{"id":211312,"date":"2020-09-24T10:12:20","date_gmt":"2020-09-24T01:12:20","guid":{"rendered":"https:\/\/profession-net.com\/professionjournal\/?p=211312"},"modified":"2022-11-21T13:54:10","modified_gmt":"2022-11-21T04:54:10","slug":"financial-instruments-article-58","status":"publish","type":"post","link":"https:\/\/profession-net.com\/professionjournal\/financial-instruments-article-58\/","title":{"rendered":"\u30d5\u30ed\u30fc\u30fb\u30c1\u30e3\u30fc\u30c8\u3092\u4f7f\u3063\u3066\u5b66\u3076\u4f1a\u8a08\u5b9f\u52d9\u3000\u3010\u7b2c51\u56de\u3011\u300c\u7d44\u5408\u7b49\u3078\u306e\u51fa\u8cc7\u306e\u4f1a\u8a08\u51e6\u7406\u300d"},"content":{"rendered":"<div class=\"the-content text mb-0\"><h4 style=\"text-align: center;\"><strong>\u30d5\u30ed\u30fc\u30fb\u30c1\u30e3\u30fc\u30c8\u3092\u4f7f\u3063\u3066\u5b66\u3076\u4f1a\u8a08\u5b9f\u52d9<\/strong><\/h4>\n<h4 style=\"text-align: center;\"><strong>\u3010\u7b2c51\u56de\u3011<\/strong><\/h4>\n<h4 style=\"text-align: center;\"><strong>\u300c\u7d44\u5408\u7b49\u3078\u306e\u51fa\u8cc7\u306e\u4f1a\u8a08\u51e6\u7406\u300d<\/strong><\/h4>\n<p>&nbsp;<\/p>\n<p style=\"text-align: right;\">RSM\u6e05\u548c\u76e3\u67fb\u6cd5\u4eba<br \/>\n\u516c\u8a8d\u4f1a\u8a08\u58eb\u3000<strong>\u897f\u7530\u3000\u53cb\u6d0b<\/strong><\/p>\n<p>&nbsp;<\/p>\n<h4><strong>\u3010\u306f\u3058\u3081\u306b\u3011<\/strong><\/h4>\n<p>\u4f1a\u793e\u306f\u3001\u6295\u8cc7\u7b49\u306e\u305f\u3081\u306b\u4efb\u610f\u7d44\u5408\u3001\u533f\u540d\u7d44\u5408\u3001\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u7b49\uff08\u4ee5\u4e0b\u3001\u300c\u7d44\u5408\u7b49\u300d\u3068\u3044\u3046\uff09\u306b\u51fa\u8cc7\u3059\u308b\u5834\u5408\u304c\u3042\u308b\u3002<\/p>\n<p>\u4eca\u56de\u306f\u3001\u7d44\u5408\u7b49\u3078\u306e\u51fa\u8cc7\u306e\u4f1a\u8a08\u51e6\u7406\u306b\u3064\u3044\u3066\u89e3\u8aac\u3059\u308b\u3002<br \/>\n<!--more--><br \/>\n<div class=\"box_ box clear\" style=\"font-size:15px; line-height:25px;-moz-border-radius: 0px; border-radius: 0px;background-color:#B0C4DE;color:#000000;border-color:#4682B4;\">\n\t\t<div class=\"toggle_wrap \">\n<h4 class=\"toggle\"><\/h4>\n<div class=\"toggle_content toggle_\">\n<p style=\"margin-left: 15px; text-indent: -15px; margin-bottom: 10px;\"><strong><span style=\"color: #4682b4;\">\u25b7<\/span>\u4efb\u610f\u7d44\u5408<\/strong><\/p>\n<p>\u300c\u4efb\u610f\u7d44\u5408\u300d\u3068\u306f\u3001\u6c11\u6cd5\u4e0a\u306e\u7d44\u5408\u3067\u3042\u308a\u3001\u5404\u5f53\u4e8b\u8005\u304c\u91d1\u92ad\u3084\u52b4\u52d9\u3092\u51fa\u8cc7\u3057\u3066\u5171\u540c\u306e\u4e8b\u696d\u3092\u55b6\u3080\u3053\u3068\u3092\u7d04\u3059\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u6210\u7acb\u3059\u308b\uff08\u6c11\u6cd5667\uff09\u3002<br \/>\n\u7d44\u5408\u3067\u767a\u751f\u3057\u305f\u640d\u76ca\u306f\u3001\u5206\u914d\u5272\u5408\u3092\u5f53\u4e8b\u8005\u304c\u5225\u6bb5\u5b9a\u3081\u306a\u304b\u3063\u305f\u3068\u304d\u306f\u3001\u5404\u7d44\u5408\u54e1\u306e\u51fa\u8cc7\u306e\u4fa1\u984d\u306b\u5fdc\u3058\u3066\u5e30\u5c5e\u3059\u308b\uff08\u6c11\u6cd5674\uff09\u3002\u307e\u305f\u3001\u7d44\u5408\u8ca1\u7523\u306f\u3001\u3059\u3079\u3066\u306e\u7d44\u5408\u54e1\u306e\u5171\u6709\u306b\u5c5e\u3059\u308b\uff08\u6c11\u6cd5668\uff09\u3002\n<\/div>\n<\/div>\n<div