{"id":5767,"date":"2025-05-20T14:54:17","date_gmt":"2025-05-20T05:54:17","guid":{"rendered":"https:\/\/www.willgate.co.jp\/ma-column\/?p=5767"},"modified":"2025-05-20T14:54:18","modified_gmt":"2025-05-20T05:54:18","slug":"%e5%8a%a0%e9%87%8d%e5%b9%b3%e5%9d%87%e8%b3%87%e6%9c%ac%e3%82%b3%e3%82%b9%e3%83%88%ef%bc%88wacc%ef%bc%89%e3%81%a8%e3%81%af%ef%bc%9f%e8%a8%88%e7%ae%97%e5%bc%8f%e3%82%84%e6%b4%bb%e7%94%a8%e6%96%b9","status":"publish","type":"post","link":"https:\/\/www.willgate.co.jp\/ma-column\/knowledge\/5767\/","title":{"rendered":"\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f\uff1f\u8a08\u7b97\u5f0f\u3084\u6d3b\u7528\u65b9\u6cd5\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\u3001Weighted Average Cost of Capital\uff09\u3068\u306f\u3001<mark><strong>\u4f01\u696d\u304c\u8cc7\u91d1\u8abf\u9054\u3092\u884c\u3046\u969b\u306b\u5fc5\u8981\u3068\u306a\u308b\u30b3\u30b9\u30c8\u3092\u3001\u305d\u306e\u8abf\u9054\u624b\u6bb5\u306e\u5272\u5408\u3054\u3068\u306b\u52a0\u91cd\u5e73\u5747\u3057\u305f\u5024\u3092\u793a\u3057\u307e\u3059\u3002<\/strong><\/mark><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WACC\u306f\u3001\u4f01\u696d\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u6570\u5024\u5316\u3057\u3001\u300c\u30ef\u30c3\u30af\u300d\u3068\u3082\u547c\u3070\u308c\u3066\u3044\u307e\u3059\u3002\u4f01\u696d\u306f\u4e3b\u306b\u3001\u30a8\u30af\u30a4\u30c6\u30a3\uff08equity\uff1a\u682a\u4e3b\u8cc7\u672c\uff09\u3068\u30c7\u30c3\u30c8\uff08debt\uff1a\u8ca0\u50b5\uff09\u306e2\u3064\u306e\u65b9\u6cd5\u3067\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u307e\u3059\u304c\u3001\u305d\u308c\u305e\u308c\u306ecost of capital\uff08\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306f\u7570\u306a\u308a\u307e\u3059\u3002WACC\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u3057\u3066\u306f\u3001\u5404\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u305d\u306e\u69cb\u6210\u5272\u5408\u3067weighted average\uff08\u52a0\u91cd\u5e73\u5747\uff09\u3059\u308b\u3053\u3068\u3067\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3068\u3048\u3070\u3001\u30c7\u30c3\u30c8\uff08debt\uff09\u306f\u9280\u884c\u3084\u50b5\u6a29\u8005\u304b\u3089\u306e\u501f\u5165\u308c\u306b\u3088\u308b\u3082\u306e\u3067\u3001\u30a8\u30af\u30a4\u30c6\u30a3\uff08equity\uff09\u306f\u682a\u4e3b\u304b\u3089\u306e\u6295\u8cc7\u306b\u3088\u308b\u3082\u306e\u3067\u3059\u3002\u305d\u3057\u3066\u3001\u30c7\u30c3\u30c8\u306b\u3088\u308b\u8cc7\u91d1\u8abf\u9054\u306f\u652f\u6255\u5229\u606f\u304c\u7a0e\u52d9\u4e0a\u640d\u91d1\u6271\u3044\u3068\u306a\u308b\u305f\u3081\u3001\u5b9f\u52b9\u7a0e\u7387\u3092\u8003\u616e\u3057\u305f\u3046\u3048\u3067\u7a0e\u5f15\u304d\u5f8c\u306e\u30b3\u30b9\u30c8\u3068\u3057\u3066\u8a08\u7b97\u3055\u308c\u307e\u3059\u3002\u4e00\u65b9\u3001\u30a8\u30af\u30a4\u30c6\u30a3\u306f\u682a\u4e3b\u3078\u652f\u6255\u3046\u914d\u5f53\u7b49\u306b\u95a2\u9023\u3057\u305f\u30ea\u30bf\u30fc\u30f3\u304c\u30b3\u30b9\u30c8\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WACC\u306e\u610f\u5473\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u7aef\u7684\u306b\u8ff0\u3079\u308b\u3068\u3001\u4f01\u696d\u5168\u4f53\u306e\u5e73\u5747\u7684\u306a\u8cc7\u672c\u8abf\u9054\u30b3\u30b9\u30c8\uff08cost