{"id":2507,"date":"2021-01-24T22:18:33","date_gmt":"2021-01-24T13:18:33","guid":{"rendered":"http:\/\/beyondthefinance.com\/?p=2507"},"modified":"2021-02-28T12:27:44","modified_gmt":"2021-02-28T03:27:44","slug":"%e8%a8%ad%e5%82%99%e6%8a%95%e8%b3%87%e3%81%ae%e6%8a%95%e8%b3%87%e5%9b%9e%e5%8f%8e%e8%a8%88%e7%ae%97%e3%81%ae%e5%85%b7%e4%bd%93%e7%9a%84%e3%81%aa%e6%96%b9%e6%b3%95","status":"publish","type":"post","link":"https:\/\/beyondthefinance.com\/?p=2507","title":{"rendered":"\u8a2d\u5099\u6295\u8cc7\u306e\u6295\u8cc7\u56de\u53ce\u8a08\u7b97\u306e\u5177\u4f53\u7684\u306a\u65b9\u6cd5"},"content":{"rendered":"<p>\u3053\u3093\u306b\u3061\u306f\u30b2\u30f3\u30bf\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u4eca\u65e5\u306f\u975e\u5e38\u306b\u30c6\u30af\u30cb\u30ab\u30eb\u306a\u8a71\u3067\u3059\u3002<\/p>\n<p>\u8a2d\u5099\u6295\u8cc7\u306e\u969b\u306b\u6295\u8cc7\u56de\u53ce\u8a08\u7b97\u3092\u7b97\u51fa\u3057\u3066<\/p>\n<p>\u793e\u5185\u306e\u4e2d\u3067\u627f\u8a8d\u3092\u3068\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3088\u306d\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u308c\u306e\u5177\u4f53\u7684\u306a\u65b9\u6cd5\u306b\u3064\u3044\u3066\u30b7\u30f3\u30d7\u30eb\u306b\u8aac\u660e\u3057\u307e\u3059\u3002<\/p>\n<p>\u8ca1\u52d9\u5c02\u9580\u5bb6\u3068\u3057\u3066\u6295\u8cc7\u56de\u53ce\u8a08\u7b97\u306f\u6df1\u304f\u7406\u89e3\u3057\u3066\u3044\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n<h2 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center;\">\u8ca1\u52d9\u306e\u5c02\u9580\u5bb6\u3068\u3057\u3066\u7406\u89e3\u3059\u3079\u304d\u30ec\u30d9\u30eb<\/h2>\n<p>\u305d\u308c\u305e\u308c\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u304c\u3001<\/p>\n<p>\u8ca1\u52d9\u306e\u5c02\u9580\u5bb6\u3068\u3057\u3066\u306f\u7279\u5fb4\u3092\u7406\u89e3\u3057\u305f\u4e0a\u3067<\/p>\n<p>\u3069\u306e\u3088\u3046\u306b\u8a08\u7b97\u3059\u308b\u304b\u3082\u3071\u3063\u3068\u982d\u306b\u6d6e\u3079\u3089\u308c\u308b\u3088\u3046\u306b\u306a\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u306a\u305c\u306a\u3089\u3001\u4eca\u6642\u3001\u3053\u306e\u8a08\u7b97\u65b9\u6cd5\u306f\u8ca1\u52d9\u3060\u3051\u3067\u306f\u306a\u304f<\/p>\n<p>\u4ed6\u90e8\u7f72\u306e\u65b9\u3005\u3082\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>\u305d\u308c\u306f\u8a08\u7b97\u306e\u96db\u5f62\u304c\u51fa\u56de\u3063\u3066\u3044\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3067\u3059\u304c\u3001<\/p>\n<p>\u96db\u5f62\u306b\u6cbf\u3063\u3066\u3084\u3063\u3066\u3044\u308b\u304b\u3089\u306a\u3093\u3068\u306a\u304f\u3067\u304d\u3066\u3044\u307e\u3059\u304c\u3001<\/p>\n<p>\u610f\u5916\u3068\u672c\u8cea\u3092\u308f\u304b\u3063\u3066\u3044\u306a\u304b\u3063\u305f\u308a\u3059\u308b\u7d50\u679c\u3001<\/p>\n<p>\u6