{"id":10136,"date":"2026-09-19T23:23:36","date_gmt":"2026-09-19T14:23:36","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-equity-03\/"},"modified":"2026-09-20T11:06:09","modified_gmt":"2026-09-20T02:06:09","slug":"g2-equity-03","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-equity-03\/","title":{"rendered":"\u30b5\u30b9\u30c6\u30a4\u30ca\u30d6\u30eb\u6210\u9577\u7387\u3068\u306f\uff1f\u610f\u5473\u3068\u8a66\u9a13\u3067\u554f\u308f\u308c\u308b\u30dd\u30a4\u30f3\u30c8\uff5c\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c82\u6b21\u30fb\u682a\u5f0f\u5206\u6790"},"content":{"rendered":"<style>.cma-tbl{margin:1.2em 0 1.6em;overflow-x:auto;-webkit-overflow-scrolling:touch;border-radius:8px;box-shadow:0 1px 4px rgba(34,0,94,.12);}.cma-tbl table{width:100%;border-collapse:collapse!important;margin:0!important;font-size:15px;line-height:1.6;background:#fff;border:none!important;}.cma-tbl th,.cma-tbl td{padding:10px 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ROE \u00d7 \u5185\u90e8\u7559\u4fdd\u7387 \u306b\u306a\u308b\u306e\u304b<\/h3>\n<p>\u671f\u9996\u306e\u81ea\u5df1\u8cc7\u672c\u3092B\u3068\u3059\u308b\u3068\u3001\u5f53\u671f\u306e\u5229\u76ca\u306fROE \u00d7 B\u3001\u305d\u306e\u3046\u3061\u5185\u90e8\u7559\u4fdd\u7387b\u306e\u5206\u3060\u3051\u81ea\u5df1\u8cc7\u672c\u304c\u5897\u3048\u307e\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u81ea\u5df1\u8cc7\u672c\u306e\u5897\u52a0\u7387\u306f ROE \u00d7 B \u00d7 b \u00f7 B \uff1d ROE \u00d7 b \u3067\u3059\u3002ROE\u3068\u5185\u90e8\u7559\u4fdd\u7387\u304c\u4e00\u5b9a\u306a\u3089\u3001\u7fcc\u671f\u306e\u5229\u76ca\u3082\u914d\u5f53\u3082\u540c\u3058\u7387\u3067\u4f38\u3073\u308b\u306e\u3067\u3001\u3053\u308c\u304c\u5229\u76ca\u30fb\u914d\u5f53\u30fb\u81ea\u5df1\u8cc7\u672c\u306b\u5171\u901a\u3059\u308b\u6210\u9577\u7387\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u8ca1\u52d9\u6307\u6a19\u3068\u306e\u3064\u306a\u304c\u308a<\/h3>\n<p>\u5f0f\u3092\u898b\u308b\u3068\u3001\u6210\u9577\u7387\u3092\u9ad8\u3081\u308b\u9053\u306f2\u3064\u3067\u3059\u30021\u3064\u306f<strong>ROE\u3092\u9ad8\u3081\u308b<\/strong>\u3053\u3068\u3001\u3082\u30461\u3064\u306f<strong>\u914d\u5f53\u6027\u5411\u3092\u4e0b\u3052\u3066\u5185\u90e8\u7559\u4fdd\u7387\u3092\u9ad8\u3081\u308b<\/strong>\u3053\u3068\u3067\u3059\u3002\u3055\u3089\u306bROE\u306f\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u306b\u3088\u308a\u3001\u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387\u30fb\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\u30fb\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u5206\u3051\u3089\u308c\u308b\u306e\u3067\u3001\u53ce\u76ca\u6027\u30fb\u52b9\u7387\u6027\u30fb\u8ca0\u50b5\u306e\u4f7f\u3044\u65b9\u304c\u6210\u9577\u7387\u3092\u5de6\u53f3\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u5206\u304b\u308a\u307e\u3059\u3002<\/p>\n<h3>\u524d\u63d0\u3068\u6ce8\u610f\u70b9<\/h3>\n<p>\u3053\u306e\u5f0f\u306f\u3001ROE\u30fb\u914d\u5f53\u6027\u5411\u30fb\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u304c\u4e00\u5b9a\u3067\u3001\u65b0\u682a\u767a\u884c\u3084\u81ea\u793e\u682a\u8cb7\u3044\u304c\u306a\u3044\u3053\u3068\u3092\u524d\u63d0\u306b\