{"id":208196,"date":"2026-09-28T18:10:00","date_gmt":"2026-09-28T09:10:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=208196"},"modified":"2026-09-25T19:36:29","modified_gmt":"2026-09-25T10:36:29","slug":"forward-price","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/financial-engineering\/forward-price\/","title":{"rendered":"\u7b2c16\u56de \u5148\u6e21\u4fa1\u683c\u3092\u8907\u88fd\u3067\u5c0e\u304f \u2015 \u7b2c5\u90e8\u306e\u4e88\u884c\u6f14\u7fd2\u3092\u78ba\u5b9a\u5229\u4ed8\u304d\u306e\u4e16\u754c\u3067\u3084\u308b"},"content":{"rendered":"\n
\n

\u4f4d\u7f6e: \u7b2c2\u90e8 \u7b2c16\u56de \/ \u524d\u63d0: \u7b2c2\u56de\u3001\u7b2c7\u56de\u3001\u7b2c15\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u682a\u3084\u5546\u54c1\u306e\u5148\u6e21\u4fa1\u683c\u3092\u91d1\u5229\u30fb\u914d\u5f53\u30fb\u4fdd\u7ba1\u30b3\u30b9\u30c8\u304b\u3089\u8a08\u7b97\u3057\u3001\u5148\u6e21\u5951\u7d04\u306e\u9014\u4e2d\u306e\u4fa1\u5024\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002\u5b9f\u8df5: \u50b5\u52381\u672c\u306e\u4fa1\u683c\u30fb\u6700\u7d42\u5229\u56de\u308a\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30b3\u30f3\u30d9\u30ad\u30b7\u30c6\u30a3\u3092\u96fb\u5353\u3067\u8a08\u7b97\u3057\u3001\u91d1\u5229\u304c1%\u52d5\u3044\u305f\u3068\u304d\u306e\u640d\u5931\u984d\u3092\u898b\u7a4d\u3082\u308b\u3053\u3068\u304c\u3067\u304d\u308b<\/p>\n<\/blockquote>\n\n\n\n

0. \u7269\u8a9e \u2015 \u5148\u6e21\u4fa1\u683c\u306f\u5c06\u6765\u306e\u4fa1\u683c\u306e\u4e88\u60f3\u3067\u306f\u306a\u3044<\/h2>\n\n\n\n

\u4eca\u65e5100\u5186\u306e\u8cc7\u7523\u304c1\u5e74\u5f8c\u306b\u3044\u304f\u3089\u306b\u306a\u308b\u304b\u3001\u3042\u306a\u305f\u306f\u3069\u3046\u4e88\u60f3\u3057\u307e\u3059\u304b\u3002<\/p>\n\n\n\n

\u5f37\u6c17\u306e\u6295\u8cc7\u5bb6\u306f\u300c15\u30d1\u30fc\u30bb\u30f3\u30c8\u4e0a\u304c\u3063\u3066115\u5186\u306b\u306a\u308b\u300d\u3068\u898b\u3066\u3044\u307e\u3059\u3002\u614e\u91cd\u306a\u6295\u8cc7\u5bb6\u306f\u300c2\u30d1\u30fc\u30bb\u30f3\u30c8\u304c\u3044\u3044\u3068\u3053\u308d\u3067\u3001102\u5186\u3060\u308d\u3046\u300d\u3068\u8a00\u3044\u307e\u3059\u3002\u3067\u306f\u3001\u3053\u306e\u8cc7\u7523\u30921\u5e74\u5f8c\u306b\u53d7\u3051\u6e21\u3059\u7d04\u675f\u3092\u4eca\u65e5\u7d50\u3076\u3068\u3057\u305f\u3089\u3001\u58f2\u8cb7\u4fa1\u683c\u306f\u3044\u304f\u3089\u306b\u8a2d\u5b9a\u3059\u3079\u304d\u3067\u3057\u3087\u3046\u304b\u3002\u5f37\u6c17\u6d3e\u306e115\u5186\u3067\u3057\u3087\u3046\u304b\u3001\u614e\u91cd\u6d3e\u306e102\u5186\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n

\u7b54\u3048\u306f\u3001\u3069\u3061\u3089\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002105\u5186\u3067\u3059\u3002<\/p>\n\n\n\n

\u3053\u306e105\u5186\u306f\u3001\u4e88\u60f3\u3068\u306f\u7121\u95a2\u4fc2\u306b\u6c7a\u307e\u308a\u307e\u3059\u3002\u9280\u884c\u306e\u91d1\u5229\u304c\u5e745\u30d1\u30fc\u30bb\u30f3\u30c8\u3060\u3068\u3059\u308b\u3068\u3001\u4eca\u65e5100\u5186\u3092\u501f\u308a\u3066\u8cc7\u7523\u3092\u8cb7\u3044\u30011\u5e74\u9593\u6301\u3061\u7d9a\u3051\u305f\u3068\u304d\u306e\u8fd4\u6e08\u984d\u304c\u3061\u3087\u3046\u3069105\u5186\u3067\u3059\u30021\u5e74\u5f8c\u306b\u8cc7\u7523\u3092\u624b\u306b\u5165\u308c\u308b\u65b9\u6cd5\u306f\u300c\u5148\u6e21\u5951\u7d04\u3067\u8cb7\u3046\u300d\u4ee5\u5916\u306b\u3082\u3046\u4e00\u3064\u3001\u300c\u4eca\u65e5\u501f\u91d1\u3057\u3066\u8cb7\u3063\u3066\u6301\u3063\u3066\u304a\u304f\u300d\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u4e8c\u3064\u306e\u65b9\u6cd5\u306f1\u5e74\u5f8c\u306e\u7d50\u679c\u304c\u5168\u304f\u540c\u3058\u306a\u306e\u3067\u3001\u8cbb\u7528\u3082\u540c\u3058\u3067\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002\u3082\u3057\u5148\u6e21\u4fa1\u683c\u304c105\u5186\u3088\u308a\u9ad8\u3051\u308c\u3070\u3001\u5148\u6e21\u3092\u58f2\u3063\u3066\u73fe\u7269\u3092\u8cb7\u3046\u3053\u3068\u3067\u78ba\u5b9f\u306b\u5229\u76ca\u304c\u51fa\u307e\u3059\u3002\u9006\u306b105\u5186\u3088\u308a\u5b89\u3051\u308c\u3070\u3001\u5148\u6e21\u3092\u8cb7\u3063\u3066\u73fe\u7269\u3092\u7a7a\u58f2\u308a\u3059\u308c\u3070\u78ba\u5b9f\u306b\u5229\u76ca\u304c\u51fa\u307e\u3059\u3002\u3069\u3061\u3089\u306e\u5834\u5408\u3082\u3001\u8cc7\u7523\u304c\u5c06\u6765\u3044\u304f\u3089\u306b\u306a\u308b\u304b\u306b\u306f\u4e00\u5207\u95a2\u4fc2\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

\u5f37\u6c17\u306e\u6295\u8cc7\u5bb6\u304c\u300c115\u5186\u306b\u306a\u308b\u306f\u305a\u3060\u304b\u3089\u5148\u6e21\u4fa1\u683c\u306f115\u5186\u304c\u59a5\u5f53\u3060\u300d\u3068\u4e3b\u5f35\u3057\u3066\u3082\u3001\u614e\u91cd\u306a\u6295\u8cc7\u5bb6\u304c\u300c102\u5186\u3060\u300d\u3068\u4e3b\u5f35\u3057\u3066\u3082\u3001\u3069\u3061\u3089\u3082\u9593\u9055\u3044\u3067\u3059\u3002\u4e88\u60f3\u304c\u5f53\u305f\u308b\u304b\u3069\u3046\u304b\u3068\u3001\u5148\u6e21\u4fa1\u683c\u304c\u3044\u304f\u3089\u3067\u3042\u308b\u3079\u304d\u304b\u306f\u3001\u5168\u304f\u5225\u306e\u554f\u984c\u3067\u3059\u3002\u5148\u6e21\u4fa1\u683c\u3092\u6c7a\u3081\u3066\u3044\u308b\u306e\u306f\u3001\u4eca\u65e5\u306e\u4fa1\u683c\u3068\u91d1\u5229\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

1. \u52d5\u6a5f \u2015 \u5c06\u6765\u306e\u58f2\u8cb7\u4fa1\u683c\u3092\u4eca\u65e5\u3044\u304f\u3089\u3067\u7d04\u675f\u3067\u304d\u308b\u304b<\/h2>\n\n\n\n

\u3053\u306e\u56de\u3092\u8aad\u307f\u7d42\u3048\u308b\u3068\u3001\u682a\u3084\u5546\u54c1\u306e\u5148\u6e21\u4fa1\u683c\u3092\u91d1\u5229\u30fb\u914d\u5f53\u30fb\u4fdd\u7ba1\u30b3\u30b9\u30c8\u304b\u3089\u8a08\u7b97\u3057\u3001\u5148\u6e21\u5951\u7d04\u306e\u9014\u4e2d\u306e\u4fa1\u5024\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

\u4e88\u60f3\u3092\u4e00\u5207\u4f7f\u308f\u305a\u306b\u5148\u6e21\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002\u4eca\u65e5\u306e\u4fa1\u683c\u3068\u91d1\u5229\u3060\u3051<\/strong>\u3067\u3001\u8ab0\u3082\u304c\u5408\u610f\u305b\u3056\u308b\u3092\u5f97\u306a\u3044\u4fa1\u683c\u304c\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002\u9053\u5177\u306f\u7b2c2\u56de\u3067\u5c0e\u5165\u3057\u305f\u7121\u88c1\u5b9a\u306e\u539f\u7406\u3068\u3001\u7b2c7\u56de\u30fb\u7b2c15\u56de\u3067\u4f7f\u3063\u305f\u5272\u5f15\u4fc2\u6570\u3060\u3051\u3067\u3059\u3002<\/p>\n\n\n\n

