「開発生産性」ではなく「事業生産性」こそが本質~ ROICで紐解く、開発の「稼ぐ力」の最大化 ~

AI事業開発室室長の江副が、イベント「EMConf JP 2026」にて登壇した際の資料となります。

イベントページ：
https://2026.emconf.jp/

Transcript

1. ʮ։ൃੜ࢈ੑʯͰ͸ͳ͘ʮࣄۀੜ࢈ੑʯ͕ͦ͜ຊ࣭ ~ ROICͰඥղ͘ɺ։ൃͷʮՔ͙ྗʯͷ࠷େԽ ~ 2026೥ 3݄4೔ EMConf גࣜձࣾϫϯΩϟϦΞ ߐ෭ ྿ਓ
2. Career झຯ ͻͱ͜ͱ ࣗݾ঺հ Copyright © ONE CAREER Inc. All Rights Reserved. 2 ߐ෭ ྿ਓ גࣜձࣾϫϯΩϟϦΞ AIࣄۀ։ൃࣨ ࣨ௕ ITελʔτΞοϓ2ࣾ → ϫϯΩϟϦΞ ݑ๏ͷ൑ྫΛಡΉ͜ͱ ຊ೔͸ΑΖ͓͘͠ئ͍͠·͢ʂ
3. Copyright © ONE CAREER Inc. All Rights Reserved. ϛογϣϯ 3 ਓͷ਺͚ͩɺ ΩϟϦΞΛͭ͘Δɻ ଟ͘ͷਓʹͱͬͯ࢓ࣄ͸ਓੜͰ࠷΋࣌ؒΛ౤ࢿ͢Δର৅Ͱ͋Δʹ΋ؔΘΒͣɺ ࢓ࣄબͼʹؔͯ͠͸ҙࢥܾఆͷج४ͱͳΔΑ͏ͳσʔλ͕গͳ͘ɺ ͍·ͩʹब৬͔ͯ͠Βޙչ͢Δਓ͕ޙΛઈͨͳ͍ঢ়گͰ͢ɻ ࢲͨͪ͸ɺ͢΂ͯͷݸਓͷΩϟϦΞʹ޲͖߹͍ɺΩϟϦΞσʔλΛूΊɺ ଟ༷Խ͢Δੈͷதʹ͓͍ͯ࢓ࣄબͼͱ࠾༻׆ಈΛΞοϓσʔτ͍͖ͯ͠·͢ɻ
4. Copyright © ONE CAREER Inc. All Rights Reserved. ࣄۀ಺༰ 4 5 ͜Ε·ͰՄࢹԽ͞Ε͍ͯͳ͔ͬͨʮΩϟϦΞσʔλʯΛऩूɾ׆༻͠ɺब৬ɾ࠾༻ͷҙࢥܾఆΛαϙʔτɻ αʔϏεҰཡ 1. த్࠾༻ͷސ٬޲͚αʔϏε͸ਓࡐ঺հɺϝσΟΞαʔϏε౳Λఏڙɻ
5. Copyright © ONE CAREER Inc. All Rights Reserved. 0. ͸͡Ίʹ 5
6. Copyright © ONE CAREER Inc. All Rights Reserved. Q. EMʢΤϯδχΞϦϯάϚωʔδϟʔʣͱ͸ 6
7. Copyright © ONE CAREER Inc. All Rights Reserved. ʮܦӦͱ։ൃݱ৔Λܨ͙຋༁ऀʯ ʮ։ൃੜ࢈ੑʹ੹೚Λ࣋ͭʯ ʮΤϯδχΞͷ࠾༻ɾҭ੒ɾධՁͷ໾ׂΛ୲͏ʯ 7
8. Copyright © ONE CAREER Inc. All Rights Reserved. ʮܦӦͱ։ൃݱ৔Λܨ͙຋༁ऀʯ ʮ։ൃੜ࢈ੑʹ੹೚Λ࣋ͭʯ ʮΤϯδχΞͷ࠾༻ɾҭ੒ɾධՁͷ໾ׂΛ୲͏ʯ ʮEMʯͱ͍͏ܕʹ͸·Ζ͏ͱ͍ͯ͠ͳ͍͔ʁ 8
9. Copyright © ONE CAREER Inc. All Rights Reserved. ʮEMʯͱͯ͠ͷৼΔ෣͍ɾߦಈ 9
10. Copyright © ONE CAREER Inc. All Rights Reserved. ʮEMʯͱͯ͠ͷৼΔ෣͍ɾߦಈ How 10
