ࢥ࣮࣏࣮ࣞࢺ࣭࣋ࣥࢳ࣮ࣕ࢟ࣕࣆࢱࣝᢞ㈨ࡣ௻ᴗࡢ┠฼ࡁຊࢆ㧗ࡵࡿ࠿"̿་⸆ရ⏘ᴗ࡟࠾ࡅࡿࣃࢿࣝࢹ࣮ࢱศᯒ̿

Does Corporate Venture Capital Investment Affect Firm’s Connoisseurship?
㸫An Empirical Analysis Using R&D Pipeline Data in the Pharmaceutical Industry㸫㤳㒔኱Ꮫᮾி኱Ꮫ㝔♫఍⛉Ꮫ◊✲⛉ ᮌᕝ ኱㍜
property protection is weak for an appropriability

せ᪨

of product innovation.

㏆ᖺࠊ஦ᴗ఍♫࡟ࡼࡿ VC ᢞ㈨ࠊ࠸ࢃࡺࡿ CVC

However, if these suggestions by previous

ᢞ㈨ࡀᏛ⾡ⓗ࡟ࡶᐇ㊶ⓗ࡟ࡶὀ┠ࢆ㞟ࡵ࡚࠸ࡿࠋඛ

literature are correct, we cannot have enough⾜◊✲࡛ࡣࠊ
CVC ᢞ㈨ࡀᢞ㈨ඖࡢ஦ᴗ఍♫࡬୚࠼ࡿanswer for why firms do CVC investment in࣋ࢿࣇ࢕ࢵࢺ࡜ࡋ࡚ࠊ୺࡟ᢞ㈨ࢆ㏻ࡌࡓᢏ⾡ࡸ࢔࢖industries which patent protection is strong. Toࢹ࢕࢔ࡢᶍೌ࡟↔Ⅼࢆᙜ࡚ࡓ㆟ㄽࡀ⾜ࢃࢀ࡚ࡁࡓࠋ

provide a solution for this problem, we focused on

ࡇࢀࡽࡢ㆟ㄽ࡛ࡣࠊᢏ⾡ࡸ࢔࢖ࢹ࢕࢔ࡢᶍೌࡀ⾜࠸a moderating effect of CVC investment on firm's᫆࠸⏘ᴗࠊࡍ࡞ࢃࡕ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ࡢಖㆤࡀᙅ

absorptive capacity (Cohen and Levinthal, 1990).

࠸⏘ᴗ࡟࠾࠸࡚ࡢࡳࠊ
CVC ᢞ㈨ࡀ஦ᴗ఍♫ࡢ࢖ࣀ࣋In particular, we evaluate how corporate value࣮ࢩࣙࣥࡸ௻ᴗ౯್࡟ᙳ㡪ࢆ୚࠼ࡿ࡜࠸࠺♧၀ࡀ⾜changes when a focal firm acquires externalࢃࢀ࡚ࡁࡓࠋ

knowledge. For an empirical analysis, we useࡑࢀ࡟ᑐࡋ࡚ᮏ✏࡛ࡣࠊ
CVC ᢞ㈨ࡀᢞ㈨ඖࡢ஦ᴗ
఍♫࡬ࡶࡓࡽࡍ࣋ࢿࣇ࢕ࢵࢺ࡜ࡋ࡚ࠊඛ⾜◊✲࡛㆟

licenses and acquisitions panel data of patents inthe pharmaceutical industry.

ㄽࡉࢀ࡚ࡁࡓࡶࡢ࡜ࡣ␗࡞ࡿ࣓࢝ࢽࢬ࣒࡟╔┠ࡋ᳨

According to the result of the analysis, greaterドࢆ࠾ࡇ࡞ࡗࡓࠋ᳨ド⤖ᯝ࠿ࡽࡣࠊCVC ᢞ㈨ࢆ㏻ࡌ

CVC investment positively correlates with firm’sࡓ᝟ሗࡢ⵳✚ࡀࠊᙜヱᢏ⾡ศ㔝࡟ᑐࡍࡿ୙☜ᐇᛶࢆvalueపῶࡉࡏࡿാࡁࢆᣢࡘ࡜࠸࠺ྍ⬟ᛶࡀ♧၀ࡉࢀࡓࠋ

knowledge. In contrast, greater CVC investment

ࡇࡢ᳨ド⤖ᯝࡣࡲࡓࠊ
CVC ᢞ㈨ࢆ㏻ࡌࡓ኱௻ᴗࡢ௻

negatively correlates firm's value when acquiredᴗ౯್ྥୖ࡜ࠊ࣋ࣥࢳ࣮ࣕ௻ᴗ࡜ࡢ㛵ಀᙉ໬ࡢ୧❧external knowledge is relatively certain. Theseࡀྍ⬟࡛࠶ࡿࡇ࡜ࢆ♧၀ࡋ࡚࠸ࡿࠋ

findings suggest that information accumulation࣮࣮࢟࣡ࢻ㸸ࢥ࣮࣏࣮ࣞࢺ࣭࣋ࣥࢳ࣮ࣕ࢟ࣕࣆࢱࣝࠊ

via CVC

when

acquiring

investment

uncertain

reduces

externaltechnological་⸆ရ⏘ᴗࠊ▱㆑ࡢ⋓ᚓࠊ྾཰⬟ຊࠊ▱

uncertainty in that area. These findings alsoⓗ㈈⏘suggest that CVC investment may contribute toboth venture financings and venture’s exit.

$EVWUDFWKey

Recently an emerging discussion regarding

discussions have focused on inter-organizational
knowledge acquisition by which firm imitatestechnologies or ideas of entrepreneurial ventures.

VentureCapital,PharmaceuticalIndustry,

External

Knowledge

Acquisition,

Absorptive

Capacity, Intellectual Property

corporate venture capital investment (CVC) is
getting attention as a new research theme. Thesewords 㸸 Corporateࡣࡌࡵ࡟

Previous literature also has suggested thatᮏ✏ࡢ┠ⓗࡣࠊ་⸆ရ⏘ᴗ࡟࠾ࡅࡿࢥ࣮࣏࣮ࣞ

imitations of technologies or ideas by backingࢺ࣭࣋ࣥࢳ࣮ࣕ࢟ࣕࣆࢱࣝ㸦CVC㸧ᢞ㈨ࡀ஦ᴗ఍♫firms are limited in industries which intellectualࡢ௻ᴗ౯್࡟୚࠼ࡿᙳ㡪࡟ࡘ࠸࡚෌᳨ウࢆ⾜࠸ࠊࡑ

9(1785(5(9,(:1R6HSWHPEHU

ࡢ࣓࢝ࢽࢬ࣒ࢆᤊ࠼┤ࡍࡇ࡜࡟࠶ࡿࠋࡇࡢ┠ⓗࡢ⫼ᬒ࡟ࡣḟࡢࡼ࠺࡞ၥ㢟ព㆑ࡀ࠶ࡿࠋ

&9& ᢞ㈨ࡀࡶࡓࡽࡍ࣋ࢿࣇ࢕ࢵࢺ
஦ᴗ఍♫࡟ࡼࡿ࣋ࣥࢳ࣮ࣕ࢟ࣕࣆࢱࣝᢞ㈨ࠊ࠸ࢃ

ࢃࡀᅜࡶ⡿ᅜ࡟ೌ࠸ࠊ࢖ࣀ࣮࣋ࢩ࣭࢚ࣙࣥࢥࢩࢫࡺࡿ CVC ࡀ⤒ႠᏛࡢศ㔝࡛㆟ㄽࡉࢀࡿࡼ࠺࡟࡞ࡗ

ࢸ࣒ࡢᵓ⠏ࡀᚲせࡔ࡜࠸࠺㆟ㄽࡀάⓎ࡟⾜ࢃࢀࡿࡼࡓࡢࡣẚ㍑ⓗ᭱㏆ࡢࡇ࡜࡛࠶ࡿࠋChesbrough㸦2002㸧࠺࡟࡞ࡿ୰࡛ࠊ኱௻ᴗ࡜࣋ࣥࢳ࣮ࣕ௻ᴗࡢ㛵ಀᙉ໬ࡣࠊ኱௻ᴗ࡟ࡼࡿ CVC ᢞ㈨ࡀ㈈ົୖࡢࣜࢱ࣮ࣥࢆ

ࡀㄢ㢟ࡢ 1 ࡘ࡜ࡉࢀ࡚࠸ࡿ㸦⤒῭⏘ᴗ┬ࠊ2008㸧ࠋᚓࡿ┠ⓗ௨እ࡛⾜ࢃࢀ࡚࠸ࡿࡇ࡜࡟╔┠ࡋࠊ
CVC ᢞࡇࡢࡼ࠺࡞㆟ㄽࡣࠊ༢࡟኱௻ᴗࡀ࣋ࣥࢳ࣮ࣕ௻ᴗࡢ㈨ࡀࠊ⫼ᚋ࡟࠸ࡿ஦ᴗ఍♫ 1 ࡢᡓ␎ࢆ⿵᏶ࡍࡿᙺ๭

࢔࢖ࢹ࢕࢔ࢆά⏝ࡍࡿ࡜࠸࠺୍᪉㏻⾜ࡢ㛵ಀ࡛ࡣ࡞ࢆᯝࡓࡍࡇ࡜ࢆ୺ᙇࡋࡓࠋ
ᜍࡽࡃࡇࢀࡀ㏆ᖺࡢ CVC

ࡃࠊ࢖ࣀ࣮࣋ࢩࣙࣥࡀᣢ⥆ⓗ࡟⏕ࡳฟࡉࢀࡿࡼ࠺࡞

࡟㛵ࡍࡿ㆟ㄽࡢฟⓎⅬ࡛࠶ࢁ࠺ࠋࡶࡗ࡜ࡶࠊ

ᅵተࢆసࡗ࡚࠸ࡇ࠺࡜࠸࠺⪃࠼᪉࡟ᇶ࡙ࡃࡶࡢ࡛࠶

Chesbrough㸦2002㸧࡛ࡣࠊᐃ㔞ⓗ࡞ศᯒࡣ⾜ࢃࢀࡿ࡜⪃࠼ࡽࢀࡿ㸦ྛົࠊ2015㸧ࠋࡇ࠺ࡋࡓ⫼ᬒ࡟࠶࡚࠾ࡽࡎࠊ⮬ࡽࡢᥦၐࡍࡿ࣮࢜ࣉࣥ࢖ࣀ࣮࣋ࢩࣙࣥ

ࡗ࡚ࠊ㏆ᖺࠊ኱௻ᴗ࡟ࡼࡿ࣋ࣥࢳ࣮ࣕ࢟ࣕࣆࢱࣝᢞ

ᡓ␎ࡢ୍⎔࡜ࡋ࡚ࡢ CVC ᢞ㈨ࡢ᭷ຠᛶࢆ୺ᙇࡍࡿ㈨ࠊ࠸ࢃࡺࡿ CVC ᢞ㈨࡟ᑐࡍࡿὀ┠ࡀᚎࠎ࡟㧗ࡲࡢ࡟␃ࡲࡗ࡚࠸ࡿࠋ

ࡗ࡚ࡁ࡚࠸ࡿࠋࡋ࠿ࡋ࡞ࡀࡽࠊᐇ㝿࡟᥇⏝ࡉࢀ࡚࠸࡛ࡣࠊ࡞ࡐᢞ㈨άືࡀᮏᴗ࡛࡞࠸ࡣࡎࡢ஦ᴗ఍♫ࡿࡢࡣࡈࡃ୍㒊ࡢᴗ✀࡟␃ࡲࡗ࡚࠸ࡿࡢࡀ⌧≧࡛࠶࡟ࡼࡿ࣋ࣥࢳ࣮ࣕ࢟ࣕࣆࢱࣝᢞ㈨ࡀ᭷ຠ࡜ࡉࢀࡿࡢ

ࡿ㸦㔝ᮧࠊ2014㸧
ࠋCVC ᢞ㈨ࡢᙺ๭ࢆ⪃៖࡟ධࢀࢀ

ࡔࢁ࠺࠿ࠋࡑࢀࡣࠊCVC ᢞ㈨ࡢ┠ⓗࡀ㈈ົⓗ࡞ࣜࢱࡤࠊࡼࡾᖜᗈ࠸ᴗ✀࡛᥇⏝ࡉࢀࡿ࡭ࡃࠊࡑࡢ᭷ຠᛶ

࣮ࣥࢆᚓࡽࢀࡿ࠿࡝࠺࠿ࡼࡾࡶࠊࡴࡋࢁ஦ᴗ఍♫࡬ࡸㄢ㢟࡟ࡘ࠸᳨࡚ウࡋ࡚ࡃࡇ࡜ࡀᚲせ࡛࠶ࢁ࠺ࠋ᪂つᢏ⾡ࡢ᥈⣴ࡸᏛ⩦ࡢᶵ఍ࢆᥦ౪ࡍࡿ࡜࠸࠺ᡓ␎౛࠼ࡤࠊCVC ◊✲ࡢඛ㠴ࢆࡘࡅࡓ Dushnitskyⓗ࡞࣋ࢿࣇ࢕ࢵࢺ࡟࠶ࡿ࠿ࡽ࡛࠶ࡿ㸦Chesbrough,and Lenox㸦2005; 2006㸧ࡢ◊✲࡛ࡣࠊCVC ᢞ㈨ࡀ

2002; Dushnitsky and Lenox, 2006; Benson and௻ᴗ౯್ࡸ࢖ࣀ࣮࣋ࢩࣙࣥࡢ๰ฟ࡜࠸ࡗࡓ௻ᴗࡢࣃ

Ziedonis, 2009㸧ࠋDushnitsky and Lenox㸦2005㸧

ࣇ࢛࣮࣐ࣥࢫ࡟ࣉࣛࢫࡢᙳ㡪ࢆ୚࠼ࡿࡢࡣ≉チ࡟ࡼ࡟ࡼࢀࡤࠊぶ఍♫ࡀ CVC ࢆ㏻ࡌ࡚᪂つᢏ⾡ࢆᏛ⩦ࡿ▱ⓗ㈈⏘ࡢಖㆤࡀᙅ࠸⏘ᴗ࡟㝈ᐃࡉࢀࡿ࡜ࡉࢀ࡚

ࡍࡿࢳࣕࢿࣝࡣḟࡢ 3 ࡘ࡛࠶ࡿࠋ➨ 1 ࡟ࠊᢞ㈨ࢆᐇ

࠸ࡿࠋࡑࡢ୍᪉࡛ࠊ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ࡢಖㆤࡀẚ⾜ࡍࡿ๓ࡢࢹ࣮࣭ࣗࢹࣜࢪ࢙ࣥࢫࡢẁ㝵࡛࣋ࣥࢳࣕ

㍑ⓗᙉ࠸⏘ᴗ࡜ࡋ࡚▱ࡽࢀࡿ་⸆ရ⏘ᴗ㸦Cohen,࣮௻ᴗࡢᢏ⾡ࡸᢏ⾡ᶵ఍࡟ゐࢀࡿࡇ࡜ࡀ࡛ࡁࡿࠋ➨Nelson and Walsh, 2000; ᑠ⏣ษࠊ2006; ඖᶫࠊ

2 ࡟ࠊከࡃࡢሙྜࠊCVC ࡣᢞ㈨ᑐ㇟ࡢ࣋ࣥࢳ࣮ࣕ௻

2009; ୰ᮧࠊ2009㸧࡛ࡣࠊᖺࠎ㧗ࡲࡿ〇⸆఍♫࡟ࡼᴗࡢྲྀ⥾ᙺ఍㸦board of directors㸧ࡸ࢜ࣈࢨ࣮ࣂ࣮

ࡿࣂ࢖࢜࣋ࣥࢳ࣮ࣕ࡬ࡢ౫Ꮡࢆ㋃ࡲ࠼ࠊ኱ᡭ〇⸆఍࡜ࡋ࡚⤒Ⴀ࡟ཧ⏬ࡍࡿࡇ࡜ࡀ࡛ࡁࡿⅭࠊࡑࡢ㐣⛬࡛♫ࡢᖿ㒊⮬ࡽࡀࠊ
CVC ᢞ㈨ࢆ㏻ࡌࡓࣂ࢖࢜࣋ࣥࢳࣕ᪂つᢏ⾡࡟ࡘ࠸࡚Ꮫࡪࡇ࡜ࡀ࡛ࡁࡿࠋ
ࡑࡋ࡚➨ 3 ࡟ࠊ࣮࡜ࡢ㛵ಀᙉ໬ࡢ᭷ຠᛶ࡜ᚲせᛶࢆ୺ᙇࡋ࡚࠸ࡿ

௬࡟ᢞ㈨ᑐ㇟ࡢ࣋ࣥࢳ࣮ࣕ௻ᴗࡀኻᩋࡋࡓ࡜ࡋ࡚ࡶࠊ

㸦Ernst and Young, 2012 p.21㸧
ࠋኻᩋ࠿ࡽᢏ⾡ⓗ࡞ὝᐹࡸᕷሙࡢືྥࢆᏛࡪࡇ࡜ࡀ࡛

ࡇࡢࡼ࠺࡟ࠊ⌮ㄽ࡜ᐇ㊶ࡢሙ࡛ࡢㄆ㆑࡟ᕪ␗ࡀ⏕ࡁࡿࠋࡌ࡚࠸ࡿ஦ᐇࢆ㋃ࡲ࠼ࡿ࡜ࠊ
CVC ᢞ㈨ࡀ஦ᴗ఍♫࡬ࡲࡓ㏆ᖺ࡛ࡣࠊM&A ࡟ኚࢃࡿᡭẁ࡜ࡋ࡚ࡶ CVC

࡝ࡢࡼ࠺࡞ᙳ㡪ࢆ୚࠼࡚࠸ࡿ࠿࡜࠸ࡗࡓⅬ࡟ࡘ࠸࡚ࠊ

ᢞ㈨ࡀὀ┠ࢆ㞟ࡵ࡚࠸ࡿࠋࢥࣥࣆ࣮ࣗࢱ࣮⏘ᴗࡸࣂ᭦࡞ࡿ◊✲⵳✚ࠊ࡜ࡾࢃࡅᗈ⠊࡞ࢧࣥࣉࣝࢹ࣮ࢱ࡟

࢖࢜ࢸࢡࣀࣟࢪ࣮⏘ᴗ࡞࡝ࡢࣁ࢖ࢸࢡ⏘ᴗ࡟࠾ࡅࡿᇶ࡙ࡃᐇドศᯒࡀᚲせ࡜࠸࠼ࡼ࠺ࠋ

኱௻ᴗ࡟࡜ࡗ࡚ࠊ࣋ࣥࢳ࣮ࣕ௻ᴗࡢ㈙཰ࡣ♫እࡢ㈨ࡑࡇ࡛ᮏ◊✲࡛ࡣࠊ་⸆ရ⏘ᴗ㸦ࡍ࡞ࢃࡕࠊඛ⾜※࡬ࡢ࢔ࢡࢭࢫࢆ㏻ࡌ࡚ᣢ⥆ⓗ࡞ᡂ㛗ࢆᐇ⌧ࡍࡿ᭷◊✲࡟࠾࠸࡚ CVC ᢞ㈨ࡢ᭷ຠᛶࡀㄆࡵࡽࢀ࡞࠿ࡗ

