{"id":7850,"date":"2026-08-25T09:51:18","date_gmt":"2026-08-25T00:51:18","guid":{"rendered":"https:\/\/mitsukijapan.com\/ma\/?post_type=column&p=7850"},"modified":"2026-08-25T17:53:36","modified_gmt":"2026-08-25T08:53:36","slug":"what-is-wacc","status":"publish","type":"column","link":"https:\/\/mitsukijapan.com\/ma\/column\/what-is-wacc\/","title":{"rendered":"WACC\u3068\u306f\uff1f\u8a08\u7b97\u65b9\u6cd5\u3068\u76ee\u5b89\u30fbM&A\u3067\u8b72\u6e21\u4fa1\u683c\u304c\u6c7a\u307e\u308b\u4ed5\u7d44\u307f"},"content":{"rendered":"\n

\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u4f1a\u793e\u304c\u8cc7\u91d1\u3092\u96c6\u3081\u308b\u305f\u3081\u306b\u8ca0\u62c5\u3057\u3066\u3044\u308b\u5e73\u5747\u7684\u306a\u30b3\u30b9\u30c8\u3067\u3059\u3002DCF\u6cd5\u306e\u5272\u5f15\u7387\u3068\u3057\u3066\u4f7f\u308f\u308c\u3001\u3053\u306e\u6570\u5024\u304c1\uff05\u52d5\u304f\u3060\u3051\u3067\u4f1a\u793e\u306e\u5024\u6bb5\u306f\u5927\u304d\u304f\u632f\u308c\u307e\u3059\u3002\u8a08\u7b97\u5f0f\u306e\u610f\u5473\u3001\u4e2d\u5c0f\u4f01\u696d\u306e\u6c34\u6e96\u3001\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u3067\u306e\u8aad\u307f\u66ff\u3048\u3001\u305d\u3057\u3066\u8b72\u6e21\u524d\u306b\u624b\u3092\u6253\u3066\u308b\u8ad6\u70b9\u307e\u3067\u3092\u3001\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u306b\u5411\u3051\u3066\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\n
\n
\"M&A\u4ef2\u4ecb\u624b\u6570\u6599\u30fb\u6599\u91d1\u4f53\u7cfb\u3092\u898b\u308b\uff5c\u5b8c\u5168\u6210\u529f\u5831\u916c\u5236\u30fb\u7740\u624b\u91d1\u30fb\u4e2d\u9593\u91d10\u5186\"<\/a><\/figure>\n<\/div>\n\n\n\n
\n
\"\u4f01\u696d\u4fa1\u5024\u30921\u5206\u3067\u7c21\u6613\u8a66\u7b97\uff5c\u767b\u9332\u4e0d\u8981\u30fb\u7121\u6599\u306e\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\"<\/a><\/figure>\n<\/div>\n<\/div>\n\n\n
\n\t\t
\u76ee\u6b21<\/div>\n\t\t
  1. WACC\u3068\u306f\u4f55\u3092\u8868\u3059\u6307\u6a19\u304b<\/a>
    1. \u8cc7\u91d1\u306e\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u5e73\u5747\u3057\u305f\u6570\u5b57<\/a><\/li>
    2. \u300c\u6700\u4f4e\u3053\u308c\u3060\u3051\u7a3c\u304c\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u7387\u300d\u3068\u3044\u3046\u8aad\u307f\u65b9<\/a><\/li>
    3. M&A\u3067\u306f\u5c06\u6765\u306e\u304a\u91d1\u3092\u73fe\u5728\u4fa1\u5024\u306b\u623b\u3059\u7387\u306b\u306a\u308b<\/a><\/li><\/ol><\/li>
    4. WACC\u306e\u8a08\u7b97\u5f0f\u3068\u5404\u9805\u76ee\u306e\u610f\u5473<\/a>
      1. \u8a08\u7b97\u5f0f\u306e\u5168\u4f53\u50cf<\/a><\/li>
      2. 3\u3064\u306e\u624b\u9806\u3067\u7d44\u307f\u7acb\u3066\u308b<\/a><\/li><\/ol><\/li>
      3. M&A\u306e\u8b72\u6e21\u4fa1\u683c\u3068WACC\u306e\u95a2\u4fc2<\/a>
        1. \u5272\u5f15\u7387\u304c1\uff05\u52d5\u304f\u3068\u4fa1\u683c\u306f\u3053\u3046\u632f\u308c\u308b<\/a><\/li>
        2. \u8cb7\u3044\u624b\u306eWACC\u3067\u5024\u4ed8\u3051\u3055\u308c\u3066\u3044\u306a\u3044\u304b<\/a><\/li>
        3. \u8db3\u5143\u306e\u8cc7\u672c\u69cb\u6210\u3067\u306f\u306a\u304f\u76ee\u6a19\u8cc7\u672c\u69cb\u6210\u3092\u4f7f\u3046<\/a><\/li>
        4. \u4e2d\u5c0fM&A\u306e\u73fe\u5834\u3067WACC\u304c\u62c5\u3046\u5f79\u5272<\/a><\/li><\/ol><\/li>
        5. WACC\u306e\u76ee\u5b89\u3068\u696d\u7a2e\u306b\u3088\u308b\u9055\u3044<\/a>
          1. \u4e00\u822c\u306b\u8a9e\u3089\u308c\u308b\u6c34\u6e96<\/a><\/li><\/ol><\/li>
          2. ROIC\u3068WACC\u3092\u4e26\u3079\u3066\u8aad\u3080<\/a>
            1. ROIC\u304cWACC\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u304b<\/a><\/li><\/ol><\/li>
            2. WACC\u3092\u4e0b\u3052\u308b\u305f\u3081\u306b\u8b72\u6e21\u524d\u306b\u3067\u304d\u308b\u3053\u3068<\/a>
              1. \u8ca0\u50b5\u3068\u81ea\u5df1\u8cc7\u672c\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u6574\u3048\u308b<\/a><\/li>
              2. \u4e8b\u696d\u30ea\u30b9\u30af\u305d\u306e\u3082\u306e\u3092\u8584\u304f\u3059\u308b<\/a><\/li><\/ol><\/li>
              3. WACC\u7b97\u5b9a\u3067\u3064\u307e\u305a\u304d\u3084\u3059\u3044\u70b9<\/a>
                1. \u7c21\u6613\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u5b8c\u7d50\u3055\u305b\u306a\u3044<\/a><\/li>
                2. \u4ef2\u4ecb\u8005\u304c\u78ba\u5b9a\u7684\u306a\u8a55\u4fa1\u3092\u51fa\u3055\u306a\u3044\u7406\u7531<\/a><\/li>
                3. \u4e00\u5ea6\u8a08\u7b97\u3057\u3066\u7d42\u308f\u308a\u306b\u3057\u306a\u3044<\/a><\/li><\/ol><\/li>
                4. WACC\u306b\u95a2\u3059\u308bFAQ<\/a><\/li>
                5. \u307e\u3068\u3081\uff5cWACC\u306f\u8b72\u6e21\u4fa1\u683c\u3092\u3069\u3053\u307e\u3067\u5de6\u53f3\u3059\u308b\u304b<\/a><\/li><\/ol><\/li><\/ol>\n\t<\/div>\n\n\n\n \n \n \n \n <\/figure>\n\n \n \n \n \u7d4c\u55b6\u8005\u9650\u5b9a\u30fb1\u793e1\u518a\u3092\u8d08\u5448\n <\/p>\n\n \n \u307e\u3060\u4f1a\u793e\u58f2\u5374\u3092\u6c7a\u3081\u3066\u3044\u306a\u3044\u7d4c\u55b6\u8005\u306e\u65b9\u3078\n <\/p>\n\n \n \u4e8b\u696d\u627f\u7d99 \u5b9f\u8df5\u30ac\u30a4\u30c9\u30d6\u30c3\u30af\n <\/p>\n\n \n \u516c\u8a8d\u4f1a\u8a08\u58eb\u30fb\u7a0e\u7406\u58eb \u795e\u9580 \u525b \u76e3\u4fee\uff0f\u307f\u3064\u304d\u30b3\u30f3\u30b5\u30eb\u30c6\u30a3\u30f3\u30b0\u682a\u5f0f\u4f1a\u793e \u8457\n <\/p>\n\n \n \u89aa\u65cf\u5185\u627f\u7d99\u30fb\u5f93\u696d\u54e1\u627f\u7d99\u30fb\u7b2c\u4e09\u8005\u627f\u7d99\u3092\u6bd4\u8f03\u3059\u308b\u305f\u3081\u306e\u5b9f\u52d9\u66f8\u3067\u3059\u3002\n <\/p>\n <\/div>\n\n \n \n \n \u66f8\u7c4d\u3092\u7533\u3057\u8fbc\u3080 \u203a\n <\/span>\n\n \n \u66f8\u7c4d\u4ee3\u30fb\u9001\u6599\u306f\u5f53\u793e\u8ca0\u62c5\n <\/p>\n <\/div>\n <\/aside>\n<\/a>\n\n\n\n

