JAIST Repository
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Title カーボンニュートラルに向けた日本モデルのデジタル覚醒 :
アマゾンに倣うESG指向のステークホルダー資本主義
Author(s) 渡辺, 千仭; 藤, 祐司
Citation 年次学術大会講演要旨集, 36: 368-373
Issue Date 2021-10-30 Type Conference Paper Text version publisher
URL http://hdl.handle.net/10119/17943
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.
Description 一般講演要旨
㸰
㸰㹀 㹀㸮 㸮㸴 㸴
࢝
࣮࢝ ࣮࣎ ࣎ࣥ ࣥࢽ ࢽࣗ ࣮ࣗ ࣮ࢺ ࢺࣛ ࣛࣝ ࣝ ྥ ྥࡅ ࡅࡓ ࡓ᪥ ᪥ᮏ ᮏࣔ ࣔࢹ ࢹࣝ ࣝࡢ ࡢࢹ ࢹࢪ ࢪࢱ ࢱࣝ ࣝぬ ぬ㓰 㓰 㸫
㸫 ࣐ ࣐ࢰ ࢰࣥ ࣥ ೌ ೌ࠺ ࠺ ( (6 6* * ᣦ ᣦྥ ྥࡢ ࡢࢫ ࢫࢸ ࢸ࣮ ࣮ࢡ ࢡ࣍ ࣍ࣝ ࣝࢲ ࢲ࣮ ࣮㈨ ㈨ᮏ ᮏ ⩏ ⩏
䚽Ώ㎶ ༓௫
(
ᮾிᕤᴗᏛ)
䚸 ⸨ ♸ྖ(
ᮾிᕤᴗᏛ) ᗎ
ᅗ
ᅗ
1. R&D
䝸䝸䞊䞊䝎䝎䞊䞊䛾䛾ESG
䝸䝸䝇䝇䜽䜽ᑐᑐᛂᛂ䠉䠉ESG
䢔䢔䡹䡹䡴䡴䞉䞉R&D
䞉䞉䢈䢈䢚䢚䢓䢓䢙䢙䢀䢀䢚䢚౯౯್್ฟฟ䞉䞉SDG
䞉䞉R&D
ㄏㄏⓎⓎ䚸䚸䛾䛾䡼䡼䢚䢚䡮䡮䢁䢁䢌䢌䡹䡹䢚䢚䢍䢍. ࡡࡽ࠸
⎔ቃ䞉♫䞉䜺䝞䝘䞁䝇䠄
ESG
䠅䛾㐺ṇ⟶⌮䛿䚸ᴗ䛾ᣢ⥆ྍ⬟䛺㛤Ⓨ┠ᶆ䠄SDGs
䠅䜢㐩ᡂ䛩䜛䛯䜑䛻ྍḞ䛷䛒䜚䚸䜹䞊 䝪䞁䝙䝳䞊䝖䝷䝹䜢ጞ䜑䛸䛩䜛ESG
䝸䝇䜽䛾㧗䜎䜚䛿䚸ᴗ䛾⤒Ⴀᡓ␎䜢Corporate Financing Performance (CFP)
୰ᚰ䛾 どⅬ䛛䜙䚸F
䛻ຍ䛘䛶ESG
䜢䜒‶䛯䛩F+ESG
᭱㐺䛾Neo Corporate Performance
䠄NCP
䠅䛻ኚᐜ䛥䛫䜛 ([2]. [3], [10])䚹 䛣䜜䛿䚸ᚲ↛ⓗ䛻䚸R&D
䜢ᱳ䛻⤒Ⴀẚ㍑ඃ䜢➇䛳䛶䛝䛯R&D
ᴗ䛾ᡓ␎䜢᰿ᗏ䛛䜙ኚ䛘䜛䛣䛸䛻䛺䜚䚸R&D
䝰䝕䝹䛾ᵓ㐀ⓗኚᐜ䜢ྍ㑊䛸䛩䜛 ([4], [6], [12])䚹ESG
䝸䝇䜽䛿䚸᪂䛧䛔䜲䝜䝧䞊䝅䝵䞁䛾㊊䛜䛛䜚䛻䛺䜚䚸R&D
ᢞ㈨䜢ㄏⓎ䛧䚸SDGs
䛻䛴䛺䛜䜛䝤䝷䞁䝗౯್䜢ฟ 䛩䜛䚹䛛䛟䛧䛶䚸ESG
䝸䝇䜽䛾ᅇ㑊䞉R
䠃D
䛾ㄏⓎ䞉䝤䝷䞁䝗౯್䛾ฟ䛾㛫䛾ඹ㐍䛜SDGs
䛾㘽䛸䛺䜛䚹ᮏ✏䛿䚸䛂䝕䝆䝍䝹⤒῭ୗ䛷䛾
R&D
䝰䝕䝹䛾ኚᐜ䛃 䜢ᇶ㍈䛸䛩䜛⣼ḟ䛾ሗ࿌([18]-[22]) 䜢ୗᩜ䛝䛻䚸ୡ⏺䛾R&D
䝖䝑䝥100
♫䜢ᑐ㇟䛻䚸ྛ♫䛾ESG
䝸䝇䜽ཬ䜃䝤䝷䞁䝗౯್䜢ල⌧䛩䜛⤫ィ䝕䞊䝍䜢ά⏝䛧䛶䚸3
⪅䛾ඹ㐍䝎䜲䝘䝭䝈䝮 䜢ィ㔞ⓗ䛻ศᯒ䛧䛶䚸ESG
䛻䜘䜛R
䠃D
䝰䝕䝹ኚᐜ䛾᪉ྥ䜢᫂䜙䛛䛻䛩䜛䛣䛸䜢䛽䜙䛔䛸䛩䜛䚹(6* 㺶㺛㺖ᑐࡍࡿᴗࡢᑐᛂᡓ␎㸫ඛ⾜◊✲
NYU Stern
䠄䢂䡩䡬䢒䡬䡴Ꮫ䡷䡹䡿䡮䢁䢈䢚䢕䢇䢚䡸䢚䢄䡹䡺䢙䡼䡬䠅 䛿䚸2015
ᖺ䛛䜙2020
ᖺ䛾㛫䛻Ⓨ⾲䛥䜜䛯1,000
௨ୖ䛾◊✲䜢䝺䝡䝳䞊䛧䛶䚸
ESG
䛸㈈ົᐇ⦼䛾㛫䛻ṇ䛾 㛵ಀ䛜䛒䜛䛣䛸䜢☜ㄆ䚹ᴗ䛾ᣢ⥆ྍ⬟ᛶ䜲䝙䝅䜰䝏 䝤䛿䚸䝸䝇䜽⟶⌮䛾ᨵၿ䜔䜲䝜䝧䞊䝅䝵䞁䛾ቑຍ䛺䛹 䛻䜘䜚䚸㈈ົᐇ⦼䜢ᨵၿ䛧䛶䛔䜛䛣䛸䜢ᣦ [5]䚹Atz et al. (2019
䠅䛿䚸ᴗ䝺䝧䝹䛷ᐇ䛥䜜䜛SDGs
ᡓ␎䛿䚸௰せᅉ䜢㏻䛨䛶䜘䜚Ⰻ䛔㈈ົᐇ⦼䜢᥎㐍䛩 䜛䛣䛸䛜ྍ⬟䚸༶䛱䚸䜘䜚ከ䛟䛾䜲䝜䝧䞊䝅䝵䞁䚸䜘䜚㧗 䛔㐠⏝ຠ⋡䚸䜘䜚Ⰻ䛔䝸䝇䜽⟶⌮䛺䛹䛜䜘䜚Ⰻ䛔㈈ົ
ᐇ⦼䛾ᣢ⥆ྍ⬟ᛶ䝗䝷䜲䝞䞊䛸䛺䜛䛣䛸䜢ᣦ [1]䚹
Vishwanathan et al.
