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\u672c\u65e5\u306f\u300c\u9298\u67c4\u306b\u60da\u308c\u8fbc\u3080\u30ea\u30b9\u30af\u3068\u30e1\u30ea\u30c3\u30c8\u300d\u3092\u30c6\u30fc\u30de\u306b\u304a\u5c4a\u3051\u3057\u307e\u3059\u3002<\/p>\n
\u5148\u65e5\u3001\u53cb\u4eba\u306e\u6295\u8cc7\u5bb6\u3068\u8272\u3005\u60c5\u5831\u4ea4\u63db\u3092\u884c\u3044\u307e\u3057\u305f\u3002<\/p>\n
\u682a\u5f0f\u6295\u8cc7\u53ca\u3073\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u597d\u304d\u306e\u6295\u8cc7\u5bb6\u3067\u3059\u3002<\/p>\n
\u6295\u8cc7\u9078\u5b9a\u3068\u3057\u3066\u306f\u3001\u65b0\u8208\u5e02\u5834\u306e\u9298\u67c4\u3092\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3092\u7b2c\u4e00\u3068\u8003\u3048\u3066\u682a\u4fa1\u7b97\u5b9a\u3092DCF\u6cd5\uff08Discounted Cash Flow\u6cd5\uff09\u306b\u3066\u7b97\u51fa\u3002<\/p>\n
\u5272\u5b89\u3068\u5224\u65ad\u3057\u305f\u3089\u4e2d\u9577\u671f\u4fdd\u6709\u3059\u308b\u6295\u8cc7\u6226\u7565\u3067\u3059\u3002<\/p>\n
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\u305d\u306e\u53cb\u4eba\u306f\u3001\u7d4c\u6b74\u3068\u73fe\u5728\u306e\u8077\u696d\u306b\u5f37\u307f\u304c\u3042\u308a\u4e0a\u5834\u3057\u3066\u3044\u308b\u4f1a\u793e\u306b\u8a2a\u554f\u3059\u308b\u3068\u4f1a\u793e\u306e\u7d4c\u55b6\u306b\u95a2\u308f\u308b\u5049\u3044\u4eba\u304c\u5bfe\u5fdc\u306b\u51fa\u3066\u304d\u307e\u3059\u3002<\/p>\n
\u4f1a\u793e\u304c\u6765\u671f\u306e\u4e8b\u696d\u8a08\u753b\u3084\u4f38\u3070\u3057\u305f\u3044\u4e8b\u696d\u90e8\u306a\u3069\u3082\u8272\u3005\u3068\u805e\u304f\u4e8b\u304c\u51fa\u6765\u308b\u306e\u3067\u3059\u3002<\/p>\n
\u5049\u3044\u7acb\u5834\u3067\u3059\u3088\u306d\u3002<\/p>\n
\u305d\u3093\u306a\u53cb\u4eba\u3067\u3059\u304c\u3001\u81ea\u5206\u304c\u4fdd\u6709\u3057\u3066\u3044\u308b\u500b\u5225\u9298\u67c4\u306e\u4e00\u3064\u3092\u3068\u3066\u3082\u60da\u308c\u8fbc\u3093\u3067\u3044\u307e\u3057\u305f\u3002<\/p>\n
\u5143\u3005\u3001\u4e2d\u9577\u671f\u4fdd\u6709\u306e\u6295\u8cc7\u6226\u7565\u306a\u306e\u3067\u76f4\u8fd11\u5e74\u9593\u3067\u682a\u4fa1\u304c\u4e0a\u4e0b\u3057\u3066\u3082\u7279\u306b\u58f2\u5374\u3059\u308b\u3064\u3082\u308a\u306f\u3001\u306a\u3044\u307f\u305f\u3044\u3067\u3059\u3002<\/p>\n
\u672c\u7269\u306e\u6295\u8cc7\u5bb6\u3063\u3066\u611f\u3058\u306e\u30b9\u30bf\u30f3\u30b9\u3067\u3059\u3002<\/p>\n
\u3068\u306f\u8a00\u3048\u3001\u79c1\u306f\u904e\u53bb\u306b\u60da\u308c\u305f\u9298\u67c4\u3067\u7f8e\u5473\u3057\u3044\u601d\u3044\u3092\u3057\u305f\u7d4c\u9a13\u304c\u601d\u3044\u51fa\u305b\u308b\u304b\u304e\u308a\u4e00\u5ea6\u3082\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n