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u914d\u5f53\u6027\u5411\u3092\u4e0b\u3052\u308c\u3070\u6210\u9577\u7387\u306f\u4e0a\u304c\u308a\u307e\u3059\u304c\u3001\u305d\u308c\u304c\u682a\u4fa1\u3092\u4e0a\u3052\u308b\u3068\u306f\u9650\u308a\u307e\u305b\u3093\u3002\u518d\u6295\u8cc7\u306e\u53ce\u76ca\u7387\uff08ROE\uff09\u304c\u8981\u6c42\u53ce\u76ca\u7387k\u3092\u4e0a\u56de\u308b\u5834\u5408\u306b\u3060\u3051\u3001\u5185\u90e8\u7559\u4fdd\u3092\u5897\u3084\u3059\u3053\u3068\u304c\u682a\u4e3b\u4fa1\u5024\u3092\u9ad8\u3081\u307e\u3059\u3002<\/p>\n<h2>\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u516c\u5f0f<\/h2>\n<div class=\"cma-formula\">g \uff1d ROE \u00d7 b<small>\u30b5\u30b9\u30c6\u30a4\u30ca\u30d6\u30eb\u6210\u9577\u7387\uff08b\u306f\u5185\u90e8\u7559\u4fdd\u7387\uff09<\/small><\/div>\n<div class=\"cma-formula\">b \uff1d 1 \u2212 \u914d\u5f53\u6027\u5411 \uff1d (\u5f53\u671f\u7d14\u5229\u76ca \u2212 \u914d\u5f53) \u00f7 \u5f53\u671f\u7d14\u5229\u76ca<\/div>\n<div class=\"cma-formula\">ROE \uff1d \u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387 \u00d7 \u7dcf\u8cc7\u7523\u56de\u8ee2\u7387 \u00d7 \u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8<small>\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\uff08\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\uff1d\u7dcf\u8cc7\u7523\u00f7\u81ea\u5df1\u8cc7\u672c\uff09<\/small><\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<p>B\u793e\u306fROE\u304c10\uff05\u3001\u914d\u5f53\u6027\u5411\u304c40\uff05\u3067\u3059\u3002<\/p>\n<ol>\n<li>\u5185\u90e8\u7559\u4fdd\u7387\uff1ab \uff1d 1 \u2212 0.4 \uff1d 0.6<\/li>\n<li>\u30b5\u30b9\u30c6\u30a4\u30ca\u30d6\u30eb\u6210\u9577\u7387\uff1ag \uff1d 10\uff05 \u00d7 0.6 \uff1d <strong>6\uff05<\/strong><\/li>\n<\/ol>\n<p>\u8ca1\u52d9\u6307\u6a19\u304c\u5909\u308f\u3063\u305f\u5834\u5408\u3092\u6bd4\u3079\u3066\u307f\u307e\u3059\u3002<\/p>\n<div class=\"cma-tbl three\">\n<table>\n<thead>\n<tr>\n<th>\u30b1\u30fc\u30b9<\/th>\n<th>ROE<\/th>\n<th>\u914d\u5f53\u6027\u5411<\/th>\n<th>g<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-label=\"\u30b1\u30fc\u30b9\">\u57fa\u672c<\/td>\n<td data-label=\"ROE\">10\uff05<\/td>\n<td data-label=\"\u914d\u5f53\u6027\u5411\">40\uff05<\/td>\n<td data-label=\"g\">6.0\uff05<\/td>\n<\/tr>\n<tr>\n<td data-label=\"\u30b1\u30fc\u30b9\">\u5897\u914d\uff08\u914d\u5f53\u6027\u5411\u3092\u4e0a\u3052\u308b\uff09<\/td>\n<td data-label=\"ROE\">10\uff05<\/td>\n<td data-label=\"\u914d\u5f53\u6027\u5411\">60\uff05<\/td>\n<td data-label=\"g\">4.0\uff05<\/td>\n<\/tr>\n<tr>\n<td data-label=\"\u30b1\u30fc\u30b9\">\u53ce\u76ca\u6027\u304c\u6539\u5584<\/td>\n<td data-label=\"ROE\">12\uff05<\/td>\n<td data-label=\"\u914d\u5f53\u6027\u5411\">40\uff05<\/td>\n<td data-label=\"g\">7.2\uff05<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>\u5897\u914d\u3059\u308b\u3068\u76ee\u5148\u306e\u914d\u5f53\u306f\u5897\u3048\u307e\u3059\u304c\u3001\u6210\u9577\u7387\u306f\u4e0b\u304c\u308a\u307e\u3059\u3002ROE\u304c\u4e0a\u304c\u308b\u3068\u540c\u3058\u914d\u5f53\u65b9\u91dd\u3067\u3082\u6210\u9577\u7387\u304c\u4e0a\u304c\u308a\u307e\u3059\u3002<\/p>\n<h2>\u52d5\u753b\u3067\u89e3\u8aac<\/h2>\n<p>\u3053\u306e\u8ad6\u70b9\u306f\u3001\