Professional Documents
Culture Documents
寄稿集
2018年 6 月
ㅰ㎡
ࣥࢻࢿࢩ᪥ᮏࡢ㛤Ⓨ༠ຊࡣࠊ⤒῭Ⓨᒎࠊ♫ࡢᏳᐃࠊᅜ㝿♫ࡢ㈉⊩ከࡃ
ࡢᡂᯝࢆୖࡆ࡚ࡁࡲࡋࡓࠋࡑࡋ࡚ࡑࡢᡂᯝࡣࠊࡑࢀࡒࢀࡢࣉࣟࢪ࢙ࢡࢺ㛵ࢃࡗࡓ୧ᅜ
ࡢ࣮ࣜࢲ࣮ᑓ㛛ᐙࡢ᪉ࠎࡢດຊࠊពᕤኵࠊࡑࡋ࡚ఱࡼࡾ┦ࡢಙ㢗㛵ಀᇶ࡙ࡃ༠
ാࡼࡗ࡚ᚓࡽࢀࡓࡶࡢ࡛ࡍࠋ
ࡇࡢᗘࠊ᪥ᮏࣥࢻࢿࢩࡢᅜᶞ❧ ࿘ᖺࢆグᛕࡋ࡚ࠊ㐣ཤࡢ㛤Ⓨ༠ຊࡢ㊊㊧
ㄪᰝࢆᐇࡋࡲࡋࡓࡀࠊేࡏ࡚ࠊ୧ᅜࡽ ྡࡢࣉࣟࢪ࢙ࢡࢺ㛵ಀ⪅ࡢ᪉ࠎࣉࣟࢪ
࢙ࢡࢺࡢᛮ࠸ฟᑗ᮶ୡ௦ࡢᮇᚅࡘ࠸࡚ࡈᐤ✏ࢆ㡬ࡁࡲࡋࡓࠋࣉࣟࢪ࢙ࢡࢺࡢṇᘧ
࡞ᩥ᭩ࡔࡅ࡛ࡣࡘࡳࡁࢀ࡞࠸⏕ࡢኌࡣࠊᙜࡢ⌧ሙ࡛ࡢ⇕ពಙ㢗‶ࡕ࡚࠸
ࡲࡍࠋ
ྡࡢ᪉ࠎࡢࡈᐤ✏ᙜࡢࣉࣟࢪ࢙ࢡࢺࡢ㈉⊩ᑐࡋ࡚ᚰࡼࡾᩗពࢆ⾲ࡍࡿ
ࡶࠊࡈᐤ✏㡬࠸ࡓࡦࡘࡦࡘࡢゝⴥࡀࡇࢀࡽࡢ୧ᅜࡢ༠ຊ㛵ಀ⪅ࡢ㐨ࡋࡿ࡞
ࡿࡇࢆ♳ᛕࡋࠊឤㅰࡢゝⴥࡉࡏ࡚㡬ࡁࡲࡍࠋ
ᖺ ᭶
ᅜ㝿༠ຊᶵᵓࣥࢻࢿࢩົᡤ
Ᏻ⸨┤ᶞ
┠ ḟ
ㅰ ㎡
┠ ḟ
㜵⅏āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
.XQWRUR0DQJNXVXEURWRāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ᕝཱྀ㈗ྐāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
0X]DLOLQ$IIDQāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
&KDQGUD+DVVDQāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
Ỉ㔝┤ேāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
㎰ᴗ࣭㣗ᩱᏳಖ㞀āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
(QQLHN+HUZLMDQWLāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ᢡୗ ᐃኵāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ⲡ㔝 Ꮥஂāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ὶᇦ㛤Ⓨ࣭⟶⌮āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
6XU\RQRāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ὠ⏣ ㄔāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ୖୗỈ㐨࣭⎔ቃ⟶⌮āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
<XQL(UQL$JXVOLQāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
࢞ࣂࢼࣥࢫāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
'D
L%DFKWLDUāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ᒣ㷂 ⿱ேāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
6DLIXO0XMDQLāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ᮏྡ ⣧āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
5XVPDQ+HULDZDQāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
す ᩥᙪāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ᆅ᪉㛤Ⓨāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
$VKDU.DUDWHQJāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ᯇ ஂāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
㧗➼ᩍ⫱࣭㧗➼ேᮦ⫱ᡂāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
6DWU\R6RHPDQWUL%URGMRQHJRURāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ᮏ㛫 ᐶ⮧āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
:DUGLPDQ'MRMRQHJRURāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ཎ ኵāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
-DPKDUL0DNUXIāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ึ୰➼ᩍ⫱āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
∹⏣ ༤ගāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
6XPDU+HQGD\DQDāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
Ỉ㔝 ᩗᏊāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
Ẽೃኚືᑐ⟇࣭⮬↛⎔ቃಖāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
(QGDK0XUQLQJW\DVāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
୰ ⿱ᚨāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ᑠᯘ ᾈāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
⩚㫽 ♸அāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ಖ་⒪࣭♫ಖ㞀āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
$QXQJ6XJLKDQWRQRāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
୰ᮧ Ᏻ⚽āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
-XOLPDQāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
⏣ᮧ ࡸࡼࡦāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
0DUGL\DQWR*LWRVXZLU\Rāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
$JXV6XVDQWRāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
㧗㷂 ┿୍āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
⤒῭ᨻ⟇࣭࣐ࢡࣟ⤒῭㐠Ⴀāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ᕷᮧ ┿୍āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
㟁ຊ࣭࢚ࢿࣝࢠ࣮āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
1DVUL6HED\DQJāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
$ULI0XQDQGDUāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
Ẹ㛫ࢭࢡࢱ࣮㛤Ⓨāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
*DWL:LEDZDQLQJVLKāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
す⏣㐩㞝āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
㐠㍺㏻āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
:LOOLDP36DEDQGDUāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
㏕ ୍ஓāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
1XUKDGL8QJJXO:LERZRāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
᪂ᐙ ⩏ᙗāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
6XZDQGL6DSXWURāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
బ⸨ ῟āāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
㇂ ᐿāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ࣥࢻࢿࢩ࣭᪥ᮏ㛤Ⓨ༠ຊࢩ࣏ࣥࢪ࣒࢘ࣃࢿࣝࢹࢫ࢝ࢵࢩࣙࣥāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā
ࢳ࢙࣭ࢽࢫ⯆࠾ࡅࡿ᪥ᮏᨻᗓࡢᨭ
.XQWRUR0DQJNXVXEURWR
ඖࢳ࢙࣭ࢽࢫ⯆ᘓᗇ㸦%55㸧㛗ᐁ
␎Ṕ
ࣂࣥࢻࣥᕤ⛉ᏛᕤᏛᏛኈྕࠊࢫࢱࣥࣇ࢛࣮ࢻᏛᕤᏛಟኈྕࠊࣂࣥࢻࣥᕤ⛉
ᏛỴᐃ⛉ᏛᏛ㒊༤ኈྕྲྀᚓࠋࣂࣥࢻࣥᕤ⛉ᏛỴᐃ⛉ᏛᏛ㒊ᩍᤵවྠᏛ⤒῭⤒
ႠᏛ㒊㸦6%0,7%㸧Ꮫ㒊㛗࣭❧⪅ࠋ ᖺࡽ ᖺࡲ࡛ࢳ࢙࣭ࢽࢫ⯆
ᘓᗇ㛗ᐁࡋ࡚ὠἼᚋࡢ㈨㔠ㄪ㐩࣭ㄪᩚࠊᘓᣦᑟᚑࠋࣘࢻࣚࣀᨻᶒୗ࡛
㛤Ⓨ┘╩⟶⌮ᢸᙜ⤫㡿సᴗࣘࢽࢵࢺ㛗ࠋே㐨⩏ࡢ㈉⊩ࡼࡾࣀ࣮ࢫ࣮ࢫ
ࢱࣥᏛྡ༤ኈྕᤵࠋ
ࠕࢳ࢙ὠἼ⯆ᨭࠖ
ᖺⓎ⏕ࡋࡓࢫ࣐ࢺࣛᓥἈᆅ㟈࣭ࣥࢻὒὠἼࡣࠊࣥࢻࢿࢩࢆ୰ᚰ࿘㎶ㅖᅜࢆྵ
ࡵ࡚ ே௨ୖࡀṚஸࡋࠊ ே௨ୖࡀ㈇യࡍࡿ⛥᭷ࡢ⮬↛⅏ᐖ࡛࠶ࡗࡓࠋ᪥ᮏᨻᗓࡣ⅏ᐖ
Ⓨ⏕ᚋࠊ⥭ᛴᨭࡋ࡚ᅜ㝿⥭ᛴຓ㝲ࢆὴ㐵ࡋࠊ་⒪࣭㣗ᩱ➼ࡢᥦ౪ࢆ⾜ࡗࡓࡔࡅ࡛ࡣ࡞ࡃࠊ
ࡑࡢᚋࡢ⯆ẁ㝵࠾࠸࡚ࡶᨭࢆ⥅⥆ࡋࡓࠋࣂࣥࢲ࣭ࢳ࢙ᕷࡢ⯆ィ⏬ࡢసᡂࠊὠἼ㑊㞴
ሪࡢᩚഛࠊ⿕⅏ࢥ࣑ࣗࢽࢸࡢᨭ➼ࠊ⿕ᐖࡢつᶍᛂࡌ࡚ከᵝ࡞ᨭࢆ⾜ࡗࡓࠋࣥࢻࢿࢩ
࠾࠸࡚᪥ᮏࢆྵࡵࡓྛᨭᶵ㛵ࡢཷධ࣭ㄪᩚࢆᢸᙜࡋࡓࡢࡀࠊࢳ࢙࣭ࢽࢫ⯆ᘓᗇ
࡛࠶ࡗࡓࠋ
㎿㏿࡞⾜ື
ࣥࢻࢿࢩ࡛ࡢ⅏ᐖฎ⌮ࡢ✺◚ཱྀ࡞ࡗࡓࢳ࢙࣭ࢽࢫ⯆ᘓᗇࢆ⤌⧊ࡋࡓ㐣⛬ࡣࠊ㔜
せ࡞ᨭࡢ୍ࡘࡔឤࡌࡓࠋ⤫㡿ࠊᅜᐙ㛤Ⓨ⏬ᗇ㛗ᐁࠊ」ᩘࡢせ㈨㔠౪ᅜࠊࡑࡋ࡚ዲ
ᅜྛࠊ≉᪥ᮏࡢࡢᨭ࠾ࡼࡧࢥ࣑ࢵࢺ࣓ࣥࢺࡢࡶࠊࡇࡢ✺◚ཱྀࡣᐇ⌧ࡋࡓࠋࡇࡢ✺
◚ཱྀࡢ࣏ࣥࢺࡣࠊࡑࡢ㠀ᖖ㔜せ࡞ᴗົࢆ㐙⾜ࡍࡿࡓࡵᚲせ࡞ࡿᨻᗓᶵ㛵ࡢᶒ㝈ࡀ⡆
₩࣭㎿㏿࡞᪉ἲ࡛ࢳ࢙࣭ࢽࢫ⯆ᘓᗇጤ௵ࡉࢀࡿ࠺࡛࠶ࡗࡓࠋ᭱⤊ⓗࠊࢳ࢙࣭
͂EXLOG
ࢽࢫ⯆ᘓᗇࡣᮇ㛫㝈ᐃ࡛ே㐨ⓗ௵ົࢆ㐙⾜ࡍࡿࢻ࣍ࢵࢡ⤌⧊ࡋ࡚ᢎㄆࢆཷࡅࠊ
EDFNEHWWHU̓㸦ࡼࡾⰋ࠸⯆㸧࠸࠺࣑ࢵࢩࣙࣥࢆᥖࡆࢪࣕ࢝ࣝࢱ࡛ࡣ࡞ࡃࢳ࢙ᮏ㒊ࢆタ⨨
ࡋࡓࠋ
ຍ࠼࡚⤫㡿ࡢ⚃⚟⌮ᛕࢆཷࡅࡓࡇ࡛ࠊࢳ࢙࣭ࢽࢫ⯆ᘓᗇࡣ㏻ᖖࡢᨻᗓᶵ㛵ࡣ
␗࡞ࡿ࡛࠶ࢁ࠺ࣉ࣮ࣟࢳࢆ㑅ᢥࡍࡿࡇࡀྍ⬟࡞ࡗࡓࠋࡑࢀࡣ⥭ᛴᑐᛂࡸ ᖺ㛫࡛ࢳ࢙
ࢆᘓࡍࡿࡓࡵࡢᨵ㠉ࠊୡ⏺୰ࡽࡢᨭᑐࡋㄪᩚࢆ⾜࠸ࠊ౽ᐅࢆᅗࡾࠊࡑࡋ࡚ᐇ⌧ࡍࡿࡓࡵ
ࡢ࣮࢜ࣉࣥ࡞ጼໃ࡞ࡽࡧ⮬❧ࡋࡓពᛮỴᐃࡀྵࡲࢀࡿࠋࡇࡢ⤌⧊ࡢタ❧ࡼࡾࠊࢳ࢙࣭ࢽ
ࢫ⯆ᘓᗇࡣᐇ⌧ࡋࡓᨭ㔠ࢥ࣑ࢵࢺ࣓ࣥࢺࢆᒆࡅࡿࡓࡵᅜෆእࡢᩘⓒཬࡪᶵ㛵ࡢ༠ຊ
ࡀྍ⬟࡞ࡗࡓࠋࡑࡢᨭࢥ࣑ࢵࢺ࣓ࣥࢺ㢠ࡣㄋ⣙㢠㸦SOHGJH㸧 ൨ࢻࣝࡢ 㸣┦ᙜࡢ ൨ࢻ
࡛ࣝ࠶ࡾࠊࡇࡢㄋ⣙㢠ࡽࢥ࣑ࢵࢺ࣓ࣥࢺ㢠ࡢ⟬⋡ࡣ㟈⅏ᚋࡢᨭࡢ୰࡛᭱ࡶ㧗ࡗࡓࠋ
᪥ᮏࡣࠊࢳ࢙࣭ࢽࢫ⯆ᘓᗇࡀฎ⨨ࢆྲྀࡿࡼ࠺⤌⧊ࡉࢀࡓὠἼᚋ 㐌┠ࡽࡔࡅ࡛ࡣ࡞
ࡃࠊὠἼⓎ⏕┤ᚋࡽ᪤ᨭࢆ㛤ጞࡋ࡚࠸ࡓࠋ᪥ᮏᨻᗓࡢㄔᐇ࡞ᩄᤩࡉࡣࠊࡲࡔグ᠈᪂ࡋ࠸ࠋ
ᙜࡢ㤳┦࡛࠶ࡗࡓᑠἨ⣧୍㑻ẶࡣࠊὠἼⓎ⏕ึ᪥ࣥࢻࢿࢩယࡢពࢆ⾲ࡋࠊᨭࢆ
⏦ࡋฟࡓᅜᐙᣦᑟ⪅ࡢ୍ே࡛࠶ࡿࠋὠἼⓎ⏕ࡽ 㛫ࡶ⤒ࡓ࡞࠸࠺ࡕࠊ᪥ᮏࡢ⮬⾨㝲ྖ௧ᐁ
㸦࠾ࡼࡧࡑࡢࡢᅜࠎࡢ㌷ྖ௧ᐁ㸧ࡀே㐨ⓗᨭࢆ⏦ࡋฟࡿࡓࡵ࢚ࣥࢻࣜࣝࢺࣀ࣭ࢫࢱࣝࢺ
ᅜ㌷ྖ௧ᐁ㐃⤡ࢆࡋࡓࠋࡇࢀࡣࠕ➨ḟୡ⏺ᡓᚋ᭱ࡢ㠀ᡓ㜚㌷సᡓࠖࡋ࡚グ㘓ࡉࢀࡿ
ࡲ࡛࡞ࡗࡓࠋ
ฟ᮶ࡢヲ⣽ࡀ༑ᩘࡢࢳ࢙࣭ࢽࢫ⯆ᘓᗇグ㘓㸦 ᖺ㸧ෆ࡛ᗈࡃ࿘▱ࡉࢀࡓࡼ࠺ࠊ
᭱⤊ⓗᡃࠎࡣ୍㐃ࡢᨭࢆ┠ࡢᙜࡓࡾࡋࡓࠋὠἼⓎ⏕⩣᪥࡛࠶ࡿ ᖺ ᭶ ᪥ࡣࠊ᪥
ᮏᨻᗓࡣ┤ࡕᨭ≀㈨㍺㏦㸦ࢸࣥࢺࠊⓎ㟁ᶵࡽẟᕸࡲ࡛㸧ࢆ㛤ጞࡋࡓࠋㄪᰝࢳ࣮࣒ࡣ⥭ᛴᑐ
ᛂẁ㝵༠ຊྍ⬟࡞άື㛵ࡍࡿሗࢆ㎿㏿㞟ࡋࠊࡑࡢᚋ ⡿ࢻࣝ┦ᙜࡢࣥࢻࢿࢩ
ࡢ㣗ᩱ࣭་⒪ᶵჾࡢ⥭ᛴᨭࢆⓎ⾲ࡋࡓࠋ
⥭ᛴᑐᛂẁ㝵⤊㸦 ᖺ ᭶ ᪥㸧ࡽࢳ࢙࣭ࢽࢫ⯆ᘓᗇタ❧㸦 ᖺ ᭶
᪥㸧ࡢ⛣⾜ᮇ㛫ࡣࠊ㒔ᕷィ⏬ࡀ༑ศࡋ࡚࠸࡞ࡗࡓࡶࢃࡽࡎࠊ᪥ᮏࡣࡍ࡛ᨭ
ࡢ⏦ࡋฟࢆࡋ࡚ࡃࢀ࡚࠸ࡓࠋࡋ࡚ࠊ᪥ᮏᨻᗓࡣࣂࣥࢲ࣭ࢳ࢙࡚ࢳ࢙ᕷሙࠊࣉࢼࣚࣥ
ᕷሙࠊࡲࡓࣛࣥࣉࣟ㨶ᕷሙࢆᘓタࡍࡿ⏦ࡋฟ࡚࠸ࡿࠋ
ྠᵝࠊ
ࠕUHKDEUHFRQ㸦⯆㸫ᘓ㸧ࠖẁ㝵ࡋ࡚▱ࡽࢀࡿ⯆ᮇ㛫ࡶࠊ᪥ᮏᨻᗓࡣࡧ᪩ᛴ
ᑐᛂࡋ࡚ࡃࢀࡓࠋ᪥ᮏࡽࡢࢳ࢙࣭ࢽࢫ⯆ࣉࣟࢢ࣒ࣛᑐࡍࡿᅜ㛫ຓࡣ ൨
㐩ࡋࠊࡑࢀࡣ ࡢࣉࣟࢪ࢙ࢡࢺࡾᙜ࡚ࡽࢀࡓࠋᅜ㝿༠ຊᶵᵓ㸦-,&$㸧ࡢᐇᶵ㛵ࡋ࡚᪥ᮏ
ᅜ㝿༠ຊࢩࢫࢸ࣒㸦-,&6㸧ࡀࣉࣟࢪ࢙ࢡࢺࢆ⟶⌮ࡋ࡚࠾ࡾࠊࡑࡢ୰ࡣ⫋ᴗカ⦎ࢭࣥࢱ࣮ࠊᏛᰯ
࠾ࡼࡧᏛࡢᨭࠊ⁺ᴗάືࡢᘓ࡞ࡽࡧᏙඣ㝔ࠊ㐨㊰ࠊᕷሙ࠾ࡼࡧ་⒪ࢡࣜࢽࢵࢡࡢ⯆
ࡀྵࡲࢀࡿࠋᕷࡀࡧṇᖖᶵ⬟ࡍࡿࡓࡵᚲせࡍࡿタഛࢆᵓ⠏ࡍࡿࡇࡶ᪥ᮏᨻᗓࡀ㔜Ⅼ
ࢆ⨨࠸ࡓⅬࠊᚰࡽឤㅰࡍࡿࠋࡇࢀࡣࠊΎ₩࡞Ỉࡢㄪ㐩ࠊබ⾗⾨⏕タ࠾ࡼࡧᆅᇦ㛫ࢆ⧅ࡄ
㐨㊰ࡢಟࡀྵࡲࢀ࡚࠸ࡿࠋ
ࢳ࢙࡛ࡢ᪥ᮏᨻᗓࡼࡿ㠀ᖖࡁ࡞ࣥࣇࣛᨭࡢ୍ࡘࡣゝ࠺ࡲ࡛ࡶ࡞ࡃࢳ࣭࣒ࣕࣛࣥࣛ
࣎㛫ࢆ⧅ࡄࠕ-DODQ-HSDQJ㸦᪥ᮏ㏻ࡾ㸧
࡛ࠖ࠶ࡾࠊࡶࣂࣥࢲ࣭ࢳ࢙࣒ࣛࢡࢧ㒆ࡢ㛤Ⓨࠊὠ
Ἴ༤≀㤋㛵ࡍࡿරᗜࡢᇶᮏྜព᭩ࠊࢡࣝࣥࢳ࢙࠾ࡼࡧ࣒ࣛ࣎ᕷࡢỈ༊ᇦయࡢᘓ࡞ࡽ
ࡧࢢࢾࣥࢩࢺࣜ⥲ྜ㝔ࡢᘓタ㈨㔠ㄪ㐩ࡀ࠶ࡿࠋࡇࡢ⥲ྜ㝔ࡣ ே௨ୖࡢࢽࢫᓥ
ఫẸࡗ࡚ࠊ၏୍ࡢせ࡞ᣦᐃ㝔࡛࠶ࡗࡓࠋࡑࢀ⛬⫢せ࡞ྠ㝔ࡢᙺࢆ⪃៖ࡋࠊࢳ࢙࣭
ࢽࢫ⯆ᘓᗇࢽࢫᨭ㒊ࡣ༶ᗙࢢࢾࣥࢩࢺࣜ⥲ྜ㝔ᘓࣉࣟࢪ࢙ࢡࢺࢆࢽࢫ࡛ࡢໟᣓ
ⓗ࡞་⒪ࢧ࣮ࣅࢫᘓࡢฟⓎⅬࡋ࡚ᐃࡵࡓࠋ
⚾ࡶࡲࡓࠊ㉳ࡇࡾ࠺ࡿ⅏ᐖ❧ࡕྥ࠺ࡓࡵࡢഛ࠼ࡢႏ㉳㍍ῶࢆྵࢇࡔ͆EXLOGEDFNEHWWHU͇
㸦ࡼࡾⰋ࠸⯆㸧ࢥࣥࢭࣉࢺࢆ㐙⾜ࡍࡿ୰࡛ࡢࠊ᪥ᮏᨻᗓࡽࡢᨭᥦឤㅰࡍࡿࠋࡇࡢ
ࡣࠊ㜵⅏カ⦎ࡸྠᵝࡢ⅏ᐖఫẸࡀ㑊㞴ሙᡤࢆᚲせࡍࡿሙྜഛ࠼ࡓ㑊㞴ࣅࣝࡢᘓタࢆ㏻ࡌ
࡚ᐇ⌧ࡉࢀࡓࠋ
ࡑࢀࡽࡀ᪥ᮏᨻᗓࡢ㈉⊩ᙺ࡛࠶ࡾࠊ
ࡇࢀࡣ࠶ࡃࡲ࡛ࡶయ࡛ࡣ࡞ࡃࠊࢇࡢ୍
㒊࡛࠶ࡿࠋ᪤⧞ࡾ㏉ࡋ㏙࡚࠸ࡿࡼ࠺ࠊ
᪥ᮏᨻᗓࡢᑐᛂࡣࡑࡢࡼ࠺㎿㏿࡛᪩ᛴ࡛
࠶ࡗࡓࠋ㢖⦾⮬↛⅏ᐖぢ⯙ࢃࢀࡿᅜ࡛
࠶ࡿࡽࡋ࡚ࠊ⅏ᐖᑐฎࡍࡿ࠺࠼࡛ࡢ᪥
ᮏࡢ⤒㦂ࡢ㇏ࡉࠊ୍㈏ᛶࡀ㧗࠸࠸࠺ࡇ
ࡀ⌮ゎ࡛ࡁࡿࠋࡑࢀࡇࡑࡀࣥࢻࢿࢩ
ࡀ᪥ᮏࡽᚓࡿࡁ㔜せ࡞ᩍカࡔࠊ⚾ࡣ
⪃࠼ࡿࠋ
ࢳࣕࣛࣥࢺࣀ࣒㧗㏿㐨㊰ NP
ᖺࡣ᪥ᮏࣥࢻࢿࢩᅜᶞ❧ グᛕࡢᘧ
࿘ᖺࢆグᛕࡍࡿ㔜せ࡞ᖺ࡛࠶ࡿࠋࡇࢀࡲ࡛ࡶࠊᙜ↛ከࡃࡢࣥࢻࢿࢩேࠊ᪥ᮏேࡀᅜ㛫ࣃ
࣮ࢺࢼ࣮ࢩࢵࣉࡢᵝࠎ࡞ࡓࡕࢆ㏻ࡌ࡚࠸Ꮫࢇ࡛ࡁࡓࠋࡇࡢᅜᶞ❧ ࿘ᖺࡣࠊᵝࠎ࡞ศ㔝
࡛ࡢᐇ㝿ࡢ⾜ື࠾࠸࡚୧ᅜࡢዲ㛵ಀࢆࡼࡾᙉຊ࡞ࡶࡢࡍࡿࡓࡵࡢ⣲ᬕࡽࡋ࠸⠇┠ࡋ࡚ࠊ
ࡼࡾ῝࠸ពࢆᣢࡓ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ
ࣆࢹ࣭ࢪ࡛ࣕࣖᆅ㟈ࡀⓎ⏕ࡋࡓ㝿ࡶࠊࡇࡢዲ㛵ಀࡼࡿᐇ㝿ࡢ⾜ືࡢ୍ࡀ♧ࡉࢀࡓࡤ
ࡾࡔࠋᗈᕝ⏫㸦᪥ᮏࠊḷᒣ┴㸧ᆅ᪉⾜ᨻ࠾ࡼࡧఫẸࡣࠊᨭ㔠ࢆ㞟ࡵࡿࡓࡵ❧ࡕୖࡀࡗࡓࠋ
㸦 ൨ ࣝࣆྎ㸧┦ᙜࡢᨭ
㔠ࡣࠊすᒸグ⏫㛗ࡼࡾ┤᥋ࢳ࢙ᒆࡅࡽ
ࢀࡓࠋ ᖺ ᭶ ᪥㸦㔠㸧ࠊࣂࣥࢲ࣭ࢳ
࢙࡚ࢳ࢙ᕞ▱௦⾜࣭ࢫࢲࣝࣔẶࡢ௦⌮ே
ࡋ࡚ࠊࢳ࢙ᕞᨻᗓḟᐁ࣭ࢹ࣐ࣝ࣡ࣥẶࡀᨭ
㔠ࢆཷࡅྲྀࡗࡓࠋᗈᕝࡣࠕὠἼ㜵⅏༤≀㤋ࠖ
ࡀタ❧ࡉࢀࡓ⏫࡛࠶ࡾࠊ ᖺ ᭶ ᪥ࡣ
ࠕࢳ࢙ὠἼ༤≀㤋ࠖᇶᮏྜព᭩ࡢㄪ༳ࢆ⾜
ࡗ࡚࠸ࡿࠋ႐ࡤࡋ࠸ࡇ࡛ࡣ࡞࠸ࠋ
ࢳ࢙⥭ᛴຓ࠾ࡅࡿ
⤊ࢃࡾࡢゝⴥࡋ࡚ࠊࡇࢀࡲ࡛ࡢ᪥ᮏᨻᗓ ⮬⾨㝲ࡢ⥭ᛴ་⒪タ
ࡼࡿ࡚ࡢࡈᨭࠊࡈ༠ຊឤㅰ⏦ࡋୖࡆࡿࠋ
ᖺ⥆࠸࡚ࡁࡓ᪥ᮏ࣭ࣥࢻࢿࢩࡢዲ㛵ಀࡀࡇࡢඛࡼࡾⰋዲ࡞ࡶࡢ࡞ࡾࠊ᭷┈࡞ᡂᯝࡀ
ᅜ⾜ࡁΏࡿࡼ࠺ࠊ㢪ࡗ࡚࠸ࡿࠋ
࠶ࡢ᪥ࢆᛀࢀࡎࠊࡶᮍ᮶
ᕝཱྀ ㈗ྐ
୍⯡♫ᅋἲேᮾᯇᓥࡳࡽ࠸ࡋᶵᵓ㸦+23(㸧
␎Ṕ
ᖺ⏕ࡲࢀࠋᮾᏛᩥᏛ㒊ࠊྠᏛ㝔ᩥᏛ◊✲⛉ಟኈㄢ⛬༞ࠋ ᖺࠊᮾ
ᯇᓥᕷᙺᡤධᗇࠋ ᖺ ᭶ࠊᮾ᪥ᮏ㟈⅏ࡀⓎ⅏ࡋࠊྠ ᭶ࠊ᪂タࡉࢀࡓ⯆
ᨻ⟇㒊⯆ᨻ⟇ㄢ㓄ᒓࠋࠗᮾᯇᓥᕷ⯆ࡲࡕ࡙ࡃࡾィ⏬࠘ࡸࠗᮾᯇᓥᕷࠕ⎔ቃ
ᮍ᮶㒔ᕷࠖᵓ࠘⟇ᐃ➼ࡢᴗົᦠࢃࡾࠊ-,&$ ⲡࡢ᰿ᢏ⾡༠ຊᴗ࠾ࡅࡿᮏ
௳ࡢᢸᙜ⪅࡞ࡿࠋ ᖺࠊ⯆ࡲࡕ࡙ࡃࡾィ⏬ࡢ࣮ࣜࢹࣥࢢࣉࣟࢪ࢙ࢡࢺࡸ
ࠕ⎔ቃᮍ᮶㒔ᕷࠖᵓ᥎㐍ࡢࡓࡵタ❧ࡉࢀ࡚࠸ࡓ୍⯡♫ᅋἲேᮾᯇᓥࡳࡽ࠸
ࡋᶵᵓ㸦+23(㸧ฟྥࠋࠕࣂࣥࢲ࣭ࢳ࢙ᕷࡢ┦⯆ࣉࣟࢢ࣒ࣛࠖ࠾࠸
࡚ࡣࣉࣟࢪ࢙ࢡࢺ࣭࣐ࢿ࣮ࢪࣕࢆົࡵࡿࠋ
ࠕࣂࣥࢲ࣭ࢳ࢙ᕷᐑᇛ┴ᮾᯇᓥᕷ࠾ࡅࡿఫẸయ࡛ࡢᆅᇦ㈨※ά⏝ࡼࡿ┦⯆᥎
㐍ࣉࣟࢢ࣒ࣛ㸦ᖺ㹼ᖺ㸧ࠖ
ࠕࣂࣥࢲ࣭ࢳ࢙ᕷᮾᯇᓥᕷࡼࡿ┦⯆㸸ᆅᇦ㜵⅏ࡢࡓࡵࡢࢥ࣑ࣗࢽࢸ⤒῭άᛶࣔ
ࢹࣝᵓ⠏ᴗ㸦ᖺ㹼ᖺ㸧ࠖ
ࢫ࣐ࢺࣛᓥἈᆅ㟈ࡸࣥࢻὒὠἼ➼ࠊࣥࢻࢿࢩ࡛⅏ᐖࡀⓎ⏕ࡍࡿࠊ᪥ᮏࡣ⥭ᛴຓ㝲
ࡼࡿ⥭ᛴᨭࡸᪧ࣭⯆ᨭࢆ⾜ࡗ࡚ࡁࡓࠋ୍᪉࡛ࠊᖺⓎ⏕ࡋࡓᮾ᪥ᮏ㟈⅏࡛ࡣࠊ
⿕⅏ᆅࣥࢻࢿࢩࡢせேࡀゼၥࡋࠊከࡃࡢ㈨㔠ຓ࣭≀㈨ᨭ࣭ேⓗᨭࢆཷࡅ࡚࠸
ࡿࠋࡇࢀࢆዎᶵࢫ࣐ࢺࣛἈᆅ㟈࣭ࣥࢻὒὠἼ࠾ࡅࡿ᭱ࡢ⿕⅏ᆅ࡛࠶ࡿࣂࣥࢲ࣭ࢳ
࢙ᕷᮾᯇᓥᕷ࡛ࡣࠊ࠸ࡢ⤒㦂ࢆඹ᭷ࡋ࡚⯆ࢆ┠ᣦࡍⲡࡢ᰿ᢏ⾡༠ຊᴗࢆᖺࡼࡾ㛤
ጞࡋࡓࠋ
⅏ᐖࡣ࠸ࡘ㉳ࡇࡿࢃࡾࡲࡏࢇࠋࡲࡉࡇࡢ▐㛫ࡶࠊ㉳ࡁࡿࡶࡋࢀࡲࡏࢇࠋ⮬ศࡣ
ኵࠊࡘ࠸ᛮࡗ࡚ࡋࡲ࠺ࡢࡣே㛫ࡢᚰ⌮࡛ࡍࡀࠊṧᛕ࡞ࡀࡽࠊኵ࡛ࡣ࡞࠸ሙྜࡀ࠶ࡾࡲࡍࠋ
⚾ࡶࠊ⮬ศࡢᐙࡀὠἼ࡛ࡍࡗࡾὶࡉࢀ࡚ࡋࡲ࠺ࡣࠊᛮࡗ࡚ࡣ࠸ࡲࡏࢇ࡛ࡋࡓࠋ
ᮾᯇᓥᕷࡣࠊ ᖺ ᭶ ᪥Ⓨ⏕ࡋࡓᮾ᪥ᮏ㟈⅏ࡼࡗ࡚ࡁ࡞⿕⅏ࢆཷࡅࡓ㒔ᕷࡢࡦ
ࡘ࡛ࡍࠋ᪥ᮏࡢᮾᆅ᪉ࠊᐑᇛ┴ࡢἢᓊ㒊⨨ࡋ࡚࠾ࡾࠊ᪥ᮏ୕ᬒࡢࡦࡘᩘ࠼ࡽࢀࡿ͆ᯇ
ᓥ͇‴ࡢᮾഃࢆ༨ࡵࠊ
͆ዟᯇᓥ͇ࡶࡤࢀ࡚ࠊྂ᮶᪥ᮏேឡࡉࢀ࡚ࡁࡓ㢼ග᫂࡞ᯇᓥࡢᬒほ
ࢆࡶṧࡋ࡚࠸ࡲࡍࠋ ࡢὠἼࡣࠊࡘ࡚࡞࠸ࡢ⏒࡞⿕ᐖࢆࡶࡓࡽࡋࠊᮾᯇᓥᕷᕷ
Ẹࡢ⏕άࢆ୍ኚࡉࡏࡿࡇ࡞ࡾࡲࡋࡓࠋᙜᕷ࠾ࡅࡿṚ⪅࣭⾜᪉᫂⪅ࡣ ྡࢆ㉸࠼ࠊᾏ
ᓊἢ࠸ᮾす᪉ྥᙧᡂࡉࢀ࡚࠸ࡓᕷ⾤ᆅࡢ࠾ࡼࡑ ࡀὠἼ࡛ᾐỈࠊ≉ᾏἢ࠸ࡢ㞟ⴠࡣቯ⁛
ⓗ࡞⿕ᐖࢆཷࡅࡲࡋࡓࠋ
ࢫ࣐ࢺࣛᓥࡢす➃⨨ࡍࡿࢳ࢙ᕞࡢᕞ㒔ࠊࣂࣥࢲ࣭ࢳ࢙ᕷࡶࡲࡓࠊࡉࡢࡰࡿࡇ
ᖺ ࢝᭶ࡲ࠼ࠊ ᖺ ᭶ ᪥Ⓨ⏕ࡋࡓࢫ࣐ࢺࣛᓥἈᆅ㟈࣭ࣥࢻὒὠἼࡢ᭱ࡢ⿕⅏ᆅ
࡛࠶ࡾࠊࡑࡢࡢ≧ἣࡣࡇࡇ࡛ᨵࡵ࡚㏙ࡿࡲ࡛ࡶ࠶ࡾࡲࡏࢇࠋࡑࡢᚋࠊྛ✀ࡢ⯆ᴗࡀ㐍
ᒎࡋࠊࡂࢃ࠸ࢆྲྀࡾᡠࡋ࡚ࡁ࡚࠸ࡲࡍࡀࠊࡲࡔࡲࡔㄢ㢟ࡀ࠶ࡕࡇࡕᒣ✚ࡋ࡚࠸ࡲࡍࠋ
ࡇࡢ୧⪅ࡀࠊ༠ຊࡋྜ࠸ࠊ่⃭ࡋྜ࠸ࠊ࠾࠸ࡢ▱ぢࡸ⤒㦂ࢆࡋྜࡗ࡚ࠊ࠸ࡢࡲࡕࡢ
⯆Ⓨᒎྥࡗ࡚ࠊᆅᇦ㈨※ࢆ᭷ຠά⏝ࡋ࡞ࡀࡽࠊఫẸࢥ࣑ࣗࢽࢸࡢ࡛ࣞ࣋ࣝྲྀࡾ⤌ࢇ
࡛࠸ࡇ࠺࠸࠺ࡢࡀࠊࡇࡢ┦⯆ࣉࣟࢪ࢙ࢡࢺࡢ㦵Ꮚ࡛ࡍࠋ
ࠕࢥ࣑࣭ࣗࣉࣟࢪ࢙ࢡࢺࠖ␎⛠ࡋ
࡚࠸ࡲࡍࠋࠕ-,&$ ⲡࡢ᰿ᢏ⾡༠ຊᴗࠖࡋ࡚ࠊ ᮇࢃࡓࡗ࡚⥆ࡅ࡚ࡁࡲࡋࡓࠋ
ᮾᯇᓥᕷࡣࠊᮾ᪥ᮏ㟈⅏ࡲ࠼ࡣࠊࡑࢀᅜ㝿ⓗ࡞ྲྀࡾ⤌ࡳຊࢆධࢀ࡚ࡁࡓࢃࡅ࡛ࡣ࠶
ࡾࡲࡏࢇ࡛ࡋࡓࠋࡋࡋࠊᙜᕷ㝈ࡽࡎ⿕⅏ᆅయࠊ᪥ᮏయࡋ࡚ࠊᮾ᪥ᮏ㟈⅏ᙜࡓࡗ࡚
ࡣࠊᅜෆࡢࡳ࡞ࡽࡎᅜእࡽࡶᵝࠎ࡞ࡓࡕ࡛ከ࡞ᨭࢆ࠸ࡓࡔࡁࡲࡋࡓࠋࡑࢀࡽࡢ࠶ࡾࡀࡓ
࠸ᨭࢆᶵࡋ࡚ࠊࡇࢀࡲ࡛࡞ࡗࡓࡘ࡞ࡀࡾࡀḟࠎ⏕ࡲࢀࠊᗈࡀࡗ࡚࠸ࡗࡓࢿࢵࢺ࣮࣡ࢡ
ࡢ࡞࡛ࠊᮾᯇᓥᕷࡣ㟈⅏ࡢᪧ㐀ⓗ࡞ᮍ᮶ࢆ┠ᣦࡍ⯆ྲྀࡾ⤌ࢇ࡛࠸ࡁࡲࡋࡓࠋࣥ
ࢻࢿࢩ࠾ࡼࡧࣂࣥࢲ࣭ࢳ࢙ᕷࡢࡘ࡞ࡀࡾࡶࠊࡑ࠺࠸ࡗࡓ≧ἣࡢ࡞ࡽ⏕ࡲࢀࠊ⫱ࡗ࡚ࡁ
ࡓࡶࡢ࡛ࡍࠋ
㟈⅏࡛ኻࡗࡓࡶࡢࡣ࠶ࡲࡾከࡃ࠶ࡿࡢ࡛ࡍࡀࠊࡑࡢᚋ⏕ࡲࢀ⫱ࡗ࡚ࡁࡓࡘ࡞ࡀࡾࡣࠊ
ࡅࡀ࠼ࡢ࡞࠸ࡶࡢࡀ࠶ࡾࡲࡍࠋࣂࣥࢲ࣭ࢳ࢙ᕷࡢࡘ࡞ࡀࡾࡶࡑࡢࡦࡘ࡛ࡍࠋ
ᮾᯇᓥᕷ࡛ࡣࠊ⾜ᨻࡔࡅ࡛ࡣᡂࡋ㐙ࡆࡽࢀ࡞࠸⯆ࡢࢆࠊẸ㛫ࡢᴗ࣭ᅋయࡸᏛ⾡ᶵ㛵ࠊ
ᕷẸࢢ࣮ࣝࣉ࡞㐃ᦠࡋ᳨࡚ウࡋᐇ⾜ࡋ࡚࠸ࡃࡓࡵࡢ୰㛫ᨭ⤌⧊ࢆసࡾࡲࡋࡓࠋࡑࢀࡀࠕᮾ
ᯇᓥࡳࡽ࠸ࡋᶵᵓࠖ
㸦␎⛠㸸+23(㸧࡛ࡍࠋ⾜ᨻࢆ୰ᚰࡋࡓ㜵⅏㞟ᅋ⛣㌿ᴗ࡞ࡢࣥࣇࣛⓗ
࡞ᩚഛࡀ㐍ࡵࡽࢀࡿࡓࢃࡽ࡛ࠊ+23( ࡛ࡣࠊ⯆ᆅᇦ⯆ࢆࡼࡾⰋ࠸ࡶࡢࡍࡿࡓࡵࡢᵝࠎ࡞
⏬ࡀ᳨ウࡉࢀࠊ୍㒊ࡀᐇ⾜⛣ࡉࢀ࡚ࡁࡲࡋࡓࠋࣂࣥࢲ࣭ࢳ࢙ᕷࡢ┦⯆ࣉࣟࢢ࣒ࣛࡣࠊ
ࡇࡢ +23( ࡀ୰ᚰ࡞ࡗ࡚㐍ࡵࡿࡇ࡞ࡾࡲࡋࡓࠋ
ࣉࣟࢪ࢙ࢡࢺࡢヲࡋ࠸ෆᐜࡸᡂᯝࡘ࠸࡚ࡣࠊࡲࡓูࡢሗ࿌ࢆࡈぴ࠸ࡓࡔࡅࢀࡤᖾ࠸࡛ࡍࠋࡇ
ࡇ࡛ࡣࠊ࠸ࡘࡲࢇ࡛ࠊᮏࣉࣟࢪ࢙ࢡࢺࡢ≉ᚩࡸᡂᯝࢆࡈ⤂ࡋࡓ࠸ᛮ࠸ࡲࡍࠋ
ࢥ࣑࣭ࣗࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊ᪤࠶ࡿఱࡋ
ࡽࡢ⤖ᯝࢆ┦ᡭࡢࡲࡕᣢࡕ㎸ࡴࡇࡀ┠ⓗ࡛
ࡣ࡞ࡃࠊఱࢆᏛࢇ࡛࠺άࡍ࠸࠺ࣉࣟࢭ
ࢫࡀࡉࢀࡲࡋࡓࠋࣂࣥࢲ࣭ࢳ࢙ࡽᮾ
ᯇᓥࡢ 2-7㸦2QWKH-RE7UDLQLQJ㸧◊ಟ⏕
ࡋ࡚ࠊ➨ ᮇ࡛ࡣࣂࣥࢲ࣭ࢳ࢙ᕷᙺᡤࡢ
⫋ဨࡀゼ᪥ࡋࡲࡋࡓࡀࠊᙼࡽࡣᩘ࢝᭶ࡢᅾࡢ
࡞࡛ࠊᮾᯇᓥ࡛࠾ࡇ࡞ࢃࢀ࡚࠸ࡿᵝࠎ࡞ྲྀࡾ
⤌ࡳࢆᏛࡧࠊ⤒㦂ࡋࡲࡋࡓࠋࡑ࠺ࡋࡓάືࢆ㏻
ࡌ࡚ࠊ⮬ࡽࡢࡲࡕ࠾࠸࡚ᐇ㊶ࡋࡓ࠸άືࡢᵓ
ࢆ⦎ࡾࡲࡍࠋࡑࡋ࡚ࠊᖐᅜᚋࠊᆅᇦࢥ࣑ࣗ 2-7 ࣉࣟࢢ࣒ࣛ㸸ᮾᯇᓥ࠾ࡅࡿ⁺ᴗ
ࢽࢸࡢᵝࠎ࡞㛵ಀ⪅༠ຊࡋ࡚ࠊᵓࡋࡓࣔࢹࣝάືࢆᐇ㊶⛣ࡍࡢ࡛ࡍࠋ♫ⓗ࣭ᩥⓗ
ᇶ┙ࡀࡁࡃ␗࡞ࡿ 㒔ᕷ࡛ࡍࡢ࡛ࠊ∦᪉ࡢྲྀࡾ⤌ࡳࢆࡑࡢࡲࡲᣢࡕ㎸ࡶ࠺ࡋ࡚ࡶࠊ࡞࡞
᰿ࡃࡶࡢ࡛ࡣ࠶ࡾࡲࡏࢇࠋᙼࡽࡀࠊ⮬ࡽ㑅ࡧฟࡋࠊ࢚ࢵࢭࣥࢫࢆྲྀࡾฟࡋ࡚ࠊࣞࣥࢪࡍࡿࡇ
ࡼࡗ࡚ࠊࢫ࣒࣮ࢬ㐺⏝ྍ⬟࡞ࣔࢹࣝάື࡞ࡾࡲࡋࡓࠋࡑࡢࢫࣆ࣮ࢻᐇ⾜ຊࡣࠊ࠸ࡘ
ࡶ㦫ࡉࢀࡲࡍࠋ᪥ᮏࡢ⾜ᨻ⤌⧊ࡢ࡞࠸࡚ࠊ㐜ࠎࡋ࡚ඛ㐍ࡲ࡞࠸ࡶࡢࡤࡾᅖࡲࢀ࡚
࠸ࡓ⚾ࡗ࡚ࡣࠊ࠺ࡽࡸࡲࡋࡃࡶ࠶ࡾࡲࡍࠋࡑࡢጼໃᡃࠎࡣ࠸Ꮫࡪࡁࡶࡢࡀ࠶ࡾࡲࡍࠋ
⥆ࡃࣉࣟࢪ࢙ࢡࢺ➨ ᮇ࡛ࡣࠊᆅᇦࡢࢥ࣑ࣗࢽࢸຊ⤒῭ຊࡢᙉࢆ㏻ࡌ࡚ࠊᆅᇦ㜵⅏ຊࢆ
㧗ࡵࡿࡇࣇ࢛࣮࢝ࢫࡋࡲࡋࡓࠋἢᓊ㒊ࢥ࣑ࣗࢽࢸ㸦ᮧ㸧ࡢຊ࣓ࣥࣂ࣮࡛࠶ࡿ⁺ᖌࡓࡕࡀࠊ
2-7 ◊ಟ⏕࡞ࡾࡲࡋࡓࠋᙼࡽࡣࠊᮾᯇᓥ࡛ᆅඖࡢ⁺ᴗ⪅ࡶάືࡋࠊ⁺⋓≀ࡢ㩭ᗘ⥔ᣢ㸦ရ
㉁⟶⌮㸧ࡸࡑࡢὶ㏻ࡢᡭἲࡘ࠸࡚Ꮫࡧࡲࡋࡓࠋྠࠊ⁺ᖌࡋ࡚ࠊࡘࢥ࣑ࣗࢽࢸᵓᡂဨ
ࡋ࡚ࠊᮧࡢάᛶࡸ㜵⅏ࡘ࡞ࡀࡿάືࡢࢹࢆ᳨ウࡋࡲࡋࡓࠋ2-7 ࣉࣟࢢ࣒ࣛࡢᯟ⤌ࡳ
ࡣ➨ ᮇྠࡌ࡛ࡍࡀࠊᢸ࠸ᡭࡀኚࢃࡗࡓࡇࡼࡾࠊࡲࡓ㐪ࡗࡓゅᗘࡽࣔࢹࣝάືࡀᒎ㛤ࡋ
࡚࠸ࡲࡍࠋࢥ࣑ࣗࢽࢸయ࡛㑊㞴ィ⏬ࡢ᳨ウࡶጞࡲࡗ࡚࠸ࡲࡍࠋ
୍᪉ࠊᮾᯇᓥࡽࡣࠊᕷ㛵ಀ⪅ࡸᆅᇦఫẸ࡞
ࡀࣂࣥࢲ࣭ࢳ࢙ࢆゼࢀࠊ▷ᮇࡢᅾࡢ࡞
࡛ከࡃࡢሗ࣭ពぢࢆࡋ࡚ࡁࡲࡋࡓࠋ
᪥ᮏᡠࡗ࡚ࡽࡢࢡࢩࣙࣥࡶ⏕ࡲࢀ࡚࠸ࡲ
ࡍࠋࡓ࠼ࡤࠊᮾᯇᓥฟ㌟ࡢᏛ⏕ ேࡀ⏬
ࡋࡓࠊᆅᇦࡢ㨩ຊࢆ☜ㄆࡋ 35 ࡍࡿࠕࣔࢽ࢘
࢛࣮ࢡዟᯇᓥࠖ࠸࠺࢛࣮࢘࢟ࣥࢢ࣭࣋ࣥࢺࠋ
⨾ࡋ࠸ᓥᕋ✵㛫ࡢᬒほࠊὠἼࡢ∎ࡸᕤ㏵
ୖࡢ⯆ᴗࡀΰᅾࡍࡿ͆ዟᯇᓥ͇ᆅᇦࢆṌ࠸
࡚యឤࡋ࡚ࡶࡽ࠾࠺࠸࠺ࡶࡢ࡛ࡍࠋࣂࣥࢲ࣭
ࣔࢹࣝάື㸸࣭ࣝࢹ࣭ࢸ࢘ࣥࢦᮧࡢ
ࢳ࢙࠾ࡅࡿ㟈⅏ࢶ࣮ࣜࢬ࣒ࡢ㐍ᒎࡸࠊ⮬ࡽ
ඹྠ㎰ᅬ
ࡢᆅᇦ≉ᛶࢆぢࡘࡵ┤ࡋ࡚Ⓨಙࡋ࡚࠸ࡃほගᨻ
⟇ࡢጼໃࢆཧ⪃ࡋ࡚ࡢⓎ࡛ࡍࠋࡲࡓࠊูࡢΏ⯟⪅ேࡀ୰ᚰ࡞ࡗ࡚ࠊ
ࠕࡣ࡚࠷࣭ࡣ࡚࠷࣭ࡌ
ࡷࡽࢇࠖྡࡅࡽࢀࡓ⏬ࡶࢫࢱ࣮ࢺࡋࡲࡋࡓࠋࡇࡕࡽࡶ࢛࣮࢘࢟ࣥࢢ࣭࣋ࣥࢺ࡛ࡍࡀࠊఫ
Ẹ⮬༠㆟㐃ᦠࡋ࡞ࡀࡽࠊ
͆ᆅᇦࢆṌ࠸࡚ࡼࡃ▱ࡿࡇࡀࠊ࠸ࡊ࠸࠺ࡁࡢ㜵⅏ࡘ࡞ࡀࡿ͇
ࡇࢆࢥࣥࢭࣉࢺ㛤ദࡋ࡚࠸ࡲࡍࠋᎰࡋ࠸ࡇࡣࠊᮾᯇᓥ࡛ࡢࡇࢀࡽࡢ࣋ࣥࢺゐⓎࡉࢀࠊ
ࣂࣥࢲ࣭ࢳ࢙࡛ࡶࠕ㟈⅏㑇ᵓࣂࢩࢡ࣮ࣝࣛࣜࠖ࠸࠺ྠᵝࡢ࣋ࣥࢺࡀ㛤ദࡉࢀࡿ࠸ࡗࡓࠊ
┦ᙳ㡪ࡋྜ࠺ዲࡀ⏕ࡲࢀ࡚࠸ࡲࡍࠋ
ࡇࢀࡽࡢάືࡣࠊᮾᯇᓥࡢᆅᇦࢥ࣑ࣗࢽࢸࡶ่⃭ࢆ࠼࡚࠸ࡲࡍࠋ᪥ᮏࡢ≉ᆅ᪉㒊࡛ࡣࠊ
ᑡᏊ㧗㱋ࡀ῝้࡞ၥ㢟࡛ࠊ⿕⅏ᆅ࡛ࡣࡑࡢഴྥࡀຍ㏿ࡋࡲࡋࡓࠋఫẸ⮬༠㆟ࡶᙺဨࡢ㧗㱋
ࡀ㐍ࢇ࡛࠾ࡾࠊ ௦ࡣ͆ⱝᡭ͇ࡤࢀࡿ࡛ࡍࠋࡑࢇ࡞࡞࡛ࠊࡶࡗⱝ࠸ୡ௦ࡀά㌍ࡍ
ࡿࡇࢀࡽࡢ࣋ࣥࢺࡣࠊᆅᇦࡢάᛶ୍ᙺ㈙ࡗ࡚࠾ࡾࠊᆅඖࡽࡶ㧗ホ౯ࢆᚓ࡚࠸ࡲࡍࠋ
ḟࡈ⤂ࡋࡓ࠸ࡢࡣࠊࣉࣟࢪ࢙ࢡࢺᑐࡍࡿ┤᥋ⓗ࡞ᣦᶆ࡛ࡣホ౯ࡉࢀࡃ࠸ᡂᯝࡘ࠸࡚
࡛ࡍࠋࡴࡋࢁࠊࡇ࠺࠸ࡗࡓ㒊ศࡇࡑࠊ㈗㔜࡞ࡶࡢࡀワࡲࡗ࡚࠸ࡿࡢ࡛ࡣ࡞࠸ࡶᛮ࠺ࡇࢁ
࡛ࡍࠋ
ࡇࡢࣉࣟࢪ࢙ࢡࢺ✚ᴟⓗ㛵ࢃࡗ࡚ࡃࢀ࡚࠸ࡿࣂࣥࢲ࣭ࢳ࢙ࡢఫẸࡢࡦࡾࡣࠊࡎࡗᾏ
㛵ࢃࡿࢆࡋ࡚ࡁࡲࡋࡓࠋࡋࡋࠊ ᖺࡢὠἼࡢࡢࡕࡣࠊ⯪ࡽ࡞ࡃ࡞ࡗ࡚ࡋࡲࡗࡓࡑ
࠺࡛ࡍࠋ≉ᙉࡃᣄ⤯ࡋ࡚࠸ࡓࢃࡅ࡛ࡣ࡞ࡗࡓࡶࡢࡢࠊ࡞࡞ࡿẼ࡞ࢀ࡞ࡗࡓࡢࡇ
ࠋᙼࡣࠊࣉࣟࢪ࢙ࢡࢺࡢ୍⎔࡛ᮾᯇᓥ▷ᮇ◊ಟ࡛ゼࢀࠊࡑࡢࡁࠊὠἼ௨ᚋࡣࡌࡵ࡚⯪
ࡾࡲࡋࡓࠋࡑࡇ࡛࠸ࢁ࠸ࢁᛮ࠺ࡇࡀ࠶ࡗࡓࡼ࠺࡛ࡍࠋࡑࢀ௨㝆ࠊࣂࣥࢲ࣭ࢳ࢙࡛ࡶ⯪
ࡿࡼ࠺࡞ࡾࡲࡋࡓࠋ
ࡲࡓ⿕⅏⪅ࡢࡦࡾ࡛࠶ࡿᮾᯇᓥࡢዪᛶࡣࠊࣂࣥࢲ࣭ࢳ࢙࡛ࡢάືࡢ࡞࡛ࠊࣅ࣮ࢳ࠾ࡶ
ࡴࡁࡲࡋࡓࠋࡑࡇ࡛ࡋࡤࡽࡃᾏࢆ═ࡵ࡚࠸࡚ࠊᮾ᪥ᮏ㟈⅏௨㝆ࠊࡣࡌࡵ࡚ࡕࡷࢇᾏྥࡁྜ
࠼ࡓࡇẼ࡙࠸ࡓࡑ࠺࡛ࡍࠋࡑࢀࡲ࡛ࡣ㌟㏆࡞ࡶࡢ࡛࠶ࡗࡓᾏ⮬ศࡢ㛵ಀࢆࠊࡶ࠺࠸ࡕ
ぢࡘࡵ┤ࡍᶵ࡞ࡾࡲࡋࡓࠋ
ὠἼ࡛୧ぶࢆஸࡃࡋࡓࣂࣥࢲ࣭ࢳ࢙ࡢⱝ࠸⁺ᖌࡣࠊᮾᯇᓥࡢᆅඖࡢ⁺ᖌࡢࡶ࡛◊ಟࢆࡋ࡞
ࡀࡽࠊ⁺ᖌࡢᐙ᪘ࡢ᪉ࠎࡶ࡚࡞ࡉࢀࠊぶᐦ࡞㛫ࢆ㐣ࡈࡋࡲࡋࡓࠋὠἼ࡛ኻࡗࡓᐙ᪘ࡢ௦ࢃࡾ
ࠊࡲࡿ࡛᪂ࡋ࠸ᐙ᪘ࡀ࡛ࡁࡓࡢࡼ࠺࡛Ꮀࡋࡗࡓࠊᙼࡣ◊ಟሗ࿌ࡢ᭱ᚋࡢ᭱ᚋࡅຍ
࠼ࡲࡋࡓࠋ
ᮾᯇᓥ᮶ࡓࣂࣥࢲ࣭ࢳ࢙ࡢேࠎࡀࠊ┿ᦸ࠸ࢁ࠸ࢁ࡞άືྲྀࡾ⤌ࢇ࡛࠸ࡿጼࡣࠊᆅඖࡢ
ேࠎ᫂ࡿ࠸ᙳ㡪ࢆ࠼࡚࠸ࡓࡼ࠺ぢ࠼ࡲࡋࡓࠋ⮬ศࡓࡕࡔࡅࡀ㡹ᙇࡗ࡚࠸ࡿࡢ࡛ࡣ࡞࠸ࠋ㐲
ࡃࣥࢻࢿࢩ࡛ྠࡌࡼ࠺࡞⅏ᐖࢆ⤒㦂ࡋࡓேࡓࡕࡀࠊ⮬ศࡓࡕࡢᅵᆅ᮶࡚ఱࡸࡽ࠸ࢁ࠸ࢁ
㡹ᙇࡗ࡚࠸ࡿࠋࡑࡇចࡁࡘࡅࡽࢀ⯆ࢆᣢࡗ࡚✚ᴟⓗཧຍࡋ࡚ࡃࢀࡿ᪉ࡀࠊࡎ࠸ࡪࢇࡓࡃࡉ
ࢇ࠸ࡲࡋࡓࠋᆅඖࡢேࡔࡅ࡛࠾ࡇ࡞࠺άືࡣ㐪࠺ᛂࡀࡑࡇ࠶ࡾࡲࡍࠋᙼࡽࡢጼࢆぢࡿࡇ
ࡼࡗ࡚ࠊ⮬ศࡓࡕࡢᆅᇦ࡛ࡢάືࡢᛮ࠸ࢆ᪂ࡓࡍࡿᶵ࡞ࡗ࡚࠸ࡓࡼ࠺ᛮ࠸ࡲࡍࠋ
ࡕࡻࡗࡋࡓ㠀᪥ᖖᛶࢆྛேࡶࡓࡽࡋࠊࡑࢀࡲ࡛࡞ࡗࡓどⅬࡸឤぬࢆ୍ⓗᚓࡿࠋࡑ
ࢀࡲ࡛㛢ࡊࡉࢀ࡚࠸ࡓᡬࡀࡕࡻࡗ㛤ࡃࠋูࡢྍ⬟ᛶẼ࡙ࡃࠋࡑࢇ࡞ຠᯝࡀࠊࡇࡢ┦⯆ࡢ
ࣉࣟࢪ࢙ࢡࢺࢆ㏻ࡌ࡚ࠊ㛵ࢃࡗ࡚ࡃࢀࡓேࠎࡑࢀࡒࢀ࠶ࡗࡓࡢ࡛ࡣ࡞࠸ᛮ࠸ࡲࡍࠋࡑࢀࡣࠊ
ཧຍ⪅ࡗ࡚ࡣࠊ᭱ࡶษ࡞ᡂᯝ࡞ࡗࡓࡢ࡛ࡣ࡞࠸ᛮ࠺ࡢ࡛ࡍࠋ
࠾ఏ࠼ࡍࡁࡶࡢࡣࡶࡗ࠶ࡾࡲࡍࡀࠊ⣬ᖜࡀᑾࡁ࡚ࡋࡲ࠸ࡲࡋࡓࠋᮎ➹࡞ࡀࡽࠊ୧ᅜࡢࡲࡍ
ࡲࡍࡢⓎᒎࢆ♳ᛕࡍࡿࡶࠊᮏࣉࣟࢪ࢙ࢡࢺࡈ༠ຊ࣭ࡈᨭ࠸ࡓࡔ࠸ࡓࡍ࡚ࡢ㛵ಀ⪅ࠊ
ᚰࡼࡾឤㅰ⏦ࡋୖࡆࡲࡍࠋ
ࢳ࢙ᮾࠊᆅ㟈࣭ὠἼ⅏ᐖࡢ⤒㦂ࢆඹ᭷ࡍࡿ
0X]DLOLQ$IIDQ
ࢩࣕࢡࣛᏛ
ᅜ㝿ົᒁ㛗ࠊ⌮ᩘᏛ㒊ሗᏛ⛉ᩍᤵ
␎Ṕ
ᖺࢳ࢙࣭ࣈࢧ࣮ࣝ⏕ࡲࢀࠋࢫࣛࣂࣖᕤ⛉Ꮫ༞ᴗᚋࠊ࣐࣮ࣞࢩ⌮⛉Ꮫಟ
ኈྕྲྀᚓࠊᮾᏛ⅏ᐖ⟶⌮ᢏ⾡ᛂ⏝ศ㔝࡛༤ኈྕྲྀᚓࠋ ᖺࢩࣕࢡࣛᏛ╔
௵ࠋὠἼ⅏ᐖᚋࡣࣂࣥࢲ࣭ࢳ࢙ᕷᘓࣉࣟࢪ࢙ࢡࢺᆅ⌮ሗࢩࢫࢸ࣒㸦*,6㸧ᑓ㛛
ᐙࠊᑓ㛛ㄪᩚဨࡋ࡚ -,&$ ༠ྠࡋࠊࢳ࢙ᆅᇦ㛤Ⓨ࠾ࡼࡧ⅏ᐖࣜࢫࢡ㍍ῶࡢ࣮ࣟ
࣭࢝ࣝࢻࣂࢨ࣮ࡋ࡚༠ຊࢆ⥅⥆ࡋ࡚࠸ࡿࠋ⌧ᅾࡣࢩࣕࢡࣛᏛᅜ㝿ົᒁ
㛗ࠊྠ⌮ᩘᏛ㒊ሗᏛ⛉ᩍᤵࠊࣂࣥࢲ࣭ࢳ࢙ᕷ㜵⅏ᒁ㸦%3%'㸧⅏ᐖࣜࢫࢡ㍍ῶ
ศ㔝ࢻࣂࢨ࣮ࠋ
ࠕࢳ࢙ὠἼ⯆ᨭࠖ
ᖺⓎ⏕ࡋࡓࢫ࣐ࢺࣛᓥἈᆅ㟈࣭ࣥࢻὒὠἼࡣࠊࣥࢻࢿࢩࢆ୰ᚰ࿘㎶ㅖᅜࢆྵࡵ
ே௨ୖࡀṚஸࡋࠊ ே௨ୖࡀ㈇യࡍࡿ⛥᭷ࡢ⮬↛⅏ᐖ࡞ࡗࡓࠋ⅏ᐖⓎ⏕ᚋࠊ᪥ᮏᨻᗓࡣ
⥭ᛴᨭࡋ࡚ᅜ㝿⥭ᛴຓ㝲ࢆὴ㐵ࡋࠊࡑࡢᚋࡢ⯆ẁ㝵࠾࠸࡚ࡶᨭࢆ⥅⥆ࡋࡓࠋᵝࠎ࡞
タࡢᩚഛࡢࡳ࡞ࡽࡎࠊタࡢ⏝᪉ἲࢆྵࡵࡓ⿕⅏ࢥ࣑ࣗࢽࢸࡢ⮬❧ࢆ⥅⥆ⓗᨭ࠼ࡓࠋࡲࡓࠊ
ῶ⅏࣭㜵⅏㛵ࢃࡿᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࡶ⥅⥆ࡋ࡚ᐇࡋ࡚࠸ࡿࠋ
ᖺࡢᆅ㟈࣭ὠἼ⅏ᐖࡢ⤒㦂
ࡑࡢࠊ⚾ࡣ᭱ឡࡢேࠎࠊࡘࡲࡾὠἼࡢ⿕⅏ᆅ࠸ࡓ୧ぶ ேࡢᘵከࡃࡢぶ᪘ࢆኻࡗࡓࠋ
࡚ࡶᝒࡋࡃࢺ࣐ࣛ࢘࡞ࡿฟ᮶࡛࠶ࡗࡓࡀࠊ⚾ࡣࡲࡔ୰᰾࡞ࡿᐙ᪘㸫ጔ୍ேࡢᏊࡶࠊࡑࡋ
࡚ ேࡢᘵ㸫ࡀ࠸ࡓࠋࡑࡢࡇࡀࠊᚋࡢ⏕άࡢࡓࡵఱࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸⚾ࢆᚋᢲࡋࡋ࡚
ࡃࢀࡓࠋຓࡗࡓᘵ ேࡣࡲࡔ ṓ ṓ࡛ࠊ୧ぶࡢಖㆤࢆᚲせࡋ࡚࠾ࡾࠊ⚾ࡣஸࡃ࡞ࡗࡓ୧
ぶࡢ௦ᙺࢆົࡵ࡞ࡅࢀࡤ࡞ࡽ࡞ࡗࡓࠋ
ᖺࡢᆅ㟈࣭ὠἼ⅏ᐖᚋࡢ᪥ᮏᨻᗓᅜẸࡢᨭ
ὠἼࡢⓎ⏕ࡽᩘ᪥ᚋࠊ᪥ᮏᨻᗓࡣ┤ࡕ⥭ᛴᨭࡋ࡚㣗ᩱࠊ་⸆ရࡢᥦ౪་⒪ࢳ࣮࣒ࡢὴ㐵
ࢆ⾜࠸ࠊࡑࡢᚋࡶᪧ࣭⯆ᮇࡢᨭࡀ⥆ࡅࡽࢀࠊ⯆ᚋࡢ⌧ᅾ⮳ࡿࡲ࡛ᨭࡀ⥆࠸࡚࠸ࡿࠋ᪥ᮏ
ᨻᗓࡢᪧ࣭⯆ᮇࡢᨭࡣ≉ࠊ㐨㊰࣭ᶫᱱࠊᩍ⫱࣭ಖタࠊ㑊㞴࣭⅏ᐖࣜࢫࢡ㍍ῶタഛࡢᘓタࠊ
ఫẸࡢ⮬❧ᨭࣉࣟࢢ࣒ࣛࠊேᮦ⫱ᡂࣉࣟࢢ࣒ࣛ࡞࡛࠶ࡗࡓࠋ
᪥ᮏ࡛ࡢῶ⅏㛵ࡍࡿᩍ⫱Ꮫ⩦ࡢ⥅⥆
⚾ࡀึࡵ࡚᪥ᮏࢆゼࢀࡓࡢࡣࠊ ᖺ ᭶࡛ࠊᮧᩍᤵࡀᣦᑟࡍࡿᮾᏛὠἼᕤᏛ◊✲ᐊࢆゼ
ࢀࡿࡓࡵࡔࡗࡓࠋ⚾ࡣ࠾ࡼࡑ ࢝᭶᪥ᮏᅾࡋࠊᚋ⚾ࡢ༤ኈㄢ⛬ࡢᣦᑟᩍᐁࡢ୍ே࡞ࡿ㉺ᮧ
ᩍᤵ▱ࡾྜࡗࡓࠋࡑࡢࠊ⚾ࡣᮾᏛὠἼᕤᏛ◊✲ᐊࡢὠἼࡢࣔࢹࣜࣥࢢᢏ⾡ࡢⓎ㐩ࢆ▱ࡾࠊᏛ
ࢇࡔࠋ
⚾ࡀึࡵ࡚ᱜࡢᅜࢆぢ࡚ࠊᜊⴠࡕࠊῶ⅏ศ㔝ࡢ༤ኈㄢ⛬ࢆᏛࡪࡓࡵ᪥ᮏᡠࡗ࡚ࡃࡿࡇࢆᚰ
Ỵࡵࡓࡢࡣࡇࡢࡔࡗࡓࠋ
ᏛධᏛ࡛ࡁࡓࠋ⚾ࡣࠊ≉ᆅ㟈࣭ὠἼࡀ㢖Ⓨࡍࡿᨾ㒓࡛άࡏࡿ⅏ᐖࣜࢫࢡ㍍ῶᢏ⾡ࢆ◊✲
ࡍࡿ࠸࠺ィ⏬ࡀ࠶ࡗࡓࠋ
◊✲ᮇ㛫୰ࠊ᪥ᮏࡢᏛࠊᨻᗓࠊᅜẸࡢྛࣞ࣋ࣝ࠾ࡅࡿ⅏ᐖᩍ⫱࠾ࡼࡧ⅏ᐖࣜࢫࢡ㍍ῶࡢྲྀ⤌
㛵ࡋ࡚ࠊ᪥ᮏ࡛ከࡃࢆᏛࡪࡇࡀ࡛ࡁࡓࠋ⚾ࡀ᪥ᮏ࡛Ꮫࡧࠊ⤒㦂ࡋࡓࡇࡢ࡚ࡀࠊࣥࢻࢿࢩࠊ
≉ࢳ࢙ࡢ⅏ᐖࣜࢫࢡ㍍ῶ㠀ᖖ᭷⏝࡞ࡶࡢࡔࡗࡓࠋ
᪥ᮏࡢ༠ຊ
ᮾ᪥ᮏ㟈⅏௨㝆ࠊ᪥ᮏᨻᗓࡢ⠇ᅋࠊ◊✲⪅ࠊᕷẸ࡞ከࡃࡢ᪥ᮏேࡀࢳ࢙ࢆゼࢀࠊࢳ࢙ࡢ
ᪧ࣭⯆ࢆどᐹࡋࠊ㆟ㄽࡋࡓࠋᆅ㟈࣭ὠἼ࡛◚ቯࡉࢀࡓᮾᆅ᪉ࡢ⯆ࡢࡓࡵࠊࢳ࢙ࡢᩍカࡸ
⤒㦂ࡽᏛࡪࡓࡵ࡛࠶ࡿࠋࡉࡲࡊࡲ࡞ᶵࠊᮾᆅ᪉࡛ྠࡌ⅏ᐖ㐼ࡗࡓᕷẸࢆᨭࡍࡿࡓࡵࠊ⚾
ࡣᖖㄪᩚࢆᡭఏ࠸ࠊ⚾ࡸேࡓࡕࡢ⤒㦂ࢆඹ᭷ࡍࡿࡓࡵ✚ᴟⓗ⾜ືࡋࡓࠋࡇࢀࡣඛࡁ࡞⅏
ᐖࢆ⤒㦂ࡋࡓᆅᇦࡢ⚾ࡓࡕࡀࠊ᪥ᮏࠊࣥࢻࢿࢩࠊ࠶ࡿ࠸ࡣࡇࡢୡ⏺ࡢࡢሙᡤ࡛࡛ࡶࠊ≉ᆅ
㟈࣭ὠἼࡢ⅏ᐖࣜࢫࢡ㍍ῶࣉࣟࢢ࣒ࣛࡢᨵၿ࣭ྥୖࡢྲྀ⤌㈉⊩࡛ࡁࡿ࠸࠺ࡇ࡛࠶ࡾࠊ⚾ࡓࡕ
ࡗ࡚㠀ᖖព⩏ࡢ࠶ࡿࡇࡔࡗࡓࠋ
ᖺ ᭶ ᪥ࠊ㝵ಇ༤Ặࡑࡢ
⠇ᅋࡀࢳ࢙ࢆゼၥࡋࡓࠋḷᒣ࡛ὠ
Ἴ⅏ᐖࡽఫẸࢆᩆࡗࡓ℈ཱྀ㝠ࡢⱥ㞝
ⓗ࡞≀ㄒᇶ࡙࠸࡚ࠊẖᖺ ᭶ ᪥ࢆ
ࠕୡ⏺ὠἼࡢ᪥ࠖࡍࡿ࠸࠺ࢹ
ࢆᗈࡵࡿࡓࡵ࡛࠶ࡿࠋ⚾ࡣࢳ࢙ࡢ௰㛫
ࡓࡕヰࡋྜࡗ࡚ࠊ୍⥴ࠕୡ⏺ὠἼࡢ
᪥ࠖࢆ᥎㐍ࡍࡿάືࢆᨭࡍࡿࡇࡋ
ࡓࠋࡑࡋ࡚ࠊࢳ࢙ࢆྵࡴୡ⏺ࡢ」ᩘࡢ
ሙᡤ࡛ࠊ ᖺ ᭶ ᪥ࠊึࡵ࡚ࠕୡ
ᖺ ᭶ࠊἈ⦖࡛ࡢ㧗ᰯ⏕ࢧ࣑ࢵࢺ࡛ࠊ㝵ಇ༤
⏺ὠἼࡢ᪥ࠖࢆඹグᛕࡍࡿ⾜ࢆ⾜ࡗ ẶࢽࢩẶ
ࡓࠋࡑࡢᚋࠊ ᖺ┠ࡢࠕୡ⏺ὠἼࡢ᪥ࠖࡢ
Ἀ⦖࡛ࡢグᛕ⾜࡛ࠊึࡢୡ⏺ὠἼ༤≀㤋㆟ࠊ ᅇ┠ࡢ㧗ᰯ⏕ࢧ࣑ࢵࢺࡀ⾜ࢃࢀࡓࠋࡑࡢࠊ⚾ࡣ
ࢳ࢙ὠἼ༤≀㤋ὠἼ⅏ᐖᚋࡢࢳ࢙ࡢ⯆㐣⛬ࡘ࠸࡚Ⓨ⾲ࡍࡿᶵࡀ࠶ࡗࡓࠋࡲࡓࠊࡑࡇ࡛
ࡧ㝵Ặࡸ」ᩘࡢᅜࡢ௰㛫ࡓࡕヰࡋྜ࠺ᶵࡀ࠶ࡗࡓࠋᙼࡽࡶඹⱝ࠸ୡ௦ࠊᏛᰯࡢ⏕ᚐࡓࡕࠊ୍
⯡ᕷẸࡢ⅏ᐖᑐ⟇ᩍ⫱ࢆᗈࡵࡿࡓࡵฟᖍࡋ࡚࠸ࡓࡢࡔࠋ⚾ࡣࠊⱝ࠸ேࡓࡕࡀࠊᑗ᮶ࠊ⚾ࡓࡕࢆ⬣
ࡍࡶࡋࢀ࡞࠸⅏ᐖഛ࠼ࠊ㆙ᡄࡍࡿࡇࢆ⤯࠼ࡎᮃࢇ࡛࠸ࡿࠋ
ࢳ࢙ࡢࣟࢫࢻࣅ࣮ࢳ࡚ࠊࢳ࢙ὠἼ⿕⅏⪅ᑐㄯࡍࡿᮾ᪥ᮏ㟈⅏⿕⅏⪅ࡢࢼ࣐࢝ࣖࡉࢇࠊ
࣋ࡉࢇࠊ࢚ࣜࡉࢇ㸦 ᖺ ᭶ ᪥㸧ࠋࢳ࢙ࠊᮾᆅᇦࡢὠἼ⿕ᐖࡢ⤒㦂Ꮫࡧࢆඹ᭷ࡋࡓࠋ
ᮾᏛࡢඹ῭ࡢࡶࠊࣂࣥࢲࢳ࢙ᕷෆࡢᑠᏛᰯࢆᑐ㇟⅏ᐖࣜࢫࢡ㍍ῶࢡࣛࢫࢆ㛤ദࡋࡓ
㸦 ᖺ ᭶ ᪥㸧ࠋ
ᐑᇛ┴ࡢὠἼ⿕⅏ᆅゼၥࡢᵝᏊࠋᚋ㉳ࡇࡾ࠺ࡿὠἼࡢᑐ⟇࡛࠶ࡿ㜵Ἴሐᘓࡘ࠸࡚Ꮫࡧࠊ
ࢳ࢙ࡢ⾜ᨻᶵ㛵ඹ᭷ࡋࡓࠋ
᪥ᮏ࡛㛤ദࡉࢀࡓᅜ㝿ࢩ࣏ࣥࢪ࣒࡛࢘ࡣࠊࢳ࢙ࡢὠἼ⿕ᐖᏛࡧࢆඹ᭷ࡋࡓࠋ
ඖ㥔ࣥࢻࢿࢩඹᅜ᪥ᮏᅜࡢሷᑼᏕ㑻ẶࡢࠋྠẶࡼࡾࠊᚋ㉳ࡇࡾ࠺ࡿ⅏ᐖ
ࡢᑐ⟇᪥ᮏࡀᢞ㈨ࡋ࡚࠸ࡿࡇࢆᏛࢇࡔࠋ⅏ᐖࢆཷࡅࡸࡍ࠸ᅜࣥࢻࢿࢩࡶྠᵝᢞ㈨ࡍ
ࡁ࡛࠶ࢁ࠺ࠋ
ࣥࢻࢿࢩ᪥ᮏࡢ༠ຊࢆࡾ㏉ࡿ
㐣ཤࠊ⌧ᅾࠊࡑࡋ࡚ᑗ᮶ࡢᒎᮃ
&KDQGUD+DVVDQ
◁㜵ᢏ⾡ࢭࣥࢱ࣮ඖࢭࣥࢱ࣮ᡤ㛗㸦 ᖺ㹼 ᖺ㸧
␎Ṕ
࢞ࢪ࣐ࣕࢲᏛᅵᮌᕤᏛ⛉༞ᴗࠊ࢜ࣛࣥࢲࡢࢹࣝࣇࢺᏛᅜ㝿Ỉ⌮⎔ቃᕤᏛಟኈྕ
ྲྀᚓࠋ ᖺ࣓ࣛࣆⅆᒣࣉࣟࢪ࢙ࢡࢺ⏬㒊㛛㛗ࠊ ᖺ≉ูጤဨጤဨ㛗ᑵ
௵ࠋ ᖺ㹼 ᖺⅆᒣ◁㜵ᢏ⾡ࢭࣥࢱ࣮ᢏ⾡㛤Ⓨ㒊㛛㛗ࠊ ᖺ㹼 ᖺⅆᒣ
◁㜵ᢏ⾡ࢭࣥࢱ࣮㸦⌧ࠊ◁㜵ᢏ⾡ࢭࣥࢱ࣮㸧ᡤ㛗ࠊ ᖺ㹼 ᖺྠࢭࣥࢱ࣮ᡤ
㛗ࠋ ᖺࡣ◁㜵ᢏ⾡ࡢᑓ㛛ᐙࡋ࡚ -,&$ ࡢ➨୕ᅜ◊ಟཧຍࠋ⌧ᅾࡣࠊ◁㜵ᢏ
⾡ࢭࣥࢱ࣮⤫ᣓᑓ㛛ᢏ⾡⪅ࢆົࡵࠊᅜෆእࡢ㧗➼ᩍ⫱ᶵ㛵࠾࠸࡚◁㜵ᢏ⾡ࡢ◊ಟ
ᣦᑟࢆᢸᙜࡋ࡚࠸ࡿࠋ
ࠕⅆᒣ◁㜵ᢏ⾡ࢭࣥࢱ࣮ᩚഛࠖ
ࣥࢻࢿࢩࡣ⎔ኴᖹὒⅆᒣᖏ⨨ࡋࠊ㝆㞵㔞ࡶከࡃࠊᛴᓧ࡞ᆅᙧࢆ᧦ࡍࡿࡇࡶ࠶ࡾࠊ㐣ཤࡼ
ࡾከࡃࡢᅵ◁࣭ⅆᒣ⅏ᐖࡳࡲࢃࢀ࡚ࡁࡓࠋ᪥ᮏࡣ ᖺ௦ࡢᑓ㛛ᐙࡢὴ㐵ࢆᄏ▮ࠊேᮦ⫱
ᡂࠊ◁㜵タࡢᩚഛࠊ⅏ᐖ㛵ࡍࡿ◊✲༠ຊ➼ࠊ㛗ᖺࢃࡓࡾᨭࢆ⾜ࡗ࡚ࡁࡓࠋⅆᒣ◁㜵ᢏ⾡ࢭ
ࣥࢱ࣮㸦⌧ࠊ◁㜵ᢏ⾡ࢭࣥࢱ࣮㸧ࡣࠊ᭱ࡶ㢖ᗘ㧗ࡃᄇⅆࡍࡿⅆᒣࡢ୍ࡘ࡛࠶ࡿ࣓ࣛࣆᒣ㯄ࡢࢪࣙࢢ
ࢪࣕ࢝ࣝࢱ࡛ ᖺタ❧ࡉࢀࡓࠋ᪥ᮏࡣࡇࡢᶵ㛵ࡢタ❧ࡽ㐠Ⴀࡲ࡛ཬࡧᢏ⾡⪅ࡢ㣴ᡂࢆᨭ
ࡋ࡚࠸ࡿࠋ
◁㜵ᢏ⾡ࡢ◊✲ࠊ㛤Ⓨࠊ࢚ࣥࢪࢽࣜࣥࢢศ㔝࠾ࡅࡿࣥࢻࢿࢩᨻᗓ᪥ᮏࡢᢏ⾡༠ຊࡣࠊ
ᖺึ࡞ࡿ᪥ᮏࡢᑓ㛛ᐙᶓ⏣▱Ặࡢ╔௵ࡶጞࡲࡗࡓࠋࡋࡋࠊᐇࡣࡑࡢࡎࡗ๓
ࡽࠊ᪥ᮏࡢᑓ㛛ᐙࡓࡕࡀಶேⓗ࣎ࣛࣥࢸࡋ࡚༠ຊࡋ࡚ࡁ࡚࠸ࡓࠋࣥࢻࢿࢩ᪥ᮏࡀⅆᒣ
ᅜ࠸࠺ඹ㏻Ⅼࢆᣢࡗ࡚࠸ࡓࡓࡵࡔࠋࡘ࡚୧ᅜࡣ ே௨ୖࡀ≛≅࡞ࡗࡓ᭱ᝏࡢⅆᒣᄇⅆぢ
⯙ࢃࢀ࡚࠸ࡿࠋ
ᅵ▼ὶࡸᆅࡾࡼࡿ⅏ᐖࡀ㉳ࡇࡿࡓࡧࠊ᪥ᮏࡢ◁㜵ᑓ㛛ᐙᨭࢆồࡵࡿࡇࡣ㠀ຠ⋡ࡔ
ࣥࢻࢿࢩഃࡣ⪃࠼࡚࠸ࡓࠋࡑࡢࡓࡵࠊ᪥ᮏᨻᗓࡣࠊࣥࢻࢿࢩࡢ≧ἣ࠶ࡗࡓேᮦ⫱ᡂ◁㜵ᢏ
⾡㛤Ⓨࢆ┠ⓗࡋࡓᅵ◁⅏ᐖ◊✲ࢭࣥࢱ࣮ࡢタ❧ࢆᥦࡋࡓࠋ ᖺタ❧ࡉࢀࡓࣥࢻࢿࢩⅆ
ᒣ◁㜵ᢏ⾡ࢭࣥࢱ࣮⌧ࠊ◁㜵ᢏ⾡ࢭࣥࢱ࣮࡛ࡣࠊྠఫẸཧຍࡼࡿᅵ◁⅏ᐖᑐ⟇ࡋ࡚ఫẸࡢ
ᙺᙉࡶຊࢆධࢀ࡚ࡁࡓࠋ
ࣥࢻࢿࢩࡣࠊⅆᒣᄇⅆࠊⅆᒣἾὶࠊᅵ▼ὶࠊᅵ◁ᔂࢀࠊ㕲◙Ỉࡢࡼ࠺࡞ᅵ◁⅏ᐖࡢၥ㢟ᖖ
ᝎࡲࡉࢀ࡚ࡁࡓࠋࡑࢀࡇࢁࠊẟࡢᆅࡋ࡚▱ࡽࢀࠊࡓࡧࡓࡧᖸࡤࡘࡶくࢃࢀ࡚࠸ࡿࢪࣙࢡࢪ
ࣕ࢝ࣝࢱ≉ูᕞࢢࢾ࣭ࣥ࢟ࢻࣝ┴࡛ࡉ࠼ࡶࡀࠊ ᖺᮎ῝้࡞ὥỈ⅏ᐖぢ⯙ࢃࢀ࡚࠸ࡿࠋ
◁㜵㛵ࡍࡿ◊✲㛤Ⓨ࠾࠸࡚ࡣࠊ᪥ᮏࡢ◁㜵ᑓ㛛ᐙࡢᨭࢆᮍࡔᚲせࡋ࡚࠸ࡿࠋࣥࢻࢿࢩ
᪥ᮏࡢ㛵ಀࡣࠊ༢࡞ࡿዲᅜࡋ࡚ࡢ㛵ಀ࡛ࡣ࡞ࡃࠊᜨ㛵ಀ࠶ࡿ┿ࡢ㑥࡛࠶ࡿࠋ᫂ࡿ࠸୰ࢆ
୍ே࡛Ṍࡴࡼࡾࡶ㜌ࡢ୰ࢆṌࢇࡔ᪉ࡀⰋ࠸ゝࢃࢀࡿࡼ࠺ࠊ᪥ᮏࡢᑓ㛛ᐙࡣ┿ࡢ┕ࡋ࡚ࠊ
⅏ᐖࡢ࡞࠸ᖾ⚟࡞ࡼࡾࡶࠊࡴࡋࢁᅵ◁⅏ᐖࡼࡿၥ㢟┤㠃ࡋࡓ㝿ᛮ࠸ࡸࡾࢆ♧ࡋ࡚ࡃࢀࡓࠋࡇ
ࡢࡼ࠺ࡋ࡚ࠊ⚾ࡓࡕࡣ⅏ᐖࡀ㢖Ⓨࡋࠊᅵ◁⅏ᐖࡢ༴㝤ࡀ㧗࠸ᆅᇦ࠾࠸࡚ࡶຬẼࢆࡶࡗ࡚άືࡋ࡚
࠸ࡿࠋᆅᇦࡢேࠎࢆ࠺ࡺ࠼ࠊάືࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࡲࡓࡑࡢᏊࡶࡓࡕࡶ࠸࠾ࡋࡃᛮ࠺ࠋ
ࡓ࠼ࠊ⅏ᐖࡢ༴㝤ࡀከࡃᩍ⫱タഛࡶ㝈ࡽࢀ࡚࠸ࡿᆅ᪉ఫࢇ࡛࠸ࡓࡋ࡚ࡶࠊᏊࡶࡓࡕࡣᑗ᮶
ࡢᕼᮃክࡀ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ
᪥ᮏᨻᗓࡢᢏ⾡༠ຊࡀ⤊ࡋࡓ㝿ࠊࣥࢻࢿࢩᨻᗓࡣබົဨࡢ᥇⏝ᢚไᨻ⟇ࢆ⥆ࡅ࡚࠸ࡓࡓࡵࠊ
ࡢࡕ᪂ࡓ࡞ၥ㢟ࡀ㉳ࡁࡓࠋ༠ຊࡢ⤊ࡽ⌧ᅾࡲ࡛◁㜵ᢏ⾡ࢭࣥࢱ࣮࡛◊ಟࢆཷࡅࡓබົဨࡢ
㸣ࡀ㏥⫋ࡋࠊࡸ◁㜵ᢏ⾡ࢆࡁࡕࢇ⌮ゎࡋ࡚࠸ࡿ࢚ࣥࢪࢽࡣᣦ࡛ᩘ࠼ࡽࢀࡿࡋ࠸࡞࠸ࠋ
୍᪉ࠊᅵ◁⅏ᐖࡣᅜࡢࡉࡲࡊࡲ࡞ᆅᇦ࡛㉳ࡇࡾ⥆ࡅ࡚࠾ࡾࠊ㎿㏿࡛ⓗ☜࡞㆙ᡄᑐᛂࡀᚲせࡉࢀ
࡚࠸ࡿࠋ
᪥ᮏࡢ◁㜵ᑓ㛛ᐙࡽᩍࢃࡗࡓ◁㜵ᢏ⾡㛵ࡍࡿ▱㆑ࢆࡶࠊ◁㜵ᢏ⾡ࢭࣥࢱ࣮࡛ࡣ◁㜵ࢲ࣒ࡸࠊ
㏱㐣ᆺ◁㜵ሖሐࠊ◁㜵ࢲ࣒㛵㐃タ⩌➼ಀࡿᛂ⏝◊✲ࢆヨࡳ࡚࠸ࡿࠋ⚾ࡓࡕࡗ࡚ࠊ࠶ࡿ◊✲ࡢ
ኻᩋࡣࠊࡉࡽⰋ࠸◊✲ࢆ⾜࠺ࡓࡵࡢᩍカ࡞ࡿࠋኻᩋࡣᡂຌࡢᑐ࡛ࡣ࡞ࡃࠊᮏ㉁ⓗࡣᡂຌࡢ୍
㒊࡛࠶ࡾࠊᡂຌࡣኻᩋḟࡄኻᩋ࡛ࡶពḧࢆኻ࠺ࡇࡢ࡞࠸㜚࠸࡛࠶ࡿࠋ
ᑗ᮶ࠊ◁㜵ᢏ⾡ศ㔝ࡢ◊✲㛤Ⓨࢩࢫࢸ࣒ࢆぢ┤ࡍᚲせࡀ࠶ࡿᛮ࠺ࠋࡼࡾࣥࢻࢿࢩࡢᐇ࠶
ࡗࡓࠊࡼࡾᐇ㝿ⓗ࡞ࡶࡢࡍࡿࡓࡵ࡛࠶ࡿࠋࡑࡢࡓࡵࡣࠊ᪥ᮏᨻᗓࡢ◁㜵࢚ࣥࢪࢽࣜࣥࢢศ㔝
ࡢ༠ຊࢆ㛤ࡍࡿᚲせࡀ࠶ࡿࠋ◁㜵ᢏ⾡ࡣࡶࡶ᪥ᮏࡢࡶࡢ࡞ࡢ࡛ࠊࣥࢻࢿࢩࡢᢏ⾡༠ຊࡢ
㛤࠸࠺ࡢࡣ㐣࡞ᮇᚅ࡛ࡣ࡞࠸ᛮ࠺ࠋ
◁㜵ᢏ⾡ศ㔝ࡢ㧗࠸ᑓ㛛ᛶඃࢀࡓே᱁ࢆᣢࡘ᪥ᮏேᑓ㛛ᐙࡢᢏ⾡༠ຊࡢ㛤࡛ࡣࠊ᪥ᮏᑐࡋ
࡚⚾ࡓࡕࡶྠࡌࡇࢆࡍࡿࡔࢁ࠺ࠋ࡞ࡐ࡞ࡽࡇࡢୡ࡛┿ࡢࡿࡶࡢࡣ࡞࠸ࡽࡔࠋ
ࡇࢀࡲ࡛ࡢ◁㜵ᢏ⾡ࢭࣥࢱ࣮࠾ࡅࡿᢏ⾡⛣㌿ࡸ◊ಟࡣࠊᛴὶᆅᖏࡸୣ㝠ᩳ㠃ࡢ◁㜵↔Ⅼࢆ࠶࡚
ࡓࡶࡢ࡛ࠊᾏᓊᆅᖏࡢ◁㜵ࡣ㠀ᖖ㐜ࢀ࡚࠸ࡿࠋ
࠸ࡘࡢ᪥ࠊ᪩ᮇ㆙ᡄࢩࢫࢸ࣒ࢆྵࡴᛴὶᆅᖏࡸୣ㝠ᩳ㠃ࠊᾏᓊἢ࠸ࡢ◁㜵ᵓ㐀≀ࡢᐇࡀࡳࡽࢀ
ࡿࡇࢆᮃࢇ࡛࠸ࡿࠋ୍ࡘࡢᐇࡣ ᅇࡢヰࡸຓゝࡿࠋ◁㜵ᒎ♧ࢭࣥࢱ࣮ࡸ◁㜵ᕤࡢᑠᆺ
ᶍᆺࡢᵓࡶ᳨ウ್ࡍࡿࡔࢁ࠺ࠋ
࣓ࣛࣆⅆᒣ◁㜵ᴗࡢ࠶ࡺࡳ
Ỉ㔝┤ே
ඵ༓௦࢚ࣥࢪࢽࣖࣜࣥࢢᰴᘧ♫
␎Ṕ
ᖺி㒔Ꮫ㎰Ꮫ㒊༞ᴗࠊ ᖺྠᏛ㝔㎰Ꮫ◊✲⛉ಟኈㄢ⛬ಟࠋྠᖺࠊඵ
༓௦࢚ࣥࢪࢽࣖࣜࣥࢢᰴᘧ♫ධ⫋ࠋ௨㝆ࠊ ᖺࡼࡾᅜ㝿ᴗ㒊ࢪࣕ࢝ࣝࢱ
సᴗᡤົࠊྠ௵ࠊỈ㈨※࣭㜵⅏ㄢᖿ➼ࢆ⤒࡚ࠊ ᖺࡽ⌧ᅾࡲ࡛Ỉ㈨※࣭
㜵⅏ㄢ㛗ࠋ ᖺࣉࣟࢦᕝὶᇦ࣓ࣛࣆⅆᒣ⥭ᛴ㜵⅏ᴗࡸ ᖺࣂ࢚࣡࢝ࣛࣥ
⥭ᛴ㜵⅏ᴗ➼ࠊࣥࢻࢿࢩࡢ㜵⅏ศ㔝ࢆ୰ᚰࠊㄪᰝ࣭ィ⏬࣭タィཬࡧࣉࣟ
ࢪ࢙ࢡࢺ⟶⌮ࢆᨭࠋ
ࠕⅆᒣ◁㜵ᴗࠖ
ࣥࢻࢿࢩࡢⅆᒣ◁㜵ศ㔝࡛ࡢ᪥ᮏࡢ༠ຊࡢṔྐࡣྂ࠸ࠋ ᖺࡢ࣓ࣛࣆⅆᒣࡢᄇⅆࢆཷࡅࠊ
ᖺࡢᑓ㛛ᐙὴ㐵ࡢ㛤ጞ௨㝆ࠊⅆᒣ◁㜵ࢭࣥࢱ࣮ࡢタ❧ࡸேᮦ⫱ᡂ࡞ᗈ⠊࡞ᢏ⾡༠ຊࢆᐇ
ࡋ࡚࠸ࡿࠋᄇⅆ㢖ᗘࡀ㧗࠸࣓ࣛࣆᒣ࠾࠸࡚ࡣࠊ⟇ᐃࡉࢀࡓⅆᒣ◁㜵ィ⏬ᇶ࡙ࡁࠊ ᗘࡢ
᭷ൾ㈨㔠༠ຊࢆ㏻ࡌ࡚◁㜵タࡢᩚഛࢆᨭ࠼ࡓࠋࣥࢻࢿࢩᨻᗓࡼࡿ㈇ᢸศࡶྜࢃࡏࡿࠊ
ࡇࢀࡲ࡛⣙ ᇶࡢ◁㜵ࢲ࣒ࡀᘓタࡉࢀ࡚࠸ࡿࠋ
㸯㸬ࡣࡌࡵ
ࢪࣕ࣡ᓥ୰ኸ㒊ࡢ୰㒊ࢪࣕ࣡ᕞࢪࣙࢢࢪࣕ࢝ࣝࢱ
≉ูᕞࡢቃ⏺⨨ࡍࡿ࣓ࣛࣆⅆᒣ㸦ᶆ㧗 P㸧
ࡣࠊᖺ㛫 㹼 ᅇࡢ㢖ᗘ࡛ᄇⅆࡍࡿࠊୡ⏺࡛᭱ࡶ
άືⓗ࡞ⅆᒣࡢ୍ࡘ࡛ࡍࠋ࡞ᄇⅆࡢᙧែࡣᡂ㛗୰ࡢ
⁐ᒾࢻ࣮࣒ࡢ୍㒊ࡀᏳᐃ࡞ࡾࠊᔂࢀࡿࡁ◚○ࡋ
࡚ᒣࡢᩳ㠃ࢆ୍᪉ྥୗࡾ㝆ࡾ࡚ⅆ○ὶ࡞ࡿࡶࡢ࡛
࣓ࣛࣆᆺ࠸࠸ࡲࡍࠋᖺᖹᡂ ᖺ ᭶㞼ᬑ
㈼ᓅ࡛Ⓨ⏕ࡋࠊ ྡࡢ≛≅⪅ࢆฟࡋࡓⅆ○ὶࡢ㒊ศ
ᄇ↮୰ࢆక࠺つᶍᄇⅆ
ࡣ࣓ࣛࣆᆺ࡞ࡾࡲࡍࠋ
ᖺ ᭶ ᪥ 67& ᙳ
ᒣ㡬ࡽ⣙ NPࡢ⨨ࡣࠊ⾜ᨻࠊ⤒῭ࡢ୰ᚰᆅ
࡛࠶ࡿࢪࣙࢢࢪࣕ࢝ࣝࢱᕷࡸࠊୡ⏺㑇⏘ࡶⓏ㘓ࡉࢀ࡚࠸ࡿ࣎ࣟࣈࢻ࣮ࣝᑎ㝔ཬࡧࣉࣛࣥࣂ
ࢼࣥ㑇㊧ࠊࡶᩍ࣭ࣄࣥࢬ࣮ᩍࡢ㑇㊧ࡀᩘከࡃ࠶ࡾࠊ୍ᖏࡣ┠ࢆぢᙇࡿ⮬↛ࡢ⨾ࡋࡉࡽ
ᖺ㛫 ௨ୖࡶࡢேࠎࡀゼࢀࡿୡ⏺ⓗࡶྡ㧗࠸ほගᆅ࡞ࡗ࡚࠸ࡲࡍࠋ
㸰㸬࣓ࣛࣆⅆᒣ◁㜵ᴗࡢ⤒⦋ 㹼࣐ࣝࢳࢫ࣮࣒࢟ࡼࡿ⥲ྜⓗ࡞༠ຊ㹼
ᒣ㯄ᆅᇦࡣࠊ㇏ᐩ࡞ᆅୗỈᜨࡲࢀࡓ⪔సᆅ㞟ⴠࡀᗈࡀࡿ୍᪉ࠊⅆ○ὶࡸᄇⅆᚋࡢᅵ▼ὶ
ࡢ⬣ጾࡉࡽࡉࢀ࡚ࡁ࡚࠸ࡲࡋࡓࠋࣥࢻࢿࢩᅜ㸦௨ୗࠊࠕᅜࠖ㸧ᨻᗓࡣࠊ࣓ࣛࣆⅆᒣ࿘㎶
ᆅᇦࡀ⾜ᨻ࣭⤒῭࣭ᩥ࣭ṔྐࡢほⅬࡽ≉㔜せ࡛࠶ࡿࡇࡽࠊᖺᄇⅆࡢ⅏ᐖࢆዎ
ᶵࡋ࡚࣓ࣛࣆⅆᒣ◁㜵ᕤົᡤࢆタ⨨ࡋࠊⅆᒣ⅏ᐖᑐ⟇ࢆ㛤ጞࡋࡲࡋࡓࠋࡲࡓࠊ᪥ᮏࡢ㧗
࠸◁㜵ᢏ⾡╔┠ࡋࠊ᪥ᮏᨻᗓᑐࡋ◁㜵ᢏ⾡⪅ࡢὴ㐵ࢆせㄳࠊࡇࢀࢆཷࡅ࡚ ᖺࡽᨾ
ᶓ⏣ᑓ㛛ᐙࡀ࣓ࣛࣆⅆᒣ࿘㎶ࡢἙᕝࢆ୰ᚰ◁㜵ᢏ⾡ᣦᑟࢆ⾜ࡗࡓࡇࡀࠊ᪥ᮏࡢᮏ᱁ⓗ࡞◁
㜵ᢏ⾡ຓࡢጞࡲࡾ࡛ࡍࠋ ᖺࡽ ᖺࡅ࡚ᐇࡉࢀࡓ࣓ࣛࣆⅆᒣ㜵⅏ᇶᮏィ⏬⟇
ᐃㄪᰝ㸦-,&$ ࡼࡿ㛤Ⓨㄪᰝ㸧ࡣࠊ᪥ᮏࡢ◁㜵㛵ಀᢏ⾡⪅ࡢຊࢆ㞟⣙ࡋ࡚⾜ࢃࢀࡲࡋࡓࠋࡑࡢ
ᚋࠊᅜࡢ」ᩘᆅᇦ࡛◁㜵ᴗࢆྠ㐍ࡵࡿࡣ⌧ᆅᢏ⾡⪅ࡢ⫱ᡂࡀྍḞ࡛࠶ࡿࡇࡽࠊ
ⅆᒣ◁㜵ᢏ⾡ࢭࣥࢱ࣮㸦967&㸧ࡀ ᖺタ❧ࡉࢀࠊⅆᒣᆅᇦࡢ◁㜵㛵ࡍࡿᢏ⾡⪅⫱ᡂࡢ
ࡓࡵࡢᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺ㸦௨ୗࠊ
ࠕᢏࣉࣟࠖ
㸧ࡀ㛤ጞࡉࢀࡲࡋࡓࠋ967&ࡣࠊᢏ⾡⛣㌿ࡢࢫࢥ
࣮ࣉࢆ㠀ⅆᒣᆅᇦࡲ࡛ᣑࡋࡓ➨ᮇࡢᢏࣉࣟࢆዎᶵࡋ࡚ࠊᖺ◁㜵ᢏ⾡ࢭࣥࢱ࣮
㸦67&㸧ᨵ⛠ࡉࢀࠊ◁㜵ᢏ⾡ࡢேᮦ⫱ᡂࡢሙࡋ࡚ㄪᰝࠊᩍ⫱ࢆ୰ᚰࡋࡓάືࢆ⾜ࡗ࡚ࡁ
ࡲࡋࡓࠋࡉࡽࠊ◁㜵ᑐࡍࡿ⌮ゎࡢ῝ᅜࡢᆅ᪉ศᶒࡢὶࢀࢆཷࡅ࡚ࠊேᮦ⫱ᡂࡢᑐ㇟
ࢆᆅ᪉ᨻᗓࡢ⾜ᨻᢸᙜ⪅ࡸఫẸࡲ࡛ᣑࡋࡓⅆᒣᆅᇦ⥲ྜ㜵⅏㸦,6'0㸧ࣉࣟࢪ࢙ࢡࢺࡀࠊ
ᖺࡽ ᖺ㛫ࢃࡓࡗ࡚ᐇࡉࢀ࡚ࡁࡲࡋࡓࠋ୍᪉࡛ࠊࡇࡢ◁㜵ᇶᮏィ⏬ࢆᇶࠊ⌧⾜ࡢࡶࡢ
ࡶྵࡵୗグࡢ ᮇࢃࡓࡿḰᴗࡀᐇࡉࢀࠊᘢ♫ࡣࡇࡢ࡚ࡢᴗࢥࣥࢧࣝࢱࣥࢺ
ࡋ࡚ᦠࢃࡗ࡚ࡁࡲࡋࡓࠋࡇࢀࡽࠊᵝࠎ࡞ຓࢫ࣮࣒࢟ࢆ᭷ᶵⓗ㐃ᦠࡍࡿࡇࡼࡾࠊⅆᒣ⅏
ᐖࡢ㍍ῶࡁ࡞ᡂᯝࢆᣲࡆ࡚࠾ࡾࡲࡍࠋ
¾ ࣓ࣛࣆⅆᒣ◁㜵ᴗ㸦 ᖺ ᖺ㸧
¾ ࣓ࣛࣆⅆᒣ࣭ࢫ࣓ࣝⅆᒣ㜵⅏ᴗ㸦 ᖺ ᖺ㸧
¾ ࣉࣟࢦὶᇦ࣭࣓ࣛࣆⅆᒣ⥭ᛴ㜵⅏ᴗ㸦 ᖺ ᖺ㸧
¾ ࣓ࣛࣆⅆᒣཬࡧࣉࣟࢦᕝୗὶᆅᇦ⥭ᛴ㜵⅏ᴗ㸦➨ ࣇ࢙࣮ࢬ㸧
㸦 ᖺ ᖺணᐃ㸧
࣓ࣛࣆⅆᒣᆅᇦ࠾ࡅࡿ◁㜵ᴗ
㸱㸬᪥ᮏࡢࣥࣇࣛᢏ⾡ࠊࢯࣇࢺᑐ⟇ᢏ⾡ࡢ㍺ฟ
ࡇࢀࡽࡢᴗࡢ୰࡛ࠊᡃࠎࡣ㗰〇ࢲࣈࣝ࢘
࢛࣮ࣝࢲ࣒ࡸ࣮࢜ࣉࣥࢱࣉࢲ࣒ࠊ◁㜵ࢯ
ࣝࢭ࣓ࣥࢺࠊ᭱᪂ࡢゎᯒᢏ⾡ᇶ࡙ࡃ㜵⅏ᇶ
ᮏィ⏬ࡢぢ┤ࡋ➼ࠊࡑࡢ௦ࡢᮏ㑥ᢏ⾡ࢆ࠸
ࡕ᪩ࡃ㐺⏝ࡋࠊᢏ⾡⛣㌿ࢆ⾜ࡗ࡚ࡁࡲࡋࡓࠋ
ࡑࡢ୍᪉࡛ࠊ◁㜵ࢲ࣒ࢆ⏝ࡋࡓἙᕝᶓ᩿㐨
㊰ࠊ℺₅タࡢᖏ➼ࠊ᪥ᮏ࡛ࡣࢇ
ࡢ࡞࠸᪉ᘧࡶ᥇⏝ࡋ࡞ࡀࡽタᩚഛࢆ⾜ࡗ
࡚࠸ࡲࡍࠋࡉࡽࠊ㜵⅏ᑐࡍࡿୡ⏺ⓗ࡞₻
ᅵ▼ὶࢆཷࡅ࡚࠸ࡿ㗰〇
ὶ௦ࡼࡗ࡚⛣ࡾኚࢃࡗ࡚ࡁࡓᆅᇦࡢࢽ ࢲࣈ࢛࣮ࣝ࢘ࣝࢲ࣒
࣮ࢬࡶ㋃ࡲ࠼ࠊண㆙ሗ࣭㑊㞴ࢩࢫࢸ࣒ᩚഛࡸ
㑊㞴カ⦎࣭㜵⅏ᩍ⫱ࠊ㜵⅏ࢆ㏻ࡌࡓᆅᇦ㛤Ⓨ➼ࠊࣁ࣮ࢻ࣭ࢯࣇࢺ୍య࡞ࡗࡓᑐ⟇ࢆ㐍ࡵ࡚ࡁ
ࡲࡋࡓࠋ
㸲㸬ඹᏛࡪ
ࡑࡋ࡚ࠊࡇࡇ࡛ᚓࡽࢀࡓ㈗㔜࡞⮫ᗋᢏ⾡ࡣࠊ㏫㍺ධࡉࢀࡿᙧ࡛᪥ᮏ࠾ࡅࡿⅆ○ὶᑐ⟇ཬࡧ
ⅆᒣἾὶᑐ⟇࡞ᫎࡉࢀ࡚࠸ࡲࡍࠋ࠼ࡤࠊୗグࡢᣦ㔪ࠊ࢞ࢻࣛࣥ➼ࡣ࠸ࡎࢀࡶ࣓ࣛ
ࣆⅆᒣ㜵⅏ᴗࢆࡋ࡚ཧ⪃ࡋ࡚࠸ࡲࡍࠋࡲࡓࠊ㞼࠾ࡅࡿࢧࣥࢻ࣏ࢣࢵࢺࠊᑟὶሐࠊ
ᬯῺ◁㜵ሖሐࠊ᭰ὶ㊰➼ࡢⅆᒣ◁㜵ィ⏬࣭タᩚഛᡭἲࡣࠊࣥࢻࢿࢩ࠾ࡅࡿⅆᒣᑐ
⟇ࢆཧ⪃ࡋࡓ࡛࠶ࡿゝ࠼ࡲࡍࠋ
¾ ⅆᒣ◁㜵ィ⏬⟇ᐃᣦ㔪㸦㸧㸦 ᖺ ᭶㸧
¾ ⅆᒣ⅏ᐖண༊ᇦᅗసᡂᣦ㔪㸦㸧㸦 ᖺ ᭶㸧
¾ ⥭ᛴㄪᰝᐇ࣐ࢽࣗࣝ㸦ⅆᒣ⅊➼ࡢሁ✚㉳ᅉࡋࡓᅵ▼ὶᑐ⟇⦅㸧㸦 ᖺ ᭶㸧
㸳㸬⅏ᐖࢆࡾ㉺࠼ࠊࡲࡓ⅏ᐖࡶ
๓㏙ࡢࡼ࠺ࠊ࣓ࣛࣆⅆᒣࡢᄇⅆ࿘ᮇࡣᑠつᶍ࡞ࡶࡢ
ࡶྵࡵࡿࠊ㹼 ᖺ࡞ࡗ࡚࠾ࡾࠊᴗᐇ୰ࡶᄇⅆ⅏
ᐖ㐼㐝ࡍࡿࡇࡀ㢖⦾࠶ࡾࡲࡋࡓࠋ୰࡛ࡶࠊᖺ
᭶Ⓨ⏕ࡋࡓᄇⅆࡣࠊࡑࢀࡲ࡛࿘ᮇⓗ⧞ࡾ㏉ࡉࢀ࡚
ࡁࡓᄇⅆࡢつᶍࢆࡣࡿୖᅇࡿつᶍ࡞ࡶࡢ࡛ࡋࡓࠋ
ᄇⅆࡢᙧែࡣࠊ⁐ᒾࢻ࣮࣒ࡢᙧᡂ࣭ᔂቯࢆ⧞ࡾ㏉ࡋ࡞ࡀ
ࡽⅆ○ὶࢆὶୗࡉࡏࡿࠕ࣓ࣛࣆᆺ࡛ࠖࡣ࡞ࡃࠊᄇ↮ᰕࢆ
క࠺⇿Ⓨⓗᄇⅆ࡛࠶ࡾࠊ㐣ཤ ᖺ㛫࡛᭱つᶍࡢࡶࡢ
࡛ࡍࠋ࡞࡛ࡶ ᭶ ᪥Ⓨ⏕ࡋࡓ᭱つᶍࡢⅆ○ὶ
ࡣࠊᒣ㡬ࡽ༡ഃࡢࢤࣥࢻ࣮ࣝᕝἢࡗ࡚ NPᆅⅬࡲ࡛
฿㐩ࡋࠊྡࢆ㉸࠼ࡿ≛≅⪅ࢆฟࡋࡲࡋࡓࠋࡲࡓ㢖Ⓨ
ࡍࡿⅆ○ὶࡼࡗ࡚㔞ࡢ㝆ୗⅆ○≀ࡀ࣓ࣛࣆⅆᒣࡢ༡
すᩳ㠃ሁ✚ࡋࡲࡋࡓࠋ
࣓ࣛࣆⅆᒣࢤࣥࢻ࣮ࣝᕝሁ✚
ᄇⅆ㛤ጞᚋࡢ㞵ᮇࡣࠊ࣓ࣛࣆᒣ㯄ࡢせ Ἑᕝ࡚
ࡋࡓⅆ○ὶሁ✚≀
࡛ᅵ▼ὶࡀ㧗࠸㢖ᗘ࡛Ⓨ⏕ࡋࡲࡋࡓࡀࠊᅵ▼ὶࡢỏ℃
ࡼࡿ⅏ᐖࡀⓎ⏕ࡋࡓࡢࡣ Ἑᕝࡢࡳ࡛࠶ࡾࠊ⣙ ᇶࡢ◁㜵タࡣᅵ▼ὶ⅏ᐖࢆ᭱ᑠ㝈㣗࠸
Ṇࡵࡲࡋࡓࠋࡋࡋࠊࡑࡢ୍᪉࡛㢖Ⓨࡍࡿᅵ▼ὶࡼࡗ࡚ ᇶࡢ◁㜵タࡀᦆയࢆཷࡅࡲࡋ
ࡓࠋࡇࢀᑐࡋ࡚ࠊᙜᐇࡋ࡚࠸ࡓ➨ ᮇḰᴗࢥࣥࢧࣝࢸࣥࢢࢧ࣮ࣅࢫ࠾࠸࡚
ᇶࡢタᪧࡢタィࢆ⾜࠸ࡲࡋࡓࠋࡇࡢ㝿ࡢタィ᪉㔪ೌࡗ࡚ࠊᅜᨻᗓ⊂⮬ண⟬࡛⿕⅏┤ᚋ
ࡽᪧᕤ╔ᡭࡋࠊᖺࡲ࡛ࡰࡋ࡚࠸ࡲࡍࠋࡉࡽ ᖺࡼࡾࠊつᶍⅆ○
ὶࡼࡗ࡚ᅵ▼ὶࡢࣜࢫࢡࡀ㧗ࡲࡗࡓࢤࣥࢻ࣮ࣝᕝࡢࢧࣥࢻ࣏ࢣࢵࢺࡢᨵಟᕤࠊࣉࢸᕝࡢ
᭤ὶ㒊ࢆゎᾘࡍࡿࡓࡵࡢἙ㐨ᨵಟཬࡧ ᖺᄇⅆ㉳ᅉࡍࡿᆅᙧኚࢆ㋃ࡲ࠼ࡓ◁㜵ᇶᮏィ
⏬ࡢᨵᐃసᴗࡀࠊ᪂ࡓ࡞Ḱᴗࡋ࡚ᐇࡉࢀ࡚࠸ࡲࡍࠋ
୍᪉࡛ࠊᅜබඹᴗ┬࡛ࡣࠊ⫋ဨࡢ᪂つ᥇⏝ࢆᡭ᥍࠼ࡓᮇࡀ࠶ࡗࡓᙳ㡪࡛ࠊ㐣ཤࡢᢏࣉ
ࣟ➼ࡼࡗ࡚༑ศ࡞◁㜵ࡢ▱㆑ࢆ㌟╔ࡅࡓࢩࢽᒙࠊ◁㜵㛵ࡍࡿᩍ⫱ࢆࢇཷࡅࡿ
ᶵࡀ࡞ࡗࡓⱝᖺᒙࡢ㛫ୡ௦㛫ࡢࢠࣕࢵࣉࡀ⏕ࡌ࡚࠾ࡾࠊࣀ࢘ࣁ࢘ࡢⱝᖺᒙࡢ⥅ᢎࡀ
ࡁ࡞ㄢ㢟࡞ࡗ࡚࠸ࡲࡍࠋࡲࡓ㏆ᖺࠊ㠀ⅆᒣᆅᇦࡢᩳ㠃ᔂቯ➼㉳ᅉࡍࡿᅵ◁⅏ᐖࡶ♫ⓗ
ὀ┠ࡉࢀࡿࡼ࠺࡞ࡗ࡚ࡁ࡚࠾ࡾࠊ⥅⥆ⓗ࡞ேᮦ⫱ᡂࡢᚲせᛶࡣࡉࡽ㧗ࡲࡗ࡚࠸ࡲࡍࠋࡲ
ࡓࠊ㠀ⅆᒣᆅᇦ◁㜵ᴗࡀᣑࡍࡿࡢྜࢃࡏ࡚ࠊ㗰〇◁㜵ᵓ㐀≀ࡢᑟධࡸࠊᬒほᑐ⟇
㛵ࡍࡿᢏ⾡༠ຊࡶᚲせ࡞ࡿ⪃࠼ࡽࢀࡲࡍࠋ
㸴㸬࠾ࢃࡾ
ࣥࢻࢿࢩࡢᐙ␆ேᕤᤵ⢭ᢏ⾡ࡢⓎᒎ
᪥ᮏࡢ༠ຊࡼࡿឤືࡢ≀ㄒ
(QQLHN+HUZLMDQWL
ࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ᡤ㛗
␎Ṕ
ᖺࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ධ⫋ࠋ ᖺ⢭ᾮಖ⟶ㄢ㛗ࡋ࡚⟶⌮
⫋ᑵ௵ࠋ ᖺࡼࡾ⌧⫋ࠋ ᖺ࠾ࡼࡧ ᖺࠊ᪥ᮏࡢᐙ␆ᨵⰋࢭࣥࢱ࣮
࠾ࡅࡿᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࡢࣇ࢙࣮ࣟࢩࢵࣉཧຍࠋ༡༡༠ຊࡼࡿ◊ಟ࡛
ᖺ⌧ᅾࡶࠊ-,&$ ࡢ༠ຊࢆ⥆ࡅ࡚࠸ࡿࠋ
ࠕᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ᙉࠖ
ࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ࡣࠊ ᖺᐇࡉࢀࡓᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࠕᐙ␆ேᕤᤵ
⢭ࢭࣥࢱ࣮ᙉィ⏬ࠖ௨㝆ࠊࡑࡢᚋࡢࣇ࢛࣮ࣟࢵࣉཬࡧࣇࢱ࣮ࢣࡲ࡛ࠊᐇ ᖺ௨ୖ
ࡢ㛗ᮇࢃࡓࡾᢏ⾡༠ຊࡀᐇࡉࢀࡓタ࡛࠶ࡿࠋࡑࡢᚋࠊᙜࢭࣥࢱ࣮࡛ࡣࠊ➨୕ᅜ◊ಟ࡛࠶
ࡿࠕࢭࣥ㓗㎰ᢏ⾡➨୕ᅜ◊ಟࠖࡸࠕᐙ␆ேᕤᤵ⢭ࣉࣟࢪ࢙ࢡࢺࠖࡼࡾࠊ$6($1 ㅖᅜࡸ
ࣇࣜ࢝ࡽࡢ◊ಟ⏕ࡢཷࡅධࢀࠊࡉࡽ㏆ᖺ࡛ࡣ༡༡༠ຊࢆᐇࡍࡿࡲ࡛⮳ࡾࠊ᪥ᮏࡽ⛣
㌿ࡉࢀࡓ▱㆑ࠊᢏ⾡ࢆ㛤Ⓨ㏵ୖᅜඹ᭷ࡍࡿᅜ࡛ࡶ᭷ᩘࡢᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮࡛࠶ࡿࠋ
ࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ࡗ࡚ࡢ᪥ᮏࡢᢏ⾡༠ຊࡢព⩏
ࠕ┦ࡢಙ㢗ᇶ࡙࠸ࡓㄔᐇ࡞༠ຊࡣࠊࡁ࡞ᡂᯝࢆࡶࡓࡽࡍࠖࠋࡇࢀࡇࡑࠊ-,&$ ࢆ㏻ࡌࡓ᪥
ᮏࡢ༠ຊ࡛ࠊᐇឤࡋࡓࡇ࡛࠶ࡿࠋࡽ ᖺ๓ࡢ ᖺࠊ⚾ࡓࡕࡢ⤌⧊ࡣࠊ$7$
ࡤࢀࡓᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ᙉィ⏬࡛ -,&$ ࡢ༠ຊࢆጞࡵࡓࠋࡇࡢࣉࣟࢪ࢙ࢡࢺࡣ ᖺ
⤊ࡋࡓࡀࠊࡇࡢ༠ຊᦠࢃࢀ࡚㠀ᖖᖾ㐠࡛࠶ࡗࡓࠋ࠸࠺ࡢࡶࠊࡇࡢ༠ຊࡼࡾ⤖⢭Ꮚࡢ
ฎ⌮ࠊᚋ௦᳨ᐃ࡞⫱✀ࡸ⦾Ṫಀࡿᑓ㛛ᢏ⾡࡛ࡁ࡞㣕㌍ࢆࡆࡿࡇࡀ࡛ࡁࡓࡓࡵࡔࠋᙜࠊ
ࢩࣥࢦࢧࣜࡣࠊタ❧ࡉࢀࡓࡤࡾࡢᐙ␆ேᕤᤵ⢭ࢫࢸ࣮ࢩࣙࣥࡔࡗࡓࡀࠊᮏ༠ຊࡢ࠾ࡆ࡛ࠊ
ࡸࢪࠊኴᖹὒࠊࣇࣜ࢝࠸ࡗࡓᾏእ࡛ࡶࠊࡲࡓᅜෆ࡛ࡶྡ㧗࠸ᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮࡞
ࡗࡓࠋ
⚾ࡀࡇࡢ┠࡛ぢᒆࡅࡓࡢࡣࠊ༢᪥ࡢᡂຌࢆࡶࡓࡽࡋࡓᢏ⾡ࡢ㣕㌍ⓗ࡞Ⓨᒎࡼࡿኚࡔࡅ
࡛ࡣ࡞࠸ࠋ᪥ᮏᨻᗓࡀὴ㐵ࡋࡓᑓ㛛ᐙࡢᘵࡢࡼ࠺࡞῝࠸ὶࡸᙼࡽࡢᑐࡍࡿጼໃࡣࠊ
⚾ࡓࡕࡢࡪࡾࢆࡶኚ࠼࡚࠸ࡗࡓࠋ᪥ᮏࡢᑓ㛛ᐙࡀᡃࠎ♧ࡋࡓຮࡉࡣࠊ⚾ࡓࡕ⫋ဨࡢ⪃࠼
