{"id":10658,"date":"2026-09-19T23:54:21","date_gmt":"2026-09-19T14:54:21","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-pm-94\/"},"modified":"2026-09-20T00:19:23","modified_gmt":"2026-09-19T15:19:23","slug":"g2-pm-94","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-pm-94\/","title":{"rendered":"PE\u30d5\u30a1\u30f3\u30c9\u306e\u8a55\u4fa1\u3068J\u30ab\u30fc\u30d6\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\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8"},"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 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class=\"cma-answer-title\">\u3072\u3068\u3053\u3068\u3067\u8a00\u3046\u3068<\/p>\n<ul>\n<li>PE\u30d5\u30a1\u30f3\u30c9\u306f\u3001\u51fa\u8cc7\u8005\uff08LP\uff09\u304c\u7d04\u675f\u3057\u305f\u8cc7\u91d1\u3092\u904b\u7528\u8005\uff08GP\uff09\u304c\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u8acb\u6c42\u3057\u3001\u6295\u8cc7\u30fb\u58f2\u5374\u3057\u3066\u5206\u914d\u3059\u308b<strong>\u30af\u30ed\u30fc\u30ba\u30c9\u30a8\u30f3\u30c9\u578b<\/strong>\u306e\u4ed5\u7d44\u307f\u3067\u3059\u3002<\/li>\n<li>\u521d\u671f\u306f\u5831\u916c\u3084\u6295\u8cc7\u5148\u306e\u8a55\u4fa1\u304c\u5148\u884c\u3057\u3066\u30ea\u30bf\u30fc\u30f3\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308a\u3084\u3059\u304f\u3001\u5f8c\u304b\u3089\u56de\u53ce\u304c\u9032\u3093\u3067\u30d7\u30e9\u30b9\u306b\u8ee2\u3058\u308b\u5f62\u3092<strong>J\u30ab\u30fc\u30d6<\/strong>\u3068\u547c\u3073\u307e\u3059\u3002<\/li>\n<li>\u6210\u7e3e\u306f\u6642\u9593\u306e\u4fa1\u5024\u3092\u8003\u616e\u3057\u305f<strong>IRR<\/strong>\u3068\u3001\u56de\u53ce\u984d\u3092\u500d\u7387\u3067\u793a\u3059<strong>TVPI\u30fbDPI<\/strong>\u306a\u3069\u306e\u6295\u8cc7\u500d\u7387\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u6e2c\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\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u300d\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8\u306e\u3072\u3068\u3064\u300cPE\u30d5\u30a1\u30f3\u30c9\u306e\u69cb\u7bc9\u3068\u8a55\u4fa1\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\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8<\/td>\n<\/tr>\n<tr>\n<th>\u5927\u5206\u985e<\/th>\n<td>(9) \u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u8cc7\u7523\u306e\u7a2e\u985e\u3001\u7279\u5fb4\u3068\u6295\u8cc7\u7ba1\u7406<\/td>\n<\/tr>\n<tr>\n<th>\u5354\u4f1a\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8<\/th>\n<td>\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u30fb\u30d5\u30a1\u30f3\u30c9\u306e\u69cb\u7bc9\u3068\u4fa1\u5024\u8a55\u4fa1\u3001\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6e2c\u5b9a\u306e\u65b9\u6cd5\u306b\u3064\u3044\u3066\u7406\u89e3\u3059\u308b\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>PE\u30d5\u30a1\u30f3\u30c9\u306e\u8a55\u4fa1\u3068J\u30ab\u30fc\u30d6\u3068\u306f<\/h2>\n<h3>\u30d5\u30a1\u30f3\u30c9\u306e\u69cb\u7bc9\uff08\u7d44\u6210\uff09\u306e\u4ed5\u7d44\u307f<\/h3>\n<p>PE\u30d5\u30a1\u30f3\u30c9\u306e\u591a\u304f\u306f\u3001\u5b58\u7d9a\u671f\u9593\u304c10\u5e74\u7a0b\u5ea6\u306e\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u3067\u3059\u3002LP\u306f\u30d5\u30a1\u30f3\u30c9\u306e\u8a2d\u7acb\u6642\u306b\u51fa\u8cc7\u984d\u3092\u7d04\u675f\uff08<strong>\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