グローバル企業の経営理念

(2021 年３月）抜　刷

グローバル企業の経営理念

－備後企業との比較分析―

大　城　朝　子

ήϫʖώϩةۂ͹ܨӨཀྵ೨

ʷඍޛةۂͳ͹ർֳ෾ੵʗ

୉৕ ௉ࢢ

֕གྷ

ຌߚ͹໪దͺήϫʖώϩةۂ͹ܨӨཀྵ೨ΝఈྖదͶ෾ੵ͢ɼඍޛةۂ͹ܨӨཀྵ೨ͳർֳ෾

ੵͤΖ͞ͳͲ͍Ζɽۛ೧ɼήϫʖώϩԿ͹਒ఴͶΓΕةۂΝखΕת͚؂ڧͺ୉͚͘รԿ͢ɼ

ͨ͹๏޴੓ΝࣖͤةۂܨӨ͹ڎΕॶͳ͵ΖܨӨཀྵ೨͗॑གྷࢻ͠ΗΖΓ͑Ͷ͵ͮͱͪ͘ɽຌߚ Ͷ͕͏ͱͺɼήϫʖώϩةۂͶ͕͜ΖܨӨཀྵ೨ͳඍޛةۂͶ͕͜ΖܨӨཀྵ೨Ͷͯ͏ͱτΫη φϜ΢ωϱήΝ༽͏ͱർֳ෾ੵ͢ͱ͏Ζɽ઴ൔͶ͕͏ͱͺɼήϫʖώϩةۂͳඍޛةۂ͹ർ

ֳ෾ੵɼޛൔͶ͕͏ͱͺɼήϫʖώϩةۂͲ΍ࠅพͶͺʹ͹Γ͑͵ܑ޴͗ΊΔΗΖ͹͖Ν໎

Δ͖ͶͤΖ͞ͳΝ໪దͳ͢ͱɼΠϟϨΩɼ஦ࠅɼೖຌ͹̑ࠅͶͯ͏ͱࠅพ͹τΫηφϜωϱ ήΝࣰࢬ͢ͱ͏Ζɽ

ΫʖϭʖχʁήϫʖώϩةۂɼඍޛةۂɼܨӨཀྵ೨ɼτΫηφϜ΢ωϱή

ͺͣΌͶ

ຌݜڂͲͺජं͗͞ΗΉͲͶ਒Όͱͪ͘ɼඍޛةۂ͹ܨӨཀྵ೨ͶؖͤΖఈྖద͵ݜڂͳɼ ήϫʖώϩةۂ͹ܨӨཀྵ೨Ͷͯ͏ͱ͹ఈྖద͵ݜڂ͹ർֳ෾ੵΝߨ͑͞ͳΝ໪దͳ͢ͱ͏Ζɽ ජंͺ͞ΗΉͲɼඍޛݏҮͶҒ஖͢ͱ͏Ζةۂ͹எదࡔࢊΝ׈༽ͪ͢ஏҮϔϧϱχͰ͚Ε͹

Ն೵੓Ώඍޛةۂ͹߶෉ՅՃ஍Կ΃޴ͪ͜કྲྀͶͯ͏ͱݗ౾ͤΖͪΌ͹઴ஊ֌͹ݜڂͳ͢ͱɼ ʰඍޛةۂ͹ܨӨཀྵ೨ ʷܨӨཀྵ೨͹τΫηφϜ΢ωϱήͶΓΖ୵ࡩద෾ੵʷʱɼʰඍޛةۂ

͹ܨӨཀྵ೨ͶؖͤΖࣰସ௒ࠬʱΝखΕషΌͱͪ͘ɽ

ͨΗͩΗ͹ݜڂͶ͕͏ͱɼඍޛةۂ͹ܨӨཀྵ೨ΝτΫηφϜ΢ωϱή෾ੵͤΖ͞ͳͶΓΕɼ

ͨ͹ܑ޴Ν೼ѴͤΖ͞ͳͶ౔Όͪ΍͹͹ɼ઎ߨݜڂͳಋͣΓ͑͵ݶཁ͗࢘ΚΗͱ͏Ζ͞ͳ͗

෾͖Εɼඍޛةۂ͹ಝ௅Νபड़ͤΖΉͲͶͺࢺΔ͵͖ͮͪɽͨ͞ͲɼຌݜڂͶ͕͏ͱͺήϫ ʖώϩةۂͳ͹ർֳͶΓͮͱɼͨ͹ಝ௅͗ΊΔΗΖ͹͖Ͷͯ͏ͱ෾ੵͤΖɽ

ˠ

ෳࢃ୉ָܨࡃָ෨੭ແճܯָՌߪࢥ (PDLODBRVKLUR#IXNX\DPDXDFMS

̏ɿ͞ΗΉͲ͹ݜڂ͹֕གྷ

ඍޛةۂ͹ܨӨཀྵ೨ͶؖͤΖ୵ࡩద෾ੵ

ඍޛةۂͶؖͤΖݜڂ͹୊Ҳஊ֌ͳ͢ͱɼܨӨཀྵ೨ͶؖͤΖ઎ߨݜڂΝ੖ཀྵͤΖͳͳ΍Ͷɼ

ೖຌةۂ͹ܨӨཀྵ೨Ͷͯ͏ͱτΫηφϜ΢ωϱή෾ੵΝߨͮͱ͏Ζ઎ߨݜڂͳɼ৿ͪͶඍޛ ةۂ͹ܨӨཀྵ೨Ͷͯ͏ͱτΫηφϜ΢ωϱή෾ੵΝࣰࢬͤΖ͞ͳͶΓΕർֳ෾ੵΝߨͮͪɽ ඍޛةۂ͹ఈٝͺɼԮࢃݟ͹Ҭݬࢤɼ־ԮࢤΝ؜΋ඍޛݏҮʤෳࢃࢤʀඎಕࢤʀැ஦ࢤʀࢀ

