{"id":2506,"date":"2021-01-25T23:11:59","date_gmt":"2021-01-25T14:11:59","guid":{"rendered":"http:\/\/beyondthefinance.com\/?p=2506"},"modified":"2021-02-28T12:26:15","modified_gmt":"2021-02-28T03:26:15","slug":"%e3%80%90%e4%bf%9d%e5%ad%98%e7%89%88%e3%80%91%e5%89%b2%e5%bc%95%e7%8e%87%e3%83%bb-wacc%e3%81%a8%e3%81%af%e4%bd%95%e3%81%8b%ef%bc%9f%e3%81%a9%e3%81%86%e3%82%84%e3%81%a3%e3%81%a6%e8%a8%88%e7%ae%97","status":"publish","type":"post","link":"https:\/\/beyondthefinance.com\/?p=2506","title":{"rendered":"\u3010\u4fdd\u5b58\u7248\u3011\u5272\u5f15\u7387\u30fb WACC\u3068\u306f\u4f55\u304b\uff1f\u3069\u3046\u3084\u3063\u3066\u8a08\u7b97\u3059\u308b\u306e\u304b\uff1f\u308f\u304b\u3089\u306a\u3044"},"content":{"rendered":"<p>\u3053\u3093\u306b\u3061\u306f\u30b2\u30f3\u30bf\u3067\u3059\u3002<\/p>\n<p>\u5f90\u3005\u306b\u3053\u306e\u30d6\u30ed\u30b0\u3067\u3082\u30c6\u30af\u30cb\u30ab\u30eb\u306a\u8aac\u660e\u3082\u3084\u3063\u3066\u3044\u3053\u3046\u304b\u306a\u3068<\/p>\n<p>\u601d\u3046\u3053\u306e\u9803\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u6295\u8cc7\u56de\u53ce\u8a08\u753b\u306b\u304a\u3044\u3066\u5fc5\u305a\u51fa\u3066\u304f\u308b<\/p>\n<p>\u5272\u5f15\u7387\u3084WACC\u3067\u3059\u304c\u3001<\/p>\n<p>\u3053\u308c\u3092\u3069\u3046\u8a08\u7b97\u3059\u308b\u306e\u304b\u3063\u3066\u610f\u5916\u3068\u5b9f\u52d9\u7684\u306b\u96e3\u3057\u304b\u3063\u305f\u308a\u3057\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u3092\u89e3\u8aac\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<h2 style=\"text-align: center;\">WACC\u3068\u306f\uff1f<\/h2>\n<p>WACC\uff1dWeighted Average Capital Cost=\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8<\/p>\n<p>\u306e\u7565\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u52a0\u91cd\u5e73\u5747\u3059\u308b\u5bfe\u8c61\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3063\u3066\u3044\u3046\u306e\u306f<\/p>\n<p>\u8cc7\u672c\u304c\u8ca0\u50b5\u3067\u8abf\u9054\u3055\u308c\u305f\u3082\u306e\u3001\u8cc7\u672c\u3067\u8abf\u9054\u3055\u308c\u305f\u3082\u306e\u306b<\/p>\n<p>\u5225\u308c\u308b\u305f\u3081\u3001\u3053\u306e\u4e8c\u3064\u3092\u52a0\u91cd\u5e73\u5747\u3059\u308b\u3068\u3044\u3046\u8003\u3048\u65b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u5177\u4f53\u7684\u306b\u306f\u3001<\/p>\n<p>\u8ca0\u50b5\uff1d\u501f\u5165\u91d1\u3001\u793e\u50b5\u3068\u304b\u652f\u6255\u3044\u91d1\u5229\u3092\u767a\u751f\u3055\u305b\u308b\u3082\u306e<\/p>\n<p>\u8cc7\u672c\u8abf\u9054\uff1d\u8cc7\u672c\u91d1\u306a\u3069\u91d1\u5229\u3092\u767a\u751f\u3055\u305b\u306a\u3044\u3082\u306e<\/p>\n<p>\u3067\u3059\u3002<\/p>\n<h2 style=\"text-align: center;\">WACC\u306e\u8a08\u7b97\u65b9\u6cd5<\/h2>\n<p>WACC\u306e\u8a08\u7b97\u65b9\u6cd5\u306f\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: terminal, monaco, monospace; color: #ff0000;\"><strong>WACC\u3000<\/strong><strong>\uff1d\u3000\uff3brE\u3000\u00d7\u3000E\uff0f(D+E)\u3000\uff3d\u3000\uff0b\u3000\uff3brD\u00d7(1-T)\u3000\u00d7\u3000D\uff0f(D+E)\uff3d<\/strong><\/span><\/p>\n<p><span