ሗ ࿌⡿ᅜࡢࢯ࣮ࢩࣕࣝ࢖ࣥࣃࢡࢺമ㸦SIB㸧ᑟධ࡟㛵ࡍࡿ୍⪃ᐹ ᮡ ᮏ ᭷ 㐀
㸦IES ඲⡿኱Ꮫ㐃┕ᮾிࢭࣥࢱ࣮ㅮᖌ㸧ࢪࣙࢭࣇ࣭࢞ࣈ࢚ࣜࣛ
㸦ᮾὒ኱ᏛἲᏛ㒊ᑓ௵ㅮᖌ㸧

1 ࡣࡌࡵ࡟ ⡿ᅜ࢜ࣂ࣐ᨻᶒࡢ 2012 ᖺᗘ㐃㑥ண⟬࡛㸪ࠕࢯ࣮ࢩࣕࣝ࢖ࣥࣃࢡࢺമࠖ
㸦SIB: Social Impact Bonds㸧ࡢᐇ㦂ࣉࣟࢪ࢙ࢡࢺ࡟㸯൨ࢻࣝࡢண⟬ࡀィୖࡉࢀࡓࠋࡓࡔࡋ㸪ࡑࡢ㢠ࡣ㸪㐃㑥ᨻᗓࡢ⥲ண⟬㢠 3.7 ඙ࢻࣝ࡟ᑐࡋ
࡚ࠕ0.003 ࣃ࣮ࢭࣥࢺࠖ௨ୗࡢ๭ྜ࡛࠶ࡗࡓࠋࡇࡢࡼ࠺࡟ண⟬ⓗ࡟ࡣᴟࡵ࡚ᑡ㢠࡟ࡶ࠿࠿ࢃࡽࡎ㸪⡿ᅜෆࡢ◊✲⪅ࡸ࣓ࢹ࢕࢔ࡢ㛫࡛ࡣ㸪
ࠕࡇࢀ㸦SIB㸧ࡀᶵ⬟ࡍࢀࡤ㸪㈈※୙㊊࡟┤㠃ࡍࡿබඹ㈈ᨻࡢ௙⤌ࡳ࡟኱ࡁ࡞
ኚ໬ࢆࡶࡓࡽࡍ࠿ࡶࡋࢀ࡞࠸ࠖ࡜ὀ┠ࡉࢀࡓࠋ SIB ࡜ࡣ㸪㈈ᨻ㞴࡟┤㠃ࡋ࡚࠸ࡿ㐃㑥㸭ᆅ᪉ᨻᗓ࡞࡝ࡢබඹ㒊㛛࡜Ẹ㛫㈨㔠ࢆ⤖ࡧ௜ࡅࡿᐇ㦂ⓗ࡞ࣇ࢓࢖ࢼࣥࢫࡢ௙⤌ࡳ࡛࠶ࡿࠋࡇࡢ௙⤌ࡳ࡛ࡣ㸪ᢞ㈨ࡢᑐ㇟࡜࡞ࡿ♫఍ⓗ࡞஦ᴗࡀලయⓗ࡞ᡂᯝࢆ⏕ࡳฟࡋࡓሙྜ࡟ࡢࡳ㸪බඹ㒊㛛࠿ࡽẸ㛫ᢞ㈨㒊㛛࡟ᑐࡋ࡚ᑐ౯ࡀᨭᡶࢃࢀࡿࠋࡘࡲࡾ㸪♫఍ⓗ࡞஦ᴗ࡟࡜ࡶ࡞࠺ᢞ㈨ࣜࢫࢡࢆẸ㛫㒊㛛ࡀ㈇ᢸࡍࡿࡢ࡛࠶ࡿࠋࡓ࡜࠼ࡤ㸪ࠕ㟷ᑡᖺཷฮ⪅ࡢ෌≢⋡ࡢపୗࠖ࡜࠸࠺♫఍ⓗࣉࣟࢢ࣒ࣛࡢ SIB ࡛ࡣ㸪ලయⓗ┠ᶆ್ࢆ㐩ᡂࡋࡓሙྜ࡟࠿ࡂࡾᢞ㈨㢠ࡀൾ㑏ࡉࢀࡿࠋ⌧ᅾ㸪⡿ᅜ࡟࠾࠸࡚㸪ࡇࡢ
SIB ࡣ㸪♫఍ⓗ࡟ዲࡲࡋࡃ࡞࠸஦㇟ࡀⓎ⏕ࡋࡓᚋࡢࠕᩆ῭ⓗࠖ࡞♫఍ࣉࣟࢢ࣒ࣛ࡟࠾࠸࡚࡛ࡣ࡞ࡃ㸪ࠕண㜵ⓗࠖ࡞♫఍ᨻ⟇ࡢศ㔝࡟࠾ࡅࡿ᪂ࡋ࠸㈨㔠ㄪ㐩ࡢᡭἲ࡜ࡋ࡚╔┠ࡉࢀ࡚࠸ࡿࠋ ᚑ᮶ࡢ♫఍ⓗ࡞஦ᴗࡣ㸪୺࡜ࡋ࡚࢖ࣥࣉࢵࢺ㸦ᢞධ㈨※㸧࡟ᑐࡋ࡚ண⟬ࡀᨭฟࡉࢀ࡚ࡁࡓ࡜ࡍࢀࡤ㸪SIB
ࡣ࢔࢘ࢺ࣒࢝㸦ᡂᯝ㸧࡟ᑐࡋ࡚ண⟬ࡀᨭᡶࢃࢀࡿ௙⤌ࡳࡔ࡜ㄝ࡛᫂ࡁࡼ࠺ࠋࡑࡢࡓࡵ㸪⡿ᅜ࡛ࡣ㸪SIB ࡣࠕPay-for-Success Bondsࠖ㸦ᡂຌᑐ౯ᆺ㸧࡜ࡶ࿧ࡤࢀ࡚࠸ࡿࠋࡇࡢ SIB ࡢ㢧ⴭ࡞≉ᚩࡢࡦ࡜ࡘࡣ㸪ලయⓗ࡞┠ᶆ್ࡀ㐩ᡂࡉࢀ࡞࠸ሙྜ㸪㈨㔠ࢆᣐฟࡋࡓᢞ㈨ᐙ࡟ᑐࡋ࡚฼Ꮚࡔࡅ࡛࡞ࡃඖᮏࡶൾ㑏ࡉࢀ࡞࠸ࡇ࡜࡛࠶
1984 ᖺᶓ὾ᅜ❧኱Ꮫ⤒῭Ꮫ㒊༞ᴗ㸪᪥ᮏ㐨㊰බᅋධ♫ࠋ1991 ᖺ࣌ࣃ࣮ࢲ࢖ࣥ኱Ꮫ⤒Ⴀ኱Ꮫ㝔ಟ஢㸦MBA㸧
ࠋ2004 ᖺᶓ὾ᅜ❧኱Ꮫ኱Ꮫ㝔ᅜ㝿♫఍⛉Ꮫ◊✲⛉༤ኈㄢ⛬ಟ஢ࠋ༤ኈ㸦⤒῭Ꮫ㸧ࠋ᪥ᮏ㈈ᨻᏛ఍ᡤᒓࠋ୺࡞ⴭ᭩㸭ㄽᩥ࡜ࡋ࡚㸪ࠗ࢜ࣂ࣐኱⤫㡿࡜ࣁ࢖ࣈࣜࢵࢻ㌴࠘㸦ᡃ㱟♫㸪2010ᖺ㸧㸪㔠⃝ྐ⏨⦅ࠗ㈈ᨻᏛ࠘
㸦➨㸵❶ࠕ㈈ᨻᢞ⼥㈨ࠖᢸᙜ㸪᭷ᩫ㛶㸪2005 ᖺ㸧㸪ࠕ㧗㏿㐨㊰ࡢᨻ⟇ࢥࢫࢺ࡜㈈ᨻᢞ⼥㈨ไᗘᨵ㠉ࠖ㸦ࠗ఍ィ᳨ᰝ◊✲࠘➨ 29 ྕ㸪2004.3㸪pp.99-114㸧
㸪ࠕ᭷ᩱ㐨㊰ࡢドๆ໬࡟ࡘ࠸࡚ࠖ㸦ࠗ㧗㏿㐨㊰࡜⮬ື㌴࠘44㸦8㸧
㸪2001.8㸪pp.31-41㸧
ࠋJoseph Gabriella. 1988 ᖺ࣌ࣥࢩࣝࣂࢽ࢔኱Ꮫ࢛࣮࢘ࢺ࣭ࣥࢫࢡ࣮ࣝ༞ᴗ㸦⤒ႠᏛ㒊㸧
ࠋ1989 ᖺ࣌ࣃ࣮ࢲ࢖ࣥ኱Ꮫ⤒Ⴀ኱Ꮫ㝔ಟ஢㸦MBA㸧
ࠋ1993ᖺ࢖ࣜࣀ࢖኱Ꮫ⤒Ⴀ኱Ꮫ㝔ಟ஢㸦ᅜ㝿⤒Ⴀᡓ␎ಟኈ㸧
ࠋ1999 ᖺ༡ࣇࣟࣜࢲ኱Ꮫᩍ⫱኱Ꮫ㝔༤ኈㄢ⛬ಟ஢ࠋ༤ኈ㸦ᩍ⫱Ꮫ㸧ࠋ୺࡞ⴭ᭩㸭ㄽᩥ࡜ࡋ࡚㸪࢚࣮ࠗࣞ࣋ࢱ࣮࣭ࢫࣆ࣮ࢳධ㛛࠘㸦ᡃ㱟♫㸪
2012 ᖺ㸧㸪
“A Comparative Analysis of Technology Policies in the U.S. and Japanese Pharmaceutical Industries”,
Journal of Asia-Pacific Business㸪㸦11㸧1, 1996, “Clarifying Gray Market Gray Areas”, American Business Law Journal㸪㸦31㸧
㸪1993.

− 91 −

఍ィ᳨ᰝ◊✲ No.48㸦2013.9㸧ࡿࠋࡑ࠺ࡋࡓࣜࢫࢡࡢᵓ㐀࡟╔┠ࡍࡿ࡜㸪࢚ࢡ࢖ࢸ࢕㸦ฟ㈨㸧࡟㏆࠸ᙧែࡔ࡜࠸࠼ࡿࠋࡋࡓࡀࡗ࡚㸪୍⯡
ࡢࠕBondsࠖ㸦മๆ㸧࡜ゎ㔘ࡍࡿ࡜ㄗゎࡀ⏕ࡌࡸࡍࡃ㸪ࡴࡋࢁࠕዎ⣙ࠖ
㸦Contract㸧࡜⪃࠼ࡓ࡯࠺ࡀࡼ࠸ࠋ
 ࠕSocial Impact BondsࠖࡢࠕImpactࠖ࡜࠸࠺ⱥㄒ࡟ࡣ㸪ࠕṇࡢ౯್ࢆ௜ຍࡍࡿࠖ࡜࠸࠺ព࿡ࡀྵࡲࢀ࡚࠸ࡿࠋ
ࡑࢀࢆ㋃ࡲ࠼ࡿ࡜㸪ࠕ♫఍㈉⊩മࠖ࡞࡝ࡢヂㄒࡀ⪃࠼ࡽࢀࡿࡀ㸪ᮏ✏࡛ࡣ㸪␎ㄒࡢࠕSIBࠖࡲࡓࡣࠕࢯ࣮ࢩࣕ
ࣝ࢖ࣥࣃࢡࢺമࠖ࡜࠸࠺⾡ㄒࢆ⏝࠸ࡿࡇ࡜࡜ࡍࡿࠋ ᮏ✏ࡢ┠ⓗࡣ㸪⡿ᅜ࡛⌧ᅾὀ┠ࡉࢀ࡚࠸ࡿ᪂ࡋ࠸ᐇ㦂ⓗ࡞ᡭἲ࡛࠶ࡿ SIB ࡢᇶᮏⓗ࡞ᴫせࡸ௙⤌ࡳ㸪ᑟධ஦౛࡜ࡑࡇ࠿ࡽᑟࡁࡔࡏࡿྍ⬟ᛶ࡜ᠱᛕ㸪᪥ᮏ࡛ᑟධࡉࢀࡿ࡜ࡋࡓሙྜࡢㄢ㢟࡟ࡘ࠸࡚⪃ᐹࢆຍ࠼ࡿࡇ࡜࡟࠶ࡿࠋ