\u4eca\u56de\u306f3\u3064\u306e\u5b9a\u7406\u3092\u8a3c\u660e\u3057\u307e\u3059\u3002\u6700\u521d\u306b\u914d\u5f53\u3082\u4fdd\u7ba1\u30b3\u30b9\u30c8\u3082\u306a\u3044\u6700\u3082\u5358\u7d14\u306a\u5834\u5408\u3092\u6271\u3044\u3001\u6b21\u306b\u914d\u5f53\u3092\u5c0e\u5165\u3057\u3001\u6700\u5f8c\u306b\u5148\u6e21\u5951\u7d04\u305d\u306e\u3082\u306e\u306e\u9014\u4e2d\u6642\u70b9\u3067\u306e\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002\u3044\u305a\u308c\u3082\u8907\u88fd<\/strong>\u3067\u5c0e\u304d\u307e\u3059\u3002\u540c\u3058\u5c06\u6765\u306e\u7d50\u679c\u3092\u751f\u307f\u51fa\u3059\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u4f5c\u308a\u3001\u305d\u306e\u30b3\u30b9\u30c8\u304c\u5148\u6e21\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u3001\u3068\u3044\u3046\u8ad6\u6cd5\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
  • THM-FW-1\uff08\u30ad\u30e3\u30ea\u30fc\u30b3\u30b9\u30c8\u30e2\u30c7\u30eb\uff09<\/strong> \u4fdd\u7ba1\u30b3\u30b9\u30c8\u3082\u914d\u5f53\u3082\u7121\u3044\u8cc7\u7523\u306e\u5148\u6e21\u4fa1\u683c\u306f\u3001\u73fe\u5728\u4fa1\u683c\u3092\u5272\u5f15\u4fc2\u6570\u3067\u5272\u3063\u305f <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306b\u4e00\u610f\u306b\u5b9a\u307e\u308a\u307e\u3059\u3002<\/li>\n
  • THM-FW-2\uff08\u914d\u5f53\u304c\u3042\u308b\u5834\u5408\uff09<\/strong> \u6e80\u671f\u307e\u3067\u306e\u78ba\u5b9a\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u5dee\u3057\u5f15\u304f\u3068\u3001\u5148\u6e21\u4fa1\u683c\u306f <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n
  • THM-FW-3\uff08\u5148\u6e21\u5951\u7d04\u306e\u4fa1\u5024\uff09<\/strong> \u5148\u6e21\u4fa1\u683c <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u7d50\u3093\u3060\u5951\u7d04\u306e\u9014\u4e2d\u6642\u70b9\u306e\u4fa1\u5024\u306f <\/span>(<\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>)<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>t<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3042\u308a\u3001\u5951\u7d04\u6642\u70b9\u3067\u306f\u30bc\u30ed\u3067\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

    2. \u8a2d\u5b9a\u3068\u4eee\u5b9a \u2015 \u4fdd\u7ba1\u30b3\u30b9\u30c8\u3082\u914d\u5f53\u3082\u7121\u3044\u8cc7\u7523<\/h2>\n\n\n\n

    \u4ee5\u4e0b\u306e\u4eee\u5b9a\u3092\u7f6e\u304d\u307e\u3059\u3002THM-FW-2 \u4ee5\u964d\u3067\u4e00\u90e8\u3092\u7de9\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

      \n\n
    • \u539f\u8cc7\u7523\u306f\u81ea\u7531\u306b\u58f2\u8cb7\u3067\u304d\u3001\u7a7a\u58f2\u308a\u3082\u3067\u304d\u308b\u3002<\/li>\n\n\n
    • \u4fdd\u7ba1\u30b3\u30b9\u30c8\u3068\u4fbf\u76ca\u306f\u7121\u3044\u3002\u914d\u5f53\u306f THM-FW-2 \u3067\u5c0e\u5165\u3059\u308b\u3002<\/li>\n\n\n
    • \u91d1\u5229\u306f\u78ba\u5b9a\u3057\u3066\u3044\u3066\u3001\u540c\u4e00\u306e\u91d1\u5229\u3067\u8cb8\u501f\u3067\u304d\u308b\u3002<\/li>\n\n\n
    • \u53d6\u5f15\u30b3\u30b9\u30c8\u3001\u7a0e\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u306f\u7121\u3044\u3002<\/li>\n\n\n
    • \u6570\u5024\u306b\u5358\u4f4d\u306f\u4ed8\u3051\u306a\u3044\u3002<\/li>\n\n<\/ul>\n\n\n\n

      \u8a18\u53f7\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u539f\u8cc7\u7523\u306e\u73fe\u5728\u4fa1\u683c\u3001<\/span>r<\/span><\/span><\/span><\/span><\/eq> \u306f\u7121\u30ea\u30b9\u30af\u91d1\u5229\uff081\u671f\u9593\u3042\u305f\u308a\uff09\u3001<\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306f\u6e80\u671f\u3001<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u5272\u5f15\u4fc2\u6570\u3067\u3059\u3002<\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u6642\u523b <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306b\u304a\u3051\u308b\u5148\u6e21\u4fa1\u683c\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

      \u5148\u6e21\u5951\u7d04<\/strong>\u3068\u306f\u3001\u5c06\u6765\u306e\u6642\u523b <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306b\u3042\u3089\u304b\u3058\u3081\u6c7a\u3081\u305f\u4fa1\u683c\u3067\u539f\u8cc7\u7523\u3092\u58f2\u8cb7\u3059\u308b\u7d04\u675f\u306e\u3053\u3068\u3067\u3059\u3002\u3053\u306e\u300c\u3042\u3089\u304b\u3058\u3081\u6c7a\u3081\u305f\u4fa1\u683c\u300d\u3092\u5148\u6e21\u4fa1\u683c\u3068\u547c\u3073\u3001<\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3068\u66f8\u304d\u307e\u3059\u3002\u5148\u6e21\u306e\u8cb7\u3044\u624b\u306f\u6e80\u671f\u306b <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u6255\u3063\u3066\u539f\u8cc7\u7523\u3092\u53d7\u3051\u53d6\u308a\u3001\u30da\u30a4\u30aa\u30d5\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u58f2\u308a\u624b\u306e\u30da\u30a4\u30aa\u30d5\u306f <\/span>F<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u91cd\u8981\u306a\u70b9\u306f\u3001\u5951\u7d04\u6642\u70b9\u3067\u306f\u91d1\u92ad\u306e\u6388\u53d7\u304c\u7121\u3044<\/strong>\u3053\u3068\u3067\u3059\u3002\u5148\u6e21\u4fa1\u683c <\/span>F<\/span><\/span><\/span><\/span><\/eq> \u306f\u3001\u5951\u7d04\u306e\u521d\u671f\u8cbb\u7528\u304c\u30bc\u30ed\u306b\u306a\u308b\u3088\u3046\u306b\u6c7a\u3081\u308b\u4fa1\u683c\u3067\u3059\u3002<\/p>\n\n\n\n

      \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\u3067\u3059\u3002\u5148\u6e21\u5951\u7d04\u306f\u300c\u5c06\u6765\u306e\u58f2\u8cb7\u3092\u4eca\u65e5\u7d04\u675f\u3059\u308b\u300d\u53d6\u5f15\u3067\u3042\u308a\u3001\u5951\u7d04\u6642\u306e\u8cbb\u7528\u306f\u30bc\u30ed\u3067\u3059\u3002<\/p>\n\n\n\n

      3. \u4e3b\u5f35 \u2015 \u5148\u6e21\u4fa1\u683c\u306f\u8907\u88fd\u3067\u6c7a\u307e\u308b<\/h2>\n\n\n\n
      \n

      \u5b9a\u7406 THM-FW-1\uff08\u30ad\u30e3\u30ea\u30fc\u30b3\u30b9\u30c8\u30e2\u30c7\u30eb\uff09<\/strong>\n\u4fdd\u7ba1\u30b3\u30b9\u30c8\u3082\u914d\u5f53\u3082\u7121\u3044\u8cc7\u7523\u306b\u3064\u3044\u3066\u3001\u7121\u88c1\u5b9a\u5e02\u5834\u3067\u306f\u6e80\u671f <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u306e\u5148\u6e21\u4fa1\u683c\u306f<\/p>\n

      <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/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>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>3.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

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

      \n

      \u5b9a\u7406 THM-FW-2\uff08\u914d\u5f53\u304c\u3042\u308b\u5834\u5408\uff09<\/strong>\n\u6e80\u671f\u307e\u3067\u306b\u78ba\u5b9a\u3057\u305f\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024\u3092 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3059\u308b\u3068\u3001\u5148\u6e21\u4fa1\u683c\u306f<\/p>\n

      <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>3.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u3068\u306a\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      \n

      \u5b9a\u7406 THM-FW-3\uff08\u5148\u6e21\u5951\u7d04\u306e\u4fa1\u5024\uff09<\/strong>\n\u5951\u7d04\u6642\u306e\u5148\u6e21\u4fa1\u683c <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3067\u7d50\u3093\u3060\u5148\u6e21\u5951\u7d04\u306e\u3001\u9014\u4e2d\u6642\u70b9 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306b\u304a\u3051\u308b\u4fa1\u5024\u306f<\/p>\n

      <\/span>V<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>)<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>t<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span>(<\/span>3.3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>

      \u306b\u7b49\u3057\u3044\u3002\u5951\u7d04\u6642\u70b9\u3067\u306f <\/span>F<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067 <\/span>V<\/span><\/span>0<\/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\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n

      3\u3064\u306e\u5b9a\u7406\u306f\u3044\u305a\u308c\u3082\u8907\u88fd\u306b\u3088\u3063\u3066\u8a3c\u660e\u3057\u307e\u3059\u3002\u300c\u5148\u6e21\u3068\u540c\u3058\u7d50\u679c\u3092\u751f\u307f\u51fa\u3059\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u4f5c\u308c\u308b\u306a\u3089\u3001\u305d\u306e\u8cbb\u7528\u304c\u5148\u6e21\u306e\u516c\u6b63\u306a\u5024\u6bb5\u3067\u3042\u308b\u300d\u3068\u3044\u3046\u7121\u88c1\u5b9a\u306e\u8ad6\u6cd5\u3067\u3059\u3002<\/p>\n\n\n\n

      \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\u3067\u3059\u3002\u5148\u6e21\u4fa1\u683c\u306f\u300c\u5c06\u6765\u306e\u671f\u5f85\u5024\u300d\u3067\u306f\u306a\u304f\u3001\u8907\u88fd\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30b3\u30b9\u30c8\u304b\u3089\u6c7a\u307e\u308a\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 \u4eca\u65e5\u8cb7\u3063\u3066\u6301\u3061\u7d9a\u3051\u308b\u6226\u7565\u3068\u6bd4\u3079\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-FW-1 \u306e\u8a3c\u660e<\/h3>\n

      \u5148\u6e21\u306e\u8cb7\u3044\u624b\u306e\u30da\u30a4\u30aa\u30d5\u306f\u6e80\u671f\u306b <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3053\u306e\u30da\u30a4\u30aa\u30d5\u3092\u8907\u88fd\u3059\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u69cb\u6210\u3057\u307e\u3059\u3002<\/p>\n

      \u8907\u88fd\u6226\u7565<\/strong>: \u6642\u523b0\u306b\u539f\u8cc7\u7523\u30921\u5358\u4f4d\u8cb7\u3044\u3001\u8cfc\u5165\u8cc7\u91d1 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u501f\u308a\u5165\u308c\u307e\u3059\u3002<\/p>\n

        \n
      • \u6642\u523b0\u306e\u30b3\u30b9\u30c8<\/strong>: \u539f\u8cc7\u7523\u306e\u8cfc\u5165\u306b <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u6255\u3044\u3001\u540c\u984d\u3092\u501f\u308a\u308b\u306e\u3067\u3001\u30cd\u30c3\u30c8\u306e\u652f\u51fa\u306f <\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n
      • \u6e80\u671f\u306e\u30da\u30a4\u30aa\u30d5<\/strong>: \u539f\u8cc7\u7523\u306e\u4fa1\u5024\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u501f\u5165\u306e\u8fd4\u6e08\u984d\u306f <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u30cd\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\u306f<\/li>\n<\/ul>\n
        <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/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>4.1<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

        \u5148\u6e21\u306e\u8cb7\u3044\u624b\u306e\u30da\u30a4\u30aa\u30d5\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002(4.1) \u3068\u6bd4\u3079\u308b\u3068\u3001\u4e21\u8005\u304c\u4e00\u81f4\u3059\u308b\u305f\u3081\u306b\u306f<\/p>\n

