{"id":10765,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm12\/"},"modified":"2026-09-22T07:02:31","modified_gmt":"2026-09-21T22:02:31","slug":"cfa-l1-fsa-lm12","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-fsa-lm12\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 FSA LM12\u3011Introduction to Financial Statement Modeling \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u58f2\u4e0a\u30d9\u30fc\u30b9\u306e\u30e2\u30c7\u30eb\u30fb\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u30fb\u30d5\u30a1\u30a4\u30d6\u30d5\u30a9\u30fc\u30b9\u30fb\u4e88\u6e2c\u671f\u9593"},"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 12\u300cIntroduction to Financial Statement Modeling\uff08\u8ca1\u52d9\u8af8\u8868\u30e2\u30c7\u30ea\u30f3\u30b0\u5165\u9580\uff09\u300d\u306f\u3001\u58f2\u4e0a\u30d9\u30fc\u30b9\u306e\u30d7\u30ed\u30fb\u30d5\u30a9\u30fc\u30de\u8ca1\u52d9\u30e2\u30c7\u30eb\u306e\u69cb\u7bc9\u3001\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u4e88\u6e2c\u306b\u5f71\u97ff\u3059\u308b\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u3068\u305d\u306e\u5bfe\u7b56\u3001\u30dd\u30fc\u30bf\u30fc\u306e\u30d5\u30a1\u30a4\u30d6\u30d5\u30a9\u30fc\u30b9\u306b\u57fa\u3065\u304f\u7af6\u4e89\u4e0a\u306e\u5730\u4f4d\u304c\u4fa1\u683c\u3068\u30b3\u30b9\u30c8\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3001\u30a4\u30f3\u30d5\u30ec\u30fb\u30c7\u30d5\u30ec\u4e0b\u306e\u58f2\u4e0a\u3068\u30b3\u30b9\u30c8\u306e\u4e88\u6e2c\u3001\u660e\u793a\u7684\u306a\u4e88\u6e2c\u671f\u9593\u306e\u9078\u3073\u65b9\u3068\u77ed\u671f\u4e88\u6e2c\u671f\u9593\u3092\u8d85\u3048\u305f\u4e88\u6e2c\u306e\u8003\u3048\u65b9\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>LM12\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\u3002LM12\u306b\u306f5\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u58f2\u4e0a\u9ad8\u3092\u30d9\u30fc\u30b9\u3068\u3057\u305f\u30d7\u30ed\u30fb\u30d5\u30a9\u30fc\u30de\u306e\u4f01\u696d\u30e2\u30c7\u30eb\u306e\u69cb\u7bc9\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate the development of a sales-based pro forma company model<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u884c\u52d5\u8981\u56e0\u304c\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u4e88\u6e2c\u306b\u3069\u3046\u5f71\u97ff\u3059\u308b\u304b\u3092\u8aac\u660e\u3057\u3001\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u30d0\u30a4\u30a2\u30b9\u3078\u306e\u5bfe\u7b56\u3092\u63d0\u6848\u3059\u308b<\/span><span class=\"en\">explain how behavioral factors affect analyst forecasts and recommend remedial actions for analyst