of capital\uff09\u3092\u8868\u3059\u6307\u6a19\u3067\u3042\u308a\u3001\u3053\u306e\u5024\u304c\u4f4e\u3044\u307b\u3069\u4f01\u696d\u306e\u8cc7\u91d1\u8abf\u9054\u304c\u52b9\u7387\u7684\u3067\u3042\u308b\u3068\u8a00\u3048\u307e\u3059\u3002WACC\u306f\u4f01\u696d\u4fa1\u5024\u306e\u8a55\u4fa1\u3084\u65b0\u3057\u3044\u6295\u8cc7\u6848\u4ef6\u306e\u63a1\u7b97\u6027\u5224\u65ad\u3001\u6700\u9069\u306a\u8cc7\u672c\u69cb\u6210\u306e\u691c\u8a0e\u306a\u3069\u306b\u7528\u3044\u3089\u308c\u3001\u7d4c\u55b6\u6226\u7565\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u304a\u3044\u3066\u975e\u5e38\u306b\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8cc7\u672c\u30b3\u30b9\u30c8\u3084\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u7406\u89e3\u3001WACC\u306e\u8a08\u7b97\u65b9\u6cd5\u306e\u6b63\u3057\u3044\u628a\u63e1\u306f\u3001\u4f01\u696d\u7d4c\u55b6\u306e\u5b89\u5b9a\u6027\u3084\u6301\u7d9a\u7684\u306a\u6210\u9577\u306b\u6b20\u304b\u305b\u307e\u305b\u3093\u3002<mark><strong>\u52b9\u7387\u7684\u306a\u8cc7\u91d1\u8abf\u9054\u3068\u4f01\u696d\u4fa1\u5024\u306e\u6700\u5927\u5316\u306e\u305f\u3081\u306b\u306f\u3001WACC\u306e\u5024\u306e\u7279\u5fb4\u3084\u8abf\u9054\u65b9\u6cd5\u3054\u3068\u306e\u30b3\u30b9\u30c8\u69cb\u9020\u3092\u7406\u89e3\u3057\u3001\u6d3b\u7528\u3059\u308b\u3053\u3068\u304c\u91cd\u8981<\/strong><\/mark>\u3067\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image in-article-banner\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/www.willgate.co.jp\/ma\/lpb4\/?fv_f=fixed\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2023\/11\/9_300_300.png\" alt=\"\" class=\"wp-image-5438\" srcset=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2023\/11\/9_300_300.png 300w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2023\/11\/9_300_300-150x150.png 150w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2023\/11\/9_300_300-120x120.png 120w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>\uff3c\u6210\u7d04\u4f8b\u3084\u652f\u63f4\u306e\u7279\u5fb4\u30fb\u6d41\u308c\u3092\u7d39\u4ecb\uff0f<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button in-article-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.willgate.co.jp\/ma\/lpb4\/?fv_f=fixed\" style=\"border-radius:100px\">\u30d9\u30f3\u30c1\u30e3\u30fc\u30fbIT\u306b\u5f37\u3044<br><strong>\u300e\u30a6\u30a3\u30eb\u30b2\u30fc\u30c8M&amp;A\u300f<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f\uff1f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"678\" src=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f\uff1f-1024x678.jpg\" alt=\"\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f\uff1f\" class=\"wp-image-5781\" srcset=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f\uff1f-1024x678.jpg 1024w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f\uff1f-300x199.jpg 300w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f\uff1f-768x509.jpg 768w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f\uff1f-1536x1018.jpg 1536w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3068\u306f\uff1f.