        <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

        \u3067\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n

        \u4e00\u610f\u6027\u306e\u8a3c\u660e<\/strong>: \u3082\u3057\u5e02\u5834\u3067\u53d6\u5f15\u3055\u308c\u308b\u5148\u6e21\u4fa1\u683c <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u3053\u306e\u5024\u3068\u7570\u306a\u308b\u306a\u3089\u3001\u88c1\u5b9a\u304c\u751f\u3058\u307e\u3059\u30022\u3064\u306e\u5834\u5408\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n

        \u5834\u54081: <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3002<\/strong> \u5148\u6e21\u304c\u5272\u9ad8\u3067\u3059\u3002\u6b21\u306e\u53d6\u5f15\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n

          \n
        1. \u5148\u6e21\u3092\u58f2\u308b\uff08\u6e80\u671f\u306b <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u539f\u8cc7\u7523\u3092\u6e21\u3059\u7fa9\u52d9\u3092\u8ca0\u3046\uff09\u3002<\/li>\n
        2. \u539f\u8cc7\u7523\u3092 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u8cb7\u3046\u3002<\/li>\n
        3. \u8cfc\u5165\u8cc7\u91d1 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u501f\u308a\u308b\u3002<\/li>\n<\/ol>\n

          \u6642\u523b0\u306e\u30cd\u30c3\u30c8\u306e\u652f\u51fa\u306f <\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u6e80\u671f\u306b\u306f\u3001\u539f\u8cc7\u7523\u3092\u5148\u6e21\u306e\u8cb7\u3044\u624b\u306b\u6e21\u3057\u3066 <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u3001\u501f\u5165 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u8fd4\u6e08\u3057\u307e\u3059\u3002\u5229\u76ca\u306f<\/p>\n

          <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0.<\/span><\/span><\/span>(<\/span>4.2<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

          \u3053\u308c\u306f\u78ba\u5b9a\u5229\u76ca\u3067\u3059\u3002<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u3044\u304f\u3089\u3067\u3042\u3063\u3066\u3082\u3001\u3053\u306e\u91d1\u984d\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002\u539f\u8cc7\u7523\u3092\u5148\u6e21\u3067\u6e21\u3059\u306e\u3067\u3001<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306e\u30ea\u30b9\u30af\u306f\u5b8c\u5168\u306b\u76f8\u6bba\u3055\u308c\u307e\u3059\u3002\u88c1\u5b9a\u3067\u3059\u3002<\/p>\n

          \u5834\u54082: <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\u3002<\/strong> \u5148\u6e21\u304c\u5272\u5b89\u3067\u3059\u3002\u9006\u306e\u53d6\u5f15\u3092\u884c\u3044\u307e\u3059\u3002<\/p>\n

            \n
          1. \u5148\u6e21\u3092\u8cb7\u3046\uff08\u6e80\u671f\u306b <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u6255\u3044\u3001\u539f\u8cc7\u7523\u3092\u53d7\u3051\u53d6\u308b\uff09\u3002<\/li>\n
          2. \u539f\u8cc7\u7523\u3092\u7a7a\u58f2\u308a\u3057\u3066 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308b\u3002<\/li>\n
          3. \u53d7\u3051\u53d6\u3063\u305f <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u8cb8\u3059\u3002<\/li>\n<\/ol>\n

            \u6642\u523b0\u306e\u30cd\u30c3\u30c8\u306e\u652f\u51fa\u306f <\/span>0<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u6e80\u671f\u306b\u306f\u3001\u8cb8\u51fa\u304b\u3089 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u56de\u53ce\u3057\u3001\u5148\u6e21\u306e\u4ee3\u91d1 <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u6255\u3063\u3066\u539f\u8cc7\u7523\u3092\u53d7\u3051\u53d6\u308a\u3001\u7a7a\u58f2\u308a\u3092\u8fd4\u6e08\u3057\u307e\u3059\u3002\u5229\u76ca\u306f<\/p>\n

            <\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/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><\/span><\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>0.<\/span><\/span><\/span>(<\/span>4.3<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

            \u3084\u306f\u308a\u78ba\u5b9a\u5229\u76ca\u3067\u3059\u3002\u88c1\u5b9a\u3067\u3059\u3002<\/p>\n

            \u3069\u3061\u3089\u306e\u5834\u5408\u3082\u7121\u88c1\u5b9a\u306b\u53cd\u3059\u308b\u306e\u3067\u3001<\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u4ee5\u5916\u306e\u5148\u6e21\u4fa1\u683c\u306f\u5b58\u5728\u3067\u304d\u307e\u305b\u3093\u3002 \u220e<\/p>\n

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

            \u539f\u8cc7\u7523\u304c\u6e80\u671f <\/span>T<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u306e\u9014\u4e2d\u6642\u70b9 <\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u78ba\u5b9a\u3057\u305f\u914d\u5f53 <\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u652f\u6255\u3046\u3068\u3057\u307e\u3059\u3002\u4e00\u822c\u5316\u306f\u5bb9\u6613\u3067\u3059\u304c\u3001\u307e\u305a1\u56de\u306e\u914d\u5f53\u3067\u793a\u3057\u307e\u3059\u3002<\/p>\n

            \u5148\u6e21\u306e\u8cb7\u3044\u624b\u306f\u6e80\u671f\u306b\u539f\u8cc7\u7523\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u304c\u3001\u9014\u4e2d\u306e\u914d\u5f53\u306f\u53d7\u3051\u53d6\u308c\u307e\u305b\u3093<\/strong>\u3002\u914d\u5f53\u306f\u539f\u8cc7\u7523\u306e\u4fdd\u6709\u8005\u306b\u652f\u6255\u308f\u308c\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n

            \u8907\u88fd\u6226\u7565<\/strong>: \u6642\u523b0\u306b\u539f\u8cc7\u7523\u30921\u5358\u4f4d\u8cb7\u3044\u3001\u8cfc\u5165\u8cc7\u91d1 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u501f\u308a\u5165\u308c\u307e\u3059\u3002<\/p>\n

              \n
            • \u6642\u523b <\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/strong>: \u914d\u5f53 <\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u3053\u308c\u3092\u6e80\u671f\u307e\u3067\u91d1\u5229 <\/span>r<\/span><\/span><\/span><\/span><\/eq> \u3067\u904b\u7528\u3057\u307e\u3059\u3002<\/li>\n
            • \u6e80\u671f<\/strong>: \u539f\u8cc7\u7523\u306e\u4fa1\u5024\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u501f\u5165\u306e\u8fd4\u6e08\u306f <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u914d\u5f53\u306e\u904b\u7528\u7d50\u679c\u306f <\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u30cd\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\u306f<\/li>\n<\/ul>\n
              <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/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>4.4<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

              \u4e00\u65b9\u3001\u5148\u6e21\u306e\u8cb7\u3044\u624b\u306f\u6e80\u671f\u306b <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq> \u3092\u5f97\u307e\u3059\u3002\u8907\u88fd\u3092\u300c\u5148\u6e21\u306e\u8cb7\u3044\u624b\u306e\u30da\u30a4\u30aa\u30d5\u300d\u306b\u4e00\u81f4\u3055\u305b\u308b\u306b\u306f\u3001\u4f59\u5206\u306a\u914d\u5f53\u306e\u904b\u7528\u7d50\u679c <\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d6\u308a\u9664\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u3053\u3067\u3001\u6642\u523b0\u306b\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u306e\u5206\u3060\u3051\u501f\u5165\u3092\u6e1b\u3089\u3057\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u501f\u5165\u984d\u3092 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3057\u307e\u3059\u3002<\/p>\n

              \u4fee\u6b63\u3057\u305f\u6226\u7565\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n

                \n
              • \u6642\u523b0<\/strong>: \u539f\u8cc7\u7523\u3092 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u8cb7\u3044\u3001<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u501f\u308a\u308b\u3002\u81ea\u5df1\u8cc7\u91d1 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u62e0\u51fa\u3059\u308b\u3002<\/li>\n
              • \u6642\u523b <\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/strong>: \u914d\u5f53 <\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308b\u3002\u3053\u306e <\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u81ea\u5df1\u8cc7\u91d1 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092 <\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u904b\u7528\u3057\u305f\u984d <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306b\u3061\u3087\u3046\u3069\u7b49\u3057\u3044\u306e\u3067\u3001\u81ea\u5df1\u8cc7\u91d1\u306e\u56de\u53ce\u3068\u76f8\u6bba\u3055\u308c\u307e\u3059\u3002<\/li>\n<\/ul>\n

                \u3053\u3053\u3067 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>t<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>d<\/span><\/span>1<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3092\u4f7f\u3044\u307e\u3057\u305f\u3002\u3064\u307e\u308a\u914d\u5f53\u53ce\u5165\u3068\u81ea\u5df1\u8cc7\u91d1\u306e\u904b\u7528\u7d50\u679c\u304c\u3074\u3063\u305f\u308a\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n

                  \n
                • \u6e80\u671f<\/strong>: \u30cd\u30c3\u30c8\u306e\u30da\u30a4\u30aa\u30d5\u306f <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>(<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/li>\n<\/ul>\n

                  \u3053\u308c\u304c <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq> \u306b\u7b49\u3057\u3044\u305f\u3081\u306b\u306f<\/p>\n

                  <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

                  \u914d\u5f53\u304c\u8907\u6570\u56de\u3042\u308b\u5834\u5408\u306f\u3001\u5404\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024\u306e\u548c\u3092 <\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3068\u3059\u308c\u3070\u540c\u3058\u5f0f\u304c\u6210\u308a\u7acb\u3061\u307e\u3059\u3002<\/p>\n

                  \u4e00\u610f\u6027\u306f THM-FW-1 \u3068\u540c\u3058\u88c1\u5b9a\u306e\u8b70\u8ad6\u3067\u793a\u305b\u307e\u3059\u3002<\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u7406\u8ad6\u5024\u3068\u7570\u306a\u308c\u3070\u3001\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308b\uff08\u3042\u308b\u3044\u306f\u652f\u6255\u3046\uff09\u6226\u7565\u3092\u7d44\u307f\u8fbc\u3093\u3060\u88c1\u5b9a\u304c\u69cb\u6210\u3067\u304d\u307e\u3059\u3002 \u220e<\/p>\n

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

                  \u6642\u523b <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306b\u3001\u5148\u6e21\u4fa1\u683c <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306e\u5148\u6e21\u5951\u7d04\u3092\u4fdd\u6709\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u5951\u7d04\u306e\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n

                  \u8907\u88fd\u6226\u7565<\/strong>: \u6642\u523b <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306b\u65b0\u305f\u306a\u5148\u6e21\u5951\u7d04\uff08\u5148\u6e21\u4fa1\u683c <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq>\u3001\u540c\u3058\u6e80\u671f <\/span>T<\/span><\/span><\/span><\/span><\/eq>\uff09\u3092\u58f2\u308a\u307e\u3059\u3002\u65b0\u3057\u3044\u5148\u6e21\u306e\u58f2\u308a\u624b\u306e\u30da\u30a4\u30aa\u30d5\u306f\u6e80\u671f\u306b <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n

