{"id":22698,"date":"2024-10-28T18:20:07","date_gmt":"2024-10-28T09:20:07","guid":{"rendered":"https:\/\/www.buffett-code.com\/articles\/glossary-2127"},"modified":"2024-10-29T02:00:53","modified_gmt":"2024-10-28T17:00:53","slug":"glossary-2127","status":"publish","type":"page","link":"https:\/\/www.buffett-code.com\/articles\/glossary-2127","title":{"rendered":"\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.buffett-code.com\/articles\/glossary-2127\/#%E3%82%B5%E3%82%B9%E3%83%86%E3%82%A3%E3%83%8A%E3%83%96%E3%83%AB%E6%88%90%E9%95%B7%E7%8E%87%E3%81%A8%E3%81%AF%EF%BC%9F\" >\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u3068\u306f\uff1f<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.buffett-code.com\/articles\/glossary-2127\/#%E3%82%B5%E3%82%B9%E3%83%86%E3%82%A3%E3%83%8A%E3%83%96%E3%83%AB%E6%88%90%E9%95%B7%E7%8E%87%E3%81%AE%E5%AE%9A%E7%BE%A9\" >\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306e\u5b9a\u7fa9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.buffett-code.com\/articles\/glossary-2127\/#%E3%82%B5%E3%82%B9%E3%83%86%E3%82%A3%E3%83%8A%E3%83%96%E3%83%AB%E6%88%90%E9%95%B7%E7%8E%87%E3%81%AE%E9%87%8D%E8%A6%81%E6%80%A7\" >\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306e\u91cd\u8981\u6027<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.buffett-code.com\/articles\/glossary-2127\/#%E3%82%B5%E3%82%B9%E3%83%86%E3%82%A3%E3%83%8A%E3%83%96%E3%83%AB%E6%88%90%E9%95%B7%E7%8E%87%E3%81%AE%E6%B4%BB%E7%94%A8%E4%BE%8B\" >\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306e\u6d3b\u7528\u4f8b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.buffett-code.com\/articles\/glossary-2127\/#%E3%82%B5%E3%82%B9%E3%83%86%E3%82%A3%E3%83%8A%E3%83%96%E3%83%AB%E6%88%90%E9%95%B7%E7%8E%87%E3%81%AE%E5%88%A9%E7%82%B9\" >\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306e\u5229\u70b9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.buffett-code.com\/articles\/glossary-2127\/#%E3%82%B5%E3%82%B9%E3%83%86%E3%82%A3%E3%83%8A%E3%83%96%E3%83%AB%E6%88%90%E9%95%B7%E7%8E%87%E3%81%AE%E3%83%87%E3%83%A1%E3%83%AA%E3%83%83%E3%83%88%E3%81%A8%E7%95%99%E6%84%8F%E7%82%B9\" >\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306e\u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u7559\u610f\u70b9<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E3%82%B5%E3%82%B9%E3%83%86%E3%82%A3%E3%83%8A%E3%83%96%E3%83%AB%E6%88%90%E9%95%B7%E7%8E%87%E3%81%A8%E3%81%AF%EF%BC%9F\"><\/span>\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u3068\u306f\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u3068\u306f\u3001\u4f01\u696d\u304c\u81ea\u5df1\u8cc7\u672c\u3092\u7528\u3044\u3066\u6301\u7d9a\u53ef\u80fd\u306b\u6210\u9577\u3067\u304d\u308b\u6700\u5927\u306e\u6210\u9577\u7387\u3092\u6307\u3057\u307e\u3059\u3002\u3053\u306e\u6307\u6a19\u306f\u3001\u4f01\u696d\u306e\u53ce\u76ca\u6027\u3084\u8cc7\u672c\u69cb\u6210\u3001\u6210\u9577\u6226\u7565\u3092\u7406\u89e3\u3059\u308b\u4e0a\u3067\u91cd\u8981\u3067\u3059\u3002\u4f01\u696d\u304c\u5b89\u5b9a\u3057\u305f\u6210\u9577\u3092\u7d9a\u3051\u308b\u305f\u3081\u306b\u306f\u3001\u305d\u306e\u6210\u9577\u304c\u6301\u7d9a\u53ef\u80fd\u3067\u3042\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u672c\u9805\u3067\u306f\u3001\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306e\u610f\u5473\u3084\u91cd\u8981\u6027\u3001\u6d3b\u7528\u4f8b\u3001\u5229\u70b9\u3001\u30c7\u30e1\u30ea\u30c3\u30c8\u3001\u7559\u610f\u70b9\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E3%82%B5%E3%82%B9%E3%83%86%E3%82%A3%E3%83%8A%E3%83%96%E3%83%AB%E6%88%90%E9%95%B7%E7%8E%87%E3%81%AE%E5%AE%9A%E7%BE%A9\"><\/span>\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306e\u5b9a\u7fa9<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306f\u3001\u4f01\u696d\u304c\u81ea\u5df1\u8cc7\u672c\u3092\u5229\u7528\u3057\u3066\u3001\u5916\u90e8\u304b\u3089\u306e\u8cc7\u91d1\u8abf\u9054\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u306a\u304c\u3089\u6210\u9577\u3057\u7d9a\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u6210\u9577\u7387\u306e\u3053\u3068\u3067\u3059\u3002\u3053\u306e\u6210\u9577\u7387\u306f\u3001\u4f01\u696d\u306e\u5185\u90e8\u7559\u4fdd\u3084\u5229\u76ca\u3092\u57fa\u306b\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306f\u6b21\u306e\u5f0f\u3067\u8868\u3055\u308c\u307e\u3059\u3002<\/p>\n<p>\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387 = ROE \u00d7 (1 &#8211; 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id=\"%E3%82%B5%E3%82%B9%E3%83%86%E3%82%A3%E3%83%8A%E3%83%96%E3%83%AB%E6%88%90%E9%95%B7%E7%8E%87%E3%81%AE%E9%87%8D%E8%A6%81%E6%80%A7\"><\/span>\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306e\u91cd\u8981\u6027<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306f\u3001\u4f01\u696d\u306e\u6210\u9577\u6226\u7565\u3092\u8003\u3048\u308b\u4e0a\u3067\u6975\u3081\u3066\u91cd\u8981\u306a\u6307\u6a19\u3067\u3059\u3002\u4f01\u696d\u304c\u6301\u7d9a\u53ef\u80fd\u306a\u6210\u9577\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u5358\u306b\u58f2\u4e0a\u3092\u5897\u3084\u3059\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u81ea\u5df1\u8cc7\u672c\u3092\u6709\u52b9\u306b\u6d3b\u7528\u3057\u3001\u5b89\u5b9a\u3057\u305f\u53ce\u76ca\u3092\u8a08\u4e0a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u3067\u3001\u7d4c\u55b6\u8005\u3084\u6295\u8cc7\u5bb6\u306f\u4f01\u696d\u306e\u6210\u9577\u306e\u53ef\u80fd\u6027\u3084\u30ea\u30b9\u30af\u3092\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u3055\u3089\u306b\u3001\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306f\u4f01\u696d\u306e\u8cc7\u672c\u653f\u7b56\u3084\u914d\u5f53\u653f\u7b56\u306b\u76f4\u7d50\u3057\u307e\u3059\u3002\u4f01\u696d\u304c\u3069\u306e\u7a0b\u5ea6\u306e\u6210\u9577\u3092\u76ee\u6307\u3059\u306e\u304b\u3001\u305d\u306e\u305f\u3081\u306b\u3069\u306e\u3088\u3046\u306a\u8cc7\u91d1\u8abf\u9054\u304c\u5fc5\u8981\u304b\u3092\u8003\u3048\u308b\u4e0a\u3067\u3001\u3053\u306e\u6307\u6a19\u306f\u6b20\u304b\u305b\u307e\u305b\u3093\u3002\u4f01\u696d\u304c\u81ea\u5df1\u8cc7\u672c\u3092\u52b9\u7387\u7684\u306b\u6d3b\u7528\u3057\u3001\u6301\u7d9a\u53ef\u80fd\u306a\u6210\u9577\u3092\u9042\u3052\u308b\u3053\u3068\u304c\u3067\u304d\u308c\u3070\u3001\u9577\u671f\u7684\u306a\u7af6\u4e89\u529b\u3092\u7dad\u6301\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><!--paid_content_ahead--><\/p>\n<h2><span 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class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5177\u4f53\u7684\u306a\u6d3b\u7528\u4f8b\u3068\u3057\u3066\u306f\u3001\u4f01\u696d\u306e\u8ca1\u52d9\u5206\u6790\u3084\u6295\u8cc7\u5224\u65ad\u306b\u304a\u3044\u3066\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u304c\u5229\u7528\u3055\u308c\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u6295\u8cc7\u5bb6\u306f\u4f01\u696d\u306e\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u3092\u8a55\u4fa1\u3059\u308b\u3053\u3068\u3067\u3001\u305d\u306e\u4f01\u696d\u304c\u4eca\u5f8c\u3069\u306e\u7a0b\u5ea6\u306e\u6210\u9577\u304c\u671f\u5f85\u3067\u304d\u308b\u304b\u3092\u5224\u65ad\u3057\u307e\u3059\u3002\u6210\u9577\u7387\u304c\u9ad8\u3044\u4f01\u696d\u306f\u6295\u8cc7\u5bfe\u8c61\u3068\u3057\u3066\u9b45\u529b\u7684\u3067\u3059\u304c\u3001\u305d\u306e\u6210\u9577\u304c\u6301\u7d9a\u53ef\u80fd\u3067\u3042\u308b\u304b\u3069\u3046\u304b\u3082\u91cd\u8981\u306a\u8981\u7d20\u3067\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u4f01\u696d\u7d4c\u55b6\u8005\u306f\u81ea\u793e\u306e\u30b5\u30b9\u30c6\u30a3\u30ca\u30d6\u30eb\u6210\u9577\u7387\u3092\u628a\u63e1\u3059\u308b\u3053\u3068\u3067\u3001\u9069\u5207\u306a\u6210\u9577\u6226\u7565\u3092\u7b56\u5b9a\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u6210\u9577\u7387\u304c\u4f4e\u3044\u5834\u5408\u306f\u3001\u5229\u76ca\u306e\u518d\u6295\u8cc7\u3092\u691c\u8a0e\u3057\u305f\u308a\u3001\u914d\u5f53\u653f\u7b56\u3092\u898b\u76f4\u3057\u305f\u308a\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u4e00\u65b9\u3067\u3001\u6210\u9577\u7387\u304c\u9ad8\u3044\u5834\u5408\u306f\u3001\u305d\u306e\u6210\u9577\u3092\u7dad\u6301\u3059\u308b\u305f\u3081\u306e\u6226\u7565\u7684\u306a\u6295\u8cc7\u3092\u884c\u3046\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<h2><span 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