{"id":208192,"date":"2026-09-27T18:40:00","date_gmt":"2026-09-27T09:40:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208192"},"modified":"2026-09-25T19:36:25","modified_gmt":"2026-09-25T10:36:25","slug":"yield-curve","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/yield-curve\/","title":{"rendered":"\u7b2c12\u56de \u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306f\u4f55\u3092\u8a9e\u3063\u3066\u3044\u308b\u306e\u304b \u2015 \u5f62\u304b\u3089\u8aad\u3081\u308b\u3053\u3068\u3068\u8aad\u3081\u306a\u3044\u3053\u3068"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c12\u56de \/ \u524d\u63d0: \u7b2c10\u56de\u3001\u7b2c11\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5f62\u304b\u3089\u4fa1\u683c\u306b\u7e54\u308a\u8fbc\u307e\u308c\u305f\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3092\u8aad\u307f\u53d6\u308a\u3001\u5f62\u3060\u3051\u304b\u3089\u306f\u8a00\u3048\u306a\u3044\u3053\u3068\u3068\u533a\u5225\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u9006\u30a4\u30fc\u30eb\u30c9\u306f\u666f\u6c17\u5f8c\u9000\u306e\u4e88\u8a00\u306a\u306e\u304b<\/h2>\n\n\n\n

\u30b9\u30fc\u30d1\u30fc\u306e\u68da\u306b\u4e26\u3076\u540c\u3058\u30d6\u30e9\u30f3\u30c9\u306e\u30b8\u30e5\u30fc\u30b9\u304c\u3001500\u30df\u30ea\u30ea\u30c3\u30c8\u30eb\u306e\u307b\u3046\u304c1\u30ea\u30c3\u30c8\u30eb\u3088\u308a\u9ad8\u3044\u3002\u3075\u3064\u3046\u306f\u91cf\u304c\u591a\u3044\u307b\u3069\u5024\u6bb5\u3082\u9ad8\u304f\u306a\u308b\u306e\u306b\u3001\u5927\u5c0f\u304c\u9006\u8ee2\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u3092\u898b\u3066\u300c\u3053\u306e\u5e97\u306f\u3082\u3046\u3059\u3050\u9589\u5e97\u3059\u308b\u300d\u3068\u65ad\u8a00\u3059\u308b\u4eba\u304c\u3044\u305f\u3089\u3001\u98db\u8e8d\u306b\u805e\u3053\u3048\u308b\u3067\u3057\u3087\u3046\u3002\u68da\u306e\u5024\u672d\u304c\u8a9e\u3063\u3066\u3044\u308b\u306e\u306f\u300c\u4eca\u65e5\u3001\u3053\u306e\u5e97\u3067\u306f\u3053\u306e\u5024\u6bb5\u304c\u3064\u3044\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u4e8b\u5b9f\u3060\u3051\u3067\u3001\u5e97\u306e\u5c06\u6765\u307e\u3067\u8aad\u307f\u53d6\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u50b5\u5238\u306e\u4e16\u754c\u306b\u3082\u3088\u304f\u4f3c\u305f\u8a71\u304c\u3042\u308a\u307e\u3059\u3002\u6e80\u671f\u306e\u77ed\u3044\u50b5\u5238\u306e\u307b\u3046\u304c\u5229\u56de\u308a\u304c\u9ad8\u304f\u3001\u9577\u3044\u50b5\u5238\u306e\u307b\u3046\u304c\u4f4e\u3044\u3002\u3053\u306e\u4e26\u3073\u65b9\u3092\u300c\u9006\u30a4\u30fc\u30eb\u30c9\u300d\u3068\u547c\u3073\u307e\u3059\u3002\u30cb\u30e5\u30fc\u30b9\u3067\u306f\u300c\u9006\u30a4\u30fc\u30eb\u30c9\u306f\u666f\u6c17\u5f8c\u9000\u306e\u30b5\u30a4\u30f3\u300d\u3068\u3057\u3070\u3057\u3070\u5831\u3058\u3089\u308c\u307e\u3059\u3002\u305f\u3057\u304b\u306b\u904e\u53bb\u306b\u305d\u3046\u898b\u3048\u305f\u6642\u671f\u306f\u3042\u308a\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u5229\u56de\u308a\u306e\u4e26\u3073\u65b9\u306f\u3001\u4eca\u65e5\u306e\u50b5\u5238\u4fa1\u683c\u304b\u3089\u8a08\u7b97\u3057\u305f\u6570\u5b57\u306e\u5927\u5c0f\u95a2\u4fc2\u306b\u3059\u304e\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u305f\u3068\u3048\u3070\u77ed\u671f\u306e\u5229\u56de\u308a\u304c5\u30d1\u30fc\u30bb\u30f3\u30c8\u3001\u4e2d\u671f\u304c4\u30d1\u30fc\u30bb\u30f3\u30c8\u3001\u9577\u671f\u304c3\u30d1\u30fc\u30bb\u30f3\u30c8\u3068\u3044\u3046\u9006\u30a4\u30fc\u30eb\u30c9\u3092\u8003\u3048\u3066\u307f\u307e\u3059\u3002\u3053\u306e\u3068\u304d1\u5e74\u5f8c\u304b\u30892\u5e74\u5f8c\u306b\u304b\u3051\u3066\u306e\u6697\u9ed9\u306e\u5229\u56de\u308a\u306f\u7d043\u30d1\u30fc\u30bb\u30f3\u30c8\u30012\u5e74\u5f8c\u304b\u30893\u5e74\u5f8c\u306b\u304b\u3051\u3066\u306f\u7d041\u30d1\u30fc\u30bb\u30f3\u30c8\u307e\u3067\u4e0b\u304c\u308a\u307e\u3059\u3002\u6570\u5b57\u3060\u3051\u898b\u308b\u3068\u300c\u5c06\u6765\u306e\u91d1\u5229\u306f\u4e0b\u304c\u3063\u3066\u3044\u304f\u300d\u3068\u8aad\u307f\u305f\u304f\u306a\u308a\u307e\u3059\u304c\u3001\u3053\u306e\u6697\u9ed9\u306e\u5229\u56de\u308a\u306f\u4eca\u65e5\u306e\u4fa1\u683c\u3092\u4e26\u3079\u66ff\u3048\u305f\u7d50\u679c\u3067\u3042\u3063\u3066\u3001\u8ab0\u304b\u306e\u4e88\u60f3\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u540c\u3058\u4fa1\u683c\u306f\u3001\u666f\u6c17\u304c\u60aa\u304f\u306a\u308b\u3068\u601d\u3063\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u304c\u4ed8\u3051\u305f\u306e\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3057\u3001\u307e\u3063\u305f\u304f\u5225\u306e\u7406\u7531\u3067\u4ed8\u3044\u305f\u306e\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u66f2\u7dda\u306e\u5f62\u304b\u3089\u76f4\u63a5\u8aad\u307f\u53d6\u308c\u308b\u306e\u306f\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3068\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306e\u5927\u5c0f\u95a2\u4fc2\u3060\u3051\u3067\u3059\u3002\u305d\u308c\u4ee5\u4e0a\u306e\u610f\u5473\u3092\u8aad\u307f\u8fbc\u3080\u306b\u306f\u3001\u3053\u306e\u7406\u8ad6\u306e\u5916\u306b\u51fa\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 \u66f2\u7dda\u306e\u5f62\u304b\u3089\u4f55\u304c\u8aad\u3081\u308b\u306e\u304b<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5f62\u304b\u3089\u4fa1\u683c\u306b\u7e54\u308a\u8fbc\u307e\u308c\u305f\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3092\u8aad\u307f\u53d6\u308a\u3001\u5f62\u3060\u3051\u304b\u3089\u306f\u8a00\u3048\u306a\u3044\u3053\u3068\u3068\u533a\u5225\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u6e80\u671f\u306e\u9806\u306b\u4e26\u3079\u308b\u3068\u3001\u66f2\u7dda\u304c\u63cf\u3051\u307e\u3059\u3002\u77ed\u671f\u304b\u3089\u9577\u671f\u306b\u304b\u3051\u3066\u91d1\u5229\u304c\u4e0a\u304c\u308b\u5f62\u3092\u9806\u30a4\u30fc\u30eb\u30c9<\/strong>\u3001\u4e0b\u304c\u308b\u5f62\u3092\u9006\u30a4\u30fc\u30eb\u30c9<\/strong>\u3068\u547c\u3073\u307e\u3059\u3002\u7b2c11\u56de\u3067\u793a\u3057\u305f\u3068\u304a\u308a\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u4eca\u65e5\u306e\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3055\u308c\u305f\u6570\u3067\u3042\u3063\u3066\u3001\u8ab0\u304b\u306e\u4e88\u60f3\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u66f2\u7dda\u306e\u5f62\u304b\u3089\u76f4\u63a5\u8aad\u3081\u308b\u306e\u306f\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3068\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306e\u5927\u5c0f\u95a2\u4fc2<\/strong>\u3067\u3059\u3002\u305d\u308c\u4ee5\u4e0a\u306e\u3053\u3068\u306f\u3001\u3053\u306e\u7406\u8ad6\u304b\u3089\u306f\u51fa\u3066\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u4eca\u56de\u306f3\u3064\u306e\u5b9a\u7406\u3067\u3053\u308c\u3092\u660e\u78ba\u306b\u3057\u307e\u3059\u3002\u66f2\u7dda\u306e\u5897\u6e1b\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u306e\u95a2\u4fc2\u3001\u6700\u7d42\u5229\u56de\u308a\u66f2\u7dda\u3068\u306e\u305a\u308c\u3001\u305d\u3057\u3066\u5e73\u884c\u79fb\u52d5\u3068\u3044\u3046\u4fbf\u5b9c\u7684\u306a\u4eee\u5b9a\u306e\u5371\u3046\u3055\u3067\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u8a18\u4e8b\u3067\u8a3c\u660e\u3059\u308b\u3053\u3068<\/h3>\n\n\n\n
    \n\n
  • THM-YC-1<\/strong> \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u304c\u5897\u52a0\u3057\u3066\u3044\u308b\u3068\u304d\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u305d\u306e\u533a\u9593\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u4e0a\u56de\u308a\u307e\u3059\u3002\u9006\u3082\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/li>\n\n\n
  • THM-YC-2<\/strong> \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u304c\u5e73\u5766\u3067\u306a\u3044\u3068\u304d\u3001\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u6700\u7d42\u5229\u56de\u308a\u3092\u4e26\u3079\u305f\u66f2\u7dda\u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u3068\u4e00\u822c\u306b\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002<\/li>\n\n\n
  • THM-YC-3<\/strong> \u3059\u3079\u3066\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u540c\u3058\u5e45\u3060\u3051\u52d5\u304f\u5e73\u884c\u79fb\u52d5\u3092\u4eee\u5b9a\u3059\u308b\u3068\u3001\u5272\u5f15\u50b5\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u88c1\u5b9a\u304c\u4f5c\u308c\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u66f2\u7dda\u3092\u3069\u3046\u4f5c\u308b\u304b<\/h2>\n\n\n\n

