{"id":9842,"date":"2026-09-19T23:07:41","date_gmt":"2026-09-19T14:07:41","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-cf-16\/"},"modified":"2026-09-20T00:19:52","modified_gmt":"2026-09-19T15:19:52","slug":"g1-cf-16","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-cf-16\/","title":{"rendered":"\u4e8b\u696d\u6226\u7565\u3068\u8ca1\u52d9\u6307\u6a19\u3068\u306f\uff1f\u610f\u5473\u3068\u8a66\u9a13\u3067\u554f\u308f\u308c\u308b\u30dd\u30a4\u30f3\u30c8\uff5c\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c81\u6b21\u30fb\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9"},"content":{"rendered":"<style>.cma-tbl{margin:1.2em 0 1.6em;overflow-x:auto;-webkit-overflow-scrolling:touch;border-radius:8px;box-shadow:0 1px 4px rgba(34,0,94,.12);}.cma-tbl table{width:100%;border-collapse:collapse!important;margin:0!important;font-size:15px;line-height:1.6;background:#fff;border:none!important;}.cma-tbl th,.cma-tbl 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class=\"cma-answer-title\">\u3072\u3068\u3053\u3068\u3067\u8a00\u3046\u3068<\/p>\n<ul>\n<li>\u4f01\u696d\u304c\u3069\u306e<strong>\u4e8b\u696d\u6226\u7565<\/strong>\uff08\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u3001\u5dee\u5225\u5316\u3001\u96c6\u4e2d\uff09\u3092\u3068\u308b\u304b\u306b\u3088\u3063\u3066\u3001<strong>\u5229\u76ca\u7387\u3084\u8cc7\u7523\u56de\u8ee2\u7387<\/strong>\u306a\u3069\u306e\u8ca1\u52d9\u6307\u6a19\u306b\u8868\u308c\u308b\u7279\u5fb4\u304c\u5909\u308f\u308a\u307e\u3059\u3002<\/li>\n<li>\u4e00\u822c\u306b\u3001\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u306f<strong>\u300c\u8584\u5229\u591a\u58f2\u300d\uff1d\u4f4e\u3044\u5229\u76ca\u7387\u00d7\u9ad8\u3044\u56de\u8ee2\u7387<\/strong>\u3001\u5dee\u5225\u5316\u306f<strong>\u300c\u539a\u5229\u5c11\u58f2\u300d\uff1d\u9ad8\u3044\u5229\u76ca\u7387\u00d7\u4f4e\u3081\u306e\u56de\u8ee2\u7387<\/strong>\u306b\u306a\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>\u6700\u7d42\u7684\u306b\u306f\u3001ROIC\u3084ROE\u304c<strong>\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u304b<\/strong>\u3067\u3001\u6226\u7565\u304c\u4f01\u696d\u4fa1\u5024\u3092\u751f\u3093\u3067\u3044\u308b\u304b\u3092\u5224\u65ad\u3057\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/div>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c81\u6b21\u300c\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u300d\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8\u306e\u3072\u3068\u3064\u300c\u4e8b\u696d\u6226\u7565\u3068\u4fa1\u5024\u6307\u6a19\u30fb\u8ca1\u52d9\u6307\u6a19\u300d\u306b\u3064\u3044\u3066\u3001\u610f\u5473\u3068\u8a66\u9a13\u3067\u554f\u308f\u308c\u3084\u3059\u3044\u30dd\u30a4\u30f3\u30c8\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<div class=\"cma-tbl kv\">\n<table>\n<tbody>\n<tr>\n<th>\u5206\u91ce<\/th>\n<td>1\u6b21 \u79d1\u76ee\u2161\uff0f\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/td>\n<\/tr>\n<tr>\n<th>\u5927\u5206\u985e<\/th>\n<td>(2) \u4f01\u696d\u306e\u4e8b\u696d\u30fb\u7af6\u4e89\u6226\u7565<\/td>\n<\/tr>\n<tr>\n<th>\u5354\u4f1a\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8<\/th>\n<td>\u4f01\u696d\u306e\u4ee3\u8868\u7684\u306a\u4e8b\u696d\u6226\u7565\u3068\u4fa1\u5024\u6307\u6a19\u3084\u8ca1\u52d9\u6307\u6a19\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066\u7406\u89e3\u3059\u308b\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u4e8b\u696d\u6226\u7565\u3068\u4fa1\u5024\u6307\u6a19\u30fb\u8ca1\u52d9\u6307\u6a19\u3068\u306f<\/h2>\n<p>\u30de\u30a4\u30b1\u30eb\u30fb\u30dd\u30fc\u30bf\u30fc\u306f\u3001\u7af6\u4e89\u512a\u4f4d\u3092\u7bc9\u304f\u57fa\u672c\u6226\u7565\u3068\u3057\u3066\u3001\u696d\u754c\u3067\u6700\u3082\u4f4e\u3044\u30b3\u30b9\u30c8\u3092\u5b9f\u73fe\u3059\u308b<strong>\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u6226\u7565<\/strong>\u3001\u88fd\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u306e\u72ec\u81ea\u6027\u3067\u9ad8\u3044\u4fa1\u683c\u3092\u5f97\u308b<strong>\u5dee\u5225\u5316\u6226\u7565<\/strong>\u3001\u7279\u5b9a\u306e\u9867\u5ba2\u5c64\u3084\u5730\u57df\u306b\u7d5e\u308a\u8fbc\u3080<strong>\u96c6\u4e2d\u6226\u7565<\/strong>\u306e3\u3064\u3092\u6319\u3052\u307e\u3057\u305f\u3002\u6226\u7565\u306f\u76ee\u306b\u898b\u3048\u307e\u305b\u3093\u304c\u3001\u305d\u306e\u7d50\u679c\u306f\u8ca1\u52d9\u8af8\u8868\u306e\u6570\u5b57\u306b\u8868\u308c\u307e\u3059\u3002\u30a2\u30ca\u30ea\u30b9\u30c8\u306f\u8ca1\u52d9\u6307\u6a19\u3092\u8aad\u307f\u89e3\u304f\u3053\u3068\u3067\u3001\u4f01\u696d\u304c\u3069\u3093\u306a\u6226\u7565\u3092\u3068\u308a\u3001\u305d\u308c\u304c\u6210\u529f\u3057\u3066\u3044\u308b\u304b\u3092\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002<\/p>\n<h3>\u5229\u76ca\u7387\u3068\u56de\u8ee2\u7387\u306b\u5206\u89e3\u3057\u3066\u898b\u308b<\/h3>\n<p>\u8cc7\u7523\u3084\u6295\u4e0b\u8cc7\u672c\u304b\u3089\u3069\u308c\u3060\u3051\u5229\u76ca\u3092\u751f\u3093\u3067\u3044\u308b\u304b\u3092\u793a\u3059ROA\uff08\u7dcf\u8cc7\u7523\u5229\u76ca\u7387\uff09\u3084ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306f\u3001<strong>\u58f2\u4e0a\u9ad8\u5229\u76ca\u7387\u00d7\u8cc7\u7523\u56de\u8ee2\u7387<\/strong>\u306b\u5206\u89e3\u3067\u304d\u307e\u3059\u3002\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\u6226\u7565\u3067\u306f\u3001\u4fa1\u683c\u3092\u6291\u3048\u3066\u5927\u91cf\u306b\u8ca9\u58f2\u3057\u3001\u8a2d\u5099\u3084\u5728\u5eab\u3092\u52b9\u7387\u3088\u304f\u56de\u3059\u305f\u3081\u3001\u5229\u76ca\u7387\u306f\u4f4e\u3081\u3067\u3082\u56de\u8ee2\u7387\u304c\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044\u3067\u3059\u3002\u5dee\u5225\u5316\u6226\u7565\u3067\u306f\u3001\u7814\u7a76\u958b\u767a\u3084\u30d6\u30e9\u30f3\u30c9\u3078\u306e\u6295\u8cc7\u3067\u9ad8\u3044\u4fa1\u683c\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u3001\u5229\u76ca\u7387\u306f\u9ad8\u304f\u306a\u308b\u4e00\u65b9\u3001\u56de\u8ee2\u7387\u306f\u76f8\u5bfe\u7684\u306b\u4f4e\u304f\u306a\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n<h3>\u4fa1\u5024\u6307\u6a19\uff1a\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u306e\u6bd4\u8f03<\/h3>\n<p>\u5229\u76ca\u7387\u3084\u56de\u8ee2\u7387\u304c\u512a\u308c\u3066\u3044\u3066\u3082\u3001