{"id":10833,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-corp-lm1\/"},"modified":"2026-09-22T07:44:32","modified_gmt":"2026-09-21T22:44:32","slug":"cfa-l2-corp-lm1","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-corp-lm1\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Corporate Finance LM1\u3011Analysis of Dividends and Share Repurchases \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u914d\u5f53\u653f\u7b56\u306e\u7406\u8ad6\u30fb\u914d\u5f53\u306e\u30b7\u30b0\u30ca\u30eb\u30fb\u81ea\u793e\u682a\u8cb7\u3044\u3068EPS\u30fb\u914d\u5f53\u306e\u6301\u7d9a\u53ef\u80fd\u6027"},"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 1\u300cAnalysis of Dividends and Share Repurchases\uff08\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u306e\u5206\u6790\uff09\u300d\u306f\u3001\u914d\u5f53\u306e\u7a2e\u985e\u3068\u682a\u4e3b\u4fa1\u5024\u3078\u306e\u5f71\u97ff\u3001\u914d\u5f53\u653f\u7b56\u306e\u7406\u8ad6\u3068\u30b7\u30b0\u30ca\u30eb\u52b9\u679c\u3001\u7a0e\u5236\u3068\u914d\u5f53\u653f\u7b56\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306e\u65b9\u6cd5\u3068EPS\u30fbBPS\u3078\u306e\u5f71\u97ff\u3001\u914d\u5f53\u306e\u5b89\u5168\u6027\u306e\u5206\u6790\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>LM1\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\u3002LM1\u306b\u306f14\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u901a\u5e38\u306e\u73fe\u91d1\u914d\u5f53\u3001\u7279\u5225\u914d\u5f53\u3001\u6e05\u7b97\u914d\u5f53\u3001\u682a\u5f0f\u914d\u5f53\u3001\u682a\u5f0f\u5206\u5272\u3001\u682a\u5f0f\u4f75\u5408\u304c\u682a\u4e3b\u306e\u5bcc\u3068\u4f01\u696d\u306e\u8ca1\u52d9\u6bd4\u7387\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe the expected effect of regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits on shareholders\u2019 wealth and a company\u2019s financial ratios<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u914d\u5f53\u653f\u7b56\u306e\u8af8\u7406\u8ad6\u3092\u6bd4\u8f03\u3057\u3001\u4f01\u696d\u306e\u914d\u5f53\u884c\u52d5\u304c\u793a\u3055\u308c\u305f\u3068\u304d\u306b\u5404\u7406\u8ad6\u304c\u682a\u5f0f\u4fa1\u5024\u306b\u5bfe\u3057\u3066\u6301\u3064\u542b\u610f\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">compare theories of dividend policy and explain implications of each for share value given a description of a corporate dividend action<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u914d\u5f53\u306e\u958b\u59cb\u30fb\u5897\u914d\u30fb\u6e1b\u914d\u30fb\u7121\u914d\u304c\u4f1d\u3048\u308b\u60c5\u5831\uff08\u30b7\u30b0\u30ca\u30eb\uff09\u306e\u7a2e\u985e\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe types of information (signals) that dividend initiations, increases, decreases, and omissions may convey<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30a8\u30fc\u30b8\u30a7\u30f3\u30b7\u30fc\u30fb\u30b3\u30b9\u30c8\u304c\u4f01\u696d\u306e\u30da\u30a4\u30a2\u30a6\u30c8\u653f\u7b56\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how agency costs may affect a company\u2019s payout policy<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u5b9f\u52d9\u306b\u304a\u3044\u3066\u914d\u5f53\u653f\u7b56\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain factors that affect dividend policy in practice<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u4e8c\u91cd\u8ab2\u7a0e\u3001\u914d\u5f53\u30a4\u30f3\u30d4\u30e5\u30c6\u30fc\u30b7\u30e7\u30f3\u3001\u5206\u5272\u7a0e\u7387\u306e\u5404\u7a0e\u5236\u306e\u3082\u3068\u3067\u3001\u4f01\u696d\u5229\u76ca1\u901a\u8ca8\u5358\u4f4d\u3042\u305f\u308a\u306e\u5b9f\u52b9\u7a0e\u7387\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the