{"id":10838,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-equity-lm2\/"},"modified":"2026-09-22T07:44:34","modified_gmt":"2026-09-21T22:44:34","slug":"cfa-l2-equity-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-equity-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Equities LM2\u3011Discounted Dividend Valuation \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u30fbPVGO\u30fb2\u6bb5\u968eDDM\u30fbH\u30e2\u30c7\u30eb\u30fb\u30b5\u30b9\u30c6\u30ca\u30d6\u30eb\u6210\u9577\u7387"},"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 2\u300cDiscounted Dividend Valuation\uff08\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff09\u300d\u306f\u3001DCF\u30e2\u30c7\u30eb\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u9078\u3073\u65b9\u3001\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3068\u512a\u5148\u682a\u306e\u8a55\u4fa1\u3001PVGO\u3068\u6b63\u5f53\u5316P\/E\u3001\u8981\u6c42\u53ce\u76ca\u7387\u306e\u63a8\u5b9a\u3001\u591a\u6bb5\u968e\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff082\u6bb5\u968e\u30fbH\u30e2\u30c7\u30eb\u30fb3\u6bb5\u968e\uff09\u3001\u30b5\u30b9\u30c6\u30ca\u30d6\u30eb\u6210\u9577\u7387\u3068\u30c7\u30e5\u30dd\u30f3\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>LM2\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\u3002LM2\u306b\u306f16\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u5165\u529b\u3068\u3057\u3066\u306e\u914d\u5f53\u3001\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001\u6b8b\u4f59\u5229\u76ca\u3092\u6bd4\u8f03\u3057\u3001\u305d\u308c\u305e\u308c\u304c\u9069\u3059\u308b\u6295\u8cc7\u72b6\u6cc1\u3092\u8b58\u5225\u3059\u308b<\/span><span class=\"en\">compare dividends, free cash flow, and residual income as inputs to discounted cash flow models and identify investment situations for which each measure is suitable<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u5358\u4e00\u671f\u9593\u304a\u3088\u3073\u8907\u6570\u671f\u9593\u306e\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff08DDM\uff09\u3092\u7528\u3044\u3066\u666e\u901a\u682a\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the value of a common stock using the dividend discount model (DDM) for single and multiple holding periods<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3092\u7528\u3044\u3066\u666e\u901a\u682a\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u3001\u30e2\u30c7\u30eb\u306e\u524d\u63d0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">calculate the value of a common stock using the Gordon growth model and explain the model\u2019s underlying assumptions<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u975e\u511f\u9084\u30fb\u56fa\u5b9a\u914d\u5f53\u306e\u6c38\u4e45\u512a\u5148\u682a\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the value of non-callable fixed-rate perpetual preferred stock<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u306e\u9577\u6240\u3068\u9650\u754c\u3092\u8a18\u8ff0\u3057\u3001\u4f01\u696d\u306e\u666e\u901a\u682a\u306e\u8a55\u4fa1\u306b\u3053\u306e\u30e2\u30c7\u30eb\u3092\u9078\u3076\u3053\u3068\u3092\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">describe strengths and limitations of the Gordon growth model and justify its selection to value a company\u2019s common shares<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3068\u73fe\u5728\u306e\u682a\u4fa1\u3092\u7528\u3044\u3066\u914d\u5f53\u306e\u6697\u9ed9\u306e\u6210\u9577\u7387\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the implied growth rate of dividends using the Gordon growth model and current stock