䠄2019
䠅䛿䚸344
䛾◊✲䜢䝺䝡䝳䞊䛧䚸ᴗ䛾ホุ䛾ྥୖ䚸䡹䡿䡬䡴䢊䢕䡼䢚䡬䛸䛾㐃ᦠᙉ䚸ᴗ 䛾䝸䝇䜽䛾㍍ῶ䚸䜲䝜䝧䞊䝅䝵䞁⬟ຊ䛾ቑᙉ䛸䛔䛖
4
䛴䛾௰せᅉ䛜୰᰾ⓗᙺ䜢ᯝ䛯䛩䛣䛸䜢ᐇド [10]䚹
Watanabe et al. (2020)
䛿䚸䡹䡿䡬䡴䢊䢕䡼䢚䡬㈨ᮏ⩏䛾㐍 ᒎ䛜㘽䛸䛺䜛䛣䛸䜢ᣦ䛧䛶䚸䛭䛾ィ ἲ䜢ᥦ㉳ [14]䚹ESG 㺶㺛㺖ᑐࡍࡿ㺖㺼㺹㺎㺨㺼㺷 R 㸤 D 㺶㺎㺞㺼㺎ࡢᑐᛂ ESG
䝸䝇䜽䛾㧗䜎䜚䛿䚸ᴗ䛾㈈ົᐇ⦼䜢║䛸䛧䛯ᡓ␎䠄
CFP
䠅䜢䚸ESG
䜢䜒ໟᦤ䛧䛯⥲ྜ┠ᶆ䛾㐩ᡂ䜢䛽䜙 䛔䛸䛧䛯ᡓ␎䜈䛾ኚᐜ䜢ồ䜑䜛䚹䛣䛾ኚᐜ䛿䚸㈈ົ┠ᶆ䛸䛾䢀䢖䡬䢀䢚䡱䢈䛷䛿䛺䛟䚸㏫䛻┦ຠᯝ䜢Ⓨ䛩䜛䜒䛾 䛜ᕼồ䛥䜜䚸䛭䜜䛻䛿
R&D
䛜ྍḞ䛷䛒䜛 ([4])䚹 䡴䢚䢗䡬䢆䢚䢕R
䠃D
䢔䡬䡼䢚䡬䛾ESG
䢔䡹䡴ᑐᛂᡓ␎䛿䚸䛣䛾 㠃䛛䜙䜒ὀ┠䛥䜜䜛䚹ᮏ✏䛿䚸ඛ⾜◊✲䜢㋃䜎䛘䛶䚸ᅗᅗ
1
䛻♧䛩ESG
䝸 䝇䜽䛾㧗䜎䜚→
䝸䝇䜽ゎᾘ䛾䛯䜑䛾R&D
ᢞ㈨䛾 ᣑ(
䝣䜵䞊䝈1) →
᪂䛯䛺䝡䝆䝛䝇䛾㛤ᣅ→ ESG
䜢ໟᦤ䛧䛯䝤䝷䞁䝗౯್䛾ฟ→ SDGs
䛾㐩 ᡂ→ R&D
䛻䜘䜛ESG
䝸䝇䜽ゎᾘ䜢ᮇᚅ䛧䛯䝇䝔 䞊䜽䝩䝹䝎䞊䛾R&D
។ឺ→ R&D
䛾䛥䜙䛺䜛ㄏⓎ
(
䝣䜵䞊䝈2)
䚸䛾䝎䜲䝘䝭䝈䝮䛻ὀ┠䛧䛶䚸R&D
䝖䝑䝥100
♫䛾୧䝣䜵䞊䝈䜈䛾ᑐᛂ䜢ẚ㍑ᐇドศ ᯒ䛧䛶䚸䚸䜹䜹䞊䞊䝪䝪䞁䞁䝙䝙䝳䝳䞊䞊䝖䝖䝷䝷䝹䝹䛻䛻ྥྥ䛡䛡䛯䛯᪥᪥ᮏᮏ䝰䝰䝕䝕䝹䝹 䛾䛾䝕䝆䝍䝹ぬ㓰䜈䛾♧၀䜢㏣ཬ䛩䜛䚹
2B06
ศᯒࡢᯟ⤌ࡳ
ࢢ࣮ࣟࣂࣝ5 'ᴗ
ᅗ
ᅗ
2
䠊䠊ୡୡ⏺⏺䛾䛾R&D
䝖䝖䝑䝑䝥䝥100
♫♫䛾䛾R&D
ᢞᢞ㈨㈨(2020) – US$ bil.
Sources: Global innovate on leaders in 2020 - Top 100 publicly listed companies by annual R&D expenses (fDi Intelligence, 2021).
㻌https://www.fdiintelligence.com/article/79672
ศᯒࣇ࣮࣒ࣞ
ձ
R&D
䛻⤒Ⴀ㈨※䜢ഴὀ䛧䛶ୡ⏺䜢䝸䞊䝗䛩䜛䜾䝻䞊䝞䝹R&D
䝸䞊䝎䞊䛜䚸䐠䛩䜉䛶䛾⏕⏘せ⣲䛻
ICT
䛜య䛩䜛IOT
♫䛻䛚䛔䛶䚸䐡ESG
䝸䝇䜽ᅇ㑊䜢ᚿྥ䛧䛶R&D
䛻䜘䜛ESG
䝸䝇䜽௦᭰䛻㑌㐍䛧䚸䐢 䛭䜜䛜ዌຌ䛩䜛ሙྜ(
(4) ᘧ䛾⤫ィⓗ᭷ពᛶ䛜 ᐇド䛥䜜䜛ሙྜ)
䚸ESG
䝸䝇䜽ᅇ㑊䛻䜘䜛R&D
ㄏⓎ⋡䛿(6)
ᘧ䛷ィ ([11]. [17])䚹 䝤䝷䞁䝗౯್ฟ䛻䜘䜛R&D
ㄏⓎ⋡䜒ྠᵝ䚹Company ESG risk (E) is a function of corporate financial performance (CFP: Y) depicted as follows:
E = F(Y) (1)
While Y can be depicted by the following equation in which technology (centered on ICT) incorporates into all production factors in an IOT society, it should be transformed into new CFP (neo corporate performance: NCP) by means of technology substitution for production factors for ESG risk avoidance in global R&D leaders, it can be developed as follows:
Y = F(X, T) ൎ F(X(T)) ൎ F(T) ൎ F(R) (2)
where X: production factors (labor, capital, materials and energy): T: technology stock; and R:
R&D investment.
