$࠻࡜ࠗࠕ࡞࡙࡯ࠬ⺖㗴ታᣉႎ๔ᦠታ㛎⺖㗴⇟ภ㧦 ታ㛎⺖㗴ฬ㧦 $0+PR67᡼኿శࠍ↪޿ߚᣂⷙ㜞ᕈ⢻ࡐ࡝ࠗࡒ࠼න❫⛽ߩ㜞ᔕജਅߦ߅ߌࠆ⚿᥏᭴ㅧᄌൻߩ᷹ቯታ㛎⺖㗴⽿છ⠪㧦૒⮮๺ᒾታᣉࡆ࡯ࡓ࡜ࠗࡦ㧦 $.:7ታ㛎ᦼ㑆㧦 ࠪࡈ࠻ ౒หታ㛎⠪㧦 ᪀ේᐢ᣿㧘&G9GKLGT6QP㧘⇥㐿⌀ਯ㧘ᧄᄙ൘㧘ᩙᧄඳᢥዊኹ⾫㧘ጟᧄ⒌৻㧘ᄢဝ⨃ᐙ㧘㒋਄↱㚅೑㧘↰ਛᐽᐔ㧝Ꮲੱ ᩣ వ┵ᛛⴚ⎇ⓥᚲ㧞 ⽷ 㜞ノᐲశ⑼ቇ⎇ⓥ࠮ࡦ࠲࡯೑↪⎇ⓥଦㅴㇱ㐷㧟␹ᚭᄢቇᎿቇㇱᔕ↪ൻቇ⑼⢛᥊߅ࠃ߮⋡⊛㜞ಽሶ❫⛽ߩ㜞ᕈ⢻ൻ㧘㜞ᯏ⢻ൻߦ߅ߌࠆ㊀ⷐ⺖㗴ߣߒߡ㧘㜞ᒝᐲ࡮㜞ᒢᕈ₸❫⛽ߩ㐿⊒߇޽ߍࠄࠇࠆ‫ߥ߁ࠃߩߎޕ‬㜞ᐲߩജቇ․ᕈࠍ⊒⃻ߔࠆ㜞ᕈ⢻❫⛽ߣߒߡ㧘-GXNCT㧘6YCTQP㧔226#㧕ߥߤߩࡄ࡜♽ࠕ࡜ࡒ࠼❫⛽߿㧘೰⋥㎮㜞ಽሶߩ<[TQP㧔2$1㧕ߥߤ߇ߔߢߦታ↪ൻߐࠇ㧘♖ኒߥ㜞ᰴ᭴ㅧ⸃ᨆߦࠃࠅ᭴ㅧ‛ᕈ⋧㑐߇ᬌ⸛ߐࠇߡ޿ࠆ‫ޕ‬㜞ಽሶߩ⚿᥏ᒢᕈ₸ߪ㧘᧚ᢱ‛ᕈࠍ⊒⃻ߔࠆ਄ߢᭂ߼ߡ㊀ⷐߥࡄ࡜ࡔ࡯࠲ߩ৻ߟߢ޽ࠅ㧘ฦ⒳㜞ಽሶ❫⛽ߦߟ޿ߡߪߎࠇ߹ߢߦᢙᄙߊߩ⎇ⓥႎ๔଀߇޽ࠆ‫߫߃଀ޕ‬㧘ዊኹࠄߩ52TKPIߦ߅ߌࠆ2$1߿226#❫⛽ߩᬌ⸛ߦࠃࠅ㧘ℂ⺰ᒢᕈ₸ߣታ᷹⚿᥏ᒢᕈ₸ߩ᣿⏕ߥ⋧㑐߇ႎ๔ߐࠇߡ߅ࠅ㧘㜞ಽሶන❫⛽ߢૐᔕജ߆ࠄ❫⛽⎕ᢿㄭறߩ㜞ᔕജ߹ߢߩᐢ޿▸࿐ߢߩᔕജ̆ᱡࠍ᷹ቯߢ߈ࠆ㜞ᒝᐲ᡼኿శߦࠃࠆ㨄✢࿁᛬ታ㛎ߩఝ૏ᕈ߇┙⸽ߐࠇߡ޿ࠆ‫ޕ‬ࠊࠇࠊࠇߪ㧘ߎࠇࠄᣢሽߩ㜞ᕈ⢻❫⛽ࠍ਄࿁ࠆ᧚ᢱ‛ᕈࠍ᦭ߔࠆߣᦼᓙߐࠇࠆ୥⵬᧚ᢱߩ৻ߟߣߒߡ㧘ࡐ࡝ࡄ࡜ࡈࠚ࠾࡟ࡦࡇࡠࡔ࡝࠶࠻ࠗࡒ࠼㧔222+㧕ߦ⌕⋡ߒ㧘ߘߩ❫⛽ൻ⎇ⓥࠍ
ߔߔ߼ߡ޿ࠆ‫ޕ‬222+ߪߘߩ೰⋥㎮ಽሶ᭴ㅧ߆ࠄ226#߿
2
22$1ࠍ⿥߃ࠆℂ⺰ᒢᕈ₸߇⸘▚੍᷹ߐࠇߡ޿ࠆ᧚ᢱߢ