    \u4ee5\u4e0b\u306e\u4eee\u5b9a\u3092\u7f6e\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

      \n\n
    • \u89b3\u6e2c\u3067\u304d\u308b\u306e\u306f\u50b5\u5238\u4fa1\u683c\u3067\u3001\u66f2\u7dda\u306f\u305d\u3053\u304b\u3089\u5fa9\u5143\u3057\u305f\u3082\u306e\u3002<\/li>\n\n\n
    • \u4fe1\u7528\u30ea\u30b9\u30af\u306e\u7b49\u3057\u3044\u50b5\u5238\u3060\u3051\u3092\u4e26\u3079\u308b\u3002<\/li>\n\n\n
    • \u66f2\u7dda\u306e\u88dc\u9593\u65b9\u6cd5\u30921\u3064\u6c7a\u3081\u3066\u56fa\u5b9a\u3059\u308b\u3002<\/li>\n\n\n
    • \u8907\u5229\u306f\u5e741\u56de\u3002<\/li>\n\n\n
    • \u53d6\u5f15\u30b3\u30b9\u30c8\u306f\u7121\u3044\u3002<\/li>\n\n<\/ul>\n\n\n\n

      \u7b2c11\u56de\u3067\u5b9a\u7fa9\u3057\u305f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8 <\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff08\u6e80\u671f <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u5e74\u306e\u5272\u5f15\u50b5\u306e\u5229\u56de\u308a\uff09\u3092\u4f7f\u3044\u307e\u3059\u3002\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\u306e\u95a2\u4fc2\u306f<\/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

      \u3067\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>s<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>\u2026<\/span><\/span><\/span><\/span><\/eq> \u3092\u6e80\u671f\u306b\u3064\u3044\u3066\u4e26\u3079\u305f\u66f2\u7dda\u3092\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda<\/strong>\uff08\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\uff09\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n\n\n\n

      \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> \u306f\u3001\u7b2c11\u56de\u306e (4.2) \u304b\u3089<\/p>\n\n\n\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>2.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u3067\u5b9a\u307e\u308b\u91cf\u3067\u3059\u3002<\/p>\n\n\n\n

      \u3082\u3046\u4e00\u3064\u3001\u6700\u7d42\u5229\u56de\u308a\u66f2\u7dda<\/strong>\u3092\u5b9a\u7fa9\u3057\u307e\u3059\u3002\u5e74\u30af\u30fc\u30dd\u30f3\u7387 <\/span>c<\/span><\/span><\/span><\/span><\/eq> \u306e\u30af\u30fc\u30dd\u30f3\u50b5\uff08\u984d\u9762 100\uff09\u306e\u6700\u7d42\u5229\u56de\u308a <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3068\u306f\u3001\u6b21\u3092\u6e80\u305f\u3059\u5024\u3067\u3059\u3002<\/p>\n\n\n\n

      <\/span>\u4fa1\u683c<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span>k<\/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>y<\/span>)<\/span><\/span>k<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>c<\/span><\/span>\u00d7<\/span><\/span>100<\/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>y<\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/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>2.3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

