{"id":11027,"date":"2026-09-20T00:14:27","date_gmt":"2026-09-19T15:14:27","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-33\/"},"modified":"2026-09-20T00:19:09","modified_gmt":"2026-09-19T15:19:09","slug":"g2-cf-33","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-33\/","title":{"rendered":"DCF\u6cd5\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 td{padding:10px 12px!important;border:1px solid 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class=\"cma-answer-title\">\u3072\u3068\u3053\u3068\u3067\u8a00\u3046\u3068<\/p>\n<ul>\n<li><strong>DCF\u6cd5\uff08\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u6cd5\uff09<\/strong>\u306f\u3001\u4f01\u696d\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059<strong>\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09<\/strong>\u3092\u8cc7\u672c\u30b3\u30b9\u30c8\uff08WACC\uff09\u3067\u5272\u308a\u5f15\u3044\u3066\u3001\u4e8b\u696d\u4fa1\u5024\u3092\u6c42\u3081\u308b\u65b9\u6cd5\u3067\u3059\u3002<\/li>\n<li>\u4e8b\u696d\u4fa1\u5024\u306b\u975e\u4e8b\u696d\u8cc7\u7523\u3092\u52a0\u3048\u3066\u4f01\u696d\u4fa1\u5024\u3068\u3057\u3001\u305d\u3053\u304b\u3089<strong>\u6709\u5229\u5b50\u8ca0\u50b5\u306a\u3069\u3092\u5dee\u3057\u5f15\u3044\u3066\u682a\u4e3b\u4fa1\u5024<\/strong>\u3092\u6c42\u3081\u307e\u3059\u3002<\/li>\n<li>\u4e88\u6e2c\u671f\u9593\u306e\u4fa1\u5024\u3068\u3001\u305d\u308c\u4ee5\u964d\u3092\u307e\u3068\u3081\u305f<strong>\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc<\/strong>\u306e2\u3064\u306b\u5206\u3051\u3066\u8a08\u7b97\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\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\u300cDCF\u6cd5\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\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 \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) \u4f01\u696d\u4fa1\u5024\u8a55\u4fa1<\/td>\n<\/tr>\n<tr>\n<th>\u5354\u4f1a\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8<\/th>\n<td>\u5272\u5f15\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08DCF\uff09\u6cd5\u306b\u3088\u308b\u4f01\u696d\u4fa1\u5024\u8a55\u4fa1\u306b\u3064\u3044\u3066\u7406\u89e3\u3059\u308b\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>DCF\u6cd5\u3068\u306f<\/h2>\n<p>DCF\u6cd5\u306f\u3001\u300c\u4f01\u696d\u306e\u4fa1\u5024\u306f\u3001\u305d\u306e\u4f01\u696d\u304c\u5c06\u6765\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u3067\u6c7a\u307e\u308b\u300d\u3068\u3044\u3046\u8003\u3048\u65b9\u306b\u57fa\u3065\u304f\u8a55\u4fa1\u65b9\u6cd5\u3067\u3059\u3002\u4f1a\u8a08\u4e0a\u306e\u5229\u76ca\u3067\u306f\u306a\u304f\u3001\u5b9f\u969b\u306b\u4e8b\u696d\u304b\u3089\u751f\u307e\u308c\u3001\u8cc7\u91d1\u306e\u63d0\u4f9b\u8005\uff08\u682a\u4e3b\u3068\u50b5\u6a29\u8005\uff09\u306b\u5206\u914d\u3067\u304d\u308b\u73fe\u91d1\u306b\u6ce8\u76ee\u3059\u308b\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<h3>\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09<\/h3>\n<p>\u4f01\u696d\u5168\u4f53\u3092\u8a55\u4fa1\u3059\u308b\u3068\u304d\u306b\u4f7f\u3046FCF\u306f\u3001\u4e8b\u696d\u304c\u751f\u307f\u51fa\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u304b\u3089\u3001\u4e8b\u696d\u3092\u7d9a\u3051\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u6295\u8cc7\u3092\u5dee\u3057\u5f15\u3044\u305f\u6b8b\u308a\u3067\u3059\u3002\u652f\u6255\u5229\u606f\u3092