޽ࠆ߇㧘222+❫⛽ߢ⚿᥏ᒢᕈ₸ࠍታ㛎⊛ߦ᳞߼ߚႎ๔
11଀ߪ߹ߛߥ޿‫੹ޕ‬ᓟߩታ↪ൻ⎇ⓥࠍㅴ߼ߡ޿ߊ߁߃ߢ㧘
22222+ߩታ᷹⚿᥏ᒢᕈ₸ࠍ᳞߼ߡ᧚ᢱߣߒߡߩᭂ㒢ᒢᕈ
Q₸ࠍ੍ᗐߔࠆߎߣߪᭂ߼ߡ㊀ⷐߥ⺖㗴ߢ޽ࠆ‫ޕ‬
3RO\ SSKHQ\OHQHS\URPHOOLWLPLGHᧄ⎇ⓥߩ⋡⊛ߪ㧘㜞ノᐲ᡼኿శࠍ↪޿ߡೋ߼ߡ㆐ᚑ
ߐࠇࠆ222+න❫⛽ߩ㨄✢࿁᛬᷹ቯߦࠃࠅ㧘ߎࠇ߹ߢႎ
๔ߐࠇߡ޿ߥ߆ߞߚ222+ߩ⚿᥏ᒢᕈ₸ࠍᐢ▸࿐ߩᄖㇱᔕജਅߢ᷹ቯߒ㧘ᣂⷙ㜞ᕈ⢻❫⛽ߣߒߡߩ222+❫⛽ߩࡐ࠹ࡦࠪࡖ࡞ࠍ⷗ᭂ߼ࠆߎߣߦ޽ࠆ‫ߚ߹ޕ‬㧘ᔕജਅߦ߅ߌࠆ⚿᥏ᩰሶߩੂࠇ߿⚿᥏ߩᄢ߈ߐߩ᜼േࠍ⺞ߴ㧘᭴ㅧ‛ᕈ⋧㑐ߦߟ޿ߡᬌ⸛ߔࠆ‫ޕ‬ᧄታ㛎߆ࠄ㧘ᣂⷙ㜞ಽሶߩജቇ‛ᕈߦ㑐ߒߡቇⴚ⊛ߦ㊀ⷐߥ⍮⷗ࠍᓧࠆߩߺߥࠄߕ㧘ᰴ਎ઍ㜞ᕈ⢻❫⛽ߩታ↪ൻ⎇ⓥߦ߅ߌࠆ᦭↪ߥᜰ㊎ࠍਈ߃ࠆ߽ߩߣᦼᓙߐࠇࠆ‫ޕ‬ታ㛎ᣇᴺ⹜ᢱ  ᧄታ㛎ߦଏߒߚ222+❫⛽ߪ㧘ࠗ࠰ࠗࡒ࠼೨㚟૕ࠍේᢱߣߒߡ㧘ࡕࡁࡎ࡯࡞⚜♻ⵝ⟎߆ࠄࠛࠕࠡࡖ࠶ࡊࠍ੺ߒߡࠗࡒ࠼ൻ⸅ᇦࠍ฽߻ಝ࿕ᶎਛ߳ฯ಴ߔࠆᣇᴺߢ⚜♻ߒߚ‫ޕ‬ಝ࿕♻
ߪ⚂୚ᑧિߒߚᓟ㧘ੇ῎ⓨ᳇ਛ͠ߢടᾲߒߡṁᇦࠍขࠅ㒰߈ੇ῎♻ࠍ⺞⵾ߒߚ㧔⹜ᢱ㧦
222+#5㧕‫ߦࠄߐޕ‬㧘⓸⚛㔓࿐᳇ਛߢੇ῎♻ߦ͠㧘ಽ㧔⹜ᢱ㧦222+*6㧕߹ߚߪ͠㧘− 88 −ಽ㧔⹜ᢱ㧦222+*6 㧕ߩᾲಣℂࠍട߃ߚ‫⛽❫ޕ‬ᓘߪ㧘න૏㐳㊀㊂߅ࠃ߮❫⛽ኒᐲ㧔ᶋᴉᴺ㧕
߆ࠄ᳞߼ߚ‫ޕ‬6CDNGߦ੹࿁ታ㛎ߦ↪޿ߚฦ⒳222+❫⛽⹜ᢱߩઍ⴫⊛ߥ‛ᕈ୯ࠍ␜ߔ‫ޕ‬
6CDNG$VSHFWVRI333,ILEHUVLQYHVWLJDWHGLQWKLVVWXG\
7H['HQVLW\JFP'LDPHWHU

