信託における実績配当主義と金融仲介 : 問題の所
在と論点整理
著者名(日)
西山 茂
雑誌名
九州国際大学経営経済論集
巻
19
号
3
ページ
23-45
発行年
2013-03
URL
http://id.nii.ac.jp/1265/00000229/
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要 旨 āႨ৶ɉݨߔॸ࢞ྣၒࣸɅɢɥ྾ଞɈॸ࢞ݻ൨Ķଌಕ༯ຎࡹɈࡊೣॸ ࢞ćఒ൵ɅȤȫɥ˂ʑʇɈ༯ယɂඐķɈɂȱɀĂଌಕ༯ຎࡹɈ৽ ઍɅᆅሄโɄࡊೣɬᅇȢĂࣸᅃ࡙࠲ሄĆࣸᅃ౫ሄɂȱɀɈȷɈᆅሄ৭භ ɈȹɛɈᄎ൨Ɉஒ੭ɬനȢɥăइൌโɅɉఒ൵ȷɦൌɅ໘੭ȱɀଌಕ༯ ຎࡹɈޱࠫɬȞĂఒ൵ၭɘȹɉఒ൵౫ɅȤȫɥଌಕ༯ຎࡹɈڷࡹ ɬცɣȥɅȳɥăȯɣɅȭɈଌಕ༯ຎࡹɈɜɂɁఒ൵࡙࠲ɈঙᄵɄࣸᅃ සގ࡙༑ȦɃɈɢȠɄڷࡹɬఛȹɅᄵȳɥȥɬനȢɥɂɂɜɅĂȷɈᆅސ ɬఠɛɥȹɛɅސცȳɓȧሄ๘ɬอȳɥă キーワード āଌಕ༯ຎࡹĂఒ൵࡙࠲Ăࣸᅃසގ࡙࠲Ăࣸᅃසގ࡙༑Ă˂ʑʇඐ࡙ ༑Ă˂ʑʇࠣᆅă +īႨ৶ɉ྾ଞɬॸ࢞ൣଞɂȳɥڬݚɈݨߔॸ࢞ྣၒࣸɅɢɥݪɈێငɁȜɥă āॸ࢞ݻ൨Ķଌಕ༯ຎࡹɈࡊೣॸ࢞ćఒ൵ɅȤȫɥ˂ʑʇɈ༯ယɂඐķĂॸ࢞ହ ᄆćࡊྉॸ࢞)D*Ăݻ൨ྈਖć35641492ăɉȲɛɅ
āఒ൵࡙࠲Īinstitutional trusteesīɉĂɣɈڷૃड़ฤɅࡊȿȞɀȠႨᅰɈ࠰ ಞࣸᅃɂڷૃड़ฤȦȷɦൌɅ࡚മȱɄȞૢଌ௫ɈಞࣸᅃɂɒɈວ૪โɄ࠲ ᅇĂɘȹᆤଞɈ࠰Ɉ๖ࠓɂ෮ɬȷɈঙᄵɄࣸᅃසގ࡙༑ɂȳɥࣸᅃසގ࡙࠲ ɁȜɥăȭɈᆅސɬࡊೣɅĂ྾ଞɉఒ൵ɂఒ൵౫Ītrust institutionsīɈᆅሄ โɄ৽ઍɅଲɤ೨əĂఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɈယɬఠɛɥɂɂɜɅĂࣸᅃ ౫ɂȱɀɈఒ൵౫Ɉ࡙༑ɅȾȞɀĂିఒ൵ɈࣸᅃโڷࡹĂఒ൵Ɉ౫โ ࡤฤȦᄵȳɥࣸᅃසގɒɈᅙĂఒ൵ɅȤȫɥஒᄵॴɈȜɤၫɂఒ൵࡙࠲Ɉࣸ ᅃසގ࡙༑ɅൎȳɥȷɈ܆ࣗĂɄɃɬცɣȥɅȱɀȞɥă āȭȠȱȹ৽ઍɈɄȥɁॽȯɦȹɈɉĂఒ൵ȦᄵȳɥঈഥɈێȾɁȜɤĂఒ ൵ၭɅɜࢪȦᅇȢɣɦĂȥȾఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɅɜྼโɅ܆ࣗɬᅇ Ȣɥଌಕ༯ຎࡹɈᄎ൨ɁȜȽȹăฃȽɀȯɦɥɢȠɅĂଌಕ༯ຎࡹɂ ɉ഼ଞɈȹɛɈੰદࠣᆅɁȜɥఒ൵ɅɂȽɀႨଋโɄି൵ଞɈဘโᄵঔಗɈ ࡚य़ɂȱɀఒ൵ੰદɈۿᅙഹܗȦȷɈɘɘିܗଞɅ࡚മȳɥɂȞȠঈഥɁȜɥă ඍݛɈȹɛɅڳ൵ଞɂିܗଞȦວێɈܗఒ൵ɬฤȱĂڳ൵ଞɬරݿ ൌɂȳɥɂĂଌಕ༯ຎࡹɅɢɤఒ൵ੰદɈۿᅙഹܗȦȷɈɘɘڳ൵ଞĪວ ૪ɅିܗଞīɅ࡚മȳɥɈɁĂȭȠȱȹഹܗɉۿᅙݿาɁཡ౺ȱȹଲۜྣᅙɬ ࠸ɛɀโɅɉරݿൌɅʏʭʠȯɦɥăఒ൵࡙࠲ɉࣸᅃසގ࡙࠲ɂȱ ɀɈɄ˂ʑʇࠣᆅĪrisk managementīɅɢȽɀఒ൵ੰદɈ˂ʑʇɈঌɬ ూɥێၫɁĂି൵ଞɂȱɀɉ˂ʑʇɬඐȱɄȞăȳɄɩȻႨโ२Ɉ˂ʑ ʇɉĂێฤɈঌȭȷɄȯɦɥɅȱɀɜĂ࠰ಞ२ɁȜɥఒ൵ஙɅȷɈɘɘ ʏʭʠȯɦɥȭɂɂɄɥă˂ʑʇɈȭȠȱȹʏʭʠȦ౺ȲɥɂȳɦɊĂଌಕ༯ຎ ࡹȦఒ൵౫Ʌ໘੭ȳɥঈഥɁȜɥڬ௫Ăఒ൵ɅɢɥࣸᅃසގɅɉ˂ʑʇɈ ༯ယɂඐɅ࠲ȳɥɄሄ๘Ȧശ੭ȳɥɈɁɉɄȞȥɂ৽Ȣɣɦɥăȭɦɉ ວ૪Ʌఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ ູɅ˂ʑʇඐ࡙༑ ɅಞɅ࠲ᇦȳɥ ሄ๘ɁɜȜɧȠăȭɈɢȠɄሄ๘ɈސცɉĂఒ൵Ɉࣸᅃසގ࡙༑ɬᆅސȳɥȠȢɁɜĂࣸᅃ౫ɂȱɀɈఒ൵౫Ɉ࡙༑ɬᆅሄโɅ༘ڐȳɥȠȢɁɜĂݢ ज़Ɉݻ൨ɁȜɧȠăȭȠȱȹ࠲ఘȥɣĂ྾ଞɉబɅɢɥȭɦɘɁɈఒ൵ॸ࢞ ɈݪɬຝɘȢɀĂଌಕ༯ຎࡹɂȷɈɜɂɁɈఒ൵Ɉࣸᅃසގ࡙༑ɅȾȞɀ ᆅሄโɅ৽ઍȳɥॸ࢞ݻ൨Ķଌಕ༯ຎࡹɈࡊೣॸ࢞ćఒ൵ɅȤȫɥ˂ʑʇɈ ༯ယɂඐķĪݨߔॸ࢞ྣၒࣸĂࡊྉॸ࢞ĪCīĂݻ൨ྈਖć35641492īɬ৭ ȱȹă āႨ৶ɉȭɈॸ࢞ݻ൨Ɉɂȱɀଌಕ༯ຎࡹɈ৽ઍɅᆅሄโɄࡊೣɬᅇ ȢĂဩȵɀࣸᅃ࡙࠲ሄĆࣸᅃ౫ሄɂȱɀɈȷɈᆅሄ৭භɈȹɛɈᄎ൨Ɉஒ੭ ɬനȢɥăइൌโɅɉఒ൵ȷɦൌɅ໘੭ȱɀଌಕ༯ຎࡹɈޱࠫɬȞĂఒ ൵ၭɘȹɉఒ൵౫ɅȤȫɥଌಕ༯ຎࡹɈڷࡹɬცɣȥɅȳɥăȯɣɅȭɈ ଌಕ༯ຎࡹɈɜɂɁఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ȦɃɈɢȠɄڷࡹɬఛȹ ɅᄵȳɥȥɬനȢɥɂɂɜɅĂȷɈᆅސɬఠɛɥȹɛɅސცȳɓȧሄ๘ɬอ ȳɥăڬݚĂ൦яಣɁଌಕ༯ຎࡹɈޱࠫɬȞĂ൦ѐಣɅȤȞɀଌಕ༯ຎ ࡹɬଘȱȹఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɅȾȞɀɘɂɛȹȠȢɁĂ൦ёಣɁଌಕ ༯ຎࡹɈɜɂɁɈఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ɅȾȞɀᄎ൨Ɉ༘ڐɂሄ๘ ɈอɬȠǍī ă
яāఒ൵ၭȤɢɍఒ൵౫ɂଌಕ༯ຎࡹ
āɅႨಣɁఒ൵ɂȞȠၭᆍ࠲बĪRechtsverhältnisīɅ໘੭ȱɀଌಕ༯ຎ ࡹɅȾȞɀޱࠫȱɀȤȭȠăȭɦɅɢȽɀఒ൵ၭɘȹɉఒ൵౫ɅȤȫɥଌಕ ༯ຎࡹɈڷࡹɬဩȵɀനȢɥȭɂȦɁȧɥă āଌಕ༯ຎࡹɂɉఒ൵ੰદɈĶۿᅙݪȦȷɈɘɘିܗଞɅ࡚മȳɥķɂȞ ȠঈഥɁȜɤĂȭɈঈഥɉఒ൵ɅȤȫɥି൵ଞɈဘโᄵঔಗɈ࡚य़ɁȜɥ Īఛۈ 3119, :9īăइൌโɅɉି൵ଞɈဘโᄵঔಗɬఒ൵ੰદɈۿᅙഹܗɂȷ Ɉ࡚മɅദȱɀฤૺݛȱȹଌოโɄঈഥɁȜɥɂȞȢɥăȞȴɦɅȵɢȭɈঈ ഥɉఒ൵ɅȤȫɥି൵ଞɈဘโᄵঔಗɂݢယɅ࠲ᇦȱɀȞɥăɢȽɀڬݚɁɉȭɈି൵ଞɈဘโᄵঔಗɅȾȞɀɘȴცɣȥɅȱĂȭɦɅࡊȿȞɀଌಕ ༯ຎࡹɂȷɈڷࡹɬനȢɥȭɂɂȳɥă āȷɜȷɜఒ൵ɉĶ഼ଞɈȹɛɈੰદࠣᆅ౫ɈێवൔķɁȜɥăɠȢɅି൵ ଞɉĶၭवૺ௫ɉఒ൵ੰદɈშࡹఱ१ࠊॴଞķɁȜɥɂɉȞȢĂȷɈଌଋɉ Ķ഼ଞŁିܗଞɈȹɛɈੰદࠣᆅఱɅݿȨɄȞķăɠȢɅఒ൵ੰદȥɣཡ౺ȳɥ ĶॄโɄଌଋโᆀܗɄȞȱᆀܗķɉĶঈഥโɅȳɓɀିܗଞɅ࡚മȳɥķ Īఛۈ 3119, 93, 423īăȭɦɉโɅି൵ଞɈဘโᄵঔಗɂȞɩɦĂఒ൵ɅȤ ȞɀႨଋโɄঈഥɈێȾɁȜɥǎī ă āȭȠȱȹି൵ଞɈဘโᄵঔಗɉఒ൵ၭɅცโɅࡤฤȯɦɀȞɥăႨɈ ఒ൵ၭɁɉĂȷɈ൦ǐĶିܗଞຑķ൦ǎಣĶିܗॴຑķ൦Ǐ࠘Ķିܗॴķ ɅȤȞɀĂ211௸ĶିܗॴɅबɥି൵ଞɈಗķɂȱɀĂĶିܗॴɅबɥ ოɅȾȞɀɉĂି൵ଞɉĂఒ൵ੰદɅമȳɥੰદɈəɬɜȽɀȭɦɬᆂȳɥ ಗɬȠķɂฤɛɣɦɀȞɥăວȲૉɈࡤฤɉఒ൵ၭ32௸Ķఒ൵ੰદಗ ඐოɈཱྀڱķɅɜəɥȭɂȦɁȧĂȭȻɣɁɉĶିܗॴķȦĶఒ൵ੰ દಗඐოķɁȜɥĪວǍਐǍਖīɂȯɦĂȯɣɅĶି൵ଞķɉĶఒ൵ੰ દɅമȳɥੰદɈəɬɜȽɀȷɈᆂɈಗɬȠķɂࡤฤȯɦɥĪວǎਐ ǍਖīăȭȭɁĶఒ൵ੰદಗඐოķɂɉǎ௸ǕਐɅɢȽɀĶି൵ଞȦఒ ൵ੰદɅമȳɥੰદɬɜȽɀᆂȳɥಗɬȠოķɂฤࡹȯɦɀȞɥǏīă ɄȤି൵ଞɈဘโᄵঔಗɅ࠲ȳɥࡤฤɉࢤఒ൵ၭɅȳɁɅശ੭ȱɀȤɤĂȷ Ɉ2:௸ɅȤȞɀĶି൵ଞʃఒ൵ڻʣۚ˂ିܗଞʣൎʏʞඐʑ˃ოʣ ʞʧఒ൵ੰદʦঔʣܷʞʦʷഴʦᆂʦಗʣʑķɂࡤฤȯɦɀȞȹăఒ൵ ၭ211௸ɅȤȫɥି൵ଞɈဘโᄵঔಗɉȭɈࢤఒ൵ၭ2:௸Ɉૉɬຝȱɀ ȞɥɂനȢɥȭɂȦɁȧɢȠǐī ă āɂȭɧɁȭɈఒ൵ၭ211௸Ʌɢɥି൵ଞɈဘโᄵঔಗȦไᅙȯɦɥɈɉ Ķି൵ଞɅࡹოۅཱȦɛɣɦɄȞ௲ਗɅঔɣɦɥķĪఛۈ 3119, 424īăɘȹ ĶିܗॴɅबɥოɅȾȞɀɉķɂȞȠဦɈސଫ௫Ă211௸ɈไᅙɉĶି൵ ଞɂିܗଞɂɈ࠲बɅঔฤķȯɦĂঈഥɂȱɀି൵ଞɂ൦જଞɂɈ࠲बɅɉৌ
ᆵȦɊɄȞĪఛۈ 3119, 424īăȯɣɅఒ൵ȦĶ഼ଞɈȹɛɈੰદࠣᆅ౫Ɉ ێवൔķɁȜɤĂఒ൵ੰદȥɣཡ౺ȳɥĶॄโɄଌଋโᆀܗɄȞȱᆀܗķ ɉĶঈഥโɅȳɓɀିܗଞɅ࡚മȳɥķȭɂȥɣĂȭȠȱȹି൵ଞɈĶဘโᄵ ঔಗķɉି൵ଞɈĶᆀܗࢵିɈ౫ঔķɂᆈێൌɈ࠲बɁ༘ڐȯɦɄȫɦɊ ɄɣɄȞĪఛۈ 3119, 423īăఒ൵ၭǔ௸Ķି൵ଞɉĂିܗଞɂȱɀఒ൵Ɉᆀܗ ɬࢵିȳɥ௲ਗɬதȧĂݝఱɈშࡹɬɜȽɀȳɥȥɬᄎɩȴĂఒ൵Ɉᆀܗɬࢵ ିȳɥȭɂȦɁȧɄȞķɂɈࡤฤȦȷɦɁȜɥăࢤఒ൵ၭɁɜວᅕɅȷɈǕ௸ ɁĶି൵ଞʧࢼວିܗଞʦێఱʗ˃௲ਗˊதʇʦެݝఱʦშࡹˊڬʞʑ˃ˊᄎ ʧʑఒ൵ʦᆀܗˊࢵିʑ˃ʋʠˊຶʑķɂࡤฤȯɦɀȞɥă āȭɦɘɁି൵ଞɈဘโᄵঔಗɅȾȞɀცɣȥɅȱȹăȭɈɢȠɄဘโᄵঔ ಗɈ࡚य़ȦĶۿᅙݪȦȷɈɘɘିܗଞɅ࡚മȳɥķɂȞȠఒ൵ɅȤȫɥଌ ಕ༯ຎࡹɅɕȥɄɣɄȞă āહĪ2:9:, 5: n3īɈࡥɬઞȱɢȠăĶఒ൵ɅȜȽɀɉĂି൵ଞɉఒ൵ ੰદɈঔɁᆂɈಗɅȴɦɊഫɤķĂĶఒ൵ȱȹইႨɅज़ഹɬ౺ȲȹɤĂᅅ ฤȱȹେܗɬȜȬɥȭɂȦɁȧɄȩɀɜĂି൵ଞɅݿɈɄȞȥȨɤĂȷɈय़ ݪɉȷɈɘɘିܗଞɅ࡚ȳɥɈȦĂ८ɁȜɥķɂȯɦɥăȭɈĶ८ķɉĂ ఒ൵ੰદȥɣཡ౺ȳɥĶॄโɄଌଋโᆀܗɄȞȱᆀܗķȦĶঈഥโɅȳɓ ɀିܗଞɅ࡚മȳɥķɂȞȠି൵ଞɈဘโᄵঔಗɅࡊȿȞɀȤɤĂȭɈڷჍ ɁဘโᄵঔಗɈ࡚य़ɁȜɥȭɂɉცɣȥɁȜɧȠăĶି൵ଞɅݿɈɄȞȥ ȨɤķɂȜɥȭɂȥɣĶି൵ଞɅࡹოۅཱȦɛɣɦɄȞ௲ਗķɅঔɣɦɥȭ ɂɜວᅕɁȜɥăି൵ଞɈဘโᄵঔಗɬఒ൵ੰદɈۿᅙഹܗɂȷɈ࡚മɅദ ȱɀฤૺݛȱȹଌოโɄঈഥȦఒ൵Ɉଌಕ༯ຎࡹɁȜɥɂȞȢɢȠăఛۈ Ī3119, :9, 423īɉɢɤโɅĶۿᅙݪȦȷɈɘɘିܗଞɅ࡚മȳɥķĶȞɩ ɠɥଌಕ༯ຎࡹȦੜᅙȯɦɀȞɥķɂȱȾȾĂȭɈɢȠɅĶఒ൵Ȧĸଌಕ༯ ຎĹɁȜɥɂȯɦɀȞɥȭɂɈࢪķȦĶି൵ଞɈିܗଞɅൎȳɥဘโᄵঔಗ ɬɛķȹఒ൵ၭ211௸Īࢤఒ൵ၭ2:௸īɅȜɥɂȱɀȞɥă āଌಕ༯ຎࡹȦି൵ଞɈဘโᄵঔಗɬఒ൵ੰદɈۿᅙഹܗɂȷɈ࡚മɅദ
ȱɀฤૺݛȱȹঈഥɁȜɥȭɂɬცߊɅ༘ڐȳɥȹɛɅĂĶఒ൵ࣞၭķɅɢɥ ࡤฤɬəɀȤȩȭɂɂȱɢȠǑīăఒ൵ࣞၭ35௸ǍਐǐਖɁɉڬݚɈɢȠɅഹ ၒ๎ຑɈ࣮ોɬࡤฤȳɥăĶఒ൵ޏଜķɉĶఒ൵ɈۜିȫɅ࠲ȱɀķĶڳ൵ଞଭ ȱȩɉିܗଞჀɉ൦જଞɅൎȱĂఒ൵ɈିܗॴɅȾȞɀഹɬ౺Ȳȹ௲ਗɅȭ ɦɬၒɀɭȱĂଭȱȩɉȜɣȥȲɛێฤߗɈᆀܗɬຶɄȥȽȹ௲ਗɅȭɦɬၒ ഫȳɥȭɂɬᄝȱĂჀɉఒ൵ɈିܗॴɅȾȞɀഹɬ౺Ȳȹ௲ਗɅȭɦɬၒɀ ɭȱĂଭȱȩɉȜɣȥȲɛێฤߗɈᆀܗɬຶɄȥȽȹ௲ਗɅȭɦɬၒഫȳɥ ڻķɬĶȱɀɉɄɣɄȞķăഹၒ๎ຑɬ࣮ોȳɥȭȠȱȹࡤฤɉఒ൵Ɉଌಕ ༯ຎࡹɬĶຝɘȢȹࡤฤķĪఛۈ 3119, :9īɁȜɥɂɂɜɅĂଌಕ༯ຎࡹ ȷɦൌȦఒ൵ੰદɈۿᅙഹܗɂȷɈ࡚മɅദȱȹঈഥɁȜɥȭɂɬცɣȥɅ ȳɥ໘ᅎɂɄȽɀȞɥă āି൵ଞɈဘโᄵঔಗɂȷɈ࡚य़ɂȱɀɈଌಕ༯ຎࡹɉႨɈఒ൵ၭɅദ ȱɀڬ௫ɈɢȠɅനȢɥȭɂȦɁȧɥăȺȦȭɈɢȠɄି൵ଞɈဘโᄵঔಗ ɂ ଌ ಕ ༯ ຎ ࡹ ɉ ఒ ൵ Ʌ ێ ཾ โ Ʌ ൃ ຎ ȳ ɥă ȷ Ɉ ێ ɬ ന Ȣ ɥ ȹ ɛ ɅĂ Uniform Trust CodeɂRestatement of TrustsɅɢȽɀĂɺʹ˂ʃɈఒ൵ၭɅȤȫɥ ି൵ଞɈဘโᄵঔಗɂଌಕ༯ຎࡹɈࡤฤɬޱࠫȱɢȠă
āɺʹ˂ʃɈఒ൵ၭɅȤȫɥି൵ଞɈဘโᄵঔಗɂଌಕ༯ຎࡹɈࡤฤɉĂ ႨɈఒ൵ၭɢɤɜێცߊɅିܗଞɅൎȳɥି൵ଞɈಗɂȱɀฤૺݛȯɦ ɀȞɥǒī
ăɘȴUniform Trust CodeɁɉି൵ଞɈᄵঔಗɂଌಕ༯ຎࡹȦ ൦21၂Ķି൵ଞɈಗȤɢɍି൵ଞɂଲۜȳɥଞɈॴᆀķɅࡤฤȯɦɀȞɥǓī ă इൌโɅɉU. T. C. Ř2114Ķఒ൵ۅཱɄȧ௲ਗɅȤȫɥഹޮ༹ķɈ૫Ɉਐ ɁȜɥăĶҋఒ൵ۅཱɄȧ௲ਗɁɜĂఒ൵Ɉࠣᆅȥɣ౺ȲĂି൵ଞɅɢȽɀɜ ȹɣȯɦȹȞȥɄɥᆀܗɅȾȞɀɜĂି൵ଞɉ܆ࣗɈɐିܗଞɅൎȱɀĬȷ Ɉᆀܗɬ࡚മȯȵɥĭಗɬȠăҌఒ൵ۅཱɄȧ௲ਗĂఒ൵ੰદݟඩɈഹ ɜȱȩɉঌݟɅȾȞɀĂɘȹɉᆀܗɬ౺ȲɄȥȽȹȭɂɅȾȞɀĂି൵ଞɉି ܗଞɅൎȱɀĬ༹ɬȠĭಗɬɩɄȞăķȭɈȠȻǽਐɉି൵ଞɈᆀܗ ࢵିɈ౫ঔĂǾਐɉି൵ଞɈဘโᄵঔಗɬȷɦȸɦಞɈ໘ᅎɂȱɀȞɥێ
