\u3059\u3068\u3044\u3063\u305f\u30b1\u30fc\u30b9\u3082\u73cd\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u307e\u305f\u3001\u9280\u884c\u3084\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u306e\u501f\u5165\u5229\u7387\u304c\u9ad8\u304b\u3063\u305f\u308a\u4f1a\u793e\u3078\u306e\u9069\u7528\u7a0e\u7387\u304c\u4f4e\u304b\u3063\u305f\u308a\u3059\u308b\u306e\u3082\u3001\u30b3\u30b9\u30c8\u304c\u9ad8\u304f\u306a\u308b\u539f\u56e0\u3068\u3057\u3066\u3042\u3052\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u5229\u7387\u3092\u4e0b\u3052\u305f\u308a\u9069\u7528\u7a0e\u7387\u3092\u3042\u3052\u305f\u308a\u3059\u308b\u306e\u306f\u3001\u3042\u307e\u308a\u4e00\u822c\u7684\u306a\u65b9\u6cd5\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u969b\u306f\u3001\u4e8b\u696d\u30ea\u30b9\u30af\u3092\u4f4e\u6e1b\u3055\u305b\u308b\u65b9\u6cd5\u304c\u4e3b\u306b\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n<h2>\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u65b9\u6cd5<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5086\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-7-scaled.jpeg\" alt=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u6c42\u3081\u65b9\u3084\u76f8\u5834\u30fb\u4e0b\u3052\u308b\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"2560\" height=\"1707\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-7-scaled.jpeg 2560w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-7-300x200.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-7-1024x683.jpeg 1024w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-7-768x512.jpeg 768w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-7-1536x1024.jpeg 1536w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-7-2048x1365.jpeg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><br \/>\n\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u672c\u6765\u5c11\u306a\u3051\u308c\u3070\u5c11\u306a\u3044\u307b\u3069\u826f\u3044\u3082\u306e\u3067\u3059\u3002\u30b3\u30b9\u30c8\u304c\u5927\u304d\u3051\u308c\u3070\u3001\u305d\u306e\u5206\u682a\u4e3b\u3084\u50b5\u6a29\u8005\u306b\u652f\u6255\u3046\u3079\u304d\u91d1\u984d\u304c\u5897\u3048\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n<p>\u3053\u3053\u3067\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u4e3b\u306a\u65b9\u6cd5\u3068\u3057\u3066\u3001\u4ee5\u4e0b\u306e2\u3064\u3092\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<ul>\n<li>\u30ea\u30b9\u30af\u60c5\u5831\u3092\u958b\u793a\u3059\u308b<\/li>\n<li>\u4f4e\u91d1\u5229\u3067\u501f\u5165\u308c\u308b<\/li>\n<\/ul>\n<h3>\u30ea\u30b9\u30af\u60c5\u5831\u3092\u958b\u793a\u3059\u308b<\/h3>\n<p>\u30ea\u30b9\u30af\u60c5\u5831\u3092\u958b\u793a\u3059\u308c\u3070\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u3089\u308c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u307e\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u30ea\u30b9\u30af\u306e\u6709\u7121\u304c\u308f\u304b\u3089\u306a\u3044\u72b6\u614b\u3067\u306f\u3001\u91d1\u878d\u6a5f\u95a2\u304b\u3089\u300c\u878d\u8cc7\u3057\u305f\u91d1\u984d\u3092\u8fd4\u6e08\u3055\u308c\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u300d\u3068\u3044\u3063\u305f\u61f8\u5ff5\u70b9\u3092\u6301\u305f\u308c\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u8fd4\u6e08\u3055\u308c\u306a\u3044\u3068\u3044\u3063\u305f\u30ea\u30b9\u30af\u3092\u62b1\u3048\u305f\u307e\u307e\u3067\u306f\u3001\u91d1\u878d\u6a5f\u95a2\u306f\u5b89\u5fc3\u3057\u3066\u8cb8\u4ed8\u3067\u304d\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u501f\u