2 ඛ⾜◊✲ࡢᩚ⌮ SIB ࡣ᪂ࡋ࠸ᐇ㦂ⓗ࡞ࣇ࢓࢖ࢼࣥࢫᡭἲ࡛ᐇ౛ࡶࡑࢀ࡯࡝ከࡃࡣ࡞࠸ࠋࡑࡢࡓࡵ㸪ඛ⾜◊✲ࡣ㝈ࡽࢀ࡚࠸ࡿࡀ㸪୺࡞ࡶࡢࢆ♧ࡋ࡚࠾ࡇ࠺ࠋLiebman㸦2011㸧ࡣ㸪ࠕᡂᯝ㔜どࡢண⟬ά⏝ࠖ࡜ࠕᕷሙࡢつᚊࠖࢆ⤖ྜ
ࡍࡿ SIB ࢆ♫఍ⓗ࡞஦ᴗࡢ᪂ࡋ࠸ࣇ࢓࢖ࢼࣥࢫᡭἲ࡜఩⨨࡙ࡅ㸪⡿ᅜ࡟࠾ࡅࡿ SIB ࡢᑟධ࡟ᑐࡋ࡚㸪ࡑࡢㄢ㢟࡜ྍ⬟ᛶࢆศᯒࡍࡿࠋSocial Finance㸦2012㸧ࡣ㸪ୡ⏺࡛ึࡵ࡚ࡢ SIB㸪ࣆ࣮ࢱ࣮ࣂ࣭ࣛࢯ࣮ࢩ࣭ࣕࣝ
࢖ࣥࣃࢡࢺ࣭࣎ࣥࢻࢆ୺ᑟࡋࡓᐇ⦼࡟ࡶ࡜࡙ࡁ㸪SIB ࡢ࣓ࣜࢵࢺ࡜ㄢ㢟㸪₯ᅾࣜࢫࢡ࡜ࡑࡢ㍍ῶᡭἲࢆᥦ
♧ࡍࡿࠋMcKinsey & Company㸦2012㸧ࡣ㸪⡿ᅜ࡛ࡢᑟධࢆᑕ⛬࡟࠸ࢀ㸪SIB ࡢᇶᮏⓗ࡞ᯟ⤌ࡳ㸪SIB ࡢᐃ㔞ⓗ࡞ホ౯஦౛㸪SIB ࡢ฼ᐖ㛵ಀ⪅㸪≉ᐃࡢ♫఍ⓗࣉࣟࢢ࣒ࣛ㸦ᚰ⌮Ꮫⓗᐙ᪘⒪ἲ㸧࡟ࡼࡿ SIB ࡢ㈝⏝⠇ῶຠᯝ࡞࡝㸪ከ㠃ⓗ࡞ศᯒࢆᥦ♧ࡍࡿࠋ ࡇࡇ࡛࠶ࡆࡓ 3 ࡘࡢඛ⾜◊✲࡟ඹ㏻ࡍࡿ≉ᚩ࡜ࡋ࡚ḟࡢⅬࢆᣦ᦬࡛ࡁࡿࠋࡍ࡞ࢃࡕ㸪SIB ࡢྍ⬟ᛶ࡜ࡑࡢࣜࢫࢡ㸪ㄢ㢟ࡢ୧㠃ࢆᐈほⓗ࡟ศᯒࡋࡓ࠺࠼࡛㸪♫఍ⓗ஦ᴗࡢ᪂ࡋ࠸ࣇ࢓࢖ࢼࣥࢫࡢᐇ㦂ⓗ࠿ࡘ㠉᪂ⓗ࡞ᡭἲࡢࡦ࡜ࡘ࡜ࡋ࡚ᐇ㊶ⓗ࡞どⅬ࡟ࡓࡗ࡚ࡑࡢᑟධࢆ᳨ウࡍ࡭ࡁ࡛࠶ࡿ࡜࠸࠺ࢫࢱࣥࢫ࡟❧ࡗ࡚࠸ࡿࠋ ࢃࡀᅜࡢඛ⾜◊✲ࡶ㝈ࡽࢀ࡚࠸ࡿࡀ㸪ᒣཱྀ௚㸦2012㸧࡛ࡣ㸪♫఍ⓗ౯್ࢆྍど໬ࡍࡿᡭἲ࡛࠶ࡿ♫఍ⓗᢞ㈨཰┈⋡㸦Social Return on Investment㸧ࢆά⏝ࡋࡓᢞ㈨ࢆᨭ࠼ࡿ௙⤌ࡳ࡜ࡋ࡚㸪SIB ࡢ௙⤌ࡳࡀㄝ᫂ࡉࢀ
ࡿࠋ ௨ୖࡢࡼ࠺࡟ඛ⾜◊✲ࡀ㝈ࡽࢀ࡚࠸ࡿ࡞࠿࡛㸪ᮏ✏ࡣ㸪≉࡟ࠕSIB ࡢᕷሙᛶࠖࢆศᯒࡢᑕ⛬࡟࠸ࢀ࡞ࡀ
ࡽ㸪᪥ᮏ࡟࠾࠸࡚ SIB ࡢᑟධࢆ᳨ウࡍࡿ࡟࠶ࡓࡗ࡚ࡢㄢ㢟ࡸᨻ⟇ⓗ࢖ࣥࣉࣜࢣ࣮ࢩࣙࣥࢆᥦ♧ࡍࡿࡇ࡜ࢆ
┠ⓗ࡜ࡍࡿࠋ

3 ࢯ࣮ࢩࣕࣝ࢖ࣥࣃࢡࢺമ࡜ࡣ ࡛ࡣ㸪ᅗ⾲-1 ࡟ࡶ࡜࡙ࡁ㸪SIB ࡢᇶᮏⓗ࡞ᵓ㐀࡜௙⤌ࡳࢆࡳ࡚࠾ࡇ࠺ࠋ

− 92 2−⡿ᅜࡢࢯ࣮ࢩࣕࣝ࢖ࣥࣃࢡࢺമ㸦SIB㸧ᑟධ࡟㛵ࡍࡿ୍⪃ᐹᅗ⾲-1 SIB ࡢᇶᮏⓗ࡞ᵓ㐀࡜௙⤌ࡳ
ᨻᗓ㒊㛛
մ

ձ
௰௓ᶵ㛵
ճ

ղ

ᐇ㝿ࡢࢧ࣮ࣅࢫࡢᥦ౪⪅յ
ᢞ㈨ᐙ

     㸦ฟᡤ㸸➹⪅సᡂ㸧 ୺࡞ࠕ࢔ࢡࢱ࣮ࠖ
㸦Actor㸧࡜ࡋ࡚㸪ᨻᗓ㒊㛛㸪௰௓ᶵ㛵㸪ᐇ㝿ࡢࢧ࣮ࣅࢫࡢᥦ౪⪅㸪ᢞ㈨ᐙࡀ㛵୚ࡍࡿࠋᅗ⾲í1 ࡢ࡞࠿࡛ᩘᏐࢆ௜ࡋࡓ▮༳ࡣ㸪SIB ࡟ཧຍࡍࡿ࢔ࢡࢱ࣮㛫ࡢ┦஫ࡢ㛵ಀࢆ♧ࡋࡓࡶࡢ࡛࠶ࡿࠋձ ᨻᗓ㒊㛛ࡀ௰௓ᶵ㛵࡜㸪ᙜヱ⾜ᨻࢧ࣮ࣅࢫࡢ SIB ࣉࣟࢪ࢙ࢡࢺ࡟㛵ࡍࡿዎ⣙ࢆ⥾⤖ࡍࡿࠋ㐃㑥ᨻᗓࡔࡅ࡛ࡣ࡞ࡃ㸪ᆅ᪉ᨻᗓࡶዎ⣙ࢆ⥾⤖࡛ࡁࡿࠋղ മๆࡢⓎ⾜ࡢࡼ࠺࡟㸪௰௓ᶵ㛵ࡀẸ㛫ࡢᢞ㈨ᐙ࡟ SIB ࢆ኎༷ࡋ㈨㔠ࢆㄪ㐩ࡍࡿࠋࡇࡢ㈨㔠ࡣ㸪ୗグճ࡛♧ࡍࢧ࣮ࣅࢫᥦ౪ࡢࡓࡵ࡟౑⏝ࡉࢀࡿࠋճ ௰௓ᶵ㛵ࡣࣉࣟࢪ࢙ࢡࢺ⟶⌮⪅࡜࠸࠺Ꮡᅾ࡟࡞ࡾ㸪ࢧ࣮ࣅࢫᥦ౪⪅࡜ู㏵ዎ⣙ࢆ⤖ࡧ㸪ࢧ࣮ࣅࢫࡢᥦ
౪㸪ࡑࡢࡓࡵࡢ㈨㔠ࡢᨭᡶ࠸㸪ࢧ࣮ࣅࢫࡢỈ‽ࡸຠᯝ ᐃ࡞࡝ࡢᚲせ㡯┠ࢆ☜ㄆࡍࡿࠋࡑ࠺ࡋࡓᑓ㛛ᛶࢆࡶࡓ࡞࠸௰௓ᶵ㛵ࡣ㸪ูࡢ఍♫࡟ࡇࡢᴗົࢆ᭷ᩱ࡛ጤクࡍࡿࡇ࡜ࡀ࡛ࡁࡿࠋ」㞧࡞ࢧ࣮ࣅࢫࡢሙ
ྜ㸪ᑓ㛛ᛶࡀ␗࡞ࡿ࠸ࡃࡘ࠿ࡢ⿵᏶ⓗ࡞⤌⧊ࡀཧຍࡋࢧ࣮ࣅࢫࢆᥦ౪ࡍࡿࢣ࣮ࢫࡶ࠶ࡿࠋࡑࡢሙྜ㸪௰௓ᶵ㛵ࡣ㸪┦஌ຠᯝࢆⓎ᥹ࡋ୍㈏ᛶࡢ࠶ࡿࢧ࣮ࣅࢫࡀᥦ౪ࡉࢀࡿࡼ࠺࡟㸪」ᩘࡢᶵ㛵ࡢㄪᩚࢆ⾜࠺ࠋմ ᨻᗓ㒊㛛ࡣ㸪௰௓ᶵ㛵࡜ࡢ㛫࡛タᐃࡋࡓ┠ᶆࡀ㐩ᡂࡉࢀࡓሙྜ㸪ᨻᗓண⟬࡟ࡶ࡜࡙ࡁࣉࣟࢪ࢙ࢡࢺࡢ
ᚲせ㈨㔠ࢆ௰௓ᶵ㛵࡟ᨭᡶ࠺ࠋࡇࡢሙྜ㸪ࣉࣟࢪ࢙ࢡࢺࡢᡂຌ࡟ࡼࡾ⠇ῶࡉࢀࡓ㈝⏝ศࡀ㸪௰௓ᶵ㛵ࡢ฼┈࡟࡞ࡿࠋ┠ᶆࡀ㐩ᡂࡉࢀ࡞࠸㸦࠶ࡿ࠸ࡣ┠ᶆ್ࢆୗᅇࡿ㸧ሙྜ㸪ᨻᗓ㒊㛛࠿ࡽ௰௓ᶵ㛵࡟ᑐࡋ࡚ࣉࣟࢪ࢙ࢡࢺ㈨㔠ࡢᨭᡶ࠸ࡣ࡞ࡉࢀ࡞࠸ࠋյ ௰௓ᶵ㛵ࡣ㸪ᨻᗓ㒊㛛࡜タᐃࡋࡓ㈝⏝๐ῶຠᯝࡸ┠ᶆ್࡟ᑐࡍࡿ㐩ᡂᗘࢆᐃᮇⓗ࡟ ᐃࡍࡿࠋ┠ᶆࡀ㐩ᡂࡉࢀࡓሙྜ㸪௰௓ᶵ㛵ࡣ㸪ᨻᗓ㒊㛛࠿ࡽᨭᡶࢃࢀࡓࣉࣟࢪ࢙ࢡࢺ㈨㔠࡟ࡶ࡜࡙ࡁ㸦ୖグմ㸧㸪ᢞ㈨ᐙ࡟฼Ꮚࢆᨭᡶ࠸㸪‶ᮇ࡟ඖᮏࢆൾ㑏ࡍࡿࠋ┠ᶆ㐩ᡂࡢᗘྜ࠸࡟ࡋࡓࡀࡗ࡚㸪฼Ꮚࡀኚືࡍࡿ௙⤌ࡳࡀከࡃ㸪ࡓ࡜࠼ࡤ㸪኱ᖜ࡟┠ᶆࢆୖᅇࢀࡤ㸪ᢞ㈨ᐙ࡬ᨭᡶࢃࢀࡿ฼Ꮚࡀቑ㢠ࡉࢀࡿࠋ┠ᶆࢆ㐩ᡂ࡛ࡁ࡞࠸ሙྜࡸ┠ᶆ್ࢆୗᅇࡿሙྜࡣ㸪௰௓ᶵ㛵ࡣ㸪SIB ࡢᢞ㈨ᐙ࡟ᑐࡋ࡚㸪฼Ꮚࡢᨭᡶ࠸࡜ඖᮏࡢൾ
㑏ࢆ⾜࠺⩏ົࡀ࡞࠸࡜࠸࠺᮲௳ࡀᇶᮏⓗ࡟᥇⏝ࡉࢀࡿࠋࡇࢀࡣ㸪┠ᶆࡀ㐩ᡂࡉࢀ࡞࠸ሙྜ࡟㸪ୖグմࡢ࡜࠾ࡾᨻᗓ㒊㛛࠿ࡽ௰௓ᶵ㛵࡬ࣉࣟࢪ࢙ࢡࢺ㈨㔠ࡢᨭᡶ࠸ࡀ࡞ࡉࢀ࡞࠸ࡇ࡜࡟㐃ືࡋ࡚࠸ࡿࠋࡇࡢ
ព࿡࡛㸪ᙜヱ SIB ࣉࣟࢪ࢙ࢡࢺࡢᢞ㈨ࣜࢫࢡࡀᨻᗓ㒊㛛࠿ࡽᢞ㈨ᐙ࡟⛣㌿ࡉࢀࡿࠋࡇࢀࡀ㸪ᨻᗓ㒊㛛ࡀ㸪⤖ᯝࡸຠᯝࢆၥࢃࡎ࡟㸪ࢧ࣮ࣅࢫࡢᥦ౪࡟ᑐࡋ࡚ᑐ౯ࢆᨭᡶࡗ࡚ࡁࡓᚑ᮶ᆺࡢᡭἲ࡜ SIB ࡢ┦㐪Ⅼ࡛࠶ࡿࠋ−3 93 −

