{"id":10382,"date":"2026-09-19T23:37:00","date_gmt":"2026-09-19T14:37:00","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-equity-15\/"},"modified":"2026-09-20T11:05:58","modified_gmt":"2026-09-20T02:05:58","slug":"g2-equity-15","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-equity-15\/","title":{"rendered":"CAPM\u30fb\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\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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\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u300d\u3067\u6c42\u3081\u307e\u3059\u3002<\/li>\n<li><strong>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/strong>\u3067\u306f\u3001\u5e02\u5834\u4ee5\u5916\u306b\u3082\u898f\u6a21\u30fb\u30d0\u30ea\u30e5\u30fc\u306a\u3069\u8907\u6570\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u611f\u5fdc\u5ea6\u3068\u3001\u5404\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u639b\u3051\u3066\u5408\u8a08\u3057\u307e\u3059\u3002<\/li>\n<li>\u6c42\u3081\u305f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306b\u7121\u30ea\u30b9\u30af\u5229\u5b50\u7387\u3092\u8db3\u3057\u305f\u3082\u306e\u304c\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff08\u8981\u6c42\u53ce\u76ca\u7387\uff09\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/div>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c82\u6b21\u300c\u682a\u5f0f\u5206\u6790\u300d\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8\u306e\u3072\u3068\u3064\u300cCAPM\u30fb\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u3067\u306e\u63a8\u5b9a\u300d\u306b\u3064\u3044\u3066\u3001\u610f\u5473\u3068\u8a66\u9a13\u3067\u554f\u308f\u308c\u3084\u3059\u3044\u30dd\u30a4\u30f3\u30c8\u3092\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n<div class=\"cma-tbl kv\">\n<table>\n<tbody>\n<tr>\n<th>\u5206\u91ce<\/th>\n<td>2\u6b21 \u8a3c\u5238\u5206\u6790\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\uff0f\u682a\u5f0f\u5206\u6790<\/td>\n<\/tr>\n<tr>\n<th>\u5927\u5206\u985e<\/th>\n<td>(5) \u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u6790\u3068\u682a\u5f0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u3088\u308b\u6295\u8cc7\u6226\u7565<\/td>\n<\/tr>\n<tr>\n<th>\u5354\u4f1a\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8<\/th>\n<td>CAPM\u3084\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3092\u5229\u7528\u3057\u305f\u500b\u5225\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u63a8\u5b9a\u65b9\u6cd5\u3092\u7406\u89e3\u3059\u308b\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>CAPM\u30fb\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306b\u3088\u308b\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u63a8\u5b9a\u3068\u306f<\/h2>\n<p>\u5e02\u5834\u5168\u4f53\u306e\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u308f\u304b\u3063\u3066\u3082\u3001\u500b\u5225\u9298\u67c4\u306b\u306f\u305d\u308c\u305e\u308c\u7570\u306a\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u3053\u3067\u3001\u500b\u5225\u682a\u5f0f\u304c\u3069\u308c\u3060\u3051\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6c42\u3081\u3089\u308c\u308b\u304b\u3092\u3001\u8cc7\u7523\u4fa1\u683c\u30e2\u30c7\u30eb\u3092\u4f7f\u3063\u3066\u63a8\u5b9a\u3057\u307e\u3059\u3002\u4ee3\u8868\u7684\u306a\u306e\u304cCAPM\u3068\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3067\u3059\u3002<\/p>\n<h3>CAPM\uff08\u8cc7\u672c\u8cc7\u7523\u8a55\u4fa1\u30e2\u30c7\u30eb\uff09<\/h3>\n<p>CAPM\u3067\u306f\u3001\u5206\u6563\u6295\u8cc7\u3067\u6d88\u305b\u306a\u3044<strong>\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6\uff08\u30d9\u30fc