11. Copyright © ONE CAREER Inc. All Rights Reserved. ʮEMʯͱͯ͠ͷৼΔ෣͍ɾߦಈ ࣄۀ੒௕ͱεςʔΫϗϧμʔ΁ͷؐݩ How Outcome ▼ ຊ࣭ 11
12. ໨࣍ Copyright © ONE CAREER Inc. All Rights Reserved. 12 1. զʑ͕ಇ͘ҙٛ 2. ։ൃੜ࢈ੑͷ᠘ 3. ROICΛҙࣝͨ͠औΓ૊Έ 4. EMͷଘࡏՁ஋
13. Copyright © ONE CAREER Inc. All Rights Reserved. • גࣜձࣾͰಇ͘ͱ͸ • ౤ࢿՈ͕ٻΊΔϦλʔϯ • ΩϟϐλϧήΠϯͷ࢓૊Έ • ϑϦʔΩϟογϡϑϩʔʢFCFʣͱ͸ • اۀՁ஋ͷࢉग़ํ๏ʢDCF๏ʣ • Ք͙ྗͱͯ͠ͷROICɺ݁Ռͱͯ͠ͷFCF • ROIC ≒ ࣄۀੜ࢈ੑ • ߴ·ΔROICͷॏཁੑ 1. զʑ͕ಇ͘ҙٛ 13
14. Copyright © ONE CAREER Inc. All Rights Reserved. גࣜձࣾ 14 גࣜձࣾͰಇ͘ͱ͸ ࢲͨͪͷଟ͕͘਎Λஔ͘ʮגࣜձࣾʯͷຊ࣭͸ɺ౤ࢿՈʢגओʣ͔ΒࢿຊΛूΊɺࣄۀ׆ಈΛ௨ͯͦ͡ͷՁ஋Λ ࠷େԽ͢Δ఺ʹ͋Δɻ૑ग़ͨ͠རӹΛద੾ʹ౤ࢿՈʹؐݩ͠ɺ͞ΒͳΔ౤ࢿΛݺͼࠐΉ޷॥؀Λங͘͜ͱ͕ͦ͜ɺ اۀͷ ଘଓͱ࣋ଓతͳ੒௕Λࢧ͑ΔେલఏͰ͋Δɻ גओ גࣜձࣾ ग़ࢿ اۀՁ஋ͷ੒௕ɾརӹؐݩ
15. Copyright © ONE CAREER Inc. All Rights Reserved. ΩϟϐλϧήΠϯɾΠϯΧϜήΠϯ 15 ౤ࢿՈ͕ٻΊΔϦλʔϯ ౤ࢿՈ͕גࣜձࣾʹग़ࢿ͢Δͷ͸ɺاۀՁ஋ͷ੒௕ͱརӹͷؐݩ΁ͷظ଴͔ΒͰ͋ΔɻاۀՁ஋ͷ޲্͕גՁ্ঢ ͱ࣮ͯ͠ݱ͢ΔʮΩϟϐλϧήΠϯʯͱɺ૑ग़͞Εͨརӹ͕഑౰ͳͲͷؐݩͱͳΔʮΠϯΧϜήΠϯʯ͕͋Δɻ ͜ͷೋ͕ͭɺ౤ࢿՈʹͱͬͯͷجຊతͳϦλʔϯͰ͋Δɻ ΩϟϐλϧήΠϯ ʢ=ച٫ʹΑΔརӹʣ ΠϯΧϜήΠϯ ʢ=อ༗ʹΑΔརӹʣ اۀՁ஋ͷ੒௕ʹΑΔ גՁ্ঢʹΑΔϦλʔϯ ഑౰ʹΑΔܧଓతͳऩӹ ٻΊΔϦλʔϯ
16. Copyright © ONE CAREER Inc. All Rights Reserved. ΩϟϐλϧήΠϯɾΠϯΧϜήΠϯ 16 ౤ࢿՈ͕ٻΊΔϦλʔϯ ຊࢿྉͰ͸ΩϟϐλϧήΠϯʹয఺Λ౰ͯΔɻ اۀՁ஋ͷ޲্͸೔ʑͷࣄۀ׆ಈͷ੒Ռʹ௚݁͠ɺैۀһҰਓɹͻ ͱΓͷߦಈͱ࠷΋ڧ݁͘ͼ͍͍ͭͯΔ͔ΒͰ͋ΔɻҰํɺΠϯΧϜήΠϯ΋ͦͷݪࢿ͸ࣄۀ੒Ռʹґڌ͢Δ΋ͷ ͷɺ഑౰ํ਑౳ͷܦӦ൑அʹΑΔӨڹ͕େ͖͍ͨΊɺຊ߲Ͱ͸ର৅֎ͱ͢Δɻ ɹ ΩϟϐλϧήΠϯ ʢ=ച٫ʹΑΔརӹʣ ΠϯΧϜήΠϯ ʢ=อ༗ʹΑΔརӹʣ اۀՁ஋ͷ੒௕ʹΑΔ גՁ্ঢʹΑΔϦλʔϯ ഑౰ʹΑΔܧଓతͳऩӹ ٻΊΔϦλʔϯ
17. Copyright © ONE CAREER Inc. All Rights Reserved. ΩϟϐλϧήΠϯ • גओ͸גࣜͷച٫Ͱചങ ࠩӹΛಘΔ اۀՁ஋޲্ • কདྷͷFCF΁ͷظ଴ اۀՁ஋ 17 ΩϟϐλϧήΠϯͷ࢓૊Έ ΩϟϐλϧήΠϯͷݯઘ͸ɺاۀՁ஋ͷ޲্ʹ͋Δɻ اۀՁ஋͸ɺকདྷੜΈग़͞ΕΔFCFʢϑϦʔΩϟογϡϑϩʔʣ΁ͷظ଴ʹΑͬͯܗ੒͞ΕΔɻ גՁ্ঢ • ࢢ৔͔ΒͷධՁ
