{"id":10842,"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-lm6\/"},"modified":"2026-09-22T07:44:35","modified_gmt":"2026-09-21T22:44:35","slug":"cfa-l2-equity-lm6","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-equity-lm6\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Equities LM6\u3011Private Company Valuation \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u6b63\u898f\u5316\u5229\u76ca\u30fb\u30d3\u30eb\u30c9\u30a2\u30c3\u30d7\u6cd5\u30fb\u652f\u914d\u6a29\u30fb\u5e02\u5834\u6027\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30a4\u30f3\u30ab\u30e0\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 6\u300cPrivate Company Valuation\uff08\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\uff09\u300d\u306f\u3001\u4e0a\u5834\u4f01\u696d\u3068\u975e\u4e0a\u5834\u4f01\u696d\u306e\u9055\u3044\u3001\u975e\u4e0a\u5834\u4f01\u696d\u8a55\u4fa1\u306e\u7528\u9014\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6b63\u898f\u5316\u3001\u5272\u5f15\u7387\u306e\u8abf\u6574\u3068\u8981\u6c42\u53ce\u76ca\u7387\u306e\u63a8\u5b9a\u30e2\u30c7\u30eb\u3001\u652f\u914d\u6a29\u3068\u5e02\u5834\u6027\u306b\u95a2\u3059\u308b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u30a4\u30f3\u30ab\u30e0\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30bb\u30c3\u30c8\u306e\u5404\u30a2\u30d7\u30ed\u30fc\u30c1\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM6\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM6\u306b\u306f9\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u8a55\u4fa1\u306e\u89b3\u70b9\u304b\u3089\u4e0a\u5834\u4f01\u696d\u3068\u975e\u4e0a\u5834\u4f01\u696d\u306e\u91cd\u8981\u306a\u7279\u5fb4\u3092\u5bfe\u6bd4\u3059\u308b<\/span><span class=\"en\">contrast important public and private company features for valuation purposes<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u306e\u7528\u9014\u3092\u8a18\u8ff0\u3057\u3001\u8ca1\u52d9\u30a2\u30ca\u30ea\u30b9\u30c8\u304c\u91cd\u70b9\u3092\u7f6e\u304f\u3079\u304d\u4e3b\u8981\u306a\u5206\u91ce\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe uses of private business valuation and explain key areas of focus for financial analysts<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u975e\u4e0a\u5834\u4f01\u696d\u306b\u95a2\u3059\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u63a8\u5b9a\u4e0a\u306e\u8ad6\u70b9\u3068\u3001\u6b63\u898f\u5316\u5229\u76ca\u306e\u63a8\u5b9a\u306b\u5fc5\u8981\u306a\u8abf\u6574\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain cash flow estimation issues related to private companies and adjustments required to estimate normalized earnings<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u975e\u4e0a\u5834\u4f01\u696d\u306e\u5272\u5f15\u7387\u3092\u63a8\u5b9a\u3059\u308b\u969b\u306b\u8abf\u6574\u3092\u8981\u3059\u308b\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain factors that require adjustment