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\u30a2\u30ab\u30c7\u30df\u30fc\u306eYouTube\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002\u30c6\u30ad\u30b9\u30c8\u3068\u3042\u308f\u305b\u3066\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\uff08\u52d5\u753b\u300c\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff08DDM\uff09\u304b\u3089\u5c0e\u304b\u308c\u308b\u8981\u6c42\u53ce\u76ca\u7387\u306e\u7b97\u51fa\u65b9\u6cd5\u3092\u7406\u89e3\u3059\u308b\u300d\uff09\u3002<\/p>\n<div class=\"yt-wrap\"><iframe src=\"https:\/\/www.youtube.com\/embed\/QjEpbqs3sBc\" title=\"\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff08DDM\uff09\u304b\u3089\u5c0e\u304b\u308c\u308b\u8981\u6c42\u53ce\u76ca\u7387\u306e\u7b97\u51fa\u65b9\u6cd5\u3092\u7406\u89e3\u3059\u308b\" loading=\"lazy\" allow=\"accelerometer; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<div class=\"cma-exam\">\n<p class=\"cma-exam-title\">\u8a66\u9a13\u3067\u554f\u308f\u308c\u3084\u3059\u3044\u30dd\u30a4\u30f3\u30c8<\/p>\n<ul>\n<li><strong>g \uff1d ROE \u00d7 (1 \u2212 \u914d\u5f53\u6027\u5411)<\/strong> \u306e\u8a08\u7b97\u3068\u3001\u914d\u5f53\u6027\u5411\u3068\u5185\u90e8\u7559\u4fdd\u7387\u306e\u53d6\u308a\u9055\u3048\u304c\u72d9\u308f\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>\u914d\u5f53\u6027\u5411\u306e\u4e0a\u6607\u306f<strong>g\u3092\u4e0b\u3052\u308b<\/strong>\u3001ROE\u306e\u4e0a\u6607\u306f<strong>g\u3092\u4e0a\u3052\u308b<\/strong>\u3068\u3044\u3046\u65b9\u5411\u95a2\u4fc2\u3092\u62bc\u3055\u3048\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>ROE\u3092\u58f2\u4e0a\u9ad8\u7d14\u5229\u76ca\u7387\u30fb\u7dcf\u8cc7\u7523\u56de\u8ee2\u7387\u30fb\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u5206\u89e3\u3057\u3001<strong>\u3069\u306e\u6307\u6a19\u306e\u5909\u5316\u304c\u6210\u9577\u7387\u306b\u3069\u3046\u52b9\u304f\u304b<\/strong>\u3092\u554f\u3046\u5f62\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/li>\n<li>\u5185\u90e8\u7559\u4fdd\u3092\u5897\u3084\u3059\u3053\u3068\u304c\u682a\u4fa1\u3092\u4e0a\u3052\u308b\u306e\u306f<strong>ROE\uff1ek\u306e\u3068\u304d\u3060\u3051<\/strong>\u3001\u3068\u3044\u3046\u70b9\u3092\u8a18\u8ff0\u5f0f\u3067\u8aac\u660e\u3067\u304d\u308b\u3088\u3046\u306b\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>\u65b0\u682a\u767a\u884c\u306a\u3057\u30fb\u8ca1\u52d9\u69cb\u6210\u4e00\u5b9a\u306a\u3069\u306e<strong>\u524d\u63d0<\/strong>\u3092\u554f\u308f\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/div>\n<h2>\u8981\u70b9\u307e\u3068\u3081<\/h2>\n<ul>\n<li>\u30b5\u30b9\u30c6\u30a4\u30ca\u30d6\u30eb\u6210\u9577\u7387\uff1dROE\u00d7\u5185\u90e8\u7559\u4fdd\u7387<\/li>\n<li>ROE\u306e\u5411\u4e0a\u3068\u914d\u5f53\u6027\u5411\u306e\u4f4e\u4e0b\u304c\u6210\u9577\u7387\u3092\u9ad8\u3081\u308b<\/li>\n<li>ROE\u306f\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u3067\u53ce\u76ca\u6027\u30fb\u52b9\u7387\u6027\u30fb\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u5206\u3051\u3066\u8003\u3048\u3089\u308c\u308b<\/li>\n<li>\u6210\u9577\u7387\u304c\u4e0a\u304c\u3063\u3066\u3082\u3001ROE\u2266k\u306a\u3089\u682a\u4e3b\u4fa1\u5024\u306f\u9ad8\u307e\u3089\u306a\u3044<\/li>\n<\/ul>\n<div class=\"cma-link-box\">\n<p