{"id":208184,"date":"2026-09-26T18:30:00","date_gmt":"2026-09-26T09:30:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208184"},"modified":"2026-09-25T19:36:17","modified_gmt":"2026-09-25T10:36:17","slug":"present-value","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/present-value\/","title":{"rendered":"\u7b2c4\u56de \u6642\u9593\u306f\u304a\u91d1\u3092\u751f\u3080 \u2015 \u73fe\u5728\u4fa1\u5024\u306f\u3069\u3053\u304b\u3089\u51fa\u3066\u304f\u308b\u306e\u304b"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c1\u90e8 \u7b2c4\u56de \/ \u524d\u63d0: \u7b2c2\u56de\u3001\u7b2c3\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u5c06\u6765\u53d7\u3051\u53d6\u308b\u304a\u91d1\u306e\u4eca\u65e5\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u3001\u53d7\u3051\u53d6\u308a\u65b9\u306e\u9055\u30462\u3064\u306e\u7d04\u675f\u306e\u4fa1\u5024\u3092\u6bd4\u3079\u308b\u3053\u3068\u304c\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u5272\u5f15\u306e\u5411\u304d\u3092\u53d6\u308a\u9055\u3048\u308b<\/h2>\n\n\n\n

\u3044\u307e\u624b\u5143\u306b100\u4e07\u5186\u304c\u3042\u308b\u3068\u3057\u3066\u3001\u5e74\u52295\u30d1\u30fc\u30bb\u30f3\u30c8\u306e\u5b9a\u671f\u9810\u91d1\u306b1\u5e74\u9593\u9810\u3051\u305f\u3089\u3001\u6e80\u671f\u306b\u3044\u304f\u3089\u53d7\u3051\u53d6\u308c\u308b\u3067\u3057\u3087\u3046\u304b\u3002\u5c11\u3057\u8003\u3048\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n

\u7b54\u3048\u306f105\u4e07\u5186\u3067\u3059\u3002100\u4e07\u5186\u306b1.05\u3092\u639b\u3051\u308b\u3060\u3051\u306a\u306e\u3067\u3001\u307b\u3068\u3093\u3069\u306e\u4eba\u306f\u8ff7\u3044\u307e\u305b\u3093\u3002\u3067\u306f\u3001\u3082\u3046\u3072\u3068\u3064\u3002\u300c1\u5e74\u5f8c\u306b\u78ba\u5b9f\u306b\u3082\u3089\u3048\u308b100\u4e07\u5186\u306f\u3001\u3044\u307e\u306e\u4fa1\u5024\u306b\u76f4\u3059\u3068\u3044\u304f\u3089\u3067\u3059\u304b\u300d\u3002\u3053\u3061\u3089\u306f100\u4e07\u5186\u30921.05\u3067\u5272\u3063\u3066\u3001\u7d0495\u4e072\u5343\u5186\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u639b\u3051\u308b\u304b\u3001\u5272\u308b\u304b\u3002\u5c06\u6765\u306e\u91d1\u984d\u3092\u77e5\u308a\u305f\u3051\u308c\u3070\u639b\u3051\u7b97\u3001\u3044\u307e\u306e\u4fa1\u5024\u3092\u77e5\u308a\u305f\u3051\u308c\u3070\u5272\u308a\u7b97\u3067\u3059\u3002\u5358\u7d14\u306a\u8a71\u306b\u898b\u3048\u307e\u3059\u304c\u3001\u3053\u306e\u5411\u304d\u3092\u53d6\u308a\u9055\u3048\u308b\u4e8b\u6545\u306f\u5b9f\u52d9\u3067\u3082\u8d77\u3053\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u3042\u308b\u62c5\u5f53\u8005\u304c100\u4e07\u5186\u30921\u5e74\u9593\u904b\u7528\u3057\u305f\u5f8c\u306e\u53d7\u53d6\u984d\u3092\u5831\u544a\u3059\u308b\u5834\u9762\u3092\u60f3\u50cf\u3057\u3066\u304f\u3060\u3055\u3044\u3002\u6b63\u3057\u304f\u306f105\u4e07\u5186\u3068\u66f8\u304f\u3079\u304d\u3068\u3053\u308d\u3092\u3001\u3046\u3063\u304b\u308a\u5272\u308a\u7b97\u3092\u3057\u3066\u300c\u7d0495\u4e072\u5343\u5186\u306b\u306a\u308a\u307e\u3059\u300d\u3068\u66f8\u3044\u3066\u3057\u307e\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

\u3053\u306e\u5831\u544a\u3092\u898b\u305f\u53d6\u5f15\u76f8\u624b\u306f\u3001100\u4e07\u5186\u3092\u9810\u3051\u3066\u308295\u4e072\u5343\u5186\u306b\u3057\u304b\u306a\u3089\u306a\u3044\u3068\u601d\u3044\u8fbc\u307f\u307e\u3059\u3002\u305d\u3053\u3067\u300c\u3044\u307e100\u4e07\u5186\u3092\u304a\u6e21\u3057\u3059\u308b\u306e\u3067\u30011\u5e74\u5f8c\u306b95\u4e072\u5343\u5186\u3092\u8fd4\u3057\u3066\u304f\u3060\u3055\u3044\u300d\u3068\u3044\u3046\u5951\u7d04\u3092\u6301\u3061\u304b\u3051\u3066\u304d\u307e\u3057\u305f\u3002\u3042\u306a\u305f\u306f\u53d7\u3051\u53d6\u3063\u305f100\u4e07\u5186\u3092\u5e74\u52295\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u904b\u7528\u3057\u3066\u30011\u5e74\u5f8c\u306b105\u4e07\u5186\u3092\u624b\u306b\u3057\u307e\u3059\u3002\u305d\u3053\u304b\u3089\u5951\u7d04\u3069\u304a\u308a\u7d0495\u4e072\u5343\u5186\u3092\u8fd4\u6e08\u3059\u308b\u3068\u3001\u624b\u5143\u306b\u7d049\u4e078\u5343\u5186\u304c\u6b8b\u308a\u307e\u3059\u3002\u5143\u624b\u306f\u30bc\u30ed\u3001\u30ea\u30b9\u30af\u3082\u30bc\u30ed\u3001\u5229\u76ca\u3060\u3051\u304c\u78ba\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\u5411\u304d\u3092\u9593\u9055\u3048\u305f\u5074\u306f\u3001\u9593\u9055\u3044\u306b\u6c17\u3065\u304b\u306a\u3044\u9650\u308a\u3001\u6b63\u3057\u3044\u8a08\u7b97\u3092\u77e5\u3063\u3066\u3044\u308b\u76f8\u624b\u306b\u3053\u306e\u5229\u76ca\u3092\u4f55\u5ea6\u3067\u3082\u5dee\u3057\u51fa\u3059\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u8a71\u304c\u4f1d\u3048\u3066\u3044\u308b\u306e\u306f\u3001\u5c06\u6765\u306e\u304a\u91d1\u306e\u300c\u3044\u307e\u306e\u5024\u6bb5\u300d\u306f\u611f\u899a\u3084\u597d\u307f\u3067\u6c7a\u307e\u308b\u3082\u306e\u3067\u306f\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u91d1\u5229\u304c\u6c7a\u307e\u3063\u3066\u3044\u308b\u4e16\u754c\u3067\u306f\u3001\u6b63\u3057\u3044\u5024\u6bb5\u304c\u305f\u3063\u305f\u3072\u3068\u3064\u5b58\u5728\u3057\u307e\u3059\u3002\u305d\u3053\u304b\u3089\u5916\u308c\u305f\u5024\u6bb5\u3092\u3064\u3051\u305f\u77ac\u9593\u306b\u3001\u5143\u624b\u306a\u3057\u306e\u78ba\u5b9a\u5229\u76ca\u3092\u53d6\u3089\u308c\u3066\u3057\u307e\u3044\u307e\u3059\u3002\u3053\u306e\u300c\u305f\u3063\u305f\u3072\u3068\u3064\u306e\u5024\u6bb5\u300d\u3092\u3001\u7121\u88c1\u5b9a\u306e\u6761\u4ef6\u3060\u3051\u3067\u5c0e\u304f\u306e\u304c\u3053\u306e\u56de\u306e\u76ee\u6a19\u3067\u3059\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 1\u5e74\u5f8c\u306e100\u4e07\u5186\u306f\u3001\u3044\u307e\u4f55\u5186\u306e\u4fa1\u5024\u304c\u3042\u308b\u306e\u304b<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u5c06\u6765\u53d7\u3051\u53d6\u308b\u304a\u91d1\u306e\u4eca\u65e5\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u3001\u53d7\u3051\u53d6\u308a\u65b9\u306e\u9055\u30462\u3064\u306e\u7d04\u675f\u306e\u4fa1\u5024\u3092\u6bd4\u3079\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u300c1\u5e74\u5f8c\u306b\u3082\u3089\u3048\u308b100\u4e07\u5186\u3068\u3001\u3044\u307e\u3082\u3089\u3048\u308b100\u4e07\u5186\u306f\u540c\u3058\u4fa1\u5024\u3067\u3059\u304b\u300d\u3068\u805e\u304b\u308c\u305f\u3089\u3001\u307b\u3068\u3093\u3069\u306e\u4eba\u306f\u300c\u9055\u3046\u300d\u3068\u7b54\u3048\u307e\u3059\u3002\u7406\u7531\u306f\u3044\u304f\u3064\u304b\u601d\u3044\u3064\u304f\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u91d1\u878d\u6570\u5b66\u3067\u306f\u305f\u3063\u305f\u3072\u3068\u3064\u306e\u7406\u7531\u3057\u304b\u4f7f\u3044\u307e\u305b\u3093\u3002\u3044\u307e\u53d7\u3051\u53d6\u308c\u3070\u3001\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u904b\u7528\u3067\u304d\u308b<\/strong>\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n

