{"id":2247,"date":"2024-11-11T18:22:30","date_gmt":"2024-11-11T09:22:30","guid":{"rendered":"https:\/\/open-insight.net\/intersect\/?post_type=column&p=2247"},"modified":"2025-06-10T14:29:49","modified_gmt":"2025-06-10T05:29:49","slug":"risk-premium","status":"publish","type":"column","link":"https:\/\/open-insight.net\/intersect\/column\/risk-premium\/","title":{"rendered":"\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u7406\u89e3\u3068\u6d3b\u7528\u6cd5"},"content":{"rendered":"\n

\u30d3\u30b8\u30cd\u30b9\u74b0\u5883\u306f\u5e38\u306b\u5909\u5316\u3057\u3066\u304a\u308a\u3001\u4f01\u696d\u306f\u7af6\u4e89\u529b\u3092\u7dad\u6301\u3059\u308b\u305f\u3081\u306b\u3001\u30ea\u30b9\u30af\u3092\u9069\u5207\u306b\u7ba1\u7406\u3057\u3001\u6295\u8cc7\u306e\u671f\u5f85\u53ce\u76ca\u3092\u6700\u5927\u5316\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u306b\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u7406\u89e3\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f\u4f55\u304b\u3001\u305d\u306e\u8a08\u7b97\u65b9\u6cd5\u3084\u5b9f\u52d9\u3078\u306e\u5fdc\u7528\u3092\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

1. \u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f<\/h2>\n\n\n\n

1.1 \u5b9a\u7fa9\u3068\u57fa\u672c\u6982\u5ff5<\/h3>\n\n\n\n

\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u6295\u8cc7\u3059\u308b\u969b\u306b\u3001\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u53ce\u76ca\u7387\u3088\u308a\u3082\u9ad8\u3044\u671f\u5f85\u53ce\u76ca\u7387\u3092\u6c42\u3081\u308b\u305f\u3081\u306e\u8ffd\u52a0\u7684\u306a\u53ce\u76ca\u3092\u6307\u3057\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u30ea\u30b9\u30af\u3092\u4f34\u3046\u6295\u8cc7\u306b\u3088\u3063\u3066\u5f97\u3089\u308c\u308b\u8d85\u904e\u53ce\u76ca\u7387\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002\u3053\u306e\u6982\u5ff5\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u3092\u53d6\u308b\u3053\u3068\u306b\u5bfe\u3059\u308b\u5831\u916c\u3067\u3042\u308a\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387\u3092\u7b97\u51fa\u3059\u308b\u969b\u306b\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

1.2 \u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u91cd\u8981\u6027<\/h3>\n\n\n\n

\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u969b\u306b\u4e0d\u53ef\u6b20\u306a\u8981\u7d20\u3067\u3059\u3002\u7279\u306b\u3001\u4e0a\u5834\u4f01\u696d\u306b\u52e4\u3081\u308b\u30d3\u30b8\u30cd\u30b9\u30d1\u30fc\u30bd\u30f3\u306b\u3068\u3063\u3066\u306f\u3001\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u3067\u3001\u682a\u5f0f\u6295\u8cc7\u3084\u4ed6\u306e\u30ea\u30b9\u30af\u8cc7\u7523\u3078\u306e\u6295\u8cc7\u6226\u7565\u3092\u7acb\u3066\u308b\u969b\u306e\u660e\u78ba\u306a\u6307\u91dd\u3068\u306a\u308a\u307e\u3059\u3002\u5e02\u5834\u30ea\u30b9\u30af\u3084\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u5909\u52d5\u3092\u8003\u616e\u306b\u5165\u308c\u308b\u3053\u3068\u3067\u3001\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387\u3092\u9069\u5207\u306b\u8a55\u4fa1\u3057\u3001\u3088\u308a\u826f\u3044\u6295\u8cc7\u5224\u65ad\u3092\u4e0b\u305b\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

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

2. \u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u8a08\u7b97\u65b9\u6cd5<\/h2>\n\n\n\n

2.1 \u57fa\u672c\u7684\u306a\u8a08\u7b97\u5f0f<\/h3>\n\n\n\n

\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u57fa\u672c\u7684\u306a\u8a08\u7b97\u5f0f\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8868\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0 = \u30ea\u30b9\u30af\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387 – \u7121\u30ea\u30b9\u30af\u91d1\u5229<\/p>\n\n\n\n

