{"id":2140,"date":"2017-07-27T09:40:48","date_gmt":"2017-07-27T00:40:48","guid":{"rendered":"https:\/\/ssri.sanyu-appraisal.com\/SSRI\/?p=2140"},"modified":"2017-07-27T10:20:31","modified_gmt":"2017-07-27T01:20:31","slug":"%e5%8f%8e%e7%9b%8a%e8%a8%88%e7%ae%97%e3%81%a7%e7%94%a8%e3%81%84%e3%82%8bcapex%ef%bc%88%e8%b3%87%e6%9c%ac%e7%9a%84%e6%94%af%e5%87%ba%ef%bc%89%e3%81%ab%e3%81%a4%e3%81%84%e3%81%a6","status":"publish","type":"post","link":"https:\/\/ssri.sanyu-appraisal.com\/SSRI\/sanyu-archives-2140.html","title":{"rendered":"\u53ce\u76ca\u8a08\u7b97\u3067\u7528\u3044\u308bCAPEX\uff08\u8cc7\u672c\u7684\u652f\u51fa\uff09\u306b\u3064\u3044\u3066"},"content":{"rendered":"

\u3000\u53ce\u76ca\u9084\u5143\u6cd5\u3067\u306f\u3001\u7dcf\u53ce\u76ca\u304b\u3089\u7dcf\u8cbb\u7528\u3092\u63a7\u9664\u3057\u3066\u7d14\u53ce\u76ca\uff08NOI\uff09\u3092\u307e\u305a\u6c42\u3081\u3001\u3053\u306eNOI\u304b\u3089CAPEX\u3092\u63a7\u9664\u3057\u3066\u6b63\u5473\u7d14\u53ce\u76ca\uff08NCF\uff09\u3092\u6c42\u3081\u307e\u3059\uff08NCF\u00f7\u5229\u56de\u308a\uff1d\u53ce\u76ca\u4fa1\u683c\uff09\u3002CAPEX\uff08\u30ad\u30e3\u30da\u30c3\u30af\u30b9\uff09\u3068\u3044\u3046\u8a00\u8449\u306f\u300cCapital Expenditure\u300d\u306e\u7565\u8a9e\u3067\u3001\u53ce\u76ca\u8a08\u7b97\u306e\u5b9f\u52d9\u3067\u306f\u300c\u8cc7\u672c\u7684\u652f\u51fa\u300d\u3084\u300c\u5927\u898f\u6a21\u4fee\u7e55\u7a4d\u7acb\u91d1\u300d\u7b49\u3068\u8a33\u3055\u308c\u307e\u3059\u3002\u4eca\u56de\u306f\u3001\u8a00\u8449\u306e\u5b9a\u7fa9\u304c\u3084\u3084\u66d6\u6627\u306a\u611f\u3058\u3082\u3059\u308b\u3053\u306eCAPEX\u306b\u3064\u3044\u3066\u8003\u5bdf\u3057\u307e\u3059\u3002<\/p>\n

\u4f1a\u8a08\u4e0a\u306e\u8cc7\u672c\u7684\u652f\u51fa\u3068\u306e\u9055\u3044<\/h2>\n