᪉ࢆࡁࡃኚ࠼ࡓࠋ≉ᙜࡢⱝ࠸ࢫࢱࢵࣇ㐩ࡢᑐࡍࡿ⇕ᚰࡉࡣࠊ⤌⧊ࡢࡁ࡞ཎືຊ
࡞ࡗࡓࠋᮏ༠ຊ࡛ࡣࠊ᪥ᮏ࡛ࡢ◊ಟࢆ㏻ࡌ࡚▱㆑࣭ᢏ⾡⛣㌿ࢆཷࡅࡿ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺ࡞ࡿⱝ
ᡭࢫࢱࢵࣇࡢ㑅⪃ࡀ⾜ࢃࢀࠊᙼࡽࡀࡑࡢᚋࠊࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ࢆᨭ࠼ࡿ㯮ᰕ
࡞ࡗࡓࠋ⌧ᅾࠊࡑࡢෆࡢᩘྡࡣࠊ㎰ᴗ┬␆⏘ᐙ␆⾨⏕⥲ᒁࡢ⫱✀ᢏ⾡ᐇࣘࢽࢵࢺ㸦837㸧ࡢ᪉
㔪ࢆỴࡵࡿᖿ㒊⫋ဨ࡞ࡗ࡚࠸ࡿࠋ
⚾⮬㌟ࡶ⤖⢭Ꮚࡢ〇㐀◊ಟࣉࣟࢢ࣒ࣛ ᖺ ࢝᭶༙ࠊ㣫ᩱ࣭⦾Ṫ⟶⌮◊ಟࣉࣟࢢࣛ
࣒ ᖺ ࢝᭶ࡢ ᗘࠊཧຍࡋࡓࠋࡑࡢ◊ಟࡣࠊ⌧ᅾࡲ࡛ࢩࣥࢦࢧࣜᐙ␆ேཱྀཷ⢭ࢭࣥࢱ
࣮ࢆ㐠Ⴀࡍࡿ࠺࠼࡛ࠊ㠀ᖖᙺ❧ࡗ࡚࠸ࡿࠋ᪥ᮏࡢᐙ␆ᨵⰋࢭࣥࢱ࣮࠾ࡅࡿ -,&$ ࡢࣇ࢙ࣟ
࣮ࢩࢵࣉ࣭ࣉࣟࢢ࣒ࣛཧຍࡍࡿᶵࢆ࠼ࡽࢀࠊ ᖺࠊ ᖺᖐᅜᚋࡋࡓⱝ࠸ࢫࢱࢵࣇ
ࡓࡕࡶ⪃࠼᪉ࡸᑐࡍࡿጼໃኚࡀࡳࡽࢀࡿࠋᮏᙜ -,&$ ࡀࣞࣥࢪࡋࡓ◊ಟࡣ⣲ᬕ
ࡽࡋࡃࠊ⚾ࡓࡕࢭࣥࢱ࣮ࡢேᮦࢆ⫱ᡂࡍࡿ࠺࠼࡛ኚ᭷┈࡛࠶ࡗࡓࠋࡲࡓ≉ឤືࡋࡓࡢࡣࠊࢩ
ࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ࡢࢫࢱࢵࣇࡀ᪥ᮏࢆゼࢀࡿࠊࡘ࡚ࣥࢻࢿࢩὴ㐵ࡉࢀࠊ
ࡣ◊ಟሙᡤ㏆㑹ఫࡴᑓ㛛ᐙࡀᚲࡎ࠸᮶࡚ࡃࢀࡓࡇࡔࠋᙼࡽࡣࠊࡢࢩࣥࢦࢧࣜᐙ␆ே
ᕤᤵ⢭ࢭࣥࢱ࣮ࡢᵝᏊࡣ࠺ࠊࢩࣥࢦࢧࣜࡢࠕᘵࡓࡕࠖࡢᵝᏊࡣ࠺ࢆᑜࡡࠊࣥࢻࢿࢩ
࠸ࡓࡢ⤒㦂ࢆㄒࡗ࡚ࡃࢀࡓࠋ
-,&$ ༠ຊࡋ࡚◊ಟࢆᐇࡋࡓࡇ࡛ࠊࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ࡢࢿࢵࢺ࣮࣡ࢡࡣᗈ
ࡀࡾࠊࡢ༡༡࣭୕ゅ༠ຊࡶጞࡲࡗࡓࠋࡑࡋ࡚ࠊࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ࡣ ᖺࠊ
ึࡵ࡚ᮾࢸ࣮ࣔࣝ࢟ࣝࢠࢫࢱࣥᐙ␆ேᕤᤵ⢭ᢏ⾡ᣦᑟࡢࡓࡵᑓ㛛ᐙࢆὴ㐵ࡋࡓࠋ ᖺ
ࡣࢫࣜࢼ࣒ࡢ༠ຊࡶணᐃࡉࢀ࡚࠸ࡿࠋ
ḟୡ௦ఏ࠼ࡓ࠸ࡇ
ሗᢏ⾡ࡢ㐍Ṍࡼࡾࠊୡ⏺ࡢኚࡣ࡚ࡶ㏿ࡃࠊᅜቃࡣ↓࠸➼ࡋ࠸ࠋࡑࡢ୰࡛⚾ࡓࡕࡣ㎿
㏿ࡘ㈼᫂⾜ືࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋඃࢀࡓே㛫ࡣࠊ࠸᭷┈࡞Ꮡᅾ࡛࠶ࡿࠋ᭷┈࡞ே㛫
࡞ࡿࡣࠊࡑࢀࡒࢀࡢศ㔝ࡢ▱㆑ᢏ⬟ࢆ㌟╔ࡅࠊᖖㄔᐇዊࡋ⥆ࡅࡿࡇ࡛࠶ࡿࠋ
᪥ᮏࡢᑓ㛛ᐙࡓࡕࡀᩍ࠼࡚ࡃࢀࡓࡢࡣࠊつᚊࡢ㧗ࡉࠊつ๎ࡢ㡰Ᏺࠊࡑࡋ࡚࠸ࡘࡲ࡛ࡶᡭᮏ࡞
ࡿࡼ࠺ࠊᖖ▱㆑ᢏ⬟ࢆ㧗ࡵࡿࡓࡵດຊࡍࡿࡇ࡛࠶ࡿࠋ$7$ ࣉࣟࢪ࢙ࢡࢺ⤊௨㝆ࡢ
ୡ௦ࡣࠊࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ὴ㐵ࡉࢀࡓ᪥ᮏࡢᑓ㛛ᐙࡢ㠃㆑ࡸ┤᥋ⓗ࡞ὶࡣ
࡞࠸ࠋࡑࡢࡓࡵࠊᙼࡽࡣᖖ⮬ศࡢ⬟ຊࢆྥୖࡉࡏࠊ⇕ពࢆᣢࡕࠊ࠶ࡁࡽࡵࡎࠊࡲࡓ⡆༢ᡪ
ືࡉࢀ࡞࠸ࡼ࠺ఏ࠼ࡓ࠸ࠋ
ᚋࡢࣥࢻࢿࢩ㸫᪥ᮏࡢ༠ຊᮇᚅࡍࡿࡇ
ࣉࣟࢪ࢙ࢡࢺ⤊ᚋࡶ㏵ษࢀࡿࡇ࡞ࡃⰋዲ࡞㛵ಀࡀ⥆࠸࡚࠸ࡿ᪥ᮏᨻᗓࣥࢻࢿࢩᨻ
ᗓࡢᢏ⾡༠ຊࡘ࠸࡚ࠊᚋࠊᮇᚅࡍࡿࡇࢆ㏙ࡓ࠸ࠋ-,&$ ࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ
࣮ࡀ༠ຊࡋ࡚ࠊ➨୕ୡ⏺ࡢᅜࠎࡢ⬟ຊࡸᢏ⾡ࡢྥୖ㈉⊩࡛ࡁࡿࡼ࠺ࠊ༠ຊࡢ⥅⥆ࢆᮇᚅࡍࡿࠋ
ࡲࡓࠊࣥࢻࢿࢩࡢࡢᨻᗓᶵ㛵ࡸ㒊ᒁࡀࠊࡉࡽ࡞ࡿ㐍Ṍ᭱㧗ࣞ࣋ࣝࢆ┠ᣦࡍᙉ࠸ពᚿࢆࡶ
࡚ࡿࡼ࠺ࠊ⚾ࡓࡕࡀ᪥ᮏࡽཷࡅࡓࡼ࠺࡞ᨭࢆཷࡅࡽࢀࡿࡇࡶᮇᚅࡋ࡚࠸ࡿࠋ
ࡑࡢ࠾࠸࡚ࡶࠊ୧ᅜࡢᢏ⾡⬟ຊࡀྥୖࡍࡿࡼ࠺ࠊᢏ⾡㛵ࡍࡿሗࡀᐃᮇⓗᐇ
ࡉࢀࡿࡇࢆᮃࡴࠋ༡༡༠ຊࡢᯟ⤌ࡳ࡛ࠊ」ᩘࡢᅜࡢᢏ⾡ᣦᑟ༠ຊࢆ㛤ጞࡋࡓࢩࣥࢦࢧࣜᐙ␆
ேᕤᤵ⢭ࢭࣥࢱ࣮ࡢ⬟ຊࢆ⥅⥆ⓗఙࡤࡍࡓࡵࡣࠊࡇࡢศ㔝࡛㇏ᐩ࡞⤒㦂ࢆ᭷ࡍࡿ᪥ᮏࡢᑓ㛛
ᐙࡽࠊᚋࡶከࡃࢆᏛࡤ࡞ࡅࢀࡤ࡞ࡽ࡞࠸⪃࠼࡚࠸ࡿࠋ
᭱ᚋ࡞ࡿࡀࠊࡇࢀࡽࡶࣥࢻࢿࢩᅜẸࠊᅜᐙࡉࡽࡣே㢮ᑐࡋ࡚ࠊᖖ᭱Ⰻࡢ⤖ᯝࢆ
ࡶࡓࡽࡍࡇࡀ࡛ࡁࡿࡼ࠺ࠊ᪥ᮏࡢⰋ࠸౯್ほࡀ⥅ᢎࡉࢀࡿࡼ࠺ࠊᑗ᮶ࡢࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ
⢭ࢭࣥࢱ࣮ࡢᣦᑟ⪅ೃ⿵࡛࠶ࡿⱝᡭࢫࢱࢵࣇࡀ -,&$ ◊ಟࣉࣟࢢ࣒ࣛࢆཷࡅࡿᶵࡀタࡅࡽࢀࡿ
ࡇࢆᮇᚅࡋ࡚࠸ࡿࠋ
ࢫࣜࢼ࣒ඹᅜ㎰ᴗ┬ࠊࢫ࣒ࣛ㛤Ⓨ㖟⾜ -,&$ࠊࢩࣥࢦࢧࣜᐙ␆ேᕤ
ࣥࢻࢿࢩࢩࣥࢦࢧࣜᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ ᤵ⢭ࢭࣥࢱ࣮ࠊࣃࣞࢫࢳࢼࡢ◊ಟ༠ຊ
ࡢ㛫ࡢ༡༡༠ຊ࣭୕ゅ༠ຊࡢぬ᭩⨫ྡ
ᮾࢸ࣮ࣔࣝࡢᢏ⾡༠ຊࡢ㆟ㄽ ࢟ࣝࢠࢫࢱࣥࡢࣂ࢜ࢸࢵࢡ࣭
ࢭࣥࢱ࣮ᑐࡍࡿࢩࣥࢦࢧࣜ
ᐙ␆ேᕤᤵ⢭ࢭࣥࢱ࣮ࡢᢏ⾡༠ຊ
ࠕ࣓ࣛࢡ㹼ࣂ࢝࢘ࢽࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᩚഛᴗࣇ࢙࣮ࢬ㸯ࠖ
࠾ࡼࡧࠕࢪࣕ࢝ࣝࢱ⁺ ࠖ
ᢡୗ ᐃኵ
ඖࠕ࣓ࣛࢡ㹼ࣂ࢝࢘ࢽࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᩚഛᴗࣇ࢙࣮ࢬ ࠖㄪᰝタィ
ඖࠕࢪࣕ࢝ࣝࢱ⁺ 㸭ᕷሙ㛤Ⓨィ⏬ࣇ࢙࣮ࢬ ࠖㄪᰝタィ࣭ᕤ┘⌮
ඖࠕࢪࣕ࢝ࣝࢱ⁺ 㸭ᕷሙ㛤Ⓨィ⏬ࣇ࢙࣮ࢬ ࠊ ࠾ࡼࡧࣜࣁࣅࣜࠖ⥲ᣓ
␎Ṕ
ᮾி㒔❧ᏛᕤᏛ㒊༞ᴗࠋᰴᘧ♫ࣃࢩࣇࢵࢡࢥࣥࢧࣝࢱࣥࢶࣥࢱ࣮ࢼࢩࣙ
ࢼࣝධ⫋ᚋࠊ࢛࣮࢘ࢱࣇࣟࣥࢺ㛤Ⓨ㒊㒊㛗ࠊ࢚ࣥࢪࢽࣜࣥࢢᴗ㒊 ‴㛤Ⓨ
㒊ࣉࣟࢪ࢙ࢡࢺ㒊㛗ࢆ⤒࡚ࠊ ᖺࡼࡾᰴᘧ♫࢚࢜ࣜࣥࢱࣝࢥࣥࢧࣝࢱࣥࢶࢢ
࣮ࣟࣂࣝ⥲ྜ㛤Ⓨᴗ㒊 ‴㒊ࣉࣟࢪ࢙ࢡࢺ㒊㛗ࠋ ᖺࠕ࣓ࣛࢡ㹼ࣂ࢝࢘ࢽ
ࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᩚഛᴗࣇ࢙࣮ࢬ ࠖᚑ௨㝆ࠊ࣎ࣥࢸࢼࢵࢡ ⯟㊰
ィ⏬ࠊࢪࣕ࢝ࣝࢱ⁺ 㸭ᕷሙ㛤Ⓨィ⏬ࣇ࢙࣮ࢬ ࠾ࡼࡧࣜࣁࣅࣜ࡞ࣥࢻ
ࢿࢩࡢ ‴ࠊ⁺ ࣔࣝࢹࣦࡢ⁺ ࣭ㆤᓊࠊࣇࣜࣆࣥࡢ⁺ ࢆ୰ᚰᚑࠋ
ࠕ࣓ࣛࢡ㹼ࣂ࢝࢘ࢽࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᩚഛᴗࣇ࢙࣮ࢬ㸯ࠖ
ᮏᴗ࡛ࡣࠊࢫ࣐ࢺࣛ㹼ࢪࣕ࣡ᖿ⥺㐨㊰ᩚഛࡢ୍⎔ࡋ࡚ࢫࣥࢲᾏᓙᶓ᩿ࣇ࢙࣮ࣜᑟධࡢㄪᰝ
ࡽጞࡲࡾࠊ ᖺ➨ ࣂ࣮ࢫࢆࡣࡌࡵࡍࡿࣇ࢙࣮ࣜタࡀᩚഛࡉࢀࠊ ᓥ࡛ࣥࢻࢿࢩ
ࡢ *'3 ࡢ⣙ ࢆ༨ࡵࡿࢪࣕ࣡ᓥࢫ࣐ࢺࣛᓥࡀᾏࡢᅜ㐨࡛⤖ࡤࢀࡓࠋࡑࡢ⤖ᯝࠊ㌴୧ࡀ┤
᥋ࣇ࢙࣮ࣜୖୗ⯪࡛ࡁࡿࡼ࠺࡞ࡾࠊ✚ࡳ᭰࠼࡞ࡋ࡛㝣ୖཬࡧᾏୖ㍺㏦ࡀ࡛ࡁࡿࡼ࠺࡞ᢏ⾡
㠉᪂ࡀᑟධࡉࢀࠊ⤒῭ᡂ㛗ࡁࡃ㈉⊩ࡋࡓࠋ
ࠕࢪࣕ࢝ࣝࢱ⁺ ࠖ
ࢪࣕ࢝ࣝࢱ⁺ ࡣࠊ⣙ ᖺࡢ᭷ൾ㈨㔠༠ຊࡢṔྐࡀ࠶ࡾࠊ ᖺ௦ࡢタィ࣭ᘓタᴗࡽ
ᖺࡋࡓࣜࣁࣅࣜᴗࡲ࡛⥲㢠⣙ ൨ࢆࡅ࡚⾜ࢃࢀࡓࠋࡇࢀࡲ࡛ࡢ༠ຊࡼࡾࠊᓊ
ቨࠊ㜵Ἴሐ➼ࡢ⁺ ࣥࣇࣛࡢᩚഛࡽࠊ⾨⏕࣭⎔ቃࡢྥୖᨭ࡞ࡀ⾜ࢃࢀࡓࠋ⌧ᅾࡢ㝣ᆅ
㠃✚ࡣ⣙ KD ࡞ࡾࠊẖ᪥⣙ ேࡀാࡃࣥࢻࢿࢩ᭱ࡢ⁺ ࡞ࡗ࡚࠸ࡿࠋỈ⏘≀ࡣࠊ
᪥ᮏࢆྵࡵྛᅜ㍺ฟࡉࢀࠊࣥࢻࢿࢩࡢࡳ࡞ࡽࡎࠊ᪥ᮏᅜẸࡢ㣗⏕ά࠾࠸࡚ࡶ㔜せ࡞⁺
࡞ࡗࡓࠋ
㸯ࠊ࣓ࣛࢡ㹼ࣂ࢝࢘ࢽࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᩚഛᴗࣇ࢙࣮ࢬ㸯
ࡲࡔࠊ2'$ ࡢḰ௳ࡀ㏻⛠ࠕၟရḰࠖ
㸦᪥ᮏࡢᕤᴗ〇ရࢆ㏵ୖᅜࡀ㍺ධࡍࡿ㝿ࡢ㈨㔠ㄪ
㐩ࡢຓࢆᑐ㇟ࡋࡓ㸧ࡤࢀ࡚࠸ࡓ௦ࡢ ᖺ㸦 ṓ㸧ࣥࢻࢿࢩࡢ࣓ࣛࢡ࣭ࣂ
࢝࢘ࢽ ࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝࡢḰ௳ࡢㄪᰝタィᴗົ࡛⌧ᆅὴ㐵ࡉࢀࡓࠋࣥࢻࢿࢩ
࡛ࡢḰࡼࡿ ‴ࣥࣇࣛ௳ࡣࡇࢀࡀึࡵ࡚࡛࠶ࡗࡓࠋࢪࣕ࣡ᓥࢫ࣐ࢺࣛᓥࡢ㛫ࡣ⣙
ࡢࢫࣥࢲᾏᓙࡀ࠶ࡿࠋ
ࢪࣕ࢝ࣝࢱࡽす⣙ ࠸࠺ࡇࢁ࣓ࣛࢡ࠸࠺ ࡀ࠶ࡾࠊ
ᙜࢪࣕ࢝ࣝࢱࡽࡣ∦㐨 ㌴⥺࡛㊰⫪ࡶ⊃ࡃࠊ㏵୰ࡢ⏫࡛ࡣΰ㞧ࢆᢤࡅ࡞ࡅࢀࡤ࠸ࡅ࡞࠸ࡢ
࡛ࠊ࣓ࣛࢡࡲ࡛∦㐨 㛫௨ୖࢆせࡋࡓࠋࢫ࣐ࢺࣛࡢ༡ࡢࣛࣥࣉࣥᕞࡣࣃࣥࢪࣕࣥ࠸࠺
ࡀ࠶ࡗࡓࡀࠊࢪࣕ࣡ᓥ⮳㏆࡛ࡣ࡞ࡗࡓࠋ࣓ࣛࢡࣃࣥࢪࣕࣥࡣỈࢺࣥࡀ '7㸦㛗ࡉ
㹫㸧ࡢ㈌ᐈ⯪ࡀ∦㐨 㛫ࡅ୍࡚᪥୍ ࡋ࡚࠸ࡿ⛬ᗘࡔࡗࡓࠋ
ࣥࢻࢿࢩᨻᗓࡣᗈ࡞ࢫ࣐ࢺࣛᓥ㸦ᮏᕞࡢ ಸᙉࡢ㠃✚㸧ࡢ㇏ᐩ࡞㎰ᯘỈ⏘㈨※ࢆࢪࣕ
࢝ࣝࢱ➼ேཱྀᐦ㞟ᆅࡢࢪࣕ࣡ᓥᦙධࡍࡿྠࠊࢪࣕ࢝ࣝࢱ㏆㑹ᕤᴗᅋᆅࡽࡢᕤᴗ〇ရ
ࢆࢫ࣐ࢺࣛᓥᦙฟࡍࡿࡓࡵࠊࢪࣕ࣡ᓥす㒊ࢫ࣐ࢺࣛᓥ༡㒊ࡢ㐨㊰ᩚഛ㸦୍㒊ࡣ᭷ᩱ㧗㏿㐨
㊰㸧ࢆィ⏬ࡋ࡚࠸ࡓࠋࡑࡢ㐨㊰ࣉࣟࢪ࢙ࢡࢺࡢ୍⎔ࡋ࡚ࠊᾏᓙࡢ᭱▷ᆅⅬࢆ⤖ࡪ 5252㸦㌴୧
ࡀ┤᥋ࡾධࢀ࡛ࡁࡿ㸧ࣇ࢙࣮ࣜィ⏬ࡀᮏࣉࣟࢪ࢙ࢡࢺ࡛࠶ࡗࡓࠋ
࣓ࣛࢡࡣࡑࢀ࡞ࡾࡢ⏫࡛࠶ࡗࡓࡀࠊࣂ࢝࢘ࢽࡣࡃࡢᐦᯘ࡛࠶ࡗࡓࠋ㝣㐠⥲ᒁࡢᑠᒇࡀ࠶ࡿ
ࡔࡅ࡛ࠊࡑࡇࣥࢻࢿࢩேࡢ 㔞ࢳ࣮࣒࣮࣎ࣜࣥࢢࢳ୍࣮࣒⥴㞧㨶ᐷ࡛࠶ࡗࡓࠋࢺ
ࣞࡶ࡞ࡃࠊࢢ࣮ࣜࣥࢫࢿ࣮ࢡࡀ₯ࡴ࠸࠺ⲡࡴࡽ࡛⏝ࢆ㊊ࡉ࡞ࡅࢀࡤ࡞ࡽ࡞ࡗࡓࠋࡓࡔࠊ
ኪ✵ࡣ⨾ࡋࡃ‶ኳࡢᫍ✵࡛༡༑Ꮠᫍࢆࡃࡗࡁࡾぢ࠼ࡓࠋேᕤ⾨ᫍࡶึࡵ࡚⫗║࡛ぢ࠼ࡓࠋ
ࢪࣕ࢝ࣝࢱᡠࡾࠊࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝࡢᇶᮏィ⏬ࢆసᡂࡋࠊᐈඛࡢྠពࢆᚓࡓࠋᙜࡣࠊࡲ
ࡔࣥࢻࢿࢩேࡢᢏ⾡⪅ࡶ༑ศ⫱ࡗ࡚࠸࡞ࡗࡓࡢ࡛ࠊ ‴タࡣ᪥ᮏ࡛ヲ⣽タィࢆࡍࡿࡇ
ࡋࠊ⚾ࡣᘓ⠏ཬࡧタ㛵㐃ࡢᚲせ࡞ᅗ㠃ࡢసᡂࡢࡓࡵࠊࢪࣕ࢝ࣝࢱṧࡾᴗົᙜࡓࡗࡓࠋ
タィᴗົࡣࡰ⤊ࢃࡾࡢ㡭ࠊ2(&)㸦ᾏእ⤒῭༠ຊᇶ㔠㸧ࡢᮏ㒊ࡽࠊᮏ௳ࡢḟࡢᘓタ㈝ࡢ㈨
㔠ຓࡢᑂᰝࢆࡍࡿࡓࡵࡢ࣑ࢵࢩࣙࣥࡀࢪࣕ࢝ࣝࢱ᮶ࡓࠋᴗ㈝ࡢ✚⟬ࡣࡶࡼࡾࠊࣉࣟࢪ
࢙ࢡࢺࡢ⤒῭ศᯒࠊ㈈ົศᯒࡶࡋ࡚ḧࡋ࠸࠸࠺ࡇࡔࡗࡓࠋ✚⟬ࡣศࡿࡀࠊ⤒῭ศᯒࠊ㈈
ົศᯒࡣึࡵ࡚࡛ࠊఱࢆࡋ࡚ࡼ࠸ࡉࡗࡥࡾศࡽ࡞ࡗࡓࠋᮾிᮏ♫ၥ࠸ྜࢃࡏࡓࡽࠊ(,55
㸦⤒῭ⓗෆ㒊┈⋡㸧ࠊ),55㸦㈈ົⓗෆ㒊┈⋡㸧ࢆ⟬ฟࡍࡿ࠸࠺ࡇࡽࡋ࠸ࠋࡑࡢ㞟ࡢ
ࡼ࠺࡞ࡶࡢࢆ㏦ࡗ࡚ࡁࡓࠋ┈⋡ࡢᩘᏐࡀ࠶ࡿ⛬ᗘᇶ‽ࢆ㉺࠼࡚࠸ࢀࡤࠊࡑࡢࣉࣟࢪ࢙ࢡࢺࡣ
ᗘࡀ㧗࠸࠸࠺ࡇࡽࡋ࠸ࠋ2(&) ࡣ࠶ࡃࡲ࡛㖟⾜ྠࡌ࡞ࡢ࡛ࠊࣉࣟࢪ࢙ࢡࢺࡢ⤒῭ᛶࠊ
㈈ົᛶࡀᑂᰝࡢ㔜せ࡞㒊ศࡢࡼ࠺࡛࠶ࡿࠋཧ⪃᭩ࢆࡶ⤒῭ࠊ㈈ົศᯒࢆࡋ࡚ࡳࡓࠋࡲࡔࣃ
ࢯࢥࣥࡀ࡞࠸௦࡛࠶ࡿࠋ㟁༟࡛ィ⟬ࡢ⧞ࡾ㏉ࡋ࡛࠶ࡿࠋ'LVFRXQW 5DWH㸦ᘬ⋡㸧࠸࠺ࡶ
ࡢࢆࡗ࡚ࠊᑗ᮶ࡢᘓタ㈝ࡸ⥔ᣢ⟶⌮㈝ࠊ౽┈ࠊධࢆᘬࡋ࡚ࠊ⌧ᅾ౯್⨨ࡁ࠼ࡿ࠸
࠺ࡇࡔࡗࡓࠋࡇࢀࡀࡲࡓࡼࡃศࡽ࡞࠸ࠋࡑࢀ࡛ࡶཧ⪃᭩ࡢ㏻ࡾ୍⏕ᠱィ⟬ࡋࡓࠋᘓタ㈝
ࡸ┈ࡀᑡࡋ࡛ࡶኚࢃࢀࡤࠊࡲࡓ㟁༟࡛ィ⟬ࢆ᭱ึࡽࡸࡾ┤ࡋ࡛࠶ࡿࠋఱᅇࡶఱᅇࡶࡸࡾ┤
ࡋ࡛࠶ࡿࠋ࡛ࡣ⾲ィ⟬ࢯࣇࢺࡢ࢚ࢡࢭࣝ ,55,,QWHUQDO5
5DWHRI55HWXUQࡢࣉࣟࢢ࣒ࣛࡀ⤌
ࡳ㎸ࡲࢀ࡚࠸ࡿࡢ࡛ࠊᘓタ㈝ࡸࡑࡢࡢ㈝⏝࣭౽┈ࡀኚ᭦࡞ࡗ࡚ࡶ▐ィ⟬࡛ࡁࡿࠋᙜ
ࡣᑡࡋ࡛ࡶᩘᏐࡀኚࢃࢀࡤ୍᪥࡛࠶ࡗࡓࠋ࠾㝜࡛ࠊ⤒῭ศᯒࡸ㈈ົศᯒࡀఱࡶࡢࡀᑡࡋ
⌮ゎ࡛ࡁࡿࡼ࠺࡞ࡗࡓࠋ⤒῭ศᯒࡣᅜᐙⓗ⤒῭ศᯒ࡛࠶ࡗ࡚ࠊࣉࣟࢪ࢙ࢡࢺࢆᐇࡋࡓሙ
ྜࠊᅜᐙⓗぢᆅ࡛ࡢࡼ࠺࡞౽┈ࡀ࠶ࡿ࠸࠺ࡇ࡛࠶ࡿࠋ࣓ࣛࢡ࣭ࣂࢡ࢘ࢽ ࣇ࢙࣮ࣜࢱ
࣮࣑ࢼࣝࣉࣟࢪ࢙ࢡࢺࡣࠊࣉࣟࢪ࢙ࢡࢺࡀᡂࡍࢀࡤ 㛫ࡗ࡚࠸ࡓ㍺㏦㛫ࡀ 㛫㊊
ࡽࡎ▷⦰ࡉࢀࡿࠋࡑࢀ౫ࡗ࡚ࠊ⣙ 㛫ࡢᐈࡸ㈌≀ࡢ㛫▷⦰ࡀᅜᐙⓗ౽┈࡞ࡿ࠸
࠺ࡇࡔࡗࡓࠋ㛫౯್ࢆ࠾㔠⟬ࡋ࡚ィ⟬ࡍࡿࡇ࡞ࡿࠋࡲࡓࠊ㈈ົศᯒࡣࣇ࢙࣮ࣜࢱ
࣮࣑ࢼࣝࡢᘓタ㈝࣭⥔ᣢ⟶⌮㈝➼ࡢ㈝⏝ࣇ࢙࣮ࣜ♫ࡽࡢᓊቨ⏝ᩱࠊࢱ࣮࣑ࢼࣝࣅࣝࡢ
⏝ᩱ➼ࡢධࡢẚ㍑࡛࠶ࡿࠋせࡣᴗయࡋ࡚ඈࡿ࠺ࡢࢳ࢙ࢵࢡࡔࡗࡓࠋ2(&)
ࡢࣉࣞࢨࣝࡢᡭ㡰ࡣึࡵ࡚ࡔࡗࡓࡢ࡛ࠊࡼࡃศࡽ࡞ࡗࡓࠋゝࢃࢀࡿࡲࡲ㈨ᩱࢆᥦ౪
ࡋ࡚࠸ࡓࠋྜࡶ⤊ࢃࡾ㡭ࠊົᡤᖐࡗ࡚ࢆࡋ࡚࠸ࡿࠊࣉࣞࢨࣝࢳ࣮࣒ࡢ࣮ࣜࢲ
࣮ࡽ⚾㟁ヰࡀ࠶ࡾࠊ
ࠕࡇࢁ࡛᭱⤊ᘓタ㈝ࢥࣥࢧࣝࢱࣥࢺ㈝⏝ࡣ࠸ࡃࡽࡃࡽ࠸࡞ࡾࡲࡋ
ࡓ㸽ࠖ࠸࠺ၥ࠸࡛࠶ࡗࡓࠋ
ࠕࡕࡻࡗᚅࡗ࡚ࡃࡔࡉ࠸ࠊ㟁༟࡛ࡣࡌࡁࡲࡍࡽࠖゝࡗ࡚
㟁ヰࢆษࡽ࡞࠸ࡲࡲィ⟬ࡋ࡚ࠊࡑࡢ㢠ࢆ࣮ࣜࢲ࣮࿌ࡆࡓࠋࡑ࠺ࡋࡓࡽࠊᚋ࡛▱ࡗࡓࡢࡔࡀࡑ
ࡢ㢠ࡀ᪥ᮏࡢຓ㢠ࡋ࡚ṇᘧỴࡲࡗ࡚࠸ࡓࡢ࡛ྚ㦫ࡋࡓࠋᡃࠎࡣኚ㈐௵ࡢ࠶ࡿࢆࡋ
࡚࠸ࡿ࠸࠺ࡇࢆึࡵ࡚ᐇឤࡋࡓࠋ
㸯㸧᭱ึࡢタィ࠾ࡼࡧᕤ㸦㹼 ᖺ㸧
ᐇࡋ࡚࠸ࡓࠋࢥࣥࢧࣝࢱࣥࢺࡣᇶᮏⓗࡣࡇࡢཎࢆ㋃くࡍࡿࡇ࡛࠶ࡗࡓࡀࠊணᐃᆅࡣ
㠀ᖖ㌾ᙅᆅ┙ࡀᗈࡀࡗ࡚࠸ࡿࡢ࡛ࠊࡑࡢࢆ⪃៖ࡋࠊ୍㒊ᵓ㐀ᙧᘧࡸᖹ㠃ィ⏬ࢆኚ᭦ࡋࡓࠋ
࡞࡛ࡶࠊ⁺ᴗ⥲ᒁࡢᢏ⾡ࢻࣦࢨ࣮࡛ࣥࢻࢿࢩᏛࡢࣝࢭࣀ༤ኈࡽࠗ㞄ࡢᅜ
㝿 ࡛➉ᮺ࣭➉࣐ࢵࢺࢆ⏝ࡋ㜵Ἴሐࢆᘓタࡋࡓࡇࡀ࠶ࡿࠋᑗ᮶ᑡࡋỿୗࡍࡿࡀࠊᶵ⬟ୖ
ၥ㢟࡞ࡃࠊᚲせᛂࡌ࡚ᔞୖࡆࡍࢀࡤࡼ࠸ࠋࣥࢻࢿࢩ㇏ᐩ࠶ࡿ➉ࢆ⏝ࡍࢀࡤእ㈌
ࢆ⏝ࡍࡿࡇ࡞ࡃࠊୟࡘከࡃࡢປാຊࡀືဨฟ᮶୍࡚▼㫽࡛࠶ࡿࠋ㠀ࡇࡢᕤἲࢆ᳨ウ
ࡋ࡚ḧࡋ࠸ࠋ࠘࠸࠺⏦ࡋฟࡀ࠶ࡗࡓࠋࡉࡽ༤ኈࡣࠗࡓ࠼ᘓタ㈝ࡀ㧗ࡃ࡞ࡗࡓࡋ࡚ࡶࠊ
ࡑࡢᕤࡢ㈝⏝ࡣ࡚ࡀࣝࣆᡶ࠸࡞ࡿࡢ࡛ࡍࡽࠊࣥࢻࢿࢩࡗ࡚ࡣࡑࡢ᪉ࡀ⤒
῭ⓗⰋ࠸ࡢ࡛ࡍࠋ࠘ࡣࡗࡁࡾゝ࠸ษࡿࡢ࡛࠶ࡗࡓࠋᙜࡢ᪥ᮏ࡛ࡣࡑࡢࡼ࠺࡞タィࡣ⪃
࠼ࡽࢀ࡞ࡃࠊࡢࡼ࠺࡞タィᡭἲࢆ᥇⏝ࡋࡓࡽࡼ࠸ࠊ⚾ࡓࡕࡣᅔᝨࡋࡓࠋࡋࡋ࡞ࡀࡽࠊ
༤ኈࡢゝࢃࢀࡿࡇࡣࡶࡗࡶ࡞ヰ࡛࠶ࡗࡓࠋࡓ࠼ຓ௳࡛ࡶࠕ᪥ᮏࡢ≀ᕪࡋࠖࢆࡑࡢ
ࡲࡲᣢࡕ㎸ࢇ࡛ࡣ࠸ࡅ࡞࠸ࠋ㏵ୖᅜࡣ㏵ୖᅜࡢࡀ࠶ࡾࠊࡑࢀྜ⮴ࡋࡓタィࢆࡋ࡞ࡅ
ࢀࡤ࡞ࡽ࡞࠸ࡢࡔ࠸࠺ࡇẼࡀࡘ࠸ࡓࠋタィࡣୖ㒊Ⲵ㔜ࢆ➉࣐ࢵࢺ࡛ศᕸࡉࡏࠊࡑࡢⲴ
㔜ࡢ୍㒊ࢆ➉ᮺࡀᨭᣢࡋࠊᮺࡢᦶ᧿ᆅ┙ࡢᆅ⪏ຊ࡛ᣢࡓࡏࡿࡇࡋࡓࠋ⨺⩘ࡢୖࡢ࠾㇋
⭉ᯞࢆ่ࡋ࡚ࠊࡉࡽᯞࢆᐦ୪ࡓୖ㔜㔞≀ࢆ࠾࠸࡚࠸ࡿࡼ࠺࡞≧ែ࡛࠶ࡿࠋ⤖
ᒁࠊ⣙ ᮏࡢ➉ࢆㄪ㐩ࡋ࡚ࠊㆤᓊ㜵Ἴሐᘏ㛗⣙ P ࡢᇶ♏ࡇࡢᕤἲࢆ᥇⏝ࡍࡿࡇ
࡞ࡗࡓࠋࡇࡢᕤἲࡣ ᖺ⤒ࡗࡓ ୡ⣖࡞ࡗ࡚ࡶࢪࣕ࢝ࣝࢱ⁺ ࡢᐇ⦼ࡀㄆࡵࡽࢀ࡚
᪥ᮏࡢ 2'$ ‴௳㸦ࢱࣥࢪࣗࣥࣉࣜ࢜ࢡ 㜵Ἴሐࠊࣃࢸࣥࣂࣥ ㆤᓊ㸧࡛᥇⏝ࡉࢀࡿࡇ
࡞ࡗࡓࠋ᭱ึࡢᕤࡣ➨ ᮇ㸦 ‴ᕤ㸧ࠊ➨ ᮇ㸦ᘓ⠏ࠊタഛᕤ㸧ࡋ࡚ᐇࡉࢀࠊ
ᖺ ᭶⁺ ࡣ౪⏝ࢆ㛤ጞࡋࡓࠋ
㸰㸧࣐ࢫࢱ࣮ࣉࣛࣥ⟇ᐃ㸦 ᖺ㹼 ᖺ㸧
ᖺᡂࡋࡓ࣐ࢫࢱ࣮ࣉࣛࣥࢆᇶࠊࣥࢻࢿࢩᨻᗓࡣ᪥ᮏᨻᗓࢪࣕ࢝ࣝࢱ⁺
ࡢᩚഛィ⏬㸦ᆅ┙ỿୗᑐ⟇࠾ࡼࡧ⾨⏕タഛ᪂タ➼㸧ࢆ ᖺせㄳࡋࡓࠋࡋࡋ࡞ࡀࡽࠊ
᥇ᢥ⮳ࡽࡎࠊ ᖺࠊ ᖺࠊ ᖺࡶ᥇ᢥ࡛࠶ࡗࡓࠋࡋࡋ࡞ࡀࡽࠊᆅ┙ỿୗ࠾ࡼ
ࡧຍᕤሙ➼ࡢቑタ࡛⾨⏕⎔ቃࢆ࢟ࢳࣥࡋ࡚࠾ࡃࡇࡣࠊ⤯ᑐᚲせ⪃࠼࡚࠸ࡓ⚾ࡣࠊ
ࣥࢻࢿࢩᨻᗓࢆ⢓ࡾᙉࡃࢧ࣏࣮ࢺࡋ࡚ ᖺࡶせㄳࢆᣲࡆ࡚ࡶࡽࡗࡓࠋ᪥ᮏഃࡶࡸࡗ
ែࡢ῝้ࡉࢆ⌮ゎࡋ࡚㡬ࡁࠊ ᖺ࡞ࡗ࡚➨ ᮇ⾨⏕⎔ቃ࠾ࡼࡧタᣑᴗࡋ࡚ࠊࡸ
ࡗḰዎ⣙ࡀ⤖ࡤࢀࡓࠋ
➨ ᮇᴗ࡛ࡣࠊḟࡢ࠸ࡃࡘࡢࣘࢽ࣮ࢡ࡞ࢳࣕࣞࣥࢪࡀฟ᮶ࡓࠋ
ձ ₻ᕪࢆ⏝ࡋࡓ ෆᾏỈίᶵ⬟㸦ᅵᮌᏛㄅ࡞ᢞ✏㸧㸸ẖ᪥ࡢ₻ࡢኚࢆ࠺
ࡲࡃ⏝ࡍࡿࡇ࡛ࠊ࣏ࣥࣉ࡞ࡢᶵᲔ㢮ࢆ⏝ࡍࡿࡇ࡞ࡃࠊẖ᪥⣙ ࢺࣥࡢ
ෆࡢᾏỈࢆฟࡍࡿࡇࡀฟ᮶ࡿ⤌ࡳࢆ⪃ࡋࡓࠋᅵᮌᏛ࡛ࡣᴟࡵ࡚ࣘࢽ࣮ࢡ࡞
⨨࠸࠺ࡇ࡛ࠊᏛㄅࡢㄽᩥࡢⱥㄒ∧ࢆసᡂࡋࠊୡ⏺ࡢᅵᮌᏛᥦ౪ࡋ࡚ࡃࢀࡓࠋ
ղ ࣐ࣥࢢ࣮ࣟࣈㆤᓊ㸦ᅵᮌᏛㄽᩥⓎ⾲㸧㸸⎔ቃࡸࡉࡋࡃᵝࠎ࡞Ⅼࡀ࠶ࡿ࠸࠺ࡇ
࡛ࠊࣃࢸࣥࣂࣥ᪂ ࡶ᥇⏝ࡉࢀ࡚࠸ࡿࠋ
ճ ởỈฎ⌮ሙࡢᩚഛ㸸ᶵ⬟ࡀศࡾࡸࡍࡃࠊᏳぢᏛ࡛ࡁࡿ࠸࠺ࡇ࡛ࠊ ᖺࡽ
᪥ᮏேᑠᏛ ᖺ⏕ࡢ♫⛉ࡢぢᏛࢥ࣮ࢫ࡞ࡗࡓࠋ
մ ᾏᓊ㐟Ṍ㐨ᩚഛ㸸୍⯡ࡢேࡓࡕࡀ࢛࣮࢘ࢱࣇࣟࣥࢺࡢᩓ⟇ࢆᴦࡋࡵࡿࠋ
㸲㸧ࣜࣁࣅࣜᴗ
➨ ᮇᴗᐇ୰ᆅୗỈỮࡳୖࡆ㸦⁺ እࡢᕤሙ➼ࡀせᅉ㸧౫ࡾࠊᮺᇶ♏ࡢᓊቨࡀ
㹫㏆ࡃỿୗࡋ࡚࠸ࡿࡇࡀุ᫂ࡋࡓࠋ㧗₻ࡣᓊቨࡀෙỈࡋࠊⲴᙺసᴗᨭ㞀ࡀ࠶ࡿࡔ
ࡅ࡛࡞ࡃ⾨⏕⎔ቃࡶⴭࡋࡃᝏࡋ࡚࠸ࡓࠋࡇࡢࡓࡵࠊ ᖺ⥭ᛴⓗḰࡀ౪ࡉࢀࡿ
ࡇ࡞ࡗࡓࠋᙜึࡣᓊቨ㜵Ἴሐࡢᔞୖࡆࡔࡅࡔࡗࡓࡀࠊㄪᰝタィࡀጞࡲࡗࡓ ᖺ௨㝆ࠊ
ࡳࡿࡳࡿỿୗࡀ㐍ࡳࠊㆤᓊࡸ㐨㊰ࡢᔞୖࡆࡶᚲせ࡞ࡗ࡚᮶ࡓࠋᮏᴗ࡛ࡣ 㹫㧗ࡉࡢ⟶
ไሪࡶᘓタࡋࠊᒇୖࡣᒎᮃྎࡶවࡡ࡚ࠊ⁺ ぢᏛ⪅ࡀ ᗘ⁺ ࡢᬒࢆぢࡿࡇࡀฟ᮶ࡿࠋ
ᘓタᕤ୰ࡣ㧗ഴྥࡀ⥆ࡁࠊᴗ⪅ዎ⣙ࡀࢇࣝࣆᘓ࡚ࡔࡗࡓࡢ࡛ࠊ㈨㔠ṧࡀ࠶ࡗ
ࡓࡓࡵⲴᤍࡁሙࡢᘓ࡚᭰࠼ࠊ⟶⌮ົᡤࡢቑタ࡞ࡶᐇ⌧ࡋࡓࠋ
㸳㸧79 ྲྀᮦࠊ᭩⡠Ⓨหࠊ⾲ᙲ
᪥ᮏேᑠᏛ ᖺ⏕ࡢࠕࢪࣕ࢝ࣝࢱ⁺ ㄌ⏕ࠖࡢ
ୖ₇㸦 ᖺᙳ㸧
ࣥࢻࢿࢩࢆ⯙ྎᶍ⣴ࡋࡓᢏ⾡༠ຊࣉ࣮ࣟࢳࡢᩘࠎ
ⲡ㔝 Ꮥஂ
-,&$ ⏬㒊ᆅᇦ➨୍ㄢ㸦 ᖺ㹼 ᖺ㸧
␎Ṕ
-2&9 ࡋ࡚ࣇࣜࣆࣥ㎰ᴗ┬ࠊ࣮࢜ࢫࢺࣛࣜ␃Ꮫ࡞ࢆ⤒࡚ ᖺ -,&$ ⫋
ဨ᥇⏝ࠋࢭࣥᐙ⚺◊✲カ⦎ィ⏬ㄪᩚဨࠊ㎰ᴗ㛤Ⓨ༠ຊ㒊ࠊ⏬㒊ᆅᇦ୍
ㄢㄢ㛗௦⌮ࠊ㎰ᴗᢏ⾡༠ຊㄢ㛗ࠊࢧ࢘ࢪࣛࣅᡤ㛗ࠊ᳃ᯘ࣭⮬↛⎔ቃ༠ຊ㒊ィ
⏬ㄢ㛗ࠊ࣎ࣝࢿ࢜⏕≀ከᵝᛶಖࣉࣟࢢ࣒࣭ࣛࢳ࣮ࣇࢻࣂࢨ࣮ࠊᗈᑿࢭࣥࢱ
࣮㸦ᆅ⌫ࡦࢁࡤ㸧ᡤ㛗ࠊᮾிᅜ㝿ࢭࣥࢱ࣮ᡤ㛗࡞ࢆṔ௵ࡋ㏥⫋ࠋዪᏊᰤ㣴Ꮫ
ᐈဨᩍᤵࠊࣥࢻࢿࢩ࣭࣐ࣥࢢ࣮ࣟࣈ⏕ែ⣔ಖᣢ⥆ⓗ⏝ࡢࢭࣥᆅᇦ
ᒎ㛤ࣉࣟࢪ࢙ࢡࢺ࣭ࢳ࣮ࣇࢻࣂࢨ࣮࡞ࢆ⤒࡚ࠊ⌧ᅾࡣ㸦ᰴ㸧㎰㸦ࡳࡢࡾ㸧
㢳ၥࠋ
⚾ࡣ ᖺ௦๓༙ࡢ ᖺ༙ࠊ⏬㒊ᆅᇦ➨୍ㄢົࡋࡲࡋࡓࠋࡢᮾ༡ࢪ㒊ࡢᇶ♏࡞
ࡿ㒊⨫࡛ࡍࠋᅜูࣉ࣮ࣟࢳࢆ᥎㐍ࡍࡃタ⨨ࡉࢀࡓᆅᇦㄢࡀᙜࡣ➨୕ㄢࡲ࡛ቑ࠼࡚࠸ࡲࡋࡓࠋ
⚾ࡣࠊࣥࢻࢿࢩ࡞ࡢࢭࣥㅖᅜᢸᙜ࠾ࡼࡧᅜูሗࣇࣝࡢྲྀࡾ⧳ࡵ࡞ࢆᢸᙜࡋࡲ
ࡋࡓࠋࣥࢱ࣮ࢿࢵࢺࡣࡲࡔ↓ࡃࠊࣃࢯࢥ࡛ࣥࡢሗ㞟ࡸඹ᭷ࡀ࡛ࡁ࡞࠸௦࡛ࡋࡓࠋ
⌧ᅾࣥࢻࢿࢩ࡛ࡣຓᶵ㛵タ❧ࡢືࡁࡀᮏ᱁ࡋ࡚࠸ࡿ⪺ࡁཬࡧࠊࡑࢀࡶᙺ❧࡚ࡤ
ᛮ࠸ࠊᢏ⾡༠ຊࡢ᪉ἲㄽࡸ⤌⧊యไࡢ࠶ࡾ᪉ࡀ⇕ࡃㄽࡌࡽࢀࡓ௦ࡢグ᠈ࢆᛮ࠸㉳ࡇࡋ࡚⤂ࡋ
ࡓ࠸ᛮ࠸ࡲࡍࠋ
ᅜูຓᐇᣦ㔪ࡢ➨㸯ྕࡣࣥࢻࢿࢩ∧
ᅜูຓᐇᣦ㔪➨ ྕࡋ࡚ࣥࢻࢿࢩࡢࢆసࢀㄢ㛗ࡽࡌࡽࢀࡲࡋࡓࡀࠊ㎰Ꮫ
㒊ฟ㌟ࡢ⮬ศࡣࢭࢡࢱ࣮ࡢ⤒῭♫≧ἣࡸຓෆᐜࢆ⌮ゎࡍࡿࡢᅄⱞඵⱞࡋࡲࡋࡓࠋࣥ
ࢻࢿࢩ㛵ࡍࡿከࡃࡢ᭩≀ࢆㄞࡳࠊ୰ኸᐁᗇࡢ㈨ᩱࢆ㞟ࡋຮᙉࡋࡓࡢࢆᛮ࠸ฟࡋࡲࡍࠋࡲ
ࡓࠊఫẸࡢ┠⥺࡛㛤Ⓨࢆ⪃࠼ࡿ࠸࠺ಙ᮲ࢆᣢࡗ࡚࠸ࡲࡋࡓࡢ࡛ࠊᣦ㔪ࡢᙳ㡪ࡀ㎰ᮧࡢேࠎ
ࢇ࡞ᙳ㡪ࢆ࠼ࡿࡢࢆᛮ࠸ࠊᮘୖ࡛ࡢᣦ㔪సࡾࡣ㌋㌉ࡋ㐁ᕠࡋࡲࡋࡓࠋ⤖ᒁࡣࢇ
ࡢ㒊ศࢆㄢ㛗᭩࠸࡚㡬ࡁࡲࡋࡓࠋࡑࡢᚋࠊ㡰ḟྛᅜࡢᣦ㔪ࢆᅜᢸᙜ⪅ࡀసᡂࡋᴗ㒊
ࡸᅾእົᡤྜ㆟ࡋ࡚ࡣࠊᅾ௵୰ ࢝ᅜࡄࡽ࠸ࡲ࡛ࡣྲྀࡾ⧳ࡵࡓグ᠈ࡋ࡚࠸ࡲࡍࠋࡇࡢ
⤒㦂ࡣࠊ⌧ሙࡢሗࢆάࡋ࡚ᒁࢆぢᴟࡵࡿࡇࠊᣦ㔪ࡸィ⏬ࡢ⌧ሙࡢᙳ㡪ࢆ᥎ࡋ㔞ࡿ
⬟ຊࢆྥୖࡉࡏ࡞ࡅࢀࡤࠊ-,&$ ⫋ဨࡋ࡚ࡢົࡵࢆᯝࡓࡏ࡞࠸ࡇࢆᝅࡽࡏ࡚ࡃࢀࡲࡋࡓࠋ
ᣦ㔪ᚑ࠸ྛᅜ㔜Ⅼㄢ㢟ࡢᇶ♏ㄪᰝࡸࣉࣟࢪ࢙ࢡࢺᙧᡂㄪᰝ㸦ࣉࣟᙧᡂ㸧ࡀ⾜ࢃࢀࠊせㄳ
௳ࡢෆ㒊᳨ウࡑࡋ࡚㛵ಀྛ┬༠㆟ࢆ⾜࠸ࠊ᪂つࣉࣟࢪ࢙ࢡࢺࡢ᥇ᢥࢆỴࡵࡿ⤌ࡳࡀฟ᮶
ୖࡀࡗ࡚࠸ࡁࡲࡋࡓࠋྠࠊྛᅜࡢ༠ຊᨻ⟇ᑐヰࢆ㏻ࡌ࡚ᣦ㔪ࢆಟṇࡍࡿࡼ࠺ࡶ࡞ࡾࡲ
ࡋࡓࠋࡇࢀࡽࡢືࡁࢆ㋃ࡲ࠼࡚ࠊእົ┬ࡀᨻᗓࡢᅜูຓ᪉㔪ࢆ⟇ᐃࡍࡿ⮳ࡾࡲࡋࡓࠋࡇ࠺
ࡋ࡚ࠊᅜูㄢ㢟ูࣉ࣮ࣟࢳࡣᚋࠊᆅᇦ㒊ㄢ㢟㒊ࡢタ⨨ -,&$ ࡢ⤌⧊యไࢆࡁࡃኚ࠼
ࡿὶࢀࡋ࡚ᒎ㛤ࡋ࡚࠸ࡁࡲࡋࡓࠋ
㸬ࣉࣟࢢ࣒࣭ࣛࣉ࣮ࣟࢳࣥࣈࣞࣛ༠ຊ
ࡇࡢཎ๎ࢆㄞࢇࡔ⚾ࡣࠊ᪥ᮏࡣࣉࣟࢢ࣒࣭ࣛࣉ࣮ࣟࢳࢆ᪤ᐇ㊶ࡋ࡚࠸ࡿ࡛ࡣ࡞࠸
⪃࠼ࡲࡋࡓࠋ⮬ศࡀᢸᙜࡋ࡚࠸ࡓࣥࢻࢿࢩ࡛ࡢࠕ㎰ᴗࣥࣈࣞࣛ༠ຊ࡛ࠖࡍࠋᅽಽⓗ㎰
ᮧேཱྀࡢከࡗࡓࣥࢻࢿࢩࡀᅜẸᅜᐙࢆᙧᡂࡋ࡚࠸ࡃୖ࡛㔜せㄢ㢟࡛࠶ࡗࡓ㣗ᩱቑ⏘ࡑ
ࡢࡓࡵࡢ㎰ᴗᢏ⾡ᨵⰋࡢᨭࢆࠊᡃࡀᅜࡣ㔜Ⅼⓗᐇࡋ࡚ࡁࡲࡋࡓࠋࠥ ᖺࡢ㛫ࡣࠊ
ࣥࢻࢿࢩࡢᅜᐙ㛤Ⓨィ⏬༶ࡋ࡚ᡓ␎ⓗ㛗ᮇⓗど㔝ࢆᣢࡗࡓࣥࣈࣞࣛ༠ຊࡋ࡚ᐇ
ࡋ࡚࠸ࡓࡢ࡛ࡍࠋ㛤Ⓨㄪᰝࡼࡿィ⏬࡙ࡃࡾࠊࣉࣟࢪ࢙ࢡࢺ᪉ᘧࡼࡿᢏ⾡༠ຊ㸦ࣉࣟᢏ㸧ࠊ↓
ൾ㈨㔠༠ຊḰ㐃ᦠࡋࠊ➨ ḟ࡛ࡣ⡿ࠊ➨ ḟ࡛ࡣ㇋ࠊ㤿㕥⸉࡞ࢆຍ࠼ࡓ㣗ᩱస≀
⏕⏘⯆ࡢࡓࡵࡢໟᣓⓗ࡞༠ຊࢆᐇࡋ࡚࠸ࡓࡢ࡛ࡍࠋ
ࡑࡶࡑࡶ᪥ᮏࡢᢏ⾡༠ຊࡣࠊே㐀ࡾࠊ⮬ຓດຊࠊຠᯝ࠶ࡿ⥅⥆ᛶࠊⲡࡢ᰿ࡢᨭ࠸࠺
ࡘࡢ⌮ᛕࢆ⫱ࢇ࡛࠸ࡲࡋࡓࠋࡇࢀࡽࡢ⌮ᛕࡀࠊḢ⡿ࡢࢻࢼ࣮ᑟᆺࣉࣟࢪ࢙ࢡࢺ୰ᚰࡢຓ
ࡣ㐪࠺ᅜูㄢ㢟ูࣉ࣮ࣟࢳࢆᙧ࡙ࡃࡗ࡚࠸ࡿᛮࡗࡓࡢ࡛ࡍࠋࡋࡋ࡞ࡀࡽࠊ⮬ࡽࡢ㛗ᡤࢆ
ᩚ⌮࡛ࡁ࡚࠸࡞࠸ᙜࡢᡃࡀᅜࡢᗈሗࡸᅜ㝿ᶵ㛵ࡢࣆ࣮ࣝࡣᙅࡃࠊḢ⡿ࢻࢼ࣮୰ᚰ࡛ᅜ㝿
ຓࡢ₻ὶࡣ࡛ࡁ࡚࠸ࡲࡋࡓࠋࣥࢻࢿࢩ㎰ᴗࣥࣈࣞࣛ༠ຊᑐࡋ࡚ࡶ -,&$ ෆ㒊࡛ࡢ▱ྡ
ᗘ࣭ホ౯ࡣ㧗࠸ࡣゝ࠼ࡲࡏࢇ࡛ࡋࡓࠋ≉Ṧἲே࡛࠶ࡗࡓᙜࡣ୰ኸᐁᗇࡢពྥ࡛ᴗࡀ㑅ᢤ
ࡉࢀࠊࣥࣈࣞࣛ༠ຊࡣ͆◚ࢀച͇࡞ᝏཱྀࢆゝࢃࢀࡓࡾࡶࡋ࡚࠸ࡲࡋࡓࠋ
㸬➨ ḟ㎰ᴗࣥࣈࣞࣛ༠ຊ㎸ࡵࡽࢀࡓ -,&$ ᨵ㠉ࡢ࠸
ᙜࡢ⤌⧊ᵓ㐀ࡣࠊ◊ಟࠊὴ㐵ࠊࣉࣟᢏࠊ㛤Ⓨㄪᰝࠊ↓ൾ࠸ࡗࡓ༠ຊࢫ࣮࣒࢟ࡈ㒊ࢆ
ᵓ࠼࡚࠸ࡲࡋࡓࠋࡲࡓࠊண⟬㈝┠ࡈ᭦⣽࠸ࢫ࣮࣒࢟ࡀ࠶ࡾࠊࢫ࣮࣒࢟ࡈࡢ⦡ࡾᚑ
࠺ࡇࢆὀどࡍࡿ࠶ࡲࡾࣉࣟࢪ࢙ࢡࢺࡢຠᯝࡸຠ⋡ࢆᚋᅇࡋࡍࡿഴྥࡶ࠶ࡾࡲࡋࡓࠋࡇࡢࡓ
ࡵࠊィ⏬Ⅼ࡛ࣉࣟࢢ࣒ࣛࡋ࡚ࡶᐇẁ㝵࡞ࡿࡃ㐃ᦠࡀྲྀࡽࢀ࡚࠸࡞࠸ࡇࡀ ࠎ
ࡋ࡚࠶ࡾࡲࡋࡓࠋࡇࢀࢆࡾ㉺࠼ࡿࡓࡵࠊࣉࣟࢢ࣒࣭ࣛࣉ࣮ࣟࢳ๎ࡾࠕࣥࢻࢿࢩ➨
ḟࣥࣈࣞࣛ༠ຊ㸦㎰ᴗ࣭㎰ᮧ㛤Ⓨ㸧ࠖࠕࣇࣜࣆࣥ⌮ᩘ⛉ᩍ⫱ࣃࢵࢣ࣮ࢪ༠ຊࠖࡢᯟ⤌ࡳ
30
ࢆసࡾࡲࡋࡓࠋ㛵ಀᴗ㒊ࡢຮᙉࢆఱᗘࡶ㛤ࡁࠊࣉࣟᙧᡂㄪᰝᅋࢆὴ㐵ࡋ࡚㐨➽ࡀࡘࡅࡽ
ࢀ࡚⾜ࡗࡓࡇࢆᛮ࠸ฟࡋࡲࡍࠋࡇࡢ㡭ࡢ㆟ㄽࡀᚋࢫู࣮࣒࢟ࡢ⤌⧊యไࢆᨵ⦅ࡍࡿὶࢀࢆ
సࡗ࡚⾜ࡗࡓࡢ࡛ࡍࠋ
ࣥࢻࢿࢩ➨ ḟᅜᐙ㛤Ⓨࡢୖ┠ᶆࡢ୍ࡘࡣ㈋ᅔ๐ῶ࡛࠶ࡾࡲࡋࡓࡢ࡛ࠊ
͆㎰ᴗᡤᚓࡢྥ
ୖ͇ࢆࣥࣈࣞࣛ༠ຊࡢୖ┠ᶆࡋ࡚ࣉࣟࢢ࣒ࣛ┠ⓗ⣔ᅗࡀ࡛ࡁࡲࡋࡓࠋࡇࢀ࡛ࡸࡗᅜู
ࣉ࣮ࣟࢳࣉࣟࢢ࣒࣭ࣛࣉ࣮ࣟࢳࢆࡗ࡚ࣥࢻࢿࢩࡢ㎰ᮧఫẸࢆᨭࡍࡿᙧࡣ࡛ࡁࡲ
ࡋࡓࠋࡋࡋࠊ᪥ᮏேࣥࢻࢿࢩࡢᙺேࡀ୰ᚰసࡗࡓࡶࡢ࡛ࠊ⪺ࡁྲྀࡾㄪᰝ࡞ࢆࡋ
ࡓࡶࡢࡢ㎰Ẹࠊ≉㈋ᅔᒙࡢពぢࡀ༑ศỮࡳྲྀࡽࢀࠊఫẸࡢ┠⥺࡛ 2'$ ࡀᐇࡉࢀࡿᵝ࡞
ࡿࡢࡣࡲࡔඛ࡞ࡢ࡛ࡋࡓࠋ
ྠᮇ⏬㒊ࡣ⎔ቃ࣭ዪᛶㄢຓ㐃ᦠᐊࡀタ⨨ࡉࢀ࡚࠸ࡲࡍࠋ࡛ࣜ࢜ࡢᆅ⌫ࢧ࣑ࢵࢺ
࡛⏕≀ከᵝᛶ᮲⣙ࡀ⥾⤖ࡉࢀࡓࡢࢆཷࡅ࡚ࠊ᪥⡿ࢥࣔࣥࢪ࢙ࣥࢲࡢ୍ࡘࡋ࡚❧ࡕୖࡆࡽ
ࢻࢼ࣮㐃ᦠࡍࡿึࡵ࡚ࡢࣉࣟࢢ࣒ࣛࡋ࡚ࠕࣥࢻࢿࢩ⏕≀ከᵝᛶ୕ゅ༠ຊࠖࡢࣉࣟᙧᡂࡶ
ᢸᙜࡋࡲࡋࡓࠋ⏬㒊ࡣάẼ‶ࡕࠊࣥࢻࢿࢩ࡞ࢆ⯙ྎࡋ࡚ᢏ⾡༠ຊࡢࣉ࣮ࣟࢳࢆ
ᶍ⣴ࡋࡓ⤒㦂ࡣࠊ⚾ࡢࡑࡢᚋࡢ -,&$ ே⏕ࡗ࡚࡞ࡶࡢࢆἑᒣ࠼࡚ࡃࢀࡲࡋࡓࠋ
ࢫࣝࣚࣀᩍᤵࡽࡢ࣓ࢵࢭ࣮ࢪ
6XU\RQR
ࣈࣛࣥࢱࢫἙ⥲ྜ㛤Ⓨົᡤึ௦⥲
␎Ṕ
,U6XU\RQR Ặࡣ ᖺࠊࣂࣥࢻࣥᕤ⛉Ꮫ࡛ᅵᮌᢏ⾡ࡢᏛኈྕࢆྲྀᚓࡋࠊᅜᐙ
බົဨࠋ ᖺ㹼 ᖺࡣࣈࣛࣥࢱࢫἙ⥲ྜ㛤Ⓨᴗࡢ⥲ࢆົࡵࠊຮࠊ
㠉᪂ࠊ㐀ࠊᏛ⩦ពḧࠊ⤒㦂ඹ᭷ࡢᩥࢆฟࡍࡿࡓࡵࠊࣈࣛࣥࢱࢫົᡤ࡛ᚑ
ᴗဨࢆᣦࡋࡓࠋࡢඛ㥑ⓗᣦᑟ⪅ඹࠊࣈࣛ࢘ࢪࣕࣖᏛᕤᏛ㒊ࢆタ❧ࠋ
ᖺ㹼 ᖺྠᏛ㒊ࡢึ௦Ꮫ㒊㛗࡞ࡾࠊ ᖺ㹼 ᖺࡶ௵ࡉࢀࡓࠋ
ࠕࣈࣛࣥࢱࢫᕝࡢ⥲ྜὶᇦ㛤Ⓨࠖ
ࣈࣛࣥࢱࢫᕝࡣࠊ㛗 NPࠊὶᇦ㠃✚⣙ ᖹ᪉ NP ࡢࢪࣕ࣡ᓥ➨ࡢᕝ࡛࠶ࡿࠋ⣙
ᖺ๓ࠊࡇࡢ୍ᖏࡣᖖὥỈࡸᖸࡤࡘ࡞ᝎࡲࡉࢀ࡚࠸ࡓࠋ ᖺ௨ୖࡢ㛗࠸㛫ࠊ-,&$ ࡣỈࢺ
ࣥࢿࣝࡸࢲ࣒ࠊⓎ㟁ᡤᘓタࠊ℺₅タࡢᩚഛ➼ࡢὶᇦ㛤Ⓨ㛵ࡍࡿ༠ຊࢆ⾜࠸ࠊὥỈ⿕ᐖࡢ㍍
ῶࠊᏳᐃࡋࡓ㟁ຊ౪⤥ᐤࠊ㎰⏘≀⏕⏘ࡢⴭࡋ࠸ྥୖ㈉⊩ࡋࡓࠋࡲࡓࠊ᪥ᮏேᢏ⾡⪅ࡽ
ࣥࢻࢿࢩேᢏ⾡⪅ᢏ⾡⛣㌿ࡀ⾜ࢃࢀࠊࡇࡇ࡛⫱ࡗࡓᢏ⾡⪅ࡣࡑࡢᚋࡢὶᇦ㛤Ⓨ࠾࠸࡚
ᣦᑟⓗ࡞ᙺࢆᯝࡓࡋ࡚࠸ࡿࠋ
ࡑࢀࡣ ᖺ๓ࡉࡢࡰࡿࠋ᪥ᮏேᑓ㛛ᐙࡽࡢ▱㆑ᢏ⾡ࡢ⛣㌿ࢆ㏻ࡌ࡚ࠊỈ㈨※㛤Ⓨࡢࣀ
࢘ࣁ࢘ࢆ⩦⇍ࡍࡿ࠸࠺ࡦࡘࡢ⤒㦂ࡀࣈࣛࣥࢱࢫ㇂࡛✚ࡲࢀࡓࠋ
ࡑࡢᓫ㧗࡞┠ⓗྥࡅ࡚ࠊࣥࢻࢿࢩඹᅜᨻᗓࡣࠊ᭱ࡶ᭷ຠࡘྍ⬟࡞▱㆑ᢏ⾡⛣㌿ࡢ
ᐇ㊶ྥࡅ࡚ࠊᚲせ࡞タࡢᩚഛ⟶⌮࣭⾜ᨻ㠃࡛ࡢ✚ᴟⓗ࡞ᨻ⟇ࢆࡗࡓࠋ
ࣉࣟࢪ࢙ࢡࢺࡢᐇ࠾࠸࡚㐺⏝ࡉࢀࡓ⟇ࡢࡦࡘࡣࠊࣥࢻࢿࢩேࡢཧ⏬᥎㐍࠶ࡾࠊ
ࣉࣟࢪ࢙ࢡࢺࡢ㐠Ⴀࡣ͆┤Ⴀ͇ࡼࡗ࡚ᐇࡉࢀࡓࠋࡍ࡞ࢃࡕࠊࣈࣛࣥࢱࢫ࣭ࣉࣟࢪ࢙ࢡࢺᐇ
యࡀ┤᥋ࠊᚑᴗဨࢆເ㞟ࠊ᥇⏝ࠊカ⦎ࠊ┘╩ࡋࠊࡑࡋ࡚ࠊ⤥ࠊປാ᮲௳ࢆつᐃࡍࡿ⟇ࡘ
࠸࡚㈐௵ࢆࡶࡘ᪉ᘧ࡛࠶ࡗࡓࠋ
ᖺࣟࢻ࣭ࣚࢲ࣒ỈຊⓎ㟁ࣉࣟࢪ࢙ࢡࢺࡢᡂᘧ࠾ࡅࡿࢫࣆ࣮ࢳ࡛ࠊබඹᴗ⮧ࡣ௨ୗ
ࡢࡼ࠺㏙ࡽࢀ࡚࠸ࡿࠋ
ࠕࣈࣛࣥࢱࢫἙࡣࠊྜ⌮ⓗ࡞ィ⏬ᇶ࡙ࡁࠊ⥲ྜⓗࡘໟᣓⓗᐇࡉࢀࡓ᭱ึࡢἙᕝ࡛࠶ࡿࠖ
ࠕࣈࣛࣥࢱࢫ࣭ࣉࣟࢪ࢙ࢡࢺࡣ✲ᴟⓗࣥࢻࢿࢩேᑓ㛛ᐙࠊ⇍⦎⪅ࢆ⫱ᡂࡋࡓࠖࠋ
ࡇࡢ೧࡞ࣈࣛࣥࢱࢫ࣭ࣉࣟࢪ࢙ࢡࢺཧຍࡋࡓேࠎࡣࠊࣈࣛࣥࢱࢫἙࡀ⌧ᅾ⮳ࡿࡶࡇࡢᅜ
࡛᭱ࡶ㛤Ⓨࡢ㐍ࢇࡔἙᕝ࡛࠶ࡿ࠸࠺ᐇࡾࢆࡶࡗ࡚࠸ࡿࠋ
ࣈࣛࣥࢱࢫ࣭ࣉࣟࢪ࢙ࢡࢺࡣከ┠ⓗࢲ࣒ࠊሖࠊሐ㜵ࡢᙉᔞୖࡆࠊὶ◁ࡢไᚚࢆྵࡴἙᕝᨵ
ಟᴗ࡞ࠊ୍㐃ࡢᕤࡽ࡞ࡗ࡚࠸ࡿࠋࡇࢀࡽࡍ࡚ࡢᴗࡢィ⏬ࡣࠊ᪥ᮏᕤႠࠊ㮵ᓥᘓタࠊ
ࡑࡢ᪥ᮏேᑓ㛛ᐙࡢᨭࢆᚓ࡚ࠕ୍Ἑᕝࠊ୍ィ⏬ࠖ࠸࠺Ἑᕝὶᇦ㛤Ⓨࡢ⌮ᛕᇶ࡙ࡃࡶࡢ࡛
࠶ࡗࡓࠋ
ࣉࣟࢪ࢙ࢡࢺࡢᐇᮇ㛫୰ࠊࡃ㈨㔠㞴ࡁࢃࡵ࡚㧗࠸ࣥࣇ࣮ࣞࢩࣙࣥࡀ㉳ࡇࡗࡓ
ᖺ௦ࡢᅔ㞴ᑐฎࡍࡿ㝿ࡶࠊ᪥ᮏேࣥࢻࢿࢩேࢢ࣮ࣝࣉࡢ㛫Ⰻዲ࡞┦㛵ಀࡀ⠏ࢀ
ࡓࠋ᪥ᮏேࠊࣥࢻࢿࢩேࡶࠊᙼࡽࡀఫࢇ࡛࠸ࡓపຎ࡞ఫᒃࡘ࠸࡚ࠊ࠶ࡲࡾ↹ࢃࡏࡿࡇ
ࡣ࡞ࡗࡓࠋఱࡽᖹ‶ࡀ࡞ࡗࡓࠋධᡭ࡛ࡁࡿ㈨㔠ࡣࠊࡍ࡚㛤Ⓨᴗᢞ㈨ࡍࡁ࡛࠶
ࡿ࠸࠺⌮ᛕᇶ࡙ࡁࠊⓙ⋡ඛࡋ࡚ᐇ⾜ࡋࡓࠋࡑࢀࡣᙉไࡉࢀࡓ᮲௳࡛࠶ࡗࡓࡢࡶࡋࢀ࡞࠸ࠋ
ࡲࡓࠊ♫ဨࡣᐙ᪘ࢆྠకࡋ࡚ࡣ࡞ࡽ࡞࠸࠸࠺᪥ᮏᴗࡢᑵᴗつ๎ࡼࡿࡶࡢࡶࡋࢀ࡞ࡗࡓࠋ
ࠕඛ⏕⏕ᚐࠖࡢⰋዲࡘぶᐦ࡞㛵ಀࡀᙧᡂࡉࢀࠊࡑࢀࡀḟ➨୍⥴ാࡃᑐ➼࡞௰㛫ኚࢃ
ࡗ࡚࠸ࡗࡓࠋࢲ࣒ࢆࡘࡃࡿࡇேࢆࡘࡃࡿࡇࠊࡕࡽࡀ┠ⓗ࡞ࡢࢃࡽ࡞ࡃ࡞ࡗ࡚࠸ࡗ
ࡓࠋ
ࢥࣥࢧࣝࢱࣥࢺ࠾ࡼࡧᕤ⟶⌮せဨࡋ࡚ࡢ᪥ᮏேᑓ㛛ᐙࡢᩘࡣࠊᐇῶᑡࡋ࡚࠸ࡗࡓࠋ᭱ึ
ࡢࣉࣟࢪ࢙ࢡࢺࠊ ᖺ㛤ጞࡉࢀࡓ࢝ࣛࣥ࢝ࢸࢫ࣭ࢲ࣒ࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊ᭱┒ᮇ ேࡢᑓ
㛛ᐙࢆᚲせࡋࡓࠋࡋࡋࠊ ␒┠ࡢࢲ࣒ࠊ ᖺ㛤ጞࡉࢀࡓ࢘ࣜࣥࢠ࣭ࣉࣟࢪ࢙ࢡࢺ࡛ࡣࢃ
ࡎ ேࡢ᪥ᮏேᑓ㛛ᐙ⦰ᑠࡉࢀࡓࠋ
ࣈࣛࣥࢱࢫ࣭ࣉࣟࢪ࢙ࢡࢺࡣࡑࡢᚋࠊࢥࣥࢧࣝࢱࣥࢺ♫㸦ࣥࢻࣛ࢝ࣝࣖ㸧ࠊᘓタ♫㸦ࣈࣛ
ࣥࢱࢫ࣭ࣅࣉࣛࣖ㸧ࢆタ❧ࠊࡉࡽᚋ࡞ࡗ࡚ࠊᅜἙᕝὶᇦ⟶⌮බᅋࡢ๓㌟ࡋ࡚ࡢබᅋ㸦ࣉ
࣒࣭ࣝࢪࣕࢧࢸࣝࢱ㸧ࡢタ❧ⱆ⏕࠼࡚࠸ࡗࡓࠋࣉ࣒࣭ࣝࢪࣕࢧࢸࣝࢱࡢタ❧ࡼࡗ࡚ࠊ
㛤Ⓨࡢ⌮ᛕࡍ࡞ࢃࡕࠊࠕ୍Ἑᕝࠊ୍ィ⏬ࠊ୍⟶⌮యไࠖࡀᡂࡋࡓࡶࡢ࡞ࡿࠋ
㸯ࡘࡢἙᕝࢆ⏕ࡉࡏࡓࣥࢻࢿࢩே᪥ᮏேࠊ
ࠕࣈࣛࣥࢱࢫ࣐ࣥࠖࡢグ㘓ࡣᖖᛮ࠸㉳ࡇࡉ
ࢀࠊㄒࡾᑾࡃࡉࢀࡿࡇࡣ࡞࠸࡛࠶ࢁ࠺ࠋᙼࡽࡢᡂࡋ㐙ࡆࡓᡂᯝࡣḟࡢゝⴥ࡛⾲ࡍࡇࡀ࡛ࡁࡿࠋ
ࠕಙᛕࢆࡶࡗ࡚ࠊᙼࡽࡣ࠸༠ຊࡋ࡚ࣈࣛࣥࢱࢫ࣭ࣉࣟࢪ࢙ࢡࢺࡑࡢ⬟ຊࢆᤝࡆࡓࠖ
࣓ࢵࢭ࣮ࢪࡢ᭱ᚋ࠶ࡓࡾࠊࣈࣛࣥࢱࢫἙᕝὶᇦ㛤Ⓨࣉࣟࢪ࢙ࢡࢺ࠾ࡅࡿ᪥ᮏᕤႠࡢάື
ᑐࡋࠊᚰࡽឤㅰࡢពࢆ⾲ࡋࡓ࠸ࠋࡲࡓࠊࣈࣛࣥࢱࢫἙྠᵝࠊᑗ᮶ࢃࡓࡗ࡚ࣥࢻࢿࢩࡢ㛤
Ⓨࡢࡓࡵຊࢆྜࢃࡏ࡚ࡺࡃࡇᮇᚅࡋ࡚࠸ࡿࠋ
ึᮇㄪᰝᦠࢃࡗ࡚ࡢឤ៓
ὠ⏣ ㄔ
᪥ᮏᕤႠᰴᘧ♫ ඖᑓົྲྀ⥾ᙺ
␎Ṕ
ᖺᮾிᏛᕤᏛ㒊༞ᴗࠋྠᖺᰴᘧ♫㛫⤌ධ♫ࠊ ᖺᰴᘧ♫㝯⤌ධ♫ᚋࠊ
ᖺ᪥ᮏᕤႠᰴᘧ♫ධ♫ࠋ ᖺྠྲྀ⥾ᙺࠊ ᖺᖖົྲྀ⥾ᙺࢆ⤒࡚ࠊ
㹼 ᖺᑓົྲྀ⥾ᙺࠋ
ࠕࣈࣛࣥࢱࢫᕝࡢ⥲ྜὶᇦ㛤Ⓨࠖ
ࣈࣛࣥࢱࢫᕝࡣࠊ㛗 NPࠊὶᇦ㠃✚⣙ ᖹ᪉ NP ࡢࢪࣕ࣡ᓥ➨ࡢᕝ࡛࠶ࡿࠋ⣙ ᖺ
๓ࠊࡇࡢ୍ᖏࡣᖖὥỈࡸᖸࡤࡘ࡞ᝎࡲࡉࢀ࡚࠸ࡓࠋ ᖺ௨ୖࡢ㛗࠸㛫ࠊ-,&$ ࡣỈࢺࣥ
ࢿࣝࡸࢲ࣒ࠊⓎ㟁ᡤᘓタࠊ℺₅タࡢᩚഛ➼ࡢὶᇦ㛤Ⓨ㛵ࡍࡿ༠ຊࢆ⾜࠸ࠊὥỈ⿕ᐖࡢ㍍ῶࠊ
Ᏻᐃࡋࡓ㟁ຊ౪⤥ᐤࠊ㎰⏘≀⏕⏘ࡢⴭࡋ࠸ྥୖ㈉⊩ࡋࡓࠋࡲࡓࠊ᪥ᮏேᢏ⾡⪅ࡽࣥ
ࢻࢿࢩேᢏ⾡⪅ᢏ⾡⛣㌿ࡀ⾜ࢃࢀࠊࡇࡇ࡛⫱ࡗࡓᢏ⾡⪅ࡣࡑࡢᚋࡢὶᇦ㛤Ⓨ࠾࠸࡚ᣦᑟ
ⓗ࡞ᙺࢆᯝࡓࡋ࡚࠸ࡿࠋ
ᖺ ᭶ࡢࡇࡔࠋࣅ࣐ࣝ㸦⌧࣑࣐࣮ࣕࣥ㸧ࡢࣂ࣮ࣝࢳࣕࣥỈຊⓎ㟁ᡤᕤ⌧ሙὴ㐵ࡉࢀ
࡚࠾ࡼࡑ ᖺ༙ࠊࡶ࠺᮶ᖺࡣ❹ᕤࡔ࠸࠺ࡁ࡞ࡗ࡚ࠊ⚾ࡣᛴࣈࣛࣥࢱࢫἙࡢㄪᰝ⏬ὴ
㐵ࡉࢀࡿࡇ࡞ࡗࡓࠋ᪤⌧ᆅࡣࠊⰪ⏣୕⏨ᡤ㛗㸦ᇳ➹ᙜ㸧௨ୗ ᩘྡࡀ╔௵ࡋ࡚࠸ࡓࠋ
⚾ࡢ௵ົࡣỈᩥㄪᰝࠊゎᯒࠊ⥲ྜ㛤Ⓨィ⏬ࢆᐇࡋࠊ⩣ᖺ ᭶ᮎࡲ࡛ࡑࡢᇶᮏሗ࿌᭩ࢆᥦฟࡍ
ࡿࡇࡔࡗࡓࠋ ࢝ᡤࡢ᪤タࡢ Ỉᡤ࡛ࡢ Ỉࠊ ◁సᴗࡸἙᗋሁ◁ࡢᅵ㉁ヨ㦂ࠊࢲ࣒ࡢࢥ⏝
ࡢᅵ㉁ヨ㦂࡞ࡣ୍ᐑ㝯ኵྩ㸦ᨾே㸧⃝㇂୍ኵྩ㸦⌧ᖖົ㸧
㸦ᇳ➹ᙜ㸧ࡸࡗ࡚ࡶࡽࡗࡓࠋ⚾
ࡣᑓࡽỈᩥゎᯒࠊὥỈㄪ⠇ࠊⓎ㟁ࠊ℺₅ࠊ◁㜵࡞ࡢィ⏬ࢆ⾜࠸ࠊ ࢝ᡤࡢࢲ࣒ࡢ㧗ࡉࡸ᭷ຠ㈓
Ỉ㔞࡞ࢆỴᐃࡋࡓࠋ
᪥ᮏᕤႠᰴᘧ♫ࠊᰴᘧ♫ࢥ࣮࢚⥲ྜ◊✲ᡤࠕࣥࢻࢿࢩࣈࣛࣥࢱࢫἙࡢ㛤Ⓨ㸫ᢏ⾡ேࠎࡢὶ̿ࠖ
ࠊᒣᾏᇽࠊ
ᖺࠊ 㡫ࡼࡾ୍㒊ᢤ⢋ࠋ
ㄪᰝᙜࠊࣈࣛࣥࢱࢫἙὶᇦࡣࠊ࡙ࣞࣥ࢞ࡃࡾࡸ࢞ࣛࢫ❆ࡢ࠶ࡿᐙࡣࢇ࡞ࡃࠊኴ
➉ࡢᰕ࣡ࣛⵌࡁᒇ᰿࡛ࠊቨࡣ➉ࢆⷧࡃ࠸࡛⦅ࢇࡔࣥ࣌ࣛࠊ❆ࡣᮌࡢᢲୖࡆ❆ࡔࡗࡓࠋ⏨ࡢ
Ꮚࡣ〄ࠊዪࡢᏊࡣࣃࣥࢶ୍ᯛ࡛ࠊࢇ〄㊊࡛㐟ࢇ࡛࠸ࡓࠋࡑࢀࡶ↓⌮ࡣ࡞࠸ࠋேࡢ㐠㌿
ᡭࡸᢏᕤࡓࡕ࡛ࡶࠊờ࡛ⷧⲔⰍ↻ࡋࡵࡽࢀࠊࡇࢁࡇࢁ◚ࢀࡓࢩࣕࢶࢆ╔࡚࠸ࡓࡢࡔࡽࠋ
࠶ࡿࡁࠊ࣮࣎ࣜࣥࢢᶵᲔࡢἜࢆᣔࡃࡓࡵᮏ♫ࡽ࢙࣮࢘ࢫ㸦࣎ࣟᕸ㸧ࢆ㏦ࡗ࡚ࡶࡽࡗࡓࡇ
ࡀ࠶ࡗࡓࡀࠊฟ࡚ࡁࡓ᪥ᮏࡢୗ╔㢮ࢆぢࡓᕤဨࡸேኵࡀࢵ࠸࠺㛫ᣢࡗ࡚࠸ࡗ࡚ࡋࡲࡗࡓࠋ
ࣥࢻࢿࢩᨻᗓࡢࢫࣛࣂࣖ℺₅ᒁࡢࢫࣁࣜㄢ㛗⪺ࡃࠊᙼࡢ⤥ᩱࡣ᭶ ࣝࣆ㸦⣙
㸧࡛ࠊ⚾ࡢ⤥ᾏእᡭᙜࢆྜࢃࡏࡓ㢠ࡢ⣙ ศࡢ ࡛࠶ࡗࡓࠋᙜࡣ ᪥ࡓࡤࡇ ⟽ࢆႚ
࠺ᾘࡋ㣕ࢇ࡛ࡋࡲ࠺㢠࡛࠶ࡿࠋᙼࡣⱞ➗ࡋ࡞ࡀࡽࠕ㣗࠼࡞࠸ࡢ࡛ጔࡀ⾜ၟࢆࡋ࡞ࡀࡽᐙィࢆຓ
ࡅ࡚ࡃࢀࡿࠖㄒࡗࡓࠋ⚾ࡶࠊᩋᡓᚋ⮬ศࡢ⤥ᩱࡀྠᖺ㱋ࡢ⡿㌷୰ᑚࡢࢃࡎ ศࡢ ࡛࠶ࡗ
ࡓࡇࡢᝒယࢆᛮ࠸ฟࡋࠊ⌧ᆅ⏘ࡢᏳࡃ࡚ࡲࡎ࠸ࡓࡤࡇ࡛ᡃ៏ࡋࡓࡶࡢ࡛࠶ࡿࠋ
ࡩࡾ࠼ࢀࡤࠊ࢜ࣛࣥࢲᨻᗓࡣ᳜Ẹᆅ௦Ẽ㇟ほ ࠊᅵተㄪᰝࠊᆅ㉁ㄪᰝࠊᆅᅗస〇ࠊື᳜
≀ㄪᰝ࡞ࠊ⮬↛᮲௳ࡢㄪᰝࢆᚭᗏⓗ⾜ࡗ࡚࠸ࡓ࠸࠺ࠋࡇࢀࡣᩗ᭹ࡋࡓࡀ≉㦫࠸ࡓࡢࡣࠊ
ᨻᗓỈᩥᒁ┤㎄ࡢẼ㇟ほ ᡤࡢࠊྛᆅࡢᏛᰯࡢᰯᗞࣈࣜ࢟ࡢ༖ࢆྲྀࡾࡅࠊඛ⏕ẖ᪥
㞵㔞ࢆほ ࡉࡏ࡚࠸ࡓࡇ࡛࠶ࡿࠋ㞵㔞ࠊ Ỉࡢほ ࡣࠊ ᖺ㡭ࡽ⾜ࢃࢀ࡚࠸ࡓࡼ࠺ࡔࡀࠊ
㑇᠍࡞ࡇࠊᡓ๓ࡢ㈨ᩱࡣ᪥ᮏ㌷ࡢᨷ࢜ࣛࣥࢲᨻᗓࡀᮏᅜᣢࡕᖐࡿ࡞ࡋࡓࡓࡵධᡭ
࡛ࡁ࡞ࡗࡓࠋ㈨ᩱ㊊ᝎࡲࡉࢀ࡞ࡀࡽࡶࠊ ᖺࡽ ᖺࡢࢃࡎ ᖺ㊊ࡽࡎࡢ㈨ᩱᇶ
࡙࠸࡚ⱞᚰࡋ࡚㞵㔞ὶ㔞ࡢ㛵ಀࢆศᯒࡋࡓࠋࡑࢀࢆࡶ↓ㅛࡶᛮ࠼ࡿ ࡘࡢࢲ࣒ࡢㅖඖࢆ
ィ⏬ࡋࡓࡢ࡛࠶ࡿࠋࡇࢀࡀᙜึࡢィ⏬࠾ࡾ༑ศ࡞ຠᯝࢆ࠶ࡆ࡚࠸ࡿࡢࢆ ᖺࡪࡾ☜ㄆ࡛ࡁ࡚ࠊ
ࡗᏳᚰࡋࡓࠋ
༠ຊࡣࡳࢇ࡞ࡢࡓࡵ
<XQL(UQL$JXVOLQ
Ỉ㐨カ⦎ࢭࣥࢱ࣮㛗
␎Ṕ
࢞ࢪ࣐ࣕࢲᏛ࡛Ꮫኈྕ㸦⏕≀Ꮫ㸧ྲྀᚓࠊࣥࢻࢿࢩᏛ࡛ಟኈྕ㸦⎔ቃᏛ㸧
ࢆྲྀᚓࠋබඹᴗ┬ධ┬ᚋࠊ ᖺỈ㐨⎔ቃ⾨⏕カ⦎ࢭࣥࢱ࣮ࡢᗫᲠ≀ฎ⌮
ᴗ࡛ -,&$ ༠ຊࠋ ᖺ㹼 ᖺᘓタ㛤Ⓨᗇே⥲ົἲົ㒊㛗ࠊ ᖺ㹼
ᖺᘓタ㛤Ⓨ⥲ᒁே⥲ົ㒊㛗ࢆ⤒࡚ࠊ ᖺࡽබඹᴗ࣭ᅜẸఫᏯ┬ᒃఫ⥲ᒁ
ചୗࡢỈ㐨カ⦎ࢭࣥࢱ࣮㛗ࠋ
ࠕỈ㐨カ⦎ࢭࣥࢱ࣮ࠖ
ࣥࢻࢿࢩࡢỈ㐨ࢧ࣮ࣅࢫཬࡧ⎔ቃ⾨⏕ࢧ࣮ࣅࢫྥୖ㛵ࢃࡿᨭせㄳࢆཷࡅࠊࡑࢀ㈨ࡍ
ࡿせဨࡢ⫱ᡂࢆ┠ⓗࡋ࡚ᐇࡉࢀࡓࡢࡀࡇࡢ୍㐃ࡢࣉࣟࢪ࢙ࢡࢺ࡛࠶ࡿࠋ ᖺ↓ൾ㈨㔠
༠ຊࡼࡗ࡚Ỉ㐨⎔ቃ⾨⏕ࢭࣥࢱ࣮㸦⌧ࠊỈ㐨カ⦎ࢭࣥࢱ࣮㸧ࡢタ❧ࢆࠊࡑࡢᚋࡢᢏ⾡༠ຊࣉ
ࣟࢪ࢙ࢡࢺࡼࡾேᮦ⫱ᡂ࣭࣒࢝ࣜ࢟ࣗࣛ㛤Ⓨ➼ࡢ㐠Ⴀࢆᨭࡋࡓࠋ ᖺࡲ࡛⣙ ே
㸦⎔ቃศ㔝㸧ࠊ ᖺࡲ࡛⣙ ே㸦Ỉ㐨㒊㛛㸧ࡢ◊ಟဨᑐࡋࠊカ⦎ࢆᐇࡋࡓࠋ
ࣉࣟࢪ࢙ࢡࢺࡢṔྐⓗព⩏ࡑࡢᡂᯝ
Ⰻዲ࡛ಙ㢗࡛ࡁࡿୖỈ㐨㐠Ⴀࡣࠊࡑࢀࢆ㐠Ⴀࡍࡿேᮦࡢᙺ↓㛵ಀ࡛ࡣ࠶ࡾ࠼࡞࠸ࠋ㧗࠸ᑓ
㛛ᛶࢆᣢࡘேᮦࡣࠊᖖᕷẸᑐࡍࡿỈ㐨ࢧ࣮ࣅࢫࡢရ㉁ࡢྥୖࢆࡶࡓࡽࡋࠊࡦ࠸࡚ࡣࠊ⤒῭ࡢ
Ⓨᒎࡘ࡞ࡀࡿࠋࡋࡓࡀࡗ࡚ࠊỈ㐨ศ㔝ࡢேᮦࢆ⫱ᡂࡍࡿᶵ⬟ࢆᣢࡘᶵ㛵ࡀᚲせ࡛࠶ࡿࠋࡍ࡞ࢃ
ࡕࠊỈ㐨⟶⌮ศ㔝ࡢᑓ㛛ᐙࢆ㍮ฟ࡛ࡁࡿᶵ㛵࡛࠶ࡿࠋ௨ୖࡢࡇࡽࠊୖỈ㐨ศ㔝ࡢேᮦࢆ⫱ᡂ
ࡍࡿᶵ㛵ࡋ࡚Ỉ㐨⎔ቃ⾨⏕カ⦎ࢭࣥࢱ࣮ࡀタ❧ࡉࢀࡓࠋࡇࢀࡣࠊỈ㐨࠾ࡼࡧ⎔ቃ⾨⏕ศ㔝࡛ࡢ
ேᮦ⫱ᡂࢆ┠ⓗࡋࡓ᪥ᮏࣥࢻࢿࢩࡢᨻᗓ㛫༠ຊࡢᡂᯝ࡛࠶ࡿࠋࡑࡢṔྐࡣࠊᨻᗓ㛤Ⓨ
ຓ㸦2'$㸧ࠊࡘࡲࡾ ᖺࡢ↓ൾ㈨㔠༠ຊࠊ ᖺࡢ᭷ൾ㈨㔠༠ຊࡽጞࡲࡗࡓࠋࡑࡢᚋࠊ
ᖺ௦ึࡵࠊ◊ಟࣉࣟࢪ࢙ࢡࢺࡼࡿỈ㐨ᢏ⾡༠ຊࡀጞࡲࡾࠊ ᖺ௦⎔ቃ⾨⏕Ỉ㐨ศ㔝ࡢカ
⦎ࢭࣥࢱ࣮ᘓタࡀᵓࡉࢀࡓࠋᅜ㝿༠ຊᶵᵓ㸦-,&$㸧ࡣࠊ↓ൾ㈨㔠༠ຊࡼࡾࠊᙜࡋ࡚ࡣ㠀
ᖖඛ㐍ⓗ࡞タഛࢆഛ࠼ࡓ ᖹ᪉࣓࣮ࢺࣝࡢᗈࡉࡢカ⦎ࢭࣥࢱ࣮ࢆᘓタࡋࡓࠋカ⦎ࢭࣥ
ࢱ࣮ࡣࠊົᡤᲷࠊᩍᐊࠊᑅࠊ㣗ᇽࠊࡉࡽࠊẖ⛊ ࣜࢵࢺࣝᐜ㔞ࡢᮏ≀ࡢỈฎ⌮タࢆഛ࠼ࡓ
ίỈᐇ⩦ሙࠊ࣏ࣥࣉ㛵ಀ࠾ࡼࡧᶵᲔ࣭㟁Ẽࡢᶍᨃᐇ⩦ሙࠊỈ࣭㓄⟶㛵ಀࡢᐇ⩦ሙࠊ㓄⟶⥙࣭₃
Ỉࡢᶍᨃᐇ⩦ሙ࠸ࡗࡓୖỈ㐨⾨⏕ศ㔝ࡢᐇ⩦ሙࢆഛࡋࠊᏛࠊ≀⌮ࠊ⏕≀ࡢᐇ㦂ᡤࡶ࠶ࡾࠊ
⏦ࡋศࡢ࡞࠸ࡶࡢ࡛࠶ࡗࡓࠋ ᖺ ᭶ ᪥ࠊỈ㐨⎔ቃ⾨⏕カ⦎ࢭࣥࢱ࣮ࡣࠊᙜࡢ 6DDGLODK
0XUVLG ᅜᐙᐁᡣ㛗ᐁࠊ,U5DGLQDO0XKWDU බඹᴗ⮧ࡼࡾ㛤ᡤᘧࡀ⾜ࢃࢀࡓࠋᅧᘅ㐨ᙪ࣭㥔
ࣥࢻࢿࢩ᪥ᮏ㸦ᙜ㸧ࡶᣵᣜࡢࡓࡵฟᖍࡋࠊ,U+57DPELQJ'LSO6( ୖỈ⥲ᒁ㛗㸦ᙜ
㸧ࠊ,U6RHQDUMR'DQRHGMR ᒃఫ⥲ᒁ㛗㸦ᙜ㸧ࡶฟᖍࡋࡓࠋࡇࡢカ⦎ࢭࣥࢱ࣮ࡢ㛤ᡤࡣࠊ-,&$
ࢆ࠾ࡋ࡚ࠊ᪥ᮏᨻᗓࡀࣥࢻࢿࢩࡢỈ㐨࣭⎔ቃ⾨⏕ศ㔝ࡢேᮦ⫱ᡂ✚ᴟⓗಀࢃࡗ࡚࠸ࡃ
࠸࠺ドࡋ࡛ࡶ࠶ࡗࡓࠋ
ࣥࣇࣛᘓタࡔࡅ࡛ࡣ࡞ࡃࠊ-,&$ ࡣࠊࣉࣟࢪ࢙ࢡࢺࡢ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺᣦྡࡉࢀࡓỈ㐨⎔ቃ
⾨⏕カ⦎ࢭࣥࢱ࣮ࡢ⫋ဨࡢᣦᑟࡸᢏ⾡ᨭ࠾ࡼࡧ▱㆑ࡢ⛣㌿ࢆ⾜࠺ࡓࡵࠊ᪥ᮏࡢᑓ㛛ᐙࢆὴ㐵ࡋࠊ
ึᮇࡢ◊ಟ㐠Ⴀࢆᡭఏࡗࡓࠋὴ㐵ࡉࢀࡓᑓ㛛ᐙࡓࡕࡣࠊỈ㐨⎔ቃ⾨⏕カ⦎ࢭࣥࢱ࣮ࢆ㐠Ⴀࡍࡿᖿ
㒊⫋ဨᑐࡋ࡚◊ಟࢆ⾜ࡗࡓࠋࢭࣥࢱ࣮ࡢึᮇࡢάື࡛ࡣࠊ-,&$ ࣥࢻࢿࢩᨻᗓࡀ」ᩘᅇ
ࢃࡓࡗ࡚ࠊ
ࠕỈ㉁⟶⌮◊ಟࠖ
㸦 ᖺ ᭶ ᪥㹼 ᭶ ᪥ࠊ ᖺ ᭶ ᪥㹼 ᭶ ᪥㸧ࠊ
ࠕ㓄⟶
ࣉࣟࢪ࢙ࢡࢺ࣭࣮࢜࣌ࣞࢱ࣮◊ಟࠖ
㸦 ᖺ ᭶ ᪥㹼 ᪥㸧ࠊ
ࠕ㣧ᩱỈỈ㉁ᇶ‽࣭࢞ࢻࣛࣥ
㛵ࡍࡿࢭ࣑ࢼ࣮㸭࣮࣡ࢡࢩࣙࢵࣉࠖ㸦 ᖺ ᭶ 㹼 ᪥㸧ࡢࡼ࠺࡞Ỉ㐨㛵ࡍࡿ◊ಟࢆ⾜ࡗ
ࡓࠋࢭࣥࢱ࣮ࡀ◊ಟタࡋ࡚Ⓨᒎࡋ࡚௨᮶ࠊ◊ಟࡸࢭ࣑ࢼ࣮ࡢㅮᖌ࡞ࠊࣥࢻࢿࢩ᪥ᮏ
ࡢ㛫࡛ከࡃࡢ༠ຊࡀᐇ⌧ࡋࡓࠋ༠ຊࢆ㏻ࡌࡓὶࡣ୧ᅜࡢேⓗ㈨⏘࡞ࡗࡓࠋ᪥ᮏഃࡢᢏ⾡ᨭ
ࡣ ᖺࡲ࡛⾜ࢃࢀࠊࡑࡢᚋࠊ㠃ⓗࣥࢻࢿࢩᨻᗓጤࡡࡽࢀࡓࠋࡋࡋࠊࡑ࠺࡛࠶ࡗ࡚
ࡶࠊ⌧ᅾࡲ࡛ -,&$ Ỉ㐨カ⦎ࢭࣥࢱ࣮ࡣኚࢃࡽࡎⰋዲ࡞༠ຊ㛵ಀ࡛⤖ࡤࢀ࡚࠸ࡿࠋ
Ỉ㐨カ⦎ࢭࣥࢱ࣮㸦%7$0㸧ࡢἢ㠉ࢆࡳࡿࠊࣥࢻࢿࢩᨻᗓࡢ⤌⧊⦅ᛂࡌ࡚ࠊࡇࢀࡲ࡛
ఱᗘྡ⛠ࡀኚ᭦ࡉࢀࡓࠋᒃఫ⥲ᒁୗ࡛ࠕỈ㐨࣭ᒃఫ⎔ቃ⾨⏕カ⦎ࢭࣥࢱ࣮ࠖࡋ࡚タ❧ࡉࢀࡓ
ࡢࢆ⓶ษࡾࠊ ᖺࡣࠊᒃఫ࣭ᆅᇦ㛤Ⓨ◊ಟࢭࣥࢱ࣮ചୗࡢࠕỈ㐨࣭ᒃఫ⎔ቃ⾨⏕カ⦎ᡤࠖ
ྡ⛠ࢆኚ࠼ࠊ ᖺࡣࠊᒃఫ⥲ᒁ㛗┤㎄ࡢࠕ➨ , ᆅᇦ࣭Ỉ㐨࣭ᗫᲠ≀ฎ⌮カ⦎ࢭࣥࢱ࣮ࠖ
࡞ࡗࡓࠋࡇࡢᖺࠊࣥࢻࢿࢩࡣ࠸ࡃࡘࡢᆅᇦࡈศࡅࡽࢀ࡚࠸ࡓࡀࠊ➨ , ᆅᇦࡣࠊࢫ࣐ࢺ
ࣛᓥࠊすࢪࣕ࣡ࠊ࣐࢝ࣜࣥࢱࣥᓥ࡛࠶ࡗࡓࠋ ᖺࠊ
ࠕỈ㐨カ⦎ࢭࣥࢱ࣮㸦%7$0㸧
ࠖྡ⛠ࡀኚ᭦
ࡉࢀࠊᢸᙜศ㔝ࡶỈ㐨ศ㔝ࡢࡳ࡞ࡗࡓࠋࢭࣥࢱ࣮ࡀᡤ⟶ࡍࡿᆅᇦࡣࠊࢧࣂࣥࡽ࣓ࣛ࢘ࢣࡲ࡛ࠊ
ࣥࢻࢿࢩࡢᆅᇦ࡞ࡗࡓࠋࡑࡢάື⠊ᅖࡢᗈࡉࢆ⪃࠼ࡿࠊࡇࢀࡣỈ㐨カ⦎ࢭࣥࢱ࣮
ࡗ࡚ࡁ࡞ᣮᡓ࡛࠶ࡿࠋ
Ỉ㐨カ⦎ࢭࣥࢱ࣮ࡣ⌧ᅾࠊỈ㐨ศ㔝ࡢᑓ㛛ᐙࢆ⫱ᡂࡍࡿ၏୍ࡢ⾜ᨻᶵ㛵࡛࠶ࡿࠋỈ㐨カ⦎ࢭࣥ
ࢱ࣮ࡣᒃఫ⥲ᒁࡢചୗ࠶ࡾࠊୖỈ㐨㛤Ⓨᒁ㸦'363$0㸧࠾ࡼࡧỈ㐨㛤Ⓨᨭᗇ㸦%3363$0㸧ㄪᩚ
ࢆ⾜࠺ࠋබඹᴗ࣭ᅜẸఫᏯ┬ෆࡢㄪᩚࡢࠊୖỈ㐨༠㸦3HUSDPVL㸧ࠊỈ㐨ᢏ⾡⪅⫋ᴗカ⦎Ꮫᰯ
㸦$NDWLUWD㸧ࠊࣥࢻࢿࢩỈ㐨⟶⌮ᢏ⾡⫋ㄆドᶵ㛵㸦/63$0,㸧ࡢ༠ຊࡶ⾜ࡗ࡚࠸ࡿࠋᆅ᪉ୖ
Ỉ㐨ᴗබ♫ࢫࢱࢵࣇྥࡅ◊ಟࢆ⾜࠺ࠊᆅ᪉ᢏ⾡ᐇࣘࢽࢵࢺ㸦837'㸧࠾ࡼࡧᆅ᪉බඹᴗᒁ
㸦%/8'㸧ࡶࡲࡓỈ㐨⦎ࢭࣥࢱ࣮ࡢ◊ಟᑐ㇟࡞ࡗࡓࠋࡉࡽࠊỈ㐨カ⦎ࢭࣥࢱ࣮ࡣᅜ㝿ⓗ࡞ࣞ࣋
ࣝࡶ⩼ࢆᗈࡆࠊࡑࡢྡࡣ㞄ᅜࡢᮾࢸ࣮࡛ࣔࣝࡶ▱ࡽࢀࠊྠᅜࡣỈ㐨ᢏ⾡ᣦᑟࡢศ㔝࡛ %7$0
ࡢ༠ຊࢆᮃࢇ࡛࠸ࡿࠋࡇࢀࡶࠊ-,&$ ᮾࢸ࣮ࣔࣝົᡤࡀᑟࡋࠊ ᖺࠊ%7$0 ࡣᮾࢸࣔ
࣮ࣝᑐࡋ࡚ᶵᲔࡸ㟁Ẽࡢᢏ⾡ࡢᣦᑟࢆ⾜ࡗࡓࠋ
Ỉ㐨カ⦎ࢭࣥࢱ࣮ࡣ⌧ᅾࠊỈ㐨ศ㔝ࡢேᮦ⫱ᡂࡢࡓࡵࠊከᵝ࡞◊ಟࠊ࣮࣡ࢡࢩࣙࢵࣉࠊࢭ࣑
ࢼ࣮࡞ࢆᐇࡋ࡚࠸ࡿࠋタ❧ᙜึࡽ᪥ࡲ࡛ࠊỈ㐨ศ㔝࡛࠾ࡼࡑ ே◊ಟࢆ⾜ࡗ࡚ࡁ
ࡓࠋࡘ࡚ࡢ◊ಟཧຍ⪅ࡢከࡃࡀࠊ࡛ࡣỈ㐨♫ࡢᖿ㒊࡞ࡗ࡚࠸ࡿࠋࣥࢻࢿࢩࡢỈ㐨ࢧ
࣮ࣅࢫࡢྥୖྍḞ࡞Ỉ㐨ศ㔝ࡢᑓ㛛ᐙࡀᚋࡶᚲせࡉࢀ࡚࠸ࡿࡇࢆ⪃࠼ࡿࠊࡇࢀ
ࡽࡶࠊࡇࡢᩘᏐࡣቑ࠼⥆ࡅࡿࡔࢁ࠺ࠋ
Ỉ㐨カ⦎ࢭࣥࢱ࣮ࡀタ❧ࡉࢀ࡚ࡽ ᖺ௨ୖࡀ⤒ࡕࠊ ேࡀࢭࣥࢱ࣮㛗ࢆົࡵࡓࠋึ௦ࡢ ,U
6RHVDQWR0HUWRGLQLQJUDW Ặ㹼 ᖺࠊࡑࡋ࡚ ,U$QGULD6XKDQGMDMD㸦'LSO6(0$㸧
㹼 ᖺࠊ,U+/5+DUU\6RHODUWR Ặ㸦'LSO6(0(QJ㸧ࠊ,U'MDMDGL3UD\LWQR Ặ㸦3K'㸧
ࠊ
,U/LOLHN6ULPXO\DWL Ặ㸦'LSO6(㸧 ᖺ㹼 ᖺࠊ,U%DPEDQJ6XGLDWPR Ặ㸦'LSO6(㸧
ᖺ㹼 ᖺࠊ,U,OKDP0XKDUJLDG\ Ặ㸦06F㸧ࠊ6XGDUZDQWR Ặ㸦6(0$㸧ࠊ⥆ࡁࠊ⚾ 'UD
<XQL(UQL$JXVOLQ㸦06L㸧㸦㹼⌧ᅾ㸧࡛ ௦┠࡛࠶ࡿࠋ ṓࡣⱝ࠸࠸࠺ᖺ㱋࡛ࡣ࡞࠸ࡀࠊ
Ỉ㐨カ⦎ࢭࣥࢱ࣮ࡢタഛࡣࡶኵ࡛ࠊၥ㢟࡞ࡃ࠼ࡿࠋࡋࡋࠊࡸࡽ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ᐟ㢟ࡶ
ከࡃ࠶ࡿࠋ≉ࠊ⌧ᅾࡢᢏ⾡ࡢⓎᒎᛂࡌࡓᐇ㦂ᐊᐇ⩦ሙࡢタഛࡢ㏆௦ࡔࠋỈ㐨カ⦎ࢭࣥࢱ
࣮ࢆάᛶࡋࠊᮾ༡ࢪ୍࡛┠⨨ࢀࡿᅜ㝿ࣞ࣋ࣝࡢࢭࣥࢱ࣮ࡍࡿᚲせࡀ࠶ࡿࠋୖ㏙ࡢᩘ
Ꮠࡣࢭࣥࢱ࣮㸦%7$0㸧 -,&$ ࡢ༠ຊࡀࡶ⥆࠸࡚࠸ࡿࡇࢆ♧ࡋ࡚࠸ࡿࠋ୧ᅜࡢ༠ຊࡣேⓗ㈨⏘
࡛࠶ࡿ࠸࠼ࡿࠋ
ᅜᐙ㆙ᐹᨵ㠉ᨭࣉࣟࢢ࣒ࣛࡢព⩏ᛮ࠸ฟ
'D
L%DFKWLDU
ඖࣥࢻࢿࢩᅜᐙ㆙ᐹ㛗ᐁ㸦 ᖺ㹼 ᖺ
␎Ṕ
ᖺ ᭶⏕ࡲࢀࠋ ᖺᅜ㌷ኈᐁᏛᰯ༞ᴗࠊ ᖺ㆙ᐹᏛ㝔Ꮫ༞ᴗࠋ
ᖺ㆙ᐹᖿ㒊Ꮫᰯ6HVSLPSROࠊ ᖺࣥࢻࢿࢩᅜ㌷ᣦᖥᏛᰯ6(6.2
$%5,ࠋ ᖺࣃࢸ⟶༊㆙ᐹࣈࣟࣛ⨫ࠊ ᖺࢫ࢝ࣛࣝࢱ⟶༊㆙ᐹ࣎ࣚࣛࣜ⨫ࠊ
ᖺྠ⟶༊㆙ᐹࢡࣛࢸࣥ⨫➼ࠊ୰㒊ࢪࣕ࣡ᕞ㆙ᐹ⟶㎄ୗࡢ㆙ᐹ⨫㛗ࢆṔ௵ࠋ
ᖺࠊᮾࢪࣕ࣡ᕞ㆙ᐹᮏ㒊㛗ཬࡧ㆙ᐹኈᐁᏛᰯ㛗ࢆව௵ࠋ ᖺ㹼 ᖺࣥࢻࢿ
ࢩᅜᐙ㆙ᐹ㛗ᐁࠋ㛗ᐁᙜ -,&$ ࡢᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࠕᅜᐙ㆙ᐹᨵ㠉ᨭࣉ
ࣟࢢ࣒ࣛࠖࢆ᥎㐍ࠋ ᖺࡽࣥࢻࢿࢩ≢⨥㜵Ṇ༠ᖿ㒊㆟㛗ཬࡧࣥࢻ
ࢿࢩᅜ㝿ၥ㢟ホ㆟㐠Ⴀጤဨ㛗ࠋ
ࠕᅜᐙ㆙ᐹᨵ㠉ᨭࣉࣟࢢ࣒ࣛࠖ
ࣥࢻࢿࢩࡢẸࡢὶࢀࡢ୰ࠊᅜᐙ㆙ᐹࡀᅜ㌷ࡽศ㞳ࡍࡿࡇࡀ ᖺỴࡲࡾࠊᕷẸ
㆙ᐹ⤌⧊࣭ไᗘୖࡢ㌿ࡀ㐍ࡵࡽࢀࡓࠋ-,&$ ࡣࠊ ᖺࡽࠕᅜᐙ㆙ᐹᨵ㠉ᨭࣉࣟࢢࣛ
࣒ࠖࢆᐇࡋࠊࢪࣕ࢝ࣝࢱ㏆㑹ࡢࣈ࢝ࢩ࠾ࡅࡿᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࢆ㏻ࡌ࡚ࠊ㚷㆑άື
௦⾲ࡉࢀࡿㄔᐇ࣭㎿㏿࡞άືࠊ␒ࡸᕠᅇ㐃⤡࠸ࡗࡓᕷẸ㆙ᐹࣔࢹࣝࢆ☜❧ࡋࡓࠋ⌧ሙࡢே
ᮦ⫱ᡂ୪⾜ࡋࠊᅜᐙ㆙ᐹ㛗ᐁࢻࣂࢨ࣮ࡢὴ㐵ᅜู≉タ◊ಟ㸦ᮏ㑥◊ಟ㸧➼ࢆ㏻ࡌࠊᖿ
㒊ᒙࡢ⫱ᡂࡸࠊᕷẸ㆙ᐹࡢᬑཬ࣭ไᗘࡢᚋᢲࡋࡶ⾜ࡗ࡚ࡁࡓࠋ༠ຊࡢᡂᯝࡣࠊᅜᐙ㆙ᐹࡢᨻ
⟇ไᗘࡶᫎࡉࢀࠊ⌧ᅾࡣࣈ࢝ࢩ࡛☜❧ࡋࡓࣔࢹࣝࡢᅜᒎ㛤ྲྀࡾ⤌ࢇ࡛࠸ࡿࠋ
ڦ᪥ᮏ㆙ᐹࡢᨭࡢ㛵ࢃࡾ
⚾⮬㌟ࠊ ᖺ ᭶ゼ᪥ࡋ᪥ᮏࡢ㆙ᐹࡢάືࢆࡇࡢ┠࡛ぢ࡚ࠊ᪥ᮏࡢ㆙ᐹࡀᕷẸ㆙ᐹάື
ࡢࡼ࠺ྲྀࡾ⤌ࢇ࡛࠸ࡿࢆ▱ࡗࡓࠋ⪁ேࢆᩗ࠺ࡇࢁ࡞ࠊᩥⓗ᪥ᮏࡣࣥࢻࢿࢩ
ఝ࡚࠸ࡿࡇࡶឤࡌࡽࢀࡓࡢ࡛ࠊࣥࢻࢿࢩ࡛ࡶᕷẸ㆙ᐹάືࡣᐇ࡛ࡁࡿឤࡌࡓࠋࡑࡇ࡛ࠊ
ࣥࢻࢿࢩ࡛ᕷẸ㆙ᐹࢆ᥎㐍ࡍࡿࡓࡵࠊ᪥ᮏࡢ༠ຊࢆᙉࡍࡿࡼ࠺ᣦ♧ࡋࡓࠋ
ࡇࢀࡼࡾࠊ-,&$ ࡼࡿᅜᐙ㆙ᐹᨵ㠉ᨭࣉࣟࢢ࣒ࣛࡢ୰࡛ࠊࣈ࢝ࢩ࠾ࡅࡿᢏ⾡༠ຊࣉࣟࢪ
࢙ࢡࢺࡀጞࡲࡾࠊ᪥ᮏࡢ㆙ᐹᐁࢆࣈ࢝ࢩὴ㐵ࡋ࡚ᢏ⾡ᣦᑟࡀ⾜ࢃࢀࡿࡼ࠺࡞ࡗࡓࠋࣈ࢝ࢩࢆ
㑅ࢇࡔࡢࡣࠊࡇࡢࣉࣟࢪ࢙ࢡࢺࡢᐇ㐺ࡋࡓ ࡘࡢ㛗ᡤࡀ࠶ࡗࡓࡓࡵࡔࠋࡑࢀࡣࡘࡲࡾࠊࣈ࢝
ࢩࡣ㒔࡛࠶ࡿࡀࠊྠ㎰ᮧᆅᖏࡶከࡃ࠶ࡾࠊࣥࢻࢿࢩࡢᕷẸ㆙ᐹࣉࣟࢪ࢙ࢡࢺࡢ㛤Ⓨࣔ
ࢹࣝࡋ࡚㐺ࡋ࡚࠸ࡓࡽ࡛࠶ࡿࠋࡇࡢࣉࣟࢪ࢙ࢡࢺࡣࠊఫᏯᆅࡢ┿ࢇ୰␒ࢆᘓタࡍࡿ࡞ࠊ
ఫẸ୍⥴ࠊࡲࡓఫẸ┤᥋ὶࡍࡿᆅᇦ㆙ᐹࢆᵓ⠏ࡍࡿࡶࡢ࡛ࠊᨵ㠉๓ࡣ࡞ࡗࡓࡶࡢࡔࠋ
⚾ࡣࡇࡢࣉࣟࢪ࢙ࢡࢺࡀࣈ࢝ࢩ࡛ᡂຌࡋࡓࡽࠊࣥࢻࢿࢩࡢࡢᆅᇦࡶྠࡌάືࢆᒎ㛤ࡍࡿ
ࡇࡀ࡛ࡁࡿ⪃࠼ࡓࡢ࡛࠶ࡿࠋ
ࡇࡢࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊࣥࢻࢿࢩὴ㐵ࡉࢀ࡚ࡃࡿ᪥ᮏࡢ㆙ᐹᐁࡽᏛࡪࡔࡅ࡛࡞ࡃࠊ᪥
ᮏᖿ㒊ೃ⿵⏕ࢆὴ㐵ࡍࡿ◊ಟ㸦ᅜู≉タ◊ಟ㸧ࡶ⾜ࡗࡓࠋࡇࡢ◊ಟ ᮇ┠ࡣࠊഅ↛ࡶ㆙ᐹ
ᐁ࡛࠶ࡿ⚾ࡢᜥᏊࡶཧຍࡋࡓࠋᙼࡀࣈ࢝ࢩ⨫࡛ົࡋ࡚࠸ࡓࠊどᐹ᮶ࡓࣇࢪ࣮㆙ᐹ㛗ᐁ
ᑐࡋ࡚␒ไᗘࡘ࠸࡚ㄝ᫂ࢆࡋࡓࡇࢁࠊࡇࢀࡀዲホࡔࡗࡓࡓࡵࠊࡑࡢᚋࣇࢪ࣮࡛␒ࢩࢫ
ࢸ࣒ࢆᐇࡍࡿࡓࡵࠊࣥࢻࢿࢩᅜᐙ㆙ᐹࢆ௦⾲ࡋ࡚ࣇࢪ࣮ᣍᚅࡉࢀࡿࠊ࠸࠺ࡇࡀ
࠶ࡗࡓࠋ
ࡢࣝ࣋ࣞࣉࢵࢺ ڦὶ
⌧ሙࣞ࣋ࣝࡢ㆙ᐹᐁྠኈࡼࡿᢏ⾡⛣㌿࣭ᛂ⏝ࡶ㔜せࡔࡀࠊྠࣁ࡛ࣞ࣋ࣝࡢࢥ࣑ࣗࢽࢣ
࣮ࢩࣙࣥࢆ㏻ࡌࡓࠊᨻ⟇ࣞ࣋ࣝࡢᨵ㠉ࡶຎࡽࡎ㔜せ࡛࠶ࡿࠋ㏻ᖖࡢ༠ຊ௳ࡢࡼ࠺ࠊ⌧ሙ࡛
ࣉࣟࢪ࢙ࢡࢺࢆᩘᖺᐇࡍࡿࡔࡅ࡛ࡣࠊࡑࡢᚋࡀ⥆࡞࠸ࠋࡇࡢⅬ࡛ࠊ᪥ᮏࡢ༠ຊ࡛ࡣࠊ௦ࠎࠊ
ᅜᐙ㆙ᐹᮏ㒊᪥ᮏࡢ㆙ᐹࡽᅜᐙ㆙ᐹ㛗ᐁࢻࣂࢨ࣮ࡀὴ㐵ࡉࢀ࡚࠸ࡿࡇࡀࠊ㠀ᖖ㔜せ
࡛࠶ࡿࠋ⚾ࡢᅾ௵୰ࡣึ௦ࡢᒣ㷂ࢻࣂࢨ࣮ࡀ࠾ࡾࠊࣉࣟࢢ࣒ࣛࡢ㐍ᤖࢆヰࡋࠊ┦ㄯࡍࡿ࡞
ࠊࡼࡃࢥ࣑ࣗࢽࢣ࣮ࢩࣙࣥࢆྲྀࡗ࡚࠸ࡓࠋඖࠎࣥࢻࢿࢩㄒሓ⬟࡞ᒣ㷂Ặࡢࡳ࡞ࡽࡎࠊṔ
௦ࢻࣂࢨ࣮ࡣࠊⓙࣥࢻࢿࢩㄒࢆᏛࢇ࡛ࡽ㉱௵ࡋ࡚࠾ࡾࠊࣥࢻࢿࢩㄒ࡛┤᥋ࢥ࣑ࣗ
ࢽࢣ࣮ࢩࣙࣥࢆྲྀࢀࡿࡇࡶ⣲ᬕࡽࡋ࠸ࠋ
࠶ࡿࠊ᪥ᮏࡢ⏣୰㆙ᐹᗇ㛗ᐁᒣ㷂Ặࡢὴ㐵ᘏ㛗ࢆ౫㢗ࡋࡓࡇࢁࠊ
ࠕᙼࡣࡍ࡛ࣥࢻࢿࢩ
ᅜᐙ㆙ᐹࡢே㛫࡛ࡍࡼࠖࢪ࣮ࣙࢡࢆゝࢃࢀࡓࠋࡑࢀ࠾࠸ࡢ㛵ಀࡣⰋዲࡔࡗࡓࠋࡔࡽ
ࡇࡑࠊ࣓࢞࣡ࢸ⤫㡿ࠊ⏣୰㛗ᐁᑐࡋ࡚ࠊࣥࢻࢿࢩᅜᐙ㆙ᐹࡢ᭱㧗❶࡛࠶ࡿ
ࠕ%LQWDQJ%KD\DQJNDUD8WDPDࠖࢆ㉗ࡿࡼ࠺㐍ゝࡋࡓࡢ࡛࠶ࡿࠋ
ᖺ࣓࢞࣡ࢸ⤫㡿ࡢ㝶⾜࡛᪥ᮏࢆゼ
ၥࡋࡓ㝿ࡣࠊኳⓚⓚྡྷ୧㝎ୗࠊⓚኴᏊẊୗ࠾
࠸ࡍࡿ࠸࠺ᴟࡵ࡚㈗㔜࡞ᶵࢆ࠼ࡽࢀࡓࠋ
᪥ᮏࡼࡿ㆙ᐹᨭࡘ࠸࡚ࡈㄝ᫂ࡋឤㅰࢆ࠾ఏ
࠼ࡍࡿࠊኳⓚ㝎ୗࡽࡣࠊࣥࢻࢿࢩࡣ࡚
ࡶࡁ࡞ᅜ࡛࠶ࡾ᪥ᮏࡣᑠࡉ࡞ᅜ࡛ࡍࠊ࠸࠺ࡼ
࠺࡞࠾⟅࠼ࡀ࠶ࡾࠊ㝎ୗࡢㅬ࡛ㄔᐇ࡞࠾ே
ឤ㖭ࢆཷࡅࡓࠋⓚྡྷ㝎ୗࡣࠊࣥࢻࢿࢩࡢᩥ
ࡘ࠸࡚ࡼࡃࡈᏑࡌࡔࡗࡓࠋࡇࡢ⤒㦂ࢆ⏣୰㛗ᐁ
࠾ヰࡋࡓࡽࠊ᪥ᮏࡢ㆙ᐹᗇ㛗ᐁ࡛࠶ࡗ࡚ࡶࠊኳ
ⓚ㝎ୗࡑࡢࡼ࠺࠾ヰࡍࡿᶵࡣ࡞࠸ࡢࠊ ᖺ ᭶ࡢゼ᪥ࠊబ⸨㆙ᐹᗇ㛗ᐁ㸦ྑ㸧ࠊ
ᒣ㷂ࢻࣂࢨ࣮㸦ᕥ㸧ඹ
࠸࠺ࡇ࡛ࠊࡇࡢ㈗㔜࡞ᶵࡣࡇࡢୖ࡞࠸ྡ࡞ 㸦ᒣ㷂⿱ேẶᥦ౪㸧
ࡇ࡛࠶ࡗࡓࠋ
᪥ᮏࡢ༠ຊ࡛ࡼࡗࡓࡇࡣࠊ༢▱㆑⤒㦂ࢆᚓࡓ࠸࠺ࡇࡔࡅ࡛࡞ࡃࠊࡕࡽࡀୖୗ
࡛ࡣ࡞࠸ࠊᑐ➼࡞㛵ಀࢆ⠏ࡃࡇࡀ࡛ࡁࡓ࠸࠺ࡇ࡛࠶ࡿࠋࡇࡢ⤒㦂ࡀ࠶ࡗࡓࡽࡇࡑࠊ
ᖺࡢࣂࣜᓥ⇿ᙎࢸࣟ௳ࡢᑐᛂ࠾࠸࡚ࡶࠊ⡿࣭࣭Ḣᕞࠊ$6($1 ྛᅜ࡞ከࡃࡢᅜࡢ㆙ᐹ
ᑐࡋ࡚⤒㦂ࢆඹ᭷࡛ࡁࡿࡼ࠺ࠊ࣮࢜ࣉࣥ࡞㞺ᅖẼࢆᙧᡂࡍࡿࡇࢆᚰࡅࡓࠋ ᖺࡣᅜ㝿⤌
⧊≢⨥ࡸࢸࣟᑐ⟇㛵ࡍࡿ◊ಟࢭࣥࢱ࣮ࠕ-DNDUWD&HQWUH)RU/DZ(QIRUFHPHQW&RRSHUDWLRQࠖ
ࢆタ❧ࡋࠊࢪᆅᇦࡽ◊ಟ⏕ࢆཷࡅධࢀ࡚࠸ࡿࠋࡇ࠺ࡋࡓࡇຊࢆὀ࠸ࡔࡢࡶࠊ๓㏙ࡢኳ
ⓚ㝎ୗࡢゝⴥឤ㖭ࢆཷࡅࡓࡇࡀᙳ㡪ࡋ࡚࠸ࡿࠋ
ڦᚋࡢᮇᚅ
ࡸࠊ
ࠕ␒ࠖ࠸࠺ゝⴥࡣࠊࣥࢻࢿࢩ㆙ᐹ࡛ࡣ᭷ྡ࡞ࡗࡓࠋ⌧ᅾࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊࡇ
ࡢᕷẸ㆙ᐹࣔࢹࣝࢆᅜࡢ㆙ᐹᒎ㛤ࡍࡿࡇࢆ┠ᣦࡋࡓάືࢆ⾜ࡗ࡚࠸ࡿ࠸࠺ࡇࡔࡀࠊ
ᚋᅜࠕࣈ࢝ࢩ࣭ࣔࢹࣝࠖࡀᗈࡀࡿࡇࢆᮇᚅࡋ࡚࠸ࡿࠋ
ࣥࢻࢿࢩᅜᐙ㆙ᐹᨵ㠉ᨭࣉࣟࢢ࣒ࣛࡢᣢ⥆Ⓨᒎ
ᒣ㷂 ⿱ே
ඖࣥࢻࢿࢩᅜᐙ㆙ᐹ㛗ᐁᨻ⟇ࢻࣂࢨ࣮
␎Ṕ
ᖺᮾிᏛἲᏛ㒊༞ᴗࠊྠᖺ㆙ᐹᗇධᗇࠋ ᖺᅾࣥࢻࢿࢩ᪥ᮏ㤋
➼᭩グᐁࠋ ᖺ࢝ࣥ࣎ࢪ 3.2 ὴ㐵ᩥẸ㆙ᐹ㝲㛗ࠊ ᖺ⚟┴㆙ᐹᮏ㒊㛗ࠋ
ᖺࣥࢻࢿࢩᅜᐙ㆙ᐹ㛗ᐁᨻ⟇ࢻࣂࢨ࣮ࠋ ᖺᑠἨ⣧୍ᮁෆ㛶⥲⌮
⮧⛎᭩ᐁࠊ ᖺ㆙ᐹᏛᰯᰯ㛗ࠋ ᖺࡼࡾ ௦┠ᅜᐙ㆙ᐹ㛗ᐁᨻ⟇ࢻࣂ
ࢨ࣮වᅜᐙ㆙ᐹᨵ㠉ᨭࣉࣟࢢ࣒࣭࣐ࣛࢿ࣮ࢪ࣮ࣕࡋ࡚ࣥࢻࢿࢩ ᗘ
┠ࡢ㉱௵ࠋ ᖺ㆙ᐹᗇ㎡⫋ࠋ⌧㸦ᰴ㸧᪥㆙ᑓົྲྀ⥾ᙺࠋ
ࠕᅜᐙ㆙ᐹᨵ㠉ᨭࣉࣟࢢ࣒ࣛࠖ
ࣥࢻࢿࢩࡢẸࡢὶࢀࡢ୰ࠊᅜᐙ㆙ᐹࡀᅜ㌷ࡽศ㞳ࡍࡿࡇࡀ ᖺỴࡲࡾࠊᕷẸ
㆙ᐹ⤌⧊࣭ไᗘୖࡢ㌿ࡀ㐍ࡵࡽࢀࡓࠋ-,&$ ࡣࠊ ᖺࡽࠕᅜᐙ㆙ᐹᨵ㠉ᨭࣉࣟࢢࣛ
࣒ࠖࢆᐇࡋࠊࢪࣕ࢝ࣝࢱ㏆㑹ࡢࣈ࢝ࢩ࠾ࡅࡿᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࢆ㏻ࡌ࡚ࠊ㚷㆑άື
௦⾲ࡉࢀࡿㄔᐇ࣭㎿㏿࡞άືࠊ␒ࡸᕠᅇ㐃⤡࠸ࡗࡓᕷẸ㆙ᐹࣔࢹࣝࢆ☜❧ࡋࡓࠋ⌧ሙࡢே
ᮦ⫱ᡂ୪⾜ࡋࠊᅜᐙ㆙ᐹ㛗ᐁࢻࣂࢨ࣮ࡢὴ㐵ᅜู≉タ◊ಟ㸦ᮏ㑥◊ಟ㸧➼ࢆ㏻ࡌࠊᖿ
㒊ᒙࡢ⫱ᡂࡸࠊᕷẸ㆙ᐹࡢᬑཬ࣭ไᗘࡢᚋᢲࡋࡶ⾜ࡗ࡚ࡁࡓࠋ༠ຊࡢᡂᯝࡣࠊᅜᐙ㆙ᐹࡢᨻ
⟇ไᗘࡶᫎࡉࢀࠊ⌧ᅾࡣࣈ࢝ࢩ࡛☜❧ࡋࡓࣔࢹࣝࡢᅜᒎ㛤ྲྀࡾ⤌ࢇ࡛࠸ࡿࠋ
ᖺࠊࣥࢻࢿࢩᅜᐙ㆙ᐹࡀᅜ㌷ࡽṇᘧศ㞳⊂❧ࡋࠊ⤫㡿┤㎄ࡢ⤌⧊⏕ࡲࢀኚࢃ
ࡗࡓࠋᅜ㝿♫ࡽࠕ㛤Ⓨ⊂ࠖᢈุࡉࢀ࡚࠸ࡓࢫࣁࣝࢺయไࡀಽࢀࠊࣥࢻࢿࢩࡀẸ
⩏ᅜᐙ⏕ࡲࢀኚࢃࡿࡇࢆ♧ࡍࡓࡵࡢỴ᩿ࡢ୍ࡘࡔࡗࡓࠋࡇࡢศ㞳⊂❧కࡗ࡚ࠊᕷẸ㆙ᐹࢆ
┠ᣦࡑ࠺ࡍࡿᨵ㠉ࢆᨭࡍࡿࡓࡵࡢࣉࣟࢢ࣒ࣛࡀࠊࣥࢻࢿࢩᨻᗓࡽࡢせㄳࢆཷࡅ࡚ࠊ-,&$
㆙ᐹᗇࡢ༠ാࡼࡾ ᖺࡽጞືࡋࡓࠋ
ࣥࢻࢿࢩ㆙ᐹࡣࠊ ᖺ௨ୖࢃࡓࡗ࡚ࠕ➨ ㌷ࠖࡋ࡚⨨ࡅࡽࢀ࡚ࠊ㌷㝲ⓗ࡞ᩥࡸ
ᛮ⪃᪉ἲࡀᰁࡳࡘ࠸࡚࠸ࡓࠋ୍᪉ࠊࡣྲྀ⥾ྡ┠࡛↓㎟ࡢᕷẸ㔠ရࢆせồࡋࠊ≢⨥⿕ᐖ⏦࿌
┿ྲྀࡾྜࢃ࡞࠸࡞ࡢࡀᅜྛᆅ࡛✚ࡳ㔜࡞ࡗ࡚࠸ࡓࡇ࡛ࠊᕷẸࡢ㛫࡛ࡣᝏ࠸࣓
࣮ࢪࡀᐃ╔ࡋ࡚ࡋࡲ࠸ࠊࡴࡋࢁ㛵ࢃࡾྜ࠸ࢆᣢࡕࡓࡃ࡞࠸ࠊ㏆ࡁࡓࡃ࡞࠸࠸࠺㆙ᐹほࡀᘏ
ࡋ࡚࠸ࡓࠋ
ࡇ࠺࠸࠺ࣥࢻࢿࢩ㆙ᐹࢆᕷẸ㆙ᐹኚ࠼࡚࠸ࡇ࠺ࠊࣥࢻࢿࢩᨻᗓࡣࠊẸ⩏ࡢඛ
㐍ᅜ࣓ࣜ࢝ࠊࢠࣜࢫࠊ࣮࢜ࢫࢺࣛࣜࠊࡑࡋ࡚ࢪࡢ᪥ᮏᨵ㠉ࡢᨭࢆ౫㢗ࡍࡿࡇ
࡞ࡗࡓࠋᅜ㌷ࡽࡢศ㞳ᙜ࡛ࡍࡽ ேࢆᢪ࠼ࡿᕧ࡞㆙ᐹ⤌⧊࡛ࠊࡑࡢேဨࢆṧࡋࡓࡲࡲࠊ
⤌⧊ᩥࢆኚ࠼࡚࠸ࡃࡓࡵࡣࠊᨭࡍࡿഃࡶࡉࢀࡿഃࡶỴពぬᝅࡀᚲせ࡛ࠊẼࡢ㐲ࡃ࡞ࡿࡼ
࠺࡞㛫ࡀࡿࡔࢁ࠺࠸࠺ࡇࡣࠊྠࡌ㆙ᐹᐁࡋ࡚ᐜ᫆ண࡛ࡁࡓࠋ
ⱥ⡿ࡣேᶒ࠸࠺ษࡾཱྀࡽ㆙ᐹᨵ㠉ᨭධࡗ࡚࠸ࡗࡓࡀࠊ᪥ᮏࡣࠊ⌧௦ᕷẸ㆙ᐹࡗ
࡚ྍḞ࡞ࠊ
ࠕㄔᐇ࡛ࠖࠕ㎿㏿ࠖ࡞⌧ሙ࡛ࡢάືࢆࠊ㛫ࢆࡅ࡚ࣥࢻࢿࢩᅵ᰿ࡏࡼ
࠺࠸࠺ࣉ࣮ࣟࢳࢆ᥇ࡿࡇࡋࡓࠋ
≢⨥⿕ᐖࡢ⏦࿌ࢆཷࡅࡓࡣࠊ⌧ሙ࡛ࡋࡗࡾ㚷㆑άືࢆ⾜ࡗ࡚ࠊࡑࡢ≢⨥ゎỴࡢࡓࡵࠕㄔ
ᐇࠖດຊࡋ࡚࠸ࡿ㆙ᐹࡢጼࢆᕷẸࡳࡏࡿࡇ࡛ࠊᑡࡋࡎࡘࠊᕷẸࡽࡢಙ㢗ࢆࡕᚓࡿࡇ
ࡀ࡛ࡁࡿࠋ≢⨥Ⓨ⏕ࡢ㝿ࡣࠊ㏻ሗᑐࡋ࡚㆙ᐹࡀࠕ㎿㏿ࠖᑐᛂࡍࡿࡇࡼࡗ࡚ࠊࡇࢀࡲ࡛
ࡢ㆙ᐹ㏻ሗࡋ࡚ࡶື࠸࡚ࡃࢀ࡞࠸ࠊ࠸࠺࣓࣮ࢪࢆそࡋ࡚࠸ࡃࠋ
᪥ᮏᆺࡢ㆙ᐹάືࢆࣥࢻࢿࢩ⤂ࡋ࡚࠸ࡃ࠺࠼࡛Ḟࡏ࡞࠸⪃࠼ࡓࡢࡣࠊᕷẸࡽࡢ
ᇶᮏⓗ࡞ಙ㢗ࢆᚓ࡚࠸ࡿ᪥ᮏ㆙ᐹࡢ⌧ሙ࠾ࡅࡿᐇົࡢ≧ἣࢆ⌮ゎࡋ࡚ࡶࡽ࠺ࡇࡔࡗࡓࠋࡇࡢ
ࡓࡵࠊ-,&$ ࡢᵝࠎ࡞ࢫ࣮࣒࢟ࢆࡗ࡚ࠊྛ⣭㆙ᐹᐁࢆ࡛ࡁࡿ㝈ࡾከࡃ᪥ᮏᣍ⪸ࡍࡿࡇࡋࡓࠋ
ࡑࡢ᰾࡞ࡿࡢࡣࠊᚋࡢࣥࢻࢿࢩ㆙ᐹࢆ⫼㈇࠺୰ሀࡢᖿ㒊ೃ⿵⏕࡛ࠊ ᖺࡽ ྡࠊ
ࡑࡢᚋ ྡࡲ࡛ᣑࡋࠊ⌧ᅾࡣ ྡࢆẖᖺ ᭶వࡾᣍ⪸ࡋࠊࡍ࡛ ᅇࠊᐇࡋ࡚࠸ࡿࠋ◊
ಟཧຍ⪅ࡢ⣼ィࡣ ྡࢆ㉸࠼ࡿࠋࡇࡢ◊ಟࡢ᭱ࡢ┠ⓗࡣࠊ᪥ᮏ࡛ࡢ⤒㦂ࢆࠊᑗ᮶ࠊᨻ⟇Ỵᐃ
ᙳ㡪࠶ࡿ࣏ࢫࢺᑵ࠸ࡓࡁࠊࡑࡇ࡛άࡋ࡚ࡋ࠸࠸࠺ࡇࡔࡗࡓࠋ◊ಟ⏕ 2% ࢆ✚ᴟⓗ
᪥ᮏࡢ༠ຊά⏝ࡋࠊ᪥ᮏ࡛ࡢ⤒㦂ࢆⰍ〣ࡏࡉࡏ࡞࠸ࡼ࠺␃ពࡋ࡚ࡁࡓࠋ ᖺ ᭶ࡣࠊ
◊ಟಟ⪅ࡓࡕࡀ⮬Ⓨⓗࠕࣥࢻࢿࢩᱜࡢ ,NDWDQ6DNXUD,QGRQHVLDࠖࢆ❧ࡋ࡚ࠊ᪥ᮏ
◊ಟཧຍ⪅ࡀဨ࡞ࡗ࡚ࠊࣥࢻࢿࢩྛᆅ࡛᪥ᮏ࡛ࡢ◊ಟࢆάࡍࡓࡵࡢᵝࠎ࡞ヨࡳࢆᐇ
ࡍࡿ࡞ࠊ᪥ᮏࡢ༠ຊࡢᙉຊ࡞᥎㐍ᙺ࡞ࡗ࡚࠸ࡿࠋ◊ಟ㛤ጞࡽ ᖺ௨ୖࢆ⤒࡚ࠊึᮇ◊ಟ
⏕ࡢ୍㒊ࡀᑗᐁࡲ࡛᪼㐍ࡋ࡚ࡁࡓࠋࣈ࢝ࢩࡢࣉࣟࢪ࢙ࢡࢺࢆചୗᣢࡘࢪࣕ࢝ࣝࢱ㆙どᗇ⥲
┘ࡢ࣏ࢫࢺᑵ࠸࡚࠸ࡿࡢࡶ◊ಟ⏕ 2% ࡛࠶ࡿࠋ
ࡑࡋ࡚ࠊ᪥ᮏࡢ㆙ᐹᐁࢆᑓ㛛ᐙࡋ࡚ࠊᆅᇦ㆙
ᐹάື㚷㆑ศ㔝࡛ᢏ⾡⛣㌿ࢆᐇࡍࡿࠕᕷẸ㆙
ᐹάືಁ㐍ࣉࣟࢪ࢙ࢡࢺࠖ
㸦ࣈ࢝ࢩࢆ⯙ྎ㸧ࡀ
ᖺࡽጞࡲࡗࡓࠋ⌧ᅾࡣࣈ࢝ࢩࢆ⯙ྎ ᖺ㛫
ᇵࡗ࡚ࡁࡓ㚷㆑ศ㔝ᆅᇦ㆙ᐹάືࡢࣉࣟࢪ࢙
ࢡࢺᡂᯝࡢᅜᒎ㛤ࢆ᥎㐍୰࡛࠶ࡿࠋ ᖺࢆ ᮇ
ࡋ࡚ࠊ ᖺࡽࡣ➨ ࣇ࢙࣮ࢬධࡾࠊ
ᖺࡲ࡛ࡢ⥅⥆ࡀỴࡲࡗ࡚࠸ࡿࠋ ᖺཬࡪ -,&$
ࡢᴗࡣ␗ࡶ⪺࠸࡚࠸ࡿࠋ᪥ᮏࡢ༠ຊࡶ
ࣥࢻࢿࢩࡢὠࠎᾆࠎࡲ࡛㬆ࡾ㡪࠸࡚࠾ࡾࠊᆅᇦ
㆙ᐹ㚷㆑ࡣࣈ࢝ࢩࡀࢼࣥࣂ࣮࡛࣡ࣥ࠶ࡿ࠸
࠺ㄆ㆑ࡀᐃ╔ࡋ࡚࠸ࡿࠋ ᖺ⏣୰⠇ኵ㆙ᐹᗇ㛗ᐁࡢࣈ࢝ࢩゼၥ
㸦๓ิྑ➃ࡀ➹⪅㸧
⌧ᅾࡶタᙜࡢពᅗࡀ⥅ᢎࡉࢀ࡚࠸ࡿឤࡌࠊ㛵ಀྛ῝ࡃᩗពࢆ⾲ࡋࡓ࠸ࠋࡲࡓࠊṔྐ
ࡶᩥࡶ᐀ᩍࡶ␗࡞ࡿ୧ᅜ࡛ࡣ࠶ࡿࡀࠊ᪥ᮏࣥࢻࢿࢩࡢᆅᇦ♫ࡣࠊ㠀ᖖ㧗࠸㏆ఝᛶ
ࡀ࠶ࡿ⪃࠼࡚࠾ࡾࠊᆅᇦ♫᰿ᕪࡋࡓ㆙ᐹάືࡢᢏ⾡⛣㌿ࡶዲᙳ㡪ࢆ࠼࡚࠸ࡿࠋࡇࢀࡀࠊ
ࣥࢻࢿࢩ࠾ࡅࡿᣢ⥆ᛶࡢ☜ಖ⤖ࡧࡘ࠸࡚࠸ࡿࡔࢁ࠺ࠋ
ࡓࡔࠊࠕ⋢☻ࡊࢀࡤග࡞ࡋࠖࡢゝⴥ㏻ࡾࠊᑗ᮶ࣈ࢝ࢩ࠾ࡅࡿࣉࣟࢪ࢙ࢡࢺ⤊Ṇ➢ࢆᡴࡕࠊ
᪥ᮏࡢ㆙ᐹ㛵ಀ⪅ࡀࣈ࢝ࢩࡽጼࢆᾘࡍࡼ࠺࡞ࡇ࡞ࢀࡤࠊࡏࡗࡃ ᖺ௨ୖࡢ㛫ࢆࡅ࡚
☻࠸࡚ࡁࡓࣈ࢝ࢩࡢ㍤ࡁࡣࠊᛴ㏿ኻࡏࡿ࡛࠶ࢁ࠺ࡇࡶᐜ᫆ീ࡛ࡁࡿࠋ
㆙ᐹࡣ࠸ࡎࡇ࠾࠸࡚ࡶ⤌⧊ࡢຊ࡛άືࡋ࡚࠾ࡾࠊ⤌⧊ࢆᵓᡂࡍࡿேࡀ᭰ࡋ࡚࠸ࡃࡇ≉
ᚩࡀ࠶ࡿࠋୖࡽୗࡲ࡛ࡢྛ⣭ࡢேࡀ᩿᭰ࢃࡿࡇࡼࡗ࡚ࠊ⤌⧊యࡋ࡚᪂ࡓ࡞ຊࢆᚓ
