ルの投資目的 (研究領域 経営財務関連とテクノロ
ジーからの競争力創成領域)
著者
清水 健太
雑誌名
経営力創成研究
号
5
ページ
115-123
発行年
2009-03
URL
http://id.nii.ac.jp/1060/00003333/
Creative Commons : 表示 - 非営利 - 改変禁止ུ̤̫ͥͅȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ൎ࿒എġ
̸Investment Purpose in Japanese Corporate Venture Capital̸
! ᄽൌफ۫ᆜೖय़ࢅҮӦҲ̷! ӝҨ̷Ҵ̡ҕҪҬҲӦһ! ర! ्ഥ! !
ါক!
ႏᇫဍѤ໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣૄჭษ҇ੴюҀѷ ѣ ќ з Ҁ ̞ ႏ ᇫ ဍ ќ Ѥ ໐ љ ѣ ш ѝ ҇ ફ ล ь є ̞ ڵ љ Ѥ ໙ ႏ ѣ Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ ҴӖ̷̡ҠӖӇҲӞѣૄჭษѤಘᅹౖ҇ાьєѷѣсതйшѝќзҀ̞ѷлڵљѤ ໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠѤޓѣӌӦҴӖ̷̡ҠӖӇҲӞѝࢣ ຎќಈᅶъҁєѷѣсതф̝ຎэૄჭษ҇ࢣᄜюҀшѝѤ໎ьйшѝ҇ફลьє̞! !Ҡ̷Ӣ̷ҼͅKeywords͆: Ҧ̷Ӑӟ̷һӌӦҴӖ̷̡ҠӖӇҲӞͅCorporate Venture Capital*̟ૄჭษͅ Investment purpose*̟ࠗಅૄ च ͅ indirect type investment ͆ ෟ ಅ ૄ च ͅ direct type investment͆
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Abstract
This paper considers the investment purposes of corporate venture capital in Japan. Two things were pointed out in this paper. One is that there are a lot of one that a corporate venture capital of Japan investment purpose valued the strategy. Another pointed out to the corporate venture capital of Japan shared the investment purpose as which the one established in cooperation with an outside venture capital was a lot, and was the same difficult.
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͉̲͛ͅ!
! Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞͅCorporate Venture Capital͆ѣय़ࢅѝьћ ේࡣᇫъҁћйҀѣѤ̝Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣૄჭษќзҀ̞ шѣࡣᇫѠпйћѤ̝ൌтф໐љѣᅶѠ҄рҁҀ̞ѳяڵљѶѣᅶѝьћҦ̷Ӑ ӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤಘᅹჭษ҇ાьџйѝলьџйѝйлᅶќз Ҁ̞Gompers and Lernerͅ2::9͆ќѤҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ၁ളࠬ ࣅѣಘᅹѝڵളѝџјћђѣืގ҇ѤрјћйрџцҁѥҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѝьћѣলѤџйѝફลь̝ҠӖӇҲӞҥҗӦѣްຝ҇ჭફюҦ̷Ӑӟ̷ һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠљйћѤ̝၁ളࠬࣅѣಘᅹѝڵකьџйခсതфзѿ̝ Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѝьћѣলѤџйѝଘෆьє̞!
ѳє Weberͅ3116͆ѷຎᄼѣફล҇৫јє̞! ! ႏᇫဍѠпйћѤ̝໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞсѠўѣѽл џૄჭษѣѷѝѠૄ҇৫јћйҀр҇ခ౸ь̝ђѣлнќ໙ႏѣҦ̷Ӑӟ̷һ̡ӌ ӦҴӖ̷̡ҠӖӇҲӞсૄ҇৫ллнќಘᅹౖ҇ાьєૄ҇৫јћйҀшѝ҇ბ ѾрѠюҀ̞ъѾѠ໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠпйћѤޓѣӌ ӦҴӖ̷̡ҠӖӇҲӞͅVenture Capital͆ѝࢣຎќಈᅶьєѷѣсതф̝ૄჭษѠљ йћݢ൏сзҀ̞! !
2/!ȜετȜΠȆαϋΙλȜȆ΅λάΗσͅ۾̳ͥ୶࣐ࡄݪ!
