{"id":10751,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm5\/"},"modified":"2026-09-22T07:01:47","modified_gmt":"2026-09-21T22:01:47","slug":"cfa-l1-corp-lm5","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm5\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Corporate Finance LM5\u3011Capital Investments and Capital Allocation \u3092\u8981\u70b9\u89e3\u8aac\uff5cNPV\u30fbIRR\u30fbROIC\u30fb\u30ea\u30a2\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 5\u300cCapital Investments and Capital Allocation\uff08\u8a2d\u5099\u6295\u8cc7\u3068\u8cc7\u672c\u914d\u5206\uff09\u300d\u306f\u3001\u8a2d\u5099\u6295\u8cc7\u306e\u7a2e\u985e\u3001\u8cc7\u672c\u914d\u5206\u306e\u30d7\u30ed\u30bb\u30b9\u3068NPV\u30fbIRR\u30fbROIC\u306e\u8a08\u7b97\u3068\u4f7f\u3044\u5206\u3051\u3001\u8cc7\u672c\u914d\u5206\u306e\u539f\u5247\u3068\u3088\u304f\u3042\u308b\u843d\u3068\u3057\u7a74\u3001\u8a2d\u5099\u6295\u8cc7\u306b\u95a2\u9023\u3059\u308b\u30ea\u30a2\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7a2e\u985e\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM5\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM5\u306b\u306f4\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u8a2d\u5099\u6295\u8cc7\u306e\u7a2e\u985e\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe types of capital investments<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u8cc7\u672c\u914d\u5206\u306e\u30d7\u30ed\u30bb\u30b9\u3092\u8aac\u660e\u3057\u3001\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff08NPV\uff09\u3001\u5185\u90e8\u53ce\u76ca\u7387\uff08IRR\uff09\u3001\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff08ROIC\uff09\u3092\u8a08\u7b97\u3057\u3001\u8cc7\u672c\u914d\u5206\u306b\u304a\u3051\u308b\u305d\u308c\u3089\u306e\u4f7f\u3044\u65b9\u3092\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">describe the capital allocation process, calculate net present value (NPV), internal rate of return (IRR), and return on invested capital (ROIC), and contrast their use in capital allocation<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u8cc7\u672c\u914d\u5206\u306e\u539f\u5247\u3068\u3001\u8cc7\u672c\u914d\u5206\u3067\u3088\u304f\u3042\u308b\u843d\u3068\u3057\u7a74\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe principles of capital allocation and common capital allocation pitfalls<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u8a2d\u5099\u6295\u8cc7\u306b\u95a2\u9023\u3059\u308b\u30ea\u30a2\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7a2e\u985e\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe types of real options relevant to capital investments<\/span><\/li>\n<\/ol>\n<h2>LM5\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u4f01\u696d\u306f\u4e8b\u696d\u306e\u7dad\u6301\u30fb\u62e1\u5927\u306e\u305f\u3081\u306b\u8a2d\u5099\u6295\u8cc7\u3092\u884c\u3044\u3001\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u7279\u5fb4\u304b\u3089\u3001\u4e8b\u696d\u7d99\u7d9a\u3001\u898f\u5236\u30fb\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9\u5bfe\u5fdc\u3001\u62e1\u5f35\u3001\u305d\u306e\u4ed6\u306e4\u3064\u306b\u5206\u985e\u3055\u308c\u308b<\/li>\n<li>\u8cc7\u672c\u914d\u5206\u306f\u3001\u7d4c\u55b6\u9663\u3068\u53d6\u7de0\u5f79\u4f1a\u304c\u682a\u4e3b\u4fa1\u5024\u3078\u306e\u8ca2\u732e\u3084ESG\u306a\u3069\u3092\u8003\u616e\u3057\u3066\u6295\u8cc7\u6a5f\u4f1a\u3092\u8a55\u4fa1\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3002\u5358\u72ec\u3067\u306f\u5229\u76ca\u304c\u51fa\u3066\u3082\u3001\u4ee3\u66ff\u6848\u3084\u5168\u793e\u6226\u7565\u3068\u6bd4\u3079\u3066\u4e0d\u7d4c\u6e08\u306a\u6848\u4ef6\u306f\u898b\u9001\u308a\u3001\u8cc7\u672c\u3092\u682a\u4e3b\u306b\u9084\u5143\u3059\u3079\u304d<\/li>\n<li>NPV\u306f