ROE\u3068\u306f\u3001\u81ea\u5df1\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u3069\u308c\u3060\u3051\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u305f\u304b\u3092\u898b\u308b\u6307\u6a19\u3067\u3001\u65e5\u672c\u8a9e\u3067\u306f\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\u3068\u547c\u3070\u308c\u307e\u3059\u3002\u8a08\u7b97\u65b9\u6cd5\u306f\u300c\u5229\u76ca\u00f7\u81ea\u5df1\u8cc7\u672c\u00d7100\u300d\u3002\u305f\u3060\u3057\u3001\u6570\u5b57\u304c\u9ad8\u3044\u7406\u7531\u307e\u3067\u78ba\u8a8d\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n
\u4f8b\u3048\u3070\u3001\u5229\u76ca\u304c\u5897\u3048\u305f\u4f1a\u793e\u3068\u3001\u81ea\u5df1\u8cc7\u672c\u304c\u6e1b\u3063\u305f\u4f1a\u793e\u3067\u306f\u3001\u540c\u3058ROE\u306e\u4e0a\u6607\u3067\u3082\u610f\u5473\u304c\u9055\u3044\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u5177\u4f53\u7684\u306a\u8a08\u7b97\u4f8b\u304b\u3089\u6bd4\u8f03\u306e\u76ee\u5b89\u3001\u521d\u5fc3\u8005\u304c\u78ba\u8a8d\u3057\u305f\u30443\u3064\u306e\u6ce8\u610f\u70b9\u307e\u3067\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n
\u57fa\u672c\u5f0f\u306f\u300cROE\uff08\uff05\uff09\uff1d\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u81ea\u5df1\u8cc7\u672c\u00d7100\u300d\u3067\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u3092100\u5104\u5186\u3001\u5e74\u9593\u306e\u5f53\u671f\u7d14\u5229\u76ca\u309210\u5104\u5186\u3068\u4eee\u5b9a\u3059\u308b\u3068\u300110\u5104\u5186\u00f7100\u5104\u5186\u00d7100\uff1d10\uff05\u306b\u306a\u308a\u307e\u3059\u3002\u91d1\u984d\u306e\u5358\u4f4d\u3092\u305d\u308d\u3048\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n
\u3053\u308c\u306f\u4f01\u696d\u304c\u81ea\u5df1\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u7a3c\u3044\u3060\u5229\u76ca\u306e\u5272\u5408\u3067\u3059\u3002\u682a\u4e3b\u304c\u53d7\u3051\u53d6\u308b\u914d\u5f53\u5229\u56de\u308a\u3084\u3001\u8cfc\u5165\u3057\u305f\u682a\u5f0f\u306e\u5024\u4e0a\u304c\u308a\u7387\u3092\u793a\u3059\u6570\u5b57\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002ROE\u304c10\uff05\u3067\u3082\u3001\u6295\u8cc7\u5bb6\u306e\u5229\u76ca\u304c\u5e7410\uff05\u306b\u306a\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n
\u5b9f\u52d9\u3067\u306f\u3001\u671f\u9996\u3068\u671f\u672b\u306e\u81ea\u5df1\u8cc7\u672c\u306e\u5e73\u5747\u3092\u4f7f\u3046\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\u4eee\u306b\u671f\u999690\u5104\u5186\u3001\u671f\u672b110\u5104\u5186\u306a\u3089\u5e73\u5747\u306f100\u5104\u5186\u3067\u3059\u3002\u7d14\u5229\u76ca10\u5104\u5186\u3092\u3053\u306e\u5e73\u5747\u3067\u5272\u308c\u307010\uff05\u3067\u3059\u304c\u3001\u671f\u672b110\u5104\u5186\u3067\u5272\u308b\u3068\u7d049.1\uff05\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u540c\u3058\u4f1a\u793e\u3067\u3082\u3001\u5206\u6bcd\u306e\u53d6\u308a\u65b9\u3067\u6570\u5024\u306f\u5909\u308f\u308a\u307e\u3059\u3002\u9023\u7d50\u3067\u306f\u89aa\u4f1a\u793e\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u5229\u76ca\u306a\u3069\u3001\u8cc7\u6599\u304c\u63a1\u7528\u3059\u308b\u5b9a\u7fa9\u3082\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002\u6bd4\u8f03\u306b\u306f\u6c7a\u7b97\u77ed\u4fe1\u306a\u3069\u306b\u8a18\u8f09\u3055\u308c\u305fROE\u3068\u8a08\u7b97\u6761\u4ef6\u3092\u4f7f\u3046\u3068\u6574\u7406\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u300c\u4f55\uff05\u4ee5\u4e0a\u306a\u3089\u5fc5\u305a\u826f\u3044\u4f1a\u793e\u300d\u3068\u4e00\u5f8b\u306b\u6c7a\u3081\u308b\u306e\u306f\u9069\u5207\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5fc5\u8981\u306a\u8a2d\u5099\u3084\u8cc7\u7523\u3001\u4e8b\u696d\u306e\u5b89\u5b9a\u6027\u3001\u8cc7\u672c\u306e\u539a\u307f\u306b\u3088\u3063\u3066\u6c34\u6e96\u304c\u7570\u306a\u308b\u305f\u3081\u3067\u3059\u3002\u307e\u305a\u306f\u540c\u696d\u4ed6\u793e\u3068\u3001\u305d\u306e\u4f1a\u793e\u81ea\u8eab\u306e\u904e\u53bb\u306e\u63a8\u79fb\u3092\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/p>\n