when estimating the discount rate for private companies<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u975e\u4e0a\u5834\u4f01\u696d\u306e\u682a\u4e3b\u8cc7\u672c\u306e\u8981\u6c42\u53ce\u76ca\u7387\u3092\u63a8\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\uff08CAPM\u3001\u62e1\u5f35CAPM\u3001\u30d3\u30eb\u30c9\u30a2\u30c3\u30d7\u6cd5\u306a\u3069\uff09\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare models used to estimate the required rate of return to private company equity (for example, the CAPM, the expanded CAPM, and the build-up approach)<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u652f\u914d\u6a29\u3068\u5e02\u5834\u6027\u306b\u57fa\u3065\u304f\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8aac\u660e\u30fb\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">explain and evaluate the effects on private company valuations of discounts and premiums based on control and marketability<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u975e\u4e0a\u5834\u4f01\u696d\u8a55\u4fa1\u306e\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u3001\u5404\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u9078\u629e\u306b\u95a2\u9023\u3059\u308b\u8981\u56e0\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the income, market, and asset-based approaches to private company valuation and factors relevant to the selection of each approach<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u30a4\u30f3\u30ab\u30e0\u30fb\u30d9\u30fc\u30b9\u306e\u65b9\u6cd5\u3092\u7528\u3044\u3066\u975e\u4e0a\u5834\u4f01\u696d\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the value of a private company using income-based methods<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30d9\u30fc\u30b9\u306e\u65b9\u6cd5\u3092\u7528\u3044\u3066\u975e\u4e0a\u5834\u4f01\u696d\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u3001\u5404\u65b9\u6cd5\u306e\u9577\u6240\u3068\u77ed\u6240\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">calculate the value of a private company using market-based methods and describe the advantages and disadvantages of each method<\/span><\/li>\n<\/ol>\n<h2>LM6\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u975e\u4e0a\u5834\u4f01\u696d\u306f\u3001\u6210\u9577\u6bb5\u968e\u3001\u898f\u6a21\u3001\u6240\u6709\u3068\u7d4c\u55b6\u306e\u91cd\u306a\u308a\u3001\u7d4c\u55b6\u9663\u306e\u8cea\u3001\u8ca1\u52d9\u60c5\u5831\u306e\u8cea\u3001\u7a0e\u306e\u8003\u616e\u306a\u3069\u306e\u4f01\u696d\u56fa\u6709\u8981\u56e0\u3067\u4e0a\u5834\u4f01\u696d\u3068\u7570\u306a\u308b<\/li>\n<li>\u682a\u5f0f\u56fa\u6709\u306e\u8981\u56e0\u3068\u3057\u3066\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3001\u5e02\u5834\u6027\u306e\u5236\u9650\u3001\u652f\u914d\u6a29\u306e\u96c6\u4e2d\u304c\u3042\u308b<\/li>\n<li>\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u306f\u3001\u53d6\u5f15\u76ee\