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________________\u25a0\u91d1\u878d\u5e81\u3001\u53d6\u5f15\u6240\u3001\u56fd\u6c11\u5e74\u91d1\u304c\u7dca\u5bc6\u306b\u5354\u529b<\/p>\n
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\u3000\u65e5\u672c\u3092\u4ee3\u8868\u3059\u308b\u5927\u4f01\u696d\u306e\u4e00\u3064\u3067\u3042\u308b\u65e5\u7acb\u88fd\u4f5c\u6240\u306f\u30012008\u5e74\u306b\u7834\u7523\u306e\u5371\u6a5f\u306b\u8ffd\u3044\u8fbc\u307e\u308c\u305f\u5f8c\u3001\u653f\u5e9c\u306e\u6539\u9769\u3068\u8ecc\u3092\u4e00\u306b\u3057\u3066\u53d6\u7de0\u5f79\u4f1a\u5909\u9769\u306a\u3069\u306e\u69cb\u9020\u6539\u9769\u3001\u5468\u8fba\u4e8b\u696d\u3084\u8d64\u5b57\u4e8b\u696d\u306e\u6574\u7406\u3001\u672a\u6765\u6210\u9577\u4e8b\u696d\u3078\u306e\u9078\u629e\u3068\u96c6\u4e2d\u306a\u3069\u3092\u901a\u3058\u3066\u518d\u751f\u306b\u6210\u529f\u3057\u305f\u4ee3\u8868\u4e8b\u4f8b\u306b\u6319\u3052\u3089\u308c\u308b\u3002\u53d6\u7de0\u5f79\u4f1a\u306f\u3053\u306e16\u5e74\u9593\u3067\u6700\u9ad8\u7d4c\u55b6\u8005\u304c4\u56de\u5909\u308f\u308b\u4e2d\u3067\u3082\u3001\u6539\u9769\u306e\u5f37\u529b\u306a\u652f\u6301\u8005\u3067\u3042\u308a\u7d4c\u55b6\u306e\u76e3\u8996\u8005\u306e\u5f79\u5272\u3092\u679c\u305f\u3057\u305f\u3002\u53d6\u7de0\u5f7912\u4eba\u306e\u3046\u30619\u4eba\u304c\u793e\u5916\u53d6\u7de0\u5f79(4\u4eba\u306f\u5916\u56fd\u4eba)\u3060\u3002\u65e5\u672c\u6700\u5927\u306e\u6cd5\u5f8b\u4e8b\u52d9\u6240\u3067\u3042\u308b\u897f\u6751\u3042\u3055\u3072\u6cd5\u5f8b\u4e8b\u52d9\u6240\u306e\u592a\u7530\u6d0b\u5f01\u8b77\u58eb\u306f\u300c\u793e\u5916\u53d6\u7de0\u5f79\u304c\u5897\u3048\u3001\u7406\u4e8b\u4f1a\u304c\u5916\u90e8\u306e\u74b0\u5883\u306e\u5909\u5316\u306b\u3088\u308a\u67d4\u8edf\u306b\u5bfe\u5fdc\u3057\u3001\u8cc7\u672c\u52b9\u7387\u6027\u3092\u91cd\u8996\u3059\u308b\u7d4c\u55b6\u3092\u3059\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u300d\u3068\u3057\u3066\u300cPE\u30d5\u30a1\u30f3\u30c9\u304c\u4f01\u696d\u69cb\u9020\u8abf\u6574\u306e\u6642\u306b\u5927\u304d\u304f\u5f79\u7acb\u3063\u305f\u300d\u3068\u8a71\u3057\u305f\u3002<\/p>\n
\u3000\u91d1\u878d\u5e81(FSA)\u3068\u65e5\u672c\u53d6\u5f15\u6240\u30b0\u30eb\u30fc\u30d7\u304c2014\uff5e2015\u5e74\u306b\u5236\u5b9a\u3057\u305f\u300c\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30b3\u30fc\u30c9\u300d\u3068\u300c\u30b9\u30c1\u30e5\u30ef\u30fc\u30c9\u30b7\u30c3\u30d7\u30fb\u30b3\u30fc\u30c9\u306f\u3001\u6539\u9769\u3092\u7387\u3044\u308b\u8eca\u306e\u4e21\u8f2a\u306e\u5f79\u5272\u3092\u3057\u305f\u3002\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30b3\u30fc\u30c9\u306f\u3001\u53d6\u7de0\u5f79\u4f1a\u306e\u8cac\u4efb\u7d4c\u55b6\u3001\u4f1a\u793e\u306e\u6301\u7d9a\u7684\u306a\u6210\u9577\u3068\u4e2d\u9577\u671f\u7684\u306a\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u3001\u5229\u76ca\u5275\u51fa\u80fd\u529b\u3068\u8cc7\u672c\u52b9\u7387\u6539\u5584\u3092\u660e\u793a\u3057\u3066\u3044\u308b\u3002\u682a\u4e3b\u306e\u6a29\u5229\u4fdd\u969c\u3068\u7a4d\u6975\u7684\u306a\u5bfe\u8a71\u3082\u8981\u6c42\u3057\u305f\u3002\u53d7\u8a17\u8005\u306e\u8cac\u4efb\u3092\u660e\u793a\u3057\u305f\u30b9\u30c1\u30e5\u30ef\u30fc\u30c9\u30b7\u30c3\u30d7\u30fb\u30b3\u30fc\u30c9\u306f\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