18. Copyright © ONE CAREER Inc. All Rights Reserved. FCF 18 ϑϦʔΩϟογϡϑϩʔʢFCFʣͱ͸ ϑϦʔΩϟογϡϑϩʔʢFCFʣ͸ɺاۀ͕ຊۀͰՔ͍ͩݱۚʢӦۀCFʣ͔Βɺࣄۀҡ࣋ʹඞཁͳઃඋ౤ࢿͳͲ ͷࢧग़ʢ౤ࢿCFʣΛࠩ͠Ҿ͍ͨʮࣗ༝ʹ࢖͑Δ༨৒ࢿۚʯɻ ظटݱۚ ظ຤ݱۚ ӦۀCF ౤ࢿCF ࡒ຿CF FCF ӦۀCF ຊۀͷӦۀ׆ಈʹΑΔݱۚͷ૿ݮ ౤ࢿCF ઃඋ౤ࢿͳͲͷ౤ࢿ׆ಈʹΑΔݱۚͷ૿ݮ FCF ࣗ༝ʹ࢖͑Δ༨৒ࢿۚ ࡒ຿CF ࢿۚௐୡͳͲͷࡒ຿׆ಈʹΑΔݱۚͷ૿ݮ ʴ ʹ Ωϟογϡ ϑϩʔ
19. Copyright © ONE CAREER Inc. All Rights Reserved. DCFʢDiscount Cash Flowʣ๏ 19 اۀՁ஋ͷࢉग़ํ๏ʢDCF๏ʣ DCF๏͸কདྷFCFΛݱࡏՁ஋ʹׂΓҾ͖ɺͦͷ૯࿨ͱͯ͠اۀՁ஋Λࢉग़͢Δɻ ׂΓҾ͘ͷ͸ɺকདྷͷΩϟογϡ͸ऩӹੑ΍ෆ࣮֬ੑʹΑΓɺݱࡏͷ͓ۚͱ౳ՁͰ͸ͳ͍ҝͰ͋Δɻ PV ɿ ݱࡏՁ஋ɺFCFk : K೥໨ͷϑϦʔΩϟογϡϑϩʔɺr : ׂҾ཰1 FCF1 FCF2 FCF3 FCF4 FCF5 ׂҾ ׂҾ ׂҾ ׂҾ PV1 PV2 PV3 PV4 PV5 ݱࡏՁ஋ ظؒ 1೥ޙ 2೥ޙ 3೥ޙ 4೥ޙ 5೥ޙ ݱࡏ 1: ׂҾ཰ͱ͸কདྷಘΒΕΔ͓ۚͷՁ஋Λݱࡏͷֹۚʹ௚ͨ͢Ίͷ཰ɻ
20. Copyright © ONE CAREER Inc. All Rights Reserved. ROIC 20 Ք͙ྗͱͯ͠ͷROICɺ݁Ռͱͯ͠ͷFCF FCF͸اۀՁ஋ͷݯઘͰ͋Δ͕ɺͦΕ͸͋͘·Ͱࣄۀ׆ಈͷ݁Ռʹա͗ͳ͍ɻ ೔ʑͷӦΈʹ͓͍ͯ໰ΘΕΔ΂͖͸ɺࢿຊΛ͍͔ʹ༗ޮ׆༻͠ɺϦλʔϯΛ࠷େԽͤ͞Δ͔ͱ͍͏ʮՔ͙ྗʯʹ͋Δɻ ౤Լࢿຊʹର͢Δརӹ཰ʢROICʣͷ޲্͕ͦ͜ɺকདྷʹΘͨΔFCF૑ग़ͷڌΓॴͱͳΔɻ ౤Լࢿຊʹର͠ ͲΕ͚ͩޮ཰తʹརӹΛ ੜΈग़͔ͨࣔ͢͠ FCF ROIC ࣗ༝ʹ࢖͑Δ ༨৒ࢿۚ ౤Լࢿຊ ࣄۀʹ࣮ࡍʹ౤ͨ͡ ࢿۚͷ૯ֹ
21. Copyright © ONE CAREER Inc. All Rights Reserved. ROIC 21 ROIC ≒ ࣄۀੜ࢈ੑ ROIC͸ʮ౤ͨ͡ࢿຊʹରͯ͠ɺͲΕ͚ͩͷརӹΛ্͔͛ͨʯΛࣔ͢ࢦඪͰ͋Γɺ࣮࣭తʹ͸ࣄۀશମͷੜ࢈ੑΛ ө͠ग़͢΋ͷͰ͋Δɻ͜ͷࣄۀੜ࢈ੑΛߴΊɺՔ͙ྗΛ࠷େԽ͢Δͱ͍͏γϯϓϧ͔ͭຊ࣭తͳ໨ඪ͸ɺ৬छΛ໰ ΘͣɺࣄۀʹܞΘΔ͢΂ͯͷϏδωεύʔιϯʹڞ௨ͯ͠ٻΊΒΕΔ΋ͷͰ͋Δɻ ࢿ࢈ ିआରরද ʢBSʣ ७ࢿ࢈ ଛӹܭࢉॻʢPLʣ ച্ߴ ੫Ҿޙ Ӧۀརӹ ച্ݪՁ ൢ؅අ ๏ਓ੫ͳͲ ࣄۀෛ࠴ ༗རࢠ ෛ࠴ ROIC ࣄۀੜ࢈ੑ ROICɹʹ ੫ҾޙӦۀརӹ ʢNOPATʣ ౤Լࢿຊ