\u4f8b\u3048\u3070\u3001\u4eee\u306bROE\u304c3\u5e74\u9593\u30676\uff05\u30018\uff05\u300110\uff05\u3068\u4e0a\u6607\u3057\u3066\u3044\u3066\u3082\u3001\u58f2\u4e0a\u3084\u672c\u696d\u306e\u5229\u76ca\u304c\u4f38\u3073\u3066\u3044\u308b\u304b\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u5358\u5e74\u3060\u3051\u306e\u9ad8\u3055\u3088\u308a\u3001\u6539\u5584\u306e\u7406\u7531\u3092\u8aac\u660e\u3067\u304d\u308b\u304b\u3001\u7121\u7406\u306a\u304f\u7d9a\u3051\u3089\u308c\u308b\u304b\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n
\u4e0d\u52d5\u7523\u3084\u4fdd\u6709\u682a\u5f0f\u306e\u58f2\u5374\u76ca\u306a\u3069\u304c\u3042\u308b\u3068\u3001\u901a\u5e38\u306e\u4e8b\u696d\u306e\u53ce\u76ca\u529b\u304c\u5909\u308f\u3089\u306a\u304f\u3066\u3082\u7d14\u5229\u76ca\u304c\u5897\u3048\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u5e74\u306eROE\u3060\u3051\u3092\u4f7f\u3046\u3068\u3001\u7fcc\u5e74\u4ee5\u964d\u3082\u540c\u3058\u5229\u76ca\u3092\u7a3c\u3052\u308b\u3068\u8aa4\u89e3\u3059\u308b\u304a\u305d\u308c\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n
\u6c7a\u7b97\u8cc7\u6599\u3067\u306f\u55b6\u696d\u5229\u76ca\u3068\u6700\u7d42\u5229\u76ca\u3092\u898b\u6bd4\u3079\u3001\u5dee\u304c\u5e83\u304c\u3063\u305f\u7406\u7531\u3092\u8abf\u3079\u307e\u3059\u3002\u7d14\u5229\u76ca\u306e\u5897\u52a0\u304c\u4e00\u6642\u7684\u306a\u8981\u56e0\u306a\u3089\u3001\u305d\u308c\u3092\u9664\u3044\u305f\u5229\u76ca\u306e\u65b9\u5411\u3082\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002\u904e\u53bb\u6570\u5e74\u3092\u4e26\u3079\u308b\u3068\u3001\u7a81\u51fa\u3057\u305f\u5e74\u3092\u898b\u3064\u3051\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u4eee\u306e\u4f8b\u3068\u3057\u3066\u3001\u7d14\u5229\u76ca\u304c10\u5104\u5186\u306e\u307e\u307e\u3001\u8a08\u7b97\u306b\u4f7f\u3046\u81ea\u5df1\u8cc7\u672c\u304c100\u5104\u5186\u304b\u308980\u5104\u5186\u306b\u6e1b\u308b\u3068\u3001ROE\u306f10\uff05\u304b\u308912.5\uff05\u306b\u4e0a\u304c\u308a\u307e\u3059\u3002\u5229\u76ca\u3092\u5897\u3084\u3057\u3066\u3044\u306a\u304f\u3066\u3082\u3001\u5206\u6bcd\u304c\u5c0f\u3055\u304f\u306a\u308b\u3053\u3068\u3067\u6570\u5024\u306f\u6539\u5584\u3057\u307e\u3059\u3002<\/p>\n
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\u4f01\u696d\u306f\u81ea\u5df1\u8cc7\u672c\u3060\u3051\u3067\u306a\u304f\u501f\u5165\u306a\u3069\u3082\u4f7f\u3063\u3066\u4e8b\u696d\u3092\u884c\u3044\u307e\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u304c\u76f8\u5bfe\u7684\u306b\u5c0f\u3055\u3044\u4f01\u696d\u3067\u306f\u3001\u9ad8\u3044ROE\u3068\u5927\u304d\u306a\u8ca1\u52d9\u8ca0\u62c5\u304c\u540c\u6642\u306b\u898b\u3089\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u52b9\u7387\u306e\u6570\u5b57\u3068\u3001\u8cc7\u91d1\u7e70\u308a\u306e\u5b89\u5168\u6027\u306f\u5225\u306b\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n
\u501f\u5165\u6b8b\u9ad8\u3001\u73fe\u9810\u91d1\u3001\u652f\u6255\u5229\u606f\u306b\u52a0\u3048\u3001\u55b6\u696d\u6d3b\u52d5\u3067\u73fe\u91d1\u3092\u751f\u307f\u51fa\u305b\u3066\u3044\u308b\u304b\u3082\u898b\u307e\u3057\u3087\u3046\u3002\u5229\u76ca\u304c\u51fa\u3066\u3044\u3066\u3082\u3001\u56de\u53ce\u306e\u9045\u308c\u3084\u6295\u8cc7\u8ca0\u62c5\u3067\u8cc7\u91d1\u304c\u6e1b\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\u9ad8ROE\u3060\u3051\u3067\u8ca1\u52d9\u304c\u5065\u5168\u3068\u306f\u5224\u65ad\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n
ROE\u306f\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u5229\u76ca\u306e\u52b9\u7387\u3001PER\u306f\u5229\u76ca\u306b\u5bfe\u3059\u308b\u682a\u4fa1\u306e\u500d\u7387\u3001PBR\u306f\u7d14\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u682a\u4fa1\u306e\u500d\u7387\u3092\u898b\u308b\u6307\u6a19\u3067\u3059\u3002\u4f01\u696d\u306e\u7a3c\u3050\u529b\u3068\u3001\u682a\u4fa1\u304c\u305d\u306e\u529b\u3092\u3069\u306e\u7a0b\u5ea6\u8a55\u4fa1\u3057\u3066\u3044\u308b\u304b\u3092\u3001\u7570\u306a\u308b\u89d2\u5ea6\u304b\u3089\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002<\/p>\n
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