{"id":9704,"date":"2026-09-19T22:58:45","date_gmt":"2026-09-19T13:58:45","guid":{"rendered":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-pm-17\/"},"modified":"2026-09-20T00:20:05","modified_gmt":"2026-09-19T15:20:05","slug":"g1-pm-17","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-pm-17\/","title":{"rendered":"\u5e02\u5834\u30ea\u30b9\u30af\u3068\u975e\u5e02\u5834\u30ea\u30b9\u30af\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 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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>\u5e02\u5834\u30ea\u30b9\u30af\u3068\u975e\u5e02\u5834\u30ea\u30b9\u30af\u306e\u6982\u5ff5\u3068\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u306e\u95a2\u4fc2\u3092\u7406\u89e3\u3059\u308b\u3002<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u5e02\u5834\u30ea\u30b9\u30af\u3068\u975e\u5e02\u5834\u30ea\u30b9\u30af\u3068\u306f<\/h2>\n<p>\u682a\u4fa1\u304c\u52d5\u304f\u7406\u7531\u306f\u5927\u304d\u304f2\u3064\u306b\u5206\u3051\u3089\u308c\u307e\u3059\u3002\u3072\u3068\u3064\u306f\u666f\u6c17\u3084\u91d1\u5229\u3001\u70ba\u66ff\u306e\u5909\u5316\u306e\u3088\u3046\u306b<strong>\u5e02\u5834\u5168\u4f53\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0<\/strong>\u3001\u3082\u3046\u3072\u3068\u3064\u306f\u65b0\u88fd\u54c1\u306e\u6210\u529f\u3084\u4e0d\u7965\u4e8b\u306e\u3088\u3046\u306b<strong>\u305d\u306e\u4f01\u696d\u3060\u3051\u306b\u8d77\u3053\u308b\u8981\u56e0<\/strong>\u3067\u3059\u3002\u524d\u8005\u306b\u3088\u308b\u30ea\u30b9\u30af\u3092<strong>\u5e02\u5834\u30ea\u30b9\u30af<\/strong>\uff08\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3001\u5206\u6563\u4e0d\u80fd\u30ea\u30b9\u30af\uff09\u3001\u5f8c\u8005\u306b\u3088\u308b\u30ea\u30b9\u30af\u3092<strong>\u975e\u5e02\u5834\u30ea\u30b9\u30af<\/strong>\uff08\u30a2\u30f3\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30fb\u30ea\u30b9\u30af\u3001\u56fa\u6709\u30ea\u30b9\u30af\u3001\u5206\u6563\u53ef\u80fd\u30ea\u30b9\u30af\uff09\u3068\u547c\u3073\u307e\u3059\u3002<\/p>\n<h3>\u5206\u6563\u6295\u8cc7\u3067\u6d88\u3048\u308b\u306e\u306f\u975e\u5e02\u5834\u30ea\u30b9\u30af\u3060\u3051<\/h3>\n<p>\u591a\u304f\u306e\u9298\u67c4\u306b\u5206\u6563\u6295\u8cc7\u3059\u308b\u3068\u3001\u3042\u308b\u4f01\u696d\u306e\u60aa\u3044\u30cb\u30e5\u30fc\u30b9\u306f\u5225\u306e\u4f01\u696d\u306e\u826f\u3044\u30cb\u30e5\u30fc\u30b9\u3068\u6253\u3061\u6d88\u3057\u5408\u3046\u305f\u3081\u3001\u56fa\u6709\u306e\u8981\u56e0\u306b\u3088\u308b\u5909\u52d5\u306f\u5e73\u5747\u5316\u3055\u308c\u3066\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002\u4e00\u65b9\u3001\u666f\u6c17