biases<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30dd\u30fc\u30bf\u30fc\u306e\u30d5\u30a1\u30a4\u30d6\u30d5\u30a9\u30fc\u30b9\u5206\u6790\u306b\u57fa\u3065\u304f\u4f01\u696d\u306e\u7af6\u4e89\u4e0a\u306e\u5730\u4f4d\u304c\u3001\u4fa1\u683c\u3068\u30b3\u30b9\u30c8\u306b\u3069\u3046\u5f71\u97ff\u3059\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how the competitive position of a company based on a Porter\u2019s five forces analysis affects prices and costs<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u4fa1\u683c\u306e\u30a4\u30f3\u30d5\u30ec\u3084\u30c7\u30d5\u30ec\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b\u5834\u5408\u306b\u3001\u696d\u754c\u3068\u4f01\u696d\u306e\u58f2\u4e0a\u9ad8\u3068\u30b3\u30b9\u30c8\u3092\u3069\u3046\u4e88\u6e2c\u3059\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how to forecast industry and company sales and costs when they are subject to price inflation or deflation<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u660e\u793a\u7684\u306a\u4e88\u6e2c\u671f\u9593\u306e\u9078\u629e\u306b\u304a\u3051\u308b\u8003\u616e\u4e8b\u9805\u3068\u3001\u77ed\u671f\u306e\u4e88\u6e2c\u671f\u9593\u3092\u8d85\u3048\u305f\u4e88\u6e2c\u3092\u884c\u3046\u969b\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u9078\u629e\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain considerations in the choice of an explicit forecast horizon and an analyst\u2019s choices in developing projections beyond the short-term forecast horizon<\/span><\/li>\n<\/ol>\n<h2>LM12\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>\u8ca1\u52d9\u8af8\u8868\u30e2\u30c7\u30eb\u306f\u591a\u304f\u306e\u8a55\u4fa1\u30e2\u30c7\u30eb\u306e\u51fa\u767a\u70b9\u3067\u3042\u308a\u3001\u8a55\u4fa1\u306f\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001EPS\u3001EBITDA\u3001EBIT\u306a\u3069\u3055\u307e\u3056\u307e\u306a\u6307\u6a19\u306b\u57fa\u3065\u3044\u3066\u884c\u3048\u308b<\/li>\n<li>\u5229\u76ca\u5270\u4f59\u91d1\u306e\u3088\u3046\u306b\u640d\u76ca\u8a08\u7b97\u66f8\u304b\u3089\u76f4\u63a5\u3064\u306a\u304c\u308b\u8cb8\u501f\u5bfe\u7167\u8868\u9805\u76ee\u3082\u3042\u308c\u3070\u3001\u58f2\u639b\u91d1\u30fb\u8cb7\u639b\u91d1\u30fb\u68da\u5378\u8cc7\u7523\u306e\u3088\u3046\u306b\u640d\u76ca\u8a08\u7b97\u66f8\u306e\u4e88\u6e2c\u3068\u5bc6\u63a5\u306b\u7d50\u3073\u3064\u304f\u9805\u76ee\u3082\u3042\u308b<\/li>\n<li>\u904b\u8ee2\u8cc7\u672c\u9805\u76ee\u306f\u3001\u5728\u5eab\u65e5\u6570\u30fb\u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u65e5\u6570\u30fb\u4ed5\u5165\u50b5\u52d9\u56de\u8ee2\u65e5\u6570\u306a\u3069\u306e\u6bd4\u7387\u3092\u4e88\u6e2c\u3057\u3001\u58f2\u4e0a\u9ad8\u30fb\u58f2\u4e0a\u539f\u4fa1\u306e\u4e88\u6e2c\u3068\u7d44\u307f\u5408\u308f