\u3053\u306e\u8a08\u7b97\u5f0f\u3067\u306f\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387\u304c\u3001\u5b9f\u969b\u306b\u30ea\u30b9\u30af\u3092\u53d6\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u5f97\u3089\u308c\u308b\u53ce\u76ca\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306f\u3001\u901a\u5e38\u3001\u65e5\u672c\u56fd\u50b5\u306a\u3069\u306e\u4f4e\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u57fa\u3065\u3044\u3066\u8a2d\u5b9a\u3055\u308c\u307e\u3059\u3002\u3053\u306e\u5f0f\u3092\u7528\u3044\u308b\u3053\u3068\u3067\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u5177\u4f53\u7684\u306b\u7b97\u51fa\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

2.2 CAPM\uff08\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\uff09\u306e\u5229\u7528<\/h3>\n\n\n\n

CAPM\uff08\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\uff09\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306b\u5e83\u304f\u7528\u3044\u3089\u308c\u308b\u30e2\u30c7\u30eb\u3067\u3059\u3002\u3053\u306e\u30e2\u30c7\u30eb\u3067\u306f\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387\u306f\u3001\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3068\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u548c\u3068\u3057\u3066\u8868\u3055\u308c\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u5f0f\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u671f\u5f85\u53ce\u76ca\u7387 = \u7121\u30ea\u30b9\u30af\u91d1\u5229 + \u03b2 \u00d7 (\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0)<\/p>\n\n\n\n

\u3053\u3053\u3067\u3001\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u306f\u3001\u7279\u5b9a\u306e\u30ea\u30b9\u30af\u8cc7\u7523\u304c\u5e02\u5834\u5168\u4f53\u306b\u5bfe\u3057\u3066\u3069\u308c\u3060\u3051\u306e\u30ea\u30b9\u30af\u3092\u6301\u3064\u304b\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002\u3053\u306e\u30e2\u30c7\u30eb\u3092\u5229\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387\u3092\u5b9a\u91cf\u7684\u306b\u8a55\u4fa1\u3057\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

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

3. \u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5b9f\u52d9\u3078\u306e\u5fdc\u7528<\/h2>\n\n\n\n

3.1 \u6295\u8cc7\u5224\u65ad\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5f79\u5272<\/h3>\n\n\n\n

\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u6295\u8cc7\u5224\u65ad\u306b\u304a\u3044\u3066\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002\u7279\u306b\u3001\u682a\u5f0f\u6295\u8cc7\u306b\u304a\u3044\u3066\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u8003\u616e\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u306f\u5e02\u5834\u306e\u5909\u52d5\u306b\u5bfe\u3059\u308b\u9069\u5207\u306a\u5224\u65ad\u3092\u4e0b\u305b\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u7b97\u51fa\u3059\u308b\u969b\u306b\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6d3b\u7528\u3059\u308c\u3070\u3001\u4f01\u696d\u306e\u4fa1\u5024\u3092\u3088\u308a\u6b63\u78ba\u306b\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u3092\u7406\u89e3\u3057\u3001\u9069\u5207\u306a\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u305f\u3081\u306e\u91cd\u8981\u306a\u6307\u6a19\u3068\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

3.2 \u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u7b97\u51fa\u3068\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u95a2\u4fc2<\/h3>\n\n\n\n

\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u4f01\u696d\u304c\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u969b\u306b\u5fc5\u8981\u306a\u30b3\u30b9\u30c8\u3092\u6307\u3057\u307e\u3059\u3002\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u7b97\u51fa\u306b\u304a\u3044\u3066\u3082\u91cd\u8981\u306a\u8981\u7d20\u3067\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u542b\u3093\u3060\u8a08\u7b97\u3092\u901a\u3058\u3066\u6c42\u3081\u3089\u308c\u307e\u3059\u3002WACC\u306f\u3001\u4f01\u696d\u306e\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\uff08\u682a\u5f0f\u3068\u8ca0\u50b5\uff09\u306b\u57fa\u3065\u3044\u3066\u8a08\u7b97\u3055\u308c\u3001\u6295\u8cc7\u5bb6\u304c\u671f\u5f85\u3059\u308b\u53ce\u76ca\u7387\u3092\u53cd\u6620\u3057\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7406\u89e3\u3057\u3001\u9069\u5207\u306b\u6d3b\u7528\u3059\u308b\u3053\u3068\u306f\u3001\u4f01\u696d\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6b63\u78ba\u306b\u7b97\u51fa\u3059\u308b\u305f\u3081\u306b\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/p>\n\n\n\n