ݬࢤʀҬݬࢤʀ־Ԯࢤʀਈ੶߶ݬௌʀ੊དௌ͹̔ࢤ̐ௌʥͳ͢ɼ ʰةۂ೧ؓ ߁ౣݟ౨෨ʀԮ

ࢃஏۢ ೧൝υʖν &'ʱΓΕ ऀ͹خຌυʖνΝ׈༽ͪ͢ɽͨ͹υʖνΝ΍ͳͶͨ

ΗͩΗ͹ةۂҌ಼ΏϙʖϞϘʖζ͖ΔܨӨཀྵ೨ͳͨ͹बว֕೨͹फॄΝߨ͑͞ͳͶΓͮͱಢ

ࣙ͹υʖνϗʖηΝࡠ੔ͪ͢ɽ౲֚ݜڂͶ͕͏ͱͺɼ ऀͶͯ͏ͱबว֕೨΍؜ΌܨӨཀྵ ೨͹༙ໃΝ௒΄ɼىࡎ͹ΊΔΗͪ ऀΝଲেͳ͢ͱ෾ੵΝߨͮͪɽ

ͨ͹݃ՎɼܨӨཀྵ೨Ͷͯ͏ͱ͹ఈٝ͗ఈΉͮͱ͏͵͏ͪΌɼةۂͶΓͮͱܨӨཀྵ೨͹ଌ͓

๏͗ҡ͵ͮͱ͕ΕɼຌཔͲ͍ΗͻܨӨཀྵ೨Ͷ؜ΉΗ͵͏Γ͑͵ชݶ΍ܨӨཀྵ೨Ͷ؜ΉΗͱ͏

Ζ͞ͳ͗෾͖ͮͪɽΉͪɼʹ͹Γ͑͵ୱޢ͗ܨӨཀྵ೨Ͷ࢘༽͠Ηͱ͏Ζ͹͖Ͷͯ͏ͱͺɼ઎

ߨݜڂͳྪࣇͪ݃͢Վ͗ಚΔΗɼߍ͵Ζ෾ੵघ๑͹րવΏଠஏҮͳ͹ർֳ౵Νࠕޛ͹՟ୌͳ

ͪ͢ɽ

ඍޛةۂ͹ܨӨཀྵ೨ͶؖͤΖࣰସ௒ࠬ

ຌݜڂͶ͕͏ͱͺɼ৏फ़͹୊Ҳஊ֌ͳ͢ͱ͹ݜڂ͹՟ୌΝण͜ɼܨӨཀྵ೨͹ఈٝ͗ఈΉͮ

ͱ͏͵͏͞ͳ͖ΔɼܨӨཀྵ೨͹बว֕೨ͺ؜Όͥɼةۂଈ͗ܨӨཀྵ೨ͳࣖ͢ͱ͏Ζ΍͹ͫ͜

Ν෾ੵଲেͳͪ͢ɽඍޛݏҮ͹ఈٝͶͯ͏ͱͺɼଲেஏۢΝ߁͝ΖܙͲܨӨཀྵ೨͹फॄͳ෾

ੵΝࣰࢬͪ͢ɽඍޛݏҮ͹ఈٝͶͯ͏ͱͺɼعफ़͹̔ࢤ̐ௌͶՅ͓ɼ੼൮ࢤʀછ޳ࢤʀۆ໼

ࢤʀ૱ऀࢤʀ஝ݬࢤʀඍ઴ࢤʀ௣ࢃࢤʀ߶ྌࢤʀࢀ࣏ࢤʀછ޳܌ʀੋރ಼ࢤʀঘీ܌ʀ૖ී

ࢤʀ๝ీ܌͹ ࢤ̔܌ΝՅ͓ͪɽ

ܨӨཀྵ೨ͳ໎ى͠Ηͱ͏Ζ৖߻͹ΊΝ෾ੵଲেͳͪͪ͢Όɼ୊Ҳஊ֌͹ݜڂ͹ࡏ͹ ऀ

͖Δ͠ΔͶ ऀ͹ةۂͶͯ͏ͱܨӨཀྵ೨͹༙ໃΝ֮೟͢ ऀΉͲ֮೟Νश͓ͪɽͨ͹݃

ՎɼܨӨཀྵ೨͹बว֕೨Ν؜Όͪ৖߻Ͷͺɼ ऀͶͨ͹໎ࣖ͗ΊΔΗͪ͗ɼܨӨཀྵ೨ͳ໎

ࣖ͠Ηͱ͏Ζ৖߻͹Ί͹ةۂ਼ͺɼ ऀͶཻΉͮͪɽ

౲֚ݜڂ͹݃Վ͖Δͺɼ୊Ҳஊ֌͹ݜڂͳऑױ͹ҩ͏ͺΊΔΗͪ΍͹͹ɼඍޛةۂ͹ܨӨ ཀྵ೨͹ಝ௅ΝࣖͤΉͲͶͺࢺΔ͵͖ͮͪɽܨӨཀྵ೨Ώबว֕೨ΝҲชͥͯ۝ັ͢ɼܨӨཀྵ೨

͹ఈٝΝཱི֮ͪ͢৏Ͳͨ͹ఈٝͶԌͮͪಢࣙ͹෾ྪ෾͜Νࣰࢬͪ͢ޛͶ෾ੵΝߨ͑චགྷ͍͗

Ζ͞ͳΝ՟ୌͳ͢ͱଌ͓Ζ͞ͳ͗Ͳͪ͘ɽ

ຌݜڂͶ͕͜Ζ෾ੵࢻְ

̐ɿ෾ੵ๏๑

υʖνϗʖη͹ࡠ੔๏๑

න ήϫʖώϩةۂ Ͷϧϱέ΢ϱ͢ͱ͏Ζࠅพةۂ਼

̏ɿ͞ΗΉͲ͹ݜڂ͹֕གྷ

ඍޛةۂ͹ܨӨཀྵ೨ͶؖͤΖ୵ࡩద෾ੵ

ඍޛةۂ͹ܨӨཀྵ೨ͶؖͤΖࣰସ௒ࠬ

ຌݜڂͶ͕͜Ζ෾ੵࢻְ

ຌݜڂͶ͕͏ͱͺɼർֳ෾ੵΝߨ͑ͪΌɼήϫʖώϩةۂͳඍޛةۂ͹૔๏͹γϱϕϩ਼

Ν ऀͳ͢ɼ֦ةۂ͹ճऀҌ಼ΏϙʖϞϘʖζ͵ʹ͖ΔܨӨཀྵ೨Νफॄ͢ɼಢࣙ͹υʖ νϗʖηΝࡠ੔ͪ͢ɽࡠ੔ͪ͢υʖνϗʖη͖ΔܨӨཀྵ೨ͳͨ͹बว֕೨Ͷͯ͏ͱɼτΫη φϜ΢ωϱή෾ੵΝࣰࢬ͢ɼʹ͹Γ͑͵ୱޢ͹ड़ݳළౕ͗߶͏͹͖ɼΉͪڠड़ݳ͹ΊΔΗΖ ୱޢͺʹ͹Γ͑͵΍͹͵͹͖Ͷͯ͏ͱ໎Δ͖Ͷ͢ͱ͏͚ɽ