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\u3001\u8aad\u307f\u65b9\uff1a\u30ef\u30c3\u30af\uff09\u306f\u3001\u4f01\u696d\u304c\u8cc7\u91d1\u8abf\u9054\u3092\u884c\u3046\u969b\u306b\u8ca0\u62c5\u3059\u308b\u30b3\u30b9\u30c8\u3092\u7dcf\u5408\u7684\u306b\u8a55\u4fa1\u3059\u308b\u6307\u6a19\u3067\u3059\u3002WACC\u306f\u300cWeighted Average Cost of Capital\u300d\u306e\u7565\u79f0\u3067\u3042\u308a\u3001\u30ef\u30c3\u30af\u3068\u3082\u547c\u3070\u308c\u307e\u3059\u3002\u4f01\u696d\u306f\u3001\u9280\u884c\u501f\u5165\u3084\u793e\u50b5\u767a\u884c\u306a\u3069\u306e\u8ca0\u50b5\uff08\u30c7\u30c3\u30c8\uff09\u3068\u3001\u682a\u5f0f\u767a\u884c\u306a\u3069\u306e\u682a\u4e3b\u8cc7\u672c\uff08\u30a8\u30af\u30a4\u30c6\u30a3\uff09\u306e2\u3064\u306e\u4e3b\u306a\u65b9\u6cd5\u3067\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3066\u3044\u307e\u3059\u3002\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u30ef\u30c3\u30af\uff09\u306f\u3001\u305d\u308c\u305e\u308c\u306e\u8cc7\u91d1\u8abf\u9054\u65b9\u6cd5\u306e\u30b3\u30b9\u30c8\u3092\u8cc7\u672c\u69cb\u6210\u6bd4\u7387\u3067\u52a0\u91cd\u5e73\u5747\u3057\u3066\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8ca0\u50b5\u306b\u3088\u308b\u8cc7\u91d1\u8abf\u9054\u306f\u5229\u606f\u652f\u6255\u3044\u304c\u5fc5\u8981\u3067\u3059\u304c\u3001\u652f\u6255\u5229\u606f\u306f\u7a0e\u52d9\u4e0a\u3001\u640d\u91d1\u7b97\u5165\u3067\u304d\u308b\u305f\u3081\u7a0e\u5f15\u5f8c\u306e\u30b3\u30b9\u30c8\u3068\u3057\u3066\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002\u4e00\u65b9\u3001\u682a\u4e3b\u304c\u671f\u5f85\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u306b\u306f\u3001\u914d\u5f53\u91d1\u3084\u682a\u4fa1\u306e\u4e0a\u6607\u76ca\u304c\u542b\u307e\u308c\u307e\u3059\u3002\u30ef\u30c3\u30af\u306f\u3053\u3046\u3057\u305f\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u4e21\u65b9\u3092\u53cd\u6620\u3057\u3001\u4f01\u696d\u5168\u4f53\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WACC\uff08\u30ef\u30c3\u30af\uff09\u306f\u4f01\u696d\u304c\u65b0\u305f\u306a\u4e8b\u696d\u6295\u8cc7\u3084\u8a2d\u5099\u6295\u8cc7\u3092\u884c\u3046\u969b\u306e\u63a1\u7b97\u30e9\u30a4\u30f3\u3068\u306a\u308a\u3001<mark><strong>\u4e8b\u696d\u306e\u53ce\u76ca\u6027\u8a55\u4fa1\u3084\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u306b\u3082\u91cd\u8981\u306a\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002<\/strong><\/mark>\u73fe\u5b9f\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u5373\u3057\u3066\u7b97\u51fa\u3055\u308c\u308b\u305f\u3081\u3001\u6295\u8cc7\u5bb6\u3084\u7d4c\u55b6\u8005\u306b\u3068\u3063\u3066\u4e0d\u53ef\u6b20\u306a\u6307\u6a19\u3068\u3044\u3048\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u5f0f\u3068\u306f\uff1f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"523\" src=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u5f0f\u3068\u306f\uff1f-1024x523.jpg\" alt=\"\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u5f0f\u3068\u306f\uff1f\" class=\"wp-image-5784\" srcset=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u5f0f\u3068\u306f\uff1f-1024x523.jpg 1024w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u5f0f\u3068\u306f\uff1f-300x153.jpg 300w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u5f0f\u3068\u306f\uff1f-768x392.jpg 768w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u5f0f\u3068\u306f\uff1f-1536x785.jpg 1536w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u5f0f\u3068\u306f\uff1f.