఍ィ᳨ᰝ◊✲ No.48㸦2013.9㸧

4 ࢯ࣮ࢩ࣏ࣕࣝࣜࢩ࣮മ࡜ࡣ ḟ࡟㸪SIB ࡢⓎ➃࡜ࡳ࡞ࡉࢀࡿࡇ࡜ࡶ࠶ࡿࠕࢯ࣮ࢩ࣏ࣕࣝࣜࢩ࣮മࠖ
㸦SPB㸸Social Policy Bonds㸧࡟ࡘ࠸࡚ᛕࡢࡓࡵ☜ㄆࡋ࡚࠾ࡇ࠺ࠋSPB ࡣ㸪࠶ࡿ♫఍ⓗ࡞஦ᴗ࡟㛵ࡋ࡚㸪බඹ㒊㛛ࡀ↓฼ᏊࡢമๆࢆⓎ⾜ࡍࡿࠋࡇࡢ SPB ࡣ㸪஦๓࡟タᐃࡉࢀࡓ┠ᶆ್ࡀ㐩ᡂࡉࢀࡓሙྜ࡟ࡢࡳൾ㑏ࡉࢀࡿࠋSPB ࡣ㸪ᕷሙ࡛ྲྀᘬࡉࢀ㸪౯᱁ࡣኚືࡍࡿࠋ SPB ࢆ༢⣧࡞ලయ౛࡛ㄝ᫂ࡋࡼ࠺ࠋ࠶ࡿᆅ᪉බඹᅋయ A ࡀ㸪†ࡢί໬ࢆಁ㐍ࡍࡿࣉࣟࢢ࣒ࣛ㸦5 ᖺ㛫㸧࡟㛵ࡋ࡚ SPB ࢆⓎ⾜ࡍࡿ࡜௬ᐃࡍࡿࠋᆅ᪉බඹᅋయ A ࡣ㸪†ࡢί໬ࣉࣟࢢ࣒ࣛ࡟㸪⥲㢠㸯൨෇ࡲ࡛ᨭฟ
ࡋ࡚ࡼ࠸࡜⪃࠼࡚࠸ࡿࠋࡑࡋ࡚㸪SPB ࡢ 1 ༢఩ᙜࡓࡾࡢ㢠㠃ࢆ 10 ୓෇࡜ࡋ࡚㸪1,000 ༢఩ࢆ↓฼Ꮚ࡛Ⓨ⾜ࡍࡿࡇ࡜ࢆィ⏬ࡍࡿࠋධᮐࡢ⤖ᯝ㸪SPB 1 ༢఩ᙜࡓࡾ 6 ୓෇࡛ⴠᮐࡉࢀࡓ࡜ࡍࡿࠋᆅ᪉බඹᅋయ A ࡟⥲㢠6,000 ୓෇ࡢ㈨㔠ࡀධࡾ㸪ࡑࢀࢆ†ί໬ࣉࣟࢢ࣒ࣛࡢண⟬࡜ࡋ࡚౑࠺ࠋൾ㑏ᮇ㛫ࡣ 5 ᖺ࡛㸪ᆅ᪉බඹᅋయ A
ࡀタᐃࡋࡓ†ࡢ㏱᫂ᗘࡢ┠ᶆ್ࡀ㐩ᡂࡉࢀࡓሙྜ࡟ࡢࡳ SPB 1 ༢఩ᙜࡓࡾ 10 ୓෇㸦⥲㢠࡛ 1 ൨෇㸧ࡀᢞ㈨ᐙ㸦SPB ಖ᭷⪅㸧࡟ൾ㑏ࡉࢀࡿࠋ 5 ᖺᚋ࡟㢠㠃 10 ୓෇㸭༢఩ࡢൾ㑏ࢆཷࡅࡿࡓࡵ㸪ᢞ㈨ᐙ㸦SPB ಖ᭷⪅㸧ࡣ㸪†ࡢ㏱᫂ᗘࡢ┠ᶆ್ࡀ㐩ᡂࡉࢀࡿࡼ࠺࡟㸪ఱࡽ࠿ࡢ⾜ືࢆ࡜ࡿ࢖ࣥࢭࣥࢸ࢕ࣈࢆࡶࡕ㸪⾜ືࢆ㉳ࡇࡍࠋᅗ⾲–2 ࡀ♧ࡍࡼ࠺࡟㸪ᕷሙ࡟࠾࠸࡚┠ᶆࡢ㐩ᡂࡢᗘྜ࠸ࡀ㏣㊧ࡉࢀࡿࠋൾ㑏ᮇ㝈ࡀ㏆࡙ࡁ㸪†ࡢ㏱᫂ᗘࡢ┠ᶆ್ࡀ㐩ᡂࡉࢀࡿぢ㎸ࡳࡀ㧗ࡲࡿ࡟ࡘࢀ࡚㸪SPB ࡢᕷሙ౯᱁ࡣୖ᪼ࡍࡿࠋ୍᪉࡛㸪ࡓ࡜࠼ࡤ㸪മๆⓎ⾜ᚋ 2 ᖺ┠ࡢ࡜ࡁࡢࡼ࠺࡟㸪ᕷሙࡀ୍᫬ⓗ࡟ࠕ┠ᶆ㐩ᡂࡀᅔ㞴ࠖ࡜ุ᩿ࡍࢀࡤ㸪SPB ࡢ౯᱁ࡣపୗࡍࡿࠋSPB ࡢ౯᱁ࡀపୗࡍࢀࡤ㸪ᙜヱࣉࣟࢢ࣒ࣛࡢ┠ᶆ㐩ᡂ࡟ྥࡅ࡚ᕷሙ࠿ࡽᅽຊࢆ࠺ࡅࡿࠋࡑࡋ࡚㸪5 ᖺᚋࡢ┠ᶆ್㐩ᡂ࡜ᘬࡁ᥮࠼࡟㸪ᆅ᪉බඹᅋయ A ࡣ㸪SPB ࡢಖ᭷⪅࡟⥲㢠㸯൨෇ࢆൾ㑏ࡍࡿࠋࡇࡢሙྜ㸪᭱ึ࠿ࡽ SPB ࢆಖ᭷ࡋ࡚࠸ࡿ⪅ࡣ㸪㸯༢఩ᙜࡓࡾ 4 ୓෇ࡢ฼┈ࢆᚓࡿ୍᪉㸪ᆅ᪉බඹᅋయ A ࡣᙜึ᝿ᐃࡋࡓ⥲㢠㸯൨෇࡛┠ᶆࢆ㐩ᡂࡍࡿࡇ࡜
ࠕᕷሙࡢつᚊࠖࢆά⏝ࡋ㸪ᙜึ᝿ᐃࡋࡓ⥲ண⟬㢠࡛†ࡢί໬ࡢ┠ᶆ࡟࡞ࡿࠋࡘࡲࡾ㸪ᆅ᪉බඹᅋయ A ࡣ㸪ࢆ㐩ᡂ࡛ࡁࡿࡢ࡛࠶ࡿࠋ
ᅗ⾲–2 SPB ࡢᕷሙ౯᱁ࡢኚ໬

㸦ฟᡤ㸸Horesh㸦http://socialgoals.com/㸧࡟ࡶ࡜࡙ࡁ➹⪅సᡂ㸧− 94 4−⡿ᅜࡢࢯ࣮ࢩࣕࣝ࢖ࣥࣃࢡࢺമ㸦SIB㸧ᑟධ࡟㛵ࡍࡿ୍⪃ᐹ ࡇࡢࡼ࠺࡞ SPB ࡢᇶᮏⓗ࡞࣏࢖ࣥࢺࢆ㸪Shiller㸦2012㸧ࡣḟࡢࡼ࠺࡟ᩚ⌮ࡍࡿࠋ➨ 1 ࡟㸪㉳ᴗᐙࡀࢯ࣮
ࢩ࣏ࣕࣝࣜࢩ࣮മࢆ㉎ධࡋ฼┈ࢆ⋓ᚓࡋ㸪ྠ᫬࡟♫఍ⓗ࡞ㄢ㢟ࢆゎỴࡍࡿ㐨➽ࢆࡘࡅࡿࡇ࡜ࡀྍ⬟࡛࠶ࡿࠋ➨ 2 ࡟㸪SPB ࡢമๆᕷሙࡀᩚഛࡉࢀࢀࡤ㸪ᙜヱമๆࡢಖ᭷⪅ࡣൾ㑏᪥௨๓࡟኎༷ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࠋ➨ 3࡟㸪ᙜヱമๆࡀ᝿ᐃࡍࡿ♫఍ⓗㄢ㢟ࡢゎỴࡢ┠ᶆ್ࡀࢡࣜ࢔ࡉࢀࡿ࡜࠸࠺ᮇᚅࡀ࠺ࡲࢀࢀࡤ㸪ࡑࡢമๆࡢ
౯᱁ࡀୖ᪼ࡋ㸪኎༷┈ࢆ⋓ᚓ࡛ࡁࡿࠋ ࡇࡢ SPB ࡢၥ㢟Ⅼ࡜ࡋ࡚ḟࡢⅬࡀゝཬࡉࢀࡿࠋ➨ 1 ࡣ㸪SPB ࢆಖ᭷ࡍࡿᢞ㈨ᐙࡀ஦๓࡟タᐃࡉࢀࡓ┠ᶆࡢ㐩ᡂ࡟✚ᴟⓗ࡟㛵୚ࡍࡿࡇ࡜ࡀᅔ㞴࡛࠶ࡿࡇ࡜࡛࠶ࡿࠋࡑࡢព࿡࡛ࡣ㸪SPB ࡢᢞ㈨ᐙ࡜ࡋ࡚㸪ᨻ⟇ࡢᐇ⌧࡟㛵୚ࡀྍ⬟࡞බඹᛶࡢ㧗࠸ᶵ㛵㸪ឿၿᅋయ࡞࡝ࡀ᝿ᐃ࡛ࡁࡿࠋ➨ 2 ࡣ㸪SPB ࢆಖ᭷ࡍࡿᢞ㈨ᐙࡢ࡞࠿
࡛㸪┠ᶆ㐩ᡂ࡟ᑐࡋ࡚✚ᴟⓗ࡟㛵୚ࡋ࡞࠸୍✀ࡢࠕࣇ࣮ࣜࣛ࢖ࢲ࣮ࠖ
㸦Free Rider㸧ࡀ࡛࡚ࡃࡿࡇ࡜࡛࠶ࡿࠋ
➨ 3 ࡣ㸪┠ᶆ㐩ᡂ࡟ᑐࡋ࡚㸪࡝ࡢ᪋⟇ࡀ㸪ලయⓗ࡟ຠᯝࡀ࠶ࡗࡓࡢ࠿ࢆホ౯ࡍࡿࡇ࡜ࡀᐜ࡛᫆࡞࠸ࡇ࡜࡛
࠶ࡿࠋ†ࡢί໬ࢆ౛࡟࡜ࢀࡤ㸪ί໬ᢏ⾡ࡢ⤖ᯝ࡞ࡢ࠿㸪Ὑ๣࣓࣮࣮࢝ࡢᢏ⾡ຊࡢྥୖ㸪࠶ࡿ࠸ࡣ㸪ᆅᇦఫẸࡢࣛ࢖ࣇࢫࢱ࢖ࣝࡸ⎔ቃព㆑ࡢྥୖࡢ⤖ᯝ࡞ࡢ࠿ࢆලయⓗ࡟ ᐃࡍࡿࡇ࡜ࡣ㞴ࡋ࠸ࠋSPB ࡀᑐ㇟࡜ࡍࡿ
♫఍⌧㇟ࡢཎᅉࡢ」ྜࡢᗘྜ࠸ࡀቑࡍ࡯࡝㸪ࡇࡢၥ㢟ࡀ㢧ᅾ໬ࡍࡿࡇ࡜࡟࡞ࡿࠋ ࠸ࡎࢀ࡟ࡋ࡚ࡶ㸪SPB ࡶ㸪ࠕᕷሙࡢつᚊࠖࢆά⏝ࡋ㸪Ẹ㛫ᢞ㈨㒊㛛࡟ࣜࢫࢡࢆ⛣㌿ࡋ࡞ࡀࡽ㸪♫఍ⓗᨻ⟇ࡢ┠ᶆࢆ㐩ᡂࡋࡼ࠺࡜ࡍࡿⅬ࡛㸪SIB ࡜ඹ㏻࡛࠶ࡿࡇ࡜ࡀࢃ࠿ࡿࠋ

5 ලయⓗ࡞஦౛ ࡑࢀ࡛ࡣ㸪ࠕࢯ࣮ࢩࣕࣝ࢖ࣥࣃࢡࢺമࠖ
㸦SIB㸧ࡢ 2 ࡘࡢ஦౛ࢆ⤂௓ࡋࡼ࠺ࠋ➨ 1 ࡀ㸪ࠕୡ⏺ึࠖࡢ SIB ࡛࠶ࡾ㸪ⱥᅜࣆ࣮ࢱ࣮ࣂࣛฮົᡤࡢⱝᖺཷฮ⪅ࡢ෌≢⋡ࢆపୗࡉࡏࡿࣉࣟࢢ࣒࡛ࣛ࠶ࡿࠋ2010 ᖺ 9 ᭶࡟ࢯ࣮ࢩࣕࣝࣇ࢓࢖ࢼࣥࢫ㸦ⱥᅜࢆᣐⅬ࡜ࡍࡿ◊✲⤌⧊㸧ࡀୡ⏺ึࡢ SIB ࣉࣟࢪ࢙ࢡࢺ࡜ࡋ࡚㛤ጞࡋࡓࡶࡢ࡛࠶
ࡿࠋࡑࡢᴫせࡣ㸪ᅗ⾲í3 ࡢ࡜࠾ࡾ࡛࠶ࡿࠋ