Thus, equation (1) can be approximated as follows in global R&D leaders toward beyond CFP structure for ESG risk avoidance :
E ൎ F(R) (3)
Translog (transcendental logarithmic) expansion on the first term is as follows:
ln E = p + q ln R, ln R = a + b ln E (4) where p, q, a, and b: coefficient.
In case of the significant correlation between E and R as depicted in equation (4), effect of R inducement by E can be analyzed by differentiating R by E as follows:
డோ
డா
ൌ
డோడாή
ாோൌ ܾ
(5)
In examining the effect of strategies of R&D leaders on ESG risk, how much R&D is induced when ESG risk is increased by 1 unit, that is, marginal inducibility of ESG risk to R&D (MIER) is essential.
MIER is similar to the marginal propensity to consume in the consumption and can be depicted as follows:
డோ
డா
ൌ ܾ ή
ோா(6)
(6* ࣜࢫࢡࠊࣈࣛࣥࢻ౯್
(1) ESG
䝸䝸䝇䝇䜽䜽ᴗ⏺ᅛ᭷䛾
ESG
䝸䝇䜽䛻ᑐ䛩䜛ᴗ䛾┤㠃≧ἣ䛸ᴗ䛜䛭䜜䜙䛾䝸䝇䜽䜢䛹䛾⛬ᗘ㐺ษ䛻⟶
⌮䛧䛶䛔䜛䛛䜢 ᐃ䛧䛯
Company ESG Risk Ratings (Sustainalytics,2021)
䛻౫ᣐ䚹㻌https://www.sustainalytics.com/esg-ratings?industry=¤tpage=2
(2)
䝤䝤䝷䝷䞁䞁䝗䝗౯౯್್ESG
䝸䝇䜽ᅇ㑊䜢㏻䛨䛶ฟ䛥䜜䜛 ホุ䚸㠉 ᪂䚸䝁䝇䝖䝟䝣䜷䞊䝬䞁䝇䚸ឤⓗ䛺㐺ྜ䚸᥎ዡ ཬ䜃ရ㉁䜢ᫎ䛧䚸⎔ቃ䞉♫䞉䜺䝞䝘䞁䝇䛾 ᒓᛶ䛾3
ḟඖⓗ䛺Ⅼ䜢ໟྵ䛩䜛䛸ぢ䛺䛥䜜䜛Global Brand Value Report
(Brand Finance, 2007-2020) 䛻౫ᣐ䚹
https://brandfinance.com/wp-content/uploads/1/brand_finance_global㻌 _500_2020_preview.pdf
F + ESG
䛾┦ຠᯝ䛾Ⓨ䛻䛿R&D
䛜ྍḞ䛸䛾ㄆ㆑䛻❧⬮䛧䛶䚸䛭䛾⋡ඛ䜢䜾䝻䞊䝞䝹
R&D
䝸䞊䝎䞊䛻ồ䜑([9])䚸ୡ⏺䛾
R&D
䝖䝑䝥100
♫(ICT 53,
⮬ື㌴19,
་⸆28)
䛾ESG
䝸䝇䜽䛻ᑐ䛩䜛R&D
ᑐᛂ䛻↷‽䚹ࢢ࣮ࣟࣂࣝ5 '࣮ࣜࢲ࣮ࡢ (6*ࣜࢫࢡᑐᛂ (6*ࣜࢫࢡࡢ 5 'ㄏⓎ
(1) ᴗ ᴗ✀ ✀ᶓ ᶓ᩿ ᩿ศ ศᯒ ᯒ
100
♫䛾ESG
䢔䡹䡴䛸䛭䜜䛻ᑐ䛩䜛R&D
䛾┦㛵䛿ᅗᅗ3
䚸⾲⾲1
䚹Fig. 3. Correlation between ESG Risk Rating and R&D Investment
Note: Samples analyzed are 91 as 9 lower R&D level firms with irregular performance (73, 80, 87, 91,93-96, 100) are excluded from the analysis.
(2) ۂ ۂझ झୱ ୱҒ Ғ ੵ ੵ
ICT,
⮬ື㌴䚸་⸆䛾3
ᴗ✀༢䛾ศᯒ⤖ᯝ䛿䚸⾲⾲2
䚹⾲
⾲ 2 3 ᴗ ᴗ✀ ✀䛾 䛾 ESG 䢔䢔䡹 䡹䡴 䡴䛸 䛸 R&D 䛾 䛾┦ ┦㛵 㛵 (2020)
Number of square bracket indicates samples analyzed as some lower R&D level firms with irregular performance are excluded from the analysis.
་⸆䛜᭱䜒㧗䛔ᙎᛶ್䚹
ICT,
⮬ື㌴䛜䛣䜜䛻ḟ䛠䚹ͨΗͩΗ 3, 4, 3 έϧηνʖΝܙɽ
͏ͥΗ߶ RˏD ϪϗϩέϧηνʖΆʹ߶༢ིɽ ICT φρϕ 8 ऀ (GAFAM, ŴŏŘśŜŚɼţŹťƅɼŚƅūƁ) ͺɼICT ଠऀΝѻౙɽ
(3) ESG 䝸 䝸䝇 䝇䜽 䜽䛾 䛾 R&D ㄏ ㄏⓎ Ⓨ
ᅗ
ᅗ 3 䠊
䠊100 ♫
♫䛾䛾 ESG 䢔
䢔䡹䡹䡴 䡴䛸 䛸 R&D 䛾
䛾┦┦㛵 㛵 (2020)
E: ESG
䝸䝇䜽䚸R: R&D.
