{"id":208191,"date":"2026-09-27T18:30:00","date_gmt":"2026-09-27T09:30:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208191"},"modified":"2026-09-25T19:36:24","modified_gmt":"2026-09-25T10:36:24","slug":"spot-and-forward-rates","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/spot-and-forward-rates\/","title":{"rendered":"\u7b2c11\u56de \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8 \u2015 \u5c06\u6765\u306e\u91d1\u5229\u306f\u4eca\u65e5\u306e\u4fa1\u683c\u306b\u57cb\u307e\u3063\u3066\u3044\u308b"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c11\u56de \/ \u524d\u63d0: \u7b2c7\u56de\u3001\u7b2c9\u56de\u3001\u7b2c10\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u4eca\u65e5\u306e\u50b5\u5238\u4fa1\u683c\u304b\u3089\u5c06\u6765\u306e\u671f\u9593\u306e\u91d1\u5229\u3092\u53d6\u308a\u51fa\u3057\u3001\u305d\u308c\u304c\u4e88\u60f3\u3067\u306f\u306a\u304f\u4fa1\u683c\u306e\u6574\u5408\u6027\u3067\u6c7a\u307e\u308b\u3053\u3068\u3092\u8aac\u660e\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u91d1\u5229\u306e\u4e88\u60f3\u3067\u306f\u306a\u3044<\/h2>\n\n\n\n

\u50b5\u5238\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u30c7\u30b9\u30af\u3067\u3001\u82e5\u624b\u306e\u30c8\u30ec\u30fc\u30c0\u30fc\u304c\u753b\u9762\u3092\u6307\u3055\u3057\u3066\u3044\u307e\u3059\u3002\u300c1\u5e74\u5f8c\u304b\u30892\u5e74\u5f8c\u307e\u3067\u306e\u91d1\u5229\u304c\u7d047%\u3068\u51fa\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u5e02\u5834\u304c1\u5e74\u5f8c\u306e\u91d1\u5229\u30927%\u304f\u3089\u3044\u3060\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3093\u3067\u3059\u304b\u300d\u3002\u5148\u8f29\u306f\u9996\u3092\u632f\u308a\u307e\u3059\u3002\u300c\u9055\u3046\u3002\u305d\u308c\u306f\u4e88\u60f3\u3058\u3083\u306a\u3044\u300d\u3002<\/p>\n\n\n\n

\u753b\u9762\u306b\u51fa\u3066\u3044\u308b\u6570\u5b57\u306f\u300c\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u300d\u3068\u547c\u3070\u308c\u307e\u3059\u3002\u4eca\u65e5\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b1\u5e74\u7269\u30682\u5e74\u7269\u306e\u50b5\u5238\u306e\u4fa1\u683c\u304b\u3089\u3001\u7b97\u6570\u3060\u3051\u3067\u9006\u7b97\u3055\u308c\u305f\u6570\u3067\u3059\u30021\u5e74\u7269\u306e\u5229\u56de\u308a\u304c3%\u30012\u5e74\u7269\u306e\u5229\u56de\u308a\u304c5%\u306e\u3068\u304d\u3001\u3053\u306e\u6570\u5b57\u306f\u7d047%\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

\u3067\u306f\u30011\u5e74\u5f8c\u306b\u5b9f\u969b\u306e\u91d1\u5229\u304c4%\u3060\u3063\u305f\u3068\u3057\u307e\u3057\u3087\u3046\u3002\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306e7%\u3068\u306f\u5927\u304d\u304f\u98df\u3044\u9055\u3063\u3066\u3044\u307e\u3059\u3002\u4f55\u304b\u554f\u984c\u304c\u8d77\u304d\u308b\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n

\u540c\u3058\u5143\u672c\u3092\u4eca\u65e5\u6295\u3058\u3066\u6bd4\u3079\u307e\u3059\u30022\u5e74\u7269\u306e\u50b5\u5238\u3092\u8cb7\u3063\u305f\u4eba\u306f\u30012\u5e74\u5f8c\u306b\u5143\u672c\u306e\u7d041.10\u500d\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u4e00\u65b9\u30011\u5e74\u7269\u306e\u50b5\u5238\u3092\u8cb7\u3063\u3066\u6e80\u671f\u5f8c\u306b4%\u3067\u9810\u3051\u76f4\u3057\u305f\u4eba\u306f\u30012\u5e74\u5f8c\u306b\u5143\u672c\u306e\u7d041.07\u500d\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u7d50\u679c\u3060\u3051\u898b\u308c\u30702\u5e74\u7269\u3092\u9078\u3093\u3060\u307b\u3046\u304c\u5f97\u3067\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u3053\u308c\u306f1\u5e74\u5f8c\u306e\u91d1\u5229\u304c\u5224\u660e\u3057\u3066\u306f\u3058\u3081\u3066\u308f\u304b\u3063\u305f\u3053\u3068\u3067\u3059\u30021\u5e74\u5f8c\u306e\u91d1\u5229\u304c\u7d047%\u3088\u308a\u9ad8\u304f\u306a\u3063\u3066\u3044\u308c\u3070\u3001\u9006\u306b1\u5e74\u7269\u306e\u307b\u3046\u304c\u5f97\u306b\u306a\u3063\u3066\u3044\u307e\u3057\u305f\u3002\u4eca\u65e5\u306e\u6642\u70b9\u30674%\u306b\u306a\u308b\u3068\u78ba\u5b9a\u3057\u3066\u3044\u305f\u308f\u3051\u3067\u306f\u306a\u3044\u306e\u3067\u3001\u3053\u306e\u5dee\u3092\u4f7f\u3063\u3066\u78ba\u5b9f\u306b\u5132\u3051\u308b\u65b9\u6cd5\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n\n\n\n

\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u300c\u5e02\u5834\u306e\u4e88\u60f3\u300d\u3067\u306f\u306a\u304f\u3001\u4eca\u65e5\u306e\u4fa1\u683c\u306e\u6574\u5408\u6027\u3092\u4fdd\u3064\u305f\u3081\u306b\u6c7a\u307e\u308b\u6570\u3067\u3059\u3002\u5b9f\u73fe\u3057\u305f\u91d1\u5229\u3068\u98df\u3044\u9055\u3063\u3066\u3082\u3001\u4eca\u65e5\u306e\u4fa1\u683c\u306b\u306f\u4f55\u306e\u77db\u76fe\u3082\u751f\u3058\u307e\u305b\u3093\u3002\u3053\u306e\u56de\u3067\u306f\u3001\u306a\u305c\u305d\u3046\u8a00\u3044\u5207\u308c\u308b\u306e\u304b\u30923\u3064\u306e\u5b9a\u7406\u3067\u8a3c\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 \u5c06\u6765\u306e\u91d1\u5229\u3092\u4eca\u65e5\u6c7a\u3081\u3089\u308c\u308b\u306e\u306f\u306a\u305c\u304b<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u4eca\u65e5\u306e\u50b5\u5238\u4fa1\u683c\u304b\u3089\u5c06\u6765\u306e\u671f\u9593\u306e\u91d1\u5229\u3092\u53d6\u308a\u51fa\u3057\u3001\u305d\u308c\u304c\u4e88\u60f3\u3067\u306f\u306a\u304f\u4fa1\u683c\u306e\u6574\u5408\u6027\u3067\u6c7a\u307e\u308b\u3053\u3068\u3092\u8aac\u660e\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u300c1\u5e74\u5f8c\u304b\u30892\u5e74\u5f8c\u307e\u3067\u306e\u91d1\u5229\u300d\u3092\u3001\u306a\u305c\u4eca\u65e5\u306e\u6642\u70b9\u3067\u8a08\u7b97\u3067\u304d\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002\u672a\u6765\u306e\u91d1\u5229\u306f\u8ab0\u306b\u3082\u308f\u304b\u3089\u306a\u3044\u306f\u305a\u3067\u3059\u3002<\/p>\n\n\n\n