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

4. \u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u7406\u89e3<\/h2>\n\n\n\n

4.1 \u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f<\/h3>\n\n\n\n

\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u6295\u8cc7\u3059\u308b\u969b\u306b\u8981\u6c42\u3055\u308c\u308b\u8d85\u904e\u53ce\u76ca\u7387\u3092\u6307\u3057\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387\u304b\u3089\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u53ce\u76ca\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u6295\u8cc7\u5bb6\u304c\u5e02\u5834\u5168\u4f53\u306e\u30ea\u30b9\u30af\u3092\u3069\u306e\u7a0b\u5ea6\u8a55\u4fa1\u3057\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u969b\u306b\u91cd\u8981\u306a\u8981\u7d20\u3067\u3042\u308a\u3001\u7279\u306b\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3044\u3066\u306f\u305d\u306e\u5f71\u97ff\u304c\u9855\u8457\u306b\u73fe\u308c\u307e\u3059\u3002\u3053\u306e\u6307\u6a19\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u306f\u5e02\u5834\u306e\u5909\u52d5\u3092\u3088\u308a\u6b63\u78ba\u306b\u628a\u63e1\u3057\u3001\u9069\u5207\u306a\u6295\u8cc7\u6226\u7565\u3092\u7acb\u3066\u308b\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

4.2 \u65e5\u672c\u5e02\u5834\u306b\u304a\u3051\u308b\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u73fe\u72b6<\/h3>\n\n\n\n

\u65e5\u672c\u5e02\u5834\u306b\u304a\u3051\u308b\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u904e\u53bb\u6570\u5e74\u9593\u3067\u5909\u52d5\u3092\u898b\u305b\u3066\u3044\u307e\u3059\u3002\u7279\u306b\u3001\u7d4c\u6e08\u60c5\u52e2\u3084\u91d1\u878d\u653f\u7b56\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u3044\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002\u8fd1\u5e74\u3067\u306f\u3001\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u5229\u56de\u308a\u304c\u4f4e\u4e0b\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u306f\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u671f\u5f85\u53ce\u76ca\u7387\u3092\u9ad8\u3081\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u72b6\u6cc1\u4e0b\u3067\u3001\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u91cd\u8981\u306a\u6307\u6a19\u3068\u306a\u308a\u3001\u6295\u8cc7\u5bb6\u306f\u305d\u308c\u3092\u57fa\u306b\u30ea\u30b9\u30af\u8a55\u4fa1\u3092\u884c\u3044\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u69cb\u7bc9\u3092\u9032\u3081\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

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

5. \u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7528\u3044\u305f\u6295\u8cc7\u6226\u7565<\/h2>\n\n\n\n

5.1 \u682a\u5f0f\u6295\u8cc7\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u6d3b\u7528<\/h3>\n\n\n\n

\u682a\u5f0f\u6295\u8cc7\u306b\u304a\u3044\u3066\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u8cc7\u7523\u3092\u9078\u629e\u3059\u308b\u969b\u306e\u6307\u91dd\u3068\u306a\u308a\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u8003\u616e\u3059\u308b\u3053\u3068\u3067\u3001\u671f\u5f85\u53ce\u76ca\u7387\u306e\u9ad8\u3044\u682a\u5f0f\u3092\u9078\u5b9a\u3057\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u3092\u9069\u5207\u306b\u7ba1\u7406\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002\u7279\u306b\u3001\u30ea\u30b9\u30af \u30d5\u30ea\u30fc \u30ec\u30fc\u30c8\u304c\u4f4e\u3044\u74b0\u5883\u3067\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u306a\u308b\u305f\u3081\u3001\u682a\u5f0f\u5e02\u5834\u3067\u306e\u9078\u629e\u80a2\u3092\u614e\u91cd\u306b\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u307e\u305f\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3092\u898b\u6975\u3081\u308b\u305f\u3081\u306b\u3001\u904e\u53bb\u306e\u5e02\u5834\u30c7\u30fc\u30bf\u3092\u5206\u6790\u3057\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5909\u5316\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3082\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