8<\/strong>\uff09\u3057\u3001GP\u306f\u6295\u8cc7\u5148\u304c\u898b\u3064\u304b\u308b\u305f\u3073\u306b\u8cc7\u91d1\u3092\u8acb\u6c42\u3057\u307e\u3059\uff08<strong>\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb<\/strong>\uff09\u3002\u524d\u534a\u306e\u6570\u5e74\u9593\u304c\u65b0\u898f\u6295\u8cc7\u3092\u884c\u3046\u6295\u8cc7\u671f\u9593\u3067\u3001\u5f8c\u534a\u306f\u6295\u8cc7\u5148\u306e\u4fa1\u5024\u5411\u4e0a\u3068\u58f2\u5374\uff08\u30a4\u30b0\u30b8\u30c3\u30c8\uff09\u3092\u9032\u3081\u3001\u5f97\u305f\u8cc7\u91d1\u3092LP\u306b<strong>\u5206\u914d<\/strong>\u3057\u307e\u3059\u3002<\/p>\n<p>GP\u3078\u306e\u5831\u916c\u306f\u3001\u4e00\u822c\u306b<strong>\u7ba1\u7406\u5831\u916c<\/strong>\uff08\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u984d\u306a\u3069\u306b\u5bfe\u3059\u308b\u5e74\u7387\u306e\u5831\u916c\uff09\u3068\u3001<strong>\u6210\u529f\u5831\u916c\uff08\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\uff09<\/strong>\u306e2\u672c\u7acb\u3066\u3067\u3059\u3002\u6210\u529f\u5831\u916c\u306f\u3001LP\u304c\u4e00\u5b9a\u306e\u6700\u4f4e\u30ea\u30bf\u30fc\u30f3\uff08<strong>\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8<\/strong>\u3001\u512a\u5148\u30ea\u30bf\u30fc\u30f3\uff09\u3092\u78ba\u4fdd\u3057\u305f\u5f8c\u306e\u5229\u76ca\u306b\u5bfe\u3057\u3066\u652f\u6255\u308f\u308c\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3001\u5206\u914d\u306e\u9806\u756a\u3092\u5b9a\u3081\u305f\u3082\u306e\u3092<strong>\u30a6\u30a9\u30fc\u30bf\u30fc\u30d5\u30a9\u30fc\u30eb<\/strong>\u3068\u3044\u3044\u307e\u3059\u3002<\/p>\n<h3>J\u30ab\u30fc\u30d6\u52b9\u679c<\/h3>\n<p>\u30d5\u30a1\u30f3\u30c9\u306e\u521d\u671f\u306f\u3001\u7ba1\u7406\u5831\u916c\u3084\u6295\u8cc7\u306b\u304b\u304b\u308b\u8cbb\u7528\u304c\u5148\u306b\u767a\u751f\u3059\u308b\u4e00\u65b9\u3001\u6295\u8cc7\u5148\u306e\u4fa1\u5024\u5411\u4e0a\u306f\u307e\u3060\u8a55\u4fa1\u306b\u53cd\u6620\u3055\u308c\u306b\u304f\u304f\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u7d2f\u7a4d\u30ea\u30bf\u30fc\u30f3\u306f\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308a\u304c\u3061\u3067\u3059\u3002\u305d\u306e\u5f8c\u3001\u6295\u8cc7\u5148\u306e\u6210\u9577\u3084\u58f2\u5374\u3067\u56de\u53ce\u304c\u9032\u3080\u3068\u30ea\u30bf\u30fc\u30f3\u304c\u30d7\u30e9\u30b9\u306b\u8ee2\u3058\u307e\u3059\u3002\u7d2f\u7a4d\u30ea\u30bf\u30fc\u30f3\u3084\u7d2f\u7a4d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092\u6642\u9593\u306b\u6cbf\u3063\u3066\u63cf\u304f\u3068\u30a2\u30eb\u30d5\u30a1\u30d9\u30c3\u30c8\u306eJ\u306e\u5f62\u306b\u306a\u308b\u305f\u3081\u3001<strong>J\u30ab\u30fc\u30d6<\/strong>\u3068\u547c\u3070\u308c\u307e\u3059\u3002<\/p>\n<h3>\u4fa1\u5024\u8a55\u4fa1\u3068\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u6e2c\u5b9a<\/h3>\n<p>\u30d5\u30a1\u30f3\u30c9\u306e\u9014\u4e2d\u6642\u70b9\u3067\u306f\u3001\u672a\u58f2\u5374\u306e\u6295\u8cc7\u5148\u3092\u516c\u6b63\u4fa1\u5024\u3067\u8a55\u4fa1\u3057\u305f<strong>NAV\uff08\u7d14\u8cc7\u7523\u4fa1\u5024\uff09<\/strong>\u3092\u4f7f\u3044\u307e\u3059\u3002\u8a55\u4fa1\u306b\u306f\u985e\u4f3c\u4f01\u696d\u306e\u500d\u7387\u3084DCF\u6cd5\u306a\u3069\u304c\u7528\u3044\u3089\u308c\u307e\u3059\u304c\u3001\u5e02\u5834\u4fa1\u683c\u3067\u306f\u306a\u3044\u305f\u3081\u3001\u8a55\u4fa1\u306e