\u3044\u307e 100 \u3092\u53d7\u3051\u53d6\u3063\u3066\u5e74\u5229 <\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3067\u904b\u7528\u3059\u308c\u3070\u30011\u5e74\u5f8c\u306b\u306f <\/span>100<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308a\u307e\u3059\u3002\u9006\u306b\u8a00\u3048\u3070\u30011\u5e74\u5f8c\u306e 105 \u306f\u300c\u3044\u307e\u306e 100 \u3068\u540c\u3058\u4fa1\u5024\u300d\u3067\u3059\u3002\u3053\u306e\u300c\u3044\u307e\u306e 100\u300d\u3092 \u73fe\u5728\u4fa1\u5024<\/strong>\uff08present value\uff09\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u73fe\u5728\u4fa1\u5024\u304c\u300c\u306a\u3093\u3068\u306a\u304f\u306e\u611f\u899a\u300d\u3067\u306f\u306a\u304f\u3001\u7121\u88c1\u5b9a\u306e\u6761\u4ef6\u304b\u3089\u4e00\u610f\u306b\u6c7a\u307e\u308b<\/strong>\u3053\u3068\u3092\u8a3c\u660e\u3057\u307e\u3059\u3002\u7b2c2\u56de\u3067\u5c0e\u5165\u3057\u305f\u7121\u88c1\u5b9a\u306e\u516c\u7406\u304c\u3001\u3053\u3053\u3067\u6700\u521d\u306e\u5177\u4f53\u7684\u306a\u5e30\u7d50\u3092\u751f\u307f\u307e\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u8a18\u4e8b\u3067\u8a3c\u660e\u3059\u308b\u3053\u3068<\/h3>\n\n\n\n
    \n
  • THM-PV-1<\/strong> \u7121\u88c1\u5b9a\u306e\u3082\u3068\u3067\u3001\u6642\u70b91\u306e\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u306e\u4fa1\u683c\u306f <\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u5916\u306b\u3042\u308a\u3048\u307e\u305b\u3093\u3002<\/li>\n
  • THM-PV-2<\/strong> \u5404\u671f\u306e\u91d1\u5229\u304c\u78ba\u5b9a\u3057\u3066\u3044\u308b\u3068\u304d\u3001\u591a\u6642\u70b9\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306f\u5404\u671f\u306e\u5272\u5f15\u4fc2\u6570\u3067\u9806\u306b\u5272\u308a\u5f15\u3044\u305f\u7dcf\u548c\u3067\u3059\u3002<\/li>\n
  • THM-PV-3<\/strong> \u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4fa1\u683c\u304c\u73fe\u5728\u4fa1\u5024\u304b\u3089\u305a\u308c\u3066\u3044\u308c\u3070\u3001\u305d\u306e\u5dee\u984d\u3092\u305d\u306e\u307e\u307e\u78ba\u5b9a\u5229\u76ca\u306b\u3059\u308b\u53d6\u5f15\u304c\u4f5c\u308c\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u91d1\u5229\u304c\u78ba\u5b9a\u3057\u305f\u4e16\u754c\u3092\u7f6e\u304f<\/h2>\n\n\n\n

    \u4ee5\u4e0b\u306e\u4eee\u5b9a\u3092\u7f6e\u304d\u307e\u3059\u3002\u3069\u308c\u304c\u5f8c\u3067\u58ca\u308c\u308b\u304b\u3092\u898b\u308b\u305f\u3081\u306b\u3001\u5168\u90e8\u66f8\u304d\u51fa\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \n
    • \u91d1\u5229<\/strong>: \u7121\u30ea\u30b9\u30af\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u306f\u78ba\u5b9a\u3057\u3066\u3044\u3066\u3001<\/span>r<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq>\u3002<\/li>\n
    • \u5bfe\u79f0\u6027<\/strong>: \u540c\u4e00\u306e\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u8cb8\u3059\u3053\u3068\u3082\u501f\u308a\u308b\u3053\u3068\u3082\u3067\u304d\u308b\u3002<\/li>\n
    • \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/strong>: \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u78ba\u5b9a\u3057\u3066\u3044\u3066\u3001\u72b6\u614b\u306b\u4f9d\u5b58\u3057\u306a\u3044\u3002<\/li>\n
    • \u6469\u64e6\u306a\u3057<\/strong>: \u53d6\u5f15\u30b3\u30b9\u30c8\u3001\u7a0e\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u306f\u7121\u3044\u3002<\/li>\n
    • \u8907\u5229\u306e\u983b\u5ea6<\/strong>: \u8907\u5229\u306e\u8a08\u7b97\u306f\u5e741\u56de\u3068\u3059\u308b\u3002\u4ed6\u306e\u8907\u5229\u983b\u5ea6\u306f\u7b2c5\u56de\u3067\u6271\u3046\u3002<\/li>\n<\/ul>\n\n\n\n

