{"id":208195,"date":"2026-09-28T18:00:00","date_gmt":"2026-09-28T09:00:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208195"},"modified":"2026-09-25T19:36:28","modified_gmt":"2026-09-25T10:36:28","slug":"covered-interest-parity","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/covered-interest-parity\/","title":{"rendered":"\u7b2c15\u56de \u70ba\u66ff\u306e\u5148\u6e21\u4fa1\u683c\u306f\u91d1\u5229\u5dee\u3067\u6c7a\u307e\u308b \u2015 \u30ab\u30d0\u30fc\u4ed8\u304d\u91d1\u5229\u5e73\u4fa1"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c15\u56de \/ \u524d\u63d0: \u7b2c2\u56de\u3001\u7b2c7\u56de\u3001\u7b2c11\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: 2\u3064\u306e\u901a\u8ca8\u306e\u91d1\u5229\u304b\u3089\u70ba\u66ff\u306e\u5148\u6e21\u30ec\u30fc\u30c8\u3092\u8a08\u7b97\u3057\u3001\u305d\u308c\u304c\u70ba\u66ff\u306e\u4e88\u60f3\u3067\u306f\u306a\u3044\u3053\u3068\u3092\u8aac\u660e\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u5148\u6e21\u30ec\u30fc\u30c8\u306f\u70ba\u66ff\u306e\u4e88\u60f3\u3067\u306f\u306a\u3044<\/h2>\n\n\n\n

\u3042\u308b\u4f01\u696d\u306e\u8ca1\u52d9\u62c5\u5f53\u8005\u304c\u30011\u5e74\u524d\u306b\u3084\u3063\u3066\u3057\u307e\u3063\u305f\u5931\u6557\u3092\u632f\u308a\u8fd4\u3063\u3066\u3044\u307e\u3059\u30021\u30c9\u30eb150\u5186\u306e\u3068\u304d\u3001\u5186\u306e\u91d1\u5229\u306f1\u30d1\u30fc\u30bb\u30f3\u30c8\u3001\u30c9\u30eb\u306e\u91d1\u5229\u306f5\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u3057\u305f\u3002\u70ba\u66ff\u306e\u5148\u6e21\u30ec\u30fc\u30c8\u306f\u7d04144\u5186\u3002\u300c1\u5e74\u5f8c\u306b1\u30c9\u30eb144\u5186\u306b\u306a\u308b\u3068\u3044\u3046\u5e02\u5834\u306e\u4e88\u60f3\u3060\u300d\u3068\u8aad\u3093\u3060\u305d\u306e\u62c5\u5f53\u8005\u306f\u3001\u5186\u9ad8\u306b\u5099\u3048\u3066\u30c9\u30eb\u5efa\u3066\u306e\u58f2\u4e0a\u3092\u5148\u6e21\u3067\u5168\u984d\u30d8\u30c3\u30b8\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n

1\u5e74\u304c\u7d4c\u3061\u3001\u5b9f\u969b\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u306f160\u5186\u3067\u3057\u305f\u3002\u5148\u6e21\u3068\u306e\u5dee\u306f\u304a\u3088\u305d16\u5186\u3002\u3082\u3057\u30d8\u30c3\u30b8\u3057\u306a\u3051\u308c\u3070\u30011\u30c9\u30eb\u3042\u305f\u308a\u7d0416\u5186\u591a\u304f\u53d7\u3051\u53d6\u308c\u3066\u3044\u305f\u306e\u3067\u3059\u3002\u4e0a\u53f8\u306b\u554f\u3044\u8a70\u3081\u3089\u308c\u305f\u62c5\u5f53\u8005\u306f\u300c\u5e02\u5834\u306e\u4e88\u60f3\u304c\u5916\u308c\u305f\u300d\u3068\u8aac\u660e\u3057\u307e\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u4e8c\u91cd\u306b\u9593\u9055\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

\u307e\u305a\u3001\u5148\u6e21\u30ec\u30fc\u30c8\u306f\u8ab0\u306e\u4e88\u60f3\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u5148\u6e21\u306e\u7d04144\u5186\u3068\u3044\u3046\u6570\u5b57\u306f\u3001\u5186\u3068\u30c9\u30eb\u306e\u91d1\u5229\u5dee\u304b\u3089\u6a5f\u68b0\u7684\u306b\u51fa\u3066\u304f\u308b\u5024\u3067\u3059\u3002\u30c9\u30eb\u306e\u91d1\u5229\u304c\u5186\u3088\u308a4\u30d1\u30fc\u30bb\u30f3\u30c8\u9ad8\u3044\u306e\u3067\u3001\u30c9\u30eb\u3067\u904b\u7528\u3059\u308b\u3068\u5229\u606f\u304c\u591a\u304f\u3064\u304d\u307e\u3059\u3002\u305d\u306e\u5206\u3060\u3051\u3001\u5148\u6e21\u3067\u5186\u306b\u623b\u3059\u3068\u304d\u306e\u4ea4\u63db\u30ec\u30fc\u30c8\u304c\u4e0b\u304c\u3063\u3066\u91e3\u308a\u5408\u3044\u307e\u3059\u3002\u4e0a\u304c\u308b\u304b\u4e0b\u304c\u308b\u304b\u306e\u898b\u901a\u3057\u306f\u3001\u3053\u306e\u8a08\u7b97\u306e\u3069\u3053\u306b\u3082\u5165\u3063\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u6b21\u306b\u3001\u5148\u6e21\u304c160\u5186\u3068\u98df\u3044\u9055\u3063\u305f\u3053\u3068\u81ea\u4f53\u306f\u3001\u4f55\u306e\u77db\u76fe\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u5148\u6e21\u5951\u7d04\u306f\u300c\u4eca\u65e5\u306e\u91d1\u5229\u5dee\u304b\u3089\u6c7a\u307e\u308b\u4ea4\u63db\u30ec\u30fc\u30c8\u300d\u3067\u3042\u3063\u3066\u3001\u300c\u5f53\u305f\u308b\u3079\u304d\u4e88\u6e2c\u300d\u3067\u306f\u306a\u3044\u304b\u3089\u3067\u3059\u3002\u5b9f\u969b\u306e\u70ba\u66ff\u304c\u5148\u6e21\u3088\u308a\u9ad8\u304f\u3066\u3082\u4f4e\u304f\u3066\u3082\u3001\u5951\u7d04\u6642\u70b9\u3067\u88c1\u5b9a\u304c\u306a\u304b\u3063\u305f\u3068\u3044\u3046\u4e8b\u5b9f\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002\u62c5\u5f53\u8005\u304c\u672c\u5f53\u306b\u3084\u308b\u3079\u304d\u3060\u3063\u305f\u306e\u306f\u3001\u5148\u6e21\u306e\u610f\u5473\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u305f\u3046\u3048\u3067\u3001\u30d8\u30c3\u30b8\u306e\u76ee\u7684\u3068\u7bc4\u56f2\u3092\u5224\u65ad\u3059\u308b\u3053\u3068\u3067\u3057\u305f\u3002<\/p>\n\n\n\n

