{"id":869,"date":"2022-06-16T09:36:09","date_gmt":"2022-06-16T00:36:09","guid":{"rendered":"https:\/\/archibank.co.jp\/komon\/?p=869"},"modified":"2022-06-16T09:36:09","modified_gmt":"2022-06-16T00:36:09","slug":"calculation-method-from-the-basics","status":"publish","type":"post","link":"https:\/\/archibank.co.jp\/komon\/calculation-method-from-the-basics","title":{"rendered":"DCF\u6cd5\u3067\u4e0d\u52d5\u7523\u4fa1\u5024\u3092\u77e5\u308b\u65b9\u6cd5\u3068\u306f\uff01\u57fa\u790e\u304b\u3089\u8a08\u7b97\u65b9\u6cd5\u307e\u3067\u8a73\u7d30\u89e3\u8aac"},"content":{"rendered":"

\u4e0d\u52d5\u7523\u6295\u8cc7\u3092\u3059\u308b\u8005\u3068\u3057\u3066\u3001\u7269\u4ef6\u3092\u9069\u6b63\u4fa1\u683c\u3084\u5272\u5b89\u4fa1\u683c\u3067\u8cfc\u5165\u3059\u308b\u3053\u3068\u306f\u91cd\u8981\u3060\u3002\u4e0d\u52d5\u7523\u306f\u58f2\u308a\u4e3b\u304c\u4fa1\u683c\u3092\u8a2d\u5b9a\u3067\u304d\u308b\u305f\u3081\u3001\u76f8\u5834\u3088\u308a\u3082\u9ad8\u5024\u3067\u8cfc\u5165\u3059\u308b\u3068\u5229\u56de\u308a\u306b\u5f71\u97ff\u3057\u3001\u53ce\u76ca\u304c\u4e0a\u304c\u308a\u306b\u304f\u3044\u30b1\u30fc\u30b9\u3082\u3042\u308b\u3002<\/p>\n

DCF\u6cd5\u3067\u4e0d\u52d5\u7523\u4fa1\u5024\u3092\u4e8b\u524d\u306b\u78ba\u8a8d\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p>\n

\u4eca\u56de\u306fDCF\u6cd5\u306e\u57fa\u672c\u304b\u3089\u8a08\u7b97\u65b9\u6cd5\u307e\u3067\u89e3\u8aac\u3059\u308b\u306e\u3067\u3001\u305c\u3072\u53c2\u8003\u306b\u3057\u3066\u3044\u305f\u3060\u304d\u305f\u3044\u3002<\/p>\n

 <\/p>\n

\u4e0d\u52d5\u7523\u306b\u306f3\u3064\u306e\u8a55\u4fa1\u65b9\u6cd5\u304c\u3042\u308b<\/h2>\n

\u4e0d\u52d5\u7523\u306e\u4fa1\u5024\u3092\u67fb\u5b9a\u3057\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u306f\u5927\u304d\u304f\u5206\u3051\u30663\u3064\u3042\u308b\u3002<\/p>\n

\u300c\u53ce\u76ca\u9084\u5143\u6cd5\u300d\u30fb\u300c\u539f\u4fa1\u6cd5\u300d\u30fb\u300c\u53d6\u5f15\u4e8b\u4f8b\u6bd4\u8f03\u6cd5\u300d\u3060\u3002<\/p>\n

\u3053\u3053\u3067\u306f\u3001\u305d\u308c\u305e\u308c\u306b\u3064\u3044\u3066\u6982\u7565\u3092\u89e3\u8aac\u3055\u305b\u3066\u3044\u305f\u3060\u304f\u3002<\/p>\n