      \u5272\u5f15\u4fc2\u6570<\/strong>\u3092\u5b9a\u7fa9\u3057\u307e\u3059\u3002\u73fe\u5728\uff08<\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\uff09\u304b\u3089\u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u306e\u5272\u5f15\u4fc2\u6570\u3092<\/p>\n\n\n\n

      <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3068\u66f8\u304d\u307e\u3059\u3002\u3053\u308c\u306f\u300c\u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e 1 \u304c\u3001\u3044\u307e\u3044\u304f\u3089\u306e\u4fa1\u5024\u304b\u300d\u3092\u8868\u3059\u6570\u3067\u3059\u3002<\/span>r<\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308a\u3001\u5272\u5f15\u4fc2\u6570\u306f\u5e38\u306b\u6b63\u3067\u3059\u3002<\/span>r<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span><<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a\u3001\u5c06\u6765\u306e 1 \u306f\u73fe\u5728\u306e 1 \u3088\u308a\u4fa1\u5024\u304c\u4f4e\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      \u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u3067\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308b\u3068\u304d\u3001\u305d\u306e\u73fe\u5728\u4fa1\u5024<\/strong>\u306f<\/p>\n\n\n\n

      <\/span>PV<\/span><\/span>(<\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3067\u3059\u3002<\/p>\n\n\n\n

      \u8907\u6570\u306e\u6642\u70b9 <\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>t<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>t<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>F<\/span><\/span>t<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>F<\/span><\/span>t<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308b\u5834\u5408\u3001\u5168\u4f53\u306e\u73fe\u5728\u4fa1\u5024\u306f\u305d\u308c\u305e\u308c\u306e\u73fe\u5728\u4fa1\u5024\u306e\u548c\u3067\u3059\u3002<\/p>\n\n\n\n

      <\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1.3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u4ee5\u4e0a\u304c\u73fe\u5728\u4fa1\u5024\u306e\u5b9a\u7fa9\u3067\u3059\u3002\u3053\u3053\u304b\u3089\u306f\u3001\u3053\u306e\u5024\u304c\u300c\u5b9a\u7fa9\u3068\u3057\u3066\u4fbf\u5229\u3060\u304b\u3089\u4f7f\u3046\u300d\u306e\u3067\u306f\u306a\u304f\u3001\u7121\u88c1\u5b9a\u304b\u3089\u5fc5\u7136\u7684\u306b\u6c7a\u307e\u308b\u552f\u4e00\u306e\u4fa1\u683c<\/strong>\u3067\u3042\u308b\u3053\u3068\u3092\u8a3c\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u73fe\u5728\u4fa1\u5024\u306f\u597d\u307f\u3067\u306f\u306a\u304f\u7121\u88c1\u5b9a\u3067\u6c7a\u307e\u308b<\/h2>\n\n\n\n

      3\u3064\u306e\u5b9a\u7406\u3092\u8ff0\u3079\u307e\u3059\u3002<\/p>\n\n\n\n

      \n

      \u5b9a\u7406 THM-PV-1\uff08\u73fe\u5728\u4fa1\u5024\u306e\u4e00\u610f\u6027\uff09<\/strong>\n\u7121\u30ea\u30b9\u30af\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u81ea\u7531\u306b\u8cb8\u3057\u501f\u308a\u3067\u304d\u308b\u5e02\u5834\u304c\u7121\u88c1\u5b9a\u3067\u3042\u308b\u3068\u304d\u3001\u6642\u70b91\u3067\u78ba\u5b9a\u3057\u3066 <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u6255\u3046\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u306e\u4fa1\u683c\u306f <\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u5916\u306b\u3042\u308a\u3048\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-PV-2\uff08\u591a\u6642\u70b9\u3078\u306e\u62e1\u5f35\uff09<\/strong>\n\u5404\u671f\u306e\u91d1\u5229\u304c\u78ba\u5b9a\u3057\u3066\u3044\u308b\u3068\u304d\u3001\u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u73fe\u5728\u4fa1\u5024\u306f <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u5404\u671f\u306e\u91d1\u5229\u3067\u9806\u306b\u5272\u308a\u5f15\u3044\u305f\u3082\u306e\u306b\u7b49\u3057\u304f\u3001\u5168\u4f53\u306e\u73fe\u5728\u4fa1\u5024\u306f\u305d\u306e\u548c\u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-PV-3\uff08\u5272\u5f15\u3068\u88c1\u5b9a\u306e\u540c\u5024\uff09<\/strong>\n\u3042\u308b\u6642\u70b9\u306e\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4fa1\u683c\u304c\u73fe\u5728\u4fa1\u5024\u3068\u7570\u306a\u308b\u306a\u3089\u3001\u305d\u306e\u5dee\u984d\u3092\u305d\u306e\u307e\u307e\u78ba\u5b9a\u5229\u76ca\u306b\u3059\u308b\u53d6\u5f15\u304c\u69cb\u6210\u3067\u304d\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      THM-PV-1 \u306f1\u671f\u9593\u306e\u57fa\u672c\u5b9a\u7406\u3067\u3059\u3002THM-PV-2 \u306f\u305d\u308c\u3092\u8907\u6570\u671f\u9593\u306b\u4e00\u822c\u5316\u3057\u307e\u3059\u3002THM-PV-3 \u306f\u9006\u65b9\u5411\u306e\u4e3b\u5f35\u3067\u3001\u300c\u305a\u308c\u3066\u3044\u305f\u3089\u88c1\u5b9a\u304c\u4f5c\u308c\u308b\u300d\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002THM-PV-1 \u3068 THM-PV-3 \u306f\u5bfe\u3092\u306a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

      \u8a3c\u660e\u3092\u8aad\u3080\uff08\u8aad\u307e\u306a\u304f\u3066\u3082\u8a18\u4e8b\u306f\u5b8c\u7d50\u3057\u307e\u3059\uff09<\/summary>\n

      4. \u8a3c\u660e \u2015 \u4fa1\u683c\u304c\u305a\u308c\u305f\u3089\u5132\u3051\u304c\u4f5c\u308c\u308b\u3053\u3068\u3092\u898b\u308b<\/h2>\n

      \u3053\u306e\u7bc0\u306f\u8aad\u307e\u306a\u304f\u3066\u3082\u8a18\u4e8b\u306f\u5b8c\u7d50\u3057\u307e\u3059\u3002<\/p>\n

      THM-PV-1 \u306e\u8a3c\u660e<\/h3>\n

      \u6642\u70b91\u3067\u78ba\u5b9a\u3057\u3066 <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u652f\u6255\u3046\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4fa1\u683c\u3092 <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002<\/span>P<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3068\u4eee\u5b9a\u3057\u3066\u3001\u77db\u76fe\uff08\u88c1\u5b9a\u306e\u5b58\u5728\uff09\u3092\u5c0e\u304d\u307e\u3059\u3002<\/p>\n

      \u30b1\u30fc\u30b91: <\/span>P<\/span><\/span>><\/span><\/span><\/span><\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3002<\/strong><\/p>\n

