ἲே⛯ἲ࡟ࡼࡿ Debt/Equity ㄆᐃᇶ‽࡜㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ
㔠⟬ධไ㝈つᐃ๰タࡢᚲせᛶ࡟ࡘ࠸࡚
̿ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢺ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ฼⏝ࡋࡓ⛒⛯⿢ᐃ࡟ᑐࡍࡿ⛒⛯᮲⣙࡜ࡋ࡚ࡢ࢔ࣉ࣮ࣟࢳ࡜ἲே⛯ἲ࡜ࡋ࡚ࡢ࢔ࣉ࣮ࣟࢳ̿

Ἑཎ ⚽ᶞ

Ἑཎ⚽ᶞ
ㄽᩥࡢᴫせ

 ᮏㄽᩥࡣࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮࡞ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࢃࡀᅜἲே⛯ἲࠊᅜ㝿⛒⛯ἲࡣ࠸࠿࡟ᑐᢠࡍࡿ࡭ࡁ࠿ࠊࡑࡋ࡚ࡑࡢࡓࡵ࡟ࡣࢃࡀᅜࡢ⛒⛯ἲࢆ࡝ࡢࡼ࠺࡟ᨵṇࡍ࡭ࡁ࠿ࢆㄽࡌࡓ
ࡶࡢ࡛࠶ࡿࠋࡲࡓᮏㄽᩥࡣ኱ࡁࡃศࡅ࡚ᅜෆἲ࠿ࡽࡢほⅬ࡜ᅜ㝿⛒⛯ἲ࠿ࡽࡢほⅬ࡜࠿ࡽ⪃ᐹࡋ࡚࠸ࡿࠋᅜෆἲࡢほⅬ࠿ࡽࡣձࢃࡀᅜἲே⛯ἲࡣ⊂⮬ࡢ Debt㸭Equity ㄆᐃᇶ‽ࢆᣢࡘ࡭ࡁ࡛࠶ࡿࡢ
࡛ࡣ࡞࠸ࡢ࠿࡜࠸࠺ㄽⅬࠊղ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡟ᑐᢠྍ⬟࡟ࡍࡿࡓࡵࠊ㐣ᑡ㈨ᮏ⛯ไࡢᨵṇࢆࡍࡿ࡭ࡁ࠿ࠊ࠶ࡿ࠸ࡣ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾࠸࡚ࠊఱࡽ࠿ࡢᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈つᐃࢆタࡅࡿ࡭ࡁ࡛ࡣ࡞࠸࠿࡜࠸࠺ㄽⅬ࡛࠶ࡿࠋᅜ㝿⛒⛯ἲࡢほⅬ࠿ࡽࡣࠊճࢡࣟࢫ࣭࣮࣎ࢲ࣮࡞ぶᏊ఍♫㛫࡛ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡋ࡚ࠊ஧ᅜࡢ⛯ไࡢ㐪࠸ࢆ฼⏝ࡋࡓྜἲⓗ࡞⛒⛯⿢ᐃࢆᅜ㝿ⓗ࡟ྜἲ࡜ࡳ࡞ࡋ࡚ࡺࡃ࡭ࡁ࠿ࠊ࠶ࡿ࠸ࡣᅜ㝿ⓗ࡟⛒⛯ᅇ㑊࡜ࡳ࡞ࡋࠊᅜ㝿ⓗ⛒⛯ῶᑡศࢆከᅜ⡠௻ᴗ࡟௜ຍࡍࡿ࡭ࡁ࡛࠶ࡿ࠿ࠊࡉࡽ࡟ࡑࡢሙྜࠊ࡝ࡢࡼ࠺࡞ᡭἲࢆ࡜ࡿ࡭ࡁ࠿࡟ࡘ࠸࡚ㄽࡌࡓࠋ ➨ 1 ࡢㄽⅬࡣࠊ࠶ࡿ୍ࡘࡢཎ㈨࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻ㸦୍⯡ⓗ࡞฼Ꮚ࠶ࡿ࠸ࡣ㓄ᙜࢆ᝿ᐃࡍࡿࠋ
㸧ࡀࠊ♫മ࠶ࡿ࠸ࡣ೉ධ࡟ࡼࡿᨭᡶ฼Ꮚ࡜ㄆᐃࡉࢀࢀࡤᦆ㔠⟬ධࡉࢀࠊᰴᘧ࡟ࡼࡿ㓄ᙜ࡜ㄆᐃࡉࢀࢀ
ࡤᦆ㔠୙⟬ධ࡜ࡋ࡚ᢅࢃࢀࡿ࡜࠸࠺⛒⛯ἲୖࡢ㠀ᑐ⛠ⓗ࡞ࢩࢫࢸ࣒࡟࠾࠸࡚ࠊDebt ࡜ Equity ࡢᛶ㉁ࡀΰᅾࡋࡓドๆ㸦ࡇࢀࢆᮏㄽᩥ࡛ࡣࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡜࿧ࡪࡇ࡜࡟ࡍࡿࠋ
㸧࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆࢃࡀᅜࡢἲே⛯ἲࡀ࡝ࡢࡼ࠺࡟ᢅࡗ࡚࠸ࡿࡢ࠿ࠊࡑࡋ࡚ᢅࢃࢀࡿ࡭ࡁ࡛ࡣ࡞࠸ࡢ
࠿࡜࠸࠺ၥ㢟ࢆ᰿ᗏ࡜ࡋ࡚ࠊἲே⛯ἲࡀ⊂⮬ࡢ Debt㸭Equity ㄆᐃᇶ‽ࢆᣢࡘ࡭ࡁ࡛࠶ࡿࡇ࡜ࢆ୺
ᙇࡍࡿࠋ ➨2 ࡢㄽⅬࡣࠊᅜ㝿ⓗ⛒⛯ᅇ㑊ࡢᡭẁ࡜ࡋ࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀ⏝࠸ࡽࢀࡓሙྜࠊ
ࢃࡀᅜ࡟࠾ࡅࡿᅜ㝿ㄢ⛯࡛࠶ࡿ㐣ᑡ㈨ᮏ⛯ไࡣࡑࡢᑐᢠᡭẁࢆ᭷ࡋ࡚࠸ࡿࡢ࠿࡜࠸࠺ၥ㢟࡛࠶ࡿࠋ ࢃࡀᅜࡢ஦ᴗ఍♫࡟࠾ࡅࡿ TOPrS ᆺࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢⓎ⾜஦౛ࡀぢࡽࢀࡿࡼ࠺࡟࡞ࡗ࡚ࡁ࡚࠸ࡿࠋࢃࡀᅜࡢᅜ㝿ㄢ⛯ศ㔝࡟࠾࠸࡚ࡣ㐣ᑡ㈨ᮏ⛯ไࢆᐃࡵࠊᅜእᨭ㓄ᰴ୺➼࡟ಀࡿ㈇മࡢ฼Ꮚ➼࡟ࡘ࠸࡚ࡣ⥲㔞つไ᪉ᘧ࡟ࡼࡾᦆ㔠⟬ධไ㝈ࢆ⾜ࡗ࡚࠸ࡿࡶࡢࡢࠊ
ࡑࡢ཯ᑐࡢࢣ࣮
ࢫ࡛࠶ࡿࠊࢃࡀᅜ࡟ぶ఍♫ࢆࠊእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋぶ఍♫ࡀከ㢠ࡢ♫മࢆⓎ⾜ࡋᏊ఍♫࡟ᢞ㈨ࡉ
ࡏࡿ࡜࠸࠺ࠊ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡟ᑐࡍࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࡣ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እ࡜࡞ࡿࠋ⛒⛯ᅇ㑊ࡢពᅗࡢ᭷↓ࡣู࡟ࡋ࡚ࠊTOPrS ᆺࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸
ࢀࡤࠊ㈈ົయ㉁ࢆ೺඲࡟ಖࡗࡓࡲࡲ࡛࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥࢆ⮬⏤࡟౑࠸ࠊࢃࡀᅜࡢᡤᚓࢆ↓യࡢࡲࡲࠊࢱࢵࢡࢫ࣭࣊࢖ࣈࣥᅜ࡬⛣㌿ࡍࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࠋ ྛᅜࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ⛒⛯ἲ௧ୖࡢᢅ࠸ࡢ㐪࠸ࢆ฼⏝ࡋࠊ࠶ࡿᅜ࡛ࡣ
ࡑࢀࢆ Debt ࡜ࡳ࡞ࡋࠊࡲࡓูࡢᅜ࡛ࡣࡑࢀࢆ Equity ࡜ࡳ࡞ࡍ࡜࠸࠺ࡇ࡜ࡣ㢖⦾࡟࠶ࡾᚓࡿࠋㄽᩥ
࡟࠾ࡅࡿ➨ 3 ࡢㄽⅬࡣࠊྛᅜࡢ⛯ไᗘࡢ㐪࠸ࢆ฼⏝ࡋࠊ※Ἠᆅᅜ࡟࠾࠸࡚Ꮚ఍♫ࡀࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆ฼Ꮚ࡜ࡋ࡚ᦆ㔠᥍㝖ࢆཷࡅࠊぶ఍♫ᒃఫᆅᅜ࡟࠾࠸࡚ࡣ※Ἠᆅᅜ࠿ࡽཷ㡿ࡋࡓ࢖࣮ࣝࢻࢆཷྲྀ㓄ᙜ࡜⏦࿌ࡍࡿࡇ࡜࡟ࡼࡾἲⓗ஧㔜ㄢ⛯᤼㝖ᥐ⨨࡟ࡼࡾཷ㡿ࡋࡓ㓄ᙜࡣῶචࡉࢀࡿ࡜࠸࠺ᜠ඾ࢆாཷࡍࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࠋࡇࡢ௙⤌ࡳࢆ฼⏝ࡋ࡚※Ἠᆅᅜ࡜ᒃ
ఫᆅᅜ࡟࠾ࡅࡿ⛯ไࡢ㐪࠸ࢆྜἲⓗ࡟౑࠸ࠊ㛵㐃௻ᴗࢢ࣮ࣝࣉ඲య࡟࠿࠿ࡿ⛯㔠ࡢᐇຠ⛯⋡ࢆ඾ᆺⓗ࡞Debt࠶ࡿ࠸ࡣ඾ᆺⓗ࡞Equity࡜ࡋ࡚ྲྀᘬࡋࡓሙྜ࡟ẚࡋⴭࡋࡃపୗࡉࡏࡿ࡜࠸࠺ࡇ࡜ࡀ⠇⛯࡜⛠ࡋ࡚⾜ࢃࢀࡿࡇ࡜࡟࡞ࡿࠋࡇࡢ௙⤌ࡳࢆ⠇⛯࡜ࡳ࡞ࡍ࠿ࠊᅜ㝿ⓗ⛒⛯ᅇ㑊࡜ࡳ࡞ࡍ࠿࡜࠸࠺࠸

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ࡎࢀࡢ❧ሙࡶ⪃࠼ࡽࢀࡿࡀࠊ
ᮏㄽᩥ࡛ࡣࡇࢀࢆᅜ㝿ⓗ⛒⛯ᅇ㑊࡜ࡳ࡞ࡍ❧ሙࢆ࡜ࡾࠊ
ㄽ⌮ᵓᡂࢆ⾜ࡗࡓࠋ ௨ୖ 3 Ⅼࡀㄽᩥ࡟࠾ࡅࡿ኱ࡁ࡞ㄽⅬ࡛࠶ࡾࠊᴫせ࡛࠶ࡿࠋ

2/2ἲே⛯ἲ࡟ࡼࡿDebt/Equity ㄆᐃᇶ‽࡜㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃ๰タࡢᚲせᛶ࡟ࡘ࠸࡚
̿ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ฼⏝ࡋࡓ⛒⛯⿢ᐃ࡟ᑐࡍࡿ⛒⛯᮲⣙࡜ࡋ࡚ࡢ࢔ࣉ࣮ࣟࢳ࡜ἲே⛯ἲ࡜ࡋ࡚ࡢ࢔ࣉ࣮ࣟࢳ—┠ḟࡣࡌࡵ࡟................................................................................................................................................... 5➨1❶ࢃࡀᅜἲே⛯ἲ 22 ᮲ࡢ᮲ᩥᵓ㐀࡟ࡳࡿᰴ୺ࢆ఍♫ࡢᡤ᭷⪅࡜ࡳ࡞ࡋࡓἲேᡤᚓㄢ⛯21➨1⠇ἲே⛯ἲ 22 ᮲࡜ἲே⛯ἲࡢṔྐ .............................................................................. 211.

ἲே⛯ἲ 22 ἲࡢ᮲ᩥᵓ㐀࡜஧ศἲ ............................................................................... 212.

ἲேᨃไㄝ࡜ἲேᐇᅾ㸦⊂❧㸧ㄝ ................................................................................. 233.

ࢃࡀᅜࡢἲே⛯ἲࡢṔྐ࡜஧㔜ㄢ⛯ㄪᩚᥐ⨨............................................................... 25➨2⠇఍♫ἲ࡟࠾ࡅࡿ Debt ࡜ Equity ┦ᑐ໬ࡢၥ㢟......................................................... 261.

ᰴᘧ࡜♫മࡢἲᚊⓗ࡞࣓ࣝࢡ࣐࣮ࣝ࡜ Debt㸭Equity ┦ᑐ໬ࡢၥ㢟.......................... 262.

ࣇ࢓࢖ࢼࣥࢫ⌮ㄽ࡟ࡼࡿࢭ࢟ࣗࣜࢸ࢕࣭ࢹࢨ࢖ࣥ̿ࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ

฼ࠖࡢ㓄ศ࡜ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศ࡬ࡢศゎ ............................................... 29➨3⠇ࢃࡀᅜἲே⛯ἲ࡟࠾ࡅࡿ Debt㸭Equity ࡟ᑐࡍࡿ㆟ㄽ㸦㞃ࢀࡓ฼┈ฎศ㸧࡜ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟࠾ࡅࡿ Debt㸭Equity ࡢ㆟ㄽ࡜ࡢ㐪࠸ ........................................ 31➨4⠇

ฟ㈨⪅ࡢࣜࢱ࣮ࣥ࡟ᑐࡍࡿㄢ⛯࡜ࡋ࡚ࡢἲே⛯—ἲே⛯ἲ࡟࠾࠸࡚ᰴ୺ࡔࡅࢆษࡾฟࡍᚲせᛶࡣ࠶ࡿࡢ࠿—............................................................................................................... 321.

ࢥ࣮࣏࣮ࣞࢺ࣭ࣇ࢓࢖ࢼࣥࢫⓗ࡞ࡳ࠿ࡓ ...................................................................... 322.

࢚࣮ࢪ࢙ࣥࢩ࣮⌮ㄽ࡟ᇶ࡙ࡃࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫ⌮ㄽ——ᰴ୺ࠊമᶒ⪅ᑐ⛠ᛶ

—— 34
3.

ᡤ᭷࡜⤒Ⴀࡢศ㞳ㄽ........................................................................................................ 35➨5⠇ἲே⛯ἲࡀ᝿ᐃࡋ࡚࠸ࡿ఍♫ീ—ἲே⛯ἲࡢ⌮ᛕ࡜⌧ᐇ࡜ࡢ࢔ࣥࣂࣛࣥࢫ—...... 36➨6⠇ἲே⛯ࡢ୰❧໬........................................................................................................... 38➨7⠇

ᑠᣓ.............................................................................................................................. 40➨2❶࢔࣓ࣜ࢝࡟࠾ࡅࡿ㐣ᑡ㈨ᮏ⛯ไࡢṔྐ࡜ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿつไࡢኚ㑄 41➨1⠇࢔࣓ࣜ࢝࡟࠾ࡅࡿ Debt ࡜ Equity ஧ศἲࡢṔྐ ..................................................... 411.

㈇മ㝈ᗘ㢠ࡢἲⓗつไ㸦1909 ᖺෆᅜṓධἲ㸧............................................................. 422.

㈇മ㝈ᗘ㢠ࡢἲⓗつไࡢ⦆࿴㸦1913 ᖺἲࠊ1916 ᖺἲ㸧............................................ 433.

㈇മ฼Ꮚ᥍㝖ไ㝈ࡢ᧔ᗫ࡜ࣁ࢖ࣈࣜࢵࢻドๆࡢᢅ࠸࠾ࡼࡧ⛒⛯ᅇ㑊࡬ࡢᑐᛂ .......... 44

4.

Debt ࡜ Equity ࡜ࡢ༊ศ࡟ᑐࡍࡿุ౛ἲ⌮ࡢṔྐ....................................................... 44➨2⠇࢔࣓ࣜ࢝ෆᅜṓධἲ඾§385 ࡜㈈ົ┬つ๎ࡢṔྐ..................................................... 461.

ෆᅜṓධἲ඾§385 ࡢ๰タ............................................................................................... 462.

ෆᅜṓධἲ඾§385 ࡢᵓ㐀............................................................................................... 47

3.

§385 ㈈ົ┬つ๎.............................................................................................................. 48➨3⠇࢔࣓ࣜ࢝ෆᅜṓධἲ඾§163(j)ࡢ๰タ—࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ᮲㡯— ......... 49

1.

⫼ᬒ .................................................................................................................................. 492.

§163(j)ࡢᴫせ................................................................................................................... 50

3.

§385 ࡜§163(j)࡜࡟ࡼࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈......................................................... 51➨4⠇࢔࣓ࣜ࢝࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺⓎ⾜࡜ࡑࡢᑐᛂ..................... 51

1.

ARCNs ............................................................................................................................ 51

2.

MIPS ............................................................................................................................... 52

3.

TOPrS(ࢺࣛࢫࢺඃඛドๆ) ............................................................................................. 53

4.

ࢺࣛࢫࢺඃඛドๆࡢ஦౛ ................................................................................................ 54➨5⠇

ᑠᣓ.............................................................................................................................. 55➨3❶ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡜㐣ᑡ㈨ᮏ⛯ไ ....................................................... 56➨1⠇

㐣ᑡ㈨ᮏ⛯ไࡢព⩏ ................................................................................................... 56➨2⠇

㐣ᑡ㈨ᮏ⛯ไ࡟ᑐࡍࡿ OECD ࡢ⪃࠼᪉ ................................................................... 58➨3⠇

㐣ᑡ㈨ᮏ⛯ไ࡟ᑐࡍࡿ OECD ࣔࢹࣝ⛒⛯᮲⣙ࢥ࣓ࣥࢱ࣮ࣜ.................................. 59

1.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 9 para. 1㸦≉Ṧ㛵㐃௻ᴗ㸧ࢥ࣓ࣥࢱ࣮ࣜ ......................... 59

2.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 10㸦㓄ᙜ㸧ࢥ࣓ࣥࢱ࣮ࣜࠊpara. 15 ㈨ᮏࡢᐃ⩏............ 59

3.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 11㸦฼Ꮚ㸧para. 3 ࢥ࣓ࣥࢱ࣮ࣜ..................................... 59

4.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 23 A ཬࡧ Art 23 B㸦஧㔜ㄢ⛯ࡢ᤼㝖㸧ࢥ࣓ࣥࢱ࣮ࣜ...... 60

5.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 24㸦↓ᕪู᮲㡯㸧para. 4 ࡢࢥ࣓ࣥࢱ࣮ࣜ ..................... 60

6.

OECD ࣔࢹࣝ᮲⣙ Art 24㸦↓ᕪู᮲㡯㸧para. 5 ࡢࢥ࣓ࣥࢱ࣮ࣜ............................. 60

7.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 25㸦┦஫༠㆟ᡭ⥆ࡁ㸧paragraphs 1 and 2 ࡢࢥ࣓ࣥࢱ࣮ࣜ
61➨4⠇

㐣ᑡ㈨ᮏ⛯ไࡢ㢮ᆺ ................................................................................................... 611.

ಶูつไ᪉ᘧ ................................................................................................................... 612.

⥲㔞つไ᪉ᘧ ................................................................................................................... 623.

ಶูつไ᪉ᘧ v. ⥲㔞つไ᪉ᘧ ....................................................................................... 62➨5⠇ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไ................................................................................................ 631.

๰タࡢ⫼ᬒ࡜ᴫせ............................................................................................................ 63

2.

ᖹᡂ 18 ᖺᗘᨵṇ ............................................................................................................. 643.

ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡀ⏝࠸࡚࠸ࡿࠕ㈨⏘ࠖࠊ
ࠕ㈇മࠖ
ࠊ
ࠕ㈨ᮏࠖࡢ㛵ಀ ..................... 65➨6⠇ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢṔྐ࡜ព⩏....................................................... 671.

ࢃࡀᅜ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺⓎ⾜ࡢṔྐ࡜ព⩏ ......................... 672.

᪥ᮏ㟁Ẽᰴᘧ఍♫—NEC ඃඛドๆࡢⓎ⾜— ................................................................ 683.

࢖࢜ࣥᰴᘧ఍♫—┤᥋Ⓨ⾜ᆺࠊຎᚋ≉⣙௜ࡁ↓ᢸಖ♫മ—.................................... 72

4.

᪂᪥ᮏ〇㚩ᰴᘧ᭳♫—ࢣ࢖࣐ࣥ SPC ࢆ௓ࡍࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓

࢖ࢼࣥࢫ— ................................................................................................................................. 73
5.

ᮾὒ⣳⦼ᰴᘧ఍♫............................................................................................................ 75➨7⠇ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺᑐᢠᡭẁ࡜ࡋ࡚ࡢࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡀᢪ࠼ࡿ

࠸ࡃࡘ࠿ࡢၥ㢟Ⅼ .......................................................................................................................... 78
1.

㈨ᮏᵓᡂ࡜ࢃࡀᅜ㐣ᑡ㈨ᮏ⛯ไࡢ⥲㔞つไ࡟ᑐࡍࡿၥ㢟Ⅼ ........................................ 782

2.

ࢃࡀᅜᒃఫ⪅࡛࠶ࡿぶ఍♫ࡀእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊぶ఍♫ࡀᏊ఍♫࡟㈨㔠ὀධࢆ⾜࠺ሙྜ࡟࠾ࡅࡿㄢ⛯࣮࣋ࢫࡢᾐ㣗——࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥࢆ⏝࠸ࡓࢃࡀᅜᡤᚓࡢእᅜ࡬ࡢ⛣㌿——.............................................................................................................................. 80
3.

㐣ᑡ㈨ᮏ⛯ไ࡟ࡼࡾᦆ㔠᥍㝖ࢆྰㄆࡉࢀࡓࠕ฼Ꮚࠖࡢᒓᛶ ........................................ 814.

ἲே⛯ἲ 132 ᮲࡟ࡼࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈ࡢྍ⬟ᛶ ............................................... 82➨8⠇ᙉไ㌿᥮♫മ࡟ᑐࡍࡿᑐᢠ⟇—⌧⾜ἲே⛯ἲ࡟ࡼࡿᨭᡶ฼Ꮚᦆ㔠᥍㝖ไ㝈ࡢྍ⬟ᛶ

—

83

1.

㌿᥮♫മ࡜ᙉไ㌿᥮♫മࡢ┦㐪 ..................................................................................... 842.

ᙉไ㌿᥮♫മࡢ⤌ᡂ........................................................................................................ 843.

⚾ἲୖࡢἲᚊᵓᡂ࡟ࡼࡿྰㄆࡢྍ⬟ᛶ.......................................................................... 85➨9⠇ἲே⛯ἲ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃ๰タࡢᚲせᛶ.................................... 86➨ 10 ⠇

ᑠᣓ ........................................................................................................................... 87➨4❶ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃ࡜ᑐᢠᡭẁ̿஧ᅜ㛫⛒⛯᮲⣙ࢆ⏝࠸ࡓ࢔ࣉ࣮ࣟࢳ࡜ࠊἲே⛯ἲ࡛ࡢᨭᡶ฼Ꮚᦆ㔠⟬ධつᐃ๰タ࡟ࡼࡿ࢔ࣉ࣮ࣟࢳ
̿

87

➨1⠇

ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃ ................. 871.

ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿᅜ㝿ⓗ⛒⛯⿢ᐃၥ㢟... 872.

ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ㢮ᆺ——Ọஂ㈇മドๆࠊ฼┈ศ୚࣮ࣟࣥࠊ㌿᥮㈇മၟရࠊ࣏ࣞྲྀᘬ—— ............................................................................. 88➨2⠇

Debt㸭Equity ୰❧ⓗㄢ⛯ࢩࢫࢸ࣒ࡢᑟධࡢ᳨ウ ................................................... 90

2.

ACE (Allowance for Corporate Equity) ....................................................................... 91

3.

CBIT v. ACE ................................................................................................................... 92

4.

ᖹᡂ 22 ᖺᗘ⛯ไᨵṇ኱⥘ .............................................................................................. 93

5.

IRAP ................................................................................................................................ 93➨3⠇ࢡࣟࢫ࣭࣮࣎ࢲ࣮ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀࡶࡓࡽࡍ⛒⛯⿢ᐃၥ㢟࡟ᑐࡍࡿ⛒⛯᮲⣙࡟ࡼࡿゎỴ—OECD ࣔࢹࣝ⛒⛯᮲⣙࡟ࡼࡿ฼Ꮚ࣭㓄ᙜࡢゎ㔘ࢆ㏻ࡋ࡚— ........ 95
1.

OECD ࣔࢹࣝ⛒⛯᮲⣙࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢྲྀࡾᢅ࠸ᇶ‽ . 97

2.

Art 10 ࡜ Art 11 ࡜ࡢቃ⏺ ............................................................................................ 100➨4⠇⛒⛯⿢ᐃ࡟ࡼࡿᅜ㝿㛫ྲྀᘬ࡟࠾ࡅࡿᐇຠ⛯⋡ࡢపୗ ............................................. 100

1.

ᖹᡂ 21 ᖺᗘᨵṇ࡟ࡼࡿࠊእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ㸦ἲἲ 23 ࡢ 2ࠊྠἲ 39 ࡢ 2㸧100

2.

ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸࡚ἲⓗ஧㔜ㄢ⛯᤼㝖ࡢࡓࡵࡢࢩࢫࢸ࣒ࡀ฼⏝ࡉࢀࡓሙྜ࡟㉳ࡇࡿᐇຠ⛯⋡ࡢపୗ—ࢃࡀᅜࢆ౛࡜ࡋ࡚—............................................. 103➨5⠇ࢃࡀᅜࡢ⥾⤖ࡋ࡚࠸ࡿ⛒⛯᮲⣙—᪥⡿⛒⛯᮲⣙ࢆ౛࡜ࡋ࡚—.......................... 1071.

᪥⡿⛒⛯᮲⣙࡟࠾ࡅࡿࠕ฼Ꮚࠖ࡜ࠕ㓄ᙜࠖࡢᢅ࠸ ..................................................... 1072.

㓄ᙜ࡜฼Ꮚࡢ㐺᱁ᛶ࡜⛒⛯⿢ᐃࡢྍ⬟ᛶ .................................................................... 108➨6⠇஧ᅜ㛫⛒⛯᮲⣙ࢆ⏝࠸ࡿ⛒⛯⿢ᐃၥ㢟ࡢゎỴ⟇..................................................... 1091.

஧ᅜ㛫⛒⛯᮲⣙࡟ࡼࡿྲྀᘬࡢ⛒⛯ᅇ㑊࡜ࡋ࡚ࡢྰㄆ ................................................. 1092.

⛒⛯᮲⣙࡟ࡼࡿ⛒⛯⿢ᐃ㜼Ṇࡢᅔ㞴ᛶ........................................................................ 111➨7⠇

ᅜෆἲே⛯ἲ࡟ࡼࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࡢ๰タ ......................................... 112

1.

ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡟࠾ࡅࡿ୙༑ศᛶ .................................................................... 112
3

2.

࢔࣓ࣜ࢝ෆᅜṓධἲ඾i163(j) .................................................................................... 112

3.

ࢻ࢖ࢶ Zinsschranke ࡢᑟධ........................................................................................ 113

4.

࢖ࢠࣜࢫ......................................................................................................................... 116

5.

࢖ࢱࣜ࢔......................................................................................................................... 116➨8⠇ἲே⛯ἲ࡟࠾ࡅࡿ Debt㸭Equity ㄆᐃᇶ‽ࡢ๰タ࡜㐣ᑡ㈨ᮏ⛯ไ࡟࠾ࡅࡿ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࡢ๰タࡢᚲせᛶ ............................................................ 117➨9⠇

ᑠᣓ............................................................................................................................ 119

࠾ࢃࡾ࡟............................................................................................................................................... 120
ཧ⪃ᩥ⊩............................................................................................................................................... 123
௜㘓 ...................................................................................................................................................... 130
࠙ซ౛ࠚᮏㄽᩥ୰࡟౑⏝ࡋࡓ␎⛠ࡣḟࡢ࡜࠾ࡾ࡛࠶ࡿࠋ
఍♫

఍♫ἲ

ᡤἲ

ᡤᚓ⛯ἲ

ᡤ௧

ᡤᚓ⛯ἲ᪋⾜௧ᡤつᡤᚓ⛯ἲ᪋⾜つ๎

ἲἲ

ἲே⛯ἲ

ἲ௧

ἲே⛯ἲ᪋⾜௧ἲつἲே⛯ἲ᪋⾜つ๎ᥐἲ⛒⛯≉ูᥐ⨨ἲᥐ௧⛒⛯≉ูᥐ⨨ἲ᪋⾜௧ᥐつ⛒⛯≉ูᥐ⨨ἲ᪋⾜つ๎

EStG

Einkommensteuergesetz

KStG

Kölpershaftsteuergesetz

4

ࡣࡌࡵ࡟
◊✲ࡢ┠ⓗ
ᮏㄽᩥࡢ◊✲ࡢ┠ⓗࡣࠊ࠶ࡿ୍ࡘࡢཎ㈨࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡀࠊ♫മ࠶ࡿ࠸ࡣ೉ධ࡟ࡼࡿᨭᡶ฼Ꮚ
࡜ㄆᐃࡉࢀࢀࡤᦆ㔠⟬ධࡉࢀࠊᰴᘧ࡟ࡼࡿ㓄ᙜ࡜ㄆᐃࡉࢀࢀࡤᦆ㔠୙⟬ධ࡜ࡋ࡚ᢅࢃࢀࡿ࡜࠸࠺
Debt ࡜ Equity ࡟⛒⛯ἲୖࡢ㠀ᑐ⛠ⓗ࡞ᢅ࠸ࡀ࡞ࡉࢀࡿࢩࢫࢸ࣒࡟࠾࠸࡚ࠊDebt ࡜ Equity ࡢᛶ㉁ࡀΰᅾࡋࡓཎ㈨㸦ࡇࢀࢆᮏㄽᩥ࡛ࡣࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡜࿧ࡪࡇ࡜࡟ࡍࡿࠋࡲࡓࠊࣁ
࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆࠊᰴᘧ࡜ࡋ࡚ࡢᛶ㉁࡜♫മ࡜ࡋ࡚ࡢᛶ㉁ࢆేࡏᣢࡘࣁ࢖ࣈࣜࢵࢻ
ドๆ⮬㌟࡟ࡘ࠸࡚ࡶࠊࡲࡓࣁ࢖ࣈࣜࢵࢻドๆࢆ⏝࠸࡚ࣃࢵࢣ࣮ࢪࡉࢀࡓ௙⤌ࡳࡢࡇ࡜ࡶ୧᪉ࢆព࿡
ࡍࡿ⏝ㄒ࡜ࡋ࡚⏝࠸ࡿࠋࡲࡓࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖ࢼࣥࢫ࠶ࡿ࠸ࡣࠊ࣓ࢨࢽ࣭ࣥࣇ࢓࢖ࢼࣥࢫࡶྠ
ព࡛⏝࠸ࡿࠋ
㸧࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡣࢃࡀᅜࡢἲே⛯ἲ࡟࠾࠸࡚࡝ࡢࡼ࠺࡟ᢅࢃࢀ࡚࠸ࡿࡢ࠿ࠊࡑࡋ
࡚ᢅࢃࢀࡿ࡭ࡁ࡞ࡢ࠿࡜࠸࠺ၥ㢟ࢆ᰿ᗏ࡜ࡋ࡚ࠊἲே⛯ἲ 22 ᮲ࡀࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥ
ࢺ࡟ᑐࡍࡿ Debt㸭Equity ㄆᐃᇶ‽ࢆᣢࡕྜࢃࡏ࡚࠸࡞࠸ࡇ࡜࡟ゝཬࡍࡿࡇ࡜࡟࠶ࡿࠋ ࡲࡓࠊ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈ࡣࠊಶูྰㄆつᐃࡀ࡞࠸⌧≧࡛ࡣࡇࢀࢆᇳ⾜ࡍࡿࡇ࡜ࡣ↓⌮࡜ᛮࢃࢀࡿࠋࢃࡀᅜࡢᅜ㝿ㄢ⛯ศ㔝࡟࠾࠸࡚ࡣ⛒⛯≉ูᥐ⨨ἲ 66 ࡢ 5࡟㐣ᑡ㈨ᮏ⛯ไࢆᐃࡵࠊᅜእᨭ㓄ᰴ୺➼࡟ಀࡿ㈇മࡢ฼Ꮚ➼࡟ࡘ࠸࡚ࡣ⥲㔞つไ᪉ᘧ࡟ࡼࡾᦆ㔠⟬ධไ㝈ࢆ⾜ࡗ࡚࠸ࡿࡶࡢࡢࠊࡑࡢ཯ᑐࡢࢣ࣮ࢫ࡛࠶ࡿࠊࢃࡀᅜ࡟ぶ఍♫ࢆࠊእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋぶ఍♫ࡀከ㢠ࡢ♫മࢆⓎ⾜ࡋᏊ఍♫࡟ᢞ㈨ࡉࡏࡿ࡜࠸࠺ࠊ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡟ᑐࡍࡿᨭᡶ
฼Ꮚࡢᦆ㔠⟬ධไ㝈ࡣ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እ࡜࡞ࡿࠋࡋ࠿ࡋࠊࢃࡀᅜ࡟࠾࠸࡚ࡶࣁ࢖ࣈࣜࢵࢻ࣭࢖
ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸ࡓࡇࡢ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮࣭ࣜࣟࣥࢫ࣮࣒࢟ࡀ୍⯡ࡢ஦ᴗ఍♫࡟࠾࠸࡚⏝࠸ࡽࢀࡘࡘ࠶ࡿࠋࡇࡢࢫ࣮࣒࢟ࡀ⏝࠸ࡽࢀࡿࡇ࡜࡟ࡼࡿㄢ⛯࣮࣋ࢫࡢᾐ㣗࡟ᑐࡋ࡚ᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈つᐃࢆタ⨨ࡍ࡭ࡁ࡛ࡣ࡞࠸ࡔࢁ࠺࠿࡜⪃࠼ࡿࡢ࡛࠶ࡿࠋ ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡋ࡚ࡶ࠺୍ࡘ⪃࠼࡚࠾࠿࡞ࡅࢀࡤ࠸ࡅ࡞࠸ၥ㢟ࡀ࠶ࡿࠋࣁ
࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀࢡࣟࢫ࣭࣮࣎ࢲ࣮࡟⏝࠸ࡽࢀࡓሙྜ࡟ᠱᛕࡉࢀࡿࡢࡀࠊྛᅜࡢࣁ
࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ⛒⛯ἲ௧ୖࡢᢅ࠸ࡢ㐪࠸࡛࠶ࡿࠋ୍ࡘࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖
ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡋ࡚ࠊ࠶ࡿᅜ࡛ࡣࡑࢀࢆ Debt ࡜ࡳ࡞ࡋࠊࡲࡓูࡢᅜ࡛ࡣࡑࢀࢆ Equity ࡜ࡳ࡞ࡍ࡜࠸࠺ࡇ࡜ࡣ㢖⦾࡟࠶ࡾᚓࡿࠋࡑࡢྛᅜࡢ⛯ไᗘࡢ㐪࠸ࢆ฼⏝ࡍࡿࡇ࡜࡟ࡼࡾࠊ※Ἠᆅᅜ࡟࠾࠸
࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡣ฼Ꮚ࡜ࡋ࡚ᦆ㔠᥍㝖ࡢᢅ࠸ࢆཷࡅࠊᒃఫ
ᆅᅜ࡟࠾࠸࡚ࡣ※Ἠᆅᅜ࠿ࡽཷ㡿ࡋࡓ࢖࣮ࣝࢻࢆཷྲྀ㓄ᙜ࡜⏦࿌ࡍࡿࡇ࡜࡟ࡼࡾἲⓗ஧㔜ㄢ⛯᤼㝖ᥐ⨨࡟ࡼࡾཷ㡿ࡋࡓ㓄ᙜࡣῶචࡉࢀࡿ࡜࠸࠺ࠊ୧ᅜ࡟࠾ࡅࡿㄢ⛯㈇ᢸࡢ㍍ῶࢆᯝࡓࡍࡇ࡜ࡀྍ⬟࡞ࡢ࡛࠶ࡿࠋࡇࡢࡼ࠺࡟※Ἠᆅᅜ࡜ᒃఫᆅᅜ࡟࠾ࡅࡿ⛯ไࡢ㐪࠸ࢆྜἲⓗ࡟฼⏝ࡍࡿࡇ࡜࡟ࡼࡾ㛵㐃௻ᴗࢢ࣮ࣝࣉ඲య࡟࠿࠿ࡿ⛯㔠ࡢᐇຠ⛯⋡ࢆ඾ᆺⓗ࡞Debt ࠶ࡿ࠸ࡣ඾ᆺⓗ࡞Equity ࡜ࡋ࡚ྲྀᘬࡋ
ࡓሙྜ࡟ẚࡋⴭࡋࡃపୗࡉࡏࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࠋ࠿࠿ࡿࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࢫ࣮࣒࢟ࢆ⠇⛯࡜ࡳ࡞ࡍ࠿ࠊᅜ㝿ⓗ⛒⛯ᅇ㑊࡜ࡳ࡞ࡍ࠿࠸ࡎࢀࡢ❧ሙࡶ⪃࠼ࡽࢀᚓࡿࡀࠊࡇࢀࢆ࡝ࡢࡼ࠺࡟ᤊ࠼ࡿ࡭ࡁ
࡛࠶ࢁ࠺࠿࡜࠸࠺⪃ᐹ࡛࠶ࡿࠋᮏㄽᩥࡣ࠿࠿ࡿྲྀᘬࢆᅜ㝿ⓗ⛒⛯ᅇ㑊࡜ࡳ࡞ࡋࠊ஧ᅜ㛫⛒⛯᮲⣙࡟࡚ࡇࡢ⛒⛯⿢ᐃࢆᑒࡌࡼ࠺࡜⪃࠼ࡿࠋ ኱ࡁࡃࡣ௨ୖࡢ┠ⓗࢆᣢࡗ࡚◊✲ࢆ⾜࠺ࠋ5◊✲ࡢ⠊ᅖ
ᮏㄽᩥࡀ┠ᣦࡍ◊✲ࡢ⠊ᅖࡣࠊἲே⛯ἲ 22 ᮲࡟࠾ࡅࡿࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡜ࡢᓧู࡜
Equity㸭Debt ࡢ༊ศ࡜ࡢ㛵ಀࠊ⛒⛯≉ูᥐ⨨ἲ 66 ࡢ 5 㐣ᑡ㈨ᮏ⛯ไ࡜ἲே⛯ἲ 22 ᮲ 3 㡯ࠕูẁࡢᐃࡵࠖ࡜ࡢ㛵ಀࠊ㐣ᑡ㈨ᮏ⛯ไ࡜ OECD ࣔࢹࣝ⛒⛯᮲⣙࡜ࡢ㛵ಀࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ 10᮲㸦㓄ᙜ㸧
ࠊ11 ᮲㸦฼Ꮚ㸧
ࠊ23 ᮲ A ࠾ࡼࡧ B㸦஧㔜ㄢ⛯ࡢ᤼㝖㸧➼࡛ᐃࡵࡿࠕ㓄ᙜࠖࠊࠕ฼Ꮚࠖࡢᓧ
ู࡜ࡑࡢཎ㈨࡜ࡢ㛵ಀࠊ᪥⡿⛒⛯᮲⣙࡟࠾ࡅࡿࠕ฼Ꮚࠖ࡜ࠕ㓄ᙜࠖ࡜ࡢ㛵ಀࠊἲே⛯ἲ 23 ᮲ࡢ 2እᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධไᗘ࡜ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃࡢၥ㢟ࢆྲྀࡾୖࡆࡿࠋࡲࡓࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀ⛒⛯⿢ᐃ࡟฼⏝ࡉࢀࡿ౛࡜ࡋ࡚ࠊ࠸ࢃࡺࡿࠕ࣏ࣞ
ྲྀᘬࠖࢆྲྀࡾୖࡆࡿࠋࡲࡓࠊᮏㄽᩥࡢ୺㢟ࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡜࠸࠺ࢸ࣮࣐࡛࠶
ࡿࡓࡵࠊᮏㄽᩥࡀ୺ᙇࡍࡿㄽᣐࢆࢃࡀᅜࡢ㐣ཤࡢ㆟ㄽࠊ⿢ุ౛࡟ồࡵࡿࡇ࡜ࡀᅔ㞴࡜࡞ࡿࠋࡋࡓࡀࡗ
࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡋ࡚㛗࠸Ṕྐࢆ࠿ࡅ࡚ಶูⓗ࡞ᑐᛂࢆࡋ࡚ࡁࡓ࢔࣓ࣜ࢝ἲ
ே⛯ἲࢆㄽᣐࡢཧ⪃࡜ࡍ࡭ࡃ௒ྲྀࡾୖࡆࡿࡶࡢ࡛࠶ࡿࠋ
◊✲ࡢ᪉ἲ
ᮏㄽᩥ࡛ࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᨭᡶ࠸ࡀἲே⛯ἲୖࡢࠕ฼Ꮚࠖ
࡟┦ᙜࡍࡿࡶࡢ࡞ࡢ࠿ࠊ
ࠕ㓄ᙜࠖ࡟┦ᙜࡍࡿࡶࡢ࡞ࡢ࠿ࠊࡑࡋ࡚ࡑࡢᓧูࡣఱࢆᇶ‽࡟ࡋ࡚⾜ࢃࢀࡿࡶࡢ࡞ࡢ࠿ࢆ➨ 1 ࡟⪃࠼ࡿࠋᮏㄽᩥࡣࠊἲே⛯ࢆฟ㈨⪅ㄢ⛯࡜࠸࠺ᨃไⓗ࡞ㄢ⛯࡜ᤊ࠼ࡓୖ࡛ࠊฟ
㈨⪅࡟ᑐࡍࡿ⩏ົ(obligation)࡟ࡼࡾⓎ⏕ࡍࡿࢥࢫࢺ1࡟ᑐࡋ࡚ࠊࡑࡢࢥࢫࢺࢆ㈇മࢥࢫࢺ࡜ࡋ࡚ᦆ
㔠⟬ධࢆㄆᐃࡍࡿࠊ࠶ࡿ࠸ࡣ㈨ᮏࢥࢫࢺ࡜ࡋ࡚ᦆ㔠⟬ධࢆྰㄆࡍࡿ࡜࠸࠺ࠊ㈇മࢥࢫࢺ࡜㈨ᮏࢥࢫ
ࢺࡢ㠀ᑐ⛠ⓗ࡟ᢅ࠺ἲே⛯ࡀࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡜࠸࠺㈇മᛶ࡜㈨ᮏᛶ࡜ࡀΰᅾࡋ
ࡓ௙⤌ࡳ࡟ᑐࡋ࡚࡝ࡢࡼ࠺࡟ᑐฎ࡛ࡁࡿࡢ࠿⪃ᐹࡍࡿࠋ ఍♫ἲ࡟࠾࠸࡚ࡣࠊ♫മ࡜ᰴᘧ࡜ࡣᙧᘧୖ඲ࡃ␗࡞ࡿࡶࡢ࡜ࡋ࡚ྲྀࡾᢅࢃࢀࠊDebt ࡜ Equity ࡢ㛫࡟ࡣ᫂☜࡞ቃ⏺⥺ࡀᘬ࠿ࢀ࡚࠸ࡿࡀࠊࣇ࢓࢖ࢼࣥࢫ⌮ㄽⓗ࡟ぢࡓሙྜࠊࡑࡢቃ⏺⥺ࡣ㠀ᖖ࡟᭕᫕࡞ࡶࡢ࡛࠶ࡿࡇ࡜ࢆぢࡓୖ࡛ࠊࢃࡀᅜࡢ⛒⛯ἲࡀࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ࠸࠿࡟ᢅ࠺࡭
ࡁ࠿⪃ᐹࡍࡿࠋ ࢃࡀᅜࡢἲே⛯ἲ࡟࠾࠸࡚Debt࡜Equity࡜ࡢᓧูࡀၥ㢟࡜ࡉࢀ࡚ࡁࡓ஦౛࡜ࡋ࡚㞃ࢀࡓ฼┈ฎศ࡜࠸࠺ၥ㢟ࡀ࠶ࡗࡓࠋἲே⛯ἲ 22 ᮲ࡢᐃࡵࡿࠕ㈨ᮏ➼ྲྀᘬࠖ࡟ヱᙜࡍࡿࡢ࠿ࠕᦆ┈ྲྀᘬࠖ࡟ヱᙜࡍࡿࡢ࠿࡜࠸࠺ࡶࡢ࡛࠶ࡿࠋࡋ࠿ࡋࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᨭ
ᡶ࠸ࡀࠕ㈨ᮏ➼ྲྀᘬࠖ࡟ヱᙜࡍࡿࡢ࠿ࠕᦆ┈ྲྀᘬࠖ࡟ヱᙜࡍࡿࡢ࠿ࡢᓧูࡢၥ㢟ࡣ㞃ࢀࡓ฼┈ฎศࡢၥ㢟࡜␗࡞ࡾࠊ࢖࣮ࣝࢻࡢཎ㈨ࡀ Equity ࡛࠶ࡿࡢ࠿ࠊDebt ࡛࠶ࡿࡢ࠿࡜࠸࠺⛒⛯ἲୖࡢᛶ᱁Ỵᐃࡀඛ⾜ࡉࢀࡿ࡭ࡁࡶࡢ࡛࠶ࡿ࡜⪃࠼ࡿࠋཎ㈨ࢆⓎ⾜ࡋࡓ࡜ࡁࠊࡑࢀࡀࠕ㈨ᮏ➼ྲྀᘬࠖ࡟ヱᙜࡍࡿࡢ࠿ࠕᦆ┈ྲྀᘬࠖ࡟ヱᙜࡍࡿࡢ࠿ࢆỴᐃࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࡀࠊཎ㈨ࡣ♫മᛶࡶࠊᰴᘧᛶࡶᣢࡕྜ
1 ฼Ꮚࠊ㓄ᙜࢆ࡜ࡶ࡟ἲேࡢฟ㈨⪅࡟ᑐࡍࡿ obligation ࡢࢥࢫࢺ࡛࠶ࡿ࡜ぢࢀࡤࠊ㈇മࢥࢫࢺ࡛ࡿ

฼Ꮚ࡜㈨ᮏࢥࢫࢺ࡛࠶ࡿ㓄ᙜ࡜ࢆㄢ⛯ୖྠ➼࡟ᢅ࠺࡭ࡁ࡛ࡣ࡞࠸ࡢ࠿࡜࠸࠺㆟ㄽ࡜࡞ࡿࠋࡇࡢⅬ࡟㛵ࡋ࡚ࡣࠊᮏᗉ㈨ࠕ㐣ᑡ㈨ᮏ⛯ไ࣭࢔࣮ࢽࣥࢢࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࢫࠖ
㸦ࣉࣞࣉࣜࣥࢺ㸧(2009)࠾ࡼࡧᮏᗉ㈨ࠕ㛵㐃௻ᴗࢢ࣮ࣝࣉෆ㒊ྲྀᘬ—㐣ᑡ㈨ᮏ⛯ไࠊ࢔࣮ࢽࣥࢢࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࠖ
ࠗ⛒⛯◊✲࠘11ࠊ131 㡫(2009)࡟ヲ⣽࡟グࡉࢀ࡚࠸ࡿࡀࠊ࢔࣓ࣜ࢝ IMF ሗ࿌᭩ࡣࠊࡇࡢࣂ࢖࢔ࢫࢆ
㝖ཤࡍࡿ᪉ἲ࡜ࡋ࡚ࠊ㐣ᑡ㈨ᮏ⛯ไࠊComprehensive Business Income Taxࠊ࢟ࣕࢵࢩࣗࣇ࣮ࣟ⛯ࠊAllowance for Corporate Equity ࢆᥖࡆ᳨࡚ウࡋ࡚࠸ࡿࡇ࡜ࢆグࡋ࡚࠸ࡿࠋ
6ࢃࡏ࡚࠸ࡿࡢ࡛࠶ࡿࠋ⚾ἲୖࡢἲᙧᘧ࡟౫Ꮡࡋ࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ Debt㸭EquityᛶࢆỴᐃ࡙ࡅࡿࡢ࠿ࠊἲே⛯ἲ⊂⮬ࡢᓧูつᐃࢆタࡅࡿ࡭ࡁ࠿࡜࠸࠺ၥ㢟࡟ᖐ╔ࡍࡿࠋ ࡋ࠿ࡋࢃࡀᅜ࡟࠾ࡅࡿ⛒⛯ἲୖࡢ㐣ཤࡢ㆟ㄽࢆࡳ࡚ࡶࡇࡢࡼ࠺࡞ၥ㢟࡟ᑐࡋ࡚ࡢ㆟ㄽࡣ࡯࡜ࢇ࡝
࡞ࢀ࡚࠸࡞࠸ࠋࡋࡓࡀࡗ࡚ࠊㅖእᅜ࡟࠾࠸࡚࡞ࡉࢀ࡚ࡁࡓ㆟ㄽࢆཧ⪃࡟ࡏࡊࡿࢆᚓ࡞࠸ࠋ ࡑࡇ࡛ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ Debt㸭Equity ࡢᓧู࡟ࡘ࠸࡚ࡢ㆟ㄽࡢ㛗࠸Ṕྐࢆ᭷ࡍࡿ࢔࣓ࣜ࢝࡟࠾ࡅࡿ⛒⛯ἲุ᩿ࢆཧ⪃࡟ࡍࡿࠋࡑࡋ࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ
࡟ᑐࡍࡿ Debt㸭Equity ࡢᓧู࡜ྠ᫬࡟ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸ࡓ⛒⛯ᅇ㑊࡬ࡢᑐᢠᡭẁ࡜ࡋ࡚ࡢ㐣ᑡ㈨ᮏ⛯ไࡢṔྐࡶཧ⪃࡟ࡍࡿࠋࡑࡢࡓࡵࠊ࢔࣓ࣜ࢝ෆᅜṓධἲ඾i385 ࠾ࡼࡧ
i163(j)ࢆࡳࡿࠋࡉࡽ࡟࢔࣓ࣜ࢝ࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡛࠶ࡿࠊARCNsࠊMIPS ࠾ࡼࡧ TOPrS ࡞࡝ࡢࢫ࣮࣒࢟࡟ᑐࡋ࡚࠸࠿࡞ࡿᑐᛂࢆࡋࡓ࠿⪃ᐹࡍࡿࠋ ࢃࡀᅜ஦ᴗ఍♫࡟࠾࠸࡚ࡶࡍ࡛࡟ TOPrS ᆺࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀⓎ⾜ࡉࢀ࡚࠸ࡿࡀぶ఍♫ࡀࢃࡀᅜ࡟࠶ࡿࡓࡵࠊྜἲⓗ࡞ᡭẁ࡛࠶ࢀࡤࠊぶ఍♫ࡀ⾜࠺ᨭᡶ฼Ꮚ࡟ᑐࡋ࡚ᦆ㔠⟬ධไ㝈ࢆ⾜࠺ࡇ࡜ࡣ࡛ࡁ࡞࠸ࠋ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እ࡛࠶ࡿࡓࡵ࡛࠶ࡿࠋࡋࡓࡀࡗ࡚እᅜᏊ఍♫࡜ࡢ㛫࡟࢔ࢵࣉࢫࢺ࣮࣒࣭࣮࣭ࣜࣟࣥࢫ࣮࣒࢟ࢆ౑࠼ࡤࠊぶ఍♫ࡀⓎ⾜ࡋࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶࣝ
࣓ࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᏊ఍♫࡬ࡢᨭᡶ࠸ࢆࡍ࡭࡚ᦆ㔠⟬ධࡍࡿࡇ࡜ࡀྍ⬟࡛࠶ࡿࠋࡇࡇ࡛ぶ఍♫ࡣ㈇മᛶࡢࣁ࢖ࣈࣜࢵࢻドๆࢆከ㢠࡟Ⓨ⾜ࡍࡿࡇ࡜ࡀ⪃࠼ࡽࢀᚓࡿࠋ୍⯡ⓗ࡟⪃࠼ࢀࡤ♫മࡢከ㢠ࡢⓎ⾜ࡣ᱁௜ࡅ࡜㈈ົయ㉁ࡢᝏ໬ࡀண᝿ࡉࢀࡿࡓࡵࠊࡑࡢࡼ࠺࡞≧ἣ࡟ࡣ࡞ࡽ࡞࠸࡜⪃࠼ࡽࢀ࡚ࡁࡓࡀࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸ࡓሙྜࠊᏊ఍♫ࡀᢞ㈨ᐙ࡟ᑐࡋ࡚ᰴᘧᛶࡢ㧗࠸ࣁ࢖ࣈࣜࢵࢻドๆࢆⓎ⾜ࡍࢀࡤ㐃⤖㈈ົㅖ⾲ୖࡣぶ఍♫ࡀᢞ㈨ᐙ࡟ᰴᘧᛶࡢ㧗࠸ドๆࢆⓎ⾜ࡋࡓࡇ࡜࡜࡞ࡿࡓࡵࠊぶᏊࢢ࣮ࣝࣉ඲య࡜ࡋ࡚ࡣࠊ㈈ົయ㉁ࡢຎ໬ࡣ㉳ࡇࡉ࡞࠸ࡋࠊ᱁௜ࡅࡢపୗࡶ㉳ࡇࡉ࡞࠸ࠋࡋࡓࡀࡗ࡚ぶ఍♫࡟࠾ࡅࡿ♫മᛶࡢᙉ࠸ࣁ࢖ࣈࣜࢵࢻドๆࡢከ㢠ࡢⓎ⾜ࡣ࠶ࡾᚓࡿࠋ ࡇࡢࡼ࠺࡞ሙྜࢆ⪃࠼ࡿ࡜ࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣ࣮ࣝࣉ࣭࣮࣍ࣝࢆᢪ࠼࡚࠸ࡿ࡜ゝ࠼ࡿ࡛࠶ࢁ࠺ࠋࡑࡇ࡛⌧⾜ࡢ㐣ᑡ㈨ᮏ⛯ไࡢၥ㢟Ⅼ࡜ᑐᛂ⟇࡟ࡘ࠸᳨࡚ウࢆ⾜࠺ࠋ ࡑࡢୖ࡛ࠊ㏆ᖺࢃࡀᅜࡢ஦ᴗ఍♫࡟࠾࠸࡚Ⓨ⾜ࡉࢀࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ஦౛ࢆ
ิᣲࡋࠊࡑࡢ≉ᚩ࡜ㄢ⛯ୖࡢၥ㢟Ⅼࢆ⪃ᐹࡍࡿࠋ ࡇࡇࡲ࡛ࡢẁ㝵࡛ࠊ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እྲྀᘬ࡜࡞ࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ಀࡿ࢖࣮
ࣝࢻࡢ฼Ꮚ࡜ࡋ࡚ࡢᨭᡶ࠸࡟ᑐࡋ࡚ࠊἲே⛯ἲࡀᦆ㔠⟬ධไ㝈ࢆ⾜࠺ࡇ࡜ࡀྍ⬟࡞ࡢ࠿᳨ウࡍࡿࠋ ௨ୖࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻ࡟ᑐࡍࡿἲே⛯ἲࠊ⛒⛯≉ูᥐ⨨ἲࡢᑐᛂ࡟ࡘ࠸࡚⪃ᐹࡍࡿࡶࡢ࡛࠶ࡿࡀࠊḟ࡟⪃࠼ࡿࡢࡣࠊᅜ㝿ⓗ⛒⛯ᅇ㑊࡜࠸࠺ၥ㢟࡛࠶ࡿࠋࡍ
࡞ࢃࡕࠊྛᅜࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ⛒⛯ἲ௧ୖࡢᢅ࠸ࡢ㐪࠸ࢆ฼⏝ࡍࡿࡇ࡜ࠊ
ゝ࠸᥮࠼ࢀࡤࠊ࠶ࡿᅜ࡛ࡣࡑࢀࢆ Debt ࡜ࡳ࡞ࡋࠊࡲࡓูࡢᅜ࡛ࡣࡑࢀࢆ Equity ࡜ࡳ࡞ࡍ࡜࠸࠺ࡇ
࡜ࡣ㢖⦾࡟࠶ࡾᚓࡿࡇ࡜࡛ࠊྛᅜࡢ⛯ไᗘࡢ㐪࠸ࢆ฼⏝ࡋࠊ※Ἠᆅᅜ࡟࠾࠸࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥ
ࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆ฼Ꮚ࡜ࡋ࡚ᦆ㔠᥍㝖ࢆཷࡅࠊᒃఫᆅᅜ࡟࠾࠸࡚ࡣ※Ἠᆅᅜ࠿ࡽ
ཷ㡿ࡋࡓ࢖࣮ࣝࢻࢆཷྲྀ㓄ᙜ࡜⏦࿌ࡍࡿࡇ࡜࡟ࡼࡾἲⓗ஧㔜ㄢ⛯᤼㝖ᥐ⨨࡟ࡼࡾཷ㡿ࡋࡓ㓄ᙜࡣῶචࡉࢀࡿ࡜࠸࠺ᜠ඾ࢆாཷࡍࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࠋࡇࡢ௙⤌ࡳࢆ฼⏝ࡋ࡚※Ἠᆅᅜ࡜ᒃఫᆅᅜ࡟࠾
ࡅࡿ⛯ไࡢ㐪࠸ࢆྜἲⓗ࡟౑࠸ࠊ㛵㐃௻ᴗࢢ࣮ࣝࣉ඲య࡟࠿࠿ࡿ⛯㔠ࡢᐇຠ⛯⋡ࢆ඾ᆺⓗ࡞ Debt
࠶ࡿ࠸ࡣ඾ᆺⓗ࡞ Equity ࡜ࡋ࡚ྲྀᘬࡋࡓሙྜ࡟ẚࡋⴭࡋࡃపୗࡉࡏࡿ࡜࠸࠺ࡇ࡜ࡀ⠇⛯࡜⛠ࡋ࡚⾜ࢃࢀࡿࡇ࡜࡟࡞ࡿࠋࡇࡢ௙⤌ࡳࢆ⠇⛯࡜ࡳ࡞ࡍ࠿ࠊᅜ㝿ⓗ⛒⛯ᅇ㑊࡜ࡳ࡞ࡍ࠿࡜࠸࠺࠸ࡎࢀࡢ❧ሙࡶ⪃࠼ࡽࢀࡿࡀࠊᮏㄽᩥ࡛ࡣࡇࢀࢆᅜ㝿ⓗ⛒⛯ᅇ㑊࡜ࡳ࡞ࡍ❧ሙࢆ࡜ࡾࠊㄽ⌮ᵓᡂࢆ⾜࠺ࠋ ᮏㄽᩥ࡛ࡣ஧ᅜ㛫࡟࠾ࡅࡿ⛯ไࡢ㐪࠸ࢆ฼⏝ࡋࡓ⛒⛯ᅇ㑊࡜ࡋ࡚୧ᅜ࡛ྰㄆࡍࡿᡭẁࢆ⪃࠼ࡿࠋࡑࡢࡓࡵ࡟ࠊ஧ᅜ㛫⛒⛯᮲⣙ࢆ⏝࠸ࡿࠋ⛒⛯᮲⣙ࡢ᮲㡯࡟࠾࠸࡚ࠊ㏻ᖖࡢ Debt ࠶ࡿ࠸ࡣ Equity ࡟
7ࡼࡾྲྀᘬࢆ⾜ࡗࡓሙྜ࡟ẚࡋࠊ୧ᅜ࠿ࡽཷࡅࡿ⛯㈇ᢸࡀⴭࡋࡃῶᑡࡋ࡚࠸ࡿሙྜࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃ࡛࠶ࡿ࡜ࡋ࡚ࡑࡢྲྀᘬࢆྰㄆࡋࠊ
⛒⛯⿢ᐃ࡟ࡼࡗ࡚ᚓࡓࢱࢵࢡࢫ࣭
࣋ࢿࣇ࢕ࢵࢺศࢆ୧ᅜᨻᗓࡀ⛒⛯⿢ᐃࢆ⾜ࡗࡓ௻ᴗࡼࡾዣྲྀࡍࡿ᪨ࢆ᮲㡯࡟᭩ࡁ㎸ࡳࠊ᮲⣙ࢆ⏝࠸࡚⿢ᐃᶵ఍ࢆᾘ⁛ࡉࡏࡿ࡜࠸࠺⪃࠼᪉࡛࠶ࡿࠋ
ࡇࡢࡼ࠺࡞᮲⣙࡟࠾ࡅࡿྲྀࡾỴࡵࡣࠊ
ᅜෆἲୖEquity
࠿ Debt ࠿࡜࠸࠺㐺᱁ᛶࡢㄆᐃ࡟࠾࠸࡚㣗࠸㐪࠸ࡀ⏕ࡌࡓሙྜ࡛࠶ࡗ࡚ࡶࠊ᮲⣙ࢆ⏝࠸࡚⤒῭ⓗ࡟⿢ᐃ⾜Ⅽࢆ₽ࡍࡇ࡜ࡀྍ⬟࡜࡞ࡾࠊ⛒⛯⿢ᐃࢆ㜵⾨ࡍࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿ࡜⪃࠼ࡿࠋ ௨ୖࡢ㏻ࡾࠊᮏㄽᩥ࡛ࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸ࡓ⛒⛯⿢ᐃ࡟ᑐࡍࡿᑐᢠ⟇ࢆ
2 ᒙᵓ㐀࡛⪃࠼ࡿࠋ୍ࡘࡣࠊ⛒⛯᮲⣙ࢆ⏝࠸ࡓᑐᢠ⟇࡛࠶ࡾࠊࡶ࠺୍ࡘࡣ㐣ᑡ㈨ᮏ⛯ไࡢᙉ໬࠶ࡿ
࠸ࡣἲே⛯ἲ࡟࠾ࡅࡿ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࡢ๰タ࡛࠶ࡿࠋᴫせ࡜ඛ⾜◊✲ ࢃࡀᅜࡢἲே⛯ἲࡣࠊ఍♫ࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮ࡢ୰࠿ࡽࠊᰴ୺ࡔࡅࢆษྲྀࡿᙧู࡛ᢅ࠸ࡋࠊἲ
ே࡜ᰴ୺࡜ࡢྲྀᘬࢆ㈨ᮏ➼ྲྀᘬ࡜ࡼࡧࠊࡑࡢ௚ࡢྲྀᘬࢆᦆ┈ྲྀᘬ࡜ࡋ࡚᫂☜࡟༊ศࡍࡿ࡜࠸࠺஧ศ
ἲࢆ᥇⏝ࡋ࡚࠾ࡾࠊࡑࡢࢥ࣮ࣟࣛࣜ࡜ࡋ࡚㈨ᮏᵓ㐀ࢆ Debt ࡜ Equity ࡟ศ㞳ࡋࠊDebt ࠿ࡽ⏕ࡎࡿ฼Ꮚࡣᦆ㔠⟬ධࡋࠊEquity ࠿ࡽ⏕ࡎࡿ㓄ᙜࡣᦆ㔠୙⟬ධ࡜ࡋ࡚࠸ࡿ࡜࠸ࢃࢀ࡚࠸ࡿ2ࠋࢃࡀᅜἲே
⛯ἲ࡟࠾࠸࡚ࡣࠊEquity ࡜ࡋ࡚ࠕ㈨ᮏ㔠➼ࡢ㢠㸦ἲἲ 2 ᮲ 16 ྕ㸧ࠖࢆᐃ⩏ࡋࠊࡑࢀ௨እࢆ Debt
࡜ࡋ࡚ᢅࡗ࡚࠸ࡿ࡜⪃࠼ࡽࢀࡿ3ࠋࡋ࠿ࡋ୧⪅ࡢ㐪࠸ࡣࠊ୍᪉ࡀᰴ୺௨እࡢ㈨㔠ᥦ౪⪅࠿ࡽࡢᣐฟ࡛
࠶ࡾࠊ௚᪉ࡀᰴᘧࢆ⏝࠸ࡓᰴ୺࡜࠸࠺㈨㔠ᥦ౪⪅࠿ࡽࡢᣐฟ࡜࠸࠺ࡶࡢ࡛࠶ࡿࠋࡑࡢព࿡࠿ࡽࠊ఍
♫࡟ᑐࡍࡿᣐฟ࡜࠸࠺Ⅼ࡛ࡣ⤒῭ⓗほⅬ࠿ࡽࡳࡓ࡜ࡁ኱ࡁࡃ␗࡞ࡿࡶࡢ࡛ࡣ࡞࠸ࠋࡋ࠿ࡋࠊἲᙧᘧ
ࡢどⅬ࠿ࡽࡳࢀࡤࠊമᶒ⪅࡜ᰴ୺ࡣ඲ࡃ␗࡞ࡗࡓࡶࡢ࡜ࡋ࡚ᤊ࠼ࡽࢀ࡚࠾ࡾࠊἲே⛯ἲ࡟࠾ࡅࡿࠕ㈨ᮏ㔠ࠖࡀ఍♫ἲࡢ೉⏝ᴫᛕ࡛࠶ࡿ4ࡇ࡜࠿ࡽἲே⛯ἲୖࡢᛮ⪃ἲࡶ఍♫ἲࡢࡑࢀ࡜࡯ࡰྠᵝࡢᵓᡂࢆࡋ࡚࠸ࡿ࡜⪃࠼ࡽࢀࡿࠋ ฟ㈨⪅ࡢฟ㈨࡟ᑐࡍࡿࣜࢱ࣮ࣥࡀἲே⛯ࡢㄢ⛯࣮࣋ࢫࢆᵓᡂࡍࡿ࡜ࡋ࡚ἲே⛯ࢆ⪃࠼ࡓ࡜ࡁࠊᰴ
୺ࡢฟ㈨ࡶᰴ୺௨እ࠿ࡽࡢ೉ධࠊ♫മⓎ⾜࡟ࡼࡿ㈨㔠ㄪ㐩➼ࡶ఍♫࡟ᑐࡍࡿᰴᘧ㈨ᮏ௨እࡢ㈨ᮏࡢ
ㄪ㐩࡜࠸࠺ほⅬ࠿ࡽࡳࢀࡤྠࡌ❧ሙ࡟࠶ࡾࠊ
ᰴ୺௨እࡢ㈚௜⪅➼ࡶᗈ࠸ព࿡࡛ฟ㈨⪅࡜⪃࠼ࡽࢀࡿࠋ
ࡑࡢព࿡࡟࠾࠸࡚఍♫࡜ฟ㈨⪅࡜ࡢㄢ⛯㛵ಀ࡟࠾࠸࡚ࡣࠊᰴ୺ࡶࠊࡑࡢ௚ࡢฟ㈨⪅ࡶྠࡌᢅ࠸ࢆཷ
ࡅ࡚ࡋ࠿ࡿ࡭ࡁ࡛ࡣ࡞࠸࠿࡜࠸࠺⪃࠼᪉ࡶ࡛ࡁࡿ5ࠋࡋ࠿ࡋࠊᐇᐃἲ࡟ᐃࡵࡿἲே⛯ἲࡣࡑࡢࡼ࠺࡟
2 ࡇࡢ⪃࠼᪉࡟ᚑࡗ࡚ࢃࡀᅜࡢἲே⛯ࡢᵓ㐀࡜ࡑࡢၥ㢟Ⅼࢆᣦ᦬ࡋࡓㄽᩥ࡜ࡋ࡚ࠊቑ஭Ⰻၨࠕἲே

⛯ࡢㄢ⛯࣮࣋ࢫࠖ㔠Ꮚᏹ⦅ࠗ⛒⛯ἲࡢᇶᮏၥ㢟࠘㸦᭷ᩫ㛶ࠊ2007㸧476 㡫ࠊྠࡌࡃἲே⛯ࢆฟ㈨⪅ㄢ⛯࡜ᤊ࠼࡚᭩࠿ࢀࡓㄽᩥ࡜ࡋ࡚ྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉ᘧ(1)࣭
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ࠗἲᏛ༠఍㞧ㄅ࠘➨ 120 ᕳࠊ➨ 1 ྕ 1 㡫ࠊ➨ 3 ྕ 508 㡫ࠊ➨ 5 ྕ 877 㡫ࠊ➨ 7 ྕ 1339
㡫㸦2003㸧ࡀ࠶ࡾࠊࠕ஧ศἲࠖ࡜࠸࠺⏝ㄒࡣࠊྜྷᮧᨻ✑࣭ྠ࡟㈇࠺ࠋ
3 ࡓ࡜࠼ࡤࠊᒸᮧᛅ⏕࣭Ώ㎶ဴஓ࣭㧗ᶫ♸௓࣮ࠗ࣋ࢩࢵࢡ⛯ἲ࠘㸦᭷ᩫ㛶࢔࣐ࣝࠊ2007㸧210 㡫ཧ↷ࠋ
4 ࡇࡢࡇ࡜ࡣࠊᒸᮧᛅ⏕࣭Ώ㎶ဴஓ࣭㧗ᶫ♸௓࣮ࠗ࣋ࢩࢵࢡ⛯ἲ࠘㸦᭷ᩫ㛶࢔࣐ࣝࠊ2007㸧211 㡫ࠊቑ஭Ⰻၨࠕἲே⛯ࡢㄢ⛯࣮࣋ࢫࠖ㔠Ꮚᏹ⦅ࠗ⛒⛯ἲࡢᇶᮏၥ㢟࠘㸦᭷ᩫ㛶ࠊ2007㸧476 㡫➼࡟グࡉࢀ࡚࠸ࡿࠋ
5 ቑ஭Ⰻၨᩍᤵࡣࠊቑ஭Ⰻၨࠕἲே⛯ࡢㄢ⛯࣮࣋ࢫࠖ㔠Ꮚᏹ⦅ࠗ⛒⛯ἲࡢᇶᮏၥ㢟࠘㸦᭷ᩫ㛶ࠊ2007㸧
476 㡫ࠊ478 㡫࡟࡚ࠊᰴ୺࡜ᰴ୺௨እࡢ฼ᐖ㛵ಀ⪅ࡢᓧูࡢฟⓎⅬ࡟ࡣࠊ఍♫ࡣᰴ୺ࡢࡶࡢ࡜࠸࠺
ぢ᪉ࡀ࠶ࡾࠊ఍♫࡟࡜ࡗ࡚ᰴ୺ࡇࡑࡀ⮬ศࡢ࣮࢜ࢼ࣮࡛࠶ࡿ࡜࠸࠺๓ᥦࡀ࠶ࡿ࡜࠸࠺ㄽ⌮ࢆ㏙࡭ࡽ
ࢀ࡚࠾ࡾࠊࡋࡓࡀࡗ࡚ࠊቑ஭ᩍᤵࡀ㏙࡭ࡽࢀ࡚࠸ࡿ๓ᥦࡀࠊ఍♫ࡣᰴ୺ࡔࡅࡢࡶࡢ࡛ࡣ࡞ࡃࠊࢫࢸ࣮
8ᐃࡵ࡚࠸࡞࠸ࠋᰴ୺࡟ࡼࡿᢞ㈨ࡣࠊEquity ࡜ࡋ࡚ᢅࢃࢀࠊᢞ㈨ࣜࢱ࣮ࣥࡀࡑࡢࡲࡲㄢ⛯࣮࣋ࢫࢆᵓ
ᡂࡍࡿࠋࡍ࡞ࢃࡕࠊࣜࢱ࣮ࣥࢆⓎ⏕ࡉࡏࡿࢥࢫࢺ࡜ᤊ࠼ࡿ࡭ࡁᰴ୺࡬ࡢ㓄ᙜࡣࠊㄢ⛯࣮࣋ࢫ࠿ࡽ᥍
㝖ࡉࢀ࡚࠸࡞࠸ࠋࣜࢱ࣮ࣥ࡟ᑐࡍࡿࢥࢫࢺ࡛࠶ࡿ㓄ᙜ࡟ᑐࡋ࡚ࡣࠊἲேㄢ⛯ᡤᚓࡢㄢ⛯࣮࣋ࢫ࡟ྵ
ࡲࢀ࡚ἲே⛯ࡢィ⟬ࡀ࡞ࡉࢀࡿࡓࡵࠊ㓄ᙜࢆཷྲྀࡗࡓಶே࠶ࡿ࠸ࡣἲேᢞ㈨ᐙഃ࡛ࡢᡤᚓ⛯ィ⟬࡟࠾࠸࡚෌ᗘ㓄ᙜᡤᚓࢆㄢ⛯࣮࣋ࢫ࡟ྵࡵࡿࡇ࡜ࡣ஧㔜ㄢ⛯࡛࠶ࡿ࡜ࡢㄆ㆑࠿ࡽࠊಶே࡟ࡘ࠸࡚ࡣ㓄ᙜ᥍㝖㸦ᡤἲ 92 ᮲ 1 㡯㸧ࠊἲே࡟ࡘ࠸࡚ࡣࡑࡢ୍㒊ࡲࡓࡣ඲㒊ࡀ┈㔠࡟⟬ධࡉࢀ࡞࠸࡜࠸࠺ᥐ⨨㸦ἲ
ἲ 23 ᮲ 1 㡯㸧ࡀ࡞ࡉࢀࡿࡇ࡜࡜࡞ࡿࠋࡋ࠿ࡋ୍᪉ࠊᰴ୺௨እࡢᢞ㈨ᐙࠊ౛࠼ࡤ♫മๆᡤ᭷⪅ࠊ࠶ࡿ࠸ࡣ㖟⾜ࡢࡼ࠺࡞఍♫࡬ࡢ㈨㔠ࡢ㈚௜⪅ࡢሙྜࠊ఍♫࡬ࡢമᶒࠊ㈚௜ࡣࠊᙜヱ఍♫࡟࠾࠸࡚ࡣ
Debt ࡜ࡋ࡚ᢅࢃࢀࠊࡑࡢᢞ㈨ࣜࢱ࣮ࣥࢆⓎ⏕ࡉࡏࡿࢥࢫࢺࡣㄢ⛯࣮࣋ࢫ࠿ࡽ᥍㝖ࡉࢀࡿࠋᰴ୺௨እ
ࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮࠿ࡽࡢ೉ධ➼࡟ࡼࡿ฼ᡶ࠸ࡢࢥࢫࢺࡣࠊ฼Ꮚ࡜ࡋ࡚ᙜヱ఍♫ࡢㄢ⛯࣮࣋ࢫ࠿ࡽ᥍㝖ࡉࢀࠊᦆ┈ྲྀᘬ࡜ࡋ࡚ᢅࢃࢀࡿࠋࡇࡢ㓄ᙜ࡜฼Ꮚ࡜ࡢᢅ࠸ࡢ㐪࠸ࡣࠊἲே⛯ࡀࠊ఍♫࡬ࡢᢞ㈨ᐙࡢ୰࡛ࠊᰴ୺࡜࠸࠺ᢞ㈨ᐙࡔࡅࢆูᢅ࠸ࡋ࡚࠸ࡿࡇ࡜࡟ࡼࡾ⏕ࡎࡿࡶࡢ࡛࠶ࡾࠊࡑࡢព࿡࡟࠾
࠸࡚ࠊἲே⛯ࡣᰴ୺ࢆ≉ู࡞ฟ㈨⪅࡜ࡳ࡞ࡋࡓ㠀ᑐ⛠࡞ㄢ⛯ࢩࢫࢸ࣒6࡜⪃࠼ࡽࢀࡿࡢ࡛࠶ࡿࠋ ἲே⛯ࡢㄢ⛯᰿ᣐㄽࡣ኱ูࡋ࡚ 2 ࡘ࠶ࡿࠋ1 ࡘࡣࠊἲே⛯ࡣᡤᚓ⛯ࡢ๓ྲྀࡾ࡛࠶ࡿ࡜ࡍࡿࠊἲே
ᨃไㄝ࡜࠸࠺⪃࠼᪉࡛࠶ࡾࠊ࠸ࡲ 1 ࡘࡣࠊἲே⛯ࡣࠊἲேࡢᢸ⛯ຊ࡟╔┠ࡋ࡚ㄢࡉࢀࡿ⊂⮬ࡢ⛒⛯࡛࠶ࡾࠊㄢ⛯࣮࣋ࢫࢆἲேࡢᡤᚓ࡜ࡍࡿἲேᐇᅾㄝ࠶ࡿ࠸ࡣ⊂❧ㄝ࡜࠸࠺⪃࠼᪉࡛࠶ࡿ7ࠋ⌧⾜ࡢࢃࡀᅜἲே⛯ไᗘࡢᇶ♏ࢆ࡞ࡋ࡚࠸ࡿࢩࣕ࢘ࣉ່࿌ࡣࠊ
ࠕἲேࡣࠊ୚࠼ࡽࢀࡓ஦ᴗࢆ㐙⾜ࡍࡿࡓࡵ࡟స
ࡽࢀࡓಶேࡢ㞟ྜ࡛࠶ࡿࠖ࡜࠸࠺ἲேほ࠿ࡽฟⓎࡋࠊἲேᡤᚓ࡟ᑐࡋ࡚ἲே⛯ࢆㄢࡋࠊࡉࡽ࡟ಶே
ࡢ㓄ᙜᡤᚓ࡟ᑐࡋ࡚ᡤᚓ⛯ࢆㄢࡍࡇ࡜ࡣࠊ஧㔜ㄢ⛯࡜࡞ࡿ࡜࠸࠺ࠊἲேᨃไㄝࡢ❧ሙ࡟❧ࡘ8ࡀࠊㄽ⪅࡟ࡼࡾࡉࡲࡊࡲ࡛࠶ࡿ9ࠋ ࢃࡀᅜἲே⛯ἲࡣࠊ௻ᴗ఍ィཎ๎࠾ࡼࡧ఍♫ἲࡢ⪃࠼᪉ࢆ๓ᥦ࡜ࡋ࡚ࠊ
ࢡ࣭࣍ࣝࢲ࣮඲యࡢࡶࡢ࡜࠸࠺ほᛕ࡟ኚࢃࢀࡤࠊἲே⛯ἲࡀᰴ୺࡜ᰴ୺௨እࡢ฼ᐖ㛵ಀ⪅࡜ࢆᓧูࢆࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࡜࠸࠺ᚲ↛ᛶࡣ࡞࠸࡜⪃࠼ࡽࢀࡿࡢ࡛࠶ࡿࠋ
6 ἲே⛯ࢆࠕᰴ୺ࡢ║࠿ࡽぢ࡚⏕ࡎࡿࣜࢱ࣮ࣥࠖ࡟ᑐࡍࡿㄢ⛯࡜⪃࠼ࡓㄽᩥ࡜ࡋ࡚ࠊቑ஭Ⰻၨࠕἲ
ே⛯ࡢㄢ⛯࣮࣋ࢫࠖ㔠Ꮚᏹ⦅ࠗ⛒⛯ἲࡢᇶᮏၥ㢟࠘㸦᭷ᩫ㛶ࠊ2007㸧476 㡫ࠊࡲࡓྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉ᘧ(1)࣭
㸦2㸧
࣭
㸦3㸧
࣭
㸦4㸧᏶ࠖ
ࠗἲᏛ༠఍㞧ㄅ࠘➨ 120 ᕳࠊ➨ 1 ྕ 1
㡫ࠊ➨ 3 ྕ 508 㡫ࠊ➨ 5 ྕ 877 㡫ࠊ➨ 7 ྕ 1339 㡫㸦2003㸧ࡶྠᵝࡢ❧ሙ࡛ἲே⛯ἲࡢᵓᡂࢆศ
ᯒࡋ࡚࠸ࡿࠋ
7 ἲேᨃไㄝ࡜ᐇᅾㄝ࡟ࡘ࠸࡚ࡣࠊ㔠Ꮚᏹࠗ⛒⛯ἲ㸦➨ 14 ∧㸧࠘㸦ᘯᩥᇽࠊ2009㸧244 㡫ࠊᒸᮧᛅ⏕࣭Ώ㎶ᚭஓ࣭㧗ᶫ♸௓࣮ࠗ࣋ࢩࢵࢡ⛯ἲ㸦➨ 2 ∧㸧࠘㸦᭷ᩫ㛶࢔࣐ࣝࠊ2007㸧168 㡫ࠋ
8 㔠Ꮚᏹࠗ⛒⛯ἲ㸦➨ 14 ∧㸧࠘㸦ᘯᩥᇽࠊ2009㸧244 㡫ࠋ
9 ࡓ࡜࠼ࡤࠊ᭱㏆ࡢㄽᩥ࡛ἲேᐇᅾㄝࢆ୺ᙇࡍࡿ௦⾲ⓗ࡞ࡶࡢ࡜ࡋ࡚ࠊᮅ㛗ⱥᶞࠕἲேᡤᚓࡢព⩏࡜ἲே⛯ࡢ⣡⛯⩏ົ⪅࡟㛵ࡍࡿᇶᮏⓗ࡞⪃࠼᪉ࠖࠗ⛯኱ㄽྀ࠘51 ྕ 299 㡫௨ୗࡀ࠶ࡾࠊࡑࡢ୰࡛ࠕ࠾
ࡑࡽࡃ࡯࡜ࢇ࡝ࡢ⪅ࡀࠊἲேࡣࠊᨃไ࡜⪃࠼ࡽࢀ࡚࠸ࡿ࡜࠸࠺ࡼࡾࡣࠊࡴࡋࢁࠊᐇᅾ࡜⪃࠼ࡽࢀ࡚࠸ࡿࠊ࡜ࡢ⟅࠼ࡿࡢ࡛ࡣ࡞࠿ࢁ࠺࠿ࠋ
ࠖ
㸦336 㡫㸧࡜グࡉࢀ࡚࠸ࡿࠋ୍᪉⤒῭Ꮫ⪅ࡢ❧ሙ࠿ࡽࡣࠊ౛
࠼ࡤࠊᅜᯞ⦾ᶞࠕࢥ࣮࣏࣮ࣞࢺ࣭ࣇ࢓࢖ࢼࣥࢫ࡜⛯ไࠖࠗࣇ࢕ࢼࣥࢩ࣭ࣕࣝࣞࣅ࣮ࣗ࠘16 㡫㸦2003㸧
࡟࠾࠸࡚ࠕᑡ࡞ࡃ࡜ࡶ⤒῭Ꮫࡢ❧ሙ࠿ࡽࡣࠊἲேᐇᅾㄝࡀᡂ❧ࡍࡿవᆅࡣ࡞࠸ࡶࡢ࡜ᛮࢃࢀࡿࠋ㺃㺃㺃ἲேࡣ⛯ࢆ㈇ᢸࡋ࡞࠸ࡢࡀᙜ↛ࡢ๓ᥦࡔ࠿ࡽ࡛࠶ࡿࠖ࡜࠸࠺୺ᙇࡀ࡞ࡉࢀ࡚࠸ࡿࠋࡲࡓࠊᒸᮧᛅ⏕࣭
Ώ㎶ᚭஓ࣭㧗ᶫ♸௓࣮ࠗ࣋ࢩࢵࢡ⛯ἲ㸦➨ 2 ∧㸧࠘㸦᭷ᩫ㛶࢔࣐ࣝࠊ2007㸧169 㡫࡛ࡣࠊ⤫ྜࡢほⅬࡽἲேㄢ⛯᰿ᣐㄽࢆᨃไㄝࡸᐇᅾㄝ࡟ồࡵࡿࡢ࡛ࡣ࡞ࡃࠊἲேᡤᚓㄢ⛯ࡢࡶࡓࡽࡍ⤒῭ⓗຠᯝࡢ⪃៖ࡀ㔜せ࡛࠶ࡿ࡜ࡢᣦ᦬ࡶ࠶ࡿ࡜グࡋ࡚࠸ࡿࠋ㔠Ꮚᏹᩍᤵࡣࠊ㔠Ꮚᏹࠕἲே⛯࡟ࡘ࠸࡚ࠖ
ࠗ⛒⛯◊✲࠘
1ࠊ7 㡫㸦2007㸧࡟࠾࠸࡚ࠊἲே⛯ㄢ⛯᰿ᣐㄽࢆࠊ1.ἲே⛯ࡣᡤᚓ⛯ࡢ๓ྲྀࡾ࡛࠶ࡿ࡜࠸࠺⪃࠼࠿ࡓࠊ
2.ἲே⛯ࡣᡤᚓ⛯࡜ࡣูಶ⊂❧ࡢ⛒⛯࡛࠶ࡿ࡜ࡍࡿ⪃࠼᪉ࡢ୧⪅࡟ࡘ࠸࡚ࠊࢃࡀᅜ࡟࠾ࡅࡿ⛒⛯ἲࡢṔྐࢆ᣺ࡾ㏉ࡾࡘࡘヲ⣽࡟᳨ウࡉࢀ࡚࠸ࡿࠋࡲࡓࠊἲேᡤᚓࡢព⩏࡟ࡘ࠸࡚ࡣࠊ㔠Ꮚᏹࠕἲேᡤ
ᚓࡢព⩏ࠖࠗ⛒⛯◊✲࠘12ࠊ15 㡫㸦2003㸧ࢆཧ↷ࡋࡓࠋ9

㈨ᮏ➼ྲྀᘬ࡟ࡼࡿ཰┈࡜ᦆኻࢆ┈㔠ཬࡧᦆ㔠ࡢ⠊ᅖ࠿ࡽ㝖እࡋ10ࠊᦆ┈ྲྀᘬ࡟ࡼࡿ཰┈࡜ᦆኻࡣ┈㔠ཬࡧᦆ㔠ࡢ⠊ᅖ࡟ධࢀࡿ࡜࠸࠺ᢅ࠸ࢆࡍࡿࠋࡑࡋ࡚ࡑࡢࢥ࣮ࣟࣛࣜ࡜ࡋ࡚ Equity ࡜ Debt ࡜࠸࠺஧ศࡀ࡛ࡁ࠶ࡀࡗ࡚࠸ࡿ࡜࠸ࢃࢀ࡚࠸ࡿ11ࡇ࡜࠿ࡽࠊἲே⛯ἲ࡟࠾࠸࡚ࡑࢀࡀᚲ↛ࡢࡇ࡜࡜ࡋ࡚ᤊ
࠼ࡽࢀ࡚ࡁࡓࡶࡢ࡜⪃࠼ࡽࢀࡿࡀࠊ࣓࢖ࣥࣂࣥࢡࠊ♫മᶒ⪅ࠊ♫ဨࠊᆅ୺ࠊᰴ୺➼ࡉࡲࡊࡲ࡞఍♫ࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮࠿ࡽᰴ୺ࡔࡅࢆ≉ู࡞Ꮡᅾ࡜ࡋ࡚ษࡾฟࡋ࡚ㄢ⛯㛵ಀࢆูᢅ࠸ࡋ࡞ࡅࢀࡤ࡞
ࡽ࡞࠸࡜࠸࠺ᚲ↛ᛶࡣ࡞࠸12ࠋࡲࡓࠊᐇ㝿⤒Ⴀ࡜ᡤ᭷ࡀศ㞳ࡋࡓ኱௻ᴗ࡟࠾࠸࡚ࡣࠊࡑࡢ௻ᴗࢆື
࠿ࡋ࡚࠸ࡿ⥲㈨ᮏ㸦௚ே㈨ᮏࡶ⮬ᕫ㈨ᮏࡶ୧᪉ྵࡵ࡚࡜࠸࠺ព࿡࡛࠶ࡿࠋ
㸧ࡣࠊ఍♫ἲࡢᐃࡵࡿᤵᶒ㈨ᮏ࡛࠶ࡿᰴᘧ㈨ᮏࡢ㢠ࡢᩘ༑ಸ௨ୖ࡛࠶ࡿࡇ࡜ࡀ᫂ࡽ࠿࡜࡞ࡗ࡚࠾ࡾࠊࡇࡢࡼ࠺࡞≧ἣࡢ࡝ࡇࢆ
ࡳ࡚ࠊ఍♫ࡣᰴ୺ࡢᡤ᭷≀࡜࠸࠼ࡿࡢ࠿ࠊ࡜࠸࠺㆟ㄽࡶ࠶ࡿ13ࠋ௬࡟఍♫ࡣᰴ୺ࡢᡤ᭷≀࡛࠶ࡿ࡜࠸࠺௬ㄝࡀࠕ┿࡛ࠖࡣ࡞࠸ࡇ࡜ࡀ࠸࠼ࡿࡢ࡛࠶ࢀࡤࠊඛ࡯࡝ࡢቑ஭ᩍᤵࡢㄽ⌮14࠿ࡽࠊἲே⛯ἲࡀᰴ୺࡜ᰴ୺௨እࡢ฼ᐖ㛵ಀ⪅࡜ࢆᓧูࢆࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࡜࠸࠺ᚲ↛ᛶࡣ࡞࠸࡜⪃࠼ࡽࢀࡿࡢ࡛
࠶ࡿࠋ఍♫ࡣᰴ୺ࡢᡤ᭷≀࡜࠸࠺ࡇࡢ⪃࠼᪉ࡢ᰿ᗏࡣࠊᖖ࡟ᰴ୺ࢆࣉࣜࣥࢩࣃࣝ࡜ࡋࠊ⤒Ⴀ⪅ࢆ࢚࣮ࢪ࢙ࣥࢺ࡜ࡍࡿ࢔࣓ࣜ࢝ὶࡢᰴ୺୺ᶒㄽ15ࡀ࠶ࡿࡀࠊ࢚࣮ࢪ࢙ࣥࢩ࣮⌮ㄽࢆ⤒Ⴀ⪅࡜ࢫࢸ࣮ࢡ࣭࣍
ࣝࢲ࣮඲య࡟ᛂ⏝ࡋ࡚ࡳࢀࡤࠊ఍♫ࡣ఍♫௦⾲࡜ࡋ࡚ࡢ⤒Ⴀ⪅ࢆ୰ᚰ࡜ࡍࡿࡉࡲࡊࡲ࡞ࢫࢸ࣮ࢡ࣭
࣍ࣝࢲ࣮࡜ࡢዎ⣙ࡢ᮰(nexus of contracts)࡛࠶ࡾࠊࡋࡓࡀࡗ࡚ࠊ⤒Ⴀ⪅࡜ᰴ୺࡜ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮
㛵ಀࡶࠊ⤒Ⴀ⪅࡜ᰴ୺௨እࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮࡜ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀࡶྠ➼࡛࠶ࡿ࡜⪃࠼ࡽࢀ
ࡿ16ࠋࡇࡢࡼ࠺࡞⌧௦ࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫࡢぢᆅ࠿ࡽࡳࢀࡤࠊᑡ࡞ࡃ࡜ࡶ⤒῭ⓗぢᆅ࠿ࡽࡣࠊ
ἲே⛯ἲࡀฟ㈨⪅࡟ᑐࡍࡿ⩏ົࢆ Debt ࡜ Equity ࡟஧ศࡋࠊ␗࡞ࡿㄢ⛯࣮ࣝࣝࢆ㐺⏝ࡍࡿᚲ↛ᛶࡣ࡞࠸࡜ゝ࠼ࡿࡢ࡛ࡣ࡞࠿ࢁ࠺࠿ࠋ ࡑࡇ࡛ᮏㄽᩥ➨ 1 ❶ࡣࠊDebt ࡜ศ㢮ࡍ࡭ࡁ࡞ࡢ࠿ࠊ࠶ࡿ࠸ࡣ Equity ࡜ࡋ࡚ศ㢮ࡍ࡭ࡁ࡞ࡢ࠿ุ
᩿ࡀ᭕᫕࡞ࠊ࠸ࢃࡺࡿ Debt ࡜ Equity ࡢ┦ᑐ໬17ࡀၥ㢟࡜࡞ࡗ࡚࠸ࡿ⌧ᅾ࡟࠾࠸࡚ࠊ఍♫ἲࡢ༊ศ࡟౫Ꮡࡍࡿࡇ࡜࡟㝈⏺ࡀ࠶ࡿ࡜࠸࠺ࡇ࡜ࢆㄆ㆑ࡋࡓୖ࡛⌧⾜ไᗘୖዴఱ࡟ᢅ࠺࡭ࡁ࠿ࢆ᳨ウࡍࡿࠋ 㐣ཤ࡟࠾࠸࡚ࠊDebt ࡜ Equity ࡢ༊ศࡀၥ㢟࡜࡞ࡗࡓࡢࡣࠊ⛒⛯ᅇ㑊࡜ㄆᐃࡉࢀࡿࡼ࠺࡞㠀⊂❧

10 㔠Ꮚᏹࠗ⛒⛯ἲ㸦➨ 14 ∧㸧࠘㸦ᘯᩥᇽࠊ2009㸧261 㡫ࠋ
11 ቑ஭Ⰻၨࠕἲே⛯ࡢㄢ⛯࣮࣋ࢫࠖ㔠Ꮚᏹ⦅ࠗ⛒⛯ἲࡢᇶᮏၥ㢟࠘㸦᭷ᩫ㛶ࠊ2007㸧476 㡫ࠋ
12 ᑡ࡞ࡃ࡜ࡶࠊࢥ࣮࣏࣮ࣞࢺ࣭ࣇ࢓࢖ࢼࣥࢫࠊࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫࡢほⅬ࠿ࡽ⪃࠼ࡿ㝈ࡾࠊᒾᮧ඘ࠗ௻ᴗ㔠⼥ㅮ⩏࠘㸦ᮾὒ⤒῭᪂ሗ♫ࠊ2005㸧69 㡫௨ୗࠊ⳥⃝◊᐀ࠗ⤌⧊ࡢ⤒῭Ꮫධ㛛̿᪂ไᗘὴ⤒῭Ꮫ࢔ࣉ࣮ࣟࢳ࠘
㸦᭷ᩫ㛶ࠊ2006㸧3 㡫௨ୗࠊྠࠗẚ㍑ࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫㄽ࠘
㸦᭷ᩫ㛶ࠊ2004㸧38 㡫௨ୗࢆཧ↷ࠋࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫ࡟㛵ࡍࡿࡇࡢ⪃࠼᪉ࢆグࡋࡓ᭩⡠ࡣከᩘ࠶ࡿࠋ
13 ࡓ࡜࠼ࡤࠊ㧗ᶫಇኵࠕ♫఍ᛶࢆ㔜どࡋࡓ௻ᴗࠖ㧗ᶫಇኵ⦅ⴭࠗࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫࡢᅜ㝿ẚ㍑——⡿ࠊⱥࠊ⊂ࠊ௖ࠊ᪥ࡢ௻ᴗ࡜⤒Ⴀ࠘1 㡫ࠊ18 㡫㸦୰ኸ⤒῭♫ࠊ2006㸧ࡣࠊࡇࡢほⅬ࠿ࡽ఍♫ࡣᰴ୺ࡢᡤ᭷≀࡛࠶ࡿ࡜࠸࠺ほᛕࢆྰᐃࡋ࡚࠸ࡿࠋ
14 ቑ஭Ⰻၨ࣭๓ᥖὀ㸦5㸧
ࠊ478 㡫ࡢ⌮ㄽࠋ
15 ⳥⃝◊᐀ࠗẚ㍑ࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫㄽ࠘๓ᥖὀ㸦12㸧
ࠊ41 㡫ࠋ
16 ࡇࡢࡼ࠺࡞⪃࠼᪉ࢆ⳥⃝◊᐀࣭๓ᥖὀ㸦12㸧
ࠊ41 㡫ࡣ࡜ࡗ࡚࠸ࡿࠋ
17 Debt ࡜ Equity ࡜ࡢ┦ᑐ໬ࡢၥ㢟ᥦ㉳࡟ࡘ࠸࡚ࡣࠊ⚄⏣⚽ᶞࠕᰴᘧ࡜♫മ—௻ᴗ㔠⼥ἲࡢ⌮ㄽⓗᵓ㐀—ࠖ➉ෆ᫛ኵඛ⏕㑏ᬺグᛕࠗ⌧௦௻ᴗἲࡢᒎ㛤࠘
㸦1990㸧241 㡫ࠊ⸨⏣཭ᩗࠕ♫മࡢከᵝ໬—࢚ࢡ࢖ࢸ࢕ᛶࡢ࠶ࡿ♫മࢆ୰ᚰ࡟—㸦ୖ㸧࣭㸦ୗ㸧ࠖࠗ㈨ᮏᕷሙ࠘62 ྕࠊ39 㡫㸦1999㸧
ࠊ163 ྕࠊ41
㡫(1999)ࠊ࠾ࡼࡧὪᓮ༤ྐࠕၟἲ࡟つᐃࡢ࡞࠸♫മ࡟ࡘ࠸࡚—฼┈ཧຍ♫മ࡜ᙉไ㌿᥮♫മࢆ୰ᚰ
࡟ࠖ1217 ྕࠊ18 㡫ࠗࢪࣗࣜࢫࢺ࠘(2002)࡞࡝ࡢ◊✲ࡀ࠶ࡿࠋ10ᙜ஦⪅㛫࡛ࡢྲྀᘬ࡛࠶ࡿࠕ㞃ࢀࡓ฼┈ฎศ18ࠖ➼ࡢၥ㢟࡛࠶ࡾࠊᮏㄽᩥࡀ⪃࠼ࡿࡼ࠺࡞ࠊ࠶ࡿ఍♫ἲୖㄆࡵࡽࢀࡓⓎ⾜ドๆࡀࠊ♫മᛶ࡜ᰴᘧᛶࡢ୧㠃ࢆᣢࡕྜࢃࡏ࡚࠸ࡓ࡜ࡁࠊἲே⛯ἲ࡛ࡣࡇࡢドๆࢆ Debt ࡟ศ㢮ࡍࡿࡢ࠿ࠊEquity ࡟ศ㢮ࡍࡿࡢ࠿࡜࠸࠺㆟ㄽࡣ࠶ࡲࡾ࡞ࡉࢀࡎ࡟ࡁࡓࡢ࡛ࡣ࡞࠿
ࢁ࠺࠿ࠋࡋ࠿ࡋࠊドๆ࠿ࡽࡢ฼ᡶ࠸ࡀἲே⛯ἲୖࡢࠕ฼Ꮚࠖ࡜ࡋ࡚ᦆ㔠᥍㝖ࡢᑐ㇟࡜࡞ࡿࡢ࠿ࠊ
ࠕ㓄ᙜࠖ࡜ᢅࢃࢀࡿࡢ࠿࡜࠸࠺ၥ㢟ࡣࠊἲே⛯ἲ࡟࠾࠸࡚ᙜヱ฼ᡶ࠸ࡀ⏕ࡌࡿཎ㈨࡛࠶ࡿドๆࡢ Debt
㸭Equity ᛶࡢㄆᐃ࡟ࡍ࡭࡚ࡀ࠿࠿ࡗ࡚ࡃࡿࠋࡇࡢព࿡࡟࠾࠸࡚ࠊ
ࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖࡢᓧูࡢࢥ࣮ࣟࣛࣜ࡜ࡋ࡚ Equity ࡜ Debt ࡀᐃࡲࡿࡢ࡛ࡣ࡞ࡃࠊEquity ࡜ Debt ࢆἲே⛯ἲ࡛ᐃࡵࡿࡇ࡜࡟ࡼࡾࠊࡑࡢࢥ࣮ࣟࣛࣜ࡜ࡋ࡚ࠕ㈨ᮏ➼ྲྀᘬࠖ࠿ࠕᦆ┈ྲྀᘬࠖ࠿ࡀỴࡲࡗ࡚ࡃࡿ࡜࠸࠺ᛶ㉁ࡢࡶࡢ࡛࠶ࡿ࡜⪃࠼ࡿࠋ ᮏㄽᩥ➨ 1 ❶➨ 1 ⠇࡛ࡣἲே⛯ἲ 22 ᮲࡜ἲே⛯ἲࡢṔྐ࡟ࡘ࠸࡚㏙࡭ࡿࠋ➨ 2 ⠇࡛ࡣࠊࢃࡀᅜ
ࡢἲே⛯ἲࡢᣐࡾᡤ࡜ࡋ࡚࠸ࡿ఍♫ἲ࡟࠾ࡅࡿ Debt ࡜ Equity ࡢ⪃࠼᪉ࢆᴫほࡋࠊᪧၟἲࡢࡇࢁ࠿
ࡽጞࡲࡗ࡚࠸ࡿࠕ࢚ࢡ࢖ࢸ࢕ᛶࡢᙉ࠸♫മࠖ࡟ࡳࡽࢀࡿࡼ࠺࡞ Debt ࡜ Equity ࡜ࡢ┦ᑐ໬ࡢၥ㢟ࢆᩚ⌮ࡍࡿࠋࡇࡇ࡟࠾࠸࡚ࠊ఍♫ἲ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ Debt ࡜ Equity ࡬ࡢศゎ࡜ࡋ࡚ࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ฼ࠖࡢ㓄ศ࡜ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖ㓄ศ࡜࠸࠺ࢭ࢟ࣗࣜࢸ࢕࣭ࢹࢨ࢖ࣥ࡜࠸࠺⪃࠼᪉ࢆᩚ⌮ࡍࡿࠋ➨ 3 ⠇࡛ࡣࢃࡀᅜ࡟࠾࠸࡚㆟ㄽࡉࢀ࡚ࡁࡓ
Equity ࡟㛵ࡍࡿၥ㢟࡜ࡋ࡚ࠕ㞃ࢀࡓ฼┈ฎศࠖ࡟ࡘ࠸࡚⡆༢࡟᣺ࡾ㏉ࡿࠋ➨ 4 ⠇࡛ࡣࢃࡀᅜࡢἲே
⛯ἲࢆࡣࡌࡵ࡯࡜ࢇ࡝ࡢᅜ࡟࠾࠸࡚ᑟධࡉࢀ࡚࠸ࡿἲே⛯ἲࡣ఍♫࡟ᑐࡍࡿฟ㈨⪅ࢆᰴ୺࡜ࡑࢀ௨
እࡢമᶒ⪅࡜࡟ศࡅࠊ␗࡞ࡿㄢ⛯࣮ࣝࣝࢆ㐺⏝ࡋࠊᰴ୺ࡢฟ㈨࡟ᑐࡍࡿࣜࢱ࣮ࣥ࡟ࡣㄢ⛯ࡍࡿࡀࠊࡑࡢ௚ࡢฟ㈨⪅࡛࠶ࡿമᶒ⪅࡟ࡼࡿฟ㈨࡛࠶ࡿ㈚௜㸦఍♫࠿ࡽࡳࢀࡤ೉ධ㸧࡟ᑐࡍࡿࢥࢫࢺ࡛࠶ࡿ
฼ᡶ࠸࡟ࡣㄢ⛯ࡋ࡞࠸࡜࠸࠺⪃࠼᪉ࡢ᰿ᗏ࡟ࡣᰴ୺୺ᶒㄽࠊᰴ୺ㄢ⛯᰿ᣐㄽ࡜࠸࠺ࡶࡢࡀ࠶ࡿࠋࡋ
࠿ࡋ⌧௦ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮⌮ㄽ࠿ࡽࡳࢀࡤࠊᰴ୺ࡶമᶒ⪅ࡶ⤒῭ⓗ࡟ࡣྠ➼࡟ᢅࢃࢀ࡚ࡋ࠿ࡿ࡭ࡁ
࡛ࡣ࡞࠸࠿࡜࠸࠺㆟ㄽࢆᒎ㛤ࡍࡿࠋ➨ 5 ⠇࡛ࡣࠊᐇ㝿ࡢࢹ࣮ࢱࢆࡶ࡜࡟ἲே⛯ἲࡀ᝿ᐃࡋ࡚࠸ࡿ⌮ᛕ࡜ࡋ࡚ࡢ఍♫ീ࡜ᐇ㝿࡟ἲே⛯཰ࢆᚓ࡚࠸ࡿ఍♫࡜ࡢࡎࢀ࡟ࡘ࠸࡚⪃ᐹࡍࡿࠋ➨ 6 ⠇࡛ࡣࠊἲே
⛯ࡢ୰❧໬࡟ࡘ࠸࡚⡆༢࡟ࡲ࡜ࡵࠊ➨ 4 ❶࡬ࡢᕸ▼࡜ࡍࡿࠋ ࢔࣓ࣜ࢝࡟࠾࠸࡚ 1993 ᖺ࡟ Goldman Sachs & Co.࡟ࡼࡾ㛤Ⓨࡉࢀࡓ MIPS(Monthly Income
Preferred Securities)࠾ࡼࡧࡑࡢᚋ⥅࡜ࡋ࡚ Merrill Lynch ࡟ࡼࡾ㛤Ⓨࡉࢀࡓ TOPrS(Trust
Originated Preferred Securities㸸ࢺࣛࢫࢺඃඛドๆ19)࡜࠸࠺ඃඛཷ┈ᶒⓎ⾜ࢫ࣮࣒࢟ࡀ㏆ᖺࠊࣁ
18 㞃ࢀࡓ฼┈ฎศ࡟㛵ࡍࡿ㆟ㄽࠊ⿢ุ౛ࡣ㠀ᖖ࡟ከᩘ࡟ࡢࡰࡿࠋ㞃ࢀࡓ฼┈ฎศ࡟ᑐࡋᮏㄽᩥࡢ୰

࡛ࡣᮧ஭ṇࠗ⛒⛯ἲ̿⌮ㄽ࡜ᨻ⟇̿㸦➨ 3 ∧㸧࠘㸦㟷ᯘ᭩㝔ࠊ2002㸦୕ゞ∧ึฟ 1999㸧
㸧209 㡫௨ୗࠊ࠾ࡼࡧྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉ᘧ(1)࣭ࠖ
ࠗἲᏛ༠఍㞧ㄅ࠘➨ 120 ᕳࠊ➨ 1
ྕ 1 㡫㸦2003㸧20 㡫௨ୗࠊⲶ㔝㇏ࠕࠕ㞃ࢀࡓࡿ฼┈ฎศࠖ࡜⤒῭ⓗ฼┈ࡢ౪୚ࠖࠗ⛯⤒㏻ಙ࠘35 ᕳ
8 ྕ 104 㡫㸦⛯ົ⤒⌮༠఍ࠊ1980㸧ࠊΎỌᩗḟࠕ
ࠕ㞃ࢀࡓࡿ฼┈ฎศࠖࡢἲⓗᴫᛕࡢ᳨ウࠖ35 ᕳ 8
ྕ 62 㡫ࠗ⛯⤒㏻ಙ࠘(⛯ົ⤒⌮༠఍ࠊ1980)➼ࡀ࠶ࡿࠋ
19 ࢺࣛࢫࢺඃඛドๆ࡟ࡘ࠸࡚ࡣᮏᗉ㈨ࠗᅜ㝿ⓗ⬺⛯࣭⛒⛯ᅇ㑊㜵Ṇ⟇࠘㸦኱ⶶ㈈ົ༠఍ࠊ2004㸧
ࠊᮏ
ᗉ㈨ࠗ࢔࣓࣭ࣜ࢝ࣥࢱࢵࢡࢫࢩ࢙ࣝࢱ࣮ᇶ♏◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2003㸧
ࠊᮏᗉ㈨ࠗ࢔࣓ࣜ࢝ࡢ⛒⛯ᨻ⟇࠘㸦⛯ົ⤒⌮༠఍ࠊ2007㸧
ࠊᮏᗉ㈨⦅ⴭࠊᱵ㎷㞞᫓࣭㡲⸨୍ᮁⴭࠗࢱࢵࢡࢫ࣭ࢩ࢙ࣝࢱ࣮஦౛
◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2004㸧
ࠊΏ㎶⿱Ὀࠗࣇ࢓࢖ࢼࣥࢫㄢ⛯࠘㸦᭷ᩫ㛶ࠊ2006㸧
ࠊ໭ᮧ㇏ࠕᙉไ㌿᥮♫മ㸦Mandatory Convertibles㸧ࡢ⛯ົୖࡢྲྀᢅ࡟ࡘ࠸࡚̿Rev. Rul. 2003-97ࢆ⣲ᮦ࡜ࡋ࡚ࠖ
ࠗNBL࠘
851 ᕳ 109 㡫㸦2007㸧ࠊྠࠕࣁ࢖ࣈࣜࢵࢻドๆࡢ⛯ົୖࡢྲྀᢅ࠸࡟ࡘ࠸࡚̿U.S.Bancorp ࡟ࡼࡿ᭱㏆ࡢⓎ⾜౛ࢆ⣲ᮦ࡜ࡋ࡚ࠖ
ࠗNBL࠘857 ྕ 46 㡫㸦2007㸧࡞࡝ࡀ࠶ࡿࠋࡲࡓࠊ࢔࣓ࣜ࢝ࡢࣁ࢖ࣈࣜࢵ
11࢖ࣈࣜࢵࢻドๆ࡜⛠ࡋ࡚ࠊࢃࡀᅜ஦ᴗ఍♫࡟ࡼࡾ฼⏝ࡉࢀ࡚࠸ࡿ20ࠋ
 ࢃࡀᅜ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢࢫ࣮࣒࢟࡜ࡋ࡚ࡣࠊࢃࡀᅜࡢ஦ᴗ఍♫ࡀ┤᥋ࣁ࢖ࣈࣜࢵࢻドๆࢆᢞ㈨ᐙ࡟Ⓨ⾜ࡍࡿࢣ࣮ࢫ21࡜ࠊ
TOPrSᆺ࡟ࡼࡿࢫ࣮࣒࢟22ࡢ୧⪅ࡀ࠶ࡿࠋ
TOPrSᆺ࡟ࡼࡿࢫ࣮࣒࢟࡜ࡣࠊࢃࡀᅜࡢⓎ⾜఍♫࡜ᢞ㈨ᐙ࡜ࡢ㛫࡟ࠊ࢔࣓ࣜ࢝࡟ LLC ࢆࠊ࠶ࡿ࠸ࡣࢱࢵ
ࢡࢫ࣭࣊࢖ࣈࣥᅜࢣ࢖࣐ࣥㅖᓥ࡟タ⨨ࡉࢀࡓᏊ఍♫ SPC23ࢆ⏝࠸࡚ࠊSPC ࡀᢞ㈨ᐙ࡟ඃඛཷ┈ᶒࢆ㈍኎ࡍࡿ࡜ྠ᫬࡟ࠊࢃࡀᅜࡢⓎ⾜఍♫ࡣࠊᙜヱ SPC ࡀⓎ⾜ࡋࡓඃඛཷ┈ᶒ࡜࡯ࡰྠࡌෆᐜ࡟࡞ࡿ
ࡼ࠺࡟タィࡉࢀࡓຎᚋമࢆⓎ⾜ࡋࠊᏊ఍♫ SPC ࡟ᢞ㈨ࡉࡏࡿࠋࡇࡢࡇ࡜࡟ࡼࡾࠊSPC ࡀᢞ㈨ᐙ࠿
ࡽᚓࡓ㈍኎௦ࡾ㔠ࢆぶ఍♫ࡀᚓࠊSPC ࡢ B/S ࡟ࡣぶ఍♫ࡢຎᚋമࡀ᭷౯ドๆ࡜ࡋ࡚ィୖࡉࢀࡿࠋぶ఍♫ࡣ⮬ࡽⓎ⾜ࡋࡓຎᚋമᙧᘧࡢ Debt ᛶࡀᙉ࠸ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆࠕ฼Ꮚࠖ࡜ࡋ࡚⏦࿌ࡍࡿࡇ࡜࡟ࡼࡾࠊᙜヱ࢖࣮ࣝࢻࡣࢃࡀᅜࡢἲே⛯ࢆࡍࡾᢤࡅ࡚ࠊᡤᚓࡀ
ࢱࢵࢡࢫ࣭࣊࢖ࣈࣥ࡟⛣㌿ࡍࡿࡇ࡜࡟࡞ࡿࠋ࡜ࡇࢁࡀࠊࢱࢵࢡࢫ࣭࣊࢖ࣈࣥᅜ࡟タ❧ࡉࢀ࡚࠸ࡿ SPC
࡟࠾࠸࡚ࡣࠊࡇࡢ⛣㌿ࡉࢀࡓᡤᚓࡢཷྲྀ࡟ᑐࡋ࡚㠀ㄢ⛯࠶ࡿ࠸ࡣప⛯⋡ㄢ⛯ࡢᢅ࠸ࢆཷࡅࡿ24ࠋᏊ఍♫ࡀ࢔࣓ࣜ࢝ࠊࢹ࢙ࣛ࢘࢔ᕞἲ࡟ᇶ࡙࠸࡚タ❧ࡉࢀࡓ LLC ࡛࠶ࢀࡤࠊࢳ࢙ࢵࢡ࣭ࢨ࣭࣎ࢵࢡࢫ
ࡢ࣮ࣝࣝࢆ฼⏝ࡋࣃࢫ࣭ࢫ࣮ࣝㄢ⛯ࢆ㑅ᢥࡋࠊࢃࡀᅜ࠿ࡽཷࡅྲྀࡗࡓ࢖࣮ࣝࢻᡤᚓ࡟ἲே⛯ࡀ࠿࠿ࡽ࡞࠸ࡼ࠺࡟ࡍࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿ25ࠋࡇࡢࢫ࣮࣒࢟࡟ࡼࡾࠊࢃࡀᅜࡢᡤᚓ࡟ࢃࡀᅜࡢἲே⛯ࡀ㐺⏝ࡉࢀ࡞࠸ࡲࡲᾏእ࡟⛣㌿ࡋࠊࠕ฼Ꮚࠖ࠶ࡿ࠸ࡣࠕ㓄ᙜࠖ࡜ࡋ࡚ࡢ※Ἠᚩ཰⛯ࢆ㝖࠸࡚ࠊᙜヱᡤᚓ࡟ᑐࡍࡿㄢ⛯ᶒࢆ႙ኻࡍࡿࡇ࡜࡟࡞ࡿࠋDebt ࢆ౑ࡗࡓࡇࡢᡤᚓ⛣㌿ࢫ࣮࣒࢟ࡣࠊ┠᪂ࡋ࠸ࡶࡢ࡛ࡣ࡞
࠸ࠋࡋ࠿ࡋࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ౑࠺࡜ࡇࢁ࡟㛵㐃ࢢ࣮ࣝࣉ఍♫ࡢཷࡅࡿ࣓ࣜࢵࢺ
ࡣࡉࡽ࡟኱ࡁ࡞ࡶࡢ࡜࡞ࡿ࡜࠸࠺≉ᚩࡀ࠶ࡿࠋᏊ఍♫࡛࠶ࡿ SPC ࠶ࡿ࠸ࡣ࢔࣓ࣜ࢝ LLC ࡣࠊぶ఍ࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿㄢ⛯ୖࡢᢅ࠸࡟ࡘ࠸࡚ࡣࠊ
DAVID C. GARLOCK ET AL., FEDERAL INCOMETAXATION OF DEBT INSTRUMENTS (6th ed., CCH 2006)ࠊ᭱㏆ࡢ࢔࣓ࣜ࢝ㄢ⛯ᗇࡢࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿᑐᛂ࡟ࡘ࠸࡚ࠊAndrey Krahmal, Hybrid Instruments: Jurisdiction
Dependent Characteristics, 5 Hous.Bus. & Tax L.J. 1 (2005)ࠊTechnical Advice Memorandum(TAM) 199910046 (1999)࡞࡝ࡀ࠶ࡿࠋ
20 ࢃࡀᅜ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ⌧≧࡟ࡘ࠸࡚ࡣࠊ
ᐇົᐙࡢᡭ࡟ࡼࡿ᭩࡜ࡋ࡚ࠊ
ᚋ⸨ᩥே࣭኱ᵳዉ㑣ࠗࣁ࢖ࣈࣜࢵࢻドๆධ㛛࠘㸦㔠⼥㈈ᨻ஦᝟◊✲఍ࠊ2008㸧ࢆཧ↷࡜ࡋࡓࠋᮏ᭩
ࡣ⛒⛯ἲ࡟ࡣ࡯࡜ࢇ࡝ゐࢀࡽࢀ࡚࠸࡞࠸ࡀࠊᇳ➹⪅ࡣ UBS ドๆࡢドๆࠊᰴᘧㄪᰝ㒊ࡢ࢚࢟ࢫࣃ࣮
ࢺ࡛࠶ࡾࠊࠗධ㛛࠘࡜ࡉࢀ࡚࠸ࡿࡀࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡋ࡚ࡣヲ⣽࡟ࡲࡓṇ☜࡟
グ㏙ࡉࢀ࡚࠸ࡿࠋᮏㄽᩥᇳ➹᫬Ⅼ࡟࠾࠸࡚ࠊ㏆ᖺࡢࢃࡀᅜ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥ
ࢺࢆయ⣔ⓗ࡟ࡲ࡜ࡵࡓᐇົ᭩ࢆᮏ᭩௨እ࡟ぢࡘࡅࡿࡇ࡜ࡣ࡛ࡁ࡞࠿ࡗࡓࠋ
21 ࢖࢜ࣥ(ᰴ)ࡢⓎ⾜ࢣ࣮ࢫࡀ┦ᙜࡍࡿࠋヲ⣽ࡣ࢖࢜ࣥ(ᰴ)ࢽ࣮ࣗࢫ࣮ࣜࣜࢫ㸦࢖࢜ࣥ(ᰴ)࣮࣒࣮࣍࣌ࢪ㸧ࠋ
22 ᮏㄽᩥ࡛ྲྀࡾୖࡆࡓ୰࡛ࡣࠊ
᪂᪥㚩(ᰴ)㸦᪂᪥㚩(ᰴ)ࢽ࣮ࣗࢫ࣮ࣜࣜࢫᖹᡂ 18 ᖺ 10 ᭶ 20 ᪥ࠕ࣮ࣘࣟ෇ᘓ㌿᥮♫മᆺ᪂ᰴண⣙ᶒ㸦ຎᚋ≉⣙௜㸧ࡢⓎ⾜ཬࡧᙜ♫ᾏእᏊ఍♫࡟ࡼࡿ࣮ࣘࣟ෇ᘓ஺᥮ᶒ௜
ඃඛฟ㈨ドๆࡢⓎ⾜࡟㛵ࡍࡿ࠾▱ࡽࡏࠖPDFࠊ1 㡫㸧ࠊᮾὒ⣳⦼(ᰴ)㸦ᮾὒ⣳⦼(ᰴ)ࢽ࣮ࣗࢫ࣮ࣜࣜࢫᖹᡂ  ᖺ  ᭶  ᪥ࠕ➨୕⪅๭ᙜ࡟ࡼࡿ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മࡢⓎ⾜࠾ࡼࡧᙜ♫ᾏእ≉ู┠ⓗᏊ఍♫࡟ࡼࡿ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆⓎ⾜࡟㛵ࡍࡿ࠾▱ࡽࡏ(ࠕࣁ࢖ࣈࣜࢵࢻࣇ࢓࢖ࢼࣥࢫࠖ
࡟ࡼࡿ㈨㔠ㄪ㐩࡟㛵ࡍࡿ࠾▱ࡽࡏ)ࠖPDFࠊ1 㡫㸧ࡢⓎ⾜ࢣ࣮ࢫࡀ┦ᙜࡍࡿࠋ
23 SPC ࡜ࡣࠊSpecial Purpose Company: ≉ู┠ⓗ఍♫ࡢࡇ࡜ࢆ࠸࠺ࠋ
24 ࡇࡢࡼ࠺࡞ࢫ࣮࣒࢟࡟ࡼࡿᡤᚓࡢᾏእ⛣㌿࡟ࡘ࠸࡚ࠊᮏᗉ㈨ࠗᅜቃ࡟ᾘ࠼ࡿ⛯㔠࠘㸦⛯ົ⤒⌮༠
఍ࠊ2004㸧35 㡫࠾ࡼࡧᮏᗉ㈨ࠕ㛵㐃௻ᴗࢢ࣮ࣝࣉෆ㒊ྲྀᘬ—㐣ᑡ㈨ᮏ⛯ไࠊ࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵ
ࣆࣥࢢ࣭࣮ࣝࣝ—ࠖࠗ⛒⛯◊✲࠘11ࠊ131 㡫ࠊ132 㡫㸦2009㸧ࡀヲࡋ࠸ࠋ
25 ࡇࡢࢫ࣮࣒࢟࡟㛵ࡋ࡚ࡣࠊΏ㎶⿱Ὀࠗࣇ࢓࢖ࢼࣥࢫㄢ⛯࠘㸦᭷ᩫ㛶ࠊ2006㸧178 㡫௨㝆࡟࠾࠸࡚࢔࣓ࣜ࢝ࠊTexaco ࡀ⾜ࡗࡓࢫ࣮࣒࢟࡟ࡘࡁヲ㏙ࡉࢀ࡚࠸ࡿࠋ
12♫ࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆᘬࡁཷࡅࡿࡓࡵࡢ㈨㔠ㄪ㐩ࢆࠊᏊ఍♫ࡀᢞ㈨ᐙ࡟௻ᴗ఍ィୖ Equity ࡜ㄆࡵࡽࢀࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡍࡿࡀࠊࡇࡢ࡜ࡁඖᮏࠊ฼ᡶ࠸㸦๫వ㔠ࡢศ㓄㸧㢠➼ࡢⓎ⾜᮲௳ࢆぶ఍♫ࡀⓎ⾜ࡍࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡜ྠࡌ࡟࡞ࡿࡼ
࠺࡟ணࡵタィࡋ࡚࠾ࡃࠋࡍࡿ࡜௻ᴗ఍ィୖࠊぶᏊ఍♫ࡣ㐃⤖ࡉࢀࠊぶ఍♫ࡢⓎ⾜ࡋࡓຎᚋമᙧᘧࡢ
ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡣࠊᏊ఍♫ࡢᡤ᭷ࡍࡿ᭷౯ドๆ࡜┦ẅࡉࢀ࡚ᾘ࠼ࠊ㐃⤖ B/S ୖ࡟ࡣࠊᏊ఍♫ࡀᢞ㈨ᐙ࡟Ⓨ⾜ࡋࡓ Equity ᛶࡢᙉ࠸ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀṧࡾࠊᑡᩘᰴ
୺ᣢศ࡜ࡋ࡚⌧ࢀࡿࡇ࡜࡟࡞ࡿࠋࡋࡓࡀࡗ࡚ࠊᢞ㈨ᐙ࡟ᑐࡍࡿᏊ఍♫ࡀᨭᡶ࠺࢖࣮ࣝࢻࡣࠊ࠶ࡓ࠿
ࡶぶ఍♫ࡢ Equity ࠿ࡽ⏕ࡌࡓࣜࢱ࣮࡛ࣥ࠶ࡿࡼ࠺࡟ホ౯ࡉࢀࡿࡢ࡛࠶ࡿࠋࡇࢀࡣ㈈ົయ㉁ࡢഃ㠃࠿ࡽ༑ศ࡞㈨ᮏᛶࢆ☜ಖࡍࡿࡶࡢ࡛ࡶ࠶ࡿࠋ ࡇࡢ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡜࠸࠺ࢫ࣮࣒࢟࡟ᑐࡋ࡚ࡣࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣࠊつไࡢᑐ㇟࡜ࡋ࡚࠾ࡽࡎ↓ຊ໬ࡍࡿ࡜࠸࠺ၥ㢟ⅬࡀᏑᅾࡋ࡚࠸ࡿ26ࠋ ࣁ࢖ࣈࣜࢵࢻドๆ┤᥋Ⓨ⾜ᆺࠊTOPrS ᆺࡢ࠸ࡎࢀࡢሙྜࡶࠊࣁ࢖ࣈࣜࢵࢻドๆ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝ
ࢻࡢㄢ⛯ୖࡢᛶ㉁ࡀၥ㢟࡜࡞ࡿࠋ఍♫ἲࡢ❧ሙ࠿ࡽࡣຎᚋമࡣࠊ♫മ࡟ᰴᘧࡢ≉ᚩ࡛࠶ࡿṧవᶒ(residual claim)ᛶࢆ௜୚ࡉࢀࡓࡶࡢࠊඃඛཷ┈ᶒࡣࠊ♫മ࠿ࡽࡑࡢ≉ᚩ࡛࠶ࡿࠊ฼ᡶ࠸ࠊൾ㑏୙ྍ⬟᫬ࡢࢹࣇ࢛ࣝࢺᛶࢆྲྀࡾ㝖࠸ࡓࡶࡢ࡜࠸࠺ゎ㔘ࢆࡍࡿࡀࠊἲே⛯ἲୖ࠸࠿࡞ࡿ㐺᱁ᛶࢆ୚࠼ࡿࡢ
࠿᫂☜࡛ࡣ࡞࠸27ࠋ ⚾ἲ࡛ࡣࠊᇶᮏⓗ࡟ッゴࡀ㉳ࡁ࡚࠿ࡽࠊಶูⓗ࡟⿢ุ࡛Ỵࡵࡽࢀࡿࡢ࡟ᑐࡋࠊἲே⛯ἲࡣࠊ኱㔞ࠊ཯᚟ⓗ࡞⣡⛯⪅ࡢྲྀᘬ࡟ᑐࡋ࡚බᖹ࡞ࠊ࠶ࡿព࿡⏬୍ⓗ࡞ᇶ‽ุ࡛᩿ࡍࡿࡇ࡜ࢆせồࡉࢀࡿ28ࠋࡋࡓࡀࡗ࡚ࠊ⚾ἲ࡟࠾࠸࡚༑ศ࡞㆟ㄽࡢ⵳✚ࠊ⿢ุ౛ࡀ࠶ࡿࢃࡅ࡛ࡣ࡞࠸ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶࣝ
࣓ࣥࢺࡢᛶ㉁Ỵᐃࢆ⚾ἲ࡟ጤࡡࠊࡑࢀࢆἲே⛯ἲࡀྲྀࡾ㎸ࡴ࡜࠸࠺⪃࠼᪉࡛ࡼ࠸ࡢ࠿࡜࠸࠺␲ၥࡀ
࠶ࡿࠋ⚾ἲࡣࡉࡲࡊࡲ࡞ࢣ࣮ࢫ࡟࠾࠸࡚ኚࢃࡾ࠺ࡿࠋ⛯ἲࡀ⚾ἲุ᩿࡟౫Ꮡࡍࢀࡤࠊ⚾ἲࡢኚ᭦࡟
౫Ꮡࡋ࡚⛯ἲࡢኚ᭦ࡶవ൤࡞ࡃࡉࢀࡿࡀࠊࡑࢀࡣࠊᅜẸࡢ⤒῭⏕ά࡟ἲⓗᏳᐃᛶ࡜ண ྍ⬟ᛶࢆ୚࠼ࡿࡇ࡜࡟࠶ࡿ࡜࠸࠺⛒⛯ἲᚊ୺⩏29࡟཯ࡍࡿࡇ࡜࡟࡞ࡿ࠿ࡽ࡛࠶ࡿࠋ ࢃࡀᅜ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿἲே⛯ἲࡢ㐺⏝ࢆ⪃࠼ࡿୖ࡛ࠊྂࡃ࠿
ࡽ஧ศἲ࡟ᑐࡍࡿ㆟ㄽࡢ✚ࡳ㔜ࡡࢆ᭷ࡍࡿ࢔࣓ࣜ࢝ࡢ⛯ἲࢆ◊✲ࡍࡿࡇ࡜ࡣᚲせ࡛࠶ࡿࠋࢡࣟࢫ࣭
࣮࣎ࢲ࣮࡞ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆᮏㄽᩥ࡛ࡣ⪃ᐹࡢ୺║࡜ࡍࡿࡀࠊࡑࡢሙྜ࡟࠾࠸࡚

26 ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡀࡇࡢ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮࣭ࣜࣟࣥࢫ࣮࣒࢟࡟↓ຊ࡛࠶ࡿࡇ࡜ࡣࠊᮏᗉ㈨ࠕ㛵㐃௻ᴗࢢ࣮ࣝࣉෆ㒊ྲྀᘬ—㐣ᑡ㈨ᮏ⛯ไࠊ࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝ—ࠖࠗ⛒⛯◊✲࠘11ࠊ131 㡫ࠊ133 㡫㸦2009㸧࡟㏙࡭ࡽࢀ࡚࠸ࡿࠋ
27 ࡇࡢⅬ࡟㛵ࡋࠊྜྷᮧᨻ✠෸ᩍᤵࡣࠊࠕドๆࡢᛶ᱁ࡀ඾ᆺⓗ࡞ᰴᘧ࡜♫മࡢ࠸ࡎࢀ࠿࡟ᡖ↛࡜࠶࡚ࡣࡵ
ࠖ࡜␲ၥࢆᥦ♧ࡉࢀ࡚ࡽࢀ࡞࠸ሙྜࠊ᪥ᮏ࡟࠾࠸࡚ࡣ࡝ࡢࡼ࠺࡞ฎ⌮ࡀ࡞ࡉࢀࡿࡇ࡜࡟࡞ࡿࡢࡔࢁ࠿ࠋ
࠾ࡾࠊᐇົ᭩ࢆཧ⪃࡟ࡋ࡚ࠊㄢ⛯ᗇࡢุ᩿ࡣࠕࡶࡗࡥࡽ㈨㔠ㄪ㐩ࡢἲᙧᘧ࡟╔┠ࡋࡓᙧᘧⓗ࡞ᇶ‽࡛ࠖฎ⌮ࡉࢀ࡚࠸ࡿࡼ࠺࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉ᘧ(1)ࠖ
ࠗἲᏛ༠఍㞧ㄅ࠘➨ 120 ᕳࠊ➨ 1 ྕ 1 㡫ࠊ17 㡫㸦2003㸧ࠋ
28 ྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉ᘧ(1)ࠖ
ࠗἲᏛ༠఍㞧ㄅ࠘➨ 120 ᕳࠊ➨ 1 ྕ 1 㡫ࠊ
18 㡫㸦2003㸧ࠋ
29 ࡇࡢⅬ࡟ࡘ࠸࡚ࡶྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉ᘧ(1)ࠖ
ࠗἲᏛ༠఍㞧ㄅ࠘➨ 120
ᕳࠊ➨ 1 ྕ 1 㡫ࠊ17 㡫㸦2003㸧ࡀᣦ᦬ࡋ࡚࠸ࡿࠋಶࠎࡢྲྀᘬࡀࠊ⚾ἲ࡟ࡼࡾุ᩿ࡉࢀࠊ⛒⛯ἲࡣ⚾ἲุ᩿࡟౫ᣐࡍࡿࡇ࡜࡟࡞ࢀࡤࠊࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢࡀ࡛ࡁ࡞࠸ࡇ࡜࡜࡞ࡿࠋࡇࢀࡣ⤒῭άື࡟࠾࠸࡚ண ྍ⬟ᛶࡀ୚࠼ࡽࢀ࡞࠸ࡇ࡜࡜࡞ࡿࠋᒸᮧᛅ⏕࣭Ώ㎶ᚭஓ࣭㧗ᶫ♸௓࣮ࠗ࣋ࢩࢵࢡ⛯ἲ㸦➨ 2 ∧㸧࠘㸦᭷ᩫ㛶࢔࣐ࣝࠊ2007㸧20 㡫ࠊ㔠Ꮚᏹࠗ⛒⛯ἲ㸦➨ 14 ∧㸧࠘㸦ᘯᩥᇽࠊ2009㸧68 㡫ࠊỈ㔝ᛅᜏࠗ⛒⛯ἲ㸦➨ 4 ∧㸧࠘㸦᭷ᩫ㛶ࠊ2009㸧7 㡫ࢆཧ↷ࠋ
13ᅜ㝿⛒⛯ἲࡢほⅬ࠿ࡽぢ┤ࡍᚲせࡀ࠶ࡿࡀࠊᅜ㝿⛒⛯ἲࡣࠊṔྐⓗ࡟ࡳ࡚ࠊᙜึ࢔࣓ࣜ࢝ࡢᅜෆἲ
࡜ࡋ࡚๰タࡉࢀࡓᅜ㝿⛒⛯ἲࡀࠊㅖእᅜࡢ཯Ⓨࡸ᢬ᢠࢆཷࡅࡘࡘࠊࡸࡀ࡚ྛᅜࡀ࢔࣓ࣜ࢝࡟ᑐࡍࡿ
᢬ᢠࢆࡸࡵࠊ㢮ఝไᗘࢆᅜෆἲ࡟ྲྀࡾ㎸ࢇ࡛࠸ࡃࣉࣟࢭࢫࢆ⤒࡚ྛᅜࡢᅜ㝿⛒⛯ἲࡢ㔜せ㒊ศࢆᙧᡂࡍࡿࡇ࡜ࡣㄆࡵࡊࡿࢆᚓ࡞ࡃ࡞ࡗ࡚࠸ࡿ30ࡇ࡜࠿ࡽࡶࠊ࢔࣓ࣜ࢝࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫ
ࢶ࣓ࣝࣥࢺ࡬ࡢᑐᛂࢆ༑ศ◊✲ࡋ࡚࠾ࡃᚲせࡀ࠶ࡿ࡜⪃࠼ࡿࡢ࡛࠶ࡿࠋ ࢔࣓࡛ࣜ࢝ࡣࠊࣁ࢖ࣈࣜࢵࢻドๆࢆ⏝࠸ࡓࢫ࣮࣒࢟ࡣࠊ௻ᴗ఍ィ࡜⛯ົ఍ィ࡜ࡢ⿢ᐃྲྀᘬࢆ┠ㄽࡲࢀࡓࡶࡢࡀከࡃࠊࢱࢵࢡࢫ࣭ࢩ࢙ࣝࢱ࣮࡜ࡋ࡚Ⓩ㘓ࡉࢀ࡚࠸ࡿࡶࡢࡶ࠶ࡿ31ࠋ࢔࣓ࣜ࢝ࡢሙྜࡣࠊ
ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢⓎ⾜஦ᴗయ࡜ᢞ㈨ᐙࡢ㛫࡟࣮࣌ࣃ࣮࣭࢝ࣥࣃࢽ࣮ࢆタ❧ࡋࠊࢳ࢙ࢵࢡ㺃ࢨ࣭࣎ࢵࢡࢫࡢ⛯ἲୖࡢ≉ᛶ㌿᥮ࢆ฼⏝ࡋ࡚௻ᴗ఍ィ࡜⛯ົ఍ィ࡜ࡢ⿢ᐃࢆᅜෆ࡟࠾࠸࡚ᐜ᫆࡟
⾜࠺ࡇ࡜ࡀ࡛ࡁࡿ32ࠋ ࡋ࠿ࡋࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࠊࢱࢵࢡࢫ࣭ࢩ࢙ࣝࢱ࣮࡜ࡣูࡢၥ㢟࡜ࡋ࡚ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫ
ࢶ࣓ࣝࣥࢺࡢㄢ⛯ୖࡢᢅ࠸ࡣᦂࡽࡂࢆぢࡏ࡚࠸ࡿ33ࠋ ࢺࣛࢫࢺඃඛドๆ࡟ᑐࡋ࡚ࠊIRS ࡣᙜึࡣ⛒⛯ᅇ㑊ࢫ࣮࣒࢟࡜ࡳ࡞ࡋ࡚࠸ࡓࡼ࠺࡛࠶ࡿ34ࡀࠊࡑ
ࡢᚋ1994 ᖺ࡟IRS Notice 94-47 (1994-1C.B.357)35࡟࠾࠸࡚ࢺࣛࢫࢺඃඛドๆⓎ⾜࡟ಀࡿⓎ⾜఍♫ࡢമົࢆ Debt ࡜ࡋ࡚ྲྀᢅ࠺ࡓࡵࡢ 8 ࡘࡢᇶ‽ࢆタࡅࠊ⥲ྜⓗ࡟ุ᩿ࡍ࡭ࡋ࡜ࡢぢゎࢆฟࡋࡓࠋࡑ
ࡋ࡚ࡉࡽ࡟ࡑࡢᚋࠊ1999 ᖺ࡟ TAM 199910046 ࣓ࣔࣛࣥࢲ࣒36࡟࠾࠸࡚ࠊලయⓗ࡞ࢺࣛࢫࢺඃඛドๆࡢⓎ⾜ࢆྲྀࡾୖࡆࠊ࣓ࣔࣛࣥࢲ࣒࡛♧ࡋࡓࢺࣛࢫࢺඃඛドๆ࡟ಀࡿⓎ⾜఍♫ࡢമົ࡟㛵ࡋ࡚ࡣࠊ⛯ົୖ♫മ࡜ࡋ࡚ㄆࡵࡿ࡜࠸࠺ࠊ㠀ᖖ࡟ಶูⓗࠊලయⓗ࡞ᢅ࠸࡜࡞ࡗࡓ37ࠋ

30 ᮏᗉ㈨ᩍᤵࡣࠊᅜ㝿ⓗ⛒⛯ᅇ㑊㜵Ṇつᐃ࡛࠶ࡿࠊ⛣㌿౯᱁⛯ไࠊእᅜᏊ఍♫➼ྜ⟬ㄢ⛯ࠊ㐣ᑡ㈨ᮏ⛯ไ࡞࡝ከࡃࡢつᐃࡀࠊ࢔࣓ࣜ࢝ᅜෆἲ࡜ࡋ࡚ࡢᅜ㝿⛒⛯ἲࡀ➃࡜࡞ࡾࠊᅜ㝿័⩦ἲ࡜࠸࠺࡭ࡁ
ᅜ㝿ἲࢆᙧᡂࡍࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋᮏᗉ㈨ࠕᅜ㝿ἲࡢኚᐜ࡜⛒⛯ἲ̾ᅜ㝿⛒⛯ἲࡢኚ㑄̾ࠖᮏᗉ㈨⦅ࠗ㛵㐃ἲ㡿ᇦࡢኚᐜ࡜⛒⛯ἲࡢᑐᛂ࠘
㸦㈈⤒ヲሗ♫ࠊ2008㸧249 㡫ࠋ
31 ᮏᗉ㈨ࠗ࢔࣓࣭ࣜ࢝ࣥࢱࢵࢡࢫࢩ࢙ࣝࢱ࣮ᇶ♏◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2003㸧
ࠊᮏᗉ㈨⦅ⴭࠊᱵ㎷㞞᫓࣭㡲⸨୍ᮁⴭࠗࢱࢵࢡࢫ࣭ࢩ࢙ࣝࢱ࣮஦౛◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2004㸧
ࠊᮏᗉ㈨ࠗᅜ㝿ⓗ⬺⛯࣭⛒⛯ᅇ㑊㜵Ṇ⟇࠘㸦኱ⶶ㈈ົ༠఍ࠊ2004㸧ࡀヲࡋ࠸ࠋ
32 ࡇࡢㄽⅬ࡟㛵ࡋ࡚ࡣࠊΏ㎶⿱Ὀࠗࣇ࢓࢖ࢼࣥࢫㄢ⛯࠘㸦᭷ᩫ㛶ࠊ2006㸧
ࠊᮏᗉ㈨ࠗᅜ㝿ⓗ⬺⛯࣭⛒⛯ᅇ㑊㜵Ṇ⟇࠘㸦኱ⶶ㈈ົ༠఍ࠊ2004㸧
ࠊᮏᗉ㈨ࠗ࢔࣓࣭ࣜ࢝ࣥࢱࢵࢡࢫࢩ࢙ࣝࢱ࣮ᇶ♏◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2003㸧
ࠊᮏᗉ㈨ࠗ࢔࣓ࣜ࢝ࡢ⛒⛯ᨻ⟇࠘㸦⛯ົ⤒⌮༠఍ࠊ2007㸧
ࠊᮏᗉ㈨⦅ⴭࠊᱵ㎷㞞᫓࣭㡲⸨୍ᮁⴭࠗࢱࢵࢡࢫ࣭ࢩ࢙ࣝࢱ࣮஦౛◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2004㸧ࡀヲࡋ࠸ࠋ
33 ࢔࣓ࣜ࢝ἲே⛯ࡢ Debt ࡜ Equity ࡟ᑐࡍࡿㄢ⛯࣮ࣝࣝ⟇ᐃࡢᦂࡽࡂ࡟㛵ࡋ࡚ࡣࠊ␊ᒣṊ㐨ࠕ࢔࣓ࣜ࢝࡟࠾ࡅࡿἲே⛯ࡢⓎ㐩̿㸺ἲே̿ᰴ୺㸼ㄢ⛯ࢆ୰ᚰ࡟㸦1㸧
࣭
㸦2㸧
࣭
㸦3㸧
࣭
㸦4㸧᏶ࠖ໭኱ἲᏛㄽ
㞟 24 ᕳ 2 ྕ 233 㡫࣭26 ᕳ 2 ྕ 139 㡫࣭4 ྕ 591 㡫࣭28 ᕳ 2 ྕ 279 㡫ࠊྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉ᘧ(1)࣭
㸦2㸧
࣭
㸦3㸧
࣭
㸦4㸧᏶ࠖ
ࠗἲᏛ༠఍㞧ㄅ࠘➨ 120 ᕳࠊ➨ 3 ྕ 508 㡫௨ୗ
ࡀヲࡋ࠸ࠋ
34 ໭ᮧ㇏
ࠕࣁ࢖ࣈࣜࢵࢻドๆࡢ⛯ົୖࡢྲྀᢅ࠸࡟ࡘ࠸࡚̿U.S.Bancorp ࡟ࡼࡿ᭱㏆ࡢⓎ⾜౛ࢆ⣲ᮦ࡜ࡋ࡚ࠖࠗNBL࠘ 857 ྕ 46 㡫㸦2007㸧ࠋ
35 ᮏᗉ㈨⦅ⴭࠊᱵ㎷㞞᫓࣭㡲⸨୍ᮁⴭࠗࢱࢵࢡࢫ࣭ࢩ࢙ࣝࢱ࣮஦౛◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2004㸧
࠾ࡼࡧࠊDAVID C. GARLOCK ET AL., FEDERAL INCOME TAXATION OF DEBT INSTRUMENTS (6th ed.,
CCH 2006).ࡀヲࡋ࠸ࠋ
36 Technical Advice Memorandum (TAM) 199910046 (1999)ࡣ࢔࣓ࣜ࢝ IRS ࣮࣒࣮࣍࣌ࢪࡼࡾ᳨
⣴ࢲ࣮࢘ࣥࣟࢻྍ⬟ࠋ37 ๓ᥖὀ㸦36㸧࡟㠀ᖖ࡟ලయⓗ࡞౛♧ࢆࡋ࡚♧ࡋ࡚࠸ࡿࠋ໭ᮧ㇏ࠕࣁ࢖ࣈࣜࢵࢻドๆࡢ⛯ົୖࡢྲྀᢅ࠸࡟ࡘ࠸࡚̿U.S.Bancorp ࡟ࡼࡿ᭱㏆ࡢⓎ⾜౛ࢆ⣲ᮦ࡜ࡋ࡚ࠖ
ࠗNBL࠘857 ྕ 46 㡫㸦2007㸧ࢆཧ↷ࠋ14 ᮏㄽᩥ࡛ࡣ஧ศἲࡢṔྐ࠿ࡽࠊෆᅜṓධἲ඾i385 ࡢ๰タ࡜㈈ົ┬つ๎Ⓨ௧࠾ࡼࡧ᧔ᅇࡢ㐣⛬ࠊ࠾ࡼࡧࠊi163(j)ࡢ๰タࡲ࡛ࢧ࣮࣋࢖ࡍࡿࠋࡑࡋ࡚㏆ᖺ࡟࠾࠸࡚㛤Ⓨࡉࢀࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫ
ࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ㈈ົ┬ཬࡧෆᅜṓධᗇࡢᑐᛂࢆᴫほࡍࡿ38ࠋ ௨ୖࡢㄽⅬࢆ㋃ࡲ࠼ࠊᮏㄽᩥ➨ 2 ❶ࡣࢃࡀᅜ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢἲே⛯ἲୖࡢྲྀᢅࢆ⪃࠼ࡿୖ࡛ཧ⪃࡟ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࢔࣓ࣜ࢝ࡢ⛯ไ࡟ࡘ࠸࡚ࡲ࡜ࡵࡿࡶࡢ࡛࠶ࡿࠋ
 ➨ 1 ⠇ࡣ࢔࣓ࣜ࢝࡟࠾ࡅࡿ Debt ࡜ Equity ஧ศἲࡢṔྐࢆࡲ࡜ࡵࡿࠋ➨ 2 ⠇࡛ࡣ࢔࣓ࣜ࢝ෆᅜ
ṓධἲ඾i385 ࡜㈈ົ┬つ๎ࡢṔྐ࡟ࡘ࠸࡚ࠊ➨ 3 ⠇࡛ࡣ࢔࣓ࣜ࢝ෆᅜṓධἲ඾§163(j)㸦࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ᮲㡯㸧ࡢ๰タ࡟ࡘ࠸࡚ࡲ࡜ࡵ࡚࠶ࡿࠋ➨ 4 ⠇࡛ࡣࠊ㏆ᖺ࡟࠾ࡅࡿ࢔࣓࡛ࣜ࢝ࡢ
ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡘ࠸࡚ࠊARCNsࠊMIPSࠊTOPrS ࢆࡲ࡜ࡵࠊ᭱㏆ࡢ஦౛࡛࠶
ࡿ U.S.Bancorp ࡟ࡼࡿ ICONs ࡟ࡘ࠸࡚ࡲ࡜ࡵࡿࠋ ࢃࡀᅜࡣࠊ⛒⛯≉ูᥐ⨨ἲ 66 ࡢ 5ࠊ⛒⛯≉ูᥐ⨨ἲ᪋⾜௧ 39 ࡢ 13 ࡟࠾࠸࡚ࠊ㐣ᑡ㈨ᮏ⛯ไࢆ
ᖹᡂ 4 ᖺᗘ࠿ࡽᩜ࠸࡚࠾ࡾࠊᖹᡂ 18 ᖺᗘ࡟࠾࠸࡚ᨵṇࡀ⾜ࢃࢀ࡚࠸ࡿ39ࠋࡋ࠿ࡋࡇࡢᥐ⨨ἲ࡟⏝࠸ࡽࢀ࡚࠸ࡿࠕ㈇മࠖࡢᴫᛕࡣࠊᖒ⡙ୖࠊࡍ࡞ࢃࡕ఍♫ἲィ⟬つ๎࡟ᐃࡵࡿࠕ㈇മ࡛ࠖ࠶ࡾࠊᥐ⨨ἲ࡟ᐃࡵࡿࠕ㈨ᮏࠖࡢᴫᛕࡣࠊ
ࠕ㈨⏘ࠖࡢ㢠࠿ࡽࠕ㈇മࠖࡢ㢠ࢆ᥍㝖ࡉࢀࡓࡶࡢ࡜࠸࠺௙⤌ࡳ࡜࡞ࡗ࡚
࠸ࡿࡇ࡜࠿ࡽࠊἲே⛯ἲ࡟࠾ࡅࡿࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡜ࡢᓧูᇶ‽ࡢࢥ࣮ࣟࣛࣜ࡜ࡋ࡚
ᑟ࠿ࢀࡿ Equity ࡜ Debt ࡜࠸࠺ࡶࡢ࡜ᇶ‽ࢆ␗࡟ࡋ࡚࠸ࡿࡇ࡜ࡀࢃ࠿ࡿࠋࡍ࡞ࢃࡕࠊἲே⛯ἲ࡟࠾࠸࡚ࡣࠊྲྀᘬࡢᛶ㉁ࢆࠕ㈨ᮏ➼ྲྀᘬࠖ࠿ࠕᦆ┈ྲྀᘬࠖ࠿ࡢᓧูࡀ➨ 1 ࡛࠶ࡾࠊࡑࡢᓧู࡟ᚑ࠸ࠊ⮬ືⓗ࡟ Equity ࡜ Debt ࡀᐃࡲࡿ௙⤌ࡳ࡛࠶ࡿࠋࡋ࠿ࡋࠊ㐣ᑡ㈨ᮏ⛯ไࡀ᥇ࡿ⪃࠼᪉ࡣࠊඛ࡟ࠕDebtࠖ
࡜ࠕEquityࠖࢆᐃࡵࡿࡇ࡜࡟ࡼࡾࠊྲྀᘬࡢᛶ㉁Ỵᐃࢆࢫ࣮ࣝࡋ࡚ࠊ
ࠕᦆ㔠ࠖ࡜ࡋ࡚ㄆࡵࡽࢀࡿ㢠ࢆỴᐃࡍࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡿࠋ࠶ࡿព࿡࡛ࠊἲே⛯ἲ࡜཯ᑐࡢㄽἲ࡛࠶ࡿࠋ㐣ᑡ㈨ᮏ⛯ไ࡟࠾ࡅࡿᨭ
ᡶ฼Ꮚࡢᦆ㔠ྰㄆࡣ⥲㔞つไ࡟ࡼࡾࠊᖒ⡙ୖࡢࠕ㈨ᮏࠖ࡜ࠕ㈇മࠖࡢẚ⋡࡟ࡼࡾ⾜ࢃࢀࡿࡀࠊ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እྲྀᘬ࡟࠾࠸࡚ࡣἲே⛯ἲ࡟ࡼࡾᨭᡶ฼Ꮚࡢᦆ㔠ྰㄆࢆ⾜࠺ࡇ࡜࡜࡞ࡿࠋࡋ࠿ࡋࠊ
ἲே⛯ἲ࡟࠾࠸࡚ࡣࠊ㛵㐃௻ᴗࢢ࣮ࣝࣉ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠ྰㄆࢆ⾜࠸࠺ࡿ㐣ᑡ㈨ᮏ⛯ไࡢ௦᭰
38 ࢔࣓ࣜ࢝஧ศἲࡢṔྐ࡟㛵ࡋ࡚ࡣࠊỈ㔝ᛅᜏࠗ࢔࣓ࣜ࢝ἲே⛯ࡢἲⓗᵓ㐀̿ἲேྲྀᘬࡢㄢ⛯⌮ㄽ࠘࢜ࣥࢹ࢕࣐ࣥࢻ∧㸦᭷ᩫ㛶ࠊ2003㸦ึฟ 1988㸧㸧ࢆࠊࡲࡓෆᅜṓධἲ඾i385 ࡢṔྐ࡟㛵ࡋ࡚ࡣࠊỈ㔝࣭๓ᥖ᭩࠾ࡼࡧࠊྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉ᘧ(1)࣭
㸦2㸧
࣭
㸦3㸧
࣭
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ࠗἲᏛ༠఍㞧ㄅ࠘➨ 120 ᕳࠊ➨ 1 ྕ 1 㡫ࠊ➨ 3 ྕ 508 㡫ࠊ➨ 5 ྕ 877 㡫ࠊ➨ 7 ྕ 1339 㡫㸦2003㸧
ࡀ࠶ࡿࠋi163(j)࡟ࡘ࠸࡚ࡣࠊᮏᗉ㈨ࠕ㛵㐃௻ᴗࢢ࣮ࣝࣉෆ㒊ྲྀᘬ—㐣ᑡ㈨ᮏ⛯ไࠊ࢔࣮ࢽࣥࢢ࣭
ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࠖ
ࠗ⛒⛯◊✲࠘11ࠊ131 㡫㸦2009㸧ࠊΏ㎶໏ࠕࠗ㠀ㄢ⛯㛵㐃⪅࡟ᑐࡍࡿᨭᡶ
฼Ꮚࡢᦆ㔠⟬ධไ㝈つᐃ࠘࡟㛵ࡍࡿ⡿ᅜ㈈ົ┬つ๎᱌ࡢᴫせࠖ
Vol.11ࠊ
No.9ࠗInternational Taxation࠘
24 㡫(1991)ࠊΏ㑔ᖾ๎ࠕ࢔࣮ࢽࣥࢢࢫ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࡢ㐺⏝ୖࡢၥ㢟Ⅼ࡟ࡘ࠸࡚ࠖ
ࠗInternational Taxation࠘Vol.11ࠊNo.12ࠊ10 㡫(1991)ࠊ࠾ࡼࡧ DAVID C. GARLOCK ET AL., FEDERALINCOME TAXATION OF DEBT INSTRUMENTS (6th ed., CCH 2006)➼ࡀ࠶ࡿࠋ39 㐣ᑡ㈨ᮏ⛯ไࡢヲ⣽࡟ࡘ࠸࡚ࡣᮏᗉ㈨࣭⸨஭ಖ᠇ࠗἲே⛯ἲ࠙ᐇົ࡜⌮ㄽࠚ࠘㸦ᘯᩥᇽࠊ2008㸧
316 㡫௨ୗࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡢၥ㢟Ⅼ࡟ࡘ࠸࡚ࡣࠊబ⸨ⱥ᫂ࠕ㐣ᑡ㈨ᮏ⛯ไࠖࠗ᪥⛯◊ㄽ㞟࠘33 ᕳ 91 㡫㸦1995㸧ࠊྠࠕࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ᛶ࡜ࡑࡢၥ㢟Ⅼࠖࠗࢪࣗࣜࢫࢺ࠘No.1075ࠊ26 㡫(1995)ࠊ
⩚ᗋṇ⚽ࠕ㐣ᑡ㈨ᮏ⛯ไࡢၥ㢟ⅬࠖỈ㔝ᛅᜏ⦅ⴭࠗ஧ゞ∧ ᅜ㝿ㄢ⛯ࡢ⌮ㄽ࡜ㄢ㢟࠘㸦⛯ົ⤒⌮༠఍ࠊ
2004㸧157 㡫ࠊྜྷᕝಖᘯ࣭ᒾᮏὒ୍ࠕ㐣ᑡ㈨ᮏ⛯ไࡢ⌮ᛕ࡜ㅖၥ㢟ࠖࠗ⛯኱ㄽྀ࠘37 ྕ 79 㡫ࠊྂ㈡ᫀᬕࠕ㐣ᑡ㈨ᮏ⛯ไ࡜஧㔜ㄢ⛯ࡢ᤼㝖ࠖࠗ⛯◊࠘㸦᪥ᮏ⛯ົ◊✲ࢭࣥࢱ࣮ࠊ2008㸧106 㡫ࠊṊ⏣ᫀ
㍜ࠕᅜ㝿ㄢ⛯ࡢᴫせ࡜᳨ウ(3)̿ᅜእᨭ㓄ᰴ୺➼࡟ಀࡿ㈇മ฼Ꮚ➼ࡢㄢ⛯㸦㐣ᑡ㈨ᮏ⛯ไ㸧ࠖࠗ⛯ົ஦౛࠘Vol.41ࠊNo.3 ࠊ77 㡫(2009)➼ࡀ࠶ࡿࠋ15

つᐃࡣᏑᅾࡋ࡞࠸ࠋἲே⛯ἲࡣࠊἲே⛯ἲ 22 ᮲࡟ࡼࡾྲྀᘬࢆಶู࡟ᓧูࡍࡿࡓࡵ㐣ᑡ㈨ᮏ⛯ไࡢࡼ࠺࡟ᙧᘧⓗ࡟ᨭᡶ฼Ꮚࡢᦆ㔠ྰㄆࢆ⾜࠺ࡇ࡜ࡣ࡛ࡁ࡞࠸ࠋࡲࡓࠊ㐣ᑡ㈨ᮏ⛯ไ࡟ࡼࡾྰㄆࡉࢀࡓ
Debt ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢศ㢮ࡣࠕ฼Ꮚࠖ࡞ࡢ࠿ࠕ㓄ᙜࠖ࡞ࡢ࠿࡜࠸࠺ᛶ᱁ࡢ㐺᱁ᛶ࡟ࡘ࠸࡚ࡢၥ
㢟ࡀ⛒⛯᮲⣙ୖⓎ⏕ࡍࡿࡇ࡜ࡶᣦ᦬ࡉࢀ࡚࠸ࡿ40ࠋ ࢃࡀᅜ஦ᴗ఍♫࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺⓎ⾜஦౛ࡣࡇࡢᩘᖺቑຍࡋ࡚࠸ࡿࠋ
2001
ᖺ࡟ NEC ࡀࢺࣛࢫࢺඃඛドๆࢆⓎ⾜41ࡋ࡚௨᮶ࠊ
2006 ᖺ࡟ࡣ࢖࢜ࣥ(ᰴ)ࡀ┤᥋Ⓨ⾜ᆺࡢࣁ࢖ࣈࣜࢵ
ࢻドๆࢆⓎ⾜ࡋࡓࠋ┤㏆࡛ࡣᮾὒ⣳⦼(ᰴ)ࡀ 2009 ᖺ 2 ᭶࡟ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋࡓࠋࡇࢀࡽࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽⓎ⏕ࡍࡿ฼ᡶ࠸㸦࢖࣮ࣝࢻࡢᨭᡶ㸧ࡢᦆ㔠⟬ධ࡟ࡘ࠸࡚ࡢไ㝈࠶ࡿ࠸ࡣྰㄆࡣ⌧⾜ἲே⛯ἲ࡟࠾࠸࡚ྍ⬟࡞ࡢࡔࢁ࠺࠿ࠋࡇࡢၥ㢟ࡣ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እ࡛࠶ࡿࠋࡋࡓࡀࡗ࡚ἲே⛯ἲ࡟࠾࠸࡚ᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆ⾜ࢃ࡞ࡅࢀࡤ࡞ࡽ࡞࠸
ࡀࠊࡑࡢࡓࡵ࡟ࡣ┤᥋Ⓨ⾜ᆺࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡘ࠸࡚ࡣࠊᙜヱࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀ Debt ࡛࠶ࡿࡢ࠿ Equity ࡛࠶ࡿࡢ࠿࡜࠸࠺㐺᱁ᛶุ᩿ࡀࠊࡲࡓ TOPrS ᆺࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟࠾࠸࡚ࡣࠊぶ఍♫ࡀⓎ⾜ࡋ࡚࠸ࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥ
ࢺࡢ Debt㸭Equity 㐺᱁ᛶุ᩿つᐃࡀἲே⛯ἲୖᚲせ࡜࡞ࡿࠋ ௨ୖࡢࡼ࠺࡞ほⅬ࠿ࡽࠊ➨ 3 ❶ࡣࠊከᅜ⡠௻ᴗࡀࢃࡀᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥ
ࢫࢶ࣓ࣝࣥࢺࢆᏊ఍♫࡟Ⓨ⾜ࡍࡿࡇ࡜࡟ࡼࡿㄢ⛯࣮࣋ࢫᾐ㣗ࡢ㜵⾨⟇࡜ࡋ࡚ࡢ㐣ᑡ㈨ᮏ⛯ไ࡜ࠊࢃࡀᅜ஦ᴗ఍♫ࡀⓎ⾜ࡋ࡚࠸ࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡘ࠸࡚⪃ᐹࡍࡿࠋ ➨ 1 ⠇࡛ࡣࠊ㐣ᑡ㈨ᮏ⛯ไࡢព⩏࡟ࡘ࠸࡚ࡲ࡜ࡵࠊ➨ 2 ⠇࡛ࡣ㐣ᑡ㈨ᮏ⛯ไ࡟ᑐࡍࡿ OECD ࡢ⪃࠼᪉ࠊ➨ 3 ⠇࡟࡚㐣ᑡ㈨ᮏ⛯ไ࡟ᑐࡍࡿ OECD ࣔࢹࣝ⛒⛯᮲⣙ࡢࢥ࣓ࣥࢱ࣮ࣜ࡟ࡘ࠸࡚ࡲ࡜ࡵ
ࡿࠋ➨ 4 ⠇࡛ࡣⱥ⡿࡛᥇⏝ࡋ࡚࠸ࡿಶูⓗ࡞つไ᪉ᘧ࡜ࠊࢃࡀᅜ࠾ࡼࡧ኱㝣࡛୺࡟᥇⏝ࡉࢀ࡚࠸ࡿ⥲㔞つไ᪉ᘧ࡟ࡘ࠸࡚ࡑࡢ㛗▷ࢆࡲ࡜ࡵࡿࠋ➨ 5 ⠇࡛ࡣࢃࡀᅜ࡟࠾ࡅࡿ㐣ᑡ㈨ᮏ⛯ไ๰タࡢ⫼ᬒ࠿ࡽ 18 ᖺᗘᨵṇࡲ࡛ᩚ⌮ࡋࠊ㐣ᑡ㈨ᮏ⛯ไ࡟࠾࠸࡚⏝࠸ࡽࢀࡿ㈨ᮏࠊ㈇മࡢᴫᛕ࡜ἲே⛯ἲ࡟࠾ࡅࡿࡑࢀࡽ࡜ࡢ㐪࠸ࢆ᫂ࡽ࠿࡟ࡍࡿࠋ➨ 6 ⠇࡛ࡣᮏㄽᩥ඲యࢆὶࢀࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥ
ࢺ࡟ࡘ࠸࡚ព⩏ࠊṔྐ࠾ࡼࡧࢃࡀᅜ࡟࠾ࡅࡿ஦ᴗ఍♫ࡀⓎ⾜ࡋࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ
࡟ࡘ࠸࡚ᩚ⌮ࡍࡿࠋ➨ 7 ⠇࡛ࡣࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿᑐᢠᡭẁ࡜ࡋ࡚ࡢ㐣ᑡ㈨ᮏ⛯ไࡢ࠶ࡾ᪉࠾ࡼࡧ⬤ᙅᛶ࡟ࡘ࠸࡚ၥ㢟Ⅼࢆᣠ࠸ฟࡋ᳨ウࢆ⾜࠺ࠋ➨ 8 ⠇࡛ࡣࢃࡀᅜ࡛ࡣ࡞ࡌࡳ
ࡢᑡ࡞࠸ᙉไ㌿᥮♫മࢆ౛࡟ࡋ࡚ࠊᨭᡶ฼Ꮚᦆ㔠᥍㝖ྰㄆ࡟ࡘ࠸࡚⌧⾜ἲே⛯ἲ࡟࠾࠸࡚ࡑࢀࡀྍ
⬟࡞ࡢ࠿᳨ウࡋࠊ➨ 9 ⠇࡟࠾࠸࡚ἲே⛯ἲ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࡢ๰タࡢᚲせᛶ࡟ࡘ࠸࡚୺ᙇࡍࡿࠋ ᮏㄽᩥࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿࢡࣟࢫ࣭࣮࣎ࢲ࣮࡞ᡤᚓ⛣㌿࡟⏝࠸ࡽࢀࡿ⛒⛯⿢ᐃ࡟ᑐᢠࡍࡿࡓࡵࠊ⛒⛯᮲⣙࡜ἲே⛯ἲࡢ୧᪉ࡢほⅬ࠿ࡽ⪃ᐹࡍࡿࠋ ᅜ㝿ⓗᒁ㠃࡟ࡘ࠸࡚ࡳࢀࡤࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡣࠊྛᅜࡢ⛯ไࡢ㐪࠸࡟ࡼࡿ⿢ᐃ42
40 ࡇࡢၥ㢟࡟ࡘ࠸࡚ࡣࠊ㇂ཱྀໃὠኵࠗ⛒⛯᮲⣙ㄽ—⛒⛯᮲⣙ࡢゎ㔘ཬࡧ㐺⏝࡜ᅜෆἲ—࠘㸦Ύᩥ♫ࠊ

