{"id":11433,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11433"},"modified":"2026-09-24T18:42:29","modified_gmt":"2026-09-24T09:42:29","slug":"cfa-l2-equity-glossary","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l2-equity-glossary\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Equities \u7528\u8a9e\u96c6\u3011Equities \u306e\u91cd\u8981\u7528\u8a9e51\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 2\u300cEquities\uff08\u682a\u5f0f\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\u51686\u5358\u5143\u30fb51\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\/side_by_side\/\">Level 2 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=\"#l2-equity-g-lm1\">LM1 \u682a\u5f0f\u8a55\u4fa1\uff1a\u5fdc\u7528\u3068\u30d7\u30ed\u30bb\u30b9<\/a><a href=\"#l2-equity-g-lm2\">LM2 \u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb<\/a><a href=\"#l2-equity-g-lm3\">LM3 \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a55\u4fa1<\/a><a href=\"#l2-equity-g-lm4\">LM4 \u30de\u30eb\u30c1\u30d7\u30eb\u8a55\u4fa1\uff1a\u682a\u4fa1\u500d\u7387\u3068EV\u500d\u7387<\/a><a href=\"#l2-equity-g-lm5\">LM5 \u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb<\/a><a href=\"#l2-equity-g-lm6\">LM6 \u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1<\/a><\/div>\n<h2>Equities \u306e\u91cd\u8981\u7528\u8a9e\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l2-equity-g-lm1\">LM1 Equity Valuation: Applications and Processes\uff08\u682a\u5f0f\u8a55\u4fa1\uff1a\u5fdc\u7528\u3068\u30d7\u30ed\u30bb\u30b9\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-l2-equity-lm1\/\">LM1 \u682a\u5f0f\u8a55\u4fa1\uff1a\u5fdc\u7528\u3068\u30d7\u30ed\u30bb\u30b9<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Intrinsic Value<\/div>\n<div class=\"ja\">\u672c\u6e90\u7684\u4fa1\u5024<\/div>\n<div class=\"df\">\u8cc7\u7523\u306e\u6295\u8cc7\u7279\u6027\u3092\u5b8c\u5168\u306b\u7406\u89e3\u3057\u305f\u5834\u5408\u306b\u6210\u7acb\u3059\u308b\u4fa1\u5024\u3002\u5e02\u5834\u4fa1\u683c\u304c\u3053\u308c\u304b\u3089\u4e56\u96e2\u3057\u5f97\u308b\u3068\u3044\u3046\u524d\u63d0\u304c\u30a2\u30af\u30c6\u30a3\u30d6\u904b\u7528\u306e\u6839\u62e0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Going Concern Assumption<\/div>\n<div class=\"ja\">\u7d99\u7d9a\u4f01\u696d\u306e\u524d\u63d0<\/div>\n<div class=\"df\">\u4f01\u696d\u304c\u4e88\u898b\u53ef\u80fd\u306a\u5c06\u6765\u306b\u308f\u305f\u3063\u3066\u4e8b\u696d\u3092\u7d99\u7d9a\u3059\u308b\u3068\u3044\u3046\u4eee\u5b9a\u3002\u672c\u6e90\u7684\u4fa1\u5024\u306e\u63a8\u5b9a\u306f\u901a\u5e38\u3053\u306e\u524d\u63d0\u306b\u7acb\u3063\u3066\u884c\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Liquidation Value<\/div>\n<div class=\"ja\">\u6e05\u7b97\u4fa1\u5024<\/div>\n<div class=\"df\">\u4f1a\u793e\u3092\u89e3\u6563\u3057\u3001\u8cc7\u7523\u3092\u500b\u5225\u306b\u58f2\u5374\u3057\u305f\u5834\u5408\u306b\u5f97\u3089\u308c\u308b\u4fa1\u5024\u3002\u79e9\u5e8f\u3042\u308b\u6e05\u7b97\u304b\u5f37\u5236\u7684\u306a\u6e05\u7b97\u304b\u306b\u3088\u3063\u3066\u6c34\u6e96\u304c\u7570\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Fair Market Value<\/div>\n<div class=\"ja\">\u516c\u6b63\u5e02\u5834\u4fa1\u5024<\/div>\n<div class=\"df\">\u5f37\u5236\u3055\u308c\u305a\u3001\u5341\u5206\u306a\u60c5\u5831\u3092\u6301\u3064\u610f\u6b32\u3042\u308b\u8cb7\u3044\u624b\u3068\u58f2\u308a\u624b\u306e\u9593\u3067\u3001\u73fe\u91d1\u307e\u305f\u306f\u73fe\u91d1\u7b49\u4fa1\u7269\u306b\u3088\u308a\u8cc7\u7523\u304c\u53d6\u5f15\u3055\u308c\u308b\u3068\u304d\u306e\u4fa1\u683c\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Investment