class=\"toggle_wrap \">\n<h4 class=\"toggle\"><\/h4>\n<div class=\"toggle_content toggle_\">\n<p style=\"margin-left: 15px; text-indent: -15px; margin-bottom: 10px;\"><strong><span style=\"color: #4682b4;\">\u25b7<\/span>\u533f\u540d\u7d44\u5408<\/strong><\/p>\n<p>\u300c\u533f\u540d\u7d44\u5408\u300d\u3068\u306f\u3001\u5f53\u4e8b\u8005\u306e\u4e00\u65b9\uff08\u533f\u540d\u7d44\u5408\u54e1\uff09\u304c\u76f8\u624b\u65b9\uff08\u55b6\u696d\u8005\uff09\u306e\u55b6\u696d\u306e\u305f\u3081\u306b\u51fa\u8cc7\u3092\u3057\u3001\u305d\u306e\u55b6\u696d\u3088\u308a\u751f\u3058\u308b\u5229\u76ca\u306e\u5206\u914d\u3092\u53d7\u3051\u308b\u3053\u3068\u3092\u7d04\u675f\u3059\u308b\u5951\u7d04\u5f62\u614b\u3092\u3044\u3046\uff08\u5546\u6cd5535\uff09\u3002<br \/>\n\u533f\u540d\u7d44\u5408\u3067\u306f\u3001\u8ca1\u7523\u306f\u55b6\u696d\u8005\u306e\u8ca1\u7523\u3067\u3001\u55b6\u696d\u8005\u306e\u307f\u304c\u55b6\u696d\u306e\u904b\u55b6\u306b\u5f53\u305f\u308a\u3001\u533f\u540d\u7d44\u5408\u54e1\u306b\u306f\u81ea\u3089\u696d\u52d9\u3092\u57f7\u884c\u3059\u308b\u6a29\u9650\u306f\u306a\u3044\uff08\u5546\u6cd5536\uff09\u3002\n<\/div>\n<\/div>\n<div class=\"toggle_wrap \">\n<h4 class=\"toggle\"><\/h4>\n<div class=\"toggle_content toggle_\">\n<p style=\"margin-left: 15px; text-indent: -15px; margin-bottom: 10px;\"><strong><span style=\"color: #4682b4;\">\u25b7<\/span>\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7<\/strong><\/p>\n<p>\u300c\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u300d\u3068\u306f\u3001\u5404\u5f53\u4e8b\u8005\u304c\u91d1\u92ad\u3084\u52b4\u52d9\u3092\u51fa\u8cc7\u3057\u3066\u55b6\u696d\u3092\u884c\u3044\u3001\u305d\u306e\u55b6\u696d\u306b\u3088\u308a\u751f\u3058\u308b\u640d\u76ca\u3092\u5206\u3051\u5408\u3046\u3053\u3068\u3092\u7d04\u3059\u308b\u5171\u540c\u4f53\u3092\u3044\u3046\u3002\u300c\u30bc\u30cd\u30e9\u30eb\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u300d\u3068\u300c\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u300d\u306e\uff12\u3064\u304c\u3042\u308b\u3002<br \/>\n\u300c\u30bc\u30cd\u30e9\u30eb\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u300d\u3068\u306f\u3001\u5404\u30d1\u30fc\u30c8\u30ca\u30fc\uff08\u51fa\u8cc7\u8005\uff09\u304c\u7121\u9650\u8cac\u4efb\u3092\u8ca0\u3044\u3001\u696d\u52d9\u57f7\u884c\u3092\u884c\u3046\uff08\u5f53\u8a72\u30d1\u30fc\u30c8\u30ca\u30fc\u306f\u30bc\u30cd\u30e9\u30eb\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\uff08GP\uff09\u3068\u3044\u3046\uff09\u3002\u640d\u76ca\u3084\u8ca1\u7523\u306f\u5404GP\u306b\u5e30\u5c5e\u3059\u308b\u3002\u6c11\u6cd5\u4e0a\u306e\u7d44\u5408\u3068\u540c\u69d8\u306e\u5f62\u614b\u3067\u3042\u308b\u3002<br \/>\n\u300c\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u300d\u3068\u306f\u3001\u696d\u52d9\u57f7\u884c\u3092\u884c\u3044\u3001\u304b\u3064\u3001\u7121\u9650\u8cac\u4efb\u3092\u8ca0\u3046\u30bc\u30cd\u30e9\u30eb\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\uff08GP\uff09\u3068\u51fa\u8cc7\u984d\u306e\u7bc4\u56f2\u5185\u3067\u306e\u307f\u6709\u9650\u8cac\u4efb\u3092\u8ca0\u3046\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\uff08LP\uff09\u3067\u69cb\u6210\u3055\u308c\u308b\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u3067\u3042\u308b\u3002\u640d\u76ca\u3084\u8ca1\u7523\u306f\u5404\u30d1\u30fc\u30c8\u30ca\u30fc\u306b\u5e30\u5c5e\u3059\u308b\u3002\u6295\u8cc7\u4e8b\u696d\u6709\u9650\u8cac\u4efb\u7d44\u5408\u7b49\u304c\u8a72\u5f53\u3059\u308b\u3002\n<\/div>\n<\/div>\n<\/div>\n<p style=\"margin-bottom: 3px;\"><span style=\"font-size: 12px;\">\u203b\u5404\u30b9\u30c6\u30c3\u30d7\u3092\u30af\u30ea\u30c3\u30af\u3059\u308b\u3068\u3001\u305d\u308c\u305e\u308c\u306e\u30da\u30fc\u30b8\u306b\u79fb\u52d5\u3057\u307e\u3059\u3002<\/span><\/p>\n<div class=\"\" style=\"text-align:center;\"><a class=\"button blue_b small\" href=\"https:\/\/profession-net.com\/professionjournal\/financial-instruments-article-58\/2\/\"  style=\"background-color:; color:#000000;font-family:georgia;font-weight:;-moz-border-radius: px; border-radius: px;#000000\" data-bg=\"\" data-hoverbg=\"\" data-text=\"#000000\" data-texthover=\"\">STEP\uff11\u3000\u500b\u5225\u8ca1\u52d9\u8af8\u8868\u4e0a\u306e\u4f1a\u8a08\u51e6\u7406<\/a><\/div>\n<p style=\"margin-bottom: -4px; margin-top: -22px;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-48749 aligncenter\" src=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2015\/08\/arrow2.png\" alt=\"\" width=\"44\" height=\"35\" \/><\/p>\n<div class=\"\" style=\"text-align:center;\"><a class=\"button blue_b small\" href=\"https:\/\/profession-net.com\/professionjournal\/financial-instruments-article-58\/3\/\"  style=\"background-color:; color:#000000;font-family:georgia;font-weight:;-moz-border-radius: px; border-radius: px;#000000\" data-bg=\"\" data-hoverbg=\"\" data-text=\"#000000\" data-texthover=\"\">STEP\uff12\u3000\u9023\u7d50\u8ca1\u52d9\u8af8\u8868\u4e0a\u306e\u4f1a\u8a08\u51e6\u7406<\/a><\/div>\n<p><span style=\"font-size: 12px;\">\u203b\u753b\u50cf\u3092\u30af\u30ea\u30c3\u30af\u3059\u308b\u3068\u3001\u5225\u30a6\u30a3\u30f3\u30c9\u30a6\u3067PDF\u304c\u958b\u304d\u307e\u3059\u3002<\/span><br \/>\n<a href=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-0-2.pdf\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-211433\" src=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-0-2.png\" alt=\"\" width=\"500\" height=\"492\" \/><\/a><\/p>\n<p><!--nextpage--><\/p>\n<div class=\"toggle_wrap closed\"><h4 class=\"toggle\">\u5404\u30b9\u30c6\u30c3\u30d7\u306b\u79fb\u52d5\u3059\u308b\u5834\u5408\u306f\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/h4><div class=\"toggle_content toggle_closed\">\n<ul>\n<li><a href=\"https:\/\/profession-net.com\/professionjournal\/financial-instruments-article-58\/\">\u3010\u306f\u3058\u3081\u306b\u3011<\/a><\/li>\n<li><a href=\"https:\/\/profession-net.com\/professionjournal\/financial-instruments-article-58\/2\/\">\u3010STEP\uff11\u3011\u500b\u5225\u8ca1\u52d9\u8af8\u8868\u4e0a\u306e\u4f1a\u8a08\u51e6\u7406<\/a><\/li>\n<li><a