{"id":9994,"date":"2026-09-19T23:14:21","date_gmt":"2026-09-19T14:14:21","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-cf-09\/"},"modified":"2026-09-20T00:19:51","modified_gmt":"2026-09-19T15:19:51","slug":"g1-cf-09","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-cf-09\/","title":{"rendered":"\u4f01\u696d\u6226\u7565\u3068\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\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 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class=\"cma-answer-title\">\u3072\u3068\u3053\u3068\u3067\u8a00\u3046\u3068<\/p>\n<ul>\n<li>\u4f01\u696d\u6226\u7565\u306f\u300c\u3069\u306e\u4e8b\u696d\u306b\u3001\u3069\u308c\u3060\u3051\u8cc7\u91d1\u3068\u7d4c\u55b6\u8cc7\u6e90\u3092\u6295\u3058\u308b\u304b\u300d\u3092\u6c7a\u3081\u308b\u3053\u3068\u3067\u3001\u305d\u306e\u826f\u3057\u60aa\u3057\u306f\u6700\u7d42\u7684\u306b<strong>\u4f01\u696d\u4fa1\u5024<\/strong>\u306b\u8868\u308c\u307e\u3059\u3002<\/li>\n<li>\u4fa1\u5024\u304c\u751f\u307e\u308c\u308b\u306e\u306f\u3001\u6295\u4e0b\u8cc7\u672c\u306e\u30ea\u30bf\u30fc\u30f3\uff08<strong>ROIC<\/strong>\uff09\u304c\u8cc7\u91d1\u63d0\u4f9b\u8005\u306e\u8981\u6c42\u3059\u308b\u30ea\u30bf\u30fc\u30f3\uff08<strong>\u8cc7\u672c\u30b3\u30b9\u30c8\u3001WACC<\/strong>\uff09\u3092\u4e0a\u56de\u308b\u3068\u304d\u3067\u3059\u3002<\/li>\n<li>\u7af6\u4e89\u512a\u4f4d\u3092\u751f\u3080\u6226\u7565\u304c\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9\u3068\u306a\u308a\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u305d\u306e\u6226\u7565\u3092<strong>\u6570\u5b57\u3067\u8a55\u4fa1\u3057\u3001\u8cc7\u91d1\u914d\u5206\u3092\u898f\u5f8b\u3065\u3051\u308b<\/strong>\u5f79\u5272\u3092\u62c5\u3044\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\u4f01\u696d\u6226\u7565\u3068\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\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\u6226\u7565\u3068\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066\u7406\u89e3\u3059\u308b\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u4f01\u696d\u6226\u7565\u3068\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3068\u306f<\/h2>\n<p>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u300c\u3069\u306e\u6295\u8cc7\u3092\u884c\u3044\uff08\u6295\u8cc7\u6c7a\u5b9a\uff09\u3001\u3069\u3046\u8cc7\u91d1\u3092\u96c6\u3081\uff08\u8cc7\u91d1\u8abf\u9054\uff09\u3001\u3069\u3046\u9084\u5143\u3059\u308b\u304b\uff08\u914d\u5f53\u30fb\u9084\u5143\uff09\u300d\u3092\u8003\u3048\u308b\u5b66\u554f\u3067\u3059\u3002\u4e00\u65b9\u3001\u4f01\u696d\u6226\u7565\u306f\u3001\u3069\u306e\u5e02\u5834\u3067\u3001\u3069\u306e\u3088\u3046\u306a\u5f37\u307f\u3092\u6b66\u5668\u306b\u6226\u3046\u304b\u3092\u6c7a\u3081\u308b\u3082\u306e\u3067\u3059\u3002\u4e00\u898b\u5225\u306e\u8a71\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u4e21\u8005\u306f<strong>\u8868\u88cf\u4e00\u4f53<\/strong>\u306e\u95a2\u4fc2\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3>\u4fa1\u5024\u5275\u9020\u306e\u6761\u4ef6\uff1aROIC\uff1eWACC<\/h3>\n<p>\u4f01\u696d\u306f\u682a\u4e3b\u3084\u50b5\u6a29\u8005\u304b\u3089\u96c6\u3081\u305f\u8cc7\u91d1\u3092\u4e8b\u696d\u306b\u6295\u4