5.2 \u671f\u5f85\u53ce\u76ca\u7387\u306e\u5411\u4e0a\u306b\u5411\u3051\u305f\u6226\u7565<\/h3>\n\n\n\n

\u671f\u5f85\u53ce\u76ca\u7387\u3092\u5411\u4e0a\u3055\u305b\u308b\u305f\u3081\u306b\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u52b9\u679c\u7684\u306b\u6d3b\u7528\u3059\u308b\u6226\u7565\u304c\u5fc5\u8981\u3067\u3059\u3002\u6295\u8cc7\u5bb6\u306f\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u7279\u6027\u3084\u5e02\u5834\u306e\u52d5\u5411\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3067\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6700\u5927\u5316\u3059\u308b\u6295\u8cc7\u9078\u629e\u3092\u884c\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u5177\u4f53\u7684\u306a\u6226\u7565\u3068\u3057\u3066\u3001\u5206\u6563\u6295\u8cc7\u3084\u30a2\u30bb\u30c3\u30c8\u30a2\u30ed\u30b1\u30fc\u30b7\u30e7\u30f3\u306e\u898b\u76f4\u3057\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u3002\u30ea\u30b9\u30af\u3092\u5206\u6563\u3055\u305b\u308b\u3053\u3068\u3067\u3001\u671f\u5f85\u53ce\u76ca\u7387\u3092\u9ad8\u3081\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u5b89\u5b9a\u6027\u3092\u5411\u4e0a\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u307e\u305f\u3001\u7279\u5b9a\u306e\u5e02\u5834\u30bb\u30af\u30bf\u30fc\u3084\u5730\u57df\u306b\u7126\u70b9\u3092\u5f53\u3066\u308b\u3053\u3068\u3067\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u6069\u6075\u3092\u53d7\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

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

6. \u30b1\u30fc\u30b9\u30b9\u30bf\u30c7\u30a3<\/h2>\n\n\n\n

6.1 \u6210\u529f\u4e8b\u4f8b\u306b\u5b66\u3076\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u6d3b\u7528<\/h3>\n\n\n\n

\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6d3b\u7528\u3057\u305f\u6210\u529f\u4e8b\u4f8b\u3068\u3057\u3066\u3001\u3042\u308b\u4f01\u696d\u304c\u7279\u5b9a\u306e\u682a\u5f0f\u3092\u9078\u5b9a\u3057\u305f\u7d50\u679c\u3001\u671f\u5f85\u53ce\u76ca\u7387\u304c\u5927\u5e45\u306b\u5411\u4e0a\u3057\u305f\u30b1\u30fc\u30b9\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u4f01\u696d\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5206\u6790\u3092\u901a\u3058\u3066\u3001\u904e\u5c0f\u8a55\u4fa1\u3055\u308c\u3066\u3044\u305f\u682a\u5f0f\u3092\u898b\u3064\u3051\u51fa\u3057\u3001\u6295\u8cc7\u3092\u5b9f\u884c\u3057\u307e\u3057\u305f\u3002\u305d\u306e\u7d50\u679c\u3001\u6295\u8cc7\u5bb6\u306f\u5e02\u5834\u306e\u52d5\u5411\u306b\u5bfe\u3057\u3066\u654f\u611f\u306b\u53cd\u5fdc\u3057\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u5897\u52a0\u306b\u6210\u529f\u3057\u307e\u3057\u305f\u3002\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u9069\u5207\u306a\u8a55\u4fa1\u304c\u3001\u5b9f\u969b\u306e\u6295\u8cc7\u6210\u679c\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u305f\u4e00\u4f8b\u3068\u3044\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

