{"id":1694,"date":"2015-10-11T14:46:57","date_gmt":"2015-10-11T05:46:57","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=1694"},"modified":"2015-10-11T14:51:31","modified_gmt":"2015-10-11T05:51:31","slug":"%e3%82%aa%e3%83%97%e3%82%b7%e3%83%a7%e3%83%b3%e5%8f%96%e5%bc%95%e5%85%a5%e9%96%801-%e3%83%97%e3%83%83%e3%83%88%e3%83%bb%e3%82%aa%e3%83%97%e3%82%b7%e3%83%a7%e3%83%b3%e3%80%81%e3%82%b3%e3%83%bc","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/1694","title":{"rendered":"\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u5165\u95801: 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href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/intrinsic-value-of-option.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1702\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/intrinsic-value-of-option.png\" alt=\"intrinsic-value-of-option\" width=\"409\" height=\"301\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/intrinsic-value-of-option.png 409w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/intrinsic-value-of-option-300x221.png 300w\" sizes=\"auto, (max-width: 409px) 100vw, 409px\" \/><\/a><\/p>\n<p>\u3055\u3066\u3001\u3053\u3053\u307e\u3067\u8aad\u3093\u3067\u3001\u3067\u306f\u73fe\u7269\u682a\u3092\u8cb7\u308f\u305a\u306b\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8cb7\u3063\u305f\u65b9\u304c\u5f97\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3063\u305f\u8aad\u8005\u306f\u8a71\u304c\u65e9\u3044\u306e\u3067\u3042\u308b\u3002\u3053\u306e\u307e\u307e\u3067\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u306f\u300c\u4e0a\u304c\u308a\u306f\u3059\u308b\u304c\u4e0b\u304c\u3089\u306a\u3044\u682a\u5f0f\u300d\u3068\u540c\u7fa9\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u3063\u3066\u3057\u307e\u3046\u3002<\/p>\n<p>\u300c\u3042\u308b\u682a\u5f0f\u3092$100\u30c9\u30eb\u3067\u8cb7\u3046\u6a29\u5229\u300d\u3092\u682a\u4fa1\u304c$100\u306e\u3068\u304d\u306b\u8cb7\u3063\u305f\u3068\u3057\u3066\u3001\u305d\u306e\u6a29\u5229\u81ea\u4f53\u306e\u4fa1\u683c\u304c\u30bc\u30ed\u3067\u3042\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u305d\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u682a\u4fa1\u304c\u4e0a\u304c\u308b\u3068\u3068\u3082\u306b\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u3066\u3086\u304f\u304c\u3001\u682a\u4fa1\u304c$100\u672a\u6e80\u306b\u4e0b\u304c\u3063\u305f\u3068\u3057\u3066\u3082\u5024\u4e0b\u304c\u308a\u305b\u305a\u3001\u7d76\u5bfe\u306b\u640d\u3092\u3057\u306a\u3044\u8cc7\u7523\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u3063\u3066\u3057\u307e\u3046\u3002<\/p>\n<p>\u3067\u306f\u3001\u5b9f\u969b\u306e\u5e02\u5834\u3067\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u306f\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\uff1f\u3000\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u306f\u4e0b\u843d\u30ea\u30b9\u30af\u304c\u306a\u3044\u5206\u3001\u4e0a\u8a18\u306b\u8ff0\u3079\u305f\u672c\u8cea\u7684\u306a\u4fa1\u5024\u3088\u308a\u3082\u5272\u9ad8\u306a\u4fa1\u683c\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u5f97\u3092\u3059\u308b\u5206\u3060\u3051\u5272\u9ad8\u306b\u306a\u308b\u306e\u306f\u52b9\u7387\u7684\u306a\u5e02\u5834\u3067\u306f\u5f53\u7136\u3067\u3042\u308b\u3002<\/p>\n<p>\u3067\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u672c\u8cea\u7684\u4fa1\u5024\u3088\u308a\u3069\u308c\u3060\u3051\u5272\u9ad8\u306a\u4fa1\u683c\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u5b9f\u306f\u3053\u308c\u306f\u3001\u6a29\u5229\u306e\u884c\u4f7f\u304c\u3067\u304d\u308b\u671f\u9593\u306e\u9577\u3055\u306b\u3088\u3063\u3066\u6c7a\u307e\