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JAIST Repository: 無形資産投資の資金調達と情報開示

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JAIST Repository

https://dspace.jaist.ac.jp/ Title 無形資産投資の資金調達と情報開示 Author(s) 山口, 智弘 Citation 年次学術大会講演要旨集, 34: 407-411 Issue Date 2019-10-26

Type Conference Paper Text version publisher

URL http://hdl.handle.net/10119/16563

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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㸰㹀㸮㸶

↓ᙧ㈨⏘ᢞ㈨ࡢ㈨㔠ㄪ㐩࡜᝟ሗ㛤♧





ۑᒣཱྀᬛᘯ㸦ࣅࢪࢿࢫ࣭ࣈ࣮ࣞࢡࢫ࣮ࣝ኱Ꮫ㸧 \DPD#JPDLOFRP  ᴫせ ↓ᙧ㈨⏘ᢞ㈨ࡢ㈨㔠ㄪ㐩࡟ࡘ࠸࡚㸪᝟ሗࡢ㠀ᑐ⛠ᛶ࡟ࡼࡿ㈇മ࢚࣮ࢪ࢙ࣥࢩࢥࢫࢺࡢᏑᅾࡀ㸪㈇മ࡟ ࡼࡿ㈨㔠ㄪ㐩࡟㈇࡟స⏝ࡍࡿ࡜ࡉࢀࡿࠋᮏ✏࡛ࡣ௻ᴗࡢ↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡢ᝟ሗ㛤♧ࡀ㸪↓ᙧ㈨⏘ᢞ㈨ ࡜㈇മࡢ㛵ಀ࡬ዴఱ࡟స⏝ࡍࡿ࠿ศᯒࡍࡿࠋᐇドศᯒࡢ⤖ᯝ㸪↓ᙧ㈨⏘ᢞ㈨ࡣ㈇മẚ⋡࡟㈇࡟స⏝ࡍࡿ ࡀ㸪↓ᙧ㈨⏘࡟ࡘ࠸࡚᝟ሗ㛤♧ࢆ⾜࠺⤫ྜሗ࿌᭩ࡢⓎหࡀ㸪㈇മẚ⋡࡟ṇ࡟స⏝ࡍࡿࡇ࡜ࡀ♧ࡉࢀࡿࠋ ᭦࡟㸪ඃࢀࡓ⤫ྜሗ࿌᭩ࢆⓎหࡍࡿࡇ࡜࡟ࡼࡾ㸪㈇മẚ⋡ࡀ㧗ࡲࡿࡇ࡜ࡶ♧ࡉࢀࡓࠋ㈇മ࡟ࡼࡿ㈨㔠ㄪ 㐩ࡣ㈨ᮏࢥࢫࢺࡀపࡃ᭷฼࡞ᡭẁ࡛࠶ࡿࡀ㸪↓ᙧ㈨⏘ᢞ㈨ࡢ㈨㔠ㄪ㐩ၥ㢟࡬㸪᝟ሗ㛤♧ࡀᯝࡓࡍᙺ๭࡟ ࡘ࠸࡚ࡢ♧၀࡜࡞ࢁ࠺ࠋ .H\ZRUGV̾↓ᙧ㈨⏘ᢞ㈨࣭㈨㔠ㄪ㐩࣭㈇മ࣭᝟ሗ㛤♧࣭⤫ྜሗ࿌᭩



ࡣࡌࡵ࡟ ᢏ⾡ࡸࣈࣛࣥࢻ࡜࠸ࡗࡓ↓ᙧ㈨⏘ࡣ▱㆑⤒῭ࡢ㐍ᒎ࡟క࠸㸪᭷ᙧ㈨⏘࡜࡜ࡶ࡟௻ᴗࡢ཰┈ࡢ※Ἠ࡜ࡋ ࡚㔜せᛶࡀቑࡋ࡚࠸ࡿࠋࡋ࠿ࡋ࡞ࡀࡽ㸪↓ᙧ㈨⏘ࡢ౯್ࢆ㧗ࡵࡿ◊✲㛤Ⓨᢞ㈨ࡸᗈ࿌ᐉఏ㈝࡜࠸ࡗࡓ↓ ᙧ㈨⏘࡬ࡢᢞ㈨ࡣ㸪ࡑࡢᚋࡢ཰┈࡬ࡢ࣏ࢪࢸ࢕ࣈ࡞ᙳ㡪ࡀぢ㎸ࡲࢀࡿࡶࡢࡢ㸪㈇മ࡟ࡼࡿ㈨㔠ㄪ㐩ࡀᐜ ࡛᫆ࡣ࡞࠸࡜ࡍࡿ◊✲ࡀከ࠸ࠋࡑࡢ୺࡞⌮⏤࡜ࡋ࡚㸪᝟ሗࡢ㠀ᑐ⛠ᛶ࡟ࡼࡿ㈇മ࢚࣮ࢪ࢙ࣥࢩࢥࢫࢺࡢ Ꮡᅾ࡜ࡉࢀࡿࡀ㸪ᐇドศᯒ࡟ࡼࡿ᳨ドࡣᑡ࡞࠸ࠋ ᮏ✏࡛ࡣ௻ᴗࡢ↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡢ᝟ሗ㛤♧ࡀ㸪↓ᙧ㈨⏘ᢞ㈨࡜㈇മࡢ㛵ಀ࡬ዴఱ࡟స⏝ࡍࡿ࠿ศᯒ ࡍࡿࠋୖሙ௻ᴗࡢࢹ࣮ࢱࢆ⏝࠸ࡓᐇドศᯒࡢ⤖ᯝ㸪↓ᙧ㈨⏘ᢞ㈨ࡀ㈇മẚ⋡࡟㈇࡟స⏝ࡍࡿࡶࡢࡢ㸪↓ ᙧ㈨⏘࡟ࡘ࠸࡚᝟ሗ㛤♧ࢆ⾜࠺⤫ྜሗ࿌᭩ࡢⓎหࡀ㸪㈇മẚ⋡࡟ṇ࡟స⏝ࡍࡿࡇ࡜ࡀ♧ࡉࢀࡿࠋ᭦࡟㸪 ඃࢀࡓ⤫ྜሗ࿌᭩ࢆⓎหࡍࡿࡇ࡜࡟ࡼࡾ㸪㈇മẚ⋡ࡀ㧗ࡲࡿࡇ࡜ࡶ♧ࡉࢀࡓࠋ ᝟ሗ㛤♧࡟ࡼࡿ᝟ሗ㠀ᑐ⛠ᛶࡢ⦆࿴ࡀ㸪㈨㔠ㄪ㐩࡟࠾࠸࡚࣏ࢪࢸ࢕ࣈ࡟స⏝ࡍࡿྍ⬟ᛶࢆ♧၀ࡍࡿࡀ㸪 ㈇മ࡟ࡼࡿ㈨㔠ㄪ㐩ࡣ㈨ᮏࢥࢫࢺࡀప࠸᭷฼࡞ᡭẁ࡛࠶ࡿࠋᮏ✏ࡢศᯒ⤖ᯝ࡟ࡼࡾ㸪↓ᙧ㈨⏘ᢞ㈨ࡢ㈨ 㔠ㄪ㐩ၥ㢟࡬㸪᝟ሗ㛤♧ࡀᯝࡓࡍᙺ๭࡟ࡘ࠸࡚ࡢ♧၀ࡀᚓࡽࢀࡓ࡜ᮇᚅࡍࡿࠋ



