࠳ࡒ࡯ᄌᢙ

ࠆ߇ޔߘࠇߢ߽8ഀࠍ⿥߃ࠆડᬺ߇OJT㊀ⷞࠍ⛯ߌࠆߣ޿߁ޕ

ᦨᓟߦޔ␠ຬࠍㆬᛮߒߡᢎ⢒ߔࠆ߆ߤ߁߆ߣ޿߁ὐߦߟ޿ߡߪޔ2005 ᐕ⺞ᩏߦᲧߴߡޔ ߎࠇ߹ߢ߽ㆬᛮᢎ⢒ߛߞߚߣߔࠆડᬺߩഀว߇Ⴧ߃ߚޕ੹ᓟㆬᛮᢎ⢒ߦߥࠆߣ޿߁ડᬺߩᢙ ߪߘࠇએ਄ߦᄙ޿߇ޔ2005 ᐕ⺞ᩏߣᲧߴࠆߣߐ߶ߤᄌࠊࠄߥ޿ޕ৻ᓞᢎ⢒߆ࠄㆬᛮᢎ⢒߳

ߩ⒖ⴕ߇2ᐕ㑆ߢ㗅⺞ߦㅴዷߒߡ޿ߊ᭽ሶࠍ␜ߒߡ޿ࠆߣᕁࠊࠇࠆޕ

໧16߳ߩ࿁╵߆ࠄᰴߩ6ߟߩ࠳ࡒ࡯ᄌᢙࠍ૞ᚑߒߚޕ

٨ ߎࠇ߹ߢડᬺ⽿છ㧦ߎࠇ߹ߢߩᣇ㊎ߪᢎ⢒⸠✵ߩ⽿છߪડᬺߦ޽ࠆޔ޽ࠆ޿ߪߘࠇߦㄭ޿

⺑᣿ᄌᢙ ⺑᣿ᄌᢙ ߎࠇ߹ߢޔᓥᬺຬࠍ㊀ⷞߒߡ߈ߚ ੹ᓟޔᓥᬺຬࠍ㊀ⷞߔࠆ

ߎࠇ߹ߢޔᓥᬺຬ߇ᒝ޿⊒⸒ജࠍᜬߞߚ ޓޓޓ੹ᓟޔᓥᬺຬ߇ᒝ޿⊒⸒ജࠍᜬߟ

㌁ⴕᜬᩣᲧ₸ ㌁ⴕᜬᩣᲧ₸

ᄖ࿖ੱᜬᩣᲧ₸ ᄖ࿖ੱᜬᩣᲧ₸

୘ੱᜬᩣᲧ₸ ୘ੱᜬᩣᲧ₸

✚⾗↥ߩࡠࠣ ✚⾗↥ߩࡠࠣ

41# 41#

ቯᢙ㗄 ቯᢙ㗄

ᚢ೨ߩ⸳┙ ᚢ೨ߩ⸳┙

⸳┙ᐕ ⸳┙ᐕ

⸳┙ᐕ ⸳┙ᐕ

ࠨࡦࡊ࡞ᢙ ࠨࡦࡊ࡞ᢙ

⴫㧝㧢㧚ᓥᬺຬ⸠✵ߪડᬺߩ⽿છ㧔ߎࠇ߹ߢ㧕

ᵈ㧦ⵍ⺑᣿ᄌᢙߪޔ໧㧔㧝㧕ߢߎࠇ߹ߢޟᓥᬺຬߦᢎ⢒⸠✵

ࠍⴕ߁ߩߪડᬺߩ⽿છߢ޽ࠆޠ޽ࠆ޿ߪޟߘࠇߦㄭ޿ޠߣ╵߃ ߚડᬺߦߟ޿ߡ㧝ࠍߣࠆ࠳ࡒ࡯ᄌᢙޕߘࠇߙࠇߩ೉߇ޔࡊࡠ ࡆ࠶࠻࡮ࡕ࠺࡞ߩଥᢙߩផቯ⚿ᨐࠍ␜ߒߡ޿ࠆޕฦ࠮࡞ߪଥᢙ ߩផቯ୯ߣߘߩᮡḰ஍Ꮕ㧔᜝ᒐౝ㧕ࠍ␜ߔޕⓨ⊕ߪߘߩ⺑᣿ᄌ ᢙ߇ߎߩࡕ࠺࡞ߦߪ฽߹ࠇߡ޿ߥ޿ߎߣࠍᗧ๧ߔࠆޕᦨᓟߩⴕ ߪޔផቯߦ૶ࠊࠇߚ᷹ⷰ୯ߩᢙࠍ␜ߔޕ⺑᣿ᄌᢙߪᐕߩ ୯ޕ

⴫㧝㧣㧚ᓥᬺຬ⸠✵ߪડᬺߩ⽿છ㧔੹ᓟ㧕

ᵈ㧦ⵍ⺑᣿ᄌᢙߪޔ໧㧔㧝㧕ߢ੹ᓟޟᓥᬺຬߦᢎ⢒⸠✵ࠍⴕ߁ ߩߪડᬺߩ⽿છߢ޽ࠆޠ޽ࠆ޿ߪޟߘࠇߦㄭ޿ޠߣ╵߃ߚડᬺߦ ߟ޿ߡ㧝ࠍߣࠆ࠳ࡒ࡯ᄌᢙޕߘࠇߙࠇߩ೉߇ޔࡊࡠࡆ࠶࠻࡮ࡕ࠺

࡞ߩଥᢙߩផቯ⚿ᨐࠍ␜ߒߡ޿ࠆޕฦ࠮࡞ߪଥᢙߩផቯ୯ߣߘߩ

ᮡḰ஍Ꮕ㧔᜝ᒐౝ㧕ࠍ␜ߔޕⓨ⊕ߪߘߩ⺑᣿ᄌᢙ߇ߎߩࡕ࠺࡞ߦ ߪ฽߹ࠇߡ޿ߥ޿ߎߣࠍᗧ๧ߔࠆޕᦨᓟߩⴕߪޔផቯߦ૶ࠊࠇߚ

᷹ⷰ୯ߩᢙࠍ␜ߔޕ⺑᣿ᄌᢙߪᐕߩ୯ޕ

⺑᣿ᄌᢙ ⺑᣿ᄌᢙ

ߎࠇ߹ߢޔᓥᬺຬࠍ㊀ⷞߒߡ߈ߚ ੹ᓟޔᓥᬺຬࠍ㊀ⷞߔࠆ

ߎࠇ߹ߢޔᓥᬺຬ߇ᒝ޿⊒⸒ജࠍᜬߞߚ ੹ᓟޔᓥᬺຬ߇ᒝ޿⊒⸒ജࠍᜬߟ

㌁ⴕᜬᩣᲧ₸ ㌁ⴕᜬᩣᲧ₸

ᄖ࿖ੱᜬᩣᲧ₸ ᄖ࿖ੱᜬᩣᲧ₸

୘ੱᜬᩣᲧ₸ ୘ੱᜬᩣᲧ₸

✚⾗↥ߩࡠࠣ ✚⾗↥ߩࡠࠣ

41# 41#

ቯᢙ㗄 ቯᢙ㗄

ᚢ೨ߩ⸳┙ ᚢ೨ߩ⸳┙

⸳┙ᐕ ⸳┙ᐕ

⸳┙ᐕ ⸳┙ᐕ

ࠨࡦࡊ࡞ᢙ ࠨࡦࡊ࡞ᢙ

ᵈ㧦ⵍ⺑᣿ᄌᢙߪޔ໧㧔㧞㧕ߢߎࠇ߹ߢޟᢎ⢒⸠✵ߦ޽

ߚߞߡ1,6ࠍ㊀ⷞߔࠆޠ޽ࠆ޿ߪޟߘࠇߦㄭ޿ޠߣ╵߃ߚડᬺ

ߦߟ޿ߡ㧝ࠍߣࠆ࠳ࡒ࡯ᄌᢙޕߘࠇߙࠇߩ೉߇ޔࡊࡠࡆ࠶

࠻࡮ࡕ࠺࡞ߩଥᢙߩផቯ⚿ᨐࠍ␜ߒߡ޿ࠆޕฦ࠮࡞ߪଥᢙߩ ផቯ୯ߣߘߩᮡḰ஍Ꮕ㧔᜝ᒐౝ㧕ࠍ␜ߔޕⓨ⊕ߪߘߩ⺑᣿ᄌ ᢙ߇ߎߩࡕ࠺࡞ߦߪ฽߹ࠇߡ޿ߥ޿ߎߣࠍᗧ๧ߔࠆޕ⺑᣿ᄌ ᢙߪᐕߩ୯ޕ

⴫㧝㧤㧚ᓥᬺຬ⸠✵ߪ1,6㊀ⷞ㧔ߎࠇ߹ߢ㧕 ⴫㧝㧥㧚ᓥᬺຬ⸠✵ߪ1,6㊀ⷞ㧔੹ᓟ㧕

ᵈ㧦ⵍ⺑᣿ᄌᢙߪޔ໧㧔㧞㧕ߢ੹ᓟޟᢎ⢒⸠✵ߦ޽

ߚߞߡ1,6ࠍ㊀ⷞߔࠆޠ޽ࠆ޿ߪޟߘࠇߦㄭ޿ޠߣ╵߃ߚ ડᬺߦߟ޿ߡ㧝ࠍߣࠆ࠳ࡒ࡯ᄌᢙޕߘࠇߙࠇߩ೉߇ޔࡊ ࡠࡆ࠶࠻࡮ࡕ࠺࡞ߩଥᢙߩផቯ⚿ᨐࠍ␜ߒߡ޿ࠆޕฦ࠮

࡞ߪଥᢙߩផቯ୯ߣߘߩᮡḰ஍Ꮕ㧔᜝ᒐౝ㧕ࠍ␜ߔޕⓨ

⊕ߪߘߩ⺑᣿ᄌᢙ߇ߎߩࡕ࠺࡞ߦߪ฽߹ࠇߡ޿ߥ޿ߎߣ ࠍᗧ๧ߔࠆޕᦨᓟߩⴕߪޔផቯߦ૶ࠊࠇߚ᷹ⷰ୯ߩᢙࠍ

␜ߔޕ⺑᣿ᄌᢙߪᐕߩ୯ޕ

ᢎ⢒⸠✵ࠍㆬᛮ⊛ߦᣉߔ߆ޔߘࠇߣ߽৻ᓞߦᣉߔ߆ߦߟ޿ߡ߽ห᭽ߥࡊࡠࡆ࠶࠻ಽᨆࠍⴕ ߞߚ߇ޔ⽷ോ᭴ㅧߩᜰᮡߣߩ㑆ߦ⛔⸘⊛ߦ᦭ᗧߥ㑐ଥߪ⷗಴ߖߥ߆ߞߚޕ⚕᏷ࠍ▵⚂ߔࠆߚ

߼ߦޔផቯߩ⚿ᨐߪߎߎߢߪႎ๔ߒߥ޿ޕ

ߎࠇࠄߩ⚿ᨐࠍ߹ߣ߼ࠆߣޔ2005 ᐕ⺞ᩏߢ߽ 2007 ᐕ⺞ᩏߢ߽ޔᄢᄙᢙߩડᬺ߇ޔᢎ⢒

⸠✵ߪ޿߹߹ߢ߽੹ᓟ߽ડᬺߩ⽿છߣ⠨߃ޔߘߩౝኈߪ޿߹߹ߢ߽੹ᓟ߽ OJT ࠍ㊀ⷞߒߡ

޿ࠆޕᢎ⢒⸠✵ࠍ৻ᓞߦᣉߔ߆ޔㆬᛮ⊛ߦᣉߔ߆ޔߣ޿߁ὐߦߟ޿ߡߪޔ2005 ᐕߢ⷗ࠄࠇ ߚ৻ᓞ⸠✵߆ࠄㆬᛮ⸠✵߳ߩ⒖ⴕߣ޿߁⿲൓߇ 2007 ᐕߢ߽⛯޿ߡ޿ࠆߎߣ߇ࠊ߆ࠆޕߒ߆ ߒޔᢎ⢒⸠✵ߩᣇ㊎ߣࠦ࡯ࡐ࡟࡯࠻࡮ࠟࡃ࠽ࡦࠬߩ㑐ଥߪߺࠄࠇߥ޿ޕ2005 ᐕ⺞ᩏߢ໑৻

᷹ⷰߐࠇߚޔᓥᬺຬߩ⊒⸒ജ߇ᒝ߆ߞߚડᬺ߶ߤᢎ⢒⸠✵ࠍડᬺߩ⽿છߣ⠨߃ࠆ௑ะ߇ᒝ޿ޔ ߣ޿߁⚿ᨐ߽ޔ2007ᐕ⺞ᩏߢߪ⷗಴ߖߥ޿ޕ

㧢㧚⚿⺰

ᧄⓂߪޔJILPT߇ 2007ᐕߦታᣉߒߚޡ㓹↪ࠪࠬ࠹ࡓߣੱ੐ᚢ⇛ߦ㑐ߔࠆ⺞ᩏޢࠍ૶޿ޔ 㘃ૃߩ 2005 ᐕ⺞ᩏߣᲧセߒߟߟޔᣣᧄᄢડᬺߦ߅ߌࠆࠦ࡯ࡐ࡟࡯࠻࡮ࠟࡃ࠽ࡦࠬߣੱ੐ᚢ

⇛ߩ㑐ㅪࠍ⠨߃ߚޕ2005ᐕ⺞ᩏߢ⊒⷗ߐࠇߚ㑐ଥߩ߶ߣࠎߤߪޔ2007ᐕ⺞ᩏߢ߽⏕⹺ߐࠇ ߚ߇ޔ৻ㇱߩ⚿ᨐߪ㗎ஜߢߪߥ޿ߎߣ߇⏕߆߼ࠄࠇߚޕᩣᑼ଻᦭ಽᏓߥߤߩ㊄Ⲣ⊛ⷐ࿃߇ޔ

㊀ⷐⷞߐࠇࠆ޽ࠆ޿ߪ⊒⸒ജࠍᜬߟࠬ࠹࡯ࠢࡎ࡞࠳࡯ߩ࠲ࠗࡊߦᓇ㗀ࠍਈ߃ࠆޔߣ޿߁㑐ଥ ߪਔᐕߩ⺞ᩏߢ⏕⹺ߐࠇߚޕ⚳り㓹↪ࠍ⛽ᜬߔࠆ௑ะ߇ᄢડᬺߢ㜞޿ߎߣ߿ޔᐔဋൕ⛯ᐕᢙ ߇㌁ⴕ୫౉Ყ₸߇㜞޿ડᬺ޽ࠆ޿ߪ೑⋉₸ߩૐ޿ડᬺߢ㐳ߊޔᄖ࿖ੱᩣਥᲧ₸ߩ㜞޿ડᬺߢ