\u3000\u6700\u521d\u306b\u3001\u53ce\u76ca\u9084\u5143\u6cd5\u3067\u767b\u5834\u3059\u308bCAPEX\uff08\u8cc7\u672c\u7684\u652f\u51fa\uff09\u306f\u3001\u300c\u4f1a\u8a08\u4e0a\u306e\u8cc7\u672c\u7684\u652f\u51fa\u300d\u3068\u306f\u610f\u5473\u304c\u7570\u306a\u308a\u307e\u3059\u3002\u3059\u306a\u308f\u3061\u3001\u300c\u4f1a\u8a08\u4e0a\u306e\u8cc7\u672c\u7684\u652f\u51fa\u300d\u304c\u8cc7\u7523\u4fa1\u5024\u3092\u5411\u4e0a\u3055\u305b\u308b\u30d0\u30ea\u30e5\u30fc\u30fb\u30a2\u30c3\u30d7\u7684\u306a\u652f\u51fa\u3092\u610f\u5473\u3059\u308b\u306e\u306b\u5bfe\u3057\u3001\u4e0d\u52d5\u7523\u8a55\u4fa1\u4e0a\u306e\u300c\u8cc7\u672c\u7684\u652f\u51fa\u300d\u306f\u8cc7\u7523\u4fa1\u5024\u3092\u4f7f\u7528\u958b\u59cb\u524d\u306e\u72b6\u614b\u306b\u623b\u3059\u305f\u3081\u306e\u652f\u51fa\u306e\u307f\u3092\u610f\u5473\u3057\u3001\u521d\u671f\u72b6\u614b\u3092\u8d85\u3048\u3066\u8cc7\u7523\u4fa1\u5024\u3092\u9ad8\u3081\u308b\u3088\u3046\u306a\u652f\u51fa\u306f\u542b\u307e\u308c\u307e\u305b\u3093\uff08\u5efa\u7bc9\u696d\u754c\u306eBELCA[\u6ce8]<\/sup><\/a>\u3082\u540c\u69d8\u306e\u89e3\u91c8\u3067\u3059\uff09\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u4f8b\u3048\u3070\u30ea\u30cb\u30e5\u30fc\u30a2\u30eb\u3084\u30ea\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3092\u524d\u63d0\u306b\u53ce\u76ca\u4fa1\u683c\u3092\u628a\u63e1\u3059\u308b\u3088\u3046\u306a\u30b1\u30fc\u30b9\u3067\u306f\u3001\u6539\u5584\u306b\u8981\u3059\u308b\u652f\u51fa\u306fCAPEX\u3068\u306f\u5225\u306b\u3001\u67fb\u5b9a\u3057\u305f\u53ce\u76ca\u4fa1\u683c\u304b\u3089\u76f4\u63a5\u7684\u306b\u63a7\u9664\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u6700\u8fd1\u306f\u6e1b\u640d\u4f1a\u8a08\u3084\u6642\u4fa1\u6ce8\u8a18\u7b49\u306e\u4f9d\u983c\u76ee\u7684\u306b\u304a\u3044\u3066\u3001\u9451\u5b9a\u66f8\u304c\u76e3\u67fb\u6cd5\u4eba\u7b49\u306e\u76ee\u306b\u89e6\u308c\u308b\u6a5f\u4f1a\u3082\u5897\u3048\u3066\u3044\u307e\u3059\u3002\u4f1a\u8a08\u58eb\u3084\u7a0e\u7406\u58eb\u306e\u65b9\u306f\u9055\u548c\u611f\u3092\u899a\u3048\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u300c\u8cc7\u672c\u7684\u652f\u51fa\u300d\u3068\u3044\u3046\u8a00\u8449\u306e\u610f\u5473\u306e\u9055\u3044\u3092\u4e92\u3044\u306b\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u6e1b\u4fa1\u511f\u5374\u8cbb\u3068\u306e\u9055\u3044<\/h2>\n