\u5dee\u3057\u5f15\u304f\u524d\u306e\u3001<strong>\u682a\u4e3b\u3068\u50b5\u6a29\u8005\u306e\u4e21\u65b9\u306b\u5e30\u5c5e\u3059\u308b<\/strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u3042\u308b\u3053\u3068\u304c\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u5272\u5f15\u7387\u306b\u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u7a0e\u5f15\u5f8c\u306e\u8ca0\u50b5\u30b3\u30b9\u30c8\u3092\u52a0\u91cd\u5e73\u5747\u3057\u305f<strong>WACC<\/strong>\u3092\u4f7f\u3044\u307e\u3059\u3002FCF\u3068\u5272\u5f15\u7387\u306e\u5bfe\u5fdc\u95a2\u4fc2\uff08\u5168\u8cc7\u672c\u63d0\u4f9b\u8005\u5411\u3051\u306eFCF\u306b\u306fWACC\uff09\u3092\u305d\u308d\u3048\u308b\u3053\u3068\u304c\u3001DCF\u6cd5\u3067\u6700\u3082\u5927\u5207\u306a\u6574\u5408\u6027\u3067\u3059\u3002<\/p>\n<h3>\u8a55\u4fa1\u306e\u6d41\u308c<\/h3>\n<p>\u307e\u305a\u3001\u4e8b\u696d\u8a08\u753b\u3092\u3082\u3068\u306b\u4e00\u5b9a\u671f\u9593\uff08\u305f\u3068\u3048\u30705\u301c10\u5e74\uff09\u306eFCF\u3092\u4e88\u6e2c\u3057\u307e\u3059\u3002\u6b21\u306b\u3001\u4e88\u6e2c\u671f\u9593\u306e\u6700\u7d42\u5e74\u5ea6\u3088\u308a\u5148\u306e\u4fa1\u5024\u3092<strong>\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\uff08\u7d99\u7d9a\u4fa1\u5024\uff09<\/strong>\u3068\u3057\u3066\u307e\u3068\u3081\u3066\u8a08\u7b97\u3057\u307e\u3059\u3002\u3053\u308c\u3089\u3092WACC\u3067\u5272\u308a\u5f15\u3044\u3066\u5408\u8a08\u3057\u305f\u3082\u306e\u304c<strong>\u4e8b\u696d\u4fa1\u5024<\/strong>\u3067\u3059\u3002\u4e8b\u696d\u4fa1\u5024\u306b\u3001\u4e8b\u696d\u306b\u4f7f\u3063\u3066\u3044\u306a\u3044\u4f59\u5270\u8cc7\u91d1\u3084\u6295\u8cc7\u6709\u4fa1\u8a3c\u5238\u306a\u3069\u306e<strong>\u975e\u4e8b\u696d\u8cc7\u7523<\/strong>\u3092\u52a0\u3048\u308b\u3068<strong>\u4f01\u696d\u4fa1\u5024<\/strong>\u306b\u306a\u308a\u3001\u305d\u3053\u304b\u3089\u6709\u5229\u5b50\u8ca0\u50b5\uff08\u304a\u3088\u3073\u975e\u652f\u914d\u682a\u4e3b\u6301\u5206\u306a\u3069\uff09\u3092\u5dee\u3057\u5f15\u304f\u3068<strong>\u682a\u4e3b\u4fa1\u5024<\/strong>\u304c\u6c42\u307e\u308a\u307e\u3059\u3002<\/p>\n<h3>DCF\u6cd5\u306e\u9577\u6240\u3068\u6ce8\u610f\u70b9<\/h3>\n<p>DCF\u6cd5\u306f\u3001\u4f01\u696d\u56fa\u6709\u306e\u6210\u9577\u6027\u3084\u53ce\u76ca\u6027\u3001\u30ea\u30b9\u30af\u3092\u76f4\u63a5\u53cd\u6620\u3067\u304d\u308b\u7406\u8ad6\u7684\u306a\u65b9\u6cd5\u3067\u3059\u3002\u4e00\u65b9\u3067\u3001FCF\u306e\u4e88\u6e2c\u3084\u3001WACC\u3001\u6c38\u4e45\u6210\u9577\u7387\u306e\u7f6e\u304d\u65b9\u306b\u3088\u3063\u3066\u7d50\u679c\u304c\u5927\u304d\u304f\u5909\u308f\u308a\u307e\u3059\u3002\u7279\u306b\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u304c\u4fa1\u5024\u5168\u4f53\u306e\u5927\u534a\u3092\u5360\u3081\u308b\u3053\u3068\u304c\u591a\u3044\u305f\u3081\u3001\u524d\u63d0\u306e\u59a5\u5f53\u6027\u3092\u611f\u5fdc\u5ea6\u5206\u6790\u3067\u78ba\u304b\u3081\u3001\u30de\u30eb\u30c1\u30d7\u30eb\u6cd5\u306a\u3069\u3067\u30af\u30ed\u30b9\u30c1\u30a7\u30c3\u30af\u3059\u308b\u3053\u3068\u304c\u5927\u5207\u3067\u3059\u3002<\/p>\n<h2>\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u516c\u5f0f<\/h2>\n<div class=\"cma-formula\">FCF \uff1d \u7a0e\u5f15\u5f8c\u55b6\u696d\u5229\u76ca\uff08NOPAT\uff09 \uff0b \u6e1b\u4fa1\u511f\u5374\u8cbb \u2212 \u8a2d\u5099\u6295\u8cc7 \u2212 \u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0<small>NOPAT \uff1d \u55b6\u696d\u5229\u76ca \u00d7 (1 \u2212 \u7a0e\u7387)<\/small><\/div>\n<div class=\"cma-formula\">\u4e8b\u696d\u4fa1\u5024 \uff1d \u03a3 FCF<sub>t<\/sub> \u00f7 (1 \uff0b WACC)<sup>t<\/sup> \uff0b TV<sub>n<\/sub> \u00f7 (1 \uff0b WACC)<sup>n<\/sup><small>TV<sub>n<\/sub> \uff1d FCF<sub>n\uff0b1<\/sub> \u00f7 (WACC \u2212 g)<\/small><\/div>\n<div class=\"cma-formula\">\u682a\u4e3b\u4fa1\u5024 \uff1d \u4e8b\u696d\u4fa1\u5024 \uff0b \u975e\u4e8b\u696d\u8cc7\u7523 \u2212 \u6709\u5229\u5b50\u8ca0\u50b5<\/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>FCF<sub>t<\/sub><\/td>\n<td>t\u5e74\u76ee\u306e\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc<\/td>\n<\/tr>\n<tr>\n<td>WACC<\/td>\n<td>\u52a0\u91cd\u5e73\u5747\u8cc7\u672c\u30b3\u30b9\u30c8<\/td>\n<\/tr>\n<tr>\n<td>TV<sub>n<\/sub><\/td>\n<td>\u4e88\u6e2c\u671f\u9593\u306e\u6700\u7d42\u5e74\u5ea6\uff08n\u5e74\u76ee\uff09\u6642\u70b9\u306e\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc<\/td>\n<\/tr>\n<tr>\n<td>g<\/td>\n<td>\u4e88\u6e2c\u671f\u9593\u5f8c\u306e\u6c38\u4e45\u6210\u9577\u7387<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<p>\u3042\u308b\u4f01\u696d\u306eFCF\u306f\u30011\u5e74\u76ee100\u5104\u5186\u30012\u5e74\u76ee110\u5104\u5186\u30013\u5e74\u76ee120\u5104\u5186\u3068\u4e88\u6e2c\u3055\u308c\u30014\u5e74\u76ee\u4ee5\u964d\u306f\u6bce\u5e742\uff05\u3067\u6210\u9577\u3057\u307e\u3059\u3002WACC\u306f8\uff05\u3001\u975e\u4e8b\u696d\u8cc7\u7523\u306f150\u5104\u5186\u3001\u6709\u5229\u5b50\u8ca0\u50b5\u306f800\u5104\u5186\u3001\u767a\u884c\u6e08\u682a\u5f0f\u6570\u306f1\u5104\u682a\u3067\u3059\u3002<\/p>\n<ol>\n<li>\u4e88\u6e2c\u671f\u9593\u306eFCF\u306e\u73fe\u5728\u4fa1\u5024\uff1a100 \u00f7 1.08 \u2252 92.59\u3001110 \u00f7 1.08<sup>2<\/sup> \u2252 94.31\u3001120 \u00f7 1.08<sup>3<\/sup> \u2252 95.26\u3001\u5408\u8a08 \u2252 282.16\u5104\u5186<\/li>\n<li>3\u5e74\u76ee\u672b\u306e\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\uff1a120 \u00d7 1.02 \u00f7 (0.08 \u2212 0.02) \uff1d 2,040\u5104\u5186<\/li>\n<li>\u305d\u306e\u73fe\u5728\u4fa1\u5024\uff1a2,040 \u00f7 1.08<sup>3<\/sup> \u2252 1,619.42\u5104\u5186<\/li>\n<li>\u4e8b\u696d\u4fa1\u5024\uff1a282.16 \uff0b 1,619.42 \u2252 <strong>1,901.58\u5104\u5186<\/strong><\/li>\n<li>\u682a\u4e3b\u4fa1\u5024\uff1a1,901.58 \uff0b 150 \u2212 800 \u2252 <strong>1,251.58\u5104\u5186<\/strong>\u30011\u682a\u5f53\u305f\u308a\u7d041,252\u5186<\/li>\n<\/ol>\n<p>\u4e8b\u696d\u4fa1\u5024\u306e\u3046\u3061\u7d0485\uff05\u3092\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u304c\u5360\u3081\u3066\u304a\u308a\u3001\u6210\u9577\u7387\u3084WACC\u306e\u524d\u63d0\u304c\u7d50\u679c\u3092\u5927\u304d\u304f\u5de6\u53f3\u3059\u308b\u3053\u3068\u304c\u308f\u304b\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>FCF\u306e\u8a08\u7b97\u8981\u7d20\uff08NOPAT\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u3001\u8a2d\u5099\u6295\u8cc7\u3001\u904b\u8ee2\u8cc7\u672c\u306e\u5897\u52a0\uff09\u3068\u3001<strong>\u652f\u6255\u5229\u606f\u3092\u5dee\u3057\u5f15\u304b\u306a\u3044<\/strong>\u70b9\u304c\u554f\u308f\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>\u4f01\u696d\u5168\u4f53\u306eFCF\u306b\u306f<strong>WACC<\/strong>\u3001\u682a\u4e3b\u306b\u5e30\u5c5e\u3059\u308bFCF\uff08FCFE\uff09\u306b\u306f\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u3044\u3046\u3001\u5272\u5f15