u7684\u3001\u6cd5\u4ee4\u30fb\u7a0e\u52d9\u306a\u3069\u306e\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9\u76ee\u7684\u3001\u8a34\u8a1f\u76ee\u7684\u306b\u7528\u3044\u3089\u308c\u3001\u76ee\u7684\u306b\u5fdc\u3058\u305f\u4fa1\u5024\u306e\u5b9a\u7fa9\u3092\u7528\u3044\u308b<\/li>\n<li>\u6b63\u898f\u5316\u5229\u76ca\u306e\u63a8\u5b9a\u3067\u306f\u3001\u975e\u7d4c\u5e38\u9805\u76ee\u3001\u30aa\u30fc\u30ca\u30fc\u306e\u5831\u916c\u3001\u95a2\u9023\u5f53\u4e8b\u8005\u53d6\u5f15\u306a\u3069\u3092\u8abf\u6574\u3057\u3001\u6226\u7565\u7684\u8cb7\u3044\u624b\u304b\u8ca1\u52d9\u7684\u8cb7\u3044\u624b\u304b\u3082\u8003\u616e\u3059\u308b<\/li>\n<li>\u5272\u5f15\u7387\u306e\u63a8\u5b9a\u3067\u306f\u3001\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u8ca0\u50b5\u8abf\u9054\u306e\u53ef\u5426\u3001\u4e88\u6e2c\u306e\u4e0d\u78ba\u5b9f\u6027\u3001\u4f01\u696d\u306e\u6210\u9577\u6bb5\u968e\u306a\u3069\u3092\u8003\u616e\u3059\u308b<\/li>\n<li>\u8981\u6c42\u53ce\u76ca\u7387\u306e\u63a8\u5b9a\u306b\u306f\u3001CAPM\u3001\u898f\u6a21\u3084\u4f01\u696d\u56fa\u6709\u30ea\u30b9\u30af\u3092\u52a0\u3048\u305f\u62e1\u5f35CAPM\u3001\u30d3\u30eb\u30c9\u30a2\u30c3\u30d7\u6cd5\u306a\u3069\u3092\u7528\u3044\u308b<\/li>\n<li>\u652f\u914d\u6a29\u306e\u6b20\u5982\u3068\u5e02\u5834\u6027\u306e\u6b20\u5982\u306b\u5bfe\u3059\u308b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u306f\u3001\u8a55\u4fa1\u306e\u57fa\u790e\u3068\u306a\u308b\u4fa1\u5024\u306e\u6027\u8cea\u306b\u5fdc\u3058\u3066\u9069\u7528\u3059\u308b<\/li>\n<li>\u8a55\u4fa1\u306f\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u3001\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306e3\u3064\u306b\u5927\u5225\u3055\u308c\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\u4e0a\u5834\u4f01\u696d\u3068\u975e\u4e0a\u5834\u4f01\u696d\u306e\u9055\u3044<\/h3>\n<p>\u975e\u4e0a\u5834\u4f01\u696d\u306f\u3001<strong>\u4f01\u696d\u56fa\u6709\u306e\u8981\u56e0<\/strong>\uff08\u6210\u9577\u6bb5\u968e\u3001\u898f\u6a21\u3001\u6240\u6709\u3068\u7d4c\u55b6\u306e\u91cd\u306a\u308a\u3001\u7d4c\u55b6\u9663\u306e\u8cea\u3001\u8ca1\u52d9\u60c5\u5831\u306e\u8cea\u3001\u77ed\u671f\u5fd7\u5411\u306e\u5727\u529b\u306e\u5c11\u306a\u3055\u3001\u7a0e\u306e\u8003\u616e\uff09\u3068\u3001<strong>\u682a\u5f0f\u56fa\u6709\u306e\u8981\u56e0<\/strong>\uff08\u6d41\u52d5\u6027\u3001\u5e02\u5834\u6027\u306e\u5236\u9650\u3001\u652f\u914d\u6a29\u306e\u96c6\u4e2d\uff09\u3067\u4e0a\u5834\u4f01\u696d\u3068\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u6210\u9577\u6bb5\u968e\u304c\u65e9\u3044\u30fb\u898f\u6a21\u304c\u5c0f\u3055\u3044\u4f01\u696d\u304c\u591a\u3044<\/li>\n<li>\u6240\u6709\u8005\u3068\u7d4c\u55b6\u8005\u304c\u91cd\u306a\u308a\u30a8\u30fc\u30b8\u30a7\u30f3\u30b7\u30fc\u554f\u984c\u304c\u5c0f\u3055\u3044<\/li>\n<li>\u8ca1\u52d9\u60c5\u5831\u306e\u8cea\u30fb\u91cf\u304c\u9650\u3089\u308c\u308b<\/li>\n<li>\u682