      \u6b21\u306e\u53d6\u5f15\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n

        \n
      1. \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4fa1\u683c <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3067\u58f2\u308b\uff08\u6642\u70b90\u306b <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u6642\u70b91\u306b <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u652f\u6255\u3046\u7fa9\u52d9\u3092\u8ca0\u3046\uff09\u3002<\/li>\n
      2. \u53d7\u3051\u53d6\u3063\u305f <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u306e\u3046\u3061 <\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u904b\u7528\u3059\u308b\u3002\u6b8b\u308a <\/span>P<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u624b\u5143\u306b\u7f6e\u304f\u3002<\/li>\n<\/ol>\n

        \u6642\u70b90\u306e\u53ce\u652f\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u58f2\u5374\u3067 <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u904b\u7528\u306b <\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u6295\u3058\u308b\u306e\u3067\u3001\u624b\u5143\u306b\u6b8b\u308b\u306e\u306f<\/p>\n

        <\/span>P<\/span><\/span>\u2212<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span><\/span><\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span>(<\/span>4.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

        \u3067\u3059\u3002\u6b63\u306e\u91d1\u984d\u304c\u78ba\u5b9a\u3057\u3066\u6b8b\u308a\u307e\u3059\u3002<\/p>\n

        \u6642\u70b91\u306e\u53ce\u652f\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u904b\u7528\u304c\u6e80\u671f\u3092\u8fce\u3048\u3066 <\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u58f2\u5374\u306e\u7fa9\u52d9\u3068\u3057\u3066 <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u652f\u6255\u3044\u307e\u3059\u3002\u5dee\u984d\u306f<\/p>\n

        <\/span>F<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span>(<\/span>4.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

        \u3067\u3059\u3002\u6642\u70b91\u306e\u640d\u76ca\u306f\u3061\u3087\u3046\u3069\u30bc\u30ed\u3067\u3059\u3002<\/p>\n

        \u307e\u3068\u3081\u308b\u3068\u3001\u6642\u70b90\u306b\u6b63\u306e\u91d1\u984d <\/span>P<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u78ba\u5b9a\u3067\u53d7\u3051\u53d6\u308a\u3001\u6642\u70b91\u306e\u640d\u76ca\u306f\u30bc\u30ed\u3067\u3059\u3002\u5143\u624b\u306a\u3057\u3067\u78ba\u5b9a\u5229\u76ca\u3092\u5f97\u3066\u3044\u308b\u306e\u3067\u3001\u3053\u308c\u306f\u88c1\u5b9a\u3067\u3059\u3002<\/p>\n

        \u30b1\u30fc\u30b92: <\/span>P<\/span><\/span><<\/span><\/span><\/span><\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3002<\/strong><\/p>\n

        \u3059\u3079\u3066\u306e\u53d6\u5f15\u3092\u9006\u306b\u3057\u307e\u3059\u3002<\/p>\n

          \n
        1. \u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067 <\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u501f\u308a\u308b\u3002<\/li>\n
        2. \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4fa1\u683c <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3067\u8cb7\u3046\u3002\u5dee\u984d <\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3092\u624b\u5143\u306b\u7f6e\u304f\u3002<\/li>\n<\/ol>\n

          \u6642\u70b90\u306e\u624b\u5143\u306f<\/p>\n

          <\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span><\/span><\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>P<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span>(<\/span>4.3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3067\u3059\u3002<\/p>\n

          \u6642\u70b91\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089 <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u501f\u5165\u306e\u8fd4\u6e08\u306b <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u652f\u6255\u3044\u307e\u3059\u3002\u5dee\u984d\u306f\u30bc\u30ed\u3002\u3084\u306f\u308a\u88c1\u5b9a\u3067\u3059\u3002<\/p>\n

          \u3069\u3061\u3089\u306e\u30b1\u30fc\u30b9\u3067\u3082\u88c1\u5b9a\u304c\u69cb\u6210\u3067\u304d\u308b\u306e\u3067\u3001\u7121\u88c1\u5b9a\u306e\u3082\u3068\u3067\u306f <\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3057\u304b\u3042\u308a\u3048\u307e\u305b\u3093\u3002 \u220e<\/p>\n

          \u3053\u306e\u8a3c\u660e\u306e\u69cb\u9020\u306f\u91cd\u8981\u3067\u3059\u3002\u300c\u9ad8\u3059\u304e\u308c\u3070\u58f2\u3063\u3066\u904b\u7528\u3001\u5b89\u3059\u304e\u308c\u3070\u501f\u308a\u3066\u8cb7\u3046\u300d\u3068\u3044\u3046\u5bfe\u79f0\u7684\u306a\u53d6\u5f15\u3092\u7d44\u3080\u3053\u3068\u3067\u3001\u3069\u3061\u3089\u306b\u305a\u308c\u3066\u3082\u88c1\u5b9a\u304c\u4f5c\u308c\u308b<\/strong>\u3053\u3068\u3092\u793a\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u304c\u300c\u73fe\u5728\u4fa1\u5024\u306f\u597d\u307f\u3067\u306f\u306a\u3044\u300d\u306e\u610f\u5473\u3067\u3059\u3002\u8ab0\u304c\u3069\u3046\u601d\u304a\u3046\u3068\u3001\u305a\u308c\u305f\u4fa1\u683c\u3092\u4ed8\u3051\u308c\u3070\u88c1\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n

          THM-PV-2 \u306e\u8a3c\u660e<\/h3>\n

          \u5404\u671f\u306e\u91d1\u5229\u304c <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u4e00\u5b9a\u306e\u5834\u5408\u3092\u793a\u3057\u307e\u3059\uff08\u671f\u3054\u3068\u306b\u91d1\u5229\u304c\u7570\u306a\u308b\u5834\u5408\u3082\u540c\u69d8\u3067\u3059\u304c\u3001\u8a18\u53f7\u304c\u7169\u96d1\u306b\u306a\u308b\u305f\u3081 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u4e00\u5b9a\u3067\u66f8\u304d\u307e\u3059\uff09\u3002<\/p>\n

          \u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u3067\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308b\u6a29\u5229\u306e\u4fa1\u683c\u3092 <\/span>P<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002THM-PV-1 \u3092\u7e70\u308a\u8fd4\u3057\u9069\u7528\u3057\u307e\u3059\u3002<\/p>\n

          \u30b9\u30c6\u30c3\u30d71<\/strong>: \u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u3001\u6642\u70b9 <\/span>t<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u898b\u308c\u3070\u300c1\u671f\u9593\u5f8c\u306e\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d\u3067\u3059\u3002THM-PV-1 \u3088\u308a\u3001\u6642\u70b9 <\/span>t<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u306e\u4fa1\u683c\u306f<\/p>\n

          <\/span>P<\/span><\/span>t<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span><\/span><\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3067\u306a\u3051\u308c\u3070\u88c1\u5b9a\u304c\u751f\u3058\u307e\u3059\u3002<\/p>\n

          \u30b9\u30c6\u30c3\u30d72<\/strong>: <\/span>P<\/span><\/span>t<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u6642\u70b9 <\/span>t<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u78ba\u5b9a\u3057\u3066\u53d7\u3051\u53d6\u308c\u308b\u91d1\u984d\u306a\u306e\u3067\u3001\u6642\u70b9 <\/span>t<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u898b\u308c\u3070\u300c1\u671f\u9593\u5f8c\u306e\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u300d\u3067\u3059\u3002\u518d\u3073 THM-PV-1 \u3088\u308a<\/p>\n

          <\/span>P<\/span><\/span>t<\/span>\u2212<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>t<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3067\u3059\u3002<\/p>\n