1999㸧150 㡫௨ୗࠋ
41 NEC ࡟ࡼࡿඃඛฟ㈨ドๆࡢⓎ⾜࡟ࡘ࠸࡚ࡣࠊྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉
ᘧ(1)࣭
㸦2㸧
࣭
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࣭
㸦4㸧᏶ࠖ
ࠗἲᏛ༠఍㞧ㄅ࠘➨ 120 ᕳࠊ➨ 1 ྕ 1 㡫ࠊ15 㡫࡟࡚ࠊࡲࡓࠊΏ㎶⿱Ὀࠗࣇ࢓࢖ࢼࣥࢫㄢ⛯࠘㸦᭷ᩫ㛶ࠊ2006㸧182 㡫࡟࡚ゎㄝࡀ࡞ࡉࢀ࡚࠸ࡿࠋ
42 ࡇࡇ࡛࠸࠺⿢ᐃ࡜ࡣࠊ⤒῭ⓗ࡞୰㌟ࡣ඲ࡃኚࢃࡽ࡞࠸ࡢ࡟ࠊᅜ࡟ࡼࡿ⛯ไࡢ௙⤌ࡳࢆ฼⏝ࡋ࡚ࠊ㧗ㄢ⛯ᡤᚓ࠿ࡽపㄢ⛯ᡤᚓ࡬ᡤᚓࢆ⛣㌿ࡍࡿࡇ࡜ࠊ࠶ࡿ࠸ࡣ஧㔜ࡢ㠀ㄢ⛯ࢆாཷࡍࡿࡇ࡜࡞࡝ࢆព
16ᶵ఍ࢆ฼⏝ࡋ࡚ࠊ」ᩘᅜ࠿ࡽࢱࢵࢡࢫ࣭࣋ࢿࣇ࢕ࢵࢺࢆாཷࡍࡿᅜ㝿ⓗ⛒⛯⿢ᐃ࡜࠸࠺ၥ㢟ࢆㄏⓎ
ࡍࡿ43ࠋ୍᪉ࡢᅜ࡟࠾࠸࡚ࡣ┈㔠࡟⟬ධࡉࢀࡎࠊ௚᪉ࡢᅜ࡟࠾࠸࡚ࡣᦆ㔠᥍㝖ࡀྍ⬟࡞ၟရタィࡣᐜ࡛᫆࠶ࡿࠋᅜࡈ࡜࡟ࡳࢀࡤྲྀᘬࡢ␗ᖖᛶࡣ࡞࠸ࡀࠊ」ᩘᅜࡢྲྀᘬ඲యࢆࡲ࡜ࡵ࡚ࡳࡿ࡜ࠊ඲య࡜
ࡋ࡚ྲྀᘬࢆ⾜ࡗ࡚࠸ࡿ㛵㐃௻ᴗࢢ࣮ࣝࣉࡀ㈇ᢸࡍࡿ⛯㔠ࡢᐇຠ⛯⋡ࢆୗࡆ࡚࠸ࡿ࡜࠸࠺ၥ㢟࡛࠶ࡿࠋ㛵㐃௻ᴗࢢ࣮ࣝࣉ࡟࠾ࡅࡿྲྀᘬ࡟ࡣࠊḟࡢ 2 ᒁ㠃ࡀ᝿ᐃࡉࢀࡿࠋ
ձከᅜ⡠௻ᴗࡀእᅜ࡟ぶ఍♫ࢆࠊࢃࡀᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊእᅜぶ఍♫ࡀࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ
࣓ࣝࣥࢺࢆࢃࡀᅜᏊ఍♫࡟ᑐࡋ࡚Ⓨ⾜ࡍࡿሙྜࠊ࠾ࡼࡧղࢃࡀᅜ࡟タ⨨ࡉࢀࡓぶ఍♫ࡀእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊぶ఍♫ࡀࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋࠊࡑࢀ࡟እᅜᏊ఍♫ࡀᢞ㈨ࡍࡿሙ
ྜࠊ࡟ࡘ࠸࡚࡛࠶ࡿࠋ ձ࡟ࡘ࠸࡚ࡣࠊ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬ෆ࡛ࡢၥ㢟࡛࠶ࡿࡀࠊղࡢၥ㢟ࡣࠊඛ࡟㏙࡭ࡓࡼ࠺࡟㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እࡢၥ㢟࡛࠶ࡾࠊἲே⛯ἲ࡟ࡼࡾᑐฎࡉࢀ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ ࠸ࡎࢀࡢሙྜ࡟࠾࠸࡚ࡶ᳨ウࢆせࡍࡢࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ⛒⛯ἲୖࡢ Debt
㸭Equity 㐺᱁ᛶุ᩿ࡀᅜ࡟ࡼࡗ࡚␗࡞ࡿࡇ࡜࡜ࠊἲⓗ஧㔜ㄢ⛯ࢆ᤼㝖ࡍࡿࡓࡵྛᅜࡀᩜ࠸࡚࠸ࡿῶ
චᥐ⨨ࢆ฼⏝ࡋ࡚ぶᏊࢢ࣮ࣝࣉ࡟࠿࠿ࡿ඲య࡜ࡋ࡚ࡢ⛯㔠ࢆ᭱ᑠ࡟ᢚ࠼ࡿࡓࡵࡢࢫ࣮࣒࢟ࠊ
ࣉࣟࢩ࣮ࢪ࣮ࣕࢆྜἲⓗ࡟సࡾୖࡆ࡚ࡋࡲ࠺ࡇ࡜࡟࠶ࡿࠋ ᡤᚓ⛣㌿ࢆࡉࢀࡿ㸦ᡤᚓࢆᘬࡁᢤ࠿ࢀࡿ㸧ഃࡢᅜ࡟࠾࠸࡚ࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ
ࢆ Debt ࡜ࡋ44ࠊࡑࢀ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆࠕᨭᡶ฼Ꮚࠖ࡜ࡋ࡚⏦࿌ࡍࡿࡇ࡜࡟ࡼࡾࠊ୍⯡࡟ࡑࡢᅜࡢἲே⛯ࢆචࢀࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࠋḟ࡟ᡤᚓࢆ⛣㌿ࡍࡿ㸦ᡤᚓࢆᣢࡕ㎸ࡴ㸧ഃࡢᅜ࡟࠾࠸࡚ࡣࠊ
ᙜヱ࢖࣮ࣝࢻࢆ※Ἠᆅᅜ㛵㐃఍♫࠿ࡽࡢࠕཷྲྀ㓄ᙜࠖ࡜࠸࠺ᙧ࡟ࡍࡾ᭰࠼࡚ࠊぶᏊ఍♫㛵ಀࡢ஧㔜ㄢ⛯᤼㝖ࡢࡓࡵࡢῶචつᐃࡢᜠ඾ࢆᤵ࠿ࡾࠊ
୧ᅜ࠿ࡽㄢ⛯ࡉࢀࡿἲே⛯඲యࡢῶᑡࢆ≺࠺ࡢ࡛࠶ࡿࠋ
ࡉࡽ࡟ࡣࠊ
ࠕ฼Ꮚࠖ
ࠊ
ࠕ㓄ᙜࠖ࡟ᑐࡍࡿ※Ἠᚩ཰⛯ࡢ᭷↓ࡶど㔝࡟ධࢀ࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝ
ࣥࢺࢆࢸ࢖࣮࣭࣓ࣛ࢖ࢻ࡟タィࡍࡿࡢ࡛࠶ࡿࠋࡇࡢࢫ࣮࣒࢟ࡀ࣮࣡ࢡࡍࢀࡤࠊϸ㸧※Ἠᆅᅜ࡟࠾ࡅ
ࡿእᅜἲே⛯ࡢῶᑡࠊϹ㸧※Ἠᚩ཰⛯ࡢῶᑡࠊϺ㸧ᒃఫᆅᅜ࡟࠾ࡅࡿἲே⛯ࡢῶᑡ࡜࠸࠺ 3 ࡘࡢ≉඾ࢆྠ᫬࡟ாཷࡋ࡞ࡀࡽࠊዲࡁ࡞ᅜ࡬ࡢᡤᚓ㸦㈨ᮏ㸧ࡢ⛣㌿ࢆᐜ᫆࡟⾜࠺ࡇ࡜ࡇ࡜ࢆྍ⬟࡟ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࡢ࡛࠶ࡿ45ࠋ ࡇࡇ᳨࡛ウࢆせࡍࡿၥ㢟࡜ࡋ࡚ࠊ஧ᅜ㛫⛒⛯᮲⣙࡟࠾࠸࡚ࠕ฼Ꮚࠖ࡜ࠕ㓄ᙜࠖࡢᡤᚓ✀㢮࡟㛵ࡍࡿᐃ⩏᮲㡯ࡀᐃࡵࡽࢀ࡚࠸ࡿࡀࠊࣉࣜࢨ࣮࣋ࢩ࣭ࣙࣥࢡ࣮ࣟࢬࡢ㐺⏝࡟ࡼࡾ⣡⛯⪅࡟ᑐࡋ࡚᭷฼࡟
స⏝ࡍࡿࡼ࠺㑅ᢥ㐺⏝ࡀ࡞ࡉࢀࡿࠊ࠶ࡿ࠸ࡣࠊࣉࣜࢨ࣮࣋ࢩ࣭ࣙࣥࢡ࣮ࣟࢬࡢ㐺⏝ࡀ࠶ࡿࡢࡣ⣡⛯࿡ࡍࡿࠋReuven S. Avi-Yonah, International Tax as International Law - An Analysis of the International Tax Regime (Cambridge 2007) at 186 ➼ࠋ
43 ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿᅜ㝿ⓗ⛒⛯⿢ᐃࡢၥ㢟࡟ࡘ࠸࡚ࡢඛ⾜◊✲࡜ࡋ࡚ࠊᮏᗉ㈨ࠕ㛵㐃௻ᴗࢢ࣮ࣝࣉෆ㒊ྲྀᘬ—㐣ᑡ㈨ᮏ⛯ไࠊ࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࠖ11ࠗ⛒⛯◊✲࠘131 㡫㸦2009㸧ࠊMartin Alexsander Six, Hybride Finanzierung im Internatinalen
Steuerrecht- am Beispiel von Genussrechten, (Linde 2007)ࠊAndrey Krahmal, Hybrid Instruments: Jurisdiction Dependent Characteristics, 5 HOUS.BUS. & TAX L.J. 1 (2005)ࠊEva Eberhartinger & Martin Alexander Six, Taxation of Cross-Border Hybrid Finance - A Legal Analysis,
SSRN 1080549(2007), Intertax (2009)ࡀᣲࡆࡽࢀࡿࠋ
44 ࡑࡢᅜࡢ⛒⛯ἲ௧ୖ Debt ࡜ᢅࢃࢀࡿࡼ࠺࡟࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ௙⤌ࡴࡢ࡛࠶ࡿࠋ
45 ࡇࡢࡼ࠺࡞ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡜᮲⣙ࢆ⏝࠸ࡓ⛒⛯⿢ᐃࡢၥ㢟࡟ᑐࡋ࡚ࠊ⌮ㄽⓗ࡞ศᯒࢆࡋ࡚࠸ࡿㄽᩥ࡜ࡋ࡚Eva Eberhartinger & Martin Alexander Six, Taxation of Cross-Border
Hybrid Finance - A Legal Analysis, SSRN 1080549(2007), Intertax (2009)ࡀ࠶ࡿࠋ
17

⪅࡟᭷฼࡞ᅜෆ⛯ἲୖࡢつᐃ࡛࠶ࡿ࡞࡝࡜ゎ㔘ࡉࢀ࡚࠸ࡿ46ࡼ࠺࡟ཷ㡿ࡋࡓ࢖࣮ࣝࢻ࡟ᑐࡋ࡚ᅜෆ
⛯ἲࢆ㐺⏝ࡋ࡚ࠊ⣡⛯⪅࡟࡜ࡗ࡚᭷฼࡞ࡼ࠺࡟ࠕ฼Ꮚࠖ࠶ࡿ࠸ࡣࠕ㓄ᙜࠖ࡜ᡤᚓศ㢮ࢆኚ᭦ࡍࡿࡇ࡜ࡣチᐜࡉࢀࡿ࡜࠸࠺Ⅼ࡛࠶ࡿࠋ ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃࡢ᰿ᮏࡣྛᅜࡀᑟධࡋ࡚࠸ࡿㄢ⛯ࢩࢫࢸ࣒ࡢ㈇മࣂ࢖࢔ࢫ࡟࠶ࡿࡇ࡜ࡣ☜࠿࡛࠶ࡿ47ࡀࠊ஧ᅜ㛫⛒⛯᮲⣙ࡀࠊ஧㔜ㄢ⛯᤼㝖ࢆពᅗࡋࡓࡶࡢ࡛࠶ࡾࠊ
ࡑࡢྲྀࡾỴࡵ࡟ᙉไຊࡀ࡞ࡃࠊゎ㔘࡟ࡼࡾኚᙧࡀྍ⬟࡛࠶ࡿ࡜࠸࠺Ⅼ࡟࠶ࡿࠋOECD ࣔࢹࣝ⛒⛯᮲
⣙48࡟࠾࠸࡚ࡣࠊᇶᮏⓗ࡟ᨭᡶᅜ࡟࠾࠸࡚⛯ົୖࡢἲ௧࡛ࠕ㓄ᙜࠖ࡜࡞ࡉࢀ࡚࠸ࡿ࢖࣮ࣝࢻࡣཷ㡿ᅜ࡟࠾࠸࡚ࡶࠕ㓄ᙜࠖ࡜ᢅ࠺᪨ࡢ᮲㡯ࡀᏑᅾࡋ࡚࠸ࡿࡀࠊࡑࢀ࡟ࡋࡓࡀࢃ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࡜࠸࠺
ᙉไἲ࡛ࡣ࡞࠸ࠋ ࡑࡇ࡛ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ※ἨᆅᅜᏊ఍♫࡟࠾࠸࡚ࡣ Debt ࡜ࡋ࡚⏦࿌ࡋࠊᨭᡶ฼Ꮚࡢᦆ㔠⟬ධࢆ⾜࠸ࠊእᅜἲே⛯ࢆῶᑡࡉࡏࠊぶ఍♫ᒃఫᆅᅜ࡟࠾࠸࡚ࡣ Equity ࡜ࡋ࡚እᅜ
Ꮚ఍♫࠿ࡽࡢཷྲྀ㓄ᙜ࡜⏦࿌ࡋ࡚ࠊእᅜᏊ఍♫㓄ᙜ㠀ㄢ⛯➼ࡢไᗘࢆ㐺⏝ࡍࡿࡇ࡜࡟ࡼࡾ㏻ᖖࡢ
Debt ࠶ࡿ࠸ࡣ Equity ࢆ⏝࠸ࡓሙྜ࡟ẚࡋ࡚ⴭࡋࡃᐇຠ⛯⋡ࡢపୗࡉࡏࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࠋࡇࡢ
ࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢ࡟ᑐࡋ࡚ᮏㄽᩥ࡛ࡣ஧ᅜ㛫࡟࠾ࡅࡿ⛯ไࡢ㐪࠸ࢆ฼⏝ࡋࡓ⛒⛯ᅇ㑊࡜ࡋ࡚୧ᅜ࡛ྰㄆࡍࡿᡭẁࢆ⪃࠼ࡿࠋࡑࡢࡓࡵ࡟ࠊ஧ᅜ㛫⛒⛯᮲⣙ࢆ⏝࠸ࡿࠋ⛒⛯᮲⣙ࡢ᮲㡯࡟࠾࠸࡚ࠊ
㏻ᖖࡢ Debt ࠶ࡿ࠸ࡣ Equity ࡟ࡼࡾྲྀᘬࢆ⾜ࡗࡓሙྜ࡟ẚࡋࠊ୧ᅜ࠿ࡽཷࡅࡿ⛯㈇ᢸࡀⴭࡋࡃῶᑡ
ࡋ࡚࠸ࡿሙྜࡣࠊ
ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃ࡛࠶ࡿ࡜ࡋ࡚ࡑࡢྲྀᘬࢆྰㄆࡋࠊ
⛒⛯⿢ᐃ࡟ࡼࡗ࡚ᚓࡓࢱࢵࢡࢫ࣭࣋ࢿࣇ࢕ࢵࢺศࢆ୧ᅜᨻᗓࡀ⛒⛯⿢ᐃࢆ⾜ࡗࡓ௻ᴗࡼࡾዣྲྀࡍࡿ
᪨ࢆ᭩ࡁ㎸ࡳࠊ᮲⣙ࢆ⏝࠸࡚⿢ᐃᶵ఍ࢆᾘ⁛ࡉࡏࡿ࡜࠸࠺⪃࠼᪉࡛࠶ࡿࠋࡇࡢࡼ࠺࡞ྲྀࡾỴࡵࢆ᮲⣙࡟࠾࠸࡚⾜࠼ࡤࠊᅜෆἲୖ Equity ࠿ Debt ࠿࡜࠸࠺㐺᱁ᛶࡢㄆᐃ࡟࠾࠸࡚㣗࠸㐪࠸ࡀฟࡓሙྜ࡛
࠶ࡗ࡚ࡶࠊ⤒῭ⓗ࡟⿢ᐃ⾜Ⅽࢆ₽ࡍࡇ࡜ࡀྍ⬟࡜࡞ࡾࠊ⛒⛯⿢ᐃࢆ㜵⾨ࡍࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࡢ࡛
ࡣ࡞࠸࠿࡜⪃࠼ࡿࠋ ࡋ࠿ࡋࠊ஧㔜ㄢ⛯᤼㝖ࢆ┠ⓗ࡜ࡋࡓ⛒⛯᮲⣙ࡀ࡝ࡇࡲ࡛ᙉไຊࢆ᭷ࡍࡿࡢ࠿ࠊ᮲⣙ࡢᨵゞࢆ⾜࠺᫬㛫ⓗࢫࣃࣥࡀ㠀ᖖ࡟㛗࠸49ࡇ࡜ࠊࡉࡽ࡟⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸࡞࠸ᅜ࡟ᑐࡋ࡚ࡣᑐᢠᡭẁ࡟࡞ࡽ࡞࠸࡜࠸࠺ၥ㢟ࡶ࠶ࡿࡀࠊ┤᥋᮲⣙࡟᭩ࡁ㎸ࡴࡇ࡜ࡀྍ⬟࡛࠶ࢀࡤ㠀ᖖ࡟᭷ຠ࡞ᡭẁ࡛࠶ࡿࠋ ࢃࡀᅜ࡛ࡣࠊᖹᡂ 21 ᖺᗘ⛯ไᨵṇ࡟ࡼࡾእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ㸦ἲἲ 23 ࡢ 2ࠊἲἲ 39 ࡢ 2㸧
46 ஭ୖᗤ୍࣭௰㇂ᰤ୍㑻ࠗ⛒⛯᮲⣙࡜ᅜෆ⛯ἲ࡜ࡢ஺㘒࠘㸦ၟ஦ἲົࠊ2007㸧37 㡫࡟⊃⩏ㄝࠊᗈ⩏ㄝࠊ㑅ᢥㄝࡢ 3 ࡘࡀグࡉࢀ࡚࠸ࡿࡀࠊ࠸ࡎࢀࡢㄝࢆ᥇ࡗ࡚ࡶ⣡⛯⪅࡟୙฼࡟࡞ࡿࡼ࠺࡞ᙉไ㐺⏝ࡣ࡞ࡉࢀ࡞࠸࡜ゎ㔘ࡉࢀࡿࠋ47 ᮏᗉ㈨ᩍᤵࡣࠊ
ࠕ⌧⾜ࡢ⪃࠼᪉࡛ࡣࢹࢵࢺ࣭ࣇ࢓࢖ࢼࣥࢫࡢᨭᡶ฼Ꮚࡢᦆ㔠⟬ධィୖࢆㄆࡵࠊ࢚
ࢡ࢖ࢸ࢕࣮࣭ࣇ࢓࢖ࢼࣥࢫࡢࢥࢫࢺࡢᦆ㔠⟬ධࢆㄆࡵ࡞࠸ࠊ㺃㺃㺃ࡇࢀࡀ㏫࡟฼⏝ࡉࢀ࡚ᵝࠎ࡞ၥ㢟ࢆ㉳ࡇࡍཎᅉࡢ୰ᚰ࡜࠸࠺ࡇ࡜࡟࡞ࠖࡿࠊ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋᮏᗉ㈨ࠕ㛵㐃௻ᴗࢢ࣮ࣝࣉෆ㒊ྲྀᘬ—㐣ᑡ㈨ᮏ⛯ไࠊ࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࠖ
ࠗ⛒⛯◊✲࠘11ࠊ135 㡫㸦2009㸧
ࠋ
48 OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 10 ࠾ࡼࡧ Art 11 ࡢゎ㔘࠾ࡼࡧࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼ
ࡿࠕ㓄ᙜࠖ࡜ࠕ฼Ꮚࠖࡢ※Ἠᆅᅜ࡜ཷ㡿ᅜࡢ㐪࠸ࢆ฼⏝ࡋࡓ⛒⛯⿢ᐃ࡟ࡘ࠸࡚ࡣࠊEva Eberhartinger& Martin Alexander Six, Taxation of Cross-Border Hybrid Finance - A Legal Analysis, SSRN
1080549(2007), Intertax (2009); Nadine Wiedermann-Ondrej, Hybrid Instruments and the Indirect Credit Method — Does it work?, Discussion Paper Nr. 19 International Tax Coordination
SFB; Martin Alexsander Six, Hybride Finanzierung im Internatinalen Steuerrecht- am Beispiel von Genussrechten, (Linde 2007).ࡀ࠶ࡿࠋ
49 ⛒⛯᮲⣙ࡢ⥾⤖࠾ࡼࡧᨵゞ࡟࠿࠿ࡿ᫬㛫ⓗࢫࣃࣥࡀ㠀ᖖ࡟㛗࠸ࡇ࡜࡟ࡘ࠸࡚ࠊቑ஭Ⰻၨࠕᅜ㝿ㄢ⛯࣮ࣝࣝࡢᏳᐃ࡜ኚື̿⛒⛯᮲⣙⥾⤖࡟ࡼࡿࣟࢵࢡ࣭࢖ࣥࠖ
ࠗ⛯኱ㄽྀ࠘40 ࿘ᖺグᛕㄽᩥ㞟ࠊ335㡫ࠋ18

ࡀ๰タࡉࢀࠊ㛫᥋እᅜ⛯㢠᥍㝖ࡀᗫṆࡉࢀࡓࠋእᅜᏊ఍♫฼┈ࡢᅜෆ࡬ࡢ㑏ὶ࡜஧㔜ㄢ⛯᤼㝖ᥐ⨨ࡢ⡆⣲໬ࢆ┠ⓗ࡜ࡋ࡚ᑟධࡉࢀࡓእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ㸦ἲἲ 23 ࡢ 2㸧࡛࠶ࡿࡀࠊ⡆༢࡞ヨ⟬ࢆ⾜࠼ࡤࠊࠕ฼Ꮚࠖ࡜ࠕ㓄ᙜࠖࢆ౑࠸ศࡅࡿࡇ࡜࡟ࡼࡾࠊྜἲⓗ࡟඾ᆺⓗ࡞ Debtࠊ࠶ࡿ࠸ࡣ඾ᆺⓗ࡞ Equity ࡢሙྜ࡟ẚࡋᐇຠ⛯⋡ࢆⴭࡋࡃⴠ࡜ࡍࡇ࡜ࢆྍ⬟࡟ࡍࡿࡇ࡜ࡀࢃ࠿ࡿࠋከᅜ⡠௻ᴗ࡟ࡼࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸ࡓࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢࡢࢶ࣮ࣝ࡜ࡋ࡚⏝࠸ࡽࢀࡿ༴
㝤ᛶࡀ㛫᥋እᅜ⛯㢠᥍㝖࡟ẚࡋ࡚኱ࡁࡃ࡞ࡗࡓࡇ࡜ࡶࡲࡓ☜࠿࡞ࡇ࡜࡛࠶ࡿࠋᮏㄽᩥ࡛ࡣࠊࡇࡢࡼ
࠺࡞⛒⛯⿢ᐃࢆࠕ⠇⛯ࠖ࡜ࡣࡳ࡞ࡉ࡞࠸❧ሙࢆ࡜ࡿࠋ ࡑࡇ࡛ࠊ➨㸯࡟⪃࠼࡞ࡃ࡚ࡣ࡞ࡽ࡞࠸ࡢࡣࠊ
ࠕ⠇⛯ࠖ࡜࠸࠺ྡࡢࡶ࡜࡛ࡢࠊ⛒⛯⿢ᐃࢆ࠸࠿࡟ࡋ࡚
⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡋࠊ
ࠕ⠇⛯ࠖࡢྡࡢୗ࡛⾜ࢃࢀࡿ⛒⛯ᅇ㑊ࢆ࠸࠿࡟ࡋ࡚㜵ࡄ࡭ࡁ࠿ࠊ࡜࠸࠺ၥ㢟࡛࠶ࡿࠋ✲ᴟⓗ࡞どⅬ࠿ࡽ࠸࠼ࡤࠊྛᅜࡢ᥇⏝ࡋ࡚࠸ࡿㄢ⛯ࢩࢫࢸ࣒࡟࠾ࡅࡿ㈇മࣂ࢖࢔ࢫࢆ㝖ཤ
ࡋࠊDebt ࡜ Equity ࡢ㠀ᑐ⛠ᛶࢆ࡞ࡃࡍࡇ࡜࡛࠶ࡿࡀࠊἲே⛯࡟࠾ࡅࡿ㈇മࣂ࢖࢔ࢫࡢၥ㢟ࡣࠊ࡯࡜ࢇ࡝ࡢᅜࡢἲே⛯ไඹ㏻ࡢၥ㢟࡛࠶ࡾࠊண࡚ࡼࡾ㆟ㄽࡀ࡞ࡉࢀ࡚࠸ࡓࠋࡑࡋ࡚ᑠᅜ㛤ᨺ⤒῭࡟࠶ࡓࡿ࠸ࡃࡘ࠿ࡢᅜ࡟࠾࠸࡚ Debt㸭Equity ୰❧໬ࡋࡓࢩࢫࢸ࣒ࡀᑟධࡉࢀࡓ50ࡀࠊ኱ᅜ㛤ᨺ⤒῭ࢆ࡜ࡿ୺せᅜࡣ᳨ウࡢẁ㝵࡛⤊ࢃࡗ࡚࠸ࡿࠋࡋ࠿ࡋࠊ㏆ᖺ࢔࣓ࣜ࢝࡟࠾࠸࡚㐣๫࡞ Debt ࡀࡶࡓࡽࡋ
ࡓ㔠⼥༴ᶵࢆⓎ➃࡟ࠊ࢔࣓࡛ࣜ࢝ࡣ෌ࡧࠊ⛯ไ࡟࠾ࡅࡿ㈇മࣂ࢖࢔ࢫࡢ㝖ཤ࡜࠸࠺ၥ㢟ࡀ㆟ㄽࡉࢀࡣࡌࡵ࡚࠸ࡿ51ࠋ ㈇മࣂ࢖࢔ࢫࡢ㝖ཤ࡟ࡣ 2 ㏻ࡾࡢ᪉ἲࡀ⪃࠼ࡽࢀࡿࠋᨭᡶ฼Ꮚࡢᦆ㔠᥍㝖ྰㄆࢆ⾜࠸ࠊ㓄ᙜ࡜ྠᵝࡢᢅ࠸࡟ࡍࡿ࠿ࠊ㏫࡟ Equity ࠿ࡽ⏕ࡎࡿ㏻ᖖࡢࣜࢱ࣮ࣥࢆࠊ฼Ꮚ࡜ྠᵝ࡟ᦆ㔠᥍㝖ࡍࡿ࡜࠸࠺
ᢅ࠸࡟ࡍࡿ࠿ࡢ࠸ࡎࢀࡶ⪃࠼ࡽࢀࡿࠋࡑࡋ࡚ࡇࢀࡽ Debt㸭Equity ࡟࠾ࡅࡿ㠀ᑐ⛠ᛶࢆ㝖ཤࡍࡿࢩࢫࢸ࣒࡜ࡋ࡚ ACE ࠊCBIT ࡞࡝ࡀྂࡃ࠿ࡽ⪃࠼ࡽࢀ࡚࠸ࡿ52ࠋACE ࡟࠾࠸࡚ࡣࠊࣔࣂ࢖࣭ࣝࣞࣥ
ࢺ࡟ᑐࡋ࡚ㄢ⛯ࡍࡿࡇ࡜࡜࡞ࡿࡓࡵࠊᨻ⟇Ỵᐃ࡟࠾࠸࡚ࠊ⛯⋡ࢆ㧗ࡵ࡟タᐃࡋ࡚ࡋࡲ࠺࡜ࠊ⌧⾜ࡢ㠀ᑐ⛠ᛶࡢ࠶ࡿࢩࢫࢸ࣒࠿ࡽ ACE ࡬ࡢ⛣⾜ࡣ㯮Ꮠ௻ᴗࡢ⛯㈇ᢸࢆቑຍࡉࡏࡿࡇ࡜࡜࡞ࡾࠊᅜእ࡬
ࡢ⬺༷ࢆ᥎㐍ࡍࡿㄏᅉ࡜࡞ࡾࠊ୍᪉ CBIT ࡟࠾࠸࡚ࡣࠊDebt ࣇ࢓࢖ࢼࣥࢫ࣭ࢥࢫࢺࢆ኱ᖜ࡟࠶ࡆ
ࡿࡇ࡜࡜࡞ࡿࡓࡵࠊ㈨㔠ㄪ㐩ࢆᰴᘧ࡛⾜࠺ࡼ࠺࡞኱௻ᴗ࡟࡜ࡗ࡚ࡣ᭷฼࡛࠶ࡿࡀ㈨㔠ㄪ㐩ࡢከࡃࢆ

50 ACE ࡟ࡘ࠸࡚ࡣࠊ⌮ㄽ࡜㏆࠸ᙧ࡛ࠊࢡࣟ࢔ࢳ࢔࡜࣋ࣝࢠ࣮࡟࠾࠸࡚᥇⏝ࡉࢀࡓᐇ⦼ࡀ࠶ࡿࠋ

Alexander Klemm, Allowance for Corporate Equity in Practice, IMF Working Paper, WP/06/259(2006) at 7.
51 㔠⼥༴ᶵᚋࡢ IMF ࣜࢧ࣮ࢳ࣭࣮࣌ࣃ࣮࠿ࡽࡑࡢᵝᏊࡀ࠺࠿ࡀ࠼ࡿࠋ౛࠼ࡤࠊIMF, Debt Bias andOther Distortions: Crisis-Related Issues in Tax Policy (2009); IMF, Initial Lessons of Crisis(2009) etc. ࡞࡝ࡣࠊᮏ᱁ⓗ࡟⛯ไࡀ௻ᴗࡢពᚿỴᐃ࡟ᕥྑࡋ࡞࠸ࠊ㈇മࣂ࢖࢔ࢫࡀ㝖ཤࡉࢀࡓࢩࢫ
ࢸ࣒࡛࠶ࡿ࡭ࡁࡇ࡜ࢆ᳨ウࡋ࡚࠸ࡿࠋIMF ࡢ◊✲࡟ࡘ࠸࡚ࡣࠊᮏᗉ㈨ࠕ㛵㐃௻ᴗࢢ࣮ࣝࣉෆ㒊ྲྀᘬ—㐣ᑡ㈨ᮏ⛯ไࠊ࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࠖ
ࠗ⛒⛯◊✲࠘11ࠊ131 㡫ࠊ135 㡫㸦2009㸧ࡀヲࡋ࠸ࠋ
52 CBITࠊACEࠊDITࠊ࢟ࣕࢵࢩࣗࣇ࣮ࣟἲே⛯ࡢ Debt㸭Equity ࡢ୰❧ᛶࡢ◊✲ࡀ IMF ࡟࡚᭱㏆ሗ࿌ࡉࢀ࡚࠸ࡿⅬ࡟ࡘ࠸࡚ࡣࠊᮏᗉ㈨ࠕ㛵㐃௻ᴗࢢ࣮ࣝࣉෆ㒊ྲྀᘬ—㐣ᑡ㈨ᮏ⛯ไࠊ࢔࣮ࢽࣥࢢ࣭
ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࠖ
ࠗ⛒⛯◊✲࠘11ࠊ131 㡫ࠊ135 㡫㸦2009㸧
ࠊOECD, FUNDAMENTAL REFORM
OF CORPORATE INCOME TAX (OECD 2007)ࠊMichael P. Devereux & Peter Birch Sørensen, The
Corporate Income Tax: International Trends and Options for Fundamental Reform, prepared
for OECD Committee for Fiscal Affairs (2005)ࠊReport of the Department of the Treasury on
Integration of The Individual and Corporate Tax Systems Taxing Business Income Once, The
Department of the Treasury (1992).ࠊIMF, Debt Bias and Other Distortions: Crisis-Related Issues in Tax Policy (2009)࡞࡝ࡢ◊✲࡟ࡼࡾࡑࡢ㛗ᡤࠊ▷ᡤࡀศᯒࡉࢀ࡚࠸ࡿࠋ
19೉ධ࡟㢗ࡿ୰ᑠ௻ᴗ࡟࡜ࡗ࡚ࡣዲࡲࡋࡃ࡞࠸⛯ไ࡜࡞ࡾᚓࡿ࡜࠸࠺ࡇ࡜࡛࠶ࡿ53ࠋ ࡑࡇ࡛㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟ಀࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆ⾜࠺࡭ࡁ࡜୺ᙇࡍࡿࠋᨭᡶ฼Ꮚ
ࡢᦆ㔠⟬ධไ㝈ࢆタࡅࡿ⌮⏤ࡣࠊ
ࠕᖹᡂ 22 ᖺᗘ⛯ไᨵṇ኱⥘࡟ࡘ࠸࡚ࠖ
㸦ᖹᡂ 21 ᖺ 12 ᭶ 22 ᪥㛶㆟Ỵᐃ㸧࡛ࡶᥖࡆࡽࢀ࡚࠸ࡿࡼ࠺࡟ࠊᅜ㝿➇தຊࡢほⅬ࠿ࡽᑡࡋ࡛ࡶㄢ⛯࣮࣋ࢫࢆᗈࡆࠊἲே⛯⋡ࢆୗࡆࡿᚲせࡀ࠶ࡿ࠿ࡽ࡛࠶ࡿࠋ㈨ᮏࡢྍືᛶ㸦cross-border capital mobility㸧ࡣ㏆ᖺࡲࡍࡲࡍቑຍ
ࡢഴྥ࡟࠶ࡾࠊྛᅜ࡜ࡶࠊከᅜ⡠௻ᴗࡢ㈨ᮏࢆ⮬ᅜ࡟ࡶࡓࡽࡍࡼ࠺ࠊ⾲㠃ἲே⛯⋡ࡢᘬୗ➇தࡣ⃭໬ࡋ࡚࠸ࡿ54ࠋࡇࡢࡼ࠺࡞≧ἣୗ࡟࠾࠸࡚ࢃࡀᅜࡶ௒ᚋἲே⛯ࡢ⾲㠃⛯⋡ࡢᘬୗࢆᙉ࠸ࡽࢀࡿࡶࡢ
࡜ᛮࢃࢀࡿ55ࡓࡵࠊ⌧≧࡟࠾࠸࡚ᑡࡋ࡛ࡶㄢ⛯࣮࣋ࢫࢆᗈࡆࡿᚲせࡀ࠶ࡿࡇ࡜ࠊࡉࡽ࡟ࠊඛ࡟㏙࡭
ࡓࡼ࠺࡟ࠊࢃࡀᅜぶ఍♫ࡀእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊぶ఍♫ࡀ Debt ᛶࡢ࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋࠊᏊ఍♫࡟ 100㸣ᢞ㈨ࢆࡉࡏࡿࢫ࣮࣒࢟ࢆ⏝࠸ࡓࠊᡤᚓ⛣㌿࡟ᑐࡋ࡚ࡣࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እ࡜࡞ࡾࠊᡤᚓ⛣㌿ࢆ㜼Ṇࡍࡿ᭷ຠ࡞ᡭẁࡣ௒ࡢ࡜ࡇࢁᏑᅾࡋ࡞࠸࡜࠸࠺࡜ࡇࢁ࡟࠶ࡿࠋࡋࡓࡀࡗ
࡚ᅜෆἲ࡛࠶ࡿἲே⛯ἲ࡟ࡼࡾ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟ಀࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆ࠿ࡅࡿ࡭
ࡁ࡜୺ᙇࡍࡿࠋୡ⏺ⓗ࡞ືྥ࡜ࡋ࡚ࠊ2008 ᖺᗘࡢ⛯ไᨵṇ࡟ࡼࡾࢻ࢖ࢶࡣࠊ§4h EStG, §8a KStG࡟࠾࠸࡚ᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈ࢆつᐃࡋ㐣ᑡ㈨ᮏ⛯ไࢆᗫṆࡋࡓ56ࡀࠊࡇࢀࡶ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟ಀࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈࡛࠶ࡾࠊ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እ࡛࠶ࡗࡓ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟ
ࣥ࡟ᑐࡋ࡚ࡶ᭷ຠ࡞つᐃ࡜࡞ࡗ࡚࠾ࡾࠊ࢔࣓ࣜ࢝ෆᅜṓධἲ඾i163(j)࡟ḟࡄ࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵ
ࣆࣥࢢ᮲㡯࡛࠶ࡿ࡜ࡶ⪃࠼ࡽࢀࡼ࠺ࠋ CBIT ࡢࡼ࠺࡟ᨭᡶ฼Ꮚࡢᦆ㔠᥍㝖ࢆ୍ษㄆࡵ࡞࠸࡜࠸࠺ᨻ⟇ࢆ᥇ࡗࡓሙྜࠊDebt ࡟ࡼࡿ㈨ᮏࢥ
ࢫࢺࡀⴭࡋࡃቑຍࡍࡿྍ⬟ᛶࡀ࠶ࡿ࡜ࡋ࡚ὀពࡀ♧ࡉࢀ࡚࠸ࡿ57ࡀࠊᮏㄽᩥ࡛ᥦ᱌ࡍࡿᨭᡶ฼Ꮚᦆ
53 ACEࠊ
DITࠊCBIT ࡞࡝ࡢ࣓ࣜࢵࢺ࣭ࢹ࣓ࣜࢵࢺ࡟ࡘ࠸࡚ࡣࠊMichael P. Devereux & Peter Birch

Sørensen, The Corporate Income Tax: International Trends and Options for Fundamental Reform, European Economy Economic Papers ISSN 1725-3187 (2006); Stephen R. Bond, Levellingup or levelling down? Some reflections on the ACE and CBIT proposals, and the future of thecorporate tax base, In Sijbren Cnossen, Taxing Capital Income in the European Union Issues
and Options for Reform 161 (Oxford 2000 reprinted 2002)➼ࡀཧ⪃࡜࡞ࡿࠋ
54 See, Michael P. Devereux & Peter Birch Sørensen, infra note (3350) at 50-60 ࡟࠾࠸࡚ࡣࠊ1965
ᖺ࠿ࡽOECDຍ┕21࢝ᅜࡢἲே⛯཰ධࠊ
1982ᖺ࠿ࡽ19࢝ᅜࡢἲᐃ࠾ࡼࡧᐇຠ⛯⋡ࢆ ᐃࡋࡓࢹ࣮
ࢱ࡟ࡼࡾศᯒࢆ⾜ࡗ࡚࠸ࡿࠋࡑࡢ⤖ᯝࠊࡇࡢ 20 ᖺ㛫ࠊOECD ຍ┕ᅜ࡟࠾ࡅࡿἲே⛯ࡢືྥࡣࠊ
ࠕᗏ࡟ྥ࠿ࡗ࡚ࡢ➇த ('race to the bottom')࡛ࠖ࠶ࡾࠊࡑࢀ࡟ࡼࡾྛᅜ࡜ࡶࠊ࠸࠿࡟ࡋ࡚⮬ᅜ࡬ࡢᢞ㈨࠶ࡿ࠸ࡣࣔࣂ࢖ࣝ฼┈ (mobile profit) ࢆㄏᘬࡍࡿ࠿ࢆ➇ࡗ࡚ࡁࡓ࡜᥎ᐹ࡛ࡁࡿ࡜ㄽ㏙ࡉࢀ࡚࠸ࡿࠋ
55 ࡇࡢண ࡟ࡘࡁࠊDevereux, M.P. & Sørensen ࡣࠊThe Corporate Income Tax: International
Trends and Options for Fundamental Reform, European Economy Economic Papers ISSN
1725-3187 (2006) at 16-19 ࡟࠾࠸࡚ࠊ⛯⋡࡟࠾ࡅࡿ'race to the bottom' ࡜࠸࠺⌧㇟ࡣ㈨ᮏࡢὶືᛶ
㸦capital mobility㸧࡟ᙳ㡪ࢆཷࡅ࡚࠸ࡿྍ⬟ᛶࡀ㧗࠸࡜࠸࠺ࡇ࡜ࢆ㏙࡭࡚࠸ࡿࠋࡍ࡞ࢃࡕࠊcapital
mobility ࡀ⛯⋡పୗ࡟ᙳ㡪ࢆ୚࠼࡚ࡁࡓࡢ࡛ࡣ࡞࠸࠿ࠊࡑࡋ࡚ࡶࡋࡑ࠺࡛࠶ࡿ࡜ࡍࢀࡤࠊcapital
mobility ࡀ௒ᚋࡉࡽ࡟ቑຍࡋࡓሙྜࠊྛᅜࡢἲᐃ⛯⋡ࡣࡉࡽ࡟ୗࡀࡿ࡛࠶ࢁ࠺࡜ண ࡉࢀࡿ࡜ㄽࡌ
࡚࠸ࡿࠋ56 ࢻ࢖ࢶᨵṇ⛯࡟ࡼࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈࡟ࡘ࠸࡚ࡣࠊKlaus Tipke & Joachim Lang,
Steuerrecht, 20.völlig überarbeitete Auflage (OVS Verlag Dr. Otto Schmidt KG, Köln 2009) at
446; IBFD, EUROPEAN TAX HANDBOOK 2009 (IBFD, 2009) at 286; Praktiker-Handbuch,
Außensteuerrecht 2008, Band 1 Nationale Vorschriften (IDW 2008) at 579 ࡞࡝ࡀཧ⪃࡟࡞ࡿࠋ57 Michael P. Devereux & Peter Birch Sørensen, The Corporate Income Tax: International
Trends and Options for Fundamental Reform, European Economy Economic Papers ISSN
1725-3187 (2006) at 37; Stephen R. Bond, Levelling up or levelling down? Some reflections on
the ACE and CBIT proposals, and the future of the corporate tax base, In Sijbren Cnossen,20㔠⟬ධไ㝈ࡣ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈࡛࠶ࡾࠊCBIT ᱌ࡢࡼ࠺࡞
⏬୍ⓗᨭᡶ฼Ꮚᦆ㔠୙⟬ධ࡜࠸࠺ࡶࡢ࡛ࡣ࡞࠸ࠋࡑࡢព࿡࡟࠾࠸࡚ࠊCBIT ᱌࡛ᠱᛕࡉࢀ࡚࠸ࡿ㈇മ㈨ᮏࢥࢫࢺࡢୖ᪼࡟ࡼࡗ࡚⏕ࡎࡿࠊ㈨㔠ㄪ㐩ࢆ೉ධ࡟㢗ࡿ୰ᑠ௻ᴗ࡬ࡢ⤒῭ⓗᝏᙳ㡪࡜࠸࠺Ⅼࡣ⪃៖ࡍࡿᚲせࡣ࡞࠸࡜⪃࠼ࡿࠋ ௨ୖࡢどⅬ࡟ᇶ࡙ࡁ➨ 4 ❶࡛ࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ฼⏝࡟ࡼࡗ࡚ࠊ஧ᅜ㛫ྲྀᘬ࡟࠾࠸࡚඾ᆺⓗ࡞Debt ࠶ࡿ࠸ࡣ඾ᆺⓗ࡞Equity ࢆ⏝࠸ࡓሙྜ࡟୧ᅜ࠿ࡽ࠿࠿ࡿ⛯㈇ᢸ࡟ẚࡋ᫂ࡽ࠿࡟ᐇຠ⛯⋡ࢆపῶࡉࡏࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࡀࠊ஧ᅜࢆྜࢃࡏ࡚ࡳࡓ࡜ࡁࡑࡢྲྀᘬ࡟␗ᖖᛶࡀࡳ࠼
ࡿࠋࡋ࠿ࡋఱࢆࡶࡗ࡚ᅜ㝿㛫ྲྀᘬࡢ␗ᖖᛶࢆᣦ᦬࡛ࡁࡿࡢ࠿ࠊࡍ࡞ࢃࡕᅜ㝿⛒⛯ἲ࡜ࡋ࡚ࡢ⛒⛯ᅇ㑊ྰㄆࢆ࠸࠿࡟ࡍࢀࡤࡼ࠸࠿࡜࠸࠺Ⅼ࡟ࡘ࠸࡚⪃ᐹࡍࡿࠋ➨ 1 ⠇ࠊ2 ⠇ࠊ3 ⠇࡛ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭
ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢព⩏ࠊ⛒⛯⿢ᐃࡢ௙⤌ࡳࠊㄢ⛯ࢩࢫࢸ࣒ࡢ୰❧໬ࠊOECD ࣔࢹࣝ⛒⛯᮲⣙࡟࠾ࡅࡿ฼Ꮚ࡜㓄ᙜࡢ⪃࠼᪉࡟ࡘ࠸࡚ࡲ࡜ࡵࡿࠋ➨ 4 ⠇ࡣࢃࡀᅜࡀ⾜ࡗࡓᖹᡂ 21 ᖺᗘ⛯ไᨵṇ࡟ࡼࡿእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධไᗘ࡟ࡘ࠸࡚ࡲ࡜ࡵࡿࠋ
ࢃࡀᅜࡀ⛒⛯⿢ᐃࢆཷࡅࡓሙྜࠊ
ᨵṇ๓ࡢ㛫᥋እᅜ⛯㢠᥍㝖࡟ẚ࡭࡚኱ࡁࡃ࡞ࡿࡇ࡜ࡶࢃ࠿ࡿࠋ ࡑࡇ࡛⛒⛯⿢ᐃ㜵Ṇ⟇࡜ࡋ࡚ࠊ᮲⣙࡟ࡼࡿ⛒⛯⿢ᐃ㜵Ṇつไࢆ⪃࠼ࡿࠋ⛒⛯᮲⣙ࡢᛶ᱁ୖࠊ㝈⏺
ࡶ࠶ࡾࠊࡲࡓ⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸࡞࠸ᅜ࡟ᑐࡋ࡚ࡣ㜵Ṇ⟇࡜࡜ࡣ࡞ࡽ࡞࠸࡜࠸࠺Ⅼࡶ࠶ࡿࡀྍ⬟ᛶࡶ࠶ࡿࠋ➨ 7 ⠇࡛ࡣ㐣ᑡ㈨ᮏ⛯ไࡢၥ㢟ࢆ෌☜ㄆࡋ௒ᚋࡢ᪉㔪ࢆᾏእࡢ㐣ᑡ㈨ᮏ⛯ไࡢ᥎⛣ࢆ⪃
ᐹࡍࡿࠋ8 ⠇ࡣ㛵ಀࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃ࡟ࡘ࠸࡚ゝཬࡋᮏㄽᩥࡢ⤖ㄽ࡜ࡍࡿࠋ

➨1❶  ࢃࡀᅜἲே⛯ἲ 22 ᮲ࡢ᮲ᩥᵓ㐀࡟ࡳࡿᰴ୺ࢆ఍♫ࡢᡤ᭷⪅࡜ࡳ࡞ࡋࡓἲ
ேᡤᚓㄢ⛯
➨1⠇

ἲே⛯ἲ 22 ᮲࡜ἲே⛯ἲࡢṔྐ

1.

ἲே⛯ἲ 22 ἲࡢ᮲ᩥᵓ㐀࡜஧ศἲἲே⛯ἲ➨ 22 ᮲ࡢ᮲ᩥࡣḟࡢࡼ࠺࡟ᵓᡂࡉࢀ࡚࠸ࡿࠋࡲࡎ➨ 1 㡯࡟࠾࠸࡚ἲேᡤᚓࢆᙜヱ஦ᴗᖺᗘࡢ┈㔠ࡢ㢠࠿ࡽᦆ㔠ࡢ㢠ࢆ᥍㝖ࡋࡓ㔠㢠࡜ᐃࡵࡿࠋ➨ 2 㡯࡟࠾࠸࡚┈㔠ࡢ㢠ࢆᐃࡵࡿࡀࠊࡇࡇ࡟
࠾࠸࡚ࠕ㈨ᮏ➼ྲྀᘬ௨እࡢࡶࡢ࡟ಀࡿࠖ࡜࠸࠺ᩥゝࡀⓏሙࡋࠊ┈㔠ࡢ㢠࡟ࡣࠕ㈨ᮏ➼ྲྀᘬࠖࡀ㝖࠿ࢀ࡚࠸ࡿࠋ➨ 3 㡯࡟࠾࠸࡚ࠊᦆ㔠ࡢ㢠ࢆᐃࡵࡿࠋࡇࡇ࡛ࡶࠕ㈨ᮏ➼ྲྀᘬ௨እࡢࡶࡢ࡟ಀࡿࠖ࡜࠸࠺
ᩥゝࡀⓏሙࡋࠊᦆ㔠ࡢ㢠࠿ࡽࡶࠕ㈨ᮏ➼ྲྀᘬࠖࡀ㝖࠿ࢀ࡚࠸ࡿࠋࡋࡓࡀࡗ࡚ࠊ➨ 1 㡯࡟࠾࠸࡚ᐃࡵ
ࡿᡤᚓࡢ㔠㢠࡟ࡣࠊ
ࠕ㈨ᮏ➼ྲྀᘬࠖ࡟ࡼࡿ཰┈࡜ᦆኻࡣྵࡲࢀ࡚࠸࡞࠸58ࠋ➨ 4 㡯ࡣࠊ☜ᐃỴ⟬୺⩏࡟࠾ࡅࡿ௻ᴗ఍ィࡢᙺ๭ࢆ♧ࡋ࡚࠾ࡾࠊ
ࠕ୍⯡࡟බṇጇᙜ࡜ㄆࡵࡽࢀࡿ఍ィฎ⌮࡟ᇶ‽࡟ᚑࡗ࡚ィ⟬ࡉࢀࡿࠖࡇ࡜ࢆᐃࡵ࡚࠸ࡿࠋ➨ 5 㡯࡟࠾࠸࡚ࠊ➨ 2 㡯࠾ࡼࡧ➨ 3 㡯࡟ฟ࡚ࡁࡓࠕ㈨ᮏ➼ྲྀᘬࠖࡢᐃ
⩏ࡀ୚࠼ࡽࢀࠊ㈨ᮏ➼ྲྀᘬࡣࠕἲேࡢ㈨ᮏ㔠➼ࡢ㢠ࡢቑຍཪࡣῶᑡࢆ⏕ࡎࡿྲྀᘬཬࡧἲேࡀ⾜࠺฼┈ཪࡣ๫వ㔠ࡢศ㓄㸦ᣓᘼෆ┬␎̿➹⪅㸧ࢆ࠸࠺ࠖ࡜つᐃࡉࢀࡿࠋࡇࡇ࡛ࠊἲே⛯ἲ➨ 22 ᮲ 5 㡯
࡟࠸࠺ࠕ㈨ᮏ㔠➼ࡢ㢠ࠖ࡜ࡣࠕἲேࡀᰴ୺➼࠿ࡽฟ㈨ࢆཷࡅࡓ㔠㢠࡜ࡋ࡚ᨻ௧࡛ᐃࡵࡿ㔠㢠ࠖࢆ࠸

Taxing Capital Income in the European Union Issues and Options for Reform 161 (Oxford 2000
reprinted 2002) at 162 ➼ࠋ
58 㔠Ꮚᏹࠗ⛒⛯ἲ㸦➨ 14 ∧㸧࠘㸦ᘯᩥᇽࠊ2009㸧261 㡫ࠋ21࠺㸦ἲἲ 2 ᮲ 16 ྕ㸧࡜ᐃࡵࡽࢀ࡚࠸ࡿࠋ ࡇࡇ࡛ࠊྠἲ 22 ᮲➨ 5 㡯࡟࠾࠸࡚⏝࠸ࡽࢀ࡚࠸ࡿࠕ㈨ᮏ㔠ࠖ࠾ࡼࡧࠕ๫వ㔠ࠖ࡜࠸࠺ᴫᛕࡣ఍
♫ἲ445 ᮲࠾ࡼࡧ453 ᮲ࡢ೉⏝ᴫᛕ࡛࠶ࡾࠊ
ࡇࡢⅬ࡟ࡘ࠸࡚ቑ஭Ⰻၨᩍᤵࡣ
ࠕ఍♫ἲࡢไᐃ࡟క࠸ࠊ
᭱ప㈨ᮏ㔠ไᗘࡀᗫṆࡉࢀࡿ࡞࡝ࠊമᶒ⪅ಖㆤࡢࡓࡵࡢ㐨ල࡜ࡋ࡚ࡢ㈨ᮏ㔠ࡢᴫᛕࡣ኱ࡁࡃᚋ㏥ࡋ
ࡓࠋࡇࡢ୰࡛ࠊἲே⛯ἲࡀ㈨ᮏ㔠ࡢᴫᛕࢆ఍♫ἲ࠿ࡽ೉⏝ࡍࡿព⩏ࡀ࡝ࡇ࡟࠶ࡿ࠿ࡣࠊ❧ἲᨻ⟇ࡢၥ㢟࡜ࡋ࡚௒ᚋ෌᳨ウࡍ࡭ࡁၥ㢟࡛࠶ࡿ59ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ ᒸᮧᛅ⏕࣭Ώ㎶ᚭஓ࣭㧗ᶫ♸௓ᩍᤵࡣࠊἲேࡢᙧᡂࣉࣟࢭࢫ࡜㈨ᮏ㔠࡜ࡢ㛵ಀࢆ௨ୗࡢࡼ࠺࡟ㄝ
᫂ࡉࢀ࡚࠸ࡿ60ࠋ ࡲࡎࠊἲேࡢタ❧ࡢࡓࡵ࡟ࠊฟ㈨⪅࠿ࡽ㈨㔠ࡢᣐฟࢆཷࡅࠊฟ㈨⪅࡟ࡣࡑࡢぢ㏉ࡾ࡜ࡋ࡚ἲ
ே࡟ᑐࡍࡿᣢศ࡛࠶ࡿᰴᘧࢆ୚࠼ࡿࡇ࡜࠿ࡽጞࡵࠊࡇࡢẁ㝵࡟࠾࠸࡚ࠕᰴ୺ࠖ࡜ࠕἲேࠖ࡜࠸
࠺ 2 ࡘࡢ୺యࡀูࠎ࡟ㄆ㆑ࡉࢀࠊᰴ୺ἲே㛫ྲྀᘬࡀ⾜ࢃࢀࡿ๓ᥦࡀ࡛ࡁ࠶ࡀࡿ࡜ㄝ᫂ࡉࢀ࡚࠾
ࡾࠊࡇࡢἲேࡢタ❧ࣉࣟࢭࢫࢆἲேࡢഃ࠿ࡽぢࡿ࡜ࠊ㔠㖹➼࡜ᘬࡁ᭰࠼࡟ᰴᘧࢆฟ㈨⪅࡟ㆡΏࡍࡿ⾜Ⅽࡣࠊᰴᘧࡢ኎༷࡜ࡶ⪃࠼ࡽࢀ࡞ࡃࡣ࡞࠸ࡀࠊ௬࡟ࡑ࠺ࡔ࡜ࡍࡿ࡜ࠊᰴᘧㆡΏ㈨⏘ࡓࡿᰴᘧࡢཎ౯ࡣ࡯ࡰࢮࣟ࡟㏆࠸࡜⪃࠼ࡽࢀࡿ࠿ࡽࠊᰴᘧࡢ᫬౯ࡀࡑࡢࡲࡲἲேࡢ฼┈࡜ࡋ࡚ㄢ⛯ᑐ㇟࡟࡞ࡿࡼ࠺࡟ࡳ࠼ࡿࠋࡋ࠿ࡋἲேࢆタ❧ࡍࡿࡓࡵࡢฟ㈨ࡣࠊ㈨ᮏ➼ྲྀᘬ࡛࠶ࡿ࠿ࡽࠊཷධ
ἲே࡟ᦆ┈ࢆⓎ⏕ࡉࡏ࡞࠸ࡶࡢ࡜ࡋ࡚ᢅࢃࢀࡿ࡜࠸࠺ࡢࡀἲே⛯ἲ 22 ᮲ 5 㡯ࡢᐃࡵࡿ࡜ࡇࢁ
࡛࠶ࡿࠋ ࡇࡇ࡟࠾࠸࡚ࠊἲேࡢᡶ㎸㔠㢠ࡣࠊ఍♫ἲ 445 ᮲࡛ᐃࡵࡿ㈨ᮏ㔠ࡲࡓࡣ㈨ᮏ‽ഛ㔠࡜࡞ࡾࠊྠ᫬࡟ἲே⛯ἲ 2 ᮲ 16 ྕ࡛ᐃࡵࡿࠕ㈨ᮏ㔠➼ࡢ㢠ࠖࢆᵓᡂࡍࡿࠋ
ࠕ㈨ᮏ㔠➼ࡢ㢠ࠖ࡜ࡣἲேࡀ
ᰴ୺➼࠿ࡽฟ㈨ࢆཷࡅࡓ㔠㢠࡛࠶ࡾ㸦ἲἲ 2 ᮲ 16 ྕ㸧ࠊᖹᡂ 18 ᖺᗘᨵṇ๓ࡢἲே⛯ἲ 2 ᮲ 16
ྕࡀつᐃࡋ࡚࠸ࡓࠕ㈨ᮏ➼ࡢ㔠㢠ࠖ࡜኱ࡁࡃ␗࡞ࡿࡶࡢ࡛ࡣ࡞࠸ࠋࡇࡇ࡛ࠕ㈨ᮏ➼ࡢ㔠㢠ࠖ࡜
ࡣࠊ㈨ᮏࡢ㔠㢠࡜㈨ᮏ✚❧㔠㢠ࡢྜィ㢠࡛࠶ࡗࡓࡀࠊ⌧⾜ἲࡣ㈨ᮏ㔠ࡢ㢠ࡢቑῶࡑࡢࡶࡢࢆつᐃࡍࡿࡸࡾ᪉࡟ኚ᭦ࡉࢀࠊ⌧⾜ἲ࡟࠾ࡅࡿ㈨ᮏ㔠➼ࡢ㢠ࡢ࠺ࡕࠊ㈨ᮏ㔠ࡢ㢠㸦ฟ㈨㔠ࡢ㢠㸧௨እࡢ㒊ศࡀ 18 ᖺᗘᨵṇ๓࡟࠾ࡅࡿ㈨ᮏ✚❧㔠㢠࡟┦ᙜࡍࡿ61ࠋ ἲே⛯ἲ࡟࠾ࡅࡿࠕ㈨ᮏ➼ࡢ㢠ࠖ࡟࠾ࡅࡿࠕ㈨ᮏࠖ
ࠊࡲࡓࠊ18 ᖺᗘᨵṇ๓ἲே⛯ἲ࡟࠾ࡅࡿ
ࠕ㈨ᮏ➼ࡢ㔠㢠ࠖ࡟࠾ࡅࡿࠕ㈨ᮏࠖ࡜ࡣ఍♫ἲࡢ೉⏝ᴫᛕ࡛࠶ࡿࡀࠊࡇࢀ࡜ࡣู࡟ἲே⛯ἲୖ
ࡢ㈨ᮏᴫᛕࡀᚲせ࡟࡞ࡿࡢ࠿࡟ࡘ࠸࡚ࠊ
ࠕἲே࠿ࡽᰴ୺࡬ࡢ㔠㖹➼ࡢᡶฟࡋ➼ࡀ࠶ࡗࡓሙྜ࡟ࠊ
ࡑࢀࡀ࡝ࡇ࠿ࡽฟ࡚⾜ࡗࡓࡶࡢ࡞ࡢ࠿ࠊࡍ࡞ࢃࡕࠊ
ࠕཎ㈨ࠖ࡟┦ᙜࡍࡿ㒊ศ࡜ࠊἲேࡀタ❧ᚋ࡟⋓ᚓࡋࡓࠕ฼┈ࠖ࡟࠶ࡓࡿ㒊ศࡢ࠺ࡕࠊ࡝ࡕࡽ࠿ࡽᡶฟࡋࡀ⾜ࢃࢀࡓ࠿ࢆ༊ูࡍࡿࡓࡵ࡛࠶ࡿࠋࠖ ࡇࡢࡼ࠺࡟ἲே⛯ἲୖࡢ⮬ᕫ㈨ᮏ࡜ࡣἲே⛯ἲ 2 ᮲ 16 ྕ࡛ᐃࡵࡿࠕ㈨ᮏ㔠➼ࡢ㢠ࠖ࡜ἲே⛯ἲ 2
᮲ 18 ྕ࡛ᐃࡵࡿࠕ฼┈✚❧㔠㢠62ࠖࢆ࠶ࢃࡏࡓ⥲⛠࡛࠶ࡿ࡜⪃࠼ࡽࢀࠊ఍♫ἲไᐃᚋࡢ௻ᴗ఍ィ࡟59 ቑ஭Ⰻၨࠕἲே⛯ࡢㄢ⛯࣮࣋ࢫࠖ㔠Ꮚᏹ⦅ࠗ⛒⛯ἲࡢᇶᮏၥ㢟࠘482 㡫㸦᭷ᩫ㛶ࠊ2007㸧ࠋ
60 ᒸᮧᛅ⏕࣭Ώ㎶ᚭஓ࣭㧗ᶫ♸௓࣮ࠗ࣋ࢩࢵࢡ⛯ἲ㸦➨ 2 ∧㸧࠘㸦᭷ᩫ㛶࢔࣐ࣝࠊ2007㸧209 㡫ࠋྠᵝࡢㄝ᫂ࢆቑ஭Ⰻၨ࣭๓ᥖὀ㸦59㸧
ࠊ482 㡫ࡶ࡞ࡉࢀ࡚࠸ࡿࠋ
61 18 ᖺᗘ⛯ไᨵṇ๓ࡣࠊ
ࠕ㈨ᮏ➼ࡢ㔠㢠ࠖ࠾ࡼࡧࠕ㈨ᮏ✚❧㔠㢠ࠖࢆ࠶ࢃࡏ࡚ࠕ㈨⏘ࡢ㒊ࠖ࡜㏻⛠ࡋ࡚࠸ࡓࡀࠊ18 ᖺᗘᨵṇᚋࡣࠕ㈨ᮏ㔠➼ࡢ㢠ࠖ࡜ኚ᭦ࡉࢀࠊ
ࠕ฼┈✚❧㔠㢠ࠖ㸦ἲἲ 2 ᮲ 18 ྕ㸧࡜ࢆ࠶ࢃࡏ࡚ࠊᐃ⩏つᐃࡢෆᐜࡀᨻ௧࡟ጤ௵ࡉࢀࡓ㸦ἲ௧ 8 ᮲ࠊ9 ᮲㸧࡜ቑ஭ᩍᤵࡣ㏙࡭ࡽࢀ࡚࠸ࡿࠋ
ቑ஭Ⰻၨ࣭๓ᥖὀ㸦59㸧
ࠊ482 㡫ࠋ62 ቑ஭ᩍᤵࡣࠊ
ࠕ฼┈✚❧㔠㢠ࠖ࡟ࡘࡁࠊ
ࠕ฼┈✚❧㔠㢠ࡣࠊἲே⛯ࢆ⣡௜ࡋࡓࡢࡕ఍♫ࡢෆ㒊࡟␃
22࠾ࡅࡿࠕ⣧㈨⏘ࡢ㒊ࠖ࡟┦ᙜࡍࡿ࡜⪃࠼ࡽࢀࡿࠋࡋ࠿ࡋ࡞ࡀࡽࠊᮏㄽᩥ࡛㔜せ࡞ព࿡ࢆᣢࡘࠕ⮬ᕫ㈨ᮏࠖ࡟ࡘ࠸࡚ࠊἲே⛯ἲୖࡢᐃ⩏つᐃࡣᏑᅾࡋ࡞࠸ࠋ ࠕ⮬ᕫ㈨ᮏࡢ㢠ࠖ࡟ࡘ࠸࡚ࡣࠊ⛒⛯≉ูᥐ⨨ἲ 66 ᮲ࡢ 5 4 㡯 7 ྕ࡟ࡼࡾࠊྛ஦ᴗᖺᗘࡢ⣧㈨⏘ࡢ㢠࡜ࡋ࡚ᨻ௧࡛ᐃࡵࡿ࡜ࡇࢁ࡟ࡼࡾィ⟬ࡋࡓ㔠㢠ࢆ࠸࠺ࠊ࡜ᐃࡵࡽࢀࠊ⛒⛯≉ูᥐ⨨ἲ᪋⾜௧ 39
ࡢ 13 22 㡯࡟࡚ࠊἲ➨ 66 ᮲ࡢ 5 4 㡯 7 ྕ࡟つᐃࡍࡿ⣧㈨⏘ࡢ㢠࡜ࡋ࡚ᨻ௧࡛ᐃࡵࡿ࡜ࡇࢁ࡟ࡼ
ࡾィ⟬ࡋࡓ㔠㢠ࡣࠊ➨1ྕ࡟ᥖࡆࡿ㔠㢠࠿ࡽ➨2ྕ࡟ᥖࡆࡿ㔠㢠ࢆ᥍㝖ࡋࡓṧ㢠࡜ࡋ࡚つᐃࡉࢀࡿࠋ
➨ 1 ྕࡣࠊᙜヱෆᅜἲேࡢᙜヱ஦ᴗᖺᗘࡢ⥲㈨⏘ࡢᖒ⡙౯㢠ࡢᖹᆒⓗ࡞ṧ㧗ࠊ࡛࠶ࡾࠊ➨ 2 ྕࡣࠊᙜヱෆᅜἲேࡢᙜヱ஦ᴗᖺᗘࡢ⥲㈇മࡢᖒ⡙౯㢠ࡢᖹᆒⓗ࡞ṧ㧗ࠊ࡛࠶ࡿࠋ ࡍࡿ࡜ࠊ⛒⛯ᥐ⨨ἲ 66 ᮲ࡢ 5 4 㡯࡛ᐃࡵࡿ⮬ᕫ㈨ᮏࡢ㢠ࡀᯝࡓࡋ࡚ἲே⛯ἲ 2 ᮲ 16 ྕ࠾ࡼࡧ18 ྕࠊྠἲ 22 ᮲ࡀᐃࡵࡿࠕ㈨ᮏ㔠➼ࡢ㢠ࠖ㸩ࠕ฼┈✚❧㔠㢠ࠖ࡜୍⮴ࡍࡿࡢ࠿࡜࠸࠺␲ၥࡀ⏕ࡎࡿࠋ⛒⛯ᥐ⨨ἲ 66 ᮲ࡢ 5 4 㡯ࡣ⮬ᕫ㈨ᮏࡢ㢠ࢆᖒ⡙ୖࡢ⥲㈨⏘ࡢ㢠࠿ࡽᖒ⡙ୖࡢ⥲㈇മࡢ㢠ࢆᕪࡋᘬࡃ࡜࠸࠺⪃࠼᪉࡛࠶ࡿࡀࠊἲே⛯ἲ࡟࠾࠸࡚ࡣ㈨⏘ࡢᐃ⩏つᐃࡀ࡞࠸ࡇ࡜࠿ࡽ⪃࠼࡚ࡶྠ୍ࡢ
㢠࡟࡞ࡿ☜ᐇᛶࡣ࡞࠸ࠋ ἲே⛯ἲࡣࠊ
ࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕ㈨ᮏ➼ྲྀᘬ௨እࡢྲྀᘬ࡟ಀࡿࡶࡢ㸦௨ᚋࠊᮏㄽᩥ࡛ࡣᦆ┈ྲྀᘬ࡜ࡼࡪ㸧ࠖࡢ༊ูࡢࢥ࣮ࣟࣛࣜ࡜ࡋ࡚ Euity㸦⮬ᕫ㈨ᮏ㸧࡜ Debt㸦௚ே㈨ᮏ㸧ࢆ༊ูࡋ࡚࠾ࡾࠊᰴ୺
࠿ࡽ఍♫࡬ࡢᣐฟࡣ఍♫࡟࡜ࡗ࡚ࡢ Equity ࡜ࡳ࡞ࡋࠊᰴ୺௨እࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮࠿ࡽࡢᣐฟ
ࡣ఍♫࡟࡜ࡗ࡚ Debt ࡜ࡳࡿ࡜࠸࠺༊ูࢆࡋ࡚࠸ࡿ63࡜㏙࡭ࡽࢀ࡚࠸ࡿࡀࠊἲே⛯ἲࡀ࠸࠺ Equity࡜ࡣఱ࠿ Debt ࡜ࡣఱ࠿ࡑࡢቃ⏺㏆㎶ࡢᓧูࡣᅔ㞴࡛࠶ࡿࠋ ᰴ୺ࡢฟ㈨࡟ᑐࡍࡿせồ฼ᅇࡾ㸦ᮏㄽᩥ࡛ࡣࡇࢀࢆ࢖࣮ࣝࢻ࡜ࡼࡪ㸧ࡢᨭᡶࢆࠕ㓄ᙜࠖ࡜⛠ࡋࠊ఍♫࡜ᰴ୺࡜ࡢྲྀᘬ࡛࠶ࡿ࡜࠸࠺ほⅬ࠿ࡽ㈨ᮏ➼ྲྀᘬ࡜ࡉࢀࠊᡤᚓィ⟬࠿ࡽ㝖እࡉࢀࡿ㸦ἲἲ 22
᮲ 3 㡯ࠊ5 㡯㸧୍᪉ࠊᰴ୺௨እࡢ㈨㔠ᥦ౪⪅࠿ࡽࡢᣐฟ࡟ᑐࡍࡿ฼ᡶ࠸㸦ࡇࢀࡶᮏㄽᩥ࡛ࡣ࢖࣮ࣝ
ࢻ࡜ࡼࡪ㸧ࡣࠕ฼Ꮚࠖ࡜⛠ࡋࠊ఍♫࡜ᰴ୺௨እࡢ⪅࡜ࡢྲྀᘬ࡛࠶ࡿ࡜࠸࠺ほⅬ࠿ࡽᦆ┈ྲྀᘬ࡜ࡉࢀࠊ
ᡤᚓィ⟬࡟ྵࡵࡽࢀࡿ㸦ἲἲ 22 ᮲ 3 㡯㸧ࠋ ࡇࡢᨻ⟇࡟ࡼࡾࠊἲே⛯ἲࡣࠊ఍♫࡟ᑐࡍࡿᣐฟ⪅ࢆᰴ୺࡜ᰴ୺௨እࡢ⪅࡟༊ูࡋࠊ๓⪅࠿ࡽࡢ
ฟ㈨ࢆ Equityࠊᚋ⪅࠿ࡽࡢฟ㈨64ࢆ Debt ࡜ࡼࢇ࡛ࠊ඲ࡃ␗࡞ࡿㄢ⛯࣮ࣝࣝࢆ㐺⏝ࡋ࡚࠸ࡿࠋࡇࢀ
ࡣᰴ୺࠿ࡽࡢ㈨㔠ᣐฟ࡜ᰴ୺௨እࡢ⪅࠿ࡽࡢ㈨㔠ᣐฟࡣ⚾ἲୖ඲ࡃ␗࡞ࡿᛶ᱁ࡢࡶࡢ࡛࠶ࡿࡇ࡜࡟
౫Ꮡࡋࡓ༊ศ࡛࠶ࡿࠋ
2.

ἲேᨃไㄝ࡜ἲேᐇᅾ㸦⊂❧㸧ㄝἲே⛯ࡢㄢ⛯᰿ᣐㄽࡣ኱ูࡋ࡚ 2 ࡘ࠶ࡿࠋ1 ࡘࡣࠊἲே⛯ࡣᡤᚓ⛯ࡢ๓࡝ࡾ࡛࠶ࡿ࡜ࡍࡿࠊἲேᨃ
ไㄝ࡜࠸࠺⪃࠼᪉࡛࠶ࡾࠊ࠸ࡲ 1 ࡘࡣࠊἲே⛯ࡣࠊἲேࡢᢸ⛯ຊ࡟╔┠ࡋ࡚ㄢࡉࢀࡿ⊂⮬ࡢ⛒⛯࡛࠶ࡾࠊㄢ⛯࣮࣋ࢫࢆἲேࡢᡤᚓ࡜ࡍࡿἲேᐇᅾㄝ࠶ࡿ࠸ࡣ⊂❧ㄝ࡜࠸࠺⪃࠼᪉࡛࠶ࡿࠋ㔠Ꮚᏹᩍᤵࡣࠊ⌧⾜ࡢࢃࡀᅜἲே⛯ไᗘࡢᇶ♏ࢆ࡞ࡋ࡚࠸ࡿࢩࣕ࢘ࣉ່࿌ࡣࠊ
ࠕἲேࡣࠊ୚࠼ࡽࢀࡓ஦ᴗࢆ㐙⾜ࡍࡿࡓࡵ࡟సࡽࢀࡓಶேࡢ㞟ྜ࡛࠶ࡿࠖ
࡜࠸࠺ἲேほ࠿ࡽฟⓎࡋࠊἲேᡤᚓ࡟ᑐࡋ࡚ἲே⛯ࢆㄢࡋࠊࡉࡽ࡟ಶேࡢ㓄ᙜᡤᚓ࡟ᑐࡋ࡚ᡤᚓ⛯ࢆㄢࡍࡇ࡜ࡣࠊ஧㔜ㄢ⛯࡜࡞ࡿ࡜࠸࠺ࠊἲேᨃไㄝࡢ❧ሙ࡟ಖࡋ࡚࠶ࡿ㔠㢠࡟┦ᙜࡍࡿࠋ᥮ゝࡍࡿ࡜ࠊ఍♫ẁ㝵࡛ࡣἲே⛯ࡀㄢ⛯῭ࡳ࡛࠶ࡿࡀࠊᮍࡔᰴ୺ẁ㝵࡛㓄ᙜ࡜ࡋ࡚ㄢ⛯ࡉࢀ࡚࠸࡞࠸㒊ศࡢࡇ࡜ࠖ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿࠋቑ஭Ⰻၨ࣭๓ᥖὀ㸦59㸧
ࠊ482 㡫ࠋ
63 ቑ஭Ⰻၨ࣭๓ᥖὀ㸦59㸧
ࠊ482 㡫ࠋ
64 ࠕฟ㈨ࠖ࡜࠸࠺ゝⴥࡣ㏻ᖖᰴ୺ࡀ఍♫࡟ඖᡭࢆ㈨㔠ᥦ౪ࡍࡿሙྜ࡟౑ࢃࢀࡿࡀࠊᮏㄽᩥ࡛ࡣ࠶࠼
࡚ࠊᰴ୺௨እࡢ⪅࡟ࡼࡿ㈨㔠㈚୚ࡶ఍♫࡟ᑐࡍࡿ㈨㔠ᥦ౪࡜࠸࠺ほⅬ࠿ࡽࠕฟ㈨ࠖ࡜࠸࠺ゝⴥࢆ⏝࠸ࡓࠋᰴ୺㈨ᮏࡶ௚ே㈨ᮏࡶࠕ㈨ᮏࠖ࡜࠸࠺⏝ㄒࡀ౑ࢃࢀ࡚࠸ࡿࡼ࠺࡟ࠊ㈨ᮏࡢᣐฟ࡟ࡣኚࢃࡾ࡞
࠸࡜࠸࠺❧ሙࢆ࡜ࡿࠋ
23❧ࡘࡶࡢ࡛࠶ࡿ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿ65ࠋ ࢃࡀᅜࡢἲே⛯ἲࡀἲேᨃไㄝࡢ❧ሙࢆ࡜ࡿࡶࡢ࠿ࠊἲேᐇᅾㄝࡢ❧ሙࢆ࡜ࡿࡶࡢ࠿࡜࠸࠺㆟ㄽࡣㄽ⪅࡟ࡼࡾᵝࠎ࡛࠶ࡿࡀࠊᅧᯞ⦾ᶞ෸ᩍᤵࡣࠊ㓄ᙜࡢ஧㔜ㄢ⛯࡟ᑐࡍࡿၥ㢟࡜࠸࠺ほⅬ࠿ࡽࠊἲேᨃไㄝࢆ࡜ࡿ࡭ࡁ࡛࠶ࡿ⌮⏤ࢆḟࡢࡼ࠺࡟ㄝ᫂ࡉࢀ࡚࠸ࡿࠋ
ࠕἲே⛯ࡢᛶ᱁࡟ࡘ࠸࡚ࡣࠊ࠸ࢃࡺࡿ
ἲேᐇᅾㄝ࣭ἲேᨃไㄝࡢ஧ࡘࡢ❧ሙ࠿ࡽࡢㄽத࠿⥆࠸࡚࠸ࡿࡀࠊ
ᑡ࡞ࡃ࡜ࡶ⤒῭Ꮫࡢ❧ሙ࠿ࡽࡣࠊ
ἲேᐇᅾㄝࡀᡂ❧ࡍࡿవᆅࡣ࡞࠸ࡶࡢ࡜ᛮࢃࢀࡿࠋࠕ⤒῭Ꮫ⪅ࡣࠊ(⤒῭Ꮫ⪅௨እࡣࡼࡃ⌮ゎࡋ࡚࠸࡞࠸ࡇ࡜ࡔࡀ)୍ࡘࡢࡇ࡜࡟ࡣࡳ࡞ྠពࡋ࡚࠸ࡿࠋࡍ࡞ࢃࡕࠊἲேࡣ⛯ࢆ㈇ᢸࡋ࡞࠸ࠋேࠎ̿ᰴ୺ࠊ
㢳ᐈࠊປാ⪅̿ࡀ⛯ࢆ㈇ᢸࡍࡿࡢ࡚࠶ࡿࠋ
ࠖ(Stiglitz ”Economics of the Public Sector”, p645 (➹⪅௬ヂ))࠿ࡽ࡚࠶ࡿࠋ≉࡟⌧ᅾࡢ㈈ᨻᏛ࡟࠾࠸࡚ࡣࠊ⛯ࡢ㈇ᢸ࡜ࡣㄢ⛯࡟ࡼࡿຠ⏝ࡢపୗࡢࡇ࡜ࢆࡉ
ࡍࡢ࡛ࠊឤ᝟ࡢᏑᅾࡋ࡞࠸ἲே࡟ࡘ࠸࡚㈇ᢸࢆㄽࡌࡿࡇ࡜⮬యࡀࢼࣥࢭࣥࢫ࡞ࢃࡅ࡛࠶ࡿ66ࠖࠋ཯ᑐ࡟ࠊᮅ㛗ⱥᶞᩍᤵࡣࠊࢃࡀᅜࡢἲே⛯ࡣṔྐⓗ࡟ࡳ࡚ࠊࢩࣕ࢘ࣉ່࿌࡟ࡼࡿ୍᫬ᮇࢆ㝖ࡅࡤࠊἲே
ᐇᅾㄝࢆ᥇⏝ࡋ࡚࠸ࡿ࡜࠸࠺⪃࠼᪉ࢆḟࡢࡼ࠺࡟ㄝ᫂ࡉࢀ࡚࠸ࡿࠋ
ࠕἲே⛯ࡢ๰タ᫬ࡢ㆟఍ࡢ㏿グ㘓
࡟ࡼࢀࡤࠊ
❧᱌⪅ࡣࠊ
ἲேࢆᰴ୺࡜ࡣูಶࡢᐇᅾࡍࡿࡶࡢ࡜ᤊ࠼࡚ἲே⛯ࢆ๰タࡋࡓ࡜࠸࠺ࡇ࡜ࢆࠊ
᫂☜࡟㏙࡬࡚࠸ࡿࠋࡑࡋ࡚ࠊࡑࡢᚋࠊ኱ṇ 9 ᖺࡢಶேࡀཷࡅࡿ㓄ᙜ࡟ᑐࡍࡿㄢ⛯࡜ἲேࡢΎ⟬ᡤᚓ࡟ᑐࡍࡿㄢ⛯ࡢ㛤ጞࠊ᫛࿴ 15 ᖺࡢἲே⛯ࡢᡤᚓ⛯ἲ࠿ࡽࡢ⊂❧࡞࡝࡟ぢࡽࢀࡿࡼ࠺࡟ࠊࢃࡀᅜࡢ
ἲே⛯ࡣࠊ࡞࠾୍ᒙࠊἲேࢆಶே࠿ࡽ⊂❧ࡋࡓ⣡⛯⩏ົ⪅࡜ᤊ࠼ࡿ᪉ྥ࡟㐍ࡴࡇ࡜࡜࡞ࡿࠋࡇࡢὶ
ࢀࢆኚ࠼ࡿࡢࡀࠊᡓᚋࡢࢩࣕ࢘ࣉ່࿌࡛࠶ࡿࠋྠ່࿌ࡣࠊᡤᚓ⛯ࢆ⛯ไࡢ᰿ᖿ࡜ࡋࠊἲே⛯ࢆᡤᚓ⛯ࡢ⿵᏶⛯࡜఩⨨௜ࡅࡿࡶࡢ࡛࠶ࡾࠊἲேࡣᨃไ࡛࠶ࡗ࡚ἲே⛯ࡣᡤᚓ⛯ࡢ๓ྲྀࡾ࡛࠶ࡿ࡜࠸࠺⪃࠼᪉ࢆ᥇ࡗ࡚࠸ࡿࠋྠ່࿌࡟ᇶ࡙ࡁࠊ᫛࿴ 25 ᖺ࡟ࠊಶேࡢ㈨⏘ᡤᚓㄢ⛯ࡢᙉ໬ࡸἲேࡢΎ⟬ᡤᚓㄢ⛯ࡢᗫṆ➼ࡢᨵṇࡀ⾜ࢃࢀࡿࡇ࡜࡜࡞ࡿࠋࡋ࠿ࡋ࡞ࡀࡽࠊ᫛࿴ 28 ᖺࡢ᭷౯ドๆࡢㆡΏᡤᚓㄢ⛯ࡢᗫṆ࡜Ύ⟬ᡤᚓㄢ⛯ࡢ᚟άࢆࡣࡌࡵ࡜ࡋ࡚ࠊࡑࡢᚋࡢ⣼ḟࡢᨵṇࡣ୍㈏ࡋ࡚ἲேࢆᐇᅾ࡜ᤊ࠼ࡓ
ᨵṇ࡛࠶ࡗࡓ࡜ゝࡗ࡚ࡶ㐣ゝ࡚ࡣ࡞ࡃࠊ⌧ᅾࡢἲே⛯ἲࡣἲேࢆᨃไ࡜ᤊ࠼ࡿࡼࡾࡶࡴࡋࢁἲேࢆ
ᐇᅾࡍࡿࡶࡢ࡜ᤊ࠼࡚࠸ࡿ࡜࠸࠺ࡇ࡜࡟㛵ࡋ࡚ࡣࠊ࠾ࡑࡽࡃࠊከࡃࡢ⪅ࡢ㈶ྠࡍࡿ࡜ࡇࢁ࡛࠶ࢁ࠺ࠋ
ἲேࡢᡤᚓࢆㄢ⛯ᶆ‽࡜ࡋ࡚⛯ࢆㄢࡍࡿἲᚊࢆࠊἲேࡣᨃไ࡛࠶ࡗ࡚ἲே࡟ࡣᮏ᮶ࡣᡤᚓࡶᢸ⛯ຊࡶ࡞࠸࡜࠸࠺⪃࠼᪉࡟ᣐࡗ࡚సࡿ࡜࠸࠺ࡇ࡜⮬యࡀࡑࡶࡑࡶᴟࡵ࡚㞴ࡋࡃࠊࡲࡓࠊࡑࡢࡼ࠺࡞⪃࠼᪉ࡀ⌧ᐇ࡟ᅜẸࡢ⌮ゎ࣭⣡ᚓࢆᚓࡽࢀ࡚࠸ࡓ࡜ࡶᛮࢃࢀ࡞࠸ࠋࡇࡢࡼ࠺࡟ࠊᐇᐃἲ࡛࠶ࡿἲே⛯ἲࡣࠊࢩࣕ࢘ࣉ່࿌࡟ࡼࡿᨵṇᚋࡢ୍᫬ᮇࢆ㝖ࡅࡤࠊἲேࡣಶே࠿ࡽ⊂❧ࡋࡓ⣡⛯⩏ົ⪅࡛࠶ࡾἲே
ࡢᡤᚓࡣಶேࡢᡤᚓ࡜ࡣูࡢㄢ⛯ᑐ㇟࡛࠶ࡿ࡜࠸࠺⪃࠼᪉࡟㍈㊊ࢆ⨨࠸࡚ࡁࡓ࡜⪃࠼ࡿࡇ࡜ࡀ࡛ࡁ
ࡿ67ࠖࠋ 㔠Ꮚᏹᩍᤵࡣࠊἲேࡣ✲ᴟⓗ࡟ࡣࠊಶேᰴ୺࡟ࡼࡗ࡚సࡽࢀࡓࡶࡢ࡛࠶ࡾࠊࡋࡓࡀࡗ࡚ἲே⛯ࡣ✲ᴟⓗ࡟ࡣᰴ୺࡟ศ㓄ࡉࢀࡿ࡭ࡁ฼┈ࢆῶᑡࡉࡏࡿ࡜࠸࠺ព࿡࡟࠾࠸࡚ࠊἲே⛯ࡢ㈇ᢸࢆ㈇ࡗ࡚࠸
ࡿࡢࡣᰴ୺࡛࠶ࡿ࡜࠸࠺ㄽ⌮ࡣ࠶ࡾᚓࠊࡑࢀࡀᡤᚓ⛯ࡢ๓࡝ࡾ࡛࠶ࡿ࡜⪃࠼ࡿἲேᨃไㄝ࡟ࡣ༑ศ
⌮⏤ࡀ࠶ࡿ࡜ࡉࢀ࡞ࡀࡽࡶࡇࡢἲேࡣᰴ୺ࡢᡤ᭷≀࡜ࡋ࡚ᤊ࠼ࡿࠊᨃไㄝࡶࠕ௒᪥ࡢ㧗ᗘ࡟」㞧໬ࡋࡓ⤒῭♫఍࡟࠾࠸࡚ࡑࡢࡲࡲጇᙜࡍࡿ࠿࡝࠺࠿ࡣ␲ၥ࡛࠶ࡿࠖ࡜㏙࡭ࡽࢀࠊࡑࡢ⌮⏤࡜ࡋ࡚௨ୗ
ࡢ 3 Ⅼࢆᣦ᦬ࡉࢀ࡚࠸ࡿ68ࠋ➨ 1 Ⅼࡣࠊἲே⛯ࡣྂ඾ⓗ࡟ࡣ㌿᎑ࡋ࡞࠸࡜࠸࠺ࡢࡀ᭷ຊ࡞Ꮫㄝ࡛࠶ࡗ
ࡓࡀࠊ௒᪥࡛ࡣࡴࡋࢁἲே⛯ࡣ㌿᎑ࡍࡿ࡜࠸࠺ࡢࡀ᭷ຊ࡞Ꮫㄝ࡜࡞ࡗ࡚࠾ࡾࠊࡇࡢᏛㄝࢆṇࡋ࠸࡜
65 㔠Ꮚᏹ࣭๓ᥖὀ㸦58㸧
ࠊ244 㡫ࠋ66 ᅧᯞ⦾ᶞ
ࠕࢥ࣮࣏࣮ࣞࢺ࣭ࣇ࢓࢖ࢼࣥࢫ࡜⛯ไࠖࠗࣇ࢕ࢼࣥࢩ࣭ࣕࣝࣞࣅ࣮ࣗ࠘4 㡫ࠊ16 㡫㸦2003㸧ࠋ
67 ᮅ㛗ⱥᶞࠕἲேᡤᚓࡢព⩏࡜ἲே⛯ࡢ⣡⛯⩏ົ⪅࡟㛵ࡍࡿᇶᮏⓗ࡞⪃࠼᪉ࠖࠗ⛯኱ㄽྀ࠘51 ྕࠊ

299 㡫ࠊ301 㡫ࠋ
68 㔠Ꮚᏹ࣭๓ᥖὀ㸦58㸧
ࠊ244 㡫ࠋ24

ゎࡍࡿ࡞ࡽࡤࠊࡑࢀࡀᡤᚓ⛯ࡢ๓࡝ࡾ࡛࠶ࡿ࡜࠸࠺⪃࠼᪉ࡣࡑࡢ㝈ᗘ࡛᰿ᣐࢆኻࡗ࡚ࡋࡲ࠺࡜࠸࠺
Ⅼ࡛࠶ࡿ࡜ࡍࡿⅬࠋ➨ 2 Ⅼࡣࠊ௬࡟ἲே⛯ࡀ㌿᎑ࡋ࡞࠸࡜ࡋ࡚ࡶἲே࡟ࡣᐇయ࡜ࡋ࡚ࡣಶே௻ᴗ࡜
␗࡞ࡽ࡞࠸ᑠἲே࠿ࡽࠊᡤ᭷࡜⤒Ⴀࡢศ㞳ࡀ☜❧ࡉࢀ࡚࠸ࡿ኱௻ᴗࡲ࡛ࡉࡲࡊࡲ࡛࠶ࡾࠊᑠἲே࡟
࠾࠸࡚ࡣࠊἲேᡂࡾࡍࡿࡇ࡜࡟ࡼࡾࠊᐙ᪘㛫࡟ಶேࡢᡤᚓࢆศ㓄ࡍࡿࡇ࡜ࡀྍ⬟࡛࠶ࡾࠊࡲࡓᡤᚓ
ࢆἲேࡢෆ㒊࡟␃ಖࡍࡿࡇ࡜࡟ࡼࡗ࡚ᡤᚓ⛯ࡢ㧗࠸⣼㐍⛯⋡ࡢ㐺⏝ࢆᅇ㑊࡛ࡁࡿ࡞࡝ࠊᐇ㉁ⓗ࡞⛯㈇ᢸࡢ㍍ῶࡢࡓࡵ࡟ἲேࡀ฼⏝ࡉࢀࡿࡓࡵࠕ஧㔜ㄢ⛯ࠖ࡜࠸࠺⾲⌧ࡣ㐺ษ࡛࡞࠸࡜࠸࠺ࡇ࡜ࠋࡉࡽ
࡟ࡲࡓࠊᡤ᭷࡜⤒Ⴀࡀศ㞳ࡉࢀ࡚࠸ࡿ኱௻ᴗ࡟࠾࠸࡚ࡣࠊࡍ࡭࡚ࡢἲேࡣࠊࡑࡢ※ࢆ࡝ࡇࡲ࡛ࡶࡓ
ࡄࡗ࡚ࡺࡅࡤಶேᰴ୺࡟ᖐ╔ࡍࡿ࠿ࡽࠊほᛕⓗ࡟ࡣࠊಶேᰴ୺࡟ࡼࡗ࡚సࡽࢀࡓࡶࡢ࡛࠶ࡿ࡜࠸࠼
ࡿ࡛࠶ࢁ࠺ࡀࠊ௒᪥ࡢ኱ἲேࡢ㐠Ⴀ࡜άືࡣࠊಶேᰴ୺ࡢពᅗ࡜ࡣ୍ᛂ↓㛵ಀ࡟⾜ࢃࢀ࡚࠾ࡾࠊἲ
ேࡢ⤒Ⴀ᪉㔪ࡸ㓄ᙜᨻ⟇࡟ᑐࡍࡿಶேᰴ୺ࡢᙳ㡪ຊࡣⴭࡋࡃపୗࡋ࡚࠸ࡿࡢࡀᐇ᝟࡛࠶ࡗ࡚69ࠊࡑࡢព࿡࡛ࠊ♫఍Ꮫⓗ࡟ぢࡓሙྜ࡟ࡣࠊಶேᰴ୺ࡢᆅ఩ࡣࠊἲேࡢᡤ᭷⪅࡜࠸࠺ࡼࡾࡣࠊ♫മᶒ⪅࡟㏆࠸ࡶࡢ࡜࡞ࡾࡘࡘ࠶ࡾࠊἲேࡣಶேࡢ㞟ྜయ࡛࠶ࡿ࡜࠸࠺ἲேほࡣጇᙜࡋ࡞࠸࡜࠸࠺Ⅼࠋ➨ 3 Ⅼࡣࠊἲேࡀ฼┈ࢆ࠶ࡆࡿࡇ࡜࡟ࡼࡾቑຍࡍࡿᰴᘧ౯್࡟ᑐࡍࡿㄢ⛯ࡢ⧞ࡾᘏ࡭ࡀᰴᘧㆡΏࡢ᫬Ⅼࡲ࡛㉳ࡇࡿ࡜࠸࠺Ⅼ࡛࠶ࡿࠋ ௨ୖࢆ⥲ྜࡋ࡚⪃࠼ࡿ࡜ࠊ㔠Ꮚᏹᩍᤵࡣࠊἲே⛯ࡀࡍ࡭࡚ᰴ୺㈇ᢸ࡟࡞ࡗ࡚࠸ࡿ࡜᩿ᐃࡍࡿࡇ࡜
ࡶᅔ㞴࡛࠶ࡾࠊἲே⛯ࡢ┦ᙜ㒊ศࡣᰴ୺ࡢ㈇ᢸ࡜࡞ࡗ࡚࠸ࡿ࡜ࡋ࡚ࡶࡑࡢ⛬ᗘࡣἲேࡈ࡜࡟␗࡞ࡿ
࡜⪃࠼ࡿࡢࡀᐇែ࡟ྜ⮴ࡋ࡚࠸ࡿࡢ࡛ࡣ࡞࠸࠿࡜㏙࡭ࡽࢀ࡚࠸ࡿ70ࠋ ἲேᨃไㄝࠊἲே⊂❧ㄝ࡜ࡶㄽ⪅࡟ࡼࡗ࡚ࡉࡲࡊࡲ࡛࠶ࡿࡀࠊᮏ᮶ࠊἲே⛯ࡣࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮
ࡢࣜࢱ࣮ࣥ࡟ᑐࡍࡿㄢ⛯࡛࠶ࡿ࡭ࡁࡶࡢ࡛ࡣ࡞࠸ࡔࢁ࠺࠿ࠋ
㔠Ꮚᏹᩍᤵࡀࡈᣦ᦬ࡉࢀ࡚࠸ࡿࡼ࠺࡟ࠊ
♫఍Ꮫⓗ࡟ぢࡓሙྜ࡟ࡣࠊಶேᰴ୺ࡢᆅ఩ࡣࠊἲேࡢᡤ᭷⪅࡜࠸࠺ࡼࡾࡣࠊ♫മᶒ⪅࡟㏆࠸ࡶࡢ࡜࡞ࡾࡘࡘ࠶ࡾࠊἲேࡣಶேࡢ㞟ྜయ࡛࠶ࡿ࡜࠸࠺ἲேほࡣጇᙜࡋ࡞࠸࡜࠸࠺Ⅼ࠿ࡽࡳࡿ࡜ࠊ఍♫ࡣമᶒ⪅࡜ἲேᰴ୺࡜࡟ࡼࡾᵓᡂࡉࢀ࡚࠸ࡿ࡜⪃࠼ࡽࢀࡿࡇ࡜࡟࡞ࡿࡀࠊ኱௻ᴗ࡟ࡘ࠸࡚ࡑࡢ㐠⏝㈨ᮏ࡟༨ࡵࡿᰴᘧ㈨ᮏࡢ๭ྜࢆ⪃࠼ࡿ࡜ࠊἲே⛯ࡣ࡞ࡐᰴ୺ࡔࡅࢆูᢅ࠸ࡍࡿࡢ࠿ࠊࡍ࡞ࢃࡕἲே⛯ࡀ఍♫ࢆᰴ୺ࡢᡤ᭷≀࡜⪃࠼ࡿ❧ሙࢆ࡜ࡗ࡚࠸ࡿ71Ⅼ࡟␲ၥࢆឤࡌࡊࡿࢆᚓ࡞࠸ࠋ
3.

ࢃࡀᅜࡢἲே⛯ἲࡢṔྐ࡜஧㔜ㄢ⛯ㄪᩚᥐ⨨ ࢃࡀᅜࡢ⛯ไࡢṔྐࢆ᣺ࡾ㏉ࡾ㔠Ꮚᏹᩍᤵࡣḟࡢࡼ࠺࡟㏙࡭ࡽࢀ࡚࠸ࡿ72ࠋ ࢩࣕ࢘ࣉ່࿌ࡢෆᐜࡣࠊἲேᡤᚓ࡟ 35㸣ࡢἲே⛯ࢆㄢࡋࠊಶேᰴ୺࡟ཷྲྀ㓄ᙜࡢ 25㸣┦ᙜ㢠ࡢ⛯㢠᥍㝖ࢆㄆࡵࡿࡶࡢ࡛࠶ࡗࡓࠋ
່࿌᱌ࡀᥦ♧ࡋࡓᡤᚓ⛯ࡢ᭱㧗⛯⋡ࡣ55㸣࡛࠶ࡗࡓࡓࡵࠊ
᭱㧗⛯⋡ࡢ㐺⏝ࡉࢀࡿ㓄ᙜᡤᚓ࡟㛵ࡍࡿ㝈ࡾࠊ஧㔜ㄢ⛯ࡣ᏶඲࡟᤼㝖ࡉࢀࡓࠋࡇࡢ່࿌ࡣ᫛࿴
25 ᖺࡢࢩࣕ࢘ࣉ⛯ไ࡟࠾࠸࡚ࡑࡢࡲࡲ᥇⏝ࡉࢀࠊࡑࡢᚋ᫛࿴ 32 ᖺࡢᨵṇ࡛ἲே⛯࠾ࡼࡧᡤᚓ
⛯ࡢ⛯⋡ࡀᨵṇࡉࢀࡓࡢ࡟క࠸ࠊ㓄ᙜ᥍㝖⋡ࡶᨵṇࡉࢀࠊ㧗㢠ᡤᚓ⪅ࡢሙྜࡣ஧㔜ㄢ⛯ࡢ᤼㝖ࡢ⛬ᗘࡀ኱ࡁ࠸ࡀࠊప㢠ᡤᚓ⪅࡟࡞ࡿ࡯࡝ࡑࡢ᤼㝖ࡢ⛬ᗘࡀᑠࡉࡃ࡞ࡿ࡜࠸࠺஧ẁ㝵᥍㝖⋡ࡢᘢᐖࢆ⦆࿴ࡋࡼ࠺࡜ࡍࡿࡶࡢ࡛࠶ࡗࡓࠋࡋ࠿ࡋࠊࡇࡢᨵṇࡢࡶ࡜࡛ࡣࠊ᭱㧗⛯⋡ࡢ㐺⏝ࡉࢀࡿ㓄ᙜᡤᚓ࡟ࡘ࠸࡚ࡶࠊ஧㔜ㄢ⛯ࡣ᏶඲࡟᤼㝖ࡉࢀ࡞ࡃ࡞ࡗࡓࠋࢩࣕ࢘ࣉ⛯ไࡢࡶ࡜࡛ࡣࠊࡶࡗ
69 ࡇࡢഴྥࡣἲேಖ᭷ᰴᘧẚ⋡㸦ᖹᡂ 16 ᖺ 3 ᭶ᮎ⌧ᅾ࡛ࠊ඲ୖሙᰴᘧࡢ࠺ࡕ࡟༨ࡵࡿἲேᡤ᭷๭

ྜࡣࠊ⣙ 57.5%࡛࠶ࡾࠊಶேᡤ᭷๭ྜࡣ⣙ 20.5%࡟㐣ࡂ࡞࠸ࠋࠕ඲ᅜドๆྲྀᘬᡤ㞟ィࠖ࡟ࡼࡿ㸧ࡢቑ኱࡟ࡼࡗ࡚ࡲࡍࡲࡍ㢧ⴭ࡟࡞ࡾࡘࡘ࠶ࡿ࡜グ㏙ࡉࢀ࡚࠸ࡿࠋ㔠Ꮚᏹ࣭๓ᥖὀ㸦58㸧
ࠊ244 㡫ࠋ70 㔠Ꮚᏹ࣭๓ᥖὀ㸦58㸧
ࠊ246 㡫ࠋ
71 ᚋ㏙ࠊ➨ 1 ❶➨ 4 ⠇ 1 ཧ↷ࠋ
72 㔠Ꮚᏹ࣭๓ᥖὀ㸦58㸧
ࠊ250 㡫ࠋ25ࡥࡽಶேᰴ୺ࡢẁ㝵࡛ࠊ㓄ᙜ⛯㢠᥍㝖᪉ᘧ࡟ࡼࡗ࡚᤼㝖ࡋ࡚ࡁࡓࡀࠊ᫛࿴ 36 ᖺ࡟ᇶᮏⓗ࡜ࡶ࠸࠼ࡿᨵṇࢆཷࡅࡿࡇ࡜࡜࡞ࡗࡓࠋ᪥ᮏࡢἲேࡢ⮬ᕫ㈨ᮏẚ⋡73ࡣࠊᡓ๓࡟ẚࡋⴭࡋࡃపୗࡋ
ࡓࡀࠊ᫛࿴ 30 ᖺ௦࡟ධࡗ࡚ࡑࡢഴྥࡣࡲࡍࡲࡍ㢧ⴭ࡜࡞ࡗࡓࠋࡑࡢ⌮⏤࡜ࡋ࡚୺ᙇࡉࢀࡓㄽ
⌮ࡀࠊࠕᡓᚋࠊἲேࡣᛴ㏿࡞⤒῭Ⓨᒎ࡟క࠸ࠊከ㢠ࡢ㈨㔠ࢆᚲせ࡜ࡋࡓࡀࠊࡑࢀࢆ⮬ᕫ㈨ᮏ㸻ᰴᘧⓎ⾜࡟ࡼࡗ࡚㈥࠺ሙྜࡣࠊἲே⛯ࡢィ⟬ୖ㓄ᙜࡀᦆ㔠࡜ࡋ࡚᥍㝖ࡉࢀ࡞࠸ࡢ࡟ᑐࡋࠊ೉ධ
㔠࡟ࡼࡗ࡚㈥࠺ሙྜࡣࠊࡑࡢ฼Ꮚࡀᦆ㔠࡜ࡋ࡚᥍㝖ࡉࢀࡿࡓࡵࠊ㈨㔠ࢥࢫࢺ࡜ࡋ࡚ࡣ๓⪅ࡢ᪉ࡀࡣࡿ࠿࡟㧗ࡃࡘࡁࠊࡑࢀࡀἲேࢆࡋ࡚ᰴᘧⓎ⾜ࡼࡾࡶ೉ධ㔠࡟౫Ꮡࡏࡋࡵࡓ⌮⏤࡛࠶ࡿࠖ࡜
࠸࠺ࡶࡢ࡛࠶ࡗࡓ74ࠋࢃࡀᅜ࡟࠾ࡅࡿ⮬ᕫ㈨ᮏẚ⋡ࡢపୗࡢ୺せ࡞ཎᅉࡀ⛯ไ࡟㉳ᅉࡍࡿ࡜ࡋ
ࡓㄽ⌮ࡣ኱ࡁ࡞ᙳ㡪ຊࢆᣢࡕࠊ⮬ᕫ㈨ᮏࢥࢫࢺࢆୗࡆࠊ⮬ᕫ㈨ᮏẚ⋡ࢆ㧗ࡵࡿࡓࡵ࡟ࡣࠊ஧㔜ㄢ⛯ࡢ᤼㝖ᥐ⨨࡜ࡋ࡚ࠊ㓄ᙜ⛯㢠᥍㝖ࡢ௦ࢃࡾ࡟ࠊᨭᡶ㓄ᙜᦆ㔠⟬ධ᪉ᘧࢆ᥇⏝ࡍ࡭ࡁ࡛࠶ࡿ
࡜ࡢ୺ᙇ࡟ࡲ࡛Ⓨᒎࡋࠊࡇࡢไᗘ㌿᥮ࡀࢻࣛࢫࢸ࢕ࢵࢡ࡛࠶ࡗࡓࡇ࡜࠿ࡽࠊ
ጇ༠ࡢ⏘≀࡜ࡋ࡚ࠊ
⛒⛯≉ูᥐ⨨ἲࡢᨵṇ࡟ࡼࡾࠊᙜศࡢ㛫ࠊᚑ᮶ࡢᰴ୺ẁ㝵࡛஧㔜ㄢ⛯ࡢ᤼㝖ࢆࡍࡿ᪉ᘧ࡟ࠊᨭ
ᡶ㓄ᙜ㍍ㄢ᪉ᘧ㸦஧㔜⛯⋡᪉ᘧ㸧ࢆຍ࿡ࡋ࡚ࠊ஧㔜ㄢ⛯ࡢ 4 ศࡢ 3 ࡣಶேᰴ୺ࡢẁ㝵࡛᤼㝖ࡋࠊ
ࡑࡢ 4 ศࡢ 1 ࡣ㓄ᙜᨭᡶἲேࡢẁ㝵࡛᤼㝖ࡍࡿࡇ࡜࡜࡞ࡗࡓࠋࡋ࠿ࡋࠊࡇࡢไᗘࡀἲேࡢ⮬ᕫ㈨ᮏẚ⋡ࡢቑຍ࡞࠸ࡋࡣపୗࡢ㜵Ṇ࡟ᙺ❧ࡓ࡞࠿ࡗࡓࡇ࡜ࠊ࠾ࡼࡧἲே࡜ಶேࡢ୧᪉ࡢẁ㝵࡛஧㔜ㄢ⛯ࢆㄪᩚࡍࡿࡢࡣไᗘ࡜ࡋ࡚」㞧࡛࠶ࡗࡓࡇ࡜࠿ࡽࠊ᫛࿴ 63 ᖺࡢᨵṇ࡛ࠊᖹᡂ 2 ᖺ 4
᭶ 1 ᪥௨㝆࡟ጞࡲࡿ஦ᴗᖺᗘࡢἲே⛯࡟ࡘ࠸࡚ࡣࠊ஧㔜⛯⋡᪉ᘧࢆᗫࡋ࡚᫛࿴ 36 ᖺ௨๓࡜ྠ
ᵝࡢ஧㔜ㄢ⛯ࢆࡶࡗࡥࡽ㓄ᙜᡤᚓ⛯㢠᥍㝖᪉ᘧ࡟ࡼࡗ࡚᤼㝖ࡍࡿࡇ࡜࡜࡞ࡗࡓࠋ Ṕྐⓗᴫ␎࠿ࡽࡳ࡚ࠊ㔠Ꮚᏹᩍᤵࡀ㏙࡭࡚࠾ࡽࢀࡿ࡜࠾ࡾࠊࢃࡀᅜࡢドๆᕷሙࡢᮍ⇍ࡉᨾ࡟ Debt
࡜ Equity ࡢ㐪࠸ࡣ᫂☜࡞ࡶࡢ࡛࠶ࡗ࡚ࠊDebt ࡜࠸࠼ࡤࡑࡢ࡯࡜ࢇ࡝ࡀ࣓࢖ࣥࣂࣥࢡ࠿ࡽࡢ೉ධ㔠࡛࠶ࡾࠊ♫മࡢⓎ⾜ࡀ࠶ࡗࡓ࡜ࡋ࡚ࡶࡑࢀࡣᪧၟἲ࡟ᐃࡵࡽࢀࡓ඾ᆺⓗ࡞♫മ࡛࠶ࡾࠊ
ࡑࡇ࡟Equityᛶࡀධࡾ㎸ࡴవᆅࡀ࡞࠿ࡗࡓࡇ࡜ࠊࡲࡓ Equity ࡜࠸࠼ࡤᰴᘧⓎ⾜࡜࠸࠺ᡭẁࡋ࠿࡞࠿ࡗࡓࠋࡑࢀ
ࡺ࠼ࠊ⌧ᅾࡢࡼ࠺࡞㔠⼥ၟရࡢⓎᒎࡣἲே⛯ἲࡢண᝿ࢆ㉸࠼ࡓ࡜ࡇࢁ࡟࠶ࡾࠊࢃࡀᅜࡢṔྐୖࠊDebt
࡜ Equity ࡟ࡘ࠸࡚ࡑࡢ⥺ᘬࡁࡀၥ㢟࡜࡞ࡿࡇ࡜ࡶ࡞࠿ࡗࡓࡶࡢ࡜⪃࠼ࡿࠋ➨2⠇఍♫ἲ࡟࠾ࡅࡿ Debt ࡜ Equity ┦ᑐ໬ࡢၥ㢟1.

ᰴᘧ࡜♫മࡢἲᚊⓗ࡞࣓ࣝࢡ࣐࣮ࣝ࡜ Debt㸭Equity ┦ᑐ໬ࡢၥ㢟 ࢃࡀᅜࡢἲே⛯ἲୖࠕᰴᘧࠖ
ࠊࠕ೉ධࠖࢆ୍⯡ⓗ࡟ᐃ⩏ࡍࡿつᐃࡣ࡞࠸ࠋᚑࡗ࡚ᰴᘧࡸ೉ධ࡟࠶ࡓ
ࡿ࠿࡝࠺࠿ࡣࠊྲྀᘬࡢಶูᒁ㠃ࡈ࡜࡟㛵㐃ࡍࡿ᮲ᩥࡢゎ㔘࡟ࡼࡗ࡚ゎỴࡉࢀࡿࡇ࡜࡜࡞ࡿ࡜ྜྷᮧᨻ
✠෸ᩍᤵࡣ㏙࡭ࡽࢀ࡚࠸ࡿ75ࠋ

73 㔠Ꮚᏹᩍᤵࡣࠊ
⮬ᕫ㈨ᮏẚ⋡ࢆࠊ㈨ᮏ࠾ࡼࡧ㈇മࡢྜィ࡟ᑐࡍࡿ⮬ᕫ㈨ᮏ㸦㈨ᮏ㔠ࠊ㈨ᮏ๫వ㔠ࠊ฼┈๫వ㔠ࡢྜィ㢠㸧ࡢẚ⋡࡛࠶ࡿ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿࠋ㔠Ꮚᏹ࣭๓ᥖὀ㸦58㸧
ࠊ250 㡫ࠋ74 ࡇࡢㄽ⌮࡟ᑐࡋ࡚ࠊ㔠Ꮚᏹᩍᤵࡣࠕ㧗ᗘ⤒῭ᡂ㛗ࡢ୰࡛௻ᴗࡢ㈨㔠㟂せࡀࡁࢃࡵ࡚኱ࡁࡃ࡞ࡗࡓࡀࠊドๆᕷሙࡣࡑࢀࢆ㈥࠺࡯࡝࡟ࡣ༑ศⓎ㐩ࡋ࡚࠾ࡽࡎࠊ௚᪉ࠊࢃࡀᅜࡢ㧗࠸㈓⵳⋡࡟ᨭ࠼ࡽࢀ࡚
㔠⼥ᶵ㛵ࡀࡁࢃࡵ࡚㇏ᐩ࡞㈨㔠ࢆࡶࡗ࡚࠸ࡓࡓࡵࠊ೉ධ㔠࡬ࡢ౫Ꮡࡀ㧗ࡲࡗࡓࡢ࡛࠶ࡾࠊ⮬ᕫ㈨ᮏ
ẚ⋡ࡢపୗࡢ୺せ࡞ཎᅉࢆ⛯ไ࡟ᖐࡍࡿࡢࡣṇࡋ࠸࠿࡝࠺࠿␲ၥ࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ
㔠Ꮚᏹ࣭๓ᥖὀ㸦58㸧
ࠊ250 㡫ࠋࡲࡓࠊ㔠Ꮚᏹᩍᤵࡣࠊࡑࡢᙜ᫬ࢆ᣺ࡾ㏉ࡾࠊࠕ኱ⶶ┬ࡣࠊ⮬ᕫ㈨ᮏẚ⋡ࡀୗࡀࡗࡓࡢࡣࠊ
㧗ᗘ⤒῭ᡂ㛗࡛ᛴ㏿࡟ከ㢠ࡢ㈨㔠ࢆᚲせ࡜ࡍࡿࡼ࠺࡟࡞ࡗࡓ࠿ࡽࡔ࡜ゝࡗࡓ㺃㺃㺃ࡋ࠿ࡋࠊ㈈⏺ࡣࡑ࠺࡛ࡣ࡞ࡃࠊ೉ධ㔠࡞ࡽࡤᚲせ⤒㈝࡜ࡋ࡚᥍㝖࡛ࡁࡿࡀࠊᰴᘧࢆⓎ⾜ࡋࡓሙྜࡣ㓄ᙜࡣᚲせ⤒㈝࡜ࡋ࡚᥍㝖࡛ࡁ࡞࠸࠿ࡽࡔ࡜ゝ࠸ࠊពぢࡢᑐ❧ࡀ࠶ࡾࡲࡋࡓࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ㔠Ꮚᏹࠕἲேᡤᚓࡢព⩏ࠖࠗ⛒⛯◊✲࠘12ࠊ15 㡫ࠊ15 㡫㸦2003㸧ࠋ
75 ྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉ᘧ(1)࣭
㸦2㸧
࣭
㸦3㸧
࣭
㸦4㸧᏶ࠖ
ࠗἲᏛ༠఍㞧ㄅ࠘➨26 ఍♫ἲ࡟࠾ࡅࡿࠊᰴᘧࠊ♫മࡢᐃ⩏ࡣ༢⣧࡛࠶ࡾࠊᙧᘧⓗ࡞ࡶࡢ࡛࠶ࡿࠋỤ㢌᠇἞㑻ᩍᤵ࡟ࡼࢀ
ࡤࠊᰴᘧ࡜ࡣࠕᰴᘧ఍♫ࡢᵓᡂဨ࡛࠶ࡿᰴ୺ࡣࠊࡑࡢ㈨᱁࡟࠾࠸࡚఍♫࡜ࡢ㛫࡛✀ࠎࡢἲᚊ㛵ಀ㸦ᶒ฼࣭⩏ົ㛵ಀ㸧࡟❧ࡘࠋᰴ୺ࡀ఍♫࡜ࡢ㛫࡛᭷ࡍࡿࡑ࠺ࡋࡓἲᚊ㛵ಀࡢ⥲య㸦ᆅ఩㸧ࢆᰴᘧ࡜࠸࠺76ࠖ࡜ᐃ⩏ࡉࢀࠊ♫മ࡟ࡘ࠸࡚ࡣࠕ♫മࡣ఍♫ἲࡢつᐃ࡟ࡼࡾ఍♫ࡀ⾜࠺๭ᙜ࡚࡟ࡼࡾⓎ⏕ࡍࡿᙜヱ఍♫ࢆമົ⪅࡜ࡍࡿ㔠㖹മᶒ࡛࠶ࡗ࡚ࠊ఍♫ἲ 676 ᮲ྛྕ࡟ᥖࡆࡿ஦㡯࡟ࡘ࠸࡚ࡢᐃࡵ࡟ᚑ࠸ൾ㑏ࡉࢀࡿࡶࡢ࡛࠶ࡿ77ࠖ࡜ᐃ⩏ࡉࢀ࡚࠸ࡿࠋࡉࡽ࡟ࠊࡑࡢὀグ࡜ࡋ࡚ࠕ఍♫ἲไᐃ๓ࠊ♫മࡢᐃ⩏つᐃࡣᏑᅾࡋ࡞࠿ࡗࡓࡀࠊࢥ࣐࣮ࢩ࣭࣮ࣕࣝ࣌ࣃ࣮ࠊࢩࣥࢪࢣ࣮ࢺ࣭࣮ࣟࣥ➼♫മ࡜ࡢቃ⏺ࡀ୙᫂☜࡞㈨㔠ㄪ㐩ࡢ᪉ἲࡀቑ࠼࡚࠸ࡿࡇ࡜ࠊ♫മ࡟ヱᙜࡍࡿ࡜♫മ⟶⌮⪅ࡢタ⨨⩏ົ㸦఍♫ 702 ᮲㸧ࠊ♫മᶒ⪅㞟఍㸦఍♫ 715 ᮲̿742 ᮲㸧࡞࡝௚࡜ูࡢつᐃࡀ㐺⏝ࡉࢀࡿࡇ࡜࠿ࡽࠊἲᚊ㛵ಀࡢ᫂☜໬ࡢࡓࡵࠊ఍♫ἲࡣࠊᮏᩥグ㍕ࡢᐃ⩏ࢆタࡅࡓ࡜ࡉࢀࡿ㸦ᣓᘼෆ┬␎̿➹⪅㸧ࠋࡋ࠿ࡋࠊࡇࡢᐃ⩏ࡣࠊྠ୍ෆᐜࡢമᶒࢆศ๭ࡋ୍࡚ᐃࡢᡭ⥆࡛๭ࡾᙜ࡚ࡿࡇ࡜࡟ࡼࡾᡂ❧ࡍࡿ࡜࠸࠺Ⅼ௨እࡣࠊ㔠㖹മᶒ࡜ࡋ࡚࠶ࡾࡁࡓࡾࡢෆᐜࢆᐃࡵࡓࡶࡢ࡛࠶ࡾࠊᐃ⩏࡟ヱᙜࡍࡿࡇ࡜ࢆ㑊ࡅࡿࡇ࡜ࡶᅔ㞴࡛ࡣ࡞࠸࠿ࡽࠊ
⤖ᒁࠊ఍♫ࡀ఍♫ἲࡢつᐃ࡟ࡼࡿࠕ♫മࠖࢆⓎ⾜ࡍࡿ࡜Ỵࡵࡓࡶࡢࡀ♫മࠊࡑ࠺࡛࡞࠸ࡶࡢࡣ♫മ࡛࡞࠸࡜つᐃࡋࡓ࡟➼ࡋ࠸78ࠖ࡜࠸࠺ࡇ࡜ࡀグࡉࢀ࡚࠸ࡿࠋ Ụ㢌᠇἞㑻ᩍᤵࡢᐃ⩏࠾ࡼࡧὀグ࠿ࡽࠊ఍♫ἲ࡟࠾ࡅࡿᰴᘧࠊ♫മࡢᐃ⩏ࡣ᫂☜࡞ࡶࡢ࡛ࡣ࡞࠸
ࡇ࡜ࡀࢃ࠿ࡿࠋࡓࡔࡋࠊᰴᘧࡣᰴ୺࡜఍♫࡜ࡢἲᚊ㛵ಀ࡟❧⬮ࡍࡿࡶࡢ࡛࠶ࡾࠊ♫മࡣᰴ୺௨እࡢ
മᶒ⪅࡜ࡢἲᚊ㛵ಀ࡛࠶ࡿࡇ࡜ࡣ᫂☜࡟༊ูࡉࢀ࡚࠸ࡿࠋࡲࡓࠊ♫മ࡜୍⯡ࡢ㔠㖹മᶒ㸦೉ධ㔠➼㸧࡜ࡢᮏ㉁ⓗ࡞㐪࠸ࡣ࡞࠸࡜⪃࠼࡚࠸ࡿࡇ࡜ࡶࢃ࠿ࡿࠋ ࡋ࠿ࡋࠊ
ᰴᘧ࡜♫മࡢ୙᫂☜ࡉࡢほⅬ࠿ࡽDebt࡜Equityࡢ┦ᑐ໬࡜࠸࠺ၥ㢟ࡶᣦ᦬ࡉࢀ࡚ࡁࡓࠋ ⸨⏣཭ᩗᩍᤵࡣࠊ඾ᆺⓗ࡞ Equity ࠾ࡼࡧ඾ᆺⓗ࡞ Debt ࡟ࡣἲⓗ࡟ࡣṧవᶒᛶ࡜ࢹࣇ࢛ࣝࢺᛶࡢ
ほⅬ࠿ࡽḟࡢࡼ࠺࡞≉Ⰽࡀ࠶ࡿ࡜グࡉࢀ࡚࠸ࡿ79ࠋձṧవᶒ(residual claim)ᛶ㺃㺃㺃മᶒ⪅ࡣᅛᐃⓗ࡞㢠㸦ඖᮏཬࡧ฼ᜥ㸧ࡢㄳồᶒࢆ᭷ࡋࠊᰴ୺ࡣ
௻ᴗ౯್࠿ࡽമᶒ⪅ࡢྲྀࡾศࢆᕪࡋᘬ࠸ࡓṧࡾࡢᶒ฼ࢆ᭷ࡍࡿࠋᰴ୺ࡢྲྀࡾศࡣ஦ᴗᡂᯝ࡟౫
Ꮡࡋ࡚ቑῶࡍࡿࠋ఍♫㈈⏘ࡀ㈇മ⥲㢠ࡼࡾࡶᑡ࡞࠸ሙྜ࡟ࡣമᶒ⪅ࡢྲྀࡾศࡶ௻ᴗ౯್࡟౫Ꮡ
ࡍࡿࡇ࡜࡟࡞ࡿࡀࠊࡑࡢሙྜࡶമᶒ⪅ࡣᰴ୺࡟ඃඛࡋࡓᆅ఩࡟❧ࡘ㸦ಽ⏘ᡭ⥆࠶ࡿ࠸ࡣ఍♫ࡢゎᩓࡢሙྜ࡟ࡣࠊᰴ୺ࡣമᶒ⪅࡟ຎᚋࡋ࡚ศ㓄࡟୚ࡾ࠺ࡿ㸧ࠋղࢹࣇ࢛ࣝࢺᛶ㺃㺃㺃㈇മ࡟ࡼࡗ࡚㈨㔠ㄪ㐩ࡋࡓሙྜࠊᢞ㈨ᐙ࡟ᑐࡋ࡚⣙᮰㏻ࡾࡢ⩏ົࡀᒚ⾜࡛ࡁ࡞࠿ࡗࡓሙྜ࡟ࡣࠊࢹࣇ࢛ࣝࢺ࡜࡞ࡾಽ⏘ཎᅉ࡜࡞ࡿࠋಽ⏘ᡭ⥆ࡁ࡛ࡣࠊ௻ᴗࡢពᚿỴᐃ࡟㛵ࡍࡿᰴ୺ࡢⓎゝᶒࡣ኱ᖜ࡟ไ⣙ࡉࢀ௦ࢃࡾ࡟മᶒ⪅ࡢⓎゝᶒࡀ㸦ἲⓗ࡟ࡶ㸧ቑࡍࠋࡲࡓ఍♫ࡢ⤒Ⴀࡣ୺࡜ࡋ࡚മᶒ⪅ࡢ฼┈ࢆ௦⾲ࡍࡿ⟶㈈ேࡢᡭ࡟Ώࡿࠋ
⸨⏣཭ᩗᩍᤵࡢㄽᩥ࡟ᚑ࠸࢚ࢡ࢖ࢸ࢕ᛶࡢᙉ࠸♫മ࡛࠶ࡿຎᚋമ࡜Ọஂമࢆࡲ࡜ࡵࡿ࡜௨ୗࡢࡼ࠺
࡞ศ㢮࡜࡞ࡿ80ࠋຎᚋമ

120 ᕳࠊ➨ 1 ྕ 1 㡫ࠊ19 㡫㸦2003㸧ࠋ
76 Ụ㢌᠇἞㑻ࠗᰴᘧ఍♫ἲ㸦➨ 2 ∧㸧࠘㸦᭷ᩫ㛶ࠊ2008㸧115 㡫ࠋ
77 Ụ㢌᠇἞㑻࣭๓ᥖὀ㸦76㸧
ࠊ647 㡫ࠋ78 Ụ㢌᠇἞㑻࣭๓ᥖὀ㸦76㸧
ࠊ648 㡫ࠋ79 ⸨⏣཭ᩗ
ࠕ♫മࡢከᵝ໬—࢚ࢡ࢖ࢸ࢕ᛶࡢ࠶ࡿ♫മࢆ୰ᚰ࡟—(ୖ)ࠖ
ࠗ㈨ᮏᕷሙ࠘
162ྕ40㡫(1999)ࠋ
80 ⸨⏣཭ᩗ࣭๓ᥖὀ㸦79㸧
ࠊ41 㡫ࠊ42 㡫ࠋ27 ຎᚋമ࡜ࡣ୍ᐃࡢ஦⏤ࡀ⏕ࡌࡓሙྜ࡟ඖ฼㔠ࡢᨭᡶㄳồᶒࡀ୍ᐃࡢമᶒ⪅࡟ຎᚋࡍࡿ᪨ࡢ᮲㡯ࢆ௜ࡋ࡚Ⓨ⾜ࡉࢀࡿ♫മ࡛࠶ࡿࠋ㔠⼥ᶵ㛵ࡢ⮬ᕫ㈨ᮏẚ⋡つไୖࡢࢽ࣮ࢬ࠿ࡽࠊࢣ࢖࣐ࣥㅖᓥ࡞࡝ᾏእ࡟タ⨨ࡋࡓ᏶඲Ꮚ఍♫࡟Ⓨ⾜ࡉࢀࡿࡢࡀ୺࡛࠶ࡗࡓࡀ᭱㏆࡛ࡣ஦ᴗ఍♫ࡶⓎ⾜ࡍࡿࡼ࠺࡟࡞ࡗ࡚
࠸ࡿࠋ
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Ọஂമ

 Ọஂമ࡜ࡣⓎ⾜఍♫ࡀᏑ⥆ࡍࡿ㝈ࡾൾ㑏ࡍࡿᚲせࡢ࡞࠸♫മ࡛࠶ࡿࠋBIS 㖟⾜つไ┘╩ጤဨ఍࡟ࡼࡾసᡂࡉࢀࡓ 1988 ᖺ G10 ㅖᅜ୰ኸ㖟⾜⥲⿢఍㆟࡟࠾࠸࡚᥇ᢥࡉࢀࡓࠕ⮬ᕫ㈨ᮏࡢ ᐃ࡜ᇶ‽࡟㛵ࡍࡿᅜ㝿ⓗ⤫୍໬ࠖ࡜㢟ࡍࡿሗ࿌᭩࡟࠾࠸࡚ࠊ୍ᐃࡢ᮲௳ࢆ‶ࡓࡍỌஂമࡀ㈇മᛶ㈨ᮏㄪ㐩ᡭẁ࡜ࡋ࡚౛♧ࡉࢀࡓࡇ࡜࠿ࡽὀ┠ࡉࢀࡿࡇ࡜࡜࡞ࡗࡓࡶࡢ࡛ࠊ㏻ᖖࡣࠊൾ㑏ᮇ㝈ࡀᐃࡵࡽࢀࡎࠊ♫മࡢ≉⣙᮲㡯㐪཯࠶ࡿ࠸ࡣⓎ⏕฼ᜥࡢ୙ᡶ࠸ࡀ࠶ࡗ࡚ࡶඖᮏൾ㑏⩏ົࡣⓎ⏕ࡋ࡞࠸࡜ࡉࢀ࡚࠾ࡾࠊࡲ
ࡓ฼ᜥࡢᨭᡶ⩏ົࡶⓎ⾜఍♫ࡢ཰┈≧ἣ࡟ᛂࡌ࡚⦆࿴ࡉࢀ࡚࠸ࡿࠋ୍⯡ⓗ࡟Ọஂമ࡟ࡣຎᚋ᮲㡯ࡶຍ࠼ࡽࢀࡿࡢࡀ㏻ᖖ࡛࠶ࡿࠋ
ࡇࢀࡶ୺࡜ࡋ࡚㖟⾜ࡢ⮬ᕫ㈨ᮏẚ⋡つไ࡜ࡢ㛵ಀ࡛Ⓨ⾜ࡉࢀ࡚࠸ࡓࡀࠊ
㏆ᖺ࡟࠾࠸࡚ࡣ୍⯡஦ᴗ఍♫࡛ࡶⓎ⾜ࡉࢀࡿ࡟⮳ࡗ࡚࠸ࡿ81ࠋ
 Ὢᓮ༤ྐᩍᤵࡣࠊዎ⣙ࡢᐃࡵ᪉ḟ➨࡛ࡣࠊ఍♫ࡢമົ࡜࠸࠺≉ᚩࡣṧࡋ࡞ࡀࡽࡶࠊ☜ᐃඖᮏ࡜฼
ᜥࡢ㏉῭࡜࠸࠺Ⅼ࡟ኚᐜࢆຍ࠼ࡿ࡜࠸࠺ほⅬ࠿ࡽࠊḟ࡟ᥖࡆࡿ฼┈ཧຍ♫മ࡜ᙉไ㌿᥮♫മ࡟ᑐࡋࠊ
ࣁ࢖ࣈࣜࢵࢻᛶ࡬ࡢ♧၀ࢆḟࡢࡼ࠺࡟୚࠼࡚࠸ࡿ82ࠋ฼┈ཧຍ♫മ ฼┈ཧຍ♫മࡣࠊᚲࡎࡋࡶࡣࡗࡁࡾ࡜ࡋࡓᐃ⩏ࡀ࠶ࡿࢃࡅ࡛ࡣ࡞࠸ࡀࠊ
☜ᐃ฼ᜥࡢᨭᡶ࡟ຍ࠼࡚ࠊ
Ⓨ⾜఍♫ࡢ㓄ᙜྍ⬟฼┈㢠ࡲࡓࡣ㓄ᙜ㢠➼࡟ᛂࡌ࡚㏣ຍ฼ᜥࡢᨭᡶࢆ࡞ࡍࡇ࡜ࡀ⣙ࡉࢀ࡚࠸ࡿ♫മ࡜ᐃ⩏ࡉࢀ࡚࠾ࡾࠊ฼┈ཧຍ♫മ࡟ࡘ࠸࡚ࠕ฼┈ཧຍ♫മ࡟㛵ࡋ࡚ᅔ㞴࡞ၥ㢟ࡀ⏕ࡌࡿ࡜ࡍࢀࡤࠊ
ࡑࢀࡣࠊ♫മ࡜࠸࠺⾰ࢆࡲ࡜࠸࡞ࡀࡽࠊ࢚ࢡ࢖ࢸ࢕ᛶࡢࡁࢃࡵ࡚ᙉ࠸ၟရタィࡀ࡞ࡉࢀࡓࡼ࠺࡞ሙ
ྜ࡛࠶ࢁ࠺ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋࡑࡢࡼ࠺࡞ሙྜࠊࡉࡽ࡟ࡣࠊຎᚋᛶࠊỌஂ♫മᛶࡀ௜୚ࡉࢀࠊࡉ
ࡽ࡟☜ᐃ฼ᜥ㒊ศ࡟ࡘ࠸࡚ࡶ฼┈ࡀ⏕ࡌ࡞࠸㝈ࡾᨭᡶ⩏ົࡀ⏕ࡌ࡞࠸᪨ᐃࡵࡽࢀࡿ࡞ࡽࠊ♫മ࡜ࡋ࡚ࡢ≉ᚩࡣࡲࡍࡲࡍᕼⷧ໬ࡋࠊᐇ㉁ⓗ࡞࢚ࢡ࢖ࢸ࢕ドๆ࡟ᑐࡋࠊ♫മ࡜ࡋ࡚ࡢၟἲࡢㅖ࣮ࣝࣝࡢつᚊ࡟ࡢࡳጤࡡ࡚ࡋࡲࡗ࡚Ⰻ࠸ࡢ࠿࡜࠸࠺ၥ㢟ࡀ㉳ࡇࡿ࡛࠶ࢁ࠺࡜ᠱᛕࡉࢀ࡚࠸ࡿࠋᙉไ㌿᥮♫മ ᙉไ㌿᥮♫മࡢᇶᮏⓗ࡞ࢫ࣮࣒࢟ࡣࠊൾ㑏ᮇ㝈ࡀ฿᮶ࡍࡿࡲ࡛ࡣ㏻ᖖࡢ㌿᥮♫മ࡜ྠᵝ࡟♫മᶒ⪅ࡣᙜึ㌿᥮౯㢠࡟ࡋࡓࡀࡗ࡚Ⓨ⾜఍♫ࡢᰴᘧ࡟㌿᥮ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࡀࠊ
ൾ㑏ᮇ㝈ࡀ฿᮶ࡍࡿ࡜ࠊ
♫മࡣᙜึ㌿᥮౯㢠ࡲࡓࡣൾ㑏᫬ࡢᰴᘧࡢ᫬౯ࡢ࠸ࡎࢀ࠿ప࠸㌿᥮౯㢠࡟ࡼࡾࠊᙉไⓗ࡟ᰴᘧ࡟㌿᥮ࡉࢀࠊ♫മᶒ⪅ࡣ♫മๆ࡜ᘬ᥮࡟ᰴᘧࢆ஺௜ࡉࢀࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡿࠋ ௨ୖࠊ⸨⏣ᩍᤵࠊ㡲ᓮᩍᤵࡢㄽᩥࢆ⪃ᐹࡍࡿ࡜ࠊDebt ࡜ Equity ࡢ┦ᑐ໬ࡢၥ㢟ࡣ♫മ࡜ᰴᘧࡢ
ΰྜ࡟࠶ࡿ࡜࠸࠼ࡿࠋⓎ⾜఍♫ࡣࠊ௵ព࡟⌧㔠࡛ൾ㑏ࡍࡿࡇ࡜ࡣ࡛ࡁࡿࡀࠊൾ㑏ᮇ㝈ࡀ฿᮶ࡋ࡚ࡶ
♫മ࡜ᘬ᥮࡟Ⓨ⾜఍♫ࡢᰴᘧࡀ஺௜ࡉࢀࡿࡔࡅ࡛࠶ࡿ࠿ࡽࠊᐇ㉁ⓗ࡟ࡣൾ㑏ࢆ⩏ົ࡙ࡅࡽࢀ࡞࠸ࡇ
࡜࡟࡞ࡾࠊ฼ᜥ࡟ࡘ࠸࡚ࡣ⌧㔠࡛ᨭᡶࢃ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࡀࠊࡇࢀࡶࠊ㓄ᙜྍ⬟฼┈ࡀ࡞࠸㝈ࡾᨭᡶࡀ⧞ࡾᘏ࡭ࡽࢀࡿ᪨ࢆ♫മዎ⣙࡛ᐃࡵ࡚࠾ࡃࡇ࡜ࡣྍ⬟࡛࠶ࡿࠋ Ὢᓮᩍᤵࡣࠊࡇࡢࡼ࠺࡞ࠊ♫മᶒ⪅ࡢമᶒ⪅࡜ࡋ࡚ࡢ❧ሙࡀᴟ➃࡟ᙅࡵࡽࢀࡓドๆࢆၟἲୖࡢ♫81 ㏆ᖺ࡟࠾࠸࡚ࡣࠊᮾὒ⣳⦼(ᰴ)ࡀࠊ2009 ᖺ࡟࠾࠸࡚ࠊࢣ࢖࣐ࣥㅖᓥᡤᅾࡢᮾὒ⣳ 100%ฟ㈨ࡢ≉ู┠ⓗᏊ఍♫TC Preferred Capital Limited ࡟ᑐࡋ࡚➨୕⪅๭ᙜࡢ᪉ἲ࡟ࡼࡾኚື฼⋡ᆺ࣮ࣘࣟ෇
ᘓỌஂຎᚋ♫മ࠾ࡼࡧᙜึᅛᐃ฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മࡢྜィ 220 ൨෇ࢆⓎ⾜ࡋࡓࠋ82 Ὢᓮ༤ྐࠕၟἲ࡟つᐃࡢ࡞࠸♫മ࡟ࡘ࠸࡚̿฼┈ཧຍ♫മ࡜ᙉไ㌿᥮♫മࢆ୰ᚰ࡟ࠖ
ࠗࢪࣗࣜࢫ
ࢺ࠘1217ࠊ18ࠊ19 㡫㸦2002㸧࠾ࡼࡧ⸨⏣཭ᩗ࣭๓ᥖὀ㸦79㸧
ࠊ43 㡫ࠋ
28

മ࡜ࡋ࡚Ⓨ⾜ࡋ࡚Ⰻ࠸ࡢ࠿ࠊ࡜␲ၥࢆᢞࡆ࠿ࡅࡽࢀࠊᙉไ㌿᥮♫മ࡟ࡘ࠸࡚ၟἲࡢㅖつᐃ࡟᢬ゐࡍࡿࡶࡢ࠿ྰ࠿ࡢ᳨ウࡀ࡞ࡉࢀ࡚࠸ࡿ83ࠋࡇࡢၥ㢟ࡣࠊ఍♫ἲᨵṇ࡟ࡼࡾ⤌ᡂྍ⬟࡛࠶ࡿ࡜࠸࠺ࡇ࡜
ࡀ᫂☜໬ࡉࢀࡓ84ࠋ
2.

ࣇ࢓࢖ࢼࣥࢫ⌮ㄽ࡟ࡼࡿࢭ࢟ࣗࣜࢸ࢕࣭ࢹࢨ࢖ࣥ̿ࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ฼ࠖ

ࡢ㓄ศ࡜ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศ࡬ࡢศゎ ⸨⏣཭ᩗᩍᤵࡣ Equity ࡜ Debt ࡢἲⓗ࡞㐪࠸ࢆ㏙࡭ࡽࢀࡓ࠺࠼࡛ࠊ⤒῭ⓗ࡟ࡣ Equity ࡜ Debt
࡜ࡢ⥺ᘬࡁࡣ࡝ࡇ࡛⾜ࢃࢀࡿ࠿࡟ࡘ࠸࡚ࡣࠊ඾ᆺⓗ࡞ Equity ࠾ࡼࡧ Debt ࢆ࡝ࡢ≉ᛶࢆ㔜どࡍࡿ࠿࡟ࡼࡗ࡚ኚࢃࡾᚓࡿ࡜㏙࡭ࡽࢀ࡚࠾ࡾ85ࠊ౛࠼ࡤࠊ఍♫ࡀ୍ᐃỈ‽ࡢ㓄ᙜࢆ⣙᮰ࡋࡑࢀࡀ㐩ᡂ࡛ࡁ࡞࠸ሙྜ࡟ࡣྲྀ⥾ᙺࡀ㎡௵ࡍࡿ᪨ࡢ⣙᮰ࢆ௜ࡋࡓᰴᘧࡣࠊᶵ⬟ⓗ࡟ࡣᰴᘧ࡜࠸࠺ࡼࡾࡴࡋࢁ㈇മ࡜
㢮ఝࡍࡿࡶࡢ࡜ホ౯ࡉࢀࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ86ࠋ ᪥ᮏ㖟⾜㔠⼥◊✲ᡤࠕࢹࢵࢺ࡜࢚ࢡ࢖ࢸ࢕࡟㛵ࡍࡿἲཎ⌮࡟ࡘ࠸࡚ࡢ◊✲఍ࠖሗ࿌᭩࡟ࡼࢀࡣࠊ
ᰴ୺ࡀᰴᘧ఍♫ࡢᵓᡂဨ࡛࠶ࡿࡢ࡟ᑐࡋࠊ♫മᶒ⪅ࡣ఍♫࡟ᑐࡍࡿമᶒ⪅࡟ࡍࡂ࡞࠸ࡇ࡜ࢆ๓ᥦ࡜
ࡋ࡚ࠊ௨ୗࡢ 4 Ⅼࡢ࣓ࣝࢡ࣐࣮ࣝࡀᣦ᦬ࡉࢀ࡚࠸ࡿ87ࠋձ ࠕ⤒Ⴀཧຍᶒࡢ᭷↓ࠖ㸸ᰴ୺ࡣࠊ఍♫ࡢ⤒Ⴀ࡟㛵୚ࡍࡿᶒ฼࡜ࡋ࡚ᰴ୺⥲఍࡟࠾ࡅࡿ㆟Ỵᶒࢆ᭷ࡍࡿ㸦఍♫ 303 ᮲ࠊ308 ᮲㸧࡯࠿ࠊྲྀ⥾ᙺ࡟ᑐࡍࡿ✀ࠎࡢ┘╩࣭᫝ṇᶒࢆ௜୚ࡉࢀ࡚࠸ࡿ
㸦఍♫ 305 ᮲ࠊ316 ᮲ࠊ360 ᮲➼㸧ࠋ௚᪉ࠊ♫മᶒ⪅࡟ࡣࡇ࠺ࡋࡓᶒ฼ࡣ௜୚ࡉࢀ࡚࠸࡞࠸ࠋղ ࠕ๫వ㔠ࡢ㓄ᙜ࡛࠶ࡿ࠿฼ᜥࡢᨭᡶ࡛࠶ࡿ࠿ࠖ
㸸ᰴ୺ࡣࠊศ㓄ྍ⬟㢠ࡀ࠶ࡗ࡚ึࡵ࡚๫వ㔠ࡢ㓄ᙜࢆཷࡅࡿࡇ࡜ࡀ࡛ࡁ㸦఍♫ 461 ᮲㸧ࠊ࠿ࡘࠊࡑࡢ㢠ࡶ࠶ࡽ࠿ࡌࡵ☜ᐃࡋࡓࡶࡢ࡛ࡣ࡞࠸ࠋ
௚᪉♫മᶒ⪅ࡣศ㓄ྍ⬟㢠ࡢ᭷↓࡟࠿࠿ࢃࡽࡎࠊ୍ᐃࡢ฼ᜥࡢᨭᡶࢆཷࡅࡿᶒ฼ࢆ᭷ࡍࡿ㸦఍♫ 676 ᮲㸧ࠋճ ࠕṧవ㈈⏘ศ㓄࡟࠾ࡅࡿඃຎࠖ
㸸ᰴ୺ࡣࠊ఍♫ゎᩓ᫬࡟఍♫മᶒ⪅࡟ᑐࡍࡿᘚ῭ᚋࡢṧవ㈈⏘ࡋ࠿ศ㓄ࢆཷࡅᚓ࡞࠸ࡀࠊṧవ㈈⏘ࡢศ㓄࡟ࡘ࠸࡚ࡣ඲㢠ཷྲྀࡿࡇ࡜ࡀ࡛ࡁࡿ㸦఍♫ 504 ᮲ࠊ
501 ᮲ࠊ664 ᮲㸧ࠋ௚᪉♫മ⦅⪅ࡣࠊ௚ࡢ♫മᶒ⪅࡜࡜ࡶ࡟ࠊᰴ୺࡟ඛ❧ࡕ఍♫㈈⏘࠿ࡽᘚ῭ࢆཷࡅࡿࡇ࡜ࡀ࡛ࡁࡿࠋմ ࠕൾ㑏ᛶࡢ᭷↓ࠖ㸸ᰴ୺ࡣࠊ఍♫ࡀゎᩓࡍࡿ➼ࡢ஦᝟ࡀ࡞࠸㝈ࡾࠊཎ๎࡜ࡋ࡚ᡶ㎸῭ࡢᰴๆࡢᡶᡠࢆཷࡅࡿࡇ࡜ࡀ࡛ࡁ࡞࠸ࡢ࡟ᑐࡋ࡚ࠊ♫മᶒ⪅ࡣࠊൾ㑏ᮇ㝈ࡀ᮶ࢀࡤൾ㑏ࢆཷࡅࡿࡇ࡜
ࡀ࡛ࡁࡿ㸦఍♫ 676 ᮲ࠊ6777 ᮲㸧ࠋ ࠕࢹࢵࢺ࡜࢚ࢡ࢖ࢸ࢕࡟㛵ࡍࡿἲཎ⌮࡟ࡘ࠸࡚ࡢ◊✲఍ࠖሗ࿌᭩࣭๓ᥖὀ㸦87㸧
㸦௨ୗࠊ
ࠕἲཎ⌮
83 Ὢᓮ༤ྐࠕၟἲ࡟つᐃࡢ࡞࠸♫മ࡟ࡘ࠸࡚̿฼┈ཧຍ♫മ࡜ᙉไ㌿᥮♫മࢆ୰ᚰ࡟ࠖ
ࠗࢪࣗࣜࢫ

ࢺ࠘1217ࠊ18 㡫ࠊ19 㡫㸦2002㸧ࠋ
84 ἲົ┬Ẹ஦ᒁཧ஦ᐁᐊࠗ఍♫ἲไࡢ⌧௦໬࡟㛵ࡍࡿせ㡯ヨ᱌⿵㊊ㄝ᫂࠘85 㡫㸦2003㸧ࠋ
85 ⸨⏣཭ᩗ࣭๓ᥖὀ㸦79㸧
ࠊ40 – 41 㡫ࠋ
86 ⸨⏣཭ᩗᩍᤵࡣࠊ౛࠼ࡤࠊࣇ࢓࢖ࢼࣥࢫ⌮ㄽ࡟࠾࠸࡚ࠊᰴ୺ࡀ㐣ᗘ࡟௻ᴗࣜࢫࢡࢆ㧗ࡵ࡚മᶒ⪅ࡢ≛≅࡟࠾࠸࡚฼┈ࢆᚓࡿ࡜࠸࠺ࠊ㈇ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮࣭ࢥࢫࢺࡢၥ㢟࡞࡝ࡣṧవᶒᛶࢆ㔜どࡋࡓ⥺ᘬࡁ࡛࠶ࡾࠊ
௻ᴗࡢ⤒Ⴀ⪅࡜㈨㔠ᥦ౪⪅࡜ࡢ㛫ࡢ᝟ሗࡢ೫ᅾࢆ๓ᥦ࡜ࡋ࡚ࠊ
ಽ⏘࡜࠸࠺ጾᄐ࡟ࡼࡗ
࡚ᢞ㈨ᐙ࡟⣙᮰㏻ࡾࡢ㏉῭ࢆᙉ࠸ࡿࡇ࡜࡛⤒Ⴀ⪅ࡢ⾜ື࡟ᯟࢆࡣࡵࡿࡇ࡜࡛㈇മࡢᏑᅾព⩏ࢆ♧ࡍ࡜࠸࠺⌮ㄽࡣࠊࢹࣇ࢛ࣝࢺᛶ࡟ࡼࡾ⥺ᘬࡁࢆ⾜࠺⪃࠼᪉࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ⸨⏣཭ᩗ࣭๓ᥖ
ὀ㸦79㸧
ࠊ41 㡫ࠋ
87 ࠕࢹࢵࢺ࡜࢚ࢡ࢖ࢸ࢕࡟㛵ࡍࡿἲཎ⌮࡟ࡘ࠸࡚ࡢ◊✲఍ࠖሗ࿌᭩ࠗ㔠⼥◊✲࠘20 ᕳ 3 ྕࠊ᪥ᮏ㖟⾜㔠⼥◊✲ᡤ㸦2001㸧ࡣࠊᪧၟἲࡢ᮲ᩥ࡛♧ࡉࢀ࡚࠸ࡿࠋΏ㎶⿱Ὀࠗࣇ࢓࢖ࢼࣥࢫㄢ⛯࠘㸦᭷ᩫ㛶ࠊ2006㸧168 㡫࡛ࡣࠊࡇࡢ᮲ᩥࢆࡍ࡭࡚᪂఍♫ἲࡢ᮲ᩥ࡟⨨ࡁ┤ࡋ࡚࠾ࡾࠊᮏㄽᩥ࡛ࡣࠊ᮲ᩥཧ
↷⟠ᡤ࡟ࡘࡁࠊΏ㎶⿱Ὀࠗࣇ࢓࢖ࢼࣥࢫㄢ⛯࠘㸦᭷ᩫ㛶ࠊ2006㸧168 㡫ࢆཧ↷ࡋࡓࠋ
29ሗ࿌᭩ࠖ࡜グࡍ㸧࡟࠾࠸࡚ࡣࠊୖグࡢࡼ࠺࡞ἲᚊㅮᏛⓗ࡞༊ศࢆぢ┤ࡍ࡭ࡃࠊ㏆ᖺࡢࣇ࢓࢖ࢼࣥࢫ⌮ㄽⓗ࡞どⅬ࠿ࡽドๆࢆࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ฼ࠖࡢ㓄ศ࡜ࠕࢥࣥࢺ࣮ࣟࣝ࡟ᑐࡍࡿᶒ
฼ࠖࡢ㓄ศ࡜࠸࠺ 2 ࡘࡢせ⣲࡟╔┠ࡋࠊᢞ㈨ᐙ࡜⤒Ⴀ⪅࡜ࡢ㛫࡟࠶ࡿ᝟ሗࡢ㠀ᑐ⛠ᛶࢆ௬ᐃࡋ࡚ࠊ
ᢞ㈨ᐙ࠿ࡽࡢ㈨㔠ㄪ㐩ࡢ᭱㐺໬ࢆᅗࡿࠊドๆࡢタィ㸦ࢭ࢟ࣗࣜࢸ࢕࣮࣭ࢹࢨ࢖ࣥ㸧88ࡢ◊✲ࡀ㐍ࡵࡽࢀ࡚ࡁ࡚࠸ࡿࠋ ࡇࡢ⪃࠼᪉ࡣࠊᚑ᮶ࡢၟἲࡀ࡜ࡿࠊᰴ୺ࡣ఍♫ࡢᵓᡂဨ࡛࠶ࡿࡢ࡟ᑐࡋ࡚ࠊ♫മᶒ⪅ࡣ఍♫࡟ᑐࡍࡿമᶒ⪅࡟㐣ࡂ࡞࠸࡜࠸࠺❧ሙ89࠿ࡽ㞳ࢀࡿࠋ ἲཎ⌮ሗ࿌᭩࡛ࡣࠊᬑ㏻ᰴᘧ࡜ᬑ㏻♫മࡢࡳࢆⓎ⾜ࡋ࡚࠸ࡿ఍♫ࢆ᝿ᐃࡋ࡚ࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ
࡟㛵ࡍࡿᶒ฼ࠖࢆ⪃࠼ࡿ࡜ࠊ♫മᶒ⪅࡟ࡣ⣙ᐃࡉࢀࡓඖ฼㔠ࡢᨭᡶࢆཷࡅࡿᶒ฼ࡀ㓄ศࡉࢀ㸦ᨭᡶࡀ⁫ࡗࡓሙྜ࡟ࡣࠊಽ⏘ἲไࡢᏑᅾࡢࡶ࡜࡛෌஺΅ࡀ࡞ࡉࢀࡿ㸧ࠊᰴ୺࡟ࡣࡍ࡭࡚ࡢ♫മ࡟ᑐࡍࡿඖ
฼㔠ࡀᨭᡶࢃࢀࡓᚋ࡟ṧࡉࢀࡓࠊṧవㄳồᶒ㸦residual claim㸧ࡀ㓄ศࡉࢀࡿࠋ௚᪉ࠊ
ࠕࢥࣥࢺ࣮ࣟ
ࣝ࡟㛵ࡍࡿᶒ฼ࠖ࡟ࡘ࠸࡚ࡣࠊᬑ㏻ᰴᘧᡤ᭷⪅࡛࠶ࡿᰴ୺ࡀࢥࣥࢺ࣮ࣟࣝᶒࢆ᭷ࡋ࡚࠾ࡾࠊ఍♫ಽ⏘᫬࡟࠾࠸࡚ࡑࢀࡀᰴ୺࠿ࡽ♫മᶒ⪅࡬⛣⾜ࡍࡿ࡜⪃࠼ࡽࢀ࡚࠸ࡿࠋ ࡇ࠺ࡋࡓࠊᰴ୺࡜♫മᶒ⪅࡬ࡢࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟㛵ࡍࡿᶒ฼ࠖ࡜ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศࡢ⤌ࡳྜࢃࡏࡣࠊ
ᢞ㈨ᐙ࡬ࡢ࢖ࣥࢭࣥࢸ࢕ࣈࢆ຺᱌ࡋࡓࡶࡢ࡛࠶ࡿ࡜⪃࠼ࡽࢀ࡚࠸ࡿ90ࠊ࡜ࡲ࡜ࡵࡽࢀ࡚࠸ࡿࠋࡉࡽ࡟ሗ࿌᭩࡟࠾࠸࡚ࠊᰴᘧ࡜♫മࡢ୰㛫ᙧែ࡛࠶ࡿࠊࣁ࢖ࣈࣜࢵࢻドๆࢆࠊձ࠸࠿࡞ࡿࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟㛵ࡍࡿᶒ฼ࠖ࡜ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࢆ᭷ࡋ࡚࠸ࡿࡢ
࠿ࠊղᪧၟἲࡣࠊࡑࢀࡽࡢᶒ฼ࡢ⤌ࡳྜࢃࡏ࡟ࡘ࠸࡚ࠊ࠸࠿࡞ࡿࡶࡢࢆチᐜࡋ࡚࠸ࡓࡢ࠿ࠊճᪧၟ
ἲࡣࠊࣁ࢖ࣈࣜࢵࢻドๆಖ᭷⪅࡜௚ࡢᢞ㈨ᐙࡢ฼ᐖᑐ❧࡟ᑐࡋ࡚࠸࠿࡞ࡿㄪᩚ࣮ࣝࣝࢆᥦ౪ࡋ࡚࠸
ࡓࡢ࠿ࠊ࡜࠸࠺ほⅬ࠿ࡽಶࠎࡢࣁ࢖ࣈࣜࢵࢻドๆࡈ࡜࡟ศᯒࡉࢀࠊ
௨ୗࡢࡼ࠺࡟ࡲ࡜ࡵࡽࢀ࡚࠸ࡿࠋ
๫వ㔠㓄ᙜඃඛᰴ
ࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ฼ࠖࡢ㓄ศ࡟࠾࠸࡚♫മⓗ࡞ᛶ㉁ࢆ᭷ࡋ࡞ࡀࡽࠕࢥࣥࢺ
࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศࢆཷࡅࡿࠋඃඛᰴ࡜ࡣࠊ๫వ㔠ࡢ㓄ᙜཪࡣṧవ㈈⏘ࡢศ㓄࡟ࡘ࠸࡚ෆᐜࡢ␗࡞ࡿᩘ್ࡢᰴᘧࡀⓎ⾜ࡉࢀࡿሙྜ࡟ࠊ௚ࡢᰴᘧ࡟ẚ࡭࡚ඃඛⓗྲྀᢅࢆཷࡅ
ࡿ✀㢮ࡢᰴᘧ࡛࠶ࡿ㸦఍♫ 108 ᮲㸧ࠋ≉࡟๫వ㔠ࡢ㓄ᙜ࡟࠾࠸࡚ඃඛⓗྲྀᢅࢆཷࡅࡿ✀㢮ࡢᰴᘧࡀ๫వ㔠㓄ᙜඃඛᰴᘧ࡛࠶ࡿࠋ
ࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ฼ࠖࡢ㓄ศ࡟ࡘ࠸࡚ࡳࡿ࡜ࠊձඃඛᰴ୺࡟ᑐࡍࡿ࠶ࡿᖺ
ᗘࡢ๫వ㔠ࡢ㓄ᙜࡀᐃḰ࡟ᐃࡵࡽࢀࡓ୍ᐃ㢠ཪࡣ୍ᐃ๭ྜ࡟㐩ࡋ࡞࠸ሙྜ࡟ࠊࡑࡢ୙㊊ศࡀḟᖺᗘ௨㝆࡟⿵ሸࡉࢀࡿࠕ⣼✚ⓗඃඛᰴࠖ࡜ࠊࡑࢀࡒࢀࡢ஦ᴗᖺᗘࡈ࡜࡟ᡴࡕษࡽࢀ࡚
ࡋࡲ࠸ḟᖺᗘ௨㝆࡟⿵ሸࡉࢀ࡞࠸ࠕ㠀⣼✚ⓗඃඛᰴࠖ࡜ࡀ࠶ࡿࠋղඃඛᰴ୺࡟ᑐࡋ࡚ᐃḰ࡟ᐃࡵࡓඃඛⓗෆᐜࡢ㓄ᙜࢆࡋ࡚ࡶ࡞࠾ṧవࡢ๫వ㔠ࡀ࠶ࡾᬑ㏻ᰴ୺࡟ᑐࡋ࡚ࡶ㓄ᙜࡍࡿ
ሙྜ࡟ᬑ㏻ᰴᘧ࡜࡜ࡶ࡟㓄ᙜ࡟ཧຍࡍࡿࠕཧຍᆺඃඛᰴࠖ࡜ࠊࡑࢀ࡟ཧຍࡋ࡞࠸ࠕ㠀ཧຍ

88 Ώ㎶⿱Ὀ࣭๓ᥖὀ㸦87㸧
ࠊ168 㡫ࠊ࠾ࡼࡧࠕࢹࢵࢺ࡜࢚ࢡ࢖ࢸ࢕࡟㛵ࡍࡿἲཎ⌮࡟ࡘ࠸࡚ࡢ◊✲఍ࠖሗ࿌᭩࣭๓ᥖὀ㸦87㸧
ࠊ4 㡫௨ୗࢆཧ↷ࠋࡉࡽ࡟ࠊࣇ࢓࢖ࢼࣥࢫᕤᏛ࡟࠾ࡅࡿ࢜ࣉࢸ࢕࣐࣭ࣝࢭ
࢟ࣗࣜࢸ࢕࣭ࢹࢨ࢖ࣥࡢㄽᩥ࡜ࡋ࡚ࠊFranklin Allen & Douglas Gale, Optimal Security Design, 1
Rev. Fin. Stud. 229 (1988).࠾ࡼࡧࠊ
ྠㄽᩥࢆྵࡵࡓ Franklin Allen & Douglas Galeࡢⴭ᭩࡜ࡋ࡚ࠊFRANKLIN ALLEN & DOUGLAS GALE, FINANCIAL INNOVATION AND RISK SHARING (MIT Press
1995) at 158 ࡀ࠶ࡿࠋ89 Ώ㎶⿱Ὀ࣭๓ᥖὀ㸦87㸧
ࠊ168 㡫ࠋ90 ࠕࢹࢵࢺ࡜࢚ࢡ࢖ࢸ࢕࡟㛵ࡍࡿἲཎ⌮࡟ࡘ࠸࡚ࡢ◊✲఍ࠖሗ࿌᭩࣭๓ᥖὀ㸦87㸧
ࠊ5 – 6 㡫ࠊ࠾ࡼࡧࠊΏ㎶⿱Ὀ࣭๓ᥖὀ㸦87㸧
ࠊ168 㡫ࠋ30ᆺඃඛᰴࠖࡢ༊ูࡀ࠶ࡿࠋ
ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศ࡟ࡘ࠸࡚ࡶࠊ୍ᐃࡢ᮲௳ࡢࡶ࡜࡛㆟Ỵᶒไ㝈ᰴᘧ࡜ࡍࡿࡇ࡜ࡀチࡉࢀ࡚࠾ࡾ㸦఍♫ 108 ᮲ࠊ309 ᮲㸧ࠊ㠀ཧຍᆺ࣭⣼✚ⓗඃඛᰴ࡛ࠊ࠿ࡘ㆟Ỵᶒไ㝈ᰴ࡜ࡍࢀࡤࠊࡑࡢ⤒῭ⓗᛶ㉁ࡣࡉࡽ࡟♫മ࡟㏆࡙ࡃࠋຎᚋമࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ฼ࠖࡢ㓄ศ࡟࠾࠸࡚ࠊṧవ㈈⏘ศ㓄࡟࠾࠸࡚ຎᚋࡍࡿ࡜
࠸࠺ᰴᘧⓗ࡞ᛶ㉁ࢆ᭷ࡋ࡞ࡀࡽࠊ
ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศࢆཷࡅ࡞࠸࡜࠸࠺♫മⓗᛶ㉁ࢆ⥔ᣢࡍࡿドๆ࡛࠶ࡿࠋ ຎᚋമࡢἲⓗᵓᡂ࡜ࡋ࡚ࡣࠊձຎᚋ஦⏤ࡀⓎ⏕ࡋࡓሙྜ࡟ࡣࠊຎᚋമಖ᭷⪅࡟ᑐࡍࡿඃ
ඛᶒࢆ┤᥋ୖ఩മᶒ⪅࡟௜୚ࡍࡿࠕᶒ฼௜୚ᆺࠖ᪉ἲ࡜ࠊղຎᚋമࢆ᮲௳௜മๆ࡜ᵓᡂࡋࠊ
ຎᚋ஦⏤ࡀⓎ⏕ࡋࡓሙྜ࡟ࡣࠊୖ఩മᶒ⪅࡟ᑐࡍࡿᘚ῭ࡀ᏶஢ࡍࡿࡇ࡜ࢆ᮲௳࡟ຎᚋമᶒ⪅࡬ࡢᘚ῭ࢆ⾜࠺᪨ࡢ≉⣙ࢆ௜ࡅࡿࡇ࡜࡟ࡼࡗ࡚ࠊ⤖ᯝ࡜ࡋ࡚ୖ఩മᶒ⪅ࡀࠕ཯ᑕⓗ฼┈௜୚ᆺࠖࡀ࡜ࡽࢀ࡚࠸ࡿࠋ

Ọஂമࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศ࡟ࡘ࠸࡚ൾ㑏ᛶࢆ᭷ࡋ࡞࠸࡜࠸࠺ᰴᘧⓗ࡞ᛶ㉁ࢆ᭷ࡋ࡞ࡀࡽࠊ
ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศࢆཷࡅ࡞࠸࡜࠸࠺♫മⓗ࡞ᛶ㉁ࢆ⥔ᣢࡍࡿドๆ࡛࠶ࡿࠋ Ọஂമ࡜ࡣࠊⓎ⾜఍♫ࡀᏑ⥆ࡋ࡚࠸ࡿ㛫ࡣඖᮏࢆൾ㑏ࡋ࡞࠸࡜࠸࠺ෆᐜࡢ♫മ࡛࠶ࡿࠋ

฼┈ཧຍ♫മ
ࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ฼ࠖࡢ㓄ศ࡟࠾࠸࡚ࠊ๫వ㔠ࡢศ㓄ࢆཷࡅࡿ࡜࠸࠺ᰴᘧ
ⓗ࡞ᛶ㉁ࢆ᭷ࡋ࡞ࡀࡽࠊ
ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศࢆཷࡅࡽࢀ࡞࠸࡜࠸࠺♫മⓗ࡞ᛶ㉁ࢆ⥔ᣢࡍࡿドๆ࡛࠶ࡿࠋ ࠕ฼┈ཧຍ♫മࠖ࡜ࡣ⊃⩏࡟ࡣࠊ☜ᐃ฼ᜥࡢᨭᡶࡀಖドࡉࢀ࡚࠸ࡿ࡯࠿ࠊศ㓄ྍ⬟㢠ࡀ࠶ࡿሙྜ࡟୍ᐃࡢ᮲௳࡛ࡑࡢศ㓄࡟ࡶཧຍࡍࡿ࡜࠸࠺ᙧ࡛㏣ຍⓗ฼ᜥࢆཷࡅࡿࡇ࡜ࡀ࡛ࡁ
ࡿ♫മࢆ࠸࠺ࠋ ฼┈ཧຍ♫മ࡜㢮ఝࡍࡿᛶ㉁ࢆᣢࡘ♫മ࡜ࡋ࡚ࠊศ㓄ྍ⬟㢠ࡢᏑᅾࢆ᮲௳࡜ࡋ࡚ࠊࡑࡢ
୰࠿ࡽ࠶ࡽ࠿ࡌࡵᐃࡵࡽࢀࡓ୍ᐃࡢ๭ྜ࡟ᚑࡗ࡚๫వ㔠ࡢศ㓄࡜࠸࠺ᙧ࡛฼ᜥࡀᨭᡶࢃࢀ
ࡿࠕᡤᚓ♫മࠖ
ࠊ࠾ࡼࡧղ☜ᐃ฼ᜥࡢ࡯࠿ࠊᰴ୺࡬ࡢ㓄ᙜ⋡ࠊ኎ୖ⥲㢠ࠊ⏕⏘㧗࡞࡝࡟ᇶ࡙
ࡃ୍ᐃࡢᣦᩘ࡛㏣ຍⓗ฼ᜥࡀᨭᡶࢃࢀࡿࠕᣦᩘ♫മࠖ࡞࡝ࡀ࠶ࡿࠋ

ࢺࣛࢵ࢟ࣥࢢ࣭ࢫࢺࢵࢡ
ࢺࣛࢵ࢟ࣥࢢ࣭ࢫࢺࢵࢡ࡜ࡣࠊ๫వ㔠ࡢ㓄ᙜࡲࡓࡣṧవ㈈⏘ศ㓄ㄳồᶒ➼ࡀ≉ᐃࡢ஦ᴗ㒊㛛࡞࠸ࡋࡣⓎ⾜఍♫ࡢᏊ఍♫ࡢᴗ⦼࡟㐃ືࡍࡿᰴᘧࡢࡇ࡜࡛࠶ࡿࠋ ࢺࣛࢵ࢟ࣥࢢ࣭ࢫࢺࢵࢡࡣࠊ఍♫ἲୖࡢ✀㢮ᰴᘧ㸦఍♫ 108 ᮲㸧ࡢ୍✀࡛࠶ࡿࡀࠊᚲࡎ
ࡋࡶᬑ㏻ᰴᘧࡢࡼ࠺࡟Ⓨ⾜఍♫඲యࡢศ㓄ྍ⬟㢠࡛ࡣ࡞ࡃࠊⓎ⾜఍♫ࡢ≉ᐃࡢ஦ᴗ㒊㛛ࡲࡓࡣᏊ఍♫ࡢᴗ⦼࡛࠶ࡿࡼ࠺࡞≉Ṧ࡞✀㢮ᰴᘧ࡛࠶ࡿ࡜఩⨨࡙ࡅࡽࢀࡿࠋ

➨3⠇ࢃࡀᅜἲே⛯ἲ࡟࠾ࡅࡿ Debt㸭Equity ࡟ᑐࡍࡿ㆟ㄽ㸦㞃ࢀࡓ฼┈ฎศ㸧࡜ࣁ࢖ࣈࣜࢵࢻ࣭

࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟࠾ࡅࡿ Debt㸭Equity ࡢ㆟ㄽ࡜ࡢ㐪࠸ࢃࡀᅜ࡟࠾࠸࡚ࠊἲே⛯ἲୖ Debt ࡜ Equity ࡟ᑐࡍࡿࡑࡢቃ⏺⥺࡟ࡘ࠸࡚ࡢ㆟ㄽࡣ࡯࡜ࢇ࡝࡞ࡉࢀ
ࡎ࡟ࡁࡓ91ࠋࢃࡀᅜ࡟࠾࠸࡚ࡣࠊEquity ࡟ࡘ࠸࡚㆟ㄽࡉࢀ࡚ࡁࡓ୺࡞ၥ㢟࡜ࡋ࡚ࠕ㞃ࢀࡓ฼┈ฎศࠖ
91 ࡇࡢⅬ࡟ᑐࡋ࡚ྜྷᮧᨻ✑෸ᩍᤵࡣࠊ
ࠕdebt ࡜ equity ࡜ࡢ༊ูࡣࠊᨃไⓗ࣭ᢏᕦⓗⰍᙬࡢᙉ࠸ἲே

31

ࡀ࠶ࡿࠋ
 ฼┈ฎศ࡜ࡣࠊἲேࡀỴ⟬ࡢୖỴᐃࡋࡓ⣧฼┈ࢆᰴ୺⥲఍➼ࡢᢎㄆࢆᚓ࡚ศ㓄ࡍࡿࠊබ↛ࡓࡿ฼┈ฎศࡢࡳ࡛ࡣ࡞ࡃࠊᮏ᮶฼┈ฎศࡓࡿᛶ㉁ࡢᨭฟࢆ㏻ᖖࡢ฼┈ฎศ௨እࡢᙧᘧ࡛⾜࠺ࡶࡢࠊࡍ࡞
ࢃࡕࠊ㈨ᮏ➼ྲྀᘬࡓࡿᛶ㉁ࡢᨭฟࢆᦆ┈ྲྀᘬ࡜ࡋ࡚ᦆ㔠ィୖࡍࡿࡶࡢࡶྵࡴ࡜ゎࡉࢀ࡚࠾ࡾࠊࡇࡢ
ࡇ࡜ࢆࠕ㞃ࢀࡓ฼┈ฎศࠖ࡜࠸ࢃࢀࡓ92ࠋᮧ஭ṇᩍᤵࡣࠊࠕ㞃ࢀࡓ฼┈ฎศࠖ࡜ࡣࠊ
ࠕ఍♫࡜♫ဨ㛫࡟ࡣࠊ఍♫ἲୖࡢ㛵ಀࡔࡅ࡛ࡣ࡞ࡃࠊമᶒ㛵ಀࡶㄆࡵࡽࢀࡿࡀࠊࡇࡢ఍♫࣭♫ဨ㛫ࡢമᶒዎ⣙㸦ᦆ┈ྲྀᘬ㸧ࡢ୰࡟఍♫ἲୖࡢ㛵ಀ㸦㈨ᮏྲྀᘬ㸧ࢆ㞃ࡋ࡚࠸ࡿሙྜࡀ࠶ࡾ࠺ࡿࠋࡑࡢሙྜ࡟እᙧⓗ࡞മᶒ㛵ಀ࡟ࡋࡓࡀ࠸ࠊࡇࢀࢆᦆ㔠⤒⌮ࡍࡿࡇ࡜ࡣㄆࡵࡽࢀ࡞࠸ࠊ࡜ࡍࡿ93ࠖ⪃࠼᪉࡛࠶ࡾࠊࡇࡢࠕ㞃ࢀࡓ฼┈ฎศࠖࡢ࣮ࣝࢶࡣࢻ࢖ࢶἲ࡟࠶ࡗ࡚ࠊࢻ࢖ࢶἲ࡛ࡣࠊ㞃ࢀࡓ฼┈ฎศࡣࠊࡶࡗࡥࡽ఍♫࣭♫ဨ㛫ࡢྲྀᘬ࡛ࡢࡳၥ㢟࡜࡞ࡿࡢ࡟ᑐࡋ࡚ࠊࢃࡀᅜ࡟࠾࠸࡚ࡣࠊ఍♫࡜ࡑࡢᙺဨ࠾ࡼࡧ఍♫࡜౑⏝ே㛫ࡢྲྀᘬ࡟ࡘ࠸࡚ࡶࠊ㞃ࢀࡓ฼┈ฎศࡢၥ㢟࡜ᣑ኱ゎ㔘ࡉࢀࠊࡑࡢ୰࡟ࡣྠ᪘఍♫ࡢ⾜Ⅽィ⟬ྰㄆつᐃࡢᛶ㉁ࢆㄝ᫂ࡍࡿࡶࡢࡶྵࡲࢀ࡚࠸ࡓ࡜㏙࡭ࡽࢀ࡚࠸ࡿ94ࠋ ᮧ஭ṇᩍᤵࡣࠊἲே⛯ἲ 22 ᮲ 5 㡯࡟࠾࠸࡚ࠊ㈨ᮏ➼ྲྀᘬ࡜ࡣࠊἲேࡢ㈨ᮏ㔠➼ࡢ㢠ࡢቑຍཪࡣ
ῶᑡࢆ⏕ࡎࡿྲྀᘬཬࡧἲேࡀ⾜࠺฼┈ཪࡣ๫వ㔠ࡢศ㓄ࢆ࠸࠺ࠊ࡜ᐃ⩏ࡉࢀ࡚࠸ࡿࡀࠊࡇࡇ࡟࠾ࡅ
ࡿ฼┈ཪࡣ๫వ㔠ࡢศ㓄ࡣᐇ㉁ⓗ࡞ព࿡࡛࠶ࡗ࡚ࡑࡢᙧᘧࢆၥࢃ࡞࠸࡜⪃࠼ࡽࢀࠊࡋࡓࡀࡗ࡚㞃ࢀࡓ฼┈ฎศࡶ㈨ᮏ➼ྲྀᘬ࡟ྵࡲࢀࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ95ࠋ
 ࢃࡀᅜ࡟࠾࠸࡚ Debt㸭Equity ࡢၥ㢟࡜ࡋ࡚㞃ࢀࡓ฼┈ฎศࡀ㆟ㄽࡉࢀ࡚ࡁࡓࠋ ࡛ࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᨭᡶ࠸ࡀࠕ㈨ᮏ➼ྲྀᘬ࡛ࠖ࠶ࡿࡢ
࠿ࠊࠕᦆ┈ྲྀᘬ࡛ࠖ࠶ࡿࡢ࠿ࢆࠊ㞃ࢀࡓ฼┈ฎศࡢ㆟ㄽ࡜ྠᵝ࡟⪃࠼ࡿࡇ࡜ࡀྍ⬟࡞ࡢࡔࢁ࠺࠿ࠋ
Debt㸭Equity ࡢᓧูࡣࠊἲே⛯ἲ 22 ᮲࡟ࡼࡿࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡜ࡢᓧูࡢࢥ࣮ࣟࣛࣜ
࡜఩⨨࡙ࡅࡽࢀ࡚࠸ࡿࡀࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᨭᡶ࠸ࡀࠕ㈨ᮏ
➼ྲྀᘬ࡛ࠖ࠶ࡿࡢ࠿ࠊ
ࠕᦆ┈ྲྀᘬ࡛ࠖ࠶ࡿࡢ࠿ࢆỴᐃࡍࡿࡢࡣࡑࡢཎ㈨࡜࡞ࡿᙜヱࣁ࢖ࣈࣜࢵࢻ࣭࢖
ࣥࢫࢶ࣓ࣝࣥࢺࢆᰴᘧ࡜ㄆᐃࡍࡿࡢ࠿ࠊ♫മ࡜ㄆᐃࡍࡿࡢ࠿࡜࠸࠺ၥ㢟ࡀඛ⾜ࡍࡿࡢ࡛ࡣ࡞࠸ࡔࢁ
࠺࠿ࠊ࠶ࡿ࠸ࡣࡲࡓࠊᰴᘧไ࡜♫മᛶ࡜ࢆศ㞳ྍ⬟࡞ࡢ࠿ࠊศ㞳ྍ⬟࡜ࡋࡓࡽศ㞳ࡋࡓࡑࢀࡒࢀࡢ
ཎ㈨࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᛶ᱁ࡀࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡟ศ㞳ࡉࢀࡿࡢ࠿➼ࢆ⪃࠼࡞ࡃ࡚ࡣ࡞ࡽ࡞࠸ࠋ ࡍ࡞ࢃࡕࠊἲே⛯ἲ⊂⮬ࡢ Debt㸭Equity ㄆᐃᇶ‽ࡀᐃࡲࡗ࡚ࡣࡌࡵ࡚ࡑࡇ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻ
ࡢᛶ᱁ࡀỴᐃࡉࢀࡿࡢ࡛ࡣ࡞࠸ࡔࢁ࠺࠿࡜⪃࠼ࡿࠋࡇࡢ㆟ㄽࡣࢃࡀᅜࡢ⛒⛯ἲ࡛ࡣ࠶ࡲࡾ࡞ࡉࢀ࡚
࠸࡞࠸ࡢ࡛ࡣ࡞࠸࠿࡜ᛮࢃࢀࡿࠋ➨4⠇ฟ㈨⪅ࡢࣜࢱ࣮ࣥ࡟ᑐࡍࡿㄢ⛯࡜ࡋ࡚ࡢἲே⛯—ἲே⛯ἲ࡟࠾࠸࡚ᰴ୺ࡔࡅࢆษࡾฟࡍᚲ

せᛶࡣ࠶ࡿࡢ࠿—1.