u3063\u3066\u304f\u308b\u3002<\/p>\n<p><strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u671f\u9593<\/strong><\/p>\n<p>\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u6a29\u5229\u884c\u4f7f\u306e\u3067\u304d\u308b\u671f\u9593\u304c\u4e88\u3081\u6c7a\u307e\u3063\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u3082\u305d\u306e\u671f\u9593\u306e\u9577\u3055\u3067\u6c7a\u307e\u308b\u3002<\/p>\n<p>\u5148\u7a0b\u306e\u4f8b\u306b\u623b\u3063\u3066\u3001\u73fe\u5728$90\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u682a\u304c$100\u3067\u8cfc\u5165\u3067\u304d\u308b\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u304c\u3042\u308b\u3068\u3057\u3088\u3046\u3002\u3053\u3053\u3067\u3001\u884c\u4f7f\u671f\u9593\u304c\u3053\u308c\u304b\u30891\u30f6\u6708\u3067\u3042\u308b\u5834\u5408\u3068\u30012\u30f6\u6708\u3067\u3042\u308b\u5834\u5408\u3068\u3067\u306f\u3069\u3061\u3089\u306e\u4fa1\u683c\u304c\u9ad8\u304f\u306a\u308b\u3060\u308d\u3046\u304b\uff1f<\/p>\n<p>\u884c\u4f7f\u4fa1\u683c\u306f\u73fe\u5728\u306e\u682a\u4fa1\u3088\u308a$10\u9ad8\u3044\u306e\u3067\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fdd\u6709\u8005\u304c\u5229\u76ca\u3092\u5f97\u3089\u308c\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u6a29\u5229\u884c\u4f7f\u307e\u3067\u306b\u682a\u4fa1\u304c\u884c\u4f7f\u4fa1\u683c\u306e$100\u3092\u8d85\u3048\u3066\u304f\u308b\u304b\u3069\u3046\u304b\u306b\u4f9d\u5b58\u3059\u308b\u30021\u30f6\u6708\u30682\u30f6\u6708\u3067\u306f\u5206\u304b\u308a\u306b\u304f\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u30011\u65e5\u30682\u30f6\u6708\u306a\u3089\u3070\u5206\u304b\u308a\u3084\u3059\u3044\u3060\u308d\u3046\u30021\u65e5\u3067$90\u306e\u682a\u4fa1\u304c$100\u307e\u3067\u4e0a\u304c\u308b\u78ba\u7387\u3088\u308a\u306f\u30012\u30f6\u6708\u5f8c\u306b$100\u307e\u3067\u4e0a\u304c\u308b\u78ba\u7387\u306e\u307b\u3046\u304c\u9ad8\u3044\u3068\u8a00\u3048\u308b\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u672c\u8cea\u7684\u4fa1\u5024\u306b\u4e0a\u4e57\u305b\u3055\u308c\u308b\u4fa1\u683c\u306f\u3001\u4e00\u822c\u306b\u671f\u9593\u304c\u9577\u3051\u308c\u3070\u9577\u3044\u307b\u3069\u9ad8\u304f\u306a\u308b\u3002\u3057\u305f\u304c\u3063\u3066\u3053\u308c\u3092\u3001\u672c\u8cea\u7684\u4fa1\u5024\u306b\u5bfe\u5fdc\u3057\u3066\u6642\u9593\u7684\u4fa1\u5024\u3068\u547c\u3076\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u984d\u9762\u4fa1\u683c\u306f\u672c\u8cea\u7684\u4fa1\u5024\u3068\u6642\u9593\u7684\u4fa1\u5024\u306e\u548c\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c = \u672c\u8cea\u7684\u4fa1\u5024 + \u6642\u9593\u7684\u4fa1\u5024<\/li>\n<\/ul>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/option-value-and-intrinsic-value.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1703\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/option-value-and-intrinsic-value.png\" alt=\"option-value-and-intrinsic-value\" width=\"407\" height=\"305\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/option-value-and-intrinsic-value.png 407w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/option-value-and-intrinsic-value-300x225.png 300w\" sizes=\"auto, (max-width: 407px) 100vw, 