7HQVLOHPRGXOXVPP*3D333,$6333,+7333,+7㪁㩷㪛㪼㫋㪼㫄㫀㫅㪼㪻㩷㪹㫐㩷㫋㪼㫊㫀㫃㪼㩷㪻㪼㪽㫆㫉㫄㪸㫋㫀㫆㫅㩷㫌㫊㫀㫅㪾㩷㪫㪜㪥㪪㪠㪣㪦㪥㩷㫋㪼㫊㫋㪼㫉᷹ቯߪ㧘52TKPIߩࡆ࡯ࡓ࡜ࠗࡦ$.:7ߢᄙゲ࿁᛬ⵝ⟎ࠍ↪޿ߡⴕߞߚ‫ޕ‬㨄✢ߩࠛࡀ࡞ࠡ࡯ߪMG8㧔ᵄ㐳ǳPO㧕ߣߒ㧘౉኿ࠬ࡝࠶࠻㧔5㧕ߢ❑OOᮮOOߦࡆ࡯ࡓᢛᒻߒ⹜ᢱ࿁᛬ᒝᐲ㧛ⓨ᳇ᢔੂᒝᐲࠍᦨㆡൻߒߚ‫ޕ‬᷹ቯ⹜ᢱߪ㧘⚕⵾ᨒߦធ⌕ߒߚන❫⛽ࠍ⥄૞⹜ᢱᒁᒛࠅེߦ࠴ࡖ࠶ࠢ㑆〒㔌OOߢขࠅઃߌߚ⁁ᘒߢ㧘࿁᛬⸘ࠧ࠾ࠝࠬ࠹࡯ࠫߦⵝ⌕ߒߚ‫ޕ‬࿁᛬⸘࿁ォਛᔃߦኻߔࠆ⹜ᢱ૏⟎วࠊߖߪ㧘%%&ࡑࠗࠢࡠࠬࠦ࡯ࡊࠍ↪޿ߡ⹜ᢱᒁᒛࠅེߩ:;ࠬ࠹࡯ࠫࠍ⺞ᢛߒߚ‫(ޕ‬KIߦ࿁᛬᷹ቯߩ⁁ᘒ㧘(KIߦ⹜ᢱᒁᒛࠅེࠍ␜ߔ‫ޕ‬❫⛽⹜ᢱߪ⹜ᢱᒁᒛࠅེߩࡑࠗࠢࡠࡔ࡯࠲ߦࠃࠅㅙᰴિᒛߒ㧘หᤨߦࡠ࡯࠼࠮࡞ߦࠃࠅિᒛᤨߩ⩄㊀ᔕജࠍ᷹ቯߒߚ‫ޕ‬᷹ቯߪቶ᷷ਅߢ߅ߎߥߞߚ‫ޕ‬㨄✢࿁᛬ߪ㧘⹜ᢱ❫⛽ゲߣห৻㕙ౝߩ❫⛽ሶඦ✢ᣇะߦߟ޿ߡ㧘ኻ⒓ㅘㆊᴺߦࠃࠆǰǰ⿛ᩏࠍⴕ޿㧘ࠪࡦ࠴࡟࡯࡚ࠪࡦࠞ࠙ࡦ࠲࡯ᬌ಴ེߦࠃࠅ᷹ቯߒߚ‫ޕ‬ߥ߅㧘੹࿁ߩታ㛎ߢߪ࿁᛬ࡇ࡯ࠢࠪࡈ࠻ߩᬌ಴߇ਥ⋡⊛ߢ޽ࠆߚ߼ᮡḰ⹜ᢱ᷹ቯߪⴕࠊߥ߆ߞߚ‫੹ޕ‬ᓟ㧘ᩰሶቯᢙߩ᷹ቯ♖ᐲࠍⷐ᳞ߔࠆ⸃ᨆ߇੍ᗐߐࠇࠆ႐ว㧘㨄✢ࠛࡀ࡞ࠡ࡯㧔ᵄ㐳㧕ߩ⏕⹺ߣ߽วࠊߖߡ㨄✢࿁᛬↪ᮡḰ⹜ᢱ㧔5K☳ᧃ㧘#N1☳ᧃ╬㧕ࠍห᧦ઙߢ᷹ቯߔࠆᔅⷐߣᕁࠊࠇࠆ‫ޕ‬)LJ0XOWLD[LDOGLIIUDFWPHWHURQ%/;8− 89 −)LJ,QVLWXILEHUWHQVLOHXQLW ⸃ᨆ  ❫⛽ゲ㧔Eゲ㧕ᣇะߩ⚿᥏ᒢᕈ₸㧔'NCVVKEG㧕ߪ㧘ฦශടᔕജߦ߅ߌࠆሶඦ✢࿁᛬߹ߚߪ࿁᛬ߩࡇ࡯ࠢ૏⟎߆ࠄ$TCIIߩᑼߢᓧࠄࠇߚ㕙㑆㓒FJߩᄌൻ㧔ᒁᒛࠅᔕജߦࠃࠆᩰሶᱡ㧕ߦࠃࠅ▚಴ߒߚ‫ߢߎߎޕ‬㧘ࡇ࡯ࠢ૏⟎ǰߪ㧘࿁᛬ࡇ࡯ࠢߩඨ୯એ਄ߩ▸࿐ࠍ)CWUU㑐ᢙߢㄭૃߒߡ᳞߼ߚ‫ޕ‬ᔕജਅߦ߅ߌࠆ⚿᥏ߩੂࠇߦߟ޿ߡߪ㧘9KNUQPࠄߩࡒࠢࡠᱡࡕ࠺࡞ࠍㆡ↪ߒߚ⸃ᨆࠍⴕߞߚ‫ߪߢ࡞࠺ࡕߩߎޕ‬㧘㨄✢࿁᛬ߩ✢᏷ߩᐢ߇ࠅ߇㧘⚿᥏ߩᄢ߈ߐߣℂᗐ⚿᥏߆ࠄߩᩰሶὐߩࠁࠄ߉㧔ࡒࠢࡠᩰሶᱡ㧕߆ࠄߥࠆߣߔࠆ‫⚿ޕ‬᥏ࠨࠗ࠭.ߦࠃࠆ࿁᛬ߩᐢ߇ࠅǬU%ߪ㧘5EJGTTGTߩᑼߦࠃࠅᰴᑼߢ⴫ߐࠇࠆ‫ޕ‬ /G V&߹ߚ㧘ࡒࠢࡠᩰሶᱡǍFFߦࠃࠆ࿁᛬ߩᐢ߇ࠅǬU&ߪ㧘ᰴᑼߣߥࠆ‫ޕ‬