5165\u3092\u7533\u3057\u8fbc\u3080\u969b\u306b\u4e0d\u5b89\u8981\u7d20\u3092\u89e3\u6d88\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002\u4e0d\u5b89\u8981\u7d20\u3092\u89e3\u6d88\u3067\u304d\u308c\u3070\u3001\u91d1\u5229\u304c\u8efd\u6e1b\u3055\u308c\u308b\u53ef\u80fd\u6027\u3082\u751f\u307e\u308c\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u307e\u305f\u3001\u682a\u4e3b\u3082\u904e\u5ea6\u306a\u671f\u5f85\u3092\u3059\u308b\u3053\u3068\u304c\u306a\u304f\u306a\u308b\u305f\u3081\u3001\u914d\u5f53\u306b\u5bfe\u3059\u308b\u671f\u5f85\u5024\u3082\u4e0b\u304c\u308a\u307e\u3059\u3002\u7d50\u679c\u3068\u3057\u3066\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u4e0b\u304c\u308b\u52b9\u679c\u304c\u898b\u8fbc\u3081\u308b\u305f\u3081\u3001\u30ea\u30b9\u30af\u60c5\u5831\u306f\u958b\u793a\u3059\u308b\u3088\u3046\u306b\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n<h3>\u4f4e\u91d1\u5229\u3067\u501f\u5165\u308c\u308b<\/h3>\n<p>\u9ad8\u3044\u91d1\u5229\u3067\u501f\u5165\u308c\u308b\u3068\u3001\u305d\u306e\u5206\u306e\u5229\u606f\u306f\u5f53\u7136\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u3057\u3066\u4e0a\u4e57\u305b\u3055\u308c\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u3067\u304d\u308b\u3060\u3051\u4f4e\u91d1\u5229\u3067\u501f\u5165\u308c\u3067\u304d\u308b\u9280\u884c\u30fb\u91d1\u878d\u6a5f\u95a2\u3092\u63a2\u3059\u306e\u304c\u826f\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u307e\u305f\u3001\u501f\u5165\u6642\u306e\u91d1\u5229\u5236\u5ea6\u306b\u3064\u3044\u3066\u3082\u6ce8\u76ee\u3057\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002\u878d\u8cc7\u3092\u53d7\u3051\u308b\u969b\u306f\u56fa\u5b9a\u91d1\u5229\u3068\u5909\u52d5\u91d1\u5229\u306e2\u3064\u304c\u3042\u308a\u3001\u5909\u52d5\u91d1\u5229\u306e\u65b9\u304c\u4f4e\u91d1\u5229\u306b\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u308b\u30b1\u30fc\u30b9\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u9577\u671f\u9593\u501f\u5165\u308c\u308b\u5834\u5408\u306f\u56fa\u5b9a\u91d1\u5229\u306e\u65b9\u304c\u5b89\u304f\u306a\u308b\u53ef\u80fd\u6027\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u4f4e\u91d1\u5229\u3067\u501f\u5165\u308c\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u308b\u5834\u5408\u306f\u3001\u91d1\u5229\u30fb\u91d1\u5229\u5236\u5ea6\u30fb\u501f\u5165\u671f\u9593\u306e3\u3064\u306b\u6ce8\u76ee\u3057\u3066\u3001\u501f\u5165\u5148\u3092\u9078\u3073\u307e\u3057\u3087\u3046\u3002<\/p>\n<h2>\u8cc7\u672c\u30b3\u30b9\u30c8\u3068ROE\u306e\u95a2\u4fc2\u6027<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5087\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-8.jpeg\" alt=\"\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u6c42\u3081\u65b9\u3084\u76f8\u5834\u30fb\u4e0b\u3052\u308b\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"1000\" height=\"500\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-8.jpeg 1000w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-8-300x150.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-8-768x384.jpeg 768w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-143-8-720x360.jpeg 720w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><br \/>\nROE\u3068\u306f<a href=\"https:\/\/biz.moneyforward.com\/words\/2077\/\" data-internallinksmanager029f6b8e52c=\"56\" title=\"\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\">\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387<\/a>\u3092\u6307\u3059\u8a00\u8449\u3067\u300cReturn On 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