⾲
⾲䠍 䠍 100 ♫
♫䛾䛾 ESG 䢔
䢔䡹䡹䡴 䡴䛸 䛸 R&D 䛾
䛾┦┦㛵 㛵 (2020)
ESG ƀťŠͺસͱۂझͲ R&D Ν༢ɽ 100 ऀͺ R&D ϪϗϩͶ Ԣͣͱɼ4 έϧηνʖΝܙɽ߶ RˏD ϪϗϩέϧηνʖΆʹ
߶༢ིɽ
R&D φρϕƇ 11 ऀ
ʤICT 8ɼࣙಊऄ1ɼ༂2ʥ͗ݨஸ͵ R&D ༢
ɽᅗ
ᅗ
5
䚸⾲⾲ 3
䛿䚸100
♫䛾䛖䛱䚸ESG
䢔䡹䡴䛸ᑐ ᛂ䛧䛯䝤䝷䞁䝗౯್䛜ᩚྜⓗ䛻ィ 䛷䛝 䜛25
♫䜢ᑐ㇟䛻䚸ESG
䝸䝇䜽䛸䝤䝷䞁䝗౯್ฟ䛸䛾┦㛵䜢ศᯒ䚹୧⪅䛿㧗䛔┦㛵 ᛶ䚹୰䛷䜒ୖグ
4
♫䛿䚸㢧ⴭ䛺ᙎᛶ್䚹ᅗ
ᅗ 5. 25
♫♫䛾䛾ESG
䢔䢔䡹䡹䡴䡴䛸䛸䢈䢈䢚䢚䢓䢓䢙䢙䢀䢀䢚䢚౯౯್್䛾䛾┦┦㛵㛵 (2020)⾲ ⾲ 3 25
♫♫䛾䛾ESG
䢔䢔䡹䡹䡴䡴䛸䛸䢈䢈䢚䢚䢓䢓䢙䢙䢀䢀䢚䢚౯౯್್䛾䛾┦┦㛵㛵 (2020)ᅗ
ᅗ 4 䠊
䠊ESG
䢔䢔䡹䡹䡴䡴䛻䛻䜘䜘䜛䜛R&D
ᢞᢞ㈨㈨ㄏㄏⓎⓎ⋡⋡ 䝖䝖䝑䝑䝥䝥
20
♫♫(2020)
䝬䜲䜽䝻䝋䝣䝖䛜䝖䝑䝥䚹ḟ䛔䛷䚸䜰䝬䝌䞁䚸 䜰䝹䝣䜯䝧䝑䝖䚸䜰䝑䝥䝹䚹䛣䛾
4
♫䛿䚸㧗 䛔䛂ESG
䝸䝇䜽䛻䜘䜛R&D
ᢞ㈨ㄏⓎ⋡䛃 䠄Marginal inducibility of ESG to R&D:
MIER
䠅䜢㢧♧䚹䛣 䜜䜙㧗
R&D
ㄏⓎᴗ䛿䚸 ✚ᴟⓗ䛺R&D
ᢞ㈨䛻䜘䜚䚸ESG
䝸䝇䜽䛾㧗䛔᪂䛯䛺 䝣䝻䞁䝔䜱䜰䛾㛤ᣅ䛻ᯝᩒ䛻ᣮ䜐䛣䛸䛻䜘䛳 䛶SDGs
䛾㐩ᡂ䜢ຍ㏿䛥䛫䜛᪂䛯䛺䜲䝜䝧 䞊䝅䝵䞁䜢⏕䜏ฟ䛩䛣䛸䛻ពḧⓗ䛻ᣮᡓ䚹ࣈࣛࣥࢻ౯್ࡢ 5 'ㄏⓎ
ᅗ
ᅗ 6. 25 ♫ ♫䛾 䛾䢈 䢈䢚䢚䢓 䢓䢙 䢙䢀䢀䢚䢚౯ ౯್ ್䛸 䛸 R&D 䛾 䛾┦ ┦㛵 㛵 (2020)
⾲
⾲ 4 25 ♫ ♫䛾 䛾䢈 䢈䢚䢚䢓 䢓䢙 䢙䢀䢀䢚䢚౯ ౯್ ್䛸 䛸 R&D 䛾 䛾┦ ┦㛵 㛵 (2020)
Fig. 8. Correlation between Brand Value (BV) and R&D Investment ( in Selected 25 Firms (2020) - Logarithm.
Table 9 compares the estimates of MIBR between time series
௨ୖ䜢䜒䛸䛻䚸⾲⾲5
䛿4
♫䛾䝤䝷䞁䝗౯್䛻䜘䜛R&D
ᢞ㈨ㄏⓎ⋡䜢ẚ㍑(Cross firm 䛾䡷䢙䢈䢛䢕䛜25䛸㝈䜙䜜䛶䛔䜛䛾䛷䚸2008-2020 䛾⣔ิศᯒ䛻䜘䜛᳨ド䜒⾜䛔䚸୧⪅䛾ᖹᆒ್䛷ẚ㍑
)
䚹⾲
⾲ 5 4 ♫ ♫䛾 䛾
䝤䝤䝷䝷䞁䞁䝗䝗౯౯್್䛻䛻䜘䜘䜛䜛R&D
ᢞᢞ㈨㈨ㄏㄏⓎⓎ⋡⋡(2020)
䡭䢋䡻䢚䢙䛜䢀䡫䢈䢛䚹䡭䢕䢈䡣䢉䢚䡫䢀䚸䢋䡮䡴䢗䡻䢈䢀䚸䡭䡫䢈䢛䢕䛜䛣䜜䛻ḟ䛠䚹
ࢫࢸ࣮ࢡ࣍ࣝࢲ࣮㈨ᮏ⩏ࡢ 5 'ㄏⓎ
䝤䝷䞁䝗౯್䛻䜘䜛
R&D
ᢞ㈨ㄏⓎ⋡䛿䝇䝔䞊䜽䝩䝹䝎䞊㈨ᮏ⩏䛾㐍ᒎ1䛻౫Ꮡ䚹ᅗᅗ
7
䛿4
♫䛾㐍ᒎᗘ䜢ẚ㍑䚹
ᅗ
ᅗ 7. 4 ♫ ♫䛾 䛾䡹 䡹䡿 䡿䡬 䡬䡴 䡴䢊 䢊䢕 䢕䡼 䡼䢚䢚䡬 䡬㈨ ㈨ᮏ ᮏ ⩏ ⩏㐍 㐍ᒎ ᒎᗘ ᗘ .