 'G

G V'GVߚߛߒUߪᢔੂࡌࠢ࠻࡞ߩᄢ߈ߐߢ޽ࠆ‫ޕ‬V

GO

VLQ TǬU%߅ࠃ߮ǬU&ߩಽᏓᒻ⁁߇)CWUU㑐ᢙߣߺߥߖࠆ႐ว㧘᷹ⷰߐࠇࠆ࿁᛬✢ߩⓍಽ᏷ǬU1ߪG V  G V&   G V'   'G/GVߎߎߢ㧘࿁᛬ⷺǰߢߩⓍಽ᏷߆ࠄǬV߳ߩᄌ឵ߪ㧘 FRV TG V

GTO

FRV TOG T ߣߥࠆ‫ޕ‬਄ᑼ߆ࠄ㧘UኻGUࠍࡊࡠ࠶࠻ߔࠆߎߣߦࠃࠅ㧘⋥✢ߩ௑߈߆ࠄࡒࠢࡠᩰሶᱡ'FF߇㧘ಾ ߆ࠄ⚿᥏ࠨࠗ࠭.߇᳞߹ࠆ‫ޕ‬⚿ᨐ߅ࠃ߮⠨ኤ⚿᥏ᒢᕈ₸ߩ⹏ଔ  222+න❫⛽ߩሶඦ✢࿁᛬ࡄ࠲࡯ࡦ㧔ǰǰ⿛ᩏ㧕ߩ଀ࠍ㧘(KIߦ␜ߔ‫ޕ‬࿁᛬ࡄ࠲࡯ࡦߦߪ㧘ಽሶ㎮ౝߩ࡙࠾࠶࠻➅ࠅ㄰ߒ๟ᦼࠍ෻ᤋߒߚJ࿁᛬ࡇ࡯ࠢ߇᷹ⷰߐ