−5 95 −

఍ィ᳨ᰝ◊✲ No.48㸦2013.9㸧ᅗ⾲í3  ⱥᅜࣆ࣮ࢱ࣮ࣂࣛฮົᡤࡢ SIB
㡯 ┠

ヲ ⣽

ᢸᙜᨻᗓᶵ㛵

࢖ࢠࣜࢫ㐃㑥ᨻᗓ㸦ἲົ┬㸧ᑐ㇟⪅ࣆ࣮ࢱ࣮ࣂࣛฮົᡤࡢ▷ᮇࡢᐇฮ㸦12 ࠿᭶௨ୗ㸧ࢆཷࡅ࡚࠸ࡿ 3,000 ேࡢ⏨ᛶ┠ᶆ

6 ᖺ㛫ࡢ SIB ࡢ᭷ຠᮇ㛫࡟㸪3,000 ே࡟ᑐࡋ࡚෌≢ࢆࡋ࡞࠸ࡼ࠺࡟ᨭ᥼άືࢆࡍࡿࠋ෌
≢⋡ࡀ 7.5㸣௨ୖῶᑡࡋࡓሙྜ㸪ᢞ㈨ᐙࡣ㐃㑥ᨻᗓࡢ⠇⣙ࡋࡓண⟬ࡢ୍㒊ࢆ⋓ᚓࡍࡿࠋ෌≢⋡ࡢῶᑡࡀ7.5㸣ࢆ㉸࠼ࡿሙྜࡣ㸪
ᢞ㈨ᐙ࡬ࡢ฼┈㓄ศࡀ2.5㸣࠿ࡽ᭱኱13㸣ࡲ࡛㸪ẚ౛ࡋ࡚ቑ㢠ࡉࢀࡿࠋSIB ࡢ඲యࡢዎ⣙ᮇ㛫ࡣ 8 ᖺ㛫࡛㸪᭱ึࡢ 6 ᖺ㛫࡛ࣉࣟࢢ࣒ࣛ
ࡀᐇ᪋ࡉࢀ㸪᭱ᚋࡢ 2 ᖺ㛫࡛㸪┠ᶆࡀ㐩ᡂࡉࢀࢀࡤ㸪ᢞ㈨ᐙ࡟㈨㔠ࡀൾ㑏ࡉࢀࡿࠋ௰௓⤌⧊Social Finance ࡜࠸࠺㔠⼥௰௓ᶵ㛵ࠋἲົ┬࡜ዎ⣙ࢆ⤖ࡧ㸪ᢞ㈨ᐙ࠿ࡽ 500 ୓࣏ࣥࢻ㸦⣙ 716.5 ⓒ୓෇㸧ࢆㄪ㐩ࠋ┠ᶆࡀ㐩ᡂࡉࢀࢀࡤ㸪ࡇࡢ௰௓⤌⧊ࡀ㸪ᢞ㈨ᐙ࡟ᑐࡋ࡚㸪㔠฼ࢆᨭᡶ࠸㸪ඖᮏࢆൾ㑏ࡍࡿࠋࢧ࣮ࣅࢫᥦ౪⪅ࢭࣥࢺ࣭ࢪࣝᇶ㔠㸦St. Giles Trust㸧㸪࣑࢜ࣝࢫࢺࣥᏊ౪࡜ᐙ᪘ࡢᇶ㔠㸦The OrmistonChildren and Families Trust㸧㸪ࢯ࣮ࣂ 㸦SOVA㸧㸪ࡸ YMCA ࡞࡝ࠋ

ᢞ㈨ᐙ

17 ࡢᢞ㈨ᐙࠋࡑࡢෆヂࡣ㸪♫఍ᢞ㈨ᐙ࡜」ᩘࡢឿၿ஦ᴗ⤌⧊㸦ࣟࢵࢡࣇ࢙࣮ࣛᇶ㔠㸪ࣂ࣮ࣟ࢟ࣕࢻࣂ࣮ࣜឿၿᇶ㔠࡞࡝㸧ࠋホ౯⪅SIB ࡢ㈨㔠࡛ᑟධࡉࢀࡿࣉࣟࢢ࣒ࣛࡢཧຍ⪅࡜ᙜヱࣉࣟࢢ࣒ࣛࡢᑐ㇟࡟࡞ࡗ࡚࠸࡞࠸
ࢢ࣮ࣝࣉࢆẚ㍑ࡋຠᯝࢆ ᐃࡍࡿࡓࡵ㸪QinetiQ ♫࡜ University of Leicester㸦ࣞ࢖ࢭࢫࢱ࣮኱Ꮫ㸧࡟ホ౯ࢆ౫㢗ࠋࡑࢀ࡜ࡣู࡟㸪ࣛࣥࢻ◊✲ᡤḢᕞ㸦RAND Europe㸧࡟⊂❧ࡋࡓ୰㛫ホ౯ࢆᐇ᪋ࡉࡏࡓࠋ୰㛫ホ౯ࡢᡭἲ

᪉ἲㄽ㸸SIB ࡢ㛤Ⓨ㸪ᑟධ࡟㛵୚ࡋࡓ⪅ 22 ྡ࡜ࡢ‽ᵓ㐀ⓗ㠃᥋ࢆᐇ᪋┠ⓗ㸸ᑗ᮶ࡢ SIB ࡢタィࢆᨵၿࡍࡿࡓࡵ࡟㸪SIB ࡢ⌧᫬Ⅼࡢ⤖ᯝ࡜ึᮇࡢᩍカࢆᑟฟ⤖ᯝ㸸ձ

SIB ࡢศᯒ࡟ࡘ࠸࡚ᨭ᥼ࡀᚲせ࡛࠶ࡾ๰㐀ⓗᛮ⪃ࡀせồࡉࢀࡿࠋղ௰௓ᶵ㛵࡟ồࡵࡽࢀࡿ⬟ຊ࡜ࡋ࡚㸪ዎ⣙஺΅⾡㸪㔠⼥ၟရࢆ㈍኎ࡍࡿᑓ㛛▱㆑㸪
SIB ࡟㛵㐃ࡋࡓ♫఍ᨻ⟇ࡢ▱㆑㸪௚ࡢࢯࣇࢺసࡾࡀồࡵࡽࢀࡿࠋճ

SIB ࡟ࡘ࠸࡚㸪ᐃ⩏ࡢᶆ‽ࡸዎ⣙㞮ᆺࡀ㛤Ⓨࡉࢀࡿ࡜㸪ᑗ᮶ࡢ SIB ࡢά⏝ࡀ෇⁥࡟࡞ࡿࠋմ

SIB ࡢᑐ㇟࡜࡞ࡿ♫఍ⓗ࡞ၥ㢟ࡈ࡜࡟㸪㛵㐃ࡋࡓᢞ㈨ᕷሙࡢศᯒࢆ⾜࠸㸪ᢞ㈨ᐙ
ࡢ㛵ᚰࡸືᶵ࡙ࡅࢆ᥈ࡿࡇ࡜ࡀồࡵࡽࢀࡿࠋ

յῶ⛯㸪⛯㢠᥍㝖ࡢࡼ࠺࡞ᥐ⨨ࡀ SIB ࡢಁ㐍࡟ຠᯝࡀ࠶ࡿࡢ࠿㸪ᨻᗓ࡜ࡋ᳨࡚ウࡍ
ࡿᚲせࡀ࠶ࡿࠋ

ն

ᮏ௳ SIB ࡣἲົ┬ࡢࡳࡀᑐ౯ࢆᨭᡶ࠺⩏ົࢆ㈇ࡗ࡚࠸ࡿࡀ㸪௚ࡢ㐃㑥ᨻᗓᶵ㛵ࡸᆅ᪉ᨻᗓ࡜ࡢ㈝⏝ศᢸࢆ᳨ウࡍࡿᚲせࡀ࠶ࡿࠋࡑ࠺ࡍࢀࡤ㸪࠸ࡃࡘ࠿ࡢᨻᗓᶵ㛵ࡀ㛵ಀࡍࡿ」㞧࡞♫఍ⓗၥ㢟࡟ SIB ࢆᑟධࡋࡸࡍࡃ࡞ࡿࠋ

շ

ᢞ㈨ᐙ࡬ᑐ౯ࢆᨭᡶ࠺ࡲ࡛ࡢ᫬㛫࡜㈨ᮏࡢຠᯝⓗ࡞ά⏝࡟ࡘ࠸࡚ศᯒࡍࡿᚲせࡀ࠶ࡿࠋ㸦ฟᡤ㸸➹⪅సᡂ㸧 ➨ 2 ࡀ㸪⡿ᅜࢽ࣮࣮ࣗࣚࢡᕷࡢࣛ࢖࣮࢝ࢬᓥ▹ṇ᪋タࡢ SIB ࡛࠶ࡿࠋࢽ࣮࣮ࣗࣚࢡᕷ࡜ᅜ㝿ⓗ࡞㔠⼥ᶵ㛵࡛࠶ࡿࢦ࣮ࣝࢻ࣐࣭ࣥࢧࢵࢡࢫ♫࡜ࡢ㐃ᦠ࡟ࡼࡿࣉࣟࢪ࢙ࢡࢺ࡛࠶ࡿࠋᇶᮏⓗ࡞㦵᱁ࡣ㸪ᅗ⾲í4 ࠾ࡼࡧ
5 ࡢ࡜࠾ࡾ࡛࠶ࡿࠋ

− 96 6−⡿ᅜࡢࢯ࣮ࢩࣕࣝ࢖ࣥࣃࢡࢺമ㸦SIB㸧ᑟධ࡟㛵ࡍࡿ୍⪃ᐹᅗ⾲í4 ⡿ᅜࢽ࣮࣮ࣗࣚࢡᕷࣛ࢖࣮࢝ࢬᓥ▹ṇ᪋タࡢ SIB
㡯 ┠

ヲ ⣽

ᢸᙜᨻᗓᶵ㛵

ࢽ࣮࣮ࣗࣚࢡᕷ▹ṇᒁᑐ㇟⪅ࣛ࢖࣮࢝ࢬᓥࡢ▹ṇ᪋タࡢ 16 ᡯ㹼18 ᡯࡢ⿕཰ᐜ⪅┠ᶆ⌧ᅾ㸪50㸣࡟㏆࠸෌≢⋡ࢆ 4 ᖺ㛫࡛᭱ప 10㸣ῶᑡࡉࡏࡿࠋ

௰௓⤌⧊♫఍◊✲ࢆ⾜ࡗ࡚࠸ࡿ MDRC ࡜࠸࠺㉸ඪὴࡢ㠀Ⴀ฼ᅋయࠋᢞ㈨ᐙ࠿ࡽࡢ㈨㔠ࡢཷ㡿㸪
ᢞ㈨ᐙ࡬ࡢ฼Ꮚࡢᨭᡶ࠸㸪ඖᮏൾ㑏ࡣ㸪ࡇࡢ⤌⧊ࢆ㏻ࡋ࡚࡞ࡉࢀࡿࠋ

ࢧ࣮ࣅࢫᥦ౪⪅࢜ࢬ࣮࣎ࣥ༠఍࡜ࣇࣞࣥࢬ࣭࢜ࣈ࣭࢔࢖ࣛࣥࢻ࣭࢔࢝ࢹ࣑࣮

ᢞ㈨ᐙ

ࢦ࣮ࣝࢻ࣐࣭ࣥࢧࢵࢡࢫ♫࣮ࣟࣥ࡜ࡋ࡚㸪960 ୓ࢻࣝࡢ㐠㌿㈨ᮏࢆᥦ౪ࡍࡿࠋ┠ᶆࡀ㐩ᡂࡉࢀࡓሙྜࡣ㸪MDRC
ࢆ㏻ࡌ࡚ࣜࢱ࣮ࣥࡀᨭᡶࢃࢀࡿ࡜ඖᮏࡀൾ㑏ࡉࢀࡿࠋಖド⪅ࣈ࣮࣒ࣝࣂ࣮ࢢឿၿᅋయ
ࢦ࣮ࣝࢻ࣐࣭ࣥࢧࢵࢡࢫ♫ࡢᢞ㈨ࣜࢫࢡࢆ㍍ῶࡍࡿࡓࡵ࡟㸪MDRC ࡟ᑐࡍࡿຓᡂ࡜࠸
࠺఩⨨࡙ࡅ࡛㸪ࢦ࣮ࣝࢻ࣐࣭ࣥࢧࢵࢡࢫ♫ࡢᢞ㈨㢠ࢆ 720 ୓ࢻࣝࡲ࡛ಖドࠋࡇࡢࣈ࣮ࣝ
࣒ࣂ࣮ࢢឿၿᅋయࡢಖド㸦ຓᡂ㔠㸧࡟ࡶ࡜࡙ࡁ㸪௬࡟㸪┠ᶆࡀ㐩ᡂࡉࢀ࡞࠸ሙྜ࡛ࡶ㸪ࢦ࣮ࣝࢻ࣐࣭ࣥࢧࢵࢡࢫ♫ࡣ㸪MDRC ࠿ࡽ 720 ୓ࢻࣝࢆཷ㡿ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࠋ

㸦ฟᡤ㸸➹⪅సᡂ㸧ᅗ⾲í5ࢦ࣮ࣝࢻ࣐࣭ࣥࢧࢵࢡࢫ♫㸦ᢞ㈨ᐙ㸧ࢽ࣮࣮ࣗࣚࢡᕷࡢ▹ṇᒁ㸦ᨻᗓᶵ㛵㸧┠ᶆࡢタᐃ

஦ᴗࡢ㐠㌿㈨ᮏ㸦960 ୓ࢻࣝ㸧ࡢᥦ౪㸪ᡂຌࡢሙྜࡢ฼┈ࡢཷ㡿
MDRC㸦እ㒊ࡢ௰௓ᶵ㛵㸧ࣈ࣮࣒ࣝࣂ࣮ࢢឿၿᅋయ㸦ಖド⪅㸧ࣅ࣮ࣛྖἲ◊✲ᡤ㸦ホ౯⪅㸧⤖ᯝࡢ ᐃ᳨࣭ドࢦ࣮ࣝࢻ࣐࣭ࣥࢧࢵࢡࢫ♫ࡢᢞ㈨㢠
࡟ᑐࡍࡿ㒊ศⓗ࡞ಖド㸦720 ୓ࢻࣝ㸧