effective tax rate on a given currency unit of corporate earnings under double taxation, dividend imputation, and split-rate tax systems<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u5b89\u5b9a\u914d\u5f53\u653f\u7b56\u3068\u4e00\u5b9a\u914d\u5f53\u6027\u5411\u653f\u7b56\u3092\u6bd4\u8f03\u3057\u3001\u5404\u653f\u7b56\u306e\u3082\u3068\u3067\u306e\u914d\u5f53\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">compare stable dividend with constant dividend payout ratio, and calculate the dividend under each policy<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u4f01\u696d\u306e\u30da\u30a4\u30a2\u30a6\u30c8\u653f\u7b56\u306e\u5927\u304d\u306a\u50be\u5411\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe broad trends in corporate payout policies<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u81ea\u793e\u682a\u8cb7\u3044\u306e\u65b9\u6cd5\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare share repurchase methods<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u81ea\u793e\u682a\u8cb7\u3044\u304c1\uff09\u4f59\u5270\u8cc7\u91d1\u3067\u884c\u308f\u308c\u308b\u5834\u5408\u30682\uff09\u501f\u5165\u3067\u8cc7\u91d1\u8abf\u9054\u3055\u308c\u308b\u5834\u5408\u306b\u3064\u3044\u3066\u3001EPS\u3078\u306e\u5f71\u97ff\u3092\u8a08\u7b97\u30fb\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">calculate and compare the effect of a share repurchase on earnings per share when 1) the repurchase is financed with the company\u2019s surplus cash and 2) the company uses debt to finance the repurchase<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u81ea\u793e\u682a\u8cb7\u3044\u304c1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff08BVPS\uff09\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the effect of a share repurchase on book value per share<\/span><\/li>\n<li><span class=\"ja\">LOS 12\uff1a\u73fe\u91d1\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u306e\u9078\u629e\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the choice between paying cash dividends and repurchasing shares<\/span><\/li>\n<li><span class=\"ja\">LOS 13\uff1a1\uff09\u7d14\u5229\u76ca\u30682\uff09\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u57fa\u3065\u304f\u914d\u5f53\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret dividend coverage ratios based on 1) net income and 2) free cash flow<\/span><\/li>\n<li><span class=\"ja\">LOS 14\uff1a\u73fe\u91d1\u914d\u5f53\u3092\u7dad\u6301\u3067\u304d\u306a\u3044\u53ef\u80fd\u6027\u306e\u3042\u308b\u4f01\u696d\u306e\u7279\u5fb4\u3092\u8b58\u5225\u3059\u308b<\/span><span class=\"en\">identify characteristics of companies that may not be able to sustain their cash dividend<\/span><\/li>\n<\/ol>\n<h2>LM1\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>\u30da\u30a4\u30a2\u30a6\u30c8\u653f\u7b56\u306f\u73fe\u91d1\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u304b\u3089\u6210\u308a\u3001\u3069\u3061\u3089\u3082\u682a\u4e3b\u3078\u306e\u73fe\u91d1\u5206\u914d\u3060\u304c\u3001\u682a\u4e3b\u304c\u30ea\u30bf\u30fc\u30f3\u3092\u53d7\u3051\u53d6\u308b\u5f62\u304c\u7570\u306a\u308b<\/li>\n<li>\u682a\u4e3b\u3078\u306e\u652f\u6255\u3044\u3068\u306a\u308b\u306e\u306f\u73fe\u91d1\u914d\u5f53\u3060\u3051\u3067\u3001\u682a\u5f0f\u914d\u5f53\u30fb\u682a\u5f0f\u5206\u5272\u30fb\u682a\u5f0f\u4f75\u5408\u306f\u6301\u5206\u3092\u7d30\u5206\u5316\u30fb\u7d71\u5408\u3059\u308b\u3060\u3051\u3067\u682a\u4e3b\u306e\u5bcc\u3092\u751f\u307e\u306a\u3044<\/li>\n<li>\u914d\u5f53\u653f\u7b56\u306e\u7406\u8ad6\u306f\u3001\u5b8c\u5168\u5e02\u5834\u3067\u306f\u7121\u95a2\u4fc2\u3068\u3059\u308bMM\u7406\u8ad6\u3001