{"id":10752,"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-lm6\/"},"modified":"2026-09-22T07:44:08","modified_gmt":"2026-09-21T22:44:08","slug":"cfa-l1-corp-lm6","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm6\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Corporate Finance LM6\u3011Capital Structure \u3092\u8981\u70b9\u89e3\u8aac\uff5cWACC\u30fbMM\u7406\u8ad6\u30fb\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u7406\u8ad6\u30fb\u30da\u30c3\u30ad\u30f3\u30b0\u30fb\u30aa\u30fc\u30c0\u30fc"},"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 6\u300cCapital Structure\uff08\u8cc7\u672c\u69cb\u6210\uff09\u300d\u306f\u3001\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u306e\u8a08\u7b97\u3068\u89e3\u91c8\u3001\u8cc7\u672c\u69cb\u6210\u3068WACC\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0\u3001\u8cc7\u672c\u69cb\u6210\u306b\u95a2\u3059\u308b\u30e2\u30b8\u30ea\u30a2\u30fc\u30cb\uff1d\u30df\u30e9\u30fc\u306e\u547d\u984c\u3001\u6700\u9069\u8cc7\u672c\u69cb\u6210\u3068\u76ee\u6a19\u8cc7\u672c\u69cb\u6210\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>LM6\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\u3002LM6\u306b\u306f4\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u4f01\u696d\u306e\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the weighted-average cost of capital for a company<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u8cc7\u672c\u69cb\u6210\u3068\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain factors affecting capital structure and the weighted-average cost of capital<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u8cc7\u672c\u69cb\u6210\u306b\u95a2\u3059\u308b\u30e2\u30b8\u30ea\u30a2\u30fc\u30cb\uff1d\u30df\u30e9\u30fc\u306e\u547d\u984c\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the Modigliani\u2013Miller propositions regarding capital structure<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u6700\u9069\u8cc7\u672c\u69cb\u6210\u3068\u76ee\u6a19\u8cc7\u672c\u69cb\u6210\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe optimal and target capital structures<\/span><\/li>\n<\/ol>\n<h2>LM6\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>\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u8ca0\u50b5\u3068\u682a\u5f0f\u306e\u30b3\u30b9\u30c8\u304b\u3089\u6210\u308a\u3001\u305d\u308c\u305e\u308c\u8ca0\u50b5\u30fb\u682a\u5f0f\u306b\u3088\u308b\u8cc7\u91d1\u63d0\u4f9b\u306b\u5bfe\u3057\u3066\u6295\u8cc7\u5bb6\u304c\u8981\u6c42\u3059\u308b\u53ce\u76ca\u7387<\/li>\n<li>\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u8ca0\u50b5\u3068\u682a\u5f0f\u306e\u30b3\u30b9\u30c8\u3092\u73fe\u5728\u306e\u6642\u4fa1\u307e\u305f\u306f\u7d4c\u55b6\u9663\u306e\u76ee\u6a19\u30a6\u30a8\u30a4\u30c8\u3067\u52a0\u