{"id":86,"date":"2021-07-16T15:23:00","date_gmt":"2021-07-16T06:23:00","guid":{"rendered":"https:\/\/sterling.xbiz.jp\/?p=86"},"modified":"2022-03-02T13:44:27","modified_gmt":"2022-03-02T04:44:27","slug":"roe%e3%81%8c%e9%ab%98%e3%81%84%e4%bc%81%e6%a5%ad%e3%81%ae%e7%89%b9%e5%be%b4%e3%81%af%ef%bc%9f%e6%8c%87%e6%a8%99%e3%81%ae%e8%a6%8b%e6%96%b9%e3%82%84%e6%8a%95%e8%b3%87%e6%99%82%e3%81%ae%e6%b4%bb","status":"publish","type":"post","link":"https:\/\/smallcap-online.jp\/?p=86","title":{"rendered":"ROE\u304c\u9ad8\u3044\u4f01\u696d\u306e\u7279\u5fb4\u306f\uff1f\u6307\u6a19\u306e\u898b\u65b9\u3084\u6295\u8cc7\u6642\u306e\u6d3b\u7528\u6cd5"},"content":{"rendered":"\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u4f01\u696d\u7d4c\u55b6\u306e\u52b9\u7387\u6027\u3092\u793a\u3059\u300cROE\u300d\u306f\u3001\u682a\u5f0f\u6295\u8cc7\u3092\u3059\u308b\u969b\u306b\u77e5\u3063\u3066\u304a\u304f\u3079\u304d\u6307\u6a19\u306e1\u3064\u3067\u3059\u3002ROE\u3092\u8aad\u307f\u89e3\u3051\u3070\u3001\u4f01\u696d\u306e\u53ce\u76ca\u6027\u3084\u6210\u9577\u6027\u3092\u4e88\u60f3\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6307\u6a19\u306e\u8a08\u7b97\u65b9\u6cd5\u3084\u76ee\u5b89\u3001\u6d3b\u7528\u6642\u306e\u6ce8\u610f\u70b9\u306a\u3069\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002\u5272\u5b89\u3067\u6210\u9577\u6027\u304c\u3042\u308b\u9298\u67c4\u3078\u306e\u6295\u8cc7\u3092\u76ee\u6307\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

\u76ee\u6b21<\/h2>\n\n\n\n

1.ROE\u3068\u306f\uff1f<\/p>\n\n\n\n

\u30001-1 \u8cc7\u672c\u52b9\u7387\u3092\u898b\u6975\u3081\u308b\u8ca1\u52d9\u6307\u6a19<\/p>\n\n\n\n

\u30001-2 ROA\u3068\u306e\u9055\u3044<\/p>\n\n\n\n

\u30001-3 ROIC\u3068\u306e\u9055\u3044<\/p>\n\n\n\n

2.ROE\u304c\u9ad8\u3044\u4f01\u696d\u306e\u7279\u5fb4\u306f\uff1f<\/p>\n\n\n\n

\u30002-1 ROE\u304c\u9ad8\u3044\u4f01\u696d\u3092\u7d39\u4ecb<\/p>\n\n\n\n

\u30002-2 ROE\u304c\u9ad8\u3044\u4f01\u696d\u306e\u5171\u901a\u70b9<\/p>\n\n\n\n

\u30002-3ROE\u304c\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044\u696d\u7a2e<\/p>\n\n\n\n

3.ROE\u306e\u6c42\u3081\u65b9\uff1a\u30c7\u30e5\u30dd\u30f3\u5206\u89e3<\/p>\n\n\n\n

4.ROE\u306e\u76ee\u5b89<\/p>\n\n\n\n

5. ROE\u3092\u898b\u308b\u969b\u306e\u6ce8\u610f\u70b9<\/p>\n\n\n\n

\u30005-1.\u65b9\u6cd51\uff1aROA\u3084ROIC\u3068\u6bd4\u8f03\u3059\u308b<\/p>\n\n\n\n

\u30005-2.\u65b9\u6cd52\uff1a\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3068\u6bd4\u8f03\u3059\u308b<\/p>\n\n\n\n

\u30005-3.\u65b9\u6cd53\uff1aPER\u3001PBR\u3068\u6bd4\u8f03\u3057\u3066\u307f\u308b<\/p>\n\n\n\n

6.\u682a\u5f0f\u6295\u8cc7\u3067ROE\u3092\u6d3b\u7528\u3059\u308b\u5834\u5408\u306b\u306f\u7dcf\u5408\u7684\u306b\u898b\u3088\u3046<\/p>\n\n\n\n

<\/p>\n\n\n\n

1.ROE\u3068\u306f\uff1f<\/h2>\n\n\n\n

ROE\u3068\u306f\u3001\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff08Return On Equity\uff09\u306e\u3053\u3068\u3067\u3001\u4f01\u696d\u304c\u81ea\u5df1\u8cc7\u672c\u3092\u3069\u308c\u307b\u3069\u52b9\u7387\u7684\u306b\u904b\u7528\u3057\u3066\u5229\u76ca\u3092\u5f97\u3089\u308c\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u6307\u6a19\u3067\u3059\u3002ROE\u3092\u8aad\u307f\u89e3\u304f\u3053\u3068\u3067\u3001\u4f01\u696d\u306e\u53ce\u76ca\u6027\u3084\u6210\u9577\u6027\u3092\u4e88\u6e2c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

ROE\u306f\u6b21\u306e\u8a08\u7b97\u5f0f\u3067\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u6570\u5024\u304c\u9ad8\u3044\u307b\u3069\u7d4c\u55b6\u52b9\u7387\u304c\u3088\u3044\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

1\uff1aROE\uff08\uff05\uff09\uff1d\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u81ea\u5df1\u8cc7\u672c\u00d7100
2\uff1aROE\uff08\uff05\uff09\uff1dEPS\uff081\u682a\u5f53\u305f\u308a\u306e\u5f53\u671f\u7d14\u5229\u76ca\uff09\u00f7BPS\uff081\u682a\u5f53\u305f\u308a\u306e\u7d14\u8cc7\u7523\uff09\u00d7100<\/p>\n\n\n\n