\u79c1\u3082\u5143\u3005\u306f\u30011\u9298\u67c4\u306b\u60da\u308c\u8fbc\u3080\u30bf\u30a4\u30d7\u3067\u904e\u53bb\u306b\u4f55\u5ea6\u3082\u5931\u6557\u3057\u3066\u304d\u305f\u306e\u3067\u4eca\u3068\u306a\u3063\u3066\u3082\u3001\u58f2\u308a\u8cb7\u3044\u3059\u308b\u9298\u67c4\uff08\u4f01\u696d\uff09\u306f\u3001\u4f55\u3067\u3082\u826f\u3044\u3002<\/p>\n
\u305d\u3046\u3044\u3046\u30b9\u30bf\u30f3\u30b9\u306b\u5f37\u5236\u5909\u66f4\u3057\u307e\u3057\u305f\u3002<\/p>\n
\u57fa\u672c\u7684\u306b\u79c1\u306f\u3001\u5168\u3066\u306e\u6295\u8cc7\u5bb6\u306f\u3001\u9298\u67c4\u306b\u60da\u308c\u306a\u3044\u3088\u3046\u306b\u3057\u305f\u65b9\u304c\u826f\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n
\u3082\u3061\u308d\u3093\u9577\u671f\u4fdd\u6709\u3059\u308b\u969b\u306b\u306f\u3001\u3057\u3063\u304b\u308a\u3068\u8003\u3048\u306a\u3051\u308c\u3070\u3044\u3051\u307e\u305b\u3093\u304c\u30011\u30f6\u6708\u4ee5\u5185\u306e\u30b9\u30a4\u30f3\u30b0\u30c8\u30ec\u30fc\u30c9\u306e\u5834\u5408\u306f\u3001\u3042\u307e\u308a\u4f01\u696d\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u306f\u3001\u95a2\u4fc2\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n
\u5897\u7530\u300c\u76f8\u5f53\u3001\u60da\u308c\u8fbc\u3093\u3067\u308b\u306d\u3002\u5206\u304b\u3063\u3066\u3044\u308b\u3068\u601d\u3046\u3051\u3069\u8f9e\u3081\u305f\u65b9\u304c\u3044\u3044\u3088\u3002\u300d<\/p>\n
\u53cb\u4eba\u300c\u5206\u304b\u3063\u3066\u3044\u308b\u3002\u4ed6\u3067\u3082\u3088\u304f\u8a00\u308f\u308c\u308b\u3088\u3002\u300d<\/p>\n
\u79c1\u304c\u500b\u5225\u306e\u9298\u67c4\u306b\u60da\u308c\u306a\u3044\u65b9\u304c\u826f\u3044\u3068\u8003\u3048\u3066\u3044\u308b\u6700\u5927\u306e\u7406\u7531\u306f\u3001\u9298\u67c4\u306b\u60da\u308c\u3066\u3057\u307e\u3046\u3068\u5ba2\u89b3\u7684\u3067\u51b7\u9759\u306a\u5224\u65ad\u304c\u3069\u3046\u3057\u3066\u3082\u920d\u3063\u3066\u3057\u307e\u3046\u304b\u3089\u3067\u3059\u3002<\/p>\n
\u7d50\u679c\u3001\u9045\u3044\u640d\u5207\u308a\u306b\u306a\u308a\u3001\u75db\u3044\u601d\u3044\u3092\u3057\u307e\u3059\u3002<\/p>\n
\u597d\u304d\u306a\u4eba\u3084\u604b\u3067\u3082\u540c\u3058\u3088\u3046\u306b\u597d\u304d\u306b\u306a\u308b\u3068\u76f2\u76ee\u306b\u306a\u308b\u4eba\u306f\u591a\u304f\u3044\u307e\u3059\u3002<\/p>\n
\u6295\u8cc7\u306b\u304a\u3044\u3066\u306f\u3001\u3072\u3044\u304d\u76ee\u306b\u898b\u308b\u3068\u826f\u3044\u7d50\u679c\u306b\u306f\u3001\u306a\u3089\u306a\u304b\u3063\u305f\u306e\u3067\u79c1\u306f\u3001\u6570\u5b57\u3067\u5224\u65ad\u3057\u305f\u65b9\u304c\u826f\u3044\u8003\u3048\u3067\u3059\u3002<\/p>\n
