JAIST Repository
https://dspace.jaist.ac.jp/ Title R&D費と成長率，収益率，割引率の関係式 Author(s) 若林, 秀樹 Citation 年次学術大会講演要旨集, 34: 620-625 Issue Date 2019-10-26Type Conference Paper Text version publisher
URL http://hdl.handle.net/10119/16577
Rights
本著作物は研究・イノベーション学会の許可のもとに 掲載するものです。This material is posted here with permission of the Japan Society for Research Policy and Innovation Management.
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㸰㹃㸮㸷 㹐㸤㹂㈝ᡂ㛗⋡㸪┈⋡㸪ᘬ⋡ࡢ㛵ಀᘧ
ۑⱝᯘ⚽ᶞ ᮾி⌮⛉Ꮫ⤒ႠᏛ◊✲⛉ᢏ⾡⤒Ⴀᑓᨷ ZDNDED\DVKLKLGHNL#UVWXVDFMS ࡣࡌࡵ ᡂ㛗⋡ࡣࠊ࣐ࢡࣟ⤒῭Ꮫ࡛ࡶࠊᴗ࠾࠸࡚ࡶࠊ㢟࡛࠶ࡿࠋࡲࡓࠊ㏆ᖺࠊROE(⮬ᕫ㈨ᮏ┈⋡) ࡘ࠸࡚ࠊ2014 ᖺࡢఀ⸨࣏࣮ࣞࢺࢆዎᶵࠊᏛࡣࡶࡼࡾࠊ⏘ᴗ࡛ࡶࠊከ࠸㆟ㄽࡉࢀࡿࡼ࠺࡞ࡗ ࡓࠋ㹙1㹛ࡉࡽࠊᘬ⋡(ᰴ㈨ᮏࢥࢫࢺࠊ࠶ࡿ࠸ࡣ WACC)ࡘ࠸࡚ࡶࠊỴ⟬ㄝ᫂࡞ࡢሙ࡛ࠊ⤒Ⴀ ⪅㆟ㄽࢆᢞࡆࡅ㹙2㹛ࠊᚎࠎࠊㄆ㆑ࡀᗈࡀࡾࡘࡘ࠶ࡿࠋ≉ࠊ⡿ᅜィࡸ IFRS ィ࡛ࡣࠊᘬ⋡ ࡢ๓ᥦḟ➨࡛ࠊᬮ⡘ࡢῶᦆุᐃࡁ࠸ᙳ㡪ࢆཬࡰࡋࠊP/L ࡶࣄࢵࢺࡍࡿࠋࡲࡓࠊ㈨ᮏࢥࢫࢺࡣࠊROE 㛵㐃ࡋ࡚ࠊᴗ࠾ࡅࡿᴗ࣏࣮ࢺࣇ࢛ࣜ࢜ࡢホ౯ࢃࢀࡘࡘ࠶ࡿ㸦࡞࠾ࠊᘬ⋡࡛࠶ࢀࠊ㈨ᮏࢥ ࢫࢺ࡛࠶ࢀࠊCAPM ࡛ィ⟬ࡍࡿሙྜࡢࣜࢫࢡࣉ࣑࣒ࣞࢆ࠺ᐃࡍࡿࡀ㘽࡛࠶ࡿࡀࠊ♫ࡸ┘ᰝἲ ேࡼࡗ࡚ࠊぢゎࡀศࢀ࡚࠸ࡿࠋ➹⪅ࡀࢼࣜࢫࢺࡋ࡚ࠊ㟁ᶵ࣓࣮࣮࢝ࡘ࠸࡚᭷ሗࢆඖศᯒࡋ ࡓࡀࠊࡑࡢ๓ᥦࡣᵝࠎࡔ㸧ࠋ ◊✲㛤Ⓨ㈝(௨ୗ R&D ㈝ ࠊ࡞࠾ࠊR&D ࠸ࡗ࡚ࡶࠊᮏ᮶ࠊ◊✲㛤Ⓨࡣู࡛࠶ࡾࠊ᭦ࠊィୖࡣࠊ ヨ㦂◊✲㈝➼ࡢ㆟ㄽࡣ࠶ࡿ)ࡘ࠸࡚ࡣࠊMOT ࡛ࡶࠊࡁ࡞㢟࡛࠶ࡾࠊୖ㧗 R&D ẚ⋡㛵ࡋ࡚ࡣࠊ ᴗᡓ␎࠾࠸࡚ࠊࡑࡢ㐺ṇつᶍࡸࠊR&D ࡢຠ⋡㛵㐃࡙ࡅ࡚㆟ㄽࡉࢀ࡚࠸ࡿࠋ㹙3㹛 R&D ㈝ୖ㧗ẚ⋡ࡢ㐺ṇỈ‽㛵ࡋ࡚ࡣࠊ༙ᑟయ࡛ࡣ 10%⛬ᗘࠊ་⸆࡛ࡣ 10%௨ୖࠊࢹࢪࢱࣝᐙ㟁 ࡛ࡣ 5%๓ᚋ➼ࠊࡇࢀࡲ࡛ࠊᴗ⏺ẖᖖ㆑ⓗ࡞ᩘᏐࡀ࠶ࡾࠊ㐣ཤࡢᘏ㛗⥺ୖ࡛ㄆ㆑ࡉࢀ࡚ࡁࡓࠋᐇ㝿 ࠊ〇㐀ᴗࢆ୰ᚰࠊୖ㧗R&D ẚ⋡ࢆ♧ࡍࠊୗグࡢࡼ࠺࡛࠶ࡾࠊ༙ᑟయཬࡧ༙ᑟయ〇㐀⨨࡛ࡣࠊ 10%⛬ᗘࠊࢡ࣐ࣝ⣔࡛ 8%ࠊFA ࡸࣟ࣎ࢵࢺ࡛ 5%ࠊ㔜㟁ࡸᐙ㟁࡛ 2%⛬ᗘ࡞ࡗ࡚࠸ࡿࠋ ᅗ⾲㸯 せ࣓࣮࣮࢝ࡢࢭࢢ࣓ࣥࢺู 5 ' ㈝ ฟᡤ㸸ྛ♫᭷ሗࡼࡾⱝᯘ⚽ᶞ ࡋࡋࠊ࠼ࡤ5%ゝࡗ࡚ࡶࠊྠᴗ♫ࠊᖺࡢண⟬ྜࡏࡓࡔࡅ࡛࠶ࡾࠊᮏ㉁ⓗࠊ࡞ࡐ 5%࡛࠶ ࡿࡁࠊࡣ㆟ㄽࡸ⪃ᐹࡢእ࡛࠶ࡿࠋ㹙4㹛㹙5㹛 ࡋࡋࠊᴗ⏺ࢆ㉸࠼ࡓከゅࠊM&A ࡶቑ࠼ࡿ୰࡛ࠊ᪤Ꮡࡢᴗ⏺༊ศᇶ࡙ࡃᇶ‽ࡸᖖ㆑࡛ࡣ࡞ࡃࠊ ᴗࡢ୰ᮇࣅࢪࣙࣥࡸROE ┠ᶆࠊᡂ㛗ᡓ␎➼ᇶ࡙࠸࡚ࠊR&D ㈝ࡢỈ‽ࢆ⪃࠼ࡿࡁ࡛࠶ࢁ࠺ࠋࡲࡓࠊ B/S ࣜࢫࢡࢆᘬ⋡➼ࡽ⪃ᐹࡍࡿࡇࡶ㔜せࡔࠋ ࡛ࡣࠊ࠶ࡿࡁR&D ㈝ẚ⋡ࢆỴࡵࡿࣃ࣓࣮ࣛࢱࡣࠊఱࡔࢁ࠺ࠋ2E09.pdf :2
R&D ࡣᮏ᮶ࠊࣀ࣮࣋ࢩࣙࣥࡢ※࡛࠶ࡾࠊᴗࡢୖᡂ㛗ࡸ┈ᛶᨵၿࡢࡓࡵ࠶ࡿࠋ♫ࡀ┠ᶆ
ࡍࡿᡂ㛗⋡ࠊ┈⋡(┈⋡ࡸ ROE ➼)ࡣࠊR&D ẚ⋡ࡣࡶࡕࢁࢇ㛵ಀࡀ࠶ࡿࡀࠊ᪉ࠊR&D ࡣ
ࣜࢫࢡࢆక࠺ࡇࡽࠊࣜࢫࢡࢆ⪃៖ࡍࡿࣃ࣓࣮ࣛࢱ࡛࠶ࡿᘬ⋡(㈨ᮏࢥࢫࢺࠊWACC ➼)ࡶࠊ㔜せ࡞ Ỵᐃࣃ࣓࣮ࣛࢱ࡛ࡣ࡞࠸⪃࠼ࡓࠋ ࡑࡇ࡛ࠊᮏ✏࡛ࡣࠊ࠶ࡿࡁR&D ẚ⋡ࠊᡂ㛗⋡ࠊ┈⋡ࠊᘬ⋡ࡢ㛵ಀࢆࠊᐃ㔞ⓗ᥈ࡾࠊᐃᘧ ࡍࡿࡇࢆヨࡳࡓ࠸ࠋ 㸰㸬5 ' ㈝ࡢᐃ⩏ࡸィฎ⌮ 㢟ࡢ㆟ㄽධࡿ๓ࠊR&D ㈝ࡢᐃ⩏ࡸィฎ⌮ࡘ࠸࡚ࠊグࡋ࡚࠾࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࡇࢀࡲ ࡛ࠊᏛ࡛ࡶࠊ⏘ᴗ⏺࡛ࡶࠊR&D ㈝ࡣࠊᴗࡀⓎ⾲ࡍࡿᩘ್ࢆᡤࡋ࡚ศᯒࡍࡿࡀከ࠸ࠋࡋࡋࠊ ᐇែࡣࠊ〇㐀ཎ౯ࠊ㈍⟶㈝ࡢࡾศࡅࠊே௳㈝ࡢ㓄ศ࡞ࠊྛ♫࡛ᐃ⩏➼ࡶ␗࡞ࡿࠋ ࡲࡓࠊィᇶ‽࡛␗࡞ࡾࠊᢏ⾡ࢆ⋓ᚓࡍࡿࡓࡵࡢM&A ࡢ㈝⏝ࡣྵࡲࢀࡎࠊ᪥⡿࡛ࡣ㢠㈝⏝ィୖࡍ ࡿሙྜࡀከࡗࡓࡀࠊIFRS ィ࡛ࡣࠊ୍㒊ࠊ㈨⏘ィୖࡶㄆࡵࡽࢀࡿࠋࡇࢀࡣࠊ≉ M&Aࠊ࣮࢜ࣉࣥ ࣀ࣮࣋ࢩࣙࣥࡶቑ࠼ࡿ୰࡛㔜せ࡞ㄽⅬ࡞ࡗ࡚ࡁࡓࠋ ᅗ⾲㸰 5 ' ㈝⏝ࡢฎ⌮㛤♧ ฟᡤ㸸ⱝᯘ⚽ᶞ ࢼࣜࢫࢺࡋ࡚ࠊ㟁ᶵࡸ༙ᑟయ〇㐀⨨ᴗ⏺ࡘ࠸࡚ศᯒࡋ࡚ࡁࡓࡀࠊྠ୍ᴗ⏺࡛ࡶࠊ್ࡣࡁࡃ ␗࡞ࡿࠋ〇㐀⨨ᡭࡢᮾி࢚ࣞࢡࢺࣟࣥࡣ10%௨ୖࡔࡀࠊࣝࣂࢵࢡࡣ 5%⛬ᗘ࡛࠶ࡾࠊ㒊ရ࡛ࡣࠊ ࣮࣒ࣟࡣ10%㏆࠸ࡀிࢭࣛࡣ 5%⛬ᗘ࡛࠶ࡿࠋࡇࢀࡣࠊ〇㐀ཎ౯ࢆྵࡵࡿྰࡢ㐪࠸ࡸࠊ⣔ิ࡛ࡢ ィฎ⌮ኚࡼࡿࡇࡀ⫼ᬒ࠶ࡿࠋࡶࡕࢁࢇࠊ㑅ᢥ㞟୰࡞ࠊ࣏࣮ࢺࣇ࢛ࣜ࢜ࡢኚࡶࡁࡃࠋ ⥲ྜ㟁ᶵ࡛ࡣࠊࡘ࡚8%㏆ࡗࡓࡀࠊ༙ᑟయ➼ࢆษࡾฟࡋࡓ⤖ᯝࠊ⌧ᅾࡣࠊ5%๓ᚋ࡛᥎⛣ࡋ࡚࠸ࡿࠋ ᅗ⾲㸱 ᡭ㟁ᶵ࣓࣮࣮࢝ࡢୖ㧗 5 ' ⋡ ฟᡤ㸸᭷ሗࢆඖⱝᯘ⚽ᶞ
― 622 ― ᴗ◊✲ࡢୖ࡛ࡣࠊ࢝ࢹ࣑ࢵࢡ࡛࠶ࢀࠊᢞ㈨ᐙࡸࢼࣜࢫࢺࡢ❧ሙ࡛࠶ࢀࠊR&D ࡢᇶ‽ࡢ⤫୍ࡀ ྍḞ࡛࠶ࡿࠋࡲࡓࠊィᇶ‽ࡢᕪࡶ㋃ࡲ࠼ࠊᐇែࡢR&D ࡀࠊࡢ⛬ᗘ࡛࠶ࡿࡢ⭾࡞ᐇド◊✲ࡀ ᚲせ࡛࠶ࢁ࠺ࠋࡋࡋࠊᅇࡣࠊR&D ㈝ࡢ୰㌟ࡢ㆟ㄽࡣ㋃ࡳ㎸ࡲࡎࠊࡇࢀࡲ࡛ྠᵝࠊⓎ⾲ࡉࢀ࡚࠸ ࡿᩘᏐࢆᡤࡋ࡚ࠊᴗࡗ࡚ࠊࡑࡶࡑࡶࠊᴗࡀ┠ᶆࡋ࡚࠸ࡿᡂ㛗⋡ࠊ┈⋡ࠊࡑࡋ࡚ࠊᘬ ⋡ࡽࠊୖ㧗R&D ㈝ࡢ㐺ṇ࡞ẚ⋡ࡀ࠺࠶ࡿࡁࠊࡘ࠸࡚⪃ᐹࡋࡓ࠸ࠋ 㸱㸬ඛ⾜◊✲ R&D ㈝ࡘ࠸࡚ࡣࠊNISTEP ࡸ⤒⏘┬࡞ᨻ⟇ഃࡽࡢ࣐ࢡࣟⓗ࡞⌮ㄽ◊✲ࠊ࣑ࢡࣟⓗ࠶ࡿ࠸ ࡣィⓗ࡞ഃ㠃ࡢ⌮ㄽࠊᐇドⓗ◊✲ࡣᩘከ࠸ࠋከࡃࡢୖᡂ㛗ᛶR&D ࡢ㛵ಀ➼ࡘ࠸࡚ࡣ᳨ドࡉࢀ ࡚࠸ࡿࡶࡢࡢࠊᘬ⋡ࠊ≉ࣀ࣮࣋ࢩࣙࣥࡢ୰㌟࡛␗࡞ࡿࣜࢫࢡࣉ࣑࣒ࣞࡘ࠸࡚ࡢලయⓗ㆟ㄽࡣ ᑡ࡞࠸ࠋᣦࡉࢀ࡚࠸ࡿࡼ࠺ࠊィࡢㄆ㆑ࡀࣁ࣮ࢻ୰ᚰ࡛࠶ࡿୖࠊᐃ⩏ࡀᵝࠎ࡛࠶ࡿࡇࡶㄢ㢟ࡔࠋ ࡲࡓࠊR&D ࡢ┠ⓗࡀᐇࡣከᵝ࡛࠶ࡿୖࠊࡑࡢࣔࢹࣝࡶࠊᴗࡀ࣮࢜ࣉࣥࣀ࣮࣋ࢩࣙࣥࢆྲྀࡾධࢀࠊ ᆶ┤⤫ྜࡽỈᖹศᴗࢩࣇࢺࡍࡿ୰࡛ࠊ␗࡞ࡗ࡚ࡁ࡚࠸ࡿࡀࠊ⤫ィฎ⌮ࡢၥ㢟ࡽࠊ୍ᣓࡋ࡚ྲྀࡾᢅ ࡗ࡚࠸ࡿࠋ࣐ࢡࣟᴗ✀ࡔࡅ࡛࡞ࡃࠊලయⓗ࡞ಶูࢣ࣮ࢫࡣ࡞࠸ࠋ ㆓㭉ࡣࠊ◊✲㛤Ⓨ㈝ࡢィࡘ࠸࡚ࠊไᗘ㠃ࠊ⌮ㄽ㠃ࠊᐇド㠃ࡽࠊṔྐࢆ㋃ࡲ࠼ࠊཝᐦ࡛ヲ⣽࡞ሗ ࿌ࢆ⾜ࡗ࡚࠸ࡿࠋ㹙6㹛 ᒸ⏣ࡣࠊࣀ࣮࣋ࢩࣙࣥ㈨ᮏࢥࢫࢺࠊR&D ㈝ࡘ࠸࡚ࠊࣅࢪࢿࢫࣔࢹࣝ࡞⤒Ⴀᡓ␎ࡶྵࡵᗈ࠸ どⅬࡽࠊ⥲ྜⓗ࡞⤂ࢆ⾜ࡗ࡚࠸ࡿࠋ㹙7㹛 ࡇࢀࡲ࡛ࠊR&D ㈝ࡘ࠸࡚ࡣࠊᴗᡂ㛗ࣉࣛࢫ࡛࠶ࡿ➼ࠊ࣏ࢪࢸࣈ࡞ぢゎࡀ⤂ࡉࢀ࡚࠸ࡿࠋ ලయⓗࡣࠊHall ࠊᑠ⏣ษ-ᒾ⏣➼ࡼࢀࡤࠊR&D ࡢᢞ㈨┈⋡ࡣ 20ࠥ30%࡛࠶ࡿࡼ࠺ࡔࠋ㆓ࡢᐇ ド◊✲ࡼࢀࡤࠊR&D1%ቑ࡛ຍ౯್ 0.08%ቑࠊୖ 0.11%ቑ࡞ࡿࠋࡲࡓࠊJaffe ࡼࡿࠊᐇ≀㈨ ⏘1 ࢻࣝࡀࡶࡓࡽࡍᴗ౯್ᑐࡋࠊ▱㆑ࢫࢺࢵࢡ 1 ࢻࣝࡀࡶࡓࡽࡍ౯್ࡣ 3 ಸࡔࡋ࡚࠸ࡿࠋ㹙8㹛㹙9㹛 㹙10㹛㹙11㹛 ࡋࡋ୍᪉࡛ࠊࡶࡋࠊࡑ࠺࡛࠶ࢀࡤࠊఱᨾࠊࡘ࡚R&D ㈝ࡀ㧗ࡗࡓ᪥ᮏᴗࡀᡂ㛗ࡋ࡚࠸࡞࠸ࡢ ࠊఱᨾࠊ1980 ᖺ௦ᚋ༙ࡽࠊ⡿࡞࡛ࠊ୰ኸ◊✲ᡤࢆᗫࡋࠊ2000 ᖺ௨㝆ࡣࠊ᪥ᮏ࡛ࡶྠᵝືࡁࢆ ࡋ࡚࠾ࡾࠊ࣮࢜ࣉࣥࣀ࣮࣋ࢩࣙࣥࢆᑟධࡋ࡚࠸ࡿࡢࠊࡀ࡛᫂࠶ࡿࠋ R&D ㈝㛵ಀࡍࡿࠊᡂ㛗⋡ࠊ┈⋡࡞㛵ࡋ࡚ࡣࠊ⤫ィⓗᐇドⓗ⌮ㄽⓗ࡞㆟ㄽࡣከ࠸ࡀࠊࡑࡇ࡛ Ḟࡅ࡚࠸ࡿࡢࡀࠊR&D ࡢ୰㌟ࡸࠊࡑࡢࣜࢫࢡࡘ࠸࡚㆟ㄽ࡛࠶ࡾࠊࡇࡇࡣࠊᘬ⋡ࡀ㛵ಀࡍࡿࠋ 㸲㸬➼ᘧࡢᖐ⣡ⓗᑟฟ ࡑࡇ࡛ࠊㄽ⪃ࡋ࡚ࡁࡓࡢࡀࠊROEࠊᡂ㛗⋡㹥ࠊR&D ㈝ࠊᘬ⋡㹰ࡢ㛵ಀࡀࠊఱ➼ࡢᘧࠊ 