{"id":767,"date":"2018-12-07T08:23:37","date_gmt":"2018-12-07T08:23:37","guid":{"rendered":"http:\/\/stream-blog.local\/?p=767"},"modified":"2018-12-10T06:21:46","modified_gmt":"2018-12-10T06:21:46","slug":"beginner06","status":"publish","type":"post","link":"http:\/\/stream-blog.local\/beginner06\/","title":{"rendered":"\u521d\u5fc3\u8005\u30b3\u30fc\u30ca\u30fc\u3010\u7b2c5\u56de\u3011\u5404\u6295\u8cc7\u6307\u6a19\u306e\u8aac\u660e"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><br \/>\n\u7686\u3055\u3093\u3053\u3093\u306b\u3061\u306f\uff01<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4eca\u9031\u3082\u521d\u5fc3\u8005\u306e\u7686\u3055\u3093\u306e\u305f\u3081\u306e\u682a\u5f0f\u30d6\u30ed\u30b0\u3092\u66f8\u3044\u3066\u3044\u304d\u307e\u3059\uff01<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-large wp-image-778\" src=\"http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/jeshoots-com-436787-unsplash-1024x683.jpg\" alt=\"\" width=\"750\" height=\"500\" srcset=\"http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/jeshoots-com-436787-unsplash-1024x683.jpg 1024w, http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/jeshoots-com-436787-unsplash-300x200.jpg 300w, http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/jeshoots-com-436787-unsplash-768x512.jpg 768w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u524d\u56de\u306f\u30c6\u30af\u30cb\u30ab\u30eb\u5206\u6790\u306e\u65b9\u6cd5\u3068\u3057\u3066\u3001\u30c1\u30e3\u30fc\u30c8\u3068\u30ed\u30a6\u30bd\u30af\u8db3\u306e\u898b\u65b9\u3001\u79fb\u52d5\u5e73\u5747\u7dda\u306b\u3064\u3044\u3066\u7d39\u4ecb\u3057\u307e\u3057\u305f\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u4eca\u56de\u306f\u682a\u5f0f\u306e\u826f\u3057\u60aa\u3057\u3092\u5224\u65ad\u3059\u308b\u4e0a\u3067\u305c\u3072\u899a\u3048\u3066\u3044\u305f\u3060\u304d\u305f\u3044\u300c\u682a\u4fa1\u6307\u6a19\u300d\u306e\u898b\u65b9\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4eca\u307e\u3067\u898b\u305f\u3053\u3068\u306e\u306a\u3044\u8a00\u8449\u3084\u8a08\u7b97\u5f0f\u304c\u591a\u304f\u96e3\u3057\u3044\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001<\/span><span style=\"font-weight: 400;\">\u4eca\u56de\u306e\u5185\u5bb9\u3092\u30de\u30b9\u30bf\u30fc\u3059\u308c\u3070<br \/>\n\u8131\u30fb\u521d\u5fc3\u8005\u9593\u9055\u3044\u306a\u3057\u3067\u3059\uff01<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #ff0000;\">ROE<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #ff0000;\">PER<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #ff0000;\">PBR<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #ff0000;\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h1><span style=\"font-weight: 400;\">ROE<\/span><\/h1>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305a\u6700\u521d\u306b\u7686\u3055\u3093\u306b\u7d39\u4ecb\u3059\u308b\u306e\u306f<\/span><span style=\"font-weight: 400;\">ROE<\/span><span style=\"font-weight: 400;\">\u3068\u3044\u3046\u6307\u6a19\u3067\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u300c\u306a\u3093\u3060\u3053\u308c\uff01\uff1f\u6025\u306b\u82f1\u8a9e\u304c\u51fa\u3066\u304d\u305f\uff01\u300d<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3068\u601d\u3046\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u91cd\u8981\u306a\u6307\u6a19\u3067\u3059\u306e\u3067\u3086\u3063\u304f\u308a\u3068\u7406\u89e3\u3057\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ROE\u306f\u300cReturn On