407px\" \/><\/a><\/p>\n<p>\u30b0\u30e9\u30d5\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u984d\u9762\u4fa1\u683c\u3068\u672c\u8cea\u7684\u4fa1\u5024\u3092\u793a\u3057\u3066\u3044\u308b\u30022\u3064\u306e\u30b0\u30e9\u30d5\u306e\u5dee\u3001\u672c\u8cea\u7684\u4fa1\u5024\u306b\u4e0a\u4e57\u305b\u3055\u308c\u3066\u3044\u308b\u5206\u304c\u3001\u6642\u9593\u7684\u4fa1\u5024\u3067\u3042\u308b\u3068\u8a00\u3048\u308b\u3002\u3053\u306e\u5206\u304c\u6642\u9593\u7d4c\u904e\u3068\u3068\u3082\u306b\u4e0b\u304c\u3063\u3066\u3086\u304d\u3001\u671f\u9650\u306b\u9054\u3059\u308b\u3068\u30bc\u30ed\u306b\u306a\u308a\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u3068\u672c\u8cea\u7684\u4fa1\u5024\u304c\u7b49\u3057\u304f\u306a\u308b\u308f\u3051\u3067\u3042\u308b\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u8cb7\u3044\u624b\u306f\u5bfe\u8c61\u3068\u306a\u308b\u8cc7\u7523\uff08\u539f\u8cc7\u7523\u3068\u3044\u3046\uff09\u306e\u4e0b\u843d\u30ea\u30b9\u30af\u3092\u56de\u907f\u3067\u304d\u308b\u5206\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6642\u9593\u7684\u4fa1\u5024\u306e\u6642\u9593\u7d4c\u904e\u306b\u3088\u308b\u4e0b\u843d\u3092\u53d7\u3051\u5165\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p><strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/strong><\/p>\n<p>\u307e\u305f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6642\u9593\u7684\u4fa1\u5024\u306f\u539f\u8cc7\u7523\u306e\u5024\u52d5\u304d\u306e\u6fc0\u3057\u3055\u3067\u3082\u5909\u308f\u3063\u3066\u304f\u308b\u3002\u5148\u7a0b\u306e\u4f8b\u3067\u306f\u682a\u4fa1\u304c\u671f\u9593\u5185\u306b$90\u304b\u3089$100\u307e\u3067\u4e0a\u6607\u3059\u308b\u53ef\u80fd\u6027\u3092\u8003\u3048\u305f\u304c\u3001\u4f8b\u3048\u30701\u65e5\u306b15%\u304b\u308920%\u307b\u3069\u3082\u682a\u4fa1\u304c\u4e0a\u4e0b\u3059\u308b\u5024\u52d5\u304d\u306e\u6fc0\u3057\u3044\u682a\u306e\u5834\u5408\u306b\u306f\u3001\u682a\u4fa1\u304c1\u65e5\u3067$90\u304b\u3089$100\u307e\u3067\u4e0a\u304c\u308b\u53ef\u80fd\u6027\u306f\u4f4e\u304f\u306a\u3044\u3068\u8a00\u3048\u308b\u3060\u308d\u3046\u304c\u3001\u6bce\u65e51%\u3082\u52d5\u304f\u3053\u3068\u304c\u306a\u3044\u682a\u306e\u5834\u5408\u306b\u306f\u3001\u305d\u306e\u53ef\u80fd\u6027\u306f\u304b\u306a\u308a\u4f4e\u3044\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n<p>\u3053\u306e\u5024\u52d5\u304d\u306e\u6fc0\u3057\u3055\u306e\u3053\u3068\u3092\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u8a00\u3044\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6642\u9593\u7684\u4fa1\u5024\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306b\u6bd4\u4f8b\u3059\u308b\u3002\u5024\u52d5\u304d\u306e\u6fc0\u3057\u3044\u76f8\u5834\u3067\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6642\u9593\u7684\u4fa1\u5024\u304c\u9ad8\u304f\u306a\u308a\u3001\u5024\u52d5\u304d\u306e\u7a4f\u3084\u304b\u306a\u5e02\u5834\u3067\u306f\u6642\u9593\u7684\u4fa1\u5024\u306f\u4f4e\u304f\u306a\u308b\u3002<\/p>\n<p><strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c<\/strong><\/p>\n<p>\u4ee5\u4e0a\u3092\u7e8f\u3081\u308c\u3070\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u306f\u4ee5\u4e0b\u306e\u8981\u7d20\u306b\u5de6\u53f3\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<ul>\n<li>\u539f\u8cc7\u7523\u306e\u73fe\u5728\u4fa1\u683c<\/li>\n<li>\u6a29\u5229\u884c\u4f7f\u4fa1\u683c<\/li>\n<li>\u6a29\u5229\u884c\u4f7f\u671f\u9593<\/li>\n<li>\u539f\u8cc7\u7523\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/li>\n<\/ul>\n<p>\u66f4\u306b\u7d30\u304b\u304f\u8a00\u3048\u3070\u3001\u914d\u5f53\u304c\u3042\u308b\u5834\u5408\u914d\u5f53\u306e\u91d1\u984d\u3084\u3001\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u901a\u8ca8\u306b\u901a\u5e38\u4e0a\u4e57\u305b\u3055\u308c\u308b\u91d1\u5229\u306a\u3069\u3082\u8003\u616e\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u304c\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u306f\u4f55\u3067\u3042\u308b\u304b\u3092\u7406\u89e3\u3059\u308b\u305f\u3081\u306b\u306f\u4e0a\u8a18\u306e\u8981\u7d20\u304c\u5206\u304b\u3063\u3066\u3044