\u7b54\u3048\u306f\u3001\u4eca\u65e5\u306e\u50b5\u5238\u4fa1\u683c\u306b\u60c5\u5831\u304c\u57cb\u307e\u3063\u3066\u3044\u308b<\/strong>\u304b\u3089\u3067\u3059\u30021\u5e74\u7269\u306e\u5272\u5f15\u50b5\u30682\u5e74\u7269\u306e\u5272\u5f15\u50b5\u304c\u4e21\u65b9\u3068\u3082\u4eca\u65e5\u53d6\u5f15\u3055\u308c\u3066\u3044\u308c\u3070\u3001\u305d\u306e2\u3064\u306e\u4fa1\u683c\u6bd4\u304b\u3089\u300c1\u5e74\u5f8c\u306b\u59cb\u307e\u308b1\u5e74\u9593\u306e\u91d1\u5229\u300d\u304c\u9006\u7b97\u3067\u304d\u307e\u3059\u3002\u3057\u304b\u3082\u3053\u306e\u91d1\u5229\u306f\u3001\u5c06\u6765\u306e\u4e88\u60f3\u306b\u983c\u3063\u3066\u5c0e\u3044\u305f\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4eca\u65e5\u306e\u53d6\u5f15\u3060\u3051\u3067\u78ba\u5b9a\u3059\u308b<\/strong>\u5024\u3067\u3059\u3002<\/p>\n\n\n\n

\u4eca\u56de\u306f\u3053\u306e\u4ed5\u7d44\u307f\u30923\u3064\u306e\u5b9a\u7406\u3068\u3057\u3066\u8a3c\u660e\u3057\u307e\u3059\u3002\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306e\u5b9a\u7fa9\u3092\u4e0e\u3048\u3001\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u3068\u3044\u3046\u624b\u7d9a\u304d\u3067\u5e02\u5834\u4fa1\u683c\u304b\u3089\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u5fa9\u5143\u3057\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u304c\u4e00\u610f\u306b\u5b9a\u307e\u308b\u3053\u3068\u3092\u793a\u3057\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-SF-1<\/strong> \u7121\u88c1\u5b9a\u5e02\u5834\u3067\u306f\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304b\u3089\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/li>\n
  • THM-SF-2<\/strong> \u5272\u5f15\u50b5\u306e\u4fa1\u683c\u304b\u3089\u3001\u6e80\u671f\u306e\u77ed\u3044\u9806\u306b\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u4e00\u610f\u306b\u5fa9\u5143\u3067\u304d\u307e\u3059\uff08\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\uff09\u3002<\/li>\n
  • THM-SF-3<\/strong> \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u4eca\u65e5\u306e\u4fa1\u683c\u304b\u3089\u6c7a\u307e\u308b\u91cf\u3067\u3042\u308a\u3001\u5c06\u6765\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306e\u4e88\u60f3\u5024\u3068\u4e00\u81f4\u3059\u308b\u5fc5\u7136\u6027\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/li>\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u6e80\u671f\u3054\u3068\u306e\u5272\u5f15\u50b5\u306e\u4fa1\u683c<\/h2>\n\n\n\n

    \u4ee5\u4e0b\u306e\u4eee\u5b9a\u3092\u5168\u3066\u7f6e\u304d\u307e\u3059\u3002\u3069\u308c\u304c\u5d29\u308c\u305f\u3089\u4f55\u304c\u58ca\u308c\u308b\u304b<\/strong>\u3092\u5f8c\u3067\u78ba\u8a8d\u3059\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n

      \n\n
    • \u50b5\u5238\u306f\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6301\u3061\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u306f\u7121\u3044\u3002<\/li>\n\n\n
    • \u5404\u6e80\u671f\u306b\u3064\u3044\u3066\u5341\u5206\u306a\u6570\u306e\u50b5\u5238\u4fa1\u683c\u304c\u89b3\u6e2c\u3067\u304d\u308b\u3002<\/li>\n\n\n
    • \u53d6\u5f15\u30b3\u30b9\u30c8\u3068\u7a7a\u58f2\u308a\u5236\u7d04\u306f\u7121\u3044\u3002<\/li>\n\n\n
    • \u8907\u5229\u306f\u5e741\u56de\u3002\u91d1\u5229\u306f\u3059\u3079\u3066\u5e74\u7387\u3002<\/li>\n\n\n
    • \u540c\u4e00\u6e80\u671f\u306e\u5546\u54c1\u306f\u4e00\u7269\u4e00\u4fa1\u304c\u6210\u308a\u7acb\u3064\u3002<\/li>\n\n<\/ul>\n\n\n\n

      \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8<\/strong> <\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u3001\u4eca\u65e5\u304b\u3089 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u5e74\u5f8c\u306b\u984d\u9762 1 \u3092\u53d7\u3051\u53d6\u308b\u5272\u5f15\u50b5\u306e\u5229\u56de\u308a\u3067\u3059\u3002\u5e741\u56de\u8907\u5229\u3067\u3001\u5272\u5f15\u50b5\u306e\u4fa1\u683c <\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u6b21\u306e\u95a2\u4fc2\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      <\/span>P<\/span><\/span>n<\/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>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>n<\/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>2.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3053\u308c\u306f\u7b2c7\u56de\u306e\u5272\u5f15\u4fc2\u6570 <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>n<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>\u2212<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u540c\u3058\u5f62\u3067\u3059\u304c\u3001\u6e80\u671f <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u3054\u3068\u306b\u91d1\u5229 <\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u7570\u306a\u308a\u3046\u308b<\/strong>\u70b9\u304c\u9055\u3044\u307e\u3059\u30021\u3064\u306e\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u5168\u6e80\u671f\u3092\u5272\u308a\u5f15\u304f\u306e\u3067\u306f\u306a\u304f\u3001\u5404\u6e80\u671f\u306b\u56fa\u6709\u306e\u30ec\u30fc\u30c8\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

      \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8<\/strong> <\/span>f<\/span><\/span>m<\/span>,<\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u3001<\/span>m<\/span><\/span><\/span><\/span><\/eq> \u5e74\u5f8c\u304b\u3089 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u5e74\u5f8c\u307e\u3067\u306e\u671f\u9593\u306b\u9069\u7528\u3055\u308c\u308b\u3001\u4eca\u65e5\u306e\u6642\u70b9\u3067\u6c7a\u307e\u308b\u91d1\u5229<\/strong>\u3067\u3059\u3002\u5b9a\u7fa9\u306f\u6b21\u306e\u5f0f\u3067\u4e0e\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

      <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>m<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>m<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>m<\/span>,<\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>n<\/span>\u2212<\/span>m<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>2.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u7279\u306b1\u5e74\u9593\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8 <\/span>f<\/span><\/span>n<\/span>\u2212<\/span>1<\/span>,<\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u306f<\/p>\n\n\n\n

      <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>n<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>n<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>n<\/span>\u2212<\/span>1<\/span>,<\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span>(<\/span>2.3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3068\u306a\u308a\u307e\u3059\u3002(2.2) \u3068 (2.3) \u304c\u306a\u305c\u6210\u308a\u7acb\u3064\u306e\u304b\u306f\u3001\u6b21\u306e\u7bc0\u3067\u8a3c\u660e\u3057\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u5b9a\u7fa9\u3068\u3057\u3066\u5929\u4e0b\u308a\u7684\u306b\u4e0e\u3048\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