ͨ͹ଠɼۂझͶΓΖҩ͏͗ΊΔΗΖ͹͖Ͷͯ͏ͱ໎Δ͖ͶͤΖͪΌɼۂझพ͹෾ੵͶͯ͏

ͱ΍ݗ౾ͪ͢΍͹͹ɼຌݜڂͶ͕͏ͱͺɼࢶ෱͹ؖܐͶΓΕܟࡎ͗אΚ͵͖ͮͪͪΌΉͪพ

͹ؽճͶৣΖ͞ͳͳͪ͢͏ɽ

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υʖνϗʖη͹ࡠ੔๏๑

ήϫʖώϩةۂͶͯ͏ͱ΍͞ΗΉͲ͹ݜڂಋ༹ɼܨӨཀྵ೨ͳͨ͹बว֕೨ΝफॄͤΖ͞ͳ

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͹ϨηφΝ׈༽͢ɼ,5 ৚ๅΏϙʖϞϘʖζ͖Δ ܨӨཀྵ೨ͳͨ͹बว֕೨Νफॄ͢ɼυʖνϗʖηԿΝਦͮͪɽ

ͨ͹݃Վɼ ೧ౕ͹ήϫʖώϩةۂ Ͷϧϱέ΢ϱ͢ͱ͏ΖةۂͶͯ͏ͱͺɼࠅ੸

༹͗ʓͲɼܨӨཀྵ೨Ͷͯ͏ͱ͹නݳ΍ࣙࠅޢ͹Ί͹ةۂ΍ΊΔΗͪɽήϫʖώϩةۂͳ͢ͱɼ ೧͹ )RUWXQH *OREDO Ͷϧϱέ΢ϱ͢ͱ͏ͪةۂ͹ࠅพ͹಼༃ΝΊͱΊΖͳ࣏͹න

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න ήϫʖώϩةۂ Ͷϧϱέ΢ϱ͢ͱ͏Ζࠅพةۂ਼

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ݜڂಋ༹ɼήϫʖώϩةۂͶ͕͏ͱ΍ɼܨӨཀྵ೨ٶ;ͨ͹बว֕೨Ͷͯ͏ͱ͹༹ʓ͵නݳ͗

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ͱ͏Ζ͗ɼࠕޛ͹ݜڂͶ͕͏ͱߍͶ৆ࡋ͵෾ੵΝ਒Όͱ͏ͪ͘͏ɽ

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෾ੵλϓφͶͯ͏ͱͺɼ͞ΗΉͲ͹ݜڂಋ༹ .+&RGHU Ν࢘༽͢ɼήϫʖώϩةۂͳඍޛ ةۂͶ͕͜ΖܨӨཀྵ೨ͳͨ͹बว֕೨Ͷͯ͏ͱɼළड़ޢɼڠًϋρφϭʖέʤʹ͹Γ͑͵ݶ ཁ͗ҲॻͶड़ݳ͢ͱ͏Ζ͖ʥͶͯ͏ͱ෾ੵͪ͢ɽ

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න ήϫʖώϩةۂͶ͕͜Ζළड़ޢ න ඍޛةۂͶ͕͜Ζළड़ޢ

ˠʰZHʱͶͯ͏ͱͺɼRXU Ώ XV ͳ͏ͮͪಋٝޢΝ؜΋

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㻞 㼠㼔㼑㼥 㻝㻠㻜 㻝㻣 㼣㼛㼞㼘㼐 㻢㻞 㻞 㼐㼑㼢㼑㼘㼛㼜㼙㼑㼚㼠 㻣㻝 㻝㻣 㼙㼍㼚㼍㼓㼑㼙㼑㼚㼠 㻟㻝

