{"id":11283,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm9\/"},"modified":"2026-09-22T07:44:17","modified_gmt":"2026-09-21T22:44:17","slug":"cfa-l1-equity-lm9","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm9\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Equities LM9\u3011Industry and Competitive Analysis \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u696d\u7a2e\u5206\u985e\u30fb\u696d\u754c\u898f\u6a21\u30fb\u30dd\u30fc\u30bf\u30fc\u306e5\u3064\u306e\u529b\u30fbPESTLE\u5206\u6790"},"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 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0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 9\u300cIndustry and Competitive Analysis\uff08\u696d\u754c\u5206\u6790\u3068\u7af6\u4e89\u5206\u6790\uff09\u300d\u306f\u3001\u696d\u754c\u5206\u6790\u30fb\u7af6\u4e89\u5206\u6790\u306e\u30d7\u30ed\u30bb\u30b9\u3001\u696d\u7a2e\u5206\u985e\u306e\u65b9\u6cd5\u3068\u4f01\u696d\u306e\u30b0\u30eb\u30fc\u30d7\u5316\u306e\u624b\u6cd5\u3001\u696d\u754c\u306e\u898f\u6a21\u30fb\u6210\u9577\u6027\u30fb\u53ce\u76ca\u6027\u30fb\u5e02\u5834\u30b7\u30a7\u30a2\u306e\u628a\u63e1\u3001\u305d\u3057\u3066\u30dd\u30fc\u30bf\u30fc\u306e5\u3064\u306e\u529b\u3068PESTLE\u5206\u6790\u306b\u3088\u308b\u696d\u754c\u69cb\u9020\u3068\u5916\u90e8\u8981\u56e0\u306e\u5206\u6790\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM9\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\u3002LM9\u306b\u306f4\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u696d\u754c\u5206\u6790\u3068\u7af6\u4e89\u5206\u6790\u306e\u30d7\u30ed\u30bb\u30b9\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the process of industry and competitive analysis<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u696d\u7a2e\u5206\u985e\u306e\u65b9\u6cd5\u3092\u8aac\u660e\u3057\u3001\u4f01\u696d\u3092\u30b0\u30eb\u30fc\u30d7\u5316\u3059\u308b\u65b9\u6cd5\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">describe industry classification methods and compare methods by which companies can be grouped<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u696d\u754c\u306e\u898f\u6a21\u3001\u6210\u9577\u7279\u6027\u3001\u53ce\u76ca\u6027\u3001\u5e02\u5834\u30b7\u30a7\u30a2\u306e\u63a8\u79fb\u3092\u5224\u65ad\u3059\u308b<\/span><span class=\"en\">determine an industry\u2019s size, growth characteristics, profitability, and market share trends<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30dd\u30fc\u30bf\u30fc\u306e5\u3064\u306e\u529b\u3068PESTLE\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u3092\u7528\u3044\u3066\u3001\u696d\u754c\u306e\u69cb\u9020\u3068\u5916\u90e8\u304b\u3089\u306e\u5f71\u97ff\u3092\u5206\u6790\u3059\u308b<\/span><span class=\"en\">analyze an industry\u2019s structure and external influences