2/2! ͺις̤̫ͥͅȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ജٳ2* ! ! Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞс਼ѠߋᅀъҁઢѶєѣѤ̝2:71ൊѣඩ фѾйрѾќзҀ̞ҕӔӝҞѣӈҜ̷ҴӘӦ611Ѡ๏юҀѽлџൌࠬࣅѣлі̝2:71 ൊঞབྷрѾ2:81ൊಷབྷѠрцћ̝36ͮړѣൌࠬࣅќҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѣӊӠңӜӓ҇ຐьє̞шѣҕӔӝҞќ৫҄ҁєҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѠѤ໐љѣҲҗӊсзјє̞! ! ڵљѶѣҲҗӊѤ၁ളࠬࣅѣޓѠૄ҇৫лҲҗӊѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞќзѿ̝ђѣૄჭษѤଘѠޓѣᄜၱџӌӦҴӖ̷ࠬࣅѝѣᄖ়ษџ࠙ओ ҇ඞфшѝќҪҽҫ̷ݑџўᄼ̴џಘᅹ҇ૐјєѷѣќзјє̞ѷлڵљѣҲҗӊѤ ၁ളࠬࣅѣѣૉࣅѹ̝၁ളࠬࣅѣрѾࡎࣅюҀѷѣѠૄюҀҲҗӊѣҦ̷Ӑ ӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞќзҀ̞шҁѾѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇ ҲӞѣૄჭษѤ̝၁ളࠬࣅѣѠവюҀࡎࣅݍౣఋ҇ڲћҀшѝџўќзҀ̞! ҕӔӝҞѠпцҀшҁѾѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠ࠙юҀଙѴѤ̝ ̴ߋѠџѿ̝2:97ѠѤ31ܴҼӞѠѷ൦ьћйє̞! ! ьрьҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣߋຍсߋѠџѿ̝തфѣࠬࣅсଙ ѿѴѽлѠџҀѝ̝Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣߋຍѠ૫༏ь̝ୟю Ҁѷѣѷୟћтє̞шѣшѝџўрѾҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠ࠙ьћ തфѣय़ࢅсџъҁҀѽлѠџјє̞ຠѠ݄҇ѷјћҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖ ӇҲӞѣলѝюҀр̝ѳєшҁѠ࠙ᇍьћҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ ૄჭษѠ࠙юҀय़ࢅѤതф৫҄ҁћйҀ̞ҕӔӝҞѠпцҀҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѣૄჭษѠѤ̝ൌтф҄цћ໐љѣҲҗӊсзҀ̞! ! ѳяڵљѣᅶѝьћѤ̝Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣૄჭษѤ̝၁ ളࠬࣅѣಘᅹѠ࠱њйћૄъҁҀѮтќзҀѝйлᅶќзҀ̞шѣ৾Ҧ̷Ӑӟ̷ һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣૄѣলѤ̝၁ളࠬࣅѣಘᅹჭษѣ൦ѝџҀ̞ѷл ڵљѣᅶѝьћѤ̝ҠӖӇҲӞҥҗӦ҇ાюҀᅶќзҀ̞шѣ৾Ҧ̷Ӑӟ̷ һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣૄѣলѤ̝ҠӖӇҲӞҥҗӦѣްຝѝџҀ̞! ! ႏᇫဍѠпйћѤ̝໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞсѠўѣѽл џૄჭษѣѷѝѠૄ҇৫јћйҀр҇ခ౸ь̝ђѣлнќ໙ႏѣҦ̷Ӑӟ̷һ̡ӌ ӦҴӖ̷̡ҠӖӇҲӞѣૄჭษѠљйћੴюҀ̞! !2/3! ȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ൎ࿒എͅ۾̳ͥ୶࣐ࡄݪ!
! Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤಘᅹჭษ҇ાьџйѝলьџйѝйл ᅶќзҀ̞Gompers and Lernerͅ2::9͆ќѤҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ ѣ၁ളࠬࣅѣಘᅹѝڵളѝџјћђѣืގ҇ѤрјћйрџцҁѥҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѝьћѣলѤџйѝફลь̝ҠӖӇҲӞҥҗӦѣްຝ҇ჭફю Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠљйћѤ̝၁ളࠬࣅѣಘᅹѝڵකьџйခ сതфзѿ̝Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѝьћѣলѤџйѝଘෆьє̞ Chesbroughͅ3113͆ѷૉᆰ҇зчћҠӖӇҲӞҥҗӦ҇ાюҀҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѤߗ݆с৹фџҁѥൌтфഄн̝ߗ݆сคфџҁѥॳҀѕцѝફล ь̝шҁѾѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ၁ളࠬࣅѠѤბޱџಘᅹсџй ѝફลьє̞! ! ڵၒ̝Hardymon)2:94*ѹ Siegel)2:99*ѤҠӖӇҲӞҥҗӦ҇ڞૢьєૄ҇৫лш ѝсॆݑษѠᄔᆖџࠬࣅѭѣૄѠљџсѿ̝၁ളࠬࣅѭѣಘᅹѠѷ࠴ᄮюҀѝьє̞ ѳє Xfcfsͅ3116͆ѷຎᄼѣફล҇৫јє̞шшќ Hardymon ѾсફลюҀҦ̷Ӑӟ̷ һ̡ӌӦҴӖ̷̡ҠӖӇҲӞсҠӖӇҲӞҥҗӦѣްຝюҀшѝ҇ૄჭษѝюҀшѝ ѠљйћѤ̝зфѳќѷಘᅹౖ҇ૐљҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞсຎษ ѠҠӖӇҲӞҥҗӦѣްຝѷჭફюѝйлѷѣќзѿ̝Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѣૄჭษђѣѷѣсҠӖӇҲӞҥҗӦѣްຝѣѴ҇ჭફюѝйл҄цќѤ џй̞!! ! џ п ႏ ᇫ ဍ Ѡ п ц Ҁ Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ Ҵ Ӗ ̷ ̡ Ҡ Ӗ Ӈ Ҳ Ӟ ѣ ซ ࡠ Ѥ Chesbrough)3113*ѽѿۃᅀюҀ̞Chesbrough)3113*Ѥ̝͑Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѝѤڵཥૉࣅࠬࣅсӌӦҴӖ̷ࠬࣅѭෟಅૄюҀߋຍ͒ѝซࡠњц̝ѳє ࣞѠпйћѷҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠпйћ̝͑൴џҀჄჭษ҇ нћ̝࠼ഝಘᅹ҇యకъѐєѿ̝࠼ഝஓ࿁ѣ္߱҇јєѿ̝ъѾѠѤంєџધ҇ೖ ъѐєѿѝѽѿ৹८ѣჭษѠষцєૄсకѶѾҁћйҀ̞͒ѝફลьћйҀ̞! !
3/!ུ̤̫ͥͅȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ൎࠁఠ
3ȫ! ! ໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤ̝2::1ൊѠпйћӃӉӞ၍ ݺ҇फћ̝ћѣय़ࢅގ҇ಷќ৫нџфџјєшѝџў҇༓थѠതфଙѿѳҁҀ ѽлѠџјћйҀ̞ړ݁ѣѝпѿ̝໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤ̝ ໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤൌଛѣ౦ഉࣅѹ၈ઍࣅџўс ඩѝџјћйҀ̞ѳѕҕӔӝҞѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѝཿюҀ ѝ̝зѳѿࡋრсൌтфџйѷѣсതйс̝ߋຍюҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖ ӇҲӞѣిѤതфџјћйҀ̞! !