\u5f8c\u9000\u306e\u3088\u3046\u306b\u5168\u9298\u67c4\u306b\u540c\u6642\u306b\u5f71\u97ff\u3059\u308b\u8981\u56e0\u306f\u3001\u9298\u67c4\u3092\u3044\u304f\u3089\u5897\u3084\u3057\u3066\u3082\u6253\u3061\u6d88\u3055\u308c\u307e\u305b\u3093\u3002\u9298\u67c4\u6570\u3092\u5897\u3084\u3057\u3066\u3044\u304f\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30b9\u30af\u306f\u4e0b\u304c\u3063\u3066\u3044\u304d\u307e\u3059\u304c\u3001\u3042\u308b\u6c34\u6e96\uff08\u5e02\u5834\u30ea\u30b9\u30af\uff09\u3067\u4e0b\u3052\u6b62\u307e\u308b\u306e\u306f\u3053\u306e\u305f\u3081\u3067\u3059\u3002<\/p>\n<h3>\u306a\u305c\u5e02\u5834\u30ea\u30b9\u30af\u3060\u3051\u304c\u5831\u308f\u308c\u308b\u306e\u304b<\/h3>\n<p>\u975e\u5e02\u5834\u30ea\u30b9\u30af\u306f\u3001\u5206\u6563\u6295\u8cc7\u3092\u3059\u308c\u3070\u307b\u307c\u8cbb\u7528\u3092\u304b\u3051\u305a\u306b\u53d6\u308a\u9664\u3051\u307e\u3059\u3002\u53d6\u308a\u9664\u3051\u308b\u30ea\u30b9\u30af\u3092\u3042\u3048\u3066\u8ca0\u3063\u3066\u3082\u3001\u5e02\u5834\u306f\u305d\u306e\u5206\u306e\u8ffd\u52a0\u30ea\u30bf\u30fc\u30f3\u3092\u652f\u6255\u3044\u307e\u305b\u3093\u3002\u5341\u5206\u306b\u5206\u6563\u3057\u305f\u6295\u8cc7\u5bb6\u304c\u4fa1\u683c\u3092\u6c7a\u3081\u3066\u3044\u308b\u5e02\u5834\u3067\u306f\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\uff08\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u306f\u3001\u5206\u6563\u3057\u3066\u3082\u6b8b\u308b\u5e02\u5834\u30ea\u30b9\u30af\u306e\u5927\u304d\u3055\u3001\u3059\u306a\u308f\u3061<strong>\u30d9\u30fc\u30bf<\/strong>\u306b\u6bd4\u4f8b\u3057\u3066\u6c7a\u307e\u308a\u307e\u3059\u3002\u3053\u308c\u304cCAPM\u306e\u8a3c\u5238\u5e02\u5834\u7dda\uff08SML\uff09\u306e\u8003\u3048\u65b9\u3067\u3059\u3002<\/p>\n<p>\u305d\u306e\u305f\u3081\u3001\u7dcf\u30ea\u30b9\u30af\uff08\u6a19\u6e96\u504f\u5dee\uff09\u304c\u5927\u304d\u3044\u9298\u67c4\u3067\u3082\u3001\u305d\u306e\u5927\u90e8\u5206\u304c\u975e\u5e02\u5834\u30ea\u30b9\u30af\u3067\u3042\u308c\u3070\u3001\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306f\u9ad8\u304f\u306a\u3089\u306a\u3044\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h2>\u62bc\u3055\u3048\u3066\u304a\u304d\u305f\u3044\u516c\u5f0f<\/h2>\n<div class=\"cma-formula\">\u03c3<sub>i<\/sub><sup>2<\/sup> \uff1d \u03b2<sub>i<\/sub><sup>2<\/sup> \u00d7 \u03c3<sub>M<\/sub><sup>2<\/sup> \uff0b \u03c3<sub>\u03b5,i<\/sub><sup>2<\/sup><small>\u7dcf\u30ea\u30b9\u30af\uff08\u5206\u6563\uff09\uff1d \u5e02\u5834\u30ea\u30b9\u30af \uff0b \u975e\u5e02\u5834\u30ea\u30b9\u30af\uff08\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30e2\u30c7\u30eb\u306b\u3088\u308b\u5206\u89e3\uff09<\/small><\/div>\n<div