{"id":11456,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11456"},"modified":"2026-09-29T09:01:40","modified_gmt":"2026-09-29T00:01:40","slug":"cfa-l3-pmk-formulas","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l3-pmk-formulas\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Private Markets Pathway \u516c\u5f0f\u96c6\u3011Private Markets Pathway \u306e\u91cd\u8981\u516c\u5f0f39\u672c\uff5c\u8a18\u53f7\u306e\u610f\u5473\u3068\u4f7f\u3044\u3069\u3053\u308d\u3092\u5358\u5143\u5225\u306b\u6574\u7406"},"content":{"rendered":"<link rel=\"stylesheet\" href=\"https:\/\/cdn.jsdelivr.net\/npm\/katex@0.18.9\/dist\/katex.min.css\">\n<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-x .katex-display+.katex-display{margin-top:.2em!important} @media (max-width:600px){.cfafm-x .katex-display>.katex{font-size:.9em}.cfafm-lg div{flex-wrap:wrap;gap:.1em .8em}.cfafm-lg .s{max-width:100%}} .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 3\u300cPrivate Markets Pathway\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30de\u30fc\u30b1\u30c3\u30c4 Pathway\uff09\u300d\u306e\u91cd\u8981\u516c\u5f0f39\u672c\u3092\u3001\u5b66\u7fd2\u5358\u5143\uff08Learning Module\uff09\u3054\u3068\u306b\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u516c\u5f0f\u3054\u3068\u306b<strong>\u6570\u5f0f\u30fb\u8a18\u53f7\u306e\u610f\u5473\u30fb\u4f7f\u3044\u3069\u3053\u308d<\/strong>\u3092\u307e\u3068\u3081\u3066\u3044\u307e\u3059\u3002\u6570\u5f0f\u304c\u6a2a\u306b\u9577\u3044\u5834\u5408\u306f\u3001\u6a2a\u306b\u30b9\u30af\u30ed\u30fc\u30eb\u3057\u3066\u3054\u89a7\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\/gokuhi\/\">Level 3 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=\"#l3-pmk-f-lm1\">LM1 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u6295\u8cc7\u3068\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc<\/a><a href=\"#l3-pmk-f-lm2\">LM2 GP\u3068\u6295\u8cc7\u5bb6\u306e\u8996\u70b9\u3001\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9<\/a><a href=\"#l3-pmk-f-lm3\">LM3 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/a><a href=\"#l3-pmk-f-lm4\">LM4 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8<\/a><a href=\"#l3-pmk-f-lm5\">LM5 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u306e\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7<\/a><a href=\"#l3-pmk-f-lm6\">LM6 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4e0d\u52d5\u7523\u6295\u8cc7<\/a><a href=\"#l3-pmk-f-lm7\">LM7 \u30a4\u30f3\u30d5\u30e9\u6295\u8cc7<\/a><\/div>\n<h2>Private Markets Pathway \u306e\u91cd\u8981\u516c\u5f0f\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l3-pmk-f-lm1\">LM1 Private Investments and Structures\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u6295\u8cc7\u3068\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\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-l3-pmk-lm1\/\">LM1 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u6295\u8cc7\u3068\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">1. \u5185\u90e8\u53ce\u76ca\u7387(IRR)<\/div>\n<div class=\"ne\">Internal Rate of Return (IRR)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NPV<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">0<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7401em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"minner\">\u22ef<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.5904em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NPV<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6b63\u5473\u73fe\u5728\u4fa1\u5024\uff08Net Present Value\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\">\u2026<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">1, 2, \u2026, n\u671f\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08CF = Cash Flow\u3002\u6d41\u51fa\u306f\u30de\u30a4\u30ca\u30b9\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5185\u90e8\u53ce\u76ca\u7387\uff08Internal Rate of Return\uff09\uff1aNPV\u3092\u30bc\u30ed\u306b\u3059\u308b\u4e00\u5f8b\u306e\u5272\u5f15\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u671f\u9593(\u5e74\u6570)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u521d\uff080\u671f\uff09\u306e\u6295\u8cc7\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u3092\u30bc\u30ed\u306b\u3059\u308b\u5272\u5f15\u7387\u3092\u6c42\u3081\u308b\u5f0f\u3002\u4e0d\u898f\u5247\u306a\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6301\u3064\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u6295\u8cc7\u3084\u30d5\u30a1\u30f3\u30c9\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u6e2c\u308b\u5834\u9762\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">2. \u6295\u8cc7\u53ce\u76ca\u7387(ROI)\/\u6295\u8cc7\u500d\u7387(MOIC)<\/div>\n<div class=\"ne\">Return on Investment (ROI) \/ MOIC (Multiple of Money)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Total\u00a0cash\u00a0flows\u00a0invested<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Total\u00a0cash\u00a0flows\u00a0received<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">MOIC<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2519em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Total\u00a0invested\u00a0capital<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Realized<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Unrealized\u00a0value<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u53ce\u76ca\u7387\u30fb\u6295\u8cc7\u500d\u7387\uff08Return on Investment\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Total\u00a0cash\u00a0flows\u00a0received<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u53d7\u3051\u53d6\u3063\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5408\u8a08<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Total\u00a0cash\u00a0flows\u00a0invested<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5408\u8a08<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">MOIC<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u4e0b\u8cc7\u672c\u500d\u7387\uff08Multiple on Invested Capital\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Realized<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b9f\u73fe\u4fa1\u5024(\u7d2f\u7a4d\u5206\u914d\u984d)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Unrealized\u00a0value<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u672a\u5b9f\u73fe\u4fa1\u5024\uff08\u6b8b\u5b58NAV\u3002NAV = Net Asset Value\uff1a\u7d14\u8cc7\u7523\u4fa1\u5024\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Total\u00a0invested\u00a0capital<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u4e0b\u8cc7\u672c\u7dcf\u984d(paid-in)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u53d7\u3051\u53d6\u3063\u305f\u4fa1\u5024\uff08\u307e\u305f\u306f\u5b9f\u73fe\u30fb\u672a\u5b9f\u73fe\u3092\u5408\u308f\u305b\u305f\u4fa1\u5024\uff09\u3092\u6295\u4e0b\u8cc7\u672c\u3067\u5272\u308a\u3001\u6295\u8cc7\u306e\u500d\u7387\u3092\u6c42\u3081\u308b\u5f0f\u3002\u6642\u9593\u4fa1\u5024\u3092\u8003\u616e\u3057\u306a\u3044\u7c21\u4fbf\u306a\u30ea\u30bf\u30fc\u30f3\u6307\u6a19\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">3. DPI(\u5206\u914d\u6e08\u307f\u500d\u7387)<\/div>\n<div class=\"ne\">Distributed to Paid-In (DPI)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DPI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.3074em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Total\u00a0invested\u00a0(paid-in)\u00a0capital<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Cumulative\u00a0distributions<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DPI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5206\u914d\u6e08\u307f\u500d\u7387\uff08Distributions to Paid-In capital\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cumulative\u00a0distributions<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">LP\uff08Limited Partner\uff1a\u6709\u9650\u8cac\u4efb\u7d44\u5408\u54e1\uff1d\u30d5\u30a1\u30f3\u30c9\u306e\u51fa\u8cc7\u8005\uff09\u3078\u306e\u7d2f\u7a4d\u5206\u914d\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Total\u00a0invested\u00a0(paid-in)\u00a0capital<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u4e0b(\u6255\u8fbc)\u8cc7\u672c\u7dcf\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u7d2f\u7a4d\u5206\u914d\u984d\u3092\u6255\u8fbc\u8cc7\u672c\u3067\u5272\u308a\u3001LP\u306b\u73fe\u91d1\u3068\u3057\u3066\u623b\u3063\u305f\u5b9f\u73fe\u6e08\u307f\u30ea\u30bf\u30fc\u30f3\u306e\u500d\u7387\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">4. RVPI(\u6b8b\u5b58\u4fa1\u5024\u500d\u7387)<\/div>\n<div class=\"ne\">Residual Value to Paid-In (RVPI)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">RVPI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Total\u00a0invested\u00a0(paid-in)\u00a0capital<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NAV<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">RVPI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6b8b\u5b58\u4fa1\u5024\u500d\u7387\uff08Residual Value to Paid-In capital\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NAV<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d5\u30a1\u30f3\u30c9\u306e\u6b8b\u5b58\u7d14\u8cc7\u7523\u4fa1\u5024\uff08Net Asset Value\u3002\u672a\u5b9f\u73fe\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u4fa1\u5024\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Total\u00a0invested\u00a0(paid-in)\u00a0capital<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u4e0b(\u6255\u8fbc)\u8cc7\u672c\u7dcf\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u30d5\u30a1\u30f3\u30c9\u306e\u6b8b\u5b58\u4fa1\u5024\uff08NAV\uff09\u3092\u6255\u8fbc\u8cc7\u672c\u3067\u5272\u308a\u3001\u672a\u5b9f\u73fe\u90e8\u5206\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u500d\u7387\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">5. TVPI(\u7dcf\u4fa1\u5024\u500d\u7387)<\/div>\n<div class=\"ne\">Total Value to Paid-In (TVPI \/ MOM)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">TVPI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DPI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">RVPI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2519em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Paid-in\u00a0capital<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Cumulative\u00a0distributions<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NAV<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">TVPI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u4fa1\u5024\u500d\u7387\uff08Total Value to Paid-In capital\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DPI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5206\u914d\u6e08\u307f\u500d\u7387\uff08Distributions to Paid-In capital\u3002\u5b9f\u73fe\u5206\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">RVPI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6b8b\u5b58\u4fa1\u5024\u500d\u7387\uff08Residual Value to Paid-In capital\u3002\u672a\u5b9f\u73fe\u5206\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cumulative\u00a0distributions<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">LP\uff08\u51fa\u8cc7\u8005\uff09\u3078\u306e\u7d2f\u7a4d\u5206\u914d\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NAV<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d5\u30a1\u30f3\u30c9\u306e\u6b8b\u5b58\u7d14\u8cc7\u7523\u4fa1\u5024\uff08Net Asset