࠻࡜ࠗࠕ࡞࡙࡯ࠬ⺖㗴ታᣉႎ๔ᦠታᣉ⺖㗴⇟ภ㧦$1,QS78ታᣉ⺖㗴ฬ㧦஍శࡈࠖ࡞ࡓਛߩ࡛࠙⚛ߩ;$)6ߦࠃࠆ᭴ㅧ⸃ᨆታ㛎⽿છ⠪ᚲዻᯏ㑐෸߮᳁ฬ㧦ᣣ᧲㔚Ꮏᩣᑼળ␠ ፉᵤ ᓆ૶↪ࡆ࡯ࡓ࡜ࠗࡦ㧦%/%
㧝㧚 ✜⸒ࡐ࡝ࡆ࠾࡞ࠕ࡞ࠦ࡯࡞ 39$ ߪ‫ޔ‬ᄙߊߩ↥ᬺಽ㊁ߢ೑↪ߐࠇߡ޿ࠆઍ⴫⊛ߥวᚑ㜞ಽሶߩ  ߟߢ޽ࠆ‫ࠍ⚛࡛࠙ߦ․ޕ‬ๆ⌕ߐߖߚࡈࠖ࡞ࡓ㧔,39$㧕ߪᑧિߔࠆߎߣߢ㜞޿஍శᕈ⢻ࠍ߽ߟߎߣ߇⍮ࠄࠇߡ޿ࠆ‫․ߩߎޕ‬ᕈࠍ૶ߞߚᶧ᥏⴫␜ⵝ⟎ߦᰳ߆ߖߥ޿஍శ᧼ߣߒߡߩ㔛ⷐ߇‫ޔ‬ㄭᐕߩᶧ᥏⴫␜ⵝ⟎ߩᕆㅦߥ᜛ᄢߣߣ
߽ߦ㘧べ⊛ߦિ߮ߡ޿ࠆ‫ޔࠄ߇ߥߒ߆ߒޕ‬ᶧ᥏⴫␜ⵝ⟎ߩ㜞ຠ⾰ൻ‫ޔ‬㜞♖⚦ൻߦ઻޿‫ޔ‬஍శ᧼ߩ㜞ᕈ⢻ൻ߇ⷐ᳞ߐࠇߡ޿ࠆ‫ޕ‬
39$ ߦ࡛࠙⚛߇ๆ⌕ߔࠆߎߣߢ஍శᕈ⢻߇⊒⃻ߔࠆℂ↱ߪ‫ޔ‬39$ ߩಽሶ㎮㑆ߦขࠅㄟ߹ࠇߚࡐ࡝࡛࠙⚛߇ 39$ ߣߩ㑆ߦ㍲૕ࠍᒻᚑߒ‫  ߩࡓ࡞ࠖࡈޔ‬ゲᑧિߣߣ߽ߦ㈩ะߔࠆߎߣߦ޽ࠆߣߐࠇࠆ‫ޕ‬39$ ਛߩࡐ࡝࡛࠙⚛ߩਥᚑಽߪ , ߿,╬ߩࡐ࡝࡛࠙⚛ࠕ࠾ࠝࡦߣ⠨߃ࠄࠇߡ޿ࠆ  ‫ߡߞ߇ߚߒޕ‬஍శᕈ⢻ะ਄ߦ❬߇ࠆၮ␆⊛⍮⷗ࠍ⫾Ⓧߔࠆߚ߼ߦߪࡈࠖ࡞ࡓߩᑧિߦ઻߁ , ߿ ,ߩ㈩ะ᜼േ
߿ዪᚲ᭴ㅧߦ㑐ߔࠆ⹏ଔ߇㊀ⷐߥ⺖㗴ߦߥߞߡ޿ࠆ‫ ߦߢ߹ࠇߎޕ‬% ߩታ㛎ߦ߅޿ߡ‫ޔ‬᡼኿శࠍ↪޿ߚ (;$)6 ᷹ቯߦࠃࠅ ,39$ ࡈࠖ࡞ࡓߩᑧિゲߦኻߔࠆࡐ࡝࡛࠙⚛ࠕ࠾ࠝࡦߩ㈩ะᕈ⹏ଔ߇น⢻ߢ޽ࠅ‫ޔ‬,39$ ࡈࠖ࡞ࡓߩᑧિ୚₸ߦ઻߁㈩ะ᜼േࠍㅊ〔ߢ߈ࠆߎߣ߇ࠊ߆ߞߚ‫⎇ᧄޕ‬ⓥߢߪ‫⚛࡛࠙࡝ࡐޔ‬㧙39$ ㍲૕ߩዪᚲ᭴ㅧߣታ↪⊛ߦ㊀ⷐߢ޽ࠆ⌕⦡⎇ⓥ߳ߩ ;$)6 ᴺߩᔕ↪ߩน⢻ᕈࠍតࠆߎߣࠍ⋡⊛ߣߒߡ⒳‫ߩޘ‬ᑧિ᧦ઙߢ⺞⵾ߐࠇߚ ,39$ ࡈࠖ࡞ࡓߦߟ޿ߡ / ߅ࠃ߮ / ┵ߩ ;$1(6 ⹏ଔࠍታᣉߒߚ⚿ᨐߦߟ޿ߡႎ๔ߔࠆ‫ޕ‬㧞㧚ታ㛎ᣇᴺ࡛࠙⚛ࠍๆ⌕ߐߖ‫  ࠍࠇߘޔ‬ゲᣇะߦᑧિߐߖߡෘߐ 㨪ǴP ⒟ᐲ ߩ,39$ ࡈࠖ࡞ࡓ⹜ᢱࠍ⺞⵾ߒߚ‫ࡓ࡞ࠖࡈޕ‬ਛ࡛࠙⚛Ớᐲߪ 㨪ZW⒟ᐲߣߒߚ‫ޕ‬ߎࠇࠄߩ⹜ᢱߦߟ޿ߡ‫ޔ‬63ULQJ ߩ %/% ߢ࡛࠙⚛ߩ / ߅ࠃ߮ / ๆ෼┵;$1(6 ࠬࡍࠢ࠻࡞ࠍቶ᷷ߦߡㅘㆊᴺߦࠃࠅ᷹ቯߒߚ‫ߩߎޕ‬㓙ࡈࠖ࡞ࡓ⹜ᢱߪචಽߥᒝᐲࠍᓧࠆߚ߼ߦᑧિゲࠍวࠊߖߡᚲቯߩෘߐߦⓍጀߒߚ߽ߩࠍ↪޿ߚ‫ޕ‬㧟㧚⚿ᨐ߅ࠃ߮⠨ኤ㧟㧚㧝 ஍శࡈࠖ࡞ࡓߩ ;$1(6 ࠬࡍࠢ࠻࡞ᑧિ୚₸ࠍ 㨪 ୚ߦᄌ߃ߚએᄖߪห৻ߩ᧦ઙߢ⺞⵾ߒߚࡈࠖ࡞ࡓߦߟ޿ߡ‫ޔ‬− 15 −

;$1(6 ᷹ቯࠍታᣉߒߚ‫ޕ‬ㅢᏱߩᣇᴺߦࠃࠅࡃ࠶ࠢࠣ࡜ࡦ࠼㒰෰‫ⷙޔ‬ᩰൻࠍ߅ߎߥ޿ᓧࠄࠇߚ࡛࠙⚛ / ߅ࠃ߮ / ┵ ;$1(6 ࠬࡍࠢ࠻࡞ࠍߘࠇߙࠇ )LJ ߣ )LJߦ␜ߔ‫ޕ‬

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   (QHUJ\>H9@   (QHUJ\>H9@)LJ,/HGJH ;$1(6 VSHFWUD RI ,39$
ILOPV'5'UDZUDWLR)LJ,/HGJH;$1(6VSHFWUDRI,39$
ILOPV'5'UDZUDWLR࡛࠙⚛ / ┵‫ޔ‬/ ┵౒ߦ ;$1(6 ࠬࡍࠢ࠻࡞ߩࡇ࡯ࠢ૏⟎ߩᑧિ୚₸ଐሽᕈߪዊߐ޿ߎߣ߇ࠊ߆ࠆ‫ࠄ߆ߣߎߩߎޕ‬ᬌ⸛▸࿐ౝߦ߅޿ߡ‫ޔ‬ᑧિߦࠃࠆࡐ࡝࡛࠙⚛
㍲૕ߩ㔚ሶ⁁ᘒߩᄌൻߪ㗼⪺ߢߥ޿ߣ⠨߃ࠄࠇࠆ‫ޔߚ߹ޕ‬ᚒ‫ ⚛࡛࠙ߪޘ‬/ ┵;$1(6 ߦ߅޿ߡ‫ࠢ࡯ࡇ࡯࠳࡞࡚ࠪޔ‬㧔)LJ ߩࡇ࡯ࠢ 3㧕ߦ⌕⋡ߒߡ޿ࠆ‫↰⼱ޕ‬ࠄߪ࡛࠙⚛ṁᶧߩ ;$1(6 ߦ߅޿ߡ‫ޔ‬2㧘+㧘, ߩዪᚲ᭴ㅧߦ↱᧪ߔࠆߣ␜ໂߐࠇ
ࠆห᭽ߥࡇ࡯ࠢࠍᬌ಴ߒߡ޿ࠆ  ‫ ߡߞ߇ߚߒޕ‬39$ ਛߦ߅޿ߡ߽‫ޔ‬2㧘+㧘, ߩዪᚲ᭴ㅧ߇ ;$1(6 ࠬࡍࠢ࠻࡞ߦ෻ᤋߐࠇߡ޿ࠆߣ␜ໂߐࠇ‫⥝ޔ‬๧ᷓ޿‫ޕ‬㧟㧚㧞 ⌕⦡ߣ ;$1(6 ࠬࡍࠢ࠻࡞ߩ㑐ଥ ,39$ ࡈࠖ࡞ࡓߩ⌕⦡ߪ‫ޔ‬ਥߦ ,ߣ ,ߩሽ࿷Ყߦࠃߞߡᄌൻߔࠆߎߣ߇⍮ࠄࠇࠆ‫⋧ޕ‬ኻ⊛ߦ ,Ớᐲ߇㜞޿႐วߪ⿒⦡‫ޔ‬,Ớᐲ߇㜞޿႐วߪ㕍ߺࠍᏪ߮ࠆ‫ޕ‬ߘߎߢ‫;ޔ‬$1(6 ߩ஍శࡈࠖ࡞ࡓ⌕⦡⎇ⓥ߳ߩᔕ↪ߩน⢻ᕈࠍតࠆߚ߼ߦ‫࡝ࡐޔ‬࡛࠙⚛ߩਥᚑಽ߇ ,ߩ⹜ᢱ㧔⇛⒓ UHG㧕ߣ ,ߩ⹜ᢱ㧔⇛⒓ EOXH㧕ߦߟ޿ߡ࡛࠙⚛
