{"id":9345,"date":"2026-09-19T22:33:33","date_gmt":"2026-09-19T13:33:33","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-equity-36\/"},"modified":"2026-09-19T22:45:08","modified_gmt":"2026-09-19T13:45:08","slug":"g1-equity-36","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-equity-36\/","title":{"rendered":"\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\uff08RIM\uff09\u3068\u306f\uff1f\u610f\u5473\u3068\u8a66\u9a13\u3067\u554f\u308f\u308c\u308b\u30dd\u30a4\u30f3\u30c8\uff5c\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c81\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 12px!important;border:1px 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\u682a\u5f0f\u4fa1\u5024\u8a55\u4fa1\u30e2\u30c7\u30eb\u306e\u57fa\u790e<\/td>\n<\/tr>\n<tr>\n<th>\u5354\u4f1a\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8<\/th>\n<td>\u6b8b\u4f59\u5229\u76ca\u3092\u6c7a\u5b9a\u3059\u308b\u57fa\u672c\u8981\u56e0\u3084\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\u306b\u3088\u308b\u682a\u5f0f\u8a55\u4fa1\u306e\u624b\u6cd5\u3092\u7406\u89e3\u3059\u308b\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\u3068\u306f<\/h2>\n<p>\u4f1a\u8a08\u4e0a\u306e\u5229\u76ca\u306f\u3001\u682a\u4e3b\u304b\u3089\u9810\u304b\u3063\u305f\u8cc7\u672c\u306b\u304b\u304b\u308b\u30b3\u30b9\u30c8\uff08\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\uff09\u3092\u5dee\u3057\u5f15\u3044\u3066\u3044\u307e\u305b\u3093\u3002\u305d\u3053\u3067\u3001\u5229\u76ca\u304b\u3089\u300c\u81ea\u5df1\u8cc7\u672c\u00d7\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u300d\u3092\u5dee\u3057\u5f15\u304d\u3001\u682a\u4e3b\u306e\u671f\u5f85\u3092\u4e0a\u56de\u3063\u305f\u90e8\u5206\u3060\u3051\u3092\u53d6\u308a\u51fa\u3057\u305f\u3082\u306e\u304c\u6b8b\u4f59\u5229\u76ca\uff08RI\uff1aResidual Income\uff09\u3067\u3059\u3002<\/p>\n<p>\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\uff08RIM\uff09\u306f\u3001\u682a\u5f0f\u306e\u4fa1\u5024\u3092\u300c\u671f\u9996\u306e\u81ea\u5df1\u8cc7\u672c\uff081\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff09\u300d\u3068\u300c\u5c06\u6765\u306e\u6b8b\u4f59\u5229\u76ca\u306e\u73fe\u5728\u4fa1\u5024\u5408\u8a08\u300d\u306e\u548c\u3068\u3057\u3066\u6c42\u3081\u308b\u30e2\u30c7\u30eb\u3067\u3059\u3002\u81ea\u5df1\u8cc7\u672c\u306e\u7c3f\u4fa1\u3092\u30b9\u30bf\u30fc\u30c8\u5730\u70b9\u3068\u3057\u3001\u305d\u3053\u306b\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u3063\u3066\u7a3c\u3050\u529b\u300d\u306