{"id":10840,"date":"2026-04-14T00:06:54","date_gmt":"2026-04-13T15:06:54","guid":{"rendered":"https:\/\/fiwa.or.jp\/investlife\/?p=10840"},"modified":"2026-04-14T10:37:23","modified_gmt":"2026-04-14T01:37:23","slug":"%e3%80%90vol-280%e3%80%91fiwa%e3%82%b5%e3%83%ad%e3%82%a4%e3%83%b3%e5%a1%be%e8%ac%9b%e6%bc%94%e3%82%88%e3%82%8a%ef%bc%88%e8%ac%9b%e6%bc%94%ef%bc%89","status":"publish","type":"post","link":"https:\/\/fiwa.or.jp\/investlife\/archives\/10840","title":{"rendered":"\u3010Vol.280\u3011FIWA\u30b5\u30ed\u30a4\u30f3\u587e\u8b1b\u6f14\u3088\u308a\uff08\u8b1b\u6f14\uff09"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">\u6295\u8cc7\u7406\u8ad6 \u30de\u30fc\u30b1\u30c3\u30c8\u306f\u6295\u8cc7\u5bb6\u3088\u308a\u8ce2\u3044\uff08\u4e0a\uff09<\/h2>\n\n\n\n<div class=\"wp-block-columns is-not-stacked-on-mobile is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-text-align-right\" style=\"font-size:15px\">\u7279\u5b9a\u975e\u55b6\u5229\u6d3b\u52d5\u6cd5\u4eba \u307f\u3093\u306a\u306e\u304a\u91d1\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u5354\u4f1a \u4ee3\u8868\u7406\u4e8b \u4f1a\u9577<br>\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d2\u30fc\u30e9\u30fc \u517c \u6295\u8cc7\u6559\u80b2\u5bb6<br>\u5ca1\u672c \u548c\u4e45CFA<br>\u30ec\u30dd\u30fc\u30bf\u30fc\uff1a\u8d64\u5800 \u85ab\u91cc<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><a href=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2025\/09\/okamoto.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"441\" height=\"448\" src=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2025\/09\/okamoto.jpg\" alt=\"Okamoto\" class=\"wp-image-10061\" style=\"width:180px\" srcset=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2025\/09\/okamoto.jpg 441w, https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2025\/09\/okamoto-295x300.jpg 295w\" sizes=\"auto, (max-width: 441px) 100vw, 441px\" \/><\/a><\/figure>\n<\/div><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>\uff083\u670815\u65e5\u7b2c2\u56de FIWA\u00ae\u30b5\u30ed\u30a4\u30f3\u587e\u3000\u524d\u534a\uff09<\/p>\n\n\n\n<p>\u4eca\u56de\u306e\u30b5\u30ed\u30a4\u30f3\u587e\u306f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u7406\u8ad6\u306e\u5909\u9077\u306b\u3064\u3044\u3066\u304a\u8a71\u3092\u3057\u307e\u3059\u3002\uff62\u682a\u5f0f\u5e02\u5834\u306f\u6295\u8cc7\u5bb6\u3088\u308a\u8ce2\u3044\uff63\u304c\u3001\u6700\u5f8c\u306e\u7d50\u8ad6\u3067\u3059\u3002\u6295\u8cc7\u3068\u3044\u3046\u3068\u3001\u5927\u4f53\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3068\u3044\u3046\u8a71\u304c\u51fa\u3066\u304d\u307e\u3059\u3002\u30ea\u30bf\u30fc\u30f3\u3068\u306f\u3001\u8d77\u3053\u308b\u78ba\u7387\u304c\u4e00\u756a\u9ad8\u3044\u3068\u60f3\u5b9a\u3055\u308c\u308b\u53ce\u76ca\u7387\u3002\u30ea\u30b9\u30af\u306f\u3001\u76ee\u6a19\u304b\u3089\u632f\u308c\u308b\u5e45\u3067\u3059\u3002\u76ee\u6a19\u304b\u3089\u632f\u308c\u308b\u7387\u3092\u3044\u304b\u306b\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3057\u3066\u3044\u304f\u304b\u304c\u3001\u8907\u6570\u306e\u6295\u8cc7\u5bfe\u8c61\u3092\u5165\u308c\u305f\u30d1\u30c3\u30b1\u30fc\u30b8\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u3069\u3046\u4f5c\u308b\u306e\u304b\u304c\u4eca\u56de\u306e\u30e1\u30a4\u30f3\u30c6\u30fc\u30de\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u4f55\u3092\u8cb7\u3063\u305f\u3089\u4f55\u304c\u5132\u304b\