㻟 㼢㼍㼘㼡㼑 㻝㻞㻝 㻝㻤 㼔㼛㼣 㻢㻝 㻟 㼏㼛㼙㼜㼍㼚㼥 㻡㻤 㻝㻤 㼘㼕㼒㼑 㻟㻜

㻠 㼏㼛㼙㼜㼍㼚㼥 㻝㻝㻣 㻝㻥 㼔㼑㼍㼘㼠㼔 㻡㻢 㻠 㼎㼡㼟㼕㼚㼑㼟㼟 㻡㻣 㻝㻥 㼣㼛㼞㼘㼐 㻟㻜

㻡 㼥㼛㼡 㻝㻝㻢 㻞㻜 㼛㼠㼔㼑㼞 㻡㻡 㻡 㼢㼍㼘㼡㼑 㻡㻡 㻞㻜 㼏㼞㼑㼍㼠㼑 㻟㻜

㻢 㼏㼡㼟㼠㼛㼙㼑㼞 㻝㻝㻞 㻞㻝 㼐㼑㼘㼕㼢㼑㼞 㻡㻝 㻢 㼕㼚㼚㼛㼢㼍㼠㼕㼛㼚 㻡㻟 㻞㻝 㼜㼞㼛㼢㼕㼐㼑 㻞㻥

㻣 㼜㼑㼛㼜㼘㼑 㻝㻜㻥 㻞㻞 㼣㼔㼍㼠 㻡㻜 㻣 㼟㼑㼞㼢㼕㼏㼑 㻠㻣 㻞㻞 㼚㼑㼣 㻞㻥

㻤 㼎㼡㼟㼕㼚㼑㼟㼟 㻝㻜㻞 㻞㻟 㼕㼚㼠㼑㼓㼞㼕㼠㼥 㻠㻤 㻤 㼕㼚㼐㼡㼟㼠㼞㼥 㻠㻢 㻞㻟 㼏㼛㼞㼑 㻞㻤

㻥 㼙㼍㼗㼑 㻝㻜㻞 㻞㻠 㼟㼑㼞㼢㼕㼏㼑 㻠㻣 㻥 㻯㼔㼕㼚㼍 㻠㻞 㻞㻠 㼕㼚㼠㼑㼞㼚㼍㼠㼕㼛㼚㼍㼘 㻞㻤

㻝㻜 㼠㼔㼍㼠 㻥㻢 㻞㻡 㼎㼑㼟㼠 㻠㻟 㻝㻜 㼔㼍㼢㼑 㻠㻞 㻞㻡 㼛㼜㼑㼞㼍㼠㼕㼛㼚 㻞㻣

㻝㻝 㼑㼙㼜㼘㼛㼥㼑㼑 㻤㻝 㻞㻢 㼜㼞㼛㼐㼡㼏㼠 㻠㻞 㻝㻝 㼑㼚㼠㼑㼞㼜㼞㼕㼟㼑 㻠㻜 㻞㻢 㼞㼑㼟㼜㼛㼚㼟㼕㼎㼕㼘㼕㼠㼥 㻞㻠

㻝㻞 㼔㼍㼢㼑 㻣㻥 㻞㻣 㼣㼍㼥 㻠㻞 㻝㻞 㻳㼞㼛㼡㼜 㻟㻥 㻞㻣 㼥㼛㼡 㻞㻟

㻝㻟 㼣㼛㼞㼗 㻣㻣 㻞㻤 㼏㼛㼙㼙㼕㼠㼙㼑㼚㼠 㻠㻜 㻝㻟 㼎㼡㼕㼘㼐 㻟㻡 㻞㻤 㼜㼑㼛㼜㼘㼑 㻞㻟

㻝㻠 㼏㼛㼙㼙㼡㼚㼕㼠㼥 㻣㻡 㻞㻥 㼘㼕㼒㼑 㻠㻜 㻝㻠 㼏㼡㼟㼠㼛㼙㼑㼞 㻟㻞 㻞㻥 㼎㼑㼏㼛㼙㼑 㻞㻟

㻝㻡 㼎㼑㼘㼕㼑㼢㼑 㻣㻞 㻟㻜 㼏㼍㼞㼑 㻟㻤 㻝㻡 㼜㼞㼛㼐㼡㼏㼠 㻟㻞 㻟㻜 㼏㼛㼞㼜㼛㼞㼍㼠㼑 㻞㻞

㡰఩ 㢖ฟㄒ ฟ⌧ᅇᩘ 㡰఩ 㢖ฟㄒ ฟ⌧ᅇᩘ

㻝 ♫఍ 㻝㻢㻤 㻝㻢 ಙ㢗 㻠㻜

㻞 ௻ᴗ 㻝㻝㻢 㻝㻣 ୡ⏺ 㻟㻥

㻟 䜾䝹䞊䝥 㻝㻜㻣 㻝㻤 ᖖ䛻 㻟㻥

㻠 䛚ᐈᵝ 㻝㻜㻟 㻝㻥 άື 㻟㻡

㻡 ⾜ື 㻣㻞 㻞㻜 ๰㐀 㻟㻡

㻢 ㈉⊩ 㻣㻞 㻞㻝 ┠ᣦ䛩 㻟㻟

㻣 ⚾䛯䛱 㻢㻢 㻞㻞 ே 㻟㻞

㻤 ౯್ 㻢㻠 㻞㻟 ⢭⚄ 㻟㻝

㻥 ஦ᴗ 㻠㻤 㻞㻠 ᮍ᮶ 㻟㻝

㻝㻜 ᥦ౪ 㻠㻤 㻞㻡 ᐇ⌧ 㻟㻝

㻝㻝 ⌮ᛕ 㻠㻢 㻞㻢 ㇏䛛 㻟㻝

㻝㻞 ⎔ቃ 㻠㻠 㻞㻣 ᆅ⌫ 㻟㻜

㻝㻟 䝃䞊䝡䝇 㻠㻠 㻞㻤 ᣦ㔪 㻞㻥

㻝㻠 ⤒Ⴀ 㻠㻠 㻞㻤 ㈐௵ 㻞㻥

㻝㻡 Ⓨᒎ 㻠㻝 㻞㻤 ᡂ㛗 㻞㻥

㻞㻤 ᆅᇦ 㻞㻥

ʤγʖϑηʥʱɼ Ғɼ Ғɼ Ғ͹ʰEXVLQHVVʤࣆۂʥʱɼ Ғͳ Ғͳ Ғ͹ʰZRUOGʤ੊

ֆʥʱͳ͵ͮͱ͏Ζɽ

࣏Ͷธࠅةۂͳ஦ࠅةۂͶڠ௪͢ͱΊΔΗΖୱޢΝڏ͝ͱ͏͚ͳɼธࠅةۂͲ̒Ғɼ஦ࠅ ةۂͲ̑Ғ͹ʰFRPSDQ\ʱɼ̓Ғͳ Ғ͹ʰ\RXʱɼ Ғͳ Ғ͹ʰHPSOR\HHʱɼ Ғͳ Ғ͹ʰKDYHʱɼ Ғͳ Ғ͹ʰ3URGXFWʱɼ Ғͳ ͹ʰOLIHʱͳ͵ͮͱ͏Ζɽ

஦ࠅةۂͳೖຌةۂͶڠ௪͢ͱड़ݳ͢ͱ͏Ζୱޢͺɼ Ғ͹ʰPDQDJHPHQWʱͳ Ғ͹

ʰܨӨʱɼ Ғ͹ʰFUHDWHʱͳಋ͚ͣ Ғ͹ʰ૓ଆʱɼ Ғ͹ʰSURYLGHʱͳ Ғ͹ʰ఑ڛʱɼ Ғ͹ʰUHVSRQVLELOLW\ʱͳ Ғ͹ʰ੻೜ʱɼ Ғ͹ʰHQWHUSULVHʱͳ Ғ͹ʰةۂʱͳ͵ͮ