ࡿࡇࡶ࠶ࡿࡀࠊࡇࢀࡲ࡛ࡢ㍤ࡁࢆ୍Ẽ႙ኻࡍࡿሙྜࡶ࠶ࡿࡇࢆᛀࢀ࡚ࡣ࡞ࡽࡎࠊᖖࣈ࢝
ࢩࢆ☻ࡁ⥆ࡅࡿດຊࢆ᪥᪉ࡀᛰࡽ࡞࠸ࡇࡀࠊ᭱ࡶ㔜せࡔ⪃࠼࡚࠸ࡿࠋୖ㏙ࡢ㏻ࡾࠊࣈ࢝
ࢩࡢྡ๓ࡣᅜ㎘࠸࡚࠸ࡿࡀࠊࣈ࢝ࢩ࠾ࡅࡿ༠ຊࡢᡂᯝ㛵ࡋ࡚ㄗゎࡸ↓▱࡞ᆅᇦࡶࡲࡔࡲ
ࡔᩘከࡃ࠶ࡿࠋࣈ࢝ࢩࢆᣐⅬࡍࡿࣉࣟࢪ࢙ࢡࢺࡢⅉࢆ⤯ࡸࡉࡠࡇࠊࡑࡋ࡚ࠊෆእྛ᪉㠃ᑐ
ࡍࡿࣉࣟࢪ࢙ࢡࢺࠊࣉࣟࢢ࣒ࣛ㛵ࡍࡿṇ☜࡞ሗⓎಙࢆ⥅⥆ࡍࡿࡇࡀ⫢せ࡛࠶ࡿࡇࢆࠊᑗ
᮶ࢆྵࡵࡓ㛵ಀ⪅ጞ⪅ࡋ࡚ᙉࡃᮃࡳࡓ࠸ࠋ
ࠕⓎᒎᛶࠖ࠸࠺Ⅼ࡛ࡣࠊࣉࣟࢢ࣒ࣛタᙜึࠊࣈ࢝ࢩࡢࣉࣟࢪ࢙ࢡࢺࢆ᰾ࡋ࡚ࠊࣉࣟࢢࣛ
࣒యࢆࢇࢇࡁࡃࡋ࡚࠸ࡇ࠺࠸࠺㔝ᚰࡀ࠶ࡗࡓࠋ↓ൾ㈨㔠༠ຊࡢᯟ⤌ࡳࡶࡗ࡚ࡳࡓࠋ
᭷ൾ㈨㔠༠ຊࡶᡭࢆฟࡋ࡚ࡳࡼ࠺⪃࠼ࡓࡇࡶ࠶ࡗࡓࠋࡋࡋࠊ㆙ᐹศ㔝ࡢᅜ㝿༠ຊ࠸࠺
ࡢࡣࠊ␌❵ࠊ⤌⧊ࢆᨭ࠼ࡿࠕே㐀ࡾࠖ㞟୰ࡍࡿࡇ࡞ࡾࠊᢏ⾡༠ຊࡀ୰ᚰ࡞ࡿࠋ㏻ᶵ㛵
ࡸ㝔࡞ࡢᇶ♏ⓗ࡞ࣥࣇࣛᘓタ␗࡞ࡾࠊ↓ൾࡸ᭷ൾࡢᯟ⤌ࡳࡣᢏ⾡༠ຊࡢ⿵ຓᡭẁࡋ࡚
ࡣ࠸ᡭࡢᝏࡉࡀ࠶ࡗࡓࠋே㐀ࡾࢆ࠾ᡭఏ࠸ࡍࡿ࠸࠺ࡢࡣࠊ࠾ᡭఏ࠸ࡍࡿഃࡶࠊᩥࡸṔྐ
ࡢ㐪࠸ᩗពࢆᡶ࠸ࡘࡘࠊᆅ㐨᰿Ẽࡼࡃᢏ⾡⛣㌿ࡢດຊࢆ⥅⥆ࡍࡿࡇࡋ᪉ἲࡀ࡞࠸࠸࠺
ࡇࡶẼࡉࢀࡓࠋ
ࡑࡢ୰࡛ࠊࣉࣟࢪ࢙ࢡࢺⓎᒎࡢ᪉⟇ࡋ࡚ࠊỈ
ᖹⓗ࡞ᒎ㛤ࢆ┠ᣦࡑ࠺ࡋࡓࡁࠊഅ↛ࢆࡁࡗ
ࡅࠊ༡༡༠ຊࡢ୍⎔ࡋ࡚ࠊᮾࢸ࣮ࣔࣝ㆙ᐹ
ᑐࡍࡿᢏ⾡⛣㌿ࢆࣈ࢝ࢩࢆ⯙ྎ㛤ጞࡍࡿࡇ
ࡀ࡛ࡁࡓࠋ
ࣈ࢝ࢩࢆ୰ᚰࡍࡿ༡༡༠ຊࡢᣑࡀࠊᚋࡢ
ࣉࣟࢢ࣒ࣛయⓎᒎࡢ㘽ࢆᥱࡗ࡚࠸ࡿࠋ
Ṕྐⓗぢ࡚ࡶࠊࣥࢻࢿࢩࡣ㠀ྠ┕㐠ືࡢ
୰᰾ࠊࢪ࣭ࣇࣜ࢝㆟ࡢタࢆጞࡵࡋ࡚ࠊ
ୡ⏺ྛᆅࡢእ㛵ಀࢆ࣮ࣜࢻࡋ࡚ࡁࡓṔྐ⤒
㦂ࡀ࠶ࡿࠋࣥࢻࢿࢩ㆙ᐹࡀࡇࢀࡽᕷẸ㆙ᐹ ᖺࠊࣉࣟࢢ࣒ࣛ➹⪅ࡀࣥࢻࢿࢩᅜ
ࢆ⠏࠸࡚࠸ࡇ࠺࠸࠺ᅜࠎᑐࡋ࡚ࠊ᪥ᮏࢆࣔࢹ ᐙ㆙ᐹࡽ⾲ᙲࢆཷࡅࡓᅜᐙ㆙ᐹ ࿘ᖺグ
ᛕᘧ࡚ࣂࣥࣂࣥᅜᐙ㆙ᐹ㛗ᐁ㸦ྑ㸧
ࣝࡋ࡚Ⓨᒎࡉࡏ࡚࠸ࡿࣥࢻࢿࢩᆺᕷẸ㆙
ᐹࢆ⛣㌿ࡋ࡚࠸ࡃ࠸࠺ࡢࡣࠊࣥࢻࢿࢩ⮬㌟ࡗ࡚ࡶࠊ᪥ᮏࡢ㆙ᐹศ㔝ࡢ༠ຊࢆ⥆ࡅࡿ
ࡁ࡞ࣥࢭࣥࢸࣈ࡞ࡿࡔࢁ࠺ࠋ
ୡㄽㄪᰝᐇᶵ㛵/6,ࠊᅜẸࡢ௦ᘚ⪅
6DLIXO0XMDQL
ୡㄽㄪᰝᐇᶵ㛵ᑓົ⌮㸦 ᖺ㹼 ᖺ㸧
␎Ṕ
ᖺ࢜ࣁ࢜ᕞ❧ᏛᩥᏛಟኈྕࠊ ᖺྠᏛᨻᏛ༤ኈྕྲྀᚓࠋ ᖺ
ࣥࢻࢿࢩẸ⩏⯆㈈ᅋ<D\DVDQ3HQJHPEDQJDQ'HPRNUDVL,QGRQHVLD㸸
<3',ࡢᖍ◊✲ဨࢆົࡵࠊ-,&$ ࡢᨭࡼࡾ <3', ࡀタ❧ࡋࡓୡㄽㄪᰝᐇᶵ
㛵㸦/HPEDJD6XUYHL,QGRQHVLD㸸/6,࠾࠸࡚ ᖺࡽ ᖺࡲ࡛ᑓົ⌮
ࠋ376DLIXO0XMDQL5HVHDUFK &RQVXOWLQJ タ⪅ࠋ⌧ᅾࡣࢩࣕࣜࣇ࣭ࣄࢲ
ࣖࢺࢵ࣮ࣛᅜ❧ࢫ࣮࣒ࣛᏛࡢᨻᏛ㒊ᩍᤵ /6, ᖍ◊✲ဨࢆව௵ࠋ
ࠕୡㄽㄪᰝᨭࠖ
-,&$ ࡣࠊ ᖺࡽ⤒῭ᨻ⟇ᨭࡋ࡚ࠊ⤒῭ᅇ࣭Ᏻᐃࢆ┠ⓗ ྡࡢ᭷㆑⪅ࡼࡿᨻ⟇
ᑐヰࢆ⾜ࡗ࡚࠾ࡾࠊẸࡶࡑࡢࢺࣆࢵࢡࡢࡦࡘࡔࡗࡓࠋྠ࣓ࣥࣂ࣮ࡢⓑ▼㝯ᩍᤵ㸦⌧
-(752 ࢪ⤒῭◊✲ᡤᡤ㛗㸧ࡢᥦゝᇶ࡙ࡁࠊ-,&$ ࡣୡㄽㄪᰝᐇᶵ㛵 /6, ࡢタ❧࣭㐠Ⴀ
ࢆᨭࡋࡓࠋ᪥ᮏࡣࡇࡢࠊᑓ㛛ᐙὴ㐵ࠊᢞ⚊⟽࣭ᢞ⚊ࣈ࣮ࢫࡢ౪࡞ࡢ㑅ᣲᨭࡸ㆙
ᐹᨵ㠉ᨭࠊྖἲᨭ࡞ࠊࣥࢻࢿࢩࡢẸࢆᨭ࠼ࡿᵝࠎ࡞༠ຊࢆ⾜ࡗࡓࠋ
ᙜࡢࣥࢻࢿࢩ࠾ࡅࡿẸ⩏ࡣࡲࡔ᪂ࡋࡃࠊࡇࢀࢆ᥎㐍ࡋ࡚࠸࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠊ
ࡲࡓࠊ ᖺ௦⤒㦂ࡋࡓࡼ࠺࡞ᚋ㏥ࡸኻᩋࡀ࠶ࡗ࡚ࡣ࡞ࡽ࡞࠸ࠊ࠸࠺⪃࠼ࡀ <3',/6, タ❧
ࡢ⫼ᬒ࠶ࡗࡓࠋẸ⩏ࡢᮏ㉁ࡣᅜẸࡀຊࢆᣢࡘࡇ࡛࠶ࡿࠋࡑࢀᨾࠊẸ⩏ࡢࣃ࣮࣡
ࡢ※࡛࠶ࡾ┠ⓗ࡛࠶ࡿᅜẸࡢ㢪࠸ࡽࡁࡃ㐓ࢀ࡚ࡋࡲ࠺ࡇࡀ࡞࠸ࡼ࠺ࠊୡㄽࡣࠊẸ⩏య
ไ࠾ࡼࡧᨻ⟇ᐇࡢពぢࡋ࡚ㄆ㆑ࡉࢀ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࡑࡢⅭࠊୡㄽㄪᰝࡣ㠀ᖖᙺ
❧ࡘࠋࡇ࡛࠶ࡗ࡚ࡶࠊẸ⩏ࡣୡㄽㄪᰝᘬࡁ㞳ࡏ࡞࠸ࡶࡢࡔࠋ
ࣥࢻࢿࢩࡢᨻⓎᒎࢆᑓ㛛ࡍࡿ᪥ᮏࡢᏛ⪅ࠊⓑ▼㝯ᩍᤵୡㄽㄪᰝࡢ㔜せᛶࡘ࠸࡚ࡢ
ᑐヰࡀ⾜ࢃࢀࡓࠋྠẶࡣࠊ-,&$ ࡀ <3',/6, ࢆᨭࡍࡿࡼ࠺ᑾຊࡋ࡚ࡃࢀࡓࠋࡑࡢࡶࠊྠẶ
ࡣ /6, ࢆⓎᒎࡉࡏࡿⅭࠊ❧㤋Ꮫࡢᮏྡ⣧ᩍᤵඹ <3',/6, ࡢᅜ㝿࢝ࢹ࣑ࢵࢡࢻࣂ
ࢨ࣮ᑵ௵ࡋࡓࠋ
<3',/6,ࡢ -,&$ ࡢ༠ຊࡣ ᖺࡽ ᖺࡲ࡛ᐇࡉࢀࠊࡑࡢᚋ ᖺࡽ ᖺࡲ
࡛⥅⥆ࡉࢀࡓࠋࡲࡓࠊ ࢝᭶ࡈᐇࡉࢀࡿ <3',/6, ୡㄽㄪᰝࡢ⟶⌮࣭άື㈨㔠ࡶ -,&$ ࡽ
ᥦ౪ࡉࢀࡓࠋ
ᙜࡣୡㄽㄪᰝࠊ≉ᅜつᶍ࡛ࡢᨻ㛵ࡍࡿㄪᰝࢆᐇࡍࡿᅜෆᶵ㛵ࡣࡲࡔᏑᅾࡋ࡚࠸࡞
ࡗࡓࠋᏑᅾࡋ࡚࠸ࡓࡢࡣࠊከᅜ㛫ᶵ㛵ࡢ㑅ᣲไᗘᅜ㝿ᨭ㈈ᅋ,)(6࡛࠶ࡗࡓࠋࢫࣁࣝࢺᨻ
ᶒᔂቯᚋࣥࢻࢿࢩ࡛ึ࡞ࡗࡓ ᖺ⥲㑅ᣲࡀ㛫㏆㏕ࡗ࡚࠸ࡓ㡭ࠊ,)(6 ࡣࣥࢻࢿࢩ
㐍ฟࡋࡓࠋࡑࡢᙜࡣࡲࡔࠊୡㄽㄪᰝࡽᚓࡽࢀࡿሗࡢ㔜せࡉࢆ⌮ゎࡋ࡚࠸ࡿᅜẸࡣᑡ࡞
ࡗࡓࠋ
ୡ㛫ࡗ࡚༳㇟ⓗࡔࡗࡓࡢࡣࠊ⥲㑅ᣲࡢᩘ᭶๓ࡣ᪤ࠊࡢᨻඪ⤫㡿ೃ⿵ࡀᙜ㑅ࡍ
ࡿ࠸࠺ࡇ㛵ࢃࡿᢞ⚊⾜ືࡢഴྥࡀᗈࡃබ⾲ࡉࢀࡓࡇ࡛࠶ࡿࠋࡑࡢഴྥࡣࠊᐇ㝿ࡢ
ᖺ⥲㑅ᣲ࠾ࡅࡿᨻඪ࠾ࡼࡧ⤫㡿ࡢ㑅ᣲ⤖ᯝ㠀ᖖ㏆࠸ࡶࡢ࡛࠶ࡗࡓࠋ
ࣥࢻࢿࢩࡢᨻࡇࡢඛఱࡀ㉳ࡇࡾ࠺ࡿࡢࠊࣥࢻࢿࢩẸ⩏ࡢࢫࢸ࣮ࢡ࣍ࣝࢲ࣮
ࡣࡼࡾ᪩࠸ẁ㝵ࡢ /6, ㄪᰝ⤖ᯝሗࡀ࠼ࡽࢀ࡚࠸ࡓࠋᙼࡽࠊ≉ᨻࡸᚋࡢᨻ⟇㛵ࢃࡿ
⪅㐩ࡗ࡚ࡣࠊࡇࡢሗࡀᑐ⟇ࡢ㘽ࢆᥱࡿࡶࡢ࡞ࡗࡓࠋࡇࢀࡼࡾࠊࣥࢻࢿࢩࡢᨻࡀ
ࡼࡾண ྍ⬟࡞ࡗࡓࠋᅜẸࡣࡼࡾᚰࡢ‽ഛࡀ࡛ࡁࡿࡼ࠺࡞ࡾࠊࡇࡢ‽ഛ࠸࠺ࡢࡀࣥࢻࢿ
ࢩࡢẸ⩏ࡢᡂ㛗ࡗ࡚㔜せ࡛࠶ࡗࡓࠋ
ᖺࡢ⥲㑅ᣲ௨㝆ࠊୡㄽㄪᰝࡢ㔜せᛶࡀḟ➨ᐇឤࡉࢀࡿࡼ࠺࡞ࡾࠊ᪂ࡓ࡞ୡㄽㄪᰝᶵ
㛵ࡀ⥆ࠎタ❧ࡉࢀࡓࠋࣘࢽ࣮ࢡ࡞ࡢࡣࠊࡑࡢ᪂ࡋ࠸ㄪᰝᶵ㛵ࡢ❧⪅ࡢ༙ࡀ /6, ࡛ົࡋࡓࠊ
ࡶࡋࡃࡣᏛࢇࡔ⤒㦂ࢆᣢࡗ࡚࠸ࡓࡇࡔࠋࡑࢀࡽୡㄽㄪᰝᶵ㛵ࡋ࡚ࡣࠊ௨ୗࡀᣲࡆࡽࢀࡿࠋ
/LQJNDUDQ6XUYHL,QGRQHVLDࠊ,QGREDURPHWHUࠊ-DULQJDQ6XDUD,QGRQHVLDࠊ,QGLNDWRU3ROLWLN
,QGRQHVLDࠊࡑࡋ࡚6DLIXO0XMDQL5HVHDUFKDQG&RQVXOWLQJ605&ࠋ/6, ࡣ⌧ᅾࠊ≉ᐃᶵ㛵
ࡢᨭ౫Ꮡࡋ࡞࠸࠸࠺᪉㔪ࢆ㔜どࡋ࡚࠾ࡾࠊࡲࡓᩘከࡃࡢᅜ㝿ᶵ㛵ࡸ◊✲⪅⊂⮬༠ຊࡀ
࡛ࡁࡿࡼ࠺࡞ࡗࡓࡇࡽࠊࡼࡾ⮬❧ࡋࡓᶵ㛵࡞ࡗ࡚࠸ࡿࠋ
ࣥࢻࢿࢩ࡛ࡢᨻ࣭Ẹࡢࣉࣟࢭࢫ࠾࠸࡚ࠊୡㄽㄪᰝࡢຠᯝࡣ୍ᒙᐇឤࡉࢀࠊ᫂☜
࡞ࡗ࡚ࡁ࡚࠸ࡿࠋᙜ↛ᗘྜ࠸ࡣ㐪࠼ࡶࠊṤࡢᨻᐙࡀᨻⓗỴ᩿ࡸබඹᨻ⟇ࢆ⟇ᐃࡍࡿ࠶
ࡓࡗ࡚ୡㄽㄪᰝ⤖ᯝࢆཧ⪃ࡋ࡚࠸ࡿࠋࡋ࡚⤫㡿ࠊ⤫㡿ࠊᕞ▱ࠊ┴▱ࠊࡲࡓᕷ㛗
➼ࡢೃ⿵⪅ࡢ᥎⸀ࡀ࠶ࡿࠋࡲࡓࠊᨻᐙࡀࡘࡢ㑅ᢥ⫥┤㠃ࡋࡕࡽࡢᨻ⟇Ỵᐃࢆୗࡍุ᩿
ࡍࡿࡢࡀᅔ㞴࡞ࡁࡶࠊୡㄽㄪᰝࡣ㔜せ࡞ᙺࢆᯝࡓࡍࠋࡑࡢࡼ࠺࡞ᅔ㞴࡞≧ἣ┤㠃ࡋࡓ㝿
ࠊᨻᐙࡀୡㄽㄪᰝ࡛ᚓࡓከᩘࡢᅜẸࡢせᮃἢࡗࡓỴ᩿ࢆୗࡍࡢࡣࠊ⌋ࡋ࠸ࡇ࡛ࡣ࡞࠸ࠋ
ࣥࢻࢿࢩࡢᨻᑐࡋୡㄽㄪᰝࡀ᭱ࡶᙉࡃᙳ㡪ࡋࡓࡋ࡚ࠊྛᨻඪࡢ⤫㡿ࠊᆅ᪉㤳㛗ࠊ
ࡉࡽࡣᅜ㆟ဨೃ⿵ࡢᣦྡࡀᣲࡆࡽࢀࡿࠋᨻඪࡣ୰ኸࡽᆅ᪉ࡲ࡛ඪ㤳࣭ᆅ᪉ᨭ㒊㛗ࡀᏑ
ᅾࡍࡿࠋ࠼ᮏ᮶ᮃࢇ࡛࠸ࡓࡋ࡚ࡶࠊ⥲㑅ᣲ࠾ࡼࡧᆅ᪉㤳㛗㑅ᣲ࠾ࡅࡿᙜ㑅☜⋡ࡀప࠸ሙྜ
ࡣࠊ⮬ඪࡢඪ㤳࣭ᆅ᪉ᨭ㒊㛗ࢆᣦྡ࡛ࡁ࡞࠸࠸࠺ࡇࡀ㢖⦾࠶ࡿࠋࡇࡢᙜ㑅☜⋡㛵ࡍࡿ
ሗࡢฟฎࡣࠊୡㄽㄪᰝ࡛࠶ࡿࠋ
ୡㄽㄪᰝ⤖ᯝࡢᙳ㡪ࡢ᭱ࡶ㦫␗ⓗ࡞ࡋ࡚ࠊࢪࣙࢥ࣭࢘ࢻࢻ㸦㏻⛠ࢪࣙࢥ࢘㸧Ặࡀ⤫
㡿ೃ⿵ࡋ࡚᥎⸀ࡉࢀࡓࠊ ᖺ⤫㡿㑅ᣲࡢೃ⿵⪅ᣦྡࡀ࠶ࡿࠋࢪࣙࢥ࢘Ặࡣ୍⯡ᐙᗞฟ㌟
࡛࠶ࡾࠊᨻඪࡢタ❧⪅࡛࡞ࡅࢀࡤඪ㤳࡛ࡶࠊࡲࡓᨻඪࡢ࢚࣮ࣜࢺ࡛ࡶ࡞࠸ࠋྠẶࡣ⿱⚟࡞ᶒຊ⪅
࡛ࡶࠊ㈗᪘ฟ㌟࡛ࡶ࡞࠸ࠋྠẶࡣࣥࢻࢿࢩࡢ୍⯡ᗢẸ࡛࠶ࡗࡓࡀࠊ」ᩘࡢᨻඪࡀ ᖺ⥲㑅
ᣲ࡚⤫㡿ೃ⿵ᣦྡࡋࡓࠋࡑࢀࡣఱᨾ࡛࠶ࢁ࠺㸽࡞ࡐ࡞ࡽࡤࠊከᩘࡢࣥࢻࢿࢩே᭷
ᶒ⪅ࡀࢪࣙࢥ࢘Ặࡀ⤫㡿࡞ࡿࡇࢆᮃࢇ࡛࠸ࡿࠊ୍㐃ࡢୡㄽㄪᰝࡀ♧ࡋࡓࡽ࡛࠶ࡿࠋ
ࡑࡋ࡚ࠊ ᖺࡢ㑅ᣲ⤖ᯝࡀࡑࢀࢆド᫂ࡋࡓࠋᗢẸࡀ⤫㡿ೃ⿵࡞ࢀࡓࡇࠊࡲࡓྠẶᙜ㑅⌮
⏤ࡢ୍ࡘࡋ࡚ࠊୡㄽㄪᰝࡀఏ࠼ࡓᅜẸࡢኌ⪥ࢆഴࡅࡓᨻᐙࡓࡕࡢỴ᩿ࡀᣲࡆࡽࢀࡿࠋ
⌧ᅾࠊୡㄽㄪᰝࡣᅜᐙ࣭ᆅ᪉ᨻᐙࡀࡢࡼ࠺ᨻⓗỴ᩿ࢆୗࡋබඹᨻ⟇ࢆ⟇ᐃࡍࡿࡁ
ࢆఏ࠼ࡿࠊࣥࢻࢿࢩᅜẸࡢ௦ᘚ⪅ࡢࡼ࠺࡞Ꮡᅾ࡞ࡗ࡚࠸ࡿࠋࡑࡋ࡚ /6, ࡣࡇࡢᅜẸࡢ௦ᘚ
⪅ㄌ⏕ࡢṔྐࡢ୰࡛ࠊ୰ᚰⓗ࡞ᙺࢆᢸࡗ࡚ࡁࡓࠋ/6, ࡣᅜẸᨻᐙࡢ㊥㞳ࢆ㏆࡙ࡅࡓࠋࡇࢀ
ࡣୡ⏺୰ࡇ࠾࠸࡚ࡶẸ⩏ᮇᚅࡉࢀࡿࠊ࠶ࡿࡁጼ࡛࠶ࡿࠋ
᥍࠼ࡵ࡞ࡀࡽࡶᰂ㌾࡛ከゅⓗ࡞ -,&$ ࡢẸᨭࢆ⪃࠼ࡿ
ᮏྡ ⣧
❧㤋Ꮫᅜ㝿㛵ಀᏛ㒊ᩍᤵ
␎Ṕ
ᖺ࣮࢜ࢫࢺࣛࣜᅜ❧Ꮫ࡚༤ኈྕྲྀᚓࠋ ᖺࡽ❧㤋Ꮫᅜ㝿㛵ಀ
Ꮫ࡛ᩍ㠴ࢆࡿࠋࣥࢻࢿࢩᡓ␎ᅜ㝿ၥ㢟◊✲ᡤ㸦&6,6㸧ᐈဨ◊✲ဨࡸࣥࢻ
ࢿ ࢩ Ꮫ ᨻ ♫ Ꮫ 㐃 ᦠ ᩍ ᤵ ࡞ Ṕ ௵ ࠋ ⴭ ᭩ 0LOLWDU\ 3ROLWLFV DQG
'HPRFUDWL]DWLRQLQ,QGRQHVLD5RXWOHGJHࡸࠗẸࡢࣃࣛࢻࢵࢡࢫࠥࣥࢻ
ࢿࢩࡳࡿࢪᨻࡢ῝ᒙ࠘ᒾἼ᭩ᗑ㸦ᖹṇⰾグᛕ㈹㸧࡞ࠋ
ࠕẸᨭࠖ
᪥ᮏࡣࠊ ᖺࡢ㑅ᣲᨭࢆ⓶ษࡾࠊ ᖺ௦ࢆ㏻ࡌ࡚ࠊ㆙ᐹᨵ㠉ᨭࠊྖἲᨭ➼ࠊẸ
ࢆᨭ࠼ࡿࡓࡵࡢ༠ຊࢆḟࠎ⾜ࡗࡓࠋ ᖺࡢ⥲㑅ᣲࠊ⤫㡿㑅ᣲྥࡅ࡚ࡣࠊᢞ⚊⟽࣭ᢞ
⚊ࣈ࣮ࢫࡢ౪ࡸࠊ㑅ᣲேྡ⡙సᡂᨭࠊࡉࡽࡣୡㄽㄪᰝᐇᶵ㛵 /6, ࡢタ❧࣭㐠Ⴀᨭࡶ
⾜ࡗࡓࠋࡲࡓࠊ ࠕࢳ࢙࠾ࡅࡿᖹ࣭⯆㛵ࡍࡿ‽ഛྜࠖ㛤ദ㸦 ᖺᮾி㸧ࠊ⣮தᚋࡢ
࣐ࣝࢡᕞ࠾ࡅࡿᏛᰯάືࢆ㏻ࡌࡓࢥ࣑ࣗࢽࢸ⼥ಁ㐍࡞ࠊᖹᵓ⠏ᨭࡶྲྀࡾ⤌ࢇࡔࠋ
᪥ᮏࣥࢻࢿࢩࡣ㛗ࡃ῝࠸Ṕྐⓗ࡞㛵ಀࡀ࠶ࡿࡀࠊ㐣ཤ ᖺ -,&$ ࡀᢸࡗ࡚ࡁࡓᙺ
ࡣࡁ࠸ࠋ≉⤒῭Ⓨᒎ♫㛤Ⓨࡢศ㔝࡛ࡣࠊ-,&$ ࡀ᪥ࡢᯫࡅᶫ࡞ࡗ࡚ࠊ
ࠕᮾࢪᡂ㛗ࡢ
௦ࠖࢆඹṌࢇ࡛ࡁࡓࠋୡ⏺ࡣ෭ᡓࡢ᭱୰࡛ࠊ
ࠕ㈋ᅔࡣඹ⏘⩏ࢆᣍࡃࠖࡋࠊᚲṚ࡛⤒῭㛤Ⓨ
ࢆ㐍ࡵࡓ௦࡛࠶ࡿࠋࡑ࠺࠸࠺ᅜ㝿⎔ቃୗ࡛ࡣࠊ
ࠕᨻࡢⓎᒎࢆᨭࡍࡿࠖ࡞࠸࠺ࢪ࢙ࣥࢲ
ࡣⓙ↓࡛࠶ࡗࡓࡋࠊᨻࡣᏳᐃࡋ࡚࠸ࢀࡤᇶᮏⓗᠱᛕࡶᑡ࡞ࡗࡓࠋ
෭ᡓࡀ⤊ࢃࡗ࡚ࠊࢪ⤒῭༴ᶵࡀຨⓎࡋࠊࢫࣁࣝࢺ㛗ᮇᨻᶒࡀᔂቯࡋ࡚ࠊࣥࢻࢿࢩࡢᅜ
ᐙⓎᒎࡢࣅࢪࣙࣥࡶኚࢃࡗ࡚࠸ࡗࡓࠋ࠸㛤Ⓨ⊂௦ࡢ㈇ࡢ㑇⏘ࢆᡶᣔࡋࠊẸⓗ࡞ᅜᐙࢆ
సࡗ࡚࠸ࡃࠋࡇࢀࡀࠕࣞࣇ࢛࣐ࣝࢩࠖ௦ࡢࣥࢻࢿࢩࡢㄢ㢟࡛࠶ࡾࠊᅜ㝿♫ࡶࠕẸ
ᨭࠖࡾฟࡍࡼ࠺࡞ࡗࡓᡤ௨࡛࠶ࡿࠋ
࠼ࡤࠊࢫࣁࣝࢺᚋࡢࣥࢻࢿࢩᑐࡍࡿḢ⡿ࢻࢼ࣮ࡢẸᨭࡢ㍈ࡣࠊẸ㑅ᣲࡢᐇ
ᑐࡍࡿᨭ࡛࠶ࡗࡓࠋ㑅ᣲไᗘᨵ㠉ࡢ❧㐣⛬࡛ࢻࣂࢫࡋࠊ᭷ᶒ⪅ᩍ⫱ࢆࡸࡾࠊ㑅ᣲタィ
㛵ࡋࠊᢞ⚊᪥ࡣ࠾⚍ࡾẼศࡢእᅜேࠕ㑅ᣲ┘どᅋဨࠖࡀ㔞ࣥࢻࢿࢩධࡾࢆࡍࡿࠋ
ࡇ࠺࠸࠺ὴᡭ࡛┠❧ࡘẸ㑅ᣲࡢࢸࢥධࢀࢆࠊ
ࠕࢨ࣭Ẹᨭࠖ࠸ࢃࢇࡤࡾࣆ࣮ࣝࡋ
࡚ࡁࡓࠋ
㠃ࠊ㑅ᣲ࠸࠺ࠕẸ⩏ࡢ⚍ࠖࡀ⤊ࢃࡿࠊࡢࡇ㛵ᚰࡀ⾜ࡃࡼ࠺࡛ࠊ ᖺ௨㝆
ࡣࠕࢸࣟᑐ⟇ᨭࠖࡀᨻ㒊㛛༠ຊࡢ㔜Ⅼࢆ༨ࡵࡿࡼ࠺࡞ࡗ࡚ࡃࡿࠋ✜ࣜ࣋ࣛࣝὴࢫ࣒ࣛ
ᅋయࡢ࢚ࣥࣃ࣓࣡ࣥࢺࡸࠊ㉺ቃ≢⨥ᑐ⟇ࠊᑐࢸࣟカ⦎࡞ࡀࠊࡇࢀࡲࡓὴᡭ㐍ࡵࡽࢀࣆ࣮ࣝ
ࡉࢀ࡚ࡁࡓࠋࡶࡕࢁࢇࠊࡑ࠺࠸࠺Ᏻ㒊㛛ࡢ⬟ຊᙉࡀ࡞ࡅࢀࡤᨻࡢẸ⛣⾜ࡶᏳᐃࡋ࡞࠸
࠸࠺ㄽ⌮ࡶࡪࡏ࡚ࡃࡿࠋ
ࡇࡢࡼ࠺࡞ࠊὴᡭ࡛┤⌫㈇ࡶ࠸࠼ࡿḢ⡿ࢫࢱࣝࡢᨻ㒊㛛ᨭࢆᶓ┠ࠊ-,&$ ࡣࠊ⚾
ࡽぢࡓࡽࠊࠕᆅࠖ㸦㸽㸧࡛᥍࠼ࡵ࡞ࡀࡽࡶࠊᰂ㌾ከゅⓗẸ㈉⊩ࡍࡿᨭࢆᆅ㐨㐍ࡵ
࡚ࡁࡓᛮ࠺ࠋࡑࡢࣉ࣮ࣟࢳࡣࠊࡶࡋࡋࡓࡽࠕࢪⓗࠖ࡞ࡢࡶࡋࢀ࡞࠸ࡋࠊṔྐࡢᩍカ
ࡽᅜࡢᨻࢥ࣑ࢵࢺࡍࡿࡇࡢ㌋㌉ព㆑ࡀാ࠸࡚࠸ࡿࡢࡶࡋࢀ࡞࠸ࠋ࠺࡛࠶ࢀࠊ⤖
ᯝⓗࠕ᪥ᮏⓗࠖ࡞ࢭࣥࢫࢆᣢࡘࡼ࠺࡞ࡗࡓࡢࡀ -,&$ ࡢࣥࢻࢿࢩẸᨭࡔᛮ࠺ࠋ
࠼ࡤࠊ୍᪉࡛ࢭ࣮࢜ࣜ㏻ࡾࡢ㑅ᣲᨭࢆᒎ㛤ࡋ࡚ࠊ㑅ᣲࡢࣟࢪࢫࢸࢵࢡ࡞ࢆࢧ࣏࣮ࢺࡍ
ࡿഐࡽࠊ᭷ᶒ⪅ࡢࠕኌࠖࢆ⤌⧊ࡋࠊୡㄽࢆᙧᡂࡋࠊࡑࢀࢆ㑅ᣲฟ㤿ࡍࡿேࡓࡕッ࠼ࡅࡿ
࠸࠺㠀ᖖ㔜せ࡞Ẹ㑅ᣲᨭࢆ⾜ࡗࡓࠋࡇࢀࡼࡗ࡚ࠊࣥࢻࢿࢩ࡛ୡㄽㄪᰝࡢࣈ࣮࣒
ࡀ㉳ࡇࡾࠊᅜẸࡢኌࡀᨻᒆࡃ௦࡞ࡗࡓࠋࡇࡢୡㄽㄪᰝᶵ㛵ᨭࡣ -,&$ ࡢ࢜ࣜࢪࢼ࡛ࣝ࠶
ࡿࡀࠊࡑࡢࡇࢆ▱ࡽ࡞࠸ᨻᐙࡸᅜẸࡣከࡃࠊࡑࡢࠕᆅࡉࠖࡀఛ࠼ࡼ࠺ࠋ
㑅ᣲ㛵㐃௨እࡶࠊẸ⛣⾜ࡢࢸࢥධࢀ࡞ࡿ༠ຊࢆᆅ㐨ᒎ㛤ࡋ࡚ࡁࡓࠋ࠼ࡤᕷẸ㆙ᐹ
ᨭࡀ࠶ࡿࠋࡇࢀࡶࡢࢻࢼ࣮ࡣぢࡽࢀ࡞࠸ࠕே࡙ࡃࡾࠖ୰ᚰࡢ㛗ᮇࣅࢪࣙࣥᇶ࡙ࡁࠊẸ
ᅜᐙ┦ᛂࡋ࠸ἲᇳ⾜ࡢဴᏛᢏ⾡ࢆࢥࢶࢥࢶఏᤵࡋ࡚ࡁࡓࠋ
ࡲࡓࠊᆅ᪉⾜ᨻ⬟ຊྥୖᨭࡶᐇࡋࡓࠋẸక࠸୰ኸ㞟ᶒࡽᆅ᪉ศᶒᅜᐙయไࡀ
㌿ࡍࡿ࡞ࠊᆅ᪉ࡢ࢞ࣂࢼࣥࢫྥୖࡇࡑࡀ୰ኸࡢᨻ⤒῭ࡢᏳᐃࡁࡃᐤࡍࡿࠋࡑࡢࡇ
ࢆ╮ࢇ࡛ࡢࣉ࣮ࣟࢳ࡛࠶ࡗࡓࠋ
ἲᩚഛᨭࡶ⾜ࡗࡓࠋἲⓗ☜ᐇᛶࢆ㧗ࡵࡿࡇࡇࡑࡀᅜᐙࡸᨻࡢಙ㢗ࡢྥୖ࡞ࡿࠋࡑࢀ
ࡀእᅜᢞ㈨ࡸᅜ㝿⤒῭༠ຊࣉࣛࢫࡢ⎔ቃࢆసࡿࠋࡑࡢ⤖ᯝࠊẸ⛣⾜ᮇࡢᨻᶒ㐠ႠࡀᏳᐃࡍ
ࡿࠋࡑ࠺࠸࠺ࣅࢪࣙࣥࡢୗ㐍ࡵࡽࢀࡓࠋ
ࢳ࢙ࡸ࣐ࣝࢡ࡛ࡢᖹᵓ⠏ࡶᨭࡋࡓࠋ⣮தᚋࡢ♫ᘓࢆࢸࢥධࢀࡍࡿࡇ࡛ࠊᆅ᪉ᨻ
ࡢΰࡽ᪩ࡃ♫ࡀ❧ࡕ┤ࡿࡇࢆᮇᚅࡋࡓࠋࡑࢀࡣẸ⛣⾜ᮇࡢᅜᐙࡢᏳᐃ࡚ࡶ
࡞ᅜ㝿༠ຊ࡞ࡗࡓࠋ
ࡲࡓࠊ⚾⮬㌟ࡶཧ⏬ࡋࡓࣥࢻࢿࢩᏛ᪥ᮏ◊✲ࢭࣥࢱ࣮㸦36-8,㸧ᨭࡶ↓㛵ಀ࡛ࡣ࡞࠸ࠋ
ⱝᡭᨻᏛ⪅ࡢ◊✲ᣦᑟࢆ⾜࠸ࠊ୍⥴࡞ࡗ࡚ᨻᶒࡢᨻࢻࣂࢨ࣮ࡸᅜ㆟ဨࡸᅜ㌷ᑗᰯࡓ
ࡕࢆ 36-8, ࡢࢭ࣑ࢼ࣮ࡸ࣮࣡ࢡࢩࣙࢵࣉㄏࡗࡓࠋࡑࡇ࡛ᙼࡽẸ㑅ᣲࡸᩥẸ⤫ไࢆᙉࡍࡿ
ᨵ㠉ࢆ♧ࡋ࡚ᑗ᮶ᒎᮃࢆ⇕ࡃ㆟ㄽࡋࡓࠋࡢࣥࢻࢿࢩᅜ㜵◊✲ᡤᡤ㛗ࡸ㥔ⱥࡣᙜ
ࡽࡼࡁ⌮ゎ⪅ࡔࡗࡓࠋ
ࡇࡢࡼ࠺ࠊࡑࢀࡒࢀࡣಶู࡛㐍ࡵࡽࢀ࡚ࡁࡓࡶࡢࡢࠊ᮰ࡋ࡚ࡳࡓࡁࠊ-,&$ ࡢࣥࢻࢿ
ࢩẸᨭࡣࠊὴᡭࡉࡣ࡞ࡃ᥍࠼ࡵ࡛ࡣ࠶ࡿࡶࡢࡢࠊ㔜ᒙⓗከ᪉㠃ࡽ┤᥋࣭㛫᥋ࣉ
࣮ࣟࢳࡋ࡚࠸ࡿࡇࡀࢃࡿᛮ࠺ࠋᚲࡎࡋࡶ࡚ࢆࠕẸࠖ࠸࠺ࣃࢵࢣ࣮ࢪ࡛ᣓࡗ࡚ᐇ
ࡋ࡚ࡁࡓࢃࡅ࡛ࡣ࡞࠸ࡋࠊ࠶࠼࡚ࡑ࠺ࡍࡿᚲせࡶ࡞ࡗࡓ࡛࠶ࢁ࠺ࠋࡓࡔ࡞ࡢࡣࠊࣉࣟࢪ࢙
ࢡࢺ㛫ࡢ㛵㐃ᛶࢆⓎぢࡋࠊຠᯝࡢ┦ࢆព㆑ࡍࡿࣅࢪ࡛ࣙࣥ࠶ࡾࠊࡑ࠺࠸࠺ឤぬࢆᙜࡢ -,&$ ࡢ
ⓙࡉࢇࡶᑓ㛛ᐙࡢேࡓࡕࡶఱ࡞ࡃඹ᭷ࡋ࡚࠸ࡓࡼ࠺ᛮ࠺ࠋ
ࡑࡢព࡛ࠊࣃࢵࢣ࣮ࢪࢆ๓㠃ᥖࡆ࡚ࠕࡸࡗ࡚ࡲࡍࣆ࣮ࣝࠖࢆࡋ࡚ࡁࡓḢ⡿ࢻࢼ࣮ࠊ-,&$
ࡢࣉ࣮ࣟࢳࡣ㐪࠺ࠋࡕࡽࡀ࣋ࢱ࣮࠸࠺ၥ㢟࡛ࡶ࡞࠸ࡋࠊ࠾ࡑࡽࡃࣥࢻࢿࢩࡽࡳࢀ
ࡤࠊ┦⿵ⓗ࡞ࡶࡢᫎࡗࡓ࡛࠶ࢁ࠺ࠋ
ࡓࡔࠕࣃࢵࢣ࣮ࢪᡓ␎ࠖࡣࠊ᪪ࡀ㐣ࡂࡓࡽࠕᗑࡌࡲ࠸ࠖ࡞ࡿഴྥࡀᙉࡃࠊ
ࠕẸ⛣⾜ᮇࠖࡀ
⤊ࢃࡗࡓ ᖺࡃࡽ࠸ࡽࠕ㛢ᗑࠖࡀጞࡲࡗࡓࠋ⌧ᅾࠊ
ࠕẸᨭࠖ࠸࠺ࢫ࣮ࣟ࢞ࣥࡣࠊḢ
⡿ࢻࢼ࣮ⓙ↓࡛࠶ࡿࠋࡋࡋࠊࣥࢻࢿࢩࡢẸࡣࠊࡶࡣࡸ⛣⾜ᮇ࡛ࡣ࡞࠸ࡶࡢࡢࠊࡕࡷ
ࢇᐃ╔ࡋ࡚ᦂࡿࡂ࡞࠸ࡶࡢ࡞ࡿ࠺ࡣࡲࡔ☜ᐃ࡛࠶ࡾࠊࡇࡢࠕᐃ╔ᮇࠖᅜ㝿༠ຊࡣ
せỴࡵ㎸ࡴ⌮⏤ࡣࡇࡶ࡞࠸ࠋᐃ╔ࡋ࡚ᅛᐃࡍࡿࡣࠊ
ࠕ㉁ࡢྥୖࠖࡀྍḞ࡛࠶ࡾࠊᐇࡣ
ࡑࡢࡓࡵࡢᅜ㝿༠ຊࡣ☜ᐇồࡵࡽࢀ࡚࠸ࡿࠋ
ࡃ᭱ࡶᠱᛕࡉࢀࡿࡢࡀࠊᨻⓗᐶᐜᛶࡢపୗ࡛࠶ࡿࠋᨻࡀᏳᐃࡋࠊ⤒῭ᡂ㛗ࡶ㡰ㄪ࡛
ࡣ࠶ࡿࡶࡢࡢࠊ㈋ᐩࡢ᱁ᕪࡣ࠶ࡁࡽ࡛࠶ࡾࠊࡑࢀࡀ᐀ᩍࡸẸ᪘ࡸᆅᇦࡢᕪࢩࣥࢡࣟࡍࡿᙧ࡛
♫டࡀ」㞧ࡋ࡚࠸ࡿࠋࡑࡢடࡀࠊ
ࠕẸ㑅ᣲ࡛ࠖࡢ㞟⚊ᨻ⏝ࡉࢀࠊࢹࣥࢸࢸ
ࡢືဨࡀ㟢㦵⾜ࢃࢀࡿࡼ࠺࡞ࡗ࡚࠸ࡿࠋࡑࡢ⤖ᯝࠊ
ࠕᩘࡢᭀຊࠖࡀᖜࢆຠࡏࠊᵝࠎ࡞♫ⓗ
࣐ࣀࣜࢸ࣮㞟ᅋࡀྛᆅ࡛ࡆࡽࢀࡿࡼ࠺࡞ࡗࡓࠋ
ࠕከᵝᛶࡢ୰ࡢ⤫୍ࠖࡣࣥࢻࢿࢩࡢᅜ
࡛࠶ࡾ⌮ᛕ࡛࠶ࡾࠊᕪ␗ࢆᑛ㔜ࡋྜ࠺ᐶᐜ࡞♫ࢆྠᅜࡣṔྐⓗ┠ᣦࡋ࡚ࡁࡓࠋ⓶⫗ࡶࠊ
Ẹ⩏ࡢ௦ࠊࡑࡢ⌮ᛕࡀᦂࡽ࠸࡛࠸ࡿࡍࡿ࡞ࡽࡤࠊᅜ㝿♫ࡣࡶࡗぶ㌟࡞ࡗ࡚ࣥ
ࢻࢿࢩࡢẸᐃ╔ࡢࢸࢥධࢀࢆ⪃࠼࡚ࡶࡼ࠸ࡢ࡛ࡣ࡞࠸ࡔࢁ࠺ࠋ
௨๓ࡢࠕ⛣⾜ᮇᨭࠖࡢ୰ᚰㄢ㢟ࡀẸไᗘࡢᑟධ࡛࠶ࡗࡓࡍࡿࠊᚲせ࡞ࡢࡣࠕᐃ╔ᮇ
ᨭ࡛ࠖ࠶ࡾࠊࡑࡢ࢝ࢠࡣࠕ㉁ࡢྥୖࠖࡔᛮ࠺ࠋṧᛕ࡞ࡀࡽḢ⡿ࢻࢼ࣮ࡢ㛵ᚰࡣཤࡗ࡚࠸ࡿࠋ
ࡋࡋࠊ᪥ᮏࣥࢻࢿࢩࡢ㛗ᖺࡢ㛵ಀࡸࠊᮾࢪ࡛ࡢᡓ␎ⓗ࡞࣏ࢪࢩࣙࣥࢆ⪃࠼ࡓࡁࠊ
⚾ࡓࡕࡇࡑࡀࠊࡼࡾ㛗ᮇⓗ࡞どⅬࡽࠕ➨ ୡ௦ࡢẸᨭࠖࢆᥖࡆ࡚ࠊࡢࢻࢼ࣮ࡶッ࠼
ࡅࡿࡃࡽ࠸ࡢࢽࢩࢸࣈࡀ࠶ࡗ࡚ࡶࡼ࠸ࡢ࡛ࡣ࡞࠸ࠋ
࠾ࡑࡽࡃࠊࡑࡢ➨ ୡ௦ࡣࠊ᪥ᮏഃࡢ୍᪉ⓗ࡞࠾ᡭఏ࠸࡛ࡣ࡞ࡃࠊࡼࡾ┦స⏝ࢆព㆑ࡋࡓᙧ
࡛ࠊᮾࢪ࠾ࡅࡿ᭱ྂࡢẸᅜᐙ㸦᪥ᮏ㸧᭱Ẹᅜᐙ㸦ࣥࢻࢿࢩ㸧ࡢே୕⬮ࡼ
ࡿࠊẸ⩏౯್ࡢࠕⓎぢࠖࢆࢪ࡛ッ࠼࡚࠸ࡃᅜ㝿ᒎ㛤ࡶᑕ⛬ධࡗ࡚ࡇࡼ࠺ࠋࡑ࠺࠸࠺
ࢫࣜࣜࣥࢢ࡞ࠕ-,&$ Ẹᨭ ࠖࢆ㆟ㄽ࡛ࡁࡿ᪥ࢆᴦࡋࡳࡋ࡚࠸ࡿࠋ
ࣥࢻࢿࢩ⤫ィᩚഛ࠾ࡅࡿ᪥ᮏࡢ≉ู࡞㛵ಀ
5XVPDQ+HULDZDQ
ඖࣥࢻࢿࢩ୰ኸ⤫ィᗇ㛗ᐁ
␎Ṕ
ᖺ㹼 ᖺ୰ኸ⤫ィᗇ㛗ᐁࠋ ᖺ㹼 ᖺ᪥ᮏࡢ 2'$ ࡀᨭࡋࡓ⏘ᴗ
㐃㛵⾲సᡂ࠾ࡼࡧィ㔞⤒῭ࣔࢹࣝࡢ㛤Ⓨࢳ࣮࣒ࡢ࣓ࣥࣂ࣮ࡋ࡚άⓎάືࡋࠊ
࣮ࣜࢲ࣮ࡶົࡵࡓࠋ㹼 ᖺࢪ⤒῭◊✲ᡤࡢᾏእࣇ࢙࣮ࣟࢩࢵࣉ࣭ࣉࣟ
ࢢ࣒ࣛཧຍࠋࡑࡢᚋࠊ-,&$ ࡀᨭࡋࡓ ᖺࠊ ᖺࠊ ᖺࡢ⤒῭ࢭࣥࢧ
ࢫࡢࣉࣟࢪ࢙ࢡࢺࢆ⋡࠸ࡓࠋ ᖺ㹼 ᖺ⤒῭⤫ィศ㔝ࡢ➹㢌ᑓ㛛◊✲⪅ࠊ
ࡲࡓࠊ ᖺ㹼 ᖺ㎰ᴗ⮧ࢆົࡵࠊ᪥ᮏᨻᗓࡢ༠ຊ㛵ಀࢆⓎᒎࡉࡏࡓࠋ
ࠕ⤫ィᩚഛࠖ
ࣥࢻࢿࢩࡢ⤫ィᩚഛᑐࡍࡿ᪥ᮏࡢ༠ຊࡢṔྐࡣ㛗ࡃࠊ ᖺ ᖺࡢேཱྀࢭࣥࢧࢫࠊ
ᖺࡢ⤒῭ࢭࣥࢧࢫ࡛ࡣࠊࢥࣥࣆ࣮ࣗࢱᩚഛ㸦Ḱ㸧ཬࡧ⥲ົ┬⤫ィᒁࡽࡢᑓ㛛ᐙὴ㐵
ࡀ⾜ࢃࢀ࡚ࡁࡓࠋ ᖺࡢேཱྀࢭࣥࢧࢫ࡛ࡣࠊㄪᰝ⚊ධຊࡢ㧗㏿ࡢࡓࡵࠊ↓ൾ㈨㔠༠ຊࡼ
ࡾගᏛᘧᩥᏐㄞྲྀ⨨ ྎࡀ୰ኸ⤫ィᗇ㸦%36㸧ᑟධࡉࢀࡓࠋᑠᆅᇦ⤫ィࡢᩚഛᑐࡍࡿᢏ
⾡༠ຊࡶ⾜ࡗࡓࠋࡇࡢࠊ%36 ࡀ ᖺ⥲㑅ᣲࡢ㑅ᣲேྡ⡙ࢆసᡂࡍࡿ࠶ࡓࡗ࡚ࡣࠊᑓ㛛
ᐙࡼࡿᢏ⾡ᨭࡸࢥࣥࣆ࣮ࣗࢱ౪ࢆ⾜ࡗࡓࠋ
ࡢ࡛ࡲࢀࡇ ڦ᪥ᮏࡢ㛵ࢃࡾ
⚾᪥ᮏࡢேࡓࡕࡢ㛵ಀࡣ㛗࠸ࠋࡑࢀࡣࠊ⚾ࡀ୰ኸ⤫ィᗇ㸦%36㸧ධᗇࡍࡿྠࠊ᪥
ᮏࡢ 2'$ ࡼࡾࠊࢪ⤒῭◊✲ᡤࡢ◊✲༠ຊࡀ㛤ጞࡉࢀࡓࡇࡉࡢࡰࡿࠋ◊✲༠ຊ࠸
࠺ࡢࡣࠊᙜࣥࢻࢿࢩ࡛ࡣᨻᗓ㛵ಀ⪅ࡔࡅ࡛࡞ࡃࠊ㧗➼ᩍ⫱ᶵ㛵࡛ࡶẚ㍑ⓗ᪂ࡋ࠸ศᯒࢶ࣮
ࣝࡔࡗࡓ⏘ᴗ㐃㛵ࣔࢹࣝࡑࡢὴ⏕࡛࠶ࡿ㔞ⓗࣔࢹࣝࢆసᡂࡍࡿࡇࡔࡗࡓࠋࡇࡢ◊✲ࡣ ᖺ௨
ୖ⥆࠸ࡓࡀࠊࡑࡢࡓࡵࠊ⚾ࡣᐃᮇⓗ㸦 ᖺ ᅇ㸧᪥ᮏࢆゼၥࡋ࡚࠸ࡓࡢ࡛ࠊ᪥ᮏࡣ⚾ࡢ➨
ࡢᨾ㒓࡞ࡗࡓࠋ
ᖺࡣࢪ⤒῭◊✲ᡤࡢࣇ࢙࣮ࣟࢩࢵࣉ࣭ࣉࣟࢢ࣒ࣛࢆ㏻ࡌࠊほග⤒῭ࡢ◊✲ࢆ⾜࠺ࡓ
ࡵࠊ ࢝᭶㛫᪥ᮏᅾࡋࡓࠋྠ◊✲ᡤࡸ᪥ᮏࡢ⤫ィᒁ㸦⌧⥲ົ┬⤫ィᒁ㸧ࡣࢥ࣑ࣗࢽࢸࡢ୍
ဨࡋ࡚ ࡃ㏄࠼࡚ࡃࢀࠊ⮬ᅜ࠸ࡿࡼ࠺ᛌ㐺ࡔࡗࡓࠋࡇࡢࣇ࢙࣮ࣟࢩࢵࣉࡢᘏ㛗ࡢᡴデࢆ
ཷࡅࡓࡀࠊ%36 ࡢୖྖࡽࠊࣥࢻࢿࢩ࡛ึࡵ࡚⾜ࢃࢀࡿ ᖺࡢ⤒῭ࢭࣥࢧࢫࡢࣉࣟࢪ࢙ࢡ
ࢺࢆ⋡࠸ࡿࡼ࠺ࡧᡠࡉࢀࡓࡓࡵᐇ⌧ࡋ࡞ࡗࡓࠋᖐᅜ๓ࡣࠊ⤒῭ࢭࣥࢧࢫࡢᐇࢆᨭࡍࡿ
௦┠ᑓ㛛ᐙࡋ࡚ࣥࢻࢿࢩࡢ㉱௵ࡀỴࡲࡗ࡚࠸ࡓすᑓ㛛ᐙࡶࡗࡓࠋ ௦┠ࡢ -,&$ ᑓ
㛛ᐙ࡛࠶ࡿ୕ṊẶ㸦ᨾே㸧ࡢࡇࡶᙜ↛ࡼࡃぬ࠼࡚࠸ࡿࠋ
⚾ࡣࠊすᑓ㛛ᐙࡀ ᗘ┠ὴ㐵ࡉࢀࠊࣥࢻ
ࢿࢩ࡛ࡢ⫋ົᮇ㛫ࡀྜィ ᖺ㛫࡞ࡗࡓࡢ
ࡇࡶࡼࡃぬ࠼࡚࠸ࡿࠋすᑓ㛛ᐙࡣࠊ ᖺࡢ
⤒῭ࢭࣥࢧࢫࡢ⤖ᯝࡀ☜ᐇฟࡿࡲ࡛ᢏ⾡ⓗ࡞
ᣦᑟࢆ⥆ࡅ࡚ࡃࢀࡓࠋὴ㐵⤊ᚋࡶすẶࡣ㐃
⤡ࢆྲྀࡾྜ࠸ࠊ-,&$ ࡢᢏ⾡༠ຊࡼࡿࠕ࢝ࣥ࣎
ࢪᨻᗓ⤫ィ⬟ຊྥୖィ⏬࡛ࠖࡣࠊẚ㍑◊✲ࡢ
ࡓࡵࠊ࢝ࣥ࣎ࢪ⤫ィᒁ⫋ဨࢆᘬ⋡ࡋ࡚ࠊఱᗘ
ࣥࢻࢿࢩ᮶࡚ࡃࢀࡓࡇࡶ࠶ࡗࡓࠋ
ᖺ⤒῭ࢭࣥࢧࢫᐇᆅㄪᰝྠ⾜ࡍࡿ
࢝ࣥ࣎ࢪࡽࡢ◊ಟဨ㸦⥲ົ┬ᥦ౪┿㸧
ڦ᪥ᮏࡼࡿ⤫ィᩚഛᨭ
᪥ᮏࡼࡿ㛗ᖺࡢ⤫ィᩚഛᨭࡢ࠺ࡕࠊࣥࢻࢿࢩࡗ࡚᭱ࡶᙳ㡪ࡀࡁࡗࡓࡶࡢࡀ
ࡘ࠶ࡿࠋ ࡘࡣࠊඛ㐍ⓗ࡞ ,7 ᢏ⾡ࡢᑟධࠊ ࡘ┠ࡣࠊ ᖺࡢ⥲㑅ᣲ࠾ࡼࡧ⤫㡿㑅ᣲࡢ㝿ࡢࠊ
㑅ᣲேྡ⡙సᡂᨭ࡛࠶ࡿࠋ
ࡘ┠ࡢ ,7 ᢏ⾡ࡢᑟධ࡛ࡣࠊࢥࣥࣆ࣮ࣗࢱࡸ
2&5 ࡢᑟධࢆᨭࡋ࡚ࡃࢀࡓࡇ࡛ࠊᡃࠎࡢ
ࡢࡸࡾ᪉ᩥࡀࡁࡃኚࢃࡗࡓࠋࣥࢻࢿ
ࢩࡣࠊࡶࡣࡸࡢඛ㐍ᅜᚋࢀࢆࡽ࡞ࡃ࡞
ࡗࡓࠋ࠼ࡤ ᖺேཱྀࢭࣥࢧࢫ࡛ࡣࠊ᪥ᮏࡢ
ᨭ࡛ࠊࢹ࣮ࢱฎ⌮ 2&5 ࡢ᭱᪂ᢏ⾡ࡀᑟධࡉ
ࢀࡓࠋࡇࢀࡼࡾࠊࣥࢻࢿࢩ࡛ึࡵ࡚ࠊ㎿
㏿࡛ṇ☜࡞ᩘ㞟ィࡀᐇ⌧࡛ࡁࡓࠋࡇࢀࡲ࡛
ᖺࡗ࡚࠸ࡓேཱྀ㏿ሗ್ࢆࠊࢃࡎ ࢝᭶࡛
Ⓨ⾲ࡍࡿࡇࡀ࡛ࡁࠊᨻᗓࡶࡇࡢᡂᯝᑐࡋ࡚
↓ൾ㈨㔠༠ຊ࡛౪ࡉࢀࡓ 2&5
%36 ㅰពࢆ⾲᫂ࡋࡓࠋ
㸦⥲ົ┬ᥦ౪┿㸧
ࡘ┠ࡢ㑅ᣲேྡ⡙సᡂᨭࡀ⾜ࢃࢀࡓ
ᖺᙜࠊ⚾ࡣ %36 㛗ᐁࡔࡗࡓࠋࡇࡢࠊᮏ᮶ࡣෆົ┬ࡢ⟶㎄࡛࠶ࡿ㑅ᣲேྡ⡙సᡂࡀࠊ%36
ጤクࡉࢀࡿࡇࡀỴࡲࡗࡓࠋࡇࢀࡣኚ㔜せ࡛ࠊྡ࠶ࡿᴗົࡔࡗࡓࠋᙜࠊࣥࢻࢿࢩࡣẸ
ࡢᶵ㐠ࡀ㧗ࡲࡗ࡚࠾ࡾࠊᨻᗓࡣᙜ↛ࠊ ᖺࡢ⥲㑅ᣲࢆᡂຌࡉࡏࡼ࠺ࡋ࡚࠸ࡓࠋࡋࡋࠊ
ࡘ࡚࡞࠸つᶍࡢ⥲㑅ᣲࡢ‽ഛࡣ㐍ࢇ࡛࠾ࡽࡎࠊ≧ἣࡣ༴ᶵⓗ࡞ࡶࡢࡔࡗࡓࠋࡑࡇ࡛࣓࢞࣡ࢸ
⤫㡿ࡀ %36 ౫㢗ࡍࡿỴ᩿ࡋࠊ-,&$ ᨭࢆせㄳࡋࡓࠋ⤫㡿㑅ᣲ⟶⌮ጤဨ㸦.38㸧ࡢ
ࡇࡢỴ᩿ࡢ⫼ᬒࡣࠊ%36 ࡀ᪥ᮏࡢᢏ⾡༠ຊࢆཷࡅ࡚ᐇࡋࡓ ᖺࡢேཱྀࢭࣥࢧࢫࡀᡂຌࡋ࡚
࠸ࡓࡇࡶᙳ㡪ࡋࡓᛮࢃࢀࡿࠋ
⤖ᯝࡋ࡚ࠊ ᖺࡢ⥲㑅ᣲ࡛ࡣ㑅ᣲேྡ⡙ᑐࡍࡿၥ㢟ࡣఱࡶ࡞ࡃࠊᙜ㑅ࡋࡓࣘࢻࣚࣀ⤫㡿
ࡶㅰពࢆ⾲᫂ࡋࡓࠋ%36 ࡣࡇࡢேཱྀࢹ࣮ࢱࢆෆົ┬Ώࡋ࡚ࠊࡑࢀࡀఫẸⓏ㘓ࡢᨵၿࡶ㈉⊩ࡋࡓࠋ
ࡇࡢࢹ࣮ࢱࡣࠊࣘࢻࣚࣀᨻᶒ௦ࠊᆅ᪉㤳㛗㑅ᣲࢆࡣࡌࡵ⾜ᨻࡢᵝࠎ࡞㠃࡛ά⏝ࡉࢀ࡚࠸ࡓࠋ⌧ᅾ
࡛ࡣࠊேཱྀືែ㛵ࡍࡿ⾜ᨻࢹ࣮ࢱࡀᩚࡗ࡚࠸ࡿࡓࡵࠊ%36 ࡀᨭࡍࡿᚲせࡣ࡞ࡃ࡞ࡗࡓࠋ
ڦ᪥ᮏࡢ༠ຊࡢ≉ᚩᚋྥࡅࡓᮇᚅ
࠸ࡘࡶ᫂♧ⓗ♧ࡉࢀ࡚࠸ࡿࢃࡅ࡛ࡣ࡞࠸ࡀࠊ-,&$ ࡼࡿᨭࡣࠊேᮦ⫱ᡂ࠸࠺せ⣲ࡀྵࡲ
ࢀ࡚࠸ࡿࡇࡀᙉࡃឤࡌࡽࢀࡿࠋ-,&$ ᑓ㛛ᐙඹാࡃࡇ࡛ࠊཧຍࡋࡓ⫋ဨࡢ⬟ຊࡀྥୖࡋࡓࠋ
᪥ᮏࡢᩥࠊ࠼ࡤㅬࡉࡸṇ┤ࡉࠊᡃࠎࢆேࡋ࡚ᢅࡗ࡚ࡃࢀࡿࡇࢁ࡞ࡣࠊࣥࢻࢿ
ࢩࡢᩥఝ࡚࠸ࡿࠋࡢඛ㐍ᅜࡽࡶࣥࢻࢿࢩᑓ㛛ᐙࡀ᮶ࡿࡀࠊ⮬ศࡓࡕࡢࣉࣟ̿
ࢳࢆᣢࡕ㎸ࡴࡢ࡛ࠊᚲࡎࡋࡶⰋ࠸༳㇟ࢆṧࡉ࡞࠸࡛⤊ࢃࡗ࡚ࡋࡲ࠺ࠋ⮬ศࡢ௵ົࡸࡸࡾ᪉ࢆඃඛ
ࡍࡿࡓࡵࠊᒃᚰᆅࡀᝏ࠸㞺ᅖẼ࡞ࡗ࡚ࡋࡲ࠺ࡇࡀᑡ࡞ࡃ࡞࠸ࡢࡔࠋ୍᪉ࠊ᪥ᮏࡢᑓ㛛ᐙࡣぶ
ࡋࡳࢆឤࡌࡉࡏࡿࠋࡑࡢࡶ㸦㔜せ࡞ࡇ࡛ࡣ࡞࠸ࡢࡔࡀ㸧
ࠊⱥㄒࡀᚓព࡛࡞࠸⪅ྠኈࡢ᪉ࡀ
ヰ࣭ࢥ࣑ࣗࢽࢣ࣮ࢩࣙࣥࡀࡾࡸࡍ࠸ࠋࡋࡓࡀࡗ࡚ࠊ%36 ࡀㅖእᅜࡽཷࡅ࡚ࡁࡓᵝࠎ࡞ᨭ
ࡢ୰࡛ࡶࠊ᪥ᮏࡣ༳㇟ࡀ␗࡞ࡿ࠸࠼ࡿࠋ⚾ࡓࡕࡣࠊᮏᙜ㛗࠸㛫༠ຊࡋྜ࠸ࠊඹṔྐࢆࡘࡃ
ࡗ࡚ࡁࡓࠋ
࡞࡛ࡶ᪥ᮏࡢᢏ⾡༠ຊࡢ࠶ࡗࡓ⤫ィศ㔝࠾࠸࡚ࠊ%36 ࡣ㏵ୖᅜࡢ୰࡛ᣦᑟⓗ❧ሙ࠶ࡿࠋ
ࡑࢀ࡛ࡶࠊࡇࢀࡽࡶ᪥ᮏࣥࢻࢿࢩ୧ᅜࡢ⤫ィᒁࡢ༠ຊ㛵ಀࢆ⥅⥆ࡉࡏࡿࡁ࡛࠶ࡿࠋ࡞
ࡐ࠸࠺ࠊ⤫ィᑐࡍࡿᵝࠎ࡞㟂せᛂ࠼ࡿࡣࠊ%36 ࡣ౫↛ࡋ࡚᪂ࡓ࡞ㄢ㢟࣭ၥ㢟ᑐ
ᛂࡍࡿᚲせࡀ࠶ࡿࡓࡵ࡛࠶ࡿࠋ%36 ࡣࢥ࣑ࣗࢽࢣ࣮ࢩࣙࣥࢆ⥆ࡅࠊ᪂ᢏ⾡ࡸࣉ࣮ࣟࢳࡘ࠸࡚
ࡢሗࢆࢵࣉࢹ࣮ࢺࡍࡿᚲせࡀ࠶ࡿࠋ
ࣥࢻࢿࢩࡢேཱྀࣆ࣑ࣛࢵࢻ $JH+HDSLQJ
す ᩥᙪ
⥲ົ┬⤫ィ◊✲◊ಟᡤ
␎Ṕ
⌧ࠊ⥲ົ┬⤫ィ◊✲◊ಟᡤᩍᤵࠋ ᖺ㸦ᪧ㸧⥲⌮ᗓ⤫ィᒁධࡿࠋ ᖺࡼ
ࡾ ᖺ㛫ࢫࣜࣛࣥ࢝ࢭࣥࢧࢫ⤫ィᒁ -,&$ ࢫࣜࣛࣥ࢝ேཱྀሗࣉࣟࢪ࢙ࢡࢺ⤫ィᑓ
㛛ᐙ㸦㛗ᮇ㸧ࠊ ᖺࡽ ᖺ㛫ࣥࢻࢿࢩ୰ኸ⤫ィᗇ -,&$ ಶูὴ㐵⤫ィᑓ㛛
ᐙ㸦㛗ᮇ㸧ࠋ ᖺࡢ⥲ົ┬⤫ィᒁࡢ⤌⧊ᨵ⦅ࢆ⤒࡚ࠊ ᖺࡽ ᖺ㛫ࣥ
ࢻࢿࢩ୰ኸ⤫ィᗇ -,&$ ಶูὴ㐵⤫ィᑓ㛛ᐙ㸦㛗ᮇ㸧ࠊ ᖺ ᭶ࡽ ᖺ
᭶ࡲ࡛࢝ࣥ࣎ࢪᅜᐙ⤫ィᒁ -,&$ ࢝ࣥ࣎ࢪᨻᗓ⤫ィ⬟ຊྥୖィ⏬ᚑࠋ
ᖺ ᭶ࡽ ᖺ⌧ᅾࡲ࡛ࢳ࣮ࣇ࣭ࢻࣂࢨ࣮㸦ࢩࣕࢺࣝᆺ▷ᮇᑓ㛛ᐙ㸧ࡋ
࡚ࢿࣃ࣮ࣝ୰ኸ⤫ィᒁ -,&$ ࢿࣃ࣮ࣝ୰ኸ⤫ィᒁ⬟ຊᙉࣉࣟࢪ࢙ࢡࢺᚑࠋ
ࠕ⤫ィᩚഛࠖ
ࣥࢻࢿࢩࡢ⤫ィᩚഛᑐࡍࡿ᪥ᮏࡢ༠ຊࡢṔྐࡣ㛗ࡃࠊ ᖺ ᖺࡢேཱྀࢭࣥࢧࢫࠊ
ᖺࡢ⤒῭ࢭࣥࢧࢫ࡛ࡣࠊࢥࣥࣆ࣮ࣗࢱ࣮ᩚഛ㸦Ḱ㸧ཬࡧ⥲ົ┬⤫ィᒁࡽࡢᑓ㛛ᐙὴ
㐵ࡀ⾜ࢃࢀ࡚ࡁࡓࠋ ᖺࡢேཱྀࢭࣥࢧࢫ࡛ࡣࠊㄪᰝ⚊ධຊࡢ㧗㏿ࡢࡓࡵࠊ↓ൾ㈨㔠༠ຊ
ࡼࡾගᏛᘧᩥᏐㄞྲྀ⨨ ྎࡀ୰ኸ⤫ィᗇ㸦%36㸧ᑟධࡉࢀࡓࠋᑠᆅᇦ⤫ィࡢᩚഛᑐࡍࡿ
ᢏ⾡༠ຊࡶ⾜ࡗࡓࠋࡇࡢࠊ%36 ࡀ ᖺ⥲㑅ᣲࡢ㑅ᣲேྡ⡙ࢆసᡂ࠶ࡓࡗ࡚ࡣࠊᑓ㛛ᐙ
ࡼࡿᢏ⾡ᨭࡸࢥࣥࣆ࣮ࣗࢱ࣮౪ࢆ⾜ࡗࡓࠋ ᖺ௨㝆ࠊ%36 ࡣࠊ࢝ࣥ࣎ࢪࡸࢿࣃ࣮ࣝ
ࡽ -,&$ ࡢ➨୕ᅜ◊ಟࢆཷࡅධࢀࠊ⤒῭ࢭࣥࢧࢫࡢᐇ᪉ἲ࡞ࢆᩍ࠼ࡿഃ࡞ࡗ࡚࠸ࡿࠋ
㸯㸬ࡣࡌࡵ
⥲ົ┬⤫ィᒁࡣࠊᖺࡽᖺࡅ࡚ࠊ᩿⥆ⓗ࡛ࡣ࠶ࡿࡶࡢࡢࠊᅜ㝿༠ຊᶵᵓ㸦-,&$㸧
ࢆ㏻ࡌ࡚ࠊࣥࢻࢿࢩ୰ኸ⤫ィᗇ㸦%DGDQ3XVDW6WDWLVWLN%36㸧ᑐࡋ࡚ࠊேཱྀࢭࣥࢧࢫ
ࡸ⤒῭ࢭࣥࢧࢫࡢᢏ⾡༠ຊࢆ୰ᚰࡋࡓᨭࢆᐇࡋ࡚ࡁࡓࡇࢁ࡛࠶ࡿࠋࡇࢀࡽ୍㐃ࡢᢏ
⾡༠ຊ࠾ࡅࡿேཱྀࢭࣥࢧࢫ㸦ᅜໃㄪᰝ㸧ࡢ⤖ᯝศᯒࡢ㐣⛬࡛ࠊࣥࢻࢿࢩࡢேཱྀࣆ࣑ࣛࢵ
ࢻ࠾ࡅࡿ$JH+HDSLQJࡢ≧ἣ╔┠ࡋࡓࡢ࡛ࠊᮏ✏࡛ࡣࠊࡑࡢ㛗ᮇⓗ࡞᥎⛣ࡘ࠸࡚㏙
ࡿࡇࡍࡿࠋ
࡞࠾ࠊᮏ✏ࡢෆᐜࡣࠊ➹⪅ࡢಶேⓗ࡞ぢゎ࡛࠶ࡾࠊ⥲ົ┬⤫ィ◊✲◊ಟᡤࡢぢゎ࡛ࡣ࡞࠸ࡇ
ࢆࠊணࡵࡈᢎ㢪࠸ࡓ࠸ࠋ
㸰㸬ࣥࢻࢿࢩࡢேཱྀࣆ࣑ࣛࢵࢻࡢ᥎⛣
ᅗ㸯ࡣࠊᖺ࠾ࡅࡿࣥࢻࢿࢩࡢேཱྀࣆ࣑ࣛࢵࢻ࡛࠶ࡿࡀࠊ୍ぢࡋ࡚ศࡿ࠾ࡾࠊ
$JH+HDSLQJࡀぢࡽࢀࡿࠋࡇࡢ$JH+HDSLQJࡢ㛗ᮇⓗ࡞᥎⛣ࢆࡳࡿࡓࡵࠊṓࡽṓࡲ࡛
ࡢேཱྀࢆ⏝࠸࡚ࠊᖺࡽᖺࡲ࡛ࡢᖺࡈࡢேཱྀࣆ࣑ࣛࢵࢻࡘ࠸࡚0\HUV̓,QGH[
ࢆ⟬ฟࡋ࡚ࡳࡓࠋ⾲㸯ࡢ࠾ࡾࠊᖺࡣ࡞ࡾ㧗࠸ᩘ್ࢆ♧ࡋ࡚࠸ࡓࡀࠊᖺ
ࡣ୍Ẽ༙ῶࡋࠊᖺࡣࠊᖺࡣඛ㐍ᅜ㏆࠸ࣞ࣋ࣝࡲ࡛ୗࡀࡗ࡚ࡁ
࡚࠸ࡿࠋ୍᪉ࠊࣥࢻࢿࢩࡢ୍ேᙜࡓࡾࡢᐇ㉁*'3㸦ᖺ㛫ࠊ⌧ᆅ㏻㈌⾲♧㸧ࡣࠊᖺࡣ5S
ࠊᖺࡣ5Sࠊᖺࡣ5Sࠊᖺࡣ5Sࠊ㡰ㄪ࡞ఙࡧ
ࢆ♧ࡋ࡚࠸ࡿࠋࡇࡢࡼ࠺ࠊࣥࢻࢿࢩࡢ㏆ᖺࡢⴭࡋ࠸⤒῭ᡂ㛗ᛂࡍࡿࡼ࠺ࠊ$JH
+HDSLQJࡶᛴ㏿⦰ᑠࡋ࡚࠸ࡿࡇࡀࢃࡿࠋ
ࠕࡑࡢᅜࡢⓎᒎࡢᗘྜ࠸⤫ィࡢ㉁ࡢ㛫ࡣ┦㛵
㛵ಀࡀ࠶ࡿࠋࠖ࠸ࢃࢀ࡚࠸ࡿࡀࠊࡇࡢࡇࡣࠊࡑࡢ୍࠸࠼ࡿࠋ㸦ᅗ㹼ᅗࠊ⾲ཧ↷㸧
䚷䚷䚷䚷䚷䚷䚷
ᅗ䠍䚷䜲䞁䝗䝛䝅䜰䚷䠎䠌䠍䠌ᖺேཱྀ䝢䝷䝭䝑䝗
㻔㻞㻜㻝㻜ᖺ㻡᭶㻝㻡᪥⌧ᅾ㻕
⏨ ዪ
䠓䠑䡚䠓䠑䡚
䠓䠌 䠓䠌
䠒䠑 䠒䠑
䠒䠌 䠒䠌
䠑䠑 䠑䠑
䠑䠌 䠑䠌
䠐䠑 䠐䠑
䠐䠌 䠐䠌
䠏䠑 䠏䠑
䠏䠌 䠏䠌
䠎䠑 䠎䠑
䠎䠌 䠎䠌
䠍䠑 䠍䠑
䠍䠌 䠍䠌
䠑 䠑
䠌㻔ṓ㻕
䠌㻔ṓ㻕
㻞㻜㻜 㻝㻜㻜 㻝㻜㻜 㻞㻜㻜
䠄ே䠅
䚷䚷䚷䚷䚷䚷䚷
ᅗ䠎䚷䜲䞁䝗䝛䝅䜰䚷䠎䠌䠌䠌ᖺேཱྀ䝢䝷䝭䝑䝗
㻔㻞㻜㻜㻜ᖺ㻢᭶㻝᪥⌧ᅾ㻕
⏨ ዪ
䠓䠑䡚 䠓䠑䡚
䠓䠌 䠓䠌
䠒䠑 䠒䠑
䠒䠌 䠒䠌
䠑䠑 䠑䠑
䠑䠌 䠑䠌
䠐䠑 䠐䠑
䠐䠌 䠐䠌
䠏䠑 䠏䠑
䠏䠌 䠏䠌
䠎䠑 䠎䠑
䠎䠌 䠎䠌
䠍䠑 䠍䠑
䠍䠌 䠍䠌
䠑 䠑
䠌㻔ṓ㻕䠌㻔ṓ㻕
㻞㻜㻜 㻝㻜㻜 㻝㻜㻜 㻞㻜㻜
䠄ே䠅
ᅗ䠏䚷䜲䞁䝗䝛䝅䜰䚷䠍䠕䠕䠌ᖺேཱྀ䝢䝷䝭䝑䝗
㻝㻥㻥㻜ᖺ㻝㻜᭶㻝᪥⌧ᅾ
⏨ ዪ
䠓䠑䡚 䠓䠑䡚
䠓䠌 䠓䠌
䠒䠑 䠒䠑
䠒䠌 䠒䠌
䠑䠑 䠑䠑
䠑䠌 䠑䠌
䠐䠑 䠐䠑
䠐䠌 䠐䠌
䠏䠑 䠏䠑
䠏䠌 䠏䠌
䠎䠑 䠎䠑
䠎䠌 䠎䠌
䠍䠑 䠍䠑
䠍䠌 䠍䠌
䠑 䠑
䠌㻔ṓ㻕 䠌㻔ṓ㻕
㻞㻜㻜 㻝㻜㻜 㻝㻜㻜 㻞㻜㻜
䠄ே䠅
ᅗ䠐䚷䜲䞁䝗䝛䝅䜰䚷䠍䠕䠔䠌ᖺேཱྀ䝢䝷䝭䝑䝗
㻝㻥㻤㻜ᖺ㻝㻜᭶㻝᪥⌧ᅾ
⏨ ዪ
䠓䠑䡚 䠓䠑䡚
䠓䠌 䠓䠌
䠒䠑 䠒䠑
䠒䠌 䠒䠌
䠑䠑 䠑䠑
䠑䠌 䠑䠌
䠐䠑 䠐䠑
䠐䠌 䠐䠌
䠏䠑 䠏䠑
䠏䠌 䠏䠌
䠎䠑 䠎䠑
䠎䠌 䠎䠌
䠍䠑 䠍䠑
䠍䠌 䠍䠌
䠑 䠑
䠌㻔ṓ㻕䠌㻔ṓ㻕
㻞㻜㻜 㻝㻜㻜 㻝㻜㻜 㻞㻜㻜
䠄ே䠅
⾲䠍䚷䜲䞁䝗䝛䝅䜰䛾ேཱྀ䝉䞁䝃䝇䛻䜘䜛㻹㼥㼑㼞㼟㻓㻌㻵㼚㼐㼑㼤㻌
䚷䚷䚷䚷䚷䠉ᅜ㻌䠄㻞㻜㻝㻜ᖺ䠈㻌㻞㻜㻜㻜ᖺ䠈㻝㻥㻥㻜ᖺ䠈㻝㻥㻤㻜ᖺ䠅
ෑ㢌࡛㏙ࡓ࠾ࡾࠊᖺࡽᖺࡲ࡛ࡣࠊ⥲ົ┬⤫ィᒁࡀࣥࢻࢿࢩ୰ኸ⤫ィᗇࢆ
୍᪉ⓗᨭࡋ࡚ࡁࡓࡀࠊᖺ௨㝆ࡣࠊእᅜࡽࡢ◊ಟဨࢆཷࡅධࢀ࡚⤫ィ◊ಟ➼ࢆᐇࡋ
࡚࠾ࡾࠊᑐ➼࡞㛵ಀኚࡋࡘࡘ࠶ࡿࠋᮏ✏ࡀࠊ᪥ᮏࣥࢻࢿࢩ୧ᅜࡢዲ㛵ಀࡢ⥅⥆
ཬࡧ⤫ィࡢ㉁ࡢྥୖࠊᑡࡋ࡛ࡶ㈉⊩ࡍࡿࡇࡀ࡛ࡁࢀࡤࠊㄔᖾ࠸࡛࠶ࡿࠋ
$JH+HDSLQJ㸦㺒㺐㺚㺼࣭㺩㺎㺩㺽㺻㺖㺼㸧ࡣࠊᅗ ぢࡽࢀࡿࡼ࠺ࠊேཱྀࣆ࣑ࣛࢵࢻ࡞ࡢᖺ㱋
ྛṓูࡢ⤫ィ࠾࠸࡚ࠊ࠼ࡤ ṓࠊ ṓ࡞ࠊ ࡲࡓࡣ ࡛⤊ࢃࡿᖺ㱋࠾࠸࡚ࠊேཱྀ
ࡀ✺ฟࡋ࡚ከࡃ࡞ࡿ⌧㇟ࡢࡇ࡛࠶ࡿࠋ
ࡇࡢ⌧㇟ࡀ㉳ࡇࡿཎᅉࡣࠊࡑࡢᅜ࠾࠸࡚ࠊ⮬ศࡢᖺ㱋ࢆṇ☜▱ࡽ࡞࠸ேࡀከ࠸ࡇ
࡛࠶ࡿࠋࡇࡢࡓࡵࠊ⮬ศࡢᖺ㱋ࢆᅇ⟅ࡍࡿሙྜࡣࠊ ṓࠊ ṓ࡞ࠊ⮬ศࡢᖺ㱋
㏆࠸ᛮࢃࢀࡿࠊษࡾࡢⰋ࠸ᩘᏐ࡛ᅇ⟅ࡍࡿࡇ࡞ࡿࢃࡅ࡛࠶ࡿࠋ
ࡇࡢ⌧㇟ࡣࠊⓎᒎ㏵ୖᅜከࡃぢࡽࢀࡿࠋࡓࡔࡋࠊⓎᒎ㏵ୖᅜ࡛࠶ࡗ࡚ࡶࠊ༑ᨭࡀ
♫ⓗ⩦័ࡋ࡚ᾐ㏱ࡋ࡚࠸ࡿᅜ࡛ࡣࠊࡇࡢ⌧㇟ࡣぢࡽࢀ࡞࠸ࠋ
0\HUV̓,QGH[㸦㺭㺐㺲㺎㺛㺼࣭㺐㺻㺡㺼㺍㺖㺛㸧ࡣࠊ⤫ィㄪᰝ࡞࡛ᅇ⟅ࡉࢀࡓᖺ㱋ࡢṇ☜ࡉࢆ ᐃࡍ
ࡿࡓࡵࡢᣦᶆࡢ ࡘ࡛࠶ࡾࠊ5-0\HUV ࡼࡾ⪃ࡉࢀࠊ͇0HWKRGVRI$SSUDLVDORI4XDOLW\
RI%DVLF'DWDIRU3RSXODWLRQ(VWLPDWHV͇8QLWHG1DWLRQV ࡢ୰࡛⤂ࡉࢀ࡚࠸
ࡿࠋ0\HUV̓,QGH[ ࡣ ࡽ ࡢ㛫࡛᥎⛣ࡋࠊࡑࡢ ,QGH[ ࡀ ㏆࠸ࠊᅇ⟅ࡉࢀࡓᖺ
㱋ࡀṇ☜࡛࠶ࡿࡉࢀ࡚࠸ࡿࠋ
0\HUV̓,QGH[ ࡢ⟬ฟࡣࠊ⾲ഃࡀᖺ㱋ྛṓࡢୗ㸯᱆ࠊ⾲㢌ࡀᖺ㱋 ṓ㝵⣭ูࡢேཱྀ
⾲ࢆ⏝࠸ࡿࠋ
ࢫ࢙ࣛ࢘ࢩࡢඹྠࢥ࣑ࢵࢺ࣓ࣥࢺ
$VKDU.DUDWHQJ
ࢥ࣑ࢵࢺ㈈ᅋ࣭ᖖ௵⌮
␎Ṕ
ࣁࢧࢾࢹࣥᏛ⤒῭ᏛᏛኈྕྲྀᚓᚋࠊ ᖺᆅᇦ 1*2ࠗ༡ࢫ࢙ࣛ࢘ࢩ⎔ቃࣃ࣮
ࢺࢼ࣮ࢩࢵࣉ༠㸦/0/㸧࠘タ❧ࠋ ᖺ㹼 ᖺࠊᅜᐙ㛤Ⓨィ⏬ᗇࠊᅜᐙᐁᡣ
ཬࡧ -,&$ ࣥࢻࢿࢩົᡤࡀⓎ࣭᥎㐍ࡍࡿ -,&$ ᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࠕᕷ
Ẹ♫ࡢཧຍࡼࡿࢥ࣑ࣗࢽࢸ㛤Ⓨࣉࣟࢪ࢙ࢡࢺ㸦3.30㸧ࠖ࠾ࡅࡿᑓ㛛ᐙࠊ
ᖺ㹼 ᖺ -,&$ ᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࠕࢫ࢙ࣛ࢘ࢩᆅᇦ㛤Ⓨ⬟ຊྥୖࣉࣟ
ࢪ࢙ࢡࢺ㸦&' ࣉࣟࢪ࢙ࢡࢺ㸧
ࠖᑓ㛛ᐙࠋ ᖺ &' ࣉࣟࢪ࢙ࢡࢺඖ㛵ಀ⪅ࡶ
ࢥ࣑ࢵࢺ&200,7㈈ᅋࢆタ❧ࠊ⌧ᅾࡲ࡛ྠ㈈ᅋᖖ௵⌮ࢆົࡵࡿࠋ
ࠕࢫ࢙ࣛ࢘ࢩᆅᇦ⬟ຊ㛤Ⓨࣉࣟࢪ࢙ࢡࢺ㸦&'ࣉࣟࢪ࢙ࢡࢺ㸧
ࠖ
-,&$ࡣ㛗ᖺࡢᆅ᪉㛤Ⓨᨭࡢ༠ຊࢆࡩࡲ࠼ࠊࢫ࢙ࣛ࢘ࢩࠊ࣐ࣝࢡࢆᑐ㇟ࠕᮾࣥࢻࢿࢩ
ᆅᇦ㛤Ⓨࣉࣟࢢ࣒ࣛࠖ 㸦ᖺ㹼ᖺ㸧ࢆ⟇ᐃࡋࡓࠋ
ࠕࢫ࢙ࣛ࢘ࢩᆅᇦ⬟ຊ㛤Ⓨࣉࣟࢪ࢙ࢡࢺ
㸦&'ࣉࣟࢪ࢙ࢡࢺ㸧 ࠖࡣࠊࡇࡢࣉࣟࢢ࣒ࣛࡢ୰᰾ࣉࣟࢪ࢙ࢡࢺࡋ࡚ࠊᆅ᪉ᑟࡢᆅᇦ㛤Ⓨࢆ
᥎㐍ࡍࡿࡇࢆ┠ᶆࢫ࢙ࣛ࢘ࢩᓥࡢᕞࢆᑐ㇟ᐇࡉࢀࡓࠋ◊ಟཧຍ⪅ࡀ⮬ࡽㄢ㢟ࢆ≉ᐃ
ࡋࠊィ⏬ࢆసࡾࠊゎỴࡍࡿ⬟ຊࢆ⩦ᚓࡍࡿࡇࢆ┠ⓗࡋ࡚ࠊᆅᇦ㛤Ⓨࡢࢫࢸ࣮ࢡ࣍ࣝࢲ࣮࡛
࠶ࡿᨻ⟇Ỵᐃ⪅ࠊィ⏬ᐁ㸦⾜ᨻᐁ㸧ཬࡧࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࢆᑐ㇟ࠊࡑࢀࡒࢀ
ࡢ⬟ຊྥୖࢆᅗࡿ」ᒙⓗࣉ࣮ࣟࢳࢆࡗ࡚ᐇࡉࢀࡓࠋ
⚾ࡣࢫ࢙ࣛ࢘ࢩᆅᇦ㛤Ⓨ⬟ຊྥୖࣉࣟࢪ࢙ࢡࢺ㸦&'ࣉࣟࢪ࢙ࢡࢺ㸧ࡢᐇ‽ഛࡢࡓࡵࠊࣉࣟࢢ
࣒࣭ࣛ࢜ࣇࢧ࣮ࡋ࡚-,&$࣐࢝ࢵࢧ࣭ࣝࣇ࣮ࣝࢻ࣭࢜ࣇࢫ࡛⣙ᖺ㛫ാ࠸ࡓᚋࠊᖺ๓ࡢ
ᖺᮎࠊ&'ࣉࣟࢪ࢙ࢡࢺຍࢃࡗࡓࠋ
ᮏࣉࣟࢪ࢙ࢡࢺࡣࠊᆅᇦࡢேࠎࡀ㐃ᦠࡋ⮬ศࡓࡕࡢᡭ࡛ᆅᇦ㛤Ⓨࡢㄢ㢟ࢆゎỴࡋ࡚࠸ࡅࡿࡼ
࠺ࠊࢫ࢙ࣛ࢘ࢩᓥᕞࡢᆅᇦ㛤Ⓨಀࡿ㛵ಀ⪅ࡢ⬟ຊྥୖࢆ┠ᣦࡍࡶࡢ࠶ࡿࠋࡇࢀࡣࠊ㐣ཤᖺ
㛫-,&$ࣥࢻࢿࢩົᡤࡀ⾜ࡗࡓࡘࡢேⓗ㈨※㛤Ⓨࣉࣟࢪ࢙ࢡࢺࡢⓎᒎྍ⬟ᛶ࠾ࡼࡧᡂᯝ
ࢆࡦࡘࡲࡵࡓࡶࡢࡔࡗࡓࠋ
༡ࢫ࢙ࣛ࢘ࢩᕞᗇ⯋ົᡤࢆ⨨ࡃࣉࣟࢪ࢙ࢡࢺࡢ࣮࣡࢟ࣥࢢ࣭ࢳ࣮࣒ࡀࠊࢫ࢙ࣛ࢘ࢩᕞࡢ
ࣉࣟࢪ࢙ࢡࢺ࣭࢜ࣇࢧ࣮ࡢάືࢆㄪᩚࡋࡓࠋ⚾ࡣఫẸࡢ࢚ࣥࣃ࣮࣓࣡ࣥࢺ㛵ࡍࡿ၏୍ࡢ࣮ࣟ
࢝ࣝᑓ㛛ᐙ࡛ࠊࡢྡࡣ᪥ᮏࡢᑓ㛛ᐙࡔࡗࡓࠋ
&'ࣉࣟࢪ࢙ࢡࢺࡣࠊࢫ࢙ࣛ࢘ࢩ࠾ࡼࡧ࣐ࣝࢡ࠾࠸࡚ࠊᩍ⫱ࠊಖࠊᑠつᶍ⏘ᴗࠊᆅ᪉ィ⏬
࠸ࡗࡓࡉࡲࡊࡲ࡞ศ㔝ࡢ-,&$ࣉࣟࢪ࢙ࢡࢺ୍⥴⾜ࢃࢀࡓࠋࡇࡢᮇࠊ᪥ᮏᨻᗓࡣᮾ㒊ࣥࢻ
ࢿࢩᆅᇦࡁ࡞㛵ᚰࢆᐤࡏ࡚࠸ࡓࠋ⚾ࡓࡕࡣࠕᮾࣥࢻࢿࢩᆅᇦ㛤Ⓨࣉࣟࢢ࣒ࣛࠖ
ࡤࢀࡿࣉࣟࢢ࣒ࣛࢆᢸᙜࡋࡓࠋ
&'ࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊࡕࡻࡗኚࢃࡗࡓᡓ␎ࢆ᥇ࡗࡓࠋ࠸࠺ࡢࡶࠊ⚾ࡓࡕࡀࡸࡗࡓࡢࡣࠊᑐ
㇟࡞ࡿᆅ᪉ᨻᗓࡀయⓗ⮬ࡽࡢண⟬ࡸ㈨※ࢆ⏝ពࡍࡿࡼ࠺ᚋᢲࡋࡋࡓࡾࠊ่⃭ࡋࡓࡔࡅ࡛࠶
ࡿࠋࡍ࡞ࢃࡕࠊ⏬ᢸᙜ⪅ࡸ1*2ࡢࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࡀ◊ಟࡸࣃࣟࢵࢺάືࠊ⤒
㦂ඹ᭷࠸ࡗࡓࠊࣉࣟࢪ࢙ࢡࢺഃࡀ⏝ពࡋࡓᵝࠎ࡞άືཧຍࡍࡿࡇࢆᨭࡍࡿࡼ࠺ᆅ᪉ᨻᗓ
ാࡁࡅࡓࡢࡔࠋࡶࡕࢁࢇࠊࡇ࠺࠸ࡗࡓᡭἲࡣ-,&$⮬㌟ࢆྵࡴຓᶵ㛵ࡢ㛫࡛ࡶࢇ⏝࠸
ࡽࢀ࡚࠸࡞࠸ࠋࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊᑓ㛛ᐙࡢᨭࢆ㝖࠸࡚ࠊࣃࣟࢵࢺάືಀࡿ◊ಟཧຍ⪅
ࡣఱࡶᥦ౪ࡋ࡚࠸࡞࠸ࠋࣉࣟࢪ࢙ࢡࢺண⟬ࡀ༑ศࡔࡽ࡛ࡣ࡞ࡃࠊ࠶࠼࡚ᡓ␎ⓗ⾜ࡗࡓࡢࡔࠋ
ࡑࢀࡲ࡛ᩘ༑ᖺࡢ㛫ࠊ-,&$ࡣࠊ⪔࠺ࢇᶵࡸ⯪ࡢ࢚ࣥࢪࣥࠊࡑࡢࣥࣇࣛタഛࡢࡼ࠺࡞ࠕࣔࣀࠖ
ࢆຓࡍࡿᶵ㛵ࡋ࡚▱ࡽࢀ࡚ࡁࡓࠋࡋࡋࠊࡇࡢࣉࣟࢪ࢙ࢡࢺࢆ㏻ࡋ࡚ࠊ⚾ࡓࡕࡀࠕᢏ⾡༠ຊࠖ
ࡋ࡚⾜࠺ࠕ⬟ຊྥୖࠖࣉࣟࢭࢫࠊྛᆅ᪉ᨻᗓࡀࡑࡢ⬟ຊᛂࡌ࡚ࠊ⮬๓ࡢ㈨※ࢆ⏬ᢸᙜ⪅
ࡸᵝࠎ࡞ࢢ࣮ࣝࣉࡢࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮㓄ศࡍࡿࡇࢆᮇᚅࡋࡓࡢࡔࠋ⬟ຊྥୖ
ࡣࠊᖺ௦༙ࡤࠊ㛤Ⓨࡢᆅ᪉ศᶒᆅ᪉ᮧⴠࣞ࣋ࣝࡢ⮬ࡢ࠶ࡿࡁጼࡀㄢ㢟࡞ࡗ࡚࠸
ࡿ୰࡛ࠊ㔜せ࡞ࢸ࣮࣐࡞ࡗ࡚࠸ࡓࠋ
ࡇࡢ⬟ຊྥୖ㛵ࡋ࡚ࡶࠊ◊ಟࠊࢭ࣑ࢼ࣮ࠊ࣮࣡ࢡࢩࣙࢵࣉࡸẚ㍑◊✲࠸ࡗࡓྲྀ⤌ࡀ⾜ࢃࢀ
࡚࠸ࡓࡀࠊᚲࡎࡋࡶ⬟ຊྥୖࡣࡘ࡞ࡀࡽ࡞࠸ᐇែࡀ࠶ࡗࡓࠋ◊ಟ࡞ࡢദ⪅ഃཧຍ⪅ࡢព
ᅗࡍࡿࡇࢁࡀ␗࡞ࡗ࡚࠸ࡿࡇࡀ㢖⦾࠶ࡾࠊࡡࡌࢀࡀ⏕ࡌ࡚࠸ࡓࠋᮾ࠸࠺⪅ࡀ࠸ࢀࡤす
࠸࠺⪅ࡀ࠾ࡾࠊࡓࡔᴦࡋࡴࡔࡅࡢ⪅ࡸ⮬ࡾክ୰࡞ࡿ⪅ࡶ࠸ࡿࠋࣇ࢛࣮ࣟࢵࣉሗ࿌᭩
ࡸάືィ⏬ࡣࢇ᳨ウࢆຍ࠼ࡽࢀࡿࡇࡀ࡞࠸ࡲࡲసᡂࡉࢀࡿࠋ▱㆑ࠊᢏ⬟ࠊែᗘࡢኚࡣ
⤮ᥥ࠸ࡓ㣰ࡍࡂࡎࠊࡑࢀࢆᐇ⌧ࡋࡓࡾࠊᐇ⛣ࡋࡓࡾࡍࡿࡓࡵࡢྲྀ⤌ࡣ࡞࠸ࠋ
Ꮀࡋࡗࡓࡢࡣࠊࣉࣟࢪ࢙ࢡࢺࡢᑐ㇟ᆅᇦ࡛࠶ࡿࢫ࢙ࣛ࢘ࢩᓥࡢࡢ┴ᕷ࠾ࡼࡧᕞᨻᗓࡀࠊ
ᆅ᪉ᨻᗓண⟬࡛ཧຍ⪅ࡢᚲせ⤒㈝ࡢ୍㒊ࢆᨭᡶࡗࡓࡇ࡛࠶ࡿࠋࡲࡓࠊ」ᩘࡢ┴ᕷᨻᗓࡣࠊබ
ົဨࡸᆅ᪉ᐇᶵ㛵㸦6.3'㸧࡛ࡣ࡞࠸ࡋࢁࠊ1*2ࡢࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ᑐ
ࡋ࡚ࡶྠᵝᨭࡋࡓࠋ
ᮇᚅ࠾ࡾࣃ࣮ࢭࣥࢺ㡰ㄪࡣ࠸࡞ࡗࡓࡶࡢࡢࠊᮏࣉࣟࢪ࢙ࢡࢺࡣ⾜ᨻࢧ࣮ࣅࢫࢆ⾜
࠺࠺࠼࡛ࠊᆅᇦࡢேࠎࡢ୍㒊࡞ࡾࠊࡶ⾜ືࢆ㉳ࡇࡍࡇࢥ࣑ࢵࢺࡋ⥆ࡅࡿࡇࡀ࠸
㔜せ࠸࠺ࡇࡘ࠸࡚ࡦࡽࡵࡁᏛࡧࢆࡶࡓࡽࡍࡶࡢ࡛࠶ࡗࡓࠋ㡰ㄪࡣ࠸࡞ࡗࡓ࠸
࠺ࡢࡣࠊ◊ಟࡸ࣮࣡ࢡࢩࣙࢵࣉཧຍ⪅ࡢᩘྡࡀ㏵୰࡛㎡ࡵ࡚ࡋࡲ࠸ࠊάືィ⏬⤌ࡳ㎸ࢇ࡛࠸ࡓ
ࢫ࣮࣒࢟ࢆಟ࡛ࡁ࡞ࡗࡓ࠸࠺ព࡛࠶ࡿࠋከࡃࡢ⪅ࡀ㛗ᮇࢃࡓࡿ⬟ຊྥୖࢫ࣮࣒࢟ᑐ
ࡍࡿ⏝ពࡀ࡞ࡃࠊࡲࡿ࡛ᑓ㛛ⓗ▱㆑ࡸᢏ⬟ࡀ▷ᮇ㛫࡛㌟╔ࡅࡽࢀࡿᛮࡗ࡚࠸ࡓࡼ࠺࡛࠶ࡿࠋ
ඹྠࡢࢥ࣑ࢵࢺ࣓ࣥࢺࢆ⫱ࡴ
-,&$ࡣ᫂☜ࡣゝࢃ࡞ࡗࡓࡶࡢࡢࠊࣉࣟࢪ࢙ࢡࢺࡢᐇ࡛ࡣࠊࡢᆅ᪉ᨻᗓࡶ⮬ࡽࡢ㈨※ࡢ
୍㒊ࢆࡑࢀࡾᙜ࡚࠶ࡿࡇࢆࠊ㠀ᖖᮇᚅࡋ࡚࠸ࡓࠋ࡞ࡐ࡞ࡽࠊᆅ᪉ࡢ⬟ຊࢽ࣮ࢬᛂࡌ
ࡓᆅᇦ㛤Ⓨࡀ⾜ࢃࢀࡿࡇࡣ⮳ᴟᙜ↛ࡔࡽ࡛࠶ࡿࠋᨻ⟇Ỵᐃ⪅ࢆྵࡴබົဨࡸ1*2ࡢࢥ࣑ࣗࢽ
ࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮࠸ࡗࡓேᮦࡢ⬟ຊྥୖࡣࠊࡑࡢᆅᇦࡢࡓࡵ࡛࠶ࡿࠋᆅᇦࡢၥ㢟ࡣእ㒊
ࡽࡢࠕ⬟ຊ⛣㌿࡛ࠖࡣゎỴ࡛ࡁࡎࠊෆ㒊ࡽ⫱ࡗ࡚ࡃࡿࠕ⬟ຊྥୖ࡛ࠖࡋゎỴ࡛ࡁ࡞࠸ࠋ
┴▱ࡸ▱ࠊᆅ᪉㛤Ⓨ⏬ᗇ㸦%$33('$㸧㛗ᐁ➼ࡢᆅ᪉ࡢᨻ⟇Ỵᐃ⪅ࢆ⣡ᚓࡉࡏࡿࡇ࡛ࠊ
ᆅ᪉ᨻᗓண⟬ࡽᆅᇦ㛤Ⓨࡢࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࡸィ⏬ᢸᙜᐁࡢ⬟ຊᙉࡢ㈝⏝ࢆ
ฟࡋࡓᆅ᪉ᨻᗓࡶ࠶ࢀࡤࠊࢻࢼ࣮ࡀ㈨㔠ࢆ⏝ពࡋ࡚࠸ࡿ࢚ࣥࣃ࣓࣡ࣥࢺ࣭ࣉࣟࢪ࢙ࢡࢺࢆࡼࡾ
㔜どࡍࡿ࠸࠺ᆅ᪉ᨻᗓࡶ࠶ࡿࠋ
ࡇࡢࡼ࠺ࠊࡍ࡚ࡢᆅ᪉ࡀᮏࣉࣟࢪ࢙ࢡࢺࡢᡓ␎ࢆཷࡅධࢀࡓࢃࡅ࡛ࡣ࡞࠸ࡀࠊࡑࢀ࡛ࡶ
ࠕᆅᇦఫẸࡼࡿࣉࣟࢢ࣒ࣛ༠ാ࣓࢝ࢽࢬ࣒ࠖࢆ㏻ࡋ࡚ࠊ㈨※ࢆ㓄ศ࡛ࡣᆅ᪉ᨻᗓᑟࡀ࠶ࡿ
ࡇࡀࢃࡗࡓࠋ⚾ࡓࡕࡣࠕඹྠࡢࢥ࣑ࢵࢺ࣓ࣥࢺࠖ࠸࠺ࣔࢵࢺ࣮ࢆᗈࡆ࡚࠸ࡗࡓࠋ
ࡇࢀࡀࠊ⬟ຊྥୖࡢࣉ࣮ࣟࢳࡼࡿᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࡢᮏ᮶ࡢ࠶ࡾ᪉ࡔࠋࡇࡢ㐃⥆◊ಟ
ࡣ☜㛗ᮇ㛫ࢃࡓࡾᾘ⪖ࡍࡿࡶࡢ࡛࠶ࡗࡓࡀࠊ◊ಟ◊ಟࡢ㛫ᐇ㊶ࡀ࠶ࡿࡓࡵ㨩ຊⓗࡔࡗ
ࡓࡼ࠺ࡔࠋ
ࡑࡢࡓࡵࠊḟࡢ◊ಟࡣ๓ࡢ◊ಟࢆᫎࡋ࡚ᐇࡾከ࠸ࡶࡢ࡞ࡗࡓࠋᮧேࡸᆅᇦఫẸࡢࣉࣟ
࣮ࢳࢆ⾜࠺ᆅᇦࡢࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࡀࠊࣃ࣮ࢺࢼ࣮ࢩࢵࣉᡓ␎࡛ࠊࡲࡎᆅᇦࡢ
ேࠎぶࡋࡃ࡞ࡾࠊࡑࡢᆅᇦࡢ㈨※ࡢ࣏ࢸࣥࢩࣕࣝࡸᆅᇦࡢᣢࡘⅬࡸᙉࡳࡢ≉ᐃࠊࡑࡋ࡚᪤Ꮡ
ࡢࣇ࢛࣮࣐࣭ࣝࣥࣇ࢛࣮࣐ࣝ࡞⤌⧊ࡢ≉ᐃ࠸ࡗࡓὶࢀࡀ࡛ࡁࡓࠋ
ࡑࢀࡽࠊࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࡣࠊᆅᇦࡢேࠎࡀၥ㢟ࢆ᫂☜ࡋࠊࡑࡢゎỴࡢࡓ
ࡵࡢ⾜ືィ⏬ࢆ❧࡚ࠊάືࡢᡂᯝࢆホ౯ࡍࡿࡢࢆᨭࡍࡿࠋྠࠊ◊ಟࢆཷࡅࡓィ⏬ᢸᙜ⪅ࡓ
ࡕࡀࠊᆅ᪉ᨻᗓࡢᨻ⟇ྍ⬟ᛶࢆࡍࡾྜࢃࡏ࡞ࡀࡽࠊࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮㸦&)㸧ࡀ
ᨭࡋࡓࡇὀពࢆᡶ࠸ࠊࡘᚲせ࡞ࢧ࣏࣮ࢺࢆ⾜࠺ࠋ୍ࡘࡢ༠ാⓗ࡞ࣉࣟࢢ࣒ࣛࡣࠊࡑࢀࢆ
⥅⥆ࡉࡏࡿࡓࡵࡢἲ௧ࢆᩚഛࡍࡿࡇ࡛ࠊಁ㐍ࡉࢀࠊไᗘࡉࢀ࡚ᡂຌࡍࡿࠋ
ࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊୖグࡢࡼ࠺࡞ᨻ⟇Ỵᐃ⪅ࠊィ⏬ᢸᙜ⪅ࠊࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮
࠸ࡗࡓࡘࡢᒙࡢᐖ㛵ಀ⪅ࢆࣇࢩࣜࢸ࣮ࢺഃ㠃ᨭࡋࡓᚋࠊࡑࡢᆅᇦࡢ㛤Ⓨࣉࣟࢢ࣒ࣛ
ࡢ༠ാయไ࡙ࡃࡾ࠸࠺࣓࢝ࢽࢬ࣒ࡢࣔࢹࣝ⛣⾜ࡍࡿࠋ
&'ࠊ༠ാ⥅⥆
⚾ࡓࡕࣉࣟࢪ࢙ࢡࢺࡢ㛵ಀ⪅ࡣࠊࡇࡢࡼ࠺࡞ࣉ࣮ࣟࢳࢆ㏻ࡌ࡚ࠊᆅᇦ㛤Ⓨ㈨※ࢆ㓄ศࡍࡿ
ࡇࢆ⮬ぬࡋࢥ࣑ࢵࢺࡍࡿࡇࡢ㔜せᛶࠊࡑࡋ࡚ࠊ࠸ࡘࡶࢻࢼ࣮ᶵ㛵ࡢຓ㢗ࡗ࡚ࡤࡾࡣ࠸
ࡽࢀ࡞࠸࠸࠺ࡇࢆ⪃࠼ࡿࡼ࠺࡞ࡗࡓࠋ
ࡇࡢ⪃࠼᪉ࢆࡲࡲࡗࡓᙧࡍࡿࡓࡵࠊ&'ࣉࣟࢪ࢙ࢡࢺࡢࢳ࣮࣒ࡑࡢࣃ࣮ࢺࢼ࣮ࡓࡕࡣࠊ᪥
ᮏ⚟♴Ꮫࡢ℈⿱ᩍᤵࡀ㛤Ⓨࡋࡓཧຍᆺᆅᇦ♫㛤Ⓨ㸦3/6'㸧ࡢࢥࣥࢭࣉࢺࢆᏛࡧࠊ⌮ゎࢆ῝
ࡵࡿᚲせࡀ࠶ࡗࡓࠋྠࠊ⏣ಙ᫂Ặ࠾ࡼࡧ୰⏣㇏୍Ặࡼࡾ⤂ࡉࢀࡓࠕ࣓ࢱ࣭ࣇࢩࣜࢸ
࣮ࢩࣙࣥࠖࡢᮏ㉁ࡘ࠸࡚ࡶຮᙉࡋࡓࠋ
℈ᩍᤵࡀ┠ᣦࡋ࡚࠸ࡓࡢࡣࠊ࠸ࡋ࡚ᐙᗞᆅᇦࢥ࣑ࣗࢽࢸࡀ♫ኚ㠉ࢆᢸ࠺ᙺ࡞
ࡿ࠸࠺ࠊ࠶ࡿࡁᆅᇦ♫ࢩࢫࢸ࣒↔Ⅼࢆ࠶࡚ࡿࡇ࡛࠶ࡗࡓࠋ୍᪉ࠊ⏣Ặࡣࠊࢥ࣑ࣗ
ࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࡼࡿᆅᇦఫẸࡢࣇࢩࣜࢸ࣮ࢺࡢ㔜せᛶ↔Ⅼࢆ࠶࡚࡚࠸ࡓࠋࢥ࣑
ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࡣఫẸࡀኚࢆㄞࡳྲྀࡾࠊྜ⌮ⓗ࡞ゎỴ⟇ࢆỴࡵࡿࡇࡀ࡛ࡁࡿࡼ
࠺ᨭࡍࡿࡢ࡛࠶ࡿࠋ
ࡇࡢ୧᪉ࡽࠊ⚾ࡓࡕࡣ㛤Ⓨ࠾ࡅࡿ༠ാࡣࠊⲡࡢ᰿ࡼࡗ࡚ࠊ࠶ࡿ࠸ࡣཧຍᆺࣉ࣮ࣟࢳ࠾
ࡼࡧࢸࢡࣀࢡ࣮ࣛࢺ࣭ࣉ࣮ࣟࢳࡼࡗ࡚㔊ᡂࡍࡿࡇࡀ࡛ࡁࡿ࠸࠺㉥࠸⣒ࢆᡭ⧞ࡾᐤࡏࡿࡇ
ࡀ࡛ࡁࡓࠋ࡞ࡐ࡞ࡽࠊᆅᇦࡢ♫ࠊᨻࠊ⤒῭ࡢ㛤Ⓨࡸάᛶࢆእ㒊ࡢ⪅ࡸຓᶵ㛵ࡸࢫ࣏ࣥ
ࢧ࣮ࡢࡳ㢗ࡿࡇࡣ࡛ࡁ࡞࠸ࡽࡔࠋࣉࣟࢪ࢙ࢡࢺࡀ⤊ࡋࡓࠊࡉࡽ࡞ࡿຓࢆồࡵ⥆ࡅࡿ
ࡇࡣ࡛ࡁ࡞࠸ࡢࡔࠋ
ࡉࡽࠊᆅᇦ㛤Ⓨࡢィ⏬ᢸᙜᐁࡲࡓࡣࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮࡞ࡿ࠸࠺ࡇࡣࠊ
ࡢὶࢀࠊ௦ࡢ㐍ᒎᩥ⬦ࡢኚ࠶ࢃࡏ࡚⮬ศࡢ⬟ຊࢆ㧗ࡵ࡚࠸࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠊ࠸
࠺ࡇࡶ⌮ゎࡍࡿࡼ࠺࡞ࡗࡓࠋ
ィ⏬ᢸᙜᐁࡸࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࡣࠊᑡ࡞ࡃࡶ⌧ᐇࢆࡁࡕࢇᢕᥱࡍࡿほᐹຊࠊ
ఫẸࡢ⪺ࡁྲྀࡾࢆ㏻ࡋ࡚ࢹ࣮ࢱሗࢆⓎ᥀ࡍࡿ⬟ຊࠊኚࢆ㗦ࡃศᯒࡍࡿຊࢆࡓ࠼ࡎ㧗ࡵ࡚
࠸ࡃດຊࡀ࡛ࡁ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ
⚾ࡣᖖࠎࡇࡢࣉࣟࢪ࢙ࢡࢺࡢࣃ࣮ࢺࢼ࣮ᑐࡋ࡚ࠊඃࢀࡓࢥ࣑ࣗࢽࢸ࣭ࣉࣛࣥࢼ࣮ࡲࡓࡣࢥ
࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮࡞ࡗࡓ࡞ࡽࡤࠊ᪼㐍ࡢᶵࡸࣥࢭࣈࢆࡼࡾከࡃᚓࡿࡇࡀ
࡛ࡁࠊࡲࡓࠊᑗ᮶ࠊࣉࣟࢪ࢙ࢡࢺࡢࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࠊ㛤Ⓨࡢࢻࣂࢨ࣮ࡸࢥ
ࣥࢧࣝࢱࣥࢺࠊᑓ㛛ᐙ࡞ࡿࡁ࡞ࢳࣕࣥࢫࡀ࠶ࡿࡢࡔゝࡗ࡚ࡁࡓࠋࡶࡕࢁࢇࠊࡇࢀࡽࡢ
ࡣࠊᚋᆅ᪉ࡀᚲせࡋ࡚࠸ࡿࡶࡢ࡛࠶ࡿࠋせࡍࡿࠊ⮬ศࡢ⬟ຊࢆ㧗ࡵ⥆ࡅࢀࡤࠊ୍ⓗ࡞ᛶ
㉁ࡢ࠾ᑠ㐵࠸㸦ᐇ㝿ࠊ◊ಟࡸ࣮࣡ࢡࢩࣙࢵࣉ࡛ࡣ࡞ࡾㄽத࡞ࡗ࡚࠸ࡿ㸧ࡼࡾࡶࠊࡶࡗ⥅⥆
ⓗ࡞┈ࢆᚓࡿࡇࡀ࡛ࡁࡿ࠸࠺ࡇ࡛࠶ࡿࠋ
ᖺ-,&$ࡀ⾜ࡗࡓᚋホ౯ࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊࣉࣟࢪ࢙ࢡࢺ⤊ᚋᖺࡀ⤒ࡗ࡚ࡶࠊ&'ࣉࣟ
ࢪ࢙ࢡࢺࡢᡂᯝࡀ౫↛ࡋ࡚ᶵ⬟ࡋ࡚࠸ࡿࡇࡀࢃࡗࡓࠋࡇࢀࡣࠊᚋࡢ-,&$ࡢάືࠊ≉ᮾ
㒊ࣥࢻࢿࢩᆅᇦ࠾ࡅࡿάືࡢ㔜せ࡞ࣔࢹࣝ࡞ࡿࠋ
ാࡁࠊᏛࡪ
&'ࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊᆅ᪉ᐇᶵ㛵㸦6.3'23'㸧ࡢィ⏬ᢸᙜᐁࡸࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮
ࢱ࣮ࡢࡓࡵࡉࡲࡊࡲ࡞◊ಟ㛵ࢃࡗࡓࠋ⚾ࡣാࡁ࡞ࡀࡽᏛࡪࡇࡀ࡛ࡁࡓࠋࠕᩍ࠼ࡿࡇࡣᏛ
ࡪࡇࠖ࠸࠺ࡢࡣࠊ᭱ࡶඃࢀࡓ⮬ᕫ㛤Ⓨ⬟ຊࡢᡭἲ࡛࠶ࡿࠋ
ࣉࣟࢪ࢙ࢡࢺᮇ㛫ࡢᖺ㛫ࠊ⣙ேࡀཧຍࡋࡓࡢࣇࢩࣜࢸ࣮ࢩࣙࣥ◊ಟࠊ⣙ேࡀཧຍ
ࡋࡓ⣙ࡢᆅ᪉ィ⏬ᢸᙜ⪅ྥࡅ◊ಟࠊࣇ࢞ࢽࢫࢱࣥࠊࣈ࣮ࢱࣥࠊࢱࣥࢨࢽ࠸ࡗࡓⰍࠎ࡞ᅜ
ࡢ➨୕ᅜ◊ಟࢆ⏬࣭᥎㐍ࡍࡿᶵࢆᚓࡓࠋࡲࡓࠊ┴ࡢ⣙ேࡢᮧẸࡀ㛵ࢃࡗࡓ◊ಟࢆཷ
ࡅࡓࢥ࣑ࣗࢽࢸ࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࡀᨭࡋࡓ௳௨ୖࡢఫẸయࡢάືࢆᚋᢲࡋࡋࡓࠋࡇ
ࡢάືࡣᆅඖࡢ㈨※ࡢࡳ࡛ࠊࡲࡓࡣእ㒊ࡽࡢࢃࡎ࡞ຓ࡛⾜ࢃࢀࡓࡶࡢࡔࠋࡉࡽࠊࡉࡲࡊ
ࡲᆅᇦ࡛ேࡢ࣐ࢫࢱ࣮࣭ࣇࢩࣜࢸ࣮ࢱ࣮ࢆㄌ⏕ࡉࡏࡓࠋᙼࡽࡣᆅඖ࠾࠸࡚ࡶࠊྠࡌࡼ࠺࡞
ࣉࣟࢪ࢙ࢡࢺ࠾࠸࡚ࡶ㔜せ࡞ேᮦ࡞ࡗࡓࠋ
&'ࣉࣟࢪ࢙ࢡࢺࡣࠊ⾜ᨻᶵ㛵ࡢ⬟ຊྥୖ㛤Ⓨ࠾ࡅࡿ༠ാὀຊࡋ࡚࠸ࡿࣈ࣮ࢱࣥࠊ࢝ࣥ࣎
ࢪࠊࢱࣥࢨࢽࠊࣇ࢞ࢽࢫࢱࣥ࡞ࡢᅜࠎࡢ㛵ᚰࢆ㞟ࡵࠊࣉࣟࢪ࢙ࢡࢺࡘ࠸࡚῝ࡃᏛࡪࡓ
ࡵ࣐࢝ࢵࢧࣝࢆゼࢀࡿ࡛࠶ࡗࡓࠋ୰࡛ࡶࣇ࢞ࢽࢫࢱࣥᨻᗓࡣࠊᖺࡽᖺࡢ㛫ࠊ
࣐࢝ࢵࢧ࡛ࣝᅇࢃࡓࡿᆅᇦ㛤Ⓨࣇࢩࣜࢸ࣮ࢩࣙࣥᢏ⾡◊ಟࢆ㛤ദࡋࡓࠋ
ࡑࡢᚋࠊᩘ༑ᖺࢃࡓࡿࣥࢻࢿࢩࡢ㛤Ⓨࡢᮇ㛫ࠊຓᶵ㛵ࡀ♧ࡋࡓ㛤Ⓨࡢ࣓ࢯࢵࢻࠊ᪉
ἲࠊࣉ࣮ࣟࢳᝏ࠸ࡶࡢࡣ࡞࠸Ẽ࡙࠸ࡓࠋࡍ࡚ࡀ᭷┈࡛࠶ࡗࡓࠋࡍ࡚ࡢ⌮ㄽࠊᴫᛕࠊ᪉
ἲࠊࣉ࣮ࣟࢳࠊ࣓ࢯࢵࢻࡣ㛗ᡤࡀ࠶ࡾࠊྠᙅⅬࡸ▷ᡤࡶ࠶ࡗࡓࠋ⚾ࡓࡕࡢࣉࣟࢪ࢙ࢡࢺ
ࡢࣃ࣮ࢺࢼ࣮ࡣࠊ⚾ࠊ⚾ࡓࡕࠊ࠶࡞ࡓࡀఱᗘ◊ಟཧຍࡋࠊఱᗘࢭ࣑ࢼ࣮ࡸ࣮࣡ࢡࢩࣙࢵࣉཧ
ຍࡋࡼ࠺ࡶࠊࡼࡾษ࡞ࡢࡣᐇ㊶ࣇ࢛࣮ࣟࢵࣉࠊ⾜ືィ⏬࡛࠶ࡿ࠸࠺ࡇࢆቑࠎㄆ㆑ࡍ
ࡿࡼ࠺࡞ࡗࡓࠋಶேࡢ⬟ຊྥୖࡢྲྀ⤌ࡣࡍ࡚ࠊᏛࢇࡔෆᐜࢆᐇ㊶ࡋࠊᆅᇦࡢேࠎࡸ⮬ศࡀാ
ࡁࢧ࣮ࣅࢫࢆᥦ౪ࡍࡿ⤌⧊่⃭ࢆ࠼ࠊඹ᭷ࡍࡿࡇ࡛ࣇ࢛࣮ࣟࢵࣉࡋ࡚࠸࡞ࡅࢀࡤ࡞ࡽ
࡞࠸ࠋࡑࢀࡣࠊάຊ‶ࡕࠊ࡛ࠊࡳࢇ࡞ࡗ࡚᭷┈࡞ᆅᇦ♫ࢩࢫࢸ࣒ࢆᵓ⠏ࡍࡿࡓࡵ࡛
࠶ࡿࠋ
&' ࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊᆅᇦᑟࠊᆅᇦࡢᙜ⪅ᙺ㈐௵ࢆ࠼ࡿࡇࠊ⮬❧ᚰࢆ⫱ࡴࡇ
ࡢ㔜せᛶࡘ࠸࡚Ꮫࡪࡇࡀከࡗࡓࠋᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊࡍ࡚ࡢᐖ㛵ಀ⪅ࡢయ
ᛶࠊඹࢥ࣑ࢵࢺࡍࡿࡇ㔜Ⅼࢆ⨨࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࣉࣟࢪ࢙ࢡࢺ࠸࠺ࡢࡣࠊᇶᮏࡢ
ࢫ࣮࣒࢟࢟ࣕࣃࢩࢸࢆ⤂ࡍࡿࡢࡳࡵࠊᚋࡣࠊయᛶࡀ⏕ࡲࢀ࡚ࡃࡿࡢࢆᚅࡘࡢࡀⰋ
࠸ࠋࡇࢀࡀᙜ⪅ព㆑ᣢ⥆ᛶࢆ㔊ᡂࡍࡿ㘽࡛࠶ࡿࠋ
⩻ࡗ࡚ࠊከࡃࡢ⬟ຊ㛤Ⓨࢥ࣑ࣗࢽࢸࡢ࢚ࣥࣃ࣓࣡ࣥࢺࣉࣟࢢ࣒ࣛࡣࠊࡴࡋࢁㄗࡗࡓㄆ㆑࡛
⮬❧ᚰࢆኻࢃࡏ࡚࠸ࡿࠋ⚾ࡓࡕࡣࡼࡃᆅᇦఫẸࡸᆅ᪉ᨻᗓࡣ⬟ຊ㸦㈨㔠ㄪ㐩ࡶྵࡵ࡚㸧ࡶࠊᢏ
⬟ࡶ▱㆑ࡶ࡞࠸㛫㐪ࡗࡓ௬ᐃࢆࡍࡿࠋࡑࡢ⤖ᯝࠊࣉࣟࢪ࢙ࢡࢺഃࡀఱࡶࡶᥦ౪ࡍࡿࠋࣃ࣮ࢺ
ࢼ࣮ࡣ⮬❧ᚰࢆ࡞ࡃࡍࠋᙼࡽࡣ⮬ศࡓࡕࡀᣢࡗ࡚࠸ࡿࡶࡢࡣ༑ศ࡛ᙺ❧ࡓࡓ࡞࠸ࡶࡢࠊ㏫ࠊ
እ㒊ࡽࡶࡓࡽࡉࢀࡓࡶࡢࡣ࡞ࢇ࡛ࡶ᭷┈࡛㐭ඃࢀ࡚࠸ࡿ⪃࠼࡚ࡋࡲ࠺ࠋࡋࡋࠊ⚾ࡓࡕ
ᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࡢ㛵ಀ⪅ࡣࠊࣇࢩࣜࢸ࣮ࢱ࣮ࡋ࡚ࡢᙺࢆᯝࡓࡋ࡚࠸ࡿ㐣ࡂ࡞࠸ࠋ
ࡇࢀࡀࠊ&' ࣉࣟࢪ࢙ࢡࢺࡼࡾ♧ࡉࢀࡓᇶᮏ⌮ᛕ࡛࠶ࡿࠋ
ᆅ᪉ศᶒึᮇࡢᆅᇦ㛤Ⓨᨻ⟇ࢻࣂࢨ࣮
㹼 ᖺ๓ࡢᮇᚅࡀ⌧ᐇࡋࡓࡽ㐣ཤࢆࡾ㏉ࡿ㹼
ᯇ ஂ
ඖࢫ࢙ࣛ࢘ࢩᆅᇦ㛤Ⓨᨻ⟇ࢻࣂࢨ࣮
␎Ṕ
ᖺ୍ᶫᏛ♫Ꮫ㒊༞ᴗࠋྠᖺࢪ⤒῭◊✲ᡤධᡤࠊ ᖺࡼࡾࢪࣕ࢝
ࣝࢱ㉱௵ࠊ ᖺࣥࢻࢿࢩᏛᏛ㝔ಟኈྕ㸦⤒῭Ꮫ㸧ྲྀᚓࠋ௨㝆
ᖺࡲ࡛ -,&$ ᑓ㛛ᐙࡋ࡚ࣥࢻࢿࢩᮾ㒊ᆅᇦ㛤Ⓨᨻ⟇ࡢ☜❧ᐤࠋ ᖺ
㹼 ᖺࣁࢧࢾࢹࣥᏛᐈဨ◊✲ဨࠊ ᖺ㹼 ᖺ -,&$ ࢫ࢙ࣛ࢘ࢩᆅᇦ㛤
Ⓨᨻ⟇ࢻࣂࢨ࣮ࠊ ᖺ㹼 ᖺ -(752 ࣥࢻࢿࢩၟᕤ㆟ᡤࢻࣂ
ࢨ࣮ࠊ ᖺி㒔Ꮫᮾ༡ࢪ◊✲ᡤᐈဨ◊✲ဨ➼ࢆ⤒࡚ࠊ ᖺࡽ⌧ᅾ
ࡲ࡛ឡ▱┴❧Ꮫከᩥඹ⏕◊✲ᡤඹྠ◊✲ဨࠋ ᖺᯇࢢ࣮ࣟ࢝ࣝྜྠ♫
タ❧ࠊ௦⾲ࢆົࡵࡿࠋ
ࠕᮾ㒊ᆅᇦ㛤Ⓨᨻ⟇☜❧࣭ᐇᨭ࣑ࢽࣉࣟࠖ
ࠕ༡ࢫ࢙ࣛ࢘ࢩᕞᆅᇦ㛤Ⓨࣉࣟࢢ࣒ࣛࠖ
➨ ḟ ࢝ᖺィ⏬࡛ࡣࠊ ᖺ௦ࡲ࡛ᣑࡋࡓᆅᇦ㛫᱁ᕪ㒊㛛㛫᱁ᕪ㸦ᕤᴗ㒊㛛㎰ᴗ㒊
㛛㸧ṇࡀ┠ᣦࡉࢀࠊྛᕞᨻᗓࡀᕞࡢ✵㛫ᵓ㐀ィ⏬ࢆసᡂࡍࡿࡇ࡞ࡗࡓࠋࡲࡓࠊ ᖺ
ࢫࣁࣝࢺ⤫㡿ࡀᮾ㒊ࣥࢻࢿࢩ㛤Ⓨࢆᡴࡕฟࡋࠊ⤫㡿≉ูᇶ㔠ࡼࡿᮧⴠࣞ࣋ࣝࡢ㛤Ⓨࠊ
୰ኸᨻᗓᑟ࡛ࡢᆅ᪉ࣞ࣋ࣝࡢࣥࣇࣛᩚഛᴗࡀ㛤ጞࡉࢀࡓࠋࡇࢀࡽࢆ⫼ᬒࠊᅜᐙ㛤Ⓨ
⏬ᗇࢆ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࡋ࡚ࠕᮾ㒊ᆅᇦ㛤Ⓨᨻ⟇☜❧࣭ᐇᨭ࣑ࢽࣉࣟࠖ㸦 ᖺ㹼
ᖺ㸧ࠊࡀᐇࡉࢀࡓࠋࡲࡓࠊ ᖺ௨㝆ࡢᆅ᪉ศᶒᑐᛂࡋࠊࢭࢡࢱ࣮ᶓ᩿ⓗ࡞ᆅᇦ㛤Ⓨ༠
ຊࡋ࡚ࠕ༡ࢫ࢙ࣛ࢘ࢩᕞᆅᇦ㛤Ⓨࣉࣟࢢ࣒ࣛࠖ㸦 ᖺ㹼 ᖺ㸧ࡀᐇࡉࢀࡓࠋ
➹⪅ࡀ -,&$ 㛗ᮇὴ㐵ᑓ㛛ᐙ㸦ᆅᇦ㛤Ⓨᨻ⟇ࢻࣂࢨ࣮㸧ࡋ࡚άືࡋࡓࡢࡣࠊᮾ㒊ᆅᇦ㛤Ⓨ
ᨻ⟇☜❧ᐇᨭ࣑ࢽࣉࣟࡢ୍ဨࡔࡗࡓ ᖺ ᭶㹼 ᖺ ᭶ࡢ ᖺ㛫ࠊಶูᑓ㛛ᐙࡋ
࡚άືࡋࡓ ᖺ ᭶㹼 ᖺ ᭶ࡢ ᖺ㛫ࠊ ᖺ ᭶㹼 ᖺ ᭶ࡢ ᖺ㛫ࡢ ᅇࠊィ
ᖺ㛫࡛࠶ࡗࡓࠋࡇࡢ㛫ࠊఱᗘࠊࣥࢻࢿࢩࡢᆅᇦ㛤Ⓨᨻ⟇㛵ࢃࡿ -,&$ ▷ᮇᑓ㛛ᐙࡋ࡚ࡶ
άືࡋࡓࡀࠊ⌧ᅾ⮳ࡿ ᖺࢃࡓࡗ࡚ࠊఱࡽࡢᙧ࡛ࣥࢻࢿࢩࡢᆅᇦ㛤Ⓨ㛵ᚰࢆᣢࡕࠊ
ࡑࡢኚࢆぢ⥆ࡅࡿࡇࡀ࡛ࡁࡓࠋ
ڦ୰ኸ㞟ᶒୗ࡛ᆅᇦࢽࢩࢸࣈࢆᐦ㆟ㄽ
᭱ึάືࡋࡓ㡭ࡣࠊࡲࡔࢫࣁࣝࢺᨻᶒࡢ⤯㡬ᮇ࡛࠶ࡾࠊ୰ኸ㞟ᶒୗ࡛ࠊᆅ᪉ࡣ୰ኸ᭹ᚑࡍ
ࡿ㛵ಀ࡛࠶ࡗࡓࠋ ྡࡢᑓ㛛ᐙࡼࡿᶆグ࣑ࢽࣉ࡛ࣟࡣࠊ➹⪅௨እࡢ ྡࡣࢪࣕ࢝ࣝࢱ㉱௵ࡋࠊ
➹⪅ࡣࠕᆅᇦࢽࢩࢸࣈᇶ࡙ࡃ㛤Ⓨᨻ⟇ࠖ࠸࠺ࢸ࣮࣐࡛ࠊᮾ㒊ᆅᇦ ᕞ㸦ᙜ㸧ࡢ⋞㛵
ཱྀ࡛࠶ࡿ࣐࢝ࢵࢧࣝ㸦ᙜྡࡣ࢘ࢪࣗࣥࣃࣥࢲࣥ㸧㉱௵ࡋࡓࠋ࡞࠾ࠊ࣐࢝ࢵࢧ࡛ࣝࡣࠊࡢ」
ᩘࡢ -,&$ ᴗ㐃ᦠࡋ࡞ࡀࡽࠊᆅᇦ㛤Ⓨࡢᨭຠᯝࢆ㧗ࡵࡿࡇࢆඹ┠ᣦࡋࡓࠋ
୰ኸ㞟ᶒୗ࡛ࡇࡢࠕᆅᇦࢽࢩࢸࣈᇶ࡙ࡃ㛤Ⓨᨻ⟇ࠖ࠸࠺ࢸ࣮࣐タᐃࡣࠊࡋ࡚ᨵ
ࡵ࡚ᛮ࠼ࡤࠊ୰ኸࡢ␗㆟⏦❧ࢆಁࡍࡢࡼ࠺࡞ㄗゎࢆᣍࡃ༴㝤ᛶࢆకࡗ࡚࠸ࡓࠋࡣ࠸࠼ࠊẖ
᪥ࡢࡼ࠺ࠊ➹⪅ࡣࠊᕞᨻᗓࡢ୰ሀࢡࣛࢫ⫋ဨࡓࡕࡇࡢࢸ࣮࣐࡛ᐦ㆟ㄽࡋ࡚࠸ࡓࠋᙼࡽࡣ
⌧ᅾࠊᕞᨻᗓࡸ┴ᨻᗓࡢ㒊ᒁ㛗ࢡࣛࢫ࡞ࠊ⾜ᨻୖࡢ᭷ຊᖿ㒊࡞ࡗ࡚࠸ࡿ⪅ࡀᑡ࡞ࡃ࡞ࡃࠊぶ
ࡣ ᖺ௨ୖ⤒ࡗࡓࡶ⥆࠸࡚࠸ࡿࠋ
ᆅᇦ㛤Ⓨࡢᙺࡣᆅᇦ࡛࠶ࡾࠊᆅᇦ⏕ࡁࡿேࠎࡀయⓗᆅᇦ࡙ࡃࡾཧ⏬ࡍࡁࡔࡀࠊࡑ
ࡢࡓࡵࡣ⮬ࡽࡢᆅᇦࢆ▱ࡽ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ୍ᮧ୍ရ㐠ື࡞᪥ᮏࡢᆅᇦ⯆ࡸᆅ᪉⾜ᨻࡢ
⤒㦂ࢆࡋ࡚ࠊࡑࢇ࡞㆟ㄽࢆᙼࡽࡋ࡚ࡁࡓࡇࡀࠊ⤖ᯝⓗࠊࡑࡢᚋࡢᆅᇦ㛤Ⓨࢆࡵࡄࡿ
ᒎ㛤ணᮇࡏࡠࣉࣛࢫ࡞ࡗࡓࠋ ᖺ ᭶ ᖺ㛫⥆࠸ࡓ୰ኸ㞟ᶒࡢࢫࣁࣝࢺᨻᶒࡀᔂቯࡋࠊ
ࣁࣅࣅ᪂ᨻᶒࡢୗ࡛ࠊᆅ᪉ศᶒࡀࢫࢱ࣮ࢺࡋࡓࡢ࡛࠶ࡿࠋ
ڦ᪂௦ᆅᇦ㸻ᆅᇦ㛵ಀࡢᐃ╔ࢆ㢪ࡗ࡚ືࡃ
ࡑࡢࡓࡵࠊࡲࡎࠊ ᖺ ᭶࢝࢘ࣥࢱ࣮ࣃ
࣮ࢺ࡛࠶ࡿࢫ࢙ࣛ࢘ࢩ ᕞࡢ㛤Ⓨ⏬ᒁ㸦%$33('$㸧
㛗ᐁࢆᣍ㞟ࡋ࡚ࢫ࢙ࣛ࢘ࢩᆅᇦ㛫༠ຊ⤠ࡗࡓ
ྜࢆ㛤࠸ࡓࠋࡑࡢᚋࠊ ᖺ ᭶ࠊᙼࡽ ேࢆࡲ
ࡵ࡚࢝࢘ࣥࢱ࣮ࣃ࣮ࢺ◊ಟ࡛᪥ᮏᣍ⪸ࠊ᪥ᮏ
࡛ࡢ⮬య㛫༠ຊ࣭㐃ᦠࡢ≧ἣࢆᏛࢇ࡛ࡶࡽࡗࡓࠋ
ࡑࢇ࡞άືࡢ࡞ࠊࢫ࢙ࣛ࢘ࢩ࡛ࡣ୰ࢫ࢙ࣛ࢘ࢩᕞ࣏ࢯ࡛ᭀືࡀ㉳ࡇࡾࠊ㑊㞴Ẹࡣࢫ࢙ࣛ࢘ࢩ
ᕞᩓࡽࡤࡗࡓࠋࡇࡢ㑊㞴Ẹᑐ⟇ࢆヰࡋྜ࠺ࡓࡵࠊࢫ࢙ࣛ࢘ࢩ ᕞࡢ▱ࡀ༠㆟ࡍࡿࡇ࡞
ࡗࡓࠋࡇࢁࡀࠊ㆟㢟ࡣ㑊㞴Ẹᑐ⟇␃ࡲࡽ࡞ࡗࡓࠋ
⤒⦋ࡣ᫂ࡔࡀࠊࢫ࢙ࣛ࢘ࢩ ᕞ㛫࡛ᆅᇦ㛫༠ຊࢆヰࡋྜ࠺ᶵ㐠ࡀᛴ㏿㧗ࡲࡾࠊ ᖺ ᭶ࠊ