\u305b\u3066\u30e2\u30c7\u30eb\u5316\u3059\u308b<\/li>\n<li>\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u4e88\u6e2c\u306b\u5f71\u97ff\u3059\u308b\u4e3b\u306a\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u306f\u3001\u904e\u4fe1\u3001\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306e\u932f\u899a\u3001\u4fdd\u5b88\u6027\u3001\u4ee3\u8868\u6027\u3001\u78ba\u8a3c\u30d0\u30a4\u30a2\u30b9\u306e5\u3064<\/li>\n<li>\u7af6\u4e89\u8981\u56e0\u306f\u3001\u4ed5\u5165\u5148\u3068\u306e\u4fa1\u683c\u4ea4\u6e09\u529b\u3084\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u306e\u5024\u4e0a\u3052\u4f59\u5730\u306b\u5f71\u97ff\u3059\u308b\u3002\u30dd\u30fc\u30bf\u30fc\u306e\u30d5\u30a1\u30a4\u30d6\u30d5\u30a9\u30fc\u30b9\uff08\u4ee3\u66ff\u54c1\u306e\u8105\u5a01\u3001\u7af6\u5408\u4f01\u696d\u9593\u306e\u6575\u5bfe\u95a2\u4fc2\u3001\u4f9b\u7d66\u696d\u8005\u306e\u4ea4\u6e09\u529b\u3001\u8cb7\u3044\u624b\u306e\u4ea4\u6e09\u529b\u3001\u65b0\u898f\u53c2\u5165\u306e\u8105\u5a01\uff09\u304c\u305d\u306e\u5206\u6790\u306e\u67a0\u7d44\u307f\u3068\u306a\u308b<\/li>\n<li>ROIC\uff08\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff09\u306f\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u3092\u55b6\u696d\u8cc7\u7523\u3068\u55b6\u696d\u8ca0\u50b5\u306e\u5dee\u3067\u5272\u3063\u305f\u7a0e\u5f15\u5f8c\u306e\u53ce\u76ca\u6027\u6307\u6a19\u3067\u3001\u9ad8\u304f\u6301\u7d9a\u7684\u306aROIC\u306f\u7af6\u4e89\u512a\u4f4d\u3068\u7d50\u3073\u3064\u304f\u3053\u3068\u304c\u591a\u3044<\/li>\n<li>\u30a4\u30f3\u30d5\u30ec\u30fb\u30c7\u30d5\u30ec\u306f\u5c06\u6765\u306e\u58f2\u4e0a\u30fb\u5229\u76ca\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u7cbe\u5ea6\u306b\u5927\u304d\u304f\u5f71\u97ff\u3059\u308b\u3002\u6295\u5165\u30b3\u30b9\u30c8\u304c\u4e0a\u6607\u3059\u308b\u5834\u5408\u3001\u4f01\u696d\u306f\u4fa1\u683c\u8ee2\u5ac1\u3067\u5229\u76ca\u7387\u3092\u5b88\u308b\u304b\u3001\u5229\u76ca\u7387\u306e\u4f4e\u4e0b\u3092\u53d7\u3051\u5165\u308c\u3066\u5e02\u5834\u30b7\u30a7\u30a2\u3092\u53d6\u308a\u306b\u884c\u304f\u304b\u3092\u9078\u3076<\/li>\n<li>\u4e88\u6e2c\u671f\u9593\u306e\u9078\u629e\u306f\u3001\u6295\u8cc7\u6226\u7565\u3001\u696d\u754c\u306e\u666f\u6c17\u5faa\u74b0\u6027\u3001\u4f01\u696d\u56fa\u6709\u306e\u8981\u56e0\u3001\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u6240\u5c5e\u7d44\u7e54\u306e\u65b9\u91dd\u306a\u3069\u306b\u5de6\u53f3\u3055\u308c\u308b\u3002\u6b63\u898f\u5316\u5229\u76ca\u306f\u4e00\u6642\u7684\u8981\u56e0\u304c\u306a\u3044\u5834\u5408\u306e\u30b5\u30a4\u30af\u30eb\u4e2d\u9593\u306e\u5229\u76ca\u6c34\u6e96\u3067\u3001\u7d4c\u6e08\u306e\u6df7\u4e71\u30fb\u898f\u5236\u30fb\u6280\u8853