style=\"font-family: terminal, monaco, monospace; color: #ff0000;\">\uff52E\u3000\uff1d\u3000\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<\/span><br \/>\n<span style=\"font-family: terminal, monaco, monospace; color: #ff0000;\">\uff52D\u3000\uff1d\u3000\u8ca0\u50b5\u30b3\u30b9\u30c8<\/span><br \/>\n<span style=\"font-family: terminal, monaco, monospace; color: #ff0000;\">D\u3000\uff1d\u6709\u5229\u5b50\u8ca0\u50b5\u306e\u984d\uff08\u6642\u4fa1\uff09<\/span><br \/>\n<span style=\"font-family: terminal, monaco, monospace; color: #ff0000;\">E\u3000\uff1d\u682a\u4e3b\u8cc7\u672c\u306e\u984d\uff08\u6642\u4fa1\uff09<\/span><br \/>\n<span style=\"font-family: terminal, monaco, monospace; color: #ff0000;\">T\u3000\uff1d\u5b9f\u52b9\u7a0e\u7387<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>\u3044\u3084\u30fc\u3001\u3084\u3084\u3053\u3057\u3044\u3067\u3059\u306d\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3067\u3059\u304c\u3001\u7d50\u69cb\u5358\u7d14\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u4f8b\u3048\u3070\u3001<\/p>\n<p>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u60f3\u5b9a\u5229\u56de\u308a\uff09\uff1d\uff11\uff10\uff05\uff08\u8cc7\u672c\u91d1\uff11\u5104\u5186\uff09<\/p>\n<p>\u9280\u884c\u501f\u5165\u91d1\u5229\uff1d\uff14\uff05\uff08\u9280\u884c\u501f\u5165\uff11\u5104\u5186\uff09<\/p>\n<p>\u5b9f\u52b9\u7a0e\u7387\uff13\uff10\uff05<\/p>\n<p>\u3068\u3057\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u305d\u3046\u3057\u305f\u5834\u5408\u3001<\/p>\n<p>WACC\uff1d\uff11\uff10\uff05\/2\u5104\u5186&#x2716;\ufe0e\uff11\u5104\u5186\uff0b\uff14\uff05\uff08\uff11\u2212\uff13\uff10\uff05\uff09\/2\u5104\u5186&#x2716;\ufe0e\uff11\u5104\u5186\uff1d\uff16.\uff17\uff15\uff05<\/p>\n<p>\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u7d50\u69cb\u5358\u7d14\u3058\u3083\u306a\u3044\u3067\u3059\u304b\uff1f<\/p>\n<p>\u8981\u306f\u5229\u56de\u308a\u3092\u52a0\u91cd\u5e73\u5747\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u3059\u3088\u3002<\/p>\n<p>\u3067\u3001\u501f\u5165\u91d1\u306b\u3064\u3044\u3066\u306f\u5229\u5b50\u30b3\u30b9\u30c8\u304c\u6cd5\u4eba\u7a0e\u3092\u6e1b\u3089\u3059\u52b9\u679c\u304c\u3042\u308b\u306e\u3067<\/p>\n<p>\u305d\u308c\u3092\u52a0\u5473\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u305d\u3093\u306a\u306b\u6016\u304f\u306a\u3044\u3063\u3066\u611f\u3058\u3058\u3083\u306a\u3044\u3067\u3059\u304b\uff1f<\/p>\n<p>\u96e3\u3057\u3044\u306e\u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u3053\u308c\u306e\u8003\u3048\u65b9\u304c\u96e3\u3057\u3044\u3067\u3059\u3002<\/p>\n<h2 style=\"text-align: center;\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3063\u3066\u4f55\u3088\uff1f<\/h2>\n<p>\u8981\u306f\u682a\u4e3b\u304c\u4f01\u696d\u306b\u6c42\u3081\u3066\u304f\u308b\u5229\u56de\u308a\u3068\u3044\u3046\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>\u4f01\u696d\u306f\u682a\u4e3b\u304b\u3089\u304a\u91d1\u3092\u9810\u304b\u3063\u3066\u3001\u682a\u4e3b\u306e\u5229\u76ca\u306e\u305f\u3081\u306b\u4e8b\u696d\u3092\u56de\u3057\u3066\u3044\u307e\u3059\u3088\u306d\uff1f<\/p>\n<p>\u305d\u306e\u6642\u306b\u682a\u4e3b\u304c\u4f01\u696d\u306b\u6c42\u3081\u3066\u304f\u308b\u60f3\u5b9a\u306e\u5229\u56de\u308a\u3068\u3044\u3046\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>\u682a\u4e3b\u306f\u5b9a\u671f\u9810\u91d1\u3057\u3066\u3082\u3044\u3044\u3057\u3001\u91d1\u3084\u70ba\u66ff\u3084\u5148\u7269\u3084\u682a\u5f0f\u3084\u793e\u50b5\u3084\u56fd\u50b5\u306a\u3069\u306b\u6295\u8cc7\u3057\u3066\u3082\u3044\u3044\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>\u305d\u3093\u306a\u4e2d\u3067\u3001\u682a\u4e3b\u306f\u305d\u306e\u4f01\u696d\u306e\u682a\u5f0f\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>\u682a\u5f0f\u3078\u306e\u6295\u8cc7\u306f\u56fd\u50b5\u306a\u3069\u306b\u6bd4\u3079\u3066\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3088\u3063\u3066\u3001\u4e00\u822c\u7684\u306b\u56fd\u50b5\u306a\u3069\u306e\u91d1\u5229\u3092\u30d9\u30fc\u30b9\u306b\u3057\u3066<\/p>\n<p>\u3069\u308c\u304f\u3089\u3044\u306e\u30ea\u30b9\u30af\u304c\u52a0\u7b97\u3059\u3079\u304d\u304b\uff1f\u3068\u3044\u3046\u8003\u3048\u65b9\u3092\u5408\u7406\u7684\u306b\u6574\u7406\u3057\u3066<\/p>\n<p>\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u3057\u3066\u8ffd\u52a0\u3057\u3066\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u8a08\u7b97\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3058\u3083\u3042\u3001\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3063\u3066\u3069\u3046\u8a08\u7b97\u3059\u308b\u306e\u304b\uff1f<\/p>\n<p>\u305d\u308c\u304cCAPM\uff08Capital Asset Pricing Model\u3000\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\uff09\u3068\u3044\u3046\u8a08\u7b97\u65b9\u6cd5\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<h2 style=\"text-align: center;\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a08\u7b97\u65b9\u6cd5 CAPM<\/h2>\n<p>\u306f\u3044\u3002\u8a08\u7b97\u65b9\u6cd5\u306f\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 24px; color: #ff0000; font-family: 'book antiqua', palatino, serif;\"><strong>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8rE<\/strong><\/span><\/p>\n<p><span style=\"font-size: 24px; color: #ff0000; font-family: 'book antiqua', palatino, serif;\">\uff1d\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\uff0b\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u00d7\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/span><\/p>\n<p><span style=\"font-size: 24px; color: #ff0000; font-family: 'book antiqua', palatino, serif;\">\uff1d\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\uff0b<\/span><span style=\"font-size: 24px; color: #ff0000; font-family: 'book