ນ2/!ၞͬਹণུ̳͈ͥȜετȜΠȆαϋΙλȜȆ΅λάΗσ! 2 ၁ളࠬࣅ! 3 ! 4 ӈҔӦҼࡋრ 5 Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѭѣୟૄज഻! 2/ҾӈҹҖ! WING 26 ܴ܆! ࠗಅૄच! 3/ҾҶҮӦ! Ҿ Ҷ Ү Ӧ ̡ ӌ Ӧ ҴӖ̷̡ӈҔӦҼ ྌྴ! ࠗಅૄच! 4/NEC! BIGLOBEӈҔӦҼ 41 ܴ܆! ࠗಅૄच! 5/ӝҢӞ̷һ! ߗૡݶଃӝҢӞ̷һ җӦҠӘӌ̷ҪӚӦ ӄ̷һҽ̷ҭ! 31 ܴ܆! ෟಅૄच! 6/ҺҫҲӞҟӟ̷ҫ DG җ Ӧ Ҡ Ә ӌ ̷ ҪӚӦ 26̼31 ܴ܆! ࠗಅૄच! ͅୟ͆ྥଅ! ! ͅ2͆ҾӈҹҖͅWING͆! ! ޓѣӌӦҴӖ̷̡ҠӖӇҲӞѝࢣຎќಈᅶь̝ҾӈҹҖѝ৹йೱݑс࠽ഹќт ҀᄜၱџӌӦҴӖ̷ࠬࣅѭѣૄѝબ҇৫л̞ҾӈҹҖລѣంࡋૉࣅѠ݈н̝ӌӦ ҴӖ̷ࠬࣅѭѣૄ҇෭эћ࡚ୠѹඑૢ̝Ӂҙӂҙџў҇ଙѿਕѵшѝѠѽѿ̝ೱ ݑ҇࠹ьћૉࣅืގѣ݈ഓ҇ೇлшѝ҇ჭษѝюҀ̞!! ! ͅ3͆ҾҶҮӦͅҾҶҮӦ̡ӌӦҴӖ̷̡ӈҔӦҼ͆! ! ޓѣӌӦҴӖ̷ҠӖӇҲӞѝࢣຎќಈᅶь̝ଃޓѣफ۫ૄॴ҇ᄪ৾ьћ̝ంࡋૉ ࣅѣގ݈҇ഓъѐ̝၁ളࠬࣅѣफ۫ૄઍѝണଃѣᄜၱџӆҫӀҬӕҺӞ҇ᄪ৾юҀш ѝќ̝၁ളࠬࣅпѽѨૄѣࠬࣅ݆ඐ҇৹ѶҀшѝ҇ჭྯѝюҀ̞ ͅ4͆NECͅBIGLOBE ӈҔӦҼ͆! ! ޓѣӌӦҴӖ̷ҠӖӇҲӞѝࢣຎќಈᅶь̝ӌӦҴӖ̷ࠬࣅѭѣબѝҕӜҗҕӦҬ҇෭ эћ̝၁ളࠬࣅѣ฿ᆛڱ҇џҀҬӇ̷Ҽ߷҇ૐјћయకюҀшѝѝ̝ంࡋૉࣅೖୟ ҇ჭษѝюҀ̞! ͅ5͆ӝҢӞ̷һͅߗૡݶଃӝҢӞ̷һҗӦҠӘӌ̷ҪӚӦӄ̷һҽ̷ҭ͆! ! ᄼ̴џ࡚ୠ̡Ӂҙӂҙ̡එ।҇ૐљࠬࣅѝѣࢥࣅ̡S'E ̝҇ѽѿҬӇ̷Ҽ߷҇ૐјћڞ પृซьయకьћйфѮф̝ລᅶьєಕໟѣૄ૪৫ଘളѝьћҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞ҇ಈᅶьє̞! ! ͅ6͆ҺҫҲӞҟӟ̷ҫͅDG җӦҠӘӌ̷ҪӚӦ͆! ! ޓѣӌӦҴӖ̷ҠӖӇҲӞѝࢣຎќಈᅶь̝җӦҲ̷ӀҶһ࠙ᇍૉࣅѠпйћ̝ ૄࠬࣅѝѣดण҇యకюҀшѝ҇ჭษѝюҀ̞! !
ນ3/!ၞ͂΅λάΗσΊͼϋ͈ڕංͬਹণ̳ͥȜετȜΠȆαϋΙλȜȆ΅λάΗσ! 2 ၁ളࠬࣅ! 3 ! 4 ӈҔӦҼࡋრ 5!Ҧ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѭ ѣୟૄज഻! 2/໙ᅶ౦! ໙ᅶ CVC ӈҔӦҼ! 211 ܴ܆! ෟಅૄच! 3/Үӊҹ̷Ҿ̡ӎ̷ ӞҺҖӦңҬ! Ү ӊ ҹ ̷ Ҿ ̡ ҕ Ӝ җ ҕ Ӧ Ҭ̡ӈҔӦҼ! ྌྴ! ෟಅૄच! 4/һӜӦҬҦҬӕҬ Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ ҴӖ̷̡ҠӖӇҲӞૉࣅ! ྌྴ! ෟಅૄच! ͅୟ͆ྥଅ! ! ͅ2͆໙ᅶ౦ͅ໙ᅶ CVC ӈҔӦҼ͆! ! IT ခჿ-!