\u306b\u3088\u308b\u5909\u66f2\u70b9\u306e\u4e88\u6e2c\u306f\u6700\u5927\u306e\u8ab2\u984c\u306e\u4e00\u3064<\/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\u58f2\u4e0a\u30d9\u30fc\u30b9\u306e\u30d7\u30ed\u30fb\u30d5\u30a9\u30fc\u30de\u30fb\u30e2\u30c7\u30eb<\/h3>\n<p>\u58f2\u4e0a\u30d9\u30fc\u30b9\u306e\u30e2\u30c7\u30eb\u306f\u3001<strong>\u58f2\u4e0a\u9ad8\u306e\u4e88\u6e2c\u3092\u8d77\u70b9\u306b\u640d\u76ca\u8a08\u7b97\u66f8\u30fb\u8cb8\u501f\u5bfe\u7167\u8868\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a08\u7b97\u66f8\u3092\u9023\u52d5\u3055\u305b\u3066<\/strong>\u4e88\u6e2c\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u8cbb\u7528\u306f\u58f2\u4e0a\u9ad8\u306b\u5bfe\u3059\u308b\u6bd4\u7387\u3084\u56fa\u5b9a\u8cbb\u3068\u3057\u3066\u3001\u904b\u8ee2\u8cc7\u672c\u306f\u56de\u8ee2\u65e5\u6570\u306a\u3069\u306e\u6bd4\u7387\u3068\u3057\u3066\u4e88\u6e2c\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u58f2\u4e0a\u9ad8\u4e88\u6e2c\uff1aGDP\u6210\u9577\u7387\u3068\u306e\u95a2\u4fc2\u3001\u5e02\u5834\u30b7\u30a7\u30a2\u3001\u4fa1\u683c\u00d7\u6570\u91cf\u306a\u3069<\/li>\n<li>\u58f2\u4e0a\u539f\u4fa1\uff1a\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u3092\u4e88\u6e2c\u3057\u3066\u7b97\u51fa<\/li>\n<li>\u8ca9\u7ba1\u8cbb\uff1a\u56fa\u5b9a\u8cbb\u3068\u5909\u52d5\u8cbb\u306b\u5206\u3051\u3066\u8003\u3048\u308b<\/li>\n<li>\u904b\u8ee2\u8cc7\u672c\uff1a\u5728\u5eab\u65e5\u6570\u30fb\u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u65e5\u6570\u30fb\u4ed5\u5165\u50b5\u52d9\u56de\u8ee2\u65e5\u6570\u3068\u58f2\u4e0a\u9ad8\u30fb\u58f2\u4e0a\u539f\u4fa1\u304b\u3089\u7b97\u51fa<\/li>\n<li>\u8a2d\u5099\u6295\u8cc7\u3068\u6e1b\u4fa1\u511f\u5374\u8cbb\u3001\u8cc7\u91d1\u8abf\u9054\uff08\u8ca0\u50b5\u30fb\u682a\u5f0f\u30fb\u914d\u5f53\uff09<\/li>\n<li>\u5229\u76ca\u5270\u4f59\u91d1\u306f\u640d\u76ca\u8a08\u7b97\u66f8\u306e\u7d14\u5229\u76ca\u3068\u914d\u5f53\u304b\u3089\u76f4\u63a5\u3064\u306a\u304c\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u58f2\u639b\u91d1\u306e\u4e88\u6e2c = \u4e88\u6e2c\u58f2\u4e0a\u9ad8 \u00d7 \u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u65e5\u6570 \u00f7 365<\/div>\n<h3>LOS 2\uff1a\u4e88\u6e2c\u306b\u5f71\u97ff\u3059\u308b\u884c\u52d5\u30d0\u30a4\u30a2\u30b9\u3068\u5bfe\u7b56<\/h3>\n<p>\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u4e88\u6e2c\u306f\u3001<strong>\u904e\u4fe1\u30fb\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306e\u932f\u899a\u30fb\u4fdd\u5b88\u6027\u30fb\u4ee3\u8868\u6027\u30fb\u78ba\u8a3c\u30d0\u30a4\u30a2\u30b9<\/strong>\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3084\u3059\u3044\u3068\u3055\u308c\u307e\