\u9045\u308c\u3084\u5e73\u6e96\u5316\u304c\u751f\u3058\u3084\u3059\u3044\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<p>\u6210\u7e3e\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6642\u671f\u3068\u91d1\u984d\u304b\u3089\u8a08\u7b97\u3059\u308b<strong>IRR\uff08\u5185\u90e8\u53ce\u76ca\u7387\uff09<\/strong>\u304c\u4e2d\u5fc3\u3067\u3059\u3002PE\u3067\u306f\u8cc7\u91d1\u306e\u51fa\u5165\u308a\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092GP\u304c\u6c7a\u3081\u308b\u305f\u3081\u3001\u6642\u9593\u52a0\u91cd\u53ce\u76ca\u7387\u3067\u306f\u306a\u304f\u3001\u91d1\u984d\u52a0\u91cd\u53ce\u76ca\u7387\u3067\u3042\u308bIRR\u304c\u4f7f\u308f\u308c\u307e\u3059\u3002\u3042\u308f\u305b\u3066\u3001\u6295\u4e0b\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u3069\u308c\u3060\u3051\u56de\u53ce\u3057\u305f\u304b\u3092\u793a\u3059\u6295\u8cc7\u500d\u7387\u3092\u78ba\u8a8d\u3057\u307e\u3059\u3002\u682a\u5f0f\u6307\u6570\u306b\u540c\u3058\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u6295\u8cc7\u3057\u305f\u3068\u4eee\u5b9a\u3057\u3066\u6bd4\u3079\u308b<strong>PME\uff08\u516c\u958b\u5e02\u5834\u7b49\u4fa1\uff09<\/strong>\u3068\u3044\u3046\u624b\u6cd5\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2>\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u516c\u5f0f<\/h2>\n<div class=\"cma-formula\">\u03a3 CF<sub>t<\/sub> \u00f7\uff081 \uff0b IRR\uff09<sup>t<\/sup> \uff1d 0<small>\u62e0\u51fa\u306f\u30de\u30a4\u30ca\u30b9\u3001\u5206\u914d\u306f\u30d7\u30e9\u30b9\u3002\u9014\u4e2d\u6642\u70b9\u3067\u306f\u6700\u5f8c\u306b\u73fe\u5728\u306eNAV\u3092\u5206\u914d\u3068\u307f\u306a\u3057\u3066\u52a0\u3048\u308b<\/small><\/div>\n<div class=\"cma-formula\">DPI \uff1d \u7d2f\u7a4d\u5206\u914d\u984d \u00f7 \u7d2f\u7a4d\u6255\u8fbc\u984d<small>\u5b9f\u969b\u306b\u73fe\u91d1\u3067\u623b\u3063\u3066\u304d\u305f\u5272\u5408\uff08\u5b9f\u73fe\u5206\uff09<\/small><\/div>\n<div class=\"cma-formula\">RVPI \uff1d \u6b8b\u5b58\u4fa1\u5024\uff08NAV\uff09 \u00f7 \u7d2f\u7a4d\u6255\u8fbc\u984d<small>\u307e\u3060\u56de\u53ce\u3055\u308c\u3066\u3044\u306a\u3044\u8a55\u4fa1\u4e0a\u306e\u4fa1\u5024\uff08\u672a\u5b9f\u73fe\u5206\uff09<\/small><\/div>\n<div class=\"cma-formula\">TVPI \uff1d DPI \uff0b RVPI \uff1d\uff08\u7d2f\u7a4d\u5206\u914d\u984d \uff0b NAV\uff09 \u00f7 \u7d2f\u7a4d\u6255\u8fbc\u984d<small>\u30d5\u30a1\u30f3\u30c9\u5168\u4f53\u306e\u6295\u8cc7\u500d\u7387\uff08MOIC\uff09<\/small><\/div>\n<div class=\"cma-tbl kv\">\n<table>\n<tbody>\n<tr>\n<th>CF<sub>t<\/sub><\/th>\n<td>t\u5e74\u76ee\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08\u62e0\u51fa\u30fb\u5206\u914d\uff09<\/td>\n<\/tr>\n<tr>\n<th>\u6255\u8fbc\u984d<\/th>\n<td>\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\u3067\u5b9f\u969b\u306b\u6255\u3044\u8fbc\u3093\u3060\u91d1\u984d<\/td>\n<\/tr>\n<tr>\n<th>NAV<\/th>\n<td>\u672a\u58f2\u5374\u306e\u6295\u8cc7\u5148\u306e\u8a55\u4fa1\u984d\u306e\u5408\u8a08<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<p>LP\u304b\u3089\u898b\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u6b21\u306e\u3088\u3046\u306a\u30d5\u30a1\u30f3\u30c9\u3092\u8003\u3048\u307e\u3059\uff08\u5358\u4f4d\uff1a\u5104\u5186\u3001\u5e74\u672b\u306b\u767a\u751f\uff09\u3002<\/p>\n<div class=\"cma-tbl