᪤Ꮡ◊✲ ࡲࡎ㸪↓ᙧ㈨⏘ࡣ㈇മ࡟ࡼࡿ㈨㔠ㄪ㐩ࢆᅔ㞴࡟ࡍࡿ࡜ࡢぢ᪉࡟ࡘ࠸࡚㸪0\HUV㹙1㹛ࡣ◊✲㛤Ⓨᢞ㈨ࡸ ᗈ࿌ᐉఏ㈝࡜࠸ࡗࡓ↓ᙧ㈨⏘ᢞ㈨࡟ࡼࡿᡂ㛗ᶵ఍ࡀ୙☜ᐇᛶࢆ♧ࡍ࡜ࡋ࡚㸪㈇മࡢ࢚࣮ࢪ࢙ࣥࢩ࣮ࢥࢫ ࢺࡢᏑᅾࢆᣦ᦬ࡍࡿࠋ%UDGOH\HWDO㹙2㹛ࡣ◊✲㛤Ⓨᢞ㈨ࡸᗈ࿌ᐉఏ㈝ࡣ⿢㔞ⓗ࡞ᢞ㈨࡛࠶ࡾ࢚࣮ࢪ࢙ࣥ ࢩ࣮ࢥࢫࢺࡀ኱ࡁ࠸࡜ࡋ࡚㸪/RQJDQG0DOLW]㹙3㹛ࡶ↓ᙧ㈨⏘ᢞ㈨ࡣ⿢㔞ࡀ኱ࡁࡃࢥ࣋ࢼࣥࢶຠᯝࢆపୗ ࡉࡏࡿ࡜ࡍࡿࠋࡑࡋ࡚㸪+DOO㹙4㹛ࡣ㧗࠸㈨ᮏࢥࢫࢺࢆࡶࡓࡽࡍ◊✲㛤Ⓨᢞ㈨ࡢ≉ᚩ࡜ࡋ࡚㸪ㄪᩚࢥࢫࢺ㸪 ᡂᯝ࡬ࡢ୙☜ᐇᛶ㸪᝟ሗ㠀ᑐ⛠ᛶࡢၥ㢟ࡸࣔࣛࣝࣁࢨ࣮ࢻၥ㢟ࡢᏑᅾࢆ♧ࡍࠋࡲࡓ㸪7LWPDQDQG:HVVHOV 㹙5㹛ࡣ◊✲㛤Ⓨᢞ㈨ࡸᗈ࿌ᐉఏ㈝ࡣᢸಖ౯್ࡀపࡃ㈇മẚ⋡࡜㈇ࡢ㛵ಀࡀ࠶ࡿࡇ࡜ࢆ♧ࡍࠋ ㈨㔠ㄪ㐩ࡢ㑅ᢥ࡟ࡘ࠸࡚㸪బࠎᮌ࣭㕥ᮌ㹙6㹛ࡣ◊✲㛤Ⓨᢞ㈨ࡢ㈨㔠ㄪ㐩ୖࡢၥ㢟Ⅼ࡜ࡋ࡚㸪㏫㑅ᢥ㸪 ㈨⏘௦᭰㸪Ⴀᴗࣞࣂࣞࢵࢪ࣭⤒Ⴀ༴ᶵࢥࢫࢺࡢᙳ㡪㸪ㄪᩚ㈝⏝㸪ప࠸ᢸಖ౯್࡜ᩚ⌮ࡋ㸪㏻ᖖࡢ࣌ࢵ࢟ ࣥࢢ࣮࢜ࢲ࣮௬ㄝ࡜␗࡞ࡾ㸪ෆ㒊㈨㔠ࡢḟ࡟㈇മ࡛ࡣ࡞ࡃᰴᘧⓎ⾜ࡀ㑅ዲࡉࢀࡿ࡜ࡍࡿࠋ᳃ᕝ㹙7㹛ࡣ↓ ᙧ㈨⏘ᢞ㈨ࡀࣜࢫࢡ࣭୙☜ᐇᛶࡢ㧗ࡉ㸪ᢸಖ౯್ࡢపࡉࡢࡓࡵᕷሙࡢ㈨㔠ไ⣙࡟┤㠃ࡋෆ㒊㈨㔠ࢆ㑅ዲ ࡍࡿ࡜୺ᙇࡍࡿࠋ+RVRQRDQG7DNL]DZD㹙8㹛ࡣ↓ᙧ㈨⏘ẚ⋡ࡢ㧗࠸௻ᴗࡣ㸪እ㒊㈨㔠ㄪ㐩࡟༨ࡵࡿ๭ྜࡀ ㈇മࡼࡾᰴᘧⓎ⾜ࡀ㧗ࡃ㸪ᢸಖ౯್ࡀప࠸㸪ᡂ㛗ᶵ఍ࡀ㇏ᐩ࡜ࡋ࡚᝟ሗ㠀ᑐ⛠ᛶࡢၥ㢟ࢆ୺ᙇࡍࡿࠋ ࡑࡋ࡚㸪മๆᕷሙ࡜ࡢ㛵ಀ࡟ࡘ࠸࡚㸪6KL㹙9㹛ࡣ◊✲㛤Ⓨᢞ㈨ࡢ฼┈࡜ࣜࢫࢡࡣࢺ࣮ࣞࢻ࢜ࣇ࡟࠶ࡿ ࡀ㸪മๆᕷሙࡣࣜࢫࢡ࡟╔┠ࡍࡿࡇ࡜ࢆ♧ࡍࠋ'HO%HOOR㹙10㹛ࡣ᱁௜఍♫ࡢ᱁௜࣓ࢯࢻࣟࢪ࣮࡜࢔ࢼࣜ ࢫࢺ࡬ࡢ࢖ࣥࢱࣅ࣮ࣗ࡟ࡼࡿศᯒ࡟ࡼࡾ㸪᱁௜࡟࠾࠸࡚◊✲㛤Ⓨᢞ㈨ࡸᢏ⾡ຊࡣṤ࡝⪃៖ࡉࢀࡎ㸪ࡴࡋ ࢁ࢖ࣀ࣮࣋ࢩࣙࣥࡣࣜࢫࢡせᅉ࡜ࡋ࡚᱁௜పୗ࡟ᑟࡃ࡜ࡍࡿࠋࡲࡓ㸪ᣋ✏㹙11㹛ࡣ↓ᙧ㈨⏘ᢞ㈨ࡸ↓ᙧ