      \u540c\u3058\u30af\u30fc\u30dd\u30f3\u7387\u306e\u30af\u30fc\u30dd\u30f3\u50b5\u3092\u6e80\u671f\u3054\u3068\u306b\u4e26\u3079\u3001\u305d\u308c\u305e\u308c\u306e\u6700\u7d42\u5229\u56de\u308a\u3092\u53d6\u3063\u305f\u3082\u306e\u304c\u6700\u7d42\u5229\u56de\u308a\u66f2\u7dda\u3067\u3059\u3002\u5b9f\u52d9\u3067\u306f\u3053\u3061\u3089\u3092\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u3068\u547c\u3076\u3053\u3068\u3082\u591a\u3044\u306e\u3067\u3059\u304c\u3001\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u3068\u306f\u5225\u306e\u91cf\u3067\u3059\u3002<\/p>\n\n\n\n

      \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306b\u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u3068\u6700\u7d42\u5229\u56de\u308a\u66f2\u7dda\u306e2\u3064\u304c\u3042\u308a\u3001\u4e00\u822c\u306b\u306f\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u5f62\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u306f\u540c\u3058\u3053\u3068\u3092\u8a00\u3063\u3066\u3044\u308b<\/h2>\n\n\n\n
      \n

      \u5b9a\u7406 THM-YC-1\uff08\u66f2\u7dda\u306e\u5f62\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u306e\u95a2\u4fc2\uff09<\/strong>\n\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u304c\u5897\u52a0\u3057\u3066\u3044\u308b\u3053\u3068\uff08<\/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><\/span><\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff09\u3068\u3001\u305d\u306e\u533a\u9593\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u304c\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u4e0a\u56de\u308b\u3053\u3068\uff08<\/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>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff09\u306f\u540c\u5024\u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-YC-2\uff08\u6700\u7d42\u5229\u56de\u308a\u66f2\u7dda\u3068\u306e\u305a\u308c\uff09<\/strong>\n\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u304c\u5e73\u5766\u3067\u306a\u3044\u3068\u304d\u3001\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u6700\u7d42\u5229\u56de\u308a\u3092\u6e80\u671f\u3054\u3068\u306b\u4e26\u3079\u305f\u66f2\u7dda\u306f\u3001\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u3068\u4e00\u822c\u306b\u4e00\u81f4\u3057\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-YC-3\uff08\u5e73\u884c\u79fb\u52d5\u306e\u4e0d\u53ef\u80fd\u6027\uff09<\/strong>\n\u3059\u3079\u3066\u306e\u6e80\u671f\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u540c\u3058\u5e45\u3060\u3051\u52d5\u304f\u5e73\u884c\u79fb\u52d5\u3092\u8a31\u3059\u3068\u3001\u671f\u9593\u306e\u7570\u306a\u308b\u5272\u5f15\u50b5\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u88c1\u5b9a\u304c\u4f5c\u308c\u308b\u5834\u5408\u304c\u3042\u308b\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 \u5897\u52a0\u3068\u5927\u5c0f\u95a2\u4fc2\u3092\u7d50\u3073\u3064\u3051\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-YC-1 \u306e\u8a3c\u660e<\/h3>\n

      (2.2) \u304b\u3089 <\/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> \u3092\u89e3\u304d\u307e\u3059\u3002<\/p>\n

      <\/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>(<\/span>1<\/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><\/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>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      <\/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>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u3053\u3068\u306f <\/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>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><\/span><\/eq> \u3068\u540c\u3058\u3067\u3059\u304b\u3089\u3001(4.1) \u3092\u4f7f\u3063\u3066\u66f8\u304d\u63db\u3048\u307e\u3059\u3002<\/p>\n

      <\/span><\/span><\/span>(<\/span>1<\/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><\/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>\u200b<\/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><\/span><\/span><\/eqn><\/section>\n

      \u4e21\u8fba\u3092 <\/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><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u308a\u307e\u3059\u3002\u6b63\u306e\u6570\u3067\u5272\u308b\u306e\u3067\u4e0d\u7b49\u53f7\u306e\u5411\u304d\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002<\/p>\n

      <\/span><\/span><\/span>(<\/span>1<\/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><\/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>\u2212<\/span>1<\/span><\/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<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

      \u5de6\u8fba\u306f <\/span>(<\/span><\/span><\/span><\/span>1<\/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><\/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><\/span>\u200b<\/span><\/span><\/span><\/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><\/span><\/eq> \u3067\u3059\u3002<\/span>n<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>n<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u5e95\u304c\u6b63\u306e\u3079\u304d\u4e57\u304c 1 \u3092\u8d85\u3048\u308b\u306e\u306f\u3001\u5e95\u304c 1 \u3092\u8d85\u3048\u308b\u3068\u304d\u306b\u9650\u308a\u307e\u3059\uff08\u5e95\u304c\u6b63\u3067\u6307\u6570\u304c\u6b63\u306e\u6574\u6570\u306e\u3068\u304d\u3001<\/span>a<\/span><\/span>k<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span>\u27fa<\/span><\/span><\/span><\/span><\/span>a<\/span><\/span>><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq>\uff09\u3002\u3057\u305f\u304c\u3063\u3066<\/p>\n

      <\/span><\/span><\/span>1<\/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><\/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><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span>\u27fa<\/span><\/span><\/span><\/span><\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/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><\/span><\/span><\/span><\/eqn><\/section>\n

      \u3053\u308c\u3067\u3059\u3079\u3066\u306e\u5909\u5f62\u304c\u540c\u5024\u5909\u5f62\u3067\u3042\u308b\u3053\u3068\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u5404\u6bb5\u968e\u3092\u632f\u308a\u8fd4\u308a\u307e\u3059\u3002<\/p>\n

        \n
      1. <\/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>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092 (4.1) \u3067\u66f8\u304d\u63db\u3048\u305f\u3002<\/li>\n
      2. \u4e21\u8fba\u3092\u6b63\u306e <\/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><\/span><\/eq> \u3067\u5272\u3063\u305f\uff08\u540c\u5024\u5909\u5f62\uff09\u3002<\/li>\n
      3. \u3079\u304d\u4e57\u306e\u6027\u8cea\u3092\u4f7f\u3044\u5e95\u306e\u5927\u5c0f\u306b\u5e30\u7740\u3057\u305f\uff08<\/span>n<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>1<\/span><\/span>\u2265<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u304b\u3064\u5e95\u304c\u6b63\u306a\u306e\u3067\u540c\u5024\uff09\u3002<\/li>\n
      4. \u4e21\u8fba\u304b\u3089 1 \u3092\u5f15\u3044\u305f\uff08\u540c\u5024\u5909\u5f62\uff09\u3002<\/li>\n<\/ol>\n

        \u3059\u3079\u3066\u540c\u5024\u5909\u5f62\u306a\u306e\u3067\u3001<\/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>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u27fa<\/span><\/span><\/span><\/span><\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/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><\/span><\/eq> \u304c\u793a\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n