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306f\u3001\u4f01\u696d\u304c\u8abf\u9054\u3057\u305f\u8cc7\u672c\u306e\u30b3\u30b9\u30c8\u3092\u30d0\u30e9\u30f3\u30b9\u3088\u304f\u53cd\u6620\u3055\u305b\u305f\u6570\u5024\u3067\u3059\u3002\u8a08\u7b97\u5f0f\u306f\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u305d\u308c\u305e\u308c\u306e\u8cc7\u672c\u69cb\u6210\u6bd4\u7387\u306b\u5fdc\u3058\u3066\u52a0\u91cd\u5e73\u5747\u3057\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u306b\u306f\u7a0e\u52b9\u679c\u3092\u8003\u616e\u3057\u3066\u7b97\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5177\u4f53\u7684\u306b\u306f\u3001<mark><strong>WACC\u306f\u300c\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u00d7\u682a\u4e3b\u8cc7\u672c\u306e\u5272\u5408\uff0b\u8ca0\u50b5\u30b3\u30b9\u30c8\u00d7\u8ca0\u50b5\u306e\u5272\u5408\u00d7\uff081\u2212\u5b9f\u52b9\u7a0e\u7387\uff09\u300d\u3068\u3044\u3046\u5f62<\/strong><\/mark>\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u3053\u3067\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u682a\u4e3b\u304c\u6c42\u3081\u308b\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u7387\u3092\u793a\u3057\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u306f\u501f\u5165\u91d1\u306e\u5229\u7387\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u52b9\u7a0e\u7387\u304c\u8003\u616e\u3055\u308c\u308b\u7406\u7531\u306f\u3001\u8ca0\u50b5\u306e\u5229\u606f\u652f\u6255\u3044\u304c\u6cd5\u4eba\u7a0e\u306e\u8ab2\u7a0e\u5bfe\u8c61\u304b\u3089\u63a7\u9664\u3055\u308c\u308b\u305f\u3081\u3001\u5b9f\u8cea\u7684\u306a\u8ca0\u62c5\u304c\u8efd\u6e1b\u3055\u308c\u308b\u305f\u3081\u3067\u3059\u3002\u3053\u306e\u8abf\u6574\u306b\u3088\u3063\u3066\u3001\u4f01\u696d\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u304b\u304b\u308b\u7dcf\u5408\u7684\u306a\u30b3\u30b9\u30c8\u3092\u3088\u308a\u6b63\u78ba\u306b\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WACC\u306e\u8a08\u7b97\u5f0f\u306f\u4e00\u898b\u8907\u96d1\u306b\u611f\u3058\u3089\u308c\u307e\u3059\u304c\u3001\u57fa\u672c\u7684\u306b\u306f\u8cc7\u91d1\u6e90\u3054\u3068\u306e\u30b3\u30b9\u30c8\u3068\u5272\u5408\u3092\u639b\u3051\u5408\u308f\u305b\u3066\u8db3\u3057\u5408\u308f\u305b\u308b\u5358\u7d14\u306a\u4ed5\u7d44\u307f\u3067\u3059\u3002\u4f01\u696d\u4fa1\u5024\u3092\u7b97\u51fa\u3057\u305f\u308a\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u53ce\u76ca\u6027\u3092\u5224\u65ad\u3057\u305f\u308a\u3059\u308b\u969b\u306b\u975e\u5e38\u306b\u5f79\u7acb\u3064\u6307\u6a19\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u624b\u9806\u3092\u8a73\u3057\u304f\u89e3\u8aac<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u624b\u9806\u3092\u8a73\u3057\u304f\u89e3\u8aac-1024x682.jpg\" alt=\"\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u624b\u9806\u3092\u8a73\u3057\u304f\u89e3\u8aac\" class=\"wp-image-5786\" srcset=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u624b\u9806\u3092\u8a73\u3057\u304f\u89e3\u8aac-1024x682.jpg 1024w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u624b\u9806\u3092\u8a73\u3057\u304f\u89e3\u8aac-300x200.jpg 300w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u624b\u9806\u3092\u8a73\u3057\u304f\u89e3\u8aac-768x511.jpg 768w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u624b\u9806\u3092\u8a73\u3057\u304f\u89e3\u8aac-1536x1022.jpg 1536w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u624b\u9806\u3092\u8a73\u3057\u304f\u89e3\u8aac.