{"id":12614,"date":"2025-02-07T08:00:00","date_gmt":"2025-02-06T23:00:00","guid":{"rendered":"https:\/\/open-insight.net\/intersect\/?post_type=column&p=12614"},"modified":"2025-06-10T14:22:41","modified_gmt":"2025-06-10T05:22:41","slug":"what-is-npv-calculation-method-and-practical-use","status":"publish","type":"column","link":"https:\/\/open-insight.net\/intersect\/column\/what-is-npv-calculation-method-and-practical-use\/","title":{"rendered":"NPV\u3068\u306f\uff1f\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u6295\u8cc7\u5224\u65ad\u3078\u306e\u6d3b\u7528\u6cd5\u3092\u5fb9\u5e95\u89e3\u8aac"},"content":{"rendered":"\n

\u6295\u8cc7\u6848\u4ef6\u306e\u8a55\u4fa1\u306b\u304a\u3044\u3066\u3001NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306f\u6700\u3082\u91cd\u8981\u306a\u6307\u6a19\u306e\u4e00\u3064\u3067\u3059\u3002\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3084\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u5e83\u304f\u7528\u3044\u3089\u308c\u3066\u3044\u308bNPV\u3067\u3059\u304c\u3001\u305d\u306e\u672c\u8cea\u7684\u306a\u610f\u5473\u3084\u5b9f\u52d9\u3067\u306e\u6d3b\u7528\u65b9\u6cd5\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3066\u3044\u308b\u65b9\u306f\u610f\u5916\u3068\u5c11\u306a\u3044\u306e\u3067\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n

1. NPV\uff08\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u306e\u57fa\u790e\u77e5\u8b58<\/h2>\n\n\n\n

1.1. NPV\u306e\u5b9a\u7fa9\u3068\u610f\u5473<\/h3>\n\n\n\n

NPV\uff08Net Present Value\uff1a\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff09\u3068\u306f\u3001\u6295\u8cc7\u6848\u4ef6\u304b\u3089\u5f97\u3089\u308c\u308b\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3001\u521d\u671f\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u4fa1\u5024\u3092\u8868\u3059\u6295\u8cc7\u8a55\u4fa1\u6307\u6a19\u3067\u3059\u3002\u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u304a\u3044\u3066\u6700\u3082\u91cd\u8981\u306a\u6307\u6a19\u306e\u4e00\u3064\u3068\u3057\u3066\u3001\u591a\u304f\u306e\u4f01\u696d\u3067\u7528\u3044\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u306e\u300c\u6b63\u5473\u300d\u3068\u306f\u3001\u5c06\u6765\u7372\u5f97\u3067\u304d\u308b\u4fa1\u5024\u304b\u3089\u521d\u671f\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u7d14\u984d\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u300c\u73fe\u5728\u4fa1\u5024\u300d\u3068\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4e00\u5b9a\u306e\u5272\u5f15\u7387\u3092\u7528\u3044\u3066\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3057\u305f\u3082\u306e\u3092\u6307\u3057\u307e\u3059\u3002NPV\u306f\u3001\u3053\u308c\u3089\u306e\u8981\u7d20\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u73fe\u5728\u306b\u304a\u3051\u308b\u771f\u306e\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

1.2. \u6b63\u5473\u73fe\u5728\u4fa1\u5024\u304c\u91cd\u8981\u8996\u3055\u308c\u308b\u7406\u7531<\/h3>\n\n\n\n

NPV\u304c\u6295\u8cc7\u5224\u65ad\u306b\u304a\u3044\u3066\u91cd\u8981\u8996\u3055\u308c\u308b\u7406\u7531\u306f\u3001\u4e3b\u306b\u4ee5\u4e0b\u306e3\u3064\u3067\u3059\u3002\u7b2c\u4e00\u306b\u3001\u6642\u9593\u4fa1\u5024\u3092\u8003\u616e\u3057\u305f\u8a55\u4fa1\u304c\u53ef\u80fd\u3067\u3042\u308b\u70b9\u3067\u3059\u3002\u304a\u91d1\u306b\u306f\u6642\u9593\u7684\u4fa1\u5024\u304c\u3042\u308a\u3001\u73fe\u5728\u306e1000\u4e07\u5186\u306810\u5e74\u5f8c\u306e1000\u4e07\u5186\u3067\u306f\u4fa1\u5024\u304c\u7570\u306a\u308a\u307e\u3059\u3002NPV\u306f\u3001\u3053\u306e\u6642\u9593\u4fa1\u5024\u3092\u9069\u5207\u306b\u53cd\u6620\u3057\u305f\u8a55\u4fa1\u3092\u53ef\u80fd\u306b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\u7b2c\u4e8c\u306b\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u7d76\u5bfe\u7684\u306a\u4fa1\u5024\u3092\u628a\u63e1\u3067\u304d\u308b\u70b9\u3067\u3059\u3002IRR\uff08Internal Rate of Return\uff1a\u5185\u90e8\u53ce\u76ca\u7387\uff09\u306a\u3069\u306e\u76f8\u5bfe\u7684\u306a\u6307\u6a19\u3068\u7570\u306a\u308a\u3001NPV\u306f\u91d1\u984d\u30d9\u30fc\u30b9\u3067\u6295\u8cc7\u4fa1\u5024\u3092\u793a\u3059\u305f\u3081\u3001\u3088\u308a\u76f4\u611f\u7684\u306a\u5224\u65ad\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n

\u7b2c\u4e09\u306b\u3001\u8907\u6570\u306e\u6295\u8cc7\u6848\u4ef6\u3092\u5ba2\u89b3\u7684\u306b\u6bd4\u8f03\u3067\u304d\u308b\u70b9\u3067\u3059\u3002\u73fe\u5728\u4fa1\u5024\u3068\u3044\u3046\u7d71\u4e00\u3055\u308c\u305f\u57fa\u6e96\u3067\u8a55\u4fa1\u3059\u308b\u3053\u3068\u3067\u3001\u898f\u6a21\u3084\u671f\u9593\u306e\u7570\u306a\u308b\u6295\u8cc7\u6848\u4ef6\u3082\u516c\u5e73\u306b\u6bd4\u8f03\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

1.3. \u6295\u8cc7\u5224\u65ad\u306b\u304a\u3051\u308bNPV\u306e\u5f79\u5272<\/h3>\n\n\n\n

\u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u304a\u3044\u3066\u3001NPV\u306f\u91cd\u8981\u306a\u5224\u65ad\u57fa\u6e96\u3068\u306a\u308a\u307e\u3059\u3002\u4e00\u822c\u7684\u306b\u3001NPV\u304c\u30d7\u30e9\u30b9\u306e\u5834\u5408\u306f\u6295\u8cc7\u3092\u5b9f\u884c\u3057\u3001\u30de\u30a4\u30ca\u30b9\u306e\u5834\u5408\u306f\u6295\u8cc7\u3092\u898b\u9001\u308b\u3068\u3044\u3046\u5224\u65ad\u304c\u306a\u3055\u308c\u307e\u3059\u3002\u3053\u308c\u306f\u3001NPV\u304c\u30d7\u30e9\u30b9\u3067\u3042\u308c\u3070\u3001\u305d\u306e\u6295\u8cc7\u6848\u4ef6\u304c\u4f01\u696d\u4fa1\u5024\u306e\u5411\u4e0a\u306b\u8ca2\u732e\u3059\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n

\u307e\u305f\u3001\u8907\u6570\u306e\u6295\u8cc7\u6848\u4ef6\u3092\u691c\u8a0e\u3059\u308b\u969b\u306f\u3001NPV\u306e\u5927\u304d\u3055\u3092\u6bd4\u8f03\u3059\u308b\u3053\u3068\u3067\u3001\u6700\u3082\u4fa1\u5024\u306e\u9ad8\u3044\u6848\u4ef6\u3092\u9078\u629e\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u5b9f\u52d9\u3067\u306f\u3001NPV\u3060\u3051\u3067\u306a\u304f\u3001\u6295\u8cc7\u30ea\u30b9\u30af\u3084\u6226\u7565\u7684\u306a\u91cd\u8981\u6027\u306a\u3069\u3082\u8003\u616e\u3057\u306a\u304c\u3089\u7dcf\u5408\u7684\u306a\u5224\u65ad\u3092\u884c\u3046\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

\"NPV\u3068\u306f\uff1f\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u6295\u8cc7\u5224\u65ad\u3078\u306e\u6d3b\u7528\u6cd5\u3092\u5fb9\u5e95\u89e3\u8aac\"<\/figure>\n\n\n\n

2. NPV\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u5b9f\u8df5<\/h2>\n\n\n\n

2.1. \u57fa\u672c\u7684\u306a\u8a08\u7b97\u5f0f\u306e\u89e3\u8aac<\/h3>\n\n\n\n

NPV\u306e\u8a08\u7b97\u5f0f\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\uff1a<\/p>\n\n\n\n

NPV = -\u521d\u671f\u6295\u8cc7\u984d + \u03a3(CFt \/ (1+r)^t)<\/p>\n\n\n\n

\u3053\u3053\u3067\u3001CFt\u306f t\u5e74\u5f8c\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001r\u306f\u5272\u5f15\u7387\u3001t\u306f\u671f\u9593\u3092\u8868\u3057\u307e\u3059\u3002\u3053\u306e\u8a08\u7b97\u5f0f\u3092\u7528\u3044\u3066\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3001\u521d\u671f\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u304f\u3053\u3068\u3067NPV\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

2.2. \u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u65b9\u6cd5<\/h3>\n\n\n\n

\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u306f\u3001NPV\u8a08\u7b97\u306b\u304a\u3044\u3066\u975e\u5e38\u306b\u91cd\u8981\u306a\u8981\u7d20\u3067\u3059\u3002\u4e00\u822c\u7684\u306b\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u304c\u7528\u3044\u3089\u308c\u307e\u3059\u304c\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u30ea\u30b9\u30af\u306b\u5fdc\u3058\u3066\u9069\u5207\u306a\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u4f8b\u3048\u3070\u3001\u9ad8\u30ea\u30b9\u30af\u306a\u6295\u8cc7\u6848\u4ef6\u306e\u5834\u5408\u306f\u3001\u3088\u308a\u9ad8\u3044\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u3067\u3001\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3057\u305f\u8a55\u4fa1\u3092\u884c\u3044\u307e\u3059\u3002\u4e00\u65b9\u3001\u5b89\u5b9a\u7684\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u898b\u8fbc\u3081\u308b\u6295\u8cc7\u6848\u4ef6\u3067\u306f\u3001\u6bd4\u8f03\u7684\u4f4e\u3044\u5272\u5f15\u7387\u3092\u7528\u3044\u308b\u3053\u3068\u304c\u9069\u5207\u3067\u3059\u3002<\/p>\n\n\n\n

2.3. \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u898b\u7a4d\u3082\u308a\u65b9<\/h3>\n\n\n\n

NPV\u8a08\u7b97\u306b\u304a\u3044\u3066\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u898b\u7a4d\u3082\u308a\u306f\u6975\u3081\u3066\u91cd\u8981\u3067\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u306b\u306f\u3001\u58f2\u4e0a\u9ad8\u3001\u55b6\u696d\u5229\u76ca\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u3001\u8a2d\u5099\u6295\u8cc7\u306a\u3069\u3001\u69d8\u3005\u306a\u8981\u7d20\u3092\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u5b9f\u52d9\u3067\u306f\u3001\u904e\u53bb\u306e\u30c7\u30fc\u30bf\u3084\u5e02\u5834\u52d5\u5411\u3001\u7af6\u5408\u72b6\u6cc1\u306a\u3069\u3092\u5206\u6790\u3057\u3001\u3067\u304d\u308b\u3060\u3051\u7cbe\u5ea6\u306e\u9ad8\u3044\u4e88\u6e2c\u3092\u884c\u3046\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u307e\u305f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u306b\u306f\u4e0d\u78ba\u5b9f\u6027\u304c\u4f34\u3046\u305f\u3081\u3001\u8907\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u60f3\u5b9a\u3059\u308b\u3053\u3068\u3082\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

2.4. \u5b9f\u8df5\u7684\u306a\u8a08\u7b97\u4f8b<\/h3>\n\n\n\n

\u5177\u4f53\u7684\u306a\u8a08\u7b97\u4f8b\u3092\u898b\u3066\u307f\u307e\u3057\u3087\u3046\u3002\u521d\u671f\u6295\u8cc7\u984d1\u5104\u5186\u30015\u5e74\u9593\u306b\u308f\u305f\u3063\u3066\u5e74\u95932,500\u4e07\u5186\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u898b\u8fbc\u3081\u308b\u6295\u8cc7\u6848\u4ef6\u3092\u8003\u3048\u307e\u3059\u3002\u5272\u5f15\u7387\u30928%\u3068\u3057\u305f\u5834\u5408\u306eNPV\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8a08\u7b97\u3055\u308c\u307e\u3059\uff1a<\/p>\n\n\n\n

1\u5e74\u76ee\uff1a2,500\u4e07\u5186 \u00f7 (1 + 0.08)^1 = 2,315\u4e07\u5186
2\u5e74\u76ee\uff1a2,500\u4e07\u5186 \u00f7 (1 + 0.08)^2 = 2,143\u4e07\u5186
3\u5e74\u76ee\uff1a2,500\u4e07\u5186 \u00f7 (1 + 0.08)^3 = 1,984\u4e07\u5186
4\u5e74\u76ee\uff1a2,500\u4e07\u5186 \u00f7 (1 + 0.08)^4 = 1,837\u4e07\u5186
5\u5e74\u76ee\uff1a2,500\u4e07\u5186 \u00f7 (1 + 0.08)^5 = 1,701\u4e07\u5186<\/p>\n\n\n\n

\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\uff1a9,980\u4e07\u5186
NPV = -1\u5104\u5186 + 9,980\u4e07\u5186 = -20\u4e07\u5186<\/p>\n\n\n\n

