{"id":10845,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm3\/"},"modified":"2026-09-22T07:44:36","modified_gmt":"2026-09-21T22:44:36","slug":"cfa-l2-fi-lm3","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm3\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Fixed Income LM3\u3011Valuation and Analysis of Bonds with Embedded Options \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u30fb\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u30fbOAS\u30fb\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u30fb\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u30fb\u8ee2\u63db\u793e\u50b5"},"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\u300cValuation and Analysis of Bonds with Embedded Options\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u8a55\u4fa1\u3068\u5206\u6790\uff09\u300d\u306f\u3001\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u30fb\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u306e\u69cb\u6210\u3068\u91d1\u5229\u30c4\u30ea\u30fc\u306b\u3088\u308b\u8a55\u4fa1\u3001\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u5f71\u97ff\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u8abf\u6574\u5f8c\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3001\u30ad\u30e3\u30c3\u30d7\u30fb\u30d5\u30ed\u30a2\u4ed8\u304d\u5909\u52d5\u5229\u4ed8\u50b5\u3001\u8ee2\u63db\u793e\u50b5\u306e\u8a55\u4fa1\u3068\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u7279\u6027\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\u306f17\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u304c\u7d44\u307f\u8fbc\u307e\u308c\u305f\u50b5\u5238\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe fixed-income securities with embedded options<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u307e\u305f\u306f\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\uff08\u30b9\u30c8\u30ec\u30fc\u30c8\uff09\u50b5\u5238\u306e\u4fa1\u5024\u3001\u7d44\u8fbc\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u306e\u95a2\u4fc2\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the relationships between the values of a callable or putable bond, the underlying option-free (straight) bond, and the embedded option<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u7121\u88c1\u5b9a\u306e\u67a0\u7d44\u307f\u3092\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u8a55\u4fa1\u306b\u3069\u306e\u3088\u3046\u306b\u4f7f\u3048\u308b\u304b\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe how the arbitrage-free framework can be used to value a bond with embedded options<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u307e\u305f\u306f\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u306b\u3069\u306e\u3088\u3046\u306b\u5f71\u97ff\u3059\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how interest rate volatility affects the value of a callable or putable bond<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u6c34\u6e96\u3068\u5f62\u72b6\u306e\u5909\u5316\u304c\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u307e\u305f\u306f\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u306b\u3069\u306e\u3088\u3046\u306b\u5f71\u97ff\u3059\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how changes in the level and shape of the yield curve affect the value of a callable or putable bond<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u91d1\u5229\u30c4\u30ea\u30fc\u304b\u3089\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u307e\u305f\u306f\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the value of a callable or putable bond from an interest rate tree<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u8abf\u6574\u5f8c\u30b9\u30d7\u30ec\u30c3\u30c9\uff08OAS\uff09\u306e\u8a08\u7b97\u3068\u5229\u7528\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the calculation and use of option-adjusted spreads<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304cOAS\u306b\u3069\u306e\u3088\u3046\u306b\u5f71\u97ff\u3059\u308b\u304b\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain how interest rate volatility affects option-adjusted spreads<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u307e\u305f\u306f\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret effective duration of a callable or putable