ӃҗҝҹҢӁӠҫ̷̝ࡹѨ MEMS ૄ҇෭эћ໙ᅶ౦ѣૉࣅѭ৮फ़ю Ҁૉ̞࣮ളษѠѤ̝కӌӦҴӖ̷ࠬࣅѝѣૉࣅดणѹ̝ଃ RͰD ѭѣӈҖ̷ҼӃҶ Ң̝ҬӇӦҕҙһબ҇ჭษѝюҀ̞џпшҁѾѣૄѠѽҀҠӖӇҲӞҥҗӦѣްຝ ѷჭફю̞!! ! ͅ3͆Үӊҹ̷Ҿ̡ӎ̷ӞҺҖӦңҬͅҮӊҹ̷Ҿ̡ҕӜҗҕӦҬ̡ӈҔӦҼ͆! ! ၁ളࠬࣅѣඩ࠽फ۫लݭѣ൦ѠૄюҀєѶѣҢӜҗҕӦһѠവюҀด࢞࿌݈݆ඐѣ ഄൌ҇ჭษѝюҀ̞җңҫҶһ҇ೇјєૄ҇৫лѕцќџф̝ଃంࡋૉࣅގѣయ కџѾѨѠႵގࠬࣅѭѣૄૉࣅ̝ъѾѠѤ৫ളͅૄ͆ࠬࣅѣ৫лૉࣅѭѣࢬ ᆜџҦӒҶһӔӦһ҇෭эћ̝৫ളࠬࣅࡹѨଃѣࠬࣅ݆ඐ҇ষъѐҀшѝ̞!! ! ͅ4͆һӜӦҬҦҬӕҬͅҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞૉࣅ͆! ! ం࡚ୠ̡ంӆҫӀҬӕҺӞ҇ૐљӌӦҴӖ̷ࠬࣅѭѣૄѝంࡋૉࣅގѣૄ҇ჭ ษѝюҀѷѣќзҀ̞ૄѣၒఖѝьћѤൌтфခцћ໐љзѿ̝ڵљѤᇍॆവொѝь ћबഘษޫൌ҇ჭફюӑҫӚӝҹҖ̷ૄќзҀ̞ѷлڵљѤलݭษџૐіခѣ༟ࡰѠ ѽѿ̝ᅧ۾ॶ҇ჭફюӑҗӁӝҹҖૄќзҀ̞!! !
4/!ȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ൎ࿒എͅ۾̳ͥࣉख़!
4/2! ၞഎ࿒എͬਹণུ̳͈ͥȜετȜΠȆαϋΙλȜȆ΅λάΗσ! ! ໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣຠѝьћѤ̝ђѣѰѝ҈ў сಘᅹౖ҇ાьєૄ҇ჭษѠьћйҀѝйлшѝќзҀ̞തфѣҦ̷Ӑӟ̷һ̡ӌ ӦҴӖ̷̡ҠӖӇҲӞѣૄჭษсຠѠ၁ളࠬࣅѣඩѝџҀૉࣅѣय़ࢅގѭѣ৮फ़ ќзјєѿ̝ૄࠬࣅѝѣดण࠙ओ҇ඞюҀшѝ҇ૄჭษѝьћйҀ̞ႏᇫဍѣ ခ౸ќѤ̝Chesbroughͅ3113͆ѾсફลюҀѽлџ၁ളࠬࣅѣಘᅹсџф̝ҠӖӇҲӞ ҥҗӦѣްຝѣѴ҇ჭษѝюҀѽлџҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤ।ଦц Ѿҁџрјє̞шҁѾѣшѝрѾ̝໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤҀѝйлшѝќзҀ̞ૄჭษѠҠӖӇҲӞҥҗӦѣްຝ҇ࠟѵҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞ! ! ڵၒ̝ҠӖӇҲӞҥҗӦ҇ჭษѝьєҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞсџй ҄ ц ќ Ѥ џ й с ̝ Ҡ Ӗ Ӈ Ҳ Ӟ ҥ җ Ӧ ѣ ް ຝ ѣ Ѵ ҇ ჭ ษ ѝ ю Ҁ Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ ҴӖ̷̡ҠӖӇҲӞѤஜџф̝࠱ႏษѠѤಘᅹౖ҇ૐљૄѝҠӖӇҲӞҥҗӦѣްຝ ѣၒ҇ૄჭษѠૐљѝйлѷѣќзҀ̞! ! 4/3! ఈ͈αϋΙλȜ΅λάΗσ͈͂၌ٺ۾߸͂ൎ࿒എ! ! Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠѤྴ4ѠюѽлѠෟಅૄचѝࠗಅૄ चѝйл໐љૄज഻сзҀ̞ෟಅૄचѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѝ Ѥ၁ളࠬࣅсѾҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ಈᅶь̝ۦ۫юҀज഻ѝ џјћйҀ̞ࠗಅૄचѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѝѤޓѣӌӦ ҴӖ̷̡ҠӖӇҲӞџўѝࢣຎќҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞಈᅶюҀџў ь̝ണѣޓଘളѠҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣۦ۫҇ໟѐҀѷѣќзҀ̞ ႏᇫဍѠпйћҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣಈᅶѠзєѿ̝ޓѣӌӦ ҴӖ̷ҠӖӇҲӞѝࢣຎѷьфѤดणьћҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ಈ ᅶьєࠬࣅсതрјє̞ђѣჭษѝьћѤ̝McNally)2::8*сફลюҀࠗಅୟૄज഻҇ ѝ ј ћ й Ҁ ѝ й л ш ѝ ќ з Ҁ ̞ ࠗ ಅ ୟ ૄ ज ഻ ѝ Ѥ ၁ ള ࠬ ࣅ с Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ ҴӖ̷̡ҠӖӇҲӞ҇ಈᅶюҀѠьћ̝ӌӦҴӖ̷ࠬࣅѭѣૄӁҙӂҙсџйє Ѷ Ѡ ޓ ѣ ӌ Ӧ Ҵ Ӗ ̷ ̡ Ҡ Ӗ Ӈ Ҳ Ӟ Ѡ ۦ ᅀ ҇ ໟ ѐ є ѿ ࢣ ຎ ќ Ҧ ̷ Ӑ ӟ ̷ һ ̡ ӌ Ӧ ҴӖ̷̡ҠӖӇҲӞ҇ۦ۫юҀшѝќзҀ̞! ! ҕӔӝҞѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤ̝юќѠ2:71ൊрѾߋ ᅀъҁћйҀс̝໙ႏѠпйћҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞс౺ࣈษѠߋᅀ ъҁҀѠйєјєѣѤ̝шшిѣшѝќзҀ̞шѣєѶ໙ႏࠬࣅсంьфҦ̷Ӑӟ̷ һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ಈᅶюҀъйѠ̝ӌӦҴӖ̷ࠬࣅѠૄюҀӁҙӂҙѤ ҕӔӝҞѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞџўѠཿѮћၦьйѣсॶќзҀ̞ шѣшѝрѾ̝໙ႏࠬࣅѤంьфҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ಈᅶюҀъ йѠ̝ӌӦҴӖ̷ࠬࣅѭૄюҀӁҙӂҙ҇ૐљӌӦҴӖ̷̡ҠӖӇҲӞѝࢥюҀш ѝѠѽѿ̝ӌӦҴӖ̷ࠬࣅѭૄюҀಘᅹษџӔӝҶһѣ࢜ଦѝ̝ૄѠവюҀӝҬҢ ѣवॳ҇ڞьєѝйнҀ̞шѣшѝѤ̝໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѠѝјћൌтџڞࡠѣзҀшѝќзҀѝйнҀ̞McNally)2::8*Ѥࠗಅૄ चѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠљйћૄџўѠ࠙юҀ҇ჭษѝь ћйҀс̝ђѣڞႴќѤᅬѠрџјєଛၔ҇ᅀйћйҀ̞! ! ѳєшѣшѝрѾ̝໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣߋຍѠп йћޓѣӌӦҴӖ̷̡ҠӖӇҲӞсൌтџᄃ߇҇ݑєьћйҀшѝс҄рҀ̞ьрь шѣޓѣӌӦҴӖ̷̡ҠӖӇҲӞѝࢣຎќಈᅶъҁєҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ ҠӖӇҲӞѠѤૄჭษѝйлოќѣ࡞ჵсગҀ̞Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇ ҲӞѤ၁ളࠬࣅѣಘᅹ҇൦юҀჭษќಈᅶъҁєѷѣќзҀ̞ьрьࢣຎಈᅶьєޓ ѣӌӦҴӖ̷̡ҠӖӇҲӞѤђѷђѷҠӖӇҲӞҥҗӦ҇ࢀѶҀѷѣќзҀ̞Ҧ̷Ӑ
ӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣ၁ളࠬࣅѣಘᅹѝѤܖќзҀєѶѠ̝ૄڏॊѠ ѽјћѤૄჭษѣڬйрѾᆋଅѣࠗѠᅧޕс৾҄џйѽлџࢴсౡэҀౖ݉ѷз Ҁ̞шѣѽлџޓѝѣӌӦҴӖ̷̡ҠӖӇҲӞѝࢣຎќಈᅶьєҦ̷Ӑӟ̷һ̡ӌӦ ҴӖ̷̡ҠӖӇҲӞѠљйћѤ̝ڞࡠѣзҀшѝќѤзҀс̝ӌӦҴӖ̷ҠӖӇҲӞѝ ѣࠗѠࢥ࠙ओ҇ඞьࡀъѐћйфྣᅆсзҀ̞шҁѾѣݢ൏҇ўѣѽлѠౙь̝ ืގьћйфрсਘঞѣݢ൏ѝџҀ̞! ! ນ4/!ȜετȜΠȆαϋΙλȜȆ΅λάΗσ͈ൎࠁఠ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ͅୟ͆McNallyͅ2::8͆ѽѿྥଅ! !