Value\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Paid-in\u00a0capital<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u4e0b(\u6255\u8fbc)\u8cc7\u672c\u7dcf\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>DPI\u3068RVPI\u3092\u5408\u8a08\u3057\u3001\u5b9f\u73fe\u30fb\u672a\u5b9f\u73fe\u3092\u5408\u308f\u305b\u305f\u30d5\u30a1\u30f3\u30c9\u306e\u7dcf\u4fa1\u5024\u500d\u7387\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">6. \u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u5f85\u6a5f\u671f\u9593\u3092\u8003\u616e\u3057\u305fLP\u30d6\u30ec\u30f3\u30c9\u30fb\u30ea\u30bf\u30fc\u30f3<\/div>\n<div class=\"ne\">LP Blended Return with Capital Commitment Lag<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6331em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">LP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u2248<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">private<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">private<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">liquid<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.9781em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.2921em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\">t<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">lag<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">LP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">LP\uff08Limited Partner\uff1a\u30d5\u30a1\u30f3\u30c9\u306e\u51fa\u8cc7\u8005\uff09\u304c\u5f97\u308b\u30d6\u30ec\u30f3\u30c9\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">private<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u6295\u8cc7\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">liquid<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f85\u6a5f\u8cc7\u91d1\u3092\u904b\u7528\u3059\u308b\u6d41\u52d5\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9012em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">t<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">lag<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b3\u30df\u30c3\u30c8\u304b\u3089\u8cc7\u672c\u6295\u4e0b\u307e\u3067\u306e\u30e9\u30b0(\u5e74)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d5\u30a1\u30f3\u30c9\u306e\u5168\u6295\u8cc7\u30b5\u30a4\u30af\u30eb(\u5e74)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u30b3\u30df\u30c3\u30c8\u3057\u305f\u8cc7\u91d1\u304c\u6295\u8cc7\u3055\u308c\u308b\u307e\u3067\u6d41\u52d5\u8cc7\u7523\u3067\u904b\u7528\u3055\u308c\u308b\u671f\u9593\u3092\u8003\u616e\u3057\u3001LP\u304c\u6295\u8cc7\u30b5\u30a4\u30af\u30eb\u5168\u4f53\u3067\u5f97\u308b\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u6982\u7b97\u3059\u308b\u5f0f\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-f-lm2\">LM2 General Partner and Investor Perspectives and the Investment Process\uff08GP\u3068\u6295\u8cc7\u5bb6\u306e\u8996\u70b9\u3001\u6295\u8cc7\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-l3-pmk-lm2\/\">LM2 GP\u3068\u6295\u8cc7\u5bb6\u306e\u8996\u70b9\u3001\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">7. \u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30d5\u30a3\u30fc(\u30b3\u30df\u30c3\u30c8\u8cc7\u672c\u30d9\u30fc\u30b9)<\/div>\n<div class=\"ne\">Management Fee on Committed Capital<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Fee<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord mathnormal\">m<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\">(<\/span><span class=\"mord text\"><span class=\"mord\">Committed\u00a0capital<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cumulative\u00a0cost\u00a0basis\u00a0of\u00a0exits\u00a0and\u00a0write-offs<\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Fee<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">t\u671f\u306e\u7ba1\u7406\u5831\u916c\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">m<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7ba1\u7406\u5831\u916c\u7387\uff08PE = \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u3067\u7d042%\u3001\u79c1\u52df\u30c7\u30c3\u30c8\u3067\u7d041%\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Committed\u00a0capital<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b3\u30df\u30c3\u30c8\u8cc7\u672c(\u6295\u4e0b\u6e08\u307f+\u672a\u6295\u4e0b)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Cumulative\u00a0cost\u00a0basis\u00a0of\u00a0exits\u00a0and\u00a0write-offs<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30b0\u30b8\u30c3\u30c8\u30fb\u511f\u5374\u6e08\u307f\u6295\u8cc7\u306e\u53d6\u5f97\u539f\u4fa1\u306e\u7d2f\u8a08<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u984d\u304b\u3089\u58f2\u5374\u30fb\u511f\u5374\u6e08\u307f\u6295\u8cc7\u306e\u53d6\u5f97\u539f\u4fa1\u3092\u5dee\u3057\u5f15\u3044\u305f\u984d\u306b\u6599\u7387\u3092\u639b\u3051\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u7ba1\u7406\u5831\u916c\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">8. \u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8(\u30cf\u30fc\u30c9\u30fb\u30cf\u30fc\u30c9\u30eb)<\/div>\n<div class=\"ne\">Carried Interest with Hard Hurdle<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mop\">max<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\">[<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">p<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">h<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mclose delimcenter\" style=\"top:0em;\">]<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">GP\uff08General Partner\uff1a\u7121\u9650\u8cac\u4efb\u7d44\u5408\u54e1\uff1d\u30d5\u30a1\u30f3\u30c9\u904b\u55b6\u8005\uff09\u306e\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\uff08\u30ea\u30bf\u30fc\u30f3\u6bd4\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">p<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u7387(\u901a\u5e3815\u301c20%)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d5\u30a1\u30f3\u30c9\u306e\u30ea\u30bf\u30fc\u30f3(\u7ba1\u7406\u5831\u916c\u63a7\u9664\u5f8c)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">h<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30cf\u30fc\u30c9\u30fb\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\uff08h = hurdle\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u30cf\u30fc\u30c9\u30fb\u30cf\u30fc\u30c9\u30eb\u306e\u5834\u5408\u306b\u3001\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u3092\u8d85\u3048\u305f\u90e8\u5206\u306e\u30ea\u30bf\u30fc\u30f3\u306b\u306e\u307f\u6210\u529f\u5831\u916c\u7387\u3092\u639b\u3051\u3066\u3001GP\u306e\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">9. \u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8(\u30bd\u30d5\u30c8\u30fb\u30cf\u30fc\u30c9\u30eb\u3068\u30ad\u30e3\u30c3\u30c1\u30a2\u30c3\u30d7)<\/div>\n<div class=\"ne\">Carried Interest with Soft Hurdle and Catch-Up<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mop\">max<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\">[<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">cu<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">p<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">h<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">cu<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mclose delimcenter\" style=\"top:0em;\">]<\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Catch-up\u00a0threshold<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2519em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">p<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Hurdle\u00a0amount<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">GP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">GP\uff08General Partner\uff1a\u30d5\u30a1\u30f3\u30c9\u904b\u55b6\u8005\uff09\u306e\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\uff08\u30ea\u30bf\u30fc\u30f3\u6bd4\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">cu<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30c3\u30c1\u30a2\u30c3\u30d7\u30fb\u30ea\u30bf\u30fc\u30f3\uff08cu = catch-up\u3002\u30cf\u30fc\u30c9\u30eb\u8d85\u904e\u5f8c\u306bGP\u304c100%\u53d7\u3051\u53d6\u308b\u90e8\u5206\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">p<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d5\u30a1\u30f3\u30c9\u306e\u30ea\u30bf\u30fc\u30f3(\u7ba1\u7406\u5831\u916c\u63a7\u9664\u5f8c)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">h<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30bd\u30d5\u30c8\u30fb\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\uff08h = hurdle\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Catch-up\u00a0threshold<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30c3\u30c1\u30a2\u30c3\u30d7\u304c\u5b8c\u4e86\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u6c34\u6e96<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Hurdle\u00a0amount<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u306b\u76f8\u5f53\u3059\u308b\u30ea\u30bf\u30fc\u30f3<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u30bd\u30d5\u30c8\u30fb\u30cf\u30fc\u30c9\u30eb\u3068\u30ad\u30e3\u30c3\u30c1\u30a2\u30c3\u30d7\u6761\u9805\u304c\u3042\u308b\u5834\u5408\u306b\u3001GP\u306e\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u3068\u3001\u30ad\u30e3\u30c3\u30c1\u30a2\u30c3\u30d7\u304c\u5b8c\u4e86\u3059\u308b\u30ea\u30bf\u30fc\u30f3\u6c34\u6e96\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">10. \u30af\u30ed\u30fc\u30d0\u30c3\u30af(\u6210\u529f\u5831\u916c\u306e\u8fd4\u9084)<\/div>\n<div class=\"ne\">Clawback of Carried Interest<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Clawback<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Carry\u00a0paid\u00a0early<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">p<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mop\">max<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\">(<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Lifetime\u00a0return<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Lifetime\u00a0hurdle<\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\">)<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Clawback<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">LP\uff08Limited Partner\uff1a\u51fa\u8cc7\u8005\uff09\u3078\u8fd4\u9084\u3059\u308b\u30ad\u30e3\u30ea\u30fc\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Carry\u00a0paid\u00a0early<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d5\u30a1\u30f3\u30c9\u9014\u4e2d\u3067\u65e2\u306bGP\uff08General Partner\uff1a\u904b\u55b6\u8005\uff09\u3078\u652f\u6255\u308f\u308c\u305f\u30ad\u30e3\u30ea\u30fc<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">p<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Lifetime\u00a0return<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d5\u30a1\u30f3\u30c9\u5168\u671f\u9593\u30d9\u30fc\u30b9\u306e\u30ea\u30bf\u30fc\u30f3\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Lifetime\u00a0hurdle<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d5\u30a1\u30f3\u30c9\u5168\u671f\u9593\u30d9\u30fc\u30b9\u306e\u30cf\u30fc\u30c9\u30eb\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u30d5\u30a1\u30f3\u30c9\u524d\u534a\u306b\u652f\u6255\u308f\u308c\u305f\u30ad\u30e3\u30ea\u30fc\u304c\u3001\u5b58\u7d9a\u671f\u9593\u5168\u4f53\u3067\u7b97\u51fa\u3057\u305fGP\u306e\u53d6\u308a\u5206\u3092\u4e0a\u56de\u308b\u5834\u5408\u306b\u3001LP\u3078\u8fd4\u9084\u3059\u308b\u984d\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-f-lm3\">LM3 Private Equity\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\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-l3-pmk-lm3\/\">LM3 