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u306f\u3001\u8907\u6570\u306e\u8cc7\u672c\u6e90\u306e\u30b3\u30b9\u30c8\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3057\u3001\u305d\u308c\u305e\u308c\u306e\u5272\u5408\u306b\u5fdc\u3058\u3066\u5e73\u5747\u3092\u51fa\u3059\u3053\u3068\u3067\u884c\u3044\u307e\u3059\u3002\u306f\u3058\u3081\u306b\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3068\u3044\u3046\u4e8c\u3064\u306e\u4e3b\u8981\u306a\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3055\u3089\u306b\u3053\u308c\u3089\u306e\u30b3\u30b9\u30c8\u3092\u3001\u4f01\u696d\u306e\u8cc7\u672c\u69cb\u6210\u6bd4\u7387\u306b\u5fdc\u3058\u3066\u52a0\u91cd\u5e73\u5747\u3057\u307e\u3059\u3002\u307e\u305f\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u306e\u7b97\u51fa\u6642\u306b\u306f\u5b9f\u52b9\u7a0e\u7387\u3092\u53cd\u6620\u3055\u305b\u308b\u305f\u3081\u3001\u7a0e\u52d9\u9762\u3067\u306e\u30e1\u30ea\u30c3\u30c8\u3082\u8003\u616e\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p 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7.0%\u3068\u306a\u308a\u3001\u682a\u4e3b\u306f\u5e74\u73877.0%\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u671f\u5f85\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3001\u975e\u4e0a\u5834\u4f01\u696d\u3067\u306f\u682a\u5f0f\u306e\u5e02\u5834\u4fa1\u683c\u30c7\u30fc\u30bf\u304c\u5f97\u3089\u308c\u306a\u3044\u305f\u3081\u3001\u540c\u696d\u4ed6\u793e\u3084\u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u306e\u30d9\u30fc\u30bf\u5024\u3084\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u3042\u308b\u3044\u306f\u767a\u884c\u50b5\u5238\u5229\u56de\u308a\u306a\u3069\u3092\u53c2\u8003\u306b\u3057\u3066\u63a8\u5b9a\u3057\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u975e\u4e0a\u5834\u4f01\u696dA\u306e\u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u306e\u30d9\u30fc\u30bf\u5024\u304c0.9\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30ec\u30fc\u30c81.0%\u3001\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e05.0%\u3092\u5f53\u3066\u306f\u3081\u308b\u3068\u30011.0% \uff0b 0.9 \u00d7 5.0% \uff1d 5.5%\u3068\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u306e\u4e2d\u3067\u3082\u7279\u306b\u91cd\u8981\u306a\u5f79\u5272\u3092\u6301\u3061\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c7.0%\u306e\u5834\u5408\u3001\u3053\u308c\u3092\u4e0b\u56de\u308b\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u3057\u304b\u898b\u8fbc\u3081\u306a\u3044\u4e8b\u696d\u3078\u306e\u6295\u8cc7\u306f\u682a\u4e3b\u4fa1\u5024\u3092\u6bc0\u640d\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u305f\u3081\u3001\u7d4c\u55b6\u5224\u65ad\u306b\u969b\u3057\u3066\u306f\u5e38\u306b\u3053\u306e\u30b3\u30b9\u30c8\u3092