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2B08.pdf :2 ㈨⏘ᢞ㈨࡜㛵㐃ࡢ㧗࠸࢔ࣉ࣮ࣟࢳ࡛᥎ィࡋࡓ↓ᙧ㈨⏘౯್ࡣ᱁௜࡜㈇ࡢ㛵ಀ࡟࠶ࡿࡇ࡜ࢆ♧ࡍࠋࡇࢀࡽ ࡢ◊✲࡛ࡣ㸪↓ᙧ㈨⏘ࡣಙ⏝᱁௜ࡸಙ⏝᱁௜࡟ᐦ᥋࡟㛵㐃ࡍࡿ㈇മ࡜ࡣ㸪ࢿ࢞ࢸ࢕ࣈ࡞㛵ಀ࡟࠶ࡿࡇ࡜ ࢆ♧၀ࡍࡿࠋ୍᪉㸪(EHUKDUWHWDO㹙12㹛ࡣ◊✲㛤Ⓨᢞ㈨ࡢቑຍࡀമๆࡢ㉸㐣ࣜࢱ࣮ࣥࢆࡶࡓࡽࡋ㸪മๆ ᕷሙ࡟࠾ࡅࡿ◊✲㛤Ⓨᢞ㈨ࡀࡶࡓࡽࡍ฼┈࡬ࡢ࣏ࢪࢸ࢕ࣈ࡞཯ᛂࡀࣜࢫࢡ࡬ࡢᠱᛕࢆୖᅇࡿ࡜୺ᙇࡍ ࡿࠋࡲࡓ㸪/LDQR㹙13㹛ࡣ⡿ᅜ௻ᴗ࡟ࡘ࠸࡚◊✲㛤Ⓨᢞ㈨ࡢ㉁㔞࡜ࡶ࡟ಙ⏝᱁௜ࢆ㧗ࡵ㸪᱁௜ࡀ◊✲㛤Ⓨ ᢞ㈨ࡢ࢟ࣕࢵࢩࣗࣇ࣮ࣟ๰ฟຊࢆホ౯ࡋ࡚࠸ࡿ࡜ࡍࡿࠋ ࡑࡋ࡚㸪ᅵᒇ࣭すᒸ㹙14㹛ࡣ௻ᴗࡢᢏ⾡ຊࡸ⤒Ⴀ⪅ࡢ㉁ࢆ↓ᙧ㈨⏘࡜ࡋ࡚㸪ࢹࣇ࢛ࣝࢺ⋡࡜㈇ࡢ㛵ಀ ࡟࠶ࡿࡇ࡜ࢆ♧ࡍࡀ㸪3VLOODNLHWDO㹙15㹛ࡣ↓ᙧ㈨⏘࡜ࢹࣇ࢛ࣝࢺࣜࢫࢡࡢ㛵ಀࡣ㸪ᴗ✀࡟ࡼࡾ␗࡞ࡿࡇ ࡜ࢆ♧ࡍࠋ ᪤Ꮡ◊✲࡛ࡣ㸪↓ᙧ㈨⏘ᢞ㈨ࡢ᝟ሗ㠀ᑐ⛠ᛶ࡟ࡼࡿ㈇മ࢚࣮ࢪ࢙ࣥࢩ࣮ࢥࢫࢺࡀᣦ᦬ࡉࢀ㸪㈇മ࡜㈇ ࡢ㛵ಀ࡟࠶ࡿ࡜ࡍࡿࠋࡑࡋ࡚㸪മๆᕷሙࡸ᱁௜࡟࠾࠸࡚ࡶ↓ᙧ㈨⏘ᢞ㈨࡜ࡢ㈇ࡢ㛵ಀࡀ♧၀ࡉࢀࡿࡀ㸪 ↓ᙧ㈨⏘ᢞ㈨࡟ࡼࡿ฼┈࡬ࡢ࣏ࢪࢸ࢕ࣈ࡞ᙳ㡪ࢆ୺ᙇࡍࡿሗ࿌ࡶ࠶ࡿࠋࡲࡓ㸪↓ᙧ㈨⏘ᢞ㈨࡜മᶒ⪅ࡀ ᠱᛕࡍࡿࢹࣇ࢛ࣝࢺ࡜ࡢ㛵ಀࡣ㧗ࡃࡣ࡞࠸࡜ࡢ♧၀ࡀ࠶ࡿࠋ  ศᯒ  ศᯒᡭἲ ḟ࡟㸪↓ᙧ㈨⏘ᢞ㈨࡜᝟ሗ㛤♧ࡢ㈇മ࡟ᑐࡍࡿ㛵ಀ࡟ࡘ࠸࡚ศᯒࡍࡿࠋ㈇മẚ⋡ࢆ┠ⓗኚᩘ㸪↓ᙧ㈨ ⏘ᢞ㈨㸪᝟ሗ㛤♧ࢆ♧ࡍኚᩘࢆㄝ᫂ኚᩘ㸪ཬࡧࢥࣥࢺ࣮ࣟࣝኚᩘ࠿ࡽ࡞ࡿࣔࢹࣝࢆ᥎ィࡍࡿࠋ ↓ᙧ㈨⏘ᢞ㈨࡟ࡘ࠸࡚ࡣ㸪ᢏ⾡࡬ࡢᢞ㈨ࢆ♧ࡍ◊✲㛤Ⓨ㈝(5')㸪ࣈࣛࣥࢻࡸ㈍኎ຊ࡬ࡢᢞ㈨࡛࠶ࡿᗈ ࿌ᐉఏ㈝($')㸪ேⓗ㈨⏘࡬ࡢᢞ㈨࡜ࡋ࡚ே௳㈝(+&)ࢆ⏝࠸ࡿࠋ ᝟ሗ㛤♧ࢆ♧ࡍኚᩘ࡜ࡋ࡚ࡣ㸪ࡲࡎ⤫ྜሗ࿌᭩ࢆⓎหࡋ࡚࠸ࡿ௻ᴗࢆ1 ࡜ࡍࡿ⤫ྜሗ࿌᭩ࢲ࣑࣮('int) ࢆ⏝࠸ࡿࠋࡇࡢ࠺ࡕ㸪ඃࢀࡓ⤫ྜሗ࿌᭩ࢆⓎหࡋ࡚࠸ࡿ௻ᴗࢆ1 ࡜ࡍࡿඃࢀࡓ⤫ྜሗ࿌᭩ࢲ࣑࣮('excel) ࡜㸪ࡑࡢ௚ࢆ1 ࡜ࡍࡿᬑ㏻ࡢ⤫ྜሗ࿌᭩ࢲ࣑࣮('norl)ࢆ⏝࠸ࡿࠋ ࡇࢀࡽࡢࢹ࣮ࢱࡣ㸪2013 ᖺᗘ-2017 ᖺᗘࡢ㐃⥆ࡋ࡚ࢹ࣮ࢱࡢྲྀᚓ࡛ࡁࡓୖሙ௻ᴗᘏ࡭ 10,200 ♫㸪㈈ ົࢹ࣮ࢱࡣSPEEDA ࠿ࡽྲྀᚓࡋ㸪⤫ྜሗ࿌᭩ࢲ࣑࣮ࡣ௻ᴗ౯್࣏࣮ࣞࢸ࢕ࣥࢢ࣭ࣛ࣎㹙16㹛࠿ࡽసᡂ㸪 ඃࢀࡓ⤫ྜሗ࿌᭩ࡸᬑ㏻ࡢ⤫ྜሗ࿌᭩ࢲ࣑࣮࡟ࡘ࠸࡚ࡣᖺ㔠✚❧㔠⟶⌮㐠⏝⊂❧⾜ᨻἲே(*3,))㹙17㹛 㹙18㹛࠿ࡽ 2016 ᖺᗘ-2017 ᖺᗘศࢆసᡂࡋ࡚⏝࠸ࡓࠋ  ⤫ྜሗ࿌᭩ ⤫ྜሗ࿌᭩࡜ࡣ௻ᴗࡢ㈈ົ᝟ሗ࡜㠀㈈ົ᝟ሗࢆ⤫ྜࡋࡓሗ࿌᭩࡛࠶ࡿࠋ▱㆑⤒῭ࡀ㐍ᒎࡋ㸪཰┈ࡢ※ Ἠ࡜ࡋ࡚᭷ᙧ㈨⏘࡜࡜ࡶ࡟↓ᙧ㈨⏘ࡢ㔜せᛶࡀ㧗ࡲࡿ୰㸪୍⯡ⓗ࡞఍ィ᝟ሗࡢ᭷⏝ᛶపୗ࡬ࡢᠱᛕࡀከ ࡃ♧ࡉࢀࡿ㹙19㹛㹙20㹛㹙21㹛㹙22㹛ࠋ᭷⏝ᛶపୗࡢ⌮⏤ࡣ↓ᙧ㈨⏘ࡀ࢜ࣥࣂࣛࣥࢫࡉࢀ࡚࠸࡞࠸ࡓࡵ࡜ᣦ ᦬ࡉࢀ㹙23㹛㸪㠀㈈ົ᝟ሗࡢ㛤♧ᡭẁ࡜ࡋ࡚⤫ྜሗ࿌᭩࡬ࡢᮇᚅࡀ㧗ࡲࡿࠋ