⍴޿ߎߣ߽ห᭽ߦޔਔᐕߩ⺞ᩏߦ౒ㅢߢ޽ࠆޕߒ߆ߒޔ2005 ᐕ⺞ᩏߢ⊒⷗ߐࠇߚᓥᬺຬߩ

⊒⸒ജߩᒝ޿ડᬺ߶ߤᐔဋൕ⛯ᐕᢙ߇㐳޿ߣ޿߁㑐ଥߪޔ2007 ᐕ⺞ᩏߢߪߺࠄࠇߥ߆ߞߚޕ ᢎ⢒⸠✵೙ᐲߪࠦ࡯ࡐ࡟࡯࠻࡮ࠟࡃ࠽ࡦࠬߣ޽߹ࠅ㑐ଥ߇ߥ޿ޔߣ޿߁⚿⺰߽ਔ⺞ᩏߢหߓ ߢ޽ࠆޕᄢᄙᢙߩડᬺߢޔᢎ⢒⸠✵ߪ޿߹ߛߦડᬺߩ⽿છߣ⠨߃ࠄࠇޔߘߩౝኈߪ OJT ㊀ ⷞߦߥߞߡ޿ࠆޕ৻ᓞ⸠✵߆ࠄㆬᛮ⸠✵߳ߩ⒖ⴕߣ޿߁⿲൓ߪ㗅⺞ߦㅴࠎߢ޿ࠆࠃ߁ߢ޽ࠆޕ

╙㧞┨ ડᬺ⛔ᴦߣ⽷ോᚢ⇛ߩ㆑޿߇ഭ௛ಽ㈩₸ߦਈ߃ࠆᓇ㗀

㧝㧚໧㗴ߩᚲ࿷

1960ᐕએ㒠ޔᚒ߇࿖ߩࡑࠢࡠഭ௛ಽ㈩₸ ߪ⿲൓⊛ߦ㜞߹ࠆ௑ะߦ޽ࠅޔߣࠅࠊߌ㜞ᐲᚑ 㐳ᦼ㑆ਛߪ㕖Ᏹߦ㜞޿િ߮ࠍ␜ߒߚޕ࿑ 1ߪᚒ߇࿖ߩഭ௛ಽ㈩₸ߩផ⒖ࠍ 1990ᐕએ㒠ߦߟ

޿ߡ␜ߒߚ߽ߩߛ߇ޔ1990 ᐕએ㒠ߦߟ޿ߡ߽ 2000 ᐕ೨ᓟ߹ߢߪ✭߿߆ߢߪ޽ࠆ߇ഭ௛ಽ

㈩₸ߪ㜞߹ߞߡ޿ߚߎߣ߇ࠊ߆ࠆޕ

㪍㪇 㪍㪌 㪎㪇 㪎㪌 㪏㪇 㪏㪌 㪐㪇 㪐㪌

㪈㪐㪐㪇 㪈㪐㪐㪈 㪈㪐㪐㪉 㪈㪐㪐㪊 㪈㪐㪐㪋 㪈㪐㪐㪌 㪈㪐㪐㪍 㪈㪐㪐㪎 㪈㪐㪐㪏 㪈㪐㪐㪐 㪉㪇㪇㪇 㪉㪇㪇㪈 㪉㪇㪇㪉 㪉㪇㪇㪊 㪉㪇㪇㪋 㪉㪇㪇㪌 㪉㪇㪇㪍

䋦

ᐕ

࿑㪈 ഭ௛ಽ㈩₸䈱ផ⒖

㩿ᜰᮡ㪈㪀 㩿ᜰᮡ㪉㪀 㩿ᜰᮡ㪊㪀 㩿ᜰᮡ㪋㪀 㩿ᜰᮡ㪌㪀

⾗ᢱ಴ᚲ䋺䇸ഭ௛ജ⺞ᩏ䇹䇮䇸࿖᳃⚻ᷣ⸘▚䇹 ᵈ1䋺䋨ᜰᮡ1䋩㓹↪⠪ႎ㈽㬭࿖᳃ᚲᓧ

䋨ᜰᮡ2䋩1ੱᒰ䈢䉍㓹↪⠪ႎ㈽㬭ዞᬺ⠪1ੱᒰ䈢䉍࿖᳃ᚲᓧ 䋨ᜰᮡ3䋩㓹↪⠪ႎ㈽㬭䋨㓹↪⠪ႎ㈽䋫ᴺੱડᬺᚲᓧ䋩 䋨ᜰᮡ4䋩㓹↪⠪ႎ㈽㬭䋨࿖᳃ᚲᓧ䋭୘ੱડᬺᚲᓧ䋩 䋨ᜰᮡ5䋩1ੱᒰ䈢䉍㓹↪⠪ႎ㈽㬭ዞᬺ⠪1ੱᒰ䈢䉍࿖ౝ✚↢↥

ᵈ2䋺㓹↪⠪ႎ㈽䈲ⷐ⚛⾌↪⴫␜䇯

ߎߩࠃ߁ߥഭ௛ಽ㈩₸ߩ⿲൓⊛ߥ㜞߹ࠅߦ㑐ߒߡޔᣢሽ⎇ⓥߪᰴߩࠃ߁ߥ⷗⸃ࠍ␜ߒߡ ߈ߚޕ߹ߕศᎹ[1994]ߪޔ1990 ᐕઍએ೨ߩᚒ߇࿖ߩഭ௛ಽ㈩₸ߦ㑐ߒߡޔ᥊᳇ᓴⅣߣࡊࡠ

ࠪࠢ࡝ࠞ࡞ߥേ߈ࠍ␜ߔߎߣࠍᜰ៰ߒߚ਄ߢޔ70 ᐕઍߩഭ௛ಽ㈩₸ߩ㜞߹ࠅߪ⚻ᷣᚑ㐳₸

߇੍ᗐߐࠇߥ޿ᒻߢᕆ⪭ߒߚߎߣ߿⾗ᧄⒿ௛₸߇ᄢ᏷ߦૐਅߒߚߎߣޔߐࠄߦታ⾰⾓㊄ߩિ

߮ߩ㊰ൻߦኻߒߡᒝ޿ᛶ᛫߇޽ߞߚߎߣߦࠃࠆߣᜰ៰ߒߡ޿ࠆޕ߹ߚ⷏᧛࡮੗਄ [1994] ߪޔ

਄᣹࠻࡟ࡦ࠼ߦ޽ߞߚ㜞ᐲᚑ㐳ᦼߩ⵾ㅧᬺߩഭ௛ಽ㈩₸ࠍಽᨆߒޔᄢડᬺߩੱઙ⾌ߩ਄᣹߇ ഭ௛ಽ㈩₸ࠍ਄᣹ߐߖߡ޿ࠆਥߥⷐ࿃ߢ޽ࠅޔᄢડᬺߩഭ௛ಽ㈩₸ߩ⍴ᦼ⊛ᄌേߦߪࡑ࡯ࠢ

ࠕ࠶ࡊ₸ߩᄌേ߇ⷙቯߒߡ޿ࠆޔߣᜰ៰ߒߡ޿ࠆޕ

ഭ௛ಽ㈩₸ߪ↢↥ᵴേߦࠃߞߡᓧࠄࠇߚઃടଔ୯ߩ߁ߜഭ௛⠪஥ߩฃߌขࠅಽߩഀวࠍ ᗧ๧ߔࠆ߇ޔߎࠇࠄੑߟߩ⎇ⓥߪ 90 ᐕએ೨ߩᣣᧄડᬺ߇ઃടଔ୯ߩિ߮એ਄ߦഭ௛⠪ߩ⾓

㪍㪇 㪍㪌 㪎㪇 㪎㪌 㪏㪇 㪏㪌 㪐㪇 㪐㪌

㪇㪐㪐㪈 㪈㪐㪐㪈 㪉㪐㪐㪈 㪊㪐㪐㪈 㪋㪐㪐㪈 㪌㪐㪐㪈 㪍㪐㪐㪈 㪎㪐㪐㪈 㪏㪐㪐㪈 㪐㪐㪐㪈 㪇㪇㪇㪉 㪈㪇㪇㪉 㪉㪇㪇㪉 㪊㪇㪇㪉 㪋㪇㪇㪉 㪌㪇㪇㪉 㪍㪇㪇㪉

䋦

ᐕ

㩿ᜰᮡ㪈㪀 㩿ᜰᮡ㪉㪀 㩿ᜰᮡ㪊㪀 㩿ᜰᮡ㪋㪀 㩿ᜰᮡ㪌㪀

㊄᳓Ḱࠍ㜞߼ߡ޿ߚߎߣࠍ␜ໂߒߡ޿ࠆޕ

ߎ߁ߒߚേ߈ߣኻᾖ⊛ߥ 2000 ᐕએ㒠ߩഭ௛ಽ㈩₸ߩૐਅߦߟ޿ߡߪޔߤߩࠃ߁ߥ⸃㉼߇ น⢻ߛࠈ߁߆ޕ2002ᐕ1᦬એ㒠߆ࠄ 2007ᐕ 10᦬߹ߢߪ᥊᳇ߩ᜛ᒛᦼߣߐࠇߡ߅ࠅޔડᬺ

ߩ⚻༡⁁ᴫ߽࿁ᓳߒߡ޿ߚޕߣߪ޿߃ޔߎߩ㑆ߩ⚻ᷣᚑ㐳₸ߪᐕᐔဋ 2.0ޯ2.3㧑߶ߤߢ޽

ࠅޔ90 ᐕઍ೨ඨ߹ߢߩᚑ㐳₸ߩ᳓ḰߣᲧߴߡ㜞޿ࠊߌߢߪߥ޿ޕߦ߽߆߆ࠊࠄߕޔഭ௛ಽ

㈩₸߇ 90 ᐕએ೨ߩ᳓Ḱߦ߹ߢૐਅߒߡ߈ߚߩߪߥߗߥߩߛࠈ߁߆ޕߪߚߒߡޔㄭᐕߩഭ௛

ಽ㈩₸ߩૐਅߪߤߩࠃ߁ߥⷐ࿃߇ᓇ㗀ߒߡ޿ࠆߩߛࠈ߁߆ޕߎߩⓂߢߪޔߘߩⷐ࿃ߣߒߡࠦ

࡯ࡐ࡟࡯࠻ࠟࡃ࠽ࡦࠬߩᓇ㗀ࠍขࠅ਄ߍߡߺߚ޿ޕ

㧞㧚ഭ௛ಽ㈩₸ߩℂ⺰⊛⢛᥊

ޡᐔᚑ 20 ᐕᐲᐕᰴ⚻ᷣ⽷᡽ႎ๔㧔⚻ᷣ⽷᡽⊕ᦠ㧕ޢߢߪޔㄭᐕߩૐ⪭௑ะߦ޽ࠆഭ௛ಽ

㈩₸ߦߟ޿ߡ㨬િ߮ᖠ߻⾓㊄㨭ߣ޿߁࠲ࠗ࠻࡞ߢಽᨆ߇ⴕࠊࠇߡ޿ࠆޕߘߎߢߪޔㄭᐕߩഭ

௛ಽ㈩₸ߩૐਅߪታ⾰⾓㊄ߩૐਅ߇ਥߚࠆⷐ࿃ߢ޽ࠆߣᜰ៰ߒߡ޿ࠆޕߚߒ߆ߦޔഭ௛ಽ㈩

₸߇㧔㓹↪⠪ႎ㈽㧕¸㧔ઃടଔ୯㧕ߣߒߡቯ⟵ߐࠇࠆߎߣ߆ࠄޔಽሶߣߥࠆታ⾰⾓㊄ߩૐਅ ߪഭ௛ಽ㈩₸ૐਅߦᄢ߈ߊᓇ㗀ߔࠆߣ޿߁ᜰ៰ߪᱜᒰൻߐࠇࠃ߁ޕߣߪ޿߃ޔ⚻ᷣℂ⺰⊛ߦ ߺࠆߣߎߩᜰ៰ߪᔅߕߒ߽ᒰߡߪ߹ࠆߣߪ⸒߃ߥ޿ޕߎߩὐߦߟ޿ߡޔBentolila=Saint-Paul[2002]ߦߒߚ߇ߞߡ◲නߦߺߡߺࠃ߁㨫

㧚ഭ௛ಽ㈩₸ߣ⾗ᧄ↢↥㜞Ყ₸

ߪߓ߼ߦ㨮↢↥㑐ᢙࠍᰴߩࠃ߁ߦࠦࡉ࠳ࠣ࡜ࠬဳߦ․ቯൻߔࠆޕ

Y

_i

F(K

_i

,B

_i

L

_i

)

ߚߛߒ㨮Y ߪ↢↥㜞ޔK ߇⾗ᧄᛩ౉ޔL ߇ഭ௛ᛩ౉ޔB ߪ㧔ഭ௛Ⴧᄢ⊛㧕ᛛⴚㅴᱠޔࠍߘࠇ ߙࠇ␜ߔޕ

ߎߩߣ߈ޔഭ௛ಽ㈩₸㧔

i i

i i

Li pY

L

S w ^㧕ߪޔ

(1) s_Li B_iL_if'(l_i) K_if(l_i)

l_if'(l_i) f(l_i) ߣ᳞߼ࠆߎߣ߇ߢ߈ࠆ㨫ߚߛߒ㨮

i i i

i K

L

l B ^ߢ޽ࠆޕ

(1)ᑼ߇ᚑ┙ߔࠆߩߪޔᰴߩߎߣ߆ࠄߢ޽ࠆ㨫߹ߕޔ↢↥㑐ᢙ߇৻ᰴหᰴߢ޽ࠅޔ෼ⓠ৻ቯ ࠍ઒ቯߒߡ޿ࠆߎߣ߆ࠄޔ

(2) Y_i K_if(B_iL_i

K_i ) K_if(l_i)

ߣᦠ߈឵߃น⢻ߢ޽ࠆޕဋⴧ⁁ᘒߦ߅޿ߡታ⾰⾓㊄ߪ㒢⇇ഭ௛↢↥ᕈߦ╬ߒߊޔ

(3) w_i

p_i B_if'(l_i) ߢ޽ࠆ߆ࠄޔ(3)ᑼߩਔㄝߦ

i i

Y

L ࠍ߆ߌߡޔ(2)ࠍ↪޿ߡᢛℂߔࠆߣ(1)ᑼ߇ዉ಴ߐࠇࠆޕ

߹ߚޔ⾗ᧄ↢↥㜞Ყ₸㧔

i i

i Y

k K ^㧕ߪޔ

(4)

) ( 1

i

i f l

k ߣ⸘▚ߢ߈ࠆޕ

㑐ᢙ f(㨯)߇න⺞ߢ޽ࠆߎߣ߆ࠄޔ(4)ᑼߪ liߣ kiߩ㑆ߦ৻ኻ৻㑐ଥ߇޽ࠆߎߣࠍᗧ๧ߒߡ ߅ࠅޔl_i h(k_i) f¹(1

k_i)ߣᦠߊߎߣ߇ߢ߈ࠆ㨫ߎࠇࠍ(1)ᑼߦઍ౉ߒޔᢛℂߔࠆߣޔ (5) S_L k_ih(k_i)f'(h(k_i))

i

ߣߥࠅޔഭ௛ಽ㈩₸ߪ kiޔߟ߹ࠅ⾗ᧄߣ↢↥㜞ߩᲧ₸ޔߩ㑐ᢙߣߒߡቯ⟵ߐࠇࠆߩߢ޽ࠆ㨫 ߎߩߎߣߪ㨮ഭ௛ಽ㈩₸ߣ⾗ᧄ↢↥㜞Ყ₸ߣߩ㑆ߦߪ޽ࠆ৻ቯߩ㑐ଥ߇޽ࠆߎߣࠍᗧ๧ߔ ࠆޕ߹ߚޔߎߩਔ⠪ߩ㑐ଥߪޔ↢↥㑐ᢙ߇ࠦࡉ࠳ࠣ࡜ࠬဳߢߥߊߣ߽ᚑ┙ߔࠆޕ

