{"id":5094,"date":"2023-12-07T15:56:55","date_gmt":"2023-12-07T06:56:55","guid":{"rendered":"https:\/\/biz.moneyforward.com\/ipo\/?p=5094"},"modified":"2024-07-12T14:50:47","modified_gmt":"2024-07-12T05:50:47","slug":"%e5%8a%a0%e9%87%8d%e5%b9%b3%e5%9d%87%e8%b3%87%e6%9c%ac%e3%82%b3%e3%82%b9%e3%83%88%e3%81%a8%e3%81%af%ef%bc%9f%e8%a8%88%e7%ae%97%e5%bc%8f%e3%82%84%e6%89%8b%e9%a0%86%e3%83%bb%e5%b9%b3%e5%9d%87%e3%81%ab","status":"publish","type":"post","link":"https:\/\/biz.moneyforward.com\/ipo\/basic\/5094\/","title":{"rendered":"\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"},"content":{"rendered":"<p>\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<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\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<\/p>\n<p>\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\u304f\u3060\u3055\u3044\u3002<\/p>\n<p><span>\u3000    <div class=\"advads-templates-box\">\n        <a class=\"advads-templates-box-link\" data-impression-and-click-trigger=\"templatesbox\" href=\"https:\/\/biz.moneyforward.com\/ipo\/templates\/3338\/?provider=ipo&provider_info=cv.5094.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_5094.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>WACC\u8a08\u7b97\u5f0f\u30ac\u30a4\u30c9<\/p>\n                    <p class=\"advads-templates-box-text\">WACC\u8a08\u7b97\u5f0f\u30ac\u30a4\u30c9\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><\/span><\/p>\n<div id=\"post-below-intro\"><\/div><h2>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5096\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-2.jpeg\" alt=\"\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u3084\u624b\u9806\u30fb\u5e73\u5747\u306b\u3064\u3044\u3066\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"1000\" height=\"667\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-2.jpeg 1000w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-2-300x200.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-2-768x512.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff1aWeighted Average Cost of Capital\uff09\u3068\u306f\u3001\u8907\u6570\u306e<a href=\"https:\/\/biz.moneyforward.com\/establish\/basic\/44\/\" data-internallinksmanager029f6b8e52c=\"491\" title=\"\u8cc7\u91d1\u8abf\u9054\">\u8cc7\u91d1\u8abf\u9054<\/a>\u65b9\u6cd5\u3092\u63a1\u7528\u3057\u3066\u3044\u308b\u4f01\u696d\u304c\u501f\u5165\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3068\u682a\u5f0f\u8abf\u9054\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3057\u305f\u3082\u306e\u3067\u3059\u3002<br \/>\n\uff0a\u52a0\u91cd\u5e73\u5747\u2026\u5404\u30c7\u30fc\u30bf\u306e\u91cd\u8981\u5ea6\u3084\u5f71\u97ff\u5ea6\u3092\u8003\u616e\u3057\u3066\u5e73\u5747\u5024\u3092\u7b97\u51fa\u3059\u308b\u65b9\u6cd5<\/p>\n<p>\u4e8b\u696d\u3092\u59cb\u3081\u308b\u306b\u306f\u3001\u8cc7\u91d1\u8abf\u9054\u304c\u5fc5\u8981\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u3042\u308b\u4f1a\u793e\u304c1\u5104\u5186\u306e\u8cc7\u91d1\u8abf\u9054\u3092\u3057\u305f\u969b\u306b\u3001\u7fcc\u5e74\u306b\u8fd4\u3059\u304a\u91d1\u306e\u7dcf\u984d\u304c1\u51041\u5343\u4e07\u5186\u3060\u3063\u305f\u3068\u3057\u307e\u3059\u3002\u3053\u306e\u3068\u304d\u3001\u501f\u308a\u305f\u304a\u91d1\u306b\u304b\u304b\u308b\u8cbb\u7528\u306f1\u5343\u4e07\u5186\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u307b\u304b\u3001\u682a\u4