22. Copyright © ONE CAREER Inc. All Rights Reserved. ROIC 22 ߴ·ΔROICͷॏཁੑ ROIC͸΋͸΍ࣾ಺ͷ؅ཧࢦඪʹཹ·Βͣɺࢢ৔͕اۀΛධՁ͢Δࡍͷڞ௨ݴޠͱͳ͍ͬͯΔɻࢿຊޮ཰Λॏࢹ͢ Δ౤ࢿՈͷ໨ઢ΍౦ূͷ্৔ҡ࣋ج४ͷݫ֨ԽͳͲΛഎܠʹɺROICܦӦ͸͢Ͱʹ࣋ଓతͳاۀՁ஋޲্ΛՌͨ͢ ͨΊͷલఏ৚݅ʹͳ͍ͬͯΔɻ Ҿ༻ɿ౦ژূ݊औҾॴ/ࢿຊίετ΍גՁΛҙࣝͨ͠ܦӦͷ࣮ݱʹ޲͚ͨରԠʹ͍ͭͯ (https://www.jpx.co.jp/news/1020/cg27su000000427f-att/cg27su00000042a2.pdf) Ҿ༻ɿ౦ژূ݊औҾॴ/άϩʔεࢢ৔ʹ͓͚ΔࠓޙͷରԠ (https://www.jpx.co.jp/equities/follow-up/nlsgeu000006gevo-att/um3qrc0000016108.pdfʣ
23. Copyright © ONE CAREER Inc. All Rights Reserved. • ։ൃੜ࢈ੑͷϨϕϧ͸ʮॱʹ্͕Δʯͱ͍͏ࢥ͍ࠐΈ • ੜ੒AIͰੜ࢈ੑ্͕͕͍ͬͯΔͱ͍͏ࢥ͍ࠐΈ • ։ൃΛ௨ͯ͠ROICΛߴΊΔϝΧχζϜ • ࢀߟ: CAPEXͱOPEXࢀߟ: CAPEXͱOPEX • ։ൃऀ͕஌͓ͬͯ͘΂͖ROICΛߴΊΔࢹ఺ 23
24. Copyright © ONE CAREER Inc. All Rights Reserved. Q. ։ൃੜ࢈ੑͷ޲্͸ ࣄۀੜ࢈ੑʢROICʣʹ௚݁͢Δ͔ʁ 24
25. Copyright © ONE CAREER Inc. All Rights Reserved. Q. ։ൃੜ࢈ੑͷ޲্͸ ࣄۀੜ࢈ੑʢROICʣʹ௚݁͢Δ͔ʁ 25 ✕
26. Copyright © ONE CAREER Inc. All Rights Reserved. ։ൃੜ࢈ੑ 26 ։ൃੜ࢈ੑͷϨϕϧ͸ʮॱʹ্͕Δʯͱ͍͏ࢥ͍ࠐΈ ։ൃੜ࢈ੑ͸Ұൠతʹɺʮ࢓ࣄྔͷ૿Ճ → ظ଴෇ՃՁ஋ʢϢʔβʔ΁ͷՁ஋ఏڙͳͲʣͷ޲্ → ࠷ऴతʹͲΕͩ ͚ࣄۀՁ஋ʹస׵Ͱ͖͔ͨʯͱ͍͏ࢹ఺ͰޠΒΕΔ͜ͱ͕ଟ͍ɻͦͷͨΊɺੜ࢈ੑ޲্ͱݴ͏ͱɺ·ͣ͸Ϩϕϧ1 ͷʮྔΛ૿΍͢ஈ֊ʯ͔ΒखΛ෇͚͕ͪͰ͋Δɻ Ҿ༻: ։ൃੜ࢈ੑʹ͍ͭͯٞ࿦͢Δલʹ஌͓͖͍ͬͯͨ͜ͱ/޿໦େ஍ (https://qiita.com/hirokidaichi/items/53f0865398829bdebef1)
27. Copyright © ONE CAREER Inc. All Rights Reserved. ։ൃੜ࢈ੑ 27 ੜ੒AIͰੜ࢈ੑ্͕͕͍ͬͯΔͱ͍͏ࢥ͍ࠐΈ ੜ੒AIʹΑͬͯੜ࢈ྔ͸͔֬ʹ૿͍͑ͯΔɻ͔͠͠ɺ૿͑ͨੜ࢈ྔ͕ࣄۀՁ஋ʹͲΕ͚ͩస׵Ͱ͖Δ͔͕ॏཁͰ͋ Γɺస׵཰͕௿͚Ε͹ΠϯύΫτ͸ݶఆతͱͳΔɻ ੜ੒AIʹΑΔίʔυྔ ച্ɾརӹʹώοτ͠ͳ͍ ച্ɾརӹ΁ͷస׵཰ 30% 70% 100 % ݟ͔͚ͤͷੜ࢈ੑ ຊ࣭తͳੜ࢈ੑ