\u30fb\u53ce\u76ca\u9084\u5143\u6cd5<\/p>\n

\u53ce\u76ca\u9084\u5143\u6cd5\u306f\u3001\u7269\u4ef6\u306e\u5c06\u6765\u306e\u53ce\u76ca\u3092\u7b97\u51fa\u3067\u304d\u308b\u3053\u3068\u304c\u7279\u5fb4\u3067\u3042\u308b\u3002\u53ce\u76ca\u9084\u5143\u6cd5\u306f\u3001\u76f4\u63a5\u9084\u5143\u6cd5\u3068\u4eca\u56de\u89e3\u8aac\u3059\u308bDCF\u6cd5\u306b\u5206\u304b\u308c\u3066\u3044\u308b\u3002\u4e0d\u52d5\u7523\u3092\u8a3c\u5238\u5316\u3059\u308b\u5834\u5408\u306f\u3001DCF \u6cd5\u304c\u7528\u3044\u3089\u308c\u308b\u5834\u5408\u304c\u591a\u3044\u3002\u7406\u7531\u306f\u3001DCF\u6cd5\u3067\u60f3\u5b9a\u3055\u308c\u3066\u3044\u308b\u7a7a\u304d\u5bb6\u30ea\u30b9\u30af\u3084\u5bb6\u8cc3\u306e\u4e0b\u843d\u7387\u306a\u3069\u304c\u3001\u76f4\u63a5\u9084\u5143\u6cd5\u3067\u306f\u8003\u616e\u3055\u308c\u3066\u3044\u306a\u3044\u304b\u3089\u3060\u3002\u3064\u307e\u308a\u3001DCF\u6cd5\u306e\u65b9\u304c\u7cbe\u5ea6\u306f\u9ad8\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n

\u30fb\u539f\u4fa1\u6cd5<\/p>\n

\u539f\u4fa1\u6cd5\u3068\u306f\u3001\u5bfe\u8c61\u7269\u4ef6\u3068\u540c\u3058\u7269\u4ef6\u3092\u5efa\u3066\u308b\u306e\u306b\u3001\u3069\u308c\u3060\u3051\u306e\u8cbb\u7528\u304c\u5fc5\u8981\u306b\u306a\u308b\u304b\u3068\u3044\u3046\u70b9\u306b\u7740\u76ee\u3057\u305f\u8a55\u4fa1\u65b9\u6cd5\u3067\u3042\u308b\u3002\u518d\u8abf\u9054\u539f\u4fa1\u3092\u77e5\u308b\u3053\u3068\u3067\u3001\u4e0d\u52d5\u7523\u306e\u4fa1\u5024\u3092\u77e5\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p>\n

\u30fb\u53d6\u5f15\u4e8b\u4f8b\u6bd4\u8f03\u6cd5<\/p>\n

\u53d6\u5f15\u4e8b\u4f8b\u6bd4\u8f03\u6cd5\u306f\u3001\u5bfe\u8c61\u7269\u4ef6\u306e\u8fd1\u96a3\u306b\u3042\u308b\u985e\u4f3c\u7269\u4ef6\u306e\u53d6\u5f15\u4fa1\u683c\u3092\u53c2\u8003\u306b\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3060\u3002\u5bfe\u8c61\u7269\u4ef6\u306e\u7279\u5fb4\u306a\u3069\u3092\u8003\u616e\u3057\u3066\u7b97\u51fa\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3042\u308b\u3002<\/p>\n

 <\/p>\n

DCF\u6cd5\u306b\u3064\u3044\u3066<\/h2>\n

DCF\u6cd5\u3068\u306f\u300c\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\u300d\u306e\u7565\u8a9e\u3067\u3042\u308b\u3002\u53ce\u76ca\u9084\u5143\u6cd5\u306e\u4e00\u3064\u3067\u3042\u308a\u3001\u4f01\u696d\u3084\u50b5\u6a29\u306e\u5c06\u6765\u4fa1\u5024\u306a\u3069\u3082\u7b97\u5b9a\u3067\u304d\u308b\u8a55\u4fa1\u65b9\u6cd5\u3060\u3002\u4e0d\u52d5\u7523\u306e\u73fe\u5728\u4fa1\u5024\u3092\u3001\u6b63\u78ba\u306b\u8a08\u7b97\u3067\u304d\u308b\u65b9\u6cd5\u3067\u3082\u3042\u308b\u305f\u3081\u3001\u3053\u3053\u3067DCF\u6cd5\u306e\u57fa\u672c\u3092\u89e3\u8aac\u3055\u305b\u3066\u3044\u305f\u3060\u304f\u3002<\/p>\n

 <\/p>\n

DCF\u6cd5\u3068\u306f<\/h3>\n

\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308bDCF\u6cd5\u3068\u306f\u3001\u4e0d\u52d5\u7523\u304b\u3089\u5f97\u3089\u308c\u308b\u53ce\u76ca\u3001\u58f2\u5374\u76ca\u3092\u8003\u616e\u3057\u3066\u3001\u5c06\u6765\u306b\u5f97\u3089\u308c\u308b\u3068\u60f3\u5b9a\u3067\u304d\u308b\u53ce\u76ca\u3092\u3001\u73fe\u5728\u306e\u4fa1\u5024\u306b\u63db\u7b97\u3057\u3066\u7b97\u51fa\u3059\u308b\u65b9\u6cd5\u3067\u3042\u308b\u3002DCF\u6cd5\u306f\u3001\u5c06\u6765\u8d77\u3053\u308a\u5f97\u308b\u30ea\u30b9\u30af\u3082\u8003\u616e\u3057\u3066\u7b97\u51fa\u3059\u308b\u305f\u3081\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3044\u3066\u306f\u91cd\u8981\u306a\u5224\u65ad\u6750\u6599\u306b\u306a\u308b\u3002<\/p>\n