ߚߣ߃߫ޔCESဳ↢↥㑐ᢙ (6)

ࠍ೨ឭߣߒߚ႐วߦߪ㨮ഭ௛ಽ㈩₸ߪᰴߩࠃ߁ߦ⸘▚ߢ߈ࠆޕߚߛߒޔᑼਛߩ A ߣ Bޔߘߒ ߡdžߪᛛⴚ⊛ࡄ࡜ࡔ࡯࠲ߢ޽ࠆޕ

(7)

ߐࠄߦޔ⾗ᧄ↢↥㜞Ყ₸ߪޔ

(8)

ߣߥࠆޕ(7)ᑼߣ(8)ᑼ߆ࠄޔᰴߩᑼ߇ᓧࠄࠇࠆޕ (9) S_L 1 D(A_ik_i)^H

i

ߎߎߢ(9)ᑼߦࠃࠇ߫ޔഭ௛ಽ㈩₸ߪ⾗ᧄ↢↥㜞Ყ₸ kiߩන⺞㑐ᢙߣߒߡ⴫ߐࠇࠆ߇ޔჇ ട㑐ᢙߣߥࠆ߆ᷫዋ㑐ᢙߣߥࠆ߆ߪࡄ࡜ࡔ࡯࠲džߦଐሽߔࠆޕ߽ߒഭ௛ߣ⾗ᧄ߇ઍᦧ⊛ߢ޽

ࠇ߫ džߪ⽶ߩ୯ߣߥࠆ߆ࠄޔ(9)ᑼߪkiߩන⺞ᷫዋ㑐ᢙߣߥࠆ㨫ㅒߦޔഭ௛ߣ⾗ᧄ߇⵬ቢ⊛ߢ

޽ࠇ߫ޔ(9)ᑼߪkiߩන⺞Ⴧട㑐ᢙߣߥࠆޕ Y_i

D

A_iK_i

^{H (1}

D

) B_iL_i ^H

^1/H

S_Li (1D)

B_iL_i

^H

D

A_iK_i

^{H (1}D)

B_iL_i

^H

k_i K_i^H

D

A_iK_i

^{H (1}

^D

^{) B}iL_i ^H

§

©¨

¨

·

¹¸

¸

1/H

㧚⚻༡⠪ዻᕈ߿ᩣਥ᭴ᚑޔ⽷ോᚢ⇛ߩᓇ㗀

ߣߎࠈߢޔഭ௛ಽ㈩₸߇⾗ᧄ↢↥㜞Ყ₸ߩන⺞㑐ᢙߢ޽ࠆߣߒߡ߽ޔ⃻ታߩഭ௛ಽ㈩₸

ߪ⾗ᧄ↢↥㜞Ყ₸ߛߌߢߪ⺑᣿ߢ߈ߥ޿ㇱಽ߽޽ࠆޕ(9)ᑼ߇ᓧࠄࠇࠆ೨ឭߪޔታ⾰⾓㊄ߣ ഭ௛ߩ㒢⇇↢↥ᕈ߇৻⥌ߔࠆဋⴧ⁁ᘒ߇ᚑ┙ߔࠆߎߣߢ޽ߞߚ߇ޔߎߩ೨ឭ᧦ઙ߇ᚑ┙ߒߥ

޿႐ว߇⃻ታߦߪ޽ࠆޕߎࠇ߹ߢߦ߽ഭ௛ಽ㈩₸ߦ㑐ߔࠆ⎇ⓥߢᜰ៰ߐࠇߡ߈ߚࠃ߁ߦޔਇ ቢో┹੎Ꮢ႐ߦ߅ߌࠆࡑ࡯ࠢࠕ࠶ࡊ߿ഭ௛⚵วߣߩ੤ᷤޔഭ௛⺞ᢛ⾌↪ߩሽ࿷߇⢛᥊ߣߥߞ ߡޔታ⾰⾓㊄ߣഭ௛ߩ㒢⇇↢↥ᕈ߇৻⥌ߒߥ޿ߎߣ߇↢ߓࠆޕ

એਅߩಽᨆߢ㨮⚻༡⠪ዻᕈ߿ᩣਥ᭴ᚑޔ⽷ോᚢ⇛ߩ㆑޿߇ഭ௛ಽ㈩₸ߦߤ߁ᓇ㗀ߔࠆ߆ߦ

⌕⋡ߔࠆߩߪޔߎࠇࠄⷐ࿃߇⾗ᧄ↢↥㜞Ყ₸ߦᓇ㗀ߔࠆߣ⠨߃ࠄࠇࠆ߆ࠄߢ޽ࠆޕ⚻༡⠪

ዻᕈ߿ᩣਥ᭴ᚑߪഭ௛⚵วߣߩ੤ᷤߦᄢ߈ߊᓇ㗀ߔࠆߣ⠨߃ࠄࠇࠆߒޔ߹ߚ⽷ോᚢ⇛ߪ⋥ធ

⊛ߦ⾗ᧄ᭴ᚑߦᄢ߈ߥᓇ㗀ࠍਈ߃ࠆߛࠈ߁ޕ

޿߹ޔ⚻༡஥ߣഭ௛⠪஥߇㓹↪ߣ⾓㊄ߦߟ޿ߡ੤ᷤࠍⴕ߁⁁ᴫࠍ⠨߃ࠃ߁ޕߎߩߣ߈ᓐ ࠄߪഭ௛ߩ㒢⇇↢↥ᕈ߇ታ⾰ᯏળ⾌↪㧔w

p㧕ߦ╬ߒߊߥࠆࠃ߁ߦޔ㓹↪㊂ࠍ᳿߼ࠃ߁ߣߔ ࠆߛࠈ߁ޕߔߥࠊߜޔ

B_if'(l) w

p

ഭ௛⠪ߩ੤ᷤജ߇ᒝ߹ߞߚ႐วޔ⍴ᦼ⊛ߦഭ௛ಽ㈩₸ߦߘࠇ߇ᓇ㗀ߒߚߣߒߡ߽ޔ㓹↪

᳓Ḱߩᄌᦝࠍ᳞߼ࠆ߹ߢߦߪ⥋ࠄߥ޿ޕߒ߆ߒޔ㐳ᦼ⊛ߦߪ⾗ᧄ㊂ߩᄌൻࠍㅢߓߡޔ㓹↪㊂ ߩᄌൻߦ߽ഭ௛⠪ߩ੤ᷤജߪᓇ㗀ࠍ෸߷ߔߎߣߦߥࠆޕ

ߢߪޔഭ૶ߩ੤ᷤജߪഭ௛ಽ㈩₸ߣ⾗ᧄ↢↥㜞Ყ₸ߦߤߩࠃ߁ߥᓇ㗀ࠍਈ߃ࠆߛࠈ߁߆ޕ න⚐ߥ࠽࠶ࠪࡘ੤ᷤࡕ࠺࡞ߢߪޔ⾓㊄ߪഭ௛ߩᐔဋ↢↥ᕈߣᯏળ⾌↪ߩ੤ᷤജࠍ㊀ߺߣߒߚ ട㊀ᐔဋߦ╬ߒ޿ޕߟ߹ࠅޔ

w

p

T

^Bf(l)

l (1

T

)w

p ߒߚ߇ߞߡޔ

w

p

T

^Bf(l)

l (1

T

)Bf'(l) ߣߥࠆ߆ࠄޔ

s_l

T

(1

T

)lf'(l)

f(l)

T

(1

T

)

K T

(1

T

)g(k)

ߟ߹ࠅޔഭ૶ߩ੤ᷤജߩᄌൻߪഭ௛ಽ㈩₸ߣ⾗ᧄ↢↥㜞Ყ₸ߣߩ㑐ଥࠍࠪࡈ࠻ߐߖࠆߎ ߣࠍᗧ๧ߔࠆޕએਅߩಽᨆߢߪޔഭ૶ߩ੤ᷤജߦᓇ㗀ࠍਈ߃ࠆߣ⠨߃ࠄࠇࠆࠦ࡯ࡐ࡟࡯࠻࡮

ࠟࡃ࠽ࡦࠬᜰᮡࠍ↪޿ߡޔഭ௛ಽ㈩₸ߦߤ߁ᓇ㗀ߒߡ޿ࠆ߆ࠍᬌ⸛ߔࠆޕ

㧟㧚ታ⸽ಽᨆ 㧚ಽᨆᣇᴺ

ഭ௛ಽ㈩₸ߦኻߒߡ⚻༡⠪߿ᩣਥߩዻᕈޔ⾗㊄⺞㆐ᣇᴺ߇ߤߩࠃ߁ߥᓇ㗀ࠍਈ߃ࠆ߆ࠍᬌ

⸛ߔࠆߚ߼ޔએਅߩࠃ߁ߥផቯᑼࠍផ⸘ߔࠆޕ

S

l

D

X

E

C

J P

S ߪഭ௛ಽ㈩₸ޔXߪ⚻༡⠪߿ᩣਥߩዻᕈޔડᬺߩ⽷ോᚢ⇛ߥߤࠍ␜ߔ⺑᣿ᄌᢙޔCߪડ

ᬺዻᕈࠍ⴫ߔ⺑᣿ᄌᢙޔǃߣǫߪផ⸘ߐࠇࠆଥᢙޔǍߪ⺋Ꮕ㗄ߢ޽ࠆޕ

㧚࠺࡯࠲

એਅߩታ⸽ಽᨆߢ↪޿ࠆ࠺࡯࠲ߪޔᰴߩࠃ߁ߦ૞ᚑߒߚޕ

ᓥዻᄌᢙߢ޽ࠆഭ௛ಽ㈩₸ S ߪޔੱઙ⾌㧔ഭോ⾌㧕㧗⑔೑ෘ↢⾌ࠍ⚻Ᏹ೑⋉㧗ੱઙ⾌

㧔ഭോ⾌㧕㧗⑔೑ෘ↢⾌㧗ᡰᛄ޿೑ᕷ࡮ഀᒁᢱߢഀߞߡ᳞߼ߚޕ

⺑᣿ᄌᢙߩ߁ߜޔ⚻༡⠪߿ᩣਥߩዻᕈߦ㑐ߒߡߪ޿ߊߟ߆ߩᄌᢙࠍ૞ᚑߒߚޕ

߹ߕޔ⚻༡⠪ߩዻᕈߣߒߡߪޔࠕࡦࠤ࡯࠻ߩޟ໧ 1ޠߢ⺞ߴߚ࠻࠶ࡊߩዻᕈࠍ೑↪ߒߚޕ

ౕ૕⊛ߦߪ㨬↢߃ᛮ߈㨭ࠍ࡟ࡈࠔ࡟ࡦࠬࠣ࡞࡯ࡊߣߒߡޔ㨬ࠝ࡯࠽࡯㨭࠳ࡒ࡯ޔ㨬ⷫળ␠࡮㑐ㅪ ળ␠಴り㨭ߣ㨬㊄Ⲣᯏ㑐಴り㨭ޔߘߒߡ㨬ᄤਅࠅ㧔ቭ౏ᐡ಴り㧕㨭ࠍวࠊߖߚᄤਅࠅ࠳ࡒ࡯ߢ޽

ࠆ㨫

ᩣਥߩዻᕈߦߟ޿ߡߪޔડᬺߩ⽷ോ࠺࡯࠲߆ࠄޔዻᕈ೎ߩᜬߜᩣᲧ₸ࠍ೑↪ߒߚޕౕ૕

⊛ߦߪޔ㨬㊄Ⲣᯏ㑐ᜬߜᩣᲧ₸㨭ޔ㨬⸽೛ળ␠ᜬߜᩣᲧ₸㨭ޔ㨬ᄖ࿖ੱᩣਥᜬߜᩣᲧ₸㨭ߢ޽ࠆޕ ߥ߅ޔዻᕈ೎ᜬߜᩣᲧ₸ߪว⸘ߔࠆߣ100㧑ߦߥࠆߎߣ߆ࠄޔ⽷ോ࠺࡯࠲ߦ⸥タߐࠇߡ޿ࠆ 㨬୘ੱᩣਥᜬߜᩣᲧ₸㨭ࠍ⺑᣿ᄌᢙߦߪട߃ߡ޿ߥ޿ޕߒߚ߇ߞߡޔ਄⸥ਃߟߩዻᕈ೎ᜬߜ

ᩣᲧ₸ߩផቯߐࠇࠆଥᢙߪޔ୘ੱᩣਥߣᲧセߒߡഭ௛ಽ㈩₸ߦߤ߁ᓇ㗀ߔࠆ߆ࠍ␜ߔߎߣߦ ߥࠆޕ

ዻᕈ೎ߩᜬߜᩣᲧ₸ߣߪ೎ߦޔචᄢᩣਥᜬߜᩣᲧ₸߽⺑᣿ᄌᢙߦട߃ߡ޿ࠆޕߎߩᄌᢙ ߪޔᒰ⹥ડᬺߩᩣਥߩ߁ߜߢᄢᩣਥ߇ߤߩ⒟ᐲᄢ߈ߥᓇ㗀ࠍਈ߃ߡ޿ࠆ߆ࠍ␜ߔޕ

એ਄ߩᜬߜᩣᲧ₸ߪޔߘࠇߙࠇߩᩣਥߩᓇ㗀ജࠍ␜ߔߣ⠨߃ࠄࠇࠆ߇ޔ⹦⚦ߥዻᕈ߹ߢ ߪ␜ߒߡ߅ࠄߕޔᦌᤒߥὐ߽߽ߜࠈࠎ޽ࠆޕ㊄Ⲣᯏ㑐ᜬߜᩣᲧ₸ߩਛߦߪࡔࠗࡦࡃࡦ߽ࠢ౉

ߞߡ޿ࠇ߫ޔߘࠇએᄖߩ㌁ⴕ߽޽ࠆޕ↢଻ߥߤᯏ㑐ᛩ⾗ኅߩ႐ว߽޽ࠇ߫ޔߘࠇએᄖߩ㊄Ⲣ ᯏ㑐߽޽ࠆޕࡔࠗࡦࡃࡦࠢߣߘࠇએᄖޔ޽ࠆ޿ߪᯏ㑐ᛩ⾗ኅߣߘࠇએᄖߢߪޔᩣਥߣߒߡડ