Value<\/div>\n<div class=\"ja\">\u6295\u8cc7\u4fa1\u5024<\/div>\n<div class=\"df\">\u30b7\u30ca\u30b8\u30fc\u306a\u3069\u7279\u5b9a\u306e\u6295\u8cc7\u5bb6\u306b\u56fa\u6709\u306e\u8981\u56e0\u3092\u53cd\u6620\u3057\u305f\u3001\u305d\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u4fa1\u5024\u3002\u8cb7\u3044\u624b\u3054\u3068\u306b\u7570\u306a\u308a\u5f97\u308b\u70b9\u3067\u516c\u6b63\u5e02\u5834\u4fa1\u5024\u3068\u533a\u5225\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Absolute Valuation Model<\/div>\n<div class=\"ja\">\u7d76\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u8cc7\u7523\u306e\u672c\u6e90\u7684\u4fa1\u5024\u3092\u76f4\u63a5\u63a8\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\u3002DDM\u3001FCF\u30e2\u30c7\u30eb\u3001\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\u3001\u8cc7\u7523\u30d9\u30fc\u30b9\u8a55\u4fa1\u306a\u3069\u304c\u8a72\u5f53\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Relative Valuation Model<\/div>\n<div class=\"ja\">\u76f8\u5bfe\u8a55\u4fa1\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">P\/E\u3084EV\/EBITDA\u306a\u3069\u306e\u500d\u7387\u3092\u985e\u4f3c\u8cc7\u7523\u3068\u6bd4\u8f03\u3057\u3001\u76f8\u5bfe\u7684\u306a\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad\u3059\u308b\u30e2\u30c7\u30eb\u3002\u6bd4\u8f03\u5bfe\u8c61\u5168\u4f53\u306e\u8aa4\u8a55\u4fa1\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Sum-of-the-Parts Valuation<\/div>\n<div class=\"ja\">\u90e8\u5206\u306e\u5408\u8a08\u8a55\u4fa1\uff08SOTP\uff09<\/div>\n<div class=\"df\">\u4e8b\u696d\u90e8\u9580\u3054\u3068\u306b\u4fa1\u5024\u3092\u8a55\u4fa1\u3057\u3066\u5408\u7b97\u3057\u3001\u4f01\u696d\u5168\u4f53\u306e\u4fa1\u5024\u3092\u6c42\u3081\u308b\u624b\u6cd5\u3002\u5206\u5272\u3084\u30b9\u30d4\u30f3\u30aa\u30d5\u306e\u4fa1\u5024\u5224\u65ad\u306b\u3082\u4f7f\u308f\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Conglomerate Discount<\/div>\n<div class=\"ja\">\u30b3\u30f3\u30b0\u30ed\u30de\u30ea\u30c3\u30c8\u30fb\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8<\/div>\n<div class=\"df\">\u591a\u89d2\u5316\u4f01\u696d\u306e\u5e02\u5834\u4fa1\u5024\u304c\u3001\u5404\u4e8b\u696d\u90e8\u9580\u306e\u4fa1\u5024\u306e\u5408\u8a08\u3092\u4e0b\u56de\u308b\u73fe\u8c61\u3002\u5185\u90e8\u8cc7\u672c\u5e02\u5834\u306e\u975e\u52b9\u7387\u306a\u3069\u304c\u539f\u56e0\u3068\u3057\u3066\u6319\u3052\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l2-equity-g-lm2\">LM2 Discounted Dividend Valuation\uff08\u914d\u5f53\u5272\u5f15\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-l2-equity-lm2\/\">LM2 \u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Dividend Discount Model (DDM)<\/div>\n<div class=\"ja\">\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff08DDM\uff09<\/div>\n<div class=\"df\">\u682a\u5f0f\u306e\u4fa1\u5024\u3092\u5c06\u6765\u306e\u671f\u5f85\u914d\u5f53\u306e\u73fe\u5728\u4fa1\u5024\u3068\u3057\u3066\u6c42\u3081\u308b\u30e2\u30c7\u30eb\u3002\u914d\u5f53\u65b9\u91dd\u304c\u660e\u78ba\u306a\u4f01\u696d\u3092\u5c11\u6570\u682a\u4e3b\u306e\u8996\u70b9\u3067\u8a55\u4fa1\u3059\u308b\u306e\u306b\u9069\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Gordon Growth Model<\/div>\n<div class=\"ja\">\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\uff08\u5b9a\u7387\u6210\u9577\u30e2\u30c7\u30eb\uff09<\/div>\n<div class=\"df\">\u914d\u5f53\u304c\u4e00\u5b9a\u7387\u3067\u6c38\u4e45\u306b\u6210\u9577\u3059\u308b\u3068\u4eee\u5b9a\u3057\u3001\u682a\u5f0f\u4fa1\u5024\u3092 