using Porter\u2019s Five Forces and the PESTLE framework<\/span><\/li>\n<\/ol>\n<h2>LM9\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>\u696d\u754c\u30fb\u7af6\u4e89\u5206\u6790\u306f\u3001\u4f3c\u305f\u88fd\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u3092\u9867\u5ba2\u306b\u63d0\u4f9b\u3059\u308b\u4f01\u696d\u7fa4\u306b\u5f71\u97ff\u3059\u308b\u4fa1\u5024\u30c9\u30e9\u30a4\u30d0\u30fc\u3001\u7af6\u4e89\u8981\u56e0\u3001\u5916\u90e8\u8981\u56e0\u3092\u5b9a\u7fa9\u30fb\u7279\u5b9a\u3059\u308b\u305f\u3081\u306b\u884c\u3046<\/li>\n<li>\u6700\u521d\u306e\u30b9\u30c6\u30c3\u30d7\u306f\u3001\u7b2c\u4e09\u8005\u306e\u696d\u7a2e\u5206\u985e\u3084\u5730\u57df\u306a\u3069\u306e\u57fa\u6e96\u3092\u7528\u3044\u3066\u696d\u754c\u3068\u305d\u306e\u69cb\u6210\u4f01\u696d\u3092\u5206\u985e\u3059\u308b\u3053\u3068<\/li>\n<li>\u696d\u754c\u306e\u7bc4\u56f2\u304c\u6c7a\u307e\u3063\u305f\u3089\u3001\u5168\u4f53\u306e\u898f\u6a21\u30fb\u6210\u9577\u6027\u30fb\u53ce\u76ca\u6027\u3068\u7af6\u4e89\u72b6\u6cc1\u3092\u8abf\u3079\u308b\u696d\u754c\u8abf\u67fb\u304c\u4ee5\u5f8c\u306e\u8a55\u4fa1\u306e\u571f\u53f0\u3068\u306a\u308b\u3002\u7d4c\u6e08\u306e\u30c8\u30ec\u30f3\u30c9\u3068\u6bd4\u3079\u3066\u3001\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u4e0a\u306e\u6bb5\u968e\u3001\u666f\u6c17\u611f\u5fdc\u5ea6\u3001\u4e3b\u8981\u4f01\u696d\u306e\u5e02\u5834\u30b7\u30a7\u30a2\u3068\u63a8\u79fb\u3092\u542b\u3080\u7af6\u4e89\u306e\u6fc0\u3057\u3055\u3092\u5224\u65ad\u3059\u308b<\/li>\n<li>\u30dd\u30fc\u30bf\u30fc\u306e5\u3064\u306e\u529b\u306f\u3001\u7af6\u4e89\u306e\u6fc0\u3057\u3055\u3067\u5b9a\u7fa9\u3055\u308c\u308b\u696d\u754c\u69cb\u9020\u3092\u5206\u6790\u3059\u308b\u67a0\u7d44\u307f\u3067\u3001\u65b0\u898f\u53c2\u5165\u306e\u8105\u5a01\u3001\u4ee3\u66ff\u54c1\u306e\u8105\u5a01\u3001\u8cb7\u3044\u624b\u306e\u4ea4\u6e09\u529b\u3001\u58f2\u308a\u624b\u306e\u4ea4\u6e09\u529b\u3001\u65e2\u5b58\u4f01\u696d\u9593\u306e\u7af6\u4e89\u306e5\u3064\u304b\u3089\u6210\u308b<\/li>\n<li>\u3053\u308c\u3089\u306e\u529b\u306f\u7d4c\u6e08\u7684\u306a\u5800\u306e\u5e83\u3055\u3067\u8a55\u4fa1\u3067\u304d\u3001\u5800\u306f\u7121\u5f62\u8cc7\u7523\u3001\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30fb\u30b3\u30b9\u30c8\u3001\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u52b9\u679c\u3001\u30b3\u30b9\u30c8\u512a\u4f4d\u3001\u52b9\u7387\u7684\u306a\u898f\u6a21\u306b\u5de6\u53f3\u3055\u308c\u308b<\/li>\n<li>PESTLE\u5206\u6790\u306f\u3001\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u793e\u4f1a\u30fb\u6280\u8853\u30fb\u6cd5\u5f8b\u30fb\u74b0\u5883\u306e\u8981\u56e0\u304c\u696d\u754c\u306e\u6210\u9577\u7387\u3084\u5e02\u5834\u30b7\u30a7\u30a2\u306e\u52d5\u304d\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8a55\u4fa1\u3059\u308b<