price<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u6210\u9577\u6a5f\u4f1a\u306e\u73fe\u5728\u4fa1\u5024\uff08PVGO\uff09\u3068\u3001\u4e88\u60f3\u682a\u4fa1\u53ce\u76ca\u7387\uff08P\/E\uff09\u306e\u3046\u3061PVGO\u306b\u95a2\u9023\u3059\u308b\u90e8\u5206\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the present value of growth opportunities (PVGO) and the component of the leading price-to-earnings ratio (P\/E) related to PVGO<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3092\u7528\u3044\u3066\u6b63\u5f53\u5316\u3055\u308c\u308b\u4e88\u60f3P\/E\u3068\u5b9f\u7e3eP\/E\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the justified leading and trailing P\/Es using the Gordon growth model<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3084H\u30e2\u30c7\u30eb\u3092\u542b\u3080\u4efb\u610f\u306eDDM\u306b\u57fa\u3065\u3044\u3066\u8981\u6c42\u53ce\u76ca\u7387\u3092\u63a8\u5b9a\u3059\u308b<\/span><span class=\"en\">estimate a required return based on any DDM, including the Gordon growth model and the H-model<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1aDDM\u306b\u3088\u308b\u8a55\u4fa1\u984d\u306b\u57fa\u3065\u3044\u3066\u3001\u682a\u5f0f\u304c\u5e02\u5834\u3067\u904e\u5927\u8a55\u4fa1\u30fb\u9069\u6b63\u8a55\u4fa1\u30fb\u904e\u5c0f\u8a55\u4fa1\u3055\u308c\u3066\u3044\u308b\u304b\u3092\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">evaluate whether a stock is overvalued, fairly valued, or undervalued by the market based on a DDM estimate of value<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u4e8b\u696d\u306e\u6210\u9577\u671f\u3001\u79fb\u884c\u671f\u3001\u6210\u719f\u671f\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the growth phase, transition phase, and maturity phase of a business<\/span><\/li>\n<li><span class=\"ja\">LOS 12\uff1a2\u6bb5\u968eDDM\u3001H\u30e2\u30c7\u30eb\u30013\u6bb5\u968eDDM\u306e\u524d\u63d0\u3092\u8aac\u660e\u3057\u3001\u666e\u901a\u682a\u306e\u8a55\u4fa1\u306b\u305d\u308c\u3089\u3092\u9078\u629e\u3059\u308b\u3053\u3068\u3092\u6b63\u5f53\u5316\u3059\u308b<\/span><span class=\"en\">explain the assumptions and justify the selection of the two-stage DDM, the H-model, the three-stage DDM, or spreadsheet modeling to value a company\u2019s common shares<\/span><\/li>\n<li><span class=\"ja\">LOS 13\uff1a\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u3092\u8a18\u8ff0\u3057\u3001DDM\u306b\u304a\u3051\u308b\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u4ee3\u66ff\u7684\u306a\u6c7a\u5b9a\u65b9\u6cd5\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe terminal value and explain alternative approaches to determining the terminal value in a DDM<\/span><\/li>\n<li><span class=\"ja\">LOS 14\uff1a2\u6bb5\u968eDDM\u3001H\u30e2\u30c7\u30eb\u30013\u6bb5\u968eDDM\u3092\u7528\u3044\u3066\u666e\u901a\u682a\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the value of common shares using the two-stage DDM, the H-model, and the three-stage DDM<\/span><\/li>\n<li><span class=\"ja\">LOS 15\uff1a\u914d\u5f53\u306e\u4e88\u6e2c\u3068\u666e\u901a\u682a\u306e\u8a55\u4fa1\u306b\u304a\u3051\u308b\u30b9\u30d7\u30ec\u30c3\u30c9\u30b7\u30fc\u30c8\u30fb\u30e2\u30c7\u30ea\u30f3\u30b0\u306e\u5229\u7528\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the use of spreadsheet modeling to forecast dividends and to value common shares<\/span><\/li>\n<li><span class=\"ja\">LOS 16\uff1a\u4f01\u696d\u306e\u30b5\u30b9\u30c6\u30ca\u30d6\u30eb\u6210\u9577\u7387\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3057\u3001\u30c7\u30e5\u30dd\u30f3\u5206\u6790\u3092\u7528\u3044\u305f\u30b5\u30b9\u30c6\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306e\u63a8\u5b9a\u65b9\u6cd5\u3092\u793a\u3059<\/span><span class=\"en\">calculate