e0b\u3057\u3001\u305d\u3053\u304b\u3089\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u307e\u3059\u3002\u8cc7\u91d1\u63d0\u4f9b\u8005\u306f\u3001\u540c\u3058\u30ea\u30b9\u30af\u306e\u4ed6\u306e\u6295\u8cc7\u3067\u5f97\u3089\u308c\u308b\u30ea\u30bf\u30fc\u30f3\uff08\u6a5f\u4f1a\u8cbb\u7528\uff09\u3092\u8981\u6c42\u3057\u3066\u304a\u308a\u3001\u305d\u308c\u304c<strong>\u8cc7\u672c\u30b3\u30b9\u30c8<\/strong>\u3067\u3059\u3002\u4e8b\u696d\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u3063\u3066\u306f\u3058\u3081\u3066\u3001\u4f01\u696d\u306f\u8cc7\u91d1\u63d0\u4f9b\u8005\u306e\u671f\u5f85\u4ee5\u4e0a\u306e\u4fa1\u5024\u3092\u751f\u307f\u51fa\u3057\u305f\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u9006\u306b\u3001\u58f2\u4e0a\u3084\u5229\u76ca\u304c\u4f38\u3073\u3066\u3044\u3066\u3082\u3001\u30ea\u30bf\u30fc\u30f3\u304c\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u56de\u308b\u4e8b\u696d\u306b\u6295\u8cc7\u3092\u7d9a\u3051\u308c\u3070\u3001\u4f01\u696d\u4fa1\u5024\u306f<strong>\u640d\u306a\u308f\u308c\u307e\u3059<\/strong>\u3002<\/p>\n<h3>\u6226\u7565\u306f\u300c\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u300d\u306e\u6e90\u6cc9<\/h3>\n<p>\u7af6\u4e89\u304c\u6fc0\u3057\u304f\u3001\u8ab0\u3067\u3082\u53c2\u5165\u3067\u304d\u308b\u5e02\u5834\u3067\u306f\u3001\u8d85\u904e\u5229\u76ca\u306f\u7af6\u4e89\u306b\u3088\u3063\u3066\u3084\u304c\u3066\u6d88\u3048\u3066\u3044\u304d\u307e\u3059\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u7d99\u7d9a\u7684\u306b\u4e0a\u56de\u308b\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u308b\u306b\u306f\u3001\u4ed6\u793e\u304c\u307e\u306d\u3057\u306b\u304f\u3044<strong>\u7af6\u4e89\u512a\u4f4d<\/strong>\u304c\u5fc5\u8981\u3067\u3059\u3002\u696d\u754c\u69cb\u9020\u306e\u5206\u6790\u3084\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u3001\u7d4c\u55b6\u8cc7\u6e90\u306e\u6d3b\u7528\u3068\u3044\u3063\u305f\u6226\u7565\u8ad6\u306f\u3001\u3053\u306e\u7af6\u4e89\u512a\u4f4d\u3092\u3069\u3046\u7bc9\u304f\u304b\u3092\u8003\u3048\u308b\u3082\u306e\u3067\u3042\u308a\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u8a00\u8449\u3067\u3044\u3048\u3070\u300c<strong>\u6b63\u306eNPV\u3092\u751f\u3080\u6295\u8cc7\u6a5f\u4f1a\u3092\u3069\u3046\u3064\u304f\u308b\u304b<\/strong>\u300d\u3092\u8003\u3048\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u6226\u7565\u3092\u8a55\u4fa1\u3057\u898f\u5f8b\u3065\u3051\u308b<\/h3>\n<p>\u53cd\u5bfe\u306b\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u6226\u7565\u3092\u8a55\u4fa1\u3059\u308b\u7269\u5dee\u3057\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\u65b0\u898f\u4e8b\u696d\u3084\u8cb7\u53ce\u306e\u662f\u975e\u306f\u3001\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8cc7\u672c\u30b3\u30b9\u30c8\u3067\u5272\u308a\u5f15\u3044\u305fNPV\u3067\u5224\u65ad\u3067\u304d\u307e\u3059\u3057\u3001\u65e2\u5b58\u4e8b\u696d\u3082ROIC\u3068WACC\u306e\u6bd4\u8f03\u3067\u4fa1\u5024\u3092\u751f\u3093\u3067\u3044\u308b\u304b\u3092\u70b9\u691c\u3067\u304d\u307e\u3059\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u610f\u8b58\u3057\u305f\u4e8b\u696d\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u898b\u76f4\u3057\u3084\u3001\u9084\u5143\u65b9\u91dd\u306e\u6c7a\u5b9a\u3082\u3001\u6226\u7565\u3068\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u304c\u4ea4\u308f\u308b\u5834\u9762\u3067\u3059\u3002<\/p>\n<h2>\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u516c\u5f0f<\/h2>\n<div