\u3000\u9451\u5b9a\u8a55\u4fa1\u306bCAPEX\u306e\u6982\u5ff5\u304c\u5c0e\u5165\u3055\u308c\u305f\u306e\u306f\u3001\u5e73\u621015\u5e74\u306e\u9451\u5b9a\u57fa\u6e96\u6539\u6b63\u6642\u3067\u3059\u3002\u305d\u308c\u4ee5\u524d\u306f\u3001\u53ce\u76ca\u8a08\u7b97\u306b\u5f53\u305f\u3063\u3066\u306f\u7dcf\u8cbb\u7528\u3068\u3057\u3066\u6e1b\u4fa1\u511f\u5374\u8cbb\u3092\u8a08\u4e0a\u3059\u308b\u3082\u306e\u3068\u3055\u308c\u3001\u8cc7\u7523\u4fa1\u5024\u306e\u6e1b\u8017\u5206\u306f\u518d\u6295\u4e0b\u8cc7\u672c\u3068\u3057\u3066\u56de\u53ce\u3059\u308b\u3068\u3044\u3046\u8003\u3048\u65b9\u304c\u4e00\u822c\u7684\u3067\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u5e73\u621015\u5e74\u6539\u6b63\u3067\u300c\u53ce\u76ca\u8a08\u7b97\u306b\u306f\u539f\u5247\u3068\u3057\u3066\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u542b\u3081\u306a\u3044\u300d\u3082\u306e\u3068\u3055\u308c\u305f\u305f\u3081\u3001\u3053\u308c\u306b\u4ee3\u308f\u308b\u8cc7\u7523\u4fa1\u5024\u306e\u4fdd\u5168\u624b\u6bb5\u3068\u3057\u3066\u65b0\u305f\u306bCAPEX\u306e\u8a08\u4e0a\u304c\u7fa9\u52d9\u3065\u3051\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n

\u3000\u6e1b\u4fa1\u511f\u5374\u304c\u53d6\u5f97\u539f\u4fa1\u306e\u671f\u9593\u914d\u5206\u624b\u7d9a\u304d\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001CAPEX\u306f\u4e00\u5b9a\u671f\u9593\uff08\u901a\u5e38\u306f\u8abf\u67fb\u6642\u70b9\u304b\u308912\u5e74\u307e\u305f\u306f15\u5e74\uff09\u5185\u306b\u767a\u751f\u3059\u308b\u3067\u3042\u308d\u3046\u4fee\u7e55\u66f4\u65b0\u8cbb\u3092\u5efa\u7bc9\u4f1a\u793e\u304c\u500b\u5225\u306e\u8a2d\u5099\u3054\u3068\u306b\u898b\u7a4d\u3082\u3063\u3066\u3044\u308b\u70b9\u3067\u5efa\u7269\u306e\u5b9f\u614b\u306b\u5373\u3057\u305f\u91d1\u984d\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u3057\u3001CAPEX\u306f\u5efa\u7269\u306e\u5b58\u7d9a\u671f\u9593\u5168\u4f53\u3092\u67fb\u5b9a\u306e\u5bfe\u8c61\u3068\u306f\u3057\u3066\u3044\u306a\u3044\u305f\u3081\u3001\u5f53\u521d\u306e\u67fb\u5b9a\u671f\u9593\u304c\u7d4c\u904e\u3057\u305f\u5f8c\u3001\u5c06\u6765\u306b\u5411\u304b\u3063\u3066\u4fee\u7e55\u8cbb\u304c\u9013\u5897\u3059\u308b\u30ea\u30b9\u30af\u306f\u6b8b\u3063\u3066\u3044\u307e\u3059\u3002\u306a\u304a\u3001\u5b9f\u969b\u306e\u53ce\u76ca\u8a08\u7b97\u306b\u304a\u3044\u3066\u306f\u3001\u7d14\u53ce\u76ca\u3084\u5229\u56de\u308a\u304c\u5e74\u9593\u3092\u5358\u4f4d\u3068\u3057\u3066\u3044\u308b\u95a2\u4fc2\u3067\u3001CAPEX\u306b\u3064\u3044\u3066\u3082\u5e74\u5e73\u5747\u984d\u3092\u8a08\u4e0a\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u5b9f\u52d9\u4e0a\u306e\u8ab2\u984c\u7b49<\/h2>\n