28. Copyright © ONE CAREER Inc. All Rights Reserved. ։ൃͷੜ࢈ੑΛߴΊΔ ࣄۀͷੜ࢈ੑʢROICʣΛߴΊΔ How Outcome ▼ ຊ࣭ 28
29. Copyright © ONE CAREER Inc. All Rights Reserved. ROIC 29 ։ൃΛ௨ͯ͠ROICΛߴΊΔϝΧχζϜ ROIC͸ɺ෼฼Ͱ͋Δ౤ԼࢿຊΛόϥϯεγʔτͷआํɾିํͷͲͪΒͰଊ͑Δ͔ʹΑͬͯͦͷఆٛ෇͚͸ҟͳ Δɻ։ൃͱͷؔ܎Λߟ͑Δࡍ͸ɺӡ༻αΠυʢआํʣͱͯ͠ʮӡసࢿຊ1ʴݻఆࢿ࢈ʯͱఆٛͯ͠ߟ͍͑ͯ͘ɻ Ӧۀརӹ ൢ؅අ ੫Ҿޙ Ӧۀརӹ ๏ਓ੫ ଛӹܭࢉॻʢPLʣ ച্ ੫Ҿޙ Ӧۀརӹ ੫ҾޙӦۀརӹʢNOPATʣ ିआରরද ʢBSʣӡ༻αΠυ ྲྀಈෛ࠴ ७ࢿ࢈ ݻఆෛ࠴ ݻఆࢿ࢈ ྲྀಈࢿ࢈ ӡసࢿຊ ੫ҾޙӦۀརӹ ʢNOPATʣ ౤Լࢿຊ ROICɹʹ ౤ԼࢿຊʢInvested Capitalʣ ച্࠴ݖ ʢചֻۚͳͲʣ ୨Էࢿ࢈ ʢࡏݿͳͲʣ ࢓ೖ࠴຿ ʢങֻۚͳͲʣ ݻఆࢿ࢈ʢFixed Assetsʣɿࣄۀ׆ಈͷͨΊʹ௕ظతʹอ༗͢Δࢿ࢈ ༗ܗݻఆࢿ࢈ ʢݐ෺/ػցͳͲʣ ͦͷଞͷࣄۀ༻ࢿ࢈ ʢϦʔεࢿ࢈ͳͲʣ + - + ແܗݻఆࢿ࢈ ʢιϑτ΢ΣΞͳͲʣ + + ӡసࢿຊʢWorking Capitalʣɿࣄۀ׆ಈͷӡӦʹඞཁͳࢿۚ Ӧۀརӹ ൢ؅අ ੫ҾޙӦۀརӹ ๏ਓ੫ ച্ߴ ച্૯རӹ ച্ݪՁ ੫ҾޙӦۀརӹ අ༻ ɾച্ݪՁ ɾൢ؅අ 1: ӦۀӡసࢿຊΛࢦ͢ɻച্࠴ݖ+୨Էࢿ࢈-࢓ೖ࠴຿Ͱࢉग़͞ΕΔɻ
30. Copyright © ONE CAREER Inc. All Rights Reserved. ROIC 30 ։ൃΛ௨ͯ͠ROICΛߴΊΔϝΧχζϜ ։ൃͱؔ࿈͕ਂ͍߲໨ͱͯ͠͸ɺʮແܗݻఆࢿ࢈ɺച্ݪՁɺൢ؅අʯ͕ڍ͛ΒΕΔɻແܗݻఆࢿ࢈ʹ͸։ൃͨ͠ɹɹ ιϑτ΢ΣΞࢿ࢈͕ܭ্͞Εɺച্ݪՁʹ͸։ൃඅʢΤϯδχΞͷڅ༩ؚΉʣ΍Πϯϑϥඅ͕ɺൢ؅අʹ͸ݮՁঈ ٫අͳͲΛͦΕͧΕܭ্͍ͯ͠Δɻ˞ϓϩμΫτ։ൃʹؔΘΔࢧग़Λશͯඅ༻Խ͍ͯ͠Δاۀ΋͋Δɻ Ӧۀརӹ ൢ؅අ ੫Ҿޙ Ӧۀརӹ ๏ਓ੫ ଛӹܭࢉॻʢPLʣ ച্ ੫Ҿޙ Ӧۀརӹ ੫ҾޙӦۀརӹʢNOPATʣ ିआରরද ʢBSʣӡ༻αΠυ ྲྀಈෛ࠴ ७ࢿ࢈ ݻఆෛ࠴ ݻఆࢿ࢈ ྲྀಈࢿ࢈ ӡసࢿຊ ੫ҾޙӦۀརӹ ʢNOPATʣ ౤Լࢿຊ ROICɹʹ ౤ԼࢿຊʢInvested Capitalʣ ച্࠴ݖ ʢചֻۚͳͲʣ ୨Էࢿ࢈ ʢࡏݿͳͲʣ ࢓ೖ࠴຿ ʢങֻۚͳͲʣ ݻఆࢿ࢈ʢFixed Assetsʣɿࣄۀ׆ಈͷͨΊʹ௕ظతʹอ༗͢Δࢿ࢈ ༗ܗݻఆࢿ࢈ ʢݐ෺/ػցͳͲʣ ͦͷଞͷࣄۀ༻ࢿ࢈ ʢϦʔεࢿ࢈ͳͲʣ + - + ແܗݻఆࢿ࢈ ʢιϑτ΢ΣΞͳͲʣ + + ӡసࢿຊʢWorking Capitalʣɿࣄۀ׆ಈͷӡӦʹඞཁͳࢿۚ Ӧۀརӹ ൢ؅අ ੫ҾޙӦۀརӹ ๏ਓ੫ ച্ߴ ച্૯རӹ ച্ݪՁ ੫ҾޙӦۀརӹ අ༻ ɾച্ݪՁ ɾൢ؅අ ιϑτ΢ΣΞ ݮՁঈ٫අͳͲ ։ൃඅɾΠϯϑϥඅ