\u3053\u306e\u4f8b\u3067\u306f\u3001NPV\u304c\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308b\u305f\u3081\u3001\u7d14\u7c8b\u306a\u8ca1\u52d9\u7684\u89b3\u70b9\u304b\u3089\u306f\u6295\u8cc7\u3092\u898b\u9001\u308b\u3079\u304d\u3068\u3044\u3046\u5224\u65ad\u306b\u306a\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u5b9f\u52d9\u3067\u306f\u6226\u7565\u7684\u306a\u4fa1\u5024\u306a\u3069\u3082\u8003\u616e\u3057\u3066\u7dcf\u5408\u7684\u306b\u5224\u65ad\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

3. NPV\u3092\u7528\u3044\u305f\u6295\u8cc7\u8a55\u4fa1\u306e\u5b9f\u52d9<\/h2>\n\n\n\n

3.1. NPV\u306b\u3088\u308b\u6295\u8cc7\u5224\u65ad\u306e\u57fa\u6e96<\/h3>\n\n\n\n

NPV\u3092\u7528\u3044\u305f\u6295\u8cc7\u5224\u65ad\u306b\u304a\u3044\u3066\u3001\u57fa\u672c\u7684\u306a\u5224\u65ad\u57fa\u6e96\u306f\u300cNPV\u304c\u30d7\u30e9\u30b9\u3067\u3042\u308c\u3070\u6295\u8cc7\u3092\u5b9f\u884c\u3057\u3001\u30de\u30a4\u30ca\u30b9\u3067\u3042\u308c\u3070\u6295\u8cc7\u3092\u898b\u9001\u308b\u300d\u3068\u3044\u3046\u3082\u306e\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u6295\u8cc7\u306b\u3088\u3063\u3066\u4f01\u696d\u4fa1\u5024\u304c\u5897\u52a0\u3059\u308b\u304b\u3069\u3046\u304b\u3092\u5224\u65ad\u3059\u308b\u91cd\u8981\u306a\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u305f\u3060\u3057\u3001\u5b9f\u52d9\u3067\u306f\u5358\u7d14\u306bNPV\u306e\u6b63\u8ca0\u3060\u3051\u3067\u306a\u304f\u3001\u6295\u8cc7\u984d\u306b\u5bfe\u3059\u308bNPV\u306e\u6bd4\u7387\uff08\u53ce\u76ca\u6027\u6307\u6570\uff09\u306a\u3069\u3082\u8003\u616e\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u6295\u8cc7\u984d1\u5104\u5186\u3067NPV500\u4e07\u5186\u306e\u6848\u4ef6\u3068\u3001\u6295\u8cc7\u984d1000\u4e07\u5186\u3067NPV300\u4e07\u5186\u306e\u6848\u4ef6\u304c\u3042\u3063\u305f\u5834\u5408\u3001\u5f8c\u8005\u306e\u65b9\u304c\u6295\u8cc7\u52b9\u7387\u306f\u9ad8\u3044\u3068\u5224\u65ad\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

3.2. \u8907\u6570\u306e\u6295\u8cc7\u6848\u4ef6\u306e\u6bd4\u8f03\u65b9\u6cd5<\/h3>\n\n\n\n

\u8907\u6570\u306e\u6295\u8cc7\u6848\u4ef6\u3092\u6bd4\u8f03\u3059\u308b\u969b\u306f\u3001NPV\u306e\u7d76\u5bfe\u984d\u3060\u3051\u3067\u306a\u304f\u3001\u4ee5\u4e0b\u306e\u8981\u7d20\u3082\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\uff1a – \u6295\u8cc7\u898f\u6a21\u306e\u9055\u3044 – \u30ea\u30b9\u30af\u6c34\u6e96\u306e\u9055\u3044 – \u6295\u8cc7\u671f\u9593\u306e\u9577\u3055 – \u5fc5\u8981\u306a\u7d4c\u55b6\u8cc7\u6e90<\/p>\n\n\n\n

\u7279\u306b\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u898f\u6a21\u304c\u5927\u304d\u304f\u7570\u306a\u308b\u5834\u5408\u306f\u3001NPV\u3092\u6295\u8cc7\u984d\u3067\u5272\u3063\u305f\u53ce\u76ca\u6027\u6307\u6570\uff08PI\uff1aProfitability Index\uff09\u3092\u7528\u3044\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u516c\u5e73\u306a\u6bd4\u8f03\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

3.3. \u6295\u8cc7\u5224\u65ad\u306b\u304a\u3051\u308b\u6ce8\u610f\u70b9<\/h3>\n\n\n\n

NPV\u306b\u3088\u308b\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u969b\u306f\u3001\u4ee5\u4e0b\u306e\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002\u307e\u305a\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u7cbe\u5ea6\u3067\u3059\u3002\u904e\u5ea6\u306b\u697d\u89b3\u7684\u306a\u4e88\u6e2c\u306f\u907f\u3051\u3001\u5e02\u5834\u74b0\u5883\u3084\u7af6\u5408\u72b6\u6cc1\u3092\u8e0f\u307e\u3048\u305f\u73fe\u5b9f\u7684\u306a\u4e88\u6e2c\u3092\u884c\u3046\u3079\u304d\u3067\u3059\u3002<\/p>\n\n\n\n

\u307e\u305f\u3001\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u3082\u91cd\u8981\u3067\u3059\u3002\u6295\u8cc7\u6848\u4ef6\u306e\u30ea\u30b9\u30af\u306b\u5fdc\u3058\u3066\u9069\u5207\u306a\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3057\u306a\u3044\u3068\u3001NPV\u304c\u5b9f\u614b\u3068\u4e56\u96e2\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3055\u3089\u306b\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u6226\u7565\u7684\u4fa1\u5024\u3084\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u306a\u3069\u3001\u5b9a\u91cf\u5316\u304c\u96e3\u3057\u3044\u8981\u7d20\u3082\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

4. \u95a2\u9023\u3059\u308b\u6295\u8cc7\u8a55\u4fa1\u6307\u6a19\u3068\u306e\u6bd4\u8f03<\/h2>\n\n\n\n

4.1. IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u3068\u306e\u9055\u3044<\/h3>\n\n\n\n

IRR\uff08Internal Rate of Return\uff09\u306f\u3001NPV\u3092\u30bc\u30ed\u306b\u3059\u308b\u5272\u5f15\u7387\u306e\u3053\u3068\u3067\u3001\u6295\u8cc7\u306e\u53ce\u76ca\u7387\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002IRR\u306f\u6295\u8cc7\u306e\u52b9\u7387\u6027\u3092\u793a\u3059\u76f8\u5bfe\u7684\u306a\u6307\u6a19\u3067\u3042\u308a\u3001NPV\u306f\u6295\u8cc7\u4fa1\u5024\u3092\u91d1\u984d\u3067\u793a\u3059\u7d76\u5bfe\u7684\u306a\u6307\u6a19\u3068\u3044\u3046\u9055\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

IRR\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\uff1a – \u6295\u8cc7\u898f\u6a21\u306e\u9055\u3044\u3092\u8003\u616e\u3067\u304d\u306a\u3044 – \u8907\u6570\u306eIRR\u304c\u7b97\u51fa\u3055\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b – \u518d\u6295\u8cc7\u7387\u306e\u4eee\u5b9a\u304c\u73fe\u5b9f\u7684\u3067\u306a\u3044\u5834\u5408\u304c\u3042\u308b<\/p>\n\n\n\n