and interpret the sustainable growth rate of a company and demonstrate the use of DuPont analysis to estimate a company\u2019s sustainable growth rate<\/span><\/li>\n<\/ol>\n<h2>LM2\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>DCF\u30e2\u30c7\u30eb\u3067\u306f\u3001\u8cc7\u7523\u306e\u4fa1\u5024\u306f\u5c06\u6765\u306e\u671f\u5f85\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3067\u3042\u308a\u3001\u682a\u5f0f\u306e\u3088\u3046\u306b\u671f\u9650\u306e\u306a\u3044\u8cc7\u7523\u3067\u306f\u7121\u9650\u671f\u9593\u306e\u548c\u3068\u306a\u308b<\/li>\n<li>\u914d\u5f53\u5272\u5f15\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u3001\u914d\u5f53\u65b9\u91dd\u304c\u660e\u78ba\u3067\u53ce\u76ca\u6027\u3068\u95a2\u4fc2\u3065\u3051\u3089\u308c\u308b\u914d\u5f53\u652f\u6255\u4f01\u696d\u3092\u3001\u652f\u914d\u6a29\u3092\u6301\u305f\u306a\u3044\u5c11\u6570\u682a\u4e3b\u306e\u8996\u70b9\u304b\u3089\u8a55\u4fa1\u3059\u308b\u306e\u306b\u9069\u3059\u308b<\/li>\n<li>\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u7121\u914d\u4f01\u696d\u3001\u914d\u5f53\u304cFCFE\u3068\u5927\u304d\u304f\u4e56\u96e2\u3059\u308b\u4f01\u696d\u3001\u652f\u914d\u682a\u4e3b\u306e\u8996\u70b9\u306b\u9069\u3057\u3001\u6b8b\u4f59\u5229\u76ca\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u7121\u914d\u4f01\u696d\u3084FCF\u304c\u30de\u30a4\u30ca\u30b9\u306e\u4f01\u696d\u306b\u6709\u7528<\/li>\n<li>\u914d\u5f53\u306e\u4e88\u6e2c\u306f\u3001\u5168\u671f\u9593\u3092\u5b9a\u578b\u7684\u306a\u6210\u9577\u30d1\u30bf\u30fc\u30f3\u306b\u5f53\u3066\u306f\u3081\u308b\u65b9\u6cd5\u3068\u3001\u6709\u9650\u671f\u9593\u3092\u500b\u5225\u306b\u4e88\u6e2c\u3057\u3066\u6b8b\u308a\u3092\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u3067\u6271\u3046\u65b9\u6cd5\u304c\u3042\u308b<\/li>\n<li>\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u306f\u914d\u5f53\u304c\u4e00\u5b9a\u7387\u3067\u6c38\u4e45\u306b\u6210\u9577\u3059\u308b\u3068\u4eee\u5b9a\u3057\u3001\u8981\u6c42\u53ce\u76ca\u7387\u304c\u6210\u9577\u7387\u3092\u4e0a\u56de\u308b\u3053\u3068\u304c\u524d\u63d0<\/li>\n<li>\u682a\u4fa1\u306f\u3001\u6210\u9577\u306e\u306a\u3044\u5834\u5408\u306e\u4fa1\u5024\uff08E\u2081\/r\uff09\u3068\u6210\u9577\u6a5f\u4f1a\u306e\u73fe\u5728\u4fa1\u5024\uff08PVGO\uff09\u306b\u5206\u89e3\u3067\u304d\u308b<\/li>\n<li>\u4f01\u696d\u306f\u6210\u9577\u671f\u30fb\u79fb\u884c\u671f\u30fb\u6210\u719f\u671f\u3092\u305f\u3069\u308b\u3068\u8003\u3048\u3089\u308c\u3001\u305d\u308c\u306b\u5fdc\u3058\u30662\u6bb5\u968e\u3001H\u30e2\u30c7\u30eb\u30013\u6bb5\u968e\u306a\u3069\u306e\u591a\u6bb5\u968e\u30e2\u30c7\u30eb\u3092\u4f7f\u3044\u5206\u3051\u308b<\/li>\n<li>\u30b5\u30b9\u30c6\u30ca\u30d6\u30eb\u6210\u9577\u7387\u306f\u5185\u90e8\u7559\u4fdd\u7387\u3068ROE\u306e\u7a4d\u3067\u3001\u30c7\u30e5\u30dd\u30f3\u5206\u6790\u306b\u3088\u308aROE\u306e\u8981\u56e0\u306b\u5206\u89e3\u3057\u3066\u63a8\u5b9a\u3067\u304d\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\uff1aDCF\u30e2\u30c7\u30eb\u306e\u5165\u529b\uff1a\u914d\u5f53\u30fbFCF\u30fb\u6b8b\u4f59\u5229\u76ca<\/h3>\n<p><strong>\u914d\u5f53<\/strong>\u306f\u914d\u5f53\u65b9\u91dd\u304c\u660e\u78ba\u3067\u53ce\u76ca\u6027\u3068\u95a2\u9023\u3059\u308b\u4f01\u696d\u3092\u5c11\u6570\u682a\u4e3b\u306e\u8996\u70b9\u3067\u8a55\u4fa1\u3059\u308b\u306e\u306b\u9069\u3057\u307e\u3059\u3002<strong>FCF<\/strong>\u306f\u7121\u914d\u4f01\u696d\u3084\u652f\u914d\u682a\u4e3b\u306e\u8996\u70b9\u3001<strong>\u6b8b\u4f59\u5229\u76ca<\/strong>\u306f\u7121\u914d\u4f01\u696d\u3084FCF\u304c\u30de\u30a4\u30ca\u30b9\u306e\u4f01\u696d\u306b\u9069\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u914d\u5f53\uff1a\u660e