6.2 \u5931\u6557\u4e8b\u4f8b\u304b\u3089\u306e\u6559\u8a13<\/h3>\n\n\n\n

\u9006\u306b\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u904e\u5c0f\u8a55\u4fa1\u3057\u305f\u305f\u3081\u306b\u640d\u5931\u3092\u88ab\u3063\u305f\u4e8b\u4f8b\u3082\u5b58\u5728\u3057\u307e\u3059\u3002\u3042\u308b\u6295\u8cc7\u5bb6\u304c\u5e02\u5834\u30ea\u30b9\u30af\u3092\u8efd\u8996\u3057\u3001\u9ad8\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u6295\u8cc7\u3057\u305f\u7d50\u679c\u3001\u671f\u5f85\u53ce\u76ca\u7387\u304c\u4f4e\u4e0b\u3057\u3001\u8cc7\u7523\u306e\u5927\u90e8\u5206\u3092\u5931\u3046\u3068\u3044\u3046\u4e8b\u614b\u306b\u9665\u308a\u307e\u3057\u305f\u3002\u3053\u306e\u30b1\u30fc\u30b9\u304b\u3089\u5b66\u3079\u308b\u6559\u8a13\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3001\u904e\u4fe1\u305b\u305a\u306b\u30ea\u30b9\u30af\u3092\u8a55\u4fa1\u3059\u308b\u3053\u3068\u306e\u91cd\u8981\u6027\u3067\u3059\u3002\u6295\u8cc7\u5bb6\u306f\u3001\u5e38\u306b\u5e02\u5834\u306e\u72b6\u6cc1\u3092\u628a\u63e1\u3057\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u898b\u76f4\u3059\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

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

7. \u4eca\u5f8c\u306e\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u52d5\u5411<\/h2>\n\n\n\n

7.1 \u7d4c\u6e08\u60c5\u52e2\u306e\u5909\u5316\u3068\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u95a2\u4fc2<\/h3>\n\n\n\n

\u4eca\u5f8c\u306e\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u7d4c\u6e08\u60c5\u52e2\u306e\u5909\u5316\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u5de6\u53f3\u3055\u308c\u308b\u3053\u3068\u304c\u4e88\u60f3\u3055\u308c\u307e\u3059\u3002\u7279\u306b\u3001\u91d1\u5229\u52d5\u5411\u3084\u653f\u7b56\u5909\u66f4\u304c\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u306f\u7121\u8996\u3067\u304d\u307e\u305b\u3093\u3002\u4f8b\u3048\u3070\u3001\u4e2d\u592e\u9280\u884c\u306e\u91d1\u5229\u653f\u7b56\u304c\u898b\u76f4\u3055\u308c\u308b\u3068\u3001\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u5229\u56de\u308a\u304c\u5909\u52d5\u3057\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3082\u305d\u308c\u306b\u5fdc\u3058\u3066\u5909\u5316\u3057\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u6295\u8cc7\u5bb6\u306f\u7d4c\u6e08\u306e\u52d5\u5411\u3092\u6ce8\u8996\u3057\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u304c\u3069\u306e\u3088\u3046\u306b\u5909\u52d5\u3059\u308b\u304b\u3092\u691c\u8a0e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

7.2 \u672a\u6765\u306e\u6295\u8cc7\u6226\u7565\u306b\u304a\u3051\u308b\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u91cd\u8981\u6027<\/h3>\n\n\n\n

\u672a\u6765\u306e\u6295\u8cc7\u6226\u7565\u306b\u304a\u3044\u3066\u3082\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u306f\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u57fa\u306b\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u3053\u3068\u3067\u3001\u3088\u308a\u826f\u3044\u6295\u8cc7\u6210\u679c\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002\u7279\u306b\u3001\u8907\u96d1\u5316\u3059\u308b\u5e02\u5834\u74b0\u5883\u306b\u304a\u3044\u3066\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u7406\u89e3\u304c\u6295\u8cc7\u5bb6\u306e\u6210\u529f\u3092\u5de6\u53f3\u3059\u308b\u8981\u56e0\u3068\u306a\u308a\u307e\u3059\u3002\u4eca\u5f8c\u3082\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u9069\u5207\u306b\u6d3b\u7528\u3059\u308b\u3053\u3068\u304c\u3001\u52b9\u679c\u7684\u306a\u6295\u8cc7\u6226\u7565\u306e\u69cb\u7bc9\u306b\u7e4b\u304c\u308b\u3053\u3068\u3092\u5fd8\u308c\u3066\u306f\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

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

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

1. \u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f\u3069\u3046\u3044\u3046\u610f\u5473\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n

\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u6295\u8cc7\u3059\u308b\u969b\u306b\u3001\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u53ce\u76ca\u7387\u3092\u4e0a\u56de\u308b\u671f\u5f85\u53ce\u76ca\u7387\u3092\u6c42\u3081\u308b\u305f\u3081\u306e\u8ffd\u52a0\u7684\u306a\u53ce\u76ca\u3092\u6307\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u30ea\u30b9\u30af\u3092\u53d6\u308b\u3053\u3068\u306b\u5bfe\u3059\u308b\u5831\u916c\u3068\u3057\u3066\u7406\u89e3\u3055\u308c\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387\u3092\u7b97\u51fa\u3059\u308b\u969b\u306b\u91cd\u8981\u306a\u8981\u7d20\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

2. \u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u6c42\u3081\u65b9\u306f\uff1f<\/h3>\n\n\n\n

\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u57fa\u672c\u7684\u306a\u8a08\u7b97\u5f0f\u306f\u3001\u300c\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0 = \u30ea\u30b9\u30af\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387 – \u7121\u30ea\u30b9\u30af\u91d1\u5229\u300d\u3068\u3044\u3046\u5f62\u3067\u8868\u3055\u308c\u307e\u3059\u3002\u3053\u306e\u8a08\u7b97\u3092\u901a\u3058\u3066\u3001\u30ea\u30b9\u30af\u3092\u4f34\u3046\u6295\u8cc7\u304c\u3069\u306e\u7a0b\u5ea6\u306e\u8d85\u904e\u53ce\u76ca\u3092\u751f\u3080\u304b\u3092\u5224\u65ad\u3067\u304d\u307e\u3059\u3002\u307e\u305f\u3001CAPM\uff08\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\uff09\u3092\u4f7f\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u8a73\u7d30\u306a\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u8a55\u4fa1\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n

3. \u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f\uff1f<\/h3>\n\n\n\n

\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u8cc7\u7523\u5168\u4f53\u306b\u5bfe\u3057\u3066\u6c42\u3081\u308b\u8d85\u904e\u53ce\u76ca\u7387\u3092\u6307\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387\u304b\u3089\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3067\u3001\u5e02\u5834\u5168\u4f53\u306e\u30ea\u30b9\u30af\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306e\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u306f\u3088\u308a\u9069\u5207\u306a\u6295\u8cc7\u5224\u65ad\u3092\u884c\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

4. \u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u671f\u5f85\u53ce\u76ca\u7387\u306e\u9055\u3044\u306f\u4f55\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n

\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u5229\u56de\u308a\u3092\u4e0a\u56de\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u8ffd\u52a0\u53ce\u76ca\u3092\u6307\u3057\u3001\u671f\u5f85\u53ce\u76ca\u7387\u306f\u30ea\u30b9\u30af\u8cc7\u7523\u5168\u4f53\u304b\u3089\u5f97\u3089\u308c\u308b\u4e88\u60f3\u3055\u308c\u308b\u53ce\u76ca\u3092\u793a\u3057\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u671f\u5f85\u53ce\u76ca\u7387\u3092\u69cb\u6210\u3059\u308b\u4e00\u90e8\u3067\u3042\u308a\u3001\u30ea\u30b9\u30af\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306e\u91cd\u8981\u306a\u8981\u7d20\u3067\u3059\u3002<\/p>\n\n\n\n

5. \u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8cc7\u7523\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n

\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8cc7\u7523\u3068\u306f\u3001\u6295\u8cc7\u306b\u3088\u308b\u5143\u672c\u306e\u640d\u5931\u30ea\u30b9\u30af\u304c\u306a\u3044\u3068\u8003\u3048\u3089\u308c\u308b\u8cc7\u7523\u306e\u3053\u3068\u3067\u3059\u3002\u4e00\u822c\u7684\u306b\u306f\u3001\u65e5\u672c\u56fd\u50b5\u3084\u653f\u5e9c\u304c\u767a\u884c\u3059\u308b\u50b5\u5238\u304c\u3053\u308c\u306b\u8a72\u5f53\u3057\u307e\u3059\u3002\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8cc7\u7523\u306e\u5229\u56de\u308a\u304c\u3001\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u8a08\u7b97\u306b\u304a\u3051\u308b\u57fa\u6e96\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

6. \u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u4f55\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n