u304c\u4f01\u696d\u306e\u5909\u5316\u3068\u6539\u9769\u3092\u4fc3\u3059\u5f79\u5272\u3092\u679c\u305f\u3059\u3088\u3046\u306b\u3057\u3066\u3044\u308b\u3002\u97d3\u56fd\u306e\u91d1\u878d\u59d4\u54e1\u4f1a\u3068\u91d1\u878d\u76e3\u7763\u9662\u3092\u5408\u308f\u305b\u305f\u6a5f\u80fd\u3067\u3042\u308b\u91d1\u878d\u5e81\u306e\u95a2\u4fc2\u8005\u306f\u300c\u4e8c\u3064\u306e\u30b3\u30fc\u30c9\u3092\u901a\u3058\u3066\u3001\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306e\u305f\u3081\u306b\u4f01\u696d\u3068\u6295\u8cc7\u5bb6\u9593\u306e\u5efa\u8a2d\u7684\u306a\u5bfe\u8a71\u304c\u5fc5\u8981\u3067\u3042\u308a\u3001\u6301\u7d9a\u7684\u306a\u5bfe\u8a71\u304c\u91cd\u8981\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u8a8d\u8b58\u3055\u305b\u308b\u6210\u679c\u3092\u4e0a\u3052\u305f\u300d\u3068\u8a71\u3057\u305f\u3002<\/p>\n
________________\u25a0\u81ea\u767a\u7684\u306a\u6539\u9769\u3092\u30d9\u30fc\u30b9\u306b\u300c\u5727\u8feb\u300d\u3092\u4e26\u884c<\/p>\n
\u3000\u6771\u4eac\u8a3c\u5238\u53d6\u5f15\u6240\u304c2023\u5e74\u3001\u4e0a\u5834\u4f1a\u793e\u306b\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3084\u682a\u4fa1\u3092\u610f\u8b58\u3057\u305f\u7d4c\u55b6\u300d\u3092\u8981\u8acb\u3057\u305f\u3053\u3068\u306f\u3001\u8cc7\u672c\u52b9\u7387\u6027\u91cd\u8996\u306e\u7d4c\u55b6\u306e\u8d77\u7206\u5264\u3068\u306a\u3063\u305f\u3068\u8a55\u4fa1\u3055\u308c\u308b\u3002\u6771\u8a3c\u306f\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387(ROE)\u3068\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387(PBR)\u306e\u4f4e\u3044\u4f01\u696d\u306b\u6539\u5584\u8a08\u753b\u3092\u958b\u793a\u3059\u308b\u3088\u3046\u306b\u5f37\u304f\u6c42\u3081\u305f\u3002\u6771\u8a3c\u306e\u6e21\u9089\u6d69\u53f8\u4e0a\u5834\u90e8\u9577\u306f\u300c\u5f53\u6642(\u65e5\u672c\u7d4c\u6e08\u306e)\u7a4f\u3084\u304b\u306a\u6c34\u9762\u306b\u77f3\u3092\u6295\u3052\u3001\u5927\u304d\u306a\u6ce2\u7d0b\u3092\u8d77\u3053\u3057\u305f\u3068\u3044\u3046\u8a71\u304c\u53d6\u308a\u3056\u305f\u3055\u308c\u305f\u300d\u3068\u8a9e\u3063\u305f\u3002\u4e16\u754c\u6700\u5927\u306e\u5e74\u91d1\u57fa\u91d1\u306e\u4e00\u3064\u3067\u3042\u308b\u65e5\u672c\u306e\u56fd\u6c11\u5e74\u91d1\u3082\u3001\u6539\u9769\u306e\u52a9\u529b\u8005\u306e\u5f79\u5272\u3092\u679c\u305f\u3057\u305f\u3002\u8cc7\u7523\u904b\u7528\u4f1a\u793e\u306b\u8b70\u6c7a\u6a29\u884c\u4f7f\u306a\u3069\u7a4d\u6975\u7684\u306a\u30b9\u30c1\u30e5\u30ef\u30fc\u30c9\u30b7\u30c3\u30d7\u30fb\u30b3\u30fc\u30c9\u5c65\u884c\u3092\u8981\u8acb\u3057\u305f\u3002\u8cc7\u7523\u904b\u7528\u4f1a\u793e\u3092\u9078\u5b9a\u3059\u308b\u969b\u3001\u5c65\u884c\u5b9f\u7e3e\u3092\u53cd\u6620\u3057\u305f\u3002\u65e5\u672c\u306e\u6539\u9769\u306e\u6210\u529f\u306e\u79d8\u8a23\u3068\u3057\u3066\u3001\u653f\u5e9c\u304c10\u5e74\u4ee5\u4e0a\u653f\u7b56\u3092\u6301\u7d9a\u3057\u3066\u63a8\u9032\u3057\u305f\u3053\u3068\u3068\u5171\u306b\u3001\u91d1\u878d\u5e81\u30fb\u8a3c\u5238\u53d6\u5f15\u6240\u30fb\u56fd\u6c11\u5e74\u91d1\u306e\u3088\u3046\u306a\u516c\u7684\u6a5f\u95a2\u306e\u7dca\u5bc6\u306a\u9023\u643a\u304c\u6319\u3052\u3089\u308c\u308b\u306e\u3082\u3053\u306e\u3088\u3046\u306a\u7406\u7531\u304b\u3089\u3060\u3002<\/p>\n
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