31. Copyright © ONE CAREER Inc. All Rights Reserved. CAPEXɾOPEX 31 ࢀߟ: CAPEXͱOPEX ιϑτ΢ΣΞࢿ࢈΁ͷ౤ࢿͳͲͷʮࢿຊతࢧग़ʯΛCAPEXʢCapital Expenditureʣɺ ΠϯϑϥඅͳͲͷʮࣄۀӡӦඅʯΛOPEXʢOperating Expenseʣͱ͍͏ɻ CAPEXʢࢿຊతࢧग़ʣ OPEXʢࣄۀӡӦඅʣ ιϑτ΢ΣΞࢿ࢈ɺݐ෺ͳͲ কདྷͷՁ஋ΛੜΈग़͢ࢿ࢈Λ औಘ͢ΔΑ͏ͳࢧग़ɻ ਓ݅අɺΠϯϑϥඅͳͲ ࣄۀӡӦʹؔΘΔඅ༻ɻ Ӧۀརӹ ൢ؅අ ੫Ҿޙ Ӧۀརӹ ๏ਓ੫ ੫ҾޙӦۀརӹʢNOPATʣ ౤ԼࢿຊʢInvested Capitalʣ ച্࠴ݖ ʢചֻۚͳͲʣ ୨Էࢿ࢈ ʢࡏݿͳͲʣ ࢓ೖ࠴຿ ʢങֻۚͳͲʣ ݻఆࢿ࢈ʢFixed Assetsʣɿࣄۀ׆ಈͷͨΊʹ௕ظతʹอ༗͢Δࢿ࢈ ༗ܗݻఆࢿ࢈ ʢݐ෺/ػցͳͲʣ ͦͷଞͷࣄۀ༻ࢿ࢈ ʢϦʔεࢿ࢈ͳͲʣ + - + ແܗݻఆࢿ࢈ ʢιϑτ΢ΣΞͳͲʣ + + ӡసࢿຊʢWorking Capitalʣɿࣄۀ׆ಈͷӡӦʹඞཁͳࢿۚ Ӧۀརӹ ൢ؅අ ੫ҾޙӦۀརӹ ๏ਓ੫ ച্ߴ ച্૯རӹ ച্ݪՁ ιϑτ΢ΣΞ ݮՁঈ٫අͳͲ ਓ݅අɾΠϯϑϥඅ
32. Copyright © ONE CAREER Inc. All Rights Reserved. ROIC 32 ։ൃऀ͕஌͓ͬͯ͘΂͖ROICΛߴΊΔࢹ఺ ROICΛ޲্ͤ͞Δʹ͸ɺ੫ҾޙӦۀརӹͷ૿Ճͱ౤Լࢿຊͷ࠷దԽ͕ෆՄܽͰ͋Δɻ͜ͷߏ଄Λཧղ্ͨ͠Ͱɺ ೔ʑͷ։ൃ׆ಈΛʮ͍͔ʹརӹΛߴΊɺࢿຊΛޮ཰తʹ׆༻͢Δ͔ʯͱ͍͏ࢹ఺Ͱଊ͑Δ͜ͱ͕ٻΊΒΕΔɻ ੫ҾޙӦۀརӹ ʢNOPATʣ ౤Լࢿຊ ※ ‑ ROIC‐ɹʹ ‐ ച্ ‐ අ༻ ‑ ݻఆࢿ࢈ ‑ ӡసࢿຊ ‑ ։ൃίετͷ࡟ݮ ࢿ࢈ܭ্/අ༻Խ൑அ ෆཁͳࢿ࢈ͷ૿Ճ཈੍ ༗ܗɾແܗݻఆࢿ࢈ͷ؅ཧ Ϣʔβʔ՝୊ղܾ΍ຬ଍޲্ʹ௚݁ͨ͠ػೳ։ൃ ܧଓར༻ɾΞοϓηϧΛଅਐ͢Δվળ ຊ൪ো֐ɾτϥϒϧͷ࡟ݮͰमસඅෛ୲ͷ௿ݮ AI׆༻ʹΑΔੜ࢈ੑ޲্ ϓϩηεվળʹΑΔੜ࢈ੑ޲্ ࢿ࢈ܭ্Ͱ͖Διϑτ΢ΣΞ౤ࢿɾਖ਼͍ࠜ͠ڌ͚ͮ ঈ٫ෛ୲Λݟਾ͑ͨத௕ظͷ։ൃܭը ۀ຿ϑϩʔվળɾࣗಈԽͳͲͰ༨ܭͳࢿ࢈Λ࣋ͨͳ͍ ݹ͍ιϑτ΢ΣΞ΍༡ٳαʔόʔͷഇغɾ੔ཧ ҡ࣋͞ΕΔࢿ࢈͕ຊ౰ʹඞཁ͔ఆظతʹݟ௚͠ ऩӹੑͷߴ͍։ൃ Πϯϑϥඅ༻ͷ࠷దԽɾແବͷഉআ ΞʔΩςΫνϟ΍ϦϑΝΫλϦϯάͰอकίετ࡟ݮ ӡ༻ίετͷ࡟ݮ ΤϯδχΞࣗ਎ͷεΩϧΞοϓʹΑΔੜ࢈ੑ޲্ େن໛౤ࢿϦεΫΛճආ ֦ுੑɾॊೈੑ͋ΔઃܭͰ։ൃෛ࠴Λੜ·ͳ͍ ※ ౤Լࢿຊ͸ඞͣ͠΋Լ͛Δ͜ͱ͕ຊ࣭Ͱ͸ͳ͍ɻ ࠷దͳࢿຊͰརӹΛ૑ग़͢Δ͜ͱ͕ॏཁɻ OPEX CAPE X
33. Copyright © ONE CAREER Inc. All Rights Reserved. 3. ROICΛҙࣝͨ͠औΓ૊Έ 1. ιϑτ΢ΣΞࢿ࢈ʹܭ্͢Δ։ൃͷ؅ཧ 2. ࡒ຿஌ࣝ޲্ͷͨΊͷษڧձ։࠵ 3. ։ൃεϐʔυͷ޲্ 33