\u308c\u3070\u826f\u3044\u3002<\/p>\n<p><strong>\u671f\u9593\u5185\u306e\u6a29\u5229\u884c\u4f7f<\/strong><\/p>\n<p>\u3068\u3053\u308d\u3067\u3001\u6a29\u5229\u884c\u4f7f\u306e\u6642\u671f\u306b\u3064\u3044\u3066\u306f\u3001\u671f\u9593\u5185\u3067\u3042\u308c\u3070\u3044\u3064\u3067\u3082\u6a29\u5229\u3092\u884c\u4f7f\u3067\u304d\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u3082\u3042\u308c\u3070\u3001\u671f\u9593\u304c\u7d42\u308f\u3063\u305f\u6642\u70b9\u3067\u306e\u307f\u6a29\u5229\u3092\u884c\u4f7f\u3067\u304d\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u304c\u3042\u308b\u3002\u524d\u8005\u3092\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30bf\u30a4\u30d7\u3068\u547c\u3073\u3001\u5f8c\u8005\u3092\u30e6\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30bf\u30a4\u30d7\u3068\u547c\u3076\u3002\u6a29\u5229\u884c\u4f7f\u671f\u9593\u304c\u3042\u308b\u7279\u5b9a\u306e\u6642\u671f\u306b\u9650\u5b9a\u3055\u308c\u3066\u3044\u308b\u3082\u306e\u3082\u3042\u308a\u3001\u3053\u308c\u3092\u30d0\u30df\u30e5\u30fc\u30c0\u30f3\u30fb\u30bf\u30a4\u30d7\u3068\u547c\u3076\u3002\u3053\u308c\u306f\u5358\u306b\u3001\u30d0\u30df\u30e5\u30fc\u30c0\u8af8\u5cf6\u304c\u30e8\u30fc\u30ed\u30c3\u30d1\u3068\u30a2\u30e1\u30ea\u30ab\u306e\u9593\u306b\u3042\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n<p>\u5b9f\u969b\u306e\u4f8b\u3067\u8a00\u3048\u3070\u3001\u5927\u962a\u53d6\u5f15\u6240\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u30e6\u30fc\u30ed\u30d4\u30a2\u30f3\u30fb\u30bf\u30a4\u30d7\u3067\u3042\u308a\u3001\u30b7\u30ab\u30b4\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u6240\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u7c73\u56fd\u306e\u500b\u5225\u682a\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u30a2\u30e1\u30ea\u30ab\u30f3\u30fb\u30bf\u30a4\u30d7\u3067\u3042\u308b\u3002\u50be\u5411\u3068\u3057\u3066\u306f\u3001\u6307\u6570\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u30e6\u30fc\u30ed\u30d4\u30a2\u30f3\u3001\u500b\u5225\u682a\u306f\u30a2\u30e1\u30ea\u30ab\u30f3\u3068\u3044\u3046\u50be\u5411\u304c\u3042\u308b\u3002<\/p>\n<p><strong>\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong><\/p>\n<p>\u307e\u305f\u3001\u3053\u308c\u307e\u3067\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u306e\u307f\u8a71\u3057\u3066\u304d\u305f\u304c\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u306f\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u3044\u3046\u3082\u306e\u304c\u3042\u308a\u3001\u3053\u3061\u3089\u306f\u300c\u3042\u308b\u8cc7\u7523\u3092\u3042\u308b\u4fa1\u683c\u3067\u58f2\u308b\u6a29\u5229\u300d\u3067\u3042\u308b\u3002\u57fa\u672c\u7684\u306b\u306f\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u5909\u308f\u3089\u306a\u3044\u304c\u3001\u3053\u3061\u3089\u306f\u58f2\u308b\u6a29\u5229\u3067\u3042\u308b\u305f\u3081\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u4e0b\u304c\u308c\u3070\u4e0b\u304c\u308b\u307b\u3069\u4fa1\u5024\u304c\u4e0a\u304c\u308b\u3002<\/p>\n<p>\u4f8b\u3048\u3070\u3001\u3042\u308b\u682a\u3092$100\u3067\u58f2\u308b\u6a29\u5229\u304c\u3042\u308b\u3068\u3059\u308c\u3070\u3001\u305d\u306e\u682a\u304c$90\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u3068\u304d\u3001\u5e02\u5834\u304b\u3089\u305d\u306e\u682a\u3092$90\u3067\u8cb7\u3044\u5165\u308c\u3066\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6a29\u5229\u3067\u305d\u308c\u3092$10\u9ad8\u3044$100\u3067\u58f2\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3001\u3053\u306e\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u306f$10\u306e\u672c\u8cea\u7684\u4fa1\u5024\u304c\u3042\u308b\u3002