\u3053\u306e\u56de\u3067\u306f\u3001\u5148\u6e21\u30ec\u30fc\u30c8\u304c\u91d1\u5229\u5dee\u3060\u3051\u3067\u4e00\u610f\u306b\u6c7a\u307e\u308b\u3053\u3068\u3001\u305d\u3057\u3066\u305d\u3053\u306b\u5c06\u6765\u306e\u4e88\u60f3\u304c\u5165\u308b\u4f59\u5730\u304c\u306a\u3044\u3053\u3068\u3092\u3001\u5f0f\u3092\u4f7f\u3063\u3066\u8a3c\u660e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 2\u3064\u306e\u901a\u8ca8\u3092\u884c\u304d\u6765\u3059\u308b\u3068\u91d1\u5229\u5dee\u304c\u6b8b\u308b<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u30012\u3064\u306e\u901a\u8ca8\u306e\u91d1\u5229\u304b\u3089\u70ba\u66ff\u306e\u5148\u6e21\u30ec\u30fc\u30c8\u3092\u8a08\u7b97\u3057\u3001\u305d\u308c\u304c\u70ba\u66ff\u306e\u4e88\u60f3\u3067\u306f\u306a\u3044\u3053\u3068\u3092\u8aac\u660e\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u5186\u306e\u91d1\u5229\u304c 1%\u3001\u30c9\u30eb\u306e\u91d1\u5229\u304c 5% \u3060\u3068\u3057\u307e\u3059\u3002\u30c9\u30eb\u3067\u904b\u7528\u3059\u308b\u3068\u91d1\u5229\u306f\u9ad8\u3044\u306e\u3067\u3059\u304c\u3001\u305d\u306e\u5206\u3060\u3051\u5148\u6e21\u3067\u5186\u306b\u623b\u3059\u3068\u304d\u306e\u4ea4\u63db\u30ec\u30fc\u30c8\u304c\u4e0d\u5229\u306b\u306a\u308a\u307e\u3059\u3002\u9ad8\u3044\u91d1\u5229\u306e\u6069\u6075\u306f\u5148\u6e21\u30ec\u30fc\u30c8\u3067\u76f8\u6bba\u3055\u308c\u3001\u7d50\u5c40\u3069\u3061\u3089\u306e\u901a\u8ca8\u3067\u904b\u7528\u3057\u3066\u3082\u7d50\u679c\u306f\u540c\u3058\u306b\u306a\u308a\u307e\u3059\u3002\u540c\u3058\u306b\u306a\u3089\u306a\u3051\u308c\u3070\u88c1\u5b9a\u304c\u5b58\u5728\u3057\u3066\u3057\u307e\u3046\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e\u4ed5\u7d44\u307f\u3092\u30ab\u30d0\u30fc\u4ed8\u304d\u91d1\u5229\u5e73\u4fa1<\/strong>\u3068\u547c\u3073\u307e\u3059\u3002\u300c\u30ab\u30d0\u30fc\u4ed8\u304d\u300d\u3068\u306f\u3001\u5148\u6e21\u3067\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u5b8c\u5168\u306b\u6d88\u3057\u3066\u3044\u308b\uff08\u30ab\u30d0\u30fc\u3057\u3066\u3044\u308b\uff09\u3068\u3044\u3046\u610f\u5473\u3067\u3059\u3002\u4eca\u56de\u306f\u3053\u306e\u95a2\u4fc2\u5f0f\u3092\u8a3c\u660e\u3057\u3001\u4eee\u5b9a\u3092\u58ca\u3057\u305f\u3068\u304d\u306b\u4f55\u304c\u8d77\u304d\u308b\u304b\u3092\u6570\u5024\u3067\u898b\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-CIP-1<\/strong> \u7121\u88c1\u5b9a\u5e02\u5834\u3067\u306f\u3001\u5148\u6e21\u4fa1\u683c <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u306f\u76f4\u7269 <\/span>S<\/span><\/span><\/span><\/span><\/eq> \u3068\u4e21\u901a\u8ca8\u306e\u91d1\u5229\u3060\u3051\u3067\u4e00\u610f\u306b\u6c7a\u307e\u308a\u307e\u3059\u3002<\/li>\n
  • THM-CIP-2<\/strong> \u81ea\u56fd\u91d1\u5229\u304c\u5916\u56fd\u91d1\u5229\u3088\u308a\u9ad8\u3044\u3068\u304d\u5148\u6e21\u306f\u76f4\u7269\u3092\u4e0a\u56de\u308a\u3001\u4f4e\u3044\u3068\u304d\u4e0b\u56de\u308a\u307e\u3059\u3002<\/li>\n
  • THM-CIP-3<\/strong> \u3053\u306e\u5c0e\u51fa\u306b\u5c06\u6765\u306e\u70ba\u66ff\u306e\u4e88\u60f3\u306f\u4e00\u5207\u4f7f\u308f\u308c\u307e\u305b\u3093\u3002\u5148\u6e21\u4fa1\u683c\u306f\u5c06\u6765\u306e\u76f4\u7269\u306e\u4e88\u60f3\u5024\u3067\u3042\u308b\u5fc5\u7136\u6027\u3092\u6301\u3061\u307e\u305b\u3093\u3002<\/li>\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 2\u901a\u8ca8\u30682\u3064\u306e\u91d1\u5229<\/h2>\n\n\n\n

    \u4eee\u5b9a\u3092\u5168\u3066\u66f8\u304d\u51fa\u3057\u307e\u3059\u3002\u3069\u308c\u304c\u5f8c\u3067\u58ca\u308c\u308b\u304b\u3092\u898b\u308b\u305f\u3081\u306b\u3001\u5168\u90e8\u3067\u3059\u3002<\/p>\n\n\n\n

      \n
    • 2\u3064\u306e\u901a\u8ca8<\/strong>: \u81ea\u56fd\u901a\u8ca8\uff08\u5186\uff09\u3068\u5916\u56fd\u901a\u8ca8\uff08\u30c9\u30eb\uff09\u304c\u3042\u308b\u3002\u76f4\u7269\u30ec\u30fc\u30c8\u306f <\/span>S<\/span><\/span><\/span><\/span><\/eq>\uff081\u30c9\u30eb = <\/span>S<\/span><\/span><\/span><\/span><\/eq> \u5186\uff09\u3002<\/li>\n
    • \u81ea\u56fd\u91d1\u5229<\/strong>: \u5186\u30921\u5e74\u9810\u3051\u308b\u3068\u5e74\u5229 <\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u5229\u606f\u304c\u3064\u304f\u3002\u5143\u672c1\u5186\u304c <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u5186\u306b\u306a\u308b\u3002<\/li>\n
    • \u5916\u56fd\u91d1\u5229<\/strong>: \u30c9\u30eb\u30921\u5e74\u9810\u3051\u308b\u3068\u5e74\u5229 <\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u5229\u606f\u304c\u3064\u304f\u3002\u5143\u672c1\u30c9\u30eb\u304c <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\u306b\u306a\u308b\u3002<\/li>\n
    • \u5148\u6e21\u5951\u7d04<\/strong>: \u4eca\u65e5\u306e\u6642\u70b9\u3067\u30011\u5e74\u5f8c\u306b1\u30c9\u30eb\u3092 <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u4ea4\u63db\u3059\u308b\u5951\u7d04\u3092\u7d50\u3079\u308b\u3002<\/span>F<\/span><\/span><\/span><\/span><\/eq> \u304c\u5148\u6e21\u4fa1\u683c\u3002<\/li>\n
    • \u81ea\u7531\u306a\u8cb8\u501f<\/strong>: \u4e21\u901a\u8ca8\u3067\u78ba\u5b9a\u3057\u305f\u91d1\u5229\u3067\u81ea\u7531\u306b\u8cb8\u3057\u501f\u308a\u3067\u304d\u308b\u3002<\/li>\n
    • \u53d6\u5f15\u30b3\u30b9\u30c8\u306a\u3057<\/strong>: \u76f4\u7269\u3068\u5148\u6e21\u306e\u4e21\u65b9\u3067\u53d6\u5f15\u3067\u304d\u3001\u58f2\u8cb7\u30b9\u30d7\u30ec\u30c3\u30c9\u3084\u624b\u6570\u6599\u306f\u306a\u3044\u3002<\/li>\n
    • \u8cc7\u672c\u79fb\u52d5\u306e\u81ea\u7531<\/strong>: \u8cc7\u91d1\u3092\u81ea\u7531\u306b\u56fd\u5883\u3092\u307e\u305f\u3044\u3067\u79fb\u52d5\u3067\u304d\u308b\u3002\u898f\u5236\u306f\u306a\u3044\u3002<\/li>\n
    • \u4fe1\u7528\u30ea\u30b9\u30af\u306a\u3057<\/strong>: \u76f8\u624b\u304c\u5951\u7d04\u3092\u5c65\u884c\u3057\u306a\u3044\u30ea\u30b9\u30af\u306f\u306a\u3044\u3002<\/li>\n
    • \u8907\u5229\u306f\u5e741\u56de\u3001\u671f\u9593\u306f1\u5e74<\/strong>\u3068\u3059\u308b\u3002<\/li>\n<\/ul>\n\n\n\n