class=\"cma-formula\">R<sup>2<\/sup> \uff1d \u03b2<sub>i<\/sub><sup>2<\/sup> \u00d7 \u03c3<sub>M<\/sub><sup>2<\/sup> \u00f7 \u03c3<sub>i<\/sub><sup>2<\/sup><small>\u7dcf\u30ea\u30b9\u30af\u306e\u3046\u3061\u5e02\u5834\u30ea\u30b9\u30af\u3067\u8aac\u660e\u3055\u308c\u308b\u5272\u5408\uff08\u6c7a\u5b9a\u4fc2\u6570\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>\u03c3<sub>i<\/sub><sup>2<\/sup><\/td>\n<td>\u8cc7\u7523i\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u6563\uff08\u7dcf\u30ea\u30b9\u30af\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u03b2<sub>i<\/sub><\/td>\n<td>\u8cc7\u7523i\u306e\u30d9\u30fc\u30bf<\/td>\n<\/tr>\n<tr>\n<td>\u03c3<sub>M<\/sub><sup>2<\/sup><\/td>\n<td>\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5206\u6563<\/td>\n<\/tr>\n<tr>\n<td>\u03c3<sub>\u03b5,i<\/sub><sup>2<\/sup><\/td>\n<td>\u56fa\u6709\u8981\u56e0\uff08\u6b8b\u5dee\uff09\u306e\u5206\u6563\uff1d\u975e\u5e02\u5834\u30ea\u30b9\u30af<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2>\u5177\u4f53\u4f8b\u3067\u78ba\u8a8d<\/h2>\n<p>\u3042\u308b\u9298\u67c4\u306e\u6a19\u6e96\u504f\u5dee\u304c30\uff05\u3001\u30d9\u30fc\u30bf\u304c1.2\u3001\u5e02\u5834\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u6a19\u6e96\u504f\u5dee\u304c20\uff05\u3068\u3057\u307e\u3059\u3002<\/p>\n<ol>\n<li>\u7dcf\u30ea\u30b9\u30af\uff08\u5206\u6563\uff09\uff1a0.30<sup>2<\/sup> \uff1d 0.09<\/li>\n<li>\u5e02\u5834\u30ea\u30b9\u30af\uff1a1.2<sup>2<\/sup> \u00d7 0.20<sup>2<\/sup> \uff1d 1.44 \u00d7 0.04 \uff1d 0.0576\uff08\u6a19\u6e96\u504f\u5dee\u306b\u3059\u308b\u306824\uff05\uff09<\/li>\n<li>\u975e\u5e02\u5834\u30ea\u30b9\u30af\uff1a0.09 \u2212 0.0576 \uff1d 0.0324\uff08\u6a19\u6e96\u504f\u5dee\u306b\u3059\u308b\u306818\uff05\uff09<\/li>\n<li>\u6c7a\u5b9a\u4fc2\u6570\uff1a0.0576 \u00f7 0.09 \uff1d 0.64\uff08\u7dcf\u30ea\u30b9\u30af\u306e64\uff05\u304c\u5e02\u5834\u30ea\u30b9\u30af\uff09<\/li>\n<\/ol>\n<p>\u6a19\u6e96\u504f\u5dee\u306e\u307e\u307e\u300c30 \uff1d 24 \uff0b 18\u300d\u3068\u8db3\u3057\u7b97\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u305a\u3001<strong>\u5206\u6563\u306e\u6bb5\u968e\u3067\u8db3\u3057\u7b97\u3059\u308b<\/strong>\u70b9\u306b\u6ce8\u610f\u3057\u307e\u3057\u3087\u3046\uff0824<sup>2<\/sup> \uff0b 18<sup>2<\/sup> \uff1d 