bond<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u3001\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u3001\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306e\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare effective durations of callable, putable, and straight bonds<\/span><\/li>\n<li><span class=\"ja\">LOS 11\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u91d1\u5229\u611f\u5fdc\u5ea6\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306e\u7247\u5074\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u5229\u7528\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe the use of one-sided durations and key rate durations to evaluate the interest rate sensitivity of bonds with embedded options<\/span><\/li>\n<li><span class=\"ja\">LOS 12\uff1a\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u3001\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u3001\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306e\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare effective convexities of callable, putable, and straight bonds<\/span><\/li>\n<li><span class=\"ja\">LOS 13\uff1a\u30ad\u30e3\u30c3\u30d7\u4ed8\u304d\u307e\u305f\u306f\u30d5\u30ed\u30a2\u4ed8\u304d\u5909\u52d5\u5229\u4ed8\u50b5\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">calculate the value of a capped or floored floating-rate bond<\/span><\/li>\n<li><span class=\"ja\">LOS 14\uff1a\u8ee2\u63db\u793e\u50b5\u306e\u7279\u5fb4\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe defining features of a convertible bond<\/span><\/li>\n<li><span class=\"ja\">LOS 15\uff1a\u8ee2\u63db\u793e\u50b5\u306e\u4fa1\u5024\u306e\u69cb\u6210\u8981\u7d20\u3092\u8a08\u7b97\u30fb\u89e3\u91c8\u3059\u308b<\/span><span class=\"en\">calculate and interpret the components of a convertible bond\u2019s value<\/span><\/li>\n<li><span class=\"ja\">LOS 16\uff1a\u7121\u88c1\u5b9a\u306e\u67a0\u7d44\u307f\u306b\u304a\u3051\u308b\u8ee2\u63db\u793e\u50b5\u306e\u8a55\u4fa1\u65b9\u6cd5\u3092\u8a18\u8ff0\u3059\u308b<\/span><span class=\"en\">describe how a convertible bond is valued in an arbitrage-free framework<\/span><\/li>\n<li><span class=\"ja\">LOS 17\uff1a\u8ee2\u63db\u793e\u50b5\u306e\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u7279\u6027\u3092\u3001\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u304a\u3088\u3073\u539f\u8cc7\u7523\u3067\u3042\u308b\u666e\u901a\u682a\u306e\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u7279\u6027\u3068\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare the risk\u2013return characteristics of a convertible bond with the risk\u2013 return characteristics of a straight bond and of the underlying common stock<\/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>\u7d44\u8fbc\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u306f\u767a\u884c\u4f53\u304c\u6301\u3064\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u6295\u8cc7\u5bb6\u304c\u6301\u3064\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u304c\u3042\u308a\u3001\u30a8\u30af\u30b9\u30c6\u30f3\u30c0\u30d6\u30eb\u50b5\u3084\u8ee2\u63db\u793e\u50b5\u306a\u3069\u3082\u3042\u308b<\/li>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u306f\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u304b\u3089\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3001\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u306f\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306b\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u3092\u52a0\u3048\u305f\u3082\u306e<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306f\u3001\u30ad\u30e3\u30ea\u30d6\u30ec\u30fc\u30b7\u30e7\u30f3\u3057\u305f\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u3067\u5404\u30ce\u30fc\u30c9\u306e\u884c\u4f7f\u5224\u65ad\u3092\u53cd\u6620\u3055\u305b\u3066\u8a55\u4fa1\u3059\u308b<\/li>\n<li>\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u4e0a\u6607\u3059\u308b\u3068\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u304c\u4e0a\u304c\u308a\u3001\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u306f\u4e0b\u304c\u308a\u3001\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u306f\u4e0a\u304c\u308b<\/li>\n<li>OAS\u306f\u3001\u30c4\u30ea\u30fc\u306e\u3059\u3079\u3066\u306e\u91d1\u5229\u306b\u4e00\u5b9a\