      \u7b2c2\u56de\u3067\u5c0e\u5165\u3057\u305f\u7121\u88c1\u5b9a\u306e\u8003\u3048\u65b9\u3092\u305d\u306e\u307e\u307e\u4f7f\u3044\u307e\u3059\u3002\u300c\u5143\u624b\u30bc\u30ed\u3067\u640d\u3092\u305b\u305a\u3001\u5fc5\u305a\u5f97\u3092\u3059\u308b\u300d\u53d6\u5f15\u304c\u5b58\u5728\u3057\u306a\u3044\u3053\u3068\u3092\u4eee\u5b9a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \u3053\u306e\u8a2d\u5b9a\u3067\u6c7a\u3081\u308b\u3079\u304d\u306f\u5148\u6e21\u4fa1\u683c <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>S<\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u5e02\u5834\u3067\u89b3\u6e2c\u3055\u308c\u308b\u5024\u3068\u3057\u3066\u4e0e\u3048\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u5148\u6e21\u4fa1\u683c\u306f\u91d1\u5229\u5dee\u3060\u3051\u3067\u6c7a\u307e\u308b<\/h2>\n\n\n\n
      \n

      \u5b9a\u7406 THM-CIP-1\uff08\u30ab\u30d0\u30fc\u4ed8\u304d\u91d1\u5229\u5e73\u4fa1\uff09<\/strong>\n\u7121\u88c1\u5b9a\u5e02\u5834\u3067\u306f\u3001\u70ba\u66ff\u306e\u5148\u6e21\u4fa1\u683c <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u306f\u76f4\u7269 <\/span>S<\/span><\/span><\/span><\/span><\/eq> \u3068\u4e21\u901a\u8ca8\u306e\u91d1\u5229\u306b\u3088\u3063\u3066<\/p>\n

      <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u3068\u4e00\u610f\u306b\u5b9a\u307e\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-CIP-2\uff08\u91d1\u5229\u5dee\u3068\u5148\u6e21\u306e\u5411\u304d\uff09<\/strong>\n<\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>F<\/span><\/span>><\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span><\/eq>\uff08\u5148\u6e21\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u3001<\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>F<\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span><\/eq>\uff08\u5148\u6e21\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff09\u3001<\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-CIP-3\uff08\u4e88\u60f3\u306f\u4e0d\u8981\uff09<\/strong>\nTHM-CIP-1 \u306e\u5c0e\u51fa\u306b\u5c06\u6765\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u4e88\u60f3\u306f\u4f7f\u308f\u308c\u306a\u3044\u3002\u3057\u305f\u304c\u3063\u3066\u5148\u6e21\u4fa1\u683c\u306f\u5c06\u6765\u306e\u76f4\u7269\u306e\u4e88\u60f3\u5024\u3067\u3042\u308b\u5fc5\u7136\u6027\u3092\u6301\u305f\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n

      THM-CIP-2 \u306f THM-CIP-1 \u306e\u76f4\u63a5\u306e\u5e30\u7d50\u3067\u3059\u3002<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u304c1\u3088\u308a\u5927\u304d\u3044\u304b\u5c0f\u3055\u3044\u304b\u306f\u3001<\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068 <\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u5927\u5c0f\u95a2\u4fc2\u3060\u3051\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002THM-CIP-3 \u306f\u8a3c\u660e\u306e\u69cb\u9020\u81ea\u4f53\u304c\u4e3b\u5f35\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

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

      4. \u8a3c\u660e \u2015 2\u901a\u308a\u306e\u904b\u7528\u304c\u540c\u3058\u7d50\u679c\u306b\u306a\u308b\u3053\u3068\u3092\u898b\u308b<\/h2>\n

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

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

      1\u30c9\u30eb\u30921\u5e74\u9593\u904b\u7528\u3059\u308b\u65b9\u6cd5\u306f2\u901a\u308a\u3042\u308a\u307e\u3059\u3002\u3053\u306e2\u901a\u308a\u304c\u540c\u3058\u5186\u5efa\u3066\u306e\u7d50\u679c\u3092\u4e0e\u3048\u306a\u3051\u308c\u3070\u88c1\u5b9a\u304c\u5b58\u5728\u3057\u3066\u3057\u307e\u3046\u3001\u3068\u3044\u3046\u8ad6\u6cd5\u3067 <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u6c7a\u3081\u307e\u3059\u3002<\/p>\n

      \u7d4c\u8def A\uff08\u5916\u8ca8\u3067\u904b\u7528\u3057\u3066\u5148\u6e21\u3067\u623b\u3059\uff09\u3002<\/strong><\/p>\n

        \n
      1. \u624b\u5143\u306b <\/span>S<\/span><\/span><\/span><\/span><\/eq> \u5186\u304c\u3042\u308b\u3002\u76f4\u7269\u30671\u30c9\u30eb\u3092\u8cb7\u3044\u307e\u3059\u3002<\/li>\n
      2. 1\u30c9\u30eb\u3092\u5916\u56fd\u91d1\u5229 <\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u30671\u5e74\u904b\u7528\u3057\u307e\u3059\u3002\u6e80\u671f\u306b <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/li>\n
      3. \u53d7\u3051\u53d6\u308b\u30c9\u30eb\u3092\u5148\u6e21\u3067\u5186\u306b\u63db\u3048\u307e\u3059\u3002<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\u306b\u5148\u6e21\u30ec\u30fc\u30c8 <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u639b\u3051\u3066\u3001<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>F<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u5f97\u307e\u3059\u3002<\/li>\n<\/ol>\n

        \u7d4c\u8def A \u306e\u6e80\u671f\u306e\u5186\u5efa\u3066\u4fa1\u5024\u306f<\/p>\n

        <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>F<\/span>.<\/span><\/span><\/span>(<\/span>2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

        \u7d4c\u8def B\uff08\u81ea\u56fd\u901a\u8ca8\u306e\u307e\u307e\u904b\u7528\u3059\u308b\uff09\u3002<\/strong><\/p>\n

