{"id":1313,"date":"2016-09-12T02:00:16","date_gmt":"2016-09-11T17:00:16","guid":{"rendered":"http:\/\/finance-gfp.com\/?p=1313"},"modified":"2024-12-19T06:42:33","modified_gmt":"2024-12-18T21:42:33","slug":"%e3%83%97%e3%83%a9%e3%82%a4%e3%83%99%e3%83%bc%e3%83%88%e3%82%a8%e3%82%af%e3%82%a4%e3%83%86%e3%82%a3%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%ef%bc%88%ef%bd%90%ef%bd%85%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89","status":"publish","type":"post","link":"https:\/\/finance-gfp.com\/?p=1313","title":{"rendered":"\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30f3\u30c9\uff08PE\u30d5\u30a1\u30f3\u30c9\uff09\u306e\u5168\u3066"},"content":{"rendered":"<p><span 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[]).push({});\r\n<\/script><\/div>\n\n<h2>PE\u30d5\u30a1\u30f3\u30c9\u306e\u7a2e\u985e<\/h2>\n<p>\u4e00\u822c\u7684\u306b\u682a\u5f0f\u3092\u516c\u958b\u3057\u3066\u3044\u306a\u3044\u4f1a\u793e\u306b\u5bfe\u3059\u308b\u6295\u8cc7\uff08\u672a\u4e0a\u5834\u682a\u5f0f\u6295\u8cc7\uff09\u3092\u884c\u3046\u30d5\u30a1\u30f3\u30c9\u306e\u3053\u3068\u3092\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30f3\u30c9\uff08PE\u30d5\u30a1\u30f3\u30c9\uff09\u3068\u547c\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n<p>\u30ab\u30c6\u30b4\u30ea\u30fc\u306f\u5927\u304d\u304f3\u3064\u306b\u5206\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li><span class=\"rmarker-s\">\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u30d5\u30a1\u30f3\u30c9\uff08VC\uff09<\/span><\/li>\n<li><span class=\"rmarker-s\">\u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9<\/span><\/li>\n<li><span class=\"rmarker-s\">\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\uff08\u4f01\u696d\u518d\u751f\uff09\u30d5\u30a1\u30f3\u30c9<\/span><\/li>\n<\/ul>\n<p>\u5404\u30ab\u30c6\u30b4\u30ea\u30fc\u306e\u30ea\u30b9\u30af\u30ea\u30bf\u30fc\u30f3\u306e\u30a4\u30e1\u30fc\u30b8\u306f\u4e0b\u8a18\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-20742\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/09\/pefund_rr_2.png\" alt=\"PE\u30d5\u30a1\u30f3\u30c9\u306e\u30ea\u30b9\u30af\u30ea\u30bf\u30fc\u30f3\" width=\"547\" height=\"364\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/09\/pefund_rr_2.png 547w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/09\/pefund_rr_2-300x200.png 300w\" sizes=\"auto, (max-width: 547px) 100vw, 547px\" 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class=\"rmarker-s\">\u30b7\u30fc\u30c9\u30fb\u30b9\u30c6\u30fc\u30b8<\/span>\u300d<\/li>\n<li>\u8a2d\u7acb\u9593\u3082\u306a\u3044\u300c<span class=\"rmarker-s\">\u30a2\u30fc\u30ea\u30fc\u30fb\u30b9\u30c6\u30fc\u30b8<\/span>\u300d<\/li>\n<li>\u6210\u9577\u6bb5\u968e\u306e\u300c<span class=\"rmarker-s\">\u30b0\u30ed\u30fc\u30b9\u30fb\u30b9\u30c6\u30fc\u30b8<\/span>\u300d<\/li>\n<li>IPO\u9593\u8fd1\u306e\u300c<span