ͱ͏Ζɽ

஦ࠅةۂͶͺɼଠ͹̐ࠅͶͺΊΔΗ͵͏ܑ޴͗ɼʰ&KLQDʱͳ͏͑ࠅ໌͗ϧϱέ΢ϱ͢ͱ͏

Ζ͞ͳΏɼ ʰGHYHORSPHQWʱɼ ʰLQQRYDWLRQʱɼ ʰLQWHUQDWLRQDOʱͳ͏ͮͪࠕޛ͹൅ఴΝݡੀ͓ͪΓ

͑͵ชݶ͗ΊΔΗΖ͞ͳͲ͍Ζɽ

ࠅ͟ͳͶݨஸ͵ҩ͏͗නΗͱ͏Ζͳͺݶ͏ೋ͚ɼγϱϕϩ਼͗ঙ͵͏ͪΌͶҲ֕Ͷͺݶ͓

͵͏΍͹͹ɼธࠅΏ஦ࠅ͹ةۂͶ͕͏ͱͺɼ ʰࢴͪͬʱͺʹ͑ͤΖͳ͏͑Γ͑͵ܙͲܨӨཀྵ೨ ΝනݳͤΖܑ޴Ͷ͍ΕɼೖຌةۂͶͯ͏ͱͺɼकޢΝ঴ྲྀͪ͢ܙͲܨӨཀྵ೨Νܑࣖͤ޴Ͷ͍

Ζ͹Ͳͺ͵͏͖ͳ͏͑͞ͳ͗෾͖ΖɽΉͪɼඍޛةۂΏ͞ΗΉͲ͹઎ߨݜڂͶ͕͏ͱɼΊΔ Η͵͖ͮͪʰZRUOGʱͳ͏͑ୱޢ֦͗ࠅͳ΍Ͷड़ݳ͢ͱ͏Ζ఼͗ɼήϫʖώϩةۂ͹ܨӨཀྵ೨

͹ಝ௅ͳଌ͓Ζ͞ͳ͗Ͳ͘Ζɽ

*OREDO7RS ةۂ͹ࠅพ͹ڠًϋρφϭʖέ

ڠًϋρφϭʖέͳͺɼʹ͹Γ͑͵ୱޢ͗ڠड़ݳ͢ͱ͏Ζ͹͖ΝΊΖ΍͹Ͳɼ͞͞Ͳͺͨ

ΗͩΗ͹ࠅͶ͕͏ͱʹ͹Γ͑͵ୱޢ͗ڠड़ݳ͢ͱ͏Ζ͹͖Ͷͯ͏ͱΊͱ͏ͪ͘͏ɽ͵͕ɼ͞

ΗΉͲ΍फ़΄ͱͪ͘Γ͑ͶʰZHʱͶͯ͏ͱͺɼRXU Ώ XV ͳ͏ͮͪಋٝ͹ޢΝ؜ΊɼʰEHʱͶ

ͯ͏ͱͺɼLVɼZDVɼDUHɼEHɼEHLQJ ౵ͳ͏ͮͪ EH ಊࢼસൢΝ؜ΞͲ͏Ζɽ

ΉͪɼΠϟϨΩةۂΏ஦ࠅةۂͶ͕͏ͱͺɼͲ͘ΖݸΕӵޢͲනى͠Ηͱ͏ΖܨӨཀྵ೨ͳ बว֕೨͹फॄͶ౔Όͪ͗ɼΠϟϨΩةۂ͹ೖຌ๑ਕ͖ΔܨӨཀྵ೨Νफॄͪ͢΍͹Ώ஦ࠅة ۂͶ͕͏ͱɼ஦ࠅޢ͹ϙʖϞϘʖζ͹Ίͳ͵ͮͱ͏Ζ΍͹ͺɼͨΗͩΗ͹ࠅ͹ݶޢ͹ΉΉॄ

ܯ͢ͱ͏ͱ͏Ζɽͨ͹ͪΌɼ෾ੵ݃ՎΝࢋड़ͪ͢ޛͶӵޢͲ͹ಋٝޢ͹਼ͶՅ͓Ζͳ͏͑ࡠ ۂΝߨ͑͞ͳͶΓΕγϱϕϩ਼ΝଁΏͤΓ͑Ͷͪ͢ɽ

࣏͹ਦ̑ʛ̓ͺͨΗͩΗΠϟϨΩɼ஦ࠅɼೖຌ͹ڠًϋρφϭʖέͶͯ͏ͱࣖͪ͢΍͹Ͳ

͍Ζɽࠕޛ͹ݜڂͶ͕͏ͱͺસͱڠ௪͹ݶޢͶຍ༃ͪ͢ޛͶ෾ੵΝࣰࢬͤΖ͵ʹ͹ଲࡨ͗ච

གྷͳ͵Ζɽ

*OREDO7RS ةۂ͹ࠅพ͹ڠًϋρφϭʖέ

ਦ ΠϟϨΩةۂ͹ڠًϋρφϭʖέ ਦ ஦ࠅةۂ͹ڠًϋρφϭʖέ

ਦ ೖຌةۂ͹ڠًϋρφϭʖέ

ड़ॶʁජंࡠ੔

ΠϟϨΩةۂٶ;஦ࠅةۂͶ͕͏ͱɼZH ͳڠͶड़ݳ͢ͱ͏ΖୱޢΝΊͱΊΖͳɼEH ͗ڠ

ड़ݳ͢ͱ͏Ζ΍͹͹ɼ઴फ़͹௪ΕʰEHʱͶͺଡ͚͹ಊࢼ͗؜ΉΗͱ͏ΖͪΌڠ௪͢ͱݳΗΖ

ୱޢ͗ఈΉͮͱ͏ΖΚ͜Ͳͺ͵͏͞ͳ͗Κ͖ΖɽೖຌةۂͶ͕͏ͱͺɼ͕ٮ༹ͳ͏͑ୱޢ͗

৏ҒͶҒ஖͢ͱ͏Ζ΍͹͹ɼڠًϋρφϭʖέͶ͕͏ͱͺɼଠ͹ڠ௪ͪ͢ୱޢͳ͹ͯ͵͗Ε

͗͵͚ɼڠड़ݳͤΖୱޢ͗ఈΉͮͱ͏͵͏͞ͳ͗Κ͖Ζɽ

ͨ͹ଠɼʰऀճʱɼʰήϩʖϕʱɼʰ߫ݛʱͳ͏͑ୱޢ͗ڠͶड़ݳ͢ͱ͕Εɼʰةۂʱͳ͏͑ୱ ޢͳڠͶʰՃ஍ʱɼʰ૓ଆʱɼʰ໪ࢨͤʱͳ͏͑ୱޢ͗ड़ݳ͢ͱ͏Ζ͞ͳ͗෾͖Ζɽ