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u306f\u306a\u304f\u3066\u3001\u3069\u3046\u3044\u3046\u7d44\u307f\u5408\u308f\u305b\u3092\u3057\u305f\u3089\u3044\u3044\u306e\u304b\u304c\u91cd\u8981\u306b\u306a\u3063\u3066\u304f\u308b\u308f\u3051\u3067\u3059\u3002\u7d44\u307f\u5408\u308f\u305b\u3092\u3044\u308d\u3044\u308d\u5909\u3048\u3066\u3044\u304f\u3068\u3001\u30b9\u30ed\u30fc\u30d7\u304c\u51fa\u6765\u3066\u304d\u307e\u3059\u3002\u3053\u308c\u3092\u6709\u52b9\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u3068\u8a00\u3044\u307e\u3059\u3002\u3044\u304b\u306a\u308b\u4efb\u610f\u306e\u70b9\u3082\u3001\u305d\u308c\u3068\u540c\u30ea\u30b9\u30af\u6c34\u6e96\u3067\u3001\u3088\u308a\u30ea\u30bf\u30fc\u30f3\u306e\u5927\u304d\u3044\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3001\u3082\u3057\u304f\u306f\u305d\u308c\u3068\u540c\u30ea\u30bf\u30fc\u30f3\u6c34\u6e96\u3067\u3001\u30ea\u30b9\u30af\u306e\u5c0f\u3055\u3044\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u5b58\u5728\u3059\u308b\u3002\u3053\u308c\u3092\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u3068\u30de\u30fc\u30b3\u30d3\u30c3\u30c4\u5148\u751f\u306f\u547c\u3073\u307e\u3057\u305f\u3002\u5049\u5927\u306a\u529f\u7e3e\u3067\u3059\u304c\u3001\u8a08\u7b97\u3059\u308b\u306e\u304c\u3068\u3066\u3082\u5927\u5909\u3060\u3063\u305f\u305f\u3081\u3001\u3042\u307e\u308a\u5b9f\u7528\u5316\u3055\u308c\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69de6dca01c36&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69de6dca01c36\" class=\"aligncenter size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"516\" height=\"387\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2026\/04\/2604_sa01.jpg\" alt=\"\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\" class=\"wp-image-10870\" srcset=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2026\/04\/2604_sa01.jpg 516w, https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2026\/04\/2604_sa01-300x225.jpg 300w\" sizes=\"auto, (max-width: 516px) 100vw, 516px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"\u62e1\u5927\u3059\u308b\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2<\/figcaption><\/figure>\n<\/div>\n\n\n<p>\u3053\u308c\u3092\u4e00\u6b69\u9032\u3081\u305f\u306e\u304c\u30b8\u30a7\u30fc\u30e0\u30ba\u30fb\u30c8\u30fc\u30d3\u30f3\u5148\u751f\u3067\u3059\u3002\uff62\u5be1\u5a66\uff08\u672a\u4ea1\u4eba\uff09\u3068\u82e5\u624b\u7d4c\u55b6\u8005\u306b\u3068\u3063\u3066\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u3001\u5ba4\u5185\u30a4\u30f3\u30c6\u30ea\u30a2\u306e\u30c7\u30b6\u30a4\u30f3\u306e\u3088\u3046\u306b\u7570\u306a\u308b\u3079\u304d\u304b\uff1f\uff63\u30de\u30fc\u30b3\u30d3\u30c3\u30c4\u5148\u751f\u306e\u65b9\u6cd5\u8ad6\u3092\u5927\u5e45\u306b\u7c21\u7d20\u5316\u3059\u308b\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u3063\u305f\u57fa\u672c\u304c\u3001\u5206\u96e2\u5b9a\u7406\u3068\u8d85\u52b9\u7387\u7684\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u3044\u30462\u3064\u306e\u7406\u8ad6\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u30ea\u30b9\u30af\u8cc7\u7523\u3067\u69cb\u6210\u3055\u308c\u308b\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u304c\u3042\u308b\u3002\u3053\u306e\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u3092\u5358\u4e00\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30e2\u30c7\u30eb\u3068\u3044\u3044\u307e\u3059\u3002\