{"id":10835,"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-lm3\/"},"modified":"2026-09-22T07:06:12","modified_gmt":"2026-09-21T22:06:12","slug":"cfa-l2-corp-lm3","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-corp-lm3\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Corporate Finance LM3\u3011Cost of Capital: Advanced Topics \u3092\u8981\u70b9\u89e3\u8aac\uff5cWACC\u30fb\u8ca0\u50b5\u30b3\u30b9\u30c8\u306e\u63a8\u5b9a\u30fb\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8cc7\u672c\u30b3\u30b9\u30c8"},"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 3\u300cCost of Capital: Advanced Topics\uff08\u8cc7\u672c\u30b3\u30b9\u30c8\uff1a\u767a\u5c55\u7684\u30c8\u30d4\u30c3\u30af\uff09\u300d\u306f\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u5f71\u97ff\u3059\u308b\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u30fb\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u306e\u8981\u56e0\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u306e\u63a8\u5b9a\u65b9\u6cd5\u3001\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u63a8\u5b9a\u3001\u682a\u4e3b\u8cc7\u672c\u306e\u8981\u6c42\u53ce\u76ca\u7387\u306e\u63a8\u5b9a\u65b9\u6cd5\u3068\u4e0a\u5834\u30fb\u975e\u4e0a\u5834\u4f01\u696d\u3078\u306e\u9069\u7528\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>LM3\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\u3002LM3\u306b\u306f6\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u8cc7\u672c\u30b3\u30b9\u30c8\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u3068\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u306e\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain top-down and bottom-up factors that impact the cost of capital<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u8ca0\u50b5\u30b3\u30b9\u30c8\u306e\u63a8\u5b9a\u306b\u7528\u3044\u308b\u65b9\u6cd5\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare methods used to estimate the cost of debt<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u63a8\u5b9a\u3059\u308b\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30eb\u30c3\u30ad\u30f3\u30b0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain historical and forward-looking approaches to estimating an equity risk premium<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u682a\u4e3b\u8cc7\u672c\u306e\u8981\u6c42\u53ce\u76ca\u7387\u306e\u63a8\u5b9a\u306b\u7528\u3044\u308b\u65b9\u6cd5\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare methods used to estimate the required return on equity<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u4e0a\u5834\u4f01\u696d\u3068\u975e\u4e0a\u5834\u4f01\u696d\u306b\u3064\u3044\u3066\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u307e\u305f\u306f\u682a\u4e3b\u8cc7\u672c\u306e\u8981\u6c42\u53ce\u76ca\u7387\u3092\u63a8\u5b9a\u3059\u308b<\/span><span class=\"en\">estimate the cost of debt or required return on equity for a public company and a private company<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u4f01\u696d\u306e\u8cc7\u672c\u69cb\u6210\u3068\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u540c\u696d\u4ed6\u793e\u3068\u6bd4\u8f03\u3057\u3066\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate a company\u2019s capital structure and cost of capital relative to peers<\/span><\/li>\n<\/ol>\n<h2>LM3\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>WACC\u306f\u8ca0\u50b5\u30fb\u512a\u5148\u682a\u30fb\u666e\u901a\u682a\u306e\u69cb\u6210\u6bd4\u7387\u3068\u5404\u8cc7\u672c\u30b3\u30b9\u30c8\u304b\u3089\u6c7a\u307e\u308a\u3001\u4f01\u696d\u306e\u6295\u8cc7\u5224\u65ad\u3068\u4f01\u696d\u8a55\u4fa1\u306e\u91cd\u8981\u306a\u5165\u529b\u3068\u306a\u308b<\/li>\n<li>\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u63a8\u5b9a\u306b\u306f\u552f\u4e00\u306e\u6b63\u3057\u3044\u65b9\u6cd5\u306f\u306a\u304f\u3001\u76ee\u6a19\u8cc7\u672c\u69cb\u6210\u3084\u9650\u754c\u7a0e\u7387\u306a\u3069\u591a\u304f\u306e\u4eee\u5b9a\u304c\u5fc5\u8981<\/li>\n<li>\u8ca0\u50b5\u306f\u682a\u5f0f\u3088\u308a\u30ea\u30b9\u30af\u304c\u4f4e\u3044\u305f\u3081\u8cc7\u672c\u30b3\u30b9\u30c8\u3082\u4f4e\u304f\u3001\u8ca0\u50b5\u30b3\u30b9\u30c8\u306f\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u306e\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u3068\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u548c\u3067\u8868\u3055\u308c\u308b<\/li>\n<li>\u8cc7\u672c\u30b3\u30b9\u30c8\u306f\u3001\u91d1\u5229\u6c34\u6e96\u3084\u7a0e\u5236\u306a\u3069\u306e\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u8981\u56e0\u3068\u3001\u53ce\u76ca\u306e\u5b89\u5b9a\u6027\u30fb\u30ec\u30d0\u30ec\u30c3\u30b8\u30fb\u8cc7\u7523\u306e\u6027\u8cea\u306a\u3069\u306e\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u8981\u56e0\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b<\/li>\n<li>\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u904e\u53bb\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u304f\u65b9\u6cd5\u3068\u3001\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\u3084\u30de\u30af\u30ed\u7d4c\u6e08\u30e2\u30c7\u30eb\u3001\u30b5\u30fc\u30d9\u30a4\u306a\u3069\u306e\u5c06\u6765\u4e88\u60f3\u306b\u57fa\u3065\u304f\u65b9\u6cd5\u3067\u63a8\u5b9a\u3059\u308b<\/li>\n<li>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u63a8\u5b9a\u306b\u306f\u3001CAPM\u3001\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3001\u30d3\u30eb\u30c9\u30a2\u30c3\u30d7\u6cd5\u3001\u50b5\u5238\u5229\u56de\u308a\uff0b\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u6cd5\u306a\u3069\u304c\u3042\u308b<\/li>\n<li>\u975e\u4e0a\u5834\u4f01\u696d\u3067\u306f\u6bd4\u8f03\u53ef\u80fd\u306a\u4e0a\u5834\u4f01\u696d\u306e\u30d9\u30fc\u30bf\u306e\u8abf\u6574\u3084\u3001\u898f\u6a21\u30fb\u4f01\u696d\u56fa\u6709\u306e\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u52a0\u7b97\u304c\u5fc5\u8981\u306b\u306a\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\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u30fb\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u8981\u56e0<\/h3>\n<p><strong>\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\u8981\u56e0<\/strong>\u306f\u91d1\u5229\u30fb\u30a4\u30f3\u30d5\u30ec\u3001\u666f\u6c17\u3001\u7a0e\u5236\u3001\u898f\u5236\u3001\u8cc7\u672c\u5e02\u5834\u306e\u6d41\u52d5\u6027\u306a\u3069\u4f01\u696d\u5916\u90e8\u306e\u8981\u56e0\u3067\u3059\u3002<strong>\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