\u78ba\u5b9f\u306a\u914d\u5f53\u3092\u597d\u3080\u300c\u624b\u4e2d\u306e\u9ce5\u300d\u7406\u8ad6\u3001\u914d\u5f53\u8ab2\u7a0e\u304c\u91cd\u3044\u56fd\u3067\u306f\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b2\u30a4\u30f3\u304c\u597d\u307e\u308c\u308b\u3068\u3059\u308b\u7a0e\u52b9\u679c\u306e\u8003\u3048\u65b9\u306e3\u3064<\/li>\n<li>\u5897\u914d\u30fb\u914d\u5f53\u958b\u59cb\u306f\u7d4c\u55b6\u8005\u306e\u81ea\u4fe1\u3092\u793a\u3059\u6b63\u306e\u30b7\u30b0\u30ca\u30eb\u3001\u6e1b\u914d\u30fb\u7121\u914d\u306f\u8ca0\u306e\u30b7\u30b0\u30ca\u30eb\u3068\u306a\u308a\u3084\u3059\u3044<\/li>\n<li>\u914d\u5f53\u306f\u7d4c\u55b6\u8005\u3068\u682a\u4e3b\u306e\u30a8\u30fc\u30b8\u30a7\u30f3\u30b7\u30fc\u554f\u984c\u3092\u548c\u3089\u3052\u308b\u4e00\u65b9\u3001\u682a\u4e3b\u3068\u50b5\u6a29\u8005\u306e\u5229\u5bb3\u5bfe\u7acb\u3092\u5f37\u3081\u308b\u3053\u3068\u304c\u3042\u308b<\/li>\n<li>\u5b89\u5b9a\u914d\u5f53\u653f\u7b56\u3067\u306f\u914d\u5f53\u3092\u9577\u671f\u7684\u306a\u5229\u76ca\u6210\u9577\u306b\u5408\u308f\u305b\u3066\u5f90\u3005\u306b\u8abf\u6574\u3057\u3001\u4e00\u5b9a\u914d\u5f53\u6027\u5411\u653f\u7b56\u3067\u306f\u914d\u5f53\u304c\u5229\u76ca\u306b\u9023\u52d5\u3057\u3066\u5909\u52d5\u3057\u3084\u3059\u3044<\/li>\n<li>\u4f59\u5270\u8cc7\u91d1\u306b\u3088\u308b\u81ea\u793e\u682a\u8cb7\u3044\u306fEPS\u3092\u9ad8\u3081\u5f97\u308b\u304c\u3001\u501f\u5165\u306b\u3088\u308b\u5834\u5408\u306f\u7a0e\u5f15\u5f8c\u501f\u5165\u30b3\u30b9\u30c8\u3068\u76ca\u56de\u308a\u306e\u5927\u5c0f\u3067EPS\u3078\u306e\u5f71\u97ff\u304c\u6c7a\u307e\u308b<\/li>\n<li>\u914d\u5f53\u306e\u5b89\u5168\u6027\u306f\u3001\u914d\u5f53\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa\u3001\u914d\u5f53\u5229\u56de\u308a\u306e\u6c34\u6e96\u3001\u501f\u5165\u306b\u3088\u308b\u914d\u5f53\u652f\u6255\u3044\u306e\u6709\u7121\u3001\u904e\u53bb\u306e\u914d\u5f53\u5b9f\u7e3e\u306a\u3069\u3067\u78ba\u8a8d\u3059\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\u914d\u5f53\u306e\u7a2e\u985e\u3068\u682a\u4e3b\u306e\u5bcc\u30fb\u8ca1\u52d9\u6bd4\u7387\u3078\u306e\u5f71\u97ff<\/h3>\n<p><strong>\u73fe\u91d1\u914d\u5f53<\/strong>\u306f\u4f01\u696d\u306e\u73fe\u91d1\u3068\u7d14\u8cc7\u7523\u3092\u6e1b\u3089\u3057\u3001\u682a\u4e3b\u3078\u5b9f\u969b\u306b\u4fa1\u5024\u3092\u79fb\u8ee2\u3057\u307e\u3059\u3002<strong>\u682a\u5f0f\u914d\u5f53\u30fb\u682a\u5f0f\u5206\u5272\u30fb\u682a\u5f0f\u4f75\u5408<\/strong>\u306f\u682a\u5f0f\u6570\u3068\u682a\u4fa1\u304c\u6bd4\u4f8b\u3057\u3066\u5909\u308f\u308b\u3060\u3051\u3067\u3001\u682a\u4e3b\u306e\u5bcc\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002<\/p>\n<ul>\n<li>\u901a\u5e38\u914d\u5f53\uff1a\u5b9a\u671f\u7684\u306a\u652f\u6255\u3044\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8<\/li>\n<li>\u7279\u5225\u914d\u5f53\uff1a\u696d\u7e3e\u597d\u8abf\u6642\u306a\u3069\u306e\u4e00\u6642\u7684\u306a\u4e0a\u4e57\u305b<\/li>\n<li>\u6e05\u7b97\u914d\u5f53\uff1a\u4e8b\u696d\u58f2\u5374\u3084\u6e05\u7b97\u306b\u4f34\u3046\u8cc7\u672c\u306e\u6255\u623b\u3057<\/li>\n<li>\u73fe\u91d1\u914d\u5f53\u306f\u6d41\u52d5\u6027\u6bd4\u7387\u3092\u4e0b\u3052\u3001\u8ca0\u50b5\u6bd4\u7387\u3092\u4e0a\u3052\u308b<\/li>\n<li>\u682a\u5f0f\u914d\u5f53\u30fb\u5206\u5272\u306f\u8ca1\u52d9\u6bd4\u7387\u306b\u5f71\u97ff\u3057\u306a\u3044<\/li>\n<li>\u682a\u5f0f\u4f75\u5408\u306f\u682a\u4fa1\u304c\u6975\u7aef\u306b\u4f4e\u4e0b\u3057\u305f\u5f8c\u306b\u884c\u308f\u308c\u308b\u3053\u3068\u304c\u591a\u3044<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u914d\u5f53\u653f\u7b56\u306e3\u3064\u306e\u7406\u8ad6<\/h3>\n<p><strong>MM\u7406\u8ad6<\/strong>\u306f\u5b8c\u5168\u5e02\u5834