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u5185\u8a33\u304c\u3069\u3046\u3044\u3046\u6bd4\u7387\u306e\u7d44\u6210\u306b\u306a\u3063\u3066\u3044\u3066\u3082\u3001\u305d\u308c\u306f\u6295\u8cc7\u5168\u4f53\u306e\u4e2d\u3067\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u76f8\u5bfe\u304c\u3069\u308c\u3060\u3051\u306e\u5272\u5408\u3092\u5360\u3081\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3068\u306f\u5225\u306e\u554f\u984c\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u8d85\u52b9\u7387\u7684\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3002\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u4e0a\u306e\u7121\u6570\u306e\u70b9\u306e\u4e2d\u304b\u3089\u305f\u3063\u305f\u4e00\u3064\u3001\u4ed6\u306e\u5168\u3066\u306e\u53ef\u80fd\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3092\u51cc\u99d5\u3059\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u304c\u5b58\u5728\u3059\u308b\u306f\u305a\u3067\u3042\u308b\u3002\u6295\u8cc7\u5bb6\u304c\u552f\u4e00\u6301\u3064\u306e\u306f\u3001\u8d85\u52b9\u7387\u7684\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3060\u3051\u3067\u3044\u3044\u306f\u305a\u3067\u3042\u308b\u3068\u8ff0\u3079\u307e\u3057\u305f\u3002\u7121\u30ea\u30b9\u30af\u30fb\u30ec\u30fc\u30c8\u3068\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u307f\u3067\u69cb\u6210\u3055\u308c\u308b\u52b9\u7387\u7684\u30d5\u30ed\u30f3\u30c6\u30a3\u30a2\u30922\u3064\u306b\u5206\u3051\u305f\u3068\u3044\u3046\u610f\u5473\u3067\u3001\u5206\u96e2\u5b9a\u7406\u3068\u547c\u3070\u308c\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u3053\u306e\u8d85\u52b9\u7387\u7684\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u306f\u4e00\u4f53\u4f55\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69de6dca0241a&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69de6dca0241a\" class=\"aligncenter size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"566\" height=\"425\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2026\/04\/2604_sa02.jpg\" alt=\"\u8cc7\u672c\u5e02\u5834\u7dda\u3068\u8d85\u52b9\u7387\u7684\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\" class=\"wp-image-10871\" srcset=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2026\/04\/2604_sa02.jpg 566w, https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2026\/04\/2604_sa02-300x225.jpg 300w\" sizes=\"auto, (max-width: 566px) 100vw, 566px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"\u62e1\u5927\u3059\u308b\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">\u8cc7\u672c\u5e02\u5834\u7dda\u3068\u8d85\u52b9\u7387\u7684\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa<\/figcaption><\/figure>\n<\/div>\n\n\n<p>\u3053\u306e\u7b54\u3048\u3092\u51fa\u3057\u305f\u306e\u304c\u30a6\u30a3\u30ea\u30a2\u30e0\u30fb\u30b7\u30e3\u30fc\u30d7\u5148\u751f\u3067\u3059\u3002\u30ad\u30e3\u30d4\u30bf\u30eb\u30a2\u30bb\u30c3\u30c8\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u30e2\u30c7\u30eb\uff08Capital Asset Pricing