 <\/p>\n

DCF\u6cd5\u306e\u8a08\u7b97\u5f0f<\/h3>\n

DCF\u6cd5\u306b\u3088\u308b\u4f01\u696d\u3084\u50b5\u6a29\u306a\u3069\u306e\u4fa1\u5024\u8a08\u7b97\u306f5\u5e74\u3092\u76ee\u51e6\u306b\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3060\u30026\u5e74\u76ee\u4ee5\u964d\u306f\u9055\u3063\u305f\u8a08\u7b97\u65b9\u6cd5\u3068\u306a\u308b\u3002 \u7406\u7531\u306f\u540c\u3058\u6761\u4ef6\u3067\u6210\u9577\u3057\u7d9a\u3051\u308b\u3068\u4eee\u5b9a\u3057\u305f\u4e0a\u3067\u8a08\u7b97\u3092\u884c\u3046\u304b\u3089\u3060\u3002<\/p>\n

\"\u30dd\u30a4\u30f3\u30c81\"<\/p>\n

2\u5e74\u76ee\u4ee5\u964d\u3082\u540c\u3058\u8a08\u7b97\u5f0f\u3092\u7528\u3044\u30661\u5e74\u3054\u3068\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u5408\u8a08\u3059\u308b\u3002\u300c^\u300d\uff08\u7d2f\u4e57\uff09\u306f\u5e74\u6570\u3092\u7528\u3044\u308b\u30025\u5e74\u76ee\u307e\u3067\u8a08\u7b97\u3057\u5408\u7b97\u3057\u305f\u3082\u306e\u304c\u3001\u5c06\u6765\u306e\u4fa1\u5024\u3092\u73fe\u5728\u4fa1\u5024\u3067\u8868\u3057\u305f\u3082\u306e\u306b\u306a\u308b\u3002<\/p>\n

\"\u30dd\u30a4\u30f3\u30c82\"<\/p>\n

6\u5e74\u76ee\u4ee5\u964d\u306f\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u307e\u305a\u8a08\u7b97\u3057\u3066\u304b\u3089DCF\u3092\u7b97\u51fa\u3059\u308b\u305f\u3081\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u306e\u8a08\u7b97\u5f0f\u3092\u8a18\u3059\u3002<\/p>\n

\"\u30dd\u30a4\u30f3\u30c83\"<\/p>\n

\"\u30dd\u30a4\u30f3\u30c84\"<\/p>\n\n\n\n
\u3010DCF\u6cd5\u306b\u3088\u308b\u8a55\u4fa1\u3011<\/p>\n

\u6bce\u5e74\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306e\u7dcf\u5408\u8a08<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u203b\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001\u5272\u5f15\u7387\u306b\u3064\u3044\u3066\u306f\u6b21\u9805\u3067\u89e3\u8aac\u3055\u305b\u3066\u3044\u305f\u3060\u304f\u3002<\/p>\n

 <\/p>\n

DCF\u6cd5\u306e\u8a08\u7b97\u4f8b<\/h3>\n

DCF\u6cd5\u306e\u4e00\u822c\u7684\u306a\u8a08\u7b97\u4f8b\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308b\u3002<\/p>\n

\u3010\u6761\u4ef6\u3011<\/p>\n

\u30fb1\u5e74\u76ee\u306e\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff1a10,000,000\u5186<\/p>\n

\u30fb\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u6bce\u5e74500,000\u5186\u30a2\u30c3\u30d7\u3059\u308b<\/p>\n

\u30fb\u5272\u5f15\u7387\uff1a5\uff05<\/p>\n

\u30fb\u6c38\u4e45\u6210\u9577\u7387\uff1a1\uff05<\/p>\n

\u30fb1\u5e74\u76eeDCF\uff1a10,000,000\/\uff081+5\uff05)\uff3e\uff11<\/sup>\uff1d9,523,810<\/p>\n