                  \u5143\u306e\u5951\u7d04\uff08\u8cb7\u3044\uff09\u3068\u65b0\u3057\u3044\u5951\u7d04\uff08\u58f2\u308a\uff09\u3092\u5408\u308f\u305b\u305f\u6e80\u671f\u30da\u30a4\u30aa\u30d5\u306f<\/p>\n

                  <\/span>(<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>)<\/span><\/span>+<\/span><\/span><\/span><\/span>(<\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>.<\/span><\/span><\/span>(<\/span>4.5<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

                  <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u6d88\u3048\u307e\u3057\u305f\u3002\u3053\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u6e80\u671f\u306b\u78ba\u5b9a\u984d <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u30ea\u30b9\u30af\u304c\u7121\u3044\u306e\u3067\u3001\u6642\u523b <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e\u4fa1\u5024\u306f\u78ba\u5b9a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span><\/span><\/span><\/span><\/eq> \u3092\u5272\u308a\u5f15\u3044\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n

                  <\/span>V<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>)<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>t<\/span>,<\/span><\/span>T<\/span>)<\/span>.<\/span><\/span><\/span>(<\/span>4.6<\/span><\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

                  \u65b0\u3057\u3044\u5148\u6e21\u306f\u5951\u7d04\u6642\u306e\u8cbb\u7528\u304c\u30bc\u30ed\u306a\u306e\u3067\u3001\u3053\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6642\u523b <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u306e\u4fa1\u5024\u306f\u5143\u306e\u5148\u6e21\u5951\u7d04\u306e\u4fa1\u5024\u305d\u306e\u3082\u306e\u3067\u3059\u3002<\/p>\n

                  \u5951\u7d04\u6642\u70b9\uff08<\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>0<\/span><\/span><\/span><\/span><\/eq>\uff09\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002THM-FW-1 \u3088\u308a <\/span>F<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u5148\u6e21\u4fa1\u683c <\/span>K<\/span><\/span><\/span><\/span><\/eq> \u306f\u300c\u5951\u7d04\u306e\u521d\u671f\u8cbb\u7528\u304c\u30bc\u30ed\u306b\u306a\u308b\u3088\u3046\u306b\u6c7a\u3081\u308b\u300d\u306e\u3067 <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>F<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066<\/p>\n

                  <\/span>V<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>(<\/span>F<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>K<\/span>)<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>0.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n

                  \u5951\u7d04\u6642\u70b9\u306e\u4fa1\u5024\u306f\u30bc\u30ed\u3067\u3059\u3002 \u220e<\/p>\n<\/details>\n\n\n\n

                  5. \u53cd\u4f8b \u2015 \u671f\u5f85\u53ce\u76ca\u7387\u3092\u5909\u3048\u3066\u3082\u5148\u6e21\u4fa1\u683c\u306f\u52d5\u304b\u306a\u3044<\/h2>\n\n\n\n

                  CEX-FW-1: \u5148\u6e21\u4fa1\u683c\u306f\u5c06\u6765\u306e\u4e88\u60f3\u3067\u306f\u306a\u3044<\/h3>\n\n\n\n

                  \u5148\u6e21\u4fa1\u683c <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u306f\u3001\u539f\u8cc7\u7523\u306e\u5c06\u6765\u306e\u671f\u5f85\u4fa1\u683c <\/span>E<\/span>[<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>]<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u308c\u3092\u6570\u5024\u3067\u78ba\u304b\u3081\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u539f\u8cc7\u7523\u306e\u671f\u5f85\u53ce\u76ca\u7387\u3092 <\/span>\u03bc<\/span><\/span><\/span><\/span><\/eq> \u3068\u3059\u308b\u3068\u3001<\/span>E<\/span>[<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>]<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>\u03bc<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/span>\u03bc<\/span><\/span><\/span><\/span><\/eq> \u3092\u5909\u3048\u3066 <\/span>E<\/span>[<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>]<\/span><\/span><\/span><\/span><\/eq> \u3068\u5148\u6e21\u4fa1\u683c\u3092\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n
                  <\/span>\u03bc<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/span>E<\/span>[<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>]<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/span>F<\/span><\/span><\/span><\/span><\/eq><\/th>\n<\/tr>\n<\/thead>\n
                  2%<\/td>\n102<\/td>\n105<\/td>\n<\/tr>\n
                  8%<\/td>\n108<\/td>\n105<\/td>\n<\/tr>\n
                  15%<\/td>\n115<\/td>\n105<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

                  \u671f\u5f85\u53ce\u76ca\u7387\u3092\u3069\u3046\u7f6e\u3044\u3066\u3082\u3001\u5148\u6e21\u4fa1\u683c\u306f 105 \u306e\u307e\u307e\u52d5\u304d\u307e\u305b\u3093\u3002<\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>\u03bc<\/span><\/span><\/span><\/span><\/eq> \u3092\u542b\u307e\u306a\u3044\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u306a\u305c\u3053\u3046\u306a\u308b\u304b\u3092\u76f4\u89b3\u7684\u306b\u8a00\u3048\u3070\u3001\u5148\u6e21\u4fa1\u683c\u306f\u300c\u8907\u88fd\u306e\u30b3\u30b9\u30c8\u300d\u3067\u3042\u308a\u3001\u539f\u8cc7\u7523\u3092\u4eca\u65e5\u8cb7\u3063\u3066\u91d1\u5229\u3067\u501f\u308a\u5165\u308c\u3092\u8cc4\u3046\u30b3\u30b9\u30c8\u3060\u3051\u3067\u6c7a\u307e\u308b\u304b\u3089\u3067\u3059\u3002\u539f\u8cc7\u7523\u304c\u5c06\u6765\u3044\u304f\u3089\u306b\u306a\u308b\u304b\u306e\u4e88\u60f3\u306f\u3001\u3053\u306e\u8907\u88fd\u306e\u69cb\u6210\u306b\u4e00\u5207\u95a2\u4fc2\u3057\u307e\u305b\u3093\u3002\u7b2c45\u56de\u3067\u306f\u3001\u682a\u4fa1\u306e\u4e16\u754c\u3067\u3053\u308c\u3068\u5168\u304f\u540c\u3058\u73fe\u8c61\u304c\u8d77\u304d\u308b\u3053\u3068\u3092\u898b\u307e\u3059\u3002<\/p>\n\n\n\n

                  \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\u3067\u3059\u3002\u5148\u6e21\u4fa1\u683c\u306f\u5c06\u6765\u306e\u671f\u5f85\u4fa1\u683c\u3067\u306f\u306a\u304f\u3001\u4eca\u65e5\u306e\u4fa1\u683c\u3068\u91d1\u5229\u3060\u3051\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002\u671f\u5f85\u53ce\u76ca\u7387\u306f\u5148\u6e21\u4fa1\u683c\u306b\u5f71\u97ff\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n

                  CEX-FW-2: \u7a7a\u58f2\u308a\u304c\u3067\u304d\u306a\u3044\u5834\u5408<\/h3>\n\n\n\n

                  THM-FW-1 \u306e\u8a3c\u660e\u306f\u30012\u3064\u306e\u88c1\u5b9a\u3092\u4f7f\u3044\u307e\u3057\u305f\u3002<\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>><\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\uff08\u5834\u54081\uff09\u306f\u300c\u5148\u6e21\u3092\u58f2\u308a\u3001\u539f\u8cc7\u7523\u3092\u8cb7\u3046\u300d\u3002<\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d\uff08\u5834\u54082\uff09\u306f\u300c\u5148\u6e21\u3092\u8cb7\u3044\u3001\u539f\u8cc7\u7523\u3092\u7a7a\u58f2\u308a\u3059\u308b\u300d\u3002\u5834\u54082\u306f\u539f\u8cc7\u7523\u306e\u7a7a\u58f2\u308a\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n

                  \u7a7a\u58f2\u308a\u304c\u3067\u304d\u306a\u3044\u5e02\u5834\u3092\u8003\u3048\u307e\u3059\u3002\u7406\u8ad6\u5024\u306f <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

                    \n
                  • \u5e02\u5834\u4fa1\u683c <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>108<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d<\/strong>: \u5834\u54081\u306e\u88c1\u5b9a\u3092\u5b9f\u884c\u3057\u307e\u3059\u3002\u5148\u6e21\u3092\u58f2\u308a\u3001\u539f\u8cc7\u7523\u3092\u8cb7\u3044\u3001\u8cc7\u91d1\u3092\u501f\u308a\u307e\u3059\u3002\u7a7a\u58f2\u308a\u306f\u4e0d\u8981\u306a\u306e\u3067\u3001\u5229\u76ca <\/span>108<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>105<\/span><\/span>=<\/span><\/span><\/span><\/span>3<\/span><\/span><\/span><\/span><\/eq> \u3092\u78ba\u5b9a\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u88c1\u5b9a\u306f\u6a5f\u80fd\u3057\u307e\u3059\u3002<\/li>\n
                  • \u5e02\u5834\u4fa1\u683c <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>102<\/span><\/span><\/span><\/span><\/eq> \u306e\u3068\u304d<\/strong>: \u5834\u54082\u306e\u88c1\u5b9a\u3092\u5b9f\u884c\u3059\u308b\u306b\u306f\u539f\u8cc7\u7523\u3092\u7a7a\u58f2\u308a\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u305d\u308c\u304c\u3067\u304d\u307e\u305b\u3093\u3002\u3057\u305f\u304c\u3063\u3066\u3001<\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>102<\/span><\/span><\/span><\/span><\/eq> \u3092\u662f\u6b63\u3059\u308b\u529b\u304c\u50cd\u304d\u307e\u305b\u3093\u3002<\/li>\n<\/ul>\n\n\n\n

