{"id":11410,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11410"},"modified":"2026-09-24T18:44:50","modified_gmt":"2026-09-24T09:44:50","slug":"cfa-l1-corp-glossary","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l1-corp-glossary\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Corporate Finance \u7528\u8a9e\u96c6\u3011Corporate Finance \u306e\u91cd\u8981\u7528\u8a9e66\u8a9e\uff5c\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u3092\u5358\u5143\u5225\u306b\u6574\u7406"},"content":{"rendered":"<style> .cfagl-nav{background:#f6f7fb;border-radius:6px;padding:1em 1.2em;margin:1em 0;line-height:1.9;word-break:normal;overflow-wrap:anywhere} .cfagl-nav a{display:block;margin:.15em 0} .cfagl-lm{font-size:.9em;margin:.2em 0 1em} .cfagl-t{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.75em 1em;margin:0 0 .8em;background:#fff} .cfagl-t .en{display:block;font-weight:bold;color:#172152;line-height:1.5;word-break:normal;overflow-wrap:anywhere} .cfagl-t .ja{display:block;font-size:.9em;color:#555;margin:.15em 0 .4em;line-height:1.5} .cfagl-t .df{display:block;line-height:1.75} .cfafm-c{border:1px solid #d5d9e3;border-top:4px solid #172152;border-radius:4px;padding:.9em 1em;margin:0 0 1.2em;background:#fff} .cfafm-c .nm{display:block;font-weight:bold;color:#172152;line-height:1.5} .cfafm-c .ne{display:block;font-size:.85em;color:#667;margin-bottom:.5em;word-break:normal;overflow-wrap:anywhere} .cfafm-x{background:#f6f7fb;border-radius:4px;padding:.6em .8em;margin:.4em 0 .7em;overflow-x:auto;overflow-y:hidden;-webkit-overflow-scrolling:touch} .cfafm-x .katex-display{margin:.3em 0!important} .cfafm-lg{margin:.3em 0 .6em;padding:0;font-size:.92em} .cfafm-lg div{display:flex;gap:.8em;padding:.25em 0;border-bottom:1px dotted #d5d9e3;line-height:1.6} .cfafm-lg .s{flex:0 0 auto;min-width:4.5em;max-width:45%;overflow-x:auto} .cfafm-lg .d{flex:1 1 auto} .cfafm-u{display:block;line-height:1.75;font-size:.95em} .cfafm-u b{color:#172152} .cfahub-g{display:grid;grid-template-columns:repeat(auto-fill,minmax(250px,1fr));gap:.8em;margin:1em 0} .cfahub-g a{display:block;border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em;background:#fff;text-decoration:none;color:#172152;line-height:1.5} .cfahub-g a .n{display:block;font-weight:bold} .cfahub-g a .j{display:block;font-size:.88em;color:#555} .cfagl-t p:empty,.cfafm-c p:empty,.cfahub-g p:empty,.cfagl-nav p:empty{display:none} .cfagl-lsc{border:2px solid #c9a227;background:#fffbea;border-radius:6px;padding:.9em 1.1em;margin:1em 0 1.4em;line-height:1.75} .cfagl-lsc b{display:block;color:#8a6d1d;margin-bottom:.3em} .cfagl-lsc a{display:inline-block;margin-top:.4em;font-weight:bold} .cfahub-g a .c{display:block;font-size:.82em;color:#8a6d1d;margin-top:.3em} <\/style>\n<div class=\"box05\">CFA\u00ae\ufe0e Level 1\u300cCorporate Finance\uff08\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff09\u300d\u3067\u4f7f\u308f\u308c\u308b\u91cd\u8981\u7528\u8a9e\u3092\u3001\u5b66\u7fd2\u5358\u5143\uff08Learning Module\uff09\u3054\u3068\u306b<strong>\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473<\/strong>\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u51687\u5358\u5143\u30fb66\u8a9e\u3092\u53ce\u9332\u3057\u3066\u3044\u307e\u3059\u3002\u82f1\u8a9e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u3092\u8aad\u3080\u3068\u304d\u306e\u8f9e\u66f8\u4ee3\u308f\u308a\u306b\u304a\u4f7f\u3044\u304f\u3060\u3055\u3044\u3002<\/div>\n<div class=\"cfagl-lsc\"><b>Leveraged Support Course \u3092\u3054\u5229\u7528\u306e\u65b9\u3078<\/b>FA-Academy \u306e Leveraged Support Course\uff08LSC\uff09\u3092\u3054\u5229\u7528\u306e\u65b9\u306b\u306f\u3001\u3053\u306e\u7528\u8a9e\u96c6\u3068\u516c\u5f0f\u96c6\u3092\u30ec\u30d9\u30eb\u5225\u306b\u6574\u7406\u3057\u305f\u8cc7\u6599\uff08PDF\uff09\u3092\u304a\u6e21\u3057\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u306e\u78ba\u8a8d\u3084\u8a66\u9a13\u76f4\u524d\u306e\u898b\u76f4\u3057\u306b\u3054\u6d3b\u7528\u304f\u3060\u3055\u3044\u3002<a href=\"https:\/\/triumphmind.com\/cfa\/secret_source\/\">Level 1 Leveraged Support Course \u306e\u8a73\u7d30\u3092\u898b\u308b<\/a><\/div>\n<h2>\u5358\u5143\uff08LM\uff09\u4e00\u89a7<\/h2>\n<div class=\"cfagl-nav\"><a href=\"#l1-corp-g-lm1\">LM1 \u7d44\u7e54\u5f62\u614b\u30fb\u767a\u884c\u4f53\u306e\u7279\u5fb4\u30fb\u6240\u6709\u69cb\u9020<\/a><a href=\"#l1-corp-g-lm2\">LM2 \u6295\u8cc7\u5bb6\u3068\u305d\u306e\u4ed6\u306e\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc<\/a><a href=\"#l1-corp-g-lm3\">LM3 \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\uff1a\u5bfe\u7acb\u30fb\u4ed5\u7d44\u307f\u30fb\u30ea\u30b9\u30af\u30fb\u4fbf\u76ca<\/a><a href=\"#l1-corp-g-lm4\">LM4 \u904b\u8ee2\u8cc7\u672c\u3068\u6d41\u52d5\u6027<\/a><a href=\"#l1-corp-g-lm5\">LM5 \u8a2d\u5099\u6295\u8cc7\u3068\u8cc7\u672c\u914d\u5206<\/a><a href=\"#l1-corp-g-lm6\">LM6 \u8cc7\u672c\u69cb\u6210<\/a><a href=\"#l1-corp-g-lm7\">LM7 \u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb<\/a><\/div>\n<h2>Corporate Finance \u306e\u91cd\u8981\u7528\u8a9e\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l1-corp-g-lm1\">LM1 Organizational Forms, Corporate Issuer Features, and Ownership\uff08\u7d44\u7e54\u5f62\u614b\u30fb\u767a\u884c\u4f53\u306e\u7279\u5fb4\u30fb\u6240\u6709\u69cb\u9020\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm1\/\">LM1 \u7d44\u7e54\u5f62\u614b\u30fb\u767a\u884c\u4f53\u306e\u7279\u5fb4\u30fb\u6240\u6709\u69cb\u9020<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Sole Proprietorship<\/div>\n<div class=\"ja\">\u500b\u4eba\u4e8b\u696d<\/div>\n<div