a\u5f0f\u306e\u6d41\u52d5\u6027\u30fb\u5e02\u5834\u6027\u304c\u4f4e\u3044<\/li>\n<li>\u652f\u914d\u6a29\u304c\u96c6\u4e2d\u3057\u3066\u3044\u308b<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u975e\u4e0a\u5834\u4f01\u696d\u8a55\u4fa1\u306e\u7528\u9014\u3068\u91cd\u70b9\u5206\u91ce<\/h3>\n<p>\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u306f\u3001<strong>\u53d6\u5f15\u76ee\u7684<\/strong>\uff08\u8cc7\u91d1\u8abf\u9054\u3001M&#038;A\uff09\u3001<strong>\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9\u76ee\u7684<\/strong>\uff08\u8ca1\u52d9\u5831\u544a\u3001\u7a0e\u52d9\uff09\u3001<strong>\u8a34\u8a1f\u76ee\u7684<\/strong>\u306b\u7528\u3044\u3089\u308c\u307e\u3059\u3002\u76ee\u7684\u306b\u5fdc\u3058\u3066<strong>\u4fa1\u5024\u306e\u5b9a\u7fa9<\/strong>\u3092\u660e\u78ba\u306b\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u4fa1\u5024\u306e\u5b9a\u7fa9\uff1a\u516c\u6b63\u5e02\u5834\u4fa1\u5024\u3001\u5e02\u5834\u4fa1\u5024\u3001\u516c\u6b63\u4fa1\u5024\uff08\u8ca1\u52d9\u5831\u544a\u30fb\u8a34\u8a1f\uff09\u3001\u6295\u8cc7\u4fa1\u5024\u3001\u672c\u6e90\u7684\u4fa1\u5024<\/li>\n<li>\u8a55\u4fa1\u76ee\u7684\u306e\u78ba\u8a8d<\/li>\n<li>\u8a55\u4fa1\u57fa\u6e96\u65e5\u306e\u78ba\u8a8d<\/li>\n<li>\u652f\u914d\u6301\u5206\u304b\u5c11\u6570\u6301\u5206\u304b\u306e\u78ba\u8a8d<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u63a8\u5b9a\u3068\u6b63\u898f\u5316\u5229\u76ca<\/h3>\n<p>\u975e\u4e0a\u5834\u4f01\u696d\u3067\u306f\u3001\u975e\u7d4c\u5e38\u9805\u76ee\u3001<strong>\u30aa\u30fc\u30ca\u30fc\u7d4c\u55b6\u8005\u306e\u5831\u916c<\/strong>\u306e\u904e\u5927\u30fb\u904e\u5c11\u3001\u95a2\u9023\u5f53\u4e8b\u8005\u3068\u306e\u53d6\u5f15\uff08\u8cc3\u6599\u306a\u3069\uff09\u3001\u500b\u4eba\u7684\u306a\u8cbb\u7528\u306a\u3069\u3092\u8abf\u6574\u3057\u3066<strong>\u6b63\u898f\u5316\u5229\u76ca<\/strong>\u3092\u6c42\u3081\u307e\u3059\u3002\u8cb7\u3044\u624b\u304c\u6226\u7565\u7684\u304b\u8ca1\u52d9\u7684\u304b\u3067\u3082\u5229\u76ca\u306e\u898b\u7a4d\u308a\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u975e\u7d4c\u5e38\u30fb\u7570\u5e38\u9805\u76ee\u306e\u9664\u5916<\/li>\n<li>\u30aa\u30fc\u30ca\u30fc\u306e\u5831\u916c\u3092\u5e02\u5834\u6c34\u6e96\u306b\u8abf\u6574<\/li>\n<li>\u95a2\u9023\u5f53\u4e8b\u8005\u53d6\u5f15\uff08\u4e0d\u52d5\u7523\u8cc3\u6599\u306a\u3069\uff09\u306e\u8abf\u6574<\/li>\n<li>\u6226\u7565\u7684\u8cb7\u3044\u624b\uff1a\u30b7\u30ca\u30b8\u30fc\u3092\u53cd\u6620<\/li>\n<li>\u8ca1\u52d9\u7684\u8cb7\u3044\u624b\uff1a\u5358\u72ec\u30d9\u30fc\u30b9\u306e\u5229\u76ca<\/li>\n<li>\u8907\u6570\u30b7\u30ca\u30ea\u30aa\u3067\u306eCF\u4e88\u6e2c<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u5272\u5f15\u7387\u63a8\u5b9a\u4e0a\u306e\u8abf\u6574\u8981\u56e0<\/h3>\n<p>\u975e\u4e0a\u5834\u4f01\u696d\u306e\u5272\u5f15\u7387\u3067\u306f\u3001<strong>\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