\u610f\u8b58\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u3053\u306e\u3088\u3046\u306b\u3001\u7a0e\u5f15\u304d\u5f8c\u306e\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u6b63\u78ba\u306b\u628a\u63e1\u3059\u308b\u3053\u3068\u3067\u3001\u4f01\u696d\u306f\u8cc7\u91d1\u8abf\u9054\u6226\u7565\u306e\u6700\u9069\u5316\u3084\u5168\u4f53\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u898b\u7a4d\u3082\u308a\u306b\u5f79\u7acb\u3066\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<mark><strong>\u5b9f\u969b\u306e\u7d4c\u6e08\u7684\u306a\u8ca0\u62c5\u3092\u6570\u5024\u3067\u5177\u4f53\u7684\u306b\u793a\u3059\u3053\u3068\u3067\u3001\u7d4c\u55b6\u5224\u65ad\u306e\u7cbe\u5ea6\u5411\u4e0a\u306b\u3082\u5bc4\u4e0e\u3057\u307e\u3059\u3002<\/strong><\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3057\u3066WACC\u3092\u7b97\u51fa\u3059\u308b<\/h3>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u4eee\u306b\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c8%\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\uff08\u7a0e\u5f15\u304d\u524d\uff09\u304c4%\u3067\u3001\u6cd5\u4eba\u7a0e\u7387\u304c30%\u3068\u3059\u308b\u3068\u3001\u8ca0\u50b5\u306e\u7a0e\u5f15\u304d\u5f8c\u30b3\u30b9\u30c8\u306f\u30014% \u00d7\uff081\uff0d0.3\uff09\uff1d2.8%\u3068\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u3092\u52a0\u91cd\u3059\u308b\u3068\u3001WACC\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8a08\u7b97\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WACC\uff1d\uff08\u682a\u4e3b\u8cc7\u672c\u6bd4\u7387 \u00d7 \u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\uff0b\uff08\u8ca0\u50b5\u6bd4\u7387 \u00d7 \u8ca0\u50b5\u30b3\u30b9\u30c8\uff08\u7a0e\u5f15\u304d\u5f8c\uff09\uff09<br>0.0644<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u3088\u3046\u306b\u3057\u3066\u7b97\u51fa\u3057\u305fWACC 6.44%\u306f\u3001\u4f01\u696d\u304c\u5168\u4f53\u3068\u3057\u3066\u8cc7\u91d1\u3092\u8abf\u9054\u3059\u308b\u969b\u306e\u5e73\u5747\u7684\u306a\u30b3\u30b9\u30c8\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u65b0\u898f\u6295\u8cc7\u306e\u5224\u65ad\u3084\u4f01\u696d\u4fa1\u5024\u7b97\u5b9a\u306e\u969b\u306b\u306f\u3001\u3053\u306e<mark><strong>WACC\u3092\u57fa\u6e96\u3068\u3057\u3066\u3001\u6295\u8cc7\u6848\u4ef6\u306e\u671f\u5f85\u53ce\u76ca\u7387\u304cWACC\u3092\u4e0a\u56de\u308b\u304b\u3069\u3046\u304b\u3092\u8a55\u4fa1\u3059\u308b\u3053\u3068\u304c\u91cd\u8981<\/strong><\/mark>\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6d3b\u7528\u65b9\u6cd5\u306f\uff1f\u3044\u3064\u4f7f\u308f\u308c\u308b\uff1f<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6d3b\u7528\u65b9\u6cd5\u306f\uff1f\u3044\u3064\u4f7f\u308f\u308c\u308b\uff1f-1024x683.jpg\" alt=\"\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6d3b\u7528\u65b9\u6cd5\u306f\uff1f\u3044\u3064\u4f7f\u308f\u308c\u308b\uff1f\" class=\"wp-image-5789\" srcset=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6d3b\u7528\u65b9\u6cd5\u306f\uff1f\u3044\u3064\u4f7f\u308f\u308c\u308b\uff1f-1024x683.jpg 1024w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6d3b\u7528\u65b9\u6cd5\u306f\uff1f\u3044\u3064\u4f7f\u308f\u308c\u308b\uff1f-300x200.jpg 