class=\"df\">\u6240\u6709\u80051\u4eba\u304c\u4e8b\u696d\u3092\u6240\u6709\u3057\u7d4c\u55b6\u3082\u884c\u3046\u7d44\u7e54\u5f62\u614b\u3002\u4e8b\u696d\u3068\u6240\u6709\u8005\u304c\u6cd5\u7684\u306b\u5206\u304b\u308c\u3066\u304a\u3089\u305a\u3001\u6240\u6709\u8005\u306f\u7121\u9650\u8cac\u4efb\u3092\u8ca0\u3044\u3001\u4e8b\u696d\u306e\u6240\u5f97\u306f\u6240\u6709\u8005\u500b\u4eba\u306b\u8ab2\u7a0e\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">General Partnership<\/div>\n<div class=\"ja\">\u30b8\u30a7\u30cd\u30e9\u30eb\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7<\/div>\n<div class=\"df\">\u8907\u6570\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u304c\u4e8b\u696d\u3092\u5171\u540c\u3067\u6240\u6709\u30fb\u7d4c\u55b6\u3059\u308b\u7d44\u7e54\u5f62\u614b\u3002\u5168\u30d1\u30fc\u30c8\u30ca\u30fc\u304c\u4e8b\u696d\u306e\u50b5\u52d9\u306b\u7121\u9650\u8cac\u4efb\u3092\u8ca0\u3044\u3001\u6240\u5f97\u306f\u30d1\u30fc\u30c8\u30ca\u30fc\u6bb5\u968e\u3067\u8ab2\u7a0e\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Limited Partnership<\/div>\n<div class=\"ja\">\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7<\/div>\n<div class=\"df\">\u7121\u9650\u8cac\u4efb\u3092\u8ca0\u3063\u3066\u7d4c\u55b6\u3092\u62c5\u3046\u30b8\u30a7\u30cd\u30e9\u30eb\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\uff08GP\uff09\u3068\u3001\u51fa\u8cc7\u984d\u307e\u3067\u306e\u6709\u9650\u8cac\u4efb\u3067\u7d4c\u55b6\u306b\u95a2\u4e0e\u3057\u306a\u3044\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\uff08LP\uff09\u304b\u3089\u6210\u308b\u7d44\u7e54\u5f62\u614b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Limited Company (Corporation)<\/div>\n<div class=\"ja\">\u6709\u9650\u8cac\u4efb\u4f1a\u793e\uff08\u682a\u5f0f\u4f1a\u793e\uff09<\/div>\n<div class=\"df\">\u6240\u6709\u8005\u304b\u3089\u72ec\u7acb\u3057\u305f\u6cd5\u4eba\u683c\u3092\u6301\u3061\u3001\u682a\u4e3b\u304c\u51fa\u8cc7\u984d\u307e\u3067\u306e\u6709\u9650\u8cac\u4efb\u3057\u304b\u8ca0\u308f\u306a\u3044\u7d44\u7e54\u5f62\u614b\u3002\u6240\u6709\u3068\u7d4c\u55b6\u304c\u5206\u96e2\u3055\u308c\u3001\u6301\u5206\u306e\u8b72\u6e21\u3084\u6240\u6709\u8005\u306e\u6570\u306e\u5236\u7d04\u304c\u5c11\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Pass-Through Taxation<\/div>\n<div class=\"ja\">\u30d1\u30b9\u30b9\u30eb\u30fc\u8ab2\u7a0e<\/div>\n<div class=\"df\">\u4e8b\u696d\u4f53\u306e\u6bb5\u968e\u3067\u306f\u8ab2\u7a0e\u3055\u308c\u305a\u3001\u305d\u306e\u6240\u5f97\u304c\u6240\u6709\u8005\u306b\u5e30\u5c5e\u3059\u308b\u3082\u306e\u3068\u3057\u3066\u6240\u6709\u8005\u306e\u6bb5\u968e\u3067\u306e\u307f\u8ab2\u7a0e\u3055\u308c\u308b\u65b9\u5f0f\u3002\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u306a\u3069\u3067\u7528\u3044\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Double Taxation<\/div>\n<div class=\"ja\">\u4e8c\u91cd\u8ab2\u7a0e<\/div>\n<div class=\"df\">\u4f1a\u793e\u306e\u5229\u76ca\u306b\u6cd5\u4eba\u6bb5\u968e\u3067\u8ab2\u7a0e\u3055\u308c\u305f\u3046\u3048\u3067\u3001\u914d\u5f53\u3068\u3057\u3066\u5206\u914d\u3055\u308c\u305f\u969b\u306b\u682a\u4e3b\u6bb5\u968e\u3067\u3082\u518d\u5ea6\u8ab2\u7a0e\u3055\u308c\u308b\u3053\u3068\u3002\u6cd5\u57df\u306b\u3088\u3063\u3066\u6271\u3044\u304c\u7570\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Initial Public Offering (IPO)<\/div>\n<div class=\"ja\">\u65b0\u898f\u682a\u5f0f\u516c\u958b\uff08IPO\uff09<\/div>\n<div class=\"df\">\u975e\u516c\u958b\u4f01\u696d\u304c\u521d\u3081\u3066\u682a\u5f0f\u3092\u4e00\u822c\u306e\u6295\u8cc7\u5bb6\u306b\u58f2\u308a\u51fa\u3057\u3001\u53d6\u5f15\u6240\u306b\u4e0a\u5834\u3059\u308b\u3053\u3068\u3002\u4e0a\u5834\u306e\u65b9\u6cd5\u306b\u306f\u3001\u307b\u304b\u306b\u30c0\u30a4\u30ec\u30af\u30c8\u30fb\u30ea\u30b9\u30c6\u30a3\u30f3\u30b0\u3084SPAC\u3068\u306e\u5408\u4f75\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Direct Listing<\/div>\n<div class=\"ja\">\u30c0\u30a4\u30ec\u30af\u30c8\u30fb\u30ea\u30b9\u30c6\u30a3\u30f3\u30b0<\/div>\n<div class=\"df\">\u65b0\u682a\u306e\u52df\u96c6\u3092\u884c\u308f\u305a\u3001\u65e2\u5b58\u682a\u4e3b\u304c\u4fdd\u6709\u3059\u308b\u682a\u5f0f\u3092\u305d\u306e\u307e\u307e\u53d6\u5f15\u6240\u306b\u4e0a\u5834\u3055\u305b\u308b\u65b9\u6cd5\u3002IPO\u3068\u7570\u306a\u308a\u3001\u4e0a\u5834\u6642\u306b\u65b0\u305f\u306a\u8cc7\u91d1\u306f\u8abf\u9054\u3057\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Special Purpose Acquisition Company (SPAC)<\/div>\n<div class=\"ja\">\u7279\u5225\u8cb7\u53ce\u76ee\u7684\u4f1a\u793e\uff08SPAC\uff09<\/div>\n<div class=\"df\">\u4e8b\u696d\u3092\u6301\u305f\u305a\u306b\u4e0a\u5834\u3057\u3066\u8cc7\u91d1\u3092\u96c6\u3081\u3001\u305d\u306e\u8cc7\u91d1\u3067\u975e\u516c\u958b\u4f01\u696d\u3092\u8cb7\u53ce\u30fb\u5408\u4f75\u3059\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3059\u308b\u4f1a\u793e\u3002\u975e\u516c\u958b\u4f01\u696d\u306b\u3068\u3063\u3066\u306f\u4e0a\u5834\u306e\u4e00\u624b\u6bb5\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Leveraged Buyout (LBO)<\/div>\n<div class=\"ja\">\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff08LBO\uff09<\/div>\n<div class=\"df\">\u8cb7\u53ce\u8cc7\u91d1\u306e\u5927\u90e8\u5206\u3092\u501f\u5165\u3067\u8cc4\u3063\u3066\u4f01\u696d\u3092\u8cb7\u53ce\u3059\u308b\u53d6\u5f15\u3002\u8cb7\u53ce\u5f8c\u306f\u5bfe\u8c61\u4f01\u696d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u8fd4\u6e08\u3057\u3001\u4e0a\u5834\u4f01\u696d\u3092\u975e\u516c\u958b\u5316\u3059\u308b\u624b\u6bb5\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-corp-g-lm2\">LM2 Investors and Other Stakeholders\uff08\u6295\u8cc7\u5bb6\u3068\u305d\u306e\u4ed6\u306e\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm2\/\">LM2 \u6295\u8cc7\u5bb6\u3068\u305d\u306e\u4ed6\u306e\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Residual Claim<\/div>\n<div class=\"ja\">\u6b8b\u4f59\u8acb\u6c42\u6a29<\/div>\n<div class=\"df\">\u50b5\u6a29\u8005\u306a\u3069\u3078\u306e\u652f\u6255\u3044\u3092\u6e08\u307e\u305b\u305f\u5f8c\u306b\u6b8b\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u8acb\u6c42\u6a29\u3002\u682a\u4e3b\u304c\u6301\u3061\u3001\u53d7\u53d6\u308a\u306e\u4e0a\u9650\u306f\u306a\u3044\u4e00\u65b9\u3067\u652f\u6255\u3044\u306e\u7d04\u675f\u3082\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Financial Leverage<\/div>\n<div class=\"ja\">\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<\/div>\n<div class=\"df\">\u8cc7\u672c\u69cb\u6210\u306b\u8ca0\u50b5\u3092\u7528\u3044\u308b\u3053\u3068\u3001\u307e\u305f\u306f\u305d\u306e\u5ea6\u5408\u3044\u3002\u8ca0\u50b5\u306e\u5272\u5408\u3092\u9ad8\u3081\u308b\u3068\u3001\u682a\u4e3b\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u5909\u52d5\uff08\u30ea\u30b9\u30af\uff09\u306e\u4e21\u65b9\u304c\u5927\u304d\u304f\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Shareholder Theory<\/div>\n<div class=\"ja\">\u682a\u4e3b\u7406\u8ad6<\/div>\n<div class=\"df\">\u4f01\u696d\u7d4c\u55b6\u306e\u4e3b\u305f\u308b\u76ee\u7684\u306f\u682a\u4e3b\u4fa1\u5024\u306e\u6700\u5927\u5316\u306b\u3042\u308b\u3068\u3059\u308b\u8003\u3048\u65b9\u3002\u682a\u4e3b\u4ee5\u5916\u306e\u5229\u5bb3\u95a2\u4fc2\u8005\u306e\u5229\u76ca\u306f\u3001\u305d\u306e\u76ee\u7684\u3092\u9054\u6210\u3059\u308b\u7bc4\u56f2\u3067\u8003\u616e\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Stakeholder Theory<\/div>\n<div class=\"ja\">\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u7406\u8ad6<\/div>\n<div class=\"df\">\u682a\u4e3b\u3060\u3051\u3067\u306a\u304f\u3001\u50b5\u6a29\u8005\u30fb\u5f93\u696d\u54e1\u30fb\u9867\u5ba2\u30fb\u30b5\u30d7\u30e9\u30a4\u30e4\u30fc\u30fb\u653f\u5e9c\u30fb\u793e\u4f1a\u306a\u3069\u5e45\u5e83\u3044\u5229\u5bb3\u95a2\u4fc2\u8005\u306e\u5229\u76ca\u3092\u8003\u616e\u3057\u3066\u4f01\u696d\u7d4c\u55b6\u3092\u884c\u3046\u3079\u304d\u3068\u3059\u308b\u8003\u3048\u65b9\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">ESG Factors<\/div>\n<div class=\"ja\">ESG\u8981\u56e0<\/div>\n<div class=\"df\">\u4f01\u696d\u306e\u74b0\u5883\uff08E\uff09\u30fb\u793e\u4f1a\uff08S\uff09\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\uff08G\uff09\u306b\u95a2\u308f\u308b\u8981\u56e0\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u30ea\u30b9\u30af\u3001\u8a55\u5224\u3092\u901a\u3058\u3066\u4f01\u696d\u4fa1\u5024\u306b\u5f71\u97ff\u3057\u3001\u30ea\u30b9\u30af\u3068\u6a5f\u4f1a\u306e\u4e21\u65b9\u3092\u3082\u305f\u3089\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Materiality<\/div>\n<div class=\"ja\">\u91cd\u8981\u6027\uff08\u30de\u30c6\u30ea\u30a2\u30ea\u30c6\u30a3\uff09<\/div>\n<div class=\"df\">\u3042\u308bESG\u8981\u56e0\u306a\u3069\u306e\u60c5\u5831\u304c\u3001\u4f01\u696d\u306e\u8ca1\u52d9\u5185\u5bb9\u3084\u4f01\u696d\u4fa1\u5024\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3059\u7a0b\u5ea6\u3002\u6295\u8cc7\u5bb6\u304c\u8a55\u4fa1\u306e\u5bfe\u8c61\u3068\u3059\u308b\u8981\u56e0\u3092\u898b\u6975\u3081\u308b\u57fa\u6e96\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-corp-g-lm3\">LM3 Corporate Governance: Conflicts, Mechanisms, Risks, and Benefits\uff08\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\uff1a\u5bfe\u7acb\u30fb\u4ed5\u7d44\u307f\u30fb\u30ea\u30b9\u30af\u30fb\u4fbf\u76ca\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm3\/\">LM3 \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\uff1a\u5bfe\u7acb\u30fb\u4ed5\u7d44\u307f\u30fb\u30ea\u30b9\u30af\u30fb\u4fbf\u76ca<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Principal\u2013Agent Relationship<\/div>\n<div class=\"ja\">\u30d7\u30ea\u30f3\u30b7\u30d1\u30eb\u30fb\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u95a2\u4fc2<\/div>\n<div class=\"df\">\u4e00\u65b9\uff08\u30d7\u30ea\u30f3\u30b7\u30d1\u30eb\uff09\u304c\u4ed6\u65b9\uff08\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\uff09\u306b\u696d\u52d9\u3084\u610f\u601d\u6c7a\u5b9a\u3092\u59d4\u8a17\u3059\u308b\u95a2\u4fc2\u3002\u4f01\u696d\u3067\u306f\u682a\u4e3b\u304c\u53d6\u7de0\u5f79\u3092\u3001\u53d6\u7de0\u5f79\u304c\u7d4c\u55b6\u9663\u3092\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u3068\u3057\u3066\u9078\u3076\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Information Asymmetry<\/div>\n<div class=\"ja\">\u60c5\u5831\u306e\u975e\u5bfe\u79f0\u6027<\/div>\n<div class=\"df\">\u53d6\u5f15\u3084\u95a2\u4fc2\u306e\u5f53\u4e8b\u8005\u306e\u9593\u3067\u3001\u4fdd\u6709\u3059\u308b\u60c5\u5831\u306e\u91cf\u3084\u8cea\u306b\u5dee\u304c\u3042\u308b\u72b6\u614b\u3002\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u304c\u591a\u304f\u306e\u60c5\u5831\u3092\u6301\u3064\u3053\u3068\u304c\u591a\u304f\u3001\u5229\u76ca\u76f8\u53cd\u306e\u539f\u56e0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Corporate Governance<\/div>\n<div class=\"ja\">\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9<\/div>\n<div class=\"df\">\u4f01\u696d\u3092\u7d71\u5236\u30fb\u7ba1\u7406\u3059\u308b\u305f\u3081\u306e\u4ed5\u7d44\u307f\u3068\u624b\u7d9a\u304d\u3002\u30b9\u30c6\u30fc\u30af\u30db\u30eb\u30c0\u30fc\u306e\u6a29\u5229\u30fb\u8cac\u4efb\u30fb\u6a29\u9650\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u53d6\u308a\u3001\u5229\u76ca\u76f8\u53cd\u3092\u8abf\u6574\u3057\u306a\u304c\u3089\u4f01\u696d\u306e\u76ee\u7684\u3092\u9054\u6210\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Empire Building<\/div>\n<div class=\"ja\">\u5e1d\u56fd\u5efa\u8a2d<\/div>\n<div