          \u30b9\u30c6\u30c3\u30d73<\/strong>: \u3053\u308c\u3092 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u56de\u7e70\u308a\u8fd4\u3059\u3068\u3001\u6642\u70b90\u306e\u4fa1\u683c\u306f<\/p>\n

          <\/span>P<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span><\/span>(<\/span>4.4<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u306b\u78ba\u5b9a\u3057\u307e\u3059\u30021\u56de\u3054\u3068\u306b THM-PV-1 \u304c\u9069\u7528\u3055\u308c\u308b\u305f\u3081\u3001\u3069\u306e\u6bb5\u968e\u3067\u3082\u305a\u308c\u304c\u3042\u308c\u3070\u88c1\u5b9a\u304c\u69cb\u6210\u3067\u304d\u307e\u3059<\/strong>\u3002<\/p>\n

          \u8907\u6570\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>F<\/span><\/span>t<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u3042\u308b\u5834\u5408\u3001\u305d\u308c\u305e\u308c\u72ec\u7acb\u306b\u5272\u308a\u5f15\u3051\u307e\u3059\u3002\u5168\u4f53\u306e\u4fa1\u683c\u306f\u500b\u3005\u306e\u73fe\u5728\u4fa1\u5024\u306e\u548c<\/p>\n

          <\/span>P<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>i<\/span>=<\/span>1<\/span><\/span><\/span><\/span><\/span>\u2211<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span>i<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.5<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3067\u3059\u3002\u3082\u3057\u5168\u4f53\u306e\u4fa1\u683c\u304c\u3053\u306e\u548c\u3068\u7570\u306a\u308c\u3070\u3001\u500b\u5225\u306e\u5272\u5f15\u3067\u4f5c\u3063\u305f\u88c1\u5b9a\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u5168\u4f53\u306b\u3082\u88c1\u5b9a\u304c\u4f5c\u308c\u307e\u3059\u3002 \u220e<\/p>\n

          THM-PV-3 \u306e\u8a3c\u660e<\/h3>\n

          THM-PV-1 \u306e\u8a3c\u660e\u3067\u69cb\u6210\u3057\u305f\u53d6\u5f15\u305d\u306e\u3082\u306e\u304c\u3001THM-PV-3 \u306e\u4e3b\u5f35\u306e\u8a3c\u660e\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u6539\u3081\u3066\u4e00\u822c\u306e\u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u66f8\u304d\u307e\u3059\u3002<\/p>\n

          \u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u4fa1\u683c\u304c <\/span>P<\/span><\/span><\/span>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u3068\u3057\u307e\u3059\u3002<\/p>\n

          <\/span>P<\/span><\/span>><\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3002<\/strong> \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092 <\/span>P<\/span><\/span><\/span><\/span><\/eq> \u3067\u58f2\u308a\u3001<\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u5e74\u9593\u904b\u7528\u3057\u307e\u3059\u3002\u6642\u70b90\u306e\u78ba\u5b9a\u5229\u76ca\u306f<\/p>\n

          <\/span>P<\/span><\/span>\u2212<\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3067\u3059\u3002\u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u904b\u7528\u304b\u3089 <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u58f2\u5374\u7fa9\u52d9\u306e <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u652f\u6255\u3046\u306e\u3067\u640d\u76ca\u30bc\u30ed\u3067\u3059\u3002<\/p>\n

          <\/span>P<\/span><\/span><<\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3002<\/strong> \u9006\u306e\u53d6\u5f15\u3067\u540c\u984d\u306e\u78ba\u5b9a\u5229\u76ca\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n

          \u3044\u305a\u308c\u306e\u5834\u5408\u3082\u3001\u78ba\u5b9a\u5229\u76ca\u306f <\/span>\u2223<\/span>P<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2223<\/span><\/span><\/span><\/span><\/eq> \u306b\u3061\u3087\u3046\u3069\u7b49\u3057\u304f\u306a\u308a\u307e\u3059\u3002\u300c\u5dee\u984d\u304c\u305d\u306e\u307e\u307e\u78ba\u5b9a\u5229\u76ca\u306b\u306a\u308b\u300d\u3068\u3044\u3046\u306e\u304c THM-PV-3 \u306e\u4e3b\u5f35\u3067\u3059\u3002 \u220e<\/p>\n<\/details>\n\n\n\n

          5. \u53cd\u4f8b \u2015 \u91d1\u984d\u304c\u63fa\u308c\u308b\u3068\u5272\u5f15\u3060\u3051\u3067\u306f\u8db3\u308a\u306a\u3044<\/h2>\n\n\n\n

          \u53cd\u4f8b CEX-PV-1: \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u78ba\u5b9a\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u4eee\u5b9a\u3092\u58ca\u3059<\/h3>\n\n\n\n

          \u6642\u70b91\u306e\u53d7\u53d6\u984d\u304c\u72b6\u614b\u306b\u3088\u3063\u3066\u5909\u308f\u308b\u5834\u5408\u3092\u8003\u3048\u307e\u3059\u3002\u3042\u308b\u72b6\u614b\u3067\u306f 110 \u3092\u53d7\u3051\u53d6\u308a\u3001\u5225\u306e\u72b6\u614b\u3067\u306f 90 \u3092\u53d7\u3051\u53d6\u308b\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

          \u7d20\u6734\u306b\u300c\u5e73\u5747\u3092\u53d6\u3063\u3066\u5272\u308a\u5f15\u304f\u300d\u3068\u3059\u308b\u3068<\/p>\n\n\n\n

          <\/span><\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>110<\/span><\/span>+<\/span><\/span>90<\/span>)<\/span>\/2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>95.2381<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          \u306b\u306a\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u3053\u306e\u5024\u304c\u6b63\u3057\u3044\u4fa1\u683c\u3067\u3042\u308b\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

          \u306a\u305c\u306a\u3089\u3001THM-PV-1 \u306e\u8a3c\u660e\u306f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u78ba\u5b9a\u3057\u3066\u3044\u308b\u3053\u3068<\/strong>\u3092\u672c\u8cea\u7684\u306b\u4f7f\u3063\u3066\u3044\u305f\u304b\u3089\u3067\u3059\u3002\u30b1\u30fc\u30b91\u3067\u300c\u6642\u70b91\u306b <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u652f\u6255\u3046\u7fa9\u52d9\u300d\u3068\u300c\u904b\u7528\u304b\u3089\u5f97\u308b <\/span>F<\/span><\/span><\/span><\/span><\/eq>\u300d\u304c\u3074\u3063\u305f\u308a\u76f8\u6bba\u3057\u305f\u306e\u306f\u3001\u652f\u6255\u984d\u3068\u53d7\u53d6\u984d\u304c\u540c\u3058 <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3060\u3063\u305f\u304b\u3089\u3067\u3059\u3002\u91d1\u984d\u304c\u72b6\u614b\u306b\u3088\u3063\u3066\u5909\u308f\u308b\u3068\u3001\u3053\u306e\u76f8\u6bba\u304c\u5d29\u308c\u3001\u88c1\u5b9a\u306e\u69cb\u6210\u304c\u6210\u308a\u7acb\u3061\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