0<\/strong>\u3001\u8ca0\u50b5\u8abf\u9054\u306e\u56f0\u96e3\u3055\u306b\u3088\u308b\u8cc7\u672c\u30b3\u30b9\u30c8\u306e\u4e0a\u6607\u3001\u7d4c\u55b6\u8005\u4e88\u6e2c\u306e\u4fe1\u983c\u6027\u3001\u4f01\u696d\u306e\u6210\u9577\u6bb5\u968e\u306a\u3069\u3092\u8003\u616e\u3057\u307e\u3059\u3002\u8cb7\u53ce\u3067\u306f<strong>\u8cb7\u3044\u624b\u3067\u306f\u306a\u304f\u5bfe\u8c61\u4f01\u696d<\/strong>\u306e\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3057\u305f\u5272\u5f15\u7387\u3092\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u5c0f\u898f\u6a21\u4f01\u696d\u306e\u30ea\u30b9\u30af\uff09<\/li>\n<li>\u8ca0\u50b5\u8abf\u9054\u306e\u5236\u7d04\u306b\u3088\u308bWACC\u4e0a\u6607<\/li>\n<li>\u8cb7\u53ce\u5bfe\u8c61\u306e\u8cc7\u672c\u69cb\u6210\u30fb\u30ea\u30b9\u30af\u3092\u4f7f\u7528<\/li>\n<li>\u4e88\u6e2c\uff08\u30d7\u30ed\u30b8\u30a7\u30af\u30b7\u30e7\u30f3\uff09\u30ea\u30b9\u30af<\/li>\n<li>\u6210\u9577\u6bb5\u968e\uff08\u521d\u671f\u6bb5\u968e\u306f\u9ad8\u3044\u5272\u5f15\u7387\uff09<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u8981\u6c42\u53ce\u76ca\u7387\u306e\u63a8\u5b9a\u30e2\u30c7\u30eb<\/h3>\n<p><strong>CAPM<\/strong>\u306f\u6bd4\u8f03\u4f01\u696d\u306e\u30d9\u30fc\u30bf\u3092\u4f7f\u3044\u307e\u3059\u3002<strong>\u62e1\u5f35CAPM<\/strong>\u306f\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u4f01\u696d\u56fa\u6709\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u52a0\u3048\u3001<strong>\u30d3\u30eb\u30c9\u30a2\u30c3\u30d7\u6cd5<\/strong>\u306f\u30d9\u30fc\u30bf\u3092\u4f7f\u308f\u305a\uff081\u3068\u4eee\u5b9a\uff09\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306bERP\u30fb\u898f\u6a21\u30fb\u696d\u7a2e\u30fb\u4f01\u696d\u56fa\u6709\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7a4d\u307f\u4e0a\u3052\u307e\u3059\u3002<\/p>\n<ul>\n<li>CAPM\uff1ar \uff1d r_f \uff0b \u03b2 \u00d7 ERP<\/li>\n<li>\u62e1\u5f35CAPM\uff1a\uff0b \u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0 \uff0b \u4f01\u696d\u56fa\u6709\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>\u30d3\u30eb\u30c9\u30a2\u30c3\u30d7\u6cd5\uff1ar_f \uff0b ERP \uff0b \u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0 \uff0b\uff08\u696d\u7a2e\uff09\uff0b \u4f01\u696d\u56fa\u6709\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>\u6bd4\u8f03\u4f01\u696d\u306e\u9078\u5b9a\u304c\u96e3\u3057\u3044\u5834\u5408\u306f\u30d3\u30eb\u30c9\u30a2\u30c3\u30d7\u6cd5<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u62e1\u5f35CAPM\uff1ar \uff1d r_f \uff0b \u03b2 \u00d7 ERP \uff0b \u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0 \uff0b \u4f01\u696d\u56fa\u6709\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/div>\n<h3>LOS 