      \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\uff1a\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306f\u6e80\u671f\u3054\u3068\u306e\u5272\u5f15\u50b5\u306e\u5229\u56de\u308a\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u5c06\u6765\u306e\u671f\u9593\u306b\u9069\u7528\u3055\u308c\u308b\u91d1\u5229\u3067\u3059\u3002\u4e21\u8005\u306e\u95a2\u4fc2\u306f (2.2) \u3067\u7d50\u3070\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u4fa1\u683c\u304b\u3089\u4e00\u610f\u306b\u6c7a\u307e\u308b<\/h2>\n\n\n\n
      \n

      \u5b9a\u7406 THM-SF-1\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306e\u4e00\u610f\u6027\uff09<\/strong>\n\u7121\u88c1\u5b9a\u5e02\u5834\u3067\u306f\u3001\u4eca\u65e5\u6c7a\u3081\u3066\u5c06\u6765\u306e\u671f\u9593\u306b\u9069\u7528\u3055\u308c\u308b\u91d1\u5229\u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304b\u3089\u4e00\u610f\u306b\u5b9a\u307e\u308a\u3001<\/p>\n

      <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u3092\u6e80\u305f\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-SF-2\uff08\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\uff09<\/strong>\n\u6e80\u671f\u306e\u77ed\u3044\u50b5\u5238\u304b\u3089\u9806\u306b\u89e3\u304f\u3053\u3068\u3067\u3001\u89b3\u6e2c\u3055\u308c\u305f\u50b5\u5238\u4fa1\u683c\u304b\u3089\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u4e00\u610f\u306b\u5fa9\u5143\u3067\u304d\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-SF-3\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\u306f\u4e88\u60f3\u3067\u306f\u306a\u3044\uff09<\/strong>\n\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u4eca\u65e5\u306e\u4fa1\u683c\u304b\u3089\u6c7a\u307e\u308b\u91cf\u3067\u3042\u308a\u3001\u5c06\u6765\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306e\u4e88\u60f3\u5024\u3068\u4e00\u81f4\u3059\u308b\u5fc5\u7136\u6027\u306f\u7121\u3044\u3002<\/p>\n<\/blockquote>\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 2\u901a\u308a\u306e\u904b\u7528\u304c\u4e00\u81f4\u3059\u308b\u3053\u3068\u304b\u3089\u5c0e\u304f<\/h2>\n

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

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

      2\u5e74\u9593\u306e\u904b\u7528\u65b9\u6cd5\u30922\u901a\u308a\u8003\u3048\u307e\u3059\u3002<\/p>\n

      \u65b9\u6cd5A<\/strong>: 2\u5e74\u7269\u306e\u5272\u5f15\u50b5\u3092\u8cb7\u3046\u3002\u4eca\u65e5 <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u652f\u6255\u3044\u30012\u5e74\u5f8c\u306b 1 \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/p>\n

      \u65b9\u6cd5B<\/strong>: 1\u5e74\u7269\u306e\u5272\u5f15\u50b5\u3092\u8cb7\u3044\u30011\u5e74\u5f8c\u306b\u305d\u306e\u5143\u5229\u91d1\u3092\u300c1\u5e74\u5f8c\u304b\u30892\u5e74\u5f8c\u307e\u3067\u300d\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8 <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u518d\u6295\u8cc7\u3057\u307e\u3059\u3002\u4eca\u65e5 <\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u652f\u6255\u3044\u30011\u5e74\u5f8c\u306b 1 \u3092\u53d7\u3051\u53d6\u308a\u3001\u305d\u308c\u3092 <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u904b\u7528\u3057\u30662\u5e74\u5f8c\u306b <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/p>\n

      \u65b9\u6cd5A\u3068\u65b9\u6cd5B\u306f\u3001\u3069\u3061\u3089\u3082\u4eca\u65e5\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u652f\u6255\u3044\u30012\u5e74\u5f8c\u306b\u30ad\u30e3\u30c3\u30b7\u30e5\u3092\u53d7\u3051\u53d6\u308b<\/strong>\u3068\u3044\u3046\u69cb\u9020\u3067\u3059\u3002\u9014\u4e2d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u65b9\u6cd5B\u3067\u306f1\u5e74\u5f8c\u306b\u767a\u751f\u3057\u307e\u3059\u304c\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u5951\u7d04\u306f\u305d\u306e\u6642\u70b9\u3067\u306e\u30ec\u30fc\u30c8\u3092\u4eca\u65e5\u30ed\u30c3\u30af\u3059\u308b\u3082\u306e\u306a\u306e\u3067\u30012\u5e74\u5f8c\u306e\u53d7\u53d6\u984d\u306f\u3069\u3061\u3089\u3082\u4eca\u65e5\u306e\u6642\u70b9\u3067\u78ba\u5b9a<\/strong>\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

      \u7121\u88c1\u5b9a\u306e\u4eee\u5b9a\u304b\u3089\u3001\u540c\u3058\u6e80\u671f\u30fb\u540c\u3058\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6295\u8cc7\u306f\u540c\u3058\u53ce\u76ca\u7387\u3092\u6301\u3064\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3082\u3057\u65b9\u6cd5B\u306e\u307b\u3046\u304c\u6709\u5229\u3067\u3042\u308c\u3070\u30012\u5e74\u50b5\u3092\u7a7a\u58f2\u308a\u3057\u3066\u65b9\u6cd5B\u3092\u5b9f\u884c\u3059\u308b\u3053\u3068\u3067\u7121\u30ea\u30b9\u30af\u306e\u5229\u76ca\u304c\u5f97\u3089\u308c\u3001\u88c1\u5b9a\u3068\u306a\u308a\u307e\u3059\u3002\u9006\u3082\u540c\u69d8\u3067\u3059\u3002<\/p>\n

      \u3057\u305f\u304c\u3063\u3066\u3001\u4eca\u65e5\u306e\u6295\u8cc7 <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u5bfe\u3059\u308b2\u5e74\u5f8c\u306e\u53d7\u53d6\u304c\u7b49\u3057\u304f\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u65b9\u6cd5A\u3067\u306f <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u6295\u8cc7\u3057\u3066 1 \u3092\u53d7\u3051\u53d6\u308b\u306e\u3067\u30012\u5e74\u9593\u306e\u30b0\u30ed\u30b9\u30ea\u30bf\u30fc\u30f3\u306f <\/span>1\/<\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u65b9\u6cd5B\u3067\u306f <\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u6295\u8cc7\u3057\u3066 <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308b\u306e\u3067\u3001\u30b0\u30ed\u30b9\u30ea\u30bf\u30fc\u30f3\u306f <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>\/<\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

      \u3053\u3053\u3067\u65b9\u6cd5A\u30fbB\u3092\u540c\u3058\u5143\u672c\u3067\u6bd4\u8f03\u3059\u308b\u305f\u3081\u3001\u65b9\u6cd5A\u306b <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3001\u65b9\u6cd5B\u306b <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u6295\u5165\u3057\u307e\u3059\u3002\u65b9\u6cd5A\u3067\u306f <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>(<\/span>1\/<\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u30922\u5e74\u5f8c\u306b\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u65b9\u6cd5B\u3067\u306f <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u30921\u5e74\u7269\u306b\u6295\u8cc7\u3059\u308b\u306e\u3067\u3001<\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u306e1\u5e74\u50b5\u3092\u8cb7\u3044\u307e\u3059\u30021\u5e74\u5f8c\u306b <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u305d\u308c\u3092 <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u904b\u7528\u3059\u308b\u30682\u5e74\u5f8c\u306b <\/span>(<\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/p>\n