href=\"https:\/\/profession-net.com\/professionjournal\/financial-instruments-article-58\/3\/\">\u3010STEP\uff12\u3011\u9023\u7d50\u8ca1\u52d9\u8af8\u8868\u4e0a\u306e\u4f1a\u8a08\u51e6\u7406<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n<div class=\"box_info box clear\" style=\"-moz-border-radius: 0px; border-radius: 0px;background-color:#FFCC99;color:#000000;border-color:#000000;\">\n\t\t<h4 style=\"text-align: center;\"><strong>\u3010STEP\uff11\u3011\u500b\u5225\u8ca1\u52d9\u8af8\u8868\u4e0a\u306e\u4f1a\u8a08\u51e6\u7406<\/strong><\/h4>\n<\/div>\n\u7d44\u5408\u7b49\u3078\u306e\u51fa\u8cc7\u306e\u4f1a\u8a08\u51e6\u7406\u3068\u3057\u3066\u306f\u3001\u300c\u7d14\u984d\u6cd5\u300d\u3001\u300c\u7dcf\u984d\u6cd5\u300d\u3001\u300c\u6298\u8877\u6cd5\u300d\u304c\u3042\u308b\u3002\u539f\u5247\u306f\u3001\u7d14\u984d\u6cd5\u3067\u3042\u308b\u304c\u3001\u305d\u306e\u5951\u7d04\u5185\u5bb9\u306e\u5b9f\u614b\u53ca\u3073\u7d4c\u55b6\u8005\u306e\u610f\u56f3\u3092\u8003\u616e\u3057\u3066\u3001\u7d4c\u6e08\u5b9f\u614b\u3092\u9069\u5207\u306b\u53cd\u6620\u3059\u308b\u4f1a\u8a08\u51e6\u7406\u53ca\u3073\u8868\u793a\u3092\u9078\u629e\u3059\u308b\uff08\u4f1a\u8a08\u5236\u5ea6\u59d4\u54e1\u4f1a\u5831\u544a\u7b2c14\u53f7\u300c\u91d1\u878d\u5546\u54c1\u4f1a\u8a08\u306b\u95a2\u3059\u308b\u5b9f\u52d9\u6307\u91dd\uff08\u4ee5\u4e0b\u3001\u300c\u5b9f\u52d9\u6307\u91dd\u300d\u3068\u3044\u3046\uff09\u300d132\u3001308\uff09\u3002<\/p>\n<p><a href=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-1-1.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-211431\" title=\"\" src=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-1-1.png\" alt=\"\" width=\"1239\" height=\"679\" srcset=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-1-1.png 1239w, https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-1-1-300x164.png 300w, https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-1-1-1024x561.png 1024w\" sizes=\"(max-width: 1239px) 100vw, 1239px\" \/><\/a><\/p>\n<p style=\"margin-left: 48px; text-indent: -48px; margin-top: -20px; padding-left: 15px; margin-bottom: 3px;\"><span style=\"font-size: 12px;\"><span style=\"color: #b22222;\">\uff08\u203b\uff11\uff09<\/span>\u3000\u4efb\u610f\u7d44\u5408\u3001\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u306b\u95a2\u3057\u6709\u9650\u8cac\u4efb\u306e\u7279\u7d04\u304c\u3042\u308b\u5834\u5408\u306b\u306f\u305d\u306e\u7bc4\u56f2\u3067\u640d\u76ca\u3092\u8a8d\u8b58\u3059\u308b\uff08\u5b9f\u52d9\u6307\u91dd132\uff09\u3002<\/span><\/p>\n<p style=\"margin-left: 48px; text-indent: -48px; padding-left: 15px; margin-bottom: 20px;\"><span style=\"font-size: 12px;\"><span style=\"color: #b22222;\">\uff08\u203b\uff12\uff09<\/span>\u3000\u533f\u540d\u7d44\u5408\u53ca\u3073\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u306b\u3064\u3044\u3066\u306f\u3001\u305d\u308c\u3089\u304c\u5b9f\u8cea\u7684\u306b\u533f\u540d\u7d44\u5408\u51fa\u8cc7\u8005\u7b49\u306e\u8a08\u7b97\u3067\u55b6\u696d\u3055\u308c\u3066\u3044\u308b\u5834\u5408\u3082\u3042\u308a\u5f97\u308b\u305f\u3081\u3001\u7d14\u984d\u6cd5\u304c\u59a5\u5f53\u3067\u306a\u3044\u3053\u3068\u3082\u60f3\u5b9a\u3055\u308c\u308b\uff08\u5b9f\u52d9\u6307\u91dd308\uff09\u3002<\/span><\/p>\n<div