e3b\u304b\u3089\u306e\u6295\u8cc7\u306b\u3088\u3063\u3066\u3082\u8cc7\u91d1\u8abf\u9054\u306f\u3067\u304d\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u6295\u8cc7\u5bb6\u306b\u682a\u309210\u4e07\u5186\u3067\u767a\u884c\u3057\u3001\u7fcc\u5e74\u306b\uff11\u4e07\u5186\u306e\u914d\u5f53\u304c\u6c42\u3081\u3089\u308c\u308b\u5834\u5408\u3001\u682a\u5f0f\u767a\u884c\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u306f1\u5e74\u3042\u305f\u308a\uff11\u4e07\u5186\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>WACC\u304c\u9ad8\u3044\u307b\u3069\u3001\u4f01\u696d\u306f<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/45337\/\" data-internallinksmanager029f6b8e52c=\"454\" title=\"\u501f\u5165\u91d1\">\u501f\u5165\u91d1<\/a>\u3084\u682a\u5f0f\u767a\u884c\u306a\u3069\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u3001\u3088\u308a\u591a\u304f\u306e\u30b3\u30b9\u30c8\u3092\u652f\u6255\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u5229\u76ca\u3084\u6295\u8cc7\u4f59\u529b\u304c\u6e1b\u5c11\u3057\u3066\u3057\u307e\u3063\u305f\u308a\u3001\u8ca1\u52d9\u4f53\u8cea\u304c\u60aa\u5316\u3057\u305f\u308a\u3068\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u304c\u4f4e\u304f\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u4e00\u65b9\u3067\u3001WACC\u304c\u4f4e\u3044\u3068\u3053\u3046\u3044\u3063\u305f\u61f8\u5ff5\u3092\u56de\u907f\u3067\u304d\u308b\u305f\u3081\u3001\u4e00\u822c\u7684\u306b\u306f\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u3044\u3068\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u306f\u8cc7\u91d1\u8abf\u9054\u306e\u30e9\u30a6\u30f3\u30c9\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u304a\u308a\u307e\u3059\u306e\u3067\u3001\u4f75\u305b\u3066\u3054\u53c2\u7167\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\/6755\/\" data-lkc-id=\"107\" 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\">\u8cc7\u91d1\u8abf\u9054\u306e\u30e9\u30a6\u30f3\u30c9\u3068\u306f\uff1f\u5404\u30b9\u30c6\u30fc\u30b8\u306e\u9055\u3044\u3084\u7279\u5fb4\u3001\u8abf\u9054\u6642\u306e\u6ce8\u610f\u70b9\u3092\u89e3\u8aac<\/div><div class=\"lkc-excerpt\">\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u304c\u81ea\u5df1\u8cc7\u91d1\u306e\u307f\u3067\u793e\u54e1\u306e\u7d66\u6599\u3084\u30d7\u30ed\u30c0\u30af\u30c8\u958b\u767a\u8cbb\u306a\u3069\u306e\u30b3\u30b9\u30c8\u3092\u8ca0\u62c5\u3057\u3001\u4e8b\u696d\u3092\u904b\u55b6\u3057\u3066\u3044\u304f\u3053\u3068\u306f\u3001\u975e\u5e38\u306b\u96e3\u6613\u5ea6\u304c\u9ad8\u3044\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306e\u591a\u304f\u306f\u5916\u90e8\u306e\u6295\u8cc7\u5bb6\u304b\u3089\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u624b\u6bb5\u3092\u63a1\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u8cc7\u91d1\u8abf\u9054\u306e\u76ee\u7684\u3084\u91d1\u984d\u306f\u3001\u4e8b\u696d\u306e\u30b9\u30c6\u30fc\u30b8\u3084\u4f01\u696d\u306e\u898f\u6a21\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u3001\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u305f\u3081\u306b\u8907\u6570\u306e\u6bb5\u968e\u3092\u7d4c\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u3053\u308c\u3089\u306e\u6bb5\u968e\u3092\u6307\u6a19\u3068\u3057\u3066\u308f\u304b\u308a\u3084\u3059\u304f\u307e\u3068\u3081\u305f\u3082\u306e\u304c\u3001\u8cc7\u91d1\u8abf\u9054\u30e9\u30a6\u30f3\u30c9\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u3053\u306e\u8cc7\u91d1\u8abf\u9054\u30e9\u30a6\u30f3\u30c9\u306b\u3064\u3044\u3066\u3001\u30b9\u30c6\u30fc\u30b8\u3054\u3068\u306e\u9055\u3044\u3084\u7279\u5fb4\u306a\u3069\u3092\u89e3\u8aac\u3057\u307e...