ROE\u3092\u7d10\u89e3\u304f\u306b\u3042\u305f\u3063\u3066\u306f\u3001\u4f01\u696d\u306e\u8cc7\u7523\u306b\u3064\u3044\u3066\u7406\u89e3\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002\u4f01\u696d\u306e\u8cc7\u7523\uff08\u7dcf\u8cc7\u672c\uff09\u306f\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u4e0a\u3067\u8aac\u660e\u3059\u308b\u3068\u3001\u6b21\u306e\u3088\u3046\u306b\u81ea\u5df1\u8cc7\u672c\u3068\u8ca0\u50b5\uff08\u4ed6\u4eba\u8cc7\u672c\uff09\u306b\u308f\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

\u7dcf\u8cc7\u672c
\uff08\u7dcf\u8cc7\u7523\uff09<\/td>		\u4ed6\u4eba\u8cc7\u672c\uff08\u8ca0\u50b5\uff09
\u2192\u793e\u50b5\u3084\u501f\u5165\u91d1\u306a\u3069<\/td><\/tr>
\u81ea\u5df1\u8cc7\u672c
\u2192\u8cc7\u672c\u91d1\u3084\u5229\u76ca\u5270\u4f59\u91d1\u306a\u3069<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u8ca0\u50b5\uff08\u4ed6\u4eba\u8cc7\u672c\uff09\u306f\u3001\u51fa\u8cc7\u8005\u4ee5\u5916\u306e\u50b5\u6a29\u8005\u304b\u3089\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3067\u3059\u3002\u9577\u671f\u30fb\u77ed\u671f\u501f\u5165\u91d1\u3001\u652f\u6255\u624b\u5f62\u3001\u8cb7\u639b\u91d1\u3001\u793e\u50b5\u306a\u3069\u304c\u8a72\u5f53\u3057\u307e\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u3068\u306f\u3001\u4f01\u696d\u306e\u682a\u4e3b\uff08\u81ea\u5df1\uff09\u304b\u3089\u8abf\u9054\u3057\u305f\u8cc7\u91d1\u3067\u3059\u3002\u8cc7\u672c\u91d1\u3084\u5229\u76ca\u5270\u4f59\u91d1\u3001\u6cd5\u5b9a\u6e96\u5099\u91d1\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

1-1 \u8cc7\u672c\u52b9\u7387\u3092\u898b\u6975\u3081\u308b\u8ca1\u52d9\u6307\u6a19<\/h3>\n\n\n\n

ROE\u3092\u8abf\u3079\u308c\u3070\u3001\u5229\u76ca\u306e\u52b9\u7387\u6027\u304c\u308f\u304b\u308a\u307e\u3059\u3002\u305f\u3068\u3048\u3070\u3001\u6b21\u306e2\u793e\u3067\u8003\u3048\u3066\u307f\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

<\/th>A\u793e<\/th>B\u793e<\/th><\/tr>
\u5f53\u671f\u7d14\u5229\u76ca<\/td>10\u5104\u5186<\/td>10\u5104\u5186<\/td><\/tr>
\u81ea\u5df1\u8cc7\u672c<\/td>50\u5104\u5186<\/td>40\u5104\u5186<\/td><\/tr>
ROE
\uff08\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u81ea\u5df1\u8cc7\u672c\uff09<\/td>		20\uff05
\uff0810\u5104\u5186\u00f750\u5104\u5186\u00d7100\uff09<\/td>		25\uff05
\uff0810\u5104\u5186\u00f740\u5104\u5186\u00d7100\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

\u3069\u3061\u3089\u3082\u5f53\u671f\u7d14\u5229\u76ca\u306f10\u5104\u5186\u3068\u540c\u3058\u91d1\u984d\u3067\u3059\u304cROE\u3092\u898b\u308b\u3068\u3001A\u4f01\u696d\u3088\u308a\u3082B\u4f01\u696d\u306e\u307b\u3046\u304c\u81ea\u5df1\u8cc7\u672c\u3067\u591a\u304f\u306e\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u305f\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u306f\u3001\u4f01\u696d\u306e\u51fa\u8cc7\u8005\u3067\u3042\u308b\u682a\u4e3b\u304c\u6295\u8cc7\u3057\u305f\u8cc7\u91d1\u3067\u3059\u3002\u3064\u307e\u308aROE\u306f\u3001\u300c\u682a\u4e3b\u304c\u6295\u8cc7\u3057\u305f\u8cc7\u91d1\u3067\u3001\u3069\u308c\u304f\u3089\u3044\u306e\u53ce\u76ca\u3092\u4e0a\u3052\u305f\u304b\u300d\u304c\u308f\u304b\u308b\u6307\u6a19\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

\u6295\u8cc7\u5bb6\u306f\u3001\u4f01\u696d\u306e\u6210\u9577\u3068\u305d\u3053\u304b\u3089\u5f97\u3089\u308c\u308b\u5229\u76ca\u306e\u5206\u914d\u3092\u671f\u5f85\u3057\u3066\u51fa\u8cc7\u3092\u884c\u3046\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u6295\u8cc7\u306e\u8cc7\u91d1\u52b9\u7387\u304c\u308f\u304b\u308bROE\u306f\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u6307\u6a19\u306e1\u3064\u3068\u3044\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

1-2 ROA\u3068\u306e\u9055\u3044<\/h3>\n\n\n\n

\u5229\u76ca\u306e\u52b9\u7387\u6027\u304c\u308f\u304b\u308b\u6307\u6a19\u306b\u306fROE\u306e\u307b\u304b\u306bROA\u304c\u3042\u308a\u307e\u3059\u3002ROA\u3068\u306f\u3001\u7dcf\u8cc7\u7523\u5229\u76ca\u7387\uff08Return On Asset\uff09\u306e\u3053\u3068\u3067\u8a08\u7b97\u5f0f\u306f\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n

ROA\uff08\uff05\uff09\uff1d\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u7dcf\u8cc7\u7523\u00d7100<\/p>\n\n\n\n

ROE\u3067\u306f\u201c\u81ea\u5df1\u8cc7\u672c\u201d\u306b\u5bfe\u3059\u308b\u5229\u76ca\u306e\u5927\u304d\u3055\u3092\u8a08\u308b\u306e\u306b\u5bfe\u3057\u3001ROA\u306f\u201c\u7dcf\u8cc7\u7523\u201d\u306b\u5bfe\u3059\u308b\u5f53\u671f\u7d14\u5229\u76ca\u306e\u5272\u5408\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002\u3064\u307e\u308aROA\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3067\u3001\u793e\u50b5\u3084\u501f\u5165\u91d1\u306a\u3069\u306e\u8ca0\u50b5\uff08\u4ed6\u4eba\u8cc7\u672c\uff09\u3082\u542b\u3081\u305f\u5229\u76ca\u306e\u52b9\u7387\u6027\u3092\u77e5\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n