ၫĂষଞɅȤȞɀɉĶఒ൵ȱȹইႨɅज़ഹɬ౺ȲȹɤĂᅅฤȱȹେܗɬȜȬɥ ȭɂȦɁȧɄȩɀɜĂି൵ଞɅݿɈɄȞȥȨɤĂȷɈय़ݪɉȷɈɘɘିܗଞ Ʌ࡚ȳɥķĪહ 2:9:, 5: n3īɂȞȠଌಕ༯ຎࡹɈ໘ᅎȦݢယɅ࠸ɘɦɀ ȞɥăȩວȲૉɈࡤฤɉRestatement of TrustsɅɜശ੭ȳɥăRestatement, Second, TrustsŘ314Ķఒ൵ۅཱɄȧ௲ਗɅȤȫɥᆀܗɅȾȞɀɈಗķɅȤȞ ɀɉĶᆀܗȦఒ൵ۅཱɈय़ݪɂȱɀ౺ȲɀȞɄȩɀɜĂఒ൵ɈࠣᆅɬฆȲɀĂ ɘȹɉఒ൵Ɉࠣᆅȥɣ౺Ȳɀି൵ଞɅɢȽɀɜȹɣȯɦȹȞȥɄɥᆀܗɅȾȞ ɀɜĂି൵ଞɉĬᆀܗɬ࡚മȯȵɥĭಗɬȠķɂȯɦĂŘ315Ķఒ൵ۅཱ Ʉȧ௲ਗɅȤȫɥഹɅȾȞɀɈჲಗķɁɉĶఒ൵ۅཱɈय़ݪɂȱɀɁɄȞঔ ɤĂఒ൵ੰદݟඩɈഹɜȱȩɉঌݟɅȾȞɀĂɘȹɉᆀܗɈཡ౺ɅȾȞ ɀĂି൵ଞɉିܗଞɅൎȱɀĬ༹ɬȠĭಗɬɩɄȞķɂࡤฤȯɦɀȞ ɥăȷɦȸɦU. T. C. Ř2114ɈǽਐɂǾਐɅൎܾȳɥȭɂɉცɣȥɁȜɥăȞ ȴɦɅȤȞɀɜĂɺʹ˂ʃɈఒ൵ၭɁɈି൵ଞɈဘโᄵঔಗɂȷɈ࡚य़ɁȜ ɥଌಕ༯ຎࡹɈࡤฤɉĂႨɈఒ൵ၭɂɕɖວێɈ໘ᅎɬᄵȱɀȞɥȭɂȦ ༘ڐɁȧɥɂວ૪ɅĂȭɦɣȦିܗଞɅൎȳɥି൵ଞɈಗɂȱɀฤૺݛȯɦ ɀȞɥȭɂȥɣĂି൵ଞɈఒ൵ۅཱɈᄵჟȦ௸ဦɅცȯɦĂɘȹି൵ଞɈဘ โᄵঔಗȦି൵ଞɈᆀܗࢵିɈ౫ঔɂࣱდɅێൌݛȯɦɀอȯɦɀȞɥɂ ȞȽȹູɬࠡଲɁȧɥă āڬ௫Ăఒ൵Ʌ໘੭ȱɀଌಕ༯ຎࡹɈޱࠫɬȞĂఒ൵ၭɘȹɉఒ൵౫Ʌ Ȥȫɥଌಕ༯ຎࡹɈڷࡹɬဩȵɀനȢɥȭɂȦɁȧȹăଌಕ༯ຎࡹɉఒ൵ ੰદɈۿᅙഹܗȦȷɈɘɘିܗଞɅ࡚മȳɥɂȞȠঈഥɁȜɥăȭɦɉĶ഼ଞ ɈȹɛɈੰદࠣᆅ౫Ɉێवൔķȹɥఒ൵ɅႨଋโɁȜɥି൵ଞɈဘโᄵঔಗ Ɉ࡚य़ɁȜȽȹăइൌโɅɉି൵ଞɈဘโᄵঔಗɬఒ൵ੰદɈۿᅙഹܗɂ ȷɈ࡚മɅദȱɀฤૺݛȱȹଌოโɄঈഥȦఒ൵Ɉଌಕ༯ຎࡹɁȜɥɂȞȢ ɥăȯɣɅȭȠȱȹି൵ଞɈဘโᄵঔಗɂȷɈ࡚य़ɂȱɀɈଌಕ༯ຎࡹɉ ఒ൵ɅێཾโɅൃຎȳɥɈɁȜɤĂȷɈێɂȱɀɺʹ˂ʃɈఒ൵ၭɅႨɈ ȷɦɂɕɖວȲ໘ᅎɬᄵȳɥࡤฤɬॽȳȭɂȦɁȧɥă
ѐāଌಕ༯ຎࡹɬଘȱȹఒ൵࡙࠲Ɉࣸᅃසގ࡙༑
ā൦яಣɁɉఒ൵Ʌ໘੭ȱɀଌಕ༯ຎࡹɬޱࠫȱȹăଌಕ༯ຎࡹɉఒ൵ੰ દɈۿᅙഹܗȦȷɈɘɘିܗଞɅ࡚മȳɥঈഥɁȜɤĂહĪ2:9:, 5: n3īɅ ɢɦɊĶఒ൵ɅȜȽɀɉĂି൵ଞɉఒ൵ੰદɈঔɁᆂɈಗɅȴɦɊഫ ɤķĂĶఒ൵ȱȹইႨɅज़ഹɬ౺ȲȹɤĂᅅฤȱȹେܗɬȜȬɥȭɂȦɁȧɄȩ ɀɜĂି൵ଞɅݿɈɄȞȥȨɤĂȷɈय़ݪɉȷɈɘɘିܗଞɅ࡚ȳɥķɂȞ Ƞ໘ᅎɁȜȽȹăႨ৶Ɉ࠽ɉଌಕ༯ຎࡹɈ৽ઍɅᆅሄโɄࡊೣɬᅇȢĂȯ ɣɅࣸᅃ࡙࠲ሄĆࣸᅃ౫ሄɂȱɀȷɈᆅሄ৭භɬమɛɥȹɛɈᄎ൨Ɉஒ੭ɬ ༘ڐȳɥȭɂɅȜɥăȭȠȱȹᄎ൨༘ڐɈȹɛɅĂႨಣɁɉɘȴଌಕ༯ຎࡹ ɬଘȱȹఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɅȾȞɀɘɂɛɀȤȩȭɂɂȳɥăଌಕ༯ ຎࡹɅ࠲ȳɥ൦яಣɈޱࠫɂఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ɅȾȞɀႨಣɁ ຶɣɦȹᆅސɂɅࡊȿȞɀĂଌಕ༯ຎࡹɈɜɂɁఒ൵࡙࠲Ɉࣸᅃසގ࡙༑Ȧ ɃɈɢȠɄڷࡹɬఛȹɅᄵȳɥȥɬനȢɥڷూɅɢɥă āఒ൵Ʌɢɥࣸᅃසގɬ৽ઍȳɥɂȧĂࣸᅃසގ࡙༑ɈಞɈඐȞɂɄɥɈ ɉఒ൵࡙࠲ɁȜɤĂఒ൵ɂȞȠၭᆍ࠲बɅȤȫɥ࡙࠲ି൵ଞɁȜɥăȭɈڷჍ Ɂఒ൵ɬฆȲȹࣸɈھ๖ɂසގɉఒ൵࡙࠲ɅɢȽɀమɛɣɦɥăȞɘࣸᅃස ގɬౌɅനȢɥȹɛɅڳ൵ଞɬරݿൌɂȱĂɘȹڳ൵ଞȦວ૪Ʌିܗ ଞɬ१ɇĂĶڳ൵ଞʃఒ൵ᆀܗʦငˊࢵିʑ˃ķĪࢤఒ൵ၭ68௸īܗఒ൵ ɬอɂȱɀĂఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɬ༘ڐȳɥăटɤ၄ȳȦȭȭɁɉଌಕ ༯ຎࡹɬଘȳɥă āɘȴڳ൵ଞȦି൵ଞɁȜɥఒ൵࡙࠲ɅੰદॴĪఒ൵ੰદīɬ࡚മȯȵɥȭɂ ɅɢɤĂڳ൵ଞȥɣఒ൵࡙࠲Ʌఒ൵ੰદȦھ๖ȳɥăȭɈھ๖ɅɢȽɀఒ൵࡙ ࠲ȦੰદॴɈშࡹଞɂɄɥăࣸᅃසގɂȱɀɉĂఒ൵࡙࠲Ȧཡȳɥఒ൵ங ȦྥݽာโɄ࠰ಞ२ɂȱɀ࡙༑ȱĂڳ൵ଞȦȭɦɬਈȳɥȭɂɅɢȽɀ රݿൌȥɣࣸᅃසގ࡙࠲ɁȜɥఒ൵࡙࠲ɅൎȱɀࣸɈھ๖Ȧࡧȭɥăȯ ɣɅȭɈఒ൵ੰદɉఒ൵࡙࠲ɅɢȽɀۿᅙȯɦɥăఒ൵ੰદɈۿᅙɉఒ൵࡙࠲ɅɢɥႨโ२ɈਈɅɕȥɄɣɄȞɈɁĂɜȽɀຂݿൌɒɈࣸɈ ھ๖ȦࡧȭɤĂఒ൵࡙࠲ɅɢɥࣸᅃසގȦࠊᆡȳɥȭɂɂɄɥăȭɈఒ൵ੰદ Ɉۿᅙɜఒ൵ၭɁɉఒ൵࡙࠲ɈĶࠣᆅڻɈێହķɁȜɥĪહ 2:9:, 32: n4īă āڬ௫ɉఒ൵ɅȤȫɥࣸᅃසގɈ౫โɄ༘ڐɁȜȽȹăȭɦɬᆅሄโɅယ ȳɥɅɉࣸᅃසގɅȤȫɥڷૃड़ฤɂȷɈஒ੭ɬനȢɥྼᅟȦȜɥăࣸᅃසގ ɅȤȫɥڷૃड़ฤɈஒ੭ɉێཾɅ૫ɈɢȠɅനȢɥȭɂȦɁȧɢȠăࣸᅃසގ ࡙࠲ɉێၫɁ࠰ಞ२ɬཡȱɀරݿൌɢɤࣸɬିȫɦĂ഼ၫɁຂ ݿൌɈཡȳɥႨโ२ɬଲຶȳɥȭɂɅɢɤȭɦɅࣸɬࢷࢣȳ ɥăȭɈࣸɈିɂࢷࢣɉࣸᅃසގ࡙࠲ɈঙᄵɄڷૃड़ฤɅࡊȿȞɀड़ฤȯ ɦĂɘȹଌ੫ɅȯɦɥăโɅࣸᅃසގɈڷૃड़ฤɉࣸᅃසގ࡙࠲Ʌമȳ ɥɈɁȜɥă āȷɦɁɉఒ൵Ɉ௲ਗɉɃȠȥăࣸᅃසގ࡙࠲ɒɈڷૃड़ฤɈ࡚മɂȞȠȭɈ ێཾโɄᆅސɬఒ൵࡙࠲ɅඍɅไᅙȳɥȭɂɉɁȧɄȞăȭȭɁିఒ൵ Īpassive trustsīɈޱ༄ȦȷɈڷࡹɂဩȵɀমəɣɦɄȫɦɊɄɣɄȞă āɘȴିఒ൵Ɉޱ༄ɬ༘ڐȱɢȠăି൵ଞȦఒ൵ੰદɬĶಓ࣡โɅࠣᆅĆஐ ယȳɓȧķఒ൵ɁȜɥ༑ఒ൵Īactive trustsīɅൎȱɀĂିఒ൵ɂɉĶି൵ ଞɅੰદॴɈშࡹȦھȯɦɥȫɦɃɜĂି൵ଞȦಓ࣡โɅڻȳɓȧॴᆀࡹო ɬᄵȱɄȞఒ൵ķɁȜɥĪહ 2:9:, :īăఛۈĪ3119, 237-23:īɅɢȽɀȯɣ ɅᆏȻȽɀȵɊĂିఒ൵ɉି൵ଞɈࠣᆅஐယॴɈᄵჟɅɢɤĶშࡹఒ ൵ķɂĶ࣏ࡹɈିఒ൵ķɂɅ੧ယȯɦɥăଞɉĶିܗଞȦࠣᆅĆஐယɬȤ ȭɄȞĂି൵ଞɉȷɦɬᅎȳɥࡹოɬȠఒ൵ķɁȜɤĂষଞɉĶି൵ଞɉ ିܗଞຑɈૄూɅ୦ȽɀȳɥȦĂൎެโɅɉି൵ଞȦॴᆀĆࡹოɬɣ ȳɥఒ൵ķɁȜɥĪఛۈ 3119, 238īă āିఒ൵ɉႨɈఒ൵ၭȺȫɁɄȩܑဴɈȷɦɅȤȞɀɜॽȳȭɂȦɁȧ ɥăᇉȢɊRestatement, Second, Trusts Ř296ɁɉĶఒ൵௸ਐɈɜɂɁĂȜɥଞ ȦێฤɈ੧ᄆɅȤȞɀି൵ଞɈڻɬૅ༯ĪcontrolīȳɥॴঔɬᄵȳɥɄɣ ɊĂຎɈॴঔɈڷూȯɦȹȦఒ൵௸ਐɅۅཱȱɄȞঔɤĂɘȹɉॴঔɬ