class=\"rmarker-s\">\u30d7\u30ecIPO\u30fb\u30b9\u30c6\u30fc\u30b8<\/span>\u300d<\/li>\n<\/ol>\n<p>\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u30d5\u30a1\u30f3\u30c9\u306f\u4e0a\u8a18\u306e\u3069\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u6295\u8cc7\u3059\u308b\u304b\u306b\u3088\u308a\u3001\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u3084\u6295\u8cc7\u671f\u9593\u304c\u5909\u308f\u3063\u3066\u304d\u307e\u3059\u3002<\/p>\n<p>\u30ea\u30bf\u30fc\u30f3\u304c\u6570\u5341\u500d\uff5e\u6570\u767e\u500d\u306b\u306a\u308b\u306e\u306f\u4e0a\u8a18\u306e\u300c\u30b7\u30fc\u30c9\u30fb\u30b9\u30c6\u30fc\u30b8\u300d\u300c\u30a2\u30fc\u30ea\u30fc\u30fb\u30b9\u30c6\u30fc\u30b8\u300d\u304b\u3089\u6295\u8cc7\u3059\u308b\u30b1\u30fc\u30b9\u304c\u5927\u534a\u3068\u306a\u308a\u307e\u3059\u304c\u3001\u53cd\u9762\u3001\u4e88\u60f3\u901a\u308a\u306b\u4f1a\u793e\u304c\u6210\u9577\u305b\u305a\u6700\u7d42\u7684\u306b\u682a\u5f0f\u4fa1\u5024\u304c\u30bc\u30ed\u306b\u306a\u308b\u6295\u8cc7\u6848\u4ef6\u3082\u591a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u300c\u30b7\u30fc\u30c9\u30fb\u30b9\u30c6\u30fc\u30b8\u300d\u300c\u30a2\u30fc\u30ea\u30fc\u30fb\u30b9\u30c6\u30fc\u30b8\u300d\u3078\u306e\u6295\u8cc7\u306f\u3001\u4f8b\u3048\u307010\u793e\u306b\u6295\u8cc7\u3057\u305f\u5834\u5408\u3001\u305d\u306e\u3046\u30611\uff5e2\u793e\u304c\u30a4\u30b0\u30b8\u30c3\u30c8\u3059\u308c\u3070\u30c8\u30fc\u30bf\u30eb\u3067\u6210\u529f\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u30d5\u30a1\u30f3\u30c9\u306e\u6295\u8cc7\u671f\u9593\u306fPE\u30d5\u30a1\u30f3\u30c9\u306e\u4e2d\u3067\u3082\u6bd4\u8f03\u7684\u9577\u3081\u3068\u306a\u308a\u4e00\u822c\u7684\u306b5\u5e74\uff5e15\u5e74\u524d\u5f8c\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u3084\u30a4\u30b9\u30e9\u30a8\u30eb\u306e\u30cf\u30a4\u30c6\u30af\u4f01\u696d\u306b\u6295\u8cc7\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306b\u3064\u3044\u3066\u306e\u8a73\u3057\u3044\u5185\u5bb9\u306f\u3053\u3061\u3089\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=7416\" target=\"_blank\" rel=\"noopener noreferrer\">\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306e\u57fa\u790e\u77e5\u8b58 \/ \u6709\u671b\u4f01\u696d\u304c\u7d9a\u3005\u8a95\u751f<\/a><\/li>\n<li>\u30a4\u30b9\u30e9\u30a8\u30eb\u306b\u3064\u3044\u3066\u306e\u8a73\u3057\u3044\u5185\u5bb9\u306f\u3053\u3061\u3089\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=5471\" target=\"_blank\" rel=\"noopener noreferrer\">\u30a4\u30b9\u30e9\u30a8\u30eb\u306e\u6982\u8981\u3068\u91d1\u878d\u5e02\u5834 \/ 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class=\"rmarker-s\">MBO\uff08\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff09<\/span>\u300d\u3068\u300c<span class=\"rmarker-s\">\u30ab\u30fc\u30d6\u30a2\u30a6\u30c8<\/span>\u300d\u3067\u3059\u3002<\/p>\n<p>\u300cMBO\uff08\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff09\u300d\u306f\u7d4c\u55b6\u9663\u3068\u30d5\u30a1\u30f3\u30c9\u304c\u5354\u50cd\u3057\u3001\u65e2\u5b58\u682a\u4e3b\u304b\u3089\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u307e\u3059\u3002<\/p>\n<p>\u8cb7\u53ce\u5f8c\u3082\u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9\u306f\u4f01\u696d\u306e\u4fa1\u5024\u5411\u4e0a\u306b\u3064\u306a\u304c\u308b\u652f\u63f4\u3092\u884c\u3063\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n<p>\u300c\u30ab\u30fc\u30d6\u30a2\u30a6\u30c8\u300d\u306f\u8907\u6570\u4e8b\u696d\u3092\u4fdd\u6709\u3059\u308b\u4f01\u696d\u306e\u4e00\u90e8\u9580\u3092\u5207\u51fa\u3057\u3001\u5f79\u54e1\u6d3e\u9063\u3084\u4e8b\u696d\u6226\u7565\u898b\u76f4\u3057\u3092\u884c\u3044\u3001\u4fa1\u5024\u3092\u9ad8\u3081\u307e\u3059\u3002<\/p>\n<p>\u3