b63\u3057\u304f\u8a08\u7b97\u3067\u304d\u3066\u3044\u306a\u304b\u3063\u305f\u308a\u3001<\/p>\n<p>\u610f\u5473\u304c\u308f\u304b\u3063\u3066\u3044\u306a\u304b\u3063\u305f\u308a\u3001<\/p>\n<p>\u5b9f\u306f\u3084\u308a\u65b9\u304c\u308f\u304b\u3089\u306a\u304b\u3063\u305f\u308a\u3057\u3066<\/p>\n<p>\u8ca1\u52d9\u306b\u76f8\u8ac7\u306b\u304d\u305f\u308a\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u76f8\u8ac7\u306b\u6765\u3089\u308c\u305f\u3068\u304d\u306b<\/p>\n<p>\u30d0\u30c1\u30fc\u30f3\u3068\u7b54\u3048\u3089\u308c\u308b\u3068<\/p>\n<p>\u975e\u5e38\u306b\u4fe1\u983c\u611f\u304c\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u305d\u3057\u3066\u5404\u90e8\u7f72\u3067\u8a08\u7b97\u3057\u306a\u304f\u3066\u306f\u306a\u3089\u306a\u3044\u304c<\/p>\n<p>\u8ca1\u52d9\u306e\u5c02\u9580\u6027\u304c\u6c42\u3081\u3089\u308c\u308b\u9818\u57df\u3067\u3082\u3042\u308b\u306e\u3067<\/p>\n<p>\u30ec\u30d0\u30ec\u30c3\u30b8\u52b9\u679c\u304c\u9ad8\u3044\u306e\u3067\u305c\u3072\u6df1\u304f\u7406\u89e3\u3057\u3066\u304a\u304f\u3068\u826f\u3044\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3067\u306f\u5177\u4f53\u7684\u306b\u8a2d\u5099\u6295\u8cc7\u306e\u56de\u53ce\u8a08\u7b97\u65b9\u6cd5\u3092\u8aac\u660e\u3057\u307e\u3059\u306d\u3002<\/p>\n<h2 style=\"text-align: center;\">\u307e\u305a\u306fPL\u8a08\u753b\u3092\u4e8c\u3064\u4f5c\u6210\u3059\u308b<\/h2>\n<p>\u4f55\u306f\u3068\u3082\u3042\u308c\u3001PL\u3092\u4e8c\u3064\u4f5c\u308a\u307e\u3059\u3002<\/p>\n<p><span style=\"font-size: 28px; color: #ff0000;\">\u30fb\u6295\u8cc7\u3057\u305f\u5834\u5408\u306ePL<\/span><\/p>\n<p><span style=\"font-size: 28px; color: #ff0000;\">\u30fb\u6295\u8cc7\u3057\u306a\u304b\u3063\u305f\u5834\u5408\u306ePL<\/span><\/p>\n<p>\u306e\u4e8c\u3064\u3067\u3059\u3002<\/p>\n<p>\u3053\u308c\u306f\u5404\u4e8b\u696d\u90e8\u304c\u3044\u308d\u3093\u306a\u524d\u63d0\u6761\u4ef6\u3092\u7f6e\u3044\u3066\u4f5c\u6210\u3067\u304d\u308b\u306f\u305a\u3067\u3059\u3002<\/p>\n<p><span style=\"font-size: 24px;\">\u58f2\u4e0a\u3001\u58f2\u4e0a\u539f\u4fa1\u3001\u8ca9\u58f2\u7ba1\u7406\u8cbb\u7528\u3001\u55b6\u696d\u5229\u76ca<\/span>\u307e\u3067\u3067\u3059\u306d\u3002<\/p>\n<p>\u3053\u306e\u55b6\u696d\u5229\u76ca\u304c\u5f53\u305f\u308a\u524d\u3067\u3059\u304c\u3001<\/p>\n<p>\u6295\u8cc7\u3057\u305f\u5834\u5408\u306e\u5229\u76ca\u306e\u65b9\u304c\u6295\u8cc7\u3057\u306a\u304b\u3063\u305f\u5834\u5408\u306b\u3088\u308a\u3082\u4e0a\u56de\u308b\u306f\u305a\u3067\u3059\u3002<\/p>\n<h2 style=\"text-align: center;\">\u6b21\u306bPL\u304b\u3089FCF\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4f5c\u6210\u3059\u308b<\/h2>\n<p>PL\u304b\u3089\u4e8c\u3064\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97\u65b9\u6cd5\u306f\u3056\u3063\u304f\u308a\u3068\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p><span