\u30fb2\u5e74\u76eeDCF\uff1a10,500,000\/\uff081+5\uff05)\uff3e2<\/sup>\uff1d9,523,810<\/p>\n

\u30fb3\u5e74\u76eeDCF\uff1a11,000,000\/\uff081+5\uff05)\uff3e3<\/sup>\uff1d9,502,214<\/p>\n

\u30fb4\u5e74\u76eeDCF\uff1a11,500,000\/\uff081+5\uff05)\uff3e4<\/sup>\uff1d9,461,078<\/p>\n

\u30fb5\u5e74\u76eeDCF\uff1a12,000,000\/\uff081+5\uff05)\uff3e5<\/sup>\uff1d9,402,314<\/p>\n

5\u5e74\u306eDCF\u5408\u8a08\uff1a47,413,226<\/u><\/p>\n

\u30fb6\u5e74\u76ee\u4ee5\u964d\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc<\/p>\n

12,000,000\u00d7\uff081+1\uff05\uff09\/\uff085\uff05-1\uff05\uff09\uff1d303,000,000<\/u><\/p>\n

\u30fb6\u5e74\u76ee\u4ee5\u964d\u306eDCF<\/p>\n

303,000,000\/\uff081+5\uff05\uff09\uff3e5\uff1d237,408,428<\/u><\/p>\n

DCF\u6cd5\u306b\u3088\u308b\u4fa1\u5024\u8a08\u7b97\u7d50\u679c\u306f\u30015\u5e74\u9593\u306eDCF\u5408\u8a08\u30686\u5e74\u76ee\u4ee5\u964d\u306eDCF\u6cd5\u306e\u7d50\u679c\u306e\u5408\u8a08\u3067\u3042\u308b\u3002<\/p>\n

DCF\u6cd5\u306b\u3088\u308b\u73fe\u5728\u306e\u4fa1\u5024\uff1d47,413,226\u5186+237,408,428\u5186\uff1d284,821,654\u5186<\/u><\/p>\n

\u306a\u304a\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308bDCF\u6cd5\u3067\u306e\u8a08\u7b97\u306b\u3064\u3044\u3066\u306f\u3001\u4f01\u696d\u3084\u50b5\u6a29\u3068\u306f\u6761\u4ef6\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u8a73\u7d30\u3092\u5f8c\u306b\u8a18\u3059\u306e\u3067\u78ba\u8a8d\u3057\u3066\u3044\u305f\u3060\u304d\u305f\u3044\u3002<\/p>\n

 <\/p>\n

DCF\u6cd5\u306e\u8a08\u7b97\u306b\u5fc5\u8981\u306a\u60c5\u5831\u30fb\u6570\u5024<\/h2>\n

DCF\u6cd5\u3067\u3001\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u969b\u306b\u306f\u3001\u3055\u307e\u3056\u307e\u306a\u6570\u5024\u304c\u5fc5\u8981\u3060\u3002\u3053\u3053\u3067\u306f\u3001\u4e00\u822c\u7684\u306b\u6b20\u304b\u305b\u306a\u3044\u6570\u5024\u306b\u3064\u3044\u3066\u89e3\u8aac\u3055\u305b\u3066\u3044\u305f\u3060\u304f\u3002<\/p>\n

\u30fb\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/p>\n

\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u306f\u3001\u7d4c\u55b6\u8005\u306e\u5224\u65ad\u3067\u81ea\u7531\u306b\u4f7f\u3048\u308b\u8cc7\u91d1\u306e\u3053\u3068\u3067\u3042\u308b\u3002\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u6295\u8cc7\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8db3\u3057\u305f\u91d1\u984d\u3092\u6307\u3059\u5834\u5408\u304c\u591a\u3044\u3002\u4e0d\u52d5\u7523\u6295\u8cc7\u3067\u306f\u3001\u5bb6\u8cc3\u53ce\u5165\u304c\u3053\u308c\u306b\u8a72\u5f53\u3059\u308b\u3002<\/p>\n