࣐࢝ࢵࢧࣝࢫ࢙ࣛ࢘ࢩ ᕞ▱ࠊࡍ࡚ࡢ┴▱࣭ᕷ㛗ࡀཧ㞟ࡋ࡚ࢫ࢙ࣛ࢘ࢩᆅᇦ㛫༠ຊ༠ᐃ
ࡢㄪ༳ᘧࡀ⾜ࢃࢀࠊࢫ࢙ࣛ࢘ࢩᆅᇦ㛤Ⓨ༠ຊᶵᵓ㸦%.356㸧ࡀⓎ㊊ࡋࡓࠋࡇࡢ✀ࡢᆅᇦ㛫༠ຊࡣࠊ
64
ࣥࢻࢿࢩ࡛ึࡵ࡚ࡔࡗࡓࠋࡑࡋ࡚ࠊ࡞ࡃࠊ࣐࢝ࣜࣥࢱࣥࠊࢫ࣐ࢺࣛࠊࢪࣕ࣡㸻ࣂ࡛ࣜࡶ
ྠᵝࡢᆅᇦ㛫༠ຊ༠ᐃࡀ⥾⤖ࡉࢀ࡚࠸ࡗࡓࠋ
ڦᆅ᪉ศᶒ࡛ࡢᆅ᪉㤳㛗ࡢ┠ぬࡵ
➹⪅ࡢάື࡛ࡣࠊ-,&$ ᅜ❧ࣁࢧࢾࢹࣥᏛ
ࡢඹྠ࡛ࠊࢫ࢙ࣛ࢘ࢩ ᕞࡢ┴▱࣭ᕷ㛗ဨ
㸦⣙ ே௨ୖ㸧ࢆᣍࡁࠊ ᖺ ᭶ࠊ ᅇ
ศࡅ࡚ࠊࢫ࢙ࣛ࢘ࢩ┴▱࣭ᕷ㛗ࢭ࣑ࢼ࣮ࢆ㛤
ദࡋࡓࠋࡇࡢࢭ࣑ࢼ࣮࡛ࠊ➹⪅ࡣఱேࡢࢫࢱ࣮
┴▱࣭ᕷ㛗ࡢⓎ᥀ࢆヨࡳࡓࠋࡍ࡞ࢃࡕࠊᆅ᪉㤳
㛗ࡢ࡞ࡽࠊᐇ㝿ࡢ⮬ศࡢᨻ⟇ࡅࡽࢀࡓ
㠉᪂ⓗ࡞ྲྀࡾ⤌ࡳࢆ⮬ศࡢゝⴥ࡛ᙇ࡛ࡁࡿ࢜
ࣆࢽ࣮࢜ࣥࣜࢲ࣮ࡀฟ࡚ࡁ࡚ḧࡋࡗࡓࠋࡢᐃࠊ
ྠࡌ❧ሙࡢ㤳㛗㈇ࡅࡓࡃ࡞࠸࠸࠺ព㆑ࡀ
ⅆⰼࢆᩓࡽࡋࠊウㄽࡣண௨ୖⓑ⇕ࡋࡓࠋ ᪥
㛫ࠊᮅࡽ῝ኪࡲ࡛ࠊᙼࡽࡀ┿ᚭᗏウㄽࡍࡿ
ጼࡣ࡛ࡶ┠↝ࡁ࠸࡚࠸ࡿࠋ
➹⪅ࡣࠊศ┴ࡢ୍ᮧ୍ရ㐠ືࡢ⤂ࡢ
ࣥࢻࢿࢩㄒࣃࣥࣇࣞࢵࢺࢆ 㒊⏝ពࡋࠊᚲせ
㒊ᩘ⏦࿌ไ࡛ࠊฟᖍࡋࡓ┴▱࣭ᕷ㛗㓄ᕸࡋࡓࠋ
ࡑࢀࡽࡣࠊ୰ኸࡽࡢᣦ♧ᚅࡕ࡛ᆅᇦ⯆ࢆ࠺
㐍ࡵࡓࡽ࠸࠸㏵᪉ᬽࢀ࡚࠸ࡓᙼࡽࡢࣞࣇ
ࣞࣥࢫ࡞ࡗࡓࠋ
ࡑࡢ㡭ࠊᅜᕞ▱ࠊᅜ┴▱ࠊᅜᕷ
㛗࡞ࡀ⤌⧊ࡉࢀࡓࡀࠊࡇࢀࡽࡢྜ࡛ࠊ㆟ㄽ
ࢆඛᑟࡋࡓࡢࡣࢫ࢙ࣛ࢘ࢩࡢᆅ᪉㤳㛗ࡓࡕࡔࡗࡓࠋ
➹⪅ࡢᙺࡣࠊᆅ᪉ᆅ᪉ࡢࢫࢸ࣮ࢡ࣍ࣝࢲ
࣮ࡢࡘ࡞ࡂᙺ࡛࠶ࡿྠࠊᙼࡽࢆ㰘⯙ࡋ࡚ព
㆑ᨵ㠉ࢆ㉳ࡇࡉࡏࡿࡓࡵࡢࠕ↽ࡾᙺ࡛ࠖࡶ࠶ࡗࡓࠋ
ᪧ᮶ⓗ࡞⪃࠼ᅛᇳࡍࡿ┴▱ᚭᗏⓗヰࡋ
ྜ࠸ࠊᙼࡀᐇ㝿⾜࠺ᨻ⟇ຓゝࢆࡋࠊᙼ⮬㌟ࡢ
ኚࢆ᰿Ẽࡼࡃᚅࡘࠊ࠸ࡘࡢ㛫ࠊᙼࡣᕞෆ
࡛᭱ࡶ㠉᪂ⓗ࡞ពぢࢆ⾲᫂ࡍࡿ┴▱ኚ㌟ࡋ
࡚࠸ࡗࡓࠋࡑࢇ࡞ᆅ᪉㤳㛗ࢆࢫ࢙ࣛ࢘ࢩ࡛ఱேࡶ
ぢࡿᖾ㐠ᜨࡲࢀࡓࠋ
┴▱ᕷ㛗ࢭ࣑ࢼ࣮ࡢᵝᏊ
ڦᨻ⟇ࢻࣂࢨ࣮࡛ࡣ࡞ࡃࣇࢩࣜࢸ࣮ࢱ࣮ࡔࡗࡓࡢ
ྑ ᕥ ࡣ࠶ࡗࡓࡶࡢࡢࠊ ᖺࡢᖺ᭶ࢆ⤒࡚ࠊᆅ᪉ศᶒࡣࣥࢻࢿࢩࡢ࡞࡛ࡑࢀ࡞ࡾ
ᐃ╔ࡋ࡚࠸ࡗࡓࠋᆅ᪉ᨻᗓࡼࡿ⮬యどᐹࡣᙜࡓࡾ๓࡞ࡾࠊⰋ࠸ᨻ⟇ࢆ⾜࠺ࡑࡢሗࡀඹ
᭷ࡉࢀࠊᆅ᪉㤳㛗ࡢホุࡶᗈࡃㄆ▱ࡉࢀࡿࡼ࠺࡞ࡗࡓࠋᆅ᪉ࡣᆅ᪉ࡽࡋࡉࢆ㏣ồࡋࠊ≉⏘ရ㛤
Ⓨࡸఏ⤫ᩥ⯆ࢆ㐍ࡵࡿࡼ࠺࡞ࡗࡓࠋᆅ᪉㸻ᆅ᪉㛵ಀࡣࡋࡗࡾ᰿ࡁࠊᆅ᪉㛫࡛ࡢ༠ຊ
ࡸᏛࡧྜ࠸ࡢືࡁࡶ┒ࢇ࡞ࡗࡓࠋ
ᆅ᪉ศᶒࡣࠊở⫋ࡢᆅ᪉ࡢᣑᩓ࠸ࡗࡓ㈇ࡢᙳ㡪ࡶྰᐃ࡛ࡁ࡞࠸ࡀࠊ୰ኸࡢពྥᚑ࠺
ࡔࡅ࡛࡞ࡃࠊᆅ᪉ࡀ⮬ࡽࡢពᛮ࡛㛤Ⓨᨻ⟇ࢆ⾜࠺ࡼ࠺࡞ࡗࡓࡇࡣࠊᆅ᪉ศᶒࡢࣉࣛࢫ㠃
࠸ࡗ࡚㛫㐪࠸࡛ࡣ࡞࠸ࠋ ᖺ๓ࠊ➹⪅ࡀ㢪ࡗࡓᆅᇦ㛤Ⓨࡢᮇᚅࡣࠊࡑࢀ࡞ࡾ⌧ᐇࡋࡓࡢࡔ
ᨵࡵ࡚ᛮ࠺ࠋ
➹⪅࡞ࡾࡢᨻ⟇ࢻࣂࢨ࣮ࡣࠊᮘୖ࡛࣏ࣜࢩ࣮࣭࣮࣌ࣃ࣮ࢆ᭩ࡁࠊࡑࢀࢆ࢝࢘ࣥࢱ࣮ࣃ࣮
ࢺΏࡋ࡚ᐇ⾜ࡉࡏࡿࠊ࠸࠺ࡶࡢ࡛ࡣ࡞࠸ࠋᐇ㝿ࠊ➹⪅⮬㌟ࡀຓゝࡋࡓࡽ࠺ࡲࡃ࠸ࡗࡓㄽ
⌮ⓗド࡛᫂ࡁࡿࡶࡢࡣ࡞࠸ࠋࡓࡔࠊ➹⪅ࡀᙼࡽ㐣ࡈࡋࠊ┿ࡁྜ࠸㆟ㄽࡋࡓ࠶ࡢ௦ࠊ
ᵝࠎ࡞അ↛ࡀ㔜࡞ࡗ࡚ࠊ㔜せ࡞ኚࡀḟࠎ㉳ࡇࡗࡓࡇࡣࡓࡋ࡛࠶ࡿࠋ
ࡑࡢព࡛ࠊࡾ㏉ࡗ࡚ࡳࡿࠊ➹⪅ࡢάືࡣࠊᨻ⟇ࢻࣂࢨ࣮࠸࠺ࡼࡾࡣࠊ⪅ࡀ⮬ศ
⮬㌟࡛యⓗఱࢆ㉳ࡇࡍࡇࢆࡑࢀ࡞ࡃಁࡍࠊࡴࡋࢁࣇࢩࣜࢸ࣮ࢱ࣮ࡋ࡚άືࡋࡓ
࠸ࡗࡓ࠺ࡀ㐺ษ࡞ࡢࡶࡋࢀ࡞࠸ࠋ
ࡑ࠺ࡋࡓ➹⪅࡞ࡾࡢᨻ⟇ࢻࣂࢨ࣮ࡢ⤒㦂ࡀ࠶ࡗࡓࡽࡇࡑࠊࠊᆅᇦᆅᇦࡢᵝࠎ࡞ࡘ࡞
ࡂᙺࠊゐ፹ࡋ࡚άືࡋ࡚࠸ࡃ㐨ࢆ㋃ࡳฟࡏࡓࡢࡔឤࡌࡿࠋࡑ࠺ࡋࡓᶵࢆ࠼࡚ࡃࢀࡓ -,&$ࠊ
ཬࡧඹ࠶ࡢ௦ࢆ㐣ࡈࡋࡓᡓࡶ࠸࠺ࡁ᪉ࠎᨵࡵ࡚῝ࡃឤㅰ⏦ࡋୖࡆࡓ࠸ࠋ
66
༠ຊᴗࡢຊ
6DWU\R6RHPDQWUL%URGMRQHJRUR
ඖᅜᐙᩍ⫱┬㧗➼ᩍ⫱⥲ᒁ㛗
␎Ṕ
ࣂࣥࢻࣥᕤ⛉ᏛᶵᲔᕤᏛ㒊༞ᴗࠊ࢝ࣜࣇ࢛ࣝࢽᏛࣂ࣮ࢡ࣮ࣞᰯಟኈྕཬࡧ༤
ኈྕྲྀᚓࠋ ᖺࣂࣥࢻࣥᕤ⛉ᏛᶵᲔᕤᏛㅮᖌࠊ ᖺྠᩍᤵࠋ௨㝆ࡣࠊࣂࣥࢻ
ࣥᕤ⛉Ꮫ⏘ᴗᕤᏛ㒊Ꮫ⾡㒊㛛Ꮫ㒊㛗⿵బࠊᩍ⫱┬Ꮫ⾡࣓ࢹ⫱ᡂᒁ㛗ࠊᩍ⫱┬
㧗➼ᩍ⫱⥲ᒁ㛗➼ࢆ⤒࡚ࠊ ᖺࡼࡾ㇏ᶫᢏ⾡⛉ᏛᏛᐈဨᩍᤵࠊ ᖺ -,&$ ࡢ
ࢻࣂࢨ࣮ᑵ௵ࠋࣥࢻࢿࢩ࣭᪥ᮏࡢᩍ⫱࣭Ꮫ⾡ὶࡢ᥎㐍ཬࡧ┦⌮ゎࡢಁ
㐍࠾ࡅࡿຌ⦼ࡼࡾࠊ ᖺ᪫᪥୰⥓❶ࢆᤵࠋ
ࠕࣥࢻࢿࢩ㧗➼ᩍ⫱㛤Ⓨᨭ+('6ࠖ
ࣥࢻࢿࢩ࡛ࡣࠊ࢚ࣥࢪࢽࣜࣥࢢ⏘ᴗࡢᛴ㏿࡞ᡂ㛗క࠸ࠊ㉁ࡢ㧗࠸ேⓗ㈨※ࡼࡿᨭࡀᚲ
せ࡞ࡗ࡚࠸ࡓࠋࣥࢻࢿࢩ㧗➼ᩍ⫱㛤Ⓨᨭ+('6㸦 ᖺ㹼 ᖺ㸧࡛ࡣࠊྠᅜࡢࢫ࣐ࢺ
ࣛᓥ࣐࢝ࣜࣥࢱࣥᓥ࠾ࡅࡿ ࡢᏛཬࡧࢪࣕ࣡ᓥࡢࣜࢯ࣮ࢫᏛࢆࢿࢵࢺ࣮࣡ࢡࡋࠊࡇࢀ
ࡽᏛࡢ⟶⌮యไࡢ☜❧ࠊᩍᤵ㝕ࡢᑓ㛛▱㆑ࡢྥୖࠊ◊✲άືࡢ᥎㐍ࠊ⌧ᆅㄒࡼࡿᩍ⛉᭩ࡢసᡂ
࡞ࢆ㏻ࡌࠊᕤᏛ㒊⣔ᩍᐁࡢ㈨㉁ࡢྥୖ࠾ࡼࡧᏛ㐠Ⴀࡢᨵၿࢆᨭࡋࡓࠋࡇࢀࡼࡾࠊᕤᴗศ㔝
࡛㞠⏝ࡉࢀࡿ༞ᴗ⏕ᩘࡢቑຍ⫋ᴗ⬟ຊࡢྥୖᐤࡋࡓࠋ
ࣥࢻࢿࢩ࠾ࡅࡿ㧗➼ᩍ⫱ศ㔝ࡢ㛵ಀ⪅ࡓࡕࡣࠊྠࢭࢡࢱ࣮ࡢᙉ㠀ᖖ㧗࠸ពḧࢆᣢࡗ࡚
࠸ࡓࡶࡢࡢࠊࡑࡢ㛤Ⓨ㐣⛬࡛ࡣከࡃࡢ㞀ᐖࡀ❧ࡕࡣࡔࡗࡓࠋᙼࡽࡀ┤㠃ࡋࡓ᭱ࡢ㞀ᐖࡣࠊ㧗➼ᩍ
⫱㛤Ⓨࡢࡓࡵࡇࢁ᭱ప㝈ᚲせࡉࢀࡿࡶࡢࡢࡓࡵ࡛ࡉ࠼㈨㔠ࡀ㊊ࡋ࡚࠸ࡓࡇ࡛࠶ࡿࠋ㧗➼ᩍ
⫱ࡣⳘ࡞㈈※ࢆᚲせࡍࡿࡀࠊࡑࡢάື⮬యࡣ㔠㖹ⓗ┈ࢆ⏕ࡳฟࡉࡎࠊ▷ᮇⓗࡣᦆኻ࡞ࡿࠋ
ࡑࢀᨾࠊရ㉁ࡀ㧗ࡃࠊᅜᐙ࣭ᅜẸࡢ┈㈉⊩࡛ࡁࡿ㧗➼ᩍ⫱ࡢᐇ⌧ࡢࡓࡵࠊᨻᗓࡽࡢᨭࡀ
ᚲせ࡛࠶ࡗࡓࠋ
ࣥࢻࢿࢩࡢ㈈ຊࡀ㝈ࡽࢀ࡚࠸ࡓࡇࡽࠊᡃࠎࡣᩍ⫱ศ㔝࡛ά㌍ࡍࡿᅜࠎ࠾ࡼࡧᅜ㝿ᶵ㛵ࡢ
ᵝࠎ࡞ඹྠࡢྲྀࡾ⤌ࡳࢆᐇࡋࡓࠋࣥࢻࢿࢩࡢᅜᅵࡢᗈࡉᅽಽⓗ࡞ேཱྀࡢከࡉࡽࠊᡃࠎࡣࡑ
ࢀࡽࡢᅜ࠾ࡼࡧᅜ㝿ᶵ㛵ࡢᨻ⟇ࢆᑛ㔜ࡋ࡞ࡀࡽࠊໟᣓⓗ࡞༠ຊࢆࡍࡿᚲせࡀ࠶ࡗࡓࠋ ᖺ௦ࠊ
ᨻᗓࡣ㧗➼ᩍ⫱⥲ᒁࢆ㏻ࡌ」ᩘࡢ༠ຊᴗࢆᐇࡋࡓࠋࡑࡢ୰ࡣ௨ୗࡢᴗࡀᣲࡆࡽࢀࡿࠋ
ୖグ ࣉࣟࢪ࢙ࢡࢺࡢ୰࡛ࡶ -,&$ ࡢ +('6 ࣉࣟࢪ࢙ࢡࢺࡣࠊᐇᮇ㛫ࡀ᭱ࡶ㛗ࡃࠊୟࡘࢫ࣐ࢺࣛ
࠾ࡼࡧす࣐࢝ࣜࣥࢱࣥࡢ⚾❧㧗➼ᩍ⫱ᶵ㛵ࢆࡶྵࡴከࡃࡢ㧗➼ᩍ⫱ᶵ㛵ࢆ࢝ࣂ࣮ࡋࡓⅬ࡛≉ᚩⓗ࡛࠶
ࡗࡓࠋ⚾ࡢࡇࢀࡲ࡛ࡢ⤒㦂ࡽࠊࡑࡢᣢ⥆ᛶࡢ㧗ࡉࡼࡾࠊ-,&$ ࡢ +('6 ࣉࣟࢪ࢙ࢡࢺࡣࣥࢻࢿ
ࢩ࡛᭱ࡶඃ⚽࡞ࣉࣟࢪ࢙ࢡࢺࡢ୍ࡘࡔゝ࠼ࡿࠋࣥࢻࢿࢩ࣭᪥ᮏ୧ᅜࡢ㧗➼ᩍ⫱ᶵ㛵㛫ࡢ༠ຊ
࠸࠺⌮ᛕࡀ࠶ࡗࡓࡽࡇࡑࠊࡇࡢᣢ⥆ᛶࢆᐇ⌧ࡍࡿࡇࡀ࡛ࡁࡓࠋ+('6 ࣉࣟࢪ࢙ࢡࢺ࡛ࡣ࣓ࣥࣂ
࣮ࡢ㧗➼ᩍ⫱ᶵ㛵ᩘࡣከ࠸ࡀࠊࣥࢻࢿࢩ࣭᪥ᮏᨻᗓࡢ㈨㔠ࡣ㝈ࡽࢀ࡚࠸ࡓࡓࡵࠊࡼࡾ㧗࠸ຠᯝࢆ
ồࡵࠊᩒ࠼࡚㈨㔠ࢆྛᩍ⫱ᶵ㛵ᆒ➼ࡣ㓄㈿ࡋ࡞࠸ᡓ␎ࢆ᥇ࡗࡓࠋᆒ➼㓄㈿ࡋࡓሙྜࡣຓ㢠ࡀ
ᑠࡉࡍࡂࡓࡢ࡛࠶ࡿࠋࡋࡓࡀࡗ࡚ࠊྛ㧗➼ᩍ⫱ᶵ㛵ࡢ࣑ࢵࢩࣙࣥࡢ༊ูᇶ࡙ࡁຓࡣ㓄㈿ࡉࢀࠊ㧗
➼ᩍ⫱ᶵ㛵㛫࡛┦⿵ⓗ⿵ࡍࡿࡼ࠺᥎㐍ࡋࡓࠋࡇࡢࡼ࠺ࡋ࡚ࠊ࠼ࡿഃ࠼ࡽࢀࡿഃࡢ㧗➼ᩍ
⫱ᶵ㛵࠸࠺ᅗ࡛ࡣ࡞ࡃࠊேࠎࡢ⚟ࢆ㐩ᡂࡍࡿ࠸࠺ྠࡌ࣑ࢵࢩࣙࣥࢆᣢࡘ㧗➼ᩍ⫱ᶵ㛵ྠኈࡋ
࡚ࡢ༠ຊ⌮ᛕࢆᣢࡗࡓࠊຠᯝⓗ࡞༠ຊᴗࡀᐇ⌧ࡉࢀࡓࠋ༠ຊࡢ⌮ᛕࡣࠊ┦┈ࠊࣞ࣋ࣝࡢ୍⮴ࠊ
ࡑࡋ࡚┦ᢎㄆ࡛࠶ࡿࠋ
ࣥࢻࢿࢩ㧗➼ᩍ⫱㛤Ⓨᨭ㸦+('6㸧ࣉࣟࢪ࢙ࢡࢺࡀ
ࣥࢻࢿࢩᅜ࠼ࡓࣥࣃࢡࢺ
ᮏ㛫 ᐶ⮧
ඖ +('6 ࣉࣟࢪ࢙ࢡࢺ㛗ᮇᑓ㛛ᐙ
␎Ṕ
ᖺ⏕ࡲࢀࠋᐊ⹒ᕤᴗᏛᕤᏛ㒊༞ᴗᚋࠊ ᖺᮾிᕤᴗᏛᏛ㝔⌮ᕤᏛ◊✲
⛉ಟኈㄢ⛬ಟࠊ ᖺྠ༤ኈㄢ⛬ಟࠋྠᖺࠊຓᡭࡋ࡚ᮾிᕤᴗᏛᕤᏛ㒊
╔௵ࠋ ᖺ㇏ᶫᢏ⾡⛉ᏛᏛຓᩍᤵࠊ ᖺྠᩍᤵࠊ ᖺྠᕤᏛᩍ⫱ᅜ㝿༠ຊ
◊✲ࢭࣥࢱ࣮ᩍᤵ➼ࢆ⤒࡚ࠊ ᖺᕤᏛᩍ⫱ᅜ㝿༠ຊ◊✲ࢭࣥࢱ࣮㛗ࠋ⌧ᅾࡣ㇏ᶫ
ᢏ⾡⛉ᏛᏛྡᩍᤵࠊࢫ࣐ࢺࣛᏛ࣭ࢩࣕࢡࣛᏛᐈဨᩍᤵࠋ ᖺ㹼
ᖺࡣࣥࢻࢿࢩ +('6 ࣉࣟࢪ࢙ࢡࢺ㛗ᮇᑓ㛛ᐙࢆົࡵࡓࠋ
ࠕࣥࢻࢿࢩ㧗➼ᩍ⫱㛤Ⓨᨭ+('6ࠖ
ࣥࢻࢿࢩ࡛ࡣࠊ࢚ࣥࢪࢽࣜࣥࢢ⏘ᴗࡢᛴ㏿࡞ᡂ㛗క࠸ࠊ㉁ࡢ㧗࠸ேⓗ㈨※ࡼࡿᨭࡀᚲ
せ࡞ࡗ࡚࠸ࡓࠋࣥࢻࢿࢩ㧗➼ᩍ⫱㛤Ⓨᨭ+('6㸦 ᖺ㹼 ᖺ㸧࡛ࡣࠊྠᅜࡢࢫ࣐ࢺ
ࣛᓥ࣐࢝ࣜࣥࢱࣥᓥ࠾ࡅࡿ ࡢᏛཬࡧࢪࣕ࣡ᓥࡢࣜࢯ࣮ࢫᏛࢆࢿࢵࢺ࣮࣡ࢡࡋࠊࡇࢀ
ࡽᏛࡢ⟶⌮యไࡢ☜❧ࠊᩍᤵ㝕ࡢᑓ㛛▱㆑ࡢྥୖࠊ◊✲άືࡢ᥎㐍ࠊ⌧ᆅㄒࡼࡿᩍ⛉᭩ࡢసᡂ
࡞ࢆ㏻ࡌࠊᕤᏛ㒊⣔ᩍᐁࡢ㈨㉁ࡢྥୖ࠾ࡼࡧᏛ㐠Ⴀࡢᨵၿࢆᨭࡋࡓࠋࡇࢀࡼࡾࠊᕤᴗศ㔝
࡛㞠⏝ࡉࢀࡿ༞ᴗ⏕ᩘࡢቑຍ⫋ᴗ⬟ຊࡢྥୖᐤࡋࡓࠋ
ᖺ ᭶ࡽࣉࣟࢪ࢙ࢡࢺࡣ㛤ጞࡉࢀࡓࡀࠊᙜึணᐃࡉࢀ࡚࠸ࡓ࢝ࢹ࣑ࢵࢡࢻࣂࢨ࣮ࡢ㇏
ᶫᢏ⾡⛉ᏛᏛᩍᤵࡀᗣୖࡢ㒔ྜ࡛ᛴ㑉ὴ㐵ࡀྲྀࡾࡸࡵ࡞ࡾᑠ⫋ࡀ▷ᮇᑓ㛛ᐙࡋ࡚ḟᮇ࢝ࢹ
࣑ࢵࢡࢻࣂࢨ࣮ࡀ㉱௵ࡍࡿࡲ࡛௦ᙺࢆົࡵࡿࡇ࡞ࡗࡓࠋ ᖺᗘࡽྠࢻࣂࢨ࣮ࡀὴ
㐵ࡉࢀࣉࣟࢪ࢙ࢡࢺࡣ㡰ㄪ㐍ᤖࡍࡿࡇ࡞ࡗࡓࠋࡓࡔࡋࠊྠࣉࣟࢪ࢙ࢡࢺࡀᑐ㇟ࡍࡿᏛࡣࢫ
࣐ࢺࣛᓥ㸦ࣥࢻࢿࢩす㒊㸧 Ꮫࠊ࣐࢝ࣜࣥࢱࣥᓥ㸦ࣥࢻࢿࢩᮾ㒊㸧 Ꮫ࡛࠶ࡾᆅ
⌮ⓗᗈ⠊ᅖரࡗ࡚࠸ࡓࠋࣥࢻࢿࢩ࠾࠸࡚㉁ࡢ㧗࠸㧗➼ᩍ⫱ᶵ㛵ࡣࢪࣕ࣡ᓥ㞟୰ࡋࠊࣂࣥ
ࢻࣥᕤ⛉ᏛࠊࣥࢻࢿࢩᏛࠊ࢞ࢪ࣐ࣕࢲᏛࠊ࣎ࢦ࣮ࣝ㎰⛉Ꮫࡀࡑࡢ㞝࡛࠶ࡾࠊࢪࣕ࣡ᓥ௨
እࡢᓥ࠶ࡿᆅ᪉Ꮫࡣᩍ⫱ࡢ㉁࡛࡞ࡾຎࡗ࡚࠸ࡓࠋࣉࣟࢪ࢙ࢡࢺࡢせ┠ⓗࡣࡇࢀࡽᆅ᪉Ꮫᕤ
Ꮫ㒊ࡢ㉁ྥୖ࡛࠶ࡿࡀࠊࡑࡢලయⓗ࡞┠ᶆࡣᩍᐁࡢ㉁ྥୖࢆᅗࡿࡓࡵᏛኈ࡛ᩍᐁ࡞ࡗ࡚࠸ࡿⱝᡭ
㧗Ꮫ㸦ಟኈ௨ୖ㸧ࢆྲྀᚓࡉࡏࡿࡇ⨨ࢀࡓࠋᕤᏛಟኈྕྲྀᚓᙜࡓࡗ࡚ࡣࣂࣥࢻࣥᕤ⛉Ꮫ
Ꮫ㝔ࡀཷࡅධࢀᰯ࡞ࡾࠊᩍ⫱ࡀ⾜ࢃࢀࡓࠋࡑࡢᚋࠊ࢞ࢪ࣐ࣕࢲᏛࢫࣛࣂࣖᕤ⛉Ꮫࡶ
+('6 Ꮫ㝔⏕ࢆཷࡅධࢀ࡚ࡶࡽࡗࡓࠋࡋࡋࠊࣉࣟࢪ࢙ࢡࢺ㛤ጞᙜࡣᙜࣉࣟࢪ࢙ࢡࢺࡢㄆ▱ᗘࡣ
పࡃࠊࡲࡓࣉࣟࢪ࢙ࢡࢺᡂᯝࡶᮍ▱ࡢࡓࡵࠊ㧗Ꮫྲྀᚓᚿᮃ⪅ࢆ࠸ເࡿࡀࡁ࡞ㄢ㢟࡞ࡗࡓࠋ
ࣉࣟࢪ࢙ࢡࢺഃࡢ⇕ᚰ࡞ၨⵚάືࡀຌࢆዌࡋࠊࣉࣟࢪ࢙ࢡࢺ⤊ࡣ ྡࡢ㧗Ꮫྲྀᚓ⪅ࡀ⏕ࡲ
ࢀࡓࠋࡲࡓࠊඃ⚽࡞ᡂ⦼࡛ᕤᏛಟኈྕࢆྲྀᚓࡋࡓᩍᐁࡣ -,&$ ࡢ≉ู◊ಟဨไᗘࢆά⏝ࡋ࡚᪥ᮏࡢ
Ꮫ࡛༤ኈㄢ⛬㐍Ꮫࡢ㐨ࡶ㛤ࢀࡓࠋ ྡࡀ᪥ᮏࡢᏛ࡛ᕤᏛ༤ኈࢆྲྀᚓࡋ࡚࠸ࡿࠋ
㑅ᢥⓗᨭ *RRG3UDFWLFHRI/DERUDWRU\
ࡇࢀࡲ࡛ࠊᆅ᪉ࡢᏛࡶᾏእࡢᏛ࡛ಟኈྕࠊ༤ኈྕࢆྲྀᚓࡋᖐᅜࡋࡓᩍᐁࡀ࠸ࡓࡀࠊࡇࢀࡽᩍ
ᐁࡀᏛ⾡ⓗάືࢆᣢ⥆ࡍࡿࡇࡣࢇ࡞ࡗࡓࠋᙜࡢᆅ᪉Ꮫࡣ◊✲ᶵᮦࠊ◊✲㈝ࡀ࡞ࡃᏛ
⾡άືࢆ⥅⥆ࡍࡿࡇࡣྍ⬟࡛࠶ࡗࡓࠋࡇࡢࡼ࠺࡞≧ἣࢆᡴ◚ࡍࡿࡓࡵࣉࣟࢪ࢙ࢡࢺࡣ ᖺ
ࡽᑐ㇟Ꮫᩍᐁ⏦ㄳ࣮࣋ࢫࡢ◊✲ᨭࢆᐇࡋࡓࠋ6HOI㸫'HYHORSPHQW3URMHFW)XQGLQJ ⛠ࡋࠊ
-,&$ ࠾ࡼࡧᅜ㧗➼ᩍ⫱⥲ᒁࡽࡑࢀࡒࢀண⟬ࡀ☜ಖࡉࢀࡓࠋᙜᅜ㧗➼ᩍ⫱⥲ᒁ࡛ࡶᏛᩍᐁ
ᑐࡋ࡚ྛ✀◊✲ᨭࡀ⏦ㄳ࣮࣋ࢫ࡛ᑠつᶍ⾜ࢃࢀ࡚࠸ࡓࡀࠊᆅ᪉Ꮫᩍᐁࡀཷクࡍࡿࡇࡣⓙ↓
㏆ࡗࡓࠋᮏ◊✲ᨭ࡛ࡣ ௳ ࣝࣆࡽ ࣝࣆࡢᨭࡀ࡞ࡉࢀࠊᑐ㇟Ꮫࡢᩍᐁ
◊✲άືࡢࡁ࡞ࣥࢭࣥࢸࣈࢆ࠼ࡓࠋ⣙ ௳ࡢ◊ಟᨭࡀ⾜ࢃࢀࠊ◊✲ᡂᯝࢆⓎ⾲ࡍࡿ
ࡓࡵࡢࢭ࣑ࢼ࣮+('66HPLQDURQ6FLHQFHDQG7HFKQRORJ\ ࡶ㛤ദࡋ࡚ᩍᐁ㛫ࡢሗࡶάⓎ࡞ࡗ
ࡓࠋࣉࣟࢪ࢙ࢡࢺࡽᨭࡉࢀࡿ◊✲⤒㈝ࡣᚲࡎࡋࡶከࡃࡣ࡞ࡗࡓࡀࠊࡑࢀ࡛ࡶᑡࡋࡎࡘ◊✲ᶵᮦ
ࢆᥞ࠼ࡿࡇࡀ࡛ࡁࡓࠋࡋࡋࠊࡇࢀࡣ࠶ࡃࡲ࡛ࡶᩍᐁಶேࡋ࡚ࡢ◊✲άື࡛࠶ࡾࠊᏛ⛉ࠊ◊✲ᐊ
࠸࠺⤌⧊ⓗ࡞άືࡣᚲࡎࡋࡶ⧅ࡀࡽ࡞ࡗࡓࠋ
ࣥࢻࢿࢩࡢᏛ࡛ࡣ᪥ᮏࡢᏛᕤᏛ㒊࠾ࡅࡿㅮᗙไࡣྲྀࡽࢀ࡚࠾ࡽࡎࠊᩍᐁࡢ㣴ᡂࡶಶே௵ࡏ
࡛࠶ࡗࡓࠋࡇࡢࡓࡵ◊✲ᐊయไࡶ᪥ᮏࡢࡼ࠺☜❧ࡉࢀ࡚࠾ࡽࡎࠊ◊✲ᶵᮦࡢ⟶⌮ࡶᏛ⛉༢࡞ࡗ࡚
࠸ࡿࡇࡀࡲࢀ࡛࡞ࡗࡓࠋࡇࡢࡓࡵࠊάẼࡢ࠶ࡿ◊✲ᐊࡣぢᙜࡓࡽ࡞ࡗࡓࠋࣉࣟࢪ࢙ࢡࢺࡀḟྲྀ
ࡗࡓ⟇ࡣࠊᑐ㇟Ꮫ࡛ྍ⬟ᛶࡢ࠶ࡿᩍᐁࢆぢࡘࡅᩍᐁࡢᡤᒓࡍࡿ◊✲ᐊࢆάᛶࡍࡿࡇ࡛࠶ࡗࡓࠋ
ࡇࡢࡓࡵẚ㍑ⓗ㧗౯࡞◊✲ᶵᮦࢆᢞධࡋ」ᩘࡢᩍᐁ࡛ඹྠ⏝ࡍࡿࡇࡋࡓࠋࡲࡓࠊᏛ⏕ࡢ◊✲ᣦᑟ
ࡶ⇕ᚰྲྀࡾ⤌ࡴࡼ࠺ᣦᑟࡋࡓࠋ⌧ᅾ࡛ࡶࡇࢀࡽࡢ◊✲ᶵᮦࡣ࠾࠾࠸ά⏝ࡉࢀ࡚࠸ࡿࠋ
+('6 ࣉࣟࢪ࢙ࢡࢺࡀṧࡋࡓࡶࡢ㸸ࢧࢫࢸࢼࣅࣜࢸ
ࡇࢀࡲ࡛ࠊ+('6 ࣉࣟࢪ࢙ࢡࢺࡢάືࡘ࠸࡚㏙࡚ࡁࡓࡀࠊᮏࣉࣟࢪ࢙ࢡࢺࡀࣥࢻࢿࢩ࠾ࡼ
ࡧࢭࣥㅖᅜ࠼ࡓࣥࣃࢡࢺࡋ࡚௨ୗࢆୖࡆࡿࡇࡀ࡛ࡁࡿࠋ
㸬$816((' ࢿࢵࢺࡢᇶ♏
+('6 ࣉࣟࢪ࢙ࢡࢺࡣࡑࡢ⤊┙ࠊࣥࢻࢿࢩࡢᏛࢭࣥㅖᅜࡢᏛࡢὶࡢᚲせᛶ
ࢆㄆ㆑ࡋࠊࣉࣟࢪ࢙ࢡࢺෆᮾ༡ࢪࡢᕤᏛ⣔㧗➼ᩍ⫱ᶵ㛵ࡢࢿࢵࢺ࣮࣡ࢡࢆ┠ᣦࡍ 6+((
1HW㸦6RXWK(DVW$VLD+LJKHU(QJLQHHULQJ(GXFDWLRQ1HWZRUN㸧ࢆ❧ࡕୖࡆࠊࣥࢻࢿࢩࠊ࣐ࣞ
࣮ࢩࠊࢩ࣏࣮ࣥ࢞ࣝࠊࢱࠊࣇࣜࣆࣥࡢᏛ㛫࡛ࢿࢵࢺ࣮࣡ࢡࢆᵓ⠏ࡋࡓࠋࣥࢻࢿࢩ࡛
ࡣࣂࣥࢻࣥᕤ⛉Ꮫࡀ 6+((1HW ࡢ࣓ࣥࣂ࣮࡞ࡾࠊࡑࡢୗ㒊⤌⧊ࡋ࡚ᑐ㇟Ꮫ࣓ࣥࣂ࣮ࡋࡓ
ᅜෆ +(1HW㸦+LJKHU(QJLQHHULQJ(GXFDWLRQ1HWZRUN㸧ࡀᵓ⠏ࡉࢀࡓࠋࡇࡢᵓࡣᚋ $816(('
1HW ᘬࡁ⥅ࡀࢀࡓࠋ
㸬Ꮫ㝔ᣑィ⏬
௨ୖࠊ+('6 ࣉࣟࢪ࢙ࢡࢺࡘ࠸࡚ᴫㄝࡋࡓࡀࠊୖ㏙ࡋࡓࡼ࠺ᮏࣉࣟࢪ࢙ࢡࢺࡣࣥࢻࢿࢩ
㧗➼ᩍ⫱ࠊ≉ᕤᏛ㒊ࡢ㉁ྥୖ࠼ࡓࣥࣃࢡࢺࡣ⏒࡛࠶ࡾࠊ⌧ᅾࡢᕤᏛ㒊࠾ࡅࡿᏛ⾡ά
ືࡢάᛶࡣ +('6 ࣉࣟࢪ࢙ࢡࢺࡢᡂᯝ㈇࠺ࡇࢁࡀࡁ࠸ࡶࡢᛮᩱࡉࢀࡿࠋࡑࡋ࡚ࠊ⌧ᅾ
-,&$ ᨭࡼࡾᐇࡉࢀ࡚࠸ࡿࠕࣥࢻࢿࢩᕤᏛᩍ⫱ㄆᐃᶵᵓ㸦,$%((㸧ࠖࡢ❧ࡕୖࡆࡼࡾࠊ
ࡑࢀࡒࢀࡢᕤᏛᩍ⫱ࣉࣟࢢ࣒ࣛࡀ࣡ࢩࣥࢺࣥ༠ᐃ࣓ࣥࣂ࣮ෆ࡛┦ᢎㄆࢆཷࡅࡿࡇࡀ࡛ࡁࡿᅜ
㝿ㄆドࢆ⋓ᚓ࡛ࡁࡓᬡࡣࠊ-,&$ ࡀ ᖺࡽᐇࡋ࡚ࡁࡓࣥࢻࢿࢩᕤᏛ㧗➼ᩍ⫱༠ຊࡢ
ୖࡆ࡞ࡿ☜ಙࡍࡿࠋ
2)3ࠊ670'3ࠊ67$,' ࡢዡᏛ㔠ᴗࢆᣦᑟࡋ࡚
:DUGLPDQ'MRMRQHJRUR
ඖᩍ⫱ᩥ⮧㸦 ᖺ㹼 ᖺ㸧
␎Ṕ
ᖺすࢪࣕ࣡ᕞࣃ࣒࢝ࢧࣥ┴⏕ࡲࢀࠋࢻࢶ࣮࣊ࣥᕤ⛉ᏛᕤᏛᏛኈྕࠊ࢜
ࣛࣥࢲࢹࣝࣇࢺᕤ⛉Ꮫ༤ኈྕ㸦ᢏ⾡⛉Ꮫ㸧ྲྀᚓࠋ ᖺ㹼 ᖺࢪࣕ࢝ࣝࢱ≉
ูᕞ▱⥲ົ⛎᭩ᐁࠊ ᖺ㹼 ᖺ⛉Ꮫᢏ⾡┬ %-ࣁࣅࣅᢏ⾡ᢸᙜᅜົ⮧
⿵బᐁࠊ ᖺ㹼 ᖺࣃࢪࣕࢪࣕࣛࣥᏛᩍᤵࠋ ᖺ㹼 ᖺᩍ⫱ᩥ
⮧ࠋᢏ⾡ᢸᙜ⮧ᗓᅾ⫋୰ࡣୡ⏺㖟⾜ࡢ 2YHUVHDV)HOORZVKLS3URJUDP㸦2)3㸧ࡸ
⛉Ꮫᢏ⾡⯆ࣉࣟࢢ࣒ࣛ㸦670'3㸧
ࠊ㧗➼ேᮦ㛤Ⓨᴗ㸦67$,'3+5'3㸧ࡢዡᏛ㔠
ᴗᚑࠋ⌧ᅾࡣࣁࣅࣅࢭࣥࢱ࣮⌮㛗ࠋ
ࠕ⛉Ꮫᢏ⾡⯆ࣉࣟࢢ࣒ࣛ㸦670'3㸧
ࠖ
ᖺ௦ึ㢌ࠊࣥࢻࢿࢩ࡛ࡣ⮬㛤Ⓨ࣭⬟ຊྥୖࡴࡅ⛉Ꮫᢏ⾡ศ㔝ࡢேᮦࢆᐇࡉࡏࡿ
ᚲせࡀᙉࡃㄆ㆑ࡉࢀ࡚࠸ࡓࡀࠊᅜෆࡣࡲࡔ༑ศ࡞ᩘࡢ㧗➼ᩍ⫱ᶵ㛵ࡀ࡞ࡃࠊࡘᨻᗓ⣔◊✲
ᶵ㛵ࡶேᮦ㊊࡛࠶ࡗࡓࠋࡇࡢࡓࡵࠊୡ⏺㖟⾜ࡢ༠ㄪ⼥㈨ࡼࡾࠊ⛉Ꮫᢏ⾡ศ㔝ࡢேᮦ⫱ᡂ
ࢆ┠ᶆࠊࣥࢻࢿࢩᅜෆࡢ ᨻᗓ◊✲ᶵ㛵ࢆᑐ㇟ࡋࡓ␃Ꮫ⏕ᴗ㸦༤ኈㄢ⛬ࠊಟኈㄢ
⛬ࠊᏛኈㄢ⛬ࠊ▷ᮇ◊ಟ㸧ࡀ⾜ࢃࢀࠊ⛉Ꮫᢏ⾡ศ㔝ࡢேᮦ⫱ᡂ㈉⊩ࡋࡓࠋ
ࠕ㧗➼ேᮦ㛤Ⓨᴗ㸦67$,'3+5'3㸧
ࠖ
ࣥࢻࢿࢩ࡛ࡣ ᖺ௦௨㝆ࠊᆅ᪉ศᶒࡼࡗ࡚ࠊᆅ᪉࠾ࡅࡿබඹࢧ࣮ࣅࢫ࡞ࡢᨻ⟇❧
࣭⟶⌮࡞ࡀᆅ᪉⮬యጤࡡࡽࢀࡿࡇ࡞ࡗࡓࠋᆅ᪉ᨻᗓ⾜ᨻᐁࡢ⬟ຊྥୖࡸ୰ኸᨻᗓ
⾜ᨻᐁࡢㄪᩚ࣭΅⬟ຊࡢྥୖࡀồࡵࡽࢀ࡚࠸ࡓࡇࡽࠊ᪥ᮏࡣ ᖺࡼࡾ᭷ൾ㈨㔠༠ຊ
ࠕ㧗➼ேᮦ㛤Ⓨᴗ㸦3+5'3㸧㸦➨୍ᮇ㹼➨ᅄᮇ㸧ࠖࢆᐇࡋࡓࠋ༠ຊࡣ ᖺ௨ୖࢃࡓࡗ࡚⥆
ࡅࡽࢀ࡚࠾ࡾࠊ୰ኸ࣭ᆅ᪉ᨻᗓ࠾࠸࡚ᨻ⟇⏬ᦠࢃࡿேᮦࢆᑐ㇟ࠊ᪥ᮏࡸࣥࢻࢿࢩ
ᅜෆ࠾ࡅࡿᏛࣉࣟࢢ࣒ࣛࡸ▷ᮇ◊ಟࢆᐇࡋࡓࠋ㧗ᗘ࡞▱㆑ࢆ᭷ࡍࡿேᮦ⫱ᡂࢆ㏻ࡌࠊ⾜
ᨻ⬟ຊࡢྥୖᐤࡋ࡚࠸ࡿࠋ
%-ࣁࣅࣅᢏ⾡ᢸᙜᅜົ⮧ࡣࠊࣥࢻࢿࢩࡀᣢ⥆ྍ⬟࡞Ⓨᒎࢆࡋ࡚࠸ࡃࡣࠊඃ⚽࡛ࠊ㧗
࠸ᢏ⾡ࢆ㌟╔ࡅࡓேᮦࡀᚲせ࡛࠶ࡾࠊᅜẸᅜᐙࡗ࡚ேᮦࡣ᭱ࡶ౯್ࡢ࠶ࡿ㈈⏘࡛࠶ࡿᙉ
ࡃᙇࡋ࡚࠸ࡓࠋ
⛉Ꮫᢏ⾡ࡢ⩦ᚓࠊᛂ⏝ࠊ㛤Ⓨࡢࡓࡵࡣࠊඃࢀࡓேᮦࡀᚲせ࡛࠶ࡿࡀࠊࣁࣅࣅ⮧ࡣࠊᙜࡢ
ᡃࡀᅜࡢᩍ⫱ࡢ⌧≧࡛ࡣࠊᖺ ேࡢᢏ⾡⪅ࡋ㍮ฟ࡛ࡁ࡞࠸ࡇࡶ⌮ゎࡋ࡚࠸ࡓࠋ ᖺ
௦୰㡭ࠊࣥࢻࢿࢩࡣᢏ⾡⪅ࡣ ேࡋ࠾ࡽࡎࠊ⛉Ꮫᢏ⾡ࡢᑓ㛛ศ㔝ࡶ㝈ࡽࢀࡓࡶࡢࡔࡗ
ࡓࠋ ேࡢᢏ⾡⪅ࢆ᧦ࡋࠊẖᖺࠊᩍ⫱ࢆཷࡅࡓᢏ⾡⪅ࡀ ேࡶㄌ⏕ࡋ࡚࠸ࡓ᪥ᮏ
ࡢᕪࡣࡁࡗࡓࠋ
ୡ⏺㖟⾜ࡢḰࡼࡿᴗ㛤ጞ
⮬ᅜࡢᢏ⾡⪅ࢆቑࡸࡍࡓࡵࠊࣁࣅࣅᢏ⾡ᢸᙜᅜົ⮧ᢏ⾡ホ౯ᛂ⏝ᗇ㸦%337㸧㛗ᐁࡣዧ㜚ࡋ
ࡓࠋࡑࡋ࡚ࠊ ᖺᨻᗓࡀࠊୡ⏺㖟⾜ࡽ 2YHUVHDV)HOORZVKLS3URJUDP㸦2)3,㸧ࡋ࡚
⡿ࢻࣝࢆࠊࡑࡢᚋࡢ 2)3,, ࡛ ൨ ⡿ࢻࣝࡢḰࢆᢎㄆࡋࡓ㝿ࠊࡑࡢዧ㜚ࡣᐇ
ࢆ⤖ࢇࡔࠋ ᖺࠊ᪥ᮏࡢ 2(&) ࡀ⛉Ꮫᢏ⾡⯆ࣉࣟࢢ࣒ࣛ㸦670'3㸧ࢆ㛤ጞࡋࡓࠋࡉࡽ
ᖺࡣࠊ㧗➼ேᮦ㛤Ⓨᴗ㸦3+5'3㸧,ࡀ ൨⡿ࢻࣝࡢḰ࡛ጞࡲࡾࠊ ᖺ 3+5'3,, ࡀ⥆࠸
ࡓࠋ
ࢻࢼ࣮ࡢᠱᛕ
ࢻࢼ࣮㸦ୡ⏺㖟⾜࠾ࡼࡧ 2(&)㸧ࡣࠊ␃Ꮫࡍࡿࡢࡀẚ㍑ⓗⱝ࠸㧗༞⪅࡛࠶ࡿࡓࡵࠊ♽ᅜᖐࡽࡎࠊ
㢌⬻ὶฟࡢྍ⬟ᛶࡀ࠶ࡿࡇࢆᠱᛕࡋࡓࠋୡ⏺㖟⾜ࡣࠊฟ㌟ᅜᖐᅜࡋ࡞࠸⪅ࡀᏛ⏕ࡢ 㹼
㸣㐩ࡍࡿ࠸࠺ᅜࡢḰᴗࡢ⤒㦂ࢆఏ࠼࡚ࡁࡓࠋࡑࡢࡓࡵࠊᏛຊࡀ㧗࠸ࡔࡅ࡛ࡣ࡞ࡃࠊ
እᅜ࡛ࡢᅔ㞴࡞ຮᏛ⪏࠼ࡽࢀࡿ⢭⚄ⓗ࡞ᙉࡉࢆᣢࡗࡓ⪅ࢆ㑅ฟࡍࡿࡓࡵࠊཝࡋ࠸ヨ㦂ࡀ⾜ࢃࢀ
ࡓࠋ㑅⪃ヨ㦂࡛ࡣࠊᛂເ⪅ࡢពᚿࡢᙉࡉᚸ⪏ຊࢆ ࡿᚰ⌮ࢸࢫࢺ㔜Ⅼࡀ⨨ࢀࡓࠋ
␃Ꮫඛࡢᅜࢆ㑅ࡪ
Ꮫ⏕ࡢ␃Ꮫඛࡣࠊ࠾ࡢࡎ࣓ࣜ࢝ࡸ࣮ࣚࣟࢵࣃㅖᅜࠊ࣮࢜ࢫࢺࣛࣜࠊ᪥ᮏࡢࡼ࠺࡞㧗ᗘ࡞
ᢏ⾡ࢆ᭷ࡍࡿᅜ࡞ࡗࡓࠋ᪥ᮏᑐࡋ࡚ࡣᙜึၥࢆ࿊ࡍࡿ⪅ࡶ࠸ࡓࡀࠊ᪥ᮏࡢᢏ⾡ࡢ㧗ࡉࡀ⤂
ࡉࢀࡿࠊ␃Ꮫඛࡢࣜࢫࢺຍ࠼ࡽࢀࡓࠋࢻࢶࠊ࢜ࣛࣥࢲࠊࣇࣛࣥࢫࡶᩍ⫱ࢩࢫࢸ࣒ࡀ␗࡞
ࡿࡓࡵࠊᅜẚ࡚ࠊከ࡞ㄪᩚࡸ㐺ᛂຊࡀᚲせࡉࢀࡓࡶࡢࡢࠊ␃Ꮫඛࣜࢫࢺධࡗࡓࠋ
%337 ࡣࠊ3+5'3 ࡢ୍㒊ࢆ 67$,'6FLHQFHDQG7HFKQRORJ\IRU,QGXVWULDO'HYHORSPHQWࡧࠊ⏘Ꮫ༠ྠࣉࣟࢢ࣒ࣛࡋ࡚ᢅ
ࡗࡓࠋᮏᩥ࡛ࡣ 67$,'3+5'3 ⾲グࡍࡿࠋ
࣮࢜ࢫࢺࣜࡢࡼ࠺␃Ꮫ⏕ࡢὴ㐵ࢆồࡵࡿᅜࡶᗄࡘ࠶ࡗࡓࠋࢨࣝࢶࣈࣝࢡᏛࡢ 'U
%HUQG5RGH ᩍᤵࡣ᮶ゼࡋ࡚࣮࢜ࢫࢺࣜࡢ␃Ꮫ⏕ὴ㐵ࢆồࡵࠊ⮬ࡽࡀ␃Ꮫ⏕ࢆ┘╩ࡍࡿ⣙᮰
ࡋࡓࠋࡇࢀࡲ࡛ࡢ⤒㦂ࡽࠊ⌧ᆅࡢᏛࡀ␃Ꮫ⏕ࢆᐃᮇⓗホ౯ࡍࡿࡇ࡛ࠊຮᏛࡀ࠺ࡲࡃ࠸ࡃ
ࡇࡀࢃࡗ࡚࠸ࡓࡢ࡛ࠊࡇࡢ⏦ฟࡣ㠀ᖖ㨩ຊⓗࡔࡗࡓࠋ
ゝㄒ⬟ຊࡢ㧗ࡉ␃Ꮫඛ࡛ࡢ㐺ᛂຊࡀὴ㐵ࡢ᮲௳࡛࠶ࡗࡓࠋࡑࡢࡓࡵ᪥ᮏࠊࣇࣛࣥࢫ␃Ꮫࡍ
ࡿᏛ⏕ࡣࠊฟⓎ๓ ࢝᭶㛫ࡢㄒᏛ◊ಟࡀ⾜ࢃࢀࡓࠋ
␃Ꮫ⏕ࡣဨࠊᖐᅜᚋࠊ␃Ꮫᖺᩘࡢ ಸ࠶ࡓࡿᮇ㛫ࠊᡤᒓඛົࡋ࡞ࡅࢀࡤ࡞ࡽࡎࠊࡶࡋࠊ
㏵୰࡛㎡ࡵࡓሙྜࡣࠊ␃Ꮫ㈝⏝ࡢ ಸࡢ㢠ࢆᨭᡶࢃ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࠸࠺ዎ⣙ࢆ⤖ࢇࡔࠋ
ࣔࢽࢱࣜࣥࢢ┘╩
ᗄࡘࡢ࢚ࣆࢯ࣮ࢻ
ᚰ⌮ࢸࢫࢺࡼࡿ㑅⪃ཷࡗࡓࡶࡢࡢࠊ⮬യ⾜Ⅽ࠸ࡗࡓ㔜ᗘࡢ㨚ࢆᝈ࠸ࠊຮᏛࢆ⥆ࡅࡽ
ࢀ࡞࠸ࢣ࣮ࢫࡶ࠶ࡗࡓࠋ㆙ᐹࡽ⮬ẅࡳ࡞ࡉࢀࡓࢣ࣮ࢫࡶ࠶ࡗࡓࠋ࣏࣮ࣞࢺࢆᥦฟࡋ࡞࠸ࡓࡵ
ゼၥࡍࡿࠊᏛࡢᤵᴗฟ࡚࠸࡞࠸ࡇࡀࢃࡾࠊዡᏛ㔠ࢆṆࡵࡽࢀࡓࢣ࣮ࢫࡶ࠶ࡗࡓࠋᖾ㐠
ࡶࡇࡢࡼ࠺࡞ࢣ࣮ࢫࡣᑡ࡞ࡃࠊ ே௨ୖࡢ␃Ꮫ⏕ࡢ࠺ࡕ␃Ꮫࢆ⥆ࡅࡽࢀ࡞ࡗࡓࡢࡣ ே
⛬ᗘࡔࡗࡓࠋࡲࡓࠊዪᏊᏛ⏕ࡢ࠺ࡕ ேࡀእᅜேᏛ⏕⤖፧ࡋࡑࡢᅜ␃ࡲࡗࡓࠋ
ᗣၥ㢟㛵ࡍࡿ࢚ࣆࢯ࣮ࢻࡶ࠶ࡿࠋ」ᩘࡢ␃Ꮫ⏕ࡀᏘ⓶ࡳࢆឤࡌࡓࡓࡵࠊධᾎࢆ
ࡋࡍࡂ࡚ࡋࡲ࠸ࠊ༷ࡗ࡚≧ࢆᝏࡉࡏ࡚ࡇࡀ࠶ࡿࠋ᪥ᮏ࡛ࡣࠊࡑࡢᏛ⏕ࡣỈ⑁⒔ឤᰁࡋࡓ
ᛮࢃࢀࠊ㝸㞳ࡉࢀࡓࠋ
ࡲࡓࠊఇᬤ୰ࡢ␃Ꮫ⏕ࡀࠊ㣧㓇㐠㌿ࡢ㌴ࡣࡡࡽࢀ㔜ࢆ㈇ࡗࡓࡇࡀ࠶ࡿࠋࡇࡢ␃Ꮫ⏕ࡣ㢌
㒊ࡢ ศࡢ ࢆ㔠ᒓ᭰࠼ࡿࡇࢆవ࡞ࡃࡉࢀࡓࡀࠊᖾ㐠ࡶ␃Ꮫࢆ⤊࠼ࡿࡇࡀ࡛ࡁࡓࠋࡇ
ࡢࣉࣟࢢ࣒ࣛࢆᢸᙜࡍࡿົᒁࡗ࡚ࡣࠊಖ㝤㢠ࡢ ಸ┦ᙜࡶࡢ⒪㈝ࡀᚲせ࡞ࡾࡁ࡞ၥ
㢟࡞ࡗࡓࠋ
ᩥ㒊⛉Ꮫ┬࠾ࡼࡧ᪥ᮏࣥࢻࢿࢩ⛉Ꮫᢏ⾡ࣇ࢛࣮࣒ࣛࡢ༠ຊ
␃Ꮫ⏕ࢆከࡃ᪥ᮏὴ㐵࡛ࡁࡓࡢࡣࠊ᪥ᮏ࡛ࡢዡᏛ㔠ࣉࣟࢢ࣒ࣛࢆᡂຌࡉࡏࡓᩥ㒊⛉Ꮫ┬᪥
ᮏࣥࢻࢿࢩ⛉Ꮫᢏ⾡ࣇ࢛࣮࣒ࣛ㸦-,)㸧ࡢ㠃ⓗ࡞ᨭࡀ࠶ࡗࡓ࠾ࡆ࡛࠶ࡿࠋࡇࡢ༠ຊ࡛ࡣࠊ
ᩍ⫱ࡢࡳ࡞ࡽࡎࡉࡲࡊࡲ࡞ศ㔝ࡢㄪᰝ࣭◊✲࠾࠸࡚ࡶ౽ᐅࡀᅗࢀࡓࠋ␃Ꮫ௦ጞࡲࡗࡓ◊✲
༠ຊࡣࠊᖐᅜᚋࡶඹྠ◊✲ࡋ࡚⛉Ꮫᢏ⾡࠾ࡅࡿ༠ຊࡀ⥆ࡅࡽࢀࡓࠋ
ࣥࢻࢿࢩ᪥ᮏࡢ㛵ಀ࠾ࡅࡿዡᏛ㔠ࣉࣟࢢ࣒ࣛࡢព⩏
␃Ꮫ⏕ࡣࡁࡘࡢᅜࡢ༠ຊࢆྲྀࡾᣢࡘࡢᙺࢆᢸ࠺ࠋ≉⛉Ꮫᢏ⾡ศ㔝࡛ࡣࠊඹྠ◊
✲ࡋ࡚༠ຊࡀ⥆ࡃࡇࡀ≉ᚩⓗ࡛࠶ࡿࠋࡇࡢ༠ຊࡣࠊࣥࢻࢿࢩ᪥ᮏࡢ㛵ಀࢆ῝ࡵࡿࡔࡅ
࡛࡞ࡃࠊᅜᐙ㛤Ⓨ㈉⊩ࡍࡿ⛉Ꮫᢏ⾡ศ㔝ࡢⓎᒎࢆࡶࡓࡽࡋࡓࠋ
ࢥࣥࢧࣝࢱࣥࢺࡼࡿホ౯㸦-%,&㸧
⛉Ꮫᢏ⾡ศ㔝ࡢேᮦࡢά⏝ࡣࠊ⛉Ꮫᢏ⾡ࣉࣟࢢ࣒ࣛࡢྥୖᐦ᥋㛵㐃ࡋ࡚࠸ࡿࠋࢥࣥࢧࣝࢱ
ࣥࢺࡣඖ␃Ꮫ⏕ࡢᑐࡍࡿ‶㊊ᗘࡘ࠸࡚⪺ࡁྲྀࡾㄪᰝࢆ⾜࠸ࠊከࡃࡀ‶ࡀ࠶ࡿࡢᅇ⟅
ࢆᚓ࡚࠸ࡿࡀࠊࡇࡢࡼ࠺࡞ᅇ⟅ࡣࡢࡼ࠺࡞ᶵ㛵࠾࠸࡚ࡶࡳࡽࢀࡿࡇ࡛ࠊዡᏛ㔠ࣉࣟࢢ࣒ࣛ
ࡣ↓㛵ಀ࡛࠶ࡿࠋ
Ḱࡼࡿ㧗➼ேᮦ⫱ᡂᴗࡀࡶࡓࡽࡋࡓࡶࡢ
ཎ ኵ
≉ᐃ㠀Ⴀάືἲேࢪ⛉Ꮫᩍ⫱⤒῭Ⓨᒎᶵᵓ㸦ࢪࢩ࣮ࢻ㸧⌮
␎Ṕ
ᖺ᪩✄⏣Ꮫ➨୍ၟᏛ㒊༞ᴗᚋࠊྠᖺघ᪥ᮏ࢚ࢿࣝࢠ࣮⤒῭◊✲ᡤධ⫋ࠋ
घᕤᴗ㛤Ⓨ◊✲ᡤ◊✲㒊㛗ࠊ᪥ᮏࣥࢻࢿࢩ⛉Ꮫᢏ⾡ࣇ࢛࣮࣒ࣛ᪥ᮏጤဨ
ົᒁḟ㛗ࠊྠᖖ௵⌮ࠊྠᑓົ⌮ࢆ⤒࡚ࠊ ᖺࡽ ᖺࡲ࡛ࢪࢩ࣮
ࢻ⌮㛗ࠋ ᖺࣥࢻࢿࢩ㧗➼ேᮦ㛤Ⓨィ⏬ࢆཷὀࡋࣉࣟࢪ࢙ࢡࢺࢥ࣮ࢹ
ࢿ࣮ࢱ࣮ࡋ࡚ᚑࠋ௨㝆ࠊࢪࢩ࣮ࢻ࡛ࡣࣥࢻࢿࢩ㧗➼ேᮦ㛤Ⓨᴗ
㸦3+5'3㸧➨୍ᮇ㹼ᅄᮇࡢ␃Ꮫ࣭◊ಟᨭ⯡ಀࡿࢥࣥࢧࣝࢸࣥࢢᴗົࢆཷクࠋ
ࠕ㧗➼ேᮦ㛤Ⓨᴗ㸦3+5'3㸧ࠖ
ࣥࢻࢿࢩ࡛ࡣ ᖺ௦௨㝆ࠊᆅ᪉ศᶒࡼࡗ࡚ࠊᆅ᪉࠾ࡅࡿබඹࢧ࣮ࣅࢫ࡞ࡢᨻ⟇❧
࣭⟶⌮࡞ࡀᆅ᪉⮬యጤࡡࡽࢀࡿࡇ࡞ࡗࡓࠋᆅ᪉ᨻᗓ⾜ᨻᐁࡢ⬟ຊྥୖࡸ୰ኸᨻᗓ
⾜ᨻᐁࡢㄪᩚ࣭΅⬟ຊࡢྥୖࡀồࡵࡽࢀ࡚࠸ࡓࡇࡽࠊ᪥ᮏࡣ ᖺࡼࡾ᭷ൾ㈨㔠༠ຊࠕ㧗
➼ேᮦ㛤Ⓨᴗ㸦3+5'3㸧㸦➨୍ᮇ㹼➨ᅄᮇ㸧ࠖࢆᐇࡋࡓࠋ༠ຊࡣ ᖺ௨ୖࢃࡓࡗ࡚⥆ࡅࡽ
ࢀ࡚࠾ࡾࠊ୰ኸ࣭ᆅ᪉ᨻᗓ࠾࠸࡚ᨻ⟇⏬ᦠࢃࡿேᮦࢆᑐ㇟ࠊ᪥ᮏࡸࣥࢻࢿࢩᅜෆ
࠾ࡅࡿᏛࣉࣟࢢ࣒ࣛࡸ▷ᮇ◊ಟࢆᐇࡋࡓࠋ㧗ᗘ࡞▱㆑ࢆ᭷ࡍࡿேᮦ⫱ᡂࢆ㏻ࡌࠊ⾜ᨻ⬟
ຊࡢྥୖᐤࡋ࡚࠸ࡿࠋ
ڦᢏ⾡⣔ࣁࣅࣅ␃Ꮫ⏕ࡢㄌ⏕
ᖺ⤖ࡤࢀࡓࠕࣥࢻࢿࢩ㈺ൾ␃Ꮫ⏕ཷࡅධࢀไᗘࠖࡼࡗ࡚ ᖺ㛫ࢃࡓࡾࣥࢻࢿ
ࢩࡽ␃Ꮫ⏕ࡀ᮶᪥ࡋࡓࠋࡋࡋࠊᮏ᱁ⓗࣥࢻࢿࢩࡀ㧗➼ேᮦࡢ⫱ᡂὀຊࡋጞࡵࡓࡢ
ࡣ ᖺୡ㖟ࡽࡢḰࡼࡗ࡚ᐇࡉࢀࡓ 2)3㸦2YHUVHDV)HOORZVKLS3URJUDP㸧ࡽ࡛࠶
ࡿࠋ2)3 ࡣ᪥ᮏࢆࡣࡌࡵḢ⡿ඛ㐍ᅜᢏ⾡⣔␃Ꮫ⏕ࢆὴ㐵ࡍࡿࣉࣟࢢ࣒࡛ࣛࠊࡑࡢᥦၐ⪅࡛࠶ࡿ
%-ࣁࣅࣅᢏ⾡ᢸᙜᅜົ⮧㸦 ᖺ ᭶➨୕௦⤫㡿ᑵ௵㸧ࡢྡ๓ࢆྲྀࡗ࡚ࠕࣁࣅࣅ␃Ꮫ
⏕ࠖࡶࡼࡤࢀࡓࠋ᪥ᮏࡣ ᖺࡲ࡛ ྡࡀ␃Ꮫࡋࡓࡀࠊࡑࡢከࡃ㸦 ྡ㸧ࡀᏛ㒊␃Ꮫ
⏕࡛ࣂࣥࢻࣥᕤ⛉Ꮫᅾ⡠୰ࡢᏛ⏕ࢆ୰ᚰ㑅ᢤࡉࢀࡓ㠀ᖖඃ⚽࡞Ꮫ⏕ࡓࡕ࡛࠶ࡗࡓࠋࡑࡢ
ᚋ 2)3 ࡣ ᖺࡽ ᖺ㛫⛉Ꮫᢏ⾡⯆ࣉࣟࢢ࣒ࣛ㸦670'3㸸6FLHQFHDQG7HFKQRORJ\0DQSRZHU
'HYHORSPHQW3URJUDP㸧ࡋ࡚ୡ㖟᪥ᮏࡢᾏእ⤒῭༠ຊᇶ㔠㸦2(&)㸧ࡢඹྠ⼥㈨࡛㐠Ⴀࡉࢀࡓࠋ
ࡇࡢ 670'3 ࡛ࡣྜィ ྡࡀ᮶᪥ࡋࡓࡀࠊ౫↛ࡋ࡚Ꮫ㒊␃Ꮫ⏕ࡀయ㸦௨ୖࢆ༨ࡵ࡚࠸ࡓ㸧
࡛ࠊಟኈࠊ༤ኈㄢ⛬ࡢ␃Ꮫ⏕ࡀὶ࡞ࡿࡢࡣࠊḟ᪥ᮏࡀᐇࡋࡓḰࡼࡿ㧗➼ேᮦ㛤
Ⓨᴗ㸦3+5'3,㸸3URIHVVLRQDO+XPDQ5HVRXUFH'HYHORSPHQW3URMHFW,㸧࡞ࡗ࡚ࡽ࡛࠶ࡿࠋ
2)3ࠊ670'3 ࢆ㏻ࡌ࡚≉➹ࡍࡁࡣࠊᏛ㛵ಀ⪅ࢆࡣࡌࡵᩥ㒊┬㸦⌧ᩥ㒊⛉Ꮫ┬㸧㛵ಀ⪅ࡢ㛫࡛
ࣥࢻࢿࢩࡢ␃Ꮫ⏕ࡣ㠀ᖖඃ⚽࡛࠶ࡿࡢㄆ㆑ࡀᐃ╔ࡋࡓࡇ࡛࠶ࡿࠋࣉࣟࢢ࣒ࣛࡀጞࡲࡗࡓ
ᙜึࡣࠊ₎Ꮠᅪ࡛࡞࠸ࣥࢻࢿࢩேࡀ᪥ᮏㄒࢆ⩦ᚓࡋᏛᩍ⫱ࢆཷㅮࡍࡿࡇࡢᛕࡸࠊ
ࡘ࡚ࡢ㈺ൾ␃Ꮫ⏕ᑐࡍࡿⰾࡋࡃ࡞࠸ホ౯࡞ࡼࡗ࡚ࠊࣥࢻࢿࢩ␃Ꮫ⏕ࡢ⬟ຊࢆ㐣ᑠホ౯
ࡍࡿ㛵ಀ⪅ࡶᑡ࡞ࡃ࡞ࡗࡓࠋࡋࡋࡑࢀࡀ࡚ᮯ៧࡛࠶ࡿࡇࢆᏛ⏕ࡓࡕ⮬㌟ࡀド᫂ࡋ࡚ぢࡏ
ࡓࡢ࡛࠶ࡿࠋ
3+5'3,㸦Ḱᢎㄆ㢠 ൨㸧ࡀᐇࡉࢀࡓ ᖺ㹼 ᖺࡣࣥࢻࢿࢩ࡛ࡣ➨ ḟ ࢝
ᖺィ⏬ࡽ➨ ḟ ࢝ᖺィ⏬⛣⾜ࡋ࡚࠸ࡗࡓᮇ࡛ࠊ⤒῭ࡢࢸࢡ࢜ࣇྍḞ࡞ᵓ㐀ㄪᩚᨻ
⟇ࡸ⛉Ꮫᢏ⾡⯆ࡢせồࡣ㠀ᖖ㧗࠸ࡶࡢࡀ࠶ࡗࡓࠋࡇࡢࡓࡵ᪥ᮏࡢ␃Ꮫ⏕ࡣࠊࡑࢀࡲ࡛ࡢ
ᢏ⾡ホ౯ᛂ⏝ᗇ㸦%337㸧ࡑࡢ⣔ิࡢᅜ❧◊✲ᡤᡤᒓࡍࡿᢏ⾡⣔ࡢேᮦࡔࡅ࡛࡞ࡃࠊᅜᐙ㛤Ⓨ
ィ⏬ᗇ㸦%$33(1$6㸧ࡸ㈈ົ┬㸦02)㸧ࡽබඹᨻ⟇Ꮫࡸ⤒῭Ꮫ➼ࡢ♫⛉Ꮫࢆᑓᨷࡍࡿከࡃࡢேᮦ
ࡀὴ㐵ࡉࢀࡓࠋ%$33(1$6 ࡸ 02) ࡢ␃Ꮫ⏕ࡢṤࡣ༞⪅ࡋ࡚᥇⏝ࡉࢀ࡚࠸ࡓࡓࡵࠊ᭱ึࡽ♫
⛉Ꮫ⣔Ꮫ㝔ࡢⱥㄒࢥ࣮ࢫࡢಟኈㄢ⛬␃Ꮫࡋࡓࠋ୍᪉ࠊ%337 ࡣࡇࡢ 3+5'3, ࢆ 67$,'6FLHQFH
DQG7HFKQRORJ\IRU,QGXVWULDO'HYHORSPHQWࡧ⏘Ꮫ༠ྠࣉࣟࢢ࣒ࣛࡋ࡚ᢅ࠸ࠊᏛ㒊␃Ꮫ
⏕ࡣᏛࡢࠊኟఇࡳᴗ࡛⮬ศࡢᑓᨷ㛵ಀࡍࡿ◊ಟࢆཷࡅࡓࠋཷࡅධࢀᴗഃࡋ࡚ࡣᏛ
⏕ࢆࡑࡢࡲࡲ◊ಟ⏕ࡋ࡚⌧ሙᢞධࡍࡿࡇࡣ࡛ࡁ࡞࠸ࡓࡵࠊᑓᒓࡢࢫࢱࢵࣇࢆᙇࡾࡅู࡚
㏵◊ಟࢆ⾜ࢃࡊࡿࢆᚓ࡞ࡗࡓࡓࡵ࡞ࡾࡢ㈇ᢸ࡞ࡗࡓࠋࡋࡋࡓ࠼▷ᮇ㛫ࡢᴗ◊ಟ࡛࠶
ࡗ࡚ࡶᏛ⏕ࡗ࡚ࡣᏛ࡛ࡣᚓࡽࢀ࡞࠸㈗㔜࡞ᐇົయ㦂࡞ࡗࡓࠋ
␃ࡿ࡞ࡽࡉ ڦᏛ⏕ࡢᣑᏛࡢ㧗ᗘ
ࡁࡿ⫋ሙ⎔ቃࡀᩚࡗ࡚࠸࡞࠸࠸࠺ၥ㢟ࡀ⏕ࡌࡓࠋ
ࡋࡋࠊయࡋ࡚ぢࡿࣥࢻࢿࢩࡢබົဨࡢࣞ࣋ࣝࡣࡁࡃᨵၿࡉࢀࡓ࠸࠼ࡿࠋබົ
ဨࡢᏛṔ࡛ࣞ࣋ࣝࡣ ᖺࡢබົဨ ே༨ࡵࡿ༤ኈྕྲྀᚓ⪅ࡣഹ ே࡛࠶ࡗࡓࡀࠊ
ᖺࡣ ேቑຍࡋࡓࠋࡲࡓྠᮇ㛫Ꮫኈ௨ୖࡢᏛྲྀᚓ⪅ࡀබົဨ༨ࡵࡿྜࡶ
ࡽ ᛴቑࡋࠊ㏫㧗༞௨ୗࡢẚ⋡ࡣ ࡽ ༙ῶࡋ࡚࠸ࡿࠋ
ڦḰࡼࡿ㧗➼ᩍ⫱ᴗࡢ࿘㎶ᅜࡢᣑ
ࣥࢻࢿࢩࡢ㧗➼ேᮦ㛤Ⓨࡢ┠ⓗࡢ୍ࡘࡀᆅ᪉ศᶒ࡛࠶ࡗࡓࡀࠊ ᖺࡑࢀࡀᐇ⾜⛣
ࡉࢀ࡚௨㝆╔ᐇ㐍ᒎࡋࡓࠋ ᖺබົဨࡢ ㏆ࡃࡀ୰ኸᐁᗇᡤᒓࡋ࡚࠸ࡓࡀࠊ
ᖺ௨㝆 㸭 ࡀᆅ᪉බົဨ࡞ࡗ࡚࠸ࡿࠋࡲࡓࡇࡢ㛫ᅜᐙ㈈ᨻࡢṓධ࣭ᨭฟ༨ࡵࡿᆅ᪉ࡢྜ
ࡶᩘ㸣ࡽ 㸣ᣑࡋࡓࠋࡇࡢ 3+5'3,, ࠾࠸࡚ %$33(1$6 ࡀᅜෆ␃Ꮫ࡛ಟኈㄢ⛬ὴ㐵ࡋࡓ
⫋ဨ ேࡢከᩘࡣᆅ᪉බົဨ࡛࠶ࡗࡓࡇࢆࡳ࡚ࡶࠊᆅ᪉ศᶒࡢὶࢀࡀ☜ᐇ࡞ࡶࡢ࡞ࡗ
࡚࠸ࡿドᕥ࠸࠼ࡿࠋ
ᖺጞࡲࡗࡓࣥࢻࢿࢩࡢ㧗➼ேᮦ㛤Ⓨࣉࣟࢪ࢙ࢡࢺࡣࠊᙜึࡇࡑୡ㖟ࡢḰࡼࡿࡶࡢ
࡛࠶ࡗࡓࡀࠊ ᖺ ᖺࡢୡ㖟⼥㈨Ḱࡢ༠ㄪ⼥㈨ࢆ⤒࡚ ᖺࡽ᪥ࡲ࡛ᅄ༙ୡ⣖
௨ୖரࡗ࡚᪥ᮏᨻᗓࡢḰࣉࣟࢪ࢙ࢡࢺࡋ࡚ᐇࡉࢀ࡚࠾ࡾࠊከࡃࡢேᮦࡢ㍮ฟ㈉⊩ࡋ
࡚࠾ࡾࠊྠ᪥ᮏ࣭ࣥࢻࢿࢩ㛫ࡢኴ࠸ேⓗ⧅ࡀࡾࢆ⠏࠸࡚࠸ࡿࠋᐇࡍ࡛ %337 ࡢ㛗ᐁࡸ
/,3,㸦ᅜ❧⛉Ꮫ㝔㸧㛗ᐁࡢ⫋ࡣ᪥ᮏ࡛༤ኈྕࢆྲྀᚓࡋࡓᖐᅜ␃Ꮫ⏕ࡀᑵ࠸࡚࠸ࡿࠋ
ࡲࡓࣥࢻࢿࢩࡢᅜ❧Ꮫᑐࡍࡿேᮦ⫱ᡂタഛᨵၿ㛵ࡍࡿḰࣉࣟࢪ࢙ࢡࢺࡶ
ᖺጞࡲࡗࡓࢳ࢙ᕞࡢࢩࢡࣛᏛࢆ➹㢌ࣂࣥࢻࣥᕤ⛉Ꮫࠊ࣎ࢦ࣮ࣝ㎰⛉Ꮫࠊ࢞
ࢪ࣐ࣕࢲᏛࠊᅜ❧ࢫ࣒ࣛᏛಖ࣭་Ꮫ㒊ࠊࣁࢧࢾࢹࣥᏛ࠾࠸࡚ᐇࡉࢀࡓࠋ
ࡉࡽࣥࢻࢿࢩ࡛ᐇࡉࢀࡓḰࡼࡿ㧗➼ேᮦ㛤Ⓨᴗࡣ࿘㎶ࡢᮾ༡ࢪㅖᅜࡶ
ᣑࡋࠊ ᖺࡽ࣐࣮ࣞࢩ࡛㛤ጞࡉࢀࡓ +(/3㸦+LJKHU(GXFDWLRQ/RDQ)XQG3URMHFW㸧ࣉࣟ
ࢪ࢙ࢡࢺࡸ ᖺࡽᐇࡉࢀࡓࢱࡢࢳࣗࣛࣟࣥࢥ࣮ࣥᏛࡢ⌮Ꮫ㒊࣭ᕤᏛ㒊ᑐࡍࡿேᮦ⫱
ᡂタഛ㠉᪂ࡢࣉࣟࢪ࢙ࢡࢺࡣࠊࣥࢻࢿࢩ࡛ࡢ㧗➼ேᮦ⫱ᡂᴗ࠾ࡅࡿᡂຌࡀࡁࡃᙳ㡪
ࡋࡓ࠸࠼ࡿࠋ
་ᖌ࡞ࡿ࠸࠺ࢧࣥࢺࣜࡢክࢆྔ࠼ࡓ
ಖ࣭་Ꮫ㒊
-DPKDUL0DNUXI
8,1-DNDUWD
ࢫ࣒࣭ࣛ♫◊✲ࢭࣥࢱ࣮㢳ၥ
␎Ṕ
࣮࢜ࢫࢺࣛࣜᅜ❧Ꮫே㢮Ꮫ༤ኈྕྲྀᚓࠋ㹼 ᖺࢩࣕࣜࣇ࣭ࣄࢲࣖࢺ
ࢵ࣮ࣛᅜ❧ࢫ࣒ࣛᏛ㸦௨ୗࠊࠕ8,1-DNDUWDࠖ㸧Ꮫ⾡㒊㛛Ꮫ㛗ࠊ㹼
ᖺ⤌⧊㛤Ⓨ࣭༠ຊ㒊㛛Ꮫ㛗ࠋ-,&$ Ḱࢆ㏻ࡌࡓྠᏛಖ࣭་Ꮫ㒊㛤
タࣉࣟࢪ࢙ࢡࢺࡢ࣮ࣜࢲ࣮ࢆົࡵࡓࠋ ᖺࣉࢧࣥࢺࣞࣥᩍဨࡢ᪥ᮏὴ㐵ࣉࣟࢢ
࣒ࣛࢆ㏻ࡌࡓࣥࢻࢿࢩ࣭᪥ᮏ୧ᅜࡢὶ᥎㐍࠾ࡅࡿຌ⦼ࡀㄆࡵࡽࢀࠊ᪥ᮏ
እົ┬ࡽ⾲ᙲࡉࢀࡓࠋ⌧ᅾࡣ 8,1-DNDUWD ࢫ࣒࣭ࣛ♫◊✲ࢭࣥࢱ࣮㢳ၥ
ᙺࠋ
ࠕᅜ❧ࢫ࣒ࣛᏛಖ࣭་Ꮫ㒊ᴗࠖ
ࣥࢻࢿࢩࡢஙඣṚஸ⋡➼ࡢᗣᣦᶆࡣᨵၿഴྥ࠶ࡗࡓࡀࠊ་⒪ࣥࣇࣛࡣ౫↛ࡋ࡚㈋
ᙅ࡞≧ែ࠶ࡾࠊ≉ᆅ᪉ࡢ་⒪ேᮦࡢ㊊ࡀ῝้࡛࠶ࡗࡓࠋࡇࡢࡼ࠺࡞⫼ᬒࡢࡶࠊᆅ᪉
ࡽࡢᏛ⏕ࢆ✚ᴟⓗཷࡅධࢀࠊᆅ᪉࣭ᆅᇦ㈉⊩ࢆ㔜どࡍࡿᅜ❧ࢫ࣒ࣛᏛᑐࡋࠊ᭷ൾ㈨㔠
༠ຊࠕᅜ❧ࢫ࣒ࣛᏛಖ࣭་Ꮫ㒊ᴗࠖࡀ㛤ጞࡉࢀࡓࠋࡇࡢ༠ຊ࡛ࡣࠊྠಖ࣭་Ꮫ㒊ࢆ
ࣁ࣮ࢻ㠃㸦ᰯ⯋ᘓタ࡞㸧ࠊࢯࣇࢺ㠃㸦ࣇ࢙࣮ࣟࢩࢵࣉࣉࣟࢢ࣒ࣛ࡞㸧ࡢᩚഛࢆᨭࡋࡓࠋ
ࡇࢀࡼࡾࠊྠᅜࡢ་⒪ேᮦࢽ࣮ࢬࡢ㊊࠾ࡼࡧᆅ᪉࠾ࡅࡿಖ་⒪ࢧ࣮ࣅࢫࡢᥦ౪ᐤ
ࡋࡓࡶࡢ࡛࠶ࡿࠋ
ࡣࡌࡵ
⩚ࢆࡣࡤࡓࡏ㣕ࡪ㫽ࢆ㇟ࡗࡓ❧ὴ࡞ᘓ≀ࡀࠊ⨾ࡋ࠸ᶞᮌᙬࡽࢀ ࣊ࢡࢱ࣮ࣝ࠸࠺ᗈ࡞
ᩜᆅࡢ୰ࡑࡧ࠼❧ࡗ࡚࠸ࡿࠋ᪥ᮏᵝᘧ⼥ྜࡉࢀࡓࢺࣟࣆ࢝ࣝᘓ⠏ࡀࠊࡑࡢᘓ≀ࢆࡼࡾ୍ᒙ⨾
ࡋࡃぢࡏࡿࠋࡑࢀࡇࡑࡀࠊࢪࣕ࢝ࣝࢱࡢࢩࣕࣜࣇ࣭ࣄࢲࣖࢺࢵ࣮ࣛᅜ❧ࢫ࣒ࣛᏛ
8QLYHUVLWDV,VODP1HJHUL6\DULI+LG\DWXOODK-DNDUWD௨ୗࠊ8,1-DNDUWDࡢಖ࣭་Ꮫ㒊
ᰯ⯋࡛࠶ࡿࠋྠᰯ⯋ࡣᅜ㝿༠ຊᶵᵓ㸦-,&$㸧ࢆ㏻ࡌࡓ᪥ᮏᨻᗓࡽࡢḰࡼࡾᘓタࡉࢀࡓࠋ
ࡑࡢࡓࡵࠊࡇࡢᰯ⯋ࡣࣥࢻࢿࢩ࣭᪥ᮏࡢᐦ᥋࡞㛵ಀࢆ㇟ᚩࡋ࡚࠸ࡿࠋᘓタ㛤ጞᙜࡢ 8,1
-DNDUWD Ꮫ㛗࡛࠶ࡗࡓࢪ࣐ࣗࣝࢹ࣭ࢬࣛᩍᤵࡣࠊࡑࡢᰯ⯋ࢆࠕ0HPRULDO)ULHQGVKLSRI
-DSDQDQG,QGRQHVLDࠖࣥࢻࢿࢩ࣭᪥ᮏዲグᛕྡࡅࡓࠋࡇࡢᰯ⯋ࡣࠊ᐀ᩍᏛ་Ꮫࡢ
౯್ほࢆ⤫ྜࡍࡿຊࢆවࡡഛ࠼ࠊ㎰ᮧᆅᇦ࡛⏕άࡍࡿ㈋ࡋࡃᜨࡲࢀ࡞࠸ቃ㐝ࡢࣥࢻࢿࢩᅜẸ
✚ᴟⓗྥࡁྜ࠺ࡼ࠺ᩍ⫱ࡉࢀࡓࠊ᪂ୡ௦ࡢ་⪅ࢆ㍮ฟࡋ࡚ࡁࡓࠋ
ࢫ࣒ࣛᐤᐟᏛᰯ⏕ᚐ
ಖ࣭་Ꮫ㒊ᩚഛᴗ
ಖ࣭་Ꮫ㒊ࡢ㛤タࡣࠊ8,1-DNDUWD ࡗ࡚Ṕྐⓗ࡞ฟ᮶࡛࠶ࡗࡓࠋ➨୍ࠊ8,1-DNDUWD
ࡢಖ࣭་Ꮫ㒊ࡣࠊ᐀ᩍ┬⟶㎄ࡢᅜᐙࢫ࣒ࣛ᐀ᩍ㧗➼ᩍ⫱ᶵ㛵3HUJXUXDQ7LQJJL.HDJDPDDQ
,VODP1HJHUL௨ୗࠊ37.,1ࡋ࡚ࡣึࡢಖ࣭་Ꮫ㒊࡛࠶ࡗࡓࠋ ᖺࡣࠊ᐀ᩍᏛ⛉ࡢࡳ
࡛࠶ࡗࡓࢪࣕ࢝ࣝࢱࡢࢩࣕࣜࣇ࣭ࣄࢲࣖࢺࢵ࣮ࣛᅜ❧ࢫ࣒ࣛ᐀ᩍᏛ㸦,QVWLWXW$JDPD
,VODP1HJHUL6\DULI+LGD\DWXOODK-DNDUWD௨ୗ㸪,$,1 ࢪࣕ࢝ࣝࢱ㸧ࡀࠊࢫ࣒ࣛᩍᏛ⛉௨እ
ࡢᏛ⛉ࢆ㛤タࡍࡿ࠸࠺ࢆᣢࡗࡓ 8,1 ⛣⾜ࡋࡓࠋ་⪅࡞ࡿࡇࡀከࡃࡢࣥࢻࢿࢩே
ࡢክ࡛࠶ࡗࡓࡇࡽࠊ་Ꮫ㒊ࡀ㑅ࡤࢀࡓࠋබ⾲ࡉࢀࡓࢹ࣮ࢱࡣ࡞࠸ࡀࠊࣥࢻࢿࢩ࡛ࡣᡂ⦼
ඃ⚽࡞㧗ᰯ⏕ࡢ༙ࡀ་Ꮫ㒊ࡢධᏛࢆᮃࢇ࡛࠸ࡓࠋࣥࢻࢿࢩ࠾ࡅࡿேཱྀࡢከࡉࡀࠊᡃࡀ
ᅜࡢ῝้࡞་⪅㊊ࢆᘬࡁ㉳ࡇࡋ࡚࠸ࡿ࠸࠺ᐇࡶ࠶ࡗࡓࠋ
⛣⾜๓ࡢ ,$,1 ⌮Ꮫ㒊࣭ᕤᏛ㒊㛤タࡢ⤒㦂ࡀ↓ࡗࡓࡇຍ࠼ࠊ་Ꮫ㒊ࡢ㛤タ⮬యࡀᐜ᫆
࡛ࡣ࡞࠸ࡇࡽࠊᙜึከࡃࡢேࠎࡀ 8,1-DNDUWD ࡀ་Ꮫ㒊ࢆ㛤タ࡛ࡁࡿࡢ༙ಙ༙࡛࠶ࡗࡓࠋ
ࡋࡋࠊ-,&$ ࢆ㏻ࡌ᪥ᮏᨻᗓࢆ☜ಙࡉࡏࡓࡇࡸᅜᐙ㛤Ⓨィ⏬ᗇࡼࡿᨭࡼࡾࠊಖ࣭་Ꮫ
㒊㛤タྥࡅࡓḰࢆཷࡅࡿࡇᡂຌࠋࡑࡋ࡚ࡑࡢᛕࡣᡶᣔࡉࢀࡓࠋࡇࢀࡀࠊ8,1-DNDUWD
ࡀ้ࢇ࡛ࡁࡓ ࡘ┠ࡢṔྐ࡛࠶ࡿࠋ
).,. ᩚഛࡢࡓࡵࡢḰࡣࠊ᐀ᩍ┬⟶㎄ࡢࢫ࣒ࣛᩍ⫱ศ㔝࠾ࡅࡿ -,&$ ึࡢᴗ࡛࠶ࡗࡓࠋ
8,1-DNDUWD ࡢಖ࣭་Ꮫ㒊ᩚഛࡢᣦྥࡣࠊൢᆅࡢᜨࡲࢀ࡞࠸ࢧࣥࢺࣜࢫ࣒ࣛᐤᐟᏛᰯ⏕ᚐ
⏕ᚐ㐩ᑐࡋಖᏛ࣭་Ꮫศ㔝࡛ᩍ⫱ࢆཷࡅࡿࡓࡵࡢࢡࢭࢫࢆ࠼ࡿ࠸࠺ࡶࡢ࡛࠶ࡗࡓࡓࡵࠊ
-,&$ ࡣಖ࣭་Ꮫ㒊ᩚഛ㈶ྠࡋࡓࠋಖ࣭་Ꮫ㒊ࡣࡑࢀࡲ࡛་Ꮫᩍ⫱㒊㐍Ꮫࡍࡿࡇࡢ࡛ࡁ
࡞ࡗࡓࣉࢧࣥࢺࣞࣥࢫ࣒ࣛᐤᐟᏛᰯࡸ࣐ࢻࣛࢧࢫ࣒ࣛ⣔Ꮫᰯࡢࢧࣥࢺࣜᑐࡋࠊࣇ
࣮࣐ࢸࣈ࣭ࢡࢩࣙࣥࢆ㐺⏝ࡋࡓࠋࡑࡢୖࠊ8,1-DNDUWD ࡢಖ࣭་Ꮫ㒊ࡣ࣒ࢫ࣒ࣜ་ᖌࣔ
ࢪ࣮ࣗࣝࡸᆅᇦ་⒪࠸ࡗࡓ≉ᚩⓗ࡞≉ู࣒࢝ࣜ࢟ࣗࣛࢆ᭷ࡋ࡚࠸ࡓࠋࡑࢀࡽࡣ◊✲ࡢ↔Ⅼࡋ
࡚㎰ᮧᆅᇦ࡛ࡢᆅᇦ་⒪ࢆ㔜せどࡋ࡚࠾ࡾࠊ-,&$ ࡣ 8,1-DNDUWD ࡢಖ࣭་Ꮫ㒊ࡀ㎰ᮧᆅᇦ࡛ࡢ
බ⾗⾨⏕ྥୖ┤᥋㛵ࢃࡾࠊලయⓗ࡞ᙳ㡪ࢆཬࡰࡍ⪃࠼ࡓࠋ
-,&$ ࡼࡿ 8,1-DNDUWD ࡢಖ࣭་Ꮫ㒊ᑐࡍࡿᨭࡣࠊ௨ୗ୕Ⅼཬࢇࡔࠋ୍ࡘ┠ࡣࠊࣛ࣎
ࣛࢺ࣮࣭ࣜᅗ᭩㤋ࢆྵࡴᰯ⯋ࡢᘓタࠋࡘ┠ࡣࠊ).,. ࡛ࡢᏛ⩦ࢆࢧ࣏࣮ࢺࡍࡿࡓࡵࡢᏛ⏕ᑅࡢᘓ
37.,1 ࡣ᐀ᩍ┬ࡢ⟶㎄ࠊ୍᪉࡛ᅜ❧㧗➼ᩍ⫱ᶵ㛵ࡣ◊✲࣭㧗➼ᩍ⫱┬⟶㎄࡛࠶ࡿࠋ37.,1 ࡣࢫ࣒ࣛ◊✲࠾ࡼࡧ࠸ࡃࡘࡢ♫
Ꮫ㔜Ⅼࢆ⨨࠸࡚࠸ࡓࠋ ᖺࡣࠊ,$,1 ࢪࣕ࢝ࣝࢱࡀ⛉Ꮫᢏ⾡Ꮫ㒊࣭་Ꮫ㒊࠸ࡗࡓ୍⯡ⓗ࡞Ꮫ㒊ࢆ㛤タࡍࡿ࠸࠺᭦࡞
ࡿࢆᣢࡕࠊ8,1 ⛣⾜ࡋࡓࠋ
タࠋ୍ᖺ⏕ࡣဨࠊᏛ⏕⌮ࡢᇶ┙࡞ࡿࢫ࣒ࣛᏛࢆᏛࡪࡓࡵᑅ࡛⏕άࡍࡿࡇࡀ⩏ົࡅ
ࡽࢀࡿࠋࡑࡋ࡚୕ࡘ┠ࡣࠊ᪥ᮏࡢᏛ࡛༤ኈㄢ⛬㐍ࡴࡓࡵࡢಖ࣭་Ꮫ㒊ㅮᖌྥࡅዡᏛ㔠ࣉࣟ
ࢢ࣒ࣛࣇ࢙࣮ࣟࢩࢵࣉ࣭ࣉࣟࢢ࣒࡛ࣛ࠶ࡿࠋ
-,&$ ࡢಖ࣭་Ꮫ㒊ᩚഛᴗࡢ⤒㦂ࡣࠊ㠀ᖖ౯್ࡢ࠶ࡿᏛࡧ࡞ࡗࡓࠋࡇࢀࡣ᐀ᩍ┬⟶㎄
ࡢศ㔝࠾ࡅࡿึࡢᴗ࡛࠶ࡗࡓࡇࡽࠊᙜ↛ከࡃࡢㄪᩚࡀᚲせࡉࢀࡓࠋࡋࡋࠊࡇࡢ -,&$
ࡢึࡢᴗࢆᡂຌࡉࡏࡼ࠺࠸࠺ඹ㏻ࡢ⇕ពࡀ࠶ࡗࡓࡇࡽࠊ㛵ಀ⪅ࡀ⇕ᚰᨭࢆ⾜ࡗ
ࡓࠋࡇࡢࡇࡽࠊ8,1࡛ࡢಖ࣭་Ꮫ㒊ᰯ⯋ᘓタࡀணᐃ㏻ࡾࡋࠊ㏣ຍᘓタᮇ㛫ࢆᚲせ
ࡋ࡞ࡗࡓࡇࡣᙜ↛ࡢ⤖ᯝࡔゝ࠼ࡼ࠺ࠋྠᴗࡣ㈝⏝ࢆ⠇⣙࡛ࡁࡓࡓࡵࠊ㈨㔠ࡢṧవศࢆᐇ
⩦ࠊ♫㈉⊩ࠊ᭦ࡣ 8,1-DNDUWD ࡢಖ࣭་Ꮫ㒊ㅮᖌ࣭Ꮫ㒊⏕ࡗ࡚ࡢ◊✲ࡢሙ࡞ࡿ
ࡘࡢᑠࡉ࡞ಖᡤ3.03XVDW.HVHKDWDQ0DV\DUDNDWࡢᘓタ࡚ࡿࡇࡀ࡛ࡁࡓࠋ
⌧ᅾ 8,1-DNDUWD ࡢಖ࣭་Ꮫ㒊ࡣࣇࣛࢵࢢࢩࢵࣉ࡞ࡗ࡚࠾ࡾࠊ᐀ᩍ┬ࡢࡾ࡛࠶ࡿࠋ8,1
-DNDUWD ࡢಖ࣭་Ꮫ㒊ࡢࢧࢡࢭࢫࢫࢺ࣮࣮ࣜࢆᡭᮏࠊከࡃࡢ᐀ᩍ┬⟶㎄ࡢࢫ࣒ࣛ㧗➼ᩍ⫱
ᶵ㛵ࡀ་Ꮫ㒊ࢆ㛤タࡋ࡚࠸ࡿࠋ▷࠸㛫ࡢ୰࡛ࠊ8,1-DNDUWD ࡢಖ࣭་Ꮫ㒊ࡣ㠀ᖖඃ⚽࡞Ꮫ
ᴗᡂ⦼ࢆṧࡋࡓࠋ་Ꮫᩍ⫱㒊ࡢㄆドホ౯ࡣࠊᩚഛᚋࡍࡄ & ホ౯ࡽ % ホ౯ୖࡀࡗࡓࠋ
ࣥࢻࢿࢩ་ᖌ⬟ຊヨ㦂8MLDQ.RPSHWLVL'RNWHU,QGRQHVLD8.',࠾ࡅࡿ ILUVWWDNHU
ึࡵ࡚ࡢཷ㦂࡛ྜ᱁ࡋࡓᏛ⏕⋡ࡣ 㸣㐩ࡋࠊ㠀ᖖ႐ࡤࡋ࠸ᩘᏐ࡞ࡗࡓࠋ་Ꮫᩍ⫱㒊ࡢධ
Ꮫᕼᮃ⪅ࡶኚ➇த⋡ࡀ㧗࠸ࠋࡋ࡚ࠊ ᖺ་Ꮫ㒊ࡢධᏛಸ⋡ࡣ ಸ࡛࠶ࡗࡓࠋ
ࢧࣥࢺࣜࡀ་⪅࡞ࡿ
ࡇࡢࡼ࠺࡞࣐ࢻࣛࢧ࣭ࣉࢧࣥࢺࣞࣥࡢᐇࡀ࠶ࡗࡓࡓࡵࠊ8,1-DNDUWD ࡢಖ࣭་Ꮫ㒊ࡣࢧ
ࣥࢺࣜ་Ꮫᩍ⫱㒊ධᏛࡢᶵࢆ࠼ࡿ࠸࠺ࡀ࠶ࡗࡓࠋ⏕≀࣭≀⌮ࡑࡋ࡚ᩘᏛ࡞ࡢ་Ꮫ
ᩍ⫱㒊࡛ྍḞ࡞⛉┠ࡢ⬟ຊࡀẚ㍑ⓗప࠸ࡇࡽࠊ࣐ࢻࣛࢧ࣭ࣉࢧࣥࢺࣞࣥฟ㌟ࡢᏛ⏕ࡣ㏣
ຍධᏛチྍࡀ⏝ពࡉࢀࡓࠋධᏛ ࣧ᭶๓ࡽᤵᴗ㐺ᛂࡍࡿⅭࡢࣈࣜࢵࢪࣥࢢࢥ࣮ࢫཧຍࡍࡿ
ࡇ࡛ࠊᙼࡽࡀၥ㢟࡞ࡃᤵᴗࡘ࠸࡚࠸ࡅࡿࡼ࠺ᮇᚅࡉࢀࡓࠋࣈࣜࢵࢪࣥࢢࢥ࣮ࢫࡢᐇࡣຠᯝ
ⓗࡔド᫂ࡉࢀ࡚࠸ࡿࠋ
་Ꮫ㒊ࡢᏛ㈝ࡣ㧗㢠࡛࠶ࡿࠋࡢᏛ㒊ẚ㍑ࡋࠊᅾᏛᮇ㛫ࡀẚ㍑ⓗ㛗࠸ࡇࡀࡑࡢཎᅉࡔࠋ་
Ꮫኈ࡞ࡿࡲ࡛᭱ప࡛ࡶ ᖺࡾࠊࡑࡢᚋࡉࡽ་ᖌ㈨᱁ࢆྲྀᚓࡍࡿࡓࡵ㝔࡚⮫ᗋᐇ
⩦་Ꮫ⏕࡞ࡿᮇ㛫ࡀ࠶ࡿࠋ་Ꮫᩍ⫱㒊ࡣ༑ศ࡞ࣛ࣎ࣛࢺ࣮ࣜ࡞ࡽࡧデ⒪ᡤ࣭ಖᡤ࠾ࡼࡧ
㝔࡛ࡢ◊ಟ࣭ᐇ⩦ࣉࣟࢢ࣒ࣛࢆᚲせࡋࠊࡇࡢ࡚ከࡃࡢ㈝⏝ࡀࡿࠋከࡃࡢࢧࣥࢺࣜࡀ་
Ꮫ㒊㈝⏝ࢆฟࡍࡿࡣཝࡋ࠸⤒῭ⓗ⫼ᬒ࠶ࡿࡇࢆ⪃៖ࡋࠊ᐀ᩍ┬ࡣඃ⚽ࢧࣥࢺࣜዡᏛ㔠ࣉ
ࣟࢢ࣒ࣛ3URJUDP6FKRODUVKLS6DQWUL([FHOOHQF\௨ୗ 3%6(ࢆᑟධࡋࡓࠋࡇࡢࣉࣟࢢ࣒ࣛࡣ
Ꮫᴗᡂ⦼ࡀᖹᆒ௨ୖࡢඃ⚽࡞ࢧࣥࢺࣜᑐࡋࠊዡᏛ㔠࠸࠺ᙧ࡛་Ꮫᩍ⫱㒊ࢆྵࡴ」ᩘᏛ㒊
ࡢᏛ㐍Ꮫᶵࢆ࠼ࡿࡶࡢ࡛࠶ࡿࠋࡇࡢ 3%6( ࡣࠊ).,. 㛤タࢆ㏻ࡌ㈋ᅔ๐ῶࢆᨭࡍࡿ࠸
࠺ᩍ⫱┬࠾ࡼࡧ 8,1-DNDUWD ࡢࢥ࣑ࢵࢺ࣓ࣥࢺࡢᐇド࡞ࡗࡓࠋẖᖺ ྡࡢࢧࣥࢺࣜࡀ 8,1
-DNDUWD ࡢಖ࣭་Ꮫ㒊㐍Ꮫࡍࡿᶵࢆᚓ࡚࠸ࡿࠋ
ࡉࡽࠊ་Ꮫᩍ⫱㒊㐍ᏛࡢࡓࡵࡢዡᏛ㔠ࢆࢧࣥࢺ࡛ࣜࡁࡿࡼ࠺ࠊ8,1-DNDUWD ࡣᆅᇦṓ
ධࡀ༑ศ࠶ࡿᆅ᪉ᨻᗓࡢࣉ࣮ࣟࢳࡶ㠀ᖖ✚ᴟⓗ࡛࠶ࡿࠋࢧࣥࢺࣜࡀ 8,1-DNDUWD ࡢ
).,. ࡛་Ꮫᩍ⫱ࢆཷࡅࡽࢀࡿࡼ࠺ࠊ༡ࢫ࣐ࢺࣛᕞࣂࢽࣗࢩࣥ┴ࡸࣜ࢘ᕞࢆྵࡴ」ᩘࡢᆅᇦࡀ
ᆅඖࡢࢧࣥࢺࣜࣉࣟࢢ࣒ࣛࢆᨭࡋ࡚࠸ࡿࠋ
3%6( ࡲࡓࡣᆅ᪉ᨻᗓዡᏛ㔠ࢆཷࡅࡓࢧࣥࢺࣜࡣࠊዎ⣙ࢆ⤖ࡪࡇ࡞ࡗ࡚࠸ࡿࠋࢧࣥࢺࣜࡣᆅ
ᇦ་⒪ᚑࡍࡿࡓࡵᆅ᪉㒊ࠊ≉⮬ࡽࡢฟ㌟ᆅᡠࡿពᛮࡀ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ༞ᴗᚋࡢࢧ
ࣥࢺࣜࡣࣉࢧࣥࢺࣞࣥᡠࡾࠊྠࣉࢧࣥࢺࣞࣥ࠾ࡼࡧ࿘㎶ఫẸࡢᗣၥ㢟ࢆᨵၿࡍࡃデ⒪ᡤࢆ
ᘓタࡍࡿࠋࡇࡢዎ⣙ࡣࠊࢧࣥࢺࣜ㐩ࡀ㎰ᮧᆅᇦ࡛ዊ⫋ࡍࡿ࠸࠺ಖドࡋ࡚⥾⤖ࡉࢀ࡚࠸ࡿࠋࡇ
ࢀࡇࡑࡀࠊ㈋ᅔ๐ῶಖ་⒪ศ㔝ࡢྥୖࢆ㏻ࡌࣥࢻࢿࢩᅜẸࡢ⏕άࡢ㉁ྥୖࢆᨭࡍࡿ
࠸࠺ 8,1-DNDUWD).,. ࡢᐇ⌧ࡢᙧ࡛࠶ࡿࠋࡲࡓࠊࡇࢀࡣ -,&$ ࡀࡇࡢಖ࣭་Ꮫ㒊ᩚഛᨭ
ࢆ⾜ࡗࡓ㝿ᥖࡆ࡚࠸ࡓ㔜Ⅼศ㔝༑ศྜ⮴ࡋ࡚࠸ࡿࠋ
⤖ࡧ
⿱⚟࡛ࡣ࡞࠸ᐙᗞ⏕ࡲࢀࠊᮾࢪࣕ࣡ࡢࣉࢧࣥࢺࣞࣥ༞ᴗ⏕࡛࠶ࡿ࣍ࣜࢲࢺ࣭ࣝࣇࢫࢼ་ᖌ
'U.KROLGDWXO+XVQDࡣࠊ ᖺ 8,1-DNDUWD ᭱ඃ⚽་Ꮫኈࡢ⛠ྕࢆᡭࡋࡓࠋࣇࢫࢼࡣ 8,1
-DNDUWD).,.་Ꮫᩍ⫱㒊ࡢ➨୍ᮇ⏕࡛࠶ࡿࠋ᐀ᩍ┬ࡢ 3%6( ࡼࡾࠊࣇࢫࢼࡣ་Ꮫᩍ⫱ࢆಟࡍ
ࡿࡇࡀ࡛ࡁࡓࠋ㠀ᖖ㈋ࡋ࠸ᐙᗞ࡛⏕ࡲࢀࠊࡉࡽࡣᤵᴗࡢ㒊ศࡣࢫ࣒ࣛᩍᏛࢆᏛࡪࣉࢧ
ࣥࢺࣞࣥฟ㌟࡛࠶ࡗࡓࡇࡽࠊࣇࢫࢼࡣࡑࢀࢆീࡋࡓࡇࡶࠊክぢࡿຬẼࡉ࠼ࡶ࡞ࡗࡓࠋ
ࡋࡋᐇ㝿ࡣࠊᙼዪࡣ་Ꮫᩍ⫱㒊࡛᭱ඃ⚽Ꮫኈࡢ⛠ྕࢆ⋓ᚓࡋࡓࠋࡲࡓࠊࡇࡢ⨾ࡋ࠸ࢧࣥࢺࣜ
ࡣࢥ࣮ࣛࣥᬯၐ⪅࡛ࡶ࠶ࡿࠋ⌧ᅾࣇࢫࢼ་ᖌࡣࢫࣛࣂࣖࡢࣝࣛࣥ࢞ᏛᅾᏛࡋࠊෆ⛉ᑓ㛛
་ࢆ┠ᣦࡋ࡚࠸ࡿࠋࣇࢫࢼ་ᖌࡢࡼ࠺࡞ே≀ࡢᏑᅾࡼࡾࠊ-,&$ ࡣ 8,1-DNDUWD ࡢಖ࣭་Ꮫ㒊
⾜ࡗࡓᨭࢆ☜ಙࡋࠊࡾᛮ࠺ࡢ࡛ࡣ࡞࠸ࡔࢁ࠺ࠋᙼዪ㐩ࡢࡼ࠺࡞㈋ࡋ࠸ேࠎ᭱Ⰻࡢᩍ
⫱ࢆ࠼ࡿࡇࡇࡑࡀࠊ㈋ᅔ๐ῶࡢ┿ࡢ㛵ᚰࢆᣢࡗࡓ⾜ືࡔゝ࠼ࡿ࡛࠶ࢁ࠺ࠋ
ᆅᇦᩍ⫱㛤Ⓨ࣭Ꮫᰯ㐠Ⴀᨵၿࣉࣟࢪ࢙ࢡࢺࡢඛ㥑⪅࡞ࡗࡓ 5(',3
∹⏣ ༤ග
ඖࣥࢻࢿࢩᆅᇦᩍ⫱㛤Ⓨᨭㄪᰝసᴗ⟶⌮ጤဨጤဨ㛗
␎Ṕ
⚟ᒸ┴⏕ࡲࢀࠋ ᖺᮾிᏛᩍ⫱Ꮫ㒊༞ᴗᚋࠊྠᏛᩍ⫱Ꮫ◊✲⛉༤ኈㄢ⛬୰
㏥ࠊᏛ⾡༤ኈ㸦ᮾிᕤᴗᏛ㸧ࠋᩥ㒊┬ᅜ❧ᩍ⫱◊✲ᡤ◊✲ဨࠊྠ௵◊✲ᐁࠊ
ᮾிᕤᴗᏛຓᩍᤵࠊᩍᤵࠊྠᏛ㝔♫⌮ᕤᏛ◊✲⛉ホ㆟ဨࠊ◊✲⛉㛗ࠊ⌮࣭
Ꮫ㛗㸦⤒Ⴀᢸᙜ㸧ࢆṔ௵ࠋ᪥ᮏホ౯Ꮫ㛗ࠊ㈈ົ┬⊂❧⾜ᨻἲேホ౯ጤဨ
ጤဨ㛗ࠊእົ┬ 2'$ ホ౯᭷㆑⪅㆟ጤဨ㛗ࠊ-,&$ እ㒊᭷㆑⪅ᴗホ౯ጤဨጤဨ
㛗࡞ホ౯㛵ಀࡢጤဨࢆከࡃࡵࡓࠋ⌧ᅾࠊᅜ㝿㛤Ⓨࢭࣥࢱ࣮ᖍ◊✲ဨࠊ࣑ࣕ
࣐࣮ࣥᅜᩍ⫱┬ᨻ⟇㢳ၥࠊᮾிᕤᴗᏛྡᩍᤵࠋ
ࣥࢻࢿࢩࡣ ᖺ௨㝆 ᖺ㛫ࡢᑠᏛᰯᩍ⫱ࢆ⩏ົᩍ⫱ࡋ࡚࠸ࡓࡀࠊ ᖺࡽ᪂ࡓ
ᖺ㛫ࡢ୰Ꮫᰯᩍ⫱ࢆྵࡵࠊ ᖺ㛫ࡢ⩏ົᩍ⫱㛤ጞࢆᐉゝࡋࠊ ᖺࡲ࡛୰Ꮫᰯࡢ⥲ᑵᏛ⋡ࢆ
ࡍࡿࡇࢆ┠ᣦࡋࡓࠋࡋࡋࠊ ᖺࡢ⤒῭༴ᶵᚋࡣᑵᏛ⋡ࡢఙࡧࡀ㕌ࡋࠊ ᖺ
ᗘ࡛ࡣ⥲ᑵᏛ⋡ࡣ Ṇࡲࡗࡓࠋࡉࡽࠊᅜ㝿ⓗぢ࡚ప࠸Ꮫຊࢆୖࡆ࡚࠸ࡃࡇࡶㄢ㢟࡛
࠶ࡗࡓࠋࡋࡶࠊ ᖺࡽᩍ⫱ࡶྵࡵᆅ᪉ศᶒࡀ㐍ࡵࡽࢀࠊ ᖺ ᭶⾜ࡢᆅ᪉⮬ἲ
ࡼࡾᇶ♏ᩍ⫱㛵ࡍࡿ㒊ศࡢ⾜ᨻ㈐௵ࡣᩍ⫱┬ࡢᆅ᪉ฟඛᶵ㛵ࡽ┴ᨻᗓ⛣⟶ࡉࢀࡓࠋᏛᰯ
యࡢ⤒ႠࠊᆅᇦఫẸࡢཧຍࡀᩍ⫱ࡢศᶒࡢᇶᮏ᪉㔪ࡉࢀࠊᮍ▱ࡢయไࡢ୰࡛࠺ࡸࡗ࡚ᑵ
Ꮫ⋡ࢆୖࡆࠊᏛຊࢆྥୖࡉࡏࡿࡣࡁ࡞ㄢ㢟࡛࠶ࡗࡓࠋ
ࡇࡢࡼ࠺࡞᪂ࡋ࠸༠ຊㄢ㢟ᑐࡋ࡚ࠊࡢࡼ࠺࡞༠ຊࡀຠᯝⓗࢆุ᩿ࡍࡿࡣ㏻ᖖࡣ㐣ཤࡢ
⤒㦂༶ࡋࡓࡾࠊᩥ⊩㢗ࡿࡇ࡞ࡿࡀࠊヲࡋࡃࡣㄪᰝࢆࡋ࡚ࡳ࡞ࡅࢀࡤࢃࡽ࡞࠸ࠋ-,&$ ࡣ
㛤Ⓨㄪᰝ࠸࠺ࢫ࣮࣒࡛࢟ࣥࣇࣛศ㔝࠾ࡅࡿ㛤Ⓨィ⏬⟇ᐃ࡞ࢆ⾜ࡗ࡚࠸ࡓࡀࠊ ᖺ
ࠕᩍ⫱ຓࡿᇶ♏◊✲ሗ࿌᭩㸫ᇶ♏ᩍ⫱ศ㔝ࢆ୰ᚰࡋ࡚㸫࡛ࠖ㛤Ⓨㄪᰝࡼࡿᇶ♏ᩍ⫱
༠ຊࡢᐇࢆᥦゝࡋࠊ ᖺࡣࡑࡢලయⓗ࡞ά⏝᪉ἲࢆࠕᩍ⫱ศ㔝࠾ࡅࡿ㛤Ⓨㄪᰝ࢞ࢻࣛ
ࣥࠖࡋ࡚ሗ࿌ࡋ࡚࠸ࡓࠋࡇࡢࡼ࠺࡞ືࡁࡢ୰࡛ࠊከࡃࡢ☜ᐃせ⣲ࡀ࠶ࡿࣥࢻࢿࢩࡢᇶ
♏ᩍ⫱㛤Ⓨ༠ຊ㛵ࡋ࡚ࠊࡇࡢ㛤Ⓨㄪᰝࡢࢫ࣮࣒࢟ࢆ⏝ࡋ࡚ࠊࡇࢀࡲ࡛ࡣ㐪ࡗࡓ᪂ࡋࡃ⮬⏤
࡞Ⓨ࡛ຠᯝⓗ࡞ᴗࣔࢹࣝࢆᥦ♧ࡍࡿ࡞ࡗࡓࠋ
ᩍ⫱ศ㔝࡛᭱ึࡢ㛤Ⓨㄪᰝࡣࠕࣥࢻࢿࢩᆅᇦᩍ⫱㛤Ⓨᨭㄪᰝ㸦5(',36WXG\RQ5HJLRQDO
(GXFDWLRQDO'HYHORSPHQWDQG,PSURYHPHQW3URMHFW㸧ࠖ࠸࠺ྡ⛠࡛ࠊ㈈ᅜ㝿㛤Ⓨࢭࣥࢱ࣮
㸦ᰴ㸧ࣃࢹࢥࡢඹྠᴗయ࡛㇏㛫᰿๎㐨Ặࡢ⥲ᣓࡢඖࠊ ᖺ ᭶㹼 ᖺ ᭶ࡢ㛫ᐇࡉࢀࡓࠋ
➹⪅ࡣసᴗ⟶⌮ጤဨጤဨ㛗ࡋ࡚ཧ⏬ࡋࡓࠋ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࡣᩍ⫱┬◊✲㛤Ⓨ⥲ᒁࡢ 'U
%RHGLRQR ⥲ᒁ㛗ࢆ࠾㢪࠸ࡋࡓࠋ'U%RHGLRQR Ặࡣ➹⪅ࡀ ᖺ %$33(1$6 ࡛ィ㔞⤒῭ࣔࢹࣝస
ᡂࡢᑓ㛛ᐙࡋ࡚άືࡋ࡚࠸ࡓᩍ⫱┬࡛ሗㄢ㛗ࡢ⫋᭷ࡾࠊᐇ㉁ⓗ࡞࢝࢘ࣥࢱ࣮ࣃ࣮ࢺ࡛
࠶ࡗࡓࠋࡑࡢᚋぶࢆ⥆ࡅ࡚ࡁࡓࡽࠊࣥࢻࢿࢩഃࡢពᛮ㏻ࡣᐦ࡛࠶ࡗࡓࠋ
5(',3 ࡣ୰Ꮫᰯᩍ⫱ࡢᨵၿලయⓗ㈨ࡍࡿᴗࣔࢹࣝࢆᵓ⠏ࡍࡿࡓࡵࠊヲ⣽࡞࣮࣋ࢫࣛࣥ
ㄪᰝᇶ࡙ࡁࠊㄪᰝ༠ຊࡋ࡚ࡃࢀࡿᆅᇦ࣭Ꮫᰯࢆ ࡘࡢࢢ࣮ࣝࣉศࡅࠊࡑࢀࡒࢀࡢࢢ࣮ࣝࣉ
࡛␗࡞ࡿᐇ㦂ⓗධ㸦ࣃࣟࢵࢺάື㸧ࢆ⾜ࡗࡓࠋࣃࣟࢵࢺάືࡣࢫ࢘㺈ࢩᕞࡢ 㒆୰㒊ࢪ
ࣕ࣡ᕞ 㒆ࢆᑐ㇟ࡋ࡚ࠊ ᖺ ᭶ࡽ ᭶ࡲ࡛ ࢝᭶㛫⾜ࢃࢀࡓࠋࣃࣟࢵࢺάືࡣ
ࡘࡢせ⣲ࡽᵓᡂࡉࢀࡓࠋ➨୍ࡣ㒆ඹ㏻ࡢࠕ㒆୰Ꮫᰯ㛤Ⓨጤဨࡢ⤌⧊࡛ࠖ࠶ࡿࠋྛ㒆ࡢ୰
ࡣᩍ⫱┬ᡤ⟶ࡢබ❧⚾❧ࠊ᐀ᩍ┬ᡤ⟶ࡢබ❧⚾❧ࡢ ✀㢮ࡢ୰ᏛᰯࡀᏑᅾࡍࡿࡀࠊᆅᇦ
యࡢ୰Ꮫᰯࢆᡤ⟶ࡍࡿ⤌⧊ࡣ࡞࠸ࠋࡇࡢࡓࡵࠊ㒆ෆࡢ᭷ຊ⪅ࡽᵓᡂࡉࢀࡿ㛤Ⓨጤဨࢆ⤌⧊
ࡋ࡚ࠊᆅᇦఫẸࡢᩍ⫱ࡢ㛵ᚰࢆ㧗ࡵࡿㅖάືࢆィ⏬࣭ᐇࡋࠊ␗࡞ࡗࡓᏛᰯ㛫ࡢ㐃⤡࣭ὶࢆ
῝ࡵࠊᆅᇦࡢ㛵ಀ⪅⮬ศࡢ㒆ࡢᏛᰯࠊ࠸࠺ព㆑ࢆࡶࡗ࡚ࡶࡽ࠺ࡇࢆពᅗࡋࡓࠋ
➨ࡣ ✀㢮ࡢ࣓ࢽ࣮ࣗࡢ୰ࡽྛ㒆୍ࡘࡢάືࢆ㑅ࢇ࡛ᐇࡍࡿࡶࡢ࡛࠶ࡿࠋලయⓗࡣࠊ
ࠕᏛᰯ㛗ࢆᑐ㇟ࡋࡓᏛᰯ㐠Ⴀ⬟ຊᨵၿࠖࠊࠕᩍဨࢆᑐ㇟ࡋࡓᩍ⛉◊✲ࡢάᛶࠖࠊࠕྛᏛᰯ
࡛ࡢᩍ⛉᭩㓄ᕸ㸭⟶⌮ࠖࠊࠕಖㆤ⪅ࢆᑐ㇟ࡋࡓಖㆤ⪅άືࡢάᛶࠖࠊࠕྛᏛᰯࡢ⊂⮬ィ⏬ᑐ
ࡍࡿ࣐ࢵࢳࣥࢢ࣭ࣇࣥࢻ᪉ᘧࡢᏛᰯ⿵ຓ㔠ࡢᥦ౪࡛ࠖ࠶ࡿࠋࢫ࢙ࣛ࢘ࢩ୰㒊ࢪࣕ࣡ࡢྛ
㒆ࡀྠࡌ࣓ࢽ࣮ࣗࡢάືࢆ⾜ࡗࡓࠋ ✀㢮ࡢ࣓ࢽ࣮ࣗࡣ࣮࣋ࢫࣛࣥㄪᰝ⤖ᯝࢆᇶࠊ᪤Ꮡᩥ⊩
ࡢ▱ぢࢆేࡏ࡚ᐃࡵࡓࠋ
ࣃࣟࢵࢺάືࡢ⤖ᯝࠊྛάືࡣ࠸ࡎࢀࡶᏛᰯయࡢ⤒ႠᆅᇦఫẸࡢཧຍࢆక࠺ᨵၿ⟇ࡋ
୍࡚ᐃࡢຠᯝࢆୖࡆࡓࠋ⌧ሙ࡛ࡣᙜ⪅ព㆑ࡀ㧗ࡲࡾࠊ⤒⌮ࢆ᫂☜ࡋࠊィሗࢆᥖ♧ࡍࡿ࡞
ࡢ᪉ἲࢆࠊ⮬ศࡓࡕ࡛⪃࠼ฟࡋࡓࠋ㒆୰Ꮫᰯ㛤Ⓨጤဨࡢάື㈨㔠ࡸዡᏛ㔠㈨㔠ࢆ㞟ࡵጞࡵࡓ
ࡇࢁࡶฟ࡚ࡁࡓࠋㄪᰝ㛤ጞࡢᇶᮏⓗ࡞⪃࠼ࡋ࡚ࠊ ࡘࡢධࡢࢀࡀ᭱ࡶ㈝⏝ᑐຠᯝࡀ㧗
࠸ࢆㄪࠊࡑࡢධࢆᴗࣔࢹࣝࡋ࡚ᅜᒎ㛤ࡍࡿ࠸࠺⪃࠼࡛࠶ࡗࡓࠋࡋࡋࠊ⤖ㄽࡋ
࡚ࡣࠊ ࡘࡢධࡢࢀࡀẚ㍑ࡋ࡚Ỵᐃⓗ㈝⏝ᑐຠᯝࡀ㧗࠸࠸࠺ࡇࡣ࡞ࡃࠊᏛᰯ
ࡼࡗ࡚ᢪ࠼࡚࠸ࡿၥ㢟ࡑࡢゎỴ⟇ࡀ␗࡞ࡿ࠸࠺ࢆ☜ㄆࡋࡓࠋ࡞ࡇࡣᩍဨࠊぶ࡞㛵
ಀ⪅ࡀၥ㢟ࢆㄆ㆑ࡋࠊࡑࢀࢆゎỴࡍࡿ᪉ἲࢆ⪃࠼ࠊᐇ⾜ࡍࡿࡇ࡛࠶ࡿࠋࡑࡢࣉࣟࢭࢫࢆᡭఏ࠺
ࡇࡀ᭱ࡶຠᯝⓗ࡞༠ຊ࡛࠶ࡿᝅࡗࡓࠋ
ᆅ᪉ศᶒࡢୗ࡛ࠊ⾜࠺ࡁ᪉ྥᛶࡀᐃࡲࡗࡓࡇࡽࠊ◊✲㛤Ⓨẁ㝵ࡽᮏ᱁ⓗᐇ㦂࣭ᐇ
ẁ㝵ྥࡅ࡚㛤Ⓨㄪᰝࣇ࢙࣮ࢬ ࡀ ᖺ ᭶㹼 ᖺ ᭶ࡲ࡛ࡢ㛫ࠕ5(',3㸸7KH6WXG\RQWKH
5HJLRQDO(GXFDWLRQDO'HYHORSPHQWDQG,PSURYHPHQW3URJUDP3KDVH㸧
ࠖࡋ࡚ᐇࡉࢀࡓࠋⱥ
ᩥྡ⛠ࢆ 3URMHFW ࡽ 3URJUDP ኚ᭦ࡋࡓࡢࡣࠊᙜࡢࣥࢻࢿࢩ࡛ࡣࣉࣟࢪ࢙ࢡࢺࡣࢻࢼ࣮
ࡀయ࡛⌧ᆅ≀ࡸ࠾㔠ࢆⴠࡍࡶࡢ࠸࠺ㄆ㆑ࡀ᭷ࡾࠊ⌧ᆅࡀ⬟ືⓗືࡁ -,&$ ࡣࡑࢀࢆᨭ
ࡍࡿ࠸࠺ࡇ࡛࠶ࢀࡤࣉࣟࢢ࣒ࣛ࠸࠺ゝ࠸᪉ࡢ᪉ࡀ㐺ᙜ࠸࠺ࣥࢻࢿࢩഃࡢせᮃࡼࡿ
ࡶࡢ࡛࠶ࡗࡓࠋ
5(',3 ࡛ࡣ◊✲㛤Ⓨࡽᐇࡢᨭ࣭ᬑཬ㔜Ⅼࡀ⛣ࡗ࡚࠸ࡗࡓࡽᑗ᮶ࡢᅜᒎ㛤ࢆ┠
ᣦࡋ࡚ࠊึ➼୰➼ᩍ⫱⥲ᒁ༠ຊࡍࡿࡇࡋࡓࠋ ᖺࡢᆅ᪉⮬ἲᇶ࡙ࡁࠊᏛᰯࢆᇶ♏
ࡋࡓᏛᰯ㐠Ⴀᆅᇦ♫ཧຍᆺᩍ⫱㛤Ⓨࢆಁ㐍ࡋࠊᆅ᪉ᩍ⫱⾜ᨻࡢ⬟ຊࢆ㧗ࡵ࡞ࡀࡽࣥࢻࢿࢩ
ᅜࡢ୰Ꮫᰯᩍ⫱࠾ࡅࡿ㔞ⓗ࣭㉁ⓗᆒ⾮ࢆṇࡍࡿࡓࡵᡓ␎ᐇィ⏬ࢆᡴࡕ❧࡚ࡿࡇ
ࢆ┠ⓗࡋࡓࠋࣃࣟࢵࢺࣉࣟࢪ࢙ࢡࢺࡣ୰㒊ࢪࣕ࣡ᕞࢫ࢙ࣛ࢘ࢩᕞࡢ 㒆ࠊᏛᰯᩘ࡛ࡣ
ᰯ࡛⾜ࢃࢀࡓࠋ
5(',3 ࣔࢹࣝࢆ┴ᩍ⫱⾜ᨻᐁࡀ┿⮬❧ⓗᐇࡋ࡚࠸ࡃࡓࡵࡣࡉࡽ࡞ࡿ⾜ᨻ⬟ຊࡢᙉ
⤒㦂ࡢ✚ࡀᚲせ࡛࠶ࡾࠊᆅᇦⓗᣑࢆᅗࡿࡇࡶᚲせ࠸࠺ࡇ࡛ࠊ ᖺ ᭶㹼 ᖺ
᭶ࡢ㛫ࠊᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࡋ࡚ࠕࣥࢻࢿࢩᅜᆅ᪉ᩍ⫱⾜ᨻᨵၿィ⏬ࠖࢆᐇࡋࡓࠋᑐ
㇟ᆅᇦࡣすࢪࣕ࣡ᕞࡽศ㞳⊂❧ࡋࡓ㈋ࡋ࠸ᕞ࡛࠶ࡗࡓࣂࣥࢸࣥᕞࡶྵࡵࠊ༠ຊᑐ㇟ࡣ 㒆
୰Ꮫᰯ࡞ࡗࡓࠋ
5(',3 ࡣ㛤ጞ┤๓ࢪ⤒῭༴ᶵࡢἼぢ⯙ࢃࢀࠊࡉࡽᆅ᪉ศᶒ࠸࠺ᨻⓗΰࡢ
ᔒࡢ୰࡛⯪ฟࡋࡓࡀࠊ-,&$ ࡢ௦⾲ⓗ࡞ᅜ㝿ᩍ⫱༠ຊࣉࣟࢪ࢙ࢡࢺ⫱ࡗࡓࠋ5(',3 ࡣ୍ࡘࡢຓ
ࣉࣟࢢ࣒ࣛ࠸࠺ࡼࡾࠊ୍✀ࡢᆅᇦࡸᏛᰯࢆᇶ♏ࡋࡓᩍ⫱ᨵၿ㐠ືኚ㌟ࡋࡓゝࡗ࡚ࡶⰋ࠸ࠋ
ࡑࡢ⌮⏤ࡢ୍ࡘࡣࠊཷ┈⪅࡛࠶ࡿᏛᰯࠊᆅᇦࠊᆅ᪉ᩍ⫱ᙜᒁࡢࢽ࣮ࢬ࣐ࢵࢳࡋࡓ࠸࠺ࡇ࡛
࠶ࡿࠋၥ㢟ࡸࢽ࣮ࢬࡣಶࠎࡢᏛᰯࡼࡗ࡚␗࡞ࡾࠊ୍ࡘࡢᨭ⟇ࡔࡅ࡛ᆅᇦࠊᰯࡢၥ㢟ࢆゎ
Ỵࡍࡿࡇࡣฟ᮶࡞࠸࠸࠺ᙜࡓࡾ๓ࡢᐇࢆ๓ᥦࠊၥ㢟Ⓨぢࠊࢽ࣮ࢬศᯒࠊၥ㢟ゎỴᡭἲࡢ
ᥦ࡞ࡣཷ┈⪅ࡀ⮬ศ࡛⾜࠺ࡁ࡛࠶ࡾࠊࢻࢼ࣮ࡣࡑࡢၥ㢟ྍỴࡢᐇࡢᡭఏ࠸ࢆࡍࡿࡢࡀ
㐺ษ࡛࠶ࡿ࠸࠺⪃࠼ࢆ╔ᐇᐇ⾜ࡋࡓࠋࢻࢼ࣮ࡀཷ┈⪅ࢽ࣮ࢬࢆᢲࡋࡾࡍࡿࡢ࡛ࡣ࡞ࡃࠊ
⌧ሙࡢࢽ࣮ࢬࢆࡋࠊࡑࢀࢆᨭࡍࡿࡇᚭࡋࡓࡇࡀࠊᏛᰯࡸᆅ᪉ᩍ⫱ᙜᒁࡢ⮬Ⓨⓗ࡞
άືࢆႏ㉳ࡋࡓ⪃࠼ࡽࢀࡿࠋ
ࣥࢻࢿࢩࡢ୰Ꮫᰯࡣᩍ⫱┬ࡢࠊ᐀ᩍ┬ࡶබ❧ࠊ⚾❧ࡢᏛᰯࢆᡤ⟶ࡋ࡚࠸ࡿࠋࡲࡓᏛ༊ࡀ
࡞࠸ࡇࡽࠊ⏕ᚐࡣᵝࠎ࡞ᏛᰯᑵᏛ࡛ࡁࡿࡀࠊࡑࢀࡀᏛᰯᆅᇦࡢ㛵ಀࢆᙅࡵ࡚࠸ࡓࠋ5(',3
ࡣᕷ࣭㒆࠸࠺ఫẸཧຍࡢつᶍࡋ࡚ᡭ㡭࡞ࢧࢬࡢ⮬యᡤᅾࡍࡿࡍ࡚ࡢᏛᰯࢆᨭࡍࡿ
ࡇࡼࡾࠊᆅᇦయࡢᩍ⫱ຊࢆ㧗ࡵࠊ␗✀ࡢᏛᰯ㛫ࡢᖹ➼࡞┦༠ຊ㛵ಀࢆ⠏ࡃࡇࡀฟ᮶ࡓࠋ
Ꮫᰯࡸᩍဨ㛫ࡢࢿࢵࢺ࣮࣡ࢡࡀᙧᡂࡉࢀࠊάືࡀಁ㐍ࡉࢀࡓ㒆୰Ꮫᰯ㛤Ⓨጤဨࡢάືಶࠎࡢ
Ꮫᰯࡢάືࡢ⤌ࡳྜࢃࡏ࡛┦ຠᯝࡀฟࡓࠋ
ࡉࡽࠊ᪥ᮏഃࡶࣥࢻࢿࢩഃࡶ㛗ᮇࢃࡓࡗ࡚⊩㌟ⓗດຊࡍࡿேᜨࡲࢀࡓࠋ5(',3
ࡢࣥࢻࢿࢩഃ௦⾲⪅࡛࠶ࡗࡓ +DPLG ๓ᮇ୰➼ᩍ⫱ᒁ㛗ࡣ ᖺ࣓ࣜ࢝␃Ꮫࡽᖐᅜࡋࡓ
ᙜࠊ5(',3ࠊ ࡢࣥࢻࢿࢩഃ௦⾲⪅࡛࠶ࡗࡓ %RHGLRQR ⥲ᒁ㛗ࡢ⭡ᚰࡋ࡚ࠊᖖ 5(',3 ࡢ
Ⰻࡁᚋぢே࡛࠶ࡗࡓࠋ5(',3 ᐇᙜࡓࡗ࡚ၥ㢟ࡀ⏕ࡌࡓࡇࡶ࠶ࡗࡓࡀࠊ᪥ᮏഃࣥࢻࢿࢩ
ഃ࡛༑ศ࡞ヰࡋྜ࠸ࢆ⾜ࡗ࡚ゎỴࡋ࡚ࡁࡓࠋࡑࡢࡼ࠺࡞᪥ᮏഃࡢែᗘࡶࣥࢻࢿࢩഃࡢ㛗
࠸㛫ࡢಙ㢗㛵ಀࡢ㔊ᡂᙺ❧ࡗࡓࠋࣁ࣑ࢵࢻᒁ㛗ࡣ 5(',3 ࡢホ౯ㄪᰝᅋࡢ༠㆟ࡢ㝿ࠊࠕ5(',3
࠸࠺ゝⴥࡣ࡞ࡃ࡞ࡿࡶࡋࢀ࡞࠸ࡀࠊ5(',3 ࡀ┠ᣦࡋࡓࡇࡣࣥࢻࢿࢩࡢᩍ⫱ᨻ⟇ࡋ࡚ࠊ
ᅜᆅ᪉ࡢ㈈※ࡼࡗ࡚ᚋᮎỌࡃᐇࡋ࡚࠸ࡃࠖ᫂ゝࡉࢀࡓࠋࡇࢀ௨ୖࡢ⮬❧Ⓨᒎࡣ࡞࠸ࠋ
ᮏㄪᰝࡢࡓࡵ࠾┠ࡗࡓ㝿ࠊึ➼୰➼ᩍ⫱⥲ᒁ㛗ࡋ࡚ࠊᘬࡁ⥆ࡁᩍ⫱ࡢⓎᒎᑾຊࡉࢀ
࡚࠸ࡓࠋᩍ⫱ᨵ㠉ࡢ୰ᚰ࡞ࡗ࡚ࡇࡽࢀࡓከࡃࡢ᪉ࠎࡢ༑ศ࡞⌮ゎ୍㈏ࡋࡓ㛗ᮇࢃࡓࡿ༠ຊ
࡞ࡋࡣ 5(',3 ࡢᡂᯝࡣ㐩ᡂ࡛ࡁ࡞ࡗࡓࠋ
ᩥ⊩
ᅜ㝿㛤Ⓨࢭࣥࢱ࣮ࠊࣃࢹࢥ㸦㸧ࠗࣥࢻࢿࢩᅜᆅᇦᩍ⫱㛤Ⓨᨭㄪᰝ᭱⤊ሗ࿌᭩࠘
ᅜ㝿㛤Ⓨࢭࣥࢱ࣮ࠊࣃࢹࢥ㸦㸧
ࠗࣥࢻࢿࢩඹᅜᆅᇦᩍ⫱㛤Ⓨᨭㄪᰝࣇ࢙࣮ࢬ ᭱⤊ሗ
࿌᭩࠘
ᅜ㝿༠ຊᶵᵓࣥࢻࢿࢩົᡤ㸦㸧
ࠗࣥࢻࢿࢩᅜᆅ᪉ᩍ⫱⾜ᨻᨵၿィ⏬ᢏ⾡༠ຊࣉࣟࢪ
࢙ࢡࢺ⤊ホ౯ሗ࿌᭩࠘
-,&$ ࣉࣟࢪ࢙ࢡࢺ࠾ࡅࡿᏛࡧࡑࡢᣢ⥆ⓗ࡞Ⓨᒎྥࡅ࡚
6XPDU+HQGD\DQD
ࣥࢻࢿࢩᩍ⫱Ꮫ83,♫㈉⊩◊✲ᡤ
ᩍ⫱ࣀ࣮࣋ࢩࣙࣥࢭࣥࢱ࣮㛗
␎Ṕ
ࣥࢻࢿࢩᩍ⫱Ꮫ⌮ᩘ⛉ᩍ⫱Ꮫ㒊࣭Ꮫ⾡ᢸᙜᏛ㒊㛗ࠊࣥࢻࢿࢩᩍ⫱Ꮫ⌮
ᩘ⛉ᩍ⫱Ꮫ㒊㛗ࢆ⤒࡚ྠᏛ♫㈉⊩◊✲ᡤᩍ⫱ࣀ࣮࣋ࢩࣙࣥࢭࣥࢱ࣮㛗ࠋ ᖺ
௨㝆⌧ᅾࡲ࡛ࠕึ୰➼⌮ᩘ⛉ᩍ⫱ᣑィ⏬㸦,067(3㸧ࠖࠊࠕ๓ᮇ୰➼⌮ᩘ⛉ᩍဨ◊ಟᙉ
ࣉࣟࢪ࢙ࢡࢺ㸦6,677(06ࠖࢆጞࡵࡍࡿከࡃࡢ -,&$ ࣉࣟࢪ࢙ࢡࢺ⥅⥆ࡋ࡚ᚑ
ࡋࠊࣥࢻࢿࢩഃࡢ୰ᚰⓗ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࡋ࡚ά㌍ࠋࡑࡢຌ⦼ࡼࡾࠊ ᖺ
ᗘࡢࠕ➨ ᅇ -,&$ ⌮㛗⾲ᙲ࡛ࠖࠕ-,&$ ᅜ㝿༠ຊឤㅰ㈹ࠖࢆཷ㈹ࠋ⌧ᅾࡣࠊᏛ
࠾ࡅࡿᤵᴗ◊✲ࢆᗈࡵࡿࡓࡵࠊᩍ⫱┬㸦02(㸧ཬࡧ◊✲࣭ᢏ⾡࣭㧗➼ᩍ⫱┬ࡢࢳ࣮࣒
ཧຍࡋ࡚࠸ࡿࠋ
ࠕึ➼࣭୰➼⌮ᩘ⛉ᩍ⫱ᨵၿィ⏬㸦 ᖺ㹼㸧
ࠖ
ࣂࣥࢻࣥᩍဨ㣴ᡂᏛ㸦⌧ᅾࡢࣥࢻࢿࢩᩍ⫱Ꮫ㸧ࡢタᘓタᶵᮦᩚഛࠊࢪࣙࢢࢪࣕ࢝ࣝ
ࢱᩍဨ㣴ᡂᏛ㸦⌧ᅾࡢࢪࣙࢢࢪࣕ࢝ࣝࢱᅜ❧Ꮫ㸧ཬࡧ࣐ࣛࣥᩍဨ㣴ᡂᏛ㸦⌧ᅾࡢ࣐ࣛࣥ
Ꮫ㸧ࡢᶵᮦᩚഛࢆ⾜࠸ࠊ௨ୗࡢᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺ࠾࠸࡚άືࢆᐇࡍࡿࡓࡵࡢᩍ⫱⎔ቃࢆ
ᩚഛࡋࡓࠋタᩚഛཬࡧᶵᮦ౪ࡼࡾࠊࡇࢀࡽᩍဨ㣴ᡂᏛ࡛ࡢㅮ⩏ࡀࡼࡾຠᯝⓗࠊຠ⋡ⓗ࡞
ࡗࡓࠊㅮ⩏ࡢศ㔝ࡶᗈࡀࡗࡓࠋ
ࠕึ୰➼⌮ᩘ⛉ᩍ⫱ᣑィ⏬㸦,067(3㸧
㸦 ᖺ㹼 ᖺ㸧
ࠊࣇ࢛࣮ࣟࢵࣉ༠ຊ㸦 ᖺ㹼
ᖺ㸧ࠖ
ึ୰➼ᩍဨ㣴ᡂㄢ⛬ࢆᣢࡘ ࡘࡢせᏛ㸦ࣥࢻࢿࢩᩍ⫱Ꮫࠊࢪࣙࢢࢪࣕ࢝ࣝࢱᅜ❧Ꮫࠊ
࣐ࣛࣥᏛ㸧ࡢ⌮ᩘ⛉ᩍ⫱ㄢ⛬ཬࡧᩍᤵෆᐜࡢᨵၿࠊ࣒࢝ࣜ࢟ࣗࣛཬࡧࢩࣛࣂࢫࡢᨵၿࠊᩍᮦ㛤
Ⓨࠊᩍ⫱ホ౯ཬࡧᏛ⾡ὶ㛵ࡍࡿάືࡀ⾜ࢃࢀࠊࡇࢀࡼࡾ⌮ᩘ⛉ᩍဨ㣴ᡂㄢ⛬ཬࡧ⌧⫋ᩍဨ◊
ಟࡀᨵၿࡉࢀࡓࠋࡲࡓࠊ ᖺࡼࡾ㛤ጞࡉࢀࡓࣇ࢛࣮ࣟࢵࣉ༠ຊ࡛ࡣࠊᑐ㇟Ꮫ࿘㎶ࡢࣃࣟ
ࢵࢺᰯ㸦ᬑ㏻୰Ꮫᰯ࣭㧗ᰯ㸧࡛Ꮫᩍဨࡀࣔࢹࣝᤵᴗࢆᐇࡋࠊᤵᴗ◊✲ࢆ㏻ࡌࡓᩍᤵἲᨵၿࡢࡓ
ࡵࡢᣦᑟࡀ⾜ࢃࢀࡓࠋ
ࠕ๓ᮇ୰➼⌮ᩘ⛉ᩍဨ◊ಟᙉࣉࣟࢪ࢙ࢡࢺ6,677(06㸦 ᖺ㹼 ᖺ㸧
ࠖ
,067(3 ࡢᡂᯝࢆάࡋࠊᤵᴗ◊✲ࢆ⤌ࡳ㎸ࢇࡔᩍ⛉ู⌧⫋ᩍဨ◊ಟ㸦0*03㸧άືࡢᬑཬྥࡅࠊ
0*03 ࣇࢩࣜࢸ࣮ࢱࠊᏛᰯ㛗ࠊᏛᩍဨࡢ◊ಟࠊ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࡢᮏ㑥◊ಟ➼ࡢάືࢆ㏻ࡌ
0*03 άືࡢࣔࢹࣝࢆᵓ⠏ࡍࡿࡇࡼࡾࠊᑐ㇟ᆅᇦ࡛ࡢᤵᴗ◊✲ࡢᬑཬᑐ㇟┴ෆࡢ⏕ᚐࡢ⌮ᩘ
⛉ࡢᏛຊྥୖࢆ┠ᣦࡋࡓࠋᑐ㇟ࢧࢺ ┴࠾࠸࡚ ᖺࡢ㛫୰Ꮫᰯ⌮ᩘ⛉ᩍဨࡢ⌮ᩘ⛉ᩍ⛉ู
