{"id":7564,"date":"2026-10-16T00:02:26","date_gmt":"2026-10-15T15:02:26","guid":{"rendered":"https:\/\/extan.jp\/?p=7564"},"modified":"2026-10-16T00:02:37","modified_gmt":"2026-10-15T15:02:37","slug":"roic%ef%bc%88%e6%8a%95%e4%b8%8b%e8%b3%87%e6%9c%ac%e5%88%a9%e7%9b%8a%e7%8e%87%ef%bc%89%e3%81%ae%e8%a8%88%e7%ae%97%e5%bc%8f%e3%81%af%e4%bd%95%ef%bc%9fexcel%e3%81%a7%e3%82%b5%e3%82%af%e3%83%83%e3%81%a8","status":"publish","type":"post","link":"https:\/\/extan.jp\/?p=7564","title":{"rendered":"ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306e\u8a08\u7b97\u5f0f\u306f\u4f55\uff1fExcel\u3067\u30b5\u30af\u30c3\u3068\u8aac\u660e\uff01"},"content":{"rendered":"<p>ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306e\u8a08\u7b97\u5f0f\u3092\u77e5\u308a\u305f\u3044\u3068\u304d\u306f\u306a\u3044\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n<p>\u3051\u3069\u3001\u305d\u3093\u306a\u4e2d\u3067\u60a9\u3080\u3053\u3068\u306f\u3001<\/p>\n<div class=\"kininarukoto1\">\u30fbROIC\u306e\u8a08\u7b97\u5f0f\uff08NOPAT\u3084\u6295\u4e0b\u8cc7\u672c\uff09\u304c\u3059\u3050\u306b\u51fa\u3066\u3053\u306a\u3044<br \/>\n\u30fbExcel\u306b\u3069\u306e\u6570\u5f0f\u3092\u5165\u308c\u308c\u3070\u3044\u3044\u304b\u5206\u304b\u3089\u306a\u3044<br \/>\n\u30fb\u51fa\u3057\u305fROIC\u304c\u826f\u3044\u6570\u5024\u306a\u306e\u304b\u5224\u65ad\u3067\u304d\u306a\u3044<\/div>\n<p>\u3067\u3059\u3088\u306d\u3002<\/p>\n<p>\u4eca\u56de\u306f\u305d\u3093\u306a\u304a\u60a9\u307f\u3092\u89e3\u6c7a\u3059\u308b<\/p>\n<div class=\"rdinfo\">\u30fbROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306e\u8a08\u7b97\u5f0f\u3068Excel\u3067\u306e\u6c42\u3081\u65b9\uff08NOPAT\u30fb\u6295\u4e0b\u8cc7\u672c\u30fbROIC\uff09<\/div>\n<p>\u306b\u3064\u3044\u3066\u307e\u3068\u3081\u307e\u3059\uff01<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">\u3082\u304f\u3058<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/extan.jp\/?p=7564\/#%E5%AE%8C%E6%88%90%E3%82%A4%E3%83%A1%E3%83%BC%E3%82%B8\" >\u5b8c\u6210\u30a4\u30e1\u30fc\u30b8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/extan.jp\/?p=7564\/#STEP1_ROIC%E3%81%AE%E8%A8%88%E7%AE%97%E5%BC%8F%E3%82%92%E7%A2%BA%E8%AA%8D%E3%81%99%E3%82%8B\" >STEP1. ROIC\u306e\u8a08\u7b97\u5f0f\u3092\u78ba\u8a8d\u3059\u308b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/extan.jp\/?p=7564\/#STEP2_%E5%85%83%E3%83%87%E3%83%BC%E3%82%BF%E3%82%92%E7%94%A8%E6%84%8F%E3%81%99%E3%82%8B\" >STEP2. \u5143\u30c7\u30fc\u30bf\u3092\u7528\u610f\u3059\u308b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/extan.jp\/?p=7564\/#STEP3_NOPAT%EF%BC%88%E7%A8%8E%E5%BC%95%E5%BE%8C%E5%96%B6%E6%A5%AD%E5%88%A9%E7%9B%8A%EF%BC%89%E3%82%92%E6%B1%82%E3%82%81%E3%82%8B\" >STEP3. NOPAT\uff08\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff09\u3092\u6c42\u3081\u308b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/extan.jp\/?p=7564\/#STEP4_%E6%8A%95%E4%B8%8B%E8%B3%87%E6%9C%AC%E3%82%92%E6%B1%82%E3%82%81%E3%82%8B\" >STEP4. \u6295\u4e0b\u8cc7\u672c\u3092\u6c42\u3081\u308b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/extan.jp\/?p=7564\/#STEP5_ROIC%E3%82%92%E6%B1%82%E3%82%81%E3%82%8B\" >STEP5. ROIC\u3092\u6c42\u3081\u308b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/extan.jp\/?p=7564\/#STEP6_WACC%E3%81%A8%E6%AF%94%E3%81%B9%E3%81%A6%E4%BE%A1%E5%80%A4%E5%89%B5%E9%80%A0%E3%81%8B%E3%81%A9%E3%81%86%E3%81%8B%E3%82%92%E8%A6%8B%E3%82%8B\" >STEP6. WACC\u3068\u6bd4\u3079\u3066\u4fa1\u5024\u5275\u9020\u304b\u3069\u3046\u304b\u3092\u898b\u308b<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/extan.jp\/?p=7564\/#ROIC%E3%83%BBROE%E3%83%BBROA%E3%81%AE%E9%81%95%E3%81%84\" >ROIC\u30fbROE\u30fbROA\u306e\u9055\u3044<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/extan.jp\/?p=7564\/#STEP7_VBA%E3%81%A7%E4%B8%80%E6%8B%AC%E8%A8%88%E7%AE%97%E3%81%99%E3%82%8B\" >STEP7. VBA\u3067\u4e00\