class=\"df\">\u7d4c\u55b6\u8005\u304c\u682a\u4e3b\u4fa1\u5024\u306e\u5411\u4e0a\u3067\u306f\u306a\u304f\u3001\u81ea\u3089\u306e\u6a29\u9650\u3084\u5831\u916c\u3001\u540d\u58f0\u3092\u9ad8\u3081\u308b\u305f\u3081\u306b\u4f01\u696d\u306e\u898f\u6a21\u3092\u904e\u5ea6\u306b\u62e1\u5927\u3057\u3088\u3046\u3068\u3059\u308b\u884c\u52d5\u3002\u30a8\u30fc\u30b8\u30a7\u30f3\u30b7\u30fc\u554f\u984c\u306e\u4e00\u4f8b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Related-Party Transaction<\/div>\n<div class=\"ja\">\u95a2\u9023\u5f53\u4e8b\u8005\u53d6\u5f15<\/div>\n<div class=\"df\">\u4f01\u696d\u3068\u3001\u305d\u306e\u7d4c\u55b6\u8005\u30fb\u53d6\u7de0\u5f79\u30fb\u652f\u914d\u682a\u4e3b\u3084\u305d\u306e\u95a2\u4fc2\u8005\u3068\u306e\u9593\u3067\u884c\u308f\u308c\u308b\u53d6\u5f15\u3002\u652f\u914d\u682a\u4e3b\u306a\u3069\u304c\u5c11\u6570\u682a\u4e3b\u306e\u72a0\u7272\u306e\u3082\u3068\u3067\u5229\u76ca\u3092\u5f97\u308b\u624b\u6bb5\u3068\u306a\u308a\u5f97\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Dual-Class Share Structure<\/div>\n<div class=\"ja\">\u7a2e\u985e\u682a\u5f0f\u69cb\u9020\uff08\u30c7\u30e5\u30a2\u30eb\u30fb\u30af\u30e9\u30b9\uff09<\/div>\n<div class=\"df\">\u8b70\u6c7a\u6a29\u306e\u6570\u304c\u7570\u306a\u308b\u8907\u6570\u306e\u7a2e\u985e\u306e\u682a\u5f0f\u3092\u767a\u884c\u3059\u308b\u8cc7\u672c\u69cb\u9020\u3002\u5275\u696d\u8005\u306a\u3069\u304c\u5c11\u306a\u3044\u6301\u5206\u3067\u4f01\u696d\u306e\u652f\u914d\u6a29\u3092\u7dad\u6301\u3067\u304d\u3001\u5c11\u6570\u682a\u4e3b\u3068\u306e\u5229\u5bb3\u5bfe\u7acb\u306e\u8981\u56e0\u3068\u306a\u308a\u5f97\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cumulative Voting<\/div>\n<div class=\"ja\">\u7d2f\u7a4d\u6295\u7968<\/div>\n<div class=\"df\">\u682a\u4e3b\u304c\u9078\u4efb\u3059\u308b\u53d6\u7de0\u5f79\u306e\u6570\u306b\u5fdc\u3058\u305f\u8b70\u6c7a\u6a29\u3092\u307e\u3068\u3081\u3066\u7279\u5b9a\u306e\u5019\u88dc\u8005\u306b\u96c6\u4e2d\u3057\u3066\u6295\u3058\u3089\u308c\u308b\u65b9\u5f0f\u3002\u5c11\u6570\u682a\u4e3b\u304c\u53d6\u7de0\u5f79\u3092\u9078\u4efb\u3057\u3084\u3059\u304f\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Proxy Voting<\/div>\n<div class=\"ja\">\u59d4\u4efb\u72b6\u306b\u3088\u308b\u8b70\u6c7a\u6a29\u884c\u4f7f<\/div>\n<div class=\"df\">\u682a\u4e3b\u7dcf\u4f1a\u306b\u51fa\u5e2d\u3057\u306a\u3044\u682a\u4e3b\u304c\u3001\u4ed6\u8005\u306b\u8b70\u6c7a\u6a29\u306e\u884c\u4f7f\u3092\u59d4\u4efb\u3059\u308b\u4ed5\u7d44\u307f\u3002\u682a\u4e3b\u304c\u7d4c\u55b6\u306e\u91cd\u8981\u4e8b\u9805\u306b\u610f\u601d\u3092\u53cd\u6620\u3055\u305b\u308b\u624b\u6bb5\u306e\u4e00\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Shareholder Activism<\/div>\n<div class=\"ja\">\u682a\u4e3b\u30a2\u30af\u30c6\u30a3\u30d3\u30ba\u30e0<\/div>\n<div class=\"df\">\u682a\u4e3b\u304c\u7d4c\u55b6\u9663\u3084\u53d6\u7de0\u5f79\u4f1a\u306b\u50cd\u304d\u304b\u3051\u3066\u3001\u7d4c\u55b6\u65b9\u91dd\u3084\u8cc7\u672c\u653f\u7b56\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u5909\u66f4\u3092\u6c42\u3081\u308b\u884c\u52d5\u3002\u682a\u4e3b\u4fa1\u5024\u306e\u5411\u4e0a\u3092\u76ee\u7684\u3068\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Covenant<\/div>\n<div class=\"ja\">\u8ca1\u52d9\u5236\u9650\u6761\u9805\uff08\u30b3\u30d9\u30ca\u30f3\u30c4\uff09<\/div>\n<div class=\"df\">\u793e\u50b5\u5951\u7d04\u3084\u30ed\u30fc\u30f3\u5951\u7d04\u306b\u5b9a\u3081\u3089\u308c\u308b\u3001\u501f\u308a\u624b\u304c\u5b88\u308b\u3079\u304d\u7fa9\u52d9\u3084\u5236\u7d04\u3002\u50b5\u6a29\u8005\u306e\u5229\u76ca\u3092\u5b88\u308b\u305f\u3081\u3001\u8ffd\u52a0\u501f\u5165\u3084\u914d\u5f53\u306a\u3069\u306e\u884c\u52d5\u3092\u5236\u9650\u3059\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-corp-g-lm4\">LM4 Working Capital and Liquidity\uff08\u904b\u8ee2\u8cc7\u672c\u3068\u6d41\u52d5\u6027\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm4\/\">LM4 \u904b\u8ee2\u8cc7\u672c\u3068\u6d41\u52d5\u6027<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cash Conversion Cycle (CCC)<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30c3\u30b7\u30e5\u30fb\u30b3\u30f3\u30d0\u30fc\u30b8\u30e7\u30f3\u30fb\u30b5\u30a4\u30af\u30eb\uff08CCC\uff09<\/div>\n<div class=\"df\">\u4ed5\u5165\u5148\u3078\u306e\u652f\u6255\u3044\u304b\u3089\u9867\u5ba2\u304b\u3089\u306e\u73fe\u91d1\u56de\u53ce\u307e\u3067\u306e\u65e5\u6570\u3002\u5728\u5eab\u65e5\u6570\u3068\u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u65e5\u6570\u306e\u5408\u8a08\u304b\u3089\u8cb7\u5165\u50b5\u52d9\u56de\u8ee2\u65e5\u6570\u3092\u5dee\u3057\u5f15\u3044\u3066\u6c42\u3081\u3001\u77ed\u3044\u307b\u3069\u904b\u8ee2\u8cc7\u672c\u306e\u8ca0\u62c5\u304c\u5c0f\u3055\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Days of Inventory on Hand (DOH)<\/div>\n<div class=\"ja\">\u5728\u5eab\u65e5\u6570\uff08DOH\uff09<\/div>\n<div class=\"df\">\u5728\u5eab\u3092\u4ed5\u5165\u308c\u3066\u304b\u3089\u8ca9\u58f2\u3055\u308c\u308b\u307e\u3067\u306b\u5e73\u5747\u3067\u4f55\u65e5\u304b\u304b\u308b\u304b\u3092\u793a\u3059\u6307\u6a19\u3002\u5728\u5eab\u30921\u65e5\u3042\u305f\u308a\u306e\u58f2\u4e0a\u539f\u4fa1\u3067\u5272\u3063\u3066\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Days Sales Outstanding (DSO)<\/div>\n<div class=\"ja\">\u58f2\u4e0a\u50b5\u6a29\u56de\u8ee2\u65e5\u6570\uff08DSO\uff09<\/div>\n<div class=\"df\">\u639b\u3051\u3067\u8ca9\u58f2\u3057\u3066\u304b\u3089\u4ee3\u91d1\u3092\u56de\u53ce\u3059\u308b\u307e\u3067\u306b\u5e73\u5747\u3067\u4f55\u65e5\u304b\u304b\u308b\u304b\u3092\u793a\u3059\u6307\u6a19\u3002\u58f2\u639b\u91d1\u30921\u65e5\u3042\u305f\u308a\u306e\u58f2\u4e0a\u9ad8\u3067\u5272\u3063\u3066\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Days