⌧⫋ᩍဨ◊ಟᤵᴗ◊✲ࡀᑟධࡉࢀࠊᩍဨࡢ⬟ຊྥୖ㈉⊩ࡋࡓࠋ
ࣥࢻࢿࢩࡢᩍ⫱ࡢᴫほ
ࣥࢻࢿࢩࡢᩍ⫱ࡣࠊ ᖺ௨㝆ࠊ ࡘࡢ┬ࡀᡤ⟶ࡍࡿࡼ࠺࡞ࡗࡓࠋࡍ࡞ࢃࡕࠊึ୰➼ᩍ⫱ࢆ
ᩍ⫱ᩥ┬ࡀࠊࢫ࣒ࣛᩍᇶ࡙ࡃึ୰➼ᩍ⫱ࢆ᐀ᩍ┬ࡀࠊࡑࡋ࡚㧗➼ᩍ⫱ࢆ◊✲࣭ᢏ⾡࣭㧗➼ᩍ⫱
┬ࡀᡤ⟶ࡋ࡚࠸ࡿࠋࢫ࣒ࣛᩍᇶ࡙ࡃ㧗➼ᩍ⫱ࡣࠊ᐀ᩍ┬ࡀᢸᙜࡋ࡚࠸ࡿࠋࣥࢻࢿࢩᨻᗓࡣ
ᖺࡽᅜᐙண⟬ࡢ 㸣ࢆᩍ⫱ᩥ┬ࠊ◊✲࣭ᢏ⾡࣭㧗➼ᩍ⫱┬ࠊ᐀ᩍ┬࠾ࡼࡧࡢ┬ࡀᢸᙜࡍ
ࡿᩍ⫱ࡢᨭ㓄ศࡋ࡚ࡁࡓࠋࡑࡋ࡚ࠊ ᖺࡢᏛᰯᩍဨཬࡧᏛᩍဨ㛵ࡍࡿἲᚊ࡛ࠊᏛᰯᩍဨ
Ꮫᩍဨࡣᑓ㛛⫋࡛࠶ࡿࡇࡀ᫂グࡉࢀࠊ᭱ప࡛ࡶ༞㸦Ꮫኈ㸧࡛ᩍဨචチࢆ᭷ࡍࡿࡇࡀࠊᑠᏛ
ᰯࠊ୰Ꮫᰯࠊ㧗ᰯཬࡧᑓ㛛㧗ᰯࡢᩍဨࡢ᮲௳࡞ࡗࡓࠋᨻᗓࡣࡲࡓࠊᩍဨᑓ㛛⫋ᡭᙜࢆᨭ⤥ࡍࡿࡇ
ࡋࡓࡢ࡛ࠊ ᖺ௨๓ẚࡿࠊᩍဨࡢᚅ㐝ࡣᨵၿࡉࢀࡓࠋ
⤫ィ㸦ᩍ⫱ᩥࢹ࣮ࢱ⤫ィࢭࣥࢱ࣮ ᖺ㸧ࡼࡿࠊᩍ⫱ᩥ┬ࡢᡤ⟶ࡍࡿᩍ⫱ᶵ㛵㸦ᗂ⛶ᅬࠊ
≉ูᨭᏛᰯࠊᑠᏛᰯࠊ୰Ꮫᰯࠊ㧗ᰯࠊᑓ㛛㧗ᰯ㸧ࡢ⏕ᚐᩘࡣ ே࡛ࠊᩍဨᩘࡣ
ே࡛࠶ࡿࠋᩍဨ ேᙜࡓࡾࡢ⏕ᚐᩘࡣࠊᗂ⛶ᅬ ேࠊ≉ูᨭᏛᰯ ேࠊᑠᏛᰯ ேࠊ୰Ꮫ
ᰯ ேࠊ㧗ᰯ ேࠊᑓ㛛㧗ᰯ ே࡛࠶ࡿࠋ୍᪉ࠊᅜᩓࡽࡤࡿࠊ ࡢ㧗➼ᩍ⫱ᶵ㛵ࡀᩍဨࢆ㍮
ฟࡋ࡚࠸ࡿࠋලయⓗࡣඖᅜ❧ᩍဨ㣴ᡂᏛ ᰯࠊᅜ❧Ꮫᩍ⫱Ꮫ㒊 Ꮫ㒊ࠊ㏻ಙไᏛᩍ⫱Ꮫ㒊
Ꮫ㒊ࠊ⚾❧Ꮫ ᰯ࡛࠶ࡿࠋࡇࡢࡼ࠺ࠊᩍဨࢆ㣴ᡂࡍࡿᏛࡢᩘࡀከ࠸ࡢ࡛ࠊᩍဨᩘ⏕ᚐᩘ
ࡢྜၥ㢟ࡣ࡞࠸ࠋ
ࡋࡋ࡞ࡀࡽࠊ᪥ࠊ༴ࡉࢀ࡚࠸ࡿࡢࡣࠊ⾨⏕ࡸ⎔ቃࠊ㏻つ๎ᑐࡍࡿேࠎࡢព㆑ࡀప࠸ࡇ
࡛࠶ࡿࠋࡇࡢࡇࡣࠊࣥࢻࢿࢩࡢᩍ⫱ࡢ㉁ࠊࡲࡔከࡃࡢㄢ㢟ࡀ࠶ࡿࡇࢆពࡋ࡚࠸ࡿࠋࡇࡢ
ࡓࡵࠊᡃࠎᩍ⫱⪅ࡢ㈐ົࡣࠊᏛᰯࣞ࣋ࣝࡽᩍ⫱ࡢ㉁ࡢྥୖྲྀࡾ⤌ࡴࡇ࡛࠶ࡿࠋࡑࡋ࡚ࠊ-,&$
ࡢࣉࣟࢪ࢙ࢡ㛵ࢃࡗࡓࡇ࡛ࠊ➹⪅ࡣࠊࣥࢻࢿࢩࡢᑗ᮶ࢆᢸ࠺ୡ௦ࢆ⫱࡚ࡿࡓࡵࡣࠊᩍ⫱ࡢ
㉁ࡢྥୖࡢ⥅⥆ⓗ࡞ྲྀࡾ⤌ࡳࡀ࠸㔜せࢆㄆ㆑ࡋࡓࠋ
↓ൾ㈨㔠༠ຊ
-,&$ ࡢ↓ൾ㈨㔠༠ຊࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊࣥ
ࢻࢿࢩᩍ⫱Ꮫ࠾ࡅࡿ⌮ᩘ⛉ᩍ⫱ࡢ㉁ࡢྥୖ
ࢆᨭࡍࡿࡓࡵࠊタࡢᘓタࡸᐇ㦂ᶵᮦࡢ౪ࡀ
⾜ࢃࢀࡓࠋᘓタᐇ㦂ᶵᮦࡢㄪ㐩⮬యࡣ ᖺ࡛⤊
࠼ࡿࡇࡀ࡛ࡁࡓࡀࠊᥦࡽᐇࡲ࡛ࡣ
ᖺ࠸࠺㛗࠸㛫ࢆせࡋࡓࠋࡇࡢࡼ࠺ᘓタࡲ࡛
ࡢ ‽ ഛ ࡀ ࠶ ࡲ ࡾ ࡶ 㛗 ࠸ ࡓ ࡵ ࠊ ࠕ -,&$ ࡣ
ࠗ-LNDODX㸦ࡶࡋྍ⬟࡞ࡽࡤ㸧࠘࡞ࡗࡓࠖࠊ
ᐇࡉࢀ࡞࠸ྍ⬟ᛶࡶ࠶ࡿ࠸࠺ពࢆ㎸ࡵ࡚㥏
ὗⴠࢆゝ࠺⪅ࡶ࠸ࡓࠋᘓタ╔ᕤ๓ࡣࠊࣂࣥࢻࣥ
ᕷࡢኳೃࠊᅵᆅࠊᘓ≀ࡢࣔࢹࣝ㛵ࡍࡿࢹ࣮ࢱࡀ ᪥ᮏࡢຓࡼࡿࣥࢻࢿࢩᩍ⫱Ꮫ⌮ᩘ⛉
ᩍ⫱Ꮫ㒊Ჷࡢᴫほ
ᚲせࡉࢀࡓࠋ㒊ᒇࡢ⏝㏵ࡘ࠸࡚ࡣᘓタᴗ⪅ࠊ
-,&$ࠊ࣮ࣘࢨ࣮ࡢ㛫࡛ᖖ㆟ㄽࡉࢀࠊࢱࣝࡢࢧࢬࡸ㘽ࡢࡼ࠺࡞ᑠࡉ࡞ࡲ࡛ࠊ࣮ࣘࢨ࣮࡛࠶ࡿ
ᡃࠎᖖ┦ㄯࡀ࠶ࡗࡓࠋࡲࡓࠊྛᶵᮦࡸഛရ㛵ࡍࡿᥦࡶࠊ᪥ᮏࡢᑓ㛛ᐙࡑࡢά⏝ࡘ࠸࡚㆟
ㄽࡋ࡞࠸ࡲࡲࠊࡑࢀࡀ┤ࡕᢎㄆࡉࢀࡿࡇࡣ࡞ࡗࡓࠋᘓタᕤࡀጞࡲࡿࠊ㐍ᤖ≧ἣࢆホ౯ࡍࡿ
ࡓࡵࠊ᭶࣑࣮ࢸࣥࢢࡀ㛤ദࡉࢀࡓࠋࡋࡋࠊ‽ഛࢳ࣮࣒ࡣᚸ⪏ᙉࡃࠊ⥅⥆ⓗ -,&$ ࡢ↓ൾ㈨㔠
༠ຊࣉࣟࢪ࢙ࢡࢺࡢࡓࡵᑾຊࡋࡓࠋ
,067(3
,067(3 ࡢࣇ࢛࣮ࣟࢵࣉࡣࠊᏛᏛᰯࡢࣃ࣮ࢺࢼ࣮ࢩࢵࣉ࣭ࣉࣟࢢ࣒࡛ࣛࠊᏛᏛᰯࡢࡘ࡞ࡀ
ࡾࢆ⥭ᐦࡍࡿࡇࢆ┠ⓗࡋ࡚࠸ࡿࠋᏛᩍဨࡀᏛᰯ⌧ሙࡽᏛࡧࠊࡑࢀࢆᏛࡢᩍဨ㣴ᡂㄢ⛬ࡢ
㉁ࢆ㧗ࡵࡿࡓࡵࣇ࣮ࢻࣂࢵࢡࡍࡿࡢ࡛࠶ࡿࠋᑐ㇟ࡢྛᏛࡣ࿘㎶ࡢ ᰯ㸦୰Ꮫᰯ ᰯ㧗➼Ꮫᰯ
ᰯ㸧༠ຊࡍࡿࠋࡇࡢάືࡣࣃࣟࢵࢺ࣭ࢡࢸࣅࢸ㸦3$㸧ྡࡅࡽࢀࡓࠋࡑࡋ࡚ 3$ ࡢ࣋ࢫ
ࢺ࣭ࣉࣛࢡࢸࢫࡣࠊྛ㒔ᕷࡢ⌮ᩘ⛉ࡢᩍ⛉ู⌧⫋ᩍဨ◊ಟ㸦0*03㸧࡛⤂ࡉࢀࡓࠋᏛᩍဨᏛᰯ
ᩍဨࡣࠊ㌟㏆࡞ࡶࡢࢆά⏝ࡋࡓࠕయ㦂ⓗ㸦KDQGVRQ㸧࡛ࠖࠊࠕክ୰㸦PLQGRQ㸧ࠖࡉࡏࠊࠕᐇ⏕ά
㸦GDLO\OLIH㸧ࠖࢆ㢟ᮦࡋࡓࣉ࣮ࣟࢳ࡛ࠊ⌮ᩘ⛉ᤵᴗࢆๅ᪂ࡋ࡚࠸ࡃࠋᤵᴗసࡾࡽᤵᴗほᐹࠊ
ࡾ㏉ࡾࣜࣇࣞࢡࢩࣙࣥࡲ࡛ࢆ୍⥴⾜࠺ࡢࡔࠋ,067(3 ࡑࡢࣇ࢛࣮ࣟࢵࣉࢆ㏻ࡌ࡚ࠊ➹⪅ࡀᏛ
ࢇࡔ㈗㔜࡞ࡇࡣḟࡢ࠾ࡾ࡛࠶ࡿࠋᩍဨ㣴ᡂᏛࡣᏛ⏕ࢆᣦᑟࡍࡿ࠺࠼࡛ࠊᖖ⮬ࡽࡢ⬟ຊࢆ
㧗ࡵࠊ▱㆑ࡸࢫ࢟ࣝࢆࢵࣉࢹ࣮ࢺࡍࡿࡁ࡛࠶ࡿࠋᩍဨ㣴ᡂᏛ㛫ࡢࢿࢵࢺ࣮࣡ࢡᵓ⠏ࡘ࠸
࡚Ꮫࡪࠋᩍဨ㣴ᡂᏛࡣࡑࡢᩍ⫱ෆᐜࢆᨵၿࡋ࡚࠸ࡃࡓࡵࠊᏛᰯ㐃ᦠࡋࠊ⌧ሙࡽᏛࡤ࡞ࡅ
ࢀࡤ࡞ࡽ࡞࠸ࠋᏛᰯࡢ࿘㎶࠶ࡿࡶࡢࢆࠊ⌮ᩘ⛉Ꮫ⩦ࡢᩍᮦࡋ࡚⏝࡛ࡁࡿࠋ⏕ᚐࡣࠊ㌟㏆
࡞ࡶࡢࢆࡗࡓࠕయ㦂ⓗ࡛ࠖࠊࠕክ୰ࠖ࡞ࢀ࡚ࠊࠕᐇ⏕άࠖࡢ≧ἣࡸ㢟ᮦࢆ⏝࠸ࡓ⌮ᩘ⛉ࢆᏛࡪࡇ
ࡀዲࡁ࡛࠶ࡿࠋᤵᴗࡢほᐹ⪅ࡣᤵᴗ⪅㸦ᩍဨ㸧ࢆࠕほᐹࠖࡋࠊࠕࡾ㏉ࡾࠖࡢࡶᤵᴗ⪅ࡢ
ࡇゝཬࡍࡿഴྥࡀ࠶ࡿࠋ
6,677(06
๓ᮇ୰➼⌮ᩘ⛉ᩍဨ◊ಟᙉࣉࣟࢪ࢙ࢡࢺ
㸦6WUHQJWKHQLQJ,Q6HUYLFH7HDFKHU7UDLQLQJRI
0DWKHPDWLFVDQG6FLHQFH(GXFDWLRQDW6HFRQGDU\
/HYHO㸸6,677(06㸧ࡣࠊすࢪࣕ࣡ᕞࢫ࣓ࢲࣥ┴ࠊ
ࢪࣙࢢࢪࣕ࢝ࣝࢱᕞࣂࣥࢺࣝ┴ࠊᮾࢪࣕ࣡ᕞࣃ
ࢫࣝࣥ┴ࡢ ┴ࡢᬑ㏻୰Ꮫᰯཬࡧࢫ࣒ࣛ୰Ꮫ
ᰯ࣐ࢻࣛࢧࡢ⌮ᩘ⛉ᩍဨᑐࡋ࡚ࠊᤵᴗ◊✲ࢆ
ᑟධࡋࡓ◊ಟ࡛࠶ࡿࠋ6,677(06 ࡢάືࡣ ᖺ
ࡽ ᖺࡲ࡛⾜ࢃࢀࠊࢫ࣓ࢲࣥ┴࡛ࡣᬑ㏻୰
Ꮫᰯཬࡧࢫ࣒ࣛ୰Ꮫᰯ ᰯࡢ⌮ᩘ⛉ᩍဨ ࢫ࣓ࢲࣥ┴࡛ࡢᤵᴗ◊✲㸸
ேࡀཧຍࡋࡓࠋᩍဨࡢᐃᮇ◊ಟඛ❧ࡗ࡚ࠊ ⏕ᚐࡢᏛࡧࡽࣥࢫࣆ࣮ࣞࢩࣙࣥࢆᚓࡿࡓࡵ
ᤵᴗࢆほᐹࡍࡿᩍဨࡓࡕ
6,677(06 ࡢࣉࣟࢢ࣒ࣛࢆ⤂ࡍࡿࡓࡵࡢᰯ㛗࣭
ᣦᑟྥࡅ◊ಟࡀ⾜ࢃࢀࡓࠋ6,677(06 ࡢάືࡣࠊ 㐌㛫 ᗘࠊỈ᭙᪥ࡣᩘᏛࠊᅵ᭙᪥ࡣ⌮⛉ࡢඛ
⏕ࡓࡕࢆᑐ㇟ ᆅᇦࡢ⌮ᩘ⛉ 0*03 ࡛⾜ࢃࢀࡓࠋྛᆅᇦࡢ 6,677(06 άືࡣ ࡽ ேࡢ⌮ᩘ⛉
ᩍဨࡀཧຍࡋࠊࣥࢻࢿࢩᩍ⫱Ꮫࡢ⌮ᩘ⛉ᩍ⫱ࢆᢸᙜࡍࡿᩍဨࡀࢧ࣏࣮ࢺࡋࡓࠋ
ᚑ᮶ࡢᤵᴗࡢၥ㢟ⅬࢆࡶࠊᏛᰯࡢඛ⏕ࠊᰯ㛗ࠊᣦᑟࠊᏛᩍဨࡀ༠ാ࡛ࠊ㌟㏆࡞ࡶࡢࢆ
ࡗ࡚ࠊ⏕ᚐࡀయ㦂㸦KDQGVRQ㸧ࡋࠊክ୰࡞ࡾ㸦PLQGRQ㸧ࠊࡑࡋ࡚ᐇ⏕ά㸦GDLO\OLIH㸧ࢆ㢟ᮦࡋ
ࡓᤵᴗࢆసᡂࡋࡓࠋࡇࡢᤵᴗࢆࡗ࡚ᤵᴗ⪅ࡢඛ⏕ࡀᐇ㝿ᤵᴗࢆ⾜࠸ࠊࡢඛ⏕ࡸᰯ㛗ࠊᣦᑟ
ࠊᏛᩍဨࡣࠊ⏕ᚐࡢᏛ⩦ࡢᵝᏊࢆほᐹࡍࡿࠋ⏕ᚐࡢᏛࡧࢆ᳨ウࡍࡿࡓࡵࠊᤵᴗࡢᚋࠊᤵᴗ⪅ࡢ
ඛ⏕ᤵᴗࢆほᐹࡋࡓேࡓࡕ࡛ࠊࡾ㏉ࡾࣜࣇࣞࢡࢩࣙࣥࢆ⾜࠺ࠋࡇࡢ୍㐃ࡢὶࢀࢆᤵᴗ⪅ࢆ᭰࠼
࡚ఱᅇࡶ⾜࠺ࡢ࡛࠶ࡿࠋ
6,677(06 ࢆ㏻ࡌࡓᤵᴗ◊✲ࡣࠊᐇ㝿ࡢᩍᐊ
࠾ࡅࡿᤵᴗࡢၥ㢟ࢆゎỴࡍࡿࡓࡵᏛᰯ࡛⾜ࢃࢀ
ࡓᩍဨ◊ಟ࡛࠶ࡾࠊࡲ࡛ࡇࡢࡼ࠺࡞ྲྀࡾ⤌ࡳࡣ
࡞ࡗࡓࠋࡇࡢάືࡣࠊᏛᰯࡢᩍဨࠊᰯ㛗ࠊᣦᑟ
ࠊᏛᩍဨࡀ࠸Ꮫࡧྜ࠺Ꮫࡧࡢඹྠయࢆ
ᾰ㣴ࡍࡿࡶࡢ࡛࠶ࡿࠋ࡞ࡐ࡞ࡽࠊᏛᰯࡢᤵᴗࡢ㉁
ࡢၥ㢟ࡣᙼࡽဨࡢ㈐௵ࡔࡽ࡛࠶ࡿࠋᏛᩍဨ
ࢢ࣮ࣝࣉ࡛Ꮫࡧྜ࠺⏕ᚐ
ࡣ⌮ㄽⓗ࡞▱㆑ࡣᣢࡗ࡚࠸ࡿࡀࠊᐇ㊶ⓗ࡞▱㆑ࡣ
Ꮫᰯࡢඛ⏕ࡣཬࡤ࡞࠸ࠋᏛᩍဨࡀᤵᴗ◊✲ཧຍࡋ࡚࠸ࡿࡢࡣࠊᏛᰯࡢඛ⏕ࡓࡕㅮ⩏ࡋࡓࡾᣦ
♧ࢆ࠼ࡿࡓࡵ࡛࡞ࡃࠊ୍⥴ᤵᴗࡘ࠸࡚⪃࠼ࠊඹ⏕ᚐࡽᏛࡪࡓࡵ࡛࠶ࡿࠋ⏕ᚐࡓࡕࡶᤵᴗ◊
✲ࡢ◊ಟࢆཷࡅࡓඛ⏕ࡢᤵᴗࡀዲࡁࡔࡋࠊࡼࡾክ୰࡞ࡗ࡚Ꮫࡪࠋࡇ࠺࠸࠺ඛ⏕ࡣࠊ⮬ศࡀ୍᪉ⓗ
ヰࢆࡍࡿࡼࡾࡶࠊ⏕ᚐ⪃࠼ࡉࡏࠊ⏕ᚐྠኈࡀ༠ྠࡍࡿࡇࡸࢥ࣑ࣗࢽࢣ࣮ࢩࣙࣥࢆࡿࡼ࠺ྥ
ࡅࡿࡽ࡛࠶ࡿࠋᏛᰯࡢඛ⏕᪉ࡸᰯ㛗ࠊࢫ࣓ࢲࣥ┴ᩍ⫱ᒁࡢᣦᑟࡸࡢᙺேࡣࠊᣢ⥆ⓗ࡞ᰯෆ◊
ಟࡢ୍ᙧែࡋ࡚ࠊࡇࡢᤵᴗ◊✲ࡀ᭷ຠ࡛࠶ࡿㄆࡵ࡚࠸ࡿࠋࢫ࣓ࢲࣥ┴࡛ࡣࠊ ᖺ -,&$ ࣉࣟ
ࢪ࢙ࢡࢺࡀ⤊ࡋࡓᚋࡶࠊᤵᴗ◊✲ࡀ⾜ࢃࢀ࡚࠸ࡿࠋẖᖺࢫ࣓ࢲࣥ┴ᩍ⫱ᒁࡣࠊᰯ㛗࠾ࡼࡧᩍဨࡢ◊
ಟࢆ⾜ࡗ࡚࠸ࡿࠋࣥࢻࢿࢩᩍ⫱Ꮫࢳ࣮࣒ࡣᤵᴗ㛵ࡍࡿ◊✲ࢆ⾜࠺ࡓࡵࠊࢫ࣓ࢲࣥ┴ࡢᤵᴗ
◊✲ࢆࢧ࣏࣮ࢺࡋ࡚࠸ࡿࠋࡸࠊࣥࢻࢿࢩྛᆅࡽࡔࡅ࡛࡞ࡃእᅜࡽࡶከࡃࡢᩍ⫱㛵ಀ⪅ࡀࠊ
ࢫ࣓ࢲࣥ┴ࢆゼࢀࡿࡼ࠺࡞ࡗ࡚࠸ࡿࠋ
ᬑཬάື
ࢫ࣓ࢲࣥ┴ࡢᤵᴗ◊✲ࡢ࣋ࢫࢺ࣭ࣉࣛࢡࢸࢫࡣࠊࡉࡲࡊࡲ࡞ᨭࢆ㏻ࡌ࡚ࠊᅜࡢᑠ୰㧗ᰯࡢᩍ
ဨ⤂ࡉࢀࡓࠋ ᖺࡽ ᖺࡅ࡚ࠊࢧࣥࣉࣝࢼ㈈ᅋࡣࠊ ࡘࡢ┴ᕷ㸦すࢪࣕ࣡ᕞ࢝ࣛ࣡
ࣥ┴ࠊᮾࢪࣕ࣡ᕞࢫࣛࣂࣖᕷࠊᮾࢪࣕ࣡ᕞࣃࢫࣝࣥᕷ㸧࠾࠸࡚ᤵᴗ◊✲ࡢᬑཬࢆᨭࡋࡓࠋᩍ⫱
ᩥ┬㧗➼ᩍ⫱⥲ᒁ⌧ࠊ◊✲࣭ᢏ⾡࣭㧗➼ᩍ⫱┬ࡣࠊᏛᰯᩍဨࡢ⬟ຊࡢྥୖ⌧⫋ᩍဨ◊ಟࣉࣟࢢ
࣒ࣛࡢᙉࡢࡓࡵࠊ ᖺࡽ⌧ᅾࡲ࡛ࠊࢳ࢙ࡽࣃࣉࡲ࡛ᅜ࠶ࡿᩍဨ㣴ᡂᏛ ᰯ
ᑐࡋ࡚ࠊᤵᴗ◊✲ࡢᬑཬࢆᨭࡋࡓࠋࡲࡓࠊ ᖺࡽ ᖺࡅ࡚⾜ࢃࢀࡓすࢪࣕ࣡ᕞᩍ⫱ᒁ
ᩍဨᩥ┬ࡢᨭࡼࡾࠊᤵᴗ◊✲ࡣࠊすࢪࣕ࣡ࡢ ┴ࡢ࠺ࡕ ┴⤂ࡉࢀࡓࠊࢪࣕࣥࣅ
ᕞᩍ⫱ᒁࡣ ᖺࠊ ┴ࡢᑠ୰Ꮫᰯཬࡧ㧗ᰯࠊᑓ㛛㧗ᰯࡢᩍဨࡢ⬟ຊྥୖࡢࡓࡵࠊᤵᴗ◊✲ࡢཎ๎
ࢆᑟධࡋࡓࠋ ᖺࠊࣥࢻࢿࢩᩍ⫱Ꮫࡣ ࢝ᅜ ேࡀཧຍࡍࡿୡ⏺ᤵᴗ◊✲Ꮫ㸦:RUOG
$VVRFLDWLRQRI/HVVRQ6WXG\㸧ࢆദࡋࡓࠋ⌧ᅾࠊྠᏛࡣࠊࣥࢻࢿࢩᩍ⫱ᶵ㛵㈈ᅋ㸦%3,㸧ച
ୗࡢᏛᰯࡸ࣎ࢦ࣮ࣝ┴ෆࡢ ࡘࡢ୰Ꮫᰯ࡞ࡽࠊᤵᴗ◊✲ࡼࡿᏛᰯᩍဨࡢᑓ㛛ᛶࡢྥୖࢆᅗࡿࡓ
ࡵࡢᨭࢆồࡵࡽࢀ࡚࠸ࡿࠋࡉࡽࠊᩍ⫱ᩥ┬ࡶ ᖺࡢ᪂࣒࢝ࣜ࢟ࣗࣛᐇࡢࡓࡵࡢ◊ಟࡢ᪉
㔪ࡋ࡚ࠊᤵᴗ◊✲ࢆ᥇⏝ࡋ࡚࠸ࡿࠋ
ᣢ⥆ⓗ࡞Ⓨᒎྥࡅࡓྲྀ⤌
༠ྠ◊✲
ᤵᴗ◊✲ࡣࡍ࡛ࠊࣥࢻࢿࢩᅜࡢᏛᰯᩍဨࡸᏛᩍဨ⤂ࡉࢀ࡚࠸ࡿࡀࠊࡑࡢྲྀ⤌ࢆ
ࡉࡏ࡞࠸ࡓࡵࡣࠊ◊✲άືࢆ㏻ࡌ࡚ᤵᴗ◊✲ࡢ㉁ࢆ㧗ࡵ⥆ࡅ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࣥࢻࢿࢩ
ᩍ⫱Ꮫࢳ࣮࣒ࡣࠊ➇தⓗ◊✲ຓᡂ㔠ࢆ㏻ࡋ࡚ࠊ◊✲࣭ᢏ⾡࣭㧗➼ᩍ⫱┬ࡸᾏእࡢࣃ࣮ࢺࢼ࣮ࡢᨭ
ࡼࡾࠊᏛᰯ࠾ࡅࡿᤵᴗ㛵ࡍࡿ◊✲ࢆ⥆ࡅ࡚࠸ࡿࠋ⌧ᅾ⾜ࡗ࡚࠸ࡿ◊✲ࢸ࣮࣐ࡢࡋ࡚ࡣࠊ
ࣔࢼࢵࢩࣗᏛࡢ༠ຊࡼࡿࠕᏛࡧࡢඹྠయ㸦/HDUQLQJ&RPPXQLW\㸧ࡢࡓࡵࡢᤵᴗ◊✲ࢆ㏻ࡌࡓ
࢟ࣕࣃࢩࢸࣅࣝࢹࣥࢢࠖࠊᗈᓥᏛᏛ㝔ᅜ㝿༠ຊ◊✲⛉㸦,'(&㸧ࡢ༠ຊࡼࡿࠕᩍᮦ◊✲
ࡼࡿᩍဨ࣮ࣜࢲ࣮ࢩࢵࣉࡢ㔊ᡂࠖࠊᗈᓥᏛᕤᏛ㒊ࡢ༠ຊࡼࡿࠕࣄ࣮࣐࣭ࣗࣥࢥࣥࣆ࣮ࣗ
ࢱ࣭ࣥࢱࣛࢡࢩࣙࣥࠖࠊᗈᓥᏛᩍ⫱㛤Ⓨᅜ㝿༠ຊ◊✲ࢭࣥࢱ࣮㸦&,&(㸧ࡢ༠ຊࡼࡿࠕᤵᴗ
◊✲࠾ࡅࡿᖹ➼ᛶࡢᾰ㣴ࠖࡀ࠶ࡿࠋ
ࢿࢵࢺ࣮࣡࢟ࣥࢢ
ᣢ⥆ⓗ࡞Ⓨᒎྥࡅࡓࡢྲྀ⤌ࡣࠊᅜෆእࡢࢿࢵࢺ࣮࣡ࢡᵓ⠏࡛࠶ࡿࠋᤵᴗ◊✲ࢆ᥎㐍ࡋ࡚࠸ࡿ
ࣥࢻࢿࢩᤵᴗ◊✲Ꮫ㸦$/6,㸧ࡣࠊẖᖺࡢάືࡋ࡚ࠊᏛᩍဨࠊᏛᰯᩍဨࠊᩍ⫱ᑓ㛛ᐙࠊᩍ
⫱ᨻ⟇Ỵᐃ⪅ྥࡅࡢᅜ㝿ᤵᴗ◊✲㆟㸦,&/6㸧ࢆ㛤ദࡋ࡚࠸ࡿࠋ ᅇ┠ࡢ ,&/6 ࡣ ᖺࣟࣥ࣎
ࢵࢡ࡛⾜ࢃࢀࠊ ᅇ┠ࡢ ,&/6 ࡣ ᖺࠊ࣎ࢦ࣮࡛ࣝ⾜ࢃࢀࡿணᐃ࡛࠶ࡿࠋୡ⏺ࡢᤵᴗ◊✲ࡢ᥎㐍
⤌⧊࡛࠶ࡿୡ⏺ᤵᴗ◊✲Ꮫ㸦:$/6㸧ࡣࠊᖺḟ㆟ࢆ⾜ࡗ࡚࠸ࡿࠋ ᖺࠊࣥࢻࢿࢩᩍ⫱Ꮫ
ࡣ :$/6 ࢆദࡋࡓࠋ:$/6 ࡣ ᖺࡣࢱ࡛ࠊ ᖺࡣࢠࣜࢫࡢ࢚ࢡࢭࢱ࣮࡛ࠊ ᖺ
ࡣ᪥ᮏࡢྡྂᒇᏛ࡛㛤ദࡉࢀࡓࠋ ᖺࡣ୰ᅜࡢிᖌ⠊Ꮫࡀദࡍࡿணᐃ࡛࠶ࡿࠋᖺ
ࡢྡྂᒇᏛࡢ :$/6 ࡣࠊࣥࢻࢿࢩྛᆅࡽ⥲ໃ ேࡢᏛᩍဨࡸᏛᰯᩍဨࡀཧຍࡋࡓࠋ
ᥦゝ
-,&$ ࡢࣉࣟࢪ࢙ࢡࢺ㛵ࢃࡗࡓ⤒㦂ࡽࠊ௨ୗࡢⅬࢆᥦゝࡋࡓ࠸ࠋ
ࣉࣟࢪ࢙ࢡࢺࢆ⾜࠺㝿ࡣࠊࡲࡎヲ⣽࡞ィ⏬ࢆࡓ࡚ࠊࡪࢀࡿࡇ࡞ࡃᐇࡋࠊࣔࢽࢱࣜࣥࢢ
ཬࡧホ౯ࢆ⾜࠸ࠊࡑࡢᚋࡶᣢ⥆ࡋ࡚࠸࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ
ᩍ⫱ࡢ㉁ࡢྥୖࢆ┠ᣦࡍࡢ࡛࠶ࢀࡤࠊࡑࡢ᭷ຠᛶࡀᵝࠎ࡞ᅜ࡛ᐇドࡉࢀ࡚࠸ࡿᤵᴗ◊✲ࢆ㏻
ࡋ࡚ࠊᏛᰯࡢᤵᴗࡢᨵၿࡽጞࡵࡼ࠺ࠋ
Ꮫᰯ㛗ࠊᣦᑟࠊᏛᰯᩍဨࠊᏛᩍဨࡣࠊᏛᰯࡢඹྠయࡢ୰࡛࠸Ꮫࡧྜ࠺ࡁ࡛࠶ࡿࠋ
ࡑࡋ࡚ࠊ⏕ᚐࡢᏛࡧࡶࡗὀ┠ࡋࠊ⏕ᚐᢈุⓗ⪃࠼ࠊ༠ാࡋࠊఏ࠼ྜ࠺⦎⩦ࢆ㏻ࡋ࡚ࠊ
⏕ᚐྠኈࢆࡘ࡞࠸࡛࠸ࡃࡼ࠺ࡍࡿࡢࡀⰋ࠸ࠋ
ᤵᴗ◊✲ࢆ㏻ࡋ࡚Ꮫᰯ࡛⾜ࡗࡓ◊✲ࡢᡂᯝࢆࠊ࣒࢝ࣜ࢟ࣗࣛࡢᨵၿάࡉ࡞ࡅࢀࡤ࡞ࡽ࡞
࠸ࠋ
ㅰ㎡
-,&$ ࢆ㏻ࡌ࡚ࣥࢻࢿࢩࡢᩍ⫱ࡢ㉁ࡢྥୖᚰࢆ○࠸࡚ࡃࢀࡓ᪥ᮏᨻᗓឤㅰࢆ㏙ࡓ࠸ࠋ
ࡲࡓࠊ-,&$ ᑓ㛛ᐙࡢ᪉ࠎࡣࠊᚸ⪏ᙉࡃࢧ࣏࣮ࢺࢆࡋ࡚࠸ࡓࡔ࠸ࡓࡇࠊࡑࡋ࡚ᡃࠎ▱㆑ࡸ⤒
㦂ࢆඹ᭷ࡋ࡚࠸ࡓࡔ࠸ࡓࡇ࠾♩ࢆ⏦ࡋୖࡆࡓ࠸ࠋ
ࣥࢻࢿࢩᨻᗓࡣࠊᡃࠎ᪥ᮏࡢᩍ⫱ᑓ㛛ᐙ༠ຊࡍࡿᶵࢆ࠼ࡃࢀࡓࡇឤㅰࡋࡓ࠸ࠋ
ࡑࡢᶵࡀ࠶ࡗࡓࡇ࡛ࠊ♽ᅜࡢᩍ⫱ࡢ㉁ࡢྥୖᑐࡍࡿ▱ぢࢆᚓࡿࡇࡀ࡛ࡁࡓࠋࡲࡓࠊᤵᴗ◊✲
ࢆ㏻ࡌࡓᩍဨࡢ㉁ࡢྥୖࡢࡓࡵࠊࣥࢻࢿࢩᩍ⫱Ꮫ༠ຊࡋ࡚ࡃࢀࡓᕞࡸ┴ࡢᩍ⫱ᒁࡢᢸᙜᐁࡢ
᪉ࠎࡶឤㅰࡋ࡚࠸ࡿࠋ
ࣥࢻࢿࢩᇶ♏ᩍ⫱༠ຊࢆࡾ㏉ࡗ࡚
᪥ᮏࡢᇶ♏ᩍ⫱༠ຊࡢ♧၀
Ỉ㔝 ᩗᏊ
-,&$ ᅜ㝿༠ຊᑓ㛛ဨ㸦ᩍ⫱㛤Ⓨ㸧
␎Ṕ
-,&$ ᅜ㝿༠ຊᑓ㛛ဨ㸦ᩍ⫱㛤Ⓨ㸧ࠋᮾிᕤᴗᏛᏛ⾡༤ኈ㸦3K'㸧ࠋᅜ㐃ᕤᴗ㛤
Ⓨᶵ㛵㸦࣐࣮ࣞࢩ㸧
ࠊ-,&$ ᅜ㝿༠ຊ◊ಟᡤࠊ-,&$ ᑓ㛛ᐙ㸦ࢢࢸ࣐ࣛᩍ⫱┬࠾
ࡼࡧཌ⏕┬㸧➼ࢆ⤒࡚ ᖺࡼࡾ⌧⫋ࠋ ᖺࡽ ᖺ㛫ࣛ࢜ࢫᩍ⫱ࢫ࣏࣮ࢶ
┬ᨻ⟇ࢻࣂࢨ࣮ࢆව௵ࠋᇶ♏ᩍ⫱ࢆ୰ᚰࡋࡓ -,&$ ࡢᩍ⫱༠ຊࡢ௳ᙧᡂ࣭
ホ౯࣭㐠Ⴀᣦᑟ➼ࢆ㏻ࡌ࡚㏵ୖᅜࡢᩍ⫱㛤Ⓨᚑࠋ
ࠕึ୰➼⌮ᩘ⛉ᩍ⫱ᣑィ⏬㸦,067(3㸧
㸦 ᖺ㹼 ᖺ㸧
ࠊࣇ࢛࣮ࣟࢵࣉ༠ຊ㸦 ᖺ㹼 ᖺ㸧
ࠖ
ึ୰➼ᩍဨ㣴ᡂㄢ⛬ࢆᣢࡘ ࡘࡢせᏛ㸦ࣥࢻࢿࢩᩍ⫱Ꮫࠊࢪࣙࢢࢪࣕ࢝ࣝࢱᅜ❧
Ꮫࠊ࣐ࣛࣥᏛ㸧ࡢ⌮ᩘ⛉ᩍ⫱ㄢ⛬ཬࡧᩍᤵෆᐜࡢᨵၿࠊ࣒࢝ࣜ࢟ࣗࣛཬࡧࢩࣛࣂࢫࡢᨵၿࠊ
ᩍᮦ㛤Ⓨࠊᩍ⫱ホ౯ཬࡧᏛ⾡ὶ㛵ࡍࡿάືࡀ⾜ࢃࢀࠊࡇࢀࡼࡾ⌮ᩘ⛉ᩍဨ㣴ᡂㄢ⛬ཬࡧ
⌧⫋ᩍဨ◊ಟࡀᨵၿࡉࢀࡓࠋࡲࡓࠊ ᖺࡽ㛤ጞࡉࢀࡓࣇ࢛࣮ࣟࢵࣉ༠ຊ࡛ࡣࠊᑐ㇟Ꮫ
࿘㎶ࡢࣃࣟࢵࢺᰯ㸦ᬑ㏻୰Ꮫᰯ࣭㧗ᰯ㸧࡛Ꮫᩍဨࡀࣔࢹࣝᤵᴗࢆᐇࡋࡓࠊࣉࣟࢪ࢙
ࢡࢺᮏయ࡛ࣃࣟࢵࢺάືࡋ࡚⾜ࢃࢀࡓᤵᴗ◊✲ࡀᮏ᱁ⓗᒎ㛤ࡉࢀࠊᩍᤵἲᨵၿࡢࡓࡵࡢ
ᣦᑟࡀ⾜ࢃࢀࡓࠋ
ࠕ๓ᮇ୰➼⌮ᩘ⛉ᩍဨ◊ಟᙉࣉࣟࢪ࢙ࢡࢺ6,677(06㸦 ᖺ㹼 ᖺ㸧ࠖ
,067(3 ࡢᡂᯝࢆάࡋࠊᤵᴗ◊✲ࢆ⤌ࡳ㎸ࢇࡔᩍ⛉ู⌧⫋ᩍဨ◊ಟ㸦0*03㸧άືࡢᬑཬྥࡅࠊ
0*03 ࣇࢩࣜࢸ࣮ࢱࠊᏛᰯ㛗ࠊᏛᩍဨࡢ◊ಟࠊ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࡢᮏ㑥◊ಟ➼ࡢάືࢆ㏻
ࡌ 0*03 άືࡢࣔࢹࣝࢆᵓ⠏ࡍࡿࡇࡼࡾࠊᑐ㇟ᆅᇦ࡛ࡢᤵᴗ◊✲ࡢᬑཬᑐ㇟┴ෆࡢ⏕ᚐ
ࡢ⌮ᩘ⛉ࡢᏛຊྥୖࢆ┠ᣦࡋࡓࠋᑐ㇟ࢧࢺ ┴࠾࠸࡚ ᖺࡢ㛫୰Ꮫᰯ⌮ᩘ⛉ᩍဨࡢ⌮
ᩘ⛉ᩍ⛉ู⌧⫋ᩍဨ◊ಟᤵᴗ◊✲ࡀᑟධࡉࢀࠊᩍဨࡢ⬟ຊᙉ㈉⊩ࡋࡓࠋ
ࠕᆅᇦᩍ⫱㛤Ⓨᨭㄪᰝࣇ࢙࣮ࢬ 5(',3㸦 ᖺ㹼 ᖺ㸧ཬࡧࣇ࢙࣮ࢬ 㸦5(',3㸧
㸦 ᖺ㹼 ᖺ㸧ࠊᆅ᪉ᩍ⫱⾜ᨻᨵၿィ⏬ࣉࣟࢪ࢙ࢡࢺ㸦5(',3㸧 㸦 ᖺ㹼 ᖺ㸧
ࠖ
ᖺ௦ᚋ༙ࠊࣥࢻࢿࢩ࡛ࡣࠊᩍ⫱ࡢᆅ᪉ศᶒࢆ㐍ࡵࠊ୰ᏛᰯᑵᏛࡢᆅᇦ᱁ᕪṇࡸᩍ
⫱ࡢ㉁ࡢྥୖ࡞┴ᨻᗓࡀྲྀࡾ⤌ࡴࡓࡵࡢຠᯝⓗ࡞ᆅ᪉ᩍ⫱⾜ᨻయไࡢ☜❧ࡀᛴົ࡞ࡗ
࡚࠸ࡓࠋࡇࡢ༠ຊ࡛ࡣࠊࢫ࢙ࣛ࢘ࢩᕞࠊ୰㒊ࢪࣕ࣡ᕞࠊࣂࣥࢸࣥᕞࢆᑐ㇟ࠊྛࢥ࣑ࣗࢽࢸ
ࡸᏛᰯࡢಶูࢽ࣮ࢬᰂ㌾ᑐᛂࡍࡿࠕఫẸ࣭Ꮫᰯయࡢᩍ⫱ᨵၿࣔࢹࣝࠖࡢ㛤Ⓨ࠾ࡼࡧ㐠
Ⴀࢆᨭࡋࠊࡇࢀࡼࡾࠊࣉࣟࢪ࢙ࢡࢺᑐ㇟ᆅᇦࡢ୰Ꮫᰯྠࣔࢹࣝࡀᬑཬࡋࠊ୰Ꮫᰯᩍ⫱
ࡢࢡࢭࢫ࠾ࡼࡧ㉁ࡢྥୖᐤࡋࡓࠋ
ᤵᴗ◊✲ࡣࠊ᪥ᮏࢆⓎ⚈ࡢᆅࡍࡿᤵᴗᐇ㊶㛵ࡍࡿศᯒࡢ᪉ἲ࡛࠶ࡾࠊᩍဨࡢᑓ㛛ຊ㔞ᙧᡂࢆಁࡍࡇࠊᩍဨࡀᩍᐊ
ࣞ࣋ࣝࡢ⌧ᐇࡢᐇ㊶ᇶ࡙࠸࡚ࡶᏛࡧ࠶࠺ࡇࢆ┠ⓗࡋ࡚࠸ࡿࠋᤵᴗ◊✲ࡣࠊィ⏬ࠊほᐹᐇ㊶ࠊࣜࣇࣞࢡࢩࣙࣥ࠸
࠺୕ࡘࡢάືࡽᵓᡂࡉࢀࡿࠋ
ࡾ㏉ࢀࡤࠊࣥࢻࢿࢩࡢึࡵ࡚ࡢ㛵ࢃࡾࡣࠊࡽ࠾ࡼࡑ ᖺ๓㐳ࡿࠋᙜࠊ-,&$
ᅜ㝿༠ຊ◊ಟᡤᡤᒓࡋ࡚࠾ࡾࠊ$6($1ே㐀ࡾᵓࡢ୍⎔ࡋ࡚ࠊࣥࢻࢿࢩࠊ࣐࣮ࣞࢩࠊ
ࢱᘓタࡉࢀࡓ⫋ᴗカ⦎ᣦᑟဨ㣴ᡂࢭࣥࢱ࣮ࡀᙜヱᅜࡢ⏘ᴗேᮦ⫱ᡂཬࡰࡋࡓࣥࣃࢡࢺࢆ
ᐃ㔞ⓗศᯒࡍࡿ࠸࠺ㄪᰝࢆ ᖺࡽ ᖺரࡗ࡚ᐇࡋࡓࠋᮾிᕤᴗᏛࡢ∹⏣༤ගᩍᤵ
㸦ᙜ㸧ࡢࡈ༠ຊࡶᚓ࡚ᐇࡋࡓᮏㄪᰝࡣࠊᅜࡢⓎᒎࢆ┠ᣦࡋࡓேᮦ⫱ᡂᴗᑐࡍࡿ༠ຊ⤊
ᚋࡢ⮬❧ⓎᒎᛶࡸἼཬຠᯝࢆᐃ㔞ⓗศᯒࡋࠊᑗ᮶ⓗィ⏬࣭ᐇࡍࡿ㢮ఝࡢ༠ຊ࠾ࡅࡿ㛗ᮇ
ⓗ࡞㛤Ⓨຠᯝࡢᣑᙺ❧࡚ࡼ࠺ࡋࡓᇶ♏ㄪᰝ࡛ࠊᙜࡋ࡚ࡣ㔝ᚰⓗ࡞ྲྀࡾ⤌ࡳ࡛࠶ࡾࠊ
ࣥࢻࢿࢩࡘ࠸࡚ࡣࠊ&(9(67 ⫋ᴗカ⦎ྥୖィ⏬ࡀᑐ㇟ᴗ࡛࠶ࡗࡓࠋ⚾ࡣࠊ࣐࣮ࣞࢩࠊࢱ
࡛ࡢ⌧ᆅㄪᰝࢆᢸᙜࡋࡓࡓࡵࠊṧᛕ࡞ࡀࡽᮏㄪᰝ࠾࠸࡚ࣥࢻࢿࢩࡢᆅࢆ㋃ࡴࡇࡣྔࢃ࡞
ࡗࡓࡀࠊࡑࢀࡽ ᖺࡢࢆ⤒ࡓ ᖺࡼࡾࠊ-,&$ ࡢᩍ⫱ศ㔝ࡢᅜ㝿༠ຊᑓ㛛ဨࡋ࡚ࠊ
ࣥࢻࢿࢩࡢᩍ⫱㛤Ⓨ㛵ࢃࡿࡇ࡞ࡗࡓࠋ
࠸ࡎࢀࡢᅜ࠾࠸࡚ࡶࠊᩍ⫱ࡣࠊᅜࡢⓎᒎࡢᇶ┙࡞ࡿேᮦ⫱ᡂ࠾࠸࡚᭱ࡶ㔜せ࡞ᙺࢆᣢ
ࡘࠋ᪥ᮏࡢ㛤Ⓨຓࡶࠊ㏵ୖᅜࡢ㛤Ⓨࡢᢸ࠸ᡭ࡞ࡿே㐀ࡾࢆ㔜せ࡞ᰕࡋ࡚ࡁࡓࠋࣥࢻࢿࢩ
࠾࠸࡚ࡶࠊேᮦ⫱ᡂࡣᅜᐙ㛤Ⓨࡢ㔜せ࡞ᰕ࡛࠶ࡾࠊࡼࡾ㉁ࡢ㧗࠸ᩍ⫱ࢆ┠ᣦࡋ࡚ࠊ⥅⥆ⓗ
ᩍ⫱ᨵ㠉ྲྀࡾ⤌ࢇ࡛࠸ࡿࠋࡑ࠺ࡋࡓࣥࢻࢿࢩࡢྲྀࡾ⤌ࡳࢆᚋᢲࡋࡍࡃࠊ-,&$ ࡶࠊᩍ⫱ࢆ
ႠࡴࠕᏛᰯࠖࢆどⅬࡢ୰ᚰ࠾࠸࡚ࠊ㇏࡞ᮍ᮶ྥࡅࡓࠕㄡࡦࡾྲྀࡾṧࡉ࡞࠸ࠖᩍ⫱ࡢᐇ⌧
ྥࡅ࡚ࠊ⏕ᚐ୍ே୍ேࡢᏛࡧࢆᨭࡍࡿᤵᴗ◊✲ࡸࠊᏛᰯ࣭ࢥ࣑ࣗࢽࢸࢆయࡋࡓᩍ⫱ᨵ
ၿࣉ࣮ࣟࢳࢆᑟධࡋࠊࡇࢀࡽࡢ⮬❧ⓗ࡞ᐇ㊶࣭Ⓨᒎࢆᨭࡍࡿࡓࡵࡢᩍ⫱⾜ᨻࡢ⬟ຊᙉࡸᨻ
⟇࣭ไᗘᵓ⠏࠶ࢃࡏ࡚㔜ᒙⓗᨭࡋ࡚ࡁࡓࠋࡑࡢࣉࣟࢭࢫࡢ୰࡛ࠊᩍ⫱ࡢ㉁ྥୖࡴࡅࡓᅜ
యࡢྲྀࡾ⤌ࡳ࠾ࡅࡿᩍ⫱Ꮫࡢᙺࡀぢ࠸ࡔࡉࢀࡿࡶࠊᩍ⫱Ꮫᩍᐁࢆ୰ᚰࣥࢻ
ࢿࢩࡢᑓ㛛ᐙࡶ⫱ᡂࡉࢀࡓࠋࣥࢻࢿࢩࡢᑓ㛛ᐙࡓࡕ༠ാࡋ࡞ࡀࡽࠊ⌧ሙ࡛ࡢᐇ㊶ᨭ
ຍ࠼࡚ࠊ㛵㐃ศ㔝࡛ࡢไᗘᨵၿࡴࡅ࡚㈉⊩ࡀ࡛ࡁࡓࡇࡣࠊ㏵ୖᅜ࠾ࡅࡿ᪥ᮏࡢᩍ⫱༠ຊ
యࡢࡇࢀࡲ࡛ࡢṔྐࢆࡾ㏉ࡾࠊᚋࡢᇶ♏ᩍ⫱༠ຊࡢⓎᒎ࣭ᒎ㛤ࡢ࠶ࡾࡓࢆᶍ⣴ࡍࡿୖ࡛ࡶ
ᴟࡵ࡚ព⩏῝࠸ࠋ
᪥ᮏࡢᩍ⫱༠ຊࡣࠊ᪤㏙ࡓ㏻ࡾࠊ ᖺ௦ࡼࡾᅜ㐀ࡾࡢᇶ┙࡛࠶ࡿே㐀ࡾࢆ㔜どࡋ࡚ࡁ
ࡓࡀࠊᢏ⾡༠ຊࡢὶࡣࠊ㧗➼࣭ᢏ⾡ᩍ⫱ศ㔝࡛࠶ࡗࡓࠋࣥࢻࢿࢩ࠾࠸࡚ࡶྠᵝ࡛࠶ࡾࠊ
ෑ㢌㏙ࡓ $6($1ே㐀ࡾᵓࡢ୍⎔࡛࠶ࡗࡓ &(9(67 ⫋ᴗカ⦎ྥୖィ⏬ࡶࡑࡢ୍ࡘ࡛࠶ࡿࠋࡋ
ࡋࠊ ᖺࠊேࡢࡓࡵࡢᩍ⫱ୡ⏺ᐉゝ(GXFDWLRQIRU$OO()$ࡼࡾࠊ㛤Ⓨ࠾ࡅࡿᇶ♏
ᩍ⫱ࡢ㔜せᛶࡀ࠶ࡽࡓࡵ࡚ᥦၐࡉࢀࠊ()$ ࡢᐇ⌧ࡀᅜ㝿♫ࡢඃඛ㡯ࡋ࡚ㄆ㆑ࡉࢀࡿࡼ࠺
࡞ࡗࡓࡇࡽࠊ-,&$ ࡶึ୰➼ᩍ⫱ศ㔝࠾ࡅࡿᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺྲྀࡾࡗࡓࠋࣥࢻ
ࢿࢩࡣࠊ ᖺ௦ -,&$ ࡀึࡵ࡚ᇶ♏ᩍ⫱ศ㔝࡛ࡢయ⣔ⓗ࡞ᢏ⾡༠ຊྲྀࡾ⤌ࢇࡔ ᅜࡢ
࠺ࡕࡢࡦࡘ࡛࠶ࡿࠋ
ࣥࢻࢿࢩ࡛ࡣࠊྠᅜࡢඃඛㄢ㢟࡛࠶ࡗࡓ⌮ᩘ⛉ᩍ⫱ࡢⓎᒎࢆᨭࡍࡃࠊࠕึ୰➼⌮ᩘ⛉
ᩍ⫱ᣑィ⏬㸦,067(3㸧ࠖࡀ❧ࡕୖࡀࡾࠊࢪࣕ࣡ᓥࡢす㒊ࠊ୰㒊ࠊᮾ㒊ࡢ せᩍ⫱Ꮫ㸦ࣥࢻ
ࢿࢩᩍ⫱Ꮫࠊࢪࣙࢢࢪࣕ࢝ࣝࢱ࠾ࡼࡧ࣐ࣛࣥᅜ❧Ꮫ㸧ࡢ⌮ᩘ⛉ᩍ⫱Ꮫ㒊ࡀ࢝࢘ࣥࢱ࣮ࣃ࣮
ࢺ㸦&3㸧࡞ࡗ࡚ࠊ⌮ᩘ⛉ศ㔝ࡢ᪂つᩍဨ㣴ᡂ࠾ࡼࡧ⌧⫋ᩍᖌᩍ⫱ࡢᙉ࣭ᣑྲྀࡾ⤌ࢇࡔࠋ
ࡲࡓ↓ൾ㈨㔠༠ຊࡼࡿタࡸᶵᮦࡢᩚഛࡶ࠶ࢃࡏ࡚⾜ࢃࢀࡓࠋ&3 ࡛࠶ࡗࡓୖ㏙ࡢ Ꮫࡣࠊ
ࡑࡢᚋᐇࡉࢀࡓࠕ๓ᮇ୰➼⌮ᩘ⛉ᩍဨ◊ಟᙉࣉࣟࢪ࢙ࢡࢺ6,677(06࡛ࠖࡣࠊࣥࢻࢿࢩ
ഃࡢࣃ࣮ࢺࢼ࣮ᶵ㛵ࡋ࡚ࠊ,067(3 ࡛ᇵࡗࡓ▱ぢࡸᑓ㛛ᛶࢆάࡋ࡞ࡀࡽࠊ᪥ᮏேᑓ㛛ᐙࡶ
Ꮫᰯ⌧ሙ࡛ࡢᤵᴗ◊✲ࡢᑟධ࣭ᐇ㊶ࢆᨭࡋࡓࠋ
ᩍ⫱Ꮫࡀ᰾࡞ࡗ࡚ᒎ㛤ࡋ࡚࠸ࡗࡓᩍᖌᩍ⫱ศ㔝࡛ࡢ༠ຊ୪⾜ࡋ࡚ࠊᆅ᪉ศᶒᨵ㠉క࠺
ᩍ⫱⾜ᨻࡢศᶒࡢᅾࡾ᪉ࢆලయⓗᥦ♧ࡍࡃࠊᆅᇦ♫ࠊᏛᰯࢆᇶ┙ࡋࡓᩍ⫱ᨵၿࡇࢀ
ࢆᨭ࠼ࡿࡓࡵࡢᆅ᪉ᩍ⫱⾜ᨻࡢ⬟ຊ㛤Ⓨࡶᨭࡋࡓࠋྠศ㔝࡛ࡢ༠ຊࡣࠊࠕᆅᇦᩍ⫱❧◊ಟࠖ
㸦&236(3㸧ࢆ⓶ษࡾࠊࡑࡢᚋࠊ ᖺࡽ ᖺ㛫ரࡾᆅᇦᩍ⫱㛤Ⓨᨭㄪᰝ ࠊ㸦5(',3
㹼㸧ࠊᆅ᪉ᩍ⫱⾜ᨻᨵၿࣉࣟࢪ࢙ࢡࢺ㸦5(',3㸧ࡀᐇࡉࢀࡓࠋࡑࡋ࡚ࠊࡑࢀࡲ࡛ࡢ᪥ᮏࡢ༠ຊᡂ
ᯝࡢ࢚ࢵࢭࣥࢫࡸᩍカࢆ⏕ࡋࠊ᪂ࡓ࡞㡿ᇦྲྀࡾ⤌ࢇࡔࠕ⯆ᮇࡢᆅᇦ㛤ࢀࡓᏛᰯ࡙ࡃࡾ
㸦࣐ࣝࢡ㸧ࣉࣟࢪ࢙ࢡࢺࠖࡣࠊ-,&$ ࡢᇶ♏ᩍ⫱ᨭ࠾࠸࡚၏୍ࠊᖹᵓ⠏ࡢ㈉⊩ࢆ᫂♧ࡋࡓ
௳࡛࠶ࡿࠋ⚾ࡣࠊ ᖺࡽྲྀࡾࡗࡓ‽ഛࣇ࢙࣮ࢬࡽ┤᥋ࠊ⥅⥆ⓗ㛵ࢃࡗࡓࡀࠊ⣮த
ᚋࡢᆅᇦ♫ࡢᘓ࠾ࡅࡿᏛᰯᩍ⫱ࡢྍ⬟ᛶࢆᶍ⣴ࡋࠊ᪥᪉ࡢ⌧ሙ㛵ಀ⪅ࡢ㆟ㄽࢆ⧞ࡾ
㏉ࡋࠊヨ⾜㘒ㄗ࡛ᨭࡋࡓኚᛮ࠸ฟ῝࠸༠ຊ࡛࠶ࡿࠋ௳ᑐ㇟ᆅ࡛࠶ࡗࡓࣥ࣎ࣥᓥࢆఱᗘࡶ
ゼၥࡋࠊ⣮தᚋࡢΰ≧ែ࠶ࡗࡓ௦ࡽࠊᆅᇦࡢᘓࡀ㐍ࡳࠊ╔ᐇ⯆ྥࡗ࡚࠸ࡿẁ
㝵ࡲ࡛ࠊ┤᥋ぢᒆࡅࡿࡇࡀ࡛ࡁࡓ㈗㔜࡞⤒㦂࡛࠶ࡗࡓࠋࡲࡓࠊ81(6&2 ᠇❶࠶ࡿࠕேࡢᚰᖹ
ࡢ◓ࢆ⠏ࡃࠖࡓࡵࠊᆅᇦ♫ࡢయᛶ┦⌮ゎࢆ㔊ᡂࡋ࡞ࡀࡽࠊᖹ࡞ᆅᇦ♫ࡢ⏕
ࡢࡼ࠺Ꮫᰯᩍ⫱ࡀࣉ࣮ࣟࢳ࡛ࡁࡿࠊ⌧ሙࡢேࠎ┤᥋㛵ࢃࡾࠊᐇ㊶ࢆᨭࡍࡿ୰࡛ከࡃ
ࢆᏛࡪࡇࡀ࡛ࡁࡓࠋ
ᇶ♏ᩍ⫱ࢆᑐ㇟ࡋࡓࣥࢻࢿࢩ࡛ࡢ᭱ᚋࡢᢏ⾡༠ຊ࡞ࡗࡓࠕ๓ᮇ୰➼ᩍ⫱ࡢ㉁ྥୖࣉࣟ
ࢪ࢙ࢡࢺ㸦3HOLWD㸧ࠖࡣࠊࡑࢀࡲ࡛ࡢᇶ♏ᩍ⫱ศ㔝࠾ࡅࡿ୍㐃ࡢᢏ⾡༠ຊࡼࡾ⠏ࢀ࡚ࡁࡓᡂ
ᯝࡸᩍカࡢ㞟ᡂ࡞ࡾࠊᅜ࡛ࡢྠᵝࡢྲྀࡾ⤌ࡳࡶ♧၀ᐩࢇࡔ௳࡛࠶ࡿࠋᤵᴗ◊✲ࡸఫ
ẸཧຍᆺᏛᰯ㐠Ⴀ㛵ࡍࡿ⌧ሙᆺࣔࢹࣝࡀᨻ⟇ࡸไᗘࠊ⤌⧊ࣞ࣋ࣝ╔ᐇ⤌ࡳ㎸ࡲࢀࠊ⌧ᆅ
ࡀ㐍ࡴࡼ࠺ࠊᨻ⟇࣭ไᗘ࣭ேᮦ࠾ࡅࡿໟᣓⓗ࡞ᇶ┙ᙧᡂྲྀࡾ⤌ࢇࡔࠋ௳ࡀ⤊ࡋࡓ⌧ᅾࡶࠊ
᪥ᮏࡼࡿ༠ຊᡂᯝࡣࠊࣥࢻࢿࢩ⊂⮬ࡢࢽࢩࢳࣈࡼࡾࠊࣥࢻࢿࢩࡢᩥ⬦ࡢ࡞࡛
╔ᐇⓎᒎࡋ⥆ࡅ࡚࠸ࡿࠋఫẸཧຍᆺᏛᰯ㐠Ⴀ࡛ᚓࡓ▱ぢࡸ⤒㦂ࡣࠊᩍ⫱ࡢᆅ᪉ศᶒࡸᏛᰯ
యࡢ⤒Ⴀ㛵㐃ࡍࡿᩍ⫱⟇ࡢ⟇ᐃࡸᐇ╔ᐇάࡉࢀ࡚࠾ࡾࠊᤵᴗ◊✲ࡘ࠸࡚ࡣࠊᏛࡧ
ࡢᨵၿࢆಁࡍ᭷ຠ࡞ࣉ࣮ࣟࢳࡋ࡚ㄆ㆑ࡉࢀࠊᩍဨ㣴ᡂㄢ⛬࠾ࡼࡧ⌧⫋ᩍဨࡢ⥅⥆ⓗ⫋⬟㛤Ⓨ
࡛ࡢᐇ㊶ࡀಁ㐍ࡉࢀ࡚࠸ࡿࠋࡑࡋ࡚ࠊᰯ㛗ࠊᩍဨࡸ⏕ᚐࠊࢥ࣑ࣗࢽࢸࡢಙ㢗㛵ಀ᰿ࡊࡋࡓᏛ
ᰯ㐠Ⴀࡣࠊᤵᴗ◊✲ࡢᐇ㊶ࢆ᥎㐍ࡋࠊࡑࡢ㉁ࢆ㧗ࡵࡿᇶ┙࡞ࡗ࡚࠾ࡾࠊᤵᴗ◊✲ࢆ᰾ࡋࡓᏛ
ᰯᨵ㠉ࡶᩍ⫱Ꮫࡢᨭࡶᚓ࡞ࡀࡽ⌧ሙ࡛ᑡࡋࡎࡘᗈࡀࡗ࡚࠸ࡿࠋ
ୖ㏙ࡋ࡚ࡁࡓࡼ࠺ࠊ ᖺ௦ࡽࡢࣥࢻࢿࢩࡢᇶ♏ᩍ⫱༠ຊࡢⓎᒎࢆ࠶ࡽࡓࡵ࡚ࡾ
㏉ࡿࠊᩍ⫱ࡢ㉁ྥୖ࠸࠺㢟ᑐࡋ࡚ࠊࣥࢻࢿࢩࡢᙉ࠸ࢽࢩࢳࣈࡼࡾᡴࡕฟࡉࢀ
ࡓᨻ⟇ࡢᐇ㊶ࢆ⌧ሙ࡛ᨭࡋ࡚ࡁࡓࡇࠊࡉࡽࠊ⤊ጞ୍㈏ࡋ࡚ࠊᤵᴗࡢ㉁ࡢ㘽ࢆᥱࡿᩍဨࡢ㣴
ᡂ࣭⫱ᡂࢆᢸ࠺ࣥࢻࢿࢩࡢᩍ⫱Ꮫࡶྲྀࡾ⤌ࡳࠊ┦Ꮫࡧ࠶࠸ࠊ⥅⥆ⓗᡂ㛗ࡋ࡚
ࡁࡓ༠ຊࡢࣉ࣮ࣟࢳࡸࣉࣟࢭࢫࡇࡑࠊࣥࢻࢿࢩࡢ⮬❧Ⓨᒎⓗ࡞ᩍ⫱㛤Ⓨࢆಁࡋࡓ㈉⊩せᅉ
࡛࠶ࡗࡓᐇឤࡍࡿࠋ⌧ᅾࠊ,067(3 ࡢ &3 ࡢከࡃࡣࠊᤵᴗ◊✲ࢆ㏻ࡌࡓᏛࡧࡢᨵၿࢆᨭࡍࡿ
ࣥࢻࢿࢩࡢᑓ㛛ᐙࡋ࡚ࠊࡑࢀࡒࢀࡢᆅᇦ࠾ࡅࡿᤵᴗ◊✲ࡢᬑཬ࣭ᐇ㊶ࢆ᥎㐍ࡍࡿ❧ᙺ⪅
ࡋ ࡚ ά ㌍ ࡋ ࡚ ࠸ ࡿ ࠋ ᙼ ࡽ ࡣ ࠊ ࣥ ࢻ ࢿ ࢩ ᅵ ࡢ ௨ ୖ ࡢ ᩍ ⫱ Ꮫ ࢆ ⧅ ࡄ ,QGRQHVLDQ
$VVRFLDWLRQRI/HVVRQ6WXG\㸦$/6,㸧ࢆタ❧ࡋࠊᤵᴗ◊✲ࡢᐇ㊶࣭ᬑཬࡢࡓࡵࡢᏛ㛫ࡢ㐃ᦠᙉ
ࡶᑾຊࡋ࡚ࡁࡓࠋ࡞࡛ࡶࣥࢻࢿࢩᩍ⫱Ꮫࡘ࠸࡚ࡣࠊᩍ⫱Ꮫࠊᆅᇦ⾜ᨻࠊᏛᰯࡢ
༠ാࡼࡿᏛࡧࡢᨵၿࣔࢹࣝࡢᐇ㊶ࡢⓎಙᆅ࡞ࡗ࡚࠾ࡾࠊᅜෆࡢࡳ࡞ࡽࡎࠊ➨୕ᅜ◊ಟ➼ࢆ㏻
ࡌ࡚ࠊ-,&$ ࡀᇶ♏ᩍ⫱༠ຊࢆᒎ㛤ࡋ࡚࠸ࡿࢪࠊࣇࣜ࢝ࡢከࡃࡢᅜࡽ◊ಟ⏕ࢆཷࡅධࢀ࡚
࠸ࡿࠋᚋࡢ -,&$ ࡢᇶ♏ᩍ⫱ᨭ࠾࠸࡚ࡶࣥࢻࢿࢩࢆࣃ࣮ࢺࢼ࣮ࡋࡓ༡༡༠ຊࡢࣉࣟ
࣮ࢳࢆࡼࡾᡓ␎ⓗྲྀࡾධࢀ࡚࠸ࡅࢀࡤࡼ࠸⪃࠼ࡿࠋ
ࡇࡢࡼ࠺ࠊ⌧ሙ࡛ࡢ༠ຊࡀ⤊ࡋ࡚㸳ᖺࢆ⤒ࡓ⌧ᅾ⮳ࡗ࡚ࡶࠊࣥࢻࢿࢩࡢᩍ⫱Ꮫࡢ
ᑓ㛛ᐙࡓࡕࡀࠊᅜࡸᆅᇦࣞ࣋ࣝࡢᨻ⟇❧⪅ࡸ⾜ᨻᐁ༠ാࡋ࡚ࠊᩍ⫱ࡢ㉁ྥୖ⥅⥆ⓗྲྀࡾ
⤌ࢇ࡛࠸ࡿࡇឤືࢆぬ࠼ࡿࡶᚰࡽᩗពࢆ⾲ࡋࡓ࠸ࠋࡑࡋ࡚ࠊᩍ⫱ᨵ㠉ࡢ᰾࡞ࡿᩍ
⫱Ꮫᡤᒓࡋࠊ⤌⧊ࢆ㉸࠼ࡓ㛵ಀᶵ㛵㸦୰ኸᨻᗓࡸᆅ᪉ᩍ⫱⾜ᨻᶵ㛵➼㸧ࡶᕳࡁ㎸ࡳ࡞ࡀࡽࠊ
ᣢ⥆ⓗㄢ㢟ゎỴྲྀࡾ⤌ࡴࡇࡢ࡛ࡁࡿᅜෆࡢᑓ㛛ᐙࢢ࣮ࣝࣉࢆࠊඹ㏻ࡢ┠ᶆྲྀࡾ⤌ࡴࣃ࣮
ࢺࢼ࣮⨨࡙ࡅࡓࡇࡣࠊ᪥ᮏࡼࡿ༠ຊࣉ࣮ࣟࢳࡢ㐺ṇ࡞⌧ᆅࢆಁࡋࠊ⮬❧ⓗࡘ㛗ᮇ
ⓗ࡞ᩍ⫱㛤Ⓨࡢᐇ⌧⧅ࡀࡗࡓࡇࢆࡇࡇ࡛࠶ࡽࡓࡵ࡚ᙉㄪࡋࡓ࠸ࠋ
ࣉࣟࢪ࢙ࢡࢺࡢṔྐⓗព⩏ࡑࡢᡂᯝ
Endah Murningtyas
ඖ BAPPENAS ᾏὒ࣭ኳ↛㈨※ᢸᙜḟᐁ
␎Ṕ
࣎ࢦ࣮ࣝ㎰⛉Ꮫ࡛⌮Ꮫኈྕ㸦㎰ᴗ࣭♫⤒῭ᑓᨷ㸧ࠊ࢜ࣞࢦࣥᕞ❧Ꮫ࡛⌮ಟ
ኈྕ㸦㎰ᴗ⤒῭࣭㈨※ᑓᨷ㸧ࠊࢥࣟࣛࢻᕞ❧Ꮫ࡛༤ኈྕ㸦㎰ᴗ⤒῭࣭㈨※㸧ྲྀ
ᚓࠋ ᖺ௨ୖࢃࡓࡾᅜᐙ㛤Ⓨ⏬ᗇ㸦%$33(1$6㸧࡛ኳ↛㈨※ࠊ㎰ᴗࠊ⤒῭ࠊ㈋
ᅔศ㔝ࢆᢸᙜࠋඖ %$33(1$6 ᾏὒ࣭ኳ↛㈨※ᢸᙜḟᐁࠋ⌧ᅾࡣᅜ㐃 ,QGHSHQGHQW
*OREDO6FLHQWLVW ඹྠ㆟㛗ࢆົࡵࠊࢢ࣮ࣟࣂࣝᣢ⥆ྍ⬟࡞㛤Ⓨሗ࿌ 㸦*6'5㸧
⦅㞟㈉⊩ࠋ
ࠕẼೃኚືࣉࣟࢢ࣒࣭࣮ࣛࣟࣥࠖ
ࣥࢻࢿࢩࡢ ᐊຠᯝ࢞ࢫฟ㔞ࡣࠊ᳃ᯘ႙ኻἾⅣᆅⲨᗫ➼ࡼࡿ &2 ฟࢆྜࢃࡏࡿ
ୡ⏺➨ ࡛࠶ࡾࠊ㡰ㄪ࡞⤒῭ᡂ㛗ࡼࡿ࢚ࢿࣝࢠ࣮㟂せቑຍࡼࡾ &2 ฟ㔞ࡣቑຍഴྥ
࠶ࡿࠋẼೃኚືᑐ⟇ࡀᛴົࡉࢀࡿ୰ࠊ᪥ᮏࡣୡ⏺ඛ㥑ࡅ࡚ࣉࣟࢢ࣒࣭࣮ࣛࣟࣥ᪉ᘧࡼࡿ
Ḱࢆ౪ࡋࠊࣥࢻࢿࢩᨻᗓྜྠ࡛ᨻ⟇࣐ࢺࣜࢡࢫࢆ⟇ᐃࡍࡿࡶࠊ┠ᶆࡢ㐩ᡂ≧
ἣ㛵ࡍࡿᐃᮇⓗ࡞ࣔࢽࢱࣜࣥࢢࢆᐇࡋࡘࡘࠊࣥࢻࢿࢩᨻᗓᑐࡋࠊᚲせ࡞ᨻ⟇ᥦゝࢆ
⾜ࡗࡓࠋ
ࣥࢻࢿࢩ᪥ᮏࡣඹࠊẼೃኚືࡀ῝้࡞ㄢ㢟࡛࠶ࡾࠊᅜ࠾ࡼࡧᆅ⌫つᶍࡢ㛤Ⓨ࠾ࡅࡿ
᪂ࡓ࡞ㄢ㢟࡛࠶ࡿ࠸࠺ඹ㏻ㄆ㆑ࢆᣢࡗ࡚࠸ࡿࠋẼೃኚືᑐ⟇ࢆ㛤Ⓨィ⏬ࡢ୰ྲྀࡾ㎸ࡳ㸭ὶ
ࡉࡏࡿ၏୍ࡢ᪉⟇ࡣ࡞࠸ࠋࡋࡓࡀࡗ࡚ࠊẼೃኚືᑐ⟇ࢆ㛤Ⓨィ⏬ྲྀࡾ㎸ࡴ㐣⛬࠾࠸࡚ࡣࠊ
㎿㏿ࡘᰂ㌾࡞⟇ࡀᚲせࡉࢀࡿࠋ
ࣥࢻࢿࢩ᪥ᮏࡣࡲࡓࠊᅜࡢ≧ἣࡸ࣮࢜ࢼ࣮ࢩࢵࣉࡀࠊᅜᐙ㛫ࡢ࠶ࡽࡺࡿ༠ຊ࠾࠸࡚ᴟ
ࡵ࡚㔜せ࡛࠶ ࡿ ࠸ ࠺ ඹ ㏻ ㄆ ㆑ ࢆ ᣢ ࡗ ࡚ ࠸ ࡿ ࠋ Ẽ ೃ ኚ ື ศ 㔝 ࡢ ༠ ຊ ࡣ ࠊ ࣃ ࣜ ᐉ ゝ 㸦3DULV
'HFODUDWLRQ㸧ࢆᫎࡋࡓࢪࣕ࢝ࣝࢱ࣭ࢽࢩࢸࣈ㸦-DNDUWD,QLWLDWLYH㸧ࡢ⢭⚄ᇶ࡙࠸ࡓ
ࡶࡢ࡛࠶ࡿࠋࣥࢻࢿࢩࡣ᪥ᮏࡀࡇ࠺ࡋࡓ⫼ᬒࢆ⌮ゎࡋ࡚࠸ࡿࡇᩗពࢆ⾲ࡋࠊࣥࢻࢿࢩ
᪥ᮏࡢẼೃኚືศ㔝ࡢ༠ຊࡶᅜᐙ㛗ᮇ㛤Ⓨィ⏬㸦53-31ࠊ ᖺ㹼 ᖺ㸧ࠊᅜᐙ୰ᮇ㛤Ⓨィ
⏬㸦53-01ࠊ ᖺ㹼 ᖺ㸧ᘬࡁ⥅ࡀࢀࡓ 53-01㸦 ᖺ㹼 ᖺ㸧ᚑࡗ࡚ᐇࡉࢀ࡚ࡁ
ࡓࠋ
-,&$ ࡣࠊ⬤ᙅᛶ◊✲㸦YXOQHUDELOLW\VWXGLHV㸧ጞࡲࡿẼೃኚືࡢ㐺ᛂ↔Ⅼࢆྜࢃࡏࡓ
၏୍ࡢࢻࢼ࣮ᶵ㛵࡛࠶ࡿࠋ༡ࣇࣜ࢝ࡢࢲ࣮ࣂ࡛ࣥ⾜ࢃࢀࡓẼೃኚື㆟ྥࡅ࡚ࠊ-,&$ ࡀᨭ
ࡋࡓࡁ࡞ᡂᯝࡣ ࡘ࠶ࡿࠋࡍ࡞ࢃࡕࠊ
㸦L㸧 ᖺࡢᅜ㐃Ẽೃኚືࢲ࣮ࣂࣥ㆟ࡢࢧࢻ࣋ࣥ
ࢺ࡛Ⓨ⾲ࡉࢀࡓẼೃኚື⦆ࡢ࣮ࣟࣥࢳࣥࢢᡓ␎ࠊ
㸦LL㸧ྠ㆟ࡢࣥࢻࢿࢩ࣭ࣈ࣮ࢫ࡛ᒎ♧ࡉ
ࢀࡓᅜᐙ㐺ᛂᡓ␎ࠊ࡛࠶ࡿࠋ-,&$ ࡀᨭࡋࡓẼೃኚືࡢ⬤ᙅᛶ◊✲ࡢᚋࠊ㐺ᛂᡓ␎ࡣ㐺ᛂィ⏬ࡢ
ᙧࡲࡵࡽࢀࡓࠋࡇࡢẼೃኚື㐺ᛂィ⏬ࡢᡂᯝࡣࠊ ᖺᅜᐙ ᐊຠᯝ࢞ࢫฟ๐ῶィ⏬ࡢ
ぢ┤ࡋࡀ⾜ࢃࢀࡓ㝿ࠊྠ๐ῶィ⏬⤫ྜࡉࢀࡓࠋ
ࡇࡢ༠ຊ࠾ࡅࡿ┦ࡢ⌮ゎಙ㢗ࡣࠊࢡ࣮ࣜࣥ㛤Ⓨ࣓࢝ࢽࢬ࣒㸦&'0㸧ࢆ㏻ࡌ࡚⾜ࢃࢀࡓ᪥ᮏ
ࣥࢻࢿࢩࡢẸ㛫༠ຊࡢᣑࡢ♏࡞ࡗࡓࠋࡇࢀࡣࠊ⤒῭ᢸᙜㄪᩚ┬ࡀㄪᩚࢆ⾜࠸ࠊࣥࢻ
ࢿࢩࡣᣦᑟࢳ࣮࣒ࡢ୍ဨ࡞ࡗࡓࠋ
ḟࡢୡ௦ఏ࠼ࡓ࠸
x ᅜᐙࡢඃඛㄢ㢟࠾ࡼࡧᅜᐙࡢ࣮࢜ࢼ࣮ࢩࢵࣉࡣࠊᅜ㝿༠ຊࡢ㘽࡞ࡿᇶᮏཎ๎࡛࠶ࡿࠋࡇ
ࡢཎ๎ࡣ᭱ึྜពࡋ࡚࠾ࡃࡁ࡛࠶ࡿࠋᙜ↛ࠊඹ㏻ࡢ࣑ࢵࢩࣙࣥࢆᥖࡆࠊ㏱᫂ᛶࢆࡶࡗ
࡚⾜ࢃࢀࠊᰂ㌾⾜࠺ࡓࡵ༑ศ࡞వ⿱ࢆ࠼ࡿࡇࡀྜពࡉࢀࡿࠋᆅ᪉ศᶒᨻᗓ௨
እࡢᙜ⪅ࡀ㛵ࢃࡿ୰࡛⾜ࢃࢀࡿẼೃኚືᑐ⟇ࡢᐇࡣࠊࡲࡔ᪥ࡀὸࡃࠊືࡁࡀ⃭ࡋ࠸ࡢ
࡛ࠊࡇࡢⅬࡣ㔜せ࡛࠶ࡿࠋ
x ༠ຊࡢ❆ཱྀ࡞ࡿᶵ㛵ࢆᖖ୍ࡘࡍࡿࠋࡇࡢᶵ㛵ࡣ㐺ษ࡞ᶒ㝈㈐௵ࢆࡶࡕࠊ࢝࢘ࣥࢱ
࣮ࣃ࣮ࢺᢸᙜᶵ㛵࡞ࡿ⏝ពࡀ࡛ࡁ࡚࠸ࡿࡇࠋࡉࡽࠊ㈐௵ࢆࡶࡗ࡚ಀࡿ㧗ᐁ⋡࠸ࡽ
ࢀ࡚࠸ࡿࡇࠊ⥅⥆ⓗ༠ຊࢆ⾜࠺ࢳ࣮࣒ࡼࡿᨭࡀ࠶ࡿࡇࠋ
x ᅜ࡛ࣞ࣋ࣝࡢᡂຌࡣ㠀ᖖ㔜せ࡛࠶ࡿࠋᅜ㝿ⓗ࡞ࢢ࣮ࣟࣂࣝ࡞ሙᣢࡕ㎸ࡴࡇࡀᐜ᫆
࡞ࡾࠊᅜࡀཧ⪃ࡍࡿࡇࡀ࡛ࡁࡿࠋ
ࣥࢻࢿࢩᨻᗓᑐࡍࡿẼೃኚືᑐ⟇ᨭ
㹼ᡂᯝࢆ࠶ࡆࡓࣉࣟࢢ࣒࣭࣮ࣛࣟࣥ᪉ᘧࡢ⤒㦂㹼
୰ ⿱ᚨ
㸦බ㈈㸧ᆅ⌫⎔ቃᡓ␎◊✲ᶵ㛵㸦,*(6㸧≉ู◊✲㢳ၥ
୍⯡♫ᅋἲேࢡࣞ᪥ᮏ⌮㛗
␎Ṕ
ᖺᮾிᏛᕤᏛ㒊༞ᴗࠋ ᖺཌ⏕┬ධ┬ࠊ⎔ቃᗇタඹྠᗇฟྥࠋ
ࡑࡢᚋࠊእົ┬ฟྥ➼ࢆ⤒࡚ࠊྠ⏬ㄪᩚᒁᆅ⌫⎔ቃ㒊㛗ࠊ⎔ቃ┬ᆅ⌫⎔ቃᒁ㛗ࠊ
ྠᆅ⌫⎔ቃᑂ㆟ᐁࠋ ᖺࡽ ᖺࡲ࡛᠕⩏ሿᏛ⎔ቃሗᏛ㒊ᩍᤵࠋ
ᖺࡼࡾ㸦୍♫㸧ࢡࣞ᪥ᮏ⌮㛗ࠋ ᖺࡽ㸦බ㈈㸧ᆅ⌫⎔ቃᡓ␎◊✲ᶵ㛵
㸦,*(6㸧⌮㛗ࢆົࡵࠊ ᖺࡼࡾ ,*(6 ≉ู◊✲㢳ၥࠋ ᖺ௨ୖࢃࡓࡾࠊ⎔
ቃ┬➼࠾࠸࡚ᆅ⌫⎔ቃᨻ⟇ࡢศ㔝࡛ά㌍ࠋ≉ࠊி㒔㆟ᐃ᭩ࡑࡢᐇ࣮ࣝࣝ
㛵ࡍࡿᨻᗓ㛫ࡢ΅ࡸྠ㆟ᐃ᭩ࢆᐇࡍࡿࡓࡵࡢᅜᐙᨻ⟇ࡢసᡂᑾຊࠋ
ᖺࡽ ᖺࡲ࡛ி㒔㆟ᐃ᭩㑂Ᏺጤဨඹྠ㆟㛗ཬࡧྠጤဨಁ㐍㒊㆟㛗ࠋ
ࠕẼೃኚືࣉࣟࢢ࣒࣭࣮ࣛࣟࣥࠖ
ࣥࢻࢿࢩࡢ ᐊຠᯝ࢞ࢫฟ㔞ࡣࠊ᳃ᯘῶᑡࠊἾⅣᆅࡢⅆ⅏ࡸศゎ➼ࡼࡿ &2 ฟࢆྜ
ࢃࡏࡿୡ⏺➨ ࡛࠶ࡾࠊ㡰ㄪ࡞⤒῭ᡂ㛗ࡼࡿ࢚ࢿࣝࢠ࣮㟂せቑຍࡼࡾ &2 ฟ㔞ࡣቑ
ຍഴྥ࠶ࡿࠋẼೃኚືᑐ⟇ࡀᛴົࡉࢀࡿ୰ࠊ᪥ᮏࡣୡ⏺ඛ㥑ࡅ࡚ࣉࣟࢢ࣒࣭࣮ࣛࣟࣥ
᪉ᘧࡼࡿḰࢆ౪ࡋࠊࣥࢻࢿࢩᨻᗓྜྠ࡛ᨻ⟇࣐ࢺࣜࢡࢫࢆ⟇ᐃࡍࡿࡶࠊ
┠ᶆࡢ㐩ᡂ≧ἣ㛵ࡍࡿᐃᮇⓗ࡞ࣔࢽࢱࣜࣥࢢࢆᐇࡋࡘࡘࠊࣥࢻࢿࢩᨻᗓᑐࡋࠊᚲ
せ࡞ᨻ⟇ᥦゝࢆ⾜࠸ࠊẼೃኚືᑐ⟇ࡢ❧ࡸᐇࢆಁ㐍ࡋࡓࠋ
ᨭᴗࡢ⫼ᬒṔྐⓗព⩏
ࣥࢻࢿࢩᨻᗓࡣᅜ㐃Ẽೃኚືᯟ⤌᮲⣙➨ ᅇ⥾⣙ᅜ㆟㸦&23㸧ࡢ㆟㛗ᅜࡋ࡚ࠊ
࡚ࡢඛ㐍ᅜ㏵ୖᅜࡢ⾜ືࡢᙉ㛵ࡍࡿࣂࣜ⾜ືィ⏬ࡢྜព㔜せ࡞ᙺࢆᯝࡓࡍ㸦 ᖺ㸧
ඹࠊྠᖺẼೃኚືᑐ⟇ࡢᅜᐙ㛤Ⓨィ⏬ࡢὶࢆ┠ᣦࡋࠕᅜᐙẼೃኚື⾜ືィ⏬ࠖࢆ⟇
ᐃࡋࠊࡉࡽ ᖺ * 㤳⬻㆟ࡢሙ࡛ ᖺࡲ࡛ࡢ ᐊຠᯝ࢞ࢫ㸦*+*㸧ฟ๐ῶ┠ᶆࢆ⮬
ⓗタᐃࡋࡓࠋࡇࢀࡽࡢィ⏬ࡢᐇ┠ᶆࡢᐇྥࡅࠊ ᖺ᪥ᮏ࣭ࣥࢻࢿࢩ୧ᅜ㤳
⬻ࡣࣥࢻࢿࢩẼೃኚືࣉࣟࢢ࣒࣭࣮ࣛࣟࣥ㸦&&3/㸧ࡢ㛤ጞྜពࡋࠊࣇࣛࣥࢫ㛤Ⓨᗇ㸦$)'㸧
ࡶ༠ㄪ⼥㈨ຍࢃࡿࡇ࡞ࡗࡓࠋ
ࡑࡢᚋࠊ&23㸦 ᖺ㸧࠾ࡅࡿ࢝ࣥࢡࣥྜពࡢୗ࡛㏵ୖᅜࢆྵࡴᖜᗈ࠸ᅜࠎࡼࡿ⮬
ⓗ࡞ฟ๐ῶ┠ᶆࡢタᐃࠊྲྀ⤌ࡳࡢ≧ἣ㛵ࡍࡿ᮲⣙⥾⣙ᅜ㆟ࡢሗ࿌ࡸᅜ㝿ⓗ᳨ド༠㆟
ࢆ⾜࠺ࡇ࡞ࡾࠊ㏵ୖᅜࡼࡿẼೃኚືᑐ⟇ࢆಁ㐍ࡍࡿࡓࡵࡢᅜෆไᗘᩚഛࠊ㏵ୖᅜࡢྲྀ
⤌ࡳᑐࡍࡿඛ㐍ᅜࡢᨭࠊཬࡧྲྀ⤌ࡳࡢᡂᯝࢆබᖹ᳨ドࡍࡿᅜ㝿ⓗ࡞ไᗘ࡙ࡃࡾࡀ㔜せ
࡞ࡿ࡞ࠊ ᖺࡽ ᖺࡲ࡛ࠊ᪥ᮏᅜᨻᗓ࣭ᅜ㝿༠ຊᶵᵓ㸦-,&$㸧ཬࡧ $)' ࡀࣥࢻࢿࢩ
ᨻᗓࣉࣟࢢ࣒࣭࣮ࣛࣟࣥࢆ౪ࡋࠊࡑࡢ㛫ᐇࡋࡓྠᅜࡢẼೃኚືᑐ⟇㛵ࢃࡿᅜෆไᗘ
タィ↔Ⅼࢆᙜ࡚ࡓᅜ㝿༠ຊ㸦 ᖺࡽୡ⏺㖟⾜ࡶཧຍ㸧ࡣࠊ㏵ୖᅜࡢẼೃኚືᑐ⟇ࡘ࠸
࡚ඛ㐍ᅜࡢ㛫࡛ᨻᗓ㛫༠㆟ࢆᐃᮇⓗ⾜࠸ࠊྲྀ⤌ࡳࢆᨭࡍࡿึࡵ࡚ࡢ࡛࠶ࡾࠊࡇࡢศ
㔝࡛ࡢඛ㥑ⓗ࡞ᅜ㝿༠ຊࣔࢹࣝ࡞ࡗࡓࠋ
㐩ᡂࡋࡓᡂᯝ
&&3/ ࠾࠸࡚ࡣࠊࣥࢻࢿࢩᨻᗓ㛤Ⓨࣃ࣮ࢺࢼ࣮㸦-,&$ࠊ$)'ࠊཬࡧୡ⏺㖟⾜㸧ࡀ᳃ᯘࠊ
࢚ࢿࣝࢠ࣮ࠊ㏻ࠊẼೃኚືࡢ㐺ᛂ➼ྛศ㔝ࠊཬࡧᶓ᩿ⓗ࡞せᨻ⟇ㄢ㢟㛵ࡍࡿ▷ᮇ࣭୰
ᮇࡢᨻ⟇┠ᶆ⾜ືࢆิᣲࡋࡓᨻ⟇࣐ࢺࣜࢡࢫࢆ⟇ᐃࡋࠊࣥࢻࢿࢩᨻᗓ㛵ಀ┬ᗇཬࡧ㛤Ⓨ
ࣃ࣮ࢺࢼ࣮ࡀཧຍࡍࡿㅎၥጤဨࡸᢏ⾡ጤဨ࡛ᨻ⟇࣐ࢺࣜࢡࢫᥖ㍕ࡉࢀࡓ┠ᶆࡸ⾜ືࡢ㐍
ᒎࠊ㐩ᡂࡢ≧ἣࢆࣔࢽࢱ࣮ࡋ☜ㄆࡍࡿඹࠊᨻ⟇᥎㐍ࡢㄢ㢟ࢆ༠㆟ࡢୖ࡛≉ᐃࡋࠊ㏣ຍⓗ༠
ຊࡢᚲせᛶࢆ᳨ウࡋࡓࠋࡇ࠺ࡋࡓࣉࣟࢭࢫࢆ㏻ࡌ࡚ࠊ㛵ಀ⪅ࡢ㛫࡛Ẽೃኚືᑐ⟇ࡢ⌧≧࣭ㄢ㢟
ࡸᚋࡢ᪉ྥᛶ㛵ࡍࡿሗㄆ㆑ࡢඹ᭷ࡀ㐍ࢇࡔࡇࡣ㔜せ࡞ᡂᯝ࡛࠶ࡿࠋ➹⪅ࡣ᪥ᮏഃᨻ
⟇ࢻࣂࢨ࣮ࡋ࡚ࠊㅎၥጤဨฟᖍࡍࡿඹࠊጤဨ๓ᚋࡋ࡚ࣥࢻࢿࢩᨻᗓ㛵
ಀ㛶Ẽೃኚືᑐ⟇⯡㛵ಀࡍࡿㄢ㢟ࡸᚋࡢ༠ຊࡀᮃࡲࢀࡿศ㔝➼ࡘ࠸࡚ࣁࣞ࣋ࣝ
ᑐヰࢆ⾜࠸ࠊ㛵ಀ┬ᗇ࠾ࡅࡿྲྀ⤌ࡳࡢ⌮ゎ࣮࢜ࢼ࣮ࢩࢵࣉྥୖᐤࡋࡓࠋ
ᅜᐙ㛤Ⓨィ⏬⟇ᐃᐁᗇࡋ࡚㛵ಀ┬ᗇࡢㄪᩚᶵ⬟ࢆ᭷ࡍࡿᅜᐙ㛤Ⓨ⏬ᗇ㸦%$33(1$6㸧ࡣࠊ
&&3/ࡼࡾẼೃኚືᑐ⟇㛵ࡍࡿᨻ⟇࣭⾜ືࡢྲྀࡾࡲࡵࣔࢽࢱࣜࣥࢢࢆᐃᮇⓗ⧞ࡾ㏉ࡍ
ࣉࣟࢭࢫࢆࡁࡃ᥎㐍ࡋࡓࠋࡲࡓࠊᨻ⟇࣐ࢺࣜࢵࢡࢫグ㍕ࡉࢀࡓྛᖺࡢᨻ⟇࣭⾜ືࡢᐇ≧
ἣࢆᐃᮇⓗ㛵ಀ┬ᗇྜࢆ㛤ࡁࣔࢽࢱ࣮ࡍࡿ᪉ᘧࡣࠊࡑࡢᚋ㛤Ⓨィ⏬యࡢ㐍ᤖࣔࢽࢱࣜ
ࣥࢢࡶ㐺⏝ࡉࢀࡓࠋࡉࡽࠊࣥࢻࢿࢩᨻᗓࡣ &&3/ ࡢࣔࢽࢱࣜࣥࢢάືࢆཧ⪃ࠊᕞᨻᗓ
Ẽೃኚືᑐ⟇ࡢண⟬ᴗᐇࡢᡂᯝ㛵ࡍࡿࣔࢽࢱࣜࣥࢢ࣭࣓࢝ࢽࢬ࣒ࡢᵓ⠏ࢆ⩏ົࡅ
ࡓ㸦 ᖺ㸧ࠋࡇࡢࡼ࠺ࠊ&&3/ ࡣࡑࡢᚋࣥࢻࢿࢩᨻᗓࡢᨻ⟇ࣔࢽࢱࣜࣥࢢไᗘࡢⓎᒎ
ᙳ㡪ࢆ࠼ࡓゝ࠼ࡼ࠺ࠋ
ຍ࠼࡚ࠊ&&3/ ࢆዎᶵᖜᗈ࠸ࢫࢸ࣮ࢡ࣍ࣝࢲ࣮㛤ࢀࡓẼೃኚືᑐ⟇㛵ࡍࡿሗࡢ
ሙࡋ࡚Ẽೃኚື㛵ᚰࢆ᭷ࡍࡿࢻࢼ࣮ㄪᩚࣇ࢛࣮࣒ࣛࡀタ❧ࡉࢀࠊㅎၥጤဨࡢᚋ㛤ദࡉ
ࢀࡓࡇࡶ &&3/ ࡢ㛫᥋ⓗ࡞ᡂᯝゝ࠺ࡇࡀฟ᮶ࡿࠋ
༳㇟ṧࡿࣉࣟࢭࢫ࣭࢚ࣆࢯ࣮ࢻ
&&3/ ࡣࠊ㏵ୖᅜࡀ⮬ࡽᐃࡵࡓฟ๐ῶ➼ࡢ┠ᶆࢆ㐩ᡂࡍࡿࡓࡵࠊඛ㐍ᅜࠊᅜ㝿㔠⼥ᶵ㛵➼ࡢ
㛤Ⓨࣃ࣮ࢺࢼ࣮༠ຊࡋ࡚ྲྀ⤌ࡳࢆ㐍ࡵࡿ⤌ࡳ࡛࠶ࡾࠊಶูࡢᨻ⟇┠ᶆࡘ࠸࡚ࡣẖᖺࡢ༠
㆟ࢆ㋃ࡲ࠼ᨵၿࡍࡿࡇࡀྍ⬟࡛࠶ࡿࠋẼೃኚືᑐ⟇ࡢᐇࡣ㈨㔠➼ࡢᐇᡭẁࡢ☜ಖࡀ
ࡁ࡞ㄢ㢟࡞ࡿࡀࠊ&&3/ ࡛ࡣᨻ⟇ᐇୖࡢㄢ㢟ࡘ࠸࡚ᐃᮇ༠㆟ࢆ㏻ࡌࠊᨻ⟇┠ᶆࡢ㐩ᡂ≧ἣ
➼㚷ࡳࡘࡘࠊ㈨㔠㠃ࡸᢏ⾡ⓗ࣭ᑓ㛛ⓗ࡞ᨭࡶᚓࡽࢀࡿ⤌ࡳ࡛࠶ࡿࠋࡇࡢࡼ࠺࡞ &&3/ ࡢඛ
㥑ⓗ࡞ᅜ㝿༠ຊࣔࢹࣝࡢ⤒㦂ࢆ㋃ࡲ࠼ࠊࣃࣜ༠ᐃᐇࡢᩥ⬦࡛㏵ୖᅜࡢࢽࢩࢸࣈࢆᑛ㔜
ࡋ࡞ࡀࡽẼೃኚືᑐ⟇ᨭࢆ୍ᒙᐇ࣭ᣑࡍࡿࡇࡀᮇᚅࡉࢀࡿࠋ
&&3/ ࡢࣉࣟࢭࢫࡀຠᯝࢆ࠶ࡆࡿୖ࡛㘽ࢆᥱࡿࡢࡣࠊㅎၥጤဨ➼ࡸࣁ࡛ࣞ࣋ࣝࡢᑐヰ࡛࠶
ࡿࠋ㏵ୖᅜᨻᗓ㛤Ⓨࣃ࣮ࢺࢼ࣮᪉ࡢ㛵ಀ⪅ࡢ㛫࡛ຠᯝⓗᑐヰࢆ⾜࠸᭷┈࡞㆟ㄽࡀྍ⬟
࡞ࡿࡼ࠺ࠊ㆟㢟ࢆ᫂☜タᐃࡋࠊ㐺ษ࡞㛵ಀ⪅ࡢཧຍࢆᚓ࡚ࠊࣔࢽࢱࣜࣥࢢᇶ࡙ࡃሗඹ᭷
ࢆ㋃ࡲ࠼ࡓ⋡┤࡞༠㆟ㄪᩚࢆ⾜࠺⤌ࡳࢆ☜ಖࡍࡿࡇࡶ㔜せ࡛࠶ࡿࠋ
ࡉࡽࠊࣉࣟࢢ࣒࣭࣮ࣛࣟࣥࡣࠊࡢࢫ࣮࣒࢟㸦≉ᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺ㸧ࡢ⥲ྜⓗ୍
యⓗ࡞㐠⏝ࡼࡾࠊࣉࣟࢢ࣒ࣛࡢୗ࡛ᨻ⟇ᐇᙜࡓࡿᨻᗓᶵ㛵ࡢດຊሗ࠸ࠊࡑࡢ⌮ゎࡸ࢜
࣮ࢼ࣮ࢩࢵࣉࢆࡉࡽྥୖࡉࡏࡿࡓࡵࡢࣥࢭࣥࢸࣈࡢ➼ࢆ㏻ࡌࠊ୍ᒙࡢᡂᯝࢆ㐩ᡂࡍ
ࡿࡇࡀྍ⬟࡛࠶ࡿࠋᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺ➼ࢆ &&3/ ࣉࣟࢭࢫࡢ୍㒊ࠊࡲࡓࡣ୪⾜ࡋ࡚ࠊ᪩ᮇ
ࠊࡘᰂ㌾ᐇࡍࡿࡇࡼࡾࠊ㛵ಀᶵ㛵ࡢ୍ᒙ✚ᴟⓗ࡞ཧຍ࣭༠ຊࢆᚓࡿࡇࡀ࡛ࡁࡓ
⪃࠼ࡽࢀࡿࠋ
㸦ཧ⪃ᩥ⊩࣭㈨ᩱ㸧
㸬ࠕࣥࢻࢿࢩඹᅜẼೃኚືᑐ⟇ࣉࣟࢢ࣒࣭࣮ࣛࣟࣥ㸦㸧Ḱᴗホ౯ሗ࿌
᭩ࠖᅜ㝿༠ຊᶵᵓࠊᰴᘧ♫ࢢ࣮ࣟࣂ࣭ࣝࢢ࣮ࣝࣉ ࢪࣕࣃࣥࠊᆅ⌫⎔ቃᡓ␎◊✲ᶵ㛵㸦
ᖺ ᭶㸧
㸬
ࠕࣥࢻࢿࢩඹᅜẼೃኚືᑐ⟇ࣉࣟࢢ࣒࣭࣮ࣛࣟࣥ㸦,,㸧ࢻࣂࢨ࣮ࣜཬࡧࣔࢽࢱࣜ
ࣥࢢㄪᰝࣇࢼ࣭࣏࣮ࣝࣞࢺ㸦せ⣙㸧
ࠖᅜ㝿༠ຊᶵᵓࠊᰴᘧ♫ࢢ࣮ࣟࣂ࣭ࣝࢢ࣮ࣝࣉ
ࢪࣕࣃࣥࠊᆅ⌫⎔ቃᡓ␎◊✲ᶵ㛵㸦 ᖺ ᭶㸧
㸬ࠕࣥࢻࢿࢩඹᅜẼೃኚືᑐ⟇ࣉࣟࢢ࣒࣭࣮ࣛࣟࣥ㸦,,,㸧ࣔࢽࢱࣜࣥࢢᨭㄪᰝࣇ
ࢼ࣭࣏࣮ࣝࣞࢺ㸦せ⣙㸧
ࠖᅜ㝿༠ຊᶵᵓࠊᰴᘧ♫ࢢ࣮ࣟࣂ࣭ࣝࢢ࣮ࣝࣉ ࢪࣕࣃࣥࠊᆅ
⌫⎔ቃᡓ␎◊✲ᶵ㛵㸦 ᖺ ᭶㸧
㸬ࠕẼೃኚືᑐ⟇ࣉࣟࢢ࣒࣭࣮ࣛࣟࣥࡢᡂᯝㄢ㢟㛵ࡍࡿሗ㞟࣭☜ㄆㄪᰝࣇࢼ࣭ࣝ
࣏࣮ࣞࢺࠖᰴᘧ♫ࢢ࣮ࣟࣂ࣭ࣝࢢ࣮ࣝࣉ ࢪࣕࣃࣥࠊ୕⳻ 8)- ࣜࢧ࣮ࢳ㸤ࢥࣥࢧࣝࢸ
ࣥࢢᰴᘧ♫㸦ඹྠᴗయ㸧㸦 ᖺ ᭶㸧
㸬
ࠕ㏵ୖᅜࡢ ᬮᑐ⟇ᨭࣥࢻࢿࢩ࡛ᡂᯝࠖࠊ᪥ᮏ⤒῭᪂⪺㸦 ᖺ ᭶ ᪥ᮅหࠊ
୰⿱ᚨ㸧
䜲䞁䝗䝛䝅䜰䛾⮬↛⎔ቃಖศ㔝䛷㻌
ᑠᯘ ᾈ
ࠕ᪥ᮏ࣭ࣥࢻࢿࢩ 5(''ᐇ࣓࢝ࢽࢬ࣒ᵓ⠏ࣉࣟࢪ࢙ࢡࢺࠖᑓ㛛ᐙ
␎Ṕ
ᖺࡽ ᖺ㛫㟷ᖺᾏእ༠ຊ㝲ဨ㸦⏕ែᏛ㸧ࡋ࡚ࣥࢻࢿࢩᩍ⫱ᩥ┬㧗
➼ᩍ⫱⥲ᒁ㉱௵ᚋࠊ ᖺ -,&$ ᑓ㛛ᐙ㸦㔝እ⏕≀Ꮫ࣭㫽Ꮫ㸧ࡋ࡚ྠ⥲ᒁ
㉱௵ࠋ௨㝆ࠊ-,&$ ᑓ㛛ᐙࡋ࡚ ᖺ⏕≀ከᵝᛶಖィ⏬ࣇ࢙࣮ࢬ ࠊ ᖺ
ࢢࢾࣥࣁ࣒ࣜࣥࢧࣛࢡᅜ❧බᅬ⟶⌮ィ⏬ࠊ ᖺ⏕≀Ꮫ◊✲ࢭࣥࢱ࣮ᶆᮏ⟶⌮
యไཬࡧ⏕≀ከᵝᛶಖࡢࡓࡵࡢ◊✲ᶵ⬟ྥୖࣉࣟࢪ࢙ࢡࢺࠊ ᖺࣥࢻࢿࢩ
ࡢἾⅣ࣭᳃ᯘ࠾ࡅࡿⅆ⅏Ⅳ⣲⟶⌮ࣉࣟࢪ࢙ࢡࢺࠊ ᖺ᪥ᮏ࣭ࣥࢻࢿࢩ
5(''ᐇ࣓࢝ࢽࢬ࣒ᵓ⠏ࣉࣟࢪ࢙ࢡࢺ➼ࠊ㛗ᮇࢃࡓࡾྠᅜࡢ⮬↛⎔ቃಖ
࣭⏕≀ከᵝᛶಖᐤࠋ
ࠕ⏕≀ከᵝᛶಖࡢ᥎㐍ࠖ
ᛴ㏿࡞⏘ᴗⓎᒎࡼࡿ⮬↛⎔ቃ◚ቯ⏕≀✀ῶᑡ㚷ࡳࠊࣥࢻࢿࢩᨻᗓࡣ ᖺࣥࢻ
ࢿࢩ⏕≀ከᵝᛶ⾜ືィ⏬%$3,ࢆไᐃࡋࠊ⮬↛⎔ቃࡢಖㆤᑾຊࡋ࡚ࡁࡓࠋ⏕≀ከᵝᛶಖ
ࡢྲྀ⤌ࡳࢆ᥎㐍ࡍࡿࣥࢻࢿࢩᨻᗓࡢせㄳᛂ࠼ࠊ᪥ᮏࡣࣥࢻࢿࢩ⛉Ꮫ㝔㸦/,3,㸧⏕≀
Ꮫ◊✲ࢭࣥࢱ࣮ື≀Ꮫ㒊㛛ࠊ᳜≀Ꮫ࣭ᚤ⏕≀Ꮫ㒊㛛ࡢᘓタࠊࢢࢾࣥࣁ࣒ࣜࣥࢧࣛࢡᅜ❧බᅬ
㸦*+613㸧࠾ࡅࡿᅜ❧බᅬ⟶⌮ົᡤཬࡧࣜࢧ࣮ࢳࢫࢸ࣮ࢩࣙࣥࡢᘓタ➼ࠊ↓ൾ㈨㔠༠ຊࢆ㏻
ࡌ࡚」ᩘࢃࡓࡿタࡢᩚഛࢆᨭࡋࡓࠋࡉࡽࠊᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࢆ㏻ࡌࠊタ⟶⌮ࡸ
⏕≀ከᵝᛶಀࡿ◊✲⬟ຊࡢྥୖᐤࡋࡓࠋ
ࠕἾⅣ࣭᳃ᯘ࠾ࡅࡿⅆ⅏Ⅳ⣲⟶⌮ࣉࣟࢪ࢙ࢡࢺࠖ
ୡ⣖ᮎᅜᐙ㛤Ⓨᨻ⟇ࡢ୍⎔ࡋ࡚㛤Ⓨࡀᛴ㏿㐍ࡳࠊࣥࢻࢿࢩࡢప‵ᆅᏑᅾࡍࡿ⇕
ᖏἾⅣࡀ◚ቯࡉࢀࠊ⭾࡞Ⅳ⣲ࡀẼ୰ᨺฟࡉࢀࡿࡼ࠺࡞ࡗࡓࠋᮏ༠ຊ࡛ࡣࠊඹྠ◊✲ࢆ
㏻ࡌ࡚Ⅳ⣲⟶⌮ᡭἲࢆ㛤Ⓨࡋࠊࣥࢻࢿࢩࡢ◊✲ᶵ㛵༠ྠࡋ࡚ἾⅣ࣭᳃ᯘ࠾ࡅࡿⅆ⅏
Ⅳ⣲⟶⌮ࢆ⾜࠺⤌ࡳࡢᵓ⠏ᐤࡋࡓࡶࡢ࡛࠶ࡿࠋ
ࠕ᪥ᮏࣥࢻࢿࢩ 5(''ᐇ࣓࢝ࢽࢬ࣒ᵓ⠏ࣉࣟࢪ࢙ࢡࢺࠖ
ୡ⏺➨ ࡢ⇕ᖏᯘಖ᭷ᅜ࡛⏕≀ከᵝᛶࡢᐆᗜࡋ࡚ࡶ᭷ྡ࡞ࣥࢻࢿࢩࡣࠊ ᖺ௦௨㝆
᳃ᯘ㛤Ⓨࠊ᳃ᯘ࣭ἾⅣᆅⅆ⅏➼ࡼࡿ᳃ᯘࡢῶᑡ࣭ຎࡀ㐍ࡳࠊୡ⏺ⓗၥ㢟どࡉࢀ࡚࠸ࡿࠋ
ࣥࢻࢿࢩࡢ 5(''ࡣᅜࣞ࣋ࣝࡢ⤌⧊ᩚഛࡀ㐍ࡵࡽࢀ࡚࠸ࡿࡶࡢࡢࠊᆅ᪉ᨻᗓࣞ࣋ࣝࡢᐇ
࣓࢝ࢽࢬ࣒ࡢᵓ⠏ࡀㄢ㢟࡞ࡗ࡚࠸ࡓࠋᮏᴗ࡛ࡣࠊ ᖺࡼࡾす࣐࢝ࣜࣥࢱࣥᕞࠊ୰ኸ࢝ࣜ
࣐ࣥࢱࣥᕞࢆᑐ㇟ࠊ⌧ሙᐇドάືࢆ㏻ࡌࡓᕞᨻᗓ࣭┴ᨻᗓࡢయไᵓ⠏ࡸ⬟ຊᙉࠊᢸᙜ┬ᗇ
ࡢ⎔ቃᯘᴗ┬➼ࡢ⬟ຊᙉࢆ㐍ࡵ࡚࠸ࡿࠋ
᪥ᮏ࣭ࣥࢻࢿࢩᅜᶞ❧ ࿘ᖺࠊᮏᙜ࠾ࡵ࡛࠺ࡈࡊ࠸ࡲࡍࠋ⚾ࡣ ᖺ ᭶ࠊ㟷
ᖺᾏእ༠ຊ㝲ဨࡋ࡚ࣥࢻࢿࢩ㉱௵ࡋࡓࡢࡀࡁࡗࡅ࡛ࠊࡑࡢᚋࡶࡰ⥅⥆ࡋ࡚ࡇࡢᅜ࡛
⮬↛⎔ቃಖ㛵㐃ࡢᴗ㛵ࢃࡗ࡚ࡁࡲࡋࡓࠋ࠸ࡘࡢ㛫ᖺ࡛ ᖺ┠ࠊ ᖺࡢᴫࡡ༙ศࡢ
ᮇ㛫ࠊࣥࢻࢿࢩ࡛άືࡉࡏ࡚࠸ࡓࡔ࠸ࡓࡇ࡞ࡾࠊㄔឤ៓῝࠸ࡶࡢࡀ࠶ࡾࡲࡍࠋ
ࣥࢻࢿࢩࡣࠊ㉥㐨ࡲࡓࡀࡿ ༓௨ୖࡢᓥࠎࡽ࡞ࡿᅜ࡛ࠊᾏᓊࡽ㧗ᒣࡲ࡛ᵝࠎ࡞
⏕ែ⣔ࢆ᭷ࡋ࡚࠾ࡾࠊࡉࡽᮾすࡢ㛗ࡉࡶ ༓ࢆ㉺࠼ࡿᗈ࡞ᅜ࡛࠶ࡿࡓࡵࠊ⏕≀ከᵝᛶࡀᴟ
ࡵ࡚㧗࠸ᅜࡢ୍ࡘ࡛ࡍࠋື≀ࡢ✀ᩘࡔࡅࢆぢ࡚ࡶࠊங㢮 ✀㸦ୡ⏺ 㸧ࠊ∐㢮 ✀㸦ୡ
⏺ 㸧ࠊ㫽㢮 ✀㸦ୡ⏺ 㸧࡞ࠊ㝿❧ࡗ࡚࠸ࡿࡢࡀศࡾࡲࡍࠋ୍᪉ࠊ㏆ᖺࡣࡔ࠸ࡪ
ᑐ⟇ࡀྲྀࡽࢀ࡚ࡁ࡚࠸ࡿࡶࡢࡢࠊ᳃ᯘⅆ⅏ࠊ㐪ἲఆ᥇ࠊ⇕ᖏᯘࡢ࢜ࣝࣃ࣮࣒㎰ᅬ࡞ࡢ㌿
࡞ᵝࠎ࡞⌮⏤ࡼࡿ⏕ᜥᆅࡢῶᑡࠊࡲࡓ┤᥋ⓗ࡞ᐦ⊟࡞ᵝࠎ࡞⮬↛⎔ቃࡢ⬣ጾࡀ࠶ࡾࠊࡑ
ࡢಖࡢࡓࡵࡢάືࡢ㔜せᛶࡀ㧗࠸ᅜࡢ୍ࡘ࡛ࡍࠋ
㟷ᖺᾏእ༠ຊ㝲᭱ึࡢᑓ㛛ᐙࡋ࡚ࡢᴗົ
࡛ࡣࠊᙜࡣࡲࡔ୍⯡ⓗ࡛࡞ࡗࡓ㔝㫽࡞ࢆᑐ
㇟ࡋࡓ◊✲ࡢධࡾཱྀࡢ⤂ࠊࡲࡓࠊ㫽㢮ࢆᑓ㛛
ࡋ࡞ࡃࡶࠊࡇ࠺ࡋࡓࣇ࣮ࣝࢻ࣮࣡ࢡ⯆
ࢆᣢࡘᏛ⏕ࡢ⫱ᡂ࠸ࡗࡓ㏻⟬ ᖺ㛫ᚑ
ࡋࠊࣥࢻࢿࢩ࠾ࡅࡿ㔝እ㫽㢮Ꮫࡢ〈㔝ࢆ
ᗈࡆࡿࡇࡀ࡛ࡁࡲࡋࡓࠋ༠ຊ㝲௦ࡣࠊࣂࣥ
ࢻࣥᕷෆࡸ࢟ࣕࣥࣃࢫෆ࡛ࡢ㫽㢮ࡢࢭࣥࢧࢫㄪ
ᰝࠊ≉ᐃࡢ㫽㢮ࡢ⏕ែㄪᰝ࠸ࡗࡓᐇ⩦ᣦᑟࡢ
ࠊㄢእάືࡋ࡚ࠊ⏕≀ᏛࢡࣛࣈࡢᏛ⏕ࡽ୍ すࢪࣕ࣡ᕞࣂࣥࢪ࣮࡛ࣕࣝࡢ᪥ᮏࣥࢻࢿ
ࢩඹྠ㫽㢮ᶆ㆑ㄪᰝࠋࢹ࣮ࢱࢆグ㘓ࡋ࡚࠸
⥴ࣂࣥࢻࣥᕷ㑹እ࡛ࢶࣂ࣓ࡢࡡࡄࡽ᥈ࡋࢆ⾜ ࡿࡢࡀ➹⪅ࠋ ᖺ ᭶ࠋ
ࡗࡓࡾࡶࡋࡲࡋࡓࠋ$QJNXWDQ.RWD ࠸࠺ᑠࡉ࡞
㊰⥺ࣂࢫࢆࡾ⥅ࡂࠊࡲࡓࣂࢡࢆᣢࡗ࡚࠸ࡿᏛ⏕ࡣࣂࢡ࡛ẖኤࠊࢶࣂ࣓ࡢ㣕⾜ࡍࡿ᪉ྥࢆ☜
ㄆ㏣㊧ࡋࠊ᭱⤊ⓗࡣࣂࣥࢻࣥᕷ༡ഃࡢᕤᴗᆅᖏࡢ୰࠶ࡿᩘ⩚ࡢࢶࣂ࣓ࡢࡡࡄࡽࢆ✺ࡁṆࡵࠊ
ࡑࡇ࡛ࡢᶆ㆑ㄪᰝࢆᐇࡋࡲࡋࡓࠋ
ࣂࣥࢻࣥᕷෆࡢࢶࣂ࣓ࡢࡡࡄࡽࢆⓎぢࡍࡿ๓
ࡣࠊすࢪࣕ࣡ᕞࡢࣂࣥࢪ࣮ࣕࣝ࠸࠺⏫࠶ࡿ
ࡡࡄࡽࢆ☜ㄆࡋࠊᙜࠊᮾ༡ࢪྛᆅ࡛ࡢ㫽㢮
ᶆ㆑ㅮ⩦ྜྠㄪᰝࢆᐇࡋ࡚࠸ࡓᒣ㝵㫽㢮
◊✲ᡤᶆ㆑◊✲ᐊࡼࡿ࣮࣡ࢡࢩࣙࢵࣉࢆࣥ
ࢻࢿࢩᣍ⮴ࠊࣥࢻࢿࢩ⛉Ꮫ㝔⏕≀Ꮫ◊✲
ࢭࣥࢱ࣮ࡸᯘᴗ┬⮬↛ಖㆤ⥲ᒁࠊࣃࢪࣕࢪࣕࣛࣥ
ࡸ࣎ࢦ࣮ࣝ㎰⛉ࡢ◊✲⪅ࡸ⾜ᨻᐁࡢྜྠ
ㄪᰝࢆ⏬㛤ദࡍࡿࡇࡀ࡛ࡁࡲࡋࡓࠋ ᖺ
᭶ᐇࡋࡓࡇࡢㄪᰝࡢ㝿ࣂࣥࢪ࣮࡛ࣕࣝ ࣂࣥࢪ࣮࡛ࣕࣝᤕ⋓ࡉࢀࡓࢶࣂ࣓ࠋ
104
ᤕ⋓ࡉࢀࡓࢶࣂ࣓ࡢⱝ㫽ࡣࠊྠᖺࡢ ᭶ᾏ㐨࡛ᶆ㆑ࡉࢀࡓಶయ࡛࠶ࡾࠊࡇࡢグ㘓ࡀ᪥ᮏ
ࣥࢻࢿࢩࡢ㛫࡛ࡢΏࡾ㫽ࡢึグ㘓࡞ࡾࡲࡋࡓࠋΏࡾ㫽ࡶ᪥ᮏ࣭ࣥࢻࢿࢩᅜࡀ࠶ࡿࡇ
ࡀᐇドࡉࢀࡓࢃࡅ࡛ࡍࠋ
すࢫ࣐ࢺ࡛ࣛࡢᑓ㛛ᐙάືࡢ㝿ࡣࠊ᳃ࡢ୰ᑠ
ᒇࢆᘓ࡚ࠊࡑࡇἩࡲࡾ㎸ࢇ࡛ࡢ㫽㢮ㄪᰝࢆᏛ⏕
ࡸᮧேࠊᏛࡢඛ⏕ඹྠ࡛⾜࠸ࡲࡋࡓࠋࢥ࢘ࣔ
ࣜࡸ࢝ࣈࢺ࣒ࢩ࡞ࡀኪ୰ࡍࡳ⥙ࡿ
ࠊ⤡ࡲࡗ࡚ኚ࡞ࡇ࡞ࡿࡢ࡛ࠊ᪩ᮅᗈࡆ
ࡓࡍࡳ⥙ࡣࠊኤ᪉ࠊᕳࡁୖࡆ࡚࠾ࡃᚲせࡀ࠶ࡾ
ࡲࡍࠋ ᯛࡢࡍࡳ⥙ࢆࠊ᪥ἐᚋ୍ே࡛
ᕳࡁୖࡆࡿసᴗࢆࡋ࡚࠸ࡓࠊᕳࡁᛀࢀࡀ࡞࠸ࡼ
࠺ᩘࢆᩘ࠼ࡿࡢ࡛ࡍࡀࠊ
ࠕ ᯛࠊ ᯛ͐ࠖᩘ࠼ࡿ
すࢫ࣐ࢺࣛᕞࡢ᳃ᯘ࡛ࡢ㫽㢮ㄪᰝᑠᒇ࡛ࠋ
࠺ࡕࠊᡞ࡛─ࡢᩘࢆᩘ࠼ࡿࡢㄯࢆࠊ┿ࡗ
࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࡢᏛᩍᐁࠊᏛ⏕ࠊᮧே
ᬯ㜌ࡢ୰࡛ᛮ࠸ฟࡋ࡚ࡒࡗࡋࡓࡇࠊࡑࡢᆅᇦ ➹⪅ࠋ ᖺ㡭ࠋ
ࡣ㔝⏕ࡢࢫ࣐ࢺࣛࢺࣛࡀ⏕ᜥࡋ࡚࠸ࡿࡇࡀᚋ࡛ศࡾࠊࡉࡽࡒࡗࡋࡓࡾ࡞ࠊࣇ࣮ࣝ
ࢻㄪᰝ࡛ࡢᛮ࠸ฟࡣᑾࡁࡲࡏࢇࠋ
༠ຊ㝲᭱ึࡢᑓ㛛ᐙ௦ࡢᏛ⏕ࡣࠊ⌧ᅾ࡛ࡣ⎔ቃᯘᴗ┬࣭すࢪࣕ࣡ᕞ⎔ቃᒁ➼ࡢ⫋ဨࠊࣥ
ࢻࢿࢩ⛉Ꮫ㝔⏕≀Ꮫ◊✲ࢭࣥࢱ࣮࣭ࣂ࢜ࢸࢡࣀࣟࢪ࣮◊✲ࢭࣥࢱ࣮࣭࣎ࢦ࣮᳜ࣝ≀ᅬ➼ࡢ◊
✲ဨࠊࣃࢪࣕࢪࣕࣛࣥᏛ⌮Ꮫ㒊࣭ࣥࢲࣛࢫᏛ⌮Ꮫ㒊࣭ࢱࣥࢪࣗࣥࣉࣛᏛᯘᏛ㒊➼ࡢᩍᐁࠊ
⮬↛ಖㆤ㛵㐃 1*2 ࢫࢱࢵࣇ࡞ᖜᗈ࠸⫋ሙ࡛ά㌍ࡉࢀ࡚࠾ࡾࠊࡇࡢேࡓࡕࡢࢿࢵࢺ࣮࣡ࢡࡣࠊ
ᵝࠎ࡞ሙ㠃࡛༠ຊࡋྜ࠼ࡿ㈗㔜࡞㈈⏘࡞ࡗ࡚࠸ࡲࡍࠋ
ࡇ࠺ࡋࡓⱝᡭ⫱ᡂࡢẁ㝵ࢆ⤒࡚ࠊࣥࢻࢿࢩ⛉Ꮫ㝔⏕≀Ꮫࢭࣥࢱ࣮ࡢື≀Ꮫ㒊㛛ࠊࢢࢾࣥࣁ
࣒ࣜࣥᅜ❧බᅬ㸦ᚋࢢࢾࣥࣁ࣒ࣜࣥࢧࣛࢵࢡᅜ❧බᅬ㸧ࠊ⏕≀Ꮫ◊✲ࢭࣥࢱ࣮ࡢ᳜≀Ꮫ࣭ᚤ⏕≀
Ꮫ㒊㛛➼ࠊᅜ❧බᅬ⟶⌮ົᡤࡸ◊✲ᡤࢆ⯙ྎࡋࠊ⌧ሙ࡛ࡢ⮬↛⎔ቃ⟶⌮ࡢᐇ㊶⫋ဨࡸ⤌⧊
ࡢ⬟ຊྥୖࠊࡲࡓࠊࡑࡢᇶ♏࡞ࡿ⏕≀Ꮫ◊✲ᶵ⬟ࡢྥୖࢆ┠ⓗࡍࡿࣉࣟࢪ࢙ࢡࢺ࡞ࠊ」ᩘ
ࡢࣉࣟࢪ࢙ࢡࢺ㏻⟬࡛ ᖺཧຍࡋࡲࡋࡓࠋࡇࢀࡣ ᖺ௦୍⯡ⓗ࡞ࡾጞࡵࡓ⏕≀ከ
ᵝᛶಖ࠸࠺ᴫᛕࢆࣉࣟࢪ࢙ࢡࢺྡෙࡋࡓࠊ
ࠕ⏕≀ከᵝᛶಖィ⏬ࠖ࠸࠺ࣉࣟࢪ࢙ࢡࢺࡑ
ࡢ㛵㐃ᴗ࡛࠶ࡾࠊ᪥ᮏᨻᗓࡢྲྀࡾ⤌ࡳࡋ࡚ࡣࠊࣥࢻࢿࢩ⛉Ꮫ㝔⏕≀Ꮫࢭࣥࢱ࣮ື≀Ꮫ㒊
㛛ࠊᯘᴗ┬⮬↛ಖሗࢭࣥࢱ࣮ࠊࢢࢾࣥࣁ࣒ࣜࣥᅜ❧බᅬ⟶⌮ົᡤࠊྠᅜ❧බᅬࣜࢧ࣮ࢳࢫ
ࢸ࣮ࢩࣙࣥ࠸࠺ィ タࡢᘓタ㸦↓ൾ㈨㔠༠ຊ㸧ࠊࡇࢀࡽタࢆά⏝ࡋ࡚ࡢᅜ❧බᅬ⟶⌮ࡢᐇ㊶
ື≀Ꮫ◊✲⬟ຊࡢྥୖ㛵ࡍࡿᢏ⾡༠ຊࠊࡉࡽࣥࢻࢿࢩ⛉Ꮫ㝔᳜≀Ꮫ࣭ᚤ⏕≀Ꮫ㒊㛛ࡢ
ᘓタ㸦↓ൾ㈨㔠༠ຊ㸧ࠊࡇࡢタࢆά⏝ࡋࡓ◊✲⬟ຊࡢྥୖ㸦ᢏ⾡༠ຊ㸧࠸ࡗࡓෆᐜ࡛࠶ࡾࠊ
ࡁ࡞⏕≀ከᵝᛶಖࣉࣟࢢ࣒ࣛࡋ࡚ࡽ࠼ࡿࡇࡀ࡛ࡁࡲࡍࠋࡇࡢẁ㝵࡛ࡣࠊ⚾⮬㌟ࡢ
ࡶࠊ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࡶ⌧ሙ┤᥋ฟྥ࠸࡚ࠊᆅᇦఫẸࡢពぢࢆ⾜ࡗࡓࡾࠊ⮬↛㈨
※㛵ࡍࡿㄪᰝࢆ⾜ࡗࡓࡾࡍࡿࠊ◊✲ࢭࣥࢱ࣮ࡢ◊✲άືࡢᨭࠊᬑཬၨⓎࣉࣟࢢ࣒ࣛࡢ
㛤Ⓨᐇࠊḟࡢ௳ࡢⓎᒎࡘ࠸࡚ࡢ᳨ウ࡞ࠊ⌧ሙ࡛ࡢάືࡢࠊࣉࣟࢢ࣒ࣛࡋ࡚ࡢ
⥅⥆ᛶࢆ⪃៖ࡋࡓບࢇ࡛ࡁࡓ࠸࠺ឤࡌ࡛ࡍࠋ
ࣥࢻࢿࢩഃࡢேᮦࡸ⤌⧊ࡢ⬟ຊࡀྥୖࡋࠊ
᪥ᮏேࡢᡃࠎࡀ⌧ሙฟ࡚άືࢆࡍࡿ࠸࠺ࡼ
ࡾࡶࠊࣥࢻࢿࢩഃࡢඃ⚽࡞ேᮦࢆά⏝࣭ᨭ
ࡋᴗࢆ㐍ࡵࡿ࠸ࡗࡓᙧែࡀḟࡢẁ㝵࡛ࡍࠋ
ࣥࢻࢿࢩഃ ᶵ㛵㸦ᅜᐙᶆ‽ᗇࠊࣃࣛࣥ࢝ࣛ
ࣖᏛࠊࣥࢻࢿࢩ⛉Ꮫ㝔ࠊ/$3$1ࠊᯘᴗ┬ࠊ
%337㸧 -,&$-67 ࡢᆅ⌫つᶍㄢ㢟ᑐᛂᅜ㝿⛉Ꮫ
ᢏ⾡༠ຊࣉࣟࢢ࣒ࣛࠊ࣓ࣥࣂ࣮ࡣ ேࢆ㉸࠼ࡿ
ᆅ⌫つᶍㄢ㢟ᑐᛂᅜ㝿⛉Ꮫᢏ⾡༠ຊࣉࣟࢢࣛ
ἾⅣᆅ⟶⌮ࣉࣟࢪ࢙ࢡࢺࡢᴗົㄪᩚဨࡋ࡚ ࣒ἾⅣᆅ⟶⌮ࣉࣟࢪ࢙ࢡࢺࡢ㆟ࠋ ᖺࠋ
ᖺ㛫ཧຍࡋࠊࡑࡢᚋࠊ⌧ᅾࡶᚑࡋ࡚࠸ࡿ 5(''
ᐇ࣓࢝ࢽࢬ࣒ᵓ⠏ࣉࣟࢪ࢙ࢡࢺ ᖺ㛫ࠊ㏻⟬
ᖺ㛫ཧຍࡋ࡚࠸ࡲࡍࠋ5(''ࣉࣟࢪ࢙ࢡࢺࡣࠊ
す࣐࢝ࣜࣥࢱࣥᕞ⨨ࡍࡿࢢࢾࣥࣃࣝࣥᅜ❧
බᅬ⌧ሙࣞ࣋ࣝࠊす࣐࢝ࣜࣥࢱࣥᕞ㞄ࡢ୰ኸ࢝
࣐ࣜࣥࢱࣥᕞࣞ࣋ࣝࠊࡉࡽ୰ኸࣞ࣋ࣝࠊ⌧ሙ
ࡽ୰ኸࡢᨻ⟇ࡲ࡛ࡢྲྀࡾ⤌ࡳࢆከᩘࡢ㛵ಀ⪅
༠ຊࡋ࡚ᐇࡍࡿࡶࡢ࡛ࠊ⪃࠼᪉ࠊ❧ሙࡢ␗࡞
ࡿከᩘࡢ㛵ಀ⪅ࡢពぢࠊㄪᩚࡢసᴗࢆ⤒࡚ ,-5(''ࣉࣟࢪ࢙ࢡࢺࡢ⌧ሙࡢ୍ࡘࠊࢢࢾࣥ
ࡢάືࡢ᥎㐍ࠊࡇࢀࡣࡇࡢẁ㝵࡛ࡇࡑࡢ㓬㓮࡛ ࣃࣝࣥᅜ❧බᅬࡢ᳃ᯘࠋࢸࣥࢢࢨࣝࡢ⩌ࢀࠋ
ࡋࡻ࠺ࠋ
⏕≀ከᵝᛶ࠸࠺⏝ㄒᴫᛕࡀ⏕ࡲࢀࡓࡢࡀ
ᖺ௦ᚋ༙ࠊࡕࡻ࠺ࡑࡢ㡭ࣥࢻࢿࢩ
ึࡵ࡚㉱௵ࡋ࡚ࡽ᪤㏙ࡢ㏻ࡾ ᖺ㛫ࠊ⮬↛⎔
ቃಖศ㔝࡛άືࢆࡋ࡚ࡁࡲࡋࡓࡢ࡛ࠊఱᐟ
ⓗ࡞ࡶࡢࢆឤࡌ࡚ࡶ࠸ࡲࡍࠋࡉࡽḟࡢẁ㝵ྥ
ࡅࠊⓙ࡛ࣥࢻࢿࢩࡢ⮬↛⎔ቃಖ࣭⏕≀ከᵝ ࢢࢾࣥࣃࣝࣥᅜ❧බᅬ࡛㫽㢮ࡢㄪᰝ୰ࠋ
ᛶಖྲྀࡾ⤌ࢇ࡛࠸ࡁࡲࡋࡻ࠺ࠋ᭱ᚋ࡞ࡾࡲ
ࡋࡓࡀࠊ ᖺ㛫ኚ࠾ୡヰ࡞ࡾࡲࡋࡓࣥࢻ
ࢿࢩࡢⓙᵝࠊࡲࡓ -,&$ 㛵ಀ⪅ࡢⓙᵝࠊᚰࡼ
ࡾ࠾♩⏦ࡋୖࡆࡲࡍࠋࣥࢻࢿࢩ࣭᪥ᮏ୧ᅜࡢࠊ
ⱝᡭࡢά㌍ࡪࡾࡶࡉࡽ┠❧ࡘࡼ࠺࡞ࡾࡲࡋ
ࡓࠋḟࡢẁ㝵ࡢከ࡞㈉⊩ࠊᮇᚅࡋ࡚࠸ࡲࡍࠋ
ᘬࡁ⥆ࡁ࠺ࡒࡼࢁࡋࡃ࠾㢪࠸࠸ࡓࡋࡲࡍࠋ
ࢢࢾࣥࣃࣝࣥᅜ❧බᅬࡢ࢝ࢨࣜࢩࣙ࢘ࣅࣥࠋ
࣐ࣥࢢ࣮ࣟࣈሗࢭࣥࢱ࣮ࣉࣟࢪ࢙ࢡࢺࡢᡂᯝព⩏
⩚㫽 ♸அ
ඖ -,&$ ᅜ㝿༠ຊᑓ㛛ဨ
␎Ṕ
ᖺᮾிᏛ㎰Ꮫ㒊ᯘᏛ⛉༞ᴗࠊ ᖺᮾிᏛ㎰Ꮫ⣔ಟኈㄢ⛬ಟࠋྠᖺ㎰
ᯘỈ⏘┬ᯘ㔝ᗇධᗇࠊ ᖺࢣࢽ♫ᯘᴗカ⦎ࣉࣟࢪ࢙ࢡࢺ♫ᯘᴗカ⦎ᑓ㛛
ᐙࠊ ᖺࣥࢻࢿࢩᅜᯘᴗ┬ಶูࢻࣂࢨ࣮➼ࢆ⤒࡚ࠊ ᖺᅜ㝿༠ຊ
ᴗᅋධᅋࠋ௨㝆ࠊ ᖺ㹼 ᖺ࣐ࣥࢢ࣮ࣟࣈሗࢭࣥࢱ࣮ࣉࣟࢪ࢙ࢡࢺࢳ࣮ࣇ
ࢻࣂࢨ࣮ࠊ ᖺ㹼 ᖺᆅ᪉࣐ࣥࢢ࣮ࣟࣈಖ⌧ሙࣉࣟࢭࢫᨭࢳ࣮ࣇ
ࢻࣂࢨ࣮ࠋ ᖺࠊ ᖺࡣࣥࢻࢿࢩ࢘ࢲࣖࢼᏛ࠾࠸୍࡚ࣨ᭶㛫ࡢ
࣐ࣥࢢ࣮ࣟࣈཬࡧἢᓊ⏕ែ⣔ಖ㛵ࡍࡿ≉ูㅮ⩏ࢆᐇࠋ
ࠕ࣐ࣥࢢ࣮ࣟࣈሗࢭࣥࢱ࣮ࣉࣟࢪ࢙ࢡࢺࠖ
ࣥࢻࢿࢩࡣୡ⏺ࡢ࣐ࣥࢢ࣮ࣟࣈᯘ㠃✚ࡢ⣙ ࢆ༨ࡵࡿࡀࠊ⤒῭ⓗ࡞⌮⏤ࡽࡑࡢఆ᥇ࡀ
⤯࠼࡞࠸ࠋ࣐ࣥࢢ࣮ࣟࣈሗࢭࣥࢱ࣮ࣉࣟࢪ࢙ࢡࢺ࡛ࡣ࣐ࣥࢢ࣮ࣟࣈಖࡢࣀ࢘ࣁ࢘ᢏ⾡ࡢ
ᬑཬࢆᅗࡿࡓࡵࡢᣐⅬࡋ࡚ࠊࣂ࣐ࣜࣥࢢ࣮ࣟࣈሗࢭࣥࢱ࣮ࢆタ❧ࡋࠊಖάືࡢᬑཬ
ྲྀࡾ⤌ࢇࡔࡔࡅ࡛࡞ࡃࠊ༠ຊࡢᡂᯝࢆᅜᬑཬ࣭ᐃ╔ࡉࡏࠊ࣐ࣥࢢ࣮ࣟࣈᯘࢆᣢ⥆ྍ⬟࡞ᙧ
࡛⟶⌮ࡋ࡚࠸ࡃࡓࡵࡢࢩࢫࢸ࣒ࢆసࡗࡓࠋ
ᖺࡢ ᭶ࡽࠊ ᖺࡢ ᭶ࡲ࡛ࠊ㊊ࡅ ᖺரࡾࣥࢻࢿࢩࡢ࣐ࣥࢢ࣮ࣟࣈ㛵
ࡍࡿࣉࣟࢪ࢙ࢡࢺ㛵ࢃࡗࡓࠋࣉࣟࢪ࢙ࢡࢺࡢົᡤࡣࣂ࡛ࣜ࠶ࡗࡓࠋ
⟶⌮㛤Ⓨࣉࣟࢪ࢙ࢡࢺ࡛࠶ࡾࠊࡑࡢ┠ᶆࡣ࣐ࣥࢢ࣮ࣟࣈᪧᢏ⾡ࡢ㛤Ⓨ࡛࠶ࡗࡓࠋࡇࡢ᭱ึࡢࣉ
ࣟࢪ࢙ࢡࢺࡢᡂᯝရࡣࠊࣂࣜཬࡧࣟࣥ࣎ࢡ࠾࠸࡚ᪧࡉࢀࡓ⣙ KD ࡢ࣐ࣥࢢ࣮ࣟࣈᯘࠊ
ࠗⱑ
⏿࣐ࢽࣗࣝ࠘ࠊ
ࠗ㐀ᯘ࣐ࢽࣗࣝ࠘ࠊ
ࠗᣢ⥆ྍ⬟࡞⟶⌮ࣔࢹࣝ࠘ཬࡧ࣐ࠗࣥࢢ࣮ࣟࣈࣁࣥࢻࣈࢵࢡ࠘
࡛࠶ࡗࡓࠋ
࣐ࣥࢢ࣮ࣟࣈሗࢭࣥࢱ࣮ࡣࠊࢭࣥࢱ࣮࠸࠺ྡ⛠ࢆࡶࡕ࡞ࡀࡽࠊᨻᗓࡢṇᘧ࡞⤌⧊ࡋ࡚ࡢ
⨨ࡅࢆ᭷ࡋ࡞࠸ࠊࣉࣟࢪ࢙ࢡࢺࡢᙧ࡛Ⓨ㊊ࡋࡓࡇࡀ༷ࡗ࡚ᖾ࠸ࡋࠊࢭࣥࢱ࣮ࡢ⾜࠺ᴗཬ
ࡧࡑࡢᴗࢆ⾜࠺ࢭࢡࢩࣙࣥ➼ࢆࠊࣉࣟࢪ࢙ࢡࢺ⊂⮬࡛タᐃࡍࡿࡇࡀ࡛ࡁࡓࠋ
࣐ࣥࢢ࣮ࣟࣈሗࢭࣥࢱ࣮ࡢྛࢭࢡࢩࣙࣥࡣࠊᇶᮏⓗࡣࡑࢀࡒࢀࡀᥦ౪ࡍࡁሗࢆ㞟ࡋࠊ
ศᯒࡋࠊᥦ౪ࡍࡿᑐ㇟㐺ษ࡞ᙧຍᕤࡋ࡚ᥦ౪ࡍࡿࡼ࠺タ⨨ࡋࡓࠋࡍ࡞ࢃࡕࠊᨻᗓ⣔ሗࢭࣥ
ࢱ࣮ࡋ࡚ࠊ⾜࠺ࡁሗ⟶⌮ࢆࠊ㞟ࠊศᯒࠊຍᕤࠊᥦ౪࠸࠺ࣇ࣮࡛ࣟᤊ࠼ࡿࡋ࡚ࡶࠊᐇ
㝿ࡢࢭࢡࢩࣙࣥࡢࡾࡣࠊ᭱⤊ⓗ࡞ࠗᥦ౪࠘ࡢᡭẁᇶ࡙࠸࡚ࠊ◊ಟࠊㄪᰝࠊሗࠊ࢚ࢥࢶ࣮
ࣜࢬ࣒ࠊ⎔ቃᩍ⫱ࠊ࠾ࡼࡧ⟶⌮ࡢྛࢭࢡࢩࣙࣥࡋࡓ࠸࠺ࡇ࡛࠶ࡿࠋ
ሗࡢᥦ౪ࡢᡭẁࡣࠊሗᥦ౪ࡢᑐ㇟⪅ࡢ࣐ࢺࣜࢡࢫศᯒᇶ࡙࠸࡚タᐃࡋࡓࠋࡘࡲࡾࠊ
ࠕ࣐ࣥ
ࢢ࣮ࣟࣈ࠶ࡿ࠸ࡣࡑࡢಖᑐࡍࡿ▱㆑࣭㛵ᚰࡢᗘྜ࠸㸦$㸧ࠖ࠾ࡼࡧࠕ᪥ᖖ࠾ࡅࡿ࣐ࣥࢢ࣮ࣟ
ࣈࡢ㛵ࢃࡾࡢᗘྜ࠸㸦%㸧ࠖࡢ㍈ࡼࡾ༊ศࡋࠊ
㸦$㸧ࡶ㸦%㸧ࡶ㧗࠸㝵ᒙ㸦࣐ࣥࢢ࣮ࣟࣈࡢᬑཬ
ᴗᚑࡋ࡚࠸ࡿᬑཬဨࠊ1*2ࠊࣥࣇ࢛࣮࣐࣮ࣝࣜࢲ࣮࡞㸧ᑐࡋ࡚ࡣ◊ಟ࠸࠺ᡭẁࢆ⏝
࠸࡚ࠊ◊ಟࢭࢡࢩࣙࣥࡀ⾜࠺ࡇࡋࡓࠋ
㸦$㸧ࡣ㧗࠸ࡀ㸦%㸧ࡣప࠸࠸࠺㝵ᒙ㸦࠼ࡤ⎔ቃಖ
ࡢ㈉⊩ࢆᕼᮃࡍࡿእᅜேほගᐈ࡞㸧ࡣ࢚ࢥࢶ࣮ࣜࢬ࣒ࢭࢡࢩࣙࣥࡀᑐᛂࡍࡿࠋ㏫ࠊ㸦$㸧ࡣ
ప࠸ࡀ㸦%㸧ࡣ㧗࠸ࠊ࠼ࡤࢭࣥࢱ࣮࿘㎶ࡢఫẸ࡞ࡣࠊࢭࣥࢱ࣮ࡢᏑᅾព⩏ࢆㄆ▱ࡋ࡚ࡶࡽ
࠺ࡓࡵࡢ࣮࣡ࢡࢩࣙࢵࣉࡢ㛤ദ࠸ࡗࡓᙧ࡛ࠊ⟶⌮ࢭࢡࢩࣙࣥࡀ⾜࠺ࠋࡉࡽࠊ㸦%㸧ࡢ㧗ప㛵
ࢃࡽࡎ㸦$㸧ࡀ㧗࠸㝵ᒙࠊㅝࢃࡤ୍⯡ࡢ㛵ᚰ⪅ࢆሗࢭࢡࢩࣙࣥࡢᑐ㇟ࡋࠊࡑࡋ࡚⎔ቃᩍ⫱ࢭࢡ
ࢩࣙࣥࡣ㸦$㸧ࡶ㧗ࡃ࡞ࡃ㸦%㸧ࡶ㧗ࡃ࡞࠸࠸࠺㝵ᒙࢆᑐ㇟ࡋࡓࠋ
ࡑࢀࡒࢀࡢࢭࢡࢩࣙࣥࡀ⾜ࡗࡓሗᥦ౪άືࡢᑐ㇟⪅ᩘࢆグࡍࡇ࡛ᡂᯝࡢグ㏙࡞ࡿ࠺
ࡣูࡋࠊ ᖺ㛫ࡢᐇ⦼㸦ࡓࡔࡋ࠸ࡎࢀࡶ‽ഛᮇ㛫ࡀ࠶ࡿࡢ࡛ᐇ㝿ࡢάືᮇ㛫ࡣ◊ಟࡀ ᖺ㛫ࠊ
ࡑࡢࡣ ᖺ༙ࡢᐇ⦼㸧࠸࠺ព࡛グ㘓ࡋ࡚࠾ࡃ࡞ࡽࡤࠊ◊ಟࡀ ࢥ࣮ࢫ࡛ ேᙅࠊ࢚ࢥࢶ
࣮ࣜࢬ࣒ࡀ ࢢ࣮ࣝࣉ ேࠊ⎔ቃᩍ⫱ࡀ ࢡࣛࢫ ேᙅࠊ⎔ቃᩍ⫱᳜ᯘయ㦂ࡀ⣙ ᅇ࡛
ࡸࡣࡾ ேᙅ࡛࠶ࡗࡓࠋࡑࡋ࡚ࠊࣉࣟࢪ࢙ࢡࢺࡢ 3'0 ࡣグࡉࢀ࡞࠸࢘ࢺ࣒࢝ࡋ࡚ࠊ◊ಟ
ཧຍ⪅ࡀ◊ಟࡢ୍⎔࡛⮬ࡽసᡂࡋࡓࢡࢩࣙࣥࣉࣛࣥᚑ࠸ᪧࡉࢀࡓ࣐ࣥࢢ࣮ࣟࣈࡀᅜ࡛
KD ཬࢇࡔ࠸࠺ࡇࡣ≉➹ࡍࡁ࡛࠶ࡿࠋ
ࡇࡢ࣐ࣥࢢ࣮ࣟࣈሗࢭࣥࢱ࣮ࣉࣟࢪ࢙ࢡࢺࡼࡾ☜❧ࡉࢀࡓᢏ⾡࣭▱ぢࡢᬑཬᡭἲࢆᐇయ
ࡉࡏࡿࡶࠊࣥࢻࢿࢩᅜ࡛㧗ࡲࡾࡘࡘ࠶ࡗࡓ࣐ࣥࢢ࣮ࣟࣈࡢᣢ⥆ྍ⬟࡞⟶⌮ᑐࡍࡿ
ព㆑ࢆᐃ╔ࡉࡏࡿࡇࢆ┠ᶆࡋ࡚ࠊࡑࡢḟࡢࣉࣟࢪ࢙ࢡࢺࠊᆅ᪉࣐ࣥࢢ࣮ࣟࣈಖ⌧ሙࣉࣟࢭ
ࢫᨭࡀࠊ ᖺ㛫ࡢࣉࣟࢪ࢙ࢡࢺᮇ㛫࡛ ᖺጞࡲࡗࡓࠋ
ࡇࡢࣉࣟࢪ࢙ࢡࢺࡢ᭱ึࡢࢫࢸࢵࣉࡣࠊ࣐ࣥࢢ࣮ࣟࣈሗࢭࣥࢱ࣮࡛⾜ࢃࢀࡓ◊ಟᴗ➼ࡢ
ཧຍ⪅ࡽࡢࢿࢵࢺ࣮࣡ࢡࢆ㏻ࡌࡓࢹࣔࣥࢫࢺ࣮ࣞࢩࣙࣥᣐⅬೃ⿵ᆅ㛵ࡍࡿሗࡢ㞟࡛࠶ࡗࡓࠋ
㞟ࡋࡓሗᇶ࡙ࡁࠊ ࢝ᡤࡢೃ⿵ᆅ࡛ึᮇㄪᰝࢆᐇࡋࠊࡑࡢᚋ㏣ຍㄪᰝࢆ⤒࡚ࠊணࡵタᐃ
ࡋࡓᇶ‽↷ࡽࡋࠊ᭱⤊ⓗࡣ ࢝ᡤࡢࢧࢺࢆ㑅ᐃࡋࡓࠋࡘ࡙ࡁࠊᆅᇦఫẸࡢ⤌⧊ࠊᐖ㛵