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u306e\u5897\u52a0\u3092\u3001IRR\u306f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u53ce\u76ca\u7387\u3092\u63a8\u5b9a\u3057\u3001IRR\u306f\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u3068\u6bd4\u8f03\u3055\u308c\u308b<\/li>\n<li>ROIC\u306fNPV\u30fbIRR\u3068\u7570\u306a\u308a\u5168\u793e\u30d9\u30fc\u30b9\u306e\u6307\u6a19\u3067\u3001\u5916\u90e8\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u3082\u5165\u624b\u3067\u304d\u308b\u30c7\u30fc\u30bf\u3067\u8a08\u7b97\u3067\u304d\u3001\u6295\u8cc7\u5bb6\u306e\u8981\u6c42\u53ce\u76ca\u7387\u3068\u6bd4\u8f03\u3055\u308c\u308b<\/li>\n<li>\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u8a55\u4fa1\u3067\u306f\u3001\u7a0e\u5f15\u5f8c\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u6e2c\u308b\u3001\u4e8c\u91cd\u8a08\u4e0a\u3092\u907f\u3051\u308b\u3001\u65e2\u5b58\u4e8b\u696d\u3078\u306e\u5f71\u97ff\uff08\u30b3\u30b9\u30c8\u524a\u6e1b\u3084\u65e2\u5b58\u88fd\u54c1\u306e\u58f2\u4e0a\u6e1b\u5c11\u306a\u3069\uff09\u3092\u542b\u3081\u308b\u3068\u3044\u3063\u305f\u539f\u5247\u306b\u5f93\u3046<\/li>\n<li>\u8cc7\u672c\u914d\u5206\u306f\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u3084\u8a8d\u77e5\u306e\u8aa4\u308a\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u304f\u3001\u8ca1\u52d9\u306e\u6642\u7cfb\u5217\u30fb\u6bd4\u8f03\u5206\u6790\u3084\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u5f79\u54e1\u5831\u916c\u306e\u691c\u8a0e\u3067\u767a\u898b\u3067\u304d\u308b<\/li>\n<li>\u30ea\u30a2\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u3001\u5c06\u6765\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u6642\u671f\u30fb\u898f\u6a21\u30fb\u4fa1\u683c\u8a2d\u5b9a\u30fb\u751f\u7523\u80fd\u529b\u306a\u3069\u3092\u5909\u66f4\u3059\u308b\u6a29\u5229\uff08\u7fa9\u52d9\u3067\u306f\u306a\u3044\uff09<\/li>\n<li>\u30ea\u30a2\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u542b\u3080\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024\u304b\u3089\u30b3\u30b9\u30c8\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3092NPV\u306b\u52a0\u3048\u3066\u8a55\u4fa1\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3001\u3088\u308a\u9ad8\u5ea6\u306a\u65b9\u6cd5\u306b\u6c7a\u5b9a\u6728\u3084\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u30e2\u30c7\u30eb\u304c\u3042\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u8a2d\u5099\u6295\u8cc7\u306e\u7a2e\u985e<\/h3>\n<p>\u8a2d\u5099\u6295\u8cc7\u306f\u3001\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u7279\u5fb4\u306b\u57fa\u3065\u3044\u3066<strong>\u4e8b\u696d\u7d99\u7d9a\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3001\u898f\u5236\u30fb\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9\u5bfe\u5fdc\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3001\u62e1\u5f35\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3001\u305d\u306e\u4ed6<\/strong>\u306e4\u3064\u306b\u5206\u985e\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4e8b\u696d\u7d99\u7d9a\uff1a\u65e2\u5b58\u4e8b\u696d\u306e\u7dad\u6301\u30fb\u66f4\u65b0\uff08\u8001\u673d\u8a2d\u5099\u306e\u53d6\u66ff\u3048\u306a\u3069\uff09\u3001\u30ea\u30b9\u30af\u306f\u6bd4\u8f03\u7684\u4f4e\u3044<\/li>\n<li>\u898f\u5236\u30fb\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9\u5bfe\u5fdc\uff1a\u898f\u5236\u5f53\u5c40\u306a\u3069\u306e\u8981\u8acb\u306b\u3088\u308b\u6295\u8cc7\u3067\u3001\u305d\u308c\u81ea\u4f53\u306e\u53ce\u76ca\u6027\u306f\u4f4e\u3044\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u62e1\u5f35\uff1a\u65b0\u88fd\u54c1\u30fb\u65b0\u5e02\u5834\u306a\u3069\u6210\u9577\u306e\u305f\u3081\u306e\u6295\u8cc7\u3067\u3001\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u3044<\/li>\n<li>\u305d\u306e\u4ed6\uff1a\u672c