D1 \u00f7 (r \u2212 g) \u3067\u6c42\u3081\u308b\u30e2\u30c7\u30eb\u3002\u8981\u6c42\u53ce\u76ca\u7387\u304c\u6210\u9577\u7387\u3092\u4e0a\u56de\u308b\u3053\u3068\u304c\u524d\u63d0\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Present Value of Growth Opportunities (PVGO)<\/div>\n<div class=\"ja\">\u6210\u9577\u6a5f\u4f1a\u306e\u73fe\u5728\u4fa1\u5024\uff08PVGO\uff09<\/div>\n<div class=\"df\">\u682a\u4fa1\u306e\u3046\u3061\u3001\u7121\u6210\u9577\u3092\u524d\u63d0\u3068\u3057\u305f\u4fa1\u5024 E1 \u00f7 r \u3092\u4e0a\u56de\u308b\u90e8\u5206\u3002\u8981\u6c42\u53ce\u76ca\u7387\u3092\u8d85\u3048\u308b\u30ea\u30bf\u30fc\u30f3\u3092\u751f\u3080\u5c06\u6765\u306e\u6295\u8cc7\u6a5f\u4f1a\u306e\u4fa1\u5024\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">H-Model<\/div>\n<div class=\"ja\">H\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u521d\u671f\u306e\u9ad8\u3044\u914d\u5f53\u6210\u9577\u7387\u304c\u4e00\u5b9a\u671f\u9593\u306b\u308f\u305f\u308a\u76f4\u7dda\u7684\u306b\u4f4e\u4e0b\u3057\u3001\u9577\u671f\u6210\u9577\u7387\u306b\u53ce\u675f\u3059\u308b\u3068\u4eee\u5b9a\u3059\u308bDDM\u3002H\u306f\u9ad8\u6210\u9577\u671f\u9593\u306e\u534a\u5206\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Terminal Value<\/div>\n<div class=\"ja\">\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\uff08\u7d99\u7d9a\u4fa1\u5024\uff09<\/div>\n<div class=\"df\">\u4e88\u6e2c\u671f\u9593\u672b\u6642\u70b9\u306b\u304a\u3051\u308b\u3001\u305d\u308c\u4ee5\u964d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4fa1\u5024\u3002\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u3084\u30de\u30eb\u30c1\u30d7\u30eb\u3092\u7528\u3044\u3066\u63a8\u5b9a\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Sustainable Growth Rate<\/div>\n<div class=\"ja\">\u30b5\u30b9\u30c6\u30ca\u30d6\u30eb\u6210\u9577\u7387\uff08\u6301\u7d9a\u53ef\u80fd\u6210\u9577\u7387\uff09<\/div>\n<div class=\"df\">\u65b0\u682a\u767a\u884c\u3092\u305b\u305a\u3001\u8cc7\u672c\u69cb\u6210\u3092\u7dad\u6301\u3057\u305f\u307e\u307e\u5185\u90e8\u7559\u4fdd\u3060\u3051\u3067\u9054\u6210\u3067\u304d\u308b\u6210\u9577\u7387\u3002\u5185\u90e8\u7559\u4fdd\u7387 \u00d7 ROE \u3067\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Retention Rate<\/div>\n<div class=\"ja\">\u5185\u90e8\u7559\u4fdd\u7387<\/div>\n<div class=\"df\">\u5229\u76ca\u306e\u3046\u3061\u914d\u5f53\u3068\u3057\u3066\u652f\u6255\u308f\u305a\u306b\u793e\u5185\u306b\u7559\u4fdd\u3059\u308b\u5272\u5408\u30021 \u2212 \u914d\u5f53\u6027\u5411 \u306b\u7b49\u3057\u304f\u3001\u6210\u9577\u7387\u306e\u63a8\u5b9a\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Implied Dividend Growth Rate<\/div>\n<div class=\"ja\">\u6697\u9ed9\u306e\u914d\u5f53\u6210\u9577\u7387<\/div>\n<div class=\"df\">\u5e02\u5834\u4fa1\u683c\u3068\u8981\u6c42\u53ce\u76ca\u7387\u3092\u6240\u4e0e\u3068\u3057\u3066\u3001\u30b4\u30fc\u30c9\u30f3\u6210\u9577\u30e2\u30c7\u30eb\u304b\u3089\u9006\u7b97\u3055\u308c\u308b\u914d\u5f53\u6210\u9577\u7387\u3002\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u3080\u6210\u9577\u671f\u5f85\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<h3 id=\"l2-equity-g-lm3\">LM3 Free Cash Flow Valuation\uff08\u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a55\u4fa1\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-l2-equity-lm3\/\">LM3 \u30d5\u30ea\u30fc\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8a55\u4fa1<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Free