style=\"padding: 10px; border: 3px solid #AAB5D5; background-color: #f0f8ff; border-radius: 10px;\">\n<p style=\"margin-bottom: 3px;\"><span style=\"color: #4169e1;\"><strong>\u3010\u7559\u610f\u70b9\u3011<\/strong><\/span><\/p>\n<p style=\"margin-left: 15px; text-indent: -15px; margin-bottom: 3px;\"><span style=\"color: #4169e1;\">\u27a4<\/span>\u7d44\u5408\u7b49\u306eBS\u306b\u91d1\u878d\u8cc7\u7523\u304c\u3042\u308b\u5834\u5408\u306b\u306f\u91d1\u878d\u5546\u54c1\u4f1a\u8a08\u57fa\u6e96\u306b\u5f93\u3063\u3066\u8a55\u4fa1\u3057\u3001\u7d44\u5408\u7b49\u3078\u306e\u51fa\u8cc7\u8005\u306e\u4f1a\u8a08\u51e6\u7406\u306e\u57fa\u790e\u3068\u3059\u308b\u3002\u4f8b\u3048\u3070\u3001\u7d44\u5408\u306e\u4fdd\u6709\u3059\u308b\u305d\u306e\u4ed6\u6709\u4fa1\u8a3c\u5238\u306e\u8a55\u4fa1\u5dee\u984d\u91d1\u306b\u5bfe\u3059\u308b\u6301\u5206\u76f8\u5f53\u984d\u306f\u3001\u305d\u306e\u4ed6\u6709\u4fa1\u8a3c\u5238\u8a55\u4fa1\u5dee\u984d\u91d1\u306b\u8a08\u4e0a\u3055\u308c\u308b\uff08\u5b9f\u52d9\u6307\u91dd132\uff09\u3002<\/p>\n<p style=\"margin-left: 15px; text-indent: -15px; margin-bottom: 3px;\"><span style=\"color: #4169e1;\">\u27a4<\/span>\u6709\u9650\u8cac\u4efb\u4e8b\u696d\u7d44\u5408\u304c\u51fa\u8cc7\u8005\u306e\u5b50\u4f1a\u793e\u53c8\u306f\u95a2\u9023\u4f1a\u793e\u3068\u306a\u308b\u5834\u5408\u3067\u3082\u3001\u5f53\u8a72\u7d44\u5408\u3078\u306e\u51fa\u8cc7\u306b\u3064\u3044\u3066\u51fa\u8cc7\u91d1\u53c8\u306f\u6709\u4fa1\u8a3c\u5238\u3068\u3057\u3066\u8a08\u4e0a\u3059\u308b\u5834\u5408\u306b\u306f\u3001\u500b\u5225\u8ca1\u52d9\u8af8\u8868\u4e0a\u3001\u53d6\u5f97\u539f\u4fa1\u3067\u306f\u306a\u304f\u3001\u6301\u5206\u76f8\u5f53\u984d\u3092\u3082\u3063\u3066\u8cb8\u501f\u5bfe\u7167\u8868\u4fa1\u984d\u3068\u3059\u308b\uff08\u5b9f\u52d9\u5bfe\u5fdc\u5831\u544a\u7b2c21\u53f7\u300c\u6709\u9650\u8cac\u4efb\u4e8b\u696d\u7d44\u5408\u53ca\u3073\u5408\u540c\u4f1a\u793e\u306b\u5bfe\u3059\u308b\u51fa\u8cc7\u8005\u306e\u4f1a\u8a08\u51e6\u7406\u306b\u95a2\u3059\u308b\u5b9f\u52d9\u4e0a\u306e\u53d6\u6271\u3044\uff08\u4ee5\u4e0b\u3001\u300c\u5b9f\u52d9\u5831\u544a\u300d\u3068\u3044\u3046\uff09\u300d\uff31\uff11\uff09\u3002<\/p>\n<\/div>\n<p><strong>\u3000<\/strong><\/p>\n<div style=\"margin-bottom:25px;border-bottom-style:solid;border-bottom-width:3px;border-color:#006400;\"><\/div>\n<h4 style=\"text-align: center;\"><strong>\u300a\u8a2d\u4f8b\u300b<\/strong><\/h4>\n<div style=\"margin-bottom:25px;border-bottom-style:solid;border-bottom-width:3px;border-color:#006400;\"><\/div>\n<div class=\"box_ box clear\" style=\"font-size:15px; line-height:25px;-moz-border-radius: 0px; border-radius: 0px;background-color:#FFFFFF;color:#000000;border-color:#808080;\">\n\t\t<p style=\"margin-bottom: 3px;\"><strong>\u3008\u524d\u63d0\u6761\u4ef6\u3009<\/strong><\/p>\n<p>\uff38\u793e\u306fX0\u5e74\uff14\u6708\uff11\u65e5\u306b\u6295\u8cc7\u4e8b\u696d\u6709\u9650\u8cac\u4efb\u7d44\u5408\u306b\u6709\u9650\u8cac\u4efb\u7d44\u5408\u54e1\u3068\u3057\u30661,000,000\u51fa\u8cc7\u3057\u305f\u3002\u51fa\u8cc7\u5272\u5408\u306f20\uff05\u3067\u3042\u308b\u3002<\/p>\n<p>X1\u5e74\uff13\u670831\u65e5\u306e\u6295\u8cc7\u4e8b\u696d\u6709\u9650\u8cac\u4efb\u7d44\u5408\u306e\u8ca1\u52d9\u8af8\u8868\u306f\u3001\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u3067\u3042\u308b\u3002<br \/>\n<a href=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-2.