ᬺߦਈ߃ࠆᓇ㗀߽⇣ߥࠆߛࠈ߁ޕ

1

ᧄ᧪ߢ޽ࠇ߫⾗ᧄ߿↢↥㜞ࠍ⺑᣿ᄌᢙߦട߃ߡ߅߈ߚ޿߇ޔ੹࿁ߩಽᨆߢߪ࠺࡯࠲૞ᚑ਄ߩㇺวߢޔߎࠇࠄࠍ

⺑᣿ᄌᢙߣߒߚಽᨆ߇಴᧪ߥ߆ߞߚޕ

ߘߎߢޔࠕࡦࠤ࡯࠻⺞ᩏߩޟ໧ 2ޠࠍ೑↪ߒߡޔડᬺ߇ਥⷰ⊛ߦ⠨߃ࠆ೑ኂ㑐ଥ⠪ߩᓇ㗀 ജࠍ⺑᣿ᄌᢙߣߒߡផቯᑼߦട߃ߡ޿ࠆޕ੹࿁ߩࠕࡦࠤ࡯࠻⺞ᩏߢߪޔ(1)ߎࠇ߹ߢ⚻༡஥

߇㊀ⷞߒߡ߈ߚ೑ኂ㑐ଥ⠪ޔ(2)੹ᓟޔ⚻༡஥߇㊀ⷞߔࠆ೑ኂ㑐ଥ⠪ޔ(3)ߎࠇ߹ߢ⚻༡ߦኻ ߔࠆ⊒⸒ജ߇ᒝ߆ߞߚ೑ኂ㑐ଥ⠪ޔ(4)੹ᓟޔ⚻༡ߦኻߔࠆ⊒⸒ജࠍ߽ߟߣᕁࠊࠇࠆ೑ኂ㑐 ଥ⠪̆̆ߩߘࠇߙࠇߦߟ޿ߡޔ㊀ⷞߒߚ⒟ᐲߩᄢ߈ߥ߽ߩ߆ࠄ㗅ߦ 3 ߟએౝࠍ࿁╵ߒߡ߽

ࠄߞߡ޿ࠆޕએਅߩಽᨆߢߪޔ㗅૏ࠍήⷞߒߡޔ࿁╵ߩ޽ߞߚ೑ኂ㑐ଥ⠪ߔߴߡߦߟ޿ߡ࠳

ࡒ࡯ᄌᢙࠍ૞ᚑߒޔ⺑᣿ᄌᢙߣߒߚޕ

⽷ോᚢ⇛ࠍ␜ߔ⺑᣿ᄌᢙߣߒߡߪޔએਅߢߪᰴߩੑߟߩᄌᢙࠍ૞ᚑߒߚޕ

৻ߟߪޔࠕࡦࠤ࡯࠻⺞ᩏߩޟ໧ 3ޠߢ⺞ߴߡ޿ࠆ⚻༡ᜰᮡߢ޽ࠆޕ੹࿁ߩࠕࡦࠤ࡯࠻ߢߪޔ (1)ߎࠇ߹ߢ㊀ⷞᐲ߇ᦨ߽㜞߆ߞߚ⚻༡ᜰᮡޔ(2)⃻࿷ᦨ߽㊀ⷞߒߡ޿ࠆ⚻༡ᜰᮡޔ(3)੹ᓟޔ ᦨ߽㊀ⷞߒߡ޿߈ߚ޿⚻༡ᜰᮡ̆̆ߩߘࠇߙࠇߦߟ޿ߡޔ(a)ᄁ਄㜞߿Ꮢ႐ࠪࠚࠕߥߤޔⷙ

ᮨߩᚑ㐳ᕈࠍ␜ߔᜰᮡޔ(b)༡ᬺ೑⋉߿⚻Ᏹ೑⋉ߥߤޔ෼⋉ജࠍ␜ߔᜰᮡޔ(c)ROA㧔✚⾗↥

೑⋉₸㧕ߥߤޔ⾗↥ᵴ↪ߩല₸ᕈࠍ␜ߔᜰᮡޔ(d)ROE㧔ᩣਥ⾗ᧄ೑⋉₸㧕ߥߤޔᩣਥ⾗ᧄ ߩല₸ᕈࠍ␜ߔᜰᮡޔ(e)EVA㧔⚻ᷣ⊛ઃടଔ୯㧕߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜

ߔᜰᮡޔ(f)㘈ቴḩ⿷ᐲࠍ␜ߔᜰᮡޔ(g)ߘߩઁ̆̆ߣ޿ߞߚ㗄⋡߆ࠄᦨ߽ᒰߡߪ߹ࠆ߽ߩࠍ

৻ߟㆬᛯߐߖߡ޿ࠆޕផቯᑼߢߪ㨮(a)ᄁ਄㜞߿Ꮢ႐ࠪࠚࠕߥߤޔⷙᮨߩᚑ㐳ᕈࠍ␜ߔᜰᮡࠍ

࡟ࡈࠔ࡟ࡦࠬࠣ࡞࡯ࡊߣߒߡޔߘࠇߙࠇߩ㗄⋡ߩ࠳ࡒ࡯ᄌᢙࠍ૞ᚑߒߚޕ

߽߁৻ߟߩᄌᢙߪޔࠕࡦࠤ࡯࠻⺞ᩏߩޟ໧ 4ޠࠍ↪޿ߚޕ੹࿁ߩࠕࡦࠤ࡯࠻ߢߪޔ(a)㌁

ⴕ୫ࠅ౉ࠇ߆ࠄ␠ௌ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴޔ(b)㌁ⴕ୫ࠅ౉ࠇ߆ࠄᩣᑼ⊒ⴕ߳ߩಾࠅᦧ߃ଦ ㅴޔ(c)㕖ല₸ߥᜬߜว޿ᩣߩ⸃ᶖߩଦㅴޔ(d)቟ቯᩣਥߩ⏕଻ޔ(e)⥄Ꮖᩣᶖළߩଦㅴޔ(f)⾗

↥ᵹേൻߩଦㅴޔ(g)⃻㊄ᕈ⾗↥ࠍዋߥ߼ߦߔࠆޔ(h)㈩ᒰᕈะࠍ㜞߼ࠆ̆̆ߣ޿ߞߚ㗄⋡ߦ ߟ޿ߡޔ(1)ᦨㄭ 5 ᐕ㑆ߩታ❣ߩ᦭ήߣ(2)੹ᓟߩขࠅ⚵ߺ੍ቯߩ᦭ήߦߟ޿ߡޟ޽ࠆޠ߆ ޟߥ޿ޠ߆ࠍ⸙޿ߡ޿ࠆޕએਅߩಽᨆߢߪޔฦ㗄⋡ߦߟ޿ߡ㨬޽ࠆ㨭႐วߩ࠳ࡒ࡯ᄌᢙࠍ૞

ᚑߒߡޔ⺑᣿ᄌᢙߣߒߡ޿ࠆޕ

߹ߚޔ⺑᣿ᄌᢙߦߪޔડᬺዻᕈࠍ␜ߔᄌᢙߣߒߡ↥ᬺ߿ഭ⚵ߩ᦭ήࠍട߃ߡ޿ࠆޕ એ਄ߢ⺑᣿ߒߚᄌᢙߩၮᧄ⛔⸘㊂ߪ⴫1ߩㅢࠅߢ޽ࠆޕ

ߎߎߢ㨮⧯ᐓߢ޽ࠆ߇ޔഭ௛ಽ㈩₸ߦߟ޿ߡ⺑᣿ࠍട߃ߡ߅߈ߚ޿ޕഭ௛ಽ㈩₸ߪ 0 ߣ 1 ߩ㑆ߩታᢙࠍߣࠆߩ߇৻⥸⊛ߢ޽ࠆޕߒ߆ߒߥ߇ࠄޔ⚻Ᏹ೑⋉߇⿒ሼߦߥߞߚ႐วߦߪޔ⽶

୯߿ 1 ࠃࠅᄢ߈ߥ୯ࠍߣࠆߎߣ߇޽ࠆޕ⴫ 1 ߢഭ௛ಽ㈩₸߇⽶୯߿ 1 ࠍߣߞߡ޿ࠆߩߪޔ

⚻Ᏹ೑⋉߇⿒ሼߢޔߘߩᦼߩᄁ਄ࠍ਄࿁ࠆഭോ⾌↪ࠍડᬺ߇ᡰᛄߞߡ޿ࠆ߆ࠄߢ޽ࠆޕ

ࠨࡦࡊ࡞ᢙ ᐔဋ ᮡḰ஍Ꮕ ᦨᄢ୯ ᦨዊ୯

ഭ௛ಽ㈩₸

ഭ௛ಽ㈩₸㧔ኻᢙ㧕

㊄Ⲣᯏ㑐ᜬߜᩣᲧ₸

⸽೛ળ␠ᜬߜᩣᲧ₸

ᄖ࿖ੱᩣਥᜬߜᩣᲧ₸

චᄢᩣਥᜬߜᩣᲧ₸

⚻༡࠻࠶ࡊߩዻᕈ

ޓࠝ࡯࠽࡯

ޓ↢߃ᛮ߈

ޓⷫળ␠࡮㑐ㅪળ␠಴りޔ㊄Ⲣᯏ㑐಴りޔቭ౏ᐡ

಴りޔߘߩઁ

↥ᬺ࠳ࡒ࡯

ޓᑪ⸳ᬺ

ޓ⵾ㅧᬺ

ޓ㔚᳇࡮ࠟࠬ࡮ᾲଏ⛎࡮᳓㆏ᬺ

ޓ෈ᄁᬺ

ޓዊᄁᬺ

ޓ㘶㘩ᐫ࡮ኋᴱᬺ

ޓㆇャᬺ

ޓᖱႎ࡮ㅢାᬺ

ޓ㊄Ⲣ࡮଻㒾ᬺ

ޓਇേ↥ᬺ

ޓࠨ࡯ࡆࠬᬺ

ഭ௛⚵ว޽ࠅ

ᐕ࠳ࡒ࡯

⚻༡஥߇㊀ⷞߒߡ߈ߚ೑ኂ㑐ଥ⠪

ޓ㘈ቴ㧔ᶖ⾌⠪㧕ޓ

ޓᓥᬺຬ

ޓ୘ੱᛩ⾗ኅ

ޓᯏ㑐ᛩ⾗ኅ

ޓขᒁవ㌁ⴕ

ޓขᒁవડᬺ

ޓࠣ࡞࡯ࡊડᬺ

ޓߘߩઁ

⚻༡஥߇੹ᓟ㊀ⷞߔࠆ೑ኂ㑐ଥ⠪

ޓ㘈ቴ㧔ᶖ⾌⠪㧕ޓ

ޓᓥᬺຬ

ޓ୘ੱᛩ⾗ኅ

ޓᯏ㑐ᛩ⾗ኅ

ޓขᒁవ㌁ⴕ

ޓขᒁవડᬺ

ޓࠣ࡞࡯ࡊડᬺ

ޓߘߩઁ

⊒⸒ജ߇ᒝ߆ߞߚ೑ኂ㑐ଥ⠪

ޓ㘈ቴ㧔ᶖ⾌⠪㧕ޓ

ޓᓥᬺຬ

ޓ୘ੱᛩ⾗ኅ

ޓᯏ㑐ᛩ⾗ኅ

ޓขᒁవ㌁ⴕ

ޓขᒁవડᬺ

ޓࠣ࡞࡯ࡊડᬺ

ޓߘߩઁ

੹ᓟ⊒⸒ജ߇ᒝ߹ࠆ೑ኂ㑐ଥ⠪

ޓ㘈ቴ㧔ᶖ⾌⠪㧕ޓ

ޓᓥᬺຬ

ޓ୘ੱᛩ⾗ኅ

ޓᯏ㑐ᛩ⾗ኅ

ޓขᒁవ㌁ⴕ

ޓขᒁవડᬺ

ޓࠣ࡞࡯ࡊડᬺ

ޓߘߩઁ

ߎࠇ߹ߢ㊀ⷞߒߡ߈ߚ⚻༡ᜰᮡ

ᜰᮡ

ޓ༡ᬺ೑⋉߿⚻Ᏹ೑⋉ߥߤޔ෼⋉ജࠍ␜ߔᜰᮡ

ޓ41#ߥߤޔ⾗↥ᵴ↪ߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ41'ߥߤޔᩣਥ⾗ᧄߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ'8#߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜ߔ

ᜰᮡ߅ࠃ߮㘈ቴḩ⿷ᐲࠍ␜ߔᜰᮡ

⃻࿷㊀ⷞߒߡ޿ࠆ⚻༡ᜰᮡ

ޓᄁ਄㜞߿Ꮢ႐ࠪࠚࠕߥߤޔⷙᮨߩᚑ㐳ᕈࠍ␜ߔ ޓ༡ᬺ೑⋉߿⚻Ᏹ೑⋉ߥߤޔ෼⋉ജࠍ␜ߔᜰᮡ

ޓ41#ߥߤޔ⾗↥ᵴ↪ߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ41'ߥߤޔᩣਥ⾗ᧄߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ'8#߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜ߔ

ᜰᮡ߅ࠃ߮㘈ቴḩ⿷ᐲࠍ␜ߔᜰᮡ

੹ᓟ㊀ⷞߔࠆ⚻༡ᜰᮡ

ᜰᮡ

ޓ༡ᬺ೑⋉߿⚻Ᏹ೑⋉ߥߤޔ෼⋉ജࠍ␜ߔᜰᮡ

ޓ41#ߥߤޔ⾗↥ᵴ↪ߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ41'ߥߤޔᩣਥ⾗ᧄߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ'8#߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜ߔ

ᜰᮡ߅ࠃ߮㘈ቴḩ⿷ᐲࠍ␜ߔᜰᮡ

ᦨㄭᐕ㑆ߦታᣉߒߚ⽷ോᚢ⇛

ޓ㌁ⴕ୫ࠅ౉ࠇ߆ࠄ␠ௌ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ ޓ㌁ⴕ୫ࠅ౉ࠇ߆ࠄᩣᑼ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ ޓ㕖ല₸ߥᜬߜว޿ᩣߩ⸃ᶖߩଦㅴ

ޓ቟ቯᩣਥߩ⏕଻

ޓ⥄Ꮖᩣᶖළߩଦㅴ

ޓ⾗↥ᵹേൻߩଦㅴ

ޓ⃻㊄ᕈ⾗↥ࠍዋߥ߼ߦߔࠆ

ޓ㈩ᒰᕈะࠍ㜞߼ࠆ

੹ᓟታᣉ੍ቯߩ⽷ോᚢ⇛

ޓ㌁ⴕ୫ࠅ౉ࠇ߆ࠄ␠ௌ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ ޓ㌁ⴕ୫ࠅ౉ࠇ߆ࠄᩣᑼ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ ޓ㕖ല₸ߥᜬߜว޿ᩣߩ⸃ᶖߩଦㅴ