㹤(ROEࠊgࠊrࠊR&D)㸻୍ᐃ㸽 ࡞࡛⾲⌧࡛ࡁ࡞࠸ࠊ࠸࠺ࡇࡔ(ཝᐦࡣ P/L ࡔࡅ࡞ࡢ࡛ࠊROE ࡼࡾႠᴗ┈⋡OPM ࡀ㐺ษ)ࠋࡇࢀࡽࡣࠊ┦㛵ಀࡋ࡚࠸ࡿࡇࡣᐇࡔࡀࠊ࠼ࡤࠊROE ࡛ᚲせ ࡉࢀ࡚࠸ࡿ10%ࢆᡤࡋࠊᡂ㛗⋡ࢆ 0%ࠊᘬ⋡ࢆከࡃࡢᴗࡀ๓ᥦ(Ỵ⟬ㄝ᫂ࡢ㉁ࠊ᭷ሗグ㍕) ࡍࡿ5%๓ᚋࡋࡓሙྜࠊR&D ࡣࠊୖࡢఱ%࡛࠶ࡿࡁࠊࡘ࠸࡚ࠊ⪃ᐹࡋࡓ࠸ࠋ ୍⯡ⓗࠊ4 ኚᩘࡢഴྥࡣࠊୗグ࡛࠶ࡿࠋ ᅗ⾲㸲 ᡂ㛗⋡ࠊ┈⋡ࠊୖ㧗R&D ⋡ࠊᘬ⋡ࡢ㛵ಀ ฟᡤ㸸ⱝᯘ⚽ᶞ 2019
2E09.pdf :4 ࡲࡎࠊR&D ࡢ⤖ᯝࡋ࡚ࠊࣀ࣮࣋ࢩࣙࣥࡼࡗ࡚ࡶࡓࡽࡉࢀࡿᑗ᮶ࡢୖ┈ࢆࠊࣀ࣮࣋ࢩ ࣙࣥᮇᚅ್ᐃ⩏ࡍࡿࠊୗグ࡛࠶ࢁ࠺ࠋ ⌧ᅾࡢୖ㹑0ࠊ┈ᛶ㹮0(%)ᑐࡋࠊᑗ᮶ࡢୖ㹑࡞ࡽ ᡂ㛗⋡㹥㸦㸣㸧 ┈ᛶ㹮㸦㸣㸧ࡋ࡚ࠊ ᑗ᮶ࡢ┈ࡣ 㹑㸦㸯㸩㹥㸧㸦㸯㸩㹮㸧㸫㹑 㸯㸩㹮 ࡽࠊ ࣀ࣮࣋ࢩࣙࣥᮇᚅ್㸻㸦㸯㸩㹥㸧㸦㸯㸩㹮㸧 ࡇࢀᑐࡋࠊR&D ࡶࣀ࣮࣋ࢩࣙࣥࡶࣜࢫࢡࢆక࠸ࠊ♫ࡢ B/S ࡞ᘬ⋡ࡶ㛵ಀࡍࡿࡇࡽࠊ ࣀ࣮࣋ࢩࣙࣥࣜࢫࢡ್ࢆୗグࡢࡼ࠺ᐃ⩏ࡍࡿࠋR&D ࡣࠊࣀ࣮࣋ࢩࣙࣥࡢࡓࡵࡢ๓ྥࡁ࡞ࣜࢫࢡ ㈝⏝࡛࠶ࡾࠊᘬ⋡㹰(࠶ࡿ࠸ࡣࣜࢫࢡࣉ࣑࣒ࣞ㸧ࡣࠊ㈈ົࡸ࣏࣮ࢺࣇ࢛ࣜ࢜ࡼࡿ್࡛࠶ࡿࠋ ࣀ࣮࣋ࢩࣙࣥࣜࢫࢡ್㸻㸦㸯㸩R&D㸧㸦㸯㸩㹰㸧 R&Dࠊᘬ⋡ࠊᡂ㛗⋡ࠊ┈⋡(ROE ࡞)㛵ࡍࡿ㢟ࡋ࡚ࠊࣀ࣮࣋ࢩࣙࣥᮇᚅ್ࣀ࣮࣋ ࢩࣙࣥࣜࢫࢡ್ࢆࠊȢࢆධࢀ࡚ࠊୗグࡀᡂ❧ࡍࡿࢆࠊ༙ᑟయࡸ࢚ࣞࢡࢺࣟࢽࢡࢫᴗ⏺ࡢࢣ࣮ࢫࢆ㏻ࡋ ࡚ࠊᖐ⣡ⓗᐇドࡋࡓ࠸ࠋ ࡍ࡞ࢃࡕࠊ (㸯㸩R&D㸧(㸯㸩ᘬ⋡㸧㸻Ȣ㸦㸯㸩ᡂ㛗⋡㸧(㸯㸩┈⋡㸧 