{"id":7495,"date":"2025-07-21T07:57:29","date_gmt":"2025-07-20T22:57:29","guid":{"rendered":"https:\/\/www.tfcc.jp\/cw\/?p=7495"},"modified":"2025-07-11T08:19:14","modified_gmt":"2025-07-10T23:19:14","slug":"%e8%a3%bd%e9%80%a0%e6%a5%ad%e3%82%92%e5%b7%a1%e3%82%8b%e7%8f%be%e7%8a%b6%e3%81%a8%e8%aa%b2%e9%a1%8c%e3%80%80%e8%a3%bd%e9%80%a0%e6%a5%ad%e4%bc%81%e6%a5%ad%e3%81%ae%e7%8a%b6%e6%b3%81%e3%80%80%ef%bc%92","status":"publish","type":"post","link":"https:\/\/www.tfcc.jp\/cw\/?p=7495","title":{"rendered":"\u88fd\u9020\u696d\u3092\u5de1\u308b\u73fe\u72b6\u3068\u8ab2\u984c\u3000\u88fd\u9020\u696d\u4f01\u696d\u306e\u72b6\u6cc1\u3000\uff12"},"content":{"rendered":"

\u30ad\u30e3\u30ea\u30a2\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8<\/u><\/a>\u306e\u65b9\u306b\u6709\u7528\u306a\u60c5\u5831\u3092\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002<\/p>\n

\u524d\u56de\u306b\u7d9a\u304d\u3001\u7d4c\u6e08\u7523\u696d\u7701\u88fd\u9020\u7523\u696d\u5c40\u304c\uff12\uff10\uff12\uff14\u5e74\uff15\u6708\u306b\u516c\u8868\u3057\u305f\u8cc7\u6599\u300c\u88fd\u9020\u696d\u3092\u5de1\u308b\u73fe\u72b6\u3068\u8ab2\u984c\u4eca\u5f8c\u306e\u653f\u7b56\u306e\u65b9\u5411\u6027\u300d\u304b\u3089\u300c\u88fd\u9020\u696d\u4f01\u696d\u306e\u72b6\u6cc1\uff12\u3067\u306f\u3001\u8ca1\u52d9\u6307\u6a19\u304b\u3089\u898b\u305f\u4f01\u696d\u306e\u53ce\u76ca\u6027\u30fb\u52b9\u7387\u6027\u30fb\u5065\u5168\u6027\u304c\u4e2d\u5fc3\u306b\u6271\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u56f3\u8868\u3092\u88dc\u5b8c\u3057\u306a\u304c\u3089\u3088\u308a\u8e0f\u307f\u8fbc\u3093\u3060\u89e3\u8aac\u3092\u3057\u307e\u3059\u3002<\/p>\n

\"\"<\/p>\n

\uff08\u51fa\u5178\uff09\u7d4c\u7523\u7701 \u88fd\u9020\u696d\u3092\u5de1\u308b\u73fe\u72b6\u3068\u8ab2\u984c\u4eca\u5f8c\u306e\u653f\u7b56\u306e\u65b9\u5411\u60272024\u5e745\u6708\u88fd\u9020\u7523\u696d\u5c40\u88fd\u9020\u696d\u4f01\u696d\u306e\u72b6\u6cc1 – \u691c\u7d22<\/a><\/p>\n

\u25c6\u300c\u88fd\u9020\u4f01\u696d\u306e\u72b6\u6cc1\u300d\u89e3\u8aac
\n\u2015\u2015ROE\u30fb\u7d14\u5229\u76ca\u7387\u30fb\u8cc7\u7523\u52b9\u7387\u304b\u3089\u8aad\u307f\u89e3\u304f\u3001\u201c\u7e2e\u5c0f\u5747\u8861\u201d\u306b\u9665\u308b\u65e5\u672c\u306e\u88fd\u9020\u696d
\n\u306f\u3058\u3081\u306b\uff1a\u3053\u306e\u30da\u30fc\u30b8\u304c\u660e\u3089\u304b\u306b\u3057\u3066\u3044\u308b\u3053\u3068