̒ɿߡࡱͳࠕޛ͹՟ୌ

ߡࡱ

͖͞͞Δͺ͞ΗΉͲ͹෾ੵΝ৾ΕศΕ͵͗Δɼࠕޛ͹՟ୌͶͯ͏ͱ੖ཀྵͤΖɽήϫʖώϩ ةۂͳඍޛةۂ͹ ऀ෾͹ܨӨཀྵ೨ͳͨ͹बว֕೨͹༙ໃͶͯ͏ͱ௒ࠬ͢ɼͨΗͩΗළड़ ޢͳڠًϋρφϭʖέ෾ੵΝࣖ͢ͱͪ͘ɽͨ͹݃Վɼήϫʖώϩةۂ͹ܨӨཀྵ೨ͳबว֕೨ Ͷ͕͏ͱͺɼʰZHʱͳ͏͑ୱޢ͗࠹΍࢘ΚΗͱ͕ΕɼඍޛةۂͶ͕͏ͱͺɼʰ͕ٮ༹ʱͳ͏͑

ୱޢ͗࠹΍࢘ΚΗͱ͏Ζ͞ͳ͗෾͖ͮͪɽ͞͹͞ͳͺɼήϫʖώϩةۂ͗ཀྵ೨ΝࣖͤࡏͶɼ ҲਕসΝޢΖܙΝखΖ͹Ͷଲ͢ɼඍޛةۂͺकޢΝ঴ྲྀͪ͢ܙͲ໎ชԿͤΖಝ௅͍͗Ζ͹Ͳ ͺ͵͏͖ͳ͏͑͞ͳΝࣖࠨ͢ͱ͏Ζɽ

ήϫʖώϩةۂͳඍޛةۂ͹ڠًϋρφϭʖέ෾ੵ͖ΔͺɼήϫʖώϩةۂͶ͕͏ͱ࠹΍

ଡ͚ड़ݳ͢ͱ͏ͪʰZHʱͳڠͶड़ݳͤΖୱޢ͗ఈΉͮͱ͏͵͏͞ͳ͗෾͖ͮͪɽҲ๏Ͳඍޛ ةۂͶͯ͏ͱͺɼʰ͕ٮ༹ʱͳ͏͑࠹΍ଡ͚࢘༽͠Ηͱ͏Ζୱޢͳͳ΍Ͷʰࢴʤͪͬʥʱɼʰ໪

ࢨͤʱɼ ʰ৶བʱ౵͹ୱޢ͗ڠͶड़ݳͤΖ͞ͳ͗෾͖ͮͪɽΉͪɼ ʰऀճʱͳ͏͑ୱޢͶͯ͏ͱ

΍ɼ ʰةۂʱɼ ʰ߫ݛʱɼ ʰ؂ڧʱͳ͏ͮͪୱޢ͗ڠͶड़ݳͤΖ͞ͳ͗෾͖ͮͪɽ͞͹͞ͳͺඍޛ ةۂ͹ܨӨཀྵ೨ͳबว֕೨Ͷͺ͍Ζఖౕ͹ϏνʖϱΏಝ௅͗ΊΔΗΖͳ͏͑͞ͳΝࣖࠨ͢ͱ

͏Ζɽ

ͨ͹ଠɼήϫʖώϩةۂͶͯ͏ͱࠅพ͹ළड़ޢͳڠًϋρφϭʖέͶͯ͏ͱ෾ੵͪ݃͢Վ Ͷͯ͏ͱͺɼΉͥɼΠϟϨΩةۂͳ஦ࠅةۂͲ࠹΍ଡ͚ड़ݳ͢ͱ͏ͪ͹͗ʰZHʱͲ͍Ζ͞ͳ

͗ڠ௪͢ͱ͏ͪɽҲ๏ɼೖຌةۂͶ͕͏ͱ࠹΍ଡ͚࢘༽͠Ηͱ͏ͪୱޢͺʰऀճʱͲ͍Ζ͞

ͳ͗෾͖ͮͪɽ̑ࠅͲڠ௪͢ͱ͏Ζୱޢ΍ଡ͚ΊΔΗͪ΍͹͹ɼ஦ࠅةۂͶ͕͏ͱͺɼ ʰGHYHORSPHQWʱΏʰLQQRYDWLRQʱɼʰ&KLQDʱͳ͏ͮͪଠࠅͶ͕͏ͱͺଡ͚ड़ݳ͢ͱ͏͵͏ୱ ޢ͗ΊΔΗͪɽ͞͹͞ͳͺɼ஦ࠅةۂͶ͕͏ͱةۂՊ੠ਈ͗Ԥ੟͵ܑ޴Ͷ͍Ζ͞ͳΝࣖࠨ͢

ͱ͏Ζɽ

ͨΗͩΗ͹ࠅ͹ڠًϋρφϭʖέ͖Δͺɼ࣏͹Γ͑͵͞ͳ͗෾͖ͮͪɽΉͥɼΠϟϨΩة ۂͶ͕͏ͱͺɼ ʰZHʱͳڠͶड़ݳͤΖୱޢͺఈΉͮͱ͕Δͥɼ஦ࠅةۂͶ͕͏ͱͺɼ ʰZHʱͳ ڠͶʰEXVLQHVVʱΏʰGHYHORSPHQWʱͳ͏ͮͪୱޢ͗ڠͶड़ݳ͢ͱ͏Ζ͞ͳ͗෾͖ͮͪɽೖຌ