\u30fb\u5272\u5f15\u7387<\/p>\n

\u5272\u5f15\u7387\u3068\u306f\u3001\u5c06\u6765\u306e\u4fa1\u5024\u3092\u73fe\u5728\u306e\u4fa1\u5024\u306b\u5909\u3048\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u6570\u5024\u3067\u3042\u308b\u3002\u5229\u56de\u308a\u306a\u3069\u3092\u8003\u616e\u3059\u308c\u3070\u3001\u73fe\u5728\u306e\u901a\u8ca8\u4fa1\u5024\u3068\u5c06\u6765\u306e\u901a\u8ca8\u4fa1\u5024\u3067\u306f\u4fa1\u5024\u304c\u7570\u306a\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u305d\u3053\u3067\u3001\u5c06\u6765\u306e\u901a\u8ca8\u306e\u4fa1\u5024\u3092\u73fe\u5728\u306e\u901a\u8ca8\u4fa1\u5024\u306b\u63db\u7b97\u3059\u308b\u305f\u3081\u306b\u7528\u3044\u308b\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u5272\u5f15\u7387\u3092\u6b63\u78ba\u306b\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u306f\u975e\u5e38\u306b\u96e3\u3057\u3044\u306e\u304c\u73fe\u72b6\u3060\u3002\u5c06\u6765\u306e\u30ea\u30b9\u30af\u3092\u4e88\u60f3\u3059\u308b\u3053\u3068\u306f\u4e0d\u53ef\u80fd\u306b\u8fd1\u3044\u304b\u3089\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3057\u306a\u3051\u308c\u3070\u3001DCF\u6cd5\u3067\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u4e0d\u53ef\u80fd\u306a\u305f\u3081\u3001\u304a\u304a\u3088\u305d\u306e\u6570\u5024\u3092\u5f53\u3066\u306f\u3081\u3066\u3044\u308b\u306e\u304c\u73fe\u72b6\u3060\u3002\u4e00\u822c\u7684\u306b\u306f\u30014\uff05\uff5e7\uff05\u3067\u8a2d\u5b9a\u3059\u308b\u5834\u5408\u304c\u591a\u3044\u3002<\/p>\n

\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3044\u3066\u306f\u3001\u540c\u7a0b\u5ea6\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u304c\u898b\u8fbc\u3081\u308b\u6295\u8cc7\u4fe1\u8a17\u3084\u682a\u5f0f\u914d\u5f53\u306a\u3069\u304c\u6bd4\u8f03\u5bfe\u8c61\u3068\u306a\u308b\u3002\u6295\u8cc7\u4fe1\u8a17\u306e\u5229\u56de\u308a\u76f8\u5834\u306f\u30013\uff05\u304b\u308910\uff05\u3067\u3042\u308b\u304c\u3001\u30dc\u30ea\u30e5\u30fc\u30e0\u30be\u30fc\u30f3\u306f4\uff05\uff5e6\uff05\u3067\u3042\u308b\u3002\u5272\u5f15\u7387\u306e\u8a2d\u5b9a\u3067\u8ff7\u3048\u3070\u30015\uff05\u307e\u305f\u306f6\uff05\u3092\u8a2d\u5b9a\u3057\u3066\u7b97\u51fa\u3059\u308b\u3068\u3088\u3044\u3060\u308d\u3046\u3002<\/p>\n

\u30fb\u6c38\u4e45\u6210\u9577\u7387<\/p>\n

\u6c38\u4e45\u6210\u9577\u7387\u3068\u306f\u30016\u5e74\u76ee\u4ee5\u964d\u306eDCF\u6cd5\u306b\u3088\u308b\u4fa1\u5024\u7b97\u51fa\u306b\u6b20\u304b\u305b\u306a\u3044\u6570\u5024\u3067\u3042\u308b\u3002\u30bf\u30fc\u30df\u30ca\u30eb\u30d0\u30ea\u30e5\u30fc\u3092\u7b97\u51fa\u3059\u308b\u969b\u306b\u306f\u3001\u4e00\u5b9a\u306e\u5272\u5408\u3067\u6210\u9577\u3092\u7d9a\u3051\u308b\u3068\u4eee\u5b9a\u3057\u3066\u8a08\u7b97\u3092\u884c\u3046\u305f\u3081\u3001\u6c38\u4e45\u6210\u9577\u7387\u304c\u5fc5\u8981\u3068\u306a\u308b\u3002\u6c38\u4e45\u6210\u9577\u7387\u3082\u3001\u5272\u5f15\u7387\u3068\u540c\u69d8\u306b\u5c06\u6765\u3092\u6b63\u78ba\u306b\u4e88\u6e2c\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u305f\u3081\u3001\u78ba\u5b9f\u306a\u6570\u5024\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u306f\u4e0d\u53ef\u80fd\u306b\u8fd1\u3044\u3002\u305d\u306e\u305f\u3081\u3001\u6c38\u4e45\u6210\u9577\u7387\u30920\uff05\uff5e1\uff05\u3067\u8a2d\u5b9a\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3042\u308b\u3002<\/p>\n