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u696d\u754c\u30fb\u7af6\u4e89\u5206\u6790\u306e\u30d7\u30ed\u30bb\u30b9<\/h3>\n<p>\u696d\u754c\u30fb\u7af6\u4e89\u5206\u6790\u306f\u3001\u8a55\u4fa1\u30e2\u30c7\u30eb\u306e\u6570\u5024\u30a4\u30f3\u30d7\u30c3\u30c8\u3092\u88cf\u4ed8\u3051\u3001\u305d\u308c\u3068\u6574\u5408\u7684\u306a\u8a55\u4fa1\u306e\u30b9\u30c8\u30fc\u30ea\u30fc\u3092\u4f5c\u308b\u305f\u3081\u306e\u80cc\u666f\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\u30d7\u30ed\u30bb\u30b9\u306f<strong>\u2460\u696d\u754c\u306e\u5b9a\u7fa9 \u2192 \u2461\u696d\u754c\u306e\u8abf\u67fb \u2192 \u2462\u696d\u754c\u69cb\u9020\u306e\u8a55\u4fa1\uff085\u3064\u306e\u529b\uff09 \u2192 \u2463\u5916\u90e8\u8981\u56e0\u306e\u8a55\u4fa1\uff08PESTLE\uff09 \u2192 \u2464\u7af6\u4e89\u6226\u7565\u306e\u8a55\u4fa1<\/strong>\u306e5\u6bb5\u968e\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u696d\u754c\u306e\u5b9a\u7fa9\uff1a\u7b2c\u4e09\u8005\u306e\u696d\u7a2e\u5206\u985e\u306a\u3069\u3067\u7bc4\u56f2\u3092\u78ba\u5b9a<\/li>\n<li>\u696d\u754c\u306e\u8abf\u67fb\uff1a\u898f\u6a21\u30fb\u6210\u9577\u6027\u30fb\u53ce\u76ca\u6027\u306e\u30c7\u30fc\u30bf\u53ce\u96c6\u3068\u69cb\u6210\u4f01\u696d\u306e\u628a\u63e1<\/li>\n<li>\u696d\u754c\u69cb\u9020\uff1a\u30dd\u30fc\u30bf\u30fc\u306e5\u3064\u306e\u529b\u3067\u7af6\u4e89\u306e\u6fc0\u3057\u3055\u3068\u53ce\u76ca\u6027\u3078\u306e\u5f71\u97ff\u3092\u8a55\u4fa1<\/li>\n<li>\u5916\u90e8\u8981\u56e0\uff1a\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u793e\u4f1a\u30fb\u6280\u8853\u30fb\u6cd5\u5f8b\u30fb\u74b0\u5883\u306e\u5f71\u97ff<\/li>\n<li>\u7af6\u4e89\u6226\u7565\uff1a\u500b\u5225\u4f01\u696d\u306e\u6226\u7565\u3068\u7af6\u4e89\u512a\u4f4d\u3092\u696d\u754c\u306e\u6587\u8108\u3067\u8a55\u4fa1\uff08\u4f01\u696d\u5206\u6790\u3078\u3064\u306a\u304c\u308b\uff09<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u696d\u7a2e\u5206\u985e\u3068\u30b0\u30eb\u30fc\u30d7\u5316\u306e\u624b\u6cd5<\/h3>\n<p>\u7b2c\u4e09\u8005\u306e\u696d\u7a2e\u5206\u985e\uff08<strong>GICS<\/strong>\u3001<strong>ICB<\/strong>\u3001<strong>TRBC<\/strong>\u306a\u3069\uff09\u306f\u3001\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u306e\u985e\u4f3c\u6027\u3067\u4f01\u696d\u3092\u307e\u3068\u3081\u308b\u968e\u5c64\u578b\u306e\u5206\u985e\u3067\u3001\u5404\u4f01\u696d\u3092\u6700\u4e0b\u5c64\u306e1\u3064\u306e\u30b0\u30eb\u30fc\u30d7\u306b\u5272\u308a\u5f53\u3066\u307e\u3059\u3002\u307b\u304b\u306b<strong>\u5730\u57df<\/strong>\u3084<strong>\u666f\u6c17\u611f\u5fdc\u5ea6<\/strong>\u3067\u4f01\u696d\u3092\u30b0\u30eb\u30fc\u30d7\u5316\u3059\u308b\u65b9\u6cd5\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>GICS\uff08MSCI\u3001S&#038;P\u30c0\u30a6\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba\u30fb\