          \u6570\u5024\u3067\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>0.05<\/span><\/span><\/span><\/span><\/eq> \u3067 95.2381 \u3092\u904b\u7528\u3059\u308b\u3068\u3001\u6642\u70b91\u306b\u306f <\/span>95.2381<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308a\u307e\u3059\u3002\u3057\u304b\u3057\u652f\u6255\u3044\u7fa9\u52d9\u306f\u72b6\u614b\u306b\u5fdc\u3058\u3066 110 \u304b 90 \u3067\u3059\u3002\u4e0a\u306e\u72b6\u614b\u3067\u306f <\/span>100<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>110<\/span><\/span>=<\/span><\/span><\/span><\/span>\u2212<\/span>10<\/span><\/span><\/span><\/span><\/eq> \u306e\u640d\u5931\u3001\u4e0b\u306e\u72b6\u614b\u3067\u306f <\/span>100<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>90<\/span><\/span>=<\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/eq> \u306e\u5229\u76ca\u304c\u51fa\u307e\u3059\u3002\u78ba\u5b9a\u5229\u76ca\u306b\u306a\u3089\u306a\u3044\u306e\u3067\u3001\u88c1\u5b9a\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

          \u72b6\u614b\u306b\u4f9d\u5b58\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4fa1\u683c\u4ed8\u3051\u306b\u306f\u3001\u5272\u5f15\u3060\u3051\u3067\u306f\u8db3\u308a\u307e\u305b\u3093\u3002\u6b63\u3057\u3044\u6271\u3044\u306f\u7b2c43\u56de\u4ee5\u964d\u3067\u5c0e\u5165\u3059\u308b\u7406\u8ad6\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

          \u53cd\u4f8b CEX-PV-2: \u501f\u5165\u3068\u8cb8\u51fa\u304c\u540c\u4e00\u91d1\u5229\u3068\u3044\u3046\u4eee\u5b9a\u3092\u58ca\u3059<\/h3>\n\n\n\n

          THM-PV-1 \u306e\u8a3c\u660e\u3067\u306f\u3001\u300c<\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u81ea\u7531\u306b\u8cb8\u3059\u3053\u3068\u3082\u501f\u308a\u308b\u3053\u3068\u3082\u3067\u304d\u308b\u300d\u3053\u3068\u3092\u4f7f\u3044\u307e\u3057\u305f\u3002\u30b1\u30fc\u30b91\u3067\u306f\u904b\u7528\uff08\u8cb8\u51fa\uff09\u3001\u30b1\u30fc\u30b92\u3067\u306f\u501f\u5165\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002\u3082\u3057\u8cb8\u51fa\u91d1\u5229\u3068\u501f\u5165\u91d1\u5229\u304c\u7570\u306a\u308c\u3070\u3001\u3069\u3046\u306a\u308b\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n

          \u501f\u5165\u91d1\u5229\u3092 <\/span>r<\/span><\/span>borrow<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>7%<\/span><\/span><\/span><\/span><\/eq>\u3001\u8cb8\u51fa\u91d1\u5229\u3092 <\/span>r<\/span><\/span>lend<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002\u6642\u70b91\u306e\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u3092\u8003\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

          \u4e0a\u9650<\/strong>: \u4fa1\u683c\u304c <\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>lend<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>100\/1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>95.2381<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u9ad8\u3051\u308c\u3070\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u58f2\u3063\u3066\u53d7\u53d6\u984d\u3092\u8cb8\u51fa\u91d1\u5229\u3067\u904b\u7528\u3059\u308b\u88c1\u5b9a\u304c\u7d44\u3081\u307e\u3059\uff08THM-PV-1 \u306e\u30b1\u30fc\u30b91\u3068\u540c\u3058\uff09\u3002<\/p>\n\n\n\n

          \u4e0b\u9650<\/strong>: \u4fa1\u683c\u304c <\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>borrow<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>100\/1.07<\/span><\/span>=<\/span><\/span><\/span><\/span>93.4579<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u4f4e\u3051\u308c\u3070\u3001\u501f\u5165\u91d1\u5229\u3067\u501f\u308a\u3066\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8cb7\u3046\u88c1\u5b9a\u304c\u7d44\u3081\u307e\u3059\uff08\u30b1\u30fc\u30b92\u3068\u540c\u3058\uff09\u3002<\/p>\n\n\n\n

          \u3057\u304b\u3057\u3001\u4fa1\u683c\u304c 93.4579 \u3068 95.2381 \u306e\u9593\u306b\u3042\u308b\u3068\u304d\u306f\u3001\u3069\u3061\u3089\u306e\u88c1\u5b9a\u3082\u6210\u7acb\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

            \n
          • \u58f2\u3063\u3066\u904b\u7528\u3057\u3088\u3046\u3068\u3059\u308b\u3068\u3001\u904b\u7528\u91d1\u5229\u304c 5% \u306a\u306e\u3067\u6642\u70b91\u306b <\/span>P<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/eq> \u3057\u304b\u5f97\u3089\u308c\u305a\u3001<\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306e\u652f\u6255\u3044\u3092\u8cc4\u3048\u308b\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002<\/li>\n
          • \u501f\u308a\u3066\u8cb7\u304a\u3046\u3068\u3059\u308b\u3068\u3001\u501f\u5165\u91d1\u5229\u304c 7% \u306a\u306e\u3067\u8fd4\u6e08\u304c <\/span>P<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.07<\/span><\/span><\/span><\/span><\/eq> \u306b\u81a8\u3089\u307f\u3001<\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306e\u53d7\u53d6\u3060\u3051\u3067\u306f\u8db3\u308a\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

            \u3064\u307e\u308a\u73fe\u5728\u4fa1\u5024\u306f\u4e00\u3064\u306e\u6570\u3067\u306f\u306a\u304f\u3001\u533a\u9593<\/strong> <\/span>[<\/span>93.4579<\/span>,<\/span>\u00a0<\/span><\/span>95.2381<\/span>]<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308a\u307e\u3059\u3002\u300c\u540c\u4e00\u91d1\u5229\u3067\u8cb8\u3057\u501f\u308a\u3067\u304d\u308b\u300d\u3068\u3044\u3046\u4eee\u5b9a\u304c\u58ca\u308c\u308b\u3068\u3001\u4fa1\u683c\u306e\u4e00\u610f\u6027\u304c\u5931\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

            \u53cd\u4f8b CEX-PV-3: \u5272\u5f15\u306e\u5411\u304d\u3092\u53d6\u308a\u9055\u3048\u308b\u8aa4\u308a<\/h3>\n\n\n\n

            \u5272\u5f15\u3068\u8907\u5229\u306e\u5411\u304d\u3092\u53d6\u308a\u9055\u3048\u308b\u9593\u9055\u3044\u306f\u5b9f\u52d9\u3067\u3082\u8d77\u3053\u308a\u307e\u3059\u3002\u6570\u5024\u3067\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

            \u3044\u307e\u624b\u5143\u306b 100 \u304c\u3042\u308a\u3001\u5e74\u5229 5% \u30671\u5e74\u9593\u904b\u7528\u3059\u308b\u5834\u9762\u3092\u8003\u3048\u307e\u3059\u30021\u5e74\u5f8c\u306e\u5c06\u6765\u4fa1\u5024\u3092\u6c42\u3081\u305f\u3044\u306e\u306b\u3001\u8aa4\u3063\u3066\u5272\u308a\u5f15\u3044\u3066\u3057\u307e\u3046\u3068<\/p>\n\n\n\n