ࢥ࣮࣏࣮ࣞࢺ࣭ࣇ࢓࢖ࢼࣥࢫⓗ࡞ࡳ࠿ࡓ࡞ࡐἲே⛯ἲ 22 ᮲࡟࠾࠸࡚㈨ᮏ➼ྲྀᘬ࡜ᦆ┈ྲྀᘬࢆ༊ูࡍࡿࡢ࠿ࠊࡍ࡞ࢃࡕࠊDebt ࡜ Equity ࢆ༊ูࡍࡿࡢ࠿ࠋࡇࡢၥ㢟ࢆ఍♫ࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮඲యࡢၥ㢟࡜ࡋ࡚⪃࠼ࡿ࡜ࠊ఍♫ࡢࢫࢸ࣮ࢡ࣭
⛯ࡢࢼ࢖࣮ࣈࡉࢆ♧ࡍ஦㡯ࡢ୍ࡘ࡛࠶ࡿࠋࡋ࠿ࡋ࡞ࡀࡽࠊᐇ㝿࡟ࡣࠊ୧⪅ࡢቃ⏺ࢆ᫂ࡽ࠿࡟ࡍ࡭ࡁ
ッゴࡀᥦ㉳ࡉࢀࡓ஦౛ࡣ≉Ṧ࡞ࡶࡢ࡟㝈ࡽࢀࠊࡑ࠺࡛࠶ࡿ௨ୖࠊ࠶ࡲࡾ㆟ㄽࡶࡉࢀ࡚ࡇ࡞࠿ࡗࡓࠋ
ࠖ
࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋྜྷᮧᨻ✑࣭๓ᥖὀ㸦75㸧
ࠊ120 ᕳ➨ 1 ྕ 27 㡫ࠋ
92 Ⲷ㔝㇏ࠕ
ࠕ㞃ࢀࡓࡿ฼┈ฎศࠖ࡜⤒῭ⓗ฼┈ࡢ౪୚ࠖࠗ⛯⤒㏻ಙ࠘Vol.35ࠊNo.8ࠊ104 㡫㸦2008㸧ࠋ
93 ᮧ஭ṇࠗ⛒⛯ἲ̿⌮ㄽ࡜ᨻ⟇̿㸦➨ 3 ∧㸧࠘㸦㟷ᯘ᭩㝔ࠊ2002㸦୕ゞ∧ึฟ 1999㸧
㸧210 㡫ࠋ94 ᮧ஭ṇ࣭๓ᥖὀ㸦93㸧
ࠊ210 㡫ࠋ95 ᮧ஭ṇ࣭๓ᥖὀ㸦93㸧
ࠊ217 㡫ࠋ32࣍ࣝࢲ࣮ࡢ୰࠿ࡽࠊᰴ୺ࡔࡅࢆ≉ู࡞Ꮡᅾ࡜ࡋ࡚ษࡾฟࡍࡢ࠿ࠊ࡜࠸࠺ၥ㢟࡜࡞ࡿࠋ ➨୍࡟⪃࠼ࡽࢀࡿ᰿ᣐࡣࠊ⛒⛯ἲࡢᴫᛕせᅉࢆᵓᡂࡋ࡚࠸ࡿ఍♫ἲ࡟࠶ࡾࠊ఍♫ἲࡀᰴ୺ࢆ఍♫ࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮ࡢ୰࡟࠾ࡅࡿ≉ู࡞Ꮡᅾ࡜ᤊ࠼࡚࠸ࡿ࠿ࡽ࡛࠶ࡿ࡜࠸࠺ㄽ⌮ᵓᡂࡀྍ⬟࡛࠶ࡿࠋ ఍♫ἲࡣࠊ఍♫ࡢࡉࡲࡊࡲ࡞ࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮ࡢ୰࠿ࡽᰴ୺ࢆ㑅ࢇ࡛ࠊᰴ୺࡟ᑐࡋ࡚఍♫ࡢ⤫἞ࢆጤࡡࡿ࡜࠸࠺⪃࠼᪉ࢆ࡜ࡗ࡚࠸ࡿ࡜⪃࠼ࡽࢀࡿࠋࡑࡢ⌮⏤࡜ࡋ࡚ࢥ࣮࣏࣮ࣞࢺ࣭ࣇ࢓࢖ࢼࣥࢫ
ⓗ࡞❧ሙ࠿ࡽࠊᒾᮧ඘ᩍᤵࡣࠕ᭱ࡶྜ⌮ⓗ࡞ㄝ᫂ࡣࠊ఍♫ࡢ౯್ࡢྥୖ࡟┤᥋ⓗ࡞࢖ࣥࢭࣥࢸ࢕ࣈ
ࢆᣢࡘࡢࡣᰴ୺ࡔ࠿ࡽ࡜࠸࠺ࡶࡢࡔࢁ࠺96ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋゝ࠸᥮࠼ࡿ࡜ࠊᰴᘧ఍♫࡛ࣞࢪࢹࣗ
࢔ࣝࡢᆅ఩࡟࠸ࡿࡢࡣᰴ୺࡛࠶ࡾࠊࣞࢪࢹࣗ࢔࡛ࣝ࠶ࢀࡤࠊ఍♫ࡀඈ࠿ࢀࡤ⮬ศࡢ฼┈ࡶ኱ࡁࡃ࡞
ࡾࠊᦆኻࢆ⿕ࢀࡤ⮬ศࡢᦆኻࡶ⭾ࡽࡴࡓࡵࠊ఍♫౯್ࢆቑຍࡉࡏࡿࡇ࡜࡬ࡢ࢖ࣥࢭࣥࢸ࢕ࣈࡶᙉࡃ
࡞ࡿࠋࡋࡓࡀࡗ࡚ࠊᰴ୺ࡣࡑࡢࡼ࠺࡞ᙉ࠸࢖ࣥࢭࣥࢸ࢕ࣈࢆ᭷ࡍࡿ࡛࠶ࢁ࠺࠿ࡽࠊᰴ୺࡟఍♫⤫἞ࢆ௵ࡏࢀࡤ௻ᴗ౯್᭱኱໬ࢆᅗࡿࡇ࡜ࡀ࡛ࡁࡿ࡛࠶ࢁ࠺࡜࠸࠺⪃࠼᪉࡛࠶ࡿ97ࠋ ࡋ࠿ࡋ࡞ࡀࡽࠊࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫࡢᐇែ࡜ࡋ࡚ࡣࠊ఍♫ἲࡢᘓ๓࡜ࡣ㛵ಀ࡞ࡃࠊᰴ୺௨
እࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮ࡢ⤒Ⴀ㛵୚ࡀᬑ㏻࡟ぢࡽࢀࡿගᬒ࡛࠶ࡾࠊ᪥ᮏ࡟࠾࠸࡚ࡣࠊ࣓࢖࣭ࣥࣂࣥ
ࢡ࡜࿧ࡤࢀࡿྲྀᘬ㖟⾜ฟ㌟ࡢྲྀ⥾ᙺࡀ⤒Ⴀ㝕࡟ຍࢃࡿࡇ࡜ࡣ⌋ࡋࡃࡣ࡞ࡃࠊࡲࡓ♫㛗௨ୗࡢྲྀ⥾ᙺࡢ࡯࡜ࢇ࡝ࡀᚑᴗဨฟ㌟⪅࡛࠶ࡿ࡜࠸࠺ගᬒࡶᬑ㏻࡟ぢࡽࢀࡿ࡜ࡇࢁ࡛࠶ࡿ98ࠋ ࡇࡢほⅬ࠿ࡽ⪃࠼ࡿ࡜఍♫ἲ࡟࠾࠸࡚ᰴ୺࡜മᶒ⪅࡜ࢆ஧ศࡍࡿ᰿ᣐࡶ♫఍⛉Ꮫⓗ᰿ᣐ࡟⿬௜ࡅ
ࡽࢀࡓࡶࡢ࡜ࡶᛮࢃࢀ࡞࠸ࠋࡋࡓࡀࡗ࡚఍♫ἲࢆ೉⏝ࡍࡿἲே⛯ἲ࡟࠾࠸࡚ࠊࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮
ࡢ୰࠿ࡽᰴ୺ࢆ≉ู࡞Ꮡᅾ࡜ࡋ࡚ษࡾฟࡍᚲ↛ᛶࡀᚲࡎࡋࡶ࠶ࡿࢃࡅ࡛ࡣ࡞࠸ࡢ࡛ࡣ࡞࠿ࢁ࠺࠿ࠋ ࡲࡓࠊ㧗ᶫಇኵᩍᤵࡣࠕၟἲୖࡢゎ㔘࡛ࡣ௚ே㈨ᮏࡣ࠾ࢁ࠿ࠊ‽ഛ㔠࡛ࡉ࠼ࡶἲᚊୖ࡛ࡣ㈨ᮏࡢ
ᴫᛕ࡟ྵࡲࢀ࡚࠸࡞࠸ࠋࡋࡓࡀࡗ࡚ࠊᤵᶒ㈨ᮏ࡟ࡘ࠸࡚ࡶࠊࡑࡢෆᐇࡣᤵᶒᰴᘧ࡛࠶ࡗ࡚ࠊᰴᘧ࡟
⾲♧ࡉࢀ࡚࠸ࡿ㈨ᮏࡢࡳࡀᢕ࠼ࡽࢀ࡚࠸ࡿࠋࡔࡀࠊ⌧ᐇࡣ࡝࠺࠿ࠋ⌧ᐇࡢ௻ᴗάືࢆ┤どࡋࡓሙྜࠊ
ၟἲୖࡢつᐃ࡟ࡋࡓࡀࡗ࡚ᢕ࠼ࡿ㈨ᮏᴫᛕࡀ౑ࢃࢀ࡚࠸ࡿ㈨ᮏࡢ⥲㢠࡜ẚ㍑ࡍࢀࡤࠊ࠸࠿࡟ࡑࡢẚ⋡ࡀᑠࡉࡃࠊ㝈ᐃⓗ࡞ࡶࡢ࡛࠶ࡗ࡚ࠊ⌧ᐇࡢ௻ᴗάື࠿ࡽ㞳ࢀ࡚ࡋࡲࡗ࡚࠸ࡿ⌧ᐇࢆ▱ࡿ࡜࠸࠺ࡶ
ࡢ࡛ࡣ࡞࠸࠿99ࠖ࡜㏙࡭ࡽࢀࠊ᪥ᮏ᭱኱ࡢᰴᘧ఍♫࡛࠶ࡿࠊ᪥ᮏ㟁ಙ㟁ヰᰴᘧ఍♫ࢆ౛࡟࡜ࡾࠊᰴ
ᘧⓎ⾜ࢆక࠺㈨ᮏࡢ㢠ࡣ 9379 ൨ 5 ༓୓෇ࠊⓎ⾜ᰴᘧ⥲ᩘ 1574 ୓ 1 ༓ᰴࠊᰴ୺⥲ᩘ 135 ୓ 5105
ྡ㸦2005 ᖺ 3 ᭶⌧ᅾ㸧࡛࠶ࡿࡀࠊື࠿ࡋ࡚࠸ࡿ㈨ᮏࡢ⥲㢠㸦౑⏝⥲㈨ᮏ㸧ࡣࠊ19 ඙ 985 ൨ 8400
୓෇࡛࠶ࡾࠊ㈨ᮏ㔠ࡢ⣙ 20 ಸࡢ㈨㔠ࢆ౑ࡗ࡚௻ᴗάືࢆࡋ࡚࠸ࡿ⌧ᐇࡢఱฎ࡟ࠊᰴᘧ఍♫ࡀࢃࡎ࠿ື࠿ࡋ࡚࠸ࡿ 20 ศࡢ 1 ࡟ࡋ࠿ᙜࡓࡽ࡞࠸㒊ศ࡛ࠊᰴᘧ఍♫ࡣᰴ୺ࡢᡤ᭷≀࡛࠶ࡿ࡜࠸࠼ࡿࡢ࠿ࠊ
࡜ㄽࡌࡽࢀ࡚࠸ࡿ100ࠋ Ḣ⡿ㅖᅜ࡛ࡣᚑ᮶࠿ࡽࠊ⚾᭷㈈⏘࡜ࡋ࡚ࡢ௻ᴗ࡜࠸࠺⚾᭷㈈⏘ㄝ㸦property concept㸧࡜௻ᴗࡢ┠ⓗࢆ≉ᐃࡢ฼ᐖ㛵ಀ⪅ࡢ┠ⓗᐇ⌧࡟࡛ࡣ࡞ࡃࠊ
௻ᴗࡑࢀ⮬యࡢᏑ⥆࡞ࡽࡧ࡟㛗ᮇⓗ࡞⦾ᰤ࡟ồࡵࠊ௻ᴗࡀᣢࡘ♫఍ⓗᏑᅾࡢഃ㠃ࢆ㔜どࡍࡿࡇ࡜࡟ࡼࡾ௻ᴗࡣᰴ୺ࡢ฼┈ࡢࡓࡵࡢࡳ࡞ࡽࡎࠊ
ᗈ࠸ࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮ࡢࡓࡵ࡟Ꮡᅾࡍࡿ࡜ᤊ࠼ࡿࠊ௻ᴗබჾㄝ㸦entity corporation㸧࡜࠸࠺ 2 ࡘࡢ௻ᴗᴫᛕ

96 ᒾᮧ඘ࠗ௻ᴗ㔠⼥ㅮ⩏࠘㸦ᮾὒ⤒῭᪂ሗ♫ࠊ2005㸧70 㡫ࠋ
97 ᒾᮧ඘࣭๓ᥖὀ㸦96㸧
ࠊ70 㡫ࠋ
98 ᒾᮧ඘࣭๓ᥖὀ㸦96㸧
ࠊ70 㡫ࠋ
99 㧗ᶫಇኵ
ࠕ♫఍ᛶࢆ㔜どࡋࡓ௻ᴗࠖ㧗ᶫಇኵ⦅ⴭࠗࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫࡢᅜ㝿ẚ㍑——⡿ࠊⱥࠊ⊂ࠊ௖ࠊ᪥ࡢ௻ᴗ࡜⤒Ⴀ࠘1 㡫㸦୰ኸ⤒῭♫ࠊ2006㸧18 㡫ࠋ
100 㧗ᶫಇኵ࣭๓ᥖὀ㸦99㸧19 㡫ࠋ33ࡀᏑᅾࡋ⥆ࡅ࡚ࡁ࡚࠸ࡿ101ࠋ ࡇࡢࡼ࠺࡟ࠊἲᚊᵓᡂୖࡢ Debt ࡜ Equity ࡜࠸࠺ேⅭⓗࠊ஧ศⓗ࡞ᛮ⪃ἲ࡜ࠊᐇ㉁⤒῭ⓗ࡞఍♫ᴫᛕ࡜ࡣ␗࡞ࡗࡓࡶࡢ࡛࠶ࡿࡇ࡜ࡀࢃ࠿ࡿࠋࡋࡓࡀࡗ࡚ࠊ⚾ἲ࡟࠾࠸࡚ Debt ࡜ Equity ࡢ┦ᑐ໬ࡀ㐍⾜ࡋࡑࡢቃ⏺⥺ࡀ୙㏱᫂࡟࡞ࡿࡢࡶ࠶ࡿព࿡⮬↛࡛࠶ࡾࠊ⤒῭ⓗᐇ㉁ࢆ⪃࠼ࢀࡤ⛒⛯ἲࡀᰴ୺ࡔ
ࡅࢆษࡾฟࡋ࡚≉ู࡞ㄢ⛯࣮ࣝࣝࢆ㐺⏝ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸≉ู࡞⌮⏤ࡣ࡞࠸ࡢ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡿࠋ
2.

࢚࣮ࢪ࢙ࣥࢩ࣮⌮ㄽ࡟ᇶ࡙ࡃࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫ⌮ㄽ——ᰴ୺ࠊമᶒ⪅ᑐ⛠ᛶ—— ୍⯡࡟ࠊ௻ᴗࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮ࡓࡕࡀ௻ᴗ⤒Ⴀ⪅ࢆಙ㢗࡛ࡁ࡞࠸ࡇ࡜࠿ࡽ⏕ࡌࡿ௻ᴗ⤒Ⴀୖࡢ㠀ຠ⋡ၥ㢟ࢆ࢚࣮ࢪ࢙ࣥࢩ࣮ၥ㢟࡜࠸࠸ࠊ࢚࣮ࢪ࢙ࣥࢩ࣮ၥ㢟࠿ࡽ⏕ࡌࡿ↓㥏࠶ࡿ࠸ࡣ㠀ຠ⋡ࡢࡇ࡜ࢆ࢚࣮ࢪ࢙ࣥࢩ࣮࣭ࢥࢫࢺ࡜࠸࠺102ࠊ࠶ࡿ࠸ࡣࠊ௚ே㸦ᰴ୺㸧ࡢࡓࡵ࡟⾜Ⅽࢆཷ௵ࡋࡓ⪅㸦౛࠼ࡤ⤒Ⴀ⪅㸧ࡢ⩏ົ᠔ᛰࢆ㜵Ṇࡍࡿࡓࡵ࡟㈝ࡸࡉࢀࡿࢥࢫࢺ࠾ࡼࡧ㜵Ṇࡋࡁࢀࡎ࡟ṧࡉࢀࡿᦆኻࡢ
⥲㢠ࢆ࢚࣮ࢪ࢙ࣥࢩ࣮࣭ࢥࢫࢺ࡜࠸࠺103ࠊ࡞࡝࡜ᐃ⩏ࡉࢀ࡚࠸ࡿࠋ ⌧௦࡟࠾ࡅࡿࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫㄽࡣࠊࡇࡢ࢚࣮ࢪ࢙ࣥࢩ࣮⌮ㄽࢆ⏝࠸࡚ㄝ᫂ࡉࢀࡿࠋ⳥
⃝◊᐀ᩍᤵࡣ࢚࣮ࢪ࢙ࣥࢩ࣮⌮ㄽࢆࠊ௨ୗࡢࡼ࠺࡞⌮ㄽⓗ᰿ᣐ࠿ࡽࠊᰴ୺ࢆࣉࣜࣥࢩࣃࣝ࡜ࡋࠊ⤒Ⴀ⪅ࢆ࢚࣮ࢪ࢙ࣥࢺ࡜ࡍࡿ࢔࣓ࣜ࢝ὶࡢᰴ୺୺ᶒㄽࢆṇᙜ໬ࡍࡿࡶࡢ࡛ࡣ࡞࠸࡜㏙࡭ࡽࢀ࡚࠸ࡿ104ࠋ ࢚࣮ࢪ࢙ࣥࢩ࣮⌮ㄽ࡟ࡼࢀࡤࠊ఍♫ࡣࠊ఍♫௦⾲⪅࡜ࡋ࡚ࡢ⤒Ⴀ⪅ࢆ୰ᚰ࡜ࡍࡿᵝࠎ࡞࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀࡢዎ⣙⪅ࡢ᮰࡜ࡳ࡞ࡉࢀࠊᰴ୺࡜⤒Ⴀ⪅࡜ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀࠊമᶒ⪅࡜⤒Ⴀ⪅࡜ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀࠊ⤒Ⴀ⪅࡜ᚑᴗဨ࡜ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀࠊ⤒Ⴀ⪅࡜ୗㄳࡅ఍♫࡜ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀ࡞࡝ࡢዎ⣙ࡢ᮰࠿ࡽ࡞ࡿࡶࡢ࡜ࡳ࡞ࡉࢀࡿ࡜ࡉࢀࡿࠋࡇࢀࡽ఍♫ࢆᵓᡂࡍࡿ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀࡢ୰࡛ࠊࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫࡢၥ㢟࡟࡜ࡗ࡚㔜せ࡞㛵ಀࡣࠊձᰴ୺࡜⤒Ⴀ⪅࡜ࡢ㛫ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀࠊղമᶒ⪅࡜⤒Ⴀ⪅࡜ࡢ㛫ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀ࡛࠶ࡿࠋ ձᰴ୺࡜⤒Ⴀ⪅࡜ࡢ㛫ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀ࡟ࡘ࡚࠸ࡳࡿ࡜ࠊࣉࣜࣥࢩࣃࣝ࡜ࡋ࡚ࡢᰴ୺࡜
࢚࣮ࢪ࢙ࣥࢺ࡜ࡋ࡚ࡢ⤒Ⴀ⪅࡜ࡢ฼ᐖࡣᚲࡎࡋࡶ୍⮴ࡏࡎࠊ⤒Ⴀ⪅ࡢ㠀೔⌮ⓗ࡛㠀ຠ⋡ⓗ࡞⾜ືࢆᰴ୺ࡣᢚไࡍࡿᚲせࡀ࠶ࡿࠋࡑࡢ᪉ἲ࡜ࡋ࡚࢚࣮ࢪ࢙ࣥࢩ࣮⌮ㄽ࡜ࡋ࡚ࡣࠊᰴ୺࡜⤒Ⴀ⪅࡜ࡢ᝟ሗࡢ㠀ᑐ⛠ᛶࢆ⦆࿴ࡍࡿᚲせᛶࡀ࠶ࡾࠊලయⓗ࡟ࡣᰴ୺࡟ࡼࡿ⤒Ⴀ⪅ࡢࣔࢽࢱࣜࣥࢢࠊ
ᰴ୺࠿ࡽ⤒Ⴀ⪅࡬ࡢ࢖ࣥࢭࣥࢸ࢕ࣈࡢᥦ౪࡞࡝ࡀ࠶ࡿࠋ ղമᶒ⪅࡜⤒Ⴀ⪅࡜ࡢ㛫ࡢ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀ࡟ࡘ࡚࠸ࡳࡿ࡜ࠊࣉࣜࣥࢩࣃࣝ࡜ࡋ࡚ࡢമᶒ
⪅࡜࢚࣮ࢪ࢙ࣥࢺࡋ࡚ࡢ⤒Ⴀ⪅࡜ࡢ฼ᐖ㛵ಀࡶཎ⌮ⓗ࡟୍⮴ࡋ࡞࠸ࠋ⤒Ⴀ⪅ࡣࣞࣂࣞࢵࢪ࡟ࡼ
ࡿࣁ࢖ࣜࢫࢡ࣭ࣁ࢖ࣜࢱ࣮ࣥࡢࣉࣟࢪ࢙ࢡࢺᢞ㈨ࢆዲࡴࠋ᭷㝈㈐௵ࢆࡶ࡜࡟ࠊᡂຌࡍࢀࡤࡼࡾ
኱ࡁ࡞฼┈ࢆᚓࡿࡇ࡜ࡀ࡛ࡁࠊࡑࡢሙྜࠊᰴ୺ࡣ⤒Ⴀ⪅ࡀࡼࡾ኱ࡁ࡞ሗ㓘ࢆᚓࡿࡇ࡜ࢆㄆࡵࡿ
࠿ࡽ࡛࠶ࡿࠋࡇࡢᒁ㠃࡟࠾࠸࡚ࡣࠊᰴ୺࡜⤒Ⴀ⪅ࡢ฼ᐖࡀ୍⮴ࡋࠊࣁ࢖࣭ࣜࢫࢡࡢࣉࣟࢪ࢙ࢡ
ࢺࢆ㑅ዲࡍࡿࡇ࡜࡟࡞ࡿࠋࡇࢀ࡟ᑐࡋࠊമᶒ⪅ࡣ Debt ࢆࣁ࢖ࣜࢫࢡ࣭ࣁ࢖ࣜࢱ࣮ࣥࡢࣉࣟࢪ࢙

101 ᯇ⏣೺ࠕࢻ࢖ࢶ௻ᴗ࡜㈨ᮏᵓ㐀ࡢኚ໬ࠖ㧗ᶫಇኵ⦅ⴭࠗࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫࡢᅜ㝿ẚ㍑——⡿ࠊⱥࠊ⊂ࠊ௖ࠊ᪥ࡢ௻ᴗ࡜⤒Ⴀ࠘87 㡫㸦୰ኸ⤒῭♫ࠊ2006㸧92 㡫࡟࠾࠸࡚ࠊ⚾᭷㈈⏘ㄝࡣⱥ⡿ᆺࠊ௻ᴗබჾㄝࡣࢻ࢖ࢶḢᕞ኱㝣ᆺ࡜ศ㢮ࡉࢀࠊ᪥ᮏࡣࠊࡇࢀࡽ࡜ࡲࡓ␗࡞ࡿከඖⓗ௻ᴗᴫᛕࢆ᭷ࡋ࡚࠸ࡿࡇ࡜ࡀ㏙࡭ࡽࢀ࡚࠸ࡿࠋ
102 ᒾᮧ඘࣭๓ᥖὀ㸦96㸧
ࠊ215 㡫ࠋ103 Ụ㢌᠇἞㑻࣭๓ᥖὀ㸦76㸧
ࠊ47 㡫ࠋ
104 ⳥⃝◊᐀ࠗẚ㍑ࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫㄽ࠘
㸦᭷ᩫ㛶ࠊ2004㸧41 㡫ࠋ34ࢡࢺ࡟฼⏝ࡍࡿࡇ࡜ࢆᴟ➃࡟᎘࠺ࠋࡑࡢ⌮⏤ࡣࠊࣜࢫࢡࡢ㧗࠸ࣉࣟࢪ࢙ࢡࢺ࡟ࡼࡾ఍♫ࡀ኱ࡁ࡞ࣜࢱ࣮ࣥࢆᚓࡓ࡜ࡋ࡚ࡶࠊമᶒ⪅ࡣ⣙ᐃ฼Ꮚ࡜ඖ㔠ࡋ࠿ᚓࡿࡇ࡜ࡀ࡛ࡁ࡞࠸ࡓࡵ࡛࠶ࡾࠊ௬
࡟ኻᩋࡋࡓሙྜࡣࠊമᶒ⪅ࡣ㈚ಽࡢࣜࢫࢡ࡟ࡉࡽࡉࢀࡿࡇ࡜࡜࡞ࡿࡓࡵ࡛࠶ࡿࠋࡑࢀࡺ࠼ࠊമ
ᶒ⪅ࡣ࣮࣭ࣟࣜࢫࢡ࣭࣮࣭ࣟࣜࢱ࣮ࣥࡢࣉࣟࢪ࢙ࢡࢺࢆ㑅ዲࡍࡿࡇ࡜࡟࡞ࡿࡀࠊࡇࡇ࡛ࡣമᶒ
⪅࡜⤒Ⴀ⪅࡜ࡢ฼ᐖ㛵ಀࡣ୍⮴ࡋ࡞࠸࠺࠼࡟ࠊമᶒ⪅ࡣ⤒Ⴀ⪅ࡢ⾜ືࢆほᐹ࡛ࡁ࡞࠸ࠋࡲࡓࠊ
⤒Ⴀ⪅ࡣ఍♫࡟ᑐࡍࡿ⚾ⓗ᝟ሗࢆከࡃᡤ᭷ࡋ࡚࠸ࡿ࡜࠸࠺᝟ሗࡢ㠀ᑐ⛠ᛶࡀᏑᅾࡋ࡚࠸ࡿࠋࡇ
ࡢࡼ࠺࡞≧ἣୗ࡟࠾࠸࡚ࡣࠊ⤒Ⴀ⪅ࡣമᶒ⪅ࡢ฼ᐖ࡟཯ࡋ࡚ࠊDebt ࢆࣁ࢖࣭ࣜࢫࢡࡢࣉࣟࢪ࢙
ࢡࢺ࡟฼⏝ࡍࡿྍ⬟ᛶࡶ࠶ࡿࡋࠊࡲࡓ Debt ࢆᰴ୺࡬ࡢ㓄ᙜࡢཎ㈨࡜ࡋ࡚ࡢ Equity ࡟㌿⏝ࡍࡿྍ⬟ᛶࡶ࠶ࡿࠋ
Debt ࡜ Equity ࡢቃ⏺ࡀ⤒Ⴀ⪅࡜ᰴ୺࡜ࡢ฼ᐖ㛵ಀࡢ୍⮴࡟ࡼࡾࠊ⤒Ⴀ⪅࡟ࡼࡗ
࡚ኚ᭦ྍ⬟࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋࡇࡇ࡟࠾࠸࡚മᶒ⪅ࡣ⤒Ⴀ⪅࡜฼ᐖ㛵ಀࢆ୍⮴ࡉࡏࡿࡓࡵ࡟മ
ᶒ⪅ࡣఱࡽ࠿ࡢไᗘࢆ౑࠸⤒Ⴀ⪅ࢆ⤫἞ࡍࡿ࠿ࠊఱࡽ࠿ࡢไᗘࢆ౑࠸മᶒ⪅ࡀྠ᫬࡟ᰴ୺࡟࡞
ࡾ⤒Ⴀ⪅ࢆ⤫἞ࡍࡿ࠿ࡢ࠸ࡎࢀ࠿ࡢᡭẁࢆᇳࡿࠋ ௨ୖࠊ⳥⃝◊᐀ᩍᤵࡢㄽ⌮࡟ᚑ࠸ࠊ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀ࡟ࡘ࠸࡚⤒Ⴀ⪅࡜ᰴ୺ࠊ⤒Ⴀ⪅࡜മᶒ⪅࡜ࡢ㛵ಀࢆᴫほࡍࡿ࡜ࠊ఍♫ࡢᡤ᭷ࡀᰴ୺࡛࠶ࡿ࡜ࡍࡿࠊᰴ୺୺ᶒㄽࡀᚲࡎࡋࡶṇᙜ໬ࡉࢀࡿࡶࡢ
࡛ࡶ࡞ࡃࠊࡋࡓࡀࡗ࡚ࠊ఍♫ἲୖࡢ Debt ࡜ Equity ࡜ࡢ⥺ᘬࡁࡣ᫂☜࡛࠶ࡗ࡚ࡶࠊ⤒῭ⓗ࡟ࡣࡑࡢቃ⏺⥺ࡣ࢚࣮ࢪ࢙ࣥࢩ࣮㛵ಀ࡟ࡼࡾኚືྍ⬟࡛࠶ࡿࡇ࡜ࠊࡋࡓࡀࡗ࡚ࠊ⛒⛯ἲࡀࠊேⅭⓗ࡟ᐃࡵࡓDebt ࡜ Equity ࡜ࡢ⥺ᘬࡁ࡟ᚲࡎࡋࡶࡋࡓࡀ࠺ᚲせᛶࡣ࡞࠸࡜࠸࠼ࡿࡢ࡛ࡣ࡞࠸ࡔࢁ࠺࠿ࠋ
3.

ᡤ᭷࡜⤒Ⴀࡢศ㞳ㄽ

1978 ᖺ࡟ࣀ࣮࣋ࣝ㈹ࢆཷ㈹ࡋࡓ H.A.Simon ࡣࠊᇶᮏⓗ࡟ே㛫ࡣ⤒῭Ꮫ࡛௬ᐃࡉࢀ࡚࠸ࡿࡼ࠺࡞᏶
඲ྜ⌮ⓗ࡞⤒῭ே࡛ࡣ࡞࠸࡜௬ᐃࡍࡿ࡜ࠊே㛫ࡢ᝟ሗ཰㞟࣭ฎ⌮࣭ఏ㐩⬟ຊࡣ㝈ᐃࡉࢀ࡚࠾ࡾࠊ㝈ᐃࡉࢀࡓ᝟ሗࡢ୰࡛ពᅗⓗ࡟ྜ⌮ⓗ࡟ࡋ࠿⾜ື࡛ࡁ࡞࠸࡜࠸࠺⌮ㄽࢆ♧ࡓ105ࠋ ௚᪉ࠊไᗘὴ⤒῭Ꮫ࡟࠾࠸࡚ࡣࠊᕧ኱௻ᴗ࡛ࡣᡤ᭷࡜ᨭ㓄ࡀศ㞳ࡋ࡚࠸ࡿࡓࡵࠊ⌧௦ᕧ኱௻ᴗࡣ
฼₶᭱኱໬ࢆࡋ࡚࠸࡞࠸࡜࠸࠺⌮ㄽࢆࣂ࣮ࣜ㸻࣑࣮ࣥࢬ㸦A.A.Berle & G.C.Means㸧ࡀⴭ᭩ࠗ㏆௦ᰴᘧ఍♫࡜⚾᭷㈈⏘࠘106ࡢ୰࡛ᒎ㛤ࡋࡓ107ࠋ ࡇࢀࡽࡢ௻ᴗ⾜ືࡢ⌮ㄽࡀᶆ‽ࡢ࣑ࢡࣟ⤒῭Ꮫ࡜␗࡞ࡿࡢࡣࠊᶆ‽ⓗ࡞࣑ࢡࣟ⤒῭Ꮫ࡟ࡋࡓࡀ࠼
ࡤ⤒Ⴀ⪅ࡣᰴ୺฼┈ࢆ᭱኱໬ࡍࡿࡓࡵ࡟⾜ືࡍࡿ࡜ࡉࢀࡿࡀࠊ௻ᴗ⾜ືࡢ⌮ㄽ࡛ࡣࠊ௻ᴗࡣ༢⣧࡟ᰴ୺฼┈᭱኱໬ࢆ┠ᣦࡍࡢ࡛ࡣ࡞ࡃࡍ࡭࡚ࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮ࡢ฼┈ࢆ㏣ồࡍࡿࡇ࡜࡟ࡼࡗ࡚⏕ࡁṧࡿࡇ࡜ࡀ࡛ࡁࡿ࡜ࡍࡿⅬ࡛࠶ࡿ108ࠋ ࣂ࣮ࣜ㸻࣑࣮ࣥࢬࡢ⌮ㄽ࡟ࡘ࠸࡚ࠊ⳥ụ◊᐀ᩍᤵࡣࠊḟࡢࡼ࠺࡟せ⣙ࡉࢀ࡚࠸ࡿࠋ
ࠕ௻ᴗࡣつᶍࡀ

105 ࡇࢀࡀ Simon ࡢ㝈ᐃྜ⌮ᛶ㸦bounded rationality㸧⌮ㄽ࡛࠶ࡾࠊH.A.Simon, Administrative

Behavior: A Study of Decision-Making Processes in Administrative Organization 2nd ed. (Macmillan, 1961). ᪥ᮏㄒࡢ⩻ヂᮏ࡜ࡋ࡚ᯇ⏣Ṋᙪ࣭㧗ᰗᬡ࣭஧ᮧᩄᏊヂࠗ⤒Ⴀ⾜ື࠘㸦ࢲ࢖ࣖࣔࣥࢻ♫ࠊ
1965㸧࡜ࡋ࡚▱ࡽࢀ࡚࠸ࡿࠋ⳥⃝◊᐀ࠗ⤌⧊ࡢ⤒῭Ꮫධ㛛̿᪂ไᗘὴ⤒῭Ꮫ࢔ࣉ࣮ࣟࢳ࠘
㸦᭷ᩫ㛶ࠊ
2006㸧3 㡫ࠋ
106 See, A.A.Berle & G.C.Means, The Modern Corporation and Private Property, (Commerce
Clearing House, 1932)㸹ࣂ࣮ࣜ㸻࣑࣮ࣥࢬⴭࠊ໭ᓥᛅ⏨ヂࠗ㏆௦ᰴᘧ఍♫࡜⚾᭷㈈⏘࠘㸦ᩥ㞞ᇽ᭩ᗑࠊ1985㸧ࠋ
107 ⳥⃝◊᐀࣭๓ᥖὀ㸦105㸧
ࠊ5 㡫ࠋ
108 ࢫ࢖ࢵࢶ࢚࣭ࢲ࣐࢘ (Sytse Douma) 㸻 ࣊࢖࣭ࣥࢫࢡ࣮ࣝࢲ࣮ (Hein Schreuder) ⴭࠊ୹ἑᏳ
἞࣭ᒸ⏣࿴⚽࣭Ώ㒊┤ᶞ࣭⳥⃝◊᐀࣭ஂಖ▱୍࣭▼ᕝఀ྿࣭໭ᓥၨႹヂࠗ⤌⧊ࡢ⤒῭Ꮫධ㛛㸦➨㸱∧㸧࠘㸦ᩥ┾ᇽࠊ2007㸧138 㡫ࠋ35ᑠࡉ࠸࡜ࡁࡣࠊ௻ᴗࢆᡤ᭷ࡋ฼┈ࢆᚓࡿᶒ฼㸦ᡤ᭷㸧ࠊ௻ᴗࡢே஦ࢆᨭ㓄ࡍࡿᶒ฼㸦ᨭ㓄㸧ࠊ௻ᴗࢆ⤒Ⴀࡍࡿᶒ฼㸦⤒Ⴀ㸧ࡣ㈨ᮏᐙ࡛࠶ࡿ㉳ᴗᐙ࡟㞟୰ࡍࡿ࡜ࡋࡓࠋࡋ࠿ࡋࠊ௻ᴗࡀ኱ࡁࡃ࡞ࡿ࡜ࠊ௻
ᴗ⤒Ⴀࡣ」㞧࡟࡞ࡾࠊࡇࡢ≧ែࢆඞ᭹ࡍࡿࡓࡵ࡟ࠊ
ࡍ࡭࡚ࡢᶵ⬟ࢆᑓ㛛໬ࡍࡿࡇ࡜ࡀຠ⋡ⓗ࡜࡞ࡿࠋࡇࡢࡼ࠺࡞≧ἣ࡛ࡣࠊฟ㈨ࡋ࡚࠸ࡿ࡜࠸࠺⌮⏤ࡔࡅ࡛ࡣࠊ௻ᴗࢆ⤒Ⴀࡍࡿࡇ࡜ࡣࡶࡣࡸ࡛ࡁ࡞࠸ࠋ
ࡑࢀࡺ࠼ࠊ⤒Ⴀࢆᑓ㛛࡜ࡍࡿᑓ㛛⤒Ⴀ⪅ࡀⓏሙࡋ࡚ࡃࡿࡇ࡜࡟࡞ࡿࠋࡋ࠿ࡋࠊࡇࡢẁ㝵࡛ࡣࠊ㈨ᮏ
ᐙࡣ࡞࠾ᨭ㓄ᶒ࡜ࡋ࡚ࡢே஦ᶒࢆࡶࡗ࡚࠾ࡾࠊ⤒Ⴀ⪅ࡣ㈨ᮏᐙࡢᛅᐇ࡞௦⌮ே࡟␃ࡲࡗ࡚࠸ࡿࠋࡉ
ࡽ࡟ࠊ௻ᴗࡀᕧ኱໬ࡍࡿ࡜ࠊᰴᘧࡣᗈࡃከࡃࡢᰴ୺࡟ศᩓࡋࠊ࠸࠿࡞ࡿ༢୍ࡢᰴ୺ࡶ௻ᴗࢆᨭ㓄ࡍࡿࡔࡅࡢ༑ศ࡞ᰴᘧࢆಖ᭷ࡋ࡚࠸࡞࠸≧ែ࡟࡞ࡿࠋࡇࡢẁ㝵࡛ࡣࠊ௻ᴗࢆᨭ㓄ࡋ࡚࠸ࡿࡢࡣࡶࡣࡸ
ᰴ୺࡛ࡣ࡞࠸ࠋᨭ㓄ࡋ࡚࠸ࡿࡢࡣᰴᘧࢆࡶࡓ࡞࠸ᑓ㛛⤒Ⴀ⪅࡛࠶ࡾࠊࡋ࠿ࡶᡤ᭷⪅࡛࠶ࡿᰴ୺࡜ᨭ
ࠋ㓄⪅࡛࠶ࡿ⤒Ⴀ⪅࡜ࡢ฼ᐖࡣ஫࠸࡟␗࡞ࡿࡓࡵ࡟ࠊ
⤒Ⴀ⪅ࡣ༢࡞ࡿᰴ୺ࡢ௦⌮ே࡛ࡣ࡞ࡃ࡞ࡿ109ࠖ ⳥⃝ᩍᤵࡣࠊࡇࡢ⌮ㄽࡀᇶ࡜࡞ࡗ࡚⤒Ⴀ⪅ᨭ㓄ࡢ௻ᴗ⌮ㄽ࡬ࡘ࡞ࡀࡾࠊ
ࠕྲྀᘬࢥࢫࢺ⌮ㄽࠖࠊࠕ࢚࣮ࢪ࢙ࣥࢩ࣮⌮ㄽࠖࠊࠕᡤ᭷ᶒ⌮ㄽࠖࢆᇶ♏࡜ࡍࡿ⌧ᅾࡢ᪂ไᗘὴ⤒῭Ꮫ࡟ࡼࡿࠊࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂ
ࢼࣥࢫ⌮ㄽ࡬࡜Ⓨᒎࡋࡓ࡜㏙࡭ࡽࢀ࡚࠸ࡿ110ࠋ ௻ᴗ⾜ືࡢ⌮ㄽࡢほⅬ࠿ࡽᰴᘧ఍♫ࢆᨵࡵ࡚ぢ┤ࡍ࡜ࠊἲே⛯ἲࡀࡑࡢᇶ♏࡜ࡋ࡚࠸ࡿࠊ
ࠕ఍♫ࡣᰴ୺ࡢࡶࡢ࡛࠶ࡾࠊࡋࡓࡀࡗ࡚ࠊᰴ୺ࡢᢞ㈨ࣜࢱ࣮ࣥ࡟ἲே⛯ࢆㄢ⛯ࡍࡿࠖ࡜࠸࠺⪃࠼᪉ࡣࠊ୰ᑠ
ἲே࡟ᑐࡍࡿἲே⛯ࡢ᰿ᣐㄽ࡛࠶ࡗ࡚ࠊᡤ᭷࡜ᨭ㓄ࡢศ㞳ࡀ☜❧ࡋ࡚࠸ࡿ኱௻ᴗ࡟ᑐࡍࡿἲே⛯ࡢ᰿ᣐㄽ࡜ࡣ࡞ࡾ࠼࡞࠸ࡢ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡿࠋ➨5⠇ἲே⛯ἲࡀ᝿ᐃࡋ࡚࠸ࡿ఍♫ീ—ἲே⛯ἲࡢ⌮ᛕ࡜⌧ᐇ࡜ࡢ࢔ࣥࣂࣛࣥࢫ—๓⠇࡛⪃ᐹࡋࡓࡼ࠺࡟ࠊ
఍♫ࡣᰴ୺ࡢࡶࡢ࡛࠶ࡿ࡜ࡢ⪃࠼᪉ࡣࠊ኱௻ᴗ࡟ᑐࡋ࡚ࡣ⌧௦ࡢࢥ࣮࣏࣮ࣞ
ࢺ࣭࢞ࣂࢼࣥࢫ⌮ㄽ࠿ࡽࡳࢀࡤࡑࡢ⌮ㄽⓗ᰿ᣐࢆኻ࠺ࠋᕧ኱໬ࡋࡓ௻ᴗࡢᰴᘧࡣᗈࡃከࡃࡢᰴ୺࡟
ศᩓࡋࠊ࠸࠿࡞ࡿ༢୍ࡢᰴ୺ࡶ௻ᴗࢆᨭ㓄ࡍࡿࡔࡅࡢ༑ศ࡞ᰴᘧࢆಖ᭷ࡋ࡚࠸࡞࠸≧ែ࡟࡞ࡾࠊࡇ
ࡢẁ㝵࡛ࡣࠊ௻ᴗࢆᨭ㓄ࡋ࡚࠸ࡿࡢࡣࡶࡣࡸᰴ୺࡛ࡣ࡞࠸࠿ࡽ࡛࠶ࡿ111ࠋ 㔠Ꮚᏹᩍᤵࡣࠊᚚㄽ⪃112ࡢ୰࡛ḟࡢࡼ࠺࡟㏙࡭ࡽࢀࠊࡑࢀᨾ࡟ࢩࣕ࢘ࣉ່࿌ࢆᇶ♏࡜ࡍࡿἲே⛯ࢆ๓ᡶㄝ࡛ㄝ᫂ࡍࡿࡢࡀ㐺ᙜ࡛ࡣ࡞࠿ࢁ࠺࠿࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ
ࠕ㺃㺃㺃ἲே࡜࠸࠺ࡶࡢࡣಶேࡀ㞟ࡲࡗ࡚సࡗࡓ⤌⧊య࡟ே᱁ࢆ୚࠼ࡓࡶࡢ࡛࠶ࡿࠋᑐእⓗ࡞⤒ࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊ῭άື࡟࠾࠸࡚ࡣࠊἲேࡣἲே⮬㌟ࡢྡ๓࡛άືࡍࡿࢃࡅ࡛ࡍࡀࠊෆ㒊㛵ಀ࡟࠾࠸࡚ࡣࠊἲே
ࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊࠊ
ࡢ฼₶㏣ồάືࡣࠊ⤖ᒁࡣᰴ୺ࡢࡓࡵ࡟⾜ࢃࢀࡿࠋ฼₶㏣ồάືࡢ⤖ᯝࠊᚓࡽࢀࡓ฼┈ࡣᰴ୺ࠊࠊࠊࠊࠊࠊ
ࡢࡶࡢ࡛࠶ࡿ113ࠋ㺃㺃㺃ࡸࡀ࡚ἲேࡢᡤᚓࡀᰴ୺࡟㓄ᙜࡉࢀࡓሙྜ࡟ࡣࠊࡑࡢ㓄ᙜ࡟ࡘ࠸࡚ࡣࠊ
᪤࡟ἲே⛯ࡀ୍ᗘ࠿࠿ࡗ࡚࠸ࡲࡍ࠿ࡽࠊᰴ୺ࡢẁ㝵࡛஧㔜ㄢ⛯ࡀ⏕ࡌ࡞࠸ࡼ࠺࡟ㄪᩚࡋ࡞ࡅࢀ
ࡤ࡞ࡾࡲࡏࢇ114ࠖ ࡇࡇ࡛ࠊ➹⪅ࡀၥ㢟࡜ឤࡌࡿࡢࡣࠊഐⅬࡢ㒊ศ࡛࠶ࡿࠋࢫ࢖ࢵࢶ࢚࣭ࢲ࣐࢘㸻࣊࢖࣭ࣥࢫࢡ࣮ࣝ
ࢲ࣮115➼࡟ࡼࡿࠊ௻ᴗ⾜ືࡢ⤒῭Ꮫ⪅࡟ࡼࡿ⌮ㄽ࡟ࡼࢀࡤࠊ኱௻ᴗ࡟࠾࠸࡚ࡣࠊᶆ‽ⓗ࡞࣑ࢡࣟ⤒109 ⳥⃝◊᐀࣭๓ᥖὀ㸦105㸧
ࠊ5 㡫ࠋ
110 ⳥⃝◊᐀࣭๓ᥖὀ㸦105㸧
ࠊ9 㡫ࠋ
111 ➨ 1 ❶➨ 4 ⠇ 3 ཧ↷ࠋ
112 㔠Ꮚᏹࠕἲே⛯࡟ࡘ࠸࡚ࠖ
ࠗ⛒⛯◊✲࠘1ࠊ7 㡫ࠊ8 㡫㸦2007㸧ࠋ
113 ഐⅬࡣ➹⪅ࡀࡘࡅࡓࡶࡢ࡛࠶ࡿࠋ
114 㔠Ꮚᏹ࣭๓ᥖὀ㸦112㸧
ࠊ8 㡫ࠋ
115 ࢫ࢖ࢵࢶ࢚࣭ࢲ࣐࢘ࡣ࢜ࣛࣥࢲ Tilbrg ኱Ꮫᩍᤵࠊ࣊࢖࣭ࣥࢫࢡ࣮ࣝࢲ࣮ࡣ࢜ࣛࣥࢲ Maastricht36῭Ꮫࡢᖐ⤖࡜ࡣ␗࡞ࡿࡇ࡜࡟࡞ࡿࠋᶆ‽ⓗ࡞࣑ࢡࣟ⤒῭Ꮫ࡟ࡋࡓࡀ࠼ࡤ⤒Ⴀ⪅ࡣᰴ୺฼┈ࢆ᭱኱໬ࡍࡿࡓࡵ࡟⾜ືࡍࡿ࡜ࡉࢀࡿࡀࠊ௻ᴗ⾜ືࡢ⌮ㄽ࡛ࡣࠊ௻ᴗࡣ༢⣧࡟ᰴ୺฼┈᭱኱໬ࢆ┠ᣦࡍࡢ࡛ࡣ࡞ࡃࡍ࡭࡚ࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮ࡢ฼┈ࢆ㏣ồࡍࡿ࡜࠸࠺⤖ㄽ࡜࡞ࡿࡢ࡛࠶ࡿࠋ ௬࡟ࠊࡇࡢ⤒῭⌮ㄽࡀ᰿ᗏ࡟࠶ࡿ࡜ࡍࢀࡤࠊ㔠Ꮚᩍᤵࡢ㏙࡭ࡽࢀ࡚࠸ࡿഐⅬ㒊ศࡢ௬ㄝࡣᔂࢀࡿ
ࡇ࡜࡟࡞ࡾࠊࡋࡓࡀࡗ࡚ࠊ఍♫ࡢᰴ୺ᡤ᭷ㄽ࠿ࡽࡢᖐ⤖࡛࠶ࡿἲே⛯࡟࠾ࡅࡿࠕ฼┈ࡣᰴ୺ࡢࡶࡢࠖ
࡜࠸࠺ㄽ⌮ࡣࡑࡢᚲ↛ᛶࢆኻ࠺࡜⪃࠼ࡿࡢ࡛࠶ࡿࠋ ࡑ࠺ࡍࡿ࡜ࠊᰴ୺ࢆ≉ู࡞Ꮡᅾ࡜ࡋ࡚ษࡾฟࡋࠊ
ࠕᰴ୺ࡢ║࠿ࡽࡳ࡚⏕ࡌࡿࣜࢱ࣮ࣥ࡟ᑐࡍࡿㄢ⛯116ࠖ
㸦ᰴ୺୺ᶒㄽࠊᰴ୺ㄢ⛯᰿ᣐㄽ㸧࡜ࡋ࡚ᤊ࠼࡚࠸ࡿἲே⛯ἲࡢ⌮ᛕࡣࠊᕧ኱௻ᴗ࡟࠶ࡿࡢ࡛ࡣ

࡞ࡃࠊ୰ᑠ௻ᴗ࡟࠶ࡿࡢ࠿࡜࠸࠺ࡇ࡜࡟࡞ࡿࠋࡑ࠺⪃࠼ࢀࡤࠊἲே⛯ἲ 132 ᮲ࢆ୰ᚰ࡜ࡍࡿྠ᪘఍♫ྰㄆつᐃࡢၥ㢟ࠊ㞃ࢀࡓ฼┈ฎศࡢၥ㢟ࡀ㐣ཤ࡟࠾࠸࡚┒ࢇ࡟㆟ㄽࡉࢀ࡚ࡁࡓࡇ࡜࡜ࡘࡌࡘࡲࡀྜ࠺ࠋ ᮧ஭ṇᩍᤵࡣࠊἲே⛯ἲ➨ 132 ᮲ࡢ㐺⏝ᑐ㇟ࡀἲᩥୖࡣྠ᪘఍♫➼࡟㝈ᐃࡉࢀ࡚࠸ࡿⅬ࠿ࡽ⏕ࡌࡿࠊ㠀ྠ᪘఍♫࡟ᑐࡍࡿ⛒⛯ᅇ㑊ࡢྰㄆつᐃ࡜ࡋ࡚ࡢ⬟ຊࡢၥ㢟࡟ࡘࡁࠊࠕᮏ᮲ࡢゎ㔘ࡣἲே⛯ἲࡢ඲యᵓ㐀ࡢ୰࡛ࡢࡳ࡞ࡉࢀࡿ࡭ࡁ࡛࠶ࡾࠊ᭱⤊ⓗ࡟ࡣἲே⛯ἲ࡟࠾ࡅࡿἲேࡢ⌮ᛕᆺ࡜ࡋ࡚ࡣࠊ࠸
࠿࡞ࡿ௻ᴗᙧែࢆ᝿ᐃࡍࢀࡤࡼ࠸࠿࡜࠸࠺ၥ㢟࡟ᖐ╔ࡍࡿࡢ࡛ࡣ࡞࠿ࢁ࠺࠿ࠋ࠸ࢃࡺࡿྠ᪘఍♫ࡢᙧែࢆ࡜ࡿ౛ࡀࢃࡀᅜ࡛ࡣᅽಽⓗ࡟ከ࠸࡜࠸࠺ᐇែㄽ࡜ἲே⛯ἲࡀ⌮ᛕ࡜ࡋ࡚᝿ᐃࡍࡿ௻ᴗᙧែࡣ
ఱ࠿࡜࠸࠺⌮ᛕㄽ࡜ࡀᒗࠎΰྠࡉࢀ࡚࠸ࡿࡼ࠺࡟ᛮࢃࢀࡿ117ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࡀࠊᮧ஭ᩍᤵࡢ㏙
࡭ࡽࢀ࡚࠸ࡿほⅬ࡜ࠊἲே⛯ἲࡀ᥇ࡿࠊᰴ୺ㄢ⛯᰿ᣐㄽ࡜࠸࠺ほⅬࡣࠊྠ୍ࡢၥ㢟࡬ࡢ␗࡞ࡗࡓ࢔
ࣉ࣮ࣟࢳ࡛࠶ࡿ࡜⚾ぢ࡛ࡣ⪃࠼ࡿࠋ ⌧⾜ἲே⛯ἲࡢ⌮ᛕ࡜ࡋ࡚ࡣࠊᰴ୺ㄢ⛯᰿ᣐㄽ࡟❧⬮ࡋ࡚࠸ࡿࡓࡵࠊ⛒⛯ᅇ㑊つᐃࢆ୰ᚰ࡜ࡋࡓ
᮲ᩥᵓ㐀ࡣྠ᪘఍♫ࠊ࠸ࢃࡺࡿ୰ᑠἲேࢆᑐ㇟ࡢ୺║࡜ࡍࡿἲᚊ࡜ࡋ࡚ᵓᡂࡉࢀ࡚ࡁࡓࡢ࡛࠶ࢁ࠺
࡜᥎ᐹࡍࡿࠋࡋ࠿ࡋ࡞ࡀࡽࠊἲே⛯ࡢᐇ㉁ⓗ࡞⛯཰㠃࠿ࡽࡳࡿ࡜ࠊᡤ᭷࡜ᨭ㓄ࡀศ㞳ࡋࡓ኱௻ᴗࡀ
୰ᚰ࡛࠶ࡿࡇ࡜ࡣ㛫㐪࠼࡞࠸ࠋࡇࡇ࡟࠾࠸࡚ἲே⛯ἲࡢ⌮ᛕ࡜⌧ᐇ࡜ࡢ஋㞳ࡀࡳࡽࢀࡿࡢ࡛ࡣ࡞࠿
ࢁ࠺࠿ࠋ ࡇࡇ࡛ࠊᐇ㝿ࡢ఍♫ࡢ㈨ᮏ㔠㝵⣭ูἲே⛯཰ࡢࢹ࣮ࢱࢆぢࡿࡇ࡜࡟ࡍࡿ118ࠋ ௜㘓ᅗ 1 ࡣᖹᡂ 19 ᖺᗘศࡢḞᦆἲேࡢ⣼✚௳ᩘࢆ㈨ᮏ㔠㝵⣭ู࡟࢝࢘ࣥࢺࡋࡓ࡜ࡁࡢ๭ྜࡢᅗ
࡛࠶ࡿࠋࡇࡢᅗ 1 ࢆぢࡿ࡜ࠊ୰ᑠἲே➼ࡢ࠺ࡕ㈨ᮏ㔠 5,000 ୓෇ᮍ‶ࡢἲே࡛࡯ࡰ㸦95㸣௨ୖ㸧Ḟᦆἲேࡀᇙࡵᑾࡃࡉࢀ࡚࠸ࡿࠋࡍ࡞ࢃࡕࠊḞᦆἲேࡢ 95㸣௨ୖࡀ㈨ᮏ㔠 5,000 ୓෇ᮍ‶ࡢࢡࣛࢫࡢ
୰ᑠἲே➼࡛࠶ࡾࠊἲே࡟ᡤᚓㄢ⛯ࡀྍ⬟࡞ࡢࡣࠊᐇ㉁ⓗ࡟ᡤᚓࡀࣉࣛࢫ࡛࠶ࡿ㈨ᮏ㔠ᩘ൨෇௨ୖ
࡜࠸࠺㈨ᮏ㔠ࡀ኱ࡁ࠸≉ู࡞ἲே࡟㝈ࡽࢀ࡚࠸ࡿ࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋࡉࡽ࡟Ḟᦆἲேࡢ࠺ࡕ࡛ࠊ㈨ᮏ㔠㝵⣭ࡀ 500 ୓෇ᮍ‶ࡢἲேࡔࡅ࡛ࠊࡍ࡛࡟඲Ḟᦆἲேࡢ࠾ࡼࡑ༙ศ௨ୖࢆ༨ࡵ࡚࠸ࡿࡇ࡜ࡶࢃ࠿ࡿࠋ ḟ࡟௜㘓ᅗ 2 ࢆศᯒࡍࡿࠋࡇࡢࢢࣛࣇࡣࠊྠࡌࡃᅜ⛯ᗇ࡟ࡼࡿᖹᡂ 19 ᖺᗘศ఍♫ᶆᮏㄪᰝ⤖ᯝ࠿ࡽࢹ࣮ࢱࢆຍᕤࡋࠊ㈨ᮏ㔠㝵⣭ู࡟฼┈ἲே㸦19 ᖺᗘศࡢỴ⟬࡟࠾࠸࡚ᡤᚓࡀࣉࣛࢫ࡜࡞ࡗࡓἲ
኱Ꮫᩍᤵ࡛࠶ࡿࡀࠊ࢔࣓ࣜ࢝ேᏛ⪅ࡢᏛ㢼࡜࣮ࣚࣟࢵࣃேᏛ⪅ࡢᏛ㢼ࡀࢥ࣮࣏࣮ࣞࢺ࣭ࣇ࢓࢖ࢼࣥ
ࢫ࡟࠾࠸࡚ࠊ఍♫ࡣㄡࡢᡤ᭷≀࠿࡜࠸࠺ᴫᛕ࡟ࡘ࠸࡚㐪࠸ࡀ࠶ࡿࡇ࡜ࡀᮏ᭩ࢆ㏻ࡌ࡚ㄞࡳྲྀࡿࡇ࡜
ࡀ࡛ࡁࡿࠋࢫ࢖ࢵࢶ࢚࣭ࢲ࣐࢘ (Sytse Douma) 㸻 ࣊࢖࣭ࣥࢫࢡ࣮ࣝࢲ࣮ (Hein Schreuder)࣭๓
ᥖὀ㸦108㸧
ࠊ138 㡫ࠋ
116 ቑ஭Ⰻၨ࣭๓ᥖὀ㸦59㸧
ࠊ477 㡫ࠋ
117 ᮧ஭ṇࠗ⛒⛯ἲ࡜ྲྀᘬἲ࠘
㸦ẚ㍑ἲ◊✲ࢭࣥࢱ࣮ࠊ2003㸧202 – 203 㡫ࠋ
118 ࡇࡢࢹ࣮ࢱศᯒࡢ࢔࢖ࢹ࢕࢔ࡣቑ஭Ⰻၨ࣭๓ᥖὀ㸦59㸧493 – 497 㡫࡟ࡼࡿࠋ37ே㸧ࡢ඲ἲேᩘ࡟ᑐࡍࡿ௳ᩘࡢ๭ྜ࡜฼┈ἲேࡢ඲ἲேᡤᚓ࡟ᑐࡍࡿᡤᚓࡢ㔠㢠๭ྜࢆ♧ࡋࡓࡶࡢ࡛࠶ࡿࠋ ࡇࡢࢢࣛࣇࢆぢࡿ࡜୍┠࡟ࡋ࡚ࠊ฼┈ࢆฟࡋ࡚࠸ࡿἲேࡣ㈨ᮏ㔠ࡢ኱ࡁ࡞ἲே࡛࠶ࡿࡇ࡜ࡀࢃ࠿
ࡿࠋࡑࡢ୰࡛ࡶ㈨ᮏ㔠 100 ൨෇௨ୖࡢἲேࡣἲேᡤᚓ࡟࠾࠸࡚ࠊ඲యࡢ 35% ࢆ༨ࡵ࡚࠸ࡿ࡟ࡶ࠿
࠿ࢃࡽࡎࠊࡑࡢἲேᩘࡣ඲ἲேᩘࡢࢃࡎ࠿ᩘࣃ࣮ࢭࣥࢺ࡟ࡋ࠿㐣ࡂ࡞࠸ࠋ୍᪉ࠊἲே௳ᩘࡢ኱㒊ศ
㸦7 ๭௨ୖ㸧ࢆ༨ࡵࡿ㈨ᮏ㔠 1,000 ୓෇ᮍ‶ࡢἲேࡣࠊ඲฼┈ἲே⏦࿌ᡤᚓ⥲㢠ࡢ 10% ࡟ࡶ‶ࡓࡋ࡚࠸࡞࠸≧ἣ࡛࠶ࡿࠋ ࡇࡢᅗ 2 ࡢព࿡ࡍࡿ࡜ࡇࢁࡣࠊ⌧⾜ࡢἲே⛯ࡣἲே඲యࡢ࡯ࢇࡢᩘࣃ࣮ࢭࣥࢺ࡟┦ᙜࡍࡿ≉ู࡞኱఍♫ࢆࢱ࣮ࢤࢵࢺ࡜ࡋࡓἲேᡤᚓㄢ⛯࡛࠶ࡿ࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋ ᮧ஭ᩍᤵࡢゝⴥࢆ೉ࡾࢀࡤࠊἲே⛯ࡢ⌮ᛕࡀ࡝ࡇ࡟࠶ࡿࡢ࠿ࡣ᫂☜࡛ࡣ࡞࠸ࡀࠊἲே⛯཰࡜࠸࠺ࢹ࣮ࢱ࠿ࡽぢࡿ㝈ࡾ࡟࠾࠸࡚ࡣࠊἲே⛯ࡣ኱௻ᴗ࠿ࡽᚓ࡚࠸ࡿࠋࡋ࠿ࡋࠊἲே⛯ࡢ⣡⛯⩏ົ⪅࡜ࡉࢀࡿ఍♫ࡢ௳ᩘ࠿ࡽࡳࡿ࡜኱㒊ศࡀ୰ᑠἲே࡛࠶ࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡿࠋࡑࡋ࡚ࠊࡑࡢ୰ᑠἲே➼ࡢ࡯࡜ࢇ࡝ࡀḞᦆࢆฟࡋ࡚࠾ࡾࠊἲேᡤᚓㄢ⛯ࡢᑐ㇟࠿ࡽእࢀ࡚࠸ࡿࡢ࡛࠶ࡿࠋࡇࡢࢹ࣮ࢱࡢព࿡ࡍ
ࡿ࡜ࡇࢁࡣࠊἲே⛯ࡢ⌮ᛕ࡜⌧ᐇ࡜ࡀ኱ࡁࡃ㣗࠸㐪ࡗ࡚࠸ࡿ࡜࠸࠺ࡇ࡜࡛ࡣ࡞࠿ࢁ࠺࠿ࠋ
➨6⠇ἲே⛯ࡢ୰❧໬ࢃࡀᅜἲே⛯ἲࡣࠊ఍♫࡟ᑐࡍࡿᣐฟ⪅ࢆᰴ୺࡜ࡑࢀ௨እࡢࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮ࢆ᫂☜࡟༊ศࡋࠊ
ᣐฟ⪅࡟ᑐࡍࡿ఍♫ࡢ⩏ົ(obligation)ࢆࠊᰴ୺ᣢࡕศࢆ Equity ࡜ࡋࠊࡑࡢ௚മᶒ⪅ᣢࡕศࢆ Debt
࡜ࡋ࡚ࡑࢀࡒࢀࡢ⩏ົ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᢅ࠸ࢆࠊEquity ࠿ࡽⓎ⏕ࡍࡿࡶࡢࡣ㓄ᙜ࡜ࡋ࡚ἲே⛯ࡢㄢ⛯࣮࣋ࢫ࠿ࡽ᥍㝖ࡏࡎ㸦
ࠕ㈨ᮏ➼ྲྀᘬࠖἲἲ 22 ᮲ 5 㡯㸧ࠊDebt ࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝࢻࡣ฼Ꮚ࡜
ࡋ࡚ἲே⛯ࡢㄢ⛯࣮࣋ࢫ࠿ࡽ᥍㝖ࡋ࡚࠸ࡿ㸦ࠕᦆ┈ྲྀᘬࠖἲἲ 22 ᮲ 4 㡯࠾ࡼࡧ 3 㡯 2 ྕ㸧ࠋ ࡇࡢἲேࡢ⩏ົ࡟ᑐࡍࡿ࢖࣮ࣝࢻࡢᨭᡶ࠸ࢆᰴ୺࡜ࡑࢀ௨እࡢമᶒ⪅࡟༊ศࡋࠊ๓⪅ࡣᦆ㔠୙⟬ධࠊᚋ⪅ࡣᦆ㔠⟬ධ࡜ࡍࡿࡇ࡜ࡣ఍♫ࡢ㈨ᮏᨻ⟇࡟࠸࠿࡞ࡿᙳ㡪ࢆ୚࠼ࡿࡢ࠿ࠊ࢖࣮ࣝࢻࡢᨭᡶ࠸
ࢆཷࡅࡓᰴ୺࠾ࡼࡧࡑࡢ௚ࡢമᶒ⪅119ࡢᡤᚓࡶຍ࿡ࡋ࡚⪃࠼ࡿࡇ࡜ࡣ᭷⏝࡛࠶ࡿࠋ ㆟ㄽࢆ⡆༢࡟ࡍࡿࡓࡵࠊᰴ୺ࡢཷࡅྲྀࡗࡓ࢖࣮ࣝࢻᡤᚓ࡟ᑐࡍࡿᐇຠ⛯⋡࡜ࡑࡢ௚മᶒ⪅ࡢཷࡅྲྀࡗࡓ࢖࣮ࣝࢻᡤᚓ࡟ᑐࡍࡿᐇຠ⛯⋡ࢆྠ⋡㸦⌧⾜ἲ࡛ࡣ࡜ࡶ࡟ 20㸣⛬ᗘ࡜⪃࠼ࡽࢀࡿ120ࠋ㸧࡜௬ᐃࡋ࡚࠾ࡃࠋ ࡇࡢ࡜ࡁࠊձ฼Ꮚ㸦മᶒ⪅࡬ࡢ࢖࣮ࣝࢻࡢᨭᡶ࠸㸧ࢆ㓄ᙜ㸦ᰴ୺࡬ࡢ࢖࣮ࣝࢻࡢᨭᡶ࠸㸧࡜ྠᵝ࡟ࠊᦆ㔠୙⟬ධ࡜ࡍࢀࡤ MM ࿨㢟ࡀᡂ❧ࡋ㈨ᮏᨻ⟇࡟ᑐࡍࡿㄢ⛯ࡢ୰❧ᛶࡀ㈏ᚭࡉࢀࡿ121ࠋղ⌧
119 ࡇࡇ࡛ࡣࠊ⌮ㄽࢆ༢⣧໬ࡍࡿࡓࡵࠊᰴ୺ࡶࡑࡢ௚മᶒ⪅ࡶಶேࢆ௬ᐃࡍࡿࠋࡇࡢ௬ᐃࡀ⌧≧ࢆṇࡋࡃࣔࢹࣝ໬ࡋ࡚࠸ࡿ࠿ྰ࠿ࡣ㆟ㄽࡢ࠶ࡿ࡜ࡇ࡜࡛ࡣ࠶ࡿࡀࠊࡇࡇ࡛ࡣࡑࡢࡼ࠺࡟௬ᐃࡍࡿࠋ
120 㡸㔠ࡢ฼Ꮚ࡞ࡽࡧ࡟♫മࡢ฼ᜥ࡟ᑐࡍࡿ⛯⋡ࡣ 20㸣㸦ᡤἲ 23 ᮲࣭181 ᮲࣭182 ᮲ࠊ⛒⛯≉ูᥐ⨨ἲ 3 ᮲㸧ࠊ㓄ᙜ࡟㛵ࡍࡿᡤᚓ⛯ࡣศᒱࡋ࡚࠾ࡾձᑐ㇟ࡀୖሙᰴᘧ➼࡛࠶ࡗ࡚ᣢᰴẚ⋡ࡀ 5㸣ᮍ‶ࡢሙྜ 20㸣㸦ᡤᚓ⛯ 15㸣㸩ᆅ᪉⛯ 5㸣ࠊࡓࡔࡋࠊᖹᡂ 21 ᖺ 1 ᭶ 1 ᪥࠿ࡽ 2 ᖺ㛫࡟ࡘ࠸࡚ࡣ୍㒊㍍ῶ
⛯⋡ࡀ㐺⏝ࡉࢀࡿࠋ
㸧ࠊղձ௨እࡢሙྜ࡛࠶ࡗ࡚ࠊཷྲྀேࡀ㠀ᒃఫ⪅࡛࠶ࡿ࠿ࠊ࠶ࡿ࠸ࡣ 1 ᖺ㛫࡟ྠ୍ࡢ㖭᯶࠿ࡽཷࡅࡿ㓄ᙜࡀ 10 ୓෇௨ୗࡢሙྜ࡟ࡣ 20㸣ࡢ※Ἠᚩ཰⛯ࡀㄢ⛯ࡉࢀࡿࡔࡅ࡛☜ᐃ⏦࿌ࡢᚲせࡀ࡞࠸㸦ᡤἲ 181 ᮲࣭182 ᮲࣭212 ᮲࣭213 ᮲ࠊᥐἲ 8 ᮲ࡢ 51 㡯 1 ྕ㸧ࠊճࡑࢀ௨እࡢሙྜ
ࡣࠊᡤᚓ⛯ἲୖࡢ⥲ྜㄢ⛯࡟᭹ࡍࡇ࡜࡜࡞ࡾࠊ㓄ᙜ᥍㝖ࡣ㓄ᙜ㢠ࡢ 5㸣࡛࠶ࡿࠋ
121 ⲡ㔝⪔୍ࠕ௻ᴗ㔠⼥ᨻ⟇࡜ㄢ⛯ࡢ୰❧ᛶࠖすᮧ࠶ࡉࡦἲᚊ஦ົᡤ⦅ⴭࠗすᮧ฼㑻ඛ⏕㏣᝚ㄽᩥ㞟 ࢢ࣮ࣟࣂࣜࢮ࣮ࢩࣙࣥࡢ୰ࡢ᪥ᮏἲ࠘241 㡫㸦ၟ஦ἲົࠊ2008㸧273 – 274 㡫ࢆせ⣙ࡋ࡚㏙࡭
ࡿ࡜ࠊ௒ࠊἲே⛯ࡢᐇຠ⛯⋡㸦⤌⧊ẁ㝵࡛ࣞ࣋ࣝࡢᐇຠ⛯⋡㸧ࢆȟcࠊᰴ୺ࡢᐇ㉁ᡤᚓ࡟ᑐࡍࡿᐇຠ
⛯⋡ࢆȟPEࠊമᶒ⪅㸦ᰴ୺௨እࡢฟ㈨⪅㸧ࡢᐇ㉁ᡤᚓ࡟ᑐࡍࡿᐇຠ⛯⋡ࢆȟPD ࡜ࡍࡿࠋࡇࡢ࡜ࡁࠊ
1 ༢఩࠶ࡓࡾࡢᰴ୺ࡢ⛯ᘬࡁᚋ฼┈ࢆ Eࠊമᶒ⪅ࡢ⛯ᘬࡁᚋ฼┈ࢆ Dࠊ⛯཰ࡢྜィࢆ T ࡛⾲ࡍࡇ࡜38⾜ἲே⛯ἲࡢ㏻ࡾࠊ฼Ꮚ㸦മᶒ⪅࡬ࡢ࢖࣮ࣝࢻࡢᨭᡶ࠸㸧ࢆᦆ㔠⟬ධ࡜ࡋࠊ㓄ᙜ㸦ᰴ୺࡬ࡢ࢖࣮ࣝ
ࢻࡢᨭᡶ࠸㸧ࢆᦆ㔠୙⟬ධ࡜ࡍࡿ࡜ᰴ୺౯್ࡀୖࡀࡾࠊࡑࡢศ⛯཰ࡀῶᑡࡍࡿࠊ࡜࠸࠺ࡇ࡜ࡀࢃ࠿
ࡿ122ࠋ
 ࡍ࡞ࢃࡕࠊᰴ୺ࡔࡅࢆ≉ู࡞ฟ㈨⪅࡜ࡋ࡚ᢅ࠸ࠊᰴ୺࡬ࡢ࢖࣮ࣝࢻࡢᨭᡶ࠸ࢆᦆ㔠୙⟬ධ࡜ࡋࠊࡑࡢ௚ࡢฟ㈨⪅࡬ࡢ࢖࣮ࣝࢻࡢᨭᡶ࠸ࢆᦆ㔠⟬ධᢅ࠸ࡋ࡚࠸ࡿ⌧⾜⛯ἲ࡟࠾࠸࡚ࡣࠊ㈨ᮏᵓᡂ࡟࠾
࠸࡚ MM ࿨㢟ࡀᡂ❧ࡋ࡞࠸ࢃࡅ࡛࠶ࡿ࠿ࡽࠊ௻ᴗࡢ㈨ᮏᨻ⟇࡟࠾࠸࡚⛯ࡀఱࡽ࠿ࡢᙳ㡪ࢆ୚࠼࡚࠸
ࡿࡇ࡜ࡣ☜࠿࡛࠶ࡿࠋ ⛯ไࡀ௻ᴗࡢពᚿỴᐃ࡟ᙳ㡪ࢆཬࡰࡍ࡜࠸࠺ࡇ࡜ࡣ࡞ࡿ࡭ࡃ㑊ࡅࡿ࡭ࡁࡇ࡜࡛࠶ࡿ࡜ Dr. Perryࡀ㏙࡭ࡽࢀ࡚࠸ࡓ123ࡀࠊ⌧⾜ࡢἲே⛯ࡢࢩࢫࢸ࣒ࡣୖグࡢ㏻ࡾࠊ㈇മࣂ࢖࢔ࢫࡀ࠿࠿ࡾࠊ௻ᴗࡢ㈨࡟ࡍࡿ࡜ࠊ1)఍♫࡟㈇മࡀ࡞࠸(ฟ㈨⪅ࡀᰴ୺ࡢࡳࡢ)ሙྜ

2) ఍♫࡟㈇മࡀ࠶ࡾ(ฟ㈨⪅ࡀᰴ୺࡜ࡑࡢ௚ࡢമᶒ⪅࡜࡛ᵓᡂࡉࢀ࡚࠸ࡿ)ࠊᰴᘧ࡜ྠᵝ࡟ࠊ฼Ꮚࡀ
ㄢ⛯࣮࣋ࢫ࡟ྵࡲࢀ࡚࠸ࡿ㸦ᦆ㔠୙⟬ධࡢ㸧ሙྜ (ಽ⏘ࣜࢫࢡࡣ⪃៖ࡋ࡞࠸ࠋ೉ධ฼⋡ࡣ฼Ꮚ⋡࡜୍⮴ࡍࡿ࡜ࡋ r ࡜ࡍࡿࠋࡲࡓࠊ1 ༢఩ࡢ཰┈࡟ᑐᛂࡍࡿ㈇മ㢠ࢆ d ࡜ࡍࡿࠋ)࡜ࠊ1)ࡢሙྜ࡜ 2)ࡢሙྜ࡜ྠࡌ࡟࡞ࡿࠋࡇࡢࡇ࡜ࡣ MM ࡢ㈨ᮏᵓᡂ࡟㛵ࡍࡿ↓㛵㐃ᛶ࿨㢟ࢆព࿡ࡋ࡚࠸ࡿࠋ
3㸧఍♫࡟㈇മࡀ࠶ࡾ(ฟ㈨⪅ࡀᰴ୺࡜ࡑࡢ௚ࡢമᶒ⪅࡜࡛ᵓᡂࡉࢀ࡚࠸ࡿ)ࠊᰴᘧ࡜ᗋ࡜࡞ࡾࠊ฼Ꮚ
ࡀㄢ⛯࣮࣋ࢫ࡟ྵࡲࢀ࡞࠸㸦ᦆ㔠⟬ධࡉࢀࡿ㸧ሙྜ (ಽ⏘ࣜࢫࢡࡣ⪃៖ࡋ࡞࠸ࠋ೉ධ฼⋡ࡣ฼Ꮚ⋡࡜୍⮴ࡍࡿ࡜ࡋ r ࡜ࡍࡿࠋࡲࡓࠊ1 ༢఩ࡢ཰┈࡟ᑐᛂࡍࡿ㈇മ㢠ࢆ d ࡜ࡍࡿࠋ)E(1  T PE )(1  TC )(1  r  d )(1  T PE )(1  TC )  (1  T PE )(1  TC )r  d
D(1  T PD )r  d(1  T PE )r  dT

1  ( E  D)
1  (1  T PE )(1  TC )  (1  T PE )TC r  d࡜࡞ࡾࠊ1㸧
ࠊ2㸧࡜␗࡞ࡿࠋࡍ࡞ࢃࡕࠊ㈇മ࡟ಀࡿ฼Ꮚࢆᦆ㔠⟬ධࡋࡓࡇ࡜࡟ࡼࡾࠊ㈨ᮏᨻ⟇࡟ࣂ࢖࢔ࢫࡀ⏕ࡌࠊMM ࿨㢟ࡀᡂ❧ࡋ࡞ࡃ࡞ࡿࡇ࡜ࢆព࿡ࡋ࡚࠸ࡿࠋ
122 ⲡ㔝⪔୍࣭๓ᥖὀ㸦121㸧
ࠊ279 㡫ࠋ123 2009 ᖺ 10 ᭶ 30 ᪥ࠊ᪥ᮏ⛒⛯Ꮫ఍㸭IFA ᪥ᮏᨭ㒊୺ദࢭ࣑ࢼ࣮ㅮ₇࡟࡚ࠊIMF Dr. Victoria J.
Perry ࡀⓎ⾲ࡢ୰࡛㏙࡭࡚࠸ࡓࡇ࡜࡛࠶ࡾࠊ
ࠕ୰❧ⓗ࡞ㄢ⛯ࢩࢫࢸ࣒ࡣࠊ௻ᴗ࡟ᑐࡋ࡚⛯ࡀ࡞࠸ࡢ࡜
ྠࡌពᚿỴᐃࢆࡉࡏࡿ୍ࡘࡢࢩࢫࢸ࣒࡛࠶ࡿࠖ࡜グࡉࢀ࡚࠸ࡿࠋSee, Financial Institutions andInstruments—Tax Challenges and Solutions, Background Paper for the International Tax Dialogue Conference 2009 at 4.
39ᮏᨻ⟇࡟ᙳ㡪ࢆཬࡰࡋ࡚࠸ࡿࠋࡑࡇ࡛ࠊDebt ࡢࢥࢫࢺ࡛࠶ࡿ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆࡍࡿ࠿ࠊ࠶ࡿ࠸ࡣࠊEquity ࡢࣜࢱ࣮࡛ࣥ࠶ࡿ㓄ᙜࢆᦆ㔠⟬ධᢅ࠸࡟ࡍࡿ࠿ࡢ࠸ࡎࢀ࠿ࡀ⪃࠼ࡽࢀࡿࡀࠊࡑࡢ⌮ㄽⓗ⪃ᐹࡣ➨ 4 ❶࡟࡚ᨵࡵ࡚⾜࠺ࠋ
➨7⠇

ᑠᣓ

ᮏ❶࡛ࡣࠊࡲࡎἲே⛯ἲ 22 ᮲ࡢᐃࡵࡿࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡜ࡢᓧูࡢࢥ࣮ࣟࣛࣜ࠿ࡽ
⏕ࡎࡿ࡜ࡉࢀࡿ Equity ࡜ Debt ࡜࠸࠺ᴫᛕࢆᩚ⌮ࡋࡓࠋ ࡋ࠿ࡋࠊ␲ၥࡣṧࡿࠋࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽⓎ⏕ࡍࡿ฼ᡶ࠸ࡀࠕ㈨ᮏ➼ྲྀᘬࠖ࡟ヱᙜࡍࡿࡢ࠿ࠊ
ࠕᦆ┈ྲྀᘬࠖ࡟ヱᙜࡍࡿࡢ࠿ࡢ➨ 1 ㆟ⓗ࡞ุ᩿ࡣࠊ฼ᡶ࠸ࡢཎ㈨࡛࠶ࡿᙜヱࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀࠊEquity ࡛࠶ࡿࡢ࠿ࠊDebt ࡛࠶ࡿࡢ࠿࡜࠸࠺ἲே⛯ἲୖࡢุ᩿ࡀඃ
ඛࡉࢀࡿ࡭ࡁ࡞ࡢ࡛ࡣ࡞࠸ࡔࢁ࠺࠿ࠋἲே⛯ἲࡣࠊ22 ᮲࡟ࡼࡾྲྀᘬࡢᛶ᱁ㄆᐃࡢᖐ⤖࠿ࡽ Equity
࠿ Debt ࠿࡜࠸࠺ᓧูࢆࡶࡗࡥࡽ⾜ࡗ࡚ࡁ࡚࠾ࡾࠊྲྀᘬࡢඖ࡜࡞ࡿཎ㈨ࡢᛶ᱁Ỵᐃࢆࡋࡓୖ࡛ࠊ
ࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡜ࢆᓧูࡍࡿ࡜࠸࠺⪃࠼᪉ࡣࡋ࡚࠸࡞࠸ࠋࡑࢀᨾࠊ
ࠕ⮬ᕫ㈨ᮏࡢ㢠ࠖ࡜࠸࠺ᐃ⩏ࡣ⛒⛯≉ูᥐ⨨ἲ 66 ࡢ 5 4 㡯 7 ྕ࡟Ꮡᅾࡍࡿࡶࡢࡢἲே⛯ἲ࡟ࡣᏑᅾࡋ࡞࠸ࠋ⛒⛯≉ูᥐ⨨ἲ࡟࠾࠸࡚ࠕ⮬ᕫ㈨ᮏࡢ㢠ࠖࡢᐃ⩏ࡀᚲせ࡞ࡢࡣࠊ㐣ᑡ㈨ᮏ⛯ไ࡟࠾࠸࡚ Debt ࡜ Equity ࡢ㢠ࡀᚲせࡔ࠿ࡽ࡛࠶ࡿࠋࡇࡢ㢠ࡀỴࡲࡗ࡚ࡣࡌࡵ࡚ᦆ㔠࡟⟬ධྍ⬟࡞฼ᡶ࠸ࡢ㢠ࡢไ㝈ࡀ࡛ࡁࡿ࠿ࡽ࡛
࠶ࡿࠋࡇࡢࡼ࠺࡞ᙧ࡛ࡢࠕ฼Ꮚࠖࡢᦆ㔠⟬ධไ㝈ࢆࡍࡿࡢ࡛࠶ࢀࡤࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝ
ࣥࢺ࠿ࡽ⏕ࡎࡿ฼ᡶ࠸㸦࢖࣮ࣝࢻࡢᨭᡶ㸧ࡀࠕ฼Ꮚࠖ࡜ㄆᐃࡉࢀࡿ࠿ࠕ㓄ᙜࠖ࡜ㄆᐃࡉࢀࡿ࠿ࡣࠊ
ࡲࡎࠊࡑࡢཎ㈨ࡢᛶ᱁ࡀ Debt ࠿ Equity ࠿࡜࠸࠺ࡇ࡜ࢆἲே⛯ἲୖᐃࡵࡿࡇ࡜ࡀᚲせ࡛ࡣ࡞࠸ࡔࢁ
࠺࠿ࠋཎ㈨ࡢ Debt㸭Equity ࡢศ㢮ࢆ㑊ࡅࠊࡑࡇ࠿ࡽ⏕ࡌࡓ࢖࣮ࣝࢻࡢᛶ᱁ࢆࠕ㈨ᮏ➼ྲྀᘬࠖ࠿ࠕᦆ
┈ྲྀᘬࠖ࡟Ỵࡵࡿ࡜࠸࠺ࡇ࡜ࡣ୙ྍ⬟࡛࠶ࡿࠋἲே⛯ἲ 22 ᮲ 5 㡯࡛ࡣࠕ➨஧㡯ཪࡣ➨୕㡯࡟つᐃࡍࡿ㈨ᮏ➼ྲྀᘬ࡜ࡣࠊἲேࡢ㈨ᮏ㔠➼ࡢ㢠ࡢቑຍཪࡣῶᑡࢆ⏕ࡎࡿྲྀᘬཬࡧἲேࡀ⾜࠺฼┈ཪࡣ๫వ㔠ࡢศ㓄㸦㈨⏘ࡢὶື໬࡟㛵ࡍࡿἲᚊ➨ⓒ༑஬᮲➨୍㡯㸦୰㛫㓄ᙜ㸧࡟つᐃࡍࡿ㔠㖹ࡢศ㓄ࢆྵࡴࠋ㸧ࢆ࠸࠺ࠋ
ࠖ࡜㏙࡭࡚࠸ࡿࠋࡍ࡞ࢃࡕࠊ࢖࣮ࣝࢻࡢཎ㈨ࡀఱ࡛࠶ࡿࡢ࠿ࢆ≉ᐃࡍࡿࡇ࡜ࡀࡇࡢ᮲
ᩥࡢ㐺⏝๓ᥦ࡜࡞ࡗ࡚࠸ࡿࠋࡋࡓࡀࡗ࡚ཎ㈨ࡀᰴᘧ㈨ᮏ࡛࠶ࡿ࠿ࡲࡓࡣ♫മ࡛࠶ࡿ࠿࡜࠸࠺ἲே⛯ἲୖࡢุ᩿ࡀ᭱ึ࡟ᚲせ࡟࡞ࡿࡢ࡛ࡣ࡞࠿ࢁ࠺࠿ࠋࡇࡢุ᩿つᐃࡀ࡞࠸≧ែ࡛♫മᛶ࡜ᰴᘧᛶࡀΰ
ᅾࡋࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢᛶ᱁ࢆㄆᐃࡍࡿࡇ࡜ࡣ࡛ࡁ࡞࠸ࡢ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡿࠋ ἲே⛯ἲ࡟࠾ࡅࡿࠕ㈨ᮏ㔠ࠖᴫᛕࡣ఍♫ἲࡢ೉⏝ᴫᛕ࡛࠶ࡗࡓࠋࡋࡓࡀࡗ࡚ἲே⛯ἲୖࡶ఍♫ἲࡢุ᩿࡟ࡼࡾ Debt ࡜ Equity ࡜ࡢศ㢮ࢆ⾜࠺࡜࠸࠺⪃࠼᪉࡛ࡼ࠸ࡢ࠿࡜࠸࠺ၥ㢟࡛࠶ࡿࡀࠊ⚾ἲุ᩿ࡣಶูⓗ࡟ࠊ⿢ุ࡟ࡼࡾỴᐃࡉࢀࡿࠋࡇࡢࡇ࡜ࡣูࡢどⅬ࠿ࡽぢࢀࡤࠊ⛒⛯ἲࡀἲᙧᘧ࡟ྜࢃࡏ
ಶูⓗ࡟ Debt㸭Equity ࡢㄆᐃࢆ⾜࠺ࡇ࡜࡟࡞ࡾࠊண ྍ⬟ᛶࢆ❧ࡓ࡞ࡃࡉࡏࡿࡇ࡜࡛ࡶ࠶ࡿࠋࡇ
ࢀࡣ᫂ࡽ࠿࡟⛒⛯ἲᚊ୺⩏࡟཯ࡍࡿࡇ࡜࡟࡞ࡿࡢ࡛ࡣ࡞࠸ࡔࢁ࠺࠿ࠋࡑࡢព࿡࡟࠾࠸࡚ࡶἲே⛯ἲୖࡢ Debt㸭Equity ࡢᓧูࢆ᫂ᩥ໬ࡍ࡭ࡁ࡛࠶ࡿ࡜⪃࠼ࡿࠋ ἲே⛯ἲࡀ Debt ࡜ Equity ࡜࡟␗࡞ࡿㄢ⛯࣮ࣝࣝࢆ⏝࠸࡚࠸ࡿ᰿ᗏ࡟ࡣࠕᰴ୺୺ᶒㄽࠖࡀ࠶ࡗࡓࠋ
ࠕ఍♫ࡣᰴ୺ࡢᡤ᭷≀࡛࠶ࡿࠖ࡜࠸࠺⪃࠼᪉࡛࠶ࡿࠋࡇࡢᴫᛕࢆ๓ᥦࡢୖ࡛ἲேᨃไㄝࡣᡂࡾ❧ࡗ࡚࠸ࡿࠋࡋ࠿ࡋࠊ௻ᴗ⾜ືࡢ⌮ㄽࢆ࠶࡚ࡣࡵ࡚ࡳࢀࡤࠊ௻ᴗ⾜ືࡢ┠ⓗࡣࠊᰴ୺฼┈᭱኱໬࡛ࡣ࡞
ࡃࠊࢫࢸ࣮ࢡ࣭࣍ࣝࢲ࣮඲య฼┈ࡢ᭱኱໬࡛࠶ࡾࠊ⌧௦ⓗ࡞࢚࣮ࢪ࢙ࣥࢩ࣮⌮ㄽࢆᰴ୺࡜⤒Ⴀ⪅ࠊമᶒ⪅࡜⤒Ⴀ⪅୧⪅㛫࡟࠶࡚ࡣࡵ࡚ࡳࢀࡤࠊ఍♫ࡀᰴ୺ࡢᡤ᭷≀࡛࠶ࡿ࡜ࡍࡿ࡞ࡽࡤࠊࡑࢀࡣྠ᫬
࡟മᶒ⪅ࡢᡤ᭷≀࡛ࡶ࠶ࡿࡇ࡜࡟࡞ࡾࠊᰴ୺ࡔࡅࢆูᢅ࠸ࡍࡿᰴ୺୺ᶒㄽࡣ≉ู࡞ព࿡ࢆᣢࡓ࡞࠸
ࡇ࡜࡟࡞ࡿࠋ ࡇࡢࡇ࡜࠿ࡽࠊἲே⛯ἲࡀࠊἲᙧᘧ࡟ࡋࡓࡀࡗ࡚ Debt㸭Equity ࡢศ㢮ࢆࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ᚲ
↛ᛶࡣ࡞࠸ࡶࡢ࡜⪃࠼ࡿࠋ40 ḟ࡟ᮏ❶࡛ࡣࠊࢃࡀᅜࡢἲே⛯ἲࡣ࡝ࡢࡼ࠺࡞఍♫ࢆ᝿ᐃࡋ࡚࠸ࡿࡢ࠿࡜࠸࠺ࡇ࡜ࢆၥ㢟࡜ࡋࡓࠋࡍ࡞ࢃࡕᰴ୺୺ᶒㄽࠊᰴ୺ㄢ⛯᰿ᣐㄽࢆἲே⛯ἲࡀ᥇ࡿࡢ࡛࠶ࢀࡤࠊࡑࢀࡣࠊᕧ኱໬ࡋࡓ௻ᴗ࡟ࡣ
࠶࡚ࡣࡲࡽ࡞࠸ࠋᕧ኱໬ࡋࡓ௻ᴗࡢᰴᘧࡣᗈࡃከࡃࡢᰴ୺࡟ศᩓࡋࠊ࠸࠿࡞ࡿ༢୍ࡢᰴ୺ࡶ௻ᴗࢆ
ᨭ㓄ࡍࡿࡔࡅࡢ༑ศ࡞ᰴᘧࢆಖ᭷ࡋ࡚࠸࡞࠸≧ែ࡟࡞ࡿࠋἲேᰴ୺ࡀᰴᘧࡢ኱㒊ศࢆᡤ᭷ࡋ࡚࠸ࡓ
࡜ࡋ࡚ࡶࠊ఍♫ࡀື࠿ࡋ࡚࠸ࡿ඲యࡢ㈨ᮏࢆ⪃࠼ࢀࡤᰴ୺㈨ᮏࡣࡑࢀࡢఱ༑ศࡢ୍࡜࠸࠺ᐇドࢹ࣮ࢱࡶ࠶ࡗࡓࠋࡇࡢ஦ᐇ࠿ࡽ⪃࠼࡚ࡶࠊ኱௻ᴗ࡟࠾࠸࡚ࡣࠊ఍♫ࡣᰴ୺ࡢᡤ᭷≀࡜ࡣゝ࠼࡞࠸࡛࠶ࢁ
࠺ࠋࡍࡿ࡜ࢃࡀᅜࡢἲே⛯ἲࡣ୰ᑠ௻ᴗ࡟୺║ࢆ࠾࠸࡚࠸ࡿࡢ࠿࡜࠸࠺ࡇ࡜࡟࡞ࡿࠋࡑ࠺ࡍࢀࡤࠊ
ἲே⛯ἲ 132 ᮲ࢆ୰ᚰ࡜ࡍࡿྠ᪘఍♫ྰㄆつᐃࡢၥ㢟ࠊ㞃ࢀࡓ฼┈ฎศࡢၥ㢟ࡀ㐣ཤ࡟࠾࠸࡚┒ࢇ࡟㆟ㄽࡉࢀ࡚ࡁࡓࡇ࡜࡜ࡘࡌࡘࡲࡀྜ࠺ࠋࡋ࠿ࡋࠊ⌧ᐇࡣ࡝࠺࡞ࡢ࠿ࠋࡇࡢၥ㢟࡟ࡘ࠸࡚ࡣ௜㘓㈨ᩱࢆぢࢀࡤ୍┠░↛ࠊἲே⛯཰ࡢ࡯࡜ࢇ࡝ࡀᕧ኱௻ᴗ࡟౫Ꮡࡋ࡚࠾ࡾࠊ୰ᑠἲேࡢ࡯࡜ࢇ࡝ࡢᡤᚓ
ࡀ࣐࢖ࢼࢫ࡛࠶ࡿࠋࡋࡓࡀࡗ࡚ἲே⛯ἲࡀ᭷ຠ࡟ാ࠸࡚࠸ࡿࡢࡣ඲఍♫⥲ᩘࡢᩘࣃ࣮ࢭࣥࢺ࡟┦ᙜࡍࡿᴟ୍㒊ࡢᕧ኱௻ᴗ࡜࠸࠺ࡇ࡜࡟࡞ࡿࠋࡇࡇ࡟࠾࠸࡚ἲே⛯ἲࡢ⌮ᛕ࡜⌧ᐇ࡟኱ࡁ࡞㣗࠸㐪࠸ࡀ⏕ࡌ࡚࠸ࡿࡢ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡿࢃࡅ࡛࠶ࡿࠋ ࡋࡓࡀࡗ࡚ࠊᰴ୺ㄢ⛯᰿ᣐㄽࡶ≉ẁࡢព⩏ࢆ᭷ࡋ࡞࠸ࡇ࡜࡜࡞ࡿࠋࡑ࠺࡛࠶ࡿ࡜ࡍࢀࡤࠊ㈇മࣂ
࢖࢔ࢫࢆ㝖ཤࡋࡓ Debt㸭Equity ୰❧ⓗ࡞ἲே⛯ไ࡟ࡍ࡭ࡁ࡛ࡣ࡞࠿ࢁ࠺࠿࡜࠸࠺ࡇ࡜ࢆᥦゝࡍࡿ
ࡀࠊDebt㸭Equity ࡢ୰❧໬࡟ࡣ኱ูࡍࢀࡤ 2 ㏻ࡾ࠶ࡾࠊࡑࢀࡒࢀ࡟ࡘ࠸࡚㛗▷ࡀ࠶ࡿࠋࡲࡓࢃࡀ
ᅜࡔࡅࡀ Debt㸭Equity ࡢ୰❧໬ࢆ⾜ࡗࡓሙྜࠊ※Ἠᆅᅜ࡜ࡢ஧㔜ㄢ⛯᤼㝖ࡢẁ㝵࡛᮲⣙ୖࡢၥ㢟ࡶ㉳ࡇࡿࡇ࡜࡜࡞ࡾࠊ୰❧໬ࡀᚲࡎࡋࡶ࣋ࢫࢺ࡛࠶ࡿ࡜ࡣゝ࠼࡞࠸ࡇ࡜ࢆᮏㄽᩥࡢ➨ 4 ❶࡟᳨࡚ウࡍࡿࠋ

➨2❶ ࢔࣓ࣜ࢝࡟࠾ࡅࡿ㐣ᑡ㈨ᮏ⛯ไࡢṔྐ࡜ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿつไࡢኚ㑄 ࢃࡀᅜ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿἲே⛯ἲࡢ㐺⏝ࢆ⪃࠼ࡿୖ࡛ࠊྂࡃ࠿
ࡽ஧ศἲ࡟ᑐࡍࡿ㆟ㄽࡢ✚ࡳ㔜ࡡࢆ᭷ࡍࡿ࢔࣓ࣜ࢝ࡢ⛯ἲࢆ◊✲ࡍࡿࡇ࡜ࡣ᭷ព⩏࡛࠶ࡿࠋࢡࣟࢫ࣭࣮࣎ࢲ࣮࡞ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆᮏㄽᩥ࡛ࡣ⪃ᐹࡢ୺║࡜ࡍࡿࡀࠊࡑࡢሙྜ࡟࠾࠸࡚
ᅜ㝿⛒⛯ἲࡢほⅬ࠿ࡽぢ┤ࡍᚲせࡀ࠶ࡿࡀࠊᅜ㝿⛒⛯ἲࡣࠊṔྐⓗ࡟ࡳ࡚ࠊᙜึ࢔࣓ࣜ࢝ࡢᅜෆἲ
࡜ࡋ࡚๰タࡉࢀࡓᅜ㝿⛒⛯ἲࡀࠊㅖእᅜࡢ཯Ⓨࡸ᢬ᢠࢆཷࡅࡘࡘࠊࡸࡀ࡚ྛᅜࡀ࢔࣓ࣜ࢝࡟ᑐࡍࡿ
᢬ᢠࢆࡸࡵࠊ㢮ఝไᗘࢆᅜෆἲ࡟ྲྀࡾ㎸ࢇ࡛࠸ࡃࣉࣟࢭࢫࢆ⤒࡚ྛᅜࡢᅜ㝿⛒⛯ἲࡢ㔜せ㒊ศࢆᙧᡂࡍࡿࡇ࡜ࡣㄆࡵࡊࡿࢆᚓ࡞ࡃ࡞ࡗ࡚࠸ࡿ124ࡇ࡜࠿ࡽࡶࠊ࢔࣓ࣜ࢝࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫ
ࢶ࣓ࣝࣥࢺ࡬ࡢᑐᛂࢆ༑ศ◊✲ࡋ࡚࠾ࡃᚲせࡀ࠶ࡿ࡜⪃࠼ࡿࡢ࡛࠶ࡿࠋ
➨1⠇࢔࣓ࣜ࢝࡟࠾ࡅࡿ Debt ࡜ Equity ஧ศἲࡢṔྐᮏ⠇ࡣࠊ୺࡟ྜྷᮧᨻ✠෸ᩍᤵࡢ◊✲125࠾ࡼࡧỈ㔝ᛅᜏᩍᤵࡢ◊✲126ࢆ୰ᚰ࡟ࡲ࡜ࡵࡿࠋ
124 ᮏᗉ㈨ᩍᤵࡣࠊᅜ㝿ⓗ⛒⛯ᅇ㑊㜵Ṇつᐃ࡛࠶ࡿࠊ⛣㌿౯᱁⛯ไࠊእᅜᏊ఍♫➼ྜ⟬ㄢ⛯ࠊ㐣ᑡ㈨ᮏ⛯ไ࡞࡝ከࡃࡢつᐃࡀࠊ࢔࣓ࣜ࢝ᅜෆἲ࡜ࡋ࡚ࡢᅜ㝿⛒⛯ἲࡀ➃࡜࡞ࡾࠊᅜ㝿័⩦ἲ࡜࠸࠺࡭
ࡁᅜ㝿ἲࢆᙧᡂࡍࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋᮏᗉ㈨ࠕᅜ㝿ἲࡢኚᐜ࡜⛒⛯ἲѸᅜ㝿⛒⛯ἲࡢኚ㑄̾ࠖᮏᗉ㈨⦅ࠗ㛵㐃ἲ㡿ᇦࡢኚᐜ࡜⛒⛯ἲࡢᑐᛂ࠘
㸦㈈⤒ヲሗ♫ࠊ2008㸧249 㡫ࠋ
125 ྜྷᮧᨻ✑ࠕฟ㈨⪅ㄢ⛯̿ࠕἲே⛯ࠖ࡜࠸࠺ㄢ⛯᪉ᘧ㸦2㸧ࠖࠗἲᏛ༠఍㞧ㄅ࠘120 ᕳ➨ 3 ྕ 508 㡫㸦2003㸧
ࠋ
126 Ỉ㔝ᛅᜏࠗ࢔࣓ࣜ࢝ἲே⛯ࡢἲⓗᵓ㐀̿ἲேྲྀᘬࡢㄢ⛯⌮ㄽ࠘࢜ࣥࢹ࣐ࣥࢻ∧㸦᭷ᩫ㛶ࠊ2003㸦ึฟ 1988 ᖺ㸧㸧60 㡫௨㝆ࠋ411.

㈇മ㝈ᗘ㢠ࡢἲⓗつไ㸦1909 ᖺෆᅜṓධἲ㸧 ྜྷᮧᨻ✑෸ᩍᤵࡣࠊ฼ᡶ࠸᥍㝖࡜࠸࠺ᴫᛕࡣ 1862 ᖺἲ࡟࠾࠸࡚Ꮡᅾࡋ࡚࠸ࡓࡀࠊࡇࢀࡣἲே࡟
ᑐࡍࡿໟᣓⓗ࡞ᡤᚓ⛯ไᗘࢆ๓ᥦ࡟Ỵࡵࡽࢀࡓࡶࡢ࡛ࡣ࡞ࡃࠊ⌧⾜ࡢἲே⛯ࡢ๓㌟࡜ࡋ࡚ホ౯ࡋ࠺ࡿ⛯ไୗ࡛࡞ࡉࢀࡓ㆟ㄽ࡜ࡋ࡚ࡣ 1909 ᖺἲᨵṇࡀཧ⪃࡟࡞ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ௨ୗ 1909 ᖺἲ࡟ࡘ࠸࡚ྜྷᮧᨻ✑෸ᩍᤵࡢㄝ᫂ࢆࡶ࡜࡟ࡲ࡜ࡵࡿ127ࠋ
 1909 ᖺᨵṇ࡛ᑟධࡉࢀࡓࡢࡣ5000 ࢻࣝࢆ㉸㐣ࡍࡿ⣧ᡤᚓ࡟ᑐࡋ࡚ㄢ⛯ࡍࡿ࡜࠸࠺
ࠕἲேᾘ㈝⛯ࠖ࡜࠸࠺ྡ⛠ࡢἲேᡤᚓㄢ⛯࡛࠶ࡗࡓࡀࠊㄢ⛯࣮࣋ࢫ࠿ࡽ࠸࠿࡞ࡿ⠊ᅖࡢᨭฟ࡟㛵ࡋ࡚᥍㝖ࢆㄆࡵࡿ࠿ࡀၥ㢟࡜࡞ࡗࡓࠋ≉࡟ࠊ೉ධ࡟ᑐࡍࡿ฼Ꮚࢆㄢ⛯࣮࣋ࢫ࠿ࡽ᥍㝖ࡍࡿ࡜࠸࠺Ⅼ࡟ࡘ࠸࡚ࡣࠊձࡑ
ࡶࡑࡶ฼ᡶ࠸࡟ࡼࡿ᥍㝖ࢆ⫯ᐃࡍ࡭ࡁ࠿ࠊ࡜࠸࠺␗ㄽࡀᏑᅾࡋ࡚࠸ࡓࡇ࡜ࠊ࠾ࡼࡧࠊղ᥍㝖ࢆ⫯ᐃࡍࡿ࡜ࡢ❧ሙࢆ᥇⏝ࡋ࡞ࡀࡽࡶࡑࡢ᥍㝖࡟ไ㝈ࢆタࡅࡿ࡭ࡁ࡜ࡢ⪃៖ࡀ࡞ࡉࢀ࡚࠸ࡓࡇ࡜ࡀ≉ᚩⓗ࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋࡉࡽ࡟ྜྷᮧᨻ✑෸ᩍᤵࡣࠊ
ࠕ༢࡟ዎ⣙࡟ᇶ࡙࠸࡚ἲே࡟㈚௜ࢆ⾜ࡗ࡚࠸ࡿ⪅࡜ࡋ࡚മᶒ⪅ࢆᢅ࠺୍᪉ࠊᰴ୺ࢆἲேࡢᡤ᭷⪅࡜ࡋ࡚ྠどࡍࡿἲேほࢆ๓ᥦ࡟ࡍࡿࡇ࡜࡛ࠊἲே
⛯ἲୖࡢ୧⪅ࡢྲྀᢅ࠸༊ศࡀᡂ❧ࡋࡓ࡜ࡢㄝ᫂ࡀ࡜ࡽࢀ࡚࠸ࡓࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿ128ࠋࡉࡽ࡟ࡇࡢ
⫼ᬒ࡟ࡣࠊ1890 ᖺ௦࡟࠾ࡅࡿᕧ኱௻ᴗࡢᏑᅾ࠿ࡽᡤ᭷࡜ᨭ㓄ࡢศ㞳࡜࠸࠺ၥ㢟ព㆑ࡀᙳ㡪ࢆ୚࠼ࡓࡇ࡜ࡣ㛫㐪࠼࡞࠸࡜ᣦ᦬ࡉࢀ࡚࠸ࡿࠋࡲࡓࠊ1909 ᖺࡢෆᅜṓධἲᨵṇࡢ㊃᪨࡟ࡘ࠸࡚ࠊỈ㔝ᛅᜏᩍ
ᤵࡣࠊ㈨ᮏᵓᡂ࡟ᑐࡍࡿ⛒⛯ࡢᙳ㡪࡜ࡋ࡚ࠊᮏ᮶ࠊᰴᘧ఍♫࡟ᑐࡍࡿ㓄ᙜ࡜ࡋ࡚ἲே࠿ࡽฎศࡉࢀ
ࡿࡶࡢࡀࠊ೉ධ㔠฼Ꮚࡢᙧែ࡟㌿໬ࡉࢀᨭฟࡉࢀࡿࡇ࡜࡟ࡼࡾࠊ㓄ᙜㄢ⛯ࡀᅇ㑊ࡉࢀࡿྍ⬟ᛶࡀ⏕ࡎࡿࡇ࡜ࡣࠊ
ἲேࢆᰴ୺࡜ࡣ⊂❧࡟ㄢ⛯ࡍࡿ㐃㑥ᡤᚓ⛯ไᗘࡀᙜึࡼࡾᢪ࠼࡚࠸ࡓㄏᅉ࡛࠶ࡿࡓࡵࠊ
㆟఍ࡣࠊㄢ⛯ୖㄆࡵࡽࢀࡿἲேࡢ೉ධ㔠࡟ᑐࡋࠊ୍ᐃࡢ㝈ᗘࢆタࡅࡿ࡜࠸࠺࣮ࣝࣝࢆ᥇⏝ࡋࡓ࡜㏙
࡭ࡽࢀ࡚࠸ࡿ129ࠋ ྜྷᮧᨻ✠෸ᩍᤵࡣࠊᙜ᫬࡟ࡘ࠸࡚ࠊฟ㈨⪅࡜ἲே࡜ࡢ㛵ಀࡣࠊἲேࢆฟ㈨⪅ࡢ㞟ྜయ࡟㐣ࡂ࡞࠸࡜ホ౯ࡍࡿࠊaggregate ⌮ㄽ࡜ࠊฟ㈨⪅࡜ἲே࡜ࡣูಶࡢᏑᅾ࡜ࡋ࡚ᢕᥱࡍࡿ entity ⌮ㄽ࡜࡟኱ู
ࡉࢀࠊࡉࡽ࡟ entity ⌮ㄽࡀࠊἲேࢆ⮬↛ே࡜ྠどࡍࡿἲேᐇᅾㄝ࡜ࠊ๰タⓗ࣭ᨃไⓗ࡞ഃ㠃ࢆᙉㄪࡍࡿᨃไㄝࡢ 2 ࡘ࡟ศ࠿ࢀ࡚࠸ࡓ࡜ࡉࢀࠊ1909 ᖺࡢᨵṇ࡟࠾࠸࡚ࡣࠊἲே⛯ࡀ఍♫つไࡢ 1 ࡘ࡜ࡋ࡚ᶵ⬟ࡍࡿࡇ࡜ࡶᮇᚅࡉࢀ࡚࠸ࡓࡇ࡜࠿ࡽࠊ⣧⢋࡟⛒⛯ᨻ⟇ࡢどⅬ࠿ࡽࡔࡅ࡛࡞ࡃࠊ఍♫つไࡢᙺ๭ࡶ᝿ᐃࡉࢀ࡚࠾ࡾࠊࡑࡢ୧⪅࡟ᩚྜⓗ࡞ἲேほ࡜ࡣࠊἲேࢆฟ㈨⪅࡜༊ูࡉࢀࡓ⊂⮬ࡢᏑᅾ࡜ࡋ࡞ࡀࡽࡶࡑࡢ๰タⓗ࡞ഃ㠃࡟╔┠ࡍࡿࡶࡢ࡛࠶ࡾࠊつไࡢᑐ㇟࡜ࡋ࡚ࡣࠊἲே࡟┤᥋↔Ⅼࢆᤣ࠼ࡿᚲせࡀ࠶ࡗࡓ࡜ྠ᫬࡟ࠊㄢ⛯ࢆ⾜࠺᰿ᣐ⮬యࡣࠊ᭷㝈㈐௵ࡢ௜୚࡞࡝ࡢ≉ᶒ࡟ᑐࡍࡿᛂ┈⛯࡜ࡋ࡚⌮ㄽ࡙ࡅࡓ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿ130ࠋ
 ㈨ᮏᵓᡂ࡟ᑐࡍࡿ㐃㑥㆟఍ࡢ⪃࠼᪉ࡣࠊ⮬ᕫ㈨ᮏࢆ㉸㐣ࡍࡿ㈇മࢆ୙㐺ᙜ࡞㈨ᮏᵓᡂ࡜ᤊ࠼࡚࠸
ࡓࡢ࡛࠶ࡿࡀࠊࡇࡢⅬ࡟ࡘࡁࠊỈ㔝ᛅᜏᩍᤵࡣࠊձ㈨ᮏᵓᡂࡢ㐺ṇᇶ‽ࡣ⏘ᴗࡢ✀㢮࡟ࡼࡗ࡚ࠊࡲࡓ኱つᶍබ㛤఍♫࡛࠶ࡿࡢ࡜ᑠつᶍ㛢㙐఍♫࡛࠶ࡿࡢ࡜࡟ࡼࡗ࡚␗࡞ࡿ࡟ࡶ࠿࠿ࢃࡽࡎࠊࡇࡢ❧ἲࡣἲே㛫ࡢྲྀᢅ࠸ࢆ⤫୍ࡍࡿ᪉㔪ࢆඃඛࡉࡏ࡚࠸ࡿࠊղ㈇മ฼Ꮚ᥍㝖㢠ࡢไ㝈࡜࠸࠺つไࡣࠊ⛯ἲࡀ࢔࣓ࣜ࢝ࡢᕞ఍♫ἲ࡟௦ࢃࡗ࡚ࣅࢪࢿࢫࢆࢥࣥࢺ࣮ࣟࣝࡍࡿࡇ࡜࡟࡞ࡿࠊ࡜࠸࠺ᢈุࢆ࿧ࡪࡇ࡜࡜࡞ࡿつไ࡛࠶ࡾࠊᐇ㝿ࠊࡇࡢไᗘࡣࠊప㈨ᮏࡢἲேࢆཝࡋࡃつไࡍࡿ୙ྜ⌮࡞ຠᯝࢆ⏕ࢇࡔ࡜㏙
127 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ510 㡫ࠋ
128 ࡋࡓࡀࡗ࡚ࠊᮏㄽᩥ➨ 1 ❶᳨࡛ウࡋࡓࡼ࠺࡟ࠊ♫఍⛉Ꮫⓗ࡟⪃࠼࡚ࠊἲேࡀᰴ୺ࡢᡤ᭷≀࡜ゝ࠼࡞࠸ࡼ࠺࡞≧ἣ࡟࠾࠸࡚ࡣࠊྜྷᮧ෸ᩍᤵࡢᣦ᦬ࡉࢀ࡚࠸ࡿ๓ᥦ᮲௳ࡀᔂࢀࡿࡇ࡜࡜࡞ࡾࠊἲே⛯ἲୖࡢ Debt ࡜ Equity ࡢྲྀᢅ࠸༊ศࡀᡂ❧ࡍࡿᚲ↛ᛶࡣ඲ࡃ࡞࠸ࡇ࡜࡟࡞ࡿࠋ
129 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ60 㡫ࠋ
130 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ511 㡫ࠋ42࡭ࡽࢀ࡚࠸ࡿ131ࠋ2.

㈇മ㝈ᗘ㢠ࡢἲⓗつไࡢ⦆࿴㸦1913 ᖺἲࠊ1916 ᖺἲ㸧 1913 ᖺ࡟ಶேᡤᚓ⛯ࡀ๰タࡉࢀࠊἲே⛯ࡶἲேᡤᚓ⛯࡜఩⨨࡙ࡅࡽࢀࡿࡇ࡜࡜࡞ࡿࡀࠊྜྷᮧᨻ✠෸ᩍᤵࡣࠊᙜ᫬ࡢಶேᡤᚓ⛯ࡣࠊ୍ᐃ⛯⋡ࡢᬑ㏻ᡤᚓ࡜⣼㐍⛯⋡ࡢ௜ຍᡤᚓ⛯࡜࠸࠺」ྜⓗ࡞ไᗘ࡜࡞ࡗ࡚࠾ࡾࠊ㓄ᙜࡣࠊᬑ㏻ᡤᚓ⛯ࡢ⟬ᐃ࡟࠶ࡓࡗ࡚ࡢࡳᡤᚓ࡟⟬ධࡉࢀ࡞࠸ࡇ࡜࡜ࡉࢀ࡚࠸ࡓ࡜
ㄝ᫂ࡉࢀࠊࡇࡢᥐ⨨࡟ࡼࡾࠊᬑ㏻ᡤᚓ⛯࡟㛵ࡍࡿ㝈ࡾࡣ஧㔜ㄢ⛯ࡢ㍍ῶࡀ࡞ࡉࢀ࡚࠸ࡓࡇ࡜࡟࡞ࡿ
࡜ㄝ᫂ࡉࢀ࡚࠸ࡿࠋ132ࠋ ࣊࢖ࢢ㸻ࢧ࢖ࣔࣥࢬ࡟ࡼࡿໟᣓⓗᡤᚓᴫᛕࡣࠊ┤᥋ⓗ࡟ࡣಶேࢆᑐ㇟࡟ᵓᡂࡉࢀࡓᡤᚓᴫᛕ࡛࠶
ࡿ133ࠋࡑࢀᨾࠊྜྷᮧᨻ✑෸ᩍᤵࡣࠊಶே௨እࡢㄢ⛯࣮࣋ࢫࢆ࠸࠿࡟ᐃࡵࡿ࠿࡜࠸࠺Ⅼ࡟㛵ࡋ࡚ࡣࠊໟᣓⓗᡤᚓᴫᛕ࠿ࡽ₇⧢ⓗ࡟ᑟ࠿ࢀࡿࡶࡢ࡛ࡣ࡞࠸࡜㏙࡭ࡽࢀ࡚࠸ࡿ134ࠋࡲࡓࠊᒸᮧᛅ⏕ᩍᤵࡣࠊࠕᡤᚓࡢᮏ᮶ࡢព࿡ࢆேࡢᚰ⌮ⓗ‶㊊࡜⪃࠼ࡿ࡜ࠊࡑࡢព࿡࡛఍♫ࡀᡤᚓࢆᚓࡿࡇ࡜ࡣ⪃࠼ࡽࢀ࡞࠸ࠋࡲࡓࠊ⛯ࢆ㈇ᢸࡍࡿࡇ࡜ࡢព࿡ࢆᡤᚓࡢ๐ῶ࡜⪃࠼ࡿ࡜ࠊ఍♫ࡀ⛯ࢆ㈇ᢸࡍࡿࡇ࡜ࡶ࠶ࡾᚓ࡞
࠸ࠋࡋࡓࡀࡗ࡚ࠊໟᣓⓗᡤᚓᴫᛕࡢୗ࡛ἲே࡟ᡤᚓࢆほᛕࡍࡿࡇ࡜ࡣ⫼⌮࡛࠶ࡿ135ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ ࡇࡢⅬ࠿ࡽ฼Ꮚࡢ᥍㝖࡟ࡘ࠸࡚ࠊಶே஦ᴗ⪅ࡀ฼Ꮚࢆ㈝⏝࡜ࡋ࡚᥍㝖ྍ⬟࡛࠶ࡿࡇ࡜࡟ᑐࡍࡿ࢔
ࢼࣟࢪ࣮࡜ࡋ࡚ἲே࡟࠾࠸࡚ࡶ฼Ꮚࢆἲேᡤᚓ࠿ࡽ᥍㝖ྍ⬟࡜ࡍࡿࡇ࡜ࡣໟᣓⓗᡤᚓᴫᛕ࠿ࡽᚲ↛ⓗ࡟ฟࡉࢀࡿࡶࡢ࡛ࡣ࡞࠸࡜࠸࠺ほⅬ࠿ࡽࠊྜྷᮧᨻ✑෸ᩍᤵࡣࠊ฼Ꮚࢆ᥍㝖ࡋࠊ㓄ᙜ࡟ࡘ࠸࡚ࡣ᥍
㝖ࡋ࡞࠸࡜࠸࠺Ỵᐃࡀྍ⬟࡛࠶ࡿࡓࡵ࡟ࡣࠊᰴ୺㈨ᮏࡀἲேࡢᐇయ࡜ࡢุ᩿ࡀඛ⾜ࡋ࡚࠸࡞ࡅࢀࡤ
࡞ࡽ࡞࠿ࡗࡓࠊලయⓗ࡟ࡣࠊᰴ୺ࡀἲேࢆᡤ᭷ࡋ࡚࠸ࡿ࡜࠸࠺ㄆ㆑ࢆ๓ᥦ࡜ࡋ࡚ࠊἲேࡢᡤᚓࢆᰴ
୺ᣢศᶒ࡟ᑐᛂࡍࡿ౯್ࡢቑศ࡜ᐃ⩏ࡍࡿࡼ࠺࡟㑅ᢥࡋࡓ⤖ᯝ࡛࠶ࡗࡓ࡜ࡢぢゎࢆ㏙࡭ࡽࢀ࡚࠸ࡿ136ࠋ ࡲࡓࠊỈ㔝ᛅᜏᩍᤵࡣࠊ㈇മ฼Ꮚ᥍㝖࡟㛵ࡋ࡚ࡣࠊ1909 ᖺἲ࡟ࡼࡾ㈇മ฼Ꮚ᥍㝖ไ㝈つไࡀ⾜ࢃࢀࡓࡇ࡜࡟ᑐࡋ࡚ࠊつไ⦆࿴ࡀᚲせ࡜ࡉࢀࡓࡀ 1913 ᖺἲࠊ࠾ࡼࡧ 1916 ᖺἲ࡟ࡼࡾ㈇മ฼Ꮚ᥍㝖㝈ᗘ㢠ࡀᘬࡁୖࡆࡽࢀࡿ࡟␃ࡲࡿࡇ࡜࡜࡞ࡗࡓ࡜㏙࡭ࡽࢀࡓୖ࡛ࠊ
ࠕ⛯ไ࡟࠾ࡅࡿ㈨ᮏᵓᡂࡢつไࡢᮏ᮶ࡢ┠ⓗࡀṓධ☜ಖ࡟࠶ࡿࡢ࡛࠶ࢀࡤࠊṇᙜ࡞♫മ࣭೉ධ㔠ࢆไ㝈ࡍࡿࡢࡣ㐺ᙜ࡛ࡣ࡞࠸ࡢ࡛࠶ࡗ
࡚⛒⛯ᅇ㑊࡟㝈ࡗู࡚ࡢ᪉ྥ࡛⪃࠼ࡿ࡭ࡁ࡛࠶ࡿࠊ࡜࠸࠺ṇᙜ࡞ᢈุࡀ࠶ࡗࡓ࡟ࡶ࠿࠿ࢃࡽࡎࠊᙜ
᫬ࡢ㆟఍࡛ࡣࡑࢀ௨ୖࡢ᳨ウࢆࡍࡿᚲせࢆㄆࡵ࡞࠿ࡗࡓࠖ࡜グࡉࢀ࡚࠸ࡿ137ࠋ
 ࡲࡓࠊྲྀᘬࡢ୙ᙜᛶ࡞࡝ࢆ⪃៖ࡍࡿࡇ࡜࡞ࡃࠊᙧᘧⓗ࡞ᇶ‽࡟ࡼࡾ㈇മ฼Ꮚ᥍㝖ไ㝈ࡀタࡅࡽࢀ࡚࠸ࡓࡀࠊࡇࡢไᗘࡣᚎࠎ࡟⦆࿴ࡉࢀࠊ᭱⤊ⓗ࡟ࡣ 1918 ᖺࡢ㉸㐣฼₶⛯ࡢᑟධࢆዎᶵ࡟᧔ᗫࡉࢀ
ࡿ࡟⮳ࡾࠊ௨㝆ࠊ㈇മ฼Ꮚ᥍㝖ࡀไ㝈ࡉࢀࡿࡶࡢ࡛࡞࠸࡜࠸࠺ࡇ࡜ࡣࠊ௒᪥࡟⮳ࡿࡲ࡛ἲே㈨ᮏᵓ

131 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ61 㡫ࠋ
132 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ511 㡫ࠋ
133 1892 ᖺ࡟ࢤ࢜ࣝࢡ࣭ࢩࣕࣥࢶ࡟ࡼࡗ࡚య⣔໬ࡉࢀࠊࡑࡢᚋ࢔࣓ࣜ࢝ࡢࣟࣂ࣮ࢺ࣭࣊࢖ࢢࠊ࣊ࣥ

࣮࣭ࣜࢧ࢖ࣔࣥࢬ࡟ࡼࡗ࡚ࠊ
ࠕேࡢᢸ⛯ຊࢆቑຍࡉࡏࡿ⤒῭ⓗ฼ᚓࡣࡍ࡭࡚ᡤᚓࢆᵓᡂࡍࡿࡇ࡜࡟࡞
ࡾࠊࡋࡓࡀࡗ࡚ࠊ཯᚟ⓗ࣭⥅⥆ⓗ฼ᚓࡢࡳ࡛࡞ࡃࠊ୍᫬ⓗ࣭അⓎⓗ࣭ᜠᜨⓗ฼ᚓࡶᡤᚓ࡟ྵࡲࢀࡿࠖ
࡜୺ᙇࡉࢀࡓᏛㄝ࡛࠶ࡾࠊ1913 ᖺ࡟ᑟධࡉࢀࡓ࢔࣓ࣜ࢝㐃㑥ᡤᚓ⛯ไࡣᇶᮏⓗ࡟ࡇࡢ⪃࠼᪉ࢆࡉ࠸
ࡼ࠺ࡋࡓࠋ㔠Ꮚᏹ࣭๓ᥖὀ㸦58㸧
ࠊ165 㡫ࠋ
134 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ513 㡫ࠋ
135 ᒸᮧᛅ⏕ࠕἲே⛯ࡢᇶᮏၥ㢟࡜఍♫ἲไ̿㈨㔠ᣊ᮰࡜࢖ࣥࢭࣥࢸ࢕ࣈࠖ
ࠗ⛯ἲᏛ࠘559 ྕࠊ69 㡫ࠊ
74 㡫㸦2008㸧ࠋ
136 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ513 㡫ࠋ
137 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ61 㡫ࠋ
43ᡂ࡟࠾ࡅࡿ㐃㑥ᡤᚓ⛯ไᗘࡢᇶᮏཎ๎࡜ࡋ࡚⥔ᣢࡉࢀ࡚ࡁ࡚࠸ࡿࡇ࡜ࡀグࡉࢀ࡚࠸ࡿ138ࠋ
3.

㈇മ฼Ꮚ᥍㝖ไ㝈ࡢ᧔ᗫ࡜ࣁ࢖ࣈࣜࢵࢻドๆࡢᢅ࠸࠾ࡼࡧ⛒⛯ᅇ㑊࡬ࡢᑐᛂ Ỉ㔝ᛅᜏᩍᤵࡣࠊ㈇മ฼Ꮚ᥍㝖ไ㝈ࡢ᧔ᗫ࡟ࡼࡾࠊ㈨ᮏᵓᡂࡢỴᐃ࡟࠶ࡓࡗ࡚ࠊᰴᘧ࡟௦࠼࡚೉
ධ㔠ࠊ♫മࢆ⏝࠸ࡿㄢ⛯ୖࡢ฼Ⅼࡣࠊ⛯⋡ࡀ㧗ࡃ࡞ࡿ࡟ࡘࢀ࡚௻ᴗάື࡟኱ࡁ࡞ᙳ㡪ຊࢆ୚࠼ࡿࡇ
࡜࡟࡞ࡗࡓ࡜㏙࡭ࡽࢀ࡚࠸ࡿ139ࠋ୍⯡࡟ࠊᰴᘧࢆ㈇മࠊ≉࡟೉ධ㔠࡟௦࠼࡚㐣๫࡟㈨㔠ㄪ㐩ࢆ⾜࠺ࡇ࡜ࡣᅛᐃ㈝ࢆቑ኱ࡉࡏࠊമົ୙ᒚ⾜➼࡟ࡼࡿಽ⏘ࣜࢫࢡࢆ㧗ࡵࡿࡇ࡜࡟࡞ࡿࡀࠊࡇࡢ௻ᴗ౯್࡟
࡜ࡗ࡚ࠊ┦཯ࡍࡿᛶ㉁ࢆ᭷ࡍࡿ㈇മࡢ඲㈨ᮏ࡟ᑐࡍࡿ๭ྜࠊࡍ࡞ࢃࡕࠊ௻ᴗ࡟࠾ࡅࡿ㈨ᮏᵓᡂࡢ࠶
ࡾ᪉ࡀ 1930 ᖺ௦࡟࠾ࡅࡿ࢔࣓ࣜ࢝⤒῭ࡢ㔜኱㛵ᚰ஦࡜࡞ࡾࠊドๆྲྀᘬጤဨ఍ࡸ◚⏘⿢ุᡤ࡟ࡼࡿ
ᑐᛂࡀồࡵࡽࢀࡿࡇ࡜࡜࡞ࡗࡓࠋࡑࡋ࡚ࡇࡢࡇ࡜࡟ࡼࡾࠊ⛒⛯ἲࡢ❧ሙ࠿ࡽࡍࡿ࡜ࠊ⛒⛯ἲୖࡢ㈇മ㝈ᗘ㢠ࡢἲᐃ࡟௦ࢃࡗ࡚೉ධᙧᘧࡢ℃⏝࡬ࡢつไࢆヨࡳࡿ⿢ุᡤࡢ⌮ㄽᵓᡂࡣࠊ㏫࡟ドๆྲྀᘬጤဨ఍ࡸ◚⏘⿢ุᡤ࡟ࡼࡿྲྀᢅ࠸ࡢᙳ㡪ࢆᙉࡃཷࡅ࡚ᙧᡂࡉࢀࡿࡇ࡜࡟࡞ࡗࡓ࡜Ỉ㔝ᩍᤵࡣグࡉࢀ࡚
࠸ࡿ140ࠋ Ỉ㔝ᛅᜏᩍᤵ࡟ࡼࢀࡤࠊࡇࡢẁ㝵࡛᭱ࡶ㆟ㄽࢆせࡋࡓࡢࡀࠊࣁ࢖ࣈࣜࢵࢻドๆࡢᛶ㉁Ỵᐃࡢၥ㢟࡛࠶ࡗࡓ࡜グࡉࢀ࡚࠸ࡿࠋ೉ධമົࡢ⛒⛯ୖࡢ฼Ⅼࡣἲே࡟࡜ࡗ࡚㨩ຊⓗ࡛ࡣ࠶ࡿࡀࠊ୍᪉ᨭᡶ฼
Ꮚࡢᅛᐃ㈝㈇ᢸࡣ㈈ົࢆᝏ໬ࡉࡏࡿࡓࡵ㔠⼥ᶵ㛵ࡢಙ⏝ࢆ༴࠺ࡃࡍࡿࠋࡇࡢࢪ࣐ࣞࣥࢆゎỴࡍࡿ┠ⓗ࡛㐀ࡽࢀࡓࡢࡀࣁ࢖ࣈࣜࢵࢻドๆ࡛࠶ࡾࠊ⛒⛯┠ⓗ࡟ࡣമົ࡜ࡋࠊ௻ᴗ఍ィୖࡣ⮬ᕫ㈨ᮏ࡜ࡍࡿ
ᛶ㉁ࢆಖ࡜࠺ࡍࡿ㛢㙐ἲேࡢ௻࡚ࡀከࡃ࡞ࡗࡓ࡜㏙࡭ࡽࢀ࡚࠸ࡿ141ࠋ
4.

Debt ࡜ Equity ࡜ࡢ༊ศ࡟ᑐࡍࡿุ౛ἲ⌮ࡢṔྐ

➨ 1 ⠇࡟グࡋࡓࡼ࠺࡟ࠊ⌧⾜ࢡࣛࢩ࣭࢝ࣝࢩࢫࢸ࣒࡟࠾࠸࡚ࡣࠊἲேࡀᨭᡶ࠺฼Ꮚ࡜㓄ᙜ࡜ࡣࠊ฼
Ꮚ࡟ࡘ࠸࡚ࡣᦆ㔠᥍㝖ࡉࢀࡿࡢ࡟ᑐࡋ࡚ࠊ㓄ᙜࡣᦆ㔠᥍㝖ࡉࢀ࡞࠸࡜࠸࠺ Debt ࡜ Equity ࡟ᑐࡍࡿ␗࡞ࡿㄢ⛯࣮ࣝࣝࡢ㐺⏝ࡀ࡞ࡉࢀ࡚࠸ࡿࡓࡵࠊ⩏ົ㸦obligation㸧ࢆ Debt ࡜ㄆ㆑ࡍࡿ࠿ࠊEquity࡜ㄆ㆑ࡍࡿ࠿࡟ࡼࡾࠊ⛯ἲࡢ᮲ᩥ㐺⏝࡟࠾࠸࡚Ỵᐃⓗ࡞ᕪ␗ࡀ⏕ࡎࡿ142ࡓࡵࠊ⩏ົࡢἲᙧែ࡜␗࡞
ࡿᐇయࡢุᐃࡀㄢ⛯ୖ㠀ᖖ࡟㔜せ࡜࡞ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࡀࠊࡑࡢᐇయࡢุᐃࡢ✚ࡳ㔜ࡡࡇࡑࡀ࢔
࣓ࣜ࢝࡟࠾ࡅࡿ஧ศἲࡢṔྐ࡛ࡶ࠶ࡿࠋ Ỉ㔝ᛅᜏᩍᤵࡣࠊ࢔࣓ࣜ࢝࡟࠾ࡅࡿࠊDebt ࡜ Equity ࡜࠸࠺஧ศἲࡢ㐺⏝ࢆᕠࡗ࡚Ⓨ⏕ࡍࡿၥ㢟ࡣࠊุ౛ἲࡢἲ⌮ࡢⓎᒎ࡟ࡼࡾゎỴࡉࢀࡿࡇ࡜ࡀᮇᚅࡉࢀࡿࡼ࠺࡟࡞ࡗࡓ࡜ࡉࢀࠊ࢔࣓ࣜ࢝࡟࠾ࡅ
ࡿุ౛ἲ⌮ࡢኚ㑄࡟ࡘ࠸࡚㸦1㸧1946 ᖺ௨๓ࡢࣁ࢖ࣈࣜࢵࢻドๆࡢᑂ⌮࡟ᑐࡍࡿᐇ㉁୺⩏ࡢ㐺⏝ࠊ㸦2㸧1946 ᖺࢣุ࣮ࣜỴ௨㝆ࡢ㈨ᮏẚ⋡࡟ࡼࡿ⿢ุุỴࠊ
㸦3㸧1956 ᖺࢢࢹ࢕ࣥࢢุỴ௨㝆ࡢ࠶ࡽࡺࡿ஦ᐇࢆ⥲ྜࡋࡓᙜ஦⪅ពᚿ࡜࠸࠺ᇶ‽ࡢ㐺⏝࡜࠸࠺ 3 ࡘࡢ᫬ᮇ࡟ศ㢮ࡋ࡚⪃ᐹࡉࢀ࡚࠸ࡿ143ࠋ௨ୗࡣ≉࡟᩿ࡾࡢ࡞࠸㒊ศࡢグ㏙ࡣỈ㔝ᛅᜏᩍᤵࡢ◊✲ࢆᘬ⏝ࡋࡓࡶࡢ࡛࠶ࡿࠋ
(1)

1946 ᖺ௨๓ࡢࣁ࢖ࣈࣜࢵࢻドๆࡢᑂ⌮࡟ᑐࡍࡿᐇ㉁୺⩏ࡢ㐺⏝144

 ࣁ࢖ࣈࣜࢵࢻドๆࢆ Debt ࡜ㄆᐃࡍࡿࡢ࠿ࠊ࠶ࡿ࠸ࡣ Equity ࡜ㄆᐃࡍࡿࡢ࠿࡟ࡘ࠸࡚ࠊ⿢ุᡤ࡟

138 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ61 㡫ࠋ
139 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ62̾63 㡫ࠋ
140 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ63 㡫ࠋ
141 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ63 㡫ࠋ
142 ᮏᗉ㈨ࠕ㛵㐃௻ᴗࢢ࣮ࣝࣉෆ㒊ྲྀᘬ—㐣ᑡ㈨ᮏ⛯ไࠊ࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࠖ
ࠗ⛒⛯◊✲࠘11ࠊ131 㡫ࠊ137 㡫㸦2009㸧ࠋ143 ࢔ุ࣓ࣜ࢝౛ἲ⌮ࡢ◊✲ࡣࠊỈ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ62 㡫௨㝆࡛ヲ⣽࡟࡞ࡉࢀ࡚࠸ࡿࠋࡇࡢ
Ỉ㔝ᛅᜏᩍᤵࡢศ㢮ࢆඖ࡟ྜྷᮧᨻ✠෸ᩍᤵࡶ◊✲ࢆࡉࢀ࡚࠸ࡿࠋྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ520 㡫ࠋ
144 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ62 㡫௨ୗ࡟ࡼࡿࠋ
44ồࡵࡽࢀࡓࡢࡣࠊⓎ⾜ドๆࢆᕠࡿ୙᫂☜࡞ἲᚊ㛵ಀࢆ᫂ࡽ࠿࡟ࡍࡿࡇ࡜࡛࠶ࡾࠊࡑࡢࡇ࡜ࡣࠊᙜ஦
⪅ࡢពᛮ࡞࠸ࡋࡣពᅗࡉࢀࡓᐇ㉁ࢆ᥈ồࡍࡿ࡜࠸࠺ᶵ⬟࡛࠶ࡗࡓࠋ ࡲࡎ➨ 1 ࡟࢔࣓ࣜ࢝ࡢ⛯ἲୖࡢཎ๎࡜ࡋ࡚ࠊᙜ஦⪅ࡀ⊂❧ࠊ࠶࠿ࡢ௚ேࡢ㛵ಀ㸦arm's length㸧࡟࠶ࡿሙྜࡣྲྀᘬࡢᙧᘧࡣ┿ᐇࢆ♧ࡍ࡜࠸࠺ࡶࡢ࡛࠶ࡾࠊࡋࡓࡀࡗ࡚㛢㙐఍♫ࡢᰴ୺̿ἲே㛫ྲྀᘬ࡟ᑐࡋ࡚ࡣ⢭ᰝࡀṇᙜ໬ࡉࢀࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡗࡓࡀࠊබ㛤఍♫࡟࠾ࡅࡿ⢭ᰝࡣ㞴ࡋ࠸ࡇ࡜࡟࡞ࡗࡓࠋ ➨ 2 ࡟ࠊ⢭ᰝࡉࢀࡿሙྜࠊࣁ࢖ࣈࣜࢵࢻドๆ࡟ᑐࡋ࡚ࡣࠊド᭩ࡢᅄ㝮࡟㝈ࡽࢀࡓ࡜࠸࠺≉ᚩࠊࡍ
࡞ࢃࡕࠊi) ฼Ꮚࡢᨭᡶ࠸᪉ἲࠊii) ㆟Ỵᶒࡢ᭷↓ࠊiii) ୍⯡മᶒ⪅࡜ࡢඃຎ㛵ಀࠊiv) ‶ᮇ࠾ࡼࡧඖ
ᮏᨭᡶ᪉ἲ➼࡜࠸࠺ 4 Ⅼ࡟⤠ࡽࢀࡓ࡜࠸࠺≉ᚩࡀ࠶ࡿࠋࡇࡢᅄ㝮ࡢ⢭ᰝ࡟ࡼࡾࠊ୍⯡ⓗ࡟࠸ࡗ࡚ඖᮏᨭᡶࡢ‶ᮇࡀ୙Ꮡᅾ࡞࠸ࡋࡣᴟ➃࡟㉸㛗ᮇ࡛࠶ࡿ࡜࠸࠺ࡇ࡜ࠊ฼ᏊᨭᡶࡀഅⓎⓗ࡞࠸ࡋྲྀ⥾ᙺࡢ⿢㔞࡟ࡼࡿࡶࡢ࡛࠶ࡿࡇ࡜ࠊ୍⯡മᶒ⪅࡟ຎ఩࡟࠾࠿ࢀࡿࡶࡢ࡛࠶ࡿࡇ࡜ࠊ㆟Ỵᶒࡑࡢ௚࡛⤒Ⴀ࡟ཧຍࡍࡿ➼ࡢ஦ᐇࢆ඘ࡓࡍࡶࡢ࡛࠶ࡿࡇ࡜ࡀㄆࡵࡽࢀࡓሙྜࡣᰴᘧ࡜ㄆᐃࡉࢀࡓࠋ
 ➨ 3 ࡟ࠊമົド᭩ࡢᑂᰝ࡟࠾ࡅࡿྛࣇ࢓ࢡࢱ࣮ࡣࠊࡑࢀ⮬యಶࠎࡢせ⣲ࡢ୍ࡘ୍ࡘࡀỴᐃⓗ࡞ព࿡ࢆࡶࡘࡶࡢ࡛ࡣ࡞ࡃࠊ⿢ุᡤࡢᑂᰝࡣ஦ᐇၥ㢟ࡢỴᐃ࡟㐣ࡂ࡞࠸ࠋࡋࡓࡀࡗ࡚ࠊࣁ࢖ࣈࣜࢵࢻドๆࡣࠊ఍♫ἲୖ࡟࠾࠸࡚ࡶࡑࡢᶒ฼ෆᐜࡀၥ㢟࡜࡞ࡿࡀࠊἲேࡢ཰┈ࢆᕠࡿࠊ฼Ꮚࡢྍྰࠊ⣼✚㓄ᙜࡢ᭷↓࡜࠸࠺ಶࠎࡢᶒ฼ㄆᐃࡀമົド᭩ࡢゎ㔘࡜ࡋ࡚⾜ࢃࢀࡿࡢ࡛࠶ࡗ࡚ࠊᙜヱド᭩ࡀ඲య࡜ࡋ
࡚ᰴᘧ࡛࠶ࡿ࠿ࠊ㈇മ࡛࠶ࡿ࠿࡜࠸࠺ࡇ࡜ࢆၥ㢟࡟ࡍࡿࡶࡢ࡛ࡣ࡞࠸࡜࠸࠺ࡇ࡜ࠊࡍ࡞ࢃࡕࠊ⛯ἲୖࡢྲྀᢅ࠸࡟ࡣᙳ㡪ࢆཬࡰࡉ࡞࠸ࡶࡢ࡛࠶ࡗࡓࡋࠊ⛯ἲୖࡢമົド᭩ࡢ┿ᐇᛶࡢㄆᐃࢆጉࡆࡿࡶࡢ
࡛ࡶ࡞࠿ࡗࡓࠋ ࡇࡢࡼ࠺࡞ᐇ㉁ᑂᰝࡣࠊ
ࣁ࢖ࣈࣜࢵࢻドๆ࡟࠾ࡅࡿ㝈⏺ⓗ஦౛࡟࠾࠸ุ࡚᩿ࡀᚤጁ࡜࡞ࡾࠊ
ࡲࡓࠊᑂᰝࡢ⠊ᅖࢆド᭩ࡢᅄ㝮࡟㝈ᐃࡋࠊࡑࢀ௨እࡢ஦ᐇࢆ⪃៖እ࡜ࡋࡓࡇ࡜࡟ࡼࡾࠊ⛒⛯ࡢᙳ㡪ࢆᙉࡃཷࡅࡿ㐣ᑡ࡞⮬ᕫ㈨ᮏᵓᡂ࡜࠸࠺⤒῭㈈ົୖࡢᡭẁ࡟ᑐࡍࡿᑐᛂࢆ⿢ุᡤ࡟୙ྍ⬟࡞ࡽࡋࡵࡿࡶࡢ
࡛࠶ࡗࡓࠋ
(2)

1946 ᖺࢣ࣮ࣜ஦௳ุỴ௨㝆ࡢ㈨ᮏẚ⋡࡟ࡼࡿ⿢ุุỴ145ࢣ࣮ࣜ஦௳ุỴ࡜ࡣࠊྠᵝࡢ஦ᐇࢆໟྵࡍࡿࢣ࣮ࣜ஦௳146࡜ࢱ࣎ࢵࢺ஦௳147࡟ᑐࡋ࡚ࠊࣁ࢖ࣈࣜࢵ
ࢻドๆࡀ㈇മ࠿ᰴᘧ࠿ࡢุ᩿ࢆ␗࡟ࡋࡓ⛒⛯⿢ุᡤ࡜ᕠᅇ᥍ッ⿢ุᡤࡢ▩┪࡟ࡘ࠸࡚ࠊ᭱㧗⿢ุᡤࡀ᪂ࡋ࠸ᇶ‽ࢆୗࡋࡓุỴ࡛࠶ࡾࠊἲேᰴᘧ̿മົࡢ༊ู࡟Ỵᐃⓗ࡞ࣇ࢓ࢡࢱ࣮ࡣ࠶ࡾᚓ࡞࠸࡜࠸
࠺ࡇ࡜ࠊ࠾ࡼࡧࠊ஦ᐇㄆᐃ࡟࠾࠸࡚ࠊ⛒⛯⿢ุᡤࡢุ᩿ࡀ᭱⤊ⓗ࡛࠶ࡿ࡭ࡁࡇ࡜ࢆ☜ㄆࡋࠊἲᚊၥ
㢟࡜ࡋ࡚ࡢᰴᘧ̿മົࡢᐃ⩏ෆᐜࢆ᫂ࡽ࠿࡟ࡍࡿࡇ࡜ࢆᣄྰࡋࡓࠋ ࡋ࠿ࡋࠊ
ࠕ㈨ᮏࡢᐇ㉁ⓗ࡞㢠ࡀᰴᘧ࡟ࡼࡾᢞ㈨ࡉࢀ࡚࠸ࡿሙྜ࡟ࡣࠊྡ┠ⓗ࡞ᰴᘧᢞ㈨࡜᫂ࡽ࠿࡟
㐣๫࡞೉ධ㔠࡜࡟ࡼࡿᵓᡂࡢࡼ࠺࡞ᴟ➃࡞≧ἣ࡟ᑐࡍࡿ⤖ㄽࢆ⪃࠼ࡿᚲせࡣ࡞࠸ࠖ࡜࠸࠺ุỴㄽ᪨ࡀࠊ㐣ᑡ㈨ᮏ㸦thin capitalization㸧ࢆ⿢ุୖࢥࣥࢺ࣮ࣟࣝࡍࡿᡭ᥃࠿ࡾࢆ୚࠼ࠊࡇࡢุỴㄽ᪨ࡀࠊ௨ᚋࡢୗ⣭ᑂุỴ࡟࠾ࡅࡿࠊ೉ධ㔠ẚ⋡ࡢ㐣๫ࢆ㈨ᮏẚ⋡ࢸࢫࢺ㸦ratio test㸧ࡢ㐺⏝࡟ࡼࡾᰴᘧ࡜
ㄆᐃࡍࡿ᰿ᣐ࡜࡞ࡗࡓࠋ㈨ᮏẚ⋡ࢸࢫࢺࡣ㐺⏝ࡀᐜ࡛᫆࠶ࡗࡓࡇ࡜ࠊ࠾ࡼࡧࢣ࣮ࣜ஦௳ࡢ⮬ᕫ㈨ᮏ
㈇മẚ⋡ࡀ 1㸸4 ࡛࠶ࡗࡓࡇ࡜ࡶ࠶ࡾࠊ஦ᐇୖ 1㸸4 ࢆ㐺ṇ࡞ẚ⋡࡜ࡋࠊࡇࢀ࡟ᚑࡗ࡚஦᱌ࡢゎỴࢆᅗࡿഴྥࡀ⏕ࡌࡓࡀࠊ1㸸4 ࢆ㉸࠼ࡓ㈨ᮏẚ⋡ࡢሙྜࠊ⿢ุᡤࡢྲྀᢅ࠸ࡣࡉࡲࡊࡲ࡛࠶ࡗࡓࠋࡸࡀ࡚
145 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ65 㡫௨ୗ࡟ࡼࡿࠋ
146 See, John Kelley Co. v. Commissioner of Internal Revenue, No. 36, Supreme Court of the

U.S., 521 (1946).
147 See, Talbot Mills v. Commissioner of Internal Revenue, No. 1070, Supreme Court of the U.S.
844 (1945).
45ఱࢆ㐺ṇ࡞㈨ᮏẚ⋡࡜ࡳࡿ࠿࡜࠸࠺ࡇ࡜࡟ࡘ࠸࡚ࠊ⿢ุ౛ࡢ୙⤫୍ࡀࡶࡓࡽࡉࢀࠊ⛒⛯ุ౛࡟࠾ࡅ
ࡿẚ⋡ࢸࢫࢺࡢ᭷┈ᛶࢆ␲ࢃࡏࡿࡶࡢ࡜࡞ࡗࡓࠋ
1956 ᖺࢢࢹ࢕ࣥࢢุỴ௨㝆ࡢ࠶ࡽࡺࡿ஦ᐇࢆ⥲ྜࡋࡓᙜ஦⪅ពᚿ࡜࠸࠺ᇶ‽ࡢ㐺⏝148(3)⛒⛯ἲୖࠊ⿢ุᡤ࡟࠾࠸࡚㈨ᮏẚ⋡ࢆつไࡍࡿࡇ࡜࡟ࡣ㝈⏺ࡀ࠶ࡿࡓࡵࠊ㈨ᮏẚ⋡ࢸࢫࢺࢆ↓ព࿡࡜ࡍࡿุ౛ࡶ⌧ࢀࡓࠋࡑࡢዎᶵ࡜࡞ࡗࡓࡢࡀࠊ1954 ᖺࡢࢢࢹ࢕ࣥࢢፗᴦ఍♫஦௳149࡛࠶ࡿࠋࢢࢹ࢕
ࣥࢢ஦௳ุỴ࡟࠾࠸࡚ࠊ
ࠕ͐㐣ᑡ㈨ᮏࡢࣇ࢓ࢡࢱ࣮ࡣ༢࡟ࠊമᶒ⪅̿മົ⪅㛵ಀࡢᏑྰࢆỴᐃࡍࡿุ᩿ᇶ‽ࡢ୍ࡘ࡟ࡍࡂ࡞࠸150ࠖ
࡜ุ᩿ࡋ࡚ࠊ㈨ᮏẚ⋡ࢸࢫࢺࡢᏑᅾࢆྰᐃࡋࡓࠋᚑ᮶ࠊ⿢ุᡤࡣ஦ᐇㄆᐃ࡟࠾࠸࡚മົドๆࡢᅄ㝮࡟㝈ᐃࡋ࡚ᑂᰝࢆ⾜ࡗ࡚ࡁࡓࡀࠊࡑࡢྲྀᢅ࠸ࡢࡶ࡜࡛ᤊ࠼ࡑࡇ࡞ࡗࡓ㐣ᑡ㈨ᮏࡸ⣧↛ࡓࡿമົド᭩ࡢᙧᘧࢆ࡜ࡗࡓᐇ㉁ⓗ࡞ᡶ㎸ᰴᘧ࡟ᑐࡋ࡚ࠊ⿢ุᡤ࡟࠾࠸࡚ᨵࡵ࡚ᐇ㉁୺⩏ࡢᚭᗏ࡟ࡼࡾᑐฎࡉࢀ
ࡿࡶࡢ࡜࡞ࡗࡓࠋ Ỉ㔝ᛅᜏᩍᤵࡣࠊ㏆᫬ࡢ⿢ุ౛࡛ࡣ㈨ᮏẚ⋡࡟㛵ࡍࡿ㚷ᐃࡀ㔜どࡉࢀࠊከࠎࡢࣇ࢓ࢡࢱ࣮࡟ࡼࡗ࡚ド᭩ࢆ㉸࠼ࡓᑂᰝࡀ࡞ࡉࢀࡿ࡟ࡘࡁࠊമົド᭩ࡀ᭷౯ドๆ࡛࠶ࡿሙྜ࡟ࡑࡢᩥゝࢆ㉸࠼ࡓᑂᰝࢆ
ࡍࡿࡇ࡜ࠊࡉࡽ࡟ࡣമົࡢᩥゝ࡟࠿࠿ࢃࡽࡎᰴᘧࢆ⾲㇟ࡍࡿ࡜ㄆᐃࡍࡿࡇ࡜ࡀࠊ⚾ⓗつ๎࡟▩┪ࡋ࡞࠸࠿ࠊ࡜࠸࠺ၥ㢟ࡀ࠶ࡿࡀࠊ⛯ἲୖമົಖドࡢᩥゝࢆྰᐃࡍࡿ࡜࠸࠺ࡢࡣࠊᙜ஦⪅㛫࡛ࡶἲᚊ㛵ಀࡢຠຊࡀྰᐃࡉࢀࡿ࡜࠸࠺ࡇ࡜ࢆ๓ᥦ࡜ࡋࡓࡶࡢ࡛࠶ࡗ࡚ࠊ⚾ἲⓗつ๎࡜▩┪ࡍࡿࡇ࡜࡛ࡣ࡞࠸
࡜㏙࡭ࡽࢀ࡚࠸ࡿ151ࠋ
➨2⠇࢔࣓ࣜ࢝ෆᅜṓධἲ඾i385 ࡜㈈ົ┬つ๎ࡢṔྐ1.