\u4f01\u696d\u304c\u3088\u308a\u5927\u304d\u306a\u5229\u76ca\u3092\u72d9\u3046\u305f\u3081\u306b\u306f\u3001\u5148\u884c\u6295\u8cc7\u3068\u3057\u3066\u8ca0\u50b5\u3092\u62b1\u3048\u308b\u3053\u3068\u306f\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002\u501f\u308a\u5165\u308c\u305f\u8cc7\u91d1\u3092\u6d3b\u7528\u3057\u3066\u4e8b\u696d\u3092\u5c55\u958b\u3059\u308b\u3053\u3068\u3067\u3001\u81ea\u5df1\u8cc7\u91d1\u3060\u3051\u3067\u306f\u5b9f\u73fe\u3067\u304d\u306a\u3044\u5229\u76ca\u3092\u76ee\u6307\u3059\u306e\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u696d\u7e3e\u304c\u597d\u8abf\u306a\u4f01\u696d\u3067\u3082\u8ca0\u50b5\u3092\u62b1\u3048\u308b\u4f01\u696d\u306f\u305f\u304f\u3055\u3093\u3042\u308a\u307e\u3059\u3002\u8ca0\u50b5\u3092\u542b\u3081\u305f\u7dcf\u5408\u7684\u306a\u5229\u76ca\u3092\u78ba\u8a8d\u3059\u308b\u306b\u306f\u3001ROA\u3082\u91cd\u8981\u306a\u6307\u6a19\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

1-3 ROIC\u3068\u306e\u9055\u3044<\/h3>\n\n\n\n

\u5229\u76ca\u306e\u52b9\u7387\u6027\u3092\u8a08\u308b\u3082\u3046\u3072\u3068\u3064\u306e\u6307\u6a19\u306b\u3001ROIC\u304c\u3042\u308a\u307e\u3059\u3002ROIC\u306f\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff08Return On Invested Capital\uff09\u306e\u3053\u3068\u3067\u3001\u6b21\u306e\u5f0f\u3067\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

ROIC\uff1d\uff08\u55b6\u696d\u5229\u76ca\u00d7\uff081\uff0d\u5b9f\u52b9\u7a0e\u7387\uff09\uff09\u00f7\uff08\u682a\u4e3b\u8cc7\u672c\uff0b\u6709\u5229\u5b50\u8ca0\u50b5\uff09<\/p>\n\n\n\n

\u203b\uff08\u55b6\u696d\u5229\u76ca\u00d7\uff081\uff0d\u5b9f\u52b9\u7a0e\u7387\uff09\uff09\u306f\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u306e\u3053\u3068<\/p>\n\n\n\n

ROE\u3084ROA \u3067\u306f\u201c\u5f53\u671f\u7d14\u5229\u76ca\u201d\u3092\u7528\u3044\u3066\u7b97\u51fa\u3059\u308b\u306e\u306b\u5bfe\u3057\u3001ROIC\u3067\u306f\u672c\u696d\u3067\u7a3c\u3044\u3060\u91d1\u984d\u3092\u793a\u3059\u201c\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u201d\u3092\u7528\u3044\u308b\u3053\u3068\u304c\u5927\u304d\u306a\u9055\u3044\u3067\u3059\u3002\u682a\u4e3b\u8cc7\u672c\uff08\u81ea\u5df1\u8cc7\u672c\uff09\u3068\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u4ed6\u4eba\u8cc7\u672c\uff09\u306f\u3001\u672c\u696d\u306b\u6295\u4e0b\u3057\u305f\u8cc7\u672c\u3092\u6307\u3057\u307e\u3059\u3002ROIC\u306fROE\u3084ROA\u306b\u6bd4\u3079\u3066\u3001\u3088\u308a\u672c\u696d\u306e\u53ce\u76ca\u6027\u3092\u8a08\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u6307\u6a19\u3060\u3068\u3044\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

2.ROE\u304c\u9ad8\u3044\u4f01\u696d\u306e\u7279\u5fb4\u306f\uff1f<\/h2>\n\n\n\n

\u4f01\u696d\u306e\u53ce\u76ca\u6027\u3092\u8868\u3059ROE\u306f\u3001\u6295\u8cc7\u9298\u67c4\u3092\u9078\u3076\u6750\u6599\u3068\u3057\u3066\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u6d3b\u7528\u3057\u3066\u3044\u307e\u3059\u3002\u9ad8ROE\u306e\u9298\u67c4\u3092\u898b\u4ed8\u3051\u308b\u306b\u306f\u3001ROE\u304c\u9ad8\u3044\u4f01\u696d\u306e\u7279\u5fb4\u3084\u3001ROE\u6c34\u6e96\u304c\u9ad8\u3044\u696d\u754c\u306a\u3069\u3092\u77e5\u3063\u3066\u304a\u304f\u3068\u4fbf\u5229\u3067\u3059\u3002<\/p>\n\n\n\n

2-1 ROE\u304c\u9ad8\u3044\u4f01\u696d\u3092\u7d39\u4ecb<\/h3>\n\n\n\n

\u682a\u4fa1\u60c5\u5831\u30b5\u30a4\u30c8\u306a\u3069\u3067\u306f\u3001\u9ad8ROE\u9298\u67c4\u30e9\u30f3\u30ad\u30f3\u30b0\u304c\u63b2\u8f09\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u9ad8ROE\u9298\u67c4\u306e\u691c\u8a0e\u304c\u3064\u304b\u306a\u3044\u3001\u3067\u304d\u308b\u3060\u3051\u7c21\u5358\u306b\u9ad8ROE\u9298\u67c4\u3092\u63a2\u3057\u305f\u3044\u3068\u8003\u3048\u308b\u306a\u3089\u3001\u30e9\u30f3\u30ad\u30f3\u30b0\u304b\u3089\u9078\u629e\u3059\u308b\u306e\u3082\u6709\u52b9\u306a\u65b9\u6cd5\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u4e00\u4f8b\u3068\u3057\u3066\u3001\u6c11\u9593\u306e\u682a\u4fa1\u60c5\u5831\u30b5\u30a4\u30c8\u306a\u3069\u304c\u767a\u8868\u3057\u3066\u3044\u308b\u9ad8ROE\u9298\u67c4\u4e0a\u4f4d15\u793e\u3092\u6b21\u306e\u8868\u306b\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\u25bd\u9ad8ROE\u9298\u67c4\u4e0a\u4f4d15\u793e\uff082021\u5e746\u6708\u57f7\u7b46\u6642\u70b9\uff09<\/p>\n\n\n\n