̤ͩͤͅ!
! ႏᇫဍѤҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣय़ࢅѝьћҕӔӝҞѠпйћේ ࡣᇫъҁћйҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣૄჭษѠљйћੴьєѷ ૄ ࠬࣅ થݶଃ ૄ ࠬࣅ ଃ ѣ ௱ п ѽ Ѩ ૉࣅჸ ޓษѠ ࠊᅬъҁ є࠱ࣟ ษ Ѡ ࠊ ᅬ ъ ҁ є ࠱ ࣟ џ й ь ђ ѣ ๓ ๘ ѣ ૄ ҇ ༙ ݵ ѝ ю Ҁ ଃ ѣ ௱ п ѽ Ѩ ૉࣅჸ ษ Ѡ ࠊ ᅬ ъ ҁ є ࠱ ࣟ џ й ь ђ ѣ ๓ ๘ ѣ ૄ ҇ ༙ ݵ ѝюҀથݶଃ ૄ џйь џйь ૄ ૄ ࠗಅૄच ෟಅૄचӇҲӞѤಘᅹჭษ҇ાьџйѝলьџйѝйлᅶѝҠӖӇҲӞҥҗӦ҇ڞૢьє ૄ҇৫лшѝсॆݑษѠᄔᆖџࠬࣅѭѣૄѠљџсѿ̝၁ളࠬࣅѭѣಘᅹѠѷ࠴ᄮ юҀѝйлᅶќзҀ̞! ! ႏᇫဍѠпйћѤ̝໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞсѠўѣѽл џૄჭษѣѷѝѠૄ҇৫јћйҀр҇ခ౸ь̝ђѣлнќ໙ႏѣҦ̷Ӑӟ̷һ̡ӌ ӦҴӖ̷̡ҠӖӇҲӞсૄ҇৫ллнќಘᅹౖ҇ાьєૄ҇৫јћйҀшѝ҇ბ ѾрѠьє̞Chesbroughͅ3113͆ѾсફลюҀѽлџҠӖӇҲӞҥҗӦѣްຝѣѴ҇ଘ ჭษѠфѽлџҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѤႏᇫဍѣခ౸ќѤ।ଦцѾ ҁџрјє̞ѳє໙ႏѣҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠпйћޓѣӌӦ ҴӖ̷̡ҠӖӇҲӞѝࢣຎќಈᅶьєѷѣсതйѝйлшѝ҇ბѾрѠьє̞шѣшѝ сႏᇫဍѣҹ̷ӑќзҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣૄჭษѝйлࠒ฿ рѾ̝ޓѣӌӦҴӖ̷̡ҠӖӇҲӞѝᅧޕс৾҄џйѽлџౖ݉ѷѤѾ҈ќпѿ̝ џ҈Ѿрѣౙџў҇৫҄џцҁѥџѾџйݢ൏ќзҀѝફลьє̞! ! ಕ! 2͆!ҕӔӝҞѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣืގѠљйћѤ̝Block and MacMillanͅ2::4͆-!Fastͅ2:89̝͆Gee)2::5*-!McNally!)2::8*-!Paul and Gompersͅ2::9͆-! Venture Economicsͅ2:97͆҇અவ̞!! 3*!! ໙ႏѠпцҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѣૄჭษѠљйћѤ̝ӊӟҬӝӝ̷Ҭ ѹӎ̷ӓӍ̷ҫџў҇ѷѝѠ̞! 