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u52a0\u3048\u3066\u8a55\u4fa1\u984d\u3092\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u81f4\u3055\u305b\u308b\u30b9\u30d7\u30ec\u30c3\u30c9\u3067\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5f71\u97ff\u3092\u9664\u3044\u305f\u4fe1\u7528\u30fb\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u306e\u5bfe\u4fa1\u3092\u793a\u3059<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u91d1\u5229\u611f\u5fdc\u5ea6\u306f\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3067\u6e2c\u308a\u3001\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306f\u4f4e\u91d1\u5229\u3067\u8ca0\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3092\u793a\u3059<\/li>\n<li>\u30ad\u30e3\u30c3\u30d7\u4ed8\u304d\u5909\u52d5\u5229\u4ed8\u50b5\u306f\u6295\u8cc7\u5bb6\u304c\u30ad\u30e3\u30c3\u30d7\u3092\u767a\u884c\u4f53\u306b\u58f2\u3063\u305f\u5f62\u3001\u30d5\u30ed\u30a2\u4ed8\u304d\u5909\u52d5\u5229\u4ed8\u50b5\u306f\u6295\u8cc7\u5bb6\u304c\u30d5\u30ed\u30a2\u3092\u6301\u3064\u5f62<\/li>\n<li>\u8ee2\u63db\u793e\u50b5\u306e\u4fa1\u5024\u306f\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306e\u4fa1\u5024\u3068\u8ee2\u63db\u4fa1\u5024\u306e\u5927\u304d\u3044\u65b9\u3092\u4e0b\u9650\u3068\u3057\u3001\u682a\u4fa1\u6c34\u6e96\u306b\u3088\u3063\u3066\u50b5\u5238\u7684\u306b\u3082\u682a\u5f0f\u7684\u306b\u3082\u632f\u308b\u821e\u3046<\/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\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u7a2e\u985e<\/h3>\n<p><strong>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5<\/strong>\u306f\u767a\u884c\u4f53\u304c\u6e80\u671f\u524d\u306b\u511f\u9084\u3067\u304d\u308b\u50b5\u5238\u3001<strong>\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5<\/strong>\u306f\u6295\u8cc7\u5bb6\u304c\u6e80\u671f\u524d\u306b\u58f2\u308a\u623b\u305b\u308b\u50b5\u5238\u3067\u3059\u3002\u307b\u304b\u306b\u6e80\u671f\u5ef6\u9577\u3067\u304d\u308b<strong>\u30a8\u30af\u30b9\u30c6\u30f3\u30c0\u30d6\u30eb\u50b5<\/strong>\u3084\u3001\u682a\u5f0f\u306b\u8ee2\u63db\u3067\u304d\u308b<strong>\u8ee2\u63db\u793e\u50b5<\/strong>\u306a\u3069\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b3\u30fc\u30eb\uff1a\u767a\u884c\u4f53\u306e\u6a29\u5229\uff08\u30a2\u30e1\u30ea\u30ab\u30f3\u3001\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u3001\u30d0\u30df\u30e5\u30fc\u30c0\u30f3\uff09<\/li>\n<li>\u30d7\u30c3\u30c8\uff1a\u6295\u8cc7\u5bb6\u306e\u6a29\u5229<\/li>\n<li>\u30a8\u30af\u30b9\u30c6\u30f3\u30c0\u30d6\u30eb\u50b5\uff1a\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u3068\u540c\u7b49\u306e\u69cb\u9020<\/li>\n<li>\u8ee2\u63db\u793e\u50b5\uff1a\u6295\u8cc7\u5bb6\u304c\u682a\u5f0f\u306b\u8ee2\u63db\u53ef\u80fd<\/li>\n<li>\u30b7\u30f3\u30ad\u30f3\u30b0\u30fb\u30d5\u30a1\u30f3\u30c9\u50b5\u306a\u3069\u306e\u8907\u96d1\u306a\u69cb\u9020<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u3068\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u30fb\u7d44\u8fbc\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u95a2\u4fc2<\/h3>\n<p>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306e\u6295\u8cc7\u5bb6\u306f\u767a\u884c\u4f53\u306b\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u58f2\u3063\u3066\u304a\u308a\u3001\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u6295\u8cc7\u5bb6\u306f\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8cb7\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5 \uff1d \u30b9\u30c8\u30ec\u30fc\u30c8\u50b5 \u2212 \u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5 \uff1d \u30b9\u30c8\u30ec\u30fc\u30c8\u50b5 \uff0b \u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/li>\n<li>\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024 \uff1d \u30b9\u30c8\u30ec\u30fc\u30c8\u50b5 \u2212 \u30b3\u30fc\u30e9\u30d6\u30eb\u50b5<\/li>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306e\u5229\u56de\u308a\u306f\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u3088\u308a\u9ad8\u3044<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V_\u30b3\u30fc\u30e9\u30d6\u30eb \uff1d V_\u30b9\u30c8\u30ec\u30fc\u30c8 \u2212 V_\u30b3\u30fc\u30eb<\/div>\n<h3>LOS 