ຠ࡞ᡭẁ࡛࠶ࡿ㸦Li, 2009; Yang, Lin, and Peng,ࡓ࡟ࡶ࠿࠿ࢃࡽࡎࠊᐇ㊶ⓗ࡟ࡣ CVC ᢞ㈨ࡀ┒ࢇ࡛

2011; ཎࠊ2012; Ernst and Young, 2014㸧ࠋࡋ࠿ࡋࠊ࠶ࡿ⏘ᴗ㸧ࢆᑐ㇟࡟ࠊCVC ᢞ㈨ࡀ஦ᴗ఍♫ࡢ௻ᴗ౯᪂⯆ᢏ⾡ࡀḟࠎ࡟⏕ࡳฟࡉࢀࡿࣁ࢖ࢸࢡ⏘ᴗ࡟࠾࠸್࡟୚࠼ࡿᙳ㡪ࢆࠊ2003 ᖺ࠿ࡽ 2013 ᖺࡲ࡛ࡢࣃࢿ

࡚ࠊM&A ࡜࠸࠺ᡭẁࡣᰂ㌾ᛶ࡟Ḟࡅ࡚࠾ࡾࠊࣜࢫ

ࣝࢹ࣮ࢱࢆ⏝࠸࡚⤫ィⓗ࡞᳨ドࢆヨࡳࡿࠋࢡࡢ㧗࠸㑅ᢥ⫥࡛ࡶ࠶ࡿ㸦Pisano, 2006; Park andSteensma, 2012㸧ࠋࡑࢀ࡟ᑐࡋ࡚ CVC ᢞ㈨ࡣࠊ࣋

ඛ⾜◊✲ࡢ᳨ウ࡜௬ㄝࡢᑟฟ



9(1785(5(9,(:1R6HSWHPEHU

ࣥࢳ࣮ࣕ௻ᴗࡢᡂ㛗ࢫࢸ࣮ࢪ࡟ᛂࡌ࡚ᢞ㈨㢠ࢆቑࡸࡍࡇ࡜ࡀྍ⬟࡛࠶ࡿ࠺࠼࡟ࠊ」ᩘࡢ௻ᴗ࡛ࢩࣥࢪࢣ

࣮ࢩࣙࣥࢆ⤌ࡴ࡞࡝ࡋ࡚ࣜࢫࢡࢆศᩓࡍࡿࡇ࡜ࡶྍ

ࢀࡿ๓࠿ࡽ᪤࡟Ꮡᅾࡋ࡚࠸ࡿࡢ࠿ࡶࡋࢀ࡞࠸ࠋ࠶ࡿ

⬟࡛࠶ࡿࠋࡑࢀࡺ࠼ࠊ୙☜ᐇᛶࡢ㧗࠸⎔ቃୗࡸᢞ㈨ᢞ㈨ᐙࡀࠊ࢔࢖ࢹ࢕࢔ࡸᢏ⾡ࢆ㢗ࡾ࡟㉳ᴗࡋࡼ࠺࡜

ࡀ୙ྍ㏫ⓗ࡞᮲௳ୗ࡟࠾࠸࡚ࡣࠊM&A ࡼࡾࡶ CVC

ࡋ࡚࠸ࡿ௻ᴗᐙ࡟ᢞ㈨ࢆࡍࡿ᫬ࠊࡑࡢ࢔࢖ࢹ࢕࢔ࡸ

ᢞ㈨ࡀዲࡲࢀࡿഴྥ࡟࠶ࡿ㸦Tong and Li, 2011㸧ࠋᢏ⾡ࡢ౯್ࢆホ౯࡛ࡁ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࡋ࠿ࡋࠊ

௚᪉ࡢ࣋ࣥࢳ࣮ࣕ௻ᴗࡶࠊ
CVC ࠿ࡽฟ㈨ࢆཷࡅࡿ

ࡦ࡜ࡓࡧ࢔࢖ࢹ࢕࢔ࡸᢏ⾡ࡀ▱ࡽࢀ࡚ࡋࡲ࠼ࡤࠊᢞ

ࡇ࡜࡛ࠊᑓᴗࡢ VC㸦IVC㸧࡟ࡣ↓࠸࣋ࢿࣇ࢕ࢵࢺ㈨ࢆࡍࡿ࢖ࣥࢭࣥࢸ࢕ࣈࡣኻࢃࢀ࡚ࡋࡲ࠺࠿ࡶࡋࢀ

ࢆᚓࡽࢀࡿྍ⬟ᛶࡀሗ࿌ࡉࢀ࡚࠸ࡿࠋࡍ࡞ࢃࡕࠊ

࡞࠸㸦Anton and Yao, 2002㸧ࠋࡇࡢࡼ࠺࡟ࠊ⮬ࡽࡀ

CVC ࡢ⫼ᚋ࡟࠸ࡿ஦ᴗ఍♫ࡀᣢࡘࠊ௻ᴗෆࣛ࣎ࠊ㢳ᣢࡘ▱ⓗ㈈⏘ࡢಖㆤ࡜ᢞ㈨ࢆཷࡅࡿୖ࡛ࡢ᝟ሗ㛤♧ᐈࡸࢧࣉࣛ࢖࣮ࣖࡢࢿࢵࢺ࣮࣡ࢡࠊὶ㏻⥙࡜࠸ࡗࡓࡢ㛫࡟࠶ࡿࢪ࣐ࣞࣥࡢၥ㢟ࡣࠊ᝟ሗ㛤♧ࡢࣃࣛࢻࢵ㈨㔠ࡢᑡ࡞࠸࣋ࣥࢳ࣮ࣕ௻ᴗ࡟࡜ࡗ࡚⮬๓࡛ㄪ㐩ࡍࢡࢫ࡜ࡋ࡚㛗ᖺ㆟ㄽࡉࢀ࡚ࡁࡓ㸦Dushnitsky andࡿࡇ࡜ࡀᅔ㞴࡞࢖ࣥࣇࣛ㸦Dushnitsky and Shaver,

Shaver, 2009㸧
ࠋ

2009㸧ࡸࠊྠ୍⏘ᴗ࡟࠾ࡅࡿᚲせᢏ⾡ࡸ▱㆑㸦Chemmanur, Loutskina and Tian, 2014㸧࡜࠸ࡗ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤ࡜&9& ࡢࣃࣛࢻࢵࢡࢫ

ࡓ⿵᏶㈨⏘ࡢᏑᅾ࡛࠶ࡿࠋ஦ᐇࠊCVC ࠿ࡽฟ㈨ࢆཷ

ඛ⾜◊✲࡟ࡼࢀࡤࠊࡇࡢࡼ࠺࡞ၥ㢟ࡀ⏕ࡌࡸࡍ࠸ࡅࡓ࣋ࣥࢳ࣮ࣕ௻ᴗࡣࠊIVC ࡢࡳ࠿ࡽฟ㈨ࢆཷࡅࡓ

࠿࡝࠺࠿ࡣࠊ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤࡢᙉᙅ࡟ࡼࡗ

࣋ࣥࢳ࣮ࣕ௻ᴗࡼࡾࡶIPOࡸM&A࡜࠸ࡗࡓ࢖ࢢࢪ

࡚␗࡞ࡿ࡜࠸࠺ࠋࡇࡇ࡛ࠊ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤࢵࢺ࡟฿㐩ࡍࡿ☜⋡ࡸ≉チᩘࡀቑຍࡍࡿࡇ࡜ࡀ⤫ィࡢᙉᙅ࡜ࡣࠊ࣮࢝ࢿࢠ࣮࣓ࣟࣥࢧ࣮࣋࢖㸦Cohen etⓗ࡟ࡶᐇドࡉࢀ࡚࠸ࡿ㸦Park and Steensma, 2012;

al., 2000㸧࡟ᇶ࡙ࡃࡶࡢ࡛࠶ࡿࠋ

Ernst and Young, 2013; Chemmanur et al., 2014㸧
ࠋ

Cohen et al.㸦2000㸧ࡣࠊ⡿ᅜࡢ R&D ⏘ᴗࡢ 3240
ࡢ◊✲ᡤࢆᑐ㇟㸦᭷ຠᅇ⟅ࡣ 1,478 ௳㸧࡟ࠊ࢖ࣀ࣋

&9& ᢞ㈨ࡢࣜࢫࢡ
ࡇࡢࡼ࠺࡟ࠊ஦ᴗ఍♫࡜࣋ࣥࢳ࣮ࣕ௻ᴗࡢ཮᪉࡟

࣮ࢩࣙࣥࡀ⏕ࡳฟࡍᑓ᭷ྍ⬟ᛶ㸦appropriability㸧ࡢ☜ಖ࡟᭷ຠ࡞ᡭẁࢆ㉁ၥ⚊࡟ࡼࡾ࡟ㄪᰝࡋࡓ 2 ࠋ࡜ࡗ࡚࣋ࢿࣇ࢕ࢵࢺࢆࡶࡓࡽࡍྍ⬟ᛶࡀ♧၀ࡉࢀ࡚ලయⓗ࡟ࡣࠊ㐣ཤ 3 ᖺ㛫࡟◊✲ᡤෆ࡛ᐇ᪋ࡉࢀࡓࣉ࠸ࡿ CVC ᢞ㈨࡛࠶ࡿࡀࠊྠ᫬࡟ࣜࢫࢡࡸၥ㢟Ⅼࡀࣟࢪ࢙ࢡࢺࡢ࠺ࡕࠊ〇ရ㸦࠾ࡼࡧᕤ⛬㸧࢖ࣀ࣮࣋ࢩ

Ꮡᅾࡍࡿࡇ࡜ࡶᣦ᦬ࡉࢀ࡚࠸ࡿࠋ

ࣙࣥ࠿ࡽ཰┈ࢆ☜ಖࡍࡿᡭẁ࡜ࡋ࡚᭷ຠ࡛࠶ࡗࡓࡶ㈈ົⓗ࡞Ⅼ࡛࠸࠼ࡤࠊᑓᴗࡢᢞ㈨ᐙ࡛ࡣ࡞࠸௻ᴗ

ࡢࡢẚ⋡ࢆㄪᰝࡋࡓࡶࡢ࡛࠶ࡿࠋࡇࡢㄪᰝࡢ⤖ᯝࠊ

ෆᢞ㈨ᐙ࡟࡝ࡢ⛬ᗘᢞ㈨ࡢᑓ㛛ᛶࡀ࠶ࡿࡢ࠿ࠊ࠶ࡿ

〇ရ࢖ࣀ࣮࣋ࢩࣙࣥ࡟ᑐࡋ࡚≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖ࠸ࡣ࡝ࡢ⛬ᗘᢞ㈨ࡢ⿢㔞ࡀ୚࠼ࡽࢀ࡚࠸ࡿࡢ࠿࡜࠸

ㆤࡀ᭷ຠ㸦ࡍ࡞ࢃࡕ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤࡀᙉ࠸㸧࠺␲ၥࡀᣲࡆࡽࢀࡿ㸦Dushnitsky and Shapira,࡛࠶ࡿ࡜ᅇ⟅ࡉࢀࡓẚ⋡ࡀ᭱ࡶ㧗࠿ࡗࡓࡢࡀ་⒪ᶵ

2010㸧ࠋࡲࡓࠊ௻ᴗෆᢞ㈨ᐙࡢ᭱኱ࡢ㛵ᚰ஦㡯ࡣࠊჾ⏘ᴗࡸ་⸆ရ⏘ᴗ࡛࠶ࡿࠋ཯ᑐ࡟ࠊฟ∧ᴗࠊ㣗ရࠊぶ఍♫ࡢ౯್ࢆ᭱኱໬ࡍࡿࡇ࡜࡟࠶ࡿࡓࡵࠊぶ఍♫㟁Ꮚᶵჾ⏘ᴗ࡞࡝ࡣࠊ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤ௨እࡢ㒔ྜ࡟ࡼࡗ࡚ࡣᙜヱᕷሙ࡟࠾࠸࡚࣋ࣥࢳ࣮ࣕ௻

ࡢᡭẁࡀ᭷ຠ㸦ࡍ࡞ࢃࡕ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤࡀᴗ࡜➇ྜࡋ࡚ࡋࡲ࠺࡜࠸࠺ၥ㢟Ⅼ࡞࡝ࡶᣦ᦬ࡉࢀ
ࠋ
࡚࠸ࡿ㸦Park and Steensma, 2012㸧࣋ࣥࢳ࣮ࣕ௻ᴗࡢどⅬ࡟❧࡚ࡤࠊ
CVC ࠿ࡽࡢฟ㈨ࢆཷࡅධࢀࡿࡇ࡜࡛ࠊ⮬♫ࡢᣢࡘ㈨※ࢆ⬣࠿ࡉࢀࡿ࡜࠸࠺ࣜࢫࢡࡶᏑᅾࡍࡿࠋࡑࢀࡺ࠼ࠊ࣋ࣥࢳ࣮ࣕ௻ᴗࡀ CVC ࠿ࡽࡢฟ㈨ࢆཷࡅධࢀࡿࡢࡣࠊCVC ࡢぶ఍♫ࡢᣢࡘ⿵᏶㈨⏘ࡀᙜヱ࣋ࣥࢳ࣮ࣕ࡟࡜ࡗ࡚㔜せ࡛࠶ࡿሙྜࡸࠊ▱ⓗ㈈⏘ࡢಖㆤࡸ⛎ᐦಖᣢ࡟ᑐࡍࡿ
⮬♫ࡢᑐ⟇ࡀ୓඲࡛࠶ࡿሙྜ࡟㝈ࡽࢀࡿࡇ࡜ࡀ♧၀ࡉࢀ࡚࠸ࡿ㸦Katila, Rosenberger and Eisenhardt,
2008㸧ࠋࡇ࠺ࡋࡓ࣋ࣥࢳ࣮ࣕ௻ᴗ࡟࡜ࡗ࡚ࡢ⬣ጾࡣࠊCVC
࠿ࡽࡢฟ㈨ࢆཷࡅධࢀࡓᚋ࡟㝈ࡽࡎࠊฟ㈨ࢆཷࡅධ

ᙅ࠸㸧࡛࠶ࡿ࡜ᅇ⟅ࡉࢀࡓࠋ
Dushnitsky and Shaver㸦2009㸧ࡢศᯒ࡟ࡼࢀࡤࠊ
≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤࡀᙉ࠸⏘ᴗ࡛ࡣࠊྠ୍⏘ᴗෆࡢ CVC ࡟ࡼࡿᢞ㈨ࡀᐇ⌧ࡋࡸࡍ࠸ഴྥ࡟࠶ࡿ୍
᪉࡛ࠊ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤࡀᙅ࠸⏘ᴗ࡛ࡣࠊྠ
୍⏘ᴗෆࡢ CVC ࡟ࡼࡿᢞ㈨ࡀᐇ⌧ࡋ࡟ࡃ࠸ഴྥ࡟
࠶ࡿࠋࡑࡋ࡚ࡑࡢ⌮⏤࡜ࡋ࡚ࠊIT ⏘ᴗࡸࢹࣂ࢖ࢫ⏘ᴗ࡛ࡣࠊ≉チ⠊ᅖࡢ≉ᐃࡢ㞴ࡋࡉࡸࠊࣜࣂ࣮ࢫ࣭࢚
ࣥࢪࢽ࢔ࣜࣥࢢࡢၥ㢟ࡀᏑᅾࡍࡿࡓࡵࠊ௻ᴗᐙ࡟ࡼ
ࡿᢞ㈨ᐙ࡟ᑐࡍࡿ༑ศ࡞᝟ሗࡢ㛤♧ࡀ⾜ࢃࢀ࡟ࡃࡃࠊ
཯ᑐ࡟ࠊ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤࡀᙉຊ࡞་⸆ရ⏘ᴗࠊࣂ࢖࢜ࢸࢡࣀࣟࢪ࣮⏘ᴗࠊᡭ⾡⿦⨨࡞࡝ࡢ⏘ᴗ࡛ࡣࠊ᝟ሗ㛤♧ࡀ⾜ࢃࢀࡸࡍ࠸Ⅽ࡛࠶ࡿࡇ࡜ࡀ♧၀

9(1785(5(9,(:1R6HSWHPEHU

ࡉࢀ࡚࠸ࡿࠋ

࡚ᚓࡽࢀࡿᏛ⩦ࡢ࣓࢝ࢽࢬ࣒ࡣࠊᚲࡎࡋࡶᢏ⾡ࡸ࢔ࡑࡢ୍᪉࡛ࠊ
CVC ᢞ㈨ࡀぶ఍♫࡛࠶ࡿ஦ᴗ఍♫ࡢ࢖ࢹ࢕࢔ࡢᶍೌ࡟㝈ᐃࡉࢀࡿࢃࡅ࡛ࡣ࡞࠸ࠋ
౛࠼ࡤࠊ௻ᴗ౯್㸦Dushnitsky and Lenox, 2005㸧ࡸ࢖ࣀ࣋Ṥ࡝ࡢ࣋ࣥࢳ࣮ࣕ௻ᴗࡣࠊࢫࢱ࣮ࢺ࢔ࢵࣉẁ㝵࡛ࡣ࣮ࢩࣙࣥࣃࣇ࢛࣮࣐ࣥࢫ㸦⿕ᘬ⏝ᩘ࡛㔜ࡳ௜ࡅࡋࡓ

㠀ୖሙ௻ᴗ࡛࠶ࡿࡓࡵࠊ
CVC ᢞ㈨ࢆ⾜࡞ࡗ࡚࠸ࡿ஦≉チᩘ㸧㸦Dushnitsky and Lenox, 2006㸧࡟᭷ព࡞ᴗ఍♫ࡣࠊ㠀㐃⥆࡞ᢏ⾡ኚ໬ࡢ඙ೃ࡬ࡢㄆ▱ࡸṇࡢᙳ㡪ࢆ୚࠼ࡿࡢࡣࠊ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤࡀ㸦Maula, Keil and Zahra, 2013㸧
ࠊ㈙཰ᑐ㇟ࡢ᥈⣴ᙅ࠸⏘ᴗ࡟㝈ᐃࡉࢀࡿࡇ࡜ࡀ⤫ィⓗ࡟ࡶ᳨ドࡉࢀ࡚ࡸホ౯㸦Benson and Ziedonis, 2009㸧࡜࠸ࡗࡓⅬ࡟࠸ࡿࠋDushnitsky and Shaver㸦2009㸧ࡣࠊࡇ࠺ࡋ

࠾࠸࡚ࠊ
CVC ᢞ㈨ࢆ⾜࡞ࡗ࡚࠸࡞࠸஦ᴗ఍♫ࡼࡾࡶࡓ⌧㇟ࢆࠕCVC ࡢࣃࣛࢻࢵࢡࢫࠖ࡜࿧⛠ࡋࡓࠋࡍ࡞

᝟ሗ㠃ࡢ࢔ࢻࣂࣥࢸ࣮ࢪࢆ᭷ࡋ࡚࠸ࡿࠋ࡜ࡾࢃࡅࠊ

ࢃࡕࠊ≉チ࡟ࡼࡿ▱㈈ಖㆤࡀᙅ࠸㸦ᙉ࠸㸧⏘ᴗ࡛ࡣࠊ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ࡢಖㆤࡀᙉຊ࡛ᶍೌࣜࢫࢡࡢప