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\uff09\u3001ICB\uff08FTSE\u30e9\u30c3\u30bb\u30eb\uff09\u3001TRBC\uff08\u30ea\u30d5\u30a3\u30cb\u30c6\u30a3\u30d6\u3001\u975e\u4e0a\u5834\u4f01\u696d\u306a\u3069\u3082\u5bfe\u8c61\uff09\u3002\u56fd\u30fb\u5730\u57df\u5358\u4f4d\u3067\u306fNAICS\u3001NACE<\/li>\n<li>\u9650\u754c\uff1a\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u306e\u9055\u3044\u3084\u4ee3\u66ff\u54c1\u3001\u8907\u6570\u696d\u7a2e\u306b\u307e\u305f\u304c\u308b\u4f01\u696d\uff08\u6700\u5927\u306e\u58f2\u4e0a\u306e\u696d\u7a2e\u306b\u5206\u985e\uff09\u3001\u5730\u57df\u306b\u3088\u308b\u9055\u3044\u3001\u5206\u985e\u5909\u66f4\u306b\u3088\u308b\u6bd4\u8f03\u53ef\u80fd\u6027\u306e\u4f4e\u4e0b<\/li>\n<li>\u5730\u57df\uff1a\u8a2d\u7acb\u56fd\u30fb\u4e3b\u8981\u4e0a\u5834\u56fd\u30fb\u672c\u793e\u6240\u5728\u5730\u3067\u5206\u985e\u3002\u540c\u3058\u56fd\u306e\u4f01\u696d\u306f\u653f\u7b56\u3084\u7d4c\u6e08\u6761\u4ef6\u306a\u3069\u5171\u901a\u306e\u4fa1\u5024\u30c9\u30e9\u30a4\u30d0\u30fc\u3092\u6301\u3061\u3084\u3059\u3044\u304c\u3001\u58f2\u4e0a\u3084\u8cc7\u7523\u306e\u6240\u5728\u306f\u8003\u616e\u3055\u308c\u306a\u3044<\/li>\n<li>\u666f\u6c17\u5faa\u74b0\u578b\uff08\u91d1\u878d\u3001\u7d20\u6750\u3001\u4e00\u822c\u6d88\u8cbb\u8ca1\u3001\u8cc7\u672c\u8ca1\u306a\u3069\uff09\uff1a\u666f\u6c17\u306b\u3088\u308b\u58f2\u4e0a\u30fb\u5229\u76ca\u306e\u5909\u52d5\u304c\u5927\u304d\u3044<\/li>\n<li>\u30c7\u30a3\u30d5\u30a7\u30f3\u30b7\u30d6\uff08\u751f\u6d3b\u5fc5\u9700\u54c1\u3001\u30d8\u30eb\u30b9\u30b1\u30a2\u3001\u516c\u76ca\uff09\uff1a\u9700\u8981\u304c\u975e\u5f3e\u529b\u7684\u3067\u5909\u52d5\u304c\u5c0f\u3055\u3044<\/li>\n<li>\u6210\u9577\u4f01\u696d\uff1a\u666f\u6c17\u3068\u95a2\u4fc2\u306a\u304f\u58f2\u4e0a\u304c\u6025\u6210\u9577\u3002\u8ad6\u70b9\u306f\u9ad8\u6210\u9577\u306e\u6301\u7d9a\u671f\u9593\u3068\u6210\u719f\u6642\u306e\u53ce\u76ca\u6027<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u696d\u754c\u306e\u898f\u6a21\u30fb\u6210\u9577\u6027\u30fb\u53ce\u76ca\u6027\u30fb\u5e02\u5834\u30b7\u30a7\u30a2<\/h3>\n<p>\u696d\u754c\u8abf\u67fb\u3067\u306f\u3001<strong>\u696d\u754c\u898f\u6a21<\/strong>\u3092\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\uff08\u696d\u754c\u5168\u4f53\u306e\u58f2\u4e0a\u7d71\u8a08\uff09\u307e\u305f\u306f\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\uff08\u53c2\u52a0\u4f01\u696d\u306e\u8a72\u5f53\u58f2\u4e0a\u306e\u5408\u8a08\uff09\u3067\u63a8\u5b9a\u3057\u3001\u6210\u9577\u6027\u3092\u7d4c\u6e08\u5168\u4f53\u3068\u6bd4\u3079\u3001\u53ce\u76ca\u6027\u3092<strong>\u55b6\u696d\u5229\u76ca\u7387<\/strong>\u3084<strong>ROIC<\/strong>\u3067\u6e2c\u308a\u3001<strong>\u5e02\u5834\u30b7\u30a7\u30a2<\/strong>\u3068\u96c6\u4e2d\u5ea6\u306e\u63a8\u79fb\u3092\u628a\u63e1\