                    \u7a7a\u58f2\u308a\u304c\u3067\u304d\u306a\u3044\u3068\u3001\u5272\u5b89\u5074\uff08<\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><<\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq>\uff09\u306e\u88c1\u5b9a\u3060\u3051\u304c\u30d6\u30ed\u30c3\u30af\u3055\u308c\u307e\u3059\u3002\u5272\u9ad8\u5074\u306e\u88c1\u5b9a\u306f\u7a7a\u58f2\u308a\u306a\u3057\u3067\u5b9f\u884c\u3067\u304d\u308b\u306e\u3067\u3001<\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>108<\/span><\/span><\/span><\/span><\/eq> \u306e\u3088\u3046\u306b\u7406\u8ad6\u5024\u3092\u4e0a\u56de\u308b\u4fa1\u683c\u306f\u88c1\u5b9a\u3067\u62bc\u3057\u623b\u3055\u308c\u3001<\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u304c\u7406\u8ad6\u5024\u3092\u4e0a\u56de\u3063\u305f\u307e\u307e\u6b8b\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4e00\u65b9\u3001<\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>102<\/span><\/span><\/span><\/span><\/eq> \u306e\u3088\u3046\u306b\u7406\u8ad6\u5024\u3092\u4e0b\u56de\u308b\u4fa1\u683c\u306f\u662f\u6b63\u3055\u308c\u306a\u3044\u305f\u3081\u3001\u5148\u6e21\u4fa1\u683c\u306f\u7406\u8ad6\u5024\u3092\u4e0b\u56de\u308b\u65b9\u5411\u306b\u305a\u308c\u3046\u308b<\/strong>\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u3082\u3046\u5c11\u3057\u4e01\u5be7\u306b\u8003\u3048\u307e\u3059\u3002\u539f\u8cc7\u7523\u3092\u65e2\u306b\u4fdd\u6709\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u306f\u3001\u7a7a\u58f2\u308a\u306e\u4ee3\u308f\u308a\u306b\u624b\u6301\u3061\u306e\u539f\u8cc7\u7523\u3092\u58f2\u308b\u3053\u3068\u3067\u5834\u54082\u3068\u540c\u7b49\u306e\u53d6\u5f15\u3092\u884c\u3048\u307e\u3059\u3002\u3057\u304b\u3057\u5168\u3066\u306e\u5e02\u5834\u53c2\u52a0\u8005\u304c\u305d\u3046\u3067\u304d\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u7a7a\u58f2\u308a\u304c\u5236\u9650\u3055\u308c\u308b\u3068\u3001\u5e02\u5834\u5168\u4f53\u3068\u3057\u3066\u5272\u5b89\u306a\u5148\u6e21\u3092\u662f\u6b63\u3059\u308b\u88c1\u5b9a\u5727\u529b\u304c\u5f31\u307e\u308a\u3001\u7121\u88c1\u5b9a\u304b\u3089\u8a00\u3048\u308b\u306e\u306f <\/span>F<\/span><\/span>\u2217<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2264<\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3068\u3044\u3046\u7247\u5074\u306e\u4e0d\u7b49\u5f0f\u3060\u3051\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\u3067\u3059\u3002\u4eee\u5b9a\u3092\u5916\u3059\u3068\u7247\u65b9\u306e\u88c1\u5b9a\u3060\u3051\u304c\u30d6\u30ed\u30c3\u30af\u3055\u308c\u3001\u5148\u6e21\u4fa1\u683c\u306f\u7406\u8ad6\u5024\u304b\u3089\u4e00\u65b9\u5411\u306b\u305a\u308c\u3046\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    CEX-FW-3: \u4fdd\u7ba1\u30b3\u30b9\u30c8\u304c\u3042\u308b\u5834\u5408<\/h3>\n\n\n\n

                    \u539f\u8cc7\u7523\u306e\u4fdd\u7ba1\u306b\u5e74\u7387 2% \u306e\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308b\u3068\u3057\u307e\u3059\u3002<\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306a\u306e\u3067\u4fdd\u7ba1\u30b3\u30b9\u30c8\u306e\u73fe\u5728\u4fa1\u5024\u306f <\/span>U<\/span><\/span>=<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\uff08\u671f\u9996\u306b\u4e00\u62ec\u3067\u652f\u6255\u3046\u3068\u4eee\u5b9a\u3057\u307e\u3059\uff09\u3002<\/p>\n\n\n\n

                    THM-FW-1 \u306e\u8907\u88fd\u6226\u7565\u306b\u4fdd\u7ba1\u30b3\u30b9\u30c8\u3092\u52a0\u3048\u307e\u3059\u3002\u539f\u8cc7\u7523\u30921\u5358\u4f4d\u8cb7\u3063\u3066\u6e80\u671f\u307e\u3067\u6301\u3064\u306b\u306f\u3001\u8cfc\u5165\u4ee3\u91d1 <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq> \u306b\u52a0\u3048\u3066\u4fdd\u7ba1\u30b3\u30b9\u30c8 <\/span>U<\/span><\/span>=<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/eq> \u304c\u5fc5\u8981\u3067\u3059\u3002\u501f\u5165\u7dcf\u984d\u306f <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span><\/span><\/span>U<\/span><\/span>=<\/span><\/span><\/span><\/span>102<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308a\u3001\u5148\u6e21\u4fa1\u683c\u306f<\/p>\n\n\n\n

                    <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>+<\/span><\/span>U<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>102<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span><\/span><\/span>20<\/span><\/span><\/span><\/span><\/span><\/span><\/span>21<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>107.1.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

                    \u4fdd\u7ba1\u30b3\u30b9\u30c8\u304c\u7121\u3044\u5834\u5408\u306e\u5148\u6e21\u4fa1\u683c <\/span>105<\/span><\/span><\/span><\/span><\/eq> \u3068\u6bd4\u3079\u308b\u3068\u3001\u5dee\u306f <\/span>2.1<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u3053\u308c\u306f\u4fdd\u7ba1\u30b3\u30b9\u30c8 <\/span>U<\/span><\/span>=<\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/eq> \u3092\u6e80\u671f\u307e\u3067\u904b\u7528\u3057\u305f <\/span>U<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>2<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>2.1<\/span><\/span><\/span><\/span><\/eq> \u306b\u7b49\u3057\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u4fdd\u7ba1\u30b3\u30b9\u30c8\u306e\u5206\u3060\u3051\u3001\u5148\u6e21\u4fa1\u683c\u306f\u4e0a\u65b9\u306b\u305a\u308c\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u76f4\u89b3\u306f\u660e\u5feb\u3067\u3059\u3002\u539f\u8cc7\u7523\u3092\u6301\u3061\u7d9a\u3051\u308b\u30b3\u30b9\u30c8\u304c\u9ad8\u3044\u307b\u3069\u3001\u300c\u4eca\u65e5\u306f\u8cb7\u308f\u305a\u306b\u5c06\u6765\u53d7\u3051\u6e21\u3057\u3067\u624b\u306b\u5165\u308c\u308b\u300d\u5148\u6e21\u306e\u65b9\u304c\u6709\u5229\u3067\u3059\u3002\u305d\u306e\u6709\u5229\u3055\u306e\u5206\u3060\u3051\u3001\u5148\u6e21\u4fa1\u683c\u306f\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\u3067\u3059\u3002\u4fdd\u7ba1\u30b3\u30b9\u30c8\u304c\u3042\u308b\u3068\u3001\u305d\u306e\u30b3\u30b9\u30c8\u306e\u5c06\u6765\u4fa1\u5024\u306e\u5206\u3060\u3051\u5148\u6e21\u4fa1\u683c\u306f\u7406\u8ad6\u5024\u3088\u308a\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    6. \u6570\u5024\u4f8b \u2015 100\u5186\u306e\u8cc7\u7523\u306e1\u5e74\u5148\u6e21\u3092\u4f5c\u308b<\/h2>\n\n\n\n

                    <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>r<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq>\uff08<\/span>=<\/span><\/span><\/span><\/span>1\/20<\/span><\/span><\/span><\/span><\/eq>\uff09\u3001<\/span>T<\/span><\/span>=<\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/eq> \u3067\u8a08\u7b97\u3057\u307e\u3059\u3002\u5272\u5f15\u4fc2\u6570\u306f <\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>20\/21<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

                    \u5148\u6e21\u4fa1\u683c\u3068\u8907\u88fd\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/h3>\n\n\n\n

                    THM-FW-1 \u3088\u308a\u3001\u5148\u6e21\u4fa1\u683c\u306f<\/p>\n\n\n\n

                    <\/span>F<\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>20\/21<\/span><\/span><\/span><\/span><\/span><\/span><\/span>100<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>105.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

                    \u8907\u88fd\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u300c\u539f\u8cc7\u7523\u30921\u5358\u4f4d\u8cb7\u3044\u3001100 \u3092\u501f\u308a\u308b\u300d\u3067\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n
                    <\/th>\n\u6642\u523b0<\/th>\n\u6e80\u671f<\/th>\n<\/tr>\n<\/thead>\n
                    \u539f\u8cc7\u7523\uff081\u5358\u4f4d\uff09<\/td>\n<\/span>\u2212<\/span>100<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>+<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
                    \u501f\u5165\uff08100\uff09<\/td>\n<\/span>+<\/span>100<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>105<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
                    \u5408\u8a08<\/td>\n<\/span>0<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

                    \u5408\u8a08\u306e\u30da\u30a4\u30aa\u30d5 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u306f\u3001\u5148\u6e21\u306e\u8cb7\u3044\u624b\u306e\u30da\u30a4\u30aa\u30d5 <\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>F<\/span><\/span><\/span><\/span><\/eq> \u306b\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u5148\u6e21\u4fa1\u683c\u304c\u7406\u8ad6\u5024\u304b\u3089\u305a\u308c\u305f\u3068\u304d\u306e\u88c1\u5b9a<\/h3>\n\n\n\n

                    \u5e02\u5834\u4fa1\u683c\u304c 108 \u306e\u3068\u304d\uff08\u5272\u9ad8\uff09<\/strong>:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
                    <\/th>\n\u6642\u523b0<\/th>\n\u6e80\u671f<\/th>\n<\/tr>\n<\/thead>\n
                    \u5148\u6e21\u3092\u58f2\u308b<\/td>\n<\/span>0<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>108<\/span><\/span>\u2212<\/span><\/span><\/span><\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
                    \u539f\u8cc7\u7523\u3092\u8cb7\u3046<\/td>\n<\/span>\u2212<\/span>100<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>+<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
                    100 \u3092\u501f\u308a\u308b<\/td>\n<\/span>+<\/span>100<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>105<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
                    \u5408\u8a08<\/td>\n<\/span>0<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>3<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

                    \u78ba\u5b9a\u5229\u76ca <\/span>3<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u73fe\u5728\u4fa1\u5024\u306f <\/span>3<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>20\/21<\/span><\/span>=<\/span><\/span><\/span><\/span>20\/7<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>2.8571<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

                    \u5e02\u5834\u4fa1\u683c\u304c 102 \u306e\u3068\u304d\uff08\u5272\u5b89\uff09<\/strong>:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
                    <\/th>\n\u6642\u523b0<\/th>\n\u6e80\u671f<\/th>\n<\/tr>\n<\/thead>\n
                    \u5148\u6e21\u3092\u8cb7\u3046<\/td>\n<\/span>0<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span><\/span><\/span>102<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
                    \u539f\u8cc7\u7523\u3092\u7a7a\u58f2\u308a<\/td>\n<\/span>+<\/span>100<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
                    100 \u3092\u8cb8\u3059<\/td>\n<\/span>\u2212<\/span>100<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>+<\/span>105<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
                    \u5408\u8a08<\/td>\n<\/span>0<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>3<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

                    \u78ba\u5b9a\u5229\u76ca <\/span>3<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u73fe\u5728\u4fa1\u5024\u306f <\/span>20\/7<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>2.8571<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

                    \u914d\u5f53\u304c\u3042\u308b\u5834\u5408<\/h3>\n\n\n\n

                    <\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>0.5<\/span><\/span><\/span><\/span><\/eq> \u306b\u78ba\u5b9a\u914d\u5f53 <\/span>3<\/span><\/span><\/span><\/span><\/eq> \u304c\u51fa\u308b\u3068\u3057\u307e\u3059\u30021\u5e74\u672a\u6e80\u306e\u671f\u9593\u306f\u30012\u7bc0\u306e <\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span>)<\/span><\/span>T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u306a\u304f\u5358\u5229 <\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>r<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>\u671f\u9593<\/span><\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u308a\u5f15\u304f\u7d04\u675f\u306b\u3057\u307e\u3059\uff08\u9014\u4e2d\u6642\u70b9\u306e\u5951\u7d04\u306e\u4fa1\u5024\u306e\u8a08\u7b97\u3082\u540c\u3058\u3067\u3059\uff09\u3002\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024\u306f<\/p>\n\n\n\n

