{"id":9564,"date":"2026-09-19T22:51:57","date_gmt":"2026-09-19T13:51:57","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-pm-27\/"},"modified":"2026-09-20T00:20:06","modified_gmt":"2026-09-19T15:20:06","slug":"g1-pm-27","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-pm-27\/","title":{"rendered":"\u30d5\u30a1\u30fc\u30de=\u30d5\u30ec\u30f3\u30c1\u306e3\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\u30c81\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 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 #e3def0!important;vertical-align:middle;word-break:break-word;}.cma-tbl thead th{background:#22005e!important;color:#fff!important;font-weight:700;text-align:center;white-space:nowrap;}.cma-tbl tbody tr:nth-child(even) td{background:#f7f5fc;}.cma-tbl tbody th{background:#f3eee0!important;color:#22005e!important;font-weight:700;text-align:left;width:28%;border-left:4px solid #b08833!important;}.cma-tbl.kv tbody tr:nth-child(even) td{background:#fff;}.cma-tbl td.num{text-align:right;white-space:nowrap;font-weight:700;color:#22005e;}.cma-tbl td.q{text-align:center;white-space:nowrap;font-weight:700;color:#b08833;}.cma-tbl tr.total td{background:#f3eee0!important;font-weight:700;}@media (max-width:640px){.cma-tbl table{font-size:13px;}.cma-tbl th,.cma-tbl td{padding:8px 7px!important;}.cma-tbl thead th{white-space:normal;}.cma-tbl tbody th{width:32%;}.cma-tbl.kv tbody th,.cma-tbl.kv tbody td{display:block;width:100%;box-sizing:border-box;}.cma-tbl.kv tbody th{border-left:4px solid #b08833!important;border-bottom:none!important;padding:6px 10px!important;}.cma-tbl.kv tbody td{border-top:none!important;padding:8px 10px 12px!important;}.cma-tbl.sched td:first-child{white-space:nowrap;font-weight:700;color:#22005e;background:#f3eee0;}}.cma-tbl.two tbody td:first-child,.cma-tbl.three tbody td:first-child{font-weight:700;color:#22005e;background:#faf8f2;}.cma-tbl.two tbody td:first-child{width:38%;}.cma-tbl.three tbody td:first-child{width:26%;}.pr-note{font-size:12px!important;color:#777!important;margin-bottom:1em!important;line-height:1.5!important;}.cma-answer{border:2px solid #22005e;border-radius:10px;padding:16px 18px 6px;margin:1.5em 0;background:#f7f5fc;}.cma-answer 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a:hover{opacity:.9;}.kotora-cta .kotora-cta-note{font-size:12px;color:#666;text-align:center;margin:0;}.cma-link-box{border:2px solid #b08833;border-radius:8px;background:#faf8f2;padding:14px 16px 4px;margin:1.2em 0;}.cma-link-box p{margin:0 0 10px;}.cma-link-box .cma-link-box-title{font-weight:700;color:#22005e;}@media (max-width:640px){.cma-tbl.two tbody td:first-child{width:40%;}.cma-tbl.three tbody td:first-child{width:28%;}.kotora-cta{padding:14px 12px 10px;}.kotora-cta .kotora-cta-btn a{display:block;padding:14px 12px;font-size:1em;}}@media (max-width:640px){.cma-tbl.three{box-shadow:none;border-radius:0;overflow:visible;}.cma-tbl.three table{background:transparent;}.cma-tbl.three thead{display:none;}.cma-tbl.three tbody,.cma-tbl.three tr{display:block;}.cma-tbl.three