1 䡹䡿䡬䡴䢊䢕䡼䢚䡬㈨ᮏ⩏䛾㐍ᒎ䛿䚸ᢞ㈨ᐙ䛜ᴗ䛻ᢪ䛟ほⓗᮇᚅ್䜢♧䛩䛂ᢞ㈨ᐙవ䛃䛾䛝䛥䛷♧䛥䜜䚸䛭䜜䛿ᰴ౯䛸ᰴᘧ䛒䛯䜚䛾䢈䢔䡬䡳䡨 䡫䡸䡩䢈䢗䡬䛾ྜ㻌(Sp/(FCF/N) = MC/FCF) 䛻ᫎ [14]䚹 Sp䠖ᰴ౯䚸FCF: 䢈䢔䡬䡳䡨䡫䡸䡩䢈䢗䡬䚸N: Ⓨ⾜῭䜏ᰴᘧᩘ䚸MC: ౯⥲㢠
ྠᵝ䛻䚸ᅗᅗ
6
䚸⾲⾲4
䛿䚸25
♫䛾䝤䝷䞁䝗౯್䛸R
䠃D
䛾┦㛵㛵ಀ䜢ศᯒ䚹
䛣䛾⤖ᯝ䛿⤫ィⓗ䛻᭷ព䛷䛒䜚䚸䜾䝻䞊䝞䝹
R
䠃D
䝸 䞊䝎䞊䛾ESG
ၥ㢟䜢ゎỴ䛩䜛䛯䜑䛾R
䠃D
䝏䝱䝺䞁 䝆䜢ᢞ㈨ᐙ䛜ಙ௵䛧䛶䛭䜜䛻㉃䛡䜛䛣䛸䛻䜘䜚䚸䝤䝷䞁 䝗౯್䛾ฟ䛜R
䠃D
ᢞ㈨䜢ㄏⓎ䛩䜛䛸䛔䛖 䛂䡹䡿䡬䡴䢊 䢕䡼䢚䡬㈨ᮏ⩏௬ㄝ䛃 ([14], [17]) 䜢ᥦ㉳䚹ᅗ
ᅗ 9 䠊
䠊䡹䡹䡿 䡿䡬 䡬䡴 䡴䢊 䢊䢕 䢕䡼 䡼䢚䢚䡬 䡬㈨ ㈨ᮏ ᮏ ⩏ ⩏䛸 䛸䢈 䢈䢚䢚䢓 䢓䢙 䢙䢀䢀䢚䢚౯ ౯್ ್䛻 䛻䜘 䜘䜛 䜛 R&D ᢞ ᢞ㈨ ㈨ㄏ ㄏⓎ Ⓨ⋡ ⋡䛸 䛸䛾 䛾┦ ┦㛵 㛵 (2007-2020) . න
න̔ ̔ 䡹 䡹䡿 䡿䡬 䡬䡴 䡴䢊 䢊䢕 䢕䡼 䡼䢚䢚䡬 䡬㈨ ㈨ᮏ ᮏ ⩏ ⩏䛸 䛸䢈 䢈䢚䢚䢓 䢓䢙 䢙䢀䢀䢚䢚౯ ౯್ ್䛻 䛻䜘 䜘䜛 䜛 R&D ᢞ ᢞ㈨ ㈨ㄏ ㄏⓎ Ⓨ⋡ ⋡䛸 䛸䛾 䛾┦ ┦㛵 㛵 (2007-2020)
ᅗ
ᅗ 8 䠊
䠊4 ♫
♫䛾䛾䡹 䡹䡿 䡿䡬 䡬䡴 䡴䢊 䢊䢕 䢕䡼 䡼䢚䢚䡬 䡬㈨ ㈨ᮏ ᮏ ⩏ ⩏䛸 䛸䢈 䢈䢚䢚䢓 䢓䢙 䢙䢀䢀䢚䢚౯ ౯್ ್䛻 䛻䜘 䜘䜛 䜛 R&D ᢞ
ᢞ㈨㈨ㄏ ㄏⓎ Ⓨ⋡ ⋡䛸 䛸䛾 䛾┦ ┦㛵 㛵 (2020).
ᅗ
ᅗ 8 䛿 4 ♫䛾୧⪅䛾┦㛵䜢ẚ㍑䚹᭷ព䛺┦㛵䜢♧၀䚹
ᅗ
ᅗ
9
䛿䛣䛾┦㛵䛾᥎⛣䜢㏣ド䚹⾲⾲6
䛿┦㛵㛵ಀ䜢᳨ド䚹⾲
6
䛿䚸䝇䝔䞊䜽䝩䝹䝎䞊䛾㛵䛜䜰䝬䝌䞁䛾䝤䝷䞁䝗 ౯್䛻䜘䜛R
䠃D
ㄏⓎ䜢ಁ㐍䛧䛶䛔䜛୍᪉䛷䚸䝬䜲䜽䝻 䝋䝣䝖䛷䛿ᑐ䛷䛒䜛䛣䛸䜢♧䛩䚹䛣䜜䛿䚸䜰䝬䝌䞁䛿䝇䝔䞊䜽䝩䝹䝎䞊㈨ᮏ⩏䜢⋡ඛ 䛧䛶䝇䝔䞊䜽䝩䝹䝎䞊䛛䜙
R&D
ᢞ㈨䛻ᑐ䛩䜛✚ᴟⓗ។ឺ䜢ᚓ䛶䛔䜛䛾䛻ᑐ䛧䛶䚸䝬䜲䜽䝻䝋䝣䝖䛾䝇䝔䞊䜽 䝩䝹䝎䞊䛿
R&D
ᢞ㈨䜢។ឺ䛩䜛䛻䛿⮳䜙䛪䚸౯⥲㢠䛾ቑຍ䜢㓄ᙜ䜔⮬♫ᰴ㈙䛔䛻ồ䜑䛶䛔䜛䛣䛸䜢䜢
♧၀䚹
FCR: Price free cash ratio; IBR: Marginal inducibility of brand value to R&D.
䜰䝬䝌䞁㻌
䝬䜲䜽䝻䝋䝣䝖㻌
ὀ┠ࡍࡁ▱ぢ㸫࣐ࢰࣥೌ࠺ࢫࢸ࣮ࢡ࣍ࣝࢲ࣮㈨ᮏ⩏
5 '࣮ࣜࢲ࣮ࡢ (6*ࣜࢫࢡᑐᛂࡢዲᑐ↷
R&D
䝸䞊䝎䞊4
♫䛾ESG
䝸䝇䜽ᑐᛂ䛿⾲⾲7
䚸䚸ᅗᅗ10
䛻⥲ᣓ䚹⾲
⾲ 7 R&D 䝸 䝸䞊 䞊䝎 䝎䞊 䞊䛾 䛾 ESG 䝸 䝸䝇 䝇䜽 䜽ᑐ ᑐᛂ ᛂ (2020) - US$ bil.
ᅗ
ᅗ 10. R&D 䢔䢔䡬 䡬䡼 䡼䢚䢚䡬 䡬䛾 䛾 ESG 䢔䢔䡹 䡹䡴 䡴ᑐ ᑐᛂ ᛂ ᵓ ᵓ㐀 㐀 .