ޓ቟ቯᩣਥߩ⏕଻

ޓ⥄Ꮖᩣᶖළߩଦㅴ

ޓ⾗↥ᵹേൻߩଦㅴ

ޓ⃻㊄ᕈ⾗↥ࠍዋߥ߼ߦߔࠆ

ޓ㈩ᒰᕈะࠍ㜞߼ࠆ

⴫ ၮᧄ⛔⸘㊂

ࠨࡦࡊ࡞ᢙ ᐔဋ ᮡḰ஍Ꮕ ᦨᄢ୯ ᦨዊ୯

ഭ௛ಽ㈩₸

ഭ௛ಽ㈩₸㧔ኻᢙ㧕

㊄Ⲣᯏ㑐ᜬߜᩣᲧ₸

⸽೛ળ␠ᜬߜᩣᲧ₸

ᄖ࿖ੱᩣਥᜬߜᩣᲧ₸

චᄢᩣਥᜬߜᩣᲧ₸

⚻༡࠻࠶ࡊߩዻᕈ

ޓࠝ࡯࠽࡯

ޓ↢߃ᛮ߈

ޓⷫળ␠࡮㑐ㅪળ␠಴りޔ㊄Ⲣᯏ㑐಴りޔቭ౏ᐡ಴

りޔߘߩઁ

↥ᬺ࠳ࡒ࡯

ޓᑪ⸳ᬺ

ޓ⵾ㅧᬺ

ޓ㔚᳇࡮ࠟࠬ࡮ᾲଏ⛎࡮᳓㆏ᬺ

ޓ෈ᄁᬺ

ޓዊᄁᬺ

ޓ㘶㘩ᐫ࡮ኋᴱᬺ

ޓㆇャᬺ

ޓᖱႎ࡮ㅢାᬺ

ޓ㊄Ⲣ࡮଻㒾ᬺ

ޓਇേ↥ᬺ

ޓࠨ࡯ࡆࠬᬺ

ഭ௛⚵ว޽ࠅ

ᐕ࠳ࡒ࡯

⚻༡஥߇㊀ⷞߒߡ߈ߚ೑ኂ㑐ଥ⠪

ޓ㘈ቴ㧔ᶖ⾌⠪㧕ޓ

ޓᓥᬺຬ

ޓ୘ੱᛩ⾗ኅ

ޓᯏ㑐ᛩ⾗ኅ

ޓขᒁవ㌁ⴕ

ޓขᒁవડᬺ

ޓࠣ࡞࡯ࡊડᬺ

ޓߘߩઁ

⚻༡஥߇੹ᓟ㊀ⷞߔࠆ೑ኂ㑐ଥ⠪

ޓ㘈ቴ㧔ᶖ⾌⠪㧕ޓ

ޓᓥᬺຬ

ޓ୘ੱᛩ⾗ኅ

ޓᯏ㑐ᛩ⾗ኅ

ޓขᒁవ㌁ⴕ

ޓขᒁవડᬺ

ޓࠣ࡞࡯ࡊડᬺ

ޓߘߩઁ

⊒⸒ജ߇ᒝ߆ߞߚ೑ኂ㑐ଥ⠪

ޓ㘈ቴ㧔ᶖ⾌⠪㧕ޓ

ޓᓥᬺຬ

ޓ୘ੱᛩ⾗ኅ

ޓᯏ㑐ᛩ⾗ኅ

ޓขᒁవ㌁ⴕ

ޓขᒁవડᬺ

ޓࠣ࡞࡯ࡊડᬺ

ޓߘߩઁ

੹ᓟ⊒⸒ജ߇ᒝ߹ࠆ೑ኂ㑐ଥ⠪

ޓ㘈ቴ㧔ᶖ⾌⠪㧕ޓ

ޓᓥᬺຬ

ޓ୘ੱᛩ⾗ኅ

ޓᯏ㑐ᛩ⾗ኅ

ޓขᒁవ㌁ⴕ

ޓขᒁవડᬺ

ޓࠣ࡞࡯ࡊડᬺ

ޓߘߩઁ

ߎࠇ߹ߢ㊀ⷞߒߡ߈ߚ⚻༡ᜰᮡ

ޓᄁ਄㜞߿Ꮢ႐ࠪࠚࠕߥߤޔⷙᮨߩᚑ㐳ᕈࠍ␜ߔᜰᮡ

ޓ༡ᬺ೑⋉߿⚻Ᏹ೑⋉ߥߤޔ෼⋉ജࠍ␜ߔᜰᮡ

ޓ41#ߥߤޔ⾗↥ᵴ↪ߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ41'ߥߤޔᩣਥ⾗ᧄߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ'8#߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜ߔᜰᮡ

߅ࠃ߮㘈ቴḩ⿷ᐲࠍ␜ߔᜰᮡ

⃻࿷㊀ⷞߒߡ޿ࠆ⚻༡ᜰᮡ

ޓᄁ਄㜞߿Ꮢ႐ࠪࠚࠕߥߤޔⷙᮨߩᚑ㐳ᕈࠍ␜ߔᜰᮡ

ޓ༡ᬺ೑⋉߿⚻Ᏹ೑⋉ߥߤޔ෼⋉ജࠍ␜ߔᜰᮡ

ޓ41#ߥߤޔ⾗↥ᵴ↪ߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ41'ߥߤޔᩣਥ⾗ᧄߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ'8#߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜ߔᜰᮡ

߅ࠃ߮㘈ቴḩ⿷ᐲࠍ␜ߔᜰᮡ

੹ᓟ㊀ⷞߔࠆ⚻༡ᜰᮡ

ޓᄁ਄㜞߿Ꮢ႐ࠪࠚࠕߥߤޔⷙᮨߩᚑ㐳ᕈࠍ␜ߔᜰᮡ

ޓ༡ᬺ೑⋉߿⚻Ᏹ೑⋉ߥߤޔ෼⋉ജࠍ␜ߔᜰᮡ

ޓ41#ߥߤޔ⾗↥ᵴ↪ߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ41'ߥߤޔᩣਥ⾗ᧄߩല₸ᕈࠍ␜ߔᜰᮡ

ޓ'8#߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜ߔᜰᮡ

߅ࠃ߮㘈ቴḩ⿷ᐲࠍ␜ߔᜰᮡ

ᦨㄭᐕ㑆ߦታᣉߒߚ⽷ോᚢ⇛

ޓ㌁ⴕ୫ࠅ౉ࠇ߆ࠄ␠ௌ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ ޓ㌁ⴕ୫ࠅ౉ࠇ߆ࠄᩣᑼ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ ޓ㕖ല₸ߥᜬߜว޿ᩣߩ⸃ᶖߩଦㅴ

ޓ቟ቯᩣਥߩ⏕଻

ޓ⥄Ꮖᩣᶖළߩଦㅴ

ޓ⾗↥ᵹേൻߩଦㅴ

ޓ⃻㊄ᕈ⾗↥ࠍዋߥ߼ߦߔࠆ

ޓ㈩ᒰᕈะࠍ㜞߼ࠆ

੹ᓟታᣉ੍ቯߩ⽷ോᚢ⇛

ޓ㌁ⴕ୫ࠅ౉ࠇ߆ࠄ␠ௌ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ ޓ㌁ⴕ୫ࠅ౉ࠇ߆ࠄᩣᑼ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ ޓ㕖ല₸ߥᜬߜว޿ᩣߩ⸃ᶖߩଦㅴ

ޓ቟ቯᩣਥߩ⏕଻

ޓ⥄Ꮖᩣᶖළߩଦㅴ

ޓ⾗↥ᵹേൻߩଦㅴ

ޓ⃻㊄ᕈ⾗↥ࠍዋߥ߼ߦߔࠆ

ޓ㈩ᒰᕈะࠍ㜞߼ࠆ

⴫ޓၮᧄ⛔⸘㊂

㧚ಽᨆ⚿ᨐ

ᩣਥ᭴ᚑߣߩ㑐ଥ

⴫ 2 ߪᩣਥ᭴ᚑ߇ഭ௛ಽ㈩₸ߦኻߒߡߤߩࠃ߁ߥᓇ㗀ࠍਈ߃ߡ޿ࠆ߆ࠍߺߚ߽ߩߢ޽ࠆޕ ߎࠇ߹ߢߩ⎇ⓥߢߪޔ㌁ⴕߥߤߩ㊄Ⲣᯏ㑐ᜬߜᩣᲧ₸߇㜞޿ߎߣ߇ޔᩣᑼߩᜬߜว޿߿

ࡔࠗࡦࡃࡦࠢ࡮ࠪࠬ࠹ࡓߥߤߦࠃߞߡޔડᬺ߇ᣣᧄ⊛⚻༡߿ᣣᧄ⊛㓹↪ᘠⴕߩ⛽ᜬߦ⽸₂ߒ ߡ߈ߚߣߐࠇߡ޿ࠆޕ৻ᣇޔᄖ࿖ੱᩣਥᜬߜᩣᲧ₸߇㜞޿ߎߣߪޔᣣᧄ⊛⚻༡߿ᣣᧄ⊛㓹↪

ᘠⴕߩ⛽ᜬߦߪࡑࠗ࠽ࠬߩᓇ㗀߇޽ࠆߣ޿ࠊࠇߡ޿ࠆޕ

੹࿁ߩಽᨆ⚿ᨐߦࠃࠆߣޔ㊄Ⲣᯏ㑐ᜬߜᩣᲧ₸ߣᄖ࿖ੱᩣਥᜬߜᩣᲧ₸ߪഭ௛ಽ㈩₸ߦ ኻߒߡࡑࠗ࠽ࠬߩᓇ㗀ࠍਈ߃ߡ޿ࠆޕࠃࠅᱜ⏕ߦߪޔ㊄Ⲣᯏ㑐߿ᄖ࿖ੱᩣਥߩᜬߜᩣᲧ₸߇ 㜞޿ડᬺ߶ߤޔห⒟ᐲߩ୘ੱᜬߜᩣᲧ₸ߩડᬺߣᲧߴߡޔഭ௛ಽ㈩₸ߪࠃࠅૐߊߥࠆޕߐࠄ ߦޔ㊄Ⲣᯏ㑐ߣᄖ࿖ੱᜬߜᩣᲧ₸ߩផ⸘ߐࠇߚଥᢙࠍᲧセߔࠆߣޔᄖ࿖ੱᩣਥᜬߜᩣᲧ₸ߩ ଥᢙߩ߶߁߇ᄢ߈޿ߎߣ߆ࠄޔഭ௛ಽ㈩₸ߦਈ߃ࠆᓇ㗀ߪᄖ࿖ੱᩣਥߩ߶߁߇ࠃࠅᒝ޿ޕߟ

߹ࠅޔഭ௛ಽ㈩₸ߩ᳓Ḱߦ㑐ߒߡ㊄Ⲣᯏ㑐ߣᄖ࿖ੱᩣਥ߇⚻༡⠪ߩⷙᓞઃߌࠍⴕߞߡ޿ࠆߎ ߣࠍએ਄ߩ⚿ᨐߪ␜ໂߒޔߣࠅࠊߌᄖ࿖ੱᩣਥߩⷙᓞઃߌߦࠃࠆᓇ㗀ߪᒝ޿ߎߣࠍ␜ໂߒߡ

޿ࠆޕ

߹ߚޔචᄢᩣਥᜬߜᩣᲧ₸ߦ㑐ߒߡߪޔ⚻༡⠪ߩዻᕈࠍ␜ߔ࠳ࡒ࡯ᄌᢙࠍ⺑᣿ᄌᢙߦട ߃ࠆߣޔ⛔⸘⊛ߦ᦭ᗧߥࡑࠗ࠽ࠬߩ୯߇ផቯߐࠇࠆࠃ߁ߦߥߞߚ㧔⴫ 2 ߩ(2)ᑼ㧕ޕߎߩ⚿

ᨐߪޔචᄢᩣਥᜬߜᩣᲧ₸ߩ㜞޿ડᬺ߶ߤഭ௛ಽ㈩₸ࠍૐߊߔࠆ௑ะߦ޽ࠆ߇ޔߘࠇߪ⚻༡

⠪ߩዻᕈߦᓇ㗀ߐࠇࠆߣ޿߁ߎߣߢ޽ࠆޕ⴫ 3 ߪߎࠇࠍ⏕߆߼ࠆߚ߼ߦޔ⴫ 2 ߩផቯᑼߦ

⚻༡⠪ߩዻᕈߣᩣਥᜬߜᩣᲧ₸ߣߩ੤Ꮕ㗄ࠍ⺑᣿ᄌᢙߦട߃ߡផቯߒߚ⚿ᨐߢ޽ࠆޕߎߩ⚿

ᨐߦࠃࠆߣޔ⚻༡⠪߇ࠝ࡯࠽࡯ߩ႐วߩචᄢᩣਥᜬߜᩣᲧ₸ߣޔ⚻༡⠪߇ᄤਅࠅߩ႐วߩච ᄢᩣਥᜬߜᩣᲧ₸ߪޔ⛔⸘⊛ߦ᦭ᗧߥࡑࠗ࠽ࠬߩ୯߇ផቯߐࠇߡ޿ࠆޕߟ߹ࠅޔࠝ࡯࠽࡯⚻

༡⠪ߩડᬺߢߪࠝ࡯࠽࡯㧔ߣߘߩ㑐ଥ⠪㧕ߩᜬߜᩣᲧ₸߇㜞ߊߥࠆ߶ߤޔߘߒߡᄤਅࠅ⚻༡

⠪ߩડᬺߢߪ⚻༡⠪ߩ಴りડᬺ߿಴り࿅૕ޔ޽ࠆ޿ߪߘߩ㑐ଥળ␠ߩᜬߜᩣᲧ₸߇㜞߹ࠆ߶

ߤޔഭ௛ಽ㈩₸ߦ㑐ߒߡߩⷙᓞઃߌ߇ᒝ߹ࠆߣ⠨߃ࠄࠇࠆޕ

ᩣਥ᭴ᚑ߇ഭ௛ಽ㈩₸ߦᓇ㗀ߒߡ޿ࠆ৻ᣇߢޔࠬ࠹࡯ࠢࡎ࡞࠳࡯ߩ৻ੱߢ޽ࠆഭ௛⚵ว ߪഭ௛ಽ㈩₸ߦኻߒߡߤߩࠃ߁ߦᓇ㗀ߒߡ޿ࠆߛࠈ߁߆ޕ⴫ 2 ߩ⚿ᨐߦࠃࠇ߫ޔഭ௛⚵ว ߪഭ௛ಽ㈩₸ߦኻߒߡ⛔⸘⊛ߦ᦭ᗧߥࡊ࡜ࠬߩᓇ㗀ࠍਈ߃ߡ߅ࠅޔഭ௛⚵วߩ޽ࠆડᬺߢഭ