⤫ྜሗ࿌᭩ࡢୡ⏺ⓗ࡞ᬑཬ࡟ࡣThe International Integrated Reporting Committee(IIRC)ࡀ㔜せ࡞ ᙺ๭ࢆ₇ࡌࡿࡀ㸪2010 ᖺ࡟ⱥᅜ࡛タ❧ࡉࢀ㸪㈈ົ᝟ሗ࡜ ESG ᝟ሗࢆྵࡴᣢ⥆ྍ⬟ᛶ࡟㈨ࡍࡿ఍ィሗ࿌ ࢆᥦၐࡍࡿࠋIIRC ࡣ⤫ྜሗ࿌ࡢᅜ㝿ࣇ࣮࣒࣮ࣞ࣡ࢡࢆ 2013 ᖺ࡟බ⾲ࡍࡿࡀ㹙24㹛㸪㈨ᮏ࡟ࡘ࠸࡚ࡣ㈈ ົ㈨ᮏࡢ௚㸪〇㐀㈨ᮏ㸪▱ⓗ㈨ᮏ㸪ேⓗ㈨ᮏ㸪♫఍࣭㛵ಀ㈨ᮏ㸪⮬↛㈨ᮏ࡜࠸ࡗࡓ↓ᙧ㈨⏘࠿ࡽᵓᡂࡉ ࢀࡿ࡜ࡋ࡚㸪⤫ྜሗ࿌᭩࡟ࡇࢀࡽࡢ㈨ᮏࢆྵࡴ௻ᴗࡢ౯್๰㐀⬟ຊࡢㄝ᫂ࢆồࡵ࡚࠸ࡿࠋ ᡃࡀᅜ࡟࠾࠸࡚ࡶ㸪⤫ྜሗ࿌᭩ࢆⓎหࡍࡿ௻ᴗࡀቑ࠼࡚࠸ࡿࡀ㸪᝟ሗᒓᛶ࡜ࡋ࡚㈈ົ᝟ሗࡀ 2 ๭ᙅ㸪 CSR㸪࢞ࣂࢼࣥࢫࡸࡑࡢ௚ࡢ᝟ሗࡀ 8 ๭ᙅ࡜㠀㈈ົ᝟ሗࡢ㛤♧࡟㈨ࡍࡿሗ࿌᭩࡜࡞ࡗ࡚࠸ࡿ㹙25㹛ࠋ↓ ᙧ㈨⏘ࡣᑗ᮶ⓗ࡟཰┈ࢆࡶࡓࡽࡍྍ⬟ᛶࡢ࠶ࡿ࢜ࣥࣂࣛࣥࢫࡉࢀ࡚࠸࡞࠸㈨⏘࡜ࡋ࡚㸪㠀㈈ົ᝟ሗ࡟↓ ᙧ㈨⏘ࡢ᝟ሗࡀྵࡲࢀࡿࡇ࡜ࡣ⮬᫂ࡔࡀ㸪ᮏ✏࡛ࡣ↓ᙧ㈨⏘࡬ࡢ᝟ሗ㛤♧ࡀ⾜ࢃࢀ࡚࠸ࡿ௻ᴗࢆ⤫ྜሗ ࿌᭩ࢆⓎหࡍࡿ௻ᴗ࡜ࡋ࡚ศᯒ࡟⏝࠸ࡿࠋ  ࡑࡋ࡚㸪ᢞ㈨ᐙ࡟࠾࠸࡚ࡣ㸪↓ᙧ㈨⏘ࡀ཰┈ࡢ※Ἠ࡜ࡉࢀ㸪ࡲࡓேཱྀῶᑡ♫఍ࢆ㏄࠼⏕⏘ᛶྥୖࡀồ ࡵࡽࢀࡿ୰㸪↓ᙧ㈨⏘࡟ᇶ࡙ࡃᢞ㈨ࡸ௻ᴗ࡟↓ᙧ㈨⏘ྥୖࢆಁࡍࡼ࠺࡞ᢞ㈨ࡶᮇᚅࡉࢀ࡚࠸ࡿࠋୡ⏺᭱ ኱ࡢ࢔ࢭࢵࢺ࣮࢜ࢼ࣮࡛࠶ࡿGPIF ࡣ㸪㐠⏝ࢆጤクࡍࡿᅜෆᶵ㛵ᢞ㈨ᐙ࡟ᑐࡋ࡚ 2016 ᖺࡼࡾ⤫ྜሗ࿌ ᭩࡟㛵ࡍࡿㄪᰝࢆ⾜࠸↓ᙧ㈨⏘᝟ሗࡢ㛤♧ࢆᬯ࡟ಁࡍࡀ㸪ࡇࡢ࠺ࡕඃࢀࡓ⤫ྜሗ࿌᭩ࢆⓎหࡍࡿ௻ᴗࡣ ↓ᙧ㈨⏘࡟ࡘ࠸࡚ඃࢀࡓ᝟ሗ㛤♧ࢆ⾜࠺௻ᴗ࡜ࡋ࡚ศᯒ࡟⏝࠸ࡿࠋ  ᐇドศᯒ  ࡲࡎ㸪⥲㈨⏘࡟ᑐࡍࡿ㈇മࡢẚ⋡࡛࠶ࡿ㈇മẚ⋡ࢆ┠ⓗኚᩘ㸪↓ᙧ㈨⏘ᢞ㈨࡜ࡋ࡚ྛࠎ⥲㈨⏘࡛ࢹࣇ