300w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6d3b\u7528\u65b9\u6cd5\u306f\uff1f\u3044\u3064\u4f7f\u308f\u308c\u308b\uff1f-768x512.jpg 768w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6d3b\u7528\u65b9\u6cd5\u306f\uff1f\u3044\u3064\u4f7f\u308f\u308c\u308b\uff1f-1536x1024.jpg 1536w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2025\/05\/\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u6d3b\u7528\u65b9\u6cd5\u306f\uff1f\u3044\u3064\u4f7f\u308f\u308c\u308b\uff1f.jpg 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306f\u3001\u4f01\u696d\u306e\u6295\u8cc7\u5224\u65ad\u3084\u4e8b\u696d\u8a55\u4fa1\u306e\u57fa\u6e96\u3068\u3057\u3066\u5229\u7528\u3055\u308c\u307e\u3059\u3002\u5177\u4f53\u7684\u306b\u306f\u3001\u65b0\u898f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3084\u8a2d\u5099\u6295\u8cc7\u306e\u63a1\u7b97\u6027\u3092\u5224\u65ad\u3059\u308b\u969b\u306e\u5272\u5f15\u7387\u3068\u3057\u3066\u6d3b\u7528\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002\u671f\u5f85\u3055\u308c\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092WACC\u3067\u5272\u308a\u5f15\u304d\u3001\u6295\u8cc7\u306e\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff08NPV\uff09\u3092\u7b97\u51fa\u3059\u308b\u624b\u6cd5\u304c\u4ee3\u8868\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n<p 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href=\"https:\/\/www.willgate.co.jp\/ma\/lpb4\/?fv_f=fixed\"><strong>\u30a6\u30a3\u30eb\u30b2\u30fc\u30c8M&amp;A<\/strong><\/a>\u306b\u3054\u76f8\u8ac7\u3044\u305f\u3060\u3051\u308c\u3070\u5e78\u3044\u3067\u3059\u3002<br>M&amp;A\u304c\u89e3\u6c7a\u7b56\u3068\u3057\u3066\u898b\u8fbc\u3081\u308b\u5834\u5408\u3001<strong><mark>15,100\u793e\u4ee5\u4e0a\u306e\u7d4c\u55b6\u8005\u3068\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af<\/mark><\/strong>\u304b\u3089\u3001\u6700\u9069\u306a\u30de\u30c3\u30c1\u30f3\u30b0\u3092\u8fc5\u901f\u306b\u3054\u63d0\u793a\u3055\u305b\u3066\u3044\u305f\u3060\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><mark>\u6210\u7d04\u5b9f\u7e3e\u306f2\u5e74\u306750\u4ef6\u4ee5\u4e0a<strong><mark>\u3001\u5b8c<\/mark><\/strong>\u5168\u6210\u529f\u5831\u916c\u578b\u3067\u7740\u624b\u91d1\u7121\u6599<\/mark><\/strong>\u3067\u3059\u306e\u3067\u3001\u307e\u305a\u306f\u304a\u6c17\u8efd\u306b\u3054\u76f8\u8ac7\u304f\u3060\u3055\u3044\uff01<\/p>\n\n\n<div class=\"wp-block-image in-article-banner\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/www.willgate.co.jp\/ma\/lpb4\/?fv_f=fixed\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2023\/11\/9_300_300.png\" alt=\"\" class=\"wp-image-5438\" title=\"\" srcset=\"https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2023\/11\/9_300_300.png 300w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2023\/11\/9_300_300-150x150.png 150w, https:\/\/www.willgate.co.jp\/ma-column\/wp-content\/uploads\/2023\/11\/9_300_300-120x120.png 120w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>\uff3c\u6210\u7d04\u4f8b\u3084\u652f\u63f4\u306e\u7279\u5fb4\u30fb\u6d41\u308c\u3092\u7d39\u4ecb\uff0f<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons in-article-button 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