ಀ⪅㛫ࡢㄪᩚࠊࢹࣔࣥࢫࢺ࣮ࣞࢩ࣭ࣙࣥࢧࢺ⟶⌮㛵ࡍࡿぬ᭩ࡢసᡂࠊࡉࡽ⟶⌮ィ⏬ࡢ⟇ᐃ
࠸ࡗࡓࣉࣟࢭࢫࢆ㐍ࡵࡿࡓࡵࠊࡑࢀࡒࢀࡢࢧࢺ࠾ࡅࡿࣇࢩࣜࢸ࣮ࢱ࠶ࡿ࠸ࡣ⟶⌮࢚࣮
ࢪ࢙ࣥࢺࡀᣦྡࠊࡶࡋࡃࡣዎ⣙ࡼࡗ࡚Ỵᐃࡉࢀࡓࠋ
ᮇᚅࡉࢀࡓᡂᯝࡣࠊࡇࢀࡽࢹࣔࣥࢫࢺ࣮ࣞࢩࣙࣥᣐⅬࡢタ❧ࡑࡢࡶࡢ࡛ࡣ࡞ࡃࠊタ❧ࡢࣉࣟࢭ
ࢫࢆ㏻ࡌࠊ࢞ࢻࣛࣥࢆ⟇ᐃࡍࡿࡇ࠶ࡗࡓࠋྛࢧࢺ࡛ࡢ⤒㦂ࢆ㋃ࡲ࠼ࠊ
ࠗᆅ᪉࣐ࣥࢢ࣮ࣟ
ࣈಖ⌧ሙᨭ࢞ࢻࣛࣥ࠘ࡀ ᖺ ᭶⟇ᐃࡉࢀࡓࠋ
ࡇࡢࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊᆅ᪉ࡢ⌧ሙࡢᨭ୪⾜ࡋ࡚ࠊ๓ࣉࣟࢪ࢙ࢡࢺᘬࡁ⥆࠸࡚࣐ࣥࢢࣟ
࣮ࣈሗࢭࣥࢱ࣮ࡢ⾜࠺ྛᴗࡢᨭࡶ⾜ࡗࡓࠋࡑࢀࡽࡢᐇ⦼ࡘ࠸࡚グࡍ࡞ࡽࡤࠊ◊ಟࡀ
ࢥ࣮ࢫ࡛⣙ ேࠊ࢚ࢥࢶ࣮ࣜࢬ࣒ࡣࡑࡢᐇ⾜⪅ࢆඹ῭⤌ྜ⛣⟶ࡋࡓࡓࡵࠊࣉࣟࢪ࢙ࢡࢺࡢ
ᴗࡋ࡚ࡣ⾜ࢃ࡞ࡃ࡞ࡗࡓࡀࠊࣥࢻࢿࢩᅜෆࡽ ேࠊᾏእࡽ ேࡢゼၥࢆཷࡅධ
ࢀࡓࠋ⎔ቃᩍ⫱ࡀ ᅇ⣙ ேࠊ⎔ቃᩍ⫱᳜ᯘయ㦂ࡀ ᅇ࡛⣙ ே࡛࠶ࡗࡓࠋ
ࢭࣥࢱ࣮ࡀ⤌⧊ࡉࢀࡿࡇ࡛ࠊࡶࡕࢁࢇࡍ࡚ࡀ࠺ࡲࡃ⾜ࡃࠊ࠸࠺ࢃࡅ࡛ࡣ࡞ࡃࠊタ⨨ἲ
ࡼࡗ࡚ไ⣙ࡉࢀࡿᡤᤸᴗົࠊே௳㈝ᑐࡍࡿẚ⋡࡛ᐇ㉁ⓗไ㝈ࡉࢀࡿᴗண⟬ࠊᢏ⾡㒊㛛࡛
ࡶ㉳ࡇࡾ࠺ࡿே␗ື࡞ࠊ࣐ࢼࢫ㠃ࡢᙳ㡪ࡶ↓どࡍࡿࡇࡣ࡛ࡁ࡞ࡗࡓࠋࡋࡋࠊᑡ࡞ࡃ
ࡶࠊࣉࣟࢪ࢙ࢡࢺࡀࡑࡢᴗࡋ࡚㊊ࡅ ᖺரࡾᐇࡋ࡚ࡁࡓ◊ಟࠊ⎔ቃᩍ⫱࡞ࡢᴗ
ࡢᣢ⥆ⓗ࡞ᐇࡀࠊ⤌⧊ࡢタ❧ࡼࡗ࡚ᢸಖࡉࢀࡓゝ࠼ࡿࠋ
ᖺ ᭶ ᪥ࠊ࣐ࣥࢢ࣮ࣟࣈ⟶⌮ࢭࣥࢱ࣮ࡣᗫṆ࡞ࡾࠊẼೃኚືཬࡧ᳃ᯘཎ㔝ⅆ⅏⟶⌮ࢭ
ࣥࢱ࣮࡞ࡗࡓࠋࡘࡲࡾࠊࣉࣟࢪ࢙ࢡࢺᐇᮇ㛫୰ࡢ ᖺࡶྵࡵ࡚ࠊ࠾ࡼࡑ ᖺ㛫࡛࣐ࣥࢢ࣮ࣟ
ࣈ⟶⌮ࢭࣥࢱ࣮ࡣ࡞ࡃ࡞ࡗࡓ࠸࠺ࡇ࡛࠶ࡿࠋࡑࡢ㛫ࠊ࣐ࣥࢢ࣮ࣟࣈሗࢭࣥࢱ࣮㸭࣐ࣥࢢࣟ
࣮ࣈ⟶⌮ࢭࣥࢱ࣮ࡢ◊ಟᴗཧຍࡋࡓࡦࠊ⎔ቃᩍ⫱ᴗཧຍࡋࡓᏛ⏕ࡽࡣࠊࣥࢻࢿࢩ
ᅜᩓࡽࡤࡗ࡚ࠊᵝࠎ࡞ᙧ࡛ࣥࢻࢿࢩࡢ࣐ࣥࢢ࣮ࣟࣈಖ⟶⌮㈉⊩ࡋ࡚࠸ࡿࡶࡢᛮࢃ
ࢀࡿࠋ࣐ࣥࢢ࣮ࣟࣈ⟶⌮ࢭࣥࢱ࣮ࡣࡑࡢᙺ┠ࢆ⤊࠼ࡓ࠸࠺ࡇࡶ▱ࢀ࡞࠸ࠋ
ࣥࢻࢿࢩࡢẕᏊಖ࣮࢝ࢻ➼ࡢ⤫ྜࡢྲྀ⤌
$QXQJ6XJLKDQWRQR
ಖ┬ẕᏊᰤ㣴ಖ᥎㐍⥲ᒁ㛗
␎Ṕ
ࢫ࣐ࣛࣥᕷࡢࢹ࣏ࢿࢦࣟᏛ་Ꮫ㒊ࢆ༞ᴗᚋࠊࢪࣙࢡࢪࣕ࢝ࣝࢱࡢ࢞ࢪ࣐ࣕࢲ
Ꮫ࡛බ⾗⾨⏕ಟኈྕࢆྲྀᚓࠋ」ᩘࡢ┴㸭ᕷಖᡤ㛗ཬࡧ୰㒊ࢪࣕ࣡ᕞ⾨⏕㒊Ꮫ
ᰯಖᢸᙜㄢ㛗ࢆṔ௵ࡋࠊࣥࢻࢿࢩ࠾ࡅࡿẕᏊᗣᡭᖒࡢᬑཬ┤᥋ᦠࢃ
ࡗࡓࠋ⌧ᅾࡣಖ┬ẕᏊᰤ㣴ಖ᥎㐍⥲ᒁ㛗ࠋ
ࠕẕᏊᗣᡭᖒࡼࡿẕᏊಖࡢྥୖࠖ
ᖺ௦௨㝆ࠊࣥࢻࢿࢩࡢಖ་⒪Ỉ‽ࡣᨵၿഴྥ࠶ࡗࡓࡶࡢࡢࠊࡢࢭࣥㅖᅜ
ẚ㍑ࡋ࡚῝้࡞≧ἣ࠶ࡗࡓࠋࣥࢻࢿࢩே་ᖌࡢᕼᮃࢆཷࡅࠊ ᖺࢧࣛࢸ࢞ᕷ
࡛ẕᏊಖᡭᖒࡀヨ⾜ࡉࢀࠊ ᖺࡣẕᏊᗣᡭᖒࡢ⏝ࢆዡບࡍࡿಖ⮧௧ࡀⓎ௧ࠊ
ᖺࡣᅜ ᕞ࡛㓄ᕸࡉࢀࡓࠋ ᖺࡣᅜ ᕞࡢዷ⏘፬ࡢ⣙ ࡀẕᏊᗣᡭᖒ
ࢆ⏝ࡋ࡚࠸ࡿࠋ᭦ ᖺ௨㝆ࡢ➨୕ᅜ◊ಟࢆ㏻ࡌࠊࣥࢻࢿࢩࡣࢪ࣭ࣇࣜ࢝ྛ
ᅜࡢẕᏊᗣᡭᖒࡢᑟධ࣭ᬑཬ㈉⊩ࡋ࡚࠸ࡿࠋ
ẕᏊᗣᡭᖒࡣࠊ᪥࡛ࡣẕᏊಖ㛵ࡍࡿᗣᩍ⫱ᩍᮦ࡛࠶ࡿྠࠊዷፎࡢẁ㝵ࡽࠊ
Ꮚ౪ࡀ⏕ࡲࢀ࡚ࡑࡢᏊࡀ ṓ㸦ᑵᏛ๓㸧࡞ࡿࡲ࡛ࡢẕᏊಖࢧ࣮ࣅࢫ㛵ࡍࡿグ㘓ࡀ࡛ࡁࡿ፹
యࡋ࡚▱ࡽࢀ࡚࠸ࡿࠋࡋࡋࠊᙜึࡇࢀࡽࡢ፹యࡣྛࠎᏑᅾࡋࠊࡦࡘࡲࡲࡗࡓᙧࡣ
࡞ࡗ࡚࠸࡞ࡗࡓࠋᙜࠊẕᏊᗣグ㘓࣮࢝ࢻࡣࠊዷፎ࣮࢝ࢻࠊண㜵᥋✀࣮࢝ࢻࠊஙᗂඣᗣ࢝
࣮ࢻ㸦.06㸧࠸࠺ලྜࡤࡽࡤࡽᏑᅾࡋ࡚࠸ࡓࠋ⚾ࡀಖᡤࡢᡤ㛗ࡔࡗࡓ㡭ࠊ⌧ሙ࡛ࡢẕᏊ
ಖࢧ࣮ࣅࢫࡣ⥅⥆ⓗ࡛ࡣ࡞ࡃࠊẕᏊࡢᗣ≧ែࢆ⥲ྜⓗ▱ࡿࡇࡣᅔ㞴ࡔࡗࡓࠋ
ᅜ㝿༠ຊᶵᵓ㸦-,&$㸧ࡢദࡍࡿ◊ಟ࡛᪥ᮏࢆゼၥࡋࡓࣥࢻࢿࢩࡢ་ᖌࡣࠊẕᏊᗣᡭᖒ
ࡁ࡞㛵ᚰࢆᣢࡗࡓࠋࡑࢀࡀ -,&$ ࢆ✺ࡁືࡋࠊࣥࢻࢿࢩ࠾ࡅࡿᬑཬࡢࡓࡵࡢᨭࡀ
⾜ࢃࢀࡿࡇ࡞ࡗࡓࠋ᭱ึࡢẕᏊᗣᡭᖒࡢヨ⾜ࡣࠊ ᖺࠊ୰㒊ࢪࣕ࣡ᕞࢧࣛࢸ࢞ᕷ
㸦ேཱྀ ே㸧࡛⾜ࢃࢀࡓࠋ ᖺࡣ୰㒊ࢪࣕ࣡ᕞࡢ ࡘࡢ┴㸦ேཱྀ ே㸧ᣑࡉ
ࢀࡓࠋᙜࠊ⚾ࡣ୰㒊ࢪࣕ࣡ᕞ⾨⏕㒊Ꮫᰯಖᢸᙜㄢ㛗ࡢ⫋࠶ࡗࡓࠋࡉࡽ ᖺࡣ༡ࢫ
࢙ࣛ࢘ࢩᕞࠊすࢫ࣐ࢺࣛᕞࠊࣈࣥࢡࣝᕞࠊᮾࢪࣕ࣡ᕞࡢ ᕞ ┴㸦ேཱྀ ே㸧࡛ࣃࣟࢵ
ࢺ࣭ࣉࣟࢪ࢙ࢡࢺࡀ⾜ࢃࢀࡓࠋࡑࡋ࡚ ᖺࠊࣥࢻࢿࢩಖ┬ࡣࠊࡇࡢẕᏊᗣᡭᖒࡢᬑ
ཬࢆᅜᐙᴗ┒ࡾ㎸ࡳࠊࡉࡽ ┴㸦ேཱྀ ே㸧ᣑࡋࡓࠋ ᖺࡣேཱྀ ே
ཬࡪ ࡢ┴㸭ᕷᗈࡀࡗࡓࠋ
ᖺࠊࣥࢻࢿࢩಖ┬᪥ᮏࡢཌ⏕ປാ┬ࡣࠊẕᏊᗣᡭᖒࡢᬑཬࢆࣥࢻࢿࢩࡢ
ᅜᐙᨻ⟇ࡍࡿࡇྜពࡋࠊࡑࡢ⤖ᯝࠊẕᏊᗣᡭᖒࡢᬑཬᙉ㛵ࡍࡿಖ⮧つ๎ࡀⓎᕸ
ࡉࢀࡓࠋ ᖺࡣࠊ୰㒊ࢪࣕ࣡ᕞࡢࡍ࡚ࡢ┴㸭ᕷ࡛ẕᏊᗣᡭᖒࡀᑟධࡉࢀࠊ ᖺࡣ
ᅜࡢᕞ࡛ᐇࡉࢀࡿࡼ࠺࡞ࡗࡓࠋᙜึࠊಖ┬ࡀ༳ๅࡋࡓẕᏊᗣᡭᖒࡢᩘࡣ㝈ࡽࢀ࡚࠾ࡾࠊ
ࡑࢀࢆ⏝࡛ࡁࡿዷ፬ࡢᩘࡶ㝈ࡽࢀ࡚࠸ࡓࠋࡋࡋࠊᡭᖒࡀ㠀ᖖ᭷┈ࡔࡗࡓࡓࡵࠊ ᖺ௨
㝆ࠊಖ┬ࡣᅜࡢࡍ࡚ࡢዷ፬ࡀཷࡅྲྀࢀࡿࡼ࠺ࡋࡓࠋ୰ࡣ⮬ⓗᡭᖒࢆ༳ๅࡋࡓ⮬
యࡶ࠶ࡗࡓࠋ
-,&$ ࡢᨭࡢୗࠊࣥࢻࢿࢩಖ┬ࡣࠊࡇࢀࡲ࡛ࡢẕᏊᗣᡭᖒࡢᬑཬྲྀࡾ⤌ࢇࡔ⤒㦂
ࢆࣃࣞࢫࢳࢼࡸࣇ࢞ࢽࢫࢱࣥࠊࡑࡢ ᅜఏ࠼ࡿࡃࠊ ᖺࡽࠕ➨୕ᅜ◊ಟ
㸦7&73㸧ࠖࢆጞࡵࡓࠋ
ࣥࢻࢿࢩᨻᗓࡣࠊ᪥ᮏࡢಖ་⒪ไᗘࢆ㐺⏝ࡋࡓẕᏊᗣᡭᖒࡣࠊẕᏊಖࢧ࣮ࣅࢫࢆ୍
ඖࡋࡓࡶࡢࡋ࡚㠀ᖖ᭷┈࡛࠶ࡿ⪃࠼࡚࠸ࡿࠋẕᏊᡭᖒࡣࠊࣥࢻࢿࢩࡢࡍ࡚ࡢẕᏊ
ࡀாཷࡍࡁಖࢧ࣮ࣅࢫࢆグ㘓࣭ࣔࢽࢱࣜࣥࢢࡍࡿࢶ࣮ࣝ࡞ࡾ࠺ࡿࡶࡢ࡛࠶ࡾࠊ࠶ࡽࡺࡿ㝵
ᒙࡢேࡧ㸦ᐙ᪘ࡸಖᚑ⪅㸧ࡗ࡚ࡶ㠀ᖖᙺ❧ࡘࡶࡢ࡛࠶ࡿࠋ
࠸ࡃࡘࡢㄪᰝࡽࠊẕᏊᗣᡭᖒࡣẕᏊࡢᗣ㛵ࡋ࡚ᐙ᪘㸭ẕぶࡢ▱㆑ࡢྥୖࡸ⾜ືࡢᨵ
ၿ࡞ࡾຠᯝⓗ࡛࠶ࡿࡇࡀࢃࡗ࡚࠸ࡿࠋẕᏊᡭᖒࡢグ㘓ࡀഛࡉࢀ࡚࠸ࡿࡇ࡛ࠊẕぶࡀ
⮬ศ⮬㌟Ꮚ౪ࡢᗣ㛵ࡍࡿ▱㆑ࢆ㌟ࡘࡅࡿࡇࡀ࡛ࡁࡿࠋ ᖺࡢᇶᮏⓗ࡞ᗣㄪᰝཬ
ࡧ ᖺࡢᅜᗣᣦᶆㄪᰝࢆከ㠃ⓗศᯒࡋࡓ⤖ᯝ࡛ࡶࠊẕᏊᗣᡭᖒࢆᣢࡗ࡚࠸ࡿࡇࡀࠊ
ẕᏊಖࢧ࣮ࣅࢫࢆཷࡅࠊࡲࡓཷࡅࡿࢧ࣮ࣅࢫࡢෆᐜࡶቑ࠼ࡿ࠸࠺ẕぶࡢ⾜ື㛵㐃ࡀ࠶ࡿࡇ
ࡀ♧ࡉࢀ࡚࠸ࡿࠋಖ┬ᐙ᪘ಖᒁࡀ ᖺ ࢝ᡤࡢ┴㸭ᕷࢆᑐ㇟⾜ࡗࡓࣔࢽࢱࣜࣥ
ࢢ࣭ホ౯࡛ࡶྠᵝࡢ⤖ᯝࡀᚓࡽࢀ࡚࠸ࡿࠋẕᏊᗣᡭᖒࢆᣢࡗ࡚ಖᡤࢆゼࢀࡓ ྡࡢẕぶ
ஙᗂඣࡣ㠀ᖖⰋዲ࡞≧ែ࠶ࡗࡓࡢ࡛࠶ࡿࠋẕᏊಖࢧ࣮ࣅࢫࢆཷࡅࡼ࠺ࡍࡿẕぶࡀቑ࠼࡚
࠸ࡿࡇࡣࠊẕᏊᗣᡭᖒࡀሗࢆࡶࡓࡽࡍ፹యࡋ࡚᭷⏝࡛࠶ࡿࡇࢆ♧ࡋ࡚࠸ࡿࠋ
ࡇࡢᡭᖒࡣࡁࡃศࡅ࡚㔜せ࡞ ࡘࡢせ⣲ࢆྵࢇ࡛࠸ࡿࠋࡍ࡞ࢃࡕࠊグ㘓፹యࡋ࡚ࠊࡑࡋ࡚
ᐙᗞ࠾ࡅࡿᗣᩍ⫱ࡢᩍᮦࡋ࡚࡛࠶ࡿࠋẕᏊᗣᡭᖒࡢ᭷⏝ᛶࡋ࡚ࠊࡲࡎࠕ࠸ᡭࡢⰋ
ࡉࠖࡀ࠶ࡆࡽࢀࡿࠋᆅᇦ࠾ࡅࡿ」ᩘࡢᗣグ㘓ࡀ୍ࡘࡲࡵࡽࢀ࡚࠸ࡿࡽࡔࠋ ࡘ┠
ࠕ⥅⥆ᛶࠖࡀ࠶ࡿࡇࠋẕᏊᑐࡍࡿಖࢧ࣮ࣅࢫࡣ࠸㛵㐃ࡋ࡚࠾ࡾษࡾ㞳ࡍࡇࡀ࡛ࡁ࡞
࠸ࠋዷ፬ࠊஙඣࠊᗂඣࡀ ṓ࡞ࡿࡲ࡛ࡢグ㘓ሗࡀࡑࡢ୰࠶ࡿࠋ ࡘ┠ぶࡸᐙ᪘ࡢࠕ
ᗣᑐࡍࡿព㆑ࡢ㔊ᡂ࡛ࠖ࠶ࡿࠋࡇࡢᡭᖒࡣẕぶࠊ∗ぶࠊࡑࡋ࡚ᐙ᪘ࡀẕᏊࡢᗣࡢࡓࡵࡸ
ࡿࡁษ࡞ሗࡀ┒ࡾ㎸ࡲࢀ࡚࠸ࡿࠋ
୍᪉ࠊẕᏊᗣᡭᖒࡢᬑཬࢆ㐍ࡵࡿ࠺࠼࡛ࠊୗグࡢࡼ࠺࡞ࡉࡲࡊࡲ࡞ၥ㢟ࡶ┤㠃ࡋ࡚࠸ࡿࠋ
ẕᏊᗣᡭᖒࡢ༳ๅ㈝ࢆண⟬ࡋ࡚࠸࡞࠸ᆅ᪉⮬యࡀከ࠸ࡓࡵࠊ⌧ᅾ࡛ࡶࠊࡑࡢㄪ㐩ࡢ
㸣௨ୖࢆᅜࡢண⟬ࡽẖᖺᅜࡢ┴㸭ᕷᑐࡋ࡚ࡋ࡚࠸ࡿࠋ
ẕᏊᗣᡭᖒ㛵ࡍࡿၨⓎάືࡸྲྀࡾୖࡆࡿ࣓ࢹࡀᑡ࡞࠸ࡓࡵࠊࡑࡢᏑᅾࡸ᭷⏝ᛶࢆ
⌮ゎࡋ࡚࠸࡞࠸ேࡀከ࠸ࠋ
ዷ፬ࡸẕぶ࣭ஙᗂඣࡢࡓࡵࡢࢧ࣮ࣅࢫࢆ⾜࠺ಖᶵ㛵ࡢࡍ࡚ࡀࠊẕᏊᗣᡭᖒࢆά⏝ࡋ
࡚࠸ࡿࢃࡅ࡛ࡣ࡞࠸ࠋ⌧ᅾࠊẕᏊᗣᡭᖒࢆ⏝ࡋ࡚࠸ࡿಖࢧ࣮ࣅࢫᶵ㛵ࡢከࡃࡣබ❧
ࡢᶵ㛵࡛ࠊࡑࢀࡶ༑ศά⏝ࡉࢀ࡚࠸ࡿࡣゝ࠼࡞࠸ࠋẸ㛫ᶵ㛵ࡢከࡃࡀẕᏊᡭᖒࡢ⏝
ࡣᾘᴟⓗ࡛࠶ࡿࠋ
ಖᚑ⪅ࠊዷ፬ࠊஙᗂඣࡢẕぶࡶࠊẕᏊࡢᗣࢆࣔࢽࢱࣜࣥࢢࡍࡿୖ࡛ࠊẕᏊᗣᡭᖒ
ࡢ⏝ࡀ㔜せ࡛࠶ࡿ࠸࠺ㄆ㆑ࡀప࠸ࠋ᳨デẕᏊᗣᡭᖒࢆᣢཧࡋ࡞࠸ዷ፬ࡸࠊஙᗂ
ඣࡢಖࢧ࣮ࣅࢫẕᏊᗣᡭᖒࢆᣢཧࡋ࡞࠸ẕぶࡣࡲࡔከ࠸ࠋ
୰ࡣẕᏊᗣᡭᖒࡣಖᡤ࡛࠺ࡶࡢࡔᛮࡗ࡚࠾ࡾࠊ㝔࡛デᐹࢆཷࡅࡿ㝿ࡣẕᏊ
ᗣᡭᖒࢆᣢཧࡍࡿᚲせࡣ࡞࠸ᛮࡗ࡚࠸ࡿேࡀ࠸ࡿࠋ
ಖᚑ⪅ࡼࡿẕᏊᗣᡭᖒࡢグ㘓ࡣࡲࡔపㄪ࡛࠶ࡿࠋ
ẕᏊᗣᡭᖒࡘ࠸࡚ࠊḟୡ௦ఏ࠼ࡓ࠸ࡇࡣ௨ୗࡢࡇ࡛࠶ࡿࠋ
ẕᏊࡢᗣࢆᏲࡿࡇࠊேࠎࡀࡶࡗ✚ᴟⓗ㛵ࢃࡿࡁ࡛࠶ࡿࠋẕᏊࡢᗣࡣᨻᗓࡔ
ࡅࡢ࡛ࡣ࡞ࡃࠊࡍ࡚ࡢேࠎࡢ㈐௵࡛ࡶ࠶ࡿࠋẕᏊᗣᡭᖒࢆࡁࡕࢇಖ⟶ࡋࠊᏊ౪
ࡀࡑࡢෆᐜࢆ⌮ゎࡋࡑࢀࢆಖ⟶࡛ࡁࡿࡼ࠺࡞ࡗࡓࠊẕぶࡽᏊ౪ᘬࡁ⥅ࡀࢀࡿ
ࡁ࡛࠶ࡿࠋ
ẕᏊᗣᡭᖒࡣࠊᗣ㛵ࡍࡿ㠀ᖖ㔜せ࡞ሗ※࡛࠶ࡾグ㘓࡛࠶ࡿࠋࡍ࡚ࡢẕぶࡸᐙ
᪘ࡀࡑࡢෆᐜࢆࡼࡃ⌮ゎࡍࡿᚲせࡀ࠶ࡿࠋ
ᐙ᪘ྥࡅẕᏊಖ㛵ࡍࡿሗ፹యࡢ୍ࡘࡋ࡚ẕᏊᗣᡭᖒࢆά⏝ࡍࡿࡇࡘ࠸࡚ࠊ
㒊ᒁᶓ᩿ⓗඹ㏻ࡢ⌮ゎྜពࡀ࠶ࡿࡇࠋ
ࡶࡋࠊࡶᏛࢇࡔ㸸
:RUN7RJHWKHU/HDUQ7RJHWKHU ࡢ ᖺ
୰ᮧ Ᏻ⚽
ඖ-,&$ ẕᏊಖᑓ㛛ᐙ
⏥༡ዪᏊᏛᩍᤵ࣭㜰Ꮫྡᩍᤵ
␎Ṕ
ᖺᮾிᏛ་Ꮫ㒊༞ᴗࠋᑠඣ⛉་ࠋᅜ㝿༠ຊᶵᵓ㸦-,&$ ᑓ㛛ᐙ㸸ࣥࢻࢿ
ࢩ㸧ࠊᅜ㐃㞴Ẹ㧗➼ᘚົᐁົᡤ㸦81+&5㸧࡞㏵ୖᅜࡢಖ་⒪άືྲྀࡾ
⤌ࡴࠋᮾிᏛᑠඣ⛉ㅮᖌࠊࣁ࣮ࣂ࣮ࢻᏛබ⾗⾨⏕Ꮫ㝔◊✲ဨࠊ㜰Ꮫ
Ꮫ㝔ே㛫⛉Ꮫ◊✲⛉ᩍᤵ࡞ࢆ⤒࡚ࠊ ᖺࡼࡾ⏥༡ዪᏊᏛᩍᤵ࣭㜰Ꮫ
ྡᩍᤵࠋ᪥ᮏᅜ㝿ಖ་⒪Ꮫ⌮㛗ࠋ
ࠕẕᏊᗣᡭᖒࡼࡿẕᏊಖࡢྥୖࠖ
ᖺ௦௨㝆ࠊࣥࢻࢿࢩࡢಖ་⒪Ỉ‽ࡣᨵၿഴྥ࠶ࡗࡓࡶࡢࡢࠊࡢࢭࣥㅖᅜ
ẚ㍑ࡋ࡚῝้࡞≧ἣ࠶ࡗࡓࠋࣥࢻࢿࢩே་ᖌࡢᕼᮃࢆཷࡅࠊ ᖺࢧࣛࢸ࢞ᕷ࡛ẕ
Ꮚಖᡭᖒࡀヨ⾜ࡉࢀࠊ ᖺࡣẕᏊᗣᡭᖒࡢ⏝ࢆዡບࡍࡿಖ⮧௧ࡀⓎ௧ࠊ ᖺ
ࡣᅜ ᕞ࡛㓄ᕸࡉࢀࡓࠋ ᖺࡣᅜ ᕞࡢዷ⏘፬ࡢ⣙ ࡀẕᏊᗣᡭᖒࢆ⏝ࡋ
࡚࠸ࡿࠋ᭦ ᖺ௨㝆ࡢ➨୕ᅜ◊ಟࢆ㏻ࡌࠊࣥࢻࢿࢩࡣࢪ࣭ࣇࣜ࢝ྛᅜࡢẕᏊ
ᗣᡭᖒࡢᑟධ࣭ᬑཬ㈉⊩ࡋ࡚࠸ࡿࠋ
ࣥࢻࢿࢩⰍᰁࡲࡗࡓ ᖺ ᭶
་Ꮫࡣୡ⏺ඹ㏻࡛࠶ࡿࡀࠊ་⒪ࡣᩥ࡛࠶ࡿࠋ⚾ࡀࠊ་⒪ࡀᩥ࡛࠶ࡿࡇࢆᩍ࠼ࡽࢀࡓࡢ
ࡣࠊࡰ ᖺ๓ࡢࣥࢻࢿࢩࢫ࣐ࢺࣛᕞࡢ㎰ᮧࡔࡗࡓࠋ ᖺࡽ ᖺࡲ࡛ᅜ㝿༠ຊ
ᴗᅋ㸦-,&$㸧ࡢࠕࢫ࣐ࢺࣛᆅᇦಖᑐ⟇ࣉࣟࢪ࢙ࢡࢺࠖẕᏊಖᑓ㛛ᐙࡋ࡚ࠊ ᖺ ࢝
᭶ࢆ࣓ࢲ࡛ࣥ㐣ࡈࡋࡓࠋ
ࣉࣟࢪ࢙ࢡࢺᆅᇦ࡛࠶ࡿࢧࣁࣥ┴ࡢ㟁ẼࡶỈ㐨ࡶ࡞࠸ᮧ࡛ࠊ࣊ࣝࢫ࣭࣎ࣛࣥࢸࡓࡕ
࠸ࡗࡋࡻࠊ ᖺ㛫ࢃࡓࡾஙᗂඣデάື㛵ࢃࡽࡏ࡚ࡶࡽࡗࡓࠋ
ࠕࡲ࡛ࠊࡇࡢࢥ࣑ࣗࢽࢸ࡛ࡣከࡃࡢ㉥ࡕࡷࢇࡀṚࢇ࡛࠸ࡗࡓࠋᏊࡶࡀᗣ⫱ࡕᏳᚰ
ࡋ࡚ᬽࡽࡏࡿࡓࡵࠊᨻᗓࡸ⾜ᨻࡀఱࡋ࡚ࡃࢀࡿࡢࢆᚅࡘࡢ࡛ࡣ࡞ࡃࠊࡲࡎࢥ࣑ࣗࢽࢸࡢ
ே㛫ࡀືࡁฟࡑ࠺ࠋࠖ
ᮧࡢ࣊ࣝࢫ࣭࣎ࣛࣥࢸࡓࡕࡀࠊಖࢭࣥࢱ࣮㸦386.(60$6㸧ࡢ་ᖌࡸ┳ㆤᖌ࠸ࡗࡋࡻࠊ
ẖ᭶㸯ᅇࡢ࣏ࢩࣥࢻ㸦326<$1'8㸧άືࡢ୰࡛Ꮚࡶࡓࡕࡢయ㔜 ᐃࢆఫẸࡢᡭ࡛⾜࡞࠸ࠊ
ୗ⑩ᑐ⟇ࡢ⤒ཱྀ⿵Ỉሷࢆ㓄ᕸࡋᰤ㣴ᣦᑟࢆࡋ࡚࠸ࡓࠋ
⮬ศࡓࡕࡶࡅࡗࡋ࡚⤒῭ⓗࡣ㇏ࡔࡣ࠸࠼࡞࠸ࡅࢀࠊ⮬ศࡓࡕ࡛ࡁࡿࡇࡽጞࡵ
࡚࠸ࡇ࠺࠸࠺ࢥ࣑ࣗࢽࢸࡢ⮬ຓ⮬❧ࡢ⢭⚄࡛࠶ࡿࠋ་⒪࡛ࣞ࣋ࣝ࠸࠼ࡤࠊ᪥ᮏࡣẚ㍑
࡞ࡽ࡞࠸ࠊ㧗ᗘ་⒪ࡣ↓⦕ࡢୡ⏺࡛࠶ࡗࡓࠋࡋࡋࠊ⮬ศࡓࡕࡀධᡭ࡛ࡁࡿ་⒪ᢏ⾡ࢆ᭱
㝈ά⏝ࡋ࡚ࠊ⮬ศࡓࡕࡢᗣࢆᏲࢁ࠺࠸࠺ጼໃࠋࡲࡉࠊ
ࠕᗣࡣࢥ࣑ࣗࢽࢸ࡛Ᏺࡿࠖ
࠸࠺ࣉ࣐ࣛࣜ࣊ࣝࢫࢣ㸦3+&㸧ࡢ┿㧊࡛࠶ࡗࡓࠋ
┦ᡭࡢᅜࡢ୰ධࡗ࡚ࢆࡍࡿࡣࠊࡲࡎࡑࡢᅜࡢࡇࢆ▱ࡿᚲせࡀ࠶ࡿࡢࡣᙜ↛ࡢࡇࠋ
⚾ࡣ࣓ࢲࣥࡢ་⪅௰㛫ࡣࡶࡕࢁࢇࡢࡇࠊᅜ㝿✵ ࡢ⛯㛵㛗ࡽࢥࣆ࣮ᒇࡢ࠾ࡸࡌࡲ࡛ᛮ㆟
࡞ࡃࡽ࠸ேᜨࡲࢀࡓࠋࣥࢻࢿࢩࡢࡉࡲࡊࡲ࡞ேࡓࡕࡽᩍ࠼ࡽࢀࠊࣥࢻࢿࢩⰍ
ᰁࡲࡗࡓࠊ⚾⚾ࡓࡕᐙ᪘ࡗ࡚⌔⋢ࡢ㛫࡛࠶ࡗࡓࠋ
ᅜ୰ࢆࣆࣥࢡⰍᰁࡵࡓẕᏊᗣᡭᖒ
ᖺࡢࠊ࣮࢜ࣂ࣮ࢥ࣮ࢺࢆ╔㎸ࢇࡔࣥࢻࢿࢩே་ᖌࡢࣥࢻࣜࣥࢧࡉࢇࡀࠊࠕࡉ
ࡴ࠸ࠊࡉࡴ࠸ࠖ࠸࠸࡞ࡀࡽࠊ⚾ࡢ◊✲ᐊࡸࡗ࡚ࡁࡓࡢࡀࠊࣥࢻࢿࢩ∧ẕᏊᗣᡭᖒࡢ
㛤Ⓨࡢࡁࡗࡅ࡛࠶ࡗࡓࠋᙼࡣ㒊ᒇධࡿ࡞ࡾࠊ᪥ᮏ◊ಟ୰ಖᡤࡸ㝔࡛ぢᏛࡋࡓẕᏊ
ᗣᡭᖒࡢࡇࢆ⇕ࡃㄒࡾጞࡵࡓࠋᙜࡢࣥࢻࢿࢩࡣࠊዷ፬࣮࢝ࢻஙᗂඣ࣮࢝ࢻࡀ࠶ࡾࠊ
ஙᗂඣ࣮࢝ࢻ㸦.06㸧ࡣࣘࢽࢭࣇࡢᣦᑟࡼࡾసᡂࡉࢀ࡚࠸ࡓࠋࡑࢀࡽࡢ࣮࢝ࢻࡀูࠎ㓄ᕸࡉ
ࢀ࡚࠸ࡿࡓࡵࠊデ࣮࢝ࢻࢆᛀࢀࡎᣢࡗ࡚ࡃࡿぶࡣᑡ࡞ࡗࡓࠋࡑࡇ࡛ࠊᙼࡣࠊ᪥ᮏࡢ
ࡼ࠺ዷፎ୰ࡽฟ⏘ࠊᏊࡶࡢᡂ㛗ࡸⓎ㐩ࡲ୍࡛ࡢᡭᖒ࡞ࡗࡓẕᏊಖࣁࣥࢻࣈࢵࢡࢆ
ࣥࢻࢿࢩ࡛ࡶసࡗ࡚ࡳࡓ࠸࠸ࡗࡓࠋ
ࠕࣥࢻࢿࢩ࡛ࡣㄞࡳ᭩ࡁࡢ࡛ࡁ࡞࠸ẕぶࡶ࠸ࡿࡢ࡛ࠊ⤮ࡸᅗࡀࡓࡃࡉࢇධࡗࡓࣥࢻࢿࢩ
ࢫࢱࣝࡢẕᏊᗣᡭᖒࢆ⮬ศࡓࡕ࡛ᕤኵࡋࡓ࠸ࠋࡔࡽࠊࡐࡦ༠ຊࡋ࡚ࡃࡔࡉ࠸ࠋࠖ
ࡕࡻ࠺㐍⾜୰࡛࠶ࡗࡓ -,&$ ࣥࢻࢿࢩ୰㒊ࢪࣕ࣡ᕞᐙ᪘ィ⏬ẕᏊಖࣉࣟࢪ࢙ࢡࢺ
࠾࠸࡚ࣔࢹࣝᴗࢆጞࡵࡿࡇ࡞ࡾࠊ୰㒊ࢪࣕ࣡ᕞࡢᩥ㒔ᕷ࡛࠶ࡿேཱྀ⣙ ேࡢࢧࣛࢸ
࢞ᕷࡀ㑅ࡤࢀࡓࠋࣥࢻࣜࣥࢧࡉࢇࡢෆ࡛ࠊୣࢆ㉺࠼࡚㇏࡞㎰⪔ᆅᅖࡲࢀࡓࢧࣛࢸ
࢞ᕷࢆึࡵ࡚ࡳࡓࡁࡣࠊࡇࡇࡽ᪂ࡋ࠸ࢳࣕࣞࣥࢪࡀጞࡲࡿࡢࡔឤ↓㔞࡛࠶ࡗࡓࠋ
ࡇࡢࣥࢻࢿࢩ∧ẕᏊᗣᡭᖒᑐࡋ࡚ࡣࠊᙜࡣࠊ㈶ྰ୧ㄽࠋᏐࡢㄞࡵ࡞࠸ẕぶࡶᑡ࡞
ࡃ࡞࠸ࣥࢻࢿࢩ࡛ࡣࡴࡘࡋ࠸࠸࠺ពぢࡶ࠶ࡗࡓࠋࣥࢻࢿࢩᨻᗓࡀ࠾ᡭ୪ࡳᣏぢ
࠸࠺ࡇ࡛ࠊ୰㒊ࢪࣕ࣡ᕞࡢࢫࢱࢵࣇ᪥ᮏேࡢᑓ㛛ᐙࡀάືࡍࡿࡢࢆチࡋ࡚ࡃࢀࡓ࠾ࡆ࡛ࠊ
ᴗࡀࢫࢱ࣮ࢺ࡛ࡁࡓࠋ᪥ᮏㄒ∧ࢆ⩻ヂࡍࡿࡢ࡛ࡣ࡞ࡃࠊⱥㄒ∧ࢆసࡿࡢ࡛ࡶ࡞ࡃࠊ᪤Ꮡࡢ࣏
ࢫࢱ࣮ࡸ࣮࢝ࢻ࡞ࡢ⣲ᮦࢆࡶࠊ᭱ึࡽࣥࢻࢿࢩㄒ࡛ෆᐜࢆ㆟ㄽࡋ࡚࠸ࡗࡓࠋࡲࡓࠊ
༢ẕᏊᗣᡭᖒࢆ㓄ࡿࡔࡅ࡛࡞ࡃࠊぶࡓࡕẕᏊᗣᡭᖒࡢษࡉ࠸᪉ࢆࡁࡕࢇㄝ᫂
ࡍࡿࡇࡶ㔜せ࡛࠶ࡿࠋࣥࢻࢿࢩࡢஙᗂඣデ࡛ࡩࡔࢇࡽά㌍ࡋ࡚࠸ࡿᮧࡢ࣊ࣝࢫ࣭࣎
ࣛࣥࢸࢆᑐ㇟ࡋࡓㅮ⩦ࢆఱᗘࡶ㛤ദࡋࡓࠋ
ࡇࡢࡼ࠺ࡋ࡚ࠊ ᖺࠊࢩࣙࢵ࢟ࣥࢢ࣭ࣆࣥࢡⰍࡢ⾲⣬ࡢ୰࡛ࣥࢻࢿࢩࡢ࠾ẕࡉࢇ
ࡀ㉥ࡕࡷࢇࢆᢪ࠸࡚࠸ࡿ┿ࡀࡢࡗ࡚࠸ࡿ࠸࠺⫹࡞ࣥࢻࢿࢩࢫࢱࣝࡢẕᏊᗣᡭᖒ
ࡀࢧࣛࢸ࢞ᕷ࡛ࢃࢀࡿࡼ࠺࡞ࡗࡓࠋ⌧ᆅ࡛ࡣẕᏊᗣᡭᖒࡀ㡪ࢆᕳࡁ㉳ࡇࡋࡓࠋ㓄
ᕸ㛤ጞᚋ ᭶ࡢⅬ࡛ࠊዷፎ୰ࡢ࠾ẕࡉࢇࡢ ࡣࡍ࡛ẕᏊᗣᡭᖒࢆᣢࡗ࡚࠾ࡾࠊ ṓ
ࡲ࡛ࡢ㉥ࡕࡷࢇᑐࡍࡿᬑཬ⋡ࡣఱ 㸣ࢆ㉺࠼࡚࠸ࡓࠋᑐ㇟ᆅᇦࡢእఫࡴ࠾ẕࡉࢇࡀẕ
Ꮚᗣᡭᖒࢆࡶࡽ࠺ࡓࡵࠊ㉺ቃࡋ࡚デࢆཷࡅ᮶ࡓࡽࡔ▱ࡗࡓࡁࠊẕᏊᗣᡭᖒ
ࣉࣟࢪ࢙ࢡࢺᑐࡍࡿᮇᚅࡀ⤯ᑐᡂຌࡍࡿ࠸࠺☜ಙኚࢃࡗࡓࠋ
ࡣࡌࡵ࡚ẕᏊᗣᡭᖒࢆࡶࡽࡗࡓ࠾ẕࡉࢇࡶࠊḟࡢデࡢࡁࡣᛀࢀࡿࡇ࡞ࡃẕᏊᗣ
ᡭᖒࢆ࡞ࡽࡎᣢཧࡋ࡚࠸ࡓࠋ࣏ࢩࣥࢻ࡛ࡣࠊ㉥ࡕࡷࢇࢆᢪࡗࡇࡋࡓ࠾ẕࡉࢇᡭࢆࡘ࡞
࠸࡛ࠊ ṓࡢዪࡢᏊࡀ⮬ศࡢࣆࣥࢡࡢẕᏊᗣᡭᖒࢆࡦࡽࡦࡽࡉࡏ࡞ࡀࡽデሙࡸࡗ࡚ࡃ
ࡿጼࡶࡳࡽࢀࡓࠋ᪥ᮏ࡛ࡣᏊࡶẕᏊᗣᡭᖒࢆᣢࡓࡏࡿ⩦័ࡀ࡞࠸ࡢ࡛ࠊᏊࡶࡀ⮬ศ⮬
㌟ࡢẕᏊᗣᡭᖒࢆᡭࡋ࡚࠸ࡿጼࡣ⚾ࡗ࡚ࡶ᪂㩭ࡔࡗࡓࠋ
ࡑࢀࡽ ᖺᚋࠋࣥࢻࢿࢩᅜ୰ࣆࣥ
ࢡⰍࡢẕᏊᗣᡭᖒࢆᬑཬࡉࡏࡓ࠸ࠊ࠸࠺
ࣥࢻࢿࢩே᪥ᮏேࡢᛮ࠸ࡀ࡞࠸ࠊ
ࠕ
ࣥࢻࢿࢩࡢࡍ࡚ࡢᏊࡶࡣẕᏊᗣᡭᖒ
ࢆ㓄ᕸࡉࢀࡿࡁ࡛࠶ࡿࠖ࠸࠺ಖ⮧௧
ࡀฟࡉࢀࡓࠋ
ࡇࡢ⏬ᮇⓗ࡞ಖ⮧௧⮳ࡿࡲ࡛ࡣࠊ
ࣆࣥࢡࡢẕᏊᗣᡭᖒࢆᗈࡆࡓ࠸࠸࠺Ṕ௦
ࡢ -,&$ ົᡤ㛗ࡢࢧ࣏࣮ࢺࡀ㠀ᖖࡁ
ࡗࡓࠋࡲࡓࠊಖ┬ᆅᇦಖ⥲ᒁ㛗 $]UXU
$VZDU ࡉࢇࡢỴ᩿ࡀࡁࡗࡓࠋᙼࡣ㏥ᐁᚋࠊ ༡ࣇࣜ࢝ඹᅜ࡛㛤ദࡉࢀࡓࠕᣢ⥆ⓗ㛤Ⓨ
⎔ቃ㛵ࡍࡿୡ⏺ࢧ࣑ࢵࢺࠖ࠾࠸࡚ࠊ
ࠕࣥࢻࢿࢩࡢኌ⪥ࢆഴࡅࠊ⮬ᅜࡢᡓ␎
ࣥࢻࢿࢩಖ┬ 3URI$]UXU$VZDU ᆅᇦಖ
ࢆᢲࡋࡅࡿࡇ࡞ࡃࠊᰂ㌾ᑐᛂࡋ࡚ࡃࢀ ⥲ᒁ㛗ࡶࠊ᪥ᮏᨻᗓ࣭-,&$ ࡢᨭࢆ
ࡓ᪥ᮏࡢᨭឤㅰࡍࡿࠖ㏙ࡋ࡚࠸ࡓࠋ ཷࡅ࡚ࣥࢻࢿࢩࡢẕᏊᗣᡭᖒࡢ⤒㦂ࢆ
ㅮ₇ࡋࡓࠋ⚾ࡓࡕࡗ࡚ࡶࠊࢪࡢ⤒㦂
࠸ࡲ࡛ࡣࠊࣥࢻࢿࢩࡢࡍ࡚ࡢᕞ࡛ẕ ࢆࣇࣜ࢝ࡢᆅ࡛Ⓨಙࡍࡿึࡵ࡚ࡢ⤒㦂࡞
ࡗࡓࠋ
㸦༡ࣇࣜ࢝ඹᅜ㸸 ᖺ ᭶㸧
Ꮚᗣᡭᖒࡀࢃࢀࠊᖺ㛫 ⓒ௨ୖࡢẕ
Ꮚᗣᡭᖒࢆ༳ๅࡍࡿࠊୡ⏺୍ࡢẕᏊᗣᡭᖒᅜ࡞ࡗ࡚࠸ࡿࠋẕᏊᗣᡭᖒࡢ༳ๅ㈝ࡣࡍ
࡚ࣥࢻࢿࢩᨻᗓࡀ㈇ᢸࡋ࡚࠸ࡿࠋࡑࡋ࡚ࠊࣆࣥࢡⰍࡢẕᏊᗣᡭᖒࡢ⾲⣬ࡣࠕ
ᖺ㸸ࣥࢻࢿࢩಖ┬ -,&$ࠖ࠸࠺ࢡࣞࢪࢵࢺࡀࠊ⚾ࡓࡕࡢ༠ാࡢドࡋ࡚࠸ࡲ࡛ࡶࡋࡗ
ࡾṧࡉࢀ࡚࠸ࡿࠋ
᪥ᮏ࡛Ꮫࢇࡔᩍ࠼Ꮚࡓࡕࡽᩍ࠼࡚ࡶࡽ࠺
ᖺ ᭶ࢪࣕ࢝ࣝࢱࢆゼၥࡋࡓࡁࠊ㜰ᏛᏛ㝔ே㛫⛉Ꮫ◊✲⛉࡛Ꮫ⾡༤ኈྕࢆྲྀ
ᚓࡋࡓ ྡࡢ◊✲⪅㸦ࣥࢻࢿࢩᏛබ⾗⾨⏕Ꮫ㒊㛗ࡸᅜ❧ࢫ࣒ࣛᏛㅮᖌ㸧ࡀḼᚅࡋ࡚
ࡃࢀࡓࠋࣥࢻࢿࢩ࡛ࡣ㧗㱋⪅♫ࡢ฿᮶ഛ࠼࡚ࠊࡍ࡛◊✲ࡸᐇ㊶ࡀጞࡲࡗ࡚࠸ࡿࠋ᪥
ᮏ ࡛ ࡶ ྲྀ ࡾ ⤌ ࡳ ࡀ ጞ ࡲ ࡗ ࡓ ࡤ ࡾ ࡢ ከ ⫋ ✀ ࡀ ཧ ຍ ࡍ ࡿ ་ ⒪ ⪅ ᩍ ⫱ 㸦 ,QWHUSURIHVVLRQDO
(GXFDWLRQ㸸,3(㸧ࡀࠊࡍ࡛་Ꮫ࣭┳ㆤ࣭⸆Ꮫ࣭බ⾗⾨⏕࡞ࡢ༠ാࡢᙧ࡛ጞࡲࡗ࡚࠸ࡿࠋࡲ
ࡓࠊ᪥ᮏ࡛ࡣࠊእᅜேほගᐈ࡞ࡢቑຍࡼࡾ་⒪ᶵ㛵࠾ࡅࡿࢫ࣒ࣛᑐᛂࡀࡁ࡞ㄢ㢟࡛
࠶ࡗࡓࠋࣁࣛࣝᩱ⌮ࡸ་⸆ရ㸦ࣈࢱᢳฟ≀ᢤࡁ㸧
ࠊ᐀ᩍ་⒪࡞ࠊ᪥ᮏࡀࢫ࣒ࣛᅜ࡛࠶ࡿ
ࣥࢻࢿࢩࡽᏛࡪࡇࡶᑡ࡞ࡃ࡞࠸ࠋ
᪥ᮏᨻᗓࡽࣥࢻࢿࢩᨻᗓ
࣏ࣜ࢜㯞⑈࣡ࢡࢳࣥ〇㐀タࠊ〇㐀ᢏ⾡࠾ࡅࡿ
↓ൾ㈨㔠ཬࡧᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺ
̿ࡾ࠶ࡿᡂຌࡋ࡚̿
-XOLPDQ
ࣅ࢜ࣇ࣐ࣝ♫⏕⏘ᒁ㛗
␎Ṕ
ࣂࣥࢻࣥᕤ⛉Ꮫ⸆Ꮫ㒊༞ᴗᚋࠊ⸆ᖌ㈨᱁ࢆྲྀᚓࠊࣃࢪࣕࢪࣕࣛࣥᏛ⤒Ⴀ⟶⌮
Ꮫಟኈྕྲྀᚓࠋࣅ࢜ࣇ࣐࣏ࣝࣜ࢜㯞⑈࣡ࢡࢳࣥᨭ㒊㛗ࠊ㯞⑈࣡ࢡࢳࣥ〇㐀㒊㛗
ࢆ⤒࡚ࠊᖺࡼࡾ⌧ᅾ⮳ࡿࡲ࡛ࣅ࢜ࣇ࣐ࣝ⏕⏘ᒁ㛗ࢆົࡵ࡚࠸ࡿࠋ-,&$ᰴᘧ
♫%,.(1ほ㡢ᑎ◊✲ᡤࡢ༠ຊࡼࡾᐇࡉࢀࡓᢏ⾡༠ຊ࡛ࡣࠊ⏕≀〇㛵ࡍࡿ◊
ಟࢥ࣮ࢫࠊ㯞⑈࣡ࢡࢳࣥ〇㐀᭱⤊ᕤ⛬㛵ࡍࡿಶே◊ಟࢥ࣮ࢫཧຍࠋ
ࠕ࣏࣭ࣜ࢜㯞⑈࣡ࢡࢳࣥ〇㐀ᇶ┙ᩚഛࠖ
ࣥࢻࢿࢩ࡛ࡣࠊ ṓᮍ‶ඣࡢせṚᅉࡢࡦࡘ࡛࠶ࡿ㯞⑈࣏ࣜ࢜ࢆண㜵ࡍࡃࠊ࣡ࢡࢳࣥ᥋
✀⋡ࡢྥୖࢆィ⏬ࡋࡓࡶࡢࡢࠊ୧࣡ࢡࢳࣥࡶᾏእࡽࡢ㍺ධ౫Ꮡࡋ࡚࠾ࡾࠊ㐺ษ࡞ᮇ౪⤥
ࡍࡿࡢࡀᅔ㞴࡛࠶ࡗࡓࠋᮏ༠ຊࡣࠊࣥࢻࢿࢩ࡛၏୍࣡ࢡࢳࣥ〇㐀ࢆ⾜ࡗ࡚࠸ࡓᅜႠ〇⸆බ♫ࣅ
࢜ࣇ࣐ࣝ㸦 ᖺ௨㝆ᅜႠᰴᘧ♫ࣅ࢜ࣇ࣐ࣝ㸧ᑐࡋࠊ࣏ࣜ࢜ཬࡧ㯞⑈࣡ࢡࢳࣥ〇㐀ᢏ⾡
ࡢ⛣㌿ࢆᅗࡾࠊࡲࡓࡑࡢࡓࡵࡢ〇㐀タ࣭ᶵᮦࢆᩚഛࡍࡿࡇࢆ┠ⓗ⾜ࢃࢀࡓࡶࡢ࡛࠶ࡿࠋࡇࡢ
༠ຊࡼࡾࠊࣅ࢜ࣇ࣐ࣝࡀ〇㐀ࡍࡿ୧࣡ࢡࢳࣥࡢရ㉁ࡣᅜ㝿ᇶ‽ࢆ‶ࡓࡋࠊ81,&() ➼ࡢᅜ㝿ᶵ
㛵ࢆྵࡵࡓ ࢝ᅜ㸦 ᖺ㸧㍺ฟࡉࢀ࡚࠸ࡿࠋ
ᖺண㜵᥋✀ᣑィ⏬㸦(3,㸧ࢆⓎ⾲ࡋ࡚࠸ࡓୡ⏺ಖᶵ㛵㸦:+2㸧ࡢ᪉㔪ᇶ࡙ࡁࠊࣥࢻࢿ
ࢩᨻᗓࡣࠊஙඣ㸭ᗂඣᑐࡍࡿ ✀㢮ࡢឤᰁண㜵᥋✀ィ⏬ࢆᐇࡋࡓࠋࡍ࡞ࢃࡕࠊ%&*㸦⤖᰾㸧ࠊ
'37㸦ࢪࣉࢸࣜࠊ࣏ࣜ࢜ࠊ◚യ㢼 ✀ΰྜ࣡ࢡࢳࣥ㸧ࠊ◚യ㢼ࠊࡑࡋ࡚㯞⑈࣏࡛ࣜ࢜࠶ࡿࠋࡇࡢ
࠺ࡕࠊ㯞⑈࣏ࣜ࢜࣡ࢡࢳࣥࢆ㝖ࡃ࣡ࢡࢳࣥࡣࠊࣅ࢜ࣇ࣐ࣝࡀࡍ࡛〇㐀ࡋ࡚࠸ࡓࡶࡢ࡛࠶ࡿࠋ
ࣥࢻࢿࢩᨻᗓࡣࠊ㯞⑈࣏ࣜ࢜࠸࠺㢼ᅵⓗ࡞ឤᰁࢆඞ᭹ࡍࡿࡓࡵࡣࠊ⮬ᅜ࡛࣡ࢡࢳࣥ
ࢆ〇㐀ࡍࡿࡇࡀ㔜せ࡛࠶ࡿㄆ㆑ࡋࠊ ᖺ᪥ᮏᨻᗓᑐࡋ↓ൾ㈨㔠༠ຊᢏ⾡༠ຊࡢせㄳࢆ
⾜ࡗࡓࠋࡇࡢィ⏬ࡣࠊࣥࢻࢿࢩ࡛࣡ࢡࢳࣥࢆ〇㐀ࡍࡿ၏୍ࡢᅜႠᴗࣅ࢜ࣇ࣐ࣝᑐࡋ࡚ࠊࡇ
ࡢ ࡘࡢ࣡ࢡࢳࣥࡢ〇㐀ᢏ⾡ࡢ⛣㌿ࢆ⾜࠺ࡶࡢ࡛ࠊ୧ᅜࡢ㛵ಀ⪅ࡼࡿᩘᅇΏࡿ༠㆟ࢆ⤒࡚ࠊ
ᖺ ᭶ ᪥ࠊ᪥ᮏᨻᗓࡣ ᖺ㛫ࡢࠕ࣏࣭ࣜ࢜㯞⑈࣡ࢡࢳࣥ〇㐀タཬࡧ〇㐀ᇶ┙ᢏ⾡↓ൾ㈨㔠༠ຊࣉ
ࣟࢪ࢙ࢡࢺࠖྠពࡋࡓࠋࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊᖺ㛫㯞⑈࣡ࢡࢳࣥ ࢻ࣮ࢬࠊ࣏ࣜ࢜࣡ࢡࢳࣥ
ࢻ࣮ࢬࢆ〇㐀ࡍࡿィ⏬࡛࠶ࡗࡓࠋ
㛵ࡋ࡚ಖ┬ࠊࣥࢻࢿࢩ࠾࠸࡚၏୍࣡ࢡࢳࣥࢆ〇㐀ࡍࡿᅜႠᴗ࡛࠶ࡗࡓࣅ࢜ࣇ࣐ࣝබ
♫ࢆᣦྡࡋࡓࠋࣅ࢜ࣇ࣐ࣝࡣᮏࣉࣟࢪ࢙ࢡࢺࡢᐇ࠾࠸࡚ࠊಖ┬ࡢചୗ⤌⧊ࡋ࡚⨨࡙ࡅࡽ
ࢀࡓࠋ
ࣅ࢜ࣇ࣐ࣝࡢ࣏࣭ࣜ࢜㯞⑈࣡ࢡࢳࣥ〇㐀ᢏ⾡⛣㌿ࣉࣟࢪ࢙ࢡࢺࡣࠊࡁ࡞ᡂᯝࢆ࠶ࡆࡓᛮ࠺ࠋ
ࣅ࢜ࣇ࣐ࣝࡣ ᖺ ᭶ ᪥ࡢࣉࣟࢪ࢙ࢡࢺ⤊๓ࠊࡇࡢ ✀㢮ࡢ࣡ࢡࢳࣥࡢ〇㐀ࡀ࡛ࡁࡿࡼ
࠺࡞ࡗࡓࠋࡇࢀࡣࠊ᪥ᮏࡢᢏ⾡⛣㌿ࢆཷධࢀࠊᐇ⌧ࡍࡿࡓࡵࠊࣉࣟࢪ࢙ࢡࢺཧຍࡋࡓ⤒Ⴀ㝕
⫋ဨࡢ⊩㌟⇕ពࡼࡿࡶࡢ࡛࠶ࡿࠋ᪥ᮏὴ㐵ࡉࢀࡓࣅ࢜ࣇ࣐ࣝࡢ⫋ဨࡣࠊ⩦ᚓࡋࡓ▱㆑ᑓ
㛛ᛶࢆ༑ά⏝ࡋࠊࡲࡓࡢ⫋ဨࡶᘬࡁ⥅࠸ࡔࠋ᪥ᮏࡽὴ㐵ࡉࢀࡓᑓ㛛ᐙࡣࠊ᰿Ẽᙉࡃ⇕ᚰ
⫋ဨࢆᣦᑟࡋࡓࠋᮏࣉࣟࢪ࢙ࢡࢺࡢᡂຌࡣࠊࡇࢀࡽᑓ㛛ᐙࡓࡕࡢᨭࡔࡅ࡛࡞ࡃࠊ-,&$ࠊࡑࡋ࡚ࣥ
ࢻࢿࢩᨻᗓ᪥ᮏᨻᗓࡼࡿ㠃ⓗ࡞ᨭ࡞ࡃࡋ࡚ࡣ㐩ᡂ࡛ࡁ࡞ࡗࡓࡶࡢ࡛࠶ࡾࠊࣅ࢜ࣇ࣐ࣝ
ࡢ࣏࣭ࣜ࢜㯞⑈࣡ࢡࢳࣥ〇㐀࠾ࡅࡿᡂຌࡣࠊࣥࢻࢿࢩᨻᗓࡔࡅ࡛ࡣ࡞ࡃ᪥ᮏᨻᗓࡗ࡚ࡶ
ࡾ࡞ࡗ࡚࠸ࡿࠋ
ᐇࡣࠊࣅ࢜ࣇ࣐ࣝࡣ࣏࣭ࣜ࢜㯞⑈࣡ࢡࢳࣥࡢ〇㐀࠸࠺ᙜึࡢࣉࣟࢪ࢙ࢡࢺࡢ┠ᶆࢆୖᅇࡿᡂᯝ
ࢆ࠶ࡆࡓࠋ࠸࠺ࡢࡶࠊ ᖺࡇࡢ ✀㢮ࡢ࣡ࢡࢳࣥࡣ :+2 ࡢ་⸆ရ๓ㄆᐃ㸦34ㄆドࢆྲྀᚓࡋ
ࡓࡽ࡛࠶ࡿࠋࡇࡢㄆドࢆྲྀᚓࡍࡿࡓࡵࠊࣅ࢜ࣇ࣐ࣝࡣከ࡞ດຊࢆᡶࡗࡓࠋ࣡ࢡࢳࣥ〇㐀ࡢࡍ
࡚ࡢᕤ⛬࡛ࠊ:+2 ࡼࡿཝ᱁࡞ *03*RRG0DQXIDFWXULQJ3URFHVV་⸆ရ➼ࡢ〇㐀⟶⌮࠾ࡼࡧရ㉁⟶
⌮㛵ࡍࡿᇶ‽ࢆ‶ࡓࡉ࡞ࡅࢀࡤ࡞ࡽࡎࠊࡑࢀࡣ :+2 ࡢᑓ㛛ᐙࡼࡿࣅ࢜ࣇ࣐ࣝ〇㐀タࡢ┘
ᰝྜ᱁ࡍࡿࡇࡶྵࡲࢀ࡚࠸ࡓࠋ
ࡗࡓࡽ࡛࠶ࡿࠋ⫋ဨࡢ⬟ຊࡀྥୖࡋࡓࡇ࡛ࠊ ᖺࠊࣅ࢜ࣇ࣐ࣝࡣᅜႠᴗࡽᰴᘧ♫
࡞ࡗࡓࡔࡅ࡛ࡣ࡞ࡃࠊᖺ㛫⏕⏘㔞ࡶ㯞⑈࣡ࢡࢳࣥ ൨ࢻ࣮ࢬࠊ࣏ࣜ࢜࣡ࢡࢳࣥ ൨ࢻ࣮ࢬ⏕⏘⬟ຊ
ࢆ㧗ࡵࡿࡇࡀ࡛ࡁࡓࠋࡇࢀࡣࣉࣟࢪ࢙ࢡࢺ࡛ィ⏬ࡋࡓ⏕⏘㔞ࢆࡣࡿୖᅇࡿࡶࡢ࡛࠶ࡿࠋࡇࡢ
✀㢮ࡢ࣡ࢡࢳࣥࠊ≉࣏ࣜ࢜࣡ࢡࢳࣥࡣ࡛ࡶࣅ࢜ࣇ࣐ࣝࡢຊ㍺ฟ〇ရ࡞ࡗ࡚࠸ࡿࠋຍ࠼࡚ࠊ
ࣅ࢜ࣇ࣐ࣝࡣ࣏ࣜ࢜ࣂࣝࢡཎᾮ㸦࣏ࣜ࢜࣡ࢡࢳࣥࢆ〇㐀ࡍࡿࡓࡵࡢάᛶᮦ࡛࠶ࡾࠊ࣏ࣜ࢜࢘ࣝ
ࢫࡢ⃰⦰ᾮࡢᙧࢆ࡞ࡋ࡚࠸ࡿ㸧ࢆ」ᩘࡢᾏእࡢ࣡ࢡࢳ࣓࣮࣮ࣥ࢝㍺ฟࡋ࡚࠸ࡿࠋࡲࡓࠊ࣏࣭ࣜ࢜㯞
⑈࣡ࢡࢳࣥ〇㐀タࡣࠊ⌧ᅾ࡛ࡶⰋዲ࡞≧ែ࡛✌ാࡋ࡚࠸ࡿࡀࠊࡇࢀࡣࣅ࢜ࣇ࣐ࣝࡢࢫࢱࢵࣇࡀィ
⏬ⓗಖᏲⅬ᳨ࢆ⾜࡞ࡗ࡚࠸ࡿࡽ࡛࠶ࡿࠋ ᖺ௨ୖࢆ⤒ࡓタഛࡀⰋ࠸ࢥࣥࢹࢩࣙࣥࢆ⥔ᣢࡋ࡚
࠸ࡿ㘽ࡣࡇࡇ࠶ࡿࠋࡉࡽࠊᾏእࡽࡢ࣏ࣜ࢜ࣂࣝࢡཎᾮᑐࡍࡿ㟂せࡀከ࠸ࡇࡽࠊ࣏ࣜ࢜ࣂ
ࣝࢡཎᾮ〇㐀ࡢࡓࡵࡢタഛࢆቑࡸࡋࡓࡇ࡛ࠊ࣏ࣜ࢜ࡢ⏕⏘ᛶయࡀ ಸྥୖࡋࡓࠋࡇࡢࡼ࠺ࣅ
࢜ࣇ࣐ࣝࡣୡ⏺࡛ࡶ᭷ᩘࡢ࣏ࣜ࢜࣡ࢡࢳࣥ౪⤥⪅࡛࠶ࡾࠊ:+2 ࡼࡿ࣏ࣜ࢜᰿⤯ィ⏬࠾࠸࡚ࡁ
࡞ᙺࢆᯝࡓࡋ࡚࠸ࡿゝࡗ࡚ࡶ㐣ゝ࡛ࡣ࡞࠸ࠋ
⚾ࡣࣅ࢜ࣇ࣐ࣝࡢ୍ဨࡋ࡚ࠊ᪥ᮏᨻᗓࡽࣥࢻࢿࢩᨻᗓࡢ࣏࣭ࣜ࢜㯞⑈࣡ࢡࢳࣥᢏ⾡⛣
㌿ࣉࣟࢪ࢙ࢡࢺࡢᡂຌࡢ୍➃ࢆᢸ࠼ࡓࡇࢆࡾᛮࡗ࡚࠸ࡿࠋࡲࡓࠊ᪥ᮏࡢ %,.(1 ࠾ࡅࡿ◊ಟ
ཧຍࡋࡓ㝿ࠊࡑࡇ࡛᭷┈࡞▱㆑ࢆᚓࡓࡔࡅ࡛࡞ࡃࠊ᪥ᮏᩥࡘ࠸࡚▱ࡿᶵࢆᚓࡓࡇࡶឤㅰࡋ
࡚࠸ࡿࠋ᪥ᮏᩥࡣᖺ㛗⪅ࡔࡅࡀᏲࡾ⥆ࡅ࡚࠸ࡿࡢ࡛ࡣ࡞ࡃࠊᏊࡶࡓࡕࡶ᪩࠸࠺ࡕࡽ᰿࠸࡚
࠸ࡿࠋࡲࡓࠊぶษ࡛ᖺ㛗⪅ࢆᩗ࠸ࠊຮ࡛つᚊṇࡋ࠸᪥ᮏࡢேࠎឤᚰࡋࠊᑛᩗࡢᛕࢆぬ࠼ࡓࠋࡑࡋ
࡚ࡇࡢࡇࡀࠊ⚾ࡢࣅ࢜ࣇ࣐࡛ࣝࡢᑐࡍࡿពḧࡶⰋ࠸ᙳ㡪ࢆ࠼ࡓࡶࡢᛮ࠺ࠋ⚾ࡣ
-,&$ ࡢ◊ಟཧຍ࡛ࡁࡓࡇࢆࡾᛮࡗ࡚࠸ࡿࠋ᪥ᮏᅜẸࡢປពḧࡢ㧗ࡉつᚊṇࡋࡉࡣぢ⩦
࠺್ࡍࡿࠋ
ࣥࢻࢿࢩඹᅜ࠾ࡅࡿ┳ㆤࡢⓎᒎࢆ㢪ࡗ࡚
⏣ᮧ ࡸࡼࡦ
᪥ᮏ㉥༑Ꮠᕞᅜ㝿┳ㆤᏛᏛ㛗
␎Ṕ
ᖺᮾிᏛ་Ꮫ㒊㝃ᒓ┳ㆤᏛᰯ༞ᴗࠊ ᖺἲᨻᏛ♫Ꮫ㒊༞ᴗࠊ
ᖺ⪷㊰ຍ┳ㆤᏛᏛ㝔┳ㆤᏛ◊✲⛉༤ኈ๓ᮇㄢ⛬ಟࠊ ᖺᮾிᏛᏛ㝔
་Ꮫ⣔◊✲⛉༤ኈᚋᮇㄢ⛬ಟࠋ┳ㆤᖌࠊಖᖌࠋ ᖺ㹼 ᖺཌ⏕ປാ┬་
ᨻᒁ┳ㆤㄢ㛗ࠊྠᖺࡼࡾ ᖺࡲ࡛ᅜ❧┳ㆤᏛᰯ㛗ࠋ ᖺࡽ⌧ᅾࡲ࡛᪥
ᮏ㉥༑Ꮠᕞᅜ㝿┳ㆤᏛᏛ㛗ࠋ ᖺ㹼 ᖺࡣ┳ㆤᩍ⫱ᢸᙜࡢᅋဨࡋ࡚ࠊ
-,&$ ࣥࢻࢿࢩᅜ┳ㆤᐇ㊶⬟ຊࣉࣟࢪ࢙ࢡࢺィ⏬⟇ᐃㄪᰝࠊ-&& ཧຍㄪᰝࠊ୰
㛫ࣞࣅ࣮ࣗࠊ⤊ホ౯ㄪᰝᚑࠋ
ࠕ┳ㆤᐇ㊶⬟ຊᙉࣉࣟࢪ࢙ࢡࢺࠖ
ࣥࢻࢿࢩ࡛ࡣ㧗㱋ࡸᵓ㐀ࡢኚ➼ࡢ᪂ࡓ࡞ㄢ㢟ᑐᛂࡍࡃࠊ┳ㆤᖌ⥅⥆ᩍ⫱ࡢᙉ
ࢆ㏻ࡌࡓ┳ㆤᖌࡢᩍ⫱ࣞ࣋ࣝࡢྥୖࡀ┠ᣦࡉࢀ࡚࠸ࡿࠋࣥࢻࢿࢩࡢ┳ㆤ⥅⥆ᩍ⫱ࡣศ㔝
≉ᆺ࡛࠶ࡗࡓࡇࡽࠊ ᖺࡼࡾ -,&$ ࡣࣥࢻࢿࢩಖ┬ࠊ Ꮫࠊ 㝔ࢆᑐ㇟ࡋ
ࡓᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࢆᐇࡋࡓࠋẁ㝵ࢆ㋃ࢇ࡛⮫ᗋ┳ㆤᐇ㊶⬟ຊࢆᙉࡍࡿ࢟ࣕࣜࣛࢲ
࣮ࢩࢫࢸ࣒ࡢ㝔ࡢᑟධࡸࠊ⪁ᖺ┳ㆤࠊ⅏ᐖ┳ㆤ➼ࡢ◊ಟ࣒࢝ࣜ࢟ࣗࣛࡸ◊ಟࣔࢪ࣮ࣗࣝࡢ
㛤Ⓨࠊཬࡧࡇࢀࡽࡢᬑཬάືࢆ㐍ࡵࡓࡶࡢ࡛࠶ࡿࠋ
ᡃࡀᅜࣥࢻࢿࢩඹᅜࡢ㛫࡛ࠊ(3$⤒῭㐃ᦠ༠ᐃࡀ⥾⤖ࡉࢀࡓࡢࡣ ᖺࡢࡇ࡛
ࡋࡓࠋࡑࡇࡣேࡢ⛣ືࠊࡍ࡞ࢃࡕࣥࢻࢿࢩࡽ┳ㆤᖌೃ⿵⪅࠾ࡼࡧㆤ⚟♴ኈೃ⿵⪅ࢆᡃ
ࡀᅜཷࡅධࢀࡿࡇࡀྵࡲࢀ࡚࠸ࡲࡋࡓࠋ┳ㆤᖌೃ⿵⪅ࡣࠊẕᅜ࡛┳ㆤᖌࡋ࡚ࡢᐇົ⤒㦂ࢆ
ᖺ௨ୖ᭷ࡋ࡚࠸ࡿேࡀᑐ㇟࡛ࡋࡓࡀࠊ᪥ᮏ࡛┳ㆤᖌࡋ࡚ᑵປࡍࡿࡓࡵࡣ┳ㆤᖌᅜᐙヨ㦂
ྜ᱁ࡋ࡞ࡅࢀࡤ࡞ࡾࡲࡏࢇࠋࣥࢻࢿࢩ᪥ᮏ࡛ࡣேཱྀᵓ㐀ࠊᵓ㐀ࠊಖ་⒪ࢆᨭ࠼ࡿ
ἲไᗘ࡞ࡀࡁࡃ␗࡞ࡗ࡚࠸ࡲࡍࡢ࡛ࠊᙜ↛ࡢࡇࡋ࡚┳ㆤᏛᩍ⫱ࡢෆᐜࡶ␗࡞ࡾࡲࡍࠋࡑ
ࡢࡓࡵࠊࢇ࡞ඃ⚽࡛ពḧࡢ࠶ࡿ┳ㆤᖌೃ⿵⪅࡛࠶ࡗ࡚ࡶࠊ᪥ᮏㄒ࡛⾜ࢃࢀࡿᅜᐙヨ㦂ྜ᱁
ࡍࡿࡇࡣኚ㞴ࡋ࠸ࡇ࡛ࡍࠋᐇ㝿ࠊྜ᱁⪅ࡣᑡᩘ࡛ࡋࡓࡋࠊࡇࡢࡲࡲ࡛ࡣᅜ㝿ၥ㢟࡞ࡾ
ࡡ࡞࠸༴ࡉࢀࡿ≧ἣ࡞ࡗ࡚࠸ࡲࡋࡓࠋ
ᖺ ᭶ࡣࠊ᪥ᮏࡣࡢࡼ࠺࡞ᢏ⾡༠ຊࡀྍ⬟ࢆ᥈ࡿࡓࡵࠊ┳ㆤᏛ㒊㛗ࢆ⌧ᆅㄪᰝὴ
㐵ࡋࡲࡋࡓࠋ 㐌㛫ࡢㄪᰝࡔࡗࡓᛮ࠸ࡲࡍࡀࠊᖐᅜ๓᪥ࠊᮾ᪥ᮏ㟈⅏ࡀ㉳ࡁࡓࡇࡶ
࠶ࡾࠊ㩭᫂グ᠈ࡋ࡚࠸ࡲࡍࠋࡑࡢᖺࡢኟ㡭ࡣࠊ᪥ᮏᅜෆ࡛ࣉࣟࢪ࢙ࢡࢺࡢᨭࢆ୰ᚰⓗ
⾜࠺┳ㆤᏛࡶỴࡲࡾࡲࡋࡓࠋࡑࡢᏛࡣࠊ⌧ᅾ➹⪅ࡀົࡋ࡚࠸ࡿ᪥ᮏ㉥༑Ꮠᕞᅜ㝿┳ㆤ
Ꮫ࡛ࡍࠋ
ྠᖺ ᭶ࡣࠊ┳ㆤࡢᇶ♏ሗ㞟ࡸ☜ㄆࡢࡓࡵࡢㄪᰝᅋࡀࣥࢻࢿࢩὴ㐵ࡉࢀࡲࡋࡓࠋ
ࡲࡓࠊࣥࢻࢿࢩࡽࡶ᪥ᮏࡢ┳ㆤࢆどᐹࡍࡿࡓࡵࠊ ᭶⩣ᖺඛࡢ ᅇΏࡗ࡚ࠊ┳ㆤ
Ꮫࠊ㝔㛵ಀ⪅⣙ ேࡀ᮶᪥ࡋࡲࡋࡓࠋࡑࢀࡽࡢ⤖ᯝࢆࡶࠊఱ↔Ⅼࢆᙜ࡚࡚ࣥࢻࢿࢩ
┳ㆤᖌࡢ┳ㆤᐇ㊶ຊࡢྥୖࢆᅗࡿࡁࡘ࠸࡚ࠊࣥࢻࢿࢩ᪥ᮏഃ㛵ಀ⪅ࡀᮾி࡛⇕࠸
㆟ㄽࢆࢃࡋࡲࡋࡓࠋ┳ㆤᏛࡢせ࡞ศ㔝ࢆ⥙⨶ࡋࡓ࠸࠸࠺ពぢࡶ࠶ࡾࡲࡋࡓࡀࠊୡ⏺ࡢ୰࡛
ࡶ᪥ᮏࡢ┳ㆤࡀඛ➃ࢆ㉮ࡗ࡚࠸ࡿ㡿ᇦ⤠ࡿࡇ࡞ࡾࡲࡋࡓࠋ ᖺ ᭶ࡣࠊࣉࣟࢪ࢙ࢡࢺ
ィ⏬⟇ᐃㄪᰝᅋࡀὴ㐵ࡉࢀࠊ➹⪅ࡶึࡵ࡚ࣥࢻࢿࢩΏ⯟ࡋࡲࡋࡓࠋࡑࡋ࡚ࠊಖ┬ࠊᏛ
㛵ಀ⪅ࠊ㝔┳ㆤ㒊ࡢ᪉ࠎࡢࣉࣟࢪ࢙ࢡࢺࡢࡁ࡞ᮇᚅࢆ┤᥋⫙࡛ឤࡌ࡚ࠊᖐᅜࡋࡓࡇࢆᛮ
࠸ฟࡋࡲࡍࠋ
ࡉࡲࡊࡲ࡞᳨ウࡢ⤖ᯝࠊࣉࣟࢪ࢙ࢡࢺ
ࡢᡂᯝࡋ࡚ᮇᚅࡉࢀࡿࡇࡣࠊ㸬య⣔
ⓗ࡞ᩍ⫱◊ಟ㸦࢟ࣕࣜ㛤Ⓨࣛࢲ࣮㸧ࡢ
ࢩࢫࢸ࣒సࡾࣃࣟࢵࢺ㝔࡛ࡢᑟධࠊ
㸬ᩆᛴ࣭⅏ᐖ┳ㆤ࠾ࡼࡧ⪁ᖺ┳ㆤ㛵ࡍ
ࡿ㝔ෆᩍ⫱◊ಟࣉࣟࢢ࣒ࣛࡢ㛤Ⓨࡑࢀ
ࡀ┳ㆤᖌⓏ㘓ࡢ᭦᪂ᚲせ࡞◊ಟ༢
ࡋ࡚ㄆᐃࡉࢀࡿࡇࠊ㸬ࣉࣟࢪ࢙ࢡࢺࡢ
ᡂᯝࢆᅜࡢ㝔㛵ಀ⪅ඹ᭷ࡍࡿࠊ
࠸࠺ࡇ࡞ࡾࡲࡋࡓࠋࡇࡢࣉࣟࢪ࢙ࢡ
ࢺࡢࡓࡿ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࡣᙜึࠊಖ ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺᏛࡢ୍ࡘ࡛࠶ࡿࣁࢧࣥࢧࢹ࢟
ࣥ㝔㝔㛗㸦୰ኸ㸧⤊ホ౯ㄪᰝᅋ
┬ಖேᮦ㛤Ⓨ࣭ά⏝⥲ᒁ་⒪ᑐ⟇
⥲ᒁ࡛ࡋࡓࡀࠊಖ┬ࡔࡅ࡛ࡣࡇࢀࡽࡢᡂᯝ┠ᶆࢆ㐩ᡂࡍࡿࡇࡣᅔ㞴ࡀ࠶ࡾࡲࡋࡓࠋᩍ⫱◊
ಟࣉࣟࢢ࣒ࣛࡢ㛤Ⓨࡣ࣒࢝ࣜ࢟ࣗࣛ㛤Ⓨࡢ⤒㦂ࡀ࠶ࡿᏛࡀ㛵ࢃࡿࡇࡀຠᯝⓗ࡛ࡍࡋࠊࡲࡓࠊ
ࡑࢀࡼࡾ┳ㆤᏛ⏕ࡓࡕࡶ㐲ࡽࡎຠᯝࡀཬࡪࡇࡶᮇᚅ࡛ࡁࡲࡍࠋࡉࡽࠊࣉࣟࢪ࢙ࢡࢺࡢ
ຠᯝࡀᗈ࡞ᅜᅵయཬࡪࡇࢆ⪃࠼ࢀࡤࠊ␗࡞ࡿᆅᇦ࠶ࡿ ࡘࡢ᭷ຊ࡞ᅜ❧Ꮫ┳ㆤᏛ㒊
㸦ࣥࢻࢿࢩࠊࣃࢪࣕࢪࣕࣛࣥࠊࣝࣛࣥ࢞ࠊࣁࢧࢾࢹࣥࠊࢫ࣐ࢺࣛ㸧ࡑࡢ㛵㐃㝔
ࡀ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺ࡞ࡿࡇࡀᚲせ࡛ࡍࠋᅜ❧Ꮫ࡛ࡍࡽᩍ⫱┬ࡢ⟶㎄ୗ࠶ࡿࢃࡅ࡛ࠊࡇ
ࡢࣉࣟࢪ࢙ࢡࢺࡣ┬ࢆ㉸࠼࡚ࠊ┳ㆤᖌࡢᐇ㊶⬟ຊࡢྥୖ࠸࠺ Ⅼ↔Ⅼࢆᙜ࡚ࡓኊ࡞ࡶࡢ
࡞ࡾࡲࡋࡓࠋ㛵ಀᶵ㛵ࡢྜពࢆᚓ࡚ࠊ ᖺ ᭶ࠊ ᖺ㛫Ώࡿࠕࣥࢻࢿࢩᅜ┳ㆤᐇ㊶⬟ຊ
ྥୖࣉࣟࢪ࢙ࢡࢺࠖࡀࢫࢱ࣮ࢺࡋࡲࡋࡓࠋࡇࡇ⮳ࡿࡲ࡛ࡢከࡃࡢ㛵ಀ⪅ࡢࡈᑾຊᨵࡵ࡚῝ࡃ
ᩗពࢆ⾲ࡋࡲࡍࠋ
௨ୗࡣࠊࣉࣟࢪ࢙ࢡࢺࢆ㏻ࡋ࡚➹⪅ࡀ≉༳㇟ࡋ࡚ṧࡗ࡚࠸ࡿࡇࠊ࠾ࡼࡧᑗ᮶ࡢᮇᚅࢆ
グࡋࡲࡍࠋ
㸯ࡘ┠ࡣࠊ࢟ࣕࣜ㛤Ⓨࣛࢲ࣮
㸦௨ୗࠊࣛࢲ࣮ࡍࡿ㸧ࡢࡇ࡛ࡍࠋ
ᖺᙜࠊࣛࢲ࣮ࡣ᪥ᮏ㉥༑Ꮠ
♫ചୗࡢ 㝔࡛ࡣᑟධࡉࢀ࡚࠸
ࡲࡋࡓࡀࠊࡣ㒔ᕷࡢඛ㐍ⓗ࡞
㝔࡛ࡢሗ࿌ࡀ࠶ࡿ⛬ᗘ࡛ࠊᡃࡀᅜ
࡛ࡶ୍⯡ⓗ࡞⤌ࡳࡋ࡚ࡣ᰿
࠸࡚࠸ࡲࡏࢇ࡛ࡋࡓࠋࡶࡕࢁࢇ⡿ᅜ
࡛ࡢሗ࿌ࡣᩘከࡃ࠶ࡾࠊ┳ㆤᖌࡢ⬟
ຊ㛤Ⓨ᭷ຊ࡞᪉ἲࡋ࡚ㄆ㆑ࡉ
ࢀ࡚࠸ࡲࡋࡓࡀࠊ᪥ᮏࡢᢏ⾡༠ຊ ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺᏛࡢ୍ࡘ࡛࠶ࡿࣁࢧࣥࢧࢹ࢟ࣥ㝔
┳ㆤ㒊࣓ࣥࣂ࣮㝔ࡢ୰ᗞ࡚
ࡋ࡚ᐇࡍࡿࡇࡘ࠸࡚ࡣࠊ➹⪅
⮬㌟ࠊከᑡࡢᚰ㓄ࡀ࠶ࡾࡲࡋࡓࠋࡋࡋࠊࣥࢻࢿࢩഃࣛࢲ࣮ࡢ㛵ᚰࡀ㧗࠸ࡇຍ࠼ࠊ
᪥ᮏ㉥༑Ꮠᕞᅜ㝿┳ㆤᏛࡽࡢ▷ᮇᑓ㛛ᐙࡢᨭࡸ㉥༑Ꮠ㝔࡛ࡢࣛࢲ࣮㐠⏝ࡢᐇ㝿ࢆ▱ࡿ
ࡇࢆ㏻ࡌ࡚ࠊࣥࢻࢿࢩࡢ┳ㆤᖌࡓࡕࡣࣛࢲ࣮ࢆ῝ࡃ⌮ゎࡋࠊࡑࡢ⤌ࡳ࡙ࡃࡾ࠸ຊ
ࢆὀࡂࠊ┠ぬࡲࡋ࠸ࢫࣆ࣮ࢻ࡛సࡾୖࡆ࡚࠸ࡁࡲࡋࡓࠋ ᖺ ᭶ࡢ୰㛫ࣞࣅ࣮ࣗㄪᰝⅬ࡛ࡣࠊ
ࣛࢲ࣮ࢆබㄆࡍࡿ⮧ࡢࢧࣥࢆᚅࡘ࠸࠺⛬࡛ࡋࡓࡢ࡛ࠊ➹⪅ࡣࠕ᪥ᮏࡣᅜࡢไᗘࡋ࡚ࣛ
ࢲ࣮ࡀ࡞࠸ࠋࣥࢻࢿࢩ㐜ࢀ࡚ࡋࡲ࠺ᚰ㓄ࡀ࠶ࡿࠖⓎゝࡋࠊฟᖍ⪅➗࠸ࡀ㉳ࡁࡓࡇࢆ
ᛮ࠸ฟࡋࡲࡍࠋಖ┬ࡢᶵᵓᨵ㠉ࡢᙳ㡪࡞ࡶ࠶ࡗ࡚ࠊ᭱⤊ⓗࣛࢲ࣮ࢩࢫࢸ࣒ᅜᐙ࢞ࢻࣛ
ࣥࡀಖ⮧ࡢ⨫ྡࢆᚓࡓࡢࡣࠊ ᖺ ᭶ࡢ⤊ホ౯ㄪᰝᮇ㛫୰࡛ࡋࡓࠋᐇ㝿ᅜ࡛ࣛࢲ
࣮ࢩࢫࢸ࣒ࢆືࡍࡣࠊㄢ㢟ࡶ࠶ࡿᛮ࠸ࡲࡍࡀࠊࣥࢻࢿࢩ┳ㆤᖌࡓࡕࡢ࢚ࢿࣝࢠ
ࢵࢩࣗ࡞ྲྀࡾ⤌ࡳࡀᚋࡶᒎ㛤ࡉࢀࠊゎỴࡀᅗࡽࢀࡿࡇ࡛ࡋࡻ࠺ࠋࡕ࡞ࡳ᪥ᮏ࡛ࡣ⌧ᅾࠊࣛ
ࢲ࣮ࢆ᪥ᮏ┳ㆤ༠ࡀ㛤Ⓨࡋࠊᅜࡢᬑཬࢆ᥎㐍ࡋ࡚࠸ࡲࡍࠋ
ࡘ┠ࡣࠊ㝔ෆᩍ⫱◊ಟࣉࣟࢢ
࣒ࣛࡢ㛤Ⓨࡘ࠸࡚࡛ࡍࠋࣛࢲ࣮
ࡢ㛤Ⓨྠᵝࡢࡇࡣࠊࡇࡢᢸᙜ
⪅ࡓࡕࡘ࠸࡚ࡶゝ࠼ࡲࡋࡓࠋ୰
㛫ホ౯㛤ദࡉࢀࡓྜྠㄪᩚ
ጤဨ㸦-&&㸧⤊ᚋࠊ㛫ࢆᝰ
ࡋࢇ࡛ᩆᛴ࣭⅏ᐖ┳ㆤࢢ࣮ࣝࣉࠊ
⪁ᖺ┳ㆤࢢ࣮ࣝࣉࡶྜࢆ
ᣢࡗ࡚࠸ࡓࡢ࡛ࡍࠋᬑẁࡣ㐲㊥㞳
ࡢࡓࡵ㢦ࢆྜࢃࡏ࡚㆟ㄽࡍࡿ
ᶵࡀ࡞࠸ࡓࡵࠊ㈗㔜࡞㛫࡛࠶ ⤊ホ౯ㄪᰝ᭱⤊᪥㛤ദࡉࢀࡓ -&& ཧຍࡉࢀࡓ
ಖ⮧㸦୰ኸ㸧ಖேᮦ㛤Ⓨ࣭ά⏝⥲ᒁ㛗㸦ྑ㸧
ࡗࡓࡼ࠺࡛ࡍࠋⱝࡃ┿㠃┠࡛⇕ᚰࠊ
ࡑࡋ࡚㧗࠸ពḧ✚ᴟⓗ࡞ጼໃࢆᣢࡗࡓࣥࢻࢿࢩ┳ㆤᖌࡓࡕࡼࡗ࡚ࠊࡇࡢࣉࣟࢪ࢙ࢡࢺࡀ
㐍ࢇ࡛࠸ࡿࡢࡔᐇឤࡋࡓ࡛ࡋࡓࠋࡇ࠺ࡋࡓ⤖ᯝࠊ୧ࢢ࣮ࣝࣉࡶᇶ♏ⓗ࡞ᩍ⫱◊ಟࣉࣟࢢࣛ
࣒ࡢࡳ࡞ࡽࡎࠊࢻࣂࣥࢫࢥ࣮ࢫࡲ࡛సᡂࡉࢀࡲࡋࡓࠋ
≉⪁ᖺ┳ㆤࡘ࠸࡚ࡣࠊᑓ㛛ⓗ◊✲࣭◊ಟࡍࡿᅋయࡋ࡚ࠕ⪁ᖺ┳ㆤ༠ࠖࢆ⤖ᡂࡋࡼ࠺
࠸࠺ᵓࡲ࡛ᣢࡕୖࡀࡗࡓࡢ࡛ࡋࡓࠋᩘᖺᚋࡣࠊࣥࢻࢿࢩࡶ ṓ௨ୖேཱྀࡢྜࡀ㸵㸣
ࢆ㉸࠼ࠊ:+2 ࡀࠕ⪁ேࡢᅜࠖࡪᅜࡢ௰㛫ධࡾࢆࡍࡿண ࡉࢀ࡚࠸ࡲࡍࠋ㧗㱋⪅ࡀቑຍࡍࢀ
ࡤࠊࡀࢇࠊ⬻⾑⟶ᝈࠊᚰ⮚ࠊ⢾ᒀ࡞ࡢ⏕ά⩦័㉳ᅉࡋࡓ៏ᛶᝈࡀቑຍࡍࡿࡇࡣᚲ
⮳࡛ࡍࠋࡋࡶࠊࡑࢀࡽࡢẼࢆ」ᩘేࡏᣢࡘሙྜࡀከࡃ࡞ࡾࡲࡍࠋᗣⓗ࡞⏕άࢆ㏦ࡿࡇࢆ
᥎ዡࡋ࡚Ẽࢆண㜵ࡍࡿࡇࠊẼ࡞ࡗࡓሙྜࡣ㞟୰ⓗ࡞⒪ࢆཷࡅࡓᚋࠊ⏕άࢆᩚ࠼
ẼඹᏑࡋࡘࡘ㧗࠸ 42/ ࢆಖࡘࡇࠊே⏕ࡢ⤊ᮎᮇࢆᝈ⪅ࡸᐙ᪘ࡀᮃࡴࡼ࠺ᨭ࠼ࡿࡇ࡞ࠊ
ឤᰁ࡞ࡢᛴᛶᮇᝈࡀὶࡢ௦ࡣ␗࡞ࡿ┳ㆤࢣࡀᚲせ࡞ࡾࡲࡍࠋ
ᡃࡀᅜࡣࠕ⪁ேࡢᅜࠖ✺ධࡋ࡚ࡽ ᖺᚋࠊࡼ࠺ࡸࡃ┳ㆤᏛᩍ⫱⪁ᖺ┳ㆤᏛࢆ⨨࡙ࡅࠊ
ᅜ࡛ᩍ⫱ࡍࡿࡇ࡞ࡾࡲࡋࡓࠋࡑࢀࡣ࠶ࡲࡾ㐜ࡗࡓゝ࠼ࡲࡍࠋ᪥ᮏẚ࡚ࠊࣥࢻ
ࢿࢩ࡛ࡣࡇࡢࣉࣟࢪ࢙ࢡࢺࢆ㏻ࡋ࡚ࠊࡍ࡛⪁ᖺ┳ㆤࡢ✀ࡀⵗࢀࡓࢃࡅ࡛ࡍࡽࠊࡇࢀࡽ
ࡢⓎᒎࡀ࠸ᮇᚅ࡛ࡁࡲࡍࠋࡲࡓࠊࡀࢇ┳ㆤࡸᚰ⮚┳ㆤ࡞ࡘ࠸࡚ࡶࠊᚋࡢᵓ㐀ࡢ
ኚక࠸ࠊࢽ࣮ࢬࡀ㢧ᅾࡍࡿࡇࡣ㛫㐪࠸࡞࠸࡛ࡋࡻ࠺ࠋࡑࡢᑐᛂࡶࠊᅇࡢࣉࣟࢪ࢙ࢡࢺ
ࢆ㏻ࡋ࡚ᚓࡓ▱㆑ࡸࣉࣟࢢ࣒ࣛ㛤Ⓨࡢᢏἲࢆࡶࠊࣥࢻࢿࢩ┳ㆤᖌࡓࡕࡀ⮬ࡽࡢᡭ࡛㛤Ⓨ
ࡋ࡚࠸ࡃࡇࡀ࡛ࡁࡿಙࡌ࡚࠸ࡲࡍࠋ
ࣉࣟࢪ࢙ࢡࢺࡢṔྐⓗព⩏ࡑࡢᡂᯝ
0DUGL\DQWR*LWRVXZLU\R
ඖᅜ❧㞀ᐖ⪅⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢭࣥࢱ࣮
ࣜࣁࣅࣜࢸ࣮ࢩࣙࣥ㒊㛗
␎Ṕ
ᖺࢫࣈࣛࢫ࣭࣐ࣞࢵࢺᏛ༞ᴗࠊᖺྠᏛᏛ㝔࡛⾜ᨻ⟶⌮ಟኈྕࢆྲྀ
ᚓࠋ㛗ࡁரࡾ࣎ࢦ࣮ࣝࡢᅜ❧㞀ᐖ⪅⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢭࣥࢱ࣮ࡵࠊ
ᖺ௨㝆ࡣࢯࣟ㞀ᐖ⪅♫ࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢭࣥࢱ࣮ࡢ⫋ဨࡋ࡚ࣥࢻࢿ
ࢩ♫┬ཬࡧ᪥ᮏᨻᗓࡢᢏ⾡༠ຊᐤࠋᖺ㹼ᖺྠࢭࣥࢱ࣮⫋ᴗࣜࣁ
ࣅࣜࢸ࣮ࢩࣙࣥ㒊㛗ࠊ㹼ᖺྠ⫋ဨカ⦎㒊㛛㛗ࠊᖺࡼࡾࢩࢽ࣭ࢯ࣮
ࢩ࣭࣮࣮ࣕࣝ࣡࢝ࡋ࡚ᆅᇦ᰿ࡊࡋࡓ㞀ᐖ⪅ࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࡢィ⏬ཬࡧᐇ
ᚑࠋ
ࠕ㞀ࡀ࠸⪅⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥయไᙉࠖ
ࣥࢻࢿࢩ࡛ࡣࠊᛴ㏿࡞⤒῭ᡂ㛗ẚࠊ♫⚟♴ࡸಖ་⒪࡞ࡢ♫ࣥࣇࣛᩚഛ㐜
ࢀࡀ࠶ࡗࡓࠋ㞀ᐖ⪅ࡢࡓࡵࡢ⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥయไࡣᮍᩚഛ࡛࠶ࡾࠊ㞀ᐖ⪅ࡢ♫ⓗᆅ
ࡣప࠸ࡲࡲ࡞ࡗ࡚࠸ࡓࠋ᪥ᮏࡣࠊ⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢩࢫࢸ࣒ࡢࣃࣟࢵࢺᴗᐇ
ᚋࠊ↓ൾ㈨㔠༠ຊࡼࡿᅜ❧㞀ᐖ⪅⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢭࣥࢱ࣮ࡢᘓタࡸࠊᢏ⾡༠ຊࢆ㏻
ࡌࡓ⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢩࢫࢸ࣒☜❧ࡢࡓࡵࡢ㐠Ⴀ⟶⌮యไࡢᩚഛࠊேᮦ⫱ᡂࢆᨭࡋ
ࡓࠋྠࢩࢫࢸ࣒ࡣࣥࢻࢿࢩࡢ㞀ᐖ⪅ࡢ㞠⏝ಁ㐍ᐤࡋࠊࡲࡓࡇࢀࡽࡢྲྀ⤌ࡣ༡༡༠ຊ
ࡋ࡚ࢪ࣭ࣇࣜ࢝ㅖᅜ⤂ࡉࢀࡿ⮳ࡗࡓࠋ
⫼ᬒ
:+2ࡢ᥎ィࡼࡿࠊୡ⏺ேཱྀࡢ࠾ࡼࡑ㸣ࡣ㞀ᐖ⪅࡛࠶ࡿࠋࡇࡢ᥎ィᇶ࡙ࡅࡤࠊࣥࢻࢿ
ࢩࡣ⣙ே๓ᚋࡢ㞀ᐖ⪅ࡀ࠸ࡿ⪃࠼ࡽࢀࡿࠋᖺᐇࡉࢀࡓᅜㄪᰝ࡛ࡣࠊࡑ
ࡢᩘࡣே࡛࠶ࡗࡓࠋ
㞀ᐖ⪅㛵ࡋ࡚ࡣࠊࣥࢻࢿࢩᨻᗓࡣᅜࡢ♫ࣜࣁࣅࣜࢸ࣮ࢩࣙࣥタࢆ㏻ࡌ࡚ࠊ㞀ᐖ
⪅ࡢ⮬❧ᨭࡢࡓࡵࡢ♫ࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࣉࣟࢢ࣒ࣛࢆᐇࡋ࡚ࡁࡓࡀࠊࣜࣁࣅࣜࢸ࣮ࢩ
ࣙࣥࢧ࣮ࣅࢫࢆཷࡅࡓᚋ㞀ᐖ⪅ࡀ┤㠃ࡍࡿ⮬❧ࡢၥ㢟ࢆඞ᭹ࡍࡿࡲ࡛ࡣ⮳ࡗ࡚࠸࡞ࡗࡓࠋ
ࣇ࢛࣮࣐ࣝࢭࢡࢱ࣮ࠊࣥࣇ࢛࣮࣐ࣝࢭࢡࢱ࣮㛵ࢃࡽࡎࠊࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢧ࣮ࣅࢫࢆཷ
ࡅࡓ㞀ᐖ⪅ࡶ㞠⏝ഃࡶࠊ㌟యⓗ࣭⢭⚄ⓗ࣭⫋ᴗⓗ࡞‽ഛࡀ༑ศ࡛࠶ࡾࠊࢡࢭࢩࣅࣜࢸ࠾
ࡼࡧ㞀ᐖ⪅ࡢᶒᑐࡍࡿᕪูⓗ࡞ែᗘࡶࠊࡁ࡞ၥ㢟࡛࠶ࡗࡓࠋ
ࡑࡢࡓࡵࠊࣥࢻࢿࢩᨻᗓ᪥ᮏᨻᗓࡣࠊ♫┬ཬࡧ-,&$ࢆ❆ཱྀࡋࠊ༡༡༠ຊࡢᯟ⤌ࡳ
ࢆ⏝࠸ࡘࡘࠊ㞀ᐖ⪅ࡢ⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥศ㔝ࡢⓎᒎࡢࡓࡵࡢ༠ຊࢆ⾜ࡗࡓࠋ
ᢏ⾡༠ຊࡼࡿࣃࣟࢵࢺࣉࣟࢪ࢙ࢡࢺ㸸ᖺࠥᖺࡢ୰㒊ࢪࣕ࣡ᕞࢯࣟ㌟య㞀ᐖ
⪅ࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢭࣥࢱ࣮࠾ࡅࡿ㞀ᐖ⪅ࡢ⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢩࢫࢸ࣒ᵓ⠏
ᖺ᭶ࠊ♫┬ࡣ-,&$ࡢᢏ⾡༠ຊࡋ࡚ࠊࣥࢻࢿࢩ୰㒊ࢪࣕ࣡ᕞ࠶ࡿࢯࣟ㌟య
㞀ᐖ⪅ࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢭࣥࢱ࣮㸦356%'㸧࠾ࡅࡿ⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢩࢫࢸ࣒ᵓ⠏
ࣃࣟࢵࢺࣉࣟࢪ࢙ࢡࢺྜពࡋࡓࠋ㸦࡞࠾ࠊࢯࣟ㌟య㞀ᐖ⪅ࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢭࣥࢱ࣮ࡢ
ࣥࢻࢿࢩㄒྡ⛠ࡣࠊᖺ356%'ࡽ%%56%'ኚ᭦࡞ࡗ࡚࠸ࡿࡀࠊ᪥ᮏㄒྡ⛠ࡣྠࡌ
ࡲࡲࡋࡓ㸧ࠋ
ࡇࡢྜពᇶ࡙ࡃࠊࢯࣟ㌟య㞀ᐖ⪅ࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢭࣥࢱ࣮㸦356%'㸧࡛ࡢࣃࣟࢵࢺ
ࣉࣟࢪ࢙ࢡࢺࡢᮇ㛫ࡣᖺ㛫࡛ࠊ-,&$ࡢᢏ⾡༠ຊࡣࠊເ㞟࣭㑅⪃ࢩࢫࢸ࣒ࠊ⫋ᴗカ⦎㸦ࢥࣥ
ࣆ࣮ࣗࢱ࣮ࠊ⦭〇㸧ࠊ⫋ᴗ⤂ࢩࢫࢸ࣒➼ࡀྵࡲࢀ࡚࠸ࡓࠋ୍᪉ࠊ356%'ࡣᅵᆅཬࡧᘓ≀ࡢᥦ
౪ࡑࢀࡒࢀࡢάືࡢ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࢆ⏝ពࡋࡓࠋ
-,&$ࡣࠊᢏ⾡⛣㌿ᐇࡢࡓࡵ᪥ᮏேᑓ㛛ᐙࢆὴ㐵ࡋࡓࠋ᪥ᮏேᑓ㛛ᐙࡣࠊࣥࢻࢿࢩ࡛ເ
㞟࣭㑅⪃ࢩࢫࢸ࣒ࠊ⫋ᴗカ⦎㸦ࢥࣥࣆ࣮ࣗࢱ࣮ࠊ⦭〇㸧ࠊ⫋ᴗ⤂ࢩࢫࢸ࣒➼㛵ࡍࡿᢏ⾡⛣
㌿ࢆ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺᑐࡋ࡚⾜ࡗࡓࠋ
ຍ࠼࡚ࠊ-,&$ࡣ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࢆ᪥ᮏὴ㐵ࡋࡓࠋເ㞟࣭㑅⪃ࢩࢫࢸ࣒࠾࠸࡚ࡣ
7UL\DQWRẶࡀ࢝᭶ࠊ⫋ᴗカ⦎࠾࠸࡚ࡣࢥࣥࣆ࣮ࣗࢱ࣮ᢸᙜᩍᐁ࡛࠶ࡿ➹⪅ࠊ,VQDQWRẶࠊ
:DOX\RẶࡀ࢝᭶ࠊ⦭ᢸᙜᩍᐁࡢ0DUGDQLẶࠊ6XULSQRẶࠊ/DHODVDULẶࡀ࢝᭶ࠊࡑࡋ࡚ࠊ⫋
ᴗ⤂࠾࠸࡚ࡣ0XK5RMLẶࡀὴ㐵ࡉࢀࡓࠋ
᪥ᮏேᑓ㛛ᐙࡼࡿᢏ⾡⛣㌿ࡣࠊࣁ࣮ࢻ࢙࢘୪ࡧࢯࣇࢺ࢙࢘ࡢᢏ⾡⩦ᚓࡀྵࡲࢀ࡚
࠸ࡓࡢ࡛ࠊྛ࢝࢘ࣥࢱ࣮ࣃ࣮ࢺࡣࡑࡢศ㔝ࡢᑓ㛛ᛶࢆ㧗ࡵࡿࡇࡀ࡛ࡁࡓࠋࡍ࡞ࢃࡕࠊ㞀ᐖ⪅
ࡢເ㞟࣭㑅⪃ࠊ⫋ᴗ⤂ཬࡧࢥࣥࣆ࣮ࣗࢱ࣮࣭⦭〇ࡢ⫋ᴗカ⦎ࢆྵࡴࠊ⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙ
࣭ࣥࢧ࣮ࣅࢫ࣭ࣔࢹࣝࡼࡿ⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢩࢫࢸ࣒ᵓ⠏ᡭἲࡢ⩦ᚓ࡛࠶ࡿࠋ
ࢩࢫࢸ࣒ᵓ⠏ࡢ୰ࡣࠊເ㞟࣭㑅⪃ࠊ࣒࢝ࣜ࢟ࣗࣛཬࡧࢥࣥࣆ࣮ࣗࢱ࣮࣭⦭〇࠸ࡗࡓ⫋ᴗ
カ⦎ᩍᮦࠊ㞀ᐖ⪅ࡢ⫋ᴗ⤂ࢩࢫࢸ࣒㛵ࡍࡿᡭᘬ᭩ࡢసᡂᡭἲ㸭ࢯࣇࢺ࢙࢘㛤Ⓨࡶྵࡲ
125
ࢀ࡚࠸ࡓࠋࡇࢀࡽࡢᡭᘬ᭩ࡢసᡂࢆ⾜࠺࠶ࡓࡗ࡚ࡣࠊࣈ࣮࣮ࣝ࢝ࣛཬࡧ࣍࣡ࢺ࣮࢝ࣛࡑࢀ
ࡒࢀࡢປാᕷሙ㐺ࡋࡓカ⦎ࢥ࣮ࢫࡢタィᚲせ࡞▱ぢࢆᚓࡿࡓࡵࠊᨻᗓබㄆ࣭㠀බㄆࡢ⫋ᴗ
カ⦎ࢭࣥࢱ࣮ࠊᏛࠊ⏘ᴗ⏺ࡽሗࢆ㞟ࡋࡓࠋ
ࣃࣟࢵࢺࣉࣟࢢ࣒ࣛࡢึᖺᗘ㸦ᖺ㸧ࠊ㞀ᐖ⪅ࡀẸ㛫ᴗ࡛࢝᭶㛫ࡢᐇ⩦ࢆ⾜࠺ࣉ
ࣟࢢ࣒ࣛࢆᐇࡋࡓࠋࡑࡢホ౯ࢆ⾜࠸ࠊ⩣ᖺ㸦ᖺ㸧ࡢࣉࣟࢢ࣒ࣛࡢᨵၿࡘ࡞ࡆࡓࠋࡑࡢ
⤖ᯝࠊࣇ࢛࣮࣐ࣝࢭࢡࢱ࣮ࡢ㞠⏝ᕷሙ㐺ࡋࡓ⫋ᴗカ⦎ࡢ᪉㔪࠾ࡼࡧ࣒࢝ࣜ࢟ࣗࣛࢆసᡂࡍࡿ
ࡇࡀ࡛ࡁࡓࠋ
ࡑࢀࡲ࡛ࡢྲྀ⤌ࡢᡂᯝࡋ࡚ࠊࣃࣟࢵࢺࣉࣟࢪ࢙ࢡࢺࡢᖺ┠ࡣࠊ㌟య㞀ᐖ⪅ࡢ⫋ᴗࣜ
ࣁࣅࣜࢸ࣮ࢩࣙࣥࢩࢫࢸ࣒ࡢࢥࣥࢭࣉࢺࡀࡲࡵࡽࢀࠊ࣎ࢦ࣮ࣝࡢࢳࣅࣀࣥ࠶ࡿᅜ❧㞀ᐖ⪅
⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥᮏ㒊㸦௨ୗࠊ195&㸧࡛ᖺ᭶ࡽᖺ᭶ࡲ࡛ࡢᖺ㛫ࡢࣉࣟ
ࢢ࣒ࣛࡋ࡚ᐇࡉࢀࡿࡇ࡞ࡗࡓࠋ
ࢯࣟࡢ356%'࡛ࡢࣃࣟࢵࢺࣉࣟࢪ࢙ࢡࢺࡢᡂᯝᇶ࡙ࡁࠊࣥࢻࢿࢩ࠾ࡅࡿ㞀ᐖ⪅⫋
ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢭࣥࢱ࣮࣭ࣉࣟࢪ࢙ࢡࢺ㛵ࡍࡿᢏ⾡༠ຊࣉࣟࢢ࣒ࣛࡢヲ⣽࡞᳨ウࢆ⾜
࠺ࡇࢆ┠ⓗࠊᖺ᭶᪥ࡽ᪥ࡲ࡛ࠊࢱ࣑࣭࣑ࣖࣀࣝẶࢆᅋ㛗ࡍࡿ-,&$ㄪᰝᅋࡀ
ࣥࢻࢿࢩࢆゼၥࡋࡓࠋ୍᪉ࠊᖺ┠㸦ᖺ㸧ࡢࣃࣟࢵࢺࣉࣟࢪ࢙ࢡࢺࡣᘬࡁ⥆ࡁ356%'
࡛⾜ࢃࢀࠊ⌧ᅾ㸦ᖺ㸧࡛ࡶࠊ356%'࡛ࡣᙜྠࡌࡼ࠺ࢥࣥࣆ࣮ࣗࢱ࣮⦭〇ᶵᲔࢆ
ࡗࡓ✀㢮ࡢ⫋ᴗカ⦎ࡀ⾜ࢃࢀ࡚࠸ࡿࠋࡇࡢ㛫ࠊࢥࣥࣆ࣮ࣗࢱ࣮ࡢࡼ࠺࡞ᶵᮦࡢከࡃࡣࡍ࡛
ୡ௦┠ࡲ࡛ࡀ⾜ࢃࢀࠊࡶ᭦᪂ࢆᚲせࡋ࡚࠸ࡿࡀࠊ⦭タഛࡢ᭦᪂ࡣ࠶ࡲࡾ࡞ࡉࢀ࡚࠸
࡞࠸ࠋࡣ࠸࠺ࡶࡢࡢࠊ࣓ࣥࢸࢼࣥࢫࢆᚲせࡋ࡚࠸ࡿࡇኚࢃࡾࡣ࡞࠸ࠋࡲࡓࠊࢯࣟ࿘㎶
ࡸ୰㒊ࢪ࡛ࣕ࣡ࡣࠊ⦭〇⏘ᴗࡢồேࡀከ࠸ࡓࡵࠊ㧗㏿ࡢ࣑ࢩࣥࡢྎᩘࢆቑࡸࡍᚲせࡀ࠶ࡿࠋ
ᖺࠥᖺࡢᢏ⾡༠ຊࡢᡂᯝ
㸦㸧࣎ࢦ࣮࣭ࣝࢳࣅࣀࣥࡢ 195&
㸦㸧ࢪ࣭ኴᖹὒ࣭ࣇࣜ࢝ᆅᇦ࠾ࡅࡿ➨୕ᅜ◊ಟ
᪥ᮏᨻᗓࡢᢏ⾡༠ຊࣉࣟࢪ࢙ࢡࢺࡢⓎᒎᙧࡋ࡚ࠊ࣎ࢦ࣮࣭ࣝࢳࣅࣀࣥࡢ 195& ࡣ
ᖺࡽ ᖺࡲ࡛ࡢ ᖺ㛫ࠊࢪ࣭ኴᖹὒ࣭ࣇࣜ࢝ࡢⓎᒎ㏵ୖᅜࡢࡓࡵࠊ㞀ᐖ⪅⫋
ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢩࢫࢸ࣒㛤Ⓨศ㔝࠾ࡅࡿカ⦎ࣉࣟࢢ࣒ࣛࢆᐇࡋࡓࠋࡇࡢࣉࣟࢢࣛ
࣒ࡣࠊࣥࢻࢿࢩ࡛ࡢ⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥࢩࢫࢸ࣒ࡢᵓ⠏࠾ࡅࡿ࣎ࢦ࣮࣭ࣝࢳࣅࣀ
ࣥ 195& ࡢ⤒㦂ࢆ➨୕ᅜᬑཬࡍࡿࡇࢆ┠ⓗࠊࢪ࣭ኴᖹὒ࣭ࣇࣜ࢝ᆅᇦᑐࡍࡿ
127
➨୕ᅜ◊ಟࡀ⾜ࢃࢀࡓࠋཧຍᅜࡣࠊࣇࣜࣆࣥࠊ࣐࣮ࣞࢩࠊࢱࠊ࣑࣐࣮ࣕࣥࠊ࣋ࢺࢼ
࣒ࠊࣛ࢜ࢫࠊ࢝ࣥ࣎ࢪࠊࢫࣜࣛࣥ࢝ࠊࣃ࢟ࢫࢱࣥࠊࣥࢻࠊࣈ࣮ࢱࣥࠊࣃࣞࢫࢳࢼࠊ༡
ࣇࣜ࢝ࠊࢪࣥࣂࣈ࢚ࠊࢯ࣐ࣜࠊࣇࢪ࣮ࡀྵࡲࢀࠊࡑࢀࡒࢀࡢᅜ࡛⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙ
ࣥࢩࢫࢸ࣒ࡢᐇ㊶ᨵၿࡀ࡛ࡁ࡚࠸ࡿࡇࢆᮇᚅࡋ࡚࠸ࡿࡀࠊࡇࢀࡲ࡛ࡢࡇࢁࠊࡑࡢホ౯
ࡣ⾜ࢃࢀ࡚࠸࡞࠸ࠋ
ᮏ༠ຊࡢࣥࣃࢡࢺ
㸦㸧ࣥࢻࢿࢩᅜẸࡢ㞀ᐖ⪅ᑐࡍࡿ㛵ᚰ࣭ព㆑ࡀ㧗ࡲࡗࡓࠋࡇࡢᅜ࡛ࡣ㞀ᐖ⪅ࡶྠࡌᶒ
ࢆ᭷ࡍࡿᅜẸ࡛࠶ࡾࠊᑛཝ࠶ࡿ♫ࡢ୍ဨࡋ࡚ྠ➼ࡢᆅ࠶ࡿࡇࢆࠊேࠎࡀㄆ㆑ࡍ
ࡿࡼ࠺࡞ࡗࡓࠋ
ᑗ᮶ࡢ༠ຊᑐࡍࡿᮇᚅ
㸦㸧%%56%' ࡢྂࡃ࡞ࡗࡓ㌟య㞀ᐖ⪅⫋ᴗカ⦎ࡢタഛ㸦ࢥࣥࣆ࣮ࣗࢱ࣮࠾ࡼࡧ⦭㸧ࡢๅ᪂ࢆ
⾜࠺ࠋ
㸦㸧%%56%' ࡢᑓ㛛ᐙࡢὴ㐵ࢆ㏻ࡌ࡚ࠊ㞀ᐖ⪅ࡢ⛣ື࠾ࡼࡧࣜࣁࣅࣜࢸ࣮ࢩࣙࣥ⿵ຓჾල〇
స㛵ࡍࡿᢏ⾡༠ຊࢆ⾜࠺ࠋ
௨ୖࡀࠊࣃࣟࢵࢺࣉࣟࢪ࢙ࢡࢺࡽጞࡲࡗࡓ㞀ᐖ⪅ࡢ⫋ᴗࣜࣁࣅࣜࢸ࣮ࢩࣙࣥศ㔝ࡢᢏ⾡
༠ຊࡢࡲ࡞Ṍࡳ࡛࠶ࡿࠋ ᖺࠥ ᖺࡅ࡚⾜ࢃࢀࡓࣥࢻࢿࢩ♫┬ -,&$ 㛫
ࡢᢏ⾡༠ຊࡣࠊࣥࢻࢿࢩᨻᗓࠊࡢᅜẸษࡾ㞳ࡍࡇࡀ࡛ࡁ࡞࠸Ꮡᅾࡋ࡚㞀ᐖ⪅ࢆ
⨨ࡅࠊࡑࡢᶒࢆಖ㞀ࡍࡿࡓࡵࡢᵝࠎ࡞⟇ࢆ᥇ࡽࡏࡿ࠸࠺ᙳ㡪ࢆ࠼ࡓࠋ
ࣥࢻࢿࢩࡀ♫ⓗໟᦤࢆ┠ᣦࡍ୰࡛ࠊ༡༡༠ຊ㸦&RORPER3ODQ㸧ࡢᯟ⤌ࡳ࡛ࠊᚋࡶ᪥
ᮏࣥࢻࢿࢩࡀࡼࡾ⥭ᐦ࡞༠ຊ㛵ಀࢆ⠏ࡁࠊࡑࢀࡀ୧ᅜࡗ࡚᭷┈࡞ࡶࡢ࡞ࡿࡼ࠺ࠊ
ᮏᩥࡀᑡࡋ࡛ࡶ㈉⊩࡛ࡁࡿࡇࢆ㢪ࡗ࡚࠸ࡿࠋ
129
3(5,6$,ࣉࣜࢧປാ♫ಖ㝤㐺⏝ᣑࡢ᪂ࡓ࡞ཎືຊ
$JXV6XVDQWR
ປാ♫ಖ㝤ᐇᶵ㛵㸦%3-6 ປാ㸧㛗ᐁ
␎Ṕ
࢞ࢪ࣐ࣕࢲᏛ࡛Ꮫኈྕ㸦♫Ꮫ࣭ᨻᏛ㸧࠾ࡼࡧಟኈྕ㸦⤒ႠᏛ㸧ྲྀᚓࠋࣇࣛ
ࣥࢫ࣭ࣇ࢛ࣥࢸࣥࣈ࣮ࣟࡢ ,16($' ࡛ࠊࢢ࣮ࣟࣂ࣭࢚ࣝࢡࢮࢡࢸࣈ࣭0%$
*(0%$ࡢ࣐ࢫࢱ࣮ࣉࣟࢢ࣒ࣛࢆྲྀᚓࠋ&,0% 㖟⾜ᐙࡋ࡚ ᖺ㛫ົࡵࠊ㖟⾜ྲྀ
ᘬ࣭㈨ᮏᕷሙ࠾ࡅࡿᡯ⬟⬟ຊࡼࡾࠊ㈨ᮏᕷሙࢩࢫࢸ࣒ࡸつไࡢᯟ⤌ࡳࡢᵓ
⠏㈉⊩ࠋ ᖺࡽ ᖺࡲ࡛ປാ♫ಖ㝤ᐇᶵ㛵㸦%3-6 ປാ㸧㛗ᐁࠋ
ࠕ♫ಖ㞀ไᗘᙉࣉࣟࢪ࢙ࢡࢺࠖ
ࠕ♫ಖ㝤ᐇ⬟ຊᙉࣉࣟࢪ࢙ࢡࢺࠖ
ᑡᏊ㧗㱋ࡢ㐍⾜ࡀぢ㎸ࡲࢀࡿࣥࢻࢿࢩ࡛ࡣࠊᅜẸⓙಖ㝤ࡢࡓࡵࡢྲྀ⤌ࡳࡀ㐍ࡵࡽࢀࡿ
ࡶࠊປാ♫ಖ㞀ࠊᗣಖ㝤ࡢ㐺⏝ᣑࡸಖ㝤ᩱᚩಀࡿၥ㢟┤㠃ࡋ࡚࠸ࡓࠋࡇࡢࡼ࠺࡞
⫼ᬒࡢࡶࠊ-,&$ ࡣ᪥ᮏࡢཌ⏕ປാ┬ࡸ♫ಖ㝤ປົኈ㐃ྜ㐃ᦠࡋ࡚♫ಖ㞀ไᗘࡢ
࡞㐺⏝࣭㐠⏝ྥࡅࡓ༠ຊࢆᐇࡋࡓࠋලయⓗࡣࠊ᪥ᮏࡢປാಖ㝤ົ⤌ྜไᗘ♫ಖ
㝤ປົኈไᗘࢆ⤂ࡋࠊࡑࡢຠ⋡ᛶ᭷ຠᛶ㧗࠸㛵ᚰࡀᐤࡏࡽࢀࡓࡇࡽࠊᚋ⥆௳࠾
࠸࡚୧ไᗘࡢ㐠⏝➼ಀࡿᢏ⾡༠ຊࢆᐇࡋ࡚࠸ࡿࠋ
ᖺ᠇ἲࡣ♫ಖ㞀ไᗘࡼࡿᅜẸࡢࡓࡵࡢ⚟♴ᅜᐙࡢᐇ⌧ࢆつᐃࡋ࡚࠸ࡿࠋࡇࡢつᐃ
ࡣࠊᅜᐙ♫ಖ㞀ไᗘ㸦6-61㸧㛵ࡍࡿ ᖺἲᚊ➨ ྕ࠾ࡼࡧ♫ಖ㞀ᐇᶵ㛵㸦௨ୗࠊ
%3-6㸧㛵ࡍࡿἲᚊ ᖺ ྕࡼࡗ࡚ලయⓗᐇࡉࢀ࡚࠸ࡿࠋ
♫ಖ㞀ไᗘࡢ㐠Ⴀ࠶ࡓࡾࠊປാ♫ಖ㝤ᐇᶵ㛵㸦௨ୗࠊ%3-6 ປാ㸧ࡢ୍␒ࡢㄢ㢟ࡣࠊ
࡚ࡢປാ⪅ࠊ≉ࣥࣇ࢛࣮࣐࣭ࣝࢭࢡࢱ࣮ࡸࢡ࢚ࣜࢸࣈ⏘ᴗࡢࡼ࠺࡞♫ಖ㝤ࡢ㐺⏝ࡀ
㞴ࡋ࠸ࢢ࣮ࣝࣉࡢ㐺⏝ᣑ࡛࠶ࡿࠋ
%3-6 ປാࡗ࡚ࠊ࡞ࡐ㐺⏝ᣑࡀࡁ࡞ᣮᡓ࡞ࡢ࠸࠺ࡇࡣࠊ࠸ࡃࡘࡢ⌮⏤ࡀ࠶
ࡿࠋ➨୍ࠊ ᖺ ᭶ࡢ %3-6 ປാࡢࢹ࣮ࢱࡼࡿࠊࣥࣇ࢛࣮࣐࣭ࣝࢭࢡࢱ࣮ࡢປാ⪅ࡀ
ࣥࢻࢿࢩࡢປാᕷሙࡢከࡃࢆ༨ࡵࡿࡓࡵ࡛࠶ࡿࠋࣥࢻࢿࢩࡢ ൨ ேࡢປാேཱྀ
ࡢ 㸣ࡣࣥࣇ࢛࣮࣐࣭ࣝࢭࢡࢱ࣮࠾ࡼࡧࢡ࢚ࣜࢸࣈ⏘ᴗᚑࡋ࡚࠸ࡿࠋ୍᪉ࠊ
ᖺ ᭶ࡲ࡛ࡢຍධ≧ἣࡣⰋዲࡣゝ࠼ࡎࠊᅜࡢࣥࣇ࢛࣮࣐ࣝ࡞ປാ⪅ ேࡢ࠺ࡕຍ
ධ⪅ࡣ ே␃ࡲࡗ࡚࠸ࡿࠋ
➨ࠊࣥࣇ࢛࣮࣐࣭ࣝࢭࢡࢱ࣮ࡢປാ⪅ࡣከ✀ከᵝ࡛࠶ࡾࠊࡑࢀࡒࢀ␗࡞ࡗ࡚࠸ࡿࡓࡵ࡛
࠶ࡿࠋ࠼ࡤࠊࣂࢡࢱࢡࢩ࣮ࡢࢻࣛࣂ࣮ఏ⤫ⓗ࡞ᕷሙࡢၟேࡢᴗົୖࡢࣜࢫࢡࡣ㐪࠺ࡶࡢ
ࡔࠋࡲࡓࠊᙼࡽࡢධࡣỴࡲࡗ࡚࠾ࡽࡎࠊປാ㛫ࡶᐃࡲࡗ࡚࠸࡞࠸ࠋᴗ⪅ປാ⪅ࡢປ㛵
ಀࡶ᫂░࡛࠶ࡿࠋࡇࢀࡽࡢࢢ࣮ࣝࣉࡣ㠀ᆺ㞠⏝⪅ࢢ࣮ࣝࣉศ㢮ࡉࢀࡿࡇࡀከ࠸ࠋ
ࡁᆅࡢປാ♫ಖ㝤ࡢᾐ㏱ࡁ࡞ᙳ㡪ࢆཬࡰࡋ࡚࠸ࡿࠋ୍᪉ࠊ%3-6 ປാࡢேⓗ㈨※ࡣ㝈
ࡽࢀ࡚࠾ࡾࠊᡃࠎࡔࡅ࡛ຍධ⪅ࢆᗈࡆࡿࡇࡣ࡛ࡁ࡞࠸ࠋᆅᇦࡢ⮬❧⚟♴ࢆྥୖࡉࡏࡿࡃࠊ
ᆅᇦ♫ࡢᶵ⬟ࡀ᭱㝈άࡉࢀࡿࡼ࠺ࠊఫẸࢢ࣮ࣝࣉࢆᗈࡃ࢚ࣥࣃ࣮࣓࣡ࣥࢺࡍࡿᚲせࡀ࠶ࡿࠋ
ᡭ⥆௦⾜ไᗘࡢ⪃࠼᪉ࡣࠊࣥࣇ࢛࣮࣐࣭ࣝࢭࢡࢱ࣮࠾ࡼࡧࢡ࢚ࣜࢸࣈ⏘ᴗᚑ⪅ࡢ♫ಖ
㝤ࡢຍධࢆಁ㐍ࡍࡿ࠺࠼࡛ࠊ㔜せ࡞㑅ᢥ⫥࡞ࡗࡓࠋࡇࡢไᗘࡣࡲࡓࠊ⚟♴ࡢྥୖࡗ࡚ປ
ാ♫ಖ㝤ࡢษࡉࢆேࠎࡀព㆑ࡋࠊ♫ಖ㝤ࡢຍධ㈐௵ࢆࡶࡘࡼ࠺ᚋᢲࡋࡍࡿࡢࡶຠᯝ
ⓗ࡛࠶ࡿࠋ
3(5,6$, ࡢᑟධࡼࡿ⏕⏘ᛶཬࡧ➇தຊࡢྥୖ
ᡭ⥆௦⾜ไᗘࡼࡿ♫ಖ㝤ࡢ㐺⏝ᣑࡢࣀ࣮࣋ࢩࣙࣥࡀึࡵ࡚ࣥࢻࢿࢩ⤂ࡉࢀࡓ
ࡢࡣࠊ ᖺ ᭶ࠊࢪࣙࢢࢪࣕ࢝ࣝࢱࢪࣗࣥࣈ࡛ࣝࡢࣃࣟࢵࢺᴗࠕ3(5,6$,ࠕࣥࢻࢿ
ࢩ♫ಖ㝤᥎㐍⪅ࠖࡢពࠖࢆ㏻ࡌ࡚ࡔࡗࡓࠋᡭ⥆௦⾜ไᗘࡢ⤌ࡳࡣࠊ᪥ᮏࡢົ⤌ྜ♫
ಖ㝤ປົኈ㸦♫ປኈ㸧ࡢ࣋ࢫࢺ࣭ࣉࣛࢡࢸࢫࢆྲྀࡾධࢀࡓࡶࡢࡔࠋ-,&$ ࡢ♫ಖ㞀ไᗘᙉ
◊ಟ࠸࠺ࠊࣥࢻࢿࢩ᪥ᮏࡢᢏ⾡༠ຊࡽ⏕ࡲࢀࡓ᪂ࡓ࡞ྲྀࡾ⤌ࡳࡣࠊࣥࢻࢿࢩࡢ
ປാ♫ಖ㝤㛵ࡍࡿேࠎࡢព㆑ࢆ㧗ࡵࡿࡢᙺ❧ࡘࡶࡢࡔࡗࡓࠋࡓࡔࠊࡑࡢᐇ㊶࡛ࡣࠊ
3(5,6$, ࡢົ௦⾜ࡣࠊ᪥ᮏࡢົ⤌ྜ࣭♫ປኈไᗘࡢ⤌ࡳࢆࡑࡢࡲࡲᑟධࡋࡓࢃࡅ࡛ࡣ࡞࠸ࠋ
≉᥇⏝ࠊሗ㓘ไࠊຍධᡭ⥆ࡁࡣࠊࣥࢻࢿࢩࡢ⌧⾜ࡢἲ௧ࡸྛᆅᇦࡢᩥࡸ࣮ࣟ࢝ࣝࢼࣞࢵ
ࢪྜࢃࡏ࡚ࠊከࡃࡢㄪᩚࡀ⾜ࢃࢀࡓࠋ
ேࠎࡢ♫ⓗࢡ࢜ࣜࢸ࠸࠺ᩥ⬦࠾࠸࡚ࡣࠊࡇࡢ᪂ࡓ࡞ྲྀࡾ⤌ࡳࡣࣥࢻࢿࢩࡢປാᕷ
ሙ᪂ࡓ࡞㞠⏝ࢆฟࡋࠊ3(5,6$, ࡞ࡾࡓ࠸࠸࠺ᛮ࠸ࢆᣢࡘேࠎࡢ➇தຊ⬟ຊྥୖࢆಁࡍ
131
ࡔࢁ࠺ࠋࡑࢀຎࡽࡎ㔜せ࡞ࡢࡣࠊᆅඖ࡛♫ಖ㝤ࣉࣟࢢ࣒ࣛࡢሗࢆᚓࡿࡇࡀ࡛ࡁࠊຍධᡭ
⥆ࡁࡢࢧ࣮ࣅࢫࢆཷࡅࡽࢀࡿࡼ࠺ࡍࡿࡇ࡛ࠊ㒔ᕷࡸ㎰ᮧࡢேࠎࡢ♫ⓗ࡞⾜ືࢆ๓ྥࡁ࡞ࡶ
ࡢኚࡉࡏ࡚࠸ࡃ࠸࠺ࡇ࡛࠶ࡿࠋ
3(5,6$, ࣃࣟࢵࢺᴗ࠾ࡅࡿᏛࡧ
ࢪࣙࢡࢪࣕ࢝ࣝࢱ≉Ⰽࡀ࠶ࢀࡤࠊࢪࣗࣥࣈࣝࡶ≉Ⰽࡀ࠶ࡿࠋࢪࣗࣥࣈࣝࡢேཱྀࡣࠊࢢࣟ
ࣥࢲࢫࢺ࣮࡛ࣜ⏕ィࢆ❧࡚࡚࠸ࡿ㎰ᮧ㒊ከࡃ೫ᅾࡋ࡚࠸ࡿࠋࡑࡢࡓࡵࠊ㎰ᴗ㒊㛛࡛ാࡃேࡀ
ከࡃࠊᖹᆒ㈤㔠ࡣ᭶ ࣝࣆ‶ࡓ࡞࠸ࠋࢪࣗࣥࣈࣝࡢேཱྀᵓᡂࡣࡢᆅ᪉ࡣᑡࡋ␗࡞ࡗ
࡚࠸ࡿࠋ⏕⏘ᖺ㱋ேཱྀࡣయࡢ 㸣ࢆୗᅇࡿࠋࢪࣗࣥࣈࣝࡣࢪࣕ࣡ேࠊ࣐ࢻࣛேࠊ࢜ࢩࣥ
ேࡀᒃఫࡋ࡚࠾ࡾࠊᩥⓗ≉㛗ࡸ౯್ほࡣࡇࡢ ࡘࡢẸ᪘ࡢᙳ㡪ࢆཷࡅ࡚࠸ࡿࠋ
ࡇࢀࡽ ࡘࡢᆅᇦ࠾ࡅࡿࣃࣟࢵࢺᴗࡢᐇᮇ㛫୰ࠊࡁ࡞㐍ᒎࡀ࠶ࡗࡓࠋࣇ࢛࣮࣐࣭ࣝ
ࢭࢡࢱ࣮ཬࡧࣥࣇ࢛࣮࣐࣭ࣝࢭࢡࢱ࣮࡛⣙ ேࡢປാ⪅ࡀ %3-6 ປാಖ㝤ຍධࡋࡓࡢࡔࠋ
୍␒ࡁ࡞✭ࡣࠊ᪂つຍධ⪅ࡢ ࢆࣥࣇ࢛࣮࣐࣭ࣝࢭࢡࢱ࣮ࡢປാ⪅ࡀ༨ࡵࡓࡇ࡛࠶ࡿࠋ
ࡲࡓࠊ⥅⥆ⓗ࡞ಖ㝤ᩱᚩࡢ㠃࡛ࡶ႐ࡤࡋ࠸ࡇࡀ࠶ࡗࡓࠋ3(5,6$, ࡀ່ㄏࡋࡓຍධ⪅ࡣಖ㝤ᩱ
ࢆ⣡ࡍࡿࡇ࡞ࡃࠊᚩ⋡ 㸣ࢆグ㘓ࡋࡓࡢ࡛࠶ࡿࠋࣃࣟࢵࢺᴗࡢ⤖ᯝࡽࠊከᵝ࡞ᆅ
ᇦᩥࠊ┦ᢇຓࡸឡ⢭⚄ࡢ౯್ほࢆ᭷ࡍࡿࣥࢻࢿࢩ࠾࠸࡚ࠊࡇࡢᡭ⥆௦⾜࢚࣮ࢪ
࢙ࣥࢺไᗘࡣᴟࡵ࡚㐺ࡋ࡚࠸ࡿ࠸࠼ࡿࠋ
ࣉࣟࢭࢫ㸦HQGWRHQGSURFHVV㸧ࡣࠊ ࡘࡢࣉࣛࢵࢺࣇ࢛࣮࣒ୖ࡛ࣉࣟࢭࢫࢆ୍యࡋࠊಶ
ே㆑ู␒ྕ㸦1,.㸧ࡢࢹ࣮ࢱ࣮࣋ࢫ⤫ྜࡉࡏࡿࡇ࡛࠶ࡿࠋ
3(5,6$, ࡢᑗ᮶
133
ࡀࠊࡁᆅࡢᮧࠎࡲ࡛ᾐ㏱ࡋ࡚࠸ࡃࡘࢀࠊቑ࠼࡚࠸ࡃࡔࢁ࠺ࠋࣥࢻࢿࢩࡢປാᕷሙࡢつ
ᶍẚ㍑ࡍࡿࠊ3(5,6$, ࢚࣮ࢪ࢙ࣥࢺࡢ⌮ⓗ࡞ᩘࡣ ேぢ✚ࡶࡽࢀ࡚࠸ࡿࠋ3(5,6$, ࢚
࣮ࢪ࢙ࣥࢺࡀႠᴗ⠊ᅖࢆᗈࡆࠊຍධᡭ⥆ࡁࢆᐜ᫆ࠊࡘ㎿㏿⾜࠸ࠊࣥࢻࢿࢩࡢࡍ࡚ࡢ
ປാ⪅ᑐࡋ࡚ࠊ༑ศ࡞ࢧ࣮ࣅࢫࢆᥦ౪࡛ࡁࡿࡼ࠺ᮇᚅࡋ࡚࠸ࡿࠋ
ࣥࢻࢿࢩࡢ♫ಖ㞀ࡢ㐺⏝ᣑಖ㝤ᩱᚩࡢྲྀ⤌ࡳ
㧗㷂 ┿୍
๓ -,&$ ࣥࢻࢿࢩປാᨻ⟇ࢻࣂࢨ࣮
␎Ṕ
ᖺ㧗▱ᕷ⏕ࡲࢀࠋ ᖺᮾிᏛἲᏛ㒊༞ᴗࠊྠᖺປാ┬㸦⌧ᅾཌ⏕
ປാ┬㸧ධ┬ࠋᅾ⡿᪥ᮏᅜ㤋୍➼᭩グᐁࠊ⮧ᐁᡣᅜ㝿ㄢ㛗ࠊ⮧ᐁᡣᑂ㆟
ᐁ➼ࢆ⤒࡚ࠊᖹᡂ ᖺ ᭶ࡽ ᖺ ᭶ࡲ࡛ࠊ-,&$ ࣥࢻࢿࢩປാᨻ⟇
ࢻࣂࢨ࣮ࡋ࡚ࣥࢻࢿࢩ㉱௵ࠋྠᅜࡢ♫ಖ㞀ᨻ⟇ࢆ୰ᚰࠊ⫋ᴗカ⦎
ᨻ⟇ࠊປാᏳ⾨⏕ᨻ⟇➼ࢆᨭࠋ
ࠕ♫ಖ㞀ไᗘᙉࣉࣟࢪ࢙ࢡࢺࠖ
ࠕ♫ಖ㝤ᐇ⬟ຊᙉࣉࣟࢪ࢙ࢡࢺࠖ
ᑡᏊ㧗㱋ࡢ㐍⾜ࡀぢ㎸ࡲࢀࡿࣥࢻࢿࢩ࡛ࡣࠊᅜẸⓙಖ㝤ࡢࡓࡵࡢྲྀ⤌ࡳࡀ㐍ࡵࡽࢀࡿࡶࠊ
ປാ♫ಖ㞀ࠊᗣಖ㝤ࡢ㐺⏝ᣑࡸಖ㝤ᩱᚩಀࡿၥ㢟┤㠃ࡋ࡚࠸ࡓࠋࡇࡢࡼ࠺࡞⫼ᬒ
ࡢࡶࠊ-,&$ ࡣ᪥ᮏࡢཌ⏕ປാ┬ࡸ♫ಖ㝤ປົኈ㐃ྜ㐃ᦠࡋ࡚♫ಖ㞀ไᗘࡢ࡞㐺
⏝࣭㐠⏝ྥࡅࡓ༠ຊࢆᐇࡋࡓࠋලయⓗࡣࠊ᪥ᮏࡢປാಖ㝤ົ⤌ྜไᗘ♫ಖ㝤ປົ
ኈไᗘࢆ⤂ࡋࠊࡑࡢຠ⋡ᛶ᭷ຠᛶ㧗࠸㛵ᚰࡀᐤࡏࡽࢀࡓࡇࡽࠊᚋ⥆௳࠾࠸࡚୧
ไᗘࡢ㐠⏝➼ಀࡿᢏ⾡༠ຊࢆᐇࡋ࡚࠸ࡿࠋ
