{"id":11293,"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-lm12\/"},"modified":"2026-09-22T07:13:54","modified_gmt":"2026-09-21T22:13:54","slug":"cfa-l1-equity-lm12","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-equity-lm12\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Equities LM12\u3011The Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models \u3092\u8981\u70b9\u89e3\u8aac\uff5cCAPM\u30fb\u30d9\u30fc\u30bf\u30fb\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u30fb\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb"},"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 12\u300cThe Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models\uff08CAPM\u3068\u30d5\u30a1\u30af\u30bf\u30fc\u30e2\u30c7\u30eb\uff09\u300d\u306f\u3001CAPM\u3068\u30de\u30fc\u30b1\u30c3\u30c8\u30e2\u30c7\u30eb\u3092\u7528\u3044\u305f\u682a\u4e3b\u8cc7\u672c\u306e\u8981\u6c42\u53ce\u76ca\u7387\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306e\u63a8\u5b9a\u3001\u30d9\u30fc\u30bf\u3068\u5e02\u5834\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u63a8\u5b9a\u65b9\u6cd5\u3001\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u305d\u3057\u3066\u88c1\u5b9a\u4fa1\u683c\u7406\u8ad6\uff08APT\uff09\u3068\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u91cd\u8981\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>LM12\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\u3002LM12\u306b\u306f2\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u4f01\u696d\u306e\u682a\u4e3b\u8cc7\u672c\u306e\u8981\u6c42\u53ce\u76ca\u7387\u3092\u63a8\u5b9a\u3059\u308b\u305f\u3081\u306eCAPM\u3068\u30de\u30fc\u30b1\u30c3\u30c8\u30e2\u30c7\u30eb\u306e\u4f7f\u7528\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the use of the CAPM and the market model to estimate a company\u2019s required return on equity<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u88c1\u5b9a\u4fa1\u683c\u7406\u8ad6\u3068\u3001\u682a\u5f0f\u6295\u8cc7\u3067\u7528\u3044\u3089\u308c\u308b\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u91cd\u8981\u6027\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe the arbitrage pricing theory and the importance of multi-factor models used in equity investing<\/span><\/li>\n<\/ol>\n<h2>LM12\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>\u671f\u5f85\u53ce\u76ca\u7387\u306e\u30e2\u30c7\u30eb\u306f\u3001\u4f01\u696d\u306e\u682a\u4e3b\u8cc7\u672c\u306e\u8981\u6c42\u53ce\u76ca\u7387\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306e\u63a8\u5b9a\u306b\u4f7f\u3048\u308b<\/li>\n<li>CAPM\u306f\u30b7\u30f3\u30b0\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3067\u3001\u500b\u5225\u682a\u5f0f\u3084\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u671f\u5f85\u53ce\u76ca\u7387\u3092\u3001\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306b\u3001\u5e02\u5834\u306e\u52d5\u304d\u306b\u5bfe\u3059\u308b\u30ea\u30b9\u30af\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u8868\u3059\u30d9\u30fc\u30bf\u3068\u671f\u5f85\u5e02\u5834\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff08MRP\uff09\u306e\u7a4d\u3092\u52a0\u3048\u305f\u3082\u306e\u3068\u3057\u3066\u8aac\u660e\u3059\u308b<\/li>\n<li>\u65b0\u8208\u5e02\u5834\u3067\u306f\u3001MRP\u306b\u30ab\u30f3\u30c8\u30ea\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff08CRP\uff09\u3092\u52a0\u3048\u308b\u3002CRP\u306f\u89b3\u5bdf\u307e\u305f\u306f\u63a8\u5b9a\u3057\u305f\u56fd\u50b5\u306e\u5229\u56de\u308a\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u3001\u305d\u306e\u56fd\u306e\u682a\u5f0f\u5e02\u5834\u3068\u50b5\u5238\u5e02\u5834\u306e\u6a19\u6e96\u504f\u5dee\u306e\u6bd4\u304b\u3089\u6c42\u3081\u308b<\/li>\n<li>\u30d9\u30fc\u30bf\u306e\u63a8\u5b9a\u5024\u3068\u671f\u5f85MRP\u306f\u3044\u305a\u308c\u3082\u7570\u306a\u308b\u65b9\u6cd5\u3067\u63a8\u5b9a