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-211334\" src=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-2.png\" alt=\"\" width=\"500\" height=\"186\" srcset=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-2.png 1081w, https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-2-300x112.png 300w, https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-2-1024x382.png 1024w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/a><\/p>\n<\/div>\n<h4><strong>\u3008\u4f1a\u8a08\u51e6\u7406\u3009<\/strong><\/h4>\n<p style=\"margin-left: 10px; text-indent: -10px; margin-bottom: 10px;\"><strong>\uff11\u3000X0\u5e74\uff14\u6708\uff11\u65e5<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-211330\" title=\"\" src=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-3.png\" alt=\"\" width=\"1297\" height=\"69\" srcset=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-3.png 1297w, https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-3-300x15.png 300w, https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-3-1024x54.png 1024w\" sizes=\"(max-width: 1297px) 100vw, 1297px\" \/><\/p>\n<p style=\"margin-left: 10px; text-indent: -10px; margin-bottom: 10px;\"><strong>\uff12\u3000X1\u5e74\uff13\u670831\u65e5<\/strong><\/p>\n<p style=\"margin-bottom: 3px;\"><strong>\u3010\u7d14\u984d\u6cd5\u3011<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-211331\" title=\"\" src=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-4.png\" alt=\"\" width=\"1293\" height=\"73\" srcset=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-4.png 1293w, https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-4-300x16.png 300w, https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-4-1024x57.png 1024w\" sizes=\"(max-width: 1293px) 100vw, 1293px\" \/><\/p>\n<p style=\"margin-left: 48px; text-indent: -48px; margin-top: -20px; padding-left: 15px; margin-bottom: 20px;\"><span style=\"font-size: 12px;\"><span style=\"color: #b22222;\">\uff08\u203b\uff11\uff09<\/span>\u3000\u5f53\u671f\u7d14\u5229\u76ca500,000 \u00d7 20\uff05 \uff1d 100,000<\/span><\/p>\n<p style=\"margin-bottom: 3px;\"><strong>\u3010\u7dcf\u984d\u6cd5\u3011<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-211432\" title=\"\" src=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-5-1.png\" alt=\"\" width=\"1295\" height=\"181\" srcset=\"https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-5-1.png 1295w, https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-5-1-300x41.png 300w, https:\/\/profession-net.com\/professionjournal\/wp-content\/uploads\/sites\/2\/2020\/09\/f_chart51-5-1-1024x143.png 1024w\" sizes=\"(max-width: 1295px) 100vw, 1295px\" \/><\/p>\n<p style=\"margin-left: 48px; text-indent: -48px; margin-top: -20px; padding-left: 15px; margin-bottom: 3px;\"><span style=\"font-size: 12px;\"><span style=\"color: #333399;\">\uff08\u203b\uff11\uff09<\/span>\u3000\u73fe\u91d1\u9810\u91d11,000,000 \u00d7 20\uff05 \uff1d 200,000<\/span><\/p>\n<p style=\"margin-left: 48px; text-indent: -48px; padding-left: 15px; margin-bottom: 3px;\"><span style=\"font-size: 12px;\"><span style=\"color: #333399;\">\uff08\u203b\uff12\uff09<\/span>\u3000\u6709\u4fa1\u8a3c\u52384,500,000 \u00d7 20\uff05 \uff1d 900,000<\/span><\/p>\n<p style=\"margin-left: 48px; text-indent: -48px; padding-left: 15px; margin-bottom: 3px;\"><span style=\"font-size: 12px;\"><span style=\"color: #333399;\">\uff08\u203b\uff13\uff09<\/span>\u3000\u51fa\u8cc7\u6642\u306e\u91d1\u984d<\/span><\/p>\n<p style=\"margin-left: 48px; text-indent: -48px; padding-left: 15px; margin-bottom: 3px;\"><span style=\"font-size: 12px;\"><span style=\"color: #333399;\">\uff08\u203b\uff14\uff09<\/span>\u3000\u6709\u4fa1\u8a3c\u5238\u58f2\u5374\u76ca400,000 \u00d7 20\uff05 \uff1d 80,000<\/span><\/p>\n<p style=\"margin-left: 48px; text-indent: -48px; padding-left: 15px; margin-bottom: 20px;\"><span style=\"font-size: 12px;\"><span style=\"color: #333399;\">\uff08\u203b\uff15\uff09<\/span>\u3000\u53d7\u53d6\u914d\u5f53\u91d1100,000 \u00d7 20\uff05 \uff1d 20,000<\/span><\/p>\n<div style=\"margin-bottom:25px;border-bottom-style:solid;border-bottom-width:3px;border-color:#006400;\"><\/div>\n<!--nextpage--><\/p>\n<div class=\"toggle_wrap closed\"><h4 class=\"toggle\">\u5404\u30b9\u30c6\u30c3\u30d7\u306b\u79fb\u52d5\u3059\u308b\u5834\u5408\u306f\u3053\u3061\u3089\u3092\u30af\u30ea\u30c3\u30af<\/h4><div class=\"toggle_content toggle_closed\">\n<ul>\n<li><a href=\"https:\/\/profession-net.com\/professionjournal\/financial-instruments-article-58\/\">\u3010\u306f\u3058\u3081\u306b\u3011<\/a><\/li>\n<li><a href=\"https:\/\/profession-net.com\/professionjournal\/financial-instruments-article-58\/2\/\">\u3010STEP\uff11\u3011\u500b\u5225\u8ca1\u52d9\u8af8\u8868\u4e0a\u306e\u4f1a\u8a08\u51e6\u7406<\/a><\/li>\n<li><a href=\"https:\/\/profession-net.com\/professionjournal\/financial-instruments-article-58\/3\/\">\u3010STEP\uff12\u3011\u9023\u7d50\u8ca1\u52d9\u8af8\u8868\u4e0a\u306e\u4f1a\u8a08\u51e6\u7406<\/a><\/li>\n<\/ul>\n<\/div><\/div>\n<div class=\"box_info box clear\" style=\"-moz-border-radius: 0px; border-radius: 0px;background-color:#FFCC99;color:#000000;border-color:#000000;\">\n\t\t<h4 style=\"text-align: center;\"><strong>\u3010STEP\uff12\u3011\u9023\u7d50\u8ca1\u52d9\u8af8\u8868\u4e0a\u306e\u4f1a\u8a08\u51e6\u7406<\/strong><\/h4>\n<\/div>\n<h4 style=\"margin-left: 30px; text-indent: -30px;\"><strong>\uff11\u3000\u5b50\u4f1a\u793e\u30fb\u95a2\u9023\u4f1a\u793e\u306e\u7bc4\u56f2<\/strong><\/h4>\n<p>\u5b50\u4f1a\u793e\u30fb\u95a2\u9023\u4f1a\u793e\u306e\u7bc4\u56f2\u306b\u306f\u3001\u4f1a\u793e\u306e\u307b\u304b\u306b\u3001\u7d44\u5408\u305d\u306e\u4ed6\u3053\u308c\u3089\u306b\u6e96\u305a\u308b\u4e8b\u696d\u4f53\uff08\u5916\u56fd\u306b\u304a\u3051\u308b\u3053\u308c\u3089\u306b\u76f8\u5f53\u3059\u308b\u3082\u306e\u3092\u542b\u3080\uff09\u304c\u542b\u307e\u308c\u308b\u3002\u305d\u306e\u305f\u3081\u3001\u7d44\u5408\u7b49\u306b\u3064\u3044\u3066\u3082\u652f\u914d\u529b