        \u6e1b\u5c11\u306e\u5834\u5408\uff08<\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/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>\u27fa<\/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>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\uff09\u3082\u5168\u304f\u540c\u3058\u8ad6\u8a3c\u3067\u3001\u4e0d\u7b49\u53f7\u306e\u5411\u304d\u304c\u9006\u306b\u306a\u308b\u3060\u3051\u3067\u3059\u3002<\/p>\n

        \u5e73\u5766\u306a\u5834\u5408\uff08<\/span>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/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><\/span><\/eq>\uff09\u306f <\/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>s<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a\u307e\u3059\u3002\u3059\u3079\u3066\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u7b49\u3057\u3051\u308c\u3070\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3082\u305d\u308c\u306b\u4e00\u81f4\u3057\u307e\u3059\u3002 \u220e<\/p>\n

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

        \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u304c\u5e73\u5766\uff08<\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/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><\/span><\/span>\u22ef<\/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><\/span><\/span><\/span>s<\/span><\/span><\/span><\/span><\/eq>\uff09\u306e\u3068\u304d\u3001(2.3) \u306e\u5404\u9805\u306e\u5272\u5f15\u7387\u304c\u3059\u3079\u3066 <\/span>s<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308b\u306e\u3067\u3001\u6700\u7d42\u5229\u56de\u308a\u306f <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>s<\/span><\/span><\/span><\/span><\/eq> \u3068\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u5834\u5408\u306f\u66f2\u7dda\u306f\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n

        \u5e73\u5766\u3067\u306a\u3044\u5834\u5408\u3092\u793a\u3059\u305f\u3081\u3001\u5177\u4f53\u7684\u306a\u53cd\u4f8b\u3092\u69cb\u6210\u3057\u307e\u3059\u3002<\/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>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>4%<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002\u5e74\u30af\u30fc\u30dd\u30f3 <\/span>5%<\/span><\/span><\/span><\/span><\/eq>\u30fb\u984d\u9762 100 \u306e2\u5e74\u7269\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 105 \u3067\u3059\u3002<\/p>\n

        \u6b63\u3057\u3044\u4fa1\u683c\u306f\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

        <\/span>\u4fa1\u683c<\/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><\/span><\/span>1.0<\/span>4<\/span><\/span>2<\/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>101.9328<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

        \u6700\u7d42\u5229\u56de\u308a <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>101.9328<\/span><\/span>=<\/span><\/span><\/span><\/span>5\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>105\/<\/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><\/eq> \u3092\u6e80\u305f\u3059\u5024\u3067\u3001\u6570\u5024\u7684\u306b <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>3.9756%<\/span><\/span><\/span><\/span><\/eq> \u3067\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>4%<\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>3.9756%<\/span><\/span><\/span><\/span><\/eq> \u306f\u7570\u306a\u308a\u307e\u3059\u3002\u305a\u308c\u306e\u65b9\u5411\u306f\u3001<\/span>y<\/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> \u3067\u3059\u3002<\/p>\n

        \u305a\u308c\u306e\u539f\u56e0\u306f\u660e\u78ba\u3067\u3059\u3002\u6700\u7d42\u5229\u56de\u308a\u306f\u5168\u671f\u9593\u306b\u540c\u3058\u5272\u5f15\u7387\u3092\u4f7f\u3044\u307e\u3059\u304c\u3001\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u306f\u671f\u9593\u3054\u3068\u306b\u7570\u306a\u308a\u307e\u3059\u30021\u5e74\u5f8c\u306e\u30af\u30fc\u30dd\u30f3 5 \u3092 <\/span>4%<\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u308a\u5f15\u304f\u3068\u904e\u5927\u306b\u5272\u308a\u5f15\u304f\u3053\u3068\u306b\u306a\u308a\uff08\u6b63\u3057\u304f\u306f <\/span>3%<\/span><\/span><\/span><\/span><\/eq>\uff09\u3001\u3053\u306e\u52b9\u679c\u304c <\/span>y<\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u4e0b\u306b\u5f15\u3063\u5f35\u308a\u307e\u3059\u3002\u30af\u30fc\u30dd\u30f3\u304c\u5927\u304d\u3044\u307b\u3069\u3001\u77ed\u3044\u671f\u9593\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u306a\u308a\u3001\u305a\u308c\u3082\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n

        3\u5e74\u50b5\u3067\u3082\u540c\u69d8\u3067\u3059\u3002<\/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>4%<\/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>5%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u5e74\u30af\u30fc\u30dd\u30f3 <\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u306e3\u5e74\u7269\u30af\u30fc\u30dd\u30f3\u50b5\u306e\u6700\u7d42\u5229\u56de\u308a\u306f <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>4.9339%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001<\/span>s<\/span><\/span>3<\/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\u306f\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002<\/p>\n

        \u3057\u305f\u304c\u3063\u3066\u3001\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u304c\u5e73\u5766\u3067\u306a\u3051\u308c\u3070\u3001\u6700\u7d42\u5229\u56de\u308a\u66f2\u7dda\u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u3068\u4e00\u822c\u306b\u4e00\u81f4\u3057\u307e\u305b\u3093\u3002 \u220e<\/p>\n

        THM-YC-3 \u306e\u8a3c\u660e\uff08\u8981\u70b9\uff09<\/h3>\n

        \u3059\u3079\u3066\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u540c\u3058\u5e45 <\/span>\u0394<\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3060\u3051\u52d5\u304f\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002\u79fb\u52d5\u524d\u306e\u5272\u5f15\u50b5\u4fa1\u683c\u306f <\/span>P<\/span><\/span>n<\/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>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><\/eq>\u3001\u79fb\u52d5\u5f8c\u306f <\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u2032<\/span><\/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>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>\u0394<\/span>r<\/span>)<\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

        \u4fa1\u683c\u306e\u5909\u5316\u7387\u3092\u8003\u3048\u307e\u3059\u3002<\/p>\n

        <\/span><\/span><\/span><\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>P<\/span><\/span>n<\/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>\u200b<\/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><\/span>\u0394<\/span>r<\/span>)<\/span><\/span>n<\/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>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>1<\/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><\/span>\u0394<\/span>r<\/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><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/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>\u0394<\/span>r<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u62ec\u5f27\u5185\u306f 1 \u672a\u6e80\u3067\u3001<\/span>n<\/span><\/span><\/span><\/span><\/eq> \u304c\u5927\u304d\u3044\u307b\u3069 <\/span>n<\/span><\/span><\/span><\/span><\/eq> \u4e57\u3067\u3088\u308a\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u9577\u3044\u6e80\u671f\u306e\u50b5\u5238\u307b\u3069\u4fa1\u683c\u304c\u5927\u304d\u304f\u4e0b\u304c\u308a\u307e\u3059<\/strong>\u3002\u9006\u306b <\/span>\u0394<\/span>r<\/span><\/span><<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u9577\u3044\u6e80\u671f\u307b\u3069\u5927\u304d\u304f\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n