\u3067\u304d\u3001\u305d\u308c\u305e\u308c\u306b\u9577\u6240\u3068\u77ed\u6240\u304c\u3042\u308b<\/li>\n<li>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f\u8907\u6570\u306e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u306e\u6e90\u6cc9\u3067\u671f\u5f85\u53ce\u76ca\u7387\u3092\u8aac\u660e\u3057\u3001CAPM\u3068\u540c\u3058\u682a\u5f0f\u5e02\u5834\u30ea\u30b9\u30af\u3092\u30d5\u30a1\u30af\u30bf\u30fc\u306e1\u3064\u3068\u3057\u3066\u542b\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002\u307b\u304b\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u306f\u30de\u30af\u30ed\u7d4c\u6e08\u3084\u4f01\u696d\u306e\u30c7\u30fc\u30bf\u304c\u4f7f\u308f\u308c\u308b<\/li>\n<li>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u304c\u793a\u3059\u500b\u5225\u682a\u5f0f\u306e\u671f\u5f85\u53ce\u76ca\u7387\u306f\u3001\u8ffd\u52a0\u306e\u30ea\u30b9\u30af\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u6b21\u7b2c\u3067\u3001\u30b7\u30f3\u30b0\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u306eCAPM\u3088\u308a\u9ad8\u304f\u3082\u4f4e\u304f\u3082\u306a\u308a\u5f97\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\uff1aCAPM\u3068\u30de\u30fc\u30b1\u30c3\u30c8\u30e2\u30c7\u30eb\u306b\u3088\u308b\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<\/h3>\n<p><strong>CAPM<\/strong>\u3067\u306f\u3001\u671f\u5f85\u53ce\u76ca\u7387\uff1d\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\uff0b\u30d9\u30fc\u30bf\u00d7\u5e02\u5834\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff08MRP\uff09\u3067\u3001\u3053\u308c\u304c\u682a\u4e3b\u8cc7\u672c\u306e\u8981\u6c42\u53ce\u76ca\u7387\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u306b\u306a\u308a\u307e\u3059\u3002\u30d9\u30fc\u30bf\u306f\u56de\u5e30\u5206\u6790\u3067\u63a8\u5b9a\u3057\u3001\u5b9f\u52d9\u3067\u306f\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u3067\u306f\u306a\u304f\u9298\u67c4\u30ea\u30bf\u30fc\u30f3\u3092\u5e02\u5834\u30ea\u30bf\u30fc\u30f3\u306b\u56de\u5e30\u3059\u308b<strong>\u30de\u30fc\u30b1\u30c3\u30c8\u30e2\u30c7\u30eb<\/strong>\u304c\u3088\u304f\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d9\u30fc\u30bf\uff1dCov\uff08r\u1d62, r\u2098\uff09\u00f7 \u03c3\u2098\u00b2 \uff1d \u03c1\u1d62\u2098 \u00d7 \u03c3\u1d62 \u00f7 \u03c3\u2098<\/li>\n<li>\u56de\u5e30\u63a8\u5b9a\uff1a\u9031\u6b21\u30fb\u6708\u6b21\u30ea\u30bf\u30fc\u30f3\u30921\u301c5\u5e74\u5206\u3002\u30de\u30fc\u30b1\u30c3\u30c8\u30e2\u30c7\u30eb\u306f\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306e\u30c7\u30fc\u30bf\u304c\u4e0d\u8981<\/li>\n<li>\u8abf\u6574\u30d9\u30fc\u30bf\uff1dw \u00d7 \u751f\u30d9\u30fc\u30bf \uff0b\uff081 \u2212 w\uff09\u00d7 1.0\uff1a\u30d9\u30fc\u30bf\u306e1\u3078\u306e\u5e73\u5747\u56de\u5e30\u3092\u53cd\u6620<\/li>\n<li>\u6bd4\u8f03\u4f01\u696d\u6cd5\uff1a\u540c\u696d\u306e\u30ec\u30d0\u30fc\u30c9\u30fb\u30d9\u30fc\u30bf\u3092\u30a2\u30f3\u30ec\u30d0\u30fc\u3057\u3001\u5bfe\u8c61\u4f01\u696d\u306e\u8ca0\u50b5\u6bd4\u7387\u3067\u518d\u30ec\u30d0\u30fc\uff08\u4e0a\u5834\u76f4\u5f8c\u3084\u975e\u4e0a\u5834\u306e\u4f01\u696d\u306b\u6709\u7528\uff09<\/li>\n<li>MRP\u306e\u63a8\u5b9a\uff1a\u904e\u53bb\u306e\u682a\u5f0f\u3068\u56fd\u50b5\u306e\u30ea\u30bf\u30fc\u30f3\u5dee\uff08\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\uff09\u3001\u307e\u305f\u306f\u73fe\u5728\u306e\u6307\u6570\u6c34\u6e96\u3068\u4e88\u60f3\u914d\u5f53\u6210\u9577\u7387\u304b\u3089\u306e\u9006\u7b97\uff08\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\uff09<\/li>\n<li>\u65b0\u8208\u5e02\u5834\uff1aMRP\u306bCRP\u3092\u52a0\u7b97\u3002CRP\uff1d\u56fd\u50b5\u306e\u5229\u56de\u308a\u30b9\u30d7\u30ec\u30c3\u30c9 \u00d7\uff08\u682a\u5f0f\u5e02\u5834\u306e\u6a19\u6e96\u504f\u5dee \u00f7 \u50b5\u5238\u5e02\u5834\u306e\u6a19\u6e96\u504f\u5dee\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(r\u1d62) \uff1d