Equity\u300d\u306e\u982d\u6587\u5b57\u3092\u3068\u3063\u305f\u3082\u306e\u3067\u3059\u3002\u65e5\u672c\u8a9e\u306b\u8a33\u3059\u3068\u3001<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u300c\u682a\u4e3b\u8cc7\u672c\u5229\u76ca\u7387\u300d\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8a08\u7b97\u5f0f\u306f\u30fb\u30fb\u30fb<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #ff0000;\">ROE(%)=\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u682a\u4e3b\u8cc7\u672c(\u81ea\u5df1\u8cc7\u672c)\u00d7100<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5206\u5b50\u306b\u3042\u308b\u5f53\u671f\u7d14\u5229\u76ca\u3068\u306f\u3001\u4f01\u696d\u304c\u51fa\u3057\u305f\u6700\u7d42\u7684\u306a\u5229\u76ca\u306e\u3053\u3068\u3067\u3001(\u7b2c\u4e09\u56de\u53c2\u7167\u3010http:\/\/stream-blog.local\/beginner04\/\u3011)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5206\u6bcd\u306b\u3042\u308b\u682a\u4e3b\u8cc7\u672c\u3068\u306f\u3001\u4f01\u696d\u304c\u682a\u5f0f\u3092\u516c\u958b\u3059\u308b\u3053\u3068\u3067\u96c6\u3081\u305f\u304a\u91d1<\/span><i><span style=\"font-weight: 400;\">\u3084\u7a4d\u307f\u91cd\u306d\u305f\u5229\u76ca\u306e\u984d<\/span><\/i><span style=\"font-weight: 400;\">\u306e\u3053\u3068\u3067\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u306e\u8a08\u7b97\u5f0f\u304b\u3089\u5f97\u3089\u308c\u305fROE\u304b\u3089\u306f\u3001<\/span><\/p>\n<p><span style=\"font-weight: 400; color: #ff0000;\">\u300c\u4f01\u696d\u304c\u3001\u682a\u4e3b\u304b\u3089\u96c6\u3081\u305f\u8cc7\u91d1\u3092\u3069\u308c\u3060\u3051\u52b9\u7387\u3088\u304f\u4f7f\u3063\u3066\u3044\u308b\u304b\u300d<\/span><span style=\"font-weight: 400;\">\u304c\u5206\u304b\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u4f8b\u3048\u3070\u3001\u5f53\u671f\u7d14\u5229\u76ca100\u5104\u5186\u3001\u682a\u4e3b\u8cc7\u672c500\u5104\u5186\u306e\uff21\u793e\u3068\u5f53\u671f\u7d14\u5229\u76ca100\u5104\u5186\u3001\u682a\u4e3b\u8cc7\u672c600\u5104\u5186\u306eB\u793e\u304c\u3042\u3063\u305f\u3068\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u7686\u3055\u3093\u306a\u3089\u3069\u3061\u3089\u306e\u682a\u5f0f\u3092\u8cb7\u3063\u3066\u307f\u305f\u3044\u3067\u3059\u304b\uff1f<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u3053\u3067ROE\u3092\u8a08\u7b97\u3057\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A\u793e\u3000ROE(%)=(100\u5104\u5186\u00f7500\u5104\u5186)\u00d7100=20%<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">B\u793e\u3000ROE(%)=(100\u5104\u5186\u00f7600\u5104\u5186)\u00d7100=16.66\u2026%<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A\u793e\u306fB\u793e\u3088\u308a\u3082\u81ea\u5df1\u8cc7\u672c\u304c100\u5104\u5186\u5c11\u306a\u3044\u3067\u3059\u304c\u3001\u540c\u3058\u5f53\u671f\u7d14\u5229\u76ca100\u5104\u5186\u3092\u51fa\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u300c\u52b9\u7387\u6027\u300d\u306e\u5dee\u304cROE\u306e\u5dee\u3068\u306a\u3063\u3066\u8868\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u5206\u304b\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3061\u306a\u307f\u306bROE\u306e\u9ad8\u3055\u3092\u793a\u3059\u57fa\u6e96\u3068\u3057\u3066\u300c8%\u4ee5\u4e0a\u300d\u3068\u3044\u3046\u6570\u5024\u304c\u3088\u304f\u4f7f\u308f\u308c\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u308c\u306f2014\u5e74\u306b\u7d4c\u6e08\u7523\u696d\u7701\u304c\u767a\u8868\u3057\u305f\u300c\u4f0a\u85e4\u30ec\u30dd\u30fc\u30c8\u300d\u306b\u3088\u3063\u3066\u793a\u3055\u308c\u305f\u6570\u5024\u3067\u3001<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u308c\u4ee5\u964dROE\u304c\u3055\u3089\u306b\u6ce8\u76ee\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f\u4e16\u754c\u7684\u306b\u6709\u540d\u306a\u6295\u8cc7\u5bb6\u300c\u30a6\u30a9\u30fc\u30