Model\uff09CAPM\u3002\u8907\u6570\u306e\u8a3c\u5238\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u3042\u308b\u57fa\u672c\u7684\u306a\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u306e\u5171\u901a\u306e\u95a2\u4fc2\u3092\u901a\u3058\u3066\u306e\u307f\u95a2\u4fc2\u3057\u5408\u3063\u3066\u3044\u308b\u3002\u3053\u306e\u4e00\u3064\u4e00\u3064\u306e\u9298\u67c4\u3092\u5206\u6790\u3057\u3066\u3044\u304f\u3068\u3001\u4f55\u304b\u4e00\u3064\u5171\u901a\u306e\u3082\u306e\u304c\u3042\u308b\u306f\u305a\u3060\u3002\u305d\u306e\u5171\u901a\u306e\u3082\u306e\u304c\u4f55\u304b\u3068\u3044\u3063\u305f\u3089\u3001\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u3067\u3042\u308b\u3002\u5f7c\u306f\u3001\u3069\u306e\u9298\u67c4\u306b\u3082\u5171\u901a\u3057\u3066\u652f\u914d\u7684\u306a\u5f71\u97ff\u529b\u3092\u6301\u3064\u5e02\u5834\u5168\u4f53\u306e\u30ea\u30b9\u30af\u3092\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30ea\u30b9\u30af\u3068\u547c\u3073\u3001\u305d\u308c\u3092\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u3068\u3044\u3046\u6307\u6570\u3067\u8868\u3057\u307e\u3057\u305f\u3002\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u3068\u306f\u95a2\u4fc2\u306e\u306a\u3044\u8cc7\u7523\u4fa1\u683c\u5909\u52d5\u3001\u3053\u308c\u3092\u30a2\u30f3\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30ea\u30b9\u30af\u3002\u4e0a\u5834\u3055\u308c\u3066\u3044\u308b\u5168\u90e8\u306e\u9298\u67c4\u306e\u30a2\u30f3\u30b7\u30b9\u30c6\u30de\u30c6\u30a3\u30c3\u30af\u30ea\u30b9\u30af\u3092\u5408\u8a08\u3059\u308b\u3068\u30bc\u30ed\u30b5\u30e0\u30b2\u30fc\u30e0\u306b\u306a\u308b\u3002\u3064\u307e\u308a\u3001\u5206\u6563\u3067\u6d88\u3057\u53bb\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u306f\u30bc\u30ed\u30b5\u30e0\u30b2\u30fc\u30e0\u3067\u3042\u3063\u3066\u30ea\u30bf\u30fc\u30f3\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u751f\u3080\u3053\u3068\u306f\u306a\u3044\u3001\u3068\u3044\u3046\u304b\u306a\u308a\u5f37\u70c8\u306a\u7406\u8ad6\u3067\u3042\u3063\u305f\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69de6dca0297f&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69de6dca0297f\" class=\"aligncenter size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"566\" height=\"425\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2026\/04\/2604_sa03.jpg\" alt=\"\u30d9\u30fc\u30bf\u9769\u547d\" class=\"wp-image-10872\" srcset=\"https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2026\/04\/2604_sa03.jpg 566w, https:\/\/fiwa.or.jp\/investlife\/wp-content\/uploads\/2026\/04\/2604_sa03-300x225.jpg 300w\" sizes=\"auto, (max-width: 566px) 100vw, 566px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"\u62e1\u5927\u3059\u308b\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">\u30d9\u30fc\u30bf\u9769\u547d<\/figcaption><\/figure>\n<\/div>\n\n\n<p>\u7e26\u8ef8\u306b\u3001\u3042\u308b\u81ea\u52d5\u8eca\u4f1a\u793e\u306e\u682a\u4fa1\u306e\u6708\u6b21\u5909\u5316\u7387\u3001\u6a2a\u8ef8\u306b\u30c8\u30d4\u30c3\u30af\u30b9\u5e02\u5834\u5168\u4f53\u306e\u6708\u6b21\u306e\u5909\u5316\u7387\u3092\u70b9\u3005\u3067\u53d6\u3063\u3066\u307f\u307e\u3057\u305f\u3002\u3059\u308b\u3068\u4e00\u3064\u50be\u5411\u7dda\u304c\u51fa\u3066\u304d\u307e\u3059\u3002Y\u8ef8\u3068\u306e\u5207\u7247\u3092\u03b1\uff08\u30a2\u30eb\u30d5\u30a1\uff09\u3001\u76f4\u7dda\u306e\u50be\u304d\u3092\u03b2\uff08\u30d9\u30fc\u30bf\uff09\u3001\u8aa4\u5dee\u9805\u3092\u03b5\uff08\u30a4\u30d7\u30b7\u30ed\u30f3\uff09\u3002\u03b2\u306f\u5e02\u5834\u5168\u4f53\u306e\u5f71\u97ff\u5ea6\u3092\u793a\u3059\u3068\u8003\u3048\u307e\u3057\u305f\u3002\u30de\u30fc\u30b1\u30c3\u30c8\u306e\u52d5\u304d\u304c0\u306e\u6642\u306b\u3001\u81ea\u52d5\u8eca\u30e1\u30fc\u30ab\u30fc\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u30d7\u30e9\u30b9\u30a2\u30eb\u30d5\u30a1\u3092\u751f\u3093\u3067\u3044