053\u306e\u5834\u5408\u3001\u8cb7\u53ce\u3057\u305f\u4e0a\u3067\u7d4c\u55b6\u306b\u3082\u6df1\u304f\u95a2\u4e0e\u3059\u308b\u30b1\u30fc\u30b9\u304c\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u8fd1\u5e74\u306f\u65e5\u672c\u56fd\u5185\u306b\u304a\u3044\u3066\u3001\u5f8c\u7d99\u8005\u304c\u3044\u306a\u3044\u4f01\u696d\u30aa\u30fc\u30ca\u30fc\u304b\u3089\u682a\u5f0f\u3092\u8cb7\u3044\u53d6\u308b\u3001\u4e8b\u696d\u627f\u7d99\u3092\u76ee\u7684\u3068\u3057\u305f\u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9\u3082\u5897\u52a0\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u4e00\u822c\u7684\u306a\u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9\u306e\u6295\u8cc7\u671f\u9593\u306f7\u5e74\uff5e15\u5e74\u7a0b\u5ea6\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9\u306f\u30d9\u30f3\u30c1\u30e3\u30fc\u30d5\u30a1\u30f3\u30c9\u3084\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\uff08\u4f01\u696d\u518d\u751f\uff09\u30d5\u30a1\u30f3\u30c9\u3068\u7570\u306a\u308a\u3001\u6295\u8cc7\u5148\u4f01\u696d\u306e\u591a\u304f\u304c\u9ed2\u5b57\u3067\u3042\u308b\u305f\u3081\u3001PE\u30d5\u30a1\u30f3\u30c9\u306e\u4e2d\u3067\u3082\u5b89\u5b9a\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u304c\u671f\u5f85\u3067\u304d\u307e\u3059\u3002<\/p>\n<h3>\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\uff08\u4f01\u696d\u518d\u751f\uff09\u30d5\u30a1\u30f3\u30c9<\/h3>\n<p>\u7d4c\u55b6\u4e0d\u632f\u4f01\u696d\u306e\u30d3\u30b8\u30cd\u30b9\u306e\u518d\u69cb\u7bc9\u3092\u884c\u3044\u3001\u518d\u751f\u3055\u305b\u308b\u30d5\u30a1\u30f3\u30c9\u3067\u3059\u3002<\/p>\n<p>\u4e0a\u8a18\u306e\u30d0\u30a4\u30a2\u30a6\u30c8\u30d5\u30a1\u30f3\u30c9\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u5065\u5168\u306a\u4f1a\u793e\u3092\u8cb7\u53ce\u3057\u3001\u3088\u308a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6210\u9577\u3055\u305b\u308b\u3053\u3068\u304c\u76ee\u7684\u3068\u306a\u308a\u307e\u3059\u304c\u3001\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\uff08\u4f01\u696d\u518d\u751f\uff09\u30d5\u30a1\u30f3\u30c9\u306e\u5834\u5408\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u8d64\u5b57\u306a\u3069\u696d\u7e3e\u306b\u554f\u984c\u304c\u3042\u308b\u4f01\u696d\u304c\u6295\u8cc7\u5bfe\u8c61\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u7d4c\u55b6\u4e0d\u632f\u4f01\u696d\u306e\u554f\u984c\u50b5\u6a29\u8cfc\u5165\u3084\u52a3\u5f8c\u30ed\u30fc\u30f3\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u51fa\u8cc7\u306a\u3069\u3092\u901a\u3058\u3066\u3001\u4e8b\u696d\u518d\u5efa\u30fb\u8ca1\u52d9\u306e\u5065\u5168\u5316\u3092\u9032\u3081\u307e\u3059\u3002<\/p>\n<p>\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\uff08\u4f01\u696d\u518d\u751f\uff09\u30d5\u30a1\u30f3\u30c9\u306e\u6295\u8cc7\u671f\u9593\u306f\u4e00\u822c\u7684\u306b3\u5e74\uff5e10\u5e74\u524d\u5f8c\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<h2>PE\u30d5\u30a1\u30f3\u30c9\u306e\u6ce8\u610f\u70b9<\/h2>\n<h3>\u6d41\u52d5\u6027\u304c\u4f4e\u3044<\/h3>\n<p>\u57fa\u672c\u7684\u306b\u30d5\u30a1\u30f3\u30c9\u671f\u9593\u306e\u9014\u4e2d\u3067\u63db\u91d1\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<p>\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u3067\u306f\u30d5\u30a1\u30f3\u30c9\u671f\u9593\u304c\u7d42\u4e86\u3057\u3066\u3082IPO\u7b49\u3067\u306e\u58f2\u5374\u304c\u3067\u304d\u306a\u3044\u5834\u5408\u3082\u3042\u308a\u3001\u4e00\u90e8\u304c\u5b9f\u8cea\u7684\u306b\u5ef6\u9577\u3055\u308c\u308b\u3053\u3068\u3082\u591a\u3005\u3042\u308a\u307e\u3059\u3002<\/p>\n<h3>\u904b\u7528\u8005\u306b\u3088\u308b\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u30d0\u30e9\u3064\u304d\u304c\u5927\u304d\u3044<\/h3>\n<p>\u904b\u7528\u8005\u306e\u4eba\u7684\u30eb\u30fc\u30c8\u306a\u3069\u304c\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306b\u5927\u304d\u304f\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u305f\u3081\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306e\u518d\u73fe\u6027\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3088\u3063\u3066\u3001\u904b\u7528\u4f1a\u793e\uff08\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30b8\u30e3\u30fc\uff09\u306e\u9078\u5225\u304c\u975e\u5e38\u306b\u91cd\u8981\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u30d5\u30a1\u30f3\u30c9\u8a2d\u5b9a\u5f53\u521d\u306fJ\u30ab\u30fc\u30d6\u52b9\u679c\u306e\u5f71\u97ff\u3067\u30de\u30a4\u30ca\u30b9\u306b<\/h3>\n<p>PE\u6295\u8cc7\u306e\u5834\u5408\u3001\u6295\u8cc7\u958b\u59cb\u5f53\u521d\u306f\u30ea\u30bf\u30fc\u30f3\u304c\u4e0a\u304c\u3089\u305a\u30b3\u30b9\u30c8\u306e\u307f\u304c\u304b\u304b\u308b\u72b6\u614b\u3068\u306a\u308a\u3001\u6570\u5e74\u9593\u306f\u30de\u30a4\u30ca\u30b9\u30ea\u30bf\u30fc\u30f3\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u306e\u5f8c\u3001\u6025\u6fc0\u306b\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3068\u306a\u3063\u3066\u3044\u304f\u52d5\u304d\u304c\u300cJ\u300d\u306e\u6587\u5b57\u306b\u4f3c\u3066\u3044\u308b\u3053\u3068\u304b\u3089J\u30ab\u30fc\u30d6\u52b9\u679c\u3068\u547c\u3070\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1314\" src=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/09\/pefund_jcurvepptx.png\" alt=\"pefund_jcurvepptx\" width=\"618\" height=\"401\" srcset=\"https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/09\/pefund_jcurvepptx.png 618w, https:\/\/finance-gfp.com\/wp-content\/uploads\/2016\/09\/pefund_jcurvepptx-300x195.png 300w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/p>\n<h3>\u30ad\u30e3\u30d4\u30bf\u30eb\u30b3\u30fc\u30eb\u65b9\u5f0f<\/h3>\n<p>\u30d5\u30a1\u30f3\u30c9\u8a2d\u5b9a\u6642\u306b\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u91d1\u984d\u3092\u3059\u3079\u3066\u6295\u8cc7\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u30d5\u30a1\u30f3\u30c9\u304c\u6295\u8cc7\u5148\u3092\u767a\u6398\u3057\u305f\u969b\u306b\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30b3\u30fc\u30eb\u3092\u53d7\u3051\u3066\u8cc7\u91d1\u3092\u6295\u5165\u3059\u308b\u4ed5\u7d44\u307f\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u91d1\u984d\u304c10\u5104\u5186\u3068\u3059\u308b\u3068\u3001\u5f53\u521d\u5951\u7d04\u6642\u306b5\u5104\u5186\u3092\u30d5\u30a1\u30f3\u30c9\u306b\u62e0\u51fa\u3057\uff64\u305d\u306e\u5f8c\u306f\u5408\u8a08\u91d1\u984d\u304c10\u5104\u5186\u3092\u8d85\u3048\u306a\u3044\u7bc4\u56f2\u3067\u6295\u8cc7\u6848\u4ef6\u304c\u51fa\u3066\u304d\u305f\u969b\u306b\u305d\u306e\u90fd\u5ea6\u904b\u7528\u4f1a\u793e\u304b\u3089\u30ad\u30e3\u30d4\u30bf\u30eb\u30b3\u30fc\u30eb\u3068\u3044\u3046\u5f62\u3067\u8ffd