34. Copyright © ONE CAREER Inc. All Rights Reserved. ROICΛҙࣝͨ͠औΓ૊Έ 34 ᶃ ιϑτ΢ΣΞࢿ࢈ʹܭ্͢Δ։ൃͷ؅ཧ ΤϯδχΞࣗ਎͕౤ࢿରޮՌʹର͢Δઆ໌੹೚Λ୲͍ɺιϑτ΢ΣΞࢿ࢈ʹܭ্͢Δ։ൃͷ։࢝ਃ੥͔Β༧࣮ใࠂ ·ͰΛҰ؏࣮ͯ͠ࢪɻ͜ͷӡ༻ʹΑΓɺ։ൃΛ࡞Δ׆ಈʹͱͲΊͣɺࣄۀ੒Ռͱ݁ͼ͚ͭΔࢹ఺ΛڧԽ͍ͯ͠Δɻ ੫ҾޙӦۀརӹ ⬆︎ ։ൃίετ ͷ࡟ݮ ࢿ࢈ܭ্ අ༻Խ൑அ ෆཁͳࢿ࢈ͷ ૿Ճ཈੍ ༗ܗɾແܗ ݻఆࢿ࢈ͷ؅ཧ Ϣʔβʔ՝୊ղܾ΍ຬ଍޲্ʹ௚݁ͨ͠ػೳ։ൃ ܧଓར༻ɾΞοϓηϧΛଅਐ͢Δվળ ຊ൪ো֐ɾτϥϒϧͷ࡟ݮͰमસඅෛ୲ͷ௿ݮ AI׆༻ʹΑΔੜ࢈ੑ޲্ ϓϩηεվળʹΑΔੜ࢈ੑ޲্ ࢿ࢈ܭ্Ͱ͖Διϑτ΢ΣΞ౤ࢿɾਖ਼͍ࠜ͠ڌ͚ͮ ঈ٫ෛ୲Λݟਾ͑ͨத௕ظͷ։ൃܭը ۀ຿ϑϩʔվળɾࣗಈԽͳͲͰ༨ܭͳࢿ࢈Λ࣋ͨͳ͍ ݹ͍ιϑτ΢ΣΞ΍༡ٳαʔόʔͷഇغɾ੔ཧ ҡ࣋͞ΕΔࢿ࢈͕ຊ౰ʹඞཁ͔ఆظతʹݟ௚͠ ऩӹੑͷ ߴ͍։ൃ Πϯϑϥඅ༻ͷ࠷దԽɾແବͷഉআ ΞʔΩςΫνϟ΍ϦϑΝΫλϦϯάͰอकίετ࡟ݮ ӡ༻ίετ ͷ࡟ݮ ΤϯδχΞࣗ਎ͷεΩϧΞοϓʹΑΔੜ࢈ੑ޲্ େن໛౤ࢿ ϦεΫΛճආ ֦ுੑɾॊೈੑ͋ΔઃܭͰ։ൃෛ࠴Λੜ·ͳ͍ ౤Լࢿຊ ⬆︎ ࢿ࢈ੑ։ൃʹ͓͚Δӡ༻ϑϩʔ ΤϯδχΞ͕ ROIɾࢿຊͷ ճऩܭըΛ ݕ౼͠WFਃ੥ ܦӦਞ͕ ֬ೝˍঝೝ ※ࠩ͠໭͠ͷ ৔߹΋ ։࢝ਃ੥ ਐḿ֬ೝ ΤϯδχΞ͕ ࢿ࢈ੑ։ൃͷ ճऩݟࠐΈ Λࢉग़ ຖ݄ܦཧͱ ৼΓฦΓ ਐḿ֬ೝ ΤϯδχΞ͕ ࢿ࢈ੑ։ൃͷ ༧࣮Λࢉग़ ܦཧ+ܦӦ ਞ͕֬ೝ ຖिνʔϜϦʔμʔ͕ใࠂ ʢ༧ࢉਐḿɾ೔෇ਐḿɾண஍༧ ૝ʣ
35. Copyright © ONE CAREER Inc. All Rights Reserved. ౤Լࢿຊ ⬆︎ ੫ҾޙӦۀརӹ ⬆︎ ROICΛҙࣝͨ͠औΓ૊Έ 35 ᶄ ࡒ຿஌ࣝ޲্ͷͨΊͷษڧձ։࠵ ϚωʔδϟʔΛର৅ʹɺִिͰࡒ຿ษڧձΛ࣮ࢪɻاۀՁ஋ͷຊ࣭΍DCFɺROEɾROAɾROICͱ͍ͬͨࡒ຿ࢦඪ ͷཧղΛਂΊΔɻ౤ࢿՈ໨ઢɾܦӦऀ໨ઢͷ૒ํ͔Βࣄۀ΍։ൃΛଊ͑Δࢹ࠲Λ਎ʹ͚͍ͭͯΔɻ ։ൃίετ ͷ࡟ݮ ࢿ࢈ܭ্ අ༻Խ൑அ ෆཁͳࢿ࢈ͷ ૿Ճ཈੍ ༗ܗɾແܗ ݻఆࢿ࢈ͷ؅ཧ Ϣʔβʔ՝୊ղܾ΍ຬ଍޲্ʹ௚݁ͨ͠ػೳ։ൃ ܧଓར༻ɾΞοϓηϧΛଅਐ͢Δվળ ຊ൪ো֐ɾτϥϒϧͷ࡟ݮͰमસඅෛ୲ͷ௿ݮ AI׆༻ʹΑΔੜ࢈ੑ޲্ ϓϩηεվળʹΑΔੜ࢈ੑ޲্ ࢿ࢈ܭ্Ͱ͖Διϑτ΢ΣΞ౤ࢿɾਖ਼͍ࠜ͠ڌ͚ͮ ঈ٫ෛ୲Λݟਾ͑ͨத௕ظͷ։ൃܭը ۀ຿ϑϩʔվળɾࣗಈԽͳͲͰ༨ܭͳࢿ࢈Λ࣋ͨͳ͍ ݹ͍ιϑτ΢ΣΞ΍༡ٳαʔόʔͷഇغɾ੔ཧ ҡ࣋͞ΕΔࢿ࢈͕ຊ౰ʹඞཁ͔ఆظతʹݟ௚͠ ऩӹੑͷ ߴ͍։ൃ Πϯϑϥඅ༻ͷ࠷దԽɾແବͷഉআ ΞʔΩςΫνϟ΍ϦϑΝΫλϦϯάͰอकίετ࡟ݮ ӡ༻ίετ ͷ࡟ݮ ΤϯδχΞࣗ਎ͷεΩϧΞοϓʹΑΔੜ࢈ੑ޲্ େن໛౤ࢿ ϦεΫΛճආ ֦ுੑɾॊೈੑ͋ΔઃܭͰ։ൃෛ࠴Λੜ·ͳ͍ Ϛωʔδϟʔ޲͚ษڧձ • ࢀՃऀ: Ϛωʔδϟʔ૚ʢCTOɾ։ൃ෦௕ΛؚΉʣ • ස౓: ִि։࠵ʢࣄલ՝୊͋Γʣ • ओͳֶशςʔϚ: اۀՁ஋޲্ɺROE/ROA/ROICɺPBR/PERͳͲͷࢦඪཧղ