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">11. ROI\u3068IRR\u306e\u5909\u63db<\/div>\n<div class=\"ne\">ROI\u2013IRR Conversion<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7144em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">\u21d4<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0446em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">ROI<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9612em;\"><span style=\"top:-3.1362em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">1\/<\/span><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u500d\u7387\uff08Return on Investment\u3002\u25efx\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e74\u7387\u306e\u5185\u90e8\u53ce\u76ca\u7387\uff08Internal Rate of Return\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u671f\u9593(\u5e74)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u671f\u521d\u306b\u4e00\u62ec\u6295\u8cc7\u3057\u671f\u672b\u306b\u4e00\u62ec\u56de\u53ce\u3059\u308b\u5834\u5408\u306b\u3001\u6295\u8cc7\u500d\u7387\u3068\u5e74\u7387IRR\u3092\u76f8\u4e92\u306b\u5909\u63db\u3059\u308b\u5f0f\u3002\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\uff08VC\uff09\u6cd5\u3084\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff08LBO\uff09\u30e2\u30c7\u30eb\u306b\u3088\u308b\u8a55\u4fa1\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">12. \u5931\u6557\u7387\u3092\u8003\u616e\u3057\u305fVC\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u671f\u5f85IRR<\/div>\n<div class=\"ne\">Expected VC Portfolio IRR with Failure Rate<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">TV<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1076em;\">f<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0785em;\">I<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">M<\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.6779em;vertical-align:-0.95em;\"><\/span><span class=\"minner\"><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">(<\/span><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0785em;\">I<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">TV<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">)<\/span><\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.7279em;\"><span style=\"top:-3.9029em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">1\/<\/span><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">TV<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u671f\u5f85\u58f2\u5374\u4fa1\u5024\uff08Terminal Value\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5931\u6557\u7387(\u5931\u6557\u6642\u306e\u56de\u53ce\u306f\u30bc\u30ed\u3068\u4eee\u5b9a)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0785em;\">I<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u521d\u6295\u8cc7\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">M<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6210\u529f\u6848\u4ef6\u306e\u5e73\u5747\u8cc7\u672c\u500d\u7387(\u25efx)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e74\u7387\u306e\u5185\u90e8\u53ce\u76ca\u7387\uff08Internal Rate of Return\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4fdd\u6709\u671f\u9593(\u5e74)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u6295\u8cc7\u5148\u306e\u5931\u6557\u7387\u3092\u8003\u616e\u3057\u3066\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\uff08VC\uff09\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u671f\u5f85\u58f2\u5374\u4fa1\u5024\u3092\u6c42\u3081\u3001\u305d\u308c\u3092\u5e74\u7387IRR\u306b\u5909\u63db\u3059\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">13. \u8ee2\u63db\u512a\u5148\u682a\u5f0f\u306e\u6700\u9069\u8ee2\u63db\u70b9<\/div>\n<div class=\"ne\">Optimal Conversion Point (Convertible Preferred Shares)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Optimal\u00a0Conversion\u00a0Point<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1408em;vertical-align:-0.7693em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Conversion\u00a0Ratio<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Number\u00a0of\u00a0Preferred\u00a0Shares<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Total\u00a0Liquidation\u00a0Preference\u00a0Value<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Optimal\u00a0Conversion\u00a0Point<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u666e\u901a\u682a\u3078\u306e\u8ee2\u63db\u304c\u6709\u5229\u306b\u306a\u308b\u666e\u901a\u682a\u4fa1\u683c\u306e\u6c34\u6e96<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Total\u00a0Liquidation\u00a0Preference\u00a0Value<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u512a\u5148\u682a\u6255\u8fbc\u7dcf\u984d\u00d7\u6e05\u7b97\u512a\u5148\u500d\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Conversion\u00a0Ratio<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u512a\u5148\u682a1\u682a\u5f53\u305f\u308a\u306e\u8ee2\u63db\u3067\u5f97\u308b\u666e\u901a\u682a\u6570<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Number\u00a0of\u00a0Preferred\u00a0Shares<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u512a\u5148\u682a\u5f0f\u306e\u682a\u6570<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8ee2\u63db\u512a\u5148\u682a\u5f0f\u306e\u4fdd\u6709\u8005\u306b\u3068\u3063\u3066\u3001\u6e05\u7b97\u512a\u5148\u6a29\u3092\u884c\u4f7f\u3059\u308b\u3088\u308a\u666e\u901a\u682a\u306b\u8ee2\u63db\u3059\u308b\u65b9\u304c\u6709\u5229\u306b\u306a\u308b\u666e\u901a\u682a\u4fa1\u683c\u306e\u6c34\u6e96\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">14. VC\u6cd5:\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\/\u30d7\u30ec\u30de\u30cd\u30fc\u8a55\u4fa1<\/div>\n<div class=\"ne\">VC Method: Post-Money and Pre-Money Valuation<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Post-money<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">ROI<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Exit\u00a0Value\u00a0of\u00a0Equity<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Pre-money<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Post-money<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">New\u00a0Equity<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Post-money<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u5f8c\uff08\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\uff09\u8a55\u4fa1\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Exit\u00a0Value\u00a0of\u00a0Equity<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30b0\u30b8\u30c3\u30c8\u6642\u306e\u30a8\u30af\u30a4\u30c6\u30a3\u4fa1\u5024(\u4f8b: \u4e88\u60f3\u58f2\u4e0a\u00d7P\/S\u500d\u7387\u3014\u682a\u4fa1\u58f2\u4e0a\u9ad8\u500d\u7387\u3015)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">ROI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u5bb6\u306e\u76ee\u6a19\u500d\u7387\uff08Return on Investment\u3002VC = \u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u3067\u306f10\u301c30x\u304c\u5178\u578b\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Pre-money<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u524d\uff08\u30d7\u30ec\u30de\u30cd\u30fc\uff09\u8a55\u4fa1\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">New\u00a0Equity<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4eca\u56de\u30e9\u30a6\u30f3\u30c9\u306e\u65b0\u898f\u30a8\u30af\u30a4\u30c6\u30a3\u8abf\u9054\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u58f2\u5374\u6642\u306e\u682a\u5f0f\u4fa1\u5024\u3092\u76ee\u6a19ROI\u3067\u5272\u3063\u3066\u6295\u8cc7\u5f8c\u4fa1\u5024\u3092\u6c42\u3081\u3001\u65b0\u898f\u51fa\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u3066\u6295\u8cc7\u524d\u4fa1\u5024\u3092\u6c42\u3081\u308b\u5f0f\u3002\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\uff08VC\uff09\u6cd5\u306b\u3088\u308b\u4f01\u696d\u8a55\u4fa1\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">15. \u6301\u5206\u6bd4\u7387(\u5b8c\u5168\u5e0c\u8584\u5316\u30d9\u30fc\u30b9\u3092\u542b\u3080)<\/div>\n<div class=\"ne\">Fractional Ownership (incl. Fully Diluted)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FO<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Post-money\u00a0Valuation<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">New\u00a0Equity<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.3074em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Post-money\u00a0Shares\u00a0Outstanding\u00a0(fully\u00a0diluted)<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">New\u00a0Shares\u00a0Issued<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FO<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6301\u5206\u6bd4\u7387\uff08Fractional Ownership\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">New\u00a0Equity<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u65b0\u898f\u6295\u8cc7\u5bb6\u306e\u51fa\u8cc7\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Post-money\u00a0Valuation<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u5f8c\u8a55\u4fa1\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">New\u00a0Shares\u00a0Issued<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u65b0\u898f\u6295\u8cc7\u5bb6\u306b\u767a\u884c\u3059\u308b\u65b0\u682a\u6570<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Post-money\u00a0Shares\u00a0Outstanding<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6295\u8cc7\u5f8c\u306e\u767a\u884c\u6e08\u682a\u5f0f\u7dcf\u6570<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">fully\u00a0diluted<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b8c\u5168\u5e0c\u8584\u5316\u30d9\u30fc\u30b9\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u30fb\u8ee2\u63db\u8a3c\u5238\u306e\u884c\u4f7f\/\u8ee2\u63db\u5f8c\u306e\u7dcf\u682a\u6570\u30d9\u30fc\u30b9<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u65b0\u898f\u6295\u8cc7\u5bb6\u306e\u6301\u5206\u6bd4\u7387\u3092\u3001\u51fa\u8cc7\u984d\u3068\u6295\u8cc7\u5f8c\u4fa1\u5024\u3001\u307e\u305f\u306f\u65b0\u682a\u6570\u3068\u5b8c\u5168\u5e0c\u8584\u5316\u5f8c\u306e\u767a\u884c\u6e08\u682a\u5f0f\u6570\u304b\u3089\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">16. \u8907\u6570\u30e9\u30a6\u30f3\u30c9\u5f8c\u306e\u7d2f\u7a4d\u6301\u5206\u6bd4\u7387<\/div>\n<div class=\"ne\">Cumulative Fractional Ownership over Multiple Rounds<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">FO<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">post<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">FO<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">prior<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2519em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Post-money\u00a0Valuation<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Pre-money\u00a0Valuation<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Post-money\u00a0Valuation<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">New\u00a0Investor\u00a0Equity<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">FO<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">post<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4eca\u56de\u30e9\u30a6\u30f3\u30c9\u5f8c\u306e\u7d2f\u7a4d\u6301\u5206\u6bd4\u7387\uff08FO = Fractional