\u52a0\u62e0\u51fa\u306e\u4f9d\u983c\u304c\u6765\u308b\u3068\u3044\u3046\u5f62\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u30d3\u30f3\u30c6\u30fc\u30b8\u306b\u3088\u308a\u30d0\u30e9\u3064\u304d<\/h3>\n<p>\u30d3\u30f3\u30c6\u30fc\u30b8\u3068\u306f\u6295\u8cc7\u30bf\u30a4\u30df\u30f3\u30b0\uff08\u6295\u8cc7\u6642\u671f\uff09\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u5f53\u305f\u308a\u524d\u3068\u8a00\u3048\u3070\u5f53\u305f\u308a\u524d\u3067\u3059\u304c\u3001\u4e00\u822c\u7684\u306b\u666f\u6c17\u304c\u4f4e\u8ff7\u3057\u3066\u3044\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u8a2d\u5b9a\u3057\u305f\u30d5\u30a1\u30f3\u30c9\u306f\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u306b\u306a\u308a\u307e\u3059\u304c\u3001\u666f\u6c17\u304c\u904e\u71b1\u3057\u3066\u3044\u308b\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u8a2d\u5b9a\u3057\u305f\u30d5\u30a1\u30f3\u30c9\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u4f4e\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u30de\u30fc\u30b1\u30c3\u30c8\u74b0\u5883\u304c\u826f\u3044\u3068\u6295\u8cc7\u5bfe\u8c61\u3068\u306a\u308b\u682a\u5f0f\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u304c\u4e0a\u6607\u3059\u308b\u3053\u3068\u306b\u52a0\u3048\u3001\u6295\u8cc7\u3092\u5e0c\u671b\u3059\u308b\u6295\u8cc7\u5bb6\u3082\u591a\u304f\u306a\u308b\u3053\u3068\u3067\u7af6\u4e89\u304c\u6fc0\u5316\u3057\u3001\u8cb7\u53ce\u4fa1\u683c\u306a\u3069\u304c\u9ad8\u9a30\u3059\u308b\u3053\u3068\u3067\u30d5\u30a1\u30f3\u30c9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306b\u306f\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p><span class=\"ymarker-s\">\u500b\u4eba\u7684\u306b\u306f\u3001\u904b\u7528\u4f1a\u793e\u306e\u826f\u3057\u60aa\u3057\u3092\u5206\u6790\u3059\u308b\u969b\u30012005\u5e74\uff5e2007\u5e74\u306e\u30d3\u30f3\u30c6\u30fc\u30b8\uff082005\u5e74\uff5e2007\u5e74\u306b\u8a2d\u5b9a\u3055\u308c\u305f\u30d5\u30a1\u30f3\u30c9\uff09\u3067\u3082\u30d7\u30e9\u30b9\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u7dad\u6301\u3067\u304d\u3066\u3044\u308c\u3070\u3001\u904b\u7528\u529b\u306f\u9ad8\u3044\u3068\u5224\u65ad\u3057\u3066\u3044\u307e\u3059\u3002<\/span><\/p>\n<p>PE\u30d5\u30a1\u30f3\u30c9\u5168\u4f53\u3067\u306f\u30012005\u5e74\uff5e2007\u5e74\u306e\u30d3\u30f3\u30c6\u30fc\u30b8\uff082005\u5e74\uff5e2007\u5e74\u306b\u8a2d\u5b9a\u3055\u308c\u305f\u30d5\u30a1\u30f3\u30c9\uff09\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u3066\u3044\u308b\u30d5\u30a1\u30f3\u30c9\u3082\u304b\u306a\u308a\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u3067\u306f\u3001\u3044\u304f\u3089\u305d\u308c\u4ee5\u5916\u306e\u30d3\u30f3\u30c6\u30fc\u30b8\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u9ad8\u304f\u3066\u3082\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u6b21\u7b2c\u3068\u8a00\u308f\u3056\u308b\u3092\u5f97\u307e\u305b\u3093\u3002<\/p>\n<h3>\u30d5\u30a1\u30f3\u30c9\u304c\u5897\u52a0\u3057\u7af6\u5408\u6fc0\u5316<\/h3>\n<p>\u30bd\u30d5\u30c8\u30d0\u30f3\u30af\u30fb\u30d3\u30b8\u30e7\u30f3\u30fb\u30d5\u30a1\u30f3\u30c9\u306b\u4ee3\u8868\u3055\u308c\u308b\u5927\u578b\u306ePE\u30d5\u30a1\u30f3\u30c9\u304c\u5897\u52a0\u3057\u3066\u3044\u308b\u3053\u3068\u3084\u3001\u4e16\u754c\u7684\u306bCVC\uff08\