                    <\/span>D<\/span><\/span>div<\/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>0.05<\/span><\/span>\u00d7<\/span><\/span>0.5<\/span><\/span><\/span><\/span><\/span><\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>41\/40<\/span><\/span><\/span><\/span><\/span><\/span><\/span>3<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>41<\/span><\/span><\/span><\/span><\/span><\/span><\/span>120<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2248<\/span><\/span><\/span><\/span>2.9268.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

                    \u914d\u5f53\u3042\u308a\u306e\u5148\u6e21\u4fa1\u683c\u306f<\/p>\n\n\n\n

                    <\/span><\/span>F<\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>D<\/span><\/span>div<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>20\/21<\/span><\/span><\/span><\/span><\/span><\/span><\/span>100<\/span><\/span>\u2212<\/span><\/span>120\/41<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>20\/21<\/span><\/span><\/span><\/span><\/span><\/span><\/span>3980\/41<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>41<\/span><\/span><\/span><\/span><\/span><\/span><\/span>4179<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2248<\/span><\/span>101.9268.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

                    \u914d\u5f53\u306a\u3057\u306e\u5148\u6e21\u4fa1\u683c <\/span>105<\/span><\/span><\/span><\/span><\/eq> \u3068\u306e\u5dee\u306f <\/span>126\/41<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>3.0732<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024 <\/span>2.9268<\/span><\/span><\/span><\/span><\/eq> \u3092\u6e80\u671f\u307e\u3067\u904b\u7528\u3057\u305f\u984d\u306b\u8fd1\u3044\u5024\u3067\u3059\u3002\u5148\u6e21\u306e\u8cb7\u3044\u624b\u306f\u9014\u4e2d\u306e\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308c\u306a\u3044\u305f\u3081\u3001\u305d\u306e\u5206\u3060\u3051\u5148\u6e21\u4fa1\u683c\u304c\u4e0b\u304c\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u5148\u6e21\u5951\u7d04\u306e\u9014\u4e2d\u6642\u70b9\u306e\u4fa1\u5024<\/h3>\n\n\n\n

                    \u5148\u6e21\u4fa1\u683c <\/span>K<\/span><\/span>=<\/span><\/span><\/span><\/span>105<\/span><\/span><\/span><\/span><\/eq> \u3067\u5951\u7d04\u3057\u305f\u5148\u6e21\u3092\u8003\u3048\u307e\u3059\u3002\u534a\u5e74\u5f8c\uff08<\/span>t<\/span><\/span>=<\/span><\/span><\/span><\/span>0.5<\/span><\/span><\/span><\/span><\/eq>\uff09\u306b\u539f\u8cc7\u7523\u304c <\/span>S<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>110<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u3063\u305f\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u6b8b\u5b58\u671f\u9593\u306e\u5272\u5f15\u4fc2\u6570\u306f <\/span>D<\/span>(<\/span>0.5<\/span>,<\/span><\/span>1<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>1\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>0.05<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>0.5<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>40\/41<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u65b0\u3057\u3044\u5148\u6e21\u4fa1\u683c\u306f<\/p>\n\n\n\n

                    <\/span>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>D<\/span>(<\/span>t<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span>S<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>40\/41<\/span><\/span><\/span><\/span><\/span><\/span><\/span>110<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span><\/span><\/span>4<\/span><\/span><\/span><\/span><\/span><\/span><\/span>451<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>112.75.<\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

                    \u5148\u6e21\u5951\u7d04\u306e\u4fa1\u5024\u306f<\/p>\n\n\n\n

                    <\/span><\/span>V<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/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>F<\/span><\/span>t<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2212<\/span><\/span>K<\/span>)<\/span><\/span>\u22c5<\/span><\/span>D<\/span>(<\/span>t<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span>(<\/span>112.75<\/span><\/span>\u2212<\/span><\/span>105<\/span>)<\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>41<\/span><\/span><\/span><\/span><\/span><\/span><\/span>40<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>4<\/span><\/span><\/span><\/span><\/span><\/span><\/span>31<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u00d7<\/span><\/span><\/span><\/span>41<\/span><\/span><\/span><\/span><\/span><\/span><\/span>40<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>41<\/span><\/span><\/span><\/span><\/span><\/span><\/span>310<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u2248<\/span><\/span>7.5610.<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eqn><\/section>\n\n\n\n

                    \u539f\u8cc7\u7523\u304c\u4e0a\u304c\u3063\u305f\u306e\u3067\u3001\u5148\u6e21\u306e\u8cb7\u3044\u624b\u306b\u3068\u3063\u3066\u5951\u7d04\u306f\u6b63\u306e\u4fa1\u5024\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u3053\u306e\u7bc0\u306e\u307e\u3068\u3081\u3067\u3059\u3002\u5148\u6e21\u4fa1\u683c\u306f <\/span>S<\/span><\/span>0<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>D<\/span>(<\/span>0<\/span>,<\/span><\/span>T<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3067\u6c7a\u307e\u308a\u3001\u7406\u8ad6\u5024\u304b\u3089\u305a\u308c\u308c\u3070\u88c1\u5b9a\u304c\u751f\u3058\u307e\u3059\u3002\u914d\u5f53\u304c\u3042\u308c\u3070\u5148\u6e21\u4fa1\u683c\u306f\u4e0b\u304c\u308a\u3001\u9014\u4e2d\u6642\u70b9\u306e\u5951\u7d04\u306e\u4fa1\u5024\u306f\u65b0\u65e7\u306e\u5148\u6e21\u4fa1\u683c\u306e\u5dee\u3092\u5272\u308a\u5f15\u3044\u305f\u984d\u3067\u3059\u3002<\/p>\n\n\n\n

                    7. \u5b9f\u8df5 \u2015 \u50b5\u5238\u30921\u672c\u3001\u96fb\u5353\u3067\u4e38\u3054\u3068\u8a08\u7b97\u3059\u308b<\/h2>\n\n\n\n

                    \u7b2c2\u90e8\u3067\u7a4d\u307f\u4e0a\u3052\u305f\u5272\u5f15\u4fc2\u6570\uff08\u7b2c7\u56de\uff09\u3001\u50b5\u5238\u4fa1\u683c\uff08\u7b2c9\u56de\uff09\u3001\u6700\u7d42\u5229\u56de\u308a\uff08\u7b2c10\u56de\uff09\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff08\u7b2c13\u56de\uff09\u3001\u30b3\u30f3\u30d9\u30ad\u30b7\u30c6\u30a3\uff08\u7b2c14\u56de\uff09\u30921\u672c\u306e\u50b5\u5238\u306b\u5168\u3066\u4f7f\u3044\u307e\u3059\u3002\u3053\u306e\u5b9f\u8df5\u3092\u7d42\u3048\u308b\u3068\u3001\u50b5\u52381\u672c\u306e\u4fa1\u683c\u30fb\u6700\u7d42\u5229\u56de\u308a\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30b3\u30f3\u30d9\u30ad\u30b7\u30c6\u30a3\u3092\u96fb\u5353\u3067\u8a08\u7b97\u3057\u3001\u91d1\u5229\u304c1%\u52d5\u3044\u305f\u3068\u304d\u306e\u640d\u5931\u984d\u3092\u898b\u7a4d\u3082\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n

                    \u624b\u9806<\/h3>\n\n\n\n

                    \u984d\u9762 <\/span>100<\/span><\/span><\/span><\/span><\/eq>\u3001\u30af\u30fc\u30dd\u30f3\u7387 <\/span>4%<\/span><\/span><\/span><\/span><\/eq>\uff08\u5e74 <\/span>4<\/span><\/span><\/span><\/span><\/eq> \u5186\uff09\u3001\u6b8b\u5b58 <\/span>5<\/span><\/span><\/span><\/span><\/eq> \u5e74\u306e\u50b5\u5238\u3092\u3001\u5229\u56de\u308a <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>5%<\/span><\/span><\/span><\/span><\/eq> \u3067\u8a08\u7b97\u3057\u307e\u3059\u3002\u4eee\u5b9a\u306f\u6b21\u306e\u901a\u308a\u3067\u3059\u3002<\/p>\n\n\n\n

                      \n
                    • \u984d\u9762100\u3001\u5e741\u56de\u6255\u3044\u306e\u30af\u30fc\u30dd\u30f3\u3001\u6b8b\u5b58\u5e74\u6570\u306f\u6574\u6570\u5e74\u3002<\/li>\n
                    • \u8907\u5229\u306f\u5e741\u56de\u3002\u91d1\u5229\u306f\u671f\u9593\u306b\u3088\u3089\u305a\u4e00\u5b9a\uff08\u5229\u56de\u308a1\u672c\u3067\u5272\u308a\u5f15\u304f\uff09\u3002<\/li>\n
                    • \u4fe1\u7528\u30ea\u30b9\u30af\u3001\u9014\u4e2d\u511f\u9084\u3001\u7d4c\u904e\u5229\u5b50\u306f\u6271\u308f\u306a\u3044\uff08\u5229\u6255\u3044\u76f4\u5f8c\u306e\u6642\u70b9\u3067\u8a08\u7b97\u3059\u308b\uff09\u3002<\/li>\n
                    • \u4f7f\u3046\u9053\u5177\u306f\u56db\u5247\u6f14\u7b97\u3068\u7d2f\u4e57\uff08<\/span>x<\/span><\/span>y<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u30ad\u30fc\uff09\u306e\u3042\u308b\u96fb\u5353\u3002\u95a2\u6570\u96fb\u5353\u306e\u91d1\u878d\u6a5f\u80fd\u306f\u4f7f\u308f\u306a\u3044\u3002<\/li>\n<\/ul>\n\n\n\n

                      \u30b9\u30c6\u30c3\u30d71<\/strong>: \u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u66f8\u304d\u51fa\u3057\u307e\u3059\u3002\u5e74 <\/span>1<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u5e74 <\/span>4<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u306f\u30af\u30fc\u30dd\u30f3 <\/span>4<\/span><\/span><\/span><\/span><\/eq> \u5186\u3001\u5e74 <\/span>5<\/span><\/span><\/span><\/span><\/eq> \u306f <\/span>104<\/span><\/span><\/span><\/span><\/eq> \u5186\u3067\u3059\u3002<\/p>\n\n\n\n

