{"id":774,"date":"2018-12-12T10:58:58","date_gmt":"2018-12-12T01:58:58","guid":{"rendered":"https:\/\/www.management-consultant.info\/?p=774"},"modified":"2018-12-19T11:02:22","modified_gmt":"2018-12-19T02:02:22","slug":"%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%e3%83%bc%e3%81%ae%e8%a8%88%e7%ae%97%e5%bc%8f%e3%81%ae%e6%b3%a8%e6%84%8f%e7%82%b9%e3%81%a8%e3%81%af%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.management-consultant.info\/?p=774","title":{"rendered":"\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97\u5f0f\u306e\u6ce8\u610f\u70b9\u3068\u306f\uff1f"},"content":{"rendered":"<p>\u524d\u56de\u306e\u8a18\u4e8b\u3067DCF\u6cd5\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u304d\u307e\u3057\u305f\u3002<br \/>\n\u21d2<a href=\"https:\/\/www.management-consultant.info\/?p=769\" target=\"_blank\">\u3010\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\u3011DCF\u6cd5\u3068\u306f\uff1f<\/a><br \/>\nDCF\u6cd5\u306e\u5f0f\u306f\u4e0a\u8a18\u753b\u50cf\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u306d\u3002<\/p>\n<p>\u305f\u3060\u4e0a\u8a18\u8a08\u7b97\u5f0f\u304c\u308f\u304b\u3063\u3066\u3082<br \/>\n\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97\u5f0f\u304c\u308f\u304b\u3089\u306a\u3044\u3068<br \/>\n\u7d50\u5c40\u3001\u4f01\u696d\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<p>\u305d\u3053\u3067\u3053\u306e\u8a18\u4e8b\u3067\u306f\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8a08\u7b97\u3059\u308b\u305f\u3081\u306e\u5f0f\u306b\u3064\u3044\u3066<br \/>\n\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u304d\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n<div id=\"toc_container\" class=\"no_bullets\"><p 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class=\"yellowbg\">\u904b\u8ee2\u8cc7\u672c\u304c\u6e1b\u3063\u305f\u3068\u304d\u306f\u8db3\u3057\u7b97\u3057\u307e\u3059\u3002<br \/>\n\u305d\u308c\u304b\u3089\u904b\u8ee2\u8cc7\u672c\u304c\u5897\u3048\u305f\u3068\u304d\u306f\u5f15\u304d\u7b97\u3057\u307e\u3059\u3002<\/span><\/p>\n<p>\u904b\u8ee2\u8cc7\u672c\u304c\u6e1b\u3063\u305f\u3068\u304d\u306f\u73fe\u91d1\u3068\u3057\u3066\u306f\u30d7\u30e9\u30b9\u306b\u306a\u308a<br \/>\n\u904b\u8ee2\u8cc7\u672c\u304c\u5897\u3048\u305f\u3068\u304d\u306f\u73fe\u91d1\u3068\u3057\u3066\u306f\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n<h2><span id=\"NOPAT\">NOPAT\u306e\u8a08\u7b97\u5f0f<\/span><\/h2>\n<p>NOPAT\u306f\u7a0e\u5f15\u5f8c\u306e\u55b6\u696d\u5229\u76ca\u306e\u3053\u3068\u3067\u3059\u3002<\/p>\n<p>\u3067\u3001<span class=\"redb18\">NOPAT\uff1dEBIT\u00d7\uff08\uff11\uff0d\u5b9f\u52b9\u7a0e\u7387\uff09<\/span><br 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class=\"redb18\">EBIT\uff1d\u7d4c\u5e38\u5229\u76ca\u30fc\u53d7\u53d6\u5229\u606f+\u652f\u6255\u5229\u606f<\/span><\/p>\n<p>\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n<p>\u3053\u308c\u3067\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u8a08\u7b97\u304c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a<br \/>\n\u4ee5\u4e0b\u306e\u8cc7\u7523\uff08\u4f01\u696d\u4fa1\u5024\uff09\u3092\u8a08\u7b97\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<img loading=\"lazy\" src=\"https:\/\/www.management-consultant.info\/wp-content\/uploads\/2018\/12\/fruuoo1019.jpg\" alt=\"\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u5f0f\" width=\"620\" height=\"122\" class=\"alignnone size-full wp-image-775\" srcset=\"https:\/\/www.management-consultant.info\/wp-content\/uploads\/2018\/12\/fruuoo1019.jpg 620w, https:\/\/www.management-consultant.info\/wp-content\/uploads\/2018\/12\/fruuoo1019-300x59.jpg 300w\" sizes=\"(max-width: 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