                  WACC\u3068\u306f\u4f55\u3092\u8868\u3059\u6307\u6a19\u304b<\/h2>\n\n\n\n

                  \u9280\u884c\u306b\u6255\u3046\u5229\u606f\u306a\u3089\u3001\u6bce\u6708\u306e\u8fd4\u6e08\u8868\u3092\u898b\u308c\u3070\u5206\u304b\u308a\u307e\u3059\u3002\u3068\u3053\u308d\u304c\u300c\u682a\u4e3b\u306b\u6255\u3063\u3066\u3044\u308b\u30b3\u30b9\u30c8\u300d\u3092\u6570\u5b57\u3067\u7b54\u3048\u3089\u308c\u308b\u7d4c\u55b6\u8005\u306f\u3001\u307b\u3068\u3093\u3069\u3044\u307e\u305b\u3093\u3002WACC\uff08\u30ef\u30c3\u30af\uff09\u306f\u3001\u305d\u306e\u898b\u3048\u306a\u3044\u30b3\u30b9\u30c8\u307e\u3067\u542b\u3081\u3066\u3001\u4f1a\u793e\u304c\u8cc7\u91d1\u8abf\u9054\u306b\u8ca0\u62c5\u3057\u3066\u3044\u308b\u5e73\u5747\u30b3\u30b9\u30c8\u30921\u672c\u306e\u7387\u306b\u307e\u3068\u3081\u305f\u6307\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u8cc7\u91d1\u306e\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u5e73\u5747\u3057\u305f\u6570\u5b57<\/h3>\n\n\n\n