style=\"font-size: 20px; color: #ff0000;\">\u55b6\u696d\u5229\u76ca\uff0b\u511f\u5374\u8cbb\uff0b\u30fc\u904b\u8ee2\u8cc7\u672c\u5897\u6e1b\u30fc\u6cd5\u4eba\u7a0e\uff0b\u30fc\u6295\u8cc7\uff1dFCF<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u306e\u3046\u3061\u904b\u8ee2\u8cc7\u672c\u304c\u308f\u304b\u308a\u306b\u304f\u3044\u3068\u601d\u3046\u306e\u3067<\/p>\n<p>\u7c21\u5358\u306b\u8aac\u660e\u3059\u308b\u3068\u3001<\/p>\n<p>\u904b\u8ee2\u8cc7\u672c\uff1d\u50b5\u6a29\u5897\u6e1b\u984d\uff08\u5897\u52a0\u306e\u5834\u5408CF\u3078\u30de\u30a4\u30ca\u30b9\uff09\uff0b\u5728\u5eab\u5897\u6e1b\u984d\uff08\u5897\u52a0\u306e\u5834\u5408CF\u3078\u30de\u30a4\u30ca\u30b9\uff09\uff0b\u50b5\u52d9\u5897\u6e1b\u984d\uff08\u5897\u52a0\u306e\u5834\u5408CF\u3078\u30d7\u30e9\u30b9\uff09<\/p>\n<p>\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u50b5\u6a29\u3068\u5728\u5eab\u304c\u5897\u52a0\u3059\u308b\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u306f\u5229\u76ca\u306b\u5bfe\u3057\u3066\u6e1b\u308b\u8abf\u6574\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n<p>\u50b5\u52d9\u304c\u5897\u52a0\u3059\u308b\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u306f\u5229\u76ca\u306b\u5bfe\u3057\u3066\u5897\u3048\u308b\u8abf\u6574\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u308c\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u306e\u9593\u63a5\u6cd5\u3068\u540c\u3058\u8a08\u7b97\u65b9\u6cd5\u3067\u3042\u308a\u3001<\/p>\n<p>\u540c\u3058\u7406\u5c48\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u6b21\u306b\u3044\u3088\u3044\u3088\u7d4c\u6e08\u6027\u8a55\u4fa1\u3092\u884c\u3046\u305f\u3081\u306e\u56db\u3064\u306e\u8a08\u7b97\u65b9\u6cd5\u3092\u304b\u307e\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<h2 style=\"text-align: center;\">\u56de\u53ce\u671f\u9593\u6cd5<\/h2>\n<p>\u56de\u53ce\u671f\u9593\uff08\u5e74\u6570\uff09\uff1d\u8a2d\u5099\u6295\u8cc7\u3057\u305f\u5834\u5408\u3068\u3057\u306a\u304b\u3063\u305f\u5834\u5408\u306eFCF\u304c\u7d2f\u7a4d\u3067\u4f55\u5e74\u3067\u30d7\u30e9\u30b9\u306b\u8ee2\u3058\u308b\u304b\uff1f<\/p>\n<p>\u3068\u3044\u3046\u3060\u3051\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u3001\uff11\uff10\u5104\u5186\u306e\u8a2d\u5099\u6295\u8cc7\u3092\u884c\u3063\u305f\u3068\u3057\u307e\u3059\u3002<\/p>\n<p>1\u5e74\u76ee\u3000\u25b3\uff19\u5104\u5186<\/p>\n<p>2\u5e74\u76ee\u3000\uff0b\uff12\u5104\u5186\uff08\u7d2f\u7a4d\u25b3\uff17\u5104\u5186\uff09<\/p>\n<p>3\u5e74\u76ee\u3000\uff0b\uff13\u5104\u5186\uff08\u7d2f\u7a4d\u25b3\uff14\u5104\u5186\uff09<\/p>\n<p>4\u5e74\u76ee\u3000\uff0b\uff15\u5104\u5186\uff08\u7d2f\u7a4d\uff0b\uff11\u5104\u5186\uff09<\/p>\n<p>&nbsp;<\/p>\n<p>\u5e74\u5834\u5408\u30014\u5e74\u304c\u56de\u53ce\u671f