Payables Outstanding (DPO)<\/div>\n<div class=\"ja\">\u8cb7\u5165\u50b5\u52d9\u56de\u8ee2\u65e5\u6570\uff08DPO\uff09<\/div>\n<div class=\"df\">\u4ed5\u5165\u308c\u3066\u304b\u3089\u4ed5\u5165\u5148\u306b\u4ee3\u91d1\u3092\u652f\u6255\u3046\u307e\u3067\u306b\u5e73\u5747\u3067\u4f55\u65e5\u304b\u304b\u308b\u304b\u3092\u793a\u3059\u6307\u6a19\u3002\u8cb7\u639b\u91d1\u30921\u65e5\u3042\u305f\u308a\u306e\u4ed5\u5165\u9ad8\u3067\u5272\u3063\u3066\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Net Working Capital<\/div>\n<div class=\"ja\">\u7d14\u904b\u8ee2\u8cc7\u672c<\/div>\n<div class=\"df\">\u6d41\u52d5\u8cc7\u7523\u304b\u3089\u6d41\u52d5\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u305f\u904b\u8ee2\u8cc7\u672c\u304b\u3089\u3001\u73fe\u91d1\u30fb\u6709\u4fa1\u8a3c\u5238\u30fb\u77ed\u671f\u501f\u5165\u91d1\u306a\u3069\u306e\u975e\u55b6\u696d\u9805\u76ee\u3092\u9664\u3044\u305f\u3082\u306e\u3002\u5bfe\u58f2\u4e0a\u6bd4\u7387\u306fCCC\u306e\u9577\u3055\u3068\u5bc6\u63a5\u306b\u95a2\u4fc2\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Primary Sources of Liquidity<\/div>\n<div class=\"ja\">\u4e00\u6b21\u7684\u306a\u6d41\u52d5\u6027\u306e\u6e90\u6cc9<\/div>\n<div class=\"df\">\u624b\u5143\u73fe\u91d1\u30fb\u77ed\u671f\u6295\u8cc7\u3001\u9280\u884c\u306e\u4e0e\u4fe1\u67a0\u3001\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306a\u3069\u3001\u901a\u5e38\u306e\u4e8b\u696d\u904b\u55b6\u306e\u4e2d\u3067\u5229\u7528\u3067\u304d\u308b\u6d41\u52d5\u6027\u306e\u6e90\u6cc9\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Secondary Sources of Liquidity<\/div>\n<div class=\"ja\">\u4e8c\u6b21\u7684\u306a\u6d41\u52d5\u6027\u306e\u6e90\u6cc9<\/div>\n<div class=\"df\">\u682a\u5f0f\u306e\u767a\u884c\u3001\u5951\u7d04\u306e\u518d\u4ea4\u6e09\u3001\u8cc7\u7523\u306e\u58f2\u5374\u3001\u7834\u7523\u4fdd\u8b77\u306e\u7533\u8acb\u306a\u3069\u3001\u4e3b\u306b\u5371\u6a5f\u6642\u306b\u7528\u3044\u3089\u308c\u308b\u6d41\u52d5\u6027\u306e\u6e90\u6cc9\u3002\u4e8b\u696d\u904b\u55b6\u3078\u306e\u5f71\u97ff\u3084\u30b3\u30b9\u30c8\u304c\u5927\u304d\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Drag on Liquidity<\/div>\n<div class=\"ja\">\u6d41\u52d5\u6027\u306e\u30c9\u30e9\u30c3\u30b0<\/div>\n<div class=\"df\">\u56de\u53ce\u4e0d\u80fd\u306a\u58f2\u4e0a\u50b5\u6a29\u3084\u9673\u8150\u5316\u3057\u305f\u5728\u5eab\u306a\u3069\u306b\u3088\u308a\u3001\u73fe\u91d1\u306e\u6d41\u5165\u304c\u9045\u308c\u305f\u308a\u6e1b\u3063\u305f\u308a\u3059\u308b\u3053\u3068\u3002\u4f01\u696d\u306e\u6d41\u52d5\u6027\u3092\u4f4e\u4e0b\u3055\u305b\u308b\u8981\u56e0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Pull on Liquidity<\/div>\n<div class=\"ja\">\u6d41\u52d5\u6027\u306e\u30d7\u30eb<\/div>\n<div class=\"df\">\u4ed5\u5165\u5148\u3078\u306e\u652f\u6255\u3044\u306e\u65e9\u671f\u5316\u3084\u4e0e\u4fe1\u67a0\u306e\u7e2e\u5c0f\u30fb\u4e2d\u65ad\u306a\u3069\u306b\u3088\u308a\u3001\u73fe\u91d1\u306e\u6d41\u51fa\u304c\u65e9\u307e\u308b\u3053\u3068\u3002\u4f01\u696d\u306e\u6d41\u52d5\u6027\u3092\u4f4e\u4e0b\u3055\u305b\u308b\u8981\u56e0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Aggressive Working Capital Approach<\/div>\n<div class=\"ja\">\u7a4d\u6975\u7684\u306a\u904b\u8ee2\u8cc7\u672c\u7ba1\u7406\u30a2\u30d7\u30ed\u30fc\u30c1<\/div>\n<div class=\"df\">\u904b\u8ee2\u8cc7\u672c\u306e\u4fdd\u6709\u3092\u5c11\u306a\u304f\u6291\u3048\u3001\u77ed\u671f\u8cc7\u91d1\u3078\u306e\u4f9d\u5b58\u3092\u5927\u304d\u304f\u3059\u308b\u7ba1\u7406\u65b9\u6cd5\u3002\u30b3\u30b9\u30c8\u306f\u4f4e\u3044\u304c\u501f\u63db\u3048\u306e\u30ea\u30b9\u30af\u304c\u9ad8\u304f\u3001\u4fdd\u6709\u3092\u591a\u304f\u3057\u9577\u671f\u8cc7\u91d1\u3067\u8cc4\u3046\u4fdd\u5b88\u7684\u30a2\u30d7\u30ed\u30fc\u30c1\u3068\u5bfe\u7167\u3092\u306a\u3059\u3002<\/div>\n<\/div>\n<h3 id=\"l1-corp-g-lm5\">LM5 Capital Investments and Capital Allocation\uff08\u8a2d\u5099\u6295\u8cc7\u3068\u8cc7\u672c\u914d\u5206\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm5\/\">LM5 \u8a2d\u5099\u6295\u8cc7\u3068\u8cc7\u672c\u914d\u5206<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Going Concern Project<\/div>\n<div class=\"ja\">\u4e8b\u696d\u7d99\u7d9a\u30d7\u30ed\u30b8\u30a7\u30af\u30c8<\/div>\n<div class=\"df\">\u65e2\u5b58\u4e8b\u696d\u3092\u7dad\u6301\u30fb\u7d99\u7d9a\u3059\u308b\u305f\u3081\u306e\u8a2d\u5099\u6295\u8cc7\u3002\u8001\u673d\u5316\u3057\u305f\u8a2d\u5099\u306e\u53d6\u66ff\u3048\u306a\u3069\u304c\u8a72\u5f53\u3057\u3001\u4ed6\u306e\u7a2e\u985e\u306e\u6295\u8cc7\u306b\u6bd4\u3079\u3066\u30ea\u30b9\u30af\u306f\u6bd4\u8f03\u7684\u4f4e\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Expansion Project<\/div>\n<div class=\"ja\">\u62e1\u5f35\u30d7\u30ed\u30b8\u30a7\u30af\u30c8<\/div>\n<div class=\"df\">\u65b0\u88fd\u54c1\u306e\u6295\u5165\u3084\u65b0\u5e02\u5834\u3078\u306e\u9032\u51fa\u306a\u3069\u3001\u4e8b\u696d\u306e\u6210\u9577\u3092\u76ee\u7684\u3068\u3057\u305f\u8a2d\u5099\u6295\u8cc7\u3002\u4e8b\u696d\u7d99\u7d9a\u306e\u305f\u3081\u306e\u6295\u8cc7\u306b\u6bd4\u3079\u3066\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Net Present Value (NPV)<\/div>\n<div class=\"ja\">\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff08NPV\uff09<\/div>\n<div class=\"df\">\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u5c06\u6765\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u5408\u8a08\u304b\u3089\u521d\u671f\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3002\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c\u3082\u305f\u3089\u3059\u4f01\u696d\u4fa1\u5024\u306e\u5897\u52a0\u984d\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Internal Rate of