kv\">\n<table>\n<tbody>\n<tr>\n<th>0\u5e74<\/th>\n<td>\u221250\uff08\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\uff09<\/td>\n<\/tr>\n<tr>\n<th>1\u5e74<\/th>\n<td>\u221230<\/td>\n<\/tr>\n<tr>\n<th>2\u5e74<\/th>\n<td>\u221220<\/td>\n<\/tr>\n<tr>\n<th>3\u5e74<\/th>\n<td>\uff0b20\uff08\u5206\u914d\uff09<\/td>\n<\/tr>\n<tr>\n<th>4\u5e74<\/th>\n<td>\uff0b60<\/td>\n<\/tr>\n<tr>\n<th>5\u5e74<\/th>\n<td>\uff0b90\uff08\u5168\u6295\u8cc7\u5148\u3092\u58f2\u5374\u3057\u3066\u7d42\u4e86\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<ul>\n<li><strong>3\u5e74\u76ee\u672b\u306e\u9014\u4e2d\u8a55\u4fa1<\/strong>\uff1a\u6255\u8fbc\u984d100\u3001\u7d2f\u7a4d\u5206\u914d20\u3001NAV\u304c110\u3060\u3063\u305f\u3068\u3059\u308b\u3068\u3001DPI\uff1d20\u00f7100\uff1d<strong>0.2\u500d<\/strong>\u3001RVPI\uff1d110\u00f7100\uff1d<strong>1.1\u500d<\/strong>\u3001TVPI\uff1d<strong>1.3\u500d<\/strong>\u3067\u3059\u3002\u6210\u679c\u306e\u5927\u90e8\u5206\u304c\u307e\u3060\u8a55\u4fa1\u4e0a\u306e\u4fa1\u5024\u3067\u3042\u308b\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\u3002<\/li>\n<li><strong>\u7d42\u4e86\u6642<\/strong>\uff1a\u7d2f\u7a4d\u5206\u914d\u306f20\uff0b60\uff0b90\uff1d170\u306a\u306e\u3067\u3001DPI\uff1dTVPI\uff1d170\u00f7100\uff1d<strong>1.7\u500d<\/strong>\u3067\u3059\u3002<\/li>\n<li><strong>IRR<\/strong>\uff1a\u4e0a\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6b63\u5473\u73fe\u5728\u4fa1\u5024\u304c\u30bc\u30ed\u306b\u306a\u308b\u5272\u5f15\u7387\u3092\u6c42\u3081\u308b\u3068\u3001<strong>\u7d0415.3\uff05<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002<\/li>\n<li>\u524d\u534a3\u5e74\u9593\u306f\u8cc7\u91d1\u304c\u51fa\u3066\u3044\u304f\u3060\u3051\u306a\u306e\u3067\u3001\u7d2f\u7a4d\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u2212100\u307e\u3067\u843d\u3061\u8fbc\u3093\u3067\u304b\u3089\u56de\u5fa9\u3057\u307e\u3059\u3002\u3053\u308c\u304cJ\u30ab\u30fc\u30d6\u306e\u5f62\u3067\u3059\u3002<\/li>\n<\/ul>\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>J\u30ab\u30fc\u30d6\u304c\u751f\u3058\u308b\u7406\u7531\uff08\u5831\u916c\u30fb\u8cbb\u7528\u306e\u5148\u884c\u3001\u4fa1\u5024\u5411\u4e0a\u306e\u53cd\u6620\u306e\u9045\u308c\u3001\u56de\u53ce\u306f\u5f8c\u534a\uff09\u3092\u8aac\u660e\u3067\u304d\u308b\u304b\u304c\u554f\u308f\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>PE\u3067\u6642\u9593\u52a0\u91cd\u3067\u306f\u306a\u304f<strong>\u91d1\u984d\u52a0\u91cd\u53ce\u76ca\u7387\uff08IRR\uff09<\/strong>\u3092\u4f7f\u3046\u7406\u7531\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092GP\u304c\u6c7a\u3081\u308b\u305f\u3081\u3067\u3059\u3002<\/li>\n<li>DPI\uff08\u5b9f\u73fe\uff09\u30fbRVPI\uff08\u672a\u5b9f\u73fe\uff09\u30fbTVPI\uff08\u5408\u8a08\uff09\u306e\u5b9a\u7fa9\u3068\u8a08\u7b97\u3001DPI\u304c\u4f4e\u3044\u6bb5\u968e\u3067\u306fNAV\u306e\u8a55\u4fa1\u306b\u4f9d\u5b58\u3057\u3066\u3044\u308b\u70b9\u306b\u6ce8\u610f\u3057\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>IRR\u306f\u65e9\u671f\u306e\u5206\u914d\u3067\u9ad8\u304f\u898b\u3048\u3084\u3059\u304f\u3001\u500d\u7387\u306f\u6642\u9593\u3092\u8003\u616e\u3057\u306a\u3044\u3068\u3044\u3046\u3001\u305d\u308c\u305e\u308c\u306e\u5f31\u70b9\u3092\u62bc\u3055\u3048\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>\u8a18\u8ff0\u5f0f\u3067\u306f\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u8868\u304b\u