ᕥ㎶㸻ࣀ࣮࣋ࢩࣙࣥᑐࡍࡿࣜࢫࢡᗘྜ(ࣀ࣮࣋ࢩࣙࣥࣜࢫࢡ್㸧 ྑ㎶㸻┈ᣑࡢ┠ᶆ(ࣀ࣮࣋ࢩࣙࣥᮇᚅ್㸧 ࡋࠊࡇࡇ࡛ࠊȢࡣࠊࣜࢫࢡᗘྜ࠸┠ᣦࡍࣀ࣮࣋ࢩࣙࣥࡢᡂᯝࡢࣂࣛࣥࢫࡸຠ⋡ᛶࢆ♧ࡍࠋ ࡍ࡞ࢃࡕࠊᑗ᮶ࡢR&D ࡼࡿ┈ቑศࡣࠊྑ㎶࡛⾲⌧ࡉࢀࠊᕥ㎶ࡣࠊR&D ຠᯝࣀ࣮࣋ࢩࣙࣥࡢ ࡓࡵࡢࣜࢫࢡࣉ࣑࣒ࣞࡢࡅ⟬ࡋ࡚⾲⌧࡛ࡁࡼ࠺ࠋ 㸳㸬ᘬ⋡ࡢᐇ ᡂ㛗⋡ࡸᮇᚅ┈⋡(Ⴀᴗ┈⋡ࡸ ROE)㛵ࡋ࡚ࡣࠊྛ♫ࡢ୰ィࢆཧ⪃ࡍࡿࠋࡲࡓࠊᴗ⏺ูࡢᮇᚅ ᡂ㛗⋡ࠊ༙ᑟయ࡛ࡣ10%ࠊࢡ࣐࡛ࣝࡣ 5-10%࡞ࡶ⪃៖ࡋࡓࠋR&D ㈝ẚ⋡ࡸᘬ⋡ࡘ࠸࡚ࡣࠊྛ♫ ࡢ᭷ሗࡢ㛤♧ࢹ࣮ࢱࡽᑟฟࡋࡓࠋ ࡇࢀࡽࡣࠊᴫࡡࠊ୍⯡ⓗ࡞ᴗ⏺ࡢᮇᚅᡂ㛗⋡㏆࠸ࡀࠊࡼࡃぢࡿ ࠊྠࠊᴗ⏺ࡢᡂ㛗⋡ࡢ࣎ࣛࢸࣜࢸࡶᫎࡉࢀ࡚࠸ࡿࡼ࠺ࡔࠋ ḟࠊᘬ⋡࡛࠶ࡿࡀࠊศ㔝ูࣜࢫࢡࣉ࣑࣒ࣞࢆ⪃ᐹࡍࡿࡓࡵࠊ㐣ཤࠊῶᦆࡀ࠶ࡗࡓሙྜࡢ᭷ሗ ࡛㛤♧ࡸIR ㄝ࡛᫂☜ㄆࡋࡓࢣ࣮ࢫࢆ♧ࡍࠋࣜࢫࢡࣉ࣑࣒ࣞࡢィ⟬࡛ࡣࠊCAPM ࢆࡗࡓࠋ ᅗ⾲㸳 せ㟁ᶵ࣓࣮࣮࢝ࡢ㒊㛛ู ᘬ⋡ ฟᡤ㸸᭷ሗࡸIR ㄝ᫂ࡼࡾ➹⪅
― 624 ― ᘬ⋡ࡣࠊ㏻ᖖࠊࣁ࣮ࢻ࣮ࣝࣞࢺࡉࢀࡿ5%ࡽ 100%ᙅࡲ࡛ࠊࣞࣥࢪࡀᗈ࠸ࡀࠊཎᏊຊࡸ༙ᑟయ࡛ ࡣࠊ10%๓ᚋࠊࢡ࣐ࣝࡸᮦᩱࡸࢹࣂࢫࡶ 10%ᙅ࡞ࡗ࡚࠸ࡿࠋእⓗࠊOKI ࡛ࡣࠊࣈࣛࢪࣝ ATM ࡛15%࠸࠺ࡀ࠶ࡿࡀࠊࡇࢀࡣࠊࣈࣛࢪࣝࡺ࠼ࠊࣜࢫࢡࣇ࣮࣮ࣜࣞࢺࡀ㧗࠸ࡽ࡛࠶ࢁ࠺ࠋ ὀពࡍࡁࡣࠊᘬᮇ㛫࡛࠶ࡿࠋ▷ᮇ࡛࠶ࢀࡤࠊ1%⛬ᗘࡢኚࡣᙳ㡪ࡀ࡞࠸ࡀࠊཎᏊຊ࡞㛗ᮇࡢሙ ྜࡣࠊ20 