6\uff1a\u652f\u914d\u6a29\u30fb\u5e02\u5834\u6027\u306e\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u3068\u30d7\u30ec\u30df\u30a2\u30e0<\/h3>\n<p>\u5c11\u6570\u6301\u5206\u306b\u306f<strong>\u652f\u914d\u6a29\u306e\u6b20\u5982\u306b\u3088\u308b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff08DLOC\uff09<\/strong>\u3001\u975e\u4e0a\u5834\u682a\u5f0f\u306b\u306f<strong>\u5e02\u5834\u6027\u306e\u6b20\u5982\u306b\u3088\u308b\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff08DLOM\uff09<\/strong>\u304c\u9069\u7528\u3055\u308c\u307e\u3059\u3002\u4e21\u8005\u306f\u4e57\u6cd5\u7684\u306b\u5408\u6210\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>DLOC \uff1d 1 \u2212 1 \u00f7\uff081 \uff0b \u652f\u914d\u6a29\u30d7\u30ec\u30df\u30a2\u30e0\uff09<\/li>\n<li>DLOM\uff1a\u58f2\u5374\u5236\u9650\u30fb\u6d41\u52d5\u6027\u306e\u6b20\u5982\u3092\u53cd\u6620<\/li>\n<li>\u5408\u8a08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8 \uff1d 1 \u2212\uff081 \u2212 DLOC\uff09\u00d7\uff081 \u2212 DLOM\uff09<\/li>\n<li>\u8a55\u4fa1\u306e\u57fa\u790e\uff08\u652f\u914d\u6301\u5206\u30fb\u4e0a\u5834\u30d9\u30fc\u30b9\uff09\u306b\u5fdc\u3058\u3066\u9069\u7528<\/li>\n<li>DLOM\u306f\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u683c\u306a\u3069\u3067\u3082\u63a8\u5b9a<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5408\u8a08\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8 \uff1d 1 \u2212\uff081 \u2212 DLOC\uff09\u00d7\uff081 \u2212 DLOM\uff09<\/div>\n<h3>LOS 7\uff1a\u30a4\u30f3\u30ab\u30e0\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30bb\u30c3\u30c8\u306e\u5404\u30a2\u30d7\u30ed\u30fc\u30c1<\/h3>\n<p><strong>\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u306f\u5c06\u6765\u306e\u7d4c\u6e08\u7684\u4fbf\u76ca\u306e\u73fe\u5728\u4fa1\u5024\u3001<strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u306f\u985e\u4f3c\u4f01\u696d\u3084\u985e\u4f3c\u53d6\u5f15\u306e\u500d\u7387\u3001<strong>\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1<\/strong>\u306f\u8cc7\u7523\u304b\u3089\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u305f\u4fa1\u5024\u3067\u8a55\u4fa1\u3057\u307e\u3059\u3002\u4f01\u696d\u306e\u6210\u9577\u6bb5\u968e\u3084\u60c5\u5831\u306e\u5165\u624b\u53ef\u80fd\u6027\u3067\u4f7f\u3044\u5206\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30a4\u30f3\u30ab\u30e0\uff1a\u6210\u9577\u4f01\u696d\u3001\u7d99\u7d9a\u4f01\u696d\u306b\u9069\u3059\u308b<\/li>\n<li>\u30de\u30fc\u30b1\u30c3\u30c8\uff1a\u6bd4\u8f03\u5bfe\u8c61\u304c\u8c4a\u5bcc\u306a\u5834\u5408\u306b\u9069\u3059\u308b<\/li>\n<li>\u30a2\u30bb\u30c3\u30c8\uff1a\u8cc7\u7523\u4fdd\u6709\u4f1a\u793e\u3001\u6e05\u7b97\u4fa1\u5024\u3001\u521d\u671f\u6bb5\u968e\u306e\u4f01\u696d<\/li>\n<li>\u30a2\u30bb\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306f\u7d99\u7d9a\u4f01\u696d\u306e\u8a55\u4fa1\u306b\u306f\u901a\u5e38\u7528\u3044\u3089\u308c\u306a\u3044<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u30a4\u30f3\u30ab\u30e0\u30fb\u30d9\u30fc\u30b9\u306e\u8a55\u4fa1\u65b9\u6cd5<\/h3>\n<p>\