e\u5206\u3092\u4e0a\u4e57\u305b\u3059\u308b\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002<\/p>\n<h3>\u6b8b\u4f59\u5229\u76ca\u3092\u6c7a\u3081\u308b\u57fa\u672c\u8981\u56e0<\/h3>\n<p>\u6b8b\u4f59\u5229\u76ca\u306f\uff08ROE\u2212k\uff09\u00d7\u671f\u9996\u81ea\u5df1\u8cc7\u672c\u3068\u66f8\u304d\u76f4\u305b\u307e\u3059\u3002\u3053\u3053\u304b\u3089\u3001\u6b8b\u4f59\u5229\u76ca\u3092\u6c7a\u3081\u308b\u8981\u56e0\u306f\u6b21\u306e3\u3064\u3060\u3068\u308f\u304b\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>ROE\uff08\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\uff1a\u9ad8\u3044\u307b\u3069\u6b8b\u4f59\u5229\u76ca\u306f\u5927\u304d\u3044<\/li>\n<li>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8k\uff1a\u9ad8\u3044\u307b\u3069\u6b8b\u4f59\u5229\u76ca\u306f\u5c0f\u3055\u3044<\/li>\n<li>\u671f\u9996\u81ea\u5df1\u8cc7\u672c\u306e\u5927\u304d\u3055\uff1aROE\uff1ek\u306e\u3068\u304d\u3001\u81ea\u5df1\u8cc7\u672c\u304c\u5927\u304d\u3044\u307b\u3069\u6b8b\u4f59\u5229\u76ca\u306f\u5927\u304d\u3044<\/li>\n<\/ul>\n<p>ROE\u3068k\u304c\u7b49\u3057\u3044\uff08ROE\uff1dk\uff09\u4f01\u696d\u3067\u306f\u6b8b\u4f59\u5229\u76ca\u306f\u30bc\u30ed\u3068\u306a\u308a\u3001\u682a\u5f0f\u4fa1\u5024\u306f\u81ea\u5df1\u8cc7\u672c\u306e\u7c3f\u4fa1\u3068\u7b49\u3057\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<h3>\u30af\u30ea\u30fc\u30f3\u30fb\u30b5\u30fc\u30d7\u30e9\u30b9\u95a2\u4fc2<\/h3>\n<p>\u6b8b\u4f59\u5229\u76ca\u30e2\u30c7\u30eb\u304c\u914d\u5f53\u5272\u5f15\u30e2\u30c7\u30eb\uff08DDM\uff09\u3068\u540c\u3058\u4fa1\u5024\u3092\u5c0e\u304f\u305f\u3081\u306b\u306f\u3001\u300c\u671f\u672b\u81ea\u5df1\u8cc7\u672c\uff1d\u671f\u9996\u81ea\u5df1\u8cc7\u672c\uff0b\u5f53\u671f\u5229\u76ca\u2212\u914d\u5f53\u300d\u3068\u3044\u3046\u95a2\u4fc2\uff08\u30af\u30ea\u30fc\u30f3\u30fb\u30b5\u30fc\u30d7\u30e9\u30b9\u95a2\u4fc2\uff09\u304c\u6210\u308a\u7acb\u3064\u3053\u3068\u304c\u524d\u63d0\u3067\u3059\u3002\u5229\u76ca\u3092\u7d4c\u7531\u305b\u305a\u306b\u81ea\u5df1\u8cc7\u672c\u304c\u5897\u6e1b\u3059\u308b\u9805\u76ee\u304c\u3042\u308b\u3068\u3001\u3053\u306e\u95a2\u4fc2\u304c\u5d29\u308c\u308b\u70b9\u306b\u6ce8\u610f\u3057\u307e\u3059\u3002<\/p>\n<h3>\u30e2\u30c7\u30eb\u306e\u5229\u70b9<\/h3>\n<p>\u4fa1\u5024\u306e\u5927\u304d\u306a\u90e8\u5206\u3092\u73fe\u5728\u306e\u81ea\u5df1\u8cc7\u672c\uff08\u7c3f\u4fa1\uff09\u304c\u5360\u3081\u308b\u305f\u3081\u3001\u9060\u3044\u5c06\u6765\u306e\u4e88\u6e2c\u306b\u983c\u308b\u5272\u5408\u304c\u6bd4\u8f03