࣐ࢰ࣐ࣥࢡࣟࢯࣇࢺࡢዲᑐ↷
⾲
⾲
8
䛿୧♫䛾䝡䝆䝛䝇ཎ⌮䜢ẚ㍑ ([7], [13])䚹⾲
⾲ 8 䡭 䡭䢋 䢋䡻 䡻䢚䢚䢙 䢙䞉 䞉䢋 䢋䡮 䡮䡴 䡴䢗 䢗䡻 䡻䢈 䢈䢀䢀䛾 䛾䝡 䝡䝆 䝆䝛 䝛䝇 䝇ཎ ཎ⌮ ⌮
ᅗ
ᅗ
11
䛻♧䛩䜘䛖䛻䚸䜰䝬䝌䞁䛿✺ฟ䛧䛯CCC
(Cash conversion cycle)䚸䜽䝷䜴䝗䝃䞊䝡䝇AWS
(Amazon web service)䛷䝸䞊䝗䚹䝬䜲䜽䝻䝋䝣䝖䛿⊛㏣
([8], [16])䚹
ᅗ
ᅗ 11. 䜰 䜰䝬 䝬䝌 䝌䞁 䞁䛾 䛾✺ ✺ฟ ฟ䛧 䛧䛯 䛯 CCC 䚸 䚸䡴 䡴䢓 䢓䡯 䡯䢀䢀䢚䢚䡷 䡷䡬 䡬䢇 䢇䢚䢚䡹 䡹 .
Π
ΠϜϜμμϱϱ ϜϜέέϫϫλλϓϓφφ ޒٮҲةۂɼŽŘţƆŘŬƆƀŴƆƅŚűŵƆŘŤŖƅ
ޒٮͶࣧ͢ɼͤ΄ͱ݀ఈͺޒ ٮͲ࢟ΉΕɼޒٮͲश݃ɽ Հઈ/݀ఈΝԾ͢ɼͤ͛ͶŴƇƃŬŨŚŴƇ Νࡠ͢ͱɼࣰࡏޒٮŴŐŘŬƆŲƆŗŠ ͲūťŬʤΠζϡϩܨӨʥɽ
ٗढ़Ҳةۂ कͶɼϨʖξʖερ ϕͳऀ಼οʖϞ͗॑
གྷͳ৶ͣͱ͏Ζٗढ़ ͶخͰ͏ͱ݀ఈɽ ޒٮR&Dؖ༫͗
णಊదɽ
䝬䜲䜽䝻䝋䝣䝖䛾᭱㧗䛾
MIER
䠄ESG
䝸䝇䜽䛾R&D
ㄏⓎᛶ䠅 䛿䚸౯⥲㢠䛻㈉⊩ 䠄䡭䡫䢈䢛䢕䛻ḟ䛞
2
䠅䚹 䛧䛛䛧MIBR
䠄䝤䝷䞁䝗౯್䛾R
䠃D
ㄏⓎᛶ䠅䛿ప䝺䝧䝹䛾䜎䜎䛷 䛒䜚䚸R
䠃D
䛿ప䝺䝧䝹䚹 䛣䜜䛿䚸TPR
䠄⥲㑏ඖᛶྥ = (㓄 ᙜ + ⮬♫ᰴ㈙) / ⣧┈䠅䛸䚸ప䝺䝧䝹䛾ᢞ㈨ᐙవ䛻㉳ᅉ䚹
䜰䝬䝌䞁䛾᭱㧗䛾
MIBR
䠄䢈䢚䢓䢙䢀䢚౯್䛾R&D
ㄏⓎᛶ䠅 䛿䚸⩌䜢ᢤ䛔䛯R
䠃D
䜢ᐇ⌧䚹䛣䜜䛿䚸㧗䝺䝧䝹䛾 ᢞ㈨ᐙవ䛸TPR
䝣䝸䞊䛾䝡䝆䝛䝇䝰䝕䝹䛻䛵䛡 䜙䜜䛯 䝎 ㈨ᮏ⩏ ౫ᣐ4.3 Π ΠϜ Ϝμ μϱ ϱϠ Ϡυ υϩ ϩ ܔ ܔ
䡭䢋䡻䢚䢙䛿✺ฟ
CCC
䜢ᱳ䛻䚸4
㔜䛾䢈䡤䡬䢀䢚䢆䢚䡫䡴䡷䡮䡴䢕䜢ᵓ⠏([8])ɽ
ᅗ
ᅗ 12. 䡭
䡭䢋䢋䡻 䡻䢚䢚䢙 䢙䛾 䛾 4 㔜
㔜䢈䢈䡤䡤䡬 䡬䢀䢀䢚䢚䢆 䢆䢚䢚䡫 䡫䡴 䡴䡷 䡷䡮 䡮䡴 䡴䢕 䢕ᵓ ᵓ㐀 㐀 .
ᅗ
ᅗ 13. R&D, AWS, 䢈
䢈䢚䢚䢓䢓䢙 䢙䢀䢀䢚䢚౯ ౯್ ್䛾 䛾ඹ ඹ㐍 㐍ᵓ ᵓ㐀 㐀 .