\u305d\u306e\u305f\u3081\u3001\u5b9f\u52d9\u3067\u306fNPV\u3068IRR\u3092\u4f75\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u9069\u5207\u306a\u6295\u8cc7\u5224\u65ad\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

4.2. DCF\u6cd5\u3068\u306e\u95a2\u4fc2\u6027<\/h3>\n\n\n\n

DCF\u6cd5\uff08\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09\u306f\u3001NPV\u8a08\u7b97\u306e\u57fa\u790e\u3068\u306a\u308b\u8a55\u4fa1\u624b\u6cd5\u3067\u3059\u3002DCF\u6cd5\u306f\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f\u65b9\u6cd5\u3067\u3042\u308a\u3001NPV\u306f\u3053\u306eDCF\u6cd5\u3092\u7528\u3044\u3066\u7b97\u51fa\u3057\u305f\u73fe\u5728\u4fa1\u5024\u304b\u3089\u521d\u671f\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

DCF\u6cd5\u306f\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3084M&A\u6642\u306e\u4fa1\u5024\u7b97\u5b9a\u306a\u3069\u3001\u5e45\u5e83\u3044\u5834\u9762\u3067\u6d3b\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002NPV\u306f\u3001\u3053\u306eDCF\u6cd5\u306e\u8003\u3048\u65b9\u3092\u6295\u8cc7\u8a55\u4fa1\u306b\u5fdc\u7528\u3057\u305f\u3082\u306e\u3068\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

4.3. PV\uff08\u73fe\u5728\u4fa1\u5024\uff09\u3068\u306e\u9055\u3044<\/h3>\n\n\n\n

PV\uff08Present Value\uff1a\u73fe\u5728\u4fa1\u5024\uff09\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3057\u305f\u3082\u306e\u3092\u6307\u3057\u307e\u3059\u3002NPV\u306f\u3053\u306ePV\u304b\u3089\u521d\u671f\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3068\u306a\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u4ee5\u4e0b\u306e\u95a2\u4fc2\u304c\u6210\u308a\u7acb\u3061\u307e\u3059\uff1a<\/p>\n\n\n\n

NPV = PV – \u521d\u671f\u6295\u8cc7\u984d<\/p>\n\n\n\n

PV\u306f\u5c06\u6765\u306e\u4fa1\u5024\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308b\u6982\u5ff5\u3067\u3042\u308a\u3001NPV\u306f\u305d\u3053\u304b\u3089\u6295\u8cc7\u984d\u3092\u8003\u616e\u3057\u3066\u6295\u8cc7\u306e\u7d14\u4fa1\u5024\u3092\u793a\u3059\u6307\u6a19\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

5. NPV\u5206\u6790\u306e\u5fdc\u7528\u3068\u5b9f\u52d9\u3067\u306e\u6d3b\u7528<\/h2>\n\n\n\n

5.1. \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3078\u306e\u5fdc\u7528<\/h3>\n\n\n\n

NPV\u306e\u8003\u3048\u65b9\u306f\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u3082\u5e83\u304f\u5fdc\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u4f01\u696d\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304f\u3053\u3068\u3067\u3001\u305d\u306e\u4f01\u696d\u306e\u7406\u8ad6\u7684\u306a\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u7279\u306bM&A\u3084\u682a\u5f0f\u6295\u8cc7\u306e\u5834\u9762\u3067\u306f\u3001NPV\u306e\u8003\u3048\u65b9\u3092\u7528\u3044\u305f\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u304c\u91cd\u8981\u306a\u5224\u65ad\u6750\u6599\u3068\u306a\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5834\u5408\u306f\u3001\u6c38\u7d9a\u4fa1\u5024\uff08\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\uff09\u306e\u8003\u616e\u306a\u3069\u3001\u3088\u308a\u8907\u96d1\u306a\u8981\u7d20\u3082\u52a0\u5473\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

5.2. \u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u8a55\u4fa1\u3067\u306e\u6d3b\u7528<\/h3>\n\n\n\n

\u65b0\u898f\u4e8b\u696d\u3084\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u8a55\u4fa1\u306b\u304a\u3044\u3066\u3082\u3001NPV\u306f\u91cd\u8981\u306a\u5224\u65ad\u57fa\u6e96\u3068\u306a\u308a\u307e\u3059\u3002\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u5b9f\u884c\u53ef\u5426\u3084\u512a\u5148\u9806\u4f4d\u4ed8\u3051\u306b\u304a\u3044\u3066\u3001NPV\u306f\u5ba2\u89b3\u7684\u306a\u5224\u65ad\u6750\u6599\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\u7279\u306b\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u5834\u9762\u3067NPV\u304c\u6d3b\u7528\u3055\u308c\u307e\u3059\uff1a – \u8a2d\u5099\u6295\u8cc7\u306e\u5224\u65ad – \u65b0\u88fd\u54c1\u958b\u767a\u306e\u6295\u8cc7\u5224\u65ad – IT\u6295\u8cc7\u306e\u8a55\u4fa1 – \u7814\u7a76\u958b\u767a\u6295\u8cc7\u306e\u512a\u5148\u9806\u4f4d\u4ed8\u3051<\/p>\n\n\n\n

5.3. M&A\u5224\u65ad\u3067\u306e\u6d3b\u7528\u65b9\u6cd5<\/h3>\n\n\n\n

M&A\u306b\u304a\u3044\u3066\u3001NPV\u306f\u8cb7\u53ce\u4fa1\u683c\u306e\u59a5\u5f53\u6027\u3092\u5224\u65ad\u3059\u308b\u91cd\u8981\u306a\u30c4\u30fc\u30eb\u3068\u306a\u308a\u307e\u3059\u3002\u8cb7\u53ce\u306b\u3088\u308b\u5c06\u6765\u306e\u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u3092\u542b\u3081\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u304d\u3001\u8cb7\u53ce\u4fa1\u683c\u3068\u6bd4\u8f03\u3059\u308b\u3053\u3068\u3067\u3001M&A\u306e\u7d4c\u6e08\u7684\u4fa1\u5024\u3092\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u305f\u3060\u3057\u3001M&A\u306e\u5834\u5408\u306f\u4ee5\u4e0b\u306e\u8981\u7d20\u3082\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\uff1a – \u30b7\u30ca\u30b8\u30fc\u52b9\u679c\u306e\u5b9f\u73fe\u53ef\u80fd\u6027 – \u7d71\u5408\u30b3\u30b9\u30c8\u3084\u30ea\u30b9\u30af – \u6226\u7565\u7684\u4fa1\u5024 – \u5e02\u5834\u74b0\u5883\u306e\u5909\u5316<\/p>\n\n\n\n

\u305d\u306e\u305f\u3081\u3001NPV\u306f\u91cd\u8981\u306a\u5224\u65ad\u6750\u6599\u306e\u4e00\u3064\u3068\u3057\u3064\u3064\u3001\u4ed6\u306e\u8981\u7d20\u3082\u542b\u3081\u305f\u7dcf\u5408\u7684\u306a\u5224\u65ad\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