                      \u30b9\u30c6\u30c3\u30d72<\/strong>: \u5272\u5f15\u306e\u8868\u3092\u4f5c\u308a\u307e\u3059\u3002\u5229\u56de\u308a <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>0.05<\/span><\/span><\/span><\/span><\/eq> \u3067\u5404\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5272\u308a\u5f15\u304d\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
                      \u5e74 <\/span>t<\/span><\/span><\/span><\/span><\/eq><\/th>\nCF<\/th>\n\u5272\u5f15\u4fc2\u6570 <\/span>(<\/span>1.05<\/span>)<\/span><\/span>\u2212<\/span>t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/th>\n\u73fe\u5728\u4fa1\u5024 PV<\/th>\n<\/tr>\n<\/thead>\n
                      1<\/td>\n4<\/td>\n0.9524<\/td>\n3.8095<\/td>\n<\/tr>\n
                      2<\/td>\n4<\/td>\n0.9070<\/td>\n3.6281<\/td>\n<\/tr>\n
                      3<\/td>\n4<\/td>\n0.8638<\/td>\n3.4554<\/td>\n<\/tr>\n
                      4<\/td>\n4<\/td>\n0.8227<\/td>\n3.2908<\/td>\n<\/tr>\n
                      5<\/td>\n104<\/td>\n0.7835<\/td>\n81.4867<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n

                      \u5408\u8a08\u304c\u50b5\u5238\u4fa1\u683c\u3067\u3059\u3002<\/span>P<\/span><\/span>=<\/span><\/span><\/span><\/span>95.6705<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

                      \u30b9\u30c6\u30c3\u30d73<\/strong>: \u30de\u30b3\u30fc\u30ec\u30fc\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u51fa\u3057\u307e\u3059\u3002\u5404\u884c\u306e PV \u306b\u5e74\u6570 <\/span>t<\/span><\/span><\/span><\/span><\/eq> \u3092\u639b\u3051\u3066\u5408\u8a08\u3057\u3001\u4fa1\u683c\u3067\u5272\u308a\u307e\u3059\u3002<\/span>D<\/span><\/span>mac<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>4.6203<\/span><\/span><\/span><\/span><\/eq> \u5e74\u3067\u3059\u3002<\/p>\n\n\n\n

                      \u30b9\u30c6\u30c3\u30d74<\/strong>: \u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u51fa\u3057\u307e\u3059\u3002<\/span>D<\/span><\/span>mod<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>D<\/span><\/span>mac<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\/<\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>=<\/span><\/span><\/span><\/span>4.6203\/1.05<\/span><\/span>=<\/span><\/span><\/span><\/span>4.4003<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

                      \u30b9\u30c6\u30c3\u30d75<\/strong>: \u30b3\u30f3\u30d9\u30ad\u30b7\u30c6\u30a3\u3092\u51fa\u3057\u307e\u3059\u3002\u5404\u884c\u3067 <\/span>t<\/span>(<\/span>t<\/span><\/span>+<\/span><\/span><\/span><\/span>1<\/span>)<\/span><\/span><\/span><\/span><\/eq> \u3092\u639b\u3051\u3066 <\/span>(<\/span>1<\/span><\/span>+<\/span><\/span><\/span><\/span>y<\/span>)<\/span><\/span>t<\/span>+<\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u3067\u5272\u308a\u3001\u5408\u8a08\u3092\u4fa1\u683c\u3067\u5272\u308a\u307e\u3059\u3002<\/span>Cv<\/span><\/span><\/span>=<\/span><\/span><\/span><\/span>24.4724<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002<\/p>\n\n\n\n

                      \u30b9\u30c6\u30c3\u30d76<\/strong>: \u91d1\u5229\u5909\u52d5\u306e\u640d\u76ca\u30923\u901a\u308a\u3067\u898b\u7a4d\u3082\u308a\u307e\u3059\u3002<\/p>\n\n\n\n

                        \n
                      • \u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u8fd1\u4f3c: <\/span>\u0394<\/span>P<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>\u2212<\/span>D<\/span><\/span>mod<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>P<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>\u0394<\/span>y<\/span><\/span><\/span><\/span><\/eq><\/li>\n
                      • \u30b3\u30f3\u30d9\u30ad\u30b7\u30c6\u30a3\u8fbc\u307f: <\/span>\u0394<\/span>P<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>\u2212<\/span>D<\/span><\/span>mod<\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>P<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>\u0394<\/span>y<\/span><\/span>+<\/span><\/span><\/span><\/span><\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>1<\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>Cv<\/span><\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>P<\/span><\/span>\u22c5<\/span><\/span><\/span><\/span>(<\/span>\u0394<\/span>y<\/span>)<\/span><\/span>2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq><\/li>\n
                      • \u53b3\u5bc6\u306a\u518d\u8a08\u7b97: \u65b0\u3057\u3044\u5229\u56de\u308a\u3067\u4fa1\u683c\u3092\u8a08\u7b97\u3057\u76f4\u3059\u3002<\/li>\n<\/ul>\n\n\n\n

                        \u30b9\u30c6\u30c3\u30d77<\/strong>: \u5e02\u5834\u4fa1\u683c <\/span>95<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u6700\u7d42\u5229\u56de\u308a\u3092\u4e8c\u5206\u6cd5\u3067\u9006\u7b97\u3057\u307e\u3059\u3002\u4e0b\u9650 <\/span>0%<\/span><\/span><\/span><\/span><\/eq>\u3001\u4e0a\u9650 <\/span>20%<\/span><\/span><\/span><\/span><\/eq> \u3067\u59cb\u3081\u3001\u4e2d\u70b9\u306e\u4fa1\u683c\u304c <\/span>95<\/span><\/span><\/span><\/span><\/eq> \u3088\u308a\u9ad8\u3051\u308c\u3070\u4e0b\u9650\u3092\u4e0a\u3052\u3001\u4f4e\u3051\u308c\u3070\u4e0a\u9650\u3092\u4e0b\u3052\u307e\u3059\u3002<\/p>\n\n\n\n