\u9298\u67c4<\/th>\u30b3\u30fc\u30c9<\/th>\u696d\u7a2e<\/th>\u5e02\u5834<\/th>\u4eca\u671fROE\uff08\u4e88\u60f3\uff09<\/th><\/tr>
\u30d6\u30a4\u30ad\u30e5\u30fc\u30d6<\/td>3681<\/td>\u60c5\u5831\u30fb\u901a\u4fe1\u696d<\/td>\u6771\u8a3c1\u90e8<\/td>47.44<\/td><\/tr>
\u30ca\u30d6\u30c6\u30b9\u30b3<\/td>6268<\/td>\u6a5f\u68b0<\/td>\u6771\u8a3c1\u90e8<\/td>41.91<\/td><\/tr>
\u30d9\u30cd\u30d5\u30a3\u30c3\u30c8\u30fb\u30ef\u30f3<\/td>2412<\/td>\u30b5\u30fc\u30d3\u30b9\u696d<\/td>\u6771\u8a3c1\u90e8<\/td>40.88<\/td><\/tr>
\u30b1\u30a4\u30a2\u30a4\u30b9\u30bf\u30fc\u4e0d\u52d5\u7523<\/td>3465<\/td>\u4e0d\u52d5\u7523\u696d<\/td>\u6771\u8a3c1\u90e8<\/td>40.77<\/td><\/tr>
\u30ed\u30fc\u30c9\u30b9\u30bf\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb<\/td>3482<\/td>\u4e0d\u52d5\u7523\u696d<\/td>\u6771\u8a3c\u30de\u30b6\u30fc\u30ba<\/td>40.33<\/td><\/tr>
\u30b1\u30a2\u30cd\u30c3\u30c8<\/td>2150<\/td>\u30b5\u30fc\u30d3\u30b9\u696d<\/td>\u6771\u8a3c\u30de\u30b6\u30fc\u30ba<\/td>38.90<\/td><\/tr>
Macbee Planet<\/td>7095<\/td>\u30b5\u30fc\u30d3\u30b9\u696d<\/td>\u6771\u8a3c\u30de\u30b6\u30fc\u30ba<\/td>36.11<\/td><\/tr>
\u30c7\u30b8\u30bf\u30eb\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9<\/td>2389<\/td>\u30b5\u30fc\u30d3\u30b9\u696d<\/td>\u6771\u8a3c1\u90e8<\/td>35.78<\/td><\/tr>
JCR\u30d5\u30a1\u30fc\u30de<\/td>4552<\/td>\u533b\u85ac\u54c1<\/td>\u6771\u8a3c1\u90e8<\/td>35.13<\/td><\/tr>
\u30ed\u30fc\u30e9\u30f3\u30c9<\/td>7944<\/td>\u305d\u306e\u4ed6\u88fd\u54c1<\/td>\u6771\u8a3c1\u90e8<\/td>32.72<\/td><\/tr>
\u6771\u4eac\u30a8\u30ec\u30af\u30c8\u30ed\u30f3<\/td>8035<\/td>\u96fb\u6c17\u6a5f\u5668<\/td>\u6771\u8a3c1\u90e8<\/td>32.58<\/td><\/tr>
E\u30b9\u30c8\u30a2\u30fc<\/td>4304<\/td>\u60c5\u5831\u30fb\u901a\u4fe1\u696d<\/td>JASDAQ<\/td>31.58<\/td><\/tr>
\u30bf\u30de\u30db\u30fc\u30e0<\/td>1419<\/td>\u5efa\u8a2d\u696d<\/td>\u6771\u8a3c1\u90e8<\/td>29.56<\/td><\/tr>
\u30d9\u30fc\u30b9<\/td>4481<\/td>\u60c5\u5831\u30fb\u901a\u4fe1\u696d<\/td>\u6771\u8a3c1\u90e8<\/td>29.02<\/td><\/tr>
\u5b66\u7a76\u793e<\/td>9769<\/td>\u30b5\u30fc\u30d3\u30b9\u696d<\/td>\u6771\u8a3c1\u90e8<\/td>28.89<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

2-2 ROE\u304c\u9ad8\u3044\u4f01\u696d\u306e\u5171\u901a\u70b9<\/h3>\n\n\n\n

ROE\u304c\u9ad8\u3044\u4f01\u696d\u306b\u306f\u3001\u4ee5\u4e0b\u306e2\u3064\u306e\u7279\u5fb4\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

1. \u5f53\u671f\u7d14\u5229\u76ca\u304c\u9ad8\u3044<\/strong>
\u5f53\u671f\u7d14\u5229\u76ca\u304c\u9ad8\u3044\u3068\u3001ROE\u306f\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002ROE\u306e\u9ad8\u3044\u9298\u67c4\u304c\u6295\u8cc7\u5148\u3068\u3057\u3066\u9b45\u529b\u7684\u3068\u3044\u308f\u308c\u308b\u306e\u306f\u3001\u3053\u306e\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n