Ownership\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">FO<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">prior<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u76f4\u524d\u30e9\u30a6\u30f3\u30c9\u307e\u3067\u306e\u7d2f\u7a4d\u6301\u5206\u6bd4\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Pre-money\u00a0Valuation<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4eca\u56de\u30e9\u30a6\u30f3\u30c9\u306e\u6295\u8cc7\u524d\u8a55\u4fa1\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Post-money\u00a0Valuation<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4eca\u56de\u30e9\u30a6\u30f3\u30c9\u306e\u6295\u8cc7\u5f8c\u8a55\u4fa1\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">New\u00a0Investor\u00a0Equity<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5f53\u8a72\u6295\u8cc7\u5bb6\u306e\u4eca\u56de\u30e9\u30a6\u30f3\u30c9\u51fa\u8cc7\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8ffd\u52a0\u306e\u8cc7\u91d1\u8abf\u9054\u30e9\u30a6\u30f3\u30c9\u3067\u5e0c\u8584\u5316\u3057\u305f\u65e2\u5b58\u6301\u5206\u3068\u3001\u65b0\u898f\u51fa\u8cc7\u3067\u5f97\u305f\u6301\u5206\u3092\u5408\u7b97\u3057\u3001\u30e9\u30a6\u30f3\u30c9\u5f8c\u306e\u6301\u5206\u6bd4\u7387\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">17. LBO\u30e2\u30c7\u30eb:\u30a8\u30f3\u30c8\u30ea\u30fc\/\u30a8\u30b0\u30b8\u30c3\u30c8\u306e\u30a8\u30af\u30a4\u30c6\u30a3\u4fa1\u5024\u3068 IRR<\/div>\n<div class=\"ne\">LBO Model: Entry\/Exit Equity Value and Equity IRR<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBITDA<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">m<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBITDA<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">m<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.6779em;vertical-align:-0.95em;\"><\/span><span class=\"minner\"><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">(<\/span><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.836em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">)<\/span><\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.7279em;\"><span style=\"top:-3.9029em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">1\/<\/span><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30f3\u30c8\u30ea\u30fc\u6642\u30fb\u30a8\u30b0\u30b8\u30c3\u30c8\u6642\uff08n\u5e74\u5f8c\uff09\u306e\u30a8\u30af\u30a4\u30c6\u30a3\u4fa1\u5024<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBITDA<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30f3\u30c8\u30ea\u30fc\u6642\u306eEBITDA\uff08\u5229\u6255\u524d\u30fb\u7a0e\u5f15\u524d\u30fb\u6e1b\u4fa1\u511f\u5374\u524d\u5229\u76ca\uff1aEarnings Before Interest, Taxes, Depreciation and Amortization\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">m<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">m<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30f3\u30c8\u30ea\u30fc\/\u30a8\u30b0\u30b8\u30c3\u30c8\u306eEV\/EBITDA\u500d\u7387\uff08EV = Enterprise Value\uff1a\u4f01\u696d\u4fa1\u5024\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0269em;\">w<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0269em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0576em;\">E<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cb7\u53ce\u984d\u306b\u5360\u3081\u308b\u30a8\u30af\u30a4\u30c6\u30a3\u6bd4\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBITDA<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30b0\u30b8\u30c3\u30c8\u6642EBITDA(=\u5f53\u521dEBITDA\u00d7(1+\u6210\u9577\u7387)^n)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30b0\u30b8\u30c3\u30c8\u6642\u306e\u6b8b\u5b58\u8ca0\u50b5(\u8fd4\u6e08\u5f8c)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IRR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30af\u30a4\u30c6\u30a3\u306e\u5e74\u7387\u5185\u90e8\u53ce\u76ca\u7387\uff08Internal Rate of Return\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4fdd\u6709\u671f\u9593(\u5e74)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>EBITDA\u3068\u500d\u7387\u304b\u3089\u53d6\u5f97\u6642\u30fb\u58f2\u5374\u6642\u306e\u4f01\u696d\u4fa1\u5024\u3092\u6c42\u3081\u3001\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u3044\u305f\u682a\u5f0f\u4fa1\u5024\u306e\u5909\u5316\u304b\u3089\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff08LBO\uff09\u306e\u682a\u5f0fIRR\u3092\u8a08\u7b97\u3059\u308b\u5f0f\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-f-lm4\">LM4 Private Debt\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\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-l3-pmk-lm4\/\">LM4 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">18. \u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30ed\u30fc\u30f3\u306e\u4fa1\u683c:\u30af\u30aa\u30fc\u30c6\u30c3\u30c9\u30fb\u30de\u30fc\u30b8\u30f3\u3068\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30de\u30fc\u30b8\u30f3<\/div>\n<div class=\"ne\">Leveraged Loan Pricing: Quoted Margin vs Discount Margin<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7401em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"minner\">\u22ef<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7673em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.109em;\">N<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7673em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.109em;\">N<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">FV<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.113em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">m<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">MRR<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">QM<\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FV<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">m<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">MRR<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DM<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ed\u30fc\u30f3\u306e\u4fa1\u683c\uff08Present Value\uff1a\u73fe\u5728\u4fa1\u5024\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><\/span><\/span><\/span><\/span><span class=\"d\">1\u671f\u3042\u305f\u308a\u306e\u30af\u30fc\u30dd\u30f3\u984d\u30011\u671f\u3042\u305f\u308a\u306e\u5272\u5f15\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6e80\u671f\u307e\u3067\u306e\u5229\u6255\u56de\u6570\uff08\u7dcf\u671f\u6570\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FV<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u984d\u9762\uff08Face Value\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">MRR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e02\u5834\u53c2\u7167\u91d1\u5229\uff08Market Reference Rate\u3002\u30ea\u30bb\u30c3\u30c8\u6642\u306b\u66f4\u65b0\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">QM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30af\u30aa\u30fc\u30c6\u30c3\u30c9\u30fb\u30de\u30fc\u30b8\u30f3\uff08Quoted Margin\uff1a\u767a\u884c\u6642\u306b\u56fa\u5b9a\u3055\u308c\u305f\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">m<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e74\u9593\u306e\u5229\u6255\u56de\u6570<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DM<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30de\u30fc\u30b8\u30f3\uff08Discount Margin\uff1a\u5e02\u5834\u304c\u8981\u6c42\u3059\u308b\u30b9\u30d7\u30ec\u30c3\u30c9\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5909\u52d5\u91d1\u5229\u30ed\u30fc\u30f3\u306e\u4fa1\u683c\u3092\u3001\u53c2\u7167\u91d1\u5229\u306b\u30af\u30aa\u30fc\u30c6\u30c3\u30c9\u30fb\u30de\u30fc\u30b8\u30f3\u3092\u52a0\u3048\u305f\u5229\u606f\u3068\u3001\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30de\u30fc\u30b8\u30f3\u3092\u52a0\u3048\u305f\u5272\u5f15\u7387\u304b\u3089\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">19. \u79c1\u52df\u30c7\u30c3\u30c8\u306e\u4fe1\u7528\u6bd4\u7387\u3068\u683c\u4ed8\u3051\u30de\u30c3\u30d4\u30f3\u30b0<\/div>\n<div class=\"ne\">Private Debt Credit Ratios and Rating Mapping<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Debt\/EBITDA<\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBITDA\u00a0Margin<\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Net\u00a0Debt<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RCF<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Interest\u00a0Expense<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">EBITDA<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Debt\/EBITDA<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ec\u30d0\u30ec\u30c3\u30b8\u500d\u7387(\u8ca0\u50b5\u00f7EBITDA\u3002\u7dad\u6301\u30b3\u30d9\u30ca\u30f3\u30c4\u306e\u5178\u578b\u6307\u6a19)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBITDA<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5229\u6255\u524d\u30fb\u7a0e\u5f15\u524d\u30fb\u6e1b\u4fa1\u511f\u5374\u524d\u5229\u76ca\uff08Earnings Before Interest, Taxes, Depreciation and Amortization\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBITDA\u00a0Margin<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">EBITDA\u30de\u30fc\u30b8\u30f3\uff08EBITDA\u00f7\u58f2\u4e0a\u9ad8\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">RCF<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5185\u90e8\u7559\u4fdd\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08Retained Cash Flow\u3002\u55b6\u696dCF\u2212\u914d\u5f53\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Net\u00a0Debt<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7d14\u8ca0\u50b5\uff08\u6709\u5229\u5b50\u8ca0\u50b5\u2212\u73fe\u91d1\u7b49\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">EBITDA<\/span><\/span><span class=\"mord\">\/<\/span><span class=\"mord text\"><span class=\"mord\">Interest\u00a0Expense<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u30fb\u30ab\u30d0\u30ec\u30c3\u30b8\uff08EBITDA\u00f7\u652f\u6255\u5229\u606f\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8ca0\u50b5\u00f7EBITDA\u3001EBITDA\u30de\u30fc\u30b8\u30f3\u3001\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u30fb\u30ab\u30d0\u30ec\u30c3\u30b8\u306a\u3069\u306e\u6bd4\u7387\u3067\u501f\u308a\u624b\u306e\u4fe1\u7528\u529b\u3092\u8a55\u4fa1\u3057\u3001\u683c\u4ed8\u3051\u76f8\u5f53\u3084\u30b9\u30d7\u30ec\u30c3\u30c9\u6c34\u6e96\u306e\u63a8\u5b9a\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-f-lm5\">LM5 Private Special Situations\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u306e\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\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-l3-pmk-lm5\/\">LM5 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u306e\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">20. M&amp;A\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/div>\n<div class=\"ne\">Merger Arbitrage Spread and Expected Return<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Spread<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Offer\u00a0price<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">target<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">[<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mclose\">]<span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.3435em;vertical-align:-0.9721em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">target<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Spread<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9721em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.3324em;vertical-align:-0.9721em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">target<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">fail<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">target<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9721em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Spread<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cb7\u53ce\u30b9\u30d7\u30ec\u30c3\u30c9\uff08\u63d0\u793a\u4fa1\u683c\u3068\u30bf\u30fc\u30b2\u30c3\u30c8\u682a\u4fa1\u306e\u5dee\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Offer\u00a0price<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cb7\u53ce\u5bfe\u4fa1(\u73fe\u91d1+\u4ea4\u63db\u6bd4\u7387\u00d7\u30a2\u30af\u30ef\u30a4\u30a2\u30e9\u30fc\u682a\u4fa1)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">target<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u767a\u8868\u5f8c\u306e\u30bf\u30fc\u30b2\u30c3\u30c8\u682a\u4fa1(\u6295\u8cc7\u5bb6\u306e\u53d6\u5f97\u4fa1\u683c)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">[<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mclose\">]<\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff08E = \u671f\u5f85\u5024\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8cb7\u53ce\u6210\u7acb\u78ba\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">fail<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7834\u8ac7\u6642\u306b\u60f3\u5b9a\u3055\u308c\u308b\u682a\u4fa1(\u901a\u5e38\u306f\u767a\u8868\u524d\u6c34\u6e96)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8cb7\u53ce\u63d0\u793a\u4fa1\u683c\u3068\u5bfe\u8c61\u4f1a\u793e\u306e\u682a\u4fa1\u306e\u5dee\u3092\u6c42\u3081\u3001\u6848\u4ef6\u306e\u6210\u7acb\u30fb\u4e0d\u6210\u7acb\u306e\u78ba\u7387\u3067\u52a0\u91cd\u3057\u3066\u3001\u5408\u4f75\u30fb\u8cb7\u53ce\uff08M&amp;A\uff09\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">21. \u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u50b5\u306e\u7406\u8ad6\u4fa1\u5024(\u671f\u5f85\u640d\u5931\u30a2\u30d7\u30ed\u30fc\u30c1)<\/div>\n<div class=\"ne\">Distressed Bond Fair Value (Expected Loss Approach)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.3991em;vertical-align:-0.9721em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">POD<\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">FV<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">POD<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">RR<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">FV<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9721em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u50b5\u306e\u7406\u8ad6\u4fa1\u5024<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">POD<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\uff08Probability of Default\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">FV<\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u984d\u9762\uff08Face Value\uff09\u3068\u6e80\u671f\u6642\u306e\u30af\u30fc\u30dd\u30f3\uff08\u5408\u8a08\u304c\u6e80\u671f\u306e\u7d04\u5b9a\u30da\u30a4\u30aa\u30d5\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">RR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u56de\u53ce\u7387\uff08Recovery Rate\u30021\u2212LGD\u3001LGD = Loss Given Default\uff1a\u30c7\u30d5\u30a9\u30eb\u30c8\u6642\u640d\u5931\u7387\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7167em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1076em;\">f<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7121\u30ea\u30b9\u30af\u91d1\u5229<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3068\u56de\u53ce\u7387\u304b\u3089\u50b5\u5238\u306e\u671f\u5f85\u30da\u30a4\u30aa\u30d5\u3092\u6c42\u3081\u3001\u7121\u30ea\u30b9\u30af\u91d1\u5229\u3067\u5272\u308a\u5f15\u3044\u3066\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u50b5\u306e\u7406\u8ad6\u4fa1\u5024\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">22. \u69cb\u9020\u30e2\u30c7\u30eb(\u30de\u30fc\u30c8\u30f3\u578b):\u30b3\u30fc\u30eb\u3068\u3057\u3066\u306e\u682a\u5f0f\u30fb\u8ca0\u50b5\u4fa1\u5024\u30fb\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9<\/div>\n<div class=\"ne\">Structural (Merton) Model: Equity as Call, Debt Value, Implied Credit Spread<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">c<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.4em;vertical-align:-0.95em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3214em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mop\">ln<\/span><span class=\"mspace\" style=\"margin-right:-0.1667em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">(<\/span><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.836em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size3\">)<\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">c<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">p<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">c<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u682a\u5f0f\u4fa1\u5024(\u8cc7\u7523\u3092\u539f\u8cc7\u7523\u3001\u8ca0\u50b5\u984d\u9762\u3092\u884c\u4f7f\u4fa1\u683c\u3068\u3059\u308b\u30b3\u30fc\u30eb\u4fa1\u5024)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30ad\u30fc\u306a\u8ca0\u50b5\u306e\u73fe\u5728\u4fa1\u5024(=V_t \u2212 E_t)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6642\u70b9t\u30fb\u6642\u70b90\u306e\u4f01\u696d\u8cc7\u7523\u306e\u5e02\u5834\u4fa1\u5024<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30ad\u30fc\u306a\u8ca0\u50b5\u306e\u5229\u56de\u308a\uff08\u9023\u7d9a\u8907\u5229\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7121\u30ea\u30b9\u30af\u91d1\u5229\uff08\u9023\u7d9a\u8907\u5229\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8ca0\u50b5\u306e\u6e80\u671f\u6642\u70b9\u3001\u73fe\u5728\u6642\u70b9<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8ca0\u50b5\u306e\u984d\u9762(\u6e80\u671f\u4e00\u62ec)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">c<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\">p<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6642\u70b90\u306e\u30b3\u30fc\u30eb\u30fb\u30d7\u30c3\u30c8\u306e\u4fa1\u5024\uff08\u539f\u8cc7\u7523\u306f\u4f01\u696d\u8cc7\u7523\u3001\u884c\u4f7f\u4fa1\u683c\u306fD\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8ca0\u50b5\u984d\u9762\u306e\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306b\u3088\u308b\u73fe\u5728\u4fa1\u5024\uff08PV = Present Value\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u682a\u5f0f\u3092\u4f01\u696d\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u307f\u306a\u3057\u3001\u8ca0\u50b5\u4fa1\u5024\u3068\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u4fe1\u7528\u30b9\u30d7\u30ec\u30c3\u30c9\u3092\u6c42\u3081\u308b\u5f0f\u3002\u8cc7\u672c\u69cb\u6210\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306e\u5224\u65ad\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">23. \u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30fb\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306e\u30d8\u30c3\u30b8\u6bd4\u7387<\/div>\n<div class=\"ne\">Capital Structure Arbitrage Hedge Ratio<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Hedge\u00a0ratio<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2574em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3214em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Hedge\u00a0ratio<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u50b5\u52381\u5358\u4f4d\u306b\u5bfe\u3057\u3066\u4fdd\u6709\u3059\u308b\u682a\u5f0f\u306e\u91cf<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">N<\/span><span class=\"mopen\">(<\/span><span class=\"mord\"><span class=\"mord mathnormal\">d<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">BSM\uff08Black-Scholes-Merton\uff09\u30e2\u30c7\u30eb\u306e\u30c7\u30eb\u30bf\u9805\uff1a\u8cc7\u7523\u4fa1\u5024\u306b\u5bfe\u3059\u308b\u682a\u5f0f\u4fa1\u5024\u306e\u611f\u5fdc\u5ea6\uff08N = \u6a19\u6e96\u6b63\u898f\u7d2f\u7a4d\u5206\u5e03\u95a2\u6570\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u69cb\u9020\u30e2\u30c7\u30eb\u306eN(d1)\u304b\u3089\u3001\u50b5\u5238\u3068\u682a\u5f0f\u306e\u9593\u306e\u4fa1\u683c\u306e\u6b6a\u307f\u3092\u53d6\u308b\u969b\u306b\u3001\u50b5\u52381\u5358\u4f4d\u306b\u5bfe\u3057\u3066\u4fdd\u6709\u3059\u308b\u682a\u5f0f\u306e\u91cf\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">24. \u78ba\u7387\u52a0\u91cd\u306b\u3088\u308b\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u8a55\u4fa1\u3068\u8acb\u6c42\u6a29\u306e\u512a\u5148\u9806\u4f4d<\/div>\n<div class=\"ne\">Probability-Weighted Distressed Valuation and Priority of Claims<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">[<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"mclose\">]<span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">POD<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">liquidation<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">POD<\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">going\u00a0concern<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">[<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"mclose\">]<\/span><\/span><\/span><\/span><span class=\"d\">\u4f01\u696d\u307e\u305f\u306f\u5404\u50b5\u52d9\u306e\u671f\u5f85\u4fa1\u5024\uff08E = \u671f\u5f85\u5024\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">POD<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\uff08Probability of Default\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">liquidation<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6e05\u7b97\u4fa1\u5024(\u512a\u5148\u9806\u4f4d\u306e\u9ad8\u3044\u50b5\u6a29\u304b\u3089\u5145\u5f53)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">going\u00a0concern<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b58\u7d9a\u6642\u306e\u4fa1\u5024(\u50b5\u52d9\u306a\u3089\u984d\u9762\u56de\u53ce)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u6e05\u7b97\u30b7\u30ca\u30ea\u30aa\u3068\u7d99\u7d9a\u4f01\u696d\u30b7\u30ca\u30ea\u30aa\u306e\u4fa1\u5024\u3092\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3067\u52a0\u91cd\u3057\u3001\u4f01\u696d\u3084\u5404\u50b5\u52d9\u306e\u671f\u5f85\u4fa1\u5024\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-f-lm6\">LM6 Private Real Estate Investments\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4e0d\u52d5\u7523\u6295\u8cc7\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-l3-pmk-lm6\/\">LM6 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4e0d\u52d5\u7523\u6295\u8cc7<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">25. \u7d14\u55b6\u696d\u53ce\u76ca(NOI)<\/div>\n<div class=\"ne\">Net Operating Income (NOI)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NOI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Gross\u00a0Rent<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9444em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Vacancy\u00a0%<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">OpEx\u00a0%<\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NOI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7d14\u55b6\u696d\u53ce\u76ca\uff08Net Operating Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Gross\u00a0Rent<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6e80\u5ba4\u60f3\u5b9a\u306e\u5e74\u9593\u7dcf\u8cc3\u6599(\u6238\u6570\u00d7\u9762\u7a4d\u00d7\u8cc3\u6599\u5358\u4fa1\u00d712)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9444em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Vacancy\u00a0%<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a7a\u5ba4(+\u30d5\u30ea\u30fc\u30ec\u30f3\u30c8\u7b49)\u63a7\u9664\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9444em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">OpEx\u00a0%<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u55b6\u696d\u8cbb\u7528\u7387\uff08OpEx = Operating Expenses\u3002\u7dcf\u8cc3\u6599\u6bd4\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u7dcf\u8cc3\u6599\u304b\u3089\u7a7a\u5ba4\u640d\u5931\u3068\u904b\u55b6\u8cbb\u7528\u3092\u5dee\u3057\u5f15\u304d\u3001\u4e0d\u52d5\u7523\u306e\u7d14\u55b6\u696d\u53ce\u76ca\uff08NOI\uff09\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">26. \u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u30fb\u30ea\u30bf\u30fc\u30f3(\u5bfe\u7dcf\u4e8b\u696d\u8cbb)<\/div>\n<div class=\"ne\">Project Return on Cost<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Project\u00a0return<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Project\u00a0cost<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NOI<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Project\u00a0return<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u30fb\u30ea\u30bf\u30fc\u30f3\uff08\u7dcf\u4e8b\u696d\u8cbb\u306b\u5bfe\u3059\u308b\u5229\u56de\u308a\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NOI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b89\u5b9a\u671f\u306e\u7d14\u55b6\u696d\u53ce\u76ca\uff08Net Operating Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Project\u00a0cost<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u4e8b\u696d\u8cbb = \u571f\u5730\u53d6\u5f97+\u571f\u5730\u6539\u826f+\u5efa\u8a2d\u30b3\u30b9\u30c8<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5b89\u5b9a\u671f\u306eNOI\u3092\u7dcf\u4e8b\u696d\u8cbb\u3067\u5272\u308a\u3001\u958b\u767a\u6848\u4ef6\u306e\u53ce\u76ca\u6027\u3092\u6c42\u3081\u308b\u5f0f\u3002\u8981\u6c42\u5229\u56de\u308a\u3068\u306e\u6bd4\u8f03\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">27. \u76f4\u63a5\u9084\u5143\u6cd5<\/div>\n<div class=\"ne\">Direct Capitalization Method<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Property\u00a0value<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2519em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Capitalization\u00a0rate<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Expected\u00a0NOI<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Property\u00a0value<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4e0d\u52d5\u7523\u306e\u4fa1\u5024<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Expected\u00a0NOI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b89\u5b9a\u671f\u306e\u4e88\u60f3\u7d14\u55b6\u696d\u53ce\u76ca\uff08NOI = Net Operating Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Capitalization\u00a0rate<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8(\u8981\u6c42\u5229\u56de\u308a\u2212\u6210\u9577\u7387\u306b\u76f8\u5f53)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5b89\u5b9a\u671f\u306e\u4e88\u60f3NOI\u3092\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u3067\u5272\u308a\u3001\u4e0d\u52d5\u7523\u4fa1\u5024\u3092\u6c42\u3081\u308b\u5f0f\u3002NOI\u304c\u5c06\u6765\u3082\u7d99\u7d9a\u3059\u308b\u524d\u63d0\u306b\u3082\u3068\u3065\u304f\u8a55\u4fa1\u65b9\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">28. \u5143\u5229\u5747\u7b49\u8fd4\u6e08\u984d(\u5e74\u91d1\u516c\u5f0f)<\/div>\n<div class=\"ne\">Fully Amortizing Loan Payment (Annuity Formula)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\">A<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.3074em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.6973em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">\u2212<\/span><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Principal<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\">A<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6bce\u671f\u306e\u5143\u5229\u5747\u7b49\u8fd4\u6e08\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u671f\u9593\u3042\u305f\u308a\u91d1\u5229(\u5e74\u7387\u00f712\u306a\u3069)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Principal<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u501f\u5165\u5143\u672c<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7dcf\u8fd4\u6e08\u56de\u6570<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5143\u5229\u5747\u7b49\u8fd4\u6e08\u306e\u30ed\u30fc\u30f3\u306b\u3064\u3044\u3066\u3001\u6bce\u671f\u306e\u8fd4\u6e08\u984d\u3092\u6c42\u3081\u308b\u5f0f\u3002\u4e0d\u52d5\u7523\u306e\u50b5\u52d9\u8fd4\u6e08\u984d\uff08\u30c7\u30c3\u30c8\u30fb\u30b5\u30fc\u30d3\u30b9\uff09\u306e\u7b97\u51fa\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">29. \u7a0e\u5f15\u524d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u30a8\u30af\u30a4\u30c6\u30a3\u914d\u5f53\u7387<\/div>\n<div class=\"ne\">Before-Tax Cash Flow and Equity Dividend Rate<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">BTCF<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NOI<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Debt\u00a0service<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Equity\u00a0dividend\u00a0rate<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2408em;vertical-align:-0.8804em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Project\u00a0cost<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Debt\u00a0outstanding<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">BTCF<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8804em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">BTCF<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7a0e\u5f15\u524d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08Before-Tax Cash Flow\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NOI<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7d14\u55b6\u696d\u53ce\u76ca\uff08Net Operating Income\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Debt\u00a0service<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e74\u9593\u306e\u5143\u5229\u652f\u6255\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Equity\u00a0dividend\u00a0rate<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30af\u30a4\u30c6\u30a3\u914d\u5f53\u7387\uff1a\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u4e0b\u984d\u306b\u5bfe\u3059\u308b\u7a0e\u5f15\u524dCF\u306e\u5229\u56de\u308a<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Project\u00a0cost<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Debt\u00a0outstanding<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u4e0b\u984d\uff08\u7dcf\u4e8b\u696d\u8cbb\u2212\u30ed\u30fc\u30f3\u6b8b\u9ad8\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>NOI\u304b\u3089\u50b5\u52d9\u8fd4\u6e08\u984d\u3092\u5dee\u3057\u5f15\u3044\u3066\u7a0e\u5f15\u524d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6c42\u3081\u3001\u682a\u5f0f\u6295\u4e0b\u984d\u3067\u5272\u3063\u3066\u30ec\u30d0\u30ec\u30c3\u30b8\u5f8c\u306e\u682a\u5f0f\u5229\u56de\u308a\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">30. LTV(\u30ed\u30fc\u30f3\u30fb\u30c8\u30a5\u30fb\u30d0\u30ea\u30e5\u30fc)<\/div>\n<div class=\"ne\">Loan-to-Value (LTV) Ratio<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">LTV<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.3074em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Property\u00a0(project)\u00a0value<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Debt\u00a0outstanding<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">LTV<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ed\u30fc\u30f3\u30fb\u30c8\u30a5\u30fb\u30d0\u30ea\u30e5\u30fc\uff08Loan-to-Value\uff09\uff1a\u7269\u4ef6\u4fa1\u5024\u306b\u5bfe\u3059\u308b\u501f\u5165\u6bd4\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Debt\u00a0outstanding<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ed\u30fc\u30f3\u6b8b\u9ad8(\u5efa\u8a2d\u671f\u306f\u767a\u751f\u5229\u606f\u3092\u5143\u672c\u306b\u52a0\u7b97)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Property\u00a0(project)\u00a0value<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7269\u4ef6\u30fb\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u4fa1\u5024(\u76f4\u63a5\u9084\u5143\u6cd5\u7b49\u3067\u8a55\u4fa1)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8ca0\u50b5\u6b8b\u9ad8\u3092\u7269\u4ef6\u307e\u305f\u306f\u4e8b\u696d\u306e\u4fa1\u5024\u3067\u5272\u308a\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u306e\u6c34\u6e96\u3092\u6e2c\u308b\u5f0f\u3002\u5efa\u8a2d\u671f\u3068\u5b8c\u6210\u5f8c\u3067\u5206\u6bcd\u30fb\u5206\u5b50\u306e\u3068\u308a\u65b9\u304c\u7570\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">31. DSCR(\u30c7\u30c3\u30c8\u30fb\u30b5\u30fc\u30d3\u30b9\u30fb\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa)<\/div>\n<div class=\"ne\">Debt Service Coverage Ratio (DSCR)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DSCR<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Debt\u00a0service<\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Net\u00a0cash\u00a0flow\u00a0from\u00a0operations<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.686em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">DSCR<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30c7\u30c3\u30c8\u30fb\u30b5\u30fc\u30d3\u30b9\u30fb\u30ab\u30d0\u30ec\u30c3\u30b8\u30fb\u30ec\u30b7\u30aa\uff08Debt Service Coverage Ratio\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Net\u00a0cash\u00a0flow\u00a0from\u00a0operations<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u55b6\u696d\u7d14CF\uff08\u4e0d\u52d5\u7523\u3067\u306fNOI = \u7d14\u55b6\u696d\u53ce\u76ca\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Debt\u00a0service<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e74\u9593\u306e\u5143\u5229\u652f\u6255\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u55b6\u696d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u5e74\u9593\u306e\u5143\u5229\u8fd4\u6e08\u984d\u3067\u5272\u308a\u3001\u50b5\u52d9\u8fd4\u6e08\u306e\u4f59\u88d5\u5ea6\u3092\u6e2c\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">32. \u53d6\u5f15\u4e8b\u4f8b\u6bd4\u8f03\u6cd5<\/div>\n<div class=\"ne\">Sales Comparison Approach<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.204em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Adjusted\u00a0price\/ft<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.954em;\"><span style=\"top:-3.2029em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">comp<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Net\u00a0adjustment<\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:1em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord katex-overline\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8833em;\"><span style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><span style=\"top:-3.8033em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"overline-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">adj<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Sq\u00a0ft<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.204em;vertical-align:-0.25em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Adjusted\u00a0price\/ft<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.954em;\"><span style=\"top:-3.2029em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8abf\u6574\u5f8c\u306e1\u5e73\u65b9\u30d5\u30a3\u30fc\u30c8\uff08ft = feet\uff09\u5f53\u305f\u308a\u5358\u4fa1<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.1389em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">comp<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6bd4\u8f03\u7269\u4ef6\uff08comp = comparable\uff09\u306e\u53d6\u5f15\u5358\u4fa1<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Net\u00a0adjustment<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u7acb\u5730\u30fb\u7bc9\u5e74\u30fb\u898f\u6a21\u30fb\u58f2\u8cb7\u6642\u671f\u7b49\u306e\u8abf\u6574\u7387\u306e\u5408\u8a08<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5bfe\u8c61\u7269\u4ef6\u306e\u4fa1\u5024<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.1694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord katex-overline\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8833em;\"><span style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><span style=\"top:-3.8033em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"overline-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">adj<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8abf\u6574\u5f8c\u5358\u4fa1\uff08adj = adjusted\uff09\u306e\u5e73\u5747<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Sq\u00a0ft<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5bfe\u8c61\u7269\u4ef6\u306e\u9762\u7a4d\uff08\u5e73\u65b9\u30d5\u30a3\u30fc\u30c8\uff1asquare feet\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u985e\u4f3c\u7269\u4ef6\u306e\u53d6\u5f15\u5358\u4fa1\u3092\u7acb\u5730\u3084\u898f\u6a21\u306a\u3069\u306e\u9055\u3044\u3067\u8abf\u6574\u3057\u3001\u5bfe\u8c61\u7269\u4ef6\u306e\u5358\u4fa1\u3068\u9762\u7a4d\u304b\u3089\u4fa1\u5024\u3092\u6c42\u3081\u308b\u5f0f\u3002\u53d6\u5f15\u4e8b\u4f8b\u6bd4\u8f03\u6cd5\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">33. \u30b7\u30ca\u30ea\u30aa\u5206\u6790\u306b\u3088\u308b\u671f\u5f85\u4fa1\u5024(\u4e0d\u52d5\u7523)<\/div>\n<div class=\"ne\">Scenario-Weighted Expected Value (Real Estate)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">[<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"mclose\">]<span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Probability<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Probability<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">2<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"minner\">\u22ef<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Probability<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"mopen\">[<\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"mclose\">]<\/span><\/span><\/span><\/span><span class=\"d\">\u7269\u4ef6\u306e\u671f\u5f85\u4fa1\u5024\uff08E = \u671f\u5f85\u5024\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Probability<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mclose\">)<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\">\u2026<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Probability<\/span><\/span><span class=\"mopen\">(<\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mclose\">)<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b7\u30ca\u30ea\u30aa1, \u2026, n\u306e\u751f\u8d77\u78ba\u7387(\u5408\u8a081)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\">\u2026<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">n<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b7\u30ca\u30ea\u30aa1, \u2026, n\u306e\u7269\u4ef6\u4fa1\u5024(=NOI\u00f7\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u3002NOI = \u7d14\u55b6\u696d\u53ce\u76ca)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\">n<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30b7\u30ca\u30ea\u30aa\u306e\u6570<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u8907\u6570\u306e\u30b7\u30ca\u30ea\u30aa\u306b\u304a\u3051\u308b\u4fa1\u5024\u3084NOI\u3092\u767a\u751f\u78ba\u7387\u3067\u52a0\u91cd\u3057\u3001\u671f\u5f85\u4fa1\u5024\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">34. \u958b\u767a\u5ef6\u671f\u306e\u5b9f\u7269\u30aa\u30d7\u30b7\u30e7\u30f3(\u30c7\u30b7\u30b8\u30e7\u30f3\u30c4\u30ea\u30fcNPV)<\/div>\n<div class=\"ne\">Real Option to Delay (Decision Tree NPV)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">delay<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.1963em;vertical-align:-0.7693em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.427em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mop\">max<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">up<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">up<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mop\">max<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">down<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">down<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Carry\u00a0cost<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7693em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">delay<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u958b\u767a\u3092\u5ef6\u671f\u3057\u305f\u5834\u5408\u306e\u73fe\u5728\u4fa1\u5024\uff08PV = Present Value\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">q<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4e0a\u632f\u308c\u30b7\u30ca\u30ea\u30aa\u306e\u78ba\u7387<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">up<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">down<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4e0a\u632f\u308c\u30fb\u4e0b\u632f\u308c\u30b7\u30ca\u30ea\u30aa\u3067\u306e\u5b8c\u6210\u7269\u4ef6\u4fa1\u5024<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.1514em;\"><span style=\"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">up<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\">\u00a0<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">C<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">down<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4e0a\u632f\u308c\u30fb\u4e0b\u632f\u308c\u30b7\u30ca\u30ea\u30aa\u3067\u306e\u5efa\u8a2d\u30b3\u30b9\u30c8<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Carry\u00a0cost<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5ef6\u671f\u671f\u9593\u306e\u4fdd\u6709\u30b3\u30b9\u30c8(\u56fa\u5b9a\u8cc7\u7523\u7a0e\u7b49)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8981\u6c42\u5229\u56de\u308a(\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u958b\u767a\u3092\u5ef6\u671f\u3059\u308b\u9078\u629e\u80a2\u306b\u3064\u3044\u3066\u3001\u4e0a\u632f\u308c\u30fb\u4e0b\u632f\u308c\u306e\u30b7\u30ca\u30ea\u30aa\u4fa1\u5024\u3092\u78ba\u7387\u3067\u52a0\u91cd\u3057\u3001\u4fdd\u6709\u30b3\u30b9\u30c8\u3092\u5dee\u3057\u5f15\u3044\u3066\u5272\u308a\u5f15\u304f\u5f0f\u3002\u5373\u6642\u958b\u767a\u3068\u306e\u6bd4\u8f03\u306b\u4f7f\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">35. \u6797\u5730\u671f\u5f85\u4fa1\u5024(LEV)<\/div>\n<div class=\"ne\">Timberland Land Expectation Value (LEV)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">LEV<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7196em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\">1<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">NFV<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NFV<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">rotation<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0936em;vertical-align:-0.25em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.8436em;\"><span style=\"top:-3.113em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">LEV<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6797\u5730\u671f\u5f85\u4fa1\u5024\uff08Land Expectation Value\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">NFV<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">1\u56de\u306e\u4f10\u63a1\u30b5\u30a4\u30af\u30eb\u306e\u7d14\u5c06\u6765\u4fa1\u5024\uff08Net Future Value\u3002\u30b5\u30a4\u30af\u30eb\u7d42\u4e86\u6642\u70b9\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u8981\u6c42\u5229\u56de\u308a<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"><\/span><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u4f10\u63a1\u30b5\u30a4\u30af\u30eb\u306e\u5e74\u6570<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">PV<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3175em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">rotation<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">1\u30b5\u30a4\u30af\u30eb\uff08rotation\uff09\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc(\u690d\u6797\u8cbb\u30fb\u7ba1\u7406\u8cbb\u30fb\u9593\u4f10\u30fb\u4e3b\u4f10\u53ce\u5165)\u306e\u73fe\u5728\u4fa1\u5024\uff08PV = Present Value\uff09<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u4f10\u63a1\u30b5\u30a4\u30af\u30eb\u304c\u6c38\u7d9a\u7684\u306b\u7e70\u308a\u8fd4\u3055\u308c\u308b\u3068\u4eee\u5b9a\u3057\u30011\u30b5\u30a4\u30af\u30eb\u306e\u6b63\u5473\u5c06\u6765\u4fa1\u5024\u3092\u6c38\u7d9a\u7684\u306b\u9084\u5143\u3057\u3066\u6797\u5730\u306e\u4fa1\u5024\u3092\u6c42\u3081\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">36. GP\u6210\u529f\u5831\u916c(\u6848\u4ef6\u30ec\u30d9\u30eb\u30fb\u30cf\u30fc\u30c9\u30eb\u8d85\u904e\u5206)<\/div>\n<div class=\"ne\">GP Performance Fee above Hurdle (Deal-Level)<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Fee<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">p<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mop\">max<\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\">[<\/span><span class=\"mord\">0<\/span><span class=\"mpunct\">,<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mspace\" style=\"margin-right:0.1667em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">h<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose delimcenter\" style=\"top:0em;\">]<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Fee<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">GP\uff08General Partner\uff1a\u30d5\u30a1\u30f3\u30c9\u904b\u55b6\u8005\uff09\u306e\u6210\u529f\u5831\u916c\u984d<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">p<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6210\u529f\u5831\u916c\u7387(\u4f8b: 15\u301c20%)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">CF<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5bfe\u8c61\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08Cash Flow\u3002BTCF = \u7a0e\u5f15\u524dCF\u3084\u3001\u30a8\u30af\u30a4\u30c6\u30a3\u4fa1\u5024P1\u2212P0\u7b49\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">h<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30cf\u30fc\u30c9\u30eb\u30ec\u30fc\u30c8\uff08h = hurdle\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0576em;\">E<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0576em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">0<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u4e0b\u984d<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u6848\u4ef6\u30ec\u30d9\u30eb\u3067\u30cf\u30fc\u30c9\u30eb\u3092\u8d85\u3048\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u4fa1\u5024\u5897\u52a0\u306b\u5831\u916c\u7387\u3092\u639b\u3051\u3001GP\u306e\u6210\u529f\u5831\u916c\u3092\u6c42\u3081\u308b\u5f0f\u3002\u4e0d\u52d5\u7523\u3084\u30a4\u30f3\u30d5\u30e9\u306e\u6848\u4ef6\u3067\u4f7f\u3046\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-f-lm7\">LM7 Infrastructure\uff08\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\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-l3-pmk-lm7\/\">LM7 \u30a4\u30f3\u30d5\u30e9\u6295\u8cc7<\/a><\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">37. \u5dee\u91d1\u6c7a\u6e08\u5951\u7d04(CfD)\u306b\u3088\u308b\u53ce\u5165\u5b89\u5b9a\u5316<\/div>\n<div class=\"ne\">Contract for Difference (CfD) Settlement<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Income<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">Q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7667em;vertical-align:-0.0833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IMRP<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">Q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord text\"><span class=\"mord\">Strike<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IMRP<\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">Q<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Strike<\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Income<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">CfD\u7de0\u7d50\u5f8c\u306e\u767a\u96fb\u4e8b\u696d\u306e\u53ce\u5165<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"><\/span><span class=\"mord mathnormal\">Q<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u767a\u96fb\u91cf(MWh\/kWh)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">IMRP<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e02\u5834\u53c2\u7167\u4fa1\u683c\uff08Intermittent Market Reference Price\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Strike<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">CfD\uff08Contract for Difference\uff1a\u5dee\u91d1\u6c7a\u6e08\u5951\u7d04\uff09\u306e\u884c\u4f7f\u4fa1\u683c(\u843d\u672d\u3057\u305f\u56fa\u5b9a\u4fa1\u683c)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5dee\u91d1\u6c7a\u6e08\u5951\u7d04\uff08CfD\uff09\u3092\u7d50\u3093\u3060\u767a\u96fb\u4e8b\u696d\u3067\u3001\u5e02\u5834\u4fa1\u683c\u306b\u3088\u308b\u53ce\u5165\u3068CfD\u306e\u6c7a\u6e08\u984d\u306e\u5408\u8a08\u304c\u3001\u767a\u96fb\u91cf\u00d7\u884c\u4f7f\u4fa1\u683c\u306b\u56fa\u5b9a\u3055\u308c\u308b\u3053\u3068\u3092\u793a\u3059\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">38. \u98a8\u529b\u767a\u96fb\u306e\u767a\u96fb\u91cf\u3068\u53ce\u5165<\/div>\n<div class=\"ne\">Wind Farm Output and Revenue<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Capacity(kW)<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7278em;vertical-align:-0.0833em;\"><\/span><span class=\"mord\">8760<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Efficiency<\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u2212<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Downtime<\/span><\/span><span class=\"mclose\">)<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">\u00d7<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Revenue<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u98a8\u529b\u767a\u96fb\u306e\u5e74\u9593\u53ce\u5165<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Capacity(kW)<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5b9a\u683c\u5bb9\u91cf\uff08kW = \u30ad\u30ed\u30ef\u30c3\u30c8\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6444em;\"><\/span><span class=\"mord\">8760<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u5e74\u9593\u6642\u9593\u6570(365\u65e5\u00d724\u6642\u9593)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8889em;vertical-align:-0.1944em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Efficiency<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u98a8\u529b\u6355\u6349\u52b9\u7387(\u4f8b: 35%)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord text\"><span class=\"mord\">Downtime<\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u505c\u6b62\u6642\u9593\u5272\u5408(\u4f8b: 5%)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u96fb\u529b\u8ca9\u58f2\u5358\u4fa1(\/kWh)<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u5b9a\u683c\u5bb9\u91cf\u30fb\u5e74\u9593\u6642\u9593\u30fb\u52b9\u7387\u30fb\u7a3c\u50cd\u7387\u304b\u3089\u98a8\u529b\u767a\u96fb\u306e\u5b9f\u52b9\u767a\u96fb\u91cf\u3092\u6c42\u3081\u3001\u5358\u4fa1\u3092\u639b\u3051\u3066\u53ce\u5165\u3092\u8a08\u7b97\u3059\u308b\u5f0f\u3002<\/div>\n<\/div>\n<div class=\"cfafm-c\">\n<div class=\"nm\">39. \u30a4\u30f3\u30d5\u30e9DCF(\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u7a4d\u4e0a\u3052\u578b\u5272\u5f15\u7387)<\/div>\n<div class=\"ne\">Infrastructure DCF with Risk-Premium Build-Up<\/div>\n<div class=\"cfafm-x\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0556em;\">\u03b3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0556em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\">)<\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0556em;\">\u03b3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0556em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7401em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">2<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"minner\">\u22ef<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"><\/span><span class=\"mord\"><span class=\"mopen nulldelimiter\"><\/span><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3603em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mopen\">(<\/span><span class=\"mord\">1<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0556em;\">\u03b3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0556em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose\"><span class=\"mclose\">)<\/span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.7673em;\"><span style=\"top:-2.989em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span style=\"top:-3.23em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"frac-line\" style=\"border-bottom-width:0.04em;\"><\/span><\/span><span style=\"top:-3.677em;\"><span class=\"pstrut\" style=\"height:3em;\"><\/span><span class=\"mord\"><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.936em;\"><span><\/span><\/span><\/span><\/span><\/span><span class=\"mclose nulldelimiter\"><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0556em;\">\u03b3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0556em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><span class=\"mrel\">=<\/span><span class=\"mspace\" style=\"margin-right:0.2778em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9805em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Risk\u00a0factor<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">1<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9805em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Risk\u00a0factor<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3011em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mtight\">2<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6667em;vertical-align:-0.0833em;\"><\/span><span class=\"minner\">\u22ef<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><span class=\"mbin\">+<\/span><span class=\"mspace\" style=\"margin-right:0.2222em;\"><\/span><\/span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9805em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Risk\u00a0factor<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0715em;\">K<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/div>\n<div class=\"cfafm-lg\">\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30a4\u30f3\u30d5\u30e9\u8cc7\u7523\u306e\u4fa1\u5024<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">D<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">t\u671f\u306e\u671f\u5f85\u914d\u5f53(\u682a\u4e3b\u5e30\u5c5e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3002t = 1, \u2026, T)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5806em;vertical-align:-0.15em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">t\u671f\u306e\u7121\u30ea\u30b9\u30af\u91d1\u5229(\u30bc\u30ed\u30af\u30fc\u30dd\u30f3\u91d1\u5229)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"><\/span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0556em;\">\u03b3<\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2806em;\"><span style=\"top:-2.55em;margin-left:-0.0556em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.15em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">t\u671f\u306e\u8cc7\u7523\u56fa\u6709\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0(\u898f\u6a21\u30fb\u30ec\u30d0\u30ec\u30c3\u30b8\u30fb\u53ce\u76ca\u6027\u30fb\u6295\u8cc7\u30fb\u30ab\u30f3\u30c8\u30ea\u30fc\u7b49\u306e\u5408\u8a08)<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">T<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u6700\u7d42\u671f\uff08\u4e88\u6e2c\u671f\u9593\u306e\u5e74\u6570\uff09<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9805em;vertical-align:-0.2861em;\"><\/span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Risk\u00a0factor<\/span><\/span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3361em;\"><span style=\"top:-2.55em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"><\/span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord mathnormal mtight\" style=\"margin-right:0.0315em;\">k<\/span><span class=\"mpunct mtight\">,<\/span><span class=\"mord mathnormal mtight\">t<\/span><\/span><\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2861em;\"><span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><span class=\"d\">t\u671f\u306e\u30ea\u30b9\u30af\u8981\u56e0k\uff08k = 1, \u2026, K\uff09\u306e\u30d7\u30ec\u30df\u30a2\u30e0<\/span><\/div>\n<div><span class=\"s\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"><\/span><span class=\"mord mathnormal\" style=\"margin-right:0.0715em;\">K<\/span><\/span><\/span><\/span><\/span><span class=\"d\">\u30ea\u30b9\u30af\u8981\u56e0\u306e\u6570<\/span><\/div>\n<\/div>\n<div class=\"cfafm-u\"><b>\u4f7f\u3044\u3069\u3053\u308d\uff1a<\/b>\u671f\u5f85\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u3001\u7121\u30ea\u30b9\u30af\u91d1\u5229\u306b\u8cc7\u7523\u56fa\u6709\u306e\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u7a4d\u307f\u4e0a\u3052\u305f\u5272\u5f15\u7387\u3067\u5272\u308a\u5f15\u304d\u3001\u30a4\u30f3\u30d5\u30e9\u8cc7\u7523\u306e\u4fa1\u5024\u3092\u6c42\u3081\u308b\u5f0f\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-l3-pmk-glossary\/\">CFA\u00ae\ufe0e Level 3 Private Markets Pathway \u7528\u8a9e\u96c6\uff08\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-level3-formulas\/\">CFA\u00ae\ufe0e Level 3 \u516c\u5f0f\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-pmk\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Private Markets Pathway\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\/gokuhi\/\" target=\"_blank\" rel=\"noopener\">Level 3 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 3 Private Markets Pathway\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30de\u30fc\u30b1\u30c3\u30c4 Pathway\uff09\u306e\u91cd\u8981\u516c\u5f0f39\u672c\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5358\u5143\uff08LM\uff09\u5225\u306b\u3001\u6570\u5f0f\u30fb\u8a18\u53f7\u306e\u610f\u5473\u30fb\u4f7f\u3044\u3069\u3053\u308d\u3068\u3042\u308f\u305b\u3066\u6574\u7406\u3057\u305f\u516c\u5f0f\u96c6\u3067\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[102],"tags":[],"class_list":["post-11456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-formulas"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11456","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=11456"}],"version-history":[{"count":5,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11456\/revisions"}],"predecessor-version":[{"id":11943,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11456\/revisions\/11943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11619"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}