<\/div><\/div><div class=\"clear\"><\/div><\/div><\/a><\/div><\/div>\n<h2>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u5f0f<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5097\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-3.jpeg\" alt=\"\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u3084\u624b\u9806\u30fb\u5e73\u5747\u306b\u3064\u3044\u3066\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"1000\" height=\"667\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-3.jpeg 1000w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-3-300x200.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-3-768x512.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><br \/>\n\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p><strong>WACC=rE\u00d7E\/(E+D)+rD(1-T)\u00d7D\/(E+D)<\/strong><\/p>\n<p>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u306f\u3001\u4f01\u696d\u306e\u8cc7\u672c\u69cb\u9020\u5185\u306e\u5404\u7a2e\u985e\u306e\u8cc7\u672c\uff08\u682a\u5f0f\u3001\u512a\u5148\u682a\u3001\u8ca0\u50b5\u306a\u3069\uff09\u306e\u30b3\u30b9\u30c8\u3092\u3001\u305d\u308c\u305e\u308c\u306e\u5e02\u5834\u4fa1\u5024\u306b\u57fa\u3065\u304f\u6bd4\u7387\u3067\u52a0\u91cd\u5e73\u5747\u3057\u3066\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li><strong>rE<\/strong><br \/>\n\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3067\u682a\u4e3b\u306b\u652f\u6255\u3046\u30b3\u30b9\u30c8\u306e\u3053\u3068\u3067\u3059\u3002\u682a\u4e3b\u306f\u682a\u4fa1\u306e\u4e0a\u6607\u3084\u914d\u5f53\u306b\u671f\u5f85\u3057\u3066\u6295\u8cc7\u3092\u3057\u307e\u3059\u3002\u305d\u306e\u671f\u5f85\u5229\u76ca\u304c\u4f01\u696d\u306b\u3068\u3063\u3066\u306e\u30b3\u30b9\u30c8\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n<li><strong>rD<\/strong><br \/>\n\u8ca0\u50b5\u30b3\u30b9\u30c8\u3067\u3001\u501f\u5165\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3067\u3059\u3002\u501f\u5165\u3059\u308b\u306b\u306f\u5229\u606f\u306e\u8cbb\u7528\u304c\u767a\u751f\u3057\u307e\u3059\u3002\u305d\u306e\u8cbb\u7528\u304c\u4f01\u696d\u306b\u3068\u3063\u3066\u306e\u30b3\u30b9\u30c8\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n<li><strong>E<\/strong><br \/>\n\u682a\u4e3b\u8cc7\u672c\u3067\u3059\u3002\u682a\u5f0f\u3092\u767a\u884c\u3057\u3066\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u306b\u306a\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001D\u3068\u306f\u8ca0\u50b5\u3067\u3059\u3002\u501f\u5165\u3084\u793e\u50b5\u306a\u3069\u3067\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n<li><strong>T<\/strong><br \/>\n\u5b9f\u52b9\u7a0e\u7387\u3067\u3001\u4f01\u696d\u304c\u652f\u6255\u3046\u7a0e\u91d1\u306e\u5272\u5408\u306e\u3053\u3068\u3067\u3059\u3002\u5229\u606f\u306e\u652f\u6255\u3044\u306f\u7a0e\u91d1\u306e\u63a7\u9664\u5bfe\u8c61\u306b\u306a\u308b\u305f\u3081\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u306b\u306f\u5b9f\u52b9\u7a0e\u7387\u3092\u639b\u3051\u3066\u5b9f\u969b\u306e\u8ca0\u62c5\u3068\u306a\u308b\u3088\u3046\u306b\u8abf\u6574\u3057\u307e\u3059\u3002<\/li>\n<\/ul>\n<h2>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u624b\u9806<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5098\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-4.jpeg\" alt=\"\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u3084\u624b\u9806\u30fb\u5e73\u5747\u306b\u3064\u3044\u3066\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"1000\" height=\"750\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-4.jpeg 1000w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-4-300x225.