\u305d\u308c\u3060\u3051\u3067\u306f\u4f01\u696d\u4fa1\u5024\u3092\u751f\u3093\u3067\u3044\u308b\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002\u4f01\u696d\u4fa1\u5024\u306e\u89b3\u70b9\u3067\u306f\u3001<strong>ROIC\u304cWACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u304b<\/strong>\u3001\u3042\u308b\u3044\u306fROE\u304c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u304b\u304c\u91cd\u8981\u3067\u3059\u3002\u3053\u306e\u5dee\uff08\u30b9\u30d7\u30ec\u30c3\u30c9\uff09\u306b\u6295\u4e0b\u8cc7\u672c\u3092\u639b\u3051\u305f\u3082\u306e\u304cEVA\uff08\u7d4c\u6e08\u7684\u4ed8\u52a0\u4fa1\u5024\uff09\u3067\u3001\u6226\u7565\u304c\u3069\u308c\u3060\u3051\u4fa1\u5024\u3092\u5275\u9020\u3057\u3066\u3044\u308b\u304b\u3092\u6e2c\u308b\u4ee3\u8868\u7684\u306a\u4fa1\u5024\u6307\u6a19\u3067\u3059\u3002<\/p>\n<h3>\u6307\u6a19\u3092\u898b\u308b\u3068\u304d\u306e\u6ce8\u610f\u70b9<\/h3>\n<p>\u540c\u3058\u6226\u7565\u3067\u3082\u696d\u7a2e\u306b\u3088\u3063\u3066\u6307\u6a19\u306e\u6c34\u6e96\u306f\u5927\u304d\u304f\u7570\u306a\u308b\u305f\u3081\u3001\u6bd4\u8f03\u306f\u540c\u696d\u4ed6\u793e\u3069\u3046\u3057\u3084\u6642\u7cfb\u5217\u3067\u884c\u3046\u306e\u304c\u57fa\u672c\u3067\u3059\u3002\u307e\u305f\u3001\u5229\u76ca\u7387\u3082\u56de\u8ee2\u7387\u3082\u4e2d\u9014\u534a\u7aef\u306a\u300c\u30b9\u30bf\u30c3\u30af\u30fb\u30a4\u30f3\u30fb\u30b6\u30fb\u30df\u30c9\u30eb\uff08\u3069\u3063\u3061\u3064\u304b\u305a\uff09\u300d\u306e\u72b6\u614b\u306f\u3001\u7af6\u4e89\u4e0a\u4e0d\u5229\u306b\u306a\u308a\u3084\u3059\u3044\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<h2>\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u516c\u5f0f<\/h2>\n<div class=\"cma-formula\">ROA \uff1d \u58f2\u4e0a\u9ad8\u5229\u76ca\u7387 \u00d7 \u7dcf\u8cc7\u7523\u56de\u8ee2\u7387<small>\uff1d\uff08\u5229\u76ca \u00f7 \u58f2\u4e0a\u9ad8\uff09 \u00d7 \uff08\u58f2\u4e0a\u9ad8 \u00f7 \u7dcf\u8cc7\u7523\uff09<\/small><\/div>\n<div class=\"cma-formula\">ROE \uff1d \u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387 \u00d7 \u7dcf\u8cc7\u7523\u56de\u8ee2\u7387 \u00d7 \u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<small>\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\uff08\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8 \uff1d \u7dcf\u8cc7\u7523 \u00f7 \u81ea\u5df1\u8cc7\u672c\uff09<\/small><\/div>\n<div class=\"cma-formula\">EVA \uff1d (ROIC \u2212 WACC) \u00d7 \u6295\u4e0b\u8cc7\u672c<small>\u30d7\u30e9\u30b9\u306a\u3089\u4fa1\u5024\u5275\u9020\u3001\u30de\u30a4\u30ca\u30b9\u306a\u3089\u4fa1\u5024\u7834\u58ca<\/small><\/div>\n<div class=\"cma-tbl three\">\n<table>\n<thead>\n<tr>\n<th>\u6226\u7565<\/th>\n<th>\u5229\u76ca\u7387<\/th>\n<th>\u56de\u8ee2\u7387<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-label=\"\u6226\u7565\">\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7<\/td>\n<td data-label=\"\u5229\u76ca\u7387\">\u4f4e\u3081\u306b\u306a\u308a\u3084\u3059\u3044<\/td>\n<td data-label=\"\u56de\u8ee2\u7387\">\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044<\/td>\n<\/tr>\n<tr>\n<td data-label=\"\u6226\u7565\">\u5dee\u5225\u5316<\/td>\n<td