      \u7121\u88c1\u5b9a\u306e\u6761\u4ef6\u304b\u3089\u30012\u5e74\u5f8c\u306e\u53d7\u53d6\u984d\u304c\u4e00\u81f4\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n

      <\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>2<\/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>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u4e21\u8fba\u306b <\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u639b\u3051\u3066\u6574\u7406\u3057\u307e\u3059\u3002\u5272\u5f15\u50b5\u306e\u4fa1\u683c\u5b9a\u7fa9 (2.1) \u304b\u3089 <\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304a\u3088\u3073 <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u4ee3\u5165\u3059\u308b\u3068<\/p>\n

      <\/span><\/span><\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>1<\/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>1<\/span><\/span>+<\/span><\/span>s<\/span><\/span>1<\/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>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/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

      \u3068\u306a\u308a\u3001<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u304b\u3089<\/p>\n

      <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/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>s<\/span><\/span>1<\/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>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/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

      \u4e21\u8fba\u306b <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u639b\u3051\u3066<\/p>\n

      <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/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><\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3092\u5f97\u307e\u3059\u3002<\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u5272\u5f15\u50b5\u306e\u5e02\u5834\u4fa1\u683c\u304b\u3089\u4e00\u610f\u306b\u6c7a\u307e\u308b\u5024\u306a\u306e\u3067\uff08(2.1) \u3092\u89e3\u3051\u3070\u3088\u3044\uff09\u3001<\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3082\u3053\u306e\u5f0f\u304b\u3089\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002<\/p>\n

      \u4e00\u822c\u306e <\/span>f<\/span><\/span>n<\/span>\u2212<\/span>1<\/span>,<\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u3082\u540c\u69d8\u306b\u3001<\/span>n<\/span><\/span><\/span><\/span><\/eq> \u5e74\u50b5\u3068 <\/span>(<\/span>n<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u5e74\u50b5\u306e2\u901a\u308a\u306e\u904b\u7528\u3092\u6bd4\u8f03\u3059\u308c\u3070<\/p>\n

      <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>n<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>n<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>n<\/span>\u2212<\/span>1<\/span>,<\/span>n<\/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><\/span><\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u304c\u5c0e\u304b\u308c\u307e\u3059\u3002\u8ad6\u8a3c\u306f\u5168\u304f\u540c\u3058\u3067\u3001\u300c<\/span>n<\/span><\/span><\/span><\/span><\/eq> \u5e74\u50b5\u3092\u8cb7\u3046\u300d\u65b9\u6cd5\u3068\u300c<\/span>(<\/span>n<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u5e74\u50b5\u3092\u8cb7\u3063\u3066 <\/span>f<\/span><\/span>n<\/span>\u2212<\/span>1<\/span>,<\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u518d\u6295\u8cc7\u3059\u308b\u300d\u65b9\u6cd5\u306e\u53d7\u53d6\u984d\u3092\u7b49\u3057\u304f\u304a\u304f\u3060\u3051\u3067\u3059\u3002 \u220e<\/p>\n

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

      \u6e80\u671f\u306e\u77ed\u3044\u5272\u5f15\u50b5\u304b\u3089\u9806\u306b\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u6c42\u3081\u308b\u624b\u7d9a\u304d\uff08\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\uff09\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n

      \u30b9\u30c6\u30c3\u30d71<\/strong>: 1\u5e74\u7269\u306e\u5272\u5f15\u50b5\u306e\u4fa1\u683c <\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u89b3\u6e2c\u3055\u308c\u3066\u3044\u308b\u3068\u3057\u307e\u3059\u3002(2.1) \u304b\u3089<\/p>\n

      <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/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>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span>(<\/span>4.3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002<\/p>\n

      \u30b9\u30c6\u30c3\u30d72<\/strong>: 2\u5e74\u7269\u306e\u5272\u5f15\u50b5\u306e\u4fa1\u683c <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u89b3\u6e2c\u3055\u308c\u3066\u3044\u308b\u3068\u3057\u307e\u3059\u3002(2.1) \u304b\u3089<\/p>\n

      <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/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><\/span><\/eqn><\/section>\n

      <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u53f3\u8fba\u306f\u6b63\u306e\u6709\u9650\u5024\u3067\u3059\u3002<\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/eq> \u306e\u7bc4\u56f2\u3067 <\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n

      <\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u2212<\/span>1\/2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span>(<\/span>4.4<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u2212<\/span>1\/2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u6b63\u306e\u5b9f\u6570\u306e\u6b63\u306e\u5e73\u65b9\u6839\u306a\u306e\u3067\u3001\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002<\/p>\n

      \u30b9\u30c6\u30c3\u30d7 <\/span>n<\/span><\/span><\/span><\/span><\/eq><\/strong>: <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u5e74\u7269\u306e\u5272\u5f15\u50b5\u306e\u4fa1\u683c <\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304b\u3089<\/p>\n

      <\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u2212<\/span>1\/<\/span>n<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span>(<\/span>4.5<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u4e57\u6839\u306f\u6b63\u306e\u5b9f\u6570\u306b\u5bfe\u3057\u3066\u4e00\u610f\u3067\u3059\u304b\u3089\u3001<\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u4e00\u610f\u306b\u5fa9\u5143\u3055\u308c\u307e\u3059\u3002<\/p>\n

      \u3053\u306e\u624b\u7d9a\u304d\u306e\u6838\u5fc3\u306f\u3001\u5404\u30b9\u30c6\u30c3\u30d7\u304c\u524d\u306e\u30b9\u30c6\u30c3\u30d7\u306e\u7d50\u679c\u306b\u4f9d\u5b58\u3057\u306a\u3044<\/strong>\u3053\u3068\u3067\u3059\u3002\u5272\u5f15\u50b5\u306f\u984d\u9762 1 \u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6e80\u671f\u306b\u3060\u3051\u767a\u751f\u3059\u308b\u306e\u3067\u3001<\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304b\u3089 <\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u76f4\u63a5\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u5b9f\u969b\u306e\u50b5\u5238\u5e02\u5834\u3067\u306f\u3001\u5272\u5f15\u50b5\u304c\u5168\u3066\u306e\u6e80\u671f\u306b\u3064\u3044\u3066\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002\u30af\u30fc\u30dd\u30f3\u50b5\u3057\u304b\u89b3\u6e2c\u3067\u304d\u306a\u3044\u5834\u5408\u306f\u30011\u5e74\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8 <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u5148\u306b\u6c42\u3081\u3066\u304b\u3089\u30012\u5e74\u30af\u30fc\u30dd\u30f3\u50b5\u306e1\u5e74\u5f8c\u306e\u30af\u30fc\u30dd\u30f3\u3092 <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u308a\u5f15\u304d\u3001\u6b8b\u308a\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089 <\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u89e3\u304f\u3001\u3068\u3044\u3046\u9010\u6b21\u7684\u306a\u624b\u7d9a\u304d<\/strong>\u304c\u5fc5\u8981\u306b\u306a\u308a\u307e\u3059\u3002\u300c\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u300d\u306e\u540d\u306f\u3053\u306e\u9010\u6b21\u6027\u306b\u7531\u6765\u3057\u307e\u3059\u3002<\/p>\n