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-4-768x576.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><br \/>\n\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6c42\u3081\u308b\u305f\u3081\u306b\u306f\u3001\u8a08\u7b97\u624b\u9806\u3092\u982d\u306b\u5165\u308c\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u672c\u9805\u3067\u306f\u3001\u8a08\u7b97\u624b\u9806\u306b\u3064\u3044\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<ol>\n<li>\u682a\u5f0f\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u7b97\u51fa\u3059\u308b<\/li>\n<li>\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u7b97\u51fa\u3059\u308b<\/li>\n<li>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3059\u308b<\/li>\n<\/ol>\n<h3>\u2460\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u7b97\u51fa\u3059\u308b<\/h3>\n<p>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\u682a\u4e3b\u306b\u652f\u6255\u3046\u30b3\u30b9\u30c8\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6c42\u3081\u308b\u5834\u5408\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30a2\u30bb\u30c3\u30c8\u30fb\u30d7\u30e9\u30f3\u30cb\u30f3\u30b0\u30fb\u30e2\u30c7\u30eb\uff08CAPM)\u3068\u3044\u3046\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u8a08\u7b97\u5f0f\u3092\u7528\u3044\u307e\u3059\u3002<\/p>\n<p><strong>rE\uff08\u682a\u5f0f\u8cc7\u672c\u30b3\u30b9\u30c8\uff09=rf+\u03b2(Er-rf)<\/strong><\/p>\n<ul>\n<li><strong>rF<\/strong><br \/>\n\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3068\u547c\u3070\u308c\u3001\u30ea\u30b9\u30af\u306e\u306a\u3044\u6295\u8cc7\u306e\u5229\u76ca\u306e\u3053\u3068\u3092\u6307\u3057\u307e\u3059\u3002\u4f8b\u3048\u3070\u56fd\u50b5\u306e\u5229\u56de\u308a\u306a\u3069\u304c\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n<li><strong>\u03b2<\/strong><br \/>\n\u682a\u5f0f\u306e\u30d9\u30fc\u30bf\u4fc2\u6570\u3067\u682a\u5f0f\u306e\u30ea\u30b9\u30af\u306e\u5ea6\u5408\u3044\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002\u30d9\u30fc\u30bf\u4fc2\u6570\u306f\u682a\u5f0f\u306e\u53ce\u76ca\u7387\u3068\u5e02\u5834\u5168\u4f53\u306e\u53ce\u76ca\u7387\u306e\u76f8\u95a2\u4fc2\u6570\u304b\u3089\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u30d9\u30fc\u30bf\u4fc2\u6570\u304c1\u3088\u308a\u3082\u5927\u304d\u3044\u5834\u5408\u306f\u3001\u5e02\u5834\u5168\u4f53\u3088\u308a\u3082\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u30d9\u30fc\u30bf\u4fc2\u6570\u304c1\u3088\u308a\u3082\u5c0f\u3055\u3044\u5834\u5408\u306f\u3001\u5e02\u5834\u5168\u4f53\u3088\u308a\u3082\u30ea\u30b9\u30af\u304c\u4f4e\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/li>\n<li><strong>Er<\/strong><br \/>\n\u5e02\u5834\u5229\u76ca\u7387\u3068\u547c\u3070\u308c\u3001\u5e02\u5834\u5168\u4f53\u306e\u6295\u8cc7\u306e\u5229\u76ca\u306e\u3053\u3068\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u682a\u4fa1\u6307\u6570\u306e\u4e0a\u6607\u7387\u306a\u3069\u304c\u5e02\u5834\u53ce\u76ca\u7387\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<p>(Er-rf)\u306f\u3001\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u547c\u3070\u308c\u3001\u5e02\u5834\u5168\u4f53\u306e\u30ea\u30b9\u30af\u306b\u5bfe\u3059\u308b\u5831\u916c\u306e\u3053\u3068\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n<h3>\u2461\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u7b97\u51fa\u3059\u308b<\/h3>\n<p>\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u7b97\u51fa\u3059\u308b\u8a08\u7b97\u5f0f\u306f\u3001<strong>\u8ca0\u50b5\u30b3\u30b9\u30c8\uff1d\u8ca0\u50b5\u306e\u5229\u56de\u308a\u00d7\uff081-\u5b9f\u52b9\u7a0e\u7387\uff09<\/strong>\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u3001\u4f01\u696d\u304c100\u5104\u5186\u306e\u501f\u5165\u3092\u884c\u3044\u3001\u305d\u306e\u5229\u56de\u308a\u304c3.0%\u3060\u3068\u60f3\u5b9a\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u5b9f\u52b9\u7a0e\u7387\u304c20%\u3067\u3042\u308b\u3068\u3057\u307e\u3059\u3002\u3053\u306e\u5834\u5408\u306e\u8ca0\u50b5\u30b3\u30b9\u30c8\u306f\u3001<strong>\u8ca0\u50b5\u30b3\u30b9\u30c8\uff1d0.03\u00d7\uff081-0.2)=0.024<\/strong>\u3068\u306a\u308a\u3001\u3064\u307e\u308a2.4%\u3067\u3059\u3002<\/p>\n<p>\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u7b97\u51fa\u3059\u308b\u306b\u306f\u3001\u8ca0\u50b5\u306e\u5229\u56de\u308a\u3068\u7a0e\u91d1\u306e\u5f71\u97ff\u3092\u8003\u616e\u3057\u307e\u3059\u3002<\/p>\n<p>\u8ca0\u50b5\u306e\u5229\u56de\u308a\u306f\u8ca0\u50b5\u306e\u984d\u306b\u5bfe\u3059\u308b\u5229\u606f\u306e\u5272\u5408\u3067\u3042\u308a\u3001\u8ca0\u50b5\u306e\u7a2e\u985e\u3084\u671f\u9593\u3001\u5e02\u5834\u306e\u72b6\u6cc1\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002\u307e\u305f\u7a0e\u91d1\u306e\u5f71\u97ff\u3068\u306f\u3001\u5229\u606f\u304c\u7d4c\u8cbb\u3068\u3057\u3066\u8a8d\u3081\u3089\u308c\u308b\u3053\u3068\u3067<a href=\"https:\/\/biz.moneyforward.com\/accounting\/basic\/65605\/\" data-internallinksmanager029f6b8e52c=\"472\" title=\"\u6cd5\u4eba\u7a0e\">\u6cd5\u4eba\u7a0e<\/a>\u306e\u8ca0\u62c5\u304c\u8efd\u6e1b\u3055\u308c\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u3053\u306e\u52b9\u679c\u3092\u53cd\u6620\u3059\u308b\u305f\u3081\u306b\u3001\u5b9f\u52b9\u7a0e\u7387\u3092\u639b\u3051\u3066\u8abf\u6574\u3057\u307e\u3059\u3002\u5b9f\u52b9\u7a0e\u7387\u3068\u306f\u6cd5\u4eba\u7a0e\u306e\u7a0e\u7387\u306b\u5404\u7a2e\u306e\u7a0e\u5236\u512a\u9047\u63aa\u7f6e\u3092\u9069\u7528\u3057\u305f\u5f8c\u306e\u7a0e\u7387\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<h3>\u2462\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3059\u308b<\/h3>\n<p>\u682a\u5f0f\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3059\u308b\u306b\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u306e\u5272\u5408\u3092\u8003\u616e\u3057\u307e\u3059\u3002\u8a08\u7b97\u5f0f\u306f\u3001<strong>\u52a0\u91cd\u5e73\u5747\u30b3\u30b9\u30c8\uff1d\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u00d7\u682a\u4e3b\u8cc7\u672c\u306e\u5272\u5408+\u8ca0\u50b5\u30b3\u30b9\u30c8\u00d7\u8ca0\u50b5\u306e\u5272\u5408<\/strong>\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u3001\u4f01\u696d\u306e\u682a\u4e3b\u8cc7\u672c\u304c200\u5104\u5186\u3001\u8ca0\u50b5\u304c100\u5104\u5186\u3067\u3042\u308b\u3068\u3057\u307e\u3059\u3002\u3053\u306e\u5834\u5408\u3001\u682a\u4e3b\u8cc7\u672c\u306e\u5272\u5408\u306f<strong>200\/(200+100\uff09\uff1d0.67<\/strong>\u3001