class=\"cma-formula\">ROIC \uff1d \u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09 \u00f7 \u6295\u4e0b\u8cc7\u672c<small>\u4e8b\u696d\u306b\u6295\u3058\u305f\u8cc7\u91d1\u304c\u3069\u308c\u3060\u3051\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u751f\u3093\u3060\u304b<\/small><\/div>\n<div class=\"cma-formula\">EVA\uff08\u7d4c\u6e08\u7684\u4ed8\u52a0\u4fa1\u5024\uff09 \uff1d NOPAT \u2212 WACC \u00d7 \u6295\u4e0b\u8cc7\u672c \uff1d \uff08ROIC \u2212 WACC\uff09 \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 two\">\n<table>\n<thead>\n<tr>\n<th>\u8a18\u53f7<\/th>\n<th>\u610f\u5473<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>NOPAT<\/td>\n<td>\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08\u55b6\u696d\u5229\u76ca \u00d7\uff081 \u2212 \u7a0e\u7387\uff09\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u6295\u4e0b\u8cc7\u672c<\/td>\n<td>\u4e8b\u696d\u306b\u6295\u3058\u3089\u308c\u305f\u8cc7\u91d1\uff08\u6709\u5229\u5b50\u8ca0\u50b5\uff0b\u682a\u4e3b\u8cc7\u672c\u306a\u3069\uff09<\/td>\n<\/tr>\n<tr>\n<td>WACC<\/td>\n<td>\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u52a0\u91cd\u5e73\u5747\uff08\u8cc7\u672c\u30b3\u30b9\u30c8\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<p>I\u793e\u306b\u306f2\u3064\u306e\u4e8b\u696d\u304c\u3042\u308a\u3001WACC\u306f8\uff05\u3068\u3057\u307e\u3059\u3002<\/p>\n<ol>\n<li>X\u4e8b\u696d\uff1a\u6295\u4e0b\u8cc7\u672c1,000\u5104\u5186\u3001NOPAT120\u5104\u5186 \u2192 ROIC\uff1d120 \u00f7 1,000\uff1d12\uff05\u3001EVA\uff1d120 \u2212 0.08 \u00d7 1,000\uff1d<strong>\uff0b40\u5104\u5186<\/strong><\/li>\n<li>Y\u4e8b\u696d\uff1a\u6295\u4e0b\u8cc7\u672c800\u5104\u5186\u3001NOPAT48\u5104\u5186 \u2192 ROIC\uff1d48 \u00f7 800\uff1d6\uff05\u3001EVA\uff1d48 \u2212 0.08 \u00d7 800\uff1d<strong>\u221216\u5104\u5186<\/strong><\/li>\n<\/ol>\n<p>Y\u4e8b\u696d\u306f\u9ed2\u5b57\u3067\u3059\u304c\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u305f\u3081\u4fa1\u5024\u3092\u58ca\u3057\u3066\u3044\u307e\u3059\u3002\u4eee\u306bY\u4e8b\u696d\u306b\u540c\u3058\u52b9\u7387\u306e\u307e\u307e800\u5104\u5186\u3092\u8ffd\u52a0\u6295\u8cc7\u3057\u3066\u898f\u6a21\u3092\u500d\u306b\u3059\u308b\u3068\u3001NOPAT\u306f96\u5104\u5186\u306b\u5897\u3048\u307e\u3059\u304c\u3001EVA\u306f96 \u2212 0.08 \u00d7 1,600\uff1d\u221232\u5104\u5186\u3068\u3001\u4fa1\u5024\u306e\u6bc0\u640d\u304c\u62e1\u5927\u3057\u307e\u3059\u3002I\u793e\u304c\u3068\u308b\u3079\u304d\u6226\u7565\u306f\u3001Y\u4e8b\u696d\u306e\u53ce\u76ca\u6027\u3092\u6539\u5584\u3059\u308b\u304b\u3001\u64a4\u9000\u30fb\u58f2\u5374\u3092\u691c\u8a0e\u3057\u3001\u8cc7\u91d1\u3092X\u4e8b\u696d\u306e\u3088\u3046\u306bROIC\u304cWACC\u3092\u4e0a\u56de\u308b\u4e8b\u696d\u306b\u632f\u308a\u5411\u3051\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<div class=\"cma-exam\">\n<p 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