6. NPV\u5206\u6790\u306b\u304a\u3051\u308b\u5b9f\u52d9\u4e0a\u306e\u8ab2\u984c<\/h2>\n\n\n\n

6.1. \u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u7cbe\u5ea6<\/h3>\n\n\n\n

NPV\u5206\u6790\u306b\u304a\u3044\u3066\u6700\u3082\u91cd\u8981\u306a\u8981\u7d20\u306e\u4e00\u3064\u304c\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u4e88\u6e2c\u306b\u306f\u591a\u304f\u306e\u4e0d\u78ba\u5b9f\u6027\u304c\u4f34\u3044\u307e\u3059\u3002\u7279\u306b\u9577\u671f\u7684\u306a\u6295\u8cc7\u6848\u4ef6\u306e\u5834\u5408\u3001\u5e02\u5834\u74b0\u5883\u306e\u5909\u5316\u3084\u7af6\u5408\u72b6\u6cc1\u3001\u6280\u8853\u9769\u65b0\u306a\u3069\u306e\u8981\u56e0\u306b\u3088\u308a\u3001\u4e88\u6e2c\u304c\u56f0\u96e3\u306b\u306a\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u8ab2\u984c\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u6709\u52b9\u3067\u3059\uff1a – \u904e\u53bb\u306e\u30c7\u30fc\u30bf\u3068\u5e02\u5834\u30c8\u30ec\u30f3\u30c9\u306e\u8a73\u7d30\u306a\u5206\u6790 – \u8907\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u8a2d\u5b9a\u306b\u3088\u308b\u4e88\u6e2c\u306e\u5e45\u306e\u691c\u8a0e – \u5b9a\u671f\u7684\u306a\u4e88\u6e2c\u5024\u306e\u898b\u76f4\u3057\u3068\u4fee\u6b63 – \u696d\u754c\u5c02\u9580\u5bb6\u3084\u5916\u90e8\u30b3\u30f3\u30b5\u30eb\u30bf\u30f3\u30c8\u306e\u77e5\u898b\u306e\u6d3b\u7528<\/p>\n\n\n\n

\u307e\u305f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u69cb\u6210\u8981\u7d20\uff08\u58f2\u4e0a\u9ad8\u3001\u55b6\u696d\u5229\u76ca\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u306a\u3069\uff09\u305d\u308c\u305e\u308c\u306b\u3064\u3044\u3066\u3001\u7cbe\u5ea6\u306e\u9ad8\u3044\u4e88\u6e2c\u3092\u884c\u3046\u3053\u3068\u3082\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

6.2. \u9069\u5207\u306a\u5272\u5f15\u7387\u306e\u6c7a\u5b9a\u65b9\u6cd5<\/h3>\n\n\n\n

\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u969b\u3001\u9069\u5207\u306a\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u306f\u6975\u3081\u3066\u91cd\u8981\u3067\u3059\u3002\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u3092\u8aa4\u308b\u3068\u3001\u6295\u8cc7\u5224\u65ad\u3092\u5927\u304d\u304f\u6b6a\u3081\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u5b9f\u52d9\u3067\u306f\u3001\u4ee5\u4e0b\u306e\u8981\u7d20\u3092\u8003\u616e\u3057\u3066\u5272\u5f15\u7387\u3092\u6c7a\u5b9a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\uff1a<\/p>\n\n\n\n

– \u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u7b97\u51fa – \u6295\u8cc7\u6848\u4ef6\u7279\u6709\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0 – \u30ab\u30f3\u30c8\u30ea\u30fc\u30ea\u30b9\u30af\uff08\u6d77\u5916\u6295\u8cc7\u306e\u5834\u5408\uff09 – \u30a4\u30f3\u30d5\u30ec\u7387\u306e\u5f71\u97ff – \u696d\u754c\u7279\u6709\u306e\u30ea\u30b9\u30af\u8981\u56e0<\/p>\n\n\n\n

\u7279\u306b\u3001\u8907\u6570\u306e\u56fd\u3084\u5730\u57df\u306b\u307e\u305f\u304c\u308b\u6295\u8cc7\u6848\u4ef6\u306e\u5834\u5408\u3001\u5404\u5730\u57df\u306e\u7279\u6027\u3092\u53cd\u6620\u3057\u305f\u9069\u5207\u306a\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

6.3. \u30ea\u30b9\u30af\u8981\u56e0\u306e\u8003\u616e\u65b9\u6cd5<\/h3>\n\n\n\n

\u6295\u8cc7\u6848\u4ef6\u306b\u306f\u69d8\u3005\u306a\u30ea\u30b9\u30af\u8981\u56e0\u304c\u5b58\u5728\u3057\u3001\u3053\u308c\u3089\u3092NPV\u5206\u6790\u306b\u3069\u306e\u3088\u3046\u306b\u53cd\u6620\u3055\u305b\u308b\u304b\u304c\u91cd\u8981\u306a\u8ab2\u984c\u3068\u306a\u308a\u307e\u3059\u3002\u4e3b\u306a\u30ea\u30b9\u30af\u8981\u56e0\u306b\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u3082\u306e\u304c\u3042\u308a\u307e\u3059\uff1a<\/p>\n\n\n\n

– \u5e02\u5834\u30ea\u30b9\u30af\uff08\u9700\u8981\u5909\u52d5\u3001\u4fa1\u683c\u5909\u52d5\u306a\u3069\uff09 – \u4e8b\u696d\u30ea\u30b9\u30af\uff08\u7af6\u5408\u72b6\u6cc1\u3001\u6280\u8853\u9769\u65b0\u306a\u3069\uff09 – \u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30ca\u30eb\u30ea\u30b9\u30af\uff08\u751f\u7523\u6027\u3001\u54c1\u8cea\u306a\u3069\uff09 – \u8ca1\u52d9\u30ea\u30b9\u30af\uff08\u70ba\u66ff\u5909\u52d5\u3001\u91d1\u5229\u5909\u52d5\u306a\u3069\uff09 – \u6cd5\u898f\u5236\u30ea\u30b9\u30af\uff08\u898f\u5236\u5909\u66f4\u3001\u74b0\u5883\u898f\u5236\u306a\u3069\uff09<\/p>\n\n\n\n

\u3053\u308c\u3089\u306e\u30ea\u30b9\u30af\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8abf\u6574\u3084\u5272\u5f15\u7387\u3078\u306e\u4e0a\u4e57\u305b\u306a\u3069\u306e\u65b9\u6cd5\u3067\u8003\u616e\u3059\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

7. \u52b9\u679c\u7684\u306aNPV\u6d3b\u7528\u306e\u305f\u3081\u306e\u5b9f\u8df5\u7684\u30a2\u30d7\u30ed\u30fc\u30c1<\/h2>\n\n\n\n