\n\u3053\u306e\u30da\u30fc\u30b8\u306f\u3001\u65e5\u672c\u306e\u88fd\u9020\u4f01\u696d\u304c\u58f2\u4e0a\u3084\u5229\u76ca\u3092\u62e1\u5927\u3057\u3066\u3044\u308b\u3088\u3046\u306b\u898b\u3048\u3066\u3082\u3001\u7d4c\u55b6\u306e\u8cea\u306e\u9762\u3067\u306f\u7c73\u6b27\u306b\u6bd4\u3079\u3066\u5927\u304d\u306a\u8ab2\u984c\u3092\u62b1\u3048\u3066\u3044\u308b\u3068\u3044\u3046\u69cb\u9020\u7684\u554f\u984c\u306b\u7126\u70b9\u3092\u5f53\u3066\u3066\u3044\u308b\u3002\u3068\u304f\u306b\u3001
\n\u2460\u3000\u7d14\u5229\u76ca\u7387\uff08\u3069\u308c\u3060\u3051\u52b9\u7387\u7684\u306b\u5229\u76ca\u3092\u51fa\u3057\u3066\u3044\u308b\u304b\uff09
\n\u2461\u3000ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\uff08\u682a\u4e3b\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u53ce\u76ca\u6027\uff09
\n\u2462\u3000\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\uff08\u8cc7\u7523\u306e\u904b\u7528\u52b9\u7387\uff09
\n\u2463\u3000\u30ec\u30d0\u30ec\u30c3\u30b8\u6bd4\u7387\uff08\u8ca1\u52d9\u306e\u5b89\u5168\u6027\u3068\u7a4d\u6975\u6027\uff09
\n\u3068\u3044\u3063\u305f\u8ca1\u52d9\u6307\u6a19\u3092\u7528\u3044\u306a\u304c\u3089\u3001\u65e5\u672c\u4f01\u696d\u304c\u9577\u5e74\u300c\u5b88\u308a\u306e\u7d4c\u55b6\u300d\u306b\u3068\u3069\u307e\u308a\u3001\u6210\u9577\u6295\u8cc7\u306b\u8e0f\u307f\u51fa\u305b\u306a\u3044\u201c\u7e2e\u5c0f\u5747\u8861\u201d\u306b\u9665\u3063\u3066\u3044\u308b\u61f8\u5ff5\u3092\u4e01\u5be7\u306b\u63d0\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n

\uff11\uff0e\u7d14\u5229\u76ca\u7387\u306f\u4e0a\u6607\u50be\u5411\u2014\u2014\u3060\u304c\u7c73\u6b27\u3068\u306e\u683c\u5dee\u306f\u4f9d\u7136\u5927\u304d\u3044
\n\u30b9\u30e9\u30a4\u30c9\u306b\u306f\u3001\u65e5\u672c\u30fb\u7c73\u56fd\u30fb\u6b27\u5dde\u306e**\u88fd\u9020\u696d\u306e\u7d14\u5229\u76ca\u7387\uff08Net Profit Margin\uff09**\u306e\u63a8\u79fb\u304c\u793a\u3055\u308c\u3066\u3044\u308b\u3002\u3053\u3053\u3067\u306f\u3001\u4ee5\u4e0b\u306e\u30dd\u30a4\u30f3\u30c8\u304c\u91cd\u8981\u3067\u3042\u308b\uff1a
\n\u25cf\u65e5\u672c\u4f01\u696d\u306e\u7d14\u5229\u76ca\u7387\u306f\u30012000\u5e74\u4ee3\u4ee5\u964d\u7740\u5b9f\u306b\u4e0a\u6607\u50be\u5411\u306b\u3042\u308b