tr{margin:0 0 12px;border-radius:8px;overflow:hidden;box-shadow:0 1px 4px rgba(34,0,94,.15);background:#fff;}.cma-tbl.three 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class=\"cma-answer-title\">\u3072\u3068\u3053\u3068\u3067\u8a00\u3046\u3068<\/p>\n<ul>\n<li><strong>\u30d5\u30a1\u30fc\u30de=\u30d5\u30ec\u30f3\u30c1\u306e3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/strong>\u306f\u3001\u682a\u5f0f\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u300c\u5e02\u5834\u300d\u300c\u898f\u6a21\uff08\u5c0f\u578b\u682a\u304b\u3069\u3046\u304b\uff09\u300d\u300c\u30d0\u30ea\u30e5\u30fc\uff08\u5272\u5b89\u682a\u304b\u3069\u3046\u304b\uff09\u300d\u306e3\u3064\u306e\u8981\u56e0\u3067\u8aac\u660e\u3059\u308b\u30e2\u30c7\u30eb\u3067\u3059\u3002<\/li>\n<li><strong>\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/strong>\u306f\u3001\u666f\u6c17\u30fb\u30a4\u30f3\u30d5\u30ec\u30fb\u91d1\u5229\u306a\u3069\u306e\u30de\u30af\u30ed\u5909\u6570\u306e\u300c\u4e88\u60f3\u5916\u306e\u5909\u5316\u300d\u3092\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u3057\u3066\u3001\u30ea\u30bf\u30fc\u30f3\u3092\u8aac\u660e\u3059\u308b\u30e2\u30c7\u30eb\u3067\u3059\u3002<\/li>\n<li>\u3069\u3061\u3089\u3082CAPM\u306e\u300c\u30d9\u30fc\u30bf1\u3064\u3060\u3051\u300d\u3068\u3044\u3046\u8003\u3048\u65b9\u3092\u3001\u8907\u6570\u306e\u8981\u56e0\u306b\u5e83\u3052\u305f\u3082\u306e\u3067\u3059\u3002<\/li>\n<\/ul>\n<\/div>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c81\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\u300c3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30de\u30af\u30ed\u30d5\u30a1\u30af\u30bf\u30fc\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>1\u6b21 \u79d1\u76ee\u2160\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>(1) \u73fe\u4ee3\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u7406\u8ad6<\/td>\n<\/tr>\n<tr>\n<th>\u5354\u4f1a\u306e\u5b66\u7fd2\u30dd\u30a4\u30f3\u30c8<\/th>\n<td>\u682a\u5f0f\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\uff08\u30d5\u30a1\u30fc\u30de=\u30d5\u30ec\u30f3\u30c1\u306e3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3001\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\uff09\u306e\u4ed5\u7d44\u307f\u3068\u6982\u8981\u3092\u7406\u89e3\u3059\u308b\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u30d5\u30a1\u30fc\u30de=\u30d5\u30ec\u30f3\u30c1\u306e3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3068\u306f<\/h2>\n<p>CAPM\u3067\u306f\u3001\u500b\u5225\u682a\u5f0f\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5bfe\u3059\u308b\u30d9\u30fc\u30bf\u3060\u3051\u3067\u6c7a\u307e\u308b\u3068\u3055\u308c\u307e\u3059\u3002\u3057\u304b\u3057\u5b9f\u969b\u306e\u682a\u5f0f\u5e02\u5834\u3067\u306f\u3001\u6642\u4fa1\u7dcf\u984d\u306e\u5c0f\u3055\u3044\u682a\u5f0f\uff08\u5c0f\u578b\u682a\uff09\u3084\u3001\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff08PBR\uff09\u304c\u4f4e\u3044\u682a\u5f0f\uff08\u30d0\u30ea\u30e5\u30fc\u682a\uff09\u304c\u3001\u30d9\u30fc\u30bf\u3060\u3051\u3067\u306f\u8aac\u