CVC ᢞ㈨ࡀ஦ᴗ఍♫ࡢ௻ᴗ౯್ࡸ࢖ࣀ࣮࣋ࢩࣙࣥ

࠸⏘ᴗ࡛ࡣࠊ௻ᴗᐙࡀ᝟ሗࢆ⛎༏ࡍࡿ࢖ࣥࢭࣥࢸ࢕

ࣃࣇ࢛࣮࣐ࣥࢫ࡟ᙳ㡪ࢆ୚࠼ࡿ㸦୚࠼࡞࠸㸧ࡀࠊྠࣈࡣ┦ᑐⓗ࡟పࡃ࡞ࡿ㸦Anton and Yao, 2002㸧ࡓ୍⏘ᴗෆ࡛ࡢCVCᢞ㈨ࡣᡂ❧ࡋ࡟ࡃ࠸㸦ࡋࡸࡍ࠸㸧ࡵࠊCVC ᢞ㈨ࢆ⾜࡞ࡗ࡚࠸ࡿ஦ᴗ఍♫࡜ࠊࡑ࠺࡛࡞

࡜࠸࠺ࣃࣛࢻࢵࢡࢫ࡛࠶ࡿࠋ

࠸஦ᴗ఍♫࡟࠾ࡅࡿᙜヱᢏ⾡࡟㛵ࡍࡿ᝟ሗࡢ⵳✚ࡢࡇࡢ࢖ࣥࣉࣜࢣ࣮ࢩࣙࣥࡀṇࡋ࠸࡜ࡍࡿ࡜ࠊ≉チ㛤ࡁࡣ኱ࡁࡃ࡞ࡿ࡜⪃࠼ࡽࢀࡿࠋ

࡟ࡼࡿ▱ⓗ㈈⏘ࡢಖㆤࡀᙉ࠸⏘ᴗ࡟࠾࠸࡚ࠊ
CVC ᢞ

Benson and Ziedonis㸦2009㸧ࡀᣦ᦬ࡍࡿࡼ࠺࡟ࠊ㈨ࡀ┒ࢇ࡞⌮⏤࡟ᑐࡋ࡚ࠊ㈈ົⓗ࡞ࣜࢱ࣮ࣥࡢ㏣ồ

ࡇ࠺ࡋࡓ᝟ሗࡢ⵳✚ࡣᙜヱᢏ⾡ศ㔝࡟࠾ࡅࡿ⤌⧊እ௨እࡢྜ⌮ⓗ࡞ㄝ᫂ࡀᅔ㞴࡜࠸࠺ၥ㢟ࡀ⏕ࡌ࡚ࡋࡲ㒊ࡢ▱㆑ࡢ౯್ࢆㄆ㆑࣭ホ౯ࡋࠊࡑࢀࢆ⋓ᚓࡍࡿ⬟࠺ࠋࡋ࠿ࡋࠊ࣮࢝ࢿࢠ࣮࣓ࣟࣥࢧ࣮࣋࢖࡛≉チ࡟ࡼຊ㸦Cohen and Levinthal, 1990; Zahra and Geroge,ࡿ▱ⓗ㈈⏘ࡢಖㆤࡀᙉ࠸࡜ศ㢮ࡉࢀ࡚࠸ࡿ་⸆ရ⏘2002㸧࡟ᙳ㡪ࢆ୚࠼ࡿࠋࡑࢀࡺ࠼ࠊCVC ᢞ㈨ࢆ㏻ᴗ࡛ࡣࠊᖺࠎ㧗ࡲࡿ〇⸆఍♫࡟ࡼࡿࣂ࢖࢜࣋ࣥࢳࣕ

ࡌࡓ஦ᴗ఍♫ࡢᢏ⾡᥈⣴ࡣࠊᙜヱᢏ⾡ศ㔝࡟࠾ࡅࡿ࣮࡬ࡢ౫Ꮡ㸦ඖᶫࠊ2009; 㧗㫽࣭୰ᮧ࣭㛗ᒸ࣭ᮏᗉࠊ

▱㆑ࡢ⵳✚ࢆ㏻ࡌ࡚୙☜ᐇᛶࢆపῶࡉࡏࠊᡭ⥆ࡁⓗ2009; ኱ཎࠊ2010㸧ࢆ㋃ࡲ࠼ࠊ኱ᡭ〇⸆఍♫ࡢᖿ㒊ྜ⌮ᛶࢆྥୖࡉࡏࡿࡇ࡜ࡀ࡛ࡁࡿ㸦Fosfuri and⮬ࡽ CVC ᢞ㈨ࡢ᭷ຠᛶࢆ୺ᙇࡍࡿࡼ࠺࡟࡞ࡗ࡚࠸

Tribo, 2008; Maritan, 2001㸧
ࠋࡿ (Ernst and Young, 2012 p.21)ࠋ

ࡘࡲࡾࠊ୙☜ᐇᛶࡢ㧗࠸᮲௳ୗ࡟࠾࠸࡚ࠊCVC ᢞࡇ࠺ࡋࡓ⏘ᴗ⏺ࡢ⌧≧ࢆ㋃ࡲ࠼ࢀࡤࠊ
CVC ᢞ㈨ࡀ

㈨ࢆ⾜࡞ࡗ࡚࠸ࡿ஦ᴗ఍♫ࡀ♫እ࠿ࡽ⋓ᚓࡍࡿ▱ⓗ஦ᴗ఍♫ࡢࣃࣇ࢛࣮࣐ࣥࢫ୚࠼ࡿᙳ㡪࡟ࡣࠊඛ⾜◊㈈⏘ࡢ౯್ࡣࠊ
CVC ᢞ㈨ࢆ⾜࡞ࡗ࡚࠸࡞࠸஦ᴗ఍♫✲࡟ࡼࡗ࡚♧၀ࡉࢀ࡚ࡁࡓࡶࡢ࡜ࡣ␗࡞ࡿ࣓࢝ࢽࢬ

ࡀ⋓ᚓࡍࡿ▱ⓗ㈈⏘ࡼࡾࡶ౯್ࡀ㧗࠸࡜⪃࠼ࡿࡇ࡜࣒ࡀᏑᅾࡍࡿࡢ࡛ࡣ࡞࠸࠿࡜࠸࠺␲ၥࡀᑟࡁฟࡉࢀ

ࡀ࡛ࡁࡿࠋࡇࡢ᫬ࠊྜ⌮ⓗ࡞ᕷሙࢆ௬ᐃࡍࢀࡤࠊ௻

ࡿࠋࡑࡇ࡛ᮏ✏࡛ࡣࠊḟ⠇௨㝆ࠊ࡝ࡢࡼ࠺࡞᫬࡟

ᴗࡢᣢࡘ▱ⓗ㈈⏘࠿ࡽᑗ᮶࡟Ώࡗ࡚⏕ࡳฟࡉࢀࡿ཰

㸦when㸧
ࠊࡲࡓࡣ࡝ࡢࡼ࠺࡟㸦how㸧ࠊCVC ᢞ㈨ࡣ

┈ࡢ๭ᘬ౯್ࡣࠊ௻ᴗࡢᕷሙ౯್࡟➼ࡋࡃ࡞ࡿ஦ᴗ఍♫ࡢࣃࣇ࢛࣮࣐ࣥࢫ࡟ṇࡢᙳ㡪ࢆ୚࠼ࡿࡢ࠿ࠊ

㸦Griliches, 1981㸧ࠋ୍⯡ⓗ࡟ࠊᢞ㈨ண⟬つᶍࡀ኱ࡁ࡜࠸࠺ၥ࠸࡟ᑐࡋ᳨࡚ウࡋ࡚ࡃࠋ࠸࡯࡝ᢞ㈨ᑐ㇟௻ᴗ࡜ࡢࢫࢡ࣮ࣜࢽࣥࢢࡢᶵ఍ࡸࢹ
࣮࣭ࣗࢹࣜࢪ࢙ࣥࢫࡢᶵ఍ࡀከ࠸ࡇ࡜ࢆ⪃៖࡟࠸ࢀ&9& ᢞ㈨ࢆ㏻ࡌࡓ᝟ሗࡢ⵳✚࡟ࡼࡿ୙☜ᐇᛶࡢࢀࡤࠊḟࡢ௬ㄝࡀᑟࡁฟࡉࢀࡿࠋ

పῶ
Dushnitsky ࡽࡢ୍㐃ࡢ◊✲㸦Dushnitsky and௬ㄝ 1㸸CVC ᢞ㈨ࡀከ࠸࡯࡝ࠊ୙☜ᐇᛶࡢ㧗࠸

Lenox, 2005; 2006; Dushnitsky and Shaver, 2009㸧♫እࡢ▱ⓗ㈈⏘ࡢ⋓ᚓᩘࡀ௻ᴗ౯್࡟ṇ࡟ࡼࡗ࡚ࠊ๓㡯ࡲ࡛࡟㏙࡭࡚ࡁࡓࡼ࠺࡞࢖ࣥࣉࣜࢣ

ࡢᙳ㡪ࢆ୚࠼ࡿࠋ

࣮ࢩࣙࣥࡀࡶࡓࡽࡉࢀ࡚ࡁࡓ⌮⏤࡜ࡋ࡚ࠊᙼࡽࡢ◊✲㛵ᚰ࡛࠶ࡿࠕCVC ࡀぶ఍♫ࡢࣃࣇ࢛࣮࣐ࣥࢫ࡬ᙳ

୍᪉࡛ࠊ୙☜ᐇᛶࡢపୗࡋࡓ▱ⓗ㈈⏘ࡣࠊᙜヱᢏ㡪ࢆ୚࠼ࡿ࣓࢝ࢽࢬ࣒ࠖࡀࠊ࣋ࣥࢳ࣮ࣕ௻ᴗࡢ࢔࢖

⾡ศ㔝࡟࠾ࡅࡿ㐣ཤࡢ⤒㦂ࡢ⵳✚ࡢከᐻ࡟㛵ࢃࡽࡎࠊࢹ࢕࢔ࡸᢏ⾡࡟ᑐࡍࡿᶍೌ࡟㝈ᐃࡉࢀ㐣ࡂ࡚࠸ࡿ࡜

୙☜ᐇᛶࡢ㧗࠸▱ⓗ㈈⏘ࡼࡾࡶ┦ᑐⓗ࡟ࡣ┠฼ࡁࡀ

࠸࠺Ⅼࡀᣲࡆࡽࢀࡿࡢ࡛ࡣ࡞࠸ࡔࢁ࠺࠿ࠋ

ᐜ᫆࡟࡞ࡿ࡜⪃࠼ࡽࢀࡿ㸦Fosfri and Tribo, 2008㸧ࠋࡋ࠿ࡋࠊ஦ᴗ఍♫ࡀ CVC ᢞ㈨ࢆ⾜࠺ࡇ࡜࡟ࡼࡗ



9(1785(5(9,(:1R6HSWHPEHU

┠฼ࡁࡀᐜ᫆࡟࡞ࡿ࡜࠸࠺ࡇ࡜ࡣࠊ౯್ࡢ㧗࠸▱ⓗ㈈⏘࡛࠶ࢀࡤࠊㄡࡶࡀḧࡋࡀࡿࡓࡵ౯᱁ࡀ㧗㦐ࡍࡿ୺ຊရࡀ≉チษࢀࢆ㏄࠼ࡿ๓࡟ḟࡢ୺ຊရࢆ⥅⥆ⓗ࡛࠶ࢁ࠺ࡋࠊ౯್ࡢప࠸▱ⓗ㈈⏘ࡣㄡࡶ⋓ᚓࡋࡼ࠺

࡟ᕷሙ࡟㏦ࡾฟࡍࡇ࡜ࡀồࡵࡽࢀࡿࠋࡑࢀࡺ࠼ࠊ〇࡜ࡣࡋ࡞࠸࡜⪃࠼ࡿࡢࡀ⮬↛࡛࠶ࢁ࠺ࠋࡘࡲࡾࠊ୙

⸆఍♫ࡸࣂ࢖࢜࣋ࣥࢳ࣮ࣕࡣࠊ⮬♫ࡢࣃ࢖ࣉࣛ࢖ࣥ

☜ᐇᛶࡢపୗࡋࡓ▱ⓗ㈈⏘࠿ࡽࡣࠊ௻ᴗࡣ኱ࡁ࡞ࣞ

ࡀ࡝ࢀࡔࡅ඘ᐇࡋ࡚࠸ࡿ࠿ࢆᢞ㈨ᐙ࡟ྥࡅ࡚බ⾲ࡍࣥࢺ㸦㉸㐣฼₶㸧
ࢆᚓࡿࡇ࡜ࡣฟ᮶࡞࠸ࡣࡎ࡛࠶ࡿࠋ

ࡿࡢ࡛࠶ࡿ 3 ࠋࡋ࠿ࡋࠊ᪤࡟㏙࡭ࡓࡼ࠺࡟ࠊCVC ᢞ㈨ࢆ⾜࡞ࡗ࡚ࡲࡓࠊᮏ✏ࡢ᳨ド࡟〇⸆఍♫ࡢࣃ࢖ࣉࣛ࢖ࣥ᝟ሗ

࠸ࡿ஦ᴗ఍♫ࡣࠊࡑ࠺࡛࡞࠸஦ᴗ఍♫ࡼࡾࡶ᝟ሗ㠃ࢆ⏝࠸ࡿ⌮⏤ࡣḟࡢ㏻ࡾ࡛࠶ࡿࠋ➨ 1 ࡣࠊ་⸆ရ㛤ࡢ࢔ࢻࣂࣥࢸ࣮ࢪࢆ᭷ࡋ࡚࠸ࡿࠋࡴࡋࢁࠊඛ⾜◊✲Ⓨࡣ◊✲㛤Ⓨࡢࣇ࢙࣮ࢬࡀ㐍⾜ࡍࡿ࡟㐃ࢀ࡚ࠊ୙☜࡛ࡣࡇ࠺ࡋࡓ࢔ࢻࣂࣥࢸ࣮ࢪࢆᚓࡿࡓࡵ࡟ࠊ
CVC ᢞᐇᛶࡀ୙ྍ㏫ⓗ࡟పୗࡍࡿ࡜࠸࠺Ⅼ࡛࠶ࡿ㸦Pisano,㈨ࢆ⾜࡞ࡗ࡚࠸ࡿྍ⬟ᛶࡍࡽ♧၀ࡉࢀࡿ

2006㸧
ࠋ་⸆ရࡢ◊✲㛤Ⓨࣇ࢙࣮ࢬࡣ኱ࡁࡃศࡅ࡚ࠊ

㸦Chesbrough, 2002; Benson and Ziedonis, 2009㸧ࠋື≀ࢆᑐ㇟࡟ࡋࡓ㠀⮫ᗋヨ㦂ࠊ೺ᖖேࢆᑐ㇟࡟Ᏻ඲

ࡇ࠺ࡋࡓ≧ἣࢆ⪃៖࡟ධࢀࡓ᫬࡟ࠊ
CVC ᢞ㈨ࢆ⾜࠸ᛶࢆホ౯ࡍࡿࡇ࡜ࢆ┠ⓗ࡜ࡋࡓࣇ࢙࣮ࢬ 1㸦P1㸧ヨ᝟ሗ㠃࡛࢔ࢻࣂࣥࢸ࣮ࢪࢆ᭷ࡋ࡚࠸ࡿࡣࡎࡢ௻ᴗࡀࠊ

㦂ࠊᑡᩘࡢᝈ⪅ࢆᑐ㇟࡟ࡋࡓࣇ࢙࣮ࢬ 2㸦P2㸧ヨ㦂ࠊࣞࣥࢺࢆ⏕ࡳฟࡋ࡟ࡃ࠸▱ⓗ㈈⏘ࢆ⋓ᚓࡍࡿ࡜࠸࠺

ከᩘࡢᝈ⪅ࢆᑐ㇟࡟ࡋࡓࣇ࢙࣮ࢬ 3 ヨ㦂㸦P3㸧ヨ㦂⾜Ⅽࡣࠊᕷሙ࠿ࡽホ౯ࡉࢀࡿࡶࡢ࡛ࡣ࡞࠸࡜⪃࠼ࡿ

ࡢ 4 ࡘࡢࣇ࢙࣮ࢬ࠿ࡽᵓᡂࡉࢀࡿࠋࡼࡾ᪩ᮇࡢࣇ࢙

ࡇ࡜ࡀ࡛ࡁࡿࠋࡺ࠼࡟ࠊḟࡢ௬ㄝࡀᑟࡁฟࡉࢀࡿࠋ

࣮ࢬ࡯࡝୙☜ᐇᛶࡀ㧗ࡃࠊᚋᮇࣇ࢙࣮ࢬ࡟㐍ࡴ࡯࡝୙☜ᐇᛶࡀపୗࡍࡿ㸦Pisano, 2006㸧
ࠋࡑࢀࡺ࠼ࠊᙜ

௬ㄝ 2㸸CVC ᢞ㈨ࡀከ࠸࡯࡝ࠊ୙☜ᐇᛶࡢప࠸

ヱࢩ࣮ࢬ㸦་⸆ရೃ⿵ရ㸧ࡢ୙☜ᐇᛶࡣࠊ◊✲㛤Ⓨ♫እࡢ▱ⓗ㈈⏘ࡢ⋓ᚓᩘࡀ௻ᴗ౯್࡟㈇ࡢࣇ࢙࣮ࢬࡢ࡝ࡢẁ㝵࡟࠶ࡿ࠿࡜࠸࠺᝟ሗ࡟ࡼࡗ࡚

ࡢᙳ㡪ࢆ୚࠼ࡿࠋ

࠶ࡿ⛬ᗘྍど໬ࡉࢀ࡚࠾ࡾࠊ୙☜ᐇᛶࢆ᧯స໬ࡍࡿᚲせࡀ࠶ࡿᮏ✏ࡢ᳨ド࡜ぶ࿴ᛶࡀ㧗࠸ࠋ᳨ド᪉ἲ
ࢧࣥࣉࣝࢹ࣮ࢱ࠾ࡼࡧ⏘ᴗࡢ⫼ᬒ➨ 2 ࡣࠊ㏆ᖺࡢ་⸆ရ⏘ᴗ࡛ࡣࠊ♫እࡢࢩ࣮ࢬࢆ
ຠᯝⓗ࡟ᑟධࡍࡿࡇ࡜ࡢ㔜せᛶࡀࡲࡍࡲࡍ㧗ࡲࡗ࡚࠸ࡿ࡜࠸࠺Ⅼ࡛࠶ࡿࠋ㏆ᖺࡢ〇⸆఍♫ࡣ⮬♫ࡢ◊✲ᮏ✏ࡢࣜࢧ࣮ࢳࢡ࢚ࢫࢳࣙࣥ࡟ᑐࡋ᳨࡚ウࡋ࡚࠸ᡤ࡛๰ฟࡉࢀࡓ᪂⸆ࢆୡ࡟㏦ࡾฟࡍࡇ࡜࡟ⱞᡓࡋ࡚