\u696d\u3068\u95a2\u9023\u306e\u8584\u3044\u6295\u8cc7\u306a\u3069\u3001\u5206\u6790\u304c\u96e3\u3057\u3044<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u8cc7\u672c\u914d\u5206\u306e\u30d7\u30ed\u30bb\u30b9\u3068NPV\u30fbIRR\u30fbROIC<\/h3>\n<p>\u8cc7\u672c\u914d\u5206\u306f\u3001\u30a2\u30a4\u30c7\u30a2\u306e\u5275\u51fa\u3001\u6295\u8cc7\u6848\u306e\u5206\u6790\u3001\u5168\u793e\u7684\u306a\u8a08\u753b\u3001\u4e8b\u5f8c\u76e3\u67fb\u306a\u3069\u306e\u6bb5\u968e\u3067\u9032\u307f\u307e\u3059\u3002\u500b\u5225\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u8a55\u4fa1\u306b\u306f<strong>NPV\u3068IRR<\/strong>\u3001\u5168\u793e\u306e\u8cc7\u672c\u52b9\u7387\u306e\u8a55\u4fa1\u306b\u306f<strong>ROIC<\/strong>\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>NPV > 0 \u306a\u3089\u63a1\u7528\u3002NPV\u306f\u4f01\u696d\u4fa1\u5024\u306e\u5897\u52a0\u984d<\/li>\n<li>IRR\uff1aNPV\u3092\u30bc\u30ed\u306b\u3059\u308b\u5272\u5f15\u7387\u3002IRR > \u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u306a\u3089\u63a1\u7528<\/li>\n<li>\u72ec\u7acb\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3067\u306f\u4e21\u8005\u306e\u5224\u65ad\u306f\u4e00\u81f4\u3001\u76f8\u4e92\u6392\u4ed6\u7684\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3067\u306f\u898f\u6a21\u3084\u30bf\u30a4\u30df\u30f3\u30b0\u306e\u9055\u3044\u3067\u98df\u3044\u9055\u3044\u5f97\u308b\u3002\u305d\u306e\u5834\u5408\u306fNPV\u3092\u512a\u5148<\/li>\n<li>IRR\u306e\u9650\u754c\uff1aIRR\u3067\u306e\u518d\u6295\u8cc7\u3092\u6697\u9ed9\u306b\u4eee\u5b9a\u3001\u8907\u6570\u306eIRR\u3084\u5b58\u5728\u3057\u306a\u3044\u5834\u5408\u304c\u3042\u308b<\/li>\n<li>ROIC\uff1a\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca \u00f7 \u5e73\u5747\u6295\u4e0b\u8cc7\u672c\u3002\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308c\u3070\u4fa1\u5024\u3092\u5275\u51fa<\/li>\n<li>ROIC\u306f\u4f1a\u8a08\u6570\u5024\u306b\u57fa\u3065\u304d\u3001\u5168\u793e\u5e73\u5747\u306e\u305f\u3081\u500b\u5225\u6295\u8cc7\u306e\u8a55\u4fa1\u306b\u306f\u4e0d\u5411\u304d<\/li>\n<\/ul>\n<div class=\"cfalm-f\">NPV = \u03a3 CF\u209c \/ (1 + r)\u1d57 \u2212 CF\u2080\u3001ROIC = \u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca \u00f7 \u5e73\u5747\u6295\u4e0b\u8cc7\u672c<\/div>\n<h3>LOS 3\uff1a\u8cc7\u672c\u914d\u5206\u306e\u539f\u5247\u3068\u843d\u3068\u3057\u7a74<\/h3>\n<p>\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306f<strong>\u4f1a\u8a08\u5229\u76ca\u3067\u306f\u306a\u304f\u7a0e\u5f15\u5f8c\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/strong>\u3067\u8a55\u4fa1\u3057\u3001\u30bf\u30a4\u30df\u30f3\u30b0\u3084\u6a5f\u4f1a\u8cbb\u7528\u3001\u65e2\u5b58\u4e8b\u696d\u3078\u306e\u5f71\u97ff\u3082\u53cd\u6620\u3057\u307e\u3059\u3002\u8cc7\u672c\u914d\u5206\u306f<strong>\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u3084\u8a8d\u77e5\u306e\u8aa4\u308a<\/strong>\u306b\u3088\u308b\u843d\u3068\u3057\u7a74\u306b\u9665\u308a\u3084\u3059\u3044\u70b9\u3082\u62bc\u3055\u3048\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7a0e\u5f15\u5f8c\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u305d\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u8a55\u4fa1\u3002\u6a5f\u4f1a\u8cbb\u7528\u306f\u542b\u3081\u3001\u57cb\u6ca1\u8cbb\u7528\u306f\u542b\u3081\u306a\u3044<\/li>\n<li>\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\u306f\u5272\u5f15\u7387\u306b\u53cd\u6620\u3057\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304b\u3089\u306f\u9664\u304f<\/li>\n<li>\u5916\u90e8\u6027\uff1a\u5171\u98df\u3044\uff08\u30ab\u30cb\u30d0\u30ea\u30bc\u30fc\u30b7\u30e7\u30f3\uff09\u306a\u3069\u65e2\u5b58\u4e8b\u696d\u3078\u306e\u5f71\u97ff\u3092\u542b\u3081\u308b<\/li>\n<li>\u843d\u3068\u3057\u7a74\uff1a\u524d\u5e74\u