                  \u4f1a\u793e\u306e\u8cc7\u91d1\u306f\u3001\u501f\u5165\uff08\u8ca0\u50b5\uff09\u3068\u682a\u5f0f\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u306e2\u3064\u3067\u96c6\u307e\u3063\u3066\u3044\u307e\u3059\u3002\u501f\u5165\u306b\u306f\u5229\u606f\u3001\u682a\u5f0f\u306b\u306f\u914d\u5f53\u3084\u682a\u4fa1\u4e0a\u6607\u3068\u3044\u3046\u5f62\u3067\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u3044\u3046\u5bfe\u4fa1\u304c\u4ed8\u304d\u307e\u3059\u3002\u6027\u8cea\u306e\u9055\u3046\u3053\u306e2\u3064\u306e\u30b3\u30b9\u30c8\u3092\u3001\u8abf\u9054\u91d1\u984d\u306e\u69cb\u6210\u6bd4\u3067\u52a0\u91cd\u5e73\u5747\u3057\u305f\u3082\u306e\u304cWACC\u3067\u3059\u3002\u82f1\u8a9e\u3067\u306fWeighted Average Cost of Capital\u3001\u65e5\u672c\u8a9e\u3067\u306f\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u547c\u3070\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u300c\u6700\u4f4e\u3053\u308c\u3060\u3051\u7a3c\u304c\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u7387\u300d\u3068\u3044\u3046\u8aad\u307f\u65b9<\/h3>\n\n\n\n

                  \u50b5\u6a29\u8005\u306e\u671f\u5f85\u3068\u682a\u4e3b\u306e\u671f\u5f85\u306f\u3001\u3069\u3061\u3089\u3082\u6e80\u305f\u3055\u306a\u3051\u308c\u3070\u8cc7\u91d1\u304c\u96e2\u308c\u3066\u3044\u304d\u307e\u3059\u3002\u3064\u307e\u308aWACC\u306f\u3001\u4f1a\u793e\u304c\u6700\u4f4e\u9650\u30af\u30ea\u30a2\u3059\u3079\u304d\u53ce\u76ca\u7387\u3001\u3044\u308f\u3086\u308b\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u5e748\uff05\u306e\u30b3\u30b9\u30c8\u3067\u8cc7\u91d1\u3092\u96c6\u3081\u3066\u3044\u308b\u4f1a\u793e\u304c\u3001\u5e746\uff05\u3057\u304b\u7a3c\u3052\u3066\u3044\u306a\u3051\u308c\u3070\u3001\u5916\u90e8\u304b\u3089\u898b\u308c\u3070\u8cc7\u672c\u3092\u76ee\u6e1b\u308a\u3055\u305b\u3066\u3044\u308b\u72b6\u614b\u3002<\/p>\n\n\n\n

                  M&A\u3067\u306f\u5c06\u6765\u306e\u304a\u91d1\u3092\u73fe\u5728\u4fa1\u5024\u306b\u623b\u3059\u7387\u306b\u306a\u308b<\/h3>\n\n\n\n

                  M&A\u306e\u5834\u9762\u3067WACC\u304c\u9854\u3092\u51fa\u3059\u306e\u306f\u3001\u5272\u5f15\u7387\u3068\u3057\u3066\u3067\u3059\u3002\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/a>\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5f15\u304d\u623b\u3059\u3068\u304d\u3001\u3053\u306e\u7387\u3067\u5272\u308a\u5f15\u304d\u307e\u3059\u3002\u5c06\u6765\u53ce\u76ca\u304b\u3089\u4fa1\u5024\u3092\u6e2c\u308b\u30a4\u30f3\u30ab\u30e0\u30a2\u30d7\u30ed\u30fc\u30c1<\/a>\u306e\u4e2d\u6838\u3067\u3042\u308a\u3001\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1<\/a>\u306e\u5168\u4f53\u50cf\u306e\u4e2d\u3067\u3082\u3001\u7b97\u5b9a\u7d50\u679c\u3092\u6700\u3082\u5927\u304d\u304f\u52d5\u304b\u3059\u5909\u6570\u3067\u3059\u3002<\/p>\n\n\n\n

                  WACC\u306e\u8a08\u7b97\u5f0f\u3068\u5404\u9805\u76ee\u306e\u610f\u5473<\/h2>\n\n\n\n

                  \u5f0f\u305d\u306e\u3082\u306e\u306f\u5206\u6570\u304c2\u3064\u4e26\u3093\u3067\u3044\u308b\u3060\u3051\u3067\u3001\u899a\u3048\u308b\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5927\u4e8b\u306a\u306e\u306f\u3001\u3069\u306e\u6570\u5b57\u3092\u4f55\u3067\u7f6e\u3044\u305f\u306e\u304b\u3068\u3044\u3046\u300c\u524d\u63d0\u306e\u7f6e\u304d\u65b9\u300d\u3067\u3059\u3002\u3053\u3053\u3092\u8a70\u3081\u305a\u306b\u8a08\u7b97\u7d50\u679c\u3060\u3051\u53d7\u3051\u53d6\u308b\u3068\u3001\u4fa1\u683c\u4ea4\u6e09\u306e\u571f\u53f0\u3092\u76f8\u624b\u306b\u63e1\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u8a08\u7b97\u5f0f\u306e\u5168\u4f53\u50cf<\/h3>\n\n\n\n

                  \u57fa\u672c\u5f62\u306f\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002\u5de6\u5074\u306e\u9805\u304c\u501f\u5165\u5206\u306e\u30b3\u30b9\u30c8\u3001\u53f3\u5074\u306e\u9805\u304c\u682a\u5f0f\u5206\u306e\u30b3\u30b9\u30c8\u3092\u8868\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  WACC \uff1d D \u00f7\uff08D\uff0bE\uff09\u00d7 rD \u00d7\uff081\uff0dt\uff09\uff0b E \u00f7\uff08D\uff0bE\uff09\u00d7 rE<\/p>\n\n\n\n