\u3067\u306f\u682a\u4e3b\u304c\u300c\u81ea\u5bb6\u88fd\u914d\u5f53\u300d\u3092\u4f5c\u308c\u308b\u305f\u3081\u914d\u5f53\u653f\u7b56\u306f\u7121\u95a2\u4fc2\u3068\u3057\u307e\u3059\u3002<strong>\u624b\u4e2d\u306e\u9ce5\u7406\u8ad6<\/strong>\u306f\u78ba\u5b9f\u306a\u914d\u5f53\u3092\u4e0d\u78ba\u5b9f\u306a\u5024\u4e0a\u304c\u308a\u76ca\u3088\u308a\u9ad8\u304f\u8a55\u4fa1\u3057\u3001<strong>\u7a0e\u52b9\u679c\u7406\u8ad6<\/strong>\u306f\u914d\u5f53\u8ab2\u7a0e\u304c\u91cd\u3044\u3068\u5024\u4e0a\u304c\u308a\u76ca\u304c\u9078\u597d\u3055\u308c\u308b\u3068\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>MM\uff1a\u914d\u5f53\u653f\u7b56\u306f\u4f01\u696d\u4fa1\u5024\u306b\u7121\u95a2\u4fc2<\/li>\n<li>\u81ea\u5bb6\u88fd\u914d\u5f53\uff1a\u682a\u5f0f\u58f2\u5374\u3067\u597d\u307f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u4f5c\u308c\u308b<\/li>\n<li>\u624b\u4e2d\u306e\u9ce5\uff1a\u914d\u5f53\u5897\u3067\u682a\u4e3b\u306e\u8981\u6c42\u53ce\u76ca\u7387\u304c\u4e0b\u304c\u308a\u682a\u4fa1\u4e0a\u6607<\/li>\n<li>\u7a0e\u52b9\u679c\uff1a\u914d\u5f53\u7a0e\u7387\u304c\u9ad8\u3044\u3068\u5185\u90e8\u7559\u4fdd\u30fb\u81ea\u793e\u682a\u8cb7\u3044\u3092\u9078\u597d<\/li>\n<li>\u5b8c\u5168\u5e02\u5834\u306e\u4eee\u5b9a\uff08\u7a0e\u30fb\u53d6\u5f15\u30b3\u30b9\u30c8\u30fb\u60c5\u5831\u306e\u975e\u5bfe\u79f0\u6027\u306a\u3057\uff09<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u914d\u5f53\u5909\u66f4\u304c\u4f1d\u3048\u308b\u30b7\u30b0\u30ca\u30eb<\/h3>\n<p>\u7d4c\u55b6\u8005\u306f\u6295\u8cc7\u5bb6\u3088\u308a\u591a\u304f\u306e\u60c5\u5831\u3092\u6301\u3064\u305f\u3081\u3001\u914d\u5f53\u306e\u5909\u66f4\u306f\u5c06\u6765\u306e\u898b\u901a\u3057\u306b\u95a2\u3059\u308b<strong>\u30b7\u30b0\u30ca\u30eb<\/strong>\u3068\u3057\u3066\u53d7\u3051\u53d6\u3089\u308c\u307e\u3059\u3002\u914d\u5f53\u958b\u59cb\u30fb\u5897\u914d\u306f\u81ea\u4fe1\u306e\u8868\u308c\u3001\u6e1b\u914d\u30fb\u7121\u914d\u306f\u696d\u7e3e\u60aa\u5316\u306e\u5146\u3057\u3068\u89e3\u91c8\u3055\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u914d\u5f53\u958b\u59cb\u30fb\u5897\u914d\uff1a\u6b63\u306e\u30b7\u30b0\u30ca\u30eb<\/li>\n<li>\u6e1b\u914d\u30fb\u7121\u914d\uff1a\u8ca0\u306e\u30b7\u30b0\u30ca\u30eb<\/li>\n<li>\u914d\u5f53\u3092\u7d9a\u3051\u308b\u529b\u3078\u306e\u7d4c\u55b6\u8005\u306e\u78ba\u4fe1\u304c\u524d\u63d0<\/li>\n<li>\u4f8b\u5916\uff1a\u6210\u9577\u6295\u8cc7\u306e\u305f\u3081\u306e\u6e1b\u914d\u304c\u597d\u611f\u3055\u308c\u308b\u5834\u5408\u3082\u3042\u308b<\/li>\n<li>\u5b9a\u671f\u914d\u5f53\u3092\u6295\u8cc7\u306e\u8cea\u306e\u5c3a\u5ea6\u3068\u307f\u308b\u6295\u8cc7\u5bb6\u3082\u3044\u308b<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30a8\u30fc\u30b8\u30a7\u30f3\u30b7\u30fc\u30fb\u30b3\u30b9\u30c8\u3068\u30da\u30a4\u30a2\u30a6\u30c8\u653f\u7b56<\/h3>\n<p>\u914d\u5f53\u306f\u7d4c\u55b6\u8005\u306e\u624b\u5143\u306e\u4f59\u5270\u8cc7\u91d1\u3092\u6e1b\u3089\u3057\u3001\u4fa1\u5024\u3092\u640d\u306a\u3046\u6295\u8cc7\uff08\u904e\u5270\u6295\u8cc7\uff09\u3092\u6291\u3048\u308b\u52b9\u679c\u304c\u3042\u308a\u307e\u3059\u3002\u4e00\u65b9\u3067\u3001\u914d\u5f53\u306f\u50b5\u6a29\u8005\u306e\u62c5\u4fdd\u3068\u306a\u308b\u8cc7\u7523\u3092\u682a\u4e3b\u3078\u79fb\u3059\u305f\u3081\u3001<strong>\u682a\u4e3b\u3068\u50b5\u6a29\u8005\u306e\u5bfe\u7acb<\/strong>\u3092\u5f37\u3081\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d4c\u55b6\u8005\u3068\u682a\u4e3b\uff1a\u914d\u5f53\u304c\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u554f\u984c\u3092\u6291\u5236<\/li>\n<li>\u682a\u4e3b\u3068\u50b5\u6a29\u8005\uff1a\u904e\u5927\u306a\u914d\u5f53\u306f\u50b5\u6a29\u8005\u306e\u4e0d\u5