          \n
        1. \u624b\u5143\u306b <\/span>S<\/span><\/span><\/span><\/span><\/eq> \u5186\u304c\u3042\u308b\u3002\u305d\u306e\u307e\u307e\u81ea\u56fd\u91d1\u5229 <\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u30671\u5e74\u904b\u7528\u3057\u307e\u3059\u3002<\/li>\n
        2. \u6e80\u671f\u306b <\/span>S<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/li>\n<\/ol>\n

          \u7d4c\u8def B \u306e\u6e80\u671f\u306e\u5186\u5efa\u3066\u4fa1\u5024\u306f<\/p>\n

          <\/span>S<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>.<\/span><\/span><\/span>(<\/span>3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u4e21\u7d4c\u8def\u3068\u3082\u3001\u6642\u523b0\u3067 <\/span>S<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u4f7f\u3044\u3001\u6e80\u671f\u306b\u78ba\u5b9a\u3057\u305f\u5186\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u70ba\u66ff\u30ea\u30b9\u30af\u306f\u7d4c\u8def A \u3067\u306f\u5148\u6e21\u3067\u6d88\u3048\u3066\u304a\u308a\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u3082\u306a\u3044\u306e\u3067\u3001\u4e21\u7d4c\u8def\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u78ba\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n

          \u3082\u3057 <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>F<\/span><\/span>><\/span><\/span><\/span><\/span>S<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308c\u3070\u3001\u7d4c\u8def A \u306e\u307b\u3046\u304c\u6709\u5229\u3067\u3059\u3002\u3053\u306e\u3068\u304d\u6b21\u306e\u53d6\u5f15\u3067\u88c1\u5b9a\u3092\u7d44\u3081\u307e\u3059\u3002<\/p>\n

            \n
          • <\/span>S<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u501f\u308a\u3066\u7d4c\u8def A \u3092\u5b9f\u884c\u3059\u308b\u3002\u6e80\u671f\u306b <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>F<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u5f97\u308b\u3002<\/li>\n
          • \u501f\u5165\u306e\u8fd4\u6e08\u3068\u3057\u3066 <\/span>S<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u6255\u3046\u3002<\/li>\n
          • \u5dee\u984d <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>F<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u304c\u7121\u30ea\u30b9\u30af\u306e\u5229\u76ca\u3002<\/li>\n<\/ul>\n

            \u9006\u306b <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>F<\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308c\u3070\u3001\u7d4c\u8def B \u306e\u307b\u3046\u304c\u6709\u5229\u3067\u3059\u3002<\/p>\n

              \n
            • \u5916\u8ca8\u3092 <\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\u501f\u308a\u3066\u76f4\u7269\u3067 <\/span>S<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u5186\u306b\u63db\u3048\u3001\u7d4c\u8def B \u3067\u904b\u7528\u3059\u308b\u3002<\/li>\n
            • \u5148\u6e21\u3067 <\/span>F<\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u6255\u3063\u3066\u30c9\u30eb\u3092\u8cb7\u3044\u623b\u3057\u3001\u5916\u8ca8\u501f\u5165\u3092\u8fd4\u3059\u3002<\/li>\n<\/ul>\n

              \uff08\u6b63\u78ba\u306b\u306f1\u30c9\u30eb\u306e\u5916\u8ca8\u501f\u5165\u306b\u5bfe\u5fdc\u3055\u305b\u308b\u3068: 1\u30c9\u30eb\u3092\u501f\u308a\u3066\u76f4\u7269\u3067 <\/span>S<\/span><\/span><\/span><\/span><\/eq> \u5186\u306b\u63db\u3048\u3001\u5186\u3067\u904b\u7528\u3057\u3066\u6e80\u671f\u306b <\/span>S<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u5f97\u307e\u3059\u3002\u5916\u8ca8\u501f\u5165\u306e\u8fd4\u6e08\u306b\u306f <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\u304c\u5fc5\u8981\u306a\u306e\u3067\u3001\u4eca\u65e5 <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\u5206\u306e\u5148\u6e21\u8cb7\u3044\u3092\u7d50\u3093\u3067\u304a\u304d\u3001\u6e80\u671f\u306b <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>F<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u6255\u3063\u3066\u30c9\u30eb\u3092\u8abf\u9054\u3057\u3066\u8fd4\u6e08\u3057\u307e\u3059\u3002\u5dee\u984d <\/span>S<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>F<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u304c\u5229\u76ca\u3067\u3059\u3002\uff09<\/p>\n

              \u3044\u305a\u308c\u306e\u5834\u5408\u3082\u5143\u624b\u30bc\u30ed\u3067\u78ba\u5b9a\u3057\u305f\u6b63\u306e\u5229\u76ca\u3092\u5f97\u308b\u306e\u3067\u88c1\u5b9a\u3067\u3059\u3002\u7121\u88c1\u5b9a\u3067\u3042\u308b\u305f\u3081\u306b\u306f<\/p>\n

              <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

              \u304c\u5fc5\u8981\u3067\u3059\u3002<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/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\u308b\u3068<\/p>\n

              <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>d<\/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><\/eqn><\/section>\n

              \u3053\u308c\u304c (1) \u3067\u3059\u3002\u9006\u306b (1) \u304c\u6210\u308a\u7acb\u3064\u3068\u304d\u3001\u4e0a\u306e\u88c1\u5b9a\u306f\u5dee\u984d\u304c\u30bc\u30ed\u306b\u306a\u308b\u306e\u3067\u6210\u7acb\u3057\u307e\u305b\u3093\u3002\u4ed6\u306e\u53d6\u5f15\u91cf\u3092\u4f7f\u3063\u3066\u3082\u6bd4\u4f8b\u3059\u308b\u3060\u3051\u306a\u306e\u3067\u3001\u88c1\u5b9a\u306f\u5b58\u5728\u3057\u307e\u305b\u3093\u3002\u3088\u3063\u3066 (1) \u306f\u7121\u88c1\u5b9a\u3068\u540c\u5024\u3067\u3059\u3002 \u220e<\/p>\n

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

              (1) \u3088\u308a<\/p>\n

              <\/span><\/span>F<\/span><\/span>\u2212<\/span><\/span>S<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>S<\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>d<\/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>\u2212<\/span><\/span>S<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>S<\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>\u2212<\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>f<\/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><\/span>=<\/span><\/span>S<\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>r<\/span><\/span>f<\/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>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>4<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

              <\/span>S<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq> \u304b\u3064 <\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/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\u3001\u53f3\u8fba\u306e\u7b26\u53f7\u306f <\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u7b26\u53f7\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n

                \n
              • <\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>F<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>><\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3001\u3059\u306a\u308f\u3061 <\/span>F<\/span><\/span>><\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span><\/eq>\u3002<\/li>\n
              • <\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>F<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span><<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3001\u3059\u306a\u308f\u3061 <\/span>F<\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span><\/eq>\u3002<\/li>\n
              • <\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d <\/span>F<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\u3001\u3059\u306a\u308f\u3061 <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span><\/eq>\u3002 \u220e<\/li>\n<\/ul>\n