660e\u3067\u304d\u306a\u3044\u307b\u3069\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u3042\u3052\u308b\u50be\u5411\u304c\u89b3\u5bdf\u3055\u308c\u3066\u304d\u307e\u3057\u305f\u3002\u3053\u308c\u3089\u306f<strong>\u30a2\u30ce\u30de\u30ea\u30fc<\/strong>\u3068\u547c\u3070\u308c\u307e\u3059\u3002<\/p>\n<p>\u30d5\u30a1\u30fc\u30de\u3068\u30d5\u30ec\u30f3\u30c1\u306f\u3001\u3053\u3046\u3057\u305f\u73fe\u8c61\u3092\u53d6\u308a\u8fbc\u3080\u305f\u3081\u3001\u5e02\u5834\u30d5\u30a1\u30af\u30bf\u30fc\u306b<strong>\u898f\u6a21\u30d5\u30a1\u30af\u30bf\u30fc\uff08SMB\uff09<\/strong>\u3068<strong>\u30d0\u30ea\u30e5\u30fc\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\uff08HML\uff09<\/strong>\u3092\u52a0\u3048\u305f3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3092\u63d0\u6848\u3057\u307e\u3057\u305f\u3002<\/p>\n<h3>3\u3064\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u4e2d\u8eab<\/h3>\n<ul>\n<li><strong>\u5e02\u5834\u30d5\u30a1\u30af\u30bf\u30fc<\/strong>\uff1a\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u5b89\u5168\u5229\u5b50\u7387\u3092\u5f15\u3044\u305f\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\uff08CAPM\u3068\u540c\u3058\u8981\u56e0\uff09\u3002<\/li>\n<li><strong>SMB\uff08Small Minus Big\uff09<\/strong>\uff1a\u5c0f\u578b\u682a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u5927\u578b\u682a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u5f15\u3044\u305f\u3082\u306e\u3002<\/li>\n<li><strong>HML\uff08High Minus Low\uff09<\/strong>\uff1a\u7c3f\u4fa1\u6642\u4fa1\u6bd4\u7387\uff08B\/M\u3001PBR\u306e\u9006\u6570\uff09\u304c\u9ad8\u3044\u682a\u5f0f\uff08\u30d0\u30ea\u30e5\u30fc\u682a\uff09\u306e\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u3001\u4f4e\u3044\u682a\u5f0f\uff08\u30b0\u30ed\u30fc\u30b9\u682a\uff09\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u5f15\u3044\u305f\u3082\u306e\u3002<\/li>\n<\/ul>\n<p>\u5404\u9298\u67c4\u306f\u3001\u3053\u306e3\u3064\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6\uff08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\uff09\u3092\u6301\u3061\u307e\u3059\u3002SMB\u3078\u306e\u611f\u5fdc\u5ea6\u304c\u30d7\u30e9\u30b9\u306a\u3089\u5c0f\u578b\u682a\u7684\u306a\u5024\u52d5\u304d\u3001HML\u3078\u306e\u611f\u5fdc\u5ea6\u304c\u30d7\u30e9\u30b9\u306a\u3089\u30d0\u30ea\u30e5\u30fc\u682a\u7684\u306a\u5024\u52d5\u304d\u3092\u3059\u308b\u9298\u67c4\u3060\u3068\u89e3\u91c8\u3067\u304d\u307e\u3059\u3002\u611f\u5fdc\u5ea6\u306f\u3001\u9298\u67c4\u306e\u8d85\u904e\u30ea\u30bf\u30fc\u30f3\u30923\u3064\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3067\u6642\u7cfb\u5217\u56de\u5e30\u3057\u3066\u63a8\u5b9a\u3059\u308b\u306e\u304c\u4e00\u822c\u7684\u3067\u3059\u3002<\/p>\n<h3>\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/h3>\n<p>\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f\u3001\u9271\u5de5\u696d\u751f\u7523\u306a\u3069\u306e\u666f\u6c17\u6307\u6a19\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u3001\u91d1\u5229\u3001\u70ba\u66ff\u30ec\u30fc\u30c8\u3068\u3044\u3063\u305f\u30de