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⾲ ㈇മẚ⋡࡜↓ᙧ㈨⏘ᢞ㈨࡟ࡘ࠸࡚ࡢศᯒ⤖ᯝ ಀᩘ t ್ 5' -2.008 -23.36*** $' -0.611 -14.31*** +& -0.064 -4.08*** $67 0.010 8.30*** ,197 0.000 1.86* 52$ -0.009 -29.40*** & 0.454 31.97*** ⮬⏤ᗘㄪᩚ῭R2 0.147 ࢧࣥࣉࣝᩘ 10,200 ὀ㸸***:1%Ỉ‽, *:10%Ỉ‽࡛⤫ィⓗ࡟᭷ព ⾲ ㈇മẚ⋡࡜↓ᙧ㈨⏘ᢞ㈨࣭⤫ྜሗ࿌᭩Ⓨห࡟ࡘ࠸࡚ࡢศᯒ⤖ᯝ ಀᩘ t ್ 5' -2.090 -24.26*** $' -0.618 -14.51*** +& -0.074 -4.67*** 'int 0.062 8.71*** $67 0.006 4.72*** ,197 0.000 1.87* 52$ -0.009 -29.54*** & 0.494 33.21*** ⮬⏤ᗘㄪᩚ῭R2 0.153 ࢧࣥࣉࣝᩘ 10,200 ὀ㸸***:1%Ỉ‽, *:10%Ỉ‽࡛⤫ィⓗ࡟᭷ព ⾲ ㈇മẚ⋡࡜↓ᙧ㈨⏘ᢞ㈨㺃ඃࢀࡓ⤫ྜሗ࿌᭩Ⓨห࡟ࡘ࠸࡚ࡢศᯒ⤖ᯝ  ಀᩘ t ್ 5' -1.981 -14.95*** $' -0.252 -3.34*** +& -0.105 -4.16*** 'excel 0.076 3.04*** 'norl 0.060 6.17*** $67 0.008 3.72*** ,197 0.000 2.11** 52$ -0.013 -22.59*** & 0.479 19.96*** ⮬⏤ᗘㄪᩚ῭R2 0.190 ࢧࣥࣉࣝᩘ 4,080 ὀ㸸***:1%Ỉ‽, **:5%Ỉ‽࡛⤫ィⓗ࡟᭷ព ࣮ࣞࢺࡋࡓ◊✲㛤Ⓨ㈝(5')㸪ᗈ࿌ᐉఏ㈝($')㸪ே௳㈝(+&)ࢆㄝ᫂ኚᩘ㸪௻ᴗつᶍࢆ♧ࡍᑐᩘ⥲㈨⏘($67)㸪 ⤒Ⴀຠ⋡ࢆ♧ࡍᲴ༺㈨⏘ᅇ㌿⋡(,197)㸪཰┈ᛶࢆ♧ࡍ⥲㈨⏘฼┈⋡(52$)ࢆࢥࣥࢺ࣮ࣟࣝኚᩘ࡜ࡋ࡚ษ ∦㡯(&)࡛ᵓᡂࡍࡿࣔࢹࣝࢆ 2013 ᖺᗘ-2017 ᖺᗘࡢࢹ࣮ࢱࢆ⏝࠸࡚ࣉ࣮ࣝศᯒࡍࡿࠋศᯒࡢ⤖ᯝ(⾲ )㸪 ↓ᙧ㈨⏘ᢞ㈨ࡣ඲࡚㈇മẚ⋡࡟᭷ព࡟㈇࡟స⏝ࡍࡿࡇ࡜ࡀ♧ࡉࢀࡿࠋ  ḟ࡟㸪ㄝ᫂ኚᩘ࡜ࡋ࡚⤫ྜሗ࿌᭩ࢲ࣑࣮('int)ࢆ㏣ຍࡋ࡚㸪ྠᵝࡢศᯒࢆ⾜࠺ࠋศᯒࡢ⤖ᯝ(⾲ )㸪↓ᙧ ㈨⏘ᢞ㈨ࡣྠᵝ࡟඲࡚㈇മẚ⋡࡟᭷ព࡟㈇࡟స⏝ࡍࡿࡇ࡜ࡀ♧ࡉࢀࡿࠋࡑࡋ࡚㸪⤫ྜሗ࿌᭩࡟ࡘ࠸࡚ࡣ㸪 Ⓨหࡍࡿࡇ࡜࡛᭷ព࡟ṇ࡟స⏝ࡍࡿࡇ࡜ࡀ♧ࡉࢀࡿࠋ