                  \u5404\u8a18\u53f7\u304c\u6307\u3059\u3082\u306e<\/h4>\n\n\n\n

                  \u4e0b\u8868\u306e\u3068\u304a\u308a\u3001\u8a18\u53f7\u306f5\u3064\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u8a18\u53f7<\/th>\u540d\u79f0<\/th>\u5b9f\u52d9\u3067\u306e\u7f6e\u304d\u65b9<\/th><\/tr><\/thead>
                  D<\/strong><\/td>\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u6642\u4fa1<\/td>\u501f\u5165\u91d1\u30fb\u793e\u50b5\u306e\u6b8b\u9ad8\u3002\u4e2d\u5c0f\u4f01\u696d\u3067\u306f\u7c3f\u4fa1\u3092\u305d\u306e\u307e\u307e\u4f7f\u3046\u3053\u3068\u304c\u591a\u3044<\/td><\/tr>
                  E<\/strong><\/td>\u682a\u4e3b\u8cc7\u672c\u306e\u6642\u4fa1<\/td>\u4e0a\u5834\u4f01\u696d\u306f\u6642\u4fa1\u7dcf\u984d\u3002\u975e\u4e0a\u5834\u3067\u306f\u8a55\u4fa1\u984d\u306e\u4eee\u7f6e\u304d\u304c\u5fc5\u8981\u306b\u306a\u308b<\/td><\/tr>
                  rD<\/strong><\/td>\u8ca0\u50b5\u30b3\u30b9\u30c8<\/td>\u52a0\u91cd\u5e73\u5747\u5f8c\u306e\u501f\u5165\u91d1\u5229\u3002\u91d1\u92ad\u6d88\u8cbb\u8cb8\u501f\u5951\u7d04\u66f8\u306e\u5229\u7387\u304b\u3089\u7a4d\u307f\u4e0a\u3052\u308b<\/td><\/tr>
                  rE<\/strong><\/td>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<\/td>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\uff0b\u03b2\u00d7\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\uff0b\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0<\/td><\/tr>
                  t<\/strong><\/td>\u5b9f\u52b9\u7a0e\u7387<\/td>\u5730\u65b9\u7a0e\u307e\u3067\u542b\u3081\u305f\u6cd5\u5b9a\u5b9f\u52b9\u7a0e\u7387\u3002\u5229\u606f\u306e\u7bc0\u7a0e\u52b9\u679c\u3092\u53cd\u6620\u3055\u305b\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                  3\u3064\u306e\u624b\u9806\u3067\u7d44\u307f\u7acb\u3066\u308b<\/h3>\n\n\n\n

                  \u8a08\u7b97\u306e\u6d41\u308c\u306f\u3001\u4e0b\u8868\u306e3\u30b9\u30c6\u30c3\u30d7\u306b\u6574\u7406\u3067\u304d\u307e\u3059\u3002\u9806\u756a\u3092\u98db\u3070\u3059\u3068\u3001\u8ca0\u50b5\u3068\u682a\u5f0f\u306e\u91cd\u307f\u3065\u3051\u304c\u5d29\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u624b\u9806<\/th>\u8a08\u7b97\u3059\u308b\u5bfe\u8c61<\/th>\u3084\u308b\u3053\u3068<\/th><\/tr><\/thead>
                  \u624b\u98061<\/strong><\/td>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff08rE\uff09<\/td>\u4e0a\u5834\u4f01\u696d\u306fCAPM\u3067\u7b97\u5b9a\u3002\u975e\u4e0a\u5834\u306f\u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u306e\u30c7\u30fc\u30bf\u304b\u3089\u63a8\u8a08\u3057\u3001\u898f\u6a21\u30ea\u30b9\u30af\u5206\u3092\u4e0a\u4e57\u305b\u3059\u308b<\/td><\/tr>
                  \u624b\u98062<\/strong><\/td>\u8ca0\u50b5\u30b3\u30b9\u30c8\uff08rD\uff09<\/td>\u5b9f\u969b\u306e\u501f\u5165\u91d1\u5229\u3092\u52a0\u91cd\u5e73\u5747\u3057\u3001\uff081\uff0d\u5b9f\u52b9\u7a0e\u7387\uff09\u3092\u639b\u3051\u3066\u7bc0\u7a0e\u52b9\u679c\u3092\u5dee\u3057\u5f15\u304f<\/td><\/tr>
                  \u624b\u98063<\/strong><\/td>\u52a0\u91cd\u5e73\u5747<\/td>D\u5bfeE\u306e\u69cb\u6210\u6bd4\u3092\u91cd\u307f\u3068\u3057\u3066\u639b\u3051\u5408\u308f\u305b\u30012\u3064\u306e\u9805\u3092\u8db3\u3059<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                  \u5b9f\u52b9\u7a0e\u7387\u306f2026\u5e74\u306b\u524d\u63d0\u304c\u5909\u308f\u3063\u305f<\/h4>\n\n\n\n

                  \uff081\uff0dt\uff09\u306e\u90e8\u5206\u306f\u3001\u652f\u6255\u5229\u606f\u304c\u640d\u91d1\u306b\u306a\u308b\u3053\u3068\u3067\u7a0e\u8ca0\u62c5\u304c\u6e1b\u308b\u52b9\u679c\u3001\u3044\u308f\u3086\u308b\u30bf\u30c3\u30af\u30b9\u30b7\u30fc\u30eb\u30c9\u3092\u8868\u3057\u307e\u3059\u3002\u6cd5\u4eba\u7a0e\u7387\u306f\u666e\u901a\u6cd5\u4eba\u304c23.2\uff05\u3001\u8cc7\u672c\u91d11\u5104\u5186\u4ee5\u4e0b\u306e\u4e2d\u5c0f\u6cd5\u4eba\u306f\u5e74800\u4e07\u5186\u4ee5\u4e0b\u306e\u6240\u5f97\u90e8\u5206\u306b\u8efd\u6e1b\u7a0e\u7387\u304c\u9069\u7528\u3055\u308c\u307e\u3059\uff08\u56fd\u7a0e\u5e81 \u6cd5\u4eba\u7a0e\u306e\u7a0e\u7387<\/mark><\/a>\uff09\u3002<\/p>\n\n\n\n