௛ಽ㈩₸߇㜞޿ߎߣࠍ␜ໂߔࠆޕ

㩿㪈㪀 㩿㪉㪀

㊄Ⲣᯏ㑐ᜬ䈤ᩣᲧ₸ 㪄㪇㪅㪐㪋㪍㪌㪎㪁㪁 㪄㪇㪅㪏㪇㪎㪉㪋㪁㪁 _{㊄Ⲣᯏ㑐ᜬ䈤ᩣᲧ₸} 㪄㪇㪅㪌㪉㪎㪌㪐

㩿㪇㪅㪊㪎㪈㪊㪎㪀 㩿㪇㪅㪊㪎㪋㪎㪈㪀 㩿㪇㪅㪋㪏㪎㪋㪉㪀

⸽೛ળ␠ᜬ䈤ᩣᲧ₸ 㪄㪊㪅㪋㪏㪋㪌㪎 㪄㪊㪅㪌㪉㪐㪏㪍 _{⸽೛ળ␠ᜬ䈤ᩣᲧ₸} 㪄㪋㪅㪌㪇㪊㪈㪐

㩿㪉㪅㪉㪍㪊㪈㪇㪀 㩿㪉㪅㪉㪎㪊㪐㪊㪀 㩿㪊㪅㪎㪐㪎㪍㪇㪀

ᄖ࿖ੱᜬ䈤ᩣᲧ₸ 㪄㪊㪅㪈㪋㪈㪏㪌㪁㪁㪁 㪄㪊㪅㪇㪏㪏㪉㪋㪁㪁㪁 _{ᄖ࿖ੱᜬ䈤ᩣᲧ₸} 㪄㪊㪅㪊㪉㪐㪐㪇㪁㪁㪁

㩿㪇㪅㪋㪇㪍㪋㪈㪀 㩿㪇㪅㪋㪇㪍㪐㪏㪀 㪄㪇㪅㪌㪌㪇㪐㪌

චᄢᩣਥᜬ䈤ᩣᲧ₸ 㪄㪇㪅㪊㪏㪏㪊㪍 㪄㪇㪅㪍㪈㪈㪇㪋㪁 _{චᄢᩣਥᜬ䈤ᩣᲧ₸} 㪇㪅㪋㪎㪋㪐㪐

㩿㪇㪅㪊㪉㪌㪍㪍㪀 㩿㪇㪅㪊㪊㪐㪇㪋㪀 㩿㪇㪅㪋㪐㪌㪏㪎㪀

ᑪ⸳ᬺ 㪇㪅㪍㪇㪇㪇㪈㪁㪁㪁 㪇㪅㪌㪐㪊㪎㪍㪁㪁㪁 ⚻༡⠪䋽䉥䊷䊅䊷 㪈㪅㪊㪐㪈㪐㪇㪁㪁㪁

㩿㪇㪅㪈㪋㪇㪎㪌㪀 㩿㪇㪅㪈㪋㪇㪌㪈㪀 㩿㪇㪅㪌㪉㪏㪈㪉㪀

㔚᳇䊶䉧䉴䊶ᾲଏ⛎䊶᳓㆏ᬺ 㪄㪇㪅㪏㪎㪐㪋㪋㪁㪁㪁 㪄㪇㪅㪏㪈㪏㪊㪉㪁㪁㪁 㬍 ㊄Ⲣᯏ㑐ᜬ䈤ᩣᲧ₸ 㪄㪈㪅㪊㪉㪊㪋

㩿㪇㪅㪉㪍㪇㪍㪎㪀 㩿㪇㪅㪉㪍㪈㪍㪐㪀 㩿㪇㪅㪏㪐㪇㪎㪈㪀

෈ᄁᬺ 㪄㪇㪅㪉㪌㪎㪏㪊㪁 㪄㪇㪅㪉㪌㪈㪈㪉㪁 䇭㬍䇭⸽೛ળ␠ᜬ䈤ᩣᲧ₸ 㪈㪅㪇㪍㪉㪎㪈

㩿㪇㪅㪈㪊㪊㪉㪎㪀 㩿㪇㪅㪈㪊㪉㪐㪊㪀 㩿㪎㪅㪍㪍㪇㪌㪏㪀

ዊᄁᬺ 㪄㪇㪅㪈㪉㪊㪍㪍 㪄㪇㪅㪈㪊㪎㪌㪊 䇭㬍䇭ᄖ࿖ੱᜬ䈤ᩣᲧ₸ 㪄㪇㪅㪌㪍㪏㪌㪌

㩿㪇㪅㪈㪎㪉㪌㪇㪀 㩿㪇㪅㪈㪎㪉㪊㪏㪀 㩿㪈㪅㪇㪈㪈㪊㪌㪀

㘶㘩ᐫ䊶ኋᴱᬺ 㪇㪅㪋㪊㪏㪐㪈 㪇㪅㪊㪍㪈㪐㪉 䇭㬍䇭චᄢᩣਥᜬ䈤ᩣᲧ₸ 㪄㪈㪅㪐㪎㪋㪐㪇㪁㪁

㩿㪇㪅㪍㪏㪍㪐㪏㪀 㩿㪇㪅㪍㪏㪌㪌㪐㪀 㩿㪇㪅㪏㪈㪎㪎㪉㪀

ㆇャᬺ 㪇㪅㪇㪊㪌㪌㪈 㪇㪅㪇㪋㪌㪈㪎 ⚻༡⠪䋽ᄤਅ䉍 㪈㪅㪈㪇㪎㪉㪏㪁

㩿㪇㪅㪉㪇㪎㪈㪏㪀 㩿㪇㪅㪉㪇㪍㪎㪌㪀 㩿㪇㪅㪌㪏㪉㪊㪍㪀

ᖱႎ䊶ㅢାᬺ 㪇㪅㪍㪇㪍㪉㪉 㪇㪅㪌㪋㪊㪇㪈 䇭㬍䇭㊄Ⲣᯏ㑐ᜬ䈤ᩣᲧ₸ 㪄㪇㪅㪋㪌㪉㪌㪈

㩿㪇㪅㪋㪇㪌㪉㪎㪀 㩿㪇㪅㪋㪇㪋㪐㪉㪀 㩿㪇㪅㪐㪎㪇㪎㪏㪀

㊄Ⲣ䊶଻㒾ᬺ 㪄㪈㪅㪈㪌㪉㪋㪐㪁㪁㪁 㪄㪈㪅㪉㪌㪍㪎㪎㪁㪁㪁 䇭㬍䇭⸽೛ળ␠ᜬ䈤ᩣᲧ₸ 㪇㪅㪏㪌㪏㪈㪉

㩿㪇㪅㪊㪇㪌㪍㪈㪀 㩿㪇㪅㪊㪇㪎㪍㪏㪀 㩿㪋㪅㪏㪐㪇㪋㪋㪀

ਇേ↥ᬺ 㪄㪈㪅㪈㪎㪇㪌㪈㪁㪁㪁 㪄㪈㪅㪈㪋㪉㪍㪏㪁㪁㪁 䇭㬍䇭ᄖ࿖ੱᜬ䈤ᩣᲧ₸ 㪈㪅㪏㪋㪍㪉㪈㪁

㩿㪇㪅㪊㪈㪇㪏㪌㪀 㩿㪇㪅㪊㪈㪇㪇㪍㪀 㩿㪇㪅㪐㪍㪋㪎㪉㪀

䉰䊷䊎䉴ᬺ 㪇㪅㪈㪉㪌㪈㪏 㪇㪅㪈㪈㪎㪐㪉 䇭㬍䇭චᄢᩣਥᜬ䈤ᩣᲧ₸ 㪄㪈㪅㪐㪊㪏㪋㪐㪁㪁

㩿㪇㪅㪈㪎㪈㪌㪍㪀 㩿㪇㪅㪈㪎㪈㪇㪉㪀 㩿㪇㪅㪏㪊㪍㪊㪇㪀

ഭ௛⚵ว䈅䉍ડᬺ 㪇㪅㪋㪊㪌㪌㪋㪁㪁㪁 㪇㪅㪋㪈㪏㪋㪏㪁㪁㪁 ഭ௛⚵ว䈅䉍ડᬺ 㪇㪅㪋㪉㪉㪎㪈㪁㪁㪁

㩿㪇㪅㪈㪇㪋㪋㪇㪀 㩿㪇㪅㪈㪇㪎㪐㪊㪀 㩿㪇㪅㪈㪇㪏㪋㪋㪀

⚻༡⠪䋽䉥䊷䊅䊷 㪇㪅㪈㪋㪍㪍㪈 㪉㪇㪇㪎䉻䊚䊷 㪄㪇㪅㪈㪎㪎㪋㪏㪁㪁

㩿㪇㪅㪈㪇㪊㪉㪉㪀 㩿㪇㪅㪇㪏㪊㪎㪊㪀

⚻༡⠪䋽ᄤਅ䉍 㪇㪅㪉㪍㪉㪉㪋㪁㪁 ቯᢙ㗄 㪇㪅㪏㪍㪐㪌㪏㪁㪁㪁

㩿㪇㪅㪈㪈㪉㪇㪐㪀 㩿㪇㪅㪊㪈㪉㪈㪈㪀

㪉㪇㪇㪎䉻䊚䊷 㪄㪇㪅㪈㪎㪍㪉㪇㪁㪁 㪄㪇㪅㪈㪍㪐㪌㪏㪁㪁 㪦㪹㫊㪼㫉㫍㪸㫋㫀㫆㫅㫊 㪌㪏㪎

㩿㪇㪅㪇㪏㪋㪋㪍㪀 㩿㪇㪅㪇㪏㪋㪉㪊㪀 㪘㪻㫁㫌㫊㫋㪼㪻㩷㪩㪄㫊㫈㫌㪸㫉㪼㪻 㪇㪅㪉㪍㪉

ቯᢙ㗄 㪈㪅㪊㪏㪊㪎㪈㪁㪁㪁 㪈㪅㪊㪌㪊㪏㪇㪁㪁㪁 ᵈ㪈㪀᜝ᒐౝ䈲ᮡḰ⺋Ꮕ䇯

㩿㪇㪅㪉㪋㪉㪇㪍㪀 㩿㪇㪅㪉㪋㪏㪌㪊㪀

㪦㪹㫊㪼㫉㫍㪸㫋㫀㫆㫅㫊 㪌㪏㪎 㪌㪏㪎

㪘㪻㫁㫌㫊㫋㪼㪻㩷㪩㪄㫊㫈㫌㪸㫉㪼㪻 㪇㪅㪉㪋㪋 㪇㪅㪉㪋㪐

ᵈ㪈㪀᜝ᒐౝ䈲ᮡḰ⺋Ꮕ䇯

ᵈ㪊㪀↥ᬺ䉻䊚䊷䈱䊧䊐䉜䊧䊮䉴䈲⵾ㅧᬺ䇯

⴫

⴫㪉㪉 䇭䇭 ᩣᩣਥਥ᭴᭴ᚑᚑ䈫䈫ಽಽ㈩㈩₸₸ ⴫⴫㪊㪊 䇭䇭 ⚻⚻༡༡⠪⠪䈱䈱ዻዻᕈᕈ䈱䈱㆑㆑䈇䈇䈮䈮䉋䉋䉎䉎ᩣᩣਥਥ᭴᭴ᚑᚑ䈫䈫ಽಽ㈩㈩₸₸

ᵈ㪉㪀㩷㪁 䈲㪈㪇㩼 ᳓Ḱ䈪䇮㪁㪁䈲㪌㩼 ᳓Ḱ䈪䇮㪁㪁㪁䈲 㪈㩼᳓Ḱ䈪䈠䉏䈡䉏᦭ᗧ䈪䈅䉎䈖 䈫䉕ᗧ๧䈜䉎䇯

ᵈ㪉㪀㩷㪁䈲㪈㪇㩼 ᳓Ḱ䈪䇮㪁㪁䈲㪌㩼 ᳓Ḱ䈪䇮㪁㪁㪁䈲㪈㩼 ᳓Ḱ䈪䈠 䉏䈡䉏᦭ᗧ䈪䈅䉎䈖䈫䉕ᗧ๧䈜䉎䇯

㩷 㩷

೑ኂ㑐ଥ⠪䈫䈱㑐ଥ

㩿㪈㪀

⴫ 4 ߪ㊀ⷞߔࠆ೑ኂ㑐ଥ⠪ߣഭ௛ಽ㈩₸ߣߩ㑐ㅪࠍಽᨆߒߚ߽ߩߢ޽ࠆޕࠕࡦࠤ࡯࠻⺞

ᩏߢߪޔડᬺ߇㊀ⷞߔࠆ೑ኂ㑐ଥ⠪ߣ⊒⸒ജߩᒝ޿೑ኂ㑐ଥ⠪ߦߟ޿ߡ⾰໧ߒߡ޿ࠆޕߎࠇ ࠄߩ࿁╵⚿ᨐࠍផቯᑼߦട߃ߡޔ㊀ⷞߒߡ߈ߚ޽ࠆ޿ߪ⊒⸒ജߩ޽ࠆ೑ኂ㑐ଥ⠪ߩ㆑޿ߦࠃ ߞߡഭ௛ಽ㈩₸߇ߤ߁ᓇ㗀ߐࠇࠆ߆ࠍߺߚ㨫

ಽᨆ⚿ᨐߦࠃࠇ߫ޔ㊀ⷞߒߡ߈ߚ೑ኂ㑐ଥ⠪޽ࠆ޿ߪ੹ᓟ㊀ⷞߔࠆ೑ኂ㑐ଥ⠪ߣߒߡߩ ᯏ㑐ᛩ⾗ኅߪޔഭ௛ಽ㈩₸ߦኻߒߡ⛔⸘⊛ߦ᦭ᗧߥࡑࠗ࠽ࠬߩᓇ㗀ࠍਈ߃ߡ޿ࠆޕ߹ߚޔߎ ࠇ߹ߢ⊒⸒ജ߇ᒝ߆ߞߚ೑ኂ㑐ଥ⠪޽ࠆ޿ߪ੹ᓟ⊒⸒ജ߇ᒝ߹ࠆ೑ኂ㑐ଥ⠪ߣߒߡߩᯏ㑐ᛩ

⾗ኅ߽ޔഭ௛ಽ㈩₸ߦኻߒߡ⛔⸘⊛ߦ᦭ᗧߥࡑࠗ࠽ࠬߩᓇ㗀ࠍਈ߃ߡ޿ࠆޕߟ߹ࠅޔએ਄ߩ

⚿ᨐߪᯏ㑐ᛩ⾗ኅ߇ડᬺ⚻༡⠪ߦኻߒߡഭ௛ಽ㈩₸ࠍਅߍࠆࠃ߁ߥⷙᓞઃߌࠍⴕߞߡ޿ࠆߎ ߣࠍ␜ߒߡ޿ࠆޕ

ઁᣇޔᯏ㑐ᛩ⾗ኅએᄖߩ೑ኂ㑐ଥ⠪ߩᓇ㗀ߣߒߡߪޔߎࠇ߹ߢ⊒⸒ജ߇ᒝ߆ߞߚ೑ኂ㑐 ଥ⠪ߣߒߡߩ㘈ቴ㧔ᶖ⾌⠪㧕߇ഭ௛ಽ㈩₸ߦࡑࠗ࠽ࠬߩᓇ㗀ࠍਈ߃ߡ߅ࠅޔ੹ᓟ⊒⸒ജ߇ᒝ

߹ࠆ೑ኂ㑐ଥ⠪ߣߒߡขᒁవ㌁ⴕ߿ࠣ࡞࡯ࡊડᬺ߇ࡊ࡜ࠬߩᓇ㗀ࠍਈ߃ߡ޿ࠆޕߎߩ߁ߜޔ ขᒁవ㌁ⴕ߿ࠣ࡞࡯ࡊડᬺߩᓇ㗀ߪ⴫2߿⴫3ߩ⚿ᨐߣߪᢛว⊛ߢߥ޿ߩߛ߇ޔߎࠇߪ⴫4 ߇੹ᓟߩਥⷰ⊛੍ᗐࠍ߽ߣߦߒߡផቯߒߚߩߦኻߒߡޔ⴫ 2 ߿⴫ 3 ߪㆊ෰޽ࠆ޿ߪ⃻࿷ߩ