      \u3044\u305a\u308c\u306b\u305b\u3088\u3001\u4eee\u5b9a\u300c\u5404\u6e80\u671f\u306b\u3064\u3044\u3066\u5341\u5206\u306a\u6570\u306e\u50b5\u5238\u4fa1\u683c\u304c\u89b3\u6e2c\u3067\u304d\u308b\u300d\u306e\u3082\u3068\u3067\u3001\u5404 <\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff08\u3042\u308b\u3044\u306f\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u4fa1\u683c\u3068\u305d\u308c\u307e\u3067\u306b\u6c42\u3081\u305f <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span>,<\/span><\/span>s<\/span><\/span>n<\/span>\u2212<\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff09\u304b\u3089\u4e00\u610f\u306b\u5fa9\u5143\u3055\u308c\u307e\u3059\u3002 \u220e<\/p>\n

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

      \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8 <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f (4.1) \u304b\u3089<\/p>\n

      <\/span>f<\/span><\/span>1<\/span>,<\/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>s<\/span><\/span>1<\/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>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3068\u5b9a\u307e\u308a\u307e\u3059\u3002<\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u4eca\u65e5\u306e<\/strong>\u5272\u5f15\u50b5\u306e\u4fa1\u683c\u3060\u3051\u304b\u3089\u6c7a\u307e\u308b\u5024\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066 <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3082\u4eca\u65e5\u306e\u4fa1\u683c\u3060\u3051\u3067\u78ba\u5b9a\u3057\u307e\u3059\u3002<\/p>\n

      \u4e00\u65b9\u30011\u5e74\u5f8c\u306b\u5b9f\u73fe\u3059\u308b1\u5e74\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092 <\/span><\/span>s<\/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><\/eq> \u3068\u66f8\u304f\u3068\u3001<\/span><\/span>s<\/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><\/eq> \u306f\u4eca\u65e5\u306e\u6642\u70b9\u3067\u306f\u308f\u304b\u308a\u307e\u305b\u3093\u3002THM-SF-1 \u306e\u8a3c\u660e\u3067\u4f7f\u3063\u305f\u7121\u88c1\u5b9a\u306e\u8b70\u8ad6\u306f\u3001\u4eca\u65e5\u306e\u4fa1\u683c\u540c\u58eb<\/strong>\u306e\u9593\u306b\u88c1\u5b9a\u304c\u306a\u3044\u3053\u3068\u3092\u8981\u6c42\u3057\u305f\u3060\u3051\u3067\u3059\u30021\u5e74\u5f8c\u306b\u5b9f\u73fe\u3059\u308b\u30ec\u30fc\u30c8\u304c <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u7570\u306a\u3063\u3066\u3044\u3066\u3082\u3001\u4eca\u65e5\u306e\u4fa1\u683c <\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u6b63\u5f53\u306a\u307e\u307e\u3067\u3059\u3002<\/p>\n

      \u306a\u305c\u306a\u3089\u3001<\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u30d5\u30a9\u30ef\u30fc\u30c9\u300c\u5951\u7d04\u300d\u306e\u30ec\u30fc\u30c8\u3067\u3059\u3002\u4eca\u65e5\u3053\u306e\u5951\u7d04\u3092\u7d50\u3079\u3070\u30011\u5e74\u5f8c\u306b\u5b9f\u73fe\u3059\u308b\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u4f55\u3067\u3042\u3063\u3066\u3082\u3001\u5951\u7d04\u901a\u308a\u306e\u30ec\u30fc\u30c8 <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u9069\u7528\u3055\u308c\u307e\u3059\u3002<\/span><\/span>s<\/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>\ue020<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u3063\u3066\u3082\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u5951\u7d04\u3092\u7d50\u3093\u3060\u6295\u8cc7\u5bb6\u306f <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u904b\u7528\u3057\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u5951\u7d04\u3092\u7d50\u3070\u306a\u304b\u3063\u305f\u6295\u8cc7\u5bb6\u306f <\/span><\/span>s<\/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><\/eq> \u3067\u904b\u7528\u3057\u307e\u3059\u3002\u4e8b\u5f8c\u7684\u306b\u7247\u65b9\u304c\u6709\u5229\u3060\u3063\u305f\u3001\u3068\u3044\u3046\u3060\u3051\u306e\u3053\u3068\u3067\u3001\u4eca\u65e5\u306e\u6642\u70b9\u3067\u88c1\u5b9a\u306f\u767a\u751f\u3057\u3066\u3044\u307e\u305b\u3093<\/strong>\u3002<\/p>\n

      \u3057\u305f\u304c\u3063\u3066 <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>s<\/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><\/eq> \u304c\u6210\u308a\u7acb\u3064\u5fc5\u7136\u6027\u306f\u3042\u308a\u307e\u305b\u3093\u3002 \u220e<\/p>\n<\/details>\n\n\n\n

      5. \u53cd\u4f8b \u2015 \u30d5\u30a9\u30ef\u30fc\u30c9\u306f\u4e88\u60f3\u3067\u306f\u306a\u3044<\/h2>\n\n\n\n

      CEX-SF-1: \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3069\u304a\u308a\u306b\u5b9f\u73fe\u3057\u306a\u304f\u3066\u3082\u77db\u76fe\u306f\u306a\u3044<\/h3>\n\n\n\n

      \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/eq>, <\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001(4.1) \u304b\u3089 <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>7.0388%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

      1\u5e74\u5f8c\u3001\u5b9f\u969b\u306b\u5b9f\u73fe\u3057\u305f1\u5e74\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c <\/span><\/span>s<\/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><\/span>4%<\/span><\/span><\/span><\/span><\/eq> \u3060\u3063\u305f\u3068\u3057\u307e\u3059\u3002<\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>7.0388%<\/span><\/span><\/span><\/span><\/eq> \u3068\u306f\u5927\u304d\u304f\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

      \u3053\u306e\u3068\u304d\u30012\u3064\u306e\u904b\u7528\u306e2\u5e74\u5f8c\u306e\u7d50\u679c\u3092\u6bd4\u3079\u307e\u3059\u3002\u516c\u5e73\u306b\u6bd4\u3079\u308b\u305f\u3081\u3001\u3069\u3061\u3089\u3082\u4eca\u65e5 1 \u3092\u6295\u8cc7\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

        \n
      • \u65b9\u6cd5A\uff082\u5e74\u50b5\uff09<\/strong>: \u4eca\u65e5 1 \u3092\u6295\u8cc7\u3059\u308b\u3068\u3001\u4fa1\u683c <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.907<\/span><\/span><\/span><\/span><\/eq> \u306e2\u5e74\u50b5\u3092 <\/span>1\/<\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u8cb7\u3048\u307e\u3059\u30022\u5e74\u5f8c\u306b <\/span>1\/<\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.1025<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/li>\n
      • \u65b9\u6cd5B\uff081\u5e74\u50b5+\u518d\u6295\u8cc7\uff09<\/strong>: \u4eca\u65e5 1 \u3092\u6295\u8cc7\u3059\u308b\u3068\u3001\u4fa1\u683c <\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.9709<\/span><\/span><\/span><\/span><\/eq> \u306e1\u5e74\u50b5\u3092 <\/span>1\/<\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u8cb7\u3048\u30011\u5e74\u5f8c\u306b <\/span>1\/<\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.03<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u305d\u308c\u3092\u5b9f\u73fe\u30ec\u30fc\u30c8 <\/span>4%<\/span><\/span><\/span><\/span><\/eq> \u3067\u518d\u6295\u8cc7\u3059\u308b\u3068\u30012\u5e74\u5f8c\u306b <\/span>1.03<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.04<\/span><\/span>=<\/span><\/span><\/span><\/span>1.0712<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