㐠Ⴀ㈨㔠ࡢᥦ౪࡜
ࢧ࣮ࣅࢫỈ‽ࡢ⟶⌮࢜ࢬ࣮࣎ࣥ༠఍
㸦ࢧ࣮ࣅࢫᥦ౪⪅㸧㸦ฟᡤ㸸Costa and Kohli㸦2012㸧㸧

−7 97 −

ࣇࣞࣥࢬ࣭࢜ࣈ࣭࢔࢖ࣛࣥࢻ࣭
࢔࢝ࢹ࣑࣮㸦ࢧ࣮ࣅࢫᥦ౪⪅㸧఍ィ᳨ᰝ◊✲ No.48㸦2013.9㸧 ࡇࡢࣉࣟࢢ࣒࡛ࣛࡣ㸪௰௓ᶵ㛵ࡢ MDRC ࡀ㸪෌≢⋡ࢆ 10㸣పῶࡉࡏࡓሙྜ㸪ࢽ࣮࣮ࣗࣚࢡᕷࡣ㸪௰௓ᶵ㛵ࡢ MDRC ࢆ㏻ࡌ࡚㸪960 ୓ࢻࣝࢆࢦ࣮ࣝࢻ࣐࣭ࣥࢧࢵࢡࢫ♫࡟ᨭᡶ࠺ࠋࡑࡢሙྜࡣ㸪ࢦ࣮ࣝࢻ࣐࣭ࣥ
ࢧࢵࢡࢫ♫ࡢᢞ㈨㢠࡜ྠ㢠࡜࡞ࡿࠋࡘࡲࡾ㸪ࡇࡢሙྜࡀࢦ࣮ࣝࢻ࣐࣭ࣥࢧࢵࢡࢫ♫ࡢࠕᦆ┈ศᒱⅬࠖ࡜࡞ࡿࠋ෌≢⋡ࡀ 10㸣௨ୖపୗࡋࡓሙྜ㸪ࢽ࣮࣮ࣗࣚࢡᕷࡢᨭᡶ࠸㢠ࡣᅗ⾲–6 ࡛♧ࡍ࡜࠾ࡾ࡟ቑຍࡍࡿࠋࡓ࡜
࠼ࡤ㸪෌≢⋡ࡀ 20㸣௨ୖపୗࡋࡓሙྜ㸪ࢽ࣮࣮ࣗࣚࢡᕷ࠿ࡽ௰௓ᶵ㛵ࡢ MDRC ࢆ㏻ࡋ࡚ࢦ࣮ࣝࢻ࣐࣭ࣥ
ࢧࢵࢡࢫ♫࡟ᨭᡶࢃࢀࡿ㢠ࡣ㸪1,171 ୓ࢻࣝ࡟࡞ࡾ㸪ྠ♫ࡀཷࡅྲྀࡿ཰┈㢠㸪ࣜࢱ࣮ࣥ⋡ࡣ㸪ࡑࢀࡒࢀ 211
୓ࢻࣝ㸪22㸣࡟࡞ࡿࠋᅗ⾲í6 SIB ࡟ࡼࡿࢽ࣮࣮ࣗࣚࢡᕷࡢᨭᡶ࠸㢠࠾ࡼࡧ㈝⏝๐ῶ㢠㸦᥎ィ㸧෌≢⋡ࡢ๐ῶ⋡A ࢽ࣮࣮ࣗࣚࢡᕷ࠿ࡽ B ⣧ᢞ㈨཰┈C ฼┈⋡MDRC ࡬ࡢᨭᡶ㢠㸦༢఩㸸༓ࢻࣝ㸧 ࣭ᦆኻ⋡ࢽ࣮࣮ࣗࣚࢡᕷࡢ㛗ᮇⓗ࡞⣧㈝⏝๐ῶ㢠㸦᥎ィ㸧㸦༢఩㸸༓ࢻࣝ㸧㸦༢఩㸸༓ࢻࣝ㸧

20.0㸣௨ୖ

11,712

2,112

22㸣

20,50016.0㸣௨ୖ

10,944

1,344

14㸣

11,70013.0㸣௨ୖ

10,368

768

8㸣

7,200

12.5㸣௨ୖ

10,272

672

7㸣

6,400

12.0㸣௨ୖ

10,176

576

6㸣

5,600

11.0㸣௨ୖ

10,080

480

5㸣

1,700

10.0㸣௨ୖ

9,600

0

0㸣

1,000 ௨ୖ4,800

-2,400-25㸣

1,000 ௨ୖ㸦ᦆ┈ศᒱⅬ㸧
8.5㸣 ௨ୖ *1

ὀ 1 B = A –ᢞ㈨㢠 960 ୓ࢻࣝࠋࡓࡔࡋ㸪ࠕ┠ᶆ್ࢆୗᅇࡿࠖ*1 ࡢሙྜࡣ㸪B = 720 ୓ࢻࣝ㸦ಖド㢠㸧㸫ᢞ㈨㢠 960 ୓ࢻࣝࠋὀ 2 C = B㸭960 ୓ࢻࣝ×100ࠋ
㸦ฟᡤ㸸Costa and Kohli㸦2012㸧࡟ࡶ࡜࡙ࡁಟṇࠋὀࡣ➹⪅࡟ࡼࡿࡶࡢࠋ
㸧

6 SIB ࡢ௦᭰㔠⼥ၟရࠕHUCAPࠖ ࡇࡇ࡛㸪SIB ࡟㛵㐃ࡋ࡚㸪ྠࡌ┠ⓗ㸪ࡘࡲࡾ㸪♫఍ⓗ࡞ၥ㢟ࡢゎỴࡢࡓࡵࡢࠕ㈨ᮏᥦ౪ᶵ⬟ࠖࢆࡶࡘ௦
᭰ⓗ࡞㔠⼥ၟရ࡟ゐࢀ࡚࠾ࡇ࠺ࠋࡑࢀࡀ㸪
ࠕMoral-Obligation Bondsࠖ
㸦MOB㸪㐨⩏ⓗᨭᡶಖドമๆ㸧࡟ศ㢮ࡉࢀࡿࠕHuman Capital Performance Bonds ࠖ㸦HUCAP㸧࡛㸪1997 ᖺ௨᮶⡿ᅜ࣑ࢿࢯࢱᕞ࡛฼⏝ࡉࢀ࡚࠸ࡿࠋ
MOB ࡢ㢧ⴭ࡞≉ᚩࡣ㸪ᆅ᪉ᨻᗓ࡞࡝ࡢⓎ⾜ᶵ㛵࡟ࡼࡾ㸪ᨭᡶ࠸ࡀಖドࡉࢀ࡞࠸ࡇ࡜࡟࠶ࡿࠋࡇࡢⅬࡀ㸪ᨻᗓಖドࡢࡘࡃ୍⯡බമ㸦General Obligation Bonds㸧࡜ࡢ኱ࡁ࡞┦㐪࡛࠶ࡿࠋ MOB ࡣ㸪ࡑࡢࡼ࠺࡞ࣜࢫࢡ࡟ᛂࡌ࡚㸪฼⋡ࡣ㧗ࡃ࡞ࡿࠋᢞ㈨ᐙࡣ㸪ᆅ᪉ᨻᗓࡢᨭᡶಖドࡀ࡞࠸࡜ࡣ࠸
࠼㸪බⓗᶵ㛵ࡀⓎ⾜ࡍࡿ࡜࠸࠺Ⅼ࡟࠶ࡿ⛬ᗘࡢಙ㢗ࢆ⨨ࡁ㸪ࡃࢃ࠼࡚฼Ꮚࡀ⛯㢠᥍㝖ࡉࢀࡿࡓࡵ㸪ࡇ࠺ࡋࡓമๆࢆ㉎ධࡍࡿࡇ࡜࡟࡞ࡿࠋᢞ㈨ᐙ࠿ࡽ㞟ࡵࡓ㈨㔠ࡣ㸪ࣉ࣮ࣝ㈨㔠࡜ࡋ࡚ά⏝ࡉࢀࡿࠋ MOB ࡣ㸪SIB ࡜ྠࡌࡼ࠺࡟㸪ᡂຌ࣭⤖ᯝ࡟ࡶ࡜࡙ࡁ㸪ᨭᡶ࠸ࡀ࡞ࡉࢀࡿࡀ㸪ᨭᡶ࠸ඛࡀ␗࡞ࡿࠋࡘࡲࡾ㸪୧⪅ࡣࣜࢫࢡᵓ㐀ࡀ␗࡞ࡿࡢ࡛࠶ࡿࠋ๓㏙ࡢ࡜࠾ࡾ㸪┠ᶆ㐩ᡂ࡟ࡼࡾ㸪ᢞ㈨ᐙ࡟ඖᮏࡀ㏉῭ࡉࢀࣜࢱ࣮ࣥ
ࡶᨭᡶࢃࢀࡿ SIB ࡜ࡣᑐ↷ⓗ࡟㸪HUCAP ࡢሙྜ㸪┠ᶆࡢ㐩ᡂ࡟ࡼࡾ㸪ࢧ࣮ࣅࢫᥦ౪⪅࡟ᑐ౯ࡀᨭᡶࢃࢀ
ࡿࠋࡶࡕࢁࢇ㸪HUCAP ࡢሙྜࡶ㸪タᐃࡋࡓ┠ᶆࢆ㐩ᡂࡋ࡞ࡅࢀࡤᨻᗓࡣᨭᡶ࠸ࢆࡋ࡞࠸ࠋ┠ᶆࡀ㐩ᡂࡉ− 98 8−⡿ᅜࡢࢯ࣮ࢩࣕࣝ࢖ࣥࣃࢡࢺമ㸦SIB㸧ᑟධ࡟㛵ࡍࡿ୍⪃ᐹࢀ࡞࠸ሙྜ㸪࣑ࢿࢯࢱᕞࡣ㸪ࣉ࣮ࣝ㈨㔠࠿ࡽᢞ㈨ᐙ࡟ൾ㑏ࡍࡿࡇ࡜ࡶ࡛ࡁࡿࡋ㸪ࡑࡢ㈨㔠ࢆูࡢ♫఍஦ᴗ࡟ࡶ㐠⏝࡛ࡁࡿࠋ ࡇࡢ࣑ࢿࢯࢱᕞࡢ MOB ࣉࣟࢢ࣒ࣛࡣḟࡢࡼ࠺࡞௙⤌ࡳ࡛࠶ࡿࠋ៏ᛶⓗ࡞㈋ᅔၥ㢟ࡢ⦆࿴ࡢࡓࡵ࡟㸪㠀Ⴀ฼ᅋయࠕTC Rise㸟㸦Twin Cities Rise㸧ࠖࡀ㸪⿵⩦ᩍ⫱㸪⫋ᴗカ⦎㸪࢖ࣥࢱ࣮ࣥࢩࢵࣉ࡞࡝ࡢ 1 ᖺ㛫ࡢ㞟୰ⓗ࡞ᩍ⫱カ⦎ࣉࣟࢢ࣒ࣛࢆᥦ౪ࡋ࡚࠸ࡿࠋࡇࡢࣉࣟࢢ࣒ࣛࡢಟ஢⏕ࡣ㸪ᖹᆒᖺ཰ 2 ୓ 5,000 ࢻࣝ࡜⚟฼ཌ⏕ࡢ࠶ࡿ௙஦ࢆ⤂௓ࡉࢀࡿࠋಟ஢⏕ࡢ 2 ᖺ㛫ࡢ௙஦ࡢᐃ╔⋡ࡣ 73㸣࡟࡞ࡗ࡚࠸ࡿࠋ࣑ࢿࢯࢱᕞࡢ᥎ィ㸦1995
ᖺ᫬Ⅼ㸧࡟ࡼࡿ࡜㸪ᖺ཰ 2 ୓ࢻࣝࡢ௙஦࡟ᑵࡃປാ⪅ 1 ேᙜࡓࡾ࡟ࡘ࠸࡚㸪ᕞࡣᡤᚓ⛯཰ධ࡜⚟♴ᥦ౪࡟ಀࡿ㈝⏝ࡢ๐ῶ࡟ࡼࡾ㸪ẖᖺ 3,800 ࢻࣝࡢ౽┈ࢆཷࡅ࡚࠸ࡓࠋࡑࡢ 15 ᖺ㛫ࡢ๭ᘬ⌧ᅾ౯್ࡣ 3 ୓ 1,000 ࢻࣝ࡜࡞ࡿࠋࡇࡢࣉࣟࢢ࣒ࣛࡢ༞ᴗ⏕ࡀ༞ᴗᚋ 1 ᖺࡢ᫬Ⅼ࡛ࡲࡔ௙஦࡟ᑵ࠸࡚࠸ࡓࡽ㸪ᨻᗓࡣࠕTC Rise㸟ࠖ࡟ᡂຌሗ㓘࡜ࡋ࡚ 1 ேᙜࡓࡾ 9,000 ࢻࣝࢆᨭᡶ࠸㸪2 ᖺ┠ࡀ⤊஢ࡋࡲࡔ௙஦࡟ᑵ࠸࡚࠸ࡿ࡞ࡽࡤ㸪ࡉࡽ࡟
9,000 ࢻࣝࢆᨭᡶ࠺ࠋ1997 ᖺ࡟ࡇࡢࣉࣟࢢ࣒ࣛࡀᑟධࡉࢀ࡚௨᮶㸪࣑ࢿࢯࢱᕞࡀࠕTC Rise㸟ࠖ࡟ᥦ౪ࡍࡿ
1 ࢻࣝᙜࡓࡾࡢ౽┈ࡣ 5.42 ࢻࣝ࡟࡞ࡗ࡚࠸ࡿࠋ ࡇࡢࡼ࠺࡟㸪SIB ࡞ࡽࡧ࡟ MOB㸦HUCAP㸧ࡶ㸪♫఍ⓗ࡞஦ᴗࢆᐇ᪋ࡍࡿ࠺࠼࡛㸪⤖ᯝ㸭┠ᶆࡢ㐩ᡂࡀᇶ‽࡜࡞ࡗ࡚㸪ࣜࢫࢡࡀ㸪ᢞ㈨ᐙ࠶ࡿ࠸ࡣࢧ࣮ࣅࢫ஦ᴗ⪅࡟㌿᥮ࡉࢀࡿⅬ࡛ඹ㏻Ⅼࢆࡶࡗ࡚࠸ࡿࡇ࡜ࡀ⌮ゎ࡛ࡁࡿࠋ