                  \u9632\u885b\u7279\u5225\u6cd5\u4eba\u7a0e\u306e\u4e0a\u4e57\u305b<\/h5>\n\n\n\n

                  \u52a0\u3048\u30662026\u5e744\u67081\u65e5\u4ee5\u5f8c\u306b\u958b\u59cb\u3059\u308b\u4e8b\u696d\u5e74\u5ea6\u304b\u3089\u306f\u3001\u57fa\u6e96\u6cd5\u4eba\u7a0e\u984d\u304b\u3089\u5e74500\u4e07\u5186\u3092\u63a7\u9664\u3057\u305f\u984d\u306b4\uff05\u3092\u4e57\u3058\u308b\u9632\u885b\u7279\u5225\u6cd5\u4eba\u7a0e\u304c\u8ab2\u3055\u308c\u307e\u3059\uff08\u56fd\u7a0e\u5e81 \u9632\u885b\u7279\u5225\u6cd5\u4eba\u7a0e\u304c\u5275\u8a2d\u3055\u308c\u307e\u3057\u305f<\/mark><\/a>\uff09\u3002\u6cd5\u5b9a\u5b9f\u52b9\u7a0e\u7387\u304c\u308f\u305a\u304b\u306b\u4e0a\u304c\u308b\u305f\u3081\u3001\u4ee5\u524d\u306e\u8cc7\u6599\u3092\u305d\u306e\u307e\u307e\u6d41\u7528\u3057\u305fWACC\u306f\u524d\u63d0\u304c\u53e4\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u304c\u52d5\u3044\u3066\u3044\u308b<\/h4>\n\n\n\n

                  \u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u51fa\u767a\u70b9\u306b\u306a\u308b\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u306b\u306f\u3001\u901a\u5e3810\u5e74\u56fd\u50b5\u306e\u5229\u56de\u308a\u3092\u4f7f\u3044\u307e\u3059\u3002\u8ca1\u52d9\u7701\u304c\u516c\u8868\u3059\u308b\u56fd\u50b5\u91d1\u5229\u60c5\u5831<\/mark><\/a>\u3067\u306f\u30012026\u5e748\u670820\u65e5\u6642\u70b9\u306e10\u5e74\u50b5\u5229\u56de\u308a\u306f2.854\uff05\u3002\u9577\u304f0\uff05\u53f0\u304c\u7d9a\u3044\u305f\u6642\u671f\u306e\u611f\u899a\u306e\u307e\u307e\u3067\u306f\u3001\u5272\u5f15\u7387\u30922\u30dd\u30a4\u30f3\u30c8\u8fd1\u304f\u4f4e\u304f\u898b\u7a4d\u3082\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u91d1\u5229\u4e0a\u6607\u304c\u8b72\u6e21\u4fa1\u683c\u306b\u52b9\u3044\u3066\u304f\u308b\u9806\u756a<\/h5>\n\n\n\n

                  \u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u304c\u4e0a\u304c\u308c\u3070\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u4e0a\u304c\u308a\u3001WACC\u3082\u4e0a\u304c\u308b\u3002WACC\u304c\u4e0a\u304c\u308c\u3070\u3001\u540c\u3058\u5229\u76ca\u8a08\u753b\u3067\u3082\u7b97\u5b9a\u3055\u308c\u308b\u4f01\u696d\u4fa1\u5024\u306f\u4e0b\u304c\u308a\u307e\u3059\u3002\u91d1\u5229\u74b0\u5883\u306f\u3001\u30aa\u30fc\u30ca\u30fc\u306e\u52aa\u529b\u3068\u306f\u7121\u95a2\u4fc2\u306b\u4fa1\u683c\u3092\u62bc\u3057\u4e0b\u3052\u308b\u65b9\u5411\u306b\u50cd\u304f\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u975e\u4e0a\u5834\u4f01\u696d\u306e\u03b2\u306f\u501f\u308a\u7269\u304b\u3089\u4f5c\u308b<\/h4>\n\n\n\n

                  \u03b2\u306f\u682a\u4fa1\u304c\u5e02\u5834\u5168\u4f53\u306b\u5bfe\u3057\u3066\u3069\u308c\u3060\u3051\u632f\u308c\u308b\u304b\u3092\u793a\u3059\u4fc2\u6570\u3067\u3059\u3002\u975e\u4e0a\u5834\u4f01\u696d\u306b\u306f\u682a\u4fa1\u304c\u306a\u3044\u305f\u3081\u76f4\u63a5\u8a08\u7b97\u3067\u304d\u307e\u305b\u3093\u3002\u5b9f\u52d9\u3067\u306f\u3001\u985e\u4f3c\u3059\u308b\u4e0a\u5834\u4f01\u696d\u306e\u03b2\u304b\u3089\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u5f71\u97ff\u3092\u53d6\u308a\u9664\u304d\uff08\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u5316\uff09\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u8ca0\u50b5\u6bd4\u7387\u306b\u5408\u308f\u305b\u3066\u639b\u3051\u76f4\u3057\u307e\u3059\uff08\u30ea\u30ec\u30d0\u30fc\u30c9\u5316\uff09\u3002\u3053\u306e\u300c\u3069\u306e\u4e0a\u5834\u4f01\u696d\u3092\u985e\u4f3c\u3068\u307f\u306a\u3059\u304b\u300d\u3067\u7d50\u679c\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u898f\u6a21\u306e\u5c0f\u3055\u3055\u306f\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u3057\u3066\u4e0a\u4e57\u305b\u3055\u308c\u308b<\/h4>\n\n\n\n