ȳɥଞȦຎɈॴঔɈɅȤȞɀ୦ȠɓȧఒࡹოĪ¿duciary dutyīɅ ຎɈॴঔɈȦۅཱȱɄȞঔɤĂି൵ଞɉȥȥɥॴঔɈɅਗඳȱɀ ڻȳɥࡹოɬȠķɂࡤฤȯɦɀȞɥăି൵ଞɅൎȳɥĶȜɥଞķɈॴঔɈ ĂइൌโɅɉຎɈఒ൵ɅȤȫɥڳ൵ଞɘȹɉିܗଞɈૄూȦউ߆ɅɄȯɦ ɥȭɈɢȠɄఒ൵ɬૄూఒ൵Īdirectory trustsīɂȞȞĂȭɦȦିఒ൵ĪɄ ȥɁɜ࣏ࡹɈିఒ൵īɅഊຎȳɥɂȞȢɥǔīă āȭɈɢȠɄିఒ൵Ɉޱ༄ɬไᅙȱɀĂఒ൵ɈࣸᅃසގɅȤȫɥڷૃड़ฤɈ ஒ੭ɬനȢĂఒ൵࡙࠲ɅɢɥঙᄵɄࣸᅃසގ࡙༑ɬ༘ڐȳɥăࣸᅃසގɈڷૃ ड़ฤɉێཾɅࣸᅃසގ࡙࠲ɅമȳɥȦĂȭɈᆅސɬఒ൵࡙࠲ɅඍɅไᅙȳɥ ȭɂɉɁȧɄȞૉɬ௫ɁૄȱȹăȞɘఒ൵Ȧ༑ఒ൵ɂȱɀಡฤȯɦɀȞ ɦɊĂࣸᅃසގ࡙࠲ɒɈڷૃड़ฤɈ࡚മȦఒ൵࡙࠲ɅɜȷɈɘɘൃຎȱĂێཾ โɄࣸᅃසގȦమɛɣɦɥɂȞȽɀɢȞăȱȥȱିఒ൵ɁȜɥ௲ਗĂఒ൵࡙ ࠲ɣɅɢɥࣸᅃසގɈڷૃड़ฤɂȷɦɅࡊȿȩࣸɈھ๖ɉცɣȥɅശ੭ȱ ɄȞăĶშࡹఒ൵ķɂĶ࣏ࡹɈିఒ൵ķɂɈ੧ယɅദȱɀȱȩəɢȠăȞ ɘႨ৶Ɂɉڳ൵ଞȦරݿൌɁȜɥȭɂĂɘȹڳ൵ଞȦວ૪ɅିܗଞɁȜ ɥܗఒ൵ɬอȱɀȞɥɈɁĂିఒ൵ȦĶშࡹఒ൵ķɁȜɦɊරݿ ൌɁȜɥڳ൵ଞȦۿᅙɬ࠸ɚఒ൵ੰદɈࠣᆅɂஐယɬɣȞĂି൵ଞȹɥఒ ൵࡙࠲ɉȷɦɬᅎȳɥɅɂɃɘɥȭɂɂɄɥăɘȹĶ࣏ࡹɈିఒ൵ķɁȜ ɦɊఒ൵ੰદɈࠣᆅɂஐယɅȾȞɀරݿൌɁȜɥڳ൵ଞɅૄూॴȦȜ ɥăȭȭɁି൵ଞɁȜɥఒ൵࡙࠲ɉࠣᆅஐယॴȭȷᄵȱɀȞɥȦĂఒ൵ੰદɈ ࠣᆅɂஐယɉڳ൵ଞɈૄూɅࡊȿȞɀమɛɣɦɥăȳɄɩȻఒ൵Ȧିఒ൵Ɂ Ȝɥ௲ਗĂĶშࡹఒ൵ķɂĶ࣏ࡹɈିఒ൵ķɈȞȴɦɅȤȞɀɜࣸᅃසގ࡙ ࠲ɁȜɥఒ൵࡙࠲Ʌڷૃड़ฤȦ࡚മȳɥȭɂɉɄȞăڷૃड़ฤɈൌɉර ݿൌɁȜɥڳ൵ଞɁȜɥăɂȳɦɊఒ൵࡙࠲ɬฆȲɀࣸɈھ๖ȦࡧȭȽɀ ȞɥɂȱɀɜĂିఒ൵ɁɉȭɈࣸɈھ๖ɅȾȞɀఒ൵࡙࠲Ʌɢɥࣸᅃසގ ȦݪȹȯɦɀȞɥɂɉȞȢɄȞăఒ൵࡙࠲ȦݝɣȥɈႨโ२ɬଲຶȱȹɂ ȱɀɜĂȷɦɉ࡙࠲ି൵ଞɂȱɀɈȷɈڷૃड़ฤɅɢɥଲຶɁɉɄȩĂර
ݿൌɁȜɥڳ൵ଞȦຎɈႨโ२Ɉଲຶɬड़ฤȱĂɣଲຶɬȽɀି ൵ଞɁȜɥఒ൵࡙࠲ɅൎȱɀȷɦɬᅎȯȵȹȥĂɘȹɉȭɦɅૄూȱɀଲຶ ɬɩȵȹय़ݪɁȜɥȥɣɁȜɥă āȭɈɢȠɅനȢɥɄɣɊĂି൵ଞȦজɈڷૃड़ฤɅɢɣȴɅĂڳ൵ଞĪȭ ȭɁɉວ૪ɅିܗଞīɅɢɤĂɘȹɉȷɈૄూɅࡊȿȧఒ൵ੰદɈࠣᆅɂஐယ Ȧɩɦɥିఒ൵ɅȤȞɀĂఒ൵࡙࠲ɅɢɥࣸᅃසގɉެโɄवൔɅݿȨɄ ȞăȳɄɩȻवൔโɅɉఒ൵ɬฆȲȹࣸɈھ๖ȦࡧȭɤĂȭɦɉఒ൵࡙࠲Ȧ ࣸᅃසގ࡙༑ɬඐȠ࠰ಞࣸᅃɂȱɀএɦɥȦĂି൵ȱȹఒ൵ੰદɈۿᅙɉڳ൵ ଞɘȹɉȷɈૄూɅɢȽɀమɛɣɦɥȹɛĂȭȭɁɉරݿൌɅɢɥڷૃ ड़ฤɅࡊȿȞȹࣸɈھ๖Ȧ౺ȲɀȤɤĂଌଋɉಞࣸᅃɅຑȱȞăโɅఒ ൵࡙࠲ɉିఒ൵ɬฆȲɀ࠰ಞࣸᅃɈवൔɁૢଌ௫ɈಞࣸᅃɅॄᇭɬอࢷȱ ɀȞɥɈɁȜɥăڬ௫ɈɢȠɅఒ൵࡙࠲ɉĂ༑ఒ൵ɅɢɤɣɈڷૃड़ฤɅ ࡊȿȞɀࣸᅃසގɬȠႨᅰɈ࠰ಞࣸᅃɅ࠲ᅇȱĂିఒ൵Ʌɢɤڷૃड़ฤɈ ࡚മȱɄȞૢଌ௫ɈಞࣸᅃɅ࠲ᅇȱɀȞɥăᆤଞɒɈ࠲ᅇɉວ૪โɅူȱ ɀమɛɣɦɀȞɥă༑ఒ൵ɅɢɥႨᅰɈ࠰ಞࣸᅃɂିఒ൵Ʌɢɥૢଌ௫Ɉ ಞࣸᅃɂɒɈȥȥɥວ૪โ࠲ᅇɉఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ɁȜɥɂȞ ȠȭɂȦɁȧɥă āȯɣɅఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɬᆅސȳɥȠȢɁݢज़ɁȜɥɈɉఒ൵ڻ ɈڷࡹɁȜɥăఒ൵ڻɂɉĶຎૢଞ࠰Ʌఒ൵ɂȞȠၭᆍ࠲बɬᆏȯȵɥķ ĶၭᆍڻķĪఛۈ 3119, 228īɁȜɤĂႨɈఒ൵ၭɁɉ൦ǍĶഥķɈ ǎ௸ĶฤࡹķǎਐɅȤȞɀฤࡹȯɦĂǏ௸Ķఒ൵ɈၫၭķɅȤȞɀȷɈၫၭȦ ࡤฤȯɦɀȞɥă āइൌโɅିఒ൵ɉȭȠȱȹఒ൵ڻɅɢȽɀಡฤȯɦɥăఒ൵ڻɅɢȽ ɀି൵ଞɅൎȳɥૄూॴɬᅇȢɣɦȹଞɈૄూȳɥڻɉĂି൵ଞȦȠȭɂ ȦɁȧĂɘȹɩɄȫɦɊɄɣɄȞڻɈێȾɬɄȳĪહ 2:9:, 323īăႨ Ɉఒ൵ၭɅȭɦɅȾȞɀɈცโɄࡤฤɉɄȞȦĂᇉȢɊĶຂఒ൵ɍຂ ၭఱɅ࠲ȳɥၭᆍķǎ௸ǍਐɅɢɦɊĂĶڳ൵ଞૄూळຂఒ൵ķɉĶڳ൵ଞ
ɈૄూķɅࡊȿȞɀĶఒ൵ੰદķɬĶۿᅙȳɥȭɂɬᄆโɂȳɥఒ൵ķɁȜɥ ૉȦฤࡹɂȱɀȯɦɀȞɥǕīăຎɄȦɣȭɈĶڳ൵ଞૄూळຂఒ൵ķɉ ିఒ൵ɁȜɥă഼ၫĂRestatement of TrustsɅɉɢɤइൌโɄࡤฤȦശ੭ȳɥă ɂȞȽɀɜܑဴɈఒ൵ၭɅɉఒ൵ڻɈޱ༄ȦɄȞȹɛĂRest. 4rd, Trusts ĪPrudent Investor RuleīŘ339ɁɉĂఒ൵ࡊࣸĪfunds of the trustīɬຂȳɥɅ ੫ȱɀĂି൵ଞɉఒ൵௸ਐɅɢȽɀცโɘȹɉᄅโɅᅇȯɦȹॴঔɬᄵ ȳɥɂɂɜɅĂĶି൵ଞɅɢɥຂɬૄూɘȹɉ౫ঔȳɥఒ൵௸ਐɅ୦Ƞࡹო ɬିܗଞɅൎȱɀȠķɂฤɛɣɦɀȞɥăRest. 4rd, TrustsĪPrudent Investor RuleīŘ339, Comment on ClauseĪbīd ɉȭɈ௸ဦɅଫȱɀĂێཾɅି൵ଞɉ ఒ൵௸ਐɅɢȽɀცโɘȹɉᄅโɅୂॴȯɦȹੰદɅൎȱĂఒ൵௸ਐɅ ɢȽɀცโɘȹɉᄅโɅୂॴȯɦȹၫၭɅɢɤຂɬɄȱຶɥɂሄȲɀȤ ɤĂRestatement, Second, Trusts Ř296ɂɂɜɅૄూॴɬࡤฤȳɥ௸ဦɁȜɥȭɂ ɬॽȵɥă āࣸᅃසގɅȤȫɥఒ൵ڻɉێཾɅఒ൵ऴᄝɁȜɤĂȭɈఒ൵ڻɅɢȽɀ ༑ఒ൵ɘȹɉିఒ൵ɈȞȴɦɁȜɥȥȦड़ฤȯɦĂɘȹૄూॴɈಡฤȦ ɩɦɥɈɁȜɥȥɣĂିఒ൵ɉఒ൵ऴᄝɈݿาɁරݿൌɁȜɥڳ൵ଞ ɂఒ൵࡙࠲ɂɈৄொɬฆȲɀೊ൰ȯɦȹय़ݪɁȜɥăȭɈৄொɅȤȞɀᇉȢɊ ఒ൵ၡୟɈஈɅɢȽɀఒ൵ੰદɈࡖେܗɬഝঌȯȵຶɥɂȳɦɊĂఒ൵࡙ ࠲ɉȭɦɅɢȽɀ༑ఒ൵ɘȹɉିఒ൵Ɉೊ൰ɅࡤฤโɄᅙɬɖȳȭɂ ȦɁȧɥăɠȢɅఒ൵࡙࠲ɉ࠰ಞࣸᅃɂૢଌ௫ɈಞࣸᅃɂɒɈວ૪โ࠲ᅇɂ ɂɜɅĂఒ൵ڻɬฆȲɀᆤଞɈ࠰Ɉ๖ࠓɂ෮ɬమɛɀȞɥăႨᅰɈ࠰ಞࣸ ᅃɂૢଌ௫ɈಞࣸᅃɂɈ࠰ɈȭȠȱȹ๖ࠓɂ෮ɜఒ൵࡙࠲ɈঙᄵɄࣸᅃස ގ࡙༑ɈێငɁȜɤĂఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɉȭɦɣɈ࡙༑Ɉൌɂȱɀ৭ ȯɦɀȞɥɂȞȢɥă āఒ൵ɅȤȫɥࣸᅃසގɉȤɢȷڬ௫ɈɢȠɅനȢɥȭɂȦɁȧɥăȺȦڬ௫ ɉఒ൵Ɉଌಕ༯ຎࡹɬଘȱȹ༘ڐɁȜȽȹăఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɉଌ ಕ༯ຎࡹɬცโɅଲɤɦȹɂȧɃɈɢȠɄڷࡹɬఛȹɅᄵȱĂȷȭɅɃ