ةۂͶ͕͏ͱͺɼ࠹΍ଡ͚ड़ݳ͢ͱ͏Ζʰऀճʱͳ͏͑ୱޢͳڠͶɼʰήϩʖϕʱΏʰ߫ݛʱ

ࠕޛ͹՟ୌ

̒ɿߡࡱͳࠕޛ͹՟ୌ

ߡࡱ

ͳ͏ͮͪୱޢ͗ڠͶड़ݳ͢ͱ͏Ζ͞ͳ͗෾͖ΕɼڠًϋρφϭʖέΝΊΖ͞ͳͶΓΕࠅ͟ͳ

͹ಝ௅͖͗ͯΌͨ͑͵͞ͳ͗ཀྵմͲͪ͘ɽ

ࠕޛ͹՟ୌ

ຌݜڂٶ;͞ΗΉͲ͹Ҳ࿊͹ݜڂ͹݃ՎͶΓΕಚΔΗͪࠕޛ΃͹ࣖࠨٶ;՟ୌΝΉͳΌΖ ͳҐԾ͹Γ͑Ͷ͵Ζɽ

x ܨӨཀྵ೨ͳबว֕೨͹නݳࣙର͹෾ੵͳܨӨཀྵ೨͹ఈٝͰ͜ͶΓΖଠ֕೨ͳ͹෾ྪ

෾͗͜චགྷͲ͍Ζ

x ඍޛةۂΏೖຌةۂͶ͕͏ͱͺɼʰࢴͪͬʤࢴɼըʓʥʱ౵͹कޢͶ͵ΖΓ͑͵ୱޢͺ

঴ྲྀ͠ΗͪܙͲܨӨཀྵ೨Ώͨ͹ࣧ೨֕೨͗ࣖ͠Ηͱ͏Ζ

x ήϫʖώϩةۂ͹ܑ޴ͺةۂಢࣙ͹ߡ͓๏Νࣖ͢ɼܨӨཀྵ೨ͶؖͤΖఈܗద͵࿰ૌΊ ͺ͍ͮͱ΍Ҳఈ͹ܑ޴ͺΊΔΗ͵͏

x ஦ࠅةۂͶ͕͏ͱͺɼࠕޛ͹൅ఴΝک͚නͤୱޢ͗ΊΔΗɼةۂՊ੠ਈ͗Ԥ੟͵ܨӨ ཀྵ೨ͳ͵ͮͱ͏Ζ

x ඍޛةۂ͹ܨӨཀྵ೨͹ܑ޴Ͷͯ͏ͱͺɼήϫʖώϩةۂͳർֳͤΖ͞ͳͶΓΕɼஏҮ Ώऀճͳ͏ͮͪਐۛ͵ητʖέϙϩξʖΝқࣟͪ͢ܙͳ͵ͮͱ͏ΖΓ͑͵ܑ޴ΝΊ Ζ͞ͳ͗Ͳ͘Ζ

ຌߚͲಚΔΗͪ͞ΗΔ͹ࣖࠨΏ՟ୌͶͯ͏ͱΝࠕޛͺΓΕ৆ࡋͲଡ༹͵෾ੵΝఴ֋͢ͱ͏

ͪ͘͏ɽΉͪɼυʖνϗʖη͹ߑ஛՟ఖͶ͕͏ͱɼେනѭࡲ͹஦ͶܨӨཀྵ೨Ώϑζϥϱ͗؜

ΉΗΖةۂ͗ଡ͚ΊΔΗͪͪΌɼܨӨཀྵ೨ͳญͦͱେනѭࡲͶͯ͏ͱ͹τΫηφϜ΢ωϱή

෾ੵΝࣰࢬͤΖ͞ͳͶΓΕɼඍޛةۂ͗໪ࢨͤ๏޴੓Ν໎Δ͖ͶͤΖ͞ͳͶͯ͏ͱ΍ࢾΊͱ

͏ͪ͘͏ɽ

ͨ͹ଠɼકྲྀΏ؂ڧ๏ਓ͵ʹͶͯ͏ͱ΍ᨵͮͱ͏Ζةۂ͗ଡ͚ݡण͜ΔΗɼγητψϑϨ τΡΏ 6'*V ͶଲͤΖߡ͓๏͵ʹ͗ࣖ͠Ηͱ͏Ζةۂ΍ΊΔΗͪͪΌɼͨ͑͏ͮͪർֳద৿

͢͏֕೨Ͷͯ͏ͱ͹෾ੵ΍ߨͮͱ͏ͪ͘͏ɽ

ࢂߡชݛ

ʨʩ੤ݬ༺ʀߖ෨ऴधʤʥʲܨࡃϨϛʖφةۂ೧ؓ ߁ౣݟ౨෨ʀԮࢃஏۢʳהࣞճऀ

ܨࡃϨϛʖφ

ʨʩഗᖔਜ਼ʤʥʲا͹ݡ͓Ζةۂᴹࠠಳ͹࣎େͨ͞ܨӨཀྵ೨ʳ༙ൻֵϑζϋη ʨʩՅޤ໼ʤʥʲةۂ͹કྲྀʳൂએେड़൝

ʨʩԠଞዉҲʤʥʲݳେةۂΝಊ͖ͤܨӨཀྵ೨ʳ༙ൻֵɼ ೧ࢂߡชݛ

ʨʩీ஦կࢢʤʥ ʰཀྵ೨͹ਃಃ๏๑ͳਃಃౕ͹ఈྖద෾ੵʷఈ஥Կͳ಼໚Կʷʱ ʲܨӨگ үݜڂʳʁ

ʨʩ௙ӍېҲ࿢ʀછ໼य़ޭʤʥʰકޛೖຌ͹ܨӨཀྵ೨ ͳͨ͹รԿ ܨӨཀྵ೨௒ࠬΝघ

͖͗Εͳ͢ͱʱʲૌ৭ Ռָʳ 9RO1R ʨʩ๼໼ཤ৶ʤʥ ʰܨӨཀྵ೨͹ߑଆʱ

ʨʩੜਭ֞ʤʥʰةۂรַͶՎͪͤܨӨཀྵ೨͹ༀׄʱʲࢀీঐָݜڂʳʁ ʨʩࢀڰฑʀঘీܛඔࢢʤʥ ʰܨӨཀྵ೨ͳةۂϏϓΧʖϜϱηʷτΫηφʀϜ΢ωϱή

Ν༽͏ࣰͪৄݜڂʷʱ

ʨʩ҈౽໎ਕʤʥ ʰτΫηφϜ΢ωϱήͶΓΖةۂ͹ ऀ੍ʀऀ܉͹෾ੵʱೖຌৼཀྵָ

ճ୊ յ൅න࿨ชॄS

ʨʩᜌ౽࿗޼ʀ෤ీװʤʥʰτΫηφϜ΢ωϱήͶΓΖܨӨཀྵ೨͹෾ੵʱ ʲ:RUNLQJ 3DSHU6HULHVʳ ʤ7KH6RFLHW\IRU(FRQRPLF6WXGLHV7KH8QLYHUVLW\RI.LWDN\XV\Xʥ