\u308b\u3068\u3059\u308c\u3070\u3001Y\u8ef8\u3068\u306e\u5207\u7247\u3067\u03b1\u3068\u3044\u3046\u6307\u6570\u304c\u8868\u3055\u308c\u308b\u3060\u308d\u3046\u3001\u3068\u3044\u3046\u7406\u8ad6\u7684\u306a\u3053\u3068\u3092\u8a00\u3063\u3066\u3082\u3001\u6642\u306b\u6975\u7aef\u306b\u5927\u304d\u304f\u5916\u308c\u308b\u3053\u3068\u3082\u5f53\u7136\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3092\u8aa4\u5dee\u9805\u3068\u547c\u3073\u307e\u3059\u3002\u8aa4\u5dee\u9805\u306f\u5168\u90e8\u96c6\u3081\u308c\u3070\u5e02\u5834\u306b\u306a\u308a\u307e\u3059\u3002\u03b1\u3082\u5168\u90e8\u96c6\u3081\u308c\u3070\u03b2\u306b\u53ce\u6582\u3059\u308b\u3002\u500b\u5225\u9298\u67c4\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u03b1\u306b\u5e02\u5834\u306e\u30ea\u30bf\u30fc\u30f3\u00d7\u03b2\u50be\u304d\u3001\u305d\u308c\u306b\u3053\u306e\u8aa4\u5dee\u9805\u03b5\u3092\u52a0\u3048\u305f\u65b9\u7a0b\u5f0f\u3067\u8868\u3055\u308c\u308b\u306f\u305a\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u5168\u3066\u306e\u9298\u67c4\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u7121\u30ea\u30b9\u30af\u30fb\u30ec\u30fc\u30c8\u3068\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u306b\u5bfe\u3059\u308b\u5e02\u5834\u611f\u5fdc\u5ea6\u3067\u3042\u308b\u03b2\u3067\u639b\u3051\u5408\u308f\u305b\u305f\u3082\u306e\u306b\u500b\u5225\u9298\u67c4\u306e\u30ea\u30bf\u30fc\u30f3\u03b1\u3092\u52a0\u3048\u305f\u3082\u306e\u3067\u3059\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u9298\u67c4\u6570\u3092\u5897\u3084\u3057\u3066\u3044\u304f\u307b\u3069\u306b\u03b1\u3068\u03b5\u306f\u76f8\u6bba\u3057\u3042\u3044\u3001\u6700\u7d42\u7684\u306b\u306f0\u306b\u306a\u308b\u3002\u3059\u308b\u3068\u5e02\u5834\u3068\u540c\u3058\u52d5\u304d\u306b\u306a\u3063\u3066\u304f\u308b\u3002\u3053\u308c\u304c\u30c8\u30fc\u30d3\u30f3\u3042\u308b\u3044\u306f\u30b7\u30e3\u30fc\u30d7\u304c\u8a00\u3063\u305f\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3068\u3044\u3046\u3082\u306e\u3060\u3068\u3044\u3046\u7d50\u8ad6\u3092\u51fa\u3057\u305f\u308f\u3051\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u5168\u3066\u306e\u8a3c\u5238\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u3092\u5171\u901a\u306e\u30d5\u30a1\u30af\u30bf\u30fc\u3068\u3057\u3066\u306e\u307f\u95a2\u9023\u3057\u5408\u3063\u3066\u3044\u308b\u3001\u5358\u4e00\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30e2\u30c7\u30eb\u3067\u3042\u308b\u3002\u8a08\u7b97\u671f\u9593\u3092\u5927\u5e45\u306b\u77ed\u7e2e\u3057\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u7406\u8ad6\u306e\u5b9f\u7528\u5316\u3092\u5bb9\u6613\u306b\u3057\u305f\u3001\u305f\u3063\u305f\u4e00\u3064\u306e\u52b9\u7387\u7684\u306a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3002\u3053\u308c\u3053\u305d\u304c\u5168\u3066\u306e\u6295\u8cc7\u5bb6\u304c\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u306e\u9055\u3044\u306b\u95a2\u308f\u308a\u306a\u304f\u3001\u4fdd\u6709\u3059\u3079\u304d\u552f\u4e00\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c8\u30fc\u30d3\u30f3\u306e\u8d85\u52b9\u7387\u7684\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306f\u3001\u307e\u3055\u306b\u682a\u5f0f\u5e02\u5834\u305d\u306e\u3082\u306e\u306b\u4ed6\u306a\u3089\u306a\u3044\u3002\u5e02\u5834\u3067\u306f\u306a\u304f\u3066\u3001\u500b\u5225\u9298\u67c4\u306e\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u3044\u3046\u306e\u306f\u