7.1. \u611f\u5ea6\u5206\u6790\u306e\u5b9f\u65bd\u65b9\u6cd5<\/h3>\n\n\n\n

\u611f\u5ea6\u5206\u6790\u306f\u3001NPV\u8a08\u7b97\u306e\u4e3b\u8981\u306a\u5909\u6570\uff08\u58f2\u4e0a\u9ad8\u3001\u30b3\u30b9\u30c8\u3001\u5272\u5f15\u7387\u306a\u3069\uff09\u3092\u5909\u5316\u3055\u305b\u305f\u5834\u5408\u306eNPV\u3078\u306e\u5f71\u97ff\u3092\u5206\u6790\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u3053\u306e\u5206\u6790\u306b\u3088\u308a\u3001\u3069\u306e\u8981\u56e0\u304cNPV\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u304b\u3092\u7279\u5b9a\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u52b9\u679c\u7684\u306a\u611f\u5ea6\u5206\u6790\u306e\u5b9f\u65bd\u624b\u9806\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\uff1a 1. \u4e3b\u8981\u5909\u6570\u306e\u7279\u5b9a 2. \u5404\u5909\u6570\u306e\u5909\u52d5\u7bc4\u56f2\u306e\u8a2d\u5b9a 3. \u5909\u6570\u3054\u3068\u306eNPV\u8a08\u7b97 4. \u7d50\u679c\u306e\u8996\u899a\u5316\u3068\u5206\u6790 5. \u91cd\u8981\u5ea6\u306e\u9ad8\u3044\u5909\u6570\u306e\u7279\u5b9a<\/p>\n\n\n\n

\u611f\u5ea6\u5206\u6790\u306e\u7d50\u679c\u306f\u3001\u30ea\u30b9\u30af\u7ba1\u7406\u3084\u6295\u8cc7\u5224\u65ad\u306e\u512a\u5148\u9806\u4f4d\u4ed8\u3051\u306b\u6d3b\u7528\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

7.2. \u30b7\u30ca\u30ea\u30aa\u5206\u6790\u306e\u6d3b\u7528<\/h3>\n\n\n\n

\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u306f\u3001\u8907\u6570\u306e\u5c06\u6765\u30b7\u30ca\u30ea\u30aa\u3092\u60f3\u5b9a\u3057\u3001\u305d\u308c\u305e\u308c\u306e\u30b1\u30fc\u30b9\u3067NPV\u3092\u8a08\u7b97\u3059\u308b\u624b\u6cd5\u3067\u3059\u3002\u5178\u578b\u7684\u306b\u306f\u3001\u697d\u89b3\u7684\u30b7\u30ca\u30ea\u30aa\u3001\u57fa\u672c\u30b7\u30ca\u30ea\u30aa\u3001\u60b2\u89b3\u7684\u30b7\u30ca\u30ea\u30aa\u306e3\u3064\u3092\u8a2d\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\u52b9\u679c\u7684\u306a\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u306b\u306f\u4ee5\u4e0b\u306e\u8981\u7d20\u304c\u91cd\u8981\u3067\u3059\uff1a – \u73fe\u5b9f\u7684\u306a\u524d\u63d0\u6761\u4ef6\u306e\u8a2d\u5b9a – \u5404\u30b7\u30ca\u30ea\u30aa\u306e\u767a\u751f\u78ba\u7387\u306e\u691c\u8a0e – \u30b7\u30ca\u30ea\u30aa\u9593\u306e\u76f8\u95a2\u95a2\u4fc2\u306e\u8003\u616e – \u5bfe\u5fdc\u7b56\u306e\u4e8b\u524d\u691c\u8a0e<\/p>\n\n\n\n

\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u306b\u3088\u308a\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u6f5c\u5728\u7684\u306a\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u7bc4\u56f2\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

7.3. \u6295\u8cc7\u5224\u65ad\u30d7\u30ed\u30bb\u30b9\u306e\u6700\u9069\u5316<\/h3>\n\n\n\n

NPV\u3092\u6d3b\u7528\u3057\u305f\u6295\u8cc7\u5224\u65ad\u30d7\u30ed\u30bb\u30b9\u3092\u52b9\u679c\u7684\u306b\u6a5f\u80fd\u3055\u305b\u308b\u305f\u3081\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u4f53\u5236\u3065\u304f\u308a\u304c\u91cd\u8981\u3067\u3059\uff1a<\/p>\n\n\n\n

1. \u660e\u78ba\u306a\u6295\u8cc7\u57fa\u6e96\u306e\u8a2d\u5b9a – NPV\u306e\u3057\u304d\u3044\u5024\u306e\u8a2d\u5b9a – \u6295\u8cc7\u898f\u6a21\u306b\u5fdc\u3058\u305f\u627f\u8a8d\u30d7\u30ed\u30bb\u30b9\u306e\u78ba\u7acb – \u88dc\u5b8c\u7684\u306a\u8a55\u4fa1\u6307\u6a19\u306e\u6d3b\u7528\u57fa\u6e96<\/p>\n\n\n\n

2. \u9069\u5207\u306a\u30e2\u30cb\u30bf\u30ea\u30f3\u30b0\u4f53\u5236\u306e\u69cb\u7bc9 – \u5b9a\u671f\u7684\u306a\u4e88\u5b9f\u7ba1\u7406 – KPI\u306e\u8a2d\u5b9a\u3068\u8ffd\u8de1 – \u662f\u6b63\u63aa\u7f6e\u306e\u5b9f\u65bd\u57fa\u6e96<\/p>\n\n\n\n

3. \u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u30eb\u30fc\u30d7\u306e\u78ba\u7acb – \u6295\u8cc7\u5f8c\u306e\u691c\u8a3c\u30d7\u30ed\u30bb\u30b9 – \u5b66\u7fd2\u4e8b\u9805\u306e\u6587\u66f8\u5316 – \u5c06\u6765\u306e\u6295\u8cc7\u5224\u65ad\u3078\u306e\u53cd\u6620<\/p>\n\n\n\n

\u3053\u306e\u3088\u3046\u306a\u4f53\u7cfb\u7684\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u3088\u308a\u3001NPV\u3092\u7528\u3044\u305f\u6295\u8cc7\u5224\u65ad\u306e\u7cbe\u5ea6\u3068\u52b9\u679c\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u7279\u306b\u3001\u904e\u53bb\u306e\u6295\u8cc7\u6848\u4ef6\u304b\u3089\u306e\u5b66\u7fd2\u3092\u6d3b\u304b\u3057\u3001\u7d99\u7d9a\u7684\u306b\u6295\u8cc7\u5224\u65ad\u30d7\u30ed\u30bb\u30b9\u3092\u6539\u5584\u3057\u3066\u3044\u304f\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

\u6295\u8cc7\u306e\u610f\u601d\u6c7a\u5b9a\u306f\u4f01\u696d\u306e\u5c06\u6765\u3092\u5de6\u53f3\u3059\u308b\u91cd\u8981\u306a\u5224\u65ad\u3067\u3042\u308a\u3001NPV\u306f\u305d\u306e\u5224\u65ad\u3092\u652f\u3048\u308b\u91cd\u8981\u306a\u30c4\u30fc\u30eb\u3067\u3059\u3002\u3057\u304b\u3057\u3001NPV\u306f\u3042\u304f\u307e\u3067\u3082\u610f\u601d\u6c7a\u5b9a\u306e\u305f\u3081\u306e\u4e00\u3064\u306e\u6307\u6a19\u306b\u904e\u304e\u307e\u305b\u3093\u3002\u5b9f\u52d9\u3067\u306f\u3001\u5b9a\u91cf\u7684\u306a\u5206\u6790\u3068\u5b9a\u6027\u7684\u306a\u5224\u65ad\u3092\u7d44\u307f\u5408\u308f\u305b\u3001\u7dcf\u5408\u7684\u306a\u8996\u70b9\u304b\u3089\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