\u9593\u6cd5\u306b\u304a\u3051\u308b\u56de\u53ce\u671f\u9593\u3068\u306a\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>FCF\u304c\u7406\u89e3\u3067\u304d\u3066\u3044\u308c\u3070\u7c21\u5358\u3067\u3059\u306d\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u56de\u53ce\u671f\u9593\u6cd5\u306e\u30e1\u30ea\u30c3\u30c8\u306f\u308f\u304b\u308a\u3084\u3059\u3044\u3001\u7c21\u5358\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308a\u307e\u3057\u3066\u3001<\/p>\n<p>\u307e\u305a\u306f\u4e00\u822c\u7684\u306b\u3053\u306e\u65b9\u6cd5\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u3057\u3066\u6642\u9593\u4fa1\u5024\u3092\u8003\u616e\u306b\u5165\u308c\u3066\u3044\u306a\u3044\u70b9\u3067\u3059\u3002<\/p>\n<p>\u306a\u306e\u3067\u3001\u6b21\u306b\u6642\u9593\u4fa1\u5024\u3092\u8003\u616e\u3057\u305f\u8a08\u7b97\u65b9\u6cd5\u3092\u884c\u3063\u3066\u3044\u304f\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u524d\u306b\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\u6cd5\u3092\u88dc\u8db3\u7684\u306b\u8aac\u660e\u3057\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n<h2 style=\"text-align: center;\">\uff08\u88dc\u8db3\uff09\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\u6cd5<\/h2>\n<div class=\"borderbox\">\n<p>\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff08ROI\uff09\uff1d\u5229\u76ca\u5897\u52a0\u984d\u00f7\uff08\u8a2d\u5099\u6295\u8cc7\u984d\uff0b\u5897\u52a0\u904b\u8ee2\u8cc7\u91d1\uff09<\/p>\n<p>\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u306e\u610f\u5473\u306f\u3042\u304f\u307e\u3067\u3082ROI\u304c\u4f55\uff05\u306a\u306e\u304b\u3068\u3044\u3046\u3060\u3051\u306a\u306e\u3067<\/p>\n<p>\u3042\u307e\u308a\u610f\u5473\u304c\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<p>\u3042\u3042\u3001\u3053\u3093\u306a\u3082\u3093\u304b\u3068\u3044\u3046\u7a0b\u5ea6\u3067\u5927\u4e08\u592b\u3067\u3059\u3057\u3001<\/p>\n<p>\u666e\u6bb5\u3001\u79c1\u306f\u3042\u307e\u308a\u4f7f\u3044\u307e\u305b\u3093\u3002<\/p>\n<h2 style=\"text-align: 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style=\"font-size: 24px; color: #ff0000;\">PV\uff08\u73fe\u5728\u4fa1\u5024\uff09\uff1d\u5c06\u6765CF\uff0f (1+\u5272\u5f15\u7387)<sup>n\u5e74<\/sup><\/span><\/p>\n<p>\u4f8b\u3048\u3070\u3001\u5148\u307b\u3069\u306e\u6570\u5b57\u3092\u4f7f\u3063\u3066\u6df1\u5800\u308a\u3057\u3066\u307f\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\uff11\uff10\u5104\u5186\u306e\u8a2d\u5099\u6295\u8cc7\u3001\u5272\u5f15\u7387\uff11\uff10\uff05\u3068\u3057\u305f\u5834\u5408<\/p>\n<p>1\u5e74\u76ee\u3000\u25b3\uff19\u5104\u5186\u3000\uff08PV\u25b3\uff18.2\u5104\u5186\uff09\uff0aPV\uff1d\uff19\/110%<\/p>\n<p>2\u5e74\u76ee\u3000\uff0b\uff12\u5104\u5186\uff08\u7d2f\u7a4d\u25b3\uff17\u5104\u5186\uff09\uff08PV\uff0b1.6\u5104\u5186\uff09*PV=2\/110%\/110%<\/p>\n<p>3\u5e74\u76ee\u3000\uff0b\uff13\u5104\u5186\uff08\u7d2f\u7a4d\u25b3\uff14\u5104\u5186\uff09\uff08PV\uff0b\uff13\u5104\u5186\uff09*PV=3\/110%\/110%\/110%<\/p>\n<p>4\u5e74\u76ee\u3000\uff0b\uff15\u5104\u5186\uff08\u7d2f\u7a4d\uff0b\uff11\u5104\u5186\uff09\uff08PV\uff0b\uff13.