ෆᅜṓධἲ඾i385 ࡢ๰タྜྷᮧᨻ✑෸ᩍᤵࡣࠊi385 ࡀ௻ᅗࡋࡓ࢔ࣉ࣮ࣟࢳࢆ᫂ࡽ࠿࡟ࡍࡿ࡟ࡣࠊ1945 ᖺࡢୗ㝔᱌࠾ࡼࡧࡑࡢ
㢭ᮎ࡜ᑐẚࡋ࡚ࡳࡿࡇ࡜ࡀ᭷┈࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ152ࠋ
(1)

1954 ᖺୗ㝔᱌153

1954 ᖺୗ㝔᱌ࡣࠊձ㓄ศ࣭Ύ⟬࣭ྜే࡜࠸ࡗࡓΰ஘ⴭࡋ࠸ἲே⛯ࡢྛศ㔝࡟࠾࠸࡚⣡⛯⪅ࡢண ྍ⬟ᛶࢆ☜ಖࡍࡿࡇ࡜࡬ࡢᣦྥࠊ
࠾ࡼࡧղἲே⛯ࡢศ㔝࡟࠾ࡅࡿ⛒⛯ᅇ㑊࠿ࡽ⏕ࡌࡿ⛯཰ῶ࡬ࡢ㆙ᡄࠊ
࡜࠸࠺ほⅬ࠿ࡽ࣮ࣝࣝࡢ᫂☜໬ࢆ┠ᣦࡋ࡚ᥦ᱌ࡉࢀࡓࠋ ձࡢၥ㢟ࡢゎỴ⟇࡜ࡋ࡚ࠊDebt ࡜ Equity ࡟᫂☜࡞ᐃ⩏ࢆ୚࠼ࡼ࠺࡜ࡋࠊࡑࢀࡒࢀ࡟ᑐࡋ࡚ࠕຎᚋമ(subordination)ࠖ࡜ࠕ☜ᐃᡶ࠸(fixed right of payment)ࠖ࡜࡟↔Ⅼࢆᙜ࡚ࡓᐃ⩏つᐃࢆ┒ࡾ㎸
ࢇ࡛࠸ࡓ154ࠋලయⓗ࡟ࡣࠊ࠶ࡽ࠿ࡌࡵ☜ᐃࡋࡓᨭᡶ࡟㝈ᐃࡉࢀࡎࠊ௚ࡢ᪤Ꮡᰴᘧ࡜ẚ㍑ࡋ࡚ࠊ㆟Ỵᶒࡢ᭷↓ࢆ㝖ࡁࠊඃඛࡍࡿࡇ࡜ࡢ࡞࠸ཧຍⓗᣢศᶒࢆࠕཧຍⓗᰴᘧ(participating stock)ࠖ࡜ࡋࠊࡑ

148 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ71 㡫௨ୗ࡟ࡼࡿࠋ
149 Gooding Amusement Co. v. Commissioner, 236 F.2d 159 (6th Cir. 1956). ྜྷᮧᨻ✠෸ᩍᤵࡣࠊ

ࢢࢹ࢕ࣥࢢุỴ࡟ࡣࠊ㈨ᮏᵓᡂ࡟࠾ࡅࡿ㈨ᮏẚ⋡ࡶྵࡵࠊᐈほⓗ࡞せ⣲࡟ᇶ࡙࠸࡚ᙜ஦⪅ࡢྜ⌮ⓗ࡞ᮇᚅࢆᙧᡂࡍࡿ࡜࠸࠺ุ᩿ࡀ᥇⏝ࡉࢀࡓ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ513 㡫ࠋ
150 Gooding Amusement Co. v. Commissioner, 236 F.2d 159 (6th Cir. 1956)ࠊỈ㔝ᛅᜏヂ࣭๓ᥖὀ
㸦126㸧
ࠊ71 㡫ࠋ
151 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ74 㡫ࠋ
152 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ523 㡫ࠋ
153 ≉࡟᩿ࡾࡢ࡞࠸㝈ࡾࠊྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ523 㡫௨ୗ࡟ࡼࡿࠋ
154 H.R. Rep. No. 1337, 83d Cong., 2d Sess. A98-A100. ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ524 㡫࡟ࡼࡿࠋ46ࡢᑐᴟ࡜ࡋ୍࡚ᐃ㢠ࡢ↓᮲௳ᡶ࠸ࢆ⾲ᙲࡍࡿࠕド᭩(securities)ࠖࢆ᝿ᐃࡋࠊࡑࡢୖ࡛୧⪅ࡢ୰㛫࡟ࠕ㠀ཧຍⓗᰴᘧ(nonparticipating stock)ࠖ࡜఩⨨࡙ࡅࡽࢀࡿドๆࡀᏑᅾࡍࡿࡀࠊࡇࢀ࡟ಀࡿ฼ᡶ࠸ࡢ⤒㈝᥍㝖ࢆྰᐃࡍࡿࡇ࡜࡜ࡋࡓࠋࡇࡢࡼ࠺࡞༊ศ࡟ࡼࡗ࡚ࠊ┿ṇ࡞മົ(bond fide debts)ࡢࡳࡀ
ド᭩࡜ࡋ࡚ᛶ᱁࡙ࡅࡽࢀࡿ࡜ࡋ࡚ࠊ᥍㝖ࢆㄆࡵࡿ⠊ᅖࢆ㝈ᐃࡋࡼ࠺࡜ࡋࡓࠋ ࡋ࠿ࡋࠊୖ㝔ࡣᑐ㇟࡜࡞ࡿྲྀᘬࢆ⢭⦓࡟ᐃ⩏ࡍࡿ࡜࠸࠺ࠊᩘᏛⓗ☜ᐇᛶ(mathematical certainty)ࢆ᩺ࡅࠊࠕࡉࡲࡊࡲ࡞ࢱ࢖ࣉࡢᰴᘧ≉㉁ࡢከᵝᛶ࡟ࡼࡗ࡚᣸ᢡࡍࡿ࡛࠶ࢁ࠺155ࠖ࡜㏙࡭࡚࠸ࡓࠋ ୖ㝔࠿ࡽୗ㝔࡬ࡢ཯ᑐࡣࠊ㝈ᐃࡉࢀࡓ≉ᚩ࡟╔┠ࡍࡿࡇ࡜࡬ࡢ᠜␲ࢆ᰿ᣐ࡜ࡋ࡚࠾ࡾࠊ࠶ࡿ≉ᚩࢆྲྀࡾୖࡆ࡚᫂グࡋࠊࡑࡢせ⣲࡟ᇶ࡙࠸ุ࡚᩿ࡍࡿࡇ࡜ࡣࠊ௚ࡢせ⣲࡬ࡢධࢀ᭰࠼࡟ࡼࡗ࡚ᐜ᫆࡟
ᅇ㑊ࡉࢀᚓࡿࡇ࡜ࢆ㆙ᡄࡋࡓࡶࡢ࡜ホ౯ࡉࢀ࡚࠸ࡓࡇ࡜ࠊࡑࡋ࡚ࡇࡢࡇ࡜ࡣࠊ⿢ุᡤࡦ࠸࡚ࡣෆᅜ
ṓධᗇ࡟ಶูࡢ≧ἣࢆ⪃៖ࡋࡓุ᩿ࢆㄆࡵࡿࡇ࡜࡛ࠊ⨨᥮ྍ⬟ᛶࢆ฼⏝ࡋࡓ⛒⛯ᅇ㑊࡟ᑐᛂࡋࡼ࠺
࡜ࡢᛮ⪃ࡀ❚࠼ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ156ࠋ ࡲࡓࠊALI (American Law Institute)࡟࠾࠸࡚ࡶ᤼௚ⓗ࡞❧ἲࢆ┠ᣦࡍ୺ᙇ࡟㛵ࡋ࡚ࡣࠊḟࡢࡼ࠺࡟ᢈุⓗ࡟᳨ウࡉࢀ࡚࠸ࡓࠋ
ࠕ᤼௚ⓗ࡞つᐃ࡛࠶ࢀࡤࠊ㐺⏝ࡢቃ⏺ୖࡢ᪂ࡓ࡞ドๆࡢྲྀᢅ࠸ࡀࡘࡡ࡟ၥ㢟࡜࡞ࡾࠊ᫂☜ࡢせㄳࢆ⤊ᒁⓗ࡟ゎỴࡍࡿ࡟ࡣ࡞ࡽ࡞࠸ࠋ͐᤼௚ⓗ࡞ࠊࡍ࡞ࢃࡕᙜヱつᐃࡢ௚࡟ุ౛ἲ⌮࡟ࡼࡿᘬࡁ┤ࡋࡢవᆅࢆㄆࡵࡿࡼ࠺࡞つᐃࡀᮃࡲࡋ࠸࡜ࡋ࡚࠸ࡓࠋලయⓗ࡟ࡣࠊ୍ᐃࡢせ⣲ࢆิᣲࡋࡓ࡟ࡍࡂ࡞࠸㸦ᐃ⩏㸧つᐃࡢ᪉ࡀࠊἲⓗᏳ඲ᛶࡢせㄳ࡟㈨ࡍࡿ157ࠋ
ࠖ(2)

1969 ᖺ⛯ไᨵṇ࡟ࡼࡿ§385 ࡢ❧ἲ158

 ࡇࡢࡼ࠺࡞ᢈุࢆཷࡅ࡚ୗ㝔᱌࡟ࡼࡿ⏬୍ⓗ࡞ྲྀࡾᢅ࠸ࡣ᩺ࡅࡽࢀࡓࡀࠊෆᅜṓධᗇࡣゎ㔘ࡢ᪉㔪ࢆฟࡉࡎ࡟࠸ࡓࡓࡵࠊ⣡⛯⪅ࡣࠊ୙Ᏻᐃ࡞ุ౛ἲ⌮ࢆ㢗ࡾ࡟ྲྀᘬࡍࡿࡇ࡜ࢆᙉ࠸ࡽࢀ࡚࠸ࡓࠋࡑ
ࡇ࡛ࠊΰ஘ࡋࡓ≧ἣࢆᨵၿࡍࡿࡇ࡜ࢆ┠ⓗ࡜ࡋ࡚ࠊ1969 ᖺ࡟§385 ࡀ❧ἲࡉࢀࡓࠋ§385 ࡣࠊุ౛ἲ
⌮ࢆཧ↷ࡋ࡚ 5 ࡘࡢせ⣲ࢆ౛♧ࡋࡓୖ࡛ࠊ⛒⛯ἲ࡟࠾࠸࡚ Equity ࡜ࡋ࡚ᢅࢃࢀࡿ࡭ࡁドๆࢆ㈈ົ
┬つ๎࡟ࡼࡗ࡚᫂ࡽ࠿࡟ࡍࡿᶒ㝈ࢆ㈈ົ┬࡟୚࠼ࡓ159ࠋ ୗ㝔᱌࡟࠾࠸࡚ࡣࠊ㝈ᐃⓗ࡛ಶูⓗ࡞ࠊ᫂☜ᛶ࡜Ᏻᐃᛶࡢ☜ಖࢆ┠ⓗ࡜ࡋࡓ࣮࡛ࣝࣝ࠶ࡾࠊDebt
ࢆ Equity ࡟ᘬࡁ┤ࡍ࡜࠸࠺つᐃ࡛ࡣ࡞࠿ࡗࡓࡀࠊୖ㝔ࡣࠊM&A ࢆྵࡵࠊࡉࡲࡊࡲ࡞ሙ㠃࡟࠾ࡅࡿ୙☜ᐇᛶࢆゎỴࡍࡿࡓࡵࠊDebt ࡜ Equity ࡜ࡢ༊ู࡟ໟᣓⓗ࡟ᑐᛂࡋᚓࡿつᐃࢆ⨨ࡃࡇ࡜ࡀᮃࡲࡋ
࠸࡜⪃࠼࡚࠾ࡾࠊࡑࡢ⤖ᯝ࡜ࡋ࡚ࠊୖ㝔ࡀ㑅ᢥࡋࡓࡢࡣࠊ୧⪅ࢆ༊ูࡍࡿ࣮ࣝࣝసࡾࡢᶒ㝈ࢆ㈈ົ
┬࡟ᤵᶒࡍࡿࡶࡢ࡛࠶ࡗࡓ࡜グࡉࢀ࡚࠸ࡿ160ࠋ
2.

ෆᅜṓධἲ඾i385 ࡢᵓ㐀161

1969 ᖺ࡟ᡂ❧ࡋࡓෆᅜṓධἲ඾i385 ࡣࠊ఍♫ࡢᣢศࡀࠊㄢ⛯ୖᰴᘧ࡜ࡋ࡚ᢅࢃࢀࡿࡢ࠿ࠊ࠶ࡿ࠸
ࡣ㈇മ࡜ࡋ࡚ᢅࢃࢀࡿࡢ࠿࡟ࡘ࠸࡚ࠊࡑࡢุ᩿ࢆ㈈ົ┬࡟ᤵᶒࡋࡓ (i385(a))ࠋ (b)㡯࡛ࡣ 5 ࡘࡢ
155 S. Rep. No. 1662, 83d Cong., 2d Sess. 42 (1954) ᢤ⢋ࠊ᪥ᮏㄒヂࡣྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧ࠊ

524 㡫࡟ࡼࡿࠋ
156 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ525 㡫ࠋ
157 Stanley Surrey, Income Tax Problems of Corporations and Shareholders:American Law
Institute Tax Project American Bar Association Committee Study on Legislative Revision, 14
TAX L. REV. 1, 44-48 (1958). ྜྷᮧᨻ✑ヂ࣭๓ᥖὀ㸦125㸧
ࠊ525 㡫ࠋ
158 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ525 㡫௨ୗ࡟ࡼࡿࠋ
159 See DAVID C. GARLOCK ET AL., FEDERAL INCOME TAXATION OF DEBT INSTRUMENTS (6th ed.,
CCH 2006) at 1030ࠊྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ523 㡫ࠋ
160 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ527 㡫ࠋ
161 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ527 㡫௨ୗ࡟ࡼࡿࠋ
47⪃៖せ⣲ࡀิᣲࡉࢀ࡚࠸ࡿࡀࠊἲᩥ࡛ิᣲࡉࢀࡓせ⣲࡟つ๎సᡂࡀᣊ᮰ࡉࢀࡿࢃࡅ࡛ࡣ࡞࠸162࡜ᐃ
ࡵ࡚࠸ࡿࠋ §385(b)࡟࠾࠸࡚ࡣࠊ(1)せồ᫬ࡲࡓࡣ≉ᐃ᪥࡟㔠㖹ࡲࡓࡣ㔠㖹౯್ࡢ࠶ࡿ༑ศ࡞ᑐ౯ࡢ௦ࢃࡾ࡟
୍ᐃ㢠ࡢ㔠㖹ࢆᨭᡶ࠸ࠊᅛᐃ⋡ࡢ฼Ꮚࢆᨭᡶ࠺ࡇ࡜ࢆ↓᮲௳࡛⣙᮰ࡍࡿᩥ᭩ࡀ࠶ࡿ࠿ྰ࠿163ࠊ(2)ἲேࡢ㈇മ࡟ຎᚋࡍࡿ࠿ඃඛࡍࡿ࠿164ࠊ(3)ἲேࡢ㈨ᮏ࣭㈇മẚ⋡165ࠊ(4)ἲேࡢᰴᘧ࡬ࡢ㌿᥮ࡢྍ⬟ᛶࡀ࠶ࡿ࠿ྰ࠿166ࠊ(5)ἲேࡢᰴ୺ࡢಖ᭷࡜ၥ㢟ࡢᣢศࡢಖ᭷࡜ࡢ㛵ಀ167ࠊ࡜࠸࠺ 5 せ⣲ࢆᐃࡵ࡚࠸ࡿࠋ
3.

i385 ㈈ົ┬つ๎168 ㆟఍ࡀi385ࢆไᐃࡋ࡚࠿ࡽ11ᖺ┠ࡢ1980ᖺ࡟㈈ົ┬ࡣ§385࡟ᇶ࡙ࡃつ๎ࡢᥦ᱌ࢆ⾜ࡗࡓ169ࠋࡇࡢ᭱ึࡢつ๎ࢆᥦ᱌ࡋ࡚࠿ࡽࠊ9 ࣨ᭶ᚋ࡟᭱⤊᱌ࡀᥦ᱌ࡉࢀࠊࡑࢀࡣ 1981 ᖺ 4 ᭶ 30 ᪥௨㝆࡟Ⓨ⾜ࡉࢀࡓ࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟㐺⏝ࡉࢀࡿ࡜ࡉࢀࡓ170ࠋࡑࡢつ๎ࡢຠຊ᭷ຠ᪥ࡣ 1982 ᖺࡢ 1 ᭶ 1 ᪥࡟ᘏ㛗ࡉࢀ171ࠊࡉࡽ࡟ࠊ1982 ᖺࡢ 7 ᭶ 1 ᪥࡟ᘏ㛗ࡉࢀࡓ172ࠋࡉࡽ࡟㈈ົ┬ࡣࠊ࢜ࣜࢪࢼࣝ࡞つไ᱌ࠊᨵṇつไ᱌ࡢຠຊ᭷ຠ᪥ࢆ᭱⤊ᨵṇ᱌ࢆᥦ᱌ࡋࡓ 1983 ᖺ 1 ᭶ 1 ᪥࠿ࡽ 90 ᪥㛫ᘏᮇࡋࡓ173ࠋࣁ࢖ࣈࣜࢵࢻドๆࡢつไ᮲㡯࡜ࡋุ࡚౛ἲ࡟ࡼࡿࠕ࣮࣭࢜ࣝ࢜࢔࣭ࢼࢵࢩࣥࢢࠖ࢔ࣉ࣮ࣟࢳࢆ⥔ᣢࡋࡓࡀࠊࣁ࢖ࣈࣜࢵࢻドๆࡀDebt࠿Equity࠿ࡢ࠸ࡎࢀ࡟࡞ࡿࡢ࠿࡜࠸࠺⢭⦓࡞࣐ࣝࢳ࣭ࣇ࢓ࢡࢱ࣮
ศᯒࡣᗫṆࡉࢀࠊඃඛᰴ࡜⛠ࡉࢀࡿ࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡋ࡚ Equity ࡜ࡋ࡚ㄆᐃࡍࡿࡇ࡜ࡀ࡛ࡁ
ࡿ࡜ࡍࡿࠕࢭ࣮ࣇ࣭ࣁ࣮ࣂ࣮࣮ࠖࣝࣝࢆ୚࠼ࡓ174ࠋ」㞧࡞ุ᩿ᇶ‽࡜ࠊ㒊ศⓗ࡞つไୖࡢㄗ⏝ࡀㄆࡵࡽࢀࡓࡓࡵࠊ§385 ㈈ົ┬つ๎ࡣ 1983 ᖺ 11 ᭶࡟᧔ᅇࡉࢀࠊIRS ࠾ࡼࡧ⣡⛯⪅ࡣࡡྠ㈈ົ┬つ๎࡟ࡼࡗ࡚ᣊ᮰ࡉࢀࡿࡇ࡜ࡣ࡞ࡃ࡞ࡗࡓ175ࠋ
 1992 ᖺ 10 ᭶ 24 ᪥ᚋ࡟Ⓨ⾜ࡉࢀࡓドๆ࡟㐺⏝ࡉࢀࡿ§385(c)(1)ࡣࠊἲேᣢศࡢⓎ⾜⪅࡟ࡼࡗ࡚ᰴ
ᘧ㸦Stock㸧ࡲࡓࡣമົ㸦Indebtedness㸧࡜ࡍࡿศ㢮ࡣࠊࡇࡢⓎ⾜⪅࠾ࡼࡧಖ᭷⪅ࢆᣊ᮰ࡍࡿࡀ IRS

162 IRCi385(b) […]The factors so set forth in the regulations may include among other factors.

ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ527 㡫ࠋ
163 IRCi385(b)(1), See Roger B. Madison, Jr., The Deductibility of "interest" on Hybrid Securities, 39 TAX L. 465 483(1986) and also See DAVID C. GARLOCK ET AL., supra note (159) at 1031.
164 IRCi385(b)(2), See Roger B. Madison, Jr., supra note (163) at 483 and also See DAVID C.
GARLOCK ET AL., supra note (159) at 1031.
165 IRCi385(b)(3), See Roger B. Madison, Jr., supra note (163) at 483 and also See DAVID C.
GARLOCK ET AL., supra note (159) at 1031.
166 IRCi385(b)(4), See Roger B. Madison, Jr., supra note (163) at 483 and also See DAVID C.
GARLOCK ET AL., supra note (159) at 1031.
167 IRCi385(b)(5), See Roger B. Madison, Jr., supra note (163) at 483 and also See DAVID C.
GARLOCK ET AL., supra note (159) at 1031.
168 ࡇࡇ࡛ࡣ࠾ࡶ࡟ DAVID C. GARLOCK ET AL., supra note (159) at 1031 ࠾ࡼࡧ Roger B. Madison
Jr., supra note (163) at 483 ࢆཧ↷ࡋࡓࠋ
169 Notice of Proposed Rulemaking, 45 Fed. Reg. 18957 (1980). See DAVID C. GARLOCK ET AL.,
supra note (159) at 1031 and also See Roger B. Madison Jr., supra note (163) at 483.
170 T.D. 7747, 1981-1 C.B. 141.; See Roger B. Madison Jr., supra note (163) at 483.
171 T.D. 7774, 1981-1 C.B. 168., See Roger B. Madison Jr., supra note (163) at 483.
172 T.D. 7801, 1982-1 C.B. 60., See Roger B. Madison Jr., supra note (163) at 483.
173 T.D. 7822, 1982-2 C.B. 84., See Roger B. Madison Jr., supra note (163) at 484.
174 See Roger B. Madison Jr., supra note (163) at 484.
175 Id. at 484.
48ࢆᣊ᮰ࡍࡿࡇ࡜ࡣ࡞࠸࡜つᐃࡋ࡚࠸ࡿ176ࠋᣢศಖ᭷⪅ࡀ⏦࿌᭩࡟ࡇࡢᣢศࢆ IRC§385(c)(1)࡟つᐃࡍࡿᛶ㉁࡜୍⮴ࡍࡿ᪉ἲ࡛ྲྀࡾᢅ࠺ࡇ࡜ࢆ㛤♧ࡍࡿሙྜ࡟ࡣࠊつ๎࡟つᐃࡍࡿሙྜࢆ㝖ࡁᣢศᡤ᭷
⪅࡟ࡣ㐺⏝ࡉࢀ࡞࠸࡜ࡋ࡚࠸ࡿࡀࠊ⌧ᅾࡣ§385(c)ࡢつ๎ࡣไᐃࡉࢀ࡚࠾ࡽࡎࠊド᭩ࡢ Debt ࡲࡓࡣ
Equity ࡬ࡢศ㢮ࡣ୺࡟ุ౛ἲ࡟ࡼࡿ177ࠋ
 ㈨ᮏᣢศ㸦an equity interest㸧࡜ࡣࠊἲே௻ᴗ࡟ฟ㈨ࡋࡇࢀ࡟క࠺ᦆኻࣜࢫࢡࢆྲྀࡾࠊᡂຌࡢ฼
┈ࡢศࡅ๓ࢆཷࡅࡿࡶࡢࢆ࠸࠸178ࠊ㈇മ࡜ࡣࠊമົ⪅ࡢᡤᚓࡢ᭷↓࡟࠿࠿ࢃࡽࡎࠊᨭᡶ࠺࡭ࡁ฼Ꮚ
ࡢ୍ᐃ๭ྜࢆྜ⌮ⓗ࡞‶ᮇ᪥࡟ᨭᡶ࠺⩏ົࢆ࠸࠺179ࠋ ᮏᗉ㈨ᩍᤵࡣࠊ࢔࣓ࣜ࢝ࡢ⿢ุᡤࡣࠊᩘᖺ㛫ࠊㄢ⛯ୖࡢ⩏ົࢆ㈇മࡲࡓࡣ㈨ᮏ࡟ศࡅࡿᛶ㉁せ⣲ࢆ≉ᐃࡍࡿࡇ࡜࡟ࡼࡾᇶ‽ࢆ㛤Ⓨࡋ࡚ࡁࡓࡀࠊࡇࡢせ⣲࡟ࡣࠊձᙜ஦⪅ࡀᐃࡵࡓド᭩ࡢࣞࢵࢸࣝࠊ
ղ‶ᮇ᪥ࡢᏑᅾࠊճᨭᡶ㔠ࡢ※Ἠࠊմമᶒ⪅ࡀඖ฼ࡢᨭᡶࢆᙉไࡍࡿᶒ฼ࢆ᭷ࡍࡿ࠿ྰ࠿ࠊյド᭩ࡀമົ⪅ࡢ⤒Ⴀ࡟ཧຍࡍࡿᶒ฼ࢆമᶒ⪅࡟୚࠼ࡿ࠿ྰ࠿ࠊնᙜヱമᶒ⪅ࡢᶒ฼ࡀ୍⯡മᶒ⪅ࡢᶒ฼࡟ᚑᒓࡍࡿ࠿ྰ࠿ࠊշᙜ஦⪅ࡢពᅗࠊոമົ⪅ࡀ㐣ᑡ㈨ᮏ࡛࠶ࡿ࠿ྰ࠿ࠊമᶒ⪅࡜മົ⪅ࡢᰴ୺࡜ࡢ㛫ࡢᣢศࡢྠ୍ᛶࡀ࠶ࡿ࠿ྰ࠿ࠊչമົ⪅ࡀ୍ᐃࡢ㔠㢠ࡢᨭᡶ࠸ࢆࡍࡿ↓᮲௳ࡢ⣙᮰ࡀ࠶ࡿ࠿ྰ
࠿ࠊպእ㒊㈚୺࠿ࡽ࣮ࣟࣥࢆᚓࡿമົ⪅ࡢ⬟ຊࠊջ฼⋡ཬࡧ᮲௳ࡢྜ⌮ᛶࠊռῶമᇶ㔠ࡢ୙Ꮡᅾࠊ
սᢸಖࡢḞዴࠊ࡞࡝ࡀྵࡲࢀࠊุ౛ࡣࡉࡲࡊࡲ࡛࠶ࡾࠊド᭩ࡀㄢ⛯ୖ㈇മࡲࡓࡣ㈨ᮏࡢ࠸ࡎࢀ࡟ศ
㢮ࡉࢀࡿ࠿ࢆ☜ᐃࡍࡿࡇ࡜ࡣ㞴ࡋ࠸࡜グࡉࢀ࡚࠸ࡿ180ࠋ
➨3⠇࢔࣓ࣜ࢝ෆᅜṓධἲ඾§163(j)ࡢ๰タ—࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ᮲㡯—1.

⫼ᬒDavid C. Garlock et al.181 ࡣࠊ࢔࣓ࣜ࢝ෆᅜṓධἲ඾§163(j)࡟ࡘ࠸࡚௨ୗࡢࡼ࠺࡟ㄝ᫂ࡋ࡚࠸ࡿࠋ
§163(j)ࡣࠊ㒊ศⓗ࡟ࡣྂࡃ࠿ࡽ࠶ࡿࠊ㓄ᙜࡢ௦ࢃࡾ࡟ᦆ㔠⟬ධྍ⬟࡞ᨭᡶ࡜ࡋ࡚఍♫ࡢᡤᚓࢆ୙ᙜ
࡟ῶᑡࡉࡏࡿᡭẁ࡟ᑐฎࡍࡿࡓࡵ࡟タ⨨ࡉࢀࡓࡶࡢ࡛ࠊᅜෆ࡟࠾ࡅࡿᩥ⬦࡜࠸࠺ࡼࡾࡣࠊ࢔࣓ࣜ࢝
Ꮚ఍♫ࡢእᅜぶ఍♫࡟ᑐࡍࡿつไ࡛࠶ࡿࠋ㓄ᙜ࡟௦࠼࡚฼Ꮚ࡜ࡋ࡚ᮏᅜ࡬㏦㑏ࡉࢀࡿࡇ࡜࡟ࡼࡾࠊ
࢔࣓ࣜ࢝Ꮚ఍♫ࡢᣢศࡢῶᑡࢆᣍࡃ࡯࠿ࠊᡤᚓ⛯࡟㛵ࡍࡿ⛒⛯᮲⣙࡟ࡼࡾࠊ฼Ꮚᡤᚓࡢ※Ἠᚩ཰⛯ࡣࠊ㓄ᙜ㸦ぶᏊ఍♫㛫࡛ࡣ 5㸣ࡀ඾ᆺ࡛࠶ࡿࠋ
㸧ࡼࡾᑡ࡞࠸࠿ࠊ࠶ࡿ࠸ࡣࠊ฼Ꮚᡤᚓ࡟ᑐࡋ࡚ࡣ※Ἠᚩ཰⛯ࢆㄢ⛯ࡋ࡞࠸࡜ࡋ࡚࠸ࡿࡓࡵࠊ※Ἠᚩ཰⛯ࡢῶᑡࢆᣍࡃࠋሙྜ࡟ࡼࡗ࡚ࡣࠊDebt ࡜୺ᙇࡉࢀ
࡚࠸ࡿᢞ㈨ࡀࠊEquity ࡜ࡋ࡚෌ᗘ≉ᚩ௜ࡅࡉࢀࡿሙྜࡶ࠶ࡿࡀࠊ஦ᐇ࡜≧ἣ࡟౫Ꮡࡍࡿࡓࡵࠊከࡃ
ࡢሙྜࠊ࢔࣓ࣜ࢝Ꮚ఍♫࠿ࡽぶ఍♫࡬ࡢ Debt ࡛࠶ࡿ࡜ࡍࡿ୺ᙇࡣㄆࡵࡽࢀࠊㄢ⛯ୖࡶ Debt ࡛࠶ࡿ࡜ࡳ࡞ࡉࢀࡿవᆅࡣᗈ࠸ࠋ እᅜぶ఍♫ࡀ࢔࣓ࣜ࢝Ꮚ఍♫࡟㐣኱࡞ Debt ࢆࡘࡂ㎸ࡴࡇ࡜࡟ IRS ࡀᑐᢠ࡛ࡁࡿᡭẁࢆ୚࠼ࡿࡇ
176 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ138 㡫ࠊIRC §385(c)(1)ࠋ
177 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ138 㡫ࠋ
178 Acquiring an equity interest has traditionally been described as "embarking on a corporate

venture and taking risks of loss attendant upon it so that one might share in the profits of its
success." See DAVID C. GARLOCK ET AL., supra note (159) at 1015.ࠊ࡞࠾ࠊ͇͇㒊ศࡣࠊSee Farley
Realty Corp. v. Comm'r, 279 F.2d 701 (2d Cir. 1960); United States v. Title Guarantee Trust Co.
133 F.2d 990, 993 (6th Cir. 1943)ࠋ᪥ᮏㄒ⩻ヂ࡟ࡘ࠸࡚ࡣࠊᮏᗉ㈨ࠕ㐣ᑡ㈨ᮏ⛯ไ࣭࢔࣮ࢽࣥࢢࢫ
ࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࠖ1 㡫ࠊ13 㡫ࠊࣉࣞࣉࣜࣥࢺ∧㸦2009㸧ࠋ
179 A debt,[…]"an qualified obligation to pay a sum certain at a reasonably closed fixed maturity
date along with a fixed percentage in interest payable regardless of debtor's income or lackthereof." See DAVID C. GARLOCK ET AL., supra note (159) at 1015.ࠊ࡞࠾ࠊ͇͇㒊ศࡣࠊSee Gilbert v.
Comm'r, 248 F.2d 399, 402 (2d Cir. 1957)ࠋ᪥ᮏㄒ⩻ヂ࡟ࡘ࠸࡚ࡣࠊᮏᗉ㈨࣭๓ᥖὀ㸦178㸧
ࠊ13 㡫ࠋ
180 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ138 㡫ࠊ⬮ὀ 5ࠋ
181 See DAVID C. GARLOCK ET AL., supra note (159) at 20087.
49࡜ࢆពᅗࡋ࡚㆟఍ࡣ 1989 ᖺ࡟§163(j)㸦࢔࣮ࢽࣥࢢࢫ࣭ࢫࢺࣜࢵࣆࣥࢢ᮲㡯㸧ࢆไᐃࡋࠊ1993 ᖺ࡟ᨵṇࢆ⾜ࡗࡓࠋ
2.

§163(j)ࡢᴫせ§385 ࡟࠾࠸࡚ࡣࠊἲே࡟ᑐࡍࡿᣢศࢆฟ㈨࡜ࡳࡿ࠿㈇മ࡜ࡳࡿ࠿ࡢุ᩿ࢆ඲㠃ⓗ࡟㈈ົ┬つ๎࡟ጤࡡࡿࡇ࡜ࢆつᐃࡍࡿ࡟␃ࡲࡗ࡚࠾ࡾࠊ1983 ᖺ࡟つ๎᱌ࢆ᧔ᅇࡋࡓࡲࡲ⌧ᅾ࡟⮳ࡗ࡚࠾ࡾࠊ§163(j)ࡢ๰タࡣ⌧ᐇ࡟࣮࣡ࢡࡍࡿ㐣ᑡ㈨ᮏ⛯ไࢆ≺ࡗࡓࡶࡢ࡜⪃࠼ࡽࢀ࡚࠸ࡿ182ࠋࡓࡔࡋࠊྠࡌ㛵㐃⪅࡟ᑐࡍࡿ฼Ꮚᨭᡶ࡛࠶ࡗ࡚ࡶᨭᡶ⪅ࡀ࢔࣓ࣜ࢝ᅜෆ࡟ᐇ㉁ⓗ࡟㛵㐃ࡍࡿᡤᚓࢆ᭷ࡋ࡞࠸እᅜ఍♫࡛࠶ࡿሙྜ࡟ࡣi163(j)ࡢ㐺⏝ࡣ࡞࠸ࡇ࡜࡜ࡉࢀ࡚࠾ࡾࠊࡋࡓࡀࡗ࡚ࠊ࢔࣓ࣜ࢝ᅜෆ࡟ぶ఍♫ࢆ᭷ࡍࡿ௻ᴗࡢሙྜ࡟ࡣࠊཎ๎࡜ࡋ࡚ᾏእ㛵㐃఍♫࡟ᑐࡍࡿ฼Ꮚᨭᡶ࡟ࡣ⛯ไࡀཬࡤ࡞࠸ࡇ࡜࡟࡞ࡿ183ࠋ
 David C. Garlock et al.184࡟ࡼࢀࡤࠊ୍⯡ⓗ࡟ࠊࡇࡢ࣮ࣝࣝࡣ㧗࠸ࣞࣂࣞࢵࢪࢆࡋࠊ㠀ᖖ࡟ከ㢠ࡢ฼Ꮚ㈝⏝ࢆィୖࡋ࡚እᅜ㛵㐃⪅࡟඲㢠࠶ࡿ࠸ࡣ㒊ศⓗ࡟ㄢ⛯ୖ᥍㝖ࡉࢀࡿ฼Ꮚࢆᨭᡶ࠺఍♫࡟㐺⏝ࡍࡿࡇ࡜ࢆ┠ⓗ࡜ࡋ࡚࠸ࡿ࡜࠸࠺ࠋࡲࡓࡇࡢ࣮ࣝࣝࡣࠊձ࢔࣓ࣜ࢝Ꮚ఍♫ࡢ debt-to-equity ratio
ࡀ 1.5㸸1 ࢆ㉸࠼ࡓ࡜ࡁࠊղ࢔࣓ࣜ࢝Ꮚ఍♫ࡢ⣧฼Ꮚ㈝⏝ࡀㄪᩚㄢ⛯ᡤᚓࡢ 50㸣ࢆ㉸࠼ࡓ࡜ࡁࠊ࡜
࠸࠺ 2 ࡘࡢ᮲௳ࡀ‶ࡓࡉࢀࡓ࡜ࡁ࡟㐺⏝ࡉࢀࡿ࡜グࡉࢀ࡚࠸ࡿࠋ ࡇࡇ࡛ࡢၥ㢟ព㆑ࡣࠊDebt ࡜ Equity ࢆ࡝ࡢࡼ࠺࡟ᐃࡵ࡚࠸ࡿࡢ࠿࡜࠸࠺Ⅼ࡟࠶ࡿࠋ(1)

Debt ࠾ࡼࡧ Equity ࡢᐃ⩏

ἲேࡢ㈇മ࡜ࡣࠊ୍⯡࡟ཷࡅධࢀࡽࢀࡿࠕ⛒⛯ཎ๎࡟ࡋࡓࡀࡗ࡚Ỵᐃࡉࢀࡿἲேമົ(liabilites)185ࠖ
ࢆ࠸࠺ࠋ๭ᘬࡲࡓࡣࣉ࣑ࣞ࢔࣒௜࡛Ⓨ⾜ࡉࢀ࡞࠸മົド᭩(a debt instrument)࡟ࡘ࠸࡚ࡣࠊⓎ⾜᪥࡟⪃៖࡟ධࢀࡽࢀࡓ㔠㢠ࡀⓎ⾜౯㢠(issue price)࡜ࡉࢀࡿ186ࠋ࢜ࣜࢪࢼࣝⓎ⾜๭ᘬ(original issue
discount)ࡢ㈇മ࡟ࡘ࠸࡚⪃៖࡟ධࢀࡽࢀࡓ㔠㢠ࡣࠊࡑࡢⓎ⾜౯㢠ࣉࣛࢫෆᅜṓධἲ඾i1272ࡢ࣮ࣝࣝ࡟ࡼࡾỴᐃࡉࢀࡿ௨๓࡟Ⓨ⏕ࡋࡓ࢜ࣜࢪࢼࣝⓎ⾜๭ᘬࡢ㒊ศ࡜ࡉࢀࠊⓎ⾜⪅࡟ࡘ࠸࡚ࡣࠊᮍൾ༷
മๆࣉ࣑ࣞ࢔࣒ࡣ㈇മ࡜ࡉࢀࡿࡀࠊձ▷ᮇമົࠊղၟᴗࣇ࢓࢖ࢼࣥࢫമົࡣ㈇മࡢ⠊ᅖ࠿ࡽ㝖እࡉ
ࢀࡿ187ࠋ
 ㈈ົ┬つ๎᱌ࡣࠊcontingent instrument ࠶ࡿ࠸ࡣ contingent debt claim㸦࠸ࢃࡺࡿ᮲௳௜ㄳồᶒ㸻࢜ࣉࢩࣙࣥ㸧࡟ࡘ࠸࡚ࡣ᫂☜࡟ᐃࡵ࡚࠸࡞࠸ࡀࠊOID ࢆ⏝࠸ࡓㄪᩚⓎ⾜౯᱁࡟ࡼࡾ ᐃࡉࢀࡿമົࢆ㈈ົ┬つ๎᱌ࡣᐃࡵ࡚࠾ࡾࠊ㠀᮲௳௜മๆࡢⓎ⾜౯᱁ࢆồࡵࡿ᪉ἲࢆ๓ᥦ᮲௳࡜ࡍࢀࡤࠊ᮲
௳௜ㄳồᶒࡢㄪᩚⓎ⾜౯᱁ࡣᑟࡃࡇ࡜ࡀྍ⬟࡛࠶ࡿࡓࡵ࡛࠶ࡿ188ࠋ
 ㈈ົ┬つ๎᱌§1.163(j)-3(c)ࡣࠊ㈨ᮏࢆࠊἲேࡢ㔠㖹࠾ࡼࡧࡑࡢ௚ࡢࡍ࡭࡚ࡢ㈨⏘㸦⣡⛯⪅ࡢ㈇മ
ࢆ㝖ࡃ㸧ࡢㄪᩚ࣮࣋ࢩࢫࡢྜィ࡛࠶ࡾࠊ࠶ࡿ㡯┠ࡀ㈨⏘࡜࡞ࡿ࠿ྰ࠿ࡣࠊ୍⯡࡟ཷࡅධࢀࡽࢀࡿ⛒⛯ཎ๎࡟ࡼࡗ࡚Ỵᐃࡉࢀࡿ࡜ᐃࡵ࡚࠸ࡿ189ࠋ

182 Ώ㎶໏ࠕࠗ㠀ㄢ⛯㛵㐃⪅࡟ᑐࡍࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈つᐃ࠘࡟㛵ࡍࡿ⡿ᅜ㈈ົ┬つ๎᱌ࡢᴫせࠖࠗInternational Taxation࠘Vol.11ࠊNo.9ࠊ24 㡫ࠊ24 㡫(1991)ࠋ
183 Ώ㑔ᖾ๎ࠕ࢔࣮ࢽࣥࢢࢫ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࡢ㐺⏝ୖࡢၥ㢟Ⅼ࡟ࡘ࠸࡚ࠖ
ࠗInternational

Taxation࠘Vol.11ࠊNo.12ࠊ10 㡫ࠊ10 㡫(1991)ࠋ
184 See DAVID C. GARLOCK ET AL., supra note (159) at 20088.
185 "liabilities in accordance with the tax principles," See DAVID C. GARLOCK ET AL., supra note(159) at 20089. ᮏᗉ㈨࣭๓ᥖὀ㸦179㸧
ࠊ13 㡫ࠋ
186 See DAVID C. GARLOCK ET AL., supra note (159) at 20089. ᮏᗉ㈨࣭๓ᥖὀ㸦179㸧
ࠊ13 㡫ࠋ
187 Id. at 20089. ᮏᗉ㈨࣭๓ᥖὀ㸦179㸧
ࠊ13 㡫ࠋ
188 Id. at 20090.
189 Id. at 20090.
50

(2)

୙㐺᱁฼Ꮚࡢྰㄆ

࢔࣓ࣜ࢝ἲேࡢ Debt ᑐ Equity ࡢẚ⋡ࡀ 1.5㸸1 ࡼࡾࡶ኱ࡁࡃࠊ࢔࣓ࣜ࢝ἲேࡀϸ)㛵㐃⪅࠿ࡽ೉ࡾධࢀࡑࡢ฼Ꮚࡀ࢔࣓ࣜ࢝⛯ࢆㄢࡉࢀ࡞࠸ሙྜࠊϹ)୍ᐃࡢ㛵㐃⪅࡟ࡼࡾ㈇മࡀಖドࡉࢀࡿ㠀㛵㐃⪅࠿ࡽࡢ೉ࡾධࢀࡑࡢ฼Ꮚࡀ࢔࣓ࣜ࢝※Ἠᚩ཰⛯ࢆㄢࡉࢀ࡞࠸ሙྜ࡟㐺⏝ࡉࢀࡿ190ࠋ
3.

§385 ࡜§163(j)࡜࡟ࡼࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈እᅜ㛵㐃⪅࡟ᨭᡶ࠺฼Ꮚࡢᦆ㔠᥍㝖㢠ࡣࠊ§385 ࡜§163(j)࠾ࡼࡧ Notice 89-94 ࡟ࡼࡾไ㝈ࡉࢀࡿࡇ࡜࡜࡞ࡿ191ࠋձi385 ࡟ࡋࡓࡀ࠸ࠊᨭᡶ฼ᏊࡢⓎ⏕ཎᅉ࡜࡞ࡗࡓᅜእ㛵㐃⪅࡟ᑐࡍࡿ㈇മࡀࠊ࢔࣓
ࣜ࢝⛒⛯ἲୖࡢ㈇മ࡛࠶ࡿ࠿ࠊࡑࢀ࡜ࡶᐇ㉁ⓗ࡟ᰴ୺㸦ぶ఍♫㸧࠿ࡽࡢฟ㈨㔠࡛࠶ࡿ࠿ࡀྫྷ࿡ࡉࢀࠊ
ᐇ㉁ⓗ࡟ᰴ୺㸦ぶ఍♫㸧࠿ࡽࡢฟ㈨㔠࡛࠶ࡿ࡜ࡳ࡞ࡉࢀࡓ㈇മ࡟ᑐᛂࡍࡿ฼Ꮚࡢࡳࡀᦆ㔠᥍㝖ᑐ㇟࡜࡞ࡾࠊղḟ࠸࡛ࠊձ࡛ࣃࢫࡋࡓ㈇മ࡟࠿࠿ࢃࡿᨭᡶ฼Ꮚࡢ࠺ࡕ Notice 89-94 ࡟ࡼࡾࠊ1984 ᖺ 1
᭶ 1 ᪥௨㝆࡟㛤ጞࡍࡿ஦ᴗᖺᗘ࡟㐳ཬࡋ࡚ࠊࡑࢀ௨㝆࡟࠾࠸࡚ࠊ࢔࣓ࣜ࢝ἲேࡀእᅜ㛵㐃⪅࡟ᑐࡋ࡚ᮍᡶ࠸ィୖࡋ࡚࠶ࡿ⤒㈝ࡣࠊࡑࡢᨭᡶ࠸ࡀ⾜ࢃࢀࡿࡲ࡛ᦆ㔠᥍㝖ࢆࡋ࡞࠸࡜ࡉࢀࠊճ௨ୖࡢձཬ
ࡧղࢆ㏻㐣ࡋࡓࠕ฼Ꮚࠖ࡟ᑐࡋ࡚ࡣࡌࡵ࡚i163(j)ࡀ㐺⏝ࡉࢀࡿࠊ࡜࠸࠺ 3 ẁᵓ࠼࡛࠶ࡿ192ࠋ
➨4⠇࢔࣓ࣜ࢝࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺⓎ⾜࡜ࡑࡢᑐᛂ

1.

ARCNs

๓㏙ࡢ࡜࠾ࡾ㈈ົ┬ࡣࠊ1980 ᖺ࡟§385 ࡟ᇶ࡙ࡃつ๎ᥦ᱌ࢆ⾜࠸ࠊ௒ࡲ࡛᥇⏝ࡋ࡚ࡁࡓ⥲ྜⓗุ᩿࢔ࣉ࣮ࣟࢳ࡜␗࡞ࡿ࢔ࣉ࣮ࣟࢳࢆ᥇⏝ࡋࡓࠋࡑࢀࡣࠊࡲࡎࠊ࠶ࡿドๆࡀࠊࠕᰴᘧ࡬ࡢ㌿᥮ᶒࠖ࠿ࠕᨭ
ᡶࡢ୙☜ᐇᛶࠖࡢ࠸ࡎࢀ࠿ࡢᛶ㉁ࢆ᭷ࡋ࡚࠸ࢀࡤࠊࡑࡢドๆࡣࣁ࢖ࣈࣜࢵࢻドๆ࡜ㄆᐃࡉࢀࠊࡑࡢ
ḟ࡟ࣁ࢖ࣈࣜࢵࢻドๆ࡜ㄆᐃࡉࢀࡓドๆ࡟ᑐࡋ࡚ࡣࠊձࡑࢀࡀ᪤Ꮡᰴ୺ࡢᣢศ๭ྜ࡟ẚ౛ࡋ࡚๭ࡾ
ᙜ࡚ࡽࢀ࡚࠸ࡿ࠿ࠊẚ౛ⓗ๭ࡾᙜ࡚ࡀ࡞ࡉࢀ࡚࠸࡞࠸ሙྜ࡟ࡣࠊղࡑࡢドๆ࡟ΰᅾࡍࡿ Equity ࡜
Debt ࡑࢀࡒࢀࡢ᫬౯ࢆ⟬ᐃࡋࠊEquity 㒊ศࡀ 50㸣ࢆ㉸㐣ࡋ࡞࠸ሙྜ࡟㝈ࡾࡑࡢドๆ඲యࢆ Debt
࡜ࡋ࡚ྲྀࡾᢅ࠺ࠊ࡜࠸࠺ศ㢮つ๎࡛࠶ࡿ193ࠋࡇࡇ࡛ࠊղࡢሙྜࠊ༢୍ドๆࢆᵓᡂせ⣲ࡈ࡜࡟᫬౯ホ౯ࡋࡓ࠺࠼࡛ᛶ㉁Ỵᐃࡉࢀࡿࡇ࡜࡟࡞ࡿࡀࠊࡇࡢ᫬౯ホ౯࡟࠾࠸࡚⪃៖ࡉࢀࡿ Equity 㒊ศ࡜ࡣࠊࣁ࢖ࣈࣜࢵࢻドๆࡢᐃ⩏つᐃ࡜㐃ືࡋࠊ㌿᥮ᶒ࡜୙☜ᐃ࡞ᨭᡶ㒊ศࡢ౯㢠ࢆྜ⟬ࡍࡿᙧ࡛つᐃࡉࢀࠊࡑࡢୖ࡛ࠊࡑࡢྜ⟬㢠ࡀドๆ඲యࡢ᫬౯ࡢ 50㸣ࢆୖᅇࡿሙྜ࡟ࡣࡑࡢ඲యࡀ Equity ࡜ࡋ࡚ᢅࢃࢀ
ࡿࡇ࡜࡜࡞ࡗࡓ194ࠋ
 1982 ᖺ࡟࢖ࣥ࣋ࢫࢺ࣭ࣂ࣮ࣥ࢝ࡣࠊࣁ࢖ࣈࣜࢵࢻドๆ࡟ᑐࡍࡿi385 ㈈ົ┬つ๎ࢆ᭱኱㝈࡟฼⏝ࡍࡿ௙⤌ࡳ࡜ࡋ࡚ドๆࡢศ๭ࢆጞࡵࡓ195ࠋࢡࣛ࢖࢔ࣥࢺ࡟Ⓨ⾜ࡍࡿࠊࣁ࢖ࣈࣜࢵࢻドๆࡢ౯್ࡢᐇ
㉁ⓗ㒊ศࡣࡑࡢドๆࡢ Equity ≉ᛶ࠿ࡽ⏕ࡲࢀࡿࡶࡢ࡛࠶ࡾࠊࡑࡢドๆ࠿ࡽ⏕ࡌࡿ฼ᡶ࠸ࡣࠊㄢ⛯ୖࠊ฼Ꮚ࡜ࡋ࡚᏶඲࡟ᦆ㔠⟬ධࡉࢀࡿᶵ఍ࡀ⏕ࡌࡿ࡜࠸࠺ࡇ࡜࡟Ẽ௜࠸ࡓ࢖ࣥ࣋ࢫࢺ࣭ࣂ࣮ࣥ࢝ࡣࠊ
ࡍࡤࡸࡃࣁ࢖ࣈࣜࢵࢻドๆ࡟ື࠸ࡓ196ࠋ
 Roger B. Madison Jr.࡟ࡼࢀࡤࠊ1982 ᖺ⛅ࠊGoldman, Sachs & Company ࡣ NICOR, Inc.࡟ᑐ
190 ᮏᗉ㈨࣭๓ᥖὀ㸦179㸧
ࠊ13 㡫ࠋ
191 U.S.ࢱࢵࢡࢫ◊✲఍ࠕ࠸ࢃࡺࡿ͇࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ(earnings stripping)᮲㡯͇࡜ࡣ࡝ࡢࡼ࠺࡞ࡶࡢ࠿ࠖ
ࠗᅜ㝿ၟ஦ἲົ࠘Vol.20ࠊNo.12ࠊ1542 㡫ࠊ1542 – 1543 㡫㸦1992㸧ࠋ
192 U.S.ࢱࢵࢡࢫ◊✲఍࣭๓ᥖὀ㸦191㸧
ࠊ1543 㡫ࠋ
193 See DAVID C. GARLOCK ET AL., supra note (159) at 1031 – 1032. ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧
ࠊ529

㡫ࠋ
194 See DAVID C. GARLOCK ET AL., supra note (159) at 1031 – 1032. ྜྷᮧᨻ✑࣭๓ᥖὀ㸦125㸧ࠊ530

㡫ࠋ
195 See Roger B. Madison Jr., supra note (163) at 484.
196 Id. at 484.

51

ࡋ 45,000,000 ࢻࣝࢆᘬࡁཷࡅ࡟"adjustable rate convertible notes" (ARCNs)ࢆⓎ⾜ࡋࡓ197ࠋ
ARCNs ࡣࠊ฼Ꮚࢆᕷሙ㔠฼ࡼࡾపࡃࡋ࡚࠾ࡁࠊNICOR ࡢᬑ㏻ᰴ࡟ᑐࡍࡿ㓄ᙜ࡟┦ᙜࡍࡿᨭᡶࡶ
ࠕ฼Ꮚࠖ࡜ࡋ࡚ຍ࠼ࠊᢞ㈨ᐙ࡟ศ㓄ࡉࢀࠊࡑࡢୖ࡛ࠊARCNs ࡣ NICOR ᬑ㏻ᰴᘧࡢ᫬౯࡜࡯ࡰྠ
㢠࡛ᰴᘧ࡟㌿᥮ࡉࢀࡓࠋ§385 ㈈ົ┬つ๎ࡢࡶ࡜ࠊ࢖ࣥ࣋ࢫࢺ࣭ࣂ࣮ࣥ࢝࡟ࡼࡿศᯒ࡛ࡣࠊNICOR
ARCNs ࡣࡑࡢ 55㸣ࡀ Debt ࡢ≉ᛶ࡛࠶ࡾࠊ45㸣ࡀ Equity ࡢ≉ᛶ࡛࠶ࡗࡓࠋࡑࡇ࡛࢖ࣥ࣋ࢫࢺ࣭
ࣂ࣮ࣥ࢝ࡣࠊ§385 ㈈ົ┬つ๎࡟ࡋࡓࡀ࠼ࡤࠊARCNs ࡟ࡼࡿᨭᡶࡣ඲㢠ᦆ㔠⟬ධࡉࢀࡿ࡭ࡁ࡛࠶ࡿ
࡜୺ᙇࡋࡓࠋIRS ࡣࠊࡇࡢືࡁ࡟ᑐฎࡍࡿࡓࡵࠊRev. Rul. 83-98 ࢆ 1983 ᖺ 6 ᭶ 24 ᪥࡟බ⾲ࡋࠊࡇࢀࡽࡢドๆࢆ Equity ࡜ᛶ᱁௜ࡅࡋࡓࡀࠊ㈈ົ┬つ๎ࡣࠊ1 ࣨ᭶ࡶࡋ࡞࠸࠺ࡕ࡟ࠊ᭱⤊つ๎ࢆ᧔ᅇࡍࡿ᪨ࢆබ⾲ࡋࠊ෌ᥦ᱌つ๎ࡶ᧔ᅇࡋࡓ࡜グࡉࢀ࡚࠸ࡿ198ࠋ
2.

MIPS

1993 ᖺ࡟ Goldman Sachs & Co.ࡀ㛤Ⓨࡋࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡛࠶ࡾࠊᨭᡶ฼Ꮚࡢ
ᦆ㔠᥍㝖࡜࠸࠺ㄢ⛯ୖࡢ㈇മ≉඾࡜ྠ᫬࡟ࠊ㈈ົ఍ィୖ࠾ࡼࡧ᱁௜ࡅ࡟࠾࠸࡚ࡣࠊEquity ᛶ࡜࠸࠺≉඾ࢆⓎ⾜⪅࡟୚࠼ࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡿ199ࠋ
(1)

MIPS ࡢࢫ࣮࣒࢟200࢔࣓ࣜ࢝ἲேࡀࣃ࣮ࢺ࡞ࢩࢵࣉࢆタ❧ࡋࠊඃඛཷ┈ᶒࢆⓎ⾜ࡋ࡚㈨㔠ࢆ㞟ࡵࡿࠋࡑࡋ࡚ࠊࡑࡢ㈨㔠
ࢆ arm's length transaction ࡜ホ౯ࡉࢀࡿ᮲௳࡛ᙜヱἲே࡟㈚௜ࢆࡍࡿࠋࡑࡢ᮲௳ࡣࠊൾ㑏ᮇ㝈 30ᖺࠊമົ⪅ࡣ 5 ᖺ㛫ࡲ࡛⣼✚ⓗ࡟⧞ᘏྍ⬟࡜ࡍࡿࡀࠊࡑࡢሙྜ࡟ࡣ㓄ᙜࡣ࡛ࡁ࡞࠸࡜ࡍࡿࠋമົ⪅ࡀࢹࣇ࢛ࣝࢺࢆ㉳ࡇࡋࡓሙྜ࡟ࡣࠊᢞ㈨ᐙࡀᙜヱ㈚௜ࢆᨭ㓄ࡋࠊമᶒ⪅࡜ࡋ࡚ࡢᶒ฼ࢆ⾜౑ࡍࡿࠋ30 ᖺᚋ࡟࠾࠸࡚ᮍࡔ࡟മົ⪅ࡀᢞ㈨㐺᱁࡛࠶ࡿ࡞࡝ࠊ୍ᐃࡢ᮲௳ࢆ‶ࡓࡋࡓሙྜ࡟ࡣࠊᨵࡵ࡚ 20ᖺ㛫㏉῭㈨㔠ࡢ෌ᢞ㈨ࡀ࡞ࡉࢀࡿࠋ࡞࠾ࠊ50 ᖺᚋ࡟ࡣ⤊ᒁⓗ࡞ൾ㑏ࡀ࡞ࡉࢀࡿࠋ㈨㔠㞟ࡵࢆࡋࡓ✲ᴟࡢⓎ⾜యࡣࠊࣃ࣮ࢺࢼ࣮ࢩࢵࣉ࡜࠸࠺ࣃࢫ࣭ࢫ࣮ࣝ஦ᴗయࢆ୰㛫࡟ᣳࡴࡇ࡜࡟ࡼࡾࠊ⛒⛯ἲୖࡣ✲ᴟࡢⓎ⾜య࡜୰㛫ⓗ࡞஦ᴗయ࡜ࡋ࡚タ❧ࡉࢀࡓࣃ࣮ࢺࢼ࣮ࢩࢵࣉ࡜ࡣูಶࡢ஦ᴗయ࡜ࡋ࡚ᢅࢃࢀ
ࡿࡓࡵࠊ✲ᴟࡢⓎ⾜యࡀ୰㛫ⓗ஦ᴗయ࡟Ⓨ⾜ࡋࡓമົド᭩࡟ಀࡿᨭᡶ฼Ꮚࢆᦆ㔠⟬ධࡍࡿࡇ࡜ࡀ࡛
ࡁࡿࠋ୍᪉ࠊ఍ィୖࡣࠊ✲ᴟࡢⓎ⾜య࡜୰㛫ⓗ࡞஦ᴗయ࡜ࡣ㐃⤖ࡉࢀࠊࡑࡢෆ㒊ྲྀᘬࡣ↓どࡉࢀࢁࡇ࡜࡜࡞ࡾࠊ✲ᴟࡢⓎ⾜యࡀࠊᢞ㈨ᐙ࡟㆟Ỵᶒࡢ࡞࠸ඃඛཷ┈ᶒࢆⓎ⾜ࡋࡓ࡜࠸࠺ᙧ࡟࡞ࡿࡓࡵࠊ
఍ィୖࡣࡇࡢⓎ⾜ドๆࢆ Equity ࡟࠾ࡅࡿᑡᩘᰴ୺ᣢศ࡜ࡋ࡚ᢅࢃࢀࡿ࡜࠸࠺⛯ົୖཬࡧ఍ィୖ୧⪅ࡢᜠᜨࢆཷࡅࡿࡇ࡜ࡀ࡛ࡁࡿ௙⤌ࡳ࡛࠶ࡿࠋ
(2)ㄢ⛯ୖࡢྲྀᢅ

IRS ࡣࠊMIPS ࡢฟ⌧࡟ᑐᛂࡍࡿࡓࡵࠊドๆࡀㄢ⛯ୖ Debt ࡜ࡉࢀࡿ࠿ Equity ࡜ࡉࢀࡿ࠿ࡢุ᩿ᇶ
‽࡜ࡋ࡚⪃៖ࡍ࡭ࡁⅬ࡜ࡋ࡚ḟࡢ8せ⣲ࢆᥖࡆࡿᙧ࡛Notice 94-47(1994-1.C.B.357)ࢆⓎฟࡋࡓ201ࠋ
z せồᡶ࠸࠿ࡲࡓࡣྜ⌮ⓗ࡟ண᝿࡛ࡁࡿᑗ᮶ࡢ୍ᐃࡢ‶ᮇ᪥࡟୍ᐃࡢ㢠ࢆᨭᡶ࠺࡜࠸࠺⣙᮰ࡀ࠶ࡿ࠿z ドๆࡢಖ᭷⪅ࡀඖ฼ࡢᨭᡶࢆᙉไࡍࡿᶒ฼ࢆ᭷ࡍࡿ࠿
z ドๆࡢಖ᭷⪅ࡢᶒ฼ࡀⓎ⾜⪅ࡢ୍⯡മᶒ⪅ࡢᶒ฼࡟ຎᚋࡍࡿ࠿
z ドๆࡣࡑࡢⓎ⾜⪅ࡢ⤒Ⴀ࡟ཧຍࡍࡿᶒ฼ࢆಖ᭷⪅࡟୚࠼ᚓࡿ࠿
197 Id. at 484.
198 Id. at 484.
199 See DAVID C. GARLOCK ET AL., supra note (159) at 1033.
200 ࡇࡢࢫ࣮࣒࢟࡟ࡘ࠸࡚ࡣࠊᮏᗉ㈨⦅ⴭ࣭ᱵ㎷㞞᫓࣭㡲⸨୍ᮁⴭࠗࢱࢵࢡࢫ࣭ࢩ࢙ࣝࢱ࣮஦౛◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2004㸧305 㡫࠾ࡼࡧྜྷᮧᨻ✑࣭๓ᥖὀ㸦127㸧
ࠊ535 㡫࡟ࡼࡿࠋ201ᮏᗉ㈨⦅ⴭ࣭ᱵ㎷㞞᫓࣭㡲⸨୍ᮁⴭ࣭๓ᥖὀ㸦200㸧
ࠊ306 㡫ࠋ52

z ドๆࡢⓎ⾜⪅ࡣ㐣ᑡ㈨ᮏ࡟࡞ࡗ࡚࠸ࡿ࠿
z ドๆࡢಖ᭷⪅࡜Ⓨ⾜⪅ࡢᰴ୺࡜ࡢ㛫࡟ྠ୍ᛶࡀ࠶ࡿ࠿z ᙜ஦⪅ࡀドๆ࡟࡝ࡢࡼ࠺࡞ࣛ࣋ࣝࢆ௜ࡅࡿ࠿
z ドๆࡢ┠ⓗࡣ⛒⛯௨እࡢ┠ⓗ㸦つไࠊ᱁௜ࡅᶵ㛵ࠊ㈈ົ఍ィ┠ⓗ➼㸧࡛࠶ࡿ࠿3.

TOPrS(ࢺࣛࢫࢺඃඛドๆ)202

TOPrS ࡜ࡣࠊMIPS ࡢ࢔࢖ࢹ࢕࢔ࢆ⏝࠸ Merrill Lynch ࡀ㛤Ⓨࡋࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥ
ࢺ203࡛࠶ࡾࠊࡑࡢᇶᮏⓗ࡞ࢫ࣮࣒࢟204ࡣࠊᢞ㈨ᐙ࡜ࠊࡑࡢᢞ㈨ᐙ࠿ࡽࡢ㈨㔠ࡢᐇ㉁ⓗ࡞೉ࡾᡭ࡛࠶
ࡿ఍♫࡜ࡢ㛫࡟㐃㑥⛯ἲୖࣃࢫ࣭ࢫ࣮ࣝ஦ᴗయ࡜ࡳ࡞ࡉࢀࡿ୰㛫ⓗ஦ᴗయࢆタ❧ࡋࠊⓎ⾜఍♫ࡣ୰㛫ⓗ஦ᴗయࡢᬑ㏻ཷ┈ᶒࡢࡍ࡭࡚ࢆྲྀᚓࡍࡿࠋᙜヱ୰㛫ⓗ஦ᴗయࡣᢞ㈨ᐙ࡟ඃඛཷ┈ᶒࢆ㈍኎ࡍࡿ
࡜ྠ᫬࡟ࠊᐇ㉁ⓗ࡞㈨㔠ࡢ೉ࡾᡭ࡛࠶ࡿⓎ⾜఍♫ࡣࠊᏊ఍♫࡛࠶ࡿᙜヱ୰㛫ⓗ஦ᴗయ࡟ᑐࡋࠊᐇ㉁ⓗ࡟ྠ㢠࡜࡞ࡿຎᚋമࢆⓎ⾜ࡋࠊᙜヱ୰㛫ⓗ஦ᴗయࡢᚓࡓ㈍኎௦ࡾ㔠ࢆᚓࡿࠋ㐃㑥⛯ἲୖࠊᐇ㉁ⓗ࡞೉ࡾᡭ࡛࠶ࡿⓎ⾜఍♫࡜ᙜヱ୰㛫ⓗ஦ᴗయ࡜ࡣูே᱁࡜ࡋ࡚ᢅࢃࢀࠊຎᚋമ࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝ
ࢻࡣࠊᐇ㉁ⓗ࡞೉ࡾᡭ࡛࠶ࡿⓎ⾜఍♫ࡢἲே⛯࡟࠾࠸࡚ࠊᦆ㔠⟬ධࡉࢀࡿࡇ࡜࡜࡞ࡿࠋࡲࡓࠊᙜヱ୰㛫ⓗ஦ᴗయ࡟ࡣࠊࣃࢫ࣭ࢫ࣮ࣝㄢ⛯ࡀ㐺⏝ࡉࢀࡿࡓࡵࠊἲே⛯ࡣ࠿࠿ࡽ࡞࠸ࠋ୍᪉ࠊUS GAAPୖࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ௙⤌ࢇࡔᐇ㉁ⓗ࡞㈨㔠ࡢ೉ࡾᡭ࡛࠶ࡿⓎ⾜఍♫ࡣࠊᏊ఍♫࡛࠶ࡿࠊᙜヱ୰㛫ⓗ஦ᴗయࢆ㐃⤖ࡍࡿࡇ࡜࡟ࡼࡾࠊෆ㒊ྲྀᘬࡣ↓どࡉࢀࠊ࠶ࡓ࠿ࡶᐇ㉁ⓗ࡞㈨㔠
ࡢ೉ࡾᡭ࡛࠶ࡿⓎ⾜఍♫ࡀࠊᢞ㈨ᐙ࡟ඃඛཷ┈ᶒࢆⓎ⾜ࡋࡓᙧ࡜࡞ࡾࠊ㐃⤖㈚೉ᑐ↷⾲ୖࠊDebt
࡜ࡋ࡚࡛ࡣ࡞ࡃࠊEquity ศ㢮ࡢ୰࡛ࠊࠕ࣓ࢨࢽࣥࠖ࡜ࡋ࡚ィୖࡉࢀ205ࠊⓎ⾜఍♫࡟࡜ࡗ࡚ࡣ⛯ົୖࡢ⠇⛯࡜఍ィୖࡢ㈨ᮏቑᙉ࡜࡞ࡿ௙⤌ࡳ࡛࠶ࡿ206ࠋࡋ࠿ࡋࠊ఍ィୖࡣࠊ2003 ᖺ࡟఍ィᇶ‽ࡢぢ┤ࡋࡀ⾜ࢃࢀࠊࢺࣛࢫࢺඃඛドๆ࡟ಀࡿຎᚋമࡣࠊ㈇മィୖࡉࢀࡿࡇ࡜࡜࡞ࡗࡓ207ࠋ ୍᪉ࠊ୺せ࡞᱁௜ᶵ㛵ࡣࠊⓎ⾜఍♫ࡢ࢔ࣞࣥࢪ࣮ࣕ࡜࡞ࡿᢞ㈨㖟⾜࠿ࡽࡢせㄳ࡟ࡼࡾࠊࣁ࢖ࣈࣜࢵࢻドๆࡢᰴᘧᛶホ౯ᇶ‽ࡢ⢭⦓໬ࡀ࡞ࡉࢀ࡚ࡁࡓ208ࠋ࣒࣮ࢹ࢕࣮ࢬࡣࠊ1999 ᖺ࠿ࡽࣁ࢖ࣈࣜࢵࢻ
ドๆࢆᰴᘧᛶࡢ⛬ᗘ࡟ᛂࡌ࡚ A(0% Equity)ࠊB(25% Equity)ࠊC(50% Equity)ࠊD(75% Equity)࠾
ࡼࡧ E(100% Equity)࡜࠸࠺ 5 ࡘࡢࣂࢫࢣࢵࢺ࡟ศ㢮ホ౯ࡋ࡚࠸ࡿ209ࠋ໭ᮧᘚㆤኈ࡟ࡼࡿ࡜ࠊ࣒࣮
ࢹ࢕࣮ࢬࡣࠊ2005 ᖺ 2 ᭶࡟ࠊ୍ᐃࡢ฼ᡶ࠸ࡢ⧞ᘏࡸᦆኻࡢ྾཰࡜࠸ࡗࡓ࣓࢝ࢽࢬ࣒ࢆഛ࠼ࡓࣁ࢖ࣈࣜࢵࢻドๆ࡟ࡘ࠸࡚ࡣࠊᰴᘧᛶࢆࡼࡾᙉࡃㄆࡵࡿ᪉ྥ࡛ホ౯ᇶ‽ࡢぢ┤ࡋࢆ⾜ࡗࡓࡓࡵࠊࡇࡢ᪂ࡋ࠸ホ౯ᇶ‽ࢆ㋃ࡲ࠼࡚ࡉࡽ࡟ᰴᘧᛶࡢᙉ࠸ࢺࣛࢫࢺドๆࡀⓏሙࡋ࡚ࡃࡿࡇ࡜࡜࡞ࡗࡓ࡜グࡋ࡚࠸

202 TOPrS ࡟ࡘ࠸࡚ࡣࠊDAVID C. GARLOCK ET AL., supra note (159) at 1033 ࠾ࡼࡧΏ㎶⿱Ὀࠗࣇ࢓

࢖ࢼࣥࢫㄢ⛯࠘㸦᭷ᩫ㛶ࠊ2006㸧178 㡫௨ୗࡢゎㄝࢆཧ↷ࠋ
203 SEE DAVID C. GARLOCK ET AL., supra note (159) at 1033.
204 ࢫ࣮࣒࢟࡟㛵ࡍࡿ௨ୗࡢグ㏙ࡣΏ㎶⿱Ὀ࣭๓ᥖὀ㸦202㸧
ࠊ178 㡫௨ୗ࡟ᇶ࡙࠸࡚࠸ࡿࠋ
205 ࡋ࠿ࡋࠊDavid C. GARLOCK ET AL., supra note (159) at 1033⬮ὀ130࡟ࡼࢀࡤࠊ
SEC regulation

S-X, Art. 5, Rule 5-02.27 ࡟ࡣࠊᑡᩘᰴ୺ᣢศࢆ㏻ᖖࡢᰴ୺㈨ᮏ࡜ࡣูࡍࡿ᪨ࡢᩥ❶ࢆࣜࢫࢺࡋ࡚࠾
ࡾࠊඃඛドๆࢆ"Guaranteed Preferred Beneficial Interest in Company's Subordinated Debenture(఍♫ࡢ㈇മ࡟௜㝶ࡍࡿಖドඃඛཷ┈ᶒ)"࡜୺ᙇࡋ࡚࠸ࡿࠋࡑࢀࡺ࠼ࠊTOPrS ࡣࠊ㈚೉ᑐ↷⾲ୖ Debt
࡜ࡋ࡚ィୖࡉࢀࡿྍ⬟ᛶࡶ࠶ࡿࠊ࡜グ㏙ࡋ࡚࠸ࡿࠋ
206 See DAVID C. GARLOCK ET AL., supra note (159) at 1033.
207 FASB, Consolidation Based on Variable Interests, FASB Interpretation No.46R. para.14.
208໭ᮧ㇏ࠕࣁ࢖ࣈࣜࢵࢻドๆࡢ⛯ົୖࡢྲྀᢅ࠸࡟ࡘ࠸࡚̿U.S.Bancorp ࡟ࡼࡿ᭱㏆ࡢⓎ⾜౛ࢆ⣲ᮦ࡜ࡋ࡚ࠖࠗNBL࠘857 ྕࠊ46 㡫ࠊ48 㡫㸦2007㸧࠾ࡼࡧࠊΏ㎶⿱Ὀ࣭๓ᥖὀ㸦202㸧
ࠊ181 㡫ཧ↷ࠋ
209 See Anna Pinedo, Next Generation Hybrid Securities, Vol.10 No.5 WALL STREET LAWYER 1(2006) at 3. ໭ᮧ㇏࣭๓ᥖὀ㸦208㸧
ࠊ48 㡫ࠋ
53

ࡿ210ࠋ ࢫ࣮࣒࢟࡟౑ࢃࢀࡿ୰㛫ⓗ஦ᴗయࡣࠊᙜึࢱࢵࢡࢫ࣭࣊࢖ࣈࣥ LLC ࡜ࡋ࡚タ❧ࡉࢀࡓࡶࡢ࡛࠶ࡗ
ࡓࡀࠊࡑࡢᚋࠊ࢔࣓ࣜ࢝ᅜෆ࡟࠾࠸࡚ࣃ࣮ࢺࢼ࣮ࢩࢵࣉ࠶ࡿ࠸ࡣࠊLLC ࡜ࡋ࡚タ❧ࡉࢀࡿࡼ࠺࡟࡞
ࡾࠊḟ࠸࡛ࠊࢹ࢙ࣛ࢘࢔࣭ࣅࢪࢿࢫࢺࣛࢫࢺ࡜࠸࠺ᙧែ࡟Ⓨᒎࡋ࡚ࡁࡓ211ࠋ ㄢ⛯ୖࡢᢅ࠸ࡣࠊ୍⯡ⓗ࡟ࡣࠊᙜヱຎᚋമࢆ♫മ࡜୺ᙇࡍࡿࡇ࡜࡟ࡼࡾⓎ⾜఍♫ࡣࠊຎᚋമ࠿ࡽ
Ⓨ⏕ࡍࡿ࢖࣮ࣝࢻࢆᦆ㔠⟬ධࡍࡿࡇ࡜ࡀ࡛ࡁࡿ࡜ࡉࢀ࡚࠸ࡿ㸦ෆᅜṓධἲ඾i163(a)㸧ࠋ ࢔ุ࣓ࣜ࢝౛ἲ࡟ࡼࢀࡤࠊ⛯ົୖࡢ Debt ࡜ Equity ࡜ࡢ༊ูࡣࠊ⚾ἲୖࡢ༊ู࡜ࡣ㞳ࢀ࡚⛯ἲ⊂⮬ࡢᇶ‽࡟ࡼࡾࠊ
ලయⓗ࡞஦ᐇ㛵ಀ࡟࠾ࡅࡿᵝࠎ࡞せ⣲ࢆ⥲ྜⓗ࡟ุ᩿ࡋ࡚Ỵᐃࡉࢀࡿ212ࠋ
DAVID C.
GARLOCK ET AL.࡟ࡣࠊุ᩿せ⣲࡜ࡋ࡚ࡣࠊ୍ᐃ㔠㢠ࡢൾ㑏ࢆཷࡅࡿᶒ฼ࡢ᭷↓ࠊ☜ᐃᮇ㝈ࡢ᭷↓ࠊ฼┈ࡢᏑྰ࡟࠿࠿ࢃࡽࡎ฼ᡶ࠸ࢆཷࡅࡿᶒ฼ࡢ᭷↓ࠊമົ୙ᒚ⾜ࡢ㝿ࡢᙉไᇳ⾜ࡢྍ⬟ᛶࠊ୍⯡മᶒ⪅࡟ᑐࡍࡿຎᚋᛶࠊ⾲❶ࡍࡿドๆࡢྡ⛠ࠊ㆟Ỵᶒࡢ᭷↓ࠊⓎ⾜఍♫ࡢᰴ୺࡟ࡼࡿമົಖドࡢ᭷↓ࠊᰴ୺࡜ࡋ࡚ࡢᆅ఩࡜മᶒ⪅࡜ࡋ࡚ࡢᆅ఩ࡢే᭷ࡢ᭷↓ࠊ㈇മ࣭㈨ᮏẚ⋡ࠊⓎ⾜఍♫ࡢᨭᡶ⬟ຊࡢ᭷↓ࠊᙜ஦⪅ࡢពᅗࡀᥖࡆࡽࢀ࡚࠸ࡿ213ࠋ
 DAVID C. GARLOCK ET AL.ࡣࠊࢺࣛࢫࢺඃඛドๆ࡟ࡣㄢ⛯ୖ 2 ࡘࡢၥ㢟ࡀ࠶ࡿ࡜グࡋ࡚࠸ࡿ214ࠋ
ձࡲࡎࠊඃඛཷ┈ᶒࢆⓎ⾜ࡍࡿࡓࡵ࡟タ⨨ࡉࢀࡿ୰㛫ⓗ஦ᴗయࡣㄢ⛯ୖࣃࢫ࣭ࢫ࣮ࣝࡀㄆࡵࡽࢀࡿ
ࡶࡢ࡞ࡢ࠿ࠊࡲࡓղᙜヱ୰㛫ⓗ஦ᴗయ࡬Ⓨ⾜ࡍࡿຎᚋമࢆ Debt ࡜ㄆᐃࡋ࡚Ⰻ࠸ࡢ࠿ࠊ࡜࠸࠺Ⅼ࡛࠶ࡿࠋձࡢၥ㢟࡟ࡘ࡚ࡣࠊタ⨨ࡉࢀࡓ୰㛫ⓗ஦ᴗయ࡟࠾࠸࡚ࡣࠊ␗࡞ࡿ 2 ࡘࡢ฼ᐖ㛵ಀ⪅ࡀཷ┈ᶒࢆᚓࡿࡇ࡜࡜࡞ࡿࡀࠊࡑࡢཷ┈ᶒࡀᙜヱ஦ᴗయ࡟ධࡗ࡚ࡃࡿ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ẚ౛ࡋ࡞࠸ࠋᚑࡗ
࡚ࠊᙜヱ஦ᴗయࢆࢢࣛࣥࢱ࣮࣭ࢺࣛࢫࢺ࠶ࡿ࠸ࡣࠊࡑࡢ௚ࡢ㠀ㄢ⛯஦ᴗయ࡜ࡳ࡞ࡍࡇ࡜ࡣ୙ྍ⬟࡛࠶ࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡿࠋղࡢၥ㢟࡟ࡘ࠸࡚ࡣࠊ௬࡟ᙜヱ஦ᴗయࡀࢢࣛࣥࢱ࣮࣭ࢺࣛࢫࢺ࠶ࡿ࠸ࡣࠊ
ࣃࢫ࣭ࢫ࣮ࣝ஦ᴗయ࡜ࡋ࡚ㄆࡵࡽࢀࡓ࡜௬ᐃࡋ࡚ࡶࠊࡑࡢ஦ᴗయࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝ
ࣥࢺࡢⓎ⾜⪅ࡢࡶࡢ࡛ࡣ࡞ࡃࠊᢞ㈨ᐙࡢᡤ᭷≀࡜ࡋ࡚ᢅࢃࢀࡿ࡛࠶ࢁ࠺࡜グࡉࢀ࡚࠾ࡾࠊࡑࡢ⌮⏤ࡣࠊࡑࡢ஦ᴗయࡣࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢⓎ⾜⪅࡟࠾㔠ࢆ㈚ࡋ࡚࠸ࡿࡢ࡛࠶ࡾࠊࡑࢀࡣ
ᢞ㈨ᐙ࡟ࡼࡿⓎ⾜⪅࡬ࡢ࣮ࣟࣥ࡜ᢅ࠸ᚓࡿ࠿ࡽ࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ୰㛫ⓗ஦ᴗయࡀⓎ⾜⪅ࡢᡤ᭷≀࡜ࡋ࡚ᢅࢃࢀ࡚ࠊึࡵ࡚఍ィୖࡑࡢമົࡀᾘ࠼ࡿ࡜ࡋ࡚ࠊձࠊղࡢၥ㢟࡟ᑐࡍࡿぢゎࢆ♧ࡋ࡚࠸ࡿ215ࠋ
4.

ࢺࣛࢫࢺඃඛドๆࡢ஦౛(1)

Texaco Ⓨ⾜ Trust Originated Preferred Stock ࢫ࣮࣒࢟216

1993 ᖺ࡟ Texaco ࡣࠊ100㸣Ꮚ఍♫࡛࠶ࡿ࣮࣌ࣃ࣮࣭࢝ࣥࣃࢽ࣮Texaco Capital LLC ࢆタ❧ࠋࡑࡢᚋࠊTexaco Capital LLC ࡣ Trust Originated Preferred Stock ࢆ 3.5 ൨ࢻࣝࡢ⌧㔠ࢆᑐ౯࡜ࡋ࡚ᢞ㈨ᐙ࡟Ⓨ⾜㸦ᖺ฼ᅇࡾ 6.875㸣ࠊඃඛ㓄ᙜᖺ࠶ࡓࡾ 2400 ୓ࢻࣝࠋ㸧ࠋྠ᫬࡟ Texaco ࡣࠊ
Texaco Capital
LLC ࡟ᑐࡋࠊຎᚋമ㸦ൾ㑏ᮇ㛫 50 ᖺࠊᖺ฼ 6.875㸣ࠊ฼Ꮚᖺ࠶ࡓࡾ 2400 ୓ࢻࣝࠋ㸧ࢆⓎ⾜ࡋࠊTrust

210 ໭ᮧ㇏࣭๓ᥖὀ㸦208㸧
ࠊ48 㡫ࠋ
211 See DAVID C. GARLOCK ET AL., supra note (159) at 1034.
212 See DAVID C. GARLOCK ET AL., supra note (159) at 1016.࠾ࡼࡧ᪥ᮏㄒヂࡣ໭ᮧ㇏࣭๓ᥖὀ
㸦208㸧
ࠊ

47 㡫ࠋ
213 See DAVID C. GARLOCK ET AL., supra note (159) at 1018 - 1029-3.ࠊ࠾ࡼࡧ᪥ᮏㄒヂࡣ໭ᮧ㇏࣭

๓ᥖὀ㸦208㸧47 㡫ࠋ
214 See DAVID C. GARLOCK ET AL., supra note (159) at 1034.
215 Id. at 1034.
216 ࡇࡢࢫ࣮࣒࢟ࡢグ㏙ࡣࠊΏ㎶⿱Ὀ࣭๓ᥖὀ㸦202㸧
ࠊ178ࠊ179 㡫࡟ࡼࡿࠋ
54

Originated Preferred Stock Ⓨ⾜ᑐ౯ࡢ 3.5 ൨ࢻࣝࢆ೉ࡾࡓࠋ ⛯ົୖࠊTexaco Capital LLC ࡣࠊCorporate Entity ࡛ࡣ࡞࠸ࡓࡵ㐃⤖⣡⛯ࡢᑐ㇟࡜ࡣ࡞ࡽࡎู
ே᱁࡜ࡋ࡚ᢅࢃࢀࡿࡓࡵࠊTexaco ࡢㄢ⛯࡟࠾࠸࡚ࡣ Texaco Capital LLC ࡟ᨭᡶࡗࡓ♫മ฼Ꮚࡀᦆ
㔠⟬ධࡉࢀࡿࠋࡲࡓࠊTexaco Capital LLC ࡣࠊࢳ࢙ࢵࢡ㺃ࢨ࣭࣎ࢵࢡࢫつ๎ࢆ⏝࠸࡚ࣃ࣮ࢺࢼ࣮ࢩࢵ
ࣉࢆ㑅ᢥࡍࡿࡇ࡜࡟ࡼࡾᵓᡂဨㄢ⛯࡜࡞ࡿࡓࡵࠊTexaco Capital LLC ࠿ࡽࡢ㓄ᙜࡣᢞ㈨ᐙẁ㝵࡟࠾࠸࡚ㄢ⛯ࡉࢀἲே⛯ࡣㄢ⛯ࡉࢀ࡞࠸ࠋ ࡜ࡇࢁࡀ୍᪉ࠊ௻ᴗ఍ィୖࡣࠊTexaco Capital LLC ࡣ Texaco ࡢ㐃⤖ᑐ㇟࡜࡞ࡿࡓࡵࠊTexaco
࡜ Texaco Capital LLC ࡜ࡢෆ㒊ྲྀᘬࡣ↓どࡉࢀࠊTexaco ࡀ┤᥋ᢞ㈨ᐙ࡟ Trust Originated Preferred Stock ࢆⓎ⾜ࡋࡓࡋࡓࡶࡢ࡜ࡋ࡚఍ィฎ⌮ࡉࢀࡿࠋࡍ࡞ࢃࡕࠊ఍ィୖࡣࠊTrust OriginatedPreferred Stock ࡣ Texaco ࡢ Equity ࡜ࡋ࡚ィୖࡉࢀࡿࡇ࡜࡜࡞ࡿࡓࡵࠊ⛯ົୖࡶ఍ィୖࡶ᭷฼࡟
ྲྀࡾᢅࢃࢀࡿࡇ࡜࡜࡞ࡗࡓ217ࠋ
(2)

U.S.Bancorp ࡟ࡼࡿ ICONsձࢫ࣮࣒࢟218

U.S.Bancorp ࡣࠊࢹ࢙ࣛ࢘࢔ᕞἲୖࡢಙクࢆタᐃࡋࠊࡑࡢᬑ㏻ཷ┈ᶒࡢࡍ࡭࡚ࢆྲྀᚓࡋࠊᙜヱಙクࡣࡑࡢඃඛཷ┈ᶒࢆᢞ㈨ᐙ࡟㈍኎ࡍࡿࠋࡇࡢඃඛཷ┈ᶒࡢ㈍኎௦ࡾ㔠ࡣࠊU.S.Bancorp ࡢ ICONs(Income Capital Obligation Notes)࡜࠸࠺ຎᚋമࡢ㉎ධ࡟ᙜ࡚ࡽࢀࡿࠋ
 ICONs ࡣࠊ୍⯡࡟ U.S.Bancorp ࡢࡍ࡭࡚ࡢ⌧ᅾཬࡧᑗ᮶ࡢമົ࡟ຎᚋࡍࡿࠋICONs ࡢᖺ㝈ࡣᚑ᮶ࡢࢺࣛࢫࢺඃඛドๆࡼࡾ㛗ࡃࠊ᭱㛗 60 ᖺ࡜ࡉࢀ࡚࠸ࡿࠋU.S.Bancorp ࡣࠊⓎ⾜᪥ࡢ 5 ᖺᚋ࠿ࡽࠊ
┘╩ᗇࡢ஦๓ᢎㄆࢆᚓ࡚ ICONs ࢆൾ㑏ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࠋU.S.Bancorp ࡣࠊICONs ࡢൾ㑏๓࡟
ICONs ࢆࡇࢀ࡜ᐇ㉁ⓗ࡟ྠ୍ࡢせ㡯ࢆ᭷ࡍࡿドๆ࡜஺᥮ࡍࡿሙྜ➼ࢆ㝖ࡁ ICONs ࢆ 30 ᖺ㛫ൾ㑏ࡋ࡞࠸ࡇ࡜ࢆࠊICONs ࡼࡾࡶඃඛࡍࡿമົࡢമᶒ⪅࡜ࡢ㛫࡛⣙᮰ࡋ࡚࠸ࡿࠋ
ղ⛯ົୖࡢྲྀᢅ ᰴᘧᛶࡀᙉࡵࡽࢀࡓ ICONs ࡶࠊ࢔ุ࣓ࣜ࢝౛ἲࡢᇶ‽࡟ࡼࢀࡤ⛯ົୖࡣ♫മ࡛࠶ࡿ࡜࠸࠸ᚓࡿ
ࡇ࡜࠿ࡽࠊࢺࣛࢫࢺඃඛドๆ࡟ಀࡿຎᚋമ࡜ྠᵝ࡟ࠊࡑࡢ฼ᏊࢆⓎ⾜఍♫ࡢᦆ㔠࡟⟬ධࡍࡿࡇ࡜ࡀ
ㄆࡵࡽࢀࡿ࡭ࡁ࡛࠶ࡿ࡜⪃࠼ࡽࢀ࡚࠸ࡿࡼ࠺࡛࠶ࡿ219ࠋ
➨5⠇

ᑠᣓ

ࢃࡀᅜ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿἲே⛯ἲୖࡢᢅ࠸ࢆ⪃࠼ࡿ࡟㝿ࡋࠊ⛒⛯
ἲୖࡢࠕ㈨⏘ࠖࠊ
ࠕ㈨ᮏࠖ
ࠊ
ࠕ㈇മࠖࡢᐃ⩏ࡀࠊἲே⛯ἲ 22 ᮲࡟࠾࠸࡚ࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖࡢᓧู࡟␃ࡲࡾࠊࡑࡢࢥ࣮ࣟࣛࣜ࡜ࡋ࡚ࠕ㈨ᮏࠖ
ࠊ
ࠕ㈇മࠖࡀᐃࡵࡽࢀ࡚࠸ࡿ࡟㐣ࡂ࡞࠸ࢃࡀᅜ࡟࡜ࡗ
࡚ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ࡝ࡢࡼ࠺࡟ᢅࡗ࡚࠸ࡃ࡭ࡁ࠿⪃࠼ࡿୖ࡛ࠊ㛗࠸Ṕྐࢆ᭷ࡍࡿ࢔࣓ࣜ࢝ࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿᢅ࠸ࠊ㐣ᑡ㈨ᮏ࡜࠸࠺⪃࠼᪉ࠊ࠾ࡼࡧ㐣ᑡ㈨ᮏ⛯ไࢆᴫほࡍࡿࡇ࡜ࡣ㠀ᖖ࡟኱ࡁ࡞ព⩏ࢆ᭷ࡍࡿࠋࡑࡇ࡛ࠊᮏ❶࡛ࡣ࢔࣓ࣜ࢝࡟࠾ࡅࡿṔྐ࠿ࡽ⌧ᅾ࡟⮳ࡿࡲ࡛ࢆᴫほࡋࡓࠋ i385 ࡟㛵ࡋ࡚ࡣࠊ㈈ົ┬࡟ᤵᶒࡍࡿᙧ࡛ᐃࡵࡽࢀ࡚࠾ࡾࠊ㈈ົ┬ࡀつ๎᱌ࢆⓎฟࡋ࡚࠸ࡓࡀࠊ
1983ᖺ࡟᧔ᅇࡉࢀ⌧ᅾࡣ㈈ົ┬࡟ᣊ᮰ࡉࢀࡿࡇ࡜ࡣ࡞ࡃ࡞ࡗ࡚࠸ࡿࠋ
ࡋ࠿ࡋࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣࠊ
217 ⌧ᅾࡣ 2003 ᖺࡢ FASB ࡟ࡼࡿ఍ィᇶ‽ࡢぢ┤ࡋ࡟ࡼࡾࠊࢺࣛࢫࢺඃඛドๆ࡟ಀࡿຎᚋമࡣ㈇മィୖࡉࢀࡿࠋSee FASB, supra note (207).࠾ࡼࡧࠊΏ㎶⿱Ὀ࣭๓ᥖὀ㸦202㸧
ࠊ181 㡫ࠋ
218 ໭ᮧ㇏࣭๓ᥖὀ㸦208㸧
ࠊ49 㡫࡟ࡼࡿࠋ
219 See Mark Leeds, The Law of Unintended Consequences: New Generation of Trust Preferreds Squeezes Market For DRD Preferreds, 111 TAX NOTES 213 221 (2006). ໭ᮧ㇏࣭๓ᥖὀ
㸦208㸧49 㡫ࠋ55㛗࠸⿢ุࡢ✚ࡳ㔜ࡡ࡟ࡼࡾุ౛ἲࡀᙧᡂࡉࢀ࡚࠾ࡾࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢᢅ࠸࡟ࡘ
࠸࡚ࡣᖖ࡟ࡇࡢุ౛ἲࡀ⏝࠸ࡽࢀࡿࠋ ࢃࡀᅜ࡟࡜ࡗ࡚ࡣἲே⛯ἲ࡟࠾ࡅࡿDebt ࡜Equity ࡢᓧูࢆ⪃࠼ࡿ࡟ᙜࡓࡾ࢔࣓ࣜ࢝ἲࢆཧ↷ࡍࡿࡇ࡜ࡀᚲせ࡛࠶ࢁ࠺࡜⪃࠼ࡿࠋ኱㝣ἲࢆඖ࡟ᙧᡂࡉࢀࡓࢃࡀᅜࡢ⛒⛯ἲࡀࠊࢥ࣮ࣔࣥࣟࢆ᥇⏝ࡍࡿ࢔࣓ࣜ࢝࡜ྠࡌ⣽ศ໬ࡉࢀࡓ⛯ἲయ⣔࡟ྜ⮴ࡍࡿ࠿࡜࠸࠺Ⅼ࡟ࡘ࠸࡚ࡣ␲ၥࡢవᆅࡶ࠶ࡿࠋࡋ࠿
ࡋࠊᅜ㝿⛒⛯ἲࡢ࣮ࣜࢲ࣮ࢩࢵࣉࡣ࢔࣓ࣜ࢝࡟࠶ࡿࡇ࡜ࡶ஦ᐇ࡛࠶ࡾࠊ࢔࣓ࣜ࢝ᅜෆἲࢆྛᅜࡀᶍ
ೌࡋࠊ័⩦ⓗᅜ㝿⛒⛯ἲࡢᙧᡂ࡟⮳ࡗ࡚࠸ࡿࡇ࡜ࡶ⪃࠼࡞ࡃ࡚ࡣ࡞ࡽ࡞࠸ࠋ
 i385 ࡀ஦ᐇୖ࣮࣡ࢡࡋ࡚࠸࡞࠸ࡇ࡜࠿ࡽ࢔࣓ࣜ࢝ࡣᅜ㝿ⓗᒁ㠃࡟ᑐࡍࡿ㐣ᑡ㈨ᮏ⛯ไ࡜ࡋ࡚i
163(j)ࢆᑟධࡋࡓࠋi385 ࡀᐃᛶⓗ࡞つไ࡛࠶ࡿࡢ࡟ᑐࡋࠊi163(j)ࡣᐃ㔞ⓗࠊ࣓࢝ࢽ࢝ࣝ࡞ഃ㠃ࢆࡶࡘࠋ ୍⯡࡟እᅜ㛵㐃⪅࡟ᨭᡶ࠺฼Ꮚࡢᦆ㔠᥍㝖࡟ࡘ࠸࡚ࡣձi385 ࠾ࡼࡧุ౛ἲ࡟ࡋࡓࡀ࠸ࠊ࢔࣓ࣜ
࢝⛯ἲୖࡢ㈇മ࡛࠶ࡿ࠿࠶ࡿ࠿ྰ࠿ࡀྫྷ࿡ࡉࢀࠊղNotice 89-94 ࡟ࡼࡿࡩࡿ࠸࡟࠿ࡅࡽࢀࡿࠋࡑࡋ
࡚ࡇࡢ 2 ࡘࢆ㏻㐣ࡋࡓࠕ฼Ꮚࠖ࡟ᑐࡋ࡚ࠊճi163(j)࡟࠿ࡅࡽࢀࡿ࡜࠸࠺୕ẁ㝵ࡢࢫࢸࢵࣉࢆ㋃ࡴࠋ
 ࡇࡢつไᵓ㐀ࢆࡳ࡚ࡍࡄ࡟ࢃ࠿ࡿࡇ࡜ࡣࠊࢃࡀᅜ࡟ࡣձࡢࡼ࠺࡞⿢ุࡢ✚ࡳ㔜ࡡࡀ࡞࠸ࠋࡲࡓἲ
ே⛯ἲ 22 ᮲࠿ࡽࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ Debt㸭Equity ᛶࢆᑟࡁฟࡍࡇ࡜ࡣᐜ࡛᫆ࡣ
࡞࠸ࠋࡋࡓࡀࡗ࡚ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿㄢ⛯ୖࡢᢅ࠸ࢆ࢔࣓ࣜ࢝ࡀ࡝ࡢ࠺ࡼ
࠺࡟⾜ࡗ࡚ࡁࡓࡢ࠿ぢ࡚࠾ࡃᚲせᛶࡀ࠶ࡿࡢ࡛࠶ࡿࠋ

➨3❶ ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡜㐣ᑡ㈨ᮏ⛯ไ
➨1⠇㐣ᑡ㈨ᮏ⛯ไࡢព⩏ᮏᗉ㈨ᩍᤵࡣࠊࢹࢵࢺࣇ࢓࢖ࢼࣥࢫࡀዲࡲࢀࡿ⌮⏤࡜ࡋ࡚㛵㐃⪅㛫࡟࠾࠸࡚ࡣࠊ⊂❧௻ᴗ㛫ࡢ㈚௜
࡟ẚࡋ฼⋡ࡢ᧯స࡟ࡼࡾᡤᚓ⛣㌿ࡀ⾜ࢃࢀࡸࡍ࠸࡜࠸࠺Ⅼࡀ࠶ࡾࠊࡇࡢࡼ࠺࡞Ⅼ࠿ࡽ㐣ᑡ㈨ᮏ
㸦thincapitalization㸧ࡀၥ㢟࡜࡞ࡗ࡚ࡁࡓ࡜㏙࡭࡚࠾ࡽࢀࡿ220ࠋࡲࡓ OECD ࡛ࡣ 1986 ᖺ࡟ሗ࿌᭩㸦Thin
Capitalisation㸧࡟࠾࠸࡚ࠊ௻ᴗࡢ㈨㔠ㄪ㐩ᡭẁࡢ㑅ᢥ⫥ࡢከᵝ໬࡜」ྜ໬࡟ὀពࡋࠊࣁ࢖ࣈࣜࢵ
ࢻ࣭ࣇ࢓࢖ࢼࣥࢫ࡟ࡼࡾ㈇മ࡜ᰴᘧ㈨ᮏࡢ༊ศࡀᅔ㞴࡟࡞ࡗ࡚ࡁࡓࡓࡵࠊ
㞃ࢀࡓ㈨ᮏ
㸦hidden capital㸧ࡲࡓࡣ㐣ᑡ㈨ᮏ࡜࠸࠺ᐃ⩏⮬㌟ࡶᅔ㞴࡟࡞ࡗ࡚ࡁ࡚࠸ࡿࡇ࡜ࢆᣦ᦬ࡋࠊ㐣ᑡ㈨ᮏ⛯ไࡢ㐺⏝ࡣᰂ㌾
࡟⾜࠺ࡼ࠺࡟࡜㏙࡭࡚࠾ࡾࠊ1987 ᖺ࡟ OECD ⛒⛯ጤဨ఍ࡀබ⾲ࡋࡓ㐣ᑡ㈨ᮏ࡟㛵ࡍࡿሗ࿌㸦௨ୗ
OECDࠕ㐣ᑡ㈨ᮏሗ࿌᭩ࠖ࡜࠸࠺ࠋ
㸧ࡢ୰࡛ࠊ࢚ࢡ࢖ࢸ࢕࣭ࣇ࢓࢖ࢼࣥࢫ࡟ಀࡿሗ㓘ࡀᙜヱ௻ᴗ࡟࠾࠸࡚฼₶࡜ࡋ࡚ㄢ⛯ࡉࢀࡿࡔࡅ࡛࡞ࡃࠊᰴ୺࡟ᑐࡋ࡚ࡶ㓄ᙜ࡜ࡋ࡚⤖ᯝⓗ࡟ㄢ⛯ࡉࢀࡿࡢ࡟ᑐࡋ
࡚೉ධ࡟ࡼࡿ㈨㔠ㄪ㐩ࡢሙྜ࡟ࡣᨭᡶ฼Ꮚࡣ஦ᐇୖἲேᡤᚓ⛯ࡀච㝖ࡉࢀࡿࡇ࡜࡟࡞ࡿ࡜ࡋ࡚ࠊᮏ
㉁ⓗ࡟ࡣ⮬ᕫ㈨ᮏ࡛࠶ࡿࡶࡢࢆ೉ධ㔠ࡢᙧ࡛ᥦ౪ࡍࡿ㞃ࢀࡓ㈨ᮏ㸦hidden capital㸧ࡀᏑᅾࡋ࠺ࡿ
ࡇ࡜ࢆᣦ᦬ࡋ࡚࠸ࡿ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿ221ࠋ 㐣ᑡ㈨ᮏ࡜࠸࠺ᴫᛕ࡟ࡣࠊࣇ࢓࢖ࢼࣥࢫ⌮ㄽⓗ࡞ほⅬ࠿ࡽ௻ᴗ࡟࠾ࡅࡿ᭱㐺㈨ᮏᵓᡂࢆࡳࡓሙྜ
࡟࠾ࡅࡿ㐣኱࡞ Debt ࢆᣦࡍሙྜ࡜ࠊ㛵㐃௻ᴗ㛫࡟࠾ࡅࡿ㐣኱࡞ᨭᡶ฼Ꮚィୖ࡟ࡼࡿᐇ㉁ⓗ࡞ᡤᚓ⛣㌿ࢆ㜵ࡄࡓࡵ࡟ࠊࣇ࢓࢖ࢼࣥࢫㄽⓗ࡞᭱㐺㈨ᮏᵓᡂ࡜ࡣ㛵ಀ࡞ࡃࠊ࠶ࡿࢫࣞࢵࢩ࣮ࣗ࣍ࣝࢻࢆ㉸࠼ࡿ Debt ࠿ࡽ⏕ࡎࡿ฼Ꮚࡢᦆ㔠᥍㝖ᛶࢆྰㄆࡍࡿ࡜࠸࠺ㄢ⛯ୖࡢၥ㢟ࢆᣦࡍሙྜࡀ࠶ࡿࡀࠊ๓⪅220 ᮏᗉ㈨ࠗᅄゞ∧ ᅜ㝿⛒⛯ἲ࠘㸦኱ⶶ㈈ົ༠఍ࠊ2005㸧431 㡫ࠋ
221 ᮏᗉ㈨࣭๓ᥖὀ㸦220㸧
ࠊ431 㡫ࠊࡲࡓࠊྜྷᕝಖᘯ࣭ᒾᮏὒ୍ࠕ㐣ᑡ㈨ᮏ⛯ไࡢ⌮ᛕ࡜ㅖၥ㢟ࠖࠗ⛯኱ㄽྀ࠘37 ྕࠊ79 㡫ࠊ83 㡫࡟ࡶྠᵝࡢㄝ᫂ࡀ࡞ࡉࢀ࡚࠸ࡿࠋ
56࡜ᚋ⪅࡟୍ᐃࡢ㛵㐃ᛶࡀ࡞࠸ࢃࡅ࡛ࡣ࡞࠸222ࠋ㐣ᑡ㈨ᮏ⛯ไ࡛࠸࠺࡜ࡇࢁࡢ㐣ᑡ㈨ᮏ࡜ࡣࠊᴫࡡ㊃᪨ࡀ␗࡞ࡿࡀࠊ㐣ᑡ㈨ᮏ⛯ไࡀㄌ⏕ࡍࡿ๓ࡢẁ㝵࡛ࡣࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣࠊ௻ᴗࡢ㈨ᮏᵓᡂ࡜ࠊ
㐺ᙜ࡞㈨ᮏᵓᡂ࡜୙㐺ᙜ࡞㈨ᮏᵓᡂ࡜࡟ศࡅࠊ㈇മ฼Ꮚࡢ᥍㝖ไ㝈ࢆࡍࡿ࡜࠸࠺⛯ไ࡜ࡢඹ᭷ᴫᛕ
࡛ࡶ࠶ࡗࡓࠋࡇࡢⅬ࡟ࡘ࠸࡚ࡣࠊ➨ 2 ❶➨ 1 ⠇ 1 ࡛グࡋࡓࡼ࠺࡟ࠊ㈨ᮏᵓᡂ࡟ᑐࡍࡿ㐃㑥㆟఍ࡢ⪃࠼᪉ࡣࠊ⮬ᕫ㈨ᮏࢆ㉸㐣ࡍࡿ㈇മࢆ୙㐺ᙜ࡞㈨ᮏᵓᡂ࡜ᤊ࠼࡚࠸ࡓࡢ࡛࠶ࡿࡀࠊࡇࡢⅬ࡟ࡘࡁࠊỈ㔝ᛅᜏᩍᤵࡣࠊ
ࠕձ㈨ᮏᵓᡂࡢ㐺ṇᇶ‽ࡣ⏘ᴗࡢ✀㢮࡟ࡼࡗ࡚ࠊࡲࡓ኱つᶍබ㛤఍♫࡛࠶ࡿࡢ࡜ᑠつᶍ㛢㙐఍♫࡛࠶ࡿࡢ࡜࡟ࡼࡗ࡚␗࡞ࡿ࡟ࡶ࠿࠿ࢃࡽࡎࠊࡇࡢ❧ἲࡣἲே㛫ࡢྲྀᢅ࠸ࢆ⤫୍ࡍࡿ᪉㔪ࢆඃඛࡉࡏ࡚࠸ࡿࠊղ㈇മ฼Ꮚ᥍㝖㢠ࡢไ㝈࡜࠸࠺つไࡣࠊ⛯ἲࡀ࢔࣓ࣜ࢝ࡢᕞ఍♫ἲ࡟௦ࢃࡗ࡚
ࣅࢪࢿࢫࢆࢥࣥࢺ࣮ࣟࣝࡍࡿࡇ࡜࡟࡞ࡿࠖࡢ࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ223ࠋ
 ㈇മࣂ࢖࢔ࢫ224ࡀᏑᅾࡍࡿㄢ⛯ࢩࢫࢸ࣒࡟࠾࠸࡚ࡣࠊᅜቃࢆ㉺࠼࡚እᅜぶ఍♫ࡀぶ఍♫ᒃఫᆅᅜ࡜ࡣูࡢᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊࡑࡢᏊ఍♫࡟㈨㔠ࢆᥦ౪ࡍࡿࡇ࡜࡟ࡼࡾࠊᥦ౪ࡉࢀࡓ㈨㔠ࡀᰴᘧࢆྲྀᚓࡉࡏࡿᙧែ㸦Equity㸧࡛⾜ࢃࢀࡓ࠿ࠊ⼥㈨࡜࠸࠺ᙧែ㸦Debt㸧࡟ࡼࡾ⾜ࢃࢀࡓ࠿࡟ᛂࡌ࡚ࠊㄢ
⛯㛵ಀࡀ␗࡞ࡿࡇ࡜࡜࡞ࡿࡀࠊฟ㈨࡟௦࠼࡚⼥㈨࡜࠸࠺ᡭẁ࡛እᅜぶ఍♫ࡀᙜヱᏊ఍♫࡟㈨㔠ࢆ౪⤥ࡍࡿࡇ࡜࡟ࡼࡾࠊᙜヱ㈨㔠࠿ࡽⓎ⏕ࡍࡿ⩏ົ(obligation)࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝࢻࡀࠊฟ㈨࡜࠸࠺ἲ
ᙧᘧࢆ࡜ࢀࡤ๫వ㔠ࡢศ㓄㸦㓄ᙜ㸧࡜ࡋ࡚ᢅࢃࢀࠊᏊ఍♫ㄢ⛯ᡤᚓࡢῶᑡࡣ࠾ࡁ࡞࠸ࡀࠊ⼥㈨࡜࠸
࠺ἲᙧᘧࢆ࡜ࢀࡤࠊࡑࡇ࠿ࡽ⏕ࡌࡿ࢖࣮ࣝࢻࡣᨭᡶ฼Ꮚ࡜࡞ࡾࠊᏊ఍♫ࡢㄢ⛯ᡤᚓࡢῶᑡࢆᣍࡃࠋ
ࡇࡢࡼ࠺࡞ᙧ࡛ࡢࠊEquity ࢆ Debt ࡟௦࠼࡚ࠊᏊ఍♫ࡢᡤᚓࡀ↓ㄢ⛯ࡢࡲࡲᅜእ࡬⛣㌿ࡋ࡚ࡋࡲ࠺
ࡇ࡜ࢆไ㝈ࡍࡿࡓࡵ࡟タࡅࡽࢀࡓไᗘࡀ㐣ᑡ㈨ᮏ⛯ไ࡛࠶ࡿ225ࠋa)඾ᆺⓗ࡞ᰴᘧ㈨ᮏ㸦Equity㸧࡜ࡋ࡚ぶ఍♫ࡀእᅜᏊ఍♫࡟ᡭᙜ࡚ࡍࡿሙྜ

ᰴ୺ࡣእᅜᏊ఍♫࠿ࡽ฼┈ࡢศ㓄࡜࠸࠺ᙧ࡛ࠕ㓄ᙜࠖࢆாཷࡍࡿࡇ࡜ࡀ࡛ࡁࡿࡀΎ⟬ࠊฟ㈨㢠ࢆᅇ཰ࡍࡿࡇ࡜ࡣ࡛ࡁࡎࠊࡑࡢᰴᘧࡢ᫬౯ㆡΏ࡟ࡼࡾᅇ཰ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࡀࠊࡑࡢ༴㝤㈇ᢸࡢୖ㝈ࡣ
ฟ㈨㢠࡛࠶ࡿ226ࠋ㈨㔠ᥦ౪ࢢ࣮ࣝࣉ࡜ࡋ࡚ࡢ※Ἠᆅᅜ࡛ࡢ⛯㈇ᢸࡣࠊᏊ఍♫ᒃఫᆅᅜ࡟࠾ࡅࡿᏊ఍
♫฼┈࡟ᑐࡍࡿἲே⛯࡜ࡑࡢ㓄ᙜ࡟ᑐࡍࡿ※Ἠᚩ཰⛯࡜࠸࠺஧ẁ㝵ㄢ⛯㸦⤒῭ⓗ஧㔜ㄢ⛯㸧࡛࠶ࡿ227ࠋb)඾ᆺⓗ࡞⼥㈨㸦Debt㸧࡜ࡋ࡚ぶ఍♫ࡀእᅜᏊ఍♫࡟ᡭᙜ࡚ࡍࡿሙྜ

മᶒ⪅ࡣࠊᏊ఍♫ࡢ฼┈ࡢ᭷↓࡟࠿࠿ࢃࡽࡎࠊᐃᮇⓗ࡟ᐃ㢠ࡢ฼Ꮚࢆཷࡅࡿࡇ࡜ࡀ࡛ࡁࠊ୍ᐃᮇ㛫⤒㐣ᚋࡣമᶒࢆᅇ཰ࡍࡿࡇ࡜ࡀ࡛ࡁࡿ୍᪉ࠊ㈨㔠౪⤥ࢢ࣮ࣝࣉ࡜ࡋ࡚ࡢᏊ఍♫ᒃఫᆅᅜ࡟࠾ࡅࡿ⛯㈇ᢸࡣࠊ
ࠕᨭᡶ฼Ꮚࠖ࡜ࡋ࡚ἲே⛯ࢆචࢀࠊ㈨㔠ࡢ㈚௜⪅࡛࠶ࡿぶ఍♫ࡢࡳࡀ※Ἠᚩ཰⛯ࢆㄢࡉࢀࡿ
228ࠋ

ࡑࡇ࡛ࠊࢱࢵࢡࢫ࣭ࣉࣛࣥࢼ࣮ࡣࠊձ࡜ղࡢΰྜ࡛࠶ࡿࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸
222 ࣇ࢓࢖ࢼࣥࢫ⌮ㄽ࡛࠸࠺ࠊ
ἲே⛯࡜ᡤᚓ⛯ࢆຍ࿡ࡋࡓ᭱㐺㈨ᮏᵓᡂ࡟ࡘ࠸࡚ࡢ⌮ㄽࡣࠊ౛࠼ࡤࠊ

RICHARD A. BREALEY, STEWART C. MYERS & F. ALLEN, PRINCIPLES OF CORPORATE FINANCE 7th
Ed. (MCGRAW-HILL 2008) at 489 ̾ 501 ࡟ヲ㏙ࡉࢀ࡚࠸ࡿࠋ
223 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦126㸧
ࠊ61 㡫ࠋ
224 ᨭᡶ฼Ꮚ࡟ࡘ࠸࡚ࡣᦆ㔠᥍㝖ࡢᑐ㇟࡜ࡋࠊᨭᡶ㓄ᙜ࡟ࡘ࠸࡚ࡣᦆ㔠᥍㝖ࢆㄆࡵ࡞࠸࡜࠸࠺ἲᚊ
ⓗ࡟ࡣ඲ࡃู≀࡛࠶ࡗ࡚ࡶ⤒῭ⓗᐇ㉁ࡣྠ㉁࡛࠶ࡿᨭฟ࡟ᑐࡍࡿἲே⛯ἲୖࡢྲྀᢅ࠸ࡢ㐪࠸ࢆ࠸࠺ࡇ࡜࡟ࡍࡿࠋ
225 ᮏᗉ㈨࣭๓ᥖὀ㸦220㸧
ࠊ431 㡫࠾ࡼࡧࠊᮏᗉ㈨ࠗᅜ㝿ⓗ⬺⛯࣭⛒⛯ᅇ㑊㜵Ṇ⟇࠘㸦኱ⶶ㈈ົ༠఍ࠊ
2004㸧720 㡫ࠋ
226 ࡇࡇ࡛ࡣࠊEquity ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᨭᡶ࡟࠾࠸࡚ࠕ㓄ᙜࠖ࠿ࡽࠕ฼Ꮚࠖ࡬ࡢᛶ᱁㌿᥮ࡣ࡞ࡉࢀ࡞࠸ࡶࡢ࡜௬ᐃࡍࡿࠋᮏᗉ㈨ࠗᅜ㝿ⓗ⬺⛯࣭⛒⛯ᅇ㑊㜵Ṇ⟇࠘㸦኱ⶶ㈈ົ༠఍ࠊ2004㸧720 㡫ࠋ
227 ᮏᗉ㈨࣭๓ᥖὀ㸦225㸧
ࠊ720 㡫ࠋ
228 ᮏᗉ㈨࣭๓ᥖὀ㸦225㸧
ࠊ720 㡫ࠋ57

ࡿࡇ࡜࡟ࡼࡾࠊ඾ᆺⓗ࡞ Equity ࠾ࡼࡧ඾ᆺⓗ࡞ Debt ࡜ࡋ࡚ࢢ࣮ࣝࣉ࡟࠿࠿ࡿㄢ⛯ࢆῶᑡࡉࡏࡿᡭ
ẁࢆ࡜ࡿࡀࠊἲᙧᘧୖࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡣ Equity ࡜ࡋ࡚ࡢᛶ᱁࡜ Debt ࡜ࡋ࡚ࡢᛶ᱁ࡀΰᅾࡋ࡚࠸ࡿࡓࡵࠊἲᙧᘧࢆࡶࡗ࡚ㄢ⛯㛵ಀࢆᐃࡵࡿࡇ࡜ࡀࡁࢃࡵ࡚㞴ࡋ࠸≧ἣ࡟࠶ࡿࠋ
ࡑࡇ࡛ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆྵࡵࠊEquity ࢆ Debt ࡜ഇ⿦ࡋࡓࡶࡢࠊ࠶ࡿ࠸ࡣࡑ࠺
࡛࡞࠸ࡶࡢࡶ࠶ࡿࡀࠊ࠸ࡎࢀ࡟ࡋ࡚ࡶ Debt-to-Equity ẚ⋡ࡢ㧗࠸㈨ᮏᵓ㐀ࡀ㉳ࡇࡾᚓࡿࠋᮏᗉ㈨ᩍ
ᤵࡣࡇࡢࡼ࠺࡞ࠊᖜࡢ࠶ࡿࠕ㞃ࢀࡓᰴᘧ㈨ᮏࠖ
㸦hidden equity capitalization㸧ࡢᙧែࢆࠕ㐣ᑡᮏࠖ㸦thin capitalization㸧࡜࠸࠺࡜ᐃ⩏ࡉࢀ࡚࠸ࡿ229ࠋ ࡲࡓࠊ⩚ᗋṇ⚽Ặࡣࠊ㐣ᑡ㈨ᮏ⛯ไࡢᮏ㉁࡟ࡘࡁࠊ
ࠕእᅜࡢ㈨㔠ࡀ㈨ᮏ㔠࡜ࡋ࡚ᢞ㈨ࡉࢀࡎ࡟㈚௜
㔠࡜ࡋ࡚ᢞ㈨ࡉࢀࡿࡇ࡜࡟ࡼࡾࠊᢞ㈨ࡉࢀࡓ௻ᴗࡢἲே⛯ࢆ㍍ῶࡍࡿ୍᪉ࠊ೉ධ㔠ࡢ฼ᜥࡣᅜෆ࡟
ᨭᡶࢃࢀࢀࡤᨭᡶࢃࢀࡓඛࡢ௻ᴗࡢἲே⛯ࢆ㍍ῶࡍࡿ୍᪉ࠊ೉ධ㔠ࡢ฼ᜥࡣᅜෆ࡟ᨭᡶࢃࢀࢀࡤᨭ
ᡶࢃࢀࡓඛࡢ௻ᴗࡢἲே⛯ࢆቑຍࡉࡏࡿࡀᅜእ࡟ᨭᡶࢃࢀࡿࡇ࡜࠿ࡽᡤᚓ⛯ࡢ※Ἠ⛯ࡋ࠿ᚩ཰࡛ࡁ
ࡎࠊ࡞࠾࠿ࡘࠊ⛒⛯᮲⣙࡛※Ἠ⛯ࡣ㍍ῶࡉࢀ࡚࠸ࡿࡇ࡜࡟ࡼࡿῶ཰ࢆ୍ᐃࡢྜ⌮ⓗ࡞せ௳ࡢୗ࡛ᅇ
᚟ࡋࡼ࠺࡜ࡍࡿࡇ࡜࡟࠶ࡿ230ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ
➨2⠇㐣ᑡ㈨ᮏ⛯ไ࡟ᑐࡍࡿ OECD ࡢ⪃࠼᪉

ᮏᗉ㈨ᩍᤵࡣࠊ※Ἠᆅᅜ࡟࠾ࡅࡿ Equity ࣇ࢓࢖ࢼࣥࢫ࡟௦࠼࡚ Debt ࣇ࢓࢖ࢼࣥࢫࡀ㑅ዲࡉࢀࡿࡇ
࡜࡟ࡼࡿ⛯཰ῶ࡬ࡢᑐᛂ⟇࡜ࡋ࡚OECD ࡀ1986 ᖺࡢ㐣ᑡ㈨ᮏሗ࿌᭩࡟࡚ᣦ᦬ࡋࡓၥ㢟Ⅼࢆ௨ୗࡢࡼ࠺࡟ࡲ࡜ࡵࡽࢀ࡚࠸ࡿ231ࠋձ ࢹࢵࢺࣇ࢓࢖ࢼࣥࢫࢆసⅭⓗ࡟฼⏝ࡋ࡚ㄢ⛯ୖ᭷฼࡞ྲྀᢅ࠸ࢆཷࡅࡿᢞ㈨ᐙ࡜ࡑࡢࡼ࠺࡞ࡇ࡜
ࢆࡋ࡞࠸ᢞ㈨ᐙ࡜ࡢ㛫ࡢㄢ⛯ࡢබᖹࢆ☜ಖࡍࡿ࡭ࡁ࠿ࠊ᭷฼㑅ᢥࡢ୰❧ᛶࢆ☜ಖࡍ࡭ࡁ࠿ࠋ
ղ ㈚ᡭࡀ㏻ᖖ⛯⋡ࡼࡾప࠸⛯⋡࡛ㄢ⛯ࡉࢀࠊච⛯ࡉࢀࠊ⛯㢠᥍㝖࡛஧㔜ㄢ⛯ࢆ᤼㝖ࡉࢀࠊࡲࡓࡣ
⧞㉺Ḟᦆ࡟ࡼࡗ࡚ㄢ⛯ᡤᚓࢆ⏕ࡌ࡞࠸ሙྜ࡟సⅭⓗ࡞ࢹࢵࢺࣇ࢓࢖ࢼࣥࢫ࡟ࡼࡗ࡚ㄢ⛯ୖࡢ᭷฼ᛶ
ࡀቑຍࡍࡿࡇ࡜࡟ࡘ࠸࡚ࠊᡤᚓ࡟ಀࡿᨭᡶ⪅࡜ཷ㡿⪅ࡢㄢ⛯ࡀ༑ศ࡛࠶ࡿ࠿ࠋճ ࢹࢵࢺࣇ࢓࢖ࢼࣥࢫ࡟ࡘ࠸࡚ᨭᡶ⪅࡜ཷ㡿⪅࡜ࡢྜィ⛯㢠࡟༨ࡵࡿ※Ἠᆅᅜࡢㄢ⛯ࡀ༑ศ࡛࠶
ࡿ࠿ࠋᴟ➃࡞ሙྜ࡟ࡣࠊ཮᪉ච⛯㸦double exemption㸧ࡢྍ⬟ᛶࡀ࠶ࡿࠋ※Ἠᆅᅜࡢㄢ⛯ୖࡢ᭷฼ᛶࡀ⏕ࡌࡿཎᅉࡀࡑࡢᅜෆἲ࡟࠶ࡿ࠿⛒⛯᮲⣙࡟࠶ࡿ࠿࡟ᛂࡌ࡚ࠊ⛯ไᨵṇࡲࡓࡣ⛒⛯᮲⣙ࡢᨵゞࢆ⾜࠺ᚲせࡀ࠶ࡿ࠿ࠋմ እᅜᢞ㈨ᐙࡀసⅭⓗ࡞ࢹࢵࢺࣇ࢓࢖ࢼࣥࢫࢆࢱࢵࢡࢫ࣊࢖ࣈࣥࡢ࣮࣋ࢫ࣭࢝ࣥࣃࢽ࣮ࢆ㏻ࡌ࡚
⾜࠺ࡇ࡜࡟ࡼࡗ࡚※Ἠᆅᅜㄢ⛯ୖࡢ᭷฼ᛶࢆᚓࡿሙྜ࡟ࡶࠊୖグճ࡜ྠᵝࡢၥ㢟ࡀ࠶ࡿࠋյ సⅭⓗ࡞ࢹࢵࢺࣇ࢓࢖ࢼࣥࢫ࡟ࡼࡾᨭᡶࢆ㓄ᙜ࡛࡞ࡃ฼Ꮚ࡜ࡍࡿࡇ࡜࡟ࡼࡗ࡚※Ἠᆅᅜࡢ⛯཰ࡀῶᑡࡍࡿሙྜࠊ※Ἠᆅᅜࡀ༑ศ࡞⛯཰ࢆ☜ಖ࡛ࡁࡿ❧ἲࡣ࡝ࡢࡼ࠺࡞ࡶࡢ࡛࠶ࡿ࠿ࠋն እᅜ௻ᴗࡀసⅭⓗ࡞ࢹࢵࢺࣇ࢓࢖ࢼࣥࢫ࡟ࡼࡗ࡚ᨭᗑࡸᜏஂⓗ᪋タࡼࡾࡶᏊ఍♫ࢆ㏻ࡌ࡚஦ᴗ
άືࢆ⾜࠺᪉ࡀ᭷฼࡟࡞ࡿࡀࠊᏊ఍♫࡜ᨭᗑ࡜࠸࠺௻ᴗ㐍ฟᙧែࡢ୰❧ᛶ࡟ࡘ࠸࡚࡝ࡢࡼ࠺࡟⪃࠼ࡿ࠿ࠋշ ⛯㢠᥍㝖ࡀᅜෆᰴ୺࡟㝈ᐃࡉࢀࡿࡓࡵ࢖ࣥࣆࣗࢸ࣮ࢩࣙࣥไᗘࡢ≉඾ࢆாཷ࡛ࡁ࡞࠸እᅜᰴ୺
ࡀࠊࡇࢀ࡜ྠᵝࡢ᭷฼ᛶࢆாཷࡍࡿࡓࡵ࡟సⅭⓗ࡞ࢹࢵࢺࣇ࢓࢖ࢼࣥࢫࢆ฼⏝ࡍࡿࡇ࡜ࡣࠊ୰❧ᛶࡢほⅬ࠿ࡽㄆࡵࡽࢀ࡞࠸࠿ࠋ

229 ᮏᗉ㈨࣭๓ᥖὀ㸦225㸧
ࠊ721 㡫ࠋ
230 ⩚ᗋṇ⚽ࠕ㐣ᑡ㈨ᮏ⛯ไࡢၥ㢟ⅬࠖỈ㔝ᛅᜏ⦅ⴭࠗ஧ゞ∧ ᅜ㝿ㄢ⛯ࡢ⌮ㄽ࡜ㄢ㢟࠘㸦⛯ົ⤒⌮

༠఍ࠊ2004㸧157 㡫ࠊ159 㡫ࠋ
231 ௨ୗࡢグ㏙ࡣࠊᮏᗉ㈨࣭๓ᥖὀ㸦225㸧
ࠊ722 – 723 㡫࡟ࡼࡿࡶࡢ࡛࠶ࡿࠋ
58ո సⅭⓗ࡞ࢹࢵࢺࣇ࢓࢖ࢼࣥࢫ࡟ࡼࡾㄢ⛯ୖ᭷฼࡟࡞ࡿࡇ࡜ࡣࠊ
ᰴᘧ㈨ᮏ࡟༉ᩛࡍࡿつᶍ࡜࡞ࡾࠊ
஦ᴗୖࡢമᶒ⪅ࡢ❧ሙࢆᝏ໬ࡉࡏࠊᢞ㈨ࡢᏳᐃᛶࢆ༴࠺ࡃࡍࡿ࠾ࡑࢀࡀ࠶ࡿࡇ࡜ࢆ࡝ࡢࡼ࠺࡟⪃࠼
ࡿ࠿ࠋ
➨3⠇

㐣ᑡ㈨ᮏ⛯ไ࡟ᑐࡍࡿ OECD ࣔࢹࣝ⛒⛯᮲⣙ࢥ࣓ࣥࢱ࣮ࣜ

ᮏ⠇࡛ࡣࠊ⛒⛯᮲⣙࡜㐣ᑡ㈨ᮏ⛯ไ࡜ࡢ㛵ಀ࡟ࡘ࠸࡚ OECD ࣔࢹࣝ⛒⛯᮲⣙ࢥ࣓ࣥࢱ࣮ࣜࡀ࡝ࡢ
ࡼ࠺࡟ゎ㔘ࡋ࡚࠸ࡿࡢ࠿⪃ᐹࡍࡿࠋ
1.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 9 para. 1232㸦≉Ṧ㛵㐃௻ᴗ㸧ࢥ࣓ࣥࢱ࣮ࣜ233(1)

㐣ᑡ㈨ᮏ࡟㛵ࡍࡿᅜෆἲࡢ㐺⏝ࡢ⤖ᯝࠊ೉ࡾᡭࡢ฼ᚓࢆ⊂❧௻ᴗࡢ≧ἣ࡛࠶ࢀࡤⓎ⏕ࡋࡓ࡛࠶ࢁ࠺฼ᚓ࡟㏆ఝࡉࡏࡿࡶࡢ࡛࠶ࡿ㝈ࡾࠊᮏ᮲ࡣᅜෆἲࡢ㐺⏝ࢆጉࡆࡿࡶࡢ࡛ࡣ࡞࠸ࠋ
(2)ᮏ᮲ࡣࠊ࣮ࣟࣥዎ⣙࡟࠾ࡅࡿ฼Ꮚ⋡ࡀ⊂❧௻ᴗ㛫฼Ꮚ⋡࡛࠶ࡿࡀ࡝࠺࠿ࡢุ᩿࡟㛵ಀࡍࡿࡢࡳ࡞ࡽࡎࠊ⾲ぢୖࡢ࣮ࣟࣥࡀ࣮ࣟࣥ࡜ࡳ࡞ࡋ࡚ࡼ࠸ࡢ࠿ࠊ࠶ࡿ࠸ࡣఱ࠿௚ࡢ✀㢮ࡢᨭᡶ࠸ࠊ≉࡟㈨ᮏ࡬ࡢᣐฟ࡜ࡳ࡞ࡍ࡭ࡁ࡛࠶ࡿ࠿ࡢุ᩿࡟㛵ಀࡋ࡚࠸ࡿࠋ
(3)

㐣ᑡ㈨ᮏࢆᢅ࠺ࡓࡵ࡟タࡅࡽࢀࡓつᐃࡢ㐺⏝ࡣࠊ㏻ᖖࠊ௻ᴗࡢㄢ⛯ᑐ㇟฼ᚓࢆ⊂❧௻ᴗ㛫ࡢ฼ᚓ௨ୖ࡟ቑ㢠ࡍࡿຠᯝࢆᣢࡘ࡭ࡁ࡛ࡣ࡞ࡃࠊࡲࡓࠊ᪤Ꮡࡢ⛒⛯᮲⣙ࡢ㐺⏝࡟࠾࠸࡚ࡶࡇࡢཎ๎
࡟ᚑ࠺࡭ࡁ࡛࠶ࡿࠋ
2.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 10㸦㓄ᙜ㸧ࢥ࣓ࣥࢱ࣮ࣜࠊpara. 15 ㈨ᮏࡢᐃ⩏234

subparagraph a) of paragraph 2㸦ぶᏊ㛫㓄ᙜࡢ㝈ᗘ⛯⋡㸧࡟࠾ࡅࡿ capital ࡜࠸࠺⏝ㄒࡣ㓄ᙜ㸦ࡍ࡞ࢃࡕࠊ
ᰴ୺࡬ࡢ฼┈ࡢศ㓄㸧ࡢㄢ⛯ୖࡢྲྀᢅࡢ㛵ಀ࡜ࡋ࡚౑ࢃࢀ࡚࠸ࡿࠋᮏᩥ⬦࡟࠾ࡅࡿ capital ࡜࠸࠺⏝ㄒࡣࠊsubparagraph a) of paragraph 2 ࡟ᑐࡋ࡚౑⏝ࡍࡿࡶࡢ࡛࠶ࡿࡀࠊ
㸦≉ู࡞ࢣ࣮ࢫ࡜ࡋ࡚ࡣࠊぶ఍♫ࡢ㸧ᰴ୺࡟ᑐࡍࡿศ㓄┠ⓗ࡟౑ࢃࢀࡿ࡜࠸࠺ព࿡࡛⏝࠸ࡽࢀࡿࠋd) ఍♫࡬ࡢ㈚௜㔠ࡑࡢ௚ࡢᣐฟ㔠ࡣ఍♫ἲࡢୗ࡛ࡣ㈨ᮏ࡜ࡉࢀ࡞࠸ࠋࡋ࠿ࡋࠊᅜෆἲཪࡣ័⩦ἲ㸦㐣
ᑡ㈨ᮏ⛯ไࡸ㈚௜㔠ࢆᰴᘧ㈨ᮏ࡜ࡳ࡞ࡍᢅ࠸㸧࡟ࡼࡾࠊࡑࢀ࠿ࡽ⏕ࡌࡿᡤᚓࡀᮏ᮲ࡢ㓄ᙜ࡜ࡋ࡚ྲྀ
ࡾᢅࢃࢀࡿሙྜ࡟ࡣᙜヱ㈚௜㔠ࡑࡢ௚ࡢᣐฟ㔠ࡣ㈨ᮏ࡜ࡋ࡚ᢅࢃࢀࡿࠋ
3.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 11㸦฼Ꮚ㸧para. 3 ࢥ࣓ࣥࢱ࣮ࣜ235

para. 3 ࡣࠕ฼Ꮚࠖࡢᐃ⩏࡟ࡘ࠸࡚つᐃࡋ࡚࠸ࡿࠋ᮲ᩥ࡟ࡼࡿࠕ฼Ꮚࠖ࡜ࡣࠊࡍ࡭࡚ࡢ✀㢮ࡢಙ⏝࡟ಀࡿമᶒ㸦debt-claims of every kind㸧ࠊࡑࢀࡣࠊᢸಖࡢ᭷↓ࠊമᶒ⪅ࡢ฼ᚓࢆཷࡅࡿᶒ฼ࡢ᭷↓ࢆၥࢃ࡞࠸ࡀࠊࡑࡢമᶒ࠿ࡽ⏕ࡌࡓᡤᚓ㸦බമࠊമᶒཪࡣ♫മࡢ๭ቑ㔠ࡸ㈹㔠ࢆྵࡴࠋ㸧ࢆᣦࡍࠋࡍ࡭࡚
ࡢಙ⏝࡟ಀࡿമᶒ࡟ࡣࠊබമࠊമᶒཪࡣ♫മࡀ≉ᥖࡉࢀ࡚࠸ࡿࡀࠊࡇࢀ࡟㝈ࡽࡎ㡸㈓㔠ࠊ㔠㖹മᶒ➼ࢆྵࢇ࡛࠸ࡿࠋ᢬ᙜᶒ௜മᶒ࡟࠿࠿ࡿ฼Ꮚࢆ୙ື⏘ᡤᚓ࡜ࡋ࡚ྲྀࡾᢅࡗ࡚࠸ࡿᅜࡶ࠶ࡿࡀࠊ୍⯡ⓗ࡟ࡣࠊື⏘㈨ᮏ࠿ࡽ⏕ࡌࡿᡤᚓ࡟ྵࡲࢀࡿ࡜⪃࠼ࡽࢀ࡚࠸ࡿࠋ ཧຍ♫മ㸦participating bond㸧 ࡟ಀࡿ฼Ꮚࡣ㏻ᖖ㓄ᙜ࡜ࡣᤊ࠼࡞࠸ࠋྠᵝ࡟ࠊ㌿᥮♫മࡀᐇ㝿࡟ᰴ࡟㌿᥮ࡍࡿࡲ࡛ࡢ㛫ࡢ㌿᥮♫മ࡟ಀࡿ฼Ꮚࡣࠊ㓄ᙜ࡜ࡣᤊ࠼࡞࠸ࠋࡋ࠿ࡋࠊࡑࡢ㈚௜ࡀࠊമົ⪅࡛࠶ࡿἲே㸦debtor company㸧ࡀࣜࢫࢡࢆᐇ㉁ⓗ࡟ඹ᭷ࡍࡿ㸦effectively shares the risks㸧ࡶࡢ࡛࠶ࢀ
ࡤࠊࡇࡢࡼ࠺࡞♫മ࡟ಀࡿ฼Ꮚࡣ㓄ᙜ࡜ࡳ࡞ࡍ㸦should be considered as a dividend㸧ࠋ㐣ᑡ㈨ᮏࢆ᝿ᐃ
232 See OECD, MODEL TAX CONVENTION ON INCOME AND ON CAPITAL CONDENSED VERSION(OECD 2008) at 146.
. ᪥ᮏㄒࡢ⩻ヂ࡟㛵ࡋ࡚ࡣࠊ2008 ᖺ OECD ࢥ࣓ࣥࢱ࣮ࣜ࡜ྠ୍ࡢᩥ❶࡟㛵ࡋ࡚ࡣࠊᕝ⏣ ๛࣭ᚨỌ໷Ꮚ ࠗOECD ࣔࢹࣝ⛒⛯᮲⣙ ࢥ࣓ࣥࢱ࣮ࣜ㏲᮲ゎㄝ࠘ (⛯ົ◊✲఍ฟ∧ᒁࠊ2009) ࡢ⩻ヂࢆࡑࡢࡲࡲᘬ⏝ࡋࡓ (172 㡫௨ୗ)ࠋ
234 See OECD, supra note (232) at 152. ᕝ⏣ ๛࣭ᚨỌ໷Ꮚ࣭๓ᥖὀ㸦233㸧
ࠊ189 㡫ࠋ235. See OECD, supra note (232) at 175. ᕝ⏣ ๛࣭ᚨỌ໷Ꮚ࣭๓ᥖὀ㸦233㸧
ࠊ222 㡫ࠋ233

59

ࡋ࡚࠸ࡿሙྜ࡟ࡣࠊ㓄ᙜ࡜฼Ꮚ࡜ࡢ༊ูࡀᅔ㞴࡞ሙྜࡀ࠶ࡾࠊArt 10 ࡜ Art 11 ࡟ࡼࡾᢅࢃࢀ࡚࠸ࡿ
ᡤᚓࡢ࢝ࢸࢦ࣮ࣜࡢ࣮࢜ࣂ࣮ࣛࢵࣉࢆᅇ㑊ࡍࡿࡓࡵࠊArt 11 ࡛⏝࠸ࡽࢀࡿࠕ฼Ꮚࠖ࡜࠸࠺⏝ㄒࡣ Art
10 ࡛ᢅࢃࢀࡿᡤᚓ㡯┠ࢆྵࡵ࡞࠸ࡶࡢ࡜ࡍࡿࠋ
 para. 3 ➨ 1 ᩥࡣࠊ฼Ꮚࡢᑐ㇟࡜࡞ࡿࡶࡢࢆ⥙⨶ࡋ࡚࠸ࡿ236ࠋࡇࡢᐃ⩏࡟࠾࠸࡚ࡣࠊ
ࠊ㓄ᙜࡢᐃ⩏ࡢሙྜࡢࡼ࠺࡞ᅜෆἲୖࡢᐃ⩏࡬ࡢゝཬࡣࡋ࡚࠸࡞࠸237ࠋࡇࢀࡣࠊ
I. ࡇࡢᐃ⩏ࡀ஦ᐇୖྛᅜࡢ฼Ꮚࡢᐃ⩏ࢆࡍ࡭࡚ྵࢇ࡛࠸ࡿࡇ࡜ࠊ
II.ᮏᐃ⩏ࡀࠊἲᚊⓗほⅬ࠿ࡽࡼࡾ㧗࠸☜ᐇᛶࢆ☜ಖࡋ࡚࠸ࡿࡓࡵࠊᅜෆἲࡀᨵṇࡉࢀ࡚ࡶᙳ㡪ࢆཷࡅ࡞࠸ࡇ࡜ࠊ
III. ࣔࢹࣝ⛒⛯᮲⣙ࡀᅜෆἲ࡟ゝཬࡍࡿࡢࡣ㑊ࡅࡿ࡭ࡁ࡛࠶ࡿࡇ࡜ࠊ
ࡀ⪃៖ࡉࢀࡓ⤖ᯝ࡛࠶ࡿ238ࠋ
4.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 23 A ཬࡧ Art 23 B㸦஧㔜ㄢ⛯ࡢ᤼㝖㸧ࢥ࣓ࣥࢱ࣮ࣜ239

࠸ࢃࡺࡿ㐣ᑡ㈨ᮏࡢ≧ἣ࡟࠾࠸࡚ࡣࠊ࠶ࡿ୍ᐃせ௳ࢆ‶ࡓࡍሙྜ࡟ࠊࣔࢹࣝ⛒⛯᮲⣙ࡣࠊ೉୺ἲே
ࡢᒃఫᆅᅜࡀ⮬ᅜࡢᅜෆἲ௧࡟ࡋࡓࡀࡗ࡚฼Ꮚࡢᨭᡶࢆ㓄ᙜࡢศ㓄࡜ྲྀᢅ࠺ࡇ࡜ࢆㄆࡵ࡚࠸ࡿࠋࡇ
ࡢ⤖ᯝ࡜ࡋ࡚ࠊ※Ἠᆅᅜ࡛ࡣࡇࡢᨭᡶࠕ฼Ꮚࠖ࡟ᑐࡋ࡚ࠕ㓄ᙜࠖ࡟ᑐࡍࡿ⛯⋡㸦Art 10 para. 2㸧ࢆ㐺⏝ࡋࠊ㈚ࡋ୺ࡢᒃఫᆅᅜ࡛ࡣཷྲྀࠕ฼Ꮚࠖ࡜ࡋ࡚㈚୺ἲேࡢㄢ⛯ᡤᚓ࡟⟬ධࡉࢀࡿࡇ࡜࡜࡞ࡿࠋ ࡇࡢሙྜࠊ㈚୺ἲேࡢᒃఫᆅᅜࡣࠊᙜヱࠕ฼Ꮚࠖࡢἲⓗཬࡧ⤒῭ⓗ஧㔜ㄢ⛯࡟ࡘࡁࠊᩆ῭ᥐ⨨ࢆㅮࡌࡿ⩏ົࢆ㈇࠺ࠋࡲࡓࠊ㈚୺ἲேࡀ೉୺ἲேࡢぶ఍♫࡛࠶ࡿሙྜࠊ※Ἠᚩ཰ࡉࢀࡓ⛯㢠ࡢእᅜ⛯㢠᥍㝖࡟ຍ࠼࡚ࠊᅜෆἲୖࡢぶᏊ㛫㓄ᙜ࡟㐺⏝ࡉࢀࡿᩆ῭ᥐ⨨ࡶㅮࡌࡿ࡭ࡁ࡛࠶ࡿࠋ
 ㈚୺ἲேࡢᒃఫᆅᅜࡀࠊArt 10 ࡛ᐃ⩏ࡍࡿ㓄ᙜ࡟ᑐࡋ࡚ᩆ῭ࢆ୚࠼ࡿ࡞ࡽࠊArt 23 ࡟ࡼࡾᩆ῭⩏ົࡀ⏕ࡌࡿࡇ࡜࡟࡞ࡿࠋࡲࡓࠊ⛣㌿౯᱁ㄢ⛯࡟࠾ࡅࡿᑐᛂⓗㄪᩚ࡜ࡋ࡚ࠊ⮬ᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡟࠾࠸࡚ࡶྠᵝࡢྲྀᢅࢆࡋ࡚࠸ࡿࡓࡵࠊ
࠶ࡿ࠸ࡣ㈚୺ἲேࡢᒃఫᆅᅜࡀᙜヱྲྀᢅࢆጇᙜࡔ࡜⪃࠼ࡿࡓࡵࠊ
┦஫༠㆟ࢆ⤒ࡓୖ࡛ᩆ῭ࢆ୚࠼ࡿ࡞ࡽࠊArt 9㸦≉Ṧ㛵㐃௻ᴗ㸧
ࠊArt 10㸦㓄ᙜ㸧ࠊArt 11㸦฼Ꮚ㸧ཬࡧ Art 23 ࡟ࡼࡾᩆ῭ࡀ୚࠼ࡽࢀࡿࡇ࡜࡜࡞ࡿࠋ
5.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 24㸦↓ᕪู᮲㡯㸧para. 4 ࡢࢥ࣓ࣥࢱ࣮ࣜ240ᮏ㡯ࡣࠊ೉୺ࡢᡤᅾᆅᅜࡀࠊ㐣ᑡ㈨ᮏ⛯ไ࡟ᇶ࡙ࡁࠊ฼Ꮚࢆ㓄ᙜ࡜ࡋ࡚ྲྀᢅ࠺ࡇ࡜ࢆࠊࡑࡢྲྀᢅࡀ
Art 9 para. 1 ཬࡧ Art 11 para. 6 ࡢ⊂❧௻ᴗࡢཎ๎࡟ἢࡗࡓࡶࡢ࡛࠶ࡿ㝈ࡾࠊ⚗ࡌࡿࡶࡢ࡛ࡣ࡞࠸ࠋ
ࡓࡔࡋࠊࡇࡢྲྀᢅࡀࠊ㠀ᒃఫ⪅ࡢ㈚ᡭ࡟ᑐࡋ࡚ࡢࡳ㐺⏝ࡉࢀࡿሙྜ࡟ࡣࠊ↓ᕪูྲྀᢅ࡟཯ࡍࡿࡓࡵࠊ
para. 4 ࡟ࡼࡾ⚗Ṇࡉࢀࡿࠋ
6.

OECD ࣔࢹࣝ᮲⣙ Art 24㸦↓ᕪู᮲㡯㸧para. 5 ࡢࢥ࣓ࣥࢱ࣮ࣜ241മົ⪅̿മᶒ⪅ࡢ㛵ಀ࡟ᇶ࡙ࡃ␗࡞ࡿྲྀᢅ࠸ࡣࠊࡑࢀࡀࠊ
ࠕ㠀ᒃఫ⪅ࡀ௻ᴗࡢ㈨ᮏࢆᡤ᭷ࡋ࡚࠸ࡿ࠿
ྰ࠿ࠖ࡟ᇶ࡙ࡃㄢ⛯ࡢ⤖ᯝ࡛࡞࠸㝈ࡾࠊpara. 5 ࡢᑐ㇟࡜ࡣ࡞ࡽ࡞࠸ࠋ౛࠼ࡤࠊ㐣ᑡ㈨ᮏ⛯ไ࡟ᇶ࡙ࡁࠊᒃఫ⪅࡛࠶ࡿἲேࡀ㠀ᒃఫ⪅࡛࠶ࡿ㛵㐃௻ᴗ࡟ᨭᡶࡗࡓ฼Ꮚࡢ᥍㝖ࡀㄆࡵࡽࢀ࡞࠸ሙྜࠊᙜヱෆᅜἲேࡢ㈨ᮏࢆᡤ᭷ࡋ࡚࠸࡞࠸㠀ᒃఫ⪅ࡢ㛵㐃௻ᴗ࡟ᨭᡶࡗࡓሙྜ࡟ࡶྲྀᢅ࠸ࡀྠࡌ࡞ࡽࠊᙜヱつᐃࡣ para. 5 ࡢ౵ᐖ࡜ࡣ࡞ࡽ࡞࠸ࠋࡋ࠿ࡋ࡞ࡀࡽࠊ㐣ᑡ㈨ᮏ⛯ไࡀᒃఫ⪅࡟ᨭᡶࢃࢀࡓ฼Ꮚ࡜㠀236 See OECD, supra note (232) at 176. ᕝ⏣ ๛࣭ᚨỌ໷Ꮚ࣭๓ᥖὀ㸦233㸧
ࠊ223 㡫ࠋ237 See OECD, supra note (232) at 176. ᕝ⏣ ๛࣭ᚨỌ໷Ꮚ࣭๓ᥖὀ㸦233㸧
ࠊ223 㡫ࠋ
238 See OECD, supra note (232) at 176.

ᕝ⏣ ๛࣭ᚨỌ໷Ꮚ࣭๓ᥖὀ㸦233㸧
ࠊ223 㡫ࠋ239. See OECD, supra note (232) at 279. ᕝ⏣ ๛࣭ᚨỌ໷Ꮚ࣭๓ᥖὀ㸦233㸧
ࠊ403 㡫ࠋ240. See OECD, supra note (232) at 301. ᕝ⏣ ๛࣭ᚨỌ໷Ꮚ࣭๓ᥖὀ㸦233㸧
ࠊ436 㡫ࠋ
241 See OECD, supra note (232) at 302 para. 79.

ᕝ⏣ ๛࣭ᚨỌ໷Ꮚ࣭๓ᥖὀ㸦233㸧
ࠊ438 㡫ࠋ60ᒃఫ⪅࡟ᨭᡶࢃࢀࡓ฼Ꮚࡢᦆ㔠⟬ධ࡟␗࡞ࡿせ௳ࢆㄢࡍሙྜ࡟ࡣࠊpara. 5 ࡛ࡣ࡞ࡃ para. 4 ࡢ౵ᐖ࡟࠶ࡓࡿࠋࡓࡔࡋࠊࡇࡢሙྜࡶࡑࡢ᮲௳ࡀ Art 9 para. 1㸦⊂❧௻ᴗࡢཎ๎㸧ࡲࡓࡣ Art 11 para. 6㸦⊂❧௻ᴗ㛫౯᱁ࢆ㉸࠼ࡿ฼Ꮚᨭᡶ㢠㸧ࡢつᐃ࡜▩┪ࡋ࡞࠸ሙྜ࡟ࡣpara. 4ࡢ౵ᐖ࡟ࡣ࡞ࡽ࡞࠸ࠋ
ࡲࡓࠊࡑࡢ㈨ᮏࡀ㠀ᒃఫ⪅࡟ᡤ᭷ࡉࢀ࡚࠸ࡿ௻ᴗ࡟ࡢࡳ࡟㐣ᑡ㈨ᮏ⛯ไࡀ㐺⏝ࡉࢀࡿሙྜ࡛ࡶࠊᙜ
ヱ⛯ไ࡟ᇶ࡙ࡃㄪᩚࡀࠊArt 9 para.1 ࡲࡓࡣ Art 11 para.6 ࡢつᐃ࡜▩┪ࡋ࡞࠸࡞ࡽࡤࠊpara. 5 ࢆ౵ᐖࡍࡿ࡜ࡣࡳ࡞ࡉࢀ࡞࠸ࠋ
7.

OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 25㸦┦஫༠㆟ᡭ⥆ࡁ㸧paragraphs 1 and 2 ࡢࢥ࣓ࣥࢱ࣮ࣜ242

para.1 ࡛ࠊ᮲⣙ࡢつᐃ࡟㐺ྜࡋ࡞࠸ㄢ⛯ࢆཷࡅཪࡣཷྲྀࡿࡇ࡜࡟࡞ࡿ࡜ㄆࡵࡽࢀࡿ⪅ࡣࠊ⮬ᕫࡀᒃఫ⪅࡛࠶ࡿ⥾⣙ᅜࡢᶒ㝈࠶ࡿᙜᒁ࡟ᑐࡋ࡚┦஫༠㆟ࡢ⏦ࡋ❧࡚ࡀ࡛ࡁࡿ࡜つᐃࡋ࡚࠸ࡿࠋࡇࡢ⏦ࡋ❧࡚ཷࡅ࡚ࠊpara. 2 ࡛ࠊᶒ㝈࠶ࡿᙜᒁࡣࠊ௚᪉ࡢ⥾⣙ᅜࡢᶒ㝈࠶ࡿᙜᒁ࡜ࡢྜព࡟ࡼࡗ࡚ᙜヱ஦᱌ࢆゎỴࡍࡿࡼ࠺ດࡵࡿࡇ࡜ࢆつᐃࡋ࡚࠸ࡿࠋ ࡇࡢ༠㆟ᡭ⥆ࡁࡣࠊᅜෆἲ࡟つᐃࡍࡿᩆ῭ᡭ⥆ࡁ࡜ࡣู࡟ࠊㄆࡵࡽࢀ࡚࠸ࡿࠋከࡃࡢ OECD ຍ┕ᅜ࡟࠾࠸࡚ࠊ⣡⛯⪅ࡣࠊ┤᥋ཪࡣ␗㆟⏦ࡋ❧࡚ࡀ༷ୗࡉࢀࡓᚋ࡟⛒⛯⿢ุᡤ࡟ッゴࢆᥦ㉳࡛ࡁࡿࡇ࡜࡜ࡉࢀ࡚࠸ࡿࠋࡲࡓࠊ୧⥾⣙ᅜࡢㄗࡗࡓ᮲⣙ࡢ㐺⏝࠿ࡽ⛒⛯᮲⣙࡟㐺ྜࡋ࡞࠸ㄢ⛯ࡀ⏕ࡌࡓሙྜ࡟ࡶࠊ⣡⛯⪅ࡣࠊཎ๎࡜ࡋ࡚୧ᅜ࡛ッゴࢆᥦ㉳ࡍࡿ࡞࡝࡟ࡼࡗ࡚ᩆ῭ࢆồࡵࡿࡇ࡜࡟࡞ࡿࠋ ┦஫༠㆟ᡭ⥆ࡁࡣࠊᅜෆἲࡢᯟእ࡟࠶ࡿ≉ู࡞ᡭ⥆ࡁ࡛࠶ࡿࡓࡵࠊ
ࡇࡢᡭ⥆ࡁࡀⓎືࡉࢀࡿࡢࡣࠊ᮲⣙ࡢつᐃ࡟཯ࡋ࡚⛒⛯ࢆㄢࡉࢀࠊཪࡣㄢࡉࢀࡼ࠺࡜ࡋ࡚࠸ࡿሙྜ࡟㝈ࡽࢀࡿࠋࡋࡓࡀࡗ࡚ࠊ⛒⛯᮲⣙ཬࡧᅜෆἲࡢ཮᪉࡟཯ࡋ࡚ㄢ⛯ࡀ⾜ࢃࢀࡓሙྜ࡟ࡣࠊ୙ᙜ࡟㐺⏝ࡉࢀࡓ⛒⛯᮲⣙ࡢつᐃ࡜ᅜෆἲࡢつᐃࡢ㛫࡟㛵㐃ࡀ࡞ࡅࢀࡤࠊ⛒⛯᮲⣙࡟཯ࡋ࡚⾜ࢃࢀࡓㄢ⛯ࡢࡳࡀࠊ┦஫༠㆟ᡭ⥆ࡁࡢᑐ㇟࡜࡞ࡿࠋ ᐇ㝿࡟┦஫༠㆟ᡭ⥆ࡁࡢᑐ㇟࡜࡞ࡗ࡚࠸ࡿ஦౛ࡣࠊ஧㔜ㄢ⛯ࢆᘬࡁ㉳ࡇࡍᥐ⨨࡟㛵ࡍࡿࡶࡢࡀ࡯
࡜ࢇ࡝࡛࠶ࡿࠋ㐣ᑡ㈨ᮏ⛯ไ࡟ಀࡿ஦౛࡜ࡋ࡚ࡣࠊArt 9 ཪࡣ Art 11 para. 6 ࡢ᮲⣙ࡢつᐃ࡟ྜ⮴ࡋ࡚ࠊമົ⪅ࡢᒃఫᆅᅜࡀ฼Ꮚࢆ㓄ᙜ࡜ྲྀᢅ࠺ሙྜ࡛࠶ࡿࠋ
➨4⠇㐣ᑡ㈨ᮏ⛯ไࡢ㢮ᆺ

1.

ಶูつไ᪉ᘧಶูつไ᪉ᘧ࡜ࡣࠊἲேࡀ⾜࠺ಶูࡢ೉ධ࡟╔┠ࡋࠊᙜヱ೉ධࡀࡑࡢㅖ᮲௳㸦฼ᡶ࠸ࡢ᮲௳ࠊ฼⋡ࠊ
ࣜࢫࢡ㈇ᢸࠊ೉ࡾᡭࡢ㈈ົ≧ἣ➼㸧࡟↷ࡽࡋ࡚㈚௜ࢆฟ㈨࡜ࡳ࡞ࡉࢀࡿ࠿࡝࠺࠿ࢆุ᩿ࡍࡿࡶࡢ࡛
࠶ࡿ243ࠋ ྜྷᕝಖᘯ࣭ᒾᮏὒ୍ᩍᤵࡣࠊࡇࡢࢱ࢖ࣉࡢၥ㢟Ⅼࡣ฼⋡࡞࡝ࡢㅖ᮲௳࡟㋃ࡳ㎸ࡴࡓࡵ⛣㌿౯᱁⛯ไ࡜ࡢ༊ศ࡟࠶ࡾࠊࡉࡽ࡟ᇶ‽ࡢ᭕᫕ࡉࡶຍࢃࡾᐇົୖ㐺⏝ࡀ㞴ࡋ࠸࡜࠸࠺ၥ㢟ࡶ࠶ࡿ244࡜㏙࡭ࡽ
ࢀ࡚࠸ࡿࠋಶูつไ᪉ᘧࢆ᥇⏝ࡋ࡚࠸ࡿᅜࡢ௦⾲࡜ࡋ࡚࢔࣓ࣜ࢝ࡀ࠶ࡿࠋ➨ 2 ❶࡛ࡳࡓࡼ࠺࡟ࠊ࢔
࣓ࣜ࢝ෆᅜṓධἲ඾§385(b)ࡢ᮲௳ࡢㄆᐃ࡟࠾࠸࡚ᐇົୖࡢᅔ㞴ᛶࡀ࠶ࡾࠊᢳ㇟ⓗ࡞⌮ㄽ࡜ࡋ࡚ࡣ㤳⫯ࡋᚓ࡚ࡶᇳ⾜ୖᶵ⬟ࡏࡎ245ࠊ1989 ᖺࡢ⛯ไᨵṇ࡟ࡼࡾ§163(j)ࡀᑟධࡉࢀࡿࡇ࡜࡜࡞ࡗࡓ࡜࠸࠺
⤒⦋ࡶ࠶ࡿ246ࡼ࠺࡟ࠊ୍ࡘࡢ⩏ົ㸦࢜ࣈࣜࢤ࣮ࢩࣙࣥ㸧ࡢᛶ᱁ศ㢮ࢆ࠾ࡇ࡞࠺࡜ࡁ࡟ࠊࡑࡢศ㢮ࡀἲᙧែ࡝࠾ࡾ࡟ㄆࡵࡽࢀࡿࡢ࠿ࠊࡑࢀ࡜ࡶఱࡽ࠿ࡢᐇែ࡟ࡼࡗุ࡚ᐃࡉࢀࡿࡢ࠿ࡀศᒱⅬ࡜࡞ࡾࠊ
242 See OECD, supra note (232) at 306. ᕝ⏣ ๛࣭ᚨỌ໷Ꮚ࣭๓ᥖὀ㸦233㸧
ࠊ445 – 446 㡫ࠋ
243 ࠗᖹᡂ 4 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
㸦ᅜ⛯ᗇࠊ1992㸧194 㡫ࠋྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧ࠊ

118 㡫ࠋ
244 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧
ࠊ118 㡫ࠋ245 ᮏㄽᩥ➨ 2 ❶➨ 2 ⠇ 2 ࠾ࡼࡧ➨ 2 ❶➨ 2 ⠇ 3 ཧ↷ࠋ
246 ᮏㄽᩥ➨ 2 ❶➨ 3 ⠇ 1 ࠾ࡼࡧ➨ 2 ❶➨ 3 ⠇ 2 ཧ↷ࠋ61ᐇែุ࡛᩿ࡋࡼ࠺࡜ࡍࡿ࡜࠸࠿࡞ࡿᇶ‽ุ࡛᩿ࡍࡿࡢ࠿ࡀ㠀ᖖ࡟኱ࡁ࡞ၥ㢟࡜࡞ࡿ247ࠋ§163(j)ࡣࠊ
§385࡟ࡼࡿᐇ㉁ᇶ‽ุ࡛᩿࡛ࡁ࡞࠸ྲྀᘬ࡟ᑐࡋ୍࡚ᐃ㝈ᗘࢆ㉸࠼ࡿ㈇മ࡟㉳ᅉࡍࡿᨭᡶ฼Ꮚ࡟ࡘ࠸
࡚ࡑࡢ฼Ꮚ࡜ࡋ࡚ࡢᛶ᱁ࢆྰㄆࡋᡤᚓィ⟬ୖ᥍㝖ࢆྰㄆࡍࡿࡶࡢ࡛࠶ࡿ248ࠋࡇࡇ࡟࠾࠸࡚ࠊ࢔࣓ࣜ
࢝ࡣࠊಶูつไ᪉ᘧࢆi385 ࠾ࡼࡧุ౛ἲ࡟ࡋࡓࡀ࠸ࠊ㐺⏝ࡍࡿࡶࡢࡢࠊࡑࡇ࡛ㄆᐃࡋᚓ࡞࠸ࡶࡢ
࡟ࡘ࠸࡚ࡣࠊ᭱⤊ⓗ࡟⥲㔞つไ᪉ᘧ࡛࠶ࡿi163(j)࡟࠾࠸࡚⾜࠺࡜࠸࠺᪉ᘧࢆ࡜ࡿࡇ࡜࡜࡞ࡿ249ࠋ
ࡇࡢࢱ࢖ࣉࡢ⛯ไࡢၥ㢟Ⅼ࡜ࡋ࡚ࠊྜྷᕝಖᘯ࣭ᒾᮏὒ୍ᩍᤵࡣࠊ฼⋡࡞࡝ࡢㅖ᮲௳࡟㋃ࡳ㎸ࡴࡇ࡜࠿ࡽ⛣㌿౯᱁⛯ไ࡜ࡢ༊ศ࡜࠸࠺ၥ㢟ࡀ࠶ࡿࡇ࡜ࠊ࠾ࡼࡧࠊ⩚ᗋṇ⚽Ặࡣࠊಶูつไ᪉ᘧ࡟࠾࠸࡚
ࡣࠊಶูࢣ࣮ࢫࡈ࡜࡟඲యⓗ࡞ၟᴗάືࡢほᐹ࡜≉ู࡞஦ᐇࡸ᮲௳ࢆ⥲ྜⓗ࡟຺᱌ࡋ࡚ᨭᡶࡢᛶ᱁
ࢆุ᩿ࡍࡿࡇ࡜࡟࡞ࡿࡀࠊࡑࡢሙྜࡣࠊ⊂❧௻ᴗཎ๎࡟๎ࡋ࡚⪃࠼࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࡇ࡜࠿ࡽุ᩿
ᇶ‽ࡀ᭕᫕࡟࡞ࡽࡊࡿࢆᚓ࡞࠸࡜࠸࠺ၥ㢟ࡀ࠶ࡿࡇ࡜ࢆᣦ᦬ࡉࢀ࡚࠸ࡿ250ࠋ
2.