                        \u30b3\u30fc\u30c9<\/h3>\n\n\n\n
                        import numpy as np\n\nface, cpn, n, y = 100, 4, 5, 0.05\n\n# \u2500\u2500 \u4fa1\u683c \u2500\u2500\ncf = np.array([cpn]*4 + [cpn + face])\nt  = np.arange(1, n+1)\ndf = (1 + y) ** (-t)\npv = cf * df\nprice = pv.sum()\nprint(f"\u4fa1\u683c = {price:.4f}")\n\n# \u2500\u2500 \u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30b3\u30f3\u30d9\u30ad\u30b7\u30c6\u30a3 \u2500\u2500\nd_mac = (t * pv).sum() \/ price\nd_mod = d_mac \/ (1 + y)\ncv    = (t*(t+1) * cf * (1+y)**(-(t+2))).sum() \/ price\nprint(f"Dmac = {d_mac:.4f}, Dmod = {d_mod:.4f}, Cv = {cv:.4f}")\n\n# \u2500\u2500 \u91d1\u5229\u5909\u52d5\u306e\u640d\u76ca\uff08+1%, -1%, +3%\uff09\u2500\u2500\nfor dy in [0.01, -0.01, 0.03]:\n    exact = (cf * (1+y+dy)**(-t)).sum() - price\n    dur   = -d_mod * price * dy\n    conv  = dur + 0.5 * cv * price * dy**2\n    print(f"\u0394y={dy:+.0%}: \u53b3\u5bc6={exact:+.4f}"\n          f"  Dur={dur:+.4f}  Dur+Cv={conv:+.4f}")\n\n# \u2500\u2500 \u4e8c\u5206\u6cd5\u3067 YTM \u3092\u6c42\u3081\u308b\uff08\u5e02\u5834\u4fa1\u683c 95\uff09\u2500\u2500\nlo, hi, target = 0.0, 0.20, 95.0\nfor i in range(20):\n    mid = (lo + hi) \/ 2\n    p   = (cf * (1+mid)**(-t)).sum()\n    if p > target: lo = mid\n    else:          hi = mid\nytm = (lo + hi) \/ 2\nprint(f"YTM = {ytm*100:.4f}%  \u691c\u7b97\u4fa1\u683c = "\n      f"{(cf*(1+ytm)**(-t)).sum():.4f}")\n<\/code><\/pre>\n\n\n\n
                        \u3053\u306e\u30b3\u30fc\u30c9\u3092\u5b9f\u884c\u3059\u308b\u3068\u3001\u96fb\u5353\u3067\u6c42\u3081\u305f\u5168\u3066\u306e\u6570\u5024\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
                        \u7d50\u679c\u306e\u8aad\u307f\u65b9<\/h3>\n\n\n\n
                        \u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3 <\/span>4.4003<\/span><\/span><\/span><\/span><\/eq> \u306f\u300c\u5229\u56de\u308a\u304c <\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u52d5\u304f\u3068\u4fa1\u683c\u304c\u7d04 <\/span>4.40%<\/span><\/span><\/span><\/span><\/eq> \u52d5\u304f\u300d\u3068\u3044\u3046\u610f\u5473\u3067\u3059\u3002\u984d\u9762 <\/span>100<\/span><\/span><\/span><\/span><\/eq> \u4e07\u5186\u5206\u306a\u3089\u7d04 <\/span>4.2<\/span><\/span><\/span><\/span><\/eq> \u4e07\u5186\u306e\u640d\u76ca\u3067\u3059\u3002\u305f\u3060\u3057\u3001\u3053\u306e\u898b\u7a4d\u3082\u308a\u306f\u5229\u56de\u308a\u306e\u5909\u5316\u304c\u5c0f\u3055\u3044\u3068\u304d\u3060\u3051\u6b63\u78ba\u3067\u3059\u3002<\/p>\n\n\n\n
                        CEX-PR16-1: \u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3060\u3051\u3067\u4fa1\u683c\u5909\u5316\u3092\u898b\u7a4d\u3082\u308c\u3070\u5341\u5206\u3001\u3068\u3044\u3046\u601d\u3044\u8fbc\u307f<\/h4>\n\n\n\n
                        \u5229\u56de\u308a\u304c <\/span>+<\/span>1%<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>\u2212<\/span>1%<\/span><\/span><\/span><\/span><\/eq>\u3001<\/span>+<\/span>3%<\/span><\/span><\/span><\/span><\/eq> \u52d5\u3044\u305f\u3068\u304d\u306e\u4fa1\u683c\u5909\u5316\u30923\u901a\u308a\u3067\u6bd4\u3079\u307e\u3059\u3002<\/p>\n\n\n\n\n\n\n\n\n\n\n
                        \u5229\u56de\u308a\u5909\u5316<\/th>\n\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u8fd1\u4f3c<\/th>\n\u30b3\u30f3\u30d9\u30ad\u30b7\u30c6\u30a3\u8fbc\u307f<\/th>\n\u53b3\u5bc6\u5024<\/th>\n<\/tr>\n<\/thead>\n
                        <\/span>+<\/span>1%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>4.2098<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>4.0927<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>4.0953<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
                        <\/span>\u2212<\/span>1%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>+<\/span>4.2098<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>+<\/span>4.3269<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>+<\/span>4.3295<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n
                        <\/span>+<\/span>3%<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>12.6294<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>11.5758<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/span>\u2212<\/span>11.6414<\/span><\/span><\/span><\/span><\/eq><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
                        <\/span>+<\/span>1%<\/span><\/span><\/span><\/span><\/eq> \u3067\u306f\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u8fd1\u4f3c\u306e\u8aa4\u5dee\u306f <\/span>0.1145<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001<\/span>2.8%<\/span><\/span><\/span><\/span><\/eq> \u7a0b\u5ea6\u3067\u3059\u3002\u30b3\u30f3\u30d9\u30ad\u30b7\u30c6\u30a3\u3092\u5165\u308c\u308b\u3068\u8aa4\u5dee\u306f <\/span>\u2212<\/span>0.0025<\/span><\/span><\/span><\/span><\/eq> \u306b\u7e2e\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n
                        \u3068\u3053\u308d\u304c <\/span>+<\/span>3%<\/span><\/span><\/span><\/span><\/eq> \u306b\u306a\u308b\u3068\u3001\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u8fd1\u4f3c\u306e\u8aa4\u5dee\u306f <\/span>0.9880<\/span><\/span><\/span><\/span><\/eq>\uff08\u7d04 <\/span>8.5%<\/span><\/span><\/span><\/span><\/eq> \u306e\u904e\u5927\u8a55\u4fa1\uff09\u306b\u81a8\u3089\u307f\u307e\u3059\u3002\u30b3\u30f3\u30d9\u30ad\u30b7\u30c6\u30a3\u3092\u5165\u308c\u3066\u3082 <\/span>\u2212<\/span>0.0656<\/span><\/span><\/span><\/span><\/eq> \u306e\u8aa4\u5dee\u304c\u6b8b\u308a\u307e\u3059\u3002\u5927\u304d\u306a\u91d1\u5229\u5909\u52d5\u304c\u898b\u8fbc\u307e\u308c\u308b\u5c40\u9762\u3067\u306f\u3001\u30b3\u30f3\u30d9\u30ad\u30b7\u30c6\u30a3\u3092\u52a0\u3048\u308b\u304b\u3001\u53b3\u5bc6\u306b\u518d\u8a08\u7b97\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n
                        CEX-PR16-2: \u6700\u7d42\u5229\u56de\u308a\u306e\u9006\u7b97\u3092\u7dda\u5f62\u88dc\u95931\u56de\u3067\u6253\u3061\u5207\u3063\u3066\u3088\u3044\u3068\u3044\u3046\u7406\u89e3<\/h4>\n\n\n\n
                        \u5e02\u5834\u4fa1\u683c <\/span>95<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089\u6700\u7d42\u5229\u56de\u308a\u3092\u9006\u7b97\u3059\u308b\u3068\u304d\u30012\u3064\u306e\u65b9\u6cd5\u3092\u6bd4\u3079\u307e\u3059\u3002<\/p>\n\n\n\n
                        \u7dda\u5f62\u88dc\u95931\u56de<\/strong>: \u5229\u56de\u308a <\/span>4%<\/span><\/span><\/span><\/span><\/eq>\uff08\u4fa1\u683c <\/span>100.0000<\/span><\/span><\/span><\/span><\/eq>\uff09\u3068 <\/span>6%<\/span><\/span><\/span><\/span><\/eq>\uff08\u4fa1\u683c <\/span>91.5753<\/span><\/span><\/span><\/span><\/eq>\uff09\u306e2\u70b9\u3092\u76f4\u7dda\u3067\u7d50\u3073\u3001<\/span>y<\/span><\/span>\u2248<\/span><\/span><\/span><\/span>5.1870%<\/span><\/span><\/span><\/span><\/eq> \u3092\u5f97\u307e\u3059\u3002\u3053\u306e\u5229\u56de\u308a\u3067\u4fa1\u683c\u3092\u8a08\u7b97\u3059\u308b\u3068 <\/span>94.8874<\/span><\/span><\/span><\/span><\/eq> \u3067\u3001\u76ee\u6a19\u306e <\/span>95<\/span><\/span><\/span><\/span><\/eq> \u304b\u3089 <\/span>\u2212<\/span>0.1126<\/span><\/span><\/span><\/span><\/eq> \u305a\u308c\u307e\u3059\u3002<\/p>\n\n\n\n
                        \u4e8c\u5206\u6cd5\uff0820\u56de\uff09<\/strong>: \u6700\u521d\u306e\u6570\u30b9\u30c6\u30c3\u30d7\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
                        \n\n\n\n\n\n\n\n
                        \u30b9\u30c6\u30c3\u30d7<\/th>\n\u4e0b\u9650(%)<\/th>\n\u4e0a\u9650(%)<\/th>\n\u4e2d\u70b9(%)<\/th>\n\u4e2d\u70b9\u306e\u4fa1\u683c<\/th>\n<\/tr>\n<\/thead>\n
                        1<\/td>\n0.00<\/td>\n20.00<\/td>\n10.00<\/td>\n77.2553<\/td>\n<\/tr>\n
                        2<\/td>\n0.00<\/td>\n10.00<\/td>\n5.00<\/td>\n95.6705<\/td>\n<\/tr>\n
                        3<\/td>\n5.00<\/td>\n10.00<\/td>\n7.50<\/td>\n85.8394<\/td>\n<\/tr>\n
                        7<\/td>\n5.00<\/td>\n5.3125<\/td>\n5.1563<\/td>\n95.0156<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n\n
                        7\u30b9\u30c6\u30c3\u30d7\u76ee\u3067\u4fa1\u683c\u304c <\/span>95.0156<\/span><\/span><\/span><\/span><\/eq> \u307e\u3067\u8fd1\u3065\u304d\u307e\u3059\u300220\u56de\u3067 <\/span>y<\/span><\/span>=<\/span><\/span><\/span><\/span>5.1600%<\/span><\/span><\/span><\/span><\/eq>\u3001\u691c\u7b97\u4fa1\u683c <\/span>95.0000<\/span><\/span><\/span><\/span><\/eq> \u3067\u3059\u3002\u7dda\u5f62\u88dc\u95931\u56de\u3067\u6253\u3061\u5207\u308b\u3068 <\/span>0.027%<\/span><\/span><\/span><\/span><\/eq> \u306e\u8aa4\u5dee\u304c\u6b8b\u308a\u307e\u3059\u304c\u3001\u4e8c\u5206\u6cd5\u306a\u3089\u96fb\u5353\u3067\u3082\u5341\u5206\u306a\u7cbe\u5ea6\u306b\u5230\u9054\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
                        8. \u6b21\u56de\u3078 \u2015 \u72b6\u614b\u304c\u8907\u6570\u3042\u308b\u4e16\u754c\u3092\u6271\u3046\u8a00\u8449<\/h2>\n\n\n\n
                        \u4eca\u56de\u306f\u78ba\u5b9a\u5229\u4ed8\u304d\u306e\u4e16\u754c\u3067\u3001\u5148\u6e21\u4fa1\u683c\u3092\u8907\u88fd\u3067\u5c0e\u304d\u307e\u3057\u305f\u3002\u539f\u8cc7\u7523\u306e\u5c06\u6765\u4fa1\u683c\u304c\u3044\u304f\u3089\u306b\u306a\u308b\u304b\u306f\u5148\u6e21\u4fa1\u683c\u306b\u5f71\u97ff\u3057\u306a\u3044\u3001\u3068\u3044\u3046\u7d50\u679c\u306f\u76f4\u89b3\u306b\u53cd\u3059\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u8907\u88fd\u306e\u8ad6\u6cd5\u3092\u8ffd\u3048\u3070\u3001<\/span>S<\/span><\/span>T<\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/eq> \u306f\u6700\u5f8c\u306b\u5fc5\u305a\u76f8\u6bba\u3055\u308c\u308b\u306e\u3067\u3001\u4e88\u60f3\u304c\u5165\u308b\u4f59\u5730\u304c\u306a\u3044\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n
                        \u3053\u3053\u307e\u3067\u7b2c1\u90e8\u30fb\u7b2c2\u90e8\u3092\u901a\u3058\u3066\u3001\u78ba\u7387\u3092\u4e00\u5ea6\u3082\u4f7f\u308f\u305a\u306b\u6765\u307e\u3057\u305f\u3002\u88c1\u5b9a\u3068\u8907\u88fd\u306e\u539f\u7406\u3060\u3051\u3067\u3001\u50b5\u5238\u4fa1\u683c\u30fb\u91d1\u5229\u30fb\u5148\u6e21\u4fa1\u683c\u3092\u5c0e\u304d\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u6b21\u306b\u9032\u3080\u3068\u3001\u72b6\u614b\u304c\u8907\u6570\u3042\u308b\u4e16\u754c\u3092\u6271\u3046\u5fc5\u8981\u304c\u51fa\u3066\u304d\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u306e\u8a00\u8449\u3092\u6b21\u56de\u304b\u3089\u6574\u5099\u3057\u307e\u3059\u3002<\/p>\n\n\n\n
                        \u3053\u306e\u56de\u3067\u30011\u3064\u76ee\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u306b\u5230\u9054\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n
                        \u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n
                        \u5148\u6e21\u4fa1\u683c\u306f\u5c06\u6765\u306e\u4fa1\u683c\u306e\u4e88\u60f3\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n
                        \u9055\u3044\u307e\u3059\u3002\u4eca\u65e5\u306e\u4fa1\u683c\u3068\u91d1\u5229\u3060\u3051\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002\u4e0a\u304c\u308b\u3068\u601d\u3063\u3066\u3044\u3066\u3082\u4e0b\u304c\u308b\u3068\u601d\u3063\u3066\u3044\u3066\u3082\u540c\u3058\u5024\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n
                        \u306a\u305c\u4e88\u60f3\u304c\u5165\u3089\u306a\u3044\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n
                        \u4eca\u65e5\u8cb7\u3063\u3066\u6301\u3061\u7d9a\u3051\u308c\u3070\u3001\u5c06\u6765\u305d\u306e\u8cc7\u7523\u3092\u78ba\u5b9f\u306b\u6301\u3066\u308b\u304b\u3089\u3067\u3059\u3002\u4e88\u60f3\u3092\u4f7f\u308f\u305a\u306b\u540c\u3058\u7d50\u679c\u3092\u4f5c\u308c\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n\n\n\n
                        \u914d\u5f53\u304c\u3042\u308b\u3068\u306a\u305c\u5148\u6e21\u4fa1\u683c\u304c\u4e0b\u304c\u308b\u306e\u3067\u3059\u304b<\/strong><\/p>\n\n\n\n
                        \u5148\u6e21\u3067\u8cb7\u3046\u4eba\u306f\u9014\u4e2d\u306e\u914d\u5f53\u3092\u53d7\u3051\u53d6\u308c\u306a\u3044\u304b\u3089\u3067\u3059\u3002\u305d\u306e\u5206\u3060\u3051\u5b89\u304f\u7d04\u675f\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\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 \u7b2c16\u56de \/ \u524d\u63d0: \u7b2c2\u56de\u3001\u7b2c7\u56de\u3001\u7b2c15\u56de \/ \u6570\u5b66\u7de8: \u306a\u3057 \/ \u3053\u306e\u56de\u3067\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3053\u3068: \u682a\u3084\u5546\u54c1\u306e\u5148\u6e21\u4fa1\u683c\u3092\u91d1\u5229\u30fb\u914d\u5f53\u30fb\u4fdd\u7ba1\u30b3\u30b9\u30c8\u304b\u3089\u8a08\u7b97\u3057\u3001\u5148\u6e21\u5951\u7d04\u306e\u9014\u4e2d\u306e\u4fa1\u5024\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002\u5b9f\u8df5 […]<\/p>\n","protected":false},"author":1,"featured_media":209111,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[159],"tags":[161],"class_list":["post-208196","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