        \u5909\u5316\u7387\u304c\u6e80\u671f\u306b\u3088\u3063\u3066\u7570\u306a\u308b\u3053\u3068\u3092\u5229\u7528\u3057\u3066\u3001\u6b21\u306e\u7d44\u307f\u5408\u308f\u305b\u3092\u4f5c\u308a\u307e\u3059\u30022\u5e74\u50b5\u30921\u5358\u4f4d\u30b7\u30e7\u30fc\u30c8\u3057\u30011\u5e74\u50b5\u3092 <\/span>a<\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u30013\u5e74\u50b5\u3092 <\/span>b<\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d\u30ed\u30f3\u30b0\u3057\u307e\u3059\u3002\u5e73\u884c\u79fb\u52d5\u306e\u5e45 <\/span>\u0394<\/span>r<\/span><\/span><\/span><\/span><\/eq> \u306e\u95a2\u6570\u3068\u3057\u3066\u3001\u7d44\u307f\u5408\u308f\u305b\u306e\u4fa1\u5024\u3092<\/p>\n

        <\/span><\/span>V<\/span>(<\/span>\u0394<\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>a<\/span><\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>\u0394<\/span>r<\/span>)<\/span><\/span>+<\/span><\/span>b<\/span><\/span>P<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>\u0394<\/span>r<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>\u0394<\/span>r<\/span>)<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

        \u3068\u66f8\u304d\u307e\u3059\u3002\u3053\u3053\u3067 <\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>\u0394<\/span>r<\/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><\/span><\/span><\/span>\u0394<\/span>r<\/span>)<\/span><\/span>\u2212<\/span>n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>a<\/span>,<\/span><\/span>b<\/span><\/span><\/span><\/span><\/eq> \u306f\u6b21\u306e2\u3064\u306e\u6761\u4ef6\u3067\u6c7a\u3081\u307e\u3059\u3002<\/p>\n

          \n
        1. \u521d\u671f\u30b3\u30b9\u30c8\u304c\u30bc\u30ed\u306b\u306a\u308b\u3088\u3046\u306b\u3001<\/span>V<\/span>(<\/span>0<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002<\/li>\n
        2. \u91d1\u5229\u304c\u308f\u305a\u304b\u306b\u52d5\u3044\u305f\u3068\u304d\u306e\u4fa1\u5024\u306e\u5909\u5316\u3082\u30bc\u30ed\u306b\u306a\u308b\u3088\u3046\u306b\u3001<\/span>V<\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>0<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002<\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>0<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>\u2212<\/span>n<\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u200b<\/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><\/span><\/span><\/eq> \u306a\u306e\u3067\u3001\u3053\u308c\u306f <\/span>a<\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>b<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u306e1\u6b21\u5f0f\u3067\u3059\u3002<\/li>\n<\/ol>\n

          2\u3064\u3068\u3082 <\/span>a<\/span>,<\/span><\/span>b<\/span><\/span><\/span><\/span><\/eq> \u306b\u3064\u3044\u3066\u306e1\u6b21\u65b9\u7a0b\u5f0f\u306a\u306e\u3067\u3001\u9023\u7acb\u3055\u305b\u3066\u89e3\u3051\u307e\u3059\u3002\u6b21\u306b\u3001\u5e73\u884c\u79fb\u52d5\u306e\u5e45\u306b\u3064\u3044\u3066\u306e\u4e8c\u968e\u5fae\u5206\u3092\u898b\u307e\u3059\u3002<\/span>P<\/span><\/span>n<\/span><\/span><\/span><\/span>\u2032\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>\u0394<\/span>r<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>n<\/span>(<\/span>n<\/span><\/span>+<\/span><\/span><\/span><\/span>1<\/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><\/span><\/span><\/span>\u0394<\/span>r<\/span>)<\/span><\/span>\u2212<\/span>n<\/span>\u2212<\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304b\u3089<\/p>\n

          <\/span><\/span>V<\/span><\/span>\u2032\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>0<\/span>)<\/span><\/span><\/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>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>2<\/span>a<\/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>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>5<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>12<\/span>b<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/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>4<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>6<\/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><\/span><\/span><\/eqn><\/section>\n

          \u3067\u3059\u3002<\/span>V<\/span>(<\/span>0<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>V<\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>0<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067 <\/span>V<\/span><\/span>\u2032\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>0<\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u3001<\/span>\u0394<\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306e\u8fd1\u304f\u3067 <\/span>V<\/span><\/span><\/span><\/span><\/eq> \u306f\u6700\u5c0f\u5024 <\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>\u0394<\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3060\u3051\u53d6\u308b\u306e\u3067\u3001\u4e0a\u4e0b\u3069\u3061\u3089\u306b\u5e73\u884c\u79fb\u52d5\u3057\u3066\u3082 <\/span>V<\/span>(<\/span>\u0394<\/span>r<\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308a\u307e\u3059\u3002<\/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>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>4%<\/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>5%<\/span><\/span><\/span><\/span><\/eq> \u3067\u89e3\u304f\u3068 <\/span>a<\/span><\/span>=<\/span><\/span><\/span><\/span>0.4716<\/span><\/span><\/span><\/span><\/eq>, <\/span>b<\/span><\/span>=<\/span><\/span><\/span><\/span>0.5403<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001<\/span>V<\/span><\/span>\u2032\u2032<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>0<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0.8143<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u5b9f\u969b\u306b <\/span>\u00b1<\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u306e\u5e73\u884c\u79fb\u52d5\u3067\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b\u3068\u30012\u5e74\u50b5 10,000 \u5358\u4f4d\u306e\u898f\u6a21\u3067\u3001<\/span>+<\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>0.3957<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>\u2212<\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>0.419<\/span><\/span><\/span><\/span><\/eq> \u306e\u6b63\u306e\u5024\u306b\u306a\u308a\u307e\u3059\uff08\u6570\u5024\u306e\u8a73\u7d30\u306f\u53cd\u4f8b CEX-YC-2\uff09\u3002<\/p>\n

          \u3053\u306e\u7d44\u307f\u5408\u308f\u305b\u306f\u3001\u521d\u671f\u30b3\u30b9\u30c8\u304c\u30bc\u30ed\u3067\u3001\u5e73\u884c\u79fb\u52d5\u304c\u4e0a\u4e0b\u3069\u3061\u3089\u306b\u8d77\u304d\u3066\u3082\u640d\u5931\u304c\u51fa\u305a\u3001\u5b9f\u969b\u306b\u52d5\u3051\u3070\u6b63\u306e\u5229\u76ca\u304c\u51fa\u307e\u3059\u3002**\u79fb\u52d5\u306e\u65b9\u5411\u3092\u77e5\u308b\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002**\u3053\u308c\u306f\u88c1\u5b9a\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u66f2\u7dda\u304c\u5e73\u884c\u79fb\u52d5\u3057\u304b\u3057\u306a\u3044\u3068\u3044\u3046\u4eee\u5b9a\u306e\u3082\u3068\u3067\u306f\u88c1\u5b9a\u304c\u4f5c\u308c\u3066\u3057\u307e\u3044\u3001\u3053\u306e\u4eee\u5b9a\u306f\u7121\u88c1\u5b9a\u3068\u4e21\u7acb\u3057\u306a\u3044\u4fbf\u5b9c\u7684\u306a\u4eee\u5b9a\u306b\u3059\u304e\u307e\u305b\u3093\u3002 \u220e<\/p>\n