⾲
⾲ 9 R&D, AWS, 䢈
䢈䢚䢚䢓䢓䢙 䢙䢀䢀䢚䢚౯ ౯್ ್䛾 䛾ඹ ඹ㐍 㐍ᵓ ᵓ㐀 㐀
䛣䜜䛿R&D, AWS,
䢈䢚䢓䢙䢀䢚౯್䛾ඹ 㐍ᵓ㐀䜢ᵓ⠏ ([16])䚹AWS
䛾ᡂ㛗 ᛶ䞉ᣑᙇᛶ䜢ෆໟ䛩䜛⮬ᕫቑṪᶵ⬟䛿
R&D
䛻䜘䜛ESG
䢔䡹䡴ゎᾘ䛻㉃䛡 䜛 䡹 䡿 䡬䡴 䢊 䢕䡼 䢚 䡬䛾 ཧ⏬䜢 ຍ㏿
([15])䚹
4
♫䛾CCC
䛾䢀䢖䢙䢀䢚(2015-2021) 䡴䢓䡯䢀䢚䡮䢙䢈䢓ᕷሙ䡸䡦䡭 (2019)⤖ ㄽ
䜹䞊䝪䞁䝙䝳䞊䝖䝷䝹䜢ጞ䜑䛸䛩䜛
ESG
䝸䝇䜽䛾㧗䜎䜚 䛿 䚸 ᴗ 䛾 ⤒ Ⴀ ᡓ ␎ 䜢Corporate Financing Performance (CFP)
䛾 ど Ⅼ 䛛 䜙Neo Corporate Performance
䠄NCP
䠅 䛻ኚᐜ䚹䛣䜜䛿䚸ᚲ↛ⓗ䛻䚸
R&D
䜢ᱳ䛻⤒Ⴀẚ㍑ඃ䜢➇䛳䛶䛝䛯
R&D
ᴗ䛾ᡓ␎䜢᰿ᗏ䛛䜙ኚ䛘䜛䛣䛸䛻䛺䜚䚸R&D
䝰䝕䝹䛾ᵓ㐀ⓗኚᐜ䜢ྍ㑊䛸䛩䜛䚹ᮏ✏䛿䚸䛂䝕䝆䝍䝹⤒῭ୗ䛷䛾
R&D
䝰䝕䝹䛾ኚᐜ䛃 䜢ᇶ㍈䛸䛩䜛 ⣼ḟ䛾ሗ࿌䜢ୗᩜ䛝 䛻䛧䛶䚸ୡ⏺䛾R&D
䝖䝑䝥100
♫䛾ESG
䝸䝇䜽ᑐᛂ䜢ᐇドⓗ䛻ẚ㍑ศᯒ䚹
ESG
䝸䝇䜽䛾㧗䜎䜚 䊻 䝸䝇䜽ゎᾘ䛾䛯䜑䛾R&D
ᢞ㈨䛾ᣑ
(
䝣䜵䞊䝈1)
䊻 ᪂䛯䛺䝡䝆䝛䝇䛾㛤ᣅ 䊻ESG
䜢ໟᦤ䛧䛯䝤䝷䞁䝗౯್䛾ฟ 䊻SDGs
䛾㐩ᡂ 䊻R&D
䛻䜘䜛ESG
䝸䝇䜽ゎᾘ䜢ᮇᚅ䛧䛯䝇䝔䞊䜽 䝩䝹䝎䞊䛾R&D
។ឺ 䊻R&D
䛾䛥䜙䛺䜛ㄏⓎ(
䝣 䜵䞊䝈2)
䚸䛾䝎䜲䝘䝭䝈䝮䛻ὀ┠䛧䛶䚸R&D
䝖䝑䝥100
♫䛾ᑐᛂ䜢ẚ㍑ᐇドศᯒ䚹
䜰䝬䝌䞁䚸䜰䝹䝣䜯䝧䝑䝖䚸䜰䝑䝥䝹䚸䝬䜲䜽䝻䝋䝣䝖䛾
4
♫䚸ᑵ୰䜰䝬䝌䞁ཬ䜃䝬䜲䜽䝻䝋䝣䝖䛿୍㈏䛧䛶䚸༟㉺䛧 䛯
R&D
ㄏⓎ⾜ື䜢⋡ඛ䚹䛧䛛䛧䚸୧♫䛾ㄏⓎᵓ㐀䛿㢧ⴭ䛺ዲᑐ↷䚹
䝬䜲䜽䝻䝋䝣䝖䛾᭱㧗䛾
MIER
䠄ESG
䝸䝇䜽䛾R&D
ㄏⓎᛶ:
䝣䜵䞊䝈1
ᑐᛂ䠅 䛿䚸౯⥲㢠䛻㈉⊩ 䠄䡭䡫䢈䢛䢕䛻ḟ䛞2
䠅䚹 䛧䛛䛧
MIBR
䠄䝤䝷䞁䝗౯್䛾R
䠃D
ㄏⓎᛶ䠖 䝣䜵䞊 䝈2
ᑐᛂ䠅 䛿ప䝺䝧䝹䛾䜎䜎䛷䛒䜚䚸R
䠃D
䛿ప䝺䝧䝹䚹 䛣䜜䛿䚸TPR
䠄⥲㑏ඖᛶྥ䠅 䛸ప䝺䝧䝹䛾ᢞ㈨ᐙవ䛻㉳ᅉ䚹
䜰䝬䝌䞁䛾᭱㧗䛾
MIBR
䛿䚸⩌䜢ᢤ䛔䛯R
䠃D
䜢ᐇ⌧䚹䛣䜜䛿䚸㧗䝺䝧䝹䛾ᢞ㈨ᐙవ䛸
TPR
䝣䝸䞊䛾䝡 䝆䝛䝇䝰䝕䝹䛻䛵䛡䜙䜜䛯䝇䝔䞊䜽䝩䝹䝎䞊㈨ᮏ⩏䛻౫ᣐ䚹
䜰䝬䝌䞁䛿䚸⩌䜢ᢤ䛔䛯
R&D
䜢ᱳ䛻䚸ᯝᩒ䛻ESG
䝸 䝇䜽䛻ᣮᡓ䛧䛶䚸䝙䝳䞊䝣䝻䞁䝔䜱䜰䜢㛤ᣅ䛧䛶䚸䝸䝇䜽 䜢㉸ඞ䛧䛴䛴䝤䝷䞁䝗౯್䜢ฟ䚹ᢞ㈨ᐙ䠉䝇䝔䞊䜽 䝩䝹䝎䞊䛿䛣䛾ᐇ⦼䜢ಙ㢗䛧䛶䚸R&D
䛻䜘䜛ESG
䝸 䝇 䜽 ゎ ᾘ 䞉 䝤 䝷 䞁 䝗 ౯ ್ 䛾 ฟ 䛻 ㉃ 䛡 䛶 䚸 ᕧ 䛺R&D
ᢞ㈨䜢✚ᴟⓗ䛻។ឺ䚹䛛䛟䛧䛶䚸䜰䝬䝌䞁䛿䚸ESG
䝸䝇䜽䛾㧗䜎䜚䛾୰䛷䚸䝇䝔䞊䜽䝩䝹䝎䞊㈨ᮏ⩏䜢⋡ඛ䛧䛶䚸
R&D
䜢ᣑ䚹䛣䜜䛿䚸✺ฟ䛧䛯
CCC (Cash conversion cycle)
䜢ᱳ䛸䛧 䛯4
㔜䛾䝣䜱䞊䝗䝞䝑䜽䝃䜲䜽䝹(Quad feedback cycle:
QFC)
䛻౫ᣐ䚹䛭䛾ᇶᮏ䛿䚸R&D, AWS,
䝤䝷䞁䝗౯್䛾㛫䛾ඹ㐍ᵓ㐀䛻㈇䛖䚹
AWS
䛾ᡂ㛗ᛶ䞉ᣑᙇᛶ䜢ෆໟ 䛩䜛⮬ᕫቑṪᶵ⬟䛿R&D
䛻䜘䜛ESG
䝸䝇䜽ゎᾘ䜢ಙ௵䛧䚸䛭䜜䛻㉃䛡䜛䝇䝔䞊䜽䝩䝹䝎䞊䛾ཧ⏬䜢ຍ㏿䚹 䝬䜲䜽䝻䝋䝣䝖䛿䚸ຎᚋ䛻❧䛳䛯
CCC
䚸䜽䝷䜴䝗䝃䞊䝡䝇 䛻䜻䝱䝑䝏䜰䝑䝥䛩䜉䛟⊛㏣䛾ດຊ䚹᪂䛯䛺㠉᪂ᢏ⾡䛾 ㄌ⏕䛜ᮇᚅ䚹䛣䜜䜒䜹䞊䝪䞁䝙䝳䞊䝖䝷䝹䛾䜲䝜䝧䞊䝅䝵 䞁ㄏⓎຠᯝ䛸䛧䛶ᮇᚅ䚹⥅⥆ⓗ㏣ド䛜ᚋ䛾ㄢ㢟䚹
ཧ⪃ᩥ⊩
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[4] Lin, W.L., Ho, J.A., Samvasivan, M., Yip, N. and Mohamed, A.B.2021.