ࡃୖ࡛ࡣࠊ≉チ࡟ࡼࡿ▱ⓗ㈈⏘ಖㆤࡀᙉ࠸⏘ᴗࢆᑐ࠾ࡾࠊ୺ຊရࡢ≉チษࢀ࡟ࡼࡿ኎ࡾୖࡆࡢపୗࢆ

㇟࡜ࡋ࡚ྲྀࡾୖࡆࡿᚲせࡀ࠶ࡿࠋࡑࡇ࡛ࠊ๓⠇ࡲ࡛

M&A ࡸࣛ࢖ࢭࣥࢫ࢖ࣥ࡟ࡼࡗ࡚ᑟධࡋࡓ་⸆ရࡢ

࡟ᑟࡁฟࡉࢀࡓ௬ㄝ࡟ᑐࡋ࡚ࠊ་⸆ရ⏘ᴗ࡟࠾ࡅࡿ

኎ୖ㧗࡛⿵ࡗ࡚࠸ࡿࡢࡀᐇ᝟࡛࠶ࡿ 4 ࠋ஦ᐇࠊ2008〇⸆఍♫ࡢࣃ࢖ࣉࣛ࢖ࣥ᝟ሗࡢࣃࢿࣝࢹ࣮ࢱࢆ⏝࠸ᖺ௨㝆࡟ FDA㸦⡿ᅜ་⸆㣗ရᒁ㸧࡟ᢎㄆࡉࢀࡓ᪂⸆᳨࡚ドࢆ⾜࠺ࠋ
ࠕࣃ࢖ࣉࣛ࢖ࣥࠖ࡜ࡣࠊ࠶ࡿ〇⸆఍♫ᩘࡣࠊ〇⸆఍♫⏤᮶ࡢࡶࡢࢆࠊ኱Ꮫࡸ࣋ࣥࢳ࣮ࣕ⏤ࡸࣂ࢖࢜࣋ࣥࢳ࣮ࣕࡀࠊ࡝ࢀࡔࡅࡢ་⸆ရೃ⿵ࢆᡤ

᮶ࡢࡶࡢࡀẖᖺୖᅇࡾ⥆ࡅ࡚࠸ࡿࠋࡇࡢࡼ࠺࡞⌧≧᭷ࡋ࡚࠸ࡿ࠿ࢆ◊✲㛤Ⓨࡢࣇ࢙࣮ࢬࡈ࡜࡟ࣜࢫࢺ໬

࡟࠾࠸࡚ࡣࠊ௚♫ࡀᣢࡘ᭷ᮃ࡞ࣉࣟࢲࢡࢺࢆ⋓ᚓࡍࡋࡓࡶࡢ࡛࠶ࡿࠋࣃ࢖ࣉࣛ࢖ࣥ᝟ሗࡣࠊ〇⸆఍♫ࡸࡿࡇ࡜ࡣࠊ⮬♫ෆࡢ R&D ࡜ྠᵝ࡟㔜せ࡞άື࡛࠶

ࣂ࢖࢜࣋ࣥࢳ࣮ࣕࡢᑗ᮶࡟࠾ࡅࡿ཰┈ຊࢆࡣ࠿ࡿୖ

ࡿࠋࡓࡔࡋࠊ᪤࡟㏙࡭ࡓ㏻ࡾࠊ་⸆ရࡢ◊✲㛤Ⓨࡣ࡛ᴟࡵ࡚㔜せ࡞ᣦᶆ࡜࡞ࡿࠋ་⸆ရ⏘ᴗ࡛ࡣࠊ᪂⸆

ࣇ࢙࣮ࢬࡀ㐍ࡴ࡯࡝୙☜ᐇᛶࡀపୗࡍࡿࡓࡵࠊᚋᮇ

ࡀ≉チ࡟ࡼࡗ࡚ಖㆤࡉࢀ࡚࠸ࡿᮇ㛫ࡣ⊂༨ⓗ࡟཰┈ࣇ࢙࣮ࢬࡢࣉࣟࢲࢡࢺ࡯࡝〇⸆఍♫ྠኈ࡟ࡼࡿ⋓ᚓࢆୖࡆࡿࡇ࡜ࡀ࡛ࡁࡿ୍᪉࡛ࠊ୍ᗘ≉チࡀษࢀ࡚ࡋ

➇தࡀ⃭ࡋࡃ࡞ࡾࠊᚲ↛ⓗ࡟౯᱁ࡶ㧗㦐ࡍࡿ㸦⾲ 1㸧ࠋࡲ࠺࡜ࢪ࢙ࢿࣜࢵࢡ་⸆ရ࡞࡝ࡢᚋⓎ⸆࡟ᕷሙࢆዣ

ࡑࢀࡺ࠼ࠊ᭷ᮃ࡞ࣉࣟࢲࢡࢺࢆ࡛ࡁࡿࡔࡅ᪩ᮇࡢࣇ

ࢃࢀ࡚ࡋࡲ࠺ࡓࡵࠊ኱ࡁࡃ኎ࡾୖࡆࡀపୗࡋ࡚ࡋࡲ࢙࣮ࢬ࡟ぢᴟࡵࡿࠕ┠฼ࡁຊࠖࢆࡶࡘࡇ࡜ࡀ㔜せ࡟࠺ࠋ࡞ࡗ࡚ࡃࡿࡢ࡛࠶ࡿࠋ஦ᐇࠊ᪥⡿Ḣ୺せᅜࡢ࢔ࣛ࢖

౛࠼ࡤࠊࣇ࢓࢖ࢨ࣮♫ࡢ㧗⬡⾑⑕἞⒪⸆࡛࠶ࡿࣜ

࢔ࣥࢫㄪᰝ㸦㧗㫽࡯࠿ࠊ2009㸧࡟ࡼࢀࡤࠊ〇⸆఍♫ࣆࢺ࣮ࣝࡣࠊ≉チษࢀ┤๓ࡢ 2011 ᖺᗘ࡟඲ୡ⏺ྜ࡟ࡼࡿࣂ࢖࢜࣋ࣥࢳ࣮ࣕ࠿ࡽࡢࣉࣟࢲࢡࢺࢆᑟධࡋ

ィ࡛ 108 ൨ࢻࣝ㸦༢ᖺ㸧ࢆ኎ࡾୖࡆ࡚࠸ࡓࡀࠊ≉チࡓࣇ࢙࣮ࢬࡣࠊ
50%௨ୖࡀ㠀⮫ᗋヨ㦂ࡢẁ㝵࡛࠶ࡿࠋࡀษࢀࡓ2012ᖺ࡟ࡣ኎ୖ㧗ࡀ50൨ࢻࣝ࡟ࡲ࡛ῶᑡ

௨ୖ࡟ᣲࡆࡓ⌮⏤࠿ࡽࠊᮏ✏ࡢ௬ㄝࢆ᳨ドࡍࡿࢧࡋ࡚ࡋࡲࡗࡓࠋࡇࡢࡼ࠺࡟ࠊ་⸆ရࡢ◊✲㛤Ⓨࡣࠊࣥࣉࣝࢹ࣮ࢱ࡜ࡋ࡚་⸆ရ⏘ᴗࢆ⏝࠸ࡿࡇ࡜ࡣ┦ᛂ

9(1785(5(9,(:1R6HSWHPEHU

ࡋ࠸࡜ุ᩿ࡋࡓࠋ᳨ド࡟㝿ࡋ࡚ࡣࠊ〇⸆௻ᴗ࠾ࡼࡧ

ࢢࡀ⏕ࡌ࡚ࡋࡲ࠺ࠋ

ࣂ࢖࢜࣋ࣥࢳ࣮ࣕ࡞࡝ࠊ་⸆ရ⏘ᴗ࡟࠾ࡅࡿ࠶ࡽࡺ

ࡑࡇ࡛ࠊࡇ࠺ࡋࡓၥ㢟ࢆᅇ㑊ࡍ࡭ࡃࠊ௻ᴗࡀᣢࡘ

ࡿࢹ࣮ࢱࢆ⥙⨶ࡋࡓࢹ࣮ࢱ࣮࣋ࢫ࡛࠶ࡿ Evaluate

R&D ㈨⏘࡞࡝ࡢ↓ᙧ㈨⏘ࡀ௻ᴗ౯್࡟୚࠼ࡿᙳ㡪

Pharma ࠿ࡽࢹ࣮ࢱࢆྲྀᚓࡋࡓࠋࢆ᳨ドࡋࡓ Griliches㸦1981㸧ࢆ㋃ࡲ࠼ࠊᮏ✏࡛ࡣࢧࣥࣉࣝᮇ㛫ࡣࠊ
2003 ᖺ࠿ࡽ2013 ᖺࡲ࡛࡛࠶ࡿࠋ

ࢺ࣮ࣅࣥࡢ q ࢆ⏝࠸࡚ࠊ↓ᙧ㈨⏘ࡀ௻ᴗ౯್࡟୚࠼

ࡇࢀࡣྠࢹ࣮ࢱ࣮࣋ࢫ࡟࠾࠸࡚ࠊ㈈ົ᝟ሗࢆ㐳ࡗ࡚ࡿᙳ㡪ࢆホ౯ࡍࡿ㸦Griliches, 1981; Dushnitskyྲྀᚓྍ⬟࡞᭱㛗ᮇ㛫࡛࠶ࡿࠋࢧࣥࣉࣝࡢᑐ㇟ࡣࠊ

and Lenox, 2006; 㧗㫽࡯࠿ࠊ2009㸧
ࠋ

2013 ᖺ᫬Ⅼ࡟࠾ࡅࡿࢢ࣮ࣟࣂࣝࡢ኎ୖ㧗ୖ఩ 50 ♫ࡇࢀࡣࠊྜ⌮ⓗ࡞ᰴᘧᕷሙࢆ௬ᐃࡍࢀࡤࠊ௻ᴗࡢ

ࡢ࠺ࡕࠊ㈈ົ᝟ሗࡀබ㛤ࡉࢀ࡚࠸ࡿୖሙ௻ᴗ 44 ♫௻ᴗ౯್ࡣࠊᙜヱ௻ᴗࡢ㈨ᮏࢫࢺࢵࢡ㸦᭷ᙧࠊ↓ᙧ㸧࡜ࡋ࡚࠸ࡿࠋࡋࡓࡀࡗ࡚ࠊ2003 ᖺ࠿ࡽ 2012 ᖺࡲ࡛࠿ࡽⓎ⏕ࡋࡓ฼₶ࡢ⌧ᅾ౯್࡜➼ࡋࡃ࡞ࡿ࡜࠸࠺⪃ࡢ㛫࡟྾཰ྜేࡉࢀࡓ௻ᴗࡣࢧࣥࣉࣝᑐ㇟࠿ࡽ㝖እ࠼᪉࡟ᇶ࡙ࡃࡶࡢ࡛࠶ࡿ㸦㧗㫽࡯࠿ࠊ2009㸧ࠋࡉࢀ࡚࠸ࡿࠋࡇࡇ࡛ࠊࢧࣥࣉࣝᑐ㇟ࡀ↓సⅭᢳฟ࡛

௨ୖࢆ㋃ࡲ࠼ࠊḟࡢࡼ࠺࡞ᐃᘧ໬ࢆ⪃࠼ࡿࠋࡣ࡞࠸࡜࠸࠺Ⅼࡀၥ㢟࡜ࡋ࡚ᣲࡆࡽࢀࡿࡀࠊ኎ୖ㧗ࡢᑠࡉ࠸〇⸆఍♫ࡣࠊࡑࡶࡑࡶ◊✲㛤Ⓨࣇ࢙࣮ࢬ࡟

Vit = a(Ait + K it)(1)࠶ࡿࢩ࣮ࢬࢆ♫እ࠿ࡽᑟධࡍࡿ࡜࠸࠺௻ᴗ⾜ືࢆ⾜

a = exp(mi + dt +uit)(2)ࢃ࡞࠸ഴྥ࡟࠶ࡿࠋ་⸆ရ⏘ᴗ࡛ࡣࠊ◊✲㛤Ⓨ㈝ࡢ
ண⟬ࡣᴫࡡ኎ୖ㧗࡟ẚ౛ࡋ࡚࠾ࡾࠊ኎ୖ㧗ࡢᑡ࡞࠸

ࡇࡇ࡛ࠊVit ࡣ⌧ᅾࡢ௻ᴗ౯್ࠊAit ࡣ௻ᴗࡀᣢࡘ᭷

〇⸆఍♫ࡀ௚♫࠿ࡽᑟධࡍࡿࣛ࢖ࢭࣥࢫࡣࠊ୙☜ᐇᙧ㈨⏘ࠊKit ࡣ↓ᙧ㈨⏘ࠊa ࡣࡑࢀࡽࡢ㈨⏘ࢆᕷሙ౯ᛶࡢ㧗࠸ୖᕷ๓ࡢࢩ࣮ࢬ࡛ࡣ࡞ࡃࠊୖᕷ῭ࡳࡢ〇ရ್࡟཯ᫎࡉࡏࡿಀᩘ࡛࠶ࡿࠋࡉࡽ࡟ࠊmi ࡣ௻ᴗ i ࡀ࡟ᑐࡍࡿ⮬ᅜᕷሙ࡟㝈ᐃࡋࡓ㈍኎ᥦᦠ࡞࡝ࠊ࣮ࣟࣜ

ᣢࡘ⤒ᖺ࡛ኚ໬ࡋ࡞࠸ほ ୙⬟࡞ᅛ᭷ࡢຠᯝࠊdt ࡣࢫࢡ࣭࣮ࣟࣜࢱ࣮ࣥࡢᡭẁࢆྲྀࡿࢣ࣮ࢫࡀከ࠸ࠋࡇ

t ᖺ࡟࠾ࡅࡿほ ୙⬟࡞࣐࣮ࢣࢵࢺຠᯝࠊuit ࡣࠊ௻ᴗ i ࠾ࡼࡧ t ᖺᅛ᭷ࡢຠᯝࡲࡓࡣㄗᕪ࡛࠶ࡿࠋ

ࡢࡼ࠺࡞஦᝟࠿ࡽࠊᮏ᳨ド࡟࠾࠸࡚ࡣࠊࢧࣥࣉࣝᑐ

ࢺ࣮ࣅࣥࡢ q ࡣࠊ௻ᴗ౯್ Vit ࡜᭷ᙧ㈨⏘ࡢ Ait ࡢ㇟ࢆ኎ୖ㧗ୖ఩ࡢ௻ᴗ࡟㝈ᐃࡍࡿࡇ࡜࡟ࡼࡿ῝้࡞ࣂ࢖࢔ࢫࡀ⏕ࡌࡿྍ⬟ᛶࡣప࠸࡜ุ᩿ࡋࡓࠋ

ẚ⋡࡜ࡋ࡚ᐃ⩏ࡉࢀࡿࠋࡺ࠼࡟ࠊ(1)ᘧࡢ୧㎶ࢆ Ait࡛๭ࡿ࡜ࠊ⾲ ་⸆ရࢩ࣮ࢬࡢ㛤Ⓨᡂຌ⋡࡜ᖹᆒ㈝⏝



ࣇ࢙࣮ࢬ

Qit = Vit / Ait = a(Ait + K it) / Ait

(3)

ḟࣇ࢙࣮ࢬ

໬ྜ≀Ⓨぢ࠿

࡬㐍ࡵࡿ☜

ࡽࡢ㏻⟬ࡢ⏕

⋡Ꮡ⋡࡜࡞ࡿࠋࡲࡓࠊ(3)ᘧࡢᑐᩘࢆ࡜ࡿ࡜(4)ᘧ࡜࡞ࡿࠋ

◊✲㸦㠀⮫ᗋ

69%

35.1%

ᖹᆒ㈝⏝

5 ⓒ୓ࢻࣝ

logQit = logVit / Ait = mi + dt +log(1 + K it/Ait ) +ヨ㦂㸧㛤Ⓨ㸦P1㸧

54%

19%

uit

15 ⓒ୓ࢻࣝ

(4)

㛤Ⓨ㸦P2㸧

34%

6%40 ⓒ୓ࢻࣝ



㛤Ⓨ㸦P3㸧

70%

4.5%

150 ⓒ୓ࢻ

ࡉࡽ࡟ࠊlog(1 + x)ࡣ x ࡀ༑ศ࡟ᑠࡉ࠸ࡇ࡜ࢆ௬ᐃࡍ

ࣝࢀࡤࠊx ࡟㏆ఝྍ⬟࡛࠶ࡿ࠿ࡽࠊ(5)ᘧ࡜࡞ࡿࠋ

ฟᡤ㸸Paul, Mytelka, Persinger, Munos, Lindborg andlogQit ؆ mi + dt + Kit/Ait + uit

Aaron L. Schacht (2010)

(5)


௨ୖࡼࡾࠊ(5)ᘧ࡟ᇶ࡙ࡁ᥎ィ࡟⏝࠸ࡿኚᩘࡢ᳨ウ᳨ド᪉ἲᮏ᳨ドࡢ┠ⓗࡣࠊ௻ᴗࡀ♫እ࠿ࡽ⋓ᚓࡋࡓ▱ⓗ㈈ࢆ⾜࠺ࠋ⏘ࡀ௻ᴗࡢ౯್࡟࡝ࡢࡼ࠺࡟ᙳ㡪ࡍࡿ࠿ࢆ ᐃࡍࡿࡇ࡜࡛࠶ࡿࠋ〇⸆௻ᴗࡀ M&A ࡸ࢔ࣛ࢖࢔ࣥࢫ࡞࡝

᥎ィ࡟⏝࠸ࡿྛኚᩘ

࡟ࡼࡗ࡚⋓ᚓࡋࡓ▱ⓗ㈈⏘ࡀ་⸆ရ࡜ࡋ࡚ୖᕷࡉࢀࠊ

⿕ㄝ᫂ኚᩘ௻ᴗࡢ཰┈࡟㈉⊩ࡍࡿࡼ࠺࡟࡞ࡿࡲ࡛࡟ࡣࢱ࢖࣒ࣛ

log ࢺ࣮ࣅࣥࡢ q㸸⿕ㄝ᫂ኚᩘ࡟ࡣࠊ๓㡯࡛㏙࡭ࡓ
࡜࠾ࡾࢺ࣮ࣅࣥࡢ q ࡢᑐᩘ್ࢆ⏝࠸ࡿࠋࢺ࣮ࣅࣥࡢ



9(1785(5(9,(:1R6HSWHPEHUq ࡜ࡣࠊᮏ᮶ࡣᢞ㈨⌮ㄽ࡜ࡋ࡚ᥦၐࡉࢀࡓᴫᛕ࡛࠶

M&A ࡲࡓࡣࣛ࢖ࢭࣥࢫ࢖ࣥ࡟ࡼࡗ࡚⋓ᚓࡋࡓࢩ࣮

ࡾࠊ௻ᴗࡢᰴ౯⥲㢠࡜മົࡢ࿴ࢆ㈨ᮏࢫࢺࢵࢡ࡛㝖ࢬ㸦་⸆ရೃ⿵㸧ࡢ࠺ࡕࠊ㛤Ⓨࣇ࢙࣮ࢬ࡟࠶ࡿࢩ࣮

ࡋࡓ್࡟ࡼࡗ࡚ồࡵࡽࢀࡿࠋࡇࡢᩘ್ࡀ 1 ࢆୗᅇࡿࢬᩘࢆ(5)ᘧ࡟ᚑ࠸⥲㈨⏘࡛㝖ࡋࡓ್ࢆ⏝࠸ࡿࠋሙྜࠊᙜヱ௻ᴗࡀᡤ᭷ࡍࡿ㈨ᮏࢫࢺࢵࢡࢆ౑ࡗ࡚⏕⾲ 1 ࡟࠶ࡿ㏻ࡾࠊ◊✲ࣇ࢙࣮ࢬ࡟࠶ࡿࢩ࣮ࢬ࡟ᑐ