\u57fa\u6e96\u53ca\u3073\u5f71\u97ff\u529b\u57fa\u6e96\u306b\u57fa\u3065\u304d\u3001\u5b50\u4f1a\u793e\u53ca\u3073\u95a2\u9023\u4f1a\u793e\u306e\u7bc4\u56f2\u306b\u542b\u307e\u308c\u308b\u304b\u3069\u3046\u304b\u306b\u3064\u3044\u3066\u691c\u8a0e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\uff08\u5b9f\u52d9\u5831\u544a\uff31\uff12\uff09\u3002\u7279\u306b\u3001\u6295\u8cc7\u4e8b\u696d\u7d44\u5408\u306f\u7559\u610f\u304c\u5fc5\u8981\u3067\u3042\u308b\u3002<\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"margin-left: 30px; text-indent: -30px;\"><strong>\uff12\u3000\u9023\u7d50\u4e0a\u306e\u4f1a\u8a08\u51e6\u7406<\/strong><\/h4>\n<p>\u300c\u91d1\u878d\u5546\u54c1\u4f1a\u8a08\u306b\u95a2\u3059\u308b\uff31\uff06\uff21\u300d\u306b\u304a\u3044\u3066\u3001\u6295\u8cc7\u4e8b\u696d\u7d44\u5408\u306e\u307f\u9023\u7d50\u4e0a\u306e\u4f1a\u8a08\u51e6\u7406\u304c\u660e\u8a18\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n<p>\u6295\u8cc7\u4e8b\u696d\u7d44\u5408\u306b\u3064\u3044\u3066\u306f\u3001\u901a\u5e38\u3001\u51fa\u8cc7\u8005\u306f\u5e73\u7b49\u3067\u3042\u308a\u3001\u5171\u6709\u8ca1\u7523\u3068\u3057\u3066\u51e6\u7406\u3059\u308b\u306e\u304c\u539f\u5247\u3067\u3042\u308b\u304c\u3001\u9023\u7d50\u4e0a\u3001\u652f\u914d\u529b\u57fa\u6e96\u53c8\u306f\u5f71\u97ff\u529b\u57fa\u6e96\u306b\u3088\u308a\u5b9f\u8cea\u7684\u306b\u5b50\u4f1a\u793e\u53c8\u306f\u95a2\u9023\u4f1a\u793e\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u5834\u5408\u306b\u306f\u3001\u4ee5\u4e0b\u306e\u3068\u304a\u308a\u4f1a\u8a08\u51e6\u7406\u3059\u308b\uff08\u300c\u91d1\u878d\u5546\u54c1\u4f1a\u8a08\u306b\u95a2\u3059\u308b\uff31\uff06\uff21\u300d\uff3171\uff09\u3002<\/p>\n<p style=\"margin-left: 30px; text-indent: -30px; margin-bottom: 20px; margin-top: -20px;\"><span style=\"color: #b22222;\">\uff08\u6ce8\uff09<\/span>\u3000\u306a\u304a\u3001\u305d\u306e\u4ed6\u306e\u7d44\u5408\u7b49\u306b\u3064\u3044\u3066\u3082\u540c\u69d8\u306e\u4f1a\u8a08\u51e6\u7406\u306b\u306a\u308b\u3068\u8003\u3048\u3089\u308c\u308b\u3002<\/p>\n<h4 style=\"margin-left: 30px; text-indent: -30px;\"><strong>\uff08\uff11\uff09\u3000\u9023\u7d50<\/strong><\/h4>\n<p>\u901a\u5e38\u306e\u5b50\u4f1a\u793e\u3068\u540c\u69d8\u306b\u3001\u5f53\u8a72\u7d44\u5408\u306e\u8cc7\u7523\u53ca\u3073\u8ca0\u50b5\u3092\u9023\u7d50\u3057\u305f\u4e0a\u3067\u3001\u89aa\u4f1a\u793e\u306b\u5e30\u5c5e\u3057\u306a\u3044\u90e8\u5206\u3092\u300c\u975e\u652f\u914d\u682a\u4e3b\u6301\u5206\u300d\u3068\u3057\u3066\u8a08\u4e0a\u3059\u308b\uff08\u3053\u306e\u5834\u5408\u3001\u500b\u5225\u8ca1\u52d9\u8af8\u8868\u306e\u7d44\u5408\u306e\u51e6\u7406\u3092\u623b\u3057\u5165\u308c\u3066\u5168\u4f53\u3092\u6539\u3081\u3066\u9023\u7d50\u3059\u308b\u65b9\u6cd5\u304c\u5b9f\u52d9\u7684\uff09\u3002\u307e\u305f\u3001\u89aa\u4f1a\u793e\u306b\u5e30\u5c5e\u3057\u306a\u3044\u90e8\u5206\u306e\u640d\u76ca\u306f\u3001\u300c\u975e\u652f\u914d\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308b\u5f53\u671f\u7d14\u5229\u76ca\u300d\u3068\u3057\u3066\u8a08\u4e0a\u3059\u308b\u3002<\/p>\n<h4 style=\"margin-left: 30px; 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