          \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\uff1a\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u306e\u5897\u6e1b\u306f\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3068\u306e\u5927\u5c0f\u95a2\u4fc2\u306b\u7ffb\u8a33\u3067\u304d\u3001\u6700\u7d42\u5229\u56de\u308a\u66f2\u7dda\u3068\u306f\u4e00\u822c\u306b\u4e00\u81f4\u305b\u305a\u3001\u5e73\u884c\u79fb\u52d5\u306f\u4fbf\u5b9c\u7684\u306a\u4eee\u5b9a\u3067\u3059\u3002<\/p>\n<\/details>\n\n\n\n

          5. \u53cd\u4f8b \u2015 \u5e73\u884c\u79fb\u52d5\u3092\u8a31\u3059\u3068\u88c1\u5b9a\u304c\u3067\u304d\u308b<\/h2>\n\n\n\n

          CEX-YC-1: \u9006\u30a4\u30fc\u30eb\u30c9\u306f\u4fa1\u683c\u306e\u95a2\u4fc2\u3067\u3042\u3063\u3066\u4e88\u60f3\u3067\u306f\u306a\u3044<\/h3>\n\n\n\n

          \u300c\u9006\u30a4\u30fc\u30eb\u30c9\u306f\u666f\u6c17\u5f8c\u9000\u306e\u4e88\u8a00\u3067\u3042\u308b\u300d\u3068\u3044\u3046\u7406\u89e3\u304c\u58ca\u308c\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\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>5%<\/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>4%<\/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>3%<\/span><\/span><\/span><\/span><\/eq> \u306e\u9006\u30a4\u30fc\u30eb\u30c9\u3092\u8003\u3048\u307e\u3059\u3002\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3092\u8a08\u7b97\u3059\u308b\u3068<\/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>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1.04<\/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>3.0095%<\/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>1.04<\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1.03<\/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>1.0288%<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

          THM-YC-1 \u306e\u3068\u304a\u308a\u3001\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c\u6e1b\u5c11\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u4e0b\u56de\u308a\u307e\u3059\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>3.0095%<\/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><\/span><\/span>4%<\/span><\/span><\/span><\/span><\/eq>\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>1.0288%<\/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><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/eq>\uff09\u3002<\/p>\n\n\n\n

          \u3053\u3053\u3067\u91cd\u8981\u306a\u306e\u306f\u3001\u3053\u306e\u9006\u30a4\u30fc\u30eb\u30c9\u306e\u5f62\u306f\u4eca\u65e5\u306e\u5272\u5f15\u50b5\u4fa1\u683c\u306e\u95a2\u4fc2<\/strong>\u304b\u3089\u51fa\u3066\u3044\u308b\u3060\u3051\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1\/1.05<\/span><\/span><\/span><\/span><\/eq>, <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1\/1.0<\/span>4<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>, <\/span>P<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1\/1.0<\/span>3<\/span><\/span>3<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3044\u30463\u3064\u306e\u4fa1\u683c\u304c\u5e02\u5834\u3067\u89b3\u6e2c\u3055\u308c\u308c\u3070\u3001\u66f2\u7dda\u306e\u5f62\u306f\u81ea\u52d5\u7684\u306b\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

          \u3053\u306e\u4fa1\u683c\u3092\u4ed8\u3051\u305f\u6295\u8cc7\u5bb6\u304c\u300c\u666f\u6c17\u306f\u60aa\u304f\u306a\u308b\u300d\u3068\u601d\u3063\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3057\u3001\u300c\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u69cb\u9020\u304c\u305d\u3046\u3055\u305b\u3066\u3044\u308b\u300d\u3068\u601d\u3063\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u540c\u3058\u4fa1\u683c\u306f\u7570\u306a\u308b\u4e88\u60f3\u306e\u4e0b\u3067\u3082\u6210\u7acb\u3057\u3048\u307e\u3059\u3002\u7b2c11\u56de\u306e THM-SF-3 \u3067\u793a\u3057\u305f\u3068\u304a\u308a\u3001\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\u3067\u3059\u3002\u9006\u30a4\u30fc\u30eb\u30c9\u306b\u3064\u3044\u3066\u3082\u540c\u3058\u3053\u3068\u304c\u8a00\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

          \u3053\u306e\u53cd\u4f8b\u306e\u307e\u3068\u3081\uff1a\u9006\u30a4\u30fc\u30eb\u30c9\u306f\u4eca\u65e5\u306e\u4fa1\u683c\u306e\u95a2\u4fc2\u304b\u3089\u51fa\u308b\u5f62\u3067\u3042\u308a\u3001\u666f\u6c17\u4e88\u60f3\u306e\u7406\u8ad6\u7684\u5e30\u7d50\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

          CEX-YC-2: \u5e73\u884c\u79fb\u52d5\u306f\u88c1\u5b9a\u3092\u751f\u3080<\/h3>\n\n\n\n

          THM-YC-3 \u3092\u5177\u4f53\u7684\u306a\u6570\u5024\u3067\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\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>4%<\/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>5%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3001\u5272\u5f15\u50b5\u306e\u4fa1\u683c\u306f <\/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>, <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.9246<\/span><\/span><\/span><\/span><\/eq>, <\/span>P<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>0.8638<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

          \u6b21\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u7d44\u307f\u307e\u3059\u3002<\/span>a<\/span>,<\/span><\/span>b<\/span><\/span><\/span><\/span><\/eq> \u306f THM-YC-3 \u306e\u8a3c\u660e\u306e2\u6761\u4ef6\u304b\u3089\u6c42\u3081\u305f\u5024\u3067\u3059\u3002<\/p>\n\n\n\n

            \n
          • 1\u5e74\u50b5\u3092 <\/span>0.4716<\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d \u30ed\u30f3\u30b0<\/strong>\uff08\u30b3\u30b9\u30c8: <\/span>0.4578<\/span><\/span><\/span><\/span><\/eq>\uff09<\/li>\n
          • 3\u5e74\u50b5\u3092 <\/span>0.5403<\/span><\/span><\/span><\/span><\/eq> \u5358\u4f4d \u30ed\u30f3\u30b0<\/strong>\uff08\u30b3\u30b9\u30c8: <\/span>0.4667<\/span><\/span><\/span><\/span><\/eq>\uff09<\/li>\n
          • 2\u5e74\u50b5\u3092 1 \u5358\u4f4d \u30b7\u30e7\u30fc\u30c8<\/strong>\uff08\u53ce\u5165: <\/span>0.9246<\/span><\/span><\/span><\/span><\/eq>\uff09<\/li>\n
          • \u521d\u671f\u30b3\u30b9\u30c8<\/strong>: \u30ed\u30f3\u30b02\u672c\u306e\u30b3\u30b9\u30c8\u306e\u5408\u8a08\u306f\u3001\u4e38\u3081\u308b\u524d\u306e\u5024\u3067\u3061\u3087\u3046\u3069 <\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u7b49\u3057\u304f\u3001\u30bc\u30ed\u3067\u3059\uff08\u8868\u793a\u306e <\/span>0.4578<\/span><\/span>+<\/span><\/span><\/span><\/span>0.4667<\/span><\/span><\/span><\/span><\/eq> \u306f\u4e38\u3081\u306e\u305f\u3081\u672b\u5c3e\u304c1\u305a\u308c\u307e\u3059\uff09\u3002<\/li>\n<\/ul>\n\n\n\n