\u8ca0\u50b5\u306e\u5272\u5408\u306f<strong>100\/(200+100)=0.33<\/strong>\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c7\uff05\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u304c2.4\uff05\u3060\u3068\u60f3\u5b9a\u3059\u308b\u3068\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p><strong>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff1d0.07\u00d70.67+0.024\u00d70.33\uff1d0.053<\/strong><\/p>\n<p>\u3064\u307e\u308a\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306f5.3%\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h2>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u5e73\u5747<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5099\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-5.jpeg\" alt=\"\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u3084\u624b\u9806\u30fb\u5e73\u5747\u306b\u3064\u3044\u3066\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"1000\" height=\"667\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-5.jpeg 1000w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-5-300x200.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-5-768x512.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><br \/>\n\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u5e73\u5747\u306f\u3001\u4f01\u696d\u898f\u6a21\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u672c\u9805\u3067\u306f\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u5e73\u5747\u3092\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h3>\u5168\u696d\u754c\u5e73\u5747<\/h3>\n<p>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u5168\u696d\u754c\u306e\u5e73\u5747\u306f\u30012\u301c3%\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u7279\u306b\u96fb\u6a5f\u3084\u30ac\u30b9\u306a\u3069\u306e\u9700\u8981\u304c\u5b89\u5b9a\u3057\u3066\u3044\u308b\u696d\u754c\u306f\u3001\u8ca0\u50b5\u304c\u5897\u3048\u3066\u3082\u5012\u7523\u306b\u81f3\u308b\u30ea\u30b9\u30af\u304c\u4f4e\u304f\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u5e73\u5747\u3088\u308a\u3082\u4f4e\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u53cd\u5bfe\u306b\u3001\u9244\u92fc\u3084\u6a5f\u68b0\u306a\u3069\u306f\u3001\u30c8\u30ec\u30f3\u30c9\u306e\u79fb\u308a\u5909\u308f\u308a\u3082\u65e9\u3044\u305f\u3081\u3001\u4e8b\u696d\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u5012\u7523\u30ea\u30b9\u30af\u3092\u907f\u3051\u3088\u3046\u3068\u3057\u3066\u3082\u8ca0\u50b5\u6bd4\u7387\u3092\u4f4e\u304f\u7dad\u6301\u3059\u308b\u30b1\u30fc\u30b9\u304c\u3088\u304f\u898b\u3089\u308c\u3001WACC\u306f\u5e73\u5747\u3088\u308a\u3082\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<h3>\u4e0a\u5834\u4f01\u696d\u306e\u5e73\u5747<\/h3>\n<p>\u65e5\u672c\u306e\u4e0a\u5834\u4f01\u696d\u306e\u5e73\u5747\u306f5\uff5e6\uff05\u3067\u3059\u3002\u3053\u308c\u306f\u696d\u754c\u5e73\u5747\u901a\u308a\u306e\u6570\u5024\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u8cc7\u91d1\u8abf\u9054\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3060\u3051\u3067\u306a\u304f\u3001\u4f01\u696d\u306e\u53ce\u76ca\u6027\u3084\u6210\u9577\u6027\u3092\u8a55\u4fa1\u3059\u308b\u6307\u6a19\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u682a\u4e3b\u304b\u3089\u306e\u5f37\u3044\u671f\u5f85\u306b\u5fdc\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u4e0a\u5834\u4f01\u696d\u306f\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u