 <\/p>\n

DCF\u6cd5\u3067\u4e0d\u52d5\u7523\u4fa1\u5024\u3092\u7b97\u51fa<\/h2>\n

\u4e0d\u52d5\u7523\u3092DCF\u6cd5\u3067\u7b97\u51fa\u3059\u308b\u5834\u5408\u306f\u3001\u5efa\u7269\u306e\u4fa1\u5024\u306e\u307f\u3092\u8a08\u7b97\u3057\u3001\u571f\u5730\u306b\u3064\u3044\u3066\u306f\u73fe\u72b6\u4fa1\u683c\u3068\u3059\u308b\u5834\u5408\u304c\u591a\u3044\u3002\u571f\u5730\u306e\u4fa1\u5024\u306f\u3001\u666f\u6c17\u306b\u3088\u3063\u3066\u5de6\u53f3\u3055\u308c\u308b\u304c\u3001\u5c06\u6765\u306e\u666f\u6c17\u3092\u4e88\u60f3\u3059\u308b\u3053\u3068\u306f\u96e3\u3057\u3044\u304b\u3089\u3067\u3042\u308b\u3002\u307e\u305f\u3001\u707d\u5bb3\u306a\u3069\u306b\u3088\u3063\u3066\u5927\u5e45\u306b\u4e0b\u843d\u3059\u308b\u30ea\u30b9\u30af\u3082\u3042\u308b\u304c\u3001\u707d\u5bb3\u3092\u4e88\u6e2c\u3059\u308b\u3053\u3068\u3082\u96e3\u3057\u3044\u305f\u3081\u3001\u6c38\u4e45\u6210\u9577\u7387\u3068\u3082\u4e00\u7dda\u3092\u753b\u3059\u308b\u306e\u3060\u3002<\/p>\n

\"\u30dd\u30a4\u30f3\u30c85\"<\/p>\n

\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3044\u3066\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u3001\u5bb6\u8cc3\u53ce\u5165\u306e\u3053\u3068\u3067\u3042\u308b\u3002\u7a7a\u5ba4\u7387\u3092\u52d8\u6848\u3057\u3066\u3001\u5bb6\u8cc3\u53ce\u5165\u3092\u7b97\u51fa\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u308b\u3002<\/p>\n

 <\/p>\n

\u4e0d\u52d5\u7523\u306b\u304a\u3051\u308bDCF\u6cd5\u306e\u8003\u3048\u65b9<\/h3>\n

\"\u4e0d\u52d5\u7523\u306b\u304a\u3051\u308bDCF\u6cd5\u306e\u8003\u3048\u65b9\"<\/p>\n

DCF\u6cd5\u306b\u3088\u308a\u3001\u4e0d\u52d5\u7523\u4fa1\u5024\u3092\u7b97\u51fa\u3059\u308b\u5834\u5408\u306b\u306f\u6642\u9593\u4fa1\u5024\u304c\u91cd\u8981\u3067\u3042\u308b\u3002\u73fe\u5728\u3068\u5c06\u6765\u3068\u306e\u4fa1\u5024\u304c\u540c\u984d\u3067\u3042\u3063\u3066\u3082\u3001\u5b9f\u8cea\u7684\u306a\u4fa1\u5024\u306f\u7570\u306a\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u3088\u308a\u8cc3\u8cb8\u7d4c\u55b6\u3092\u884c\u3046\u5834\u5408\u306f\u3001\u7269\u4ef6\u3092\u8907\u6570\u5e74\u306b\u308f\u305f\u3063\u3066\u6240\u6709\u3059\u308b\u30b1\u30fc\u30b9\u304c\u5927\u534a\u3067\u3042\u308b\u305f\u3081\u30011\u5e74\u6bce\u306e\u6642\u9593\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u7a4d\u7b97\u3059\u308b\u3053\u3068\u3067\u3001\u4e0d\u52d5\u7523\u4fa1\u5024\u3092\u6c42\u3081\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n

 <\/p>\n

\u4e0d\u52d5\u7523\u4fa1\u5024\u3092DCF\u6cd5\u3067\u5177\u4f53\u7684\u306b\u7b97\u51fa\u3059\u308b\u65b9\u6cd5<\/h3>\n