7 SIB ࡢ࣓ࣜࢵࢺ࡜ㄢ㢟 ௨ୖࢆ㋃ࡲ࠼࡚㸪SIBࡢ࣓ࣜࢵࢺ࡜ㄢ㢟ࢆ☜ㄆࡋ࡚࠾ࡇ࠺ࠋ➨1ࡢ࣓ࣜࢵࢺࡣ㸪♫఍ⓗ࡞ࣉࣟࢢ࣒ࣛࡢ┠ᶆ㐩ᡂ࡟ࡼࡗ࡚㸪SIBࡢᢞ㈨㈨㔠ࡀൾ㑏ࡉࢀࡿࡢ࡛㸪ᨻᗓண⟬ࢆ᭷ຠ࡟ά⏝ࡋ࡞ࡀࡽ㸪♫఍⚟♴ⓗ࡞౯್ࢆቑຍࡉࡏࡿࡇ࡜ࡀ࡛ࡁࡿࡇ࡜࡛࠶ࡿࠋḢᕞ㸪⡿ᅜ㸪᪥ᮏ࡞࡝㸪ୡ⏺ⓗ࡟㈈ᨻ㉥Ꮠࡀᝏ໬ࡋ࡚࠸ࡿ᫖௒ࡢ
≧ἣࢆ⪃࠼ࡿ࡜㸪ࡇࡢ࣓ࣜࢵࢺࡣ㠀ᖖ࡟㔜せࡔ࡜࠸࠼ࡼ࠺ࠋ
 ➨2ࡀ㸪ࠕ┠ᶆ㐩ᡂ࡜⤖ᯝࡢ㏱᫂ᛶࠖ࡜ࠕᨻᗓࡢᢞ㈨ࣜࢫࢡࡢ㌿᥮࡛ࠖ࠶ࡿࠋ⡿ᅜ࡛ࡣ㸪ᚑ᮶ࡢ♫఍ⓗ࡞ࣉࣟࢢ࣒ࣛࡢሙྜ㸪୺࡟ᨻᗓࡀண⟬ࢆ౑ࡗ࡚ࡑࡢࢧ࣮ࣅࢫࡸ௓ධࣉࣟࢢ࣒ࣛࢆᥦ౪ࡋ࡚࠸ࡿࡀ㸪ࡑࡢᡂᯝࡸ┠ⓗࡢ㐩ᡂࡢᗘྜ࠸ࡀ༑ศ࡟᳨ドࡉࢀ࡚࠸࡞࠸࡜࠸࠺ᢈุࡀ࠶ࡿࠋࡇࡢSIBࡢ௙⤌ࡳ࡛ࡣ㸪ࡲࡎ㸪┠ᶆࡀ㐩ᡂࡉࢀࡿ࠿ྰ࠿࡜࠸࠺Ⅼࡀホ౯ࡉࢀ㸪ࡑࢀ࡟ࡼࡗ࡚ᨻᗓࡀẸ㛫࠿ࡽࡢᢞ㈨㈨㔠ࢆൾ㑏ࡍࡿࡓࡵ㸪ᨻᗓண⟬ࡀ᭷ຠ࡟ά⏝ࡉࢀࡿࡇ࡜ࡀಖドࡉࢀ㸪ࡑࢀ࡟ᑐࡋ࡚㸪ಶேࡸẸ㛫ࡢᢞ㈨ᐙࡀࣜࢫࢡࢆ㈇࠺ࡇ࡜࡟࡞ࡿࠋ
 ➨3ࡀ㸪୰㛗ᮇⓗ࡞஦ᴗ㈨㔠ࡢ⋓ᚓ࡛࠶ࡿࠋ⌧ᅾ㸪⡿ᅜ࡟࠾࠸࡚ឿၿάື࡞࡝ࡢάື㈨㔠ࡣ㸪୺࡟㸪ເ㔠ࡸᐤ௜࡟౫Ꮡࡋ࡚࠸ࡿࠋࡑࡢࡓࡵ㸪ឿၿ஦ᴗࡸ㠀Ⴀ฼ᅋయࡢከࡃࡣ㸪☜ᐇ࡟ண᝿࡛ࡁࡿᏳᐃࡋࡓ㈨㔠ㄪ㐩᪉ἲࢆ༑ศ࡟☜ಖ࡛ࡁ࡚࠸࡞࠸ࠋࡑࡢࡓࡵ㸪ࠕຠᯝࡀ⾲ࢀࡿࡲ࡛㛗ᮇ㛫࠿࠿ࡿάືࠖࡸࠕᑗ᮶ⓗ࡞ぢ㎸ࡳࡣ࠶ࡿࡀ⤖ᯝࡀࡲࡔ᳨ドࡉࢀ࡞࠸ᐇ㦂ⓗ࡞άືࠖ࡞࡝ࢆᐇ᪋ࡍࡿࡇ࡜ࡀᅔ㞴࡜࡞ࡗ࡚࠸ࡿࠋᅛᐃᮇ㛫ࡢᏳ
ᐃࡋࡓ㈨㔠ㄪ㐩ࢆྍ⬟࡟ࡍࡿSIBࡣ㸪ࡇࢀࡽࡢ῝้࡞ၥ㢟࡟ࡦ࡜ࡘࡢゎỴ⟇ࢆᥦ♧ࡋ㸪㠉᪂ⓗ࡞♫఍άືࢆಁ㐍ࡍࡿࡇ࡜࡟ࡘ࡞ࡀࡿࠋ ⥆࠸࡚㸪SIB ࡢㄢ㢟ࢆ࠶ࡆ࡚࠾ࡇ࠺ࠋ➨ 1 ࡣ㸪ᢞ㈨ᐙࡀࣜࢱ࣮ࣥࢆ⋓ᚓ࡛ࡁࡿࡲ࡛ࡢᮇ㛫࡟㛵ࡍࡿၥ㢟࡛࠶ࡿࠋSIB ࡢ⌧ᅾࡢ௙⤌ࡳࡣ㸪୰㛗ᮇⓗ࡞ᢞ㈨࡜ࡳ࡞ࡉࢀࡿࠋ୍⯡ⓗ࡟㸪ࢧ࣮ࣅࢫᥦ౪ࡀጞࡲࡗ࡚࠿ࡽ㸪
3㹼7 ᖺ㛫㸪ᐃᮇⓗ࡟⤖ᯝࡀ ᐃࡉࢀ㸪ࡑࡢᚋ㸪ᢞ㈨ᐙࡢࣜࢱ࣮ࣥࢆỴᐃࡍࡿࠋࡑࡋ࡚㸪⤖ᯝࡀ㐩ᡂࡉࢀ࡞࠸ሙྜ㸪฼Ꮚ࡜ඖᮏࡀൾ㑏ࡉࢀ࡞࠸ࠋ
ࡇ࠺ࡋࡓᢞ㈨࡟⯆࿡ࢆࡶࡘᢞ㈨ᐙࡢᩘࡣ࠾ࡢࡎ࠿ࡽ㝈ᐃࡉࢀ࡚ࡃࡿࠋ
 ➨ 2 ࡣ㸪┠ᶆ㸪⤖ᯝࢆ᫂☜࡟ᐃ⩏ࡍࡿࡇ࡜ࡀ㞴ࡋ࠸ࡇ࡜࡛࠶ࡿࠋSIB ᑟධࡢึᮇẁ㝵ࡣ㸪ࡦ࡜ࡘࡢཎᅉ
ࢆ≉ᐃࡍࡿࡇ࡜ࡀ࡛ࡁࡿࡀ㸪」ྜⓗ࡞せᅉࡀᙳ㡪ࡋ࡚࠸ࡿ♫఍ၥ㢟ࢆ SIB ࡢᑐ㇟࡟ࡍࡿሙྜ࡞࡝㸪ಙ៰ᛶ

−9 99 −

఍ィ᳨ᰝ◊✲ No.48㸦2013.9㸧ࡢ㧗࠸㸪᭷ຠ࡞ホ౯ᇶ‽ࢆタᐃࡍࡿࡇ࡜ࡣ㞴ࡋ࠸࡜࠸ࢃࡊࡿࢆ࠼࡞࠸ࠋ

8 ᪥ᮏ࡟࠾ࡅࡿ SIB ࡢᕷሙᛶ ࡇࡇ࡛㸪๓㏙ࡋࡓ SIB ࡢ➨㸯ࡢㄢ㢟࡟╔┠ࡋ࡚㸪➹⪅ࡀ㸪ࠕ᪥ᮏ࡟࠾ࡅࡿ SIB ࡢᕷሙᛶࠖ࡟㛵ࡋ࡚㸪⡿⣔ᢞ㈨㐠⏝఍♫ࡢࢹ࢕ࣞࢡࢱ࣮࡟ྲྀᮦࡋࡓ࡜ࡇࢁ㸪ḟࡢࡼ࠺࡞ᣦ᦬ࢆཷࡅࡓࠋ1) ࠕSIB ࡢࣃࣇ࢛࣮࣐ࣥࢫ㸦཰┈ᛶ㸧࡟ከ኱࡞ᙳ㡪ࢆ୚࠼ࡿᨻᗓࡢ⾜ື࡞࡝ࡀ㸪㑅ᣲࢆྵࡵ࡚ண ࡍࡿᡭẁࡀ࡯࡜ࢇ࡝࡞࠸㸪࠶ࡿ࠸ࡣண ࡍࡿࡇ࡜ࡀ࡛ࡁ࡞࠸ࡢ࡛ࡣ࡞࠸࠿࡜࠸࠺ᠱᛕࡀ࠶ࡿࠋᨻᶒ஺௦ࡸᆅ᪉බ
ඹᅋయࡢ㤳㛗ࡢ஺௦࡟ࡼࡾ㸪බඹᨻ⟇ࡀ኱ࡁࡃ㌿᥮ࡍࡿྍ⬟ᛶࡀ࠶ࡿሙྜ࡞࡝ࡀࡑࡢ౛࡜ࡋ࡚⪃࠼ࡽࢀࡿࠋ
ࡇ࠺ࡋࡓࡇ࡜࡟ࡼࡾ㸪ࣜࢫࢡ࡟ᑐࡍࡿᮇᚅ཰┈⋡ࢆ⟬ᐃࡍࡿࡇ࡜ࡀ࠿࡞ࡾᅔ㞴࡜࡞ࡾ㸪ᢞ㈨ᐙࡀ࠿࡞ࡾ㝈ᐃࡉࢀࡿྍ⬟ᛶࡀ࠶ࡿࠖ ࡛ࡣ㸪ࡇࡢᣦ᦬࡟╔║ࡋ࡚㸪Liebman㸦2011㸧࡟ࡶ࡜࡙ࡁ㸪
ࠕSIB ࡢᐇ㝿ࡢ཰┈⋡ࠖ࡜ࠕᢞ㈨ᐙࡀồࡵࡿᖺ㛫ᮇᚅ཰┈⋡ࠖࡢ㛵ಀࢆぢࡿࡓࡵ㸪⡆༢࡞ࢩ࣑࣮ࣗࣞࢩࣙࣥࢆ⾜࠺ࡇ࡜࡟ࡋࡼ࠺ࠋ ࡑࡢ๓ᥦ࡜ࡋ࡚㸪ḟࡢࡼ࠺࡞௬ᐃࢆࡍࡿࠋSIB ࡢᑐ㇟࡜࡞ࡿࣉࣟࢪ࢙ࢡࢺࡢ┠ᶆ㐩ᡂࡢ☜⋡ࢆ‫ࠋࡿࡍ࡜ݏ‬௬࡟㸪┠ᶆࡀ㐩ᡂࡉࢀ࡞࠸ሙྜ㸪ࡘࡲࡾࣉࣟࢪ࢙ࢡࢺࡀኻᩋࡋࡓ࡜ࡁࡣ㸪ᢞ㈨ᐙ࡟ࡣ㸪ඖᮏࡶࣜࢱ࣮ࣥࡶ
ൾ㑏ࡉࢀ࡞࠸ࠋ
ࠕᡂຌࡍࡿࣉࣟࢪ࢙ࢡࢺࠖ࠿ࡽᢞ㈨ᐙࡀཷࡅྲྀࡿᐇ㝿ࡢᖺ㛫཰┈⋡ࡣ㸪‫࢙ࢪࣟࣉࠋࡿ࠶࡛ݎ‬ࢡࢺࡀኻᩋࡍࡿࣜࢫࢡࢆ⪃៖ࡋ㸪࣏࣮ࢺࣇ࢛ࣜ࢜࡜ࡋ࡚ࡇࡢᢞ㈨ᐙࡀせồࡍࡿᖺ㛫ᮇᚅ཰┈⋡ࡣ‫ࠋࡿ࠶࡛ כ ݎ‬ࣉࣟࢪ࢙ࢡࢺࡢᮇ㛫㸦SIB ࡢൾ㑏ᮇ㛫㸧ࢆ‫ࠋࡿࡍ࡜ݐ‬ൾ㑏ࡉࢀ࡞࠸ྍ⬟ᛶࢆࡶࡘ SIB ࡢᐇ㝿ࡢᖺ㛫཰┈⋡࡜㸪࣏࣮ࢺࣇ࢛ࣜ࢜࡜ࡋ࡚ࡢᢞ㈨ᐙࡢᖺ㛫ᮇᚅ཰┈⋡ࡢ㛵ಀࢆࡲ࡜ࡵࡿ࡜㸪ᘧ㸦1㸧࡟࡞ࡿࠋ‫ݏ‬ሺͳ ൅ ‫ݎ‬ሻ௧ ൌ ሺͳ ൅ ‫ כ ݎ‬ሻ௧   ࣭࣭࣭ ᘧ (1)‫ݏ‬ǣ  ࣉࣟࢪ࢙ࢡࢺࡢᡂຌ⋡‫ݎ‬ǣ ࣉࣟࢪ࢙ࢡࢺࡢᐇ㝿ࡢᖺ㛫཰┈⋡‫ כ ݎ‬ǣ ᢞ㈨ᐙࡀせồࡍࡿ࣏࣮ࢺࣇ࢛ࣜ࢜ୖࡢᖺ㛫ᮇᚅ཰┈⋡‫ݐ‬: ൾ㑏ࡲ࡛ࡢᮇ㛫 ᘧ㸦1㸧ࡢ୧㎶ࡢᑐᩘࢆ࡜ࡾ㸪‫ࢆݎ‬ồࡵ࡚ࡳࡿࠋ2) 3) 4) 5)᭱⤊ⓗ࡟㸪‫ࡢ כ ݎ࡜ݎ‬㛵ಀࡣᘧ㸦2㸧ࡢࡼ࠺࡟ᩚ⌮࡛ࡁࡿࠋ‫ ݎ‬ൌ