r_f \uff0b \u03b2\u1d62 \u00d7\uff08E(r\u2098) \u2212 r_f\uff09<\/div>\n<h3>LOS 2\uff1aAPT\u3068\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/h3>\n<p><strong>\u88c1\u5b9a\u4fa1\u683c\u7406\u8ad6\uff08APT\uff09<\/strong>\u306f\u3001\u8907\u6570\u306e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u306e\u6e90\u6cc9\u3067\u671f\u5f85\u53ce\u76ca\u7387\u3092\u8aac\u660e\u3059\u308b\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u4e00\u822c\u7684\u306a\u67a0\u7d44\u307f\u3067\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u5185\u5bb9\u3084\u6570\u306f\u7279\u5b9a\u3057\u307e\u305b\u3093\u3002\u4ee3\u8868\u4f8b\u306f\u5e02\u5834\u30fb\u898f\u6a21\u30fb\u30d0\u30ea\u30e5\u30fc\u30fb\u30e2\u30e1\u30f3\u30bf\u30e0\u306e<strong>4\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/strong>\u3067\u3001\u8ffd\u52a0\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u6b21\u7b2c\u3067\u671f\u5f85\u53ce\u76ca\u7387\u306fCAPM\u3088\u308a\u9ad8\u304f\u3082\u4f4e\u304f\u3082\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u03b2\u1d62,\u2096 \u306f\u30d5\u30a1\u30af\u30bf\u30fck\u3078\u306e\u611f\u5fdc\u5ea6\u3001E(f\u2096) \u306f\u30d5\u30a1\u30af\u30bf\u30fck\u306e\u671f\u5f85\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u4f8b\uff1a\u682a\u5f0f\u5e02\u5834\u30ea\u30b9\u30af\u3001\u30de\u30af\u30ed\u7d4c\u6e08\u5909\u6570\u3001\u4f01\u696d\u30c7\u30fc\u30bf\uff08\u898f\u6a21\u3001\u7c3f\u4fa1\u6642\u4fa1\u6bd4\u7387\u306a\u3069\uff09<\/li>\n<li>\u898f\u6a21\uff08SMB\uff09\uff1a\u5c0f\u578b\u682a\u30ed\u30f3\u30b0\u30fb\u5927\u578b\u682a\u30b7\u30e7\u30fc\u30c8\u3002\u30d0\u30ea\u30e5\u30fc\uff08HML\uff09\uff1a\u7c3f\u4fa1\u6642\u4fa1\u6bd4\u7387\u306e\u9ad8\u3044\u682a\u30ed\u30f3\u30b0\u30fb\u4f4e\u3044\u682a\u30b7\u30e7\u30fc\u30c8\u3002\u30e2\u30e1\u30f3\u30bf\u30e0\uff08UMD\uff09\uff1a\u4e0a\u6607\u682a\u30ed\u30f3\u30b0\u30fb\u4e0b\u843d\u682a\u30b7\u30e7\u30fc\u30c8<\/li>\n<li>\u5e02\u5834\u30d9\u30fc\u30bf\u306e\u5e73\u5747\u306f1.0\u3001\u4ed6\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u30d9\u30fc\u30bf\u306e\u5e73\u5747\u306f\u30bc\u30ed\u3067\u3001\u8ca0\u306e\u5024\u3082\u73cd\u3057\u304f\u306a\u3044<\/li>\n<li>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u5e02\u5834\u30d9\u30fc\u30bf\u306fCAPM\u306e\u30d9\u30fc\u30bf\u3068\u4e00\u81f4\u3059\u308b\u3068\u306f\u9650\u3089\u306a\u3044<\/li>\n<li>\u30d9\u30fc\u30bf\u63a8\u5b9a\u5024\u3068\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u63a8\u5b9a\u671f\u9593\u3084\u30ea\u30bf\u30fc\u30f3\u306e\u9593\u9694\u306b\u5de6\u53f3\u3055\u308c\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">E(r\u1d62) \uff1d r_f \uff0b \u03b2\u1d62,\u2081 \u00d7 E(f\u2081) \uff0b \u03b2\u1d62,\u2082 \u00d7 E(f\u2082) \uff0b \u2026 \uff0b \u03b2\u1d62,\u2096 \u00d7 E(f\u2096)<\/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\/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-lm11\/\">LM11 Equity Analyst Research Reports\uff08\u682a\u5f0f\u30a2\u30ca\u30ea\u30b9\u30c8\u306e\u30ea\u30b5\u30fc\u30c1\u30ec\u30dd\u30fc\u30c8\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 LM12\u300cThe Capital Asset Pricing Model, Market Model, and Other Factor-Based Equity Models\uff08CAPM\u3068\u30d5\u30a1\u30af\u30bf\u30fc\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":11294,"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-11293","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\/11293","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=11293"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11293\/revisions"}],"predecessor-version":[{"id":11295,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11293\/revisions\/11295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11294"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}