\u3053\u308c\u304c\u9298\u67c4\u306b\u60da\u308c\u8fbc\u3080\u30c7\u30e1\u30ea\u30c3\u30c8\u3067\u3059\u3002<\/p>\n
\u3057\u304b\u3057\u305d\u306e\u4e00\u65b9\u3067\u9298\u67c4\u306b\u60da\u308c\u8fbc\u3093\u3067\u9577\u671f\u4fdd\u6709\u3057\u7d9a\u3051\u3066\u5927\u6210\u529f\u3057\u305f\u4e8b\u4f8b\u3092\u30cd\u30c3\u30c8\u8a3c\u5238\u4f1a\u793e\u306e\u65b9\u304b\u3089\u805e\u3044\u305f\u4e8b\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n
\u305d\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u306f\u3001\u6570\u5e74\u9593\u305a\u3063\u3068\u8ab0\u3082\u898b\u5411\u304d\u3082\u3057\u306a\u304b\u3063\u305f\u4e0d\u4eba\u6c17\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u3092\u305a\u3063\u3068\u8cb7\u3044\u7d9a\u3051\u3066\u682a\u6570\u3092\u8caf\u3081\u3066\u3044\u305f\u306e\u3067\u3059\u3002<\/p>\n
\u3069\u308c\u3060\u3051\u4e0b\u304c\u3063\u3066\u3082\u58f2\u3089\u305a\u306b\u305a\u3063\u3068\u8cb7\u3044\u7d9a\u3051\u305f\u6570\u5e74\u5f8c\u306b\u30fb\u30fb\u30fb<\/p>\n
\u3042\u308b\u6642\u306b\u3044\u304d\u306a\u308a\u3001\u305d\u306e\u9298\u67c4\u304c\u5927\u7206\u767a\uff08\u4e0a\u6607\uff09\uff01<\/p>\n
\u4e00\u6483\u3067\u5927\u91d1\u6301\u3061\u306b\u306a\u3063\u305f\u9867\u5ba2\u304c\u3044\u305f\u3068\u306e\u4e8b\u3067\u3059\u3002<\/p>\n
\u8cc7\u7523\u304c\u6fc0\u5897\u3057\u305f\u9867\u5ba2\u306b\u30cd\u30c3\u30c8\u8a3c\u5238\u306e\u65b9\u304c\u805e\u3044\u305f\u3068\u3053\u308d\u3001\u305d\u306e\u9298\u67c4\u306b\u60da\u308c\u8fbc\u3093\u3067\u3044\u3066\u4f55\u5e74\u9593\u3082\u4fe1\u3058\u3066\u8cb7\u3044\u7d9a\u3051\u305f\u3068\u306e\u4e8b\u3067\u3057\u305f\u3002<\/p>\n
\u30c9\u30e9\u30de\u307f\u305f\u3044\u306a\u826f\u3044\u8a71\u3067\u3059\u3088\u306d\u3002<\/p>\n
\u30ab\u30c3\u30b3\u3044\u3044\u3067\u3059\u3002<\/p>\n
\u79c1\u306f\u3001\u305d\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u3092\u76f4\u63a5\u77e5\u3089\u306a\u3044\u306e\u3067\u3069\u3053\u307e\u3067\u78ba\u8a3c\u3068\u81ea\u4fe1\u304c\u3042\u3063\u30661\u9298\u67c4\u306b\u60da\u308c\u3066\u8cb7\u3044\u7d9a\u3051\u305f\u306e\u304b\u306f\u3001\u5206\u304b\u308a\u307e\u305b\u3093\u3002<\/p>\n
\u305d\u306e\u65b9\u304c\u4f01\u696d\u6210\u9577\u3092\u898b\u629c\u304f\u624d\u80fd\u304c\u3042\u308b\u306e\u304b\uff1f<\/p>\n
\u305d\u308c\u3068\u3082\u305f\u3060\u306e\u5076\u7136\uff08\u904b\uff09\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n
\u3057\u304b\u3057\u9577\u5e74\u4fe1\u3058\u3066\u6295\u8cc7\u3057\u3066\u304d\u305f\u4f01\u696d\u306e\u4e8b\u696d\u304c\u5927\u304d\u304f\u83ef\u958b\u3044\u3066\u3001\u4e00\u6c17\u306b\u682a\u4fa1\u304c\u9ad8\u9a30\u3057\u305f\u6642\u306f\u3001\u9577\u304f\u3082\u3061\u7d9a\u3051\u305f\u5206\u3001\u5b09\u3057\u304b\u3063\u305f\u4e8b\u3067\u3057\u3087\u3046\u3002<\/p>\n