\u4e0d\u52d5\u7523\u306e\u4fa1\u5024\u3092DCF\u6cd5\u3067\u5177\u4f53\u7684\u306b\u7b97\u51fa\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u5e74\u9593\u306e\u5bb6\u8cc3\u53ce\u5165\u3068\u7a7a\u5ba4\u7387\u3001\u5272\u5f15\u7387\u3001\u6295\u8cc7\u671f\u9593\u3001\u6295\u8cc7\u91d1\u984d\u304c\u5fc5\u8981\u3067\u3042\u308b\u3002\u6b21\u306b\u3001\u4f8b\u3068\u3057\u30661\u68df\u30de\u30f3\u30b7\u30e7\u30f3\u306b5\u5e74\u9593\u6295\u8cc7\u3057\u305f\u5834\u5408\u306e\u8cc7\u7523\u4fa1\u5024\u3092DCF\u6cd5\u3067\u7b97\u51fa\u3059\u308b\u3002<\/p>\n

\u3010\u4f8b\uff1a\u6761\u4ef6\u3011<\/p>\n\n\n\n\n\n\n\n\n
\u30de\u30f3\u30b7\u30e7\u30f3\u306e\u6238\u6570<\/td>\n10\u6238<\/td>\n<\/tr>\n
\u7a7a\u5ba4\u7387<\/td>\n10\uff05<\/td>\n<\/tr>\n
\u5bb6\u8cc3\u53ce\u5165<\/td>\n1\u30f6\u6708\uff1d7\u4e07\u5186\u00d710\u6238\u00d7\uff08100-10\uff05\uff09\uff1d63\u4e07\u5186<\/p>\n

1\u5e74\u9593\uff1d63\u4e07\u5186\u00d712\u30f6\u6708\uff1d756\u4e07\u5186<\/td>\n<\/tr>\n

\u5272\u5f15\u7387<\/td>\n5\uff05<\/td>\n<\/tr>\n
\u6295\u8cc7\u671f\u9593<\/td>\n5\u5e74<\/td>\n<\/tr>\n
\u6295\u8cc7\u91d1\u984d\uff08\u7269\u4ef6\u4fa1\u683c\uff09<\/td>\n7,000\u4e07\u5186<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u3010\u4e0d\u52d5\u7523\u6295\u8cc7\u306b\u304a\u3051\u308bDCF\u6cd5\u306e\u8a08\u7b97\u5f0f\u3011<\/p>\n

(\u5bb6\u8cc3\u53ce\u5165\u00d7(1\uff0d\u7a7a\u5ba4\u7387))\/(1+(\u5272\u5f15\u7387))^(\u985e\u4e57\u306f\u5e74\u6570\u3068\u540c\u3058)<\/p>\n

\u30fb1\u5e74\u76eeDCF\uff1a7,560,000\/\uff081+5\uff05)\uff3e1<\/sup>\uff1d7,200,000<\/p>\n

\u30fb2\u5e74\u76eeDCF\uff1a7,560,000\/\uff081+5\uff05)\uff3e2<\/sup>\uff1d6,857,143<\/p>\n

\u30fb3\u5e74\u76eeDCF\uff1a7,560,000\/\uff081+5\uff05)\uff3e3<\/sup>\uff1d6,530,612<\/p>\n

\u30fb4\u5e74\u76eeDCF\uff1a7,560,000\/\uff081+5\uff05)\uff3e4<\/sup>\uff1d6,219,631<\/p>\n

\u30fb5\u5e74\u76eeDCF\uff1a7,560,000\/\uff081+5\uff05)\uff3e5<\/sup>\uff1d5,923,458<\/p>\n

5\u5e74\u9593\u306eDCF\u5408\u8a08\uff1a32,730,844\u5186<\/p>\n

\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u5834\u5408\u306f\u3001\u6295\u8cc7\u671f\u9593\u7d42\u4e86\u6642\u306b\u7269\u4ef6\u3092\u58f2\u5374\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u305f\u3081\u3001\u58f2\u5374\u91d1\u984d\u3092\u7b97\u51fa\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002\u305d\u306e\u305f\u3081\u3001\u4e0d\u52d5\u7523\u306eDCF\u3067\u306f\u6c38\u4e45\u6210\u9577\u7387\u3092\u4f7f\u7528\u3057\u306a\u3044\u3002\u5c1a\u3001\u4e0d\u52d5\u7523\u306e\u58f2\u5374\u91d1\u984d\u3092\u7b97\u51fa\u3059\u308b\u969b\u306b\u306f5\u5e74\u76ee\u306e\u5272\u5f15\u7387\u3092\u9069\u7528\u3059\u308b\u3002<\/p>\n