Return (IRR)<\/div>\n<div class=\"ja\">\u5185\u90e8\u53ce\u76ca\u7387\uff08IRR\uff09<\/div>\n<div class=\"df\">\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306eNPV\u3092\u30bc\u30ed\u306b\u3059\u308b\u5272\u5f15\u7387\u3002\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u81ea\u4f53\u306e\u53ce\u76ca\u7387\u3092\u8868\u3057\u3001\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u3068\u6bd4\u8f03\u3057\u3066\u63a1\u5426\u3092\u5224\u65ad\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Hurdle Rate<\/div>\n<div class=\"ja\">\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3092\u63a1\u7528\u3059\u308b\u305f\u3081\u306b\u6700\u4f4e\u9650\u4e0a\u56de\u308b\u5fc5\u8981\u304c\u3042\u308b\u53ce\u76ca\u7387\u3002\u901a\u5e38\u306f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u30ea\u30b9\u30af\u3092\u53cd\u6620\u3057\u305f\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u7528\u3044\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Return on Invested Capital (ROIC)<\/div>\n<div class=\"ja\">\u6295\u4e0b\u8cc7\u672c\u5229\u76ca\u7387\uff08ROIC\uff09<\/div>\n<div class=\"df\">\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\u3092\u5e73\u5747\u6295\u4e0b\u8cc7\u672c\u3067\u5272\u3063\u305f\u5168\u793e\u30d9\u30fc\u30b9\u306e\u53ce\u76ca\u6027\u6307\u6a19\u3002\u4f1a\u8a08\u6570\u5024\u304b\u3089\u5916\u90e8\u3067\u3082\u8a08\u7b97\u3067\u304d\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308c\u3070\u4fa1\u5024\u3092\u5275\u51fa\u3057\u3066\u3044\u308b\u3068\u5224\u65ad\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Mutually Exclusive Projects<\/div>\n<div class=\"ja\">\u76f8\u4e92\u6392\u4ed6\u7684\u30d7\u30ed\u30b8\u30a7\u30af\u30c8<\/div>\n<div class=\"df\">\u3044\u305a\u308c\u304b1\u3064\u3057\u304b\u63a1\u7528\u3067\u304d\u306a\u3044\u8907\u6570\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3002\u898f\u6a21\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6642\u671f\u306e\u9055\u3044\u304b\u3089NPV\u3068IRR\u306e\u9806\u4f4d\u304c\u98df\u3044\u9055\u3046\u3053\u3068\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Sunk Cost<\/div>\n<div class=\"ja\">\u57cb\u6ca1\u8cbb\u7528\uff08\u30b5\u30f3\u30af\u30b3\u30b9\u30c8\uff09<\/div>\n<div class=\"df\">\u3059\u3067\u306b\u652f\u51fa\u3055\u308c\u3066\u56de\u53ce\u3067\u304d\u305a\u3001\u4eca\u5f8c\u306e\u610f\u601d\u6c7a\u5b9a\u306b\u3088\u3063\u3066\u5909\u308f\u3089\u306a\u3044\u8cbb\u7528\u3002\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u8a55\u4fa1\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306b\u306f\u542b\u3081\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Cannibalization<\/div>\n<div class=\"ja\">\u30ab\u30cb\u30d0\u30ea\u30bc\u30fc\u30b7\u30e7\u30f3\uff08\u5171\u98df\u3044\uff09<\/div>\n<div class=\"df\">\u65b0\u3057\u3044\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3084\u88fd\u54c1\u304c\u3001\u81ea\u793e\u306e\u65e2\u5b58\u88fd\u54c1\u306e\u58f2\u4e0a\u3092\u596a\u3063\u3066\u3057\u307e\u3046\u3053\u3068\u3002\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u8a55\u4fa1\u3067\u306f\u3001\u3053\u306e\u65e2\u5b58\u4e8b\u696d\u3078\u306e\u5f71\u97ff\u3082\u542b\u3081\u3066\u8003\u3048\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Real Option<\/div>\n<div class=\"ja\">\u30ea\u30a2\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u72b6\u6cc1\u306b\u5fdc\u3058\u3066\u3001\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u6642\u671f\u30fb\u898f\u6a21\u30fb\u4fa1\u683c\u8a2d\u5b9a\u30fb\u751f\u7523\u65b9\u6cd5\u306a\u3069\u3092\u5909\u66f4\u3067\u304d\u308b\u6a29\u5229\uff08\u7fa9\u52d9\u3067\u306f\u306a\u3044\uff09\u3002\u30bf\u30a4\u30df\u30f3\u30b0\u3001\u62e1\u5f35\u30fb\u64a4\u9000\u3001\u67d4\u8edf\u6027\u306a\u3069\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-corp-g-lm6\">LM6 Capital Structure\uff08\u8cc7\u672c\u69cb\u6210\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm6\/\">LM6 \u8cc7\u672c\u69cb\u6210<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Weighted Average Cost of Capital (WACC)<\/div>\n<div class=\"ja\">\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09<\/div>\n<div class=\"df\">\u8ca0\u50b5\u30fb\u512a\u5148\u682a\u30fb\u666e\u901a\u682a\u306e\u5404\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u8cc7\u672c\u69cb\u6210\u306e\u30a6\u30a8\u30a4\u30c8\u3067\u52a0\u91cd\u5e73\u5747\u3057\u305f\u5024\u3002\u8ca0\u50b5\u30b3\u30b9\u30c8\u306b\u306f\u7bc0\u7a0e\u52b9\u679c\u3092\u53cd\u6620\u3057\u305f\u7a0e\u5f15\u5f8c\u306e\u5024\u3092\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Target Capital Structure<\/div>\n<div class=\"ja\">\u76ee\u6a19\u8cc7\u672c\u69cb\u6210<\/div>\n<div class=\"df\">\u7d4c\u55b6\u9663\u304c\u76ee\u6307\u3059\u8ca0\u50b5\u3068\u682a\u5f0f\u306e\u69cb\u6210\u6bd4\u7387\u3002\u7c3f\u4fa1\u30d9\u30fc\u30b9\u306e\u6bd4\u7387\u3084\u3001\u8ca0\u50b5\u5bfeEBITDA\u500d\u7387\u306e\u4e0a\u9650\u3001\u76ee\u6a19\u3068\u3059\u308b\u683c\u4ed8\u306a\u3069\u3067\u793a\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Optimal Capital Structure<\/div>\n<div class=\"ja\">\u6700\u9069\u8cc7\u672c\u69cb\u6210<\/div>\n<div class=\"df\">WACC\u304c\u6700\u5c0f\u3068\u306a\u308a\u3001\u4f01\u696d\u4fa1\u5024\u304c\u6700\u5927\u3068\u306a\u308b\u8ca0\u50b5\u3068\u682a\u5f0f\u306e\u69cb\u6210\u3002\u8ca0\u50b5\u306e\u7bc0\u7a0e\u52b9\u679c\u3068\u8ca1\u52d9\u7684\u56f0\u7aae\u30b3\u30b9\u30c8\u306e\u517c\u306d\u5408\u3044\u3067\u6c7a\u307e\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Modigliani\u2013Miller Proposition I<\/div>\n<div class=\"ja\">\u30e2\u30b8\u30ea\u30a2\u30fc\u30cb\uff1d\u30df\u30e9\u30fc\uff08MM\uff09\u306e\u7b2c1\u547d\u984c<\/div>\n<div