\u4f1a\u793e\u3068\u4e00\u7dd2\u306b\u6210\u9577\u3057\u305f\u611f\u3092\u5473\u308f\u3048\u308b\u6295\u8cc7\uff01<\/p>\n
\u3053\u308c\u304c1\u9298\u67c4\u306b\u60da\u308c\u8fbc\u3080\u30e1\u30ea\u30c3\u30c8\u3067\u3059\u3002<\/p>\n
\u672c\u65e5\u306e\u60c5\u5831\u3092\u307e\u3068\u3081\u308b\u3068\u79c1\u500b\u4eba\u7684\u306b\u306f\u3001\u57fa\u672c\u3001\u500b\u4eba\u6295\u8cc7\u5bb6\u306f\u3001\u9298\u67c4\u306b\u60da\u308c\u8fbc\u3080\u4e8b\u306f\u3001\u8f9e\u3081\u305f\u65b9\u304c\u826f\u3044\u3068\u3044\u3046\u8003\u3048\u3067\u3059\u3002<\/p>\n
\u3082\u3057\u60da\u308c\u8fbc\u3080\u5834\u5408\u306b\u306f\u3001\u899a\u609f\u3092\u6301\u3063\u30665\u5e74\u4ee5\u4e0a\u306e\u9577\u3044\u6642\u9593\u8ef8\u3067\u4fdd\u6709\u3057\u7d9a\u3051\u308b\u6295\u8cc7\u3092\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n
\u9014\u4e2d\u682a\u4fa1\u304c\u4e0b\u304c\u3063\u3066\u3082\u5acc\u3044\u306b\u306a\u3063\u3066\u306f\u3044\u3051\u307e\u305b\u3093\u3002<\/p>\n
\u60da\u308c\u3066\u3044\u308b\u306a\u3089\u3070\u3001\u4e0b\u843d\u6642\u306b\u8cb7\u3044\u5897\u3057\u3057\u3066\u652f\u3048\u308b\u304f\u3089\u3044\u306e\u611b\u60c5\u3068\u899a\u609f\u3092\u6301\u3063\u3066\u6301\u3061\u7d9a\u3051\u307e\u3057\u3087\u3046\u3002<\/p>\n
\u6210\u529f\u3057\u305f\u6642\u306e\u9054\u6210\u611f\u306f\u3001\u534a\u7aef\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n
\u307e\u305f\u3053\u306e\u3088\u3046\u306a\u60da\u308c\u305f\u9298\u67c4\u3078\u306e\u9577\u671f\u6295\u8cc7\u306f\u3001NISA\u3092\u6d3b\u7528\u3057\u3066\u8cb7\u3046\u306e\u304c\u304a\u30b9\u30b9\u30e1\u3067\u3059\u3002<\/p>\n
NISA\u306f\u3001\u5e74\u9593120\u4e07\u5186\u307e\u3067\u6700\u95775\u5e74\u9593\u58f2\u5374\u6642\u306e\u300c\u8b72\u6e21\u76ca\u300d\u304c\u975e\u8ab2\u7a0e\u306b\u306a\u308b\u5236\u5ea6\u3067\u3059\u3002<\/p>\n
5\u5e74\u5f8c\u307e\u3067\u6301\u3061\u7d9a\u3051\u308b\u899a\u609f\u3002<\/p>\n
\u305d\u3057\u3066\u6765\u5e74\u3082NISA\u67a0\u306e120\u4e07\u5186\u3067\u682a\u3092\u8cb7\u3044\u5897\u3057\u7d9a\u3051\u308b\u611b\u60c5\u304c\u3042\u308c\u3070\u3001\u3068\u3066\u3082\u9762\u767d\u3044\u6295\u8cc7\u306b\u306a\u308b\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n
5\u5e74\u9593\u3067600\u4e07\u5186\u6295\u8cc7\u3059\u308b\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002<\/p>\n
\u305d\u3057\u3066\u6295\u8cc7\u7d50\u679c\u306e\u5224\u65ad\u304c\u51fa\u308b\u306e\u306f\u30015\u5e74\u5f8c\u3067\u3059\u3002<\/p>\n
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