                  \u58f2\u4e0a\u898f\u6a21\u304c\u5c0f\u3055\u3044\u4f1a\u793e\u306f\u3001\u696d\u7e3e\u306e\u632f\u308c\u5e45\u304c\u5927\u304d\u304f\u3001\u682a\u5f0f\u306e\u63db\u91d1\u6027\u3082\u4f4e\u3044\u3002\u305d\u306e\u305f\u3081\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u6570\uff05\u306e\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u52a0\u7b97\u3055\u308c\u308b\u306e\u304c\u901a\u4f8b\u3067\u3059\u3002\u682a\u5f0f\u306e\u58f2\u308a\u306b\u304f\u3055\u3092\u4fa1\u683c\u306b\u53cd\u6620\u3055\u305b\u308b\u975e\u6d41\u52d5\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/a>\u3068\u3001\u72d9\u3044\u306f\u91cd\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  M&A\u306e\u8b72\u6e21\u4fa1\u683c\u3068WACC\u306e\u95a2\u4fc2<\/h2>\n\n\n\n

                  \u300c\u5272\u5f15\u7387\u304c1\uff05\u9055\u3046\u3060\u3051\u3067\u3001\u3044\u304f\u3089\u5909\u308f\u308b\u306e\u304b\u300d\u3002\u3053\u306e\u554f\u3044\u306b\u6570\u5b57\u3067\u7b54\u3048\u3089\u308c\u308b\u304b\u3069\u3046\u304b\u304c\u3001\u4ea4\u6e09\u306e\u5206\u304b\u308c\u76ee\u306b\u306a\u308a\u307e\u3059\u3002\u611f\u899a\u3067\u306f\u306a\u304f\u3001\u6841\u3067\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u3068\u3053\u308d\u3002<\/p>\n\n\n\n

                  \u5272\u5f15\u7387\u304c1\uff05\u52d5\u304f\u3068\u4fa1\u683c\u306f\u3053\u3046\u632f\u308c\u308b<\/h3>\n\n\n\n

                  \u6bce\u5e741\u5104\u5186\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6c38\u7d9a\u3059\u308b\u3068\u4eee\u5b9a\u3057\u305f\u5834\u5408\u306e\u8a66\u7b97\u304c\u4e0b\u8868\u3067\u3059\u3002\u5358\u7d14\u5316\u306e\u305f\u3081\u6210\u9577\u7387\u306f0\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u5272\u5f15\u7387\uff08WACC\uff09<\/th>\u4e8b\u696d\u4fa1\u5024\u306e\u8a66\u7b97<\/th>WACC5\uff05\u3068\u306e\u5dee<\/th><\/tr><\/thead>
                  5\uff05<\/strong><\/td>20\u5104\u5186<\/td>\u2014<\/td><\/tr>
                  6\uff05<\/strong><\/td>\u7d0416.7\u5104\u5186<\/td>\u7d043.3\u5104\u5186\u6e1b<\/td><\/tr>
                  8\uff05<\/strong><\/td>12.5\u5104\u5186<\/td>7.5\u5104\u5186\u6e1b<\/td><\/tr>
                  10\uff05<\/strong><\/td>10\u5104\u5186<\/td>10\u5104\u5186\u6e1b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                  \u3053\u3053\u304c\u4ea4\u6e09\u306b\u306a\u308b\u7406\u7531<\/h4>\n\n\n\n

                  \u540c\u3058\u4f1a\u793e\u3001\u540c\u3058\u4e8b\u696d\u8a08\u753b\u3067\u3082\u3001\u5272\u5f15\u7387\u306e\u7f6e\u304d\u65b9\u3067\u4fa1\u683c\u306f\u534a\u5206\u306b\u306a\u308a\u307e\u3059\u3002\u3060\u304b\u3089\u3053\u305d\u8b72\u53d7\u4f01\u696d\u306f\u9ad8\u3081\u306eWACC\u3092\u4e3b\u5f35\u3057\u3001\u8b72\u6e21\u30aa\u30fc\u30ca\u30fc\u5074\u306f\u6839\u62e0\u3092\u78ba\u304b\u3081\u308b\u5fc5\u8981\u304c\u51fa\u3066\u304f\u308b\u3002DCF\u6cd5<\/a>\u306e\u8b70\u8ad6\u304c\u5272\u5f15\u7387\u306e\u8b70\u8ad6\u306b\u53ce\u308c\u3093\u3057\u3066\u3044\u304f\u306e\u306f\u3001\u3053\u306e\u611f\u5ea6\u306e\u5927\u304d\u3055\u3086\u3048\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u8cb7\u3044\u624b\u306eWACC\u3067\u5024\u4ed8\u3051\u3055\u308c\u3066\u3044\u306a\u3044\u304b<\/h3>\n\n\n\n

                  \u898b\u843d\u3068\u3057\u3084\u3059\u3044\u8ad6\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u5272\u5f15\u7387\u306f\u672c\u6765\u3001\u5bfe\u8c61\u4f1a\u793e\u306e\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3057\u305f\u5bfe\u8c61\u4f1a\u793e\u306eWACC\u3067\u7f6e\u304f\u3079\u304d\u3082\u306e\u3067\u3059\u3002\u3068\u3053\u308d\u304c\u8b72\u53d7\u4f01\u696d\u304c\u81ea\u793e\u306e\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u6d41\u7528\u3057\u3066\u304f\u308b\u5834\u9762\u304c\u3042\u308b\u3002\u4e0a\u5834\u4f01\u696d\u3084\u8cc7\u91d1\u529b\u306e\u3042\u308b\u8b72\u53d7\u4f01\u696d\u306eWACC\u306f\u4f4e\u3044\u305f\u3081\u3001\u4e00\u898b\u3059\u308b\u3068\u9ad8\u3044\u8a55\u4fa1\u984d\u304c\u51fa\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u4f4e\u3044\u5272\u5f15\u7387\u304c\u6709\u5229\u3068\u306f\u9650\u3089\u306a\u3044<\/h4>\n\n\n\n