\uff14\u5104\u5186\uff09\uff08\u7d2f\u7a4dNPV\u25b3\uff10.2\u5104\u5186\uff09*PV=5\/110%\/110%\/110%\/110%<\/p>\n<p>5\u5e74\u76ee\u3000\uff0b\uff16\u5104\u5186\uff08\u7d2f\u7a4d\uff0b\uff17\u5104\u5186\uff09\uff08PV\uff0b\uff13.\uff17\u5104\u5186\uff09\uff08\u7d2f\u7a4dNPV\uff0b\uff13.\uff15\u5104\u5186\uff09*PV=6\/110%\/110%\/110%\/110%\/110%<\/p>\n<p>&nbsp;<\/p>\n<p>\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3061\u3087\u3063\u3068\u3084\u3084\u3053\u3057\u304f\u306a\u308a\u307e\u3057\u305f\u304c\u3001<\/p>\n<p>\u9006\u306b\u3044\u3046\u3068\u3053\u308c\u3060\u3051\u3067\u3059\u3002<\/p>\n<p>\u3067\u3001\u7d50\u8ad6\u304c\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/p>\n<p>\u5148\u307b\u3069\u306e\u56de\u53ce\u671f\u9593\u6cd5\u3067\u306f4\u5e74\u3067\u56de\u53ce\u3067\u3057\u305f\u304c\u3001<\/p>\n<p>NPV\u65b9\u3067\u306f5\u5e74\u3067\u56de\u53ce\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u304c\u5229\u5b50\u306e\u5f71\u97ff\u306a\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u304d\u3061\u3093\u3068\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u3044\u3046\u3082\u306e\u3082\u8003\u616e\u3057\u3066<\/p>\n<p>\u6295\u8cc7\u56de\u53ce\u53ef\u80fd\u304b\uff1f\u3068\u3044\u3046\u89b3\u70b9\u3067\u7cbe\u67fb\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u7d50\u8ad6\u3001NPV\u304c\u30d7\u30e9\u30b9\u306a\u3089\u57fa\u672c\u7684\u306b\u306f\u7d4c\u6e08\u4fa1\u5024\u8a08\u7b97\u4e0a\u306f\u6295\u8cc7GO\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>\u3053\u3053\u3067\u96e3\u3057\u3044\u306e\u306f\u3001\u5272\u5f15\u7387\u306e\uff11\uff10\uff05\u304c\u3069\u3053\u304b\u3089\u304d\u305f\u306e\u304b\uff1f<\/p>\n<p>\u3068\u3053\u306e\u8003\u3048\u65b9\u3067\u3059\u3002<\/p>\n<p>\u3053\u308c\u306fWACC\u306e\u8a08\u7b97\u3068\u3044\u3046\u3082\u306e\u304c\u3042\u308a\u3001\u5225\u9014\u8a18\u4e8b\u3067\u8aac\u660e\u3059\u308b\u4e88\u5b9a\u3067\u3059\u3002<\/p>\n<h2 style=\"text-align: center;\">\u5185\u90e8\u5229\u76ca\u7387\u6cd5\u3000IRR\u6cd5<\/h2>\n<div class=\"borderbox\">\n<p>\u304a\u305d\u3089\u304fIRR\u304c\u4e00\u756a\u6982\u5ff5\u3092\u7406\u89e3\u3057\u306b\u304f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<p>\u304c\u3001\u57fa\u672c\u7684\u306b\u306f\u3053\u3046\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>PV\uff1d\u5c06\u6765CF\uff0f (1+\u5272\u5f15\u7387)<sup>n\u5e74<\/sup><br 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