        \u65b9\u6cd5A\u306e\u307b\u3046\u304c 0.0313 \u3060\u3051\u591a\u304f\u53d7\u3051\u53d6\u3063\u3066\u3044\u307e\u3059\u3002\u5b9f\u73fe\u30ec\u30fc\u30c8 <\/span>4%<\/span><\/span><\/span><\/span><\/eq> \u304c\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8 <\/span>7.0388%<\/span><\/span><\/span><\/span><\/eq> \u3092\u4e0b\u56de\u3063\u305f\u305f\u3081\u3067\u3001\u3082\u3057\u5b9f\u73fe\u30ec\u30fc\u30c8\u304c <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u7b49\u3057\u3051\u308c\u3070\u3001\u65b9\u6cd5B\u306e\u53d7\u53d6\u984d\u3082 <\/span>1.03<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1.1025<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a\u3001\u4e21\u8005\u306f\u4e00\u81f4\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3053\u308c\u306f\u4e8b\u5f8c\u7684\u306b\u5224\u660e\u3057\u305f\u5dee<\/strong>\u306b\u3059\u304e\u307e\u305b\u3093\u3002\u4eca\u65e5\u306e\u6642\u70b9\u3067 <\/span><\/span>s<\/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><\/span>4%<\/span><\/span><\/span><\/span><\/eq> \u306f\u78ba\u5b9a\u3057\u3066\u3044\u306a\u304b\u3063\u305f\u306e\u3067\u3001\u3053\u306e\u5dee\u3092\u5229\u7528\u3059\u308b\u88c1\u5b9a\u306f\u4eca\u65e5\u306e\u6642\u70b9\u3067\u306f\u7d44\u3081\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n\n\n\n

        \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u300c\u5e02\u5834\u304c\u5c06\u6765\u306e\u30ec\u30fc\u30c8\u3092\u3053\u3046\u4e88\u60f3\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u610f\u5473\u3067\u306f\u306a\u304f\u3001\u300c\u4eca\u65e5\u306e\u4fa1\u683c\u306e\u6574\u5408\u6027\u3092\u4fdd\u3064\u6570\u300d\u3067\u3059\u3002\u5b9f\u73fe\u5024\u304c\u305a\u308c\u3066\u3082\u3001\u4eca\u65e5\u306e\u4fa1\u683c\u306b\u306f\u4f55\u306e\u554f\u984c\u3082\u8d77\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

        \u3053\u306e\u53cd\u4f8b\u306e\u307e\u3068\u3081\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u4e88\u60f3\u3067\u306f\u306a\u304f\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3055\u308c\u305f\u6570\u306a\u306e\u3067\u3001\u5b9f\u73fe\u5024\u3068\u98df\u3044\u9055\u3063\u3066\u3082\u77db\u76fe\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

        CEX-SF-2: \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u304c\u305a\u308c\u3066\u3044\u308b\u3068\u88c1\u5b9a\u304c\u8d77\u304d\u308b<\/h3>\n\n\n\n

        THM-SF-1 \u306e\u7121\u88c1\u5b9a\u306e\u4eee\u5b9a\u304c\u52b9\u3044\u3066\u3044\u308b\u3053\u3068\u3092\u3001\u9006\u306b\u58ca\u3057\u3066\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

        \u3042\u308b\u9280\u884c\u304c\u300c1\u5e74\u5f8c\u30b9\u30bf\u30fc\u30c8\u30fb1\u5e74\u9593\u306e\u9810\u91d1\u300d\u3092\u5e74\u7387 <\/span>7.5388%<\/span><\/span><\/span><\/span><\/eq>\uff08= <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>0.5%<\/span><\/span><\/span><\/span><\/eq>\uff09\u3067\u63d0\u4f9b\u3057\u3066\u3044\u308b\u3068\u3057\u307e\u3059\u3002\u7406\u8ad6\u5024 <\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>7.0388%<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a 0.5% \u9ad8\u3044\u91d1\u5229\u3067\u3059\u3002<\/p>\n\n\n\n

        \u6b21\u306e\u624b\u9806\u3067\u88c1\u5b9a\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

          \n
        1. 2\u5e74\u7269\u306e\u5272\u5f15\u50b5\u30921\u5358\u4f4d\u7a7a\u58f2\u308a\u3057\u307e\u3059<\/strong>\u3002\u53ce\u5165\u306f <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.907<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n
        2. 1\u5e74\u7269\u306e\u5272\u5f15\u50b5\u3092 <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.9342<\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u8cb7\u3044\u307e\u3059<\/strong>\u3002\u30b3\u30b9\u30c8\u306f <\/span>0.9342<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.9342<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>0.9709<\/span><\/span>=<\/span><\/span><\/span><\/span>0.907<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n
        3. \u6b63\u5473\u30b3\u30b9\u30c8\u306f <\/span>0.907<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>0.907<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n
        4. \u9280\u884c\u30681\u5e74\u5f8c\u958b\u59cb\u306e\u9810\u91d1\u5951\u7d04\u3092\u7d50\u3073\u307e\u3059<\/strong>\u30021\u5e74\u5f8c\u306b <\/span>0.9342<\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>7.5388%<\/span><\/span><\/span><\/span><\/eq> \u3067\u9810\u3051\u307e\u3059\u3002<\/li>\n<\/ol>\n\n\n\n

          1\u5e74\u5f8c\u306e\u51e6\u7406\uff1a<\/p>\n\n\n\n

            \n
          • \u4fdd\u6709\u3059\u308b1\u5e74\u50b5\u304c\u6e80\u671f\u3092\u8fce\u3048\u3001\u984d\u9762\u306e\u5408\u8a08 <\/span>0.9342<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/li>\n
          • \u53d7\u3051\u53d6\u3063\u305f <\/span>0.9342<\/span><\/span><\/span><\/span><\/eq> \u3092\u305d\u306e\u307e\u307e\u9280\u884c\u306e\u9810\u91d1\u5951\u7d04\u306b\u5165\u308c\u307e\u3059\uff08\u9280\u884c\u3068\u306e\u5951\u7d04\u306f\u4eca\u65e5\u7d50\u3093\u3067\u3042\u308b\u306e\u3067\u3001\u91d1\u984d\u306f\u78ba\u5b9a\uff09\u3002<\/li>\n<\/ul>\n\n\n\n

            2\u5e74\u5f8c\u306e\u53d7\u3051\u53d6\u308a\uff1a<\/p>\n\n\n\n

              \n
            • \u9280\u884c\u9810\u91d1\u304b\u3089 <\/span>0.9342<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>0.075388<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1.0047<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/li>\n
            • 2\u5e74\u50b5\u306e\u7a7a\u58f2\u308a\u3092\u8fd4\u6e08\u3059\u308b\u305f\u3081\u3001\u984d\u9762 1 \u3092\u652f\u6255\u3044\u307e\u3059\u3002<\/li>\n
            • \u6b63\u5473\u306e\u53d7\u53d6\u306f <\/span>1.0047<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span>0.0047<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

              \u5143\u624b\u30bc\u30ed\u3067 0.0047 \u306e\u78ba\u5b9a\u5229\u76ca\u304c\u51fa\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u304c\u88c1\u5b9a\u3067\u3059\u3002\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u304c\u7406\u8ad6\u5024\u304b\u3089\u305a\u308c\u3066\u3044\u308c\u3070\u3001\u4eca\u65e5\u306e\u53d6\u5f15\u3060\u3051\u3067\u7121\u30ea\u30b9\u30af\u306e\u5229\u76ca\u3092\u78ba\u5b9a\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u3053\u306e\u53cd\u4f8b\u306e\u307e\u3068\u3081\uff1a\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u304c (4.1) \u304b\u3089\u5916\u308c\u3066\u3044\u308b\u3068\u3001\u5272\u5f15\u50b5\u306e\u58f2\u8cb7\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u5951\u7d04\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u88c1\u5b9a\u304c\u767a\u751f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