ሺଵା௥ ‫ כ‬ሻభቀ ቁ െ ͳ    ࣭࣭࣭ ᘧ (2)

ௌ ೟

1)

➹⪅ࡢྲྀᮦ࡟ᑐࡋ࡚᭷┈࡞ࢥ࣓ࣥࢺࢆ࠸ࡓࡔ࠸ࡓ⣽㇂ஂ㞝Ặ࡟῝ㅰ⏦ࡋୖࡆࡲࡍࠋ ‫ ݏ‬൅ ‫ݐ‬ሺͳ ൅ ‫ݎ‬ሻ ൌ ‫ݐ‬ሺͳ ൅ ‫ כ ݎ‬ሻ3)‫ݐ‬ሺͳ ൅ ‫ݎ‬ሻ ൌ ‫ݐ‬ሺͳ ൅ ‫ כ ݎ‬ሻ െ  ‫ݏ‬
2)

ଵ

4)

ሺͳ ൅ ‫ݎ‬ሻ ൌ ሺͳ ൅ ‫ כ ݎ‬ሻ െ  ‫ݏ‬௧5) ሺͳ ൅ ‫ݎ‬ሻ ൌ ሺଵା௥‫כ‬ሻ
భ
ሺ ሻ

௦ ೟

− 100
10−

⡿ᅜࡢࢯ࣮ࢩࣕࣝ࢖ࣥࣃࢡࢺമ㸦SIB㸧ᑟධ࡟㛵ࡍࡿ୍⪃ᐹ ᘧ㸦2㸧࡟ࡶ࡜࡙ࡁ⡆༢࡞ࢩ࣑࣮ࣗࣞࢩࣙࣥࢆᐇ᪋ࡋࡓࠋ࠶ࡿ SIB ஦ᴗ࡟ᑐࡋ࡚㸪♫఍ⓗ࡞㈉⊩࡟✚ᴟⓗ࡞ᢞ㈨ᐙ A ࡜㸪ࡑࢀ࡯࡝✚ᴟⓗ࡛ࡣ࡞࠸ᢞ㈨ᐙ B ࡀ࠸ࡿ࡜ࡍࡿࠋᢞ㈨ᐙ A ࡀせồࡍࡿ࣏࣮ࢺࣇ࢛ࣜ࢜
ୖࡢᖺ㛫ᮇᚅ཰┈⋡ࢆ 5㸣㸪ᢞ㈨ᐙ B ࡢࡑࢀࢆ 10㸣࡜௬ᐃࡍࡿࠋࡇࡢ SIB ࡣ஦ᴗᮇ㛫ࡀ 5 ᖺ࡛ࡑࡢ᫬Ⅼ࡛┠ᶆ್ࡀ㐩ᡂࡉࢀࢀࡤ㸪
ᢞ㈨ᐙ࡟ᑐࡋ࡚ඖᮏ࡜ࣜࢱ࣮ࣥࡀൾ㑏ࡉࢀࡿࠋࡇࡢ SIB ࡢᡂຌ⋡ࡢኚ໬࡟ࡼࡗ࡚㸪
ᢞ㈨ᐙ A ࠾ࡼࡧ B ࡀせồࡍࡿ࣏࣮ࢺࣇ࢛ࣜ࢜ୖࡢᖺ㛫ᮇᚅ཰┈⋡ࢆ‶ࡓࡍࡓࡵ࡟㸪ࡇࡢ SIB ஦ᴗࡀ࡝ࡢ⛬ᗘࡢ㸦ᐇ㝿ࡢ㸧཰┈⋡ࢆ⏕ࡳฟࡉ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࠿ࢆ♧ࡋࡓࡶࡢࡀᅗ⾲–7 ࡛࠶ࡾ㸪ࡲࡓ㸪ᡂຌ⋡࡜ SIB
ࡢᐇ㝿ࡢ཰┈⋡ࢆࣉࣟࢵࢺࡋࡓࡶࡢࡀ㸪ᅗ⾲–8 ࡛࠶ࡿࠋ஦ᴗࡢᡂຌ⋡ࡣ㸪10㸣࠿ࡽ 100㸣ࡲ࡛ኚ໬ࡍࡿࠋ
 ᢞ㈨ᐙ A ࡢሙྜ㸪ࣉࣟࢪ࢙ࢡࢺࡢᡂຌ⋡ࡀ 50㸣࡜ࡍࡿ࡜㸪SIB ࡣᐇ㝿ࡢ཰┈⋡࡜ࡋ࡚ 20㸣ࢆ⏕ࡳฟࡍᚲせࡀ࠶ࡿࠋᢞ㈨ᐙ B ࡢሙྜ㸪ࣉࣟࢪ࢙ࢡࢺࡢᡂຌ⋡ࡀྠࡌ 50㸣࡜ࡍࡿ࡜㸪SIB ࡢ཰┈⋡ࡣ 26㸣ࡢỈ‽ࢆ‶ࡓࡉ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࣉࣟࢪ࢙ࢡࢺࡢᡂຌ⋡ࡀ 30㸣ࡢሙྜ㸪ᢞ㈨ᐙ A ࡜ B ࢆ‶㊊ࡉࡏࡿ࡟ࡣ㸪ࡑࢀࡒࢀ㸪33㸣㸪39㸣ࡢࣜࢱ࣮ࣥࢆ⏕ࡳฟࡍࡇ࡜ࡀᚲせ࡜࡞ࡿࠋ SIB ࡢᑐ㇟࡜࡞ࡿࣉࣟࢪ࢙ࢡࢺࡢ࡞࠿࡛㸪཰┈⋡ 20㸣௨ୖࡢ᮲௳ࢆ⡆༢࡟ࢡࣜ࢔࡛ࡁࡿࡶࡢࡀ࠶ࡿ࠿࡜
࠸ࢃࢀࢀࡤ᠜␲ⓗ࡟࡞ࡽࡊࡿࢆᚓ࡞࠸ࠋ๓㏙ࡢ⡿⣔ᢞ㈨㐠⏝఍♫ࢹ࢕ࣞࢡࢱ࣮ࡢぢゎࡢ࡜࠾ࡾ㸪ᡂຌ⋡ࡢప࠸ SIB ࡣ㸪࠿࡞ࡾ≉Ṧ࡞ᢞ㈨࡟࡞ࡿࡇ࡜ࡀࡇࡢࢩ࣑࣮ࣗࣞࢩ࡛ࣙࣥࡶ☜ㄆ࡛ࡁࡿࠋ ࡇࡢ SIB ࡣ㸪ᢞ㈨ᐙࡢどⅬ࡛࠸࠺࡜㸪ࠕ࢜ࣝࢱࢼࢸ࢕ࣈᢞ㈨ࠖ㸦alternative investment㸧࡟ศ㢮ࡉࢀࡿࠋ࢜ࣝࢱࢼࢸ࢕ࣈᢞ㈨㸦௦᭰ᢞ㈨㸧࡜ࡣ㸪ୖሙ఍♫ࡢᰴᘧࡸമๆ࡞࡝ࡢఏ⤫ⓗ࡞ᢞ㈨࡜ࡣ␗࡞ࡿ㈨⏘࡟ᑐࡍࡿᢞ㈨ࢆព࿡ࡍࡿࠋᮍබ㛤ᰴ㸪࣊ࢵࢪࣇ࢓ࣥࢻ㸪୙ື⏘㸪ࢥࣔࢹ࢕ࢸ࢕㸦⌧≀㸪ඛ≀㸧࡞࡝ࡀࡑࡢ౛࡛࠶
ࡿࠋ࢜ࣝࢱࢼࢸ࢕ࣈᢞ㈨ࡣ㸪ᰴᘧࡸമๆ࡞࡝ࡢఏ⤫ⓗ࡞㈨⏘ࡢ౯᱁࡜ࡢ┦㛵ࡀప࠸࡜ࡉࢀࡿࡓࡵ㸪ᾏእᢞ㈨ᐙࡢ㛫࡛ࡣ㸪ศᩓᢞ㈨ࡢ୍ᡭἲ࡜ࡋ࡚ὀ┠ࡉࢀ࡚࠸ࡿࠋࠕ≉Ṧ࡞ᢞ㈨ࠖࡢࢥ࢖ࣥࡢ⿬ഃ࡜ࡋ࡚㸪♫఍㈉⊩࡟✚ᴟⓗ࡞ᢞ㈨ᐙ௨እ࡟ࡶ㸪ఏ⤫ⓗ࡞㈨⏘࡬ࡢᢞ㈨࡟ᑐࡍࡿࣜࢫࢡ࣊ࢵࢪࢆồࡵࡿᢞ㈨ᐙࡣ SIB ࡟⯆࿡ࢆ♧ࡍྍ⬟ᛶࡀ࠶ࡿࠋ
ᅗ⾲-7 ࣉࣟࢪ࢙ࢡࢺࡢᡂຌ⋡࡜ᢞ㈨ᐙูࡢᮇᚅ཰┈⋡ᢞ㈨ᐙ A㸦5㸣㸧ࣉࣟࢪ࢙ࢡࢺࡢ
ᡂຌ⋡㸦㸣㸧

ᢞ㈨ᐙ B㸦10㸣㸧

ᢞ㈨ᐙࡢᮇᚅ཰┈⋡ࢆ‶ ࣉࣟࢪ࢙ࢡࢺࡢ
ࡓࡍࡓࡵ࡟ᚲせ࡞ SIB ࡢ ᡂຌ⋡㸦㸣㸧ᖺ㛫ࡢ཰┈⋡㸦㸣㸧

ᢞ㈨ᐙࡢᮇᚅ཰┈⋡ࢆ‶ࡓࡍࡓࡵ࡟ᚲせ࡞ SIB ࡢᖺ㛫ࡢ཰┈⋡㸦㸣㸧

100

5.0

100

10.0

90

7.2

90

12.3

80

9.8

80

15.0

70

12.8

70

18.1

60

16.3

60

21.8

50*

20.6

50*

26.4

40

26.1

40

32.1

30**

33.6

30**

39.9

20

44.9

20

53.1

10

66.4

10

77.5

㸦ฟᡤ㸸➹⪅సᡂ㸧

101 −
−11

఍ィ᳨ᰝ◊✲ No.48㸦2013.9㸧ᅗ⾲-8 ࣉࣟࢪ࢙ࢡࢺࡢᡂຌ⋡࡜ᢞ㈨ᐙࡀồࡵࡿ SIB ࡢᐇ㝿ࡢ཰┈⋡
90.0
80.0
S
I 70.0B 60.0ࡢᐇ 50.0㝿ࡢ 40.0཰ 30.0┈⋡ 20.0协㸣 10.0
卐
0.0