⥲㔞つไ᪉ᘧ ⥲㔞つไ᪉ᘧࡣࠊ㈨ᮏ࣭㈇മẚ⋡ࡀ୍ᐃࡢᇶ‽ࢆ㉸࠼࡚࠸ࡿሙྜ࡟࠾࠸࡚ᨭᡶ฼Ꮚࡢᦆ㔠⟬ධࢆྰㄆࡍࡿ᪉ᘧ࡛࠶ࡾࠊᙜヱ୍ᐃࡢᇶ‽ẚ⋡࡜ࡋ࡚ࡣ୍⯡ⓗ࡞ᕷሙ࡟࠾ࡅࡿẚ⋡ࢆ᥇⏝ࡍࡿࡇ࡜࡟࡞
ࡿ࡛࠶ࢁ࠺࡜⩚ᗋẶࡣ㏙࡭ࡽࢀࠊࡇࡢẚ⋡ࢆᐇែ࡜࠿ࡅ㞳ࢀ࡚タᐃࡋ࡞࠸ࡇ࡜ࠊࡲࡓࠊẚ⋡ࢆࢭ࣮ࣇ࣭ࣁ࣮ࣂ࣮࡜ࡋ࡚᥇⏝ࡍࡿሙྜࡣࠊࡑࡢ௻ᴗࡣ⮬♫ࡢ㈨ᮏ࣭㈇മẚ⋡ࢆ⊂❧௻ᴗཎ๎࡟ࡋࡓࡀࡗ
࡚❧ドࡍࢀࡤㄢ⛯ୖၥ㢟ࡣ㉳ࡇࡽ࡞࠸ࡀࠊ❧ド㈐௵ࢆ㈇࠺ࡇ࡜ࡣ኱ࡁ࡞㈇ᢸ࡜࡞ࡿࡓࡵࠊࢭ࣮ࣇ࣭
ࣁ࣮ࣂ࣮࡛࠶ࡿ㈨ᮏ࣭㈇മẚ⋡ࢆ㧗ࡵ࡟タᐃࡋ࡚࠾ࡁ⣡⛯⪅ࡀࡑࡢ௚ࡢ᪉ἲࢆ㑅ᢥ࡛ࡁࡿ㓄៖ࡀ࡞ࡉࢀࡿࡼ࠺࡟ࡋ࡚࠾ࡃ࡭ࡁ࡛࠶ࢁ࠺ࡇ࡜ࠊࡲࡓࠊప࠸㈨ᮏ࣭㈇മẚ⋡ࢆタᐃࡋࡓሙྜ⊂❧௻ᴗཎ๎࡜஋㞳ࡍࡿᜍࢀࡀ࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ251ࠋ
3.

ಶูつไ᪉ᘧ v. ⥲㔞つไ᪉ᘧྜྷᕝಖᘯ࣭ᒾᮏὒ୍୧ᩍᤵࡣࠊಶูつไ᪉ᘧ࡛࠶ࡿ࡭ࡁ࠿⥲㔞つไ᪉ᘧ࡛࠶ࡿ࡭ࡁ࠿࡜࠸࠺㑅ᢥࡢၥ㢟ࡣࠊ⛯ไࡢ⡆⣲࡜බᖹࡢᆒ⾮࡟ᖐ╔ࡍࡿࡢ࡛ࡣ࡞࠸࠿࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋࡑࡢ⌮⏤࡜ࡋ࡚ࠊᐇ⾜ྍ⬟ᛶࡸ⣡⛯⪅ࡢண ྍ⬟ᛶࢆ㧗ࡵࡿ࡜ࡍࢀࡤࠊ┦ᙜࡢ๭ษࡾࢆධࢀࡓ⡆⣲࡞ไᗘ࡟࡞ࡽࡊࡿࢆ
ᚓ࡞࠸࡛࠶ࢁ࠺ࡋࠊ➨୕⪅࡛࠶ࡿ⣡⛯⪅࡜ࡢබᖹᛶࢆ㔜ࢇࡌࢀࡤࠊ⌮ㄽⓗ࡟⢭⦓࡞ไᗘ࡜࡞ࡽࡊࡿ
ࢆᚓ࡞࠸ࡀࠊࡑࢀ࡟ࡼࡾ」㞧࡞ᐇຠᛶࡢஈࡋ࠸ࡶࡢ࡜࡞ࡽࡊࡿࢆᚓ࡞࠸ࡇ࡜ࠊࡲࡓࠊಶูつไ᪉ᘧࡢ᳨ウ᪉ἲࡣ⊂❧௻ᴗཎ๎࡟๎ࡗࡓࡶࡢ࡜࠸࠼ࠊࡑࡢほⅬ࠿ࡽࡣಶูつไ᪉ᘧࡀⰋ࠸࡜࠸࠼ࡿࡀࠊ
௻ᴗ࡟࡜ࡗ࡚ࡢ➨୕⪅᝟ሗࡢධᡭᅔ㞴ᗘ⮬୺⏦࿌ࢆ࠸࠿࡟ᢸಖࡍࡿ࡭ࡁ࡞ࡢ࠿࡜࠸࠺Ⅼࡀṧࡾࠊ୍᪉⥲㔞つไ᪉ᘧ࡟࠾࠸࡚ࡣࠊఱಸࡀⰋ࠸ࡢ࠿࡜࠸࠺ᙧᘧᇶ‽ࡑࡢࡶࡢࡢၥ㢟ࠊ➨୕⪅࡛࠶ࡿ⣡⛯⪅࡜ࡢ㛵ಀ࠿ࡽ᭷฼࡟ྲྀࡾᢅࢃࢀ࡚࠸࡞࠸ࡢ࠿࡝࠺࠿࡜࠸࠺ၥ㢟ࡶ㔜せ࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ252ࠋ ࠗᖹᡂ 18 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘࡟ࡼࢀࡤࠊ
ࠕ͐ㅖእᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡟ࡣࠊ㈇മࡢෆᐜ➼ࢆ⪃៖ࡋ࡚ಶู࡟ᑐᛂࡍࡿࡶࡢ࡜ࠊࢃࡀᅜࡢࡼ࠺࡟⥲㔞࡛つไࡍࡿࡶࡢࡀ࠶ࡾࡲࡍࡀࠊಶูࡢุᐃ࡟
࠾࠸࡚ࡣ㠀ᖖ࡟ᅔ㞴ࡀక࠺ࡓࡵࠊࢃࡀᅜ࡛ࡣ⥲㔞࡛つไࡍࡿ௙⤌ࡳࡀ᥇ࡽࢀ࡚࠸ࡲࡍ253ࠖ࡜グࡉࢀ࡚࠸ࡿࡼ࠺࡟ࠊࢃࡀᅜ࡟࠾࠸࡚ࡣࠊᇳ⾜ࡢຠ⋡ᛶࡢほⅬ࠿ࡽ⥲㔞つไ᪉ᘧࡀ᥇ࡽࢀ࡚࠸ࡿࠋ ࡛ࡣࠊ࠸ࡎࢀࡢ᪉ᘧࡀⰋ࠸ࡢ࠿ࠊ࡜࠸࠺㆟ㄽ࡟ࡘ࠸࡚ࡣࠊ௨ୗ࡟࠾࠸࡚ᚎࠎ࡟᳨ウࡋ࡚࠸ࡃࡀࠊ
247 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ137 㡫ࠋ
248 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧
ࠊ118 㡫ࠋ249 ➨ 2 ❶➨ 3 ⠇ 3 ཧ↷ࠋ
250 ⩚ᗋṇ⚽࣭๓ᥖὀ㸦230㸧
ࠊ164 㡫ࠋ251 ⩚ᗋṇ⚽࣭๓ᥖὀ㸦230㸧
ࠊ164 㡫ࠋ
252 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧
ࠊ120 㡫ࠋ
253 ࠗᖹᡂ 18 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
㸦኱ⶶ㈈ົ༠఍ࠊ2006㸧456 㡫ࠋ62ᑡ࡞ࡃ࡜ࡶ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣࠊಶูつไ᪉ᘧࡔࡅ࡛ࡣᑐฎࡀ୙ྍ⬟࡜ุ᩿ࡋࡓࡓࡵࠊᐃ㔞ⓗ࡞つไ࡛࠶ࡿi163(j)࡜࠸࠺࣓࢝ࢽ࢝ࣝ࡞つᐃࢆᅜෆἲ࡟ᐃࡵࡓࠋࡲࡓࠊࢻ࢖ࢶࡶ࠿ࡘ࡚ࡣಶูつไ᪉ᘧࡀ᥇ࡽࢀ࡚࠸ࡓ254ࡀᗄከࡢኚ㑄ࢆ⤒࡚ࠊ2008 ᖺᗘ⛯ไᨵṇ࡟ࡼࡾࠊ㈈ົㅖ⾲ࢆᇶ࡟ࡋࡓᐃ㔞ⓗ࡞つไ᪉ᘧ࡜࡞ࡗࡓ255ࠋࡲࡓ࢖ࢠࣜࢫ࡟࠾࠸࡚ࡣࠊ2004 ᖺ 4 ᭶ 1 ᪥ࡼࡾ㐣ᑡ㈨ᮏ⛯ไࡣᣑᙇ⛣㌿౯᱁⛯ไ࡟྾཰ࡉࢀࡿᙧ࡜࡞ࡾ⛣㌿౯᱁ࡢၥ㢟࡜ࡋ࡚つไࢆཷࡅࡿࡇ࡜࡜࡞ࡗࡓ256ࠋ➨5⠇ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไ

1.

๰タࡢ⫼ᬒ࡜ᴫせ(1)⫼ᬒ ྜྷᕝಖᘯ࣭ᒾᮏὒ୍ᩍᤵࡣࠊࢃࡀᅜ࡟࠾࠸࡚ࡣࠊ௻ᴗࡢ㈨㔠ㄪ㐩ࡀ㛗࠸㛫ࠊ࣓࢖ࣥࣂࣥࢡ࡟ࡼࡿ
⼥㈨࡟౫Ꮡࡋ࡚ࡁࡓࡓࡵࠊ⮬ᕫ㈨ᮏẚ⋡ࡀᴟࡵ࡚ప࠸≧ἣࡀᖖែ࡜ࡉࢀ࡚ࡁ࡚࠾ࡾࠊ㐣ᑡ㈨ᮏ࡜࠸
࠺ၥ㢟࡟ᑐࡋ࡚཯ᛂࡀ㕌࠿ࡗࡓࡀࠊ㐣ᑡ㈨ᮏࢆ฼⏝ࡋࡓ⛒⛯ᅇ㑊࡟ᑐࡍࡿㄢ⛯ࡣᅜእࡢㄢ⛯ᙜᒁࡢ㛵ᚰ஦࡜࡞ࡗ࡚࠸ࡓ࡜㏙࡭ࡽࢀࡓ࠺࠼࡛ࠊእ㈨⣔௻ᴗ࡟ࡼࡿᑐ᪥┤᥋ᢞ㈨ࡀ╔ᐇ࡟ቑຍࡋ㐣ᑡ㈨ᮏ
ࢆ㜵Ṇࡍࡿᚲせࡀ㧗ࡲࡾࠊㅖእᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡢᩚഛࡸ OECD ࡛ࡢ㆟ㄽ➼ࢆ㋃ࡲ࠼ᅜ㝿ⓗ࡞ไᗘ࡛࠶ࡿ㐣ᑡ㈨ᮏ⛯ไࢆࢃࡀᅜ࡛ࡶᖹᡂ 4 ᖺ࡟ᑟධࡍࡿࡇ࡜࡜࡞ࡗࡓ257࡜⤒⦋ࢆグࡉࢀ࡚࠸ࡿࠋ እ㈨⣔௻ᴗ࡟ࡼࡿᑐ᪥┤᥋ᢞ㈨࡟ࡼࡾࠊࢃࡀᅜ࡟Ꮚἲேࢆタ⨨ࡋࠊᅾ᪥Ꮚἲே࡟ᑐࡍࡿฟ㈨ࢆᑡ
࡞ࡵ࡟ࡋࠊࡑࡢศ㈚௜ࢆከࡃࡍࢀࡤࠊࢃࡀᅜࡢἲே⛯ἲࡢࢩࢫࢸ࣒࡟ࡼࡾࠊᅾ᪥Ꮚἲேࡢᡤᚓ࡟ᑐ
ࡍࡿㄢ⛯ୖࠊฟ㈨࡟ᑐࡍࡿ㓄ᙜࡣᦆ㔠࡜ࡋ࡚᥍㝖ࡉࢀ࡞࠸ࡀࠊ㈚௜࡟ᑐࡍࡿᨭᡶ฼Ꮚࡣᦆ㔠࡜ࡋ࡚᥍㝖ࡉࢀࡿࡢ࡛ࠊ
ࢃࡀᅜࡢἲே⛯ࡀῶᑡࡍࡿࡇ࡜࡟࡞ࡿࠋ
ࡇࡢࡼ࠺࡞ᾏእ㛵㐃௻ᴗ࡜ࡢ㛫࡟࠾࠸࡚ࠊ
ฟ㈨࡟௦࠼࡚㈚௜ࢆከࡃࡍࡿࡇ࡜࡟ࡼࡿ⛯㈇ᢸࡢ㍍ῶࢆ㜵Ṇࡍࡿࡓࡵ࡟ࠊ୍ᐃ๭ྜࢆ㉸࠼ࡿᨭᡶ฼
Ꮚࡢᦆ㔠⟬ධࢆㄆࡵ࡞࠸࡜ࡋࡓไᗘࡀࠊᖹᡂ 4 ᖺᗘ࡟๰タࡉࢀࡓ㐣ᑡ㈨ᮏ⛯ไ࡛࠶ࡿ࡜ᮏᗉ㈨ᩍᤵ
ࡣㄝ᫂ࡉࢀ࡚࠸ࡿ258ࠋ
(2)

ᴫせ259

 ࢃࡀᅜࡢἲேࡀࠕᅜእᨭ㓄ᰴ୺➼㸦࠾ࡼࡧ㈨㔠౪୚⪅➼㸧
ࠖ࡟ࠕ㈇മࡢ฼Ꮚ➼ࠖࢆᨭᡶ࠺ሙྜࠊྛ
஦ᴗᖺᗘ࡟࠾ࡅࡿᅜእᨭ㓄ᰴ୺➼㸦࠾ࡼࡧ㈨㔠౪୚⪅➼㸧࡟ᑐࡍࡿ㈇മࡢࠕᖹᆒ㈇മṧ㧗ࠖࡀࠊࠕᅜእᨭ㓄ᰴ୺➼ࡢ㈨ᮏᣢศࠖࡢ 3 ಸࢆ㉸࠼ࡿሙྜ࡟ࡣࠊ
ࠕᅜእᨭ㓄ᰴ୺➼㸦࠾ࡼࡧ㈨㔠౪୚⪅➼㸧ࠖ࡟ᨭᡶ࠺㈇മࡢ฼Ꮚ➼ࡢ㢠ࡢ࠺ࡕࠊࡑࡢ㉸࠼ࡿ㒊ศ࡟ᑐᛂࡍࡿ㔠㢠ࡣࠊᦆ㔠⟬ධࡀㄆࡵࡽࢀ࡞࠸ࠋ ࡇࡢࡼ࠺࡞ᙧᘧⓗ࡞ᇶ‽࡟ࡼࡗ࡚ᨭᡶ฼Ꮚࡢᦆ㔠⟬ධࢆྰㄆࡍࡿ௙⤌ࡳ࡛࠶ࡿࡓࡵࠊ⥲ྜⓗ࡞どⅬ࠿ࡽ⦆࿴ࡢつᐃࡀタࡅࡽࢀ࡚࠾ࡾࠊϸ㸧ᅜእᨭ㓄ᰴ୺➼௨እࡢᰴ୺࠿ࡽཷࡅධࢀࡓ㈨ᮏࡶ⪃៖ࡋࡼ࠺࡜ࡍࡿ⪃࠼᪉࠿ࡽࠊᙜヱἲேࡢ⥲฼௜㈇മࡢᖹᆒ㈇മṧ㧗ࡀ⮬ᕫ㈨ᮏࡢ㢠ࡢ 3 ಸ࡟┦ᙜࡍࡿ㔠㢠௨ୗ࡛࠶ࡿሙྜ࡟ࡣ㐣ᑡ㈨ᮏ⛯ไࢆ㐺⏝ࡋ࡞࠸࡜ࡍࡿࡶࡢ࡛࠶ࡾ㸦ᥐἲ 66 ࡢ 5 ᚋẁ㸧ࠊϹ㸧ྛᴗ✀ࡢᐇ᝟ࢆ㓄៖࡟ධࢀࡿ࡜࠸࠺⪃࠼᪉࠿ࡽࠊ3 ಸ࡜࠸࠺ẚ⋡࡟௦࠼࡚ྠ✀ࡢ஦ᴗ࡛஦ᴗつᶍ➼ࡢ≧ἣࡀ㢮ఝࡍࡿ௚ࡢෆᅜἲேࡢᐇ㝿ࡢẚ⋡ࢆ⏝࠸ࡿࡇ࡜ࡀ࡛ࡁࡿ࡜ࡍࡿࡶࡢ࡛࠶ࡾ㸦ᥐἲ 66 ࡢ 5ճࠊ
ᥐ௧ 39 ࡢ 13պ㸧ࠊϺ㸧೉ධ࡜㈚௜ࡢᑐᛂ㛵ಀࡀ᫂☜࡛⛒⛯ᅇ㑊ࡢၥ㢟ࡀ⏕ࡌ࡞࠸ࡶࡢ࡟ᑐᛂࡍࡿ⪃࠼᪉࠿ࡽࠊ≉ᐃമๆ⌧ඛྲྀᘬ➼࡟ಀࡿ㈇മࡀ࠶ࡿ࡜ࡁࡣࠊࡇࡢ≉ᐃമๆ⌧ඛྲྀᘬ࡟ಀࡿ㈇മࡢᖹᆒ
254 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧
ࠊ118 㡫ࠋ255 ࢻ࢖ࢶ Zinsschranke (§4h EStG, §8a KStG)࡟ࡘ࠸࡚ࡣ➨ 4 ❶࡟࠾࠸࡚ヲ㏙ࡍࡿࠋ
256 See IBFD, EUROPEAN TAX HANDBOOK 2009 (IBFD 2009) at 879.

ࠋ

257 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧
ࠊ83 㡫
258 ᮏᗉ㈨࣭๓ᥖὀ㸦220㸧
ࠊ431 – 432 㡫ࠋ

259 ௨ୗ(2)ᴫせ࡟ࡘ࠸࡚ࡣࠊᮏᗉ㈨࣭⸨஭ಖ᠇ࠗἲே⛯ἲ࠙ᐇົ࡜⌮ㄽࠚ࠘㸦ᘯᩥᇽࠊ2008㸧316 㡫௨ୗ࡟ࡋࡓࡀ࠺ࠋ
63

㈇മṧ㧗ࢆไᗘࡢ㐺⏝ᑐ㇟࡜࡞ࡿࠕᖹᆒ㈇മṧ㧗ࠖ࠿ࡽ᥍㝖ࡋࡓୖࠊಸ⋡ࢆ 3 ಸ࡛࡞ࡃ 2 ಸ࡟ࡍࡿ࡜ࡍࡿࡶࡢ࡛࠶ࡿ㸦ᥐἲ 66 ࡢ 5 2 㡯ࠊ9 㡯ࠊᥐ௧ 39 ࡢ 13 5 㡯ࠊ6 㡯ࠊ7 㡯ࠊ8 㡯ࠊ9 㡯㸧ࠋ 㐣ᑡ㈨ᮏ⛯ไࡣࠊ㐃⤖ἲே࡟ࡘ࠸࡚ࡶࠊ㐃⤖ἲேࡢᅜእᨭ㓄ᰴ୺➼࡟ಀࡿ㈇മࡢ฼Ꮚ➼ࡢㄢ⛯ࡢ≉౛࡜ࡋ࡚ࠊྠᵝ࡟㐺⏝ࡉࢀࡿ㸦ᥐἲ 68 ᮲ࡢ 89ࠊᥐ௧ 39 ᮲ࡢ 113㸧ࠋ ࡞࠾ࠊࡇࡢ㐣ᑡ㈨ᮏ࡟㛵ࡍࡿつᐃࡣࠊᅜෆ࡟࠾࠸࡚஦ᴗࢆ⾜࠺እᅜἲேࡀᨭᡶ࠺㈇മࡢ฼Ꮚ➼㸦ᅜෆ࡟࠾࠸࡚⾜࠺஦ᴗ࡟࠿࠿ࡿࡶࡢ࡟㝈ࡿ㸧࡟ࡘ࠸࡚ࡶ‽⏝ࡉࢀࡿ㸦ᥐἲ 66 ࡢ 5 10 㡯㸧ࠋእᅜἲே࡟ᑐࡍࡿつᐃࡢ‽⏝࡟ࡘ࠸࡚ࡣࠊㄞ᭰つᐃࡀタࡅࡽࢀ࡚࠸ࡿ㸦ᥐ௧ 39 ࡢ 13 29 㡯㸧ࠋ Ṋ⏣ᫀ㍜ᩍᤵࡣࠊ㐣ᑡ㈨ᮏ⛯ไ࡟ࡘ࠸࡚ࠊ
ࠕእᅜ௻ᴗ➼࡟ࡼࡾᨭ㓄ࡉࢀ࡚࠸ࡿෆᅜἲேࡢ㈨ᮏࢆ≉࡟㐣ᑡ࡞ࡶࡢ࡜ࡋࠊࡑࡢ㐣ᑡศࡣࠊࡑࡢእᅜࡢ௻ᴗ➼࠿ࡽࡢ೉ධ㔠࡛㈥࠺ࡇ࡜࡜ࡍࡿ࡜ࠊࡑࡢᨭᡶ
฼Ꮚࡣእᅜ࡬ᨭᡶࢃࢀ࡚࠸ࡿࡢ࡛ࠊ※Ἠㄢ⛯ࡢࡳ࡛ᡃࡀᅜࡢㄢ⛯ࡣ࡞࠸ࠋࡑࡇ࡛ࠊࡑࡢ೉ධ㔠ࡢ฼Ꮚࡣࠊ࠸ࢃࡤ㓄ᙜ࡜ࡳ࡚ᦆ㔠୙⟬ධ࡜ࡍࡿࡶࡢ࡛࠶ࡿࠋእᅜ࠿ࡽࡢ೉ධ㔠฼Ꮚ࡜ᙜヱෆᅜἲேࡢ㐣
ᑡ㈨ᮏ࡜࠸࠺Ⅼࢆ⤡ࡲࡏࡓ⛯ไ࡛࠶ࡿࠋࡑࡢ฼Ꮚࡀࠊෆᅜἲே࡛ࡣᦆ㔠⟬ධࡉࢀ࡚࠸ࡿࡢ࡟ࠊࡑࡢ
฼Ꮚ࡟ࡘ࠸࡚ࡣᅜෆ࡛ㄢ⛯࡛ࡁ࡞࠸࡜࠸࠺ࡇ࡜ࢆ㜵Ṇࡍࡿ⛯ไ࡛࠶ࡿ260ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ
2.

ᖹᡂ 18 ᖺᗘᨵṇձᑐ㇟࡜࡞ࡿ㈇മཬࡧ㈇മࡢ฼Ꮚ➼ࡢ㏣ຍ㸦ᥐἲ 66 ᮲ࡢ 5մ஧ࠥᅄࠊᥐ௧ 39 ࡢ 13սࠥր㸧

࢖.

ᨵṇࡢ㊃᪨261

ᖹᡂ 4 ᖺᗘᑟධ᫬࡟࠾࠸࡚ࡣࠊෆᅜἲேࡀᅜእᨭ㓄ᰴ୺➼࠿ࡽ┤᥋࡟౪୚ࡉࢀࡓ㈨㔠࡟ಀࡿ㈇മཬ
ࡧࡑࡢ㈇മࡢ฼Ꮚࡢ࡯࠿ࠊ➨୕⪅ࢆ㏻ࡌ࡚౪୚ࡉࢀࡓ㈨㔠࡟ಀࡿ㈇മཬࡧࡑࡢ㈇മࡢ฼Ꮚ࡟ࡘ࠸࡚
ࡶࠊࡑࡢᑐ㇟࡜ࡉࢀ࡚࠸ࡿࡀࠊෆᅜἲேࡢ㈨㔠ㄪ㐩࡟㛵ࡋ࡚ࠊᅜእᨭ㓄ᰴ୺➼ࡀ㛵୚ࡋ࡚࠸ࡿ࡟ࡶ
㛵ࢃࡽࡎࠊ㐣ᑡ㈨ᮏ⛯ไࡢไᗘࡢ㐺⏝ࢆཷࡅ࡞࠸ࡶࡢࡀぢཷࡅࡽࢀࡿࡇ࡜࠿ࡽࠊᑐ㇟࡜࡞ࡿ㈇മཬ
ࡧ㈇മࡢ฼Ꮚ࡟ࠊ୍ᐃࡢࡶࡢࡀຍ࠼ࡽࢀࡓࠋ
ࣟ.
a.

ᨵṇࡢෆᐜ262
ᑐ㇟࡜࡞ࡿ㈇മ
㸦࢖㸧ෆᅜἲே࡟ಀࡿᅜእᨭ㓄ᰴ୺➼ࡀ➨୕⪅࡟ᑐࡋ࡚മົࡢಖドࢆࡍࡿࡇ࡜࡟ࡼࡾࠊ➨୕⪅ࡀෆᅜἲே࡟ᑐࡋ࡚㈨㔠ࢆ౪୚ࡋࡓ࡜ㄆࡵࡽࢀࡿሙྜ࡟࠾ࡅࡿࡑࡢ㈨㔠࡟ಀࡿ㈇മ
㸦ࣟ㸧ෆᅜἲே࡟ಀࡿᅜእᨭ㓄ᰴ୺➼࠿ࡽࡑࡢෆᅜἲே࡟㈚ࡋ௜ࡅࡽࢀࡓമๆ㸦ᅜእᨭ㓄ᰴ୺➼ࡀෆᅜἲேࡢമົࡢಖドࢆࡍࡿࡇ࡜࡟ࡼࡾࠊ➨୕⪅࠿ࡽࡑࡢෆᅜἲே࡟㈚ࡋ௜ࡅࡽ
ࢀࡓമๆࢆྵࡴࠋ
㸧ࡀ௚ࡢ➨୕⪅࡟ࠊᢸಖ࡜ࡋ࡚ᥦ౪ࡉࢀࠊമๆ⌧ඛྲྀᘬ࡛ㆡΏࡉࢀࠊཪࡣ
⌧㔠ᢸಖ௜മๆ㈚೉ྲྀᘬ࡛㈚ࡋ௜ࡅࡽࢀࡿࡇ࡜࡟ࡼࡾࠊᙜヱ௚ࡢ➨୕⪅ࡀෆᅜἲே࡟ᑐࡋ
࡚㈨㔠ࢆ౪୚ࡋࡓ࡜ㄆࡵࡽࢀࡿሙྜ࡟࠾ࡅࡿࡑࡢ㈨㔠࡟ಀࡿ㈇മ

b.

ᑐ㇟࡜࡞ࡿ㈇മࡢ฼Ꮚཬࡧ㈨㔠ㄪ㐩࡟ಀࡿ㈝⏝㸦࢖㸧ୖグ a㸦࢖㸧ࡢሙྜ࡟࠾࠸࡚ࠊᅜእᨭ㓄ᰴ୺➼࡟ᨭᡶ࠺മົࡢಖドᩱཬࡧ➨୕⪅࡟ᨭᡶ࠺㈇മࡢ฼Ꮚ
㸦ࣟ㸧ୖグ a㸦ࣟ㸧ࡢሙྜ࡟࠾࠸࡚ࠊᅜእᨭ㓄ᰴ୺➼࡟ᨭᡶ࠺മๆࡢ౑⏝ᩱཬࡧമົࡢಖ
ドᩱࠊ➨୕⪅࡟ᨭᡶ࠺മๆࡢ౑⏝ᩱ୪ࡧ࡟௚ࡢ➨୕⪅࡟ᨭᡶ࠺㈇മࡢ฼Ꮚ

260 Ṋ⏣ᫀ㍜ࠕᅜ㝿ㄢ⛯ࡢᴫせ࡜᳨ウ(3)——ᅜእᨭ㓄ᰴ୺➼࡟ಀࡿ㈇മ฼Ꮚ➼ࡢㄢ⛯——ࠖࠗ⛯ົ஦

౛࠘41 ᕳࠊ3 ྕࠊ77 㡫ࠊ77 㡫㸦2009㸧ࠋ
261 ࠕ஧ ᅜእᨭ㓄ᰴ୺➼࡟ಀࡿ㈇മࡢ฼Ꮚࡢㄢ⛯ࡢ≉౛ࠖ
ࠗᖹᡂ 18 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
࣭๓ᥖὀ㸦253㸧
ࠊ455 㡫ࠋ
262 ࠗᖹᡂ 18 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
࣭๓ᥖὀ㸦253㸧
ࠊ455 㡫ࠋ64ղ

೉ධࢀ࡜㈚௜ࡅࡢᑐᛂ㛵ಀࡀ᫂ࡽ࠿࡞മๆ⌧ඛྲྀᘬ➼࡟ಀࡿ㈇മ➼ࡢ᥍㝖㸦ᥐἲ 66 ࡢ 5

2 㡯㸧
࢖.

ᨵṇࡢ㊃᪨263

ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣࠊᅜእᨭ㓄ᰴ୺➼࡟ᑐࡍࡿ㈇മࡀᅜእᨭ㓄ᰴ୺➼࡟ಀࡿ⮬ᕫ㈨ᮏࡢ୍ᐃࡢ
ಸᩘࢆ㉸࠼ࡿሙྜ࡟ࡑࡢ㉸㐣㢠࡟ᑐᛂࡍࡿ㈇മࡢ฼Ꮚࢆᦆ㔠୙⟬ධ࡜ࡍࡿࡇ࡜࡟ࡋ࡚࠸ࡿࠋㅖእᅜ
ࡢ㐣ᑡ㈨ᮏ⛯ไ࡟ࡣࠊ㈇മࡢෆᐜ➼ࢆ⪃៖ࡋ࡚ಶู࡟ᑐᛂࡍࡿࡶࡢ࡜ࠊࢃࡀᅜࡢࡼ࠺࡟⥲㔞࡛つไࡍࡿࡶࡢࡀ࠶ࡿࡀࠊಶูࡢุᐃ࡟࠾࠸࡚ࡣ㠀ᖖ࡟ᅔ㞴ࡀక࠺ࡓࡵࠊࢃࡀᅜ࡛ࡣ⥲㔞つไࡢ௙⤌ࡳࡀ᥇ࡽࢀ࡚࠸ࡿࠋ ࡋ࠿ࡋࠊ㔠⼥ᶵ㛵࡟࠾࠸࡚ࡣࠊ
ࠊᅜእᨭ㓄ᰴ୺➼࠿ࡽമๆ⌧ඛྲྀᘬ➼࡟ࡼࡾ೉ࡾධࢀࡓ㈨㔠ࢆ⮬ࡽࡢ஦ᴗ࡟⏝࠸ࡎ࡟ࠊᅜෆࡢ㔠⼥ᶵ㛵࡟ᑐࡋ࡚㈚ࡋ௜ࡅࡿྲྀᘬࡀ୍⯡࡟⾜ࢃࢀ࡚࠾ࡾࠊᅜእᨭ㓄ᰴ୺➼࡟ಀࡿ⮬ᕫ㈨ᮏࡢಸᩘࡀࠊᮏไᗘ࡛ணᐃࡍࡿಸᩘ㸦3 ಸ㸧ࢆ኱ࡁࡃ㉸࠼ࡿሙྜࡀ࠶ࡿࠋࡑࡇ࡛ࠊ
മๆ⌧ඛྲྀᘬ➼ࡢ࠺ࡕࠊ೉ධ࡜࡜㈚௜ࡅࡢᑐᛂ㛵ಀࡀ᫂ࡽ࠿࡞ࡶࡢ࡟ࡘ࠸࡚ࠊ୍ᐃࡢᥐ⨨ࢆㅮࡎࡿࡇ࡜࡜ࡉࢀࡓࠋ
ࣟ.

ᨵṇࡢෆᐜ264ᅜእᨭ㓄ᰴ୺➼ཬࡧ㈨㔠౪୚⪅➼࡟ᑐࡍࡿ㈇മࡢ࠺ࡕ࡟ࠊ೉ධ࡜㈚௜ࡅࡢᑐᛂ㛵ಀࡀ᫂ࡽ࠿࡞മๆ
⌧ඛྲྀᘬ➼㸦௨ୗࠊࠕ≉ᐃമๆ⌧ඛྲྀᘬ➼ࠖ࡜࠸࠺ࠋ
㸧ࡀ࠶ࡿሙྜ࡟ࡣࠊᅜእᨭ㓄ᰴ୺➼ཬࡧ㈨㔠౪୚⪅➼࡟ᑐࡍࡿ㈇മ୪ࡧ࡟ᅜእᨭ㓄ᰴ୺➼ཬࡧ㈨㔠౪୚⪅➼࡟ᨭᡶ࠺㈇മࡢ฼Ꮚ➼ࡢ㢠࠿ࡽࠊ≉ᐃമๆ⌧ඛྲྀᘬ➼࡟ಀࡿࡶࡢࢆ᥍㝖ࡍࡿࡇ࡜࡜ࡉࢀࡓࠋ
3.

ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡀ⏝࠸࡚࠸ࡿࠕ㈨⏘ࠖࠊ
ࠕ㈇മࠖ
ࠊ
ࠕ㈨ᮏࠖࡢ㛵ಀࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡟࠾ࡅࡿࠕ㈨ᮏࠖ࠾ࡼࡧࠕ㈇മࠖ࡜ࡣఱ࠿࡜࠸࠺ၥ㢟࡛࠶ࡿࡀࠊࡲࡎࠕᖹᆒ㈇മṧ㧗ࠖ㸦ᥐἲ 66 ࡢ 5 4 㡯 4 ྕࠊᥐ௧ 39 ࡢ 13 7 㡯㸧࡟⏝࠸ࡽࢀ࡚࠸ࡿࠕ㈇മࠖ࠾ࡼࡧࠊ
ࠕᅜእᨭ㓄ᰴ୺➼ࡢ㈨ᮏᣢศࠖ
㸦ᥐἲ 66 ࡢ 5 4 㡯 4 ྕ㸧࡟⏝࠸ࡽࢀ࡚࠸ࡿࠕ㈨ᮏᣢศࠖࡀఱࢆព࿡ࡍ
ࡿࡢ࠿ࠊ࡜࠸࠺Ⅼ࡛࠶ࡿࠋࠕᅜእᨭ㓄ᰴ୺➼ࡢ㈨ᮏᣢศࠖ࡜ࡣࠊ
ࠕෆᅜἲேࡢᙜヱ஦ᴗᖺᗘ࡟ಀࡿ⮬ᕫ㈨ᮏࡢ㢠ࠖ࡟ࠊᙜヱ஦ᴗᖺᗘ⤊஢ࡢ᪥࡟ᅜእᨭ㓄ᰴ୺➼ࡢ᭷ࡍࡿෆᅜἲே࡟ಀࡿࠕ┤᥋࠾ࡼࡧ㛫᥋ಖ᭷ࡢᰴᘧ➼ࠖࡀᙜヱෆᅜἲேࡢⓎ⾜῭ᰴᘧ➼ࡢ࠺ࡕ࡟༨ࡵࡿ๭ྜࢆ஌ࡌ࡚ィ⟬ࡋࡓ㔠㢠࡜ࡉࢀ࡚࠸ࡿ㸦ᥐἲ 66 ࡢ 5 4 㡯 6 ྕࠊᥐ௧ 39 ࡢ 13 29 㡯ࠊ20 㡯㸧265ࠋࡇࡇ࡟࠾࠸࡚ࠊ
ࠕ㈨ᮏᣢศࠖ
ࢆᐃ⩏ࡍࡿࡓࡵࡢᴫᛕ࡛࠶ࡿࠊ
ࠕෆᅜἲேࡢᙜヱ஦ᴗᖺᗘ࡟ಀࡿ⮬ᕫ㈨ᮏࡢ㢠ࠖࡀఱࢆព࿡ࡍࡿࡢ࠿
ࢆࡳࡿ࡜ࠊࡑࢀࡣࠊձෆᅜἲேࡢᙜヱ஦ᴗᖺᗘࡢ⥲㈨⏘ࡢᖒ⡙౯㢠ࡢᖹᆒⓗ࡞ṧ㧗࡜ࡋ࡚ྜ⌮ⓗ࡞᪉ἲ࡟ࡼࡾィ⟬ࡋࡓ㔠㢠࠿ࡽղෆᅜἲேࡢᙜヱ஦ᴗᖺᗘࡢ⥲㈇മࡢᖒ⡙౯㢠ࡢᖹᆒⓗ࡞ṧ㧗࡜ࡋ࡚ྜ⌮ⓗ࡞᪉ἲ࡟ࡼࡾィ⟬ࡋࡓ㔠㢠ࢆ᥍㝖ࡋࡓ㔠㢠࡜ࡉࢀࡿ㸦ᥐἲ 66 ࡢ 5 4 㡯 7 ྕࠊᥐ௧ 39 ࡢ 13
22 㡯ࠊ23 㡯ࠊ26 㡯㸧266ࠋࡇࡢᐃ⩏࠿ࡽࠊ
ࠕ㈨ᮏᣢศࠖࢆᐃ⩏ࡍࡿࡓࡵ࡟ࡣࠕ⮬ᕫ㈨ᮏࡢ㢠ࠖࡀᚲせ࡛࠶ࡾࠊࡑࡢࠕ⮬ᕫ㈨ᮏࡢ㢠ࠖࡣࠕ㈨⏘ࡢᖒ⡙౯㢠ࠖ࠿ࡽࠕ㈇മࡢᖒ⡙౯㢠ࠖࢆ᥍㝖ࡋ࡚ồࡵࡿࡼ࠺࡟ᐃࡵࡽࢀ࡚࠸ࡿࠋࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡟࠾ࡅࡿ㈇മ࡜ࡣࠕ㈇മࡢ฼Ꮚ➼ࡢᨭᡶࡢᇶᅉ࡜࡞
ࡿࡶࡢ࡟㝈ࡿࠖ
㸦ᥐἲ 66 ࡢ 5 1 㡯㸧࡜ᐃ⩏ࡉࢀ࡚࠸ࡿࠋࡋࡓࡀࡗ࡚ࠊ௻ᴗ఍ィୖ㈇മ࡜ࡋ࡚ィୖࡋ࡚࠸ࡿࡶࡢ࡛࠶ࡗ࡚ࡶࠊ↓฼Ꮚ࡛࠶ࢀࡤᮏ⛯ไࡢᑐ㇟እ࡜࡞ࡿ267ࠋࡇࡢࡼ࠺࡟ࠊ⛒⛯≉ูᥐ⨨ἲ
66 ࡢ 5ࠊ⛒⛯≉ูᥐ⨨ἲ᪋⾜௧ 39 ࡢ 13 ࡟ࡼࡾᐃࡵࡽࢀ࡚࠸ࡿࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣࠊDebt ࡢ
263 ࠗᖹᡂ 18 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
࣭๓ᥖὀ㸦253㸧
ࠊ455 – 456 㡫ࠋ
264 ࠗᖹᡂ 18 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
࣭๓ᥖὀ㸦253㸧
ࠊ456 㡫ࠋ
265 ᮏᗉ㈨࣭⸨஭ಖ᠇࣭๓ᥖὀ㸦259㸧
ࠊ319 㡫ࠋ
266 ᮏᗉ㈨࣭⸨஭ಖ᠇࣭๓ᥖὀ㸦259㸧
ࠊ319 㡫ࠋ
267 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧
ࠊ126 㡫ࠋ65㢠ࢆᖒ⡙ୖࡢ㈇മࡢ㢠࠿ࡽồࡵࠊEquity ࡢ㢠ࢆᖒ⡙ୖࡢ㈨⏘ࡢ㢠࠿ࡽᖒ⡙ୖࡢ㈇മࡢ㢠ࢆ᥍㝖ࡋࡓᙧᘧࢆྲྀࡗ࡚࠸ࡿࠋ ࡇࡢࡇ࡜࠿ࡽ㐣ᑡ㈨ᮏ⛯ไࡣࠊ㈨ᮏ࡜㈇മࡢ㛵ಀࢆ௻ᴗ఍ィ࡛ࡳ࡚࠸ࡿࡇ࡜࡜࡞ࡾࠊ௻ᴗ఍ィ࡜఍♫ἲ࡜ࡢ㛵ಀࢆࡳࡿ࡜ࠊ఍♫ἲ 431 ᮲ࡢࠕᰴᘧ఍♫ࡢ఍ィࡣࠊ୍⯡࡟බṇጇᙜ࡜ㄆࡵࡽࢀࡿ௻ᴗ
఍ィࡢ័⾜࡟ᚑ࠺ࡶࡢ࡜ࡍࡿࠖ࡜࠸࠺つᐃ࠾ࡼࡧ఍♫ἲ 614 ᮲ࡢࠕᣢศ఍♫ࡢ఍ィࡣࠊ୍⯡࡟බṇጇᙜ࡜ㄆࡵࡽࢀࡿ௻ᴗ఍ィࡢ័⾜࡟ᚑ࠺ࡶࡢ࡜ࡍࡿࠖ࡜࠸࠺つᐃ࡟ࡼࡾ⤖ࡧࡘࡅࡽࢀ࡚࠸ࡿࠋ㔠Ꮚᏹᩍᤵࡣࠊࡇࡢ㛵ಀ࡟ࡘࡁࠊ
ࠕ௻ᴗᡤᚓࡢィ⟬࡟ࡘ࠸࡚ࡣࡲࡎᇶᗏ࡟௻ᴗ఍ィࡀ࠶ࡾࠊࡑࡢୖ࡟ࡑࢀ
ࢆᇶ♏࡜ࡋ࡚఍♫ἲࡢ఍ィつᐃࡀ࠶ࡾ268ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋࡇࡢⅬ࠿ࡽࡳ࡚ࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ
⛯ไ࡟࠾࠸࡚⏝࠸ࡽࢀ࡚࠸ࡿࠊ㈨⏘ࠊ࠾ࡼࡧ㈇മ࡜ࡣࠊ఍♫ἲ࡟ࡼࡾᐃࡵࡽࢀࡓ఍♫ィ⟬つ๎࡟ࡼࡿ㈨⏘࠾ࡼࡧ㈇മࢆᣦࡍࡶࡢ࡜⪃࠼ࡽࢀࠊࡋࡓࡀࡗ࡚ࠊ㐣ᑡ㈨ᮏ⛯ไ࡛࠸࠺㈨ᮏ࡜ࡣ఍♫ἲୖࡢ㈨⏘࠿ࡽ㈇മࢆ᥍㝖ࡋࡓ㢠࡜ゎ㔘࡛ࡁࡿࠋ ࡋ࠿ࡋࠊࡇࡢ࣮ࣝࣝ࡟ࡼࡾࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆ௻ᴗ఍ィୖࡢDebt ࡜ Equity ࡢẚ⋡ࢸࢫࢺ࡛ᦆ㔠⟬ධ㒊ศ࡜୙⟬ධ㒊ศ࡟ᶵᲔⓗ࡟ศࡅࡿࡢࡣ↓⌮ࡀ࠶ࡿࡢ࡛ࡣ
࡞࠸ࡔࢁ࠺࠿ࠋᚑ᮶ࡢ㌿᥮♫മࡢࡼ࠺࡟㌿᥮᫬Ⅼࡲ࡛ࡣ♫മ࡛࠶ࡾࠊ㌿᥮ᚋࡣᰴᘧ࡛࠶ࡿ࡜࠸࠺ࡼ
࠺࡞㢮࡛࠶ࢀࡤศ㞳ྍ⬟࡛࠶ࡿࠋࡋ࠿ࡋࠊ㈨ᮏᛶఱࣃ࣮ࢭࣥࢺࠊ㈇മᛶఱࣃ࣮ࢭࣥࢺ࡜࠸࠺ᙧ࡛ᙧ
ᡂࡉࢀࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ஧ศࡍࡿࡇ࡜ࡣ௻ᴗ఍ィୖࡶ᫂☜࡛ࡣ࡞࠸ࠋㄢ⛯ୖᨭᡶ฼Ꮚࡀᦆ㔠࡟࡞ࡿࡢ࠿ࠊ࡞ࡽ࡞࠸ࡢ࠿ࡢᓧูࡀࠊἲே⛯ἲ࡟࠾࠸࡚ࡣἲே⛯ἲ 22 ᮲࡟ᇶ࡙ࡃࠕ㈨ᮏ➼ྲྀᘬࠖ࠿ࠕᦆ┈ྲྀᘬࠖ࠿࡜࠸࠺Ⅼ࡛ᓧูࡉࢀࡿࡢ࡟ᑐࡋ࡚ࠊᅜእ㛵㐃⪅࡟ᑐࡍࡿᨭᡶ฼Ꮚࡢᦆ
㔠⟬ධࠊ୙⟬ධࡢᇶ‽ࡀἲே⛯ἲ 22 ᮲࡜ࡣูࡢᇶ‽࡛ᓧูࡉࢀࡿࡇ࡜ࡣࠊᅜෆ㛵ಀ⪅࡜ᅜእ㛵ಀ⪅࡜ࡢ㛫࡟ᩚྜᛶࡣ࠶ࡿࡢ࠿࡜࠸࠺␲ၥࢆ᭷ࡍࡿࡀࠊ
ࠕ3 ಸ࡜࠸࠺ẚ⋡࡟௦࠼࡚ྠ✀ࡢ஦ᴗ࡛஦ᴗつᶍ➼ࡢ≧ἣࡀ㢮ఝࡍࡿ௚ࡢෆᅜἲேࡢᐇ㝿ࡢẚ⋡ࢆ⏝࠸ࡿࡇ࡜ࡀ࡛ࡁࡿࠖ࡜࠸࠺ࢭ࣮ࣇࣁ࣮ࣂ࣮ࡶ
࠶ࡾࠊᅜෆእ࡟ᑐࡍࡿ↓ᕪูཎ๎㐺ྜᛶ࡟ၥ㢟ࡣ࡞࠸࡜ゎࡉࢀ࡚࠸ࡿ269ࠋࡲࡓࠊṊ⏣ᫀ㍜ᩍᤵࡣࠕ㐣
ᑡ㈨ᮏ⛯ไࡀእ㈨⣔௻ᴗ࡟ᑐࡋ࡚ࡢࡳ㐺⏝ࡉࢀࡿ࡜࠸࠺Ⅼ࡟ࡘ࠸࡚ࡣࠊ㐣ᑡ㈨ᮏ࡛࠶ࡿ࠿࡝࠺࠿ࡣ
➨୕⪅ࡀྠ⛬ᗘࡢ㈚௜ࡅࢆ⾜ࡗ࡚࠸ࡿ࠿࡝࠺࠿࡟ࡼࡗุ࡚ᐃࡍࡿࠊ࠸ࢃࡺࡿ⊂❧௻ᴗཎ๎ࢆ᥇⏝ࡋ࡚࠸ࡿࡇ࡜࡟ࡼࡾࠊୖグࡢ↓ᕪูཎ๎࡟ࡣ཯ࡋ࡞࠸࡜ࡉࢀ࡚࠸ࡿ270ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋࡉࡽ࡟బ
⸨ⱥ᫂ᩍᤵࡣࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡟ࡘࡁࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀ฼⏝ࡉࢀࡿࡼ࠺
࡟࡞ࡿࡇ࡜ࢆど㔝࡟ධࢀࡿ࡜ࠊつᐃࡢᐇຠᛶࢆಖࡘࡓࡵ࡟ಶู࡟≉๎ࢆタࡅ࡚ᑐᛂࡍࡿᚲせࡀ࡞࠸Ⅼ࡛ࠊྜ⌮ⓗ࡛࠶ࡿ࡜ホ౯ࡍࡿࡇ࡜ࡶྍ⬟࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ271ࠋ

268 㔠Ꮚᏹ࣭๓ᥖὀ㸦58㸧
ࠊ263 㡫ࠋ
269 ࡇࡢⅬ࡟㛵ࡋ࡚ࠊబ⸨ⱥ᫂ᩍᤵࡣࠊ↓ᕪูཎ๎➼ࢆᐃࡵࡿ⛒⛯᮲⣙࡜ࡢ㐺ྜᛶࡀၥ㢟Ⅼ࡜ࡋ࡚ᣦ᦬ࡉࢀ࡚ࡁࡓࡀࠊ㐣ᑡ㈨ᮏ⛯ไࡣ⛣㌿౯᱁⛯ไࡢ≉ูつᐃ࡜ࡋ࡚ᛶ᱁࡙ࡅࡿࡇ࡜ࡀྍ⬟࡛࠶ࡾࠊࡑࡢᛶ᱁࡙ࡅࡢࡶ࡜࡛ࡣ⛒⛯᮲⣙࡟᢬ゐࡋ࡞࠸࡜࠸࠺ぢゎࡀ࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋబ⸨ⱥ᫂ࠕࢃ
ࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ᛶ࡜ࡑࡢၥ㢟Ⅼࠖࠗࢪࣗࣜࢫࢺ࠘No.1075ࠊ26 㡫(1995)ࠋ
270 Ṋ⏣ᫀ㍜࣭๓ᥖὀ㸦260㸧
ࠊ77 㡫ࠋ
271 బ⸨ⱥ࣭᫂๓ᥖὀ㸦269㸧
ࠊ27 㡫ࠋ
66➨6⠇ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢṔྐ࡜ព⩏1.

ࢃࡀᅜ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺⓎ⾜ࡢṔྐ࡜ព⩏(1)ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢṔྐ272
UBS ドๆᚋ⸨ᩥே࣭኱ᵳዉ㑣Ặ࡟ࡼࡿ࡜ࠊ஦ᴗ఍♫ࡀࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖ࢼࣥࢫࢆ⾜࠺ࡼ࠺࡟࡞ࡗࡓࡢࡣ᭱㏆࡛࠶ࡿࡀࠊࡑࢀ௨๓࡟ࡣ㔠⼥ἲேࡀࣁ࢖ࣈࣜࢵࢻドๆࡢ୺ࡓࡿⓎ⾜య࡛࠶ࡗࡓ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿࠋࡑࡢ⌮⏤ࡣࠊࣁ࢖ࣈࣜࢵࢻドๆࡀ㔠⼥ᙜᒁ࡟ࡼࡗ࡚タᐃࡉࢀࡓ୍ᐃࡢ⮬ᕫ㈨ᮏẚ⋡ᇶ‽ࢆࡳࡓࡍࠕつไ⮬ᕫ㈨ᮏࠖ࡜࠸࠺᮲௳࡟ᙜ࡚ࡣࡲࡗ࡚࠸ࡓ࠿ࡽ࡛࠶ࡾࠊࡑࡢᚋ
࣮ࣚࣟࢵࣃ࡟࠾࠸࡚஦ᴗἲே࡟ࡼࡿࣁ࢖ࣈࣜࢵࢻドๆⓎ⾜ࡀᛴቑࡋࡓࠋࡑࡢ⌮⏤࡜ࡋ࡚ࡣࠊձ
ప㔠฼⎔ቃࡢࡶ࡜࡛മๆᢞ㈨ᐙࡀࡼࡾ㧗࠸࢖࣮ࣝࢻࢆồࡵࡓࡇ࡜ࠊղప㔠฼࡟ࡼࡗ࡚ࠊ஦ᴗἲ
ேࡀ㈨ᮏᛶࡢ࠶ࡿドๆࢆ㈨ᮏᵓ㐀࡟పࢥࢫࢺ࡛ຍ࠼ࡿࡇ࡜ࡀ࡛ࡁࡓࡇ࡜ࠊճM&A ࡟ࡼࡗ࡚㈨ᮏᵓ㐀ࡀᙅࡃ࡞ࡗࡓ஦ᴗἲே࡟࡜ࡗ࡚ࣁ࢖ࣈࣜࢵࢻドๆࡀᢞ㈨ᐙࡸࢡࣞࢪࢵࢺ࣭࢔ࢼࣜࢫࢺ࠿
ࡽࡢ㈈ົࡢᰂ㌾ᛶᨵၿ࡟ᑐࡍࡿᅽຊࢆ⦆࿴ࡍࡿࠊ࡞࡝ࡀᣲࡆࡽࢀ࡚࠸ࡿࠋ 㖟⾜࡛ࣁ࢖ࣈࣜࢵࢻドๆࡢⓎ⾜ࡀ㣕㌍ⓗ࡟ቑຍࡋࡓࡢࡣ 1988 ᖺ࡟ࠊࣂ࣮ࢮࣝጤဨ఍ࡀ㖟⾜ࡢ⮬ᕫ㈨ᮏつไ࣮ࣝࣝ㸦㏻⛠ࠕBIS つไࠖ࡜࿧ࡤࢀ࡚࠸ࡿࠋᮏㄽᩥ࡟࠾࠸࡚ࡶ௨ᚋ BIS つไ࡜ࡋ࡚⏝࠸ࡿࠋ
㸧ࢆỴᐃࡋ࡚࠿ࡽ࡛࠶ࡿ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿࠋBIS つไ࡜ࡣࠊᅜ㝿Ỵ῭㖟⾜ࡀ඲ୡ⏺ࡢ㖟⾜ࡢ⮬ᕫ㈨ᮏẚ⋡ࡢ⤫୍ⓗつไ࣮ࣝࣝࢆᐃࡵࡓࡶࡢ࡛࠶ࡾࠊ㑥㖟ࡣࡇࡢつไ࡟ࡼࡾึࡵ
࡚ࠊ⮬ᕫ㈨ᮏẚ⋡ࡢ᭱పࣛ࢖ࣥࢆᐃࡵࡽࢀࡿࡇ࡜࡜࡞ࡗࡓ࡜グࡉࢀ࡚࠸ࡿࠋ
 BIS つไ࡛ࡣつไ⮬ᕫ㈨ᮏ¹つไࣜࢫࢡ࣭࢔ࢭࢵࢺ࡛♧ࡉࢀࡿẚ⋡ࢆつไ⮬ᕫ㈨ᮏẚ⋡࡜ࡉࢀࠊᅜ㝿ⓗ࡟ࡣ⮬ᕫ㈨ᮏẚ⋡ 8㸣௨ୖࡀせồࡉࢀࡓࡀࠊBIS つไ࡟࠾ࡅࡿࠕつไ⮬ᕫ㈨ᮏࠖ࡟
ࡣࠊ௻ᴗ఍ィୖࡢ⮬ᕫ㈨ᮏ௨እ࡟ࡶࠊຎᚋമࡸඃඛฟ㈨ドๆ࡞࡝ࢆྵࡵ࡚Ⰻ࠸࡜ࡉࢀࡓࠋ ඃඛฟ㈨ドๆࡢⓎ⾜ࡣࠊ1996 ᖺ 10 ᭶࡟࢔࣓ࣜ࢝㐃㑥‽ഛ⌮஦఍㸦FRB㸧ࡀつไ⮬ᕫ㈨ᮏࡢ
ᇶᮏ㡯┠࡜ࡉࢀࡿ Tier I ࡬ࡢ⟬ධࢆㄆࡵ࡚࠿ࡽࠊ࢔࣓ࣜ࢝ࡢ㖟⾜ࡀ㈨ᮏㄪ㐩࡟฼⏝ࡋࡣࡌࡵࡓ
ࡢࡀึ࡜グࡉࢀ࡚࠸ࡿࠋ㑥㖟࡛ࡣࠊ1998 ᖺ 2 ᭶࡟ఫ཭㖟⾜㸦⌧ࠊ୕஭ఫ཭㖟⾜㸧ࡀ⡿ࢻࣝᘓ࡚࡛࢔࣓ࣜ࢝Ꮚ఍♫ࢆ㏻ࡌ࡚Ⓨ⾜ࡋࡓࡢࡀ᭱ึ࡛࠶ࡾࠊࡑࡢᚋࡶࣁ࢖ࣈࣜࢵࢻドๆࡣࠊ㑥㖟ࡢ㈨㔠ㄪ㐩ࡢᡭẁ࡜ࡋ࡚ά⏝ࡉࢀࡿࡼ࠺࡟࡞ࡗ࡚ࠊ1998 ᖺࠊ1999 ᖺࡢබⓗ㈨㔠ὀධ᫬࡟ࡣ኱ࠎ
ⓗ࡟ά⏝ࡉࢀࡓ࡜グࡉࢀ࡚࠸ࡿࠋ ࢃࡀᅜ࡟࠾ࡅࡿ኱ᡭ㖟⾜࡛ࡣ 2008 ᖺ࡟ࡣࠊ1998 ᖺ࡟Ⓨ⾜ࡋࡓඃඛฟ㈨ドๆࡀⓎ⾜࠿ࡽ 10ᖺࢆ㏄࠼ࠊ㡰ḟ᪩ᮇൾ㑏ࡀ฿᮶ࡍࡿࡇ࡜࡜࡞ࡿࡀࠊᙜ᫬ࡢ㔠฼ࡣᴟࡵ࡚㧗࠿ࡗࡓࡇ࡜࠿ࡽࠊࢥ࣮
࣭ࣝ࢜ࣉࢩࣙࣥࡀ⾜౑ࡉࢀࡿྍ⬟ᛶࡣᴟࡵ࡚㧗࠸࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋࡋ࠿ࡋࠊࢥ࣮ࣝ࡟ᛂࡌࡿ
ࡓࡵ࡟ࡣࠊ㈨ᮏࡀ༑ศ࡛࠶ࡿ࡜ᙜᒁ࡟ㄆࡵࡽࢀ࡞࠸㝈ࡾࠊྠ➼௨ୖ࡟㈨ᮏᛶࡀ㧗࠸ドๆࢆⓎ⾜ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸㸦ᪧ኱ⶶ┬࿌♧ 55 ྕࠕ㖟⾜ἲ➨ 14 ᮲ࡢ 2 ࡢつᐃ࡟ᇶ࡙ࡁ⮬ᕫ㈨ᮏẚ⋡ࡢᇶ‽ࢆᐃࡵࡿ௳ࠖ
㸧ࡇ࡜࡜࡞ࡿࡓࡵࠊ௒ᚋ࡜ࡶ㖟⾜ࡢࣁ࢖ࣈࣜࢵࢻドๆࡣࠊ࠶ࡿ⛬ᗘᐃᮇⓗ࡟Ⓨ⾜໬ࡉࢀࡿࡔࢁ࠺࡜ぢ㎸ࡲࢀ࡚࠸ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ

272 ௨ୗࡢグ㍕ࡣᐇົᐙ࡛࠶ࡿ UBS ドๆㄪᰝ㒊ᚋ⸨ᩥே࣭኱ᵳዉ㑣୧Ặ࡟ࡼࡿⴭ᭩ࠊᚋ⸨ᩥே࣭኱

ᵳዉ㑣ࠗࣁ࢖ࣈࣜࢵࢻドๆධ㛛࠘㸦㔠⼥㈈ᨻ஦᝟◊✲఍ࠊ2008㸧࠿ࡽᢤ⢋ࡋࡓࡶࡢ࡛࠶ࡿࠋᮏ᭩ࡣ
⛯ἲ࡟㛵ࡋ࡚ࡣゐࢀ࡚࠸࡞࠸ࡀࠊᐇົୖࡢࣁ࢖ࣈࣜࢵࢻドๆ࡟ࡘ࠸࡚ヲ⣽࡞グ㏙ࡀ࠶ࡿࠋ
67

(2)

ࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖ࢼࣥࢫࡢព⩏࡛ࡣࠊ୍⯡஦ᴗ఍♫ࡀࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖ࢼࣥࢫࢆ⾜࠺ព⩏ࡣ࡝ࡇ࡟࠶ࡿࡢ࠿ࠋ
 ㈈ົⓗഃ㠃࠿ࡽ࠸࠼ࡤࠊᰴ౯ప㏞᫬࡟ᰴᘧࢆ⏝࠸ࡓ㈨㔠ㄪ㐩ࡣᰴ୺౯್ࡢ኱ࡁ࡞ᕼⷧ໬ࢆࡶࡓࡽ
ࡋࠊ⮬ᕫ㈨ᮏẚ⋡ࡀపୗࡋ࡚࠸ࡿሙྜ࡟ࡣࠊ㈈ົࣞࣂࣞࢵࢪ࡟㢗ࢀࡤࠊ᱁௜ࡅపୗࡢᠱᛕࡀ࠶ࡿࡓ
ࡵࠊ㏣ຍⓗ࡞ᰴᘧⓎ⾜ࡸ♫മⓎ⾜ࡣ㞴ࡋ࠸≧ἣ࡜࡞ࡿ273ࠋࡇࡢࡼ࠺࡞≧ἣୗ࡟࠾࠸࡚ࠊࣁ࢖ࣈࣜࢵ
ࢻ࣭ࣇ࢓࢖ࢼࣥࢫࡣᰴ୺౯್ࡢᕼⷧ໬࡜᱁௜ࡅపୗࢆ㜵ࡂࡘࡘࠊ㈨㔠ㄪ㐩ࢆྍ⬟࡟ࡍࡿ274ࠋ ᮏᗉ㈨ᩍᤵࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖ࢼࣥࢫࢆ୍⯡஦ᴗ఍♫ࡀ㑅ዲࡍࡿᇶᮏཎ๎ࡣ㈈ົ఍ィ࣮ࣝࣝ࡜⛯ົ࣮ࣝࣝ࡜ࡢ࢔࣮ࣅࢺ࣮ࣛࢪ࡟࠶ࡿ࡜ᣦ᦬ࡉࢀ࡚࠸ࡿ275ࠋࡍ࡞ࢃࡕࠊമົࣇ࢓࢖ࢼࣥࢫ࡟࠾
࠸࡚ࡣࠊἲே⛯ࡢ஧ศἲ࡟࠾࠸࡚ࠊⓎ⾜ドๆࡢ฼Ꮚࡣㄢ⛯ୖ᥍㝖ࡉࢀࡿࡀࠊ㈈ົ఍ィୖࡣ㈇മ࡜ࡋ
࡚ィୖࡉࢀࠊ᱁௜ࡅᶵ㛵࡟ࡼࡾ௻ᴗ౯್࡜ࡋ࡚ࡢ᱁௜ࢆୗࡆࡽࢀࡿྍ⬟ᛶࡀ࠶ࡿࠋ୍᪉࢚ࢡ࢖ࢸ࢕࣭
ࣇ࢓࢖ࢼࣥࢫࡣἲே⛯ࡢ஧ศἲ࡟ࡼࡾ฼ᡶࡣ㓄ᙜ࡜ࡳ࡞ࡉࢀࠊㄢ⛯ୖࡢ᥍㝖ࡣ࡞࠸ࠋᚑࡗ࡚⛯ົୖࡣ࣓ࣜࢵࢺࡀ࡞࠸ࠋࡋ࠿ࡋࠊ㈈ົ఍ィୖࡣࠊ⣧㈨⏘ࡢ㒊ࡀྥୖࡍࡿࡓࡵࠊ㈈ົయ㉁ࡣᙉ໬ࡉࢀࡓ࡜
ࡳ࡞ࡉࢀࠊ᱁௜ᶵ㛵࡟ࡼࡿホ౯ࡀୖࡀࡿࠋࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖ࢼࣥࢫࡣࠊࡇࡢ୧᪉ࡢ࣮ࣝࣝࡢ࣓
ࣜࢵࢺࡢࡳࢆாཷࡍࡿࡇ࡜ࢆ┠ㄽࡲࢀ࡚࠸ࡿ276࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ ࡲࡓࠊUBS ドๆ఍♫ࠊᚋ⸨ᩥኵ࣭኱ᵳዉ㑣Ặ࡟ࡼࡿ࡜୍⯡஦ᴗ఍♫ࡀࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖ࢼࣥ
ࢫࢆ㑅ዲࡍࡿ⌮⏤࡜ࡋ࡚ࡣࠊձᰴ୺౯್ࡢᕼⷧ໬ࣜࢫࢡࢆᅇ㑊ࡶࡋࡃࡣᢚไࡋࡘࡘࠊ௻ᴗࡢ㈈ົࣞ
ࣂࣞࢵࢪࡸ㈈ົࡢᰂ㌾ᛶࢆᨵၿࡍࡿࡇ࡜ࠊղ㈨ᮏࢥࢫࢺࡀࢩࢽ࢔࣭ࢹࢵࢺ࡜ᬑ㏻ᰴᘧࡢ⤌ࡳྜࢃࡏࡼࡾపࡃࠊ⛯⋡ࡢ㧗࠸௻ᴗࡣᬑ㏻ᰴᘧࡢ୍㒊ࢆࣁ࢖ࣈࣜࢵࢻドๆࡢⓎ⾜௦ࡾ㔠ࢆࡶࡗ࡚㈙࠸ᡠࡍ࡜ࠊ⛯㈇ᢸࢆ㍍ῶ࡛ࡁࡿࡇ࡜ࠊճᰴᘧᕷሙ࡬ࡢ࢔ࢡࢭࢫ࡟ไ⣙ࡢ࠶ࡿ㠀ୖሙ௻ᴗࡸᅜႠ௻ᴗ࡟࡜ࡗ࡚ࠊ
M&A ➼࡟┤㠃ࡋࡓሙྜࠊᬑ㏻ᰴᘧ࡟௦᭰ࡍࡿ㈨ᮏቑᙉᡭẁ࡜࡞ࡿࡇ࡜➼ࡀᣲࡆࡽࢀ࡚࠸ࡿ277ࠋ ࡉࡽ࡟ࠊ⛯௨እࡢせᅉ࡜ࡋ࡚ࠊRoger B. Madison, Jr.ࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖ࢼࣥࢫࡀ఍♫ࡢ㈨㔠ㄪ㐩࡟࠾࠸࡚㑅ዲࡉࢀࡿ⌮⏤࡜ࡋ࡚ࠊa)ࣁ࢖ࣈࣜࢵࢻࡣࠊDebt ࠿ࡽ Equity ࡬ࡢ㌿᥮ྍ⬟ᛶࡸࡑࡢ௚ࡢ Equity ᛶ࡟ࡼࡾࠊࡑࡢࡼ࠺࡞ Equity ᛶࡀ࡞࠸ Debt ࡟ࡼࡿ೉ධࡼࡾࡶప࠸ࢥࢫࢺ࡛೉ධ
ࡀྍ⬟࡜࡞ࡿࠊ"cheap debt"࡛࠶ࡿࡇ࡜ࠊb㸧ࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖ࢼࣥࢫࡣࠊ୍✀ࡢ"deferred equity
financing (⧞ᘏᰴᘧㄪ㐩)"࡛࠶ࡿ࡜⪃࠼ࡽࢀ࡚࠸ࡿࠋࡍ࡞ࢃࡕࠊࣁ࢖ࣈࣜࢵࢻࡀ࠸ࡗࡓࢇᰴᘧ࡟㌿᥮ࡉࢀࡿ࡜ࠊࣁ࢖ࣈࣜࢵࢻࡢⓎ⾜⪅ࡣᮏ㉁ⓗ࡟ࡣࣁ࢖ࣈࣜࢵࢻࡢ㌿᥮౯᱁࡛ᰴᘧࢆ኎༷ࡋࡓࡇ࡜࡜
࡞ࡿ࠿ࡽ࡛࠶ࡿ࡜࠸࠺ࡇ࡜ࠊc)࣐࣮ࢣࢵࢺ࣭ࢭࢢ࣓ࣥࢸ࣮ࢩࣙࣥ⌮ㄽ࡟ࡼࡾࠊᰴᘧࡢᢞ㈨⬟ຊࡀつไᑐ㇟࡜࡞ࡗ࡚࠸ࡿ㖟⾜࠶ࡿ࠸ࡣಖ㝤఍♫࡞࡝ࡢᢞ㈨ᐙ࡟࡜ࡗ࡚ࣁ࢖ࣈࣜࢵࢻࡣ㨩ຊⓗ࡞Ꮡᅾ࡛࠶
ࡿࠋ⤖ᯝ࡜ࡋ࡚ࠊࣁ࢖ࣈࣜࢵࢻࡢ౯᱁ࡣࡏࡾୖࡀࡾࠊࣁ࢖ࣈࣜࢵࢻドๆࢆ⏝࠸ࡓ᪉ࡀ㈨ᮏࢥࢫࢺࢆ
ୗࡆࡿࡇ࡜ࡀ࡛ࡁࡿ࡜࠸࠺ࡇ࡜ࠊ࠾ࡼࡧ d㸧ࣁ࢖ࣈࣜࢵࢻࡣࠊᢞ㈨ᐙ࡟࡜ࡗ࡚ࠊ࢜ࣉࢩࣙࣥᕷሙ࡟
ཧຍࡋ┤᥋ᢞ㈨ࡍࡿࡇ࡜࡟ࡼࡾ⏕ࡎࡿ㧗࠸ྲྀᘬࢥࢫࢺ࡞ࡋ࡟ࠊ࢜ࣉࢩࣙࣥᕷሙ࡟࢔ࢡࢭࢫࡍࡿࡇ࡜
ࡀ࡛ࡁࡿࡇ࡜ࡢ㸲Ⅼࢆᣲࡆ࡚࠸ࡿࠋ
2.

᪥ᮏ㟁Ẽᰴᘧ఍♫—NEC ඃඛドๆࡢⓎ⾜— 2001 ᖺ 11 ᭶ 15 ᪥ࠊNEC ࡣඃඛドๆ 1000 ൨෇ࡢⓎ⾜ࢆⓎ⾲ࡋࡓࠋෆᐜࡣࠊNEC ࡢ඲㢠ฟ㈨࡟ࡼࡾ࢔࣓ࣜ࢝ࢹ࢙ࣛ࢘࢔ᕞ࡟タ❧ࡉࢀࡓࣅࢪࢿࢫࢺࣛࢫࢺࡀಶேᢞ㈨ᐙྥࡅ࡟ඃඛドๆ 1000 ൨
273 㛵㇂⌮グ࣭ᚨᒣ୍᫭ࠕ✀㢮ᰴᘧ࡜᪂ᰴண⣙ᶒ௜♫മ࡟ࡼࡿ㈨㔠ㄪ㐩ࠖࠗ௻ᴗ఍ィ࠘54 ᕳࠊ2 ྕࠊ

211 㡫ࠊ216 㡫㸦2002㸧ࠋ
274 㛵㇂⌮グ࣭ᚨᒣ୍᫭࣭๓ᥖὀ㸦273㸧
ࠊ216 㡫ࠋ275 ᮏᗉ㈨ࠗ࢔࣓࣭ࣜ࢝ࣥࢱࢵࢡࢫࢩ࢙ࣝࢱ࣮ᇶ♏◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2003㸧155 㡫ࠋ
276 ᮏᗉ㈨࣭๓ᥖὀ㸦275㸧
ࠊ155 㡫ࠋ
277 ᚋ⸨ᩥே࣭኱ᵳዉ㑣࣭๓ᥖὀ㸦272㸧
ࠊ17 㡫ࠋ
68෇ࢆⓎ⾜ࡋࠊࡑࡢㄪ㐩ࡋࡓ㈨㔠࡛ NEC ࡀⓎ⾜ࡍࡿ 2021 ᖺ‶ᮇࡢ↓ᢸಖຎᚋമ 1000 ൨෇࡟ᢞ㈨ࡍ
ࡿ࡜࠸࠺ࢫ࣮࣒࡛࢟࠶ࡿ278ࠋ
ࢫ࣮࣒࢟279(1)a)Ⓨ⾜⪅㸭ࣇ࢓ࣥࢻࡢྡ⛠㸸 NEC ࣅࢪࢿࢫࢺࣛࢫࢺb)ドๆࡢྡ⛠㸸NEC ࢺࣛࢫࢺඃඛドๆ㸦NEC Trust Originated Preferred Securities ␎⛠
TOPrS㸧

c)ศ㓄㔠㸸➨ 10 ᅇ┠ࡲ࡛ࡢศ㓄㔠㢠㠃࡟ᑐࡋᖺ 2.5㸣ࡢᅛᐃศ㓄⋡ࠊ➨ 11 ᅇ┠௨㝆ࡢศ㓄㔠㢠㠃㔠㢠࡟ᑐࡋᖺ⋡ 6 ࣨ᭶ LIBOR㸩2.00㸣ࡢኚືศ㓄⋡d)Ⓨ⾜౯᱁ࡢ⥲㢠㸸1000 ൨෇e)ຎᚋമൾ㑏᪥࡟ຎᚋമ࡟ൾ㑏ࡉࢀࢀࡤࢺࣛࢫࢺඃඛドๆࡶൾ㑏ࡍࡿࠋNEC ࡀྠ᮲௳ࡢຎᚋമࢆ෌Ⓨ⾜ࡍࡿሙྜ࡟ࡣࠊNEC ࣅࢪࢿࢫࢺࣛࢫࢺࡣࡑࡢຎᚋമࢆ㉎ධࡍࡿࠋຎᚋമࡢ
ൾ㑏ࢆ⾜࠺࠿ࠊ෌Ⓨ⾜ࡍࡿ࠿ࡣ NEC ࡀุ᩿ࡍࡿࡓࡵࠊࢺࣛࢫࢺඃඛドๆ࡟ࡣ‶ᮇࡢᐃࡵ
ࡣ࡞࠸ࠋ

f)

NEC ࡣⓎ⾜ 6 ᖺ௨㝆ࡢẖศ㓄ᨭᡶ᪥ࠊ࠾ࡼࡧ୍ᐃࡢ⛯ไୖࠊ఍ィୖࡲࡓࡣつไୖࡢ஦⏤ࡀⓎ⏕ࡋࡓሙྜࡣࠊ࠸ࡘ࡛ࡶࠊ㢠㠃㔠㢠࡟ᮍศ㓄㔠ࢆຍ࠼࡚ൾ㑏ྍ⬟࡜ࡍࡿࠋg)

NEC ࡣࢺࣛࢫࢺඃඛドๆࡢᨭᡶ࡟ᑐࡋ࡚ࠊᙜヱຎᚋമ࡜ྠࡌ᮲௳࡛ຎᚋಖドࢆࡍࡿࠋࡉࡽ࡟ㄢ⛯ୖࡢ௙⤌ࡳࢆ⌮ゎࡍࡿࡓࡵ࡟඲యࢆศゎࡋヲ⣽࡟ิᣲࡍࡿ࡜௨ୗࡢࡼ࠺࡟࡞ࡿࠋ
z NEC ࢺࣛࢫࢺ࡜ᢞ㈨ᐙ࡜ࡢ㛵ಀ
ձNEC ࢺࣛࢫࢺࡣࠊ㆟Ỵᶒࡢ࡞࠸ඃඛドๆ࡛࠶ࡿ NEC ࢺࣛࢫࢺඃඛドๆ㸦NEC TOPrS㸧1000
൨෇ࢆᢞ㈨ᐙ࡟Ⓨ⾜ࡍࡿࠋղNEC ࢺࣛࢫࢺࡣࢺࣛࢫࢺᬑ㏻ドๆ 100 ୓෇ࢆ NEC ࡟ᑐࡋⓎ⾜ࡍࡿࠋճNEC ࢺࣛࢫࢺࡣࠊࡑࡢ㈍኎௦ࡾ㔠 1000 ൨ 100 ୓෇࡛ NEC Ⓨ⾜ࡢᮇ㛫 20 ᖺࡢຎᚋമ 1000 ൨
100 ୓෇ࢆ඲㢠㉎ධࡍࡿࠋմࡇࡇ࡛ࠊNEC ࢺࣛࢫࢺࡢ B/S ࡢᕥഃࡣࡣࠊ⌧㔠 100 ୓෇࡜᭷౯ドๆ㸦NEC ຎᚋമ㸧1000 ൨෇ࠊ
B/S ࡢྑഃࡣ NEC ࢺࣛࢫࢺⓎ⾜ᬑ㏻ドๆ 100 ୓෇࡜ᢞ㈨ᐙ࡟Ⓨ⾜ࡋࡓࢺࣛࢫࢺඃඛドๆ 1000 ൨෇࡛ᵓᡂࡉࢀ࡚࠸ࡿࠋຎᚋമࡢᆅ఩ࡣ NEC ࡍ࡭࡚ࡢ୍⯡മᶒ⪅࡟ຎᚋࡋࠊᬑ㏻ᰴᘧ࡟ࡣඃඛࡋࠊඃඛドๆ࡜ྠ㡰఩࡛࠶ࡿࠋ
z NEC ぶ఍♫࡜ NEC ࢺࣛࢫࢺ࡜ࡢ㛵ಀ
յNEC ࡣࠊNEC ࢺࣛࢫࢺ࡟ᑐࡋ࡚ຎᚋമ 1000 ൨ 100 ୓෇ࢆⓎ⾜ࡍࡿࠋնNEC ࢺࣛࢫࢺࡣᬑ㏻ᰴᘧ 100 ୓෇ࢆぶ఍♫ NEC ࡟ᑐࡋ࡚Ⓨ⾜ࡋࠊNEC ࠿ࡽ 100 ୓෇ࡢᢞ㈨ࢆ
ཷࡅࡿࠋշࡋࡓࡀࡗ࡚ࠊNEC ࡢ B/S ࡣࠊᕥഃ࡟ NEC ࢺࣛࢫࢺ࠿ࡽᡶ࠸㎸ࡲࢀࡓ⌧㔠 1000 ൨෇࡜ NEC ࢺ
ࣛࢫࢺࡀⓎ⾜ࡋࡓᬑ㏻ドๆ100୓෇ࠊྑഃࡣຎᚋമ1000൨100୓෇࡛ᵓᡂࡉࢀ࡚࠸ࡿࡇ࡜࡟࡞ࡿࠋz ᮇ୰ࡢศ㓄㸦࢖࣮ࣝࢻࡢືࡁ㸧P/L ࡢືࡁࡣࠊ
ոNEC ࡣࠊຎᚋമ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆ NEC ࢺࣛࢫࢺ࡟ᨭᡶ࠺ࠋࡇࢀࡣࠊຎᚋമ࡜࠸࠺఍♫ἲୖ࠶ࡿ࠸ࡣ఍ィୖࡢ㈇മ࠿ࡽ⏕ࡌࡿ฼ᡶ࠸࡜ࡋ࡚ᢅࢃࢀࡿࡓࡵࠊㄢ⛯ୖࡶ Debt ࠿ࡽ⏕ࡌࡓ฼Ꮚ࡜ࡋ

278 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦127㸧
ࠊ15 㡫ࠋ
279 ௨ୗࠊࢫ࣮࣒࢟࡟ࡘ࡚ࡣ NEC ࣮࣒࣮࣍࣌ࢪࠊ2001 ᖺ 11 ᭶ 15 ᪥ࣉࣞࢫ࣮ࣜࣜࢫ࡟ᚑ࠸グ㏙ࡍࡿࠋ69࡚ᦆ㔠᥍㝖ࡢᑐ㇟࡜࡞ࡿ㸦࡞ࡗࡓ㸧ࡶࡢ࡜ᛮࢃࢀࡿࠋNEC ࢺࣛࢫࢺ࡬ࡢฟ㈨ 100 ୓෇࠿ࡽࡢࣜࢱ࣮
ࣥࡣ࠶ࡿࡀࠊ
1000 ൨෇࠿ࡽ⏕ࡌࡿ࢖࣮ࣝࢻࡢᨭᡶࢆ⪃࠼ࡿ࡜᭷ຠᩘᏐࡢ᱆ᩘ࠿ࡽⴠࡕࡿࡼ࠺࡞㔠㢠࡛࠶ࡾၥ㢟እ࡛࠶ࡿࠋ
(2)඲య࡜ࡋ࡚ࡢࢫ࣮࣒࢟࡜ㄢ⛯ୖࡢㄽⅬ

NEC ࡀ⾜ࡗࡓࢫ࣮࣒࢟ࡣࠊࢃࡎ࠿࡞ᢞ㈨㢠࡛Ꮚ఍♫ࢆ࢔࣓ࣜ࢝࡟タ⨨ࡋࠊࡑࡢᏊ఍♫࠿ࡽ┤᥋ᢞ㈨ᐙ࡟ඃඛドๆ࡜࠸࠺ Equity ᛶࡢᙉ࠸ドๆࢆⓎ⾜ࡍࡿ୍᪉࡛ࠊ
ࡑࡇ࡛ᚓࡓ㈍኎௦ࡾ㔠ࢆ NEC ࡟ᢞ㈨ࡉࡏࡿࡼ࠺࡞ᙧ࡛ࠊNEC ࡣࠊຎᚋമ࡜࠸࠺ Debt ᛶࡀ㧗࠸♫മࢆⓎ⾜ࡍࡿࠋࡇࢀ࡟ࡼࡾⓎ⏕ࡍࡿ࢖࣮ࣝࢻࡣㄢ⛯ୖᦆ㔠᥍㝖ࡉࢀࡿࠋ እᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධࡢၥ㢟ࡶᏊ఍♫ᬑ㏻ドๆ 100 ୓෇࠿ࡽࡢ࢖࣮ࣝࢻศࡀ┦ᙜࡍࡿࡀࠊ඲
యࡢ㔠㢠ࡢ኱ࡁࡉ࠿ࡽ⪃࠼࡚᭷ຠᩘᏐ࠿ࡽእࢀࡿࡓࡵၥ㢟ࡣ࡞࠸ࡶࡢ࡜⪃࠼ࡽࢀࡿࠋ ୍᪉ࡇࢀࢆ఍ィୖࡢᵓ㐀࡛ࡳࡿ࡜ぶᏊ఍♫ࡀ㐃⤖ࡉࢀࠊNEC ࡀᣢࡘࠊຎᚋമ࡜ࠊNEC ࢺࣛࢫࢺࡀᣢࡘ᭷౯ドๆ㸦NEC ຎᚋമࡢศ㸧ࡀ┦ẅࡉࢀࠊࡲࡓࠊNEC ࡀᣢࡘ᭷౯ドๆ㸦NEC ࢺࣛࢫࢺࡀ
Ⓨ⾜ࡋࡓᬑ㏻ドๆࡢศ㸧࡜ NEC ࢺࣛࢫࢺࡀᣢࡘᬑ㏻ドๆ࡜ࡀ┦ẅࡉࢀࠊ㐃⤖ B/S ୖࡣࠊNEC ࡀࢺࣛࢫࢺඃඛドๆ 1000 ൨෇ࢆᢞ㈨ᐙ࡟ฟ㈨ࡋࡓ࡜࠸࠺ᵓ㐀࡟࡞ࡿ௙⤌ࡳ࡛࠶ࡿࠋ
ࢃࡀᅜࡢㄢ⛯ୖ⪃࠼ࡿ࡭ࡁࡇ࡜ࡣࠊNEC ࡀ NEC ࣅࢪࢿࢫࢺࣛࢫࢺ࡟Ⓨ⾜ࡋࡓຎᚋമ࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝࢻࡣࠊἲே⛯ἲୖ฼Ꮚ࡜ࡋ࡚ᦆ㔠⟬ධࡉࢀࡿࡢ࠿ࠊ࡜࠸࠺ၥ㢟࡛࠶ࡿࡀࠊ➨ 1 ❶࡛㆟ㄽࡋࡓࡼ࠺࡟ࠊࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ฼ࠖࡢ㓄ศ࡟࠾࠸࡚ࠊຎᚋമࡣࠊṧవ㈈⏘ศ㓄࡟࠾࠸࡚ຎ
ᚋࡍࡿ࡜࠸࠺Ⅼ࠿ࡽᰴᘧᛶࢆ᭷ࡍࡿࠋ୍᪉ࠊ
ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศࡣཷࡅ࡞࠸࡜࠸࠺
Ⅼ࠿ࡽࡣࠊᰴᘧᛶࡣ࡞ࡃ♫മⓗᛶ㉁ࢆ᭷ࡍࡿ280ࠋ఍♫ἲ࡟࠾࠸࡚ࡣࠊ
ࠕຎᚋ≉⣙௜♫മࠖ࡜ࡣࠊຎ
ᚋⓗෆᐜࢆ᭷ࡍࡿ≉⣙ࡀ௜ࡉࢀࡓ♫മ࡛࠶ࡿ࡜ᐃࡵ࡚࠸ࡿࠋᚑࡗ࡚ࠊἲே⛯ἲୖࠊ᫂ᩥࡢつᐃࡣ࡞࠸ࡀࠊຎᚋമࡣ Debt ࡜ࡋ࡚ศ㢮ࡉࢀࠊຎᚋമ࠿ࡽⓎ⏕ࡍࡿ฼ᡶ࠸ࡣἲே⛯ἲୖࠊ฼Ꮚ࡜ࡋ࡚ᦆ㔠⟬ධࡉࢀࡿࡇ࡜࡜࡞ࡿ࡜⪃࠼ࡿࠋ ➨ 2 ࡢㄽⅬࡣࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡀ↓ຊ࡛࠶ࡿ࡜࠸࠺ၥ㢟࡛࠶ࡿࠋࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣࠊእᅜぶ఍♫ࡀࠊࢃࡀᅜ࡟タ⨨ࡉࢀࡓᏊ఍♫࡟ᑐࡋ࡚ࠊ㈨㔠ὀධࢆ⾜࠺㝿࡟ࠊDebt ࡜ Equity ࡢ⥲㔞つไࢆ⾜࠺ࡶࡢ࡛࠶ࡾࠊᙜヱ஦౛ࡢࡼ࠺࡟ࠊࢃࡀᅜᒃఫ⪅࡛࠶ࡿぶ఍♫ࡀእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊぶ఍♫ࡀᏊ఍♫࡟㈨㔠ὀධࢆ⾜࠺ሙྜ࡟ࡘ࠸࡚ࡣࠊࡑࡢᡭẁࡣࠊDebt ࡛࠶ࡗ࡚ࡶ Equity ࡛࠶ࡗ࡚ࡶㄢ⛯ୖไ⣙ࢆཷࡅࡿࡇ࡜ࡣ඲ࡃ࡞࠸࡜࠸࠺Ⅼ࡛࠶ࡿࠋᙜヱ஦౛࠿ࡽࢃ࠿ࡿࡼ࠺࡟ࠊᏊ఍♫࡟ᑐࡋ࡚ Debt ࡜࠸࠺ᙧ࡛ฟ㈨ࢆࡍࢀࡤࠊࡑࢀ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᨭᡶࡣࡍ࡭࡚ࠕ฼Ꮚࠖ࡜ࡋ࡚ᦆ㔠᥍㝖ࡢᑐ㇟࡜࡞ࡿࠋࢃࡀᅜ࡟ࡣࠊࡇࡢࡼ࠺࡞ぶ఍♫࠿ࡽᏊ఍♫࡬ࡢ㈨ᮏ⛣ື࡟ಀࡿㄢ⛯࣮࣋ࢫࡢᾐ㣗ࢆ㜵ࡄ⛯ἲୖࡢつᐃࡀᏑᅾࡋ࡞࠸ࠋࡇࡢၥ㢟࡟ἲே⛯ἲ࡛ᑐฎࡍࡿ࡜ࡍࢀࡤ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࡋ࠿࡞࠸࡛࠶ࢁ࠺ࠋ
 ➨ 3 ࡢㄽⅬࡣࠊNEC ࣅࢪࢿࢫࢺࣛࢫࢺࡀᢞ㈨ᐙ࡟Ⓨ⾜ࡋࡓࠊࢺࣛࢫࢺඃඛドๆ㸦TOPrS㸧࠿ࡽ⏕ࡌࡿ࢖࣮ࣝࢻ㸦฼ᡶ࠸㸧ࡣࠊ௬࡟ࠊNEC ࣅࢪࢿࢫࢺࣛࢫࢺࡀࢃࡀᅜ࡟タ⨨ࡉࢀ࡚࠸ࡓ࡜ࡍࡿ࡜
⛯ἲୖࠊࡑࡢᒓᛶࡣ࠸࠿࡞ࡿࡶࡢ࡜ࡋ࡚⪃࠼ࡿ࡭ࡁ࠿ࠊ࡜࠸࠺Ⅼ࡛࠶ࡿࠋ ඃඛドๆ࡟ࡘ࠸࡚ࠊ఍♫ἲࡢ❧ሙ࠿ࡽࠊỤ㢌᠇἞㑻ᩍᤵࡣࠊࠕἲⓗ࡟ࡣ఍♫ࡢ㈇മ࡛࠶ࡿỌஂຎᚋമ㸦preferred subordinated debt㸧ࠊ஽┈ᶒ㸦Genußrechte㸧➼࡜⤒῭ⓗᶵ⬟ࡀ㢮ఝࡍࡿࠋᰴᘧ࡜♫മࡢᶵ⬟ࡢ᥋㏆ࠊ࠸ࢃࡺࡿࣁ࢖ࣈࣜࢵࢻ㸦hybrid㸧໬࡛࠶ࡿ281ࠖ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿࠋࡲࡓࠊඃඛド

280 ࠕࢹࢵࢺ࡜࢚ࢡ࢖ࢸ࢕࡟㛵ࡍࡿἲཎ⌮࡟ࡘ࠸࡚ࡢ◊✲఍ࠖሗ࿌᭩ࠗ㔠⼥◊✲࠘20 ᕳ 3 ྕ㸦2001㸧

44 㡫ࠋ
281 Ụ㢌᠇἞㑻࣭๓ᥖὀ㸦76㸧
ࠊ133 㡫ࠋ70ๆࢆࠕ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ฼ࠖ࡜ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖ࡜࡟ศゎࡋࡓሙྜࠊඃඛドๆࡣࠊ࢟ࣕࢵࢩ࣭ࣗࣇ࣮ࣟ࡟ᑐࡍࡿᶒ฼ࠖࡢ㓄ศ࡟࠾࠸࡚♫മⓗ࡞ᛶ㉁ࢆ᭷ࡋ࡞ࡀࡽࠊ
ࠕࢥࣥࢺ࣮ࣟࣝ࡟㛵ࡍࡿᶒ฼ࠖࡢ㓄ศࢆཷࡅࡿ࡜࠸࠺ᰴᘧⓗ࡞ᛶ㉁ࢆ᭷ࡍࡿドๆ࡛࠶ࡾࠊ఍♫ἲࡢ❧ሙ࠿ࡽࡣࠊᰴᘧࡢศ㢮࡟ධࢀࠊ㆟ㄽࡋ࡚࠸ࡿࡶࡢࡢࠊࣁ࢖ࣈࣜࢵࢻᛶࢆᙉㄪࡋ࡚࠸ࡿࠋࡋࡓࡀࡗ࡚ࠊ࠿࠿
ࡿ≧ἣ࡟࠾࠸࡚ࠊ⛒⛯ἲࡣࠊඃඛドๆࢆ஧ศⓗ࡟ DebtࠊEquity ࡢ࠸ࡎࢀ࡟ศ㢮ࡍࡿࡢ࠿ࠊุ᩿ࢆ
ồࡵࡽࢀࡿࡇ࡜࡟࡞ࡿ࡛࠶ࢁ࠺ࠋࡇࡢⅬ࡟㛵ࡋࠊྜྷᮧᨻ✑෸ᩍᤵࡣࠊ
ࠕࡶࡋ᪥ᮏ௻ᴗࡀ㸦ᾏእᏊ఍♫ࢆ㏻ࡌ࡚࡛ࡣ࡞ࡃ㸧┤᥋࡟ඃඛドๆࢆⓎ⾜ࡍࡿࡇ࡜ࡀ࠶ࡗࡓࡽ࡞ࡽࡤࠊࢃࡀᅜࡢㄢ⛯ᙜᒁࡣࡇࢀ࡟
࡝ࡢࡼ࠺࡟ᑐᛂࡍࡿࡢ࡛࠶ࢁ࠺࠿ࠋ౛࠼ࡤࠊලయⓗ࡟ࡣࠊᙜヱ௻ᴗࡢᡤᚓ⟬ᐃࡢ㐣⛬࡟࠾࠸࡚ࠊඃඛドๆಖ᭷⪅࡟ᑐࡍࡿ฼ᡶ࠸ࢆᦆ㔠࡟⟬ධࡍࡿࡇ࡜ࡣㄆࡵࡽࢀࡿࡢ࡛࠶ࢁ࠺࠿ࠖ282࡜␲ၥࢆᥦ♧ࡉࢀࠊⓎ⾜఍♫ࡢỴᐃ࡟ࡼࡾศ㓄㔠ࡢᨭᡶࢆ⧞ᘏ࡭ࡽࢀࡿⅬ࡜≉ᐃࡢൾ㑏᪥ࡀᐃࡵࡽࢀ࡚࠸࡞࠸Ⅼ࡟ࡘࡁࠊ♫മ࡜࠸࠺ࡶࡢࡢ⚾ἲⓗ࡞ᐃ⩏ࡢ୰࡟ࡣࠊ㏻ᖖࠊൾ㑏ᮇ㝈࡜฼ᜥࡢᐃᮇⓗ࡞ᨭᡶࡀồࡵࡽࢀࡿࡶࡢ࡛࠶ࡿ283ࡀࠊᮏඃඛドๆ࡟ࡑࡢᐃࡵࡣ⨨࠿ࢀ࡚࠸࡞࠸ࡇ࡜࠿ࡽࡋ࡚ࠊඃඛドๆ࠿ࡽ⏕ࡌࡿ฼ᡶ࠸ࡢㄢ⛯ୖࡢྲྀᢅ࡟ᑐࡋࠊ
ࠕࡶࡋෆᅜἲேࡀ࠿࠿ࡿドๆࢆⓎ⾜ࡍࡿ஦ែࡀ⏕ࡌࡓሙྜࠊ࡝ࡢࡼ࠺࡞
ྲྀᢅ࠸ࡀ࡞ࡉࢀࡿࡔࢁ࠺࠿ࠋ
ࡇࢀࡲ࡛᪥ᮏ࡛࡞ࡉࢀ࡚ࡁࡓᰴᘧ࡜೉ධࢀ࡜ࡢ༊ูࢆぢ࡚࠸ࡃࡇ࡜࡛ࠊ
࡞ࢇࡽ࠿ࡢ⌮ㄽⓗ࡞どⅬ࡟ᇶ࡙࠸ࡓぢ㏻ࡋࢆ❧࡚ࡿࡇ࡜ࡣ࡛ࡁࡿࡢࡔࢁ࠺࠿ࠋࡶࡋࡃࡣࠊࡑࢀࢆᑟ
ࡃࡔࡅࡢ㆟ㄽࡢ⵳✚ࡣᏑᅾࡋ࡚࠸ࡿࡢࡔࢁ࠺࠿284ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ
(3)

 ࡑࡢᚋ

 2004 ᖺ 4 ᭶ 22 ᪥ NEC ࣉࣞࢫ࣮ࣜࣜࢫ࡟࡚ࠊ2004 ᖺ 6 ᭶ 21 ᪥࡟ NEC ࡣ఍ィᇶ‽ࡢኚ᭦஦⏤࡟ࡼࡾඃඛドๆࡢドๆࡢൾ㑏ࢆḟࡢࡼ࠺࡟Ⓨ⾲ࡋࡓ285ࠋ఍ィ஦⏤ࡢⓎ⏕࡟ࡼࡿൾ㑏ᮏຎᚋമ࠾ࡼࡧ NEC ࢺࣛࢫࢺඃඛドๆࡢⓎ⾜᫬࡟ணᐃࡉࢀ࡚࠸࡞࠸୍ᐃࡢ఍ィୖࡢ஦⏤ࡀⓎ⏕ࡋࡓሙྜࡣࠊ᪥ᮏ㟁Ẽᰴᘧ఍♫ࡣࠊᮏຎᚋമࡢせ㡯࡟ᇶ࡙ࡁࠊ࠸ࡘ࡛ࡶᮏຎᚋമࢆ⧞ୖൾ㑏ࡍࡿࡇ࡜ࡀ࡛ࡁࡲࡍࠋࡇࡢࡓࡧࠊ⡿ᅜ఍ィᇶ‽ࡢኚ᭦࡟ࡼࡾࠊᖹᡂ 16 ᖺ 3 ᭶ 31 ᪥࡟࠾ࡅࡿ᪥
ᮏ㟁Ẽᰴᘧ఍♫ࡢ㐃⤖㈚೉ᑐ↷⾲ୖ࡟࠾ࡅࡿ NEC ࢺࣛࢫࢺඃඛドๆࡢ఍ィୖࡢྲྀᢅ࠸ࡀኚ᭦
ࡉࢀࡲࡋࡓࡢ࡛ࠊ఍ィ஦⏤ࡀⓎ⏕࠸ࡓࡋࡲࡋࡓࠋ
 2001ᖺNECࣅࢪࢿࢫࢺࣛࢫࢺࡀඃඛドๆࢆⓎ⾜ࡋࡓ᫬Ⅼ࡟࠾ࡅࡿ࢔࣓ࣜ࢝఍ィᇶ‽
㸦US GAAP㸧
࡟ࡼࢀࡤࠊඃඛᰴᘧࡣࠊ఍♫ࡢ㈚೉ᑐ↷⾲ࡢᰴ୺㈨ᮏࡢ㒊ࡢ᭱ึࡢ㡯┠࡟ࣃ࣮࣭ࣂ࣮࡛ࣜࣗ㍕ࡏࡿࡼ࠺࡟ᐃࡵࡽࢀ࡚࠸ࡓ286ࠋࡑࡢࡓࡵࠊNEC ࡢ㐃⤖㈈ົㅖ⾲ୖ࡟ࡣࠊᰴ୺㈨ᮏ࡜ࡋ࡚ඃඛドๆࢆᥖ㍕ࡍࡿࡇ࡜ࡀ࡛ࡁࠊ♫മᛶࡢ㈨㔠ㄪ㐩࡟࠾࠸࡚ᰴᘧᛶࡢ㈨ᮏㄪ㐩࡜ᢅࢃࢀࡿࡇ࡜࠿ࡽ⮬ᕫ㈨ᮏẚ⋡ࡣᨵၿࡋࡓࡀࠊ2003 ᖺ FASB ࡣࠊInterpretation No.46R, Revised version of 'Consolidation of
282 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦127㸧
ࠊ16 㡫ࠋ
283 㱟⏣⠇ࠗ఍♫ἲ኱せ࠘㸦᭷ᩫ㛶ࠊ2007㸧322 㡫ࠋྠ᭩࡟ࡼࢀࡤࠊ
ࠕ♫മ࡟ࡶከᵝ࡞ࡶࡢࡀ࠶ࡾࠊ

୧⪅㸦ᰴᘧ㸸ࡇࡇࡣ➹⪅ࡀ⿵ࡗࡓ㸧ࡀ᥋㏆ࡍࡿࡇ࡜ࡀ࠶ࡿࠋ㺃㺃㺃ࡋ࠿ࡋᰴᘧ࣭ᣢศࡀ⮬ᕫ㈨ᮏࠊ♫മ
ࡀ௚ே㈨ᮏ࡜࠸࠺ᕪ␗ࡣṧࡿࠖ࡜ࡋࠊ♫മ࡜ᰴᘧࡢ఍♫ἲୖࡢ᫂☜࡞ᕪ␗ࡣࠊ⮬ᕫ㈨ᮏ࡜௚ே㈨ᮏ
࡜࠸࠺ࡑࡢᕪ࡟࠶ࡿࡇ࡜ࡀ㏙࡭ࡽࢀ࡚࠸ࡿࠋ
284 ྜྷᮧᨻ✑࣭๓ᥖὀ㸦127㸧
ࠊ16 㡫ࠋ
285 NEC 2004 ᖺ 4 ᭶ 22 ᪥ࣉࣞࢫ࣮ࣜࣜࢫࠕNEC ࢺࣛࢫࢺඃඛドๆࡢൾ㑏ࡢ࠾▱ࡽࡏࠖࠋ
286 "Preferred stock is generally reported at par value as the first item in the stockholder's equity section of a company's balance sheet," See, Donald E. Kieso, Jerry J. Weygandt & Terry D.
Warfield, Intermediate Accounting. 10th ed. (Wiley 2001) at 787.
71

Variable Interest Entities'࡟࠾࠸࡚ࠊGAAP ୖࠊࢺࣛࢫࢺඃඛドๆࡣࠊࡑࡢドๆࡢ┤᥋ࡢⓎ⾜య࡛࠶ࡿࢺࣛࢫࢺ࡟࠾࠸࡚ࡣࠊ
Equity࡜ࡋ࡚ࡢィୖࢆㄆࡵࡿࡀࠊ
㖟⾜ᣢᰴ఍♫
㸦Bank Holding Company㸧ࡢ㐃⤖㈈ົㅖ⾲࡟࠾࠸࡚ࡣࢺࣛࢫࢺࡢⓎ⾜ࡋࡓඃඛドๆࡣࠊEquity ࡜ࡋ࡚ࡢᑡᩘᰴ୺ᣢศ࡜ࡣᢅࢃ
࡞࠸ࠊ࡜࠸࠺ᇶ‽࡟ኚ᭦ࡋࡓ287ࠋᚋ⸨ᩥே࣭኱ᵳዉ㑣Ặ࡟ࡼࡿ࡜ࠊࡇࡢ࢔࣓ࣜ࢝఍ィᇶ‽ࡢኚ᭦࡟
క࠸ࠊFRB ࡀ኱ᡭ㖟⾜࡟ࡘ࠸࡚ࠊࢺࣛࢫࢺඃඛドๆࡢࢥ࢔࢟ࣕࣆࢱࣝ࡬ࡢ⤌ࡳධࢀẚ⋡ࢆᚑ᮶ࡢ
25㸣࠿ࡽ 15㸣࡟ᘬࡁୗࡆࡓࡇ࡜࡞࡝ࡀᙳ㡪ࡋࠊNEC ࡣ 2004 ᖺ 6 ᭶࡟ࢺࣛࢫࢺඃඛドๆࡢ඲㢠ࢆൾ㑏ࡋࡓ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿ288ࠋ
࢖࢜ࣥᰴᘧ఍♫—┤᥋Ⓨ⾜ᆺࠊຎᚋ≉⣙௜ࡁ↓ᢸಖ♫മ—

3.

2006 ᖺ 9 ᭶ 20 ᪥࡟࢖࢜ࣥᰴᘧ఍♫ࡣᅜෆᕷሙ࡟࠾࠸࡚஦ᴗ఍♫࡜ࡋ࡚➨୍ྕࡢຎᚋമᙧែ࡛ࡢࣁ
࢖ࣈࣜࢵࢻドๆ㸦ṇᘧྡ⛠ࡣࠊ➨ 1 ᅇ࠾ࡼࡧ➨ 2 ᅇ฼ᡶ⧞ᘏ᮲㡯࣭ᮇ㝈๓ൾ㑏᮲㡯௜㸦ຎᚋ≉⣙௜㸧↓ᢸಖ♫മࠊ௨ୗᮏㄽ࡟࠾࠸࡚ࡇࢀࢆ࢖࣭࢜ࣥࣁ࢖ࣈࣜࢵࢻドๆ࡜࠸࠺㸧310 ൨෇ࡢⓎ⾜ࢆ⾜࡞ࡗ
ࡓ289ࠋ࢖࢜ࣥ(ᰴ)࡛ࡢࢽ࣮ࣗࢫ࣮ࣜࣜࢫ࡟ࡼࡿබ⾲࡛ࡣࠊᙜヱドๆࢆ♫മ࡜఩⨨࡙ࡅ௨ୗࡢࡼ࠺࡟
ㄝ᫂ࡋ࡚࠸ࡿࠋ
ᮏ♫മࡣࠊ㈇മ࡛࠶ࡾ࡞ࡀࡽ୍ᐃ⛬ᗘࡢ㈨ᮏ࡟㢮ఝࡋࡓᛶ㉁࠾ࡼࡧ≉ᚩࢆ᭷ࡋ࡚࠾ࡾ㸦௨ୗࠊ㈇മ࡜㈨ᮏࡢ୧᪉ࡢᛶ㉁࠾ࡼࡧ≉ᚩࢆ᭷ࡍࡿドๆࢆࠕࣁ࢖ࣈࣜࢵࢻドๆࠖ࡜࠸࠸ࡲࡍࠋ
㸧ࠊᮏ♫മࡣࠊ᱁௜ᶵ㛵࡟ࡼࡾ㈨ᮏᛶࢆㄆᐃࡉࢀࡓ㈨㔠ㄪ㐩ᡭẁ࡛࠶ࡾ㺃㺃㺃ᮏ♫മࡣ㺃㺃㺃ࠕࢡࣛࢫ 3(50%⛬ᗘ)ࠖ࡟┦ᙜࡍࡿ㈨ᮏᛶㄆᐃࢆ㡬࠸࡚࠾ࡾࡲࡍࠋ᫖௒ࠊḢ⡿♫മᕷሙ࡟࠾࠸࡚
ࡣࠊ᱁௜ᶵ㛵࡟ࡼࡾ㈨ᮏᛶࢆㄆᐃࡉࢀࡓ஦ᴗ఍♫࡟ࡼࡿࣁ࢖ࣈࣜࢵࢻドๆࡢⓎ⾜஦౛ࡀቑຍࡋ࡚࠾ࡾࡲࡍࡀࠊᅜෆᕷሙ࡟࠾࠸࡚஦ᴗ఍♫ࡀⓎ⾜య࡜࡞ࡿຎᚋമᙧែ࡛ࡢࣁ࢖ࣈࣜࢵ
ࢻドๆⓎ⾜ࡣࠊࡇࢀࡀึࡵ࡚࡜࡞ࡾࡲࡍࠋ ᮏ♫മࡢ≉ᚩࡣࠊൾ㑏ᮇ᪥ࡲ࡛ࡢᮇ㛫ࡀ 50 ᖺ࡜㉸㛗ᮇ࡛࠶ࡿࡇ࡜㺃㺃㺃ࠊᮏ♫മࡢᘚ῭㡰఩ࡣࠊ඲࡚ࡢ୍⯡മᶒ⪅࡟ᑐࡋ࡚ຎᚋࡍࡿࡇ࡜ࠊᮏ♫മࡢ฼ᜥࡀ⧞ࡾᘏ࡭ࡽࢀࡿྍ⬟ᛶࡀ࠶ࡿࡇ࡜ࠊ࡞ࡽࡧ࡟୍ᐃࡢ᮲௳࡟᢬ゐࡋࡓሙྜࠊᮏ♫മࡢ฼ᜥࡢᨭᡶཎ㈨ࡀไ㝈ࡉࢀࡿࡇ࡜➼ࡢⅬ࡛ࠊ㈨ᮏ࡜㢮ఝࡋࡓᛶ㉁ࢆ᭷ࡍࡿࡶࡢ࡛࠶ࡾࡲࡍࠋ
࢖࣭࢜ࣥࣁ࢖ࣈࣜࢵࢻドๆࢫ࣮࣒࢟ࡢᴫせ290

(1)
c)

Ⓨ⾜⥲㢠㸸

➨ 1 ᅇ㔠 45 ൨෇ࠊ➨ 2 ᅇ㔠 265 ൨෇

d)

฼⋡㸸

➨ 1 ᅇ ᡶ㎸ᮇ᪥ࡢ⩣᪥࠿ࡽᖹᡂ 28 ᖺ 9 ᭶ 29 ᪥ࡲ࡛㸸ᖺ 3.25㸣㸭

➨ 2 ᅇ ᡶ㎸ᮇ᪥ࡢ⩣᪥࠿ࡽᖹᡂ 28 ᖺ 9 ᭶ 29 ᪥ࡲ࡛㸸6 ࣨ᭶࣮ࣘࣟ෇ Libor㸩1.40㸣
➨ 1 ᅇ࠾ࡼࡧ➨ 2 ᅇ ᖹᡂ 28 ᖺ 9 ᭶ 29 ᪥ࡢ⩣᪥௨㝆㸸6 ࣨ᭶࣮ࣘࣟ෇ Libor㸩2.40㸣
e)

ᡶ㎸ᮇ᪥㸸

ᖹᡂ 18 ᖺ 9 ᭶ 29 ᪥

f)

ൾ㑏ᮇ᪥㸸

ᖹᡂ 68 ᖺ 9 ᭶ 29 ᪥g)ᮇ㝈๓ൾ㑏㸸

࢖࢜ࣥ(ᰴ)ࡣࠊᖹᡂ 23 ᖺ 9 ᭶ 29 ᪥ࡶࡋࡃࡣࡑࢀ௨㝆࡟฿᮶ࡍࡿᮏ♫മࡢ฼ᜥࡢྛᨭᡶᮇ᪥ࡲࡓࡣᮏ♫മ࡟ࡘ࠸࡚ⴭࡋࡃ୙฼┈࡞⛯ົୖࡢྲྀᢅ࠸ࡀ࡞ࡉࢀࠊྜ
287 Board of Governors of the Federal Reserve System, Risk-Based Capital Standards: Trust
Preferred Securities and the Definition of Capital, Vol. 70, No.46 11827 Federal Register (2005);
FASB, Consolidation of Variable Interest Entities, Interpretation No.46R, para.14 FASB (2003).
288 ᚋ⸨ᩥே࣭኱ᵳዉ㑣࣭๓ᥖὀ㸦272㸧
ࠊ98 㡫ࠋ
289 ࢖࢜ࣥࢽ࣮ࣗࢫ࣮ࣜࣜࢫ 2006 ᖺ 9 ᭶ 20 ᪥ࠕຎᚋമᙧែ࡛ࡢࣁ࢖ࣈࣜࢵࢻドๆࡢⓎ⾜࡟㛵ࡍࡿ࠾▱ࡽࡏ㸦ᅜෆᕷሙ࡟࠾࠸࡚஦ᴗ఍♫࡜ࡋ࡚➨୍ྕ㸧ࠖ
290 ࢖࢜ࣥࢽ࣮ࣗࢫ࣮ࣜࣜࢫ࣭๓ᥖὀ㸦289㸧ࢆࡶ࡜࡟ࡲ࡜ࡵࡓࡶࡢ࡛࠶ࡿࠋ

72⌮ⓗ࡞ດຊ࡟ࡼࡗ࡚ࡶࡇࢀࢆᅇ㑊࡛ࡁ࡞࠸ሙྜ࡟ࡘ࠸࡚ࠊᮇ㝈๓ൾ㑏ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࠋ
h)฼ᡶࡢ௵ព⧞ᘏ㸸௨ୗࡢ࠸ࡎࢀ࠿ࡢ᮲௳࡟᢬ゐࡋࡓሙྜ➼࡟࠾࠸࡚ࠊᮏ♫മࡢ฼ᡶࢆ᭱

㛗࡛ 10 ᖺ㛫⧞ࡾᘏ࡭ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࠋ
a. ࢖࢜ࣥ(ᰴ)ࡢ EBITDA ࣐࣮ࢪࣥ(㐃⤖࣮࣋ࢫ)ࡀ┤㏆ 2 ༙ᮇ㐃⥆࡛ 4.5%ࢆୗᅇࡗࡓሙྜࠋ
b. ࢖࢜ࣥ(ᰴ)ࡢ㈇മẚ⋡(㐃⤖࣮࣋ࢫ)ࡀ┤㏆ 2 ༙ᮇ㐃⥆࡛ 65.0%ࢆୖᅇࡗࡓሙྜࠋ
c. ᬑ㏻ᰴᘧ࡟࠾࠸࡚๫వ㔠ࡢ㓄ᙜࢆỴᐃࡋ࡞࠿ࡗࡓሙྜࠋ
i)฼ᡶ࠸ࡢཎ㈨ไ⣙㸸 ࢖࢜ࣥ(ᰴ)ࡢ㈈ົ≧ἣࡀ୍ᐃ௨ୖ࡟ᝏ໬ࡋࡓሙྜࠊᮏ♫മࡢ฼ᡶ࠸ࢆ
⾜࠺ཎ㈨ࡀ᪂ᰴⓎ⾜➼࡟ࡼࡾㄪ㐩ࡉࢀࡿ㈨㔠࡟㝈ࡿࠋ

j)

ຎᚋ≉⣙㸸

࢖࢜ࣥ(ᰴ)࡟◚⏘ࠊ఍♫᭦⏕ࠊẸ஦෌⏕ࠊࡑࡢ௚ࡇࢀࡽ࡟㢮ఝࡍࡿᡭ⥆ࡁࠊ࠾ࡼࡧ᪥ᮏἲ௨እ࡟ࡼࡿಽ⏘ᡭ⥆➼ࡢ஦⏤ࡀⓎ⏕ࡋࡓሙྜࠊᮏ♫മࡢᡤᣢே࡬ࡢᘚ
῭ࡣࠊࡍ࡭୍࡚⯡മᶒ⪅࡟ຎᚋࡍࡿࠋ
k)

೉᥮ไ㝈㸸

ᮇ㝈๓ൾ㑏ࠊ㈙ධൾ༷࠾ࡼࡧ‶ᮇൾ㑏࡟࠶ࡓࡗ࡚ࡣࠊൾ㑏➼ࡀ⾜ࢃࢀࡿ㝿ࡢᮏ♫മ࡜ྠ➼௨ୖࡢ㈨⏘ᛶࢆㄆࡵࡿᡭẁ࡟ࡼࡗ࡚㈨㔠ㄪ㐩ࢆ⾜࠺ࡶࡢ࡜ࡍࡿࠋ
l)㓄ᙜ➼ࡢ೵Ṇ㸸௵ព࡟ᨭᡶࡀ⧞ࡾᘏ࡭ࡽࢀࡓ฼ᜥ࠾ࡼࡧ฼ᡶࢆ⾜࠺ཎ㈨ࡀ᪂ᰴⓎ⾜➼࡟ࡼࡗ࡚ㄪ㐩ࡉࢀࡿ㈨㔠࡟㝈ᐃࡉࢀࡓ฼ᜥࡀᏑᅾࡋ࡚࠸ࡿᮇ㛫࡟࠾࠸࡚ࡣࠊ๫వ㔠ࡢ㓄ᙜ࠾ࡼࡧ⮬ᕫᰴᘧࡢྲྀᚓ➼ࢆ⾜ࢃ࡞࠸ࠋm) ㈨㔠౑㏵㸸
n)Ⓨ⾜ᙧែ㸸ᮏ♫മࡢⓎ⾜௦ࡾ㔠ࡣࠊ᪤Ꮡ▷ᮇമົࡢ㏉῭࡟඘ᙜࡉࢀࡿࠋ
⚾ເ(ࢦ࣮ࣝࢻ࣐࣭ࣥࢧࢵࢡࢫドๆ఍♫ᮾிᨭᗑ࠾ࡼࡧࡳࡎ࡯ドๆᰴᘧ఍♫ࡀ⚾ເࡢྲྀᢅ⪅࡜ࡋ࡚ࠊ㐺᱁ᶵ㛵ᢞ㈨ᐙ࡟ᑐࡋ࡚ᢞ㈨່ㄏࢆ⾜࠺ࠋ(2)≉ᚩ࢖࢜ࣥ(ᰴ)࡟ࡼࡿࣁ࢖ࣈࣜࢵࢻドๆⓎ⾜ᙧែࡣࠊᾏእ SPC ࢆ௓ࡉࡎࠊ࢖࢜ࣥ(ᰴ)ࡀ᪥ᮏᅜෆࡢドๆ఍♫ࢆ㏻ࡋ࡚┤᥋㐺᱁ᶵ㛵ᢞ㈨ᐙ࡟๭ࡾᙜ࡚ࡿ࡜ࡇࢁ࡟࠶ࡿࠋ㔠⼥ࢪ࣮ࣕࢼࣜࢫࢺ࡟ࡼࡿ࡜ࠊ
ࠕ࢖࢜ࣥࡢሙྜࡣⓎ⾜ࡢ┠ⓗࡣࡶࡗࡥࡽ㈇മᵓᡂࡢ⤌ࡳ᭰࠼࡟࠶ࡗࡓࠋ㈨ᮏᛶࡀ࠶ࡿࡶࡢ࡟ධࢀ᭰࠼ࡿࡇ
࡜࡛ࠊࢡࣞࢪࢵࢺࣛ࢖ࣥࢆ୍㒊✵ࡅࡿࡇ࡜ࡀ࡛ࡁࡓࠋ࢖࢜ࣥࡣຎᚋമⓎ⾜࠿ࡽ⣙ 1 ࣨ᭶ᚋ࡟ࡣබເ
ቑ㈨࡜➨୕⪅๭ᙜቑ㈨࡛⣙ 1900 ൨෇ࢆㄪ㐩ࡍࡿ࡞࡝ࠊ᪂ᰴⓎ⾜࡟ࡼࡿᕼⷧ໬ᅇ㑊ࡢᚲせᛶ࡟㏕ࡽࢀ࡚࠸ࡓࢃࡅ࡛ࡶ࡞࠸ࡢ࡛ࠊඃඛᰴ࡛࠶ࡿᚲせࡣ࡞࠿ࡗࡓ291ࠖ࡜グࡉࢀ࡚࠸ࡿࠋ
(3)ㄢ⛯ୖࡢㄽⅬࡇࡢሙྜࡣ NEC ࡢࡼ࠺࡞ TOPrS ࢫ࣮࣒࢟ࢆ⏝࠸࡚࠾ࡽࡎࠊࢫ࣮࣒࢟⮬యࡢၥ㢟Ⅼࡣ࡞࠸ࠋㄢ⛯ୖၥ㢟࡜࡞ࡿࡢࡣࠊൾ㑏ᮇ᪥ࡲ࡛ࡢᮇ㛫ࡀ 50 ᖺ࡜㉸㛗ᮇ࡛࠶ࡿࡇ࡜ࠊ♫മࡢᘚ῭㡰఩ࡣࠊ඲࡚ࡢ
୍⯡മᶒ⪅࡟ᑐࡋ࡚ຎᚋࡍࡿࡇ࡜ࠊ♫മࡢ฼ᜥࡀ⧞ࡾᘏ࡭ࡽࢀࡿྍ⬟ᛶࡀ࠶ࡿࡇ࡜ࠊ࡞ࡽࡧ࡟୍ᐃ
ࡢ᮲௳࡟᢬ゐࡋࡓሙྜࠊ♫മࡢ฼ᜥࡢᨭᡶཎ㈨ࡀไ㝈ࡉࢀࡿࡇ࡜➼ࡢⅬ࡛ࠊᰴᘧ࡜㢮ఝࡋࡓᛶ㉁ࢆ
᭷ࡍࡿࡇ࡜࡛࠶ࡿࠋࡇࢀࢆࠊἲே⛯ἲୖ Debt ࡜ࡳ࡞ࡍࡢ࠿ࠊEquity ࡜ࡳ࡞ࡍࡢ࠿ࠊἲே⛯ἲ⊂⮬ࡢ Debt㸭Equity ㄆ㆑ᇶ‽ࡀᚲせ࡜ࡉࢀࡿࡢ࡛ࡣ࡞࠸ࡔࢁ࠺࠿ࠋ
4.

᪂᪥ᮏ〇㚩ᰴᘧ᭳♫—ࢣ࢖࣐ࣥ SPC ࢆ௓ࡍࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖

ࢼࣥࢫ— ᪂᪥ᮏ〇㚩ᰴᘧ᭳♫ࡣࠊ2006 ᖺ 10 ᭶ 20 ᪥ྲྀ⥾ᙺ఍࡟࡚Ỵᐃࠊ2006 ᖺ 11 ᭶ 9 ᪥ࠊྠ♫ࡀࢣ࢖࣐ࣥㅖᓥ࡟タ❧ࡋࡓ 100㸣Ꮚ఍♫ SPC㸦NS Preferred Capital Company Limited; ௨ୗࠕNS ♫ࠖ࡜࿧ࡪ㸧ࢆ๭ᙜඛ࡜ࡋ࡚ࠊ࣮ࣘࣟ෇ᘓ㌿᥮♫മ㸦ຎᚋ≉⣙ CB㸧⥲㢠 3000 ൨෇ࢆⓎ⾜ࡋࠊNS ♫ࡀ
291 ఀ⸨Ṍࠕ࢖࢜ࣥࠊ᪂᪥㕲࡟ࡼࡿⓎ⾜࡛ὀ┠ࡀ㞟ࡲࡿࣁ࢖ࣈࣜࢵࢻ࡛㈨ᮏ㈇മᵓ㐀ࢆᰂ㌾໬ࠖࠗ㔠

⼥ࣅࢪࢿࢫ࠘92 㡫ࠊ93 㡫㸦2007㸧ࠋ
73

ྠ㢠ࡢ࣮ࣘࣟ෇ᘓ஺᥮ᶒ௜ඃඛドๆࢆⓎ⾜ࡋࡓࠋ NS ♫ࡀⓎ⾜ࡍࡿࠊ࣮ࣘࣟ෇ᘓ஺᥮ᶒ௜ඃඛドๆࡣࠊ➨୕⪅๭ᙜ᪉ᘧ࡟ࡼࡾⓎ⾜ࡉࢀࠊ(ᰴ)ࡳࡎ࡯
ࢥ࣮࣏࣮ࣞࢺ㖟⾜ࠊ(ᰴ)୕⳻ᮾி UFJ 㖟⾜ࠊ࠾ࡼࡧ(ᰴ)୕஭ఫ཭㖟⾜ࡢ 3 ⾜ࡀ඲㢠ࢆ㉎ධࡋࡓ292ࠋ
(1)ࢫ࣮࣒࢟ࡢᴫせ293

NEC ࡟ࡼࡿඃඛドๆࡢⓎ⾜࡜ࢫ࣮࣒࢟࡜ࡋ࡚ࡣኚࢃࡾ࡞࠸ࠋ
z NS ♫ࡣࠊձNS ♫ࡣࠊᅜෆἲேᢞ㈨ᐙ࡟ඃඛドๆࢆ 3000 ൨෇Ⓨ⾜ࡍࡿࠋղNS ♫ࡣࠊࡑࡢ㈍኎௦ࡾ㔠 3000 ൨෇࡛᪂᪥ᮏ〇㚩ࡀⓎ⾜ࡍࡿຎᚋ≉⣙ CB3000 ൨෇ࢆ඲㢠㉎ධࡍࡿࠋࡇࡢࡇ࡜࡟ࡼࡾ୍᪦ NS ♫ࡢ B/S ࡟⌧㔠 3000 ൨෇ࡀィୖࡉࢀࡿࡀࠊࡍࡄ࡟᪂᪥ᮏ〇㚩Ⓨ⾜ࡢ᭷౯ドๆ࡟⨨ࡁ᥮ࢃࡿࠋ
ճࡋࡓࡀࡗ࡚ NS ♫ࡢ B/S ࡣᕥ࡟᭷౯ドๆ㸦᪂᪥ᮏ〇㚩㸧ྑ࡟࣮ࣘࣟ෇ᘓ஺᥮ᶒ௜ඃඛドๆࡀ 3000൨෇࡛ィୖࡉࢀࡿࠋմඃඛドๆ࠿ࡽ⏕ࡌࡿ࢖࣮ࣝࢻࡣ NS ♫ P/L ࡢᕥഃ࡟ィୖࡉࢀࡿࠋ
յࡋ࠿ࡋࠊ᪂᪥ᮏ〇㚩Ⓨ⾜ࡢຎᚋ≉⣙ CB ࡟ࡼࡾࠊ࡯ࡰྠ㢠ࡢ࢖࣮ࣝࢻࡢཷྲྀࡀ⏕ࡌࡿࡓࡵࠊP/Lࡢࣂࣛࣥࢫࡣࢮࣟ࡜࡞ࡿࠋz ᪂᪥ᮏ〇㚩ࡣࠊճຎᚋ≉⣙ CB3000 ൨෇ࢆ NS ♫࡟Ⓨ⾜ࡋࠊNS ♫ࡢ㈍኎௦ࡾ㔠 3000 ൨෇ࢆཷࡅྲྀࡿࠋմ᪂᪥ᮏ〇㚩ࡢ B/S ࡟ࡣࠊᕥ࡟⌧㔠ࠊྑ࡟ຎᚋ≉⣙ CB ࡀ 3000 ൨෇࡛ィୖࡉࢀࠊຎᚋ≉⣙ CB ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᨭᡶࡣ P/L ࡢᕥ࡟ࠕᨭᡶ฼Ꮚࠖ࡜ࡋ࡚ィୖࡉࢀࡿࠋz ᪂᪥ᮏ〇㚩࡜ NS ♫ࢆྜࢃࡏࡿ࡜յ᪂᪥ᮏ〇㚩ࡀ NS ♫࡟Ⓨ⾜ࡋࡓຎᚋ≉⣙ CB ࡜ NS ♫ࡀ᭷ࡍࡿ᭷౯ドๆ࡜┦ẅࡉࢀࠊ㐃⤖ B/S ୖ࡛ࡣ NS ♫ࡀᢞ㈨ᐙ࡟Ⓨ⾜ࡋࡓ࣮ࣘࣟ෇ᘓ஺᥮ᶒ௜ඃඛドๆࡀࠊEquity ࡜ࡋ࡚ィୖࡉࢀࡿࡇ࡜࡜࡞
ࡿࠋն୍᪉ㄢ⛯ୖࡣࠊ᪂᪥ᮏ〇㚩ࡀࠊNS ♫࡟ 3000 ൨෇ຎᚋ≉⣙ CB ࡜࠸࠺ Debt ࡟ࡼࡿᢞ㈨ࢆ⾜ࡗࡓࡶࡢ࡜ࡳ࡞ࡉࢀ㸦ࡳ࡞ࡉࢀࡿ࡛࠶ࢁ࠺㸧ࠊᙜヱ CB ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᨭᡶࡣࠕᨭᡶ฼Ꮚࠖ࡜ㄆᐃ
ࡉࢀࠊᦆ㔠᥍㝖ࡢᑐ㇟࡜࡞ࡿࠋ
(2)ㄢ⛯ୖࡢㄽⅬNEC ࡜ NEC ࢺࣛࢫࢺ࡜ࡢㄢ⛯ၥ㢟ࡢ➨ 2 ࡛㏙࡭ࡓࡼ࠺࡟ࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣࠊእᅜぶ఍♫ࡀࠊࢃࡀᅜ࡟タ⨨ࡉࢀࡓᏊ఍♫࡟ᑐࡋ࡚ࠊ㈨㔠ὀධࢆ⾜࠺㝿࡟ࠊDebt ࡜ Equity ࡢ⥲㔞つไࢆ⾜࠺ࡶࡢ࡛࠶ࡾࠊᙜヱ஦౛ࡢࡼ࠺࡟ࠊࢃࡀᅜᒃఫ⪅࡛࠶ࡿぶ఍♫ࡀእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊぶ఍♫ࡀࢃࡀᅜࡢ఍ィୖ࡛ Debt ࡜ㄆࡵࡽࢀࡿ♫മࢆእᅜ࡟タ⨨ࡉࢀࡓᏊ఍♫࡟Ⓨ⾜ࡍࡿሙྜ࡟ࡣࠊ㐣ᑡ㈨ᮏ
⛯ไࡢ㐺⏝ᑐ㇟࡜࡞ࡽ࡞࠸ࡓࡵࠊἲே⛯ἲୖࠊDebt ࡜ㄆࡵࡽࢀࡿ࡛࠶ࢁ࠺ࠊ♫മࢆ࠸࠿ࡼ࠺࡟Ⓨ⾜ࡋ࡚ࡶࡑࡇ࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝࢻࡣᦆ㔠᥍㝖ᑐ㇟ࡢᨭᡶ฼Ꮚ࡜࡞ࡾࠊἲே⛯ࡢㄢ⛯࣮࣋ࢫࢆῶᑡࡉ
ࡏࡿࡇ࡜ࡀྍ⬟࡛࠶ࡿࠋࡇࡢഃ㠃࡟࠾࠸࡚ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣ᏶඲࡟↓ຊ໬ࡍࡿࠋ ୍᪉ࠊNS ♫ࡣࠊ⮬♫Ⓨ⾜ࡢඃඛドๆ࡜࠸࠺ Equity ࢆᢞ㈨ᐙ࡟Ⓨ⾜ࡋࠊ⌧㔠 3000 ൨෇ࢆㄪ㐩ࡍࡿࡀࠊࡇࡢ⌧㔠ࢆ⏝࠸࡚᪂᪥ᮏ〇㚩Ⓨ⾜ࡢ CB ࢆ඲㢠㈙࠸ཷࡅࡿࠋ ḟ࡟ࠊእᅜᏊ఍♫ NS ♫࡜᪂᪥ᮏ〇㚩࡜ࡢㄢ⛯㛵ಀࡣࠊぶ఍♫Ⓨ⾜♫മࢆᏊ఍♫ࡀ⌧㔠࡛㉎ධࡋ

292 ᪂᪥ᮏ〇㚩ᰴᘧ᭳♫࣮࣒࣮࣍࣌ࢪࠊࢽ࣮ࣗࢫ࣮ࣜࣜࢫࠊ2006/10/20 ࠾ࡼࡧࠊᚋ⸨ᩥே࣭኱ᵳዉ

㑣࣭๓ᥖὀ㸦272㸧
ࠊ106 – 107 㡫ཧ↷ࠋ293 ᪂᪥ᮏ〇㚩ᰴᘧ᭳♫࣮࣒࣮࣍࣌ࢪࠊࢽ࣮ࣗࢫ࣮ࣜࣜࢫࢆࡶ࡜࡟ࡲ࡜ࡵࡓࡶࡢ࡛࠶ࡿࠋ
74ࡓᙧᘧࢆ࡜ࡿࡓࡵⓎ⏕ࡋ࡞࠸ࠋ ࡋࡓࡀࡗ࡚᭱⤊ⓗ࡟ၥ㢟࡜࡞ࡿࡢࡣࠊἲே⛯ἲ࡟࠾࠸࡚ࠊ࣮ࣘࣟ෇ᘓ㌿᥮♫മ㸦ຎᚋ≉⣙ CB㸧ࡀ Debt ࡜㐺᱁ᛶࢆ୚࠼ࡽࢀࡿࡢ࠿ࠊ࠶ࡿ࠸ࡣ Equity ࡜ࡋ࡚㐺᱁ᛶࢆ୚࠼ࡽࢀࡿࡢ࠿࡜࠸࠺ၥ㢟ࡔࡅ࡛࠶ࡿࠋNS ♫࠿ࡽཷࡅࡿ๫వ㔠ࡢศ㓄ࡣࠊཷ┈⪅ࡀ NS ♫࡜㉥ࡢ௚ே࡛࠶ࡿἲே࡛࠶ࡿࡓࡵࠊ
๫వ㔠ࡢศ㓄ࡀࠕ㓄ᙜ࡛ࠖ࠶ࡗ࡚ࡶࠕ฼Ꮚ࡛ࠖ࠶ࡗ࡚ࡶㄢ⛯ၥ㢟࡟ᙳ㡪ࡣ࡞࠸ࠋ(3)఍ィୖࡢㄽⅬ୍᪉௻ᴗ఍ィୖࡢ࣓ࣜࢵࢺࡣ SPC ࡀㄪ㐩ࡋࡓ㈨㔠ࡣ㐃⤖㈚೉ᑐ↷⾲ୖࠊ࣮ࣘࣟ෇ᘓ஺᥮ᶒ௜ඃඛ
ドๆ࡜ࡋ࡚ᑡᩘᰴ୺ᣢศ࡟ィୖࡉࢀࡿࠋ᪂᪥ᮏ〇㚩࡜ NS ♫࡜ࡢ㛫ࡣࠊ᪂᪥ᮏ〇㚩ࡀ B/S ୖ࡟ᣢࡗ࡚࠸ࡿຎᚋ≉⣙ CB ࡜ NS ♫ࡀᣢࡗ࡚࠸ࡿ᭷౯ドๆࡀ┦ẅࡉࢀࡿࡓࡵࠊ㐃⤖࣮࣋ࢫ࡛ࡣࠊNS ♫ࡀ࣮ࣘࣟ෇ᘓ஺᥮ᶒ௜ඃඛドๆࢆⓎ⾜ࡋ࡚࠸ࡿᙧ࡜࡞ࡾࠊ㈈ົୖ᭷฼࡛࠶ࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡿࠋ 㔠⼥ࢪ࣮ࣕࢼࣜࢫࢺࡢఀ⸨ṌẶࡣࠊ᪂᪥㚩(ᰴ)ࡢⓎ⾜῭ᰴᘧ⥲ᩘࡣࠊ඲ୖሙ௻ᴗ୰᭱ከࡢ 68 ൨ᰴ࡛࠶ࡾࠊ᭷฼Ꮚ㈇മࡢ๐ῶࢆ┠ᶆ࡟ᣢࡘ᪂᪥㚩ࡣࠊ㈇മࢆቑࡸࡍࡇ࡜࡞ࡃ᪂ᰴⓎ⾜࡟ࡼࡿᕼⷧ໬ࡶ
㜵ࡂࡓ࠸࡜࠸࠺┠ⓗ࠿ࡽⓎ⾜ࡉࢀࡓ࡜グࡋ࡚࠸ࡿ294ࠋ
5.

ᮾὒ⣳⦼ᰴᘧ఍♫ ᮾὒ⣳⦼ᰴᘧ఍♫ࡣࠊᖹᡂ 21 ᖺ 2 ᭶ 16 ᪥㛤ദࡢྲྀ⥾ᙺ఍࡟࠾࠸࡚ࠊⱥᅜ㡿ࢣ࢖࣐ࣥㅖᓥᡤᅾ
ࡢᮾὒ⣳ 100%ฟ㈨ࡢ≉ู┠ⓗᏊ఍♫ TC Preferred Capital Limited(௨ୗࠊࠕTCPC ♫ࠖ࡜࠸࠺)࡟ᑐࡋ࡚➨୕⪅๭ᙜࡢ᪉ἲ࡟ࡼࡾኚື฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മ࠾ࡼࡧᙜึᅛᐃ฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മࡢྜィ 220 ൨෇ࢆⓎ⾜ࡋࠊTCPC ♫ࡀࠊኚື฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മ࠾ࡼࡧᙜึᅛᐃ฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മࡢࡑࢀࡒࢀࡢⓎ⾜㢠࡟┦ᙜࡍࡿⓎ⾜㢠࡛ࠊኚື㓄ᙜᆺ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆ࠾ࡼࡧᙜึᅛᐃ㓄ᙜᆺ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆ(௨ୗࠊ⥲⛠ࡋ࡚ࠕᮏඃඛฟ㈨ドๆࠖ࡜࠸࠺)ࢆⓎ⾜ࡍࡿ᪉ἲ࡟ࡼࡾ㈨㔠ㄪ㐩ࢆ⾜࠺ࡇ࡜ࢆỴ㆟ࡋࡓ᪨ࡢሗ࿌ࢆฟࡋࡓ295ࠋ ྠሗ࿌࡛ࡣࠊ᫖௒ࡢ㔠⼥ᕷሙࡢΰ஘ࡢ୰࡛ࠊᡭඖὶືᛶࠊ㈨㔠ㄪ㐩వຊࢆ☜ಖࡋࡘࡘࠊ୍㒊᭷฼
Ꮚ㈇മࡢ㏉῭ࢆ⾜࠺ࠋࡉࡽ࡟ࠊᮏㄪ㐩࡟ࡼࡿ㈨㔠ࡣࠊ᱁௜ᶵ㛵࠿ࡽ㈨ᮏᛶࡀㄆࡵࡽࢀ࡚࠸ࡿࡓࡵࠊ
ᮏᖺᗘࢆ௙ୖࡆࡢᖺ࡜ࡋ࡚࠸ࡿᵓ㐀ᨵ㠉࡟కࡗ࡚ῶᑡࡋࡓ⣧㈨⏘㢠ࢆᅇ᚟ࡉࡏࡿᐇ㉁ⓗ࡞㈨ᮏቑᙉ
࡟ࡘ࡞ࡀࡿࡓࡵ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿࠋ ࡉࡽ࡟ TCPC ♫ࡀⓎ⾜ࡍࡿᮏඃඛฟ㈨ドๆࡣࠊᮾὒ⣳⦼(ᰴ)ࡢ㐃⤖㈚೉ᑐ↷⾲ୖ࡟࠾࠸࡚ࡣᑡᩘ
ᰴ୺ᣢศ࡜ࡋ࡚ィୖࡉࢀࠊ㈈ົᏳᐃᛶࡢྥୖ࡟㈨ࡍࡿࡶࡢ࡛࠶ࡿࠋᮏඃඛฟ㈨ドๆࡣ㈨ᮏ࡜㈇മࡢ
୰㛫ⓗ࡞ᛶ㉁ࢆᣢࡘࣁ࢖ࣈࣜࢵࢻドๆ࡛࠶ࡾࠊ㈇മᛶㄪ㐩ᡭẁࡢ≉ᛶࢆ᭷ࡍࡿ࡜ྠ᫬࡟ࠊ୺せ᱁௜ᶵ㛵(ᰴᘧ఍♫᱁௜ᢞ㈨᝟ሗࢭࣥࢱ࣮࠾ࡼࡧᰴᘧ఍♫᪥ᮏ᱁௜◊✲ᡤ)࠿ࡽ 70%௨ୖࡢ㈨ᮏᛶࡀㄆࡵ
ࡽࢀ࡚࠸ࡿࠋࡲࡓࠊ᫬౯Ⓨ⾜ቑ㈨࡛ࡣࠊⓎ⾜῭ࡳᬑ㏻ᰴᘧᩘࡢቑຍ࠾ࡼࡧ୍ᰴᙜࡓࡾ฼┈ࡢῶᑡ➼
ࡢᬑ㏻ᰴᘧࡢ౯್ࡢᕼⷧ໬ࢆᣍࡃࡀࠊᮏඃඛฟ㈨ドๆ࡟ࡣᮾὒ⣳⦼(ᰴ)ࡢᬑ㏻ᰴᘧ࡬ࡢ㌿᥮ᶒࡀ௜ࡉࢀ࡚࠸࡞࠸ࡓࡵࠊᮾὒ⣳⦼(ᰴ)ࡢᬑ㏻ᰴᘧࡢᕼⷧ໬ࡣ୍ษⓎ⏕ࡋ࡞࠸࡜ㄝ᫂ࡉࢀ࡚࠸ࡿࠋ

294 ఀ⸨Ṍ࣭๓ᥖὀ㸦291㸧
ࠊ93 㡫ࠋ
295 ᮾὒ⣳⦼ᰴᘧ఍♫ 2009 ᖺ 2 ᭶ 16 ᪥ࣉࣞࢫ࣮ࣜࣜࢫࠕ➨୕⪅๭ࡾᙜ࡚࡟ࡼࡿ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മࡢⓎ⾜࠾ࡼࡧᙜ♫ᾏእ≉ู┠ⓗᏊ఍♫࡟ࡼࡿ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆⓎ⾜࡟㛵ࡍࡿ࠾▱ࡽࡏ㸦ࠕࣁ࢖ࣈࣜࢵࢻࣇ࢓࢖ࢼࣥࢫࠖ࡟ࡼࡿ㈨㔠ㄪ㐩࡟㛵ࡍࡿ࠾▱ࡽࡏ㸧ࠖࠋ75ࢫ࣮࣒࢟㸦ኚື฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മ࠾ࡼࡧᙜึᅛᐃ฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ

(1)♫മ࡜ኚື㓄ᙜᆺ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆ࠾ࡼࡧᙜึᅛᐃ㓄ᙜᆺ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆ㸧
ࡢᴫせ296ᮾὒ⣳⦼(ᰴ)ࡣᾏእ≉ู┠ⓗᏊ఍♫TCPC ♫࡟ᑐࡋ࡚ኚື฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മ220
൨෇ࢆⓎ⾜ࡋࠊTCPC ♫ࡣᅜෆࡢᢞ㈨ᐙ࡟ᑐࡋ࡚ᮏඃඛฟ㈨ドๆ 220 ൨෇ࢆⓎ⾜ࡍࡿࠋࡲࡓࠊ
ᙜ♫ࡣᮏඃඛฟ㈨ドๆ࡟ಀࡿ㓄ᙜࠊṧవ㈈⏘ࡢศ㓄➼ࡢᨭᡶ࠸ࢆಖドࡍࡿ᪨ࡢዎ⣙(ຎᚋಖドዎ⣙)ࢆ TCPC ♫࡜⥾⤖ࡍࡿࠋxⓎ⾜㢠㸸ኚື฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മ࠾ࡼࡧᙜึᅛᐃ฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മࡢྜィ 220 ൨෇࡜ኚື㓄ᙜᆺ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆ࠾ࡼࡧᙜึᅛᐃ㓄ᙜᆺ࣮ࣘࣟ
෇ᘓỌஂඃඛฟ㈨ドๆࡢྜィ 220 ൨෇ࠋxᡶ㎸ᮇ᪥㸸ᖹᡂ 21 ᖺ 2 ᭶ 24 ᪥xಽ⏘ᡭ⥆➼ࡀ㛤ጞࡋࡓሙྜ࡟࠾ࡅࡿຎᚋᙧែ㸸ᮾὒ⣳⦼(ᰴ)ࡢ඲㈇മ࡟ຎᚋࡋࠊ
ᮾὒ⣳⦼(ᰴ)ࡢᬑ㏻ᰴᘧࡼࡾඃඛࡍࡿࠋ

x฼⋡࣭㓄ᙜ⋡㸸(i)ኚື฼⋡࣭㓄ᙜᆺ࣭࣭࣭ᖹᡂ 26 ᖺ 7 ᭶ 20 ᪥ࡲࡓࡣࡑࡢ┤㏆ࡢ᪥࡟฿᮶
ࡍࡿ฼ᜥ࣭㓄ᙜࡢᨭᡶ᪥ࡲ࡛㸸᪥ᮏ෇ Libor6 ࣨ᭶ࡶࡢ㸦ึᅇࡣ᪥ᮏ෇ Libor5 ࣨ᭶ࡶࡢ㸧
㸩3.5㸣ࠊᖹᡂ 28 ᖺ 7 ᭶ 20 ᪥ࡲࡓࡣࡑࡢ┤㏆ࡢ᪥࡟฿᮶ࡍࡿ฼ᜥ࣭㓄ᙜࡢᨭᡶ᪥㸦ᙜ᪥ࢆྵࡴ㸧࠿ࡽ㸸᪥ᮏ෇ Libor6 ࣨ᭶ࡶࡢ㸩4.5㸣(ii)ᅛᐃ฼⋡࣭㓄ᙜᆺ࣭࣭࣭ᖹᡂ 26 ᖺ 7 ᭶ 20᪥㸦ᙜ᪥ࢆ㝖ࡃ㸧ࡲ࡛㸸4.42775㸣ࠊᖹᡂ 26 ᖺ 7 ᭶ 20 ᪥㸦ᙜ᪥ࢆྵࡴ㸧࠿ࡽ㸸᪥ᮏ෇ Libor6 ࣨ᭶ࡶࡢ㸩4.5㸣xൾ㑏ᮇ㝈㸸ൾ㑏ᮇ㝈࡞ࡋࠋࡓࡔࡋࠊ(ϸ)ᖹᡂ 26 ᖺ㸵᭶ 20 ᪥ࡲࡓࡣࡑࡢ┤㏆ࡢ᪥࡟฿᮶ࡍ
ࡿ㓄ᙜᨭᡶ᪥(ᙜ᪥ྵࡴ)௨㝆ࠊᮏඃඛฟ㈨ドๆࡢ௵ពࡢൾ㑏ࡀྍ⬟࡜࡞ࡿ㸦ᮏඃඛฟ㈨ドๆࡀൾ㑏ࡉࢀࡿሙྜᑐᛂࡍࡿᆺࡢᮏ♫മࡶൾ㑏ࡉࢀࡿ㸧௚ࠊ(Ϲ)⛯ไ஦⏤࡟ࡼࡿሙྜࠊ(Ϻ)≉ู஦⏤࡟ࡼࡿሙྜ࡟ࡣࡑࢀࡒࢀ⧞ୖࡆൾ㑏ࡀྍ⬟࡜࡞ࡿࠋ㸦ࡇࡇ࡛≉ู஦⏤࡜ࡣࠊ఍ィ஦⏤ࠊ᱁௜஦⏤ࡲࡓࡣ≉ู⛯ไ஦⏤ࢆ࠸࠺ࠋ㸧x฼ᜥ㓄ᙜࡢᙉไ೵Ṇ㸸(a)ᖺḟ㐃⤖㈈ົㅖ⾲ୖࡢᩘ್ࢆ⏝࠸࡚ィ⟬ࡉࢀࡿ EBITDA ࣐࣮ࢪࣥࡀ┤㏆ࡢ 2 ஦ᴗᖺᗘ࡟Ώࡾ 6㸣ᮍ‶ࡢሙྜࠊࡲࡓࡣ(b)┤㏆ࡢᖺḟ㐃⤖㈈ົㅖ⾲ࡲࡓࡣ༙ᮇ㐃⤖㈈ົㅖ⾲ୖࡢᩘ್ࢆ⏝࠸࡚ィ⟬ࡉࢀࡿ㈨ᮏྜィ࡟ᑐࡍࡿ⣧㈇മࡢ๭ྜࡀ 70㸣ࢆ㉸࠼ࡓሙྜ࡟ࡣࠊ฼ᜥ࣭㓄ᙜࡢ඲㢠ࡢᨭᡶࡀ೵Ṇࡉࢀࡿࠋୖグࡢ௚ࠊศ㓄ྍ⬟㢠ࡀᚲせ㢠࡟‶ࡓ࡞࠸ሙྜࡑࡢ௚୍ᐃࡢሙྜ࡟ࡶ฼ᜥ࣭㓄ᙜࡢ඲㢠ࡲࡓࡣࡑࡢ୍㒊ࡢᨭᡶࡀ೵Ṇࡉࢀࡿࠋx฼ᜥ࣭㓄ᙜࡢ௵ព೵Ṇ㸸ᙉไ೵Ṇ஦⏤࠾ࡼࡧᙉไᨭᡶ஦⏤ࡢ࠸ࡎࢀࡶⓎ⏕ࡋ࡚࠸࡞࠸ሙྜ
࡟ࠊ఍♫ࡢ⿢㔞࡟ࡼࡾ฼ᜥ࣭㓄ᙜࢆ೵Ṇ࡛ࡁࡿࠋx฼ᜥ࣭㓄ᙜࡢᙉไᨭᡶ࠸㸸௨ୗࡢሙྜ࡟ࠊᙉไᨭᡶ஦⏤࡟ヱᙜࡍࡿࠋ(i)ᮾὒ⣳(ᰴ)ᬑ㏻ᰴᘧ
➼࡬ࡢ㓄ᙜࢆᨭᡶ࠺᪨ࡢỴ㆟ࢆࡋࡓሙྜࡲࡓࡣᨭᡶࢆ⾜ࡗࡓሙྜࠊࡲࡓࡣࠊ(ii) ᮾὒ⣳(ᰴ)
ᬑ㏻ᰴᘧ➼ࡢ㈙ධࡲࡓࡣൾ㑏ࢆࡍࡿሙྜ㸦ࡓࡔࡋࠊ୍ᐃࡢሙྜࢆ㝖ࡃ㸧ࠋx⣼✚㸸ᙉไ೵Ṇ࣭௵ព೵Ṇࡉࢀࡓ฼ᜥ࣭㓄ᙜࡣ࠸ࡎࢀࡶ⣼✚ࡋࠊᙜヱ೵Ṇ㔠㢠࡟ᑐࡋ㏣ຍ฼ᜥ࣭㓄ᙜࢆᨭᡶ࠺⩏ົࡀ⏕ࡌࡿࠋࡓࡔࡋࠊ(i)ᙉไ೵Ṇ㔠㢠ࡀࠊᙜヱᙉไ೵Ṇ᪥ᚋ 20 ᅇ┠ࡢ฼ᜥ࣭㓄ᙜᨭᡶ᪥ࡲ࡛㸦ᙜ᪥ࢆྵࡴ㸧࡟ᨭᡶࢃࢀ࡞࠸ሙྜࠊ࠿࠿ࡿᙉไ೵Ṇ㔠㢠࠾ࡼࡧࡇࢀ࡟ಀࡿ㏣ຍ฼ᜥ࣭㓄ᙜ࡟ಀࡿᨭᡶ⩏ົࡣᾘ⁛ࡋࠊᙉไᮍᡶṧ㧗࠿ࡽ㝖እࡉࢀࡿࠋ(Ϲ)(a)296 ᮾὒ⣳⦼ᰴᘧ఍♫ 2009 ᖺ 2 ᭶ 16 ᪥ࣉࣞࢫ࣮ࣜࣜࢫ࣭๓ᥖὀ㸦295㸧ࢆᘬ⏝ࠋ

76௵ព೵Ṇ㔠㢠ࡀ௵ព೵Ṇ᪥ᚋ 10 ᅇ┠ࡢ฼ᜥ࣭㓄ᙜᨭᡶ᪥ࡲ࡛㸦ᙜ᪥ࢆྵࡴ)࡟ᨭᡶࢃࢀ࡞
࠸ሙྜࠊ(b)௵ព೵Ṇ㔠㢠ࡀᘚ῭ࡉࢀ࡞࠸㛫࡟ᙉไ೵Ṇ஦⏤ࡀⓎ⏕ࡍࡿሙྜࠊ(c)࠸ࡎࢀ࠿ࡢ
ᙉไ฼ᜥ࣭㓄ᙜᨭᡶ᪥࡟ࠊ௵ពᮍᡶṧ㧗ࡢ⥲㢠ࡀࠊᙜヱ᪥࡟࠾ࡅࡿศ㓄ྍ⬟㢠࠿ࡽᙜヱᙉไᨭᡶ஦⏤࡟㛵ࡋ࡚ᨭᡶࢃࢀࡿ㔠㢠ࢆ᥍㝖ࡋ࡚ᚓࡽࢀࡿ㔠㢠ࢆ㉸࠼ࡿሙྜࠊᙜヱ௵ព೵Ṇ㔠㢠࠾ࡼࡧࡇࢀ࡟࠿࠿ࡿ㏣ຍ฼ᜥ࣭㓄ᙜࡣࠊᙉไᮍᡶṧ㧗࡜ࡋ࡚ྲྀᢅࢃࢀࡿࠋ௦᭰฼ᜥ࣭㓄ᙜᘚ῭᪉ᘧ㸸ᙉไᮍᡶṧ㧗ࡢᨭᡶ࠸ࡣ௦᭰฼ᜥ࣭㓄ᙜᘚ῭᪉ᘧ࡟ࡼࡾㄪ㐩ࡉࢀࡓ⣧ᡭྲྀ㔠࡟㝈ᐃࡉࢀࡿࠋ௦᭰฼ᜥ࣭㓄ᙜᘚ῭᪉ᘧ࡜ࡣࠊ(ϸ)ᙜ♫ࡢ㛵㐃఍♫➼௨እࡢ⪅࡟ᑐࡍࡿᬑ
㏻ᰴᘧࡢ㈍኎ࠊⓎ⾜ࡶࡋࡃࡣເ㞟ࠊ(Ϲ)ᙜ♫ࡢ㛵㐃఍♫➼௨እࡢ⪅࡟ᑐࡍࡿࡑࡢ௚ᰴᘧࡢ㈍኎ࠊⓎ⾜ࡶࡋࡃࡣເ㞟ࠊࡲࡓࡣ(Ϻ)ᙜ♫ࡢ㛵㐃఍♫➼௨እࡢ⪅ࡶࡋࡃࡣ TCPC ♫࡟ᑐࡍࡿ㏣ຍドๆࡢ㈍኎ࠊⓎ⾜ࡶࡋࡃࡣເ㞟ࢆ࠸࠺ࠋxࣜࣉࣞ࢖ࢫ࣓ࣥࢺ㸸ᮏ♫മ࣭ᮏඃඛฟ㈨ドๆൾ㑏᪥ࡲࡓࡣ㈙ධ᪥௨๓ࡢ 6 ࣨ᭶㛫࡟೉᭰ドๆࡢⓎ⾜࡟ࡼࡗ࡚ㄪ㐩ࡉࢀࡓ㈨㔠࡟ࡼࡗ࡚ࡢࡳࠊᮏ♫മ࣭ᮏඃඛฟ㈨ドๆࡢൾ㑏ࡲࡓࡣ㈙ධࢀࢆ⾜࠺ពᅗࢆ᭷ࡋ࡚࠸ࡿࠋࡓࡔࡋࠊᙜ♫ࡀᖹᡂ 19 ᖺ 3 ᭶ 23 ᪥࡟Ⓨ⾜ࡋࡓ 2012 ᖺ‶ᮇ᪂ᰴண⣙ᶒ௜♫മ࡟௜ࡉࢀࡓ᪂ᰴண⣙ᶒࡀ⾜౑ࡉࢀࡓሙྜࡣࠊᙜヱ⾜౑࡟ಀࡿ♫മඖᮏ㢠┦ᙜ㢠ࢆ㝈ᗘ࡜ࡋ࡚೉᭰ドๆࡢⓎ⾜ᡭྲྀ㔠௨እࡢ㈨㔠࡟ࡼࡿൾ㑏ࡲࡓࡣ㈙ධࢀࢆ⾜࠺ࡇ࡜ࡀ࡛ࡁࡿࠋ೉᭰ドๆ࡜ࡣࠊ(i)ᙜ♫ᬑ㏻ᰴᘧ(ii)ᙜ♫ࡢ㔠⼥Ꮚ఍♫࡟ࡼࡾⓎ⾜ࡉࢀࡿྠ㡰఩ドๆ(iii)ᙜ♫ࡢ㔠⼥Ꮚ఍♫࡟ࡼࡾᘬࡁཷࡅࡽࢀࡿྠ㡰఩ຎᚋമົ(iv)ᙜ♫ࡢࡑࡢ௚୍ษࡢドๆ࠾ࡼࡧമົࢆ࠸࠸ࠊ(ii)࡞࠸ࡋ(ϻ)ࡲ࡛ࡢドๆࡲࡓࡣമົࡢሙྜ࡟ࡣࠊ೉᭰ドๆ࡛࠶ࡿ᪨
බ⾲ࡉࢀ࡚࠾ࡾࠊ࠿ࡘࠊᮏඃඛฟ㈨ドๆ࡜ྠ➼௨ୖࡢ㈨ᮏᛶࢆᰴᘧ఍♫᱁௜ᢞ㈨᝟ሗࢭࣥ
ࢱ࣮࠾ࡼࡧᰴᘧ఍♫᪥ᮏ᱁௜◊✲ᡤࡢ཮᪉࠿ࡽᚓ࡚࠸ࡿࡶࡢࢆ࠸࠺ࠋx㈨ᮏᛶ㸸ᮏඃඛฟ㈨ドๆ࡟ᑐࡋࠊᰴᘧ఍♫᱁௜ᢞ㈨᝟ሗࢭࣥࢱ࣮ࡼࡾ 70ࠊᰴᘧ఍♫᪥ᮏ᱁௜◊✲ᡤࡼࡾ 75 ࡢ㈨ᮏᛶࢆㄆᐃࠋ

x๭ᙜඛ㸸 (ᰴ)ࡳࡎ࡯ࢥ࣮࣏࣮ࣞࢺ㖟⾜ࠊ୕⳻㹓㹄㹈࣮ࣜࢫ(ᰴ)ࠊ୕஭ఫ཭ࣇ࢕ࢼࣥࢩࣕࣝࢢ
࣮ࣝࣉࠊఫ཭ಙク㖟⾜(ᰴ)ࠊࢭࣥࢳ࣮࣭࣮ࣗࣜࣜࢩࣥࢢ࣭ࢩࢫࢸ࣒(ᰴ)ࠊ኱ྠ⏕࿨ಖ㝤(ᰴ㸧ࠊ㸦௚㸰♫ࠊ㡰୙ྠ)ࠋ

(2)ㄢ⛯ୖࡢㄽⅬᮾὒ⣳⦼ࡢሙྜࡶࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࣭ࢫ࣮࣒࢟ࡣࠊNEC ࠾ࡼࡧࠊ᪂᪥㚩࡜ྠᵝࡢࡶࡢ࡛࠶ࡿࠋእᅜᏊ఍♫ SPC ࡛࠶ࡿ TCPC ♫ࢆタ❧ࡋ࡚࠾ࡁࠊࢃࡀᅜぶ఍♫࡛࠶ࡿᮾὒ⣳⦼ࡀ
TCPC ♫࡟ㄢ⛯ୖ Debt ࡜ࡋ࡚ᢅࢃࢀࡿ࡛࠶ࢁ࠺ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡍࡿࠋྠ᫬࡟ࠊTCPC ♫ࡣࠊࢃࡀᅜ࡟࠾࠸࡚௻ᴗ఍ィୖ Equity ࡜ࡋ࡚ᢅࢃࢀࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ
࣓ࣝࣥࢺࢆᢞ㈨ᐙ࡟┤᥋Ⓨ⾜ࡍࡿࠋTCPC ♫ࡣࠊࡇࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢⓎ⾜࡟ࡼࡾᚓࡓ㈨㔠ࢆࡑࡢࡲࡲࠊぶ఍♫ࡢⓎ⾜ࡍࡿ Debt ࢖ࣥࢫࢶ࣓ࣝࣥࢺ㉎ධ࡟ᙜ࡚ࡿࠋ ࡇࡢ୍㐃ࡢࢫ࣮࣒࢟࡟ࡼࡾࠊᮾὒ⣳⦼ࡢ B/S ࡟ࡣࠊDebt ࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡛࠶ࡿኚື฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മࡀィୖࡉࢀࠊTCPC ♫ࡀ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆࢆᢞ㈨ᐙ࡟Ⓨ⾜ࡍࡿࡇ࡜࡟ࡼࡗ࡚ᚓࡓ㈍኎௦ࡾ㔠ࢆᑐ౯࡟ᮾὒ⣳⦼࠿ࡽኚື฼⋡ᆺ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മࢆ㉎ධࡍࡿᙧᘧ
ࢆ࡜ࡾࠊ⌧㔠ࡀᮾὒ⣳⦼࡟⛣ࡾࠊTCPC ♫ࡢ B/S ࡟ࡣᕥ࡟᭷౯ドๆ㸦ᮾὒ⣳⦼㸧ࠊྑ࡟࣮ࣘࣟ෇ᘓ
Ọஂඃඛฟ㈨ドๆࡀࢭࢵࢺࡉࢀࡿࡇ࡜࡟࡞ࡿࠋ ࡇࡢᚋࡢࠊ࢖࣮ࣝࢻࡢὶࢀࡣࠊNECࠊ᪂᪥㚩࡜ྠᵝ࡛࠶ࡿࠋぶ఍♫࡛࠶ࡿᮾὒ⣳⦼ࡣࠊTCPC ♫࡟ Debt ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᨭᡶࢆࠕ฼Ꮚࠖ࡜ࡋ࡚ᦆ㔠᥍㝖ᑐ㇟࡜ࡋࠊㄢ⛯㈇ᢸࡢῶᑡࢆ⾜࠺ࠋ୍᪉ TCPC ♫ࡣἲேᢞ㈨ᐙ࡟ᑐࡋ࡚ࠊ఍ィୖ Equity ࡜ࡋ࡚ᢅࢃࢀࡿ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆࢆⓎ⾜ࡋࠊ࢖࣮ࣝࢻࢆᨭᡶ࠺ࡀ TCPC ♫࡜ཷ┈⪅࡛࠶ࡿἲேᢞ㈨ᐙ࡜ࡣ㉥ࡢ௚ே࡛࠶ࡾࠊㄢ⛯ୖࡢ
77ၥ㢟ࡣ⏕ࡌ࡞࠸ࠋ ఍ィୖࡣࠊᮾὒ⣳⦼࡜ TCPC ♫࡜ࡣ㐃⤖ࡉࢀࠊ㐃⤖ B/S ୖ࡟ࡣࠊ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆࡀEquity ࡜ࡋ࡚ィୖࡉࢀࠊᮾὒ⣳⦼ࡀἲேᢞ㈨ᐙ࡟๫వ㔠ࡢศ㓄ࢆࡋࡓ࡜ࡼ࠺࡟ィୖࡉࢀࡿࡓࡵ᱁௜
ࡅࡢపୗࡶ㉳ࡇࡉ࡞࠸ࠋ
➨7⠇ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺᑐᢠᡭẁ࡜ࡋ࡚ࡢࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡀᢪ࠼ࡿ࠸ࡃࡘ

࠿ࡢၥ㢟Ⅼ
1.