data-label=\"\u5229\u76ca\u7387\">\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044<\/td>\n<td data-label=\"\u56de\u8ee2\u7387\">\u4f4e\u3081\u306b\u306a\u308a\u3084\u3059\u3044<\/td>\n<\/tr>\n<tr>\n<td data-label=\"\u6226\u7565\">\u96c6\u4e2d<\/td>\n<td data-label=\"\u5229\u76ca\u7387\">\u7d5e\u308a\u8fbc\u3093\u3060\u5e02\u5834\u3067\u30b3\u30b9\u30c8\u304b\u5dee\u5225\u5316\u306e\u3069\u3061\u3089\u304b\u3092\u8ffd\u6c42<\/td>\n<td data-label=\"\u56de\u8ee2\u7387\">\u9078\u3093\u3060\u65b9\u5411\u306b\u3088\u308a\u7570\u306a\u308b<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<p>\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u578b\u306e\u5c0f\u58f2A\u793e\u3068\u3001\u9ad8\u7d1a\u30d6\u30e9\u30f3\u30c9\u3092\u5c55\u958b\u3059\u308bB\u793e\u3092\u6bd4\u3079\u307e\u3059\u3002<\/p>\n<div class=\"cma-tbl three\">\n<table>\n<thead>\n<tr>\n<th>\u9805\u76ee<\/th>\n<th>A\u793e\uff08\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\uff09<\/th>\n<th>B\u793e\uff08\u5dee\u5225\u5316\uff09<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-label=\"\u9805\u76ee\">\u58f2\u4e0a\u9ad8\u5229\u76ca\u7387<\/td>\n<td data-label=\"A\u793e\uff08\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\uff09\">3\uff05<\/td>\n<td data-label=\"B\u793e\uff08\u5dee\u5225\u5316\uff09\">10\uff05<\/td>\n<\/tr>\n<tr>\n<td data-label=\"\u9805\u76ee\">\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387<\/td>\n<td data-label=\"A\u793e\uff08\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\uff09\">2.5\u56de<\/td>\n<td data-label=\"B\u793e\uff08\u5dee\u5225\u5316\uff09\">0.75\u56de<\/td>\n<\/tr>\n<tr>\n<td data-label=\"\u9805\u76ee\">ROA<\/td>\n<td data-label=\"A\u793e\uff08\u30b3\u30b9\u30c8\u30fb\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7\uff09\">3\uff05\u00d72.5\uff1d7.5\uff05<\/td>\n<td data-label=\"B\u793e\uff08\u5dee\u5225\u5316\uff09\">10\uff05\u00d70.75\uff1d7.5\uff05<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>\u4e21\u793e\u306eROA\u306f\u540c\u30587.5\uff05\u3067\u3059\u304c\u3001\u5229\u76ca\u3092\u751f\u3080\u4ed5\u7d44\u307f\u306f\u307e\u3063\u305f\u304f\u7570\u306a\u308a\u307e\u3059\u3002A\u793e\u306f\u56de\u8ee2\u7387\u3092\u843d\u3068\u3059\u3068ROA\u304c\u6025\u306b\u4e0b\u304c\u308a\u3001B\u793e\u306f\u30d6\u30e9\u30f3\u30c9\u529b\u304c\u843d\u3061\u3066\u5024\u5f15\u304d\u304c\u5897\u3048\u308b\u3068\u5229\u76ca\u7387\u304c\u5d29\u308c\u307e\u3059\u3002\u3069\u3061\u3089\u306e\u6307\u6a19\u304c\u6226\u7565\u306e\u751f\u547d\u7dda\u304b\u3092\u898b\u304d\u308f\u3081\u308b\u3053\u3068\u304c\u3001\u5206\u6790\u306e\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002\u3055\u3089\u306b\u3001\u4e21\u793e\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u305f\u3068\u3048\u30706\uff05\u306a\u3089\u3001\u3069\u3061\u3089\u3082\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308b\u30ea\u30bf\u30fc\u30f3\u3092\u3042\u3052\u3066\u3044\u308b\u3068\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002<\/p>\n<div class=\"cma-exam\">\n<p 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