              CEX-SF-3: \u6700\u7d42\u5229\u56de\u308a\u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306e\u4ee3\u308f\u308a\u306b\u306a\u3089\u306a\u3044<\/h3>\n\n\n\n

              \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/eq>, <\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>, <\/span>s<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>7%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u30013\u5e74\u6e80\u671f\u30fb\u5e741\u56de\u30af\u30fc\u30dd\u30f3 <\/span>5%<\/span><\/span><\/span><\/span><\/eq>\u30fb\u984d\u9762 100 \u306e\u30af\u30fc\u30dd\u30f3\u50b5\u3092\u8003\u3048\u307e\u3059\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f1\u5e74\u5f8c\u306b 5\u30012\u5e74\u5f8c\u306b 5\u30013\u5e74\u5f8c\u306b 105 \u3067\u3059\u3002<\/p>\n\n\n\n

              \u6b63\u3057\u3044\u4fa1\u683c<\/strong>\u306f\u3001\u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u305d\u308c\u305e\u308c\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3067\u5272\u308a\u5f15\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              <\/span><\/span>\u4fa1\u683c<\/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>1.03<\/span><\/span><\/span><\/span><\/span><\/span><\/span>5<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>1.0<\/span>5<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>5<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>1.0<\/span>7<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/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>=<\/span><\/span>4.8544<\/span><\/span>+<\/span><\/span>4.5351<\/span><\/span>+<\/span><\/span>85.7113<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>95.1008<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

              \u3053\u306e\u50b5\u5238\u306e\u6700\u7d42\u5229\u56de\u308a <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306f\u3001<\/span>95.1008<\/span><\/span>=<\/span><\/span><\/span><\/span>5\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>5\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>105\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u6e80\u305f\u3059\u5024\u3067\u3001\u6570\u5024\u7684\u306b <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>6.8622%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

              \u6700\u7d42\u5229\u56de\u308a\u306f\u50b5\u5238\u5168\u4f53\u306e\u5408\u8a08\u4fa1\u683c\u3092\u6b63\u3057\u304f\u518d\u73fe\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u500b\u3005\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u306f\u6b63\u3057\u304f\u8a08\u7b97\u3067\u304d\u307e\u305b\u3093<\/strong>\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
              \u6642\u70b9<\/th>\nCF<\/th>\n\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3067\u5272\u5f15<\/th>\n\u6700\u7d42\u5229\u56de\u308a\u3067\u5272\u5f15<\/th>\n\u5dee<\/th>\n<\/tr>\n<\/thead>\n
              1\u5e74\u5f8c<\/td>\n5<\/td>\n4.8544<\/td>\n4.6789<\/td>\n<\/span>\u2212<\/span>0.1754<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
              2\u5e74\u5f8c<\/td>\n5<\/td>\n4.5351<\/td>\n4.3785<\/td>\n<\/span>\u2212<\/span>0.1567<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
              3\u5e74\u5f8c<\/td>\n105<\/td>\n85.7113<\/td>\n86.0434<\/td>\n<\/span>+<\/span>0.3321<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
              \u5408\u8a08<\/td>\n115<\/td>\n95.1008<\/td>\n95.1008<\/td>\n<\/span>0<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

              \u5408\u8a08\u306f\u4e00\u81f4\u3057\u307e\u3059\u304c\u3001\u500b\u5225\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5272\u5f15\u304c\u6b6a\u3093\u3067\u3044\u307e\u3059\u30021\u5e74\u5f8c\u30682\u5e74\u5f8c\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u904e\u5c0f\u8a55\u4fa1\u3055\u308c\u30013\u5e74\u5f8c\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u904e\u5927\u8a55\u4fa1\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c <\/span>3%<\/span>,<\/span><\/span>5%<\/span>,<\/span><\/span>7%<\/span><\/span><\/span><\/span><\/eq> \u3068\u671f\u9593\u3054\u3068\u306b\u7570\u306a\u308b\u306e\u306b\u3001\u6700\u7d42\u5229\u56de\u308a\u306f\u5168\u671f\u9593\u306b\u540c\u3058 <\/span>6.8622%<\/span><\/span><\/span><\/span><\/eq> \u3092\u4f7f\u3046\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n

              \u3053\u306e\u6b6a\u307f\u306f\u3001\u7570\u306a\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u69cb\u6210\u3092\u6301\u3064\u50b5\u5238\u3092\u6bd4\u8f03\u3059\u308b\u3068\u304d\u3001\u3042\u308b\u3044\u306f\u500b\u5225\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30ea\u30b9\u30af\u8a55\u4fa1\u3092\u884c\u3046\u3068\u304d\u306b\u5b9f\u5bb3\u3092\u3082\u305f\u3089\u3057\u307e\u3059\u3002\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u4f7f\u3048\u3070\u5404\u671f\u9593\u306e\u6b63\u3057\u3044\u5272\u5f15\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

              \u3053\u306e\u53cd\u4f8b\u306e\u307e\u3068\u3081\uff1a\u6700\u7d42\u5229\u56de\u308a\u306f\u5408\u8a08\u306e\u4fa1\u683c\u3092\u518d\u73fe\u3057\u307e\u3059\u304c\u3001\u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5272\u5f15\u3092\u6b6a\u3081\u307e\u3059\u3002\u6b63\u3057\u3044\u5272\u5f15\u306b\u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

              6. \u6570\u5024\u4f8b \u2015 3\u672c\u306e\u50b5\u5238\u4fa1\u683c\u304b\u3089\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\u3092\u5fa9\u5143\u3059\u308b<\/h2>\n\n\n\n

              <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/eq>, <\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>, <\/span>s<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>7%<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u3066\u3001\u5272\u5f15\u50b5\u306e\u4fa1\u683c\u3092\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

              <\/span><\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>3<\/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>1.03<\/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>0.9709<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.0<\/span>5<\/span><\/span>2<\/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>0.907<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.0<\/span>7<\/span><\/span>3<\/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>0.8163<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

              \u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\uff08THM-SF-2\uff09\u306e\u691c\u7b97\u3068\u3057\u3066\u3001<\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>P<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u5fa9\u5143\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

              <\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/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>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>0.9709<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span>0.03<\/span><\/span>=<\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n
              <\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u2212<\/span>1\/2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span>0.90<\/span>7<\/span><\/span>\u2212<\/span>1\/2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span>0.05<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n
              <\/span>s<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>P<\/span><\/span>3<\/span><\/span><\/span><\/span>\u2212<\/span>1\/3<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span>0.816<\/span>3<\/span><\/span>\u2212<\/span>1\/3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span>0.07<\/span><\/span>=<\/span><\/span><\/span><\/span>7%<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

              \u5143\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306b\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

              \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8<\/strong>\u3092 (4.1), (4.2) \u304b\u3089\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

              <\/span>f<\/span><\/span>1<\/span>,<\/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>s<\/span><\/span>1<\/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>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1.03<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1.0<\/span>5<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span>7.0388%<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n
              <\/span>f<\/span><\/span>2<\/span>,<\/span>3<\/span><\/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>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>s<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>1.0<\/span>5<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1.0<\/span>7<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>=<\/span><\/span><\/span><\/span>11.115%<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

