{"id":3306,"date":"2024-11-11T06:37:00","date_gmt":"2024-11-10T21:37:00","guid":{"rendered":"https:\/\/rad-st.jp\/?p=3306"},"modified":"2024-10-04T08:40:26","modified_gmt":"2024-10-03T23:40:26","slug":"%e3%83%95%e3%82%a1%e3%82%a4%e3%83%8a%e3%83%b3%e3%82%b9%e3%81%ae%e5%9f%ba%e6%9c%ac2%e3%80%8cfcf%ef%bc%88%e3%83%95%e3%83%aa%e3%83%bc%e3%82%ad%e3%83%a3%e3%83%83%e3%82%b7%e3%83%a5%e3%83%95%e3%83%ad","status":"publish","type":"post","link":"https:\/\/rad-st.jp\/?p=3306","title":{"rendered":"\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u57fa\u672c2\u300cFCF\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff09\u300d\u8a08\u7b97\u30d1\u30bf\u30fc\u30f3\u307e\u3068\u3081"},"content":{"rendered":"\n<p>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u306e\u7b97\u51fa\u65b9\u6cd5\u306b\u306f\u3044\u304f\u3064\u304b\u306e\u30d1\u30bf\u30fc\u30f3\u304c\u3042\u308a\u307e\u3059\u3002\u4e00\u822c\u7684\u306a\u8a08\u7b97\u5f0f\u3092\u30d9\u30fc\u30b9\u306b\u3001\u3055\u307e\u3056\u307e\u306a\u72b6\u6cc1\u306b\u5fdc\u3058\u305f\u30d1\u30bf\u30fc\u30f3\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<p>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u305d\u3082\u305d\u3082\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u304b\uff1f\u306b\u3064\u3044\u3066\u306f\u3001<a href=\"https:\/\/rad-st.jp\/?p=3304\">\u3053\u3061\u3089\u306e\u8a18\u4e8b<\/a>\u3092\u3054\u89a7\u304f\u3060\u3055\u3044\u3002<\/p>\n<h3>1. \u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u57fa\u306b\u3057\u305f\u30d1\u30bf\u30fc\u30f3<\/h3>\n<p><strong>FCF = \u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc &#8211; \u8a2d\u5099\u6295\u8cc7\u984d<\/strong><\/p>\n<p>\u3053\u308c\u306f\u3001\u6700\u3082\u57fa\u672c\u7684\u306a\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u8a2d\u5099\u6295\u8cc7\u306b\u4f7f\u7528\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u5dee\u3057\u5f15\u304f\u3053\u3068\u3067\u3001\u624b\u5143\u306b\u6b8b\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u4f8b<\/strong><\/p>\n<ul>\n<li>\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff1a500,000\u5186<\/li>\n<li>\u8a2d\u5099\u6295\u8cc7\uff1a200,000\u5186<\/li>\n<li><strong>FCF = 500,000\u5186 &#8211; 200,000\u5186 = 300,000\u5186<\/strong><\/li>\n<\/ul>\n<h3>2. \u7d14\u5229\u76ca\u3092\u57fa\u306b\u3057\u305f\u30d1\u30bf\u30fc\u30f3<\/h3>\n<p><strong>FCF = \u7d14\u5229\u76ca + \u6e1b\u4fa1\u511f\u5374\u8cbb &#8211; \u8a2d\u5099\u6295\u8cc7 &#8211; \u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b<\/strong><\/p>\n<p>\u4f01\u696d\u306e\u7d14\u5229\u76ca\u304b\u3089\u3001\u6e1b\u4fa1\u511f\u5374\u306a\u3069\u975e\u73fe\u91d1\u652f\u51fa\u3092\u52a0\u7b97\u3057\u3001\u8a2d\u5099\u6295\u8cc7\u3068\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b\u3092\u5dee\u3057\u5f15\u304f\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002<\/p>\n<p><strong>\u4f8b<\/strong><\/p>\n<ul>\n<li>\u7d14\u5229\u76ca\uff1a1,000,000\u5186<\/li>\n<li>\u6e1b\u4fa1\u511f\u5374\u8cbb\uff1a300,000\u5186<\/li>\n<li>\u8a2d\u5099\u6295\u8cc7\uff1a400,000\u5186<\/li>\n<li>\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\uff1a100,000\u5186<\/li>\n<li><strong>FCF = 1,000,000\u5186 + 300,000\u5186 &#8211; 400,000\u5186 &#8211; 100,000\u5186 = 800,000\u5186<\/strong><\/li>\n<\/ul>\n<h3>3. EBITDA\u3092\u57fa\u306b\u3057\u305f\u30d1\u30bf\u30fc\u30f3<\/h3>\n<p><strong>FCF = EBITDA &#8211; \u7a0e\u91d1 &#8211; \u8a2d\u5099\u6295\u8cc7 &#8211; \u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b<\/strong><\/p>\n<p>EBITDA\uff08\u5229\u6255\u3044\u30fb\u7a0e\u5f15\u524d\u30fb\u6e1b\u4fa1\u511f\u5374\u524d\u306e\u5229\u76ca\uff09\u3092\u57fa\u306b\u3001\u7a0e\u91d1\u3084\u8a2d\u5099\u6295\u8cc7\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5909\u52d5\u3092\u52a0\u5473\u3057\u305f\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002<\/p>\n<p><strong>\u4f8b<\/strong><\/p>\n<ul>\n<li>EBITDA\uff1a2,000,000\u5186<\/li>\n<li>\u7a0e\u91d1\uff1a300,000\u5186<\/li>\n<li>\u8a2d\u5099\u6295\u8cc7\uff1a600,000\u5186<\/li>\n<li>\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\uff1a200,000\u5186<\/li>\n<li><strong>FCF = 2,000,000\u5186 &#8211; 300,000\u5186 &#8211; 600,000\u5186 &#8211; 200,000\u5186 = 900,000\u5186<\/strong><\/li>\n<\/ul>\n<h3>4. \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc to \u30a8\u30af\u30a4\u30c6\u30a3\uff08FCFE\uff09<\/h3>\n<p><strong>FCFE = FCF &#8211; \u501f\u5165\u91d1\u8fd4\u6e08 + \u501f\u5165\u91d1\u8abf\u9054\u984d<\/strong><\/p>\n<p>\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u7b97\u51fa\u3059\u308b\u5834\u5408\u3001FCF\u304b\u3089\u501f\u5165\u91d1\u8fd4\u6e08\u3092\u5dee\u3057\u5f15\u304d\u3001\u65b0\u305f\u306a\u501f\u5165\u91d1\u8abf\u9054\u304c\u3042\u308c\u3070\u305d\u308c\u3092\u52a0\u7b97\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u4f8b<\/strong><\/p>\n<ul>\n<li>FCF\uff1a700,000\u5186<\/li>\n<li>\u501f\u5165\u91d1\u8fd4\u6e08\uff1a200,000\u5186<\/li>\n<li>\u65b0\u898f\u501f\u5165\u91d1\uff1a100,000\u5186<\/li>\n<li><strong>FCFE = 700,000\u5186 &#8211; 200,000\u5186 + 100,000\u5186 = 600,000\u5186<\/strong><\/li>\n<\/ul>\n<h3>5. \u7a0e\u5f15\u304d\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09\u3092\u57fa\u306b\u3057\u305f\u30d1\u30bf\u30fc\u30f3<\/h3>\n<p><strong>FCF = NOPAT + \u6e1b\u4fa1\u511f\u5374\u8cbb &#8211; \u8a2d\u5099\u6295\u8cc7 &#8211; \u904b\u8ee2\u8cc7\u672c\u306e\u5897\u6e1b<\/strong><\/p>\n<p>\u7a0e\u5f15\u304d\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff1aNet Operating Profit After Tax\uff09\u3092\u57fa\u306b\u3057\u305f\u30d1\u30bf\u30fc\u30f3\u3067\u3059\u3002NOPAT\u306f\u3001\u7d14\u7c8b\u306b\u55b6\u696d\u6d3b\u52d5\u304b\u3089\u5f97\u305f\u5229\u76ca\u306b\u57fa\u3065\u304d\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u3084\u8a2d\u5099\u6295\u8cc7\u306a\u3069\u3092\u52a0\u6e1b\u3057\u3066\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u4f8b<\/strong><\/p>\n<ul>\n<li>NOPAT\uff1a1,500,000\u5186<\/li>\n<li>\u6e1b\u4fa1\u511f\u5374\u8cbb\uff1a250,000\u5186<\/li>\n<li>\u8a2d\u5099\u6295\u8cc7\uff1a400,000\u5186<\/li>\n<li>\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\uff1a150,000\u5186<\/li>\n<li><strong>FCF = 1,500,000\u5186 + 250,000\u5186 &#8211; 400,000\u5186 &#8211; 150,000\u5186 = 1,200,000\u5186<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u7b97\u51fa\u306b\u306f\u3055\u307e\u3056\u307e\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u3042\u308a\u307e\u3059\u3002\u72b6\u6cc1\u3084\u76ee\u7684\u306b\u5fdc\u3058\u3066\u3001\u9069\u5207\u306a\u65b9\u6cd5\u3092\u9078\u3076\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09\u306e\u7b97\u51fa\u65b9\u6cd5\u306b\u306f\u3044\u304f\u3064\u304b\u306e\u30d1\u30bf\u30fc\u30f3\u304c\u3042\u308a\u307e\u3059\u3002\u4e00\u822c\u7684\u306a\u8a08\u7b97\u5f0f\u3092\u30d9\u30fc\u30b9\u306b\u3001\u3055\u307e\u3056\u307e\u306a\u72b6\u6cc1\u306b\u5fdc\u3058\u305f\u30d1\u30bf\u30fc\u30f3\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002 \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u305d\u3082\u305d\u3082\u3069\u306e\u3088\u3046\u306a\u3082\u306e\u304b\uff1f\u306b &#8230; <\/p>\n","protected":false},"author":1,"featured_media":3081,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1292,1274,14,1364],"tags":[1858,1861,1863,1857,1859,1855,1865,1860,1862,1864],"_links":{"self":[{"href":"https:\/\/rad-st.jp\/index.php?rest_route=\/wp\/v2\/posts\/3306"}],"collection":[{"href":"https:\/\/rad-st.jp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rad-st.jp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rad-st.jp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rad-st.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3306"}],"version-history":[{"count":1,"href":"https:\/\/rad-st.jp\/index.php?rest_route=\/wp\/v2\/posts\/3306\/revisions"}],"predecessor-version":[{"id":3307,"href":"https:\/\/rad-st.jp\/index.php?rest_route=\/wp\/v2\/posts\/3306\/revisions\/3307"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rad-st.jp\/index.php?rest_route=\/wp\/v2\/media\/3081"}],"wp:attachment":[{"href":"https:\/\/rad-st.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rad-st.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rad-st.jp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}