\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5177\u4f53\u7684\u306a\u6570\u5024\u306f\u5e02\u5834\u74b0\u5883\u3084\u7d4c\u6e08\u60c5\u52e2\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002\u4e00\u822c\u7684\u306b\u306f\u3001\u904e\u53bb\u306e\u30c7\u30fc\u30bf\u3092\u57fa\u306b\u8a55\u4fa1\u3055\u308c\u307e\u3059\u304c\u3001\u73fe\u5728\u306e\u5e02\u5834\u72b6\u6cc1\u3084\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306e\u52d5\u5411\u3092\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u306f\u3001\u5b9a\u671f\u7684\u306b\u5e02\u5834\u306e\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u898b\u76f4\u3057\u3001\u6295\u8cc7\u5224\u65ad\u306b\u6d3b\u7528\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

7. \u65e5\u672c\u5e02\u5834\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3044\u304f\u3089\u3067\u3059\u304b\uff1f<\/h3>\n\n\n\n

\u65e5\u672c\u5e02\u5834\u306e\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u7d4c\u6e08\u72b6\u6cc1\u3084\u91d1\u878d\u653f\u7b56\u306b\u5927\u304d\u304f\u5f71\u97ff\u3055\u308c\u307e\u3059\u3002\u30ea\u30b9\u30af \u30d7\u30ec\u30df\u30a2\u30e0\u3092\u5177\u4f53\u7684\u306b\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u904e\u53bb\u306e\u682a\u5f0f\u5e02\u5834\u306e\u30c7\u30fc\u30bf\u3084\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u5229\u56de\u308a\u3092\u5206\u6790\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u5e02\u5834\u306e\u52d5\u5411\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3067\u3001\u9069\u5207\u306a\u30ea\u30b9\u30af\u8a55\u4fa1\u304c\u53ef\u80fd\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

8. \u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u4f01\u696d\u4fa1\u5024\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f<\/strong><\/h3>\n\n\n\n

\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u4f01\u696d\u304c\u5c06\u6765\u5f97\u308b\u30ea\u30bf\u30fc\u30f3\u306b\u5bfe\u3059\u308b\u6295\u8cc7\u5bb6\u306e\u671f\u5f85\u3092\u8868\u3059\u8981\u7d20\u3067\u3042\u308a\u3001\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u306b\u76f4\u63a5\u5f71\u97ff\u3057\u307e\u3059\u3002\u9ad8\u3044\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u8a2d\u5b9a\u3055\u308c\u308b\u3068\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304c\u5897\u52a0\u3057\u3001\u6295\u8cc7\u5bb6\u306e\u30ea\u30b9\u30af\u306b\u898b\u5408\u3063\u305f\u53ce\u76ca\u3092\u6c42\u3081\u308b\u305f\u3081\u3001\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u3082\u8abf\u6574\u3055\u308c\u307e\u3059\u3002\u4f01\u696d\u304c\u30ea\u30b9\u30af\u3092\u4f4e\u6e1b\u3055\u305b\u308b\u3053\u3068\u3067\u3001\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6291\u3048\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n

9. \u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u95a2\u4fc2\u306f\u3069\u306e\u3088\u3046\u306b\u7406\u89e3\u3059\u308c\u3070\u3088\u3044\u3067\u3059\u304b\uff1f<\/strong><\/h3>\n\n\n\n

\u30ea\u30bf\u30fc\u30f3\u3068\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u8cc7\u91d1\u3092\u6295\u8cc7\u3059\u308b\u3053\u3068\u306b\u3088\u308a\u671f\u5f85\u3059\u308b\u53ce\u76ca\u3092\u6307\u3057\u3001\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u30ea\u30b9\u30af\u306b\u5bfe\u3059\u308b\u8ffd\u52a0\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u6295\u8cc7\u306b\u306f\u9ad8\u3044\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u6c42\u3081\u3089\u308c\u308b\u305f\u3081\u3001\u30ea\u30bf\u30fc\u30f3\u3082\u305d\u308c\u306b\u898b\u5408\u3063\u3066\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002\u9069\u5207\u306a\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u8a2d\u5b9a\u306f\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u53d6\u308b\u91cd\u8981\u306a\u6307\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n

10. \u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u30d0\u30e9\u30f3\u30b9\u306f\u4f01\u696d\u4fa1\u5024\u306b\u3069\u306e\u3088\u3046\u306b\u5f71\u97ff\u3057\u307e\u3059\u304b\uff1f<\/strong><\/h3>\n\n\n\n

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