Cash Flow to the Firm (FCFF)<\/div>\n<div class=\"ja\">\u4f01\u696d\u3078\u306e\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCFF\uff09<\/div>\n<div class=\"df\">\u55b6\u696d\u8cbb\u7528\u3068\u5fc5\u8981\u306a\u6295\u8cc7\u3092\u8cc4\u3063\u305f\u5f8c\u306b\u3001\u682a\u4e3b\u3068\u50b5\u6a29\u8005\u3092\u5408\u308f\u305b\u305f\u3059\u3079\u3066\u306e\u8cc7\u672c\u63d0\u4f9b\u8005\u304c\u5229\u7528\u3067\u304d\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Free Cash Flow to Equity (FCFE)<\/div>\n<div class=\"ja\">\u682a\u4e3b\u3078\u306e\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCFE\uff09<\/div>\n<div class=\"df\">\u55b6\u696d\u8cbb\u7528\u3001\u5fc5\u8981\u306a\u6295\u8cc7\u3001\u50b5\u6a29\u8005\u3078\u306e\u652f\u6255\u3044\u3092\u6e08\u307e\u305b\u3001\u7d14\u501f\u5165\u3092\u52a0\u3048\u305f\u5f8c\u306b\u666e\u901a\u682a\u4e3b\u304c\u5229\u7528\u3067\u304d\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Fixed Capital Investment (FCInv)<\/div>\n<div class=\"ja\">\u56fa\u5b9a\u8cc7\u672c\u6295\u8cc7\uff08FCInv\uff09<\/div>\n<div class=\"df\">\u6709\u5f62\u56fa\u5b9a\u8cc7\u7523\u306a\u3069\u306e\u9577\u671f\u8cc7\u7523\u3078\u306e\u6295\u8cc7\u984d\u304b\u3089\u3001\u58f2\u5374\u53ce\u5165\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3002FCFF\u3068FCFE\u306e\u8a08\u7b97\u3067\u63a7\u9664\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Working Capital Investment (WCInv)<\/div>\n<div class=\"ja\">\u904b\u8ee2\u8cc7\u672c\u6295\u8cc7\uff08WCInv\uff09<\/div>\n<div class=\"df\">\u4e8b\u696d\u306e\u6210\u9577\u306a\u3069\u306b\u4f34\u3046\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\u984d\u3002FCF\u306e\u8a08\u7b97\u3067\u306f\u3001\u73fe\u91d1\u304a\u3088\u3073\u77ed\u671f\u501f\u5165\u3092\u9664\u3044\u305f\u904b\u8ee2\u8cc7\u672c\u306e\u5909\u5316\u984d\u3092\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Net Borrowing<\/div>\n<div class=\"ja\">\u7d14\u501f\u5165<\/div>\n<div class=\"df\">\u671f\u4e2d\u306e\u501f\u5165\u984d\u304b\u3089\u8fd4\u6e08\u984d\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3002FCFF\u304b\u3089FCFE\u3092\u6c42\u3081\u308b\u969b\u306b\u3001\u7a0e\u5f15\u5f8c\u652f\u6255\u5229\u606f\u3092\u63a7\u9664\u3057\u305f\u3046\u3048\u3067\u52a0\u7b97\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Non-Cash Charges<\/div>\n<div class=\"ja\">\u975e\u73fe\u91d1\u8cbb\u7528<\/div>\n<div class=\"df\">\u6e1b\u4fa1\u511f\u5374\u8cbb\u306a\u3069\u3001\u73fe\u91d1\u652f\u51fa\u3092\u4f34\u308f\u305a\u306b\u5229\u76ca\u3092\u6e1b\u3089\u3059\u8cbb\u7528\u3002\u7d14\u5229\u76ca\u3092\u8d77\u70b9\u306bFCF\u3092\u6c42\u3081\u308b\u969b\u306b\u8db3\u3057\u623b\u3059\u3002<\/div>\n<\/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\u306e\u7a0e\u5f15\u5f8c\u30b3\u30b9\u30c8\u3068\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u3001\u305d\u308c\u305e\u308c\u306e\u6642\u4fa1\u30a6\u30a7\u30a4\u30c8\u3067\u52a0\u91cd\u5e73\u5747\u3057\u305f\u8cc7\u672c\u30b3\u30b9\u30c8\u3002FCFF\u306e\u5272\u5f15\u7387\u3068\u3057\u3066\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Non-Operating Assets<\/div>\n<div class=\"ja\">\u975e\u55b6\u696d\u8cc7\u7523<\/div>\n<div class=\"df\">\u4f59\u5270\u73fe\u91d1\u3084\u6295\u8cc7\u6709\u4fa1\u8a3c\u5238\u306a\u3069\u3001\u4e8b\u696d\u306e\u55b6\u696d\u6d3b\u52d5\u306b\u4f7f\u308f\u308c\u3066\u3044\u306a\u3044\u8cc7\u7523\u3002FCF\u3067\u6c42\u3081\u305f\u55b6\u696d\u8cc7\u7523\u306e\u4fa1\u5024\u306b\u5225\u9014\u52a0\u7b97\u3059\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l2-equity-g-lm4\">LM4 