{"version":"1.0","author_name":"kyorosukeke","image_url":null,"categories":[],"published":"2025-10-17 14:47:16","blog_title":"\u3068\u3042\u308b\u6295\u8cc7\u5bb6\u306e\u5b66\u7fd2\u5e33","description":"\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u69cb\u9020\u306e\u518d\u5b9a\u7fa9 \u2015\u57fa\u790e\u8981\u56e0\u3068\u5909\u52d5\u8981\u56e0\u306e\u7d71\u5408\u7684\u7406\u89e3\u2015 \u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u69cb\u9020\u7684\u306b\u4e8c\u5c64\u306b\u5206\u3051\u3089\u308c\u308b\u3002 \u7b2c\u4e00\u5c64\u306f\u4f01\u696d\u5185\u90e8\u306b\u6052\u5e38\u7684\u306b\u5b58\u5728\u3059\u308b\u57fa\u790e\u8981\u56e0\uff08Structural Factors\uff09\u3002 \u7b2c\u4e8c\u5c64\u306f\u5916\u90e8\u74b0\u5883\u3084\u5e02\u5834\u8a55\u4fa1\u306b\u5de6\u53f3\u3055\u308c\u308b\u5909\u52d5\u8981\u56e0\uff08Variable Factors\uff09\u3067\u3042\u308b\u3002 \u5f62\u5f0f\u7684\u306b\u306f\u3001 [ E[R] = (SGR + \u9084\u5143\u5229\u56de\u308a) + f(\u0394OPM, \u0394PER) ] \u3068\u8868\u305b\u308b\u3002\u3053\u3053\u3067\u3001 (SGR)\uff1aSustainable Growth Rate\uff08\u6301\u7d9a\u7684\u6210\u9577\u7387\uff09 \u9084\u5143\u5229\u56de\u308a\uff1a\u914d\u5f53\u30fb\u81ea\u793e\u682a\u8cb7\u3044\u7b49\u306e\u682a\u4e3b\u9084\u5143\u5206 (\u0394OPM)\uff1a\u55b6\u696d\u5229\u76ca\u7387\u5909\u5316 (\u0394PER)\uff1a\u682a\u4fa1\u53ce\u76ca\u7387\u306e\u518d\u8a55\u4fa1 \u524d\u534a\u304c\u30ea\u30bf\u30fc\u30f3\u306e\u2026","height":"190","provider_name":"Hatena Blog","author_url":"https://blog.hatena.ne.jp/kyorosukeke/","url":"https://kyorosukeke.hatenablog.com/entry/2025/10/17/144716","width":"100%","provider_url":"https://hatena.blog","blog_url":"https://kyorosukeke.hatenablog.com/","title":"\u63a8\u5b9a\u30ea\u30bf\u30fc\u30f3\uff1d\u57fa\u790e\u8981\u56e0 \u00d7 \u5909\u52d5\u8981\u56e0","html":"<iframe src=\"https://hatenablog-parts.com/embed?url=https%3A%2F%2Fkyorosukeke.hatenablog.com%2Fentry%2F2025%2F10%2F17%2F144716\" title=\"\u63a8\u5b9a\u30ea\u30bf\u30fc\u30f3\uff1d\u57fa\u790e\u8981\u56e0 \u00d7 \u5909\u52d5\u8981\u56e0 - \u3068\u3042\u308b\u6295\u8cc7\u5bb6\u306e\u5b66\u7fd2\u5e33\" class=\"embed-card embed-blogcard\" scrolling=\"no\" frameborder=\"0\" style=\"display: block; width: 100%; height: 190px; max-width: 500px; margin: 10px 0px;\"></iframe>","type":"rich"}