2. \u7dcf\u8cc7\u672c\u306b\u304a\u3051\u308b\u8ca0\u50b5\u304c\u5360\u3081\u308b\u5272\u5408\u304c\u5927\u304d\u3044<\/strong>
\u7dcf\u8cc7\u672c\u306b\u304a\u3051\u308b\u8ca0\u50b5\u304c\u5360\u3081\u308b\u5272\u5408\u304c\u5927\u304d\u3044\u5834\u5408\u306b\u3082\u3001ROE\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002\u3042\u308b\u7a0b\u5ea6\u306e\u8ca0\u50b5\u306f\u3001\u5229\u76ca\u3092\u751f\u3080\u3046\u3048\u3067\u5fc5\u8981\u3067\u3059\u3002\u3057\u304b\u3057\u3001\u5927\u304d\u3059\u304e\u308b\u8ca0\u50b5\u306f\u3001\u4f01\u696d\u306e\u7d4c\u55b6\u72b6\u614b\u3092\u4e0d\u5b89\u5b9a\u306b\u3059\u308b\u8981\u56e0\u3068\u306a\u308a\u304b\u306d\u307e\u305b\u3093\u3002\u9ad8ROE\u306e\u8981\u56e0\u304c\u8ca0\u50b5\u984d\u306b\u3082\u3068\u3065\u304f\u5834\u5408\u306b\u306f\u6ce8\u610f\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

2-3ROE\u304c\u9ad8\u304f\u306a\u308a\u3084\u3059\u3044\u696d\u7a2e<\/h3>\n\n\n\n

\u4e0d\u52d5\u7523\u696d\u306a\u3069\u7279\u5b9a\u306e\u696d\u7a2e\u3067\u306f\u3001\u7dcf\u8cc7\u672c\u306b\u304a\u3051\u308b\u8ca0\u50b5\u306e\u5272\u5408\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u306a\u305c\u306a\u3089\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306b\u3088\u3063\u3066\u306f\u3001\u91d1\u878d\u6a5f\u95a2\u306a\u3069\u304b\u3089\u8cc7\u91d1\u3092\u501f\u308a\u5165\u308c\u81ea\u5df1\u8cc7\u672c\u4ee5\u4e0a\u306e\u8cc7\u91d1\u3067\u4e8b\u696d\u3092\u884c\u3046\uff08\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u52b9\u304b\u305b\u308b\uff09\u5fc5\u8981\u304c\u3042\u308b\u304b\u3089\u3067\u3059\u3002\u696d\u7a2e\u306b\u3088\u3063\u3066\u8ca0\u50b5\u306e\u5927\u304d\u3055\u306b\u3069\u306e\u304f\u3089\u3044\u306e\u9055\u3044\u304c\u3042\u308b\u306e\u304b\u3092\u3001\u6b21\u306e\u8868\u3067\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

\u25bd\u696d\u754c\u5225 \u8ca0\u50b5\u6bd4\u7387\u306e\u4e00\u4f8b<\/p>\n\n\n\n

\u696d\u7a2e<\/th>\u8ca0\u50b5\u6bd4\u7387\uff08\u8ca0\u50b5\u6bd4\u7387\uff1a\u8ca0\u50b5\u00f7\u81ea\u5df1\u8cc7\u672c\u00d7100\uff08\uff05\uff09\uff09<\/th><\/tr>
\u5efa\u8a2d\u696d<\/td>139.34\uff05<\/td><\/tr>
\u88fd\u9020\u696d<\/td>114.95\uff05<\/td><\/tr>
\u60c5\u5831\u901a\u4fe1\u696d<\/td>68.58\uff05<\/td><\/tr>
\u904b\u8f38\u696d\u30fb\u90f5\u4fbf\u696d<\/td>183.60\uff05<\/td><\/tr>
\u5378\u58f2\u696d<\/td>152.91\uff05<\/td><\/tr>
\u5c0f\u58f2\u696d<\/td>201.93\uff05<\/td><\/tr>
\u4e0d\u52d5\u7523\u696d\u30fb\u7269\u54c1\u8cc3\u8cb8\u696d<\/td>179.05\uff05<\/td><\/tr>
\u5b66\u8853\u7814\u7a76\u3001\u5c02\u9580\u30fb\u6280\u8853\u30b5\u30fc\u30d3\u30b9\u696d<\/td>30.97\uff05<\/td><\/tr>
\u5bbf\u6cca\u696d\u30fb\u98f2\u98df\u30b5\u30fc\u30d3\u30b9\u696d<\/td>504.44\uff05<\/td><\/tr>
\u751f\u6d3b\u95a2\u9023\u30b5\u30fc\u30d3\u30b9\u696d\u30fb\u5a2f\u697d\u696d<\/td>160.50\uff05<\/td><\/tr>
\u30b5\u30fc\u30d3\u30b9\u696d\uff08\u4ed6\u306b\u5206\u985e\u3055\u308c\u306a\u3044\u3082\u306e\uff09<\/td>114.50\uff05<\/td><\/tr><\/tbody><\/table>
\u5f15\u7528\uff1a\u4e2d\u5c0f\u4f01\u696d\u5b9f\u614b\u57fa\u672c\u8abf\u67fb\uff082019\u5e74\u5ea6\u6c7a\u7b97\u5b9f\u7e3e\uff09<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

\u8ca0\u50b5\u306e\u5927\u304d\u3055\u306f\u3001\u696d\u7a2e\u306b\u3088\u3063\u3066\u5927\u304d\u304f\u5dee\u304c\u3042\u308a\u307e\u3059\u3002\u501f\u308a\u5165\u308c\u304c\u591a\u3044\u696d\u7a2e\u3067\u306f\u3001ROE\u304c\u9ad8\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081ROE\u3092\u898b\u308b\u969b\u306b\u306f\u3001\u540c\u696d\u4ed6\u793e\u306eROE\u3068\u6bd4\u8f03\u3059\u308b\u3053\u3068\u3082\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

3.ROE\u306e\u6c42\u3081\u65b9\uff1a\u30c7\u30e5\u30dd\u30f3\u5206\u89e3<\/h2>\n\n\n\n

ROE\u3092\u6df1\u304f\u8aad\u307f\u89e3\u304f\u306b\u306f\u3001\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u3092\u6d3b\u7528\u3057\u307e\u3057\u3087\u3046\u3002\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u3068\u306f\u3001ROE\u3092\u4ee5\u4e0b\u306e3\u8981\u7d20\u306b\u5206\u89e3\u3057\u3066\u8003\u3048\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