Influence of Green Innovation Strategy on Brand Value: The Role ofMarketting Capability and R&D Intensity. Technological Forecasting &
Social Change 171, 120946.
[5] NYU Stern, 2021. ESG and Financial Performance: Uncovering the Relationship by Aggregating Evidence from 1000 Plus Studies Published between 2015-2000. https://rcm.rockco.com/insights_item/esg-and- financial-performance/ (retrieved 20.8.2021).
[6] Tou, Y., Watanabe, C., Moriya, K., and Neittaanmäki, P., 2019a.
Harnessing Soft Innovation Resources Leads to Neo Open Innovation.
Technology in Society 58, 101114.
[7] Tou, Y., Watanabe, C., Moriya, K., Naveed, N., Vurpillat, V., and Neittaanmäki, P., 2019b. The Transformation of R&D into Neo Open Innovation: A New Concept of R&D Endeavor Triggered by Amazon.
Technology in Society 58, 101141.
[8] Tou, Y., Watanabe, C. and Neittaanmäki, P., 2020. Fusion of Technology Management and Financing Management: Amazon’s Transformative Endeavor by Orchestrating Techno-financing Systems. Technology in Society 60, 101219.
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[10] Vishwanathan, P., Van Oosterhout, H., Heugens, P.P.M.A.R., Duran, P., and Essen, M., 2020. Strategic CSR: A Concept Building Meta-Analysis.
Journal of Management Studies 57 (2), joms.12514.
https://doi.org/10/gf3hq9
[11] Watanabe, C., Kondo, R., Ouchi, N., Wei, H. and Griffy-Brown, C., 2004a.
Institutional Elasticity as a Significant Driver of IT Functionality Development. Technological Forecasting and Social Change 71 (7), 723- 750.
[12] Watanabe, C., Naveed, K. and Zhao, W., 2015. New Paradigm of ICT Productivity: Increasing Role of Un-captured GDP and Growing Anger of Consumers. Technology in Society 41, 21–44.
[13] Watanabe, C. and Tou, Y., 2020a. Transformative Direction of R&D:
Lessons from Amazon’s Endeavor. Technovation 88, 102081.
[14] Watanabe, C., Tou, Y. and Neittaanmäki, P., 2020c. Institutional Systems Inducing R&D in Amazon: The Role of an Investor Surplus toward Stakeholder Capitalization. Technology in Society 63, 101290.
[15] Watanabe, C., Akhtar, W., Tou, Y. and Neittaanmäki, P., 2021a. Amazon’s Initiative Transforming a Non-contact Society: Digital Disruption Leads the Way to Stakeholder Capitalization. Technology in Society 65, 101596.
[16] Watanabe, C., Akhtar, W., Tou, Y. and Neittaanmäki, P., 2021b. Amazon’s New Supra-omnichannel: Realizing Growing Seamless Switching for Apparel During COVID-19. Technology in Society 66, 101645.
[17] Watanabe, C., Tou, Y. and Neittaanmäki, P., 2021c. Transforming the Socio Economy with Digital Innovation. Elsevier, Amsterdam.
[18] Ώ㎶༓௫,2016. Uncaptured GDP:䡮䢅䢉䢚䡬䡸䡪䢙㏻ᛕ䛾ๅ᪂ – 䢈䡤䢙䢓䢙䢀䢚⛉
Ꮫ䡭䡲䡿䢚䢌䡬䛾ᣮᡓ. ◊✲䞉䡮䢅䢉䢚䡬䡸䡪䢙ᏛᖺḟᏛ⾡ண✏㞟, ᮾி. [19] Ώ㎶༓௫, ⸨♸ྖ,ᒾぢ ⣸, 2017. 䡿䢚䡸䢚䡼䢕⤒῭ୗ䛷䛾GDPィ 䠉
Un-captured GDP 䛾ᵓ㐀ゎᯒ䛸ィ . ◊✲䞉䡮䢅䢉䢚䡬䡸䡪䢙ᏛᖺḟᏛ⾡
ண✏㞟, ி㒔.
[20] Ώ㎶༓௫, ⸨♸ྖ, 2018. 䡿䢚䡸䢚䡼䢕⤒῭ୗ䛷䛾䛂䡮䢅䢉䢚䡬䡸䡪䢙ᣦᶆ䛃 䛾ኚ ᐜ䠉䡮䢅䢉䢚䡬䡸䡪䢙䞉ᡂ㛗ᴫᛕኚᐜ䛾ᵓ㐀ゎᯒ䛸ィ . ◊✲䞉䡮䢅䢉䢚䡬䡸䡪䢙Ꮫ
ᖺḟᏛ⾡ண✏㞟, ᮾி.
[21] Ώ㎶༓௫, ⸨♸ྖ, 2019. 䡿䢚䡸䢚䡼䢕⤒῭ୗ䛷䛾 R&D 䢏䡿䢚䢕䛾ኚᐜ䠉䡰 䢇䢚䡿䢚䢙䡹䢉䢚䡬䡹䛾⛉Ꮫᢏ⾡䡮䢅䢉䢚䡬䡸䡪䢙ᨻ⟇䜈䛾ၨⓎ䠖ᵓ㐀ゎᯒ. ◊✲䞉䡮䢅 䢉䢚䡬䡸䡪䢙ᏛᖺḟᏛ⾡ண✏㞟, ᮾி.
[22] Ώ㎶༓௫, ⸨♸ྖ, 2020. 䢊䢛䡹䢀䝁䝻䝘䛷䛾 ⏘Ꮫ㐃ᦠ䢏䡿䢚䢕䛾ኚᐜ䠉䡭 䢋䡻䢚䢙䛻ೌ䛖䡹䡿䡬䡴䢊䢕䡼䢚䡬㈨ᮏ⩏. ◊✲䞉䡮䢅䢉䢚䡬䡸䡪䢙ᏛᖺḟᏛ⾡
ண✏㞟, ᮾி.