91cd\u5e73\u5747\u3057\u3066\u63a8\u5b9a\u3059\u308b<\/li>\n<li>\u767a\u884c\u4f53\u306f\u4e00\u822c\u306bWACC\u306e\u6700\u5c0f\u5316\u3068\u3001\u8cc7\u7523\u3068\u8cc7\u91d1\u8abf\u9054\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u4e00\u81f4\u3092\u76ee\u6307\u3059\u3002\u76ee\u6a19\u8cc7\u672c\u69cb\u6210\u306f\u7c3f\u4fa1\u3084\u3001\u8ca0\u50b5\uff08\u7d14\u8ca0\u50b5\uff09\u5bfeEBITDA\u500d\u7387\u306e\u4e0a\u9650\u30fb\u6700\u4f4e\u683c\u4ed8\u306a\u3069\u306e\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u6307\u6a19\u3067\u793a\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u5fc5\u8981\u306a\u8cc7\u91d1\u306e\u91cf\u3068\u7a2e\u985e\u3084WACC\u306e\u30a6\u30a8\u30a4\u30c8\u306f\u3001\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\uff08\u8cc7\u672c\u96c6\u7d04\u578b\u304b\u8cc7\u672c\u8efd\u91cf\u578b\u304b\uff09\u3084\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306e\u6bb5\u968e\u306b\u5de6\u53f3\u3055\u308c\u308b<\/li>\n<li>\u8ca0\u50b5\u3068\u682a\u5f0f\u306e\u30b3\u30b9\u30c8\u306f\u3001\u91d1\u878d\u5e02\u5834\u3084\u696d\u754c\u306e\u72b6\u6cc1\u3068\u3044\u3063\u305f\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u8981\u56e0\u3068\u3001\u58f2\u4e0a\u306e\u5b89\u5b9a\u6027\u3084\u55b6\u696d\u30fb\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u3068\u3044\u3063\u305f\u767a\u884c\u4f53\u56fa\u6709\u306e\u8981\u56e0\u3067\u6c7a\u307e\u308b<\/li>\n<li>MM\u306f\u7a0e\u91d1\u304c\u306a\u3044\u306a\u3069\u306e\u5236\u7d04\u7684\u306a\u4eee\u5b9a\u306e\u3082\u3068\u3067\u8cc7\u672c\u69cb\u6210\u306f\u4f01\u696d\u4fa1\u5024\u306b\u7121\u95a2\u4fc2\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u3001\u6cd5\u4eba\u7a0e\u30fb\u8ca1\u52d9\u7684\u56f0\u7aae\u30fb\u5012\u7523\u30b3\u30b9\u30c8\u3092\u8003\u616e\u3059\u308b\u3068\u8cc7\u672c\u69cb\u6210\u306f\u4f01\u696d\u4fa1\u5024\u306b\u5f71\u97ff\u3059\u308b\u304c\u3001\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u307b\u3069\u3067\u306f\u306a\u3044\u3053\u3068\u3092\u793a\u3057\u305f<\/li>\n<li>\u9759\u7684\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u7406\u8ad6\u3067\u306f\u3001\u8ca0\u50b5\u306e\u7bc0\u7a0e\u52b9\u679c\u3068\u8ca1\u52d9\u7684\u56f0\u7aae\u30b3\u30b9\u30c8\u304c\u91e3\u308a\u5408\u3046\u70b9\u304c\u6700\u9069\u8cc7\u672c\u69cb\u6210<\/li>\n<li>\u30da\u30c3\u30ad\u30f3\u30b0\u30fb\u30aa\u30fc\u30c0\u30fc\u7406\u8ad6\u3067\u306f\u3001\u4f01\u696d\u306f\u5185\u90e8\u8cc7\u91d1\u3092\u512a\u5148\u3057\u3001\u5916\u90e8\u8cc7\u91d1\u304c\u5fc5\u8981\u306a\u5834\u5408\u306f\u307e\u305a\u8ca0\u50b5\u3092\u9078\u3073\u3001\u682a\u5f0f\u767a\u884c\u306f\u3067\u304d\u308b\u3060\u3051\u907f\u3051\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\uff1aWACC\u306e\u8a08\u7b97\u3068\u