ɈɢȠɄሄ๘Ȧശ੭ȳɥȥăȭɦɬ૫ಣɁ৽ઍȱĂଌಕ༯ຎࡹɅ࠲ȳɥᆅሄ ৭භɈȹɛɈᄎ൨Ɉஒ੭ɬ༘ڐȳɥă
ёāఒ൵ɅȤȫɥଌಕ༯ຎࡹɂࣸᅃසގ
āȭɦɘɁ൦яಣɁɉఒ൵ɂȞȠၭᆍ࠲बɅ໘੭ȱɀଌಕ༯ຎࡹɬޱࠫȱĂ ఒ൵ੰદɈۿᅙഹܗȦȷɈɘɘିܗଞɅ࡚മȳɥঈഥɁȜɥȭɂɬȱȹă ൦ѐಣɁɉଌಕ༯ຎࡹɬଘȱȹȠȢɁఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɬ༘ڐȱĂ ఒ൵࡙࠲ɉႨᅰɈ࠰ಞࣸᅃɂૢଌ௫ɈಞࣸᅃɂɒɈວ૪โ࠲ᅇɂɂɜɅᆤଞ Ɉ๖ࠓĆ෮ɬȷɈঙᄵɄࣸᅃසގ࡙༑ɂȳɥȭɂȦცɣȥɅȯɦɀȞɥăڬ ௫Ɉ৽ઍɬ୭ɇɥȭɂɅɢɤĂଌಕ༯ຎࡹɈɜɂɁɈఒ൵࡙࠲ɈঙᄵɄࣸᅃ සގ࡙༑ɅȾȞɀĂȷɦȦɃɈɢȠɄڷࡹɬఛȹɅᄵȳɥȥɬനȢĂȷɈᆅސ ɬఠɛɥȹɛɈሄ๘ɬอȳɥȭɂȦɁȧɥă āโɅȵɊĂଌಕ༯ຎࡹɈɜɂɁɈఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɉఒ൵ɅȤ ȫɥ˂ʑʇɈ༯ယɂඐɈᄎ൨ɂȱɀ༘ڐɁȧɥɂ৽ȢɣɦɥăȞɘ൦ѐಣɈ ސცɅȱȹȦȽɀڳ൵ଞɂିܗଞȦວێɈܗఒ൵ɬฤȱĂڳ൵ଞɬර ݿൌɂȳɥɂĂࣸᅃසގ࡙༑ɈඐȞɁȜɥఒ൵࡙࠲Ȧڳ൵ȯɦȹఒ൵ੰદ ɬۿᅙȳɥȭɂɅɢȽɀࣸᅃසގȦᆏȳɥăȷɈ੫Ăଌಕ༯ຎࡹɅࡊȿȞ ɀఒ൵ੰદɈۿᅙഹܗȦȷɈɘɘڳ൵ଞĪວ૪ɅିܗଞɁȜɥīɅ࡚മȳɥɈ ɁĂȭȠȱȹഹܗɉۿᅙɈݿาɁཡ౺ȱȹଲۜྣᅙɬ࠸ɛɀโɅරݿ ൌɅʏʭʠȯɦɥăఒ൵ɅȤȫɥ˂ʑʇɈ༯ယɂඐɂȱɀനȢɦɊĂȭȭ Ɂఒ൵࡙࠲ɉࣸᅃසގ࡙࠲ɂȱɀ˂ʑʇࠣᆅɅ୦ૢȱĂȭɦɅɢȽɀఒ൵ੰદ Ɉ˂ʑʇɈঌɬూɥێၫĂି൵ଞɂȱɀɉ˂ʑʇɬඐȱɄȞăȳɄɩȻႨ โ२Ɉ˂ʑʇɉĂێฤɈঌȭȷɄȯɦɥɅȱɀɜĂ࠰ಞ२ɁȜɥఒ൵ ஙɅȷɈɘɘʏʭʠȯɦɥȭɂɂɄɥă˂ʑʇɈȭȠȱȹʏʭʠȦ౺Ȳɥɂ ȳɦɊĂଌಕ༯ຎࡹȦఒ൵౫Ʌ໘੭ȳɥࡤฤɁȜɥڬ௫Ăఒ൵࡙࠲Ɉࣸᅃ සގ࡙༑ɉູɅ˂ʑʇඐ࡙༑ɅȤȞɀഊܾɈୌ౷ɬିȫȰɥɬຶɄȞăȭɦ Ȧᄎ൨༘ڐɈɬɄȳăāȯɣɅଌಕ༯ຎࡹɈɜɂɁɈఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ɅȾȞɀ༘ڐ ɬఠɛɥȹɛɅĂڬݚɁɉࣸᅃසގ࡙࠲Ɉ˂ʑʇࠣᆅɅශᄆȱɀી௲ळ࠰ಞࣸ ᅃɈ߄Ʌ࠲ȳɥယɬอȱȹAllen and SantomeroĪ2::9īɬ৽ઍɅຩȳ ɥăɂɤɩȫ˂ʑʇࠣᆅɂਗ౯ɬᄵȳɥɂȯɦɀȞɥઞݡྣᅙĪparticipation costsīɈޱ༄ĪAllen and Santomero 2::9, 2593īɬไᅙȳɥȭɂɅɢɤĂఒ൵ ɅȤȫɥ˂ʑʇɈ༯ယɂඐɈᄎ൨ɂȱɀȭɈࣸᅃසގ࡙༑ɬᆅሄโɅकɤݚ ȬɥȭɂȦɁȧɥă ǍąઞݡྣᅙɈޱ༄ āරݿൌɘȹɉโɅຂݦȦࣸᅃી௲ɅȤȞɀଲۜɬȞĂࣸᅃદ ɬଲຶĆ။ᄵĆஐယȳɥɅɉઞݡྣᅙɬඐȱɄȫɦɊɄɣɄȞăAllen and SantomeroĪ2::9, 2592īɅɢɦɊĂઞݡྣᅙɉࣸᅃી௲ɅઞݡȳɥȹɛɈߔ ྣᅙɂ૫ʱĜʑɁɈી௲ʺʣʗ˂ˋʈྣᅙȥɣɄɥɂ৽ȢɣɦɥăइൌโɅ ȜɥູฤɈࣸᅃદɅȾȞɀĶી௲ȦɃɈɢȠɅ࡙༑ȳɥȥĂદେܗɈယ ĪdistributionīĂ૪࠰ɬฆȱɀဿݛɬɃɈɢȠɅࠠȳɥȥķɄɃɬຂݦɉߔ ȱɄȫɦɊɄɣȴĂଞɉȷɈȹɛɅૅȯɦɥྣᅙɁȜɥăষଞɉĶʲɼ ʂʭɈࡖယȦɃɈɢȠɅဿݛȳɥȥĂɘȹʵĜʠʭʁ˂ʂȦɃɈɢȠɅୌ ౷ȯɦɥྼᅟȦȜɥȥķɬനȢɥȹɛɅྼᅟɂɄɥʺʣʗ˂ˋʈɈྣᅙɁȜ ɥăଞȦঙฤโɁȜɥɈɅൎȱĂষଞɉഽɄঔޢྣᅙɂȱɀനȢɣɦɥă āAllen and SantomeroĪ2::9, 2592-2593īɉරݿൌȦࠊɄી௲ઞݡ Īfull participation in marketsīɬɩȴĂঔɣɦȹౘɈࣸᅃી௲ɅȱȥઞݡȱɄ ȞɂȞȠঔฤโɄી௲ઞݡĪlimited market participationīɈယɅɢȽɀȭɈ ઞݡྣᅙɈޱ༄ɬຩȱĂȯɣɅࣸᅃසގɬᆅސȳɥȠȢɁɈઞݡྣᅙɈ୭ᅟ ౯ɬȭɦɅറȫɀࣅ෮ȳɥăइൌโɅɉࣸᅃසގɅࠫઍȯɦɥڬݚɈູโɄ भȦරݿൌɅȤȫɥઞݡྣᅙɈฝݚɈᅟಃɅɢȽɀਗโɅತცݢ༑ ɁȜɥȭɂɁȜɥăȭȠȱȹभɈ൦ێɉʷʽĜʙʾɺ˃Ćʭɹˋʡɬํळɂ ȳɥી௲ळ࠰ಞࣸᅃɈ߄ɁȜɥăଌ੫Ăી௲ळ࠰ಞࣸᅃɈ߄ɉɂɤɩȫ༸
༷ྣᅙĪtrading costsīȦဍɅฝݚȱɀȞɥɜɂɁಞࣸᅃɈঌவɂူȱ ɀమȱɀȤɤĂ௶ၡɈྥൎɂଲۜྣᅙɅࡊȿȩ୦ᅰɈࣸᅃසގɈᆅሄɁɉ ცɣȥɅɁȧȴĂઞݡྣᅙɈഝɅɢȽɀȭȷਗโɄᆅސȦݢ༑ɁȜɥă൦ ɉࣸᅃසގ࡙࠲ɅȤȫɥ˂ʑʇࠣᆅɈȹɛɈʟ˂ʨʞɻʮɈഽᅙɁȜɥăࣸ ᅃසގ࡙࠲Ʌɢɥʟ˂ʨʞɻʮɈഽᅙɉȷɈෂఘโɄᄜߠȦഊൎโɅڤฤโɄ େܗယɬᄵȳɥࣸᅃદɈ೯ഢɁȜɥȭɂɬȱɀȞɥăȭȠȱȹࣸᅃස ގ࡙࠲Ɉ࡙༑ɅɢȽɀຂݦɉɣɈદ။ᄵɅൎȳɥʺʣʗ˂ˋʈɈɬ ഊൎโɅฝݚȯȵɥȭɂȦɁȧɥăȭɦɉઞݡྣᅙɈঌɅࡍᅇȳɥăȯɣɅ ൦જɅරݿൌɅɢɥოஙɘȹɉოᇆૣஙĪdebt-likeīɈ။ᄵɈ ߄ɬૄɁȧɥăოஙɉʟʭʁ˃ʠɈݢ༑౯ڬެɅ૪࠰ɬฆȱȹʺʣʗ ˂ˋʈɬȠྼᅟȦɄȩĂɘȹી௲Ʌ࠲ȳɥߔྣᅙɜฝȞȭɂȥɣઞݡྣᅙ ȦழȯȩĂරݿൌɅɢɥȷɈ။ᄵȦണమȯɦɥă āڬ௫ȥɣĂĶઞݡྣᅙɅࡊȿȩࣸᅃසގɈᆅሄķɉĶࣸᅃසގ࡙࠲ķȦࡤ ჹɅĶ˂ʑʇɬଲۜȱĂɘȹ˂ʑʇࠣᆅɬۜȧିȫɀȞɥૢଌķɂਗȳɥă େܗɈယȦڤฤȱȹࣸᅃદɬ೯ഢȳɥȭɂɅɢɤĂࣸᅃසގ࡙࠲ɉර ݿൌɈઞݡྣᅙɬۜȧݚȬɥă࣡Ʉ௲ਗȭɦɉฝ˂ʑʇɈოɈ೯ഢɬ ȠɁȜɧȠȦĂɢɤ˂ʑʇɈȞࣸᅃદɅȾȞɀɜ૪࠰ɬฆȱȹʵĜʠʭʁ ˂ʂɈୌ౷Ʌᅟȳɥྣᅙɬ࣡ழݛȳɥȠȢɁେܗɈယɈڤฤɉ୭ᅟɁȜɥ ĪAllen and Santomero 2::9, 2593īă
ǎąઞݡྣᅙɂఒ൵࡙࠲Ɉࣸᅃසގ࡙༑