229\u76ca<\/li>\n<li>\u8ca1\u52d9\u5236\u9650\u6761\u9805\uff08\u30b3\u30d9\u30ca\u30f3\u30c4\uff09\u3067\u914d\u5f53\u3092\u5236\u7d04<\/li>\n<li>\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u304c\u5f31\u3044\u4f01\u696d\u307b\u3069\u914d\u5f53\u306e\u898f\u5f8b\u52b9\u679c\u304c\u91cd\u8981<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u5b9f\u52d9\u3067\u914d\u5f53\u653f\u7b56\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0<\/h3>\n<p>\u5b9f\u8a3c\u7684\u306b\u306f\u3001\u6295\u8cc7\u6a5f\u4f1a\u3001\u5229\u76ca\u306e\u4e88\u60f3\u5909\u52d5\u6027\u3001\u8ca1\u52d9\u67d4\u8edf\u6027\u3001\u7a0e\u5236\u3001\u767a\u884c\u30b3\u30b9\u30c8\u3001\u5951\u7d04\u4e0a\u30fb\u6cd5\u5f8b\u4e0a\u306e\u5236\u7d04\u306a\u3069\u304c\u914d\u5f53\u653f\u7b56\u306b\u5f71\u97ff\u3059\u308b\u3068\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6295\u8cc7\u6a5f\u4f1a\u304c\u591a\u3044\u4f01\u696d\u306f\u914d\u5f53\u304c\u5c11\u306a\u3044<\/li>\n<li>\u5229\u76ca\u306e\u5909\u52d5\u304c\u5927\u304d\u3044\u4f01\u696d\u306f\u914d\u5f53\u304c\u4fdd\u5b88\u7684<\/li>\n<li>\u8ca1\u52d9\u67d4\u8edf\u6027\u306e\u78ba\u4fdd<\/li>\n<li>\u7a0e\u5236\uff08\u914d\u5f53\u3068\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b2\u30a4\u30f3\u306e\u7a0e\u7387\u5dee\uff09<\/li>\n<li>\u65b0\u682a\u30fb\u793e\u50b5\u306e\u767a\u884c\u30b3\u30b9\u30c8\uff08\u30d5\u30ed\u30c6\u30fc\u30b7\u30e7\u30f3\u30fb\u30b3\u30b9\u30c8\uff09<\/li>\n<li>\u50b5\u52d9\u5951\u7d04\u30fb\u4f1a\u793e\u6cd5\u4e0a\u306e\u914d\u5f53\u5236\u9650<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u7a0e\u5236\u3068\u4f01\u696d\u5229\u76ca\u306e\u5b9f\u52b9\u7a0e\u7387<\/h3>\n<p><strong>\u4e8c\u91cd\u8ab2\u7a0e<\/strong>\u3067\u306f\u6cd5\u4eba\u6bb5\u968e\u3068\u682a\u4e3b\u6bb5\u968e\u306e\u4e21\u65b9\u3067\u8ab2\u7a0e\u3055\u308c\u307e\u3059\u3002<strong>\u30a4\u30f3\u30d4\u30e5\u30c6\u30fc\u30b7\u30e7\u30f3\u65b9\u5f0f<\/strong>\u3067\u306f\u6cd5\u4eba\u7a0e\u76f8\u5f53\u306e\u7a0e\u984d\u63a7\u9664\u3092\u53d7\u3051\u308b\u305f\u3081\u5b9f\u52b9\u7a0e\u7387\u306f\u682a\u4e3b\u306e\u9650\u754c\u7a0e\u7387\u306b\u7b49\u3057\u304f\u3001<strong>\u5206\u5272\u7a0e\u7387\u65b9\u5f0f<\/strong>\u3067\u306f\u914d\u5f53\u306b\u56de\u3059\u5229\u76ca\u306e\u6cd5\u4eba\u7a0e\u7387\u304c\u4f4e\u304f\u8a2d\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4e8c\u91cd\u8ab2\u7a0e\uff1a\u6cd5\u4eba\u7a0e\u3068\u914d\u5f53\u8ab2\u7a0e\u306e\u4e21\u65b9<\/li>\n<li>\u30a4\u30f3\u30d4\u30e5\u30c6\u30fc\u30b7\u30e7\u30f3\uff1a\u5b9f\u52b9\u7a0e\u7387\uff1d\u682a\u4e3b\u306e\u9650\u754c\u7a0e\u7387<\/li>\n<li>\u5206\u5272\u7a0e\u7387\uff1a\u914d\u5f53\u5206\u306e\u6cd5\u4eba\u7a0e\u7387\u3092\u5225\u306b\u8a2d\u5b9a\u3057\u3066\u8a08\u7b97<\/li>\n<li>\u7a0e\u5236\u306e\u9055\u3044\u304c\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u306e\u9078\u597d\u306b\u5f71\u97ff<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5b9f\u52b9\u7a0e\u7387\uff08\u4e8c\u91cd\u8ab2\u7a0e\uff09\uff1d \u6cd5\u4eba\u7a0e\u7387 \uff0b\uff081 \u2212 \u6cd5\u4eba\u7a0e\u7387\uff09\u00d7 \u500b\u4eba\u306e\u914d\u5f53\u7a0e\u7387<\/div>\n<h3>LOS 7\uff1a\u5b89\u5b9a\u914d\u5f53\u653f\u7b56\u3068\u4e00\u5b9a\u914d\u5f53\u6027\u5411\u653f\u7b56<\/h3>\n<p><strong>\u5b89\u5b9a\u914d\u5f53\u653f\u7b56<\/strong>\u3067\u306f\u9577\u671f\u7684\u306a\u5229\u76ca\u6210\u9577\u306b\u5408\u308f\u305b\u3066\u914d\u5f53\u3092\u5c11\u3057\u305a\u3064\u8abf\u6574\u3057\u3001<strong>\u4e00\u5b9a\u914d\u5f53\u6027\u5411\u653f\u7b56<\/strong>\u3067\u306f\u5f53\u671f\u5229\u76ca\u306b\u76ee\u6a19\u914d\u5f53\u6027\u5411\u3092\u639b\u3051\u3066\u914d\u5f53\u3092\u6c7a\u3081\u307e\u3059\u3002\u524d\u8005\u306f\u914d\u5f53\u304c\u6ed1\u3089\u304b\u3001\u5f8c\u8005\u306f\u5229\u76ca\u306b\u5fdc\u3058\u3066\u5909\u52d5\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u76ee\u6a19\u914d\u5f53\u6027\u5411\u8abf\u6574\u30e2\u30c7\u30eb\uff08\u6bb5\u968e\u7684\u8abf\u6574\uff09<\/li>\n<li>\u8abf\u6574\u4fc2\u6570\uff1d1 \u00f7 \u8abf\u6574\u671f\u9593\uff08\u5e74\u6570\uff09<\/li>\n<li>\u5b89\u5b9a\u914d\u5f53\uff1a\u6e1b\u76ca\u5e74\u3067\u3082\u5897\u914d\u3059\u308b\u3053\u3068\u304c\u3042\u308b<\/li>\n<li>\u4e00\u5b9a\u914d\u5f53\u6027\u5411\uff1a\u914d\u5f53\u306e\u5909\u52d5\u304c\u5927\u304d\u3044<\/li>\n<li>\u6b8b\u4f59\u914d\u5f53\u653f\u7b56\uff1a\u6295\u8cc7\u5f8c\u306e\u4f59\u5270\u3092\u914d\u5f53<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u4e88\u60f3\u914d\u5f53 \uff1d \u524d\u671f\u914d\u5f53 \uff0b\uff08\u4e88\u60f3\u5229\u76ca \u00d7 \u76ee\u6a19\u914d\u5f53\u6027\u5411 \u2212 \u524d\u671f\u914d\u5f53\uff09\u00d7 \u8abf\u6574\u4fc2\u6570<\/div>\n<h3>LOS 8\uff1a\u30da\u30a4\u30a2\u30a6\u30c8\u653f\u7b56\u306e\u4e16\u754c\u7684\u306a\u50be\u5411<\/h3>\n<p>\u591a\u304f\u306e\u5e02\u5834\u3067\u914d\u5f53\u3092\u652f\u6255\u3046\u4f01\u696d\u306e\u5272\u5408\u306f\u9577\u671f\u7684\u306b\u4f4e\u4e0b\u50be\u5411\u306b\u3042\u308a\u3001<strong>\u81ea\u793e\u682a\u8cb7\u3044<\/strong>\u306e\u6bd4\u91cd\u304c\u9ad8\u307e\u3063\u3066\u304d\u307e\u3057\u305f\u3002\u914d\u5f53\u306e\u6c34\u6e96\u3084\u81ea\u793e\u682a\u8cb7\u3044\u306e\u666e\u53ca\u5ea6\u306f\u56fd\u30fb\u5730\u57df\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u914d\u5f53\u652f\u6255\u4f01\u696d\u306e\u5272\u5408\u306e\u4f4e\u4e0b\u50be\u5411<\/li>\n<li>\u81ea\u793e\u682a\u8cb7\u3044\u306e\u5897\u52a0<\/li>\n<li>\u7c73\u56fd\u4ee5\u5916\u3067\u3082\u81ea\u793e\u682a\u8cb7\u3044\u304c\u62e1\u5927<\/li>\n<li>\u56fd\u30fb\u5730\u57df\u306b\u3088\u308b\u5dee<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u81ea\u793e\u682a\u8cb7\u3044\u306e\u65b9\u6cd5<\/h3>\n<p>\u81ea\u793e\u682a\u8cb7\u3044\u306f<strong>\u5e02\u5834\u3067\u306e\u8cb7\u4ed8\u3051<\/strong>\u304c\u6700\u3082\u4e00\u822c\u7684\u3067\u3001\u307b\u304b\u306b\u56fa\u5b9a\u4fa1\u683c\u307e\u305f\u306f<strong>\u30c0\u30c3\u30c1\u30fb\u30aa\u30fc\u30af\u30b7\u30e7\u30f3<\/strong>\u306b\u3088\u308b\u516c\u958b\u8cb7\u4ed8\u3051\u3001\u5927\u682a\u4e3b\u3068\u306e\u76f8\u5bfe\u53d6\u5f15\u304c\u3042\u308a\u307e\u3059\u3002\u65b9\u6cd5\u306b\u3088\u3063\u3066\u67d4\u8edf\u6027\u30fb\u30b9\u30d4\u30fc\u30c9\u30fb\u30b3\u30b9\u30c8\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e02\u5834\u8cb7\u4ed8\u3051\uff1a\u67d4\u8edf\u6027\u304c\u9ad8\u304f\u6700\u3082\u4e00\u822c\u7684<\/li>\n<li>\u56fa\u5b9a\u4fa1\u683c\u516c\u958b\u8cb7\u4ed8\u3051\uff1a\u8fc5\u901f\u306b\u5927\u91cf\u53d6\u5f97\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u652f\u6255\u3046<\/li>\n<li>\u30c0\u30c3\u30c1\u30fb\u30aa\u30fc\u30af\u30b7\u30e7\u30f3\uff1a\u4fa1\u683c\u5e2f\u3092\u63d0\u793a\u3057\u3001\u76ee\u6a19\u682a\u6570\u3092\u53d6\u5f97\u3067\u304d\u308b\u6700\u3082\u4f4e\u3044\u4fa1\u683c\u3067\u4e00\u5f8b\u306b\u8cb7\u4ed8\u3051<\/li>\n<li>\u76f8\u5bfe\u53d6\u5f15\uff1a\u7279\u5b9a\u5927\u682a\u4e3b\u304b\u3089\u53d6\u5f97\u3001\u6b8b\u5b58\u682a\u4e3b\u306e\u4fa1\u5024\u3092\u640d\u306a\u3046\u304a\u305d\u308c<\/li>\n<li>\u5fdc\u52df\u3057\u306a\u3044\u682a\u4e3b\u306e\u6301\u5206\u6bd4\u7387\u306f\u4e0a\u6607<\/li>\n<\/ul>\n<h3>LOS 