4͆!McNally-)2::8*ѤҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѭѣୟૄज഻ѝьћෟಅૄचѝࠗ ಅૄच҇ခᆭьє̞ෟಅૄचѝѤ၁ളࠬࣅсෟಅୟૄь̝၁ളࠬࣅсඩѝџјћૄ҇ ৫лѷѣќзҀ̞ࠗಅૄचѝѤ၁ളࠬࣅсҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ಈᅶю ҀѠьћ̝ӌӦҴӖ̷ࠬࣅѭѣૄӁҙӂҙсџйєѶѠޓѣӌӦҴӖ̷̡ҠӖӇҲӞ Ѡۦᅀ҇ໟѐєѿࢣຎќҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞ҇ۦ۫юҀшѝќзҀ̞шѣ ࠗಅૄचѣჭษѤ̝၁ളࠬࣅѠӌӦҴӖ̷ࠬࣅѭѣૄюҀӁҙӂҙ҇юҀшѝѹ္̝ лшѝќзҀ̞! ४ࣉࡃ! িͅ3117͆͑໙ႏѣӌӦҴӖ̷̡ҠӖӇҲӞѣૄ৫ຍ࠱୯̸ҕӦҤ̷һਯ҇ѷѝѠьћ ̸͓͒ॶൊଃݶय़ࢅ്͔3৽-ᄽൌॶൊଃݶ৾य़ࢅ-pp.24.31/! ޤᄽڵͅ2::9͆͑Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷ҠӖӇҲӞѝࠬࣅࠗࢥ͓͒फ۫य़ࢅᇫେ്͔32৽̝ ᄽൌफ۫य़ࢅ̝pp.44.62/! ॖͅ2::8͓͆ඩࠬࣅࣟᄪѝӌӦҴӖ̷̡ӈҔҗҽӦҬ͔ᄽफం၈ଃ̞! ॖͅ2:::͓͆໙ႏѣӌӦҴӖ̷ࠬࣅ͔໙ႏफྵᇫଃ/! ॖͅ3114*͑ంࡋގࣅѣૄࣟ൦ѝࣟᄪࡀ࠙ѣᄃ߇Ⴢࠗࣟᄪࡀ࠙ѝౘ࿓पࣟᄪࡀ࠙ѣཿ ခ౸͓͒ంࡋގࣅय़ࢅݶ! ਯय़ࢅ၈ਇ͔ඩࠬࣅ৾य़ࢅࡀ̝pp.97.227/! फຎᄖݶͅ3115͓͆͑җӁӌ̷ҪӚӦ͒ќంєџේѣ࠱҇ඞф͔फຎᄖݶ/! फຎᄖݶͅ3116͓͆ӌӦҴӖ̷ࠬࣅѠѽҀంૉࣅೖഉ҇ഊకюҀєѶѣดॹ͔ଃඇၔఘफຎᄖ
ݶంૉࣅೖഉښۀݶൌࠬࣅѣ৫ຍݶ/! ర्ഥ)3118a*͑Ҧ̷Ӑӟ̷һ̡ӌӦҴӖ̷̡ҠӖӇҲӞѠѽҀంૉࣅೖഉѠ࠙юҀڵੴ͓͒फ ۫ᆜೖय़ࢅ്͔4৽-ᄽൌफ۫ᆜೖय़ࢅҮӦҲ̷-pp.38.46/! ర्ഥ)3118b*͑Ҟ̷Ӊ̡ҕҙһѠѽҀҦ̷Ӑӟ̷һӌӦҴӖӝӦңѠ࠙юҀफ۫ษय़ࢅ͓͒फ ۫৫ຍय़ࢅ၈͔!്27৽-फ۫৫ຍय़ࢅݶ-pp.75.78/! ྍใৃিͅ3115͆͑ૉࣅೖഉѠ࠙юҀҦ̷Ӑӟ̷һ̡ӌӦҴӖ̷ѣളपѝݢ൏͓͒फ۫৫ຍय़ࢅ ၈͔!്24৽-फ۫৫ຍय़ࢅݶ-pp.64.68/! ྍใৃিͅ3111͆͑ంࡋૉࣅೖഉѣࠬࣅಘᅹѠ࠙юҀڵੴ͓͒৹फൌᇫେ͔54৽̝৹फ ൌݶ̝pp.56.68/!
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Sector, Routledge.! ! ͕࿌ࡌ͖! ! ႏᇫဍ҇юҀѠзєѿ̝ଘફຐࢲќзҀিౡ҇ѤэѶ̝ႏय़ࢅҮӦҲ̷ѣय़ࢅۀ ќзҀபࡐౡџѾѨѠതфѣஃ༕ၒѣщફຐ҇йєѕйєшѝѠ̝рѾѣпᆶ҇ఈьч єй̞!