                  \u8cb7\u3044\u624b\u306eWACC\u3092\u4f7f\u3046\u3068\u3001\u5bfe\u8c61\u4f1a\u793e\u56fa\u6709\u306e\u30ea\u30b9\u30af\u304c\u4fa1\u683c\u306b\u7e54\u308a\u8fbc\u307e\u308c\u307e\u305b\u3093\u3002\u8b72\u53d7\u4f01\u696d\u5074\u304b\u3089\u898b\u308c\u3070\u9ad8\u5024\u63b4\u307f\u306e\u6e29\u5e8a\u3067\u3042\u308a\u3001\u305d\u306e\u5206\u3060\u3051\u5f8c\u306e\u6761\u4ef6\u4ea4\u6e09\u3084\u30a2\u30fc\u30f3\u30a2\u30a6\u30c8\u3067\u56de\u53ce\u3057\u3088\u3046\u3068\u3059\u308b\u52d5\u304d\u306b\u3064\u306a\u304c\u308a\u307e\u3059\u3002\u671f\u5f85\u53ce\u76ca\u7387<\/a>\u306e\u524d\u63d0\u304c\u8ab0\u57fa\u6e96\u306a\u306e\u304b\u306f\u3001\u78ba\u8a8d\u3057\u3066\u304a\u304d\u305f\u3044\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u8db3\u5143\u306e\u8cc7\u672c\u69cb\u6210\u3067\u306f\u306a\u304f\u76ee\u6a19\u8cc7\u672c\u69cb\u6210\u3092\u4f7f\u3046<\/h3>\n\n\n\n

                  \u3082\u3046\u4e00\u3064\u306e\u5b9f\u52d9\u4e0a\u306e\u4f5c\u6cd5\u3068\u3057\u3066\u3001D\u5bfeE\u306e\u6bd4\u7387\u306f\u6c7a\u7b97\u65e5\u6642\u70b9\u306e\u5b9f\u984d\u3067\u306f\u306a\u304f\u3001\u696d\u754c\u5e73\u5747\u3084\u8b72\u6e21\u5f8c\u306b\u76ee\u6307\u3059\u8cc7\u672c\u69cb\u6210\u3092\u4f7f\u3046\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u8b72\u6e21\u76f4\u524d\u306b\u501f\u5165\u3092\u5727\u7e2e\u3057\u305f\u304b\u3089\u5272\u5f15\u7387\u304c\u4e0b\u304c\u308b\u3001\u3068\u3044\u3046\u8a71\u306b\u306f\u306a\u308a\u307e\u305b\u3093\u3002\u69cb\u6210\u6bd4\u306e\u7f6e\u304d\u65b9\u3082\u3001\u4ea4\u6e09\u306e\u5bfe\u8c61\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u4e2d\u5c0fM&A\u306e\u73fe\u5834\u3067WACC\u304c\u62c5\u3046\u5f79\u5272<\/h3>\n\n\n\n

                  \u5b9f\u969b\u306e\u4e2d\u5c0f\u4f01\u696dM&A\u3067\u3001DCF\u6cd5\u304c\u4e3b\u5f79\u306b\u306a\u308b\u6848\u4ef6\u306f\u591a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u5e74\u8cb7\u6cd5<\/a>\u3084\u6642\u4fa1\u7d14\u8cc7\u7523\u6cd5\u3001\u898f\u6a21\u306e\u5927\u304d\u3044\u6848\u4ef6\u3067\u306fEV\/EBITDA\u500d\u7387<\/a>\u304c\u5148\u306b\u7f6e\u304b\u308c\u3001WACC\u306f\u305d\u306e\u91d1\u984d\u304c\u8aac\u660e\u53ef\u80fd\u304b\u3092\u88cf\u5074\u304b\u3089\u691c\u7b97\u3059\u308b\u5f79\u306b\u56de\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u691c\u7b97\u5f79\u3060\u304b\u3089\u3053\u305d\u52b9\u304f\u5834\u9762<\/h4>\n\n\n\n

                  \u5e74\u8cb7\u6cd5\u3067\u51fa\u305f\u91d1\u984d\u3092\u5272\u5f15\u7387\u306b\u9006\u7b97\u3059\u308b\u3068\u3001\u300c\u3053\u306e\u4fa1\u683c\u306f\u5e7412\uff05\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u524d\u63d0\u306b\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3063\u305f\u5f62\u3067\u76f8\u624b\u306e\u671f\u5f85\u6c34\u6e96\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002\u4e2d\u5c0f\u4f01\u696dM&A\u306e\u8b72\u6e21\u4fa1\u683c<\/a>\u3092\u8b70\u8ad6\u3059\u308b\u3068\u304d\u3001\u3053\u306e\u9006\u7b97\u306f\u4ea4\u6e09\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  WACC\u306e\u76ee\u5b89\u3068\u696d\u7a2e\u306b\u3088\u308b\u9055\u3044<\/h2>\n\n\n\n

                  \u81ea\u793e\u306e\u6570\u5b57\u304c\u9ad8\u3044\u306e\u304b\u4f4e\u3044\u306e\u304b\u3001\u6bd4\u3079\u308b\u5148\u304c\u306a\u3051\u308c\u3070\u5224\u65ad\u3067\u304d\u307e\u305b\u3093\u3002\u305f\u3060\u3057\u76f8\u5834\u89b3\u306f\u3001\u3042\u304f\u307e\u3067\u51fa\u767a\u70b9\u3068\u3057\u3066\u6271\u3046\u3079\u304d\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u4e00\u822c\u306b\u8a9e\u3089\u308c\u308b\u6c34\u6e96<\/h3>\n\n\n\n