                \u76f4\u89b3\u3092\u88dc\u8db3\u3057\u307e\u3059\u3002\u81ea\u56fd\u91d1\u5229\u304c\u9ad8\u3044\u3068\u3001\u5186\u3067\u904b\u7528\u3059\u308b\u307b\u3046\u304c\u6709\u5229\u306b\u898b\u3048\u307e\u3059\u3002\u3057\u304b\u3057\u5747\u8861\u3067\u306f\u3001\u305d\u306e\u5206\u3060\u3051\u5916\u8ca8\u904b\u7528\u306e\u30c9\u30eb\u3092\u5148\u6e21\u3067\u5186\u306b\u623b\u3059\u3068\u304d\u306b\u53d7\u3051\u53d6\u308b\u5186\u304c\u591a\u304f\u306a\u308a\uff08<\/span>F<\/span><\/span>><\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span><\/eq>\u3001\u3064\u307e\u308a\u5186\u306f\u5148\u6e21\u3067\u76f4\u7269\u3088\u308a\u5b89\u304f\u8a55\u4fa1\u3055\u308c\u307e\u3059\uff09\u3001\u5916\u8ca8\u904b\u7528\u3068\u91e3\u308a\u5408\u3044\u307e\u3059\u3002\u91d1\u5229\u304c\u9ad8\u3044\u901a\u8ca8\u306f\u5148\u6e21\u3067\u300c\u5272\u5b89\u300d\u306b\u306a\u308b\u306e\u3067\u3059\u3002<\/p>\n

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

                THM-CIP-1 \u306e\u8a3c\u660e\u3092\u632f\u308a\u8fd4\u308a\u307e\u3059\u3002\u4f7f\u3063\u305f\u91cf\u306f <\/span>S<\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>, <\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e3\u3064\u3060\u3051\u3067\u3059\u30021\u5e74\u5f8c\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u304c\u3044\u304f\u3089\u306b\u306a\u308b\u304b\u306f\u3001\u3069\u306e\u6bb5\u968e\u306b\u3082\u73fe\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n

                \u5148\u6e21\u3067\u70ba\u66ff\u30ea\u30b9\u30af\u3092\u6d88\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u5c06\u6765\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u304c\u3069\u3046\u306a\u308b\u304b\u306f\u7d4c\u8def A \u306e\u7d50\u679c\u306b\u5f71\u97ff\u3057\u307e\u305b\u3093\u3002\u5148\u6e21\u5951\u7d04\u306f\u300c\u4eca\u6c7a\u3081\u305f\u4fa1\u683c\u3067\u4ea4\u63db\u3059\u308b\u300d\u7d04\u675f\u306a\u306e\u3067\u30011\u5e74\u5f8c\u306e\u76f4\u7269\u304c\u3044\u304f\u3089\u3067\u3042\u308d\u3046\u3068\u5951\u7d04\u901a\u308a\u306e\u984d\u3092\u53d7\u3051\u6e21\u3057\u307e\u3059\u3002\u7d4c\u8def B \u3082\u5186\u306e\u904b\u7528\u306a\u306e\u3067\u3001\u70ba\u66ff\u306f\u95a2\u4fc2\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n

                \u3057\u305f\u304c\u3063\u3066\u3001<\/span>F<\/span><\/span><\/span><\/span><\/eq> \u306e\u5f0f\u306b\u5c06\u6765\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u306e\u4e88\u60f3\u304c\u5165\u308b\u4f59\u5730\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u5148\u6e21\u4fa1\u683c\u306f\u300c\u5c06\u6765\u3053\u3046\u306a\u308b\u3060\u308d\u3046\u300d\u3068\u3044\u3046\u4e88\u60f3\u3067\u306f\u306a\u304f\u3001\u300c\u4eca\u65e5\u306e2\u3064\u306e\u91d1\u5229\u5dee\u304b\u3089\u7121\u88c1\u5b9a\u306e\u6761\u4ef6\u3067\u6c7a\u307e\u308b\u5024\u300d\u3067\u3059\u3002 \u220e<\/p>\n<\/details>\n\n\n\n

                5. \u53cd\u4f8b \u2015 \u5148\u6e21\u306f\u4e88\u60f3\u3067\u306f\u306a\u3044<\/h2>\n\n\n\n

                CEX-CIP-1: \u5b9f\u969b\u306e\u76f4\u7269\u304c\u5148\u6e21\u3068\u4e00\u81f4\u3057\u306a\u304f\u3066\u3082\u77db\u76fe\u3057\u306a\u3044<\/h3>\n\n\n\n

                <\/span>S<\/span><\/span>=<\/span><\/span><\/span><\/span>150<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1%<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>r<\/span><\/span>f<\/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\u5148\u6e21\u4fa1\u683c\u306f<\/p>\n\n\n\n

                <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>150<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span><\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1.01<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>7<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1010<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2248<\/span><\/span><\/span><\/span>144.2857<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

                \u3067\u3059\u30021\u5e74\u5f8c\u3001\u5b9f\u969b\u306e\u76f4\u7269\u304c 160 \u5186\u306b\u306a\u3063\u305f\u3068\u3057\u307e\u3059\u3002\u5148\u6e21\u4fa1\u683c 144.2857 \u5186\u3068\u5b9f\u969b\u306e\u76f4\u7269 160 \u5186\u306e\u5dee\u306f\u7d04 <\/span>\u2212<\/span>15.7143<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u3001\u5148\u6e21\u306f\u300c\u5916\u308c\u3066\u300d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                \u3057\u304b\u3057\u3053\u308c\u306f\u4f55\u306e\u77db\u76fe\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002\u5148\u6e21\u3092 144.2857 \u3067\u58f2\u3063\u305f\u4eba\u306f\u30011\u5e74\u5f8c\u306b 160 \u5186\u306e\u4fa1\u5024\u304c\u3042\u308b1\u30c9\u30eb\u3092 144.2857 \u5186\u3067\u6e21\u3059\u3053\u3068\u306b\u306a\u308a\u3001\u4e8b\u5f8c\u7684\u306b\u306f\u640d\u3092\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u5951\u7d04\u3092\u7d50\u3093\u3060\u6642\u70b9\u3067\u306f\u88c1\u5b9a\u304c\u306a\u304b\u3063\u305f\u306e\u3067\u3059\u3002\u4e8b\u5f8c\u7684\u306a\u640d\u76ca\u306f\u300c\u8ced\u3051\u306e\u7d50\u679c\u300d\u3067\u3042\u3063\u3066\u3001\u88c1\u5b9a\uff08\u4e8b\u524d\u306b\u78ba\u5b9a\u3057\u305f\u7121\u30ea\u30b9\u30af\u306e\u5229\u76ca\uff09\u3068\u306f\u5225\u7269\u3067\u3059\u3002<\/p>\n\n\n\n

                \u9006\u306b1\u5e74\u5f8c\u306e\u76f4\u7269\u304c 130 \u5186\u306b\u306a\u3063\u305f\u5834\u5408\u3001\u5148\u6e21\u3068\u306e\u5dee\u306f\u7d04 <\/span>14.2857<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u3001\u5148\u6e21\u3092\u58f2\u3063\u305f\u5074\u304c\u5f97\u3092\u3057\u307e\u3059\u3002\u3057\u304b\u3057\u3053\u308c\u3082\u540c\u69d8\u306b\u3001\u4e8b\u524d\u306b\u306f\u78ba\u5b9a\u3057\u3066\u3044\u306a\u304b\u3063\u305f\u640d\u76ca\u3067\u3059\u3002<\/p>\n\n\n\n

                \u5148\u6e21\u4fa1\u683c\u306f\u300c\u5c06\u6765\u306e\u4e88\u60f3\u5024\u300d\u3067\u306f\u306a\u304f\u3001\u300c\u4eca\u65e5\u306e\u91d1\u5229\u5dee\u3067\u6c7a\u307e\u308b\u7121\u88c1\u5b9a\u4fa1\u683c\u300d\u3067\u3059\u3002\u4e88\u60f3\u304c\u5f53\u305f\u308b\u304b\u3069\u3046\u304b\u3068\u306f\u7121\u95a2\u4fc2\u306b\u3001\u5148\u6e21\u4fa1\u683c\u306f\u91d1\u5229\u5dee\u306e\u88c1\u5b9a\u6761\u4ef6\u304b\u3089\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                CEX-CIP-2: \u53d6\u5f15\u30b3\u30b9\u30c8\u3092\u5165\u308c\u308b\u3068\u5148\u6e21\u306e\u5e2f\u304c\u751f\u3058\u308b<\/h3>\n\n\n\n