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u3001<strong>\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5<\/strong>\u3001\u4e00\u5b9a\u6210\u9577\u3092\u4eee\u5b9a\u3059\u308b<strong>\u8cc7\u672c\u5316\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5<\/strong>\u3001\u6709\u5f62\u8cc7\u7523\u306e\u8981\u6c42\u53ce\u76ca\u3092\u8d85\u3048\u308b\u5229\u76ca\u304b\u3089\u7121\u5f62\u8cc7\u7523\u3092\u8a55\u4fa1\u3059\u308b<strong>\u8d85\u904e\u5229\u76ca\u6cd5<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>FCF\u6cd5\uff1a\u591a\u6bb5\u968e\u3067FCF\u3092\u4e88\u6e2c\u3057\u3066\u5272\u5f15<\/li>\n<li>\u8cc7\u672c\u5316CF\u6cd5\uff1aV \uff1d FCF\u2081 \u00f7\uff08r \u2212 g\uff09<\/li>\n<li>\u8cc7\u672c\u5316\u7387 \uff1d r \u2212 g<\/li>\n<li>\u8d85\u904e\u5229\u76ca\u6cd5\uff1a\u6b63\u898f\u5316\u5229\u76ca \u2212 \u904b\u8ee2\u8cc7\u672c\u30fb\u56fa\u5b9a\u8cc7\u7523\u306e\u8981\u6c42\u53ce\u76ca \uff1d \u8d85\u904e\u5229\u76ca<\/li>\n<li>\u8d85\u904e\u5229\u76ca\u3092\u8cc7\u672c\u5316\u3057\u3066\u7121\u5f62\u8cc7\u7523\u306e\u4fa1\u5024\u3092\u63a8\u5b9a<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V \uff1d FCF\u2081 \u00f7\uff08r \u2212 g\uff09<\/div>\n<h3>LOS 9\uff1a\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30d9\u30fc\u30b9\u306e\u8a55\u4fa1\u65b9\u6cd5<\/h3>\n<p>\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u306f\u3001\u985e\u4f3c\u4e0a\u5834\u4f01\u696d\u306e\u500d\u7387\u3092\u4f7f\u3046<strong>\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u4e0a\u5834\u4f01\u696d\u6cd5<\/strong>\u3001\u985e\u4f3c\u4f01\u696d\u306e\u8cb7\u53ce\u53d6\u5f15\u306e\u500d\u7387\u3092\u4f7f\u3046<strong>\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u53d6\u5f15\u6cd5<\/strong>\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u904e\u53bb\u306e\u682a\u5f0f\u53d6\u5f15\u3092\u4f7f\u3046<strong>\u5148\u884c\u53d6\u5f15\u6cd5<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u4e0a\u5834\u4f01\u696d\u6cd5\uff1a\u5c11\u6570\u6301\u5206\u30d9\u30fc\u30b9\u3001\u652f\u914d\u6a29\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u8abf\u6574\u304c\u5fc5\u8981<\/li>\n<li>\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u53d6\u5f15\u6cd5\uff1a\u652f\u914d\u6a29\u30d9\u30fc\u30b9\u3001\u30b7\u30ca\u30b8\u30fc\u3092\u542b\u307f\u5f97\u308b\u3001\u53d6\u5f15\u30c7\u30fc\u30bf\u304c\u9650\u3089\u308c\u308b<\/li>\n<li>\u5148\u884c\u53d6\u5f15\u6cd5\uff1a\u5bfe\u8c61\u81ea\u8eab\u306e\u53d6\u5f15\u3001\u6642\u671f\u30fb\u6761\u4ef6\u306e\u9055\u3044\u306b\u6ce8\u610f<\/li>\n<li>\u500d\u7387\uff1aP\/E\u3001EV\/EBITDA\u306a\u3069<\/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-equity-lm5\/\">LM5 Residual Income Valuation\uff08\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\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 LM6\u300cPrivate Company 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