ʨʩӮీॢʤʥʲࢀඍஏۢͶ͕͜Ζથңࢊۂॄ੷͹ݳয়ʳෳԮݟཱི୉ָਕؔऀճָ෨ نགྷ 9RO1Rʷ

ʨʩ௃෪ʤʥ ʲඍޛෳࢃ͹ऀճܨࡃ࢛ ஏҮ͚͗ͯΖࢊۂʀࢊۂ͚͗ͯΖஏҮʳೖຌܨ ࡃ඲࿨ऀ

ʨʩ஦ࠅϑζϋη৚ๅฦॄ෨ʤʥʰඍޛ͹ܨӨंࢴదਕਫ਼࿨ʱܔชऀ

ʨʩ௃෪ʤʥʰ߶ౕ੔ௗغՊ۫ࢊۂͶ͕͜Ζज़࿇࿓ಉं͹௒ୣͳ཈੔ʗඍޛැ஦ࢊஏ ΝࣆྭͶʗʱʲྼ࢛ͳܨࡃʳ୊ ߺ

ʨʩՅ౽޲քʤʥʰඍޛஏҮ͹੣ଆૹ஖ࢊۂ͹ܙ੔ϕϫιηͶؖͤΖݜڂʱ 5,(7, 3ROLF\'LVFXVVLRQ3DSHU6HULHV3

ʨʩ௃෪ʤʥʰඍޛஏҮͶ͕͜Ζةۂ͹ք֐਒ड़ͳஏҮܨࡃ͹՟ୌʗ߶෉ՅՃ஍ࢊۂ

͹૓ड़ ͳү੔Ͷ޴͜ͱʗʱʲෳࢃ୉ָܨࡃָ࿨ॄʳ ת ʀ ߺɽ

ʨʩ௃෪ʤʥ ʰඍޛஏҮͶ͕͜Ζةۂ͹ք֐਒ड़ͳஏҮܨࡃ͹՟ୌʱ ෳࢃ୉ָܨࡃָ

࿨ॄɼ୊ ת୊ ɼ୊ ߻ญߺɼSS

ʨʩ஦ୖ޻෋ʤʥ ʲ੊ֆΝಊ͖ͤஏҮࢊۂ͹ఊྙඍޛʀැ஦ ೧͹ேક ʳஞຐॽ๬

ࢂߡชݛ ^{ʨʩ஦ઔܡҲ࿢ʤʥ} ʰܨӨཀྵ೨͹ࠅࡏർֳ ͨ͹ྼ࢛దߡࡱʱಋஸʲർֳܨӨ࢛঄ઈʳ ౨ښ୉ָड़൝ճ

ʨʩܨӨཀྵ೨ܩটݜڂճ ʤʥ ʰܨӨཀྵ೨ ܩটͳఽ೽͹ܨӨਕྪָదݜڂʱ3+3 ݜڂ ॶ

ʨʩ߶ቭʤʥʰܨӨཀྵ೨ͺϏϓΧʖϜϱηͶӪڻΝٶ·͖ͤʗܨӨཀྵ೨͹ਃಃͶؖͤ

Ζ௒ࠬ ݃ՎΝ΍ͳͶʗʱʲྐྵᖔܨࡃݜڂʳ୊ ת୊ ߺɼSS

ʨʩܨӨཀྵ೨ܩটݜڂճஸ ेݬଉ໷ోᬓ༠ղʲܨӨཀྵ೨ ܩটͳఽ೽͹ܨӨਕྪָదݜ ڂʳ

ʨʩ҈౽໎ਕʤʥ ʲτΫηφϜ΢ωϱήͶΓΖةۂ͹ऀ੍ʀऀ܉͹෾ੵʳೖຌৼཀྵָճ

୊ յ୉ճ൅නݬߚ

ʨʩᜌ౽࿗޼ʀ෤ీװʤ ʥ ʰτΫηφϜ΢ωϱήͶΓΖܨӨཀྵ೨͹෾ੵʱʲ:RUNLQJ 3DSHU6HULHVʳ ʤ7KH6RFLHW\IRU(FRQRPLF6WXGLHV7KH8QLYHUVLW\RI.LWDN\XV\Xʥ

ʨʩࣴీਖ෋ʤʥʰܨӨं͹ܨӨཀྵ೨͹ਃಃͶଲͤΖ״ͣ๏ͶؖͤΖҲߡࡱʱʲ࡝

ۆָԄ୉ָنགྷ ܨࡃܨӨָ෨Ἥʳ

ʨʩ઴ౣ༬ɼ ୉ߒव௣ɼ ࣴ௜धʲ੣ଆۂͶ͕͜ΖܨӨཀྵ೨͗૥غ཯৮Ͷ༫͓ΖӪ ڻʗτΫηφϜ΢ωϱήͳϏϋϩ෾ੵΝ༽͏ࣰͪৄݜڂʗ ʳܨӨ৚ๅָճ वل સࠅ୉ճݬߚ

ࢂߡࣁྋ

ʨʩඍޛݏҮ࿊ܠڢ٠ճ ʤʥʰ;Ξ͟ݏҮϑζϥϱʷ੔ௗકྲྀ ʷʱ

ʨʩಢཱིߨ੕๑ਕ஦ঘةۂخ൭੖ඍؽߑܨӨࢩԋ৚ๅιϱνʖʤʥ ʰஏҮ஦ঘةۂͶ͕

͜Ζࠅࡏఴ֋͹खૌΊࣆྭ͕Γ;՟ୌͶؖͤΖ௒ࠬݜڂʱ

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