Market-Based Valuation: Price and Enterprise Value Multiples\uff08\u30de\u30eb\u30c1\u30d7\u30eb\u8a55\u4fa1\uff1a\u682a\u4fa1\u500d\u7387\u3068EV\u500d\u7387\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-l2-equity-lm4\/\">LM4 \u30de\u30eb\u30c1\u30d7\u30eb\u8a55\u4fa1\uff1a\u682a\u4fa1\u500d\u7387\u3068EV\u500d\u7387<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Method of Comparables<\/div>\n<div class=\"ja\">\u985e\u4f3c\u4f1a\u793e\u6bd4\u8f03\u6cd5<\/div>\n<div class=\"df\">\u8a55\u4fa1\u5bfe\u8c61\u306e\u500d\u7387\u3092\u985e\u4f3c\u4f01\u696d\u7fa4\u306e\u500d\u7387\u3068\u6bd4\u8f03\u3057\u3001\u76f8\u5bfe\u7684\u306a\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad\u3059\u308b\u65b9\u6cd5\u3002\u4e00\u7269\u4e00\u4fa1\u306e\u8003\u3048\u65b9\u306b\u57fa\u3065\u304f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Justified Price Multiple<\/div>\n<div class=\"ja\">\u6b63\u5f53\u5316\u3055\u308c\u308b\u682a\u4fa1\u500d\u7387<\/div>\n<div class=\"df\">DDM\u306a\u3069\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u4e88\u60f3\u304b\u3089\u5c0e\u304b\u308c\u308b\u3001\u7406\u8ad6\u7684\u306b\u59a5\u5f53\u3068\u3055\u308c\u308b\u500d\u7387\u3002\u5b9f\u969b\u306e\u500d\u7387\u3068\u6bd4\u3079\u3066\u5272\u9ad8\u30fb\u5272\u5b89\u3092\u5224\u65ad\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Normalized Earnings Per Share<\/div>\n<div class=\"ja\">\u6b63\u898f\u5316EPS<\/div>\n<div class=\"df\">\u666f\u6c17\u5faa\u74b0\u306e\u5f71\u97ff\u3092\u53d6\u308a\u9664\u304d\u3001\u30b5\u30a4\u30af\u30eb\u306e\u4e2d\u9593\u6642\u70b9\u306b\u5f97\u3089\u308c\u308b\u3068\u898b\u8fbc\u307e\u308c\u308bEPS\u3002\u904e\u53bb\u5e73\u5747EPS\u6cd5\u3084\u5e73\u5747ROE\u6cd5\u3067\u63a8\u5b9a\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Earnings Yield (E\/P)<\/div>\n<div class=\"ja\">\u76ca\u56de\u308a\uff08E\/P\uff09<\/div>\n<div class=\"df\">EPS\u3092\u682a\u4fa1\u3067\u5272\u3063\u305f\u5024\u3067P\/E\u306e\u9006\u6570\u3002\u5229\u76ca\u304c\u30de\u30a4\u30ca\u30b9\u3084\u30bc\u30ed\u4ed8\u8fd1\u306e\u4f01\u696d\u3067\u3082\u9806\u5e8f\u3065\u3051\u304c\u53ef\u80fd\u306b\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">PEG Ratio<\/div>\n<div class=\"ja\">PEG\u30ec\u30b7\u30aa<\/div>\n<div class=\"df\">P\/E\u3092\u4e88\u60f3\u5229\u76ca\u6210\u9577\u7387\uff08%\u8868\u793a\uff09\u3067\u5272\u3063\u305f\u6307\u6a19\u3002\u6210\u9577\u7387\u306e\u9055\u3044\u3092\u8abf\u6574\u3057\u3066P\/E\u3092\u6bd4\u8f03\u3059\u308b\u305f\u3081\u306e\u3082\u306e\u3060\u304c\u3001\u30ea\u30b9\u30af\u3084\u6210\u9577\u306e\u6301\u7d9a\u671f\u9593\u306f\u8003\u616e\u3057\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Enterprise Value (EV)<\/div>\n<div class=\"ja\">\u4f01\u696d\u4fa1\u5024\uff08EV\uff09<\/div>\n<div class=\"df\">\u666e\u901a\u682a\u5f0f\u306e\u6642\u4fa1\u7dcf\u984d\u306b\u512a\u5148\u682a\u3068\u8ca0\u50b5\u306e\u5e02\u5834\u4fa1\u5024\u3092\u52a0\u3048\u3001\u73fe\u91d1\u30fb\u77ed\u671f\u6295\u8cc7\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3002\u8cc7\u672c\u69cb\u6210\u306b\u5de6\u53f3\u3055\u308c\u306b\u304f\u3044\u8a55\u4fa1\u306e\u57fa\u790e\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Standardized Unexpected Earnings (SUE)<\/div>\n<div class=\"ja\">\u6a19\u6e96\u5316\u4e88\u60f3\u5916\u5229\u76ca\uff08SUE\uff09<\/div>\n<div class=\"df\">\u30a2\u30fc\u30cb\u30f3\u30b0\u30b9\u30fb\u30b5\u30d7\u30e9\u30a4\u30ba\uff08\u5831\u544aEPS \u2212 \u4e88\u60f3EPS\uff09\u3092\u904e\u53bb\u306e\u30b5\u30d7\u30e9\u30a4\u30ba\u306e\u6a19\u6e96\u504f\u5dee\u3067\u5272\u3063\u305f\u6307\u6a19\u3002\u30b5\u30d7\u30e9\u30a4\u30ba\u306e\u5927\u304d\u3055\u3092\u6bd4\u8f03\u53ef\u80fd\u306b\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Harmonic Mean<\/div>\n<div class=\"ja\">\u8abf\u548c\u5e73\u5747<\/div>\n<div class=\"df\">\u5404\u5024\u306e\u9006\u6570\u306e\u5e73\u5747\u306e\u9006\u6570\u3067\u3001n \u00f7 \u03a3(1\/Xi) \u3067\u6c42\u3081\u308b\u3002\u500d\u7387\u7fa4\u306e\u4ee3\u8868\u5024\u3068\u3057\u3066\u4f7f\u3046\u3068\u3001\u5927\u304d\u306a\u5916\u308c\u5024\u306e\u5f71\u97ff\u3092\u6291\u3048\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Weighted Harmonic Mean<\/div>\n<div class=\"ja\">\u52a0\u91cd\u8abf\u548c\u5e73\u5747<\/div>\n<div class=\"df\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30a6\u30a7\u30a4\u30c8\u3067\u52a0\u91cd\u3057\u305f\u8abf\u548c\u5e73\u5747\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u5168\u4f53\u306e\u500d\u7387\u3068\u4e00\u81f4\u3059\u308b\u305f\u3081\u3001\u6307\u6570\u3084\u30d5\u30a1\u30f3\u30c9\u306e\u500d\u7387\u7b97\u51fa\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l2-equity-g-lm5\">LM5 Residual Income Valuation\uff08\u6b8b\u4f59\u5229\u76ca\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-l2-equity-lm5\/\">LM5 \u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Residual Income<\/div>\n<div class=\"ja\">\u6b8b\u4f59\u5229\u76ca<\/div>\n<div class=\"df\">\u7d14\u5229\u76ca\u304b\u3089\u682a\u4e3b\u8cc7\u672c\u306e\u6a5f\u4f1a\u8cbb\u7528\uff08\u8981\u6c42\u53ce\u76ca\u7387 \u00d7 \u671f\u9996\u7c3f\u4fa1\uff09\u3092\u5dee\u3057\u5f15\u3044\u305f\u5229\u76ca\u3002ROE\u304c\u8981\u6c42\u53ce\u76ca\u7387\u3092\u4e0a\u56de\u308b\u3068\u6b63\u306b\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Economic Value Added (EVA)<\/div>\n<div class=\"ja\">\u7d4c\u6e08\u4ed8\u52a0\u4fa1\u5024\uff08EVA\uff09<\/div>\n<div class=\"df\">\u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09\u304b\u3089\u3001\u7dcf\u8cc7\u672c\u306bWACC\u3092\u639b\u3051\u305f\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3002\u4f01\u696d\u5168\u4f53\u306e\u6b8b\u4f59\u5229\u76ca\u306b\u5f53\u305f\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Market Value Added (MVA)<\/div>\n<div class=\"ja\">\u5e02\u5834\u4ed8\u52a0\u4fa1\u5024\uff08MVA\uff09<\/div>\n<div class=\"df\">\u4f01\u696d\u306e\u5e02\u5834\u4fa1\u5024\u304b\u3089\u6295\u4e0b\u3055\u308c\u305f\u7dcf\u8cc7\u672c\u3092\u5dee\u3057\u5f15\u3044\u305f\u5024\u3002\u4f01\u696d\u304c\u8cc7\u672c\u63d0\u4f9b\u8005\u306e\u305f\u3081\u306b\u5275\u9020\u3057\u305f\u4fa1\u5024\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Clean Surplus Relation<\/div>\n<div class=\"ja\">\u30af\u30ea\u30fc\u30f3\u30fb\u30b5\u30fc\u30d7\u30e9\u30b9\u95a2\u4fc2<\/div>\n<div class=\"df\">\u671f\u672b\u7c3f\u4fa1\u304c\u671f\u9996\u7c3f\u4fa1\u306b\u7d14\u5229\u76ca\u3092\u52a0\u3048\u914d\u5f53\u3092\u5dee\u3057\u5f15\u3044\u305f\u984d\u306b\u7b49\u3057\u3044\u3068\u3044\u3046\u95a2\u4fc2\u3002\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\u306e\u524d\u63d0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Continuing Residual Income<\/div>\n<div class=\"ja\">\u7d99\u7d9a\u7684\u6b8b\u4f59\u5229\u76ca<\/div>\n<div class=\"df\">\u4e88\u6e2c\u671f\u9593\u306e\u7d42\u4e86\u5f8c\u3082\u7d9a\u304f\u3068\u60f3\u5b9a\u3055\u308c\u308b\u6b8b\u4f59\u5229\u76ca\u3002\u4e00\u5b9a\u3001\u6210\u9577\u3001\u30bc\u30ed\u3078\u306e\u6e1b\u8870\u306a\u3069\u306e\u30d1\u30bf\u30fc\u30f3\u3092\u4eee\u5b9a\u3057\u3066\u8a55\u4fa1\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Persistence