\u91d1\u66dc\u65e5\u306f\u3057\u3070\u3089\u304f\u4f01\u696d\u4f1a\u8a08\u306e\u89e3\u8aac\u3067\u3059\u3002\u7565\u8a9e\u304c\u305f\u304f\u3055\u3093\uff08\u6570\u5341\uff09\u3042\u308b\u306e\u3067\u3001\u5f53\u9762\u3001\u305d\u308c\u3092\u77e5\u8b58\u30bc\u30ed\u304b\u3089\u8aac\u660e\u3057\u3066\u3044\u304f\u65b9\u91dd\u3067\u3084\u3063\u3066\u307f\u307e\u3059\u3002
\n\u4eca\u56de\u306f\u3001\u524d\u56de\u51fa\u3066\u304d\u305f\u4f01\u696d\u304c\u8cc7\u91d1\u3092\u682a\u5f0f\u5e02\u5834\u304b\u3089\u8abf\u9054\u3059\u308b\u3068\u304d\u306b\u304b\u304b\u308b\u300c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u306b\u95a2\u9023\u3059\u308bCAPM\uff08\u30ad\u30e3\u30c3\u30d7\u30a8\u30e0: capital asset premium model\u3001\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\uff09\u3067\u3059\u3002\u8aad\u307f\u65b9\u304c\u5909\u306a\u7565\u8a9e\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n
\u7686\u3055\u3093\u304c\u5927\u767a\u660e\u3092\u3057\u305f\u3068\u3057\u307e\u3057\u3087\u3046\u3002\u305d\u308c\u3092\u4f7f\u3063\u3066\u88fd\u54c1\u3092\u4f5c\u3063\u3066\u58f2\u308a\u305f\u3044\u3068\u3057\u3066\u3001\u5de5\u5834\u3092\u5efa\u3066\u308b\u8cc7\u91d1\u3092\u3069\u3046\u8abf\u9054\u3059\u308b\u304b\u3002\u9280\u884c\u304b\u3089\u501f\u308a\u308b\u304b\u3001\u682a\u3092\u767a\u884c\u3057\u3066\u682a\u5f0f\u5e02\u5834\u3067\u58f2\u308b\uff08\u5be9\u67fb\u306b\u901a\u3063\u3066\u4e0a\u5834\u3057\u305f\u3068\u3057\u3066\uff09\u304b\u3068\u3044\u3046\u9078\u629e\u80a2\u304c\u3042\u308a\u307e\u3059\u3002\u9280\u884c\u306e\u304a\u91d1\u306f\u671f\u9650\u304c\u6765\u305f\u3089\u8fd4\u3059\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u682a\u306e\u58f2\u5374\u4ee3\u91d1\u306f\u8fd4\u3059\u5fc5\u8981\u304c\u3042\u308a\u307e\u305b\u3093\uff08\u3053\u306e\u3078\u3093\u306f\u6b21\u56de\uff09\u3002\u682a\u306e\u5834\u5408\u306f\u88fd\u54c1\u3092\u58f2\u3063\u3066\u5f97\u305f\u53ce\u76ca\u3092\u914d\u5f53\u3068\u3057\u3066\u914d\u5206\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n
\u7d50\u5c40\u3001\u5c06\u6765\u306e\u304a\u91d1\u306f\u73fe\u5728\u3044\u304f\u3089\u306b\u76f8\u5f53\u3059\u308b\u304b\u3001\u3068\u3044\u3046\u8cc7\u672c\u4e3b\u7fa9\u306e\u57fa\u672c\u6982\u5ff5\u306b\u306a\u308a\u307e\u3059\u3002\u6765\u5e74\uff11\u4e07\u5186\u3082\u3089\u3046\u6a29\u5229\u3092\u4eca\u3044\u304f\u3089\u3067\u8cb7\u3046\u304b\u3001\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n
CAPM\u306f\u3001\u30ce\u30fc\u30d9\u30eb\u7d4c\u6e08\u5b66\u8cde\u3092\u53d7\u8cde\u3057\u305f\u6982\u5ff5\u3067\u3059(William Forsyth Sharpe,1990)\u3002