30<sup>2<\/sup>\uff09\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><strong>\u5206\u6563\u6295\u8cc7\u3067\u6d88\u305b\u308b\u306e\u306f\u975e\u5e02\u5834\u30ea\u30b9\u30af\u3060\u3051<\/strong>\u3067\u3001\u5e02\u5834\u30ea\u30b9\u30af\u306f\u6d88\u305b\u306a\u3044\u3068\u3044\u3046\u57fa\u672c\u304c\u554f\u308f\u308c\u3084\u3059\u3044\u3067\u3059\u3002<\/li>\n<li>CAPM\u3067\u306f<strong>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u306b\u53cd\u6620\u3055\u308c\u308b\u306e\u306f\u5e02\u5834\u30ea\u30b9\u30af\uff08\u30d9\u30fc\u30bf\uff09\u3060\u3051<\/strong>\u3067\u3001\u7dcf\u30ea\u30b9\u30af\u3084\u975e\u5e02\u5834\u30ea\u30b9\u30af\u306f\u5831\u308f\u308c\u306a\u3044\u70b9\u3092\u62bc\u3055\u3048\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>\u7dcf\u30ea\u30b9\u30af\u306e\u5206\u89e3\u306f<strong>\u5206\u6563\u3067\u8db3\u3057\u7b97<\/strong>\u3057\u307e\u3059\u3002\u6a19\u6e96\u504f\u5dee\u306e\u307e\u307e\u8db3\u3059\u3072\u3063\u304b\u3051\u306b\u6ce8\u610f\u3057\u307e\u3057\u3087\u3046\u3002<\/li>\n<li>\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\uff1d\u5e02\u5834\uff1d\u5206\u6563\u4e0d\u80fd\u3001\u30a2\u30f3\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\uff1d\u56fa\u6709\uff1d\u5206\u6563\u53ef\u80fd\u3068\u3044\u3046<strong>\u7528\u8a9e\u306e\u5bfe\u5fdc<\/strong>\u304c\u3088\u304f\u78ba\u8a8d\u3055\u308c\u307e\u3059\u3002<\/li>\n<li>\u6a19\u6e96\u504f\u5dee\u304c\u5927\u304d\u3044\u9298\u67c4\u307b\u3069\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304c\u9ad8\u3044\u3001\u3068\u306f<strong>\u9650\u3089\u306a\u3044<\/strong>\u3068\u3044\u3046\u5224\u65ad\u554f\u984c\u306b\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>\u7dcf\u30ea\u30b9\u30af\uff1d\u5e02\u5834\u30ea\u30b9\u30af\uff08\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\uff09\uff0b\u975e\u5e02\u5834\u30ea\u30b9\u30af\uff08\u56fa\u6709\uff09<\/li>\n<li>\u975e\u5e02\u5834\u30ea\u30b9\u30af\u306f\u5206\u6563\u6295\u8cc7\u3067\u6d88\u305b\u308b\u304c\u3001\u5e02\u5834\u30ea\u30b9\u30af\u306f\u6d88\u305b\u306a\u3044<\/li>\n<li>\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3067\u5831\u308f\u308c\u308b\u306e\u306f\u5e02\u5834\u30ea\u30b9\u30af\uff08\u30d9\u30fc\u30bf\uff09\u3060\u3051<\/li>\n<li>\u5206\u89e3\u306f\u5206\u6563\u3067\u884c\u3046\uff1a\u03c3<sub>i<\/sub><sup>2<\/sup> \uff1d \u03b2<sub>i<\/sub><sup>2<\/sup>\u03c3<sub>M<\/sub><sup>2<\/sup> \uff0b \u03c3<sub>\u03b5<\/sub><sup>2<\/sup><\/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-08\/\">\u76f8\u95a2\u3068\u30ea\u30b9\u30af\u524a\u6e1b\u52b9\u679c<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-pm-19\/\">\u30d9\u30fc\u30bf\uff08\u03b2\uff09<\/a><\/p>\n<p><a href=\"https:\/\/triumphmind.com\/cma\/2026\/09\/19\/g1-pm-16\/\">\u8a3c\u5238\u5e02\u5834\u7dda\uff08SML\uff09<\/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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