Factor<\/div>\n<div class=\"ja\">\u6301\u7d9a\u4fc2\u6570\uff08\u03c9\uff09<\/div>\n<div class=\"df\">\u6b8b\u4f59\u5229\u76ca\u304c\u7fcc\u671f\u306b\u3069\u306e\u7a0b\u5ea6\u6301\u7d9a\u3059\u308b\u304b\u3092\u793a\u30590\u301c1\u306e\u4fc2\u6570\u30021\u306b\u8fd1\u3044\u307b\u3069\u8d85\u904e\u53ce\u76ca\u304c\u9577\u304f\u7d9a\u304f\u3053\u3068\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Tobin&#8217;s q<\/div>\n<div class=\"ja\">\u30c8\u30fc\u30d3\u30f3\u306eq<\/div>\n<div class=\"df\">\u4f01\u696d\u306e\u8ca0\u50b5\u3068\u682a\u5f0f\u306e\u5e02\u5834\u4fa1\u5024\u3092\u3001\u8cc7\u7523\u306e\u518d\u8abf\u9054\u539f\u4fa1\u3067\u5272\u3063\u305f\u6bd4\u7387\u3002P\/B\u3068\u540c\u69d8\u306b\u5e02\u5834\u4fa1\u5024\u3068\u8cc7\u7523\u4fa1\u5024\u306e\u95a2\u4fc2\u3092\u8868\u3059\u3002<\/div>\n<\/div>\n<h3 id=\"l2-equity-g-lm6\">LM6 Private Company Valuation\uff08\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\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-l2-equity-lm6\/\">LM6 \u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Normalized Earnings<\/div>\n<div class=\"ja\">\u6b63\u898f\u5316\u5229\u76ca<\/div>\n<div class=\"df\">\u975e\u7d4c\u5e38\u9805\u76ee\u3001\u5e02\u5834\u6c34\u6e96\u304b\u3089\u4e56\u96e2\u3057\u305f\u30aa\u30fc\u30ca\u30fc\u5831\u916c\u3001\u95a2\u9023\u5f53\u4e8b\u8005\u53d6\u5f15\u306a\u3069\u3092\u8abf\u6574\u3057\u305f\u3001\u6301\u7d9a\u53ef\u80fd\u306a\u5229\u76ca\u306e\u6c34\u6e96\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Strategic Buyer<\/div>\n<div class=\"ja\">\u6226\u7565\u7684\u8cb7\u3044\u624b<\/div>\n<div class=\"df\">\u5bfe\u8c61\u4f01\u696d\u3068\u306e\u4e8b\u696d\u4e0a\u306e\u30b7\u30ca\u30b8\u30fc\u3092\u898b\u8fbc\u3093\u3067\u8cb7\u53ce\u3059\u308b\u8cb7\u3044\u624b\u3002\u8a55\u4fa1\u3067\u306f\u30b7\u30ca\u30b8\u30fc\u3092\u53cd\u6620\u3057\u305f\u5229\u76ca\u3084\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Financial Buyer<\/div>\n<div class=\"ja\">\u8ca1\u52d9\u7684\u8cb7\u3044\u624b<\/div>\n<div class=\"df\">\u30b7\u30ca\u30b8\u30fc\u3092\u524d\u63d0\u3068\u305b\u305a\u3001\u6295\u8cc7\u30ea\u30bf\u30fc\u30f3\u3092\u76ee\u7684\u3068\u3057\u3066\u8cb7\u53ce\u3059\u308b\u8cb7\u3044\u624b\u3002\u8a55\u4fa1\u3067\u306f\u5bfe\u8c61\u4f01\u696d\u306e\u5358\u72ec\u30d9\u30fc\u30b9\u306e\u5229\u76ca\u3092\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Build-Up Method<\/div>\n<div class=\"ja\">\u30d3\u30eb\u30c9\u30a2\u30c3\u30d7\u6cd5<\/div>\n<div class=\"df\">\u30ea\u30b9\u30af\u30d5\u30ea\u30fc\u30fb\u30ec\u30fc\u30c8\u306b\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u4f01\u696d\u56fa\u6709\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306a\u3069\u3092\u52a0\u7b97\u3057\u3066\u8981\u6c42\u53ce\u76ca\u7387\u3092\u63a8\u5b9a\u3059\u308b\u65b9\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Expanded CAPM<\/div>\n<div class=\"ja\">\u62e1\u5f35CAPM<\/div>\n<div class=\"df\">CAPM\u306b\u898f\u6a21\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u4f01\u696d\u56fa\u6709\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u52a0\u3048\u3066\u8981\u6c42\u53ce\u76ca\u7387\u3092\u63a8\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\u3002\u975e\u4e0a\u5834\u4f01\u696d\u306e\u8a55\u4fa1\u3067\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Discount for Lack of Control (DLOC)<\/div>\n<div