\nhttps:\/\/mba.globis.ac.jp\/about_mba\/glossary\/detail-11620.html
\n\u5f0f\u306f\u7c21\u5358\u3067\u3001\u682a\u5f0f\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3 r\uff08\u524d\u56de\u3001\u5e74\u95938\uff05\u304c\u76ee\u6a19\u3068\u8a00\u3063\u3066\u3044\u305f\u3082\u306e\uff09 = rf+\u03b2(rM-rf)
\nrf: risk free rate \u56fd\u50b5\u306e\u5229\u56de\u308a\u306a\u3069\u3001\u7d4c\u6e08\u5168\u4f53\u306e\u5e74\u9593\u81a8\u5f35\u7387
\n\u03b2\uff1a\u3000\u30d9\u30fc\u30bf\u5024 (beta value) \u500b\u5225\u306e\u4f1a\u793e\u306e\u30ea\u30b9\u30af\u4fc2\u6570
\nrM-rf: market risk premium \u5e02\u5834\u304c\u3001\u682a\u5f0f\u4e00\u822c\u306b\u671f\u5f85\u3059\u308b\u4f59\u5206\u306a\u5e74\u9593\u5229\u56de\u308a
\n\u03b2\u306f\u3001\u5371\u967a\u5ea6\u3082\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u306f\u305a\u306a\u306e\u3067\u500b\u5225\u306e\u4f1a\u793e\u3092\u3088\u304f\u8abf\u3079\u3066\u4e88\u6e2c\u3059\u308b\u3079\u304d\u96e3\u3057\u3044\u5024\u3067\u3059\u304c\u3001\u901a\u5e38\u306f\u904e\u53bb\u306e\u682a\u5f0f\u53d6\u5f15\u30c7\u30fc\u30bf\u304b\u3089\u7b97\u51fa\u3055\u308c\u3066\u3044\u3066\u3001\u682a\u306e\u58f2\u8cb7\u306b\u304a\u3051\u308b\u30e9\u30f3\u30ad\u30f3\u30b0\uff08\u8fd1\u3044\u904e\u53bb\u306b\u682a\u4fa1\u304c\u4e0a\u6607\u3057\u305f\uff09\u3068\u3057\u3066\u3082\u4f7f\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u3046\u3044\u3046\u98a8\u306b\u9006\u306b\u4f7f\u3046\u8003\u3048\u65b9\u306f\u7d4c\u6e08\u306b\u3088\u304f\u51fa\u3066\u304d\u307e\u3059\uff08\u5f53\u7136\u3001\u5371\u967a\u3067\u3059\u304c\uff09\u3002\u9006\u3068\u3044\u3046\u70b9\u3067\u306f\u6a5f\u68b0\u5b66\u7fd2\u306e\u30d9\u30a4\u30ba\u63a8\u5b9a\u306b\u3082\u3061\u3087\u3063\u3068\u4f3c\u3066\u3044\u307e\u3059\u306d\uff08\u5f53\u7136\u3001\u5371\u967a\u3067\u3059\u304c(!)\uff09\u3002
\nhttps:\/\/roadtoartisan.com\/valuation-beta\/
\nhttps:\/\/www.nikkei.com\/markets\/ranking\/page\/?bd=betahigh<\/p>\n
\u4e0d\u52d5\u7523\u4fa1\u683c\uff08\u30de\u30f3\u30b7\u30e7\u30f3\u306e\u5024\u6bb5\u7b49\uff09\u3092\u6c7a\u3081\u308b\u300c\u53ce\u76ca\u9084\u5143\u6cd5\u300d\u306b\u3082\u4f3c\u305f\u8003\u3048\u65b9\u304c\u3067\u3066\u304d\u3066\u3001Cap rate (\u30ad\u30e3\u30c3\u30d7\u30ec\u30a4\u30c8\u3000cap \u306fcapital\u3001\u8cc7\u672c)\u3068\u8a00\u3044\u307e\u3059\u3002
\n\u4fa1\u683c\uff1d\u5e74\u9593\u53ce\u76ca\u00f7”Cap rate”