 ࡑࡋ࡚㸪⤫ྜሗ࿌᭩ࢲ࣑࣮('int)ࢆඃࢀࡓ⤫ྜሗ࿌᭩ࢲ࣑࣮('excel)࡜ᬑ㏻ࡢ⤫ྜሗ࿌᭩ࢲ࣑࣮('norl)࡟ ௦࠼ࡓࣔࢹࣝࢆ2016 ᖺᗘ-2017 ᖺᗘࡢࢹ࣮ࢱࢆ⏝࠸࡚ࣉ࣮ࣝศᯒࡍࡿࠋศᯒࡢ⤖ᯝ(⾲ )㸪ඃࢀࡓ⤫ྜ ሗ࿌᭩ࡢⓎหࡣ㸪ᬑ㏻ࡢ⤫ྜሗ࿌᭩ࡢⓎหࡼࡾࡶ㈇മẚ⋡࡟ṇ࡟స⏝ࡍࡿᗘྜࡀ㧗࠸ࡇ࡜ࡀ♧ࡉࢀࡿࠋ ᑦ㸪ᮾドᴗ✀኱ศ㢮ࢲ࣑࣮ࢆ㏣ຍࡋࡓሙྜ࡛ࡶ㸪඲࡚ࡢࣔࢹ࡛ࣝㄝ᫂ኚᩘࡢಀᩘࡣྠᵝࡢ⤖ᯝ࡜࡞ࡾ⮬ ⏤ᗘㄪᩚ῭R20.3-0.4 ⛬ᗘ࡟㧗ࡲࡗࡓࠋ