㈨ᮏᵓᡂ࡜ࢃࡀᅜ㐣ᑡ㈨ᮏ⛯ไࡢ⥲㔞つไ࡟ᑐࡍࡿၥ㢟Ⅼ

ᖹᡂ 14 ᖺࡢၟἲᨵṇ࡟ࡼࡾࠊࢃࡀᅜ࡛ࡣࠊၟἲୖ✀㢮ᰴᘧࡢⓎ⾜ࡀㄆࡵࡽࢀ297ࠊᖹᡂ 17 ᖺ఍♫ἲ࡟ࡼࡾ఍♫ἲୖࠊ✀㢮ᰴᘧࡢⓎ⾜ࡀㄆࡵࡽࢀࡓ㸦఍♫ 108㸧298ࠋࡇࡢࡇ࡜࡟ࡼࡾࠊᰴᘧࠊ♫മ➼ࡢドๆࡢෆᐜࡣࠊձ㓄ᙜ࡟ᑐࡍࡿຎᚋࠊղ⤒Ⴀ࡬ࡢཧຍ㸦㆟Ỵᶒࡢ᭷↓㸧ࠊճṧవ㈈⏘࡟ᑐࡍࡿᶒ฼ࡢ
᭷↓࡜࠸࠺ 3 ࡘࡢࣇ࢓ࢡࢱ࣮ࢆከᵝ࡟ᵓᡂࡍࡿࡇ࡜ࡀྍ⬟࡜࡞ࡗࡓ299ࠋ ࡑࢀ࡟క࠸ࠊ➨ 1 ❶࡛㏙࡭ࡓࡼ࠺࡟ࠊᰴᘧࡢ♫മ໬ࠊ࠶ࡿ࠸ࡣ♫മࡢᰴᘧ໬࡜࠸࠺┦ᑐ໬ࡢၥ㢟ࡀ㐍ࡳࠊࣁ࢖ࣈࣜࢵࢻドๆࡀⓎ⾜ࡉࢀࡿࡼ࠺࡟࡞ࡗ࡚ࡁࡓࠋࡇࡢ⌧㇟࡟ᑐࡋ࡚Ỉ㔝ᛅᜏᩍᤵࡣࠊᅜ
㝿ㄢ⛯࡟࠾࠸࡚ࠊ⮬ᕫ㈨ᮏ࡜೉ධ㈨ᮏ࡜ࡢẚ⋡ࡢࡳ࡛ࡣ࡞ࡃࠊ≉ᐃࡢドๆࡀᰴᘧ࡞ࡢ࠿ࠊ࠶ࡿ࠸ࡣ
♫മ࡞ࡢ࠿࡜࠸࠺ㄆᐃࡀၥ㢟࡜࡞ࡗ࡚ࡁ࡚࠸ࡿ300࡜㏙࡭ࡽࢀ࡚࠸ࡿࡀࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࢆぢࡿ㝈ࡾ࡟࠾࠸࡚ࠊಶูࡢᛶ㉁ุ᩿ࢆ㑊ࡅ࡚࠸ࡿ301ࠋ࠿࠿ࡿ≧ἣ࡟࠾࠸࡚ࡣࠊỈ㔝ᛅᜏᩍᤵࡀᣦ᦬ࡋ
࡚࠾ࡽࢀࡿࡼ࠺࡞ࠊࣁ࢖ࣈࣜࢵࢻドๆࡀࠊࠕ⚾ἲୖࡣ⮬ᕫ㈨ᮏ࡜ࡋ࡚ྲྀࡾᢅࢃࢀࡘࡘࠊ⛯ἲୖࡣ೉ධ㈨ᮏ࡜ࡋ࡚ࠊ฼Ꮚࡢᚲせ⤒㈝᥍㝖ࢆㄆࡵࡽࢀࡿ࡜࠸࠺฼Ⅼࢆ௙⤌ࢇࡔ302ࠖࡶࡢ࡛࠶ࡿ࠿ྰ࠿ࡢุᐃ
ࡣ࡛ࡁ࡞࠸ࠋ
 ᮏᗉ㈨ᩍᤵࡣࠊ㐣ᑡ㈨ᮏ࡜ࡣࠊᖜࡢ࠶ࡿࠕ㞃ࢀࡓᰴᘧ㈨ᮏࠖᙧែࡢࡇ࡜ࢆ࠸࠺࡜ᐃ⩏ࡉࢀࠊ㧗࠸
Debt/Equity ẚ⋡ࡀࡑࡇ࡟ࡣ࠶ࡿࡀࠊㄢ⛯ୖ᭷฼࡞ྲྀᢅ࠸ࢆ≺ࡗࡓ⤖ᯝ࡛࠶ࡿࡇ࡜ࡶ࠶ࡿࡋࠊ⣧⢋࡟ၟᴗୖ࣭⤒῭ୖࡢ⌮⏤࡟ࡼࡿពᚿỴᐃࡢ⤖ᯝ࡛࠶ࡿࡇ࡜ࡶ࠶ࡿ303࡜㏙࡭ࡽࢀ࡚࠸ࡿࡼ࠺࡟ࠊࡑࡢ
ᓧูࡣ㞴ࡋ࠸ࠋ ᭱㐺㈨ᮏᵓᡂࡢ⌮ㄽࢆࠊಶࠎࡢἲேࡈ࡜࡟ࡳࡓሙྜࠊ௻ᴗ౯್ࢆ᭱኱໬ࡍࡿ࡜࠸࠺ほⅬ࠿ࡽࡣ᭱
㐺㈨ᮏᵓᡂࡀᏑᅾࡍࡿࡢ࡛࠶ࢁ࠺304ࠋࡋࡓࡀࡗ࡚ࠊࡑࡢ≧ែ࠿ࡽ Debt ࡜ Equity ࡢẚ⋡ࡀ᭱㐺㈨ᮏ
ᵓᡂẚ⋡࠿ࡽ኱ࡁࡃ஋㞳ࡋࡓ㐣ᑡ࡞⮬ᕫ㈨ᮏẚ⋡ࢆࡶࡗ࡚㐣ᑡ㈨ᮏ࡜࠸࠺ࡇ࡜࡟࡞ࡿࡢ࡛࠶ࢁ࠺ࡀࠊ
ࢃࡀᅜࡢἲே⛯ἲࡣࡑࡢࡼ࠺࡞㈨ᮏᵓᡂẚ⋡࡟ᑐࡍࡿつไࢆタࡅ࡚࠸࡞࠸ࠋྜྷᕝಖᘯ࣭ᒾᮏὒ୍ᩍ
ᤵࡣࠊ㐣ᑡ㈨ᮏ࡜࠸࠺ၥ㢟࡟ᑐࡋ࡚ࠕ᭱㐺㈨ᮏᵓᡂࡢ⌮ㄽࢆ㐣ᑡ㈨ᮏࡢほⅬ࠿ࡽワࡵࢀࡤࠊከᅜ⡠௻ᴗ㛫ࡢ㈨㔠⛣ື࡛࠶ࢀࠊ⊂❧௻ᴗ࡟࠾ࡅࡿࡑࢀ࡛࠶ࢀࠊ᭱㐺㈨ᮏᵓᡂ࠿ࡽ஋㞳ࡋࡓ೉ධ࡟ᑐࡍࡿ
297 Ỉ㔝ᛅᜏࠗ⛒⛯ἲ㸦➨ 4 ∧㸧࠘㸦᭷ᩫ㛶ࠊ2009㸧468 㡫ࠋ
298 ⚄⏣⚽ᶞࠗ఍♫ἲ㸦➨ 10 ∧㸧࠘㸦ᘯᩥᇽࠊ2008㸧68 㡫ࠋ
299 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦297㸧
ࠊ468 㡫ࠋ300 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦297㸧
ࠊ468 㡫ࠋ301 ࡇࡢࡇ࡜ࡣࠊ➨ 3 ❶➨ 5 ⠇ 2.ղ࢖࡟࠾࠸࡚グࡋࡓࡼ࠺࡟ࠊ
ࠗᖹᡂ 18 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘

࡛ࡣࠊ445-456 㡫࡟࠾࠸࡚ࠊ
ࠕ㺃㺃㺃ㅖእᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡟ࡣࠊ㈇മࡢෆᐜ➼ࢆ⪃៖ࡋ࡚ಶู࡟ᑐᛂ
ࡍࡿࡶࡢ࡜ࠊࢃࡀᅜࡢࡼ࠺࡟⥲㔞࡛つไࡍࡿࡶࡢࡀ࠶ࡿࡀࠊಶูࡢุᐃ࡟࠾࠸࡚ࡣ㠀ᖖ࡟ᅔ㞴ࡀక࠺ࡓࡵࠊࢃࡀᅜ࡛ࡣ⥲㔞つไࡢ௙⤌ࡳࡀ᥇ࡽࢀ࡚࠸ࡿࠋ
ࠖ࡜ᖹᡂ 18 ᖺᗘᨵṇࡢ㊃᪨ࡀ㏙࡭ࡽࢀ࡚࠸
ࡿࡼ࠺࡟ࠊࢃࡀᅜ࡟࠾࠸࡚ࡣࠊಶูࡢุᐃࢆ⾜ࡗ࡚࠸࡞࠸ࠋ
302 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦297㸧
ࠊ471 㡫ࠋ303 ᮏᗉ㈨ࠗᅜ㝿ⓗ⬺⛯࣭⛒⛯ᅇ㑊㜵Ṇ⟇࠘㸦኱ⶶ㈈ົ༠఍ࠊ2004㸧721 㡫ࠋ
304 See RICHARD A. BREALEY, STEWART C. MYERS & F. ALLEN, PRINCIPLES OF CORPORATE FINANCE, (McGRAW-HILL, 2008) at 504.
78ᨭᡶ฼Ꮚࡣࠊ㓄ᙜ࡜ࡳ࡞ࡍవᆅࡀ࠶ࡿ࡜࠸࠺ࡇ࡜࡟࡞ࡿࠋࡋ࠿ࡋࠊᐇ㝿࡟ࡣࠊከᅜ⡠௻ᴗ࡟࠾ࡅࡿ
᜛ពⓗ࡞ពᚿ࡟ᇶ࡙ࡃ㠀ṇᖖ࡞೉ධࢆつไࡋࡼ࠺࡜ࡍࡿࡶࡢ࡛࠶ࡿࠋ㐣ᑡ㈨ᮏ⛯ไࡣࠊ୙ṇ࡞㈇മ
㈨ᮏᵓᡂࢆ᭱㐺㈨ᮏᵓᡂ࡟᫝ṇࡋࡼ࠺࡜ࡍࡿࡶࡢ࡛ࡣ࡞ࡃ࡚ࠊከᅜ⡠௻ᴗ㛫ࡢ⛒⛯ᅇ㑊࡟ᑐᛂࡋࡓ
⛯ไ࡜⪃࠼ࡿ࡭ࡁ࡛࠶ࢁ࠺305ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ ࡲࡓࠊᅜෆἲேྠኈࡢྲྀᘬ࡟ࡼࡿ୍⯡ⓗ࡞㐣ᑡ㈨ᮏ࡜࠸࠺࡭ࡁ㈨ᮏᵓᡂ࡟ࡘ࠸࡚ࠊబ⸨ⱥ᫂ᩍᤵࡣࠕぶ఍♫࡜Ꮚ఍♫ࡢ୧᪉ࡀྠࡌᅜෆ࡟Ꮡᅾࡍࡿሙྜ࡟ࡣࠊࡇࡢၥ㢟ࡣࠊ⛯ົᙜᒁ࠿ࡽࡍࢀࡤࡑࢀ
࡯࡝኱ࡁ࡞ၥ㢟࡛ࡣ࡞࠸ࠋ࡞ࡐ࡞ࡽࠊἲே㛫ࡢ㓄ᙜࡢாཷ࡟㛵ࡍࡿ஧㔜ㄢ⛯ࡀ┦ᙜ⛬ᗘ᤼㝖ࡉࢀࡿไᗘࡢୗ࡛ࡣࠊ
Ꮚ఍♫࠿ࡽぶ఍♫࡬ࡢ฼┈ࡢ⛣㌿ࡀ㓄ᙜ࡜࠸࠺ᙧࢆ࡜ࡗ࡚ࡶᨭᡶ฼Ꮚ࡜࠸࠺ᙧࢆ࡜ࡗ࡚ࡶࠊぶ఍♫࡜Ꮚ఍♫ࢆྜࢃࡏ࡚ࡳࡓሙྜ࡟ࡣࠊ඲య࡜ࡋ࡚ࡢ⛯཰࡟኱ࡁ࡞ᙳ㡪ࡣ࡞࠸306ࠖ࡜㏙࡭ࡽࢀ࡚࠾ࡾ307ࠊࡲࡓࠊṊ⏣ᫀ㍜ᩍᤵࡣ㐣ᑡ㈨ᮏ⛯ไࡢ㊃᪨࡜ࡋ࡚ࠕእ㈨⣔ἲே࡟࠾࠸࡚ࠊぶ఍♫࠿ࡽࡢฟ㈨ࢆ㐣ᑡ࡟ࡋ࡚ࠊ㈨㔠ࢆぶ఍♫࠿ࡽ೉ࡾධࢀࡿࡇ࡜࡟ࡍࡿ࡜ࠊࡑࡢ฼Ꮚࡣぶ఍♫࡟ᨭᡶࢃࢀ
࡚ᦆ㔠⟬ධࡉࢀࠊࡑࡢぶ఍♫ࡢཷࡅࡿ฼Ꮚ࡟ࡘ࠸࡚ࡣࠊ※Ἠᚩ཰(20㸣)࡛ㄢ⛯ࡉࢀࡿࡇ࡜࡟࡞ࡿࠋ
ࡇࢀࡀᅜෆࡢ㔠⼥ᶵ㛵➼࠿ࡽ೉ࡾධࢀ࡚࠸ࡿሙྜ࡟ࡣࠊᙜヱእ㈨⣔ἲே࡛ࡣࠊࡑࡢ฼Ꮚ┦ᙜศࡣㄢ⛯ᡤᚓࡀῶᑡࡍࡿࡇ࡜࡟࡞ࡿࡀࠊࡑࡢ฼Ꮚ┦ᙜ㢠ࡣࠊ㔠⼥ᶵ㛵ࡢᡤᚓ࡜࡞ࡿ࠿ࡽࠊࡑࡢព࿡࡛ࡣᅜ
࡜ࡋ࡚ࡣㄢ⛯ᶒࡀṧࡉࢀ࡚࠸ࡿࡇ࡜࡜࡞ࡿࠋ㺃㺃㺃እ㈨⣔ἲேࡀ㐣ᑡ㈨ᮏ࡛࠶ࡗ࡚ࠊ࠿ࡘࠊぶ఍♫࡟฼Ꮚࢆᨭᡶ࠺࡜࠸࠺ሙྜ࡟ࡣࠊࡑࡢ฼Ꮚࡣᦆ㔠⟬ධࢆㄆࡵ࡞࠸ࡇ࡜࡜ࡉࢀࡓࡶࡢ࡛࠶ࡿ㸦ᖹᡂ 4 ᖺᗘࡢᨵṇ㸧308ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࡇ࡜࠿ࡽࡶࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡀ࢔࣓ࣜ࢝ࡢ㐣ᑡ㈨ᮏ⛯ไࡢࡼ
࠺࡟㈨ᮏᵓᡂ࡜࠸࠺ᴫᛕ࡜ྠࡌ⪃࠼᪉࠿ࡽ⏕ࡲࢀࡓࡶࡢ࡛ࡣ࡞࠸ࡇ࡜ࡀࢃ࠿ࡿࠋ ௨ୖࡼࡾࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡟ࡣࠊ୍ࡘ୍ࡘࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀ Debt ࡛࠶ࡿ࠿ Equity ࡛࠶ࡿ࠿࡜࠸࠺ᓧูᶵ⬟ࡀྵࡲࢀ࡚࠸ࡿ࡜࠸࠺ࢃࡅ࡛ࡣ࡞࠸ࠋ࠶ࡃࡲ࡛እᅜ㛵㐃⪅࡟ᑐࡍࡿつไ࡛࠶ࡿࠋ ࡋࡓࡀࡗ࡚ࠊ࢖࢜ࣥओࡀⓎ⾜ࡋࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢࡼ࠺࡞ドๆࡢሙྜࠊࢃࡀᅜ
ᅜෆ࡟࠾࠸࡚┤᥋Ⓨ⾜ࡋ࡚࠾ࡾࠊ㐣ᑡ㈨ᮏ⛯ไࡣ㛵୚ࡋ࡞࠸Ꮡᅾ࡜࡞ࡿࠋ ࡛ࡣࠊࢃࡀᅜෆᅜἲேࡀ┤᥋Ⓨ⾜ࡍࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢㄢ
⛯ୖࡢᛶ᱁ࡣ࠸࠿࡞ࡿࡶࡢ࡜ุ᩿ࡉࢀࡿࡢ࠿ࠊ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እ࡜࡞ࡿ࡜ἲே⛯ἲ 22 ᮲ࡢ㐺⏝࡜࡞ࡿ࡛࠶ࢁ࠺ࡀࠊἲே⛯ἲ࡟࠾࠸࡚ࠊ㈨ᮏᛶఱࣃ࣮ࢭࣥࢺࠊ㈇മᛶఱࣃ࣮ࢭࣥࢺ࡜࠸࠺ᙧែ࡛
ᵓᡂࡉࢀࡓࣁ࢖ࣈࣜࢵࢻ㈨ᮏ࡟ᑐࡍࡿ Debt㸭Equity ࡢᓧูࡀྍ⬟࡛࠶ࢁ࠺࠿ࠋࡇࡢၥ㢟ࡣࠊ
ࠕ㈨ᮏ
➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡜࠸࠺஧ศἲ࡛ࡣゎỴ࡛ࡁ࡞࠸ࡢ࡛ࡣ࡞࠸ࡔࢁ࠺࠿ࠋ ࡍࡿ࡜ࠊἲே⛯ἲ࡟ࣁ࢖ࣈࣜࢵࢻ Debt㸭Equity ㄆᐃᇶ‽࡞ࡿ᮲ᩥࢆ๰タࡍ࡭ࡁࡣ࡞࠸࠿⪃࠼ࡿ࡟⮳ࡿḟ➨࡛࠶ࡿࠋ ࡲࡓࠊ࡞ࡐࢃࡀᅜࡣࠊ࢔࣓ࣜ࢝ࡢࡼ࠺࡞ಶูࡢᛶ᱁ุ᩿ࢆ㑊ࡅࡿࡢ࠿ࠊࡑࡢ⌮⏤ࡢ୍ࡘ࡜ࡋ࡚ࠊ
Ỉ㔝ᛅᜏᩍᤵࡀ㏙࡭ࡽࢀ࡚࠸ࡿࡼ࠺࡟ࠊࢃࡀᅜࡢ஦ᐇㄆᐃ࡟࠾ࡅࡿ⛒⛯⾜ᨻୖࡢ❧ド㈐௵ࡀㄢ⛯ᗇഃ࡟࠶ࡿࡇ࡜ࡀ࢔࣓ࣜ࢝࡜ࢃࡀᅜ࡜ࡢ኱ࡁ࡞㐪࠸࡜࡞ࡗ࡚⌧ࢀ࡚࠸ࡿ309࡜⪃࠼ࡿࠋ࢔࣓࡛ࣜ࢝ࡣ❧ド㈐௵ࡀ⣡⛯⪅࡟࠶ࡿࡓࡵࠊෆᅜṓධᗇഃ࡛ࡣࠊ኱⫹࡞஦ᐇㄆᐃࢆ⾜࠺ࡇ࡜ࡀ࡛ࡁࡿࡢ࡟ᑐࡋࠊ❧ド㈐௵ࡀㄢ⛯ᗇഃ࡟࠶ࡿࢃࡀᅜ࡛ࡣࠊ⣡⛯⪅࡟ࡼࡿࣁ࢖ࣈࣜࢵࢻドๆࡢಶูࡢᛶ㉁ุ᩿ࢆྰㄆࡍࡿ
ࡇ࡜ࡣ㠀ᖖ࡟ᅔ㞴࡛࠶ࡿ࡜ᛮࢃࢀࡿࠋ
305 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧
ࠊ114 㡫ࠋ
306 బ⸨ⱥ᫂ࠕ㐣ᑡ㈨ᮏ⛯ไࠖࠗ᪥⛯◊ㄽ㞟࠘33 ᕳࠊ91 㡫ࠊ91 – 92 㡫㸦1995㸧ࠋ
307 ྠᵝࡢᣦ᦬ࢆࠊ⩚ᗋṇ⚽࣭๓ᥖὀ㸦230㸧
ࠊ158 㡫࡟࡚㏙࡭ࡽࢀ࡚࠸ࡿࠋ
308 Ṋ⏣ᫀ㍜࣭๓ᥖὀ㸦260㸧
ࠊ77 㡫ࠋ
309 Ỉ㔝ᛅᜏ࣭๓ᥖὀ㸦297㸧
ࠊ471 㡫 ⬮ὀ 149ࠋ

79 ࢖ࢠࣜࢫ࡟࠾࠸࡚ࡣࠊ2004 ᖺ 4 ᭶ 1 ᪥ࡼࡾ㐣ᑡ㈨ᮏ⛯ไࡣ⛣㌿౯᱁⛯ไ࡟྾཰ࡉࢀࠊ⛣㌿౯᱁⛯ไࡢ≉ูつᐃ࡜ࡋ࡚ᶵ⬟ࡋ࡚࠸ࡿࡀ310ࠊ࢖ࢠࣜࢫᅜෆ࡛ࡢ㛵㐃⪅㛫೉ධ࡟ࡘ࠸࡚ࡶ㐣ᑡ㈨ᮏࡢᑐ
㇟࡜࡞ࡾࠊࡇࢀ࡟ᑐࡍࡿ❧ド㈐௵ࡣ⣡⛯⪅ഃ࡟㌿᥮ࡉࢀࡿࠋࡍ࡞ࢃࡕࠊ㐣ᑡ㈨ᮏ࡟ಀࡿᩥ᭩໬ࡀ⣡⛯⪅࡟ㄢࡉࢀࠊ
⛯ົ⏦࿌᫬ࡲ࡛࡟‽ഛࢆᙉせࡉࢀࠊࡇࢀࢆࡋ࡞࠿ࡗࡓሙྜࡣ᭱㧗㺿3000ࡢ࣌ࢼࣝࢸ࢕
ࡀ⮬ືⓗ࡟ㄢࡉࢀࡿ311ࠋ ࢃࡀᅜ࡟࠾࠸࡚ࡶࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ❧ド㈐௵ࡢ㌿᥮ࡶ⪃࠼ࡿ࡭ࡁ࡛ࡣ
࡞࠿ࢁ࠺࠿ࠋ
2.

ࢃࡀᅜᒃఫ⪅࡛࠶ࡿぶ఍♫ࡀእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊぶ఍♫ࡀᏊ఍♫࡟㈨㔠ὀධࢆ⾜࠺ሙྜ࡟࠾ࡅࡿㄢ⛯࣮࣋ࢫࡢᾐ㣗——࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥࢆ⏝࠸ࡓࢃࡀᅜᡤᚓࡢእᅜ࡬ࡢ⛣㌿
312——ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣࠊእᅜぶ఍♫ࡀࠊࢃࡀᅜ࡟タ⨨ࡉࢀࡓᏊ఍♫࡟ᑐࡋ࡚ࠊ㈨㔠ὀධࢆ⾜࠺㝿࡟ࠊࡑࡢእᅜ㈨ᮏࡀ Debt ࠿ Equity ࠿ࢆ⥲㔞つไ࡜࠸࠺ࡩࡿ࠸࡟࠿ࡅ࡚ࠊDebt ࢆไ㝈ࡋࠊDebt
࠿ࡽ⏕ࡎࡿࠕ฼Ꮚࠖ࡟ࡼࡿㄢ⛯࣮࣋ࢫࡢᾐ㣗ࢆ㜵ࡈ࠺࡜ࡍࡿࡶࡢ࡛࠶ࡿࠋࡋࡓࡀࡗ࡚ࡑࡢ㏫ࡢࢣ࣮
ࢫࡣࠊつไࡢᑕ⛬እ࡛࠶ࡿࠋࡍ࡞ࢃࡕࠊࢃࡀᅜᒃఫ⪅࡛࠶ࡿぶ఍♫ࡀእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊぶ఍♫ࡀᏊ఍♫࡟㈨ᮏὀධࢆ⾜࠺ሙྜ࡟ࡘ࠸࡚ࡣࠊࡑࡢᡭẁࡣࠊDebt ࡛࠶ࡗ࡚ࡶ Equity ࡛࠶ࡗ࡚ࡶㄢ
⛯ୖไ⣙ࢆࡲࡗࡓࡃཷࡅ࡞࠸࡜࠸࠺ၥ㢟࡛࠶ࡿࠋࡇࢀࡣࠊࢃࡀᅜࡢぶ఍♫ࡀእᅜ࡟ 100㸣Ꮚ఍♫ࢆタ⨨ࡋࠊࢃࡀᅜࡢἲே⛯ἲୖ Debt ࡜ㄆࡵࡽࢀࡿ࡛࠶ࢁ࠺ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋࠊᏊ఍♫࡟㈨㔠ㄪ㐩ࢆ⾜ࢃࡏࡿࡇ࡜࡟ࡼࡗ࡚ᚓࡓ㈨㔠ࢆぶ఍♫࡟ධࢀࡿ࡜࠸࠺ࢫ࣮࣒࡛࢟࠶ࡿࠋ
ᮏࢫ࣮࣒࢟ࢆ฼⏝ࡍࢀࡤࠊぶ఍♫ࡣᏊ఍♫࡟ࠕ♫മࠖࢆⓎ⾜ࡋࡓᙧᘧ࡜࡞ࡾࠊᏊ఍♫࡬ࡢ࢖࣮ࣝࢻ
ࡢᨭᡶࡀ⏕ࡌࡿࠋࡇࢀࡣࠊ♫മ࡟ಀࡿࠕ฼Ꮚ࡛ࠖ࠶ࡿࡓࡵࠊᦆ㔠᥍㝖ࡀ࡞ࡉࢀࡿ࡭ࡁ࡛࠶ࡿࠊ࡜࠸
࠺ࣟࢪࢵࢡ࡛࠶ࡿࠋࡇࡢぶ఍♫࠿ࡽᏊ఍♫࡬ࡢമๆࡢⓎ⾜࡟ᑐࡍࡿ⛒⛯ἲୖࡢไ㝈つᐃࡣᏑᅾࡋ࡞
࠸ࠋࡋࡓࡀࡗ࡚ࠊぶ఍♫ࡣᏊ఍♫࡟ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆࢃࡀᅜ࡟࠾࠸࡚ Debt ࡜㐺᱁どࡉࢀࡿᙧᘧ࡛Ⓨ⾜ࡍࢀࡤࡼ࠸ࠋࡑࡢࡼ࠺࡟ᡭᙜ࡚ࡍࢀࡤࠊⓎ⏕ࡍࡿ࢖࣮ࣝࢻࡣࡍ࡭࡚ᦆ㔠᥍㝖ࡢᑐ㇟࡜࡞ࡿࠋ ࡛ࡣࠊ఍ィୖࡢ㈈ົయ㉁࡟ၥ㢟ࡣ⏕ࡌ࡞࠸ࡢ࠿࡜࠸࠺ၥ㢟࡛࠶ࡿࡀࠊࡇࢀࡶ➨ 3 ❶➨ 6 ⠇࡟࠾࠸
࡚㏙࡭ࡓࡼ࠺࡟ࠊぶ఍♫ࡢⓎ⾜ࡋࡓࠕ♫മ㸦Debt㸧
ࠖࡣᏊ఍♫࡛ࡣࠕ᭷౯ドๆࠖ࡜ࡋ࡚ B/S ୖィୖࡉࢀ࡚࠸ࡿࠋᏊ఍♫ࡣᢞ㈨ᐙ࡟ᑐࡋ࡚ࠊ௒ᗘࡣ㠀ᖖ࡟ᙉ࠸ Equity ᛶࢆ᭷ࡍࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥ
ࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡍࡿࡇ࡜࡟ࡼࡾࠊᏊ఍♫ B/S ୖ࡟ࡣࠊᢞ㈨ᐙ࡟Ⓨ⾜ࡋࡓドๆࡀ Equity ࡜ࡋ࡚ィୖࡉࢀࡿࡇ࡜࡟࡞ࡿࠋࡇࡢ࡜ࡁࠊぶ఍♫ࡀᏊ఍♫࡟Ⓨ⾜ࡍࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡜
Ꮚ఍♫ࡀᢞ㈨ᐙ࡟Ⓨ⾜ࡍࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ㢠ࠊ฼ᡶ᮲௳➼ࢆྠࡌ㢠࡟࡞ࡿࡼ࠺
࡟タィࡋ࡚࠾ࡃࡇ࡜࡟ࡼࡗ࡚ࠊ㐃⤖㈈ົㅖ⾲ୖࡣࠊ࠾஫࠸ࡢ♫മ࡜᭷౯ドๆࡀ┦ẅࡉࢀࠊぶ఍♫ࡀᢞ㈨ᐙ࡟ Equity ᛶࡢᙉ࠸ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋࡓᙧᘧ࡜࡞ࡿࠋࡋࡓࡀࡗ࡚ࠊ
㐃⤖ࣂࣛࣥࢫࢩ࣮ࢺୖࡣࠊ೺඲࡞ࡿ㈨ᮏᛶࡀᢸಖࡉࢀࡿࡢ࡛࠶ࡿࠋ ௨ୖ࠿ࡽࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣࠊእᅜ࡟ぶ఍♫ࠊࢃࡀᅜ࡟Ꮚ఍♫࡜࠸࠺୍ഃ㠃ࡋ࠿つᐃࡋ࡞࠸ࡓࡵࠊ཯ᑐࡢഃ㠃࡛࠶ࡿࠊࢃࡀᅜ࡟ぶ఍♫ࠊእᅜ࡟Ꮚ఍♫ࡀ࠶ࡿሙྜ࡟㉳ࡇࡿࠊㄢ⛯࣮࣋ࢫࡢᾐ
㣗࡟ᑐᛂ࡛ࡁ࡞࠸࡜࠸࠺ࡇ࡜ࡀゝ࠼ࡿࠋࡋࡓࡀࡗ࡚㐣ᑡ㈨ᮏ⛯ไࡀ࣮࣡ࢡࡍࡿࡓࡵ࡟ࡣࠊ୧ഃ㠃࠿
310 IBFD, EUROPEAN TAX HANDBOOK 2009 (IBFD 2009) at 879.
311 ୰ᕝὒࠕୡ⏺⛯ไ஦᝟ ࢖ࢠࣜࢫࠖ
ࠗ⛯⤒㏻ಙ࠘8ࠊ172 㡫ࠊ174 㡫㸦2009㸧ࠋ
312 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ132 㡫࡟࡚ࠊࠕᾏእࢱࢵࢡࢫ࣭࣊࢖ࣈࣥᏊ఍♫࡟␃ಖࡋࡓᡤᚓࢆࠊ௒ᗘ

ࡣ㏫࡟ཎ㈨࡜ࡋ࡚ US ぶ఍♫࡟ᑐࡋ࡚࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥࢆ⾜ࡗ࡚ࠊ⡿ᅜᡤᚓࢆࢱࢵࢡࢫ࣭
࣊࢖ࣈࣥ࡟ᨭᡶ฼Ꮚ࡜ࡋ࡚⛣㌿ࡍࡿ࡜࠸࠺ࢫࢺࣜࢵࣉࢫ࣮࣒࢟ࠖ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿࠋ
80ࡽつไࢆタࡅࡿᚲせࡀ࠶ࡿࠋࡉࡽ࡟ࠊ㐣ᑡ㈨ᮏ⛯ไࢆ⌧≧ࡢࡲࡲ⥔ᣢࡍࡿࡇ࡜࡟ࡋࡓሙྜࠊἲே⛯ἲ࡟ࡼࡗ࡚ࠊᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆ࠿ࡅࡿᚲせᛶࡀ࠶ࡿࠋࡑࡢࡓࡵ࡟ࡣ Debt ࡜ Equity ࡢἲே⛯ἲୖࡢᓧูつᐃࢆタࡅࡿᚲせᛶࡀ࠶ࡿࠋࡍࡿ࡜ࢃࡀᅜ࡟࠾࠸࡚ࡶಶูⓗᛶ᱁ุ᩿ࢆ㑊ࡅ࡚㏻ࡿࡇ
࡜ࡣ࡛ࡁ࡞࠸ࡇ࡜࡜࡞ࡿࠋ
3.

㐣ᑡ㈨ᮏ⛯ไ࡟ࡼࡾᦆ㔠᥍㝖ࢆྰㄆࡉࢀࡓࠕ฼Ꮚࠖࡢᒓᛶ

㐣ᑡ㈨ᮏ⛯ไ࡟ࡼࡾྰㄆࡉࢀࡓࠕ㈇മࠖ㒊ศ࡟┦ᙜࡍࡿ฼ᡶ࠸㒊ศࡣ⛒⛯᮲⣙ୖࡢᒓᛶࡣఱ࡟࡞ࡿ
ࡢ࠿࡜࠸࠺␲ၥࡀ⏕ࡌࡿࠋ㐣ᑡ㈨ᮏ⛯ไୖ Debt ࠿ࡽ⏕ࡌࡓࠕ฼Ꮚࠖ࡜ࡋ࡚ᦆ㔠᥍㝖ࢆㄆࡵ࡞࠸࡜
ࡋ࡚࠸ࡿࡀࠊ᮲⣙⥾⤖┦ᡭᅜ࡟࠾࠸࡚ࠊࢃࡀᅜᏊ఍♫࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢཷྲྀࡣࠊ
ࠕ฼Ꮚᡤᚓࠖ࡜
ᢅࢃࢀࡿ࡭ࡁ࡞ࡢ࠿ࠊ
ࠕ฼Ꮚࠖ࡜ࡋ࡚ࡢ㐺᱁ᛶࢆࢃࡀᅜࡢ⛒⛯ἲ௧ࡀྰㄆࡋࡓࡇ࡜࡟ࡼࡾࠕ㓄ᙜࠖ࡟ᒓᛶࡀኚࢃࡿࡢ࠿ࠊ࡜࠸࠺ၥ㢟࡛࠶ࡿࠋ ࡇࡢ␲ၥⅬ࡟ᑐࡋ࡚ྜྷᕝಖᘯ࣭ᒾᮏὒ୍ᩍᤵࡣḟࡢࡼ࠺࡟㏙࡭ࢀ࠾ࡽࢀࡿ313ࠋ
ࠕᡃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡢᇶᮏⓗ࡞௙⤌ࡳࡣࠊ೉ධ㔠ࡢ㔞ࢆၥ㢟࡜ࡍࡿ࠸ࢃࡺࡿ⥲㔞つไ᪉ᘧࢆ᥇⏝ࡋ࡚࠸ࡿࠋ⥲㔞つไ᪉ᘧ࡛ࡣࠊྰㄆࡋࡓᨭᡶ฼Ꮚࢆ㓄ᙜ࡜ㄆᐃࡍࡿࡇ࡜ࡣ࠿࡞ࡾᅔ㞴ࢆక࠺ࠋࡍ࡞ࢃࡕࠊಶูつไ᪉ᘧ࡟࠾࠸࡚ࡣࠊࡑࢀࡒࢀࡢ೉ධ㔠ࡈ࡜࡟㈨ᮏࡢᛶ᱁ࢆ᭷ࡍࡿ࠿࡝
࠺࠿ࢆྫྷ࿡ࡍࡿࡇ࡜࡟࡞ࡿࡀࠊ೉ධ㔠ࢆ⥲㔞࡛つไࡍࡿ࡜࠸࠺ࡇ࡜ࡣ೉ධ㔠ࡢಶูࡢᛶ᱁ࢆྫྷ
࿡ࡍࡿࡇ࡜࡞ࡃᨭᡶ฼Ꮚ㢠ࡢ୍ᐃ㔞ࡢᦆ㔠⟬ධࢆไ㝈ࡋ࡚࠸ࡿ࡟㐣ࡂ࡞࠸࡜࠸࠺ࡇ࡜࡟࡞ࢁ࠺ࠋ
ࡘࡲࡾࠊ฼Ꮚ࠿㓄ᙜ࠿ࢆỴᐃࡍࡿᇶ‽࡜࡞ࡿඖࡢ㈨㔠ࡢᛶ᱁ࢆ᳨ドࡋ࡚࠸࡞࠸ࡇ࡜࠿ࡽᦆ㔠⟬ධࢆไ㝈ࡋࡓ࡜࠸࠺஦ᐇࢆྲྀࡾୖࡆ࡚ࡑࢀࢆࡶࡗ࡚㓄ᙜ࡜ㄆᐃࡍࡿࡇ࡜ࡣ࡛ࡁ࡞࠸࡜࠸࠺ࡇ࡜
࡟࡞ࢁ࠺ࠋ ࡇ࠺ࡋࡓ⪃࠼᪉࡟❧࡚ࡤࠊᡃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣᨭᡶ฼Ꮚࢆ㓄ᙜ࡟௬⿦ࡋࡓ฼Ꮚ࡜ࡋ࡚ᤊ
࠼࡚࠸ࡿࡢ࡛ࡣ࡞ࡃ࡚ࠊᨭᡶ฼Ꮚࡢ࠺ࡕ୍ᐃࡢ⠊ᅖࡢ฼Ꮚ࡟ࡘ࠸࡚ᦆ㔠⟬ධࢆไ㝈ࡋ࡚࠸ࡿ࡜
࠸࠺ࡇ࡜࡟࡞ࡿࠋ ࡘࡲࡾࠊ᳨ウࡢᑐ㇟࡜࡞ࡗࡓ฼Ꮚ࡟ࡘ࠸࡚ᦆ㔠⟬ධࡣไ㝈ࡉࢀ࡚ࡣ࠸ࡿࡀࠊ฼Ꮚ࡜ࡋ࡚ࡢᛶ
᱁ࡑࡢࡶࡢࡲ࡛ྰㄆࡉࢀ࡚࠸ࡿࢃࡅ࡛ࡣ࡞࠸ࠋ
ࠖ ࡇࡢⅬࡣࠊ௚ᅜ࡟࠾ࡅࡿ㐣ᑡ㈨ᮏ⛯ไ࡟ࡼࡾྰㄆࡉࢀࡓࠕ฼Ꮚࠖࡢᛶ᱁࡜ẚ㍑ࡍࡿ࠺࠼࡛㔜せ࡜࡞ࡿࠋ࢔࣓ࣜ࢝ෆᅜṓධἲ඾i163(j)࠾ࡼࡧ㈈ົ┬つ๎ 1.163(j)࡟ࡼࡾྰㄆࡉࢀࡓ฼ᡶ࠸ศࡣࠊ
ࠕ୙㐺᱁฼Ꮚ(disqualified interest)ࠖ࡜ᢅࢃࢀࠊ⣧ᨭᡶ฼Ꮚ࡟ࡘ࠸࡚ࡣࠊ௒ࡢไᗘ࡛ࡣ↓ᮇ㝈࡟⧞ࡾ㉺ࡍࡇ࡜ࡀྍ⬟314࡜࡞ࡗ࡚࠸ࡿࠋ ౛࠼ࡤࢻ࢖ࢶࡢᪧ㐣ᑡ㈨ᮏ⛯ไ(2004 ᖺᗘ§8 a KStG)ࡣࠊ㐣ᑡ㈨ᮏ⛯ไ࡟ࡼࡾྰㄆࡉࢀࡓࠕ฼Ꮚࠖ
ࡣࠕ㓄ᙜࠖ࡜ᛶ᱁ࡢኚ᭦ࡀㄆᐃࡉࢀ࡚࠸ࡓ315ࡀࠊ2008 ᖺᗘࡢ⛯ไᨵṇ࡟ࡼࡾࠊᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃ(§4h EStG; §8 a I KStG)࡟ࡼࡾ㐣ᑡ㈨ᮏ⛯ไࡣᗫṆࡉࢀࠊࡑࢀ࡟క࠸ࠊྰㄆࡉࢀࡓࠕ฼Ꮚࠖ
࡟ࡘ࠸࡚ࡣࠊ
ࠕ฼Ꮚࠖ࡜࠸࡚ࡢᛶ᱁ࢆࡑࡢࡲࡲಖࡕࠊ࢔࣓ࣜ࢝i163(j)࡜ྠᵝࠊྰㄆࡉࢀࡓ⣧ᨭᡶ฼Ꮚࡢ↓ᮇ㝈ࡢ⧞ࡾ㉺ࡋࢆㄆࡵ࡚࠸ࡿ316ࠋ
313 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦243㸧
ࠊ145 㡫ࠋ
314 ⣧ᨭᡶ฼Ꮚ࡜ࡣᨭᡶ฼Ꮚࡀཷྲྀ฼Ꮚࢆ㉸࠼ࡿ㒊ศࢆ࠸࠸ࠊ
ࠕ୙㐺᱁฼Ꮚࠖ࡟ࡘ࠸࡚ࡶࡑࡢ฼Ꮚ࡜

ࡋ࡚ࡢᛶ᱁ࢆኚ᭦ࡍࡿࡶࡢ࡛ࡣ࡞࠸ࠋᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ146 㡫ࠋ
315 ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇࠕࢻ࢖ࢶ㐣ᑡ㈨ᮏ⛯ไࡢᴫせࠖ
ࠗInternational Taxation࠘Vol.24ࠊ

No.12ࠊ36 㡫ࠊ40 㡫(2004)ࠋ
316 Klaus Tipke & Joachim Lang, Steuerrecht, 20.völlig überarbeitete Auflage (OVS Verlag Dr.
Otto Schmidt KG, Köln 2009) at 446-450.
81 ㇂ཱྀໃὠኵᩍᤵࡣࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯࡟࠾ࡅࡿࠕ฼Ꮚࠖ࡟ᑐࡋ࡚ࠊ⛒⛯᮲⣙ୖࡣࠊࠕ฼Ꮚࠖࢆࠕ㓄ᙜࠖ࡜ࡳ࡞ࡍྲྀᢅ࠸ࡀᚲせ࡟࡞ࡿሙྜࡶ࠶ࡿࡢ࡛ࡣ࡞࠸࠿࡜ㄽࡌࡽࢀ࡚࠸ࡿ317ࠋࡑࡢ᰿ᣐ࡜ࡋ࡚ࠊ
㐣ᑡ㈨ᮏ⛯ไࡢ㐺⏝せ௳ࡢ୍ࡘ࡜ࡉࢀ࡚࠸ࡿᅜእᨭ㓄ᰴ୺➼࡟ࡣࠊ⛒⛯≉ูᥐ⨨ἲ 66 ࡢ 5 ➨ 4 㡯 1ྕ࡟ࡼࡿ࡜ࠊෆᅜἲேࡢⓎ⾜῭ᰴᘧ⥲ᩘࡢ 50㸣௨ୖࢆᡤ᭷ࡍࡿ⪅ࡀྵࡲࢀ࡚࠸ࡿࡢ࡛ࠊࡇࡢ⪅ࡣ⛒⛯᮲⣙ࢆ᥼⏝ࡋ࡚ࠊ฼Ꮚ࡜ࡋ࡚ࡢ※Ἠᚩ཰
㸦OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 11 para. 2 ࡟ࡼࢀࡤ 10㸣318㸧
࡛ࡣ࡞ࡃࠊ㓄ᙜ࡜ࡋ࡚ࡢ※Ἠᚩ཰㸦OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 10 para.2 a㸧࡟ࡼࢀࡤ 5㸣319㸧ࢆཷࡅࡿࡇ࡜ࢆ୺ᙇࡍࡿࡇ࡜ࡶ࠶ࢁ࠺࡜㏙࡭ࡽࢀ࡚࠸ࡿ320ࠋ
 ࡇࡢࡼ࠺࡞ほⅬ࠿ࡽࠊ㐣ᑡ㈨ᮏ⛯ไ࡟ࡼࡾᦆ㔠᥍㝖ࢆྰㄆࡉࢀࡓ฼Ꮚࡢ✀㢮ࡢ㐺᱁ᛶࢆἲᚊ࡛Ỵࡵ࡚࠾ࡃᚲせᛶࡀ࠶ࡿ࡜⪃࠼ࡿࠋ
4.

ἲே⛯ἲ 132 ᮲࡟ࡼࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈ࡢྍ⬟ᛶࠕἲே⛯୙ᙜῶᑡᇶ‽ࠖ㸦ἲἲ 132㸧ࡀ࠶ࡿࡀࠊࡇࡢᇶ‽ࢆᕠࡗ࡚஧ࡘࡢぢゎࡀ࠶ࡿ࡜࠸ࢃࢀ࡚࠸ࡿࠋ
ྜྷᕝಖᘯ࣭ᒾᮏὒ୍ᩍᤵ࡟ࡼࢀࡤࠊ୍ࡘࡣ㠀ྠ᪘఍♫ࡀ㏻ᖖ⾜࠺⾜Ⅽィ⟬࡜ẚ㍑ࡋ࡚ྠ᪘఍♫ࡺ࠼࡟ᐜ᫆࡟㑅ᢥ࡛ࡁࡿࡼ࠺࡞⾜Ⅽィ⟬࠿࡝࠺࠿ࢆᇶ‽࡜ࡍࡿࡶࡢ࡛࠶ࡾࠊ௚ࡢ୍ࡘࡣࠊ⣧⤒῭ேࡢ㑅ࡽࡪ⾜Ⅽィ⟬࡜ࡋ࡚ࡣ୙⮬↛୙ྜ⌮࡛࠶ࡿ࠿࡝࠺࠿ࢆᇶ‽࡜ࡍࡿࡶࡢ࡛࠶ࡿࠊ࡜ࡍࡿࡶࡢ࡛࠶ࡿࠋ
ྜྷᕝಖᘯ࣭ᒾᮏὒ୍ᩍᤵࡣࠊࡇࡢࠕἲே⛯୙ᙜῶᑡᇶ‽ࠖࢆ⏝࠸࡚ࠊࠕᮏ᮶ᰴᘧ࡜ࡋ࡚㈨㔠ㄪ㐩ࡍ࡭ࡁ࡜ࡇࢁࠊ೉ධ࡟ࡋࡓࠖࡇ࡜࡟ࡼࡿ⤖ᯝἲே⛯ࡀῶᑡࡋ࡚࠸ࡿࡇ࡜ࡀุ᫂ࡍࢀࡤࠕἲே⛯୙ᙜῶᑡᇶ‽ࠖࢆ‶ࡓࡋ࡚࠸ࡿ࡜⪃࠼ࡿࡇ࡜ࡀ࡛ࡁࡿࡇ࡜࠿ࡽࠊ㐣ᑡ㈨ᮏ࡟ࡘ࠸࡚ࡶἲே⛯ἲ 132 ᮲࡛つไࡍࡿࡇ࡜ࡣྍ⬟࡛࡛ࡣ࡞࠿ࢁ࠺࠿࡜࠸࠺ㄝࢆᒎ㛤ࡋ࡚࠸ࡿࡢ࡛࠶ࡿࡀࠊ
ࠕᮏ᮶ᰴᘧ࡜ࡋ࡚ࠖⓎ⾜ࡍ࡭
ࡁ⾜Ⅽࡢලయⓗุ᩿ᇶ‽ࡀ᫂☜࡛࡞ࡃࠊࡲࡓぶ఍♫࠿ࡽ೉ධࢆࡍࡿࡇ࡜⮬యࡀ⚾ἲୖ≉␗࡞ἲᙧᘧ
ࢆ᥇⏝ࡋࡓࡾ℃⏝ࡋࡓࡾࡋ࡚࠸ࡿࡶࡢ࡛ࡣ࡞࠸ࡓࡵࠊ
ࠕἲே⛯୙ᙜῶᑡᇶ‽ࠖ࡜⊂❧௻ᴗཎ๎࡜ࡣ࡯
ࡰྠࡌෆᐜ࡜࠸࠼ࡿ࠿ࡽࠊ⤖ᒁࡣ⊂❧௻ᴗཎ๎࡟ࡼࡾ㐣ᑡ㈨ᮏ࡛࠶ࡿ࠿ྰ࠿ࢆ ᐃࡏࡊࡿࢆᚓ࡞࠸
ࡢ࡛ࡣ࡞࠸࠿࡜ㄽࡌࡽࢀ࡚࠸ࡿࠋࡋ࠿ࡋࠊἲே⛯ἲ 132 ᮲ࡣྠἲ 22 ᮲ࡸ 37 ᮲࠿ࡽ㞳ࢀࡓᡤᚓィ⟬ࢆㄆࡵࡿࡶࡢ࡛ࡣ࡞࠸࠿ࡽࠊᚲࡎࡋࡶᅜ㝿ⓗ࡞ᡤᚓ⛣㌿࡟㐺ษ࡟ᑐฎ࡛ࡁ࡞࠸ࡢ࡛ࡣ࡞࠸࠿ࠊࡋࡓ
ࡀࡗ࡚ 132 ᮲࡛㐣ᑡ㈨ᮏ⛯ไࢆ࢝ࣂ࣮ࡍࡿࡇ࡜ࡣ࡛ࡁ࡞࠸ࡢ࡛ࡣ࡞࠸࠿࡜࠸࠺⤖ㄽࢆᑟࡁฟࡉࢀ࡚
࠸ࡿ321ࠋ ࡇࡇ࡟࠾࠸࡚ࠕἲே⛯୙ᙜῶᑡᇶ‽ࠖࡀㄽⅬ࡜࡞ࡿࡶࡢ࡜ᛮࢃࢀࡿࠋࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶࣝ
࣓ࣥࢺࢆ⏝࠸࡚ࢡࣟࢫ࣭࣮࣎ࢲ࣮࡞ྲྀᘬࢆ⾜࠺ሙྜࠊ➨ 4 ❶࡛⪃࠼ࡿ⛒⛯⿢ᐃ࡜࠸࠺ၥ㢟࡟ὀពࡍࡿᚲせࡀ࠶ࡿࠋ⛒⛯⿢ᐃࡣࠊྲྀᘬࢆ⾜࠺ྛᅜࡢᅜෆἲ࡛ࡳࢀࡤࠊἲᙧᘧୖఱࡽၥ㢟࡜࡞ࡿ␗ᖖᛶࡣ
ぢᙜࡓࡽ࡞࠸ࠋࡋ࠿ࡋࠊ஧ᅜ㛫࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ⛯ไࡢᕪࢆ฼⏝ࡍࡿࡶࡢ࡛࠶ࡿࡓࡵࠊᐇຠ⛯⋡ࡣῶᑡࡍࡿࠋ࠿࠿ࡿሙྜ࡟ᑐࡋ࡚ࠕἲே⛯୙ᙜῶᑡᇶ‽ࠖࢆ࠶࡚ࡣ
ࡵࡿࡇ࡜ࡣ࡛ࡁࡿࡢ࡛࠶ࢁ࠺࠿ࠋ
ࠕῶᑡࠖࡣ☜ㄆ࡛ࡁ࡚ࡶࠕ୙ᙜࠖᛶࡣ☜ㄆ࡛ࡁ࡞࠸ࡣࡎ࡛࠶ࡿࠋ࡞
ࡐ࡞ࡽࡤࠊࢃࡀᅜࡢἲே⛯ἲ࡟࠾࠸࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ᫂☜࡞ᐃࡵࡀ࠶ࡿ
ࢃࡅ࡛ࡣ࡞ࡃࠊ௻ᴗ఍ィ࠶ࡿ࠸ࡣ఍♫ἲ఍ィୖㄆࡵࡽࢀࡓᙧ࡟ࢸ࢖࣮࣭࣓ࣛ࢖ࢻࡉࢀࡓࡶࡢ࡛࠶ࡿ
࠿ࡽࠊࢃࡀᅜࡢἲே⛯ἲ࡟↷ࡽࡋ࡚⪃࠼࡚ࡳ࡚ࡶࠊ
ࠕ୙ᙜࠖᛶࡣฟ࡚ࡇ࡞࠸ࡣࡎ࡛࠶ࡿࠋ౑ࡗ࡚࠸ࡿ
ࡢࡣࠊ஧㸦ከ㸧ᅜ㛫࡟࠾ࡅࡿ⛯ไࡢ㐪࠸ࡔࡅ࡛࠶ࡿࠋ ࡇࡢࡼ࠺࡞≧ἣ࡟࠾࠸࡚ࠕἲே⛯ࡢῶᑡࠖࢆᢚ࠼ࡿࡓࡵ࡟ࡣࠊ㐣ᑡ㈨ᮏ⛯ไࡀ⥲㔞ᇶ‽ࢆ᥇⏝ࡋ
317 ㇂ཱྀໃὠኵࠗ⛒⛯᮲⣙ㄽ࠘㸦Ύᩥ♫ࠊ1999㸧172 㡫ࠋ
318 OECD, infra note (3388) at 29.
319 OECD, infra note (3388) at 28.
320 ㇂ཱྀໃὠኵ࣭๓ᥖὀ㸦317㸧
ࠊ172 㡫ࠋ321 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧
ࠊ147–148 㡫ࠋ

82࡚࠸ࡿࡼ࠺࡟ࠊἲே⛯ἲ࡟࠾࠸࡚ᅜእ࠾ࡼࡧᅜෆ㛵㐃⪅࡟ᑐࡍࡿᨭᡶ฼Ꮚᦆ㔠⟬ධࡢ⥲㔞ไ㝈つᐃࢆ❧ἲ໬ࡍࡿ࡭ࡁ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡿࠋ➨8⠇ᙉไ㌿᥮♫മ࡟ᑐࡍࡿᑐᢠ⟇—⌧⾜ἲே⛯ἲ࡟ࡼࡿᨭᡶ฼Ꮚᦆ㔠᥍㝖ไ㝈ࡢྍ⬟ᛶ—ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣᅜእᨭ㓄ᰴ୺➼࠿ࡽࡢ㐣኱࡞೉ධࢆつไࡍࡿࡶࡢ࡛࠶ࡾࠊDebt ࡜ Equity࡜ࡢᓧูࢆ┠ⓗ࡜ࡋࡓ⛯ไ࡛ࡣ࡞࠸ࡓࡵࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆ
ࢃࡀᅜࡢἲே⛯ἲࡀ࡝ࡢࡼ࠺࡟ᓧูࡍࡿࡢ࠿࡜࠸࠺ၥ㢟ࡣ⌧⾜ࡢ㐣ᑡ㈨ᮏ⛯ไ࡜ูࡢၥ㢟࡜ࡋ࡚ṧࡉࢀ࡚࠸ࡿࠋEquity ㈨ᮏࢆㄪ㐩ࡍࡿࢥࢫࢺ࡜ Debt ࡟ࡼࡿࢥࢫࢺࡣࠊ๓⪅ࡣᰴ୺࡬ࡢࣜࢱ࣮࡛ࣥ࠶
ࡾࠊᚋ⪅ࡣᰴ୺௨እࡢᢞ㈨ᐙ࡟ᑐࡍࡿࣜࢱ࣮ࣥ(ࢥࢫࢺ)࡛࠶ࡿ࡜࠸࠺ほⅬ࠿ࡽࡳࢀࡤࠊ࡜ࡶ࡟఍♫࡟࡜ࡗ࡚ࡢ⩏ົ㸦obligation㸧࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝࢻ࡛࠶ࡾࠊ⤒῭ⓗ࣭ࣇ࢓࢖ࢼࣥࢫⓗ࡟ࡣ༊ูࡉ
ࢀࡿ࡭ࡁࡶࡢ࡛࡞࠸ࡢ࡟࠿࠿ࢃࡽࡎࠊἲᚊᵓᡂୖࡣ඲ࡃู≀࡛࠶ࡿࡓࡵࠊ⛒⛯ἲୖࡶ Equity ㈨ᮏ
ࢆㄪ㐩ࡍࡿࢥࢫࢺࢆ㓄ᙜ࡜ࡋࠊDebt ࡟ࡼࡿࢥࢫࢺࢆ฼Ꮚ࡜ࡋ࡚ࠊ๓⪅ࢆᦆ㔠୙⟬ධࠊᚋ⪅ࢆᦆ㔠⟬ධࡍࡿ࡜࠸࠺␗࡞ࡗࡓᢅ࠸ࢆࡋ࡚ࡁ࡚࠸ࡿࡇ࡜ࡣ᪤࡟ఱᅇࡶ㏙࡭ࡓࠋ ࠕࡶ࡜ࡶ࡜ᰴᘧ࡜♫മࡢ༊ูࡣேⅭⓗ࡟సࡾฟࡉࢀࡓࡶࡢ࡛࠶ࡾࠊᬑ㐢ⓗ࡞ࡶࡢ࡛ࡣ࡞࠸ࡢ࡛ࠊ
ࡇࢀࡽࡢ୰㛫ⓗᛶ㉁ࢆ᭷ࡍࡿࡶࡢࢆேⅭⓗ࡟సࡾฟࡍࡇ࡜ࡶࠊࡲࡓྍ⬟࡛࠶ࡿ322ࠖ࡜Ώ㎶⿱Ὀᩍᤵࡀᣦ᦬ࡉࢀ࡚࠸ࡿࡼ࠺࡟ࠊ⛒⛯ἲୖ⪃࠼࡞ࡃ࡚ࡣ࡞ࡽ࡞࠸ࡢࡣࠊἲᚊᵓᡂୖࠊࣁ࢖ࣈࣜࢵࢻドๆࡀ♫മ࡜ࡋ࡚ࠊ࠶ࡿ࠸ࡣᰴᘧ࡜ࡋ࡚࠸ࡎࢀ࠿࡟༊ศࡉࢀࡿ࠿࡜࠸࠺㆟ㄽ࡜⊂❧ࡋ࡚ࠊࣁ࢖ࣈࣜࢵࢻド
ๆ࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝࢻࢆ⌧⾜ἲே⛯ἲ࡟↷ࡽࡋ࡚ࠊࡑࢀࢆ฼Ꮚ࡜ㄆᐃࡍࡿࡢ࠿ࠊ㓄ᙜ࡜ㄆᐃࡍࡿ
ࡢ࠿ࠊ࠶ࡿ࠸ࡣ୍ࡘࡢࣁ࢖ࣈࣜࢵࢻドๆ࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝࢻࢆ฼Ꮚ㒊ศ࡜㓄ᙜ㒊ศ࡜࡟ศࡅ࡚ㄢ
⛯ࡍࡿࡢ࠿࡜࠸࠺ၥ㢟ࡀ࠶ࡿ࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋ ᐇົ᭩323࡟ࡼࢀࡤࠊ2003 ᖺ᫬Ⅼ࡟࠾࠸࡚ࠊ
ࠕࢃࡀᅜㄢ⛯ᙜᒁࡣࠊ⌧ᅾࡢ࡜ࡇࢁࠊࡇࢀࡽࡢ࣓ࢨࢽ
࣭ࣥࣇ࢓ࣥࢻ࡟㛵ࡍࡿࠕศ㓄ࠖ࡟ࡘ࠸࡚ࡣࠊཎ๎࡜ࡋ࡚ࠊ
ࠕᖖ࡟฼Ꮚࡲࡓࡣ㓄ᙜࡢ࠸ࡎࢀ࠿࡜ࡋ࡚ྲྀ
ࡾᢅ࠺ࠖ࡜࠸࠺஧ศἲⓗฎ⌮ࢆ࡜ࡗ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠖ࡜グࡉࢀ࡚࠸ࡿࠋ ࢃࡀᅜࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟࠾࠸࡚୺せ࡜࡞ࡿࠕຎᚋമࠖࡢᢅ࠸࡟ࡘ࠸࡚ࠊຎᚋ
മࡶ Debt ࡛࠶ࡿ௨ୖࠊㄢ⛯ୖࡶᦆ㔠᥍㝖ࡢᑐ㇟࡜ࡉࢀࡿ࡭ࡁࡶࡢ࡛࠶ࡿ324ࡀࠊຎᚋമࢆỌஂമ࡜ࡋ࡚Ⓨ⾜ࡋࠊࡉࡽ࡟ᬑ㏻ᰴᘧ࡬ࡢ㌿᥮ㄳồᶒࡶ௜ᒓࡍࡿࡼ࠺࡞ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࠊ
࠶ࡿ࠸ࡣࠊ࢖࢜ࣥओࡀⓎ⾜ࡋࡓࠊ฼ᡶ⧞ᘏ᮲㡯࣭ᮇ㝈๓ൾ㑏᮲㡯௜↓ᢸಖ♫മࡢࡼ࠺࡟ࠊᮇ㛫ࡀ 50ᖺࠊ฼ᡶ࠸ࡀ⧞ᘏྍ⬟ࠊࡉࡽ࡟ࠊ᱁௜ࡅᶵ㛵࠿ࡽ 50㸣ࡢ㈨ᮏᛶࢆㄆࡵࡽࢀ࡚࠸ࡿࡼ࠺࡞ࠕ♫മࠖ࡟ᑐࡋ࡚ࠊㄢ⛯ୖࡶࠕ♫മࠖ࡜ㄆࡵࠊ฼ᡶ࠸ࡢᦆ㔠᥍㝖ࢆㄆࡵࡿ࡭ࡁ࡞ࡢ࠿࡟ࡘ࠸࡚ࡣ኱ࡁ࡞␲ၥࡀṧࡿࠋ ࡑࡇ࡛ࠊண࡚ࡼࡾၟἲ࡟࠾࠸࡚ၥ㢟どࡉࢀ࡚࠸ࡓࠊ࢚ࢡ࢖ࢸ࢕ᛶࡢᙉ࠸♫മ࡟ࡘ࠸࡚ࠊ୰࡛ࡶ≉࡟ࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ၥ㢟࡜࡞ࡾࠊෆᅜṓධᗇࡀ Rev. Rul. 2003-97 ࢆฟࡍ࡟⮳ࡗࡓࠊᙉไ㌿᥮♫മࢆ౛࡟࡜ࡾࢃࡀᅜ⌧⾜ἲே⛯ἲ 22 ᮲࡟ࡼࡾᙉไ㌿᥮♫മ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᦆ㔠⟬ධไ㝈ࡀྍ⬟࡛࠶ࡿࡢ࠿ࢆࠊ໭ᮧ㇏ᘚㆤኈࡢㄽᩥࢆࡶ࡜࡟᳨ウࡍࡿ325ࠋ
322 Ώ㎶⿱Ὀ࣭๓ᥖὀ㸦87㸧
ࠊ169 㡫ࠋ323 ኴ⏣ὒࠕ࢚ࢡ࢖ࢸ࢕࣭ࣇ࢓࢖ࢼࣥࢫࠊࢹࢵࢺ࣭ࣇ࢓࢖ࢼࣥࢫ㸸⥲ㄝࠖすᮧ⥲ྜἲᚊ஦ົᡤ⦅ࠗࣇ࢓

࢖ࢼࣥࢫἲ኱඲㸦ୖ㸧
࠘337 㡫ࠊ352 㡫㸦ၟ஦ἲົࠊ2003㸧
ࠋ
324 ⲡ㔝⪔୍ࠗ㔠⼥ㄢ⛯ἲㅮ⩏࠘㸦ၟ஦ἲົࠊ2009㸧410 㡫ࠋ
325 ᙉไ㌿᥮♫മ࡟ࡘ࠸࡚ࡢㄢ⛯ୖࡢ᳨ウࢆࡋ࡚࠸ࡿㄽᩥ࡟໭ᮧ㇏ࠕᙉไ㌿᥮♫മ㸦Mandatory
Convertibles㸧ࡢ⛯ົୖࡢྲྀᢅ࡟ࡘ࠸࡚̿Rev. Rul. 2003-97 ࢆ⣲ᮦ࡜ࡋ࡚ࠖ
ࠗNBL࠘851 ᕳࠊ109
㡫㸦2007㸧ࡀ࠶ࡾࠊᮏㄽᩥࡣ໭ᮧ㇏ᘚㆤኈࡢㄽᩥࢆᘬ⏝ࡋ᳨࡚ウࢆຍ࠼࡚࠸ࡿࠋ
831.

㌿᥮♫മ࡜ᙉไ㌿᥮♫മࡢ┦㐪 ໭ᮧᘚㆤኈ࡟ࡼࢀࡤࠊᙉไ㌿᥮♫മࡀ㌿᥮♫മᆺ᪂ᰴண⣙ᶒ௜♫മ㸦࠸ࢃࡺࡿ㌿᥮♫മ㸧࡜␗࡞ࡿࡢࡣࠊᢞ㈨ᐙ࡟ᰴᘧࡢൾ㑏ࢆཷࡅࡿ࡜࠸࠺࢜ࣉࢩࣙࣥࡀ୚࠼ࡽࢀ࡚࠸ࡿࢃࡅ࡛ࡣ࡞ࡃࠊ୍ᐃᮇ᪥
࡟࠾࠸࡚ᙉไⓗ࡟ᰴᘧ࡟ࡼࡾൾ㑏ࡉࢀࡿ࡜࠸࠺Ⅼ࡛࠶ࡿ࡜࠸࠺326ࠋ ໭ᮧᘚㆤኈࡣࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣࠊᙉไ㌿᥮♫മࡣࠊ୍⯡࡟ࠊⓎ⾜఍♫ࡢᢞ㈨ᐙ࡟ᑐࡍࡿ♫മࡢⓎ⾜࡜ࠊⓎ⾜఍♫࡜ᢞ㈨ᐙ࡜ࡢ㛫࡟࠾ࡅࡿⓎ⾜఍♫ࡢᰴᘧ࡟㛵ࡍࡿࣇ࢛࣮࣡ࢻዎ⣙ࡢ⤌ࡳྜࢃࡏ࡜ࡋ࡚ἲᚊᵓᡂࡉࢀ࡚࠸ࡿ࡜グࡉࢀࠊἲᚊᵓᡂ࡜࠸࠺Ⅼ࠿ࡽࡣࠊⓎ⾜఍♫ࡣ♫മࡢ฼Ꮚࢆᦆ㔠⟬ධࡍࡿࡇ࡜ࡀ࡛ࡁࡿ࡜⪃࠼ࡿࡇ࡜ࡀ࡛ࡁࡿ୍᪉ࠊ⤒῭ⓗ࡟ࡣࠊ༢࡟ᡶ㎸㔠ࡢ๓ᡶ࠸ࢆక࠺ᑗ᮶࡟࠾ࡅࡿᰴᘧࡢⓎ⾜࡜ྠᵝࡢຠᯝࡀ⏕ࡌ࡚࠸ࡿ࡟㐣ࡂ࡞࠸ࢃࡅ࡛ࠊࡇࡢⅬ࠿ࡽࡣࠊࡇࡢ㔠⼥ၟရࡣᐇ㉁ⓗ࡟ᰴᘧ࡛࠶ࡗ࡚ࠊ
฼Ꮚࡢᨭᡶ࠸ࡣᦆ㔠⟬ධ࡛ࡁ࡞࠸࡜⪃࠼ࡿࡇ࡜ࡶྍ⬟࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ327ࠋ ໭ᮧᘚㆤኈࡣࠊࢃࡀᅜ࡟࠾࠸࡚ᙉไ㌿᥮♫മࢆタィࡍࡿ࡜ࡋࡓሙྜࠊ㌿᥮♫മᆺ᪂ᰴண⣙ᶒ௜♫മ࡜ᵓᡂࡋࡓୖ࡛ࠊࡇࢀ࡟௜ࡉࢀࡿ᪂ᰴண⣙ᶒࢆᰴᘧࡢ஺௜࡜ᘬ᥮࡟ࡍࡿྲྀᚓ᮲㡯௜᪂ᰴண⣙ᶒ࡜ࡋࠊ♫മࡢൾ㑏᪥ࢆ᪂ᰴண⣙ᶒ௜♫മࡢྲྀᚓ᪥࡜ࡍࡿࡇ࡜࡟ࡼࡾᵓᡂྍ⬟࡛࠶ࡿ㸦఍♫ 236ձ7 ࢽ࣭
275㸧࡜㏙࡭ࡽࢀ࡚࠸ࡿ328ࠋ
2.

ᙉไ㌿᥮♫മࡢ⤌ᡂ ໭ᮧᘚㆤኈࡣࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣࠊᙉไ㌿᥮♫മ࡟ྵࡲࢀࡿ♫മ฼Ꮚࡢᦆ㔠⟬ධ࡟ࡘ࠸࡚ࡣࠊ
ุ౛ἲ࡟ࡼࡿไ⣙࡜ෆᅜṓධἲ࡟ࡼࡿไ⣙ࡢ2ࡘࡀ࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ329ࠋ
ุ౛ἲ࡟ࡼࡿไ⣙ࡣࠊ࢔࣓ࣜ࢝⿢ุ౛ࡢ✚ࡳ㔜ࡡ࡟ࡼࡾᙧᡂࡉࢀ࡚ࡁࡓ Debt ࡜ Equity ࡢ༊ู࡟ࡼࡿࡶࡢ࡛࠶ࡾࠊ⚾ἲୖ♫മ࡜ࡋ࡚ᵓᡂࡉࢀ࡚࠸ࡓ࡜ࡋ࡚ࡶᐇ㉁ⓗ࡟ᰴᘧᛶࡢ㧗࠸ࡶࡢ࡟ࡘ࠸࡚ࡣ⛒⛯ἲୖࡣ♫മ࡜ࡋ࡚ᢅ
ࢃࢀࡎࠊᦆ㔠⟬ධࡀྰㄆࡉࢀࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡾࠊෆᅜṓධἲ࡟ࡼࡿไ⣙ࡣࠊෆᅜṓධἲ඾i
163(l)(1)330࡟ࡼࡾࠊⓎ⾜఍♫ࡲࡓࡣ㛵㐃఍♫ࡢᰴᘧ࡟ࡼࡾൾ㑏ࡉࢀࡿ♫മ࡟ࡘ࠸࡚ࡣࠊࡑࡢᨭᡶ฼
Ꮚࡢᦆ㔠⟬ධࢆྰㄆࡉࢀࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡿ࡜ࡉࢀࡿ331ࠋ ໭ᮧᘚㆤኈ࡟ࡼࡿ࡜࢔࣓ࣜ࢝࡟࠾ࡅࡿᙉไ㌿᥮♫മࡣ♫മ࡜ࣇ࢛࣮࣡ࢻዎ⣙࡜ࡢྜᡂ࡟ࡼࡾᵓᡂ
ࡉࢀࡓࡶࡢ࡛࠶ࡿࡀࠊDebt ࡜ Equity ࡀྜᡂࡉࢀ࡚࡛ࡁ࠶ࡀࡗࡓ୍ࡘࡢ㔠⼥ၟရࢆࠊุ౛ἲ࡜ෆᅜ
ṓධἲ඾i163(l)(1)࡜ࡢไ⣙㛵ಀ࡛⣡⛯⪅࡟ാࡃ᭷฼࣭୙฼ࢆලయⓗ࡟ศᯒࡋ♫മ㒊ศ࡜ࣇ࢛࣮࣡
ࢻ㒊ศ࡜ࡢศ㞳ᛶࢆ⫯ᐃࡋࠊ♫മࡢᨭᡶ฼Ꮚᦆ㔠⟬ධࢆㄆࡵࡿุ᩿ࢆୗࡋࡓࡢࡀࠊ
Rev. Rul. 2003-97
࡛࠶ࡿ࡜ࡉࢀࡿࠋ ࢃࡀᅜ࡟࠾ࡅࡿᙉไ㌿᥮♫മ࡟ࡘ࠸࡚໭ᮧᘚㆤኈࡣࠊ⚾ἲୖࡣࠊྲྀᚓ᮲㡯௜᪂ᰴண⣙ᶒࡀ௜ࡉࢀࡓ㌿᥮♫മᆺ᪂ᰴண⣙ᶒ௜♫മ࡜ࡋ࡚ἲᚊᵓᡂࡉࢀ࡚࠸ࡿࡇ࡜࠿ࡽࠊࡇࡢⅬࢆ㔜どࡍࢀࡤ♫മ㒊ศࡢᨭᡶ฼Ꮚࢆᦆ㔠⟬ධࡍࡿࡇ࡜ࡀ࡛ࡁࡿ࡜ゎࡍࡇ࡜ࡀ࡛ࡁࡿ㸦ἲἲ 22 ᮲ 3 㡯㸧࡜ࡋࠊ୍᪉ࠊ⤒῭ⓗ࡞ᛶ㉁࡟╔┠ࡍࢀࡤࠊᐇ㉁ⓗ࡟ࡣᑗ᮶࡟࠾ࡅࡿᰴᘧࡢⓎ⾜ࡀ࡞ࡉࢀ࡚࠸ࡿ࡟㐣ࡂ࡞࠸࡜ࡳࡿࡇ࡜
326 ໭ᮧ㇏࣭๓ᥖὀ㸦325㸧
ࠊ109 㡫ࠋ
327 ໭ᮧ㇏࣭๓ᥖὀ㸦325㸧
ࠊ109 㡫ࠋ
328 ໭ᮧ㇏࣭๓ᥖὀ㸦325㸧
ࠊ109 㡫ࠋ
329 ໭ᮧ㇏࣭๓ᥖὀ㸦325㸧
ࠊ110 㡫ࠋ
330 IRC i163(l) Disallowance of deduction on certain debt instruments of corporations(1) In general
No deduction shall be allowed under this chapter for any interest paid or accrued on adisqualified debt instrument.
331 ໭ᮧ㇏࣭๓ᥖὀ㸦325㸧
ࠊ110 㡫ࠋ84ࡀྍ⬟࡛࠶ࡾࠊࡇࡢⅬࢆ㔜どࡍࢀࡤࠊᙜヱᙉไ㌿᥮♫മ࠿ࡽ⏕ࡎࡿ฼Ꮚࡣࠊᰴᘧࡢᨭᡶ㓄ᙜ࡜ࡳ࡞ࡍࡇ࡜ࡀ࡛ࡁࡿࡓࡵᦆ㔠⟬ධࡣ࡛ࡁ࡞࠸࡜ゎࡍ࡭ࡁ࡛࠶ࡿ332࡜ࡶ㏙࡭ࡽࢀ࡚࠸ࡿࠋ ࡇࡇ࡛ࠊࢃࡀᅜ࡟࠾ࡅࡿ♫മ࡜ᰴᘧࡍ࡞ࢃࡕࠊDebt ࡜ Equity ࡜ࡢ⛒⛯ἲୖࡢ㐪࠸࡟ࡘ࠸࡚ࡢ㆟ㄽࡢ⵳✚ࡶ⿢ุ౛ࡶᏑᅾࡋ࡚࠸࡞࠸ࡇ࡜ࡀၥ㢟࡜࡞ࡿࠋ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣࠊ㛗࠸Ṕྐ࡜⭾኱࡞㆟ㄽࡢ✚ࡳ㔜ࡡࠊ⿢ุ౛ࡀᏑᅾࡋࠊᚑࡗุ࡚౛ἲࡢ㐺⏝ࡀྍ⬟࡜࡞ࡿࡀࠊࢃࡀᅜ࡟࠾࠸࡚ࡣࠊࡑࢀࡀ
࡛ࡁ࡞࠸ࠋ ࡉࡽ࡟ࠊἲᚊ࡟࠾࠸࡚ࡶࠊ࢔࣓ࣜ࢝࡟ࡣෆᅜṓධἲ඾i163(l)(1)࡟ࡼࡿࠊⓎ⾜఍♫ࡢᰴᘧ࡟ࡼࡾ
ൾ㑏ࡉࢀࡓ♫മ࡟ࡘ࠸࡚ࡣࠊࡑࡢᨭᡶ฼Ꮚࡢᦆ㔠⟬ධࢆྰㄆࡍࡿಶูྰㄆつᐃࡀᏑᅾࡍࡿࡀࠊࢃࡀ
ᅜ࡟࠾࠸࡚ࡣࠊࡑࡢࡼ࠺࡞ಶูྰㄆつᐃࡢᏑᅾࡣ࡞࠸ࡓࡵࠊ⛯ἲ࡟ࡼࡿྰㄆࡣ㞴ࡋ࠸ࡇ࡜࡜࡞ࡿࠋ ࡋࡓࡀࡗ࡚ࠊ᭱⤊ⓗ࡟ࡣࠊಶูྰㄆつᐃࡀᏑᅾࡋ࡞࠸ሙྜ࡟⚾ἲୖ᭷ຠ࡞ἲᚊᵓᡂࢆྰㄆ࡛ࡁࡿ
࠿࡜࠸࠺ၥ㢟࡟࡞ࡿࠋ
3.

⚾ἲୖࡢἲᚊᵓᡂ࡟ࡼࡿྰㄆࡢྍ⬟ᛶ ᮏᗉ㈨ᩍᤵࡣࠊ
ࠕ⛒⛯ᅇ㑊ࡢྰㄆ࡜ࡣࠊㄢ⛯ᗇࡀ⚾ἲୖࡢዎ⣙⮬⏤ࡢཎ๎࡟ࡼࡾㄢ⛯せ௳ࢆ඘㊊ࡋ࡞࠸ࡼ࠺࡟⣡⛯⪅ࡀ㑅ᢥࡋࡓἲᙧᘧࢆ⛯ἲୖྰᐃࡋ࡚ࠊ⛯ἲࡢணᐃࡍࡿ㏻ᖖ⏝࠸ࡽࢀࡿἲᙧᘧ࡟ᘬ
ࡁ┤ࡋ࡚ࠊࡇࢀ࡟ᑐᛂࡍࡿㄢ⛯せ௳ࡀ඘㊊ࡉࢀࡓࡶࡢ࡜ࡋ࡚ྲྀࡾᢅ࠺ࡇ࡜ࢆព࿡ࡍࡿࠋ⛒⛯ἲᚊ୺⩏ࡢୗ࡛ࡣࠊἲᚊࡢ᰿ᣐ࡞ࡋ࡟ࠊㄢ⛯ᗇࡀ⛒⛯ᅇ㑊ࡢྰㄆࢆ⾜࠺ᶒ㝈ࢆ᭷ࡍࡿࡇ࡜ࢆㄆࡵࡿࡇ࡜ࡣ
࡛ࡁ࡞࠸333ࠖ࡜㏙࡭ࡽࢀࡓ࠺࠼࡛ࠊ⤒῭ⓗᐇែࡣࠊዎ⣙ᙜ஦⪅ࡢྜពࡢ⾲㠃ⓗ࣭ᙧᘧⓗ࡞ព࿡࡟ࡼࡗ
ุ࡚᩿ࡍࡿࡢࡣ┦ᙜ࡛ࡣ࡞ࡃࠊ⣡⛯⪅ࡢ୺ᙇ࡜␗࡞ࡿㄢ⛯せ௳ヱᙜ஦ᐇࢆㄆᐃࡋࠊࡇࢀ࡟ᚑࡗ࡚ㄢ
⛯ࡍࡿ࡜࠸࠺ࠊ
஦ᐇㄆᐃ࣭⚾ἲୖࡢἲᚊᵓᡂ࡟ࡼࡿྰㄆࡢἲ⌮࡟ࡘ࠸࡚ḟࡢࡼ࠺࡟㏙࡭ࡽࢀ࡚࠸ࡿࠋ
ࠕ⚾ἲୖࡢἲᚊᵓᡂ࡟ࡼࡿྰㄆࠖ࡜࠸࠺⌮ㄽࡣࠊ㺃㺃㺃ྰㄆࡢἲⓗせ௳ࢆ᫂☜࡟ࡋ࡞࠸ࡲࡲࠊ
ࠕ஦ᐇㄆᐃࠖࡢྡࢆ೉ࡾ࡚⚾ἲୖࡢἲᚊᵓᡂࢆྰᐃࡋ࡚⛯ἲୖࡢἲᚊᵓᡂࢆ௙❧࡚ࡿసᴗࢆ⾜ᨻࡸ⿢ุᡤࡢ⿢㔞࡟ጤࡡࡿ⤖ᯝ࡜࡞ࡿⅬ࡛ࠊ⛒⛯ἲᚊ୺⩏ࡀせㄳࡍࡿྰㄆせ௳ࡢ᫂☜ᛶ࡜࠸࠺どⅬ࠿ࡽၥ㢟࡜ࡉࢀࡿࠋ
ࠕ⚾ἲୖࡢἲᚊᵓᡂ࡟ࡼࡿྰㄆࡢෆᐜࡣࠊ(i)ዎ⣙ࡀᏑᅾࡋ࡞࠸ሙྜࠊ(ii)ዎ⣙ࡀ⹫ഇ⾲♧ࢆ⌮⏤࡟↓ຠ࡜ㄆᐃࡉࢀࡿሙྜࠊ(iii)ᙜ஦⪅ࡢ㑅ᢥࡋࡓἲᙧᘧࢆྰᐃࡋ࡚┿ᐇࡢዎ⣙ࢆㄆᐃࡍࡿሙྜ࡟ศࡅࡽࢀࡿ㺃㺃㺃ࡇࢀ࡟ಀࡿ㆟ㄽࡣ(i)⚾ἲୖࡢ஦ᐇㄆᐃࠊ(ii)ពᛮ⾲♧ࡢゎ㔘ࠊ(iii)ዎ⣙ࡢゎ㔘ࢆ๓ᥦ࡜ࡍࡿࠋዎ⣙ࡢᡂ❧࡟ࡘ࠸ุ࡚᩿ࡍࡿࡓࡵ࡟ពᛮ⾲♧ࡢゎ㔘ࡀ⾜ࢃࢀࡿࡀࠊࡇࡢሙྜࡢពᛮ⾲♧ࡣᐈほⓗពᛮ⾲♧࡛࠶ࡿࠋ㺃㺃㺃㏻ᖖࠊෆᚰⓗຠᯝពᚿࢆ㔜どࡍࡿពᚿ୺⩏࡜⾲♧⾜Ⅽࢆ㔜どࡍࡿ⾲♧୺⩏࡟ศ࠿ࢀࡿࠋ㺃㺃㺃ḟ࡟ពᛮ⾲♧ࡢゎ㔘࡟ࡼࡗ࡚ࡑ
ࡢෆᐜࡢ☜ᐃࡀ⾜ࢃࢀࡿࠋ⾲♧ຠᯝ࠿ࡽ᥎ ࡉࢀࡓຠᯝពᚿࡣ㺃㺃㺃⾲♧⾜Ⅽࡢἲⓗຠᯝࡣ⏕ࡌ࡞࠸㺃㺃㺃ࡇࡢẁ㝵࡛ࡢෆᚰⓗຠᯝពᚿࢆᢕᥱࡍࡿࡇ࡜ࡣࡁࢃࡵ࡚ᅔ㞴࡛࠶ࡿࠋዎ⣙ෆᐜࡢ☜ᐃࡢࡓࡵዎ⣙ࡢゎ㔘ࡀ⾜ࢃࢀࡿࠋ㺃㺃㺃ዎ⣙ᙜ஦⪅㛫࡟࠾࠸࡚ዎ⣙ෆᐜ࡟த࠸ࡀ࠶ࡿ
ሙྜ࡟ࡣዎ⣙ෆᐜࡢ⿵඘ࡸἲᚊ⾜Ⅽࡢෆᐜಟṇࡀ㺃㺃㺃⿢ุᐁ࡟ࡼࡗ࡚⾜ࢃࢀࡿࡀࠊᙜ஦⪅ࡀ⾲♧⾜Ⅽࡢព࿡ෆᐜ࡟த࠸ࡀ࡞࠸ሙྜ࡟ㄢ⛯ᗇࡀࡑࡢࡼ࠺࡞సᴗࢆ⾜࠺ࡇ࡜ࡣࠊཎ๎࡜ࡋ࡚チࡉࢀ࡞࠸ࠋ㺃㺃㺃ᙜ஦⪅ࡀ㑅ᢥࡋࡓ⚾ἲୖࡢἲᙧᘧࢆྰᐃࡋ௚ࡢἲᙧᘧ࡟ᘬࡁ┤ࡋ࡚ㄢ⛯ࡍࡿࡇ࡜ࡀ࡛ࡁࡿሙྜࡣࠊ஦ᐇㄆᐃࡢ⤖ᯝ࡜ࡋ࡚ࠊᙜ஦⪅ࡀ㑅ᢥࡋࡓ⚾ἲୖࡢἲᙧᘧ

332 ໭ᮧ㇏࣭๓ᥖὀ㸦325㸧
ࠊ110 㡫ࠋ
333 ᮏᗉ㈨࣭๓ᥖὀ㸦303㸧
ࠊ76 㡫ࠋ

85ࡀᏑᅾࡏࡎࠊࡲࡓࡣ↓ຠ࡛࠶ࡿ࡜ㄆࡵࡽࢀࡿሙྜ࡟㝈ࡽࢀࡿࠋ334ࠖ ࡇࡢᮏᗉᩍᤵ࡟ࡼࡿࠕ⚾ἲୖࡢἲᚊᵓᡂ࡟ࡼࡿྰㄆࠖࢆᙉไ㌿᥮♫മ࡟㛵ࡍࡿྲྀᘬᙜ஦⪅㛫࡟ᙜ࡚ࡣࡵ࡚⪃࠼ࡓሙྜࠊྲྀᚓ᮲௳௜᪂ᰴண⣙ᶒࡀ௜ࡉࢀࡓ㌿᥮♫മᆺ᪂ᰴண⣙ᶒ௜♫മ࡜࠸࠺ἲᚊᵓ
ᡂࢆࠊᐇ㝿࡟ዎ⣙᭩ࡢ㏻ࡾ࡟⥾⤖ࡋࠊࡑࡢዎ⣙᮲㡯࡟ᚑࡗ࡚㌿᥮♫മᆺ᪂ᰴண⣙ᶒ௜♫മࡢⓎ⾜ࡸᰴᘧࡢᘬ᥮࡜ࡍࡿࡑࡢྲྀᚓ࡟㛵ࡋࠊᚲ⏝࡞ᡭ⥆ࡁࢆ㐺ษ࡟ᐇ⾜ࡋ࡚࠸ࢀࡤࠊᙜ஦⪅ࡢෆᚰⓗຠᯝពᚿࡀࠊᑗ᮶࡟࠾ࡅࡿᰴᘧࡢ኎㈙ࢆពᅗࡋࡓࡶࡢ࡛࠶ࡿ࡜஦ᐇㄆᐃࡍࡿࡇ࡜ࡣ࡛ࡁ࡞࠸࡜ゎࡍ࡭ࡁ࡛࠶ࢁ࠺࡜⪃࠼ࡿࠋ ໭ᮧᘚㆤኈࡣࠊ
ࠕ⚾ἲୖࡢἲᚊᵓᡂ࡟ࡼࡿྰㄆࠖࡢ௚࡟ࠊ୍⯡࡟බṇጇᙜ࡜ㄆࡵࡽࢀࡿ఍ィฎ⌮ࡢᇶ‽࡟ᚑࡗ࡚ィ⟬ࡉࢀࡿཎ౯࣭㈝⏝ࡢ㢠࡟ࡘ࠸࡚ࡣᦆ㔠࡟⟬ධ࡛ࡁࡿ࡜࠸࠺ἲே⛯ἲ 22 ᮲ 3 㡯ࠊ4㡯ࢆ㝈ᐃゎ㔘ࡋࠊ♫മࡢᨭᡶ฼Ꮚࢆᦆ㔠⟬ධ࡛ࡁࡿࡇ࡜ࢆ᫂♧ࡋ࡚࠸ࡿࢃࡅ࡛ࡣ࡞࠸࡜࠸࠺᰿ᣐ࠿
ࡽྰㄆࡀ࡛ࡁࡿྍ⬟ᛶࡶ♧၀ࡋ࡚࠸ࡿࡶࡢࡢࠊ♫മࡢᨭᡶ฼Ꮚࡀ୍⯡࡟බṇጇᙜ࡜ㄆࡵࡽࢀࡿ఍ィฎ⌮ࡢᇶ‽࡟ᚑࡗ࡚ィ⟬ࡉࢀࡿཎ౯࣭㈝⏝࡟ヱᙜࡋ࡞࠸࡜ࡍࡿࡇ࡜࡟ࡣ┦ᙜࡢ↓⌮ࡀ࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ335ࠋ➨9⠇ἲே⛯ἲ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃ๰タࡢᚲせᛶྜྷᕝಖᘯ࣭ᒾᮏὒ୍ᩍᤵࡣࠊ୍⯡࡟ᨭᡶ฼Ꮚࡣࠊἲே⛯ἲ 22 ᮲ 3 㡯࡟࠾࠸࡚ࠕෆᅜἲேࡢྛ஦ᴗ
ᖺᗘࡢᡤᚓࡢ㔠㢠ࡢィ⟬ୖᙜヱ஦ᴗᖺᗘࡢᦆ㔠ࡢ㢠࡟⟬ධࡍ࡭ࡁ㔠㢠ࡣࠊูẁࡢᐃࡵࡀ࠶ࡿࡶࡢࢆ
㝖ࡁࠊḟ࡟ᥖࡆࡿ㢠࡜ࡍࡿࠋࠖ࡜ࡋࠊ஧ྕ࡟࠾࠸࡚ࠊ
ࠕ㈍኎㈝ࠊ୍⯡⟶⌮㈝ࡑࡢ௚ࡢ㈝⏝ࠖ࡜ࡋ࡚ᦆ
㔠⟬ධࡀㄆࡵࡽࢀ࡚࠸ࡿࠋࡋࡓࡀࡗ࡚ࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣἲே⛯ἲ 22 ᮲ 3 㡯࡟ᐃࡵࡿᨭᡶ
฼Ꮚࡢᦆ㔠⟬ධࢆไ㝈ࡍࡿࡓࡵࡢつᐃ࡛࠶ࡾࠊἲே⛯ἲ 22 ᮲ 3 㡯࡟つᐃࡍࡿࠕูẁࡢᐃࡵࠖ࡜఩
⨨࡙ࡅࡿࡇ࡜ࡀ࡛ࡁࡿࠋࡉࡽ࡟ࠊ㐣ᑡ㈨ᮏ࡜࠸࠺ᙧᘧࢆ฼⏝ࡋࡓ⛒⛯ᅇ㑊࡟ᑐࡋ࡚ἲே⛯ἲ 22 ᮲࡛ࡣ༑ศ࡞ᑐᛂࡀ࡛ࡁ࡞࠸ࡇ࡜ࠊࡉࡽ࡟ḟࡢࡼ࠺࡞ほⅬ࠿ࡽࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣἲே⛯ἲ 22
᮲࡟つᐃࡍࡿࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡜ࢆ༊ศࡍࡿᇶ‽ࢆ᫂♧ࡋࡓ๰タつᐃ࡜ㄽࡌࡽࢀ࡚࠸
ࡿ336ࠋ
ࠕ͐㈨ᮏ➼ྲྀᘬ࡛࠶ࡿࡶࡢࡀᦆ┈ྲྀᘬ࡟௬⿦ࡉࢀ࡚ࡑࡢ⤖ᯝ㈝⏝࡜ࡋ࡚┈㔠࠿ࡽ᥍㝖ࡉࢀ࡚࠸ࡿࡢࡀ᫂ࡽ࠿࡛࠶ࢀࡤࠊ➨ 5 㡯ࡢつᐃ࡟ࡼࡾᦆ㔠⟬ධࢆྰㄆࡍࡿࡇ࡜ࡀ࡛ࡁࡿࠋࡉࡽ࡟ࠊᐇయ
ⓗ࡟฼┈ࡢศ㓄࡜ࡳ࡞ࡍࡇ࡜ࡀ࡛ࡁࢀࡤ㈨ᮏ➼ྲྀᘬ࡜ㄆᐃࡍࡿࡇ࡜ࡀ࡛ࡁࡼ࠺ࠋ ͐ἲே⛯ἲ➨ 22 ᮲࡟࠾࠸࡚ࡶ㐣ᑡ㈨ᮏ࡟ࡼࡿ㐣኱࡞ᨭᡶ฼Ꮚࡢᦆ㔠⟬ධࢆつไࡍࡿࡇ࡜ࡣ
ྍ⬟࡜࡞ࢁ࠺ࠋࡋ࠿ࡋ࡞ࡀࡽࠊ㛵㐃⪅࠿ࡽࡢ೉ධࢆ࡝ࢇ࡞ᇶ‽ࢆࡶࡗ࡚㈨ᮏ࡜ࡳ࡞ࡍ࠿࡜࠸࠺
ࡇ࡜ࡀ᫂ࡽ࠿࡛ࡣ࡞࠸ࠋ ࡉࡽ࡟ࠊἲே⛯ἲ➨ 22 ᮲ࢆ⣡⛯⪅㛫ࡢ⛒⛯㈇ᢸࢆࣃࣜࢸ࢕࡟࠾ࡃつᐃ㸦㔠Ꮚᏹ✏ࠕ࢔࣓ࣜ࢝ྜ⾗ᅜࡢᡤᚓㄢ⛯࡟࠾ࡅࡿ⊂❧ᙜ஦⪅㛫ྲྀᘬࡢἲ⌮ࠖࠕᡤᚓㄢ⛯ࡢἲ࡜ᨻ⟇ࠖࠊᡤ཰᭷ᩫ㛶p262ࠊ
ᩍᤵࡣࠊࠕ⡿ᅜෆᅜṓධἲ➨ 482 ᮲ࡣ⊂❧ᙜ஦⪅㛫ྲྀᘬࡢᇶ‽࡟༶ࡋ࡚㛵㐃௻ᴗࡢᡤᚓࢆィ⟬ࡋ┤ࡍࡇ࡜ࢆㄆࡵࡿࡇ࡜࡟ࡼࡾ㛵㐃௻ᴗ࡜㠀㛵㐃௻ᴗ࡜ࡢࢱࢵࢡࢫ࣭ࣃࣜࢸ࢕ࢆ⥔ᣢࡋࡼ࠺࡜
ࡋ࡚࠸ࡿࠋ
ࠖ࡜㏙࡭ࡽࢀࠊ22 ᮲ࡢᛶ᱁ཬࡧ┠ⓗࢆ࡝ࡢࡼ࠺࡟ホ౯ࡍ࡭ࡁ࠿࡟࠾࠸࡚㈗㔜࡞ุ᩿ᮦᩱ࡟࡞ࡿ࡜ࡋ࡚࠸ࡿࠋp310㸧࡛࠶ࡿ࡜఩⨨࡙ࡅࡿ࡜ࡍࡿ࡜ࠊ⊂❧௻ᴗ㛫ཎ๎࡟ࡼࡗ࡚㐣ᑡ㈨ᮏ࡛࠶ࡿ࠿࡝࠺࠿ࢆ ᐃࡍࡿࡇ࡜ࡀྍ⬟࡜࡞ࢁ࠺ࠋ

334 ᮏᗉ㈨࣭๓ᥖὀ㸦303㸧
ࠊ78 㡫ࠋ
335 ໭ᮧ㇏࣭๓ᥖὀ㸦325㸧
ࠊ114 㡫ࠋ
336 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧
ࠊ145 㡫ࠋ86 ࡇ࠺ࡋࡓ⪃࠼᪉ࢆᩜ⾝ࡍࢀࡤ⌧⾜ࡢ㐣ᑡ㈨ᮏ⛯ไ࡜㏆ఝࡋ࡚ࡃࡿࠋゝ࠸᥮࠼ࢀࡤࠊᡃࡀᅜࡢ
㐣ᑡ㈨ᮏ⛯ไࡣ୍⯡ἲ࡛࠶ࡿἲே⛯ἲ➨ 22 ᮲ࡢ㈨ᮏ➼ྲྀᘬ࡜ࢆ༊ศࡍࡿᇶ‽ࢆ᫂♧ࡋࡓࡶࡢ࡜⪃࠼ࡿࡇ࡜ࡀ࡛ࡁࡿࠋ
ࠖ ࡋ࠿ࡋࠊ➨ 3 ❶➨ 7 ⠇ 2 ࡟࡚ㄽࡌࡓࡼ࠺࡟ࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡛ࡣࠊ࠸ࢃࡺࡿ࢔ࢵࣉࢫࢺ࣮ࣜ
࣒࣭࣮ࣟࣥ࡟ᑐࡋ࡚ࡣᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆ࠿ࡅࡿࡇ࡜ࡣ࡛ࡁ࡞࠸ࠋ ἲே⛯ἲ 22 ᮲ࡢࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡜ࢆ༊ศࡍࡿᇶ‽ࢆ᫂♧ࡋࡓつᐃ࡛࠶ࡿࡓࡵ࡟
ࡣࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡀ᝿ᐃࡋ࡚࠸ࡿぶᏊ㛫ࡀ㏫ࡢࢣ࣮ࢫ337ࡶᑕ⛬ෆ࡟ධࢀ࡚࠾ࡃ࡭ࡁ࡛࠶ࡿࠋ ࡇࡢࡼ࠺࡟⪃࠼ࡿ࡜ࠊ㐣ᑡ㈨ᮏ⛯ไ࡟㏫ࡢࢣ࣮ࢫ࡬ࡢᑐᢠ⬟ຊࢆᣢࡓࡏࡿ࡜࡜ࡶ࡟ࠊἲே⛯ἲ 22
᮲ࡢࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡜ࢆ༊ศࡍࡿᇶ‽࡜࡞ࡿ Debt㸭Equity ࡢ༊ศつᐃࢆ᫂♧ࡋࠊ௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟ᑐࡍࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈ࢆつᐃࡍࡿ᮲ᩥࢆἲே⛯ἲ࡟❧ἲࡍ࡭ࡁ࡛࠶ࡿ
࡜⪃࠼ࡿࠋ➨10⠇ ᑠᣓᮏ❶ࡣࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿᑐᢠᡭẁ࡜ࡋ࡚ࡢ㐣ᑡ㈨ᮏ⛯ไࢆ୰ᚰ࡟⪃ᐹࢆ⾜ࡗࡓࠋࢃࡀᅜ࡟࠾࠸࡚ࡣ⛒⛯ἲୖࡢ Debt ࡜ Equity ࡢᛶ㉁௜ࡅࡀ᭕᫕࡞ࡓࡵࠊಶูつไ᪉ᘧࢆ㑊ࡅࠊ⥲㔞つไ᪉ᘧ࡟࡚እᅜぶ఍♫࠿ࡽࡢ㐣኱࡞㈚௜࡟ࡼࡾ⏕ࡎࡿࢃࡀᅜ࡟࠾ࡅࡿἲேᡤᚓ࡬ࡢㄢ⛯ᶒࡢ႙ኻࢆ㜵࠸࡛࠸ࡿࠋࡋ࠿ࡋࠊ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡟ᑐࡋ࡚㐣ᑡ㈨ᮏ⛯ไࡣᑐᢠ࡛ࡁ࡞࠸ࠋࡑ
ࡇ࡛㐣ᑡ㈨ᮏ⛯ไࢆ୧ࢧ࢖ࢻ࠿ࡽᑐᢠ࡛ࡁࡿࡼ࠺࡟ࡍࡿ࡭ࡁ࡛࠶ࡿࠋ ࢃࡀᅜࡢ஦ᴗ఍♫࡟࠾ࡅࡿ㏆ᖺࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺⓎ⾜஦౛ࢆࡳࡿ࡜ࠊ
ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᛶ᱁ࠊࡍ࡞ࢃࡕࠊࡑࡢ࢖࣮ࣝࢻࢆཷࡅྲྀࡗࡓഃ࡟࠾࠸
࡚฼Ꮚᡤᚓ࡟࡞ࡿࡢ࠿㓄ᙜᡤᚓ࡟࡞ࡿࡢ࠿࡜࠸࠺ၥ㢟ࡶྠ᫬࡟㉳ࡇࡿࡇ࡜࡜࡞ࡾࠊࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ㐣ᑡ㈨ᮏ⛯ไ࡜࠸࠺つไࡔࡅ࡛࡜ࡽ࠼ࠊDebt ࡜ Equity ࡜ࡢᓧูࢆ㑊ࡅ࡚࡜࠾ࡿࡇ࡜ࡣ࡛ࡁ࡞࠸ࠋ
 ➨ 1 ❶ᑠᣓ࡛ࡶ㏙࡭ࡓࡼ࠺࡟ࠊࢃࡀᅜἲே⛯ἲୖࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆࠕ฼Ꮚࠖ࠶ࡿ࠸ࡣࠕ㓄ᙜࠖ࡜ㄆᐃࡍࡿࡓࡵ࡟ࡣࠊࡑࡢཎ㈨࡜࡞ࡿᙜヱࣁ࢖ࣈࣜࢵࢻ࣭࢖
ࣥࢫࢶ࣓ࣝࣥࢺࡀࠊDebt ࡛࠶ࡿࡢ࠿ Equity ࡛࠶ࡿࡢ࠿࡜࠸࠺ุ᩿ࡀᚲせ࡜࡞ࡿࠋࡋࡓࡀࡗ࡚ἲே
⛯ἲ 22 ᮲࡜ࡣู࡟ࠊูẁࡢᐃࡵ࡜ࡋ࡚࡛ࡶࠊἲே⛯ἲࡀពᅗࡍࡿ Debt ࡜ Equity ࡢ༊ศᇶ‽࡟ࡘ࠸࡚つᐃࢆタࡅࡿ࡭ࡁ࡛࠶ࡿࠋ

➨4❶ ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃ࡜ᑐᢠ
ᡭẁ̿஧ᅜ㛫⛒⛯᮲⣙ࢆ⏝࠸ࡓ࢔ࣉ࣮ࣟࢳ࡜ࠊἲே⛯ἲ࡛ࡢᨭᡶ฼Ꮚᦆ㔠⟬ධつᐃ๰タ࡟ࡼࡿ࢔ࣉ࣮ࣟࢳ̿
➨1⠇ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃ

1.

ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿᅜ㝿ⓗ⛒⛯⿢ᐃၥ㢟ࣁ࣮ࣂ࣮ࢻ࣮ࣟࢫࢡ࣮ࣝࡢ Andrey Krahmal ࡣࠊ」ᩘᅜࡀྠ୍ࡢドๆࡲࡓࡣ࢚ࣥࢸ࢕ࢸ࢕ࡢྲྀᢅ࡟

337 ➨ 3 ❶➨ 7 ⠇ 2 ࡟࡚ㄽࡌࡓࡼ࠺࡟ࠊ
ࢃࡀᅜࢆᒃఫᆅᅜ࡜ࡍࡿぶ఍♫ࡀ Debt ᛶࡢᙉ࠸ࣁ࢖ࣈࣜࢵ

ࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋࠊᏊ఍♫࡟඲㢠ᢞ㈨ࡉࡏࡿࠋᏊ఍♫࠿ࡽᢞ㈨㈨㔠ࡣࢃࡀᅜ࡟ὶධࡍࡿࡀࠊぶ఍♫ࡢⓎ⾜ࡋࡓ࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻ㸦฼Ꮚ㸧ࡣἲேᡤᚓࡢㄢ⛯࣮࣋ࢫࢆῶᑡࡉࡏࡿࠋࡇࡢ௙⤌ࡳࡣぶᏊ఍♫ྜࢃࡏ࡚ࡳࡓሙྜࠊᏊ఍♫ࡀ Equity ᛶࡢᙉ࠸ࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋ࡚࠸ࢀࡤ㈈ົୖࡣ㐃⤖ࡉࢀࡿࡓࡵࠊ
೺඲ᛶࢆಖࡘࡇ࡜ࡀ࡛ࡁࡿࡓࡵࠊ
Equityࢆ Debt ᛶࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟௦࠼ࡿᙉ࠸࢖ࣥࢭࣥࢸ࢕ࣈࡀാࡃࡇ࡜࡜࡞ࡿࠋࡋ
ࡓࡀࡗ࡚ࠊᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆࡇࡢࢣ࣮ࢫ࡟ࡶ㐺⏝ࡉࡏࡿᚲせᛶࡀ࠶ࡿࠋ
87ᑐࡋ࡚ㄢ⛯ୖࡢᢅ࠸ࢆ␗࡟ࡍࡿሙྜࠊ⛯ไࡢᕪࢆ฼⏝ࡍࡿ⿢ᐃᶵ఍ࡀ⏕ࡌࡿࠋࡇࡢࡼ࠺࡞⛒⛯⿢ᐃࡢ┠ⓗࡣ」ᩘᅜ࡟࠾ࡅࡿྲྀᘬ࠿ࡽࢱࢵࢡࢫ࣭࣋ࢿࣇ࢕ࢵࢺࢆாཷࡍࡿࡇ࡜࡛࠶ࡾࠊྲྀᘬ࡟ࡘ࠸࡚ᅜ
࡟ࡼࡾ␗࡞ࡿぢゎࡀ஧㔜ㄢ⛯ࡸ⛒⛯⿢ᐃࡢㄏᅉ࡜࡞ࡿࠋ
ࡑࡋ࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡣࠊ
࠶ࡿᅜ࡛ࡣ Debt ࡜ࡋ࡚ศ㢮ࡉࢀࠊ௚᪉ࡢᅜ࡛ࡣ Equity ࡜ࡋ࡚ྲྀࡾᢅࢃࢀࡿࡶࡢ࡛ࠊ
ࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽࠊᨭᡶࡢᦆ㔠᥍㝖ࠊ┈㔠⟬ධࠊᨭᡶ᫬ᮇࡲࡓࡣᨭᡶࡢᛶ㉁࡟ࡘ࠸࡚ࡲࡗࡓࡃ
␗࡞ࡿᅜ㝿ㄢ⛯ୖࡢྲྀᢅࢆཷࡅࡿ✀㢮ࡢྲྀᘬࡀ๰ฟࡉࢀࡿࡇ࡜࡜࡞ࡿࡀࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ
࣓ࣝࣥࢺࡣࠊ⣧⢋࡞ Debt ࡲࡓࡣ Equity ࡟࡞࠸ࡼ࠺࡞ᮃࡲࡋ࠸ᛶ㉁ࢆࡶࡘࡔࡅ࡛ࡣ࡞ࡃࠊ୍᪉ࡢᅜ
࡛ࡣ┈㔠࡟⟬ධࡉࢀࡎ࡟௚᪉ࡢᅜ࡛ࡣᦆ㔠᥍㝖ࡉࢀࡿࡼ࠺࡟タィࡀ⾜ࢃࢀࡿࡇ࡜ࢆྍ⬟࡜ࡍࡿࡓࡵࠊ
ࣇ࢓࢖ࢼࣥࢫ࣭ࢥࢫࢺࢆୗࡆࡿ┠ⓗ࡛ࠊ࠶ࡿ࠸ࡣ฼┈ᙉ໬ࢆᅗࡿ┠ⓗ࡛⛒⛯⿢ᐃ࡟࠾࠸࡚ᗈࡃ฼⏝ࡉࢀࡿ338ࠋ2.

ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ㢮ᆺ——Ọஂ㈇മドๆࠊ฼┈ศ୚࣮ࣟࣥࠊ㌿᥮㈇മၟရࠊ࣏ࣞྲྀᘬ——Andrey Krahmal ࡣࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ๰ฟ࡟࠾࠸࡚ࡣࠊDebt
࡜ Equity ࡜ࡢ㢮ูࡀ㠀ᖖ࡟㔜せ࡜࡞ࡿࡀࠊ㔠⼥ᕤᏛࡢⓎ㐩࡟ࡼࡾࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥ
ࢺࡣࡉࡲࡊࡲ࡞⛬ᗘ࡟㈇മᛶ࡜㈨ᮏᛶࢆࡶࡘࡇ࡜ࡀྍ⬟࡜࡞ࡾࠊ⣧⢋࡞ Debt ࡜ Equity ࡜࠸࠺࢝ࢸ
ࢦ࣮ࣜ࡬ࡢศ㢮࡜࠸࠺ࡼࡾࡶDebt ࡜Equity ࡜ࡢ㐃⥆ᛶࢆᐜ᫆࡟ࡶࡓࡏࡿࡇ࡜ࡀྍ⬟࡜࡞ࡗࡓࡇ࡜࠿ࡽࠊDebt ࡜ Equity ࡜ࡢ㢮ูࡣᮏ㉁ⓗ࡟㞴ࡋ࠸ࡶࡢ࡜࡞ࡗ࡚࠸ࡿ339࡜ᣦ᦬ࡋ࡚࠸ࡿࠋ ࡑࡋ࡚ࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ๰ฟ࡟ࡣࠊձỌஂ㈇മドๆ(perpetualdebt securities: ‶ᮇ᪥ࢆᐃࡵࡎ࡟ඖᮏ࡟ಀࡿᡤᚓࢆᨭᡶ࠺ᢞ㈨ၟရ)ࠊղ฼┈ศ୚࣮ࣟࣥ(profit
sharing loans: മົ⪅ࡢ஦ᴗ୍ᐃ๭ྜ࠾ࡼࡧ୍ᐃࡢ฼⋡ࢆᨭᡶ࠺ྜព)ࠊճ㌿᥮㈇മၟရ
(convertible debt securities: Ⓨ⾜⪅ࡢ⿢㔞࡛ᰴᘧ࡟㌿᥮࡛ࡁࡿ㈇മ)࡞࡝ࡀ฼⏝ࡉࢀࡿࡀࠊㄢ⛯ୖձỌஂ㈇മドๆࡣࠊᅜ࡟ࡼࡗ࡚ࡣ㈇മ࡜ࡋ࡚ᢅࢃࢀࡿࡀࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣࠊỌஂᢞ㈨࡜࠸࠺࢚
ࢡ࢖ࢸ࢕ᛶࡢほⅬ࠿ࡽ࢚ࢡ࢖ࢸ࢕ࢸ࢕࡜෌ศ㢮ࡉࢀࠊղ฼┈ศ୚࣮ࣟࣥࡣࠊᅜ࡟ࡼࡗ࡚ࡣᅛᐃⓗ฼௜㈇മ࡜ࡳ࡞ࡋࡑࡢᨭᡶࢆᦆ㔠᥍㝖ྍ⬟࡜ࡍࡿࡀࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣ฼┈ศ୚࣮ࣟࣥࡣࠊ࢚ࢡ࢖
ࢸ࢕࣮࡜ࡳ࡞ࡋࠊࡑࡢᨭᡶࡣ㓄ᙜ࡜ࡳ࡞ࡍᢅ࠸ࢆࡋࠊճ㌿᥮㈇മၟရࡣࠊᅜ࡟ࡼࡗ࡚ࡣ㈇മ࡜ࡳ࡞
ࡍࡀࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣࠊᙉไ㌿᥮ᛶࡢ㈇മࡣ࢚ࢡ࢖ࢸ࢕࣮࡜ࡋ࡚ྲྀࡾᢅ࠺࡞࡝ࠊᅜࠎ࡟ࡼࡾ␗
࡞ࡿᢅ࠸ࢆཷࡅࡿ࡜ࡇࢁ࡟㞴ࡋࡉࡀ࠶ࡿࡇ࡜ࢆᣦ᦬ࡋ࡚࠸ࡿ340ࠋ
 ࡉࡽ࡟࣏ࣞྲྀᘬࡶᅜ㝿ㄢ⛯ୖࡢྲྀᢅࡀ୙୍⮴࡜࡞ࡿ⛒⛯⿢ᐃࢆ≺࠺ྲྀᘬ࡜⪃࠼ࡽࢀࡿ࡜㏙࡭࡚࠾
ࡾࠊ࣏ࣞྲྀᘬ࡜ࡣࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣࠊ࢔࣓ࣜ࢝ἲேࡀእᅜᢞ㈨ᐙ࡟ᑐࡋ࡚኎౯ࡼࡾ㧗࠸౯᱁࡛
ᰴᘧࢆ㈙࠸ᡠࡍ⣙᮰࡛⾜࠺ᰴᘧࡢ኎㈙࡛࠶ࡿ࡛࠶ࡿࡀࠊࡇࡢྲྀᘬࡢ⤒῭ⓗᐇ㉁ࡣእᅜᢞ㈨ᐙ࡟ࡼࡿ
࣮ࣟࣥࡢࢹࢵࢺ࣭ࣇ࢓࢖ࢼࣥࢫ࡜ࡳ࡞ࡉࢀࠊᨭᡶ฼Ꮚࡢᦆ㔠᥍㝖ࡀㄆࡵࡽࢀ࢔ุ࣓ࣜ࢝౛ἲ࠾ࡼࡧ
Rev.Rul.࡛ࡣࠊ࣏ࣞྲྀᘬࡣㄢ⛯ୖ Debt ࡜ࡳ࡞ࡉࢀ࡚࠸ࡿ341ࠋ ࢃࡀᅜ࡟࠾ࡅࡿ࣏ࣞྲྀᘬࢆࡳ࡚ࡳࡿ࡜ࠊ2001 ᖺ 4 ᭶ࢆቃ࡟ἲⓗᢅ࠸ࡀ኱ࡁࡃኚࢃࡗ࡚࠸ࡿ342ࠋ

338 Andrey Krahmal, Hybrid Instruments: Jurisdiction Dependent Characteristics, 5

HOUS.BUS. & TAX L.J. 1 (2005) at 2Ѹ3. Andrey Krahmal ࡢㄽᩥ࡟ᑐࡍࡿ᪥ᮏㄒヂࡣࠊᮏᗉ㈨࣭๓
ᥖὀ㸦179㸧ࠊ6 – 9 㡫࡟ࡼࡿࠋ
339 Id. at 6.
340 Id. at 14-15. ᮏᗉ㈨࣭๓ᥖὀ㸦179㸧
ࠊ6 㡫ࠋ
341 Id. at 14 – 15. ᮏᗉ㈨࣭๓ᥖὀ㸦179㸧
ࠊ6 㡫ࠋ
342 Ⳣ㔝ᾈஅ࣭ຍ⸨Ẏࠕ⌧ඛྲྀᘬࡢᩚഛ࣭ᣑ඘࡟ྥࡅࡓືࡁ࡟ࡘ࠸࡚㹼ࢢ࣮ࣟࣂ࣭ࣝࢫࢱࣥࢲ࣮ࢻ
࡟ἢࡗࡓ᪂ࡋ࠸࣏ࣞྲྀᘬࡢᑟධ㹼ࠖ᪥ᮏ㖟⾜ࠊ㔠⼥ᕷሙᒁ࣐ࢿ࣮࣐࣮ࢣࢵࢺ࣭ࣞࣅ࣮ࣗ2001-㹈-988Ⳣ㔝ᾈஅ࣭ຍ⸨Ẏ343࡟ࡼࡿ࡜ࢃࡀᅜ࡟࠾࠸࡚ᗈ⩏ࡢ࣏ࣞྲྀᘬ࡜ࡣࠊ
ࠕമๆ࡜㈨㔠ࢆ┦஫࡟⼥㏻ࡍࡿྲྀᘬ୍ࠖ⯡ࢆᣦࡋࠊമๆᢸಖࡢ㈨㔠ྲྀᘬࠊ⌧㔠ᢸಖࡢമๆㄪ㐩ࡢ࠸ࡎࢀࡶྵࡴ࡜ࡋࠊ
ࠕ⌧ඛྲྀᘬࠖ
㸦ᑗ᮶཯ᑐ᪉ྥࡢ኎㈙ࢆ⾜࠺⣙᮰࡛മๆࢆ኎㈙ࡍࡿྲྀᘬ㸧࡜ࠕ⌧㔠ᢸಖ௜മๆ㈚೉ྲྀᘬࠖ
㸦⌧㔠ࢆᢸಖ࡟
മๆࢆ೉ࡾࡿྲྀᘬ㸧ࡢ 2 ✀㢮ࡀ࠶ࡿ࡜グࡉࢀ࡚࠸ࡿࠋ
 2000 ᖺ 10 ᭶࡟᪥ᮏドๆᴗ༠఍ࡢࠕമᶒ➼ࡢ᮲௳௜኎㈙ྲྀᘬࡢྲྀᢅ࡟ࡘ࠸࡚㸦⌮஦఍Ỵ㆟㸧ࠖࡀᨵṇࡉࢀࠊ2001 ᖺ 4 ᭶࡟ࠕ᪂⌧ඛྲྀᘬࠖࡀᑟධࡉࢀࡓࡇ࡜࡟ࡼࡾࠊᚑ᮶ࡢ⌧ඛྲྀᘬ࡜ἲⓗᢅ࠸ࡀ␗࡞ࡿࡇ࡜࡜࡞ࡾࠊᚑ᮶ࡢ⌧ඛྲྀᘬ㸦௨ୗࠊᪧ⌧ඛྲྀᘬ࡜࠸࠺㸧ࡣࠊ୍ᐃᮇ㛫ᚋ࡟୍ᐃࡢ౯᱁࡛㈙࠸ᡠࡍ㸦኎ࡾᡠࡍ㸧ࡇ࡜ࢆணࡵྜពࡢୖ࡛മๆ➼ࢆ኎༷ࡍࡿ㸦㈙࠸ධࢀࡿ㸧ྲྀᘬࢆព࿡ࡋࠊἲⓗ఩⨨࡙ࡅࡣࠕ኎㈙ࠖ࡜ࡉࢀࠊࡲࡓࠊ⌧ᢸ࣏ࣞྲྀᘬ࡜ࡣࠊᙜ஦⪅ࡢ୍᪉ࡀ௚᪉࡟മๆࢆ㈚ฟࡋࠊ୍ᐃᮇ
㛫⤒㐣ᚋ࡟ࠊࡇࢀ࡜ྠ✀ࠊྠ㔞ࡢമๆࡢ㏉㑏ࢆཷࡅࡿ࡜࠸࠺മๆ㈚೉ྲྀᘬࡢ࠺ࡕࠊ⌧㔠ࢆᢸಖ࡜ࡋ
࡚฼⏝ࡍࡿࡶࡢࢆ࠸࠸ࠊࡑࡢἲⓗ఩⨨࡙ࡅࡣࠕ㈚೉ࠖ࡜ࡉࢀࡿࠋࡑࡋ࡚ᨵṇᚋ࡟᪂ࡓ࡟ᑟධࡉࢀࡓ
࣏ࣞྲྀᘬࢆࠕ᪂⌧ඛྲྀᘬࠖ࡜ࡼࡧࠊ༊ูࡋࠊ᪂⌧ඛྲྀᘬࡣࠊᪧ⌧ඛྲྀᘬࠊ⌧ᢸ࣏ࣞྲྀᘬ࡟ẚ࡭ᣑ඘ࡉࢀࡓᶵ⬟ࡀഛࢃࡗ࡚࠸ࡿ࡜ࡉࢀ࡚࠾ࡾࠊࡑࡢἲⓗ఩⨨࡙ࡅࡣࢢ࣮ࣟࣂ࣭ࣝࢫࢱࣥࢲ࣮ࢻ࡟ᇶ࡙ࡁࠊ
ࠕ኎㈙ࠖ࡜ᢅࢃࢀ࡚࠸ࡿ࡜グࡉࢀ࡚࠸ࡿ344ࠋ ࡇࡢᨵṇࢆཷࡅ 2002 ᖺᗘࡢ⛯ไᨵṇ࡟ࡼࡾ⛒⛯≉ูᥐ⨨ἲ 42 ᮲ࡢ 2 ࡀ᪂タࡉࢀࡓࡀࠊࡑࡢ➨ 1㡯ࡢ㐺⏝ᑐ㇟࡜࡞ࡿྲྀᘬࡣࠊ⛒⛯≉ูᥐ⨨ἲ᪋⾜௧ 27 ᮲ࡢ 2 ➨ 1 㡯࡟ᐃࡵࡿ࣏ࣞྲྀᘬ࡛࠶ࡿࡀࠊ
ࡇࡢ᮲ᩥࡢ୰࡛ࠊ࣏ࣞྲྀᘬࢆࠕ኎㈙ࠖ࡜࠸࠺ἲᙧᘧࢆᙜ↛ࡢ๓ᥦ࡜ࡋ࡚࠸ࡿⅬࠊ࠾ࡼࡧࠊ⛒⛯≉ูᥐ⨨ἲ 42 ᮲ࡢ 2 ➨ 1 㡯ࡣࠊ኎㈙ᙧᘧ࡛⾜ࢃࢀࡓྲྀᘬ࡟ᇶ࡙࠸࡚እᅜ㔠⼥ᶵ㛵➼ࡀ≉ᐃ㔠⼥ᶵ㛵➼࠿ࡽཷࡅࡿᨭᡶ࡟ಀࡿᡤᚓࡀᡤᚓ⛯ἲ 161 ᮲ 6 ྕ࡟ᐃࡵࡿࠕ฼Ꮚࠖ࡟ヱᙜࡍࡿࡇ࡜ࢆᙜ↛ࡢ๓ᥦ࡜ࡋ࡚࠸ࡿ࠿ࡢࡼ࠺࡟つᐃࡉࢀ࡚࠸ࡿ࡜࠸࠺Ⅼ࡟ࡘ࠸࡚ၥ㢟ࡀ࠶ࡿ࡜ᣦ᦬ࡉࢀ࡚࠸ࡿ345ࡀࠊ⌧⾜ἲ࡛ࡣࠊἲᙧᘧࡀࠕ኎㈙࡛ࠖ࠶ࡿ࣏ࣞྲྀᘬ࠿ࡽ⏕ࡎࡿࠕ฼Ꮚࠖࡶ㈚௜㔠ࡢ฼Ꮚ࡜ྠࡌ࡜ࡳ࡞ࡋ࡚࠾ࡾࠊ
ἲⓗ఩⨨࡙ࡅࡀࠕ኎㈙ࠖ࡜ࡉࢀࡿ࣏ࣞྲྀᘬ࡛࠶ࡗ࡚ࡶㄢ⛯ୖࡣ Debt ࣇ࢓࢖ࢼࣥࢫ࡜ࡳ࡞ࡋ࡚࠸ࡿ
࡜ᛮࢃࢀࡿࠋ ⛒⛯⿢ᐃ࡜࠸࠺ၥ㢟ࡀ⏕ࡎࡿ᰿ᮏ࡟ࡣྛᅜࡀᩜ࠸࡚࠸ࡿㄢ⛯ࢩࢫࢸ࣒࡟࠾ࡅࡿ Debt㸭Equity ࡢ㠀୰❧ᛶ࡜࠸࠺ၥ㢟ࡀ࠶ࡿࡇ࡜ࡣ࿘▱ࡢ࡜࠾ࡾ࡛࠶ࡿࠋྂࡃ࠿ࡽ࠶ࡿ㆟ㄽ࡛ࡣ࠶ࡿࡀࠊ࢔࣓ࣜ࢝࡟
࠾ࡅࡿࢧࣈࣉࣛ࢖࣒࣮ࣟࣥࡢၥ㢟࡟➃ࢆⓎࡋ࡚ IMF ࡛ࡣ෌ࡧ㆟ㄽࡀ⾲㠃໬ࡋ࡚ࡁ࡚࠸ࡿ346ࠋ ࡑࡇ࡛௨ୗࡢ⠇࡟࠾࠸࡚ࠊࡲࡎ୰❧ⓗ࡞ㄢ⛯ࢩࢫࢸ࣒࡟ࡘ࠸࡚㐣ཤࡢ◊✲ࢆ⪃ᐹࡍࡿࠋࡋ࠿ࡋྛ
ᅜࡀ୰❧ⓗ࡞ㄢ⛯ࢩࢫࢸ࣒ࢆᑟධࡍࡿ࡜࠸࠺ࡇ࡜ࡣ⌮᝿࡟㐣ࡂ࡞࠸ࠋࡑࡇ࡛⌧≧ࡢ㠀୰❧ⓗ࡞ㄢ⛯ࢩࢫࢸ࣒ࡢ୰࡛ዴఱ࡟ࡋ࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃࢆ㜼Ṇ࡛ࡁࡿ࠿࡟ࡘ࠸
࡚⪃࠼ࡿࠋࡇࡇ࡛ࡣ஧ᅜ㛫⛒⛯᮲⣙ࢆ⏝࠸ࡓゎỴ⟇ࢆᶍ⣴ࡍࡿࠋ

㸦2001㸧1 㡫࡟ヲ⣽࡟ࡲ࡜ࡵࡽࢀ࡚࠸ࡿࠋࡉࡽ࡟ࠊ࣏ࣞྲྀᘬࡢㄢ⛯ၥ㢟࡟ࡘ࠸࡚ࡣࠊᐑᓮ⿱Ꮚࠕ࠸
ࢃࡺࡿ࣏ࣞྲྀᘬࡢ㐍໬࡜ㄢ⛯ࠖ୰㔛ᐇ࣭⚄⏣⚽ᶞ⦅ࠗࣅࢪࢿࢫ࣭ࢱࢵࢡࢫ࠘
㸦᭷ᩫ㛶ࠊ2005㸧282
㡫௨ୗࠊ᭱㏆ࡢㄽᩥ࡜ࡋ࡚ࠊ⛅ᒣ㧗ၿࠕ࣏ࣞྲྀᘬࢆᕠࡿㄢ⛯ୖࡢྲྀᢅ࠸࡟ࡘ࠸࡚ࡢ⌮ㄽⓗㄢ㢟—㔠
⼥ၟရྲྀᘬ࡟ᑐࡍࡿㄢ⛯ၥ㢟ࡢ୍᩿㠃—ࠖࠗᅜኈ⯓ἲ◊ㄽ㞟࠘9 ྕࠊ75 㡫(2008)75 㡫௨ୗࡀ࠶ࡿࠋ
343 Ⳣ㔝ᾈஅ࣭ຍ⸨Ẏ࣭๓ᥖὀ㸦342㸧
ࠊ1 㡫ࠋ
344 Ⳣ㔝ᾈஅ࣭ຍ⸨Ẏ࣭๓ᥖὀ㸦342㸧
ࠊ3 㡫ࠋ
345 ᐑᓮ⿱Ꮚࠕ࠸ࢃࡺࡿ࣏ࣞྲྀᘬࡢ㐍໬࡜ㄢ⛯ࠖ୰㔛ᐇ࣭⚄⏣⚽ᶞ⦅ࠗࣅࢪࢿࢫ࣭ࢱࢵࢡࢫ࠘
㸦᭷ᩫ㛶ࠊ2005㸧282 㡫௨ୗࠊ࠾ࡼࡧࠊ⛅ᒣ㧗ၿࠕ࣏ࣞྲྀᘬࢆᕠࡿㄢ⛯ୖࡢྲྀᢅ࠸࡟ࡘ࠸࡚ࡢ⌮ㄽⓗㄢ㢟—㔠⼥ၟရྲྀᘬ࡟ᑐࡍࡿㄢ⛯ၥ㢟ࡢ୍᩿㠃—ࠖ9 ྕࠊᅜኈ⯓ἲ◊ㄽ㞟(2008)75 㡫௨ୗࠋ346 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ135 㡫ࠋ89➨2⠇

Debt㸭Equity ୰❧ⓗㄢ⛯ࢩࢫࢸ࣒ࡢᑟධࡢ᳨ウୡ⏺୰࡯࡜ࢇ࡝ࡢㄢ⛯ࢩࢫࢸ࣒ࡀ฼Ꮚࡣἲே⛯ࡢㄢ⛯࣮࣋ࢫ࠿ࡽ᥍㝖ࡉࢀ࡚࠸ࡿࡢ࡟ᑐࡋ࡚Equityࡢࣜࢱ࣮ࣥࡣ᥍㝖ࡉࢀ࡞࠸࡜࠸࠺ࠊ࢚ࢡ࢖ࢸ࢕࣭ࣇ࢓࢖ࢼࣥࢫࡼࡾࡶࢹࢵࢺ࣭ࣇ࢓࢖ࢼࣥࢫࢆ౑࠺
ᙉ࠸࢖ࣥࢭࣥࢸ࢕ࣈࢆᣢࡗ࡚࠸ࡿ347ࠋࡑࡋ࡚⛯ࡢṍ᭤࡟ࡼࡾ」㞧࡞㔠⼥ၟရࡸࢫࢺࣛࢡࢳ࣮ࣕࡀ⏕ࡲࢀࠊప⛯⋡ᅜ࡟࠾࠸࡚౑ࢃࢀࡿࡼ࠺࡟࡞ࡗ࡚ࡁ࡚࠸ࡿ348ࠋࡇࡢἲேࣞ࣋ࣝ࡟࠾ࡅࡿ㈇മࣂ࢖࢔ࢫ
ࡢ㝖ཤ࡟ࡣࠊᨭᡶ฼Ꮚࡢᦆ㔠⟬ධᯟࢆไ㝈ࡍࡿ࢔ࣉ࣮ࣟࢳ࡜฼Ꮚࡢᦆ㔠᥍㝖ࢆ⥔ᣢࡋ࢚ࢡ࢖ࢸ࢕࣭
ࣇ࢓࢖ࢼࣥࢫࡢྡ┠ࢥࢫࢺࡢᦆ㔠᥍㝖ࢆㄆࡵࡿ࡜࠸࠺ 2 ㏻ࡾࡢ᪉ἲࡀ⪃࠼ࡽࢀ࡚࠸ࡿ349ࠋࡇࡇ࡛ࡣ
୧⪅ࡢ௦⾲ⓗ࡞ࢩࢫࢸ࣒࡜ࡋ࡚ CBIT ࠾ࡼࡧ ACE ࢆྲྀࡾୖࡆࡿࠋ1.

CBIT(Comprehensive Business Income Tax)

CBIT ᥦ᱌ࡣ 1992 ᖺ࡟࢔࣓ࣜ࢝㈈ົ┬࡟ࡼࡾᥦ᱌ࡉࢀࡓࡶࡢ࡛࠶ࡿ350ࠋCBIT ᥦ᱌ࡣᨭᡶ฼Ꮚࡢᦆ
㔠᥍㝖ࢆᗫṆࡋࠊࢹࢵࢺ࣭ࣇ࢓࢖ࢼࣥࢫ࡟ᑐࡍࡿ㈨ᮏࢥࢫࢺࢆࠕࣞ࣋ࣜࣥࢢ࣭࢔ࢵࣉࠖࡍࡿࡇ࡜ࢆ
ၐ㐨ࡍࡿࡶࡢ࡛࠶ࡾ351ࠊἲேᡤᚓ࡟ᑐࡍࡿ⛯⋡ࢆಶேࡢ࢟ࣕࣆࢱ࣭ࣝ࢖࣒ࣥ࢝࡟ᑐࡍࡿ᭱㧗⛯⋡࡜➼ࡋࡃ࡞ࡿࡼ࠺࡟ᐃࡓࣇࣛࢵࢺ࡞⛯⋡࡛ἲேᡤᚓ࡟ㄢ⛯ࡍࡿࡇ࡜࡟ࡼࡗ࡚ࠊࢡࣛࢩ࣭࢝ࣝࢩࢫࢸ࣒
࡟࠾࠸࡚㉳ࡇࡗ࡚࠸ࡓἲேᡤᚓࢆ※Ἠ࡜ࡍࡿಶேᡤᚓࡢ஧㔜ㄢ⛯࡜࠸࠺ၥ㢟ࡶ᤼㝖ࡍࡿ࡜࠸࠺ࡶࡢ
࡛࠶ࡿ352ࠋ CBIT ࡣ comprehensive ࡜࠺ྡ๓ࡀ௜࠸࡚࠸ࡿࡀࠊῶ౯ൾ༷㈝ࡣ㈨ᮏࢥࢫࢺ࡟ᙳ㡪ࢆ୚࠼ࠊ࢖ࣥ
ࣇ࣮ࣞࢩࣙࣥ⋡࡟ᩄឤ࡟཯ᛂࡍࡿࡇ࡜࡟ࡘ࠸࡚ࡣᨵⰋࡉࢀ࡞࠸࡜࠸࠺⌮⏤࠿ࡽࠊḟ࡟౛♧ࡍࡿ ACE
࡯࡝ໟᣓⓗ࡞ᨵṇ࡛ࡣ࡞࠸࡜ࡉࢀࡿ353ࠋ
 CBIT ࡣ࣮ࣘࢨ࣮ࡢ㈨ᮏࢥࢫࢺࢆୖࡆࠊᢞ㈨࡟ᑐࡍࡿ࢖ࣥࢭࣥࢸ࢕ࣈࢆ඲యⓗ࡟ῶᑡࡉࡏࡿ࡜࠸
ࢃࢀ࡚࠸ࡿ354ࡀࠊ୍᪉࡛ࡣࠊCBIT ࡣㄢ⛯࣮࣋ࢫࢆ኱ࡁࡃᣑ኱ࡍࡿࡓࡵࠊ┦ᑐⓗ࡟⾲㠃ἲே⛯⋡ࢆୗࡆࡿࡇ࡜ࢆྍ⬟࡜ࡋࠊ㧗཰┈ࢆฟࡍ௻ᴗ(high-yielding companies)࡟ᑐࡋ࡚ࡣ┦ᑐⓗ࡟ᐇຠ⛯⋡ࢆୗࡆࡿࡇ࡜࠿ࡽඃ㐝ࡍࡿࡇ࡜࡟࡞ࡿ355ࠋ㧗཰┈௻ᴗࡣ୍⯡ⓗ࡟ᢞ㈨࣍ࢫࢺᅜ࡟࠾࠸࡚㠀ᖖ࡟ᙉ࠸ࣉࣛࢫࡢእ㒊せᅉࢆ୚࠼ࡿࣁ࢖ࢸࢡከᅜ⡠௻ᴗ࡛࠶ࡿࡓࡵࠊᑠᅜ㛤ᨺ⤒῭ (small open economy)࡟࡜ࡗ࡚ࡣࠊᅜෆࡢ⤒῭࡟ࣉࣛࢫࡢᢞ㈨ࢆ࿧ࡧ㎸ࡴࡇ࡜࡜࡞ࡿࡓࡵዲࡲࡋ࠸⛯ไ࡛࠶ࡿ࡜࠸࠼ࡿ356ࠋ ⌧ᅾࡢ࢔࣓࣭ࣜ࢝ࢡࣛࢩ࣭࢝ࣝࢩࢫࢸ࣒࠿ࡽ཰┈୰❧ⓗ࡞ CBIT ࡬ࡢ⛣⾜ࡣࠊ㈨㔠ㄪ㐩ࡢ࡯࡜ࢇ࡝ࢆ Debt ࡟౫Ꮡࡋ࡚࠸ࡿప཰┈௻ᴗ(low-yielding compnies)࡟࡜ࡗ࡚ࡣ㈨ᮏࢥࢫࢺࢆᢲࡋୖࡆࡿ
ࡇ࡜࡜࡞ࡿࡀࠊ㈨㔠ㄪ㐩ࡢ࡯࡜ࢇ࡝ࢆ Equity ࡟౫Ꮡࡋ࡚࠸ࡿ㧗཰┈௻ᴗ(high-yielding compnies)࡟࡜ࡗ࡚ࡣዲࡲࡋ࠸㈨ᮏࢥࢫࢺ࡟࡞ࡿ࡛࠶ࢁ࠺࡜࠸ࢃࢀ࡚࠸ࡿ357ࠋ

347 IMF, Tax Policy and The Crisis̾First Thoughts, Fiscal Affairs Dept., IMF (2009) at 4.
348 IMF, supra note (347) at 4.
349 Id. at 13 – 14.
350 Michael P. Devereux & Peter Birch Sørensen, The Corporate Income Tax: International

Trends and Options for Fundamental Reform, European Economy Economic Papers ISSN
1725-3187 (2006) at 37.
351 Stephen R. Bond, Levelling up or leveling down? Some reflections on the ACE and CBIT
proposals, and the future of the corporate tax base, Sijbren Cnossen Ed., Taxing Capital Incomein the European Union 161 (Oxford 2000 reprinted 2002) at 167..
352 Michael P. Devereux & Peter Birch Sørensen, supra note (350) at 37.
353 Stephen R. Bond, supra note (359) at 167.
354 Id. at 167.
355 Michael P. Devereux & Peter Birch Sørensen, supra note (350) at 37.
356 Id. at 37.
357 Id. at 37.
90

2.

ACE (Allowance for Corporate Equity)

ACE ࡢᥦ᱌ࡣ the Capital Taxes Group of the Institute for Fiscal Studies ࡟ࡼࡾ࡞ࡉࢀࡓࡶࡢ࡛
࠶ࡾࠊἲேᡤᚓㄢ⛯࣮࣋ࢫ࠿ࡽ Equity ࡟ࡼࡿ㏻ᖖࣜࢱ࣮ࣥ࡟ᖐᒓࡍࡿ㒊ศࢆ᥍㝖ࡋࠊDebt ࡟࠾ࡅࡿᨭᡶ฼Ꮚ᥍㝖࡜ࣃࣛࣞࣝ࡟ࡍࡿ࡜࠸࠺ἲேㄢ⛯ࢩࢫࢸ࣒࡛࠶ࡿ358ࠋࡲࡓ ACE ࡢᥦ᱌ࡣࠊ฼Ꮚ᥍
㝖ࡢཎ๎ࢆ࢚ࢡ࢖ࢸ࢕࣭ࣇ࢓࢖ࢼࣥࢫ࡟ᣑᙇࡋࠊ␃ಖ฼┈࡟ࡼࡿᢞ㈨ࣇ࢓࢖ࢼࣥࢫ࡟ᑐࡍࡿ㈨ᮏࢥ
ࢫࢺࡢࠕࣞ࣋ࣜࣥࢢ࣭ࢲ࢘ࣥࠖࢆ⾜࠺ࡇ࡜ࢆၐ㐨ࡍࡿࡶࡢ࡛࠶ࡿ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿ359ࠋ௬࡟ㄢ⛯ୖࡢῶ౯ൾ༷ࡀ┿ࡢ⤒῭ୖࡢῶ౯ൾ༷࡜୍⮴ࡋ࡚࠸ࢀࡤࠊ㈨ᮏࢥࢫࢺ࡟ᑐࡍࡿἲே⛯ࡢᙳ㡪ࢆ㝖ཤࡍࡿࡇ࡜ࡀ࡛ࡁࡿ360ࠋᐇ㝿ࠊACE ᥦ᱌ࡢ࡯࠿ࡢ≉ᚩ࡜ࡋ࡚ࠊࡓ࡜࠼ㄢ⛯ୖࡢῶ౯ൾ༷࣮ࣝࣝࡀ┿ࡢ⤒῭ୖࡢῶ౯ൾ༷࡜㐓⬺ࡋ࡚࠸ࡓ࡜ࡋ࡚ࡶ㈨ᮏࢥࢫࢺ࡟ᑐࡍࡿἲே⛯ࡢᙳ㡪ࢆ㝖ཤࡍࡿࡇ࡜ࡀ࡛ࡁ
ࡿࡇ࡜ࡀࢃ࠿ࡗ࡚࠸ࡿ361ࠋACE ࡢᮏ㉁ࡣㄢ⛯ୖࡢῶ౯ൾ༷ࡢ᥍㝖ࡀ㠀ᖖ࡟ప࠸ሙྜࠊ㠀ᖖ࡟㧗࠸࢚ࢡ࢖ࢸ࢕࣭ࣇ࢓࢖ࢼࣥࢫࡢᶵ఍㈝⏝࡟ᑐࡍࡿ᥍㝖㢠ࡢ⌧ᅾ౯್࡟ࡼࡗ࡚┦ẅࡉࢀࡿࡢ࡛࠶ࡿ362ࠋࡑࡢ⤖ᯝ࡜ࡋ࡚ ACE ࡟ࡼࡿἲே⛯ࡣ࠶ࡽࡺࡿᙧែࡢᢞ㈨ࣇ࢓࢖ࢼࣥࢫ࡟ᑐࡍࡿ㈨ᮏࢥࢫࢺࢆ୙ኚ
࡜ࡋࠊACE ㄢ⛯ࡣࠊࠕ⣧⢋࡞฼┈(pure profit)ࠖ
ࠊ࠶ࡿ࠸ࡣࠕ⤒῭ⓗࣞࣥࢺ(economic rents)363ࠖ࡟
ᑐࡋ࡚ㄢ⛯ࡍࡿࡇ࡜࡜ྠ➼(equivalent)࡜࡞ࡿ364ࠋACE ࡢඃࢀ࡚࠸ࡿ࡯࠿ࡢⅬ࡟ࠊㄢ⛯ୖࡢῶ౯ൾ
༷࣮ࣝࣝࡀ⣡⛯᫬ᮇ௨እࡢせᅉ࡜↓㛵㐃࡛࠶ࡾࠊἲேㄢ⛯࣮࣋ࢫࡢᾐ㣗ࢆ㜵ࡄࡓࡵࡢ」㞧࡞⛒⛯ᅇ㑊᮲㡯࡞ࡋ࡟఍ィୖࡢῶ౯ൾ༷㈝ࡀㄆࡵࡽࢀࠊࡲࡓ࢖ࣥࣇ࣮ࣞࢩࣙࣥ࡟ᑐࡍࡿ ACE ㄢ⛯ࡢᣦᩘ࡙ࡅࡶᚲせ࡜ࡉࢀ࡞࠸ࡇ࡜࡟࠶ࡿ365ࠋ
 Devereux & Sørensen366ࡣࡇࡢ࡯࠿࡟ࠊACE ࡢ㨩ຊ࡜ࡋ࡚ࠊDebt ࡜ Equity ࡜ࢆᑐ⛠ⓗ࡟ᢅ࠺ࡓࡵࠊᅜෆࡢㄢ⛯࣮࣋ࢫࡢᾐ㣗ࢆ㜵ࡄࡓࡵࡢ㐣ᑡ㈨ᮏ⛯ไࡀᚲせ࡞ࡃ࡞ࡿ࡜࠸࠺Ⅼ࡟࠶ࡿࡀࡇࢀࡣ
CBIT ࡶྠᵝ࡛࠶ࡿ࡜㏙࡭࡚࠸ࡿࠋࡋ࠿ࡋၥ㢟Ⅼࡶ࠶ࡿ࡜ゝࡗ࡚࠸ࡿࠋACE ࢩࢫࢸ࣒ࡢ୰❧ᛶࡣEquity ࡟ࡼࡾ⏕ࡎࡿࣜࢱ࣮ࣥ࡟ᑐࡍࡿ࢖ࣥࣆ࣮ࣗࢸ࢕ࢵࢻ࣭࣮ࣞࢺ(imputed rate)ࡀṇࡋࡃタᐃࡉࢀࡿ࠿ྰ࠿࡟౫Ꮡࡋ࡚࠸ࡿࠋཎ⌮ⓗ࡟࠸ࡗ࡚ࠊACE ᥍㝖࡟ࡼࡾ㉳ࡇࡿ⛯ࡢ๐ῶࡣ௻ᴗࡢ❧ሙ࠿ࡽࡳ࡚Ᏻ඲࡞࢟ࣕࢵࢩ࣭ࣗࣇ࣮࡛ࣟ࠶ࡿ࡜࠸࠺᮲௳ࡢࡶ࡜࡛ࠊࣜࢱ࣮ࣥࡢ࢖ࣥࣆ࣮ࣗࢸ࢕ࢵࢻ࣭࣮ࣞࢺ
࡟ࣜࢫࢡ࣭ࣉ࣑ࣞ࢔࣒ࢆධࢀࡿᚲせࡀ࡞࠸࡜࠸࠺ࢃࡅ࡛࠶ࡾࠊࡋࡓࡀࡗ࡚ࠊᦆኻࡢ᏶඲࡞┦ẅࡀᚲせ࡜࡞ࡾ฼Ꮚ࡟ࡼࡿᦆኻࡢ↓ไ㝈ࡢ⧞ᘏࡀ⾜ࢃࢀࡿࡇ࡜࡜࡞ࡿࠋ
ࡋ࠿ࡋࠊ┦ẅࡢ㝈⏺࠿ࡽ࢖ࣥࣆ࣮ࣗ
ࢸ࢕ࢵࢻ࣭ࣜࢱ࣮ࣥ࡟ࡣࣜࢫࢡ࣭ࣉ࣑ࣞ࢔࣒ࡀΰࡊࡿࡇ࡜࡟࡞ࡿࡀࠊᐇ㝿ၥ㢟࡜ࡋ࡚ㄢ⛯ᙜᒁࡣࠕṇ

358 Id. at 34.
359 Stephen R. Bond, supra note (359) at 166.
360 Id. at 166.
361 Id. at 166.
362 Id. at 166 – 167.
363 ⤒῭ⓗࣞࣥࢺ࡜ࡣࠊ౪⤥せᅉࢆᚓࡿࡓࡵ࡟ᚲせ࡜ࡉࢀࡿ᭱ᑠ㝈ࡢᨭᡶࢆ㉸㐣ࡍࡿ⏕⏘せᅉ࡬ࡢᨭᡶ࡜ᐃ⩏ࡉࢀࡿ(Econimic rent is defined as those payments to a factor of production that are
in excess of the minimum payment necessary to hace that factor supplied: HAL R. VARIAN, INࠕ౯TERMEDIATE MICROECONOMICS A MODERN APPROACH (5th ed. Norton 1999) at 403.)ࠋࡲࡓࠊ
᱁ࡀኚ໬ࡋ࡚ࡶ౪⤥ࡀኚ໬ࡋ࡞࠸㈈ࡢሙྜࠊ౯᱁ࡣ㟂せ࡟ࡢࡳ౫Ꮡࡋ࡚Ỵࡲࡾࠊ⏕⏘㈝⏝࡞ࡋ࡛ࠊ࠸ࢃࡤ↓ൾ࡛฼₶ࢆ࠶ࡆࡽࢀࡿࡇ࡜࡟࡞ࡿࠋࡇࡢࡼ࠺࡞㈈㸦඾ᆺⓗ࡞౛ࡣᅵᆅ࡛࠶ࡿ㸧࠿ࡽᚓࡽࢀ
ࡿ཰┈㸦฼₶㸧ࢆࠕࣞࣥࢺࠖ
㸦rent㸧࡜࿧ࡪࠋࠖዟ㔝ṇᐶ࣭㕥ᮧ⯆ኴ㑻࣑ࠗࢡࣟ⤒῭Ꮫ I࠘㸦ᒾἼ᭩ᗑࠊ
1984㸧128 㡫ࠋ
364 Stephen R. Bond, supra note (359) at 167.
365 Id. at 167.
366 Michael P. Devereux & Peter Birch Sørensen, supra note (350) at 34.
91ࡋ࠸ࠖ௻ᴗࡈ࡜ࡢࣜࢫࢡ࣭ࣉ࣑ࣞ࢔ࣝࢆ㑅ᢥࡍࡿ࡟ᚲせ࡞᝟ሗࢆᚓࡿࡇ࡜ࡣ࡛ࡁ࡞࠸࡛࠶ࢁ࠺367ࠋ
ࡋࡓࡀࡗ࡚ࠊ୙᏶඲࡞ᦆኻࡢ┦ẅࡢࡶ࡜࡛ࡣᢞ㈨ࣃࢱ࣮ࣥ࡜ࣜࢫࢡࡢྲྀࡾ㎸ࡳ࡟࠾࠸࡚ṍ᭤ࡀ⏕ࡌࡿࡇ࡜ࡣ㑊ࡅࡽࢀ࡞࠸࡜࠸࠺ၥ㢟ࡀ⏕ࡎࡿ࡜グࡉࢀ࡚࠸ࡿ368ࠋ
 ACEࢩࢫࢸ࣒ࡣ⣧⢋࡞ࣞࣥࢺㄢ⛯ࢩࢫࢸ࣒࡛࠶ࡿࡓࡵప཰┈௻ᴗࡼࡾࡶ㧗཰┈௻ᴗ࡟ࡼࡾ㧗࠸⛯⋡ࡀ࠿ࡅࡽࢀࡿࡇ࡜࡟࡞ࡿ369ࠋࡋࡓࡀࡗ࡚௻ᴗࡣࣔࣂ࢖࣭ࣝࣞࣥࢺࢆ✌ࡄゎᨺ⤒῭࡜࠸࠺ᩥ⬦࡟࠾࠸࡚ࠊ௬࡟ᨻ⟇⟇ᐃ⪅ࡀ ACE ࢩࢫࢸ࣒ࡢᑟධ࡟ࡼࡾᦆኻ┦ẅࡢࡓࡵἲே⛯⋡ࢆୖࡆ࡚ࡋࡲࡗࡓ࡜ࡍࡿ࡜ࠊACE ࢩࢫࢸ࣒ࡣၥ㢟ࢆ㉳ࡇࡍࡇ࡜࡟࡞ࡿ370ࠋࡇࡢࡼ࠺࡞ሙྜ࡟ࡣࠊACE ࢩࢫࢸ࣒ࢆᑟධ
ࡋࡓࡇ࡜࡟ࡼࡾࠊ㯮Ꮠ௻ᴗ࡟ᑐࡍࡿ┦ᑐⓗཬࡧ⤯ᑐⓗ࡞⛯㈇ᢸࡀቑຍࡍࡿࡓࡵࠊࡑࡢࡼ࠺࡞௻ᴗࡣ
฼┈ࡢⷧ࠸ᅜෆࢆ㞳ࢀ⛯⋡ࡢప࠸ᾏእ࡟ᣐⅬࢆ⛣ࡍࡇ࡜࡟࡞ࡿ࡜ᛮࢃࢀࡿ࡜Bondࡣㄽࡌ࡚࠸ࡿ371ࠋ
3.

CBIT v. ACE

CBIT ࡶ ACE ࡶἲே㈨ᮏᡤᚓ࡟࠾ࡅࡿ஧㔜ㄢ⛯ࢆ᤼㝖ࡍࡿാࡁࢆࡶࡘࢩࢫࢸ࣒࡛࠶ࡿࡀࠊCBIT ࡟࠾࠸࡚ࡣࠊಶேࡢ㓄ᙜᡤᚓࠊ
ᰴᘧࡢ࢟ࣕࣆࢱ࣭ࣝࢤ࢖ࣥ࠿ࡽࡢ⛯཰ᦆኻ࡟ᑐࡍࡿ⿵ൾࡀᚲせ࡜࡞ࡿ372ࠋ
ࡉࡽ࡟ CBIT ࡟࠾࠸࡚ࡣࠊᅜෆ௻ᴗࡢᰴᘧࡢ୍㒊ࡀእᅜே࠶ࡿ࠸ࡣච⛯௻ᴗᢞ㈨ᐙ࡟ࡼࡗ࡚ಖ᭷ࡉ
ࢀࡿࡇ࡜࡜࡞ࡿࡓࡵᅜෆಶேᰴ୺ࣞ࣋ࣝ࡟࠾ࡅࡿ஧㔜ㄢ⛯ࡢ㍍ῶࡼࡾࡶ཰┈ᦆኻ࡜࠸࠺ၥ㢟ࡀ㉳ࡇࡿ࡛࠶ࢁ࠺࡜ண᝿ࡉࢀ࡚࠸ࡿ373ࠋ
 ࡋ࠿ࡋࠊゎᨺ⤒῭ୗ࡟࠾࠸࡚ࡣࠊἲே⛯ࡢ⾲㠃⛯⋡࠶ࡿ࠸ࡣᖹᆒ⛯⋡ࡀከᅜ⡠௻ᴗࡢ㐍ฟᅜ࡜࠸࠺ពᚿỴᐃࢆᕥྑࡍࡿࡇ࡜࠿ࡽ ACE ࡶ CBIT ࡶࡑࡢⅬ࡟ࡘ࠸࡚㓄៖ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࡜ Bondࡣᣦ᦬ࡋ࡚࠸ࡿ374ࠋࡇࡢⅬ࠿ࡽ⪃࠼ࡿ࡜ࠊㄢ⛯࣮࣋ࢫࢆ኱ࡁࡃᗈࡆࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿ CBIT ࡟࠾࠸࡚ࡣࠊ⾲㠃⛯⋡ࢆ኱ᖜ࡟ᘬࡁୗࡆࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࡓࡵࠊACE ࡼࡾࡶዲࡲࡋ࠸࡜࠸࠼ࡿࡢ࡛ࡣ
࡞࠿ࢁ࠺࠿ࠋ
 ACE ࡶ CBIT ࡶࡑࢀࡒࢀ୍㛗୍▷ࡀ࠶ࡾࠊᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆ⾜࠺ࡢࡀ㐺ษ࠿ࠊEquityࣜࢱ࣮ࣥ࡟ᑐࡍࡿᦆ㔠᥍㝖ࢆㄆࡵࡿࡢࡀࡼ࠸ࡢ࠿ࠊ୍ཱྀ࡟࡝ࡕࡽࡀࢃࡀᅜ࡟࡜ࡗ࡚ዲࡲࡋ࠸⛯ไ࡛࠶ࡿ࡜ࡣ࠸࠼࡞࠸ࡀࠊ⚾ぢ࡛ࡣᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈࡜࠸࠺ᨻ⟇ࡀዲࡲࡋ࠸࡜⪃࠼ࡿࠋ ࢃࡀᅜࡢ఍♫ࡢつᶍ࡜㉥Ꮠࠊ㯮Ꮠࡢ㛵ಀࠊ࠾ࡼࡧ఍♫つᶍ࡜ἲே⛯཰࡜ࡢ㛵ಀࡣ➨ 1 ❶➨ 5 ⠇㸦ᮏᩥ࠾ࡼࡧ௜㘓ᅗ⾲ 1ࠊ2㸧࡛ࡳࡓࡀࠊ
ࢃࡀᅜࡢἲே⛯཰ࡣᴟ୍㒊ࡢ኱௻ᴗ࠿ࡽᚓ࡚࠸ࡿ࡜᩿ゝ࡛ࡁࡿࠋࡑࡢࡼ࠺࡞≧ἣୗ࡟࠾࠸࡚ἲே⛯཰୙㊊ࢆ⿵࠺ࡓࡵࠊࢃࡀᅜࡣᖹᡂ 21 ᖺᗘ⛯ไᨵṇ࡟ࡼࡾᑟධࡉ
ࢀࡓࠕእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ375㸦ἲἲ 23 ࡢ 2㸧ࠖࡢ๰タࡢ⫼ᬒ࡟ࠕࢃࡀᅜ⤒῭ࡢάᛶࡢほⅬ࠿ࡽࠊᾏእᕷሙ࡛⋓ᚓࡍࡿ฼┈ࢆࢃࡀᅜ࡟㑏ὶࡉࡏࡿዲᚠ⎔ࡢ☜❧376ࠖ࡜࠸࠺⪃࠼ࡀ࠶ࡿࠋࡇࢀࡣࠊ
ከᅜ⡠௻ᴗࡢ㈨㔠ࢆᑡࡋ࡛ࡶከࡃࢃࡀᅜ࡟ධࢀࡼ࠺࡜ࡍࡿ⪃࠼᪉࡛࠶ࡾࠊࡑࡢࡓࡵ࡟ࡣࢃࡀᅜࡢἲ
ே⛯࡟࠾࠸࡚ᑡࡋ࡛ࡶ⾲㠃⛯⋡ࢆୗࡆࡿᚲせᛶࡀ࠶ࡿࠋ ከᅜ⡠௻ᴗ࡟ࡼࡿࢡࣟࢫ࣭࣮࣎ࢲ࣮࡞㈨ᮏࡢྍືᛶ㸦cross-border capital mobility㸧ࡣ㏆ᖺࡲࡍࡲࡍቑຍࡢഴྥ࡟࠶ࡾࠊྛᅜ࡜ࡶࠊከᅜ⡠௻ᴗࡢ㈨ᮏࢆ⮬ᅜ࡟ࡶࡓࡽࡍࡼ࠺ࠊ⾲㠃ἲே⛯⋡ࡢᘬୗ
367 Id. at 34.
368 Id. at 34.
369 Id. at 35.
370 Id. at 35.
371 Stephen R. Bond, supra note (359) at 169.
372 Michael P. Devereux & Peter Birch Sørensen, supra note (350) at 37.
373 Id. at 37.
374 Stephen R. Bond, supra note (359) at 168.
375 ➨ 4 ❶➨ 4 ⠇ 1 ཧ↷ࠋ
376 ➨ 4 ❶➨ 4 ⠇ 1 ཧ↷ࠋ92➇தࡣ⃭໬ࡋ࡚࠸ࡿ377ࠋࡇࡢࡼ࠺࡞≧ἣୗ࡟ࡘࡁࠊࢃࡀᅜࡶ௒ᚋ⾲㠃ἲே⛯⋡ࡢᘬୗࢆᙉ࠸ࡽࢀࡿ
ࡶࡢ࡜ᛮࢃࢀࡿ378ࠋ
4.

ᖹᡂ 22 ᖺᗘ⛯ไᨵṇ኱⥘379

ࠕᖹᡂ 22 ᖺᗘ⛯ไᨵṇ኱⥘࡟ࡘ࠸࡚ࠖᖹᡂ 21 ᖺ 12 ᭶ 22 ᪥㛶㆟Ỵᐃ㸦௨ᚋࠊྠ኱⥘࡜࿧ࡪࠋ㸧ࠊ
17 㡫࡟ࡼࡿ࡜ࠊ
ࠕࢃࡀᅜࡢᅜ⛯࡜ᆅ᪉⛯ࢆྜࢃࡏࡓἲேᐇຠ⛯⋡ࡣࠊᅜ㝿ⓗ࡟ࡳࡿ࡜㧗ࡃࠊᅜ㝿➇தຊ࡞࡝ࡢほⅬ࠿ࡽ⛯⋡ᘬࡁୗࡆࡢᚲせᛶࡀᣦ᦬ࡉࢀࡿ࡜ࡇࢁ࡛࠶ࡾࡲࡍ380ࠖ࡜グࡉࢀ࡚࠸ࡿࠋࡇ
ࡢࡇ࡜ࡣࠊྠ኱⥘ཧ⪃㈨ᩱ 3ࠕἲேᡤᚓㄢ⛯ࡢᐇຠ⛯⋡ࡢᅜ㝿ẚ㍑ࠖ
㸦2009 ᖺ 1 ᭶⌧ᅾ㸧ࡀ⿬௜ࡅ࡚࠸ࡿ381ࠋ ἲே⛯ࡢㄢ⛯࣮࣋ࢫࢆᗈࡆࡿ࡟ࡣࠊACE ࢱ࢖ࣉࡢ୰❧ᛶࡼࡾࡶ CBIT ᱌ᆺࡢ୰❧ᛶࡢ᪉ࡀዲࡲ
ࡋ࠸࡛࠶ࢁ࠺ࠋࡋ࠿ࡋࠊᨭᡶ฼Ꮚᦆ㔠⟬ධࢆㄆࡵ࡞࠸࡜ࡋࡓሙྜࠊDebt ࡢ㈨ᮏࢥࢫࢺࡀቑ኱ࡋࠊ೉
ධࢆ୺࡞㈨㔠ㄪ㐩ᡭẁ࡜ࡍࡿ୰ᑠ௻ᴗࢆᅽ㏕ࡍࡿࡇ࡜࡟࡞ࡿࠋࡑࡇ࡛ࠊ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆᥦゝࡍࡿࠋ
5.