89e3\u91c8<\/h3>\n<p>WACC\u306f\u3001\u8ca0\u50b5\u30fb\u512a\u5148\u682a\u30fb\u666e\u901a\u682a\u306e\u5404\u8cc7\u672c\u30b3\u30b9\u30c8\u3092<strong>\u8cc7\u672c\u69cb\u6210\u306e\u30a6\u30a8\u30a4\u30c8<\/strong>\u3067\u52a0\u91cd\u5e73\u5747\u3057\u305f\u3082\u306e\u3067\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u306b\u306f<strong>\u652f\u6255\u5229\u606f\u306e\u7bc0\u7a0e\u52b9\u679c<\/strong>\u3092\u53cd\u6620\u3057\u3066\u7a0e\u5f15\u5f8c\u3067\u7528\u3044\u307e\u3059\u3002\u30a6\u30a8\u30a4\u30c8\u306b\u306f\u6642\u4fa1\u307e\u305f\u306f\u76ee\u6a19\u8cc7\u672c\u69cb\u6210\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8ca0\u50b5\u30b3\u30b9\u30c8\uff1a\u7a0e\u5f15\u5f8c rd \u00d7 (1 \u2212 t)<\/li>\n<li>\u30a6\u30a8\u30a4\u30c8\uff1a\u73fe\u5728\u306e\u6642\u4fa1\u3001\u307e\u305f\u306f\u7d4c\u55b6\u9663\u306e\u76ee\u6a19\u30a6\u30a8\u30a4\u30c8<\/li>\n<li>WACC\u306f\u5e73\u5747\u7684\u306a\u30ea\u30b9\u30af\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8<\/li>\n<li>\u4f01\u696d\u306fWACC\u306e\u6700\u5c0f\u5316\u3092\u76ee\u6307\u3059<\/li>\n<li>\u8cc7\u7523\u3068\u8cc7\u91d1\u8abf\u9054\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u4e00\u81f4\u3082\u91cd\u8996<\/li>\n<\/ul>\n<div class=\"cfalm-f\">WACC = w_d \u00d7 r_d \u00d7 (1 \u2212 t) + w_p \u00d7 r_p + w_e \u00d7 r_e<\/div>\n<h3>LOS 2\uff1a\u8cc7\u672c\u69cb\u6210\u3068WACC\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0<\/h3>\n<p>\u8cc7\u672c\u69cb\u6210\u3068WACC\u306f\u3001<strong>\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3084\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306e\u6bb5\u968e<\/strong>\u3001<strong>\u58f2\u4e0a\u306e\u5b89\u5b9a\u6027\u3001\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u8cc7\u7523\u306e\u6027\u8cea<\/strong>\u306a\u3069\u306e\u767a\u884c\u4f53\u56fa\u6709\u306e\u8981\u56e0\u3068\u3001\u91d1\u878d\u5e02\u5834\u30fb\u696d\u754c\u306e\u72b6\u6cc1\u306a\u3069\u306e<strong>\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u8981\u56e0<\/strong>\u3067\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5275\u696d\u671f\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u4e0d\u5b89\u5b9a\u3067\u8ca0\u50b5\u306e\u8abf\u9054\u304c\u96e3\u3057\u304f\u3001\u4e3b\u306b\u682a\u5f0f\u3067\u8abf\u9054<\/li>\n<li>\u6210\u9577\u671f\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6539\u5584\u3057\u3001\u3042\u308b\u7a0b\u5ea6\u306e\u8ca0\u50b5\u8abf\u9054\u304c\u53ef\u80fd<\/li>\n<li>\u6210\u719f\u671f\uff1a\u5b89\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u8ca0\u50b5\u306e\u5229\u7528\u304c\u5897\u3048\u308b<\/li>\n<li>\u58f2\u4e0a\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u5b89\u5b9a\u3057\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