\u78ba\u306a\u914d\u5f53\u65b9\u91dd\u3001\u5c11\u6570\u682a\u4e3b\u306e\u8996\u70b9<\/li>\n<li>FCFF\/FCFE\uff1a\u7121\u914d\u30fb\u914d\u5f53\u3068\u652f\u6255\u80fd\u529b\u306e\u4e56\u96e2\u30fb\u652f\u914d\u682a\u4e3b\u306e\u8996\u70b9<\/li>\n<li>\u6b8b\u4f59\u5229\u76ca\uff1a\u7121\u914d\u3084FCF\u30de\u30a4\u30ca\u30b9\u3067\u3082\u9069\u7528\u53ef\u3001\u4f1a\u8a08\u30c7\u30fc\u30bf\u306b\u4f9d\u5b58<\/li>\n<li>\u5404\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u9577\u6240\u3068\u77ed\u6240<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u5358\u4e00\u671f\u9593\u30fb\u8907\u6570\u671f\u9593\u306eDDM<\/h3>\n<p>DDM\u3067\u306f\u3001\u682a\u5f0f\u4fa1\u5024\u3092\u4fdd\u6709\u671f\u9593\u4e2d\u306e\u914d\u5f53\u3068\u671f\u672b\u682a\u4fa1\u306e\u73fe\u5728\u4fa1\u5024\u306e\u5408\u8a08\u3068\u3057\u3066\u6c42\u3081\u307e\u3059\u3002\u671f\u9593\u3092\u7121\u9650\u306b\u5ef6\u3070\u3059\u3068\u3001\u5c06\u6765\u306e\u914d\u5f53\u3059\u3079\u3066\u306e\u73fe\u5728\u4fa1\u5024\u304c\u682a\u5f0f\u4fa1\u5024\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5358\u4e00\u671f\u9593\uff1aV\u2080 \uff1d\uff08D\u2081 \uff0b P\u2081\uff09\u00f7\uff081 \uff0b r\uff09<\/li>\n<li>n\u671f\u9593\uff1a\u5404\u671f\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024\uff0b\u671f\u672b\u682a\u4fa1\u306e\u73fe\u5728\u4fa1\u5024<\/li>\n<li>\u4e00\u822c\u5f62\uff1a\u7121\u9650\u671f\u9593\u306e\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024<\/li>\n<li>\u5e02\u5834\u4fa1\u683c\uff1d\u4fa1\u5024\u3068\u4eee\u5b9a\u3059\u308b\u3068\u671f\u5f85\u4fdd\u6709\u671f\u9593\u30ea\u30bf\u30fc\u30f3\u304c\u6c42\u307e\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V\u2080 \uff1d \u03a3 D\u209c \u00f7\uff081 \uff0b r\uff09\u1d57 \uff0b P\u2099 \u00f7\uff081 \uff0b r\uff09\u207f<\/div>\n<h3>LOS 3\uff1a\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3068\u524d\u63d0<\/h3>\n<p><strong>\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb<\/strong>\u306f\u914d\u5f53\u304c\u4e00\u5b9a\u7387g\u3067\u6c38\u4e45\u306b\u6210\u9577\u3059\u308b\u3068\u4eee\u5b9a\u3057\u3001\u682a\u5f0f\u4fa1\u5024\u3092\u7fcc\u671f\u914d\u5f53\u00f7\uff08r \u2212 g\uff09\u3067\u6c42\u3081\u307e\u3059\u3002\u8981\u6c42\u53ce\u76ca\u7387r\u304c\u6210\u9577\u7387g\u3092\u4e0a\u56de\u308b\u3053\u3068\u304c\u524d\u63d0\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u914d\u5f53\u304c\u4e00\u5b9a\u7387\u3067\u6c38\u4e45\u306b\u6210\u9577<\/li>\n<li>r \uff1e g \u304c\u5fc5\u8981<\/li>\n<li>D\u2081 \uff1d D\u2080 \u00d7\uff081 \uff0b g\uff09<\/li>\n<li>\u6210\u9577\u7387\u306f\u9577\u671f\u7684\u306b\u540d\u76ee\u7d4c\u6e08\u6210\u9577\u7387\u3092\u5927\u304d\u304f\u8d85\u3048\u306b\u304f\u3044<\/li>\n<li>\u4fa1\u5024\u306fr\u2212g\u306e\u5dee\u306b\u975e\u5e38\u306b\u654f\u611f<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V\u2080 \uff1d D\u2080 \u00d7\uff081 \uff0b g\uff09\u00f7\uff08r \u2212 g\uff09\uff1d D\u2081 \u00f7\uff08r \u2212 g\uff09<\/div>\n<h3>LOS 4\uff1a\u6c38\u4e45\u512a\u5148\u682a\u306e\u4fa1\u5024<\/h3>\n<p>\u975e\u511f\u9084\u3067\u56fa\u5b9a\u914d\u5f53\u306e\u6c38\u4e45\u512a\u5148\u682a\u306f\u3001\u914d\u5f53\u304c\u4e00\u5b9a\u3067\u6c38\u4e45\u306b\u7d9a\u304f\u305f\u3081\u3001\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3067g\uff1d0\u3068\u3057\u305f\u5f62\u3067\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u914d\u5f53\u304c\u4e00\u5b9a\u306e\u6c38\u4e45\u50b5\u3068\u540c\u3058\u69cb\u9020<\/li>\n<li>\u6210\u9577\u7387\u30bc\u30ed\u306e\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb<\/li>\n<li>\u8981\u6c42\u53ce\u76ca\u7387\u4e0a\u6607\u3067\u4fa1\u5024\u306f\u4f4e\u4e0b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V\u2080 \uff1d D \u00f7 r_p<\/div>\n<h3>LOS 5\uff1a\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u306e\u9577\u6240\u3068\u9650\u754c<\/h3>\n<p>\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u306f\u3001\u914d\u5f53\u304c\u7d4c\u6e08\u6210\u9577\u7387\u7a0b\u5ea6\u306e\u5b89\u5b9a\u3057\u305f\u7387\u3067\u4f38\u3073\u308b<strong>\u6210\u719f\u4f01\u696d<\/strong>\u306b\u9069\u3057\u307e\u3059\u3002\u4e00\u65b9\u3001\u7121\u914d\u4f01\u696d\u3084\u6210\u9577\u7387\u304c\u4e0d\u5b89\u5b9a\u306a\u4f01\u696d\u306b\u306f\u9069\u3055\u305a\u3001\u5165\u529b\u5024\u306e\u5c0f\u3055\u306a\u5909\u5316\u306b\u8a55\u4fa1\u984d\u304c\u5927\u304d\u304f\u53cd\u5fdc\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u9577\u6240\uff1a\u5358\u7d14\u3067\u5206\u304b\u308a\u3084\u3059\u3044\u3001\u5e02\u5834\u5168\u4f53\u3084\u6210\u719f\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u6709\u7528<\/li>\n<li>\u9577\u6240\uff1a\u591a\u6bb5\u968e\u30e2\u30c7\u30eb\u306e\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306b\u4f7f\u3048\u308b<\/li>\n<li>\u9650\u754c\uff1ar \u2212 g \u3078\u306e\u9ad8\u3044\u611f\u5fdc\u5ea6<\/li>\n<li>\u9650\u754c\uff1a\u7121\u914d\u30fb\u9ad8\u6210\u9577\u30fb\u4e0d\u5b89\u5b9a\u306a\u4f01\u696d\u306b\u306f\u4e0d\u5411\u304d<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u6697\u9ed9\u306e\u914d\u5f53\u6210\u9577\u7387<\/h3>\n<p>\u73fe\u5728\u306e\u682a\u4fa1\u304c\u672c\u6e90\u7684\u4fa1\u5024\u306b\u7b49\u3057\u3044\u3068\u4eee\u5b9a\u3057\u3001\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3092\u6210\u9577\u7387\u306b\u3064\u3044\u3066\u89e3\u304f\u3068\u3001\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b<strong>\u6697\u9ed9\u306e\u6210\u9577\u7387<\/strong>\u304c\u6c42\u307e\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e02\u5834\u4fa1\u683c\u3092\u6240\u4e0e\u3068\u3057\u3066\u6210\u9577\u7387\u3092\u9006\u7b97<\/li>\n<li>\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u4e88\u60f3\u6210\u9577\u7387\u3068\u6bd4\u8f03\u3057\u3066\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad<\/li>\n<li>\u8981\u6c42\u53ce\u76ca\u7387\u306e\u63a8\u5b9a\u5024\u306b\u4f9d\u5b58<\/li>\n<\/ul>\n<div class=\"cfalm-f\">g \uff1d r \u2212 D\u2081 \u00f7 P\u2080 \uff1d\uff08r \u00d7 P\u2080 \u2212 D\u2080\uff09\u00f7\uff08P\u2080 \uff0b D\u2080\uff09<\/div>\n<h3>LOS 7\uff1aPVGO\u3068P\/E\u306e\u5206\u89e3<\/h3>\n<p>\u682a\u4fa1\u306f\u3001\u73fe\u5728\u306e\u5229\u76ca\u6c34\u6e96\u304c\u6c38\u4e45\u306b\u7d9a\u304f\u5834\u5408\u306e\u4fa1\u5024\uff08<strong>E\u2081\/r<\/strong>\uff09\u3068\u3001<strong>\u6210\u9577\u6a5f\u4f1a\u306e\u73fe\u5728\u4fa1\u5024\uff08PVGO\uff09<\/strong>\u306e\u548c\u306b\u5206\u89e3\u3067\u304d\u307e\u3059\u3002\u4e88\u60f3P\/E\u3082\u540c\u69d8\u306b1\/r\u3068PVGO\/E\u2081\u306b\u5206\u3051\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7121\u6210\u9577\u4fa1\u5024\uff1aE\u2081 \u00f7 r<\/li>\n<li>PVGO\uff1aROE\u304c\u8981\u6c42\u53ce\u76ca\u7387\u3092\u4e0a\u56de\u308b\u6295\u8cc7\u6a5f\u4f1a\u306e\u4fa1\u5024<\/li>\n<li>\u4e88\u60f3P\/E \uff1d 1\/r \uff0b PVGO\/E\u2081<\/li>\n<li>PVGO\u306e\u6bd4\u7387\u304c\u5927\u304d\u3044\u307b\u3069\u6210\u9577\u671f\u5f85\u306b\u4f9d\u5b58<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V\u2080 \uff1d E\u2081 \u00f7 r \uff0b PVGO<\/div>\n<h3>LOS 8\uff1a\u6b63\u5f53\u5316\u3055\u308c\u308b\u4e88\u60f3P\/E\u3068\u5b9f\u7e3eP\/E<\/h3>\n<p>\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u304b\u3089\u3001\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u57fa\u3065\u304f<strong>\u6b63\u5f53\u5316P\/E<\/strong>\u3092\u6c42\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u4e88\u60f3P\/E\u306f\u914d\u5f53\u6027\u5411\u00f7\uff08r \u2212 g\uff09\u3001\u5b9f\u7e3eP\/E\u306f\u305d\u308c\u306b\uff081 \uff0b g\uff09\u3092\u639b\u3051\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u4e88\u60f3P\/E \uff1d\uff081 \u2212 b\uff09\u00f7\uff08r \u2212 g\uff09<\/li>\n<li>\u5b9f\u7e3eP\/E \uff1d\uff081 \u2212 b\uff09\u00d7\uff081 \uff0b g\uff09\u00f7\uff08r \u2212 g\uff09<\/li>\n<li>b\uff1a\u5185\u90e8\u7559\u4fdd\u7387<\/li>\n<li>\u914d\u5f53\u6027\u5411\u30fb\u6210\u9577\u7387\u2191\u3001\u8981\u6c42\u53ce\u76ca\u7387\u2193\u3067P\/E\u4e0a\u6607<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u4e88\u60f3P\/E \uff1d P\u2080 \u00f7 E\u2081 \uff1d\uff081 \u2212 b\uff09\u00f7\uff08r \u2212 g\uff09<\/div>\n<h3>LOS 9\uff1aDDM\u306b\u57fa\u3065\u304f\u8981\u6c42\u53ce\u76ca\u7387\u306e\u63a8\u5b9a<\/h3>\n<p>\u4fa1\u683c\u3092\u672c\u6e90\u7684\u4fa1\u5024\u3068\u898b\u306a\u3057\u3066\u3001DDM\u3092\u8981\u6c42\u53ce\u76ca\u7387\u306b\u3064\u3044\u3066\u89e3\u304d\u307e\u3059\u3002\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3067\u306f\u914d\u5f53\u5229\u56de\u308a\uff0b\u6210\u9577\u7387\u3001H\u30e2\u30c7\u30eb\u3067\u306f\u8d85\u904e\u6210\u9577\u90e8\u5206\u3092\u52a0\u3048\u305f\u5f0f\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b4\u30fc\u30c9\u30f3\uff1ar \uff1d D\u2081\/P\u2080 \uff0b g<\/li>\n<li>H\u30e2\u30c7\u30eb\uff1ar \uff1d\uff08D\u2080\/P\u2080\uff09\u00d7\uff3b\uff081 \uff0b g_L\uff09\uff0b H \u00d7\uff08g_S \u2212 g_L\uff09\uff3d\uff0b g_L<\/li>\n<li>\u4e00\u822c\u306e\u591a\u6bb5\u968eDDM\u3067\u306f\u8a66\u884c\u932f\u8aa4\uff08IRR\uff09\u3067\u6c42\u3081\u308b<\/li>\n<li>\u5f97\u3089\u308c\u308b r \u306f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff08IRR\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">r \uff1d D\u2081 \u00f7 P\u2080 \uff0b g<\/div>\n<h3>LOS 10\uff1aDDM\u306b\u3088\u308b\u5272\u9ad8\u30fb\u5272\u5b89\u306e\u5224\u5b9a<\/h3>\n<p>DDM\u3067\u6c42\u3081\u305f\u672c\u6e90\u7684\u4fa1\u5024\u3068\u5e02\u5834\u4fa1\u683c\u3092\u6bd4\u8f03\u3057\u3001\u4fa1\u5024\u304c\u4fa1\u683c\u3092\u4e0a\u56de\u308c\u3070<strong>\u904e\u5c0f\u8a55\u4fa1<\/strong>\u3001\u4e0b\u56de\u308c\u3070<strong>\u904e\u5927\u8a55\u4fa1<\/strong>\u3068\u5224\u65ad\u3057\u307e\u3059\u3002\u8981\u6c42\u53ce\u76ca\u7387\u3068\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u6bd4\u3079\u3066\u3082\u540c\u3058\u5224\u65ad\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u4fa1\u5024\uff1e\u4fa1\u683c\uff1a\u904e\u5c0f\u8a55\u4fa1\uff08\u8cb7\u3044\uff09<\/li>\n<li>\u4fa1\u5024\uff1c\u4fa1\u683c\uff1a\u904e\u5927\u8a55\u4fa1\uff08\u58f2\u308a\uff09<\/li>\n<li>\u4fa1\u5024\u2252\u4fa1\u683c\uff1a\u9069\u6b63\u8a55\u4fa1<\/li>\n<li>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff1e\u8981\u6c42\u53ce\u76ca\u7387\u306a\u3089\u904e\u5c0f\u8a55\u4fa1<\/li>\n<\/ul>\n<h3>LOS 11\uff1a\u6210\u9577\u671f\u30fb\u79fb\u884c\u671f\u30fb\u6210\u719f\u671f<\/h3>\n<p>\u4f01\u696d\u306f\u3001\u9ad8\u6210\u9577\u3067\u914d\u5f53\u304c\u5c11\u306a\u3044<strong>\u6210\u9577\u671f<\/strong>\u3001\u6210\u9577\u7387\u304c\u4f4e\u4e0b\u3057\u914d\u5f53\u304c\u5897\u3048\u308b<strong>\u79fb\u884c\u671f<\/strong>\u3001ROE\u304c\u8981\u6c42\u53ce\u76ca\u7387\u306b\u8fd1\u3065\u304d\u5b89\u5b9a\u6210\u9577\u3059\u308b<strong>\u6210\u719f\u671f<\/strong>\u3092\u305f\u3069\u308b\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6210\u9577\u671f\uff1a\u9ad8\u3044ROE\u3001\u4f4e\u3044\u914d\u5f53\u6027\u5411\u3001FCF\u306f\u30de\u30a4\u30ca\u30b9\u3082<\/li>\n<li>\u79fb\u884c\u671f\uff1a\u6210\u9577\u7387\u4f4e\u4e0b\u3001\u914d\u5f53\u6027\u5411\u4e0a\u6607<\/li>\n<li>\u6210\u719f\u671f\uff1aROE\u2252\u8981\u6c42\u53ce\u76ca\u7387\u3001\u5b89\u5b9a\u3057\u305f\u6210\u9577\u3068\u914d\u5f53<\/li>\n<li>\u6bb5\u968e\u306b\u5fdc\u3058\u305f\u30e2\u30c7\u30eb\u9078\u629e\u306e\u6839\u62e0<\/li>\n<\/ul>\n<h3>LOS 