                THM-CIP-1 \u306f\u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u306a\u3044\u3068\u3044\u3046\u4eee\u5b9a\u306e\u3082\u3068\u3067\u6210\u308a\u7acb\u3061\u307e\u3059\u3002\u3053\u306e\u4eee\u5b9a\u3092\u5916\u3057\u3066\u3001\u76f4\u7269\u306e\u58f2\u8cb7\u306b\u7247\u9053 <\/span>0.1%<\/span><\/span><\/span><\/span><\/eq> \u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u5165\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

                \u76f4\u7269\u306e\u58f2\u5024\uff08ask\uff09\u306f <\/span>150<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.001<\/span><\/span>=<\/span><\/span><\/span><\/span>150.15<\/span><\/span><\/span><\/span><\/eq> \u5186\u3001\u8cb7\u5024\uff08bid\uff09\u306f <\/span>150<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>0.999<\/span><\/span>=<\/span><\/span><\/span><\/span>149.85<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u3059\u3002<\/p>\n\n\n\n

                \u5148\u6e21\u58f2\u308a\u306e\u88c1\u5b9a\uff08<\/span>F<\/span><\/span><\/span><\/span><\/eq> \u304c\u9ad8\u3059\u304e\u308b\u3068\u304d\uff09\u3092\u5b9f\u884c\u3059\u308b\u306b\u306f\u3001\u76f4\u7269\u3067\u30c9\u30eb\u3092 ask \u3067\u8cb7\u3046\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u30b3\u30b9\u30c8\u3092\u52a0\u5473\u3059\u308b\u3068\u3001\u5148\u6e21\u304c\u3044\u304f\u3089\u307e\u3067\u306a\u3089\u88c1\u5b9a\u306b\u306a\u3089\u306a\u3044\u304b\u306e\u4e0a\u9650\u306f<\/p>\n\n\n\n

                <\/span>F<\/span><\/span>upper<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>ask<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>d<\/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>150.15<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span><\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1.01<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2248<\/span><\/span><\/span><\/span>144.4300.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

                \u5148\u6e21\u8cb7\u3044\u306e\u88c1\u5b9a\uff08<\/span>F<\/span><\/span><\/span><\/span><\/eq> \u304c\u5b89\u3059\u304e\u308b\u3068\u304d\uff09\u3092\u5b9f\u884c\u3059\u308b\u306b\u306f\u3001\u76f4\u7269\u3067\u30c9\u30eb\u3092 bid \u3067\u58f2\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u4e0b\u9650\u306f<\/p>\n\n\n\n

                <\/span>F<\/span><\/span>lower<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>bid<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span>+<\/span><\/span>r<\/span><\/span>d<\/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>149.85<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span><\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1.01<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2248<\/span><\/span><\/span><\/span>144.1414.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

                \u5148\u6e21\u4fa1\u683c\u304c\u3053\u306e\u5e2f\u306e\u4e2d\u306b\u3042\u308b\u9650\u308a\u3001\u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u88c1\u5b9a\u306e\u5229\u76ca\u3092\u98df\u3044\u5c3d\u304f\u3057\u3066\u3057\u307e\u3046\u305f\u3081\u3001\u88c1\u5b9a\u306f\u6210\u7acb\u3057\u307e\u305b\u3093\u3002\u5e2f\u306e\u5e45\u306f\u7d04 <\/span>0.2886<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u3059\u3002<\/p>\n\n\n\n

                \u53d6\u5f15\u30b3\u30b9\u30c8\u304c\u306a\u3044\u7406\u60f3\u7684\u306a\u5148\u6e21\u4fa1\u683c <\/span>144.2857<\/span><\/span><\/span><\/span><\/eq> \u306f\u3053\u306e\u5e2f\u306e\u5185\u90e8\u306b\u3042\u308a\u307e\u3059\u3002\u30b3\u30b9\u30c8\u304c\u3042\u308b\u3068\u5148\u6e21\u306f\u4e00\u70b9\u3067\u306f\u306a\u304f\u5e2f\u306b\u306a\u308a\u3001\u305d\u306e\u5e2f\u306e\u4e2d\u306e\u3069\u3053\u306b\u5b9f\u969b\u306e\u5148\u6e21\u4fa1\u683c\u304c\u843d\u3061\u7740\u304f\u304b\u306f\u3001\u9700\u7d66\u3084\u305d\u306e\u4ed6\u306e\u8981\u56e0\u306b\u4f9d\u5b58\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                CEX-CIP-3: \u8cc7\u672c\u79fb\u52d5\u306e\u5236\u7d04\u3067\u4e00\u65b9\u5411\u306b\u305a\u308c\u304c\u6b8b\u308b<\/h3>\n\n\n\n

                THM-CIP-1 \u306e\u3082\u3046\u4e00\u3064\u306e\u4eee\u5b9a\u306f\u3001\u8cc7\u672c\u79fb\u52d5\u304c\u81ea\u7531\u3067\u3042\u308b\u3053\u3068\u3067\u3059\u3002\u5916\u8ca8\u306e\u501f\u5165\u306b\u898f\u5236\u304c\u3042\u308b\u5834\u5408\u3092\u8003\u3048\u307e\u3059\u3002<\/p>\n\n\n\n

                \u5148\u6e21\u304c\u5272\u5b89\uff08<\/span>F<\/span><\/span><<\/span><\/span><\/span><\/span>144.2857<\/span><\/span><\/span><\/span><\/eq>\uff09\u306e\u3068\u304d\u3001\u88c1\u5b9a\u306e\u624b\u9806\u306f\u300c\u5916\u8ca8\u3092\u501f\u308a\u3066\u76f4\u7269\u3067\u5186\u306b\u63db\u3048\u3001\u5186\u3067\u904b\u7528\u3057\u3001\u5148\u6e21\u3067\u30c9\u30eb\u3092\u8cb7\u3044\u623b\u3059\u300d\u3067\u3059\u3002\u3057\u304b\u3057\u5916\u8ca8\u306e\u501f\u5165\u304c\u3067\u304d\u306a\u3051\u308c\u3070\u3001\u3053\u306e\u88c1\u5b9a\u306f\u5b9f\u884c\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                \u4e00\u65b9\u3001\u5148\u6e21\u304c\u5272\u9ad8\uff08<\/span>F<\/span><\/span>><\/span><\/span><\/span><\/span>144.2857<\/span><\/span><\/span><\/span><\/eq>\uff09\u306e\u3068\u304d\u3001\u88c1\u5b9a\u306e\u624b\u9806\u306f\u300c\u5186\u3092\u501f\u308a\u3066\u76f4\u7269\u3067\u30c9\u30eb\u3092\u8cb7\u3044\u3001\u30c9\u30eb\u3067\u904b\u7528\u3057\u3001\u5148\u6e21\u3067\u30c9\u30eb\u3092\u58f2\u308b\u300d\u3067\u3059\u3002\u3053\u3061\u3089\u306f\u5916\u8ca8\u3092\u501f\u308a\u308b\u5fc5\u8981\u304c\u306a\u3044\u306e\u3067\u3001\u898f\u5236\u306e\u5f71\u97ff\u3092\u53d7\u3051\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                \u7d50\u679c\u3068\u3057\u3066\u3001\u5272\u9ad8\u65b9\u5411\u306e\u4e56\u96e2\u306f\u88c1\u5b9a\u3067\u89e3\u6d88\u3055\u308c\u307e\u3059\u304c\u3001\u5272\u5b89\u65b9\u5411\u306e\u4e56\u96e2\uff08\u4f8b\u3048\u3070 <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>142.2857<\/span><\/span><\/span><\/span><\/eq> \u306e\u3088\u3046\u306a\u72b6\u6cc1\uff09\u306f\u88c1\u5b9a\u3067\u89e3\u6d88\u3055\u308c\u305a\u306b\u6b8b\u308a\u3048\u307e\u3059\u3002\u5148\u6e21\u304c\u7406\u8ad6\u5024\u304b\u3089\u7247\u5074\u306b\u3060\u3051\u305a\u308c\u308b\u306e\u306f\u3001\u88c1\u5b9a\u306e\u7247\u5074\u3060\u3051\u304c\u898f\u5236\u3067\u5c01\u3058\u3089\u308c\u3066\u3044\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n