              \u691c\u7b97\u3057\u307e\u3059\u3002<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1.03<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.070388<\/span><\/span>=<\/span><\/span><\/span><\/span>1.1025<\/span><\/span>=<\/span><\/span><\/span><\/span>1.0<\/span>5<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3002\u6210\u308a\u7acb\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

              <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>f<\/span><\/span>2<\/span>,<\/span>3<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1.1025<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.11115<\/span><\/span>=<\/span><\/span><\/span><\/span>1.225043<\/span><\/span>=<\/span><\/span><\/span><\/span>1.0<\/span>7<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>s<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3002\u3053\u3061\u3089\u3082\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/p>\n\n\n\n

              \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c <\/span>3%<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>5%<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>7%<\/span><\/span><\/span><\/span><\/eq> \u3068\u671f\u9593\u304c\u9577\u304f\u306a\u308b\u307b\u3069\u9ad8\u304f\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3088\u308a\u3055\u3089\u306b\u9ad8\u3044\u5024\u306b\u306a\u308a\u307e\u3059\u3002<\/span>f<\/span><\/span>1<\/span>,<\/span>2<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>7.04%<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3092\u4e0a\u56de\u308a\u3001<\/span>f<\/span><\/span>2<\/span>,<\/span>3<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>11.12%<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>s<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>7%<\/span><\/span><\/span><\/span><\/eq> \u3092\u5927\u304d\u304f\u4e0a\u56de\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u76f4\u611f\u306b\u5408\u3044\u307e\u3059\u3002\u5e73\u5747\uff08\u30b9\u30dd\u30c3\u30c8\uff09\u3092\u5f15\u304d\u4e0a\u3052\u308b\u306b\u306f\u3001\u5f8c\u304b\u3089\u52a0\u308f\u308b\u5024\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\uff09\u304c\u5e73\u5747\u3088\u308a\u9ad8\u3044\u5fc5\u8981\u304c\u3042\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n

              \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\uff1a3\u672c\u306e\u5272\u5f15\u50b5\u4fa1\u683c\u304b\u3089\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3092\u5168\u3066\u5fa9\u5143\u3057\u307e\u3057\u305f\u3002\u6570\u5024\u306f compute.py<\/code> \u306b\u3088\u308b\u53b3\u5bc6\u8a08\u7b97\u3068\u4e00\u81f4\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

              7. \u6b21\u56de\u3078 \u2015 \u66f2\u7dda\u306e\u5f62\u3092\u8aad\u3080<\/h2>\n\n\n\n

              \u4eca\u56de\u306f\u3001\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u304c\u300c\u4eca\u65e5\u306e\u50b5\u5238\u4fa1\u683c\u306b\u57cb\u307e\u3063\u3066\u3044\u308b\u300d\u3053\u3068\u3092\u8a3c\u660e\u3057\u307e\u3057\u305f\u3002\u5272\u5f15\u50b5\u306e\u4fa1\u683c\u3055\u3048\u3042\u308c\u3070\u3001\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u3067\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u5fa9\u5143\u3057\u3001\u305d\u3053\u304b\u3089\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3092\u4e00\u610f\u306b\u5c0e\u3051\u307e\u3059\u3002<\/p>\n\n\n\n

              \u6b21\u56de\uff08\u7b2c12\u56de\uff09\u306f\u3001\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u6e80\u671f\u306b\u3064\u3044\u3066\u4e26\u3079\u305f\u66f2\u7dda\u306e\u5f62<\/strong>\u3092\u8aad\u307f\u307e\u3059\u3002\u77ed\u671f\u304b\u3089\u9577\u671f\u306b\u304b\u3051\u3066\u91d1\u5229\u304c\u4e0a\u304c\u308b\u300c\u9806\u30a4\u30fc\u30eb\u30c9\u300d\u3068\u3001\u9006\u306b\u4e0b\u304c\u308b\u300c\u9006\u30a4\u30fc\u30eb\u30c9\u300d\u306f\u4f55\u3092\u8a9e\u3063\u3066\u3044\u308b\u306e\u304b\u3002\u91d1\u5229\u306e\u671f\u9593\u69cb\u9020\u306e\u5168\u4f53\u50cf\u3092\u898b\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

              \u6b21\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u307e\u3067\u3042\u3068 5 \u672c\u3067\u3059\u3002<\/p>\n\n\n\n

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

              \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u5c06\u6765\u306e\u91d1\u5229\u306e\u4e88\u60f3\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

              \u9055\u3044\u307e\u3059\u3002\u4eca\u65e5\u306e\u4fa1\u683c\u304b\u3089\u8a08\u7b97\u3055\u308c\u308b\u6570\u3067\u3059\u3002\u7d50\u679c\u7684\u306b\u5916\u308c\u3066\u3082\u3001\u4eca\u65e5\u306e\u4fa1\u683c\u306b\u306f\u4f55\u306e\u554f\u984c\u3082\u8d77\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

              \u306a\u305c\u5c06\u6765\u306e\u91d1\u5229\u3092\u4eca\u65e5\u6c7a\u3081\u3089\u308c\u308b\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

              \u4eca\u65e5\u3001\u77ed\u671f\u3067\u501f\u308a\u3066\u9577\u671f\u3067\u8cb8\u3059\u3001\u3068\u3044\u3046\u7d44\u307f\u5408\u308f\u305b\u3092\u4f5c\u308c\u308b\u304b\u3089\u3067\u3059\u3002\u305d\u306e\u7d44\u307f\u5408\u308f\u305b\u306e\u5229\u56de\u308a\u304c\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3067\u3059\u3002<\/p>\n\n\n\n

              \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306f\u3069\u3053\u3067\u624b\u306b\u5165\u308a\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n

              \u76f4\u63a5\u306f\u89b3\u6e2c\u3067\u304d\u306a\u3044\u3053\u3068\u304c\u591a\u3044\u306e\u3067\u3001\u89b3\u6e2c\u3067\u304d\u308b\u50b5\u5238\u4fa1\u683c\u304b\u3089\u9806\u756a\u306b\u89e3\u3044\u3066\u6c42\u3081\u307e\u3059\u3002\u305d\u308c\u304c\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u3067\u3059\u3002<\/p>\n\n\n\n

              \u53c2\u8003\u6587\u732e<\/h2>\n\n\n\n
                \n\n
              • Fabozzi F. J.\u3001Bond Markets Analysis and Strategies\u3001\u7b2c9\u7248\u3001Pearson\u30012015\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\uff08YTM \u306e\u307f\u30cb\u30e5\u30fc\u30c8\u30f3\u6cd5\u306b\u3088\u308b\u6d6e\u52d5\u5c0f\u6570\u70b9\u8fd1\u4f3c\uff09\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: \u7b2c2\u90e8 \u7b2c11\u56de \/ \u524d\u63d0: \u7b2c7\u56de\u3001\u7b2c9\u56de\u3001\u7b2c10\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u4eca\u65e5\u306e\u50b5\u5238\u4fa1\u683c\u304b\u3089\u5c06\u6765\u306e\u671f\u9593\u306e\u91d1\u5229\u3092\u53d6\u308a\u51fa\u3057\u3001\u305d\u308c\u304c\u4e88\u60f3\u3067\u306f\u306a\u304f\u4fa1\u683c\u306e\u6574\u5408\u6027\u3067\u6c7a\u307e\u308b\u3053\u3068\u3092\u8aac\u660e\u3067\u304d\u308b […]<\/p>\n","protected":false},"author":1,"featured_media":209105,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[161],"class_list":["post-208191","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