u3059\u3002\u30d0\u30a4\u30a2\u30b9\u3092\u81ea\u899a\u3057\u3001\u4e88\u6e2c\u306e\u691c\u8a3c\u3084\u53cd\u5bfe\u610f\u898b\u306e\u691c\u8a0e\u306a\u3069\u306e\u4ed5\u7d44\u307f\u3067\u6291\u3048\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u904e\u4fe1\uff1a\u4e88\u6e2c\u306e\u6b63\u78ba\u3055\u3092\u904e\u5927\u8a55\u4fa1\u3057\u3001\u7bc4\u56f2\u3092\u72ed\u304f\u898b\u7a4d\u3082\u308b \u2192 \u4e88\u6e2c\u306e\u5b9f\u7e3e\u3092\u8a18\u9332\u30fb\u691c\u8a3c\u3057\u3001\u30b7\u30ca\u30ea\u30aa\u306e\u5e45\u3092\u6301\u305f\u305b\u308b<\/li>\n<li>\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u306e\u932f\u899a\uff1a\u5236\u5fa1\u3067\u304d\u306a\u3044\u3053\u3068\u3092\u5236\u5fa1\u3067\u304d\u308b\u3068\u8003\u3048\u3001\u60c5\u5831\u3092\u96c6\u3081\u3059\u304e\u308b \u2192 \u91cd\u8981\u306a\u8981\u56e0\u306b\u7d5e\u3063\u305f\u30e2\u30c7\u30eb\u306b\u3059\u308b<\/li>\n<li>\u4fdd\u5b88\u6027\uff1a\u65b0\u3057\u3044\u60c5\u5831\u3092\u53cd\u6620\u3059\u308b\u306e\u304c\u9045\u308c\u308b \u2192 \u65b0\u60c5\u5831\u306b\u5fdc\u3058\u3066\u898b\u76f4\u3059\u898f\u5f8b\u3092\u6301\u3064<\/li>\n<li>\u4ee3\u8868\u6027\uff1a\u985e\u4f3c\u6027\u306b\u983c\u3063\u3066\u5224\u65ad\u3057\u3001\u57fa\u6e96\u7387\u3092\u7121\u8996\u3059\u308b \u2192 \u57fa\u6e96\u7387\uff08\u30d9\u30fc\u30b9\u30fb\u30ec\u30fc\u30c8\uff09\u3092\u8e0f\u307e\u3048\u308b<\/li>\n<li>\u78ba\u8a3c\u30d0\u30a4\u30a2\u30b9\uff1a\u81ea\u5206\u306e\u898b\u89e3\u3092\u652f\u6301\u3059\u308b\u60c5\u5831\u3070\u304b\u308a\u96c6\u3081\u308b \u2192 \u53cd\u5bfe\u610f\u898b\u3092\u7a4d\u6975\u7684\u306b\u63a2\u3059\u3001\u4ed6\u8005\u306e\u610f\u898b\u3092\u6c42\u3081\u308b<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30d5\u30a1\u30a4\u30d6\u30d5\u30a9\u30fc\u30b9\u3068\u4fa1\u683c\u30fb\u30b3\u30b9\u30c8<\/h3>\n<p><strong>\u30dd\u30fc\u30bf\u30fc\u306e\u30d5\u30a1\u30a4\u30d6\u30d5\u30a9\u30fc\u30b9<\/strong>\u306f\u3001\u696d\u754c\u306e\u7af6\u4e89\u74b0\u5883\u304c\u4f01\u696d\u306e\u4fa1\u683c\u6c7a\u5b9a\u529b\u3068\u4ed5\u5165\u30b3\u30b9\u30c8\u306b\u3069\u3046\u5f71\u97ff\u3059\u308b\u304b\u3092\u5206\u6790\u3059\u308b\u67a0\u7d44\u307f\u3067\u3059\u3002\u7af6\u4e89\u4e0a\u306e\u5730\u4f4d\u304c\u5f37\u3044\u4f01\u696d\u307b\u3069\u5024\u4e0a\u3052\u3084\u4ed5\u5165\u4fa1\u683c\u306e\u4ea4\u6e09\u304c\u6709\u5229\u306b\u306a\u308a\u3001\u9ad8\u304f\u6301\u7d9a\u7684\u306aROIC\u306b\u3064\u306a\u304c\u308a\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4ee3\u66ff\u54c1\u306e\u8105\u5a01\uff1a\u5f37\u3044\u3068\u4fa1\u683c\u3092\u4e0a\u3052\u306b\u304f\u3044<\/li>\n<li>\u7af6\u5408\u4f01\u696d\u9593\u306e\u6575\u5bfe\u95a2\u4