\u8981\u56e0<\/strong>\u306f\u58f2\u4e0a\u30fb\u5229\u76ca\u306e\u5b89\u5b9a\u6027\u3001\u53ce\u76ca\u6027\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u8cc7\u7523\u306e\u6027\u8cea\uff08\u6c4e\u7528\u6027\u30fb\u62c5\u4fdd\u4fa1\u5024\uff09\u306a\u3069\u4f01\u696d\u56fa\u6709\u306e\u8981\u56e0\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\uff1a\u8cc7\u672c\u306e\u5229\u7528\u53ef\u80fd\u6027\u3001\u5e02\u5834\u74b0\u5883\u3001\u6cd5\u5236\u5ea6\u30fb\u7a0e\u5236\u3001\u56fd\u306e\u30ea\u30b9\u30af<\/li>\n<li>\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\uff1a\u898f\u6a21\u30fb\u591a\u89d2\u5316\u3001\u53ce\u76ca\u306e\u5909\u52d5\u6027\u3001\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u8cc7\u7523\u306e\u7279\u6b8a\u6027<\/li>\n<li>\u8a3c\u5238\u306e\u7279\u6027\uff1a\u512a\u5148\u9806\u4f4d\u3001\u62c5\u4fdd\u3001\u30b3\u30d9\u30ca\u30f3\u30c4<\/li>\n<li>\u8ca0\u50b5\u30b3\u30b9\u30c8\uff1d\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\uff0b\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u8ca0\u50b5\u30b3\u30b9\u30c8\u306e\u63a8\u5b9a\u65b9\u6cd5<\/h3>\n<p>\u4e0a\u5834\u50b5\u304c\u3042\u308b\u5834\u5408\u306f<strong>\u6700\u7d42\u5229\u56de\u308a\uff08YTM\uff09<\/strong>\u3092\u4f7f\u3044\u3001\u6d41\u52d5\u6027\u304c\u4e4f\u3057\u3044\u5834\u5408\u306f\u540c\u683c\u4ed8\u3051\u306e\u50b5\u5238\u5229\u56de\u308a\u3092\u4f7f\u3046<strong>\u683c\u4ed8\u3051\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u3092\u7528\u3044\u307e\u3059\u3002\u683c\u4ed8\u3051\u304c\u306a\u3044\u5834\u5408\u306f\u8ca1\u52d9\u6bd4\u7387\u304b\u3089\u63a8\u5b9a\u3059\u308b\u5408\u6210\u683c\u4ed8\u3051\u3092\u7528\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>YTM\u30a2\u30d7\u30ed\u30fc\u30c1\uff1a\u6d41\u901a\u5e02\u5834\u306e\u50b5\u5238\u5229\u56de\u308a<\/li>\n<li>\u683c\u4ed8\u3051\u30a2\u30d7\u30ed\u30fc\u30c1\uff1a\u540c\u683c\u4ed8\u3051\u30fb\u540c\u5e74\u9650\u306e\u5229\u56de\u308a<\/li>\n<li>\u5408\u6210\u683c\u4ed8\u3051\uff1a\u8ca1\u52d9\u6bd4\u7387\u304b\u3089\u683c\u4ed8\u3051\u3092\u63a8\u5b9a<\/li>\n<li>\u9280\u884c\u501f\u5165\u30fb\u30ea\u30fc\u30b9\u306a\u3069\u975e\u4e0a\u5834\u8ca0\u50b5\u306e\u8003\u616e<\/li>\n<li>\u7a0e\u5f15\u5f8c\u8ca0\u50b5\u30b3\u30b9\u30c8\uff1dr_d \u00d7\uff081 \u2212 \u9650\u754c\u7a0e\u7387\uff09<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u63a8\u5b9a<\/h3>\n<p><strong>\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u306f\u904e\u53bb\u306e\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306e\u5dee\u306e\u5e73\u5747\u3092\u4f7f\u3044\u3001\u7b97\u8853\u5e73\u5747\u304b\u5e7e\u4f55\u5e73\u5747\u304b\u3001\u671f\u9593\u3084\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u8cc7\u7523\u306e\u9078\u629e\u3001\u751f\u5b58\u8005\u30d0\u30a4\u30a2\u30b9\u304c\u8ad6\u70b9\u3067\u3059\u3002<strong>\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u30eb\u30c3\u30ad\u30f3\u30b0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u306b\u306f\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3001\u30de\u30af\u30ed\u7d4c\u6e08\uff08\u30b5\u30d7\u30e9\u30a4\u30b5\u30a4\u30c9\uff09\u30e2\u30c7\u30eb\u3001\u30b5\u30fc\u30d