            <\/span>\uff08\u8aa4\u308a\uff09<\/span><\/span><\/span>100\/1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>95.2381<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

            \u306b\u306a\u308a\u307e\u3059\u3002\u6b63\u3057\u304f\u306f<\/p>\n\n\n\n

            <\/span>\uff08\u6b63\uff09<\/span><\/span><\/span>100<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

            \u3067\u3059\u3002\u5dee\u984d\u306f <\/span>105<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>95.2381<\/span><\/span>=<\/span><\/span><\/span><\/span>9.7619<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

            \u3053\u306e\u8aa4\u308a\u304c\u88c1\u5b9a\u3092\u751f\u3080\u4ed5\u7d44\u307f\u3092\u898b\u307e\u3059\u3002\u3082\u3057\u3042\u308b\u53c2\u52a0\u8005\u304c\u300c100 \u3092\u9810\u3051\u308b\u30681\u5e74\u5f8c\u306b 95.2381 \u306b\u306a\u308b\u300d\u3068\u4fe1\u3058\u3066\u3044\u308c\u3070\u3001\u6b21\u306e\u53d6\u5f15\u3067\u78ba\u5b9a\u5229\u76ca\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              \n
            1. \u305d\u306e\u53c2\u52a0\u8005\u304b\u3089\u6642\u70b90\u306b 100 \u3092\u53d7\u3051\u53d6\u308a\u3001\u898b\u8fd4\u308a\u306b\u300c1\u5e74\u5f8c\u306b 95.2381 \u3092\u652f\u6255\u3046\u5951\u7d04\u300d\u3092\u7d50\u3076\uff08\u53c2\u52a0\u8005\u306f\u300c\u7b49\u4fa1\u4ea4\u63db\u3060\u300d\u3068\u601d\u3063\u3066\u3044\u308b\uff09\u3002<\/li>\n
            2. 100 \u3092\u91d1\u5229 5% \u3067\u904b\u7528\u3059\u308b\u30021\u5e74\u5f8c\u306b 105 \u3092\u53d7\u3051\u53d6\u308b\u3002<\/li>\n
            3. \u5951\u7d04\u306b\u5f93\u3044 95.2381 \u3092\u652f\u6255\u3046\u3002\u624b\u5143\u306b <\/span>105<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>95.2381<\/span><\/span>=<\/span><\/span><\/span><\/span>9.7619<\/span><\/span><\/span><\/span><\/eq> \u304c\u6b8b\u308b\u3002<\/li>\n<\/ol>\n\n\n\n

              \u5143\u624b\u30bc\u30ed\u306e\u78ba\u5b9a\u5229\u76ca 9.7619 \u3067\u3059\u3002\u5411\u304d\u3092\u9593\u9055\u3048\u308b\u3068\u3001\u6b63\u3057\u3044\u65b9\u5411\u3092\u77e5\u3063\u3066\u3044\u308b\u76f8\u624b\u306b\u88c1\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              6. \u6570\u5024\u4f8b \u2015 3\u5e74\u5206\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30921\u3064\u306e\u6570\u306b\u6f70\u3059<\/h2>\n\n\n\n

              \u57fa\u672c\u306e\u8a08\u7b97: 1\u671f\u9593\u306e\u5272\u5f15<\/h3>\n\n\n\n

              <\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n\n\n\n

              <\/span>PV<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

              \u3067\u3059\u3002\u3053\u306e\u7d50\u679c\u306f THM-PV-1 \u306b\u3088\u308a\u3001\u7121\u88c1\u5b9a\u306e\u3082\u3068\u3067\u552f\u4e00\u306e\u4fa1\u683c\u3067\u3059\u3002<\/p>\n\n\n\n

              \u3082\u3057\u3053\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c 102 \u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308c\u3070\u3001THM-PV-3 \u306e\u88c1\u5b9a\u3092\u5b9f\u884c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                \n
              1. \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092 102 \u3067\u58f2\u308b\u3002<\/li>\n
              2. 100 \u3092\u91d1\u5229 5% \u3067\u904b\u7528\u3059\u308b\u3002\u624b\u5143\u306b <\/span>102<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>100<\/span><\/span>=<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/eq> \u3092\u78ba\u4fdd\u3059\u308b\u3002<\/li>\n
              3. \u6642\u70b91\u306b\u904b\u7528\u304b\u3089 105 \u3092\u53d7\u3051\u53d6\u308a\u3001\u58f2\u5374\u7fa9\u52d9\u306e 105 \u3092\u652f\u6255\u3046\u3002\u640d\u76ca\u30bc\u30ed\u3002<\/li>\n<\/ol>\n\n\n\n

                \u78ba\u5b9a\u5229\u76ca\u306f 2 \u3067\u3059\u3002<\/p>\n\n\n\n

                3\u5e74\u5206\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/h3>\n\n\n\n

                \u5e741\u56de\u30013\u5e74\u306b\u308f\u305f\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>F<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>F<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>110<\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u308a\u5f15\u304d\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
                \u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq><\/th>\n\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n\u5272\u5f15\u4fc2\u6570 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span><\/span><\/span><\/eq><\/th>\n\u73fe\u5728\u4fa1\u5024 <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span>)<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/tr>\n<\/thead>\n
                1<\/td>\n10<\/td>\n0.952381<\/td>\n9.5238<\/td>\n<\/tr>\n
                2<\/td>\n10<\/td>\n0.907029<\/td>\n9.0703<\/td>\n<\/tr>\n
                3<\/td>\n110<\/td>\n0.863838<\/td>\n95.0221<\/td>\n<\/tr>\n
                \u5408\u8a08<\/strong><\/td>\n<\/td>\n<\/td>\n113.6162<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

                \u5168\u4f53\u306e\u73fe\u5728\u4fa1\u5024\u306f 113.6162 \u3067\u3059\u30023\u5e74\u76ee\u306e 110 \u304c\u5168\u4f53\u306e <\/span>95.0221\/113.6162<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>83.6%<\/span><\/span><\/span><\/span><\/eq> \u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002\u9060\u3044\u5c06\u6765\u306e\u5927\u304d\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u307b\u3069\u5272\u5f15\u306e\u5f71\u97ff\u3092\u53d7\u3051\u307e\u3059\u304c\u3001\u5143\u306e\u91d1\u984d\u304c\u5927\u304d\u3051\u308c\u3070\u652f\u914d\u7684\u306a\u5bc4\u4e0e\u3092\u6301\u3061\u7d9a\u3051\u307e\u3059\u3002<\/p>\n\n\n\n

                \u91d1\u5229\u306e\u5927\u304d\u3055\u3068\u9060\u3044\u5c06\u6765\u306e\u5bc4\u4e0e<\/h3>\n\n\n\n

                \u91d1\u5229\u306e\u6c34\u6e96\u306b\u3088\u3063\u3066\u3001\u9060\u3044\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u304c\u3069\u308c\u3060\u3051\u5909\u308f\u308b\u304b\u3092\u898b\u307e\u3059\u3002<\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u3092\u5404\u91d1\u5229\u30fb\u5404\u6642\u70b9\u3067\u5272\u308a\u5f15\u3044\u305f\u5024\u3092\u4e26\u3079\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
                <\/th>\n<\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>10<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>30<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/tr>\n<\/thead>\n
                <\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>1%<\/span><\/span><\/span><\/span><\/eq><\/td>\n99.0099<\/td>\n90.5287<\/td>\n74.1923<\/td>\n<\/tr>\n
                <\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq><\/td>\n95.2381<\/td>\n61.3913<\/td>\n23.1377<\/td>\n<\/tr>\n
                <\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>10%<\/span><\/span><\/span><\/span><\/eq><\/td>\n90.9091<\/td>\n38.5543<\/td>\n5.7309<\/td>\n<\/tr>\n
                <\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>20%<\/span><\/span><\/span><\/span><\/eq><\/td>\n83.3333<\/td>\n16.1506<\/td>\n0.4213<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