fc2\uff1a\u6fc0\u3057\u3044\u3068\u4fa1\u683c\u7af6\u4e89\u306b\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u4f9b\u7d66\u696d\u8005\u306e\u4ea4\u6e09\u529b\uff1a\u5f37\u3044\u3068\u6295\u5165\u30b3\u30b9\u30c8\u304c\u4e0a\u304c\u308b<\/li>\n<li>\u8cb7\u3044\u624b\u306e\u4ea4\u6e09\u529b\uff1a\u5f37\u3044\u3068\u8ca9\u58f2\u4fa1\u683c\u304c\u6291\u3048\u3089\u308c\u308b<\/li>\n<li>\u65b0\u898f\u53c2\u5165\u306e\u8105\u5a01\uff1a\u53c2\u5165\u969c\u58c1\u304c\u4f4e\u3044\u3068\u8d85\u904e\u5229\u76ca\u304c\u9577\u7d9a\u304d\u3057\u306a\u3044<\/li>\n<li>ROIC \uff1d \u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPLAT\uff09\u00f7\uff08\u55b6\u696d\u8cc7\u7523 \u2212 \u55b6\u696d\u8ca0\u50b5\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">ROIC = NOPLAT \u00f7 (\u55b6\u696d\u8cc7\u7523 \u2212 \u55b6\u696d\u8ca0\u50b5)<\/div>\n<h3>LOS 4\uff1a\u30a4\u30f3\u30d5\u30ec\u30fb\u30c7\u30d5\u30ec\u4e0b\u306e\u58f2\u4e0a\u3068\u30b3\u30b9\u30c8\u306e\u4e88\u6e2c<\/h3>\n<p>\u30a4\u30f3\u30d5\u30ec\u30fb\u30c7\u30d5\u30ec\u306e\u3082\u3068\u3067\u306f\u3001<strong>\u4fa1\u683c\u3068\u6570\u91cf\u3092\u5206\u3051\u3066<\/strong>\u58f2\u4e0a\u3068\u30b3\u30b9\u30c8\u3092\u4e88\u6e2c\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002\u6295\u5165\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u3092\u4fa1\u683c\u306b\u8ee2\u5ac1\u3067\u304d\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u88fd\u54c1\u306e\u4fa1\u683c\u5f3e\u529b\u6027\u3084\u7af6\u4e89\u4e0a\u306e\u5730\u4f4d\u306b\u3088\u3063\u3066\u6c7a\u307e\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u58f2\u4e0a \uff1d \u6570\u91cf \u00d7 \u4fa1\u683c\uff1a\u6570\u91cf\u3068\u4fa1\u683c\u306e\u5909\u5316\u3092\u5206\u3051\u3066\u4e88\u6e2c<\/li>\n<li>\u4fa1\u683c\u5f3e\u529b\u6027\u304c\u9ad8\u3044\u88fd\u54c1\u306f\u5024\u4e0a\u3052\u3067\u6570\u91cf\u304c\u5927\u304d\u304f\u6e1b\u308b<\/li>\n<li>\u56fd\u3054\u3068\u30fb\u88fd\u54c1\u30ab\u30c6\u30b4\u30ea\u30fc\u3054\u3068\u306b\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u9055\u3044\u3092\u53cd\u6620<\/li>\n<li>\u4fa1\u683c\u8ee2\u5ac1\u3057\u3066\u5229\u76ca\u7387\u3092\u7dad\u6301\u3059\u308b\u304b\u3001\u5229\u76ca\u7387\u3092\u72a0\u7272\u306b\u3057\u3066\u30b7\u30a7\u30a2\u3092\u53d6\u308b\u304b\u306e\u9078\u629e<\/li>\n<li>\u696d\u754c\u5168\u4f53\u306e\u58f2\u4e0a\u306f\u3001\u540d\u76ee\u6210\u9577\u7387\u3068\u5b9f\u8cea\uff08\u6570\u91cf\uff09\u6210\u9577\u7387\u3092\u533a\u5225\u3057\u3066\u4e88\u6e2c<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u4e88\u6e2c\u671f\u9593\u306e\u9078\u629e\u3068\u9577\u671f\u306e\u4e88\u6e2c<\/h3>\n<p>\u660e\u793a\u7684\u306a\u4e