                  \u4e0b\u8868\u306f\u3001\u5b9f\u52d9\u3067\u76ee\u5b89\u3068\u3057\u3066\u5f15\u304b\u308c\u308b\u3053\u3068\u306e\u591a\u3044\u6c34\u6e96\u3092\u6574\u7406\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u533a\u5206<\/th>\u8a9e\u3089\u308c\u308bWACC\u306e\u76ee\u5b89<\/th>\u80cc\u666f<\/th><\/tr><\/thead>
                  \u30b0\u30ed\u30fc\u30d0\u30eb\u4f01\u696d<\/strong><\/td>5\u301c8\uff05<\/td>\u8cc7\u672c\u5e02\u5834\u304b\u3089\u306e\u8abf\u9054\u624b\u6bb5\u304c\u591a\u304f\u3001\u30b3\u30b9\u30c8\u304c\u5206\u6563\u3059\u308b<\/td><\/tr>
                  \u65e5\u672c\u306e\u4e0a\u5834\u4f01\u696d<\/strong><\/td>5\u301c6\uff05<\/td>\u4f4e\u91d1\u5229\u671f\u306b\u5b9a\u7740\u3057\u305f\u6c34\u6e96\u3002\u91d1\u5229\u4e0a\u6607\u5c40\u9762\u3067\u306f\u4e0a\u632f\u308c\u65b9\u5411<\/td><\/tr>
                  \u30a4\u30f3\u30d5\u30e9\u30fb\u516c\u76ca<\/strong><\/td>2\u301c3\uff05<\/td>\u9700\u8981\u304c\u5b89\u5b9a\u3057\u3001\u4e8b\u696d\u30ea\u30b9\u30af\u304c\u5c0f\u3055\u3044<\/td><\/tr>
                  \u4e2d\u5c0f\u4f01\u696d<\/strong><\/td>8\u301c12\uff05<\/td>\u4fe1\u7528\u30ea\u30b9\u30af\u3068\u4e8b\u696d\u306e\u4e0d\u78ba\u5b9f\u6027\u304c\u4e0a\u4e57\u305b\u3055\u308c\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

                  \u4e2d\u5c0f\u4f01\u696d\u306e\u6c34\u6e96\u304c\u9ad8\u304f\u306a\u308b\u8981\u56e0<\/h4>\n\n\n\n

                  \u8ca1\u52d9\u57fa\u76e4\u306e\u539a\u307f\u304c\u8584\u3044\u3001\u7279\u5b9a\u306e\u53d6\u5f15\u5148\u3084\u793e\u9577\u500b\u4eba\u306b\u58f2\u4e0a\u304c\u4f9d\u5b58\u3057\u3066\u3044\u308b\u3001\u5f8c\u7d99\u8005\u304c\u6c7a\u307e\u3063\u3066\u3044\u306a\u3044\u3002\u3053\u3046\u3057\u305f\u8981\u7d20\u306f\u3059\u3079\u3066\u3001\u8b72\u53d7\u4f01\u696d\u304b\u3089\u898b\u305f\u300c\u8a08\u753b\u3069\u304a\u308a\u306b\u7a3c\u3052\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u78ba\u7387\u300d\u3067\u3059\u3002\u305d\u306e\u78ba\u7387\u304c\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u3057\u3066\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u7a4d\u307e\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u76ee\u5b89\u3092\u305d\u306e\u307e\u307e\u81ea\u793e\u306b\u5f53\u3066\u306f\u3081\u306a\u3044<\/h4>\n\n\n\n

                  \u540c\u3058\u696d\u7a2e\u3001\u540c\u3058\u58f2\u4e0a\u898f\u6a21\u3067\u3082\u3001\u53d6\u5f15\u5148\u306e\u5206\u6563\u5ea6\u5408\u3044\u3084\u793e\u9577\u4f9d\u5b58\u5ea6\u3067\u6570\u30dd\u30a4\u30f3\u30c8\u5909\u308f\u308a\u307e\u3059\u3002\u3053\u306e\u70b9\u306f\u3088\u304f\u3042\u308b\u8aa4\u89e3\u3067\u3001\u696d\u7a2e\u5225\u306e\u5e73\u5747\u5024\u3092\u81ea\u793e\u306e\u6570\u5b57\u3060\u3068\u601d\u3044\u8fbc\u3080\u3068\u3001\u4fa1\u683c\u306e\u898b\u7acb\u3066\u3092\u5916\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                  ROIC\u3068WACC\u3092\u4e26\u3079\u3066\u8aad\u3080<\/h2>\n\n\n\n

                  WACC\u306f\u300c\u8abf\u9054\u5074\u300d\u306e\u7387\u3067\u3059\u3002\u5bfe\u306b\u306a\u308b\u306e\u304c\u3001\u96c6\u3081\u305f\u8cc7\u672c\u3067\u3069\u308c\u3060\u3051\u7a3c\u3052\u305f\u304b\u3092\u793a\u3059ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u53ce\u76ca\u7387\uff09\u3067\u3059\u3002\u3053\u306e2\u3064\u3092\u4e26\u3079\u308b\u3068\u3001\u4f1a\u793e\u304c\u4fa1\u5024\u3092\u751f\u3093\u3067\u3044\u308b\u306e\u304b\u3069\u3046\u304b\u304c\u4e00\u76ee\u3067\u5206\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                  ROIC\u304cWACC\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u304b<\/h3>\n\n\n\n

                  \u5224\u5b9a\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3002<\/p>\n\n\n\n