ᢞ㈨ᐙ㸿
ᢞ㈨ᐙ㹀

0

20

40

60

80

100

ࣉࣟࢪ࢙ࢡࢺࡢᡂຌ⋡㸦㸣㸧㸦ฟᡤ㸸➹⪅సᡂ㸧

9 ᪥ᮏ࡬ࡢᑟධ࡟ᑐࡍࡿᨻ⟇ⓗ࢖ࣥࣉࣜࢣ࣮ࢩࣙࣥ SIB ࡢ኱ࡁ࡞㨩ຊࡣ㸪♫఍ⓗ࡞஦ᴗࡢᐇ᪋࡟࠶ࡓࡗ࡚㸪Ẹ㛫ᢞ㈨㈨㔠ࢆά⏝ࡋࠕᕷሙࡢつᚊࠖࢆᑟධࡋ
࡞ࡀࡽ㸪ᨻᗓ㒊㛛ࡢ㈝⏝๐ῶ࡜ண⟬ࡢຠ⋡ⓗ࡞ά⏝ࢆᐇ⌧ࡍࡿⅬ࡟࠶ࡿࠋࡑࡢព࿡࡛㸪㈈ᨻ㉥Ꮠࡢᝏ໬࡟
┤㠃ࡋ࡚࠸ࡿ᪥ᮏࡢබⓗ㒊㛛ࡶ㸪SIB ࡢ௙⤌ࡳ㸪ࡑࡢຠᯝ㸪ᑟධࡢྍ⬟ᛶࢆศᯒ᳨࣭ウࡍࡿ౯್ࡣ࠶ࡿ࡜
⪃࠼ࡽࢀࡿࠋࡶࡕࢁࢇ㸪ศᯒ࡟࠶ࡓࡗ࡚ࡣ㸪ḟࡢࡼ࠺࡞᪥ᮏ࡟≉᭷࡞஦᝟ࢆ⪃៖ࡍࡿࡇ࡜ࡶᚲせ࡜࡞ࢁ࠺ࠋձ ♫఍ไᗘ㸭ᩥ໬ⓗ⫼ᬒࡢ┦㐪 ⌧ᅾ㸪SIB ࢆ✚ᴟⓗ࡟᳨ウ㸪᥎㐍ࡋ࡚࠸ࡿࡢࡣ㸪࢖ࢠࣜࢫࢆࡣࡌࡵ㸪⡿ᅜ㸪࢝ࢼࢲ㸪࣮࢜ࢫࢺࣛࣜ࢔㸪ࢽ࣮ࣗࢪ࣮ࣛࣥࢻ࡛࠶ࡿࠋඹ㏻ࡍࡿ≉ᚩࡣ㸪ࡍ࡭࡚ⱥㄒᅪࡢᅜ࡛࠶ࡿ࡜࠸࠺ࡇ࡜ࡔࡅ࡛ࡣ࡞ࡃ㸪Ṕྐⓗ࡟࢟ࣜࢫࢺᩍࡢࣉࣟࢸࢫࢱࣥࢺὴࡀᙉ࠿ࡗࡓᅜࡔ࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋࡇࢀࡽࡢㅖᅜ࡛ࡣ㸪㏆ᖺ㸪᐀ᩍࡸ⏕άಙ᮲ࡀከᵝ໬ࡋ࡚࠸ࡿ࡜ࡣ࠸࠼㸪࢟ࣜࢫࢺᩍࡢ♫఍ⓗ࡞ᙳ㡪ࡣ౫↛ᙉ࠸࡜࠸࠼ࡿࠋ࢟ࣜࢫࢺᩍ࡟ᙳ㡪ࢆཷࡅࡓ♫఍ⓗ⫼ᬒ࠿ࡽ㸪ឿၿ஦ᴗࡀ୍⯡໬ࡋ㸪㠀Ⴀ฼ᅋయࡢᩘࡶከࡃ㸪ࡑࢀࡀ♫఍ไᗘ࡟⤌ࡳ㎸ࡲࢀ࡚࠸ࡿࠋ ୕஭ఫ཭ಙク㖟⾜ࡢㄪᰝ࡟ࡼࢀࡤ㸪᪥ᮏࡢᐤ௜㔠つᶍࡣ㸪ಶே࣭௻ᴗࢆྜࢃࡏ࡚㸪6,500 ൨෇࠿ࡽ 1 ඙෇⛬ᗘࡔ࡜ࡉࢀࡿࠋྡ┠ GDP ࡟ᑐࡍࡿ๭ྜ࡛ࡳࡿ࡜㸪᪥ᮏࡣ 0.22㸣㸦2009 ᖺ㸧㸪⡿ᅜ 1.87㸣㸦2009 ᖺ㸧㸪ⱥᅜ 0.87㸣㸦2006 ᖺ㸧࡜࡞ࡗ࡚࠸ࡿࠋ⡿ⱥ୧ᅜ࡛ࡣ㸪๓㏙ࡢ࢟ࣜࢫࢺᩍࡢᙳ㡪࡟ࡃࢃ࠼㸪⮬ຓࡢ⢭⚄࡟ࡶ࡜࡙ࡃࠕᑠࡉ࡞ᨻᗓࠖࢆᣦྥࡍࡿ᭷ຊ࡞⪃࠼ࡀᏑᅾࡍࡿ୍᪉࡛㸪ឿၿάືࡀ⤒῭ⓗ᱁ᕪ࡟ᑐࡍࡿ⚟♴ᨻ⟇ࡢ୍⩼ࢆᢸࡗ࡚࠸ࡿࠋࡑࡢ୍⎔࡜ࡋ࡚㸪ᐤ௜⛯ไࡶ඘ᐇࡋ࡚࠾ࡾ㸪᪥ᮏ࡟ẚ࡭࡚㸪ᐤ௜ᩥ໬ࡀᐃ╔ࡋ࡚࠸ࡿ࡜࠸࠼ࡿࠋ௚᪉㸪᪥ᮏࡸ໭Ḣ࡛ࡣ㸪ࡑ࠺ࡋࡓ⚟♴ᨻ⟇ࡣẸ㛫㒊㛛࡛ࡣ࡞ࡃࡴࡋࢁᨻᗓࡀᢸ࠺࡭ࡁ࡜࠸࠺ព
㆑ࡀẚ㍑ⓗᙉ࠸ࠋ ࡇ࠺ࡋࡓどⅬ࠿ࡽ᪥ᮏࢆࡳࡓሙྜ㸪SIB ࡢᇶᮏ࡜࡞ࡗ࡚࠸ࡿⱥ⡿࡜ࡢ㢮ఝࡢ♫఍ไᗘ㸪ឿၿ஦ᴗࡢᇶ┙

− 102
12−

⡿ᅜࡢࢯ࣮ࢩࣕࣝ࢖ࣥࣃࢡࢺമ㸦SIB㸧ᑟධ࡟㛵ࡍࡿ୍⪃ᐹࡸᛮ᝿ࡀ༑ศ࡟ഛࢃࡗ࡚࠸ࡿ࡜ࡣ࠸࠼࡞࠸ࠋࡑࡢࡼ࠺࡞࡞࠿࡛㸪♫఍ᢞ㈨ᐙ㸪ឿၿᅋయ㸪ᨻᗓ࡟௦ࢃࡗ࡚
♫఍ⓗ࡞஦ᴗࢆᥦ౪ࡍࡿ⤌⧊㸦ࢩࣥࢡࢱࣥࢡ㸧㸪♫఍ⓗ࡞ࣉࣟࢢ࣒ࣛࢆホ౯ࡍࡿ➨୕⪅ᶵ㛵㸦ࢥࣥࢧࣝࢱࣥ
ࢺ㸧࡞࡝ࡢࠕSIB ࡢ୺せࣉ࣮࣮ࣞࣖࠖࢆ᥈ࡍ࡟ࡣ㸪࠿࡞ࡾࡢᅔ㞴ࡀ࡜ࡶ࡞࠺࡛࠶ࢁ࠺ࠋ6)ղ ᪥ᮏࡢᢞ㈨ᐙࡢಖᏲᛶ ⡿ᅜ࡟ẚ࡭ࡿ࡜㸪᪥ᮏࡢಶேᢞ㈨ᐙ࡜ᶵ㛵ᢞ㈨ᐙࡣ㸪඲⯡ⓗ࡞ᢞ㈨᪉㔪࡟㛵ࡋ࡚ಖᏲⓗ࡞ഴྥࡀぢཷࡅࡽࢀࡿࠋࡑࢀ࡯࡝ከࡃࡢ✀㢮ࡢ㔠⼥ၟရ࡟ࡣᢞ㈨ࡋ࡞࠸୍᪉࡛㸪௙⤌ࡳࡀศ࠿ࡾࡸࡍࡃ㸪ࣜࢫࢡࡢప࠸ఏ
⤫ⓗၟရ㸦ୖሙ఍♫ࡢᰴᘧ㸪മๆ㸪ᅜമ㸧࡟ᢞ㈨ࡍࡿࡇ࡜ࢆዲࡴഴྥ࡟࠶ࡿࠋ๓㏙ࡋࡓ࡜࠾ࡾ㸪SIB ࡣ㸪മๆ࡜࠸࠺ྡ⛠ࢆᣢࡗ࡚࠸ࡿ࡟ࡶ࠿࠿ࢃࡽࡎ㸪ࡑࡢᐇែࡣ㸪ࠕ࢚ࢡ࢖ࢸ࢕ࠖ
㸦ฟ㈨㸧࡟㏆࠸ࠕ࢜ࣝࢱࢼࢸ࢕
ࣈᢞ㈨ࠖࡢࡦ࡜ࡘ࡛࠶ࡿࠋSIB ࡛ࡣ㸪ᅛᐃࡋࡓ฼Ꮚࡣಖドࡉࢀࡎ㸪┠ᶆࡀ㐩ᡂࡉࢀ࡞࠸ሙྜࡣ㸪฼Ꮚ࡜ඖᮏࡶൾ㑏ࡉࢀ࡞࠸ࠋࡇ࠺ࡋࡓࣜࢫࢡࡀ࡜ࡶ࡞࠺ᢞ㈨㈨⏘ࡣ㸪᪥ᮏࡢᢞ㈨ᴗ⏺࡞ࡽࡧ࡟ᕷሙ࡟ࡣ⡆༢࡟ࡣཷࡅධࢀࡽࢀ࡞࠸ྍ⬟ᛶࡀ࠶ࡿࠋ ୍᪉࡛㸪ࡇ࠺ࡋࡓㄢ㢟࡟ᑐࡍࡿゎỴ⟇ࡢ⣒ཱྀࡶぢ࠸ࡔࡏࡿࠋࡑࢀࡀࠕࢡࣛ࢘ࢻࣇ࢓ࣥࢹ࢕ࣥࢢࠖ
㸦CrowdFunding㸧࡛࠶ࡿࠋ࢖ࣥࢱ࣮ࢿࢵࢺࡸࢫ࣐࣮ࢺࣇ࢛ࣥࢆά⏝ࡋ㸪ឿၿάື࡟✚ᴟⓗ࡞୙≉ᐃከᩘࡢಶே࠿ࡽ
ᑠཱྀࡢ㈨㔠ࢆເ㞟ࡋ࡚㸪SIB ࡢᢞ㈨㈨㔠ࢆ㞟ࡵࡿࡇ࡜ࡀྍ⬟ࡢࡼ࠺࡟ᛮࢃࢀࡿࠋ᪥ᮏ࡛ࡢᑟධࢆ᳨ウࡍࡿ࡟࠶ࡓࡗ࡚ࡣ㸪ࠕall-or-nothingࠖࡢุ᩿࡛ࡣ࡞ࡃ㸪SIB ࡢ㠉᪂ⓗ࡞ᡭἲࢆ᪥ᮏࡢ♫఍ไᗘ࡟࣮ࣟ࢝ࣛ࢖ࢬ㸦⌧ᆅ໬㸧ࡍࡿⓎ᝿ࡀᚲせ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡿࠋ

10 ࠾ࢃࡾ࡟ ࡇࢀࡲ࡛ࡳ࡚ࡁࡓ࡜࠾ࡾ㸪SIB ࡣ㸪ࡲࡔᐇ㦂ࡀጞࡲࡗࡓࡤ࠿ࡾࡢ㈨㔠ㄪ㐩ࢶ࣮࡛ࣝ࠶ࡿࠋ⡿ᅜෆ࡛ࡣ㸪ᐇ㦂ࡀᡂຌࡍࡿ࠿ྰ࠿ࡣ᫂ࡽ࠿࡛࡞࠸ࡀ㸪㈈※୙㊊࡟┤㠃ࡋ࡚࠸ࡿබⓗ㒊㛛ࡢᚑ᮶ᆺࡢண⟬ά⏝࠿ࡽࠕ⤖ᯝ㔜どࡢண⟬㐠⏝ࠖ࡟㌿᥮ࡍࡿࡓࡵࡢ㆟ㄽࡢゐ፹࡜ࡋ࡚ࡶὀ┠ࡀ㞟ࡲࡗ࡚࠸ࡿࠋ௒ᚋ㸪᪥ᮏ࡟࠾࠸࡚ࡶ㸪⡿ᅜࡢືྥࢆぢᤣ࠼㸪♫఍ไᗘ㸪⾜ᨻࢩࢫࢸ࣒㸪ᩥ໬ⓗ⫼ᬒ࡞࡝᪥ᮏ≉᭷ࡢ஦᝟ࢆ⪃៖ࡋ࡞ࡀࡽ㸪SIB ࡢᑟධࡢྍ⬟ᛶࡀ᳨ウࡉࢀࡿࡇ࡜࡟ᮇᚅࡋࡓ࠸ࠋ

6)ࡓ࡜࠼ࡤ㸪⡿ࢥࣥࢧࣝࢱࣥࢺ఍♫ࡢ࣐ࢵ࢟ࣥࢮ࣮♫ࡣ㸪SIB ࡟ᑐࡍࡿᢞ㈨ᐙ⏝ࡢࢹ࣮ࣗࢹࣜࢪ࢙ࣥࢫ㸦Due Diligence㸧ࡢホ౯࣐ࢽࣗ࢔ࣝࢆ↓ᩱ࡛බ㛤ࡋ࡚࠸ࡿࠋ
㸦http://payforsuccess.org/provider-toolkit/deep-assessment-capabilities-due-diligence-tools㸧

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Bonds”, Social Finance UK.
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aunch-the-first-social-impact-bond-programs-in-the-united-states/
Costa, Kristina et al. 2012. “Frequently Asked Questions: Social Impact Bonds”, Center for American Progress.
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Section, UK Parliament.
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http://payforsuccess.org/“Social Impact Bonds: Can a Market Prescription Cure Social Ills?”, Knowledge@Wharton. September 12, 2012.
http://knowledge.wharton.upenn.edu/article.cfm?articleid=3078㈆ΎᰤᏊ㸦2011㸧ࠕࢃࡀᅜᐤ௜ືྥ࡟ࡘ࠸࡚ࠖࠗ୕஭ఫ཭ಙク㖟⾜ ㄪᰝ࣏࣮ࣞࢺ࠘2011 ᖺ㸭ኟ㸪No.74㸪
pp.15-23ࠋᅵᒇ┤ஓ㸦2013㸧ࠕ♫఍㈉⊩࡟ᢞ㈨࿧ࡧ㎸ࡵࠖ᪥ᮏ⤒῭᪂⪺㸪2013 ᖺ㸯᭶ 6 ᪥ᮅหࠋᒣཱྀ㧗ᗈ௚㸦2012㸧ࠕࢯ࣮ࢩࣕࣝ࢖ࣀ࣮࣋ࢩࣙࣥࡢຍ㏿࡟ྥࡅࡓ SROI ࡜ SIB ά⏝ࡢࢫࢫ࣓ࠖࠗNRI ࣃࣈࣜࢵࢡ࣐ࢿࢪ࣓ࣥࢺࣞࣅ࣮ࣗ࠘2012 ᖺ 2 ᭶, Vol.103ࠋ
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