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2B08.pdf :4  ⪃ᐹ  ㈇മẚ⋡࡜↓ᙧ㈨⏘ᢞ㈨ཬࡧ⤫ྜሗ࿌᭩Ⓨหࡢ㛵ಀࡣ㸪ᅗ  ࡢ㏻ࡾ࡛࠶ࡿࠋࡲࡎ㸪↓ᙧ㈨⏘ᢞ㈨ࡣ㈇ മẚ⋡࡟㈇࡟స⏝ࡋ㸪⤫ྜሗ࿌᭩ࢆⓎหࡋ࡚ࡶࡇࡢ㛵ಀࡣ⥅⥆ࡍࡿ࡜ࡢ⤖ᯝࡀ♧ࡉࢀࡿࠋࡋ࠿ࡋ࡞ࡀࡽ㸪 ⤫ྜሗ࿌᭩ࢆⓎหࡍࡿࡇ࡜࡟ࡼࡾ㈇മẚ⋡ࡣṇ࡟స⏝ࡋ㸪᭦࡟ඃࢀࡓ⤫ྜሗ࿌᭩ࢆⓎหࡍࡿ࡜ࡼࡾ㈇മ ẚ⋡ࡀ㧗ࡲࡿ࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋ  ↓ᙧ㈨⏘ᢞ㈨ࡀ᝟ሗ㠀ᑐ⛠ᛶ࡟ࡼࡾ㈇മࢆᢚ࠼ࡿస⏝࡟ࡘ࠸࡚ࡣ㸪⤫ྜሗ࿌᭩ࢆⓎหࡋ࡚ࡶ⥅⥆ࡍࡿ ࡀ㸪⤫ྜሗ࿌᭩ࢆⓎหࡍࡿࡇ࡜࡟ࡼࡾ᝟ሗ㠀ᑐ⛠ᛶࡀ⦆࿴ࡉࢀ㸪᭦࡟᝟ሗ㛤♧ࡀඃࢀ࡚࠸ࢀࡤࡑࡢຠᯝ ࡀ㧗ࡲࡿྍ⬟ᛶࢆ♧၀ࡍࡿࠋᑦ㸪⤫ྜሗ࿌᭩ࡢⓎหࡣ㸪୺࡟ᰴᘧ࡬ࡢᢞ㈨ᐙࢆᑐ㇟࡜ࡋ࡚㹙26㹛㸪മᶒ⪅ ࢆࡑࢀ⛬ព㆑ࡋ࡚࠸࡞࠸࡜ぢࡽࢀࡿࡀ㹙27㹛㸪ศᯒ⤖ᯝࡀ↓ᙧ㈨⏘ᢞ㈨࡟࠾ࡅࡿ㈇മ࡟ࡼࡿ㈨㔠ㄪ㐩ၥ 㢟ゎỴ࡬ࡢ⣒ཱྀ࡟࡞ࡿ࡜ᮇᚅࡍࡿࠋ ᅗ ㈇മẚ⋡࡜↓ᙧ㈨⏘ᢞ㈨ཬࡧ⤫ྜሗ࿌᭩Ⓨหࡢ㛵ಀࡢ࢖࣓࣮ࢪ ࡲ࡜ࡵ ▱㆑♫఍ࡢ㐍ᒎ࡟క࠸↓ᙧ㈨⏘ࡀ཰┈ࡢ※Ἠ࡜࡞ࡾ㸪ேཱྀῶᑡ♫఍ࢆ㏄࠼⏕⏘ᛶࡢྥୖࡀồࡵࡽࢀࡿ ୰㸪↓ᙧ㈨⏘ྥୖࡀᡃࡀᅜࡀ㇏࠿࡞♫఍ࢆ⥅⥆ࡍࡿࡓࡵ㘽࡜࡞ࡿࠋ↓ᙧ㈨⏘ࡢྥୖ࡟ࡣᢞ㈨ࡀᚲせ࡛࠶ ࡿࡀ㸪↓ᙧ㈨⏘ᢞ㈨ࡢ㈨㔠ㄪ㐩࡟ࡘ࠸࡚㸪᝟ሗࡢ㠀ᑐ⛠ᛶ࡟ࡼࡿ㈇മ࢚࣮ࢪ࢙ࣥࢩࢥࢫࢺࡢᏑᅾࡀ㸪㈇ മ࡟ࡼࡿ㈨㔠ㄪ㐩࡟㈇࡟స⏝ࡍࡿ࡜ࡉࢀ㸪ෆ㒊㈨㔠ࡸᰴᘧ࡟ࡼࡿㄪ㐩࡜࠸ࡗࡓ㈨ᮏࢥࢫࢺࡢ㧗࠸ᡭẁࡀ 㑅ᢥ⫥࡜࡞ࡿࠋ ᮏ✏࡛ࡣ௻ᴗࡢ↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡢ᝟ሗ㛤♧ࡀ㸪↓ᙧ㈨⏘ᢞ㈨࡜㈇മࡢ㛵ಀ࡬ዴఱ࡟స⏝ࡍࡿ࠿ୖሙ ௻ᴗࡢࢹ࣮ࢱࢆ⏝࠸࡚ศᯒࡍࡿࠋᐇドศᯒࡢ⤖ᯝ㸪↓ᙧ㈨⏘ᢞ㈨ࡣ㈇മẚ⋡࡟㈇࡟స⏝ࡍࡿࡀ㸪↓ᙧ㈨ ⏘࡟ࡘ࠸࡚᝟ሗ㛤♧ࢆ⾜࠺⤫ྜሗ࿌᭩ࡢⓎหࡀ㸪㈇മẚ⋡࡟ṇ࡟స⏝ࡍࡿࡇ࡜ࡀ♧ࡉࢀࡿࠋ᭦࡟㸪ඃࢀ ࡓ⤫ྜሗ࿌᭩ࢆⓎหࡍࡿࡇ࡜࡟ࡼࡾ㸪㈇മẚ⋡ࡀ㧗ࡲࡿࡇ࡜ࡶ♧ࡉࢀࡓࠋ⤫ྜሗ࿌᭩ࢆⓎหࡍࡿࡇ࡜࡟ ࡼࡾ᝟ሗ㠀ᑐ⛠ᛶࡀ⦆࿴ࡉࢀ㸪᭦࡟᝟ሗ㛤♧ࡀඃࢀ࡚࠸ࢀࡤࡑࡢຠᯝࡀ㧗ࡲࡿྍ⬟ᛶࢆ♧၀ࡍࡿࠋ ㈇മ࡟ࡼࡿ㈨㔠ㄪ㐩ࡣ㈨ᮏࢥࢫࢺࡀపࡃ᭷฼࡞ᡭẁ࡛࠶ࡿࡀ㸪↓ᙧ㈨⏘ᢞ㈨ࡢ㈨㔠ㄪ㐩ၥ㢟࡬㸪᝟ሗ 㛤♧ࡀᯝࡓࡍᙺ๭࡟ࡘ࠸࡚ࡢ♧၀࡜࡞ࢁ࠺ࠋ⤫ྜሗ࿌᭩ࡢⓎหࡣ୺࡟ᰴᘧ࡬ࡢᢞ㈨ᐙࢆᑐ㇟࡜ࡍࡿࡀ㸪 മᶒ⪅࡟ᑐࡍࡿά⏝ࡸ㸪ᢏ⾡࡜࠸ࡗࡓ↓ᙧ㈨⏘ࢆࣅࢪࢿࢫࣔࢹࣝࡢ᰾࡜ࡍࡿࢫࢱ࣮ࢺ࢔ࢵࣉࡸ࢔࣮࣮ࣜ ࢫࢸ࣮ࢪ࡟࠶ࡿ࣋ࣥࢳ࣮ࣕ௻ᴗࡢ㈨㔠ㄪ㐩࡬ࡢά⏝࡜ᮇᚅࡶ⏕ࡌࡿࠋ୍᪉㸪ᐇົ࡛ࡢά⏝ࡣ↓ᙧ㈨⏘ࡢ ᝟ሗ㛤♧ෆᐜࡲ᳨࡛ウࡍࡿᚲせࡀ࠶ࡾ㸪ࡼࡾヲ⣽࡞ศᯒࡣ௒ᚋࡢㄢ㢟࡜ࡋࡓ࠸ࠋ  ཧ⪃ᩥ⊩ >@ 0\HUV6&'HWHUPLQDQWVRIFRUSRUDWHERUURZLQJ-RXUQDORIILQDQFLDOHFRQRPLFV     >@ %UDGOH\0-DUUHOO*$DQG.LP(+2QWKHH[LVWHQFHRIDQRSWLPDOFDSLWDOVWUXFWXUH7KHRU\DQG HYLGHQFH7KHMRXUQDORI)LQDQFH     >@ /RQJ06DQG0DOLW],%,QYHVWPHQWSDWWHUQVDQGILQDQFLDOOHYHUDJH&RUSRUDWHFDSLWDOVWUXFWXUHVLQ WKH8QLWHG6WDWHV8QLYHUVLW\RI&KLFDJR3UHVV   ۑ ᬑ㏻ ඃ ㈇ മ ẚ ⋡ ↓ᙧ㈨⏘ᢞ㈨  ⤫ྜሗ࿌᭩ Ⓨห࡞ࡋ ⤫ྜሗ࿌᭩ Ⓨห ۔ ۔ ۔ ۔ ۔ ۔ ۔ ۔ ۔ ۔ ۑ ۑ ۑ ۑ ۑ ۑ ۑ ۑ ۑ ۑ ۑ ۑ ۔ ۑ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ڹ ۔ ඃࢀࡓ⤫ྜሗ࿌᭩ࢆⓎหࡍࡿ௻ᴗ ۑ ᬑ㏻ࡢ⤫ྜሗ࿌᭩ࢆⓎหࡍࡿ௻ᴗ ڹ ⤫ྜሗ࿌᭩ࢆⓎหࡋ࡚࠸࡞࠸௻ᴗ

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