333,+7 VLQJOH ILEHU
0HULGLRQDOVFDQ

333,+7

03$
03D,QWHQVLW\ DX

,QWHQVLW\ DX

WKHWD GHJWKHWD GHJ)LJ0HULGLRQDO;UD\GLIIUDFWLRQSURILOHIURP)LJ

333,+7ILEHUDWQRORDG

SHDNVKLIWZLWKWHQVLOHVWUHVV− 90 −

333,

GLIIUDFWLRQࠇࠆ‫⚿ޕ‬᥏ᒢᕈ₸ߩ᷹ቯߢߪ㧘ᩰሶᱡߦࠃࠆࡇ࡯ࠢࠪࡈ࠻߇ࠃࠅᄢ߈ߊߥࠆ㜞ⷺ஥ߩ࿁᛬߅ࠃ߮࿁᛬ߦᵈ⋡ߒߚ‫ޕ‬࿁᛬ࡄ࠲࡯ࡦߩ᷹ቯ⚿ᨐߩ৻଀ࠍ(KIߦ␜ߔ‫ޕ‬ᒁᒛࠅᔕജශടߦࠃߞߡ㧘ࡇ࡯ࠢ૏⟎ߩૐⷺࠪࡈ࠻߇⹺߼ࠄࠇࠆ߇㧘ࡇ࡯ࠢ᏷ߩᐢ߇ࠅߥߤ᣿⏕ߥࡇ࡯ࠢᒻ⁁ߩᄌൻߪ⃻ࠇߡ޿ߥ޿‫ࠄ߆ߣߎߩߎޕ‬㧘ᒁᒛࠅᔕജߪ࿁᛬᷹ቯߒߡ޿ࠆ❫⛽૕Ⓧౝߢ⚿᥏ᩰሶో૕ߦ߶߷ဋ╬ߦടࠊߞߡ޿ࠆ߽ߩߣ⠨߃ࠄࠇࠆ‫ޕ‬(KIߦ222+*6 ⹜ᢱ  ߩ㕙㑆㓒Fߩᔕജଐሽࠍ␜ߔ‫ޕ‬ฦᔕജߢߩ࿁᛬᷹ቯߪ㧘ή⽶⩄ߢ᷹ቯᓟߦᚲቯߩ㐳ߐ߹ߢિ㐳ߒ㧘ࡠ࡯࠼࠮࡞ߢ᷹ⷰߔࠆ⩄㊀⽶⩄߇ቯᏱߣߥࠆ߹ߢ㕒⟎㧔㨪ಽ㧕ᓟ㧘⽶⩄ශടߢߩ࿁᛬᷹ቯࠍⴕߞߚ‫ߦࠄߐޕ‬㧘ౣ߮ή⽶⩄⁁ᘒߦᓳᏫߒߡ࿁᛬᷹ቯࠍⴕߞߚᓟ㧘หߓᚻ㗅ߢ⽶⩄⁁ᘒߩ᷹ቯࠍ➅ࠅ㄰ߒߚ‫ᧄޕ‬ታ㛎ߦ߅޿ߡ㧘⽶⩄ࠨࠗࠢ࡞ࠍട߃ߚᤨߦ㧘ห৻⽶⩄ߦኻߔࠆ᷹ቯ⹜ᢱߩ㐳ߐ㧔ᒁᒛࠅེߩ࠴ࡖ࠶ࠢ㑆〒㔌㧕ߪౣ⃻ᕈ߇ᓧࠄࠇ㧘❫⛽ᱡߪᒢᕈᄌᒻ㗔