1\uff1a\u53ce\u76ca\u6027\uff08\u5f53\u671f\u7d14\u5229\u76ca\u00f7\u58f2\u4e0a\u9ad8\uff09<\/strong>
\u58f2\u4e0a\u9ad8\u306b\u5bfe\u3057\u3069\u306e\u304f\u3089\u3044\u7d14\u5229\u76ca\u3092\u4e0a\u3052\u305f\u304b\u3092\u8a08\u308b\u6307\u6a19\u3002\u53ce\u76ca\u6027\u304c\u4e0a\u304c\u308c\u3070\u3001ROE\u3082\u9ad8\u304f\u306a\u308b\u3002
2\uff1a\u8cc7\u7523\u306e\u52b9\u7387\u6027\uff08\u58f2\u4e0a\u9ad8\u00f7\u7dcf\u8cc7\u672c\uff09<\/strong>
\u4fdd\u6709\u3059\u308b\u8cc7\u7523\u306b\u5bfe\u3057\u3069\u306e\u304f\u3089\u3044\u306e\u58f2\u4e0a\u9ad8\u3092\u4e0a\u3052\u305f\u304b\uff08\u751f\u7523\u6027\uff09\u3092\u8a08\u308b\u6307\u6a19\u3002\u8cc7\u7523\u306e\u52b9\u7387\u6027\u304c\u4e0a\u304c\u308c\u3070\u3001ROE\u3082\u9ad8\u304f\u306a\u308b\u3002
3\uff1a\u8ca1\u52d9\u5065\u5168\u6027\uff08\u7dcf\u8cc7\u672c\u00f7\u81ea\u5df1\u8cc7\u672c\uff09<\/strong>
\u7dcf\u8cc7\u672c\u306b\u5bfe\u3057\u3001\u3069\u306e\u304f\u3089\u3044\u306e\u8ca0\u50b5\uff08\u4ed6\u4eba\u8cc7\u672c\uff09\u3092\u5229\u7528\u3057\u3066\u3044\u308b\u304b\u3092\u8a08\u308b\u6307\u6a19\u3002\u8ca0\u50b5\u306e\u5897\u52a0\u306b\u3088\u308a\u3001ROE\u306f\u9ad8\u304f\u306a\u308b\u3002<\/p>\n\n\n\n

\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u3067\u306f\u4e0a\u8a18\u306e3\u8981\u7d20\u3092\u4f7f\u3044\u3001\u6b21\u306e\u5f0f\u3067ROE\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

ROE\uff1d\u53ce\u76ca\u6027\u00d7\u8cc7\u7523\u306e\u52b9\u7387\u6027\u00d7\u8ca1\u52d9\u5065\u5168\u6027<\/p>\n\n\n\n

\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u3092\u6d3b\u7528\u3059\u308c\u3070\u3001ROE\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u539f\u56e0\u304c\u660e\u78ba\u306b\u306a\u308a\u307e\u3059\u3002\u8ca0\u50b5\u306e\u5927\u304d\u3055\u3082\u898b\u3089\u308c\u308b\u305f\u3081\u3001\u6295\u8cc7\u5148\u9078\u3073\u306e\u5927\u304d\u306a\u6750\u6599\u306e1\u3064\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002\u7d4c\u55b6\u8005\u306e\u8996\u70b9\u3067\u306f\u3001\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u3092\u5229\u7528\u3059\u308b\u3053\u3068\u3067\u7d4c\u55b6\u4e0a\u306e\u554f\u984c\u70b9\u3092\u6d17\u3044\u51fa\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

4.ROE\u306e\u76ee\u5b89<\/h2>\n\n\n\n

ROE\u3092\u682a\u5f0f\u6295\u8cc7\u306b\u6d3b\u7528\u3059\u308b\u305f\u3081\u3001\u5224\u65ad\u57fa\u6e96\u3068\u306a\u308b\u76ee\u5b89\u306e\u6570\u5024\u3092\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002\u4e00\u822c\u7684\u306b\u3001ROE\u306f8\uff05\u3092\u8d85\u3048\u308b\u3068\u8a55\u4fa1\u3055\u308c\u307e\u3059\u304c\u3001\u56fd\u5185\u3067ROE\u4e0a\u4f4d\u306e\u9298\u67c4\u3068\u3055\u308c\u308b\u306e\u306f10\uff05\u4ee5\u4e0a\u3067\u3059\u3002<\/p>\n\n\n\n

\u65e5\u672c\u4f01\u696d\u306eROE\u306f\u3001\u7c73\u56fd\u3084\u6b27\u5dde\u306b\u6bd4\u3079\u4f4e\u3044\u3068\u3044\u308f\u308c\u307e\u3059\u3002ROE\u304c\u4f4e\u3044\u7406\u7531\u306e1\u3064\u304c\u3001\u30ea\u30b9\u30af\u3092\u3068\u3063\u305f\u4e8b\u696d\u5c55\u958b\u3092\u597d\u307e\u306a\u3044\u3068\u3044\u3046\u65e5\u672c\u4f01\u696d\u7279\u6709\u306e\u8003\u3048\u65b9\u306b\u3042\u308a\u307e\u3059\u3002\u8ca0\u50b5\u3092\u6d3b\u7528\u3057\u305f\u4f01\u696d\u6d3b\u52d5\u306f\u5927\u304d\u306a\u5229\u76ca\u3092\u751f\u3080\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u540c\u6642\u306b\u30ea\u30b9\u30af\u3082\u9ad8\u307e\u308a\u307e\u3059\u3002\u591a\u304f\u306e\u65e5\u672c\u4f01\u696d\u306f\u30ea\u30b9\u30af\u3092\u6291\u3048\u305f\u7d4c\u55b6\u3092\u884c\u3046\u50be\u5411\u304c\u5f37\u3044\u305f\u3081\u3001\u8ca0\u50b5\u984d\u304c\u6291\u3048\u3089\u308cROE\u3082\u3042\u307e\u308a\u4e0a\u304c\u3089\u306a\u3044\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