\u7684\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002\u307e\u305f\u3001\u7121\u914d\u4f01\u696d\u3084\u30d5\u30ea\u30fc\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30de\u30a4\u30ca\u30b9\u306e\u4f01\u696d\u306b\u3082\u9069\u7528\u3057\u3084\u3059\u3044\u70b9\u304c\u7279\u5fb4\u3067\u3059\u3002<\/p>\n<h2>\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u516c\u5f0f<\/h2>\n<div class=\"cma-formula\">RI<sub>t<\/sub> \uff1d E<sub>t<\/sub> \u2212 k \u00d7 B<sub>t\u22121<\/sub> \uff1d (ROE<sub>t<\/sub> \u2212 k) \u00d7 B<sub>t\u22121<\/sub><small>\u6b8b\u4f59\u5229\u76ca\uff1d\u5229\u76ca\u2212\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u00d7\u671f\u9996\u81ea\u5df1\u8cc7\u672c<\/small><\/div>\n<div class=\"cma-formula\">V<sub>0<\/sub> \uff1d B<sub>0<\/sub> \uff0b RI<sub>1<\/sub> \u00f7 (1\uff0bk) \uff0b RI<sub>2<\/sub> \u00f7 (1\uff0bk)<sup>2<\/sup> \uff0b \u2026<small>\u682a\u5f0f\u4fa1\u5024\uff1d\u671f\u9996\u81ea\u5df1\u8cc7\u672c\uff0b\u6b8b\u4f59\u5229\u76ca\u306e\u73fe\u5728\u4fa1\u5024\u5408\u8a08<\/small><\/div>\n<div class=\"cma-formula\">V<sub>0<\/sub> \uff1d B<sub>0<\/sub> \uff0b RI<sub>1<\/sub> \u00f7 (k \u2212 g)<small>\u6b8b\u4f59\u5229\u76ca\u304c\u4e00\u5b9a\u7387g\u3067\u6210\u9577\u3059\u308b\u5834\u5408<\/small><\/div>\n<div class=\"cma-formula\">B<sub>t<\/sub> \uff1d B<sub>t\u22121<\/sub> \uff0b E<sub>t<\/sub> \u2212 D<sub>t<\/sub><small>\u30af\u30ea\u30fc\u30f3\u30fb\u30b5\u30fc\u30d7\u30e9\u30b9\u95a2\u4fc2<\/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>RI<sub>t<\/sub><\/td>\n<td>t\u671f\u306e\u6b8b\u4f59\u5229\u76ca<\/td>\n<\/tr>\n<tr>\n<td>E<sub>t<\/sub><\/td>\n<td>t\u671f\u306e\u5229\u76ca\uff081\u682a\u5f53\u305f\u308a\uff09<\/td>\n<\/tr>\n<tr>\n<td>B<sub>t<\/sub><\/td>\n<td>t\u671f\u672b\u306e\u81ea\u5df1\u8cc7\u672c\uff081\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\u3001BPS\uff09<\/td>\n<\/tr>\n<tr>\n<td>D<sub>t<\/sub><\/td>\n<td>t\u671f\u306e\u914d\u5f53<\/td>\n<\/tr>\n<tr>\n<td>k<\/td>\n<td>\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8<\/td>\n<\/tr>\n<tr>\n<td>ROE<sub>t<\/sub><\/td>\n<td>E<sub>t<\/sub>\u00f7B<sub>t\u22121<\/sub>\uff08\u671f\u9996\u81ea\u5df1\u8cc7\u672c\u30d9\u30fc\u30b9\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<p>\u671f\u9996\u306e1\u682a\u5f53\u305f\u308a\u81ea\u5df1\u8cc7\u672cB<sub>0<\/sub>\uff1d1,000\u5186\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8k\uff1d8\uff05\u306e\u4f01\u696d\u304c\u3001\u4eca\u5f8c3\u5e74\u9593\u306fROE\uff1d12\uff05\u30fb\u914d\u5f53\u6027\u541150\uff05\u3092\u7dad\u6301\u3057\u30014\u5e74\u76ee\u4ee5\u964d\u306f\u7af6\u4e89\u306b\u3088\u308aROE\u304ck\u3068\u540c\u3058\u6c34\u6e96\u307e\u3067\u4e0b\u304c\u308b\uff08\u6b8b\u4f59\u5229\u76ca\u30bc\u30ed\uff09\u3068\u4eee\u5b9a\u3057\u307e\u3059\u3002<\/p>\n<div