3\uff1a\u7121\u88c1\u5b9a\u306e\u67a0\u7d44\u307f\u306b\u3088\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u8a55\u4fa1<\/h3>\n<p>\u30ad\u30e3\u30ea\u30d6\u30ec\u30fc\u30b7\u30e7\u30f3\u3057\u305f\u4e8c\u9805\u91d1\u5229\u30c4\u30ea\u30fc\u3092\u4f7f\u3044\u3001\u5f8c\u308d\u5411\u304d\u5e30\u7d0d\u6cd5\u3067\u5404\u30ce\u30fc\u30c9\u306e\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002\u5404\u30ce\u30fc\u30c9\u3067<strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u884c\u4f7f\u5224\u65ad<\/strong>\u3092\u53cd\u6620\u3055\u305b\u308b\u3053\u3068\u3067\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u7121\u88c1\u5b9a\u4fa1\u5024\u304c\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u306a\u3044\u50b5\u5238\u306b\u5408\u308f\u305b\u3066\u30ad\u30e3\u30ea\u30d6\u30ec\u30fc\u30b7\u30e7\u30f3<\/li>\n<li>\u5404\u30ce\u30fc\u30c9\u3067\u884c\u4f7f\u5224\u65ad\u3092\u53cd\u6620<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4eee\u5b9a\u304c\u5fc5\u8981<\/li>\n<li>\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306e\u4fa1\u5024\u306f\u30b9\u30dd\u30c3\u30c8\u30fb\u30ec\u30fc\u30c8\u3067\u3082\u6c42\u307e\u308b<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u4fa1\u5024<\/h3>\n<p>\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u4e0a\u6607\u3059\u308b\u3068\u3001\u7d44\u8fbc\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u306f\u4e0a\u304c\u308a\u307e\u3059\u3002\u305d\u306e\u305f\u3081<strong>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u306f\u4e0b\u843d<\/strong>\u3057\u3001<strong>\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u4fa1\u5024\u306f\u4e0a\u6607<\/strong>\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e0a\u6607\uff1a\u30b3\u30fc\u30eb\u30fb\u30d7\u30c3\u30c8\u306e\u4fa1\u5024\u4e0a\u6607<\/li>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e0a\u6607\u3067\u4fa1\u5024\u4e0b\u843d<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e0a\u6607\u3067\u4fa1\u5024\u4e0a\u6607<\/li>\n<li>\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306e\u4fa1\u5024\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306b\u4f9d\u5b58\u3057\u306a\u3044<\/li>\n<\/ul>\n<h3>LOS 5\uff1a\u30a4\u30fc\u30eb\u30c9\u30ab\u30fc\u30d6\u306e\u6c34\u6e96\u30fb\u5f62\u72b6\u3068\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u4fa1\u5024<\/h3>\n<p>\u91d1\u5229\u304c\u4f4e\u4e0b\u3059\u308b\u3068\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u306f\u4e0a\u304c\u308a\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4fa1\u5024\u306f\u4e0a\u304c\u308a\u307e\u3059\u3002\u5f62\u72b6\u306b\u3064\u3044\u3066\u306f\u3001<strong>\u53f3\u4e0a\u304c\u308a\u306e\u30ab\u30fc\u30d6\u304c\u30d5\u30e9\u30c3\u30c8\u5316\u30fb\u9006\u30a4\u30fc\u30eb\u30c9\u5316<\/strong>\u3059\u308b\u3068\u30b3\u30fc\u30eb\u306e\u4fa1\u5024\u304c\u4e0a\u304c\u308a\u3001\u30d7\u30c3\u30c8\u306e\u4fa1\u5024\u306f\u53f3\u4e0a\u304c\u308a\u306e\u30ab\u30fc\u30d6\u3067\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u91d1\u5229\u4f4e\u4e0b\uff1a\u30b3\u30fc\u30eb\u4fa1\u5024\u4e0a\u6607\u3001\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306e\u4e0a\u6607\u4f59\u5730\u306f\u9650\u5b9a<\/li>\n<li>\u91d1\u5229\u4e0a\u6607\uff1a\u30d7\u30c3\u30c8\u4fa1\u5024\u4e0a\u6607\u3001\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u4e0b\u843d\u306f\u9650\u5b9a<\/li>\n<li>\u30d5\u30e9\u30c3\u30c8\u30fb\u9006\u30a4\u30fc\u30eb\u30c9\u5316\uff1a\u30b3\u30fc\u30eb\u306e\u4fa1\u5024\u4e0a\u6607<\/li>\n<li>\u53f3\u4e0a\u304c\u308a\u306e\u30ab\u30fc\u30d6\uff1a\u30d7\u30c3\u30c8\u306e\u4fa1\u5024\u304c\u9ad8\u3044<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u91d1\u5229\u30c4\u30ea\u30fc\u306b\u3088\u308b\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u30fb\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u8a55\u4fa1<\/h3>\n<p>\u5f8c\u308d\u5411\u304d\u5e30\u7d0d\u6cd5\u3067\u5404\u30ce\u30fc\u30c9\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3057\u3001\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u3067\u306f<strong>\u8a08\u7b97\u5024\u3068\u30b3\u30fc\u30eb\u4fa1\u683c\u306e\u5c0f\u3055\u3044\u65b9<\/strong>\u3001\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u3067\u306f<strong>\u8a08\u7b97\u5024\u3068\u30d7\u30c3\u30c8\u4fa1\u683c\u306e\u5927\u304d\u3044\u65b9<\/strong>\u3092\u305d\u306e\u30ce\u30fc\u30c9\u306e\u4fa1\u5024\u3068\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\uff1a\u30ce\u30fc\u30c9\u4fa1\u5024 \uff1d min\uff08\u8a08\u7b97\u5024, \u30b3\u30fc\u30eb\u4fa1\u683c\uff09<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\uff1a\u30ce\u30fc\u30c9\u4fa1\u5024 \uff1d max\uff08\u8a08\u7b97\u5024, \u30d7\u30c3\u30c8\u4fa1\u683c\uff09<\/li>\n<li>\u884c\u4f7f\u53ef\u80fd\u306a\u6642\u70b9\u306e\u307f\u5224\u65ad\u3092\u53cd\u6620<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u5024 \uff1d \u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u3068\u306e\u5dee<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306e\u30ce\u30fc\u30c9\u4fa1\u5024 \uff1d min\uff5b0.5 \u00d7\uff3b\uff08V_H \uff0b C\uff09\uff0b\uff08V_L \uff0b C\uff09\uff3d\u00f7\uff081 \uff0b i\uff09, \u30b3\u30fc\u30eb\u4fa1\u683c\uff5d<\/div>\n<h3>LOS 7\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u8abf\u6574\u5f8c\u30b9\u30d7\u30ec\u30c3\u30c9\uff08OAS\uff09<\/h3>\n<p><strong>OAS<\/strong>\u306f\u3001\u30c4\u30ea\u30fc\u306e\u5168\u91d1\u5229\u306b\u4e00\u5b9a\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u4e0a\u4e57\u305b\u3057\u3066\u8a55\u4fa1\u984d\u3092<strong>\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u81f4<\/strong>\u3055\u305b\u308b\u30b9\u30d7\u30ec\u30c3\u30c9\u3067\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5f71\u97ff\u3092\u9664\u3044\u305f\u4fe1\u7528\u30fb\u6d41\u52d5\u6027\u30ea\u30b9\u30af\u3078\u306e\u5bfe\u4fa1\u3092\u8868\u3057\u3001\u985e\u4f3c\u50b5\u5238\u306e\u76f8\u5bfe\u8a55\u4fa1\u306b\u4f7f\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>Z\u30b9\u30d7\u30ec\u30c3\u30c9 \u2212 OAS \uff1d \u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30b3\u30b9\u30c8\uff08\u30b3\u30fc\u30e9\u30d6\u30eb\uff09<\/li>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\uff1aOAS\uff1cZ\u30b9\u30d7\u30ec\u30c3\u30c9<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\uff1aOAS\uff1eZ\u30b9\u30d7\u30ec\u30c3\u30c9<\/li>\n<li>\u540c\u7a0b\u5ea6\u306e\u4fe1\u7528\u529b\u3067OAS\u304c\u5927\u304d\u3044\u50b5\u5238\u306f\u5272\u5b89<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u30b3\u30b9\u30c8 \uff1d Z\u30b9\u30d7\u30ec\u30c3\u30c9 \u2212 OAS<\/div>\n<h3>LOS 8\uff1a\u91d1\u5229\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068OAS<\/h3>\n<p>\u8a55\u4fa1\u3067\u4eee\u5b9a\u3059\u308b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u9ad8\u304f\u3059\u308b\u3068\u3001\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306e\u30e2\u30c7\u30eb\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u305f\u3081\u3001\u5e02\u5834\u4fa1\u683c\u306b\u4e00\u81f4\u3055\u305b\u308b\u305f\u3081\u306e<strong>OAS\u306f\u5c0f\u3055\u304f<\/strong>\u306a\u308a\u307e\u3059\u3002\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u3067\u306f\u9006\u306bOAS\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\uff1a\u4eee\u5b9a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u2191\u2192OAS\u2193<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\uff1a\u4eee\u5b9a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u2191\u2192OAS\u2191<\/li>\n<li>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4eee\u5b9a\u306e\u9055\u3044\u3067\u5272\u5b89\u5224\u65ad\u304c\u5909\u308f\u308a\u5f97\u308b<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u8a08\u7b97<\/h3>\n<p><strong>\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong>\u306f\u3001\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30ab\u30fc\u30d6\u3092\u4e0a\u4e0b\u306b\u540c\u3058\u5e45\u3060\u3051\u30b7\u30d5\u30c8\u3055\u305b\u305f\u3068\u304d\u306e\u4fa1\u683c\u5909\u5316\u304b\u3089\u6c42\u3081\u308b\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u91d1\u5229\u306b\u4f9d\u5b58\u3059\u308b\u50b5\u5238\u306e\u91d1\u5229\u611f\u5fdc\u5ea6\u3067\u3059\u3002OAS\u306f\u4e00\u5b9a\u3068\u3057\u3066\u518d\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d9\u30f3\u30c1\u30de\u30fc\u30af\u30fb\u30ab\u30fc\u30d6\u3092\u4e0a\u4e0b\u306b\u30b7\u30d5\u30c8<\/li>\n<li>OAS\u3092\u4e00\u5b9a\u306b\u4fdd\u3063\u3066\u30c4\u30ea\u30fc\u3067\u518d\u8a55\u4fa1<\/li>\n<li>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5909\u5316\u3092\u53cd\u6620<\/li>\n<li>\u4fee\u6b63\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306b\u306f\u4e0d\u9069<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3 \uff1d\uff08PV\u208b \u2212 PV\u208a\uff09\u00f7\uff082 \u00d7 \u0394\u30ab\u30fc\u30d6 \u00d7 PV\u2080\uff09<\/div>\n<h3>LOS 10\uff1a\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u30fb\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u30fb\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306e\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/h3>\n<p>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u3068\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u3044\u305a\u308c\u3082<strong>\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u4ee5\u4e0b<\/strong>\u3067\u3059\u3002\u91d1\u5229\u4f4e\u4e0b\u6642\u306f\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u77ed\u304f\u306a\u308a\u3001\u91d1\u5229\u4e0a\u6607\u6642\u306f\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306e\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u304c\u77ed\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5 \u2264 \u30b9\u30c8\u30ec\u30fc\u30c8\u50b5<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5 \u2264 \u30b9\u30c8\u30ec\u30fc\u30c8\u50b5<\/li>\n<li>\u4f4e\u91d1\u5229\uff1a\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306f\u30b3\u30fc\u30eb\u4fa1\u683c\u4ed8\u8fd1\u3067\u982d\u6253\u3061<\/li>\n<li>\u9ad8\u91d1\u5229\uff1a\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306f\u30d7\u30c3\u30c8\u4fa1\u683c\u4ed8\u8fd1\u3067\u4e0b\u3052\u6b62\u307e\u308a<\/li>\n<li>\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u50b5\u306f\u6e80\u671f\u306b\u307b\u307c\u7b49\u3057\u3044\u3001\u5909\u52d5\u5229\u4ed8\u50b5\u306f\u5c0f\u3055\u3044<\/li>\n<\/ul>\n<h3>LOS 11\uff1a\u7247\u5074\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/h3>\n<p><strong>\u7247\u5074\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong>\u306f\u91d1\u5229\u4e0a\u6607\u6642\u3068\u4f4e\u4e0b\u6642\u306e\u611f\u5fdc\u5ea6\u3092\u5225\u3005\u306b\u6e2c\u308b\u3082\u306e\u3067\u3001\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306f<strong>\u91d1\u5229\u4e0a\u6607<\/strong>\u306b\u3001\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306f<strong>\u91d1\u5229\u4f4e\u4e0b<\/strong>\u306b\u5bfe\u3057\u3066\u611f\u5fdc\u5ea6\u304c\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<strong>\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/strong>\u306f\u7279\u5b9a\u5e74\u9650\u306e\u91d1\u5229\u5909\u5316\u3078\u306e\u611f\u5fdc\u5ea6\u3067\u3001\u30ab\u30fc\u30d6\u306e\u5f62\u72b6\u5909\u5316\u306e\u30ea\u30b9\u30af\u3092\u6e2c\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\uff1a\u4e0a\u6607\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff1e\u4e0b\u843d\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\uff1a\u4e0b\u843d\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\uff1e\u4e0a\u6607\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/li>\n<li>\u30ad\u30fc\u30fb\u30ec\u30fc\u30c8\u30fb\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u5408\u8a08\u2248\u5b9f\u52b9\u30c7\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u3067\u306f\u6e80\u671f\u4ee5\u5916\u306e\u5e74\u9650\u306b\u3082\u611f\u5fdc<\/li>\n<\/ul>\n<h3>LOS 12\uff1a\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u306e\u6bd4\u8f03<\/h3>\n<p>\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306f\u6b63\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3092\u6301\u3061\u307e\u3059\u3002\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\u306f\u91d1\u5229\u304c\u4f4e\u304f<strong>\u30b3\u30fc\u30eb\u304c\u884c\u4f7f\u3055\u308c\u3084\u3059\u3044\u9818\u57df\u3067\u8ca0\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/strong>\u3092\u793a\u3057\u3001\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\u306f\u91d1\u5229\u304c\u9ad8\u3044\u9818\u57df\u3067\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u3088\u308a\u5927\u304d\u306a\u6b63\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\uff1a\u6b63\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/li>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u50b5\uff1a\u4f4e\u91d1\u5229\u3067\u8ca0\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\u50b5\uff1a\u9ad8\u91d1\u5229\u3067\u5927\u304d\u306a\u6b63\u306e\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3<\/li>\n<li>\u6295\u8cc7\u5bb6\u304c\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u6301\u3064\u3068\u6b63\u3001\u58f2\u308b\u3068\u8ca0<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5b9f\u52b9\u30b3\u30f3\u30d9\u30af\u30b7\u30c6\u30a3 \uff1d\uff08PV\u208b \uff0b PV\u208a \u2212 2 \u00d7 PV\u2080\uff09\u00f7\uff3b\uff08\u0394\u30ab\u30fc\u30d6\uff09\u00b2 \u00d7 PV\u2080\uff3d<\/div>\n<h3>LOS 13\uff1a\u30ad\u30e3\u30c3\u30d7\u4ed8\u304d\u30fb\u30d5\u30ed\u30a2\u4ed8\u304d\u5909\u52d5\u5229\u4ed8\u50b5\u306e\u8a55\u4fa1<\/h3>\n<p><strong>\u30ad\u30e3\u30c3\u30d7\u4ed8\u304d\u5909\u52d5\u5229\u4ed8\u50b5<\/strong>\u3067\u306f\u30af\u30fc\u30dd\u30f3\u306b\u4e0a\u9650\u304c\u3042\u308a\u3001\u6295\u8cc7\u5bb6\u306f\u767a\u884c\u4f53\u306b\u30ad\u30e3\u30c3\u30d7\u3092\u58f2\u3063\u3066\u3044\u307e\u3059\u3002<strong>\u30d5\u30ed\u30a2\u4ed8\u304d\u5909\u52d5\u5229\u4ed8\u50b5<\/strong>\u3067\u306f\u30af\u30fc\u30dd\u30f3\u306b\u4e0b\u9650\u304c\u3042\u308a\u3001\u6295\u8cc7\u5bb6\u304c\u30d5\u30ed\u30a2\u3092\u6301\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ad\u30e3\u30c3\u30d7\u4ed8\u304d \uff1d \u30b9\u30c8\u30ec\u30fc\u30c8\u5909\u52d5\u5229\u4ed8\u50b5 \u2212 \u30ad\u30e3\u30c3\u30d7<\/li>\n<li>\u30d5\u30ed\u30a2\u4ed8\u304d \uff1d \u30b9\u30c8\u30ec\u30fc\u30c8\u5909\u52d5\u5229\u4ed8\u50b5 \uff0b \u30d5\u30ed\u30a2<\/li>\n<li>\u30c4\u30ea\u30fc\u306e\u5404\u30ce\u30fc\u30c9\u3067\u30af\u30fc\u30dd\u30f3\u306b\u4e0a\u9650\u30fb\u4e0b\u9650\u3092\u9069\u7528<\/li>\n<li>\u30af\u30fc\u30dd\u30f3\u306f\u671f\u521d\u306e\u91d1\u5229\u3067\u6c7a\u307e\u308a\u671f\u672b\u306b\u652f\u6255\uff08\u5f8c\u6255\u3044\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V_\u30ad\u30e3\u30c3\u30d7\u4ed8\u304d \uff1d V_\u30b9\u30c8\u30ec\u30fc\u30c8\u5909\u52d5\u5229\u4ed8\u50b5 \u2212 V_\u30ad\u30e3\u30c3\u30d7<\/div>\n<h3>LOS 14\uff1a\u8ee2\u63db\u793e\u50b5\u306e\u7279\u5fb4<\/h3>\n<p><strong>\u8ee2\u63db\u793e\u50b5<\/strong>\u306f\u3001\u6295\u8cc7\u5bb6\u304c\u6240\u5b9a\u306e<strong>\u8ee2\u63db\u6bd4\u7387<\/strong>\u3067\u767a\u884c\u4f53\u306e\u666e\u901a\u682a\u306b\u8ee2\u63db\u3067\u304d\u308b\u50b5\u5238\u3067\u3059\u3002\u8ee2\u63db\u4fa1\u683c\u3001\u8ee2\u63db\u671f\u9593\u3001\u767a\u884c\u4f53\u306e\u30b3\u30fc\u30eb\u6761\u9805\u3001\u6295\u8cc7\u5bb6\u306e\u30d7\u30c3\u30c8\u6761\u9805\u306a\u3069\u304c\u6761\u4ef6\u3068\u3057\u3066\u5b9a\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8ee2\u63db\u6bd4\u7387\uff1a\u50b5\u52381\u5358\u4f4d\u3067\u53d7\u3051\u53d6\u308b\u682a\u5f0f\u6570<\/li>\n<li>\u8ee2\u63db\u4fa1\u683c \uff1d \u984d\u9762 \u00f7 \u8ee2\u63db\u6bd4\u7387<\/li>\n<li>\u767a\u884c\u4f53\u306e\u30b3\u30fc\u30eb\u6761\u9805\u306b\u3088\u308b\u5f37\u5236\u8ee2\u63db<\/li>\n<li>\u6295\u8cc7\u5bb6\u306e\u30d7\u30c3\u30c8\u6761\u9805<\/li>\n<li>\u30ef\u30e9\u30f3\u30c8\u50b5\u3068\u306e\u9055\u3044\uff08\u30ef\u30e9\u30f3\u30c8\u306f\u5206\u96e2\u3057\u3066\u53d6\u5f15\u53ef\u80fd\uff09<\/li>\n<\/ul>\n<h3>LOS 15\uff1a\u8ee2\u63db\u793e\u50b5\u306e\u4fa1\u5024\u306e\u69cb\u6210\u8981\u7d20<\/h3>\n<p><strong>\u8ee2\u63db\u4fa1\u5024<\/strong>\u306f\u682a\u4fa1\u00d7\u8ee2\u63db\u6bd4\u7387\u3001\u8ee2\u63db\u793e\u50b5\u306e<strong>\u6700\u4f4e\u4fa1\u5024<\/strong>\u306f\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306e\u4fa1\u5024\u3068\u8ee2\u63db\u4fa1\u5024\u306e\u5927\u304d\u3044\u65b9\u3067\u3059\u3002\u5e02\u5834\u8ee2\u63db\u4fa1\u683c\u3084\u5e02\u5834\u8ee2\u63db\u30d7\u30ec\u30df\u30a2\u30e0\u3067\u5272\u9ad8\u5ea6\u3092\u6e2c\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8ee2\u63db\u4fa1\u5024 \uff1d \u682a\u4fa1 \u00d7 \u8ee2\u63db\u6bd4\u7387<\/li>\n<li>\u6700\u4f4e\u4fa1\u5024 \uff1d max\uff08\u30b9\u30c8\u30ec\u30fc\u30c8\u4fa1\u5024, \u8ee2\u63db\u4fa1\u5024\uff09<\/li>\n<li>\u5e02\u5834\u8ee2\u63db\u4fa1\u683c \uff1d \u8ee2\u63db\u793e\u50b5\u4fa1\u683c \u00f7 \u8ee2\u63db\u6bd4\u7387<\/li>\n<li>\u5e02\u5834\u8ee2\u63db\u30d7\u30ec\u30df\u30a2\u30e0\uff081\u682a\u5f53\u305f\u308a\uff09\uff1d \u5e02\u5834\u8ee2\u63db\u4fa1\u683c \u2212 \u682a\u4fa1<\/li>\n<li>\u30b9\u30c8\u30ec\u30fc\u30c8\u4fa1\u5024\u306b\u5bfe\u3059\u308b\u30d7\u30ec\u30df\u30a2\u30e0 \uff1d \u8ee2\u63db\u793e\u50b5\u4fa1\u683c \u00f7 \u30b9\u30c8\u30ec\u30fc\u30c8\u4fa1\u5024 \u2212 1<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u5e02\u5834\u8ee2\u63db\u30d7\u30ec\u30df\u30a2\u30e0\u6bd4\u7387 \uff1d\uff08\u5e02\u5834\u8ee2\u63db\u4fa1\u683c \u2212 \u682a\u4fa1\uff09\u00f7 \u682a\u4fa1<\/div>\n<h3>LOS 16\uff1a\u7121\u88c1\u5b9a\u306e\u67a0\u7d44\u307f\u306b\u3088\u308b\u8ee2\u63db\u793e\u50b5\u306e\u8a55\u4fa1<\/h3>\n<p>\u8ee2\u63db\u793e\u50b5\u306f\u3001\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306b\u682a\u5f0f\u3078\u306e\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u52a0\u3048\u3001\u767a\u884c\u4f53\u306e\u30b3\u30fc\u30eb\u3092\u5dee\u3057\u5f15\u304d\u3001\u6295\u8cc7\u5bb6\u306e\u30d7\u30c3\u30c8\u3092\u52a0\u3048\u305f\u3082\u306e\u3068\u3057\u3066\u8a55\u4fa1\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u8ee2\u63db\u793e\u50b5 \uff1d \u30b9\u30c8\u30ec\u30fc\u30c8\u50b5 \uff0b \u682a\u5f0f\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/li>\n<li>\u30b3\u30fc\u30e9\u30d6\u30eb\u8ee2\u63db\u793e\u50b5\uff1a\u2212 \u767a\u884c\u4f53\u306e\u30b3\u30fc\u30eb<\/li>\n<li>\u30d7\u30c3\u30bf\u30d6\u30eb\u8ee2\u63db\u793e\u50b5\uff1a\uff0b \u6295\u8cc7\u5bb6\u306e\u30d7\u30c3\u30c8<\/li>\n<li>\u682a\u4fa1\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u2191\u3067\u8ee2\u63db\u793e\u50b5\u306e\u4fa1\u5024\u2191<\/li>\n<li>\u91d1\u5229\u30c4\u30ea\u30fc\u3068\u682a\u4fa1\u30c4\u30ea\u30fc\u306e\u4e21\u65b9\u304c\u95a2\u4fc2<\/li>\n<\/ul>\n<div class=\"cfalm-f\">V_\u30b3\u30fc\u30e9\u30d6\u30eb\u30fb\u30d7\u30c3\u30bf\u30d6\u30eb\u8ee2\u63db\u793e\u50b5 \uff1d V_\u30b9\u30c8\u30ec\u30fc\u30c8 \uff0b V_\u682a\u5f0f\u30b3\u30fc\u30eb \u2212 V_\u767a\u884c\u4f53\u30b3\u30fc\u30eb \uff0b V_\u6295\u8cc7\u5bb6\u30d7\u30c3\u30c8<\/div>\n<h3>LOS 17\uff1a\u8ee2\u63db\u793e\u50b5\u306e\u30ea\u30b9\u30af\u30fb\u30ea\u30bf\u30fc\u30f3\u7279\u6027<\/h3>\n<p>\u682a\u4fa1\u304c\u4f4e\u3044\u5834\u5408\u3001\u8ee2\u63db\u793e\u50b5\u306f<strong>\u50b5\u5238\u7684<\/strong>\uff08\u30d0\u30b9\u30c6\u30c3\u30c9\u30fb\u30b3\u30f3\u30d0\u30fc\u30c6\u30a3\u30d6\u30eb\uff09\u306b\u632f\u308b\u821e\u3044\u3001\u682a\u4fa1\u304c\u9ad8\u3044\u5834\u5408\u306f<strong>\u682a\u5f0f\u7684<\/strong>\u306b\u632f\u308b\u821e\u3044\u307e\u3059\u3002\u305d\u306e\u4e2d\u9593\u3067\u306f\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u306e\u6027\u8cea\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u682a\u4fa1\u4f4e\u8ff7\uff1a\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u306b\u8fd1\u3044\u5024\u52d5\u304d\u3001\u4fe1\u7528\u30ea\u30b9\u30af\u304c\u91cd\u8981<\/li>\n<li>\u682a\u4fa1\u4e0a\u6607\uff1a\u682a\u4fa1\u306b\u9023\u52d5\u3001\u4e0b\u5024\u306f\u30b9\u30c8\u30ec\u30fc\u30c8\u4fa1\u5024\u3067\u9650\u5b9a<\/li>\n<li>\u4e2d\u9593\uff1a\u50b5\u5238\u3068\u682a\u5f0f\u306e\u4e21\u65b9\u306e\u5f71\u97ff<\/li>\n<li>\u682a\u5f0f\u3088\u308a\u4e0b\u65b9\u30ea\u30b9\u30af\u304c\u5c0f\u3055\u304f\u3001\u30b9\u30c8\u30ec\u30fc\u30c8\u50b5\u3088\u308a\u4e0a\u65b9\u4f59\u5730\u304c\u5927\u304d\u3044<\/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-fi-lm2\/\">LM2 The Arbitrage-Free Valuation Framework\uff08\u7121\u88c1\u5b9a\u8a55\u4fa1\u306e\u67a0\u7d44\u307f\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-fi-lm4\/\">LM4 Credit Analysis Models\uff08\u4fe1\u7528\u5206\u6790\u30e2\u30c7\u30eb\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-fi\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Fixed Income\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Fixed Income LM3\u300cValuation and Analysis of Bonds with Embedded Options\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u4ed8\u304d\u50b5\u5238\u306e\u8a55\u4fa1\u3068\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":11191,"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-10845","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\/10845","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=10845"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10845\/revisions"}],"predecessor-version":[{"id":11358,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10845\/revisions\/11358"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11191"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}