ࡳฟࡉࢀࡿ౯್ࡀᕷሙホ౯ࢆୗᅇࡗ࡚࠸ࡿࡇ࡜ࢆព

ࡋ࡚ࠊࣄࢺ࡬ࡢᢞ୚ࡀጞࡲࡿ㛤Ⓨࣇ࢙࣮ࢬ࡛ࡣࠊ┦࿡ࡍࡿࠋࡘࡲࡾࠊ㈨ᮏࢫࢺࢵࢡࢆ⏝࠸࡚㈈ࢆ⏕⏘ࡍᑐⓗ࡞୙☜ᐇᛶࡣపୗࡍࡿࠋࡋ࠿ࡋࠊ᱓ᔱ㸦1999㸧ࡿࡼࡾࡶࠊ௻ᴗࢆゎᩓࡉࡏ࡚㈨ᮏࢫࢺࢵࢡࢆᕷሙ࡛

ࡀᣦ᦬ࡍࡿࡼ࠺࡟ࠊ⮫ᗋヨ㦂ࡢつᶍࡀ኱ࡁࡃ࡞ࡾ⭾኎༷ࡋࠊᢞ㈨ᐙ࡜മᶒ⪅࡟ศ㓄ࡍࡿ᪉ࡀ฼┈ࡀฟࡿ኱࡞ࢥࢫࢺࡀ࠿࠿ࡿ P3 ヨ㦂ࡢ๓࡟ go or no go ࢆぢ࡜࠸࠺ࡇ࡜࡟࡞ࡿࠋࡇࡢ⌮ㄽࢆᛂ⏝ࡋࠊ௻ᴗࡀᡤ᭷

ᴟࡵࡿࡇ࡜ࡀồࡵࡽࢀࡿࠋࡲࡓࠊᐇ㊶ⓗ࡟ࡶ P2 ヨࡍࡿ↓ᙧ㈨⏘㸦intangible asset㸧ࡢホ౯࡟ᛂ⏝ࡋࡓ㦂ࡲ࡛࡟ᙜヱࢩ࣮ࢬࡢࢥࣥࢭࣉࢺࢆᐇドࡋࠊ኱つᶍࡢࡀ๓㡯࡛ᣲࡆࡓ Griliches㸦1981㸧࡛࠶ࡿࠋ࡞ P3 ヨ㦂࡟ࡼࡗ࡚ࡑࢀࢆ᳨ドࡍࡿ࡜࠸࠺ࡢࡀ᫖௒ᮏ᳨ド࡛ࡣࠊࢺ࣮ࣅࣥࡢ q ࢆࠊᰴ౯㸦㸦12 ᭶ 31ࡢ་⸆ရ㛤Ⓨࡢᶆ‽ⓗ࡞࢔ࣉ࣮ࣟࢳ࡛࠶ࡿ 5 ࠋࡘࡲ᪥᫬Ⅼ㸧 㸨 Ⓨ⾜῭ᰴᘧᩘ + ㈇മ⥲㢠㸧㸭⥲㈨⏘ࡾࠊྠࡌ㛤Ⓨࣇ࢙࣮ࢬ࡟࠶ࡗ࡚ࡶ P2 ヨ㦂ࡲ࡛࡜ P3

࡛⟬ฟࡍࡿࠋ
ࡇࢀࡽࡢ᝟ሗࡣ඲࡚ Evaluate Pharma

ヨ㦂࡛ࡣ୙☜ᐇᛶࡀ␗࡞ࡿྍ⬟ᛶࡀ♧၀ࡉࢀࡿࡢ࡛

ࢹ࣮ࢱ࣮࣋ࢫ࠿ࡽྲྀᚓࡋࡓ᝟ሗ࡛࠶ࡾࠊ᝟ሗࡢཝᐦ

࠶ࡿࠋᛶ࠾ࡼࡧ୍㈏ᛶࡣࢹ࣮ࢱࡢᥦ౪ඖ࡛࠶ࡿ Evaluate♫࡟ࡼࡗ࡚☜ಖࡉࢀ࡚࠸ࡿࠋ

ࡑࡇ࡛ࠊᮏ᳨ド࡛ࡣࠊP1 ࠾ࡼࡧ P2 ࣇ࢙࣮ࢬࡢእ
㒊ࢩ࣮ࢬࢆ᪩ᮇ㛤Ⓨ㸦ED:Early Development㸧ࣇ࢙࣮ࢬࠊP3 ࣇ࢙࣮ࢬࡢእ㒊ࢩ࣮ࢬࢆᚋᮇ㛤Ⓨ

ㄝ᫂ኚᩘ㸦LD:Later Development㸧ࣇ࢙࣮ࢬ࡜༊ศࡋࠊࡑ

እ㒊ࢩ࣮ࢬ㸦R㸧㸭⥲㈨⏘㸸๓㡯ࡲ࡛࡟ᑟࡁฟࡉ

ࢀࡒࢀᙜヱᖺᗘ࡟࠾࠸࡚ M&A ࡲࡓࡣࣛ࢖ࢭࣥࢫ࢖

ࢀࡓ௬ㄝ 1 ࢆ᳨ドࡍࡿࡓࡵ࡟ࠊ୙☜ᐇᛶࡢ㧗࠸♫እࣥ࡟ࡼࡗ࡚⋓ᚓࡋࡓࢩ࣮ࢬࢆ⥲㈨⏘࡛㝖ࡋࡓ್ࢆ⏝ࡢ▱ⓗ㈈⏘ࡢ௦⌮ኚᩘ࡜ࡋ࡚ࠊᙜヱᖺᗘ࡟௚♫࠿ࡽ࠸ࡿࠋ

M&A ࡲࡓࡣࣛ࢖ࢭࣥࢫ࢖ࣥ࡟ࡼࡗ࡚⋓ᚓࡋࡓࢩ࣮

CVC ᢞ㈨㢠㸭⥲㈨⏘㸸CVC ᢞ㈨㢠࡟ࡘ࠸࡚ࡣࠊ

ࢬ㸦་⸆ရೃ⿵㸧ࡢ࠺ࡕࠊ◊✲㸦R㸸Research㸧ࣇEvaluate Pharma ࢹ࣮ࢱ࣮࣋ࢫ࠿ࡽྲྀᚓࡋࡓྛ♫࢙࣮ࢬ࡟࠶ࡿࢩ࣮ࢬᩘࢆ(5)ᘧ࡟ᚑ࠸⥲㈨⏘࡛㝖ࡋࡢᖺ㛫 CVC ᢞ㈨ࡢྜィ㢠ࢆ(5)ᘧ࡟ᚑ࠸⥲㈨⏘࡛㝖ࡓ್ࢆ⏝࠸ࡿࠋࡇࡇ࡛ࠊ◊✲ࣇ࢙࣮ࢬ࡜ࡣࠊࣄࢺ࡬

ࡋࡓ್ࢆ⏝࠸ࡿࠋ
CVC ᢞ㈨ࢆ㏻ࡌࡓ᝟ሗࡢ⵳✚ࡀ௻ᢞ୚ࡉࢀࡿ⮫ᗋヨ㦂๓ࡢẁ㝵࡟࠶ࡿࢩ࣮ࢬࢆᣦࡍࠋ

ᴗ౯್࡟୚࠼ࡿᙳ㡪ࢆ᳨ドࡍࡿ࠺࠼࡛ࡣࠊ
CVC ᢞ㈨᪤࡟㏙࡭࡚࠸ࡿ㏻ࡾࠊࡇࡢࣇ࢙࣮ࢬ࡟࠶ࡿࢩ࣮ࢬࡀ

㢠ࡢࢫࢺࢵࢡ್ࢆ௦⌮ኚᩘ࡜ࡋ࡚⏝࠸ࡿ࡭ࡁ࡛࠶ࢁ

᭱ࡶ୙☜ᐇᛶࡢ㧗࠸≧ែ࡟࠶ࡿࠋ

࠺ࠋࡋ࠿ࡋ࡞ࡀࡽࠊࢹ࣮ࢱࡢไ⣙ୖࠊ2003 ᖺ௨๓ࡢࡇࡇ࡛␃ពࡍ࡭ࡁⅬࡣࠊಶࠎࡢࢩ࣮ࢬࡢ㉁ࢆ⪃៖

CVC ᢞ㈨㢠ࢆྲྀᚓࡍࡿࡇ࡜ࡣ࡛ࡁ࡞࠿ࡗࡓࠋ
ࡑࡇ࡛ࠊࡏࡎ࡟➼ࡋࡃ௳ᩘ࡜ࡋ࡚࢝࢘ࣥࢺࡋ࡚࠸ࡿⅬ࡛࠶ࡿࠋᮏ᳨ド࡛ࡣᖺ㛫 CVC ᢞ㈨㢠ࡢࣇ್࣮ࣟࢆ⏝࠸ࡿࠋ

ࢩ࣮ࢬࡢ㉁ࢆ᧯స໬ࡍࡿୖ࡛ࡣࠊྲྀᚓ㔠㢠ࢆ⏝࠸ࡿࡲࡓࠊ〇⸆఍♫ࡢ CVC ᢞ㈨ࢫࢱ࢖ࣝ࡟ࡣࠊ〇⸆࡜࠸࠺᪉ἲࡀ⪃࠼ࡽࢀࡿࡀࠊ௬࡟ྲྀᚓ㔠㢠ࢆ⏝࠸ࡓ఍♫࠿ࡽ┤᥋࣋ࣥࢳ࣮ࣕᢞ㈨ࢆ⾜࠺ࢣ࣮ࢫ࡜ࠊ〇⸆ሙྜࠊᙜヱ↓ᙧ㈨⏘ࡢ౯್ࡣࡢࢀࢇ௦࡜ࡋ࡚㈚೉ᑐ

఍♫࡜ࡣูἲேࡢ CVC ࢆタ❧ࡋࠊ࣋ࣥࢳ࣮ࣕᢞ㈨↷⾲ࡢ⥲㈨⏘࡟ィୖࡉࢀࡿࡇ࡜࡟࡞ࡾࠊㄝ᫂ኚᩘ࡜

ࢆ⾜࠺ࢣ࣮ࢫࡀᏑᅾࡋ࡚࠸ࡿࠋᴟᑠᩘࡢ〇⸆఍♫ࡣࠊ⿕ㄝ᫂ኚᩘࡢ㛫࡟ࢲࣈࣝ࢝࢘ࣥࢸ࢕ࣥࢢࡢၥ㢟ࡀ⏕」ᩘࡢ CVC ࢆᡤ᭷ࡋ࡚࠸ࡿࢣ࣮ࢫࡶᏑᅾࡍࡿࠋࡋ

ࡌ࡚ࡋࡲ࠺ࠋࡇ࠺ࡋࡓࢲࣈࣝ࢝࢘ࣥࢸ࢕ࣥࢢࡢၥ㢟࠿ࡋࠊࡇࡇ࡛ࡣ CVC ᢞ㈨㢠ࡢྜィࢆ〇⸆఍♫ࡈ࡜ࡣ௳ᩘ࣮࣋ࢫࡢኚᩘࢆ⏝࠸ࡿࡇ࡜࡛ᅇ㑊ࡍࡿࡇ࡜ࡀ

࡟ᖺᗘู࡟㞟ィࡋ࡚࠸ࡿࠋḟ࡟ࢥࣥࢺ࣮ࣟࣝኚᩘ࡟

࡛ࡁࡿࡓࡵࠊඛ⾜◊✲࡟࡞ࡽ࠸ࠊᮏ✏࡛ࡶ௳ᩘ࣮࣋

ࡘ࠸࡚ㄝ᫂ࡍࡿࠋ

ࢫ࡛ࡢኚᩘࢆ⏝࠸ࡿࡇ࡜࡜ࡍࡿ㸦㧗㫽࡯࠿ࠊ2009㸧ࠋࢥࣥࢺ࣮ࣟࣝኚᩘ

እ㒊ࢩ࣮ࢬ㸦ED㸧㸭⥲㈨⏘㸸እ㒊ࢩ࣮ࢬ㸦LD㸧㸭⥲㈨⏘㸸

࠾ࡼࡧࠊ
ࠕR&D ᨭฟ㸭⥲㈨⏘ࠖࢆ⏝࠸ࡿࠋࡇࢀࡽࡢ

௬ㄝ 2 ࢆ᳨ドࡍࡿࡓࡵ࡟ࠊ୙☜ᐇᛶࡢప࠸♫እࡢࢥࣥࢺ࣮ࣟࣝኚᩘࡣྠᵝࡢ᳨ドࢆ⾜࡞ࡗ࡚࠸ࡿ㧗㫽▱ⓗ㈈⏘ࡢ௦⌮ኚᩘ࡜ࡋ࡚ࠊᙜヱᖺᗘ࡟௚♫࠿ࡽ࡯࠿㸦2009㸧ࡸ Dushnitsky and Lenox 2005 ࢆཧ

つᶍࡢᙳ㡪ࢆ⤫ไࡍࡿࡓࡵ࡟ࠊ
ࠕ⥲㈨⏘ࡢᑐᩘ್ࠖ

9(1785(5(9,(:1R6HSWHPEHU

⪃࡟ࡋ࡚࠸ࡿࠋࡲࡓࠊᙜヱ௻ᴗࡀᙜヱᖺᗘ࡟እ㒊ࢩࣔࢹࣝ࡜ࡶ࡟Რ༷ࡉࢀࠊࣉ࣮ࣜࣥࢢ᥎ィࡀᨭᣢࡉࢀ

࣮ࢬࢆ⋓ᚓࡍࡿ௨๓࠿ࡽᡤ᭷ࡋ࡚࠸ࡓࢩ࣮ࢬࠊࡍ࡞

ࡓࠋࡑࡢࡓࡵࠊ(5)ᘧࢆಟṇࡋ(6)ᘧࢆ⏝࠸ࡿࠋࢃࡕෆ㒊ࢩ࣮ࢬࡀᙜヱ௻ᴗࡢ௻ᴗ౯್࡟୚࠼࡚࠸ࡿ

ᙳ㡪ࡶྲྀࡾ㝖ࡃᚲせࡀ࠶ࡿࠋࡑࡇ࡛ࠊእ㒊ࢩ࣮ࢬ࡜

logQit ؆ Kit/Ait + uitྠᵝ࡟ࠊࠕෆ㒊ࢩ࣮ࢬ㸦R㸧㸭⥲㈨⏘ࠖࠊࠕෆ㒊ࢩ࣮ࢬ(6)

㸦ED㸧㸭⥲㈨⏘ࠖ࠾ࡼࡧࠕෆ㒊ࢩ࣮ࢬ㸦LD㸧㸭⥲ࡶࡗ࡜ࡶࠊほ ᮇ㛫୰࡟⏕ࡌࡿ⤒Ⴀ⪅ࡢ஺௦࡞࡝

㈨⏘ࠖ࡟ศ㢮ࡋࢥࣥࢺ࣮ࣟࣝኚᩘ࡜ࡋ࡚ᢞධࡍࡿࠋ

࡟ࡼࡗ࡚௻ᴗࡢᡓ␎ࡀ኱ࡁࡃኚ໬ࡍࡿ࡞࡝ࠊᖺᅛ᭷
࠿ࡘ௻ᴗᅛ᭷ࡢ⤫ไࡀᅔ㞴࡞ࣂ࢖࢔ࢫࡀ⏕ࡌࡿྍ⬟ᛶࡣ౫↛࡜ࡋ࡚ṧࡉࢀ࡚࠸ࡿࠋࡑ࠺ࡋࡓຠᯝࡣㄗᕪ

ࣔࢹࣝࡢ᳨ᐃ
᭱ᚋ࡟ࠊ(5)ᘧ࡟࠾ࡅࡿ௻ᴗᅛ᭷ࡢຠᯝ mL ࠾ࡼࡧ࡜ࡋ࡚ uit ࡟ྵࡲࢀࡿࠋࡲࡓࠊཎᑍ኱ࡢᆅᅗࡀᙺ࡟❧dt ࡢຠᯝࡀᏑᅾࡍࡿࡢ࠿ࢆ☜࠿ࡵࡿⅭ࡟ࠊࣔࢹࣝࡢ

ࡓ࡞࠸ࡼ࠺࡟ࠊ࠶ࡲࡾ࡟ከࡃࡢせᅉࢆ⪃៖࡟ධࢀࡓ

᳨ᐃࢆ⾜࠺ࠋࢧࣥࣉࣝࢹ࣮ࢱࡣ 10 ᖺ௨ୖࡢ㛗ᮇ㛫⤖ᯝࠊࣔࢹࣝࡀ」㞧໬ࡋ㐣ࡂࡿࡇ࡜ࡣ㑊ࡅ࡞ࡅࢀࡤ

࡟Ώࡿࣃࢿࣝࢹ࣮ࢱ࡛࠶ࡿࡓࡵࠊࢧࣥࣉࣝᑐ㇟ࡢ௻

࡞ࡽ࡞࠸ࠋࡇࡇ࡛ࡣࠊ௬ㄝࡢ☜࠿ࡽࡋࡉࢆ᳨ドࡍࡿ

ᴗ࡟ඹ㏻ࡋ࡚ᙳ㡪ࡍࡿᖺᅛ᭷ࡢຠᯝࡀྵࡲࢀ࡚࠸ࡿ

ࡢࡀ┠ⓗ࡛࠶ࡿࡓࡵࠊࡇࢀࡲ࡛࡟㏙࡭ࡓᑐฎ࡟ࡼࡾ

࠿ࡶࡋࢀ࡞࠸ࠋࡲࡓࠊCVC ᢞ㈨ࡢࢫࢱ࢖ࣝࡸ࣏ࣜࢩ

┠ⓗࡣᯝࡓࡏࡿࡶࡢ࡜ุ᩿ࡍࡿࠋ

࣮࡞࡝ࠊ⤒ᖺ࡛ኚ໬ࡋ࡞࠸௻ᴗᅛ᭷ࡢຠᯝࡀྵࡲࢀ

⾲ 2 ࡣグ㏙⤫ィ࡜┦㛵ಀᩘ࡛࠶ࡿࠋࢥࣥࢺ࣮ࣟࣝ

࡚࠸ࡿࡇ࡜ࡶ༑ศ࡟⪃࠼ࡽࢀࡿࠋศᯒࣔࢹࣝ࡟ࡇ࠺

ኚᩘ࡜ࡋ࡚ᢞධࡋࡓኚᩘྠኈࡢ୍㒊࡟ࡸࡸ㧗࠸┦㛵ࡋࡓᙳ㡪ࡀྵࡲࢀ࡚࠸ࡿࡢ࠿ࢆࢸࢫࢺࡍࡿࡓࡵ࡟ࠊࡀぢཷࡅࡽࢀࡿࡀࠊ᭱ࡶ㧗࠸ VIF ࡢ್࡛ࡶ 2.3 ⛬ᗘࣉ࣮ࣜࣥࢢ᥎ィࣔࢹࣝࠊᅛᐃຠᯝࣔࢹࣝࠊኚ㔞ຠᯝ࡜ࠊ୍⯡ⓗ࡞ୖ㝈࡜ࡋ࡚᥎ዡࡉࢀࡿ 10 ࢆୗᅇࡗ࡚