\n\u2192 \u58f2\u4e0a\u304c\u6a2a\u3070\u3044\u306e\u4e2d\u3067\u5229\u76ca\u3092\u5897\u3084\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u70b9\u3067\u306f\u201c\u52b9\u7387\u7684\u201d\u306b\u898b\u3048\u308b
\n\u25cf\u3057\u304b\u3057\u3001\u305d\u306e\u6c34\u6e96\u306f\u7c73\u56fd\u30fb\u6b27\u5dde\u306e\u88fd\u9020\u696d\u3088\u308a\u3082\u4f9d\u7136\u3068\u3057\u30662\u301c3\u30dd\u30a4\u30f3\u30c8\u7a0b\u5ea6\u4f4e\u3044
\n\u2192 \u5229\u76ca\u7387\u306e\u7d76\u5bfe\u5024\u3067\u6bd4\u8f03\u3059\u308c\u3070\u3001\u7af6\u4e89\u529b\u306f\u307e\u3060\u898b\u52a3\u308a\u3059\u308b
\n\u3053\u306e\u80cc\u666f\u306b\u306f\u3001\u65e5\u672c\u4f01\u696d\u304c\u30b3\u30b9\u30c8\u524a\u6e1b\u3092\u9032\u3081\u3066\u5229\u76ca\u3092\u637b\u51fa\u3057\u3066\u304d\u305f\u4e00\u65b9\u3067\u3001\u88fd\u54c1\u4fa1\u683c\u3084\u4ed8\u52a0\u4fa1\u5024\u306e\u9ad8\u3055\u3067\u53ce\u76ca\u3092\u4e0a\u3052\u308b\u529b\uff08\uff1d\u4fa1\u683c\u4ea4\u6e09\u529b\uff09\u304c\u5f31\u3044\u3068\u3044\u3046\u69cb\u9020\u7684\u306a\u8ab2\u984c\u304c\u3042\u308b\u3002<\/p>\n

\uff12\uff0eROE\uff08\u65e5\u7c73\u6b27\u6bd4\u8f03\uff09\uff1a\u30ec\u30d0\u30ec\u30c3\u30b8\u4f4e\u4e0b\u3067\u8cc7\u672c\u52b9\u7387\u306b\u52a3\u4f4d
\nROE<\/strong>\uff08Return on Equity<\/strong>\uff09\u306f\u3001\u4f01\u696d\u304c\u682a\u4e3b\u8cc7\u672c\u3092\u3069\u308c\u3060\u3051\u52b9\u7387\u7684\u306b\u904b\u7528\u3057\u3066\u5229\u76ca\u3092\u4e0a\u3052\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u91cd\u8981\u306a\u6307\u6a19\u3067\u3042\u308b\u3002\u3053\u306e\u30b9\u30e9\u30a4\u30c9\u3067\u306f\u3001\u65e5\u672c\u4f01\u696d\u306eROE<\/strong>\u304c\u6b21\u306e\u3088\u3046\u306b\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\uff1a<\/strong>
\n\u25cf\u65e5\u672c\u4f01\u696d\u306eROE\u306f\u7c73\u6b27\u3088\u308a5\uff5e10\uff05\u7a0b\u5ea6\u4f4e\u3044\u6c34\u6e96\u3067\u63a8\u79fb
\n\u25cf\u7279\u306b2010\u5e74\u4ee3\u4ee5\u964d\u306f\u3001\u7c73\u56fd\u4f01\u696d\u304c20\uff05\u53f0\u3001\u6b27\u5dde\u4f01\u696d\u308215\uff05\u524d\u5f8c\u3092\u8a18\u9332\u3059\u308b\u4e2d\u3067\u3001
\n\u65e5\u672c\u4f01\u696d\u306f10\uff05\u672a\u6e80\u306b\u3068\u3069\u307e\u308b\u5e74\u304c\u591a\u3044
\n\u305d\u306e\u539f\u56e0\u3068\u3057\u3066\u6319\u3052\u3089\u308c\u3066\u3044\u308b\u306e\u304c\u3001\u300c\u30ec\u30d0\u30ec\u30c3\u30b8\u6bd4\u7387\u306e\u4f4e\u4e0b\u300d\u3067\u3042\u308b\u3002