class=\"df\">\u7a0e\u91d1\u3084\u5012\u7523\u30b3\u30b9\u30c8\u304c\u306a\u3044\u306a\u3069\u306e\u4eee\u5b9a\u306e\u3082\u3068\u3067\u306f\u3001\u8cc7\u672c\u69cb\u6210\u306f\u4f01\u696d\u4fa1\u5024\u306b\u5f71\u97ff\u3057\u306a\u3044\u3068\u3059\u308b\u547d\u984c\u3002\u6cd5\u4eba\u7a0e\u3092\u8003\u616e\u3059\u308b\u3068\u3001\u8ca0\u50b5\u306e\u7bc0\u7a0e\u52b9\u679c\u306e\u5206\u3060\u3051\u4f01\u696d\u4fa1\u5024\u304c\u5897\u3048\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Modigliani\u2013Miller Proposition II<\/div>\n<div class=\"ja\">\u30e2\u30b8\u30ea\u30a2\u30fc\u30cb\uff1d\u30df\u30e9\u30fc\uff08MM\uff09\u306e\u7b2c2\u547d\u984c<\/div>\n<div class=\"df\">\u8ca0\u50b5\u6bd4\u7387\u304c\u9ad8\u307e\u308b\u306b\u3064\u308c\u3066\u682a\u4e3b\u306e\u30ea\u30b9\u30af\u304c\u5897\u3059\u305f\u3081\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u304c\u8ca0\u50b5\u6bd4\u7387\u306b\u6bd4\u4f8b\u3057\u3066\u4e0a\u6607\u3059\u308b\u3068\u3059\u308b\u547d\u984c\u3002\u7a0e\u304c\u306a\u3051\u308c\u3070WACC\u306f\u4e00\u5b9a\u306e\u307e\u307e\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Interest Tax Shield<\/div>\n<div class=\"ja\">\u7bc0\u7a0e\u52b9\u679c\uff08\u30bf\u30c3\u30af\u30b9\u30fb\u30b7\u30fc\u30eb\u30c9\uff09<\/div>\n<div class=\"df\">\u652f\u6255\u5229\u606f\u304c\u8ab2\u7a0e\u6240\u5f97\u304b\u3089\u63a7\u9664\u3055\u308c\u308b\u3053\u3068\u3067\u3001\u8ca0\u50b5\u3092\u7528\u3044\u305f\u4f01\u696d\u306e\u7a0e\u8ca0\u62c5\u304c\u8efd\u6e1b\u3055\u308c\u308b\u52b9\u679c\u3002\u8ca0\u50b5\u984d\u00d7\u6cd5\u4eba\u7a0e\u7387\u3067\u8868\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Costs of Financial Distress<\/div>\n<div class=\"ja\">\u8ca1\u52d9\u7684\u56f0\u7aae\u30b3\u30b9\u30c8<\/div>\n<div class=\"df\">\u4f01\u696d\u304c\u50b5\u52d9\u306e\u652f\u6255\u3044\u306b\u7aae\u3057\u305f\u5834\u5408\u306b\u751f\u3058\u308b\u30b3\u30b9\u30c8\u3002\u6cd5\u7684\u8cbb\u7528\u306a\u3069\u306e\u76f4\u63a5\u30b3\u30b9\u30c8\u3068\u3001\u4e8b\u696d\u6a5f\u4f1a\u306e\u55aa\u5931\u3084\u53d6\u5f15\u6761\u4ef6\u306e\u60aa\u5316\u306a\u3069\u306e\u9593\u63a5\u30b3\u30b9\u30c8\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Static Trade-Off Theory<\/div>\n<div class=\"ja\">\u9759\u7684\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u7406\u8ad6<\/div>\n<div class=\"df\">\u8ca0\u50b5\u3092\u5897\u3084\u3059\u3053\u3068\u306b\u3088\u308b\u7bc0\u7a0e\u52b9\u679c\u306e\u9650\u754c\u7684\u306a\u4fbf\u76ca\u3068\u3001\u8ca1\u52d9\u7684\u56f0\u7aae\u30b3\u30b9\u30c8\u306e\u9650\u754c\u7684\u306a\u5897\u52a0\u304c\u91e3\u308a\u5408\u3046\u70b9\u3092\u6700\u9069\u8cc7\u672c\u69cb\u6210\u3068\u3059\u308b\u7406\u8ad6\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Pecking Order Theory<\/div>\n<div class=\"ja\">\u30da\u30c3\u30ad\u30f3\u30b0\u30fb\u30aa\u30fc\u30c0\u30fc\u7406\u8ad6<\/div>\n<div class=\"df\">\u60c5\u5831\u306e\u975e\u5bfe\u79f0\u6027\u3092\u6839\u62e0\u306b\u3001\u4f01\u696d\u306f\u5185\u90e8\u8cc7\u91d1\u3001\u8ca0\u50b5\u3001\u682a\u5f0f\u306e\u9806\u306b\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u3092\u9078\u597d\u3059\u308b\u3068\u3059\u308b\u7406\u8ad6\u3002\u682a\u5f0f\u767a\u884c\u306f\u3067\u304d\u308b\u3060\u3051\u907f\u3051\u308b\u3068\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Operating Leverage<\/div>\n<div class=\"ja\">\u55b6\u696d\u30ec\u30d0\u30ec\u30c3\u30b8<\/div>\n<div class=\"df\">\u8cbb\u7528\u306b\u5360\u3081\u308b\u56fa\u5b9a\u8cbb\u306e\u5272\u5408\u306e\u5927\u304d\u3055\u3002\u9ad8\u3044\u307b\u3069\u58f2\u4e0a\u306e\u5909\u5316\u306b\u5bfe\u3057\u3066\u55b6\u696d\u5229\u76ca\u304c\u5927\u304d\u304f\u5909\u52d5\u3057\u3001\u8ca0\u50b5\u3092\u8fd4\u6e08\u3059\u308b\u4f59\u529b\u306b\u5f71\u97ff\u3059\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-corp-g-lm7\">LM7 Business Models\uff08\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-corp-lm7\/\">LM7 \u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Business Model<\/div>\n<div class=\"ja\">\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u8ab0\u306b\u3001\u4f55\u3092\u3001\u3069\u3053\u3067\u3001\u3044\u304f\u3089\u3067\u63d0\u4f9b\u3059\u308b\u304b\u3068\u3044\u3046\u8981\u7d20\u306b\u3088\u3063\u3066\u3001\u4f01\u696d\u304c\u3069\u306e\u3088\u3046\u306b\u4fa1\u5024\u3092\u751f\u307f\u51fa\u3057\u5229\u76ca\u3092\u5f97\u308b\u304b\u3092\u793a\u3059\u4ed5\u7d44\u307f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Value Proposition<\/div>\n<div class=\"ja\">\u4fa1\u5024\u63d0\u6848<\/div>\n<div class=\"df\">\u9867\u5ba2\u304c\u7af6\u5408\u4ed6\u793e\u3067\u306f\u306a\u304f\u81ea\u793e\u306e\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u3092\u9078\u3076\u7406\u7531\u3068\u306a\u308b\u5c5e\u6027\u3002\u4fa1\u683c\u3001\u54c1\u8cea\u3001\u5229\u4fbf\u6027\u306a\u3069\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u69cb\u6210\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Value Chain<\/div>\n<div class=\"ja\">\u30d0\u30ea\u30e5\u30fc\u30fb\u30c1\u30a7\u30fc\u30f3<\/div>\n<div class=\"df\">\u9867\u5ba2\u3078\u306e\u4fa1\u5024\u3092\u751f\u307f\u51fa\u3059\u305f\u3081\u306b\u4f01\u696d\u304c\u884c\u3046\u4e00\u9023\u306e\u6d3b\u52d5\u3068\u30d7\u30ed\u30bb\u30b9\u306e\u69cb\u9020\u3002\u3069\u306e\u6d3b\u52d5\u304c\u4fa1\u5024\u3084\u7af6\u4e89\u512a\u4f4d\u306e\u6e90\u6cc9\u3068\u306a\u3063\u3066\u3044\u308b\u304b\u3092\u5206\u6790\u3059\u308b\u306e\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Price Discrimination<\/div>\n<div class=\"ja\">\u4fa1\u683c\u5dee\u5225<\/div>\n<div