class=\"cma-tbl three\">\n<table>\n<thead>\n<tr>\n<th>\u5e74<\/th>\n<th>\u671f\u9996\u81ea\u5df1\u8cc7\u672cB<\/th>\n<th>\u5229\u76caE\uff1d12\uff05\u00d7B<\/th>\n<th>\u6b8b\u4f59\u5229\u76caRI\uff1dE\u22128\uff05\u00d7B<\/th>\n<th>RI\u306e\u73fe\u5728\u4fa1\u5024<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td data-label=\"\u5e74\">1\u5e74\u76ee<\/td>\n<td data-label=\"\u671f\u9996\u81ea\u5df1\u8cc7\u672cB\">1,000.0\u5186<\/td>\n<td data-label=\"\u5229\u76caE\uff1d12\uff05\u00d7B\">120.0\u5186<\/td>\n<td data-label=\"\u6b8b\u4f59\u5229\u76caRI\uff1dE\u22128\uff05\u00d7B\">40.0\u5186<\/td>\n<td data-label=\"RI\u306e\u73fe\u5728\u4fa1\u5024\">40.0\u00f71.08\u225237.04\u5186<\/td>\n<\/tr>\n<tr>\n<td data-label=\"\u5e74\">2\u5e74\u76ee<\/td>\n<td data-label=\"\u671f\u9996\u81ea\u5df1\u8cc7\u672cB\">1,060.0\u5186<\/td>\n<td data-label=\"\u5229\u76caE\uff1d12\uff05\u00d7B\">127.2\u5186<\/td>\n<td data-label=\"\u6b8b\u4f59\u5229\u76caRI\uff1dE\u22128\uff05\u00d7B\">42.4\u5186<\/td>\n<td data-label=\"RI\u306e\u73fe\u5728\u4fa1\u5024\">42.4\u00f71.08<sup>2<\/sup>\u225236.35\u5186<\/td>\n<\/tr>\n<tr>\n<td data-label=\"\u5e74\">3\u5e74\u76ee<\/td>\n<td data-label=\"\u671f\u9996\u81ea\u5df1\u8cc7\u672cB\">1,123.6\u5186<\/td>\n<td data-label=\"\u5229\u76caE\uff1d12\uff05\u00d7B\">134.8\u5186<\/td>\n<td data-label=\"\u6b8b\u4f59\u5229\u76caRI\uff1dE\u22128\uff05\u00d7B\">\u7d0444.9\u5186<\/td>\n<td data-label=\"RI\u306e\u73fe\u5728\u4fa1\u5024\">\u225235.68\u5186<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>\u81ea\u5df1\u8cc7\u672c\u306f\u6bce\u5e74\u300c\u5229\u76ca\u2212\u914d\u5f53\uff08\u5229\u76ca\u306e50\uff05\uff09\u300d\u3060\u3051\u5897\u3048\u307e\u3059\uff08\u30af\u30ea\u30fc\u30f3\u30fb\u30b5\u30fc\u30d7\u30e9\u30b9\u95a2\u4fc2\uff09\u3002\u6b8b\u4f59\u5229\u76ca\u306e\u73fe\u5728\u4fa1\u5024\u5408\u8a08\u306f\u7d04109.07\u5186\u306a\u306e\u3067\u3001\u682a\u5f0f\u4fa1\u5024V<sub>0<\/sub>\uff1d1,000\uff0b109.07\u2252<strong>1,109\u5186<\/strong>\u3067\u3059\u30021\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\u3092\u7d04109\u5186\u4e0a\u56de\u308b\u90e8\u5206\u304c\u3001\u300c\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