⁁ᴫࠍ߽ߣߦផቯߒߡ޿ࠆߣ޿߁㆑޿߇޽ࠆߚ߼߆߽ߒࠇߥ޿ޕ

(4) (4) (4) (4)

䈖䉏䉁䈪㊀ⷞ䈚䈩䈐䈢

೑ኂ㑐ଥ⠪

੹ᓟ㊀ⷞ䈜䉎

೑ኂ㑐ଥ⠪

ߎ䉏䉁䈪⊒⸒ജ䈏ᒝ 䈎䈦䈢೑ኂ㑐ଥ⠪

੹ᓟ⊒⸒ജ䈏ᒝ䉁䉎೑

ኂ㑐ଥ⠪

㘈ቴ䋨ᶖ⾌⠪䋩 -0.07989 -0.0989 -0.17421* -0.07355

(0.17583) (0.17962) (0.09488) (0.09921)

ᓥᬺຬ -0.09809 -0.07167 0.05653 0.05352

(0.15362) (0.15516) (0.09213) (0.10038)

୘ੱᛩ⾗ኅ -0.18062 -0.10032 0.04387 0.1296

(0.16957) (0.16344) (0.12016) (0.11029)

ᯏ㑐ᛩ⾗ኅ -0.40143** -0.33250** -0.32505*** -0.20477**

(0.15778) (0.15648) (0.09801) (0.09998)

ขᒁవ㌁ⴕ -0.11907 -0.01887 0.14751 0.24391**

(0.16368) (0.17850) (0.09711) (0.10622)

ขᒁవડᬺ 0.03799 -0.03171 0.05652 0.07604

(0.16246) (0.16527) (0.09818) (0.10506)

䉫䊦䊷䊒ડᬺ -0.14117 0.04318 0.11664 0.25470*

(0.18816) (0.20434) (0.13168) (0.14224)

䈠䈱ઁ -0.19816 -0.15308 -0.11445 0.02781

(0.20580) (0.20614) (0.15232) (0.15399)

ቯᢙ㗄 1.14122*** 1.12022*** 0.87180*** 0.76623***

(0.41678) (0.42215) (0.16756) (0.18758)

Observations 612 612 612 612

Adjusted R-squared 0.165 0.157 0.175 0.167

ᵈ㪈㪀᜝ᒐౝ䈲ᮡḰ⺋Ꮕ䇯

⴫㪋 䇭㊀ⷞ䈜䉎೑ኂ㑐ଥ⠪䈫ಽ㈩₸

ᵈ2) *䈲10%᳓Ḱ䈪䇮**䈲5%᳓Ḱ䈪䇮***䈲1%᳓Ḱ䈪䈠䉏䈡䉏᦭ᗧ䈪䈅䉎䈖䈫䉕ᗧ๧䈜䉎䇯

⚻༡ᜰᮡߣߩ㑐ଥ

⴫ 5 ߪડᬺ߇㊀ⷞߔࠆ⚻༡ᜰᮡߣഭ௛ಽ㈩₸ߩ㑐ଥߦߟ޿ߡߺߚ߽ߩߢ޽ࠆޕߎߩ⴫ߩ ផቯᑼߩ⺑᣿ᄌᢙߪޔ㨬ᄁ਄㜞߿Ꮢ႐ࠪࠚࠕߥߤޔⷙᮨߩᚑ㐳ᕈࠍ␜ߔᜰᮡ㨭ࠍ࡟ࡈࠔ࡟ࡦ

ࠬࠣ࡞࡯ࡊߣߒߚ㨬༡ᬺ೑⋉߿⚻Ᏹ೑⋉ߥߤ㨮෼⋉ജࠍ␜ߔᜰᮡ㨭࠳ࡒ࡯߿㨬ROA ߥߤޔ⾗↥

ᵴ↪ߩല₸ᕈࠍ␜ߔᜰᮡ㨭࠳ࡒ࡯ޔߘߒߡ㨬ROEߥߤޔᩣਥ⾗ᧄߩല₸ᕈࠍ␜ߔᜰᮡ㨭࠳ࡒ࡯ޔ 㨬EVA ߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜ߔᜰᮡ㨭߅ࠃ߮㨬㘈ቴḩ⿷ᐲࠍ␜ߔᜰᮡ㨭࠳ࡒ

࡯²ߦട߃ߡޔ↥ᬺ࠳ࡒ࡯ޔ⚻༡⠪ዻᕈ࠳ࡒ࡯ޔഭ௛⚵ว࠳ࡒ࡯ޔ2007ᐕᐲ࠳ࡒ࡯ߢ޽ࠆޕ

⴫ 5 ߩផቯ⚿ᨐߦࠃࠇ߫㨮ߎࠇ߹ߢ㊀ⷞߒߡ߈ߚ⚻༡ᜰᮡߩਛߢഭ௛ಽ㈩₸ࠍૐߊߔࠆല

2

㨬EVA ߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜ߔᜰᮡ㨭ߣ㨬㘈ቴḩ⿷ᐲࠍ␜ߔᜰᮡ㨭ߦ࿁╵ߔࠆડᬺ߇ዋߥ߆ߞ ߚߚ߼㨮ਔ⠪ࠍวࠊߖߡ৻ߟߩ࠳ࡒ࡯ᄌᢙߣߒߚޕ

䈖䉏䉁䈪㊀ⷞ䈚䈩䈐䈢

೑ኂ㑐ଥ⠪

੹ᓟ㊀ⷞ䈜䉎

೑ኂ㑐ଥ⠪ ߎ䉏䉁䈪⊒⸒ജ䈏ᒝ

䈎䈦䈢೑ኂ㑐ଥ⠪

੹ᓟ⊒⸒ജ䈏ᒝ䉁䉎

೑ኂ㑐ଥ⠪

㘈ቴ䋨ᶖ⾌⠪䋩

ᓥᬺຬ

୘ੱᛩ⾗ኅ

ᯏ㑐ᛩ⾗ኅ

ขᒁవ㌁ⴕ

ขᒁవડᬺ

䉫䊦䊷䊒ડᬺ

䈠䈱ઁ

ቯᢙ㗄

2EVHUYDWLRQV

$GMXVWHG5VTXDUHG ᵈ㪈㪀᜝ᒐౝ䈲ᮡḰ⺋Ꮕ䇯

⴫

⴫㪋 㪋䇭 䇭㊀ ㊀ⷞ ⷞ䈜 䈜䉎 䉎೑ ೑ኂ ኂ㑐 㑐ଥ ଥ⠪ ⠪䈫 䈫ಽ ಽ㈩ ㈩₸ ₸

ᵈ㪉㪀㩷㪁䈲᳓Ḱ䈪䇮䈲᳓Ḱ䈪䇮䈲᳓Ḱ䈪䈠䉏䈡䉏᦭ᗧ䈪䈅䉎䈖䈫䉕ᗧ๧䈜䉎䇯

ᨐߩᄢ߈߆ߞߚᜰᮡߪޔ㨬EVA ߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜ߔᜰᮡ㨭߅ࠃ߮㨬㘈ቴ ḩ⿷ᐲࠍ␜ߔᜰᮡ㨭࠳ࡒ࡯߿㨬ROEߥߤޔᩣਥ⾗ᧄߩല₸ᕈࠍ␜ߔᜰᮡ㨭࠳ࡒ࡯ߩផቯߐࠇߚ ଥᢙ߇⋧ኻ⊛ߦࡑࠗ࠽ࠬߩᄢ߈ߥ୯ߢ޽ࠅޔߎࠇࠄߩ⚻༡ᜰᮡࠍ㊀ⷞߔࠆડᬺߩഭ௛ಽ㈩₸

ߪ⋧ኻ⊛ߦૐ޿ޕ߹ߚޔ㨬ROA ߥߤޔ⾗↥ᵴ↪ߩല₸ᕈࠍ␜ߔᜰᮡ㨭࠳ࡒ࡯߽਄⸥ੑߟߩᜰ

ᮡߦᰴ޿ߢᄢ߈ߥ୯߇ផቯߐࠇߡ޿ࠆޕߎࠇࠄߩᜰᮡߪޔ㨬ᄁ਄㜞߿Ꮢ႐ࠪࠚࠕ㨭ᜰᮡߣᲧ ߴߡ㨮ᩣਥ⾗ᧄ߿ડᬺ⾗↥ߩ࡝࠲࡯ࡦߦ⌕⋡ߒ㊀ⷞߔࠆ߽ߩߢ޽ࠅޔߎࠇࠄߩᜰᮡࠍ㊀ⷞߔ ࠆߣ޿߁ߎߣߪડᬺ߇ᩣਥ߿ௌᮭ⠪ࠍ㊀ⷞߔࠆߣ޿߁ߎߣࠍ⴫ߒߡ޿ࠆߣ⠨߃ࠄࠇޔߎࠇࠄ ߩᜰᮡࠍ㊀ⷞߔࠆડᬺ߇ഭ௛ಽ㈩₸ࠍૐߊߔࠆ௑ะߦ޽ࠆߣ޿߁ផቯ⚿ᨐߪᅷᒰߢ޽ࠈ߁ޕ

․ߦ㨬EVA ߿ࠠࡖ࠶ࠪࡘࡈࡠ࡯ߥߤޔᱷ૛೑⋉ࠍ␜ߔᜰᮡ㨭߅ࠃ߮㨬㘈ቴḩ⿷ᐲࠍ␜ߔᜰᮡ㨭

࠳ࡒ࡯ߪޔ⃻࿷ᦨ߽㊀ⷞߒߡ޿ࠆ㗄⋡ߦߟ޿ߡ߽⛔⸘⊛ߦ᦭ᗧߥࡑࠗ࠽ࠬߩᓇ㗀ࠍഭ௛ಽ㈩

₸ߦኻߒߡਈ߃ߡ߅ࠅ㨮ᩣਥ⾗ᧄ߳ߩ࡝࠲࡯ࡦࠍ㊀ⷞߔࠆડᬺߢࠃࠅഭ௛ಽ㈩₸߇ૐߊߥࠆ

⚿ᨐࠍ␜ߒߡ޿ࠆޕ

ߥ߅ޔ੹ᓟᦨ߽㊀ⷞߔࠆᜰᮡߦߟ޿ߡߪޔߤߩᜰᮡ߽⛔⸘⊛ߦ᦭ᗧߢߪߥ߆ߞߚޕ

(4) (4) (4)

䈖䉏䉁䈪㊀ⷞ ⃻࿷㊀ⷞ ੹ᓟᦨ䉅㊀ⷞ

༡ᬺ೑⋉߿⚻Ᏹ೑⋉ߥߤ -0.27241*** -0.01512 0.17304 (0.09240) (0.15020) (0.18889)

ROAߥߤ -0.40461* -0.301 0.30307

(0.24153) (0.21995) (0.21303)

ROEߥߤ -0.54322** -0.13673 0.25332

(0.22845) (0.19918) (0.20485)

EVA޽ࠆ޿ߪ㘈ቴḩ⿷ᐲ -0.55723** -0.49025** 0.2907

(0.24067) (0.22110) (0.19384)

Constant 0.93215*** 0.85548*** 0.50735***

(0.09657) (0.16257) (0.19314)

Observations 619 620 619

Adjusted R-squared 0.172 0.164 0.156

ᵈ1䋩ฦ⚻༡ᜰᮡ䈱䊧䊐䉜䊧䊮䉴䉫䊦䊷䊒䈲䇮䇸ᄁ਄㜞䉇Ꮢ႐䉲䉢䉝䈭䈬䇹䈪䈅䉎䇯 ᵈ2)᜝ᒐౝ䈲ᮡḰ⺋Ꮕ䇯

ᵈ3) *䈲10%᳓Ḱ䈪䇮**䈲5%᳓Ḱ䈪䇮***䈲1%᳓Ḱ䈪䈠䉏䈡䉏᦭ᗧ䈪䈅䉎䈖䈫䉕ᗧ๧䈜䉎䇯

⴫㪌 䇭 ㊀ⷞ䈜䉎⚻༡ᜰᮡ䈫ಽ㈩₸

⽷ോᚢ⇛ߣߩ㑐ଥ

⴫ 6 ߪ⽷ോᚢ⇛ߣߩ㑐ଥࠍߺߚ߽ߩߢ޽ࠆޕߎߩ⴫ߩ⺑᣿ᄌᢙߪޔ↥ᬺ࠳ࡒ࡯ޔ⚻༡⠪

ዻᕈ࠳ࡒ࡯㨮ഭ௛⚵ว࠳ࡒ࡯ޔ2007ᐕᐲ࠳ࡒ࡯ߦട߃ߡ㨮㨬㌁ⴕ୫ࠅ౉ࠇ߆ࠄ␠ௌ⊒ⴕ߳ߩಾ

ࠅᦧ߃ଦㅴ㨭߿㨬㌁ⴕ୫ࠅ౉ࠇ߆ࠄᩣᑼ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ㨭ޔ㨬㕖ല₸ߥᜬߜว޿ᩣߩ⸃

ᶖߩଦㅴ㨭ޔ㨬቟ቯᩣਥߩ⏕଻㨭ޔ㨬⥄Ꮖᩣᶖළߩଦㅴ㨭ޔ㨬⾗↥ᵹേൻߩଦㅴ㨭ޔ㨬⃻㊄ᕈ⾗↥

ࠍዋߥ߼ߦߔࠆ㨭ޔ㨬㈩ᒰᕈะࠍ㜞߼ࠆ㨭ߣ޿ߞߚ⽷ോᚢ⇛ߦ㑐ߔࠆ࠳ࡒ࡯ᄌᢙߢ޽ࠆޕ⽷ോ

ᚢ⇛ߦ㑐ߔࠆ࠳ࡒ࡯ᄌᢙߪޔฦ㗄⋡ߦߟ޿ߡታᣉߒߡ޿ࠇ߫1ޔታᣉߒߡ޿ߥߌࠇ߫0ߣߥ ߞߡ޿ࠆޕ

ផቯ⚿ᨐߦࠃࠇ߫㨮ᦨㄭ 2 ᐕ㑆ߦ㨬㌁ⴕ୫ࠅ౉ࠇ߆ࠄᩣᑼ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ㨭ࠍߒߚડ

ᬺ߿㨬㈩ᒰᕈะࠍ㜞߼ࠆ㨭ડᬺߢഭ௛ಽ㈩₸߇ૐ޿௑ะߦ޽ࠆ৻ᣇߢޔ㨬቟ቯᩣਥߩ⏕଻㨭ࠍ ⴕߞߚડᬺߢߪഭ௛ಽ㈩₸߇㜞޿௑ะߦ޽ࠆߎߣ߇ࠊ߆ࠆޕᩣᑼ⊒ⴕ߿㈩ᒰᕈะࠍ㜞߼ࠆߣ

(1) (2) (3)

䈖䉏䉁䈪㊀ⷞ ⃻࿷㊀ⷞ ੹ᓟᦨ䉅㊀ⷞ

༡ᬺ೑⋉߿⚻Ᏹ೑⋉ߥߤ -0.27241*** -0.01512 0.17304 (0.09240) (0.15020) (0.18889)