/ ┵ ;$1(6 ᷹ቯࠍ߅ߎߥߞߚ‫ޕ‬ᑧિ୚₸ߪ  ୚ߢ޽ࠆ‫ޕ‬ฦ⹜ᢱߩౖဳ⊛ߥ⚡ᄖ㧙นⷞๆ෼ࠬࡍࠢ࠻࡞ࠍ )LJ ߦ␜ߔ‫⹜ޕ‬ᢱ UHG ߪ⹜ᢱ EOXH ߦᲧߴߡ ,Ớᐲ߇㜞ߊ‫ޔ‬,Ớᐲ߇ૐ޿ߎߣ߇ࠊ߆ࠆ‫ޕ‬ᰴߦฦ⹜ᢱߦ㑐ߔࠆ࡛࠙⚛ / ┵ ;$1(6 ࠬࡍࠢ࠻࡞ࠍ )LJ ߦ␜ߔ‫⹜ޕ‬ᢱ EOXH ߩ ;$1(6 ࡇ࡯ࠢߪ⹜ᢱ UHG ߣᲧߴߡ᣿ࠄ߆ߦૐࠛࡀ࡞ࠡ࡯஥ߦࠪࡈ࠻ߒߡ޿ࠆ‫ޔࠄ߆ߣߎߩߎޕ‬஍శࡈࠖ࡞ࡓߩ⌕⦡ߦ㑐ࠊࠆ㔚ሶߩㆫ⒖ࠍ ;$1(6 ᷹ቯߦࠃࠅᬌ⸛ߢ߈ࠆߎߣ߇᣿ࠄ߆ߣߥࠅ‫ޔ‬63ULQJ

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        :DYHOHQJWK>QP@)LJ 89YLVLEOH VSHFWUD RI GUDZQ,39$ILOPV'UDZUDWLRWLPHVUHG

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39$ ߦ࡛࠙⚛ࠍๆ⌕ߐߖߚ஍శࡈࠖ࡞ࡓߩᕈ⢻ߪࡈࠖ࡞ࡓਛߩࡐ࡝࡛࠙⚛㧙
39$ ㍲૕ߩ⁁ᘒߦᒝߊᓇ㗀ࠍฃߌߡ޿ࠆ‫੹ޕ‬࿁‫ޔ‬᡼኿శࠍ↪޿ߚ ;$1(6 ᷹ቯߦࠃߞߡࡐ࡝࡛࠙⚛㧙39$ ㍲૕ߩዪᚲ᭴ㅧ߿⌕⦡ߦ㑐ㅪߔࠆ⍮⷗ࠍᓧࠄࠇࠆߎߣ߇ࠊ߆ߞߚ‫ޕ‬63ULQJ ;$1(6 ᴺߪታ↪⊛ߥ஍శࡈࠖ࡞ࡓਛߩࡐ࡝࡛࠙⚛㧙
39$ ㍲૕ߩ⁁ᘒ⹏ଔᴺߣߒߡᦼᓙߐࠇࠆ‫ޕ‬⻢ㄉᧄ⺖㗴ࠍታᣉߔࠆߦ޽ߚࠅ‫ޔ‬-$65, ߩ᪢ດೣᱜඳ჻‫ᧄޔ‬㑆ᔀ↢ඳ჻‫߮ࠃ߅ޔ‬੩ㇺᄢቇᄢቇ㒮Ꮏቇ⎇ⓥ⑼ߩ↰ਛഞඳ჻ߦᄙᄢߥߏᡰេࠍ޿ߚߛ߈߹ߒߚߎߣߦᷓߊᓮ␞↳ߒ਄ߍ߹ߔ‫⺖ᧄޔߚ߹ޕ‬㗴߇࠻࡜ࠗࠕ࡞࡙࡯ࠬ⺖㗴ߦណᛯߐࠇ‫ޔ‬ᧄ⎇ⓥࠍㆀⴕߢ߈ߚߎߣߦᗵ⻢޿ߚߒ߹ߔ‫ޕ‬ෳ⠨ᢥ₂ <2KLVKLHWDO3RO\P-   76HWRHWDO+\SHUILQH,QWHUDFW   <6&KRLHWDO3RO\P-  
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