{"id":10961,"date":"2026-09-20T00:11:02","date_gmt":"2026-09-19T15:11:02","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-42\/"},"modified":"2026-09-20T00:19:10","modified_gmt":"2026-09-19T15:19:10","slug":"g2-cf-42","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-42\/","title":{"rendered":"M&#038;A\u30b7\u30ca\u30b8\u30fc\u306e\u7b97\u51fa\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\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9"},"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 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class=\"cma-answer-title\">\u3072\u3068\u3053\u3068\u3067\u8a00\u3046\u3068<\/p>\n<ul>\n<li>M&#038;A\u306e\u30b7\u30ca\u30b8\u30fc\u306e\u4fa1\u5024\u306f\u3001<strong>\u7d71\u5408\u306b\u3088\u3063\u3066\u5897\u3048\u308b\u7a0e\u5f15\u5f8c\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024<\/strong>\u304b\u3089\u3001<strong>\u7d71\u5408\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8<\/strong>\u3092\u5dee\u3057\u5f15\u3044\u3066\u6c42\u3081\u307e\u3059\u3002<\/li>\n<li>\u8ca1\u52d9\u30e2\u30c7\u30eb\u3067\u306f\u3001\u5b9f\u73fe\u307e\u3067\u306e\u6642\u9593\uff08\u7acb\u3061\u4e0a\u304c\u308a\uff09\u3084\u5b9f\u73fe\u306e\u78ba\u304b\u3089\u3057\u3055\u3092\u7e54\u308a\u8fbc\u3080\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/li>\n<li>\u8cb7\u53ce\u3067\u5f97\u3092\u3059\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u30b7\u30ca\u30b8\u30fc\u306e\u4fa1\u5024\u3068\u652f\u6255\u3046\u8cb7\u53ce\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u6bd4\u8f03\u3067\u6c7a\u307e\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\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u300d\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8\u306e\u3072\u3068\u3064\u300cM&#038;A\u30b7\u30ca\u30b8\u30fc\u306e\u7b97\u51fa\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 \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3068\u4f01\u696d\u5206\u6790\uff0f\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/td>\n<\/tr>\n<tr>\n<th>\u5927\u5206\u985e<\/th>\n<td>(8) 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class=\"cma-formula\">\u30b7\u30ca\u30b8\u30fc\u306e\u4fa1\u5024 \uff1d V<sub>AB<\/sub> \u2212 (V<sub>A<\/sub> \uff0b V<sub>B<\/sub>)<small>\u7d71\u5408\u5f8c\u306e\u4fa1\u5024\u3068\u5358\u72ec\u4fa1\u5024\u306e\u5408\u8a08\u3068\u306e\u5dee<\/small><\/div>\n<div class=\"cma-formula\">\u30b7\u30ca\u30b8\u30fc\u306e\u4fa1\u5024 \uff1d \u03a3 \u0394FCF<sub>t<\/sub> \u00f7 (1 \uff0b r)<sup>t<\/sup> \u2212 \u7d71\u5408\u30b3\u30b9\u30c8\u306e\u73fe\u5728\u4fa1\u5024<small>\u0394FCF\u306f\u7a0e\u5f15\u5f8c\u306e\u5897\u5206\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/small><\/div>\n<div class=\"cma-formula\">\u8cb7\u53ce\u4f01\u696d\u306eNPV \uff1d \u30b7\u30ca\u30b8\u30fc\u306e\u4fa1\u5024 \u2212 \u8cb7\u53ce\u30d7\u30ec\u30df\u30a2\u30e0<small>\u8cb7\u53ce\u30d7\u30ec\u30df\u30a2\u30e0\uff1d\u8cb7\u53ce\u4fa1\u683c \u2212 \u88ab\u8cb7\u53ce\u4f01\u696d\u306e\u5358\u72ec\u4fa1\u5024<\/small><\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<p>\u7d71\u5408\u306b\u3088\u308a\u5e7440\u306e\u8cbb\u7528\u524a\u6e1b\uff08\u7a0e\u5f15\u524d\uff09\u304c\u898b\u8fbc\u307e\u308c\u30011\u5e74\u76ee\u306f\u534a\u5206\u30012\u5e74\u76ee\u4ee5\u964d\u306f\u5168\u984d\u304c\u6c38\u7d9a\u3059\u308b\u3068\u60f3\u5b9a\u3057\u307e\u3059\u3002\u7a0e\u738730\uff05\u3001\u5272\u5f15\u73878\uff05\u3001\u7d71\u5408\u30b3\u30b9\u30c8\u306f\u73fe\u6642\u70b9\u306760\uff08\u7a0e\u5f15\u524d\uff09\u3068\u3057\u307e\u3059\u3002<\/p>\n<ol>\n<li>\u7a0e\u5f15\u5f8c\u306e\u524a\u6e1b\u984d\uff1a40 \u00d7 (1 \u2212 0.3)\uff1d28\uff081\u5e74\u76ee\u306f14\uff09<\/li>\n<li>1\u5e74\u76ee\u306e\u73fe\u5728\u4fa1\u5024\uff1a14 \u00f7 1.08 \u2252 12.96<\/li>\n<li>2\u5e74\u76ee\u4ee5\u964d\u306e\u73fe\u5728\u4fa1\u5024\uff1a(28 \u00f7 