            \u3059\u3079\u3066\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c <\/span>+<\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u5e73\u884c\u79fb\u52d5\u3059\u308b\u3068<\/p>\n\n\n\n

            <\/span><\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>3<\/span><\/span><\/span><\/span>\u2032<\/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>1.04<\/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>0.9615<\/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>6<\/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>0.8396<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

            \u3067\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4fa1\u5024\u306f <\/span>3.9572<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1<\/span>0<\/span><\/span>\u2212<\/span>5<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>\u2212<\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u5e73\u884c\u79fb\u52d5\u3059\u308b\u3068<\/p>\n\n\n\n

            <\/span><\/span>P<\/span><\/span>1<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>2<\/span><\/span><\/span><\/span>\u2032<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>P<\/span><\/span>3<\/span><\/span><\/span><\/span>\u2032<\/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>1.02<\/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>0.9804<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.0<\/span>3<\/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>0.9426<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.0<\/span>4<\/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>0.889<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

            \u3067\u3001\u4fa1\u5024\u306f <\/span>4.1898<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1<\/span>0<\/span><\/span>\u2212<\/span>5<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u30022\u5e74\u50b5 10,000 \u5358\u4f4d\u306e\u898f\u6a21\u306b\u3059\u308b\u3068\u3001\u305d\u308c\u305e\u308c <\/span>0.3957<\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>0.419<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

            \u4e0a\u304c\u3063\u3066\u3082\u4e0b\u304c\u3063\u3066\u3082\u4fa1\u5024\u306f\u6b63\u3067\u3001\u5143\u624b\u306f\u30bc\u30ed\u3067\u3059\u3002\u5e73\u884c\u79fb\u52d5\u306e\u65b9\u5411\u3092\u77e5\u3089\u306a\u304f\u3066\u3082<\/strong>\u78ba\u5b9a\u7684\u306b\u640d\u5931\u304c\u51fa\u305a\u3001\u5b9f\u969b\u306b\u52d5\u3051\u3070\u5229\u76ca\u304c\u51fa\u308b\u306e\u3067\u3001\u3053\u308c\u306f\u88c1\u5b9a\u3067\u3059\u30021\u5e74\u50b5\u30683\u5e74\u50b5\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u5074\u306f\u3001\u540c\u3058\u5e45\u306e\u91d1\u5229\u5909\u5316\u306b\u5bfe\u3057\u3066\u30012\u5e74\u50b51\u672c\u3088\u308a\u3082\u300c\u4e0a\u304c\u308b\u3068\u304d\u306f\u5c11\u306a\u304f\u4e0b\u304c\u308a\u3001\u4e0b\u304c\u308b\u3068\u304d\u306f\u591a\u304f\u4e0a\u304c\u308b\u300d\u305f\u3081\u3001\u3053\u306e\u5dee\u304c\u5229\u76ca\u306b\u306a\u308a\u307e\u3059\u3002\u5e73\u884c\u79fb\u52d5\u306f\u5168\u3066\u306e\u6e80\u671f\u306b\u540c\u3058\u5909\u5316\u3092\u5f37\u5236\u3059\u308b\u4eee\u5b9a\u3067\u3059\u304c\u3001\u6e80\u671f\u304c\u9055\u3048\u3070\u4fa1\u683c\u3078\u306e\u5f71\u97ff\u306e\u66f2\u304c\u308a\u65b9\u3082\u9055\u3046<\/strong>\u305f\u3081\u3001\u3053\u306e\u4eee\u5b9a\u306e\u3082\u3068\u3067\u306f\u88c1\u5b9a\u304c\u751f\u3058\u3046\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n

            \u3053\u306e\u53cd\u4f8b\u306e\u307e\u3068\u3081\uff1a\u5e73\u884c\u79fb\u52d5\u306f\u4fbf\u5b9c\u7684\u306a\u4eee\u5b9a\u3067\u3042\u308a\u3001\u305d\u308c\u3092\u8a31\u3059\u3068\u5272\u5f15\u50b5\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u88c1\u5b9a\u304c\u4f5c\u308c\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

            6. \u6570\u5024\u4f8b \u2015 3\u672c\u306e\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304b\u3089\u66f2\u7dda\u3092\u63cf\u304f<\/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>4%<\/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>5%<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

            \u5272\u5f15\u50b5\u306e\u4fa1\u683c<\/strong>:<\/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>4<\/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>0.9246<\/span>,<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1.0<\/span>5<\/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>0.8638<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

            \u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8<\/strong>:<\/p>\n\n\n\n

            <\/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>f<\/span><\/span>2<\/span>,<\/span>3<\/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>1.03<\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1.04<\/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>1<\/span><\/span>=<\/span><\/span>5.0097%<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>1.04<\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1.05<\/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>1<\/span><\/span>=<\/span><\/span>7.0289%<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

            \u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u304c <\/span>3%<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>4%<\/span><\/span>\u2192<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3068\u5897\u52a0\u3057\u3066\u3044\u308b\u306e\u3067\u3001THM-YC-1 \u306e\u3068\u304a\u308a\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u306f\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u3092\u4e0a\u56de\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>5.0097%<\/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><\/span><\/span>4%<\/span><\/span><\/span><\/span><\/eq>\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>7.0289%<\/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><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

            \u6700\u7d42\u5229\u56de\u308a\u66f2\u7dda\u3068\u306e\u6bd4\u8f03<\/strong>\uff08\u30af\u30fc\u30dd\u30f3 <\/span>5%<\/span><\/span><\/span><\/span><\/eq>\u3001\u984d\u9762 100\uff09:<\/p>\n\n\n\n\n\n\n\n\n\n\n
            \u6e80\u671f<\/th>\n\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8<\/th>\n\u6700\u7d42\u5229\u56de\u308a<\/th>\n\u5dee<\/th>\n<\/tr>\n<\/thead>\n
            1\u5e74<\/td>\n<\/span>3%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>3%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>0<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
            2\u5e74<\/td>\n<\/span>4%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>3.9756%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>0.0244%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
            3\u5e74<\/td>\n<\/span>5%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>4.9339%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>0.0661%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

            1\u5e74\u50b5\u306e\u307f\u4e00\u81f4\u3057\u30012\u5e74\u50b5\u4ee5\u964d\u306f\u305a\u308c\u307e\u3059\u3002\u6e80\u671f\u304c\u9577\u3044\u307b\u3069\u305a\u308c\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306f THM-YC-2 \u306e\u4e3b\u5f35\u3069\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n