\u30bf\uff09<\/strong>\u3060\u3051\u304c\u5831\u308f\u308c\u308b\u30ea\u30b9\u30af\u3060\u3068\u8003\u3048\u307e\u3059\u3002\u500b\u5225\u682a\u5f0f\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u30d9\u30fc\u30bf\u306b\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u639b\u3051\u305f\u3082\u306e\u3067\u3059\u3002\u30d9\u30fc\u30bf\u304c1\u3088\u308a\u5927\u304d\u3044\u9298\u67c4\u306f\u5e02\u5834\u3088\u308a\u5927\u304d\u306a\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u30011\u3088\u308a\u5c0f\u3055\u3044\u9298\u67c4\u306f\u5c0f\u3055\u306a\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6c42\u3081\u3089\u308c\u307e\u3059\u3002\u500b\u5225\u4f01\u696d\u56fa\u6709\u306e\u30ea\u30b9\u30af\uff08\u975e\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\uff09\u306f\u5206\u6563\u6295\u8cc7\u3067\u6d88\u305b\u308b\u305f\u3081\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u306b\u306f\u53cd\u6620\u3055\u308c\u307e\u305b\u3093\u3002<\/p>\n<h3>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/h3>\n<p>\u5b9f\u969b\u306e\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u5e02\u5834\u5168\u4f53\u3060\u3051\u3067\u306a\u304f\u3001\u4f01\u696d\u898f\u6a21\uff08\u5c0f\u578b\u682a\u304b\u3069\u3046\u304b\uff09\u3001\u5272\u5b89\u5ea6\uff08\u30d0\u30ea\u30e5\u30fc\uff09\u3001\u30e2\u30e1\u30f3\u30bf\u30e0\u306a\u3069\u3001\u8907\u6570\u306e\u5171\u901a\u8981\u56e0\u3067\u8aac\u660e\u3067\u304d\u308b\u3053\u3068\u304c\u77e5\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3067\u306f\u3001\u5404\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e<strong>\u611f\u5fdc\u5ea6\uff08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\uff09<\/strong>\u3068\u3001\u305d\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306e<strong>\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/strong>\u3092\u639b\u3051\u3066\u8db3\u3057\u5408\u308f\u305b\u307e\u3059\u3002\u4ee3\u8868\u4f8b\u306b\u30d5\u30a1\u30fc\u30de\uff1d\u30d5\u30ec\u30f3\u30c1\u306e3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\uff08\u5e02\u5834\u30fb\u898f\u6a21\u30fb\u30d0\u30ea\u30e5\u30fc\uff09\u304c\u3042\u308a\u3001\u30de\u30af\u30ed\u7d4c\u6e08\u5909\u6570\u3092\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u3059\u308b\u30e2\u30c7\u30eb\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>CAPM\u306f\u5358\u7d14\u3067\u4f7f\u3044\u3084\u3059\u3044\u4e00\u65b9\u30011\u3064\u306e\u8981\u56e0\u3057\u304b\u8003\u3048\u306a\u3044\u305f\u3081\u8aac\u660e\u529b\u306b\u9650\u754c\u304c\u3042\u308a\u307e\u3059\u3002\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f\u8aac\u660e\u529b\u304c\u9ad8\u307e\u308b\u53cd\u9762\u3001\u3069\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3092\u63a1\u7528\u3059\u308b\u304b\u3001\u5404\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u3069\u3046\u63a8\u5b9a\u3059\u308b\u304b\u3068\u3044\u3046\u5224\u65ad\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<h2>\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u516c\u5f0f<\/h2>\n<div class=\"cma-formula\">E(R<sub>i<\/sub>) \u2212 R<sub>f<\/sub> \uff1d \u03b2<sub>i<\/sub> \u00d7 {E(R<sub>M<\/sub>) \u2212 R<sub>f<\/sub>}<small>CAPM\u306b\u3088\u308b\u500b\u5225\u682a\u5f0f\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/small><\/div>\n<div class=\"cma-formula\">E(R<sub>i<\/sub>) \u2212 R<sub>f<\/sub> \uff1d b<sub>i1<\/sub> \u00d7 \u03bb<sub>1<\/sub> \uff0b b<sub>i2<\/sub> \u00d7 \u03bb<sub>2<\/sub> \uff0b \u2026 \uff0b b<sub>iK<\/sub> \u00d7 \u03bb<sub>K<\/sub><small>\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306b\u3088\u308b\u500b\u5225\u682a\u5f0f\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/small><\/div>\n<div