\u305d\u306e\u305f\u3081ROE\u304c\u4e0a\u304c\u308a\u306b\u304f\u3044\u65e5\u672c\u4f01\u696d\u306f\u3001\u53ce\u76ca\u529b\u304c\u4f4e\u304f\u6295\u8cc7\u3059\u308b\u9b45\u529b\u304c\u306a\u3044\u3068\u8003\u3048\u308b\u4eba\u3082\u3044\u308b\u3067\u3057\u3087\u3046\u3002\u3057\u304b\u3057\u5c11\u306a\u3044\u8ca0\u50b5\u3067\u4e00\u5b9a\u306e\u696d\u7e3e\u3092\u51fa\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u5b89\u5b9a\u3057\u305f\u4f01\u696d\u3060\u304b\u3089\u3068\u3082\u3044\u3048\u307e\u3059\u3002ROE\u3092\u53c2\u8003\u306b\u3057\u305f\u682a\u5f0f\u6295\u8cc7\u3067\u306f\u3001\u306a\u305c\u305d\u306e\u6570\u5024\u304c\u51fa\u3066\u3044\u308b\u306e\u304b\u3092\u6df1\u6398\u308a\u3057\u3001\u53ce\u76ca\u6027\u3084\u30ea\u30b9\u30af\u306e\u5927\u304d\u3055\u306a\u3069\u3092\u8a08\u308b\u3053\u3068\u304c\u809d\u5fc3\u3067\u3059\u3002<\/p>\n\n\n\n

5. ROE\u3092\u898b\u308b\u969b\u306e\u6ce8\u610f\u70b9<\/h2>\n\n\n\n

ROE\u306f\u3001\u9ad8\u3044\u307b\u3069\u53ce\u76ca\u6027\u304c\u9ad8\u304f\u6210\u9577\u304c\u671f\u5f85\u3067\u304d\u308b\u3068\u3055\u308c\u307e\u3059\u304c\u30012-2\u3067\u89e3\u8aac\u3057\u305f\u3068\u304a\u308a\u8ca0\u50b5\u304c\u591a\u3044\u4f01\u696d\u3082ROE\u304c\u9ad8\u304f\u306a\u308b\u70b9\u306b\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002ROE\u304c\u9ad8\u3044\u4f01\u696d\u3092\u898b\u3064\u3051\u305f\u3089\u3001\u682a\u5f0f\u8cfc\u5165\u3092\u6c7a\u3081\u308b\u524d\u306b\u8ca1\u52d9\u72b6\u6cc1\u3092\u78ba\u8a8d\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002\u8ca0\u50b5\u3092\u591a\u304f\u62b1\u3048\u305f\u9ad8ROE\u9298\u67c4\u3092\u898b\u5206\u3051\u308b\u306b\u306f\u30013\u3064\u306e\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

5-1.\u65b9\u6cd51\uff1aROA\u3084ROIC\u3068\u6bd4\u8f03\u3059\u308b<\/h3>\n\n\n\n

\u9ad8ROE\u306e\u9298\u67c4\u3092\u898b\u308b\u3068\u304d\u306b\u306f\u3001ROA\u3084ROIC\u306e\u63a8\u79fb\u3082\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002ROE\u304c\u9ad8\u304fROA\u304c\u4f4e\u3044\u4f01\u696d\u306f\u3001\u8ca0\u50b5\u304c\u591a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u306e\u5834\u5408\u3001\u8ca1\u52d9\u5065\u5168\u6027\u304c\u4f4e\u3044\u53ef\u80fd\u6027\u304c\u3042\u308b\u305f\u3081\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

ROIC\u306f\u3001\u8ca0\u50b5\u3082\u542b\u3081\u3066\u4e8b\u696d\u306b\u6295\u4e0b\u3057\u305f\u8cc7\u91d1\u306e\u53ce\u76ca\u6027\u3092\u8a08\u308c\u308b\u6307\u6a19\u3067\u3059\u3002ROIC\u304c\u9ad8\u3044\u306a\u3089\u3001\u8ca0\u50b5\u306e\u5927\u5c0f\u306b\u304b\u304b\u308f\u3089\u305a\u7a3c\u3050\u529b\u304c\u5f37\u3044\u4f01\u696d\u3060\u3068\u3044\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

5-2.\u65b9\u6cd52\uff1a\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3068\u6bd4\u8f03\u3059\u308b<\/h3>\n\n\n\n

\u81ea\u5df1\u8cc7\u672c\u304b\u3089\u5229\u76ca\u306e\u52b9\u7387\u6027\u3092\u6c42\u3081\u308bROE\u3067\u306f\u3001\u4f01\u696d\u304c\u3069\u306e\u304f\u3089\u3044\u306e\u8ca0\u50b5\uff08\u4ed6\u4eba\u8cc7\u672c\uff09\u3092\u62b1\u3048\u3066\u3044\u308b\u304b\u308f\u304b\u308a\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u53c2\u8003\u306b\u306a\u308b\u306e\u304c\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u3067\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306f\u3001\u7dcf\u8cc7\u7523\u306e\u3046\u3061\u81ea\u5df1\u8cc7\u672c\u304c\u3069\u306e\u304f\u3089\u3044\u306e\u5272\u5408\u3092\u5360\u3081\u308b\u304b\u8868\u3059\u6307\u6a19\u3067\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306f\u3001\u4ee5\u4e0b\u306e\u5f0f\u3067\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\uff08\uff05\uff09\uff1d\u81ea\u5df1\u8cc7\u672c\u00f7\u7dcf\u8cc7\u7523\u00d7100<\/p>\n\n\n\n

ROE\u304c\u9ad8\u3044\u9298\u67c4\u3060\u3063\u305f\u3068\u3057\u3066\u3082\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u304c\u4f4e\u3051\u308c\u3070\u3001\u4f1a\u793e\u306e\u5b89\u5b9a\u6027\u304c\u4f4e\u3044\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002\u7d4c\u6e08\u7523\u696d\u7701\u304c\u767a\u8868\u3057\u305f\u4f01\u696d\u6d3b\u52d5\u57fa\u672c\u8abf\u67fb\u306b\u3088\u308b\u3068\u30012018\u5e74\u30012019\u5e74\u5ea6\u306e\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u306e\u5e73\u5747\u306f\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002\u6295\u8cc7\u9298\u67c4\u3092\u63a2\u3059\u969b\u306e\u53c2\u8003\u306b\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n

\u25bd2018\uff5e2019\u5e74\u5ea6\u3000\u696d\u7a2e\u5225\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387\u4e00\u89a7<\/p>\n\n\n\n