IRAP382 ㈇മࣂ࢖࢔ࢫࢆ㝖ཤࡋࡓࢩࢫࢸ࣒࡛ᐇ㝿࡟㐠⏝ࡉࢀࡓࡶࡢ࡜ࡋ࡚ࠊ࢖ࢱࣜ࢔ࡢᆅ᪉⛯ IRAP ࡀ࠶ࡿࠋIRAP ࡣ 1998 ᖺ࡟᪋⾜ࡉࢀࡓࠊ㠀ᖖ࡟㠉᪂ⓗ࡞ഃ㠃ࢆ᭷ࡍࡿ࢖ࢱࣜ࢔ࡢἲேᆅ᪉⛯࡛࠶ࡿࠋ IRAP ࡣࠊࡍ࡭࡚ࡢἲே࠾ࡼࡧಶே஦ᴗ࡟ᑐࡋ࡚ࠊࡑࡇ࠿ࡽ⏕ࡎࡿ௜ຍ౯್࡟ᑐࡋ࡚ࣇࣛࢵࢺ࡞
⛯⋡࡛ㄢ⛯ࡍࡿࡶࡢ࡛࠶ࡾࠊIRAP ࡢㄢ⛯࣮࣋ࢫࡢ≉ᚩࡣࠊࣇ࢓࢖ࢼࣥࢫᙧᘧ୰❧ᛶࡢほⅬ࠿ࡽ
Debt ࡟௜㝶ࡍࡿᨭᡶ฼Ꮚࡢ᥍㝖ࢆㄆࡵࡎࠊㄢ⛯࣮࣋ࢫ࡟⟬ධࡍࡿⅬࠊࡉࡽ࡟ࠊ㈤㔠⤥୚࡞࡝ࡢປാ
ࢥࢫࢺࡶㄢ⛯࣮࣋ࢫ࡟⟬ධࡍࡿⅬ࡟࠶ࡿࠋࡍ࡞ࢃࡕࠊ
IRAP ࡢㄢ⛯࣮࣋ࢫࡣㄢ⛯࣮࣋ࢫ= ㈤㔠⤥୚ࡢྜィ+฼┈+㸦⤒῭ⓗ㸧ࣞࣥࢺ+஦ᴗ࡛ࣞ࣋ࣝࡢᨭᡶ
฼ᏊѸ㈨ᮏ㈈ࡢῶ౯ൾ༷㈝࡜࡞ࡿࠋIRAP ࡢ≉ᚩࡣDebt ࡜ Equity ࡟ᑐࡍࡿ㈈ᨻⓗ୰❧ᛶࡀಖドࡉࢀ࡚࠸ࡿࠋ

Equity ࡢ※Ἠࡢ㐪࠸ࢆ༊ูࡋ࡞࠸ࠋࡍ࡞ࢃࡕ␃ಖ฼┈࡛࠶ࢁ࠺ࡀࠊศ㓄ࡉࢀࡓ๫వ㔠࡛࠶ࢁ࠺ࡀࡍ࡭࡚ㄢ⛯ᡤᚓ࡟ྵࡲࢀࠊᰴ୺࡟ᑐࡍࡿ㓄ᙜࡢ஧㔜ㄢ⛯᥍㝖ࡣࡋ࡞࠸ࠋ

377 Michael P. Devereux & Peter Birch Sørensen, supra note (350) at 50-60 ࡟࠾࠸࡚ࡣࠊ1965 ᖺ࠿ࡽ OECD ຍ┕ 21 ࢝ᅜࡢἲே⛯཰ධࠊ1982 ᖺ࠿ࡽ 19 ࢝ᅜࡢἲᐃ࠾ࡼࡧᐇຠ⛯⋡ࢆ ᐃࡋࡓࢹ࣮
ࢱ࡟ࡼࡾศᯒࢆ⾜ࡗ࡚࠸ࡿࠋࡑࡢ⤖ᯝࠊࡇࡢ 20 ᖺ㛫ࠊOECD ຍ┕ᅜ࡟࠾ࡅࡿἲே⛯ࡢືྥࡣࠊ
ࠕᗏ࡟ྥ࠿ࡗ࡚ࡢ➇த ('race to the bottom')࡛ࠖ࠶ࡾࠊࡑࢀ࡟ࡼࡾྛᅜ࡜ࡶࠊ࠸࠿࡟ࡋ࡚⮬ᅜ࡬ࡢᢞ㈨࠶ࡿ࠸ࡣࣔࣂ࢖ࣝ฼┈ (mobile profit) ࢆㄏᘬࡍࡿ࠿ࢆ➇ࡗ࡚ࡁࡓ࡜᥎ᐹ࡛ࡁࡿ࡜ㄽ㏙ࡉࢀ࡚࠸ࡿࠋ
378 ࡇࡢண ࡟ࡘࡁࠊDevereux, M.P. & Sørensen supra note (350) at 16̽19 ࡟ࡼࢀࡤࠊ⛯⋡࡟࠾ࡅࡿ'race to the bottom' ࡜࠸࠺⌧㇟ࡣ㈨ᮏࡢὶືᛶ㸦capital mobility㸧࡟ᙳ㡪ࢆཷࡅ࡚࠸ࡿྍ⬟ᛶࡀ㧗࠸࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋࡍ࡞ࢃࡕࠊcapital mobility ࡀ⛯⋡పୗ࡟ᙳ㡪ࢆ୚࠼࡚ࡁࡓࡢ࡛ࡣ࡞࠸࠿ࠊ
ࡑࡋ࡚ࡶࡋࡑ࠺࡛࠶ࡿ࡜ࡍࢀࡤࠊcapital mobility ࡀ௒ᚋࡉࡽ࡟ቑຍࡋࡓሙྜࠊྛᅜࡢἲᐃ⛯⋡ࡣࡉࡽ࡟ୗࡀࡿ࡛࠶ࢁ࠺࡜ண ࡉࢀࡿ࡜⤖ㄽࡉࢀ࡚࠸ࡿࠋ
379 ࠕᖹᡂ 22 ᖺᗘ⛯ไᨵṇ኱⥘࡟ࡘ࠸࡚ࠖᖹᡂ 21 ᖺ 12 ᭶ 22 ᪥㛶㆟Ỵᐃࠊ17 㡫ࠋ
380 ࠕᖹᡂ 22 ᖺᗘ⛯ไᨵṇ኱⥘࡟ࡘ࠸࡚ࠖ
࣭๓ᥖὀ㸦379㸧ࠊ17 㡫ࠋ
381 ࠕᖹᡂ 22 ᖺᗘ⛯ไᨵṇ኱⥘࡟ࡘ࠸࡚ࠖ
࣭๓ᥖὀ㸦379㸧ࠊཧ⪃㈨ᩱ 3 ࡟ࡼࡿ࡜ࠊࢃࡀᅜࡢἲேᐇ
ຠ⛯⋡ࡣࠊᆅ᪉⛯㸦ᮾி㒔ࢆ౛♧ࡋ࡚࠸ࡿ㸧ࢆྵࡵ࡚ࠊ40.69㸣ࠊ࢔࣓ࣜ࢝㸦࢝ࣜࣇ࢛ࣝࢽ࢔ᕞࢆ
౛♧ࡋ࡚࠸ࡿ㸧40.75㸣ࠊࣇࣛࣥࢫ 33.33㸣ࠊࢻ࢖ࢶ㸦඲ࢻ࢖ࢶᖹᆒ㸧29.83㸣ࠊ࢖ࢠࣜࢫ 28.00㸣ࠊ୰ᅜ 25.00㸣ࠊ㡑ᅜ㸦ࢯ࢘ࣝࢆ౛♧ࡋ࡚࠸ࡿ㸧24.20㸣࡜♧ࡉࢀ࡚࠸ࡿࠋ
382 The following descriptions referred to PALOLO M. PANTEGHINI, CORPORATE TAXATION IN A
DYNAMIC WORLD (Springer 2007) at 109.
93

IRAP ࡣ஦ᴗᙧែࢆၥࢃࡎㄢ⛯ࡍࡿࠋࡍ࡞ࢃࡕಶே࠿ࡽࠊ఍♫ࠊࣃ࣮ࢺࢼ࣮ࢩࢵࣉ➼ࡍ࡭࡚ࡢ஦ᴗᙧែ࡟ᑐࡋ⣡⛯⩏ົ⪅࡜ࡋ࡚ࡢ༊ูࢆࡋ࡞࠸ࠋ㈨ᮏ࡜ປാ࡜࠸࠺⏕⏘せ⣲࡟ᑐࡋ࡚୰❧ⓗ࡛࠶ࡿࠋࡍ࡞ࢃࡕࠊ฼┈ࠊ฼Ꮚ࠾ࡼࡧ㈤㔠⤥୚ࡶྠ୍ࡢㄢ⛯࣮࣋ࢫ࡟⟬ධࡉࢀྠ୍ࡢ฼⋡࡛ㄢ⛯ࡉࢀࡿࠋ㠀ᖖ࡟ᗈ኱࡞ㄢ⛯࣮࣋ࢫࢆ᭷ࡍࡿࡓࡵࠊ⾲㠃⛯⋡ࢆపࡃ࡛ࡁࡿࠋ



IRAP ࡣ࣮ࣚࣟࢵࣃࡢ VAT ࡜␗࡞ࡾࠊᅜෆ࡛⏕ࡳฟࡉࢀࡓ௜ຍ౯್ࡍ࡭࡚࡟※Ἠᆅ୺⩏࡟ࡼࡾㄢ⛯ࡉࢀࡿࠋ㍺ฟච⛯ࡸࢡࣟࢫ࣭࣮࣎ࢲ࣮ㄪᩚࢆᚲせ࡜ࡋ࡞࠸㍺ධච⛯ࡣᐜㄆࡉࢀ࡞
࠸ࠋ

࡜࠸࠺Ⅼ࡟࠶ࡿࠋ ࡋ࠿ࡋࠊIRAP ࡣ࢔࣓ࣜ࢝ᵓ᝿᱌ CBIT ࡜ྠᵝ࡟㈇മ㈨ᮏ࠾ࡼࡧ⮬ᕫ㈨ᮏ࡟ᑐࡍࡿ㈨ᮏࢥࢫࢺࡢ
୰❧ᛶ࡜⾲㠃⛯⋡ࡢపῶࢆ┠ⓗ࡟ᵓᡂࡉࢀࡓㄢ⛯ࢩࢫࢸ࣒࡛࠶ࡿࡀࠊၥ㢟Ⅼࡶྵࡲࢀ࡚࠸ࡓࠋ
 IRAP ࡣㄢ⛯࣮࣋ࢫࢆ኱ᖜ࡟ᗈࡆࡿࡇ࡜࡟ࡼࡾࠊ⾲㠃⛯⋡ࢆୗࡆࡿࡇ࡜ࡣᡂຌࡋࡓࡀࠊ2 ࡘࡢၥ㢟Ⅼ࡟㜼ࡲࢀ࡚࠸ࡓࠋࡑࢀࡣࠊ
I. ປാࢥࢫࢺࢆᦆ㔠⟬ධࡋ࡞࠸ἲே⛯ࢩࢫࢸ࣒ࡣୡ⏺ࡢἲேㄢ⛯ࢩࢫࢸ࣒ࡢ୰࡛Ꮩ❧ࡋ࡚࠸
ࡓࠋ1998 ᖺ࡟ IRAP ࡀ࢖ࢱࣜ࢔࡟ᑟධࡉࢀࡿ࡜Ỵࡲࡗࡓ࡜ࡁࠊ࢔࣓ࣜ࢝ࡢከᅜ⡠௻ᴗࡀࡇࡢᑟධ࡟ᑐࡋᙉⅯ࡟཯Ⓨࡋࡓࠋࡑࡢ⌮⏤ࡣࠊ࢔࣓ࣜ࢝ࡢ⛯ไ࡟ࡣ㢮ఝࡢ⛯ࡀ࡞࠸ࡓࡵࠊ࢖ࢱࣜ࢔࡜࢔࣓ࣜ࢝ࡢ஧㔜ㄢ⛯᮲⣙ࡣ IRAP ࢆㄆࡵ࡞࠿ࡗࡓ࠿ࡽ࡛࠶ࡿࠋ࢔࣓ࣜ࢝
࡬⣡⛯ࡋࡓ௻ᴗࡣࠊIRAP ࡟ࡼࡾ஧㔜ㄢ⛯ࢆཷࡅࠊ࢖ࢱࣜ࢔࡛ࡢ⛯㢠᥍㝖ࢆཷࡅࡿࡇ࡜
ࡀ࡛ࡁ࡞࠿ࡗࡓࡓࡵࠊᢞ㈨ᐙࡣࡑࢀࢆ㏨ࢀࡿࡓࡵ࢖ࢱࣜ࢔࠿ࡽ㞳ࢀࠊࡼࡾప⛯⋡ᅜ࡬࡜⛣ࡗࡓࠋࡑࡢࡼ࠺࡞⤒⦋࡟ࡼࡾࠊ⌧ᅾ࡛ࡣ⡿ᅜ࢖ࢱࣜ࢔㛫⛒⛯᮲⣙࡟ࡼࡗ࡚ࠊ࢔࣓ࣜ࢝
࡟࠾ࡅࡿᡤᚓ⛯ࡣ IRAP ࡟ࡼࡾ᥍㝖ྍ⬟࡜࡞ࡗࡓࠋࡋ࠿ࡋࠊIRAP ࡢ㏫ቃࡣ⥆ࡁࠊḢᕞ௜ຍ౯್⛯㸦EU VAT㸧࡜ IRAP ࡣ㐺ྜࡍࡿ࠿ྰ࠿࡜࠸࠺ၥ㢟ࡀ㉳ࡇࡾࠊ㐺ྜᛶ࡟ࡘ࠸
࡚Ḣᕞྖἲ⿢ุᡤ㸦European Court of Justice㸹 ECJ㸧࡟ࡼࡾุỴࢆཷࡅ࡞ࡅࢀࡤ࡞
ࡽ࡞࠸ࡇ࡜࡜࡞ࡗࡓ
㸦case C-475/03㸧
ࠋࡑࡋ࡚2006ᖺ10 ᭶࡟ECJ ࡣIRAP ࡣEU VAT࡜㐺ྜࡍࡿ࡜ࡢุỴࢆୗࡋࡓࠋࡇࡢ⿢ุ࡟ࡼࡾࠊECJ ࡣ IRAP ࢱ࢖ࣉࡢ⛒⛯ࢫ࣮࣒࢟࡟ᑐࡍࡿ኱ࡁ࡞㞀ᐖ≀ࢆ᤼㝖ࡍࡿࡇ࡜ࡣ࡛ࡁࡓࠋ
II. IRAP ࡣ CBIT ࡜ྠᵝࠊᨭᡶ฼Ꮚࢆᦆ㔠⟬ධࡋ࡞࠸ࠋࡇࡢࡇ࡜࡟ࡼࡾࠊࢹࢵࢺ࣭ࣇ࢓࢖
ࢼࣥࢫࢆ⏝࠸ࡓ㝈⏺ᢞ㈨࡟ࡼࡿࢢࣟࢫࡢࣜࢱ࣮ࣥ࡜ࢿࢵࢺࡢࣜࢱ࣮ࣥ࡜ࡢ㛫࡟ࢱࢵࢡࢫ࣭
࢙࢘ࢵࢪࡀ⏕ࡌࡿࡇ࡜࡜࡞ࡿࠋࡋࡓࡀࡗ࡚ࠊIRAP ࡶ CBIT ࡶ Debt ࣇ࢓࢖ࢼࣥࢫ࠿
Equity ࣇ࢓࢖ࢼࣥࢫ࠿࡜࠸࠺ពᚿỴᐃࡢほⅬ࠿ࡽࡣ୰❧ⓗ࡛࠶ࡿࡀࠊ㈨ᮏࢥࢫࢺ࡜࠸
࠺ほⅬ࠿ࡽぢࡓሙྜࠊ୰❧ⓗ࡛ࡣ࡞࠸ࠋᢞ㈨ࡢ❧ሙ࠿ࡽ୰❧ᛶࢆồࡵࡿࡢ࡛࠶ࢀࡤࠊᢞ
㈨㈝⏝ࡣ᏶඲࡟᥍㝖ࡉࢀࡿᚲせᛶࡀ࠶ࡿࠋ
 Palolo M. Panteghini ࡣࠊIRAP ࡢṔྐࢆ᣺ࡾ㏉ࡾࠊ
ࠕ㈇മࣂ࢖࢔ࢫࢆ᭷ࡍࡿㄢ⛯ࢩࢫࢸ࣒ࢆ࡯࡜
ࢇ࡝ࡢᅜࡀ᥇⏝ࡋ࡚࠸ࡿ୰࡟࠾࠸࡚ࠊ୍ᅜࡔࡅࡀ Debt㸭Equity ୰❧ⓗ࡞ㄢ⛯ࢩࢫࢸ࣒ࢆ᥇⏝ࡋࡓሙྜࡢᩍカ࡜ࡋ࡚ࠊࡓ࡜࠼ࠊᑟධࡋࡓ⛯ไࡀ࠸࠿࡟⌮ㄽⓗ࡟ඃࢀ࡚࠾ࡾࠊࡲࡓ㠉᪂ⓗ࡛࠶ࡗ࡚ࡶࠊ
ᅜ㝿ⓗࢭࢵࢸ࢕ࣥࢢ࡟࠾࠸࡚┦ᑐⓗ࡞ၥ㢟ࢆᕳࡁ㉳ࡇࡍ࠿ࢆ♧ࡋ࡚࠸ࡿ383ࠖ࡜࠸࠺ࡇ࡜ࢆㄽࡌ࡚࠸
ࡿࠋ
6.

୍ᅜࡔࡅࡀ㈇മࣂ࢖࢔ࢫࢆ㝖ཤࡋࡓㄢ⛯ࢩࢫࢸ࣒ࢆᑟධࡋࡓሙྜ࡟࠾ࡅࡿ⤒῭ⓗᙳ㡪✲ᴟⓗ࡟ࡣࠊྲྀᘬࢆ⾜࠺஧ᅜ࡜ࡶ࡟ Debt ࡜ Equity ࡢ㛫࡟Ꮡᅾࡍࡿࣂ࢖࢔ࢫࢆ㝖ཤࡋࡓㄢ⛯ࢩࢫࢸ
383 Palolo M. Panteghini, supra note (382) at 125.

94࣒ࢆᑟධࡍ࡭ࡁ࡛࠶ࡾࠊࡑࡢࡇ࡜ࡣࠊ඲ୡ⏺࡟࠾࠸࡚㈇മࣂ࢖࢔ࢫࡢ࡞࠸ㄢ⛯ࢩࢫࢸ࣒ࢆᑟධࡍࡿ
࡜ࢆព࿡ࡍࡿࡀࠊ⌧᫬Ⅼ࡟࠾࠸࡚ࡣࡲࡎ୙ྍ⬟࡛࠶ࡿࠋ࡯࡜ࢇ࡝ࡢᅜࡀ㈇മࣂ࢖࢔ࢫࢆ᭷ࡍࡿㄢ⛯ࢩࢫࢸ࣒ࢆ᥇⏝ࡋ࡚࠸ࡿ୰࡟࠾࠸୍࡚ᅜࡔࡅࡀ㈨ᮏ࣭㈇മ୰❧࡞⛯ไࢆࡋ࠸࡚࠺ࡲࡃᶵ⬟ࡋ࡞࠸ࡇ࡜ࡣ࢖ࢱࣜ࢔ IRAP ࡢᩍカ࠿ࡽࢃ࠿ࡿࡇ࡜࡛࠶ࡿࠋ
➨3⠇ࢡࣟࢫ࣭࣮࣎ࢲ࣮ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀࡶࡓࡽࡍ⛒⛯⿢ᐃၥ㢟࡟ᑐࡍࡿ⛒⛯᮲⣙࡟ࡼࡿゎỴ—OECD ࣔࢹࣝ⛒⛯᮲⣙࡟ࡼࡿ฼Ꮚ࣭㓄ᙜࡢゎ㔘ࢆ㏻ࡋ࡚—Eva Eberhartinger384 & Martin Alexander Six ࡣࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ
࣓ࣝࣥࢺ࡟ࡘ࠸࡚ࠊ࢖ࣥࣂ࢘ࣥࢻ࣭ࣇ࢓࢖ࢼࣥࢫ࡜࢔࢘ࢺࣂ࢘ࣥࢻ࣭ࣇ࢓࢖ࢼࣥࢫ࡜࠸࠺ 2 ࡘࡢᇶᮏⓗ≧ἣ࠿ࡽ⪃࠼ࡿᚲせࡀ࠶ࡿ࡜㏙࡭࡚࠸ࡿ385ࠋ࢖ࣥࣂ࢘ࣥࢻ࣭ࣇ࢓࢖ࢼࣥࢫࡣࠊᢞ㈨ࢆཷࡅࡿᏊ
఍♫ࡀ※Ἠᆅᅜࡢᒃఫ⪅࡛࠶ࡿ࡜⪃࠼ࠊᢞ㈨ࢆࡍࡿぶ఍♫ࡣᏊ఍♫ࡢᒃఫᆅᅜ௨እ࡟ᒃఫࡋ࡚࠸ࡿ
࡜᝿ᐃࡋࠊᏊ఍♫ᒃఫᆅᅜࢆ୰ᚰ࡟ࡳࡿ⪃࠼᪉࡛࠶ࡿࠋࡇࡢ࡜ࡁᏊ఍♫ࡣぶ఍♫࠿ࡽᢞ㈨ࢆཷࡅࠊ
ぶ఍♫ࡣᏊ఍♫࠿ࡽ๫వ㔠ࡢศ㓄ࢆཷࡅࡿ࡜ࡳࡿࠋࡍࡿ࡜ࠊ୍⯡ⓗ࡟Ꮚ఍♫ᒃఫᆅᅜ࡛࠶ࡿ※ἨᆅᅜࡣࠊᏊ఍♫࡟ᑐࡋ࡚ࡣᏊ఍♫ᡤᚓ඲య࡟ᑐࡋ࡚ἲே⛯ࢆㄢ⛯ࡋࠊぶ఍♫࡟ᑐࡋ࡚ࡣ㡿ᅵ୺⩏࡟ᇶ࡙ࡁᙜヱ※Ἠᆅᅜ࡟࡜ࡗ࡚ࡢᅜෆ※Ἠᡤᚓ࡟ᑐࡋ࡚ㄢ⛯ࡍࡿࡇ࡜࡟࡞ࡿ386ࠋ ࡇࡢሙྜࠊ※Ἠᆅᅜࡢᅜෆἲ࡟ࡋࡓࡀࡗ࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ౑࠺ሙྜ Equity࡟ヱᙜࡍࡿࡢ࠿ Debt ࡟ヱᙜࡍࡿࡢ࠿ࡀ኱ࡁ࡞ၥ㢟࡜࡞ࡿࡀࠊࡑࢀࡣࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝ
ࣥࢺࡀ Equity ࡜ࡉࢀࢀࡤࡑࡇ࠿ࡽ⏕ࡌࡿ࢖࣮ࣝࢻࡣ฼┈ࡢศ㓄࡜࡞ࡾᦆ㔠୙⟬ධ࡜࡞ࡾࠊDebt ࡜ࡉࢀࢀࡤࠊࡑࡇ࠿ࡽ⏕ࡌࡿ࢖࣮ࣝࢻࡣᦆ㔠⟬ධࡉࢀࡿࡇ࡜࡜࡞ࡿ࠿ࡽ࡛࠶ࡿࠋࡑࡢࡇ࡜ࡣࡲࡓぶ఍♫࡟ᑐࡍࡿ฼ᡶ࠸ࡀぶ఍♫ࡢᡤᚓ࡜ࡋ࡚㓄ᙜ࡟࡞ࡿࡢ࠿฼Ꮚ࡟࡞ࡿࡢ࠿࡜࠸࠺ၥ㢟ࢆ⏕ࡴ࡜ྠ᫬࡟
※Ἠᆅᅜ࡟࠾࠸࡚㓄ᙜ࠶ࡿ࠸ࡣ฼Ꮚࡢᨭᡶ࠸࡟ᑐࡍࡿ※Ἠᚩ཰⛯ࡢၥ㢟ࡶ⏕ࡎࡿࠋ ࢔࢘ࢺࣂ࢘ࣥࢻ࣭ࣇ࢓࢖ࢼࣥࢫ࡟ࡘ࠸࡚ࡣࠊぶ఍♫ࡀእᅜᏊ఍♫࡟ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝ
ࣥࢺࢆⓎ⾜ࡍࡿࡇ࡜࡟ࡼࡾᢞ㈨ࢆ⾜࠸ࠊᏊ఍♫࠿ࡽཷࡅྲྀࡿࠕ㓄ᙜࠖࡲࡓࡣࠕ฼Ꮚࠖᡤᚓ࡟ࡘࡁぶ఍♫ࡢࡳࡀἲே⛯ࡢᑐ㇟࡜࡞ࡾࠊぶ఍♫ࡢ඲ୡ⏺ᡤᚓ࡟ᑐࡋ࡚ㄢ⛯ࡉࢀࡿࡇ࡜ࢆ᝿ᐃࡍࡿࠋ ௨ୖ࠿ࡽࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢㄢ⛯࡟ࡣḟࡢ┦཯ࡍࡿ 2 ࡘࡢሙྜࡀᏑᅾࡍࡿࡇ࡜࡟ὀពࡍࡿᚲせࡀ࠶ࡿࡇ࡜࡟࡞ࡿࠋ
1.

※Ἠᆅᅜ࡜ཷ㡿ᅜ࡟࠾࠸࡚ Equity ࡜ Debt ࡢศ㢮ࡀ୍⮴ࡋ࡚࠸࡞࠸ࠋ

2.

※Ἠᆅᅜ࡜ཷ㡿ᅜࡢ୧ᅜ࡜ࡶ㓄ᙜ࡜฼Ꮚ࡟␗࡞ࡗࡓㄢ⛯ࡀ࡞ࡉࢀࡿࠋ

ࡇࡢࡇ࡜࡟ࡼࡾࠊ ձ฼┈࡟ᑐࡍࡿ୕㔜ࡢㄢ⛯ࡢ✵ⓑ㸦white income㸧ࡀ㉳ࡇࡿྍ⬟ᛶࡀ࠶ࡿࠋ
※Ἠᆅᅜࡢἲே⛯ࡢㄢ⛯࣮࣋ࢫ࠿ࡽ฼Ꮚ࡜ࡋ࡚ᦆ㔠᥍㝖ࡀ࡞ࡉࢀࡿࠋ

※Ἠᆅᅜ࡟࠾࠸࡚※Ἠᚩ཰⛯ࡢᑐ㇟࡜࡞ࡽ࡞࠸ࠋ

ྠ᫬࡟ぶ఍♫ࡢᒃఫᆅᅜ࡟࠾ࡅࡿ㓄ᙜ⛯㢠᥍㝖࠶ࡿ࠸ࡣ┈㔠୙⟬ධࡢ㐺⏝ࢆཷࡅࡿࠋ

384 Dr. Eva Eberhartinger is a university professor for tax management at the Wirtschaftsuni-

versität Wien. In her research she focuses on hybrid finance and international taxation and on
the relation between commercial and tax accounting (from her homepage).
385 See Eva Eberhartinger & Martin Alexander Six, Taxation of Cross-Border Hybrid Finance A Legal Analysis, SSRN 1080549(2007), Intertax (2009) at 2. ௨ୗ᩿ࡾࡢ࡞࠸㝈ࡾ Eva Eberhartinger & Martin Alexander Six ࡢㄽᩥ࡟ἢࡗ࡚せ⣙ࡋࡓࡶࡢ࡛࠶ࡿࠋ
386 ࡇࡇ࡛ࡣࠊ※Ἠᆅᅜࡀᒃఫᆅ⟶㎄࡟᭹ࡍࡿ⪅࡟ᑐࡋ࡚ࡣ඲ୡ⏺ᡤᚓㄢ⛯ࢆ⾜࠸ࠊ※Ἠᆅ⟶㎄࡟
᭹ࡍࡿ⪅࡟ᑐࡋ࡚ࡣᅜෆ※Ἠᡤᚓㄢ⛯ࢆ᥇⏝ࡋ࡚࠸ࡿࡇ࡜ࢆ᝿ᐃࡋ࡚࠸ࡿࠋቑ஭Ⰻၨ࣭ᐑᓮ⿱Ꮚࠗᅜ
㝿⛒⛯ἲ࠘㸦ᮾி኱Ꮫฟ∧఍ࠊ2008㸧6 㡫ࠋ
95 ղ࠶ࡿ࠸ࡣࠊ཯ᑐࡢࢣ࣮ࢫ࡜ࡋ࡚ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀ※Ἠᆅᅜ࡛ࡣ Equity ࡜ࡋ࡚ᢅࢃࢀࡓሙྜࠊ࢖࣮ࣝࢻࡢᨭᡶ࠸ࡣᦆ㔠᥍㝖ࢆཷࡅࡿࡇ࡜ࡀ࡛ࡁࡎࠊ※Ἠᆅᅜ࡟࠾࠸࡚㓄ᙜ࡜ࡋ࡚※Ἠᚩ཰⛯ࡢᑐ㇟࡜ࡉࢀࠊぶ఍♫ࡢᒃఫᆅᅜ࡟࠾࠸࡚ࡣ฼Ꮚ࡜ࡋ࡚ᢅࢃࢀࠊ㓄ᙜࡢሙྜ࡟ཷࡅ
ࡿࡇ࡜ࡀ࡛ࡁࡿ᥍㝖ࢆཷࡅࡿࡇ࡜ࡀ࡛ࡁ࡞࠸࡜࠸࠺ἲⓗ஧㔜ㄢ⛯ࡀ㉳ࡇࡿྍ⬟ᛶࡀ࠶ࡿࠋ
฼┈ࡢศ㓄࡜ࡳ࡞ࡋࠊᦆ㔠᥍㝖࡞ࡋࠋ※Ἠᆅᅜ࡟࠾࠸࡚㓄ᙜ࡜ࡋ࡚※Ἠᚩ཰⛯ࡢㄢ⛯ࠋぶἲேࡢᒃఫᆅᅜ࡟࠾࠸࡚ࡣཷྲྀ฼Ꮚ࡜ࡉࢀࠊཷྲྀ㓄ᙜࡢࡼ࠺࡞≉඾ࡣாཷ࡛ࡁ࡞࠸ࠋ ࡑࡇ࡛ࡇࡢࡼ࠺࡞ၥ㢟ࢆᅇ㑊ࡍࡿࡓࡵ࡟ࡣࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥ
ࢺ࡟࠾ࡅࡿぶ఍♫ࡢᒃఫᆅᅜ࡜Ꮚ఍♫ࡢᒃఫᆅᅜ࡜ࡢ⛒⛯᮲⣙㸦஧㔜ㄢ⛯᮲⣙㸦DTCs㸧㸧ࡀ㔜せ࡞ၥ㢟࡜࡞ࡗ࡚ࡃࡿࡀ DCTs ࡢྛ᮲㡯ࡣ⮬↛࡞ゎ㔘ࢆࡉࢀ࡞ࡃ࡚ࡣ࡞ࡽ࡞࠸ࡇ࡜࡟࡞ࡿࠋ
 Eva Eberhartinger & Martin Alexander Six ࡣࠊࡑࢀࡀ⥾⣙ᅜࡢ୍ࡘࡢᅜࡢᅜෆἲࢆ┤᥋ⓗ࡟ᘬ⏝ࡋ࡚సᡂࡉࢀ࡚࠸࡞࠸㝈ࡾ࡟࠾࠸࡚ࠊ⥾⣙ᅜࡢᅜෆ⛯ἲ࡜ࡣ⊂❧࡟ゎ㔘ࡉࢀࡿ࡭ࡁ࡛࠶ࡾࠊࣁ࢖
ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢᢅ࠸ࡶࠊ
ࠕ㓄ᙜ࡛ࠖ࠶ࡿ࠿ࠕ฼Ꮚ࡛ࠖ࠶ࡿ࠿ࡢㄆᐃࡣࠊ➨ 1 ⩏ⓗ࡟ࡣ DTCs ࡟ᚑࢃ࡞ࡃ࡚ࡣ࡞ࡽ࡞࠸࡜ㄽࡌ࡚࠸ࡿ 387ࠋ ࡑࡇ࡛ࡲࡍࠊOECD ࣔࢹࣝ⛒⛯᮲⣙࡟ࡼࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢺ࣓ࣝࣥࢶࡼࡿ࢖࣮ࣝࢻࢆ㓄ᙜ࡜ㄆᐃࡍࡿࡢ࠿ࠊ฼Ꮚ࡜ㄆᐃࡍࡿࡢ࠿࡟ࡘࡁ Art 10 ࠾ࡼࡧ Art 11 ࢆࡳࡿࡀࠊࡑࡢ๓࡟ࠊἲⓗ஧㔜ㄢ⛯࡟㛵ࡍࡿච㝖つᐃ Art 23Aࠊ࠾ࡼࡧ᥍㝖つᐃ 23B ࢆࡳ࡚࠾ࡃᚲせࡀ࠶ࡿࠋ OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 10 ࠾ࡼࡧ Art 11 ࡣࡑࢀࡒࢀࠊ㓄ᙜࠊ฼Ꮚ࡟ࡘ࠸࡚ࠊཷ㡿ᅜࡀཷࡅྲྀࡗ
ࡓᡤᚓ࡟ᑐࡋㄢ⛯ࡍࡿࡇ࡜ࢆ↓ไ㝈࡟ㄆࡵࡿࡶࡢ࡛࠶ࡿࡀࠊ୧᮲ᩥ࡜ࡶ※Ἠᆅᅜࡀ※Ἠ⛯ࢆㄢ⛯ࡍࡿࡇ࡜ࡣ⚗Ṇࡋ࡚࠸࡞࠸388ࠋࡓࡔࡋࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ࡣࠊ஧㔜ㄢ⛯ࡢ᤼㝖ࡢࡓࡵ࡟ࠊ※Ἠᆅᅜ࡟ࡼࡗ࡚ㄢ⛯ࡉࢀࡓ※Ἠ⛯ࢆᒃఫᆅᅜࡢἲே⛯࠿ࡽ᥍㝖ࡍࡿࡇ࡜㸦Art 23A ච㝖᪉ᘧࠊArt 23B⛯㢠᥍㝖᪉ᘧ㸧ࢆ⩏ົ࡙ࡅ࡚࠸ࡿ389ࠋࡉࡽ࡟ࠊ※Ἠᆅᅜࡀ※Ἠᚩ཰⛯ࢆㄢࡍᶒ฼ࢆ※Ἠᆅᅜࡀㄢ⛯ྍ⬟࡞ୖ㝈㔠㢠ࢆᐃࡵࡿࡇ࡜࡟ࡼࡾไ㝈ࡋ࡚࠸ࡿࠋ
Art 10ࡣ㛵㐃఍♫390ࡢሙྜ࡟ࡣ㓄ᙜ㔠㢠ࡢ5㸣ࠊࡑࡢ௚ࡢሙྜ࡟ࡣ㓄ᙜ㔠㢠ࡢ 15㸣ࢆୖ㝈࡜ࡋ࡚ㄆࡵ࡚࠸ࡿ391ࠋArt 11 ࡣࠊ฼Ꮚ࡟ࡘࡁࠊ฼Ꮚࡢ㢠ࡢ 10㸣ࢆୖ㝈࡜ࡋ࡚※Ἠᚩ཰⛯ࢆㄆࡵ࡚࠸ࡿ392ࠋ ࡇࡇ࡛ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟࡜ࡗ࡚㔜せ࡜࡞ࡿⅬࡣࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ࡣࠊ஧㔜ㄢ⛯᮲⣙࡟࠾࠸࡚ࠊ※Ἠᆅᅜ࡟ᑐࡋ࡚ࠊ㓄ᙜ࡜฼Ꮚ࡜ูࠎ࡟※Ἠᚩ཰⛯ࡢㄢ⛯ᶒࢆㄆࡵ࡚࠸ࡿ
ࡓࡵࠊ㓄ᙜࡢࡳ࡟※Ἠ⛯ࢆㄢࡋࠊ฼Ꮚ࡟ࡣㄢ⛯ࡋ࡞࠸ሙྜࠊ࠶ࡿ࠸ࡣࡑࡢ㏫࡛࠶ࡿࠊ㓄ᙜ࡟ࡣㄢ⛯ࡏࡎࠊ฼Ꮚ࡟ࡢࡳㄢ⛯ࡍࡿ࡜࠸࠺ࠊ※Ἠᚩ཰⛯ࡢ㓄ᙜ࣭฼Ꮚ࡟࠾ࡅࡿ㠀ᑐ⛠ᛶࡀᏑᅾࡍࡿ࡜࠸࠺ࡇ
࡜࡛࠶ࡾࠊࡇࡢᏑᅾ࡟ࡼࡾࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸ࡓ⛒⛯⿢ᐃࡀ㉳ࡇࡾᚓࡿ393ࠋࣁ
࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ࢖࣮ࣝࢻࡢ฼Ꮚࠊ㓄ᙜࡢỴᐃࡣࠊࡑࢀࡽ࡟ᑐࡋ࡚※Ἠᚩ཰⛯ࡀㄢ⛯ࡉࢀࡿ࠿ྰ࠿࡟ࡼࡾ࡞ࡉࢀࡿࠋ㏻ᖖࡢሙྜࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡾ⏕ࡎࡿ
387 Id. at 8.
388 Id. at 8; OECD, Model Tax Convention on Income and on Capital, (OECD 2008) at 28-30.
389 Id. at 8; OECD supra note (388) at 35Ѹ36.
390 ࡇࡇ࡛ࠕ㛵㐃఍♫ࠖ࡜ࡣ OECD supra note (388) at 28 ࡟ᐃ⩏ࡉࢀ࡚࠸ࡿࠊthe beneficial owner

is a company (other than a partnership) which holds directly at least 25 percent of the capital of
the company paying the dividends ࢆព࿡ࡍࡿࡶࡢ࡜ࡍࡿࠋ
391 See Eva Eberhartinger & Martin Alexander Six, supra note (385) at 9; OECD, supra note(388) at 28.
392 Id.; OECD, supra note (388) at 29.
393 Id at 29.
96࢖࣮ࣝࢻࡀOECDࣔࢹࣝ⛒⛯᮲⣙Art 10࡟ໟᦤࡉࢀࡿ࠿ࠊ
Art 11࡟ໟᦤࡉࢀࡿ࠿ࢆỴᐃࡍࡿࡓࡵࠊ
୍⯡࡟୧ᅜࡣྠࡌศ㢮ᇶ‽ࢆ㐺⏝ࡍࡿࡀ394ࠊ㞴ゎ࡞ၥ㢟ࢆྵࡴࡢࡣࠊ஧㔜⛒⛯᮲⣙ࡀ Art 10 ࠶ࡿ࠸ࡣArt 11ࡢ࠸ࡎࢀ࠿࡟࠾࠸࡚ࡢࡳ※Ἠᚩ཰⛯ࡢㄢ⛯ࢆチࡋࠊࡑࢀࡒࢀࡢᅜ࡟࠾࠸࡚ࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡌࡿ࢖࣮ࣝࢻࡀ Art 10 ࡟ヱᙜࡍࡿ࠿ Art 11 ࡟ヱᙜࡍࡿ࠿࡜࠸࠺Ⅼ࡛␗࡞ࡿศ㢮ࢆࡋࡓሙྜ࡛࠶ࡿ395ࠋ
 Eva Eberhartinger & Martin Alexander Six396ࡣḟࡢㄝ౛ࢆ⏝࠸࡚ࠊ※Ἠᆅᅜ㸦X㸧ࡣ Art 10 ࡟ᚑ࠸ࠊ㓄ᙜ࡟ᑐࡍࡿ※Ἠ⛯ࢆㄢ⛯ࡍࡿ࡜௬ᐃࡍࡿࠋࡇࡢ࡜ࡁᨭᡶࡗ
ࡓ࢖࣮ࣝࢻ࡟ᑐࡋ࡚ X ᅜ࡟࠾࠸࡚※Ἠᚩ཰⛯ࡀㄢ⛯ࡉࢀ࡚࠸ࡿࠋ୍᪉࢖࣮ࣝࢻࡢཷ㡿ᅜ࡛࠶ࡿ
㸦Y㸧࡛ࡣࠊᙜヱ࢖࣮ࣝࢻࡣ᮲㡯࡟↷ࡽࡋ࡚ࡳࡿ࡜※Ἠᚩ཰⛯ࡢㄢ⛯ᑐ㇟࡟ࡣ࠶ࡓࡽ࡞࠿ࡗࡓ
࡜ࡍࡿࠋࡇࡢ࡜ࡁࠊX ᅜ࠿ࡽ Y ᅜ࡬ᨭᡶࡗࡓ࢖࣮ࣝࢻ࡟ᑐࡋ࡚ X ᅜ࡛ㄢ⛯ࡉࢀࡓ※Ἠᚩ཰⛯ศࢆ Y ᅜࡢἲே⛯ࡢィ⟬࡟࠾࠸࡚ࠊ᥍㝖ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࡢ࠿࡜࠸࠺ၥ㢟࡛࠶ࡿࠋ ࡇࡢၥ㢟࡟ᑐࡋ࡚ࠊࢻ࢖ࢶἲཎ⌮࡟ࡋࡓࡀ࠼ࡤࠊ㒊ศⓗ࡟ᒃఫᆅᅜ Y ࡣࠊX ᅜ࡛ㄢ⛯ࡉࢀࡓ※Ἠᚩ཰⛯ࢆ᥍㝖ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࡜࠸࠺ࡇ࡜ࡣ࡞࠸࡜࠸࠺ぢゎࢆ♧ࡋ࡚࠾ࡾࠊᙜヱሙྜࡣࠊ஧㔜ㄢ⛯᮲⣙ࡀ࠶ࡗࡓ࡜ࡋ࡚ࡶࠊᙜヱ࢖࣮ࣝࢻ࡟㛵ࡋ࡚ࡣ஧㔜ㄢ⛯࡜࡞ࡿࡀࠊࡇࡢၥ㢟ࡣࡲࡔᮍゎỴࡢၥ㢟ࡢࡼ࠺࡛࠶ࡿ࡜ㄽࡌ࡚࠸ࡿࠋ ௨ୗ࡟࠾࠸࡚ࠊOECD ࣔࢹࣝ⛒⛯᮲⣙࡟࠾ࡅࡿࠕ㓄ᙜࠖ࡜ࠕ฼Ꮚࠖࡢศ㢮ᇶ‽࡟ࡘ࠸࡚⪃ᐹࡍࡿࠋ
1.

OECD ࣔࢹࣝ⛒⛯᮲⣙࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢྲྀࡾᢅ࠸ᇶ‽(1)

Art 10 ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢྲྀࡾᢅ࠸

Art 10 (3)࡛ࡣࠕ㓄ᙜ(dividends)ࠖࢆᐃ⩏ࡋ࡚࠸ࡿࠋ㓄ᙜ࡜ࡣ share(ᰴᘧ)ࠊ "jouissance" share(ཷ┈ᰴᘧ) or "jouissance" rights(ཷ┈ᶒ)ࠊ mining shares(㖔ᴗᰴᘧ)ࠊfounder's shares(Ⓨ㉳ேᰴᘧ)ࠊ
or other corporate rights(ࡑࡢ௚఍♫ࡢᶒ฼)ࠊnot being debt-claim(മົㄳồᶒ࡛ࡣ࡞࠸)ࠊ
participating in profits(ཧຍ฼┈)࠿ࡽ⏕ࡌࡓᡤᚓ࡛࠶ࡾࠊ
as well as income from shares by the lawof the State of which the company making the distribution is a resident(ࡑࡢ௚ࡢᣢࡕศ࠿ࡽ⏕ࡌࡿᡤᚓ࡛࠶ࡗ࡚ࠊศ㓄ࢆ⾜࠺఍♫ࡀᒃఫ⪅࡜ࡉࢀࡿ⥾⣙ᅜࡢ⛒⛯࡟㛵ࡍࡿἲ௧ୖᰴᘧ࠿ࡽ⏕ࡎࡿᡤ
ᚓ࡜ྠᵝ࡟ᢅࢃࢀࡿࡶࡢ) 397࡜࠸࠺ࡇ࡜ࡀ᫂ᩥ໬ࡉࢀ࡚࠸ࡿࠋEva Eberhartinger & Martin Alexander Six ࡣࠊࡇࡢ Art 10 (3)ࡢ᭱ᚋࡢࢭࣥࢸࣥࢫࡣࠊ
ࠕ㓄ᙜࠖ࡟ࡘ࠸࡚ OECD ࣔࢹࣝ⛒⛯᮲⣙ࡣ※Ἠᆅᅜࡢᅜෆἲࢆཧ↷ࡍࡿࡇ࡜ࢆ᫂♧ⓗ࡟♧ࡋ࡚࠾ࡾࠊࡋࡓࡀࡗ࡚ࡇࡢ᭱ᚋࡢࢭࣥࢸࣥࢫࡣࠊ2ᅜ㛫᮲⣙ࡢ୍㒊࡟ࡼࡾᐃࡵࡿࡶࡢ࡜ゎ㔘ࡉࢀࡿ࡜ࡋ࡚࠸ࡿ398ࠋ ࡋ࠿ࡋࠊཎ⌮ⓗ࡟࠸ࡗ࡚ࠊ᭱ᚋࡢཧ↷ᩥࡀࠕ㓄ᙜࠖࡢᐃ⩏ࡢࡍ࡭࡚ࢆໟᦤࡋ࡚࠸ࡿࡢ࠿ࠊࠕ㓄ᙜࠖࡢᐃ⩏ࡢ➨ 2 ࣃ࣮ࢺ࡛࠸ࡗ࡚࠸ࡿ"income from other corporate rights㸦ࡑࡢ௚ᣢศ࠿ࡽ⏕ࡎࡿᡤᚓ399㸧"࡟㝈ᐃࡋ࡚࠸ࡗ࡚࠸ࡿࡢ࠿㆟ㄽࡢవᆅࡀ࠶ࡿ࡜ Eva Eberhartinger & Martin Alexander Sixࡣㄽࡌ࡚࠸ࡿ400ࠋArt 10(3)ࡢᩥゝ࠿ࡽࠊ᭱ᚋࡢཧ↷ࡣ᫂ࡽ࠿࡟ࠕ㓄ᙜࠖࡢᐃ⩏ࡢ᭱ึࡢࣃ࣮ࢺ࡟ิ
394 Id at 29.
395 Id at 29.
396 Id at 29.
397 See OECD, supra note (388) at 29.㸹᪥ᮏㄒヂࡣࠗᖹᡂ 21 ᖺᗘ ⛒⛯᮲⣙㛵ಀἲつ㞟࠘㸦⣡⛯༠఍㐃ྜ఍ࠊ2009㸧1827 㡫࡟ࡼࡿࠋ
398 See Eva Eberhartinger & Martin Alexander Six, supra note (385) at 10; OECD, supra note(388) at 29.
399 ࠗᖹᡂ 21 ᖺᗘ ⛒⛯᮲⣙㛵ಀἲつ㞟࣭࠘๓ᥖὀ㸦397㸧
ࠊ1827 㡫ࠋ400 See Eva Eberhartinger & Martin Alexander Six, supra note (385) at 10.
97ᣲࡉࢀ࡚࠸ࡿᡤᚓ࡟ᑐࡋ࡚ࡲ࡛ࡣ࠿࠿ࡗ࡚࠸࡞࠸ࠋࡑࢀࡺ࠼ࠊ'income from shares, "jouissance"
shares or "jouissance" rights , founders' shares or other rights not being debt-claims,
participating in profits'࡜࠸࠺ᐃ⩏ࡣࡑࢀࡺ࠼※Ἠᆅᅜࡢᅜෆἲ࠿ࡽࡣ⊂❧ࡋ࡚ゎ㔘ࡉࢀ࡞ࡃ࡚ࡣ
࡞ࡽ࡞࠸࡜࠸࠺ぢゎࢆ㏙࡭࡚࠸ࡿ401ࠋࡋࡓࡀࡗ࡚⤖ᯝⓗ࡟'income from corporate right'ࡢࡳࡀ※Ἠᆅᅜࡢᅜෆἲࡢཧ↷࡜࠸࠺ᙳ㡪ࢆཷࡅࡿࡇ࡜࡟࡞ࡿ࡜Eva Eberhartinger & Martin Alexander Sixࡣㄽࡌ࡚࠸ࡿ402ࠋࡇࡢࡇ࡜ࡣࢻ࢖ࢶἲཎ⌮࡟ࡋࡓࡀ࠼ࡤࠊ
ࠕᰴᘧ࠿ࡽ⏕ࡌࡓᡤᚓ࡟ᑐࡍࡿㄢ⛯ୖࡢ࡟㛵㐃ࡍࡿࡢࡳ࡛࠶ࡗ࡚᮲⣙࡟⏝࠸ࡽࢀ࡚࠸ࡿ'corporate rights'࡜㛵㐃ࡍࡿࡶࡢ࡛ࡣ࡞࠸404ࠋ
ᢅ࠸403ࠖ
ࡋࡓࡀࡗ࡚⮬↛࡞ゎ㔘ࢆࡍࢀࡤࠕᰴᘧ࠿ࡽ⏕ࡌࡓᡤᚓ࡟ᑐࡍࡿㄢ⛯ୖࡢᢅ࠸ࠖ࡜࠸࠺⏝ㄒࡣ≉ᐃࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ※Ἠᆅᅜࡢศ㢮ࡔࡅ࡟㛵㐃ࡍࡿࡶࡢ࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ405ࠋ ຍ࠼࡚ࠊ༢࡟'corporate rights'࡜グࡋ࡚࠸ࡿࡢ࡛ࡣ࡞ࡃ'other corporate rights'࡜グࡋ࡚࠸ࡿࡇ࡜
ࡣࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ࡢ Art 10(3)࡟ิᣲࡉࢀ࡚࠸ࡿࡍ࡭࡚ࡢ㡯┠ࡀ'corporate rights'࡜ࡉࢀࡿ࡭ࡁ࡜࠸࠺ࡇ࡜ࢆ♧ࡋ࡚࠸ࡿ࡜⪃࠼ࡽࢀࠊࡋࡓࡀࡗ࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ࢖࣮ࣝࢻ
ࡣᐃ⩏ࡢ᭱ึࡢࣃ࣮ࢺ࡜ḟࡢࣃ࣮ࢺ࡟ᐃ⩏ࡉࢀ࡚࠸ࡿࡇ࡜࡜ࡣ㛵㐃࡞ࡃࠊࡶࡋࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥ
ࢫࢶ࣓ࣝࣥࢺࡀ᮲⣙᮲㡯࡟ࡼࡿ'corporate rights'ࢆᵓᡂࡋ࡚࠸ࡿࡢ࡛࠶ࢀࡤࠊࡑࢀࡣ OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 10(3)࡟ࡋࡓࡀࡗ࡚ࠕ㓄ᙜࠖ࡜ㄆᐃࡉࢀࡿ࡟㐣ࡂ࡞࠸࡜ㄽࡌ࡚࠸ࡿ406ࠋ
 OECDࣔࢹࣝ⛒⛯᮲⣙ࡢ᮲㡯࡟ࡼࡿcorporate rights࡜࠸࠺ㄆᐃࠊ
ࡲࡓⓎ⾜⪅ࡢ฼┈ཧຍᶒࢆᣢࡗ
ࡓࢹࢵࢺ࣭ࢡ࣮࣒ࣞ࡜ࡢቃ⏺⏬ᐃ࡟ᑐࡍࡿጇᙜ࡞ㄆᐃࡢᇶ‽ࡣࠊ௻ᴗࣜࢫࢡࢆศࡅྜࡗ࡚࠸ࡿࡇ࡜
࡟ᑐࡍࡿ௦ൾ࡜ࡋ࡚ࡢ఍♫㈨⏘౯್ࡢቑຍࡢྍ⬟ᛶ࠿ࡽ⏕ࡌࡿ฼┈࡟ᑐࡍࡿᶒ฼࡛࠶ࡿ࡜グࡋ࡚࠸
ࡿ407ࠋࡇࢀࡣࠊูࡢゝⴥ࡛ゝ࠼ࡤࠊ௬࡟ᰴ୺࡟ࡼࡗ࡚᝿ᐃࡉࢀࡓࣜࢫࢡ࡜ẚ㍑ྍ⬟࡞᪉ἲ࡛ᢞ㈨ᐙ
ࡀᢞ㈨࡟ࡼࡿᦆኻࡢ㉳ࡇࡾ࠼ࡿࣜࢫࢡࢆཷࡅධࢀ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࡜ࡋࡓࡽࠊᢞ㈨ࡣ Equity ࡜ࡋ࡚ࠊ㓄ᙜࢆ⏕ࡴࡶࡢ࡜ࡋ࡚㐺᱁௜ࡅࡉࢀࡓࡔࡅࡢࡶࡢ࡛࠶ࡿ࡜㏙࡭࡚࠸ࡿ408ࠋ ฼┈ཧຍᶒࡣ㆟ㄽࡍࡿࡲ࡛ࡶ࡞ࡃ Equity ࡢศ㢮࡟ᚲせ୙ྍḞ࡞≉ᛶ࡛࠶ࡿࡀࠊ฼┈ཧຍᶒ༢⊂࡛ࡣ Debt ࡢᛶ㉁࠿ࡽ Equity ࡢᛶ㉁࡟ኚࢃࡿࢃࡅ࡛ࡣ࡞࠸ࠋ୍⯡ⓗ࡞Ꮫㄝ࡟ࡋࡓࡀ࠼ࡤࠊ฼┈ཧຍᶒ࡟ຍ࠼࡚ᣢࡕศᶒࡢᡤ᭷⪅ࡣᑡ࡞ࡃ࡜ࡶ఍♫ࡢΎ⟬཰┈࡟ཧຍࡍࡿᶒ฼ࢆ୚࠼ࡽࢀ࡚࠸࡞ࡅࢀࡤ
࡞ࡽࡎᣢࡕศᶒࡢᡤ᭷⪅ࡀࡑࡢⓎ⾜఍♫ࡢ㞃ࢀࡓ฼┈␃ಖ࡟ཧຍࡍࡿࡢ࡛࠶ࢀࡤࡇࡢᇶ‽ࡣ‶ࡓࡉࢀ࡚࠸ࡿ࡜࠸࠼ࠊࡑࡢࡇ࡜ࡣ㏉῭ࡀ࡯࠿ࡢമᶒ⪅࡟ຎᚋࡉࢀ࡞ࡅࢀࡤࡽ࡞࠸ࡇ࡜ࢆព࿡ࡋ࡚࠸ࡿ࡜
㏙࡭࡚࠸ࡿ409ࠋ
 OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 10 ࡢᩥゝࡣࠊࡇࢀࡽࡢᇶ‽ࢆ᫂♧ࡋ࡚࠾ࡽࡎࠊ≉Ṧ࡞ࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀ Equity ࡜ࡋ࡚㐺᱁࡛࠶ࡿࡓࡵ࡟ࡣࠊcorporate right㸦ᣢࡕศᶒ㸧࡜ profit
participating right㸦฼┈ཧຍᶒ㸧࡜࠸࠺ 2 ࡘࡢᇶ‽ࡀ࡝ࡢࡼ࠺࡟ᙧᡂࡉࢀ࡚࠸࡞ࡅࢀࡤ࡞ࡽ࡞࠸
ࡢ࠿࡜࠸࠺Ⅼ࡟ࡣゐࢀ࡞࠸࡛࠸ࡿ410ࠋ㌿᥮ᶒࠊ୍ᐃᮇ᪥࡟࠾ࡅࡿᐃ㢠㏉῭ࠊ᭱పᅛᐃ㔠฼࡞࡝ࡢࣁ
401 Id. at 10.
402 Id. at 10.
403 'taxation treatment as income from shares'
404 Id. at 10.
405 Id. at 10.
406 Id. at 10.
407 Id. at 10.
408 Id. at 11.
409 Id. at 11.
410 Id. at 11.

98࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢࡶࡘᗈỗ࡞ᛶ㉁࡟ࡼࡾࠊcorporate right㸦ᣢࡕศᶒ㸧࡜ profit
participating right㸦฼┈ཧຍᶒ㸧࡜࠸࠺ 2 ࡘࡢᇶ‽ࡀ‶ࡓࡉࢀ࡚࠸ࡿ࠿ྰ࠿࡜࠸࠺ุ᩿ࡀ㞴ࡋ࠸ࡶࡢ࡜࡞ࡗ࡚࠸ࡿࡀࠊࡑࡢ⌮⏤࡜ࡋ࡚ࠊ࠶ࡿ✀ࡢ࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟㛵㐃ࡍࡿࢥࣥࢺ࣮ࣟࣝࡢᶒ฼
ࡢ⠊ᅖࡣ Equity ࠶ࡿ࠸ࡣ Debt ࡢ≉ᛶ࡟ᙳ㡪ࢆཬࡰࡍ࡭ࡁ࡛ࡣ࡞࠸ࠋࡑࢀࡣࠊᰴ୺ࡢࢥࣥࢺ࣮ࣟࣝ
ࡢᶒ฼ࡀ┤᥋ⓗ࡟ࣜࢫࢡࢆቑຍࡍࡿࠊ࠶ࡿ࠸ࡣῶᑡࡍࡿ࡜࠸࠺ࡇ࡜࡟ࡣ࡞ࡽ࡞࠸࠿ࡽ࡛࠶ࡿ࡜ㄽࡌ
ࡽࢀ࡚࠸ࡿ411ࠋ
(2)

Art 11 ࡟࠾ࡅࡿࣁ࢖ࣈࣜࢵࢻ࣭ࣇ࢓࢖ࢼࣥࢫࡢྲྀࡾᢅ࠸

Eva Eberhartinger & Martin Alexander Six ࡣࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ Art 11(3)ࡣ฼Ꮚࡢᐃ⩏᮲㡯࡛࠶ࡿࠋ
Art 11(3)ࡣࠊ
஧⥾⣙ᅜ㛫࡟࠾ࡅࡿ࠸ࡎࢀ࠿ࡢ⥾⣙ࡢᅜෆἲ࡬ࡢཧ↷ࡣྵࢇ࡛࠸࡞࠸ࡓࡵࠊ
⥾⣙ᅜࡢ࠸ࡎࢀࡢᅜෆἲ࡜ࡶ⊂❧࡟ゎ㔘ࡉࢀࡿ࡭ࡁࡶࡢ࡛࠶ࡿ࡜㏙࡭࡚࠸ࡿ412ࠋ ࡇࡢࡇ࡜࡟ᑐࡍࡿṇᙜ໬ࡣ OECD ࣔࢹࣝ⛒⛯᮲⣙ࢥ࣓ࣥࢱ࣮ࣜArt 11 para. 21413࡟࠾࠸࡚ḟࡢࡼ࠺࡟ㄝ᫂ࡀ࡞ࡉࢀ࡚࠸ࡿࠋa)ᙜヱᐃ⩏ࡣࠊᐇ㝿ୖࠊྛᅜἲ௧࡟࠾࠸࡚฼Ꮚ࡜ࡉࢀ࡚࠸ࡿࡍ࡭࡚ࡢ✀㢮ࡢᡤᚓࢆᑐ㇟࡜ࡋ࡚࠸ࡿࡇ࡜ࠋb)᥇⏝ࡉࢀ࡚࠸ࡿᐃᘧࡣࠊἲⓗほⅬ࠿ࡽࡼࡾ㧗࠸☜ᐇᛶࢆ☜ಖࡋ࡚࠾ࡾࠊ᮲⣙ࡀᑗ᮶⾜ࢃࢀࡿ୍ᅜ
ࡢᅜෆἲ௧ࡢᨵṇ࡟ࡼࡗ࡚ࡣᙳ㡪ࢆཷࡅ࡞࠸࡛࠶ࢁ࠺ࡇ࡜ࢆ☜ಖࡋ࡚࠸ࡿࡇ࡜ࠋc)ᮏࣔࢹࣝ⛒⛯᮲⣙࡟࠾࠸࡚ࡣࠊᅜෆἲ௧ࡢཧ↷ࡣ࡛ࡁࡿࡔࡅᅇ㑊ࡍ࡭ࡁ࡛࠶ࡿࡇ࡜ࠋ ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ Art 11 ࡢᑐᛂ࡟࠾࠸࡚ၥ㢟࡜࡞ࡿࡢࡣ Art 11(3)ࡢᐃ
⩏つᐃ࡟࠾࠸࡚"income from debt-claims of every kind414"࡜グ㏙ࡉࢀ࡚࠸ࡿࡶࡢࡢࠊࡑࡢᐃ⩏ࡣ୚࠼ࡽࢀ࡚࠾ࡽࡎࠊdebt-claims ࡢ౛㸦government securities㸦බമ㸧 and income from bonds ordebentures㸦മๆ࠶ࡿ࠸ࡣമົド᭩㸧㸧ࡀ୚࠼ࡽࢀ࡚࠸ࡿ࡟㐣ࡂ࡞࠸Ⅼ࡛࠶ࡿ415ࠋࡇࡢᩥ⬦࠿ࡽ࡛ࡣࠊ୍᪉࡛ࡣ Art 10(3)ࡢᛶ㉁ࢆ᭷ࡋࠊ୍᪉࡛ࡣ Art 11(3)ࡢᛶ㉁ࢆ᭷ࡍࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ
࣓ࣝࣥࢺࢆ Art 10 ࠶ࡿ࠸ࡣ Art 11 ࡢ࠸ࡎࢀ࠿࡟ศ㢮ࡍࡿࡇ࡜ࡣᅔ㞴࡛࠶ࡾࠊᚑࡗ࡚ࠊArt 10 ࡜
Art 11 ࡀ࡝ࡢࡼ࠺࡞㛵㐃࡟࡞ࡗ࡚࠸ࡿࡢ࠿ࡀ␲ၥ࡜࡞ࡿ416ࠋࡇࡢⅬ࡟ࡘ࠸࡚ࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ࢥ࣓ࣥࢱ࣮ࣜArt 11 para. 19 ࡟ࠊࠕ㐣ᑡ㈨ᮏࡀ᝿ᐃࡉࢀࡿ≧ἣ࡟࠾࠸࡚ࡣࠊ㓄ᙜ࡜฼Ꮚࢆ༊ู
ࡍࡿࡇ࡜ࡀᅔ㞴࡞ሙྜࡶᏑࡋࠊ➨ 10 ᮲ཬࡧ➨ 11 ᮲ࡑࢀࡒࢀ࡛ྲྀࡾᢅࢃࢀࡿᡤᚓࡢ⠊␪ࡢ㔜」ࡢྍ
⬟ᛶࢆ୍ษᅇ㑊ࡍࡿࡓࡵ࡟ࠊ➨ 11 ᮲࡛౑⏝ࡉࢀࡿࠕ฼Ꮚࠖ࡜࠸࠺⏝ㄒࡣ➨ 10 ᮲ࡢୗ࡛ྲྀࡾᢅࢃࢀ
ࡿ㡯┠ࡢᡤᚓࢆྵࡲ࡞࠸ࠊ࡜࠸࠺ࡇ࡜࡟␃ពࡍ࡭ࡁ࡛࠶ࡿ417ࠖ࡜᫂グࡉࢀ࡚࠸ࡿࠋࡇࡢᩥ⬦࠿ࡽ⪃
࠼ࡿ࡜ࠊincome from corporate right ࡜ income from debt-claims ࡣ᤼཯஦㇟࡜࠸࠺ࡇ࡜࡟࡞ࡿ࡜

411 Id. at 11.
412 Id. at 12.
413 See OECD, supra note (388) at 176.࡞࠾ࠊ௨ୗ a), b), c)ࡢ᪥ᮏㄒࡣࠊᕝ➃Ὀஅ┘ヂࠗOECD ࣔࢹࣝ⛒⛯᮲⣙࠘2008 ᖺᗘ∧㸦᪥ᮏ⛒⛯◊✲༠఍ࠊ2009㸧175 㡫࡟ࡼࡿࠋ414 Id. at 29.
415 Id. at 29.
416 Id. at 12.
417 See OECD, supra note (388) at 175.࡞࠾ࠊヱᙜ㒊ศ [ In situations of presumed thin capi-

talisation, it is sometimes difficult to distinguish between dividends and interest and in order toavoid any possibility of overlap between the categories of income dealt with in Article 10 and
Article 11 respectively, it should be noted that the term "interest" as used in Article 11 does notinclude items of income which are dealt with under Article 10. ]ࡢ᪥ᮏㄒࡣࠊ
ᕝ➃Ὀஅ┘ヂ
ࠗOECDࣔࢹࣝ⛒⛯᮲⣙࠘2008 ᖺᗘ∧㸦᪥ᮏ⛒⛯◊✲༠఍ࠊ2009㸧175 㡫࡟ࡼࡿࠋ99

Eva Eberhartinger & Martin Alexander Six ࡣ㏙࡭࡚࠸ࡿ418ࠋ ࡋࡓࡀࡗ࡚ࠊEva Eberhartinger & Martin Alexander Six ࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ
࡟࠾࠸࡚ࠊprofit-participating right (฼┈ཧຍᶒ)ࡣࠊ஧㔜ㄢ⛯᮲⣙ࡢほⅬ࠿ࡽࠊⓎ⾜఍♫ࡢΎ⟬཰┈࡟ཧຍࡍࡿᶒ฼࡛࠶ࡾࠊArt 11(3)࡟࠾ࡅࡿ income from debt-claims ࡟ᒓࡍࡿࡶࡢ࡛ࡣ࡞ࡃࠊࡴ
ࡋࢁ Art 10(3)࡟࠾ࡅࡿ income from corporate right ࡟ᒓࡍࡿࡶࡢ࡜⪃࠼ࡿ࡭ࡁ࡛࠶ࡿࡇ࡜࠿ࡽࠊ
profit-participating right ࡟ࡼࡾ⏕ࡎࡿ࢖࣮ࣝࢻࡣࠊArt 10 ࡟ࡼࡾᐃ⩏ࡉࢀࡿࠊࠕ㓄ᙜࠖ࡜ᛶ㉁Ỵᐃ࡞ࡉࢀࡿࡇ࡜࡟࡞ࡿ࡜࠸࠺ぢゎࢆㄽࡌ࡚࠸ࡿ419ࠋ
2.

Art 10 ࡜ Art 11 ࡜ࡢቃ⏺

Eva Eberhartinger & Martin Alexander Six ࡣࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ Art 10 ࡜ Art 11 ࡢᮏ㉁ⓗ࡞ቃ⏺ᇶ‽ࡣࠊ
corporate rights (ᣢࡕศᶒ)࡟࠶ࡾࠊ
Art 10 ࡟ࡼࡿcorporate rights ࡟ヱᙜࡍࢀࡤࠊ
ࡑࢀ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡣ㓄ᙜ࡜ศ㢮ࡉࢀࠊࡑࢀ௨እࡢሙྜࡣ Art 11 ࡟ࡼࡿ฼Ꮚ࡟ヱᙜࡍࡿ࠿ྰ࠿
ࡢุ᩿࡟ࡼࡿࡇ࡜࡜࡞ࡿ࡛࠶ࢁ࠺࡜ㄽࡌ࡚࠸ࡿ420ࠋ ࡋ࠿ࡋ࡞ࡀࡽࠊ」㞧໬ࡋࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡋࠊಶࠎ࡟ OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 10 ࡜ Art 11 ࢆ㐺⏝ࡋุ࡚᩿ࡍࡿࡢ࡟ࡶ㝈⏺ࡀ࠶ࡾࠊ᭱⤊ⓗ࡟ࡣ஧⥾⣙ᅜࡑࢀࡒࢀࡢ୺ᙇ
ࡀࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆᕠࡾࠊࡑࢀࡀ corporate rights ࡟ヱᙜࡍࡿ࠿ྰ࠿࡛㣗࠸㐪࠸ࡀ⏕ࡌࡿࡇ࡜࡜࡞ࡿࠋࡋࡓࡀࡗ࡚ࠊ᭱⤊ⓗ࡞ゎỴ⟇ࡣࠊ஧ᅜ㛫⛒⛯᮲⣙࡟ࡼࡿ࡭ࡁ࡛࠶ࡿ࡜ㄽࡌ
࡚࠸ࡿ421ࠋ➨4⠇⛒⛯⿢ᐃ࡟ࡼࡿᅜ㝿㛫ྲྀᘬ࡟࠾ࡅࡿᐇຠ⛯⋡ࡢపୗ1.

ᖹᡂ 21 ᖺᗘᨵṇ࡟ࡼࡿࠊእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ㸦ἲἲ 23 ࡢ 2ࠊྠἲ 39 ࡢ 2㸧

(1)

๰タࡢ⫼ᬒ

ࢃࡀᅜࡢᾏእᏊ఍♫ࡢ฼┈ࡣ2001 ᖺ࡜ẚ㍑ࡍࡿ࡜࠾ࡼࡑ4 ಸ㉸࡟ቑຍࡋ࡚࠸ࡿࡀࠊ
ࢃࡀᅜ௻ᴗࡣࠊ
ᾏእ࡛⋓ᚓࡋࡓ฼┈ࡢከࡃࢆᅜෆ࡟㑏ὶࡉࡏࡿࡇ࡜࡞ࡃᾏእ࡟␃ಖࡍࡿഴྥࡀࡳࡽࢀࡿ422ࠋࢃࡀᅜ⤒῭ࡢάᛶࡢほⅬ࠿ࡽࠊᾏእᕷሙ࡛⋓ᚓࡍࡿ฼┈ࢆࢃࡀᅜ࡟㑏ὶࡉࡏࡿዲᚠ⎔ࡢ☜❧ࡀ㔜せ࡛࠶ࡾࠊࡑࡢࡓࡵ࡟ࡣࢃࡀᅜ௻ᴗࡀእᅜᏊ఍♫ࡢ฼┈ࢆᚲせ࡞࡜ࡁ࡟ᚲせ࡞㔠㢠ࡔࡅᡠࡍࡇ࡜ࡀ࡛ࡁࡿࡇ࡜ࡀ㔜せ࡜࡞ࡿ423ࠋࡇࡢࡓࡵࠊእᅜᏊ఍♫࠿ࡽཷࡅࡿ㓄ᙜ࡟ಀࡿ஧㔜ㄢ⛯᤼㝖ࡢ᪉ᘧ࡜ࡋ࡚ࠊ௻ᴗࡢ
㓄ᙜᨻ⟇ࡢỴᐃ࡟ᑐࡍࡿ⛯ไࡢ୰❧ᛶࢆほⅬ࡟ຍ࠼࡚㐺ษ࡞஧㔜ㄢ⛯ࡢ᤼㝖ࢆ⥔ᣢࡋࡘࡘࠊไᗘࡢ
⡆⣲໬ࢆ┠ⓗ࡜ࡋ࡚ᚑ᮶ࡢ㛫᥋⛯㢠᥍㝖ไᗘ࡟௦࠼࡚ࠊෆᅜἲேࡀ୍ᐃࡢእᅜᏊ఍♫࠿ࡽཷࡅࡿ㓄ᙜ➼ࢆ┈㔠୙⟬ධ࡜ࡍࡿࠊእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධไᗘࡀᑟධࡉࢀࡓ424ࠋ
(2)

ᴫせእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධไᗘࡣࠊෆᅜἲேࡀࠊእᅜᏊ఍♫㸦ෆᅜἲேࡢእᅜἲே࡟ᑐࡍࡿ≉Ṧ๭
ྜࡀ 25㸣௨ୖ࡛࠶ࡾࠊ࠿ࡘࠊࡑࡢಖ᭷ᮇ㛫ࡀ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࡢᨭᡶ࠸⩏ົࡀ☜ᐃࡍࡿ᪥௨๓ 6᭶௨ୖ࡛࠶ࡿእᅜἲேࢆ࠸࠺ࠋ
㸧࠿ࡽཷࡅࡿ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠࡟ಀࡿ㈝⏝ࡢ㢠࡟┦ᙜࡍࡿ㢠㸦๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࡢ 5㸣┦ᙜ㢠㸧ࢆ᥍㝖ࡋࡓ㔠㢠ࢆ┈㔠୙⟬ධ࡟ࡍࡿࡇ࡜ࡀ࡛ࡁࡿ㸦ἲἲ 23 ࡢ 2㸧࡜

418 See Eva Eberhartinger & Martin Alexander Six, supra note (385) at 12.
419 Id. at 13.
420 Id. at 13.
421 Id. at 13.
422 ࠗᖹᡂ 21 ᖺᗘ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
㸦኱ⶶ㈈ົ༠఍ࠊ2009㸧425 㡫ࠋ
423 ࠗᖹᡂ 21 ᖺᗘ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
࣭๓ᥖὀ㸦422㸧
ࠊ425 㡫ࠋ424 ࠗᖹᡂ 21 ᖺᗘ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
࣭๓ᥖὀ㸦422㸧
ࠊ425 㡫ࠋ100࠸࠺ࡶࡢ࡛࠶ࡿࠋ
(3)

21 ᖺᗘᨵṇ๓እᅜ⛯㢠᥍㝖ไᗘ

ձ

እᅜἲே⛯

እᅜ⛯㢠᥍㝖ࡢᑐ㇟࡜࡞ࡿࠕእᅜἲே⛯ࠖ࡜ࡣࠊእᅜࡢἲ௧࡟ࡼࡾㄢࡉࢀࡿἲே⛯࡟┦ᙜࡍࡿ⛯࡛ᨻ௧࡛ᐃࡵࡿࡶࡢ㸦ἲἲ 69 ᮲ 1 㡯㸧࡛࠶ࡾࠊලయⓗ࡟ࡣࠕἲேࡢᡤᚓࢆㄢ⛯ᶆ‽࡜ࡋ࡚ㄢࡉࢀࡿ
⛯ࠖἲ௧ 141 ᮲ 1 㡯ࠊࠕ㉸㐣฼₶⛯ࡑࡢ௚ἲேࡢᡤᚓࡢ≉ᐃࡢ㒊ศࢆㄢ⛯ᶆ‽࡜ࡋ࡚ㄢࡉࢀࡿ⛯ࠖ㸦ἲ
௧ 141 ᮲ 2 㡯 1 ྕ㸧ࠊࠕἲேࡢᡤᚓཪࡣࡑࡢ≉ᐃࡢ㒊ศࢆㄢ⛯ᶆ‽࡜ࡋ࡚ㄢࡉࢀࡿ⛯ࡢ㝃ຍ⛯ࠖ㸦ἲ
௧ 141 ᮲ 2 㡯 2 ྕ㸧ࠊࠕἲேࡢᡤᚓࢆㄢ⛯ᶆ‽࡜ࡋ࡚ㄢࡉࢀࡿ⛯࡜ྠ୍ࡢ⛯┠࡟ᒓࡍࡿ⛯࡛ࠊἲேࡢ
≉ᐃࡢᡤᚓ࡟ࡘࡁࠊᚩ⛯ୖࡢ౽ᐅࡢࡓࡵࠊᡤᚓ࡟௦࠼࡚཰ධ㔠㢠ࡑࡢ௚ࡇࢀ࡟‽ࡎࡿࡶࡢࢆㄢ⛯ᶆ㸦ἲ௧ 141 ᮲஧㡯 3 ྕ㸧ࠊࠕἲேࡢ≉ᐃࡢᡤᚓ࡟ࡘࡁࠊᡤᚓࢆㄢ⛯ᶆ‽࡜‽࡜ࡋ࡚ㄢࡉࢀࡿࡶࡢ425ࠖࡍࡿ⛯࡟௦࠼ࠊἲேࡢ཰ධ㔠㢠ࡑࡢ௚ࡇࢀ࡟‽ࡎࡿࡶࡢࢆㄢ⛯ᶆ‽࡜ࡋ࡚ㄢࡉࢀࡿ⛯ࠖ㸦ἲ௧ 141᮲ 2 㡯 4 ྕ㸧࡜ᐃࡵࡽࢀ࡚࠸ࡿࠋ
ղእᅜἲே⛯㢠ࡢ᥍㝖ࢃࡀᅜࡢ⛯ไ࡟࠾࠸࡚ࡣࠊෆᅜἲேࡢእᅜᨭᗑᙜ࡛⏕ࡌࡓᡤᚓࢆྵࡴࡑࡢෆᅜἲேࡢ඲ୡ⏺ᡤᚓࢆㄢ⛯ᶆ‽࡜ࡋ࡚ἲே⛯ࡀㄢ⛯ࡉࢀࡿࡇ࡜࡜ࡉࢀ࡚࠸ࡿ426ࠋࡋ࠿ࡋࠊእᅜᨭᗑ➼࡛⏕ࡌࡓᡤᚓ࡟ࡘ࠸
࡚ࡣࠊ㏻ᖖᡤᅾᆅᅜ࡟࠾࠸࡚ࡶㄢ⛯ࡉࢀࡿࡇ࡜࡜࡞ࡿࡓࡵࠊྠ୍ࡢᡤᚓ࡟ᑐࡋ࡚ࢃࡀᅜ࡜እᅜࡢ཮
᪉࡛ㄢ⛯ࡉࢀࡿ࡜࠸࠺ࠊᅜ㝿ⓗ஧㔜ㄢ⛯ࡀ⏕ࡎࡿࡇ࡜࡜࡞ࡿ427ࠋࡑࡇ࡛ࠊෆᅜἲேࡀྛ஦ᴗᖺᗘ࡟
࠾࠸࡚እᅜἲே⛯ࢆ⣡௜ࡍࡿࡇ࡜࡜࡞ࡿሙྜ࡟ࡣࠊࢃࡀᅜ࡛ㄢ⛯ᶆ‽࡜ࡉࢀࡓᡤᚓࡢ㔠㢠ࡢ࠺ࡕࡑ
ࡢ※Ἠࡀᅜእ࡟࠶ࡿࡶࡢ࡟ᑐᛂࡍࡿ㒊ศࡢ㔠㢠㸦ࡇࢀࢆ௨ୗࠕᅜእᡤᚓ㔠㢠㸦ἲ௧ 142 ᮲ 3 㡯㸧ࠖ࡜࠸࠺ࠋ㸧࡟ಀࡿἲே⛯㢠㸦௨ୗࠕ᥍㝖㝈ᗘ㢠ࠖ࡜࠸࠺ࠋ
㸧ࢆ㝈ᗘ࡜ࡋ࡚ࠊࡑࡢእᅜἲே⛯ࡢ㢠ࢆᙜヱ஦ᴗᖺᗘࡢᡤᚓ࡟ᑐࡍࡿἲே⛯ࡢ㢠࠿ࡽ᥍㝖ࡍࡿࡇ࡜࡜ࡉࢀ࡚࠸ࡿ428ࠋճ㛫᥋እᅜ⛯㢠᥍㝖௻ᴗࡢᾏእ㐍ฟ࡟࠾ࡅࡿᨭᗑᙧែ࡜Ꮚ఍♫ᙧែ࡜ࡢ࢖ࢥ࣮ࣝࣇ࢕ࢵࢸ࢕ࣥࢢࡢほⅬ࠿ࡽࠊෆᅜἲே
ࡢእᅜᏊ఍♫ཪࡣእᅜᏞ఍♫ࡀ⣡௜ࡋࡓእᅜἲே⛯࡟ࡘ࠸࡚ࡶࠊ୍ᐃࡢሙྜ࡟ࡣࠊࡑࡢෆᅜἲேࡀ
እᅜᏊ఍♫࠿ࡽ㸦ࡑࡢእᅜᏊ఍♫ࡀእᅜᏞ఍♫࠿ࡽ㸧ᨭᡶࢆཷࡅࡓ㓄ᙜ➼ࡢ㢠࡟ᑐᛂࡍࡿࡶࡢࢆෆ
ᅜἲே㸦እᅜᏊ఍♫㸧ࡀ⣡௜ࡋࡓࡶࡢ࡜ࡳ࡞ࡋ࡚ࠊෆᅜἲேࡢྛ஦ᴗᖺᗘࡢᡤᚓ࡟ᑐࡍࡿἲே⛯࠿ࡽ᥍㝖ࡍࡿࡇ࡜࡜ࡋ࡚࠸ࡓ㸦ᪧἲἲ 69 ᮲ 8 㡯㸧429ࠋ
(4)

21 ᖺᗘᨵṇࡢෆᐜձ㛫᥋⛯㢠᥍㝖ไᗘࡢᗫṆእᅜ⛯㢠᥍㝖ไᗘࢆ᥇ࡗ࡚࠸ࡿ࢔࣓ࣜ࢝ࡸ࢖ࢠࣜࢫ࡟࠾࠸࡚ࠊ㏆ᖺࠊᅜእᡤᚓච㝖ไᗘࡸᾏእᏊ఍
♫㓄ᙜච㝖ไᗘ࡞࡝ࡢᑟධࡀᥦ᱌ࡉࢀ࡚࠾ࡾࠊᅜ㝿ⓗ࡞㈨㔠ᚠ⎔ࡢ⌧≧ࢆ⫼ᬒ࡟ࠊ㈨ᮏ㍺ฟᅜࡢどⅬ࡟❧ࡗ࡚඲ୡ⏺ᡤᚓㄢ⛯ࢆ๓ᥦ࡟஧㔜ㄢ⛯ࢆ᤼㝖ࡍࡿ᪉ᘧࢆಟṇࡍࡿヨࡳ࡜ࡋ࡚ࠊእᅜᏊ఍♫࠿ࡽࡢ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠࡟ࡘ࠸࡚ࡣࠊእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධไᗘࡀᑟධࡉࢀࠊᚑ᮶ࡢ㛫᥋እᅜ⛯㢠᥍㝖ไᗘࢆᗫṆࡍࡿࡇ࡜࡜࡞ࡗࡓࠋ

425 ฼Ꮚ࣭㓄ᙜࢆᑐ㇟࡜ࡍࡿ※Ἠᚩ཰⛯ࡀࡇࢀ࡟ྵࡲࢀࡿࠋቑ஭Ⰻၨ࣭ᐑᓮ⿱Ꮚࠗᅜ㝿⛒⛯ἲ࠘㸦ᮾி኱Ꮫฟ∧఍ࠊ2008㸧149 㡫ࠋ
426 ࠗᖹᡂ 21 ᖺᗘ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
࣭๓ᥖὀ㸦422㸧
ࠊ433 㡫ࠋ427 ࠗᖹᡂ 21 ᖺᗘ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
࣭๓ᥖὀ㸦422㸧
ࠊ433 㡫ࠋ
428 ࠗᖹᡂ 21 ᖺᗘ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
࣭๓ᥖὀ㸦422㸧
ࠊ433 㡫ࠋ
429 ࠗᨵṇ⛯ἲࡢࡍ࡭࡚ ᖹᡂ 21 ᖺᗘ∧࣭࠘๓ᥖὀ㸦422㸧
ࠊ434 㡫ࠋ101ղእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධἲே⛯ἲ 23 ᮲ࡢ 2 1 㡯࡟ࠊࠕෆᅜἲேࡀእᅜᏊ఍♫㸦ᙜヱෆᅜἲேࡀಖ᭷ࡋ࡚࠸ࡿࡑࡢᰴᘧཪࡣ
ฟ㈨ࡢᩘཪࡣ㔠㢠ࡀࡑࡢⓎ⾜῭ᰴᘧཪࡣฟ㈨㸦ࡑࡢ᭷ࡍࡿ⮬ᕫࡢᰴᘧཪࡣฟ㈨ࢆ㝖ࡃࠋ㸧ࡢ⥲ᩘཪࡣ
⥲㢠ࡢⓒศࡢ஧༑஬௨ୖ࡟┦ᙜࡍࡿᩘཪࡣ㔠㢠࡜࡞ࡘ࡚࠸ࡿࡇ࡜ࡑࡢ௚ࡢᨻ௧࡛ᐃࡵࡿせ௳ࢆഛ࠼࡚࠸ࡿእᅜἲேࢆ࠸࠺ࠋ
㸧࠿ࡽཷࡅࡿ๓᮲➨୍㡯➨୍ྕ࡟ᥖࡆࡿ㔠㢠㸦௨ୗࡇࡢ㡯ཬࡧḟ㡯࡟࠾࠸࡚ࠕ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࠖ࡜࠸࠺ࠋ
㸧ࡀ࠶ࡿሙྜ࡟ࡣࠊᙜヱ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠࠿ࡽᙜヱ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠࡟ಀࡿ㈝⏝ࡢ㢠࡟┦ᙜࡍࡿࡶࡢ࡜ࡋ࡚ᨻ௧࡛ᐃࡵࡿ࡜ࡇࢁ࡟ࡼࡾィ⟬ࡋࡓ㔠㢠ࢆ᥍㝖ࡋࡓ㔠㢠ࡣࠊࡑࡢෆᅜἲேࡢྛ஦ᴗᖺᗘࡢᡤᚓࡢ㔠㢠ࡢィ⟬ୖࠊ┈㔠ࡢ㢠࡟⟬ධࡋ࡞࠸ࠋ
ࠖ࡜ࡋ࡚ᐃࡵࡽࢀ
࡚࠸ࡿࠋ ࡇࡇ࡛ࠊἲே⛯ἲ 23 ᮲ࡢ 2 1 㡯࡟ᐃࡵࡽࢀࡓࠊ
ࠕᙜヱ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠࠿ࡽᙜヱ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠࡟ಀࡿ㈝⏝ࡢ㢠࡟┦ᙜࡍࡿࡶࡢ࡜ࡋ࡚ᨻ௧࡛ᐃࡵࡿ࡜ࡇࢁ࡟ࡼࡾィ⟬ࡋࡓ㔠㢠ࢆ᥍㝖ࡋࡓ㔠㢠ࠖ࡜ࡣࠊἲே⛯ἲ᪋⾜௧ 22 ᮲ࡢ 3 ➨ 2 㡯࡟࠾࠸࡚ࠕἲ➨஧༑୕᮲ࡢ஧➨୍㡯 ࡟つᐃࡍࡿᨻ௧
࡛ᐃࡵࡿ࡜ࡇࢁ࡟ࡼࡾィ⟬ࡋࡓ㔠㢠ࡣࠊ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࡢⓒศࡢ஬࡟┦ᙜࡍࡿ㔠㢠࡜ࡍࡿࠋࠖ࡜ᐃࡵࡽࢀ࡚࠸ࡿ430ࠋ ࡲࡓࠊἲே⛯ἲ 23 ᮲ࡢ 2 1 㡯࡟ᐃࡵࡽࢀࡓࠕ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࠖ࡜ࡣࠊἲே⛯ἲ 23 ᮲ 㸯
㡯 1 ྕ࡟ᐃࡵࡽࢀࡓࠕ๫వ㔠ࡢ㓄ᙜ㸦ᰴᘧཪࡣฟ㈨࡟ಀࡿࡶࡢ࡟㝈ࡿࡶࡢ࡜ࡋࠊ㈨ᮏ๫వ㔠ࡢ㢠ࡢῶᑡ࡟క࠺ࡶࡢཬࡧศ๭ᆺศ๭࡟ࡼࡿࡶࡢࢆ㝖ࡃࠋ㸧ⱝࡋࡃࡣ฼┈ࡢ㓄ᙜ㸦ศ๭ᆺศ๭࡟ࡼࡿࡶࡢࢆ
㝖ࡃࠋ㸧ཪࡣ๫వ㔠ࡢศ㓄㸦ฟ㈨࡟ಀࡿࡶࡢ࡟㝈ࡿࠋ㸧ࡢ㢠ࠖࢆព࿡ࡍࡿࠋ
ճእᅜᏊ఍♫࠿ࡽཷࡅࡿ㓄ᙜ➼࡟ಀࡿእᅜ※Ἠ⛯➼ࡢᦆ㔠୙⟬ධἲே⛯ἲ 39 ᮲ࡢ 2 ࡟࠾࠸࡚ࠊእᅜᏊ఍♫࠿ࡽཷࡅࡿ㓄ᙜ➼࡟ಀࡿእᅜ※Ἠ⛯➼ࡢᦆ㔠୙⟬ධ࡟ࡘ࠸࡚ࠕෆᅜἲேࡀ➨஧༑୕᮲ࡢ஧➨୍㡯㸦እᅜᏊ఍♫࠿ࡽཷࡅࡿ㓄ᙜ➼ࡢ┈㔠୙⟬ධ㸧࡟つᐃࡍࡿእᅜᏊ఍♫࠿ࡽཷࡅࡿྠ㡯࡟つᐃࡍࡿ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠㸦௨ୗࡇࡢ᮲࡟࠾࠸࡚ࠕ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࠖ࡜࠸࠺ࠋ
㸧࡟ࡘࡁྠ㡯ࡢつᐃࡢ㐺⏝ࢆཷࡅࡿሙྜ㸦๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࡢィ⟬ࡢᇶ♏࡜ࡉࢀࡿ㔠㢠࡟ᑐࡋ࡚እᅜἲே⛯㸦➨භ༑஑᮲➨୍㡯㸦እᅜ⛯㢠ࡢ᥍㝖㸧࡟つᐃࡍࡿእᅜἲே⛯ࢆ࠸࠺ࠋ௨
ୗࡇࡢ᮲࡟࠾࠸࡚ྠࡌࠋ
㸧ࡀㄢࡉࢀࡿሙྜ࡜ࡋ࡚ᨻ௧࡛ᐃࡵࡿሙྜࢆྵࡴࠋ
㸧࡟ࡣࠊᙜヱ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠࡟ಀࡿእᅜ※Ἠ⛯➼ࡢ㢠㸦๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࢆㄢ⛯ᶆ‽࡜ࡋ࡚ᡤᚓ⛯ἲ➨஧᮲➨୍㡯➨ᅄ༑஬ྕ 㸦ᐃ⩏㸧࡟つᐃࡍࡿ※Ἠᚩ཰ࡢ᪉ἲ࡟㢮ࡍࡿ᪉ἲ࡟ࡼࡾㄢࡉࢀࡿእᅜἲே⛯ࡢ㢠ཬࡧ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࡢィ⟬ࡢᇶ♏࡜ࡉࢀࡿ㔠㢠ࢆㄢ⛯ᶆ‽࡜ࡋ࡚ㄢࡉࢀࡿࡶࡢ࡜ࡋ࡚ᨻ௧࡛ᐃࡵࡿእᅜ
ἲே⛯ࡢ㢠ࢆ࠸࠺ࠋ
㸧ࡣࠊࡑࡢෆᅜἲேࡢྛ஦ᴗᖺᗘࡢᡤᚓࡢ㔠㢠ࡢィ⟬ୖࠊᦆ㔠ࡢ㢠࡟⟬ධࡋ࡞࠸ࠋࠖ࡜つᐃࡉࢀࡓࠋ
մእᅜ⛯㢠᥍㝖ࡢᑐ㇟࡜࡞ࡽ࡞࠸እᅜἲே⛯ࡢ㢠┤᥋እᅜ⛯㢠᥍㝖431࡟ࡘ࠸࡚ࡣࠋእᅜᏊ఍♫࠿ࡽཷࡅࡿ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠࡟ಀࡿእᅜ※Ἠ⛯ࡣࠊ┤᥋እᅜ⛯㢠᥍㝖ࡢ㐺⏝ࢆཷࡅࡽࢀ࡞࠸ࡇ࡜ࢆἲே⛯ἲ᪋⾜௧ 142 ᮲ࡢ 3㸦እᅜ⛯㢠᥍㝖ࡢᑐ㇟࡜430 ࢻ࢖ࢶࠊࣇࣛࣥࢫ࡛ࡣࠊཷྲྀ㓄ᙜࡢ 95㸣┈㔠୙⟬ධไᗘࡀᑟධࡉࢀ࡚࠸ࡿࠋࡇࢀࢆ㋃ࡲ࠼ࠊࢃ

ࡀᅜ࡟࠾࠸࡚ࡶࠊཷྲྀ㓄ᙜ୙⟬ධไᗘࡀᑟධࡉࢀࡓሙྜࠊ95% ୙⟬ධ࡜ࡍ࡭ࡁ࡛ࡣ࡞࠸࠿࡜࠸࠺㆟
ㄽࡀ 21 ᖺᗘ⛯ไᨵṇ࡟ࡼࡿᑟධ๓࡟ࡍ࡛࡟࡞ࡉࢀ࡚࠸ࡿࠋᮡᮧⰋኵࠕᅜ㝿ⓗ㸦ἲⓗ㸧஧㔜ㄢ⛯࡜ᅜ㝿ⓗ㸦⤒῭ⓗ㸧஧㔜ㄢ⛯ࡢ᤼㝖ࠖᮏᗉ㈨⦅ⴭࠗ⛒⛯᮲⣙ࡢ⌮ㄽ࡜ᐇົ࠘97 㡫㸦Ύᩥ♫ࠊ2008㸧
132 㡫ࠋ
431 ┤᥋እᅜ⛯㢠᥍㝖㸦ἲἲ 69 ᮲୍㡯㸧࡜ࡣࠊࠕ⣡⛯⪅ࡀእᅜ࡟࠶ࡿ PE ࡢ✌ᚓࡍࡿᡤᚓ➼࡟ᑐࡋ࡚ㄢࡉࢀࡓእᅜ⛯ཪࡣᅜእ࠿ࡽྲྀᚓࡋࡓ㓄ᙜࠊ฼Ꮚࠊ౑⏝ᩱ➼࡟ᑐࡋ࡚※Ἠᚩ཰ࡉࢀࡓእᅜ⛯ࢆ᪥ᮏ࡟⣡௜ࡍ࡭ࡁ⛯㢠࠿ࡽ᥍㝖࡛ࡁࡿไᗘ࡛࠶ࡿࠖᮡᮧⰋኵ࣭๓ᥖὀ㸦430㸧
ࠊ108 㡫ࠋ102࡞ࡽ࡞࠸እᅜἲே⛯ࡢ㢠㸧➨ 7 㡯࡟࠾࠸࡚ࠕἲ➨භ༑஑᮲➨୍㡯 ࡟つᐃࡍࡿෆᅜἲேࡢἲே⛯࡟㛵ࡍࡿἲ௧ࡢつᐃ࡟ࡼࡾἲே⛯ࡀㄢࡉࢀ࡞࠸ࡇ࡜࡜࡞ࡿ㔠㢠ࢆㄢ⛯ᶆ‽࡜ࡋ࡚እᅜἲே⛯࡟㛵ࡍࡿἲ௧࡟ࡼࡾㄢࡉࢀࡿࡶࡢ࡜ࡋ࡚ᨻ௧࡛ᐃࡵࡿእᅜἲே⛯ࡢ㢠ࡣࠊḟ࡟ᥖࡆࡿእᅜἲே⛯ࡢ㢠࡜ࡍࡿࠋࠖ࡜ࡋࠊྠ᪋⾜௧ 142 ᮲ࡢ 3 ➨ 7 㡯 3 ྕ࡟ࡼࡾࠕἲ➨஧༑୕᮲ࡢ஧➨୍㡯 ࡟つᐃࡍࡿእᅜᏊ఍♫࠿ࡽཷࡅࡿྠ㡯 ࡟つᐃࡍࡿ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࢆㄢ⛯ᶆ‽࡜ࡋ࡚ㄢࡉࢀࡿእᅜἲே⛯ࡢ㢠㸦ᙜヱ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࡢィ⟬ࡢᇶ♏࡜࡞ࡘࡓᙜヱእᅜᏊ఍♫ࡢᡤᚓࡢ࠺ࡕෆᅜἲே࡟ᖐࡏࡽࢀࡿࡶࡢ࡜ࡋ
࡚ィ⟬ࡉࢀࡿ㔠㢠ࢆㄢ⛯ᶆ‽࡜ࡋ࡚ᙜヱෆᅜἲே࡟ᑐࡋ࡚ㄢࡉࢀࡿእᅜἲே⛯ࡢ㢠ࢆྵࡴࠋ
㸧
ࠖ࡜ᐃ
ࡵ࡚࠸ࡿࠋ
2.

ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸࡚ἲⓗ஧㔜ㄢ⛯᤼㝖ࡢࡓࡵࡢࢩࢫࢸ࣒ࡀ฼⏝ࡉࢀࡓሙྜ࡟㉳ࡇࡿᐇຠ⛯⋡ࡢపୗ—ࢃࡀᅜࢆ౛࡜ࡋ࡚—௨ୗ࡟࠾࠸࡚ࠊእᅜᏊ఍♫ࡀ඾ᆺⓗ࡞ Equityࠊ඾ᆺⓗ࡞ Debtࠊ࠾ࡼࡧᙜヱᏊ఍♫ᒃఫᆅᅜ࡟࠾࠸
࡚ࡣ Debt ࡜ࡋ࡚ᢅࢃࢀࠊࢃࡀᅜ࡟࠾࠸࡚ࡣ Equity ࡜ࡋ࡚ᢅࢃࢀࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥ
ࢺ࡜࠸࠺ 3 ࢱ࢖ࣉࡢ࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ㏻ࡋ࡚ࠊࡑࢀࡽ࠿ࡽ⏕ࡌࡿ࢖࣮ࣝࢻࡢᨭᡶࢆ⾜࠺ࡶࡢ࡜⪃࠼ࡿࡇ࡜࡜ࡋࠊ⡆༢ࡢࡓࡵࠊἲே⛯ἲ 23 ᮲ࡢ 2 ➨ 1 㡯ࡀᐃࡵࡿࠕ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࠖࡢཎ㈨࡜
࡞ࡿ㢠ࢆ 100 ࡜ࡍࡿࠋࡲࡓࠊᙜヱᏊ఍♫ᒃఫᆅᅜ࡟࠾ࡅࡿἲே⛯⋡ࢆ 25㸣࡜࡜ࡋࠊ㓄ᙜࠊ฼Ꮚࡢ
ᨭᡶ࠸࡟క࠺Ꮚ఍♫ᒃఫᆅᅜ࡟࠾ࡅࡿ※Ἠᚩ཰⛯⋡ࢆࠊ㓄ᙜ 5㸣432ࠊ฼Ꮚ 10㸣433࡜࡜ࡋ࡚࠾ࡃࠋࡲ
ࡓࠊࢃࡀᅜࡢἲே⛯⋡㸦ᐇຠ⛯⋡㸧ࢆ 40㸣࡜௬ᐃࡍࡿࠋ
(1)㛫᥋⛯㢠᥍㝖㸦ᪧἲἲ 69ղ㸧ࢆ฼⏝ࡋࡓሙྜ434ḟࡢ⾲ࡣࠊNadine Wiedermann-Ondrej, Hybrid Instruments and the Indirect Credit Method —Does it work?, Discussion Paper Nr. 19 International Tax Coordination SFB ࡢ 11 㡫࠾ࡼࡧ 12 㡫࡟ヨ⟬ࡉࢀ࡚࠸ࡿ⾲435ࢆඖ࡟ࠊ࡯ࡰྠᵝࡢࢫࢱ࢖࡛ࣝ➹⪅ࡀసࡾ┤ࡋࡓࡶࡢ࡛࠶ࡿࠋ

䜲䠊እᅜᏊ఍♫ศ㓄฼┈䛾䜏䜢䜏䛯ሙྜ⾲䠍㻌 ඾ᆺⓗ䛺 Equity䚸඾ᆺⓗ䛺 Debt 䛚䜘䜃䝝䜲䝤䝸䝑䝗䜢⏝䛔䛯ሙྜ䛾ᐇຠ⛯⋡඾ᆺⓗ࡞ Equity

඾ᆺⓗ࡞ Debt

ࣁ࢖ࣈࣜࢵࢻ

እᅜᏊ఍♫ศ㓄฼┈

100

100

100

฼Ꮚ࡟ࡼࡿᦆ㔠᥍㝖

0

䠉100

䠉100

䠉25

0

0

እᅜἲே⛯㻌 㻌 25䠂㻌 㻌䐟

432 ࢃࡀᅜ࡜⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸ࡿඛ㐍ᅜ࡜ࡢ㛫࡟࠾ࡅࡿ㓄ᙜ࡟ಀࡿ※Ἠᚩ཰⛯⋡ࡣぶᏊ㛫࡛ࡣࠊ

5㸣࠿ 10㸣࡛࠶ࡿࡀࠊࡇࡇ࡛ࡣ 5㸣࡜ࡋࡓࠋ
433 ฼Ꮚ࡟ಀࡿ※Ἠᚩ཰⛯⋡࡟ࡘ࠸࡚ࡣࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ Art 11 ࡟ࡼࡾไ㝈⛯⋡ࡀ 10㸣࡜ࡉࢀ࡚࠸ࡿࡇ࡜࠿ࡽࠊࡇࡇ࡛ࡣ 10㸣࡜ࡋࡓࠋ
434 See Nadine Wiedermann-Ondrej, Hybrid Instruments and the Indirect Credit Method —Does it work?, Discussion Paper Nr. 19 International Tax Coordination SFB at 11-12.
435 Nadine Wiedermann-Ondrej, supra note (434) at 11-12 ࡛ࡣࠊぶ఍♫ࢆ࢔࣓ࣜ࢝௻ᴗ࡜ࡋ࡚ࠊ
እᅜᏊ఍♫࠿ࡽࡢ฼┈ࡢศ㓄ࢆ඾ᆺⓗ࡞ Equity ࡟ࡼࡾཷࡅࡓሙྜࠊ඾ᆺⓗ࡞ Debt ࡟ࡼࡾཷࡅࡓሙ
ྜࠊࣁ࢖ࣈࣜࢵࢻ࡟ࡼࡾཷࡅࡓሙྜ࡜࠸࠺3㏻ࡾࡢ᪉ἲู࡟ࡑࢀࡒࢀࡢሙྜ࡟࠾ࡅࡿᙜヱ௻ᴗࢢ࣮ࣝ
ࣉ࡟࠿࠿ࡿ※Ἠᆅᅜ࡜ᒃఫᆅᅜࡢㄢ⛯㢠ࢆィ⟬ࡋ࡚࠸ࡿࠋぶ఍♫ࡢᒃఫᆅᅜࢆ࢔࣓ࣜ࢝࡜ࡋ࡚ࠊ㛫᥋እᅜ⛯㢠᥍㝖᪉ᘧ࡟ࡼࡾィ⟬ࡋ࡚࠸ࡿࠋ㏵୰ࠊㄗࡾ࡜ᛮࢃࢀࡿ⟠ᡤࡶぢཷࡅࡽࢀࠊᮏㄽᩥ࡛ࡣ➹⪅ࡢ⪃࠼࡛స⾲ࡋ࡚࠶ࡿࠋࡋࡓࡀࡗ࡚ࡇࡢ⾲࡟㛵ࡋ࡚ࡢ㈐௵ࡣࡍ࡭࡚➹⪅࡟࠶ࡾࠊᇶᮏⓗࢫࢱ࢖ࣝࡣ㋃くࡋ࡚࠸ࡿࡀࠊNadine Wiedermann-Ondrej, supra note (434) at 11-12 ࡢ⾲ࢆࡑࡢࡲࡲᣢࡗ࡚
ࡁࡓࡶࡢ࡛ࡣ࡞࠸ࠋ
103⛯ᘬ䛝ᚋ฼┈㻌 㻔๫వ㔠䛾㓄ᙜ➼䛾㢠㻠㻟㻢㻕㻌

75

0

0

䠉3.75

䠉10

䠉10

ࢃࡀᅜ࡛ࡢᢅ࠸

㓄ᙜ

฼Ꮚ

㓄ᙜ

ᅜእ※Ἠᡤᚓ㻌

75

100

100

䜾䝻䝇䜰䝑䝥㻌

25

0

0

ㄢ⛯ᡤᚓ㻌

100

100

100

ἲே⛯㻌 㻌 40䠂㻌

䠉40

䠉40

䠉40

㛫᥋⛯㢠᥍㝖㻌

25

0

0

䠉15

䠉40

䠉40

43.75

50

50

43.75%

50%

50%

㻌※Ἠᚩ཰⛯㻌 㓄ᙜ 5䠂
฼Ꮚ 10䠂 㻠㻟㻣㻌䝛䝑䝖⣡⛯㢠㻌

䐠䐡฼ᡶ䛻䜘䜛䜾䝹䞊䝥඲య⣡⛯㢠㻌 䐟㻗䐠㻗䐡㻌ࢢ࣮ࣝࣉ࡟ᑐࡍࡿ
ᐇຠ⛯⋡ฟ඾㸸Nadine Wiedermann-Ondrej, Hybrid Instruments and the Indirect Credit Method —Does it work?, Discussion Paper Nr. 19 International Tax Coordination SFB at 11, example
1 ࢆࡶ࡜࡟➹⪅ࡀኚ᭦ࢆຍ࠼࡚࠸ࡿࠋ
ࡇࡢ⪃ᐹ࠿ࡽࠊ㛫᥋⛯㢠᥍㝖ࢆ⏝࠸ࡿሙྜ࡟࠾࠸࡚ࡣࠊ඾ᆺⓗ࡞ Debt ࢆࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ
࣓ࣝࣥࢺࢆ⏝࠸ࡿࡇ࡜࡟ࡼࡿࢃࡀᅜ࠿ࡽࡳࡓᐇຠ⛯⋡ࡢపୗࡣ㉳ࡗ࡚࠸࡞࠸ࠋࡋ࠿ࡋࠊḟࡢ⪃ᐹ࡟ࡼࡾ஧ᅜ㛫඲య࡛ࡢᙜヱ௻ᴗࡢ⣡⛯㈇ᢸࡣࠊ㏻ᖖࡢ Debt ࢆࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟⨨ࡁ᥮࠼ࡿࡇ࡜࡟ࡼࡾపῶࡉࢀࡿࡇ࡜ࡀࢃ࠿ࡿࠋ ḟࡢタᐃࡣࠊእᅜᏊ఍♫ࡢᡤᚓࡀ 1100 ࡛࠶ࡾࠊࡑࡢ࠺ࡕࡢ 100 ࢆ࢖࣮ࣝࢻ࡜ࡋ࡚ศ㓄ࡍࡿሙྜ࡛࠶ࡾࠊࡑࡢ௚ࡢ᮲௳ࡣ࢖㸬࡜ྠࡌ࡛࠶ࡿ438ࠋࣟ㸬እᅜᏊ఍♫ศ฼┈⥲㢠ࢆࡳࡓሙྜ439
436 ἲே⛯ἲ 23 ᮲ࡢ 2 ➨ 1 㡯࡟ᐃࡵࡽࢀࡓࠕ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࠖࠋ
437 ᥍㝖ᑐ㇟እᅜἲே⛯㢠ࡢᦆ㔠୙⟬ධ࡟ࡼࡾ㓄ᙜࡢ※Ἠᚩ཰⛯ࡣᦆ㔠࡟࡞ࡽ࡞࠸ࠋࡲࡓࠊ฼Ꮚࡢ

※Ἠᚩ཰⛯࡟ࡘ࠸࡚ࡣࠊ฼Ꮚ➼ࡢ཰ධࡢ 10㸣ࢆ㉸࠼࡞࠸ࡓࡵ┤᥋⛯㢠᥍㝖ࡢᑐ㇟࡜࡞ࡽ࡞࠸㸦ἲἲ142 ᮲ࡢ 3 2 㡯㸧ࠋ
438 ࡇࡢᩘᏐࡢㄝ౛ࡣ Nadine Wiedermann-Ondrej, Hybrid Instruments and the Indirect Credit
Method — Does it work?, Discussion Paper Nr. 19 International Tax Coordination SFB at 11-12࡟࡚ィ⟬࡟⏝࠸ࡽࢀ࡚࠸ࡿࠋ
439 ࡇࡢሙྜ࡟ࡘ࠸࡚ࡢ᳨ウࡶNadine Wiedermann-Ondrej, Hybrid Instruments and the Indirect
Credit Method — Does it work?, Discussion Paper Nr. 19 International Tax Coordination SFB
at 11-12 ࡟࡚⾜ࢃࢀ࡚࠸ࡿࡀࠊ※Ἠᚩ཰⛯ࡢ⪃៖ࡀ࡞࠸ࡇ࡜ࠊ࠾ࡼࡧἲே⛯ࡢ⛯⋡ࡣ࢔࣓ࣜ࢝࡟࠶
ࢃࡏ࡚࠶ࡿࡓࡵ␗࡞ࡿࡇ࡜࠿ࡽࠊᙧᘧࡣࠊNadine Wiedermann-Ondrej ࡜ఝࡓᙧᘧࢆ࡜ࡿࡶࡢࡢࠊ
ィ⟬ࡣ➹⪅ࡀ⾜ࡗࡓࡶࡢ࡛࠶ࡾࠊ
⾲ࡢṇㄗࡢ㈐௵ࡣࡍ࡭࡚➹⪅࡟࠶ࡿࠋ
Nadine Wiedermann-Ondrej104⾲ 2㻌 ඾ᆺⓗ䛺 Equity䚸඾ᆺⓗ䛺 Debt 䛚䜘䜃䝝䜲䝤䝸䝑䝗䜢⏝䛔䛯ሙྜ䛾ᐇຠ⛯⋡඾ᆺⓗ࡞ Equity

඾ᆺⓗ࡞ Debt

ࣁ࢖ࣈࣜࢵࢻ

እᅜᏊ఍♫ᡤᚓ

1100

1100

1100

ศ㓄㢠

100

100

100

0

㸫100

㸫100

㸫275

㸫250

㸫250

825

750

750

75

100

100

㸫3.75

㸫10

㸫10

ࢃࡀᅜ࡛ࡢᢅ࠸

㓄ᙜ

฼Ꮚ

㓄ᙜ

ᅜእ※Ἠᡤᚓ

75

100

100

ࢢࣟࢫ࢔ࢵࣉ

25

029.41442

ㄢ⛯ᡤᚓ

100

100

129.41ἲே⛯  40㸣

㸫40

㸫40

㸫51.76㛫᥋⛯㢠᥍㝖

25

0

29.41

㸫15

㸫40

㸫22.35293.75300

282.3526.70%

27.27%

25.64%

฼Ꮚ࡟ࡼࡿᦆ㔠᥍㝖እᅜἲே⛯  25㸣ձ⛯ᘬࡁᚋ฼┈
ࢃࡀᅜ࡟ᑐࡍࡿ฼┈ศ㓄ࡢ㢠(๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠440)※Ἠᚩ཰⛯ 㓄ᙜ 5㸣
฼Ꮚ 10㸣 441

ࢿࢵࢺ⣡⛯㢠

ղճ฼ᡶ࡟ࡼࡿࢢ࣮ࣝࣉ඲
య⣡⛯㢠 ձ+ղ+ճࢢ࣮ࣝࣉ฼┈࡟ᑐࡍࡿᐇຠ⛯⋡ฟ඾㸸Nadine Wiedermann-Ondrej, Hybrid Instruments and the Indirect Credit Method —Does it work?, Discussion Paper Nr. 19 International Tax Coordination SFB at 12, example 1 ࢆࡶ࡜࡟➹⪅ࡀኚ᭦ࢆຍ࠼࡚࠸ࡿࠋ
ࡇࡢศᯒ࠿ࡽࠊDebt ࢆࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟௦࠼࡚฼ᡶࢆ⾜࠺ࡇ࡜࡟ࡼࡾࠊぶᏊ఍♫඲యࡢእᅜ࠾ࡼࡧࢃࡀᅜ࡬ࡢ⣡⛯㢠ࡢྜィࢆపࡃᢚ࠼ࡿࡇ࡜ࡀ࡛ࡁࡿ࡜࠸࠺ࡇ࡜ࡀࢃ࠿ࡿࠋ஧ᅜ㛫ࡢ⾲࡟ࡣㄗࡾࡀ࠶ࡿ࡜ᛮࢃࢀࡿⅬࡶ࠶ࡾࠊNadine Wiedermann-Ondrej ࡢ⾲ࢆࡑࡢࡲࡲᘬ⏝ࡋࡓࡶࡢ࡛ࡣ࡞࠸ࠋ
440 ἲே⛯ἲ 23 ᮲ࡢ 2 ➨ 1 㡯࡟ᐃࡵࡽࢀࡓࠕ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࠖࠋ
441 ᥍㝖ᑐ㇟እᅜἲே⛯㢠ࡢᦆ㔠୙⟬ධ࡟ࡼࡾ※Ἠᚩ཰⛯ࡣᦆ㔠࡟࡞ࡽ࡞࠸ࠋࡲࡓࠊ฼Ꮚࡢ※Ἠᚩ཰⛯࡟ࡘ࠸࡚ࡣࠊ฼Ꮚ➼ࡢ཰ධࡢ 10㸣ࢆ㉸࠼࡞࠸ࡓࡵ┤᥋⛯㢠᥍㝖ࡢᑐ㇟࡜࡞ࡽ࡞࠸㸦ἲἲ 142
ࡢ 3 2 㡯㸧ࠋ442ࡇࡢィ⟬ࡣࠊNadine Wiedermann-Ondrej, supra note(434) at 12 ࡟࡚⾜ࢃࢀ࡚࠸ࡿࡶࡢ࡛࠶ࡿࠋ
105

඲య࡟࠾ࡅࡿᐇຠ⛯⋡ࢆ⪃࠼ࡿ࡜ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡾྜἲⓗ࡟ᐇຠ⛯⋡ࢆୗࡆࡿࡇ࡜ࡀྍ⬟࡛࠶ࡿࡇ࡜ࡀࢃ࠿ࡿࠋ
(2)እᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ㸦ἲἲ 23 ࡢ 2ࠊἲἲ 39 ࡢ 2㸧ࢆ฼⏝ࡋࡓሙྜ443㛫᥋⛯㢠᥍㝖࡟௦࠼࡚እᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධࢆ㐺⏝ࡋࡓሙྜࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥ
ࢺ࡟ࡼࡿࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢࡢຠᯝࡣⴭࡋ࠸ࡶࡢ࡛࠶ࡿࡇ࡜ࡀḟࡢィ⟬࠿ࡽࢃ࠿ࡿࠋ
࢖㸬እᅜᏊ఍♫ศ㓄฼┈ࡢࡳࢆࡳࡓሙྜ

⾲ 3㻌 ඾ᆺⓗ䛺 Equity䚸඾ᆺⓗ䛺 Debt 䛚䜘䜃䝝䜲䝤䝸䝑䝗䜢⏝䛔䛯ሙྜ䛾ᐇຠ⛯⋡඾ᆺⓗ࡞ Equity

඾ᆺⓗ࡞ Debt

ࣁ࢖ࣈࣜࢵࢻ

እᅜᏊ఍♫ศ㓄฼┈

100

100

100

฼Ꮚ࡟ࡼࡿᦆ㔠᥍㝖

0

㸫100

㸫100

㸫25

0

0

75

0

0

㸫3.75

㸫10

㸫10

ࢃࡀᅜ࡛ࡢᢅ࠸

㓄ᙜ

฼Ꮚ

㓄ᙜ

ᅜእ※Ἠᡤᚓ

75

100

100

(฼Ꮚ 100㸣ࠊ㓄ᙜ 5㸣㸧

3.75

100

5

ㄢ⛯ᡤᚓ

3.75

100

5

㸫1.5

㸫40

㸫2

30.25

50

12

30.25%

50%12%እᅜἲே⛯  25㸣ձ⛯ᘬࡁᚋ฼┈ (๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠444)※Ἠᚩ཰⛯ 㓄ᙜ 5㸣
฼Ꮚ 10㸣 445

ղ

┈㔠⟬ධ

ἲே⛯  40㸣ճ฼ᡶ࡟ࡼࡿࢢ࣮ࣝࣉ඲
య⣡⛯㢠 ձ+ղ+ճࢢ࣮ࣝࣉ࡟ᑐࡍࡿ
ᐇຠ⛯⋡ฟ඾㸸Nadine Wiedermann-Ondrej, Hybrid Instruments and the Indirect Credit Method —Does it work?, Discussion Paper Nr. 19 International Tax Coordination SFB at 11, example 1 ࢆࡶ࡜࡟➹⪅ࡀኚ᭦ࢆຍ࠼࡚࠸ࡿࠋ

443 ࡇࡢ⾲ࡣࠊNadine Wiedermann-Ondrej, supra note (434) at 11-12 ࡢ⾲ࡢࢫࢱ࢖ࣝࢆ฼⏝ࡋࠊ➹⪅ࡀ㛫᥋⛯㢠᥍㝖࡟௦࠼࡚እᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ᪉ᘧ࡟ࡋࡓሙྜࢆヨ⟬ࡋࡓ⾲࡛࠶ࡾࠊ
Nadine Wiedermann-Ondrej, supra note (434) at 11-12 ࡛ࡣィ⟬ࡉࢀ࡚࠸࡞࠸ࠋ⾲ࡢṇㄗ࡟㛵ࡍࡿ㈐௵ࡣࡍ࡭࡚➹⪅࡟࠶ࡿࠋ444ἲே⛯ἲ 23 ᮲ࡢ 2 ➨ 1 㡯࡟ᐃࡵࡽࢀࡓࠕ๫వ㔠ࡢ㓄ᙜ➼ࡢ㢠ࠖࠋ
445 ᥍㝖ᑐ㇟እᅜἲே⛯㢠ࡢᦆ㔠୙⟬ධ࡟ࡼࡾ※Ἠᚩ཰⛯ࡣᦆ㔠࡟࡞ࡽ࡞࠸ࠋࡲࡓࠊ฼Ꮚࡢ※Ἠᚩ཰⛯࡟ࡘ࠸࡚ࡣࠊ฼Ꮚ➼ࡢ཰ධࡢ 10㸣ࢆ㉸࠼࡞࠸ࡓࡵ┤᥋⛯㢠᥍㝖ࡢᑐ㇟࡜࡞ࡽ࡞࠸㸦ἲἲ 142
᮲ࡢ 3 2 㡯㸧
ࠋ106

21 ᖺᗘᨵṇ⛯ἲ࡟ࡼࡿእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ㸦ἲἲ 23 ࡢ 2ࠊἲἲ 39 ࡢ 2㸧ࢆ฼⏝ࡋࡓሙྜࠊ
Debt ࡟௦࠼࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸ࢀࡤࠊྜἲⓗ࡟඾ᆺⓗ࡞ Debt ࡢሙྜࡢᐇຠ
⛯⋡ 50㸣ࢆ 12㸣࡟ⴠ࡜ࡍࡇ࡜ࡀྍ⬟࡜࡞ࡿࠋࡇࢀࡣࠊࢃࡀᅜ࡟࡜ࡗ࡚᫂ࡽ࠿࡞⛒⛯⿢ᐃ࡟ࡼࡿ⛯཰ῶࢆព࿡ࡍࡿࠋ እᅜᏊ఍♫฼┈ࡢᅜෆ࡬ࡢ㑏ὶ࡜஧㔜ㄢ⛯᤼㝖ᥐ⨨ࡢ⡆⣲໬ࢆ┠ⓗ࡜ࡋ࡚ᑟධࡉࢀࡓእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ㸦ἲἲ 23 ࡢ 2㸧࡛࠶ࡿ446ࡀࠊከᅜ⡠௻ᴗ࡟ࡼࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ
ࢆ⏝࠸ࡓࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢࡢࢶ࣮ࣝ࡜ࡋ࡚⏝࠸ࡽࢀࡿ༴㝤ᛶࡀ㛫᥋⛯㢠᥍㝖࡟ẚࡋ࡚኱ࡁࡃ
࡞ࡗࡓࡇ࡜ࡶ☜࠿࡛࠶ࡿࠋ
ᮏᗉ㈨ᩍᤵࡣࠊࡇࡢࡼ࠺࡞ᅜ㝿ྲྀᘬ࡟ᑐࡋ࡚ㄢࡉࢀࡿᐇຠ⛯⋡ࡢᘬࡁୗࡆࢫ࣮࣒࢟ࡣࠊ
ࠕಶูⓗྰㄆつᐃࡀ࡞ࡅࢀࡤࠊࡑࢀࡒࢀࡢᅜ࡟࠾࠸࡚ྜἲ࡜ㄆࡵࡊࡿࢆᚓ࡞࠸447ࠖ࡜㏙࡭ࡽࢀ࡚࠾ࡾࠊࢃࡀᅜ୍
ᅜ࡛⪃࠼ࡓሙྜࠊྲྀᘬ࡟㐪ἲᛶࡣ࡞࠸ࢃࡅ࡛࠶ࡿ࠿ࡽࡇࡢ⛒⛯⿢ᐃࢫ࣮࣒࢟ࢆᐜㄆࡏࡊࡿࢆᚓ࡞࠸
࡜࠸࠺ࡇ࡜࡟࡞ࡿࡢ࡛࠶ࡿࠋࡋ࠿ࡋࡇࢀࢆᮏᙜ࡟ࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢ࡟ࡼࡿ⠇⛯࡜ࡳ࡞ࡋ࡚Ⰻ
࠸ࡢࡔࢁ࠺࠿࡜࠸࠺␲ၥࡀ⏕ࡎࡿࠋ➨5⠇ࢃࡀᅜࡢ⥾⤖ࡋ࡚࠸ࡿ⛒⛯᮲⣙—᪥⡿⛒⛯᮲⣙ࢆ౛࡜ࡋ࡚—1.

᪥⡿⛒⛯᮲⣙࡟࠾ࡅࡿࠕ฼Ꮚࠖ࡜ࠕ㓄ᙜࠖࡢᢅ࠸

㓄ᙜ࡟ࡘ࠸࡚ࡣ Art 10 ࡟࠾࠸࡚※Ἠᆅᅜㄢ⛯ࡢ኱ᖜ࡞ῶචࢆグࡋ࡚࠸ࡿࠋ᪥⡿㛫࡟࠾࠸࡚ࢡࣟࢫ࣭
࣮࣎ࢲ࣮࡛ᨭᡶࢃࢀࡿ㓄ᙜ࡟㛵ࡍࡿ※Ἠᆅᅜㄢ⛯࡟ࡘࡁ᮲⣙ୖチᐜࡉࢀࡿୖ㝈ࡢ⛯⋡ࢆࢆ㍍ῶࡋࠊ
㓄ᙜࡢᨭᡶࢆཷࡅࡿ⪅ࡀ≉ᐃࡉࢀࡿ᪥࡟࠾࠸࡚ᙜヱ㓄ᙜࢆᨭᡶ࠺ἲேࡢ㆟Ỵᶒࡢ࠶ࡿᰴᘧࡢ10㸣௨ୖࢆ┤᥋ཪࡣ㛫᥋࡟ಖ᭷ࡍࡿἲேࡀཷ㡿ࡍࡿᙜヱ㓄ᙜᨭᡶἲேࡢ㓄ᙜ㸦࠸ࢃࡺࡿぶᏊ఍♫㛫㓄ᙜ㸧࡟ࡘ࠸࡚ࡣཎ๎ 5㸣࡟ࠊࡑࢀ௨እࡢ㓄ᙜᡤᚓ㸦࣏࣮ࢺࣇ࢛ࣜ࢜㓄ᙜ㸧࡟ࡘ࠸࡚ࡣ 10㸣࡜ࡋ࡚࠸ࡿ448ࠋ࡞࠾ࠊぶᏊ఍♫㛫㓄ᙜࡢ࠺ࡕ≉ᐃぶᏊ఍♫㛫㓄ᙜࡣච⛯࡜ࡉࢀ࡚࠸ࡿ449ࠋ ୍᪉ࠊ฼Ꮚ࡟ࡘ࠸࡚ࡣ Art 11 ࡟࠾࠸࡚ࠊ᪥⡿㛫࡟࠾࠸࡚ࢡࣟࢫ࣭࣮࣎ࢲ࣮࡛ᨭᡶࢃࢀࡿ฼Ꮚ࡟ᑐ
ࡍࡿ※Ἠᆅᅜㄢ⛯࡟㛵ࡋ࡚㝈ᗘ⛯⋡ࢆཎ๎ 10㸣࡜ᐃࡵ࡚࠸ࡿࠋࡑࡢ⌮⏤࡜ࡋ࡚ࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮
ࡢ฼Ꮚ࡟ᑐࡍࡿㄢ⛯࡟ࡘ࠸࡚ࡣࠊᨭᡶࢆࡍࡿ⪅ࡢᡤᚓィ⟬ୖᨭᡶ฼Ꮚࢆᦆ㔠⟬ධࡍࡿ୍᪉࡛ࠊ㠀ᒃఫ⪅ࡀཷࡅྲྀࡿ฼Ꮚ࡟ࡘ࠸࡚ࡣ※Ἠᚩ཰࡟ࡼࡗ࡚ㄢ⛯ࡍࡿࡇ࡜࡜ࡋ࡚࠸ࡿࡀࠊࡇࡢࡼ࠺࡞㠀ᒃఫ⪅ࡀཷࡅྲྀࡿࢡࣟࢫ࣭࣮࣎ࢲ࣮฼Ꮚ඲⯡࡟ࡘࡁ⛒⛯᮲⣙࡟ࡼࡾ※Ἠᆅᅜච⛯࡜ࡋࡓሙྜ࡟ࡣࠊᨭᡶ࣭
ཷྲྀࡢ୧㠃࡟ࢃࡓࡗ࡚※Ἠᆅᅜ࡛ࡣ୍ษㄢ⛯࡛ࡁ࡞࠸ࡇ࡜࡜࡞ࡾ᮲⣙℃⏝ࡢ࠾ࡑࢀࡀ㧗ࡲࡿࡇ࡜࡜
࡞ࡿࡇ࡜ࢆグࡋ࡚࠾ࡾࠊ
㝈ᗘ⛯⋡࡟ࡘ࠸࡚ࡣ OECD ࣔࢹࣝ⛒⛯᮲⣙ Art 11 para. 2 ࡟࠾࠸࡚ࡶ 10㸣ࢆ㝈ᗘ⛯⋡࡜ࡋ࡚ᐜㄆࡋ࡚࠸ࡿ࡜ࡇࢁ࡛࠶ࡾࠊ᪥⡿⛒⛯᮲⣙ Art 11 ࡟࠾࠸࡚ࡶࡑࢀࢆ㋃くࡍࡿࡶࡢ࡛࠶ࡿ࡜グࡋ࡚࠸ࡿ450ࠋ
 ฼Ꮚ࡟㛵ࡋ࡚ࡣ※Ἠᆅᅜࡢᐃࡵࢆ Art 11 para. 7 ࡟࠾࠸࡚ࠊ฼Ꮚࡢᨭᡶ⪅ࡀ୍᪉ࡢ⥾⣙ᅜࡢᒃఫ⪅࡛࠶ࡿሙྜ࡟ࡣᙜヱ฼Ꮚࡣᙜヱ୍᪉ࡢᅜෆ࡛⏕ࡌࡓࡶࡢ࡜ࡉࢀࡿ᪨ࡢ୍⯡ཎ๎ࢆࡲࡎᐃࡵࠊࡉࡽ
࡟ࡑࡢ≉๎࡜ࡋ࡚ࠊᙜヱ฼Ꮚࡢᨭᡶࡢᇶᅉ࡜࡞ࡗࡓമົࡀᜏஂⓗ᪋タ࡟ࡼࡾ㈇ᢸࡉࢀࡿࡶࡢ࡛࠶ࡿ
࡜ࡁ࡟ࡣࠊᙜヱ฼Ꮚࡣࠊ࠿࠿ࡿᜏஂⓗ᪋タࡀ࠸ࡎࢀ࠿ࡢ⥾⣙ᅜෆ࡟Ꮡᅾࡍࡿሙྜ࡟ࡣᙜヱ⥾⣙ᅜෆ
࡛Ⓨ⏕ࡋࡓࡶࡢ࡜ࡋࠊ୧⥾⣙ᅜ௨እࡢ➨୕⪅࡟Ꮡᅾࡍࡿሙྜ࡟ࡣ࠸ࡎࢀࡢ⥾⣙ᅜ࡛Ⓨ⏕ࡋࡓࡶࡢ࡛
446 ➨ 4 ❶➨ 4 ⠇ 2 ཧ↷ࠋ
447 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ141 㡫ࠋ
448 ࠗ᪥⡿⛒⛯᮲⣙㸦2003 ᖺ 11 ᭶ 7 ᪥᭩ྡ㸭ᖹᡂ 16 ᖺ᮲⣙➨ 2 ྕ㸧࠘㸦᪥ᮏ⛒⛯◊✲༠఍ࠊ2009㸧

25 㡫ࠋ
449 ࠗ᪥⡿⛒⛯᮲⣙㸦2003 ᖺ 11 ᭶ 7 ᪥᭩ྡ㸭ᖹᡂ 16 ᖺ᮲⣙➨ 2 ྕ㸧࠘๓ᥖὀ㸦448㸧ࠊ26 㡫ࠋ
450 ࠗ᪥⡿⛒⛯᮲⣙㸦2003 ᖺ 11 ᭶ 7 ᪥᭩ྡ㸭ᖹᡂ 16 ᖺ᮲⣙➨ 2 ྕ㸧࠘๓ᥖὀ㸦448㸧ࠊ31 㡫ࠋ
107ࡶ࡞࠸ࡇ࡜࡜ࡍࡿ᪨ࢆ Art 11 para. 7 ణࡋ᭩ࡁ࡟つᐃࡋ࡚࠸ࡿ451ࠋ
2.

㓄ᙜ࡜฼Ꮚࡢ㐺᱁ᛶ࡜⛒⛯⿢ᐃࡢྍ⬟ᛶḟ࡟ࠊࠕ㓄ᙜࠖ࡜ࠕ฼Ꮚࠖࡢᓧู࡟ࡘ࠸࡚ࡣࠊ
ࠕ㓄ᙜࠖࡢព⩏࡟ࡘࡁࠊArt 10 para. 6 ࡟࠾࠸࡚ձincome
from shares or other corporate rights, not being debt-claims, participating profits(ᰴᘧࡑࡢ௚ࡢ
฼ᚓࡢศ㓄ࢆཷࡅࡿᶒ฼㸦ಙ⏝࡟ಀࡿമᶒࢆ㝖ࡃࠋ㸧࠿ࡽ⏕ࡎࡿᡤᚓ452)ࠊղas well as income which
is subject to the same taxation treatment as income from shares by the tax laws of theContracting State which is the payor is a resident(ᨭᡶ⪅ࡀᒃఫ⪅࡜ࡉࢀࡿ⥾⣙ᅜࡢ⛒⛯࡟㛵ࡍࡿἲ௧ୖᰴᘧ࠿ࡽ⏕ࡎࡿᡤᚓ࡜ྠᵝ࡟ྲྀࡾᢅࢃࢀࡿᡤᚓ453)ࢆ࠸࠺ࡶࡢ࡜ࡍࡿ࡜ᐃࡵ࡚࠸ࡿࠋ ୍᪉ࠕ฼Ꮚࠖࡢព⩏࡟ࡘ࠸࡚ࡣ Art 11 para. 5 ࡟࠾࠸࡚ࠊձࡍ࡭࡚ࡢ✀㢮ࡢಙ⏝࡟ಀࡿമᶒ㸦ᢸಖࡢ᭷↓ཬࡧമᶒ⪅ࡢ฼ᚓࡢศ㓄ࢆཷࡅࡿᶒ฼ࡢ᭷↓ࢆၥࢃ࡞࠸ࠋ
㸧࠿ࡽ⏕ࡌࡓᡤᚓࠊ≉࡟ࠊබമࠊ
മๆཪࡣ♫മ࠿ࡽ⏕ࡌࡓᡤᚓ㸦බമࠊമๆཪࡣ♫മࡢ๭ቑ㔠ཬࡧ㈹㔠ࢆྵࡴࠋ㸧ࠊղࡑࡢ௚ࡢᡤᚓ࡛
ᙜヱᡤᚓࡀ⏕ࡌࡓ⥾⣙ᅜࡢ⛒⛯࡟㛵ࡍࡿἲ௧ୖ㈚௜㔠࠿ࡽ⏕ࡌࡓᡤᚓ࡜ྠᵝ࡟ྲྀࡾᢅࢃࢀࡿࡶࡢ࡜
ࡍࡿ࡜ᐃࡵࡽࢀ࡚࠸ࡿ454ࠋࡓࡔࡋࠊArt 10 ࡟࠸࠺ࠕ㓄ᙜࠖ࡟࠶ࡓࡿᡤᚓࡣࠊArt 11 ࡢࠕ฼Ꮚࠖ࠿ࡽ
㝖࠿ࢀࡿ㸦➨ 11 ᮲ para.5 second sentence㸧455ࠋ ࡇࡇ࡟࠾࠸࡚⪃࠼ࡿ࡭ࡁࡣࠊᯝࡓࡋ࡚➨ 4 ❶➨ 4 ⠇ 2(2)࡛⪃ᐹࡋࡓࡼ࠺࡞ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫ
ࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃࡣ᪥⡿⛒⛯᮲⣙࡟ᐃࡵࡿ Art 10 ࡜ Art 11 ࡢࡶ࡜࡛㉳ࡇࡾ࠼ࡿࡢ࠿࡜࠸
࠺ࡇ࡜࡛࠶ࡿࠋ
ࠕ㓄ᙜࠖ࡜ࠕ฼Ꮚࠖࡢᓧูࡣࠊ
ࠕ㓄ᙜࠖ࡟࠶ࡓࡿᡤᚓࡀࠕ฼Ꮚࠖ࡟࠶ࡓࡿᡤᚓ࡟ඃඛ
ࡋ࡚⾜ࢃࢀࡿࠋࡑࡇ࡛ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆ࢔࣓࡛ࣜ࢝ࡣࠊArt 10
para. 6 ࡟ヱᙜࡋ࡞࠸࡜ࡋ࡚ Art 11 para. 5 ࡢᇶ‽࠿ࡽࠕ฼Ꮚࠖ࡜ࡋ࡚ࡢ㐺᱁ᛶࢆ୚࠼ࠊ୍᪉ࢃࡀ
ᅜ࡟࠾࠸࡚ࡣࠊᙜヱࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆ Art 10 para. 6 ࡟ᐃ⩏ࡉࢀ࡚࠸ࡿࠕᰴᘧࡑࡢ௚ࡢ฼ᚓࡢศ㓄ࢆཷࡅࡿᶒ฼㸦ಙ⏝࡟ಀࡿമᶒࢆ㝖ࡃࠋ㸧࠿ࡽ⏕ࡎࡿᡤᚓࠖ࡜
ࡋ࡚ࡢ㐺᱁ᛶࢆ୚࠼ࡿࡇ࡜ࡣ࠶ࡾᚓࡿࡇ࡜࡞ࡢ࠿࡜࠸࠺ၥ㢟࡛࠶ࡿࠋࡇࡢཎᩥ࠾ࡼࡧ᪥ᮏㄒヂ࠿ࡽࡣ᫂☜࡟ࡣࢃ࠿ࡽ࡞࠸ࡀࠊᮏᗉᩍᤵࡣࠊࡇࡢࠕᰴᘧࡑࡢ௚ࡢᶒ฼ࠖ࡜ࡣࠕ※Ἠᆅᅜࡢ⛯ἲୖമᶒ࡜
ࡋ࡚ྲྀࡾᢅࢃࢀࡿࡶࡢࢆ㝖ࡃ456ࠖ࡜ࡢゎ㔘ࢆ♧ࡉࢀ࡚࠸ࡿࠋࡍࡿ࡜ࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࠊࣁ࢖ࣈࣜࢵ
ࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻ࡟ࡘࡁ⛒⛯ἲୖࡢ Debt ࠿ࡽ⏕ࡎࡿᡤᚓ࡛࠶ࡿ࡜㐺᱁ᛶࢆ୚࠼ࡽࢀࡓࡶࡢࡣࠊ※Ἠᆅᅜ(ᨭᡶᅜ)ࡢ⛯ἲୖമᶒ࡜ࡋ࡚ᢅࢃࢀࡿࡇ࡜࠿ࡽࠊ୍⯡ⓗ࡟⪃࠼ࢀࡤࠊࡑࢀࢆࢃࡀᅜ࡟࠾࠸࡚
ࠕᰴᘧࡑࡢ௚ࡢᶒ฼ࠖ
࠿ࡽ⏕ࡎࡿᡤᚓ࡜ࡣࡳ࡞ࡍࡇ࡜ࡣ࡛ࡁ࡞࠸ࡣࡎ࡛࠶ࡿࠋ
ࡋࡓࡀࡗ࡚OECDࣔࢹࣝ⛒⛯᮲⣙Art 10ࡢゎ㔘࡟࠾࠸࡚Eva Eberhartinger & Martin AlexanderSix ࡀᣦ᦬ࡋ࡚࠸ࡓ457ࡼ࠺࡞ࠊ
࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣ Debt ࡜ᢅࢃࢀࡓࡶࡢࢆࠊ
ࢃࡀᅜ࡟࠾࠸࡚ Equity࡜ᢅ࠺࡜࠸࠺ࡇ࡜ࡣᇶᮏⓗ࡟㉳ࡇࡽ࡞࠸ࡇ࡜࡜࡞ࡿࡣࡎ࡛࠶ࡿࠋ ࡋ࠿ࡋࠊࡇࡇ࡛᮲⣙ࡀᙉไつᐃ࡞ࡢ࠿࡜࠸࠺ၥ㢟࡜᮲⣙࡜ᅜෆἲ࡜ࡢ㛵ಀࡢၥ㢟࡜࡞ࡗ࡚ࡃࡿࠋ ࢃࡀᅜ࡟࠾࠸࡚ࡣࠊ᠇ἲ 98 ᮲ 2 㡯࡟ࡼࡾࠊࠕ᪥ᮏᅜࡀ⥾⤖ࡋࡓ᮲⣙ཬࡧ☜❧ࡉࢀࡓᅜ㝿ἲつࡣࠊࡇࢀࢆㄔᐇ࡟㑂Ᏺࡍࡿࡇ࡜ࢆᚲせ࡜ࡍࡿࠋࠖ࡜ࡋ࡞ࡀࡽࡶࠊ᠇ἲ 84 ᮲࡟ࡼࡾࠕ࠶ࡽࡓ࡟⛒⛯ࢆㄢࡋࠊཪࡣ⌧⾜ࡢ⛒⛯ࢆኚ᭦ࡍࡿ࡟ࡣࠊἲᚊཪࡣἲᚊࡢᐃࡵࡿ᮲௳࡟ࡼࡿࡇ࡜ࢆᚲせ࡜ࡍࡿࠋࠖ࡜࠸࠺⛒⛯
451 ࠗ᪥⡿⛒⛯᮲⣙㸦2003 ᖺ 11 ᭶ 7 ᪥᭩ྡ㸭ᖹᡂ 16 ᖺ᮲⣙➨ 2 ྕ㸧࠘๓ᥖὀ㸦448㸧ࠊ34 㡫ࠋ
452 ࠗ᪥⡿⛒⛯᮲⣙㸦2003 ᖺ 11 ᭶ 7 ᪥᭩ྡ㸭ᖹᡂ 16 ᖺ᮲⣙➨ 2 ྕ㸧࠘๓ᥖὀ㸦448㸧ࠊ28 㡫ࠋ
453 ࠗ᪥⡿⛒⛯᮲⣙㸦2003 ᖺ 11 ᭶ 7 ᪥᭩ྡ㸭ᖹᡂ 16 ᖺ᮲⣙➨ 2 ྕ㸧࠘๓ᥖὀ㸦448㸧ࠊ28 㡫ࠋ
454 ࠗ᪥⡿⛒⛯᮲⣙㸦2003 ᖺ 11 ᭶ 7 ᪥᭩ྡ㸭ᖹᡂ 16 ᖺ᮲⣙➨ 2 ྕ㸧࠘๓ᥖὀ㸦448㸧ࠊ33-34 㡫ࠋ
455 ࠗ᪥⡿⛒⛯᮲⣙㸦2003 ᖺ 11 ᭶ 7 ᪥᭩ྡ㸭ᖹᡂ 16 ᖺ᮲⣙➨ 2 ྕ㸧࠘๓ᥖὀ㸦448㸧ࠊ34 㡫ࠋ
456 ᮏᗉ㈨ࠗ᪂᪥⡿⛒⛯᮲⣙ゎ㔘◊✲ ᇶ♏◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2005㸧120 㡫ࠋ
457 Eva Eberhartinger & Martin Alexander Six, supra note (385) at 10.

108ἲᚊ୺⩏ࡀ㔜࡞ࡾࠊ୧⪅ࡢせㄳࢆᢡ⾺ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸458ࠋࢃࡀᅜ⛒⛯ἲ࡟࠾࠸࡚ࠊࣁ࢖ࣈࣜࢵ
ࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ Debt㸭Equity 㐺᱁ᛶ࡟ࡘ࠸࡚ࡢ⛒⛯ἲࡢᐃࡵࡀ࡞࠸≧ἣ࡛ࠊ᮲⣙⥾⤖┦ᡭᅜ࡟࠾࠸࡚㐺᱁࡜ࡉࢀࡓࠕ㓄ᙜࠖࠊࠕ฼Ꮚࠖࡢศ㢮ࢆࢃࡀᅜ࡟࠾࠸࡚ᚲࡎ㋃くࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸
ࡢ࠿ࠊ࡜࠸࠺ၥ㢟ࡀ㉳ࡇࡿࠋࡲࡎ➨㸯࡟⪃࠼ࡿ࡭ࡁࡣࠊ᪥⡿⛒⛯᮲⣙ Art 1 para. 2 ࡟ᐃࡵࡽࢀ࡚࠸
ࡿࣉࣜࢨ࣮࣋ࢩ࣭ࣙࣥࢡ࣮ࣟࢬ࡛࠶ࡿࠋ
ࠕ㺃㺃㺃⛒⛯ࡢῶචࢆ࠸࠿࡞ࡿែᵝ࡟࠾࠸࡚ࡶไ㝈ࡍࡿࡶࡢ࡜
ゎࡋ࡚ࡣ࡞ࡽ࡞࠸ࠖ࡜࠸࠺᮲㡯࡛࠶ࡿࠋࣉࣜࢨ࣮࣋ࢩ࣭ࣙࣥࢡ࣮ࣟࢬࡢព⩏࡟ࡘ࠸࡚ࡣࠊ஭ୖᗤ୍࣭
௰㇂ᰤ୍㑻ᘚㆤኈࡣࠕ⛒⛯᮲⣙ࡣࠊ᮲⣙⥾⤖ᅜࡢㄢ⛯ᶒࢆไ㝈ࡍࡿࡇ࡜࡟ࡼࡾࠊᅜ㝿ⓗ࡞஧㔜ㄢ⛯ࢆ᤼㝖ࡍࡿࡇ࡜ࢆ୺ࡓࡿ┠ⓗ࡜ࡋ࡚࠸ࡿࡓࡵࠊ⛒⛯᮲⣙࡟ࡼࡾࠊ᮲⣙⥾⤖ᅜࡢㄢ⛯ᶒࡀᣑ኱ࡍࡿࡼ
࠺࡛ࡣࠊ᮲⣙ࡢ㊃᪨࡟཯ࡍࡿࡇ࡜࡟࡞ࡿࠋࡋࡓࡀࡗ࡚ࠊࣉࣜࢨ࣮࣋ࢩࣙࣥࡢཎ๎ࡣࠊ᮲⣙୰࡟᫂ᩥࡢつᐃࡀ࠶ࡿ࠿࡝࠺࠿ࢆၥࢃࡎࠊ⛒⛯᮲⣙ࡢ㐺⏝࡟㝿ࡋᙜ↛ጇᙜࡍࡿཎ๎࡛࠶ࡿ459ࠖ㏙࡭ࡽࢀ࡚࠾
ࡾࠊᗈ⩏ㄝ࡟ࡓ࡚ࡤࠊࣉࣜࢨ࣮࣋ࢩࣙࣥࡢཎ๎ࡢ㐺⏝ࡀ࠶ࡿࡢࡣࠊ⣡⛯⪅࡟࡜ࡗ࡚᭷฼࡞ᅜෆ⛯ἲୖࡢつᐃ࡛࠶ࡿ࡜఩⨨࡙ࡅࡽࢀࡿ460࡜࠸ࢃࢀ࡚࠸ࡿࠋ ࡋࡓࡀࡗ࡚ࠊࡶ࡜ࡢၥ㢟࡟ᡠࡾࠊ᮲⣙⥾⣙┦ᡭᅜ࡛࠶ࡿ࢔࣓ࣜ࢝⛯ἲ࡟࠾࠸࡚ Debt ࡟ࡼࡾ⏕ࡌࡓ࢖࣮ࣝࢻ࡜㐺᱁ᛶࢆ୚࠼ࡽࢀࡓࡶࡢ࡛࠶ࡗ࡚ࡶࠊࢃࡀᅜ࡟࠾࠸࡚⣡⛯⪅࡛࠶ࡿぶ఍♫ࡀ᭷฼࡜࡞ࡿࠊEquity ࠿ࡽⓎ⏕ࡋࡓࣜࢱ࣮࡛ࣥ࠶ࡿ࡜ࡋ࡚⏦࿌ࡍࡿࡇ࡜࡟ၥ㢟ࡣ⏕ࡌ࡞࠸࡜࠸࠺ࡇ࡜࡟࡞ࡿࠋ
࡞ࡐ࡞ࡽࡤࠊࢃࡀᅜࡢ⛒⛯ἲ࡛ࡣࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ಀࡿࠕ㓄ᙜࠖࠊࠕ฼Ꮚࠖࡢ᫂☜࡞ᐃࡵࢆ࠾࠸࡚࠸࡞࠸ࡓࡵࠊࢃࡀᅜࡢ఍♫ἲୖࠊEquity ࡟ศ㢮ࡉࢀࡿ࡛࠶ࢁ࠺せ௳ࢆ‶㊊ࡋ࡚࠸ࢀࡤࠊㄢ⛯ୖࡶࡑࡢࡼ࠺࡟ᢅࢃࡊࡿࢆᚓ࡞࠸࠿ࡽ࡛࠶ࡿࠋ ࡇࡇ࡟࠾࠸࡚ࠊ౛࠼ࠊ஧ᅜ㛫⛒⛯᮲⣙࡟ࡼࡾࠕ㓄ᙜࠖࠊࠕ฼Ꮚࠖࡢ㐺᱁ᛶࢆᐃࡵ࡚࠾࠸࡚࠶ࡾࠊᨭ
ᡶ⪅ഃࡢ⛒⛯ἲ௧ୖ࡛ࡣṇ☜࡟ᓧูࡀ࡞ࡉࢀ࡚࠸ࡓ࡜ࡋ࡚ࡶࠊࢃࡀᅜ࡟࠾࠸࡚ࠊ⚾ἲ࠾ࡼࡧ఍ィୖࡢ㐺᱁ᛶࢆᣢࡓࡏ࡚࠾ࡅࡤࠊ⣡⛯⪅ࡢ࠶ࡿ࠸ࡣࠊࡑࡢ௙⤌ࡳࢆ⪃࠼࡚࠸ࡿከᅜ⡠௻ᴗࡢពࡢࡲࡲ࡟
᧯సࡉࢀ࠺ࡿࡇ࡜࡜࡞ࡿࠋ ࡼࡗ࡚ࠊእぢୖཝ᱁࡟つᐃࡉࢀࡓ᪥⡿⛒⛯᮲⣙࡟࠾࠸࡚ࡶࠊᅜෆἲ࡜ࡢ㛵ಀ࡟࠾࠸࡚ࠊEva
Eberhartinger & Martin Alexander Six ࡀᣦ᦬ࡍࡿࡼ࠺࡞⛒⛯⿢ᐃࡣ㉳ࡇࡾ࠼ࡿࡢ࡛࠶ࡿࠋ ࡉࡽ࡟㏫ࡢ❧ሙࢆ⪃࠼࡚ࡳࡓሙྜࠊࢃࡀᅜࡣ㐣ᑡ㈨ᮏ⛯ไ࡟ࡼࡾ Debt-to-Equity ratio ࡀ 3:1 ࢆ㉸࠼ࡿሙྜࠊࡑࡢ㉸㐣ศ࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝࢻ࡟ࡘ࠸࡚ࡣ฼Ꮚ࡜ࡋ࡚ࡢᦆ㔠᥍㝖ࢆㄆࡵ࡚࠸࡞࠸ࠋ
ࡋ࠿ࡋࡇࡢᢅ࠸ࡣ➨ 3 ❶ᮏᩥཬࡧᑠᣓ࡛ࡶグࡋࡓࡼ࠺࡟ࠊ఍ィᖒ⡙ୖࡢᩘᏐࢆࡶ࡜࡟⥲㔞つไࡢ⪃࠼᪉࡛ศ㢮ࡋࡓ࡟㐣ࡂࡎࠊἲே⛯ἲୖ Equity ࡜ Debt ࡜࡟ศ㢮ࡋࡓࡶࡢ࡛ࡣ࡞࠸ࠋ࠿࠿ࡿ≧ἣ࡟࠾࠸࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆ࢔࣓ࣜ࢝࡟ᨭᡶࡗࡓሙྜࠊ※Ἠᆅᅜ㸦ࢃࡀᅜ㸧࡟࠾ࡅࡿ⛒⛯࡟㛵ࡍࡿἲ௧ୖࠕᰴᘧࠖ࡜ᢅࡗ࡚࠸ࡿ࡜ࡶࠊ
ࠕമᶒࠖ࡜ࡋ࡚ᢅࡗ࡚࠸ࡿ࡜ࡶ࠸࠼
࡞࠸ࡢ࡛ࡣ࡞࠸ࡔࢁ࠿ࠋࡇࡢࡼ࠺࡞≧ἣ࡟࠾࠸࡚ࠊ࢔࣓࡛ࣜ࢝ࡣࠊࢃࡀᅜࡢᢅ࠸࡜ࡣ↓㛵ಀ࡟࢔࣓ࣜ࢝⛯ἲࡢᇶ‽࡛ࢃࡀᅜᏊ఍♫࠿ࡽཷ㡿ࡋࡓ࢖࣮ࣝࢻࢆᅜෆἲୖ᭷฼࡞㑅ᢥࢆࡍࡿࡇ࡜ࡀ࡛ࡁࡿ
㸦᭷฼࡞㑅ᢥࡀ⾜࡞࠼ᚓࡿࡼ࠺࡟᭱ึ࠿ࡽタィࡉࢀ࡚࠸ࡿࠋ
㸧ࡢ࡛࠶ࡿࠋ
➨6⠇஧ᅜ㛫⛒⛯᮲⣙ࢆ⏝࠸ࡿ⛒⛯⿢ᐃၥ㢟ࡢゎỴ⟇1.

஧ᅜ㛫⛒⛯᮲⣙࡟ࡼࡿྲྀᘬࡢ⛒⛯ᅇ㑊࡜ࡋ࡚ࡢྰㄆ

እᅜᏊ఍♫࠿ࡽࢃࡀᅜぶ఍♫࡬ࡢ฼┈ࡢศ㓄ࡀ⏕ࡌࡓ࡜ࡁࠊཷ㡿ࡋࡓᅜእ※Ἠᡤᚓࡢ㔠㢠࠾ࡼࡧࡑ

458 ቑ஭Ⰻၨ࣭ᐑᓮ⿱Ꮚࠗᅜ㝿⛒⛯ἲ࠘㸦ᮾி኱Ꮫฟ∧఍ࠊ2008㸧28 㡫ࠋ
459 ஭ୖᗤ୍࣭௰㇂ᰤ୍㑻ࠗ⛒⛯᮲⣙࡜ᅜෆ⛯ἲ࡜ࡢ஺㘒࠘㸦ၟ஦ἲົࠊ2007㸧36 㡫ࠋ
460 ஭ୖᗤ୍࣭௰㇂ᰤ୍㑻࣭๓ᥖὀ㸦459㸧
ࠊ37 㡫ࠋ

109

ࡢᡤᚓศ㢮ࡔࡅ࠿ࡽᙜヱྲྀᘬ࡟஧ᅜ඲య࡜ࡋ࡚ࡢ␗ᖖᛶࡀ࠶ࡿࡢ࠿ྰ࠿ࢆุ᩿ࡍࡿࡇ࡜ࡣ㠀ᖖ࡟㞴ࡋ࠸ࠋࡋ࠿ࡋࠊ➨ 4 ❶➨ 4 ⠇ 2 ࡛⪃ᐹࡋࡓࡼ࠺࡟ࠊ※Ἠᆅᅜ࡟࠾ࡅࡿྲྀᘬࡢྲྀᢅࢆ᫂ࡽ࠿࡟ࡋ࡚ࡳ
ࡓ࡜ࡁࠊᐇ㝿࡟ࡣࣁ࢖ࣈࣜࢵࢻ࡟ࡼࡿ஧ᅜ㛫⛒⛯⿢ᐃࡀ⾜ࢃࢀ࡚࠸ࡿሙྜࡀ࠶ࡿࠋᙜヱྲྀᘬ࡟ᑐᛂ
ࡍࡿ※Ἠᆅᅜ࡛ࡢἲே⛯ࡢ㢠ࡀ᥎ ࡛ࡁࢀࡤࠊᙜヱ฼┈ศ㓄ࡀ※Ἠᆅᅜ࡟࠾࠸࡚ࠕ㓄ᙜࠖ࡜ᢅࢃࢀ
࡚࠸ࡿࡢ࠿ࠕ฼Ꮚࠖ࡜ᢅࢃࢀ࡚࠸ࡿࡢ࠿ࡢุูࡣ⌮ㄽⓗ࡟ࡣᐜ᫆࡟⾜࠼ࡿࡣࡎ࡛࠶ࡿࠋ ࡋ࠿ࡋࡇࡇ࡛ࡲࡓၥ㢟࡟㐼㐝ࡍࡿࠋᇳ⾜⟶㎄ᶒ࡜᝟ሗ஺᥮ࡢၥ㢟࡛࠶ࡿࠋ⛒⛯᮲⣙⥾⤖┦ᡭᅜ࡟࠾ࡅࡿㄢ⛯ࡢ≧ἣࡀ᫂☜࡟࡞ࡗ࡚ࡣࡌࡵ࡚஧ᅜྜࢃࡏࡓ࡜ࡁࡢࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ
౑⏝࡟ࡼࡿᐇຠ⛯⋡ࡢపୗࢆ ᐃࡍࡿࡇ࡜ࡀ࡛ࡁࠊࡲࡓ┦ᡭᅜ࡟࠾࠸࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶࣝ
࣓ࣥࢺࢆ࠸࠿࡞ࡿࡶࡢ࡜ࡋ࡚⏦࿌ࡋࡓࡢ࠿ࡀࢃ࠿ࡿ࠿ࡽ࡛࠶ࡿࠋ ࡇࡇ࡛ࡣࠊ஧ᅜ㛫ࡢ᝟ሗ஺᥮ࡀ࡞ࡉࢀࡓࡶࡢ࡜ࡍࡿࠋ฼┈ศ㓄ࡢཎ㈨࡟ᑐࡍࡿእᅜἲே⛯ࡀ㠀ᖖ࡟ᑠࡉࡅࢀࡤࠊ
ཎ㈨ࡢ࡯࡜ࢇ࡝ࡀ฼Ꮚ࡜ࡋ࡚ᦆ㔠᥍㝖ࡉࢀࡓ࡜⪃࠼࡚Ⰻ࠸࡛࠶ࢁ࠺ࠋ
ࡑࢀ࡟ᑐࡋ࡚ࠊ
ࢃࡀᅜࡢぶ఍♫ࡢ⏦࿌ࡀࠕእᅜᏊ఍♫㓄ᙜ㔠ࠖࡢཷྲྀ࡜࡞ࡗ࡚࠸ࢀࡤᙜヱྲྀᘬ࡟࠾࠸࡚ࣁ࢖ࣈࣜࢵ
ࢻ࡟ࡼࡿ⛒⛯⿢ᐃࡀ⾜ࢃࢀ࡚࠸ࡓࡇ࡜ࢆព࿡ࡍࡿࠋ ࡑࡇ࡛ၥ㢟ࡣࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸ࠊ஧ᅜ㛫࡟࠾ࡅࡿ⛒⛯ἲୖࡢ㐪࠸ࢆ฼⏝ࡋࡓ⿢ᐃྲྀᘬࢆࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢ࡟ࡼࡿ⠇⛯࡜ࡳ࡞ࡍ࠿ࠊ
஧ᅜ㛫ࢆࢭࢵࢺ࡜ࡋ࡚⪃࠼ࡓ࡜ࡁࠊ
඾ᆺⓗ࡞ Debtࠊ࠶ࡿ࠸ࡣ඾ᆺⓗ࡞ Equity ࡟ࡼࡿἲே⛯ᐇຠ⛯⋡㸦㸦እᅜἲே⛯㸩※Ἠᚩ཰⛯㸩ࢃࡀᅜἲே⛯㸧㸭እᅜᏊ఍♫๫వ㔠ศ㓄㢠㸧࡜ẚ㍑ࡋⴭࡋࡃపୗࡋ࡚࠸ࡿሙྜࡣࠊ⛒⛯⿢ᐃࢆ฼⏝ࡋࡓᅜ㝿ⓗ⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡋ඾ᆺⓗ࡞Equity ࠶ࡿ࠸ࡣ඾ᆺⓗ࡞Debt ࡢሙྜ࡟Ⓨ⏕ࡋࡓ࡛࠶ࢁ࠺
஧ᅜ㛫඲యࡢ⣡⛯㢠ࡢᑠࡉ࠸᪉࡜ẚ㍑ࡋࡑࡢᕪ㢠ศࢆࢃࡀᅜᒃఫ⪅࡛࠶ࡿぶ఍♫࡟㏣ᚩࡍࡿ࡜࠸࠺
㑅ᢥ⫥ࡀ࠶ࡾᚓࡿ࡜⪃࠼ࡿࠋ ᮏㄽᩥࡣࠊᚋ⪅ࢆ㑅ᢥࡍࡿ❧ሙࢆ࡜ࡿࠋ㛫᥋እᅜ⛯㢠᥍㝖࡟௦࠼ࠊእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ࡜࠸࠺ᢅ࠸࡟࡞ࡗࡓࡇ࡜࡟ࡼࡾࠊࣁ࢖ࣈࣜࢵࢻ࡟ࡼࡿ⛒⛯⿢ᐃࡀࡶࡓࡽࡍᐇຠ⛯⋡ࡢపୗࡣ㠀ᖖ࡟኱ࡁࡃ࡞ࡿࠋձከᅜ⡠௻ᴗࡀእᅜ࡟ぶ఍♫ࢆࠊࢃࡀᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊእᅜぶ఍♫ࡀࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ
࣓ࣝࣥࢺࢆࢃࡀᅜᏊ఍♫࡟ᑐࡋ࡚Ⓨ⾜ࡍࡿሙྜࠋ
ղࢃࡀᅜ࡟タ⨨ࡉࢀࡓぶ఍♫ࡀእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊぶ఍♫ࡀእᅜᏊ఍♫࡟ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥ
ࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡍࡿሙྜࠋ
ࡢ୧⪅࡜ࡶࢃࡀᅜࡢἲே⛯࡜ࠊእᅜἲே⛯ࠊ
࠾ࡼࡧ࠸ࡎࢀ࠿ࡢᅜ࡟ࡼࡿ※Ἠᚩ཰⛯ࡢྜィࢆࡳࢀࡤࠊ
ぶᏊ㛵㐃௻ᴗࢢ࣮ࣝࣉ඲య࡟࠿࠿ࡿᐇຠ⛯⋡ࡣ㏻ᖖࡢ Debt㸭Equity ྲྀᘬ࡟ẚࡋ࡚పୗࡋ࡚࠸ࡿࡣ
ࡎ࡛࠶ࡿࠋ ࡇࡢ⿢ᐃྲྀᘬࡣࢃࡀᅜཬࡧ┦ᡭᅜ࡟࠾࠸࡚༢⊂࡛ࡣࡍ࡭࡚ྜἲⓗ࡞ࡶࡢ࡛࠶ࡿࡀࠊᅜ㝿ྲྀᘬ඲యࢆ═ࡵࡓ࡜ࡁࠊ
ࠕ␗ᖖᛶࠖࡀࡳࡽࢀࡿ࡜⪃࠼ࡿࡢ࡛࠶ࡿࠋ
 ᮏᗉ㈨ᩍᤵࡢ⛒⛯ᅇ㑊ࡢᐃ⩏ࡣࠕ⚾ἲୖࡢ㑅ᢥྍ⬟࡞ἲᙧᘧࡢ୰࠿ࡽࠊ⛯ἲࡢணᐃࡋ࡞࠸ࠊᖖ㆑
ࢆ◚ࡿἲᙧᘧࢆ㑅ᢥࡋ࡚ࠊ⤖ᯝ࡜ࡋ࡚ࡣពᅗࡋࡓ⤒῭┠ⓗࢆ㐩ᡂࡋ࡞ࡀࡽࠊ⛯ἲࡢணᐃࡋࡓἲᙧᘧ
࡟ࡘ࠸࡚ᐃࡵࡿㄢ⛯せ௳࡟᢬ゐࡍࡿࡇ࡜ࢆචࢀࡦ࠸࡚ࡣ⛯㈇ᢸࡢῶᑡཪࡣ᤼㝖ࢆࡶࡓࡽࡍ461ࠖ࡜࠸࠺ࡶࡢ࡛࠶ࡿࠋ ௒⪃࠼࡚࠸ࡿࢣ࣮ࢫࢆࡑࡢࡲࡲ⛒⛯ᅇ㑊ࡢᐃ⩏࡟ᙜ࡚ࡣࡵࡿࡇ࡜ࡣ㞴ࡋ࠸ࠋ⌮⏤ࡣྛࡢᅜࡢ⛯ἲࡢணᐃࡋࡓἲᙧᘧ࡟ࡘ࠸࡚ᐃࡵࡿㄢ⛯せ௳࡟᢬ゐࡍࡿࡇ࡜ࢆචࢀ࡚࠸ࡿࢃࡅ࡛ࢃ࡞ࡃࠊྛࡢᅜࡢ⛯ἲ࠿ࡽࡳࢀࡤࠊࡑࡢྲྀᘬࡣࠊ⛯ἲࡢணᐃࡋ࡞࠸ᖖ㆑ࢆ◚ࡿἲᙧᘧࢆ㑅ᢥࡋ࡚࠸ࡿࢃࡅ࡛ࡶ࡞࠸࠿ࡽ
461 ᮏᗉ㈨࣭๓ᥖὀ㸦303㸧
ࠊ102 㡫ࠋ110࡛࠶ࡿࠋࡋ࠿ࡋࠊ஧ᅜࢆࢭࢵࢺ࡛ࡳࡿ࡜ࠊࡑࡢྲྀᘬࡣࠕ⛯ἲࡢணᐃࡋ࡞࠸ᖖ㆑ࢆ◚ࡿἲᙧᘧࢆ㑅ᢥࡋ࡚࠸ࡿࠖࡶࡢ࡜⪃࠼ࡽࢀࡿࡢ࡛࠶ࡿࠋ ࡑࡇ࡛ࠊ࠿࠿ࡿ஧ᅜ㛫࡟࠾ࡅࡿ⛒⛯⿢ᐃࢆ⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡍࡿࡓࡵ࡟ࡣࠊᙜヱ⛒⛯⿢ᐃࢆ஧ᅜྠ᫬࡟⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡍࡿᚲせࡀ࠶ࡿࠋࡑࡢࡓࡵ࡟ࡣ⛒⛯᮲⣙࡟࠾࠸࡚ࠊ࠿࠿ࡿ⛒⛯⿢ᐃࢆ⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡍࡿ࡜࠸࠺㊃᪨ࡢ᮲㡯ࢆ᭩ࡁ㎸ࡴᚲせᛶࡀ࠶ࡿࠋ ⌧ᅾࡢ⛒⛯᮲⣙ࡀ஧㔜ㄢ⛯᤼㝖ࢆ┠ⓗ࡜ࡋࡓࡶࡢ࡛࠶ࡿࡓࡵࠊࡑࡢࡼ࠺࡞᮲㡯ࡀ࡝ࡢ⛬ᗘࡢᙉไຊࢆᣢࡕ࠺ࡿࡢ࠿␲ၥࡣ࠶ࡿࡀࡇࢀࢆ⾜࠺࡭ࡁ࡛࠶ࡿࠋ
2.