ၞߦ޽ࠆߎߣ߇⏕⹺ߐࠇߚ‫ߚ߹ޕ‬㧘⽶⩄ࠨࠗࠢ࡞ߦࠃࠆ㕙㑆㓒Fߦߟ޿ߡ߽㧘(KIߦ⷗ࠄࠇࠆࠃ߁ߦ⦟ᅢߥ➅ࠅ㄰ߒౣ⃻ᕈ߇ᓧࠄࠇ㧘ᩰሶᱡ߇❫⛽⎕ᢿߦ⥋ࠆ߹ߢᒢᕈᄌᒻౝߢ޽ࠆߎߣ߇ಽ߆ߞߚ‫ޕ‬㕙㑆㓒Fߪ㧘ᔕജߦኻߒߡ❫⛽⎕ᢿ߹ߢ⋥✢⊛ߥᲧ଀㑐ଥ߇ᓧࠄࠇ㧘⋥✢ߩ௑߈ߣಾ ߆ࠄ❫⛽ゲ㧔Eゲ㧕ߩ⚿᥏ᒢᕈ₸'NCVVKEGߪ)RCߣ⷗Ⓧ߽ࠄࠇࠆ‫ޕ‬ห࠺࡯࠲߆ࠄᔕജ㧙ᩰሶᱡᦛ✢ߦౣࡊࡠ࠶࠻ߒߚ⚿ᨐࠍ㧘(KIߦ␜ߔ‫ޕ‬ห࿑ౝߦߪ㧘⚿᥏ᒢᕈ₸᷹ቯᤨߦหᤨߦ᷹ቯߒߚ⹜ᢱ㐳ᄌ૏㧔⹜ᢱᱡ㧕߆ࠄ᳞߼ߚ❫⛽ࡗࡦࠣ₸ߩ࠺࡯࠲ࠍ૬⸥ߒߚ‫⹜ޕ‬ᢱߩ❫⛽ࡗࡦࠣ₸';QWPIߪ)RCߣߥࠅ㧘ታ㛎ቶߢߩ࠹ࡦࠪࡠࡦᒁᒛࠅ⹜㛎ᯏߩ᷹ቯ⚿ᨐߣ߶߷৻⥌ߔࠆ୯ߢ޽ߞߚ‫(ޕ‬KIߦ㧘੹࿁ߩታ㛎ߢ᷹ቯߒߚฦ222+⹜ᢱߩ㕙㑆㓒F߅ࠃ߮ᩰሶᱡ㧘⹜ᢱᱡߩᔕജଐሽᦛ✢ࠍ␜ߔ‫ߩࠇߕ޿ޕ‬᷹ቯ⚿ᨐߣ߽㧘ᩰሶᱡ߅ࠃ߮⹜ᢱᱡߪ߫ࠄߟ߈ߩή޿⋥✢㑐ଥ߇ᓧࠄࠇߚ‫ޕ‬6662❫⛽߿2$1❫⛽ߩᒁᒛࠅᒢᕈ₸᷹ቯߢႎ๔ߐࠇߡ޿ࠆ᭽ߥ㜞ᔕജ㧙㜞ᱡਅߢߩ⹜ᢱᒢᕈ₸߿⚿᥏ᒢᕈ₸߇Ⴧᄢߔࠆ‫ࡂࠬ࡟࠻ࠬޟ‬࡯࠼࠾ࡦࠣ‫ߪ⽎⃻ޠ‬㧘ᧄታ㛎ߢ᷹ቯߒߚ222+❫⛽ߢߪ᷹ⷰߐࠇߥ߆ߞߚ‫ߪࠇߎޕ‬㧘᷹ቯ᧦ઙ߇ᔕജ/RCએਅ㧘ᱡ㊂એਅߣૐᔕജ㧙ૐᱡߩ▸࿐ߦ޽ߞߚߚ߼ߣ⠨߃ࠄࠇࠆ‫߅ߥޕ‬㧘
222+#5⹜ᢱߦߟ޿ߡߪ㧘ട᳓ಽ⸃ߣផቯߐࠇࠆ⚻ᤨഠൻߦࠃࠅᭂ߼ߡ⣀޿ᕈ⁁ߢ޽ߞߚߚ߼㧘ᔕജශടߦࠃࠆ⚿᥏ᒢᕈ₸ߪ᷹ቯߢ߈ߥ߆ߞߚ‫ޕ‬