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30c8\u30c3\u30d7\u30c0\u30a6\u30f3\uff1a\u653f\u5e9c\u7d71\u8a08\u3084\u8abf\u67fb\u4f1a\u793e\u306e\u30c7\u30fc\u30bf\u3002\u975e\u4e0a\u5834\u4f01\u696d\u3084\u5c0f\u898f\u6a21\u4e8b\u696d\u8005\u304c\u591a\u3044\u696d\u754c\u306b\u9069\u3059\u308b\u304c\u7c92\u5ea6\u304c\u7c97\u3044\u5834\u5408\u304c\u3042\u308b<\/li>\n<li>\u30dc\u30c8\u30e0\u30a2\u30c3\u30d7\uff1a\u5927\u624b\u4e0a\u5834\u4f01\u696d\u4e2d\u5fc3\u306e\u696d\u754c\u3067\u76f4\u63a5\u6e2c\u5b9a\u53ef\u80fd\u3002\u8907\u6570\u696d\u7a2e\u306e\u4f01\u696d\u306f\u8a72\u5f53\u30bb\u30b0\u30e1\u30f3\u30c8\u306e\u58f2\u4e0a\u3060\u3051\u3092\u7b97\u5165<\/li>\n<li>\u6210\u719f\u696d\u754c\u306f\u7d4c\u6e08\u6210\u9577\u7387\u4e26\u307f\u304b\u305d\u308c\u4ee5\u4e0b\u3001\u6210\u9577\u696d\u754c\u306f\u7d4c\u6e08\u3092\u4e0a\u56de\u308a\u666f\u6c17\u306e\u5f71\u97ff\u3092\u53d7\u3051\u306b\u304f\u3044<\/li>\n<li>ROIC \uff1d NOPAT \u00f7 \u5e73\u5747\u6295\u4e0b\u8cc7\u672c\u3002ROIC \uff1e WACC \u306a\u3089\u4fa1\u5024\u3092\u5275\u9020<\/li>\n<li>\u5e02\u5834\u30b7\u30a7\u30a2\uff1d\u4f01\u696d\u306e\u58f2\u4e0a\u9ad8 \u00f7 \u696d\u754c\u58f2\u4e0a\u9ad8\uff08\u63a8\u5b9a\u3092\u4f34\u3046\u305f\u3081\u5e45\u3092\u6301\u3063\u3066\u89e3\u91c8\uff09<\/li>\n<li>HHI\uff1d\u5404\u793e\u306e\u5e02\u5834\u30b7\u30a7\u30a2\uff08\u6574\u6570\u8868\u793a\uff09\u306e2\u4e57\u548c\u3001\u72ec\u5360\u306710,000\u3002\u96c6\u4e2d\u5ea6\u304c\u9ad8\u3044\u307b\u3069\u7af6\u4e89\u306f\u7de9\u3084\u304b\u3067\u53ce\u76ca\u6027\u304c\u9ad8\u3044\u50be\u5411<\/li>\n<\/ul>\n<div class=\"cfalm-f\">HHI \uff1d \u03a3 s\u1d62\u00b2\uff08s\u1d62\uff1a\u5404\u793e\u306e\u5e02\u5834\u30b7\u30a7\u30a2\u3092%\u306e\u6574\u6570\u3067\u8868\u793a\uff09<\/div>\n<h3>LOS 4\uff1a\u30dd\u30fc\u30bf\u30fc\u306e5\u3064\u306e\u529b\u3068PESTLE\u5206\u6790<\/h3>\n<p><strong>\u30dd\u30fc\u30bf\u30fc\u306e5\u3064\u306e\u529b<\/strong>\uff08\u65b0\u898f\u53c2\u5165\u306e\u8105\u5a01\u3001\u4ee3\u66ff\u54c1\u306e\u8105\u5a01\u3001\u8cb7\u3044\u624b\u306e\u4ea4\u6e09\u529b\u3001\u58f2\u308a\u624b\u306e\u4ea4\u6e09\u529b\u3001\u65e2\u5b58\u4f01\u696d\u9593\u306e\u7af6\u4e89\uff09\u304c\u5f37\u3044\u307b\u3069\u3001\u696d\u754c\u306e\u8cc7\u672c\u53ce\u76ca\u7387\u306f\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308a\u306b\u304f\u304f\u306a\u308a\u307e\u3059\u3002<strong>PESTLE\u5206\u6790<\/strong>\u306f\u3001\u653f\u6cbb\u30fb\u7d4c\u6e08\u30fb\u793e\u4f1a\u30fb\u6280\u8853\u30fb\u6cd5\u5f8b\u30fb\u74b0\u5883\u306e\u5916\u90e8\u8981\u56e0\u304c\u696d\u754c\u306e\u6210\u9577\u7387\u3084\u5e02\u5834\u30b7\u30a7\u30a2\u306e\u52d5\u304d\u306b\u4e0e\u3048\u308b\u5f71\u97ff\u3092\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u7d4c\u6e08\u7684\u306a\u5800\uff08economic