⛒⛯᮲⣙࡟ࡼࡿ⛒⛯⿢ᐃ㜼Ṇࡢᅔ㞴ᛶୖグ➨ 4 ❶➨ 5 ⠇ 2 ࡛⪃ᐹࡋࡓࡼ࠺࡟ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡋ࡚ࡑࡇ࠿ࡽ⏕ࡌࡿᡤᚓࢆ඾ᆺⓗ࡞㢮ᆺ࡜ࡋ࡚ࡢࠕ㓄ᙜࠖ࡜ࠕ฼Ꮚࠖ࡟ศ㢮ࡍࡿ࡜࠸࠺᮲⣙᮲㡯ࢆぢ┤ࡋࠊ஧ᅜ㛫ྜࢃࡏ࡚ࡳࡓ࡜ࡁࠊ඾ᆺⓗ࡞ Debtࠊ඾ᆺⓗ࡞ Equity ࡜ࡋ࡚⪃࠼ࡓ࡜ࡁ࡜࡟ẚࡋᐇຠ⛯⋡ࡀⴭࡋࡃῶᑡ
ࡋ࡚࠸ࡿሙྜ࡟ࡣࠊ஧ᅜ㛫࡟࠾ࡅࡿ⛒⛯⿢ᐃࡀ⾜ࢃࢀࡓ࡜ࡳ࡞ࡋ࡚ࠊྲྀᘬࢆ⾜ࡗࡓ௻ᴗࢢ࣮ࣝࣉ࡟
ㄢ⛯ࡍࡿ࡜࠸࠺⪃࠼᪉ࢆ᥇ࡿ࡭ࡁ࡛࠶ࡿࠋ᮲⣙࡟࠾ࡅࡿࣉࣜࢨ࣮࣋ࢩ࣭ࣙࣥࢡ࣮ࣟࢬ࡜ᙉไἲⓗ࡞᮲㡯࡜ࡢᩚྜᛶࡢၥ㢟ࡀ࠶ࡿࡀࠊ࢔࣓ࣜ࢝࡟࠾࠸࡚ࡣࠊ᮲⣙࡜ἲᚊ࡜ࡣ➼఩࡟❧ࡕᚋἲࡀඃඛࡍࡿ
ࡓࡵࢺ࣮ࣜࢸ࢕࣮࣭࣮࢜ࣂ࣮ࣛ࢖ࢻ462ࡀ⾜ࢃࢀ࡚࠸ࡿࡇ࡜ࢆ⪃࠼ࡿ࡜ࠊ᮲⣙࡟ᙉไຊࢆᣢࡓࡏࡿࡇ࡜ࡶ᳨ウࡍ࡭ࡁ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡿࠋ ⌧ᅾࡢᅜ㝿ㄢ⛯࣮ࣝࣝࡀ⤫୍໬ࡉࢀ࡚࠸࡞࠸࡜ࡇࢁ࡟ࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥ
ࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃࡢၥ㢟ࡢ᰿ᮏࡀ࠶ࡿࢃࡅ࡛࠶ࡿ࠿ࡽࠊᅜ㝿ㄢ⛯࣮ࣝࣝࡢ⤫୍໬ࢆᅗࡿ
࡭ࡁ࡛࠶ࡿࠋࡋ࠿ࡋࠊቑ஭Ⰻၨᩍᤵࡣࠊᅜ㝿ㄢ⛯࣮ࣝࣝࡢ᪂ࡓ࡞ࢥࣥࢭࣥࢧࢫࢆ㔊ᡂࡍࡿࡇ࡜ࡣ㠀ᖖ࡟ᅔ㞴࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ463ࠋࡑࡢ⌮⏤࡜ࡋ࡚ࠕ⏘ᴗඛ㐍ᅜࠊ⤒῭᪂⯆ᅜࠊከᅜ⡠௻ᴗࠊ࡜࠸ࡗࡓ✀ࠎࡢࣉ࣮࣮ࣞࣖࡀᑐ❧ࡍࡿ฼ᐖࢆ࠿࠿࠼ࡿ୰࡛ࠊ᪤Ꮡࡢᯟ⤌ࢆື࠿ࡍࡇ࡜࡟኱ࡁ࡞᢬ᢠࡀ
ࠕከᅜ⡠௻ᴗࡢ࠿ࡃࡶࢢ࣮ࣟࣂࣝ࡞㧗ᗘᒎ㛤ࡸࠊ㏻ಙᢏ⾡ࡢ㠉࿨ⓗኚ໬ࠊ㔠⼥ᕤ
ാࡃ464ࠖ࡜ࡉࢀࠊ
Ꮫࡢ㠉᪂࡞࡝࡜࠸ࡗࡓせᅉ࡟ࡼࡗ࡚ࠊᅜ㝿⤒῭ࡣᵝኚࢃࡾࡋࡓࠋࡋ࠿ࡋࠊ100 ᖺ๓ࡢୡ⏺ࢆ཯ᫎࡋࡓ⛒⛯᮲⣙ࡢᯟ⤌ࡣࠊࡇࢀࡽ࡟ᑐᛂ࡛ࡁ࡚࠸࡞࠸465ࠖ
࡜ㄽࡌࡽࢀ࡚࠸ࡿࠋ
ࡉࡽ࡟ࠊ
1995 ᖺ࡟ࡣ OECDࣔࢹࣝ⛒⛯᮲⣙ Art 21 ࢥ࣓ࣥࢱ࣮ࣜpara.7 ࡟࠾࠸࡚ࠊ
ࠕ⛒⛯ጤဨ఍ࡣ㠀ఏ⤫ⓗ㔠⼥ၟရࡢㄢ⛯ࢆ✚ᴟⓗ࡟◊✲ࡋ࡚࠸ࡿࠋࣔࢹࣝ⛒⛯᮲⣙ࡸὀ㔘ࡢࡉࡽ࡞ࡿኚ᭦ࡀᚲせ࡛࠶ࢁ࠺466ࠖ࡜グ㍕ࡉࢀ࡚࠸ࡓ
ࡀࠊࡑࡢᚋ 2008 ᖺ∧࡛ࡣ๐㝖ࡉࢀ࡚࠸ࡿ467ࠋࡇࡢ≧ἣ࡟ࡘࡁࠊቑ஭Ⰻၨᩍᤵࡣࠕ㔠⼥ၟရ࡟㛵ࡍࡿࡇࡢ౛ࡣࠊྛᅜࡀྂ࠸᭩ᘧ࠿ࡽᢤࡅฟࡏ࡞࠸୰ࠊᯟ⤌ࡑࡢࡶࡢࢆኚ㠉ࡋࡼ࠺࡜ࡍࡿᨵ㠉࡟ࣈ࣮ࣞ࢟ࡀ࠿࠿ࡾࡀࡕ࡛࠶ࡿ⌧≧ࢆ♧ࡋ࡚࠸ࡿ468ࠖ࡜㏙࡭ࡽࢀ࡚࠸ࡿࠋ ࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡼࡿ⛒⛯⿢ᐃࡢၥ㢟ࢆ᮲⣙࡟ồࡵࡿࡇ࡜ࢆᥦ᱌ࡋࡓࡀࠊ᮲⣙ᨵᐃ࡟࠿࠿ࡿ᫬㛫ⓗࢫࣃࣥࡢ㛗ࡉ࠿ࡽ⪃࠼࡚⌧ᐇⓗ࡟ࡣᐇ⾜ࡣᅔ㞴࡜࠸࠺ࡇ࡜
࡟࡞ࡿࡢ࡛࠶ࢁ࠿ࠋࢃࡀᅜࡢ᮲⣙ࢆ౛࡟࡜ࡗ࡚ࡳࡿ࡜ࠊቑ஭Ⰻၨᩍᤵ࡟ࡼࢀࡤࠊ᮲⣙ࡢᨵᐃ࡟ࡣ㠀ᖖ࡟㛗࠸ࢫࣃࣥࡀ࠿࠿ࡿ࡜࠸࠺ࠋ⥾⤖ࡉࢀ࡚࠿ࡽࡑࡢᚋ୍ᗘࡶᨵゞࡉࢀ࡚࠸࡞࠸ࡶࡢࡶከ࠸ࡋࠊఱ
462 ቑ஭Ⰻၨ࣭ᐑᓮ⿱Ꮚ࣭๓ᥖὀ㸦458㸧
ࠊ27 㡫ࠋ
463 ቑ஭Ⰻၨࠕᅜ㝿ㄢ⛯࣮ࣝࣝࡢᏳᐃ࡜ኚື㸫⛒⛯᮲⣙⥾⤖࡟ࡼࡿࣟࢵࢡ㺃࢖ࣥ㸫ࠖ⛯኱ㄽྀ 40 ࿘ᖺグᛕㄽᩥ㞟ࠊ338 㡫ࠊ345 㡫ࠋ
464 ቑ஭Ⰻၨ࣭๓ᥖὀ㸦463㸧
ࠊ345 㡫ࠋ
465 ቑ஭Ⰻၨ࣭๓ᥖὀ㸦463㸧
ࠊ347 㡫ࠋ
466 ᪥ᮏㄒヂࡣቑ஭Ⰻၨ࣭๓ᥖὀ㸦463㸧
ࠊ347 㡫࡟ࡼࡿࠋ
467 ࡇࡢࡇ࡜ࡣࠊቑ஭Ⰻၨ࣭๓ᥖὀ㸦463㸧
ࠊ347 㡫࡟࡚ᣦ᦬ࡉࢀ࡚࠸ࡿࠋ
468 ቑ஭Ⰻၨ࣭๓ᥖὀ㸦463㸧
ࠊ347 㡫ࠋ111

ᗘࡶᨵゞࡉࢀ࡚࠸ࡿ᮲⣙࡛࠶ࡗ࡚ࡶࠊᨵゞࡲ࡛࡟࠿࡞ࡾࡢᖺᩘࡀ࠿࠿ࡿࡢࡀᬑ㏻࡛ࠊࡓ࡜࠼ࡤࠊ᪥
⡿⛒⛯᮲⣙ࡣࠊ➨ 1 ḟ᮲⣙ࡀ 1954 ᖺ࡟⥾⤖ࡉࢀࡓࡢࡕࠊ➨ 2 ḟ඲㠃ᨵṇࡀ 1971 ᖺ࡟ࠊ➨ 3 ḟ඲㠃ᨵṇࡀ 2003 ᖺ࡟࡞ࡉࢀ࡚ࡁ࡚࠸ࡿ≧ἣ࡛࠶ࡿㄝ᫂ࡉࢀ࡚࠸ࡿࠋ᪥⡿᮲⣙ࡢᨵゞࡣ 20 ᖺ࠿ࡽ 30ᖺࡢࢫࣃ࡛ࣥ࡞ࡉࢀ࡚࠸ࡿࡇ࡜࡟࡞ࡿࠋ᪥ᮏࡢ⛒⛯᮲⣙ࡢᨵゞ࡟ࡣࠊ࠿࡞ࡾࡢ᫬㛫ࡀ࠿࠿ࡗ࡚࠸ࡿ
ࡇ࡜࡟࡞ࡿࡀྠᵝࡢࡇ࡜ࡣࠊ᪥ᮏࡢ᮲⣙⥾⤖┦ᡭᅜ࡛࠶ࡿእᅜ࡟ࡘ࠸࡚ࡶ࠶࡚ࡣࡲࡿ࡜ࠊቑ஭ᩍᤵ
ࡣ㏙࡭ࡽࢀ࡚࠸ࡿ469ࠋࡓ࡜࠼ࡤࠊ⡿⹒ࡢ㛫࡛ࡣᇶᮏⓗ࡞᮲⣙⥾⤖࣏ࣜࢩ࣮ࡀᑐ❧ࡋ࡚࠸ࡓࡓࡵࠊ1992
ᖺ⡿⹒⛒⛯᮲⣙ࡣࠊ10 ᖺ㉺ࡋࡢ஺΅ࡢ⤖ᯝࠊࡼ࠺ࡸࡃ࡛ࡁࡓጇ༠ࡢ⏘≀࡛࠶ࡗࡓ470࡜グࡉࢀ࡚࠸ࡿࠋ ๓㏙ࡋࡓࠊࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ⛒⛯⿢ᐃၥ㢟ࡢゎỴ᪉ἲࡣᇶᮏⓗ࡟⛒⛯⿢ᐃࡢಶูⓗ࡞㜵Ṇつᐃࢆἲᚊⓗ࡟๰タࡍࡿ࡜࠸࠺ࡼࡾࡶࠊ⛒⛯⿢ᐃࡀ⾜ࢃࢀࡓሙྜࠊࡑࢀࢆ᮲⣙⥾⤖஧࢝ᅜ࡟࠾࠸࡚ᙜヱྲྀᘬࢆ⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡋࠊ஧࢝ᅜࢭࢵࢺ࡛ࢢ࣮ࣝࣉ
௻ᴗ࠿ࡽ⿢ᐃᶵ఍࠿ࡽ⏕ࡌࡓࢱࢵࢡࢫ࣭࣋ࢿࣇ࢕ࢵࢺࢆዣྲྀࡋࠊ஧࢝ᅜ࡛ࢩ࢙࢔ࡍࡿ᪨ࢆ᮲⣙࡟᭩ࡁ㎸ࡴࡇ࡜࡟ࡼࡾᗈỗ࡞⛒⛯⿢ᐃᶵ఍ࢆ⤒῭ⓗ࡟ᑒࡌࡿ࡜࠸࠺⪃࠼᪉࡟❧ࡘࡶࡢ࡛࠶ࡿࠋ ࡋ࠿ࡋࡇࢀ࡟ࡣ⛒⛯᮲⣙ୖࡢၥ㢟ࡀྵࡲࢀ࡚࠸ࡿࡇ࡜ࡶ☜࠿࡛࠶ࡿࡀᐇ⾜ࡍࡿ࡭ࡁ࡛࠶ࡿ࡜⪃࠼ࡿࠋ➨7⠇ᅜෆἲே⛯ἲ࡟ࡼࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࡢ๰タ1.

ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡟࠾ࡅࡿ୙༑ศᛶ

➨ 3 ❶➨ 7 ⠇ 3 ࡟グࡋࡓࡼ࠺࡟ࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣࠊᨭᡶ฼Ꮚ࡟ᑐࡋ࡚ᦆ㔠⟬ධไ㝈ࢆࡋ࡚࠸ࡿࠋࡋ࠿ࡋࠊ⥲㔞つไ࡟ࡼࡿࡓࡵࠊ฼Ꮚ࠿㓄ᙜ࠿ࢆỴᐃࡍࡿࡓࡵࡢᇶ‽࡜࡞ࡿඖ㈨ࡢᛶ᱁᳨ドࡀ࡞ࡉࢀ࡚࠾ࡽࡎࠊࡋࡓࡀࡗ࡚ࠊᦆ㔠⟬ධࢆྰㄆࡉࢀࡓ฼Ꮚ࡟ࡘ࠸࡚ࡣࠊࡑࡢᛶ᱁ࡲ࡛ྰㄆࡉࢀ࡚࠸
ࡿࢃࡅ࡛ࡣ࡞࠸471ࠋ
➨ 3 ❶➨ 7 ⠇ 2 ࡟࡚ㄽࡌࡓࡼ࠺࡟ࠊࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡛ࡣࠊ࠸ࢃࡺࡿ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟ
ࣥ࡟ᑐࡋ࡚ࡣᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆ࠿ࡅࡿࡇ࡜ࡣ࡛ࡁ࡞࠸ࠋࡑࡇ࡛ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡀ᝿ᐃࡋ࡚࠸ࡿぶᏊ㛫ࡀ㏫ࡢࢣ࣮ࢫ472ࡶᑕ⛬ෆ࡟ධࢀ࡚࠾ࡃ࡭ࡁ࡛࠶ࡿࠋ ࡉࡽ࡟ࠊἲே⛯ἲ࡜ࡋ࡚ Debt㸭Equity ࡢㄆᐃつᐃࢆタࡅࠊ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾ࡅࡿᨭ
ᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆఱࡽ࠿ࡢ᪉ἲ࡛⾜࠺࡭ࡁ࡜⪃࠼ࡿࠋ
2.

࢔࣓ࣜ࢝ෆᅜṓධἲ඾i163(j)ᮏᗉ㈨ᩍᤵࡣࠊ࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࡀ๰タࡉࢀࡓ㊃᪨ࢆࠊ࢔࣓ࣜ࢝ࡢᡤᚓࢆࢫࢺ
ࣜࢵࣉࡋ࡚࡝ࡇ࠿እᅜ࡟ᣢࡗ࡚࠸ࡃ࡜࠸࠺ࢫ࣮࣒࢟ࢆ᤼㝖ࡋࡓ࠸࡜࠸࠺ពᅗࠊ₯ᅾⓗ࡟࢔࣓ࣜ࢝ࡢ
ㄢ⛯࣮࣋ࢫࡢᾐ㣗ࢆ㜵Ṇࡋࡓ࠸࡜࠸࠺ពᅗ࠿ࡽฟ࡚࠸ࡿࡶࡢ࡛࠶ࡿ࡜㏙࡭ࡽࢀ࡚࠸ࡿ473ࠋ
469 ቑ஭Ⰻၨ࣭๓ᥖὀ㸦463㸧
ࠊ350 㡫ࠋ
470 ቑ஭Ⰻၨ࣭๓ᥖὀ㸦463㸧
ࠊ350 㡫ࠋ
471 ྜྷᕝಖᘯ࣭ᒾᮏὒ୍࣭๓ᥖὀ㸦221㸧
ࠊ145 㡫ࠋ
472 ➨ 3 ❶➨ 7 ⠇ 2 ࡟࡚ㄽࡌࡓࡼ࠺࡟ࠊ
ࢃࡀᅜࢆᒃఫᆅᅜ࡜ࡍࡿぶ఍♫ࡀ Debt ᛶࡢᙉ࠸ࣁ࢖ࣈࣜࢵ

ࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋࠊᏊ఍♫࡟඲㢠ᢞ㈨ࡉࡏࡿࠋᏊ఍♫࠿ࡽᢞ㈨㈨㔠ࡣࢃࡀᅜ࡟ὶධࡍࡿࡀࠊぶ఍♫ࡢⓎ⾜ࡋࡓ࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻ㸦฼Ꮚ㸧ࡣἲேᡤᚓࡢㄢ⛯࣮࣋ࢫࢆῶᑡࡉࡏࡿࠋࡇࡢ௙⤌ࡳࡣぶᏊ఍♫ྜࢃࡏ࡚ࡳࡓሙྜࠊᏊ఍♫ࡀ Equity ᛶࡢᙉ࠸ࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋ࡚࠸ࢀࡤ㈈ົୖࡣ㐃⤖ࡉࢀࡿࡓࡵࠊ
೺඲ᛶࢆಖࡘࡇ࡜ࡀ࡛ࡁࡿࡓࡵࠊ
Equityࢆ Debt ᛶࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟௦࠼ࡿᙉ࠸࢖ࣥࢭࣥࢸ࢕ࣈࡀാࡃࡇ࡜࡜࡞ࡿࠋࡋ
ࡓࡀࡗ࡚ࠊᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࢆࡇࡢࢣ࣮ࢫ࡟ࡶ㐺⏝ࡉࡏࡿᚲせᛶࡀ࠶ࡿࠋ
473 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ145 㡫ࠋ112

ᮏᗉ㈨ᩍᤵࡣࡈㄽ✏ࡢ୰࡛ࠊ
ࠕReuben S. Avi-Yonah͐ࡀゝࡗ࡚࠸ࡿࡼ࠺࡟ࠊ㐣ᑡ㈨ᮏ⛯ไ࡜࠸࠺ࡢ
ࡣ᪤࡟୺せᅜࡢ㛫࡛ࡣ୍✀ࡢ័⩦ᅜ㝿ἲ࡟࡞ࡗ࡚࠸ࡿ≧ἣࡀ࠶ࡿࠖ࡜㏙࡭ࡽࢀࡓ࠺࠼࡛ࠊ
ࠕ࢔࣓ࣜ࢝ࡢ࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝ࡜࠸࠺ࡢࡣᯝࡓࡋ࡚ྠࡌࡼ࠺࡟⪃࠼࡚ࡼ࠸ࡢ࠿ࠖ࡜࠸࠺ၥ
㢟ࢆၥ࠸࠿ࡅ࡚࠾ࡽࢀࡿ474ࠋ
 ࡇࡢi163(j)ࡀ௚ࡢᅜࡢ㐣ᑡ㈨ᮏ⛯ไ࡜␗࡞ࡿࡢࡣࠊつไࡢᑐ㇟ࡀእᅜ㛵㐃⪅ࡢࡳ࡛ࡣ࡞ࡃࠊ࢔
࣓ࣜ࢝ච⛯ᅋయ㸦ࢻ࣓ࢫࢸ࢕ࢵࢡ࣭ࢱࢵࢡࢫ࣭࢚ࢢࢮࣥࣉࢺ㸧ࢆྵࡴࡍ࡭࡚ࡢච⛯㛵㐃⪅࡟㐺⏝ࡉࢀࡿࡇ࡜ࢆ㓄៖ࡋࡓつᐃ࡛࠶ࡿࡇ࡜࡟࠶ࡿ475࡜ᮏᗉᩍᤵࡣ㏙࡭ࡽ࡚࠸ࡿࠋࡑࡋ࡚ࠊᮏᗉᩍᤵࡣࡇࡢ
i163(j)࡟ࡼࡾࠕᾏእࢱࢵࢡࢫ࣭࣊࢖ࣈࣥᏊ఍♫࡟␃ಖࡋࡓᡤᚓࢆࠊ௒ᗘࡣ㏫࡟ཎ㈨࡜ࡋ࡚ US ぶ఍♫࡟ᑐࡋ࡚࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥࢆ⾜ࡗ࡚ࠊ⡿ᅜᡤᚓࢆࢱࢵࢡࢫ࣭࣊࢖ࣈࣥ࡟ᨭᡶ฼Ꮚ࡜ࡋ࡚⛣㌿ࡍࡿ࡜࠸࠺ࢫࢺࣜࢵࣉࢫ࣮࣒࢟ࠖ࡟ᑐࡋ࡚ࡣࠊࠕእᅜぶ఍♫ࡢࡳ࡟㐺⏝ࡍࡿ㐣ᑡ㈨ᮏ⛯ไࡣ↓ຊ໬ࡍࡿࡢ࡛ࠊࡍ࡭࡚ࡢච⛯㛵㐃⪅࡟㐺⏝ࡉࢀࡿ࡜࠸࠺࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࡀ᭷
ຠᛶࢆⓎ᥹ࡍࡿࡇ࡜࡟࡞ࡿࡢ࡛ࡣ࡞࠸࠿ࠖ࡜ㄽࡌࡽࢀ࡚࠸ࡿ476ࠋ
 ௨ୗ࡟ࢻ࢖ࢶࡢ Zinsschranke ࡢつᐃࢆࡳࡿ࡜ࠊ࢔࣓ࣜ࢝i163(j)࡜ྠᵝ࡟ᅜෆእࢆၥࢃࡎ㛵㐃⪅࡟ᑐࡍࡿつไ࡜࡞࡚࠸ࡿࡇ࡜ࡀࢃ࠿ࡿࠋ࢔࣓ࣜ࢝i163(j)ࡣࠊᚑ᮶ࡢ㐣ᑡ㈨ᮏ⛯ไࡀእᅜ㛵㐃⪅ࡢࡳࡢつไᑐ㇟࡜ࡋ࡚࠸ࡓࡢ࡟ᑐࡋ࡚ࠊᅜෆ㛵㐃⪅࡟ᑐࡋ࡚ࡶつไࢆ࠿ࡅࡿ᪂ࡋ࠸ࢫࢱ࢖ࣝࡢ㐣ᑡ㈨ᮏ⛯ไ࡛࠶ࡾࠊࡍ࡛࡟័⩦ἲ࡜ࡋ࡚ࡢ㐣ᑡ㈨ᮏ⛯ไࡀኚㇺࡋࡘࡘ࠶ࡿࡶࡢ࡜⚾ぢ࡛ࡣ⪃࠼࡚࠸ࡿࠋ
3.

ࢻ࢖ࢶ Zinsschranke ࡢᑟධ(1)

ECJ ุỴ࡟ࡼࡿ㐣ᑡ㈨ᮏ⛯ไࡢ㐪ἲᛶ࡜ 2004 ᖺᗘᨵṇ㐣ᑡ㈨ᮏ⛯ไᐇົᐙࡢ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇẶ࡟ࡼࡿ࡜ࠊ1987 ᖺ࡟㐃㑥㈈ົᒁ㏻㐩ࡣࠊ⮬ᕫ㈨ᮏࡀ⥲㈨⏘ࡢ 10㸣ࢆୗᅇࡿሙྜ࡟ࠊぶ఍♫೉ධࢆㄆࡵ࡞࠸࡜࠸࠺᪉㔪ࢆ♧ࡋࡓࡀࠊከࡃࡢᢈุ࡜㐃㑥㈈ົ⿢
ุᡤࡢỴᐃ࡟ࡼࡾ᧔ᅇࡉࢀࠊ
1994ᖺ࠿ࡽ㐣ᑡ㈨ᮏ⛯ไࡀἲே⛯ἲKStG 8a᮲࡜ࡋ࡚ᑟධࡉࢀࡓ477ࠋ
ࡇࢀ࡟ࡼࡾࠊእᅜぶ఍♫࠿ࡽࡢ೉ධ㔠࡟ᑐࡋࠊ୍ᐃᯟࢆ㉸࠼ࡿሙྜ࡟ࡣࠊᨭᡶ฼ᜥࡀ㓄ᙜ࡜ࡋ࡚ᢅ
ࢃࢀࡿࡇ࡜ࡀἲᚊ࡟ࡼࡾỴࡵࡽࢀࡓ478ࠋࡋ࠿ࡋࠊ2002 ᖺ 12 ᭶ 12 ᪥࡟ ECJ ุỴ࡟ࡼࡗ࡚ࢻ࢖ࢶ㐣
ᑡ㈨ᮏ⛯ไࡣ EC ᮲⣙ 43 ᮲ࠕタ❧⮬⏤ࡢཎ๎ࠖ࡟᢬ゐࡍࡿ479࡜ࡢุỴࡀୗࡾࠊ㐣ᑡ㈨ᮏ⛯ไࡣಟṇࡉࢀࡿࡇ࡜࡜࡞ࡗࡓ480ࠋECJ ࡢࢡ࣮࣒ࣞࡣࠊぶ఍♫ࡀ௚ࡢ EU ᅜ௻ᴗ࡛࠶ࡿሙྜ࡜ࢻ࢖ࢶ௻ᴗ࡛
࠶ࡿሙྜ࡜࡛ㄢ⛯㈇ᢸࡀ␗࡞ࡿࡢࡣࠊEU ᇦෆࡢᣐⅬタ❧⮬⏤ࡢ⢭⚄࡟཯ࡍࡿࡶࡢ࡛࠶ࡿ࡜࠸࠺ࡶ
ࡢ࡛࠶ࡾࠊࡇࢀࢆཷࡅ࡚ࢻ࢖ࢶ࡛ࡣࠊձ㐣ᑡ㈨ᮏ⛯ไࡢᗫṆࠊղEU ௻ᴗ࡟ᑐࡋ࡚ࡣ㐺⏝ࡋ࡞࠸ࠊճࢻ࢖ࢶ௻ᴗ࡟ᑐࡋ࡚ࡶ㐺⏝ࡍࡿࠊ࡜࠸࠺㑅ᢥ⫥ࡀ࠶ࡗࡓࡀࠊࢻ࢖ࢶࡣճࠕぶ఍♫➼ࡀᅾࢻ࢖ࢶᅜ
ෆࡢሙྜ࡟ࡶ㐣ᑡ㈨ᮏ⛯ไࡢ㐺⏝ࠖ࡜࠸࠺㐣ᑡ㈨ᮏ⛯ไࡢᅜෆ࡬ࡢᣑ኱࡟ࡼࡿ EU ἲ᢬ゐࢆ㏨ࢀࡿ㑅ᢥࢆࢆ᥇⏝ࡋࡓ481ࠋ
 2003 ᖺ࡟ἲே⛯ἲ 8a ᮲㸦§8a KStG㸧ࡀᨵṇࡉࢀ 2004 ᖺ 1 ᭶ 1 ᪥࠿ࡽࡢ㐺⏝࡜࡞ࡗࡓ㐣ᑡ㈨ᮏ
474 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ132 㡫ࠋ
475 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ132 㡫ࠋ
476 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ132 㡫ࠋ
477 ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇࠕࢻ࢖ࢶ㐣ᑡ㈨ᮏ⛯ไࡢᴫせࠖ
ࠗInternational Taxation࠘Vol. 24ࠊ

No.12ࠊ36 㡫(2004)ࠋ
478 ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇ࣭๓ᥖὀ㸦477㸧
ࠊ36 㡫ࠋ
479 ᮏᗉ㈨࣭๓ᥖὀ㸦142㸧
ࠊ131 㡫ࠋ
480 ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇ࣭๓ᥖὀ㸦477㸧
ࠊ36 㡫ࠋ
481 ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇ࣭๓ᥖὀ㸦477㸧
ࠊ36 㡫࠾ࡼࡧࠊụ⏣Ⰻ୍ࠕ2004 ᖺࢻ࢖ࢶ⛯ไ
ᨵṇ——㐣ᑡ㈨ᮏ⛯ไࡢᨵṇ࡜ࡑࡢ௚ࡢᅾ⊂᪥⣔௻ᴗ࡟㔜せ࡞ᨵṇ㡯┠ࢆ୰ᚰ࡟——ࠖࠗInternational Taxation࠘24 ᕳࠊ3 ྕࠊ14 㡫ࠊ15 㡫㸦2004㸧ࠋ113⛯ไࡢ≉ᚩࡣࠊ኱ከᩘࡢᅜࡀ᥇⏝ࡋ࡚࠸ࡿእᅜ㛵㐃⪅࡟ᑐࡍࡿつไ࠿ࡽࠊ㈚௜ࢆ⾜࠺ぶ఍♫➼ࡀᅾࢻ࢖ࢶᅜෆ࠿ࡲࡓࡣᅾእᅜ࡛࠶ࡿ࠿࡜࠸࠺༊ู࡞ࡃࠕ㈚௜ࢆ⾜࠺ぶ఍♫➼ࡀࢻ࢖ࢶ࡟࠶ࡿሙྜࡢᅾ
⊂Ꮚ఍♫ࠖ࡟ࡶ㐺⏝ࡉࢀࡿࡇ࡜࡜࡞ࡾࠊࡉࡽ࡟ࡣࠊᅾ⊂ᨭᗑࡢሙྜ࡛ࡶᮏᗑࡀ㈨ᮏ఍♫࡛࠶ࡿ㝈ࡾ࡟࠾࠸࡚㐺⏝ᑐ㇟࡜࡞ࡗࡓ482ࠋ
 2004 ᖺᗘ࠿ࡽࡢ㐣ᑡ㈨ᮏ⛯ไࡣ KStG 8a I ࡟つไࡉࢀࡿ࡭ࡁ඾ᆺⓗ࡞≧ἣ࡜ࡑࡢἲⓗຠᯝ࡜ࡋ࡚ᐃࡵࡽࢀ࡚࠾ࡾࠊぶ఍♫㸦ṇ☜࡟ࡣࠕ㔜せ࡞ฟ㈨ࢆࡍࡿฟ㈨⪅࡛ࠖ࠶ࡿ㸧୍ᐃࡢ᮲௳ୗ࡛ᨭᡶ฼
Ꮚࡢ㓄ᙜㄆᐃࢆᐃࡵࡇࢀ࡟‽ࡎࡿᢅ࠸࡜ࡋ࡚㛵㐃⪅࠶ࡿ࠸ࡣㄳồᶒࢆᣢࡘ➨୕⪅࠿ࡽࡢ೉ධࢆᣲࡆ
࡚࠸ࡿ483ࠋ 㐣ᑡ㈨ᮏ⛯ไࣉࣟࢩ࣮ࢪ࣮ࣕࡢ᰾ᚰ㒊ศࢆࠊ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇࡣḟࡢࡼ࠺࡟ࡲ࡜ࡵ
࡚࠸ࡿ484ࠋἲேࡀ㔜せ࡞ฟ㈨ࢆࡍࡿฟ㈨⪅࠿ࡽᚓࡿ㛗ᮇ೉ධ㔠࡟ᑐࡍࡿᨭᡶ฼ᜥࡣࠊ250,000 ࣮ࣘࣟࢆ㉸࠼ࠊࡉࡽ࡟
1. ฼ᜥࡀᴗ⦼࡞࡝࡟ᛂࡌ࡚Ỵࡵࡽࢀࡿሙྜࠊࡲࡓࡣ
2. ฼ᜥࡀඖ㔠ࡢ୍ᐃ⋡࡛Ỵࡵࡽࢀ࡚࠾ࡾࠊ
೉ධ㔠㢠ࡀฟ㈨⪅ࡢฟ㈨๭ྜ⮬ᕫ㈨ᮏࡢ1.5ಸ(ࢭ࣮ࣇ࣊࢖ࣈࣥ)ࢆ㉸࠼ࡿሙྜ࡟ࡣࠊ㞃ࢀࡓ฼┈㓄ᙜ࡜࡞ࡿ㸦ణࡋࠊἲேࡀ೉ධ㔠ࢆྠ➼࡞≧ἣୗ࡛➨୕⪅࠿ࡽࡶྲྀᚓྍ⬟࡛࠶ࡗࡓሙྜ࡟ࡣࡑࡢ㝈ࡾ࡛ࡣ࡞࠸㸧ࠋࡇࢀࡣࠊ㖟⾜ࡀ㖟⾜ᴗົࡢࡓࡵ
࡟㈨㔠ㄪ㐩ࡍࡿሙྜ࡟ࡣ㐺⏝ࡉࢀ࡞࠸㸦ణࡋࠊ㖟⾜ᴗົࢆႠࡲ࡞࠸㛵㐃⪅࠿ࡽࡢ㈨㔠ㄪ㐩ࡢሙྜࡣ㝖ࡃ㸧ࠋ ࡇࡇ࡛ὀពࢆせࡍࡿࡇ࡜ࡣࠊ2004 ᖺᗘࢻ࢖ࢶ㐣ᑡ㈨ᮏ⛯ไ࡟࠾࠸࡚ࡣࠊྰㄆࡉࢀࡓ฼Ꮚࡣࡑࡢᛶ
᱁࡟ࡘ࠸࡚ࡶኚ᭦ࢆཷࡅࠊᨭᡶ฼Ꮚࡀ㞃ࢀࡓ฼┈㓄ᙜࡢᨭᡶ࡜ㄆ㆑ࡉࢀࡿ࡜࠸࠺Ⅼ࡛࠶ࡿ485ࠋࡇࢀ࡟ࡼࡗ࡚⛯ົୖࡣࠊㄢ⛯ᡤᚓࡢ᭦ṇ࡜࡞ࡾࠊἲே⛯ࠊႠᴗ⛯ࠊ㐃ᖏ௜ຍ⛯ࡢಟṇࡀ⾜ࢃࢀࠊࡉࡽ࡟
㓄ᙜㄆᐃ࡟ᇶ࡙ࡁ㓄ᙜ※Ἠ⛯ࡢㄢ⛯ࡀⓎ⏕ࡍࡿ486ࠋࡉࡽ࡟ἲே࡟࠾࠸࡚ㄆᐃࡉࢀࡓ㞃ࢀࡓ฼┈㓄ᙜࡣฟ㈨⪅ഃ࡟ࡶᙳ㡪ࢆཬࡰࡋࠊἲேࡀᨭᡶࡗࡓ฼Ꮚࡣࠊཷྲྀே࡛࠶ࡿฟ㈨⪅࡟࠾࠸࡚ࡣ฼Ꮚᡤᚓ࡛
࠶ࡿࡀࡇࢀࡀ㓄ᙜ཰ධ࡜ࡋ࡚⨨ࡁ᥮ࢃࡿ487ࠋ
(2)2008 ᖺᗘ⛯ไᨵṇ࡟ࡼࡿᨭᡶ฼Ꮚᦆ㔠⟬ධ㝈(§4h EStG, §8a KStG)

2008 ᖺᗘ⛯ไᨵ㠉࡟ࡼࡾࢻ࢖ࢶࡣ㐣ᑡ㈨ᮏ⛯ไࢆᗫṆࡋࡓ488ࠋ2008 ᖺ 1 ᭶ 1 ᪥ࡼࡾࠊ2004 ᖺᗘ࡟ไᐃࡋࡓࠊDebt-to-Equity ẚ⋡ࡀ 1.5㸸1 ࡜࠸࠺㐣ᑡ㈨ᮏ⛯ไࢆᗫṆࡋࠊ㛵ಀ఍♫࠿ࡽࡢ೉ධࡢ
ࡳ࡞ࡽࡎࠊ➨୕⪅࠿ࡽࡢ೉ධ㔠➼ࠊ࡜ࡃ࡟㖟⾜೉ධ➼ࡶྵࡵ࡚ᨭᡶ฼Ꮚᦆ㔠⟬ධ㝈(Zinsschranke)ࢆ⾜࠺࡜࠸࠺つᐃ࡟⨨ࡁ᥮࠼ࡓ489ࠋ ࡇࡢ࣮ࣝࣝࡣࠊᨭᡶ฼Ꮚ࡟ࡘ࠸࡚ࠊᦆ┈ィ⟬᭩ࡢ EBITDA(Earnig Before Interest, Taxes

482 ụ⏣Ⰻ୍࣭๓ᥖὀ㸦481㸧15 㡫ࠋ
483 ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇ࣭๓ᥖὀ㸦477㸧
ࠊ37 㡫ࠋ
484 ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇ࣭๓ᥖὀ㸦477㸧
ࠊ37 㡫ࠋ
485 ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇ࣭๓ᥖὀ㸦477㸧
ࠊ40 㡫ࠋ
486 ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇ࣭๓ᥖὀ㸦477㸧
ࠊ40 㡫ࠋ
487 ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇ࣭๓ᥖὀ㸦477㸧
ࠊ40 㡫ࠋ
488 IBFD, EUROPEAN TAX HANDBOOK 2009 (IBFD, 2009) at 286.
489 Id.at 286.

114

Depreciation and Amortization )ࡢ 30㸣ࢆ㝈ᗘ࡜ࡋ࡚฼Ꮚࡢᦆ㔠⟬ධࢆㄆࡵࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡿ
(§4h EstG, §8a I KStG)490ࠋࡓࡔࡋࠊ฼Ꮚ㈝⏝ࡀཷྲྀ฼Ꮚࡢ㢠ࢆ㉸࠼࡞ࡅࢀࡤ฼Ꮚࡣ඲㢠ᦆ㔠⟬ධࡉࢀࠊࡉࡽ࡟฼Ꮚ㈝⏝ࡀཷྲྀ฼Ꮚࡢ㢠ࢆ㉸࠼ࡓሙྜࠊࡑࡢ㉸㐣㢠ࡀ 100 ୓࣮ࣘࣟࡲ࡛ࡣࠊ30㸣ไ㝈㐺⏝๓࡟ࢭ࣮ࣇ࣭࣊࢖ࣈࣥࡀ୚࠼ࡽࢀࡿ491ࠋ
 ࡓࡔࡋࠊࡇࡢ฼Ꮚᦆ㔠⟬ධ㝈ᗘ࣮ࣝࣝ࡟ࡣ㝖እつᐃ(Escape Klausel)492ࡀタࡅࡽࢀ࡚࠾ࡾࠊࢻ࢖
ࢶࡢヱᙜ఍♫࡟࠾࠸࡚ࠊ⥲㈨⏘࡟ᑐࡍࡿ㈨ᮏࡢ๭ྜࡀࠊᙜヱ఍♫ࡢᒓࡍࡿࠊ௻ᴗࢢ࣮ࣝࣉ㸦Konzern㸧඲యࡢࡑࢀ࡜ẚ㍑ࡋ࡚ྠࡌ࠿ࡶࡋࡃࢃࡑࢀࢆ㉸࠼࡚࠸ࡿሙྜ࡟ࡣࠊࢻ࢖ࢶ఍♫࡟࠾࠸࡚ᨭᡶ฼Ꮚᦆ
㔠⟬ධไ㝈つᐃࡣ㐺⏝ࡉࢀ࡞࠸493ࠋ ࡇࡢつᐃ࡛࠸࠺௻ᴗࢢ࣮ࣝࣉ࡜ࡣࠊࢻ࢖ࢶ௻ᴗࡀ࡯࠿ࡢ௻ᴗ࡜఍ィୖ㐃⤖ࡋ࡚࠸ࡿሙྜࠊ࠶ࡿ࠸
ࡣ఍ィୖ㐃⤖ࡋ࡚࠸࡞ࡃ࡚ࡶࢻ࢖ࢶ௻ᴗࡢ㈈ົୖࠊᴗົୖࡢពᚿỴᐃࡀ࡯࠿ࡢ௻ᴗࡢពᚿỴᐃ࡟୍ᵝ࡟ᨭ㓄ࡉࢀ࡚࠸ࡿሙྜ࡟Ꮡᅾࡍࡿ࡜⪃࠼ࡽࢀ࡚࠸ࡿ494ࠋ࣮࣮ ᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈ࣉࣟࢩ࣮ࢪ࣮ࣕࡣḟࡢ࡜࠾ࡾ࡛࠶ࡿ495ࠋ
ձ If ᨭᡶ฼Ꮚ ӊ ཷྲྀ฼Ꮚ 㸦ࢿࢵࢺᨭᡶ฼Ꮚ496 ӊ 0㸧then ᨭᡶ฼Ꮚ඲㢠ᦆ㔠⟬ධ497
  else  ղ if ࢿࢵࢺᨭᡶ฼Ꮚ(Zinsslado) < Μ100 ୓ then ᨭᡶ฼Ꮚ඲㢠ᦆ㔠⟬ධ498
    else    ճ if ࢿࢵࢺᨭᡶ฼Ꮚ ӊ EBITDA ࡢ 30㸣 then ᨭᡶ฼Ꮚ඲㢠ᦆ㔠⟬ධ499
      else      մ if 㛵㐃௻ᴗࢢ࣮ࣝࣉ఍♫࡛ࡶ㈨ᮏ఍♫(Kapitalgesellschaft500)࡛ࡶ࡞࠸ thenᨭᡶ฼Ꮚ඲㢠ᦆ㔠⟬ධ501        else which(յ̺1 or յ̺2)        յ̺1   㛵㐃௻ᴗࢢ࣮ࣝࣉ఍♫⣔ิࡢ㈨ᮏ఍♫502   then

490 Außensteuerrecht 2008 Band 1: Nationale Vorschriften (IDW 2008) at 579; Klaus Tipke &Joachim Lang, Steuerrecht, 20.völlig überarbeitete Auflage (OVS Verlag Dr. Otto Schmidt KG,
Köln 2009) at446-450; IBFD, supra note (488) at 286.
491 Außensteuerrecht 2008 Band 1, supra note (490)at 579; IBFD, supra note (488) at 286.
492 IBFD, supra note (488) at 286; Escape Klausel des § 4h II 1 Buchst c. EstG. Klaus Tipke &Joachim Lang, supra note (490) at 448.
493 IBFD, supra note (488) at 286;ࡇࡇ࡛࠸࠺⮬ᕫ㈨ᮏẚ⋡ࡣࠊཎ๎࡜ࡋ࡚ IFRS ࡟ᇶ࡙ࡃࡶࡢ࡜
ࡍࡿࡀࠊEU ࣓ࣥࣂ࣮ࡢᅜෆၟἲࠊ࠶ࡿ࠸ࡣ US-GAAP ࡟ᇶ࡙࠸ࡓࡶࡢ࡛࠶ࡗ࡚ࡶࡼ࠸㸦§§4h II; 8ff.
EStG㸧Klaus Tipke & Joachim Lang, supra note (490) at 448.ࠋ
494 IBFD, supra note (488) at 286. 㛵㐃ࢢ࣮ࣝࣉ఍♫ࡀ┤᥋࠾ࡼࡧ㛫᥋ⓗ࡟25㸣㉸ࡢᨭ㓄ຊࢆ᭷ࡍࡿሙྜࢆ࠸࠺ࠋKlaus Tipke & Joachim Lang, supra note (490) at 448.
495 Klaus Tipke & Joachim Lang, supra note (490) at 449.
496 ཷྲྀ฼Ꮚ㸫ᨭᡶ฼Ꮚࡢ㢠㸦Zinssaldo: interest-balance㸧ࢆព࿡ࡍࡿࠋ
497 §4h I 1 EStG.
498 §4h II 1 Buchst. a EStG.
499 §4h I 1 EStG.
500 Kapitalgesellschaft.
501 §4h II 1 Buchst. b EStG.
502 ࢻ࢖ࢶࡢヱᙜ఍♫࡟࠾࠸࡚ࠊ⥲㈨⏘࡟ᑐࡍࡿ㈨ᮏࡢ๭ྜࡀࠊᙜヱ఍♫ࡢᒓࡍࡿࠊ௻ᴗࢢ࣮ࣝࣉ
㸦Konzern㸧඲యࡢࡑࢀ࡜ẚ㍑ࡋ࡚ྠࡌ࠿ࡶࡋࡃࢃࡑࢀࢆ㉸࠼࡚࠸ࡿሙྜࡢࡇ࡜ࢆព࿡ࡍࡿࠋ㛵㐃ࢢ࣮ࣝࣉ఍♫ࡀ┤᥋࠾ࡼࡧ㛫᥋ⓗ࡟ 25㸣㉸ࡢᨭ㓄ຊࢆ᭷ࡍࡿሙྜࢆ࠸࠺ࠋKlaus Tipke & JoachimLang, supra note (490) at 448.
115          ն if ᐇ㉁ⓗ࡟㛵㐃ࢢ࣮ࣝࣉ࡟ᑐࡍࡿࢿࢵࢺᨭᡶ฼Ꮚ๭ྜ ӊ 10㸣503then            շ if Escape Klausel ẚ⋡ t  㛵㐃఍♫ẚ⋡504   thenᡶ฼Ꮚ඲㢠ᦆ㔠⟬ධ505ᨭ            ո else EBITDA ࡢ 30㸣ࢆ㉸࠼ࡿࢿࢵࢺᨭᡶ฼Ꮚ㸦Zinssaldo:ᨭᡶ฼Ꮚ㸫ཷྲྀ฼Ꮚ㸧ࡣᦆ㔠୙⟬ධ506
          չ else㸦նࡢif clause㸧
EBITDAࡢ30㸣ࢆ㉸࠼ࡿࢿࢵࢺᨭᡶ฼Ꮚ
㸦Zinssaldo:ᨭᡶ฼Ꮚ㸫ཷྲྀ฼Ꮚ㸧ࡣᦆ㔠୙⟬ධ507
        յ̺2   㛵㐃௻ᴗࢢ࣮ࣝࣉ఍♫࡛ࡣ࡞࠸㈨ᮏ఍♫(Kapitalgesellschaft508)
then          պ if ᐇ㉁ⓗ࡟㛵㐃௻ᴗࢢ࣮ࣝࣉ࡟ᑐࡍࡿࢿࢵࢺᨭᡶ฼Ꮚ๭ྜ ӊ 10㸣509
thenᨭᡶ฼Ꮚ඲㢠ᦆ㔠⟬ධ510

          ջ else EBITDA ࡢ 30㸣ࢆ㉸࠼ࡿࢿࢵࢺᨭᡶ฼Ꮚ㸦Zinssaldo:ᨭᡶ฼Ꮚ㸫ཷྲྀ฼Ꮚ㸧ࡣᦆ㔠୙⟬ධ511
ᪧ㐣ᑡ㈨ᮏ⛯ไ࡟࠾࠸࡚ࡣࠊ㞃ࢀࡓ㓄ᙜ࡜ࡳ࡞ࡉࢀࡓࡀࠊZinsschranke ࡟ࡼࡾᦆ㔠୙⟬ධᢅ࠸ࢆཷ
ࡅࡓ฼Ꮚࡣࠊḟᖺᗘ࡟฼Ꮚ࡜ࡋ࡚⧞ࡾᘏ࡭ࡽࢀࡿࡇ࡜࡜࡞ࡗࡓ512ࠋ
4.

࢖ࢠࣜࢫ

➨ 3 ❶➨ 4 ⠇ 3 ࡟࠾࠸࡚グࡋࡓࡼ࠺࡟ࠊ࢖ࢠࣜࢫࡣ 2004 ᖺ 4 ᭶ 1 ᪥௨㝆ࠊ㐣ᑡ㈨ᮏ⛯ไࡣ⛣㌿౯᱁⛯ไ࡟྾཰ࡉࢀࠊ⛣㌿౯᱁⛯ไࡢ୍㒊࡜ࡋ࡚࢖ࢠࣜࢫᅜෆ࡛ࡢ㛵㐃⪅㛫೉ධ࡟ࡘ࠸࡚ࡶᅜእ㛵㐃⪅࡜ྠᵝ࡟つไࡉࢀࡿࡇ࡜࡜࡞ࡗࡓ513ࠋ࢖ࢠࣜࢫ࡟࠾࠸࡚ࡣ≉ẁࡢࢭ࣮ࣇࣁ࣮ࣂ࣮࣭࣮ࣝࣝࡣタࡅࡽࢀ࡚࠾ࡽࡎࠊ⊂❧௻ᴗ㛫౯᱁ཎ๎ࡢࡳ࡟ᇶ࡙࠸࡚ྛࠎࡢࢣ࣮ࢫࡈ࡜࡟᳨ウࡉࢀࡿ514ࠋ
5.

࢖ࢱࣜ࢔

࢖ࢱࣜ࢔࡟࠾࠸࡚ࡣࠊ୍⯡ⓗ࡟ᡤᚓࢆ⏕ࡳฟࡍࡓࡵ࡟ᚲせ࡜ࡉࢀࡓࢥࢫࢺ࠶ࡿ࠸ࡣ㈝⏝࡟ࡘ࠸࡚ࡣ
ᦆ㔠᥍㝖ࢆㄆࡵ࡚࠸ࡿࡀࠊᨭᡶ฼Ꮚ࠾ࡼࡧ♫఍ಖ㝤ᩱ࡟ࡘ࠸࡚ࡣࡇࡢ࣮ࣝࣝࡣ㐺⏝ࡉࢀ࡞࠸࡜ࡉࢀ
࡚࠸ࡿ515ࠋ࢖ࢱࣜ࢔ࡢ㐣ᑡ㈨ᮏ⛯ไࡶ 2008 ᖺ 1 ᭶ 1 ᪥௨㝆ࢆࡶࡗ࡚⌧⾜ࢻ࢖ࢶ Zinsschranke ࡜ఝࡓᦆ㔠⟬ධไ㝈つᐃ࡟⛣⾜ࡋ࡚࠸ࡿ516ࠋᇶᮏⓗ࡟㈨ᮏⓗ฼Ꮚ㈝⏝ࢆ㝖࠸࡚ࠊᨭᡶ฼ᏊࡣࠊࡑࢀࡀⓎ⏕ࡋࡓㄢ⛯ᮇ㛫࡟࠾࠸࡚Ⓨ⏕ࡋࡓཷྲྀ฼Ꮚࡢ㢠ࡲ࡛ᦆ㔠᥍㝖ࡀㄆࡵࡽࢀࠊࡇࢀࢆ㉸㐣ࡋࡓ㢠࡟ࡘ࠸࡚ࡣࠊ
503 §8a III KStG
504 §4h II 1 Buchst. b EStG.
505 §4h II 1 Buchst. b EStG.
506 §4h I 2 EstG. Klaus Tipke & Joachim Lang, supra note (490) at 449.
507 §4h I 2 EstG. Klaus Tipke & Joachim Lang, supra note (490) at 449.
508 Kapitalgesellschaft.
509 §8a II KStG.
510 §8a II KStG.
511 §4h I 2 EstG. Klaus Tipke & Joachim Lang, supra note (490) at 449.
512 IBFD, supra note (488) at 286. ࡇࡢᥐ⨨ࡣ࢔࣓ࣜ࢝i163(j)࡟ࡼࡿᢅ࠸࡜ྠࡌ࡛࠶ࡿࠋ
513 ୰ᕝὒࠕୡ⏺⛯ไ஦᝟ ࢖ࢠࣜࢫࠖ
ࠗ⛯⤒㏻ಙ࠘8ࠊ172 㡫ࠊ174 㡫㸦2009㸧ࠋ
514 ୰ᕝὒ࣭๓ᥖὀ㸦513㸧
ࠊ174 㡫ࠋ
515 IBFD, supra note (488) at 422.
516 Id. at 422.

116

EBITDA ࡢ 30㸣ࡲ࡛ࢆ㝈ᗘ࡜ࡋ࡚ᦆ㔠᥍㝖ࢆㄆࡵࡿ࡜ࡉࢀ࡚࠸ࡿ517ࠋEBITDA ࡢ 30㸣ࢆ㉸㐣ࡋࡓᨭᡶ฼Ꮚ࡟ࡘ࠸࡚ࡣࠊࡑࢀࢆ㓄ᙜ࡜ᛶ᱁㌿᥮ࡍࡿࡢ࡛ࡣ࡞ࡃࠊ฼Ꮚ࡜ࡋ࡚ḟᖺᗘ௨㝆ࡢㄢ⛯ᮇ㛫࡟⧞ࡾ㉺ࡋࠊ⧞ࡾ㉺ࡉࢀࡓᖺᗘࡢࢿࢵࢺᨭᡶ฼Ꮚ㸦ᨭᡶ฼Ꮚ࠿ࡽཷྲྀ฼Ꮚࡢ㢠ࢆᕪࡋᘬ࠸ࡓ㢠㸧ࡀᙜヱᖺᗘࡢ EBITDA ࡢ 30㸣ࢆୗᅇࡿ࡞ࡽࡤࠊ30㸣ࡲ࡛ᨭᡶ฼Ꮚ࡜ࡋ࡚ᦆ㔠࡟⟬ධྍ⬟࡜ࡍࡿ518ࠋ
➨8⠇ἲே⛯ἲ࡟࠾ࡅࡿ Debt㸭Equity ㄆᐃᇶ‽ࡢ๰タ࡜㐣ᑡ㈨ᮏ⛯ไ࡟࠾ࡅࡿ㛵㐃௻ᴗࢢ࣮ࣝ

ࣉ㛫ᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࡢ๰タࡢᚲせᛶ➨ 1 ❶࡟࡚ࡳࡓࡼ࠺࡟ࠊࢃࡀᅜࡢἲே⛯ἲ࡛ࡣ 22 ᮲࡟ࡼࡾࠊྲྀᘬࢆ㈨ᮏ➼ྲྀᘬ࡜ᦆ┈ྲྀᘬ࡟ᓧู
ࡋࠊᰴᘧࡢᡶ࠸㎸ࡳ࡟ᑐࡋ࡚ࡣ㈨ᮏ➼ྲྀᘬ㸦ἲἲ 22 ᮲ 2 㡯ࠊ5 㡯㸧ࠊࡲࡓ๫వ㔠ࡢศ㓄࡟ࡘ࠸࡚ࡶ㈨ᮏ➼ྲྀᘬ㸦ἲἲ 22 ᮲ 3 㡯ࠊ5 㡯㸧࡜ࡋࠊ୍᪉ࠊ♫മ࡟ࡘ࠸࡚ࡣࡑࡢ฼ᡶ࠸࡟ᑐࡋ࡚ᦆ┈ྲྀᘬ㸦ἲ
ἲ 22 ᮲ 3 㡯㸧࡜ࡋ࡚ᦆ㔠⟬ධᢅ࠸ࢆࡍࡿࡇ࡜ࡀᐃࡵࡽࢀ࡚࠸ࡿࠋࡑࡋ࡚ࠊ㈨ᮏ➼ྲྀᘬࢆᦆ┈ྲྀᘬ࠿ࡽ༊ูࡍࡿࡇ࡜ࡢࢥ࣮ࣟࣛࣜ࡜ࡋ࡚ἲே⛯ἲࡣ Equity ࡜ Debt ࡜ࢆ༊ูࡋ࡚࠸ࡿ519ࠋ
 ㈨ᮏ➼ྲྀᘬࢆᵓᡂࡍࡿ㡯┠࡜ࡋ࡚ࠕ㈨ᮏ㔠➼ࡢ㢠㸦ἲἲ 2 ᮲ 16 ྕ㸧ࠖ࡜ࠕ฼┈✚❧㔠㢠㸦ἲἲ 2
᮲ 18 ྕ㸧ࠖࡢᐃࡵࡀ࠶ࡾࠊᖹᡂ 18 ᖺᗘ⛯ไᨵṇ๓ࡣ୧⪅ࢆ࠶ࢃࡏ࡚ࠕ㈨ᮏࡢ㒊ࠖ࡜⛠ࡉࢀ࡚࠸ࡓ
ࡀࠊ఍♫ἲไᐃᚋࠊ௻ᴗ఍ィୖ࡛ࡣࠕ⣧㈨⏘ࡢ㒊ࠖ࡜⾲♧ࡉࢀࡿࡇ࡜࡜࡞ࡗࡓ520ࠋ
 ࡋ࠿ࡋࠊἲே⛯ἲ࡟࠾࠸࡚ࠊ
ࠕ⮬ᕫ㈨ᮏࠖࡢᐃ⩏᮲ᩥࡣᏑᅾࡋ࡞࠸ࠋࡲࡓࠊ
ࠕ㈨⏘ࠖ࡟ࡘ࠸࡚ᐃࡵ
ࡓᐃ⩏᮲ᩥࡶᏑᅾࡋ࡞࠸ࠋࡇࢀࡣἲே⛯ἲ 22 ᮲࡛ࡣࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖࡢᓧู࡟ࡼࡿ
ࢥ࣮ࣟࣛࣜ࡜ࡋ࡚ Equity ࡜ Debt ࡀᐃࡲࡿࡇ࡜ࢆពᅗࡋ࡚࠸ࡿࡓࡵࠊᩒ࠼࡚ᐃࡵ࡚࠸࡞࠸࡜ᛮࢃࢀ
ࡿࠋ ࢃࡀᅜ࡟࠾࠸࡚ Equity ࡜ Debt ࡜ࡢ᫂☜࡞ᓧูࡀᚲせ࡜ࡉࢀࡿࡢࡣࠊ㐣ᑡ㈨ᮏ⛯ไ㸦ᥐἲ 66 ࡢ
5㸧࡟࠾࠸࡚࡛࠶ࡿࠋἲே⛯ἲ࡟࠾࠸࡚ࡣࠊἲேᡤᚓ☜ᐃࡢࡓࡵ࡟୍ࡘࡢྲྀᘬࡀࠕ㈨ᮏ➼ྲྀᘬࠖ࡟┦ᙜࡍࡿࡢ࠿ࠕᦆ┈ྲྀᘬࠖ࡟┦ᙜࡍࡿࡢ࠿ࢆಶู࡟ᛶ㉁Ỵᐃࡍࡿᚲせࡀ࠶ࡿࡀࠊEquity㸦⮬ᕫ㈨ᮏ㸧࡜ Debt㸦௚ே㈨ᮏࠊ㈇മ㸧ࡢ㢠ࢆ┤᥋ᐃࡵࡿᚲせᛶࡣ࡞࠸ࠋEquityࠊDebt ࡢ㢠ࡣࠊྲྀᘬࢆࠕ㈨ᮏ
➼ྲྀᘬࠖ࡜ࠕᦆ┈ྲྀᘬࠖ࡟ᓧูࡍࡿࡇ࡜࡟ࡼࡾࠊ࣓࢝ࢽ࢝ࣝ࡟ᑟฟࡉࢀࡿࡶࡢ࡛࠶ࡿ࠿ࡽ࡛࠶ࡿࠋ ࡋ࠿ࡋࠊ㐣ᑡ㈨ᮏ⛯ไ࡟࠾࠸࡚ࡣࠊࡑࡢᵝ┦ࡣ୍ኚࡍࡿࠋࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣ➨ 3 ❶➨ 7 ⠇1 ࡟᳨࡚ウࡋࡓࡼ࠺࡟⥲㔞つไ᪉ᘧࢆ᥇⏝ࡋ࡚࠾ࡾࠊࡑࡇ࡟࠾࠸࡚ࡣࠊಶࠎࡢྲྀᘬࡢᛶ㉁Ỵᐃࡣၥ㢟࡟࡞ࡽ࡞࠸ࠋၥ㢟࡟࡞ࡿࡢࡣಶࠎࡢྲྀᘬࡢᛶ㉁࡛ࡣ࡞ࡃࠊEquity ࡜ Debt ࡢ㢠࡜࠸࠺㔞࡛࠶ࡿࠋࡑࡋ࡚ࡑࡢ㔞࡟ࡼࡾࠊྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚࡢࠕᦆ┈ྲྀᘬࠖ࡜ㄆᐃࡉࢀࡿ㢠ࡀᐃࡲࡿ௙⤌ࡳࢆ᥇⏝
ࡋ࡚࠸ࡿⅬ࡟࠶ࡿࡢ࡛࠶ࡿࠋ ࡑࡇ࡛ࠊᮏㄽᩥࡢ୺㢟࡛࠶ࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡋ࡚ἲே⛯ἲࡣ࠸࠿࡞ࡿᑐᛂ
ᥐ⨨ࡀ࡜ࢀࡿࡢ࠿࡜࠸࠺ၥ㢟࡟┤㠃ࡍࡿࠋᅜ㝿ㄢ⛯࡛࠶ࡿ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬ෆྲྀᘬ࡛࠶ࢀࡤࠊ
ࠕ⮬
ᕫ㈨ᮏࡢ㢠ࠖࡣྛ஦ᴗᖺᗘࡢ⣧㈨⏘ࡢ㢠࡜ࡋ࡚ᨻ௧࡛ᐃࡵࡿ࡜ࡇࢁ࡟ࡼࡾィ⟬ࡋࡓ㔠㢠㸦ᥐἲ 66
ࡢ 5 4 㡯 7 ྕ㸧࡜ࡋ࡚ Equity ࡀᐃ⩏ࡉࢀࡿࠋࡇࡇ࡛ࠕ⮬ᕫ㈨ᮏࡢ㢠ࠖ࡜ࡣࠊձෆᅜἲேࡢᙜヱ஦ᴗᖺᗘࡢ⥲㈨⏘ࡢᖒ⡙౯㢠ࡢᖹᆒⓗ࡞ṧ㧗࡜ࡋ࡚ྜ⌮ⓗ࡞᪉ἲ࡟ࡼࡾィ⟬ࡋࡓ㔠㢠࠿ࡽղෆᅜἲே
ࡢᙜヱ஦ᴗᖺᗘࡢ⥲㈇മࡢᖒ⡙౯㢠ࡢᖹᆒⓗ࡞ṧ㧗࡜ࡋ࡚ྜ⌮ⓗ࡞᪉ἲ࡟ࡼࡾィ⟬ࡋࡓ㔠㢠ࢆ᥍㝖ࡋࡓ㔠㢠࡜ࡉࢀࡿ㸦ᥐἲ 66 ࡢ 5 4 㡯 7 ྕࠊᥐ௧ 39 ࡢ 13 22 ྕࠊ23 ྕࠊ26 ྕ㸧ࠋࡋࡓࡀࡗ࡚ࠊ
㐣ᑡ㈨ᮏ⛯ไࡢ㐺⏝⠊ᅖ࡟࠾࠸࡚ࡣࠊἲே⛯ἲࡢ Debt㸭Equity ࡢᓧูᇶ‽ࢆ㏻ࡍࡇ࡜࡞ࡃࣁ࢖ࣈ
517 Id. at 422.
518 Id. at 422.
519 ቑ஭Ⰻၨ࣭๓ᥖὀ㸦59㸧
ࠊ484 㡫࡟ࡋࡓࡀ࠼ࡤࠊ
ࠕ㈨ᮏ➼ྲྀᘬࢆᦆ┈ྲྀᘬ࠿ࡽ༊ูࡍࡿࡇ࡜ࡢ⣔࡜ࡋ࡚ࠊἲே⛯ἲࡣࠊ⮬ᕫ㈨ᮏ࡜௚ே㈨ᮏࢆ༊ูࡋ࡚࠸ࡿࠖ࡜グࡉࢀ࡚࠸ࡿࠋ
520 ➨ 1 ❶➨ 1 ⠇ 1 ࠾ࡼࡧቑ஭Ⰻၨ࣭๓ᥖὀ㸦59㸧
ࠊ484 㡫ཧ↷ࠋ
117ࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ฼ᡶ࠸ࡢᦆ㔠⟬ධไ㝈ࡣ⾜ࢃࢀࡿࡇ࡜࡟࡞ࡿࠋ ࡋ࠿ࡋࠊࡇࡇ࡟࠾࠸࡚ 2 ࡘࡢၥ㢟ࡀṧࡿࠋ➨ 1 ࡣ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬እྲྀᘬ࡟ࡘ࠸࡚ࡣ࡝࠺ᢅ࠼
ࡤࡼ࠸ࡢ࠿࡜࠸࠺ၥ㢟ࠊ➨ 2 ࡣࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝࢻࠊࡍ࡞ࢃࡕ
฼ᡶ࠸ࡣࠊᖒ⡙グ㍕ศ㢮࡟ᚑ࠸ࠊἲே⛯ἲୖࡢࠕ฼Ꮚࠖ࠶ࡿ࠸ࡣࠕ㓄ᙜ㸦๫వ㔠ࡢศ㓄㸧
ࠖ࡜ᛶ㉁Ỵ
ᐃࡋ࡚ࡼ࠸ࡢ࠿ࠊ࡜࠸࠺ၥ㢟࡛࠶ࡿࠋ ➨ 1 ࡢၥ㢟࡟ࡘ࠸࡚ࡣࠊࡲࡎ㐣ᑡ㈨ᮏ⛯ไࡢᑕ⛬⠊ᅖࢆᗈࡆࠊ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡟ᑐᢠ
࡛ࡁࡿࡼ࠺࡟ࡋࠊἲே⛯ἲ࡟࠾࠸࡚㛵㐃ࢢ࣮ࣝࣉ௻ᴗ㛫ྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈つᐃࢆ๰タࡍ࡭ࡁ࡛࠶ࡿ࡜୺ᙇࡍࡿࠋ
 ➨ 3 ❶࡟࡚ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡀ୍ᒁ㠃࡟ᑐࡍࡿつไࡋ࠿࡞ࡋᚓ࡞࠸ࡇ࡜ࢆࡳࡓࠋࡍ࡞ࢃࡕࠊ
㐣ᑡ㈨ᮏ⛯ไࡣࠊ⮬ᅜ࡟ぶ఍♫ࡀ࠶ࡾࠊእᅜ࡟Ꮚ఍♫ࢆタ❧ࡋ࡚ぶ఍♫ࡀ Debt ᛶࡢࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋᏊ఍♫ࡀࡑࢀ࡟඲㢠ᢞ㈨ࡍࡿࡼ࠺࡞ࢣ࣮ࢫࢆつไ࡛ࡁ࡞࠸ࡢ࡛࠶ࡿࠋࡋ
ࡓࡀࡗ࡚ࠊ⛯ไࢆ฼⏝ࡍࡿ࡜࠸࠺ᒁ㠃࠿ࡽࡢࡳ⪃࠼ࢀࡤࠊDebt ᛶࡢᙉ࠸ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶࣝ
࣓ࣥࢺࢆከ㢠࡟Ⓨ⾜ࡋࠊᏊ఍♫࡟඲㢠ᢞ㈨ࡉࡏࠊぶ఍♫ࡣᙜヱࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿
ࡽ⏕ࡌࡿ࢖࣮ࣝࢻࢆࠕᨭᡶ฼Ꮚࠖ࡜ࡋ࡚ࡍ࡭࡚ᦆ㔠⟬ධࡍࡿ࡜࠸࠺࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡜࠸
࠺ࢫ࣮࣒࢟ࡀ⪃࠼ࡽࢀᚓࡿࡢ࡛࠶ࡿࠋࡇࡢᨭᡶ฼Ꮚࡢᦆ㔠⟬ධࡣࠊಶูྰㄆつᐃࡀ࡞࠸㝈ࡾࠊ⌧ᅾࡢἲே⛯ἲ࡛ࡣᦆ㔠⟬ධไ㝈ࢆ⾜࠺ࡇ࡜ࡣ࡛ࡁ࡞࠸࡛࠶ࢁ࠺ࠋ ࡋࡓࡀࡗ࡚ࠊ࡝ࡢࡼ࠺࡟ไ㝈ࡍࡿࡢ࠿࡜࠸࠺ၥ㢟ࡣู࡜ࡋ࡚ࠊ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡟ࡼࡿ
ㄢ⛯ᶒࡢ႙ኻࡣ㐣ᑡ㈨ᮏ⛯ไࡢᨵṇ࡟ࡼࡾᢚ࠼࡞ࡅࢀࡤ࡞ࡽ࡞࠸࡜⪃࠼ࡿࠋ ḟ࡟ࠊᅜ㝿ㄢ⛯࡜ࡣ␗࡞ࡿᅜෆྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධࡣἲே⛯ἲ 22 ᮲࡛ไ㝈࡛ࡁࡿࡢ࠿ࠊࡍ࡞ࢃࡕࠊྠἲ 22 ᮲ 4 㡯࡛ᐃࡵࡽࢀࡿࠊ
ࠕ୍⯡࡟බṇጇᙜ࡜ㄆࡵࡽࢀࡿ఍ィฎ⌮ࡢᇶ‽࡟ᚑࡘ࡚ィ⟬ࡉࢀࡿࠖ࡜࠸࠺ᩥゝࡼࡾࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢ࠸࠿࡞ࡿ
⠊ᅖࢆἲே⛯ἲୖࡢࠕ฼Ꮚࠖ࡜ㄆࡵࡿࡢ࠿ࠊࡑࡋ࡚ࡑࡢㄆᐃࡢᇶ‽ࡣ࡝ࡇ࡟࠶ࡿࡢ࠿࡜࠸࠺ၥ㢟࡛࠶ࡿࠋ➨ 3 ❶➨ 6 ⠇࡟࡚ࡳࡓࡼ࠺࡟ࠊࡍ࡛࡟ࢃࡀᅜࡢ஦ᴗ఍♫ࡀᾏእ SPC ࢆ㏻ࡉࡎࠊ┤᥋ᢞ㈨ᐙ
࡟ࣁ࢖ࣈࣜࢵࢻドๆࢆⓎ⾜ࡍࡿࢣ࣮ࢫࡀⓎ⏕ࡋ࡚࠸ࡿࠋࣁ࢖ࣈࣜࢵࢻドๆࡣ᱁௜ࡅᶵ㛵ࡼࡾ㈨ᮏᛶ
‫ۑۑ‬㸣ࠊ㈇മᛶ‫ۑۑ‬㸣࡜࠸࠺ᙧ࡛ Equity ᛶ࡜ Debt ᛶࡀΰᅾࡋ࡚࠸ࡿドๆ࡟ᑐࡋ࡚ἲே⛯ἲࡣ࠸࠿࡞ࡿศ㢮ࢆ࡞ࡋ࠺ࡿࡢ࠿࡜࠸࠺ၥ㢟ࡀ࠶ࡿࠋἲே⛯ἲ 22 ᮲ 4 㡯࡟ࡼࡾࠊ௻ᴗ఍ィୖࡢᇶ‽࡟ࡋࡓࡀࡗ࡚ Equity ࡜ Debt ࡟ᓧูࡉࢀࡿࡶࡢ࡞ࡢ࡛࠶ࢁ࠺࠿ࠋ ࡇࡇ࡛ࠊ
ࣁ࢖ࣈࣜࢵࢻドๆࡢDebt㸭Equityᛶࡢᓧู࡟ࡘ࠸࡚ࡢ࢔࣓ࣜ࢝࡟࠾ࡅࡿṔྐࢆ᣺ࡾ㏉ࡗ࡚ࡳࡿ࡜⛯ἲୖࠊ୍ࡘࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ Debt ࡲࡓࡣ Equity ࠿ࠊ࠶ࡿ࠸ࡣ Debt
࡜ Equity ࡜ࡢᣨศ࡟ࡼࡾᐃࡲࡿࡶࡢ࡞ࡢ࠿࡟ศ㢮ࡍࡿࡇ࡜ࠊࡶࡋࡃࡣࠊࣇ࢓࢖ࢼࣥࢫⓗ࡞Ⓨ᝿࡟❧⬮ࡋࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢᮏ㉁ⓗ౯್࡜᫬㛫ⓗ౯್࡟ศゎࡍࡿOID
㸦Original Issue
Discount㸧᪉ᘧ࡞࡝ᵝࠎ࡞ྲྀࡾᢅ࠸ࡀ᳨ウࡉࢀ࡚ࡁࡓࠋ ࢃࡀᅜࡢ⛒⛯ἲࡣṔྐ࠿ࡽࡳࡿ࡜ࠊࡑࡢ᮲ᩥࡢ⡆₩ᛶࢆಖᣢࡋࠊ᮲ᩥゎ㔘࡟ࡼࡾࠊྲྀᘬ஦౛࡬ࡢ
㐺⏝ࢆヨࡳ࡚ࡁࡓ࡜ᛮࢃࢀࡿࡀࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ Debt㸭Equity ㄆᐃ࡟㛵ࡋ࡚ࡣἲே⛯ἲ 22 ᮲ 3 㡯࡟ࡼࡿࠕูẁࡢᐃࡵࠖ࡜ࡋ࡚ಶูྲྀᘬࡈ࡜࡟つᐃࢆᐃࡵ࡚࠸ࡃ࡭ࡁ࡛࠶
ࢁ࠺࡜⪃࠼ࡿࠋ ඛ࡟ࡶグࡋࡓࡼ࠺࡟ࠊἲே⛯ἲୖࡢ Debt㸭Equity ࡢㄆᐃつᐃࢆタࡅ࡞࠸ࡇ࡜࡟ࡣࠊࣁ࢖ࣈࣜࢵ
ࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡌࡓ࢖࣮ࣝࢻࡢᛶ᱁Ỵᐃࡣ࡛ࡁ࡞࠸ࡶࡢ࡜⪃࠼ࡿࠋ ࡇࡢၥ㢟ࡣ࢔࣓ࣜ࢝࡟࠾ࡅࡿⱞ㞴ࡢṔྐࢆᴫほࡋ࡚ࡳ࡚ࡶࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟
ᑐࡍࡿ⛯ἲୖࡢᢅ࠸ࢆ୍ࡘ࡟ࡲ࡜ࡵ࡚ᐃࡵࡿࡇ࡜ࡀ࡛ࡁࡿࡶࡢ࡛ࡣ࡞ࡃࠊࡑࡢព࿡࡟࠾࠸࡚ಶูྰㄆつᐃࢆࢣ࣮ࢫ࣭ࣂ࢖࣭ࢣ࣮ࢫ࡟ᐃࡵ࡚࠸ࡃࡇ࡜࡟࡞ࡿ࡛࠶ࢁ࠺ࠋᢳ㇟ⓗ࡞య⣔ᛶࢆ㔜ࢇࡌࡿࢃࡀ
118

ᅜࡢ⛒⛯ἲ࡜ࡋ࡚ࡣලయⓗ࡞᮲ᩥᵓᡂࢆ㑊ࡅࡿ᪉ྥ࡟࠶ࡿ࡜➹⪅ࡣឤࡌࡿࡀࠊ㈇മࣂ࢖࢔ࢫࢆ᭷ࡍ
ࡿἲே⛯ไ࡛࠶ࡿ㝈ࡾࠊࡍ࡞ࢃࡕࠊEquity ࡜ Debt ࡜࠸࠺ᰴᘧ࡜മᶒ࡟ேⅭⓗ࡞⛯ไୖࡢ㐪࠸ࢆタࡅ࡚࠸ࡿ㝈ࡾࠊEquity ࢆ Debt ࡟௦࠼࡚࡜࠸࠺࢖ࣥࢭࣥࢸ࢕ࣈࡣാࡁ⥆ࡅࡿࡣࡎ࡛࠶ࡿࠋࡋࡓࡀࡗ
࡚ಶู࡟ᑐฎࡋ࡚࠸ࡃᚲせᛶࡀ࠶ࡿ࡜⪃࠼ࡿࠋ ➨ 2 ࡢၥ㢟ࡣࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᡤᚓศ㢮࡜ࡢ㛵ಀୖ࢖࣮ࣝ
ࢻࡢⓎ⏕※Ἠ࡛࠶ࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀ Equity ࡞ࡢ࠿ Debt ࡞ࡢ࠿ἲே⛯ἲୖᐃࡵࡿᚲせᛶࡀ࠶ࡿ࡜࠸࠺ࡶࡢ࡛࠶ࡿࠋ⥲㔞つไࡢ❧ሙࢆ࡜ࡿ㐣ᑡ㈨ᮏ⛯ไ࡟࠾࠸࡚ࡣࠊᦆ㔠⟬ධྰㄆࡉࢀࡓ฼Ꮚࡣᛶ᱁ࡢኚ᭦ࡲ࡛ࡣཷࡅ࡞࠸ࠋࡋ࠿ࡋࠊ➨ 1 ࡢၥ㢟࡛ࡶゐࢀࡓࡼ࠺࡟ࢃࡀᅜᅜෆ࡟࠾࠸
࡚ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀⓎ⾜ࡉࢀࡿࡇ࡜࡜࡞ࡿ࡜ࠊࡑࡇ࠿ࡽⓎ⏕ࡍࡿ࢖࣮ࣝࢻࡢᡤᚓ
ศ㢮ࢆ☜ᐃࡉࡏࡿࡓࡵ࡟ࡶἲே⛯ἲ࡟࠾ࡅࡿつᐃࡀᚲせ࡜࡞ࡿࠋࡇࡢᒁ㠃࡟࠾࠸࡚ࡶἲே⛯ἲୖࡢDebt㸭Equity ࡢㄆᐃつᐃࡀồࡵࡽࢀࡿ࡜⪃࠼ࡿࠋ ௨ୖࡢࡼ࠺࡟ἲே⛯ἲୖࡢ Debt㸭Equity ࡢㄆᐃつᐃࡢ๰タࡀᚲせ࡞ࡇ࡜ࢆ๓ᥦ࡜ࡋࡓୖ࡛ࠊ࡛
ࡣ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࢆ࡝ࡢࡼ࠺࡞ᙧ࡛๰タࡍ࡭ࡁ࠿࡜࠸
࠺ᇳ⾜ྍ⬟ᛶࢆ⪃៖ࡋࡓၥ㢟ࢆゎỴࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ ⥲㔞つไ᪉ᘧࢆ᥇⏝ࡋ࡚࠸ࡿࢃࡀᅜ࡟࠾࠸࡚ࠊಶูつไ࡬ࡢኚ᭦ࡣዲࡲࡋࡃ࡞࠸࡜⪃࠼ࡿࠋ࢔ࢵ
ࣉࢫࢺ࣮࣒࣭࣮࣭ࣜࣟࣥࢫ࣮࣒࢟ࡶ⪃៖ࡢୖ࡛ࢃࡀᅜ࡟ぶ఍♫ࡀ࠶ࡾእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋ࡚࠸ࡿሙྜ࡟ᑐࡋ࡚ࡶᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈ࡀᐃ㔞ⓗ࡟⾜࠸࠺ࡿࢩࢫࢸ࣒࡟ࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࡑࡢ
ࡓࡵ࡟ࡣඛ࡟グࡋࡓࡼ࠺࡞ࢻ࢖ࢶࡢࡼ࠺࡞᪉ᘧࡶ㑅ᢥ⫥ࡢ୰࡟ධࢀࡿ࡭ࡁ࡜⪃࠼ࡿࠋ
➨9⠇

ᑠᣓ

ᮏ❶࡛ࡣࢡࣟࢫ࣭࣮࣎ࢲ࣮࣭ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀྛᅜࡢᅜෆἲ࡛ᐃࡵࡽࢀࡓ Debt
㸭Equity ࡢ༊ศࢆྜἲⓗ࡟⏝࠸ࡿࡇ࡜࡟ࡼࡾࠊ※Ἠᆅᅜ࡟࠾࠸࡚ࡣ Debt ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻ࡜ࡋ
࡚ᦆ㔠᥍㝖ࢆཷࡅࠊ௚᪉ࡢᒃఫᆅᅜ࡟࠾࠸࡚ࡣཷ㡿ࡋࡓ࢖࣮ࣝࢻࡣ Equity ࠿ࡽ⏕ࡌࡓ㓄ᙜ࡜࡞ࡿࡼ࠺࡟ࠊࡲࡓࠊ⛒⛯᮲⣙࡟࠾ࡅࡿࠕ฼Ꮚࠖ
ࠊࠕ㓄ᙜࠖࡢ≉඾ࢆாཷࡍࡿࡇ࡜ࢆ┠ㄽࢇ࡛௙⤌ࡲࢀࡓ㔠
⼥ၟရ࡛࠶ࡿࡇ࡜ࢆ⪃ᐹࡋࡓࠋ ࢃࡀᅜࡣᖹᡂ 21 ᖺᗘ࡟࠾࠸࡚㛫᥋እᅜ⛯㢠᥍㝖࡟௦࠼࡚ࠊእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධࡢไᗘ࡟
ษࡾ᭰࠼ࡓࡀࠊእᅜᏊ఍♫฼┈ࡢࡢ㑏ὶ࠾ࡼࡧ஧㔜ㄢ⛯᤼㝖ࡢไᗘࡢ⡆⣲໬ࡢⅬ࠿ࡽࡣඃࢀࡓไᗘ
࡜࠸࠼ࡿ୍᪉ࠊ⛒⛯⿢ᐃࡀ⾜ࢃࢀࡓሙྜ࡟࠾ࡅࡿ⛯཰ࡢῶᑡࡶ㛫᥋እᅜ⛯㢠᥍㝖࡟ẚࡋⴭࡋ࠸ࡶࡢ
࡟࡞ࡿࡇ࡜ࡶ⪃࠼࡚࠾ࡃ࡭ࡁ࡛࠶ࡿࠋ
 OECD ࣔࢹࣝ⛒⛯᮲⣙࡟࠾࠸࡚ࡣࠊᇶᮏⓗ࡟ᡤᚓ✀㢮ࡢᛶ᱁ࡣᨭᡶᅜ࡟࠾ࡅࡿ⛒⛯ἲ௧ୖࡢᢅ࠸
࡟ᚑ࠺࡭ࡁ࡜ࡢ⪃࠼᪉ࡣࡳ࠼ࡿࡶࡢࡢࠊ⛒⛯᮲⣙࡟ࡣࣉࣜࢨ࣮࣋ࢩ࣭ࣙࣥࢡ࣮ࣟࢬࡀᏑᅾࡋ࡚࠸ࡿ
ࡇ࡜࠿ࡽࠊ᮲⣙ࡣ⣡⛯⪅࡟࡜ࡗ࡚᭷฼࡞㑅ᢥࡀྍ⬟࡛࠶ࡿ࡜⪃࠼ࡿ࡭ࡁ࡛࠶ࡿࠋࡋࡓࡀࡗ࡚ࠊࣁ࢖
ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆᨭᡶᅜ࡟࠾࠸࡚ Debt ࡜ࡋࠊཷ㡿ᅜ࡟࠾࠸࡚ Equity ࡜⏦࿌ࡍࡿࡇ࡜
ࡣࠊࡑࢀࡒࢀࡢᅜෆἲࡀࡑࢀࢆㄆࡵࡿ㝈ࡾࠊ⛒⛯᮲⣙ୖࡣၥ㢟ࡢ࡞࠸࡜ࡇࢁ࡜⪃࠼࡚Ⰻ࠸ࠋࡋࡓࡀࡗ
࡚⛒⛯⿢ᐃࡣ㢖⦾࡟㉳ࡇࡾᚓࡿࠋ ࡞ࡐࠊ⛒⛯⿢ᐃࡀ㉳ࡇࡿࡢ࠿ࠋࡑࡢ᰿ᮏⓗ࡞ཎᅉࡣྛᅜࡀᑟධࡋ࡚࠸ࡿㄢ⛯ࢩࢫࢸ࣒ࡀ᭷ࡍࡿ
Debt㸭Equity ࡢㄢ⛯ୖࡢ㠀ᑐ⛠ᛶ࡟㉳ᅉࡍࡿ࡜ࡇࢁࡀ኱ࡁ࠸ࠋࡑࡇ࡛ࠊྂࡃ࠿ࡽ㆟ㄽࡀ✚ࡳ㔜ࡡࡽࢀ࡚ࡁࡓࡶࡢ࡛ࡣ࠶ࡿࡀࠊㄢ⛯ୖ୰❧ⓗ࡞ㄢ⛯ࢩࢫࢸ࣒ࡢᵓ⠏ࡀᚲせ࡛࠶ࡿࠋࡋ࠿ࡋࠊୡ⏺୰࡯࡜ࢇ࡝ࡢᅜࡀ㠀୰❧ⓗ࡞ㄢ⛯ࢩࢫࢸ࣒ࢆᩜ࠸࡚࠸ࡿ୰࡛ࠊ୍ᅜࡔࡅࡀ୰❧ⓗ࡞ࢩࢫࢸ࣒ࢆᑟධࡋ࡚
ࡶᮇᚅ㏻ࡾ࡟࣮࣡ࢡࡋ࡞࠸࡛࠶ࢁ࠺ࠋࡑࡇ࡛ࠊࡲࡎࡣ⛒⛯᮲⣙ࢆ฼⏝ࡍࡿࡇ࡜ࢆ⪃࠼ࡓࠋ ➨ 4 ❶➨ 6 ⠇࡟࡚஧ᅜ㛫⛒⛯᮲⣙ࢆ⏝࠸ࡓࠊ⛒⛯⿢ᐃᅇ㑊⟇ࢆ᳨ウࡋࡓࠋูࠎࡢᅜෆἲࢆ᭷ࡍࡿ
஧ᅜࢆྜࢃࡏ࡚ࡳࡓ࡜ࡁࠊ㏻ᖖࡢ Debt ࠶ࡿ࠸ࡣ Equity ྲྀᘬ࡟ࡼࡿ⛒⛯㈇ᢸ࡟ᑐࡋ࡚ⴭࡋ࠸ῶᑡࡀ
119࠶ࡿሙྜࠊࡑࡢྲྀᘬࡢ⿬࡟ࡣࠊྛࠎࡢᅜࡢ⛯ไࢆ฼⏝ࡋࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢᏑᅾ
ࡀ࠶ࡿࠋ㏻ᖖࡢ Debt ྲྀᘬ࠾ࡼࡧ Equity ྲྀᘬࢆ᝿ᐃࡋࡓሙྜ࡟஧ᅜ࠿ࡽㄢ⛯ࡉࢀࡿࡣࡎࡢ⛯㢠࡜ࠊᐇ㝿࡟ㄢ⛯ࡉࢀࡓ⛯㢠࡜ࢆẚ㍑ࡋⴭࡋ࠸ῶᑡࡀ㉳ࡁ࡚࠸ࡿሙྜࠊࣁ࢖ࣈࣜࢵࢻࢆ⏝࠸ࡓ⛒⛯ᅇ㑊࡜ࡋ࡚ࡑࡢ⛒⛯ୖࡢ⿢ᐃྲྀᘬࢆㄢ⛯ୖྰㄆࡋࠊ㏻ᖖࡢ Debt ྲྀᘬ࠾ࡼࡧ Equity ྲྀᘬ࡟ᘬࡁ┤ࡍ࡜࠸࠺ࡇ࡜ࢆ⾜ࡗ࡚ࡶࡼ࠸ࡢ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡿࡢ࡛࠶ࡿࠋၥ㢟ࡣ஧ᅜྜࢃࡏࡓ࡜ࡁ࡟ึࡵ࡚ྲྀᘬࡢ␗ᖖᛶࡀぢ࠼࡚ࡃࡿࡢ࡛࠶ࡗ࡚ࠊ୍ᅜෆ࡟࠾࠸࡚ぢࡿ㝈ࡾࠊྲྀᘬࡢ␗ᖖᛶࡣఱࡽᏑᅾࡋ࡞࠸ࡢ࡛࠶ࡿࠋ
࠿࠿ࡿ≧ἣ࡟࠾࠸࡚஧ᅜ㛫ࡢ⛯ไࡢᕪࢆ฼⏝ࡋࡓ⛒⛯⿢ᐃࢆ࠸࠿࡟ࡋ࡚⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡋᚓࡿ
࠿࡜࠸࠺ၥ㢟࡛࠶ࡿࡀࠊ⚾ぢ࡛ࡣ஧ᅜ㛫⛒⛯᮲⣙ࢆ⏝࠸࡚ゎỴࡋࡼ࠺࡜⪃࠼ࡿࡢ࡛࠶ࡿࠋ⛒⛯᮲⣙࡟࠾࠸࡚ᐇຠ⛯⋡ࡢῶᑡࡢほⅬ࠿ࡽ⛒⛯⿢ᐃࢆ⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡋࠊࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢ࡟
ࡼࡾᚓࡓࢱࢵࢡࢫ࣭࣋ࢿࣇ࢕ࢵࢺࢆࠊ
⛒⛯⿢ᐃࢆ⾜ࡗࡓ௻ᴗࢢ࣮ࣝࣉ࠿ࡽ஧ᅜྜពࡢ࠺࠼࡛ዣྲྀࡋࠊ
஧ᅜᨻᗓ㛫࡛ࢩ࢙࢔ࡍࡿ࡜࠸࠺᮲㡯ࢆ᭩ࡁ㎸ࡴ࡜࠸࠺⪃࠼᪉࡛࠶ࡿࠋ
ࡋ࠿ࡋࠊၥ㢟Ⅼ࡜ࡋ࡚ࠊඛ࡟ࡶグࡋࡓ࡜࠾ࡾࠊ
ձᨻ⟇ࡢ␗࡞ࡿ஧ᅜ㛫࡟࠾࠸࡚ࠊࡲࡎṇ☜࡞᝟ሗ஺᥮ࡀ⾜࠸ᚓࡿ࠿ࠊ
ղࡑࡶࡑࡶἲⓗ஧㔜ㄢ⛯᤼㝖ࢆ┠ⓗ࡜ࡋ࡚๰ࡽࢀ࡚࠸ࡿ஧㔜ㄢ⛯᮲⣙㸦DTCs㸧࡟⣡⛯⪅ࡀ୙฼࡟ᢅࢃࢀࡿࡼ࠺࡞᮲㡯ࢆ᭩ࡁ㎸ࢇࡔ࡜ࡇࢁ࡛ࠊ⣡⛯⪅࡟ᑐࡍࡿᣊ᮰ຊࡣ࠶ࡿࡢ࠿ࠊࣉࣜࢨ࣮࣋ࢩ࣭ࣙࣥ
ࢡ࣮ࣟࢬ࡜▩┪ࡋ࡞࠸ࡢ࠿ࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ࡢព⩏࡟཯ࡍࡿࡢ࡛ࡣ࡞࠸ࡢ࠿࡜࠸࠺ၥ㢟ࠊմ஧ᅜ㛫⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸࡞࠸ᅜ㸦࠸ࢃࡺࡿࢱࢵࢡࢫ࣭࣊࢖ࣈࣥᅜ➼㸧࡜ࡢ⛒⛯⿢ᐃࡀ୺࡞ၥ
㢟࡜࡞ࡿࡢ࡛࠶ࡗ࡚ࠊ⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸࡞࠸ᅜ࡜ࡢ㛫࡟ୖグࡢࡼ࠺࡞⪃࠼᪉⮬యࡀ㏻⏝ࡋ࡞࠸ࡇ࡜ࠊյ➨ 4 ❶➨ 6 ⠇ 2 ࡛ࡳࡓࡼ࠺࡟ࠊ஧ᅜ㛫⛒⛯᮲⣙࡟࠾ࡅࡿ᮲⣙ᨵゞࡲ࡛࡟せࡍࡿࢫࣃࣥࡢ㛗ࡉࢆ⪃࠼ࡿ࡜⌧ᐇⓗ࡟ྍ⬟࡞ࡢ࠿࡜࠸࠺Ⅼ࡛࠶ࡿࠋ ࡍࡿ࡜ࠊ⛒⛯⿢ᐃ㜵Ṇ᮲㡯ࢆ⌧ᅾࡢ஧ᅜ㛫⛒⛯᮲⣙㸦஧㔜ㄢ⛯᮲⣙㸸DTCs㸧࡟᭩ࡁ㎸ࡳ⿢ᐃᶵ఍ࢆዣྲྀࡍࡿ࡜࠸࠺㜵Ṇ⟇ࡣᅜ㝿⛒⛯ἲࢆぢ┤ࡉ࡞࠸㝈ࡾ㞴ࡋ࠸ࡢ࡛ࡣ࡞࠿ࢁ࠺࠿࡜࠸࠺␲ၥࡶ࠶
ࡿࡀࠊᐇ⾜ࡍࡿ࡭ࡁ࡛࠶ࡿ࡜⪃࠼ࡿࠋ࠾ࢃࡾ࡟ᮏㄽᩥ࡛ࡣࠊㄢ⛯ࢩࢫࢸ࣒ࡀᣢࡘ㈇മࣂ࢖࢔ࢫ࡟ࡼࡾᘬࡁ㉳ࡇࡉࢀࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝ
ࣥࢺࡢၥ㢟ࢆከ㠃ⓗ࡟᳨ウࡋࡓࠋDebt㸭Equity ࡜࠸࠺㐺᱁ᛶࡣேⅭⓗ࡟୚࠼ࡓศ㢮࡟㐣ࡂ࡞࠸ࡇ࡜ࢆࠊ఍♫ἲࡢ⪃࠼᪉ࢆᇶᮏ࡜ࡋ࡞ࡀࡽࠊࣇ࢓࢖ࢼࣥࢫ⌮ㄽࢆ⏝࠸ࢀࡤࡑࡢ༊ศࡣ㠀ᖖ࡟᭕᫕࡞ࡶ
ࡢ࡛࠶ࡿࡇ࡜ࢆ➨ 1 ❶᳨࡛ウࡋࡓࠋ➨ 2 ❶࡛ࡣࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐࡍࡿ࢔࣓ࣜ࢝
⛯ἲࡢṔྐࢆᴫほࡋࡓࠋࡇࡇ࡛ࠊ࢔࣓ࣜ࢝࡟࠾ࡅࡿಶูつไࡢ඾ᆺ࡜ࡋ࡚ࡢ㐣ᑡ㈨ᮏ⛯ไࡢṔྐⓗᒎ㛤ࢆヲ⣽࡟᳨ウࡍࡿࡇ࡜࡟ࡼࡾࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢᢅ࠸ࡢ㞴ࡋࡉࢆࡳࡓࠋ ௨ୖࡢ๓ᥦࡢࡶ࡜࡛ࠊᮏㄽᩥ࡛ࡣḟࡢၥ㢟࡟ᑐࡍࡿゎỴ⟇ࢆᶍ⣴ࡋࡓࠋ
ձ㈇മࣂ࢖࢔ࢫࢆ᭷ࡍࡿἲேㄢ⛯ࢩࢫࢸ࣒࡟࠾࠸࡚ࠊ
Equity ࡟௦࠼࡚ Debt ᛶࡢᙉ࠸ࣁ࢖ࣈࣜࢵࢻ࣭
࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡍࡿ࢖ࣥࢭࣥࢸ࢕ࣈࡣࠊࣁ࢖ࣈࣜࢵࢻドๆᕷሙࡀάⓎ࡟࡞ࢀࡤ㢖⦾࡟㉳ࡇࡿࡇ࡜࡜࡞ࡿ࡛࠶ࢁ࠺ࠋ㈈ົయ㉁ࡢ೺඲໬ࢆ⥔ᣢࡋ࡞ࡀࡽࠊἲே⛯ἲ࡟࠾࠸࡚ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖
ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᦆ㔠᥍㝖ࡢ㐺⏝ࢆཷࡅࡿࢫ࣮࣒࢟ࡢ℃⏝㜵Ṇࡢࡓࡵ࡟ἲே⛯ἲࡣఱࢆ࡞ࡍ࡭ࡁ࠿ࠋ
ղᖹᡂ 21 ᖺᗘ࡟ᑟධࡉࢀࡓእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධ㸦ἲἲ 23 ࡢ 2ࠊྠἲ 39 ࡢ 2㸧ࢆ฼⏝ࡋࡓࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢫ࣮࣒࢟࡟ࡼࡿᅜ㝿ⓗᐇຠ⛯⋡ࡢపୗࢆࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢ࡟
120

ࡼࡿ⠇⛯࡜ࡳ࡞ࡍ࠿ࠊ⛒⛯⿢ᐃࢆ⏝࠸ࡓ⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡋࠊࡑࢀ࡟ࡼࡾῶᑡࡋࡓ⛯ࢆ஧ᅜྠព
ࡢୗ࡛ከᅜ⡠௻ᴗ࠿ࡽዣྲྀࡍࡿ࡭ࡁ࠿ࠋࡍ࡞ࢃࡕࠊᅜ㝿ㄢ⛯࣮ࣝࣝࡀᮍᡂ⇍࡞ࡓࡵ࡟㉳ࡇࡿྜἲⓗ࡞⛒⛯⿢ᐃ࡟ࡼࡾࡶࡓࡽࡉࢀࡿࠊᅜ㝿ⓗ࡞⛯཰ῶ࡜࠸࠺ၥ㢟࡟࠸࠿࡟ᑐฎࡍ࡭ࡁ࠿ࠋ
ճࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣࠊእᅜぶ఍♫࡜ࢃࡀᅜᏊ఍♫࡜ࡢྲྀᘬ࡟ࡢࡳ㐺⏝ࡉࢀࡿつᐃ࡛࠶ࡾࠊࢃࡀᅜࡢぶ఍♫ࡀእᅜᏊ఍♫࡟ᑐࡋ࡚㈨ᮏࢆ࡝ࡢࡼ࠺࡞ᙧ࡛࠸࠿࡞ࡿ㔞ࢆᡭᙜ࡚ࡋࡼ࠺࡜ࡶࡑࢀ࡟ᑐ
ࡍࡿไ㝈ࡣ࡞࠸ࠋࡋࡓࡀࡗ࡚ࠊ➨ 3 ❶➨ 6 ⠇ 2ࠊ➨ 3 ❶➨ 6 ⠇ 4ࠊ➨ 3 ❶➨ 6 ⠇ 5 ࡛ࡳࡓࡼ࠺࡟ࠊ
እᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊぶ఍♫ࡣ Debt ࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆⓎ⾜ࡋ࡚ࠊᏊ఍♫࡟ᢞ㈨ࢆࡉࡏࡿࠋࡑࡋ࡚ぶ఍♫ࡢⓎ⾜ࡋࡓ Debt ࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࢆᏊ఍♫࡬ࡢࠕ฼Ꮚࠖ࡜ࡋ࡚Ꮚ
఍♫࡟ᨭᡶ࠸ࠊᦆ㔠ィୖࡍࡿࠋ୍᪉Ꮚ఍♫ࡣࠊࡑࡢᢞ㈨㈨㔠ࢆᚓࡿࡓࡵ࡟ࠊぶ఍♫ࡢಖドࡢࡶ࡜࡛
ἲேᢞ㈨ᐙ࡟ Equity ᛶࡢᙉ࠸മๆࢆࠊぶ఍♫ࡀⓎ⾜ࡋࡓ Debt ࡜ඖᮏࠊ฼ᡶ࠸ࡀ࡯ࡰྠ㢠࡟࡞ࡿࡼ࠺࡟Ⓨ⾜ࡍࡿࠋࡑࡋ࡚ᢞ㈨ᐙ࠿ࡽᚓࡓ㈍኎௦ࡾ㔠ࢆぶ఍♫࡟ᢞ㈨ࡍࡿ࡜࠸࠺୍㐃ࡢࢫ࣮࣒࢟ࢆ౑࠼ࡤࠊ㐃⤖㈈ົㅖ⾲ୖ࡛ࡣࠊぶ఍♫ࡀᢞ㈨ᐙ࡟┤᥋ Equity ᛶࡢᙉ࠸ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥ
ࢺࢆⓎ⾜ࡋࠊEquity ࠿ࡽ⏕ࡎࡿࣜࢱ࣮ࣥࢆᢞ㈨ᐙ࡟ศ㓄ࡍࡿ࡜࠸࠺ᙧᘧࡀᩚ࠸ࠊ㈈ົయ㉁ࡢ೺඲ᛶ
ࢆ⥔ᣢࡍࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࠋࡇࢀࡣࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡢ࣮ࣝࣉ࣭࣮࣍ࣝࢆ฼⏝ࡋࡓ⠇⛯ࢫ࣮࣒࡛࢟࠶ࡾࠊㄢ⛯࣮࣋ࢫࡢᾐ㣗ࡀᣑ኱ࡋ࡚࠸ࡃྍ⬟ᛶࢆ⛎ࡵ࡚࠸ࡿࠋࢃࡀᅜ࡜ࡋ࡚ࡣࡇࡢၥ㢟࡟࠸࠿࡟ᑐฎࡍ࡭ࡁ࠿ࠋ
࡜࠸࠺ၥ㢟ࡢᥦ㉳࡜ࠊࡑࢀࡒࢀ࡟ᑐࡍࡿ⚾ぢࢆ㏙࡭ࡓࠋ ձ࡟ࡘ࠸࡚ࡣࠊ࢖࢜ࣥ(ᰴ)ࡣࠊࢃࡀᅜ஦ᴗ఍♫➨ 1 ྕ࡜࡞ࡿࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ
ᢞ㈨ᐙ࡟┤᥋Ⓨ⾜ࡋࡓࠋࡍ࡞ࢃࡕࠊእᅜᏊ఍♫ SPC ࢆ㏻ࡌࡎࠊ㈇മᛶ࡜㈨ᮏᛶࢆΰᅾࡉࡏࡓドๆ࡜ࡋ࡚Ⓨ⾜ࡋࡓࠋ࢖࢜ࣥ(ᰴ)ࡢㄝ࡛᫂ࡣࠊ᱁௜ࡅᶵ㛵ࡼࡾ 50㸣┦ᙜࡢ㈨ᮏᛶࢆㄆࡵࡽࢀ࡚࠸ࡿຎᚋ
മ࡛࠶ࡿ࡜ࡉࢀ࡚࠸ࡿࠋࡇࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡌࡓ࢖࣮ࣝࢻࢆᢞ㈨ᐙ࡟ศ㓄ࡋࡓ࡜ࡁࠊἲே⛯ἲࡣ 22 ᮲ࢆࡶ࡜࡟ࠕ㈨ᮏ➼ྲྀᘬࠖ࡜ㄆᐃࡍࡿࡢ࠿ࠊ
ࠕᦆ┈ྲྀᘬࠖ࡜ㄆᐃࡍࡿࡢ࠿
㠀ᖖ࡟㞴ࡋ࠸㑅ᢥࢆ㏕ࡽࢀࡿࡶࡢ࡜ᛮࢃࢀࡿࠋࡋࡓࡀࡗ࡚ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ᑐ
ࡍࡿ Debt㸭Equity ࡢㄆᐃつᐃࢆἲே⛯ἲ࡟⨨ࡃ࡭ࡁ࡛࠶ࢁ࠺ࠋཎ㈨ࡢᛶ᱁ࡀᐃࡲࡗ࡚ࡣࡌࡵ࡚ࡑ
ࡇ࠿ࡽ⏕ࡌࡿ࢖࣮ࣝࢻࡀࠕ㈨ᮏ➼ྲྀᘬ࡛ࠖ࠶ࡿࡢ࠿ࠕᦆ┈ྲྀᘬ࡛ࠖ࠶ࡿࡢ࠿ࡀᑟࡁฟࡉࢀࡿࡢ࡛ࡣ
࡞࠸ࡔࢁ࠺࠿ࠋ
 ㈇മࣂ࢖࢔ࢫࢆ᭷ࡍࡿㄢ⛯ࢩࢫࢸ࣒࡟࠾࠸࡚ࠊDebt ᛶࡢᙉ࠸࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸࡚ࠊࡑࡇ࠿
ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢᦆ㔠᥍㝖ࢆ≺࠺ࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ℃⏝࡜࠸࠺ၥ㢟ࡀࢡࣟࢫ࣭
࣮࣎ࢲ࣮࡞㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟㉳ࡇࡿࡇ࡜ࢆᠱᛕࡍࡿࠋࡇࡢၥ㢟࡟ᑐฎࡍࡿ࡟ࡣࠊ㛵㐃௻ᴗࢢ࣮ࣝࣉ࡟࠾ࡅࡿྲྀᘬࡢᨭᡶ฼Ꮚ࡟ᑐࡍࡿᦆ㔠⟬ධไ㝈ࢆタࡅࡿᚲせࡀ࠶ࡿࡢ࡛ࡣ࡞࠸࠿࡜࠸࠺ࡇ
࡜ࢆᥦ᱌ࡋࡓࠋ㐣ᑡ㈨ᮏ⛯ไ࡛ࡣࠊࢃࡀᅜ࡟ぶ఍♫ࡀᏑᅾࡍࡿሙྜ࡟࠾ࡅࡿ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟ
ࣥࡢࡼ࠺࡞ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡟ࡣᑐᢠ࡛ࡁ࡞࠸࠿ࡽ࡛࠶ࡿࠋ
 ㈇മࣂ࢖࢔ࢫࡢ㝖ཤ࡜࠸࠺ほⅬ࠿ࡽぢࢀࡤࠊACE ࡢࡼ࠺࡞ἲேᡤᚓㄢ⛯࣮࣋ࢫ࠿ࡽ Equity ࡟ࡼ
ࡿ㏻ᖖࣜࢱ࣮ࣥ࡟ᖐᒓࡍࡿ㒊ศࢆ᥍㝖ࡋࠊDebt ࡟࠾ࡅࡿᨭᡶ฼Ꮚ᥍㝖࡜ࣃࣛࣞࣝ࡟ࡍࡿ࡜࠸࠺ἲே
ㄢ⛯ࢩࢫࢸ࣒ࡢᑟධࠊ࠶ࡿ࠸ࡣࠊCBIT ࡢࡼ࠺࡞ᨭᡶ฼Ꮚࡢᦆ㔠୙⟬ධ࡟ࡼࡾ Equity ࡟࠾ࡅࡿ㓄ᙜ࡜ࣃࣛࣞࣝ࡟ࡍࡿ࡜࠸࠺࡝ࡕࡽࡢᆺࡶ⪃࠼ࡽࢀࡿࡀࠊᮏᩥ᳨࡛ウࡋࡓࡼ࠺࡟⌧ᐇ࡟⤒῭኱ᅜࡀᑟධ
ࡍࡿᵝᏊࡣ࡞ࡃࠊୡ⏺ࡢㄢ⛯ࢩࢫࢸ࣒࠿ࡽᏙ❧ࡋ࡞࠸ࡓࡵ࡟ࡶࢃࡀᅜࡔࡅࡀ୰❧໬ࡋࡓㄢ⛯ࢩࢫࢸ࣒ࢆ᥇⏝ࡍ࡭ࡁ࡛ࡣ࡞࠸ࠋࡇࡢࡇ࡜࡜ᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࢆἲே⛯ἲ࡟⨨ࡁࠊぶᏊ㛵ಀ࡞࡝≉Ṧ࡞㛵ಀࢆ᭷ࡍࡿ㛵㐃௻ᴗࢢ࣮ࣝࣉ࡟࠾ࡅࡿྲྀᘬ࡟ಀࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࢆタࡅࡿࡇ࡜࡜ࡣ▩┪ࡋ࡞࠸ࠋ୍⯡࡟ᨭᡶ฼Ꮚᦆ㔠୙⟬ධࡣ Debt ࡢ㈨ᮏࢥࢫࢺࢆୖࡆࡿࡓࡵࠊ೉ධ౫Ꮡᆺࡢ୰
ᑠ௻ᴗ࡟ࡣዲࡲࡋࡃ࡞࠸ࡇ࡜ࡀࢃ࠿ࡗ࡚࠸ࡿࡀࠊ≉Ṧ࡞㛵ಀࢆ᭷ࡍࡿ㛵㐃௻ᴗࢢ࣮ࣝࣉ࡟࠾ࡅࡿྲྀ
121

ᘬ࡟࠾ࡅࡿ㐣኱࡞㈚௜ࢆᢚไࡍࡿࡇ࡜ࢆ┠ⓗ࡜ࡋ࡚ࠊ㐣ᑡ㈨ᮏ⛯ไࡢ୙㊊㒊ศࢆ⿵᏶ࡍࡿព࿡࡛ἲ
ே⛯ἲ࡟๰タࡍࡿ࡜⪃࠼ࢀࡤၥ㢟ࡣ࡞࠸ࡢ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡿࠋ ղ࡟ࡘ࠸࡚ࡣࠊࢃࡀᅜᒃఫ⪅࡛࠶ࡿぶ఍♫ࡀእᅜ࡟Ꮚ఍♫ࢆタ⨨ࡋࠊእᅜᏊ఍♫࡟ぶ఍♫ࡀࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࡜࠸࠺ᙧែ࡛ࠊ㈨㔠ࢆᡭᙜ࡚ࡋࡓሙྜࠊᏊ఍♫ࡢࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥ
ࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ๫వ㔠ࡢศ㓄࠶ࡿ࠸ࡣᨭᡶ฼ᏊࡣࠊᏊ఍♫ࡀタ⨨ࡉࢀ࡚࠸ࡿ※Ἠᆅᅜࡢ⛒⛯ἲ௧࡟ࡼࡾࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢᒓᛶࡀỴࡲࡾࠊᙜヱࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶࣝ
࣓ࣥࢺ࠿ࡽ⏕ࡌࡓぶ఍♫࡬ࡢᨭᡶࡣࠕ฼Ꮚࠖ࠶ࡿ࠸ࡣࠕ㓄ᙜࠖ࡜༊ูࡉࢀࡿࡇ࡜࡜࡞ࡿࠋࡋ࠿ࡿ࡟ࠊ
ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡀ※Ἠᆅᅜࡢ⛒⛯ἲ௧ୖ Debt ࡜ᢅࢃࢀࡿࡶࡢ࡜ࢸ࢖࣮࣭࣓ࣛ࢖
ࢻࡉࢀ࡚࠸ࢀࡤࠊ※Ἠᆅᅜࡢ⛯ἲୖࡣࠕ฼Ꮚࠖ࡜ࡋ࡚ᢅࢃࢀࠊᦆ㔠᥍㝖ࡢᑐ㇟࡜࡞ࡾࠊ※Ἠᆅᅜ࡟࠾ࡅࡿἲே⛯ࢆῶ㢠ࡍࡿࡇ࡜ࡀྍ⬟࡛࠶ࡿࠋ୍᪉ࠊᏊ఍♫࠿ࡽⓎ⏕ࡋࡓ࢖࣮ࣝࢻࢆཷ㡿ࡋࡓࢃࡀᅜ
ᒃఫ⪅࡛࠶ࡿぶ఍♫ࡣࠊᙜヱࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡣࠊࢃࡀᅜ࡟࠾࠸࡚ࡣ Equity ࡛࠶ࡿ࡜࠸࠺⌮⏤ࢆ᰿ᣐ࡟ࠊ⏦࿌࡟㝿ࡋ࡚ࡇࢀࢆᏊ఍♫࠿ࡽࡢ๫వ㔠ࡢศ㓄࡛࠶ࡿࠕ㓄ᙜࠖ࡜ࡋ࡚⏦࿌ࡍࡿ࡜ࡍࢀࡤࠊᖹᡂ 21 ᖺᗘ⛯ไᨵṇ࡟ࡼࡾᑟධࡉࢀࡓእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධࡢつᐃ࡟ࡼࡾࠊ
ཷ㡿㢠ࡢ95㸣ࢆ┈㔠࠿ࡽⴠ࡜ࡍࡇ࡜ࡀྍ⬟࡜࡞ࡾࠊࢃࡀᅜἲே⛯ࢆῶ㢠ࡍࡿࡇ࡜ࡶࡲࡓྍ⬟࡛࠶ࡿࠋࡇࡢࠕ฼Ꮚࠖ
ࠊࠕ㓄ᙜࠖ࡟㛵ࡍࡿศ㢮ኚ᭦ࡣࠊ౛࠼஧ᅜ㛫⛒⛯᮲⣙ࡀ⥾⤖ࡉࢀ࡚࠸ࡓ࡜ࡋ࡚ࡶࡑࡇ࡟
ᙉไຊࡀ࡞࠸ࡓࡵࠊ⣡⛯⪅ࡢ᭷฼࡞᪉ྥ࡟ศ㢮ኚ᭦ࡀྍ⬟࡛࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋࡍࡿ࡜ࡇࡇ࡟࠾࠸
࡚ࠊ஧ᅜ㛫⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸ࡓ࡜ࡋ࡚ࡶࠊࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࡢ Debt㸭Equityࡢ㐺᱁ᛶᇶ‽ࡀ␗࡞ࡗ࡚࠸ࡓሙྜࠊࡑࢀࡒࢀࡢᅜ࡟࠾࠸࡚㒔ྜࡢⰋ࠸ࡼ࠺࡟ࢸ࢖࣮࣭࣓ࣛ࢖ࢻࡉࢀ
࡚࠸ࢀࡤࠊࡑࢀࡒࢀࡢᅜࡢ⛯ไࡢ㐪࠸ࢆ฼⏝ࡋ࡚ྜἲⓗ࡟ぶᏊࢢ࣮ࣝࣉ඲య࡟࠿࠿ࡿ஧ᅜࡢᐇຠ⛯⋡ࢆῶᑡࡉࡏࡿࡇ࡜ࡀྍ⬟࡜࡞ࡿࠋ ࡇࡢࡼ࠺࡞⛒⛯⿢ᐃࢆࠊ⠇⛯࡜ࡳ࡞ࡍࡢ࠿ࠊ⛒⛯ᅇ㑊࡜ࡳ࡞ࡍࡢ࠿࡜࠸࠺⪃࠼᪉ࡀ࠶ࡿࡀࠊᮏㄽ
ᩥ࡛ࡣࡇࢀࢆ⛒⛯ᅇ㑊࡜ࡳ࡞ࡍ❧ሙࢆ࡜ࡗࡓࠋࡋ࠿ࡋ࡞ࡀࡽࠊࢃࡀᅜ࡟࠾࠸࡚ࡶࠊ┦ᡭᅜ࡟࠾࠸࡚
ࡶ༢⊂ࡢᅜෆ⛯ἲ࡟↷ࡽࡋ࡚ࡳࡓሙྜࠊఱࡶ␗ᖖᛶࡣ࡞࠸ࡇࡀࠊ஧ᅜ඲య࡛ぶᏊྲྀᘬࢆ୍ࡘࡢྲྀᘬ
࡜ࡋ࡚ࡳࡓሙྜࠊ㏻ᖖࡢ Debt ࠶ࡿ࠸ࡣ Equity ྲྀᘬ࡟ẚࡋࠊᙜヱࢢ࣮ࣝࣉ࡟࠿࠿ࡿᐇຠ⛯⋡ࡣⴭࡋࡃῶᑡࡍࡿ୙⮬↛࡞ྲྀᘬ࡛࠶ࡿࡇ࡜ࡀࢃ࠿ࡿࠋࡑࡇ࡛ࠕ⚾ἲୖࡢ㑅ᢥྍ⬟࡞ἲᙧᘧࡢ୰࠿ࡽࠊ⛒⛯ἲࡢணᐃࡋ࡞࠸ࠊᖖ㆑ࢆ◚ࡿἲᙧᘧࢆ㑅ᢥࡋ࡚ࠊ⤖ᯝ࡜ࡋ࡚ࡣពᅗࡋࡓ⤒῭┠ⓗࢆ㐩ᡂࡋ࡞ࡀࡽࠊ
⛒⛯ἲࡢணᐃࡋࡓἲᙧᘧ࡟ࡘ࠸࡚ᐃࡵࡿㄢ⛯せ௳࡟᢬ゐࡍࡿࡇ࡜ࢆචࢀࡦ࠸࡚ࡣ⛒⛯㈇ᢸࡢῶᑡཪ
ࡣ᤼㝖ࢆࡶࡓࡽࡍࠖ࡜࠸࠺ࡇ࡜ࡀ஧ᅜࢆྜࢃࡏࡓ࡜ࡁ࡟Ⓨ⏕ࡋ࡚࠸ࡿࡇ࡜࠿ࡽࠊᅜ㝿ⓗ⛒⛯ᅇ㑊࡜⪃࠼ࡿࡢ࡛࠶ࡿࠋ ࡋ࠿ࡋࠊᅜ㝿♫఍ࢆᅜ㝿⛒⛯ἲ࡜࠸࠺ἲᇦ࡟࠾࠸࡚⤫୍ࡍࡿࡇ࡜ࡣ㞴ࡋ࠸ࠋ ⌧᫬Ⅼ࡟࠾࠸࡚ࠊࡇࡢࡼ࠺࡞ᅜ㝿ⓗ⛒⛯⿢ᐃࢆ㜵Ṇࡍࡿ࡟ࡣࠊ⿢ᐃ⾜Ⅽࡀ⤒῭ⓗ࡟ぢྜࢃ࡞ࡃ࡞
ࡿࡼ࠺࡟ࡍࡿࡓࡵࠊ஧ᅜ㛫⛒⛯᮲⣙࡟࠾࠸࡚ࠊ஧ᅜࢆࢭࢵࢺ࡛ᤊ࠼ࡓሙྜ࡟࠾࠸࡚ࠊᅜ㝿㛫ྲྀᘬࡀᐇຠ⛯⋡ࢆୗࡆ࡚࠸ࡿ஦ᐇࢆࡶ࡜࡟ࠊ஧ᅜ㛫࡟࠾࠸࡚ࠕᖖ㆑ࢆ◚ࡿἲᙧᘧࢆ㑅ᢥࡋ࡚ࠖ࠸ࡿ࡜ุ᩿
ࡋࠊ஧ᅜ㛫࡟࠾࠸࡚ࠊᙜヱ௻ᴗࢢ࣮ࣝࣉࡀ⾜ࡗࡓ⛒⛯㈇ᢸࡢᅇ㑊⾜Ⅽࢆ⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡋࠊᙜ
ヱ௻ᴗࢢ࣮ࣝࣉ࠿ࡽࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢ࡟ࡼࡾචࢀࡓ⛒⛯㈇ᢸศࢆྲྀࡾᡠࡍࡇ࡜ࡀ࡛ࡁࡿ࡜࠸
࠺᮲㡯ࢆ஧ᅜ㛫⛒⛯᮲⣙࡟᭩ࡁ㎸ࡴࡇ࡜ࢆᥦ᱌ࡍࡿࠋࡇࡢ᮲㡯ࡀ௜ຍࡉࢀࡓ஧ᅜ㛫⛒⛯᮲⣙ࡀ࠶ࡿ㝈ࡾ࡟࠾࠸࡚ࡣࠊྛᅜࡈ࡜ࡳࢀࡤྜἲⓗ࡞ྲྀᘬ࡛࠶ࡿ࡟ࡶ࠿࠿ࢃࡽࡎࠊ஧ᅜ㛫ྲྀᘬࢆࢭࢵࢺ࡟ࡋ࡚
ࡳࡿ࡜ࠊ㏻ᖖࡢྲྀᘬ࡟ẚࡋ࡚ⴭࡋ࠸ᐇຠ⛯⋡ࡢపୗࡀ᫂ࡽ࠿࡜࡞ࡿࡼ࠺࡞⛒⛯⿢ᐃࡣࠊ⛒⛯ᅇ㑊࡜ࡋ࡚஧ᅜ㛫࡛ྰㄆࡉࢀࠊ௻ᴗࢢ࣮ࣝࣉࡀᚓࡓࢱࢵࢡࢫ࣭࣋ࢿࣇ࢕ࢵࢺศࡣᚩ⛯ࡉࢀࠊࡇࡢࡼ࠺࡞⛒⛯⿢ᐃࡀ⤒῭ⓗ࡟ぢྜࢃ࡞ࡃ࡞ࡾࠊ⤖ᯝⓗ࡟⿢ᐃᶵ఍ࡣᾘ⁛ࡍࡿ࡜࠸࠺⪃࠼᪉࡛࠶ࡿࠋ ࡋ࠿ࡋၥ㢟ࡀ࡞࠸ࢃࡅ࡛ࡣ࡞࠸ࠋ࠸࠿࡟᮲⣙┦ᡭᅜ࡜ṇ☜࡞᝟ሗࢆඹ᭷ࡍࡿࡇ࡜ࡀ࡛ࡁࡿ࠿࡜࠸
122࠺Ⅼࠊ஧ᅜࡀᨻ⟇࡜ࡋ࡚ྠㄪ࡛ࡁࡿ࠿࡜࠸࠺Ⅼࠊ᮲⣙ࡢ⥾⤖࠶ࡿ࠸ࡣᨵᐃ࡟ࡣ㠀ᖖ࡟㛗࠸ࢫࣃࣥࡀ
࠿࠿ࡾࠊ⌧ᐇ࡟ྍ⬟࡞ࡢ࠿࡜࠸࠺Ⅼ࡞࡝ࡢၥ㢟ࡣṧࡿࠋࡋ࠿ࡋヨࡳࡿᚲせࡣ࠶ࡿ࡜⪃࠼ࡿࠋ ճ࡟ࡘ࠸࡚ࡣࠊձࠊղ࡟ᑐࡍࡿᮏㄽᩥࡢ⤖ㄽ࡜ࡋ࡚ඛ࡟グࡋࡓࡼ࠺࡟ࠊἲே⛯ἲ࡟࠾࠸࡚㛵㐃௻ᴗࢢ࣮ࣝࣉྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࢆ๰タࡍࡿࡇ࡜ࢆᥦ᱌ࡍࡿࠋᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃ࡟ᑐࡋ࡚ࡣࠊ
ᐃ㔞ⓗ࡞ไ㝈つᐃ࡛࠶ࡿࢻ࢖ࢶᨵṇ⛯ἲࡀཧ⪃࡟࡞ࡿࡢ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡿࠋࢻ࢖ࢶ࡟࠾ࡅࡿᨭᡶ฼Ꮚᦆ㔠⟬ධไ㝈つᐃࡣ࢔࣓ࣜ࢝i163(j)࡜ྠᵝࡢຠᯝࢆ≺ࡗࡓ࣮࡛ࣝࣝ࠶ࡿ
࡜⪃࠼ࡿࠋࡓࡔࡋ࢔࣓ࣜ࢝࡟࠾ࡅࡿ Debt㸭Equity ࡢᓧูࡢᅔ㞴ᛶࢆ᤼㝖ࡍࡿព࿡ྜ࠸ࡶ࠶ࡾࠊࢻ
࢖ࢶ࡛ࡣᩒ࠼࡚⛯ἲୖࡢDebt㸭Equityᴫᛕࢆ⏝࠸ࡎࠊつᐃ᮲ᩥ࡟⏝࠸ࡽࢀࡿ⮬ᕫ㈨ᮏẚ⋡ࡶIFRSࠊࡲࡓࡣࢻ࢖ࢶၟἲࠊUSGAAP ࡟ᇶ࡙ࡃᩘᏐࢆ࣮࣋ࢫ࡟ࡋࡓࡢ࡛࠶ࢁ࠺࡜⪃࠼ࡿࠋ࢖ࢱࣜ࢔ࡢ⪃࠼
᪉ࡶྠᵝ࡛࠶ࡿ࡜ᛮࢃࢀࡿࠋ ᭱ᚋ࡟ᮏㄽᩥࡢ୺ᙇࢆᩚ⌮ࡍࡿ࡜ࠊ㸯㸧ࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺ࠿ࡽ⏕ࡎࡿ࢖࣮ࣝࢻࡢ
ᛶ᱁Ỵᐃࡣࠊᨭᡶࢃࢀࡓ࢖࣮ࣝࢻࡢཎ㈨ࡀ Debt ࡛࠶ࡿࡢ࠿ Equity ࡛࠶ࡿࡢ࠿࡜࠸࠺ㄆᐃ࡟ࡼࡗ࡚
ࡣࡌࡵ࡚᫂ࡽ࠿࡟࡞ࡿࡶࡢ࡛࠶ࡾࠊἲே⛯ἲ࡟࠾࠸࡚ Debt㸭Equity ࡢㄆᐃつᐃࢆ๰タࡍ࡭ࡁ࡛࠶ࡿࠋ 㸰㸧ࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ไࡣࠊぶ఍♫ࡀࢃࡀᅜ࡟ࠊᏊ఍♫ࡀእᅜ࡟タ⨨ࡉࢀ࡚࠾ࡾࠊぶ఍♫ࡀ♫മᛶࡢᙉ࠸ドๆࢆⓎ⾜ࡋᏊ఍♫࡟ᢞ㈨ࡉࡏࡿࡼ࠺࡞࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡟ᑐࡋ࡚ࡣ↓㜵ഛ࡛࠶ࡿࠋࡇࡢⅬࢆఱࡽ࠿ࡢ᪉ἲ࡛ᨵṇࡍ࡭ࡁ࡛࠶ࡿࠋ 㸱㸧࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡟ᑐᢠࡍࡿ㐣ᑡ㈨ᮏ⛯ไࡢᨵṇ࡜࡜ࡶ࡟ࠊ㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈つᐃࢆἲே⛯ἲ࡟タࡅࡿ࡭ࡁ࡛࠶ࡿࠋ㐣ᑡ㈨ᮏ⛯ไࡢᨵṇࡀᅔ㞴࡞ሙྜ࡟ࡶࠊἲே⛯ἲ࡟࠾࠸࡚㛵㐃௻ᴗࢢ࣮ࣝࣉ㛫ྲྀᘬ࡟࠾ࡅࡿᨭᡶ฼Ꮚࡢᦆ㔠⟬ධไ㝈つᐃࢆタࡅ࡚࠾ࡅࡤࠊ࢔ࢵࣉࢫࢺ࣮࣒࣭࣮ࣜࣟࣥ࡬ࡢᑐᢠᡭẁ࡜࡞ࡾᚓࡿࠋ 㸲㸧ྛᅜࡢ⛯ไࡢ㐪࠸ࢆ฼⏝ࡋ࡚ྜἲⓗ࡟ぶᏊ㛫௻ᴗࢢ࣮ࣝࣉ࡟࠿࠿ࡿᅜ㝿ⓗ࡞ㄢ⛯ࡢᐇຠ⛯⋡ࢆῶᑡࡉࡏࡿࡇ࡜ࡀࣁ࢖ࣈࣜࢵࢻ࣭࢖ࣥࢫࢶ࣓ࣝࣥࢺࢆ⏝࠸ࡿࡇ࡜࡟ࡼࡾྍ⬟࡜࡞ࡿࠋࡇࢀࡣࠊࡑ
ࢀࡒࢀࡢᅜ࡟࠾࠸࡚ࡣ඲ࡃྜἲⓗ࡞ᡭẁ࡛࠶ࡿࡓࡵࠊ1 ᅜ࡟࠾࠸࡚⛒⛯ᅇ㑊࡜ࡋ࡚ࡢྰㄆࡣᅔ㞴࡛࠶ࡿࠋࡑࡇ࡛ࠊ஧ᅜ㛫⛒⛯᮲⣙࡟࠾࠸࡚ࠊ஧ᅜࢆࢭࢵࢺ࡛ᤊ࠼ࡓሙྜ࡟࠾࠸࡚ࠊᅜ㝿㛫ྲྀᘬࡀᐇຠ
⛯⋡ࢆୗࡆ࡚࠸ࡿ஦ᐇࢆࡶ࡜࡟ࠊ஧ᅜ㛫࡟࠾࠸࡚ࠕᖖ㆑ࢆ◚ࡿἲᙧᘧࢆ㑅ᢥࡋ࡚ࠖ࠸ࡿ࡜ุ᩿ࡋࠊ
஧ᅜ㛫࡟࠾࠸࡚ࠊᙜヱ௻ᴗࢢ࣮ࣝࣉࡀ⾜ࡗࡓ⛒⛯㈇ᢸࡢᅇ㑊⾜Ⅽࢆ⛒⛯ᅇ㑊࡜ࡋ࡚ྰㄆࡋࠊᙜヱ௻ᴗࢢ࣮ࣝࣉ࠿ࡽࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢ࡟ࡼࡾචࢀࡓ⛒⛯㈇ᢸศࢆྲྀࡾᡠࡍࡇ࡜ࡀ࡛ࡁࡿ࡜࠸࠺᮲
㡯ࢆ஧ᅜ㛫⛒⛯᮲⣙࡟᭩ࡁ㎸ࡴࡇ࡜ࢆᥦ᱌ࡍࡿࡍࡿࡶࡢ࡛࠶ࡿࠋ ௨ୖࡀᮏㄽᩥࡢ⤖ㄽ࡛࠶ࡿࠋ

ཧ⪃ᩥ⊩࠙ཧ⪃ᅗ᭩ࠚ
1.

஭ୖᗤ୍࣭௰㇂ᰤ୍㑻ࠗ⛒⛯᮲⣙࡜ᅜෆ⛯ἲࡢ஺㘒࠘㸦ၟ஦ἲົࠊ2007㸧

2.

ᒾᮧ඘ࠗ௻ᴗ㔠⼥ㅮ⩏࠘㸦ᮾὒ⤒῭᪂ሗ♫ࠊ2005㸧

3.

Ụ㢌᠇἞㑻ࠗᰴᘧ఍♫ἲ࠘➨ 2 ∧㸦᭷ᩫ㛶ࠊ2007㸧

4.

ኴ⏣ᬛஅ⦅ⴭࠗ᪂࣭മๆ㐠⏝࡜ᢞ㈨ᡓ␎࠘ᨵゞ∧㸦ࡁࢇࡊ࠸ࠊ2003㸧

5.

ᒸᮧᛅ⏕ࠗἲே⛯ἲㅮ⩏࠘➨ 3 ∧㸦ᡂᩥᇽࠊ2007㸧
123

6.

ᒸᮧᛅ⏕࣭Ώ㎶ᚭஓ࣭㧗ᶫ♸௓࣮ࠗ࣋ࢩࢵࢡ⛯ἲ㸦➨ 2 ∧㸧࠘㸦᭷ᩫ㛶࢔࣐ࣝࠊ2007㸧

7.

ዟ㔝ṇᐶ࣭㕥ᮧ⯆ኴ㑻࣑ࠗࢡࣟ⤒῭Ꮫ I࠘㸦ᒾἼ᭩ᗑࠊ1984㸧

8.

㔠Ꮚᏹࠗ⛒⛯ἲ࠘➨ 14 ∧㸦ᘯᩥᇽࠊ2009㸧

9.

ᕝ➃ᗣஅ┘ヂࠗOECD ࣔࢹࣝ⛒⛯᮲⣙ 2008 ᖺ∧⡆␎∧࠘㸦᪥ᮏ⛒⛯◊✲఍ࠊ2009㸧

10. ⚄⏣⚽ᶞࠗ఍♫ἲ㸦➨ 10 ∧㸧࠘㸦ᘯᩥᇽࠊ2008㸧
11. ⳥⃝◊᐀ࠗ⤌⧊ࡢ⤒῭Ꮫධ㛛̿᪂ไᗘὴ⤒῭Ꮫ࢔ࣉ࣮ࣟࢳ࠘
㸦᭷ᩫ㛶ࠊ2006㸧
12. ⳥ụ◊᐀ࠗẚ㍑ࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫㄽ࠘
㸦᭷ᩫ㛶ࠊ2004㸧
13. ⲡ㔝⪔୍ࠗ㔠⼥ㄢ⛯ἲㅮ⩏࠘㸦ၟ஦ἲົࠊ2009㸧
14. ᚋ⸨ᩥே࣭኱ᵳዉ㑣ࠗࣁ࢖ࣈࣜࢵࢻドๆධ㛛࠘㸦㔠⼥㈈ᨻ஦᝟◊✲఍ࠊ2008㸧
15. ᩪ⸨㟼ᶞࠗ఍ィᇶ‽ࡢ◊✲࠘㸦୰ኸ⤒῭♫ࠊ2008㸧
16. ᩪ⸨㟼ᶞ⦅ⴭࠗヲゎウ㆟㈨ᩱ ㈈ົ఍ィࡢᴫᛕࣇ࣮࣒࣮ࣞ࣡ࢡ㸦➨ 2 ∧㸧࠘㸦୰ኸ⤒῭♫ࠊ2007㸧
17. ドๆྲྀᘬἲ◊✲఍⦅ࠗ఍♫ἲࡢ᳨ウ̿ࣇ࢓࢖ࢼࣥࢫ㛵ಀู̿࠘෉ၟ஦ἲົ No.333㸦ၟ஦ἲົࠊ
2009㸧
18. ࢫ࢖ࢵࢶ࢚࣭ࢲ࣐࢘㸻࣊࢖࣭ࣥࢫࢡ࣮ࣝࢲ࣮ⴭࠊ୹ἑᏳ἞࣭ᒸ⏣࿴⚽࣭Ώ㒊┤ᶞ࣭⳥⃝◊᐀࣭ஂಖ▱୍࣭▼ᕝఀ྿࣭໭ᓥၨႹヂࠗ⤌⧊ࡢ⤒῭Ꮫධ㛛 㸦➨㸱∧㸧࠘㸦ᩥ┾ᇽࠊ2007㸧
19. Stephan A. Ross, Randolph W. Westerfield & Jeffery F. Jaffe ⴭࠊ኱㔝⸅ヂࠗࢥ࣮࣏࣮ࣞࢺࣇ࢓
࢖ࢼࣥࢫࡢཎ⌮㸦➨ 7 ∧㸧࠘㸦㔠⼥㈈ᨻ஦᝟◊✲఍ࠊ2009㸧
20. 㧗ᶫಇኵ⦅ⴭࠗࢥ࣮࣏࣮ࣞࢺ࣭࢞ࣂࢼࣥࢫࡢᅜ㝿ẚ㍑——⡿ࠊⱥࠊ⊂ࠊ௖ࠊ᪥ࡢ௻ᴗ࡜⤒Ⴀ࠘㸦୰ኸ⤒῭♫ࠊ2006㸧
21. 㱟⏣⠇ࠗ఍♫ἲ኱せ࠘㸦᭷ᩫ㛶ࠊ2007㸧
22. ㇂ཱྀໃὠኵࠗ⛒⛯᮲⣙ㄽ—⛒⛯᮲⣙ࡢゎ㔘ཬࡧ㐺⏝࡜ᅜෆἲ—࠘㸦Ύᩥ♫ࠊ1999㸧
23. A.ࢲࣔࢲࣛࣥⴭࠊ୕ᾆⰋ୕௚ヂࠗࢥ࣮࣏࣮ࣞࢺ࣭ࣇ࢓࢖ࢼࣥࢫᡓ␎࡜ᛂ⏝࠘㸦ᮾὒ⤒῭᪂ሗ♫ࠊ1999㸧
24. 㛗ᓥ࣭኱㔝࣭ᖖᯇἲᚊ஦ົᡤ⦅ࠗ࢔ࢻࣂࣥࢫ᪂఍♫ἲ㸦➨ 2 ∧㸧࠘㸦ၟ஦ἲົࠊ2005㸧
25. ࣂ࣮ࣜ㸻࣑࣮ࣥࢬⴭࠊ໭ᓥᛅ⏨ヂࠗ㏆௦ᰴᘧ఍♫࡜⚾᭷㈈⏘࠘㸦ᩥ㞞ᇽ᭩ᗑࠊ1985㸧
26. ᇼஅෆᮁ࣭Ṋෆᾈ஧ࠗമๆྲྀᘬࡢ▱㆑㸦➨ 2 ∧㸧࠘㸦᪥ᮏ⤒῭᪂⪺♫ࠊ2003㸧
27. ᮏᗉ㈨ࠗᅜ㝿ⓗ⬺⛯࣭⛒⛯ᅇ㑊㜵Ṇ⟇࠘㸦኱ⶶ㈈ົ༠఍ࠊ2004㸧
28. ᮏᗉ㈨ࠗ࢔࣓࣭ࣜ࢝ࣥࢱࢵࢡࢫࢩ࢙ࣝࢱ࣮ᇶ♏◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2003㸧
29. ᮏᗉ㈨ࠗ࢔࣓ࣜ࢝ࡢ⛒⛯ᨻ⟇࠘㸦⛯ົ⤒⌮༠఍ࠊ2007㸧
30. ᮏᗉ㈨ࠗᅄゞ∧ ᅜ㝿⛒⛯ἲ࠘㸦኱ⶶ㈈ົ༠఍ࠊ2005㸧
31. ᮏᗉ㈨ࠗᅜቃ࡟ᾘ࠼ࡿ⛯㔠࠘㸦⛯ົ⤒⌮༠఍ࠊ2004㸧
32. ᮏᗉ㈨ࠗ᪂᪥⡿⛒⛯᮲⣙ゎ㔘◊✲ ᇶ♏◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2005㸧
33. ᮏᗉ㈨⦅ⴭࠊᱵ㎷㞞᫓࣭㡲⸨୍ᮁⴭࠗࢱࢵࢡࢫ࣭ࢩ࢙ࣝࢱ࣮஦౛◊✲࠘㸦⛯ົ⤒⌮༠఍ࠊ2004㸧
34. ᮏᗉ㈨⦅ࠗ㛵㐃ἲ㡿ᇦࡢኚᐜ࡜⛒⛯ἲࡢᑐᛂ࠘
㸦㈈⤒ヲሗ♫ࠊ2008㸧35. ᮏᗉ㈨࣭⸨஭ಖ᠇ ࠗἲே⛯ἲ࠙ᐇົ࡜⌮ㄽࠚ࠘ (ᘯᩥᇽࠊ2008)36. ቑ஭Ⰻၨ࣭ᐑᓮ⿱Ꮚࠗᅜ㝿⛒⛯ἲ࠘㸦ᮾி኱Ꮫฟ∧఍ࠊ2008㸧37. Ỉ㔝ᛅᜏࠗ⛒⛯ἲ㸦➨ 4 ∧㸧࠘㸦᭷ᩫ㛶ࠊ2009㸧
38. Ỉ㔝ᛅᜏࠗ࢔࣓ࣜ࢝ἲே⛯ࡢἲⓗᵓ㐀̿ἲேྲྀᘬࡢㄢ⛯⌮ㄽ࠘࢜ࣥࢹ࢕࣐ࣥࢻ∧㸦᭷ᩫ㛶ࠊ2003㸦ึฟ 1988㸧㸧
39. ᮧ஭ṇࠗ⛒⛯ἲ̿⌮ㄽ࡜ᨻ⟇̿㸦➨ 3 ∧㸧࠘㸦㟷ᯘ᭩㝔ࠊ2002㸦୕ゞ∧ึฟ 1999㸧㸧
40. ᮧ஭ṇࠗ⛒⛯ἲ࡜ྲྀᘬἲ࠘
㸦ẚ㍑ἲ◊✲ࢭࣥࢱ࣮ࠊ2003㸧
124

41. ᰗᕝ⠊அࠗἲ࡜௻ᴗ⾜ືࡢ⤒῭ศᯒ࠘㸦᪥ᮏ⤒῭᪂⪺♫ࠊ2006㸧
42. Ώ㎶⿱Ὀࠗࣇ࢓࢖ࢼࣥࢫㄢ⛯࠘㸦᭷ᩫ㛶ࠊ2006㸧
43. ࠗ᪥⡿⛒⛯᮲⣙㸦2003 ᖺ 11 ᭶ 7 ᪥᭩ྡ㸭ᖹᡂ 16 ᖺ᮲⣙➨ 2 ྕ㸧࠘㸦᪥ᮏ⛒⛯◊✲༠఍ࠊ2009㸧
44. ࠗᖹᡂ 4 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
㸦ᅜ⛯ᗇࠊ1992㸧
45. ࠗᖹᡂ 18 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
㸦኱ⶶ㈈ົ༠఍ࠊ2006㸧
46. ࠗᖹᡂ 21 ᖺ∧ ᨵṇ⛯ἲࡢࡍ࡭࡚࠘
㸦኱ⶶ㈈ົ༠఍ࠊ2009㸧࠙ཧ⪃ㄽᩥࠚ
47. ⛅ᒣ㧗ၿࠕ࣏ࣞྲྀᘬࢆᕠࡿㄢ⛯ୖࡢྲྀᢅ࠸࡟ࡘ࠸࡚ࡢ⌮ㄽⓗㄢ㢟—㔠⼥ၟရྲྀᘬ࡟ᑐࡍࡿㄢ⛯ၥ㢟ࡢ୍᩿㠃—ࠖࠗᅜኈ⯓ἲ◊ㄽ㞟࠘9 ྕࠊ75 㡫(2008)
48. ụ⏣Ⰻ୍ࠕ2004 ᖺࢻ࢖ࢶ⛯ไᨵṇ̿㐣ᑡ㈨ᮏ⛯ไࡢᨵṇ࡜ࡑࡢ௚ࡢᅾ⊂᪥⣔௻ᴗ࡟㔜せ࡞ᨵṇ㡯┠ࢆ୰ᚰ࡟̿ࠖ
ࠗInternational Taxation࠘vol.24ࠊNo.3ࠊ14 㡫㸦2004㸧
49. ᒾᓮᜨᏊ ࠕእᅜἲேࡀࢃࡀᅜ࡟࠾࠸࡚⾜࠺ᢞ㈨άື࠿ࡽ⏕ࡌࡓ཰┈࡟ᑐࡍࡿ㐺ṇㄢ⛯㸦※Ἠᚩ཰⛯ࢆྵࡴ㸧ࡢ࠶ࡾ᪉࡟ࡘ࠸࡚ࠖ
ࠗ⛯኱ㄽྀ࠘46ࠊ77 㡫
50. ༨㒊⿱඾ࠕ⛒⛯ᅇ㑊⾜Ⅽㄽ෌⪃̿እᅜ⛯㢠᥍㝖ᯟࡢ฼⏝࡟࠿࠿ࡿἲே⛯᭦ṇฎศ➼ྲྀᾘㄳồ᥍ッ஦௳ࢆ⣲ᮦ࡜ࡋ࡚ࠖ
ࠗ⛯ἲᏛ࠘548 ྕࠊ21 㡫(2002)
51. ༨㒊⿱඾ࠕ᭱㏆ࡢ⿢ุ౛࡟ࡳࡿࠕ⛒⛯ᅇ㑊⾜Ⅽࡢྰㄆࠖࡢ⌧≧࡜ㄢ㢟ࠖࠗ⛒⛯◊✲࠘671ࠊ64㡫(2005)52. ኴ⏣ὒ࣭ᑠ㔝⨾ᜨ࣭ᩪ⸨๰࣭㇂⃝‶ࠕ࢚ࢡ࢖ࢸ࢕࣭ࣇ࢓࢖ࢼࣥࢫࠊ࣓ࢨࢽ࣭ࣥࣇ࢓࢖ࢼࣥࢫࠖ
ࠗࣇ࢓࢖ࢼࣥࢫἲ኱඲(ୖ)࠘
㸦ၟ஦ἲົࠊ2003㸧337 㡫
53. ᒸᮧᛅ⏕ࠕἲே⛯ࡢᇶᮏၥ㢟࡜఍♫ἲไ̿㈨㔠ᣊ᮰࡜࢖ࣥࢭࣥࢸ࢕ࣈࠖ
ࠗ⛯ἲᏛ࠘559 ྕࠊ69
㡫㸦2008㸧
54. Ⲷ㔝㇏ࠕࠕ㞃ࢀࡓࡿ฼┈ฎศࠖ࡜⤒῭ⓗ฼┈ࡢ౪୚ࠖࠗ⛯⤒㏻ಙ࠘35 ᕳࠊ8 ྕࠊ104 㡫㸦1980㸧
55. 㔠Ꮚᏹࠕἲே⛯࡟ࡘ࠸࡚ࠖ
ࠗ⛒⛯◊✲࠘1ࠊ㸵㡫㸦2007㸧
56. 㔠Ꮚᏹࠕἲேᡤᚓࡢព⩏ࠖࠗ⛒⛯◊✲࠘12ࠊ15 㡫㸦2003㸧
57. 㔠୸࿴ᏹࠕ௻ᴗ⛯ไࡢ⌮ㄽ࡜ᐇົ(8)ࣇ࢕࣒࣮ࣝࣜࢫ஦௳࡜ࠕ஦ᐇㄆᐃ࡟ࡼࡿྰㄆࠖ
ࠖࠗࢪࣗࣜࢫࢺ࠘1261ࠊ136 㡫(2004)
58. ⚄⏣⚽ᶞࠕᰴᘧ࡜♫മ̿௻ᴗ㔠⼥ἲࡢ⌮ㄽⓗᵓ㐀̿ࠖṊෆ᫛ኵඛ⏕㑏ᬺグᛕࠗ⌧௦௻ᴗἲࡢᒎ
㛤࠘㸦᭷ᩫ㛶ࠊ1990㸧241 㡫
59. Ⳣ㔝ᾈஅ࣭ຍ⸨Ẏࠕ⌧ඛྲྀᘬࡢᩚഛ࣭ᣑ඘࡟ྥࡅࡓືࡁ࡟ࡘ࠸࡚㹼ࢢ࣮ࣟࣂ࣭ࣝࢫࢱࣥࢲ࣮ࢻ
࡟ἢࡗࡓ᪂ࡋ࠸࣏ࣞྲྀᘬࡢᑟධ㹼ࠖ᪥ᮏ㖟⾜ࠊ㔠⼥ᕷሙᒁ࣐ࢿ࣮࣐࣮ࢣࢵࢺ࣭ࣞࣅ࣮ࣗ2001㹈-9ࠊ1 㡫㸦2001㸧
60. ໭ᮧ㇏ࠕࣁ࢖ࣈࣜࢵࢻドๆࡢ⛯ົୖࡢྲྀᢅ࠸࡟ࡘ࠸࡚̿U.S.Bancorp ࡟ࡼࡿ᭱㏆ࡢⓎ⾜౛ࢆ⣲ᮦ࡜ࡋ࡚ࠖࠗNBL࠘857 ྕࠊ46 㡫㸦2007㸧
61. ໭ᮧ㇏ࠕᙉไ㌿᥮♫മ㸦Mandatory Convertibles㸧ࡢ⛯ົୖࡢྲྀᢅ࡟ࡘ࠸࡚̿Rev. Rul. 2003-97
ࢆ⣲ᮦ࡜ࡋ࡚ࠖ
ࠗNBL࠘851 ᕳࠊ109 㡫㸦2007㸧
62. ΎỌᩗḟࠕࠕ㞃ࢀࡓࡿ฼┈ฎศࠖࡢἲⓗᴫᛕࡢ᳨ウࠖࠗ⛯⤒㏻ಙ࠘35 ᕳࠊ8 ྕࠊ62 㡫(1980)
63. ⲡ㔝⪔୍ࠕ௻ᴗ㔠⼥ᨻ⟇࡜ㄢ⛯ࡢ୰❧ᛶࠖすᮧ࠶ࡉࡦἲᚊ஦ົᡤ⦅ⴭࠗすᮧ฼㑻ඛ⏕㏣᝚ㄽᩥ㞟 ࢢ࣮ࣟࣂࣜࢮ࣮ࢩࣙࣥࡢ୰ࡢ᪥ᮏἲ࠘
㸦ၟ஦ἲົࠊ2008㸧241 㡫
64. ᅜᯞ⦾ᶞࠕࢥ࣮࣏࣮ࣞࢺ࣭ࣇ࢓࢖ࢼࣥࢫ࡜⛯ไࠖࠗࣇ࢕ࢼࣥࢩ࣭ࣕࣝࣞࣅ࣮ࣗ࠘4 㡫㸦2003㸧
65. ྂ㈡ᫀᬕࠕ㐣ᑡ㈨ᮏ⛯ไ࡜஧㔜ㄢ⛯ࡢ᤼㝖ࠖࠗ⛯◊࠘106 㡫㸦2008㸧
66. ᚋ⸨ᩥኵ࣭኱ᵳዉ㑣ࠕࣁ࢖ࣈࣜࢵࢻドๆࡀၥ࠺ࢃࡀᅜ㈨ᮏᕷሙࡢᡂ⇍ᗘࠖࠗ㔠⼥㈈ᨻ஦᝟࠘38
125

㡫㸦2008㸧
67. ᩪ⸨๰࣭㇂⃝‶ࠕBIS ࣇ࢓࢖ࢼࣥࢫࠖすᮧ⥲ྜἲᚊ஦ົᡤ⦅ࠗࣇ࢓࢖ࢼࣥࢫἲ኱඲㸦ୖ㸧࠘㸦ၟ
஦ἲົࠊ2003㸧499 㡫
68. బ⸨ⱥ᫂ࠕ㐣ᑡ㈨ᮏ⛯ไࠖࠗ᪥⛯◊ㄽ㞟࠘33 ᕳࠊ91 㡫㸦1995㸧
69. బ⸨ⱥ᫂ࠕࢃࡀᅜࡢ㐣ᑡ㈨ᮏ⛯ᛶ࡜ࡑࡢၥ㢟Ⅼࠖࠗࢪࣗࣜࢫࢺ࠘No.1075ࠊ26 㡫(1995)
70. ᮡᮧⰋኵࠕᅜ㝿ⓗ㸦ἲⓗ㸧஧㔜ㄢ⛯࡜ᅜ㝿ⓗ㸦⤒῭ⓗ㸧஧㔜ㄢ⛯ࡢ᤼㝖ࠖᮏᗉ㈨⦅ⴭࠗ⛒⛯᮲⣙ࡢ⌮ㄽ࡜ᐇົ࠘
㸦Ύᩥ♫ࠊ2008㸧97 㡫
71. Ὢᓮ༤ྐࠕၟἲ࡟つᐃࡢ࡞࠸♫മ࡟ࡘ࠸࡚̿฼┈ཧຍ♫മ࡜ᙉไ㌿᥮♫മࢆ୰ᚰ࡟ࠖ
ࠗࢪࣗࣜ
ࢫࢺ࠘1217 ྕࠊ18 㡫㸦2002㸧
72. 㛵㇂⌮グ࣭ᚨᒣ୍᫭ࠕ✀㢮ᰴᘧ࡜᪂ᰴண⣙ᶒ௜♫മ࡟ࡼࡿ㈨㔠ㄪ㐩ࠖࠗ௻ᴗ఍ィ࠘54 ᕳࠊ2 ྕࠊ
211 㡫㸦2002㸧
73. Ṋ⏣ᫀ㍜ࠕᅜ㝿ㄢ⛯ࡢᴫせ࡜᳨ウ(3)̿ᅜእᨭ㓄ᰴ୺➼࡟ಀࡿ㈇മ฼Ꮚ➼ࡢㄢ⛯㸦㐣ᑡ㈨ᮏ⛯ไ㸧ࠖࠗ⛯ົ஦౛࠘vol.41ࠊNo.3ࠊ77 㡫(2009)74. ⏣୰ Ἠ࣭ࣚ࢔ࣄ࣒ ࢡࢽ࣮ࣇࠕࢻ࢖ࢶ㐣ᑡ㈨ᮏ⛯ไࡢᴫせࠖ
ࠗInternational Taxation࠘
vol.24ࠊ
No.12ࠊ36 㡫
75. ⏣୰ె⧊ࠕ⛒⛯᮲⣙ࡢ㐺⏝ᑐ㇟ࠖᮏᗉ㈨⦅ⴭࠗ⛒⛯᮲⣙ࡢ⌮ㄽ࡜ᐇົ࠘
㸦Ύᩥ♫ࠊ2008㸧193㡫
76. ᮅ㛗ⱥᶞࠕἲேᡤᚓࡢព⩏࡜ἲே⛯ࡢ⣡⛯⩏ົ⪅࡟㛵ࡍࡿᇶᮏⓗ࡞⪃࠼᪉ࠖࠗ⛯኱ㄽྀ࠘51 ྕ
299 㡫
77. ୰ᕝὒࠕୡ⏺⛯ไ஦᝟ ࢖ࢠࣜࢫࠖ
ࠗ⛯⤒㏻ಙ࠘8ࠊ172 㡫㸦2009㸧78. ୰㔛ᐇࠕ஦ᐇㄆᐃ࣭⚾ἲୖࡢἲᚊᵓᡂ࡟ࡼࡿྰㄆ࡜㔜ຍ⟬⛯ࠖࠗ⛯◊࠘109 ྕࠊ87 㡫㸦2003㸧
79. ᶫᮏៅ୍ᮁࠕTime-value ࡜ Bet̿ἲே⛯ࢆࡵࡄࡿ㔠⼥ၟရࡢ Tax Planningࠖ୰㔛ᐇ࣭⚄⏣⚽ᶞ⦅ⴭࠗࣅࢪࢿࢫ࣭ࢱࢵࢡࢫ࠘
㸦᭷ᩫ㛶ࠊ2005㸧337 㡫
80. ␊ᒣṊ㐨ࠕ࢔࣓ࣜ࢝࡟࠾ࡅࡿἲே⛯ࡢⓎ㐩̿㸺ἲே̿ᰴ୺㸼ㄢ⛯ࢆ୰ᚰ࡟㸦1㸧
࣭
㸦2㸧
࣭
㸦3㸧
࣭
㸦4㸧
᏶ࠖ
ࠗ໭኱ἲᏛㄽ㞟࠘24 ᕳ 2 ྕ 233 㡫࣭26 ᕳ 2 ྕ 139 㡫࣭4 ྕ 591 㡫࣭28 ᕳ 2 ྕ 279 㡫
81. ⩚ᗋṇ⚽ࠕ㐣ᑡ㈨ᮏ⛯ไࡢၥ㢟ⅬࠖỈ㔝ᛅᜏ⦅ⴭࠗ஧ゞ∧ ᅜ㝿ㄢ⛯ࡢ⌮ㄽ࡜ㄢ㢟࠘㸦⛯ົ⤒⌮༠఍ࠊ2004㸧157 㡫
82. ᯘ㯞⌮Ꮚࠕಙクࡢࣃࢫ࣭ࢫ࣮ࣝㄢ⛯࡟ࡘ࠸࡚̿FASIT ᑟධ࡟⮳ࡿࡲ࡛ࡢ⡿ᅜࡢᑟ⟶ไᗘࢆཧ⪃࡟̿ࠖࠗ㔠⼥◊✲࠘᪥ᮏ㖟⾜㔠⼥◊✲ᡤ 203 㡫㸦2001㸧
83. ⸨⏣཭ᩗࠕ♫മࡢከᵝ໬࢚̿ࢡ࢖ࢸ࢕ᛶࡢ࠶ࡿ♫മࢆ୰ᚰ࡟̿㸦ୖ㸧㸦ୗ㸧
ࠖ162 ྕࠗ㈨ᮏᕷሙ࠘
39 㡫࣭163 ྕ 41 㡫㸦1999㸧
84. ᮏᗉ㈨ࠕドๆ໬࡜⛒⛯᮲⣙ࠖᮏᗉ㈨⦅ⴭࠗ⛒⛯᮲⣙ࡢ⌮ㄽ࡜ᐇົ࠘
㸦Ύᩥ♫ࠊ2008㸧285 㡫
85. ᮏᗉ㈨ࠕ㛵㐃௻ᴗࢢ࣮ࣝࣉෆ㒊ྲྀᘬ—㐣ᑡ㈨ᮏ⛯ไࠊ࢔࣮ࢽࣥࢢ࣭ࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࠖ
ࠗ⛒⛯◊✲࠘11ࠊ131 㡫㸦2009㸧
86. ᮏᗉ㈨ࠕ㐣ᑡ㈨ᮏ⛯ไ࣭࢔࣮ࢽࣥࢢࢫࢺࣜࢵࣆࣥࢢ࣭࣮ࣝࣝࠖ1 㡫ࠊࣉࣞࣉࣜࣥࢺ∧㸦2009㸧
87. ቑ஭Ⰻၨࠕἲே⛯ࡢㄢ⛯࣮࣋ࢫࠖ㔠Ꮚᏹ⦅ࠗ⛒⛯ἲࡢᇶᮏၥ㢟࠘㸦᭷ᩫ㛶ࠊ2007㸧476 㡫
88. ቑ஭Ⰻၨࠕᅜ㝿ㄢ⛯࣮ࣝࣝࡢᏳᐃ࡜ኚື̿⛒⛯᮲⣙⥾⤖࡟ࡼࡿࣟࢵࢡ࣭࢖ࣥࠖ
ࠗ⛯኱ㄽྀ࠘40࿘ᖺグᛕㄽᩥ㞟ࠊ335 㡫
89. Ỉ㔝ᜨᏊࠕ㔠⼥㈨⏘ᡤᚓㄢ⛯ࡢ⌮ㄽⓗ⪃ᐹ㸦3㺃᏶㸧̿࢔࣓ࣜ࢝㐃㑥ᡤᚓ⛯ࢆ୰ᚰ࡜ࡋ࡚̿ࠖ6(3)୍ࠗᶫἲᏛ࠘1327 㡫㸦2007㸧
90. ᐑᓮ⿱Ꮚࠕ࠸ࢃࡺࡿ࣏ࣞྲྀᘬࡢ㐍໬࡜ㄢ⛯ࠖ୰㔛ᐇ࣭⚄⏣⚽ᶞ⦅ࠗࣅࢪࢿࢫ࣭ࢱࢵࢡࢫ࠘
㸦᭷
126

ᩫ㛶ࠊ2005㸧282 㡫
91. ᐑᓮ⿱Ꮚ࣭ᒾᓮ཭ᙪࠕ᪂఍♫ἲୗࡢ⛒⛯ἲࠖࠗၟ஦ἲົ࠘No.1774ࠊ45 㡫㸦2006㸧
92. ᒣ⏣㇏ࠕ஦ᴗ఍♫ࡢࣁ࢖ࣈࣜࢵࢻドๆࠖࠗ᪥⤒බ♫മ᝟ሗ࠘No.1561ࠊ㸰㡫㸦2006㸧
93. ྜྷᕝಖᘯ࣭ᒾᮏὒ୍ࠕ㐣ᑡ㈨ᮏ⛯ไࡢ⌮ᛕ࡜ㅖၥ㢟ࠖࠗ⛯኱ㄽྀ࠘37 ྕࠊ79 㡫
94. ྜྷᮧ඾ஂࠕ⣡⛯⪅ࡢពᚿ࡟ᇶ࡙ࡃㄢ⛯ࡢᣦྥࠖ㔠Ꮚᏹ⦅ࠗ⛒⛯ἲࡢᇶᮏၥ㢟࠘㸦᭷ᩫ㛶ࠊ2007㸧
220 㡫
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㸦2㸧
࣭
㸦3㸧
࣭
㸦4㸧᏶ࠖ
ࠗἲᏛ༠఍㞧ㄅ࠘➨ 120 ᕳࠊ➨ 1 ྕ 1 㡫ࠊ➨ 3 ྕ 508 㡫ࠊ➨ 5 ྕ 877 㡫ࠊ➨ 7 ྕ 1339 㡫㸦2003㸧
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ࠗInternational
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143. ࠕࢺࣛࢫࢺඃඛドๆ࠾ࡼࡧ࣮ࣘࣟ෇ᘓ㌿᥮♫മࡢⓎ⾜࡟ࡘ࠸࡚ࠖNEC ࣮࣒࣮࣍࣌ࢪ 2001 ᖺ
11 ᭶ 15 ᪥ࣉࣞࢫ࣭࣮ࣜࣜࢫ
144. ࠕຎᚋമᙧែ࡛ࡢࣁ࢖ࣈࣜࢵࢻドๆࡢⓎ⾜࡟㛵ࡍࡿ࠾▱ࡽࡏ (ᅜෆᕷሙ࡟࠾࠸࡚஦ᴗ఍♫࡜ࡋ࡚➨୍ྕ)ࠖ࢖࣮࣒࣮࢜ࣥ࣍࣌ࢪ 2006 ᖺ 9 ᭶ 20 ᪥ࣉࣞࢫ࣭࣮ࣜࣜࢫ
145. ࠕ࣮ࣘࣟ෇ᘓ㌿᥮♫മᆺ᪂ᰴண⣙ᶒ௜♫മ㸦ຎᚋ≉⣙௜㸧ࡢⓎ⾜ཬࡧᙜ♫ᾏእᏊ఍♫࡟ࡼࡿ࣮ࣘ
ࣟ෇ᘓ஺᥮ᶒ௜ඃඛฟ㈨ドๆࡢⓎ⾜࡟㛵ࡍࡿ࠾▱ࡽࡏࠖPDF ᪂᪥ᮏ〇㚩ᰴᘧ᭳♫࣮࣒࣮࣍࣌
ࢪ 2006 ᖺ 10 ᭶ 20 ᪥ࣉࣞࢫ࣭࣮ࣜࣜࢫ
146. ࠕ㖟⾜ἲ➨༑ᅄ᮲ࡢ஧ࡢつᐃ࡟ᇶ࡙ࡁ⮬ᕫ㈨ᮏẚ⋡ࡢᇶ‽ࢆᐃࡵࡿ௳ࠖᖹᡂ 5 ᖺ 3 ᭶኱ⶶ┬࿌♧➨ 55 ྕ147. ࠕ㖟⾜ἲ➨஬༑஧᮲ࡢ஑ࡢつᐃ࡟ᇶ࡙ࡁ㐃⤖⮬ᕫ㈨ᮏẚ⋡ࡢᇶ‽ࢆᐃࡵࡿ௳ࠖᖹᡂ 10 ᖺ 3 ᭶኱ⶶ┬࿌♧➨ 62 ྕ
148. ࠕ➨୕⪅๭ࡾᙜ࡚࡟ࡼࡿ࣮ࣘࣟ෇ᘓỌஂຎᚋ♫മࡢⓎ⾜࠾ࡼࡧᙜ♫ᾏእ≉ู┠ⓗᏊ఍♫࡟ࡼࡿ࣮ࣘࣟ෇ᘓỌஂඃඛฟ㈨ドๆⓎ⾜࡟㛵ࡍࡿ࠾▱ࡽࡏ㸦ࠕࣁ࢖ࣈࣜࢵࢻࣇ࢓࢖ࢼࣥࢫࠖ࡟ࡼࡿ㈨㔠ㄪ㐩࡟㛵ࡍࡿ࠾▱ࡽࡏ㸧ࠖᮾὒ⣳⦼ᰴᘧ఍♫࣮࣒࣮࣍࣌ࢪ 2009 ᖺ 2 ᭶ 16 ᪥ࣉࣞࢫ࣭࣮ࣜࣜ
ࢫ
149. ࠕᖹᡂ 22 ᖺᗘ⛯ไᨵṇ኱⥘࡟ࡘ࠸࡚ࠖᖹᡂ 21 ᖺ 12 ᭶ 22 ᪥㛶㆟Ỵᐃ150. ࠕࢯࢽ࣮ᰴᘧ఍♫ࡀⓎ⾜ࡍࡿᏊ఍♫㐃ືᰴᘧ࡟ಀࡿᡤᚓ⛯ཬࡧἲே⛯ࡢྲྀᢅ࡟ࡘ࠸࡚
㸦ᖹᡂ 13ᖺ 5 ᭶ 15 ᪥௜↷఍࡟ᑐࡍࡿᅇ⟅ࠊ㏻▱㸧
ࠊᖹᡂ 13 ᖺ 5 ᭶ 21 ᪥ࠊᅜ⛯ᗇ
151. OECD, Thin Capitalisation/ Taxation of Entertainers, Artistes and Sportmen, Issues inInternational Taxation No.2, Paris (1987).
152. Technical Advice Memorandum (TAM) 199910046 (1999).
129

153. Report of the Department of the Treasury on Integration of The Individual and Corporate
Tax Systems Taxing Business Income Once, The Department of the Treasury, 1992.
154. Report to The Congress on Earnings Stripping, Transfer Pricing and U.S. Income Tax
Treaties, Department of the Treasury November 2007 .
155. Federal Reserve Bank of Dallas, Federal Reserve System, Risk-Based Capital Standards:
Trust Preferred Securities and the Definition of Capital, 12 CFR Parts 208 and 225, Fedral
Register, vol.70, No.46, 11827 (2005).
156. FASB, Consolidation of Variable Interest Entities, Interpretation No.46R, para.14 FASB
(2003).
157. Victoria J. Perry, The Taxation of Financial Institutions and Instruments: Challenges, Issues and Solutions, prepared for the seminar of Japan Tax Association/ International Fiscal Association Japan Branch on Oct. 30, 2009.
158. Financial Institutions and Instruments—Tax Challenges and Solutions, Background Paper for the International Tax Dialogue Conference 2009.

௜㘓19 ᖺᗘศ㈨ᮏ㔠㝵⣭䛻䜘䜛Ḟᦆἲே䛾๭ྜḞᦆἲே䛾๭ྜ䠄 % 䠅ἲே௳ᩘ๭ྜ

50
45
40
35
30
25
20
15
10
5
0
200 ୓෇௨ୖ
5000 ୓෇௨ୖ
50 ൨෇௨ୖ㐃⤖ἲே
100 ୓෇ᮍ‶1000 ୓෇௨ୖ
5 ൨෇௨ୖ㈨ᮏ㔠㝵⣭ᅗ 1: ᖹᡂ 19 ᖺศḞᦆἲேࡢ㈨ᮏ㔠㝵⣭ู⣼✚ศᕸฟ඾㸸ᅜ⛯ᗇࠕ఍♫ᶆᮏㄪᰝ⤖ᯝ㸦⛯ົ⤫ィ࠿ࡽぢࡓἲே௻ᴗࡢᐇែ㸧19 ᖺ521ࠖ
㸦ࢹ࣮ࢱࢆຍᕤ㸧

521 ᖹᡂ 19 ᖺ㸲᭶㸯᪥࠿ࡽ 20 ᖺ㸱᭶㸱㸯᪥ࡲ࡛࡟⤊஢ࡋࡓㄪᰝᑐ㇟ἲேࡢྛ஦ᴗᖺᗘศࢆᣦࡍࠋ

130฼┈ἲே䛾㈨ᮏ㝵⣭ูศᕸ䛸⏦࿌ᡤᚓ๭ྜ
ἲே௳ᩘศᕸ (%)඲ᡤᚓ䛻䛚䛡䜛๭ྜ

40
35
30

䠄䠂䠅

25
20
15
10
5
0
100 ୓෇
500 ୓෇
2000 ୓෇
1 ൨෇
10 ൨෇
100 ൨෇㐃⤖ἲே
100 ୓෇
200 ୓෇
1000 ୓෇
5000 ୓෇
5 ൨෇
50 ൨෇

㈨ᮏ㔠㝵⣭

ᅗ 2㸸฼┈ἲேࡢ㈨ᮏ㔠㝵⣭ู௳ᩘศᕸ
ฟ඾㸸ᅜ⛯ᗇࠕ఍♫ᶆᮏㄪᰝ⤖ᯝ㸦⛯ົ⤫ィ࠿ࡽぢࡓἲே௻ᴗࡢᐇែ㸧19 ᖺࠖ㸦ࢹ࣮ࢱࢆຍᕤ㸧131