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\uff65\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\uff09\u30d5\u30a1\u30f3\u30c9\u8a2d\u7acb\u304c\u5897\u52a0\u3057\u3066\u3044\u308b\u3053\u3068\u3067\u3001PE\u30de\u30fc\u30b1\u30c3\u30c8\u306b\u8cc7\u91d1\u304c\u591a\u304f\u96c6\u307e\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u8cc7\u91d1\u304c\u96c6\u307e\u308a\u904e\u304e\u308b\u3068\u91d1\u878d\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u74b0\u5883\u304c\u826f\u3044\u6642\u3068\u540c\u3058\u3088\u3046\u306a\u73fe\u8c61\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n<p>\u7af6\u4e89\u304c\u6fc0\u5316\u3057\u3001\u51fa\u8cc7\u3059\u308b\u969b\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u304c\u9ad8\u304f\u306a\u308a\u3001\u5272\u9ad8\u306a\u6295\u8cc7\u304c\u5897\u3048\u3001PE\u30d5\u30a1\u30f3\u30c9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u60aa\u5316\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2>PE\u30d5\u30a1\u30f3\u30c9\u306e\u30e1\u30ea\u30c3\u30c8<\/h2>\n<h3>\u9ad8\u3044\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9<\/h3>\n<p>\u5927\u624b\u30d5\u30a1\u30f3\u30c9\u3084\u9577\u671f\u9593\u5b89\u5b9a\u7684\u306b\u30ea\u30bf\u30fc\u30f3\u304c\u8a08\u4e0a\u3055\u308c\u3066\u3044\u308b\u30d5\u30a1\u30f3\u30c9\u3067\u3042\u308c\u3070\u3001\u4e00\u5b9a\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u3089\u308c\u308b\u53ef\u80fd\u6027\u306f\u9ad8\u3044\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3068\u6bd4\u8f03\u3057\u3066\u3082PE\u30d5\u30a1\u30f3\u30c9\u306e\u65b9\u304c\u30ea\u30bf\u30fc\u30f3\u306f\u9ad8\u304f\u3001\u3057\u304b\u3082\u5b89\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u30ab\u30eb\u30d1\u30fc\u30b9\u306f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u306f\u64a4\u9000\u3057\u307e\u3057\u305f\u304c\u3001PE\u6295\u8cc7\u306f\u5897\u3084\u3057\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u3082\u6295\u8cc7\u5bfe\u8c61\u3068\u3057\u3066\u9b45\u529b\u7684\u3068\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u3042\u308b\u30d9\u30f3\u30c1\u30e3\u30fc\u30d5\u30a1\u30f3\u30c9\u3092\u4f8b\u306b\u3068\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u306f10\u5e74\u3067\u5e74\u738712\uff05\u304f\u3089\u3044\u3092\u671f\u5f85\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>\u5e74\u738712\uff05\u300110\u5e74\u9593\u904b\u7528\u3059\u308b\u3068\u3001100\u4e07\u30c9\u30eb\u2192310\u4e07\u30c9\u30eb\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u53c2\u8003\u30da\u30fc\u30b8\uff1a\u300c<a href=\"https:\/\/finance-gfp.com\/?p=1451\" target=\"_blank\" rel=\"noopener noreferrer\">\u3084\u306f\u308aPE\u30d5\u30a1\u30f3\u30c9\u306f\u5132\u304b\u308b\uff1fUSJ\u518d\u4e0a\u5834\u3078\uff5e\u65e5\u7d4c\u65b0\u805e\u8a18\u4e8b\uff5e<\/a>\u300d<\/li>\n<\/ul>\n<p>\u3061\u306a\u307f\u306bPE\u30d5\u30a1\u30f3\u30c9\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u300cIRR\u300d\uff08Internal Rate of