333,+7 

333,+7 ODWWLFH

ILEHU

6WUHVV 03D

G   QP( ODWWLFH *3D( <RXQJ *3D

6WUHVV 03D/DWWLFH)LEHU6WUDLQ )LJ &KDQJH RI 333,+7 GVSDFLQJRQWHQVLOHVWUHVV)LJ 6WUHVV ² 6WUDLQ FXUYH RI333,+7 ODWWLFHDQGILEHU − 91 −D333,+7  333,+7 333,+7 



6WUHVV 03DG   QP( ODWWLFH *3D( <RXQJ *3D/DWWLFH)LEHU6WUDLQ 

6WUHVV 03DE333,+7  

333,+7 333,+7 6WUHVV  6WUDLQ PDFUR

6WUHVV 03DG   QP( <RXQJ *3D

( ODWWLFH *3D

6WUHVV 03D/DWWLFH)LEHU6WUDLQ F333,+7  

333,+7 333,+7 ODWWLFH

ILEHU

6WUHVV 03DG   QP( ODWWLFH *3D

( <RXQJ *3D

6WUHVV 03D/DWWLFH)LEHU6WUDLQ )LJ333,GVSDFLQJRQVWUHVVDQGVWUHVVVWUDLQFXUYH
D333,+7  E333,+7  F333,+7 − 92 −

7DEOH  333,FU\VWDOPRGXOXVDQGLQVLWXPHFKDQLFDOSURSHUW\&U\VWDO
6DPSOH)LEHU

7HQVLOH0RGXOXV *3D<RXQJ V0RGXOXV7HQDFLW\(ORQJDWLRQGG

*3D 03D

+7 +7
6CDNGߦ㧘ᧄታ㛎ߢ᷹ቯߒߚ222+❫⛽ߩ⚿᥏ᒢᕈ₸'NCVVKEGߣ㧘หᤨߦ᷹ቯߒߚ❫⛽ࡗࡦࠣ₸';QWPI߅ࠃ߮િᐲ㧘ᒝᐲߩ᷹ቯ⚿ᨐࠍ߹ߣ߼ߡ␜ߔ‫  ޕ‬㕙߅ࠃ߮  㕙ߩᩰሶᱡ߆ࠄᓧ
ࠄࠇߚ'NCVVKEGߪ⦟ߊ৻⥌ߒ㧘222+❫⛽ߩ❫⛽ゲ㧔Eゲ㧕⚿᥏ᒢᕈ₸'NCVVKEGߪ²)2Cߩ୯
߇ᓧࠄࠇߚ‫ߩߎޕ‬୯ߪ226#❫⛽ߢႎ๔ߐࠇߡ޿ࠆ⚿᥏ᒢᕈ₸ࠍ⿥߃ࠆ߽ߩߢ޽ࠅ㧘222+߇ಽሶ࡟ࡌ࡞ߢ㜞ᕈ⢻❫⛽ߣߒߡߩ᭴ㅧ‛ᕈࠍ᦭ߒߡ޿ࠆߎߣ߇ಽ߆ߞߚ‫ޕ‬หᤨߦ᷹ቯߒߚ❫⛽ࡗࡦࠣ₸';QWPIߪ²)2Cߣ⚿᥏ᒢᕈ₸ߩඨಽએਅߢ޽ࠅ㧘222+❫⛽ߩᯏ᪾‛ᕈߪಽሶ․ᕈࠍචಽ⊒⃻ߢ߈ߡ޿ߥ޿߽ߩߣ⠨߃ࠄࠇࠆ‫⚿ޕ‬᥏ᒢᕈ₸ߣ❫⛽ࡗࡦࠣ₸ߦߪ᣿⏕ߥ⋧㑐ߪ⹺߼ࠄࠇߥ߆ߞߚ‫ޕ‬ࡒࠢࡠᩰሶᱡߩ⹏ଔ  ⚿᥏ᩰሶߩࡒࠢࡠᱡࡕ࠺࡞ࠍ↪޿ߡ㧘222+❫⛽ߩࡒࠢࡠᩰሶᱡ߅ࠃ߮⚿᥏ࠨࠗ࠭ࠍ⹏ଔߒߚ‫ޕ‬࿁᛬ߩᐢ߇ࠅߦߟ޿ߡߪ㧘(KIߦ␜ߒߚሶඦ✢࿁᛬ࡄ࠲࡯ࡦߦ
⃻ࠇࠆJࡇ࡯ࠢߦߟ޿ߡ㧘ฦⓍಽ᏷ǬUࠍ᳞߼ߚ‫߅ߥޕ‬㧘Ⓧಽ᏷ߩ୯ߦߟ޿ߡߪ㧘᷹ⷰߐࠇࠆ᏷ߦኻߒߡ౉኿శߩಽᢔߪචಽዊߐ޿ߣ⷗ߥߒߡ㧘౉኿శᐢ߇ࠅߩ⵬ᱜߪⴕࠊߥ߆ߞߚ‫ޕ‬߹ߚ㧘᡼኿శ㨄✢Ḯࠍ೑↪ߒߚ႐ว㧘ታ㛎ቶ♽ߢߩ⸃ᨆߢ৻⥸ߦᔅⷐߣߥࠆ-ǩ✢ߣ-ǩ✢ߩಽ㔌ᠲ૞ߪਇⷐߢ޽ࠅ㧘ᧄታ㛎ߩࠃ߁ߥ࿁᛬ࡊࡠࡈࠔࠗ࡞ߩ⸃ᨆߦ߅޿ߡ⺋Ꮕⷐ࿃ߣߥࠅ߁ࠆ޿ࠊࠁࠆⵝ⟎㑐ᢙߩ⵬ᱜ߇ᔅⷐߥߊߥࠆߣ޿߁ᄢ߈ߥ೑ὐ߇޽ࠆ‫(ޕ‬KIߦ㧘ή⽶⩄ߦ
߅ߌࠆฦ⒳222+❫⛽ߩᢔੂࡌࠢ࠻࡞UߣⓍಽ᏷ǬUࠍ↪޿ߚࡒࠢࡠᱡ⸃ᨆߩࡊࡠ࠶࠻ࠍ␜ߔ‫ޕ‬