12\uff1a\u591a\u6bb5\u968eDDM\u306e\u524d\u63d0\u3068\u9078\u629e<\/h3>\n<p><strong>2\u6bb5\u968eDDM<\/strong>\u306f\u9ad8\u6210\u9577\u304b\u3089\u5b89\u5b9a\u6210\u9577\u3078\u6025\u306b\u79fb\u308b\u4f01\u696d\u3001<strong>H\u30e2\u30c7\u30eb<\/strong>\u306f\u6210\u9577\u7387\u304c\u76f4\u7dda\u7684\u306b\u4f4e\u4e0b\u3059\u308b\u4f01\u696d\u3001<strong>3\u6bb5\u968eDDM<\/strong>\u306f\u6210\u9577\u671f\u30fb\u79fb\u884c\u671f\u30fb\u6210\u719f\u671f\u304c\u660e\u78ba\u306a\u4f01\u696d\u306b\u9069\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>2\u6bb5\u968e\uff1a\u6210\u9577\u7387\u304c\u4e00\u6bb5\u968e\u3067\u5207\u308a\u66ff\u308f\u308b<\/li>\n<li>H\u30e2\u30c7\u30eb\uff1a\u521d\u671f\u6210\u9577\u7387\u304b\u3089\u9577\u671f\u6210\u9577\u7387\u3078\u76f4\u7dda\u7684\u306b\u4f4e\u4e0b<\/li>\n<li>3\u6bb5\u968e\uff1a\u6210\u9577\u30fb\u79fb\u884c\u30fb\u6210\u719f\u306e3\u5c40\u9762<\/li>\n<li>\u4f01\u696d\u306e\u6210\u9577\u6bb5\u968e\u306b\u5408\u308f\u305b\u3066\u9078\u629e<\/li>\n<\/ul>\n<h3>LOS 13\uff1a\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u6c7a\u5b9a\u65b9\u6cd5<\/h3>\n<p><strong>\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc<\/strong>\u306f\u4e88\u6e2c\u671f\u9593\u306e\u672b\u6642\u70b9\u306b\u304a\u3051\u308b\u682a\u5f0f\u4fa1\u5024\u3067\u3059\u3002\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3067\u6c42\u3081\u308b\u65b9\u6cd5\u3068\u3001P\/E\u306a\u3069\u306e\u30de\u30eb\u30c1\u30d7\u30eb\u3092\u639b\u3051\u3066\u6c42\u3081\u308b\u65b9\u6cd5\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\uff1aV\u2099 \uff1d D\u2099\u208a\u2081 \u00f7\uff08r \u2212 g_L\uff09<\/li>\n<li>\u30de\u30eb\u30c1\u30d7\u30eb\uff1a\u6b63\u5f53\u5316P\/E\u3084\u6bd4\u8f03P\/E \u00d7 \u4e88\u60f3\u5229\u76ca<\/li>\n<li>\u8a55\u4fa1\u984d\u5168\u4f53\u306b\u5360\u3081\u308b\u5272\u5408\u304c\u5927\u304d\u3044<\/li>\n<li>\u9577\u671f\u6210\u9577\u7387\u3068\u8981\u6c42\u53ce\u76ca\u7387\u306e\u4eee\u5b9a\u306b\u654f\u611f<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V\u2099 \uff1d D\u2099 \u00d7\uff081 \uff0b g_L\uff09\u00f7\uff08r \u2212 g_L\uff09<\/div>\n<h3>LOS 14\uff1a2\u6bb5\u968eDDM\u30fbH\u30e2\u30c7\u30eb\u30fb3\u6bb5\u968eDDM\u306e\u8a08\u7b97<\/h3>\n<p>\u591a\u6bb5\u968eDDM\u3067\u306f\u3001\u9ad8\u6210\u9577\u671f\u306e\u5404\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024\u3068\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3092\u5408\u8a08\u3057\u307e\u3059\u3002H\u30e2\u30c7\u30eb\u306f\u8fd1\u4f3c\u5f0f\u3067\u3001\u9577\u671f\u6210\u9577\u7387\u3067\u306e\u4fa1\u5024\u306b\u8d85\u904e\u6210\u9577\u5206\u3092\u52a0\u3048\u307e\u3059\uff08H\u306f\u9ad8\u6210\u9577\u671f\u9593\u306e\u534a\u5206\uff09\u3002<\/p>\n<ul>\n<li>2\u6bb5\u968e\uff1a\u9ad8\u6210\u9577\u671f\u914d\u5f53\u306ePV\uff0b\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306ePV<\/li>\n<li>H\u30e2\u30c7\u30eb\uff1aH \uff1d \u9ad8\u6210\u9577\u671f\u9593 \u00f7 2<\/li>\n<li>3\u6bb5\u968e\uff1a\u6210\u9577\u30fb\u79fb\u884c\u30fb\u6210\u719f\u306e\u5404\u6bb5\u968e\u306e\u914d\u5f53\u3092\u5272\u308a\u5f15\u304f<\/li>\n<li>\u6210\u9577\u7387\u304c\u76f4\u7dda\u7684\u306b\u4f4e\u4e0b\u3059\u308b\u671f\u9593\u306e\u6271\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">H\u30e2\u30c7\u30eb\uff1aV\u2080 \uff1d D\u2080 \u00d7\uff081 \uff0b g_L\uff09\u00f7\uff08r \u2212 g_L\uff09\uff0b D\u2080 \u00d7 H \u00d7\uff08g_S \u2212 g_L\uff09\u00f7\uff08r \u2212 g_L\uff09<\/div>\n<h3>LOS 15\uff1a\u30b9\u30d7\u30ec\u30c3\u30c9\u30b7\u30fc\u30c8\u30fb\u30e2\u30c7\u30ea\u30f3\u30b0<\/h3>\n<p>\u30b9\u30d7\u30ec\u30c3\u30c9\u30b7\u30fc\u30c8\u3092\u4f7f\u3046\u3068\u3001\u914d\u5f53\u306e\u6210\u9577\u7387\u30fb\u914d\u5f53\u6027\u5411\u3092\u5e74\u3054\u3068\u306b\u67d4\u8edf\u306b\u8a2d\u5b9a\u3057\u3001\u8907\u96d1\u306a\u591a\u6bb5\u968e\u30e2\u30c7\u30eb\u3084\u611f\u5fdc\u5ea6\u5206\u6790\u3092\u5bb9\u6613\u306b\u884c\u3048\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e74\u3054\u3068\u306b\u7570\u306a\u308b\u6210\u9577\u7387\u30fb\u914d\u5f53\u6027\u5411\u3092\u8a2d\u5b9a<\/li>\n<li>\u58f2\u4e0a\u30fb\u5229\u76ca\u304b\u3089\u306e\u914d\u5f53\u306e\u4e88\u6e2c<\/li>\n<li>\u5165\u529b\u5024\u3092\u5909\u3048\u305f\u611f\u5fdc\u5ea6\u5206\u6790<\/li>\n<li>\u5b9a\u578b\u30e2\u30c7\u30eb\u3067\u306f\u6271\u3044\u306b\u304f\u3044\u30d1\u30bf\u30fc\u30f3\u306b\u5bfe\u5fdc<\/li>\n<\/ul>\n<h3>LOS 16\uff1a\u30b5\u30b9\u30c6\u30ca\u30d6\u30eb\u6210\u9577\u7387\u3068\u30c7\u30e5\u30dd\u30f3\u5206\u6790<\/h3>\n<p><strong>\u30b5\u30b9\u30c6\u30ca\u30d6\u30eb\u6210\u9577\u7387<\/strong>\u306f\u3001\u65b0\u682a\u767a\u884c\u3092\u305b\u305a\u8cc7\u672c\u69cb\u6210\u3092\u7dad\u6301\u3057\u305f\u307e\u307e\u9054\u6210\u3067\u304d\u308b\u914d\u5f53\uff08\u5229\u76ca\uff09\u306e\u6210\u9577\u7387\u3067\u3001\u5185\u90e8\u7559\u4fdd\u7387\u00d7ROE\u3067\u8868\u3055\u308c\u307e\u3059\u3002ROE\u306f\u30c7\u30e5\u30dd\u30f3\u5206\u6790\u3067\u5229\u76ca\u7387\u30fb\u8cc7\u7523\u56de\u8ee2\u7387\u30fb\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u5206\u89e3\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>g \uff1d b \u00d7 ROE<\/li>\n<li>b \uff1d 1 \u2212 \u914d\u5f53\u6027\u5411<\/li>\n<li>ROE \uff1d \u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387 \u00d7 \u7dcf\u8cc7\u7523\u56de\u8ee2\u7387 \u00d7 \u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<\/li>\n<li>\u6210\u9577\u7387\u306e\u6e90\u6cc9\uff08\u53ce\u76ca\u6027\u30fb\u52b9\u7387\u6027\u30fb\u30ec\u30d0\u30ec\u30c3\u30b8\uff09\u3092\u7279\u5b9a<\/li>\n<\/ul>\n<div class=\"cfalm-f\">g \uff1d b \u00d7 ROE \uff1d b \u00d7\uff08\u7d14\u5229\u76ca\/\u58f2\u4e0a\u9ad8\uff09\u00d7\uff08\u58f2\u4e0a\u9ad8\/\u7dcf\u8cc7\u7523\uff09\u00d7\uff08\u7dcf\u8cc7\u7523\/\u81ea\u5df1\u8cc7\u672c\uff09<\/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\/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-equity-lm1\/\">LM1 Equity Valuation: Applications and Processes\uff08\u682a\u5f0f\u8a55\u4fa1\uff1a\u5fdc\u7528\u3068\u30d7\u30ed\u30bb\u30b9\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-equity-lm3\/\">LM3 Free Cash Flow Valuation\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a55\u4fa1\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-equity\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Equities\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Equities LM2\u300cDiscounted Dividend Valuation\uff08\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\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":11184,"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-10838","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\/10838","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=10838"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10838\/revisions"}],"predecessor-version":[{"id":11353,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10838\/revisions\/11353"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11184"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}