ࣔࢹࣝࢆ⏝࠸࡚ࡑࢀࡒࢀ᳨ドࢆ⾜࠸ࠊࡑࡢ⤖ᯝࢆ᳨࠸ࡿࡓࡵၥ㢟࡞࠸࡜ุ᩿ࡋࡓ㸦Cohen, Cohen, Westᐃࡋࡓ 6 ࠋ᳨ᐃࡢ⤖ᯝࠊᅛᐃຠᯝࣔࢹࣝࠊኚ㔞ຠᯝ

and Aiken, 2003㸧
ࠋ⾲ グ㏙⤫ィ࡜┦㛵ಀᩘ
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ὀ㸬᳨ド᫬࡟ࡣྛኚᩘ࡟ᑐࡋ࡚୰ᚰ໬ฎ⌮ࢆ᪋ࡋࡓ್ࢆ⏝࠸࡚࠸ࡿࡀࠊࡇࡇ࡛ࡣ୰ᚰ໬๓ࡢ್ࢆᥖ㍕ࡍࡿࠋ

9(1785(5(9,(:1R6HSWHPEHUᅗ ᳨ドࣔࢹࣝ

CVC ᢞ㈨㢠㸭⥲㈨⏘
୙☜ᐇᛶ㧗
௻ᴗ౯್
እ㒊ࢩ࣮ࢬ㸦R㸧㸭⥲㈨⏘

㸦log ࢺ࣮ࣅࣥࡢ q㸧ࢥࣥࢺ࣮ࣟࣝ

እ㒊ࢩ࣮ࢬ㸦ED㸧㸭⥲㈨⏘log ⥲㈨⏘R&D ㈝⏝㸭⥲㈨⏘እ㒊ࢩ࣮ࢬ㸦LD㸧㸭⥲㈨⏘୙☜ᐇᛶప᳨ド⤖ᯝ᳨ド⤖ᯝࡣ⾲ 3 ࡟ࡲ࡜ࡵࡽࢀ࡚࠸ࡿࠋ
Model1ࡣࢥࣥࢺ࣮ࣟࣝኚᩘࡢࡳࢆᢞධࡋࡓ࣋ࣥࢳ࣐
࣮ࢡ࡛࠶ࡿࠋእ㒊࠿ࡽࡢࢩ࣮ࢬ⋓ᚓ࡟ᑐࡍࡿ
CVC ᢞ㈨ࡢࣔࢹ࣮ࣞࢸ࢕ࣥࢢຠᯝࢆ⪃៖ࡋ࡞࠸ Model2 ࡛ࡣࠊ୙☜ᐇᛶࡢ㧗࠸ࣇ࢙࣮ࢬ࡛࠶
ࡿ◊✲ࣇ࢙࣮ࢬẁ㝵࡟࠶ࡿࢩ࣮ࢬࡢ௳ᩘࢆ⾲ࡍࠕእ㒊ࢩ࣮ࢬ㸦R㸧㸭⥲㈨⏘ࠖ࡜௻ᴗ౯್ࡢ
௦⌮ኚᩘ࡛࠶ࡿࠕࢺ࣮ࣅࣥࡢ qࠖ࡜ࡢ㛫࡟᭷ព࡞┦㛵ࡣぢࡽࢀ࡞࠿ࡗࡓࠋࢺ࣮ࣅࣥࡢ q ࡀᕷሙ࠿ࡽࡢᮇᚅ್ࡢ཯࡛ᫎ࠶ࡿࡇ࡜ࢆ⪃៖࡟࠸ࢀࢀࡤࠊ◊✲ࣇ࢙࣮ࢬ᫬Ⅼ࡛ࡢࢩ࣮ࢬࡣࠊ་⸆ရ
࡜ࡋ࡚ୖᕷࡉࢀࡿࡲ࡛࡟࠸ࡃࡘࡶࡢࣁ࣮ࢻࣝ
࡜㛗࠸ᖺ᭶ࡀ࠿࠿ࡿࡓࡵࠊࡇࡢ᫬Ⅼ࡛ࡢࢩ࣮ࢬ
ࡢ⋓ᚓ࡟ᑐࡋ࡚ᕷሙࡀ཯ᛂࡍࡿࡇ࡜ࡣ↓࠸ࡢࡔ࡜⪃࠼ࡽࢀࡿࠋࡇࡢⅬ࡟ࡘ࠸࡚ࡣࠊ᪩ᮇ㛤Ⓨࣇ࢙࣮ࢬẁ㝵ࡢእ㒊ࢩ࣮ࢬࡢ௳ᩘࢆ⾲ࡍࠕእ㒊ࢩ࣮ࢬ㸦ED㸧㸭⥲㈨⏘ࠖ࡜ࠕࢺ࣮ࣅࣥࡢ qࠖ࡜ࡢ㛫࡟᭷ព࡞┦㛵ࡀぢࡽࢀ࡞࠿ࡗࡓ⌮⏤ࡶྠᵝ࡛࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋ
ࡑࢀ࡟ᑐࡋ࡚ࠊ᭱ࡶ୙☜ᐇᛶࡀపୗࡍࡿᚋᮇ
㛤Ⓨࣇ࢙࣮ࢬẁ㝵ࡢእ㒊ࢩ࣮ࢬ௳ᩘࢆ⾲ࡍࠕእ㒊ࢩ࣮ࢬ㸦LD㸧㸭⥲㈨⏘ࠖ࡜ࠕࢺ࣮ࣅࣥࡢ qࠖࡢ㛫࡟ࡣࠊ᭷ព࡞㈇ࡢ┦㛵ࡀぢࡽࢀࡓ㸦p <0.01㸧ࠋࡇࡢⅬ࡟ࡘ࠸࡚ࡣḟࡢࡼ࠺࡞ゎ㔘ࡀྍ⬟࡛࠶ࡿࠋእ㒊࠿ࡽ⋓ᚓࡋࡓ↓ᙧ㈨⏘ࡢホ౯㢠࡜ᐇ㝿ࡢྲྀᚓ㔠㢠࡜ࡢᕪศࡣࠕࡢࢀࢇ௦ࠖ࡜ࡋ࡚ࣂࣛ
ࣥࢫࢩ࣮ࢺ࡟ィୖࡉࢀࡿࡇ࡜࡟࡞ࡿࠋ᪤࡟㏙࡭
ࡓࡼ࠺࡟ࠊ་⸆ရ⏘ᴗ࡛ࡣ◊✲㛤Ⓨࡢࣇ࢙࣮ࢬ
ࡀ㐍⾜ࡍࡿ࡯࡝ྲྀᚓ౯᱁ࡶ㧗㦐ࡍࡿഴྥ࡟࠶
ࡿ㸦⾲ 1㸧ࡓࡵࠊࠕࡢࢀࢇ௦ࠖ࡜ࡋ࡚ィୖࡉࢀࡿෆ㒊ࢩ࣮ࢬᩘ㸦R㸧㸭⥲㈨⏘ෆ㒊ࢩ࣮ࢬᩘ㸦ED㸧㸭⥲㈨⏘ෆ㒊ࢩ࣮ࢬᩘ㸦LD㸧㸭⥲㈨⏘㔠㢠ࡶ኱ࡁࡃ࡞ࡿࡇ࡜ࡀ᝿ᐃࡉࢀࡿࠋࡇࡇ࡛ࠊ
ࢺ࣮ࣅࣥࡢ q ࡀࠊ௻ᴗࡀᑗ᮶࡟ࢃࡓࡗ࡚⏕ࡳฟࡍ ࢟ ࣕ ࢵ ࢩ ࣗ ࡢ ᕷ ሙ ࡢ ᮇ ᚅ ್ 㸦 market
expectation㸧ࡢ཯್࡛ᫎ࠶ࡿࡇ࡜ࢆ⪃៖࡟࠸ࢀࢀࡤࠊィୖࡉࢀࡓࡢࢀࢇ௦ࡼࡾࡶᙜヱ↓ᙧ㈨⏘ࡀᑗ᮶࡟Ώࡗ࡚⏕ࡳฟࡍ౯್ࡢ᪉ࡀᑠࡉ࠸࡜
ᰴᘧᕷሙ࠿ࡽホ౯ࡉࢀࡿ᫬ࠊࢺ࣮ࣅࣥࡢ q ࡣᑠࡉࡃ࡞ࡿࠋᰴᘧᕷሙࡀᖖ࡟ྜ⌮ⓗ࡛࠶ࡿ࡜࠸࠺௬ᐃ࡟
ᇶ࡙ࡅࡤࠊࠕእ㒊ࢩ࣮ࢬ㸦LD㸧㸭⥲㈨⏘ࠖ࡜ࠕࢺ࣮ࣅࣥࡢ qࠖ࡜ࡢ㛫࡟᭷ព࡞㈇ࡢ┦㛵ࡀ⏕ࡌ࡚࠸ࡿ࡜࠸࠺᳨ド⤖ᯝࡣࠊᚋᮇ㛤Ⓨࣇ࢙࣮ࢬẁ㝵࡛ࡢࢩ࣮ࢬ⋓ᚓ࡟ࡼࡗ࡚㏆࠸ᑗ᮶⏕ࡳฟࡉࢀࡿ࢟ࣕࢵࢩࣗࣇ࣮ࣟࡼࡾࡶࠊࠕࡢࢀࢇ௦ࠖ࡜ࡋ
࡚ᨭᡶࢃࢀࡿࣉ࣑ࣞ࢔࣒ࡢ㧗ࡉࡀୖᅇࡿࡓࡵࠊ
ᰴᘧᕷሙ࠿ࡽࡢホ౯ࢆୗࡆࡿഴྥ࡟࠶ࡿࡇ࡜
ࢆ♧၀ࡋ࡚࠸ࡿࠋ
ḟࡣᮏ✏ࡢ᭱኱ࡢ㛵ᚰ஦㡯࡛࠶ࡿ Model3 ࡛࠶ࡿࠋࡲࡎࠊࡑࢀࡒࢀࡢㄝ᫂ኚᩘࡢ୺ຠᯝࢆぢ࡚ࡳࡓ࠸ࠋࠕእ㒊ࢩ࣮ࢬ㸦R㸧㸭⥲㈨⏘ࠖ࠾ࡼࡧࠕእ㒊ࢩ࣮ࢬ㸦ED㸧㸭⥲㈨⏘ࠖ࡜ࠕࢺ࣮ࣅࣥ
ࡢ qࠖ࡜ࡢ㛫࡟ࡣ᭷ព࡞┦㛵ࡣぢࡽࢀ࡞࠿ࡗࡓࠋ
ࠕእ㒊ࢩ࣮ࢬ㸦LD㸧㸭⥲㈨⏘ࠖ࡜ࠕࢺ࣮ࣅࣥ
ࡢ qࠖ࡜ࡢ㛫࡟ࡣ᭷ព࡞㈇ࡢ┦㛵ࡀほᐹࡉࢀࡓ㸦p < 0.01㸧ࠋࡇࡢⅬ࡟ࡘ࠸࡚ࡣࠊModel2 ࡢ⪃ᐹ࡜࡯ࡰྠᵝࡢゎ㔘ࡀྍ⬟࡛࠶ࡿࡀࠊModel2ࡼࡾࡶಀᩘࡀ኱ࡁࡃ㈇ࡢᙳ㡪ࡀࡼࡾ㢧ⴭ࡟࡞ࡗ࡚࠸ࡿࠋࡑࢀ࡟ᑐࡋ࡚ࠊCVC ᢞ㈨࡟ࡼࡿࣔࢹ࣮ࣞࢸ
࢕ࣥࢢຠᯝࢆ⪃៖࡟ධࢀࡓ஺஫స⏝ኚᩘ࡛࠶ࡿࠕእ㒊ࢩ࣮ࢬ㸦R㸧㸭⥲㈨⏘㸨CVC ᢞ㈨㢠㸭⥲㈨⏘ࠖ࡜ࠕࢺ࣮ࣅࣥࡢ qࠖ࡜ࡢ㛫࡟᭷ព࡞ṇ9(1785(5(9,(:1R6HSWHPEHU

ࡢ┦㛵ࡀほᐹࡉࢀࡓ㸦p < 0.01㸧ࠋࡇࡢ⤖ᯝࡣࠊ
CVC ᢞ㈨ࡀከ࠸࡯࡝ࠊ୙☜ᐇᛶࡢ㧗࠸▱ⓗ㈈⏘ࡢ⋓ᚓ᫬࡟௻ᴗ౯್ࡀ㧗ࡲࡿࡇ࡜ࢆ♧၀ࡋ࡚࠸ࡿࠋᚑࡗ࡚௬ㄝ 1 ࡣᨭᣢࡉࢀࡓࠋ
ḟ࡟ࠊ୙☜ᐇᛶࡀ┦ᑐⓗ࡟పୗࡍࡿ㛤Ⓨࣇ࢙࣮ࢬ㸦᪩ᮇ㛤Ⓨࣇ࢙࣮ࢬ࠾ࡼࡧᚋᮇ㛤Ⓨࣇ࢙࣮ࢬ㸧ẁ㝵࡟࠾ࡅࡿ CVC ᢞ㈨ࡢࣔࢹ࣮ࣞࢸ࢕ࣥࢢຠᯝࢆぢ࡚ࡳࡓ࠸ࠋ
ࠕእ㒊ࢩ࣮ࢬ㸦ED㸧㸭⥲㈨⏘㸨CVC ᢞ㈨㢠㸭⥲㈨⏘ࠖࡣ㈇ࡢಀᩘࢆ♧ࡋ࡚࠸ࡿࡶࡢࡢࠊ⤫ィⓗ࡞᭷ពᕪࡣ↓࠿ࡗࡓࠋࡋ࠿ࡋࠊࠕእ㒊ࢩ࣮ࢬ㸦LD㸧㸭⥲㈨⏘㸨CVC
ᢞ㈨㢠㸭⥲㈨⏘ࠖ࡜ࠕࢺ࣮ࣅࣥࡢ qࠖ࡜ࡢ㛫࡟
ࡣ᭷ព࡞㈇ࡢ┦㛵ࡀ♧ࡉࢀࡓ㸦p < 0.1㸧ࠋࡋࡓࡀࡗ࡚ࠊ௬ㄝ 2 ࡶ㒊ศⓗ࡟ᨭᣢࡉࢀࡓࠋ
ࡲࡓࠊࡇࡢ⤖ᯝ࡟ᑐࡋ࡚ࡣḟࡢࡼ࠺࡞ゎ㔘ࡀྍ⬟࡛࠶ࡿࠋࡍ࡛࡟㏙࡭ࡓࡼ࠺࡟ࠊCVC ᢞ㈨ࢆ⾜࡞ࡗ࡚࠸ࡿ஦ᴗ఍♫ࡣࠊ㠀㐃⥆࡞ᢏ⾡ኚ໬ࡢ඙ೃ࡬ࡢㄆ▱ࡸࠊ㈙཰ᑐ㇟ࡢ᥈⣴ࡸホ౯࡜࠸ࡗࡓⅬ࡟࠾࠸࡚ࠊCVC ᢞ㈨ࢆ⾜࡞ࡗ࡚࠸࡞࠸
஦ᴗ఍♫ࡼࡾࡶ᝟ሗ㠃ࡢ࢔ࢻࣂࣥࢸ࣮ࢪࢆ᭷
ࡋ࡚࠸ࡿ㸦Maula et al., 2013; Benson andZiedonis, 2009㸧ࠋࡑࢀ࡟ࡶ㛵ࢃࡽࡎࠊ┦ᑐⓗ࡟୙☜ᐇᛶࡀపୗࡋࠊᢲࡋ୪࡭࡚┠฼ࡁࡀᐜ᫆࡜
࡞ࡿ୍᪉࡛ࠊྲྀᚓ౯᱁ࡀ㧗㦐ࡍࡿࣇ࢙࣮ࢬࡢࢩ
࣮ࢬࢆ♫እ࠿ࡽᑟධࡍࡿ࡜࠸࠺⾜Ⅽࡀᰴᘧᕷሙ࠿ࡽࡢホ౯ࢆᚓࡿࡇ࡜ࡀ࡛ࡁࡎࠊィୖࡋࡓࡢࢀࢇ௦ࢆᰴ౯ࡢୖ᪼㢠ࡀୖᅇࡽ࡞࠿ࡗࡓࡓࡵࠊ
ࠕࢺ࣮ࣅࣥࡢ qࠖ࡜ࡢ㛫࡟㈇ࡢ┦㛵ࡀ⏕ࡌࡓࡶࡢ࡜⪃࠼ࡽࢀࡿࠋ
ࡇ࠺ࡋࡓ㈇ࡢᙳ㡪ࡣࠊ᪩ᮇ㛤Ⓨࣇ࢙࣮ࢬࡼࡾ
ࡶࡉࡽ࡟୙☜ᐇᛶࡀపୗࡍࡿᚋᮇ㛤Ⓨࣇ࢙࣮ࢬࡢࢩ࣮ࢬᑟධ࡛ࡢࡳ⤫ィⓗ࡞᭷ពᕪࢆ♧ࡋ࡚࠸ࡿࡇ࡜࠿ࡽࡶ㢧ⴭ࡛࠶ࢁ࠺ࠋࡋ࠿ࡶࠊࠕእ
㒊ࢩ࣮ࢬ㸦LD㸧㸭⥲㈨⏘㸨CVC ᢞ㈨㢠㸭⥲㈨⏘ࠖࡀ♧ࡍ㈇ࡢಀᩘࡣࠊࣂࣛࡘࡁࡶ኱ࡁ࠸ࡶࡢ
ࡢࠊࠕእ㒊ࢩ࣮ࢬ㸦R㸧㸭⥲㈨⏘㸨CVC ᢞ㈨㢠
㸭⥲㈨⏘ࠖࡀ♧ࡍṇࡢಀᩘࡼࡾࡶ኱ࡁ࡞್ࢆ♧ࡋ࡚࠸ࡿࠋࡘࡲࡾࡇࡢ᳨ド⤖ᯝࡣࠊCVC ᢞ㈨ࢆከࡃ⾜ࡗ࡚࠸ࡿ௻ᴗࡢ♫እ࠿ࡽࡢࢩ࣮ࢬᑟ
ධ࡟ᑐࡍࡿᰴᘧᕷሙࡢホ౯ࡣࠊ୙☜ᐇᛶࡢ㧗࠸
ࢩ࣮ࢬ 1 ௳࡟ࡼࡗ࡚㧗ࡲࡿホ౯ࡼࡾࡶࠊ୙☜ᐇᛶࡢప࠸ࢩ࣮ࢬ 1 ௳࡟ࡼࡗ࡚పୗࡍࡿホ౯ࡢ᪉ࡀ኱ࡁ࠸ഴྥ࡟࠶ࡿࡇ࡜ࢆ♧၀ࡋ࡚࠸ࡿࠋ
⾲ ࣉ࣮ࣜࣥࢢ᥎ィࣔࢹࣝ࡟ࡼࡿ &9& ᢞ㈨ࡀ௻ᴗ౯್࡟୚࠼ࡿᙳ㡪ࡢ᳨ド⤖ᯝModel1ㄝ᫂ኚᩘ
1.64***(0.18)

1.91***(0.18)

እ㒊ࢩ࣮ࢬ㸦5㸧㸭⥲㈨⏘

-5.01(49.22)27.44(49.89)እ㒊ࢩ࣮ࢬ㸦('㸧㸭⥲㈨⏘

22.81(71.05)11.44(74.06)እ㒊ࢩ࣮ࢬ㸦/'㸧㸭⥲㈨⏘

-181.45***(59.89)-329.95***(105.99)&9& ᢞ㈨㢠㸭⥲㈨⏘

176.42***(41.90)132.74***(45.84)እ㒊ࢩ࣮ࢬ㸦5㸧㸭⥲㈨⏘ &9& ᢞ㈨㸭⥲㈨⏘ ௬ㄝ !