3089DPI\u30fbTVPI\u3092\u8a08\u7b97\u3055\u305b\u305f\u308a\u3001\u6210\u529f\u5831\u916c\u306e\u4ed5\u7d44\u307f\uff08\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u3001\u30a6\u30a9\u30fc\u30bf\u30fc\u30d5\u30a9\u30fc\u30eb\uff09\u3092\u8aac\u660e\u3055\u305b\u305f\u308a\u3059\u308b\u5f62\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/div>\n<h2>\u8981\u70b9\u307e\u3068\u3081<\/h2>\n<ul>\n<li>PE\u30d5\u30a1\u30f3\u30c9\u306f\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u2192\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\u2192\u6295\u8cc7\u30fb\u58f2\u5374\u2192\u5206\u914d\u3068\u3044\u3046\u6d41\u308c\u3067\u904b\u55b6\u3055\u308c\u308b\u3002<\/li>\n<li>\u5831\u916c\u306f\u7ba1\u7406\u5831\u916c\u3068\u6210\u529f\u5831\u916c\uff08\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u8d85\u306e\u5229\u76ca\u306b\u5bfe\u3057\u3066\uff09\u306e2\u672c\u7acb\u3066\u304c\u4e00\u822c\u7684\u3002<\/li>\n<li>\u521d\u671f\u306b\u30ea\u30bf\u30fc\u30f3\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308a\u3001\u5f8c\u304b\u3089\u56de\u5fa9\u3059\u308b\u306e\u304cJ\u30ab\u30fc\u30d6\u3002<\/li>\n<li>\u6210\u7e3e\u306fIRR\uff08\u91d1\u984d\u52a0\u91cd\uff09\u3068\u3001DPI\u30fbRVPI\u30fbTVPI\u306e\u6295\u8cc7\u500d\u7387\u3092\u7d44\u307f\u5408\u308f\u305b\u3066\u8a55\u4fa1\u3059\u308b\u3002<\/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-portfolio\/\">\u3010\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c82\u6b21\u3011\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\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-pm-92\/\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g2-pm-93\/\">\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u3068\u30d0\u30a4\u30a2\u30a6\u30c8<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-pm-87\/\">\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u30d9\u30f3\u30c1\u30de\u30fc\u30af<\/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>PE\u30d5\u30a1\u30f3\u30c9\u306f\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3068\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\u3067\u904b\u55b6\u3055\u308c\u3001\u521d\u671f\u306b\u30ea\u30bf\u30fc\u30f3\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308bJ\u30ab\u30fc\u30d6\u304c\u751f\u3058\u307e\u3059\u3002IRR\u3084DPI\u30fbTVPI\u306a\u3069\u306e\u6295\u8cc7\u500d\u7387\u306b\u3088\u308b\u8a55\u4fa1\u65b9\u6cd5\u3092\u3001\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c82\u6b21\u5411\u3051\u306b\u8a08\u7b97\u4f8b\u3064\u304d\u3067\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":10656,"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-10658","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\/10658","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=10658"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/posts\/10658\/revisions"}],"predecessor-version":[{"id":11310,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/posts\/10658\/revisions\/11310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/media\/10656"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/media?parent=10658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/categories?post=10658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/tags?post=10658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}