u4f4e\u3044\u307b\u3069\u8ca0\u50b5\u4f59\u529b\u304c\u5927\u304d\u3044<\/li>\n<li>\u6709\u5f62\u8cc7\u7523\u304c\u591a\u3044\uff08\u62c5\u4fdd\u306b\u3067\u304d\u308b\uff09\u307b\u3069\u8ca0\u50b5\u3067\u8abf\u9054\u3057\u3084\u3059\u3044<\/li>\n<li>\u8cc7\u672c\u96c6\u7d04\u578b\u304b\u8cc7\u672c\u8efd\u91cf\u578b\u304b\u3067\u5fc5\u8981\u8cc7\u91d1\u306e\u91cf\u30fb\u7a2e\u985e\u304c\u7570\u306a\u308b<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30e2\u30b8\u30ea\u30a2\u30fc\u30cb\uff1d\u30df\u30e9\u30fc\u306e\u547d\u984c<\/h3>\n<p>MM\u306f\u3001<strong>\u7a0e\u91d1\u30fb\u53d6\u5f15\u30b3\u30b9\u30c8\u30fb\u5012\u7523\u30b3\u30b9\u30c8\u304c\u306a\u304f\u60c5\u5831\u304c\u5bfe\u79f0\u7684<\/strong>\u306a\u3069\u306e\u4eee\u5b9a\u306e\u3082\u3068\u3067\u3001<strong>\u8cc7\u672c\u69cb\u6210\u306f\u4f01\u696d\u4fa1\u5024\u306b\u7121\u95a2\u4fc2<\/strong>\uff08\u547d\u984cI\uff09\u3067\u3042\u308a\u3001\u8ca0\u50b5\u304c\u5897\u3048\u308b\u3068\u682a\u5f0f\u30b3\u30b9\u30c8\u306f\u4e0a\u6607\u3059\u308b\uff08\u547d\u984cII\uff09\u3053\u3068\u3092\u793a\u3057\u307e\u3057\u305f\u3002\u6cd5\u4eba\u7a0e\u3092\u8003\u616e\u3059\u308b\u3068\u3001<strong>\u8ca0\u50b5\u306e\u7bc0\u7a0e\u52b9\u679c<\/strong>\u306e\u5206\u3060\u3051\u4f01\u696d\u4fa1\u5024\u304c\u9ad8\u307e\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u547d\u984cI\uff08\u7a0e\u306a\u3057\uff09\uff1aV_L = V_U\u3001\u8cc7\u672c\u69cb\u6210\u306f\u4f01\u696d\u4fa1\u5024\u306b\u5f71\u97ff\u3057\u306a\u3044<\/li>\n<li>\u547d\u984cII\uff08\u7a0e\u306a\u3057\uff09\uff1a\u8ca0\u50b5\u6bd4\u7387\u3068\u3068\u3082\u306b\u682a\u5f0f\u30b3\u30b9\u30c8\u304c\u4e0a\u6607\u3057\u3001WACC\u306f\u4e00\u5b9a<\/li>\n<li>\u547d\u984cI\uff08\u7a0e\u3042\u308a\uff09\uff1aV_L = V_U + tD\u3001\u7bc0\u7a0e\u52b9\u679c\u306e\u5206\u3060\u3051\u4f01\u696d\u4fa1\u5024\u304c\u5897\u52a0<\/li>\n<li>\u547d\u984cII\uff08\u7a0e\u3042\u308a\uff09\uff1a\u682a\u5f0f\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u306f (1 \u2212 t) \u306e\u5206\u3060\u3051\u7de9\u3084\u304b\u3067\u3001\u8ca0\u50b5\u5897\u52a0\u3067WACC\u304c\u4f4e\u4e0b<\/li>\n<li>\u8ca1\u52d9\u7684\u56f0\u7aae\u30b3\u30b9\u30c8\uff1a\u76f4\u63a5\u30b3\u30b9\u30c8\uff08\u6cd5\u7684\u8cbb\u7528\u306a\u3069\uff09\u3068\u9593\u63a5\u30b3\u30b9\u30c8\uff08\u6a5f\u4f1a\u306e\u55aa\u5931\u306a\u3069\uff09<\/li>\n<li>\u30a8\u30fc\u30b8\u30a7\u30f3\u30b7\u30fc\u30fb\u30b3\u30b9\u30c8\u3084\u60c5\u5831\u306e\u975e\u5bfe\u79f0\u6027\u3082\u8cc7\u672c\u69cb\u6210\u306b\u5f71\u97ff<\/li>\n<\/ul>\n<div class=\"cfalm-f\">r_e = r_0 + (r_0 \u2212 r_d)(1 \u2212 t)(D\/E)<\/div>\n<h3>LOS 