9\u30a4\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\uff1a\u5e73\u5747\u306e\u7a2e\u985e\u3001\u671f\u9593\u3001\u77ed\u671f\u50b5\u304b\u9577\u671f\u50b5\u304b<\/li>\n<li>\u751f\u5b58\u8005\u30d0\u30a4\u30a2\u30b9\u306b\u3088\u308b\u904e\u5927\u63a8\u5b9a\u306e\u53ef\u80fd\u6027<\/li>\n<li>\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\uff1a\u914d\u5f53\u5229\u56de\u308a\uff0b\u6210\u9577\u7387\u2212\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8<\/li>\n<li>\u30de\u30af\u30ed\u7d4c\u6e08\u30e2\u30c7\u30eb\uff1a\u30a4\u30f3\u30d5\u30ec\u3001\u5b9f\u8ceaEPS\u6210\u9577\u3001P\/E\u306e\u5909\u5316\u3001\u30a4\u30f3\u30ab\u30e0\u304b\u3089\u63a8\u5b9a<\/li>\n<li>\u30b5\u30fc\u30d9\u30a4\uff1a\u5c02\u9580\u5bb6\u30fb\u6295\u8cc7\u5bb6\u3078\u306e\u30a2\u30f3\u30b1\u30fc\u30c8<\/li>\n<\/ul>\n<div class=\"cfalm-f\">ERP\uff08\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\uff09\uff1d D\u2081 \u00f7 P\u2080 \uff0b g \u2212 r_f<\/div>\n<h3>LOS 4\uff1a\u682a\u4e3b\u8cc7\u672c\u306e\u8981\u6c42\u53ce\u76ca\u7387\u306e\u63a8\u5b9a\u65b9\u6cd5<\/h3>\n<p>\u4ee3\u8868\u7684\u306a\u65b9\u6cd5\u306f<strong>CAPM<\/strong>\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u8ffd\u52a0\u3059\u308b<strong>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/strong>\u3001\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7a4d\u307f\u4e0a\u3052\u308b<strong>\u30d3\u30eb\u30c9\u30a2\u30c3\u30d7\u6cd5<\/strong>\u3001\u81ea\u793e\u50b5\u5229\u56de\u308a\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u4e0a\u4e57\u305b\u3059\u308b<strong>\u50b5\u5238\u5229\u56de\u308a\uff0b\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u6cd5<\/strong>\u3067\u3059\u3002<\/p>\n<ul>\n<li>CAPM\uff1ar_e \uff1d r_f \uff0b \u03b2 \u00d7 ERP<\/li>\n<li>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\uff1a\u30d5\u30a1\u30fc\u30de\u30fb\u30d5\u30ec\u30f3\u30c1\u30fb\u30e2\u30c7\u30eb\u306a\u3069<\/li>\n<li>\u30d3\u30eb\u30c9\u30a2\u30c3\u30d7\u6cd5\uff1ar_f\uff0bERP\uff0b\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0\uff0b\u56fa\u6709\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>\u50b5\u5238\u5229\u56de\u308a\uff0b\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u6cd5<\/li>\n<li>\u65b0\u8208\u56fd\u3067\u306f\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u52a0\u7b97<\/li>\n<\/ul>\n<div class=\"cfalm-f\">r_e \uff1d r_f \uff0b \u03b2 \u00d7\uff08E(R_m) \u2212 r_f\uff09<\/div>\n<h3>LOS 5\uff1a\u4e0a\u5834\u4f01\u696d\u3068\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u63a8\u5b9a<\/h3>\n<p>\u4e0a\u5834\u4f01\u696d\u306f\u5e02\u5834\u30c7\u30fc\u30bf\u304b\u3089\u76f4\u63a5\u63a8\u5b9a\u3067\u304d\u307e\u3059\u304c\u3001\u975e\u4e0a\u5834\u4f01\u696d\u3067\u306f<strong>\u6bd4\u8f03\u53ef\u80fd\u306a\u4e0a\u5834\u4f01\u696d\u306e\u30d9\u30fc\u30bf\u3092\u30a2\u30f3\u30ec\u30d0\u30fc\u30fb\u30ea\u30ec\u30d0\u30fc<\/strong>\u3057\u3066\u7528\u3044\u307e\u3059\u3002\u3055\u3089\u306b\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0\u3084\u4f01\u696d\u56fa\u6709\u306e\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u52a0\u7b97\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u6bd4\u8f03\u4f01\u696d\u306e\u30d9\u30fc\u30bf\u3092\u8cc7\u672c\u69cb\u6210\u306e\u9055\u3044\u3067\u8abf\u6574<\/li>\n<li>\u30a2\u30f3\u30ec\u30d0\u30fc\u30c9\u30fb\u30d9\u30fc\u30bf\uff1d\u03b2_e \u00f7\uff3b1 \uff0b\uff081 \u2212 t\uff09\u00d7 D\/E\uff3d<\/li>\n<li>\u30ea\u30ec\u30d0\u30fc\u6642\u306f\u5bfe\u8c61\u4f01\u696d\u306e\u76ee\u6a19D\/E\u3092\u4f7f\u7528<\/li>\n<li>\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u4f01\u696d\u56fa\u6709\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u52a0\u7b97<\/li>\n<li>\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8ca0\u50b5\u30b3\u30b9\u30c8\u306f\u5408\u6210\u683c\u4ed8\u3051\u306a\u3069\u3067\u63a8\u5b9a<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u03b2_e \uff1d \u03b2_u \u00d7\uff3b1 \uff0b\uff081 \u2212 t\uff09\u00d7 D\/E\uff3d<\/div>\n<h3>LOS 6\uff1a\u540c\u696d\u4ed6\u793e\u3068\u306e\u6bd4\u8f03\u306b\u3088\u308b\u8cc7\u672c\u69cb\u6210\u3068\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u8a55\u4fa1<\/h3>\n<p>\u4f01\u696d\u306e\u8cc7\u672c\u69cb\u6210\u3084\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u540c\u696d\u4ed6\u793e\u3068\u6bd4\u3079\u3001\u4e8b\u696d\u30ea\u30b9\u30af\u3084\u8ca1\u52d9\u30ea\u30b9\u30af\u306e\u9055\u3044\u304c\u59a5\u5f53\u306b\u53cd\u6620\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u8a55\u4fa1\u3057\u307e\u3059\u3002\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u9ad8\u3059\u304e\u308c\u3070\u8ca1\u52d9\u56f0\u96e3\u30b3\u30b9\u30c8\u304c\u5897\u3048\u3001\u4f4e\u3059\u304e\u308c\u3070\u8ca0\u50b5\u306e\u7bc0\u7a0e\u52b9\u679c\u3092\u6d3b\u304b\u305b\u3066\u3044\u306a\u3044\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u540c\u696d\u4ed6\u793e\u306e\u8cc7\u672c\u69cb\u6210\u30fb\u683c\u4ed8\u3051\u30fb\u30d9\u30fc\u30bf\u3068\u306e\u6bd4\u8f03<\/li>\n<li>\u4e8b\u696d\u30ea\u30b9\u30af\u306e\u9055\u3044\u306e\u53cd\u6620<\/li>\n<li>\u6700\u9069\u8cc7\u672c\u69cb\u6210\uff1aWACC\u304c\u6700\u5c0f\u3068\u306a\u308b\u69cb\u6210<\/li>\n<li>\u8ca1\u52d9\u56f0\u96e3\u30b3\u30b9\u30c8\u3068\u7bc0\u7a0e\u52b9\u679c\u306e\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5<\/li>\n<li>\u76ee\u6a19\u8cc7\u672c\u69cb\u6210\u3092\u7528\u3044\u305fWACC\u306e\u7b97\u5b9a<\/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\">\u524d\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\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-corp-lm4\/\">LM4 Corporate Restructuring\uff08\u4f01\u696d\u518d\u7de8\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 LM3\u300cCost of Capital: Advanced Topics\uff08\u8cc7\u672c\u30b3\u30b9\u30c8\uff1a\u767a\u5c55\u7684\u30c8\u30d4\u30c3\u30af\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":11181,"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-10835","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\/10835","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=10835"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10835\/revisions"}],"predecessor-version":[{"id":11008,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10835\/revisions\/11008"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11181"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}