36. Copyright © ONE CAREER Inc. All Rights Reserved. ROICΛҙࣝͨ͠औΓ૊Έ 36 ᶅ ։ൃεϐʔυͷ޲্ PRͷ࠷খ୯ҐԽ΍AIʹΑΔϨϏϡʔޮ཰Խɺશ޻ఔ΁ͷAI׆༻ʹΑΓɺ඼࣭Λҡ࣋͠ͳ͕ΒՁ஋૑ग़·ͰͷϦʔ υλΠϜΛ୹ॖɻ։ൃੜ࢈ੑͷߴ͍૊৫ͱͯ͠΋ɺFindy TeamʴAward1Λ4೥࿈ଓͰड৆͍ͯ͠Δɻ ੫ҾޙӦۀརӹ ⬆︎ ։ൃίετ ͷ࡟ݮ ࢿ࢈ܭ্ අ༻Խ൑அ ෆཁͳࢿ࢈ͷ ૿Ճ཈੍ ༗ܗɾແܗ ݻఆࢿ࢈ͷ؅ཧ Ϣʔβʔ՝୊ղܾ΍ຬ଍޲্ʹ௚݁ͨ͠ػೳ։ൃ ܧଓར༻ɾΞοϓηϧΛଅਐ͢Δվળ ຊ൪ো֐ɾτϥϒϧͷ࡟ݮͰमસඅෛ୲ͷ௿ݮ AI׆༻ʹΑΔੜ࢈ੑ޲্ ϓϩηεվળʹΑΔੜ࢈ੑ޲্ ࢿ࢈ܭ্Ͱ͖Διϑτ΢ΣΞ౤ࢿɾਖ਼͍ࠜ͠ڌ͚ͮ ঈ٫ෛ୲Λݟਾ͑ͨத௕ظͷ։ൃܭը ۀ຿ϑϩʔվળɾࣗಈԽͳͲͰ༨ܭͳࢿ࢈Λ࣋ͨͳ͍ ݹ͍ιϑτ΢ΣΞ΍༡ٳαʔόʔͷഇغɾ੔ཧ ҡ࣋͞ΕΔࢿ࢈͕ຊ౰ʹඞཁ͔ఆظతʹݟ௚͠ ऩӹੑͷ ߴ͍։ൃ Πϯϑϥඅ༻ͷ࠷దԽɾແବͷഉআ ΞʔΩςΫνϟ΍ϦϑΝΫλϦϯάͰอकίετ࡟ݮ ӡ༻ίετ ͷ࡟ݮ ΤϯδχΞࣗ਎ͷεΩϧΞοϓʹΑΔੜ࢈ੑ޲্ େن໛౤ࢿ ϦεΫΛճආ ֦ுੑɾॊೈੑ͋ΔઃܭͰ։ൃෛ࠴Λੜ·ͳ͍ ౤Լࢿຊ ⬆︎ ૊৫ਓ਺ͷਫ४Λҡ࣋͠ d/d/d 1͕ લ೥ൺ໿ 4 ഒ ʹ2 ։ൃ޲͚AIπʔϧͷ׆༻ Findy Team+ Award 4೥࿈ଓड৆ 0.017 1.175 0.289 2022/11 2024/3 2025/3 1. Findy Team+ʢνʔϜϓϥεʣ Λ௨ͯ͡ʮ։ൃੜ࢈ੑείΞʯ͕ಛʹ༏Εͨاۀɺ͓Αͼɺଟ༷ͳ؍఺Ͱ։ൃੜ࢈ੑ͕༏ΕͨνʔϜΛදজ͢Δ΋ͷɻ 2. ιϑτ΢ΣΞ։ൃʹ͓͚Δੜ࢈ੑࢦඪͷҰͭͰɺ1೔͋ͨΓͷσϓϩΠճ਺Λ։ൃऀ਺Ͱׂͬͨ਺஋ʢdeploys/day/developerʣͷ͜ͱΛࢦ͢ɻ 3. ܭଌظؒɿ2022೥11݄ʙ2025೥6݄ ۩ମతͳऔΓ૊Έྫ • PRͷ࠷খ୯ҐԽ: ʮ1 มߋ / 1ϓϧϦΫʯͰཻ౓͕খ͘͞ɺଈϦϦʔεɻ • ϨϏϡʔͷޮ཰Խ: ֬ೝඞཁɾෆཁՕॴΛAIͰࣗಈʹ໌ࣔ͠ɺϊΠζΛഉআɻ • શ޻ఔͰAIΛ׆༻: ཁ݅ఆٛɾσβΠϯɾ։ൃɾςετͳͲશ޻ఔʹAIΛ૊ΈࠐΉɻ
37. Copyright © ONE CAREER Inc. All Rights Reserved. 4. ͍͞͝ʹ 37
38. Copyright © ONE CAREER Inc. All Rights Reserved. 38 ̭ ຊ౰ʹɺ͢΂ͯͷ։ൃͰROIΛࢉग़͍ͯ͠Δͷ͔ʁ ࡒ຿ͷษڧձΛ։͍ͯ΋ɺ୭΋དྷͳ͍ͷͰ͸ͳ͍͔ʁ ͦ΋ͦ΋ɺͦΕ͸ΤϯδχΞͷ࢓ࣄͳͷ͔ʁ
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