4\uff1a\u6700\u9069\u8cc7\u672c\u69cb\u6210\u3068\u76ee\u6a19\u8cc7\u672c\u69cb\u6210<\/h3>\n<p><strong>\u9759\u7684\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u7406\u8ad6<\/strong>\u3067\u306f\u3001\u8ca0\u50b5\u306e\u7bc0\u7a0e\u52b9\u679c\u306e\u9650\u754c\u7684\u306a\u4fbf\u76ca\u3068\u8ca1\u52d9\u7684\u56f0\u7aae\u30b3\u30b9\u30c8\u304c\u91e3\u308a\u5408\u3046\u70b9\u304c<strong>\u6700\u9069\u8cc7\u672c\u69cb\u6210<\/strong>\u3067\u3001\u305d\u3053\u3067WACC\u304c\u6700\u5c0f\u3001\u4f01\u696d\u4fa1\u5024\u304c\u6700\u5927\u306b\u306a\u308a\u307e\u3059\u3002\u5b9f\u52d9\u3067\u306f\u7d4c\u55b6\u9663\u304c<strong>\u76ee\u6a19\u8cc7\u672c\u69cb\u6210<\/strong>\u3092\u5b9a\u3081\u3001\u305d\u306e\u5468\u8fba\u3067\u8cc7\u672c\u69cb\u6210\u304c\u5909\u52d5\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u9759\u7684\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u7406\u8ad6\uff1aV_L = V_U + tD \u2212 \u8ca1\u52d9\u7684\u56f0\u7aae\u30b3\u30b9\u30c8\u306e\u73fe\u5728\u4fa1\u5024<\/li>\n<li>\u6700\u9069\u8cc7\u672c\u69cb\u6210\uff1aWACC\u304c\u6700\u5c0f\u3001\u4f01\u696d\u4fa1\u5024\u304c\u6700\u5927<\/li>\n<li>\u76ee\u6a19\u8cc7\u672c\u69cb\u6210\uff1a\u7c3f\u4fa1\u30d9\u30fc\u30b9\u3084\u8ca0\u50b5\u5bfeEBITDA\u500d\u7387\u3001\u76ee\u6a19\u683c\u4ed8\u3067\u8a2d\u5b9a\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u5e02\u5834\u4fa1\u5024\u306e\u5909\u52d5\u3084\u8cc7\u91d1\u8abf\u9054\u306e\u6a5f\u4f1a\u306b\u3088\u308a\u3001\u5b9f\u969b\u306e\u69cb\u6210\u306f\u76ee\u6a19\u304b\u3089\u4e56\u96e2<\/li>\n<li>\u30da\u30c3\u30ad\u30f3\u30b0\u30fb\u30aa\u30fc\u30c0\u30fc\u7406\u8ad6\uff1a\u5185\u90e8\u8cc7\u91d1 \u2192 \u8ca0\u50b5 \u2192 \u682a\u5f0f\u306e\u9806\u306b\u9078\u597d\uff08\u60c5\u5831\u306e\u975e\u5bfe\u79f0\u6027\u304c\u6839\u62e0\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V_L = V_U + tD \u2212 PV(\u8ca1\u52d9\u7684\u56f0\u7aae\u30b3\u30b9\u30c8)<\/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-lm5\/\">LM5 Capital Investments and Capital Allocation\uff08\u8a2d\u5099\u6295\u8cc7\u3068\u8cc7\u672c\u914d\u5206\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm7\/\">LM7 Business Models\uff08\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\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 LM6\u300cCapital Structure\uff08\u8cc7\u672c\u69cb\u6210\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":11098,"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-10752","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\/10752","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=10752"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10752\/revisions"}],"predecessor-version":[{"id":11301,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10752\/revisions\/11301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11098"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}