antiqua', palatino, serif;\">\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u00d7\uff08\u5e02\u5834\u5168\u4f53\u306e\u6295\u8cc7\u5229\u56de\u308a\u3000\uff0d\u3000\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\uff09<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>\u3046\u308f\u30fc\u3001\u3044\u3084\u3067\u3059\u306d\u30fc\u30fc\u3002<\/p>\n<p>\u3081\u3093\u3069\u3044\u3002<\/p>\n<p>\u305d\u3057\u3066\u3088\u304f\u308f\u304b\u3089\u3093\u3068\u601d\u3046\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u7c21\u5358\u306a\u3068\u3053\u308d\u304b\u3089\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h2 style=\"text-align: center;\">\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\u3068\u306f\uff1f<\/h2>\n<p>\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8\uff1d\u56fd\u50b510\u5e74\u3082\u306e\u306e\u5229\u56de\u308a<\/p>\n<p>\u3053\u308c\u3067\u899a\u3048\u3066\u3082\u3089\u3063\u3066\u554f\u984c\u306a\u3044\u3067\u3059\u3002<\/p>\n<p>\u8981\u306f\u30ea\u30b9\u30af\u306a\u3057\u306e\u5229\u56de\u308a\u306f\u3069\u3046\u304b\uff1f<\/p>\n<p>\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u5148\u307b\u3069\u306e\u8aac\u660e\u3067\u3057\u305f\u901a\u308a\u3001\u682a\u4e3b\u304c\u5225\u306e\u6295\u8cc7\u5148\u3068\u3057\u3066\u56fd\u50b5\u306b\u6295\u8cc7\u3059\u308b\u5834\u5408\u306f<\/p>\n<p>\u30c7\u30d5\u30a9\u30eb\u30c8\u30ea\u30b9\u30af\u306a\u304f\u3001\u5229\u56de\u308a\u3092\u7a3c\u3050\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u3092\u30d9\u30fc\u30b9\u306b\u3059\u308b\u305f\u3081\u300110\u5e74\u56fd\u50b5\u3092\u4f7f\u3046\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3061\u306a\u307f\u306b\u5225\u306e\u56fd\u3078\u306e\u6295\u8cc7\u3092\u8003\u3048\u308b\u5834\u5408\u306f\u3001<\/p>\n<p>\u305d\u306e\u56fd\u306e\u30ab\u30f3\u30c8\u30ea\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u306e\u305b\u305f\u308a\u3082\u3057\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u3053\u307e\u3067\u306f\u7c21\u5358\u3067\u3059\u3088\u306d\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u6b21\u306b\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u3059\u3002<\/p>\n<h2 style=\"text-align: center;\">\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f\uff1f<\/h2>\n<p><span style=\"font-size: 16px; color: #000000;\">\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\uff1d<span style=\"font-family: 'book antiqua', palatino, serif;\">\u5e02\u5834\u5168\u4f53\u306e\u6295\u8cc7\u5229\u56de\u308a\u3000\uff0d\u3000\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c8<\/span><\/span><\/p>\n<p>\u5e02\u5834\u5168\u4f53\u306e\u6295\u8cc7\u5229\u56de\u308a\u3068\u306f\u4f55\u304b\uff1f<\/p>\n<p>\u3064\u307e\u308a\u3001\u8a3c\u5238\u53d6\u5f15\u6240\u3067\u53d6\u5f15\u3055\u308c\u308b\u682a\u5f0f\u3078\u306e\u5e73\u5747\u7684\u306a\u6295\u8cc7\u5bb6\u306e\u671f\u5f85\u3059\u308b\u5229\u56de\u308a\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u6b21\u306b\u30d9\u30fc\u30bf\u3067\u3059\u3002<\/p>\n<h2 style=\"text-align: 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