\u7387\u3068\u306e\u5bfe\u5fdc\u306b\u6ce8\u610f\u3057\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>\u4e8b\u696d\u4fa1\u5024\u2192\u4f01\u696d\u4fa1\u5024\u2192\u682a\u4e3b\u4fa1\u5024\u306e\u9806\u306b\u3001\u975e\u4e8b\u696d\u8cc7\u7523\u3092\u52a0\u3048\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u304f\u624b\u9806\u3092\u3001\u8a08\u7b97\u904e\u7a0b\u3068\u3068\u3082\u306b\u793a\u305b\u308b\u3088\u3046\u306b\u3057\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u5272\u5f15\u306f<strong>\u4e88\u6e2c\u671f\u9593\u306e\u6700\u7d42\u5e74\u5ea6\u304b\u3089<\/strong>\u884c\u3046\uff08n\u4e57\u3067\u5272\u308b\uff09\u70b9\u304c\u3072\u3063\u304b\u3051\u306b\u306a\u308a\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>\u8a18\u8ff0\u5f0f\u3067\u306f\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u6bd4\u91cd\u304c\u5927\u304d\u3044\u3053\u3068\u3084\u3001\u611f\u5fdc\u5ea6\u5206\u6790\u306e\u5fc5\u8981\u6027\u3092\u8aac\u660e\u3055\u305b\u308b\u554f\u984c\u306b\u5099\u3048\u307e\u3057\u3087\u3046\u3002<\/li>\n<\/ul>\n<\/div>\n<h2>\u8981\u70b9\u307e\u3068\u3081<\/h2>\n<ul>\n<li>DCF\u6cd5\u306f\u5c06\u6765\u306eFCF\u306e\u73fe\u5728\u4fa1\u5024\u3067\u4e8b\u696d\u4fa1\u5024\u3092\u6c42\u3081\u308b<\/li>\n<li>\u4f01\u696d\u5168\u4f53\u306eFCF\u306fWACC\u3067\u5272\u308a\u5f15\u304f<\/li>\n<li>\u4e8b\u696d\u4fa1\u5024\uff0b\u975e\u4e8b\u696d\u8cc7\u7523\u2212\u6709\u5229\u5b50\u8ca0\u50b5\uff1d\u682a\u4e3b\u4fa1\u5024<\/li>\n<li>\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306e\u6bd4\u91cd\u304c\u5927\u304d\u304f\u3001\u524d\u63d0\u306e\u691c\u8a3c\u304c\u6b20\u304b\u305b\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-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\/19\/g2-cf-06\/\">\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\uff08FCF\uff09<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-34\/\">\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/20\/g2-cf-35\/\">WACC\u6cd5\u3068APV\u6cd5<\/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>DCF\u6cd5\u306f\u3001\u5c06\u6765\u306e\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3092WACC\u3067\u5272\u308a\u5f15\u3044\u3066\u4e8b\u696d\u4fa1\u5024\u3092\u6c42\u3081\u3001\u975e\u4e8b\u696d\u8cc7\u7523\u3092\u52a0\u3048\u3066\u6709\u5229\u5b50\u8ca0\u50b5\u3092\u5dee\u3057\u5f15\u304f\u3053\u3068\u3067\u682a\u4e3b\u4fa1\u5024\u3092\u6c42\u3081\u308b\u65b9\u6cd5\u3067\u3059\u3002FCF\u306e\u8a08\u7b97\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u3001\u8a55\u4fa1\u306e\u6d41\u308c\u3092\u8a08\u7b97\u4f8b\u3067\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11025,"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-11027","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\/11027","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=11027"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/posts\/11027\/revisions"}],"predecessor-version":[{"id":11194,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/posts\/11027\/revisions\/11194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/media\/11025"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/media?parent=11027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/categories?post=11027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/tags?post=11027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}