\n\u30a4 \u306a\u305c\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u4e0b\u304c\u308b\u3068ROE\u3082\u4e0b\u304c\u308b\u306e\u304b\uff1f
\n\u25cf\u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306e\u9006\u6570\uff09\u306f\u3001\u201c\u4ed6\u4eba\u8cc7\u672c\uff08\u501f\u5165\uff09\u3092\u4f7f\u3063\u3066\u81ea\u5df1\u8cc7\u672c\u306e\u5229\u76ca\u3092\u62e1
\n\u5927\u3059\u308b\u529b\u201d
\n\u25cf\u65e5\u672c\u4f01\u696d\u306f1990\u5e74\u4ee3\u306e\u30d0\u30d6\u30eb\u5d29\u58ca\u5f8c\u3001\u904e\u5270\u50b5\u52d9\u3092\u89e3\u6d88\u3057\u3001\u501f\u5165\u4f53\u8cea\u304b\u3089\u81ea\u5df1\u8cc7\u672c\u4f53\u8cea\u3078\u3068\u79fb\u884c
\n\u305d\u306e\u7d50\u679c\u3001\u8ca1\u52d9\u306f\u5065\u5168\u5316\u3057\u305f\u304c\u3001\u8cc7\u672c\u3092\u6d3b\u304b\u3057\u3066\u30ea\u30b9\u30af\u3092\u53d6\u308a\u306b\u884c\u304f\u59ff\u52e2\u304c\u5f31\u307e\u3063\u305f\u3000<\/strong>
\n\u2192 \u5229\u76ca\u304c\u51fa\u3066\u3082\u3001\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u201c\u53ce\u76ca\u6027\u201d\u306f\u4f38\u3073\u60a9\u3080
\n\u3064\u307e\u308a\u3001ROE\u306e\u4f4e\u3055\u306f\u3001\u201c\u614e\u91cd\u3059\u304e\u308b\u8ca1\u52d9\u6226\u7565\u201d\u306e\u88cf\u8fd4\u3057\u3067\u3082\u3042\u308b\u3002<\/p>\n

\u25cf\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\uff1a\u6295\u8cc7\u63a7\u3048\u304c\u201c\u52b9\u7387\u306e\u4f4e\u4e0b\u201d\u3092\u3082\u305f\u3089\u3059
\n\u6b21\u306b\u53d6\u308a\u4e0a\u3052\u3089\u308c\u3066\u3044\u308b\u306e\u304c\u3001**\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\uff08\u58f2\u4e0a\u9ad8 \u00f7 \u7dcf\u8cc7\u7523\uff09**\u3067\u3042\u308b\u3002\u3053\u308c\u306f\u3001\u4f01\u696d\u304c\u3069\u308c\u3060\u3051\u52b9\u7387\u7684\u306b\u8cc7\u7523\u3092\u904b\u7528\u3057\u3066\u58f2\u4e0a\u3092\u4e0a\u3052\u3066\u3044\u308b\u304b\u3092\u6e2c\u308b\u6307\u6a19\u3067\u3042\u308b\u3002
\n\u2460\u3000\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\u306f\u65e5\u7c73\u6b27\u3068\u3082\u306b\u9577\u671f\u7684\u306b\u4f4e\u4e0b\u50be\u5411
\n\u2192 \u3053\u308c\u306f\u4e16\u754c\u7684\u306a\u69cb\u9020\u5909\u5316\u3067\u3042\u308a\u3001\u5358\u306b\u65e5\u672c\u56fa\u6709\u306e\u554f\u984c\u3067\u306f\u306a\u3044