3001\uff62\u5b89\u5168\u8cc7\u7523\u5229\u5b50\u7387\uff0b\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u306e\u30d7\u30ec\u30df\u30a2\u30e0\uff0b\u500b\u3005\u306e\u9298\u67c4\u306e\u30d9\u30fc\u30bf\uff63\u306b\u3088\u3063\u3066\u6c7a\u307e\u308b\u3002\u6295\u8cc7\u5bb6\u304c\u552f\u4e00\u3001\u6c17\u306b\u3057\u306a\u3051\u308c\u3070\u3044\u3051\u306a\u3044\u306e\u306f\u3001\u4e00\u3064\u306e\u8cc7\u7523\u304c\u30dd\u30fc\u30c8\u30d5\u30ea\u30aa\u5168\u4f53\u306e\u30ea\u30b9\u30af\u306b\u3069\u308c\u3060\u3051\u5f71\u97ff\u3057\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3060\u3051\u3067\u3059\u3002\u3082\u306e\u3059\u3054\u3044\u767a\u898b\u3060\u3063\u305f\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u8b1b\u6f14\u3067\u306f\u3001CAPM\u306e\u4e3b\u306a\u524d\u63d0\u3068\u305d\u308c\u306b\u5bfe\u3059\u308b\u53cd\u5fdc\u306b\u3064\u3044\u3066\u306e\u89e3\u8aac\u3002\uff62\u5e02\u5834\u306f\u52b9\u7387\u7684\u3067\u3042\u308b\u306e\u304b\uff1f\uff63\u3068\u3044\u3046\u554f\u3044\u306b\u5207\u308a\u8fbc\u3093\u3060\u30e6\u30fc\u30b8\u30f3\u30fb\u30d5\u30a1\u30fc\u30de\u5148\u751f\u306e\uff62\u52b9\u7387\u7684\u5e02\u5834\u4eee\u8aac\uff63\u3068\u3001\u30b7\u30e3\u30fc\u30d7\u5148\u751f\u306e\uff62\u30a2\u30af\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u7b97\u8853\u8ad6\uff63\u306b\u3064\u3044\u3066\u306f5\u6708\u53f7\u306b\u7d9a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"vk_block-margin-xs--margin-bottom\">\uff08\u6587\u8cacFIWA<sup>\u00ae<\/sup>\uff09<\/p>\n\n\n\n<form>\r\n    <input type=\"button\" value=\"\u3053\u306e\u30da\u30fc\u30b8\u3092\u5370\u5237\u3059\u308b\" onclick=\"window.print();\">\r\n<\/form>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6295\u8cc7\u7406\u8ad6 \u30de\u30fc\u30b1\u30c3\u30c8\u306f\u6295\u8cc7\u5bb6\u3088\u308a\u8ce2\u3044\uff08\u4e0a\uff09 \u7279\u5b9a\u975e\u55b6\u5229\u6d3b\u52d5\u6cd5\u4eba \u307f\u3093\u306a\u306e\u304a\u91d1\u306e\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u5354\u4f1a \u4ee3\u8868\u7406\u4e8b \u4f1a\u9577\u30d5\u30a1\u30a4\u30ca\u30f3\u30b7\u30e3\u30eb\u30fb\u30d2\u30fc\u30e9\u30fc \u517c \u6295\u8cc7\u6559\u80b2\u5bb6\u5ca1\u672c \u548c\u4e45CFA\u30ec\u30dd\u30fc\u30bf\u30fc\uff1a\u8d64\u5800 \u85ab\u91cc \uff083\u670815\u65e5\u7b2c2\u56de FIWA [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":10061,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"vk-ltc-link":"","vk-ltc-target":"0","vkexunit_cta_each_option":"","footnotes":""},"categories":[165],"tags":[185],"class_list":["post-10840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fiwa-","tag-185"],"_links":{"self":[{"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/posts\/10840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/comments?post=10840"}],"version-history":[{"count":9,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/posts\/10840\/revisions"}],"predecessor-version":[{"id":10898,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/posts\/10840\/revisions\/10898"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/media\/10061"}],"wp:attachment":[{"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/media?parent=10840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/categories?post=10840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fiwa.or.jp\/investlife\/wp-json\/wp\/v2\/tags?post=10840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}