āAllen and SantomeroĪ2::9īɅɢȽɀઞݡྣᅙɈޱ༄ɂࣸᅃසގɅȤȫɥȷ Ɉڷࡹɬ༘ڐȱȹăȭɦɬଌಕ༯ຎࡹɈɜɂɁɈఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ ࡙༑ɅไᅙȱɀĂȷɈఛȹɄڷࡹɬനȢɥă
āႨಣɈɛɅଌಕ༯ຎࡹɈɜɂɁఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɉູɅ˂ʑʇ ඐ࡙༑ɅȤȞɀഊܾɈୌ౷ɬିȫȰɥɬຶɄȞ๘ɬૄȱȹăઞݡྣᅙɈޱ༄ ɈไᅙɅɢȽɀఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɅȾȞɀȯɣɅ૫ɈɢȠɅ༘ڐȳɥȭ
ɂȦɁȧɥăႨ৶Ɂɉڳ൵ଞȦວ૪ɅିܗଞɂɄɥܗఒ൵ɬฤȱɀȞɥɈ ɁĂઞݡྣᅙɬඐȳɥɈɉරݿൌɁȜɥڳ൵ଞɁȜɥăఒ൵Ʌɢɥࣸ ᅃසގȦႨᅰɈ࠰ಞࣸᅃɂȱɀɩɦɥ௲ਗĂࣸᅃසގ࡙࠲ȹɥఒ൵࡙࠲Ȧ˂ ʑʇࠣᆅɅ୦ૢȱĂڤฤݛȱȹେܗယɬᄵȳɥ࠰ಞ२ȹɥఒ൵ஙȦࣸᅃ દɂȱɀࢷࢣȯɦĂරݿൌɈʺʣʗ˂ˋʈྣᅙɬঌȱĂɜȽɀઞݡ ྣᅙɬฝݚȯȵɥăරݿൌȦڳ൵ଞɂȱɀૅȱĂఒ൵࡙࠲Ȧଲຶȳɥ ఒ൵ၡୟɉவɄȩɂɜငယโɅɉȭȠȱȹ˂ʑʇࠣᆅɅൎȳɥၡୟɁȜɥɂ৽ ȢɣɦɥăວێɈஈɈେܗɬอȳɦɊĂȭɈఒ൵ၡୟɂ˂ʑʇࠣᆅɅɢȽ ɀঌȯɦȹઞݡྣᅙɂɈਗोȦಞࣸᅃɅ࠲ᅇȳɥ௲ਗɈઞݡྣᅙɬݚޑɥ ɂȧĂරݿൌɉڳ൵ଞɂȱɀఒ൵࡙࠲ɅੰદॴĪఒ൵ੰદīɬ࡚മȯȵ ɥɁȜɧȠă ā഼ၫĂఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ɉĂɣɈڷૃड़ฤɅࡊȿȞɀȠႨ ᅰɈ࠰ಞࣸᅃɂڷૃड़ฤȦȷɦൌɅ࡚മȱɄȞૢଌ௫ɈಞࣸᅃɂɒɈວ૪ โɄ࠲ᅇĂɘȹᆤଞɈ࠰Ɉ๖ࠓɂ෮ɅȜȽȹăȞɘȭȭɁɉষଞɈ࡙༑Ȧ୭ ȯɦɄȫɦɊɄɣɄȞăఒ൵ੰદɈۿᅙഹܗȦȷɈɘɘିܗଞɅ࡚മȳɥଌ ಕ༯ຎࡹɈɜɂɁɉĂૢଌ௫ɈಞࣸᅃɉɜȻɧɭĂႨᅰɈ࠰ಞࣸᅃɅȤȞ ɀɜරݿൌɁȜɥڳ൵ଞĪିܗଞīɒɈࠊɄ˂ʑʇɈʏʭʠȦཡ౺ȳ ɥă˂ʑʇჶɅȤȫɥᆤଞɈഊۅɉࣸᅃසގ࡙࠲ɂȱɀɈఒ൵࡙࠲Ȧ˂ʑʇࠣ ᆅɅɢȽɀ˂ʑʇɈঌɬమɛɥɂȞȠ๘ȺȫɁȜɥăɂȳɦɊĂଌಕ༯ຎ ࡹɈɜɂɁɈ࠰ಞࣸᅃɂૢଌ௫ɈಞࣸᅃɂɈ࠰Ɉఒ൵࡙࠲Ʌɢɥ๖ࠓɉĂڳ ൵ଞĪିܗଞīɈ˂ʑʇ෮ɂȱɀ࡙༑ȱɀȞɥɂ৽ȢɣɦɥăȭȠȱȹ˂ʑ ʇ෮࡙༑ɉĂఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑Ȧଌಕ༯ຎࡹɈɜɂɁమɛɣ ɦɥȭɂɅɢȽɀᆏȳɥ࡙༑ɁȜɤĂଌಕ༯ຎࡹɅࡤฤȯɦȹఒ൵࡙࠲Ʌ Ȥȫɥ˂ʑʇඐ࡙༑ɈɄȜɤၫɂ৽Ȣɣɦɥă āȭȠȱȹ˂ʑʇ෮࡙༑Ʌ࠽ɬȩȭɂɅɢɤఒ൵࡙࠲Ɉࣸᅃසގ࡙༑Ʌ ࠲ᇦȱȹଭࠍɈሄ๘ɬനȢɥȭɂȦɁȧɢȠă āɘȴႨᅰɈ࠰ಞࣸᅃɂૢଌ௫ɈಞࣸᅃɈȞȴɦɅȤȞɀɜ˂ʑʇɈโ
ɄඐɉරݿൌɁȜɥڳ൵ଞĪିܗଞīȦȠăȱȥȱᆤଞɅȤȞɀ˂ ʑʇࠣᆅɬȠൌɉڽɄɤĂଞɅȤȞɀɉఒ൵࡙࠲ĂষଞɅȤȞɀɉڳ൵ ଞబɁȜɥăɠȢɅᆤଞɈ࠰Ɉ๖ࠓɉ˂ʑʇࠣᆅɈൌɬ๖ࠓȳɥ࡙༑ɂȱ ɀɜൃຎȳɥȭɂɂɄɥăȭɦɅɢȽɀ༑ఒ൵ɂିఒ൵Ɉఒ൵ၡୟɅɉ˂ ʑʇࠣᆅɈൌɈഊۅɅɢɥᆧᆎ߆ੇȦཡ౺ȳɥɂ৽ȢɣɦɥăȱȥȱȭȠȱ ȹఒ൵ၡୟɈஈɉఒ൵ੰદɈࡖେܗɬഝঌȯȵɥȹɛĂ༑ఒ൵ɂିఒ ൵Ɉೊ൰ɅࡤฤโɄᅙɬɖȱĂᆤଞɈି൵ᆎɅ܆ࣗɬᅇȢȰɥɬຶɄ ȞăȳɄɩȻଌಕ༯ຎࡹɈɜɂɁఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ɉ˂ʑʇ෮ ࡙༑ɂວ૪Ʌ˂ʑʇࠣᆅൌɈ๖ࠓɂȞȠ࡙༑ɬဩȵ૩ȻĂȯɣɅఒ൵ၡୟ ɅൎȳɥᅙɬฆȲɀȭɈࣸᅃසގ࡙༑ȷɈɜɈȦႨᅰɈ࠰ಞࣸᅃɂૢଌ௫Ɉ ಞࣸᅃɈᆎɬࡤฤȳɥڷࡹɬᄵȳɥă āɘȹڬ௫ɈယɬຝɘȢɦɊĂଌಕ༯ຎࡹɈɜɂɁɈఒ൵ڻɅȾȞɀ ɄڷࡹɬॽȳȭɂȦɁȧɢȠăఒ൵ڻɅȤȫɥৄொɬฆȲɀ࠰ಞࣸᅃɂ ૢଌ௫ɈಞࣸᅃɂɈ๖ࠓȦ౺ȲɀȞȹăଌಕ༯ຎࡹɈɜɂɁɈȭɈ๖ࠓȦ ڳ൵ଞĪିܗଞīɈ˂ʑʇ෮ɂȱɀ࡙༑ȱɀȞɥȭɂɬอɂȳɦɊĂఒ൵ ڻɉ˂ʑʇ෮ɬȷɈॄโɄଌൌɂȳɥɂɂɜɅĂڽɄɥ˂ʑʇೊɬᄵ ȳɥॄൌ࠰ɁɈଜޏโ˂ʑʇʏɿɺ˂ˋʈɈ࡙༑ɬᄵȳɥɂ৽Ȣɣɦɥă ఒ൵ڻɈȭȠȱȹ˂ʑʇʏɿɺ˂ˋʈ࡙༑ɉఒ൵࡙࠲Ʌɢɥࣸᅃසގ࡙༑Ɉ Ʉ๐ާɂȱɀယɈቻ௫Ʌ௫ȵɣɦɥɓȧɁȜɧȠă āȯɣɅฆ௵Ɉࣸᅃසގ࡙༑ɉ˂ʑʇඐ࡙༑ڬެɅ௶ၡ౺દ࡙༑ɂદ๖ࠓ ࡙༑ɅɢȽɀ৭ȯɦĂఒ൵ɅɢɥႨᅰɈ࠰ಞࣸᅃɅȤȞɀɜວᅕɁȜɥăఒ ൵࡙࠲Ɉ௶ၡ౺દ࡙༑ɂદ๖ࠓ࡙༑Ȧଌಕ༯ຎࡹɈɜɂɁɃɈɢȠɄڷࡹ ɬᄵȳɥȥɬനȢĂɘȹɄȜɤၫɬ૩Ⱦ˂ʑʇඐ࡙༑ɂɈ࠲ᇦȦცɣȥ ɅȯɦɄȫɦɊɄɣɄȞăȭȭɁɉ௶ၡ౺દ࡙༑ɅȾȞɀȱɀȤȭȠăᆅ ሄโɅฤȯɦɥࣸᅃසގ࡙༑ɉ௶ၡɈྥൎɬอɂȱɀȞɥă഼ၫĂఒ൵ ɅɢɥࣸᅃසގɅȤȞɀɉଌಕ༯ຎࡹɈɜɂɁႨโ२Ɉ˂ʑʇȦ࠰ಞ २ɁȜɥఒ൵ஙɅʏʭʠȯɦĂරݿൌɁȜɥڳ൵ଞȦโɅ˂ʑʇ
ɬඐȳɥăȭȭɁɉරݿൌɜഊܾɈઞݡྣᅙɈඐɬჲɦɄȞăɂɤ ɩȫරݿൌɈ௶ၡ౺દ࡙༑ȦฝȞɂȭɈྣᅙɉഝݡȳɥăɂȳɦɊර ݿൌɈ௶ၡ౺દ࡙༑ȦݿɅฝȞ௲ਗĂȭɦɂຂݿൌɂɈ࠰ɅȤȫ ɥ௶ၡɈྥൎɬࢪɅࣸᅃසގ࡙࠲ɈɄ௶ၡ౺દ࡙༑Ʌࡊȿȩࣸᅃසގ ȦᆏȳɥɂനȢɣɦɀȞȹɅɜȥȥɩɣȴĂරݿൌɅȤȫɥઞݡྣᅙ ɈݿɄඐɈȹɛɅĂఒ൵Ʌɢɥࣸᅃසގɉ೫ޮȯɦɥăȭɈᆅސȦ౷ȱȞ ɂȳɦɊĂଌಕ༯ຎࡹɈɜɂɁɈఒ൵࡙࠲Ɉ௶ၡ౺દ࡙༑Ʌࡊȿȩࣸᅃසގ ɅɉɘȯɅఒ൵ɅȤȫɥ˂ʑʇɈ༯ယɂඐȦࢪɂɄȽɀᆅሄโɅฤȯɦ ɥʺʟ˃ȦඍɅൃຎȱɄȞăȭɦɅൎȱɀɉɄယȦྼᅟɁȜɧȠȱĂ ȭɈ࡙༑ɂ˂ʑʇඐ࡙༑ɂɈ࠲ᇦɜȷɈ੫Ɉሄ๘ɂɄɧȠă āઞݡྣᅙɈޱ༄ɂࣸᅃසގɅȤȫɥȷɈڷࡹɬଌಕ༯ຎࡹɈɜɂɁɈఒ൵ ࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ɅไᅙȱĂఒ൵ɅȤȫɥ˂ʑʇɈ༯ယɂඐɈᄎ൨ ɂȱɀڬ௫ɈɢȠɄሄ๘ɬ༘ڐɁȧȹăȺȦێཾɅఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɉ ఒ൵౫ɈɄȥɁమɛɣɦĂȭɦɣɉഊโɄᅙɬᄵȳɥăଌಕ༯ຎࡹɈ ɜɂɁɈఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɅȾȞɀɜఒ൵౫ɂȷɈ࡙༑ɬᄘɅɦ ȹ༘ڐȦྼᅟɂȯɦɢȠăষɅȭɈ๘ɅఌɦɀȤȭȠă Ǐąଌಕ༯ຎࡹɈɜɂɁɈࣸᅃසގ࡙༑ɂఒ൵౫ āଌಕ༯ຎࡹɈɜɂɁఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ȦᄵȳɥఛȹɄڷࡹɬࡊೣɂ ȱɀĂఒ൵౫ɂȷɈ࡙༑ɬᄘɅɦȹڬݚɈɢȠɄሄ๘ɬനȢɥȭɂȦɁ ȧɥăȭɦɅɢȽɀఒ൵౫ɂȷɈ࡙༑Ɉᄎ൨ɂȱɀଌಕ༯ຎࡹɈᆅሄโɄ ސცɬమɛɥɬॽȵɥă āɘȴఒ൵౫ȷɦൌɈ࡙༑ɂȱɀɈଌಕ༯ຎࡹɈယɁȜɥăଌಕ༯ຎ ࡹɉĶ഼ଞɈȹɛɈੰદࠣᆅ౫ɈێवൔķɁȜɥఒ൵ɅႨଋโɄି൵ଞɈ ဘโᄵঔಗɈ࡚य़ɁȜɤĂఒ൵ၭɅɜࢪȦᅇȢɣɦɀȞȹăɂȳɦɊଌಕ ༯ຎࡹȦఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑Ʌൎȱɀᄵȳɥᅙɉఒ൵౫Ɉێ ࡙༑ɂȱɀനȢɥȭɂȦɁȧɥăȭɦɘɁɈယɁఒ൵౫ɂȷɈ࡙༑ɉଘ
ȯɦɀȞȹȦĂଌಕ༯ຎࡹɬฆȲȹఒ൵౫ɂఒ൵࡙࠲ɂɈ࠰Ɉഊᅙɬ നȢɥȭɂɅɢȽɀĂȭɦɣɬ໘౺ݛȱȹယȦݢ༑ɂɄɥăȯɣɅȭȠȱȹ ഊᅙɈ༘ڐɅɢɤĂఒ൵ɅȤȫɥ˂ʑʇɈ༯ယɂඐɈࠫ๘ȥɣĂఒ൵࡙ ࠲ɈঙᄵɄࣸᅃසގ࡙༑ɅൎܾȱȹไɄఒ൵౫Ɉ৭භɬᆅሄโɅސცɁȧ ɥɂ৽ȢɣɦɥăȭɈȹɛɅɉଌಕ༯ຎࡹɈɜɂɁɈఒ൵࡙࠲ɂȷɈࣸᅃස ގ࡙༑ɅȤȞɀఒ൵౫Ɉཡ๐ɬണమȳɥᅟۚȦɃɈɢȠɅवȯɦɥȥɬന ȢɥྼᅟȦȜɧȠă ā૫ɅࣸᅃʏʑʞʸɅȤȫɥఒ൵౫Ɉ࡙༑Ɉ৽ઍɁȜɥăఒ൵౫ɉࣸᅃʏ ʑʞʸɅၟಟȯɦɥȭɂɅɢɤێȾɈࣸᅃ౫ɂȱɀ࡙༑ȳɥăఒ൵౫ɉଌ ಕ༯ຎࡹɂȷɈ࡙༑ɬ໘੭ȳɥ౫ɂȱɀࣸᅃ৭ഢɅɃɈɢȠɄᅙɬɜȹ ɣȳȥɬცɣȥɅȳɥăȭɦɉఒ൵ڻȦᄵȳɥଜޏโ˂ʑʇʏɿɺ˂ˋʈɈ ࡙༑ɬࡊೣɂȱɀސცȦమɛɣɦɢȠăɂɤɩȫڽɄɥ˂ʑʇ༯ယɂ˂ʑʇ ඐ࡙༑ɬᄵȳɥࣸᅃ౫ɂࣸᅃසގ࡙࠲ȦࣸᅃʏʑʞʸɅဩശȳɥȭɂȥɣ౺ ȲɥৌݪɈယȦ்๘ɂɄɥɂ৽ȢɣɦɥăइൌโɄሄ๘ɂȱɀɉĂఒ൵౫ ɂࣺ౫ɂɈ౫࠰ࢻഈɂഊၒࠊĂఒ൵౫ɂ഼Ɉࣸᅃ౫Ɉຕਗवൔɂ ȱɀɈࣸᅃʋˋʈ˅ʶ˂ʛʠɈڷࡹĂી௲ळ࠰ಞࣸᅃɂȷɦɬฆȲɀఒ൵౫ Ȧࣸᅃી௲ĪູɅ२ી௲īɅᅇȢɥ܆ࣗĂɄɃɁȜɥă āষɅڬ௫Ɉ৽ઍɅࡊȿȞɀĂી௲ळ࠰ಞࣸᅃɬอɂȱȹࣸᅃසގɂࣸᅃ ౫ɅȤȫɥ˂ʑʇࠣᆅɈᄎ൨ɈސცɅȫɀଌಕ༯ຎࡹɈᆅሄโɄێཾݛ ɬฃ࢞ȳɥȭɂȦɁȧɢȠăଌಕ༯ຎࡹɂȷɈɜɂɁɈఒ൵࡙࠲ɂఒ൵౫ ɈယɬࡊೣɂȱɀĂી௲ळ࠰ಞࣸᅃɅȤȫɥࣸᅃසގ࡙࠲Ɉ˂ʑʇඐ࡙༑ ɂȷɈڷࡹĂࣸᅃසގ࡙࠲Ʌɢɥ˂ʑʇࠣᆅɂරݿൌɅɢɥโɄ˂ ʑʇඐɂɈ࠲ᇦɄɃɬᆅሄโɅ৽ઍȳɥȭɂȦݢ༑ɂɄɧȠăఒ൵ɈȯɣɄ ɥᆅሄโॸ࢞ɬനȢȾȾĂێཾโɄࣸᅃසގɈᆅሄโ৽ઍĪી௲ळ࠰ಞࣸᅃɅ Ȥȫɥࣸᅃසގ࡙࠲Ɉ˂ʑʇࠣᆅɈ৽ઍɬ࠽ɂȱɀīɅ๐ާȳɥȭɂȦฤ ȯɦɥă
ǐąழߣ āڬ௫ĂႨಣɁɉଌಕ༯ຎࡹɈɜɂɁɈఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ɅȾ ȞɀĂȷɦȦɃɈɢȠɄڷࡹɬఛȹɅᄵȳɥȥɬനȢĂȷɈᆅސɬఠɛɥȹɛ Ɉሄ๘ɬอȱȹă āȭȭɁɉଌಕ༯ຎࡹɈɜɂɁɈఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ɬఒ൵ɅȤȫɥ˂ ʑ ʇ Ɉ ༯ ယ ɂ ඐ Ɉ ᄎ ൨ ɂ ȱ ɀ ༘ ڐ ȳ ɥ ɂ Ȟ Ƞ ᆅ ސ Ɉ ɜ ɂ ɅĂAllen and SantomeroĪ2::9īɅɢɥઞݡྣᅙɈޱ༄ɬไᅙȱȹ৽ઍɬమɛĂႨᅰɈ࠰ಞ ࣸᅃɂૢଌ௫ɈಞࣸᅃɂɈ࠰Ɉ๖ࠓȦଌಕ༯ຎࡹɈɜɂɁڳ൵ଞĪିܗ ଞīɈ˂ʑʇ෮ɂȱɀ࡙༑ȱĂఒ൵࡙࠲ɅȤȫɥ˂ʑʇඐ࡙༑ɈɄȜ ɤၫɂ৽Ȣɣɦɥ๘ɬૄȱȹăȯɣɅȭȠȱȹ˂ʑʇ෮࡙༑Ȧວ૪Ʌ˂ʑ ʇࠣᆅɈൌɬ๖ࠓȳɥ࡙༑ɂȱɀൃຎȳɥȭɂĂ༑ఒ൵ɂିఒ൵Ɉఒ൵ ၡୟɅൎȳɥᅙɬฆȲɀఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ȷɈɜɈȦႨᅰɈ࠰ಞࣸᅃ ɂૢଌ௫ɈಞࣸᅃɈᆎɬࡤฤȳɥڷࡹɬᄵȳɥȭɂɬȱĂȯɣɅఒ൵ ڻȦᄵȳɥଜޏโ˂ʑʇʏɿɺ˂ˋʈ࡙༑Ă˂ʑʇඐ࡙༑ڬެɈࣸᅃසގ࡙ ༑Ȧଌಕ༯ຎࡹɈɜɂɁᄵȳɥڷࡹĂɄɃɬሄ๘ɂȱɀอȱɀȞɥăȯɣ Ʌఒ൵࡙࠲Ɉࣸᅃසގ࡙༑ȦᄵȳɥఛȹɄڷࡹɬࡊೣɂȱɀĂఒ൵౫ɂȷɈ ࡙༑ɬᄘɅɦĂఒ൵౫ȷɦൌɈ࡙༑ɂȱɀɈଌಕ༯ຎࡹɈယĂఒ ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ɅൎܾȱȹไɄఒ൵౫Ɉ৭භĂࣸᅃʏʑʞʸ ɅȤȫɥఒ൵౫Ɉ࡙༑Ăી௲ळ࠰ಞࣸᅃɬอɂȱȹࣸᅃසގɂࣸᅃ౫Ʌ Ȥȫɥ˂ʑʇࠣᆅɈᄎ൨ɂȱɀɈଌಕ༯ຎࡹɈᆅሄโێཾݛɈฃ࢞ĂɂȞȽ ȹሄ๘ɬനȢĂఒ൵౫ɂȷɈ࡙༑Ɉᄎ൨ɂȱɀଌಕ༯ຎࡹɈᆅሄโɄސც ɬమɛɥɬॽȳȭɂȦɁȧȹă
य़াɅȥȢɀ
āႨ৶ɉݨߔॸ࢞ྣၒࣸɅɢɥ྾ଞɈॸ࢞ݻ൨Ķଌಕ༯ຎࡹɈࡊೣॸ࢞ć ఒ൵ɅȤȫɥ˂ʑʇɈ༯ယɂඐķɈɂȱɀĂଌಕ༯ຎࡹɈ৽ઍɅᆅሄโɄࡊೣɬᅇȢĂɘȹࣸᅃ࡙࠲ሄĆࣸᅃ౫ሄɂȱɀɈȷɈᆅሄ৭භɈȹɛɈ ᄎ൨Ɉஒ੭ɬനȢɥȭɂɬ࠽ɂȱɀȞȹăइൌโɄڷూɂȱɀɉĂɘȴఒ൵ ȷɦൌɅ໘੭ȱɀଌಕ༯ຎࡹɈޱࠫɬȞĂఒ൵ၭɘȹɉఒ൵౫ɅȤȫ ɥଌಕ༯ຎࡹɈڷࡹɬცɣȥɅȳɥȭɂĂȯɣɅȭɈଌಕ༯ຎࡹɈɜɂɁ ఒ൵࡙࠲ɈঙᄵɄࣸᅃසގ࡙༑ȦɃɈɢȠɄڷࡹɬఛȹɅᄵȳɥȥɬനȢɥɂ ɂɜɅĂȷɈᆅސɬఠɛɥȹɛɅސცȳɓȧሄ๘ɬอȳɥȭɂɁȜȽȹăႨ ৶ɅɢȽɀცɣȥɅȯɦȹᄎ൨Ɉஒ੭ɂሄ๘ɉ൦ёಣɅอȯɦɀȤɤĂȭɦ ȭȷȦȭɈॸ࢞ݻ൨ɅȤȞɀ୭๘โɅଲɤ೨ɚ໘ᅎɂɄɥɁȜɧȠă Īī ǍīႨ৶ɅȤȫɥႨɈఒ൵ၭɂɉိ29༃Ī3117༃īၭᆍ൦219ਖɁȜɥăࢤఒ൵ၭ ɉိ29༃Ī3117༃īၭᆍ൦21:ਖɅɢɥޜ౷Ɉఒ൵ၭɁĂ౷22༃Ī2:33༃īၭ ᆍ൦73ਖɬૄȳă ǎīહĪ2:9:, 82-83īɅɢɦɊĂȭȠȱȹဘโᄵঔಗɉିܗଞɂɈ࠲बɅȤȞɀఒ ൵ੰદɈଌଋโၭൌ౯ɬෟȳɥࢪɂɄɥă āࢤఒ൵ၭ2:௸ɈࡤฤɉĶି൵ଞȦିܗଞɅൎȱɀࢣࡹოɬȠवɬੜȽɀȞɥķ ȦĂວ௸ɅɢɥဘโᄵঔಗɈࡤฤɅɢɤĶି൵ଞɉঙᄵੰદɁ၉ȳɥྼᅟɉɄķ ȩĂĶି൵ଞখఱɉಗɬɩɄȞķăĶି൵ଞȦିܗଞɅൎȱɀࢣࡹოɬȠķ ɈɉĂĶି൵ଞɬఒ൵ੰદɈშࡹଞɂȱȹȹɛɅķĶȷɈოɜି൵ଞɈშࡹɂȳɥɅ ȳȨȴķĂଌɉĶఒ൵ੰદȦოɂಗɬȞĂି൵ଞɉȷɈᆂɅȾȞɀࠣᆅॴଞ ɂȱɀᆂɈಗɬȠķȭɂɬڷჍȳɥăࢤఒ൵ၭ2:௸ɅȾȞɀɉݚɁȳɥă ǏīఛۈĪ3119, 49:-4:1īɉĂĶࡤฤచɤɅȾȞɀɈࡷᄎķɂȱɀĂ32௸ǎਐǍਖɂ211௸ ɂɈĶ௸ဦ࠲बķɅȾȞɀĂĶᆤଞɈੇڽɉဦᆅ௫ޣჟɁȜķɤĂĶᆤଞɈ࠲बķȜɥ ȞɉĶ211௸Ɉശ੭ڷࡹķɉĶცɁȜɥɂȞɩȰɥɬຶɄȞķɂȱɀȞɥăȹȺȱఛ ۈĪ3119īɅȤȞɀĶି൵ଞɈဘโᄵঔಗɈঈഥķɅȾȞɀȯɦɥ੫ɅɉɅ 211௸ɅɢȽɀȞɥă ǐīၭოௐმૢࣟઞૢࠋଆĪ3116, 243īɉĶିܗॴɅȾȞɀɈဘโᄵঔಗɅȾȞ ɀķɂȱɀڬݚɈɢȠɅሄȲɀȞɥăĶএၭ൦2:௸ɈࡤฤɈૉɉĂିܗଞɈᄵȳ ɥࢣಃ࢙ॴɈൎɬঔฤȱĂఒ൵ੰદɅൎȱɀɈəଃɁȧɥȭɂɬࡤฤȱȹɜɈ ɁȜɥɂސȯɦɥăȱȥȱĂວ௸ɅȤȞɀɉĂĸఒ൵ੰદʦঔʣܷʞʦʷĹɂࡤฤ ȯɦɀȤɤĂȷɈဦᆅȥɣɉĂఒ൵ੰદɈࣸߗɈঔɅȤȞɀঙᄵੰદɅൎȱɀɜଃ ɁȧɥɂȞȠȭɂɬࡤฤȱɀȞɥȥɈɢȠɄিސɬ౺ȲȥɇɄȞăȷȭɁĂວ௸Ɉ ࡤฤɈૉɬცߊɅȳɥȹɛĂĸఒ൵ੰદɈəɬɜȽɀĹɂࡤᆍȳɥɜɈɂȱȹăķə
ɣɦɥɢȠɅఒ൵ၭ211௸ɉࢤఒ൵ၭ2:௸ɈૉɬცߊɅȱȹɜɈɁȜɥȭɂȦცɣ ȥɅȯɦɀȞɥăɄȤȭȭɁĶএၭķɂɉࢤఒ൵ၭɬૄȳă
Ǒīိ27༃Ī3115༃īၭᆍ൦265ਖă
ǒīିܗଞɅൎȳɥළଌࡹოɅᄻᅰȳɥăU. T. C. Ř2114 CommentȤɢɍRestatement, Second, TrustsŘ314 Comment aɅȦȜɥă
ǓīၒഫɂȱɀĂU. T. C. Art. 21, General CommentɅɢɦɊĂି൵ଞɂଲۜȳɥଞĪpersons dealing with trusteeīɂɉइൌโɅିܗଞڬެɈ൦જଞɬૄȳă
ǔīޠঈĪ2::9, 37-38īɅɢɦɊĂࣷൣɈఒ൵ɉĶগํโɄఒ൵ɂɉڽɄɤķĂĶି൵ଞ Ʌಓ࣡โɄߤɈॴঔȦᅇȯɦɥɂວ૪ɅĂۿᅙେܗɬȜȬɥȭɂȦି൵ଞɈ ࡹოɂəɄȯɦķĂ੩ᆲఒ൵ݛȦࣅɘȽɀȞɥăȱȹȦȽɀĶ๙ຕโɄݦદ။ীɬෂ ఘɂȳɥࢤᅰɈିఒ൵ķɉɁɉȜɘɤমəɣɦȴĂĶငယɈఒ൵Ȧ༑ఒ൵ ɅമķȱɀȤɤĂܑဴɈఒ൵ၭɁିఒ൵ɂȱɀಡฤȯɦɥఒ൵ɉȭɈૄూఒ൵ɁȜ ɥɂᆅސȯɦɥăɘȹޠঈĪ2::9, 235-237īɅɉܑဴɅȤȫɥૄూఒ൵ɈไᅙɅȾȞ ɀइൌโɄȦȜɥă Ǖīိ23༃Ī3111༃īၭᆍ൦:8ਖɅɢɥޜ౷ă References
Allen, Franklin and Anthony M. Santomero.2::9.ĨThe Theory of Financial Intermediation.ĩ
Journal of Banking and Finance32, 2572-2596. ఛۈಁ. 3119.ĸఒ൵ၭĹ൦Ǐཹ, ᄵྗߑ.
ၭოௐმૢࣟઞૢࠋଆ. 3116.Ķఒ൵ၭޜ౷ᅟ৻ڨၒഫತცķၭოௐმૢࣟઞૢࠋଆ. Referred to at http://www.moj.go.jp/content/111122913.pdf.
હሆ. 2:9:.ĸఒ൵ၭĹఛཹ, ᄵྗߑ.
ABSTRACT
Performance-Based Bene¿t Policy in the Light of the Risk-Bearing Function of Financial Trust Institutions
Shigeru Nishiyama
(Department of Business Administration, Kyushu International University)
This paper is presented as the first step in the authorħs new research projectĨAn Analytical Investigation of Performance-Based Bene¿t Policy: From the Perspective of Risk Bearing and Shifting by Financial Trust Institutionsĩfunded by JSPS Grant-in-Aid for Scienti¿c Research (C). Performance-based bene¿t policy, according to which trustees bene¿t their bene¿ciaries as part of their duty of loyalty, is the practical consequence of the limited liability of trustees as one of the intrinsic principles governing modern trusts. This paper examines the institutional characteristics of performance-based bene¿t policy as a legal concept, and provides an outline of the major issues to be discussed in the project to clarify the economic effect the policy has on financial intermediation under the trust scheme. Among these issues, the risk bearing and shifting between trust parties necessitated by performance-based bene¿t policy and institutional trusteesħfunctions relevant thereto are particularly emphasized.
Keywords: Performance-based benefit policy; Institutional trustees; Financial intermediaries;