\n\u2461 \u3057\u304b\u3057\u3001\u554f\u984c\u306f\u65e5\u672c\u4f01\u696d\u306e\u300c\u53ce\u76ca\u6027\u306e\u4f4e\u3055\u300d\u3068\u7d44\u307f\u5408\u308f\u3055\u308b\u3068\u3001\u52b9\u7387\u6027\u305d\u306e\u3082\u306e\u304c\u7591\u308f\u308c\u308b\u3053\u3068
\n\u305f\u3068\u3048\u3070\u3001\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\u304c\u4f4e\u4e0b\u3057\u3066\u3044\u308b\u306e\u306b\u3001\u9ad8\u5229\u76ca\u7387\u304c\u7dad\u6301\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u8cc7\u7523\u306e\u8cea\u306f\u9ad8\u3044\u3068\u8a55\u4fa1\u3067\u304d\u308b\u3002\u3057\u304b\u3057\u65e5\u672c\u306e\u5834\u5408\u306f\u3001
\n\u25cf\u58f2\u4e0a\u6a2a\u3070\u3044\uff0b\u5229\u76ca\u7387\u306f\u7c73\u6b27\u3088\u308a\u4f4e\u3044\uff0b\u8cc7\u7523\u3082\u904a\u4f11\u5316\u304c\u591a\u3044
\n\u25cf\u3000\u21d2 \u300c\u8cc7\u7523\u306f\u5b88\u3063\u3066\u3044\u308b\u304c\u3001\u6d3b\u7528\u3067\u304d\u3066\u3044\u306a\u3044\u300d\u3068\u3044\u3046\u898b\u65b9\u3082\u53ef\u80fd
\n\u305d\u306e\u80cc\u666f\u306b\u306f\u3001**\u904e\u5270\u306a\u8a2d\u5099\u6295\u8cc7\u306e\u6291\u5236\uff08\u30c7\u30a3\u30b9\u30a4\u30f3\u30d9\u30b9\u30c8\u30e1\u30f3\u30c8\uff09\u304c\u3042\u308b\u3002\u3064\u307e\u308a\u3001\u6295\u8cc7\u3092\u7d5e\u308a\u3059\u304e\u3066\u8cc7\u7523\u306e\u8cea\u304c\u9ad8\u307e\u3089\u305a\u3001\u7d50\u679c\u7684\u306b\u201c\u8cc7\u7523\u52b9\u7387\u304c\u60aa\u5316\u201d**\u3057\u3066\u3044\u308b\u69cb\u56f3\u3067\u3042\u308b\u3002
\n\u25cf\u300c\u7e2e\u5c0f\u5747\u8861\u300d\u3068\u3044\u3046\u69cb\u9020\uff1a\u5b88\u308a\u306e\u7d4c\u55b6\u304c\u751f\u3093\u3060\u9759\u304b\u306a\u505c\u6ede
\n\u3053\u306e\u30da\u30fc\u30b8\u5168\u4f53\u3092\u8cab\u3044\u3066\u3044\u308b\u30ad\u30fc\u30ef\u30fc\u30c9\u304c\u3001\u300c\u7e2e\u5c0f\u5747\u8861\uff08defensive equilibrium\uff09\u300d\u3067\u3042\u308b\u3002
\n\u3053\u308c\u306f\u3001\u6b21\u306e\u3088\u3046\u306a\u73fe\u8c61\u3092\u6307\u3059\uff1a<\/p>\n\n\n\n\n\n\n\n\n
\u6307\u6a19<\/strong><\/td>\n\u72b6\u6cc1<\/strong><\/td>\n\u542b\u610f<\/strong><\/td>\n<\/tr>\n<\/thead>\n
\u58f2\u4e0a\u9ad8<\/strong><\/td>\n\u6a2a\u3070\u3044\uff5e\u5fae\u6e1b<\/strong><\/td>\n\u5e02\u5834\u62e1\u5927\u304c\u671f\u5f85\u3067\u304d\u305a\u3001\u5916\u9700\u4f9d\u5b58\u3082\u9650\u754c<\/strong><\/td>\n<\/tr>\n