6DPSOH/QP' GG$6



+7+7333,+7$6

㱐V  QP 㱐 V  QP 

+7+7 

03D0SD

V䇭 QP

V  QP)LJ0LFURVWUDLQDQDO\VLVRI333,ILEHU)LJ 6WUHVV HIIHFW LQ PLFUR VWUDLQDQDO\VLVRI333,+7ILEHU − 93 −UኻǬUߩ⋥✢ߩ௑߈߆ࠄ᳞߼ߚࡒࠢࡠᩰሶᱡ'FFߪ⹜ᢱᲤߦ⇣ߥࠅ㧘#5㧪*6㧪*6 ߣᩰሶᱡ߇ዊߐߊߥߞߡ޿ࠆߎߣ߇ಽ߆ߞߚ‫ߚ߹ޕ‬㧘ࠣ࡜ࡈಾ ߆ࠄ᳞߹ࠆ⚿᥏ࠨࠗ࠭ߪ⚂POߣߥࠅ㧘޿ߕࠇߩ⹜ᢱ߽߶߷ᄌࠊࠄߥ߆ߞߚ‫ߜࠊߥߔޕ‬㧘222+❫⛽ߩᾲಣℂ᧦ઙߦࠃߞߡ⚿᥏ᒢᕈ₸߿⚿᥏ࠨࠗ࠭ߪᄢ߈ߊᄌࠊࠄߕ㧘ᩰሶߩੂࠇ㧔ࡒࠢࡠᩰሶᱡ㧕߇㜞᷷ಣℂߦࠃߞߡᷫዋߔࠆߎߣ߇ಽ߆ߞߚ‫ޕ‬ᓥߞߡ㧘ᾲಣℂ᧦ઙߩ⇣ߥࠆ*6ߣ*6 ߩ❫⛽ࡗࡦࠣ₸ߩᏅ⇣ߪ㧘ᩰሶੂࠇߩᷫዋ߇ේ࿃ߩ߭ߣߟߣߥߞߡ޿ࠆߣ⠨߃ࠄࠇࠆ‫(ޕ‬KIߦ㧘222+*6 ⹜ᢱߩή⽶⩄߅ࠃ߮⽶⩄ශടߒߚᤨߩⓍಽ᏷ࡊࡠ࠶࠻ࠍ␜ߔ‫ޕ‬Ⓧಽ᏷ߪ⽶⩄ߩ᦭ήߦ߆߆ࠊࠄߕᄌൻ߇⷗ࠄࠇߕ㧘ࡒࠢࡠᩰሶᱡߪᄖㇱᔕജߦࠃߞߡᄌൻߒߥ޿࿕ቯߐࠇߚ⁁ᘒߢ޽ࠆߎߣ߇ಽ߆ߞߚ‫ޕ‬߹ߣ߼᡼኿శࠍ೑↪ߒߚ222+න❫⛽ߩ⚿᥏ᒢᕈ₸᷹ቯ߅ࠃ߮ᒁᒛࠅᔕജਅߢߩ⚿᥏ߩੂࠇߩ⸃ᨆ
ࠍ߅ߎߥ޿㧘એਅߩ⚿ᨐ߇ᓧࠄࠇߚ‫ޕ‬
 222+❫⛽ߩ⚿᥏ᒢᕈ₸ࠍೋ߼ߡታ㛎⊛ߦ᳞߼㧘222+߇ಽሶ᭴ㅧ࡟ࡌ࡞ߢߩജቇ․ᕈ߇㜞ᒢᕈ₸❫⛽ߣߒߡ㜞޿ࡐ࠹ࡦࠪࡖ࡞ࠍ᦭ߔࠆߎߣ߇⏕⹺ߢ߈ߚ‫ޕ‬ ᒁᒛࠅᔕജਅߢߩ222+❫⛽ߩ⚿᥏ߩੂࠇߪ㧘ࡒࠢࡠᩰሶᱡ㧘⚿᥏ࠨࠗ࠭ߣ߽ߦή⽶⩄⁁ᘒߣᄢ߈ߊᄌࠊࠄߥ޿ߎߣ߇ಽ߆ߞߚ‫ޕ‬੹࿁ߩታ㛎ߢᓧࠄࠇߚ222+⚿᥏ᒢᕈ₸ߪ)2Cߢ޽ࠅ㧘222+ಽሶ㎮᭴ㅧ߆ࠄ⸘▚⊛ߦ᳞߼ࠄࠇߡ޿ࠆಽሶᒢᕈ₸㨪)2Cࠃࠅ߽ૐ޿୯ߢ޽ߞߚ‫ߪߡ޿ߟߦ㉼⸃ߩߎޕ‬222+ߩಽሶ᭴ㅧ⸃ᨆࠍታ⹜ᢱ߅ࠃ߮ࡕ࠺࡝ࡦࠣߩਔ㕙߆ࠄ♖ኒൻߒߡ⸃㉼ࠍㅴ߼ࠆᔅⷐ߇޽ࠆ‫੹ޕ‬ᓟ㧘
222+❫⛽ߩ⵾ㅧࡊࡠ࠮ࠬߦߟ޿ߡ㧘ේᢱ߆ࠄ⚜♻Ꮏ⒟߹ߢߩᩮᧄ⊛ߥ⷗⋥ߒࠍⴕ޿㧘❫⛽‛ᕈߩᡷ⦟ࠍㅴ߼ࠆ‫ߦࠄߐޕ‬㧘222+❫⛽ߩ㐿⊒ࠍㅴ߼ߡ޿ߊ߁߃ߢ㧘⚿᥏ᱡ߿ಽሶ㈩ะߥߤߩ
ᔕജਅߢߩ࠳ࠗ࠽ࡒ࠶ࠢߥ᜼േࠍ⸃ᨆߢ߈ࠆ52TKPI᡼኿శࠍⓍᭂ⊛ߦ೑↪ߒߡ޿߈ߚ޿‫ޕ‬⻢ㄉ ᧄ⺖㗴ߩታᣉߦ޽ߚࠅ㧘ࡆ࡯ࡓ࡜ࠗࡦታ㛎Ḱ஻ߩ߅਎⹤ࠍ޿ߚߛ޿ߚ$.ᜂᒰߩ૒⮮⋿⋥᳁ࠍߪߓ߼ߣߔࠆ,#54+⡯ຬߩᣇ‫ޘ‬㧘ታ㛎ታᣉߦ޽ߚߞߡߏᜰዉ㧘ߏදജࠍ޿ߚߛ޿ߚ␹ᚭᄢቇ⷏㊁వ↢ߦᗵ⻢ߒ߹ߔ‫ߚ߹ޕ‬㧘ᧄ࠻࡜ࠗࠕ࡞࡙࡯ࠬߩ⺖㗴ណᛯߦࠃࠅ㧘᧚ᢱ㐿⊒ߩᜰ㊎ࠍᓧࠆ਄ߢᭂ߼ߡ᦭ᗧ⟵ߥታ㛎ࠍⴕ߁ᯏળࠍ޿ߚߛ޿ߚߎߣߦᗵ⻢ߒ߹ߔ‫ޕ‬− 94 −