                <\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f30\u5e74\u5f8c\u306e 100 \u3082\u307e\u3060 74.19 \u306e\u4fa1\u5024\u3092\u6301\u3061\u307e\u3059\u304c\u3001<\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>20%<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f 0.42 \u306b\u307e\u3067\u5727\u7e2e\u3055\u308c\u307e\u3059\u3002\u91d1\u5229\u304c\u9ad8\u3044\u307b\u3069\u9060\u3044\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5bc4\u4e0e\u306f\u6025\u901f\u306b\u30bc\u30ed\u306b\u8fd1\u3065\u304d\u307e\u3059\u3002\u9006\u306b\u91d1\u5229\u304c\u30bc\u30ed\u306b\u8fd1\u3051\u308c\u3070\u3001\u9060\u3044\u5c06\u6765\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3082\u307b\u307c\u984d\u9762\u901a\u308a\u306e\u4fa1\u5024\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n\n\n\n

                7. \u6b21\u56de\u3078 \u2015 e \u306f\u3069\u3053\u304b\u3089\u51fa\u3066\u304f\u308b\u306e\u304b<\/h2>\n\n\n\n

                \u4eca\u56de\u306f\u8907\u5229\u3092\u5e741\u56de\u306b\u9650\u5b9a\u3057\u3066\u73fe\u5728\u4fa1\u5024\u3092\u5c0e\u304d\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u5b9f\u52d9\u3067\u306f\u534a\u5e74\u8907\u5229\u3001\u6708\u8907\u5229\u3001\u3055\u3089\u306b\u306f\u9023\u7d9a\u8907\u5229\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002\u6b21\u56de\uff08\u7b2c5\u56de\uff09\u3067\u306f\u3001\u8907\u5229\u306e\u983b\u5ea6\u3092\u4e0a\u3052\u3066\u3044\u3063\u305f\u3068\u304d\u4f55\u304c\u8d77\u304d\u308b\u304b\u3092\u898b\u307e\u3059\u3002\u5e74 <\/span>m<\/span><\/span><\/span><\/span><\/eq> \u56de\u8907\u5229\u306e\u5272\u5f15\u4fc2\u6570 <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>\/<\/span>m<\/span>)<\/span><\/span>\u2212<\/span>m<\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067 <\/span>m<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>\u221e<\/span><\/span><\/span><\/span><\/eq> \u3068\u3059\u308b\u3068 <\/span>e<\/span><\/span>\u2212<\/span>r<\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u73fe\u308c\u307e\u3059\u3002\u30cd\u30a4\u30d4\u30a2\u6570 <\/span>e<\/span><\/span><\/span><\/span><\/eq> \u304c\u306a\u305c\u91d1\u878d\u306e\u5f0f\u306b\u51fa\u3066\u304f\u308b\u306e\u304b\u3001\u305d\u306e\u5fc5\u7136\u6027\u3092\u8a08\u7b97\u3067\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                \u6b21\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u307e\u3067\u3042\u3068 12 \u672c\u3067\u3059\u3002<\/p>\n\n\n\n

                \u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n

                \u5272\u5f15\u7387\u306f\u81ea\u5206\u3067\u6c7a\u3081\u3066\u3044\u3044\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

                \u78ba\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306a\u3089\u6c7a\u3081\u3089\u308c\u307e\u305b\u3093\u3002\u5e02\u5834\u306e\u91d1\u5229\u304c\u6c7a\u3081\u307e\u3059\u3002\u6c7a\u3081\u3089\u308c\u308b\u3088\u3046\u306b\u898b\u3048\u308b\u306e\u306f\u3001\u91d1\u984d\u304c\u78ba\u5b9a\u3057\u3066\u3044\u306a\u3044\u5834\u5408\u3067\u3059\u3002<\/p>\n\n\n\n

                \u306a\u305c\u5c06\u6765\u306e\u304a\u91d1\u306f\u76ee\u6e1b\u308a\u3059\u308b\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

                \u7269\u4fa1\u306e\u305b\u3044\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3044\u307e\u53d7\u3051\u53d6\u308c\u3070\u904b\u7528\u3067\u304d\u308b\u304b\u3089\u3067\u3059\u3002\u904b\u7528\u3067\u304d\u308b\u5206\u3060\u3051\u3001\u5c06\u6765\u306e\u540c\u984d\u306f\u4fa1\u5024\u304c\u4f4e\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                \u91d1\u5229\u304c\u30de\u30a4\u30ca\u30b9\u3060\u3068\u3069\u3046\u306a\u308a\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n

                \u5f0f\u306f\u305d\u306e\u307e\u307e\u4f7f\u3048\u307e\u3059\u3002\u5272\u5f15\u4fc2\u6570\u304c1\u3088\u308a\u5927\u304d\u304f\u306a\u308a\u3001\u5c06\u6765\u306e\u304a\u91d1\u306e\u307b\u3046\u304c\u4fa1\u5024\u304c\u9ad8\u3044\u3001\u3068\u3044\u3046\u8a08\u7b97\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                \u53c2\u8003\u6587\u732e<\/h2>\n\n\n\n
                  \n\n
                • Luenberger D. G.\u3001Investment Science\u3001\u7b2c2\u7248\u3001Oxford University Press\u30012013\u5e74<\/li>\n\n\n
                • Hull J. C.\u3001Options Futures and Other Derivatives\u3001\u7b2c11\u7248\u3001Pearson\u30012021\u5e74<\/li>\n\n<\/ul>\n\n\n\n
                  \n\n\n\n

                  \u6570\u5024\u4f8b\u306f compute.py<\/code> \u306b\u3088\u308a\u6709\u7406\u6570\u6f14\u7b97\u3067\u691c\u7b97\u6e08\u307f\u3002\u672c\u6587\u4e2d\u306e\u5c0f\u6570\u306f4\u6841\u3067\u4e38\u3081\u3066\u3044\u308b\u3002<\/em><\/p>\n\n","protected":false},"excerpt":{"rendered":"

                  \u4f4d\u7f6e: \u7b2c1\u90e8 \u7b2c4\u56de \/ \u524d\u63d0: \u7b2c2\u56de\u3001\u7b2c3\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u5c06\u6765\u53d7\u3051\u53d6\u308b\u304a\u91d1\u306e\u4eca\u65e5\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u3001\u53d7\u3051\u53d6\u308a\u65b9\u306e\u9055\u30462\u3064\u306e\u7d04\u675f\u306e\u4fa1\u5024\u3092\u6bd4\u3079\u308b\u3053\u3068\u304c\u3067\u304d\u308b 0. \u7269\u8a9e \u2015 \u5272\u5f15 […]<\/p>\n","protected":false},"author":1,"featured_media":209097,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[161],"class_list":["post-208184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-engineering","tag-fe-part1-rates"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t