273400***(98224)እ㒊ࢩ࣮ࢬ㸦('㸧㸭⥲㈨⏘ &9& ᢞ㈨㸭⥲㈨⏘௬ㄝ !

-243630(156880)እ㒊ࢩ࣮ࢬ㸦/'㸧㸭⥲㈨⏘ &9& ᢞ㈨㸭⥲㈨⏘௬ㄝ !

-465440*(275090)

ORJ ⥲㈨⏘-0.08***(0.02)-0.11***(0.02)-0.10***(0.02)

5 ' ᨭฟ㸭⥲㈨⏘

3.83***(0.54)

2.79***(0.57)

2.85***(0.57)

ෆ㒊ࢩ࣮ࢬ㸦5㸧㸭⥲㈨⏘

41.07***(15.83)45.05**(17.81)45.94***(17.75)ෆ㒊ࢩ࣮ࢬ㸦('㸧㸭⥲㈨⏘

-156.31***(25.42)-153.07***(25.06)-150.59***(24.93)ෆ㒊ࢩ࣮ࢬ㸦/'㸧㸭⥲㈨⏘

-5.90***(14.47)

13.56(15.14)16.90(15.09)

௻ᴗᩘ

44

44

44

ほ ᩘ

465

465

465

Adj. R2

0.17

0.22

0.24

F್

20.04***

14.88***

12.23***

ὀ ࢝ࢵࢥෆࡣᶆ‽ㄗᕪ S S
ὀ ྛኚᩘࡣ୰ᚰ໬῭Model3

1.98***

ᐃᩘ(0.17)

Model29(1785(5(9,(:1R6HSWHPEHU

S ࡞࠾ࠊࠕCVC ᢞ㈨㢠㸭⥲㈨⏘ࠖࡣ Model2ࠊModel3࡚࠸ࡿࠋඛ⾜◊✲ࡀᣦ᦬ࡍࡿࡼ࠺࡟ࠊࣁ࢖ࢸࢡ⏘ᴗ࡜ࡶ࡟୺ຠᯝ༢య࡛ࠕࢺ࣮ࣅࣥࡢ qࠖ࡜᭷ព࡞ṇࡢ࡛ࡣࠊከࡃࡢ࣋ࣥࢳ࣮ࣕ௻ᴗࡀ㐃ᦠࡋ࡞ࡀࡽࣇ࢛࣮

┦㛵ࢆ♧ࡋ࡚࠸ࡿ㸦p< 0.01㸧
ࠋඛ⾜◊✲ࡣ CVC ᢞ࣐ࣝ㸭࢖ࣥࣇ࢛࣮࣐ࣝࡢ⥭ᐦ࡞᝟ሗ஺᥮ࢆ⾜ࡗ࡚࠸㈨ࡀ㈈ົⓗ࡞ࣜࢱ࣮ࣥࢆ⏕ࡳฟࡍྍ⬟ᛶ࡟ࡘ࠸࡚ྰ

ࡿ 㸦 Powell, Koput, and Smith-Doerr, 1996;ᐃⓗ࡛࠶ࡿࡶࡢࡢ㸦Chesbrough, 2002; Dushnitsky

Saxenian, 1994㸧
ࠋࡑࡋ࡚ࠊ▱㆑ࡀᬯ㯲࡛࠶ࡿ࡯࡝ࠊ

and Shapira, 2010㸧
ࠊࡇࡢ᳨ド⤖ᯝ࠿ࡽࡣࠊCVC ᢞᑐ㠃㸦face to face㸧࡛ࡢࢥ࣑ࣗࢽࢣ࣮ࢩࣙࣥࡸ஺ὶ㈨㢠ࡑࡢࡶࡢࡀࠊ㈈ົⓗ࡞ࣜࢱ࣮ࣥࢆ㏻ࡌ࡚௻ᴗ౯ࡀ㔜せ࡜࡞ࡿ㸦von Hippel, 1994㸧
ࠋࡇ࠺ࡋࡓࡇ࡜ࢆ

್ྥୖ࡟ᐤ୚ࡋ࡚࠸ࡿྍ⬟ᛶࡶࠊ⌮ㄽୖࡣྰᐃฟ᮶

㋃ࡲ࠼ࢀࡤࠊ
࠸ࢃࡺࡿࣁ࢖ࢸࢡࢡࣛࢫࢱ࣮ࡀᏑᅾࡋࠊ

࡞࠸ࠋࡋ࠿ࡋࠊ௬࡟஦ᴗ఍♫ࡀ CVC ᢞ㈨ࢆ㏻ࡌ࡚

ࡑࡢᏑᅾࡀᗈࡃㄆ㆑ࡉࢀ࡚࠸ࡿࡼ࠺࡞⏘ᴗ࡟࠾࠸࡚ࠊ㈈ົⓗ࡞ࣜࢱ࣮ࣥࢆ⏕ࡳฟࡋ࡚࠸ࡓ࡜ࡋ࡚ࡶࠊࡑࡢ

ᮏ✏࡛♧ࡋࡓ௬ㄝࡀᡂ❧ࡋࡸࡍ࠸ࡢࡔ࡜࠸࠺஦ࡀ⪃ࡇ࡜ࡀᮏ✏ࡢ௬ㄝࢆᲠ༷ࡍࡿࡶࡢ࡛ࡣ࡞ࡃࠊࡑࢀࡺ

࠼ࡽࢀࡿࠋࡇࡢ᳨ド⤖ᯝࡣࡲࡓࠊḟࡢࡼ࠺࡞ᐇ㊶ⓗ࣭࠼⮴࿨ⓗ࡞⌮ㄽୖࡢᑐ❧ࡣ⏕ࡌ࡞࠸࡜⪃࠼ࡽࢀࡿࠋ

⌮ㄽⓗ࢖ࣥࣉࣜࢣ࣮ࢩࣙࣥࢆᣢࡘࡔࢁ࠺ࠋ
➨ 1 ࡟ࠊCVC ᢞ㈨ࡀ௻ᴗࡢ┠฼ࡁຊࢆ㧗ࡵࡿ࡜㆟ㄽ࠸࠺ྍ⬟ᛶ࡛࠶ࡿࠋᮏ✏ࡢศᯒ⤖ᯝࡣࠊඛ⾜◊✲ࡀ୺࡟↔Ⅼࢆᙜ࡚࡚ࡁࡓ࣓࢝ࢽࢬ࣒࡜ࡣ␗࡞ࡿ࣓࢝ࢽᮏ✏࡛ࡣࠊ
CVC ᢞ㈨ࡀ஦ᴗ఍♫ࡢࣃࣇ࢛࣮࣐ࣥࢫ

ࢬ࣒࡟ࡼࡗ࡚ࠊ
CVC ᢞ㈨ࡀ஦ᴗ఍♫ࡢ௻ᴗ౯್࡟୚

࡟ᙳ㡪ࢆ୚࠼ࡿ࣓࢝ࢽࢬ࣒࡟ࡘ࠸᳨࡚ウࢆ⾜࡞ࡗ࡚࠼ࡿᙳ㡪ࢆㄝ᫂ࡋࡓࠋࡍ࡞ࢃࡕࠊCVC ᢞ㈨࡟ࡼࡿᙜ

ࡁࡓࠋලయⓗ࡟ࡣࠊ࡝ࡢࡼ࠺࡞᫬࡟㸦ࡑࡋ࡚࡝ࡢࡼ

ヱศ㔝࡟ᑐࡍࡿ᝟ሗࡢ⵳✚ࡀࠊ୙☜ᐇᛶࡢ㧗࠸♫እ࠺࡟㸧
CVC ᢞ㈨ࡣ஦ᴗ఍♫ࡢ௻ᴗ౯್࡟ᙳ㡪ࢆ୚࠼ࡢ▱㆑ࡢ౯್ࢆㄆ㆑ࡋࠊࡑࢀࢆホ౯ࡍࡿຊࢆ㧗ࡵࡿࡿࡢ࠿࡜࠸࠺␲ၥ࡟ᑐࡋ࡚ࠊ་⸆ရ⏘ᴗࡢࢧࣥࣉࣝ

࡜࠸࠺ྍ⬟ᛶ࡛࠶ࡿࠋ㐣ཤࡢ R&D άືࡢ๪⏘≀࡟ࢹ࣮ࢱࢆ⏝࠸࡚ࠊ
CVC ᢞ㈨ࡀ஦ᴗ఍♫ࡢ௻ᴗ౯್࡟

ࡼࡗ࡚⵳✚ࡉࢀࡓ⤌⧊ෆࡢ▱㆑㸦prior related୚࠼ࡿᙳ㡪࡟ࡘ࠸᳨࡚ドࢆ⾜ࡗࡓࠋknowledge㸧ࡀࠊ⤌⧊እ㒊ࡢ㛵㐃ࡍࡿ▱㆑ࢆ⮬♫ࡢ᳨ドࡢ⤖ᯝࠊCVC ᢞ㈨ࡀከ࠸࡯࡝ࠊ୙☜ᐇᛶࡢ㧗ᡓ␎࡟࡜ࡗ࡚᭷⏝࡛࠶ࡿ࠿࡝࠺࠿ࢆホ౯ࡍࡿ⬟ຊࠊ࠸▱ⓗ㈈⏘ࢆ♫እ࠿ࡽ⋓ᚓࡋࡓ㝿࡟௻ᴗ౯್ࡀ㧗ࡲࡍ࡞ࢃࡕ྾཰⬟ຊ㸦Cohen and Levinthal, 1990;ࡾࠊ཯ᑐ࡟ CVC ᢞ㈨ࡀከ࠸࡯࡝ࠊ୙☜ᐇᛶࡢప࠸

Zahra and George, 2002㸧࡟ᙳ㡪ࢆ୚࠼ࡿ࡜࠸࠺㆟▱ⓗ㈈⏘ࢆ♫እ࠿ࡽ⋓ᚓࡋࡓ㝿࡟௻ᴗ౯್ࡀపୗࡍ

ㄽࡣྂࡃ࠿ࡽ⾜ࢃࢀ࡚ࡁࡓࠋ

ࡿ࡜࠸࠺⤖ᯝࡀ♧ࡉࢀࡓࠋࡋ࠿ࡶࠊ୙☜ᐇᛶࡢ㧗࠸ࡑࢀ࡟ᑐࡋ࡚㏆ᖺ࡛ࡣࠊR&D άື࡜ྠᵝ࡟ CVC▱ⓗ㈈⏘ࡢ⋓ᚓ࡟ࡼࡗ࡚㧗ࡲࡿ௻ᴗ౯್ࡼࡾࡶࠊ୙

ᢞ㈨άືࡶእ㒊ࡢ▱㆑ࡢᏑᅾࢆㄆ㆑ࡋࠊࡑࡢ౯್ࢆ

☜ᐇᛶࡢప࠸▱ⓗ㈈⏘ࡢ⋓ᚓ࡟ࡼࡗ࡚పୗࡍࡿ௻ᴗホ౯ࡍࡿ⬟ຊࢆ㧗ࡵࡿ࡜࠸࠺ྍ⬟ᛶࡀ㆟ㄽࡉࢀࡿࡼ

౯್ࡢ᪉ࡀ኱ࡁ࠸ഴྥ࡟࠶ࡿࡇ࡜ࡶ♧၀ࡉࢀࡓࠋ

࠺࡟࡞ࡗ࡚ࡁ࡚࠸ࡿ㸦Benson and Ziedonis, 2009㸧ࠋᮏ✏࡟࠾ࡅࡿ௻ᴗ౯್ࡢ௦⌮ᣦᶆ࡟⏝࠸ࡓࢺ࣮ࣅ

ࡇ࠺ࡋࡓ㆟ㄽࡢ㧗ࡲࡾࡣࠊ௻ᴗࡀ CVC ᢞ㈨࡞࡝ࢆ

ࣥࡢ q ࡀᕷሙࡢᮇᚅࡀ཯ᫎࡉࢀࡓホ౯್࡛࠶ࡿࡇ࡜

㏻ࡌ࡚ࠊ♫እࡢ▱㆑ࢆ⋓ᚓࡍࡿ࡜࠸࠺⾜Ⅽࡀࠊࡶࡣࢆ⪃៖࡟࠸ࢀࢀࡤࠊࡇࡢ᳨ド⤖ᯝ࠿ࡽࡣࠊCVC ᢞ㈨ࡸ♫ෆࡢ R&D ࡜ྠᵝ࡟㔜せ࡞࢜ࣉࢩࣙࣥ࡜ࡋ࡚௻

ࢆ✚ᴟⓗ࡟⾜ࡗ࡚࠸ࡿ௻ᴗࡣࠊࡓ࡜࠼ᑟධࡋࡓ▱㆑ᴗࡢᡓ␎࡜ࡋ࡚⏝࠸ࡽࢀጞࡵ࡚࠸ࡿ࡜࠸࠺⌧ᐇࡢ཯ࡀ୙☜ᐇᛶࡢ㧗࠸ࡶࡢ࡛࠶ࡗ࡚ࡶࠊᙜヱ▱㆑ࡀᑗ᮶࡛ᫎ࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋ

࡟ࢃࡓࡗ࡚ྲྀᚓ౯᱁ࢆୖᅇࡿ౯್ࢆ⏕ࡳฟࡍ࡜ᕷሙ

➨ 2 ࡢ࢖ࣥࣉࣜࢣ࣮ࢩࣙࣥࡣࠊCVC ᢞ㈨ࢆ㏻ࡌ

࠿ࡽホ౯ࡉࢀ࡚࠸ࡿࡇ࡜ࡀ♧၀ࡉࢀࡿࠋ୍᪉࡛ࠊ

ࡓ࣋ࣥࢳ࣮ࣕ௻ᴗ࡜ࡢ㛵ಀᙉ໬࡜௻ᴗ౯್ྥୖࡣ୧

CVC ᢞ㈨ࢆ✚ᴟⓗ࡟⾜ࡗ࡚࠸ࡿ௻ᴗࡀ୙☜ᐇᛶࡢ❧ࡍࡿ࡜࠸࠺ྍ⬟ᛶ࡛࠶ࡿࠋࢃࡀᅜࡶ⡿ᅜ࡟ೌ࠸࢖

ప࠸▱㆑ࢆᑟධࡍࡿࡇ࡜ࡣࠊࡴࡋࢁᕷሙ࠿ࡽࡢホ౯ࣀ࣮࣋ࢩ࣭࢚ࣙࣥࢥࢩࢫࢸ࣒ࡢᵓ⠏ࡀᚲせࡔ࡜࠸࠺ࢆୗࡆ࡚ࡋࡲ࠺ࡇ࡜ࡀ♧၀ࡉࢀࡿࠋ

㆟ㄽࡀάⓎ࡟⾜ࢃࢀࡿࡼ࠺࡟࡞ࡿ୰࡛ࠊ኱௻ᴗ࡜࣋

ᮏ✏ࡢ᳨ド࡟⏝࠸ࡓ་⸆ရ⏘ᴗ࡛ࡣࠊከࡃࡢࣂ࢖

ࣥࢳ࣮ࣕ௻ᴗࡢ㛵ಀᙉ໬ࡀㄢ㢟ࡢ 1 ࡘ࡜ࡉࢀ࡚࠸ࡿ

࢜࣋ࣥࢳ࣮ࣕࡀࠊ⡿ᅜࡢࢧࣥࣇࣛࣥࢩࢫࢥࠊࢧࣥࢹ

㸦ྛົࠊ2015㸧ࠋᮏ✏ࡢศᯒ⤖ᯝࡀ♧ࡍࡼ࠺࡟ࠊCVC

࢕࢚ࢦࠊ࣎ࢫࢺࣥ࡞࡝࡟㞟✚ࡋ࡚࠸ࡿࠋ᪥⣔ࡢ〇⸆

ᢞ㈨ࡀ஦ᴗ఍♫ࡢ௻ᴗ౯್ྥୖ࡟ᐤ୚ࡍࡿ࡞ࡽࡤࠊ

఍♫࡛ࡉ࠼ࠊ
CVC 㒊㛛ࡣࡇ࠺ࡋࡓሙᡤ࡟ᣐⅬࢆᵓ࠼ࡼࡾከࡃࡢ⏘ᴗࠊከࡃࡢ௻ᴗ࡟ࡼࡗ࡚ CVC ᢞ㈨ࡀ

9(1785(5(9,(:1R6HSWHPEHU

᥇⏝ࡉࢀࡿ࡭ࡁ࡛࠶ࢁ࠺ࠋ
࡞ࡐ࡞ࡽࡤࠊ
CVC ᢞ㈨ࡣࠊ

ࡕ࡟ CVC ࡢࣃࣛࢻࢵࢡࢫࡢඞ᭹ࢆព࿡ࡍࡿࢃࡅ࡛

኱௻ᴗࡢࡳ࡞ࡽࡎࠊ࣋ࣥࢳ࣮ࣕ௻ᴗࡢධཱྀ࡜ฟཱྀࡢ

ࡣ࡞࠸ࠋࡋ࠿ࡋࠊࡓ࡜࠼ᢏ⾡ࡸ࢔࢖ࢹ࢕࢔ࡢᶍೌࡀ

୧㠃࡟࠾࠸࡚ࡶ㔜せ࡞ព࿡ࢆᣢࡘ࠿ࡽ࡛࠶ࡿࠋ

ᅔ㞴࡞⏘ᴗ࡟࠾࠸࡚ࡶࠊ
CVC ᢞ㈨ࢆ㏻ࡌࡓ᝟ሗࡢ⵳㈨㔠࡟ஈࡋ࠸࣋ࣥࢳ࣮ࣕ௻ᴗ࡟࡜ࡗ࡚ࠊᢞ㈨ᐙࡣ

✚࡟ࡼࡾࠊᙜヱศ㔝ࡢᢏ⾡ⓗ୙☜ᐇᛶࡀపୗࡍࡿ࡜ᚲせ୙ྍḞ࡞Ꮡᅾ࡛࠶ࡿࠋᆅᇦ࢚ࢥࢩࢫࢸ࣒ 7)ࡢᙧ࠸࠺᪂ࡓ࡞ྍ⬟ᛶࡀᥦ♧ࡉࢀࡓࡇ࡜ࡣࠊ௒ᚋ CVC

ᡂ࡟ VC ࡀ㔜せ࡞ᙺ๭ࢆᯝࡓࡋ࡚࠸ࡿࡇ࡜ࡣ᪤࡟

ࡢࣃࣛࢻࢵࢡࢫࢆඞ᭹ࡍࡿ◊✲ࡀⓏሙࡍࡿ㊊᥃࠿ࡾᵝࠎ࡞◊✲࡛ᣦ᦬ࡉࢀ࡚ࡁࡓ㸦e.g., Bahrami and࡟࡞ࡿ࠿ࡶࡋࢀ࡞࠸ࠋ

Evans, 2000; ཎࠊ2012; Powell, Koput, Bowie andSmith-Doerr, 2002㸧
ࠋCVC ᢞ㈨ࡀάⓎ࡟࡞ࡿࡇ࡜
࡛ࠊከࡃࡢ࣋ࣥࢳ࣮ࣕ௻ᴗࡀㄌ⏕ࡍࡿ࠿ࡶࡋࢀ࡞࠸ࠋ