10\uff1a\u81ea\u793e\u682a\u8cb7\u3044\u306eEPS\u3078\u306e\u5f71\u97ff<\/h3>\n<p>\u4f59\u5270\u8cc7\u91d1\u306b\u3088\u308b\u81ea\u793e\u682a\u8cb7\u3044\u306f\u682a\u5f0f\u6570\u3092\u6e1b\u3089\u3059\u305f\u3081\u3001\u904b\u7528\u76ca\u306e\u55aa\u5931\u5206\u3092\u8003\u616e\u3057\u3066\u3082EPS\u3092\u9ad8\u3081\u5f97\u307e\u3059\u3002\u501f\u5165\u306b\u3088\u308b\u5834\u5408\u306f\u3001<strong>\u76ca\u56de\u308a\uff08E\/P\uff09\u304c\u7a0e\u5f15\u5f8c\u501f\u5165\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308c\u3070EPS\u306f\u4e0a\u6607<\/strong>\u3057\u3001\u4e0b\u56de\u308c\u3070\u4f4e\u4e0b\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8cb7\u4ed8\u682a\u6570\uff1d\u8cb7\u4ed8\u7dcf\u984d \u00f7 \u8cb7\u4ed8\u4fa1\u683c<\/li>\n<li>\u501f\u5165\u306e\u5834\u5408\u306f\u7a0e\u5f15\u5f8c\u652f\u6255\u5229\u606f\u3092\u5229\u76ca\u304b\u3089\u63a7\u9664<\/li>\n<li>E\/P\uff1e\u7a0e\u5f15\u5f8c\u501f\u5165\u30b3\u30b9\u30c8\uff1aEPS\u4e0a\u6607<\/li>\n<li>E\/P\uff1c\u7a0e\u5f15\u5f8c\u501f\u5165\u30b3\u30b9\u30c8\uff1aEPS\u4f4e\u4e0b<\/li>\n<li>EPS\u306e\u4e0a\u6607\u304c\u4f01\u696d\u4fa1\u5024\u306e\u5897\u52a0\u3092\u610f\u5473\u3059\u308b\u3068\u306f\u9650\u3089\u306a\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u8cb7\u4ed8\u5f8cEPS \uff1d\uff08\u5229\u76ca \u2212 \u7a0e\u5f15\u5f8c\u306e\u8cc7\u91d1\u8abf\u9054\u30b3\u30b9\u30c8\uff09\u00f7 \u8cb7\u4ed8\u5f8c\u306e\u682a\u5f0f\u6570<\/div>\n<h3>LOS 11\uff1a\u81ea\u793e\u682a\u8cb7\u3044\u306eBVPS\u3078\u306e\u5f71\u97ff<\/h3>\n<p>\u8cb7\u4ed8\u4fa1\u683c\u304c1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff08BVPS\uff09\u3092\u4e0a\u56de\u308b\u5834\u5408\u3001\u81ea\u793e\u682a\u8cb7\u3044\u5f8c\u306eBVPS\u306f\u4f4e\u4e0b\u3057\u3001\u4e0b\u56de\u308b\u5834\u5408\u306f\u4e0a\u6607\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8cb7\u4ed8\u4fa1\u683c\uff1eBVPS\uff1aBVPS\u4f4e\u4e0b<\/li>\n<li>\u8cb7\u4ed8\u4fa1\u683c\uff1cBVPS\uff1aBVPS\u4e0a\u6607<\/li>\n<li>\u7d14\u8cc7\u7523\u306f\u8cb7\u4ed8\u7dcf\u984d\u3060\u3051\u6e1b\u5c11<\/li>\n<li>\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff08P\/B\uff09\u304c1\u3092\u8d85\u3048\u308b\u4f01\u696d\u3067\u306f\u4f4e\u4e0b\u3057\u3084\u3059\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u8cb7\u4ed8\u5f8cBVPS \uff1d\uff08\u7d14\u8cc7\u7523 \u2212 \u8cb7\u4ed8\u7dcf\u984d\uff09\u00f7 \u8cb7\u4ed8\u5f8c\u306e\u682a\u5f0f\u6570<\/div>\n<h3>LOS 12\uff1a\u73fe\u91d1\u914d\u5f53\u304b\u81ea\u793e\u682a\u8cb7\u3044\u304b<\/h3>\n<p>\u4ed6\u306e\u6761\u4ef6\u304c\u540c\u3058\u306a\u3089\u3001\u540c\u984d\u306e\u73fe\u91d1\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u306f\u682a\u4e3b\u5168\u4f53\u306e\u5bcc\u306b\u7b49\u3057\u3044\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002\u81ea\u793e\u682a\u8cb7\u3044\u306f\u7d99\u7d9a\u306e\u671f\u5f85\u3092\u751f\u307e\u306a\u3044\u305f\u3081<strong>\u67d4\u8edf\u6027<\/strong>\u304c\u9ad8\u304f\u3001\u5272\u5b89\u306e\u30b7\u30b0\u30ca\u30eb\u3084\u7a0e\u30e1\u30ea\u30c3\u30c8\u304c\u3042\u308b\u4e00\u65b9\u3001\u826f\u3044\u6295\u8cc7\u6a5f\u4f1a\u304c\u4e4f\u3057\u3044\u3068\u3044\u3046\u30b7\u30b0\u30ca\u30eb\u306b\u3082\u306a\u308a\u5f97\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u682a\u4e3b\u306e\u5bcc\u3078\u306e\u5f71\u97ff\u306f\u540c\u7b49\uff08\u4ed6\u306e\u6761\u4ef6\u304c\u540c\u3058\u5834\u5408\uff09<\/li>\n<li>\u81ea\u793e\u682a\u8cb7\u3044\u306e\u67d4\u8edf\u6027\uff08\u5c06\u6765\u306e\u652f\u6255\u3092\u7d04\u675f\u3057\u306a\u3044\uff09<\/li>\n<li>\u5272\u5b89\u306e\u6b63\u306e\u30b7\u30b0\u30ca\u30eb\uff0f\u6295\u8cc7\u6a5f\u4f1a\u4e0d\u8db3\u306e\u8ca0\u306e\u30b7\u30b0\u30ca\u30eb<\/li>\n<li>\u30b9\u30c8\u30c3\u30af\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5e0c\u8584\u5316\u306e\u76f8\u6bba<\/li>\n<li>\u7a0e\u5236\u4e0a\u306e\u6709\u5229\u30fb\u4e0d\u5229<\/li>\n<li>\u5b9a\u671f\u914d\u5f53\uff0b\u81ea\u793e\u682a\u8cb7\u3044\u306e\u7d44\u307f\u5408\u308f\u305b<\/li>\n<\/ul>\n<h3>LOS 