u3063\u3066\u7a3c\u30503\u5e74\u9593\u300d\u3078\u306e\u8a55\u4fa1\u306b\u3042\u305f\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>\u6b8b\u4f59\u5229\u76ca\u306e\u8a08\u7b97\u3067\u306f\u3001\u8cc7\u672c\u30b3\u30b9\u30c8\u3092\u639b\u3051\u308b\u81ea\u5df1\u8cc7\u672c\u304c\u300c\u671f\u9996\u300d\u306e\u5024\u3067\u3042\u308b\u70b9\u304c\u72d9\u308f\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>RI\uff1d(ROE\u2212k)\u00d7B<sub>t\u22121<\/sub>\u3078\u306e\u66f8\u304d\u63db\u3048\u3068\u3001ROE\uff1ek\u3067\u6b8b\u4f59\u5229\u76ca\u304c\u30d7\u30e9\u30b9\u306b\u306a\u308b\u95a2\u4fc2\u304c\u554f\u308f\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>\u6b8b\u4f59\u5229\u76ca\u306f\u4f1a\u8a08\u4e0a\u306e\u5229\u76ca\u3068\u306f\u9055\u3044\u3001\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u3068\u3044\u3046\u300c\u898b\u3048\u306a\u3044\u30b3\u30b9\u30c8\u300d\u3092\u5dee\u3057\u5f15\u3044\u305f\u3082\u306e\u3067\u3042\u308b\u70b9\u304c\u6df7\u540c\u3057\u3084\u3059\u3044\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002<\/li>\n<li>\u30af\u30ea\u30fc\u30f3\u30fb\u30b5\u30fc\u30d7\u30e9\u30b9\u95a2\u4fc2\u304c\u6210\u308a\u7acb\u3064\u3053\u3068\u304cDDM\u3068\u540c\u3058\u4fa1\u5024\u306b\u306a\u308b\u524d\u63d0\u3067\u3042\u308b\u3053\u3068\u3082\u554f\u308f\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>\u6b8b\u4f59\u5229\u76ca\u304c\u4e00\u5b9a\u7387\u3067\u6210\u9577\u3059\u308b\u5834\u5408\u306e\u516c\u5f0f\uff08B<sub>0<\/sub>\uff0bRI<sub>1<\/sub>\u00f7(k\u2212g)\uff09\u306e\u8a08\u7b97\u3082\u7df4\u7fd2\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/li>\n<\/ul>\n<\/div>\n<h2>\u8981\u70b9\u307e\u3068\u3081<\/h2>\n<ul>\n<li>\u6b8b\u4f59\u5229\u76ca\uff1d\u5229\u76ca\u2212\u682a\u4e3b\u8cc7\u672c\u30b3\u30b9\u30c8\u00d7\u671f\u9996\u81ea\u5df1\u8cc7\u672c\uff1d(ROE\u2212k)\u00d7\u671f\u9996\u81ea\u5df1\u8cc7\u672c<\/li>\n<li>\u682a\u5f0f\u4fa1\u5024\uff1d\u671f\u9996\u81ea\u5df1\u8cc7\u672c\uff0b\u5c06\u6765\u6b8b\u4f59\u5229\u76ca\u306e\u73fe\u5728\u4fa1\u5024\u5408\u8a08<\/li>\n<li>ROE\uff1dk\u306a\u3089\u6b8b\u4f59\u5229\u76ca\u30bc\u30ed\u3067\u3001\u4fa1\u5024\u306f\u81ea\u5df1\u8cc7\u672c\u306e\u7c3f\u4fa1\u3068\u7b49\u3057\u3044<\/li>\n<li>\u30af\u30ea\u30fc\u30f3\u30fb\u30b5\u30fc\u30d7\u30e9\u30b9\u95a2\u4fc2\u304c\u524d\u63d0\u3067\u3001\u7121\u914d\u4f01\u696d\u306b\u3082\u4f7f\u3044\u3084\u3059\u3044<\/li>\n<\/ul>\n<div 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