3068\u307b\u307c\u540c\u3058\u4e88\u7b97\u914d\u5206\u3092\u7d9a\u3051\u308b\u60f0\u6027\u3001\u8cc7\u91d1\u306e\u51fa\u6240\u306b\u3088\u308b\u5224\u65ad\u306e\u504f\u308a<\/li>\n<li>\u843d\u3068\u3057\u7a74\uff1a\u4ee3\u66ff\u6848\u3084\u5225\u306e\u72b6\u6cc1\u3092\u691c\u8a0e\u3057\u306a\u3044\u3001\u7d4c\u55b6\u8005\u306e\u304a\u6c17\u306b\u5165\u308a\u6848\u4ef6\uff08\u30da\u30c3\u30c8\u30fb\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\uff09<\/li>\n<li>\u843d\u3068\u3057\u7a74\uff1a\u7af6\u5408\u306e\u53cd\u5fdc\u306a\u3069\u7d4c\u6e08\u7684\u306a\u53cd\u5fdc\u3092\u5206\u6790\u306b\u7e54\u308a\u8fbc\u307e\u306a\u3044<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30ea\u30a2\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u7a2e\u985e<\/h3>\n<p><strong>\u30ea\u30a2\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/strong>\u306f\u3001\u5c06\u6765\u306e\u72b6\u6cc1\u306b\u5fdc\u3058\u3066\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3092\u5909\u66f4\u3067\u304d\u308b\u7d4c\u55b6\u4e0a\u306e\u67d4\u8edf\u6027\u3067\u3001\u6a29\u5229\u3067\u3042\u3063\u3066\u7fa9\u52d9\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u542b\u3081\u308b\u3068\u3001\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u4fa1\u5024\u306f\u901a\u5e38\u306eNPV\u3088\u308a\u9ad8\u304f\u8a55\u4fa1\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30bf\u30a4\u30df\u30f3\u30b0\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\uff1a\u6295\u8cc7\u306e\u5b9f\u884c\u3092\u9045\u3089\u305b\u308b<\/li>\n<li>\u898f\u6a21\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\uff1a\u62e1\u5f35\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u64a4\u9000\uff08\u653e\u68c4\uff09\u30aa\u30d7\u30b7\u30e7\u30f3<\/li>\n<li>\u67d4\u8edf\u6027\u30aa\u30d7\u30b7\u30e7\u30f3\uff1a\u4fa1\u683c\u8a2d\u5b9a\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u751f\u7523\u306e\u67d4\u8edf\u6027\u30aa\u30d7\u30b7\u30e7\u30f3<\/li>\n<li>\u57fa\u672c\u7684\u30aa\u30d7\u30b7\u30e7\u30f3\uff1a\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u5168\u4f53\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u6027\u683c\u3092\u6301\u3064\uff08\u8cc7\u6e90\u4fa1\u683c\u306b\u4f9d\u5b58\u3059\u308b\u9271\u5c71\u306a\u3069\uff09<\/li>\n<li>\u8a55\u4fa1\u65b9\u6cd5\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u8fbc\u307f\u306eNPV\u3001\u6c7a\u5b9a\u6728\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u30e2\u30c7\u30eb<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30d7\u30ed\u30b8\u30a7\u30af\u30c8NPV = \u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3057\u306eNPV \u2212 \u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b3\u30b9\u30c8 + \u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024<\/div>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm4\/\">LM4 Working Capital and Liquidity\uff08\u904b\u8ee2\u8cc7\u672c\u3068\u6d41\u52d5\u6027\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm6\/\">LM6 Capital Structure\uff08\u8cc7\u672c\u69cb\u6210\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-corp\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Corporate Finance\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Corporate Finance LM5\u300cCapital Investments and Capital Allocation\uff08\u8a2d\u5099\u6295\u8cc7\u3068\u8cc7\u672c\u914d\u5206\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-10751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10751"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10751\/revisions"}],"predecessor-version":[{"id":10924,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10751\/revisions\/10924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11097"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}