class=\"ja\">\u652f\u914d\u6a29\u6b20\u5982\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff08DLOC\uff09<\/div>\n<div class=\"df\">\u5c11\u6570\u6301\u5206\u304c\u4f01\u696d\u306e\u610f\u601d\u6c7a\u5b9a\u3092\u652f\u914d\u3067\u304d\u306a\u3044\u3053\u3068\u3092\u53cd\u6620\u3057\u305f\u6e1b\u4fa1\u30021 \u2212 1 \u00f7 (1 + \u652f\u914d\u6a29\u30d7\u30ec\u30df\u30a2\u30e0) \u3067\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Discount for Lack of Marketability (DLOM)<\/div>\n<div class=\"ja\">\u5e02\u5834\u6027\u6b20\u5982\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\uff08DLOM\uff09<\/div>\n<div class=\"df\">\u6301\u5206\u3092\u901f\u3084\u304b\u306b\u73fe\u91d1\u5316\u3067\u304d\u306a\u3044\u3053\u3068\u3092\u53cd\u6620\u3057\u305f\u6e1b\u4fa1\u3002\u58f2\u5374\u5236\u9650\u3084\u6d41\u52d5\u6027\u306e\u6b20\u5982\u3092\u53cd\u6620\u3057\u3001\u30d7\u30c3\u30c8\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306a\u3069\u3067\u63a8\u5b9a\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Capitalized Cash Flow Method<\/div>\n<div class=\"ja\">\u8cc7\u672c\u5316\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5<\/div>\n<div class=\"df\">\u5358\u4e00\u306e\u4ee3\u8868\u7684\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u8cc7\u672c\u5316\u7387\uff08r \u2212 g\uff09\u3067\u5272\u3063\u3066\u4fa1\u5024\u3092\u6c42\u3081\u308b\u65b9\u6cd5\u3002\u5b89\u5b9a\u6210\u9577\u304c\u898b\u8fbc\u307e\u308c\u308b\u4f01\u696d\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Excess Earnings Method<\/div>\n<div class=\"ja\">\u8d85\u904e\u5229\u76ca\u6cd5<\/div>\n<div class=\"df\">\u6b63\u898f\u5316\u5229\u76ca\u304b\u3089\u904b\u8ee2\u8cc7\u672c\u3068\u56fa\u5b9a\u8cc7\u7523\u306e\u8981\u6c42\u53ce\u76ca\u3092\u5dee\u3057\u5f15\u3044\u305f\u8d85\u904e\u5229\u76ca\u3092\u8cc7\u672c\u5316\u3057\u3001\u7121\u5f62\u8cc7\u7523\u306e\u4fa1\u5024\u3092\u63a8\u5b9a\u3059\u308b\u65b9\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Guideline Transactions Method<\/div>\n<div class=\"ja\">\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u53d6\u5f15\u6cd5<\/div>\n<div class=\"df\">\u985e\u4f3c\u4f01\u696d\u306e\u8cb7\u53ce\u53d6\u5f15\u3067\u6210\u7acb\u3057\u305f\u500d\u7387\u3092\u7528\u3044\u3066\u8a55\u4fa1\u3059\u308b\u65b9\u6cd5\u3002\u652f\u914d\u6a29\u30d9\u30fc\u30b9\u306e\u4fa1\u5024\u3068\u306a\u308a\u3001\u30b7\u30ca\u30b8\u30fc\u3092\u542b\u307f\u5f97\u308b\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-l2-equity-formulas\/\">CFA\u00ae\ufe0e Level 2 Equities \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-level2-glossary\/\">CFA\u00ae\ufe0e Level 2 \u7528\u8a9e\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-equity\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Equities\uff09<\/a><\/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\/side_by_side\/\" target=\"_blank\" rel=\"noopener\">Level 2 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 2 Equities\uff08\u682a\u5f0f\uff09\u306e\u91cd\u8981\u7528\u8a9e51\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":11602,"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-11433","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\/11433","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=11433"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11433\/revisions"}],"predecessor-version":[{"id":11554,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11433\/revisions\/11554"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11602"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}