ROAߥߤ -0.40461* -0.301 0.30307

(0.24153) (0.21995) (0.21303)

ROEߥߤ -0.54322** -0.13673 0.25332

(0.22845) (0.19918) (0.20485) EVA޽ࠆ޿ߪ㘈ቴḩ⿷ᐲ -0.55723** -0.49025** 0.2907

(0.24067) (0.22110) (0.19384)

ቯᢙ㗄 0.93215*** 0.85548*** 0.50735***

(0.09657) (0.16257) (0.19314)

Observations 619 620 619

Adjusted R-squared 0.172 0.164 0.156

ᵈ㪈䋩ฦ⚻༡ᜰᮡ䈱䊧䊐䉜䊧䊮䉴䉫䊦䊷䊒䈲䇮䇸ᄁ਄㜞䉇Ꮢ႐䉲䉢䉝䈭䈬䇹䈪䈅䉎䇯 ᵈ㪉䋩᜝ᒐౝ䈲ᮡḰ⺋Ꮕ䇯

ᵈ㪊㪀㩷㪁䈲㪈㪇㩼᳓Ḱ䈪䇮㪁㪁䈲㪌㩼᳓Ḱ䈪䇮㪁㪁㪁䈲㪈㩼᳓Ḱ䈪䈠䉏䈡䉏᦭ᗧ䈪䈅䉎䈖䈫䉕ᗧ๧䈜䉎䇯

⴫

⴫㪌㪌䇭䇭㊀㊀ⷞⷞ䈜䈜䉎䉎⚻⚻༡༡ᜰᜰᮡᮡ䈫䈫ಽಽ㈩㈩₸₸

޿߁⽷ോᚢ⇛ߪᩣਥ㊀ⷞဳߩ⚻༡ࠍⴕ߁ᔅⷐ߇಴ߡߊࠆߣ⠨߃ࠄࠇࠆ߇㨮ߘߩ⚿ᨐߣߒߡഭ

௛ಽ㈩₸߇ૐߊߥࠆߎߣߪᅷᒰߥ⚿ᨐߣ⠨߃ࠄࠇࠆޕઁᣇߢޔ቟ቯᩣਥࠍ⏕଻ߔࠆߣഭ௛ಽ

㈩₸߇㜞ߊߥࠆ௑ะߦ޽ࠆߩߪޔડᬺ⚻༡⠪஥ߦߥࠎࠄ߆ߩࡕ࡜࡞ࡂࠩ࡯࠼߇⿠߈ߡ޿ࠆน

⢻ᕈ߇޽ࠆߣ⠨߃ࠄࠇࠆޕ

ߥ߅㨮੹ᓟߩ⽷ോᚢ⇛ߦ㑐ߒߡߪ㨬㌁ⴕ୫ࠅ౉ࠇ߆ࠄᩣᑼ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ㨭߇⛔⸘⊛

ߦ᦭ᗧߥଥᢙ߇ផ⸘ߐࠇߥ߆ߞߚ߇㨮㨬㈩ᒰᕈะࠍ㜞߼ࠆ㨭߿㨬቟ቯᩣਥߩ⏕଻㨭ߦ㑐ߒߡߪᦨ ㄭ 2 ᐕ㑆ߩᚢ⇛ߣห᭽ߩ⚿ᨐߥߞߚޕߐࠄߦ㨮㨬⃻㊄ᕈ⾗↥ࠍዋߥ߼ߦߔࠆ㨭ߦ㑐ߒߡߪ⛔⸘

⊛ߦ᦭ᗧߥࡑࠗ࠽ࠬߩଥᢙ߇ផቯߐࠇߡ߅ࠅ㨮ഭ௛ಽ㈩₸ߦߪࡑࠗ࠽ࠬߩᓇ㗀߇޽ࠆޕߣߎ ࠈߢޔડᬺ߇⃻㊄ᕈ⾗↥ࠍ଻᦭ߔࠆߩߪޔડᬺ߇⋥㕙ߔࠆ⾗㊄⺞㆐೙⚂߿ௌᮭ⠪߆ࠄߩⷙᓞ

ઃߌޔࠦ࡯ࡐ࡟࡯࠻࡮ࠟࡃ࠽ࡦࠬߩ޽ࠅᣇޔ⾗㊄⺞㆐ᚻᲑ߿࡝ࠬࠢ▤ℂᚻᲑߩᄙ᭽ൻޔߥߤ ߩⷐ࿃߇ᓇ㗀ߔࠆ߆ࠄߢ޽ࠆ³ޕ1980 ᐕઍએ㒠ߩᣣᧄડᬺߩᵹേᕈ⾗↥଻᦭ߣᛩ⾗ߩ㑐ଥߦ ߟ޿ߡಽᨆߒߚၳ࡮቟⮮࡮㥱⮮㨇2008㨉ߦࠃࠇ߫ޔ1980 ᐕઍߩડᬺߩᵹേᕈ⾗↥଻᦭േᯏ ߣ 1990 ᐕઍᓟඨએ㒠ߩߘࠇߣߪ⇣ߥࠆߣߒߚ਄ߢޔ2000 ᐕએ㒠ߪᵹേᕈ⾗↥ߩ଻᦭߇ઍ ᦧ⊛⾗㊄⺞㆐ᚻᲑߩ⊓႐ߦࠃߞߡ⸳஻ᛩ⾗⾗㊄Ḯߣߒߡߩᓎഀ߇⭯ࠇޔᵹേᕈ⾗↥଻᦭߇ડ

ᬺଔ୯ࠍ㜞߼ࠆߎߣߦነਈߒߥߊߥߞߚߣߒߡ޿ࠆޕߟ߹ࠅޔ⃻㊄ᕈ⾗↥ࠍዋߥ߼ߦߔࠆߣ

޿߁ᚢ⇛ࠍߣߞߚડᬺߪޔ⾗㊄⺞㆐ࠍᄖㇱ߆ࠄⴕ޿ޔߘߒߡડᬺଔ୯ࠍ㜞߼ࠆߣ޿߁േᯏࠍ ᜬߞߡ޿ߚน⢻ᕈ߇޽ࠆޕߎߩ႐วޔௌᮭ⠪߿ᩣਥޔᯏ㑐ᛩ⾗ኅߣ޿ߞߚ೑ኂ㑐ଥ⠪ߩᓇ㗀 ജߪᒝ߹ࠆߛࠈ߁߆ࠄޔഭ௛ಽ㈩₸ߦ߽ࡑࠗ࠽ࠬߩᓇ㗀ࠍਈ߃ߡ޿ࠆน⢻ᕈ߇޽ࠆޕ

ᦨㄭ2ᐕ㑆 ੹ᓟ -0.05823 -0.13024 (0.10947) (0.11968) -0.25058* 0.14826 (0.13213) (0.13945)

-0.0231 0.005

(0.09764) (0.09977) 0.25313*** 0.20878**

(0.09404) (0.10574)

-0.07161 0.08249

(0.10798) (0.09827)

-0.01759 0.14107

(0.09410) (0.09773) -0.15776 -0.18834**

(0.09687) (0.09419) -0.34164*** -0.22325*

(0.09367) (0.11475)

Constant 0.95845*** 0.78961***

(0.13258) (0.14739)

Observations 591 571

Adjusted R-squared 0.176 0.155

ᵈ㪈㪀᜝ᒐౝ䈲ᮡḰ⺋Ꮕ䇯

ᵈ2) *䈲10%᳓Ḱ䈪䇮**䈲5%᳓Ḱ䈪䇮***䈲1%᳓Ḱ䈪䈠

⃻㊄ᕈ⾗↥ࠍዋߥ߼ߦߔࠆ

㈩ᒰᕈะࠍ㜞߼ࠆ

⴫㪍 䇭 ᦨㄭ䋲ᐕ㑆䈱⽷ോᚢ⇛䈫ಽ㈩₸

㌁ⴕ୫ࠅ౉ࠇ߆ࠄ␠ௌ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ

㌁ⴕ୫ࠅ౉ࠇ߆ࠄᩣᑼ⊒ⴕ߳ߩಾࠅᦧ߃ଦㅴ 㕖ല₸ߥᜬߜว޿ᩣߩ⸃ᶖߩଦㅴ

቟ቯᩣਥߩ⏕଻

⥄Ꮖᩣᶖළߩଦㅴ

⾗↥ᵹേൻߩଦㅴ

3

ߎߩὐߦߟ޿ߡߪ㨮ၳ࡮቟⮮࡮㥱⮮[2008]ࠍෳᾖߩߎߣޕ

2

-0.05823 -0.13024 (0.10947) (0.11968) -0.25058* 0.14826 (0.13213) (0.13945)

-0.0231 0.005

(0.09764) (0.09977) 0.25313*** 0.20878**

(0.09404) (0.10574) -0.07161 0.08249 (0.10798) (0.09827)

-0.01759 0.14107 (0.09410) (0.09773)

-0.15776 -0.18834**

(0.09687) (0.09419) -0.34164*** -0.22325*

(0.09367) (0.11475) 0.95845*** 0.78961***

(0.13258) (0.14739)

Observations 591 571

5 5 1 . 0 6

7 1 . 0 d

e r a u q s -R d e t s u j d A

* 10% ** 5% *** 1%

㧠㧚߻ߔ߮ߦ߆߃ߡ

2000 ᐕઍߦ౉ߞߡޔഭ௛ಽ㈩₸߇ૐਅߒߡ޿ࠆߎߣߦ㑐ߒߡޔኾ㐷ኅ߿ࡑࠬࠦࡒߩ㑆ߢ ᵈ⋡߇㓸߹ߞߡ޿ࠆޕߘߒߡޔᄙߊߩ⼏⺰ߢߪታ⾰⾓㊄ߩૐਅ߇ේ࿃ߣߐࠇޔ৻ㇱߩ⼏⺰ߢ ߪᩣਥ㊀ⷞဳ⚻༡߇ⴕ߈ㆊ߉ߡ޿ࠆߚ߼ߦᩣᑼ㈩ᒰ߇㊀ⷞߐࠇޔഭ௛ಽ㈩₸߇ૐਅߒߚߣ޿

߁߽ߩ߽޽ࠆޕ

ߎߩ⺰ᢥߢߪޔᔅߕߒ߽ታ⾰⾓㊄ߩᄌേߢഭ௛ಽ㈩₸ߩᄌേࠍ⺑᣿ߢ߈ߥ޿ߎߣࠍ␜ߒޔ ഭ௛ಽ㈩₸߇⾗ᧄ↢↥㜞Ყ₸ߩ㑐ᢙߢ޽ࠆߎߣࠍ␜ߒߚޕߘߒߡޔ⃻ታߩഭ௛ಽ㈩₸ߩᄌ

േߦߪࡑ࡯ࠢࠕ࠶ࡊ₸߿ഭ௛⚵วߣߩ੤ᷤޔ޽ࠆ޿ߪഭ௛⺞ᢛ⾌↪߇ᓇ㗀ߔࠆߣ⠨߃ࠄࠇޔ ߎࠇࠄߦᓇ㗀ߔࠆ⚻༡⠪߿ᩣਥߩዻᕈޔ⽷ോᚢ⇛߇ഭ௛ಽ㈩₸ߦߤߩࠃ߁ߥᓇ㗀ࠍਈ߃ߡ޿

ࠆ߆ࠍផቯߒߚޕಽᨆ⚿ᨐߦࠃࠇ߫ޔᄖ࿖ੱᩣਥߩᜬߜᩣᲧ₸߇㜞޿ડᬺ߿ᯏ㑐ᛩ⾗ኅߩሽ

࿷ᗵ߇ᄢ߈޿ડᬺޔߘߒߡᩣਥ㊀ⷞဳߩ⽷ോᚢ⇛ࠍⴕ߁ડᬺߢߪഭ௛ಽ㈩₸߇ૐߊߥࠆ௑ะ ߦ޽ࠆ৻ᣇߢޔഭ௛⚵วߩ޽ࠆડᬺߢߪഭ௛ಽ㈩₸߇㜞ߊߥࠆ௑ะߦ޽ࠆߎߣ߇ࠊ߆ߞߚޕ ߚߛߒޔ਄⸥ߩಽᨆߦߪ੹ᓟ⸃᳿ߒߡ޿߆ߥߌࠇ߫ߥࠄߥ޿໧㗴߇ᱷߞߡ޿ࠆޕ৻ߟߪ ડᬺߩ⇣⾰ᕈࠍࠦࡦ࠻ࡠ࡯࡞ߒߥߌࠇ߫ߥࠄߥ޿ߎߣޔ߽߁৻ߟߪ⚻Ᏹ೑⋉⿒ሼᦼߦ߅ߌࠆ ಽ㈩໧㗴ࠍචಽߦ⠨ᘦߒߚಽᨆࠍⴕࠊߥߌࠇ߫ߥࠄߥ޿ߎߣޔߢ޽ࠆޕ․ߦᓟ⠪ߪޔ⚻Ᏹ⿒

ሼᦼߦડᬺ߇ߤߩࠃ߁ߥ⾗㊄⺞㆐ࠍⴕߞߡ޿ࠆߩ߆ޔߘߒߡௌᮭ⠪ࠍਛᔃߣߒߚ೑ኂ㑐ଥ⠪

߇ߤߩࠃ߁ߥᗧᔒ᳿ቯࠍⴕߞߚߩ߆ޕߎࠇࠄߪޔߘߩᓟߩഭ௛ಽ㈩₸ߦ߽ᄢ߈ߥᓇ㗀ࠍਈ߃ ߘ߁ߢ޽ࠅޔડᬺߪ㓹↪⺞ᢛ߿⾓㊄⺞ᢛࠍߤ߁ⴕ߁ߩ߆ߦ߽ᓇ㗀ߔࠆޕ90 ᐕઍᓟඨߩ㐳޿

ਇᴫᦼߦડᬺ߇ⴕߞߚ⾗㊄⺞㆐ᣇᴺ߇ޔߘߩᓟߩ㓹↪⺞ᢛ߿⾓㊄⺞ᢛࠍㅢߓߡޔഭ௛ಽ㈩₸

ߦᓇ㗀ߒߚน⢻ᕈ߇޽ࠆޕ੹࿁ߩಽᨆߪޔᩣਥ᭴ᚑ߿⽷ോᚢ⇛߇หᤨᦼߩഭ௛ಽ㈩₸ߦߤߩ ࠃ߁ߥᓇ㗀ࠍਈ߃ߚ߆ߦߟ޿ߡߛߌಽᨆߒߚޕߒ߆ߒޔ2000 ᐕઍߩഭ௛ಽ㈩₸ᄌേࠍ⠨߃ ࠆ㓙ߦߪޔ90ᐕઍᓟඨߩ⾗㊄⺞㆐߿ᩣਥ᭴ᚑࠍಽᨆߔࠆᔅⷐ߇޽ࠆࠃ߁ߦᕁࠊࠇࠆޕ

ドキュメント内 資料シリーズNo77 全文 資料シリーズ No77 雇用システムと人事戦略に関する研究｜労働政策研究・研修機構（JILPT） (ページ 44-59)