                6. \u6570\u5024\u4f8b \u2015 150\u5186\u3001\u91d1\u5229\u5dee4\u30d1\u30fc\u30bb\u30f3\u30c8\u3067\u5148\u6e21\u3092\u51fa\u3059<\/h2>\n\n\n\n

                <\/span>S<\/span><\/span>=<\/span><\/span><\/span><\/span>150<\/span><\/span><\/span><\/span><\/eq> \u5186\u3001<\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>1%<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                \u5148\u6e21\u4fa1\u683c\u306e\u8a08\u7b97\u3002<\/strong> (1) \u306b\u4ee3\u5165\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>150<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span><\/span><\/span>1.05<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1.01<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>150<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/span><\/span><\/span>101<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>7<\/span><\/span><\/span><\/span><\/span><\/span><\/span>1010<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2248<\/span><\/span><\/span><\/span>144.2857.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

                <\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 THM-CIP-2 \u3088\u308a <\/span>F<\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span><\/eq>\u3002\u5b9f\u969b\u306b <\/span>144.2857<\/span><\/span><<\/span><\/span><\/span><\/span>150<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001\u5148\u6e21\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3067\u3059\u3002\u30c9\u30eb\u306e\u91d1\u5229\u304c\u9ad8\u3044\u5206\u3001\u5148\u6e21\u3067\u5186\u306b\u623b\u3059\u4fa1\u683c\u304c\u4e0b\u304c\u3063\u3066\u91e3\u308a\u5408\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                \u5148\u6e21\u304c 1 \u5186\u9ad8\u3044\u3068\u304d\u306e\u88c1\u5b9a\u3002<\/strong> \u5e02\u5834\u306e\u5148\u6e21\u304c <\/span>F<\/span><\/span>mkt<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>145.2857<\/span><\/span><\/span><\/span><\/eq> \u3060\u3068\u3057\u307e\u3059\u3002\u7406\u8ad6\u5024\u3088\u308a 1 \u5186\u9ad8\u3044\u3002<\/p>\n\n\n\n

                  \n
                1. 1\u30c9\u30eb\u306e\u5148\u6e21\u3092 <\/span>145.2857<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u58f2\u308a\u307e\u3059\uff08\u6e80\u671f\u306b\u30c9\u30eb\u3092\u6e21\u3057\u3066\u5186\u3092\u53d7\u3051\u53d6\u308b\u7d04\u675f\uff09\u3002<\/li>\n
                2. \u76f4\u7269\u3067 <\/span>20\/21<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>0.9524<\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\u3092\u8cb7\u3044\u307e\u3059\u3002\u30b3\u30b9\u30c8\u306f <\/span>S<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>20\/21<\/span><\/span>=<\/span><\/span><\/span><\/span>1000\/7<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>142.8571<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u3059\u3002\u3053\u306e\u5186\u306f\u501f\u308a\u307e\u3059\u3002<\/li>\n
                3. \u8cb7\u3063\u305f\u30c9\u30eb\u3092\u5916\u56fd\u91d1\u5229 <\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u30671\u5e74\u904b\u7528\u3057\u307e\u3059\u3002<\/span>20\/21<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n<\/ol>\n\n\n\n

                  \u6e80\u671f\u306e\u6c7a\u6e08\u306f\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n

                    \n
                  • \u5916\u8ca8\u904b\u7528\u304b\u3089 1 \u30c9\u30eb\u3092\u56de\u53ce\u3057\u3001\u5148\u6e21\u5951\u7d04\u3067\u6e21\u3057\u307e\u3059\u3002\u5148\u6e21\u306e\u5bfe\u4fa1\u3068\u3057\u3066 <\/span>145.2857<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/li>\n
                  • \u5186\u306e\u501f\u5165\u3092\u8fd4\u6e08\u3057\u307e\u3059\u3002<\/span>142.8571<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.01<\/span><\/span>=<\/span><\/span><\/span><\/span>1010\/7<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>144.2857<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u3059\u3002<\/li>\n
                  • \u5dee\u984d: <\/span>145.2857<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>144.2857<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u5186\u304c\u78ba\u5b9a\u5229\u76ca\u3067\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

                    \u6642\u523b0\u306e\u5143\u624b\u306f\u30bc\u30ed\u3067\u3001\u6e80\u671f\u306b\u78ba\u5b9a\u3057\u305f 1 \u5186\u3092\u5f97\u307e\u3059\u3002\u88c1\u5b9a\u3067\u3059\u3002<\/p>\n\n\n\n

                    \u5148\u6e21\u304c 1 \u5186\u5b89\u3044\u3068\u304d\u306e\u88c1\u5b9a\u3002<\/strong> \u5e02\u5834\u306e\u5148\u6e21\u304c <\/span>F<\/span><\/span>mkt<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>143.2857<\/span><\/span><\/span><\/span><\/eq> \u306e\u5834\u5408\u306f\u9006\u3092\u3084\u308a\u307e\u3059\u3002\u5916\u8ca8\u306e\u501f\u5165\u984d\u306f\u3001\u6e80\u671f\u306e\u8fd4\u6e08\u984d\u304c\u3061\u3087\u3046\u3069 1 \u30c9\u30eb\u306b\u306a\u308b\u3088\u3046\u306b <\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>20\/21<\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\u306b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                      \n
                    1. 1\u30c9\u30eb\u306e\u5148\u6e21\u3092 <\/span>143.2857<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u8cb7\u3044\u307e\u3059\u3002<\/li>\n
                    2. <\/span>20\/21<\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\u3092\u5916\u56fd\u91d1\u5229\u3067\u501f\u308a\u3001\u76f4\u7269\u3067\u5186\u306b\u63db\u3048\u307e\u3059\u3002<\/span>150<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>20\/21<\/span><\/span>=<\/span><\/span><\/span><\/span>1000\/7<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>142.8571<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u5f97\u307e\u3059\u3002<\/li>\n
                    3. <\/span>142.8571<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u81ea\u56fd\u91d1\u5229 <\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u3067\u904b\u7528\u3057\u307e\u3059\u3002<\/li>\n<\/ol>\n\n\n\n