\u3000\u4e0d\u52d5\u7523\u9451\u5b9a\u58eb\u306f\u3001CAPEX\u304c\u5efa\u7bc9\u8cbb\u306b\u5360\u3081\u308b\u6a19\u6e96\u7684\u306a\u5272\u5408\u7b49\u306f\u628a\u63e1\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u5efa\u7bc9\u4f1a\u793e\u306e\u3088\u3046\u306b\u500b\u5225\u306e\u8a2d\u5099\u3054\u3068\u306b\u4fee\u7e55\u66f4\u65b0\u8cbb\u3092\u898b\u7a4d\u3082\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002\u3053\u306e\u305f\u3081\u3001\u7279\u306b\u8a3c\u5238\u5316\u4e0d\u52d5\u7523\u306e\u8a55\u4fa1\u306b\u5f53\u305f\u3063\u3066\u306f\u30a8\u30f3\u30b8\u30cb\u30a2\u30ea\u30f3\u30b0\u30fb\u30ec\u30dd\u30fc\u30c8\uff08\u4ee5\u4e0b\u300cER\u300d\uff09\u306e\u5165\u624b\u304c\u7fa9\u52d9\u3065\u3051\u3089\u308c\u3001\u4e0d\u52d5\u7523\u9451\u5b9a\u58eb\u306fER\u304c\u67fb\u5b9a\u3057\u305f\u4e2d\u9577\u671f\u4fee\u7e55\u66f4\u65b0\u8cbb\u306e\u59a5\u5f53\u6027\u3092\u691c\u8a3c\u306e\u4e0a\u3001\u3053\u306e\u91d1\u984d\u3092CAPEX\u3068\u3057\u3066\u8a08\u4e0a\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001\u5efa\u7269\u306e\u73fe\u6cc1\u3084\u7d4c\u904e\u5e74\u6570\u306b\u7167\u3089\u3057\u3066ER\u306e\u67fb\u5b9a\u984d\u306b\u7591\u7fa9\u304c\u751f\u3058\u305f\u5834\u5408\u306b\u306f\u3001\u67fb\u5b9a\u984d\u306b\u4ee3\u3048\u3066\u5efa\u7bc9\u8cbb\u30d9\u30fc\u30b9\u306e\u63a8\u5b9a\u984d\u3092\u8a08\u4e0a\u3057\u305f\u308a\u3001\u8cbb\u7528\u304c\u5897\u52a0\u3059\u308b\u30ea\u30b9\u30af\u3092\u5225\u9014\u5229\u56de\u308a\u3067\u8003\u616e\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n

\u3000\u307e\u305f\u3001ER\u306f\u4e0d\u52d5\u7523\u3092\u8a3c\u5238\u5316\u3059\u308b\u969b\u306b\u6240\u6709\u8005\u3067\u3042\u308b\u30d5\u30a1\u30f3\u30c9\u5074\u304c\u53d6\u5f97\u3059\u308b\u3082\u306e\u3067\u3059\u304c\u3001\u9451\u5b9a\u8a55\u4fa1\u306e\u3088\u3046\u306b\u6bce\u5e74\u53d6\u308a\u76f4\u3059\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u305f\u3081\u3001\u9451\u5b9a\u4f1a\u793e\u3068\u3057\u3066\u306f\u3001\u8a55\u4fa1\u6642\u70b9\u3068\u306e\u517c\u306d\u5408\u3044\u3067\u5165\u624b\u3057\u305fER\u304c\u53e4\u3044\u3068\u3044\u3046\u30b1\u30fc\u30b9\u3082\u5c11\u306a\u304f\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u70b9\u306b\u95a2\u3057\u3066\u3001\u8a3c\u5238\u5316\u9451\u5b9a\u306e\u5b9f\u52d9\u6307\u91dd\u3067\u306f\u300cER\u306f5\u5e74\u4ee5\u5185\u306e\u3082\u306e\u3092\u4f7f\u7528\u3059\u308b\u3053\u3068\u304c\u671b\u307e\u3057\u3044\u300d\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u3042\u304f\u307e\u3067\u3082\u52aa\u529b\u898f\u5b9a\u3067\u3042\u308a\u3001\u4f9d\u983c\u8005\u306b\u6642\u9593\u7684\u307e\u305f\u306f\u91d1\u92ad\u7684\u306a\u4f59\u88d5\u304c\u306a\u3051\u308c\u3070\u53e4\u3044\u3082\u306e\u3092\u305d\u306e\u307e\u307e\u4f7f\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\uff08\u5c11\u306a\u304f\u3068\u3082\u53c2\u8003\u306b\u306f\u3057\u307e\u3059\uff09\u3002\u7279\u306b\u3001\u5efa\u7bc9\u8cbb\u304c\u9ad8\u9a30\u3057\u3066\u3044\u308b\u6642\u671f\u306b\u53e4\u3044ER\u3092\u4f7f\u3046\u5834\u5408\u306b\u306f\u3001\u5efa\u7bc9\u8cbb\u6307\u6570\u7b49\u3092\u53c2\u8003\u306b\u3057\u3066\u91d1\u984d\u3092\u88dc\u6b63\u3057\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n