ࡲ࡜ࡵ࡜௒ᚋࡢ◊✲ㄢ㢟ࡑࡋ࡚ࠊ኱௻ᴗࡀ CVC ᢞ㈨ࢆ㏻ࡌ࡚ᙜヱᢏ⾡ศ㔝ᮏ✏࡛ࡣࠊ
CVC ᢞ㈨ࡀ஦ᴗ఍♫ࡢ௻ᴗ౯್࡟୚࠼

ࡢࠕ┠฼ࡁຊࠖࡀ㧗ࡵࡿࡇ࡜࡟ࡼࡗ࡚ࠊ⮬♫࡟࡜ࡗࡿᙳ㡪࡟ࡘ࠸࡚ࠊ௻ᴗࡀእ㒊࠿ࡽ⋓ᚓࡍࡿ▱ⓗ㈈⏘࡚᭷⏝࡞ᢏ⾡ࡢ㈙཰࡟ᑐࡍࡿ୙☜ᐇᛶࡀ㍍ῶࡉࢀࠊࡢ୙☜ᐇᛶ࡜ࡢ㛵ಀ࡟╔┠ࡋ࡞ࡀࡽ᳨ドࢆ⾜ࡗ࡚ࡁ㈙཰ࡢࣁ࣮ࢻࣝࡀపୗࡍࡿ࠿ࡶࡋࢀ࡞࠸ࠋ኱௻ᴗ࡟ࡓࠋ᳨ドࡢ⤖ᯝࠊCVC ᢞ㈨ࡀ஦ᴗ఍♫ࡢ௻ᴗ౯್࡟

ࡼࡿ࣋ࣥࢳ࣮ࣕࡢ M&A ࡀቑຍࡍࡿࡇ࡜ࡶࡲࡓࠊᆅ

ᙳ㡪ࢆ୚࠼ࡿ࣓࢝ࢽࢬ࣒࡟ࡘ࠸࡚ࠊඛ⾜◊✲࡛༑ศᇦ࢚ࢥࢩࢫࢸ࣒ࢆ⥔ᣢࡍࡿࡓࡵ࡟ࡣ㔜せ࡞せ⣲࡛࠶࡞ㄝ᫂ࡀ⾜ࢃࢀ࡚ࡇ࡞࠿ࡗࡓࠊ᪂ࡓ࡞࣓࢝ࢽࢬ࣒ࡀ

ࡿࠋ࡞ࡐ࡞ࡽࡤࠊM&A ࡟ࡼࡿ࢖ࢢࢪࢵࢺࡢቑຍࡣ

Ꮡᅾࡋ࡚࠸ࡿྍ⬟ᛶࡀ♧၀ࡉࢀࡓࠋ

ᆅᇦ࢚ࢥࢩࢫࢸ࣒ࢆᙧᡂࡋ࡚࠸ࡃୖ࡛⤯ᑐⓗ࡟ᚲせࡉࡽ࡟ࠊᮏ✏࠿ࡽᥦ♧ࡉࢀࡓ࢖ࣥࣉࣜࢣ࣮ࢩࣙࣥ

࡜࡞ࡿࢩࣜ࢔࣭ࣝ࢔ࣥࢺࣞࣉࣞࢼ࣮㍮ฟࡢዎᶵ࡜࡞

࠿ࡽࡣࠊḟࡢࡼ࠺࡞᪂ࡓ࡞◊✲ㄢ㢟ࡶᑟࡁฟࡉࢀࡿࠋ

ࡿ࠿ࡽ࡛࠶ࡿ㸦⏣㊰ࠊ2009; ཎࠊ2012㸧ࠋ౛࠼ࡤࠊᮏ✏ࡣࠊ▱㆑ࡢ⋓ᚓ࡟↔Ⅼࢆᙜ࡚ࠊᙜヱ▱㆑ࡢ୙☜ࢩࣜࢥࣥࣂ࣮࡛ࣞࡣࠊ࠿ࡘ࡚࣋ࣥࢳ࣮ࣕ௻ᴗࡢฟཱྀ

ᐇᛶࡢ㧗ప࡜௻ᴗ౯್ࡢ㛵ಀࢆ CVC ᢞ㈨ࡢࣔࢹࣞ

࡜࠸࠼ࡤ IPO ࡛࠶ࡗࡓࡀࠊ㏆ᖺ࡛ࡣ M&A ௳ᩘࡀ࣮ࢸ࢕ࣥࢢຠᯝ࡟↔Ⅼࢆᙜ࡚࡚ศᯒࡋࡓࡶࡢ࡛࠶ࡿࠋ

IPO ௳ᩘࢆ㐶࠿࡟ୖᅇࡗ࡚࠸ࡿ㸦୰ᕝ࣭⚟ᆅ࣭ᑠ㜰୍࣭᪉࡛ࠊ⋓ᚓࡋࡓ▱㆑ࢆ࡝ࡢ⛬ᗘ᭷ຠά⏝࡛ࡁࡿ࠿⛅ụ࣭ᑠᯘ࣭ᑠᯘࠊ2014㸧ࠋࡇࡢࡼ࠺࡟ࠊCVC ᢞ㈨࡜࠸ࡗࡓᙳ㡪ࡣࠊࣔࢹࣝࡢไ⣙ୖࠊ඲࡚⤫ไࡋࡓศࡣࠊ⮬♫ࡢ௻ᴗ౯್ࡢྥୖ࡜࣋ࣥࢳ࣮ࣕ௻ᴗ࡜ࡢ㛵ᯒࢆ⾜࡞ࡗ࡚࠸ࡿࠋࡋ࠿ࡋ࡞ࡀࡽ⌧ᐇ࡟ࡣࠊ♫እ࠿ಀᙉ໬ࡢ୧㠃ࠊ࠾ࡼࡧࡑࢀࡽࢆ㏻ࡌࡓᡃࡀᅜࡢ⏘ᴗࡽ⋓ᚓࡋࡓ▱㆑ࢆ⤌⧊ෆ࡛࡝ࡢ⛬ᗘ᭷ຠ࡟ά⏝࡛ࡁᇶ┙ࡢᙉ໬࡟ᐤ୚ࡍࡿྍ⬟ᛶࡀ࠶ࡿ࡜ゝ࠼ࡼ࠺ࠋࡿ࠿ࠊ࠶ࡿ࠸ࡣࠊᙜヱ⤌⧊ࡀ᪤࡟ᣢࡘ▱㆑࡜࡝ࡢࡼ

ࡑࡋ࡚➨ 3 ࡟ࠊᮏ✏ࡢศᯒ⤖ᯝࡣࠕCVC ࡢࣃࣛ࠺࡞ࢩࢼࢪ࣮ࡀാࡃ࠿࡜࠸ࡗࡓⅬࡀࠊᮏ᮶⤌⧊ࡈ࡜ࢻࢡࢫࠖࢆඞ᭹ࡍࡿ㊊ࡀ࠿࠿ࡾ࡟࡞ࡿ࠿ࡶࡋࢀ࡞࠸

࡟␗࡞ࡿ࡜⪃࠼ࡽࢀࡿࠋࡋࡓࡀࡗ࡚௒ᚋࡣࠊCVC ᢞ࡜࠸࠺⌮ㄽⓗྵពࡶᣢࡘࠋඛ⾜◊✲࡛ࡣࠊCVC ᢞ㈨㈨ࡀ࡝ࡢ⛬ᗘ᭷ຠ࡟ά⏝ࡉࢀ࡚࠸ࡿ࠿ࢆ⤌⧊ࡢඛ⾜ࡀ஦ᴗ఍♫࡟ࡶࡓࡽࡍ࣋ࢿࣇ࢕ࢵࢺ࡟ࡘ࠸࡚ࠊᢏ⾡せᅉ㸦antecedents㸧࡟╔┠ࡋ࡚ศᯒࡍࡿࡇ࡜ࡶᚲ

ࡸ࢔࢖ࢹ࢕࢔ࡢᶍೌ࡟࣓࢝ࢽࢬ࣒ࡢ↔Ⅼࢆᙜ࡚ࡓ㆟

せ࡛࠶ࢁ࠺ࠋ

ㄽࡸศᯒࡀ⾜ࢃࢀ࡚ࡁࡓࠋࡑࡢ⤖ᯝࠊ≉チ࡟ࡼࡿ▱᭱ᚋ࡟ᮏ✏ࡢ㝈⏺࡟ࡘ࠸࡚ࡶ㏙࡭࡚࠾ࡁࡓ࠸ࠋᮏ㈈ಖㆤࡢᙉ࠸⮬ື㌴⏘ᴗࡸ་⸆ရ⏘ᴗ࡞࡝ࡢ⏘ᴗ࡛✏࡟ࡼࡿ᳨ド⤖ᯝࡣࠊ་⸆ရ⏘ᴗ࡜࠸࠺༢୍⏘ᴗ࡟ࡣࠊᢏ⾡ࡸ࢔࢖ࢹ࢕࢔ࡢᶍೌࡀᅔ㞴࡛࠶ࡿࡓࡵࠊ

౫ᣐࡋ࡚࠸ࡿࡓࡵࠊ୍⯡໬ࡢྍ⬟ᛶ࡜࠸࠺ほⅬ࡛㝈

CVC ᢞ㈨ࡀ஦ᴗ఍♫ࡢ࢖ࣀ࣮࣋ࢩࣙࣥࡸ௻ᴗ౯್

⏺ࢆᢪ࠼࡚࠸ࡿࠋࡲࡓࠊᮏ✏ࡢศᯒ࡛ࡣࠊศᯒࣔࢹ

࡟ᐤ୚ࡋ࡞࠸࡜࠸࠺୍᪉࡛ࠊ௻ᴗᐙࡀᢞ㈨ᐙ࡟ᢏ⾡ࣝࡢไ⣙ୖࠊ▱ⓗ㈈⏘ࡢ୙☜ᐇᛶࡢ᧯స໬ࢆ་⸆ရ

ࡢ᝟ሗࢆ㛤♧ࡋࡸࡍࡃࠊࡑࢀࡺ࠼ CVC ᢞ㈨ࡣᡂ❧ࡢ◊✲㛤Ⓨࣇ࢙࣮ࢬ࡛༊ศࡋ୍࡚ᚊ໬ࡋ࡚࠸ࡿࠋࡇ

ࡋࡸࡍ࠸࡜࠸࠺࢖ࣥࣉࣜࢣ࣮ࢩࣙࣥࡀࡶࡓࡽࡉࢀ࡚

ࢀࡣࠊ་⸆ရࡢ◊✲㛤Ⓨࣇ࢙࣮ࢬࡀ୙ྍ㏫ⓗ࡛࠶ࡾࠊࡁ ࡓ 㸦 Dushnitsky and Lenox, 2005; 2006;

࠿ࡘྍど໬ࡋ᫆࠸࡜࠸࠺฼Ⅼࢆᣢࡘࡓࡵ࡛࠶ࡿࡀࠊ

Dushnitsky and Shaver, 2009㸧ࠋ௚⏘ᴗ࡟࠾࠸࡚ྠ୍ࡢ᧯స໬ࡀྍ⬟࡜ࡣ㝈ࡽ࡞࠸ࠋᮏ✏ࡣࠊCVC ᢞ㈨ࡀᡂ❧ࡋࡸࡍ࠸཯㠃ࠊCVC ᢞࡑࡢ௚࡟ࡶࠊ⋓ᚓࡋࡓ▱ⓗ㈈⏘ࡢ౯್ࡢ㔜ࡳ௜ࡅࢆ㈨࡟ࡼࡿ஦ᴗ఍♫࡬ࣉࣛࢫࡢᙳ㡪ࡀᚓࡽࢀ࡟ࡃ࠸࡜

⾜ࢃࡎࠊ୍ᚊ࡟௳ᩘ࡜ࡋ࡚࢝࢘ࣥࢺࡋ࡚࠸ࡿⅬࡀㄢ♧၀ࡉࢀ࡚ࡁࡓ་⸆ရ⏘ᴗࡢࡳࢆᑐ㇟࡟᳨ドࢆ⾜ࡗ㢟࡜ࡋ࡚ᣲࡆࡽࢀࡿࠋ
ࡇࢀࡽࡢㄢ㢟ࢆ⪃៖࡟ධࢀࡓࠊ

ࡓࡶࡢ࡛࠶ࡿࠋࡑࢀࡺ࠼ࠊᮏ✏࡟ࡼࡿ᳨ド⤖ᯝࡀ┤ࣔࢹࣝࡢ᭦࡞ࡿᨵၿࡀᚲせ࡛࠶ࢁ࠺ࠋࡑࢀࡽࡢⅬࡣ

9(1785(5(9,(:1R6HSWHPEHU

௒ᚋࡢㄢ㢟࡜ࡋࡓ࠸ࠋ

Benson, D., and Ziedonis, R. H.㸦2009㸧Corporate Venture
Capital as a Window on New Technologies: Implications for࠙ㅰ㎡ࠚ
 ᮏ✏ࡣࠊ᪥ᮏ࣋ࣥࢳ࣮ࣕᏛ఍➨ 18 ᅇ඲ᅜ኱఍㸦ᑠᶡၟ⛉኱Ꮫ㸧࡛ሗ࿌ࡋࡓ◊✲࡟኱ᖜ࡞ຍ➹ࢆ࠾ࡇ࡞ࡗࡓࡶࡢ࡛ࡍࠋሗ࿌ࡢሙ࡛

the Performance of Corporate Investors When Acquiring
Startups. Organization Science, 20(2), 329–351
Bahrami, H. & Evans, S. 㸦2000 㸧Flexible Recycling and᭷┈࡞ࢥ࣓ࣥࢺࢆୗࡉࡗࡓඛ⏕᪉࡟ᚚ♩ࢆ⏦ࡋୖࡆࡲࡍࠋࡲࡓࠊ

High-technologyᮏ✏ࡢᇳ➹࡟࠶ࡓࡾࠊᑂᰝ⦅㞟ጤဨࡢᮏᗉ⿱ྖඛ⏕࡜ 2 ྡࡢ༏ྡUnderstanding Silicon Valley: The Anatomy of anࣞࣇ࣮ࣜࡢඛ⏕᪉࠿ࡽ኱ኚ᭷┈࡞ࢥ࣓ࣥࢺࢆከᩘ㡬ᡝࡋࡲࡋࡓࠋ

Entrepreneurial Region. Stanford University Pressࡇࡢሙࢆ೉ࡾ࡚ᚚ♩ࢆ⏦ࡋୖࡆࡲࡍࠋ

Entrepreneurship.

Kerry,

M.

eds.,

Chesbrough, H. W. 㸦2002㸧Making Sense of Corporate Venture
Capital. Harvard Business Review, 80(3), 90-99



࠙ὀ㔘ࠚ
1㸧CVC ࡢᙧែࡣ஦ᴗ఍♫࡟ᢞ㈨㒊㛛࡛࠶ࡿࢣ࣮ࢫࡸᏊ఍♫໬ࡋ࡚࠸ࡿࢣ࣮ࢫࠊ㈨ᮏ㛵ಀࢆษࡾ㞳ࡋ࡚࠸ࡿࢣ࣮ࢫ࡞࡝ࠊᗄࡘ࠿

Cohen, W. M., and Levinthal, D. A.㸦1990㸧Absorptive capacity᩿:anewperspectiveon

Learningandinnovation.

Administrative Science Quarterly, 35(1), 128–152

࡟ศ㢮ࡉࢀࡿࠋᮏ✏࡛ࡣࡑࢀࡽࢆ༊ูࡏࡎ CVC ࡜࿧⛠ࡍࡿࠋ

Cohen, W. M., Nelson, R. R., and Walsh, J. P.㸦2000㸧Protecting

ࡲࡓࠊCVC ࡟㈨㔠ࢆᥦ౪ࡋ࡚࠸ࡿ஦ᴗ఍♫ࢆぶ఍♫࡜࿧⛠ࡍࡿࠋ

their intellectual assets: Appropriability conditions and why

2㸧≉チ࡟ࡼࡿಖㆤ௨እࡢ࢖ࣀ࣮࣋ࢩࣙࣥ࠿ࡽ཰┈ࢆ☜ಖࡍࡿᡭẁࡣࠊᢏ⾡᝟ሗࡢ⛎༏ࠊ௚ࡢἲⓗಖㆤ㸦ព໶Ⓩ㘓ࠊⴭసᶒ➼㸧ࠊ〇U.S. manufacturing firms patent(or not). Working Paper
7552

ရࡢඛ⾜ⓗ࡞ᕷሙ໬ࠊ〇ရࡢ㈍኎࣭ࢧ࣮ࣅࢫ⥙➼ࡢಖ᭷࣭⟶⌮ࠊ

Cohen, J., Cohen, P., West, S. G., and Aiken, L. S.㸦2003㸧Applied〇ရࡢ〇㐀タഛࡸࣀ࢘ࣁ࢘ࡢಖ᭷࣭⟶⌮ࠊ⏕⏘࣭〇ရタィࡢ」

multiple regression/correlation analysis for the behavioral㞧ᛶࠊࡑࡢ௚࡛࠶ࡿࠋẚ⋡ࡢࣞࣥࢪࡣࠊ10%ᮍ‶ࠊ10-40%ࠊ

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41-60%ࠊ61-90%ࠊ90%௨ୖࡢ 5 ࣞࣥࢪ࡛࠶ࡿࠋ࡞࠾ࠊྠㄪᰝ

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ᢸᙜᑂᰝ⦅㞟ጤဨ: ᮏᗉ⿱ྖ㸧