                      \u6e80\u671f\u3067\u3059\u3002<\/p>\n\n\n\n

                        \n
                      • \u5186\u306e\u904b\u7528\u304b\u3089 <\/span>142.8571<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.01<\/span><\/span>=<\/span><\/span><\/span><\/span>1010\/7<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>144.2857<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u56de\u53ce\u3057\u307e\u3059\u3002<\/li>\n
                      • \u5148\u6e21\u5951\u7d04\u3067 <\/span>143.2857<\/span><\/span><\/span><\/span><\/eq> \u5186\u3092\u6255\u3044\u30011\u30c9\u30eb\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002<\/li>\n
                      • \u53d7\u3051\u53d6\u3063\u305f1\u30c9\u30eb\u3067\u5916\u8ca8\u501f\u5165\uff08<\/span>20\/21<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u30c9\u30eb\uff09\u3092\u8fd4\u6e08\u3057\u307e\u3059\u3002<\/li>\n
                      • \u624b\u5143\u306b <\/span>144.2857<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>143.2857<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u5186\u304c\u6b8b\u308a\u307e\u3059\u3002\u78ba\u5b9a\u5229\u76ca\u3067\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

                        \u91d1\u5229\u5dee\u3068\u5148\u6e21\u306e\u5411\u304d\u3002<\/strong> <\/span>S<\/span><\/span>=<\/span><\/span><\/span><\/span>150<\/span><\/span><\/span><\/span><\/eq> \u3067\u91d1\u5229\u3092\u5909\u3048\u305f\u3068\u304d\u306e\u5148\u6e21\u4fa1\u683c\u3092\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
                        <\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/span>F<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/span>F<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span><\/span><\/span><\/eq><\/th>\n\u5411\u304d<\/th>\n<\/tr>\n<\/thead>\n
                        5%<\/td>\n1%<\/td>\n<\/span>\u2248<\/span><\/span><\/span><\/span>155.9406<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2248<\/span><\/span><\/span><\/span>+<\/span>5.9406<\/span><\/span><\/span><\/span><\/eq><\/td>\n\u30d7\u30ec\u30df\u30a2\u30e0<\/td>\n<\/tr>\n
                        1%<\/td>\n5%<\/td>\n<\/span>\u2248<\/span><\/span><\/span><\/span>144.2857<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2248<\/span><\/span><\/span><\/span>\u2212<\/span>5.7143<\/span><\/span><\/span><\/span><\/eq><\/td>\n\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/td>\n<\/tr>\n
                        3%<\/td>\n3%<\/td>\n<\/span>150.0000<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>0<\/span><\/span><\/span><\/span><\/eq><\/td>\n\u30d1\u30fc<\/td>\n<\/tr>\n
                        10%<\/td>\n2%<\/td>\n<\/span>\u2248<\/span><\/span><\/span><\/span>161.7647<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2248<\/span><\/span><\/span><\/span>+<\/span>11.7647<\/span><\/span><\/span><\/span><\/eq><\/td>\n\u30d7\u30ec\u30df\u30a2\u30e0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

                        THM-CIP-2 \u306e\u901a\u308a\u3001<\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u5148\u6e21\u30d7\u30ec\u30df\u30a2\u30e0\u3001<\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u5148\u6e21\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3001<\/span>r<\/span><\/span>d<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>r<\/span><\/span>f<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306a\u3089\u5148\u6e21\u306f\u76f4\u7269\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002\u91d1\u5229\u5dee\u304c\u5927\u304d\u3044\u307b\u3069\u5148\u6e21\u3068\u76f4\u7269\u306e\u4e56\u96e2\u3082\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                        7. \u6b21\u56de\u3078 \u2015 \u8907\u88fd\u306b\u3088\u308b\u4fa1\u683c\u6c7a\u5b9a\u306e\u4e88\u884c\u6f14\u7fd2<\/h2>\n\n\n\n

                        \u4eca\u56de\u306e\u5148\u6e21\u4fa1\u683c\u306e\u5c0e\u51fa\u306f\u3001\u6b21\u56de\u4ee5\u964d\u306b\u672c\u683c\u7684\u306b\u4f7f\u3046\u300c\u8907\u88fd\u306b\u3088\u308b\u4fa1\u683c\u6c7a\u5b9a\u300d\u306e\u4e88\u884c\u6f14\u7fd2\u3067\u3059\u30022\u3064\u306e\u7d4c\u8def\u304c\u540c\u3058\u7d50\u679c\u3092\u4e0e\u3048\u306a\u3051\u308c\u3070\u88c1\u5b9a\u304c\u5b58\u5728\u3059\u308b\u3001\u3068\u3044\u3046\u8ad6\u6cd5\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u5c0e\u51fa\u3068\u307e\u3063\u305f\u304f\u540c\u3058\u69cb\u9020\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002\u7b2c16\u56de\u3067\u306f\u3001\u5148\u6e21\u5951\u7d04\u305d\u306e\u3082\u306e\u3092\u8907\u88fd\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u4fa1\u683c\u4ed8\u3051\u3059\u308b\u65b9\u6cd5\u3092\u898b\u307e\u3059\u3002<\/p>\n\n\n\n

                        \u6b21\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u307e\u3067\u3042\u3068 1 \u672c\u3067\u3059\u3002<\/p>\n\n\n\n

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

                        \u5148\u6e21\u30ec\u30fc\u30c8\u306f\u5c06\u6765\u306e\u70ba\u66ff\u306e\u4e88\u60f3\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

                        \u9055\u3044\u307e\u3059\u3002\u4eca\u65e5\u306e\u91d1\u5229\u5dee\u3060\u3051\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002\u4e88\u60f3\u304c\u5165\u308b\u4f59\u5730\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                        \u91d1\u5229\u306e\u9ad8\u3044\u901a\u8ca8\u306f\u5148\u6e21\u3067\u5b89\u304f\u306a\u308b\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n

                        \u305d\u3046\u306a\u308a\u307e\u3059\u3002\u9ad8\u3044\u91d1\u5229\u3067\u904b\u7528\u3067\u304d\u308b\u5206\u3001\u5c06\u6765\u306e\u4ea4\u63db\u30ec\u30fc\u30c8\u304c\u4e0d\u5229\u306b\u306a\u308b\u5f62\u3067\u91e3\u308a\u5408\u3044\u307e\u3059\u3002<\/p>\n\n\n\n

                        \u5b9f\u969b\u306e\u5e02\u5834\u3067\u305a\u308c\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u3059\u304b<\/strong><\/p>\n\n\n\n

                        \u3042\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u591a\u304f\u306f\u53d6\u5f15\u30b3\u30b9\u30c8\u3084\u8cc7\u91d1\u8abf\u9054\u306e\u5236\u7d04\u3067\u8aac\u660e\u3067\u304d\u308b\u7bc4\u56f2\u3067\u3059\u3002<\/p>\n\n\n\n

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

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

                          \u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c15\u56de \/ \u524d\u63d0: \u7b2c2\u56de\u3001\u7b2c7\u56de\u3001\u7b2c11\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: 2\u3064\u306e\u901a\u8ca8\u306e\u91d1\u5229\u304b\u3089\u70ba\u66ff\u306e\u5148\u6e21\u30ec\u30fc\u30c8\u3092\u8a08\u7b97\u3057\u3001\u305d\u308c\u304c\u70ba\u66ff\u306e\u4e88\u60f3\u3067\u306f\u306a\u3044\u3053\u3068\u3092\u8aac\u660e\u3067\u304d\u308b 0. \u7269\u8a9e […]<\/p>\n","protected":false},"author":1,"featured_media":209110,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[161],"class_list":["post-208195","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