\u30af\u30ed\u5909\u6570\u3092\u5171\u901a\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u3059\u308b\u30e2\u30c7\u30eb\u3067\u3059\u3002\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u3057\u3066\u5909\u6570\u306e\u6c34\u6e96\u305d\u306e\u3082\u306e\u3067\u306f\u306a\u304f<strong>\u4e88\u60f3\u5916\u306e\u5909\u5316\uff08\u30b5\u30d7\u30e9\u30a4\u30ba\uff09<\/strong>\u3092\u4f7f\u3046\u3053\u3068\u3067\u3059\u3002\u4e88\u60f3\u3055\u308c\u3066\u3044\u305f\u5909\u5316\u306f\u3059\u3067\u306b\u682a\u4fa1\u306b\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u305f\u3081\u3001\u30ea\u30bf\u30fc\u30f3\u3092\u52d5\u304b\u3059\u306e\u306f\u4e88\u60f3\u3068\u306e\u30ba\u30ec\u3060\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n<p>\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3067\u3082\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u5024\uff08\u30de\u30af\u30ed\u5909\u6570\u306e\u30b5\u30d7\u30e9\u30a4\u30ba\uff09\u306f\u89b3\u5bdf\u3067\u304d\u3001\u5404\u9298\u67c4\u306e\u611f\u5fdc\u5ea6\u306f\u904e\u53bb\u30c7\u30fc\u30bf\u306e\u6642\u7cfb\u5217\u56de\u5e30\u3067\u63a8\u5b9a\u3057\u307e\u3059\u3002\u3053\u308c\u306b\u5bfe\u3057\u3001\u4f01\u696d\u306e\u898f\u6a21\u3084\u696d\u7a2e\u3001PBR\u306a\u3069\u306e\u5c5e\u6027\u3092\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3068\u3057\u3066\u4f7f\u3044\u3001\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u30af\u30ed\u30b9\u30bb\u30af\u30b7\u30e7\u30f3\u56de\u5e30\u3067\u63a8\u5b9a\u3059\u308b\u3082\u306e\u306f<strong>\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/strong>\u3068\u547c\u3070\u308c\u3001\u533a\u5225\u3057\u3066\u6574\u7406\u3057\u3066\u304a\u304f\u3068\u3088\u3044\u3067\u3057\u3087\u3046\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 b<sub>i<\/sub>\uff3bE(R<sub>M<\/sub>) \u2212 R<sub>f<\/sub>\uff3d \uff0b s<sub>i<\/sub>E(SMB) \uff0b h<sub>i<\/sub>E(HML)<small>\u30d5\u30a1\u30fc\u30de=\u30d5\u30ec\u30f3\u30c1\u306e3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\uff08\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u5f62\uff09<\/small><\/div>\n<div class=\"cma-formula\">R<sub>i<\/sub> \uff1d a<sub>i<\/sub> \uff0b \u03b2<sub>i1<\/sub>F<sub>1<\/sub> \uff0b \u03b2<sub>i2<\/sub>F<sub>2<\/sub> \uff0b \u2026 \uff0b \u03b2<sub>ik<\/sub>F<sub>k<\/sub> \uff0b \u03b5<sub>i<\/sub><small>\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\uff08F \u306f\u30de\u30af\u30ed\u5909\u6570\u306e\u4e88\u60f3\u5916\u306e\u5909\u5316\uff09<\/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>R<sub>f<\/sub><\/td>\n<td>\u5b89\u5168\u5229\u5b50\u7387<\/td>\n<\/tr>\n<tr>\n<td>b<sub>i<\/sub>, s<sub>i<\/sub>, h<sub>i<\/sub><\/td>\n<td>\u5e02\u5834\u30fbSMB\u30fbHML\u306b\u5bfe\u3059\u308b\u9298\u67c4 i \u306e\u611f\u5fdc\u5ea6<\/td>\n<\/tr>\n<tr>\n<td>SMB<\/td>\n<td>\u5c0f\u578b\u682a\u30ea\u30bf\u30fc\u30f3 \u2212 \u5927\u578b\u682a\u30ea\u30bf\u30fc\u30f3<\/td>\n<\/tr>\n<tr>\n<td>HML<\/td>\n<td>\u9ad8B\/M\uff08\u30d0\u30ea\u30e5\u30fc\uff09\u682a\u30ea\u30bf\u30fc\u30f3 \u2212 \u4f4eB\/M\uff08\u30b0\u30ed\u30fc\u30b9\uff09\u682a\u30ea\u30bf\u30fc\u30f3<\/td>\n<\/tr>\n<tr>\n<td>\u03b2<sub>ik<\/sub><\/td>\n<td>k\u756a\u76ee\u306e\u30de\u30af\u30ed\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u5bfe\u3059\u308b\u611f\u5fdc\u5ea6<\/td>\n<\/tr>\n<tr>\n<td>\u03b5<sub>i<\/sub><\/td>\n<td>\u9298\u67c4\u56fa\u6709\u306e\u8981\u56e0\uff08\u6b8b\u5dee\uff09<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<p>\u5b89\u5168\u5229\u5b50\u73871\uff05\u3001\u5e02\u5834\u306e\u671f\u5f85\u8d85\u904e\u30ea\u30bf\u30fc\u30f35\uff05\u3001SMB\u306e\u671f\u5f85\u50242\uff05\u3001HML\u306e\u671f\u5f85\u50243\uff05\u3068\u3057\u307e\u3059\u3002\u3042\u308b\u9298\u67c4\u306e\u611f\u5fdc\u5ea6\u304c b\uff1d1.1\u3001s\uff1d0.5\u3001h\uff1d\u22120.4 \u306e\u3068\u304d\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5e02\u5834\u8981\u56e0\uff1a1.1 \u00d7 5\uff05 \uff1d 5.5\uff05<\/li>\n<li>\u898f\u6a21\u8981\u56e0\uff1a0.5 \u00d7 2\uff05 \uff1d 1.0\uff05<\/li>\n<li>\u30d0\u30ea\u30e5\u30fc\u8981\u56e0\uff1a\u22120.4 \u00d7 3\uff05 \uff1d \u22121.2\uff05<\/li>\n<li>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff1a1\uff05 \uff0b 5.5\uff05 \uff0b 1.0\uff05 \u2212 1.2\uff05 \uff1d <strong>6.3\uff05<\/strong><\/li>\n<\/ul>\n<p>\u3053\u306e\u9298\u67c4\u306f\u5c0f\u578b\u682a\u7684\u306a\u6027\u683c\uff08s\u304c\u30d7\u30e9\u30b9\uff09\u3092\u6301\u3064\u4e00\u65b9\u3001HML\u3078\u306e\u611f\u5fdc\u5ea6\u304c\u30de\u30a4\u30ca\u30b9\u306a\u306e\u3067\u30b0\u30ed\u30fc\u30b9\u682a\u5bc4\u308a\u306e\u5024\u52d5\u304d\u3092\u3059\u308b\u3068\u89e3\u91c8\u3067\u304d\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>SMB\u306f\u300c\u5c0f\u578b \u2212 \u5927\u578b\u300d\u3001HML\u306f\u300c\u9ad8B\/M\uff08\u30d0\u30ea\u30e5\u30fc\uff09\u2212 \u4f4eB\/M\uff08\u30b0\u30ed\u30fc\u30b9\uff09\u300d\u3002\u5f15\u304d\u7b97\u306e\u5411\u304d\u3084B\/M\u3068PBR\u306e\u9006\u306e\u95a2\u4fc2\u304c\u72d9\u308f\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>\u611f\u5fdc\u5ea6\u3068\u30d5\u30a1\u30af\u30bf\u30fc\u306e\u671f\u5f85\u5024\u3092\u639b\u3051\u3066\u8db3\u3057\u5408\u308f\u305b\u308b\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u8a08\u7b97\u3002\u30de\u30a4\u30ca\u30b9\u306e\u611f\u5fdc\u5ea6\u306e\u6271\u3044\u306b\u6ce8\u610f\u3057\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u306f\u3001\u5909\u6570\u306e\u6c34\u6e96\u3067\u306f\u306a\u304f\u300c\u4e88\u60f3\u5916\u306e\u5909\u5316\u300d\u3067\u3042\u308b\u70b9\u3002<\/li>\n<li>\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\uff08\u30d5\u30a1\u30af\u30bf\u30fc\u5024\u304c\u89b3\u5bdf\u53ef\u80fd\u30fb\u611f\u5fdc\u5ea6\u3092\u6642\u7cfb\u5217\u56de\u5e30\u3067\u63a8\u5b9a\uff09\u3068\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\uff08\u5c5e\u6027\u304c\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u30fb\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30ea\u30bf\u30fc\u30f3\u3092\u63a8\u5b9a\uff09\u306e\u9055\u3044\u3002<\/li>\n<li>3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f\u3001CAPM\u3067\