class=\"cma-tbl two\">\n<table>\n<thead>\n<tr>\n<th>\u8a18\u53f7<\/th>\n<th>\u610f\u5473<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u03b2<sub>i<\/sub><\/td>\n<td>\u9298\u67c4i\u306e\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5bfe\u3059\u308b\u30d9\u30fc\u30bf<\/td>\n<\/tr>\n<tr>\n<td>E(R<sub>M<\/sub>) \u2212 R<sub>f<\/sub><\/td>\n<td>\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/td>\n<\/tr>\n<tr>\n<td>b<sub>ik<\/sub><\/td>\n<td>\u9298\u67c4i\u306e\u30d5\u30a1\u30af\u30bf\u30fck\u3078\u306e\u611f\u5fdc\u5ea6<\/td>\n<\/tr>\n<tr>\n<td>\u03bb<sub>k<\/sub><\/td>\n<td>\u30d5\u30a1\u30af\u30bf\u30fck\u306e\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<h3>\u4f8b1\uff1aCAPM<\/h3>\n<p>\u7121\u30ea\u30b9\u30af\u5229\u5b50\u73871\uff05\u3001\u5e02\u5834\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e05\uff05\u3001A\u793e\u306e\u30d9\u30fc\u30bf1.2\u3068\u3057\u307e\u3059\u3002<\/p>\n<ol>\n<li>\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\uff1a1.2 \u00d7 5\uff05 \uff1d 6\uff05<\/li>\n<li>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff1a1\uff05 \uff0b 6\uff05 \uff1d <strong>7\uff05<\/strong><\/li>\n<\/ol>\n<h3>\u4f8b2\uff1a3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/h3>\n<p>\u540c\u3058A\u793e\u306b\u3064\u3044\u3066\u3001\u5e02\u5834\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u611f\u5fdc\u5ea61.1\uff08\u30d7\u30ec\u30df\u30a2\u30e05\uff05\uff09\u3001\u898f\u6a21\u30d5\u30a1\u30af\u30bf\u30fc0.4\uff08\u30d7\u30ec\u30df\u30a2\u30e02\uff05\uff09\u3001\u30d0\u30ea\u30e5\u30fc\u30d5\u30a1\u30af\u30bf\u30fc\u22120.3\uff08\u30d7\u30ec\u30df\u30a2\u30e03\uff05\uff09\u3068\u63a8\u5b9a\u3055\u308c\u305f\u3068\u3057\u307e\u3059\u3002<\/p>\n<ol>\n<li>\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\uff1a1.1 \u00d7 5\uff05 \uff0b 0.4 \u00d7 2\uff05 \uff0b (\u22120.3) \u00d7 3\uff05 \uff1d 5.5\uff05 \uff0b 0.8\uff05 \u2212 0.9\uff05 \uff1d 5.4\uff05<\/li>\n<li>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff1a1\uff05 \uff0b 5.4\uff05 \uff1d <strong>6.4\uff05<\/strong><\/li>\n<\/ol>\n<p>\u30d0\u30ea\u30e5\u30fc\u30d5\u30a1\u30af\u30bf\u30fc\u3078\u306e\u611f\u5fdc\u5ea6\u304c\u30de\u30a4\u30ca\u30b9\uff08\u30b0\u30ed\u30fc\u30b9\u682a\u7684\u306a\u6027\u8cea\uff09\u306a\u306e\u3067\u3001\u305d\u306e\u5206\u3060\u3051\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u5c0f\u3055\u304f\u306a\u3063\u3066\u3044\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\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u30fbCAPM\u30fb\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30e2\u30c7\u30eb\u30fb\u30d9\u30fc\u30bf\u63a8\u8a08\u3092\u7406\u89e3\u3059\u308b\u300d\uff09\u3002<\/p>\n<div class=\"yt-wrap\"><iframe src=\"https:\/\/www.youtube.com\/embed\/GK-9faeZ6G4\" title=\"\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u30fbCAPM\u30fb\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30e2\u30c7\u30eb\u30fb\u30d9\u30fc\u30bf\u63a8\u8a08\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 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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-14\/\">\u682a\u5f0f\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-equity-16\/\">\u30d9\u30fc\u30bf\u306e\u63a8\u8a08<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-equity-22\/\">\u30d5\u30a1\u30af\u30bf\u30fc\u6295\u8cc7\u30fb\u30b9\u30de\u30fc\u30c8\u30d9\u30fc\u30bf<\/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 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