u62ec\u8a08\u7b97\u3059\u308b<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/extan.jp\/?p=7564\/#%E3%81%86%E3%81%BE%E3%81%8F%E3%81%84%E3%81%8B%E3%81%AA%E3%81%84%E3%81%A8%E3%81%8D%E3%81%AE%E5%AF%BE%E5%87%A6%E6%B3%95%EF%BC%88%E3%83%88%E3%83%A9%E3%83%96%E3%83%AB%E3%82%B7%E3%83%A5%E3%83%BC%E3%83%88%EF%BC%89\" >\u3046\u307e\u304f\u3044\u304b\u306a\u3044\u3068\u304d\u306e\u5bfe\u51e6\u6cd5\uff08\u30c8\u30e9\u30d6\u30eb\u30b7\u30e5\u30fc\u30c8\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/extan.jp\/?p=7564\/#%E9%96%A2%E6%95%B0%E3%81%AE%E8%AA%AC%E6%98%8E\" >\u95a2\u6570\u306e\u8aac\u660e<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/extan.jp\/?p=7564\/#%E5%AE%8C%E6%88%90\" >\u5b8c\u6210<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/extan.jp\/?p=7564\/#%E3%81%95%E3%81%84%E3%81%94%E3%81%AB\" >\u3055\u3044\u3054\u306b<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E5%AE%8C%E6%88%90%E3%82%A4%E3%83%A1%E3%83%BC%E3%82%B8\"><\/span>\u5b8c\u6210\u30a4\u30e1\u30fc\u30b8<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ROIC\u306f\u3001\u4f1a\u793e\u304c\u96c6\u3081\u305f\u304a\u91d1\uff08\u6295\u4e0b\u8cc7\u672c\uff09\u3067\u3069\u308c\u3060\u3051\u5229\u76ca\u3092\u7a3c\u3044\u3060\u304b\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<br \/>\n\u8a08\u7b97\u5f0f\u306f <b>ROIC\uff08\uff05\uff09\uff1d NOPAT \u00f7 \u6295\u4e0b\u8cc7\u672c<\/b> \u306e1\u672c\u3060\u3051\u3067\u3059\u3002<br \/>\n\u4eca\u56de\u306f<br \/>\n<b>\u30fb\u55b6\u696d\u5229\u76ca\u30fb\u6709\u5229\u5b50\u8ca0\u50b5\u30fb\u682a\u4e3b\u8cc7\u672c\u304b\u3089\u3001Excel\u3067ROIC\u3092\u30b5\u30af\u30c3\u3068\u8a08\u7b97\u3059\u308b\u65b9\u6cd5<\/b><br \/>\n\u3092\u30b4\u30fc\u30eb\u306b\u3057\u307e\u3059\u3002<br \/>\nNOPAT\u3068\u6295\u4e0b\u8cc7\u672c\u3092\u6570\u5f0f\u3067\u51fa\u305b\u3070\u3001\u3042\u3068\u306f\u5272\u308a\u7b97\u3059\u308b\u3060\u3051\u3067\u3059\u3002<\/p>\n<p><img decoding=\"async\" src=\"images\/00035\/09_complete.png\" alt=\"\u5b8c\u6210\u30a4\u30e1\u30fc\u30b8\" \/><br \/>\n\u4e0a\u306e\u753b\u50cf\u304c\u5b8c\u6210\u5f62\u3067\u3059\u3002E\u5217\u306eNOPAT\u3001H\u5217\u306e\u6295\u4e0b\u8cc7\u672c\u3001I\u5217\u306eROIC\uff08\uff05\uff09\u304c\u6570\u5f0f\u3067\u81ea\u52d5\u8a08\u7b97\u3055\u308c\u3001WACC\u3068\u6bd4\u3079\u305f\u5224\u5b9a\u307e\u3067\u4e00\u89a7\u3067\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002<\/p>\n<p>\u306a\u304a\u3001<b>ROIC\u3092WACC\u3068\u6bd4\u3079\u3066\u4fa1\u5024\u5275\u9020\u304b\u3069\u3046\u304b\u3092\u5224\u5b9a\u3059\u308b\u65b9\u6cd5<\/b>\u3084\u3001\u6bce\u56de\u306e\u8a08\u7b97\u3092\u30e9\u30af\u306b\u3059\u308b<b>VBA\u3067\u306e\u4e00\u62ec\u8a08\u7b97<\/b>\u3001\u3046\u307e\u304f\u3044\u304b\u306a\u3044\u3068\u304d\u306e\u5bfe\u51e6\u6cd5\uff08\u30c8\u30e9\u30d6\u30eb\u30b7\u30e5\u30fc\u30c8\uff09\u3082\u3042\u308f\u305b\u3066\u3054\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"STEP1_ROIC%E3%81%AE%E8%A8%88%E7%AE%97%E5%BC%8F%E3%82%92%E7%A2%BA%E8%AA%8D%E3%81%99%E3%82%8B\"><\/span>STEP1. ROIC\u306e\u8a08\u7b97\u5f0f\u3092\u78ba\u8a8d\u3059\u308b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306f\u3001\u4f1a\u793e\u304c\u8abf\u9054\u3057\u305f\u304a\u91d1\u3067\u3069\u308c\u3060\u3051\u3082\u3046\u3051\u305f\u304b\u3092\u8868\u3059\u6307\u6a19\u3067\u3059\u3002<br \/>\n\u8a08\u7b97\u5f0f\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3001\u6b21\u306e1\u672c\u3060\u3051\u3067\u3059\u3002<\/p>\n<p><b>ROIC\uff08\uff05\uff09 \uff1d NOPAT \u00f7 \u6295\u4e0b\u8cc7\u672c<\/b><\/p>\n<p>\u3053\u306e\u5f0f\u306b\u51fa\u3066\u304f\u308b2\u3064\u306e\u8a00\u8449\u3092\u3001\u5148\u306b\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<table>\n<tr>\n<th>\u7528\u8a9e<\/th>\n<th>\u610f\u5473<\/th>\n<th>\u8a08\u7b97\u5f0f<\/th>\n<\/tr>\n<tr>\n<td>NOPAT<\/td>\n<td>\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u3002\u672c\u696d\u306e\u3082\u3046\u3051\u3092\u7a0e\u5f15\u5f8c\u3067\u898b\u305f\u3082\u306e<\/td>\n<td>\u55b6\u696d\u5229\u76ca \u00d7\uff081 \u2212 \u5b9f\u52b9\u7a0e\u7387\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u6295\u4e0b\u8cc7\u672c<\/td>\n<td>\u4e8b\u696d\u306e\u305f\u3081\u306b\u96c6\u3081\u305f\u304a\u91d1<\/td>\n<td>\u6709\u5229\u5b50\u8ca0\u50b5 \uff0b \u682a\u4e3b\u8cc7\u672c<\/td>\n<\/tr>\n<\/table>\n<p>\u3064\u307e\u308a\u3001ROIC\u306f\u300c\u6295\u4e0b\u3057\u305f\u304a\u91d1\u300d\u3067\u300c\u7a0e\u5f15\u5f8c\u306e\u672c\u696d\u306e\u3082\u3046\u3051\u300d\u3092\u5272\u3063\u305f\u6bd4\u7387\u3067\u3059\u3002<br \/>\n\u5206\u5b50\u3068\u5206\u6bcd\u3092\u305d\u308c\u305e\u308cExcel\u3067\u4f5c\u308c\u3070\u3001\u3042\u3068\u306f\u5272\u308a\u7b97\u3059\u308b\u3060\u3051\u3067\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"STEP2_%E5%85%83%E3%83%87%E3%83%BC%E3%82%BF%E3%82%92%E7%94%A8%E6%84%8F%E3%81%99%E3%82%8B\"><\/span>STEP2. \u5143\u30c7\u30fc\u30bf\u3092\u7528\u610f\u3059\u308b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u307e\u305a\u306fROIC\u3092\u8a08\u7b97\u3057\u305f\u3044\u4f01\u696d\u306e\u30c7\u30fc\u30bf\u3092\u7528\u610f\u3057\u307e\u3059\u3002<br \/>\n\u4eca\u56de\u306f6\u793e\u3092\u6bd4\u8f03\u3059\u308b\u8868\u3092\u4f5c\u308a\u307e\u3057\u305f\u3002<br \/>\nA\u5217\u304c\u4f01\u696d\u540d\u3001B\u5217\u304c\u55b6\u696d\u5229\u76ca\u3001C\u5217\u304c\u652f\u6255\u5229\u606f\u3001D\u5217\u304c\u5b9f\u52b9\u7a0e\u7387\u3001F\u5217\u304c\u6709\u5229\u5b50\u8ca0\u50b5\u3001G\u5217\u304c\u682a\u4e3b\u8cc7\u672c\u3067\u3059\u3002<br \/>\nE\u5217\uff08NOPAT\uff09\u3001H\u5217\uff08\u6295\u4e0b\u8cc7\u672c\uff09\u3001I\u5217\uff08ROIC\uff09\u306f\u3001\u3053\u306e\u3042\u3068\u6570\u5f0f\u3067\u57cb\u3081\u3066\u3044\u304d\u307e\u3059\u3002<br \/>\n\u91d1\u984d\u306e\u5358\u4f4d\u306f\u3059\u3079\u3066\u5343\u5186\u306b\u305d\u308d\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<br \/>\n\u5358\u4f4d\u304c\u6df7\u3056\u308b\u3068\u6841\u3092\u9593\u9055\u3048\u308b\u306e\u3067\u3001\u3053\u3053\u3067\u7d71\u4e00\u3057\u3066\u304a\u304f\u306e\u304c\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<br \/>\n<img decoding=\"async\" src=\"images\/00035\/01_data.png\" alt=\"ROIC\u3092\u8a08\u7b97\u3059\u308b\u5143\u30c7\u30fc\u30bf\u306e\u8868\" \/><\/p>\n<p>\u4e0b\u306e\u8868\u3092\u30b3\u30d4\u30fc\u3057\u3066\u3001Excel\u306e\u30b7\u30fc\u30c8\u306b\u8cbc\u308a\u4ed8\u3051\u308b\u3068\u305d\u306e\u307e\u307e\u8a66\u305b\u307e\u3059\u3002<\/p>\n<table>\n<tr>\n<th>\u4f01\u696d<\/th>\n<th>\u55b6\u696d\u5229\u76ca<\/th>\n<th>\u652f\u6255\u5229\u606f<\/th>\n<th>\u5b9f\u52b9\u7a0e\u7387<\/th>\n<th>NOPAT<\/th>\n<th>\u6709\u5229\u5b50\u8ca0\u50b5<\/th>\n<th>\u682a\u4e3b\u8cc7\u672c<\/th>\n<th>\u6295\u4e0b\u8cc7\u672c<\/th>\n<th>ROIC<\/th>\n<th>WACC<\/th>\n<th>\u5224\u5b9a<\/th>\n<\/tr>\n<tr>\n<td>\u30a2\u30eb\u30d5\u30a1\u5546\u4e8b<\/td>\n<td>48000<\/td>\n<td>3200<\/td>\n<td>0.3<\/td>\n<td><\/td>\n<td>120000<\/td>\n<td>180000<\/td>\n<td><\/td>\n<td><\/td>\n<td>0.06<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>\u30d9\u30fc\u30bf\u5de5\u696d<\/td>\n<td>36000<\/td>\n<td>4500<\/td>\n<td>0.3<\/td>\n<td><\/td>\n<td>160000<\/td>\n<td>140000<\/td>\n<td><\/td>\n<td><\/td>\n<td>0.06<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>\u30ac\u30f3\u30de\u98df\u54c1<\/td>\n<td>25000<\/td>\n<td>800<\/td>\n<td>0.25<\/td>\n<td><\/td>\n<td>40000<\/td>\n<td>160000<\/td>\n<td><\/td>\n<td><\/td>\n<td>0.05<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>\u30c7\u30eb\u30bf\u904b\u8f38<\/td>\n<td>15000<\/td>\n<td>5200<\/td>\n<td>0.32<\/td>\n<td><\/td>\n<td>200000<\/td>\n<td>100000<\/td>\n<td><\/td>\n<td><\/td>\n<td>0.07<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>\u30a4\u30d7\u30b7\u30ed\u30f3\u96fb\u6a5f<\/td>\n<td>62000<\/td>\n<td>2000<\/td>\n<td>0.28<\/td>\n<td><\/td>\n<td>90000<\/td>\n<td>210000<\/td>\n<td><\/td>\n<td><\/td>\n<td>0.06<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>\u30bc\u30fc\u30bf\u5efa\u8a2d<\/td>\n<td>9000<\/td>\n<td>3500<\/td>\n<td>0.3<\/td>\n<td><\/td>\n<td>150000<\/td>\n<td>90000<\/td>\n<td><\/td>\n<td><\/td>\n<td>0.06<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>\u5408\u8a08<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/table>\n<p>\u203b \u6570\u5f0f\u3067\u6c42\u3081\u308b\u5217\u306f\u7a7a\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u3059\u3067\u306b\u5024\u304c\u5165\u3063\u3066\u3044\u308b\u5217\u306f\u305d\u306e\u307e\u307e\u6b8b\u3057\u3066\u8a66\u305b\u307e\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"STEP3_NOPAT%EF%BC%88%E7%A8%8E%E5%BC%95%E5%BE%8C%E5%96%B6%E6%A5%AD%E5%88%A9%E7%9B%8A%EF%BC%89%E3%82%92%E6%B1%82%E3%82%81%E3%82%8B\"><\/span>STEP3. NOPAT\uff08\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff09\u3092\u6c42\u3081\u308b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u6700\u521d\u306bNOPAT\u3092\u51fa\u3057\u307e\u3059\u3002<br \/>\nNOPAT\u306f\u300c\u55b6\u696d\u5229\u76ca \u00d7\uff081 \u2212 \u5b9f\u52b9\u7a0e\u7387\uff09\u300d\u3067\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<br \/>\nE2\u30bb\u30eb\u3092\u9078\u3073\u3001\u6b21\u306e\u6570\u5f0f\u3092\u5165\u529b\u3057\u307e\u3059\u3002<\/p>\n<pre>=B2*(1-D2)<\/pre>\n<p>B2\u304c\u55b6\u696d\u5229\u76ca\u3001D2\u304c\u5b9f\u52b9\u7a0e\u7387\u3067\u3059\u3002<br \/>\nD\u5217\u306e\u5b9f\u52b9\u7a0e\u7387\u306f\u300c30%\u300d\u3092\u300c0.3\u300d\u3068\u3057\u3066\u6271\u3046\u306e\u3067\u30011\u304b\u3089\u5f15\u3044\u3066\u639b\u3051\u308c\u3070\u7a0e\u5f15\u5f8c\u306e\u5024\u306b\u306a\u308a\u307e\u3059\u3002<br \/>\n\u3069\u306e\u30bb\u30eb\u306b\u5165\u308c\u308b\u304b\u306f\u3001\u3053\u3061\u3089\u306e\u753b\u9762\u3092\u53c2\u8003\u306b\u3057\u3066\u304f\u3060\u3055\u3044\u3002<br \/>\n<img decoding=\"async\" src=\"images\/00035\/02_nopat_formula.png\" alt=\"NOPAT\u306e\u6570\u5f0f\u3092\u5165\u529b\u3059\u308b\u753b\u9762\" \/><br \/>\nE\u5217\u306bNOPAT\u304c\u5165\u308a\u307e\u3057\u305f\u3002<br \/>\n\u30a2\u30eb\u30d5\u30a1\u5546\u4e8b\u306a\u3089 48,000 \u00d7\uff081 \u2212 0.30\uff09\uff1d 33,600 \u3068\u8a08\u7b97\u3055\u308c\u3066\u3044\u307e\u3059\u3002<br \/>\n\u6570\u5f0f\u306a\u306e\u3067\u3001\u3042\u3068\u304b\u3089\u55b6\u696d\u5229\u76ca\u3084\u5b9f\u52b9\u7a0e\u7387\u3092\u5909\u3048\u3066\u3082\u81ea\u52d5\u3067\u8ffd\u5f93\u3057\u307e\u3059\u3002<br \/>\n\u540c\u3058\u6570\u5f0f\u3092E3\u301cE7\u307e\u3067\u30b3\u30d4\u30fc\u3059\u308c\u3070\u30016\u793e\u5206\u304c\u4e00\u6c17\u306b\u57cb\u307e\u308a\u307e\u3059\u3002<br \/>\n\u30ab\u30f3\u30bf\u30f3\u3067\u3059\u306d\u3002<br \/>\n<img decoding=\"async\" src=\"images\/00035\/03_nopat_result.png\" alt=\"NOPAT\u3092\u8a08\u7b97\u3057\u305f\u7d50\u679c\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"STEP4_%E6%8A%95%E4%B8%8B%E8%B3%87%E6%9C%AC%E3%82%92%E6%B1%82%E3%82%81%E3%82%8B\"><\/span>STEP4. \u6295\u4e0b\u8cc7\u672c\u3092\u6c42\u3081\u308b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u6b21\u306b\u6295\u4e0b\u8cc7\u672c\u3092\u51fa\u3057\u307e\u3059\u3002<br \/>\n\u6295\u4e0b\u8cc7\u672c\u306f\u300c\u6709\u5229\u5b50\u8ca0\u50b5 \uff0b \u682a\u4e3b\u8cc7\u672c\u300d\u3067\u3059\u3002<br \/>\nH2\u30bb\u30eb\u3092\u9078\u3073\u3001\u6b21\u306e\u6570\u5f0f\u3092\u5165\u529b\u3057\u307e\u3059\u3002<\/p>\n<pre>=F2+G2<\/pre>\n<p>F2\u304c\u6709\u5229\u5b50\u8ca0\u50b5\u3001G2\u304c\u682a\u4e3b\u8cc7\u672c\u3067\u3059\u306d\u3002<br \/>\n\u4e8b\u696d\u306b\u96c6\u3081\u305f\u304a\u91d1\u306e\u5408\u8a08\u3092\u4f5c\u3063\u3066\u3044\u308b\u3060\u3051\u306a\u306e\u3067\u3001\u8db3\u3057\u7b97\u3060\u3051\u3067OK\u3067\u3059\u3002<br \/>\n<img decoding=\"async\" src=\"images\/00035\/04_invested_formula.png\" alt=\"\u6295\u4e0b\u8cc7\u672c\u306e\u6570\u5f0f\u3092\u5165\u529b\u3059\u308b\u753b\u9762\" \/><br \/>\nH\u5217\u306b\u6295\u4e0b\u8cc7\u672c\u304c\u5165\u308a\u307e\u3057\u305f\u3002<br \/>\n\u30a2\u30eb\u30d5\u30a1\u5546\u4e8b\u306a\u3089 120,000 \uff0b 180,000 \uff1d 300,000 \u3067\u3059\u3002<br \/>\n\u3053\u3053\u307e\u3067\u304f\u308c\u3070\u3001ROIC\u307e\u3067\u3042\u3068\u4e00\u6b69\u3067\u3059\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"STEP5_ROIC%E3%82%92%E6%B1%82%E3%82%81%E3%82%8B\"><\/span>STEP5. ROIC\u3092\u6c42\u3081\u308b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u3044\u3088\u3044\u3088ROIC\u3067\u3059\u3002<br \/>\nROIC\u306f\u300cNOPAT \u00f7 \u6295\u4e0b\u8cc7\u672c\u300d\u306a\u306e\u3067\u3001I2\u30bb\u30eb\u306b\u6b21\u306e\u6570\u5f0f\u3092\u5165\u529b\u3057\u307e\u3059\u3002<\/p>\n<pre>=IFERROR(E2\/H2,\"\")<\/pre>\n<p>E2\u304cNOPAT\u3001H2\u304c\u6295\u4e0b\u8cc7\u672c\u3067\u3059\u3002<br \/>\n\u5272\u308a\u7b97\u306a\u306e\u3067\u3001\u6295\u4e0b\u8cc7\u672c\u304c0\u306e\u3068\u304d\u306b\u30a8\u30e9\u30fc\u306b\u306a\u308b\u306e\u3092\u9632\u3050\u305f\u3081\u3001IFERROR\u3067\u5305\u3093\u3067\u3044\u307e\u3059\u3002<br \/>\n\u3042\u308f\u305b\u3066\u3001I\u5217\u3092\u9078\u3093\u3067\u8868\u793a\u5f62\u5f0f\u3092\u300c\u30d1\u30fc\u30bb\u30f3\u30c6\u30fc\u30b8\uff080.0%\uff09\u300d\u306b\u3057\u307e\u3057\u3087\u3046\u3002<br \/>\n\u3053\u308c\u3067 0.112 \u3067\u306f\u306a\u304f 11.2% \u3068\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/p>\n<div class=\"c_box intitle pink_box\">\n<div class=\"box_title\"><span>POINT<\/span><\/div>\n<p>ROIC\u306f <b>NOPAT \u00f7 \u6295\u4e0b\u8cc7\u672c<\/b> \u306e\u5272\u308a\u7b971\u672c\u3067\u3059\u3002<br \/>\n\u6295\u4e0b\u8cc7\u672c\u304c0\u3067\u3082 <b>=IFERROR(E2\/H2,&#8221;&#8221;)<\/b> \u306a\u3089\u30a8\u30e9\u30fc\u3092\u8868\u793a\u305b\u305a\u306b\u3059\u307f\u307e\u3059\u3002<br \/>\n\uff05\u3067\u898b\u305f\u3044\u3068\u304d\u306f\u3001\u5024\u305d\u306e\u3082\u306e\u3092\u5909\u3048\u308b\u306e\u3067\u306f\u306a\u304f<b>\u30bb\u30eb\u306e\u8868\u793a\u5f62\u5f0f<\/b>\u3092\u30d1\u30fc\u30bb\u30f3\u30c6\u30fc\u30b8\u306b\u3057\u307e\u3057\u3087\u3046\u3002<\/div>\n<p><img decoding=\"async\" src=\"images\/00035\/05_roic_formula.png\" alt=\"ROIC\u306e\u6570\u5f0f\u3092\u5165\u529b\u3059\u308b\u753b\u9762\" \/><br \/>\nI\u5217\u306bROIC\u304c\u5165\u308a\u307e\u3057\u305f\u3002<br \/>\n\u30a2\u30eb\u30d5\u30a1\u5546\u4e8b\u306a\u3089 33,600 \u00f7 300,000 \uff1d 11.2% \u3067\u3059\u3002<br \/>\n\u30a4\u30d7\u30b7\u30ed\u30f3\u96fb\u6a5f\u306f 14.9%\u3001\u30bc\u30fc\u30bf\u5efa\u8a2d\u306f 2.6% \u3068\u3001\u540c\u3058\u300c\u3082\u3046\u3051\u300d\u3067\u3082\u5dee\u304c\u51fa\u3066\u3044\u307e\u3059\u3002<br \/>\n\u3053\u306e\u5dee\u304c\u3001\u6b21\u306eWACC\u3068\u306e\u6bd4\u8f03\u3067\u52b9\u3044\u3066\u304d\u307e\u3059\u3002<br \/>\n<img decoding=\"async\" src=\"images\/00035\/06_roic_result.png\" alt=\"ROIC\u3092\u8a08\u7b97\u3057\u305f\u7d50\u679c\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"STEP6_WACC%E3%81%A8%E6%AF%94%E3%81%B9%E3%81%A6%E4%BE%A1%E5%80%A4%E5%89%B5%E9%80%A0%E3%81%8B%E3%81%A9%E3%81%86%E3%81%8B%E3%82%92%E8%A6%8B%E3%82%8B\"><\/span>STEP6. WACC\u3068\u6bd4\u3079\u3066\u4fa1\u5024\u5275\u9020\u304b\u3069\u3046\u304b\u3092\u898b\u308b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ROIC\u306f\u5358\u4f53\u3067\u898b\u3066\u3082\u826f\u3057\u60aa\u3057\u304c\u5206\u304b\u308a\u306b\u304f\u3044\u6307\u6a19\u3067\u3059\u3002<br \/>\n\u305d\u3053\u3067\u6bd4\u8f03\u3059\u308b\u306e\u304c<b>WACC\uff08\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff09<\/b>\u3067\u3059\u3002<br \/>\nWACC\u306f\u300c\u304a\u91d1\u3092\u96c6\u3081\u308b\u306e\u306b\u3069\u308c\u3060\u3051\u30b3\u30b9\u30c8\u304c\u304b\u304b\u3063\u305f\u304b\u300d\u306e\u5272\u5408\u3067\u3059\u306d\u3002<br \/>\nJ\u5217\u306bWACC\u3092\u5165\u529b\u3057\u3001K2\u30bb\u30eb\u306b\u6b21\u306e\u5224\u5b9a\u5f0f\u3092\u5165\u308c\u307e\u3059\u3002<\/p>\n<pre>=IF(I2>J2,\"\u4fa1\u5024\u5275\u9020\",\"\u4fa1\u5024\u6bc0\u640d\")<\/pre>\n<p>ROIC\u304cWACC\u3092\u4e0a\u56de\u3063\u3066\u3044\u308c\u3070\u3001\u305d\u306e\u4f1a\u793e\u306f\u8abf\u9054\u30b3\u30b9\u30c8\u4ee5\u4e0a\u306b\u7a3c\u3044\u3067\u3044\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<br \/>\nJ3\u301cJ7\u3068K3\u301cK7\u306b\u3082\u540c\u3058\u8003\u3048\u65b9\u3067\u5165\u308c\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<br \/>\n<img decoding=\"async\" src=\"images\/00035\/07_wacc_formula.png\" alt=\"WACC\u3068\u6bd4\u8f03\u3059\u308b\u5224\u5b9a\u5f0f\u306e\u5165\u529b\u753b\u9762\" \/><br \/>\nK\u5217\u306b\u5224\u5b9a\u304c\u5165\u308a\u307e\u3057\u305f\u3002<br \/>\nROIC\u304cWACC\u3092\u4e0a\u56de\u3063\u3066\u3044\u308c\u3070\u300c\u4fa1\u5024\u5275\u9020\u300d\u3001\u4e0b\u56de\u3063\u3066\u3044\u308c\u3070\u300c\u4fa1\u5024\u6bc0\u640d\u300d\u3068\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/p>\n<table>\n<tr>\n<th>\u95a2\u4fc2<\/th>\n<th>\u610f\u5473<\/th>\n<th>\u5224\u65ad<\/th>\n<\/tr>\n<tr>\n<td>ROIC \uff1e WACC<\/td>\n<td>\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308b\u5229\u76ca\u3092\u7a3c\u3044\u3067\u3044\u308b<\/td>\n<td>\u4fa1\u5024\u5275\u9020<\/td>\n<\/tr>\n<tr>\n<td>ROIC \uff1d WACC<\/td>\n<td>\u8abf\u9054\u30b3\u30b9\u30c8\u3068\u540c\u3058\u3060\u3051\u7a3c\u3044\u3067\u3044\u308b<\/td>\n<td>\u3068\u3093\u3068\u3093<\/td>\n<\/tr>\n<tr>\n<td>ROIC \uff1c WACC<\/td>\n<td>\u8abf\u9054\u30b3\u30b9\u30c8\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b<\/td>\n<td>\u4fa1\u5024\u6bc0\u640d<\/td>\n<\/tr>\n<\/table>\n<p>\u4eca\u56de\u306e\u4f8b\u3067\u306f\u3001\u30c7\u30eb\u30bf\u904b\u8f38\u3068\u30bc\u30fc\u30bf\u5efa\u8a2d\u304c\u300c\u4fa1\u5024\u6bc0\u640d\u300d\u306b\u306a\u308a\u307e\u3057\u305f\u3002<br \/>\n\u3053\u306e\u3088\u3046\u306b\u3001ROIC\u306fWACC\u3068\u30bb\u30c3\u30c8\u3067\u898b\u308b\u3068\u610f\u5473\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"ROIC%E3%83%BBROE%E3%83%BBROA%E3%81%AE%E9%81%95%E3%81%84\"><\/span>ROIC\u30fbROE\u30fbROA\u306e\u9055\u3044<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u4f3c\u305f\u6307\u6a19\u306bROE\u3084ROA\u304c\u3042\u308a\u307e\u3059\u3002<br \/>\n\u5206\u5b50\u3068\u5206\u6bcd\u306e\u9055\u3044\u3092\u62bc\u3055\u3048\u3066\u304a\u304f\u3068\u3001\u4f7f\u3044\u5206\u3051\u304c\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<table>\n<tr>\n<th>\u6307\u6a19<\/th>\n<th>\u5206\u5b50<\/th>\n<th>\u5206\u6bcd<\/th>\n<th>\u898b\u3066\u3044\u308b\u3082\u306e<\/th>\n<\/tr>\n<tr>\n<td>ROIC<\/td>\n<td>NOPAT\uff08\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff09<\/td>\n<td>\u6295\u4e0b\u8cc7\u672c\uff08\u6709\u5229\u5b50\u8ca0\u50b5\uff0b\u682a\u4e3b\u8cc7\u672c\uff09<\/td>\n<td>\u96c6\u3081\u305f\u304a\u91d1\u5168\u4f53\u306e\u7a3c\u3050\u529b<\/td>\n<\/tr>\n<tr>\n<td>ROE<\/td>\n<td>\u5f53\u671f\u7d14\u5229\u76ca<\/td>\n<td>\u682a\u4e3b\u8cc7\u672c<\/td>\n<td>\u682a\u4e3b\u306e\u304a\u91d1\u306e\u7a3c\u3050\u529b<\/td>\n<\/tr>\n<tr>\n<td>ROA<\/td>\n<td>\u5f53\u671f\u7d14\u5229\u76ca\uff08\u307e\u305f\u306f\u55b6\u696d\u5229\u76ca\uff09<\/td>\n<td>\u7dcf\u8cc7\u7523<\/td>\n<td>\u8cc7\u7523\u5168\u4f53\u306e\u7a3c\u3050\u529b<\/td>\n<\/tr>\n<\/table>\n<p>ROE\u306f\u8ca0\u50b5\u3092\u5897\u3084\u3059\u3068\u6570\u5024\u304c\u826f\u304f\u898b\u3048\u307e\u3059\u304c\u3001ROIC\u306f\u6295\u4e0b\u8cc7\u672c\u5168\u4f53\u3067\u898b\u308b\u305f\u3081\u3001\u8cc7\u672c\u69cb\u6210\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u3044\u306e\u304c\u7279\u9577\u3067\u3059\u3002<br \/>\n<img decoding=\"async\" src=\"images\/00035\/08_wacc_result.png\" alt=\"WACC\u3068\u6bd4\u8f03\u3057\u305f\u5224\u5b9a\u7d50\u679c\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"STEP7_VBA%E3%81%A7%E4%B8%80%E6%8B%AC%E8%A8%88%E7%AE%97%E3%81%99%E3%82%8B\"><\/span>STEP7. VBA\u3067\u4e00\u62ec\u8a08\u7b97\u3059\u308b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4ef6\u6570\u304c\u591a\u304b\u3063\u305f\u308a\u3001\u6bce\u6708\u540c\u3058\u8a08\u7b97\u3092\u3057\u305f\u308a\u3059\u308b\u306a\u3089\u3001VBA\u3067\u4e00\u62ec\u8a08\u7b97\u3059\u308b\u306e\u304c\u304a\u3059\u3059\u3081\u3067\u3059\u3002<br \/>\nAlt+F11\u3067VBA\u30a8\u30c7\u30a3\u30bf\u30fc\u3092\u958b\u304d\u3001\u6a19\u6e96\u30e2\u30b8\u30e5\u30fc\u30eb\u306b\u6b21\u306e\u30b3\u30fc\u30c9\u3092\u8cbc\u308a\u4ed8\u3051\u307e\u3059\u3002<\/p>\n<pre style=\"padding: 0;\"><code class=\"language-visual-basic line-numbers\">Sub CalcROIC()\n    Dim r As Long, lastRow As Long\n    lastRow = Cells(Rows.Count, 1).End(xlUp).Row\n    For r = 2 To lastRow\n        Cells(r, 5).Value = Cells(r, 2).Value * (1 - Cells(r, 4).Value)\n        Cells(r, 8).Value = Cells(r, 6).Value + Cells(r, 7).Value\n        If Cells(r, 8).Value &lt;&gt; 0 Then\n            Cells(r, 9).Value = Cells(r, 5).Value \/ Cells(r, 8).Value\n        End If\n        Cells(r, 11).Value = IIf(Cells(r, 9).Value &gt; Cells(r, 10).Value, &quot;\u4fa1\u5024\u5275\u9020&quot;, &quot;\u4fa1\u5024\u6bc0\u640d&quot;)\n    Next r\nEnd Sub<\/code><\/pre>\n<p>\u5b9f\u884c\u3059\u308b\u3068\u3001NOPAT\u30fb\u6295\u4e0b\u8cc7\u672c\u30fbROIC\u30fb\u5224\u5b9a\u304c\u307e\u3068\u3081\u3066\u8a08\u7b97\u3055\u308c\u307e\u3059\u3002<br \/>\n\u30dc\u30bf\u30f3\u306b\u767b\u9332\u3057\u3066\u304a\u3051\u3070\u3001\u30af\u30ea\u30c3\u30af1\u3064\u3067\u6bce\u56de\u306e\u8a08\u7b97\u304c\u5b8c\u4e86\u3057\u307e\u3059\u3002<br \/>\n<!--\u5439\u304d\u51fa\u3057\u306f\u3058\u307e\u308a--><\/p>\n<div class=\"balloon5\">\n<div class=\"faceicon\">\n<img loading=\"lazy\" decoding=\"async\" src=\"\/wp-content\/uploads\/2020\/11\/taka_kao.gif\" alt=\"\u30bf\u30ab\u30d2\u30ed\" width=\"110\" height=\"110\" \/><\/p>\n<div class=\"faceiconfont\">\u30bf\u30ab\u30d2\u30ed<\/div>\n<\/div>\n<div class=\"chatting\">\n<div class=\"says\">\u300cCells(r, 5)\u300d\u306e <b>5<\/b> \u306fE\u5217\u3068\u3044\u3046\u610f\u5473\u3067\u3059\u3002<br \/>\n\u756a\u53f7\u3060\u3051\u898b\u308b\u3068\u5206\u304b\u308a\u306b\u304f\u3044\u306e\u3067\u3001<b>\u5217\u756a\u53f7\u3092\u30e1\u30e2\u3057\u3066\u304a\u304f<\/b>\u3068\u8aad\u307f\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3088\u3002<\/div>\n<\/div>\n<\/div>\n<p><!--\u5439\u304d\u51fa\u3057\u7d42\u308f\u308a--><\/p>\n<h3><span class=\"ez-toc-section\" id=\"%E3%81%86%E3%81%BE%E3%81%8F%E3%81%84%E3%81%8B%E3%81%AA%E3%81%84%E3%81%A8%E3%81%8D%E3%81%AE%E5%AF%BE%E5%87%A6%E6%B3%95%EF%BC%88%E3%83%88%E3%83%A9%E3%83%96%E3%83%AB%E3%82%B7%E3%83%A5%E3%83%BC%E3%83%88%EF%BC%89\"><\/span>\u3046\u307e\u304f\u3044\u304b\u306a\u3044\u3068\u304d\u306e\u5bfe\u51e6\u6cd5\uff08\u30c8\u30e9\u30d6\u30eb\u30b7\u30e5\u30fc\u30c8\uff09<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u5b9f\u969b\u306b\u8a66\u3059\u3068\u3001\u601d\u3063\u305f\u3088\u3046\u306b\u3044\u304b\u306a\u3044\u3053\u3068\u3082\u3042\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002<br \/>\n\u3088\u304f\u3042\u308b\u3064\u307e\u305a\u304d\u3068\u5bfe\u51e6\u6cd5\u3092\u307e\u3068\u3081\u307e\u3057\u305f\u3002<\/p>\n<table>\n<tr>\n<th>\u75c7\u72b6<\/th>\n<th>\u539f\u56e0<\/th>\n<th>\u5bfe\u51e6<\/th>\n<\/tr>\n<tr>\n<td>\u5206\u6bcd\u306b\u4f55\u3092\u542b\u3081\u308b\u304b\u8ff7\u3046<\/td>\n<td>\u6295\u4e0b\u8cc7\u672c\u306e\u5b9a\u7fa9\u306f\u4f1a\u793e\u3054\u3068\u306b\u5c11\u3057\u9055\u3046<\/td>\n<td>\u4eca\u56de\u306f<b>\u6709\u5229\u5b50\u8ca0\u50b5\uff0b\u682a\u4e3b\u8cc7\u672c<\/b>\u3002\u904b\u8ee2\u8cc7\u672c\u3092\u542b\u3081\u308b\u5b9a\u7fa9\u3082\u3042\u308b\u306e\u3067\u793e\u5185\u3067\u7d71\u4e00\u3059\u308b<\/td>\n<\/tr>\n<tr>\n<td>\u306a\u305c\u7a0e\u5f15\u5f8c\u306b\u3059\u308b\u306e\u304b\u5206\u304b\u3089\u306a\u3044<\/td>\n<td>\u652f\u6255\u5229\u606f\u3092\u9664\u3044\u3066\u6bd4\u8f03\u3057\u305f\u3044\u304b\u3089<\/td>\n<td>\u7a0e\u5f15\u5f8c\u306e\u672c\u696d\u306e\u3082\u3046\u3051\u3067\u898b\u308b\u3068\u3001\u8cc7\u672c\u69cb\u6210\u306e\u9055\u3044\u3092\u306a\u3089\u3057\u3066\u6bd4\u8f03\u3067\u304d\u308b<\/td>\n<\/tr>\n<tr>\n<td>ROIC\u304c <b>#DIV\/0!<\/b> \u306b\u306a\u308b<\/td>\n<td>\u6295\u4e0b\u8cc7\u672c\uff08H\u5217\uff09\u304c0\u306b\u306a\u3063\u3066\u3044\u308b<\/td>\n<td><b>=IFERROR(E2\/H2,&#8221;&#8221;)<\/b> \u3067\u30a8\u30e9\u30fc\u3092\u7a7a\u6b04\u306b\u3059\u308b<\/td>\n<\/tr>\n<tr>\n<td>\uff05\u306b\u306a\u3089\u305a 0.112 \u3068\u8868\u793a\u3055\u308c\u308b<\/td>\n<td>\u30bb\u30eb\u306e\u8868\u793a\u5f62\u5f0f\u304c\u300c\u6a19\u6e96\u300d\u306e\u307e\u307e<\/td>\n<td>I\u5217\u3092\u9078\u3073\u3001\u30db\u30fc\u30e0\u30bf\u30d6\u306e\u8868\u793a\u5f62\u5f0f\u3067<b>\u30d1\u30fc\u30bb\u30f3\u30c6\u30fc\u30b8<\/b>\u3092\u9078\u3076<\/td>\n<\/tr>\n<tr>\n<td>\u5343\u5186\u3068\u5186\u304c\u6df7\u5728\u3057\u3066\u6841\u304c\u304a\u304b\u3057\u3044<\/td>\n<td>\u91d1\u984d\u306e\u5358\u4f4d\u304c\u305d\u308d\u3063\u3066\u3044\u306a\u3044<\/td>\n<td>\u5bfe\u8c61\u5217\u3092\u3059\u3079\u3066<b>\u5343\u5186<\/b>\uff08\u307e\u305f\u306f\u5186\uff09\u306b\u7d71\u4e00\u3059\u308b<\/td>\n<\/tr>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"%E9%96%A2%E6%95%B0%E3%81%AE%E8%AA%AC%E6%98%8E\"><\/span>\u95a2\u6570\u306e\u8aac\u660e<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u4eca\u56de\u4f7f\u3063\u305f\u95a2\u6570\u306e\u6982\u8981\u3067\u3059\u3002<br \/>\n\u3069\u308c\u3082\u3088\u304f\u4f7f\u3046\u95a2\u6570\u306a\u306e\u3067\u3001\u9055\u3044\u3092\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n<h4>SUM\u95a2\u6570\uff08\u30b5\u30e0\uff09<\/h4>\n<table>\n<tr>\n<th>\u66f8\u5f0f<\/th>\n<td>=SUM(\u6570\u50241, [\u6570\u50242], \u2026)<\/td>\n<\/tr>\n<tr>\n<th>\u3067\u304d\u308b\u3053\u3068<\/th>\n<td>\u6307\u5b9a\u3057\u305f\u7bc4\u56f2\u3084\u6570\u5024\u306e<b>\u5408\u8a08<\/b>\u3092\u6c42\u3081\u308b\u3001\u3082\u3063\u3068\u3082\u57fa\u672c\u306e\u96c6\u8a08\u95a2\u6570\u3067\u3059\u3002<\/td>\n<\/tr>\n<tr>\n<th>\u623b\u308a\u5024<\/th>\n<td>\u5408\u8a08\u5024\uff08\u6570\u5024\uff09<\/td>\n<\/tr>\n<tr>\n<th>\u3053\u3093\u306a\u3068\u304d\u306b<\/th>\n<td>\u6295\u4e0b\u8cc7\u672c\u3084\u55b6\u696d\u5229\u76ca\u306e\u5408\u8a08\u3092\u78ba\u8a8d\u3057\u305f\u3044\u3068\u304d\u3002<\/td>\n<\/tr>\n<tr>\n<th>\u6ce8\u610f<\/th>\n<td>\u6587\u5b57\u5217\u3084\u7a7a\u767d\u30bb\u30eb\u306f\u7121\u8996\u3055\u308c\u307e\u3059\u3002\u30a8\u30e9\u30fc\u5024\u304c1\u3064\u3067\u3082\u3042\u308b\u3068\u7d50\u679c\u3082\u30a8\u30e9\u30fc\u306b\u306a\u308a\u307e\u3059\u3002<\/td>\n<\/tr>\n<\/table>\n<pre>=SUM(H2:H7)<\/pre>\n<h4>ROUND\u95a2\u6570\uff08\u30e9\u30a6\u30f3\u30c9\uff09<\/h4>\n<table>\n<tr>\n<th>\u66f8\u5f0f<\/th>\n<td>=ROUND(\u6570\u5024, \u6841\u6570)<\/td>\n<\/tr>\n<tr>\n<th>\u3067\u304d\u308b\u3053\u3068<\/th>\n<td>\u6570\u5024\u3092\u6307\u5b9a\u3057\u305f\u6841\u6570\u3067<b>\u56db\u6368\u4e94\u5165<\/b>\u3057\u307e\u3059\u3002<\/td>\n<\/tr>\n<tr>\n<th>\u623b\u308a\u5024<\/th>\n<td>\u56db\u6368\u4e94\u5165\u3057\u305f\u6570\u5024<\/td>\n<\/tr>\n<tr>\n<th>\u3053\u3093\u306a\u3068\u304d\u306b<\/th>\n<td>ROIC\u3092\uff05\u306e\u6570\u5024\u3068\u3057\u3066\u4e38\u3081\u305f\u3044\u3068\u304d\u3002<b>=ROUND(E2\/H2*100,1)<\/b> 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