୍ࠊ࡚࠸࡚ࡋࢆࡇ࡞ࢇࡇࠕڦయ࠸ࡘ࡞ࡗࡓࡽࡇࡢᅜ࡛ࠊࣥࣇ࢛࣮࣐ࣝࢭࢡࢱ࣮ࢆྵ
ࡴປാ⪅♫ಖ㞀ࡢᜠᜨࡀཬࡪࡢࡔࢁ࠺ࠖ
ࣥࢻࢿࢩ࡛ࡣࠊ ᖺ ᭶ࡽࠊປ⅏⤥ࠊṚஸ⤥ࠊ⪁㱋ಖ㞀⤥ࠊᖺ㔠⤥ࡢ ࣉࣟ
ࢢ࣒ࣛࡽ࡞ࡿປാ♫ಖ㞀ไᗘࡀࢫࢱ࣮ࢺࡋࠊྠᖺ ᭶ -,&$ ࣥࢻࢿࢩࡢປാᨻ⟇ࢻࣂ
ࢨ࣮ࡋ࡚ྠᅜປാ┬╔௵ࡋࡓ⚾ࡣࠊྠ┬ࡀദࡍࡿไᗘᬑཬㄝ᫂ࢫࣆ࣮࣮࢝ࡢ୍ே
ࡋ࡚ᖏྠࡋࠊᅜྛᆅࢆᅇࡗࡓࠋࡋࡋ࡞ࡀࡽࠊㄝ᫂ཧຍࡋ࡚࠸ࡿࡢࡣࠊ࠸ࡘࡶᆅඖࡢ࣮ࣟ
࢝ࣝᨻᗓ⫋ဨࡸไᗘࢆ㐠⏝ࡍࡿປാ♫ಖ㞀ᐇᶵ㛵㸦%3-6 ປാ㸧ࡢᆅ᪉ᨭ㒊⫋ဨࠊᆅᇦࡢປാ
⤌ྜࡸ⤒Ⴀ⪅ᅋయࡢᖿ㒊ࡤࡾ࡛ࠊ୍⯡ᕷẸࡢጼࡣⓙ↓࡛࠶ࡗࡓࠋ
ࡑࡇ࡛⚾ࡣࠊᅜ♫ಖ㝤ປົኈ㐃ྜ㸦㐃ྜ㸧༠ാࡋ࡚ࠊ᪥ᮏ࠾ࡅࡿປാಖ㝤ࡢ㐺
⏝ᣑಖ㝤ᩱᚩࡢ୍⩼ࢆᢸࡗ࡚࠸ࡿࠕປാಖ㝤ົ⤌ྜไᗘࠖࠕ♫ಖ㝤ປົኈไᗘࠖࡢ
⤂㢮ఝไᗘࡢᑟධຓゝࢆጞࡵࡓࡀࠊᙜึࡣୖᡭࡃ⾜࡞ࡗࡓࠋᚋ࡞ࡗุ࡚᫂ࡋࡓࡢࡔࡀࠊ
᪥ᮏೌࡗ࡚ປാ┬♫ಖ㞀ᒁാࡁࡅࡓࡶࡢࡢࠊᙼࡽࡣࠕ⮬ศࡓࡕࡣᨻ⟇ࢆᢸᙜࡋ࡚࠾ࡾࠊ
᪤Ꮡࡢไᗘࡢ㐺⏝ᣑಖ㝤ᩱᚩ㈐௵ࢆ㈇ࡗ࡚࠸ࡿࡢࡣࠊᇶᮏⓗࡣᐇᶵ㛵ࡓࡿ %3-6 ປാࠖ
࠸࠺ㄆ㆑ࡔࡗࡓࡽ࡛࠶ࡿࠋࣥࢻࢿࢩᨻᗓࡣࠊീ௨ୖ⦪ࡾ⤌⧊࡛࠶ࡗࡓࠋ
⚾ࡣ᪉㔪ࢆኚ᭦ࡋࠊປാ┬ࡔࡅ࡛ࡣ࡞ࡃࠊ㛵ಀࡍࡿ┬ᗇࡢ㧗⣭ᖿ㒊ࢆ᪥ᮏ㐃ࢀ࡚⾜ࡁࠊ⮬ศ
ࡢ┠࡛ົ⤌ྜ࣭♫ປኈࡢᐇࢆぢ࡚ࡶࡽ࠸ࠊ࣓ࣜࢵࢺࢆ⌮ゎࡋ࡚ࡶࡽ࠺ࡇࡋࡓࠋ㧗⣭ᖿ㒊
㝈ᐃࡋࡓࡢࡣࠊࣥࢻࢿࢩᨻᗓࡣ࣎ࢺ࣒ࢵࣉᆺࡢᨻ⟇Ỵᐃࣉࣟࢭࢫࡣⓙ↓࡛ࠊ࡚ࡀࢺ
ࢵࣉࢲ࡛࢘ࣥỴࡲࡿࡇẼࡀ࠸࡚࠸ࡓࡽ࡛࠶ࡿࠋ
ලయⓗࡣࠊ ᖺ ᭶ࠊேᮦ㛤Ⓨ࣭ᩥㄪᩚ⮧ᗓࠊᅜᐙ♫ಖ㞀ᑂ㆟㸦'-61㸧ࠊປാ
┬ࠊ㈈ົ┬ࡑࡋ࡚⫢ᚰࡢ %3-6 ປാࡢ㧗⣭ᖿ㒊ࢆㄝᚓࡋ࡚ࠊゼ᪥◊ಟཧຍࡋ࡚ࡶࡽࡗࡓࡀࠊࡇࢀ
ࡀ㌿Ⅼ࡞ࡗࡓࠋኪࡢࢻ࣮࡛ࣥ࢟ࡢ㈙࠸≀ࡢ࠾౪ࢆྵࡵ࡚ࣇࣝࢸࣥࢻࡋࡓࡇࡼࡾࠊᙼࡽ
ࡢಙ㢗㛵ಀࡀᵓ⠏ࡉࢀࠊ≉ࣥࢩࣙࣜ '-61 ጤဨࠊࢫ࣐ࣝࢪࣙࣀ %3-6 ປാᡓ␎࣭,7 ᒁ㛗ࡣࠊ
ࡑࡢᚋࢆ㐍ࡵࡿୖ࡛ࡢࡅࡀ࠼ࡢ࡞࠸ࣃ࣮ࢺࢼ࣮࡞ࡗࡓࠋ
◊ಟࡢ᭱⤊᪥ࠊᙼࡽࡢ᪉ࡽᥦࡀ࠶ࡾࠊࣥࢻࢿࢩᖐᅜᚋࠊᨻᗓෆࡢ㛵ಀ⪅ࢆ㞟ࡵ࡚
㆟㸦)*'㸸ࣇ࢛࣮࢝ࢫ࣭ࢢ࣮ࣝࣉ࣭ࢹࢫ࢝ࢵࢩࣙࣥ㸧ࢆࡸࡿࡢ࡛ࠊົ⤌ྜ࣭♫ປኈࣔࢹࣝࡢ
ࣉࣞࢮࣥࢆࡋ࡚ࡶࡽ࠸ࡓ࠸ࡢࡇ࡛࠶ࡗࡓࠋ
ࣉࣞࢮࣥࡀ⤊ࡋࠊྖࡀ㉁ၥࢆồࡵࡿࠊ┿ࡗඛᡭࢆᣲࡆ࡚❧ࡕୖࡀࡗࡓࡢࡣࠊࢢࢫ㛗
ᐁࡑࡢேࡔࡗࡓࠋ㛗ᐁࡣ㛤୍ཱྀ␒ࠊࠕỴࡵࡓࠋ%3-6 ປാࡣ -,&$ ࡢᥦࢆཷࡅධࢀ࡚ࠊົ⤌ྜ࣭
♫ປኈࣔࢹࣝࢆᑟධࡍࡿࡇࡍࡿࠋ࠸ࡘࡲ࡛ఱࢆ࠺ࡍࢀࡤ࠸࠸ࡢᩍ࠼࡚ḧࡋ࠸ࠖᐉゝ
ࡋࡓࠋࡇࢀ࡛㈇࠶ࡾࠋ%3-6 ࡢ㛗ᐁࡣ‽㛶⣭࡛࠶ࡾࠊ≉ࢢࢫ㛗ᐁࡣࢪࣙࢥ࢘⤫㡿㏆
࠸ࡢ࡛ࠊᙼࡀỴࡵࢀࡤㄡࡶ␗ㄽࡣᣳࡵ࡞࠸ࠋ୪ࡳᒃࡿྛ┬ᗇࡢ㧗⣭ᖿ㒊㐩ࡢ୰ࡣᾘᴟពぢࢆᣢ
ࡘ⪅ࡶ࠸ࡓࡀࠊࡑࡢᚋⓎゝࢆồࡵࡓဨࡀ␗ཱྀྠ㡢ࠕ⮬ศࡶົ⤌ྜ࣭♫ປኈࣔࢹࣝࢆᨭᣢࡍ
ࡿࠖ㈶ྠࡋࡓࡢ࡛࠶ࡗࡓࠋṇࢺࢵࣉࢲ࡛࢘ࣥ࠶ࡿࠋ
)*' ⤊ᚋ㛗ᐁᐊࡤࢀࡓᡃࠎࠊேᡶ࠸ࢆࡋࡓࢢࢫ㛗ᐁࡀ⚄ጁ࡞㢦ࡘࡁ࡛ࠕࡇࢁ࡛ࠊ
-,&$ ࡢࢥࣥࢧࣝࢱࣥࢺࣇ࣮ࡣࠊᗄࡽ࠾ᡶ࠸ࡍࢀࡤ࠸࠸ࡢ࡛ࡋࡻ࠺ࠖ⪺࠸࡚᮶ࡓࡢࡣࠊ
࡞ࡗ࡚ࡣទᛌ࡞ᛮ࠸ฟ࡛࠶ࡿࠋ
ࣥࢻࢿࢩᨻᗓࡢാࡁࡅ࠾࠸࡚ࡶ࠺୍ࡘ㔜どࡋࡓ┬ᗇࡀࠊ㈈ົ┬࡛࠶ࡿࠋᙼࡽࡣࠊ་
⒪ಖ㝤ࡢ㉥Ꮠࢆᇙࡵྜࢃࡏࡿࡓࡵࡢᕧ㢠ࡢᅜᗜ㈇ᢸࠊ୧ %3-6 ࡢẖᖺࡢ⫋ဨᩘቑຍక࠺ே௳㈝ቑ
㢌ࢆᢪ࠼࡚࠸ࡓࡓࡵࠊẸ㛫άຊࡢά⏝࡛࠶ࡿົ⤌ྜ࣭♫ປኈࣔࢹࣝࡢ᭷ຠᛶ⣡ᚓࡋࡓᚋࡣࠊ
-,&$ ᑐࡍࡿ᭱ᙉࡢ⌮ゎ⪅࡞ࡾࠊ༠ຊࡋ࡚ࡃࢀࡓࠋ
࢝᭶ཬࡪࣃࣟࢵࢺ࣭ࣉࣟࢪ࢙ࢡࢺ㸦33㸧
ࡢ᳨ド⤖ᯝࢆ㋃ࡲ࠼ࠊ%3-6 ປാࡣձሗൾ㔠ࡢᣑ
ࠊղࢫ࣐࣍ࡼࡿಖ㝤ᩱỴ῭ࢩࢫࢸ࣒ࡢ㛤Ⓨ
➼ࢆ㐍ࡵࡓୖ࡛ࠊࣉࣜࢧ㸦%3-6 ປാ∧ົ⤌
ྜ㸧࣭ࢤࣥࣉࣜࢧ㸦%3-6 ປാ∧♫ປኈ㸧ࣔ
ࢹࣝࢆ☜❧ࡋࠊ ᖺ ᭶ࡽࣥࢻࢿࢩ
ᅵ࡛ࠊྠࣔࢹࣝࢆᮏ᱁ᐇࡋ࡚࠾ࡾࠊ ᖺ
୰ࢤࣥࣉࣜࢧ ேయไࠊ ᖺ୰
ࡣྠ ேయไࢆ┠ᣦࡋ࡚࠸ࡿࠋ᪉ࠊ%3-6
ᗣ࡛ࡶࠊ⊂⮬ࡢ %3-6 ᗣ∧♫ປኈ㸦࢝ࢹࣝ
-.1㸧ࢆ㣴ᡂࡋࠊ ேయไࢆ┠ᣦࡋ࡚㓄⨨ࢆ
㐍ࡵ࡚࠸ࡿࠋ
ඡࡶゅࡶࠊ♫ಖ㞀ࡢ㐺⏝ᣑಖ㝤ᩱᚩศ㔝࠾࠸࡚ࡣࠊ-,&$ ࡢᨭࡢୗ୍࡛ᐃࡢᡂ
ᯝࡀୖࡀࡾࡘࡘ࠶ࡿࡀࠊ♫ಖ㞀ไᗘᮏయ┠ࢆྥࡅࢀࡤࠊㄢ㢟ᒣ✚࡛࠶ࡿࠋపࡍࡂࡿಖ㝤ᩱ⋡
⮬ᕫ㈇ᢸࢮࣟࡼࡿ㐣デ⒪ࡢࡓࡵࠊ་⒪ಖ㝤ࡣ㈈ᨻ◚⥢≧ែ࡛࠶ࡿࠋປാ♫ಖ㝤ศ㔝࠾
࠸࡚ࡶࠊ୰㏵༙➃࡞⪁㱋ಖ㞀⤥ࡢᏑᅾࡀ⅏࠸ࡋࠊᖺ㔠⤥ࡣ࠶ࡲࡾ⬤ᙅ࡛ࠊ㞠⏝ಖ㝤ࡶ࡞࠸ࠋ
ࡇࢀࡽ♫ಖ㞀ไᗘᮏయࡢㄢ㢟ࡘ࠸࡚ࡶࠊ-,&$ ࡢᨭࡢୗࠊࣥࢻࢿࢩᨻᗓࡀ᪩ᛴᨵၿ
ྲྀࡾ⤌ࡳࠊࣥࢻࢿࢩᅜẸࡀᏳᚰࡋ࡚⏕ά࡛ࡁࡿ♫ࡀ୍᪥ࡶ᪩ࡃ฿᮶ࡍࡿࡇࢆษ㢪
࠺ḟ➨࡛࠶ࡿࠋ
ࣥࢻࢿࢩ࠾ࡅࡿ᪥ᮏࡢ⤒῭ᑓ㛛ᐙࡢ༠ຊ
ᕷᮧ ┿୍
ி㒔Ꮫྡᩍᤵ
␎Ṕ
ᖺி㒔ᕷ⏕ࡲࢀࠋ ᖺி㒔Ꮫ⤒῭Ꮫ㒊༞ࠊ ᖺ⡿ᅜ␃Ꮫࠊ ᖺ3K'
0,7ࠋḷᒣᏛຓᩍᤵࠊ㜰Ꮫ♫⤒῭◊✲ᡤᩍᤵࢆ⤒࡚ࠊ ᖺி㒔
Ꮫᮾ༡ࢪ◊✲ࢭࣥࢱ࣮ᩍᤵ㸦 ᖺᡤ㛗㸧ࠋ ᖺ ᭶ᐃᖺ㏥ᐁࠊྡᩍ
ᤵࠋ ᖺ ᭶㜰ᅜ㝿ᏛᏛ㛗ᑵ௵ࠊ ᖺᕞᕷᅜ㝿ᮾࢪ◊✲ࢭࣥ
ࢱ࣮ᡤ㛗㌿⫋ࠊ㹼 ᖺྠࢭࣥࢱ࣮࣭ᕞᕷ㢳ၥࠋ ᖺ 7KH(FRQRPHWULF
6RFLHW\ ࡢ )HOORZ 㑅ࡤࢀࠊ㹼 ᖺᮾࢪ⤒῭Ꮫ㛗ࠊ㹼 ᖺ $VLDQ
(FRQRPLF-RXUQDO ⦅㞟㛗ࢆົࡴࠋࡑࡢ㛫ࠊ᪥ᮏࢪㅖᅜࡢ⏘ᴗ㐃㛵⾲࣐ࢡ
ࣟィ㔞ࣔࢹࣝࡢᵓ⠏࣭ᛂ⏝ࢆከᩘࡢⱥᩥㄽⴭ࡛බ⾲ࠊୡ⏺㈉⊩ࡋࡓࠋ
ࡲ࠼ࡀࡁ
ࡲࡓ⣬ᖜไ㝈ࡢࡓࡵࠊヲ⣽ࡣྛ⠇ᮎᑿࡢᩥ⊩࣭ሗ࿌➼ㆡࡗࡓࠋㄞ⪅ࡢゎࢆᚓࡓ࠸ࠋ
i⤫ィࢹ࣮ࢱࡢᨵၿヨ⟬⏘ᴗ㐃㛵⾲ࡢసᡂ
ᚋ㐍ᅜ࡛ࡢᨻ⟇༠ຊࡀᅔ㞴࡞㔜ཎᅉࡣࠊṇ☜࡞⤫ィࡢ㊊࡛࠶ࡿࠋ ᖺᙜࡢࣥࢻࢿ
ࢩࢆྵࡴᮾ༡ࢪㅖᅜ⤫ィࡢᐇ≧ࡣࠊᕷᮧ>㸯@ヲࡋ࠸ࠋ⚾ࡣࠊࡑࡢᨵၿࡢ➨୍Ṍࡣ⤫ィ
సᡂࢫࢱࢵࣇࡢ㣴ᡂࡔุ᩿ࡋࠊ:LGMRMR 㛤Ⓨᗇ㛗ᐁ♧၀ࠋࡑࡢྠពせㄳࡼࡾࠊ㞟୰ㅮ
⩏ࢆ ᖺ᪥ᮏ࡛ி㛗㔝┴Ꮫᮧཬࡧࢪࣕ࢝ࣝࢱࡢ♫⤒῭◊✲ᡤ㸦/(.1$6࡛ᐇࠋᩍ
࠼ࡓࢫࢱࢵࣇ༠ຊࡋ࡚ࠕ༡ࢫ࣐ࢺࣛᕞࡢ⤒῭ㄪᰝࠖࢆᐇࡋࠊㄪᰝሗ࿌>@>@ࢆⓎ⾲ࡋࡓࠋ
⌧ᆅㄪᰝࡢ୰᰾ᑓ㛛ᐙࡣࠊ⥲⌮ᗓ⤫ィᒁᑂ㆟ᐁࡢỈ㔝ᆠẶࠊഃࡣ༡ࢫ࣐ࢺࣛᏛຓᩍᤵࢱࣥ
ࣂẶ㸦ᚋி㎰⤒␃Ꮫ༤ኈࠊ㛤Ⓨᗇᒁ㛗㸧➼ࡀ༠ຊࠊヲ⣽࡞ሗ࿌ࡣࠊᕷᮧࠊ7KHH.LDQ:LH༤
ኈඹ⦅ࡢ>@࡛࠶ࡿࠋ
ḟࠊࡇࡢㄪᰝࡢ┤ᚋࠊᕷᮧࡣᅜࡢ⏘ᴗ㐃㛵⾲ࡢ⡆౽ἲࡼࡿసᡂࢆ㔠Ꮚᩗ⏕ᩍᤵጤკ
ࡋ࡚ࠊᅜ⏘ᴗ㐃㛵⾲ࡢࠕヨ⟬ࠖ㋃ษࡗࡓࠋࡑࢀࡣࠊᅜࡢ᪤Ꮡ⤫ィ࡛ಙ㢗࡛ࡁࡿࡢࡣ⏘ᴗ
ูᕤᴗ⏕⏘㧗,QGXVWULDO&HQVXVࡔุ᩿ࡋࠊᕷᮧᣦᑟୗᡂࡋ࡚࠸ࡓࣇࣜࣆࣥࡢ⏘ᴗ㐃
㛵⾲ࡢᢞධಀᩘࢆ⏝࠸࡚ࠊ⏘ᴗู⏕⏘㧗ࡢ㟂せィ⏕⏘ࡢ୍⮴㸦ᢞධ⏘ฟࡢᩧྜᛶ㸧ࡼࡾಙ
㢗ᗘࢆࢳ࢙ࢵࢡࡋࡓࠋ⤖ᯝࡣୖࠎ࡛ࠊᅜᕤᴗ⤫ィࡢㄗᕪ⬺₃ࡣࠊ᪥ᮏẚ࡚ࡶవࡾࡦࡃ
࡞ࡃࠊᅜ୰ኸ⤫ィᒁࡢಙ㢗ࢆᣢࡗࡓࠋᡃࠎࡢヨ⟬⤖ᯝࡣࠊ/(.1$6 ࡢ 'LVFXVVLRQ3DSHU>@
ṧࡿࠋ
>@ᕷᮧ㸸ࠕࢪࡢ㛗ᮇ⤒῭⤫ィࡢᅔ㞴ࡑࢀࡢᮇᚅ୍ࠖᶫ 1HZV/HWWHU1R
>@ᕷᮧ㸸ࠕ༡ࢫ࣐ࢺࣛᕞࡢᆅᇦ⤒῭ࠖᮾ༡ࢪ◊✲
>@,FKLPXUD7KHH7.HGV㸸7KH5HJLRQDO(FRQRPLF6XUYH\RI3URYLQFHRI6RXWK6XPDWUD
/,3,-DNDUWD
>@.DQHNR,FKLPXUD͆$7HQWDWLYH,QGRQHVLDQ,QSXW2XWSXW7DEOHIRU͇/(.1$6
'LVFXVVLRQ3DSHU1R
iィ㔞⤒῭ࣔࢹࣝࡼࡿ⤒῭ࡢண ศᯒ
ᖺࢡ࣮ࢹࢱ࡛ࢫ࢝ࣝࣀᨻᶒ௦ࡗࡓࢫࣁࣝࢺᨻᶒࡣࠊ♫ࡢᏳᑀ⛛ᗎࡢᅇẸࡢ⢶ཱྀ
ࢆࡍࡄࡓࡵ⤫ィࢆᩚ࠼ࠊᅜẸᡤᚓ຺ᐃࢆసᡂࠊ⤒῭ぢ㏻ࡋࢆ❧࡚ࠊ⤒῭ィ⏬❧
ࢆᛴ࠸ࡔࠋi㸯ࡢࢆ⤊࠼ࠊಙ⏝ࢆᚓࡓ᪥ᮏࢳ࣮࣒ࡣࠊୖグࡢ ࠊࠊ ╔ᡭࠊிࡽ⡿
ᅜ␃Ꮫࡼࡾᖐᅜ┤ᚋࡢᑠᯘ୍୕༤ኈࢆ◊✲ဨࡋ࡚㛤Ⓨᗇὴ㐵ࠊᕷᮧࡶ༠ຊࠊᅜẸᡤᚓィ
ᇶ࡙ࡃ⤒῭ࡢ⡆༢࡞⌧≧ศᯒண ࢆබ⾲ࡋࠊᮏ᱁ⓗィ㔞ࣔࢹࣝసᡂࡢ‽ഛࢆ㛤ጞࠋ➨୍ࠊ
༟ୖ㟁Ẽィ⟬ᶵࡢ⏝ពࡣࠊḷᒣᏛࡢ⤫ィᏛ⪅࡛ィ⟬ᶵᛂ⏝ᑓ㛛ࡢᮡᾆ୍ᖹᩍᤵ -,&$ ┦
ㄯࢆ౫㢗ࠋ➨ࠊࣔࢹࣝసᡂࡣࠊᕷᮧࡀ⏬ᗇ┦ㄯࠊ ᖺᰩᯘୡẶࢆ -,&$ ࡢᑓ㛛ᐙࡋ࡚
ᖺᙉὴ㐵ࡀᐇ⌧ࡋࡓࠋ
ㄝ᫂ࡢ౽ᐅୖࠊࣔࢹ࣭ࣝࣉࣟࢪ࢙ࢡࢺࡢࡑࡢᚋࡢᒎ㛤ࢆඛྲྀࡾࡋ࡚㏙ࡿࠋィ㔞ࣔࢹࣝࡼ
ࡿ⤒῭ィ⏬ᨻ⟇ࡢศᯒࡣࠊ᪥ᮏࢳ࣮࣒ࡢᴗ⦼ㄆ㆑ࡉࢀࠊ
㸦㔠Ꮚሗ࿌>@ཧ↷㸧ᅜ㝿㏻㈌ᇶ
㔠ࡢᑓ㛛ᐙࡶὀ┠ࡋࡓࠋᑠⳢࣔࢹࣝሗ࿌>@ࡣࠊ୰ᩧྜࡋࡓᅜẸᡤᚓ⤫ィࢆᥖ㍕ࠊ⥆ࡃᑓ㛛
ᐙࡢ◊✲㐨ࢆ㛤࠸ࡓࠋ࠼ࡤ>@࡛࠶ࡿࠋ
㛵㐃ㄽ✏
>@ᰩᯘୡ㸸͆$0HGLXPWHUP0DFURHFRQRPHWULF0RGHOIRU(FRPRQLF3ODQQLQJLQ,QGRQHVLD͇
ᮾ༡ࢪ◊✲9RO1R0DUFK
>@㔠ᏊᏕᩥ㸸ࠕࣥࢻࢿࢩࡢ⤒῭ィ⏬ࠖ⏬ᗇㄪᩚᒁ⤒῭༠ຊㄢ㸦㒊ෆ㝈ࡾ㸧
>@ᑠⳢఙᙪ࣭ᯇᮏಖ⨾㸸͆ࣥࢻࢿࢩ࠾ࡅࡿ᪂ィ㔞ࣔࢹࣝࡢ㛤Ⓨ͇ᮾ༡ࢪ◊✲
᭶SS
>@$]LV,ZDQ-D\D͆(FRQRPHWULF0RGHOIRU6LPXODWLRQRI$OWHUQDWLYH([WHUQDO
7UDGH6FHQDULRVLQ,QGRQHVLD͇LQ>@
>@,FKLPXUD6 <0DWVXPRWRHGV(FRQRPHWULF0RGHOVRI$VLDQDQG3DFLILF&RXWULHV
6SULQJHU9HUODJ%HUOLQH
i ࣥࢻࢿࢩ♫ࡢ≉Ⰽኚᐜࡢㄪᰝ
ሗ࿌ࢆ ᖺ௦ࡢึᡠࡍࠋ◊✲ࡢᙜึࠊᡃ➼ࡣḢ⡿ࡢᏛ⪅ࡀᮾ༡ࢪࡢ♫ࢆḢ⡿ࡶ᪥
ᮏࡶ␗࡞ࡿ♫ᵓ㐀ࢆᣢࡘࡢグ㏙㛵ᚰࢆᣢࡕࠊVRIW ᑐWLJKW ࡸORRVHO\VWUXFWXUHG➼
ࡢ≉ᛶࢆࣥࢣ̿ࢺㄪᰝ࡛ゎ᫂ࡋࡓࠋ᪥ே㢮Ꮫ⪅♫Ꮫ⪅༠ຊࡋ࡚ᚓࡓᡂᯝࡣ>@ࠊᚋ
⥲ྜሗ࿌>@ࡋ࡚ࣥࢻࢿࢩㄒ࡛ห⾜ࡉࢀᗈࡃㄞࡲࢀࡓࠋ
㛵㐃ㄽ✏
>@,FKLPXUD0L]XQR7VXERXFKL7KH6RFLRHFRQRPLF%HKDYLRURI3HDVDQWVLQ&HQWUDO
-DYDDQG&HQWUDO7KDLODQG6RXWK(DVW$VLDQ6WXGLHV
>@,FKLPXUD.RHQWMRURQLJUDWHGVࠗࣥࢻࢿࢩ㸸ㄢ㢟ฟ᮶࠘2ERU-DNDUWD
iᮾࢪ㸦ᅜࢆྵࡴ㸧ࡢ᪥⣔ྜᘚᴗࡢ⤒Ⴀᐇែ⌧ᆅᚑᴗဨࡢᛂࡢㄪᰝ
ᖺ௦ࡢᮾ༡ࢪ➨ࡢ௳ࡣࠊ⏣୰ゅᰤ㤳┦ࡢࢱ࣭ࣥࢻࢿࢩゼၥࡢ᪥Ꮫ⏕
ປാ㐠ື࡛࠶ࡿࠋ㤳┦ࡀࢪࣕ࢝ࣝࢱᕷෆධࡿࡢ࣊ࣜࢥࣉࢱ࣮ࢆせࡋࡓࠋ㡰ㄪ㧗ᡂ㛗ᮾ
༡ࢪ㐍ฟࢆ⥆ࡅ࡚࠸ࡓ᪥ᮏࡢᨻ⏺⤒῭⏺ࡢᮾ༡ࢪほ㸻ぶ᪥ࡢ༳㇟ࡣ୍Ẽᔂࢀࡓࠋ
᪥ᮏᩥ⛉┬ࡣࠊᛴ㑉Ꮫ⪅ࢆືဨࡋ࡚ࣉࣟࢪ࢙ࢡࢺࢆ⤌ࡳࠊཎᅉ✲᫂ࢆᑐ⟇ࢆせㄳࡋࡓࠋᕷᮧ
ࡶぶࡋ࠸Ꮫ⪅ඹཧຍࠊ㐍ฟᴗ࡛ࡢ⤒Ⴀ⪅ഃᚑᴗဨഃࡢ㛵ಀࢆゎ᫂ࡍࡃࠊᑐㄯࣥ
ࢣ࣮ࢺㄪᰝࡼࡿㄪᰝ◊✲ࢆ⏬ࠊᮾࢪㅖᅜ㸦ࣥࢻࢿࢩ࣭ࢩ࣏࣮࣭࣐ࣥ࢞ࣝࣞࢩ
࣭ࢱ࣭ࣇࣜࣆ࣭ࣥ㤶 ࣭ྎ‴࣭㡑ᅜ㸧ࠊẚ㍑ࡢࡓࡵྠࡌㄪᰝࢆ᪥ᮏᅜෆ࡛ᐇࡋࠊ
⤖ᯝࢆ>@࣭>@ࡋ࡚ห⾜ࡋࡓࠋ
ཪ༑ᖺᚋࠊ୰ᅜࡢ୕㒔ᕷ㸦㐃࣭ி࣭ୖᾏ㸧࿘㎶࡛ᐇࡋࠊ୰ᅜࡢ㐍ฟᴗࡢ⤒Ⴀ
ປົᑐ⟇ࡀ⌧ᆅேປാ⪅ഃࡢཷᐜࢆᅜ㝿ẚ㍑ࡋ>@Ⓨ⾲ࡋࡓࠋ⤖ㄽࡣࠊ᪥ᮏࡢ㐍ฟᴗࡢ
༙ࡣປົ㛵ಀࡶ⌧ᆅࡢ㐺ᛂࡶ㐺ษ⾜ࡗ࡚࠾ࡾࠊᅜᴗࡼࡾࡶᦶ᧿ࡣᑡ࡞࠸ࠊᴦほ
ⓗࡔࡗࡓࡀࠊᐇࡑ࠺࡞ࡗࡓࠋୖグࡢᩥ⊩ࡣ༙ⱥㄒ࡛ࡶᮾ༡ࢪ◊✲ㄅⓎ⾲ࠊ࡞ࡶࡢ
ࢆ>@ࡶ㘓ࡋࡓࠋ
㛵㐃ᩥ⊩
>@ᕷᮧ┿୍⦅᭩ࠗ᪥ᮏᴗ࣭ࣥࢪ࠘ᮾὒ⤒῭᪂ሗ♫
>@ᕷᮧ┿୍⦅᭩ࠗࢪ᰿࡙ࡃ᪥ᮏⓗ⤒Ⴀ࠘ྠୖ
>@ᕷᮧ┿୍⦅᭩ࠗ୰ᅜࡽぢࡓ᪥ᮏⓗ⤒Ⴀ࠘ྠୖ
>@,FKLPXUD6͆-DSDQHVH6W\OH0DQDJHPHQWLQ,QGRQHVLD͇LQ6RXWK(DVW$VLDQ
6WXGLHVDOVRLQ>@
>@,FKLPXUD6-DSDQ$QG$VLD:RUOG6FLHQWLILF6LQJDSRUH
iࣥࢻࢿࢩࡢᢏ⾡⛣㌿ࡢẚ㍑◊✲
ప㛤Ⓨ◊✲ࡢ㔜せ࡞ㄢ㢟ࡢ୍ࡘࠕᢏ⾡⛣㌿ࠖࡀ࠶ࡿࠋ,/2 ࡣࡇࡢゎ᫂ࢪ࡛ࡢᐇែࡢ
ㄪᰝࢆᕷᮧ౫㢗ࡋࡓࠋ>@ࡣࠊࢪࡢᐇࡢ୍⯡ㄽࠊ>@ࡣࣇࣜࣆ࣭ࣥࢱ࣭ࣥࢻ
ࢿࢩ୕ᅜࡢ⧄⥔⏘ᴗ㟁ჾ⏘ᴗࡢᐇ⤒㦂ࢆࣥࢣ࣮ࢺㄪᰝࡋࡓ⤖ᯝࡢᅜࡢ㒊࡛ࠊ>@ࡣ
㒊ࢆࡵࡿࠋ
㛵㐃ᩥ⊩
>@,FKLPXUD6͆7KH&KRLFHRI$SSURSULDWH7HFKQRORJLHV,QIOXHQFHRI6RFLR
(FRQRPLF)DFWRUVDQG*RYHUQPHQW3ROLFLHV͆7KH2,8-RXUQDORI,QWHUQDWLRQDO6WXGLHV
>@ ,FKLPXUD 6 ͆7KH $SSURSULDWH 7HFKQRORJLHV ϩ 6XUYH\ )LQGLQJV LQ WKH
3KLOLSSLQHV7KDLODQGDQG,QGRQHVLD͇LQ>@
iࠕࣥࢻࢿࢩࡢ⤒῭Ⓨᒎࠖ㹼 ࡢᴫほ
-,&$ ࡣࠊୖグࡢಶูࣉࣟࢪ࢙ࢡࢺຍ࠼࡚ࠊᅜࡢ࢝ᖺィ⏬సᡂୖษ࡞ㄢ㢟ࡘࡁࠊศ
㔝ู୧ᅜࡢᑓ㛛ᐙࡀඹྠ࡛⪃ᐹᇳ➹ࡋࡓ࢞ࢻࣈࢵࢡ᭩>>ࢆసᡂࡋࡓࠋࡑࡢ 㡫ࡢ
ࡢᅜഃࡢᇳ➹⪅ࡣࠊ㗿ࠎࡓࡿ⮧ࡸᨻᗓ㧗ᐁࡀከࡃࠊィ⏬ᐇ⪅࡛࠶ࡗࡓࠋ┠ḟࡢ㑥ヂࢆᥖ
ࡆࡿࠋཪࡑࡢḟᰩᯘୡᩍᤵࡀࠊᚋୡ㖟ࡢሗ࿌➼ࢆཧ↷᪥ᮏࢳ࣮࣒ࡢࢆᅇ㢳ࡉࢀࡓㄽ
ᩥ>@ࢆᥖࡆࡿࠋཧ↷ࡉࢀࡓ࠸ࠋ
ࠕࣥࢻࢿࢩࡢ⤒῭Ⓨᒎࠖ
ࣥࢻࢿࢩ⤒῭Ⓨᒎࡢᴫほyyyᕷᮧ┿୍࣭$GULDQXV0RR\࣭6HRGUDGMDG'MLZDQGRQRyyyyyy
㸬⤒῭ィ⏬ࡢࡓࡵࡢ୰ᮇィ㔞࣐ࢡࣟࣔࢹࣝyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyᰩᯘ ୡyyyyy
ᨵゞ࣐ࢡࣟࣔࢹࣝᨻ⟇ࢩ࣑࣮ࣗࣞࢩࣙࣥyyyyyyyyyyyyyyyyyyᑠⳢఙᙪ࣭ᯇᮏಖ⨾yyyyy
㸬㎰ᴗࡢⓎᒎyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy-RQNHU7DPED࣭すᮧ༤⾜yyyyy
㸬࢚ࢿࣝࢠ࣮㖔≀㈨※yyyyⱴ 㝧୍࣭6LVPDU\DQWR6XUMDGL$UGLZLODJD7㸬ᮏyyyyy
〇㐀ᴗ㸸ศᯒᨻ⟇yyyyyyyyyyyyyyyyyyyyyyyyy㔠Ꮚᩗ⏕࣭+DVXGXQJDQ7DPSXERORQyyyy
ᨻᗓ㈈ᨻ⛒⛯yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy'RQR,VNDQGDU࣭ᑠ⏣㔝⣧yyyy
㔠⼥ࡢⓎᒎyyyyyyyyyyyyyyᑠ⏣㔝⣧ 6\DKULO6DELULQ 6RHGUDGMDG'MLZDQGRQRyyyy
㸬ேཱྀ⤒῭Ⓨᒎyyyyyyyyyyyyyyᑠᯘṇ࣭ᯇୗᩗ୍㑻࣭3ULMRQR7MLSWRKHULMDQWRyyyy
ປാຊ㞠⏝yyyyyyyyyyyyyyyyyyyyyyyyyyyyy3D\DPDQ-6LPDQMXQWDN࣭㫽ᒃὈᙪyyyy
ᩍ⫱ேⓗ⬟ຊࡢカ⦎yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy∹⏣༤ග࣭%RHGLRQRyyyy
౯᱁ኚືyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy%RHGLRQR࣭㔠ᏊᏕᩥyyyy
ᆅᇦู⤒῭Ⓨᒎyyyyyyyyyyyyyyyyyyyyyyy6RHURVR6RHGLE\R࣭ᕝᓥ㎮ᙪ࣭⛅⏣㝯⿱yyyy
Ẹ㛫㒊㛛බඹ㒊㛛yyyyyyyyyyyy06DGOL࣭'RURGMDWXQ.XQWMRUR-DNWL࣭ᮌୗಇᙪyyyy
ᡤᚓศ㓄yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy6XJLWR࣭Ụᓮග⏨yyyy
ᕤᴗ࠾ࡅࡿእ㈨ᅜෆ㈨ᮏyyyyyyyyyyyyyyyyyyyyy7KHH.LDQ:LH࣭ྜྷཎஂோ⏨yyyy
⤒῭Ⓨᒎ࠾ࡅࡿ⤒῭እせᅉࡢᙺyyyyyyyyyyyyyyyyyyyyyyyyyyy6HOR6RHPDUGMDQyyyy
⤫ィ㈨ᩱぬ࠼᭩yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyᯇᮏಖ⨾࣭ᑠⳢఙᙪyyyy
ཧ⪃ᩥ⊩
>@,FKLPXUD6HG,QGRQHVLDQ(FRQRPLF'HYHORSPHQW,VVXHVDQG$QDO\VLV-,&$-DNDUWD
>@ᰩᯘୡ͆ࣥࢻࢿࢩࡢ⤒῭Ⓨᒎ⤒῭ᨻ⟇͇⤒῭Ꮫㅍ⧩୰㸧
iࢪⓎᒎ㏵ୖᅜ⤒῭ࡢᴫほ
ᅜࢆࢪࡢ㏵ୖᅜẚ㍑ࡍࡿࡣࠊୗグ>@ࡀᙺ❧ࡘࠋࡑࢀࡣࠊᮾࢪ࣭༡ࢪ࣭
୰㏆ᮾ࣭ࢩࢼ➼ࢆྵࡴᅜࠎࡢⓎᒎࢆ㒊㛛ูᆅᇦู═ࡵࠊࡑࡢㄢ㢟ࢆᅜ㢮ఝࡢほⅬ࡛
ศᯒࡍࡿࠋ㢮᭩ࡣ࡞ࡃ㈗㔜ࡔࡀࠊ㑥ヂࡀ࡞࠸ࠋ⦅⪅ᕷᮧࡣࠊᴟຊ᪥ᮏࡢᑓ㛛ᐙࢆồࡵࡓࡀࠊ
↓⌮࡞ࡽࡑࡢᅜእᅜࡢᑓ㛛ᐙࢆᣍ⪸ࡋウ㆟ࡋࡓࠋࡰᙜࡢ᪥ᮏࡢࢪ◊✲ࡢࣞ࣋ࣝࢆ♧
ࡍࠋ┠ḟࢆ㑥ヂࡍࡿࠋ
ࠕࢪࡢⓎᒎ㏵ୖᅜࡢᣮᡓ̿ㄢ㢟ศᯒࠖ
ࡲ࠼ࡀࡁyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy⏣ኴ㑻୍yyyyyyL
⦅⪅ࡢせ⣙yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyᕷᮧ┿୍yyyyy
➨୍㒊ࢪ⤒῭Ⓨᒎࡢᇶᮏၥ㢟
ࢪ⤒῭Ⓨᒎࡢ㢮ᆺᒎᮃyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyᕷᮧ┿୍yyyyyy
ேⓗ㈨※࣐ࢡࣟẚ㍑⏕⏘ᛶࡢ㊅ໃyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy+DUU\2VKLPDyyyyy
ᮾࢪᮾ༡ࢪࡢ⤒῭ⓎᒎࡢᒎᮃyyyyyyyyyyyyyyyyyyyyyyᑠᓥΎ࣭Ώ㎶ኵyyyy
ࢪࡢ㎰ᴗⓎᒎᡂᯝ࣭ㄢ㢟࣭ᨻ⟇㑅ᢥyyyyyyyyy969\DV࣭:LOOLDP(-DPHVyyyy
㈠᫆ᨻ⟇ࡢᙺ㸸➇த༠ຊyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy6HLML1D\Dyyyy
ᕤᴗࡢ⦅ᢏ⾡⛣㌿yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyᒣ⃝㐓ᖹ࣭Ώ㎶ኵyyyy
ࢪ࡛ࡢእ㈨ࠊᅜ㝿ᨭࠊḰyyyyyyyyyyyyyyy(YHO\Q0*RDQG-XQJ6RR/HHyyyy
ᡤᚓศ㓄㸸⡆༢࡞ẚ㍑᳨ウyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy+DUU\2VKLPDyyyy
➨㒊 ࢪⓎᒎ࠾ࡅࡿᅜẸᆅᇦࡢㄢ㢟
㛤Ⓨᡓ␎⏕⏘ᛶࡢẚ㍑㸸㡑ᅜྎ‴㤶 yyyyyyyyyyy:DQJ6RRQ.LP࣭+RMLQ.DQJyyyy
$6($1ㅖᅜࡢ㐩ᡂ⋡ᚋࡢㄢ㢟yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyすᕝ ₶yyyy
୰ᅜࡢᨵ㠉㛤ᨺᨻ⟇yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyᑠᓥ㯇㐓yyy
୰ᅜࡢ⤒῭≉༊yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy7LHQWXQ+VXHK࣭7RQR\:Xyyyy
ࣥࢻࡢ⏕⏘ᛶၥ㢟㛤Ⓨᡓ␎yyyyyyyyyyyyyyyyy53DQFKDPXNKL࣭.05DPSXULDyyyy
༡ࢪ㸲࢝ᅜࡢᡂ㛗㈨※ά⏝yyyyyyyyyyyyyyyyyyyyyyyyy*RGIUH\*XQDWLOHNHyyyy
࣑࣐࣮ࣕࣥࡢ⤒῭Ⓨᒎㄢ㢟yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyᶫᮏྖyyyy
ࣥࢻࢩࢼ༙ᓥᆅᇦࡢ⤒῭ໃyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyᮌᮧဴ୕㑻yyyy
ࣛࣥᅜࡢ⤒῭Ⓨᒎㄢ㢟yyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy$$=DNHU6KDKDUDNyyyy
ཧ⪃ᩥ⊩
>@,FKLPXUD6HG 7KH &KDOOHQJH RI $VLDQ 'HYHORSLQJ &RXQWULHV ̾,VVXHV DQG
$QDO\VHVࠊ$VLDQ3URGXFWLYLW\2UJDQL]DWLRQ7RN\R
iࣥࢻࢿࢩࡢᆅ᪉ศᶒᨻ⟇
ప㛤Ⓨᅜࡶᡂ㛗ࡘࢀᆅ᪉ศᶒᨻ⟇┤㠃ࡍࡿࠋᘓᅜࡣࡢᅜࡶ୰ኸ㞟ᶒࢆᚿྥࡍࡿࠋࡉ
ࡶ࡞࠸ᅜࡀࡘࡃࢀࡠࠋᅜࡶศ㞳⊂❧ࢆᙇࡍࡿᆅᇦࡀ࠶ࡾࠊᆅ᪉ศᶒࡣࢱࣈ࣮࡛࠶ࡗࡓࠋ
ࡋࡋᅜᐙࡢᇶ┙ࡀᅛࡲࡿࠊ୰ኸᨻᗓࡣࡼࡾఫẸぶษ࡞⟇ࢆᐇࡋࡓࠋᡃࠎࡣࠊ୰㒊ࢪ
ࣕ࣡ࡢ୕㒔ᕷࡢᐇែࢆㄪᰝࡋࠊ>@㘓ࠋཪᅜ㝿㆟࡛ࢪࡢᆅ᪉ศᶒᨻ⟇ࢆ᳨ウࡋࡓ
యሗ࿌ࡀ>@ࠊୡ㖟ࡢ⌧ᆅࢫࢱࢵࣇࡢࣥࢻࢿࢩࡢ⌧≧ศᯒࡀ>@࡛࠶ࡿࠋ
ཧ⪃ᩥ⊩
>@ᕷᮧ࣭ᒣୗᙲ୍ከᩘࠕᅜ㝿⎔ቃ༠ຊࢪㅖ㒔ᕷ㛫ὶࡘ࠸࡚ࠖᮾࢪ
ࡢどⅬ ᭶ྕ
>@:ROIJDQJ)DQG%HUW+RIPDQ͆0DQDJLQJ,QGRQHVLD̓V5DSLG'HFFHQWUDOL]DWLRQ
$FKLHYHPHQWVDQG&KDOOHQJHV͇LQ>@
>@,FKLPXUD6 5%DKOHGV'HFHQWUDOL]DWLRQ3ROLFLHVLQ$VLDQ
'HYHORSPHQW:66LQJDSRUH
࠶ࡀࡁ
ࡑࡢᚋࡢᅜࡢ㔠⼥ࡢΰᨻ⏺ࡢືࡣṇࠕኳୗ࡛ࠖ࠶ࡗࡓࡀࠊ᪥ᮏࢳ࣮࣒ࡢṧࡋ
ࡓேᮦࢆ୰ᚰࠊྠᵝࡢ ࢝ᖺィ⏬ࡀ⥆⾜ࡉࢀ࡚࠸ࡿ⪺ࡃࡀࠊࡑࡢ୍ᒙࡢⓎᒎᡂຌࢆ♳ࡗ࡚
ࡸࡲ࡞࠸ࠋ㸦㸧
㟁ຊศ㔝࠾ࡅࡿࣥࢻࢿࢩ࣭᪥ᮏࡢ㛗ࡁࢃࡓࡿ༠ຊ㛵ಀ
ࡑࡢᣮᡓ⥅⥆ࠊᕼᮃᮍ᮶
1DVUL6HED\DQJ
3/1 ィ⏬࣭ᢏ⾡ᢸᙜ㒊㛗㸦 ᖺ㹼 ᖺ㸧
᪂࢚ࢿࣝࢠ࣮࣭⏕ྍ⬟࢚ࢿࣝࢠ࣮ᢸᙜྲྀ⥾ᙺ㸦 ᖺ㹼 ᖺ㸧
␎Ṕ
ࢫ࣐ࢺࣛᏛ࡛ᕤᏛᏛኈྕྲྀᚓࠊ࢜ࣛࣥࢲࡢ࢚ࣛࢫ࣒ࢫᏛ࡛ಟኈྕྲྀᚓࠋ
ᖺࠊࣃࣜࢺࣁ࣭ࣥࢧࣁ࡛ࣥ᪥ᮏᕤႠࡀᐇࡍࡿỈຊⓎ㟁ᘓタࣉࣟࢪ࢙ࢡࢺ࠾ࡅࡿ
◊ಟࡢㅮᖌࡋ࡚ࠊᕤᴗ┬ࢧࣁࣥᴗ㛤Ⓨᗇࡼࡾὴ㐵ࡉࢀࡿࠋ ᖺ 3/1 ධ♫ࠋ
ᖺ㹼 ᖺ 3/1 ィ⏬࣭ᢏ⾡ᢸᙜ㒊㛗ࠊ ᖺ㹼 ᖺ᪂࢚ࢿࣝࢠ࣮࣭⏕ྍ⬟
࢚ࢿࣝࢠ࣮ᢸᙜྲྀ⥾ᙺࢆ⤒࡚ࠊ ᖺ㹼 ᖺ 3/1 ୰㒊ࢪࣕ࣡ᨭᡤ㛗ࠋ
ࠕࣝࢾࣥỈຊⓎ㟁ཬࡧ㛵㐃㏦㟁⥺ᘓタᴗ㸦 ᖺ㹼 ᖺ㸧
ࠖ
ᮏࣉࣟࢪ࢙ࢡࢺࡣࠊࢫ࣐ࢺࣛᓥࢫ࣐ࢺࣛᕞࢺࣂ†㌿ὶࡍࡿࡇ࡛ P ࡢ⥲ⴠᕪࢆ⏝ࡋࡓࣆ
࣮ࢡⓎ㟁ࢆ⾜࠸ࠊᖺ㛫Ⓨ⏕㟁ຊ㔞*:K ࢆᚓࡿὶࢀ㎸ࡳᘧỈຊⓎ㟁ᴗࠋᙜࡢࢫ࣐ࢺࣛᕞ࡛
ࡣࠊ⣙ ᖺᚋࡢࣆ࣮ࢡ࣭࣮ࣟࢻᑐࡍࡿ౪⤥ணഛ⋡ࡀࢃࡎ 㸣౪⤥వຊࡀࢇ࡞ࡃ࡞ࡿ
ࡇࡀᠱᛕࡉࢀ࡚࠸ࡓࠋࡲࡓࠊࢫ࣐ࢺࣛᕞࡢ㟁※ᵓᡂࡣ▼Ἔⅆຊࠊࢹ࣮ࢮࣝⓎ㟁ᴟ➃౫Ꮡ
ࡋ࡚࠾ࡾࠊ⬺▼Ἔᨻ⟇ࡢࡶࠊ᪩ᮇࡢỈຊⓎ㟁ࡢᘓタࡀᮃࡲࢀ࡚࠸ࡓࠋࢺࣂ†タഛᐜ㔞 0: ࡢ
ỈຊⓎ㟁ᡤ㛵㐃㏦㟁⥺ᘓタࡍࡿࡇࡼࡗ࡚ࠊࢫ࣐ࢺࣛᕞࡢᛴቑࡍࡿ㟁ຊ㟂せࡢᑐᛂࢆᅗ
ࡾࠊྠᆅᇦࡢ⤒῭Ⓨᒎཬࡧ⏕άỈ‽ࡢྥୖᐤࡋࡓࠋᮏࣉࣟࢪ࢙ࢡࢺࡣࠊ ᖺΏࡿ㛗࠸ᕤᮇ
ࢆ⤒࡚ᡂࡋࡓࡀࠊ୰࡛ࡶࠊẖศࢺࣥỈୗ࡛ࡢࢺࣥࢿࣝᕤࡣ㞴⯟ࢆᴟࡵࡓࠋᨭ⥲㢠ࡣ
ⓒࠋ
ࠕࣉࢧࣥ࢞ࣥỈຊⓎ㟁ᡤᘓタᴗ㸦 ᖺ㹼㸧
ࠖ
ᮏᴗࡣࠊࢫ࣐ࢺࣛᓥ㒊ࡢࢳ࢙ᕞࣉࢧࣥ࢞ࣥᕝୖὶࡢࢱ࣮࣡ࣝ†㏆࠾࠸࡚ࠊỈຊⓎ㟁ᡤ
㸦ࢲ࣒Ỉ㊰ᘧ࣭ィ0:㸧ཬࡧ㛵㐃㏦㓄㟁タ➼ࢆᘓタࡍࡿࡇࡼࡾࠊࢳ࢙࣭ࢫ࣐ࢺࣛ⣔
⤫ࡢ㟁ຊ㟂⤥㐕㏕ࡢ⦆ཬࡧ౪⤥ࡢᏳᐃᛶࡢᨵၿࢆᅗࡿࠋࡲࡓࠊᮏᴗࡼࡿ⤥㟁ࣥࣇࣛᩚഛ
࠸࠺ᢞ㈨⎔ቃࡢᨵၿࢆ㏻ࡌࡓࢫ࣐ࢺࣛᓥ㒊ࡢ⤒῭Ⓨᒎࠊཬࡧࢳ࢙ᕞࡢᪧ࣭⯆ᐤࡍࡿ
ྠࠊ⏕ྍ⬟࢚ࢿࣝࢠ࣮ࡢ⏝ࡼࡾࣥࢻࢿࢩࡢ⬺▼⇞ᩱᐤࡍࡿࠋᨭ㸦ᢎㅙ㸧㔠
㢠ࡣ ⓒࠋ
⫼ᬒ
ࣥࢻࢿࢩ᪥ᮏࡢᨻᗓ㛫༠ຊ㸦2'$㸧ࡼࡿࣥࢻࢿࢩࡢ⤒῭ⓎᒎࡢṔྐࡣ㛗ࡃࠊ ᖺ๓
ࡽጞࡲࡗ࡚࠸ࡿࠋࣥࢻࢿࢩࡣࠊᮾ༡ࢪㅖᅜࡢ୰࡛ࡶ᪥ᮏࡢ᭷ൾ㈨㔠༠ຊ㸦2'$ ࣮ࣟࣥ㸧ࢆ᭱
ࡶከࡃཷࡅࡓᅜࡢ୍ࡘ࡛࠶ࡿࠋࡇࡢຓ༠ຊࡣࠊࣥࢻࢿࢩࡢᨻᗓண⟬ࡀ㝈ࡽࢀ࡚࠸ࡿ୰࡛ࠊ⤒
῭ⓎᒎྍḞ࡛࠶ࡿࣥࣇࣛᩚഛࢆ㐍ࡵࡿࡇࡀ┠ⓗ࡛࠶ࡗࡓࡀࠊྠ᪥ᮏࣥࢻࢿࢩࡢ⤒
῭ཬࡧᩥ༠ຊࢆ῝ࡵࡿࡶࡢ࡛ࡶ࠶ࡗࡓࠋ
⚾ࡢ▱ࡿ㝈ࡾࠊ㟁ຊศ㔝࠾ࡅࡿ༠ຊ࡛ࡣࠊᮾࢪࣕ࣡ࡢ࢝ࣛࣥ࢝ࢸࢫỈຊⓎ㟁ᡤᘓタཬࡧ࣐࢝ࣜࣥ
ࢱࣥࡢ࣒ࣜ࢝ࢼࣥỈຊⓎ㟁ᡤᘓタࡀ ᖺࡽጞࡲࡗ࡚࠸ࡿࠋࡑࡢᚋࡶࣥࢻࢿࢩྛᆅ࡛Ỉຊ
ཬࡧⅆຊⓎ㟁ᡤࠊ㏦㟁⥺ࠊኚ㟁ᡤࠊ㓄㟁⥺ࡀᩘከࡃᘓタࡉࢀࡓࠋ
ỈຊⓎ㟁࡛ࡣࠊࢫ࣐ࢺࣛᕞࡢࢧࣁࣥ➨ỈຊⓎ㟁ᡤ㸦㟁ຊࡣࢡ࣭ࣛࢱࣥࢪࣗࣥࡢ࣑ࣝࢽ࢘
࣒⢭⦎ᡤྥࡅ㸧ࠊࢫ࣐ࢺࣛࡢࢧࣁࣥ➨୕ỈຊⓎ㟁ᡤࠊࢳ࢙ࡢࣉࢧࣥ࢞ࣥỈຊⓎ㟁ᡤࠊࢫ࣐ࢺ
ࣛࡢࢩࣃࣥࢩࣁ࣏ࣛࢫỈຊⓎ㟁ᡤࠊࢫ࣐ࢺࣛࡢࣝࢾࣥỈຊⓎ㟁ᡤࠊࣜ࢘ࡢࢥࢱࣃࣥࢪࣕࣥỈຊⓎ
㟁ᡤࠊࢫ࢙ࣛ࢘ࢩࡢࣂ࢝ࣝỈຊⓎ㟁ᡤᘓタ࡞ࡀ࠶ࡿࠋࡲࡓࠊⅆຊⓎ㟁࡛ࡣࢪࣕ࢝ࣝࢱࡢࢱࣥࢪࣗ
࣭ࣥࣉࣜ࢜ࢡⅆຊⓎ㟁ᡤࠊ༡ࢫ࣐ࢺࣛࡢࢡ࣐ࣛࢧࣥⅆຊⓎ㟁ᡤ࡞࡛ࠊ᭱㏆࡛ࡣ㉸ࠎ⮫⏺ᅽ㸦86&㸧
ᢏ⾡ࢆ⏝࠸ࡓࠊ0: つᶍࡢࣥࢻ࣐ࣛࣘⅆຊⓎ㟁ᡤᘓタィ⏬ࡀ࠶ࡿࠋᆅ⇕Ⓨ㟁࡛ࡶ࢘ࣝࣈࣝᆅ⇕
Ⓨ㟁ᡤ⥆࠸࡚ࠊࣇࣝࣛࢫᆅ⇕Ⓨ㟁ᡤཬࡧࢺࣞࣇᆅ⇕Ⓨ㟁ᡤࡀᘓタ୰࡛࠶ࡿࠋ
ᖺ௦ࠊᮾࢪࣕ࣡ࡸࣥࢻࢿࢩྛᆅ࡛ࠊ㏦㟁⥺ࠊኚ㟁ᡤࠊ㓄㟁⥺ࡢᘓタࡀጞࡲࡗࡓࠋ⌧ᅾࡶ
ᘓタ୰࡞ࡢࡣࠊ ᖺ╔ᕤࡋࡓすࢫ࣐ࢺࣛ㐃⣔㏦㟁⥺ᘓタᴗ㸦.9㸧ࠊ ᖺጞࡲࡗࡓ㧗
㟁ᅽ┤ὶ⤥㟁㸦+9'&㸧ᢏ⾡ࡼࡿࢪ࣭ࣕ࣡ࢫ࣐ࢺࣛ㐃⣔㏦㟁⥺ᴗ㸦.9㸧ཬࡧࡢ㏦㟁⥺ᴗࡀ
࠶ࡿࠋ
2'$-%,& ࡢ᭷ൾ㈨㔠༠ຊࡼࡿ㟁ຊࢩࢫࢸ࣒㛤Ⓨᴗ࡛ࡣࠊᕝୖࡽᕝୗࡲ࡛ࡢ㟁ຊࣥࣇࣛᩚഛ
ᵝࠎ࡞ᢏ⾡ࡀ⏝࠸ࡽࢀࡓࡀࠊࡑࢀࡽࡣ᭱⤊ⓗࡣᢏ⾡⛣㌿࠸࠺ᙧ࡛ࣥࢻࢿࢩࡁࡃᐤࡍ
ࡿࡶࡢ࡛࠶ࡗࡓࠋ ᖺึ㢌ࡲ࡛ࣥࢻࢿࢩࡢᅜෆᢏ⾡ຊࡣ㝈ࡽࢀ࡚࠸ࡓࡀࠊࡇࢀࡽࡢᢏ⾡⛣㌿
ࡼࡾࠊࣥࢻࢿࢩࡢ㏦㟁⥺ࠊኚ㟁ᡤࠊ㓄㟁⥺⥙ࡢᘓタᢏ⾡ࡣ㣕㌍ⓗⓎᒎࡋࡓࠋ
ㄢ㢟
ࣥࢻࢿࢩࡢ㟁ຊࣥࣇࣛᩚഛࡣࠊ⡆༢࡞ࡇ࡛ࡣ࡞࠸ࠋ㟁ຊ㟂せㄪᰝࡸࣉࣟࢪ࢙ࢡࢺࡢࣇ࣮
ࢪࣅࣜࢸㄪᰝࡽጞࡲࡾࠊḰཬࡧࢧࣈ࣮ࣟࣥࡢྜពࣉࣟࢭࢫࠊ-,&$ ࡢつᐃ๎ࡗࡓࣉࣟࢪ࢙ࢡ
ࢺࡢㄪ㐩άືࠊᘓタᕤࠊࣉࣟࢪ࢙ࢡࢺࡢ⮳ࡿࡲ࡛ࠊᵝࠎ࡞ᅔ㞴ࡸㄢ㢟┤㠃ࡍࡿࠋ
┤㠃ࡍࡿၥ㢟ࡸㄢ㢟࠸࠺ࡢࡣࠊධഃࡢ‽ഛࡸయไࠊ㛵㐃ࡍࡿἲ௧ࠊࣉࣟࢪ࢙ࢡࢺࡼࡿ♫࣭
⎔ቃᙳ㡪ࠊᅜෆࡢᢏ⾡ຊࠊࣉࣟࢪ࢙ࢡࢺࢧࢺࡢ⮬↛ࡸ≀⌮ⓗ≧ἣࠊ㟁ຊ㛤Ⓨィ⏬ಀࡿධഃࡢ⪃
࠼᪉ࡢኚ࡞࡛࠶ࡿࠋࡇࡢࡓࡵࠊࣉࣟࢪ࢙ࢡࢺࡢྛẁ㝵࠾࠸࡚ࠊࡍ࡚ࡢᙜ⪅ࠊ≉ -,&$ ഃ
ࡣࠊᙉ࠸ពᚿಙᛕࠊつᐃࡢ㐺⏝࠾ࡅࡿᚸ⪏ࡸつᚊࠊࡪࢀ࡞࠸ጼໃࡀᚲせࡉࢀࡓࠋ
᪥࠾࠸࡚ࡶ᭱ࡶ㢖⦾ࡘ῝้࡞ၥ㢟ࡣࠊ⚾᭷ᆅ࡛࠶ࢀᅜ᭷ᆅᯘᆅ࡛࠶ࢀࠊࣉࣟࢪ࢙ࢡࢺ⏝ᆅ
ࢆ☜ಖࡍࡿࡇࠊࡲࡓࠊ≉ࢲ࣒࠾ࡼࡧ㈓Ỉụࡢᘓタࢆక࠺ỈຊⓎ㟁ᡤࡢࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊᆅᇦఫ
Ẹࡢ⏕άࡸື᳜≀ࡢᙳ㡪ಀࡿࡋ࡚⎔ቃ㠃ࡽఫẸᅋయࡀᘓタィ⏬ᑐࡍࡿࡇࠊࡉࡽᕤ
ࡢጉࡆ࡞ࡿᆅᙧࡸᆅ㉁ࡼࡾ㏣ຍධࡸ㏣ຍᕤࡀⓎ⏕ࡍࡿ࠸ࡗࡓࡇ࡛࠶ࡿࠋ
࠸ࡃࡘ㔜せ࡛ᩍカ࡞ࡾ࠺ࡿྠ⚾ࡗ࡚ᛀࢀࡽࢀ࡞࠸ࢆୗグ㏙ࡓ࠸ࠋ
ࣝࢾࣥỈຊⓎ㟁ᡤ㸦0:㸧ᘓタ
ࢫ࣐ࢺࣛᕞࡢᾏᢤ ࣓࣮ࢺࣝ⨨ࡍࡿࡇࡢỈຊⓎ㟁ᡤᘓタࣉࣟࢪ࢙ࢡࢺࡣࠊࣝࢾࣥᕝࢲ
࣒ࢆᘓタࡋࠊࢲ࣒ࡢỈࢆ㛗 ࣓࣮࢟ࣟࢺࣝࡢࢺࣥࢿࣝࢆ㏻ࡌ࡚ࢪ᭱ࡢ†࡛࠶ࡿࢺࣂ†㌿
ὶࡉࡏࠊ†ᓊ࠶ࡿⓎ㟁ᡤࡢࢱ࣮ࣅࣥࢆᅇࡍ࠸࠺ࡶࡢ࡛࠶ࡿࠋ࢚ࣥࢪࢽࣜࣥࢢ㸦‽ഛᕤ㸧ࡣ
ᖺጞࡲࡾࠊ ᖺᘓタዎ⣙ࡢ⨫ྡࠊ ᖺᮏ᱁ᕤࡀ㛤ጞࡉࢀࡓࠋࣉࣟࢪ࢙ࢡࢺࡣ
ᖺࡍࡿணᐃࡔࡗࡓࡀࠊᆅ㉁ࡢ≧ែࡀᝏࡃࠊᑟỈ㊰ࢺࣥࢿࣝࡢ᥀๐ᕤࡀ ᖺ୍Ṇࡍ
ࡿ࠸࠺≧ἣ㝗ࡗࡓࠋࢺࣥࢿࣝ᥀๐ᶵ㸦7%0㸧ࡼࡿ┤ᚄ ࣓࣮ࢺࣝࡢᑟỈ㊰ࢺࣥࢿࣝࡢ᥀๐ࡣࠊ
᭶㐍 ࣓࣮ࢺࣝࡢணᐃ࡛࠶ࡗࡓࠋࡋࡋࠊᕤࢆ㐍ࡵࡿ୰࡛ࠊᗄࡘࡢሙᡤ㸦ࢺࣥࢿࣝయࡢ 㸣
๓ᚋ㸧࡛ᆅ㉁ࡢ≧ែࡀ㠀ᖖᝏ࠸ࡇࡀࢃࡗࡓࠋࡋࡶẖ⛊ ࣜࢵࢺࣝࡢỈࡀࢺࣥࢿࣝὶࢀ
㎸ࡳࠊỈࡀ ࢭࣥࢳࡶ㐩ࡋࠊࡲࡿ࡛ᑠᕝࡢࡼ࠺ὶࢀࡓࠋ
ᖺึࡵࠊᅜ㝿ⓗ࡞ᑓ㛛ᐙࢥࣥࢧࣝࢱࣥࢺࡢᨭ࡛యࡢホ౯ࡀ⾜ࢃࢀࠊၥ㢟ゎỴࡢࡓࡵ
ࡸࡽ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ලయⓗ࡞࣓࣮ࢪࡀᥗࡵࡿࡼ࠺࡞ࡗࡓࠋၥ㢟ࡣࠊḰᮇ㛫ࡀ᪤⤊ࢃࡗ࡚࠸
࡚ࠊ3/1 ⤒Ⴀ㝕ࠊࣥࢻࢿࢩᨻᗓࠊ-,&$ ⮬㌟ࡶࡇࡢࣉࣟࢪ࢙ࢡࢺࢆ⥆ࡅࡿࡇࡀ࡛ࡁࡿᛕࢆᣢ
ࡕጞࡵ࡚࠸ࡓࡇ࡛࠶ࡿࠋࡲࡋ࡚ࠊ ᖺ㛫ࡢḰࡢᘏ㛗ࡀᚲせ࡛ࠊࡇࢀࡣ๓ࡀ࡞ࡗࡓࠋࡲࡓࠊࡇ
ࡢࣉࣟࢪ࢙ࢡࢺࢆࡉࡏࡿ࠺࠼࡛ࡢࣜࢫࢡ㈝⏝ࡘ࠸࡚ࡢࡼ࠺ุ᩿ࡍࡿ࠸࠺ၥ㢟ࡀ࠶ࡗ
ࡓࠋ
సᡂࡋࡓᐇィ⏬ࢆᐇ㊶ࡍࡿࡣࠊ㛗ࡃࠊᾘ⪖ࡋࠊከࡃࡢ③ࡳࢆక࠺ࣉࣟࢭࢫࡀᚲせࡔࡗࡓࠋ3/1
⤒Ⴀ㝕ࡸࣥࢻࢿࢩᨻᗓࠊ-,&$ ᑐࡋ࡚ࠊィ⏬ࡀᐇྍ⬟࡛ࠊ࠺ࡲࡃ࠸ࡃࡇࠊࡑࡋ࡚ࡑࡢࡓࡵ
ᖺ㛫ࡢḰࡢᘏ㛗ࡀᚲせ࡛࠶ࡿࡇࢆㄝ᫂ࡋࠊㄝᚓࡋࡓࠋᙜึࡣࡍ࡚ࡢᙜ⪅ࡀⓗࡔࡗࡓ
ࡀࠊ3/1 ⤒Ⴀ㝕ᨻᗓࡣ %$33(1$6㸦ᅜᐙ㛤Ⓨィ⏬ᗇ㸧ࢆ㏻ࡌ࡚ㄝᚓ࡛ࡁࡓࠋ-,&$ ࡣ⌧ᆅㄪᰝࢳ࣮࣒
ࢆὴ㐵ࡋࠊࣉࣟࢪ࢙ࢡࢺࡢ≧ἣᐇィ⏬ࡘ࠸࡚ࡼࡾ᫂☜࡞࣓࣮ࢪࢆᥗࡶ࠺ࡋࡓࠋ
᭱⤊ⓗࠊ-,&$ ࡣᥦࡋࡓ࡚ࡢࣉࣟࢢ࣒ࣛࢆᢎㄆࡋࡓࠋࡇࢀࡣ⌧ሙࡢ≧ἣࢆ⮬ࡽぢ࡚ࠊࡲࡓࢺ
ࣥࢿࣝධࡗࡓ⤒㦂ࡽࣉࣟࢪ࢙ࢡࢺᐇ⪅ࡢࣉࣟࢪ࢙ࢡࢺࢆࡉࡏࡿᙉ࠸ពᚿࠊ┿ࡉࠊຬẼࢆ
ࡑࡢ┠࡛☜ㄆࡋࡓࡽࡔࢁ࠺ᛮ࠺ࠋ
ィ⏬࠾ࡾࣉࣟࢪ࢙ࢡࢺࡣࡋࠊࣉࣟࢪ࢙ࢡࢺ㈝⏝ࡣḰዎ⣙ࡢ⠊ᅖෆࡲࡗࡓࠋࡇࡢỈ
ຊⓎ㟁ᡤࡣ ᖺᮎⓎ㟁ࢆ㛤ጞࡋࠊ⌧ᅾࡲ࡛㡰ㄪࢫ࣐ࢺࣛࡢேࠎࡢࡓࡵ㟁ຊࢆ౪⤥ࡋ࡚࠸ࡿࠋ
ࣉࢧࣥ࢞ࣥ➨୍࣭➨ỈຊⓎ㟁ᡤᴗ㸦0:㸧
ࡇࡢࣉࣟࢪ࢙ࢡࢺࡣࠊᾏᢤ ࣓࣮ࢺࣝ⨨ࡍࡿࢳ࢙ᕞ୰㒊ࢳ࢙┴࡛ࠊࡘࡢỈຊⓎ㟁ᡤ
ࢆᘓタࡍࡿࡶࡢ࡛࠶ࡿࠋ
࡛࠶ࡿࠋᕤᴗ⪅ࡣ⌧ሙධࡿࡢࢆ㌋㌉ࡋࠊ᪥ᮏᨻᗓࡶチྍࡋ࡞ࡗࡓࠋ ᖺࡣ≧ἣࡀዲ㌿ࡍ
ࡿࡇࡀᮇᚅࡉࢀࡓࡀࠊᝏࡍࡿࡤࡾࡔࡗࡓࠋ ᖺࣉࣟࢪ࢙ࢡࢺࡣ୍୰Ṇ࡞ࡗࡓࠋ
⌧ᅾࠊࣉࢧࣥ࢞ࣥ➨୍࣭➨ỈຊⓎ㟁ᡤࡢᘓタࡣᛴࣆࢵࢳ࡛㐍ࡵࡽࢀࠊ ᖺࡢ㐠㌿㛤ጞࡀᮇᚅ
ࡉࢀ࡚࠸ࡿࠋ
ࡶูࡢၥ㢟┤㠃ࡋࡓࢆ࠶ࡆࡿࡇࡀ࡛ࡁࡿࡀࠊᅇࡣࡇࡢ ࡘࡢࡵ࡚࠾ࡁࡓ࠸ࠋ
⤒㦂ࡽᚓࡓࡇ
ୖグࡢ ࡸࡢࣉࣟࢪ࢙ࢡࢺࡢ⤒㦂ࢆ㏻ࡌ࡚ᚓࡽࢀࡓ㈗㔜࡞ࡇࡣࠊ௨ୗࡢⅬ࡛࠶ࡿࠋ
Ͳ -,&$ ࡣࣥࢻࢿࢩࡢ㟁ຊ㛤Ⓨࢆ୍㈏ࡋ࡚ᨭࡋ࡚࠸ࡿࠋ
Ͳ -,&$ ࡣࣉࣟࢪ࢙ࢡࢺࡀከࡃࡢၥ㢟┤㠃ࡋࠊ㐜ᘏࡀ⏕ࡌࠊṆࡋ࡚ࡶḰᑐࡋ࡚ᙉ࠸ࢥ࣑ࢵ
ࢺ࣓ࣥࢺࢆ⥔ᣢࡋࠊࣉࣟࢪ࢙ࢡࢺࡢࡲ࡛ᨭࢆ⥆ࡅࡿࠋ
Ͳ -,&$ ࡢ㈨㔠ࡼࡿࣉࣟࢪ࢙ࢡࢺࡣࠊබṇ࡞᮲௳ࡢࡶࠊࣥࢻࢿࢩࢆྵࡴࡢᅜࡢᘓタᴗ
⪅ࡶཧຍࡀྍ⬟࡛࠶ࡿࠋ
Ͳ -,&$ ࡢḰࡼࡿࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊᢏ⾡⛣㌿ࡶ㡰ㄪ㐍ࢇࡔࠋ
Ͳ ࣉࣟࢪ࢙ࢡࢺࡢᡂຌࡣࠊ㐺ṇ࡞ィ⏬ࠊࡍ࡚ࡢ㛵ಀ⪅ࡢࡺࡿࡂ࡞࠸ពᚿࠊពḧࠊຬẼࠊ᰿Ẽࠊ
୍㈏ᛶࠊࡑࡋ࡚㛵ಀ⪅ྠኈࡢⰋዲ࡞༠ຊࡀᚲせࡉࢀࡿࠋ
ᚋࡢᮇᚅ
ࣥࢻࢿࢩࡢ㟁ຊࣥࣇࣛᩚഛࡢᚲせᛶࡣᚋࡶࡁࡃࠊከ㢠ࡢ㈨㔠ࡀᚲせ࡛࠶ࡿࠋ⤒῭Ⓨᒎࡢ
ࡓࡵࡣࠊᚋ ᖺ㛫࡛ 㹼*: ࡢ᪂つ㟁※㛤Ⓨࠊᩘከࡃࡢ㏦㟁⥺࣭㓄㟁⥺ࡀᚲせࡉࢀ࡚࠸ࡿࠋ
ࡑࡢࡓࡵࡣࠊ-,&$ ࡢࡼ࠺࡞ࠊ⤒㦂㇏ᐩ࡛ࠊ୍㈏ᛶつᚊࡀ࠶ࡾࠊᘓタࢆᡂࡋ㐙ࡆࡿᙉ࠸ពᚿࡀ࠶
ࡾࠊࡋࡋࠊḰつ⣙ࡢᐇࡸ౪࠾࠸࡚ᰂ㌾ᛶࡀ࠶ࡿ㈚ᡭࡀᚲせ࡛࠶ࡿࠋ
ࣥࢻࢿࢩ᪥ᮏࡢ༠ຊ㸸ᆅ㉁ᗇᆅୗ㈨※࣭㖔≀࣭ᆅ⇕ᒁ㸦36'0%3㸧
࠾ࡅࡿᆅ⇕ࡢᑓ㛛⬟ຊཬࡧࢹ࣮ࢱࡢ㉁ࡢྥୖࡢࡓࡵࡢྲྀࡾ⤌ࡳ
$ULI0XQDQGDU
࢚ࢿࣝࢠ࣮㖔≀㈨※┬ᆅ㉁ᗇᆅୗ㈨※㖔≀ᆅ⇕ᒁ ᆅ⇕㒊㛛㛗
␎Ṕ
ᖺ⏕ࡲࢀࠋᆅ㉁ᏛᏛኈྕྲྀᚓࠋ ᖺࠊᮾࢾࢧ࣭ࢺࣥ࢞ࣛᕞࣇ࣮ࣟࣞࢫᓥࣥ
࢞ࢲ┴࣐ࢱࣟࢥ࠾ࡅࡿᑠつᶍᆅ⇕㛤Ⓨࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊᆅ⾲ㄪᰝ㸦ᆅ㉁ࠊᆅ
Ꮫࠊ≀⌮᥈ᰝ㸧ཬࡧ᥈ᰝ᥀๐άືࢆᢸᙜࠋ⌧ᅾࠊࣂࣥࢻࣥ࠶ࡿᆅ㉁ᗇᆅୗ㈨※㖔≀
ᆅ⇕ᒁᆅ⇕㒊㛛㛗ࠋ
ࠕᆅ⇕㛤Ⓨᢏ⾡ຊྥୖᨭࣉࣟࢪ࢙ࢡࢺࠖ
ᮏࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊࣥࢻࢿࢩ࠾࠸࡚ࠊᆅ⇕㛵㐃ᨻ⟇ࡢぢ┤ࡋࠊヨ᥀ࣇࣥࢻࡢᣢ⥆ⓗ࡞㐠
Ⴀࠊᆅ⇕㈨※᥈ᰝ⬟ຊࡢྥୖᨭࢆ⾜࠺ࡇࡼࡾࠊẸ㛫ࡼࡿᆅ⇕㛤Ⓨࢫ࣮࣒࢟ࡢᐇ⌧ྍ⬟ᛶࢆ
㧗ࡵࠊࣥࢻࢿࢩࡢ୰࣭㛗ᮇⓗ࡞ᆅ⇕㛤Ⓨࡢಁ㐍ᐤࡍࡿࡇࢆ┠ⓗᐇࡉࢀࡓࠋᢏ⾡༠ຊ
ࡢᑐ㇟ࡣࠊ࢚ࢿࣝࢠ࣮㖔≀㈨※┬ചୗࡢᆅୗ㈨※࣭㖔≀࣭ᆅ⇕ᒁ㸦36'0%3ࡀᣦᐃࡉࢀࠊྠᒁࡼ
ࡿᆅ⾲᥈ᰝ⬟ຊྥୖ㈨※㈿Ꮡ☜ㄆㄪᰝࢆ┠ⓗࡋࡓάື࡛ࡣࠊ᥈ᰝάືᚲせ࡞ከࡃࡢ ᐃᶵჾ
ࡸ᥈ᰝᢏ⾡ࡀᑟධࡉࢀࡓࠋ
ࠕᆅ⇕㛤Ⓨ࠾ࡅࡿ୰㛗ᮇⓗ࡞ಁ㐍ไᗘタィᨭࣉࣟࢪ࢙ࢡࢺࠖ
ᮏࣉࣟࢪ࢙ࢡࢺ࡛ࡣࠊᘬࡁ⥆ࡁࠊ36'0%3 ᑐࡋࠊᐇ㝿ࡢ᥈ᰝᡞ㸦ࢳࣕࣥࢻࣛࢹ࣒࢝㸧ࢆᑐ㇟
ࠊ㈨※ㄪᰝ㸦ᆅ⾲᥈ᰝ㸧ࠊヨ᥀ㄪᰝ㸦ࢱ࣮ࢤࢵࢸࣥࢢࠊ᥀๐ࠊ᳨ᒙࠊ᳨ᰝ㸧ࠊ⤫ྜⓗ࡞ゎ
㔘࣭ࣔࢹࣜࣥࢢ࣭㈨※࣏ࢸࣥࢩࣕࣝホ౯㛵ࡍࡿᢏ⾡⛣㌿ࢆᐇࡋࠊ᪂つ㛤Ⓨ㖔༊ࡢ᥈ᰝ⬟ຊྥୖ
ࢆヨࡳࡿࠊࠕヨ᥀ࣇࣥࢻ㸦3,63㸧ࠖࡢ㐠⏝ᙉࡢࡓࡵࡢྛ✀᳨ウ࣭ຓゝࢆᥦ౪ࡋ࡚࠸ࡿࠋ
ࣥࢻࢿࢩࡣ㇏࡞ᆅ⇕㈨※ᜨࡲࢀ࡚࠸ࡿࡀࠊࡇࡑࠊࡇࡢ㇏ࡉࢆாཷࡍࡿ࡛࠶ࡿࠋᆅ⇕
㛤Ⓨࢆ㜼ᐖࡋ࡚࠸ࡿせᅉࡣᩘከࡃ࠶ࡿࡀࠊࡑࡢࡦࡘࡣࠊᆅ⇕㈨※ㄪᰝሗࡀ㊊ࡋ࡚࠸ࡿࡓࡵࠊ
ࢹ࣮ࢱᑐࡍࡿಙ㢗ᛶࡀపࡃࠊ㛤Ⓨࣜࢫࢡࡀ㧗࠸ࡇ࡛࠶ࡿࠋ
ᆅ⇕㈨※ㄪᰝሗࡀ㊊ࡋ࡚࠸ࡿཎᅉࡣࠊᆅ⇕ศ㔝ࡢᑓ㛛ᐙ㊊ࠊㄪᰝᶵᮦࡸ᥀๐ᶵ㊊ࠊࡑࡋ࡚
ᆅ⇕᥈ᰝάືࢆ⾜࠺ࡓࡵࡢ㈨㔠㊊ࡼࡿࡶࡢ࡛࠶ࡿࠋ
ࡑࡢ୰࡛ᾏእࠊ≉᪥ᮏࡢ༠ຊࡣࠊࣥࢻࢿࢩࡢᆅ⇕㛤Ⓨ࠾ࡅࡿၥ㢟ࢆゎỴࡍࡿୖ࡛㠀ᖖ
㐺ษ࡛᭷ຠ࡞᪉ἲࡢࡦࡘ࡞ࡗ࡚࠸ࡿࠋᆅ⇕᥈ᰝ࠾ࡅࡿࣥࢻࢿࢩ᪥ᮏࡢ༠ຊ㛵ಀࡣࡍ࡛
㛗ࡃࠊᅜ❧◊✲㛤Ⓨἲே᪂࢚ࢿࣝࢠ࣮࣭⏘ᴗᢏ⾡⥲ྜ㛤Ⓨᶵᵓ㸦1('2㸧ཬࡧ -,&$ ࢆ㏻ࡌ࡚ ᖺ௦
ࡽ⠏ࢀ࡚ࡁࡓࠋࡇࡢ༠ຊࡼࡾࠊ᪥ᮏࡢᆅ⇕ᑓ㛛ᐙࡽ࢚ࢿࣝࢠ࣮㖔≀㈨※┬ᆅ㉁ᗇᆅୗ㈨※࣭
㖔≀࣭ᆅ⇕ᒁ㸦36'0%3㸧⫋ဨࡢ▱㆑࣭ᢏ⾡ࡢ⛣㌿ࠊㄪᰝཬࡧᆅ⇕᥀๐⏝ᶵᮦࡢ↓ൾ౪ࡀ⾜ࢃࢀࡓࠋ
ࡇࡢࡇࡣࠊ36'0%3 ࡀࡼࡾᐇࡋࡓࠊ㉁ࡢ㧗࠸ᆅ⇕㈨※ㄪᰝሗࢆᥦ౪ࡍࡿࡓࡵ⾜࠺ᆅ⇕᥈ᰝάື
࠸㈨ࡍࡿࡶࡢ࡛࠶ࡗࡓࠋ
ᆅ⇕㛤Ⓨᴗ⪅ࡸᢞ㈨ᐙࡓࡕࡣࠊࡋࡤࡋࡤᆅ⇕㈨※ㄪᰝሗࡢ㔞ⓗ㉁ⓗ࡞㊊‶ࢆࡶࡽࡋ࡚࠸ࡿࠋ
ᆅ⇕㛤ⓎࡢࡓࡵⳘ࡞㈨㔠ࢆᢞ㈨ࡍࡿᙼࡽࡗ࡚ࡣᙜ↛ࡢࡇ࡛࠶ࡿࠋࡾࢃࡅࠊ᥀๐ࡢẁ㝵࡛
ࡣከ㢠ࡢ㈝⏝ࢆせࡍࡿࡶࢃࡽࡎࠊኻᩋࡍࡿࣜࢫࢡࡀ㧗࠸࡞ࡿ࡞࠾ࡉࡽࡔࠋࣥࢻࢿࢩᨻ
ᗓࡶᆅ⇕㛤Ⓨࡢண⟬ࡸேᮦ㊊ࢆㄆ㆑ࡋ࡚࠾ࡾࠊ ᖺ௦ࡽࠊᆅ⇕㛤Ⓨ㛵ࡋ࡚㧗࠸ᑓ㛛ᛶ㇏
࡞⤒㦂ࢆ᭷ࡍࡿ᪥ᮏᨻᗓࠊᆅ⇕᥈ᰝศ㔝࡛༠ຊ㛵ಀࢆ⠏࠸࡚ࡁࡓࠋࡑࡋ࡚ࡑࡢ༠ຊ㛵ಀࡣࠊ⌧ᅾࡲ
࡛⥭ᐦ࡛Ⰻዲ࡞ࡶࡢ࡞ࡗ࡚࠸ࡿࠋ
ࢹ࣮ࢱࡢゎ㔘ࠊᆅᏛࣔࢹࣜࣥࢢࢆ᪥ᮏࡢᆅ⇕ᑓ㛛ᐙࡽᩍ࠼࡚ࡶࡽࡗࡓࠋࡉࡽ≀⌮᥈ᰝ࡛ࡣࠊ㔜
ຊ ᐃࠊᆅ☢Ẽᆅ㟁ὶἲ㸦07㸧ࠊࢹ࣮ࢱຍᕤ࣭⟶⌮ࠊࡑࡋ࡚ᆅ⌫≀⌮Ꮫⓗ࡞ゎ㔘ࡸࣔࢹࣜࣥࢢ㛵ࡍ
ࡿ▱㆑ࢆ༑ศᚓࡿࡇࡀ࡛ࡁࡓࠋࡑࡢᚋࠊࡼࡾ㉁ࡢ㧗࠸ㄪᰝᆅᇦࡢᆅ⇕ࣔࢹࣝࢆసᡂࡍࡿࡓࡵࠊ
᪤Ꮡࡢᵝࠎ࡞㈨※ㄪᰝࢹ࣮ࢱࡽ⥲ྜⓗ࡞ゎ㔘ࢆ⾜ࡗࡓࠋࡲࡓ᥀๐ࡘ࠸࡚ࡣࠊ⇕໙㓄᥀๐᥈ᰝ᥀
๐ࡢ⌮ㄽ㛵ࡍࡿᗙᏛ◊ಟࢆከࡃཷࡅࡓࠋࡑࡢ⤖ᯝࠊ⇕໙㓄᥀๐ࡘ࠸࡚ࡣࠊ⌮ㄽⓗࡶᐇ㊶ⓗࡶ
⌧ሙ࠾࠸࡚ၥ㢟࡞ࡃᐇࡍࡿࡇࡀ࡛ࡁࡓࡀࠊࡑࡢ୍᪉࡛᥈ᰝ᥀๐ࡘ࠸࡚ࡣࠊண⟬ࡀ༑ศ࡞
ࡗࡓࡓࡵࠊ⌧ሙ࡛ࡢᐇ㊶ࡣᮍࡔ⾜ࡗ࡚࠸࡞࠸ࠋィ⏬࡛ࡣࠊᮏࣉࣟࢪ࢙ࢡࢺࡢ୍⎔ࡋ࡚ࠊ ᖺ ᭶
ࡢ୰᪪࣐ࢱࣟࢥࡢ⌧ሙ࠾࠸࡚ᆙヨ㦂㛵ࡍࡿ◊ಟࡀᐇࡉࢀࡿணᐃ࡛࠶ࡿࠋᆅ⇕㛵ࡍࡿ▱㆑
௨እࡶࠊ36'0%3 ࡣࠊ࣮ࣜࣔࢺࢭࣥࢩࣥࢢࠊ07ࠊỈྠయࢼࣛࢨ࣮ࠊ⇕໙㓄᥀๐ࡢࢹ࣮ࢱຍᕤ⏝
ࢯࣇࢺ࢙࢘➼ࡢㄪᰝᶵჾࡢ↓ൾ౪ࢆཷࡅࡓࠋ ᖺࡣࠊ᪥ᮏᨻᗓࡣ 376㸦3UHVVXUH
7HPSHUDWXUH6SLQQHU㸧᳨ᒙᶵࢆ 36'0%3 ౪ࡍࡿணᐃ࡛࠶ࡿࠋ
x ⾨ᫍ⏬ീࢹ࣮ࢱࡢຍᕤ㛵ࡍࡿ⬟ຊࡘ࠸࡚ࡣᙜึࠊࢹ࣮ࢱෆ࠶ࡿἼ㛗ᖏ㸦EDQG㸧ࢆ⤌ࡳ
ྜࢃࡏࡿࡇࡋ࡛ࡁ࡞ࡗࡓࡀࠊ⌧ᅾ࡛ࡣ⾲㠃 ᗘࡢศᕸࢆྠᐃࡍࡿࡓࡵࡢゎᯒࡶྲྀࡾ
⤌ࡵࡿࡼ࠺࡞ࡗࡓࠋࡇࡢゎᯒ᪉ἲࡣᆅ⇕᥈ᰝάື࠾࠸࡚ࡁࢃࡵ࡚᭷ຠ࡛ຠᯝⓗ࡛࠶ࡿࠋ
⌧ሙ࡛ᆅ⾲ㄪᰝࢆ⾜࠺๓࣮ࣜࣔࢺࢭࣥࢩࣥࢢࢹ࣮ࢱࡢศᯒࢆ⾜࠺ࡔࡅ࡛༑ศࡔࡽࡔࠋࡇ
ࡢ᪉ἲࡼࡗ࡚⌧ሙ࡛ࡢㄪᰝࡀࡼࡾຠ⋡ࡼࡃ⾜࠼ࡿࡼ࠺࡞ࡿࠋ36'0%3 ᆅ⇕ㄪᰝࢳ࣮࣒࡛ࡣࠊ
ࡇࡢᡭἲࢆ⌧ሙㄪᰝ࡛ᑟධࡋጞࡵ࡚࠸ࡿࠋ
x ࠕURFNGDWLQJࠖࡲࡓࡣᒾ▼ࡢᖺ㱋 ᐃసᴗࡣࠊࡇࢀࡲ࡛እ㒊ࡢᶵ㛵ࡀ⾜ࡗ࡚࠸ࡓࡀࠊ ᖺ
ࡽࡣ 36'0%3 ◊✲ᡤෆ࡛⇕࣑ࣝࢿࢭࣥࢫ㸦7/㸧ἲࢆ⏝࠸࡚ヨ㦂ⓗ⾜ࢃࢀࡿࡼ࠺࡞ࡗࡓࠋ
ࡇࢀࡣ ᖺࣥࢻࢿࢩ᪥ᮏࡢᢏ⾡༠ຊࡋ࡚ࠊ᪥ᮏᨻᗓࡽ⇕࣑ࣝࢿࢭࣥࢫ⥺㔞ィ
ࡀ㉗ࡽࢀࡓ࠾ࡆ࡛࠶ࡿࠋࡲࡓࠊࡇࡢ⥺㔞ィࡢ㉗ࡢࠊᙜヱ⥺㔞ィࡢ࠸᪉㛵ࡍࡿ▷
ᮇ◊ಟࡀ᪥ᮏࡢᑓ㛛ᐙࡸᐇົ⪅ࡼࡗ࡚ᐇࡉࢀࠊࣥࢻࢿࢩഃ▱㆑ࡢ⛣㌿ࡀ⾜ࢃࢀࡓࠋ
ࡉࡽࠊࠕ㛫᥋ⓗ⏝ࡢࡓࡵࡢᆅ⇕࣮࣡࢟ࣥࢢ࢚ࣜ㛵ࡍࡿ ᖺ࢚ࢿࣝࢠ࣮㖔≀㈨※
⮧つ๎➨ ྕࠖࡢ୰࡛ࠊ๓ㄪᰝ⤖ᯝࡢ᮲௳ࡢ୍ࡘᒾ▼ࡢᖺ௦ ᐃࢹ࣮ࢱࢆ࠶ࡆ࡚࠸ࡿࡇ
ࡽࠊ7/ ⥺㔞ィࡢ㉗ࡣࠊࡇࡢ⮧つ๎ࡢᐇຠᛶࢆ㧗ࡵࡿୖ࡛ᴟࡵ࡚㔜せ࡛࠶ࡿࠋ
x ≀⌮᥈ᰝ㛵ࡍࡿᨭࡋ࡚ࡣࠊᆅ☢Ẽᆅ㟁ὶἲ㸦07㸧ࡀ୰ᚰ࡛ࠊࡑࡢᶵჾࡢ㉗ࡑࢀ
㛵ࡍࡿ㞟୰◊ಟࡀ⾜ࢃࢀࡓࠋࡑࡢ⤖ᯝࠊ≀⌮᥈ᰝ࡛ࡣ⢭ᗘࡢ㧗࠸ࢹ࣮ࢱࡀᚓࡽࢀࡿࡼ࠺࡞
ࡗࡓࠋ07 ᐃࢹ࣮ࢱࡢຍᕤࢆࡿࠊ᪥ᮏேᑓ㛛ᐙࡽ᭱᪂ࡘ㔜せ࡞▱㆑ࢆᏛࢇࡔ
36'0%3 ⫋ဨࡀࠊ࡛ࡣ 07 ᐃࢹ࣮ࢱࡢ ' ኚࣔࢹࣝࢆฎ⌮ࡍࡿࡇࡀ࡛ࡁࡿࡼ࠺࡞ࡗ࡚
࠸ࡿ㸦௨๓ࡣ ' ฎ⌮ࡋ࡞ࡉࢀ࡚࠸࡞ࡗࡓ㸧ࠋ
ࣥࢻࢿࢩ᪥ᮏࡢ༠ຊࡣࠊయࡋ࡚㛗ࡁࢃࡓࡾⰋ࠸㛵ಀࡀ⥆࠸࡚࠸ࡿࠋࡇࡢ༠ຊ㛵ಀࡣ
ࣥࢻࢿࢩࡗ࡚ࠊࡍ࡞ࢃࡕᆅ㉁ᗇ 36'0%3 ࡀᆅ⇕ศ㔝࠾ࡅࡿㄪᰝࢆ⾜࠺ୖ࡛ࠊࡁࢃࡵ࡚᭷ព⩏
࡞ࡶࡢ࡛࠶ࡿࠋ༠ຊάືࡼࡗ࡚ࢹ࣮ࢱࡢ⢭ᗘࡀ㧗ࡲࡿࡇࡣࠊᢞ㈨ᐙࡓࡕࣥࢻࢿࢩࡢᆅ⇕࣡
࣮࢟ࣥࢢ࢚ࣜࡢධᮐࡢཧຍࢆಁࡋࠊࡦ࠸࡚ࡣࣥࢻࢿࢩࡢᆅ⇕㛤Ⓨࡢಁ㐍ࡘ࡞ࡀࡗ࡚࠸ࡿࠋ
ࡲࡓࠊᶵᮦࢆ౪ࡉࢀࡓࡇ࡛ࠊᆅ㉁ᗇ 36'0%3 ࡣ᭱᪂ࣔࢹࣝࡢᆅ⇕ㄪᰝᶵᮦࢆഛࡍࡿࡼ࠺࡞ࡾࠊ
ࡢᆅ⇕ศ㔝ࢆᢸᙜࡍࡿ⾜ᨻᶵ㛵ẚࡿࠊᆅ㉁ᗇ 36'0%3 ࡀࡶࡗࡶ㐍ࢇ࡛࠸ࡿࠋ
ࣥࢻࢿࢩࡢ୰ᑠᴗ⯆࠾ࡅࡿ
ࣥࢻࢿࢩ㸫᪥ᮏࡢ༠ຊ
*DWL:LEDZDQLQJVLK
ᕤᴗ┬୰ᑠᴗ⥲ᒁ㛗
␎Ṕ
⧄⥔ᢏ⾡ᏛᏛኈྕ㸦Ꮫ㸧ࠊࣦࣥࢲ࣮ࣅࣝࢺᏛಟኈྕ㸦⤒῭㸧ྲྀᚓࠋᏛ࣭⾰
㢮࣭㞧ရ࣭Ẹⱁရ୰ᑠ⏘ᴗᒁ㛗ࠊ㧗ᗘᢏ⾡ඛ㐍⏘ᴗ⥲ᒁົᒁ㛗ࢆ⤒࡚ࠊ⌧ᅾࡣᕤᴗ
┬୰ᑠᴗ⥲ᒁ㛗ࠋ᪥ᮏࡢ༠ຊ࡛ࡣࢧ࣮ࣅࢫࡢྥୖࢆ㏻ࡌࡓ୰ᑠᴗ⫱ᡂࣉࣟࢪ࢙
ࢡࢺࠊ-(752 ࡢ୍ᮧ୍ရ㐠ືࡼࡿ୰ᑠᴗ⯆㛵ࡍࡿ➼ࠊࣥࢻࢿࢩࡢ୰ᑠ
ᴗࡢⓎᒎ㈉⊩ࡋ࡚ࡁࡓࠋ
ࠕ୰ᑠᴗ࣭〈㔝⏘ᴗ⯆ᨭࠖ
᪥ᮏࡣ ᖺ ᭶ࠊࣥࢻࢿࢩᨻᗓᑐࡋࠊໟᣓⓗ࡞୰ᑠᴗᨻ⟇ࡢᥦゝ㸦࠸ࢃࡺࡿࠕᾆ⏣
࣏࣮ࣞࢺࠖ㸧ࢆᥦฟࡋ࡚௨᮶ࠊ-,&$ ࢆ୰ᚰ⏘ᴗ➇தຊࡢᙉ୰ᑠᴗ࣭〈㔝⏘ᴗࡢάᛶࢆ
ᐇ⌧ࡍࡿࡓࡵࡢᨭࢆᐇࡋ࡚ࡁࡓࠋࡲࡓࠊ୰ᑠᴗ࣭〈㔝⏘ᴗ⯆ᨭࡘ࠸࡚ࡣࠊ-(752 ࡢᙺ
ࡶࡁࡃࠊࣥࢻࢿࢩၟᕤ㆟ᡤࡢᑓ㛛ᐙὴ㐵ࢆ㏻ࡌࠊẸ㛫ࢭࢡࢱ࣮ࢆᕳࡁ㎸ࡴᙧ࡛ࡢᨻ⟇
ᥦゝ⬟ຊᙉࡸࣥࢻࢿࢩ∧୍ᮧ୍ရࣉ࣮ࣟࢳࡢᬑཬࢆᨭࡋ࡚ࡁࡓࠋ
ࣥࢻࢿࢩ࡛ࡣ୰ᑠᴗࡢᏑᅾࡣ㠀ᖖ㔜せ࡛࠶ࡿࠋࡑࢀࡣ࠸ࡃࡘ⌮⏤ࡀ࠶ࡿࡀࠊ࡞࡛ࡶ
㞠⏝ࢆ⏕ࡳฟࡍ࣏ࢸࣥࢩࣕࣝࡀ࠶ࡿࡇࠊ㐀ⓗ࣭㠉᪂ⓗ࡞〇ရࡢ㍺ฟࢆ㏻ࡌࠊእ㈌‽ഛ㧗ࡢቑຍ
㈉⊩ࡍࡿࡽ࡛࠶ࡿࠋ୰ᑠᴗࡢᏑᅾࡣࡲࡓࠊࡑࡢ〇ရࡢ㒊ศࡀࠊ≉పᡤᚓ⪅ᒙࡗ࡚㍺ධ
ရࡢ௦᭰ရ࡞ࡾᚓࡿ〇ရ࡛࠶ࡿⅬ࡛ࡶ㔜せ࡛࠶ࡿࠋࡑࡢࠊ୰ᑠᴗࡣᴗ〇ရࢆ౪⤥ࡍࡿ〈
㔝⏘ᴗࡶ࡞ࡿࠋ
ࡶࡕࢁࢇࠊᨻᗓ༢⊂࡛ࡣ୰ᑠᴗࢆ⫱ᡂࡋࠊⓎᒎࡉࡏࡿࡇࡣ࡛ࡁࡎࠊᏛ࣭⏘ᴗ⏺࣭ࢥ࣑ࣗࢽࢸ
࠸ࡗࡓ࠶ࡽࡺࡿᐖ㛵ಀ⪅ࡢᨭࡀᚲせ࡛࠶ࡾࠊዲᅜࡢ༠ຊࡶ⪃࠼ࡽ࠼ࡿࠋᕤᴗ┬୰ᑠᴗ
⥲ᒁࡣࠊ୰ᑠᴗ⫱ᡂࢆᢸ࠺ᶵ㛵ࡋ࡚ࠊዲᅜࡢ༠ຊࢆ㏻ࡌ࡚ࠊᵝࠎ࡞୰ᑠᴗ⯆ྲྀࡾ⤌ࢇ
࡛ࡁࡓࠋࡑ࠺ࡋࡓዲᅜࡢ୍ࡘࡀ᪥ᮏ࡛࠶ࡿࠋ
᪥ᮏ㛵ࡋ࡚ࡣࠊࡑࡢᅜẸᛶࡸᩥࠊࡑࡋ࡚ୡ⏺᭷ᩘࡢ⤒῭ᅜ࠸࠺ࡇࡲ࡛ࠊከࡃࢆㄒࡿࡇ
ࡀ࡛ࡁࡿࠋ㈼ࡃࠊつᚊṇࡋࡃࠊ㛫ࢆᏲࡾࠊ┠ᶆ㑌㐍ࡍࡿࡇ࡛▱ࡽࢀࡿ᪥ᮏᅜẸࡽᏛࡪࡣከ
࠸ࠋྠᵝࠊ᪥ᮏࡢ୰ᑠᴗ⪅ࡢከࡃࡀࠊ㧗ᗘ࡞ᢏ⾡ࢆ⏝࠸࡚࠾ࡾࠊ〇㐀ᕤ⛬ࡶ㠀ᖖຠ⋡ࡀ㧗࠸ࠋ
ࡑࡋ࡚ࠊ㍺ฟຊࡢ࠶ࡿᴗࡢୗㄳ࡞ࡗ࡚࠸ࡿ୰ᑠᴗࡶከ࠸ࠋ᪥ᮏࡣඛ㐍ᕤᴗᅜ࡛࠶ࡾࠊᢏ⾡ࢆ
ά⏝ࡋ࡚ᅜ㝿ᕷሙࡶᡴࡗ࡚ฟࡿຊࢆࡶࡗࡓ୰ᑠᴗࡢ⯆㛵ࡋ࡚ࠊ㇏ᐩ࡞⤒㦂ࢆᣢࡗ࡚࠸ࡿࠋ᪥
ᮏࡣ୰ᑠᴗ⯆ࢆẁ㝵ⓗ㐍ࡵ࡚ࡁࡓࠋ㸦ᅋయタ❧ࡢ‽ഛࢆྵࡴ㸧୰ᑠᴗࡢᇶᮏᴫᛕࡢᵓ⠏ࡽ
ጞࡲࡾࠊேᮦ⫱ᡂᢏ⾡㛤Ⓨࠊ୰ᑠᴗྥࡅࡢ㔠⼥ࢧ࣮ࣅࢫࡢࢫ࣮࣒࢟ࡢ⟇ᐃࠊ୰ᑠᴗࡢ⤒Ⴀᙉ
ࢆ⾜ࡗ࡚ࡁࡓࠋࡇࢀࡇࡑࡀࣥࢻࢿࢩࠊ≉୰ᑠᴗ⥲ᒁࡀࠊࣥࢻࢿࢩࡢ୰ᑠᴗ⫱ᡂ࠾࠸
࡚᪥ᮏ༠ຊࡍࡿࡺ࠼ࢇ࡛ࠊᡃࠎࡀᮇᚅࡍࡿࡢࡣࣥࢻࢿࢩࡢ୰ᑠᴗࡀⓎᒎࡋ࡚ࠊᅜẸ⤒῭ࡢᒇ
ྎ㦵ࡢ୍ࡘ࡞ࡿࡇ࡛࠶ࡿࠋ
୰ᑠᴗ⥲ᒁࡀ᪥ᮏഃ⾜ࡗࡓᢏ⾡༠ຊࡣࠊ≉ 㸧࢙࢘ࣈࢧࢺ࣭ࢻ࣓ࣥ
KWWSZZZVPDOOLQGXVWU\LQGRQHVLDFRP ࡢᥦ౪ࡼࡿᗈ࿌ࠊ࣐࣮ࢣࢸࣥࢢࠊሗࠊᴗࢿࢵࢺ࣡
࣮ࢡ㛤Ⓨࡢྥୖ࠾ࡅࡿ୕⳻ၟࡢ༠ຊࠊ㸧
ࠕ୰ᑠᴗ⯆ࢧ࣮ࣅࢫࢹࣜࣂ࣮ࣜᨵၿࣉࣟࢪ࢙ࢡࢺࠖ
㸦60,'H3㸸3URMHFWRQ6PDOODQG0HGLXP,QGXVWU\'HYHORSPHQW%DVHGRQ,PSURYHG6HUYLFH'HOLYHU\
ࢆ㏻ࡌࡓ୰ᑠᴗ⫱ᡂࣔࢹࣝࡢ㛤Ⓨ㛵ࡍࡿᅜ㝿༠ຊᶵᵓ㸦-,&$㸧ࡢ༠ຊࠊ㸧୍ᮧ୍ရ㐠ືࡢ
ࣉ࣮ࣟࢳࡼࡿ୰ᑠᴗ⯆࠾ࡅࡿ᪥ᮏ㈠᫆⯆ᶵᵓ㸦-(752㸧ࡢ༠ຊࡀ࠶ࡿࠋࡋࡋࠊ-,&$ࠊ
-(752 ࠾ࡼࡧࡑࡢࡢ᪥ᮏࡢᶵ㛵⾜ࡗࡓ༠ຊࡣࡶከᩘ࠶ࡿࠋ
ࢻ࣓ࣥࡢᥦ౪
୰ᑠᴗࡢሗⓎಙࢆᨭࡋࠊ࣐࣮ࢣࢸࣥࢢࢆᐜ᫆ࡍࡿࡓࡵࠊ୰ᑠᴗ⥲ᒁࡣ୕⳻ၟ༠ຊ
ࡋ࡚ࠊKWWSZZZVPDOOLQGXVWU\LQGRQHVLDFRP ࡢࢻ࣓ࣥྡ࡛୰ᑠᴗ⏝ࡢ࢙࢘ࣈࢧࢺࡢ㛤Ⓨࢆ
⾜ࡗࡓࠋࡇࡢ࢙࢘ࣈࢧࢺࡢタィࠊ⾲♧ࠊෆᐜࡣࠊ〇ရࢆ㈍ࡍࡿ୰ᑠᴗࡢ⤂ࡾ㎸ࡴ〇ရ
㛵ࡍࡿࡶࡢ࡛࠶ࡿࠋࡲࡓࠊูࡢ༠ຊᙧែࡋ࡚ࡣࠊ୰ᑠᴗࡀ⊂⮬࢙࢘ࣈࢧࢺࢆసᡂࡍࡿࡓࡵࡢ
◊ಟࡀ⾜ࢃࢀࡓࠋ ᖺࡽ ᖺࡲ࡛ࠊࡇࡢ࢙࢘ࣈࢧࢺᥖ㍕ࡉࢀࡓ୰ᑠᴗᩘࡣᘏ
♫࡛ࠊࢫ࣐ࢺࣛࠊすࢫ࣐ࢺࣛࠊ༡ࢫ࣐ࢺࣛࠊࢪࣕ࢝ࣝࢱࠊすࢪࣕ࣡ࠊ୰㒊ࢪࣕ࣡ࠊࢪࣙࢢࢪࣕ࢝ࣝ
ࢱࠊᮾࢪࣕ࣡ࠊࣂࣜࠊすࢾࢧࢺࣥ࢞ࣛࠊ༡࣐࢝ࣜࣥࢱࣥࠊ༡ࢫ࢙ࣛ࢘ࢩ࡞ᅜྛᆅᩓࡽࡤࡗ࡚
࠸ࡿࠋࡋࡋࠊࡑࡢ㐠⏝≧ἣࢆぢࡿࠊࡇࡢ࢙࢘ࣈࢧࢺࡣ༑⏝ࡉࢀ࡚࠸ࡿࡣ࠸࠼ࡎࠊࡶࡣ
ࡸ⌧≧ࡣ㐺ࡉ࡞ࡃ࡞ࡗ࡚࠸ࡿࠋ⌧ᅾࠊࡇࡢ࢙࢘ࣈࢧࢺࡣࠊ୰ᑠᴗࡢࢹ࣮ࢱ࣮࣋ࢫࡋ࡚⏝࠸ࡿ
ࡓࡵࠊ㛤Ⓨࢆຍ࠼࡚࠸ࡿࡇࢁ࡛࠶ࡿࠋࡇࢀ H6PDUW,.0 ࣉࣟࢢ࣒ࣛࢆᐇࡋࠊ୰ᑠᴗ⥲ᒁࡀᑗ
᮶ࡢ୰ᑠᴗ⫱ᡂ⟇ࢆ❧ࡍࡿࡓࡵࡢᇶ┙ࡋ࡚ࠊ୰ᑠᴗࡢࢹ࣮ࢱ㸦ྡ⛠ࠊఫᡤ㸧ࢆᢕᥱ࡛ࡁࡿࡼ
࠺ࡍࡿࠋ
୰ᑠᴗ⯆ࢧ࣮ࣅࢫࢹࣜࣂ࣮ࣜᨵၿࣉࣟࢪ࢙ࢡࢺ㸦60,'H3 ࣉࣟࢢ࣒ࣛ㸧
60,'H3 ࡢࣉ࣮ࣟࢳࡼࡿࢧ࣮ࣅࢫᨵၿࡢᐇ࡛ࠊࡁ࡞ᡂᯝࢆࡵࡓ⪃࠼ࡽࢀࡿࡶࡢࡢ୍ࡘࡀࠊ
ࢸ࢞ࣝ┴ࡢࠕ⯪⯧㒊ရ⏘ᴗ⫱ᡂࡢᨭ࡛ࠖ࠶ࡿࠋࠕ⾜ືィ⏬ࠖࡢ⟇ᐃ௨㝆ࠊᥦࡉࢀ࡚࠸ࡓᨭάື
ࡢ㒊ศࡀࠊຠᯝⓗࠊຠ⋡ⓗ⾜ࢃࢀࡓࠋࡇࢀࡣࠊ୰ᑠᴗ⥲ᒁࠊ㔠ᒓ࣭ᶵᲔ࣭㍺㏦ᶵᲔ࣭㟁ᶵ
⥲ᒁ㸦,/0$7( ⥲ᒁ㸧ࠊ୰㒊ࢪࣕ࣡ᕞࡢᕤᴗᢸᙜᒁࠊࢸ࢞ࣝ┴ࡢᕤᴗᢸᙜᒁࠊ≉⯪⯧㒊ရࡢ⯪⣭༠
ㄆド㛵㐃ࡋ࡚㔜せ࡞ᙺࢆ᭷ࡍࡿࣥࢻࢿࢩ⯪⣭༠㸦%.,㸧ࡽ࡞ࡿసᴗ㒊ࡼࡿㄪᩚࡀࠊ
✚ᴟⓗࡘ⥅⥆ⓗ⾜ࢃࢀࡓࡇ࡛ᐇ⌧࡛ࡁࡓࡶࡢ࡛࠶ࡿࠋసᴗ㒊ࡣࠊࢸ࢞ࣝ┴ࡢ⯪⯧㒊ရ୰ᑠ
ᴗ⯆⾜ືィ⏬ࡢ᭱⤊┠ⓗ࡛࠶ࡿ⯪⣭༠ㄆドྲྀᚓࡴࡅࡓᨭᡂຌࡋࡓࠋㄆドࢆྲྀᚓࡍࡿࡇ࡛ࠊ
ࣥࢻࢿࢩࡢ⯪⯧⏘ᴗࡀࡑࡢ〇ရࢆཷࡅධࢀࡽࢀࡿࡽࡔࠋ60,'H3 ࣉ࣮ࣟࢳ࠸࠺᪉ἲࡼࡾࠊ
⯪⯧㒊ရ୰ᑠᴗ⫱ᡂࡣࠊ-,&$ ࡢᨭࢆཷࡅࡓ୰ᑠᴗ⥲ᒁࠊ,/0$7( ⥲ᒁࠊᕞᢸᙜᒁࠊ┴ᢸᙜᒁࠊ
ࣥࢻࢿࢩ⯪⣭༠ࡢ㛫࡛⥅⥆ⓗ⾜ࢃࢀࠊ᭱⤊ⓗ‶㊊ࡢ࠸ࡃᡂᯝࢆୖࡆࡿࡇࡀ࡛ࡁࡓࠋࡇࡢ
ࣉࣟࢢ࣒ࣛࡢࣇ࢛࣮ࣟࢵࣉࡋ࡚ࠊ୰ᑠᴗ⥲ᒁࡣࠊࣥࢻࢿࢩᇦ 60,'H3 ࣉ࣮ࣟࢳࡼ
ࡿ୰ᑠᴗ⫱ᡂࣔࢹࣝࢆᥦࡋࠊ ᖺࡣࠊḟࡢ ࡘࡢᕞࡀࡇࡢࣉࣟࢢ࣒ࣛཧຍࡍࡿࠋࣂࣥ
࣭࢝ࣈࣜࢺࣥᕞ㸦すࣂࣥ࢝┴ࡢࣆ࣮ࣗࢱ࣮ᕤⱁရ㸧ࠊᮾ༡ࢫ࢙ࣛ࢘ࢩᕞ㸦༡ࢥࢼ࢙࢘┴ࡢ㇋⭉
ࢸࣥ࣌㸧ࠊ༡ࢫ࢙ࣛ࢘ࢩᕞ㸦࣐࢝ࢵࢧࣝᕷࡢ㔠࣭㖟⣽ᕤ㸧ࠊࣃࣉᕞ㸦ࢻࢠࣖ┴ࡢࢥ࣮ࣄ
࣮ຍᕤရ㸧ࠊᮾࢪࣕ࣡ᕞ㸦ࣃࢫࣝࣥ┴ࡢ㔠ᒓ㗪㐀⯪⯧㒊ရ⏘ᴗ㸧࡛࠶ࡿࠋࡇࡢᑐ㇟⏘ᴗᆅᇦࡢ
㑅⪃ᇶ‽ࡣࠊᨭࡢ᭷↓ࠊᡓ␎ⓗࢸ࣮࣐ࡢⓎᒎᛶࠊ✚ᴟⓗࢸ࣮࣐ࡢⓎᒎᛶ࡛࠶ࡿࠋࡑࡢࠊᅜᐙண⟬
ࡼࡿᨭࠊᆅ᪉ศᶒண⟬ࡸ≉ู㔠ࡀ࠼ࡿྍ⬟ᛶࠊ㐣ཤࡢ⤒㦂ᇶ࡙࠸࡚ࣜࢫࢺࢵࣉࡉࢀࡓ
ᆅ᪉ᨻᗓᑐࡍࡿホ౯ࡶྵࡲࢀ࡚࠸ࡿࠋ ᖺࡢᡓ␎ⓗࢸ࣮࣐ࡢⓎᒎᛶࡣࠊ〈㔝⏘ᴗᴗࡢ
㐃ᦠᙉࠊᕤᴗ㒊㛛ࡢ㉳ᴗᐙࡢ࢚ࣥࣃ࣓࣡ࣥࢺ࠾ࡼࡧᅜ㝿ᕷሙࡢ㛤ᣅࡀᚲせࡉࢀࡿࠋ୍᪉ࠊ✚ᴟⓗ
ࢸ࣮࣐ࡢⓎᒎᛶࡣࠊᚋ㐍ᆅᇦ࣭ᅜቃᆅᇦᑐࡍࡿ⪃៖ࡀᚲせ࡛࠶ࡿࠋ
୍ᮧ୍ရࣉࣟࢢ࣒ࣛ
᪥ᮏࡣࡲࡓࠊၟရࡢໟࡀࣘࢽ࣮ࢡ࡛ࠊ㨩ຊⓗ࡛ࠊࢹࢨࣥࡀඃࢀ࡚࠸ࡿࡇ࡛ࡶ᭷ྡ࡛࠶ࡿࠋໟ
ࡘ࠸࡚࠸࠼ࡤࠊࣥࢻࢿࢩࡣ᪥ᮏࡢᕤኵ⁄ࢀࡓࡇࡢศ㔝㛵ࡋ࡚Ꮫࡪᚲせࡀ࠶ࡿࠋ࡞ࡐ࡞ࡽࠊ
ໟࡣ୰ᑠᴗࡢ〇ရࡢ➇தຊࢆỴࡵࡿせᅉࡢ୍ࡘࡔࡽ࡛࠶ࡿࠋᕤᴗ┬ࡣ ᖺࡼࡾࠊ୰ᑠᴗ
ࡀໟࢆࢹࢨࣥࡋࠊໟࡢࣉࣟࢺࢱࣉࡢ〇సࢆᨭࡍࡿࡓࡵࠊໟ࣭ၟᶆࢹࢨࣥ㛤Ⓨࢡࣜࢽ
ࢵࢡ࠸࠺⤌⧊ࢆタ❧ࡋ࡚࠸ࡿࠋࡇࡢໟ࣭ၟᶆࢹࢨࣥ㛤Ⓨࢡࣜࢽࢵࢡࡣࠊໟࢹࢨࣥ㛵ࡍࡿ
ሗࠊ┦ㄯࠊᨵၿࢧ࣮ࣅࢫࢆᥦ౪ࡍࡿࢭࣥࢱ࣮ࡋ࡚ᶵ⬟ࡋࠊໟ㛵ࡍࡿ୰ᑠᴗࡢ⬟ຊࡢྥୖࢆ
ᅗࡾࠊ₯ᅾຊࡢ࠶ࡿᆅᇦࡢࢹࢨ࣭ࣥໟࢡࣜࢽࢵࢡࢆᨭࡋ࡚࠸ࡿࠋࣥࢻࢿࢩᅜࡢ ᆅᇦ
࠶ࡿໟ࣭ၟᶆࢹࢨࣥ㛤Ⓨࢡࣜࢽࢵࢡ࠾ࡼࡧໟᢏ⾡ࢧ࣮ࣅࢫ࣭ࣘࢽࢵࢺࡢᶵ⬟ᙉࡢࡓࡵࠊ
ᡃࠎࡣ᪥ᮏࡢ༠ຊࢆᚲせࡋ࡚࠸ࡿࠋ᪥ᮏᨻᗓࡀࡢࡼ࠺୰ᑠᴗࡀඃࢀࡓໟࢆᡭࡋ࡚ࠊࢢ
࣮ࣟࣂࣝᕷሙ࡛ࡢࡑࡢ〇ရࡢ➇தຊࢆ㧗ࡵࡿࡇࢆᨭࡋ࡚࠸ࡿࡢࠊᏛࡪᚲせࡀ࠶ࡿࠋ᭱ᚋ୧ᅜ
ࡢࡇࢀࡲ࡛ࡢ༠ຊឤㅰࡍࡿࠋ
ࣥࢻࢿࢩࡢ࠸
す⏣㐩㞝
ඖఫၟࣥࢻࢿࢩົᡤ㛗
ඖࢪࣕ࢝ࣝࢱ࣭ࢪࣕࣃ࣭ࣥࢡࣛࣈ⌮㛗
␎Ṕ
ᖺ⏕ࡲࢀࠋி㒔ᗓฟ㌟ࠋ ᖺ㜰እᅜㄒᏛࣥࢻࢿࢩㄒᏛ⛉༞ᴗࠊྠ
ᖺఫၟᰴᘧ♫ධ♫ࠋ⩣ᖺࡼࡾࢪࣕ࢝ࣝࢱົᡤົࡋࠊ ᖺࢪࣕ࢝
ࣝࢱົᡤ㛗ࠋ ᖺࢪࣕ࢝ࣝࢱ࣭ࢪࣕࣃ࣭ࣥࢡࣛࣈ⌮㛗ࠋ ᖺఫၟྲྀ
⥾ᙺࠊ㟁Ꮚ⯟✵ᮏ㒊㛗ࠊ ᖺᖖົྲྀ⥾ᙺᶵ㟁㒊㛛⥲ᣓᙺဨ⿵బࠊ ᖺᑓົྲྀ
⥾ᙺ≀ὶಖᴗࢢ࣮ࣝࣉᢸᙜࢆ⤒࡚ࠊ ᖺ㢳ၥࠊ ᖺ㏥♫ࠋ⌧ᅾࡣ᪥ᮏ࣭
࣓ࣝࢽ༠⌮㛗ࠋ
ࠕ ᖺ ᭶ࠖࣥࢻࢿࢩ࣭ࣂࣥࢻ࡛ࣥ 68.$512 ⤫㡿㸦ᙜ㸧ᑟ౫ࡾ㛤ദࡉࢀࡓࠊྐ
ୖึ࡞ࡿࢪ࣭ࣇࣜ࢝㆟ࢆ⣬㠃⊃ࡋࡁࡃሗࡌࡓி㒔᪂⪺グࡣࠊி㒔࣭Ἴࡢ∦⏣
⯋ఫࡴ↓ᇈ࡞୍㧗ᰯ⏕ࢆゐⓎࡋ࡚ࠊᑗ᮶㌍ືࡍࡿ࡛࠶ࢁ࠺͆➨୕ୡ⏺͇⮬ࡽࢆ⨨࠸࡚ࡳࡼ࠺
⣲┤㌟ࢆ⇕ࡃࡋࡓࡢࡀࠊࢆཤࡿ ᖺ๓ࡢࡇ࡛ࡋࡓࠋ
ࠕ ᖺ ᭶ࠖᏛ⏕㐠ືࡢ⃭ࡋ࠸௦ࡔࡗࡓࡀࠊ㐠ࡼࡃఫၟओ᥇⏝ࡉࢀࠊࡋ࡚㟁Ẽ
ᶵჾࡢ㍺ฟᴗົࡢᢸᙜ࡞ࡾࠊᮃࡳ㏻ࡾࠊᙜᚋ㐍ᅜ⛠ࡉࢀࡓࢪㅖᅜࡢಀࢃࡾࢆᣢࡘࡇ
࡞ࡗࡓࠋ
ⓗ࢟ࣕࣥࢭࣝࡉࢀࠊ௦ࡗ࡚⡿ᅜ࣓࣮࣮࢝Ⓩሙ࡞ࡗࡓࡀࠊࡑࡢᚋ⡿ᅜ̿ࣥࢻࢿࢩ㛵ಀᝏ
ࡶ࠶ࡾࠊࡇࡢ㏻ಙ⥙ᵓ⠏ࡣ⮳ࡽ࡞ࡗࡓࠋ᪥ᮏഃࡣဨᖐᅜ࡞ࡗࡓࡀࠊᑠ⏕ࡣࡑࡢࡲࡲఫ
ၟࢪࣕ࢝ࣝࢱ㥔ᅾົᡤົ࡞ࡾࠊ᪥ᮏࡢᑐࣥࢻࢿࢩ㈺ൾ௳➼ࡢᴗົࢆᢸᙜࡍࡿࡇ
࡞ࡗࡓࠋ
ᙼᆅ࡛ࡢ㥔ᅾࡣィ ᖺ㛫ࠊࡑࡢ㛫ఫၟࢫࢱࢵࣇࡋ࡚ࡋ࡚ཧຍࡉࡏ࡚࠸ࡓࡔ࠸ࡓᆺ
ࣥ ࣇ ࣛ ࣭ ࣉ ࣟ ࢪ ࢙ ࢡ ࢺ ࢆ ิ ᣲ ࡍ ࡿ ࠊ -DZD%DOL 0LFURZDYH 3URMHFW 㸦 Ḱ 㸧ࠊ
7UDQV6XPDWUD0LFURZDYH3URMHFW㸦ୡ⏺㖟⾜Ḱ㸧ࠊ(DVWHUQ0LFURZDYH3URMHFW㸦Ḱ㸧ࠊ
0HGDQ㸫%DQGD࣭$FHK0LFURZDYH3URMHFW㸦ࣥࢻࢿࢩ⮬ᕫ㈨㔠㸧ࠊ㟁Ꮚᶵ3URMHFW㸦㍺
㖟Ḱ㸧ࠊᅜ 79࣭5DGLR1HWZRUN3URMHFW㸦Ḱ㸧ࠊᅜ❧ Ꮫᩍ⫱ 3URMHFW㸦Ḱ㸧
➼ࠎ࡛࠶ࡗࡓࠋ࠸ࡎࢀࡢ௳ࡶ᪥ᮏ࣭ࣥࢻࢿࢩබⓗᶵ㛵ࡢຊᙉ࠸ᨭࡢୗࠊ୧ᅜᴗࡢᙉ
࠸ࢱࢵࣉࢆᚓ࡚ࠊணᐃ㏻ࡾࡢࢱ࣑ࣥࢢ࡛ࣉࣟࢪ࢙ࢡࢺࡢᡂࢆ㏄࠼ࡓࠋ
၏ࡇࡢࡲࡲ⌧≧ࢆㄆࡵ࡚ࠊ᪩ࠎࢠࣈࢵࣉࡍࡿពᛮࡣࡃ࡞ࡃࠊࣥࢻࢿࢩᨻᗓࠕࡇࡢ
ᴗࡣࠊẸ㛫ᴗࡇࡑཧධࢆㄆࡵࡿࡁࠖἲⓗኚ᭦ࢆᙉࡃồࡵࠊࡘࡀࡑࡢࢱ࣑ࣥࢢ࡛
࠶ࡾࠊࣥࢻࢿࢩࡾ㞠⏝ᣑ࣭㍺ฟ⯆ࠊ᭦ࡣᢏ⾡⛣㌿ࡸ㛵㐃ᴗࡢᣑ⧅ࡀࡾࠊ⤒
῭Ⓨᒎ࠸ᐤࡍࡿ࡛࠶ࢁ࠺ຊㄝࡋࠊ㛫ࡣ㛵ಀࡍࡿᙺᡤ㊊ࢆ㐠ࡧࠊኪࡣ᭷ຊ⪅Ꮿࢆゼ
ࡡ࡚ࠕ⌮ゎ༠ຊࠖࢆ⢓ࡾᙉࡃồࡵࡓࠋ᭷㞴࠸ࡇ㎾⠏࠸࡚ࡁࡓᑠ⏕ࡢே⬦ࡽࠕఫၟ
ࡀྲྀ⤌ࡴ௳࡞ࡽಙ㢗ࡋࠊ༠ຊࡋࡼ࠺ࠖ᭷ຊ⪅ࡢ㈶ྠࢆᚓ࡚ࠊᙜࡢ 68+$572 ⤫㡿┤᥋㐍
ゝࡋ࡚ࡃࢀࡓᕤᴗ⮧ࡸ᪥ᮏ␃Ꮫ⤌ࡢࢺࢵࣉࡶ㐃⤡ᐦែ๓㐍ࡢឤゐࢆᚓࡓࡢ࡛ࠊ┤ࡕᡤ
ဨඹᅵᆅ㑅ᐃ㺃☜ಖྥࡅ࡚ືࡁฟࡋࡓࠋేࡏࣥࢻࢿࢩഃᴗࣃ࣮ࢺࢼ࣮㑅ࡧࡶᛴ࠸ࡔࠋ
ᮏ௳ࡢ㐍ᒎక࠸ࠊࣃ࣮ࢺࢼ࣮ࡋ࡚⮬⸀㺃⸀ࡢ⏦ฟከࡃ࠶ࡗࡓࡀࠊᑠ⏕ࡋ࡚ࡣᴗࡢᛶ᱁
ࡽ 35,%80,㸦Ẹ᪘㸧ᴗࢆඃඛࡋࡓࡃࠊ.$',1㸦᪥ᮏࡢ⤒ᅋ㐃┦ᙜ㸧┦ㄯࡋࠊ.$',1 ࡀࣥࢻ
ࢿࢩഃฟ㈨⪅ࢆເࡾࠊᮏ௳ࡢഃᢞ㈨♫㸦376SLQLQGR0LWUDGD\D㸧ࢆタ❧ࡋ࡚ࡃࢀ࡚ࠊᮃ
ࡲࡋ࠸ࣃ࣮ࢺࢼ࣮ࡢㄌ⏕࡞ࡗࡓࠋ
157
/2&$7,21㸭ᅵᆅ㑅ᐃࡘ࠸࡚ࡶࢪࣕ࢝ࣝ
ࢱ㑹እࡢすࢪࣕ࣡ᕞ %HNDVL$UHD Ỵࡵࡓࠋ
ࡇࢀࡀᚋ୍ᮇࣥࢻࢿࢩ࠾ࡅࡿᕤ
ᴗᅋᆅࡢ௦ྡモࡶ࡞ࡗࡓ͆(-,3͇(DVW
-DNDUWD,QGXVWULDO3DUN࡛࠶ࡾࠊ⣛వ᭤
ᢡࢆ⤒࡞ࡀࡽࡑࡢᐇ⌧㐍ࢇ࡛࠸ࡗࡓࠋ
ᑠ⏕ࡣ♫౫ࡾࠕ ᖺ ᭶ࠖ ᖺ㛫ࡢ
௵ᮇࢆ⤊࠼࡚ࠊᚋ௵⪅ࡸࡑࡢᢸᙜ⪅࡚
ࢆクࡋࠊ㛗ᖺࡢឡࡍࡿࣥࢻࢿࢩ㥔ᅾࢆ
⤊࠼ࠊឤ⬚㏕ࡿᛮ࠸࡛ࢪࣕ࢝ࣝࢱࢆ㞳