u8aac\u660e\u3067\u304d\u306a\u3044\u5c0f\u578b\u682a\u52b9\u679c\u30fb\u30d0\u30ea\u30e5\u30fc\u682a\u52b9\u679c\u3092\u53d6\u308a\u8fbc\u3080\u76ee\u7684\u3067\u8003\u6848\u3055\u308c\u305f\u3068\u3044\u3046\u4f4d\u7f6e\u3065\u3051\u3002<\/li>\n<\/ul>\n<\/div>\n<h2>\u8981\u70b9\u307e\u3068\u3081<\/h2>\n<ul>\n<li>3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f\u5e02\u5834\u30fb\u898f\u6a21\uff08SMB\uff09\u30fb\u30d0\u30ea\u30e5\u30fc\uff08HML\uff09\u306e3\u8981\u56e0\u3067\u30ea\u30bf\u30fc\u30f3\u3092\u8aac\u660e\u3059\u308b\u3002<\/li>\n<li>\u611f\u5fdc\u5ea6\u304c\u30d7\u30e9\u30b9\u306a\u3089\u5c0f\u578b\u682a\u7684\u30fb\u30d0\u30ea\u30e5\u30fc\u682a\u7684\u306a\u5024\u52d5\u304d\u3092\u3059\u308b\u3068\u89e3\u91c8\u3067\u304d\u308b\u3002<\/li>\n<li>\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306f\u666f\u6c17\u30fb\u30a4\u30f3\u30d5\u30ec\u30fb\u91d1\u5229\u306a\u3069\u306e\u4e88\u60f3\u5916\u306e\u5909\u5316\u3092\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u4f7f\u3046\u3002<\/li>\n<li>\u3069\u3061\u3089\u3082CAPM\u3092\u8907\u6570\u30d5\u30a1\u30af\u30bf\u30fc\u306b\u62e1\u5f35\u3057\u305f\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u4ee3\u8868\u4f8b\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\/cma1-portfolio\/\">\u3010\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c81\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\/g1-pm-25\/\">\u30de\u30eb\u30c1\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-pm-26\/\">\u88c1\u5b9a\u4fa1\u683c\u7406\u8ad6\uff08APT\uff09<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-pm-23\/\">CAPM\u3068\u30a2\u30ce\u30de\u30ea\u30fc<\/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>\u30d5\u30a1\u30fc\u30de=\u30d5\u30ec\u30f3\u30c1\u306e3\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u3068\u30de\u30af\u30ed\u7d4c\u6e08\u30d5\u30a1\u30af\u30bf\u30fc\u30fb\u30e2\u30c7\u30eb\u306e\u4ed5\u7d44\u307f\u3092\u3001\u8a3c\u5238\u30a2\u30ca\u30ea\u30b9\u30c81\u6b21\u8a66\u9a13\u5411\u3051\u306b\u3084\u3055\u3057\u304f\u89e3\u8aac\u3002SMB\u30fbHML\u306e\u610f\u5473\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306e\u8a08\u7b97\u4f8b\u3001\u8a66\u9a13\u3067\u554f\u308f\u308c\u3084\u3059\u3044\u30dd\u30a4\u30f3\u30c8\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":9563,"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-9564","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\/9564","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=9564"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/posts\/9564\/revisions"}],"predecessor-version":[{"id":11775,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/posts\/9564\/revisions\/11775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/media\/9563"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/media?parent=9564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/categories?post=9564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cma\/wp-json\/wp\/v2\/tags?post=9564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}