\u3088\u304f\u3042\u308b\u8cea\u554f\u3068\u56de\u7b54<\/h2>\n\n\n\n

NPV\u304c0\u306e\u5834\u5408\u306f\u3069\u3046\u5224\u65ad\u3059\u3079\u304d\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n

NPV\u304c0\u306e\u5834\u5408\u3001\u6295\u8cc7\u306b\u5fc5\u8981\u306a\u6700\u4f4e\u9650\u306e\u53ce\u76ca\u7387\uff08\u8981\u6c42\u53ce\u76ca\u7387\uff09\u306f\u78ba\u4fdd\u3067\u304d\u3066\u3044\u308b\u72b6\u614b\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u6295\u8cc7\u984d\u306b\u5bfe\u3057\u3066\u671f\u5f85\u3055\u308c\u308b\u6700\u4f4e\u9650\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u5f97\u3089\u308c\u308b\u3082\u306e\u306e\u3001\u8ffd\u52a0\u7684\u306a\u4fa1\u5024\u5275\u9020\u306f\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u5b9f\u52d9\u3067\u306f\u3001NPV\u304c0\u306e\u6848\u4ef6\u306b\u3064\u3044\u3066\u306f\u3001\u6226\u7565\u7684\u91cd\u8981\u6027\u3084\u4ed6\u306e\u5b9a\u6027\u7684\u8981\u56e0\u3092\u8003\u616e\u3057\u3066\u5224\u65ad\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

NPV\u3068IRR\u306f\u3069\u3061\u3089\u3092\u91cd\u8996\u3059\u3079\u304d\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n

\u4e00\u822c\u7684\u306b\u306f\u3001NPV\u3092\u512a\u5148\u3057\u3066\u5224\u65ad\u3059\u308b\u3053\u3068\u304c\u63a8\u5968\u3055\u308c\u307e\u3059\u3002\u305d\u306e\u7406\u7531\u306f\u3001NPV\u304c\u6295\u8cc7\u306b\u3088\u308b\u4fa1\u5024\u5275\u9020\u984d\u3092\u91d1\u984d\u3067\u76f4\u63a5\u7684\u306b\u793a\u3059\u306e\u306b\u5bfe\u3057\u3001IRR\u306f\u76f8\u5bfe\u7684\u306a\u53ce\u76ca\u7387\u3092\u793a\u3059\u306e\u307f\u3060\u304b\u3089\u3067\u3059\u3002\u7279\u306b\u3001\u6295\u8cc7\u898f\u6a21\u304c\u7570\u306a\u308b\u6848\u4ef6\u3092\u6bd4\u8f03\u3059\u308b\u5834\u5408\u306f\u3001NPV\u306e\u65b9\u304c\u9069\u5207\u306a\u5224\u65ad\u57fa\u6e96\u3068\u306a\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u5b9f\u52d9\u3067\u306f\u4e21\u6307\u6a19\u3092\u4f75\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u7dcf\u5408\u7684\u306a\u5224\u65ad\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

NPV\u306e\u8a08\u7b97\u306b\u304a\u3044\u3066\u9069\u5207\u306a\u5272\u5f15\u7387\u306f\u3069\u306e\u3088\u3046\u306b\u6c7a\u5b9a\u3059\u3079\u304d\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n

\u5272\u5f15\u7387\u306e\u6c7a\u5b9a\u306b\u306f\u3001\u4e00\u822c\u7684\u306b\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3092\u57fa\u6e96\u3068\u3057\u3066\u7528\u3044\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u6295\u8cc7\u6848\u4ef6\u7279\u6709\u306e\u30ea\u30b9\u30af\u306b\u5fdc\u3058\u3066\u8abf\u6574\u304c\u5fc5\u8981\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u65b0\u898f\u4e8b\u696d\u3078\u306e\u6295\u8cc7\u306e\u5834\u5408\u306f\u3001\u65e2\u5b58\u4e8b\u696d\u3088\u308a\u3082\u9ad8\u3044\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u307e\u305f\u3001\u6d77\u5916\u6295\u8cc7\u306e\u5834\u5408\u306f\u3001\u30ab\u30f3\u30c8\u30ea\u30fc\u30ea\u30b9\u30af\u3082\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u304c\u96e3\u3057\u3044\u5834\u5408\u306f\u3069\u3046\u3059\u3079\u304d\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n

\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u304c\u56f0\u96e3\u306a\u5834\u5408\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u6709\u52b9\u3067\u3059\uff1a 1. \u8907\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u8a2d\u5b9a\u3057\u3001\u305d\u308c\u305e\u308c\u306e\u78ba\u7387\u3092\u8003\u616e\u3057\u305f\u671f\u5f85\u5024\u3092\u7b97\u51fa\u3059\u308b 2. \u904e\u53bb\u306e\u985e\u4f3c\u6848\u4ef6\u306e\u30c7\u30fc\u30bf\u3092\u53c2\u8003\u306b\u3059\u308b 3. \u696d\u754c\u5c02\u9580\u5bb6\u306e\u77e5\u898b\u3092\u6d3b\u7528\u3059\u308b 4. \u4fdd\u5b88\u7684\u306a\u4e88\u6e2c\u5024\u3092\u7528\u3044\u308b \u7279\u306b\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u3044\u6848\u4ef6\u306b\u3064\u3044\u3066\u306f\u3001\u611f\u5ea6\u5206\u6790\u3084\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u3092\u4f75\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u30ea\u30b9\u30af\u306e\u7bc4\u56f2\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

NPV\u304c\u30d7\u30e9\u30b9\u3067\u3082\u6295\u8cc7\u3092\u898b\u9001\u308b\u3079\u304d\u5834\u5408\u306f\u3042\u308a\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n

\u306f\u3044\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u5834\u5408\u306f\u3001NPV\u304c\u30d7\u30e9\u30b9\u3067\u3082\u6295\u8cc7\u3092\u898b\u9001\u308b\u3053\u3068\u3092\u691c\u8a0e\u3059\u3079\u304d\u3067\u3059\uff1a – \u3088\u308a\u9ad8\u3044NPV\u304c\u671f\u5f85\u3067\u304d\u308b\u4ee3\u66ff\u6848\u304c\u5b58\u5728\u3059\u308b\u5834\u5408 – \u6295\u8cc7\u306b\u5fc5\u8981\u306a\u8cc7\u91d1\u3084\u7d4c\u55b6\u8cc7\u6e90\u306b\u5236\u7d04\u304c\u3042\u308b\u5834\u5408 – \u30ea\u30b9\u30af\u304c\u8a31\u5bb9\u7bc4\u56f2\u3092\u8d85\u3048\u3066\u3044\u308b\u5834\u5408 – \u6226\u7565\u3068\u306e\u6574\u5408\u6027\u306b\u554f\u984c\u304c\u3042\u308b\u5834\u5408 NPV\u306f\u91cd\u8981\u306a\u5224\u65ad\u57fa\u6e96\u3067\u3059\u304c\u3001\u6700\u7d42\u7684\u306a\u6295\u8cc7\u5224\u65ad\u306b\u306f\u4ed6\u306e\u8981\u7d20\u3082\u7dcf\u5408\u7684\u306b\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