4f4e\u3044\u6570\u5024\u306b\u306a\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n<h2>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6d3b\u7528\u65b9\u6cd5<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5100\" src=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-6.jpeg\" alt=\"\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u3084\u624b\u9806\u30fb\u5e73\u5747\u306b\u3064\u3044\u3066\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\" width=\"1000\" height=\"750\" srcset=\"https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-6.jpeg 1000w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-6-300x225.jpeg 300w, https:\/\/biz.moneyforward.com\/ipo\/wp-content\/uploads\/2023\/11\/ipo-144-6-768x576.jpeg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><br \/>\n\u4f01\u696d\u306e\u6295\u8cc7\u6c7a\u5b9a\u3084\u8ca1\u52d9\u6226\u7565\u3001\u4fa1\u5024\u8a55\u4fa1\u306a\u3069\u3001 \u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6d3b\u7528\u3059\u308b\u65b9\u6cd5\u306f\u3055\u307e\u3056\u307e\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u7406\u89e3\u3057\u3001\u9069\u5207\u306b\u6d3b\u7528\u3059\u308b\u3053\u3068\u306f\u3001\u4f01\u696d\u306e\u8ca1\u52d9\u5065\u5168\u6027\u3092\u7dad\u6301\u3057\u3001\u9577\u671f\u7684\u306a\u4fa1\u5024\u5275\u9020\u306b\u5411\u3051\u305f\u6226\u7565\u7684\u306a\u610f\u601d\u6c7a\u5b9a\u3092\u30b5\u30dd\u30fc\u30c8\u3059\u308b\u4e0a\u3067\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n<p>\u7279\u306b\u3001\u8907\u96d1\u306a\u8ca1\u52d9\u69cb\u9020\u3092\u6301\u3064\u5927\u4f01\u696d\u3084\u591a\u69d8\u306a\u6295\u8cc7\u5b9f\u7e3e\u3092\u6301\u3064\u4f01\u696d\u306b\u304a\u3044\u3066\u3001WACC\u306e\u6b63\u78ba\u306a\u8a08\u7b97\u3068\u9069\u7528\u306f\u3001\u4f01\u696d\u306e\u6210\u529f\u306b\u76f4\u63a5\u7684\u306b\u5bc4\u4e0e\u3057\u307e\u3059\u3002<\/p>\n<h2>\u307e\u3068\u3081<\/h2>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u305d\u306e\u8a08\u7b97\u65b9\u6cd5\u3001\u6d3b\u7528\u65b9\u6cd5\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3057\u305f\u3002\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u7406\u89e3\u3068\u9069\u5207\u306a\u6d3b\u7528\u306f\u3001\u4f01\u696d\u306e\u8ca1\u52d9\u6226\u7565\u3092\u7acb\u3066\u308b\u4e0a\u3067\u975e\u5e38\u306b\u91cd\u8981\u3067\u3059\u3002<\/p>\n<p>\u4f01\u696d\u304c\u4e8b\u696d\u3092\u884c\u3046\u305f\u3081\u306b\u306f\u8cc7\u91d1\u8abf\u9054\u304c\u4e0d\u53ef\u6b20\u3067\u3042\u308a\u3001\u305d\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u52b9\u7387\u7684\u306a\u7d4c\u55b6\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u8ca1\u52d9\u5831\u544a\u306b\u4fc2\u308b<a href=\"https:\/\/biz.moneyforward.com\/ipo\/basic\/854\/\" data-internallinksmanager029f6b8e52c=\"397\" title=\"\u5185\u90e8\u7d71\u5236\">\u5185\u90e8\u7d71\u5236<\/a>\u5831\u544a\u5236\u5ea6\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u304a\u308a\u307e\u3059\u3002\u4f75\u305b\u3066\u3054\u53c2\u7167\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\/2596\/\" data-lkc-id=\"128\" 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\">\u8ca1\u52d9\u5831\u544a\u306b\u4fc2\u308b\u5185\u90e8\u7d71\u5236\u5831\u544a\u5236\u5ea6\u304c\u6539\u8a02\u3055\u308c\u308b\u7406\u7531\u306f\uff1f\u30dd\u30a4\u30f3\u30c8\u3082\u89e3\u8aac<\/div><div 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