{"id":2812,"date":"2026-02-25T15:01:26","date_gmt":"2026-02-25T06:01:26","guid":{"rendered":"https:\/\/rebron.net\/blog\/?p=2812"},"modified":"2026-02-25T15:01:26","modified_gmt":"2026-02-25T06:01:26","slug":"finance-basics-understanding-financial-statements-business-profit-valuation-funding-risk-management","status":"publish","type":"post","link":"https:\/\/rebron.net\/blog\/finance-basics-understanding-financial-statements-business-profit-valuation-funding-risk-management\/","title":{"rendered":"\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u57fa\u790e\u301c\u8ca1\u52d9\u8af8\u8868\u304c\u8aad\u3081\u3066\u3001\u4e8b\u696d\u306e\u5132\u304b\u308a\u65b9\u3092\u8a66\u7b97\u3067\u304d\u3066\u3001\u4fa1\u5024\u3068\u8cc7\u91d1\u8abf\u9054\u3068\u30ea\u30b9\u30af\u7ba1\u7406\u307e\u3067\u4e00\u901a\u308a\u308f\u304b\u308b\u301c"},"content":{"rendered":"\n<h2 class=\"wp-block-heading jinr-heading d--bold\">0. \u305d\u3082\u305d\u3082\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3063\u3066\u4f55\uff1f<\/h2>\n\n\n\n<p>\u3056\u3063\u304f\u308a\u8a00\u3046\u3068\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u6b21\u306e\u554f\u3044\u306b\u7b54\u3048\u308b\u5b66\u554f\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li><strong>\u3053\u306e\u4e8b\u696d\u306f\u5132\u304b\u308b\u306e\u304b\uff1f<\/strong>\uff08\u53ce\u76ca\u6027\uff09<\/li>\n\n\n\n<li><strong>\u3044\u3064\u8cc7\u91d1\u304c\u8db3\u308a\u306a\u304f\u306a\u308b\u306e\u304b\uff1f<\/strong>\uff08\u8cc7\u91d1\u7e70\u308a\uff09<\/li>\n\n\n\n<li><strong>\u4f1a\u793e\u306e\u4fa1\u5024\u306f\u3044\u304f\u3089\u304b\uff1f<\/strong>\uff08\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\uff09<\/li>\n\n\n\n<li><strong>\u8cc7\u91d1\u3092\u3069\u3046\u8abf\u9054\u3059\u308b\u306e\u304c\u6700\u9069\u304b\uff1f<\/strong>\uff08\u878d\u8cc7\u30fb\u682a\u5f0f\u30fbVC\u306a\u3069\uff09<\/li>\n\n\n\n<li><strong>\u30ea\u30b9\u30af\u3092\u3069\u3046\u7ba1\u7406\u3059\u308b\u304b\uff1f<\/strong>\uff08\u5206\u6563\u6295\u8cc7\u30fb\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\uff09<\/li>\n<\/ul>\n\n\n\n<p>\u4f1a\u8a08\u304c\u300c\u8a18\u9332\u300d\u3060\u3068\u3057\u305f\u3089\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u300c\u5224\u65ad\u300d\u306e\u9053\u5177\u3067\u3059\u3002<\/p>\n\n\n\n<h1 class=\"wp-block-heading jinr-heading d--bold\">1. \u8ca1\u52d9\u8af8\u8868\uff08BS\/PL\/CF\uff09\u3092\u3064\u306a\u3052\u3066\u7406\u89e3\u3059\u308b<\/h1>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">1-1. 3\u3064\u306e\u8ca1\u52d9\u8af8\u8868\u306e\u5f79\u5272<\/h2>\n\n\n\n<p>\u8ca1\u52d9\u8af8\u8868\u306f\u3001\u4f1a\u793e\u306e\u72b6\u6cc1\u3092\u5225\u3005\u306e\u89d2\u5ea6\u304b\u3089\u5199\u30593\u679a\u306e\u5199\u771f\u307f\u305f\u3044\u306a\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li><strong>BS\uff08\u8cb8\u501f\u5bfe\u7167\u8868\uff09<\/strong>\uff1a\u3042\u308b\u6642\u70b9\u306e\u300c\u8ca1\u7523\u300d\u3068\u300c\u501f\u91d1\u300d\u3068\u300c\u6301\u3061\u5206\u300d<\/li>\n\n\n\n<li><strong>PL\uff08\u640d\u76ca\u8a08\u7b97\u66f8\uff09<\/strong>\uff1a\u4e00\u5b9a\u671f\u9593\u306e\u300c\u5132\u3051\u306e\u6210\u7e3e\u8868\u300d<\/li>\n\n\n\n<li><strong>CF\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\uff09<\/strong>\uff1a\u4e00\u5b9a\u671f\u9593\u306e\u300c\u73fe\u91d1\u306e\u5897\u6e1b\u306e\u7406\u7531\u300d<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u91cd\u8981\u30dd\u30a4\u30f3\u30c8\uff1aBS\u306f\u5fc5\u305a\u91e3\u308a\u5408\u3046<\/h3>\n\n\n\n<p><strong>\u8cc7\u7523 = \u8ca0\u50b5 + \u7d14\u8cc7\u7523\uff08\u81ea\u5df1\u8cc7\u672c\uff09<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>\u8cc7\u7523\uff1a\u6301\u3063\u3066\u3044\u308b\u3082\u306e\uff08\u73fe\u91d1\u3001\u58f2\u639b\u91d1\u3001\u8a2d\u5099\u306a\u3069\uff09<\/li>\n\n\n\n<li>\u8ca0\u50b5\uff1a\u501f\u308a\u3066\u3044\u308b\u3082\u306e\uff08\u501f\u5165\u91d1\u3001\u8cb7\u639b\u91d1\u306a\u3069\uff09<\/li>\n\n\n\n<li>\u7d14\u8cc7\u7523\uff1a\u682a\u4e3b\u306e\u6301\u3061\u5206\uff08\u8cc7\u672c\u91d1\u3001\u5229\u76ca\u306e\u7a4d\u307f\u4e0a\u3052\uff09<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">1-2. BS\uff08\u8cb8\u501f\u5bfe\u7167\u8868\uff09\u306e\u8aad\u307f\u65b9\uff1a\u4f1a\u793e\u306e\u4f53\u529b\u3092\u8aad\u3080<\/h2>\n\n\n\n<p>BS\u3067\u898b\u308b\u3079\u304d\u306f\u5927\u304d\u304f3\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u2460 \u5b89\u5168\u6027\uff08\u5012\u308c\u306b\u304f\u3055\uff09<\/h3>\n\n\n\n<p><strong>\u6d41\u52d5\u6bd4\u7387<\/strong> = \u6d41\u52d5\u8cc7\u7523 \/ \u6d41\u52d5\u8ca0\u50b5\u3000<\/p>\n\n\n\n<p>\u3056\u3063\u304f\u308a\u300c\u77ed\u671f\u306e\u652f\u6255\u3044\u306b\u8010\u3048\u3089\u308c\u308b\u304b\u300d<\/p>\n\n\n\n<p><strong>\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387<\/strong> = \u7d14\u8cc7\u7523 \/ \u7dcf\u8cc7\u7523\u3000<\/p>\n\n\n\n<p>\u9ad8\u3044\u307b\u3069\u501f\u91d1\u306b\u4f9d\u5b58\u3057\u3066\u3044\u306a\u3044<\/p>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u2461 \u8cc7\u91d1\u306e\u56fa\u5b9a\u5316\uff08\u8eab\u8efd\u304b\u91cd\u3044\u304b\uff09<\/h3>\n\n\n\n<p>\u73fe\u91d1\u304c\u8584\u304f\u3066\u3001\u8a2d\u5099\u3084\u5728\u5eab\u304c\u591a\u3044\u3068\u3001\u8eab\u52d5\u304d\u304c\u53d6\u308a\u306b\u304f\u3044<\/p>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u2462 \u30ec\u30d0\u30ec\u30c3\u30b8\uff08\u501f\u91d1\u3067\u4f38\u3070\u3057\u3066\u3044\u308b\u304b\uff09<\/h3>\n\n\n\n<p>\u501f\u5165\u3067\u6295\u8cc7\u3057\u3066\u4f38\u3073\u308b\u3053\u3068\u3082\u3042\u308b\u304c\u3001\u8fd4\u6e08\u8ca0\u62c5\u304c\u5897\u3048\u308b<\/p>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">1-3. PL\uff08\u640d\u76ca\u8a08\u7b97\u66f8\uff09\u306e\u8aad\u307f\u65b9\uff1a\u5132\u3051\u65b9\u306e\u69cb\u9020\u3092\u8aad\u3080<\/h2>\n\n\n\n<p>PL\u306f\u57fa\u672c\u7684\u306b\u3053\u3046\u3067\u3059\u3002<\/p>\n\n\n\n<p><strong>\u58f2\u4e0a \u2212 \u8cbb\u7528 = \u5229\u76ca<\/strong><\/p>\n\n\n\n<p>\u3082\u3046\u5c11\u3057\u5206\u89e3\u3059\u308b\u3068\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li><strong>\u58f2\u4e0a\u7dcf\u5229\u76ca\uff08\u7c97\u5229\uff09<\/strong> = \u58f2\u4e0a \u2212 \u58f2\u4e0a\u539f\u4fa1<\/li>\n\n\n\n<li><strong>\u55b6\u696d\u5229\u76ca<\/strong> = \u7c97\u5229 \u2212 \u8ca9\u7ba1\u8cbb\uff08\u4eba\u4ef6\u8cbb\u30fb\u5bb6\u8cc3\u30fb\u5e83\u544a\u306a\u3069\uff09<\/li>\n\n\n\n<li><strong>\u7d4c\u5e38\u5229\u76ca<\/strong> = \u55b6\u696d\u5229\u76ca \u2212 \u652f\u6255\u5229\u606f + \u53d7\u53d6\u5229\u606f\u306a\u3069<\/li>\n\n\n\n<li><strong>\u5f53\u671f\u7d14\u5229\u76ca<\/strong> = \u7d4c\u5e38\u5229\u76ca \u2212 \u7a0e\u91d1\u306a\u3069<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u307e\u305a\u898b\u308b\u3079\u304d\u6307\u6a19<\/h3>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li><strong>\u7c97\u5229\u7387<\/strong>\uff08\u7c97\u5229 \/ \u58f2\u4e0a\uff09\uff1a\u300c\u5546\u58f2\u306e\u5f37\u3055\u300d<\/li>\n\n\n\n<li><strong>\u55b6\u696d\u5229\u76ca\u7387<\/strong>\uff08\u55b6\u696d\u5229\u76ca \/ \u58f2\u4e0a\uff09\uff1a\u300c\u672c\u696d\u306e\u7a3c\u3050\u529b\u300d<\/li>\n\n\n\n<li><strong>\u56fa\u5b9a\u8cbb\u3068\u5909\u52d5\u8cbb\u306e\u95a2\u4fc2<\/strong>\uff1a\u300c\u640d\u76ca\u5206\u5c90\u70b9\u306b\u76f4\u7d50\u300d<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">1-4. CF\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\uff09\u306e\u8aad\u307f\u65b9\uff1a\u9ed2\u5b57\u5012\u7523\u3092\u9632\u3050<\/h2>\n\n\n\n<p>CF\u306f\u300c\u73fe\u91d1\u304c\u5897\u3048\u305f\u30fb\u6e1b\u3063\u305f\u7406\u7531\u300d\u30923\u3064\u306b\u5206\u3051\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li><strong>\u55b6\u696dCF<\/strong>\uff1a\u672c\u696d\u3067\u73fe\u91d1\u304c\u5897\u3048\u305f\u304b\uff08\u57fa\u672c\u30d7\u30e9\u30b9\u304c\u671b\u307e\u3057\u3044\uff09<\/li>\n\n\n\n<li><strong>\u6295\u8cc7CF<\/strong>\uff1a\u8a2d\u5099\u6295\u8cc7\u3084M&amp;A\u3067\u73fe\u91d1\u304c\u51fa\u305f\u304b\uff08\u6210\u9577\u671f\u306f\u30de\u30a4\u30ca\u30b9\u304c\u591a\u3044\uff09<\/li>\n\n\n\n<li><strong>\u8ca1\u52d9CF<\/strong>\uff1a\u501f\u5165\u30fb\u8fd4\u6e08\u3001\u5897\u8cc7\u3001\u914d\u5f53\u3067\u73fe\u91d1\u304c\u52d5\u3044\u305f\u304b<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u5229\u76ca\u3068\u73fe\u91d1\u306f\u9055\u3046<\/h3>\n\n\n\n<p>PL\u3067\u5229\u76ca\u304c\u51fa\u3066\u3044\u3066\u3082\u3001\u73fe\u91d1\u304c\u5897\u3048\u306a\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u5178\u578b\u4f8b\uff1a\u58f2\u4e0a\u306f\u7acb\u3063\u305f\uff08PL\u306f\u826f\u304f\u898b\u3048\u308b\uff09\u3067\u3082<strong>\u58f2\u639b\u91d1<\/strong>\u304c\u5897\u3048\u3066\u3001\u73fe\u91d1\u56de\u53ce\u304c\u9045\u3044<br>\u2192 <strong>CF\u306f\u60aa\u5316<\/strong>\u3057\u3084\u3059\u3044<\/p>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">1-5. 3\u8868\u306f\u3053\u3046\u3064\u306a\u304c\u308b<\/h2>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>PL\u306e\u6700\u7d42\u7d50\u679c\uff08\u5f53\u671f\u7d14\u5229\u76ca\uff09\u306f\u3001BS\u306e\u7d14\u8cc7\u7523\uff08\u5229\u76ca\u5270\u4f59\u91d1\uff09\u306b\u7a4d\u307f\u4e0a\u304c\u308b<\/li>\n\n\n\n<li>CF\u306e\u6700\u7d42\u7d50\u679c\uff08\u73fe\u91d1\u5897\u6e1b\uff09\u306f\u3001BS\u306e\u73fe\u91d1\u6b8b\u9ad8\u306b\u53cd\u6620\u3055\u308c\u308b<\/li>\n<\/ul>\n\n\n\n<p>\u3064\u307e\u308a\u3001<strong>PL\u3067\u7a3c\u3044\u3067\u3001CF\u3067\u73fe\u91d1\u306b\u306a\u3063\u3066\u3001BS\u306b\u84c4\u7a4d\u3055\u308c\u308b<\/strong>\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">\u30df\u30cb\u6f14\u7fd2\u2460\uff1a3\u8868\u3092\u201c\u8aad\u307f\u89e3\u304f\u201d\u7df4\u7fd2\uff08\u7b54\u3048\u4ed8\u304d\uff09<\/h2>\n\n\n\n<p>\u4f8b\u3068\u3057\u3066\u7c21\u5358\u306a\u6570\u5b57\u3092\u7f6e\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u4f8b\uff1a\u3042\u308b\u4f1a\u793e\u306ePL\uff081\u5e74\uff09<\/h3>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>\u58f2\u4e0a 1,200<\/li>\n\n\n\n<li>\u58f2\u4e0a\u539f\u4fa1 600<\/li>\n\n\n\n<li>\u8ca9\u7ba1\u8cbb 350<\/li>\n\n\n\n<li>\u652f\u6255\u5229\u606f 30<\/li>\n\n\n\n<li>\u7a0e\u7387 30%<\/li>\n<\/ul>\n\n\n\n<p><strong>\u554f1<\/strong>\uff1a\u7c97\u5229\u3001\u55b6\u696d\u5229\u76ca\u3001\u5f53\u671f\u7d14\u5229\u76ca\u306f\uff1f<\/p>\n\n\n\n<p><strong>\u7b54\u3048<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>\u7c97\u5229 = 1,200 \u2212 600 = 600<\/li>\n\n\n\n<li>\u55b6\u696d\u5229\u76ca = 600 \u2212 350 = 250<\/li>\n\n\n\n<li>\u7a0e\u5f15\u524d\u5229\u76ca = 250 \u2212 30 = 220<\/li>\n\n\n\n<li>\u7a0e\u91d1 = 220 \u00d7 30% = 66<\/li>\n\n\n\n<li>\u5f53\u671f\u7d14\u5229\u76ca = 220 \u2212 66 = <strong>154<\/strong><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading jinr-heading d--bold\">2. \u7c21\u6613\u7684\u306a\u640d\u76ca\u8a08\u753b\uff08P\/L\u8a08\u753b\uff09\u3092\u7acb\u3066\u308b<\/h1>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">2-1. \u640d\u76ca\u8a08\u753b\u306f\u300c\u30c9\u30e9\u30a4\u30d0\u30fc\uff08\u8981\u56e0\uff09\u300d\u3067\u4f5c\u308b<\/h2>\n\n\n\n<p>\u640d\u76ca\u8a08\u753b\u306e\u30b3\u30c4\u306f\u3001\u58f2\u4e0a\u3092\u3044\u304d\u306a\u308a\u5f53\u3066\u308b\u306e\u3067\u306f\u306a\u304f\u3001<strong>\u58f2\u4e0a\u306e\u69cb\u9020<\/strong>\u306b\u5206\u89e3\u3059\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u4f8b\uff1a\u58f2\u4e0a\u306e\u4f5c\u308a\u65b9\uff08\u3088\u304f\u3042\u308b\u5206\u89e3\uff09<\/h3>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li><strong>\u58f2\u4e0a = \u5358\u4fa1 \u00d7 \u6570\u91cf<\/strong><\/li>\n\n\n\n<li>\u30b5\u30d6\u30b9\u30af\u306a\u3089\uff1a<strong>\u58f2\u4e0a = \u6708\u984d \u00d7 \u5e73\u5747\u8ab2\u91d1\u30e6\u30fc\u30b6\u30fc\u6570 \u00d7 12<\/strong><\/li>\n\n\n\n<li>\u5e97\u8217\u306a\u3089\uff1a<strong>\u58f2\u4e0a = \u5ba2\u5358\u4fa1 \u00d7 \u5ba2\u6570<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u8cbb\u7528\u3082\u540c\u3058\u3067\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li><strong>\u5909\u52d5\u8cbb<\/strong>\uff1a\u58f2\u4e0a\u306b\u6bd4\u4f8b\uff08\u4ed5\u5165\u3001\u6c7a\u6e08\u624b\u6570\u6599\u3001\u914d\u9001\u8cbb\u306a\u3069\uff09<\/li>\n\n\n\n<li><strong>\u56fa\u5b9a\u8cbb<\/strong>\uff1a\u58f2\u4e0a\u3068\u95a2\u4fc2\u306a\u304f\u767a\u751f\uff08\u5bb6\u8cc3\u3001\u6b63\u793e\u54e1\u4eba\u4ef6\u8cbb\u3001\u57fa\u672c\u5e83\u544a\u8cbb\u306a\u3069\uff09<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">2-2. \u307e\u305a\u306f\u201c\u9650\u754c\u5229\u76ca\u201d\u3067\u898b\u308b\u3068\u4e00\u6c17\u306b\u308f\u304b\u308a\u3084\u3059\u3044<\/h2>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li><strong>\u9650\u754c\u5229\u76ca = \u58f2\u4e0a \u2212 \u5909\u52d5\u8cbb<\/strong><\/li>\n\n\n\n<li><strong>\u9650\u754c\u5229\u76ca\u7387 = \u9650\u754c\u5229\u76ca \/ \u58f2\u4e0a<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066<\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li><strong>\u55b6\u696d\u5229\u76ca = \u9650\u754c\u5229\u76ca \u2212 \u56fa\u5b9a\u8cbb<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u3053\u3053\u307e\u3067\u3067\u304d\u308b\u3068\u3001\u640d\u76ca\u5206\u5c90\u70b9\u304c\u3059\u3050\u51fa\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u640d\u76ca\u5206\u5c90\u70b9\u58f2\u4e0a<\/h3>\n\n\n\n<p><strong>\u640d\u76ca\u5206\u5c90\u70b9\u58f2\u4e0a = \u56fa\u5b9a\u8cbb \/ \u9650\u754c\u5229\u76ca\u7387<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">2-3. \u30df\u30cb\u6f14\u7fd2\u2461\uff1a\u30ab\u30d5\u30a7\u306e\u640d\u76ca\u8a08\u753b\u3092\u4f5c\u308b<\/h2>\n\n\n\n<p>\u3042\u306a\u305f\u304c\u5c0f\u3055\u306a\u30ab\u30d5\u30a7\u3092\u59cb\u3081\u308b\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>\u5ba2\u5358\u4fa1\uff1a800\u5186<\/li>\n\n\n\n<li>1\u65e5\u5ba2\u6570\uff1a120\u4eba<\/li>\n\n\n\n<li>\u55b6\u696d\u65e5\u6570\uff1a25\u65e5\/\u6708<\/li>\n\n\n\n<li>\u539f\u4fa1\uff08\u6750\u6599\u8cbb\u306a\u3069\uff09\uff1a\u58f2\u4e0a\u306e35%<\/li>\n\n\n\n<li>\u56fa\u5b9a\u8cbb\uff1a150\u4e07\u5186\/\u6708\uff08\u5bb6\u8cc3\u30fb\u4eba\u4ef6\u8cbb\u306a\u3069\uff09<\/li>\n<\/ul>\n\n\n\n<p><strong>\u554f1<\/strong>\uff1a\u6708\u5546\u306f\u3044\u304f\u3089\uff1f<br><strong>\u554f2<\/strong>\uff1a\u6708\u306e\u55b6\u696d\u5229\u76ca\u306f\u3044\u304f\u3089\uff1f<br><strong>\u554f3<\/strong>\uff1a\u640d\u76ca\u5206\u5c90\u70b9\u58f2\u4e0a\u306f\u3044\u304f\u3089\uff1f<\/p>\n\n\n\n<p><strong>\u7b54\u3048<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>\u6708\u5546 = 800 \u00d7 120 \u00d7 25 = 2,400,000\u5186\uff08240\u4e07\u5186\uff09<\/li>\n\n\n\n<li>\u5909\u52d5\u8cbb = 240\u4e07\u5186 \u00d7 35% = 84\u4e07\u5186<\/li>\n\n\n\n<li>\u9650\u754c\u5229\u76ca = 240 \u2212 84 = 156\u4e07\u5186<\/li>\n\n\n\n<li>\u55b6\u696d\u5229\u76ca = 156 \u2212 150 = <strong>6\u4e07\u5186<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u640d\u76ca\u5206\u5c90\u70b9\u58f2\u4e0a\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>\u9650\u754c\u5229\u76ca\u7387 = 1 \u2212 0.35 = 0.65<\/li>\n\n\n\n<li>\u640d\u76ca\u5206\u5c90\u70b9\u58f2\u4e0a = \u56fa\u5b9a\u8cbb150\u4e07\u5186 \/ 0.65 \u2252 <strong>231\u4e07\u5186<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u2192 \u6708\u5546240\u4e07\u5186\u306a\u3089\u30ae\u30ea\u30ae\u30ea\u9ed2\u5b57\u3002<br>\u300c\u5ba2\u6570\u304c\u6570%\u843d\u3061\u308b\u3060\u3051\u3067\u8d64\u5b57\u300d\u3068\u3044\u3046\u610f\u601d\u6c7a\u5b9a\u306b\u6d3b\u304b\u305b\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">2-4. \u3082\u3046\u4e00\u6bb5\u30ec\u30d9\u30eb\u30a2\u30c3\u30d7\uff1a\u30b7\u30ca\u30ea\u30aa\u5206\u6790<\/h2>\n\n\n\n<p>\u640d\u76ca\u8a08\u753b\u306f\u300c\u5f53\u3066\u308b\u300d\u3088\u308a\u300c\u63fa\u308c\u306b\u8010\u3048\u308b\u300d\u3053\u3068\u304c\u5927\u4e8b\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>\u5f37\u6c17\uff1a\u5ba2\u6570 +10%<\/li>\n\n\n\n<li>\u666e\u901a\uff1a\u60f3\u5b9a\u901a\u308a<\/li>\n\n\n\n<li>\u5f31\u6c17\uff1a\u5ba2\u6570 \u221210%<\/li>\n<\/ul>\n\n\n\n<p>\u3053\u306e3\u30b1\u30fc\u30b9\u3067\u5229\u76ca\u304c\u3069\u3046\u5909\u308f\u308b\u304b\u3092\u898b\u308b\u3068\u3001<br>\u300c\u5e83\u544a\u3067\u5ba2\u6570\u3092\u5b88\u308b\u3079\u304d\u304b\u300d\u300c\u56fa\u5b9a\u8cbb\u3092\u4e0b\u3052\u308b\u3079\u304d\u304b\u300d\u306a\u3069\u5224\u65ad\u6750\u6599\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading jinr-heading d--bold\">3. \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306e\u5165\u53e3\uff1aPER\/PBR\u3092\u7406\u89e3\u3059\u308b<\/h1>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">3-1. PER\uff08\u682a\u4fa1\u53ce\u76ca\u7387\uff09<\/h2>\n\n\n\n<p><strong>PER = \u682a\u4fa1 \/ 1\u682a\u3042\u305f\u308a\u5229\u76ca\uff08EPS\uff09<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>PER\u304c\u9ad8\u3044\uff1a\u5c06\u6765\u306e\u6210\u9577\u671f\u5f85\u304c\u9ad8\u3044\uff08\u307e\u305f\u306f\u5229\u76ca\u304c\u4e00\u6642\u7684\u306b\u5c0f\u3055\u3044\uff09<\/li>\n\n\n\n<li>PER\u304c\u4f4e\u3044\uff1a\u5272\u5b89\u306b\u898b\u3048\u308b\uff08\u305f\u3060\u3057\u3001\u6210\u9577\u6027\u304c\u4f4e\u3044\/\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u53ef\u80fd\u6027\uff09<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u6ce8\u610f\u70b9<\/h3>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>\u305d\u3082\u305d\u3082\u8d64\u5b57\u4f01\u696d\u306fPER\u304c\u4f7f\u3044\u306b\u304f\u3044\uff08EPS\u304c\u30de\u30a4\u30ca\u30b9\uff09<\/li>\n\n\n\n<li>\u4f1a\u8a08\u4e0a\u306e\u4e00\u6642\u7684\u306a\u5229\u76ca\u3067\u30d6\u30ec\u308b<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">3-2. PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09<\/h2>\n\n\n\n<p><strong>PBR = \u682a\u4fa1 \/ 1\u682a\u3042\u305f\u308a\u7d14\u8cc7\u7523\uff08BPS\uff09<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>PBR\u304c\u9ad8\u3044\uff1a\u8cc7\u672c\u3092\u52b9\u7387\u7684\u306b\u5897\u3084\u305b\u308b\u4f01\u696d\uff08\u3084\u30d6\u30e9\u30f3\u30c9\u30fb\u77e5\u8ca1\u304c\u5f37\u3044\u4f01\u696d\u306a\u3069\uff09<\/li>\n\n\n\n<li>PBR\u304c\u4f4e\u3044\uff1a\u8cc7\u7523\u4fa1\u5024\u306b\u6bd4\u3079\u5e02\u5834\u304c\u4f4e\u8a55\u4fa1\u3001\u307e\u305f\u306f\u7a3c\u3050\u529b\u304c\u5f31\u3044\u53ef\u80fd\u6027<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u3059\u3054\u304f\u4f7f\u3048\u308b\u95a2\u4fc2\u5f0f\uff08\u899a\u3048\u308b\u3068\u4fbf\u5229\uff09<\/h3>\n\n\n\n<p>\u3056\u3063\u304f\u308a\u3001<br><strong>PBR \u2248 PER \u00d7 ROE<\/strong><br>\uff08ROE = \u5229\u76ca \/ \u81ea\u5df1\u8cc7\u672c\uff09<\/p>\n\n\n\n<p>\u300cPBR\u304c\u9ad8\u3044\u306e\u306f\u3001ROE\u304c\u9ad8\u3044\u304b\u3089\uff1f\u305d\u308c\u3068\u3082PER\u304c\u9ad8\u3044\u304b\u3089\uff1f\u300d<br>\u3068\u5206\u89e3\u3057\u3066\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading jinr-heading d--bold\">4. DCF\u6cd5\uff1a\u4f1a\u793e\u306e\u4fa1\u5024\u3092\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u304b\u3089\u8a08\u7b97\u3059\u308b<\/h1>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">4-1. DCF\u306e\u8003\u3048\u65b9<\/h2>\n\n\n\n<p>\u4f1a\u793e\u306e\u4fa1\u5024\u306f\u3001\u5c06\u6765\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\uff08FCF\uff09\u3092\u3001\u30ea\u30b9\u30af\u306b\u5fdc\u3058\u305f\u5229\u7387\u3067\u5272\u308a\u5f15\u3044\u305f\u5408\u8a08\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">4-2. \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u3068\u306f<\/h2>\n\n\n\n<p>\u4ee3\u8868\u7684\u306a\u5f62\uff08\u899a\u3048\u65b9\u3068\u3057\u3066\uff09\uff1a<\/p>\n\n\n\n<p><strong>FCF = \u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09<br>\uff0b \u6e1b\u4fa1\u511f\u5374\uff08\u4f1a\u8a08\u4e0a\u306e\u8cbb\u7528\u3060\u304c\u73fe\u91d1\u652f\u51fa\u306a\u3057\uff09<br>\u2212 \u8a2d\u5099\u6295\u8cc7\uff08CAPEX\uff09<br>\u2212 \u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\uff08\u0394NWC\uff09<\/strong><\/p>\n\n\n\n<p>\u904b\u8ee2\u8cc7\u672c\uff08NWC\uff1a\u300c\u58f2\u639b\u91d1 + \u5728\u5eab \u2212 \u8cb7\u639b\u91d1\u300d\uff09\u304c\u5897\u3048\u308b\u3068\u3001\u73fe\u91d1\u304c\u5438\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">4-3. DCF\u306e\u624b\u9806<\/h2>\n\n\n\n<ol class=\"wp-block-list jinr-list\">\n<li>1\u301c5\u5e74\u306eFCF\u3092\u4e88\u6e2c\u3059\u308b<\/li>\n\n\n\n<li>\u5272\u5f15\u7387 r\uff08\u30ea\u30b9\u30af\u306e\u9ad8\u3055\uff09\u3092\u6c7a\u3081\u308b<\/li>\n\n\n\n<li>5\u5e74\u4ee5\u964d\u3092\u307e\u3068\u3081\u308b\u300c\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u300d\u3092\u7f6e\u304f<\/li>\n\n\n\n<li>\u3059\u3079\u3066\u73fe\u5728\u4fa1\u5024\u306b\u5272\u308a\u5f15\u3044\u3066\u5408\u8a08\u3059\u308b<\/li>\n\n\n\n<li>\u501f\u91d1\u306a\u3069\u3092\u8abf\u6574\u3057\u3066\u682a\u4e3b\u4fa1\u5024\u3092\u51fa\u3059<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">4-4. DCF\u306e\u9650\u754c\uff08\u7279\u306b\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\uff09<\/h2>\n\n\n\n<p>\u672a\u6765\u306e\u4e88\u6e2c\u304c\u96e3\u3057\u3044\u307b\u3069\u3001\u7d50\u679c\u304c\u30d6\u30ec\u308b<\/p>\n\n\n\n<p>\u5272\u5f15\u7387\u3084\u6210\u9577\u7387\u306e\u7f6e\u304d\u65b9\u3067\u7d50\u8ad6\u304c\u5909\u308f\u308b<br>\u2192 \u3060\u304b\u3089\u73fe\u5834\u3067\u306f\u3001DCF\u306f\u300c1\u3064\u306e\u898b\u65b9\u300d\u3067\u3001\u8907\u6570\u624b\u6cd5\u3092\u4f75\u7528\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading jinr-heading d--bold\">5. \u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3067\u3088\u304f\u4f7f\u3046VC\u6cd5\uff08\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u6cd5\uff09<\/h1>\n\n\n\n<p>VC\u6cd5\u306f\u300c\u51fa\u53e3\uff08Exit\uff09\u304b\u3089\u9006\u7b97\u300d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">5-1. VC\u6cd5\u306e\u624b\u9806<\/h2>\n\n\n\n<ol class=\"wp-block-list jinr-list\">\n<li>\u5c06\u6765\u306eExit\u4fa1\u5024\u3092\u898b\u7a4d\u3082\u308b\uff08\u4f8b\uff1a\u58f2\u4e0a\u00d7\u500d\u7387\u3001\u5229\u76ca\u00d7\u500d\u7387\uff09<\/li>\n\n\n\n<li>VC\u304c\u6c42\u3081\u308b\u30ea\u30bf\u30fc\u30f3\uff08\u4f8b\uff1a5\u5e74\u306710\u500d\uff09\u3067\u5272\u308a\u5f15\u304f<\/li>\n\n\n\n<li>\u305d\u3053\u304b\u3089\u300c\u4eca\u306e\u4f1a\u793e\u4fa1\u5024\uff08\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\uff09\u300d\u3092\u51fa\u3059<\/li>\n\n\n\n<li>\u8abf\u9054\u984d\u304b\u3089\u6301\u5206\u6bd4\u7387\uff08\u5e0c\u8584\u5316\uff09\u3092\u8a08\u7b97\u3059\u308b<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">5-2. \u6570\u5b57\u4f8b\uff08\u308f\u304b\u308a\u3084\u3059\u3044VC\u6cd5\uff09<\/h2>\n\n\n\n<p>5\u5e74\u5f8c\u306b\u4e0a\u5834\u3084M&amp;A\u3067\u3001\u4f1a\u793e\u4fa1\u5024\u304c <strong>120\u5104\u5186<\/strong> \u306b\u306a\u308b\u898b\u8fbc\u307f\u3002<br>VC\u306f\u300c5\u5e74\u306710\u500d\u300d\u3092\u6c42\u3081\u308b\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u73fe\u5728\u4fa1\u5024\uff08\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\uff09= 120\u5104 \/ 10 = <strong>12\u5104\u5186<\/strong><\/p>\n\n\n\n<p>\u3044\u307e <strong>3\u5104\u5186<\/strong> \u3092\u8abf\u9054\u3057\u305f\u3044\u306a\u3089\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>VC\u306e\u6301\u5206\u6bd4\u7387 = 3\u5104 \/ 12\u5104 = <strong>25%<\/strong><\/li>\n\n\n\n<li>\u30d7\u30ec\u30de\u30cd\u30fc\uff08\u8abf\u9054\u524d\u4fa1\u5024\uff09= 12\u5104 \u2212 3\u5104 = <strong>9\u5104\u5186<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u3053\u3053\u3067\u5927\u4e8b\u306a\u306e\u306f\u3001<\/p>\n\n\n\n<p>\u300c\u4eca\u3044\u304f\u3089\u306b\u898b\u3048\u308b\u304b\u300d\u3088\u308a\u300cExit\u304b\u3089\u9006\u7b97\u3057\u3066\u3001\u3053\u306e\u6761\u4ef6\u3067\u6295\u8cc7\u304c\u6210\u7acb\u3059\u308b\u304b\u300d<br>\u3068\u3044\u3046\u767a\u60f3\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u8a73\u7d30\u306e\u53c2\u8003\u8a18\u4e8b\uff1a<a href=\"https:\/\/bloomcapital.jp\/ma-keyword\/venture-capital-method\" class=\"keychainify-checked\">https:\/\/bloomcapital.jp\/ma-keyword\/venture-capital-method<\/a><\/p>\n\n\n\n<h1 class=\"wp-block-heading jinr-heading d--bold\">6. \u8cc7\u91d1\u8abf\u9054\u306e\u624b\u6cd5\uff1a\u4f55\u3092\u9078\u3076\u3079\u304d\u304b\u5224\u65ad\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b<\/h1>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">6-1. \u5927\u67a0\uff1a\u501f\u91d1\uff08Debt\uff09\u304b\u3001\u682a\u5f0f\uff08Equity\uff09\u304b<\/h2>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u501f\u91d1\uff08\u878d\u8cc7\u30fb\u793e\u50b5\uff09<\/h3>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>\u8fd4\u6e08\u304c\u5fc5\u8981\uff08\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5b89\u5b9a\u304c\u91cd\u8981\uff09<\/li>\n\n\n\n<li>\u91d1\u5229\u304c\u30b3\u30b9\u30c8<\/li>\n\n\n\n<li>\u7d4c\u55b6\u6a29\u306f\u8584\u307e\u308a\u306b\u304f\u3044<\/li>\n\n\n\n<li>\u6761\u4ef6\uff08\u62c5\u4fdd\u30fb\u4fdd\u8a3c\u30fb\u8ca1\u52d9\u5236\u9650\u6761\u9805\u306a\u3069\uff09\u304c\u4ed8\u304f\u3053\u3068\u304c\u3042\u308b<\/li>\n<\/ul>\n\n\n\n<p>\u4ee3\u8868\u53d6\u7de0\u5f79\u306f\u500b\u4eba\u3067\u9023\u5e2f\u4fdd\u8a3c\u3092\u3059\u308b\u5834\u5408\u304c\u3042\u308b\u305f\u3081\u3001\u4f1a\u793e\u304c\u6f70\u308c\u305f\u3089\u5171\u5012\u308c\u306b\u306a\u308a\u307e\u3059\uff08\u5b9f\u4f53\u9a13\uff09\u3002\u614e\u91cd\u306b\u3059\u308b\u306e\u306f\u3082\u3061\u308d\u3093\u3001\u5951\u7d04\u6642\u306f\u5f01\u8b77\u58eb\u306b\u6761\u4ef6\u3084\u5951\u7d04\u66f8\u306e\u78ba\u8a8d\u3092\u4f9d\u983c\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading jinr-heading d--bold\">\u682a\u5f0f\uff08\u5897\u8cc7\u30fbVC\u30fb\u30a8\u30f3\u30b8\u30a7\u30eb\uff09<\/h3>\n\n\n\n<ul class=\"wp-block-list jinr-list\">\n<li>\u8fd4\u6e08\u4e0d\u8981<\/li>\n\n\n\n<li>\u305d\u306e\u4ee3\u308f\u308a\u6301\u5206\u304c\u8584\u307e\u308b\uff08\u5e0c\u8584\u5316\uff09<\/li>\n\n\n\n<li>\u6210\u9577\u652f\u63f4\u3084\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u304c\u5f97\u3089\u308c\u308b\u3053\u3068\u3082\u3042\u308b<\/li>\n\n\n\n<li>\u682a\u4e3b\u306e\u6a29\u5229\uff08\u8b70\u6c7a\u6a29\u3001\u512a\u5148\u682a\u6761\u4ef6\u306a\u3069\uff09\u304c\u7d61\u3080<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">6-2. \u4ee3\u8868\u7684\u306a\u8abf\u9054\u624b\u6bb5\u3092\u6574\u7406<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u624b\u6bb5<\/th><th>\u8fd4\u6e08<\/th><th>\u4e3b\u306a\u30b3\u30b9\u30c8<\/th><th>\u5411\u3044\u3066\u3044\u308b\u72b6\u6cc1<\/th><th>\u6ce8\u610f\u70b9<\/th><\/tr><\/thead><tbody><tr><td>\u9280\u884c\u878d\u8cc7<\/td><td>\u5fc5\u8981<\/td><td>\u91d1\u5229<\/td><td>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u8aad\u3081\u308b\u3001\u4fe1\u7528\u304c\u3042\u308b<\/td><td>\u8fd4\u6e08\u8ca0\u62c5\u3001\u6761\u4ef6<\/td><\/tr><tr><td>\u793e\u50b5<\/td><td>\u5fc5\u8981<\/td><td>\u5229\u606f<\/td><td>\u898f\u6a21\u304c\u5927\u304d\u3044\u4f01\u696d<\/td><td>\u767a\u884c\u30b3\u30b9\u30c8\u3001\u4fe1\u7528\u529b<\/td><\/tr><tr><td>\u682a\u5f0f\u767a\u884c\uff08\u5897\u8cc7\uff09<\/td><td>\u4e0d\u8981<\/td><td>\u6301\u5206\u5e0c\u8584\u5316<\/td><td>\u6210\u9577\u6295\u8cc7\u3092\u6025\u304e\u305f\u3044<\/td><td>\u7d4c\u55b6\u6a29\u30fb\u6761\u4ef6<\/td><\/tr><tr><td>VC\u30fb\u30a8\u30f3\u30b8\u30a7\u30eb<\/td><td>\u4e0d\u8981<\/td><td>\u5e0c\u8584\u5316\uff0b\u6761\u4ef6<\/td><td>\u9ad8\u6210\u9577\u306e\u898b\u8fbc\u307f\u3001Exit\u524d\u63d0<\/td><td>\u671f\u5f85\u5024\u304c\u9ad8\u3044<\/td><\/tr><tr><td>\u30af\u30e9\u30a6\u30c9\u30d5\u30a1\u30f3\u30c7\u30a3\u30f3\u30b0<\/td><td>\u5f62\u5f0f\u306b\u3088\u308b<\/td><td>\u624b\u6570\u6599\/\u5229\u606f\/\u5e0c\u8584\u5316<\/td><td>\u5546\u54c1\u6027\u304c\u5f37\u3044\u3001\u5171\u611f\u304c\u96c6\u307e\u308b<\/td><td>\u4e8b\u524d\u306e\u767a\u4fe1\u304c\u91cd\u8981<\/td><\/tr><tr><td>\u52a9\u6210\u91d1\u30fb\u88dc\u52a9\u91d1<\/td><td>\u4e0d\u8981<\/td><td>\u7533\u8acb\u5de5\u6570<\/td><td>\u7814\u7a76\u958b\u767a\u30fb\u96c7\u7528\u306a\u3069\u8981\u4ef6\u306b\u5408\u3046<\/td><td>\u5831\u544a\u7fa9\u52d9\u3001\u4f7f\u9014\u5236\u9650<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading jinr-heading d--bold\">6-3. \u9078\u3073\u65b9\u306e\u601d\u8003\u30d5\u30ec\u30fc\u30e0<\/h2>\n\n\n\n<p>\u6b21\u306e4\u3064\u3067\u8003\u3048\u308b\u3068\u5224\u65ad\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list jinr-list\">\n<li><strong>\u8cc7\u91d1\u306e\u4f7f\u3044\u9053<\/strong>\uff1a\u904b\u8ee2\u8cc7\u91d1\u304b\u3001\u6210\u9577\u6295\u8cc7\u304b\uff08\u5e83\u544a\u30fb\u63a1\u7528\u30fb\u958b\u767a\uff09<\/li>\n\n\n\n<li><strong>\u8fd4\u6e08\u53ef\u80fd\u6027<\/strong>\uff1a\u55b6\u696dCF\u304c\u5b89\u5b9a\u3057\u3066\u30d7\u30e9\u30b9\u304b<\/li>\n\n\n\n<li><strong>\u30b9\u30d4\u30fc\u30c9<\/strong>\uff1a\u3044\u3064\u307e\u3067\u306b\u5fc5\u8981\u304b\uff08\u8cc7\u91d1\u30b7\u30e7\u30fc\u30c8\u304c\u5148\u304b\uff09<\/li>\n\n\n\n<li><strong>\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb<\/strong>\uff1a\u7d4c\u55b6\u6a29\u3092\u3069\u308c\u3060\u3051\u5b88\u308a\u305f\u3044\u304b<\/li>\n<\/ol>\n\n\n\n<h1 class=\"wp-block-heading jinr-heading d--bold\"><\/h1>\n","protected":false},"excerpt":{"rendered":"<p>0. \u305d\u3082\u305d\u3082\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3063\u3066\u4f55\uff1f \u3056\u3063\u304f\u308a\u8a00\u3046\u3068\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u6b21\u306e\u554f\u3044\u306b\u7b54\u3048\u308b\u5b66\u554f\u3067\u3059\u3002 \u4f1a\u8a08\u304c\u300c\u8a18\u9332\u300d\u3060\u3068\u3057\u305f\u3089\u3001\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306f\u300c\u5224\u65ad\u300d\u306e\u9053\u5177\u3067\u3059\u3002 1. \u8ca1\u52d9\u8af8\u8868\uff08BS\/PL\/CF\uff09\u3092\u3064\u306a\u3052\u3066\u7406\u89e3\u3059\u308b 1-1.  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