88\u6e2c\u671f\u9593\u306f\u3001<strong>\u6295\u8cc7\u6226\u7565\u3001\u696d\u754c\u306e\u666f\u6c17\u5faa\u74b0\u6027\u3001\u4f01\u696d\u56fa\u6709\u306e\u8981\u56e0\u3001\u6240\u5c5e\u7d44\u7e54\u306e\u65b9\u91dd<\/strong>\u306a\u3069\u3092\u8e0f\u307e\u3048\u3066\u9078\u3073\u307e\u3059\u3002\u660e\u793a\u7684\u306a\u4e88\u6e2c\u671f\u9593\u3092\u8d85\u3048\u308b\u90e8\u5206\u3067\u306f\u3001\u6b63\u898f\u5316\u5229\u76ca\u3084\u9577\u671f\u6210\u9577\u7387\u3092\u524d\u63d0\u306b\u7f6e\u304d\u3001\u5909\u66f2\u70b9\u306e\u53ef\u80fd\u6027\u3092\u691c\u8a0e\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6295\u8cc7\u671f\u9593\u304c\u9577\u3044\u6226\u7565\u307b\u3069\u9577\u3044\u4e88\u6e2c\u671f\u9593\u304c\u5fc5\u8981<\/li>\n<li>\u666f\u6c17\u5faa\u74b0\u7684\u306a\u696d\u754c\u3067\u306f\u5c11\u306a\u304f\u3068\u30821\u30b5\u30a4\u30af\u30eb\u3092\u30ab\u30d0\u30fc<\/li>\n<li>\u4f01\u696d\u56fa\u6709\u306e\u8981\u56e0\uff1a\u8cb7\u53ce\u30fb\u518d\u7de8\u306a\u3069\u306e\u5f71\u97ff\u304c\u843d\u3061\u7740\u304f\u307e\u3067\u306e\u671f\u9593<\/li>\n<li>\u6b63\u898f\u5316\u5229\u76ca\uff1a\u4e00\u6642\u7684\u8981\u56e0\u3092\u9664\u3044\u305f\u30b5\u30a4\u30af\u30eb\u4e2d\u9593\u306e\u5229\u76ca\u6c34\u6e96<\/li>\n<li>\u9577\u671f\u4e88\u6e2c\uff1a\u5e73\u5747\u56de\u5e30\u3084\u696d\u754c\u306e\u6210\u719f\u3092\u524d\u63d0\u306b\u6210\u9577\u7387\u3092\u8a2d\u5b9a<\/li>\n<li>\u5909\u66f2\u70b9\uff1a\u7d4c\u6e08\u306e\u6df7\u4e71\u30fb\u898f\u5236\u30fb\u6280\u8853\u306e\u5909\u5316\u3067\u5c06\u6765\u304c\u904e\u53bb\u3068\u5927\u304d\u304f\u7570\u306a\u308b\u5c40\u9762<\/li>\n<\/ul>\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-fsa-lm11\/\">LM11 Financial Analysis Techniques\uff08\u8ca1\u52d9\u5206\u6790\u306e\u624b\u6cd5\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-fsa\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Financial Statement Analysis\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Financial Statement Analysis LM12\u300cIntroduction to Financial Statement Modeling\uff08\u8ca1\u52d9\u8af8\u8868\u30e2\u30c7\u30ea\u30f3\u30b0\u5165\u9580\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":11111,"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-10765","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\/10765","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=10765"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10765\/revisions"}],"predecessor-version":[{"id":10938,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10765\/revisions\/10938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11111"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}