            \u9006\u30a4\u30fc\u30eb\u30c9\u306e\u5834\u5408<\/strong>\uff08<\/span>s<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span>,<\/span><\/span>s<\/span><\/span>2<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>4%<\/span>,<\/span><\/span>s<\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>3%<\/span><\/span><\/span><\/span><\/eq>\uff09:<\/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>3.0095%<\/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>1.0288%<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

            \u30b9\u30dd\u30c3\u30c8\u304c\u6e1b\u5c11\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u306f\u30b9\u30dd\u30c3\u30c8\u3092\u4e0b\u56de\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \u5e73\u884c\u79fb\u52d5\u306e\u88c1\u5b9a<\/strong>\uff08<\/span>\u0394<\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>+<\/span>1%<\/span><\/span><\/span><\/span><\/eq>\uff09:<\/p>\n\n\n\n\n\n\n\n\n\n\n
            <\/th>\n\u5909\u5316\u524d<\/th>\n\u5909\u5316\u5f8c<\/th>\n\u5909\u5316\u7387<\/th>\n<\/tr>\n<\/thead>\n
            1\u5e74\u50b5<\/td>\n<\/span>0.9709<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>0.9615<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>0.9615%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
            2\u5e74\u50b5<\/td>\n<\/span>0.9246<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>0.9070<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>1.8957%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
            3\u5e74\u50b5<\/td>\n<\/span>0.8638<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>0.8396<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>2.8036%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

            \u9577\u3044\u6e80\u671f\u307b\u3069\u5927\u304d\u304f\u52d5\u304d\u307e\u3059\u3002\u3053\u306e\u5dee\u3092\u5229\u7528\u3057\u3066\u3001\u521d\u671f\u30b3\u30b9\u30c8\u30bc\u30ed\u3067\u4e0a\u4e0b\u3069\u3061\u3089\u306e\u5e73\u884c\u79fb\u52d5\u3067\u3082\u6b63\u306e\u5229\u76ca\u304c\u51fa\u308b\u7d44\u307f\u5408\u308f\u305b\uff082\u5e74\u50b5 10,000 \u5358\u4f4d\u306e\u898f\u6a21\u3067 <\/span>+<\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>0.3957<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>\u2212<\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>0.419<\/span><\/span><\/span><\/span><\/eq>\uff09\u3092\u4f5c\u308c\u308b\u3053\u3068\u306f\u53cd\u4f8b CEX-YC-2 \u3067\u793a\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

            \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\uff1a\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8 <\/span>3%<\/span>,<\/span><\/span>4%<\/span>,<\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u3001\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3001\u6700\u7d42\u5229\u56de\u308a\u3001\u5e73\u884c\u79fb\u52d5\u306e\u5f71\u97ff\u3092\u5168\u3066\u6570\u5024\u3067\u78ba\u8a8d\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

            7. \u6b21\u56de\u3078 \u2015 \u66f2\u7dda\u304c\u52d5\u3044\u305f\u3068\u304d\u306e\u4fa1\u683c\u306e\u52d5\u304d\u3092\u6e2c\u308b<\/h2>\n\n\n\n

            \u4eca\u56de\u306f\u3001\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u306e\u5f62<\/strong>\u304c\u4f55\u3092\u8a9e\u3063\u3066\u3044\u308b\u304b\u30923\u3064\u306e\u5b9a\u7406\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u5f62\u306e\u5897\u6e1b\u306f\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3068\u306e\u5927\u5c0f\u95a2\u4fc2\u306b\u76f4\u7d50\u3057\u3001\u6700\u7d42\u5229\u56de\u308a\u66f2\u7dda\u3068\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u306f\u5225\u7269\u3067\u3042\u308a\u3001\u5e73\u884c\u79fb\u52d5\u306f\u4fbf\u5b9c\u7684\u306a\u4eee\u5b9a\u306b\u3059\u304e\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

            \u6b21\u56de\uff08\u7b2c13\u56de\uff09\u306f\u3001\u66f2\u7dda\u304c\u52d5\u3044\u305f\u3068\u304d\u306b\u50b5\u5238\u306e\u4fa1\u683c\u304c\u3069\u308c\u3060\u3051\u52d5\u304f\u304b\u3092\u4e00\u3064\u306e\u6570\u3067\u6e2c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \u6b21\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u307e\u3067\u3042\u3068 4 \u672c\u3067\u3059\u3002<\/p>\n\n\n\n

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

            \u9006\u30a4\u30fc\u30eb\u30c9\u306f\u666f\u6c17\u5f8c\u9000\u306e\u30b5\u30a4\u30f3\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

            \u904e\u53bb\u306b\u305d\u3046\u898b\u3048\u305f\u4f8b\u306f\u3042\u308a\u307e\u3059\u304c\u3001\u3053\u306e\u7406\u8ad6\u304b\u3089\u51fa\u3066\u304f\u308b\u7d50\u8ad6\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4eca\u65e5\u306e\u4fa1\u683c\u306e\u95a2\u4fc2\u3092\u8868\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

            \u66f2\u7dda\u306f\u3069\u3046\u3084\u3063\u3066\u4f5c\u308b\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

            \u89b3\u6e2c\u3067\u304d\u308b\u50b5\u5238\u4fa1\u683c\u304b\u3089\u6e80\u671f\u306e\u77ed\u3044\u9806\u306b\u89e3\u3044\u3066\u3044\u304d\u307e\u3059\u3002\u9593\u306e\u6e80\u671f\u306f\u88dc\u9593\u3057\u307e\u3059\u3002\u88dc\u9593\u306e\u4ed5\u65b9\u3067\u5f62\u306f\u5c11\u3057\u5909\u308f\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

            \u6700\u7d42\u5229\u56de\u308a\u3092\u4e26\u3079\u305f\u66f2\u7dda\u3067\u306f\u3060\u3081\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

            \u5b9f\u52d9\u3067\u306f\u3088\u304f\u4f7f\u3044\u307e\u3059\u304c\u3001\u30b9\u30dd\u30c3\u30c8\u30ec\u30fc\u30c8\u66f2\u7dda\u3068\u306f\u5225\u7269\u3067\u3059\u3002\u30af\u30fc\u30dd\u30f3\u306e\u5927\u304d\u3055\u306b\u3088\u3063\u3066\u305a\u308c\u307e\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 \u7b2c12\u56de \/ \u524d\u63d0: \u7b2c10\u56de\u3001\u7b2c11\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5f62\u304b\u3089\u4fa1\u683c\u306b\u7e54\u308a\u8fbc\u307e\u308c\u305f\u30d5\u30a9\u30ef\u30fc\u30c9\u30ec\u30fc\u30c8\u3092\u8aad\u307f\u53d6\u308a\u3001\u5f62\u3060\u3051\u304b\u3089\u306f\u8a00\u3048\u306a\u3044\u3053\u3068\u3068\u533a\u5225\u3067\u304d\u308b […]<\/p>\n","protected":false},"author":1,"featured_media":209106,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[161],"class_list":["post-208192","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