Return\uff1a\u5185\u90e8\u53ce\u76ca\u7387\uff09\u3067\u8a08\u7b97\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>PE\u30d5\u30a1\u30f3\u30c9\u306e\u5834\u5408\u3001\u8cc7\u91d1\u306e\u6295\u5165\u306f\u30ad\u30e3\u30d4\u30bf\u30eb\u30b3\u30fc\u30eb\u306b\u3088\u308a\u884c\u308f\u308c\u3001\u8cc7\u91d1\u306e\u8fd4\u9084\u306f\u30a4\u30b0\u30b8\u30c3\u30c8\u3057\u305f\u6848\u4ef6\u3054\u3068\u306b\u884c\u308f\u308c\u307e\u3059\u3002<\/p>\n<p>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u4e0d\u898f\u5247\u306a\u3053\u3068\u304b\u3089\u53ce\u76ca\u7387\u306f\u300cIRR\u300d\u3067\u8868\u3059\u3053\u3068\u304c\u9069\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>IRR\u306b\u3064\u3044\u3066\u306e\u8a73\u7d30\u306f\u3053\u3061\u3089\u3092\u53c2\u7167\uff1a<a href=\"https:\/\/finance-gfp.com\/?p=5257\" target=\"_blank\" rel=\"noopener\">IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09\u3092\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/a><\/li>\n<\/ul>\n<h3>\u696d\u754c\u306e\u6700\u65b0\u60c5\u5831\u304c\u5165\u624b\u3067\u304d\u308b<\/h3>\n<p>\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\u30d5\u30a1\u30f3\u30c9\u3067\u306f\u6295\u8cc7\u5148\u4f01\u696d\u306e\u6700\u65b0\u60c5\u5831\u3092\u5165\u624b\u3067\u304d\u305f\u308a\u3001\u6295\u8cc7\u5148\u4f01\u696d\u3068\u30b3\u30f3\u30bf\u30af\u30c8\u3092\u53d6\u3089\u305b\u3066\u304f\u308c\u308b\u30b1\u30fc\u30b9\u3082\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u5b9f\u969b\u3001\u6295\u8cc7\u5bb6\u306e\u4e2d\u306b\u306f\u904b\u7528\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3060\u3051\u3067\u306a\u304f\u3001\u7c73\u56fd\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u3084\u30d0\u30a4\u30aa\u30d9\u30f3\u30c1\u30e3\u30fc\u306e\u6700\u65b0\u60c5\u5831\u3092\u5165\u624b\u3059\u308b\u76ee\u7684\u3067\u6295\u8cc7\u3059\u308b\u30b1\u30fc\u30b9\u3082\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2>PE\u30d5\u30a1\u30f3\u30c9\u306e\u4e3b\u306a\u904b\u7528\u4f1a\u793e\u3001\u6295\u8cc7\u65b9\u6cd5<\/h2>\n<h3>\u8457\u540d\u306aPE\u30d5\u30a1\u30f3\u30c9\u904b\u7528\u4f1a\u793e<\/h3>\n<ul>\n<li>KKR\uff08\u30b3\u30fc\u30eb\u30d0\u30fc\u30b0\u30fb\u30af\u30e9\u30d3\u30b9\u30fb\u30ed\u30d0\u30fc\u30c4\uff09<\/li>\n<li>TPG\u30ad\u30e3\u30d4\u30bf\u30eb<\/li>\n<li>\u30d6\u30e9\u30c3\u30af\u30b9\u30c8\u30fc\u30f3\u30fb\u30b0\u30eb\u30fc\u30d7<\/li>\n<li>\u30ab\u30fc\u30e9\u30a4\u30eb\u30b0\u30eb\u30fc\u30d7<\/li>\n<li>CVC\u30ad\u30e3\u30d4\u30bf\u30eb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b9<\/li>\n<li>\u30a2\u30dd\u30ed\u30fb\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8<\/li>\n<li>\u30d9\u30a4\u30f3\u30ad\u30e3\u30d4\u30bf\u30eb<\/li>\n<li>\u30bb\u30b3\u30a4\u30a2\u30ad\u30e3\u30d4\u30bf\u30eb<\/li>\n<\/ul>\n<h3>PE\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3059\u308b\u306b\u306f\u76f4\u63a5\u6295\u8cc7\u30fb\u79c1\u52df\u6295\u4fe1\u30fb\u7d44\u5408\u5f62\u5f0f<\/h3>\n<p>\u6b27\u7c73\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30f3\u30c9\u306b\u6295\u8cc7\u3059\u308b\u306b\u306f\u76f4\u63a5\u6295\u8cc7\u304c\u4e00\u822c\u7684\u3067\u3059\uff61<\/p>\n<p>\u30d5\u30a1\u30f3\u30c9\u306b\u3088\u3063\u3066\u306f\u56fd\u5185\u306e\u6295\u8cc7\u9867\u554f\u4f1a\u793e\u3084\u8a3c\u5238\u4f1a\u793e\u304c\u7a93\u53e3\u3068\u306a\u3063\u3066\u8ca9\u58f2\u3057\u3066\u3044\u308b\u30b1\u30fc\u30b9\u3082\u3042\u308a\u307e\u3059\u304c\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306a\u3069\u306e\u5927\u53e3\u6295\u8cc7\u5bb6\u304c\u30e1\u30a4\u30f3\u3067\u4e00\u822c\u6295\u8cc7\u5bb6\u306b\u7d39\u4ecb\u3055\u308c\u308