class=\"df\">\u540c\u3058\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u306b\u3064\u3044\u3066\u3001\u9867\u5ba2\u306e\u5c5e\u6027\u3084\u8cfc\u5165\u6761\u4ef6\u306b\u5fdc\u3058\u3066\u7570\u306a\u308b\u4fa1\u683c\u3092\u8a2d\u5b9a\u3059\u308b\u4fa1\u683c\u6226\u7565\u3002\u9867\u5ba2\u3054\u3068\u306e\u652f\u6255\u610f\u6b32\u306e\u9055\u3044\u3092\u5229\u7528\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Freemium<\/div>\n<div class=\"ja\">\u30d5\u30ea\u30fc\u30df\u30a2\u30e0<\/div>\n<div class=\"df\">\u57fa\u672c\u7684\u306a\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u3092\u7121\u6599\u3067\u63d0\u4f9b\u3057\u3001\u8ffd\u52a0\u306e\u6a5f\u80fd\u3084\u4e0a\u4f4d\u306e\u30b5\u30fc\u30d3\u30b9\u3092\u6709\u6599\u3067\u63d0\u4f9b\u3059\u308b\u4fa1\u683c\u30e2\u30c7\u30eb\u3002\u7121\u6599\u5229\u7528\u8005\u306e\u4e00\u90e8\u3092\u6709\u6599\u9867\u5ba2\u306b\u8ee2\u63db\u3059\u308b\u3053\u3068\u3067\u53ce\u76ca\u3092\u5f97\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Subscription Model<\/div>\n<div class=\"ja\">\u30b5\u30d6\u30b9\u30af\u30ea\u30d7\u30b7\u30e7\u30f3\u30fb\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u88fd\u54c1\u30fb\u30b5\u30fc\u30d3\u30b9\u3092\u4e00\u5b9a\u671f\u9593\u5229\u7528\u3059\u308b\u6a29\u5229\u306b\u5bfe\u3057\u3066\u3001\u5b9a\u671f\u7684\u306b\u6599\u91d1\u3092\u53d7\u3051\u53d6\u308b\u4fa1\u683c\u30e2\u30c7\u30eb\u3002\u7d99\u7d9a\u7684\u3067\u4e88\u6e2c\u3057\u3084\u3059\u3044\u53ce\u76ca\u304c\u5f97\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Network Effect<\/div>\n<div class=\"ja\">\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u52b9\u679c<\/div>\n<div class=\"df\">\u88fd\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u306e\u5229\u7528\u8005\u304c\u5897\u3048\u308b\u307b\u3069\u3001\u5404\u5229\u7528\u8005\u306b\u3068\u3063\u3066\u306e\u305d\u306e\u4fa1\u5024\u304c\u9ad8\u307e\u308b\u52b9\u679c\u3002\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u578b\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3067\u7279\u306b\u5f37\u304f\u50cd\u304f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Platform Business Model<\/div>\n<div class=\"ja\">\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u578b\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u306a\u3069\u8907\u6570\u306e\u5229\u7528\u8005\u30b0\u30eb\u30fc\u30d7\u3092\u4ef2\u4ecb\u3057\u3001\u305d\u306e\u53d6\u5f15\u3084\u4ea4\u6d41\u306e\u5834\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3067\u53ce\u76ca\u3092\u5f97\u308b\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3002\u30de\u30fc\u30b1\u30c3\u30c8\u30d7\u30ec\u30a4\u30b9\u304c\u4ee3\u8868\u4f8b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Asset-Light Business Model<\/div>\n<div class=\"ja\">\u30a2\u30bb\u30c3\u30c8\u30fb\u30e9\u30a4\u30c8\u578b\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u751f\u7523\u3084\u7269\u6d41\u306a\u3069\u3092\u5916\u90e8\u306b\u59d4\u8a17\u3059\u308b\u3053\u3068\u3067\u3001\u81ea\u793e\u304c\u4fdd\u6709\u3059\u308b\u8cc7\u7523\u3092\u5c11\u306a\u304f\u6291\u3048\u308b\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3002\u5fc5\u8981\u306a\u8cc7\u672c\u304c\u5c11\u306a\u304f\u3001\u8cc7\u672c\u52b9\u7387\u3092\u9ad8\u3081\u3084\u3059\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Franchise<\/div>\n<div class=\"ja\">\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30ba<\/div>\n<div class=\"df\">\u672c\u90e8\uff08\u30d5\u30e9\u30f3\u30c1\u30e3\u30a4\u30b6\u30fc\uff09\u304c\u52a0\u76df\u5e97\u306b\u30d6\u30e9\u30f3\u30c9\u3084\u4e8b\u696d\u30ce\u30a6\u30cf\u30a6\u3092\u4f7f\u7528\u3059\u308b\u6a29\u5229\u3092\u4e0e\u3048\u3001\u305d\u306e\u5bfe\u4fa1\u3068\u3057\u3066\u52a0\u76df\u6599\u3084\u30ed\u30a4\u30e4\u30eb\u30c6\u30a3\u3092\u53d7\u3051\u53d6\u308b\u5f93\u6765\u578b\u306e\u30d3\u30b8\u30cd\u30b9\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<h2>\u3042\u308f\u305b\u3066\u4f7f\u3044\u305f\u3044\u30da\u30fc\u30b8<\/h2>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l1-corp-formulas\/\">CFA\u00ae\ufe0e Level 1 Corporate Finance \u516c\u5f0f\u96c6\uff08\u8a18\u53f7\u306e\u610f\u5473\u3068\u4f7f\u3044\u3069\u3053\u308d\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-level1-glossary\/\">CFA\u00ae\ufe0e Level 1 \u7528\u8a9e\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-corp\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Corporate Finance\uff09<\/a><\/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\u3001\u7528\u8a9e\u3084\u516c\u5f0f\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<li><a href=\"https:\/\/triumphmind.com\/cfa\/secret_source\/\" target=\"_blank\" rel=\"noopener\">Level 1 Leveraged Support Course\uff08\u7528\u8a9e\u96c6\u30fb\u516c\u5f0f\u96c6\u306e\u6574\u7406\u8cc7\u6599\u3064\u304d\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Corporate Finance\uff08\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff09\u306e\u91cd\u8981\u7528\u8a9e66\u8a9e\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5358\u5143\uff08LM\uff09\u5225\u306b\u3001\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u305f\u7528\u8a9e\u96c6\u3067\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[101],"tags":[],"class_list":["post-11410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossary"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11410","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=11410"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11410\/revisions"}],"predecessor-version":[{"id":11531,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11410\/revisions\/11531"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11616"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}