13\uff1a\u914d\u5f53\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa<\/h3>\n<p>\u914d\u5f53\u306e\u5b89\u5168\u6027\u306f\u3001\u5229\u76ca\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u914d\u5f53\u3092\u3069\u308c\u3060\u3051\u8cc4\u3048\u308b\u304b\u3067\u6e2c\u308a\u307e\u3059\u3002<strong>\u7d14\u5229\u76ca\u30d9\u30fc\u30b9<\/strong>\u306f\u914d\u5f53\u6027\u5411\u306e\u9006\u6570\u3001<strong>FCFE\u30d9\u30fc\u30b9<\/strong>\u306f\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u306e\u5408\u8a08\u3092\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u8cc4\u3048\u308b\u304b\u3092\u793a\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d14\u5229\u76ca\u30d9\u30fc\u30b9\uff1a\u7d14\u5229\u76ca \u00f7 \u914d\u5f53<\/li>\n<li>FCFE\u30d9\u30fc\u30b9\uff1aFCFE \u00f7\uff08\u914d\u5f53\uff0b\u81ea\u793e\u682a\u8cb7\u3044\uff09<\/li>\n<li>1\u3092\u4e0b\u56de\u308b\u3068\u30da\u30a4\u30a2\u30a6\u30c8\u3092\u5229\u76ca\u30fb\u73fe\u91d1\u3067\u8cc4\u3048\u3066\u3044\u306a\u3044<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30d9\u30fc\u30b9\u306e\u65b9\u304c\u91cd\u8981<\/li>\n<\/ul>\n<div class=\"cfalm-f\">FCFE\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa \uff1d FCFE \u00f7\uff08\u914d\u5f53 \uff0b \u81ea\u793e\u682a\u8cb7\u3044\uff09<\/div>\n<h3>LOS 14\uff1a\u914d\u5f53\u3092\u7dad\u6301\u3067\u304d\u306a\u3044\u4f01\u696d\u306e\u7279\u5fb4<\/h3>\n<p>\u914d\u5f53\u7dad\u6301\u306e\u5371\u967a\u4fe1\u53f7\u3068\u3057\u3066\u3001\u4f4e\u3044\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa\u3001\u7570\u5e38\u306b\u9ad8\u3044\u914d\u5f53\u5229\u56de\u308a\u3001<strong>\u501f\u5165\u306b\u3088\u308b\u914d\u5f53\u652f\u6255\u3044<\/strong>\u3001\u4e0d\u5b89\u5b9a\u306a\u914d\u5f53\u5b9f\u7e3e\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u914d\u5f53\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa\u304c\u4f4e\u3044<\/li>\n<li>\u5e02\u5834\u5e73\u5747\u306b\u6bd4\u3079\u3066\u6975\u7aef\u306b\u9ad8\u3044\u914d\u5f53\u5229\u56de\u308a<\/li>\n<li>\u501f\u5165\u3067\u914d\u5f53\u3092\u652f\u6255\u3063\u3066\u3044\u308b<\/li>\n<li>\u904e\u53bb\u306b\u6e1b\u914d\u30fb\u7121\u914d\u306e\u5c65\u6b74<\/li>\n<li>\u5229\u76ca\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u60aa\u5316<\/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\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \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\">\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-corp-lm2\/\">LM2 Environmental, Social, and Governance (ESG) Considerations in Investment Analysis\uff08\u6295\u8cc7\u5206\u6790\u306b\u304a\u3051\u308bESG\u306e\u8003\u616e\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-corp\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Corporate Finance\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Corporate Finance LM1\u300cAnalysis of Dividends and Share Repurchases\uff08\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u306e\u5206\u6790\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":11179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10833","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=10833"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10833\/revisions"}],"predecessor-version":[{"id":11349,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10833\/revisions\/11349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11179"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}