ec\u30f3\u30fb\u30d0\u30d5\u30a7\u30c3\u30c8(\u203b1)\u300d\u306f\u81ea\u8eab\u306e\u8457\u4f5c\u306e\u4e2d\u3067\u300cROE\u304c15%\u4ee5\u4e0a\u300d\u3068\u3044\u3046\u57fa\u6e96\u3092\u9298\u67c4\u9078\u5b9a\u306b\u4f7f\u7528\u3059\u308b\u3068\u8a18\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3088\u3063\u3066\u3001\u4f55\uff05\u4ee5\u4e0b\u306a\u3089\u3070\u7d76\u5bfe\u306b\u30c0\u30e1\u3001\u4f55\uff05\u4ee5\u4e0a\u306a\u3089\u3070\u7d76\u5bfe\u306b\u5927\u4e08\u592b\u3068\u3044\u3046\u7d76\u5bfe\u7684\u306a\u57fa\u6e96\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u6c17\u306b\u306a\u308b\u9298\u67c4\u304c\u3042\u3063\u305f\u5834\u5408\u306fROE\u3092\u78ba\u8a8d\u3057\u3001\u7af6\u5408\u4ed6\u793e\u3068\u6bd4\u3079\u3066\u52a3\u3063\u3066\u3044\u308b\u3053\u3068\u306f\u306a\u3044\u304b\u30c1\u30a7\u30c3\u30af\u3057\u3066\u304a\u304f\u3068\u3088\u3044\u3067\u3057\u3087\u3046<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u203b1 \u4e16\u754c\u306e\u8457\u540d\u306a\u6295\u8cc7\u5bb6\u306b\u3064\u3044\u3066\u306f\u7b2c10\u56de\u306b\u3066\u8a73\u3057\u304f\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-large wp-image-768\" src=\"http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/lycs-lycs-744230-unsplash-1024x683.jpg\" alt=\"\" width=\"750\" height=\"500\" srcset=\"http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/lycs-lycs-744230-unsplash-1024x683.jpg 1024w, http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/lycs-lycs-744230-unsplash-300x200.jpg 300w, http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/lycs-lycs-744230-unsplash-768x512.jpg 768w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"font-weight: 400;\">PER<\/span><\/h1>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u6b21\u306b\u8aac\u660e\u3059\u308b\u306e\u304c<\/span><span style=\"font-weight: 400; color: #ff0000;\">PER<\/span><span style=\"font-weight: 400;\">\u3067\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u300c\u307e\u305f\u82f1\u8a9e\u304b\u30fb\u30fb\u30fb\u300d<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3068\u601d\u3046\u65b9\u3082\u3044\u3089\u3063\u3057\u3083\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3053\u308c\u3082\u91cd\u8981\u306a\u6307\u6a19\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PER\u306f\u300cPrice Earnings Ratio\u300d\u306e\u982d\u6587\u5b57\u3092\u3068\u3063\u305f\u8a00\u8449\u3067\u3001\u300c\u682a\u4fa1\u53ce\u76ca\u7387\u300d\u3068\u8a33\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u521d\u3081\u306b\u8a00\u3063\u3066\u304a\u304f\u3068\u3053\u308c\u306f<\/span><span style=\"font-weight: 400; color: #ff0000;\">\u300c\u682a\u4fa1\u304c\u5272\u9ad8\u304b\u5272\u5b89\u304b\u300d<\/span><span style=\"font-weight: 400;\">\u3092\u5224\u65ad\u3059\u308b\u6307\u6a19\u3067\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u8a08\u7b97\u5f0f\u306f\u30fb\u30fb\u30fb<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">PER(\u500d)=\u682a\u4fa1\u00f7\u4e00\u682a\u5f53\u305f\u308a\u7d14\u5229\u76ca<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u5206\u5b50\u306e\u682a\u4fa1\u306f\u5927\u4e08\u592b\u3067\u3057\u3087\u3046\u3002\u3067\u3059\u304c\u5206\u6bcd\u306e\u300c\u4e00\u682a\u5f53\u305f\u308a\u7d14\u5229\u76ca\u300d\u306b\u3064\u3044\u3066\u306f\u8aac\u660e\u304c\u5fc5\u8981\u304b\u3068\u601d\u3044\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e00\u682a\u5f53\u305f\u308a\u7d14\u5229\u76ca\u3068\u306f\u3001<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #ff0000;\">\u300c\u4f01\u696d\u306e\u7d14\u5229\u76ca\u3092\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570\u3067\u5272\u3063\u305f\u3082\u306e\u300d<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3067\u3059\u3002\u82f1\u8a9e\u3067<\/span><span style=\"font-weight: 400; color: #ff0000;\">EPS<\/span><span style=\"font-weight: 400;\">(Earnings Per Share )\u3068\u3044\u3063\u305f\u308a\u3082\u3057\u307e\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u3064\u307e\u308a\u3053\u306ePER\u306e\u5f0f\u306f\u300c\u682a\u4fa1\u304c\u4e00\u682a\u5f53\u305f\u308a\u7d14\u5229\u76ca\u306e\u4f55\u500d\u304b\u300d\u3068\u3044\u3046\u3053\u3068\u3092\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u4f8b\u3048\u3070\u3001\u682a\u4fa12000\u5186\u3067\u4e00\u682a\u5f53\u305f\u308a\u7d14\u5229\u76ca100\u5186\u306e\u682a\u5f0fA\u3068\u3001\u540c\u3058\u304f\u682a\u4fa12000\u5186\u3067\u4e00\u682a\u5f53\u305f\u308a\u7d14\u5229\u76ca200\u5186\u306e\u682a\u5f0fB\u304c\u3042\u3063\u305f\u3068\u3059\u308b\u3068\u3001<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">A PER(\u500d)=2000\u00f7100=20\u500d<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">B PER(\u500d)=2000\u00f7200=10\u500d<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3053\u306e\u6570\u5024\u3092\u6bd4\u3079\u308b\u3053\u3068\u306b\u3088\u308a\u3001B\u793e\u306e\u682a\u5f0f\u304cA\u793e\u306e\u682a\u5f0f\u306b\u6bd4\u3079\u3066\u5272\u5b89\u3067\u3042\u308b\u3068\u5224\u65ad\u3067\u304d\u308b\u306e\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u76ee\u5b89\u3068\u3057\u3066\u30012018\u5e7411\u6708\u672b\u6642\u70b9\u3067\u306e\u6771\u8a3c\u4e00\u90e8\u306e\u5e73\u5747PER\u306f22.4\u500d(\u203b2)\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\uff08\u203b2\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u3000\u898f\u6a21\u5225\u30fb\u696d\u7a2e\u5225PER\u30fbPBR\u4e00\u89a7\u3088\u308a\uff09<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u305f\u3060\u3057\u3001\u696d\u7a2e\u3084\u5e02\u5834\u30fb\u6642\u671f\u306b\u3088\u3063\u3066\u5e73\u5747PER\u306f\u304b\u306a\u308a\u7570\u306a\u308b\u306e\u3067\u3001\u3042\u304f\u307e\u3067\u76ee\u5b89\u3068\u3057\u3066\u8003\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"font-weight: 400;\">PBR<\/span><\/h1>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">PBR\u3082\u524d\u8ff0\u306ePER\u3068\u540c\u69d8\u306b<\/span><span style=\"font-weight: 400; color: #ff0000;\">\u682a\u4fa1\u306e\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad<\/span><span style=\"font-weight: 400;\"><span style=\"color: #ff0000;\">\u3059\u308b\u6307\u6a19<\/span>\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u300cPrice Book-value Ratio\u300d\u306e\u982d\u6587\u5b57\u3092\u3068\u3063\u305f\u8a00\u8449\u3067\u300c\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\u300d\u3068\u3082\u547c\u3070\u308c\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305a\u306f\u8a08\u7b97\u5f0f\u3092\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400; color: #ff0000;\">PBR(\u500d)=\u682a\u4fa1\u00f7\u4e00\u682a\u5f53\u305f\u308a\u306e\u682a\u4e3b\u8cc7\u672c<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">PER\u3068\u9055\u3046\u3068\u3053\u308d\u306f\u5206\u6bcd\u306e\u90e8\u5206\u3067\u3059\u3002\u300c\u4e00\u682a\u5f53\u305f\u308a\u306e\u682a\u4e3b\u8cc7\u672c\u300d\u306fBPS (Book-value Per Share)\u3068\u3088\u3070\u308c\u3001<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">BPS=\u682a\u4e3b\u8cc7\u672c\u00f7\u767a\u884c\u6e08\u307f\u682a\u5f0f\u6570<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3067\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">PER\u306f\u300c\u682a\u4fa1\u304c<\/span><span