moat\uff09\uff1a\u5e83\u3044\u307b\u3069\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308b\u53ce\u76ca\u6027\u3092\u9577\u304f\u7dad\u6301\u3067\u304d\u308b<\/li>\n<li>\u5800\u306e\u6e90\u6cc9\uff1a\u7121\u5f62\u8cc7\u7523\u3001\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30fb\u30b3\u30b9\u30c8\u3001\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u52b9\u679c\u3001\u30b3\u30b9\u30c8\u512a\u4f4d\u3001\u52b9\u7387\u7684\u306a\u898f\u6a21<\/li>\n<li>\u7121\u5f62\u8cc7\u7523\u3001\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u52b9\u679c\u3001\u30b9\u30a4\u30c3\u30c1\u30f3\u30b0\u30fb\u30b3\u30b9\u30c8\u304c\u5927\u304d\u3044\u307b\u3069\u65b0\u898f\u53c2\u5165\u306e\u8105\u5a01\u306f\u5c0f\u3055\u3044<\/li>\n<li>\u58f2\u308a\u624b\u30fb\u8cb7\u3044\u624b\u306e\u4ea4\u6e09\u529b\u304c\u5f37\u3044\u696d\u754c\u3067\u306f\u3001\u751f\u7523\u30fb\u4f9b\u7d66\u306e\u524d\u5f8c\u306e\u6bb5\u968e\u306b\u4e8b\u696d\u3092\u5e83\u3052\u308b\u5782\u76f4\u7d71\u5408\u304c\u5bfe\u6297\u7b56\u3068\u306a\u308b<\/li>\n<li>\u6280\u8853\u8981\u56e0\uff1a\u6301\u7d9a\u7684\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306f\u65e2\u5b58\u88fd\u54c1\u306e\u6f38\u9032\u7684\u6539\u5584\u3001\u7834\u58ca\u7684\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u306f\u65b0\u5e02\u5834\u3092\u751f\u307f\u65e2\u5b58\u5e02\u5834\u3092\u518d\u5b9a\u7fa9<\/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\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \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-l1-equity-lm8\/\">LM8 Financial Statement Forecasting in Equity Valuation\uff08\u682a\u5f0f\u8a55\u4fa1\u306b\u304a\u3051\u308b\u8ca1\u52d9\u8af8\u8868\u4e88\u6e2c\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm10\/\">LM10 Company Analysis: Past, Present, and Future\uff08\u4f01\u696d\u5206\u6790\uff1a\u904e\u53bb\u30fb\u73fe\u5728\u30fb\u5c06\u6765\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-equity\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Equities\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Equities LM9\u300cIndustry and Competitive Analysis\uff08\u696d\u754c\u5206\u6790\u3068\u7af6\u4e89\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":11284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[98],"tags":[],"class_list":["post-11283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level1-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11283","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=11283"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11283\/revisions"}],"predecessor-version":[{"id":11317,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11283\/revisions\/11317"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11284"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}