b\u30b1\u30fc\u30b9\u306f\u5c11\u306a\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n<p>\u56fd\u5185\u306e\u696d\u8005\uff08\u8a3c\u5238\u4f1a\u793e\u7b49\uff09\u3092\u7d4c\u7531\u3057\u3066\u8cfc\u5165\u3059\u308b\u969b\u306f\u79c1\u52df\u6295\u4fe1\u304b\u7d44\u5408\u5f62\u5f0f\uff08\u6295\u8cc7\u4e8b\u696d\u7d44\u5408\u3001\u533f\u540d\u7d44\u5408\uff09\u306e\u30b1\u30fc\u30b9\u3082\u3042\u308b\u3088\u3046\u3067\u3059\u3002<\/p>\n<p>\u305f\u3060\u3057\u3001\u305d\u3046\u3059\u308b\u3068\u30b3\u30b9\u30c8\u304c\u4e0a\u4e57\u305b\u3055\u308c\u308b\u305f\u3081\u591a\u304f\u306f\u7d39\u4ecb\u6848\u4ef6\u3068\u3057\u3066\u6848\u5185\u3057\u76f4\u63a5\u6295\u8cc7\u3057\u3066\u3082\u3089\u3046\u30b1\u30fc\u30b9\u3082\u591a\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u307e\u305f\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30b3\u30fc\u30eb\u306a\u3069\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30f3\u30c9\uff08PE\u30d5\u30a1\u30f3\u30c9\uff09\u7279\u6709\u306e\u4ed5\u7d44\u307f\u304c\u3042\u308b\u305f\u3081\u3001\u4e00\u822c\u7684\u306a\u516c\u52df\u6295\u4fe1\u3067\u306e\u5546\u54c1\u7d44\u6210\u306f\u4e8b\u5b9f\u4e0a\u4e0d\u53ef\u80fd\u3068\u601d\u308f\u308c\u307e\u3059\u3002<\/p>\n<h2>\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u95a2\u9023\u30da\u30fc\u30b8<\/h2>\n<p>PE\u30d5\u30a1\u30f3\u30c9\u3068\u540c\u3058\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e1\u3064\u3067\u3042\u308b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306b\u3064\u3044\u3066\u306f\u3053\u3061\u3089\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\uff01<\/p>\n<ul>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=518\" target=\"_blank\" rel=\"noopener\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u5168\u3066\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac<\/a><\/li>\n<li><a href=\"https:\/\/finance-gfp.com\/?p=1215\" target=\"_blank\" rel=\"noopener\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u6614\u307b\u3069\u5132\u304b\u3089\u306a\u3044\u7406\u7531\uff08\u5e74\u9593\u53ce\u76ca\u7387\u3068\u904b\u7528\u8cc7\u7523\u6b8b\u9ad8\u306e\u63a8\u79fb\uff09<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u3061\u3089\u306e\u30da\u30fc\u30b8\u3067\u306f\u300c\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3\u30d5\u30a1\u30f3\u30c9\uff08PE\u30d5\u30a1\u30f3\u30c9\uff09\u300d\u306b\u3064\u3044\u3066\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\u3057\u3066\u3044\u307e &#8230; <\/p>\n","protected":false},"author":1,"featured_media":1314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-1313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-19"],"_links":{"self":[{"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/posts\/1313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1313"}],"version-history":[{"count":3,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/posts\/1313\/revisions"}],"predecessor-version":[{"id":23486,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/posts\/1313\/revisions\/23486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=\/wp\/v2\/media\/1314"}],"wp:attachment":[{"href":"https:\/\/finance-gfp.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finance-gfp.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}