\u5229\u76ca\u7387<\/strong><\/td>\n\u6539\u5584\u50be\u5411<\/strong><\/td>\n\u30b3\u30b9\u30c8\u524a\u6e1b\u3084\u69cb\u9020\u6539\u9769\u3067\u201c<\/strong>\u5229\u76ca\u306f\u51fa\u305b\u3066\u3044\u308b\u201d<\/strong><\/td>\n<\/tr>\n
ROE<\/strong><\/td>\n\u4f4e\u6c34\u6e96<\/strong><\/td>\n\u30ea\u30b9\u30af\u3092\u53d6\u3089\u305a\u3001\u5229\u76ca\u3082\u8cc7\u672c\u3082\u6d3b\u304b\u305b\u3066\u3044\u306a\u3044<\/strong><\/td>\n<\/tr>\n
\u7dcf\u8cc7\u7523\u52b9\u7387<\/strong><\/td>\n\u4f4e\u4e0b\u3000<\/strong><\/td>\n\u8cc7\u7523\u904b\u7528\u304c\u4fdd\u5b88\u7684\u3067\u3001\u6295\u8cc7\u5faa\u74b0\u304c\u5f31\u3044<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u3053\u306e\u30da\u30fc\u30b8\u5168\u4f53\u3092\u8cab\u3044\u3066\u3044\u308b\u30ad\u30fc\u30ef\u30fc\u30c9\u304c\u3001\u300c\u7e2e\u5c0f\u5747\u8861\uff08defensive equilibrium\uff09\u300d\u3067\u3042\u308b\u3002
\n\u3053\u308c\u306f\u3001\u6b21\u306e\u3088\u3046\u306a\u73fe\u8c61\u3092\u6307\u3059\uff1a
\n\u25cf\u653f\u7b56\u7684\u542b\u610f\uff1a\u4f01\u696d\u304c\u300c\u7a3c\u3050\u529b\u300d\u3092\u6d3b\u304b\u3059\u4ed5\u7d44\u307f\u3092\u518d\u8a2d\u8a08\u305b\u3088
\n\u3053\u306e\u3088\u3046\u306a\u69cb\u9020\u306b\u5bfe\u3057\u3066\u3001\u653f\u7b56\u7684\u306b\u306f\u6b21\u306e\u3088\u3046\u306a\u5bfe\u5fdc\u304c\u5fc5\u8981\u3067\u3042\u308b\uff1a
\n\u30a4\u3000\u201c\u653b\u3081\u306e\u6295\u8cc7\u201d\u3092\u5f8c\u62bc\u3057\u3059\u308b\u74b0\u5883\u6574\u5099
\n\u25cf\u30b0\u30ea\u30fc\u30f3\u6295\u8cc7\u6e1b\u7a0e\u3001DX\u88dc\u52a9\u91d1\u3001\u7814\u7a76\u958b\u767a\u7a0e\u5236\u306e\u62e1\u5145
\n\u2461 \u91d1\u878d\u6a5f\u95a2\u3068\u306e\u5354\u8abf\u306b\u3088\u308b\u30ea\u30b9\u30af\u30de\u30cd\u30fc\u4f9b\u7d66\u4f53\u5236\u306e\u518d\u69cb\u7bc9
\n\u30ed\u3000\u4f01\u696d\u306eROE\u5411\u4e0a\u3092\u4fc3\u3059\u5236\u5ea6\u7684\u306a\u5727\u529b
\n\u25cf\u6771\u8a3c\u306b\u3088\u308b\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u682a\u4fa1\u3092\u610f\u8b58\u3057\u305f\u7d4c\u55b6\u300d\u8981\u8acb\uff08PBR1\u500d\u5272\u308c\u5bfe\u7b56\uff09
\n\u25cf\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u6539\u9769\u306b\u3088\u308b\u7d4c\u55b6\u9663\u306e\u610f\u8b58\u5909\u9769