style=\"font-weight: 400; color: #ff0000;\">\u4e00\u682a\u5f53\u305f\u308a\u306e\u7d14\u5229\u76ca<\/span><span style=\"font-weight: 400;\">\u306e\u4f55\u500d\u304b\u300d\u3068\u3044\u3046\u8996\u70b9\u304b\u3089\u898b\u308b\u306e\u306b\u5bfe\u3057\u3066<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PBR\u306f\u300c\u682a\u4fa1\u304c<\/span><span style=\"font-weight: 400; color: #ff0000;\">\u4e00\u682a\u5f53\u305f\u308a\u306e\u682a\u4e3b\u8cc7\u672c<\/span><span style=\"font-weight: 400;\">\u306e\u4f55\u500d\u304b\u300d\u3068\u3044\u3046\u8996\u70b9\u304b\u3089\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">PBR\u306f\uff11\u500d\u304c\u8a55\u4fa1\u306e\u57fa\u6e96\u3068\u306a\u308a\u307e\u3059\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">PBR\u304c1\u500d\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u5834\u5408\u3001\u4f1a\u793e\u306e\u6301\u3064\u7d14\u8cc7\u7523\u4ee5\u4e0a\u306b\u6295\u8cc7\u5bb6\u304b\u3089\u671f\u5f85\u304c\u96c6\u307e\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u8868\u3057\u3001\u53cd\u5bfe\u306bPBR\u304c\u4e00\u500d\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u5834\u5408\u3001\u7d14\u8cc7\u7523\u306b\u5bfe\u3057\u3066\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u671f\u5f85\u304c\u8584\u3044\u3053\u3068\u3092\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\uff11\u500d\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u5834\u5408\u306f\u57fa\u672c\u7684\u306b\u5272\u5b89\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u305d\u308c\u306f\u3042\u304f\u307e\u3067\u696d\u7e3e\u304c\u4f34\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u524d\u63d0\u3067\u3042\u308a\u3001PBR=\uff11\u500d\u4ee5\u4e0b\u3068\u3044\u3046\u6761\u4ef6\u3060\u3051\u3067\u682a\u5f0f\u3092\u8cfc\u5165\u3059\u308b\u306e\u306f\u65e9\u8a08\u3067\u3059\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u5148\u306b\u8ff0\u3079\u305f<\/span><span style=\"font-weight: 400; color: #ff0000;\">ROE\u3084PER\u3068\u3044\u3063\u305f\u3082\u306e\u3068\u7d44\u307f\u5408\u308f\u305b\u308b<\/span><span style=\"font-weight: 400;\">\u3053\u3068\u3067\u3001\u826f\u3044\u9298\u67c4\u3092\u63a2\u3059\u52a9\u3051\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"alignleft size-large wp-image-769\" src=\"http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/rawpixel-558596-unsplash-1024x740.jpg\" alt=\"\" width=\"750\" height=\"542\" srcset=\"http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/rawpixel-558596-unsplash-1024x740.jpg 1024w, http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/rawpixel-558596-unsplash-300x217.jpg 300w, http:\/\/stream-blog.local\/wp-content\/uploads\/2018\/12\/rawpixel-558596-unsplash-768x555.jpg 768w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"font-weight: 400;\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/span><\/h1>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u6700\u5f8c\u306f<\/span><span style=\"font-weight: 400; color: #ff0000;\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/span><span style=\"font-weight: 400;\">\u3067\u3059\u3002\u3053\u308c\u306f<\/span><span style=\"font-weight: 400; color: #ff0000;\">\u300c\u4f1a\u793e\u306e\u8ca1\u52d9\u306e\u5065\u5168\u6027\u300d<\/span><span style=\"font-weight: 400;\">\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u8a08\u7b97\u5f0f\u306f\u3001<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400; color: #ff0000;\">\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387(%)=\u682a\u4e3b\u8cc7\u672c\u00f7\u7dcf\u8cc7\u672c<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3068\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u682a\u5f0f\u4f1a\u793e\u306b\u306f\u304a\u91d1\u306e\u8abf\u9054\u65b9\u6cd5\u304c\u5927\u304d\u304f\u5206\u3051\u3066\u4e8c\u3064\u3042\u308a\u307e\u3059\u3002<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">\u4e00\u3064\u76ee\u306f\u682a\u5f0f\u3092\u767a\u884c\u3057\u6295\u8cc7\u5bb6\u304b\u3089\u51fa\u8cc7\u3092\u52df\u308b\u65b9\u6cd5\u3002<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u4e8c\u3064\u76ee\u306f\u9280\u884c\u306a\u3069\u304b\u3089\u304a\u91d1\u3092\u501f\u308a\u305f\u308a\u3001\u793e\u50b5\u3092\u767a\u884c\u3059\u308b\u65b9\u6cd5<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u682a\u4e3b\u8cc7\u672c\u306b\u306f\u8fd4\u6e08\u7fa9\u52d9\u304c\u306a\u3044\u306e\u306b\u5bfe\u3057\u3001\u9280\u884c\u306a\u3069\u304b\u3089\u306e\u501f\u5165\u91d1\u3084\u793e\u50b5\u306b\u306f\u8fd4\u6e08\u306e\u7fa9\u52d9\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u304c\u5927\u304d\u306a\u9055\u3044\u3067\u3059\u3002\u682a\u4e3b\u8cc7\u672c\u306b\u6bd4\u3079\u3066\u501f\u5165\u91d1\u304c\u3042\u307e\u308a\u306b\u3082\u591a\u3044\u3068\u3001\u91d1\u5229\u306e\u652f\u6255\u3044\u3068\u5143\u672c\u306e\u8fd4\u6e08\u3092\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u305f\u3081\u7d4c\u55b6\u304c\u5b89\u5b9a\u3057\u307e\u305b\u3093\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u305d\u306e\u305f\u3081\u3001\u5148\u307b\u3069\u306e\u5f0f\u304b\u3089\u7b97\u51fa\u3055\u308c\u308b\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306f\u4e00\u5b9a\u4ee5\u4e0a\u306e\u6570\u5024\u304c\u3042\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u540c\u696d\u4ed6\u793e\u3068\u6bd4\u8f03\u3057\u3066\u3001\u81ea\u5206\u306e\u8cb7\u3044\u305f\u3044\u9298\u67c4\u306e\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c\u4f4e\u3059\u304e\u306a\u3044\u3053\u3068\u3092\u78ba\u8a8d\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u3044\u304b\u304c\u3067\u3057\u305f\u3067\u3057\u3087\u3046\u304b\uff1f<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u8a08\u7b97\u5f0f\u304c\u3067\u3066\u304d\u305f\u308a\u3068\u96e3\u3057\u3044\u5185\u5bb9\u306b\u306a\u3063\u3066\u3057\u307e\u3057\u307e\u3057\u305f\u304c\u3001\u4eca\u56de\u7d39\u4ecb\u3057\u305f\u56db\u3064\u306e\u6307\u6a19\u306f\u3069\u308c\u3082\u91cd\u8981\u306a\u3082\u306e\u3067\u3059\u3002\u4e00\u5ea6\u306b\u899a\u3048\u308b\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u306e\u3067\u3001\u682a\u5f0f\u3092\u63a2\u3059\u969b\u306b\u3061\u3087\u3063\u3068\u610f\u8b58\u3057\u3066\u307f\u308b\u3068\u982d\u306b\u306f\u3044\u308a\u3084\u3059\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u307e\u305f\u4eca\u56de\u306f\u7d39\u4ecb\u3057\u304d\u308c\u306a\u304b\u3063\u305f\u91cd\u8981\u306a\u6307\u6a19\u3082\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u8208\u5473\u306e\u3042\u308b\u65b9\u306f\u8abf\u3079\u3066\u307f\u3066\u306f\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\uff1f<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u6765\u9031\u306f\u300c\u677f\u306e\u898b\u65b9\u3068\u6ce8\u6587\u65b9\u6cd5(\u6210\u884c\u30fb\u6307\u5024\uff09\u306b\u3064\u3044\u3066<\/span><span style=\"font-weight: 400;\">\u300d\u3068\u984c\u3057\u307e\u3057\u3066\u3001\u5b9f\u969b\u306b\u682a\u5f0f\u3092\u8cfc\u5165\u3059\u308b\u969b\u306b\u78ba\u8a8d\u3057\u305f\u3044\u3001\u677f\u306e\u898b\u65b9\u3084\u9700\u7d66\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066\u3054\u7d39\u4ecb\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 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