\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u540c\u69d8\u3001\u5e02\u5834\u3067\u306f\u3053\u308c\u306b\u6642\u9593\u7684\u4fa1\u5024\u304c\u52a0\u7b97\u3055\u308c\u305f\u4fa1\u683c\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u308f\u3051\u3067\u3042\u308b\u3002\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u540c\u69d8\u3001\u671f\u9593\u304c\u9577\u3051\u308c\u3070\u9577\u3044\u307b\u3069\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u306f\u9ad8\u304f\u306a\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/put-option-value-and-intrinsic-value.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1710\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/put-option-value-and-intrinsic-value.png\" alt=\"put-option-value-and-intrinsic-value\" width=\"410\" height=\"311\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/put-option-value-and-intrinsic-value.png 410w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/10\/put-option-value-and-intrinsic-value-300x228.png 300w\" sizes=\"auto, (max-width: 410px) 100vw, 410px\" \/><\/a><\/p>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u4ee5\u4e0a\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u6982\u8981\u3067\u3042\u308b\u3002\u4eca\u56de\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u5165\u9580\u306e\u7b2c1\u56de\u3067\u3042\u308a\u3001\u4eca\u5f8c\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u53b3\u5bc6\u306a\u8a08\u7b97\u65b9\u6cd5\u3084\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u304c\u3069\u3046\u3044\u3046\u6295\u8cc7\u6226\u7565\u306b\u304a\u3044\u3066\u52b9\u679c\u3092\u767a\u63ee\u3059\u308b\u306e\u304b\u3068\u3044\u3063\u305f\u5b9f\u8df5\u7684\u306a\u90e8\u5206\u306b\u3064\u3044\u3066\u66f8\u3044\u3066\u3086\u304f\u3002<\/p>\n<p>\u76f8\u5834\u306b\u306f\u73fe\u7269\u682a\u3084\u5358\u306a\u308b\u7a7a\u58f2\u308a\u3060\u3051\u3067\u306f\u5229\u76ca\u306e\u51fa\u306b\u304f\u3044\u5834\u9762\u304c\u3042\u308a\u3001\u305d\u3046\u3044\u3063\u305f\u5834\u9762\u3067\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u5fdc\u7528\u3059\u308b\u3053\u3068\u304c\u5fc5\u8981\u3068\u306a\u3063\u3066\u304f\u308b\u3002\u73fe\u7269\u53d6\u5f15\u3088\u308a\u8a71\u306f\u8907\u96d1\u306b\u306a\u308b\u304c\u3001\u76f8\u5834\u306e\u96e3\u3057\u3044\u5834\u9762\u3092\u4e57\u308a\u5207\u308b\u305f\u3081\u306e\u65b9\u6cd5\u3067\u3082\u3042\u308b\u306e\u3067\u3001\u3057\u3063\u304b\u308a\u7406\u89e3\u3057\u3066\u9069\u5207\u306b\u4f7f\u7528\u3057\u3066\u3086\u304d\u305f\u3044\u3002\u6226\u7565\u3092\u591a\u304f\u6301\u3063\u3066\u3044\u308b\u3053\u3068\u306f\u305d\u308c\u3060\u3051\u3067\u5229\u76ca\u306e\u62e1\u5927\u306b\u7e4b\u304c\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4eca\u56de\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u5165\u9580\u3067\u3042\u308b\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u306f\u3053\u308c\u307e\u3067\u306e\u8a18\u4e8b\u3067\u4f55\u5ea6\u3082\u8a00\u53ca\u3057\u3066\u304d\u305f\u304c\u3001\u5305\u62ec\u7684\u306a\u8aac\u660e\u3092\u3057\u305f\u3053\u3068\u304c\u306a\u304b\u3063\u305f\u306e\u3067\u3001\u3053\u3053\u3067\u4e00\u5ea6\u7e8f\u3081\u3066\u304a\u304f\u3002 2009\u5e74\u304b\u30892014\u5e74\u306e\u682a\u5f0f\u5e02\u5834\u306e\u3088\u3046\u306b\u4e0a\u6607\u76f8\u5834\u304c\u4f55\u5e74\u3082\u7d9a\u304f\u5834\u5408\u3084 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/1694\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u5165\u95801: \u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u306f\u4f55\u304b\uff1f<\/span> <span 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