\n\u4f8b\u3048\u3070\u3000\u5bb6\u8cc35\u4e07\u5186\u306e\u90e8\u5c4b\u306f\u5e74\u959360\u4e07\u5186\u300120%\u304c\u7d4c\u8cbb\u3068\u3057\u3066\u5e74\u9593\u53ce\u76ca50\u4e07\u5186\u3001\u305d\u308c\u3092Cap rate 5%\u3067\u5272\u308b\u3068\u3001\u4fa1\u683c\u306f1000\u4e07\u5186\u3068\u306a\u308a\u307e\u3059\u3002\u306a\u305c\u3053\u3046\u306a\u308b\u304b\u306e\u7406\u7531\u306f\u3001\u7b49\u6bd4\u7d1a\u6570\u306e\u548c\u3067\u3059\u3002n\u5e74\u5f8c\u306e\u5c06\u6765\u306e\u304a\u91d1\u306e\u73fe\u5728\u4fa1\u5024\u306f\u3001a_n\u500d\u3055\u308c\u308b\u3068\u3057\u307e\u3059\u3002\u4e0d\u52d5\u7523\u306f\u30ea\u30b9\u30af\u304c\u4e00\u5b9a\u3067\u3042\u308b\u3068\u3044\u3046\u4eee\u5b9a\u3092\u7f6e\u3044\u3066\u3001\u4e00\u5b9a\u5272\u5408\u3067\u6e1b\u5c11\u3059\u308b\u3068\u307f\u306a\u3059(1\/(1+r)\u3092\u304b\u3051\u308b\uff09\u3053\u3068\u304c\u3088\u304f\u884c\u308f\u308c\u307e\u3059\u30025%\u3068\u3044\u3046\u306e\u306f\u3001\u6765\u5e741\u4e07\u5186\u5165\u308b\u4e88\u5b9a\u306f\u3001\u4eca\u5e74\u306e9500\u5186\u306b\u76f8\u5f53\u3059\u308b\uff08\u707d\u5bb3\u3001\u4e0d\u6cc1\u306a\u3069\u306e\u30ea\u30b9\u30af\u3092\u898b\u8fbc\u3080\uff09\u3068\u8003\u3048\u3066\u3044\u308b\u3002
\n\u53ce\u76ca50\u4e07\u5186\u304c\u30ea\u30b9\u30af\u8fbc\u307f\u3067\u6c38\u9060\u306b\u5165\u308b\u3068\u3059\u308b\u3068\u3001\u53ce\u76ca\u306e\u7dcf\u984d\u306fa_n=1\/(1+r)^n \u3068\u3057\u3066\u3001\u53ce\u76ca\u00d7\u03a3a_n
\na_n=1\/(1+r)^n \u306e\u3068\u304d\u3001\u03a3a_n=1\/r\u3060\u304b\u3089\u3067\u3059(\u03a3\u306en\u306f\uff11\u304b\u3089\u306b\u6ce8\u610f\uff09\u3002<\/p>\n
\u53ce\u76ca\u3000profit
\n\u5bb6\u8cc3\u3000rent
\n\u682a\u5f0f\u3000stock
\n\u914d\u5f53 a dividend \u300c\u30c7\u30a3\u300d\u30f4\u30a3\u30c7\u30f3\u30c9\u3000\u5272\u308a\u7b97\u306e\u300c\u5272\u3089\u308c\u308b\u6570\u300d
\n\u73fe\u5728\u4fa1\u5024 present value
\n\u4fa1\u683c\u3000price (CAPM \u306e premium \u3082\u4fa1\u683c\u3068\u8a33\u3057\u307e\u3059\u304c\u3001\u300c\u5272\u5897\u4fa1\u683c\u300d\u306e\u307b\u3046\u304c\u306f\u307e\u308b\u3068\u304a\u3082\u3044\u307e\u3059\uff09
\n\u5371\u967a\u5ea6 risk
\n\u81a8\u5f35\u7387 expansion rate
\n\u4fa1\u683c\u5909\u52d5\u7387 volatility \uff08\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u30ab\u30bf\u30ab\u30ca\u306e\u307e\u307e\u4f7f\u308f\u308c\u308b\u3053\u3068\u304c\u591a\u3044\uff09\u672c\u6765\u306f\u300c\u63ee\u767a\u6027\u300d\uff1d\u6db2\u4f53\u306e\u84b8\u767a\u306e\u3057\u3084\u3059\u3055
\nvolatile \u63ee\u767a\u6027\u306e\u3000\u300c\u30f4\u30a9\u300d\u3089\u30bf\u30a4\u308b
\n\u5229\u56de\u308a yield (\u53ce\u7387\uff09\u3001 interest rate\u3000\uff08\u5229\u7387\uff09
\n\u7dcf\u984d summation<\/p>\n","protected":false},"excerpt":{"rendered":"