\u696d\u7a2e<\/th>\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387
\uff082018\u5e74\uff09<\/th>		\u81ea\u5df1\u8cc7\u672c\u6bd4\u7387
\uff082019\u5e74\uff09<\/th><\/tr>
\u9271\u696d\u3001\u63a1\u77f3\u696d\u3001\u7802\u5229\u63a1\u53d6\u696d<\/td>69.0\uff05<\/td>59.2\uff05<\/td><\/tr>
\u88fd\u9020\u696d<\/td>51.4\uff05<\/td>51.0\uff05<\/td><\/tr>
\u96fb\u6c17\u30fb\u30ac\u30b9\u696d<\/td>23.5\uff05<\/td>27.1\uff05<\/td><\/tr>
\u60c5\u5831\u901a\u4fe1\u696d<\/td>50.5\uff05<\/td>50.0\uff05<\/td><\/tr>
\u5378\u58f2\u696d<\/td>38.4\uff05<\/td>39.3\uff05<\/td><\/tr>
\u5c0f\u58f2\u696d<\/td>42.8\uff05<\/td>43.5\uff05<\/td><\/tr>
\u30af\u30ec\u30b8\u30c3\u30c8\u30ab\u30fc\u30c9\u696d\u30fb\u5272\u8ce6\u91d1\u878d\u696d<\/td>10.1\uff05<\/td>11.6\uff05<\/td><\/tr>
\u7269\u54c1\u8cc3\u8cb8\u696d<\/td>13.1\uff05<\/td>12.7\uff05<\/td><\/tr>
\u5b66\u8853\u7814\u7a76\u3001\u5c02\u9580\u30fb\u6280\u8853\u30b5\u30fc\u30d3\u30b9\u696d<\/td>43.3\uff05<\/td>41.2\uff05<\/td><\/tr>
\u98f2\u98df\u30b5\u30fc\u30d3\u30b9\u696d<\/td>45.4\uff05<\/td>42.3\uff05<\/td><\/tr>
\u751f\u6d3b\u95a2\u9023\u30b5\u30fc\u30d3\u30b9\u696d\u3001\u5a2f\u697d\u696d<\/td>37.6\uff05<\/td>41.0\uff05<\/td><\/tr>
\u500b\u4eba\u6559\u6388\u6240<\/td>36.9\uff05<\/td>35.9\uff05<\/td><\/tr><\/tbody><\/table>
\u5f15\u7528\uff1a\u7d4c\u6e08\u7523\u696d\u7701\u4f01\u696d\u6d3b\u52d5\u57fa\u672c\u8abf\u67fb\uff082018\u5e74\u30012019\u5e74\u5ea6\u5b9f\u7e3e\uff09<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

5-3.\u65b9\u6cd53\uff1aPER\u3001PBR\u3068\u6bd4\u8f03\u3057\u3066\u307f\u308b<\/h3>\n\n\n\n

ROE\u3068\u3042\u308f\u305b\u3066PER\u3068PBR\u3092\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u8a73\u7d30\u306a\u6295\u8cc7\u5224\u65ad\u304c\u3067\u304d\u307e\u3059\u3002PER\u3068PBR\u306e\u6982\u8981\u306f\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n

\u30fbPER\uff1a\u682a\u4fa1\u304c1\u682a\u5f53\u305f\u308a\u5f53\u671f\u7d14\u5229\u76ca\u306e\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u3002\u4f4e\u3044\u307b\u3069\u5272\u5b89\u306a\u9298\u67c4\u3068\u3055\u308c\u308b
\u30fbPBR\uff1a\u682a\u4fa1\u304c1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\u306e\u4f55\u500d\u307e\u3067\u8cb7\u308f\u308c\u3066\u3044\u308b\u304b\u3092\u793a\u3059\u3002\u5c0f\u3055\u3044\u307b\u3069\u5272\u5b89\u306a\u9298\u67c4\u3068\u3055\u308c\u308b<\/p>\n\n\n\n

ROE \u3068PER\u3001PBR\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u95a2\u4fc2\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

PBR\uff1dPER\u00d7ROE<\/p>\n\n\n\n

\u672c\u8a18\u4e8b\u3067\u306f\u3001ROE\u304c\u9ad8\u3044\u307b\u3069\u6210\u9577\u6027\u304c\u3042\u308a\u682a\u4fa1\u304c\u4e0a\u304c\u308a\u3084\u3059\u3044\u3068\u89e3\u8aac\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u305d\u308c\u306f\u3001\u4e0a\u8a18\u306e\u5f0f\u3092\u5909\u5f62\u3059\u308b\u3068\u300cPER\uff1dPBR\u00f7ROE\u300d\u3068\u306a\u308a\u3001ROE\u304c\u9ad8\u304f\u306a\u308b\u307b\u3069PER\u304c\u4f4e\u304f\u306a\u308b\uff08\u5272\u5b89\u306a\u9298\u67c4\u306b\u306a\u308b\uff09\u3053\u3068\u304b\u3089\u3082\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e3\u3064\u306e\u6307\u6a19\u306e\u95a2\u4fc2\u6027\u3092\u5229\u7528\u3059\u308b\u3068\u3001ROE\u304c\u9ad8\u304fPER\u304c\u4f4e\u3044\u9298\u67c4\u306f\u5272\u5b89\u306a\u9298\u67c4\u3060\u3068\u3044\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u4e00\u65b9\u3067PER\u304c\u9ad8\u304fROE\u304c\u4f4e\u3044\u9298\u67c4\u306f\u3001\u5272\u5b89\u3068\u306f\u3044\u3048\u307e\u305b\u3093\u3002\u307e\u305f\u3001ROE\u304c\u4f4e\u304fPBR\u304c\u9ad8\u3044\u9298\u67c4\u306f\u5272\u9ad8\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

ROE\u306f\u4f01\u696d\u306e\u53ce\u76ca\u6027\u3084\u6210\u9577\u6027\u3092\u8a08\u308c\u308b\u3082\u306e\u306e\u3001\u682a\u4fa1\u306e\u5272\u5b89\u30fb\u5272\u9ad8\u306a\u3069\u3092\u5224\u65ad\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002ROE\u3068\u3042\u308f\u305b\u3066PER\u3068PBR\u3092\u898b\u308b\u3053\u3068\u3067\u3001\u3088\u308a\u682a\u4fa1\u306b\u8fd1\u3044\u6295\u8cc7\u5224\u65ad\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

6.\u682a\u5f0f\u6295\u8cc7\u3067ROE\u3092\u6d3b\u7528\u3059\u308b\u5834\u5408\u306b\u306f\u7dcf\u5408\u7684\u306b\u898b\u3088\u3046<\/h2>\n\n\n\n

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