\n\u30cf \u4e2d\u9577\u671f\u8996\u70b9\u306e\u7d4c\u55b6\u6307\u6a19\u91cd\u8996\u3078\u306e\u8ee2\u63db
\n\u2460 \u5358\u5e74\u5ea6\u306e\u5229\u76ca\u3060\u3051\u3067\u306a\u304f\u3001\u300c5\u5e74\u5f8c\u306e\u53ce\u76ca\u529b\u300d\u3084\u300c\u4eba\u7684\u8cc7\u672c\u6295\u8cc7\u300d\u3092\u91cd\u8996
\n\u2461\u3000\u30b5\u30b9\u30c6\u30ca\u30d3\u30ea\u30c6\u30a3\u7d4c\u55b6\uff08\u975e\u8ca1\u52d9\u6307\u6a19\uff09\u306e\u5c0e\u5165\u30fb\u8a55\u4fa1<\/p>\n

\u7dcf\u62ec\uff1a\u3000\u300c\u5229\u76ca\u306f\u51fa\u3066\u3044\u308b\u300d\u306e\u5148\u3078\u2015\u2015\u201c\u518d\u6295\u8cc7\u306b\u3088\u308b\u6210\u9577\u306e\u56de\u8def\u201d\u3092\u53d6\u308a\u623b\u305b
\n\u65e5\u672c\u306e\u88fd\u9020\u696d\u306f\u3001\u6570\u5024\u4e0a\u3067\u306f\u7d14\u5229\u76ca\u3092\u4e0a\u3052\u3001\u4f01\u696d\u4f53\u8cea\u3082\u6539\u5584\u3057\u3066\u304d\u305f\u3002\u3060\u304c\u3001ROE\u3084\u8cc7\u7523\u52b9\u7387\u306e\u89b3\u70b9\u3067\u306f\u3001\u4f9d\u7136\u3068\u3057\u3066\u7c73\u6b27\u306b\u5927\u304d\u304f\u5f8c\u308c\u3092\u53d6\u3063\u3066\u3044\u308b\u3002\u305d\u306e\u80cc\u666f\u306b\u306f\u3001\u8ca1\u52d9\u306e\u5b89\u5168\u6027\u3092\u8ffd\u3044\u6c42\u3081\u3059\u304e\u3066\u3001\u6295\u8cc7\u3084\u6210\u9577\u3092\u6291\u5236\u3057\u3066\u304d\u305f\u4f01\u696d\u884c\u52d5\u304c\u3042\u308b\u3002
\n\u4eca\u6c42\u3081\u3089\u308c\u3066\u3044\u308b\u306e\u306f\u3001\u5185\u90e8\u7559\u4fdd\u3092\u300c\u5b88\u308a\u306e\u84c4\u7a4d\u300d\u304b\u3089\u300c\u653b\u3081\u306e\u518d\u6295\u8cc7\u300d\u3078\u8ee2\u63db\u3059\u308b\u4f01\u696d\u5909\u9769\u3067\u3042\u308b\u3002\u5229\u76ca\u3092\u300c\u6b21\u306e\u6210\u9577\u306e\u6e90\u6cc9\u300d\u3078\u3068\u3064\u306a\u3052\u308b\u305f\u3081\u306e\u5236\u5ea6\u8a2d\u8a08\u3068\u7d4c\u55b6\u30de\u30a4\u30f3\u30c9\u306e\u6539\u9769\u304c\u3001\u3044\u307e\u307e\u3055\u306b\u554f\u308f\u308c\u3066\u3044\u308b\u3002
\n\u3053\u306e\u30da\u30fc\u30b8\u306f\u3001\u9759\u304b\u306b\u3001\u3060\u304c\u53b3\u3057\u304f\u3001\u65e5\u672c\u306e\u88fd\u9020\u696d\u306e\u201c\u5185\u306a\u308b\u505c\u6ede\u201d\u3092\u6620\u3057\u51fa\u3057\u3066\u3044\u308b\u3082\u306e\u3067\u3042\u308b\u3068\u3044\u3048\u308b\u3002
\n(\u3064\u3065\u304f)\u3000Y.H<\/p>\n","protected":false},"excerpt":{"rendered":"

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