{"id":2025,"date":"2023-09-22T20:13:05","date_gmt":"2023-09-22T11:13:05","guid":{"rendered":"https:\/\/crea-lp.com\/lab\/?p=2025"},"modified":"2023-09-22T20:13:05","modified_gmt":"2023-09-22T11:13:05","slug":"alternative","status":"publish","type":"post","link":"https:\/\/crea-lp.com\/lab\/alternative\/","title":{"rendered":"\uff1c\u57fa\u790e\uff1e \u3010\u91d1\u5546-10\u3011\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7"},"content":{"rendered":"<h2 class=\"styled_h2\">\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u3068\u306f<\/h2>\n<h3 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class=\"styled_h2\">\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u5546\u54c1\u306e\u5206\u985e<\/h2>\n<p><strong>\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7<\/strong>\u306f\u3001\u305d\u306e\u6295\u8cc7\u5bfe\u8c61\u3084\u6295\u8cc7\u624b\u6cd5\u304c\u6b21\u3005\u3068\u751f\u307e\u308c\u3066\u304f\u308b\u65b0\u3057\u3044\u6295\u8cc7\u5546\u54c1\u3067\u3059\u3002<br \/>\n\u3057\u305f\u304c\u3063\u3066\u3001\u5b9a\u307e\u3063\u305f\u5206\u985e\u65b9\u6cd5\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001\u6982\u306d\u3001<strong>\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30a8\u30af\u30a4\u30c6\u30a3<\/strong>\u3001<strong>\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9<\/strong>\u3001<strong>\u305d\u306e\u4ed6<\/strong>\u306e\uff13\u3064\u306b\u6574\u7406\u3067\u304d\u307e\u3059\u3002<\/p>\n<h3 class=\"styled_h3\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9<\/h3>\n<ul>\n<li>\u4e00\u822c\u306e\u6295\u8cc7\u4fe1\u8a17\uff08\u30d5\u30a1\u30f3\u30c9\uff09\u3068\u9055\u3044\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3084\u5bcc\u88d5\u5c64\u306a\u3069\u306e\u7279\u5b9a\u306e\u6295\u8cc7\u5bb6\u304b\u3089\u8cc7\u91d1\u3092\u96c6\u3081\u308b<strong>\uff08\u79c1\u52df\uff09\u30d5\u30a1\u30f3\u30c9<\/strong>\u3067\u3059\u3002<\/li>\n<li>\u4f1d\u7d71\u7684\u6295\u8cc7\u5546\u54c1\u3067\u3042\u308b\u682a\u5f0f\u3084\u50b5\u5238\u306e\u73fe\u7269\u53d6\u5f15\u306b\u3001<strong>\u5148\u7269\u53d6\u5f15<\/strong>\u3084<strong>\u5e97\u982d\u53d6\u5f15\uff08\u30b9\u30ef\u30c3\u30d7\u53d6\u5f15\u7b49\uff09<\/strong>\u306e<strong>\u91d1\u878d\u6d3e\u751f\u5546\u54c1\uff08\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff09<\/strong>\u3092\u6d3b\u7528\u3057\u3066\u3001<strong>\u9ad8\u3044\u53ce\u76ca\u3092\u72d9\u3046<\/strong>\u3082\u306e\u3084\u3001<strong>\u30ed\u30f3\u30b0\u30fb\u30b7\u30e7\u30fc\u30c8\u904b\u7528<\/strong>\u306e\u3088\u3046\u306b\u58f2\u308a\u3068\u8cb7\u3044\u3092\u4e21\u5efa\u3066\u306b\u3057\u3066<strong>\u300c\u7d76\u5bfe\u53ce\u76ca\u300d\u3092\u72d9\u3046<\/strong>\u3082\u306e\u306a\u3069\u3001\u3055\u307e\u3056\u307e\u306a\u904b\u7528\u624b\u6cd5\u306e\u30d5\u30a1\u30f3\u30c9\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<li>\u00a0\u4e00\u822c\u7684\u306b\u3001<strong>\u6700\u4f4e\u6295\u8cc7\u91d1\u984d\u304c\u9ad8\u984d<\/strong>\u3067\u3001\u307e\u305f\u3001\u5e83\u304f\u4e00\u822c\u7684\u306b\u52df\u96c6\u3055\u308c\u308b\u3082\u306e\u3067\u306f\u306a\u3044\u305f\u3081\u3001\u8ab0\u3067\u3082\u8cfc\u5165\u3067\u304d\u308b\u30d5\u30a1\u30f3\u30c9\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<br \/>\n<strong>\u500b\u4eba\u6295\u8cc7\u5bb6<\/strong>\u306b\u3068\u3063\u3066\u306f\u3001\u69d8\u3005\u306a\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3067\u69cb\u6210\u3055\u308c\u308b<strong>\u6295\u8cc7\u4fe1\u8a17\uff08\u30d5\u30a1\u30f3\u30ba\u30aa\u30d6\u30d5\u30a1\u30f3\u30ba\uff09<\/strong>\u3078\u306e\u6295\u8cc7\u304c\u4e00\u822c\u7684\u3068\u306a\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<h4 class=\"styled_h4\">\u904b\u7528\u624b\u6cd5\u3084\u3001\u6295\u8cc7\u5bfe\u8c61\u3001\u30ea\u30b9\u30af\u306e\u7a2e\u985e\u306b\u3088\u3063\u3066\u3001\u69d8\u3005\u306a\u30d5\u30a1\u30f3\u30c9\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u5927\u304d\u304f2\u7a2e\u985e\u306b\u5206\u985e\u3067\u304d\u307e\u3059\u3002<\/h4>\n<h5 class=\"styled_h5\"><strong>\u5e02\u5834\u65b9\u5411\u578b<\/strong><\/h5>\n<p>\u5e02\u5834\u76f8\u5834\u306e\u65b9\u5411\u6027\uff08\u4e0a\u6607\u3001\u4e0b\u843d\uff09\u306b\u3064\u3044\u3066\u5224\u65ad\u3057\u306a\u304c\u3089\u3001<strong>\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\uff08\u30ed\u30f3\u30b0\u30dd\u30b8\u30b7\u30e7\u30f3\u3084\u30b7\u30e7\u30fc\u30c8\u30dd\u30b8\u30b7\u30e7\u30f3\uff09<\/strong>\u3059\u308b\u904b\u7528\u624b\u6cd5<\/p>\n<ul>\n<li><strong>\u30ed\u30f3\u30b0\/\u30b7\u30e7\u30fc\u30c8\u6226\u7565<\/strong><br \/>\n\u4f1d\u7d71\u7684\u6295\u8cc7\u5546\u54c1\u3067\u3042\u308b\u682a\u5f0f\u3084\u50b5\u5238\u306e\u73fe\u7269\u53d6\u5f15\u306b\u3001<strong>\u5148\u7269\u53d6\u5f15<\/strong>\u3084<strong>\u5e97\u982d\u53d6\u5f15\uff08\u30b9\u30ef\u30c3\u30d7\u53d6\u5f15\u7b49\uff09<\/strong>\u7b49\u306e<strong>\u91d1\u878d\u6d3e\u751f\u5546\u54c1\uff08\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff09<\/strong>\u3092\u6d3b\u7528\u3057\u3066\u3001<strong>\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\uff08\u30ed\u30f3\u30b0\u30dd\u30b8\u30b7\u30e7\u30f3\u3084\u30b7\u30e7\u30fc\u30c8\u30dd\u30b8\u30b7\u30e7\u30f3\uff09<\/strong><\/li>\n<li><strong>\u30de\u30af\u30ed\u6226\u7565<\/strong><br \/>\n<strong>\u7d4c\u6e08\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb<\/strong>\u306b\u7740\u76ee\u3001<strong>\u5272\u5b89\u30fb\u5272\u9ad8<\/strong>\u3092\u5224\u65ad<\/li>\n<\/ul>\n<h5 class=\"styled_h5\"><strong>\u5e02\u5834\u4e2d\u7acb\u578b<\/strong><\/h5>\n<p>\u3042\u308b\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u306e\u30ea\u30b9\u30af\u306f\u53d6\u3089\u305a\u306b\u3001<strong>\u5e02\u5834\u9593\u3084\u9298\u67c4\u9593\u7b49\u306e\u9593\u3067\u767a\u751f\u3059\u308b\u6b6a\u307f<\/strong>\u3092\u5229\u7528\u3057\u3066\u53ce\u76ca\u3092\u72d9\u3046\u904b\u7528\u624b\u6cd5<\/p>\n<ul>\n<li><strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb\u6226\u7565<\/strong><br \/>\n\u30ed\u30f3\u30b0\u3068\u30b7\u30e7\u30fc\u30c8\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u7d44\u307f\u5408\u308f\u305b\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u5168\u4f53\u306e\u4fa1\u683c\u5909\u52d5\u30ea\u30b9\u30af\u3092\u5ec3\u9664\u3057\u3001<strong>\u9298\u67c4\u306e\u500b\u5225\u30ea\u30b9\u30af\u8981\u56e0\u3060\u3051\u304b\u3089\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3046<\/strong><\/li>\n<li><strong>\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u6226\u7565<\/strong><br 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\/>\n\u6295\u8cc7\u5bb6\u304b\u3089\u96c6\u3081\u305f\u8cc7\u91d1\u3092\u3001PE\u3092\u6295\u8cc7\u5bfe\u8c61\u3068\u3057\u3066\u3001\u904b\u55b6\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u3092<strong>PE\u30d5\u30a1\u30f3\u30c9<\/strong>\u3068\u8a00\u3044\u307e\u3059\u3002<\/p>\n<p><strong>PE\u30d5\u30a1\u30f3\u30c9<\/strong>\u306f\u3001\u6295\u8cc7\u5148\u4f01\u696d\uff08\u672a\u516c\u958b\u4f01\u696d\uff09\u306e<strong>\u6210\u9577\u30b9\u30c6\u30fc\u30b8\u3068\u4fdd\u6709\u3059\u308b\u6295\u8cc7\u5148\u4f01\u696d\u306e\u8b70\u6c7a\u6a29\u30b7\u30a7\u30a2\u306e\u6c34\u6e96<\/strong>\u306b\u5fdc\u3058\u3066\u3001\u3044\u304f\u3064\u304b\u306e\u985e\u578b\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n<h4 class=\"styled_h4\">\u30d0\u30a4\u30a2\u30a6\u30c8\uff08\u72ed\u7fa9\u306ePE\uff09<\/h4>\n<p>\uff15\uff10\uff05\u8d85\uff08\u901a\u5e38100\uff05\u306e\u5834\u5408\u304c\u591a\u3044\uff09\u306e\u8b70\u6c7a\u6a29\u30b7\u30a7\u30a2\u3092\u7372\u5f97\u3057\u3001<strong>\u6295\u8cc7\u5148\u306e\u7d4c\u55b6\u6a29<\/strong>\u3092\u63e1\u308a\u3001\u305d\u306e\u5f8c\u306e<strong>\u4f01\u696d\u4fa1\u5024\u306e\u5411\u4e0a\u3092\u65e9\u671f\u306b\u5b9f\u73fe\u3059\u308b\u3053\u3068\u3092\u76ee\u7684<\/strong>\u3068\u3057\u305f\u30d5\u30a1\u30f3\u30c9\u3067\u3059\u3002<br \/>\n<strong>\u201c\u72ed\u7fa9\u306ePE\u201d<\/strong>\u3042\u308b\u3044\u306f\u5358\u306b<strong>\u201cPE\u201d<\/strong>\u3068\u547c\u3070\u308c\u308b\u3053\u3068\u3082\u591a\u3044\u3067\u3059\u3002<\/p>\n<h4 class=\"styled_h4\">\u30d9\u30f3\u30c1\u30e3\u30fc\u30ad\u30e3\u30d4\u30bf\u30eb\uff08VC\uff09\u3001\u30b0\u30ed\u30fc\u30b9\u30ad\u30e3\u30d4\u30bf\u30eb<\/h4>\n<p>\u901a\u5e38\u3001<strong>VC\u30d5\u30a1\u30f3\u30c9<\/strong>\u3001<strong>\u30b0\u30ed\u30fc\u30b9\u7cfb\u30d5\u30a1\u30f3\u30c9<\/strong>\u3068\u547c\u3070\u308c\u3001\u4e3b\u306b\u3001<strong>\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d<\/strong>\u3084<strong>\u30d9\u30f3\u30c1\u30e3\u30fc\u4f01\u696d\u7b49<\/strong>\u306b\u5bfe\u3059\u308b\u6295\u8cc7\u3001\u3055\u3089\u306b\u3001<strong>\u6210\u9577\u4f01\u696d\u5411\u3051\u6295\u8cc7<\/strong>\u3092\u884c\u3046\u30d5\u30a1\u30f3\u30c9\u3067\u3059\u3002<br \/>\n<strong>\u30de\u30a4\u30ce\u30ea\u30c6\u30a3\uff0850\uff05\u672a\u6e80\u306e\u8b70\u6c7a\u6a29\u30b7\u30a7\u30a2\u304c\u4e2d\u5fc3\uff09\u6295\u8cc7\u306e\u30d5\u30a1\u30f3\u30c9<\/strong>\u3067\u3059\u3002<br \/>\n\u3053\u308c\u3089\u3082PE\u3078\u306e\u6295\u8cc7\u3067\u3042\u308a\u3001PE\u30d5\u30a1\u30f3\u30c9\u3068\u3044\u3048\u307e\u3059\u306e\u3067\u3001<strong>\u201c\u5e83\u7fa9\u306ePE\u201d<\/strong>\u3068\u3057\u3066\u6574\u7406\u3055\u308c\u307e\u3059\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"http:\/\/crea-lp.com\/lab\/wp-content\/uploads\/2023\/09\/%E3%82%B9%E3%82%AF%E3%83%AA%E3%83%BC%E3%83%B3%E3%82%B7%E3%83%A7%E3%83%83%E3%83%88-2023-09-22-122719.png\" width=\"810\" height=\"465\" \/><\/p>\n<h3 class=\"styled_h3\">\u305d\u306e\u4ed6<\/h3>\n<p><strong>\u305d\u306e\u4ed6\u6295\u8cc7\u5bfe\u8c61<\/strong>\u3068\u3057\u3066\u3001\u4ee5\u4e0b\u306e\u5546\u54c1\u304c\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u6295\u8cc7\u5bfe\u8c61\u3068\u3057\u3066\u5206\u985e\u3055\u308c\u307e\u3059\u3002<br \/>\n\u3044\u305a\u308c\u3082\u3001<strong>\u4f1d\u7d71\u7684\u6295\u8cc7\u5546\u54c1<\/strong>\u3068\u6bd4\u3079<strong>\u4fa1\u683c\u5909\u52d5\u30ea\u30b9\u30af<\/strong>\u3001<strong>\u6d41\u52d5\u6027\u30ea\u30b9\u30af<\/strong>\u3001\u6216\u3044\u306f\u3001<strong>\u305d\u306e\u4ed6\u56fa\u6709\u306e\u30ea\u30b9\u30af<\/strong>\u304c\u9ad8\u3044\u5546\u54c1\u3067\u3059\u3002<\/p>\n<h4 class=\"styled_h4\">\u4e0d\u52d5\u7523<\/h4>\n<p>\u571f\u5730\u30fb\u5efa\u7269\u306a\u3069\u4e0d\u52d5\u7523\u95a2\u9023\u306e\u6295\u8cc7\u5546\u54c1\u3002<strong>\u4e0d\u52d5\u7523\u6295\u8cc7\u4fe1\u8a17\uff08REIT\uff09<\/strong>\u3084\u56fd\u5185\u5916\u306eREIT\u306b\u6295\u8cc7\u3059\u308b\u6295\u8cc7\u4fe1\u8a17\u3001\u79c1\u52df\u30d5\u30a1\u30f3\u30c9\u3068\u3044\u3063\u305f\u91d1\u878d\u5546\u54c1\u306e\u4ed6\u3001<strong>\u73fe\u7269\u4e0d\u52d5\u7523<\/strong>\u3092\u4fdd\u6709\u30fb\u904b\u7528\u3059\u308b\u3053\u3068\u3082\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306b\u542b\u307e\u308c\u308b\u3002<\/p>\n<h4 class=\"styled_h4\">\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3<\/h4>\n<p>\u91d1\u30fb\u9280\u306a\u3069\u306e\u8cb4\u91d1\u5c5e\u3001\u539f\u6cb9\u3084\u5929\u7136\u30ac\u30b9\u306a\u3069\u306e\u30a8\u30cd\u30eb\u30ae\u30fc\u3001\u5c0f\u9ea6\u3084\u5927\u8c46\u306a\u3069\u306e\u8fb2\u7523\u7269\u306a\u3069\u3001\u5546\u54c1\u5148\u7269\u53d6\u5f15\u6240\u3067\u58f2\u8cb7\u3055\u308c\u3066\u3044\u308b\u5546\u54c1\u3078\u6295\u8cc7\u3059\u308b\u3002<\/p>\n<h4 class=\"styled_h4\">\u30a4\u30f3\u30d5\u30e9\u30d5\u30a1\u30f3\u30c9<\/h4>\n<p>\u9244\u9053\u3084\u7a7a\u6e2f\u3001\u767a\u96fb\u6240\u306a\u3069\u306e\u793e\u4f1a\u30a4\u30f3\u30d5\u30e9\u306b\u6295\u8cc7\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u3002<\/p>\n<h4 class=\"styled_h4\">\u8a3c\u5238\u5316\u5546\u54c1<\/h4>\n<p>\u30ed\u30fc\u30f3\u3084\u30ea\u30fc\u30b9\u3068\u3044\u3063\u305f\u5c06\u6765\u7684\u306b\u53ce\u76ca\u304c\u671f\u5f85\u3067\u304d\u308b\u8cc7\u7523\u306b\u3064\u3044\u3066\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u88cf\u4ed8\u3051\u306b\u3057\u305f\u6709\u4fa1\u8a3c\u5238\u3092\u767a\u884c\u3057\u305f\u3082\u306e\u3002\u4ee3\u8868\u7684\u306a\u3082\u306e\u306f<strong>MBS\uff08\u4e0d\u52d5\u7523\u62c5\u4fdd\u8a3c\u5238\uff09<\/strong>\u3001<strong>CBO\uff08\u793e\u50b5\u62c5\u4fdd\u8a3c\u5238\uff09<\/strong>\u306a\u3069\u3002<\/p>\n<h4 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