class=\"cma-link-box-title\">\u25b6 \u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044<\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/cma2-equity\/\">\u3010\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c82\u6b21\u3011\u682a\u5f0f\u5206\u6790\u3067\u5b66\u3076\u5185\u5bb9\u306e\u4e00\u89a7\u306b\u623b\u308b<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-equity-04\/\">\u30c7\u30e5\u30dd\u30f3\u5206\u89e3\u306b\u3088\u308b\u6210\u9577\u7387\u63a8\u8a08<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-equity-01\/\">DDM\u304b\u3089\u6c42\u3081\u308b\u8981\u6c42\u53ce\u76ca\u7387<\/a><\/p>\n<\/div>\n<p>\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\u30a2\u30ab\u30c7\u30df\u30fc\u306eYouTube\uff08<a href=\"https:\/\/www.youtube.com\/@cma-fa-academy\" target=\"_blank\" rel=\"noopener\">@cma-fa-academy<\/a>\uff09\u3067\u306f\u3001\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8\u306b\u6cbf\u3063\u3066\u8ad6\u70b9\u30921\u3064\u305a\u3064\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><a href=\"https:\/\/utage-system.com\/page\/98Nqc5o0yBvT\" target=\"_blank\" rel=\"noopener\">\u25b6 \u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u30fc\u306b\u53c2\u52a0\u3059\u308b<\/a><\/p>\n<p style=\"font-size:0.85em;\">\u203b\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8\u306f\u65e5\u672c\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c8\u5354\u4f1a\u300c\u30102026\u5e74\u5ea6\u3011CMA\u8cc7\u683c\u306e\u53d6\u5f97\u306b\u6c42\u3081\u3089\u308c\u308b\u4e3b\u8981\u5b66\u7fd2\u4e8b\u9805\u3068\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8\u300d\u3088\u308a\u5f15\u7528\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30b5\u30b9\u30c6\u30a4\u30ca\u30d6\u30eb\u6210\u9577\u7387\uff08ROE\u00d7\u5185\u90e8\u7559\u4fdd\u7387\uff09\u3068ROE\u30fb\u914d\u5f53\u6027\u5411\u306a\u3069\u306e\u8ca1\u52d9\u6307\u6a19\u306e\u95a2\u4fc2\u3092\u3001\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c82\u6b21\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8\u306b\u6cbf\u3063\u3066\u89e3\u8aac\u3002\u5f0f\u306e\u610f\u5473\u3001\u524d\u63d0\u3001\u8ca1\u52d9\u6307\u6a19\u304c\u5909\u308f\u3063\u305f\u3068\u304d\u306e\u8a08\u7b97\u4f8b\u3068\u8a66\u9a13\u3067\u554f\u308f\u308c\u3084\u3059\u3044\u30dd\u30a4\u30f3\u30c8\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":10135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-10136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossary"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/posts\/10136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/comments?post=10136"}],"version-history":[{"count":6,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/posts\/10136\/revisions"}],"predecessor-version":[{"id":12676,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/posts\/10136\/revisions\/12676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/media\/10135"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/media?parent=10136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/categories?post=10136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/tags?post=10136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}