{"author_name":"kyorosukeke","html":"<iframe src=\"https://hatenablog-parts.com/embed?url=https%3A%2F%2Fkyorosukeke.hatenablog.com%2Fentry%2F2026%2F04%2F10%2F130123\" title=\"\u7121\u6210\u9577\u4f01\u696d\u306b\u304a\u3051\u308b\u9ad8\u30ea\u30bf\u30fc\u30f3\u5b9f\u73fe\u306e\u8ad6\u7406\u69cb\u9020 - \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>","description":"1. \u57fa\u672c\u547d\u984c\uff1a\u5229\u76ca\u5229\u56de\u308a\u3068\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u7b49\u4fa1\u6027 \u4f01\u696d\u4fa1\u5024\u306e\u6a19\u6e96\u7684\u306a\u5b9a\u5f0f\u5316\u3068\u3057\u3066Gordon Growth Model\u3092\u53c2\u7167\u3059\u308b\u3002 $$P = \\frac{E}{r - g}$$ \u3053\u3053\u3067P\u306f\u682a\u4fa1\u3001E\u306f\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\u3001r\u306f\u682a\u4e3b\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3001g\u306f\u5229\u76ca\u6210\u9577\u7387\u3067\u3042\u308b\u3002\u6210\u9577\u7387\u3092\u30bc\u30ed\uff08g = 0\uff09\u3068\u7f6e\u304f\u3068\u3001 $$r = \\frac{E}{P} = \\frac{1}{PER}$$ \u3059\u306a\u308f\u3061\u7121\u6210\u9577\u4f01\u696d\u306b\u304a\u3051\u308b\u682a\u4e3b\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u305d\u306e\u307e\u307e\u5229\u76ca\u5229\u56de\u308a\uff08Earnings Yield\uff09\u306b\u53ce\u675f\u3059\u308b\u3002\u3053\u308c\u306f\u682a\u4fa1\u53ce\u76ca\u7387\u306e\u9006\u6570\u306b\u4ed6\u306a\u3089\u306a\u3044\u3002 2. \u76ee\u6a19\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u306e\u9006\u7b97\uff1aPER\u6c34\u6e96\u306e\u6c7a\u5b9a \u671f\u5f85\u30ea\u30bf\u30fc\u30f3r\u3092\u6240\u4e0e\u3068\u3057\u3066\u3001\u5fc5\u8981\u53d6\u2026","blog_url":"https://kyorosukeke.hatenablog.com/","title":"\u7121\u6210\u9577\u4f01\u696d\u306b\u304a\u3051\u308b\u9ad8\u30ea\u30bf\u30fc\u30f3\u5b9f\u73fe\u306e\u8ad6\u7406\u69cb\u9020","blog_title":"\u3068\u3042\u308b\u6295\u8cc7\u5bb6\u306e\u5b66\u7fd2\u5e33","provider_name":"Hatena Blog","image_url":null,"version":"1.0","url":"https://kyorosukeke.hatenablog.com/entry/2026/04/10/130123","published":"2026-04-10 13:01:23","author_url":"https://blog.hatena.ne.jp/kyorosukeke/","type":"rich","categories":[],"height":"190","provider_url":"https://hatena.blog","width":"100%"}