70,000,000\/\uff081+5\uff05)\uff3e5<\/sup>\uff1d54,846,832<\/p>\n

\u5bfe\u8c61\u4e0d\u52d5\u7523\u306b5\u5e74\u9593\u6295\u8cc7\u3057\u305f\u5834\u5408\u306eDCF\u6cd5\u306b\u3088\u308b\u4fa1\u5024\u306f\u30015\u5e74\u9593\u306eDCF\u30685\u5e74\u5f8c\u306e\u4e0d\u52d5\u7523\u58f2\u5374\u91d1\u984d\u3092\u8db3\u3057\u3066\u7b97\u51fa\u3059\u308b\u3002<\/p>\n

32,730,844+54,846,832\uff1d87,577,676<\/p>\n

\u3053\u306e\u4f8b\u3067\u306f\u3001\u5bfe\u8c61\u4e0d\u52d5\u7523\u306b7,000\u4e07\u5186\u30925\u5e74\u9593\u6295\u8cc7\u3057\u305f\u4fa1\u5024\u306f87,577,676\u5186\u3067\u3042\u308a\u300117,577,678\u5186\u306e\u53ce\u5165\u3092\u5f97\u305f\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n

 <\/p>\n

DCF\u6cd5\u306e\u6ce8\u610f\u4e8b\u9805<\/h2>\n

DCF\u6cd5\u306f\u7cbe\u5bc6\u306a\u4e0d\u52d5\u7523\u4fa1\u5024\u3092\u7b97\u51fa\u3067\u304d\u308b\u304c100\uff05\u6b63\u89e3\u3068\u3044\u3046\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u5c06\u6765\u3092\u4e88\u60f3\u3057\u305f\u5272\u5f15\u7387\u3084\u7a7a\u5ba4\u7387\u3092\u4f7f\u7528\u3057\u3066\u7b97\u51fa\u3059\u308b\u305f\u3081\u3001\u30ba\u30ec\u304c\u767a\u751f\u3059\u308b\u306e\u306f\u5f53\u7136\u306e\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n

\u4eee\u5b9a\u306e\u6570\u5024\u3092\u4f7f\u7528\u3059\u308b\u305f\u3081\u3001\u4e0d\u52d5\u7523\u4f1a\u793e\u306b\u3068\u3063\u3066\u90fd\u5408\u306e\u3044\u3044\u5272\u5f15\u7387\u3092\u8a2d\u5b9a\u3059\u308b\u3053\u3068\u3082\u53ef\u80fd\u3067\u3042\u308b\u3002\u4e0d\u52d5\u7523\u6295\u8cc7\u3092\u3059\u308b\u524d\u306b\u3001\u4e0d\u52d5\u7523\u4f1a\u793e\u304b\u3089\u793a\u3055\u308c\u305fDCF\u6cd5\u306b\u3088\u308b\u4e0d\u52d5\u7523\u4fa1\u5024\u306e\u4e2d\u8eab\u306b\u3064\u3044\u3066\u3001\u3088\u304f\u691c\u8a3c\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3060\u3002DCF\u6cd5\u3092\u7406\u89e3\u3057\u3066\u304a\u3051\u3070\u3001\u691c\u8a3c\u3082\u5bb9\u6613\u306b\u884c\u3048\u308b\u306e\u3060\u3002<\/p>\n

 <\/p>\n

\u307e\u3068\u3081<\/h2>\n

DCF\u6cd5\u3092\u6d3b\u7528\u3057\u3066\u4e0d\u52d5\u7523\u306e\u4fa1\u5024\u3092\u77e5\u308b\u3053\u3068\u306f\u3001\u4e0d\u52d5\u7523\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u6709\u76ca\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u3001DCF\u6cd5\u304c\u3044\u304b\u306a\u308b\u3082\u306e\u304b\u3092\u77e5\u3089\u305a\u306b\u3001\u4e0d\u52d5\u7523\u4f1a\u793e\u304b\u3089\u63d0\u793a\u3055\u308c\u305f\u6570\u5b57\u3092\u9d5c\u5451\u307f\u306b\u3059\u308b\u3053\u3068\u306f\u907f\u3051\u305f\u307b\u3046\u304c\u3088\u3044\u3002<\/p>\n

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