\u91d1\u66dc\u65e5\u306f\u3057\u3070\u3089\u304f\u4f01\u696d\u4f1a\u8a08\u306e\u89e3\u8aac\u3067\u3059\u3002\u7565\u8a9e\u304c\u305f\u304f\u3055\u3093\uff08\u6570\u5341\uff09\u3042\u308b\u306e\u3067\u3001\u5f53\u9762\u3001\u305d\u308c\u3092\u77e5\u8b58\u30bc\u30ed\u304b\u3089\u8aac\u660e\u3057\u3066\u3044\u304f\u65b9\u91dd\u3067\u3084\u3063\u3066\u307f\u307e\u3059\u3002 \u4eca\u56de\u306f\u3001\u524d\u56de\u51fa\u3066\u304d\u305f\u4f01\u696d\u304c\u8cc7\u91d1\u3092\u682a\u5f0f\u5e02\u5834\u304b\u3089\u8abf\u9054\u3059\u308b\u3068\u304d\u306b\u304b\u304b\u308b\u300c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u306b\u95a2\u9023\u3059\u308bCAPM\uff08\u30ad\u30e3\u30c3\u30d7\u30a8\u30e0: capital asset premium model\u3001\u8cc7\u672c\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\uff09\u3067\u3059\u3002\u8aad\u307f\u65b9\u304c\u5909\u306a\u7565\u8a9e\u304c\u591a\u3044\u3067\u3059\u3002 \u7686\u3055\u3093\u304c\u5927\u767a\u660e\u3092\u3057\u305f\u3068\u3057\u307e\u3057\u3087\u3046\u3002\u305d\u308c\u3092\u4f7f\u3063\u3066\u88fd\u54c1\u3092\u4f5c\u3063\u3066\u58f2\u308a\u305f\u3044\u3068\u3057\u3066\u3001\u5de5\u5834\u3092\u5efa\u3066\u308b\u8cc7\u91d1\u3092\u3069\u3046\u8abf\u9054\u3059\u308b\u304b\u3002\u9280\u884c\u304b\u3089\u501f\u308a\u308b\u304b\u3001\u682a\u3092\u767a\u884c\u3057\u3066\u682a\u5f0f\u5e02\u5834\u3067\u58f2\u308b\uff08\u5be9\u67fb\u306b\u901a\u3063\u3066\u4e0a\u5834\u3057\u305f\u3068\u3057\u3066\uff09\u304b\u3068\u3044\u3046\u9078\u629e\u80a2\u304c\u3042\u308a\u307e\u3059\u3002\u9280\u884c\u306e\u304a\u91d1\u306f\u671f\u9650\u304c\u6765\u305f\u3089\u8fd4\u3059\u5fc5\u8981\u304c\u3042…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[43,52],"tags":[6,15],"class_list":["post-1283","post","type-post","status-publish","format-standard","hentry","category-companies","category-economics","tag-companies","tag-economics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.sekaiken.com\/index.php?rest_route=\/wp\/v2\/posts\/1283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sekaiken.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sekaiken.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sekaiken.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sekaiken.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1283"}],"version-history":[{"count":0,"href":"https:\/\/www.sekaiken.com\/index.php?rest_route=\/wp\/v2\/posts\/1283\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sekaiken.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sekaiken.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sekaiken.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}