ᖺ࡞ࡽࠊ20%㏆ࡃᕪࡀࡘࡃࠋᮾⰪࡢ WH ࡣࠊ2%ᙅࡢಟṇ࡛ࠊᩘ༓൨ࡢῶᦆ࡞ࡗࡓ ࡲࡓࠊᴗࡢ࣎ࣛࢸࣜࢸࡶ⪃៖ࡍࡁ࡛࠶ࡾࠊྠࡌࣜࢫࢡ࠸ࡗ࡚ࡶࠊ▷ᮇⓗ࡞౯᱁ኚື➼ࡢࣜ ࢫࢡࠊ㛗ᮇࡢ☜ᐇᛶࣜࢫࢡ(ࢼࢺࡢࣜࢫࢡ)ࡣࠊࡑࡢ୰㌟ࡀ␗࡞ࡿࠋࡍ࡞ࢃࡕࠊࣜࢫࢡࡢ୰㌟ࡣࠊ ᮇ㛫࣎ࣛࢸࣜࢸ࡛࠶ࡾࠊᮏ㉁ࡀ␗࡞ࡿࠋ 㸴㸬ࢣ࣮ࢫࢫࢱࢹ ࡑࡇ࡛ࠊୖグࡢ᪉ἲ࡛ࠊࢣ࣮ࢫࢫࢱࢹࢆ⤂ࡍࡿࠋ ᅗ⾲㸴 ࢣ࣮ࢫࢫࢱࢹ ฟᡤ㸸ⱝᯘ⚽ᶞ ࡑࡇ࡛ࠊᅜෆᡭࡢ༙ᑟయࡸ㟁ᶵࠊ㟁Ꮚࢹࣂࢫ࡞ࡢᴗࡘ࠸࡚ࠊࢹ࣮ࢱࡀࢀࡿ 2005ࠥ2015 ᖺᗘࡘ࠸࡚ࠊୖグࡢᘧᩘ್ࢆࣥࣉࢵࢺࡋ࡚ࠊࡑࡢ᳨ドࢆヨࡳࡓࠋ ᅗ⾲㸵 R&Dࠊᡂ㛗⋡ࠊ┈⋡ࠊᘬ⋡㛵ࡍࡿᘧࡢ᳨ド ฟᡤ㸸ⱝᯘ⚽ᶞ 2019
2E09.pdf :6 ⤖ᯝࡋ࡚ࠊ᪥ᮏࡢ༙ᑟయࡸ㟁ᶵ࣓࣮࣮࢝➼ࡢᅇࡢࢣ࣮ࢫ࡛ࡣࠊࡰࠊȢ㸻㸯࡛࠶ࡾࠊ➼ᘧࡀᡂ❧ ࡍࡿࠋࡶࡕࢁࢇࠊR&D ࡢ୰㌟ࡣ❧ࡕධࡗ࡚࠸࡞࠸㸦ᡭ㟁ᶵࡣྠᵝࡔࢁ࠺㸧ࠋᮾⰪࡸᐙ㟁࣓࣮࣮࢝ࡢ ሙྜ࡞ࠊᕥ㎶ྑ㎶ࡀ␗࡞ࢀࡤࠊࣀ࣮࣋ࢩࣙࣥࡢࣜࢫࢡࢸࢡࠊ┈ᣑࡢ┠ᶆࢥ࣑ࢵࢺࡢࣂ ࣛࣥࢫࡀᝏ࠸ࡇࢆពࡍࡿࠋ 㸵㸬⪃ᐹ ࡇࡢᘧࡣࠊR&D ࡀࠊࣜࢽࣔࢹࣝᆺ࡛ࠊ≧ἣࡀኚࢃࡽ࡞࠸ሙྜࡣࠊᜏ➼ᘧⓗ࡞ᛶ᱁ࢆᖏࡧࠊࡑࡢ㒔 ᗘࠊ≧ἣࡀኚࡍࢀࡤࠊࣜࣝ࢜ࣉࢩࣙࣥࣔࢹࣝ࠶ࡿ࠸ࡣࠊᘧ࡞ࡶࡢ࡞ࡿࡀࠊࡇࢀࡣᚋࡢᐇド ◊✲⌮ㄽࡽࡢࡅࡢ୧㠃ࡀᚲせ࡛࠶ࢁ࠺ࠋ
ᘧ୰ࡢȢࡣࠊR&D ࡢຠ⋡ᛶࢆ♧ࡍࣃ࣓࣮ࣛࢱࡋ࡚ࠊKPI ࡞ࡾࠊ࠶ࡿࡁ R&D Ỉ‽ࡢ࢞ࢲࣥ
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