\u3000CAPEX\u306f\u3001\u8cbb\u7528\u9805\u76ee\u306e\u4e2d\u3067\u3082\u91d1\u984d\u304c\u5927\u304d\u304f\u3001\u5229\u56de\u308a\u3068\u540c\u69d8\u306b\u53ce\u76ca\u4fa1\u683c\u306b\u591a\u5927\u306a\u5f71\u97ff\u3092\u53ca\u307c\u3059\u3082\u306e\u3067\u3059\u3002\u6700\u8fd1\u3001\u5229\u56de\u308a\u306b\u95a2\u3057\u3066\u306f\u30c7\u30fc\u30bf\u30d9\u30fc\u30b9\u5316\u304c\u9032\u3093\u3067\u3044\u308b\u3088\u3046\u3067\u3059\u304c\u3001\u4e0d\u52d5\u7523\u9451\u5b9a\u58eb\u306fCAPEX\u306b\u3064\u3044\u3066\u3082\u3001\u5c11\u306a\u304f\u3068\u3082\u81ea\u5206\u304c\u62c5\u5f53\u3057\u305f\u6848\u4ef6\u306e\u4fee\u7e55\u5c65\u6b74\u3084\u4fee\u7e55\u8a08\u753b\u306b\u306f\u76ee\u3092\u5149\u3089\u305b\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n

\u9451\u5b9a\u7d71\u62ec\u90e8\u3000\u85e4\u4ee3\u3000\u7d14\u4eba\uff08\u4e0d\u52d5\u7523\u9451\u5b9a\u58eb\uff09<\/p>\n

\u6ce8\uff1a\u516c\u76ca\u793e\u56e3\u6cd5\u4eba\u30ed\u30f3\u30b0\u30e9\u30a4\u30d5\u30d3\u30eb\u63a8\u9032\u5354\u4f1a<\/a><\/p>\n\ufeff

    \n
  1. \u904e\u71b1\u3059\u308b\u4e0d\u52d5\u7523\u5e02\u5834\u306b\u304a\u3051\u308b\u53ce\u76ca\u9084\u5143\u6cd5\u306e\u9069\u7528\u306b\u3064\u3044\u3066<\/a><\/li>\n
  2. \u76f8\u7d9a\u7a0e\u5bfe\u7b56\u3067\u5efa\u3066\u3089\u308c\u305f\u30a2\u30d1\u30fc\u30c8\u306e\u8a55\u4fa1\u65b9\u6cd5\u306b\u3064\u3044\u3066<\/a><\/li>\n
  3. \u5b9f\u52d9\u3067\u7528\u3044\u308b\u5404\u7a2e\u5229\u56de\u308a\u306e\u518d\u78ba\u8a8d<\/a><\/li>\n
  4. \u9451\u5b9a\u58eb\u8a66\u9a13\u306e\u53d7\u9a13\u751f\u3078<\/a><\/li>\n
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