0.08) \u00f7 1.08 \u2252 324.07<\/li>\n<li>\u7d71\u5408\u30b3\u30b9\u30c8\uff08\u7a0e\u5f15\u5f8c\uff09\uff1a60 \u00d7 (1 \u2212 0.3)\uff1d42<\/li>\n<li>\u30b7\u30ca\u30b8\u30fc\u306e\u4fa1\u5024\uff1a12.96 \uff0b 324.07 \u2212 42 \u2252 <strong>295.04<\/strong><\/li>\n<\/ol>\n<p>\u8cb7\u53ce\u30d7\u30ec\u30df\u30a2\u30e0\u3092250\u652f\u6255\u3046\u306a\u3089\u3001\u8cb7\u53ce\u4f01\u696d\u306e\u682a\u4e3b\u306b\u3068\u3063\u3066\u306eNPV\u306f\u7d0445\u3067\u3059\u3002\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u7d04295\u3092\u8d85\u3048\u308b\u3068\u3001\u30b7\u30ca\u30b8\u30fc\u3092\u5b9f\u73fe\u3057\u3066\u3082\u8cb7\u53ce\u4f01\u696d\u306e\u682a\u4e3b\u306f\u640d\u3092\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\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>\u30b7\u30ca\u30b8\u30fc\u306f<strong>\u7a0e\u5f15\u5f8c<\/strong>\u306e\u5897\u5206\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u6e2c\u308a\u3001<strong>\u7d71\u5408\u30b3\u30b9\u30c8\u3092\u5dee\u3057\u5f15\u304f<\/strong>\u3053\u3068\u3092\u5fd8\u308c\u306a\u3044\u3088\u3046\u306b\u3057\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>\u7acb\u3061\u4e0a\u304c\u308a\u671f\u9593\u304c\u3042\u308b\u5834\u5408\u306e<strong>\u6c38\u7d9a\u4fa1\u5024\u306e\u5272\u5f15\u306e\u6642\u70b9<\/strong>\uff08\u4f55\u5e74\u5206\u5272\u308a\u5f15\u304f\u304b\uff09\u306f\u8a08\u7b97\u30df\u30b9\u304c\u8d77\u304d\u3084\u3059\u3044\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/li>\n<li>\u30b3\u30b9\u30c8\u30fb\u30b7\u30ca\u30b8\u30fc\u3068\u58f2\u4e0a\u30b7\u30ca\u30b8\u30fc\u306e<strong>\u5b9f\u73fe\u306e\u78ba\u5ea6\u306e\u9055\u3044<\/strong>\u304c\u554f\u308f\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>\u8a18\u8ff0\u5f0f\u3067\u306f\u3001\u30b7\u30ca\u30b8\u30fc\u306e\u4fa1\u5024\u3068\u8cb7\u53ce\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u6bd4\u3079\u3066\u3001\u8cb7\u53ce\u4f01\u696d\u306e\u682a\u4e3b\u306b\u3068\u3063\u3066\u59a5\u5f53\u306a\u53d6\u5f15\u304b\u3092\u8a08\u7b97\u904e\u7a0b\u3068\u3068\u3082\u306b\u793a\u3055\u305b\u308b\u5f62\u304c\u8003\u3048\u3089\u308c\u307e\u3059\u3002<\/li>\n<li>\u30b7\u30ca\u30b8\u30fc\u306e\u591a\u304f\u3092\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u3057\u3066\u88ab\u8cb7\u53ce\u4f01\u696d\u306e\u682a\u4e3b\u306b\u652f\u6255\u3063\u3066\u3057\u307e\u3046\u300c\u6255\u3044\u3059\u304e\u300d\u306e\u30ea\u30b9\u30af\u306b\u3082\u6ce8\u610f\u3057\u307e\u3057\u3087\u3046\u3002<\/li>\n<\/ul>\n<\/div>\n<h2>\u8981\u70b9\u307e\u3068\u3081<\/h2>\n<ul>\n<li>\u30b7\u30ca\u30b8\u30fc\uff1d\u7d71\u5408\u5f8c\u306e\u4fa1\u5024\u2212\u5358\u72ec\u4fa1\u5024\u306e\u5408\u8a08<\/li>\n<li>\u7a0e\u5f15\u5f8c\u306e\u5897\u5206FCF\u306e\u73fe\u5728\u4fa1\u5024\u304b\u3089\u7d71\u5408\u30b3\u30b9\u30c8\u3092\u5dee\u3057\u5f15\u3044\u3066\u6c42\u3081\u308b<\/li>\n<li>\u7acb\u3061\u4e0a\u304c\u308a\u306e\u6642\u671f\u3068\u5b9f\u73fe\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u30e2\u30c7\u30eb\u306b\u7e54\u308a\u8fbc\u3080<\/li>\n<li>\u8cb7\u53ce\u4f01\u696d\u306eNPV\uff1d\u30b7\u30ca\u30b8\u30fc\u306e\u4fa1\u5024\u2212\u8cb7\u53ce\u30d7\u30ec\u30df\u30a2\u30e0<\/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-corporate-finance\/\">\u3010\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c82\u6b21\u3011\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u3067\u5b66\u3076\u5185\u5bb9\u306e\u4e00\u89a7\u306b\u623b\u308b<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-24\/\">\u30b7\u30ca\u30b8\u30fc\u52b9\u679c<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-29\/\">\u88ab\u8cb7\u53ce\u4f01\u696d\u306e\u8cb7\u53ce\u4fa1\u5024\u8a55\u4fa1<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-30\/\">MA\u3068\u4e21\u793e\u306e\u682a\u4e3b\u4fa1\u5024<\/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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