NPV\u306e\u8a08\u7b97\u306b\u5fc5\u8981\u306a\u30ad\u30e3\u30c3\u30b7\u30e5 \u30d5\u30ed\u30fc \u306e \u73fe\u5728\u4fa1\u5024\u306f\u3069\u306e\u3088\u3046\u306b\u7b97\u51fa\u3057\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n

\u5c06\u6765\u306e \u30ad\u30e3\u30c3\u30b7\u30e5 \u30d5\u30ed\u30fc \u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308b\u305f\u3081\u306b\u3001\u9069\u5207\u306a\u5272\u5f15\u7387\u3092\u7528\u3044\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002\u3053\u306e\u8a08\u7b97\u3067\u306f\u3001\u6295\u8cc7\u91d1\u984d\u3068\u4e88\u60f3\u3055\u308c\u308b\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8003\u616e\u3057\u3001\u6642\u9593\u4fa1\u5024\u3092\u53cd\u6620\u3055\u305b\u305f\u73fe\u5728\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

\u76ee\u6b21 NPV\u306e\u5404\u9805\u76ee\u3067\u306f\u4f55\u3092\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n

NPV\u306b\u95a2\u3059\u308b\u89e3\u8aac\u3067\u306f\u3001\u57fa\u672c\u7684\u306a\u6982\u5ff5\u304b\u3089\u5b9f\u8df5\u7684\u306a\u6d3b\u7528\u65b9\u6cd5\u307e\u3067\u3001\u4ee5\u4e0b\u306e\u9805\u76ee\u306b\u3064\u3044\u3066\u65b9\u6cd5\u3092\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\uff1a<\/p>\n\n\n\n

    \n

  • NPV\u306e\u57fa\u672c\u6982\u5ff5\u3068\u91cd\u8981\u6027<\/p><\/li>\n\n\n\n

  • \u8a08\u7b97\u65b9\u6cd5\u3068\u30d7\u30ed\u30bb\u30b9<\/p><\/li>\n\n\n\n

  • \u6295\u8cc7\u5224\u65ad\u3078\u306e\u6d3b\u7528\u65b9\u6cd5<\/p><\/li>\n\n\n\n

  • \u5b9f\u52d9\u3067\u306e\u6ce8\u610f\u70b9<\/p><\/li>\n<\/ul>\n\n\n\n

    \u6295\u8cc7\u91d1\u984d\u306e\u56de\u53ce\u53ef\u80fd\u6027\u3092NPV\u3067\u3069\u306e\u3088\u3046\u306b\u5224\u65ad\u3057\u307e\u3059\u304b\uff1f<\/h3>\n\n\n\n

    NPV\u304c\u30d7\u30e9\u30b9\u306e\u5834\u5408\u3001\u6295\u8cc7\u91d1\u984d\u4ee5\u4e0a\u306e\u4fa1\u5024\u3092\u751f\u307f\u51fa\u3059\u3068\u5224\u65ad\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u5224\u65ad\u306b\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u304b\u3089\u521d\u671f\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3092\u7528\u3044\u307e\u3059\u3002NPV\u306e\u5024\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u6295\u8cc7\u4fa1\u5024\u304c\u9ad8\u3044\u3068\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002<\/p>\n","protected":false},"author":4,"featured_media":24546,"template":"","meta":{"_acf_changed":false,"_yoast_wpseo_metadesc":"npv\u3068\u306f\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u8a55\u4fa1\u306b\u7528\u3044\u3089\u308c\u308b\u91cd\u8981\u306a\u8ca1\u52d9\u6307\u6a19\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6295\u8cc7\u8a55\u4fa1\u6307\u6a19\u3068\u3057\u3066\u306eNPV\u306e\u57fa\u672c\u6982\u5ff5\u304b\u3089\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u306e\u6d3b\u7528\u65b9\u6cd5\u3001\u5b9f\u8df5\u7684\u306a\u8ca1\u52d9\u5206\u6790\u306b\u304a\u3051\u308b\u6ce8\u610f\u70b9\u307e\u3067\u3001\u5b9f\u52d9\u306b\u5373\u3057\u3066\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002\u521d\u5fc3\u8005\u304b\u3089\u30d7\u30ed\u307e\u3067\u5f79\u7acb\u3064\u60c5\u5831\u304c\u6e80\u8f09\u3067\u3059\u3002","content-type":"","footnotes":""},"categories":[5],"tags":[964,969,970],"bana_industry":[1141],"bana_cat":[1150],"class_list":["post-12614","column","type-column","status-publish","has-post-thumbnail","hentry","category-corporate_planning","tag-964","tag-969","tag-970","bana_industry-smb","bana_cat-strategy"],"acf":{"h2_1":"","h2_2":"","h2_3":"","h2_4":"","h2_5":"","h2_end":""},"yoast_head":"\nNPV\u3068\u306f\uff1f\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u6295\u8cc7\u5224\u65ad\u3078\u306e\u6d3b\u7528\u6cd5\u3092\u5fb9\u5e95\u89e3\u8aac<\/title>\n<meta name=\"description\" content=\"npv\u3068\u306f\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u8a55\u4fa1\u306b\u7528\u3044\u3089\u308c\u308b\u91cd\u8981\u306a\u8ca1\u52d9\u6307\u6a19\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6295\u8cc7\u8a55\u4fa1\u6307\u6a19\u3068\u3057\u3066\u306eNPV\u306e\u57fa\u672c\u6982\u5ff5\u304b\u3089\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u3067\u306e\u6d3b\u7528\u65b9\u6cd5\u3001\u5b9f\u8df5\u7684\u306a\u8ca1\u52d9\u5206\u6790\u306b\u304a\u3051\u308b\u6ce8\u610f\u70b9\u307e\u3067\u3001\u5b9f\u52d9\u306b\u5373\u3057\u3066\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002\u521d\u5fc3\u8005\u304b\u3089\u30d7\u30ed\u307e\u3067\u5f79\u7acb\u3064\u60c5\u5831\u304c\u6e80\u8f09\u3067\u3059\u3002\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/open-insight.net\/intersect\/column\/what-is-npv-calculation-method-and-practical-use\/\" \/>\n<meta property=\"og:locale\" content=\"ja_JP\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NPV\u3068\u306f\uff1f\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u6295\u8cc7\u5224\u65ad\u3078\u306e\u6d3b\u7528\u6cd5\u3092\u5fb9\u5e95\u89e3\u8aac\" \/>\n<meta property=\"og:description\" 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