ࢀࡓࠋ⌧ᅾ (-,3 ࡣ♫タ❧௨᮶ ᖺࡢṔ ᖺ ᭶ࠊ(-,3 ㉳ᕤᘧ࡚ࠊ๓ิ୰ኸࠊᕥࡽ
ྐࢆ้ࡳࠊࢭࢥ࣮࢚ࣉࢯࣥओࠊࣃࢼࢯࢽ ᅜᗈࠊࣜ࢘࣎࢜ᕤᴗ⮧ࠊࢫ࣒࢝ࢲࢽ
.$',1 㢌ඹ㸦ᅜᏹࣜ࢘࣎࢜ᕤᴗ
ࢵࢡओ࡞ ♫㸦᪥⣔ᴗ ♫㸧ධᒃ
⮧ࡢᚋ᪉ࡀ➹⪅㸧
࠸ࡓࡔࡁࠊ⥲ᚑᴗဨᩘ ே௨ୖཬࢇ
࡛࠸ࡿࠋ
ྂᕢࡢఫၟ࡛ࡣࠊୖ㏙ࡢᕤᴗᅋᆅᴗࢆࡑࡢᚋࣇࣜࣆ࣭ࣥ࣋ࢺࢼ࣒࣭࣑࣐࣮ࣕࣥ➼࡛ࡶ
✚ᴟⓗᒎ㛤ࡋ࡚ࠊྛᅜ࡛ࡢ⤒῭Ⓨᒎࡋࡗࡾぢ࠼ࡿᙧ࡛ᐤࡋ࡚࠾ࡾࠊేࡏ࡚ᆅඖྛࠎ࣐
ࢵࢳࡋࡓ♫㈉⊩άືࡶ⥅⥆ࡉࢀ࡚࠸ࡿࠋၟ♫ᶵ⬟ࢆ⥲ྜⓗάࡋࡓ %86,1(6602'(/ ࡋ࡚
☜❧ࡉࢀࡓ⌧≧࡛࠶ࡿࠋ
ᣋᩥࡢᣓࡾࡋ࡚ࠊᚋࡣ᪥ᮏࡢ୰ᑠᴗࢆ୰ᚰ〇㐀ᴗࡸࢧ࣮ࣅࢫ⏘ᴗࡢᾏእ㐍ฟࡣ᭦ቑ
ຍࡍࡿ࡛࠶ࢁ࠺ࠋ≉ぶ᪥ⓗ࡞ $6($1 ࡢᅜ͆ࣥࢻࢿࢩ͇ࡢὶࢀࡣຍ㏿ࡍࡿ࡛ࡋࡻ࠺ࠋࡑ
ࡢ㝿᪥ᮏᴗࡣࣥࢻࢿࢩᴗⰋࡁ 3$571(56+,3 ࢆ⤌ࡳࠊ᪥ᮏ࣭ࣥࢻࢿࢩ᪉࡛ᖜᗈࡃ
ࠕேᮦ⫱ᡂࠖດࡵ࡚࠸ࡓࡔࡁࡓ࠸ࠋ᭱㏆ -2.2:,'2'2 ⤫㡿ࡶⱝ࠸ୡ௦ࡢᢏ⬟ᩍ⫱ࢆᙉࡵࡿ
ࡼ࠺♫ッ࠼࡚࠾ࡽࢀࡿࠋከᵝ࡞ேᮦ⫱ᡂࡣෆእ࡛ࡢ➇தຊᙉ⧅ࡀࡾࠊ୧ᅜࡗ࡚
࠸࡞ࡿࣉࣛࢫ࡛࠶ࡿ⪃࠼ࡲࡍࠋຍ࠼࡚᪥⣔㐍ฟᴗࡢάືࡣࠕேࡢᗞ࡛ࡢ 23(5$7,21࡛ࠖ
࠶ࡿࡇࢆᛀࢀࡿࡇ࡞ࡃࠊᖖ㢌ࡢ∦㝮␃ࡵࠊᴗࡢⓎᒎὀຊ࠸ࡓࡔࡁࠊྛࠎ͆⌧ሙ͇
ࡽࠊᦂࡿࡂ࡞࠸᪥ᮏ࣭ࣥࢻࢿࢩ㛵ಀࡢ᭦࡞ࡿᙉᐤࡋ࡚ḧࡋ࠸ᚰࡽ㢪ࡗ࡚࠾ࡾࡲࡍࠋ
ࢪࣕ࢝ࣝࢱ 057㸸ᮍ᮶ࡢ㈉⊩
:LOOLDP36DEDQGDU
37057-DNDUWD ♫㛗
␎Ṕ
ࢽ࣮ࣗࢪ࣮ࣛࣥࢻࡢ࢝ࣥࢱ࣮࣋ࣜᏛ࡛༤ኈྕ㸦㐠㍺㸧ࢆྲྀᚓᚋࠊ ᖺ㹼
ᖺࢳ࢙࣭ࢽࢫᪧ࣭⯆ᗇ㛗ᐁࠊ ᖺ㹼 ᖺ㛤Ⓨ┘ᰝつไ⤫㡿స
ᴗࣘࢽࢵࢺ㸦8.3㸧ᑓ㛛⿵బᐁࠊ ᖺ㹼 ᖺ 5(''ᗇ㐠Ⴀ㛗ᐁࢆ⤒࡚ࠊ
ᖺ㹼 ᖺ࢚ࢿࣝࢠ࣮࣭㖔ᴗ㈨※⮧ᑓ㛛ᐁཬࡧᅜᐙ᪂࣭⏕ྍ⬟࢚ࢿ
ࣝࢠ࣮㸭࢚ࢿࣝࢠ࣮ಖࢱࢫࢡࣇ࢛࣮ࢫ௦⾲ࢆව௵ࠋ ᖺࡼࡾࢪࣕ࢝ࣝࢱ
057 බ♫㸦37057-DNDUWD㸧♫㛗ࠋ
ࠕࢪࣕ࢝ࣝࢱ㒔ᕷ㧗㏿㕲㐨㸦057㸧ᴗࠖ
ࢪࣕ࢝ࣝࢱ㤳㒔ᅪయࡢேཱྀࡣ㐣ཤ ᖺ㛫࡛⣙ ಸఙࡧ࡚࠾ࡾࠊ㑹እࡽࢪࣕ࢝ࣝࢱ
୰ᚰ㒊ࡢ㏻⪅ᩘࡸ㌴୧Ⓩ㘓ྎᩘࡶᛴቑࡋ࡚࠸ࡿࠋࡇࢀక࠸ࠊ῝้࡞㏻ΰ㞧ࡸẼ࢞
ࢫࡼࡿẼởᰁ➼ࡢ㏻බᐖࡀࡁ࡞ㄢ㢟࡞ࡗ࡚࠾ࡾࠊᚋ᭦࡞ࡿ㏻㟂せࡢቑຍࡀぢ
㎸ࡲࢀࡿ୰࡛ࠊྠ㤳㒔ᅪ࠾ࡅࡿ᪂ࡓ࡞㔞㒔ᕷ㏻ࢩࢫࢸ࣒ࡢᩚഛࡣྍḞࡉࢀ࡚࠸
ࡿࠋᮏᴗࡣࠊ㏻ΰ㞧ࡀ῝้࡞ࢪࣕ࢝ࣝࢱ㤳㒔ᅪ࠾࠸࡚ࠊࣥࢻࢿࢩึࡢᆅୗ㕲ࢆྵ
ࡴ㒔ᕷ㧗㏿㕲㐨ࢩࢫࢸ࣒㸦057㸧ࡢᘓタࢆ⾜࠺ࡇࡼࡾࠊ᪑ᐈ㍺㏦ຊࡢቑᙉཬࡧ㏻ΰ㞧
ࡢ⦆㈉⊩ࡍࡿࡶࡢ࡛࠶ࡿࠋ
ࢽ࣮ࣗࢪ࣮ࣛࣥࢻࡢ࢝ࣥࢱ࣮࣋ࣜᏛ࡛༤ኈྕ㸦㐠㍺㸧ࢆྲྀᚓᚋࠊ ᖺ㹼 ᖺࢳ
࢙࣭ࢽࢫᪧ࣭⯆ᗇ㛗ᐁࠊ ᖺ㹼 ᖺ㛤Ⓨ┘ᰝつไ⤫㡿సᴗࣘࢽࢵࢺ㸦8.3㸧ᑓ
㛛⿵బᐁࠊ ᖺ㹼 ᖺ 5(''ᗇ㐠Ⴀ㛗ᐁࢆ⤒࡚ࠊ ᖺ㹼 ᖺ࢚ࢿࣝࢠ࣮࣭㖔ᴗ
㈨※⮧ᑓ㛛ᐁཬࡧᅜᐙ᪂࣭⏕ྍ⬟࢚ࢿࣝࢠ࣮㸭࢚ࢿࣝࢠ࣮ಖࢱࢫࢡࣇ࢛࣮ࢫ௦⾲ࢆව
௵ࠋ ᖺࡼࡾࢪࣕ࢝ࣝࢱ 057 බ♫㸦37057-DNDUWD㸧♫㛗ࠋ
ࢪࣕ࢝ࣝࢱ㒔ᕷ㧗㏿㕲㐨㸦057㸧ᴗ
ᖺ ᭶ ᪥ ศࠊࡘ࠸᭱ᚋࡢ࣎ࢵࢡࢫ࣮࢞ࢲࡀ㧗ᯫ㐨ྲྀࡾࡅࡽࢀࡓࠋ
ࡇࡢṔྐⓗ࡞▐㛫ࡣࠊ057 ᴗࣇ࢙࣮ࢬ , ࡢ㊰⥺ࡀ᥋⥆ࡉࢀࡓࡇࢆ♧ࡍࡶࡢࡔࠋࡑࢀࡣࠊ
ᅜࡢⓎᒎ㈉⊩ࡍࡃࠊNP ཬࡪ 057 ㊰⥺ࢆ୍้ࡶ᪩ࡃᕤࡉࡏࡓ࠸࠸࠺ᛮ࠸ࡀ⇞ࡍ
ࡿ▐㛫࡛ࡶ࠶ࡗࡓࠋࡑࡢᮅࠊࣥࢻࢿࢩඹᅜࡢࡓࡵ᭱㧗ࡢࡶࡢࢆᥦ౪ࡋ⥆ࡅࡼ࠺࠸
࠺ពḧࡀࡧࡁୖࡀࡗ࡚ࡁࡓࠋ
ᖺ༙๓ࡇࡢࣉࣟࢪ࢙ࢡࢺࢆ⋡࠸ࡿࢆ࠼ࡽࢀࡓࠊ᭱ึ⾜ࡗࡓࡢ୍ࡘࡣ -,&$
ࡢ௦⾲࠺ࡇࡔࡗࡓࠋࡑࡢྜ࡛ࠊࢪࣕ࢝ࣝࢱ 057 ᘓタࢆ⋡࠸࡚࠸ࡃ࠺࠼࡛ࠊከ࡞ᨭ
ࢆᚓࡿࡇ࡞ࡗࡓࡢࡔࠋ
ࡇࡢࣉࣟࢪ࢙ࢡࢺࢆ㏻ࡋ࡚ࠊබඹࣥࣇࣛࡢᘓタᚲせ࡞Ὕᐹຊ▱㆑ࢆᚓࡿࡇࡀ࡛ࡁ
ࡓࠋ᪥ᮏ࣭ࣥࢻࢿࢩࡢᘓタᴗ⪅㛫ࡢ༠ຊ▱㆑ࡢ⛣㌿ࡼࡗ࡚ᅵᮌᕤࡸ᪂ࡋ࠸ᢏ⾡ࡔ
ࡅ࡛ࡣ࡞ࡃࠊࡍ࡚ࡢ⏝⪅Ᏻ࣭ᛌ㐺࣭Ᏻᚰࢆᥦ౪ࡍࡿ㐠⾜ᇶ‽ࢆ᭷ࡍࡿ 057 ࢪࣕ࢝ࣝ
ࢱࡢ࣮࢜࣌ࣞࢱ࣮ࡢ⫱ᡂ㛵ࡍࡿ▱㆑ࡶᚓࡿࡇࡀ࡛ࡁࡓࠋࡉࡽࠊ᭹ົつᚊࡸປാᏳ⾨
⏕㸦.㸧ࠊᕤ⌧ሙ࿘㎶ఫẸ㓄៖ࡋࡓࣉࣟࢪ࢙ࢡࢺ⟶⌮㛵ࡋ࡚ࡶከࡃࢆᏛࢇࡔࠋ
ࢪࣕ࢝ࣝࢱ 㻹㻾㼀 ࡢᘓタᦠࢃࡗ࡚
㏕ ୍ஓ
ΎỈᘓタᰴᘧ♫ ᕞᨭᗑᅵᮌ㒊㛗
␎Ṕ
ᖺᮾிᏛᕤᏛ㒊ᅵᮌᕤᏛ⛉༞ᴗࠋΎ㰛ᘓタᰴᘧ♫ධ♫ᚋࠊ ᖺ
ࡽ ᖺ㛫ࡣᅵᮌᮾி㔖ᗑᆅୗ㕲 ྕ⥺ᘓタᡤ㓄ᒓࡉࢀ㒔ႠỤᡞ⥺ୖ㔝ᚚᚐ⏫
㥐ᘓタᚑࠋ ᖺࢫࢱࣥࣇ࢛࣮ࢻᏛ࡛ᘓタ࣐ࢿࢪ࣓ࣥࢺಟኈྕࢆྲྀᚓࠋ
௨㝆ࠊࣇࣜࣆ࣐ࣥࢽࣛὥ㰛ไᚚᕤࠊࣇࣜࣆࣥࢫ࣮ࣅࢵࢡ 㛤Ⓨᕤࠊࢪࣕ
࢝ࣝࢱ㒔ᕷ㧗㏿㕲㐨ࢩࢫࢸ࣒㸦0DVV5DSLG7UDQVLW㸸057㸧ᆅୗ㕲ᕤ࡞」ᩘࡢ
Ḱࣉࣟࢪ࢙ࢡࢺᚑࠋ ᖺࡼࡾ⌧⫋ࠋ
ࠕࢪࣕ࢝ࣝࢱ㒔ᕷ㧗㏿㕲㐨㸦057㸧ᴗࠖ
ࢪࣕ࢝ࣝࢱ㤳㒔ᅪయࡢேཱྀࡣ㐣ཤ ᖺ㛫࡛⣙ ಸఙࡧ࡚࠾ࡾࠊ㑹እࡽࢪࣕ࢝ࣝࢱ୰ᚰ
㒊ࡢ㏻⪅ᩘࡸ㌴୧Ⓩ㘓ྎᩘࡶᛴቑࡋ࡚࠸ࡿࠋࡇࢀక࠸ࠊ῝้࡞㏻ΰ㞧ࡸẼ࢞ࢫࡼ
ࡿẼởᰁ➼ࡢ㏻බᐖࡀࡁ࡞ㄢ㢟࡞ࡗ࡚࠾ࡾࠊᚋ᭦࡞ࡿ㏻㟂せࡢቑຍࡀぢ㎸ࡲࢀࡿ
୰࡛ࠊྠ㤳㒔ᅪ࠾ࡅࡿ᪂ࡓ࡞㔞㒔ᕷ㏻ࢩࢫࢸ࣒ࡢᩚഛࡣྍḞࡉࢀ࡚࠸ࡿࠋᮏᴗࡣࠊ
㏻ΰ㞧ࡀ῝้࡞ࢪࣕ࢝ࣝࢱ㤳㒔ᅪ࠾࠸࡚ࠊࣥࢻࢿࢩึࡢᆅୗ㕲ࢆྵࡴ㒔ᕷ㧗㏿㕲㐨ࢩ
ࢫࢸ࣒㸦057㸧ࡢᘓタࢆ⾜࠺ࡇࡼࡾࠊ᪑ᐈ㍺㏦ຊࡢቑᙉཬࡧ㏻ΰ㞧ࡢ⦆㈉⊩ࡍࡿࡶࡢ
࡛࠶ࡿࠋ
⚾ࡣ ᖺ ᭶ࡽ ᖺ ᭶ࡲ࡛ࢪࣕ࢝ࣝࢱ 057 ࡢᘓタࠊᆅୗ㕲༊㛫ᅵᘓᕤࡢࢥࣥࢺ
ࣛࢡࢱ࣮㸦ΎỈᘓタᰴᘧ♫࣭ᰴᘧ♫ᯘ⤌࣭37:LMD\D.DU\D3HUVHUR࣭37-$<$.RQVWUXNVL
037%. ࡢඹྠᴗయ㸦-9㸧㸧ࡢࣉࣟࢪ࢙ࢡࢺ࣐ࢿࢪ࣮ࣕࡋ࡚ཧ⏬ࡋࡓࠋᮏ✏࡛ࡣࠊࡑࡢ⤒㦂
ࡘࡁグ㏙ࡍࡿࠋ
㸬 ࢪࣕ࢝ࣝࢱ 057 ᘓタࡢ⤒⦋
ࢪࣕ࢝ࣝࢱ 057 ࡘ࠸࡚ࡣࠊᖺ㡭
ࡽ Ẹ ά ࡼ ࡿ %27 㸦 %XLOG 2SHUDWH
7UDQVIHU㸸ᘓタ࣭㐠Ⴀ࣭⛣㌿㸧ࣉࣟࢪ࢙ࢡ
ࢺࡋ࡚ࡢᑟධࡀ᳨ウࡉࢀ࡚࠸ࡓࡀࠊ
㹼 ᖺࡢ⤒῭༴ᶵࡼࡾ %27 ࣉࣟࢪ࢙ࢡࢺ
ࡋ࡚ࡢぢ㏻ࡋࡀ❧ࡓ࡞ࡃ࡞ࡾࠊබඹᴗ
ࡋ࡚ᩚഛࡉࢀࡿࡇ࡞ࡗࡓࠋᖺ
ᅗ㸫ࢪࣕ࢝ࣝࢱ 057 ༡⥺୍ᮇᕤᴫせᅗ
ࢪࣕ࢝ࣝࢱࡢゎᾘࡢษࡾᮐ
ࡋ࡚ࡢᅜᐙⓗࣉࣟࢪ࢙ࢡࢺ
⨨ࡅࡽࢀࠊ ᖺࡣᅜ㝿
༠ຊᶵᵓࡀࣥࢻࢿࢩ࢚ࣥ
ࢪࢽࣜࣥࢢࢧ࣮ࣅࢫಀࡿ
Ḱዎ⣙ࢆ⥾⤖ࡋࠊ ᖺ༡
ᅗ㸫&3࣭ ᕤ༊ᴫせᅗ
⥺୍ᮇᕤಀࡿዎ⣙ࢆㄪ༳ࡋࡓࠋ ᖺ༡⥺➨୍ᮇᅵᘓᕤࡋ࡚ ᕤ༊ࡀタィᕤ
࡛ධᮐබ࿌ࡉࢀࠊᙜ♫ -9 ࡣࣥࢻࢿࢩ࡛ึ࡞ࡿᆅୗ㕲༊㛫ࡢ ᕤ༊㸦&3 &3㸧ࢆ
ཷὀࡋࠊ ᖺ ᭶╔ᕤࡋࡓࠋ
㸬 ╔௵ࡲ࡛ࡢ⤒⦋
⚾ࡣ ᖺΎỈᘓタධ♫ᚋࠊᅜෆ⌧ሙ㓄ᒓ࡞ࡾࠊ ᖺࡽ ᖺࡲ࡛ࡣᮾி㒔
ࡢỤᡞ⥺ୖ㔝ᚚᚐ⏫㥐ࡢᘓタᚑࡋࡓࠋ ᖺࡽ ᖺࡲ࡛࣓ࣜ࢝ࡢࢫࢱࣥࣇ࢛࣮
ࢻᏛ࡛ᘓタ࣐ࢿࢪ࣓ࣥࢺࡢຮᙉࢆࡋࡓᚋࠊᾏእࣉࣟࢪ࢙ࢡࢺࡢᕤ⟶⌮ࢆᢸᙜࡍࡿࡇ࡞
ࡾࠊࣇࣜࣆࣥࠊࢻࣂࠊࢩ࣏࣮࡛ࣥ࢞ࣝබඹᕤᦠࢃࡗࡓࠋ ᖺ ᭶ࢪࣕ࢝ࣝࢱ 057
ᆅୗ㕲༊㛫 ᕤ༊ࡢⓎὀෆ♧᭩ࡀⓎὀ⪅ 057- ࡽᙜ♫ -9 Ⓨ⾜ࡉࢀࡓࡢక࠸ࠊᮾி࡛ࡢᆅ
ୗ㕲ᕤࡢ⤒㦂࡞ࡽࡧᾏእᕤࡢ⤒㦂ࢆ⪃៖ࡉࢀࠊࣉࣟࢪ࢙ࢡࢺ࣐ࢿࢪ࣮ࣕ㸦ࣉ࣐ࣟࢿ㸧
௵ࡉࢀࡓࠋ
ᙜ♫ -9 ࡀཷὀࡋࡓ &3 ᕤ༊ &3 ᕤ༊ࡘ࠸࡚ࡣࠊᕤࡢ㞴᫆ᗘࡀ㧗࠸ࡓࡵࠊᙜ♫
-9 ࢆྵࡵ࡚ࡑࢀࡒࢀ -9 ࡎࡘࡋධᮐࡋ࡞ࡗࡓࡀࠊ୧ᕤ༊ࡶᙜ♫ -9 ࡢධᮐ㔠㢠ࡀ -9
ࡢ ᙅ࠸࠺⤖ᯝ࡛࠶ࡗࡓࠋ⚾ࡣᙜࢩ࣏࣮ࣥ࢞ࣝႠᴗᡤົࡋ࡚࠸ࡓࡢ࡛ࠊࢪࣕ࢝ࣝࢱ
057 ࡢධᮐᴗົࡣࡃ㛵ࢃࡽ࡞ࡗࡓࡀࠊධᮐ⤖ᯝࢆ⪺࠸࡚ࠊ
ࠕㄡࡀࣂࣂࢆᘬࡃࡢࡔࢁ࠺㸦ㄡ
ࡀࣉ࣐ࣟࢿ௵ࡉࢀࡿࡢࡔࢁ࠺㸧㸽ࠖᛮࡗ࡚࠸ࡓࡇࢁࠊ✺↛⚾ࡀࣉ࣐ࣟࢿ௵ࡉࢀࠊ
ࡦࡗࡃࡾ㏉ࡾࡑ࠺࡞ࡗࡓࡇࢆ࡛ࡶぬ࠼࡚࠸ࡿࠋ
ࢪࣕ࢝ࣝࢱ㉱௵ᚋ┿ࡗඛධᮐᢸᙜ⪅ࡽධᮐ㔠㢠ࡘ࠸࡚☜ㄆࡋࡓࡇࢁࠊ
ࠕタィᕤࡢ
Ⅼࢆάࡋࠊ㥐⯋ෆࡢࣞ࢘ࢺࢆ᭱㐺ࡍࡿࡇ࡛㥐㛗ࢆཎࡼࡾ▷ࡃࡋࡓࡾࠊᆅ┙ㄪᰝ⤖
ᯝࡽࢭࢢ࣓ࣥࢺࡢタィࢆぢ┤ࡋཌࡉࢆⷧࡃࡋࡓࡾ࠸ࡗࡓᵝࠎ࡞ 9( 㸦9DOXH(QJLQHHULQJ㸸
ࣂ࣮࢚ࣜࣗࣥࢪࢽࣜࣥࢢ㸧ࢆ┒ࡾ㎸ࢇࡔ⤖ᯝ࡛࠶ࡾࠊ㛫㐪ࡗࡓ㔠㢠࡛ධᮐࡋࡓࢃࡅ࡛ࡣ࡞࠸ࠖ
ࡇࢆ☜ㄆࡋࡓࠋ
㸬 ⌧ሙົᡤᘓタ
ࣉࣟࢪ࢙ࢡࢺࡢつᶍࡀࡁ࠸ࡢ࡛ࠊ ே
௨ୖࡢࢫࢱࢵࣇࡀᑵᴗ࡛ࡁࡿ⌧ሙົᡤࢆᘓ
タࡍࡃᘓタ⏝ᆅࢆ≀Ⰽࡋ࡚࠸ࡓࡇࢁࠊබ
ᅬᒁࡀ⟶⌮ࡍࡿ⌧ሙ㏆ࡃࡢබᅬ⏝ᆅࢆ⏝࡛
ࡁࡿࡇ࡞ࡾࠊබᅬᒁࡽᅵᆅ⏝チྍ᭩
ࢆཷ㡿ࡋࡓୖ࡛ࠊ ᖺ ᭶ᮎ⌧ሙົᡤ
ࡢᘓタ╔ᡭࡋࡓࠋᕤࡣ㡰ㄪ㐍ࡳࠊ ᭶
ᘓタ୰Ṇ௧ࢆཷࡅࡓ㝿ࡢ
ࡣ ࡀࡓᕤࢆ⤊࠼࡚࠸ࡓࡀࠊ✺↛බᅬ ⌧ሙົᡤᘓタ≧ἣ
ᒁࡽࠕᅵᆅ⏝チྍྲྀᾘࡋ㏻▱ࠖࠕ⌧ሙ
ົᡤᘓタ୰Ṇ௧ࠖࡀฟࡉࢀࠊࡑࡢ⌮⏤ࡸ⤒⦋ࡀࡉࡗࡥࡾࢃࡽࡎࠊ⚾ࡣ㏻▱᭩ࢆᡭⲉ↛
ࡋࡓࠋ
ᅵᆅ⏝チྍྲྀᾘࡋࡢ⌮⏤ࡘ࠸࡚ࡣᮍࡔࡣࡗࡁࡾࡣࡋ࡚࠸࡞࠸ࡀࠊშࡼࡿࠊࡑࡢ
ᅵᆅ࡛௨๓᭷ຊ⪅ࡢぶ᪘ࡀᑠᴗࢆႠࢇ࡛࠸ࡓࡀࠊබᅬᒁࡽබᅬᘓタࢆ⌮⏤ᙉไⓗ❧
ࡕ㏥ࡁࡉࡏࡽࢀࡓࠋࡑࡢᅵᆅ࡛ᡃࠎࡀົᡤࢆᘓタࡋ࡚࠸ࡿࡢࢆ┠ࡋࡓ᭷ຊ⪅ࡀࠕබᅬࢆ㐀
ࡿࡢ࡛ࡣ࡞ࡗࡓࡢ㸟༶้ົᡤᘓタᕤࢆ୰Ṇࡋࢁ㸟ࠖබᅬᒁᛣࡗ࡚ᣦ♧ࡋࡓࡢࡀ⌮
⏤ࡢࡼ࠺࡛࠶ࡗࡓࠋ
ၥ㢟ゎỴࡢࡓࡵබᅬᒁࡸ㛵ಀ⪅΅ࡋࡓࡀࡲࡗࡓࡃᇝࡀ᫂ࡎࠊ⤖ᒁࡑࡢᅵᆅ࡛ࡢᘓタࡣ
ㅉࡵࠊᘓタ୰ࡔࡗࡓົᡤࡶゎయࡋࠊ௬ົᡤࢆ㌿ࠎࡋ࡞ࡀࡽࠊ᪂ࡓ࡞ᘓタ⏝ᆅࢆ᥈ࡋồࡵ
ࡿࡇ࡞ࡗࡓࠋ᭱⤊ⓗࡣẸᆅࢆ⏝ࡋ࡚ົᡤࢆᘓタࡍࡿࡇ࡞ࡗࡓࡀࠊ᪂ົᡤධ
ᒃ࡛ࡁࡓࡢࡣ⚾ࡀࢪࣕ࢝ࣝࢱ╔௵ࡋ࡚ࡽ ᖺ௨ୖࡓࡗࡓ ᖺ ᭶࡞ࡗࡓࠋᛮ࠸ฟࡋ
࡚ࡶⱞࠎࡋ࠸⤒㦂࡛࠶ࡗࡓࠋ
㸬 㥐⯋ᘓタᕤ
ᆅୗ㕲㥐⯋ 㥐ࡣࡍ࡚ᆅୗ ᒙᵓ㐀ࠊᶆ
‽㥐㛗 㹫࡛㛤๐ᕤἲ㸦ᆅ⾲㠃ࡽᡤᐃࡢ
῝ࡉࡲ࡛ᆅ┙ࢆ᥀๐ࡋ࡚ࠊࡑࡇᵓ㐀≀ࢆᵓ
⠏ࡋࠊࡑࡢᚋᇙࡵᡠࡍᕤἲ㸧࡛ᵓ⠏ࡋࡓࠋ
ᙜᕤ༊ෆ࡛༡ࡽ 㥐┠ࡢࣈࣥࢻࣥ࢞ࣥ
㥐ࡣࠊ㥐ࢆᶓ᩿ࡍࡿእᚄ 㹫ࡢ ᮏ୪ิ
ࡢỈ㐨⟶ࡀ࠶ࡾࠊࡑࡢୗ㥐⯋ࢆᘓタࡋ࡞ࡅ
ࢀࡤ࡞ࡽ࡞ࡗࡓࠋࡇࡢỈ㐨⟶ࡣ ᖺ௨ୖ๓
᥎㐍ᕤἲ㸦⟶ࡢඛ➃᥀㐍ᶵࢆྲྀࡾࡅࠊ
ᆅ୰ࢆ᥀๐ࡋࡘࡘࠊᚋ᪉ࡢἜᅽࢪࣕࢵ࡛࢟᥎
ࡋ㐍ࡵ࡚ࠊ⟶ࢆᇙタࡍࡿᕤἲ㸧࡛ᕤࡉࢀࠊ
ධᮐᅗ᭩ࡣࠊ
ࠕ᥎㐍⟶ࡢ୰Ỉ㐨ᮏ⟶ࡀᩜタ 㛤๐ᕤἲ࡛ᕤ୰ࡢ
ࣈࣥࢻࣥ࢞ࣥ㥐
ࡉࢀ࡚࠸ࡿࠖࡢグ㍕ࡀ࠶ࡗࡓࡢ࡛ࠊᙜึࡣ
᪥ᮏ࡛ࡶ㏻ᖖ⾜࠺ྞ㜵ㆤ㸦Ỉ㐨⟶ࢆ㟢ฟ
ࡋࠊୖࡽྞࡿᕤἲ㸧ࢆ᥇⏝ࡍࡿ᪉㔪࡛
࠶ࡗࡓࠋ
ࡋࡋ࡞ࡀࡽࠊ╔ᕤᚋỈ㐨ᒁ☜ㄆ
ࡋࡓࡇࢁࠊ
ࠕ᥎㐍⟶⮬యࡀỈ㐨ᮏ⟶࡞
ࡗ࡚࠾ࡾࠊ୰ᮏ⟶㸦㕲⟶㸧ࡣ࡞ࡃࠊ᥎
㐍⟶ෆࢆ┤᥋Ỉࡀὶࢀ࡚࠸࡚ࠊ⟶ෆࡢỈ ࣈࣥࢻࣥ࢞ࣥ㥐ࢆᶓ᩿ࡍࡿỈ㐨⟶ࡢ≧ἣ
ᅽࡣ EDU ࡛ࠊỈ㐨⟶ࡢࢪࣙࣥࢺࡽỈࡀ
ᄇࡁฟࡍ 㹫ࡢ㧗ࡉࡲ࡛Ỉࡀᄇࡁฟࡍࠋ࡞
࠾ࠊࡇࡢ ᮏࡢỈ㐨⟶࡛ࢪࣕ࢝ࣝࢱᕷẸࡀ
⏝ࡍࡿỈ㐨㔞ࡢ 㸣௨ୖࢆ౪⤥ࡋ࡚࠾ࡾ᩿
Ỉ⬟ࠖࡢ㦫ࡃࡁሗࢆᚓࡓࠋ
᥎㐍⟶ࡣ 㹫ࡈࢪࣙࣥࢺࡀ࠶ࡾࠊࡑ
Ỉ㐨⟶㸦᥎㐍⟶㸧㜵ㆤ≧ἣ
ࡢࢪࣙࣥࢺࡣ࣎ࣝࢺ➼࡛ࡣ᥋⥆ࡉࢀ࡚࠾ࡽ
ࡎࠊࢪࣙࣥࢺ㒊ࡢࢦ࣒ࡔࡅ࡛₃Ỉࢆ㜵࠸࡛࠸ࡿᙅ࠸ᵓ㐀࡛ࠊࡇࡢࡼ࠺࡞⟶ࢆྞ㜵ㆤࡍࡿỈ
㐨⟶ࡢ⮬㔜࡛ࢪࣙࣥࢺ㒊ࡀኚᙧࡋࠊࡑࡇࡽ₃Ỉࡍࡿࣜࢫࢡࡀ㠀ᖖ㧗࠸ࡇࡀᠱᛕࡉࢀࡓࠋ
ࡇࡢࡓࡵࠊ⚾ࡣⓎὀ⪅ࠕࡇࡢࡼ࠺࡞Ỉ㐨⟶ࢆ㟢ฟࡋྞ㜵ㆤࡍࡿࡢࡣ࠶ࡲࡾࡶࣜࢫࢡࡀ㧗
࠸ࡢ࡛ࠊ㥐ࡢ⨨ࢆኚ᭦ࡋࠊỈ㐨⟶ࡢ㟢ฟࢆ㑊ࡅࡿࡋࠖᥦゝࡋࡓࡀࠊⓎὀ⪅ࡽࡣࠕ᭦
㥐ࡢ⨨ࢆኚ᭦ࡍࡿࡇ࡞࡛ࡁ࡞࠸༷ࠖୗࡉࢀࡓࠋࡉ࡚࠺ࡋࡓࡶࡢᝎࡳᝎࢇࡔࡀࠊ
ඛࡎࡣỈ㐨⟶ࡢ≧ἣࢆ☜ㄆࡋࡼ࠺ヨ᥀ࢆ⾜ࡗࡓࡇࢁࠊ⟶ᮏయࡶࢪࣙࣥࢺ㒊ࡶ࡛࠶ࡿ
ࡇࡀ☜ㄆ࡛ࡁࡓࡢ࡛ࠊࡢ⟇ࢆᑾࡃࡋ࡚⟶ࢆ㜵ㆤࡍࡿぬᝅࢆỴࡵࡓࠋ
ලయⓗࡣྞ㜵ㆤຍ࠼࡚⿵ຓࡋ࡚ࡢཷࡅ㜵ㆤ㸦ୗࡽᮺ࡛ᨭ࠼ࡿᕤἲ㸧ࡶ⾜࠸ࠊࡲࡓỈ
㐨⟶㸦᥎㐍⟶㸧ࡢྛࢪࣙࣥࢺࢆ㕲➽ࢥࣥࢡ࣮ࣜࢺ࡛ᕳ࠸࡚ࠊࡉࡽࣥࢢ࡛ࣝࢺࣛࢫࢆ⤌ࢇ
࡛Ỉ㐨⟶యࢆࡀࡕࡀࡕᅛࡵࡓୖ࡛ࠊỈ㐨⟶ୗࡢᅵࢆ᥀ࡿᕤἲࢆ᥇⏝ࡋࡓࠋỈ㐨⟶ୗࡢ᥀๐
୰ࡣᚰ㓄࡛╀ࢀ࡞࠸᪥ࠎࡀ⥆ࡁࠊ&&79 ࣓࢝ࣛࢆタ⨨ࡋ࡚⌧ሙົᡤࡽࡶỈ㐨⟶ࡢ≧ἣࢆ☜ㄆ
ࡋ࡞ࡀࡽ᥀๐ࢆ㐍ࡵࡓࡀࠊࢪࣙࣥࢺࡽࡢ₃Ỉ➼ࡢၥ㢟ࡶ࡞ࡃࠊ㜵ㆤࢆ↓ࡋࡓࡣ
㌟ࡽຊࡀᢤࡅࡿᏳሚࡋࡓࠋ
㸬 ࢩ࣮ࣝࢻࢺࣥࢿࣝᕤ
㥐㛫ࡢ ᮏࡢࢺࣥࢿࣝࡣࣥࢻࢿࢩ࡛ึ࡞ࡿࢩ࣮ࣝࢻࢺࣥࢿࣝᕤἲ࡛ᕤࡋࡓࠋࢺࣥࢿ
ࣝࡣෆᚄ 㹫ࡢ ᮏ୪ิࡢࢺࣥࢿࣝ㸦ᘏ㛗 NP㸧࡛ࠊࢩ࣮ࣝࢻ࣐ࢩࣥ ྎࡣ᪥ᮏࡢᕤሙ
࡛〇సࡋࠊ⬗యࢆ ศࡋࡓୖ࡛ᾏୖ㍺㏦ࡋࠊ⌧ሙࡢⓎ㐍❧ᆙෆ࡚ᗘ⤌❧࡚ࠊ ᖺ ᭶
ࢩ࣮ࣝࢻ࣐ࢩࣥ ྕᶵࢆⓎ㐍ࡉࡏࡓࠋ
ᮏᕤ࡛ࡣ͆㢦ࡢぢ࠼ࡿຓ͇ࡋ࡚ᢏ⾡⛣㌿ᣮᡓࡋࠊࢩ࣮ࣝࢻᕤࡢ⤒㦂ࡀࡃ࡞࠸
ࣥࢻࢿࢩேࡢ -9ࢫࢱࢵࣇ࠾ࡼࡧసᴗဨᑐࡋࠊ᪥ᮏே⫋ဨࡀᕤ⟶⌮᪉ἲࠊ࣐ࢩࣥ᥀㐍
࠾ࡼࡧࢭࢢ࣓ࣥࢺ⤌❧ࡢ᧯స᪉ἲࢆኪ 㛫యไ࡛ᩍ⫱ᣦᑟࡋࡓࠋ᥀㐍㛤ጞᙜึࡣᡭ᥈ࡾࡢ
≧ែ࡛࠶ࡗࡓࡀࠊ⥅⥆ⓗ࡞ᣦᑟࢆ⢓ࡾᙉࡃ⾜࠺ࡇࡼࡾࠊ ᖺ ᭶ࡣ ྎᙜࡾ᭶㐍
㹫ࢆ㐩ᡂࡋࡓࠋ
ࢩ࣮ࣝࢻ࣐ࢩࣥ ྕᶵࡀ᭱ᚋࡢ ᮏ┠ࡢࢺ
ࣥࢿࣝࢆ㈏㏻ࡋࡓ ᖺ ᭶ ᪥ࡣࠊࢪ
ࣙࢥ࣭࢘ࢻࢻ⤫㡿ࡀ᭱⤊฿㐩ࡢ≧ἣࢆど
ᐹࡉࢀࡓࠋ⤫㡿ࡢ⌧ሙゼၥࡣࡇࢀࡀ ᗘ┠
࡛࠶ࡗࡓࠋ
ᡂࡋࡓࢺࣥࢿࣝࡣ₃Ỉࡶࢇ↓ࡃࠊ
᪥ᮏࡽ᮶ࡓࢺࣥࢿࣝᑓ㛛ᐙࡶ㦫ࡃฟ᮶ᫎ࠼
ࡔࡗࡓࠋኪࢆศࡓࡎᢏ⾡⛣㌿ࢆࡋࡓᡃࠎ
᪥ᮏேᢏ⾡⪅ࡗ࡚ࡶࠊ⮬ศࡓࡕࡢᡭ࡛᥀
ࡾ࠶ࡆࡓࣥࢻࢿࢩேࢫࢱࢵࣇࡗ࡚ࡶ
⬚ࢆᙇࢀࡿရ㉁࡛࠶ࡗࡓࠋ ࢩ࣮ࣝࢻ࣐ࢩࣥ ྕᶵ᭱⤊฿㐩どᐹ
㸦ᕥࡽ ே┠ࡀࢪࣙࢥ࣭࢘ࢻࢻ⤫㡿㸧
㸬 ࠾ࢃࡾ
⚾ࡣࢺࣥࢿࣝ㈏㏻ᚋࡢ ᖺ ᭶ᮎ࡛⌧ሙࢆ㞳ࢀࡓࡀࠊ ᖺึ᪪ࡢ㛤ᴗࢆ┠ᣦࡋ࡚ࡢస
ᴗࡀ⌧ᆅ࡛ࡣ⥆࠸࡚࠸ࡿࠋᮏࣉࣟࢪ࢙ࢡࢺࡢᡂຌࡼࡾࠊḰࣉࣟࢪ࢙ࢡࢺࡢಙ㢗ᗘࡀ᭦
㧗ࡲࡿࡇࢆᮇᚅࡋ࡚࠸ࡿࠋ
ᓥࢆࡘ࡞ࡄࠗືࡃᶫ࠘ࡀࣥࢻࢿࢩࡢ㏻ࢿࢵࢺ࣮࣡ࢡࢆᨭ࠼ࡿ
1XUKDGL8QJJXO:LERZR
㝣㐠⥲ᒁ㝣㐠ࣥࣇࣛᒁࣇ࢙࣮ࣜ ㄢ㛗
␎Ṕ
ᖺ ᭶ ᪥ࠊࢱࣥࢪ࣭ࣗࣥ࢝ࣛࣥ⏕ࡲࢀࠋࢫࣛࣂࣖᕤ⛉Ꮫ࡛Ꮫኈㄢ⛬㸦ᅵ
ᮌᕤᏛ㸧ࠊࣂࣥࢻࣥᕤ⛉Ꮫ࡛ಟኈㄢ⛬㸦㏻Ꮫ㸧ࢆಟࠋ ᖺ㐠㍺┬㝣㐠⥲
ᒁධ┬ࠋ⌧ᅾࠊ㝣㐠⥲ᒁ㝣㐠ࣥࣇࣛᒁࣇ࢙࣮ࣜ ㄢ㛗ࠋ
ࠕࣇ࢙࣮ࣜ ᩚഛࠖ
⩌ᓥᅜᐙࡋ࡚ࠊࣥࢻࢿࢩࡢᓥᕋ㛫ࢆࡘ࡞ࡄ㏻ᶵ㛵ࡣࠊ≉⤒῭ᡂ㛗ࢆᨭ࠼ࡿࡓࡵࠊ㠀ᖖ
㔜せ࡞ᙺࡀ࠶ࡿࠋᓥᕋ㛫ࢆࡘ࡞ࡄ㏻ᶵ㛵ࡢ୍ࡘࡀࣇ࢙࣮࡛ࣜ࠶ࡿࠋࣇ࢙࣮ࣜࡣࠊᾏࡼࡾ
ษ᩿ࡉࢀࡓ㐨㊰⥙࠾ࡼࡧ࠶ࡿ࠸ࡣ㕲㐨⥙ࢆࡘ࡞ࡄᶫࡋ࡚ࡢᶵ⬟ࡀ࠶ࡿࠋᐈ㌴୧㸦ࡑࡢ✚
㍕≀㸧ࢆ㐠ࡪࠊ⯪ࡼࡿࠕືࡃᶫ࡛ࠖ࠶ࡿࠋ
࠼ࡤࠊ⌧ᅾࡣࢪࣕ࣡ᓥࢫ࣐ࢺࣛᓥࢆ⤖ࡪᴟࡵ࡚㔜せ࡞ࣇ࢙࣮ࣜ㍺㏦㊰࡞ࡗ࡚࠸ࡿ࣓ࣛࢡ㸫ࣂ
࢝࢘ࢽࡢࣇ࢙࣮ࣜ⯟㊰ࡢᩚഛ╔ᡭࡋࡓࡼ࠺ࠊ᪥ᮏᨻᗓࡣ 2'$ ࣉࣟࢢ࣒ࣛࢆ㏻ࡌࠊࣇ࢙࣮ࣜ⯟㊰
ࡑࡢࣥࣇࣛ㛤Ⓨ࠾࠸࡚ከࡃࡢᨭࢆ⾜ࡗ࡚࠸ࡿࠋ
᪥ᮏഃࡢ༠ຊ࡛ࡣࠊ㠀ᖖⰋ࠸༳㇟ࢆཷࡅࡓࠋ᪥ᮏഃࡣᢏ⾡ᨭࡢࠊேᮦࡢ⬟ຊྥୖ㸦▱㆑
⛣㌿㸧㛵ࡍࡿᨭࡶ⾜ࡗࡓࠋࡲࡓࠊࣉࣟࢪ࢙ࢡࢺ㛵ࢃࡗࡓ᪥ᮏேࡢᑐࡍࡿつᚊࡢ㧗ࡉ㉁
ࡢ㧗࠸ࡶᛀࢀࡽࢀ࡞࠸ࠋᙼࡽࡢࡢ㉁ࡀ࠸㧗࠸ࢆ࣓ࣛࢡ ࣂ࢝࢘ࢽ ࡛ぢࡿࡇࡀ࡛
ࡁࡿࠋࣥࢻࢿࢩഃࡣࠊ≉ࡢ㉁ࢆୖࡆࡿࡇࢆ᪥ᮏഃࡽᏛࡤ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ᛮ࠺ࠋ
2'$ ࣉࣟࢢ࣒ࣛࡼࡿ᭱ᚋࡢࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᘓタࣉࣟࢪ࢙ࢡࢺࡣࠊࣃࣞࣥࣂࣥ㸫࣒ࣥࢺࢡ㛫࠾
ࡼࡧࣂࢪ࢚ࣙ㸫ࢥࣛ࢝㛫࡛࠶ࡿࠋࡋࡋࠊ⚾ࡣࣥࣇࣛᩚഛ௨እࠊࡾࢃࡅࠊࣥࢻࢿࢩࡢேᮦ
⫱ᡂ࣭⬟ຊྥୖ㛵ࡋ࡚ࡶࠊ᪥ᮏᨻᗓࡢ༠ຊᨭࡀᚲせ࡛࠶ࡿ⪃࠼࡚࠸ࡿࠋ
ࣥࢻࢿࢩ࣭᪥ᮏࡢᅜᶞ❧ ࿘ᖺ࠾⚃࠸ࢆ⏦ࡋୖࡆࡓ࠸ࠋࡇࢀࡲ࡛⾜ࢃࢀ࡚ࡁࡓ༠ຊࡀࡉ
ࡽࡼࡾⰋ࠸᪉ྥⓎᒎࡋ⥆ࡅࠊࣥࢻࢿࢩ᪥ᮏࡢ୧ᅜẸᗈࡃࡁ࡞┈ࢆࡶࡓࡽࡍࡇࢆ㢪
ࡗ࡚࠸ࡿࠋࡲࡓࠊࡇࡢ༠ຊࡼࡾࣥࢻࢿࢩ᪥ᮏᨻᗓࡢ㛵ಀࡀࡉࡽ⥭ᐦ࡞ࡿࡇࢆᮇᚅࡋ࡚
࠸ࡿࠋ
ୡ⏺ᒅᣦࡢほගᆅࡢ✵ ᩚഛᴗཧ⏬ࡋ࡚
㸫ࣥࢻࢿࢩ࣭ࣂࣜᅜ㝿✵ ࡢᩚഛᣑᴗ➨ , ᮇ㸫
᪂ᐙ ⩏ᙗ
ඖࣂࣜᅜ㝿✵ ᩚഛᣑィ⏬⥲ᣓ
␎Ṕ
ᖺࣂࣜᅜ㝿✵ ᩚഛᣑィ⏬ࡢணഛㄪᰝᚑࡋ࡚௨㝆ࠊ ᖺࡼࡾࣂࣜ
ᅜ㝿✵ ᩚഛᣑィ⏬ࡢ⥲ᣓࠊ ᖺࡼࡾྠ௳ࡢ⥲ᣓࢆົࡵࡿࠋࡑࡢᚋࡶࣃ
ࢲࣥ✵ ᩚഛィ⏬ࠊ࣓ࢲࣥ✵ ⛣ືィ⏬ㄪᰝࡢ⥲ᣓࡋ࡚ࣥࢻࢿࢩࡢ✵ ᩚ
ഛᐤࠋ⌧ᅾࡣࣃࢩࣇࢵࢡࢥࣥࢧࣝࢱࣥࢶᰴᘧ♫ᅜ㝿ᴗᮏ㒊㏻࣭㛤Ⓨ
ࣉࣟࢪ࢙ࢡࢺ㒊ᢏ⾡㢳ၥࠋ
ࠕࣂࣜᅜ㝿✵ ᩚഛᴗࠖ
ࣂࣜᅜ㝿✵ ࡣࠊࣥࢻࢿࢩ᭱ࡢほගᆅ࡛࠶ࡿࣂࣜᓥࡢ⋞㛵ཱྀ࡛࠶ࡾࠊᾏእࡽࡢ᪑⾜⪅
ࡗ࡚ࠊᐇୖࣂࣜᓥࡢ၏୍ࡢࢡࢭࢫ࣮ࣝࢺ࡞ࡗ࡚࠸ࡿࠋ ᖺ௦ࡽᑵ⯟ࡋࡓ % ࡞
ᆺᶵᮦࡢ㐠⯟ཬࡧᏳᛶ⥔ᣢࡢࡓࡵࡢ✵ ᩚഛࡀ⥭ᛴࡢㄢ㢟ࡋ࡚ࣥࢻࢿࢩഃࡶㄆ
㆑ࡉࢀࠊḰࡼࡿᮏ✵ ᩚഛࡢ➨ ᮇᴗ㸦᪤タ㉮㊰ࡢᔞୖࡆᕤཬࡧ㉮㊰ࡢ 㹫
ࡽ 㹫ࡢᘏ㛗ࠊ࢚ࣉࣟࣥᣑᙇࠊᅜ㝿⥺ฟⓎࣅࣝ᪂タࠊ᪤タᅜෆ⥺ࣅࣝᣑᙇࠊ㈌≀ࢱ࣮
࣑ࢼࣝࣅࣝ᪂タࠊ⟶ไሪ᪂タ➼ࢆྵࡴ㸧ࡣࠊ ᖺ )6 ࡀ㛤ጞࡋࠊࡑࡢᚋ '' ࢆ⤒࡚ࠊᘓタ
ᕤࡣ ᖺ㛤ጞࡋ ᖺ ᭶ᕤࡋࡓࠋ
㸯㸧ࡣࡌࡵ
⚾ࡀཧ⏬ࡋࡓࠊࣥࢻࢿࢩࡢࣂࣜᅜ㝿✵ ᩚഛᣑᴗ࣭, ᮇࡢணഛㄪᰝࠊᇶᮏ࣭ヲ⣽
タィ࣭ධᮐ⿵ຓᴗົ࣭ᕤ⟶⌮ᴗࡣࢥࣥࢧࣝࢱࣥࢺࡋ࡚ࠊࣉࣟࢪ࢙ࢡࢺࡢᙧᡂࡽタィࠊ
ᡂ㎾୍㈏ࡋ࡚⣙ ᖺ㛫ᚑࡋࡓࠊ⚾ࡢࣛࣇ࣮࣡ࢡ࡛࠶ࡿࠋ
ࡑࡢᴫせࢆᙜసᡂࡋࡓࣃࣥࣇࣞࢵࢺ࡛ḟ♧ࡍࠋ
➨㹇ᮇᕤᴫせ㸦ࣃࣥࣇࣞࢵࢺࡼࡿ㸧
㸰㸧༳㇟ṧࡿࣉࣟࢭࢫࡸ࢚ࣆࢯ࣮ࢻࠊ┦ᡭᅜࡽࡢᏛࡧ
ᶆ㢟ࡘ࠸࡚ࠊࣉࣟࢪ࢙ࢡࢺࡢᢏ⾡ⓗ㡯ࠊ
㸦㸰㸧ᐇ୰ࡢヰⓗࢸ࣮࣐ࢆ㑅ࢇ࡛グ㏙ࡍ
ࡿࠋ
㸦㸯㸧ࣉࣟࢪ࢙ࢡࢺࡢᢏ⾡ⓗ㡯
D㉮㊰ࡢ㐀ᡂ㧗
㉮㊰ࡢᘏ㛗ࡣࠊᘏ㛗㒊ࡢ㐀ᡂ㧗ᐈᅵ㔞ࢆῶࡽࡍⅭࠊపࡃタᐃࡍࡿࡀࠊᘏ㛗ᑐ㇟༊
ᇦෆࡢࣂࣃࢫ㐨㊰ࡢᘓ⠏㝈⏺ࢆ⪃៖ࡋࠊ㐍ධ⾲㠃ゐࡋ࡞࠸ᵝࡋࡓࠋ᪥ᮏ࡛ࡣࠊ
ᆅୗ㐨ࡍࡿࡀࠊࣂࣜᓥࡢࣄࣥࢬ࣮ᩍࡣⴿิࡸ⾜ࡢࠊ≀ࡢୗࢆࡃࡄࡿࡣ㑊ࡅࡿ
࠸࠺⩦័ࢆ㓄៖ࡋࡓࠋ
E㉮㊰ᔞୖࡆᕤࡢᢏ⾡ᇶ‽
ᕤ࡛ࡣࠊ⤒ᖺຎࡋࡓ㉮㊰⯒㠃ࡢᙉࡢⅭࠊ᪤Ꮡ⯒㠃 FP ᔞୖࡆᕤࢆ⾜
ࡗࡓࠋࡋࡋ㉮㊰ࢆ㛢㙐ࡏࡎᕤࢆ⾜࠺Ⅽࠊẖᬌ⣙ 㹫ࡢᶓ᩿ᔞୖࡆᕤࢆ⾜࠸ࠊ
⩣᪥ࡢᕤ༊㛫ࡢẁᕪゎᾘࡢⅭ⣙ 㹫༊㛫ࡢ᧿ࡾࡅࡢ௬ᕤࡀᚲせ࡛࠶ࡗࡓࠋ
タィⅬ࡛ࡣࠊ᪥ᮏࡢ㐠㍺┬⯟✵ᒁࡢ㢮ఝᕤ࡛ࡢᕤᇶ‽ࡣ᪂タᔞୖࡆ㒊᪤Ꮡ㒊
ࡢ௬タ᧿ࡾࡅ㒊ࡢฎ⌮ࢆࠊ᪤Ꮡ㒊ࢆࡿ࡞ࡃ᧿ࡾࡅ࡚ࡼ࠸ࡋ࡚࠸ࡓࠋࡋࡋࠊ
ᖺ ᭶ ᪥ࠊࡇࡢ᧿ࡾࡅ㒊࡛╔㝣ࡋࡓ⯟✵ᶵࡀ㏿ᗘࢆⴠࡍⅭ࢚ࣥࢪࣥࡢ㏫
ᄇᑕ࡛ࠊ௬タ᧿ࡾࡅ㒊ࡢࢫࣇࣝࢺࢥࣥࢡ࣮ࣜࢺࢆ 㹫ࡢ≧྿ࡁ㣕ࡤࡋࠊࡑ
ࡢḞ∦ࢆࡢ࢚ࣥࢪࣥࡀ྾࠸㎸ࡳࠊ࢚ࣥࢪࣥ࿘ࡾཬࡧ࢚ࣥࢪࣥࡢ୍㒊ࣈ࣮ࣞࢻᦆയࢆ
ࡁࡋࡓࠋཎᅉ✲᫂ࡢ⤖ᯝࠊ௬タ᧿ࡾࡅ㒊ࡢᨵၿᥐ⨨ࡋ࡚ ᪤Ꮡ⯒ࡢ͇㞽͆᧿ࡾ
ࡅ㒊ࢆᖜ⣙ 㹫ரࡾࠊFP ࡢ῝ࡉ๐ࡿࡋࡓࠋ
Fධᮐࣉࣟࢭࢫࡢኚ᭦
ᮏᴗࡣࠊ㉮㊰ࡢᘏ㛗ᔞୖࠊᖹ⾜ㄏᑟ㊰ࡢ᪂タࠊ࢚ࣉࣟࣥࡢᩚഛࠊ᪂ᪧᅜ㝿⥺ࣅ
ࣝࡢᘓタᨵⰋࠊ⟶ไሪࡸ⯟✵ᶵ⤥Ἔタࡢ᪂タ➼ࠊࡇࢀࡽక࠺᪂ᪧタࢩࢫࢸ࣒ࡢ
ษࡾ᭰࠼ࠊタ㛫ࡢࣥࢱ࣮ࣇ࢙ࢫ➼」㞧࡞ᕤࡣࠊ✵ ࢆ㐠⏝ࡋ࡞ࡀࡽᐇࡍࡿⅭࠊ
ᐈඛࡢゎࡢࡶ ࣃࢵࢣ࣮ࢪࢆ๓ᥦධᮐᅗ᭩ࢆసᡂࡋࡓࠋࡑࡢᚋࠊᘓ⠏࣭ᅵᮌ࣭⯟
✵⟶ไ࣭⯟✵ᶵ⤥Ἔࡢ ࡘศࡍࡿ࡞ࡾࠊධᮐᅗ᭩ࢆಟṇࡋࡓࠋ
ཪࠊධᮐᙧᘧࡀࠊධᮐ⥾ࡵษࡾࡢ ࢝᭶๓ࠊ༢౯᪉ᘧࡽ୍ᣓዎ⣙᪉ᘧ㸦ኚ᭦௧
௨እࠊཎዎ⣙㔠㢠ࡢኚ᭦ࢆㄆࡵ࡞࠸㸧ኚ᭦࡞ࡾࠊධᮐ᭩㢮ࡢಟṇࡀᚲせ࡞ࡗࡓࠋ
Gዎ⣙᭩㢮ࢆ⧳ࡵࡿࡓࡵࡢᡭ⥆ࡁ
ዎ⣙᭩ࡣࣥࢻࢿࢩㄒ∧ࡀṇᘧ࡞᭩㢮࡛࠶ࡾࠊࣥࢻࢿࢩㄒⱥㄒࡢేグࡀᚲせ
࡛࠶ࡗࡓࠋࡑࡋ࡚ࣥࢻࢿࢩㄒࡣබㄆࡢ⩻ヂ⪅ࡢㄆྍࡀᚲせ࡞ࡾࠊࡲࡎⱥㄒ∧࡛ᐈ
ඛᢸᙜ⪅ཬࡧ᪥ᮏഃ 2(&) ࡢᢎㄆྲྀᚓᚋࠊ⩻ヂࡅࡑࡢ᭱⤊ཎ✏ࣥࢻࢿࢩࡢ⩻ヂ
⪅ࡢබ༳ࢆᚓࡿ࠸࠺ᡭ㛫ࡢࡿᡭ㡰࡛ࠊᕤࡢዎ⣙᭩ࢆసᡂࡋࡓࠋ
ᵝᘧࡢཧ⪃ࢆḟ♧ࡍࠋ
ዎ⣙᭩ࡢࡋ㸸ᕥࡢ㡫ࡢྑୖࠊྑࡢ㡫ࡢྑୗ࠶ࡿ༳ࡀ⩻ヂ⪅ࡢᢎㄆ༳
Hࢽࢩ࣭ࣕࣝࢧ࣮࣋ཬࡧᆅୗᇙタ≀ㄪᰝ
ヲ⣽タィ࡛┦ᡭᅜࡼࡾ㈚ࡉࢀࡓᆅᙧ 㔞ᅗࡣࠊ 㔞ࡢ⢭ᗘࡀၥどࡉࢀ࡚࠸ࡓࡢ࡛ࠊ
ᕤ㛤ጞඛ㥑ࡅࢽࢩ࣭ࣕࣝࢧ࣮࣋ࢆ⾜ࡗࡓࠋ
ࡑࡢ⤖ᯝࠊ᪤Ꮡᅜ㝿⥺ࢱ࣮࣑ࢼࣝࣅࣝ㉮㊰ࡀᖹ⾜࡛࠶ࡿࡁ⨨㛵ಀࡀᩘࢭࣥࢳ
ࡎࢀ࡚࠾ࡾࠊࡑࡢಟṇࡀᚲせ࡞ࡗࡓࠋ
ᆅୗᇙタ≀ㄪᰝࡣࠊṇ☜࡞᪤Ꮡ㈨ᩱࢆᇶேຊࡼࡿ᥀๐࡛☜ㄆࢆ⾜ࡗࡓࠋ
Iẁ㝵ᕤ
౪⏝୰ࡢᅜ㝿✵ ࡛ࡢつᶍࡢᨵⰋ࣭ᣑᙇ࡛࠶ࡾࠊࢇࡢᕤࡀẁ㝵ᕤࡼࡾ
㐍ࡵࡽࢀࡓࠋ
࣭㉮㊰ᘏ㛗ᕤ㸸᪤タ㐍ධⅉࡀ࠶ࡿᮾഃ 㹫ࡍࡿⅭࠊ㉮㊰ᘏ㛗㒊ࡢ⯒ᕤࡢ
ࡓࡵ㐍ධ➼ࡢṆᮇ㛫ࢆ᭱ᑠࡍࡿࡼ࠺ࠊᮾ㢼ࡀ༟㉺ࡋ⯟✵ᶵࡢᮾഃࡽࡢ㐍ධࡀᑡ
࡞ࡃ࡞ࡿᮇࢆ⪃៖ࡋࡓࠋ
࣭ㄏᑟ㊰᪂タ࣭ᨵⰋᕤ㸸⯟✵ᶵࡢ㐠⯟ᨭ㞀ࢆࡁࡓࡉ࡞࠸ᵝࠊࡲࡎ᪂タㄏᑟ㊰ࡢᘓ
タࢆ㐍ࡵࠊࡑࡢᚋ᪤タㄏᑟ㊰ࢆ㡰ḟࠊ㢼ྥࡁㄏᑟ㊰ࡢ⏝ᙧែࢆ⪃៖ࡋࡓ㛢㙐ᡭ㡰
࡛㐍ࡵࡓࠋ
࣭᪑ᐈࢱ࣮࣑ࢼࣝࣅࣝ᪂タ࣭ᨵⰋᕤ㸸ᅜ㝿⥺ฟⓎ⏝ࣅࣝࢆ᪂タࡋࠊ᪤Ꮡᅜ㝿ࣅࣝࢆᅜ
㝿⥺࣭ᅜෆ⥺ࡢ฿╔⏝ᨵ㐀ࡋࠊ᪤Ꮡᅜෆ⥺ࣅࣝࢆᅜෆ⥺ฟⓎᑓ⏝ᨵ㐀ࡍࡿⅭ
ẁ㝵ࡢᡭ㡰ࢆ㋃ࢇࡔࠋ
㸦㸰㸧ࣉࣟࢪ࢙ࢡࢺࡢヰⓗ㡯
Dࢥࣥࢡ࣮ࣜࢺᘓ≀ࡢ⾲㠃ᵝࠕᡴࡕࡗᨺࡋࠖࡣ㸽
ᘓ≀ᕤࡣࠊࣂࣜᩥࡢ㞺ᅖẼࢆฟࡍⅭࠕ㉥ࣞࣥ࢞ࠖࢆቨ➼⏝ࡋࠊᰕࠊᱱ➼ࢥࣥ
ࢡ࣮ࣜࢺ㒊ࡢ⾲㠃ୖࡆࡣࠊࢥࣥࢡ࣮ࣜࢺᡴタᚋࠊᡤᐃࡢ㣴⏕ࡢᚋᆺᯟࢆእࡋ࡚ᡂ
ࡍࡿࠕᡴࡕࡗᨺࡋࠖࡢᵝࡋࡓࠋ
ࡋࡋࠊ⌧ሙ࡛ࡣᴗ⪅ࡢ⌧ሙ⟶⌮ࡢഛࡽࠕ⾲㠃࠶ࡤࡓࠖࡀฟ᮶ࡓࡾࡍࡿ➼ࢺࣛ
ࣈࣝࡀ㢖⦾Ⓨ⏕ࡋࡓࠋᴗ⪅ࡣࢭ࣓ࣥࢺ࣑ࣝࢡ࡛ࠊ⾲㠃ࢆᩚ࠼ࡓᚋࠊୖሬࡾࡍࡿࡢࡶࠕᡴ
ࡕࡗᨺࡋ࡛ࠖ࠶ࡾࠊᅜෆ࡛ࡢᕤ࡛ࡶࡑࡢᵝ࡞ᑐᛂࢆࡋ࡚࠸ࡿࡢࠋᴗ⪅ࡢᥦฟࡋࡓ
㈨ᩱࢆ᳨ウࡋᇶᮏⓗࡣㄆࡵࡿࡋࡓࡀࠊ⌧ሙ࡛ࡢရ㉁⟶⌮ࢆཝࡋࡃࡋࡓࠋ
Eክ◚ࢀࡓ᪥ᮏ〇࣮ࣞࢲ࣮ࡼࡿࣥࢻࢿࢩࡢ⯟✵㊰┘ど࣮ࣞࢲ࣮࣭ࢩࢫࢸ࣒ࡢᵓ⠏
ࣂࣜ✵ ࡣࣂࣜ ),5㸦)OLJKW,QIRUPDWLRQ5HJLRQ㸸㣕⾜ሗ༊㸧ࡢ࣮ࣞࢲ࣮ࡀ࠶ࡾࠊ
ࡑࡢ᭦᪂ࡶᴗࡢᑐ㇟࡛࠶ࡗࡓࠋᙜ᪥ᮏ࡛ࡣ┿✵⟶᪉ᘧࡽ࡚༙ᑟయ⣲Ꮚᘧษࡾ
᭰࠼ࡘࡘ࠶ࡾࠊࡇࡢᴗ࡛ࡶࡑࡢ᪉ᘧࡢᑟධࢆ๓ᥦࡋࡓࠋ
✵ ࡢᩚഛ௳ࡣࣂࣜ✵ ࡢᩚഛ⥆ࡁࠊࢫࣛࣂࣖࠊࣃࢲࣥࠊ࣓ࢲࣥࠊࣃࣞࣥࣂࣥࡢྛ
✵ ᩚഛࡀࣥࢻࢿࢩഃ࡛⪃࠼ࡽࢀ࡚࠾ࡾࠊ᪥ᮏࡢ 2'$ ࡼࡿᐇࡀィ⏬ࡉࢀ࡚࠸ࡓࠋ
ࡑ࠺ࡋࡓ⫼ᬒࠊࣂࣜ✵ ࡢ࣮ࣞࢲ࣮࣭ࢩࢫࢸ࣒ᩚഛࢆᶵࠊḟࡢࢫࣛࣂࣖ✵ ࡛
᪤Ꮡࡢᅜ〇ᶵჾࡶ᭦᪂ᮇ࡛࠶ࡗࡓࠊᚋࡢࢩࢫࢸ࣒ᩚഛ⥔ᣢ⟶⌮ࡢ⤫୍ᛶ➼ࢆ
⪃៖ࡋࡓࠋ
ᮏᴗ࡛ࡣࠕ86'ROODU0LOOLRQSHURFFXUUHQFHࠖࢆ ࣃࢵࢣ࣮ࢪ㐺⏝ࡋࡓࠋ
ᖾ࠸ࠊே㌟ᨾࡣⓎ⏕ࡋ࡞ࡗࡓࠋࡋࡋࠊ๓グࡋࡓࣝࣇࢺࣁࣥࢨ⯟✵ࡢ %,, ࡢ㉳
ࡇࡋࡓᨾࡣ㐺⏝ࡉࢀࠊ⣙ ൨ࡢ⿵ൾ㔠ࡀࡇࡢಖ㝤࡛ᡶࢃࢀࡓ⪺࠸ࡓࠋ
Gክ࡞ࡗࡓ✵ ෆࢦࣝࣇሙࡢᘓタ
✵ ᩜᆅࡢ༡ഃࠊ㉮㊰ࢆᣳࢇࡔࢱ࣮࣑ࢼࣝᆅ༊ࡢᑐഃ㎾ࡢ✵ ᩚഛ࡛ࡢᐈᅵ
ࢆ᥀๐ࡋࡓᚋࠊỈࡀ⁀ࡲࡾụࡀฟ᮶ࠊࡑࡢᮾ༡ഃࡣ⏝┠ⓗࡢ↓࠸✵ࡁᆅࡀ࠶ࡿࠋ
ᖺࡢ㛤Ⓨㄪᰝ࡛ࡣࠕ༡ഃ㛤Ⓨࠖࡋ࡚᪤Ꮡࢱ࣮࣑ࢼ࢚ࣝࣜ㛤Ⓨࡢ௦ᆅࡋ࡚ࠊ
᳨ウࡢᑐ㇟࡞ࡗࡓࠋࡇࡢ✵ࡁᆅࢆ⏝ࡋ࡚ࢦࣝࣇሙࢆ㐀ࡾࠊ✵ ⟶⌮⪅ࡋ࡚┈ྥ
ୖࢆᅗࡾࡓ࠸ࡢ┦ㄯࢆཷࡅࡓࠋ
῝้࡞ᨾࡢᑐᛂぢࡓ┦ᡭᅜᢸᙜ⪅
ࠕ㉮㊰ᔞୖᕤࡢᢏ⾡ᇶ‽࡛ࠖ㏙ࡓᨾࡢᑐᛂ㛵㐃ࡋࡓ࡛࠶ࡿࠋ
ᢸᙜᢏᖌࠊᴗ⪅ࢆ⥭ᛴᣍ㞟ࡋᑐ⟇ࢆ༠㆟ࡋࠊእฟࡋ࡚࠸ࡓ✵ 㛗㐃⤡ࢆྲྀࡾࠊ✵ 㛢
㙐ࡢุ᩿ࢆ࠾㢪࠸ࡋࡓࠋࡍࡿࠕᕤ⌧ሙࡢ㈐௵⪅ࡣࢥࣥࢧࣝࡢ㈗᪉㐩ࡲࡏ࡚࠶ࡾࠊ
㈗᪉ࡢุ᩿ࢆ⚾ࡣಙ㢗ࡋ࡚ࣇ࢛࣮ࣟࡍࡿࠖゝࢃࢀࡓࠋࡑࡇ࡛ࠊ᫂ᮅࡲ࡛ࡢ✵ 㛢㙐ࢆ࠾
㢪࠸ࡋࡓࠋࡇࡢ㛢㙐ࡢⅭࠊ✵ ࡣΰ㞧ࡋࠊ⌧ሙ࡛ࡶᪧྥࡅΰࡋࡓࡀࠊ⩣ᮅࠊᪧ
ᕤࢆࡋࠊ✵ 㛗ࡢ᳨ᰝ࣭ゎࢆྲྀࡾ✵ ࡣ㛤ࡋࡓࠋ
ᔞୖᕤࡣཎᅉ✲᫂ᑐᛂ⟇ࡢ☜ᐃࡀᚲせ࡛ࠊ⣙㸯࢝᭶ࠊᐈඛᮏ♫ࡢᢏᖌࡸ⌧ᆅࡢᢏᖌ
ඹ㐃᪥ࠊࡢᕤᚋࡢኤ᪉ࡽࠊ᪉⟇ࢆ᳨ウࡋࠊヨ㦂࣭ヨసࡢヨ⾜㘒ㄗࢆ⧞ࡾ㏉ࡋࡓࠋ
ࡇࡢࠊ✵ 㛗ࡀ♧ࡋࡓࠊᡃࠎࡢಙ㢗ឤࠊࡑࡢᚋࡢ┿ᦸ࡞ᑐᛂࠊ⯟✵⥲ᒁᮏ㒊㛵㐃ᢏ
ᖌࡢ⌧ᆅࡢືဨᑐᛂࢆぢ࡚ࠊࡓࡔࠊ㦫ࡁឤㅰࡢẼᣢ࡛࠶ࡗࡓࠋ
ࡑࡋ࡚⌧ሙࡢⱝᡭᢏᖌࡣⰋ࠸ຮᙉ࡞ࡿࠊ✚ᴟⓗࠊኪ㛫ࡢヨ⾜㘒ㄗࡢሙࡶཧຍࡋ
࡚ࡃࢀࡓࠋ
ࡑ࠺ࡋࡓ┦ᡭᅜⱝᡭࡢே㐩ࡣࡑࡢ⣙ ᖺᚋࡣᮏ㒊ࡢ⯟✵ᒁḟ㛗ࡸᆅ᪉ࡢ✵ 㛗᪼
㐍ࡋ࡚࠸ࡓࠋࡑࡢࡢ࣮ࣜࢲ࣮࡛࠶ࡗࡓேࡣ㐠㍺ḟᐁࡲ࡛᪼㐍ࡋࡓ⪺࠸ࡓࠋ
ࡸࡣࡾⱝ࠸ᡂ㛗ࡍࡿᅜࡢᚰ࠶ࡿே㐩ࡣࠊᰂ㌾࡞⤌⧊ࡢᇶࠊࡑࢀ࡞ࡾࡢ⤖ᯝࢆฟࡍࡶࡢࡔ
ឤࡌࡓࠋ
ࣥࢻࢿࢩ᪥ᮏࡢ༠ຊࢆ㏻ࡌࡓ ‴ࢭࢡࢱ࣮ࡢⓎᒎ
6XZDQGL6DSXWUR
ඖ㐠㍺┬ᾏ㐠⥲ᒁὼ ࣭ ‴ᒁ㛗㸦 ᖺ㹼 ᖺ㸧
ඖ㐠㍺⮧≉ู⿵బᐁ㸦 ᖺ㹼 ᖺ㸧
␎Ṕ
ࣥࢻࢿࢩᏛᏛኈྕ㸦ᕤᏛ㸧ࠊ࣎ࢦ࣮ࣝ㎰⛉Ꮫಟኈྕ㸦ᾏὒᕤᏛ㸧ྲྀᚓᚋࠊ
ᖺ㐠㍺┬ᾏ㐠⥲ᒁධ┬ࠋ ᖺ㹼 ᖺᾏ㐠⥲ᒁὼ ࣭ ‴ᒁ㛗ࠊ ᖺ㹼
ᖺ㐠㍺⮧≉ู⿵బᐁࠋ᪥ᮏ࢜ࣛࣥࢲ࡚ᑓ㛛ศ㔝ࡢㅮ⩦ࢆཷㅮࠋ⌧ᅾࡣ
ࣥࢻࢿࢩᏛࠊࢺࣜࢧࢡࢸᏛࠊࣃࣥࢳࣕࢩࣛᏛࡢᅵᮌᕤᏛ㒊ㅮᖌࠋ
ࠕ ‴ࣥࣇࣛ㛤Ⓨ࣭ᘓタࠖ
ࣥࢻࢿࢩ᪥ᮏࡢ༠ຊࡣ ᖺࢃࡓࡾࠊ≉ࣥࢻࢿࢩࡢ⤒῭Ⓨᒎࡁ࡞┈ࢆࡶࡓ
ࡽࡋ࡚ࡁࡓࠋ ‴㒊㛛࡛ࡶࠊ᪥ᮏᨻᗓࡣ 2'$ ࡢࢫ࣮࣒࡛࢟⾜ࢃࢀࡓࡉࡲࡊࡲ࡞ᢏ⾡ᨭᴗࢆ㏻
ࡌ࡚ࠊ ‴ࣥࣇࣛࡢ㛤Ⓨ࣭ᘓタ࡛ࣥࢻࢿࢩᨻᗓࢆከᨭࡋࡓࠋ
ᖺࠊ㐠㍺┬ᾏ㐠⥲ᒁධ┬௨᮶ࠊ᪥ᮏᨻᗓ㸦ᙜ 2(&)ࠊ⌧ᅾ -%,&㸧ࡢ༠ຊࣉࣟࢪ࢙ࢡࢺ
ఱᗘࡶ㛵ࢃࡗ࡚ࡁࡓࠋ➨ ᮇࢫ࣐ࣛࣥ 㛤Ⓨᴗ㸦 ᖺ㸧࠾ࡼࡧ➨ ᮇྠᴗ㸦 ᖺ㸧
ࠊࡑࡋ࡚ࠊ
ࢻ࣐ ࠊ࣐࢝ࢵࢧࣝ ࠊࢡࣃࣥ ࠊࣅࢺࣥ ࠊࢱࣥࢪ࣭ࣗࣥࣉࣜ࢜ࢡ ࠸ࡗࡓ ‴㛤Ⓨ
ᴗ㛵ࢃࡗࡓࠋࢥࣥࢧࣝࢱࣥࢺ♫ࡸᘓタ♫࡞᪥ᮏࡢ㛵ಀ⪅ࡢ༠ຊࢆ㏻ࡋ࡚ࠊᩘࠎࡢ᪂ࡋ࠸
▱㆑ࢆᏛࢇࡔࠋ୰࡛ࡶࠊእᅜࡢຓࡸ↓ൾ㈨㔠༠ຊࢆά⏝ࡋ࡚ࣉࣟࢪ࢙ࢡࢺࢆ㐍ࡵ࡚࠸ࡃࣉࣟࢭࢫ
㸦ヰࡋྜ࠸ࡽጞࡲࡗ࡚༠ຊ㛵ࡍࡿ༠ᐃ⥾⤖ࡲ࡛㸧࠸ࡗࡓࠊᐇົࡸ㠀ᐇົⓗ࡞ࡇ㛵ࡋ࡚Ꮫ
ࢇࡔࡇࡀከࡗࡓࠋࡑࡢ᭱ࡓࡿࡶࡢࡣࣉࣟࢪ࢙ࢡࢺ⟶⌮ࡢ⤒㦂ࡔࠋࡇࡢ⤒㦂ࡀ࠶ࡿࡇ࡛ࠊࡍ࡛
ᐃᖺࢆ㏄࠼ࡓࡶ㛵ࢃࡽࡎࠊ࡛ࡶࣥࢻࢿࢩ࣭᪥ᮏࡢ༠ຊࣉࣟࢪ࢙ࢡࢺᐇࡢ㝿ࠊ㢖⦾
ᨭࢆồࡵࡽࢀࡿࠋ⌧ᅾࡶ⚾ࡀ⤒Ⴀࡍࡿᢏ⾡ࢥࣥࢧࣝࢱࣥࢺ♫ࡣࠊࡘ࡚ ‴ศ㔝ࡢ㛤Ⓨࣉࣟࢪ
࢙ࢡࢺࢆ୍⥴⾜ࡗ࡚ࡁࡓ᪥ᮏࡢࡓࡕ༠ຊࡋ࡚ࠊࣃࢸࣥࣂࣥ᪂ 㛤Ⓨᴗ㛵ࡗ࡚࠸ࡿࠋ
ࡇࢀࡽࡢ༠ຊࢆ㏻ࡋ࡚Ꮫࢇࡔࡇࡣከ࠸ࠋ≉ࣥࢻࢿࢩഃࡗ࡚ࡣࡑ࠺ࡔࠋ༠ຊࣉࣟࢪ࢙
ࢡࢺᐇ࠾ࡅࡿᐇົ࡞ࠊ↹㞧࡞ᡭ⥆ࡁ㛵ࡍࡿၥ㢟ࡣ౫↛ࡋ࡚࡞㛵ᚰ࡞ࡗ࡚࠸ࡿࠋࡇ
ࢀࡽࡢ༠ຊ㛵ࢃࡗࡓ⤒㦂ࡽࠊᚋࠊࣥࢻࢿࢩഃࡢ㛵ಀ⪅ࡀ⾜ᨻᶵ㛵࠾ࡅࡿᡭ⥆ࡁࡢ↹㞧
ࡉࡢၥ㢟ࡽᏛࡧࠊᨵၿࡋࠊࡶࡗࣉࣟࢪ࢙ࢡࢺࡀᐇ࡛ࡁࡿࡼ࠺࡞ࡿࡇࢆᮇᚅࡍࡿࠋ
᪥ᮏഃࡢ༠ຊ࡛ࡣࠊࡼ࠸༳㇟ࢆᣢࡗ࡚࠸ࡿࠋ᪥ᮏᨻᗓࡣࣥࣇࣛタഛࡸᶵᮦࡢᥦ౪ࡔࡅ࡛࡞ࡃࠊ
≉ᾏ㐠ࢭࢡࢱ࣮ࡢேᮦ㛤Ⓨࡸ▱㆑ࡢ⛣㌿ࡶ⾜ࡗ࡚ࡁࡓࠋࡇࡢࡶࠊ㛤Ⓨࣉࣟࢪ࢙ࢡࢺࡢᐇ࡛
ࡣࠊࡾࢃࡅつᚊࡢ㧗ࡉࠊࡢရ㉁⟶⌮ࠊ᭱㧗ࡢࢆࡍࡿࠊ࠸ࡗࡓᩘከࡃࡢ᪂ࡓ࡞⤒㦂ࢆᚓ
ࡿࡇࡀ࡛ࡁࡓࠋ
ࣥࢻࢿࢩࡣࠊࡲࡔ᪥ᮏᨻᗓࡢ༠ຊᨭࢆᚲせࡋ࡚࠸ࡿᛮ࠺ࠋ ᖺ㛫ࢃࡓࡿ༠ຊ㛵ಀ
ࡢ⤒㦂ࡽࠊ᪥ᮏഃࡀ᪤ࣥࢻࢿࢩࡢᅜẸᛶࡸࠊࣥࢻࢿࢩࡀఱࢆᚲせࡋ࡚࠸ࡿࠊⰋࡃ
⌮ゎࡋ࡚࠸ࡿឤࡌ࡚࠸ࡿࠋࣥࢻࢿࢩᨻᗓࡀᾏ㐠ࢭࢡࢱ࣮࠾ࡅࡿࣥࣇࣛᩚഛࢆ㐍ࡵࡿࡢ
୪⾜ࡋ࡚ࠊ᪥ᮏࡢ༠ຊࢆ⥅⥆ࡋ࡚࠸ࡃࡇ࡛ࠊࣥࢻࢿࢩࡢⱝ࠸ୡ௦ࡀ᪂ࡓ࡞▱㆑ࡸ⤒㦂ࢆᚓ
࡚⬟ຊࢆ㧗ࡵࡿᶵࢆ㛤ࡁࠊࡦ࠸࡚ࡣࠊࡇࢀࡽࡢ▱ぢࢆ᭷ࡋࡓᙼࡽࡀᨻᗓࡢᴗࢆಁ㐍ࡍࡿࡼ࠺
࡞ࡿࡔࢁ࠺ࠋ
᭱ᚋࣥࢻࢿࢩ࣭᪥ᮏ༠ຊ㛵ಀ ࿘ᖺࢆ⚃⚟ࡋࡓ࠸ࠋ୧ᅜࡢⰋዲ࡞༠ຊࡀᚋࡶ⥆ࡁࠊࡉ
ࡽⰋ࠸᪉ྥⓎᒎࡋࠊ୧ᅜከ࡞┈ࢆࡶࡓࡽࡋࠊࡑࡋ࡚୧ᅜᅜẸࡢዲࡀࡲࡍࡲࡍ῝ࡲࡿࡇ
ࢆ♳ᛕࡋ࡚࠸ࡿࠋ
ࣥࢻࢿࢩᅜ࠾ࡅࡿ ‴ࣥࣇࣛᘓタᴗࡢⓎᒎࡶṌࡴ
బ⸨ ῟
ඖࠕ࣓ࣛࢡ㹼ࣂ࢝࢘ࢽࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᣑᙇᴗࣇ࢙࣮ࢬ ,,ࠊ,,,ࠖ⥲ᣓ
ඖࠕࢪࣕ࢝ࣝࢱ㤳㒔ᅪ ‴≀ὶᨵၿィ⏬⟇ᐃࣉࣟࢪ࢙ࢡࢺࠖ ‴タタィ
␎Ṕ
ᖺṊⶶᕤᴗᏛᕤᏛ㒊༞ᴗࠊྠᖺ㸦ᰴ㸧ࣃࢩࣇࢵࢡࢥࣥࢧࣝࢱࣥࢶࣥࢱ
࣮ࢼࢩࣙࢼࣝධ♫ࠋ ‴ᴗ㒊ḟ㛗ࠊࢥࣥࢧࣝࢸࣥࢢᴗ㒊 ‴㛤Ⓨ㒊⌮➼
ࢆ⤒࡚ࠊ ᖺࡼࡾࠕ࣓ࣛࢡ㹼ࣂ࢝࢘ࢽࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᣑᙇᴗࣇ࢙࣮ࢬ ,ࠖ
ᚑࠊྠࣇ࢙࣮ࢬ ,,ࠊ,,, ⥲ᣓࠋ ᖺࠕࢪࣕ࢝ࣝࢱ㤳㒔ᅪ ‴≀ὶᨵၿィ⏬
⟇ᐃࣉࣟࢪ࢙ࢡࢺࠖᚑࠋ ᖺࡼࡾओ࢚࢜ࣜࣥࢱࣝࢥࣥࢧࣝࢱࣥࢶࢢ࣮ࣟࣂࣝ
⥲ྜ㛤Ⓨᴗ㒊 ‴㒊ࣉࣟࢪ࢙ࢡࢺ㒊㛗ࠋ
ࠕ࣓ࣛࢡ㹼ࣂ࢝࢘ࢽࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᩚഛᴗࣇ࢙࣮ࢬ ࠖ
ᮏᴗ࡛ࡣࠊࢫ࣐ࢺࣛ㹼ࢪࣕ࣡ᖿ⥺㐨㊰ᩚഛࡢ୍⎔ࡋ࡚ᾏᓙᶓ᩿ࣇ࢙࣮ࣜᑟධࡢㄪᰝࡽጞ
ࡲࡾࠊ ᖺ➨ ࣂ࣮ࢫࢆࡣࡌࡵࡍࡿࣇ࢙࣮ࣜタࡀᩚഛࡉࢀࠊ ᓥ࡛ࣥࢻࢿࢩࡢ *'3
ࡢ⣙ ࢆ༨ࡵࡿࢪࣕ࣡ᓥࢫ࣐ࢺࣛᓥࡀᾏࡢᅜ㐨࡛⤖ࡤࢀࡓࠋࡑࡢ⤖ᯝࠊ㌴୧ࡀ┤᥋ࣇ࢙ࣜ
࣮ୖୗ⯪࡛ࡁࡿࡼ࠺࡞ࡾࠊ✚ࡳ᭰࠼࡞ࡋ࡛㝣ୖཬࡧᾏୖ㍺㏦ࡀ࡛ࡁࡿࡼ࠺࡞ᢏ⾡㠉᪂ࡀᑟ
ධࡉࢀࠊ⤒῭ᡂ㛗ࡁࡃ㈉⊩ࡋࡓࠋ
ࠕࣃࢸࣥࣂࣥ 㛤Ⓨᴗࠖ
ᮏᴗࡣࠊࢪࣕ࢝ࣝࢱ㤳㒔ᅪᮾ㒊ࣃࢸࣥࣂࣥ᪂ 㸦ࢥࣥࢸࢼࢱ࣮࣑ࢼࣝࠊ࣮࢝ࢱ࣮࣑ࢼࣝ
➼㸧ࢆᘓタࡍࡿࡇࡼࡾࠊ㤳㒔ᅪࡢ≀ὶᶵ⬟ᙉࢆᅗࡾࠊࡶࡗ࡚ࣥࢻࢿࢩᅜࡢᢞ㈨⎔ቃ
ᨵၿࢆ㏻ࡌࡓ᭦࡞ࡿ⤒῭ᡂ㛗ᐤࡍࡿࡶࡢ࡛࠶ࡿࠋ
⚾ࡣࢥࣥࢧࣝࢱࣥࢶ♫ධ♫ࡋ࡚ᾏእࡢ ‴≀ὶಀࡿࣥࣇࣛᩚഛᴗ༡すࢪࡽ
ᮾ༡ࢪࠊ୰༡⡿ࠊ୰㏆ᮾࠊ୰ኸࢪ࡞ᅜࠎࡢᅜᅵ㛤Ⓨᴗᚑࡋࡓࠋࡑࡢ⤖ᯝᢏ⾡⪅
ࡋ࡚ேேࢆ⧅ࡄᠱࡅᶫ࡞ࡾࡑࡢᅜࡢ⦾ᰤࢆᣢ⥆ࡍࡿᙺࢆᯝࡓࡍே⏕┠ᶆࢆᯝࡓࡏࡓࡢ࡛
ࡣ࡞࠸ࠊᛮࡗ࡚࠸ࡿࠋ
㸦㸯㸧ࢫࣥࢲᾏᓙᶓ᩿ࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᘓタ
⚾ࡣࠊ ᖺࢪࣕ࣡ᓥ༡㒊ࢫ࣐ࢺࣛࢆ⤖ࡪࢫࣥࢲᾏᓙࢆᶓ᩿ࡍࡿࣂ࢝࢘ࢽ
㸦ࢫ࣐ࢺࣛ㸧
࣓ࠥࣛࢡ㸦ࢪࣕ࣡㸧ࣇ࢙࣮ࣜ㛤Ⓨㄪᰝᚑࠊᘬࡁ⥆ࡁḰ㸦2(&)ࠊ ᖺ㸧࡛୧ࢱ࣮࣑
ࢼࣝࡢࣇ࢙࣮ࢬ ࡢᕤࡀጞࡲࡾ ᖺ❹ᕤࠊᮏ᱁ⓗ࡞ࣇ࢙࣮ࣜ㍺㏦ࡀ✌ാࢆ㛤ጞࡋࡓࠋ
ࡑࡢᚋࠊ㟂せࡀᖜቑࡋ࡚ࠊḰ࡛ࣇ࢙࣮ࢬ 㸦2(&)ࠊ㹼 ᖺ㸧ࠊࣇ࢙࣮ࢬ 㸦
-%,&ࠊ
㹼 ᖺ㸧ࡋ࡚ᣑᙇࢆᨭࡋࡓࠋ⚾ࡣࣇ࢙࣮ࢬ ࡢᣑᙇᴗ 30 ࡋ࡚ᚑࡋ
ࡓࠋ
ࣂ࣮ࢫ
ᖺ
ࣂ࣮ࢫ
ᖺ
ࣂ࣮ࢫ
ᖺ
ฟ㸸PCI
࣓ࣛࢡࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᬒ
1Rࣂ࣮ࢫ㸦ࣇ࢙࣮ࢬ 㸧ᘓタᕤ㐍⾜୰㸦 ᖺᙜ㸧
ࣂ࣮ࢫ
ᖺ
ࣂ࣮ࢫ
ᖺ
ࣂ࣮ࢫ
ᖺ
ฟ㸸PCI
ࣂ࢝࢘ࢽࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝᬒ
1Rࣂ࣮ࢫ㸦ࣇ࢙࣮ࢬ 㸧ᘓタᕤ㐍⾜୰㸦 ᖺᙜ㸧
ᮏᴗࡣࡑࡢᚋᅜࡅࡿࣇ࢙࣮ࣜࢱ࣮࣑ࢼࣝタィ⏬ࡢᇶ‽࡞ࡾࠊྛᆅ࡛ࣇ࢙࣮ࣜ
タࡀᩚഛࡉࢀࡓࠋ
ᖺ௨ᚋ㟂せ㔞ࡀቑࡋࣂ࣮ࢫࡢቑタࠊࢱ࣮࣑ࢼࣝࡢᣑᙇࡀᨻᗓࡢ⮬ᕫ㈨㔠࡛⾜ࢃࢀࠊ
ᖺࡣ୧ࢱ࣮࣑ࢼࣝ➨ ࣂ࣮ࢫࡲ࡛ᘓタࡉࢀࡓࠋ ᖺࡣ⮬ື㌴㍺㏦㔞ࡀࠊ᪉ྥ
࡛ ྎ㐩ࡍࡿண ࡉࢀ࡚࠸ࡿࠋ
ࡇࡢࣇ࢙࣮ࣜ㍺㏦ࡼࡗ࡚ࢪࣕ࣡ᓥࡽ➃ࢫ࣐ࢺࣛᓥࢆ⤖ࡪ≀ὶᶵ⬟ࢆⴭࡋࡃྥୖࡉࡏࠊ
≉༡㒊ࢫ࣐ࢺࣛㅖᕞࡣᕤᴗᅋᆅࢆ㛤Ⓨࡋ࡚ᆅᇦࡢ⦾ᰤࢆᣢ⥆ࡋ࡚ࠊᆅᇦ⤒῭ࡢ㌍㐍㈉⊩
ࡋ࡚ࡁࡓࠋᚋࡶ㟂せࡢቑక࠸タᣑᙇࢆ⥆ࡅᮇᚅࡉࢀࡿࠋ
ᮏᴗࡢ㐩ᡂࡋࡓᡂᯝࡋ࡚ᮾ㒊ࣥࢻࢿࢩㅖᓥࡲ࡛⤒῭ⓎᒎࡀἼཬࡋࠊ㞳ᓥ㛫ࢆ⤖
ࡪࣇ࢙࣮ࣜ㍺㏦ࡣ㈌≀࣭㌴୧࣭᪑ᐈ㍺㏦ࡢᖿ⥺ࡋ࡚㔜せᛶࡀ┈ࠎ㧗ࡲࡗ࡚ࡁࡓࠋ
࣓ࣛࢡ㹼ࣂ࢝࢘ࢽ⯟㊰ࡢᖺ㛫㏻㔞ࡢ⤒ᖺኚ
ᖺ ᐈᩘ㸦ᖺ㛫㸧 ㌴୧ྎᩘ ㈌≀㍺㏦ ࣂ࣮ࢫᩘ ⯪ᆺ㸦*57㸧
ே ྎ ࢺࣥ ࣂ࣮ࢫ ࢺࣥ
ே ྎ ࢺࣥ ࣂ࣮ࢫ ࢺࣥ
ฟ㸸ࣥࢻࢿࢩᨻᗓ㐠㍺┬㝣㐠⥲ᒁ
ᮏᴗࡢᡂຌࡀࢪࣕ࣡ᓥࢫ࣐ࢺࣛㅖᕞࡢ≀ὶࡢ㔜せᛶࢆႏ㉳ࡍࡿࡇ࡞ࡾࠊᙜ
ヱᆅᇦࡢ♫࣭⤒῭Ⓨᒎࡢࡁ࡞Ἴཬຠᯝࡽࠊ᭦࡞ࡿ㍺㏦࣭㏻㔞ࡢఙᙇࢆಁ㐍ࡍࡃ
ࢫࣥࢲᾏᓙᶓ᩿ᯫᶫᴗࡀ᳨ウࡉࢀࠊࢪࣕ࣡ᓥཬࡧࣂࣜᓥࢆࡦࡘࡢ⤒῭ᅪ⤫ྜࡍࡿ⏬
ࡀ⏕ࡲࢀࠊࡑࡢㄪᰝࡶጞࡲࡗࡓࠋ
㸦㸰㸧ᅜ㤳㒔ᅪᮾ㒊᪂ 㛤Ⓨᴗ㸦ࣃࢸࣥࣂࣥ᪂ 㛤Ⓨᴗ㸧
ᅜࡣࠊእ㈨⣔ᴗࡢㄏ⮴ࢆ✚ᴟⓗ㐍ࡵࠊ㤳㒔ᅪ
≉すࢪࣕ࣡ᕞ ᖺ௦ᚋ༙ࡽ ࢝ᡤࡢᕤᴗᅋ
ᆅࡀ㛤Ⓨࡉࢀࡓࠋࡑࡢ⤖ᯝ ᖺ௨ᚋᛴ⃭࡞⤒῭ᡂ㛗
క࠸ ‴ࡢྲྀᢅ㈌≀㔞ࡀᛴቑࡋࡓࠋ㤳㒔ᅪ၏୍ࡢᅜ
㝿 ‴࡛࠶ࡿࢱ ࡢᖺ㛫ࢥࣥࢸࢼྲྀᢅ㔞ࡣ ᖺ
7(8㸦7ZHQW\)RRW(TXLYDOHQW8QLW㸸 ࣇ࣮ࢺࢥ
ࣥࢸࢼ⟬㸧ࡽ ᖺࡣ 7(8 ᖺ㛫࡛
ಸቑຍࠊ⌧ྲྀᢅ⬟ຊ㸦 7(8ࡢ㝈⏺㐩ࡍࡿ
ໃ࠸࡛࠶ࡿࠋ
ࢱ ࡢྲྀᢅᐜ㔞㊊ࢆ⿵࠺ࡓࡵࠊࢱ ࡢἈྜ㸦࢝
ࣜࣂࣝ㸧᪂つࢥࣥࢸࢼ࣭ࢱ࣮࣑ࢼࣝ㸦 ⓒ 7(8
ࡀᘓタࡉࢀ ᖺ❹ᕤࡋࡓࡀࠊ ᖺ௨㝆ࡣࡧ
ᐜ㔞ࡀ㊊ண ࡉࢀࡿࠋࢪࣕ࢝ࣝࢱ㤳㒔ᅪࡢ㐨㊰ࡣࠊ
៏ᛶⓗ࡞࡞ࡗ࡚࠾ࡾࠊ⮬ື㌴⏘ᴗ➼ࠊᮏ㑥ᴗ
ࡀከࡃ㞟✚ࡍࡿ㤳㒔ᅪᮾ㒊ࡢすࢪࣕ࣡ᕞ࢝ࣛ࣡ࣥ┴ ฟ㸸-,&$ ㄪᰝᅋ
ࡽࢱ ࡢࢡࢭࢫࡢᝏࡉࡀࡁ࡞ㄢ㢟࡞ࡗ࡚࠸ࡿࠋ ࣃࢸࣥࣂࣥ᪂ 㛗ᮇ㛤Ⓨィ⏬ᅗ
ࡇ࠺ࡋࡓ≧ἣᑐࡋࠊ-,&$ ࡢᢏ⾡༠ຊ࡛ ᖺ
ࠕࢪࣕ࢝ࣝࢱ㤳㒔ᅪ ‴≀ὶᨵၿィ⏬ᴗࠖࡢㄪᰝࢆᐇࠊࡑࡢ⤖ᯝ㤳㒔ᅪ᪂ ᩚഛࢆᥦ
ࠊ㐺ᆅ㑅ᐃㄪᰝࢆᐇࠊ㤳㒔ᅪᮾ㒊ࢳ࣐ࣛࣖ᪂ ᩚഛ㛤Ⓨࢆᥦゝࠋ ᖺ ᭶௨㝆ࠊ
ࠕࢳ
࣐ࣛࣖ᪂ ᩚഛᴗࠖࡢㄪᰝࢆ㐍ࡵ࡚ࡁࡓࡀࠊ ᖺ ᭶ࠊᅜᨻᗓࡣࠊἈྜࡢ▼Ἔ࢞ࢫ
タ⯪⯧⯟⾜ࡢᏳᛶᠱᛕࡀ᭷ࡿ➼ࡢ⌮⏤࡛ࠊ ‴ೃ⿵ᆅࢆぢ┤ࡍࡇࡋࡓࠋᅜᨻᗓ
㐠㍺┬ࡀ⊂⮬᪂ ᘓタࡢ㐺ᆅ㑅ᐃㄪᰝࢆᐇࠊ᪥ᮏᨻᗓᑐࡋࠊ᪂ ೃ⿵ᆅࢆすࢪࣕ࣡ᕞ
ࢫࣂࣥ┴ࣃࢸࣥࣂࣥᆅ༊ࡋࠊ᪂ ᩚഛḰᨭࢆᮇᚅࡍࡿ᪨ࡢពྥࢆ♧ࡋࠊ⥭ᛴᩚ
ഛᴗࡋ࡚ ᖺ ᭶㒊ศ㛤 ࢆせㄳࡋࡓࠋ
ᮏᴗࡣࢪࣕ࢝ࣝࢱ㤳㒔ᅪᮾ㒊ࣃࢸࣥࣂࣥᅜ᭱つᶍࡢ᪂ᅜ㝿 ࢆᘓタࡍࡿ࠸࠺
ᅜࡢṔྐⓗⓎᒎࡢ♏࡞ࡿᴗ࡞ࡾࠊ㤳㒔ᅪࡢ≀ὶᶵ⬟ᙉࢆᅗࡾࠊᅜࡢᢞ㈨⎔ቃᨵၿ
ࢆ㏻ࡌࡓ᭦࡞ࡿ⤒῭ᡂ㛗ᐤࡍࡿࡇࢆ┠ⓗࡋ࡚࠸ࡿࠋ
᪂ ࡢ▷ᮇᩚഛᴗࡲ࡛ࢆḰࡢᑐ㇟ࡋࠊྛẁ㝵ูᩚഛࡢせᕤࠊᕤ㈝ࠊᕤᮇࢆ♧ࡍࠋ
ᴗ ࢥࣥࢸࢼ ⮬ື㌴ ࣮ࣖࢻ ὼ ᕤ 㜵Ἴሐ ᴗ㈝ ᕤᮇ
ࢱ࣮࣑ࢼࣝ ࢱ࣮࣑ࢼࣝ 㐀ᡂ ㆤᓊ ൨
⥭ᛴᩚഛᴗ / 㹫ࠊ / 㹫ࠊ KD 㹫 ᭶
' 㹫 ' 㹫
▷ᮇᩚഛᴗ / P / P KD P ࡞ࡋ ᭶
' P ' P
㛗ᮇᩚഛᴗ / P ࡞ࡋ KD P ࡞ࡋ ᭶
' P
ฟ㸸-,&$)6 ㄪᰝሗ࿌᭩
⥭ᛴᩚഛᴗ㸦 ᖺᮎ㸧ࡢྲྀᢅ㔞㸹 7(8ࠊ
⮬ື㌴ྎᩘ᥎⟬ࠊ▷ᮇᩚഛᴗࡢྲྀᢅ㔞㸹
7(8ࠊ ྎᩘ᥎⟬ࠊ⥭ᛴᩚഛᴗᘬࡁ
⥆ࡁᣑᙇᕤࢆ ᖺ╔ᕤࠊ ᖺᮎᕤᡂ
ࢆ┠ᶆࡋࡓࠋ㛗ᮇᩚഛᴗࡣ ᖺࡲ࡛ࢥࣥࢸ
ࢼᱞᶫࢆ᭦ 㹫ᘏఙᩚഛࠊࢥࣥࢸࢼྲྀᢅᐜ㔞ࢆ
7(8 ࡍࡿィ⏬ࠋ
㜵Ἴሐࡢᇶ♏ࠊ㌾ᙅ࡞ᇶ♏ᆅ┙ࡢ⨨ᅵ㔞ࢆ᭱
ᑠ㝈ࡍࡿࡓࡵࠊ➉ᮺ㸦ᘏ㛗 㹫㸧ࢆ᥇⏝ࠋㆤᓊ
ᇶ♏ࡣ㗰⟶▮ᯈࠊ3& ᮺࢆ⏝ࠋ⎔ቃ㓄៖ࡽㆤᓊἢ
࠸ ࢆᅖࡴ࣐ࣥࢢ࣮ࣟࣈࢆ᳜࠼ࢢ࣏࣮ࣜࣥࢺࢆ₇
ฟࡋࡓࠋ
ᖺ ᭶ᅜᨻᗓࡣṇᘧ᪥ᮏᨻᗓ⥭ᛴᩚ
ഛᴗࢆᑐ㇟Ḱࡢᨭࢆせㄳࠋ୧ᨻᗓࡣ
ᖺ ᭶ ᪥Ḱ౪ࡢྜព᭩ㄪ༳ࡋࡓࠋ ฟ㸸-,&$ ㄪᰝᅋ
⥭ᛴᩚഛᴗࡢᕤࠊᅜ㐨 ྕ⥺᪂ ࢆ⤖ࡪ ⥭ᛴᩚഛᴗࡢ㛤Ⓨィ⏬ ᖺ⟇ᐃ
ࢡࢭࢫ㐨㊰ࡋ࡚ࠊࢫࣂࣥ┴ࡀᅵᆅ⏝ࢆ⾜ࡗࡓ
ἲ⥺㸦⣙ NP࡛⥭ᛴᩚഛ㐨㊰ᩚഛࢆྵࡵࡓࠋ
᪂ ࡀࣥࢻࢿࢩᅜࡢ㛗ᮇⓗ⤒῭Ⓨᒎ㈉⊩ࡍࡿࡼ࠺ࠊ⪏ஂᛶࡢᙉ࠸タࢆ᪥ᮏࡀ㛤Ⓨ
ࡋࡓᢏ⾡࡛ᘓタࡋ࡚ࠊࣥࢻࢿࢩᅜࡢ ‴㛤ⓎࡢṔྐ㊊㊧ࢆṧࡏࢀࡤᢏ⾡⪅ࡢෞᑾ
ࡁࡿࠋ
ᖺࡽጞࡲࡗࡓᮏᴗࡣࠊࡲࡔ㐨༙ࡤࡔࡀࠊከࡃࡢᅔ㞴ࢆࡾ㉺࠼࡚ࡇࡇࡲ࡛᮶ࡽࢀ
ࡓࡢࡣ -,&$ࠊ᪥ᮏᨻᗓࠊᨻᗓࠊࡀ୍⮴༠ຊࡋ࡚┠ⓗྥࡗ࡚ດຊࡋࡓᡂᯝࡔឤㅰࡍࡿࠋ
ࢱࣥࢪࣗࣥࣉࣜࣙࢡ
ࣃࢸࣥࣂࣥ᪂
ࣃࢸࣥࣂࣥ᪂ ⨨ᅗ
㸦㸱㸧᪥ᮏࡢ 2'$ ᴗࡢⓎᒎࡢࡓࡵࠊⱝ࠸ᅵᮌᢏ⾡⪅ᮃࡴࡇ
ࢪㅖᅜࡣᅜᅵࡢ㛤Ⓨᩚഛࢆ㏻ࡌ࡚⤒῭Ⓨᒎࠊ㈋ᅔᑐ⟇ᅜẸ⏕άࡢྥୖࢆᐇ⌧ࡋࡓ࠸
࠸࠺ࠊ࣮ࣔࢳ࣮࣋ࢩࣙࣥࡀ࠶ࡿࡢ࡛ࠊ㧗㏿㕲㐨ࡢᑟධࠊ㒔ᕷ࡛ࡢᆅୗ㕲ࢿࢵࢺ࣮࣡ࢡࡢ
ᘓタࠊ ‴࣭㐨㊰࣭㕲㐨ࢆ୍యࡋࡓつᶍ࡞㏻ࣥࣇࣛᩚഛᴗࢆᣢ⥆ࡋ࡚࠸ࡃ㛤Ⓨᨻ
⟇ࡀ᳨ウࡉࢀ࡚࠸ࡿࠋ㏻ࣥࣇࣛࡢᴗ㈝ㄪ㐩᪉ᘧࡋ࡚Ẹ㛫㈨㔠ࢆᑟධࡋ࡚ᐁẸ㐃ᦠ࡛
ᐇࡍࡿᆺ௳ࡀከࡃ࡞ࡗ࡚࠸ࡿࠋࢥࣥࢧࣝࢱࣥࢶᴗົࡶᚑ᮶ࡢᐁᑟຍ࠼࡚Ẹ㛫ᢞ㈨
ᐙࡢᢏ⾡ⓗ࣭㈈ົⓗពぢࢆᫎࡉࡏࡓᴗࡢᐇ⌧ᣢ⥆ⓗ࡞㐠Ⴀ࣭⥔ᣢྥࡅ࡚ດຊࡍࡿᚲ
せࢆᙉࡃឤࡌࡿࠋ
᪥ᮏࡢᅵᮌᢏ⾡ࡣ㛗ᖺࡅ࡚✚ࡉࢀ࡚㛤Ⓨࡉࢀࡓタィ࣭ᕤ࣭㐠Ⴀ࣭⟶⌮࣭⎔ቃᢏ⾡
ࡀ࠶ࡿࠋᢏ⾡ࡢࢢ࣮ࣟࣂࣝࡀ㐍ࡴࡇࢆ⪃࠼ࡿࠊⱝ࠸ᢏ⾡⪅ࡀᾏእᴗ✚ᴟⓗྲྀࡾ
⤌ࢇ࡛ࠊᅜ㝿ⓗឤぬࢆ☻ࡁࠊཷධᅜࡢᢏ⾡⪅ࠊᢸᙜ⪅ᑐ➼࡞❧ሙ࡛ㅬ┦ᡭࡢពぢࢆ⪺
ࡃ΅ᢏ⾡ࠊᢏ⾡ⓗㄢ㢟ࢆゎỴࡍࡿ࣐ࢿ࣮ࢪ࣓ࣥࢺ⬟ຊࢆ⫱࡚ࠊࠕఱࢆࡍࡿࡢࡀṇࡋ࠸ࠖ
ࢆᇶ‽㆟ㄽࢆ㔜ࡡࠊࠕᘓタⓗ࡞ ୡ⣖ࡢ♫ࢆసࡿୡ⏺ࡢᡭᮏ࡞ࡿᢏ⾡⪅⫱ࡗ࡚࠸ࡃ
ࡇࢆᮇᚅࡍࡿࠋࠖ
᭱ᚋࠊࡇࡢ ࿘ᖺࡢ⠇┠ࡇ࠺ࡋࡓᐤ✏ᩥࢆ᭩ࡃᶵࢆ࠸ࡓࡔ࠸ࡓࡇᑐࡋࠊ࠶ࡽࡓ
ࡵ࡚ࡇࢀࡲ࡛࠾ୡヰ࡞ࡗࡓ᪉ࠎឤㅰ⏦ࡋୖࡆࡿࠋ
ࢫࣛࣂࣖࢢࣞࣅࣥࢢཬࡧࢫ࣐ࢺࣛ㐨㊰ࡽࣥࢺ࣮ࣛࣂࣥࡲ࡛
㇂ ᐿ
ඖࠕࢢ࣮ࣞࣅࣥࢢࢻࢵࢡᘓタィ⏬ࠖᅵᮌᢏᖌ
ඖࠕ༡ࢫ࣐ࢺࣛᖿ⥺㐨㊰ᘓタィ⏬ࠖ⥲ᣓ
ඖࠕࣥࢺ࣮ࣛࣂࣥ༡ࣜࣥࢡ᭷ᩱ㧗㏿㐨㊰ᘓタィ⏬ࠖࣉࣟࢪ࢙ࢡࢺ⟶⌮
␎Ṕ
ᖺᮾிᏛᕤᏛ㒊༞ᴗࠋྠᖺࠊࣃࢩࣇࢵࢡࢥࣥࢧࣝࢱࣥࢶ㸦ᰴ㸧㕲㐨㒊࣭
㐨㊰㒊ධ♫ࠋ ᖺࡼࡾࣃࢩࣇࢵࢡࢥࣥࢧࣝࢱࣥࢶࣥࢱ࣮ࢼࢩࣙࢼࣝ㏻㛤
Ⓨ㒊ࠊᖖົྲྀ⥾ᙺᴗᮏ㒊㛗ࠊ௦⾲ྲྀ⥾ᙺ♫㛗ࠊ᭱㧗㢳ၥࢆ⤒࡚ࠊ ᖺࡼࡾ
⌧ᅾࡲ࡛࣌࢞ࢧࢫ࢚ࣥࢪࢽࣜࣥࢢ㸦ᰴ㸧௦⾲ྲྀ⥾ᙺࠋ ᖺࣥࢻࢿࢩࢢ
࣮ࣞࣅࣥࢢࢻࢵࢡᘓタィ⏬௨㝆ࠊ ᖺ༡ࢫ࣐ࢺࣛᖿ⥺㐨㊰ᘓタィ⏬ࠊ ᖺࢪ
ࣕ࢝ࣝࢱእ⎔㐨㊰ᩚഛィ⏬ࠊ ᖺࣥࢺ࣮ࣛࣂࣥ༡ࣜࣥࢡ᭷ᩱ㧗㏿㐨㊰ᘓ
タィ⏬ᚑࠋ
ࠕࢢ࣮ࣞࣅࣥࢢࢻࢵࢡᘓタィ⏬ࠖ
ᖺᡓ㈺ൾ࡛ጞࡲࡾ㏵୰࡛Ḱษࡾ᭰ࢃࡗࡓᙜᴗࡣࠊ᪥ᮏࡢ㐠㍺㏻ศ㔝࡛ᑐ
ࣥࢻࢿࢩ㛤Ⓨᴗࡋ࡚ࡶ⏬ࡽㄪᰝタィࠊᕤ┘⌮ࡲ࡛ࢆ୍㈏ࡋ࡚⾜ࡗࡓࡰ᭱ึࡢ
ᴗࡋ࡚⨨ࡅࡽࢀࡿࠋ⌧ᅾࡣᾏ㌷ᇶᆅࡢ୰࠶ࡿࡀࠊ㛗ࡉ 㹫ࠊᖜ 㹫࡛ 㞘ࡃࡽ࠸ࡢ
⯪ࡀ୍ᗘ〇㐀࣭ಟ⧋࡛ࡁࡿࡃࡽ࠸ࡢࡁࡉ࡛ࠊࣥࢻࢿࢩࡀࡗࡓᕠὒⰄࣜࣥࢪࣕࣖ
ࢺࣥࢆᐜࠊಟ⌮࡛ࡁࡿࡼ࠺タィࡉࢀࡓࠋᙜࡢࣥࢻࢿࢩ࡛ࡣ᭱ࡢࡶࡢ࡛࠶
ࡾࠊ⌧ᅾࡣࣜࣥࢻࢵࢡࡤࢀࠊ⥔ᣢಟ⧋⏝ࡉࢀ࡚࠸ࡿᘧࢻࢵࢡ࡛࠶ࡿࠋ
ࠕ༡ࢫ࣐ࢺࣛᖿ⥺㐨㊰ᘓタィ⏬ࠖ
ྠᴗࡣࠊࢫ࣐ࢺࣛࡢ᭱༡➃ࣂࢽࣗࣥࢠࡽࢱࣥࢪࣗࣥ࢝ࣛࣥࡲ࡛ࡢ )㸦ᘏ㛗⣙ NP㸧ࢫ
࣐ࢺࣛࣁ࢙࢘㸦㹼 ᖺ㸧ཬࡧ㏵୰ࡢ ⏫ࡢࣃࣥࢪࣕࣥࡽ୕≀⏘ࡢ࣑ࢶࢦࣟ࢘㎰
ሙ㏻ࡎࡿ᪥ᮏࡢࢺ࢘ࣔࣟࢥࢩ㍺ฟࡢࡓࡵࡢ )7$㸦ᘏ㛗⣙ NP㸧㸦㹼 ᖺ㸧ࡢ㐨㊰
タィ࡛࠶ࡿࠋ
ࠕࣥࢺ࣮ࣛࣂࣥ༡ࣜࣥࢡ᭷ᩱ㧗㏿㐨㊰ᘓタィ⏬ࠖ
ࢪࣕ࢝ࣝࢱ࣭ࣥࢺ࣮ࣛࣂࣥ᭷ᩱ㧗㏿㐨㊰ࡣࠊࢪࣕ࢝ࣝࢱ㤳㒔ᅪࢆᑐ㇟ࡋࡓࢪࣕ࢝ࣝࢱ㹼
すࢪࣕ࣡᭷ᩱ㐨㊰⥙ࡢ୰ᚰ㒊⨨ࡍࡿࡶࡢ࡛ࠊධ㊰ᩱ㔠ᚩࡼࡿᆒ୍ᩱ㔠ไࡼࡿ㐠Ⴀࢆ
⾜ࡗ࡚࠸ࡿࠋ༡ࣜࣥࢡ㸦ࢳࣕ࣡ࣥ㹼ࢱࣥࢪ࣭ࣗࣥࣉࣜ࢜ࢡ㛫㸧NP ࡣࠊ༡す࣮ࢡ࠾ࡼࡧ
ࣁ࣮ࣂ࣮࣮ࣟࢻඹࣥࢺ࣮ࣛࣂࣥ᭷ᩱ㧗㏿㐨㊰ࢆᵓᡂࡋࠊྠィ⏬ࡢᚋࠊẸάࡼࡾࣥ
ࢻࢿࢩࡢᢞ㈨ᐙࢢ࣮ࣝࣉ㸦ᘓタᴗ⪅ࡶྵࡴ㸧ࡼࡾᘓタࡉࢀࠊ ᖺ౪⏝㛤ጞࡉࢀࡓࠋ
㉱௵ࡋࡓࢫࣛࣂࣖࢢࣞࣅࣥࢢࢻࢵࢡࡢࣉࣟࢪ࢙ࢡࢺࡣࠊࣥࢻࢿࢩᾏ㌷ࡀ࡛ࣃࢩࣇ
ࢵࢡࢥࣥࢧࣝࢱࣥࢶ㸦3&..㸧ࡀィ⏬ࠊㄪᰝタィࠊᕤ⟶⌮ࡲ࡛ࢆ୍㈏ࡋ࡚⾜ࡗࡓ᭱ึࡢᾏእࣉࣟ
ࢪ࢙ࢡࢺࠋࢫࣛࣂࣖᾏ㌷ᇶᆅෆࠊᙜࣥࢻࢿࢩࡀࡗࡓᕠὒⰄࣜࣖࣥࢪࣕࣖ㸦
ࢺࣥ㸧ࢆᐜࡋࠊಟ⌮࡛ࡁࡿࢻࣛࢻࢵࢡࢆᘓタࡍࡿࣉࣟࢪ࢙ࢡࢺ࡛࠶ࡗࡓࠋ ᖺィ⏬ࢆ㛤
ጞࡋࠊᕤࢆ㛤ጞࡋࡓࡢࡣ ᖺ࡛࠶ࡗࡓࡀࠊᕤ㏵୰࡛ࡢࢫ࢝ࣝࣀᨻᶒࡢ⤊ᜥࠊ᭦ΰࢆ
ᣠࡋࡓࢫࣁࣝࢺ᪂ᨻᶒࡢㄌ⏕➼ࡢᨻኚᙳ㡪ࡉࢀࠊᕤࡢᡂࢆぢࡓࡢࡣ ᖺ࡛࠶ࡗࡓࠋᙜึ
ࡣࠊࣥࢻࢿࢩᨻᗓࡢ㈺ൾᕤࡋ࡚⾜ࢃࢀࡓࡀࠊ᭱⤊ⓗࡣḰࢆ⏝ࡋ࡚ᡂࡋࡓࠋ
ᮏタࡣࡑࡢᚋࡶ 373$/ ࡀྛ✀⯪⯧ࡢ⿵ಟࠊ᪂タ➼⏝ࡋ⌧ᅾ⮳ࡗ࡚࠸ࡿࠋ
⚾ࡣᕤ╔ᕤࡽ㌶㐨ࡿࡲ࡛ࡢ ᖺ㛫ࢆᅵᮌᢏᖌࡋ࡚㥔ᅾࡋࡓࠋࡑࡢ㛫࡛ࡢᡂᯝࠊᏛࢇ
ࡔࡇࠊ⌧ᆅ⏕ά➼ࢆࡇࡇ⤂ࡍࡿࠋᙜึࡣࠊᴗົࡶ‽ഛẁ㝵࡛ᐟ⯋ࡶᘓタ୰ࡔࡗࡓࡢ࡛ࠊ
ࣥࢻࢿࢩㄒࢆᏛࡪࡢ㞟୰ࡋࡓࠋ ࢝᭶࡛᪥ᖖヰࡣྍ⬟࡞ࡗࡓࡀࠊࡑࢀ௨ୖࡢ㐍Ṍࡣ
ṧᛕ࡞ࡀࡽ↓࠸ࠋ᪥ᮏࡢ㐃⤡ࡣ㟁ሗࡢࡳࠊ㟁ヰ࡞ࡋࠊࣛࢪ࢜ࡶ⪺ࡅࡎࠊ㸯㐌㛫㐜ࢀ࡛ᒆࡃ᪂⪺
ࡀࠊ၏୍ࡢሗ※࡛ࡇࡇࡣ࠸ࢃࡤ㝣ࡢᏙᓥ࡛࠶ࡗࡓࠋ᭱ᝏࡔࡗࡓࡢࡣࠊ᪂ᐟ⯋ࡀ‵ᆅࢆᇙࡵ❧࡚
ࡓሙᡤᘓ࡚ࡽࢀࡓࡢ࡛ࠊࡢࡽࡢ㜙ධ⪅ᝎࡲࡉࢀࠊ⋞㛵๓ࡄࢁࢆᕳࡃࢽࢩ࢟࣊ࣅࠊ
ኳ࡛ኌࢆⓎࡍࡿࣖࣔࣜࠊࢥࣔࢻࢻࣛࢦࣥ➼ࠎࠊ⮬↛୍య࡞ࡗࡓ⎔ቃ㎢᫆ࡋ࡞ࡀࡽࡢẖ
᪥࡛࠶ࡗࡓࠋ㣗ࡢᮦᩱࡣᾏ㌷ࡽࡢᨭ⤥࡛ࠊࡑࢀࢆࣥࢻࢿࢩேࡢࢥࢵࢡࡀᩱ⌮ࡋ࡚ࡃࢀࡿ
ࡢࡔࡀࠊ㉁ࠊࡀయྜࢃࡎࠊ⌧ᆅධࡾࡋ࡚ ࢝᭶ࢆ⤒㐣ࡋࡓ㡭ࡽ⭡ࡢㄪᏊࡀᝏࡃ࡞ࡾࠊᾏ
㌷㝔᳨࡛ᰝࢆཷࡅࡓࡽࠊ┣⭠ࡢデ᩿࡛ࡍࡄධ㝔ࠊࡑࡢ᪥ษࡽࢀࡓࠋᇳย་ࡣ᪥ᮏ㌷ࡢ㌷་ࡔ
ࡗࡓࠋ㟼࡞ࡁ࠸ᐊࢆ࠶࡚ࡀࢃࢀࠊᙜ㈗㔜ရࡢᢠ⏕≀㉁ࢆ࠺࡞ษྲྀࡾᢅࢃࢀࠊឤ
ㅰࡇࡢୖ࡞ࡃᛮࡗ࡚࠸ࡿࠋፗᴦࡶ↓࠸ᾏ㌷ᇶᆅ࡛ࠊ᪥ᮏ࡛ࡣほࡽࢀ࡞࠸ᑠࡢ࣐ࢮࣛࣥ㞼ࠊ༡༑
Ꮠᫍࠊࢣࣥࢱ࢘ࣝࢫ➼ࡢኳయࢆ═ࡵࡿ࠺ࡕࠕ࠼ࡽࢀࡓࡇࡢᶵ⮬ࡽࢆྥୖࡉࡏࠊࣥࢻࢿ
ࢩேᢏ⾡ࢆ⌮ゎࡉࡏࡼ࠺ࠖࡢẼᣢࡕࡀᛮ㆟࠸࡚ࡁࡓࠋ௨ୗࡣᙜࡢ᪥グࡢ୍㒊࡛ࠊ
ࠕࣥࢻࢿࢩேࡣ୍⯡ⓗࡣᴦኳⓗ࡛ࡣ࠶ࡿࡀࠊᶒໃᙅࡃࠊᡪືࡉࢀࡀࡕ࡞㠃ࡀ࠶ࡿࠋ᪂⯆
ᅜ࠶ࡾࡀࡕ࡞ࠊ␗ᖖ࡞ࡢ⮬ᑛᚰࢆᣢࡘࠋ᪥ᮏࡢᕤᴗ〇ရࡢඃ⚽ࡉࡽࡢಙ⏝ࡽࠊ᪥ᮏ
ᑐࡋ⏽ᩗࡢᛕࢆᣢࡗ࡚ࡃࢀࡿࠋᡃࠎࡣ⾜ື࡛ࡇࢀࢆᐇドࡋ࡞ࡃ࡚ࡣ࡞ࡽ࡞࠸ࠋᡃࠎࡢ୍ᣲ୍ື
ࡀ᪥ᮏࢆ௦⾲ࡋ࡚࠸ࡿࡇὀពࢆᡶ࠺ࡁ࡛࠶ࡿࠋᖖᖖ㆑ⓗุ᩿බṇ࡞⾜ືࢆࡗ࡚࠸ࢀ
ࡤࠊ㠀㞴ࡉࢀࡿࡇࡣ⤯ᑐ࡞࠸ࠖࠊࡇࡢࡼ࠺グࡋ࡚࠸ࡿࠋ
ࣉࣟࢪ࢙ࢡࢺࡣࠊࢥࣥࢧࣝࢱࣥࢺഃࠊഃࡶ⤒㦂㊊ࡢࡶ࠶ࡾࠊዎ⣙㛵ಀ᭩㢮ࡣ
࡛ࠊᴗົෆᐜࠊᵝᢤࡅ࡚࠸ࡿࡇࢁࡀከࡗࡓࠋ⚾ࡢ⫋ົࡣࠊᮏ᮶ᴗົࡢࢥࣥࢡ࣮ࣜࢺᐇ㦂
ᐊࡢ 㔞ᴗົࠊ▮ᯈᡴࡕ➼ࢆᴗົ⠊ᅖࡋ࡚άືࢆጞࡵࡓࠋ࣮ࣟ࢝ࣝࢥࣥࢺࣛࢡࢱ࣮⤒㦂
ࡀ࡞࠸ࡢ࡛ࠊ⌧ᆅᢏ⾡⪅ࢺࣛࣂ࣮ࠊࢭࣥࢱ࣮ࣛࣥࠊ▮ᯈᡴࡕࣛࣥ➼ࢆᩍ࠼㎸ࡳࠊᢏ⾡⛣㌿
ࢆ⾜ࡗࡓ⤖ᯝࠊ 㔞ࡶࢳ࢙ࢵࢡࡔࡅ࡛῭ࡲࡏࡽࢀࡿࡼ࠺࡞ࡗࡓࠋᑡࡋ࡛ࡶ⌧ᆅࡢᢏ⾡⪅ࡢ⬟ຊ
ྥୖᙺ❧ࡓࡏࡼ࠺ࠊᮦᩱ㛵㐃ࠊࢥࣥࢡ࣮ࣜࢺࡢ㓄ྜᡭἲࠊࢥࣥࢡ࣮ࣜࢺ〇㐀➼ࡢ࣏࣮ࣞࢺࢆ
సࡾࠊࢥࣥࢺࣛࢡࢱ࣮ࠊࠊᐇ㦂ᐊᢏᖌ➼㓄ᕸㄝ᫂ࡋᢏ⾡ࡢඹ᭷ࢆᅗࡗࡓࠋࢥࣥࢡ࣮ࣜࢺ
ᐇ㦂ᐊࡣࠊ࠾ࡑࡽࡃࡑࡢᙜࡣᮾࢪ࡛ࣕ࣡᭱ࡶᩚࡗࡓタഛ࡛࠶ࡗࡓᛮ࠺ࠋࡢࣉࣟࢪ࢙ࢡࢺࡢ
ࢥࣥࢡ࣮ࣜࢺࢸࢫࢺࡶࡇࡇ࡛⾜ࡗࡓࡀࠊࢯ㐃〇ࡢࢭ࣓ࣥࢺࡢရ㉁ࡢᝏࡉࠊࡤࡽࡘࡁࡢࡦࡉࡣ
㦫ࡉࢀࡓࠋ᪥ᮏ〇ࡢࢭ࣓ࣥࢺࠊ࣏ࢰࣜࢫࠊ⌧ᆅࡢ⢒㦵ᮦࡣࡃၥ㢟ࡀ࡞࠸ࡀࠊ⣽㦵ᮦࡣ⣽ࡍ
ࡂࡿࡢ࡛ࠊࣈࣛࣥࢱࢫࡢᪧἙᕝ㊧ᆅࡽⰋ㉁࡛᭱㐺ࡢ⢒⢏⋡ࡢ◁ࢆぢࡘࡅࡇࢀࢆ⏝ࡋࡓࠋࣂࢵ
ࢳ࣮ࣕࣉࣛࣥࢺࡢᡂక࠸ࠊࢥࣥࢡ࣮ࣜࢺᮺࠊࢣ࣮ࢯࣥࠊᗏ∧ࢥࣥࢡ࣮ࣜࢺࠊഃቨࢥࣥࢡ࣮ࣜ
ࢺࡢ㓄ྜタィࢆࡋࠊヨ㦂⦎ࢆࡋ࡚ᮇᚅ㏻ࡾࡢࢥࣥࢡ࣮ࣜࢺࡀ࡛ࡁ࡚ࡗࡋࡓࠋ
⚾ࡣࠊࡑࡢᚋࠊࣃ࢟ࢫࢱ࡛ࣥୡ㖟⼥㈨ࡢࢪࣁ࢙࢘ࣉࣟࢪ࢙ࢡࢺཧຍࡋࠊୡ㖟ࡽὴ
㐵ࡉࢀ࡚࠸ࡓ࢚ࣥࢪࢽࡽࢥࣥࢧࣝࢱࣥࢺࡢࣀ࢘ࣁ࢘ࢆ ᖺࡢ㛫࡛Ⰽࠎఏᤵࡉࢀࡓࠋ⮬ศࡀ࠸
ࡕ᪩ࡃᅜ㝿ᵝࡼࡃ⢭㏻ࡋࡓ࢚ࣥࢪࢽࡋ࡚ᡂ㛗ࡉࡏ࡚ࡶࡽࡗࡓ※Ἠࡀࡇࡇ࠶ࡿࠋࡑࡢᚋࠊ
㤶 ᆅୗ㕲ࠊࢥࣥࢦ㕲㐨ࠊࢧ࢘ࢪࣛࣅ㐨㊰➼ࡢࣉࣟࢪ࢙ࢡࢺ࡛⤒㦂ࢆ✚ࡳࠊࣥࢻࢿࢩ
ᡠࡗࡓࡢࡀࠊ ᖺ࡛࠶ࡗࡓࠋࡑࡢ㛫ࠊ ᖺ 3&.. ࡣᾏእᴗົᑓ㛛ࡢ 3&, ࢆタ❧ࡋࠊ⚾ࡣ⮬
ືⓗࡑࡕࡽࡢ♫㌟ศࢆ⛣ࡉࢀ࡚࠸ࡓࠋ
ࢫ࣐ࢺࣛ㐨㊰ࣉࣟࢪ࢙ࢡࢺࡣࢫ࣐ࢺࣛࡢ᭱༡➃ࣂࢽࣗࣥࢠࡽࢱࣥࢪࣗࣥ࢝ࣛࣥࡲ࡛ࡢ )
㸦ᘏ㛗⣙ NP㸧ࢫ࣐ࢺࣛࣁ࢙࢘ཬࡧ㏵୰ࡢ ⏫ࡢࣃࣥࢪࣕࣥࡽ୕≀⏘ࡢ࣑ࢶࢦࣟ࢘㎰
ሙ㏻ࡎࡿ)7$㸦ᘏ㛗⣙ NP㸧ࡢ㐨㊰タィ࡛⥲ᣓࡋ࡚ཧຍࡋࡓࠋࡣබඹᴗ┬㐨㊰⥲
ᒁ࡛ࠊ㈨㔠※ࡣḰ࡛࠶ࡗࡓࠋ⇕ᖏከ㞵ᆅᖏ࡛ࡢ㐨㊰タィࡢせⅬࡣࠊ㞵Ỉฎ⌮࠶ࡿࠋࡑࡢࡓ
ࡵᚭᗏⓗ⌧ሙㄪᰝࢆ⾜࠸ࠊ࡛ࡁࡿࡔࡅᑿ᰿ࢆ㎺ࡿࡼ࠺㊰⥺ࢆỴࡵࠊἙᕝᶓ᩿ᆅⅬ࡛ࡣヲ⣽Ỉ
ᩥㄪᰝሗ࿌᭩ࢆసᡂࡋࡓࠋᢏ⾡ㄝ᫂ࡣᐃᮇⓗࣂࣥࢻࣥࡢබඹᴗ┬ࡢ◊✲ᡤ࡛⾜࠸ࠊᚋࡢ㐨㊰
⥲ᒁ㛗࡞ࡿࢫࣜࣖࢸࣥẶࠊࣝࢫࣛࣥẶࠊࣛࣇ࣐ࢹẶࡽ㤳⬻㝕ᡴࡕྜࢃࡏࢆ⾜࠸ࠊ㛤ጞ
ࡽ ࢝᭶࡛ධᮐᅗ᭩୍ᘧࢆᡂࡉࡏࡓࠋᕤᮇෆ࡞ࡢ⣲ᬕࡽࡋ࠸ᡂᯝရࢆసࡗ࡚ࡃࢀࡓ࠾〔ࡵ
ࡢゝⴥࢆ࠸ࡓࡔ࠸ࡓࠋࡇࡢᡂຌࢆ࣮࣋ࢫ -,&$ Ⓨὀࡢࢪࣕ࢝ࣝࢱ࣮࣓ࣛࢡ㧗㏿㐨㊰ࠊࢪࣕ࢝ࣝࢱ
࢘ࢱ࣮ࣜࣥࢢ࣮ࣟࢻࢆཷὀࡋࠊࡸࡣࡾ⥲ᣓࡋ࡚ཧ⏬ࡋࡓࠋ
㐃⥆ⓗฟධࡾࡍࡿ࠺ࡕࠊ㐨㊰⥲ᒁᖿ㒊ࡢ㛫┦ಙ㢗ࡀ⏕ࡌ࡚ࡃࡿࠋ୰㌟ࡢ⃰࠸ᢏ⾡ㄯ
⩏ࡶᡓࢃࡏࡿࡼ࠺࡞ࡗ࡚ࡁࡓࠋᑗ᮶ࡢࢪࣕ࢝ࣝࢱࡢ㏻⥙ࡘ࠸࡚ウ㆟ࡋ࡚࠸ࡿ࠺ࡕࠊᥦ♧
ࡉࢀࡓࡢࡀࠊすࢻࢶࡢࢹࢥࣥࢧࣝࡢసࡗࡓࢪࣕ࢝ࣝࢱ୰ᚰࡽᨺᑕ≧ ᮏࡢ㕲㐨⥙ࢆసࡿ࣐
ࢫࢱ࣮ࣉ࡛ࣛࣥ࠶ࡗࡓࠋ
ࠕ࠺࠸࠺ࢩࢼ࡛ࣜ࢜సࡗࡓࡢࡔࢁ࠺ࠖ
ࠕࡇࢀ⌧ᐇⓗ࡛ࡣ࡞࠸ࡼࡡࠖ
ࠕᅵᆅ
⏝ࡀ࡛ࡁ࡞࠸ࡼࠖ
ࠕ㔠ࡀࡾࡍࡂࡿࠖ➼ࠎ⯆ὠࠎ࡛ࠊヰࡀ㕲㐨ࡽ㐨㊰⥙ࡢᩚഛᒎ㛤ࡋࡓ
ࡇࢁ࡛ࠊ86$ ຓࡢ࣎ࢦ࣮ࣝࡽࡢࢪࣕࢦࣛࣅ㧗㏿ࠊすࢻࢶຓࡢࢳ࢝ࣥ࣌ࢵࢡ㧗㏿ࠊ᪥ᮏ
ຓࡢࢪ࣓ࣕ࢝ࣛ㧗㏿ࠊࡇࢀࡽࡢ㐨㊰ࡽࢪࣕ࢝ࣝࢱᕷෆࡢ࡞㏻㔞ࡢὶධࠊศᩓタࢆ
᪩ᛴసࡿᚲせࡀ࠶ࡿࡢ⤖ㄽ࡞ࡾࠊࢫࣜࣖࢸࣥẶࡽࠕᡭඖ㈨㔠ࡀ࡞࠸ࡅࣥࢺࣛ
࣮ࣂࣥࡢ )6ࢆసࡗ࡚ࡃࢀ࡞࠸ࠊᚋᡶ࠸࡞ࡿࡅᚲࡎ㈝⏝ࡣᡶ࠺ࠖࡢ౫㢗ࠊࡇࢀࢆᘬࡁཷ
ࡅ⣙ ᖺࡅ࡚ᡂࡉࡏࡓࠋ)6 ᡂᚋ ࢝᭶┠➇தධᮐࡀ⾜ࢃࢀࠊᡃࠎࡀ )6 ࡢ௦㔠ࢆྵࡵ
࡚ཷὀࡋࡓࠋ)6 ࡛ࡢඃඛᗘࡢ༊㛫ࡽḟࠎヲ⣽タィࠊᕤࢆ㛤ጞࡋࠊ⌧ᅾ౪⏝୰ࡢࢪࣕ࢝ࣝࢱ࣭
ࣥࢺ࣮ࣛࣂࣥࡢ㦵⤌ࡳࡀฟ᮶ࡓࡢࡣ ᖺ௦࡞ࡗ࡚ࡽ࡛࠶ࡗࡓࠋ
⮬ศࡢึࡵ࡚ࡢእᅜࠋឤཷᛶࡀ㧗ࡃዲወᚰ᪲┒ࡢࠊࣥࢻࢿࢩࡢ࡚ࡀ༳㇟῝ࡃࠊᙜࡣ
ⱞࡋࡗࡓ࡛࠶ࢁ࠺ᛮࢃࢀࡿࡇࡀⰋࡁᛮ࠸ฟࡋ࡚ṧࡗ࡚࠸ࡿࠋཪ⮬ศࡢᢏ⾡ࡶࡰ☜❧ࡋࠊ
యຊࠊ㐀ຊࡢࣂࣛࣥࢫࡀࢀࡓே㛫ࡋ࡚᭱㝈ࡢ⬟ຊⓎ࡛ࡁࡓᮇࣥࢻࢿࢩ࡛
ࢆࡉࡏ࡚ࡶࡽ࠼ࡓᖾ㐠ࠊ⮬ศࡢタィࡋࡓࣥࣇࣛࡀ⌧ᅾࡶࢃࢀ࡚࠸ࡿ࠸࠺ᖾࡏࢆჶࡳࡋࡵࠊ
⚾ࡣࣥࢻࢿࢩࢆ➨ࡢ♽ᅜࡔᛮࡗ࡚࠸ࡿࠋ
インドネシア・日本開発協力シンポジウム
パネルディスカッション
Symposium on
Indonesia-Japan Development Cooperation
“Building the Future Based on Trust”
Bali Room, Hotel Indonesia Kempinski in Jakarta
Monday, 14 May 2018
184
11:10 – 12:30 80 Panel Discussion Session II
Partnership: Localization of New Technologies and New
Institutions
This session aims at reviewing partnership at Project level. How are
new technologies and new institutions localized into Indonesian
society? How are they further developed? How should human
resources be further developed?
Moderator:
Mr. Kozo Honsei, Deputy Chief of Mission, Embassy of Japan
Panelists
1) Dr. William Sabandar, President Director of PT. MRT Jakarta
2) Ms. Keiko Osaki, Senior Advisor on Health, JICA
3) Prof. Dr. Ir. Satryo Sumantri Brodjonegoro, Professor, Bandung
Institute of Technology
4) Prof. Dr. Ir. Dwikorita Karnawati, Head of Meteorological,
Climatological and Geophysical Agency
5) Dr. Ir. Danis H. Sumadilaga, Director General of Research and
Development Agency, Ministry of Public Works and Housing
185
6(66,21, 3URI'U,U*LQDQGMDU.DUWDVDVPLWD
0RGHUDWRU
+,6725< 2) '(9(/230(17
&223(5$7,21 $&+,(9(0(176 ,1
75$16,7,21$/3(5,2'6
0RGHUDWRU
3URI'U,U*LQDQGMDU.DUWDVDVPLWD±)RUPHU
&RRUGLQDWLQJ0LQLVWHUIRU(FRQRPLFV)LQDQFH
DQG,QGXVWU\
3DQHOLVWV
)LQDQFH
6R EHFDXVH , WKLQN ZH DUH DOUHDG\ UXQQLQJ ODWH
3URI 'U -XQ +RQQD ± 3URIHVVRU 5LWVXPHLNDQ WLPH ZLVH ZLWKRXW IXUWKHU DGR , GRQ¶W QHHG WR
8QLYHUVLW\ LQWURGXFH WKH VSHDNHUV WKH SDQHOLVWV LW KDV EHHQ
LQWURGXFHG HDUOLHU %XW , ZRXOG OLNH WR UHLWHUDWH
3URI'U,U.XQWRUR0DQJNXVXEURWR±3URIHVVRU WKDWZHKDYHKHUHYHU\GLVWLQJXLVKHGSHUVRQVZKR
%DQGXQJ,QVWLWXWHRI7HFKQRORJ\ ZLOO FRQWULEXWH WR WKH ILUVW SDQHO GLVFXVVLRQV RQ
WKLV V\PSRVLXP FRPPHPRUDWLQJ \HDUV
+(0U0DVDIXPL,VKLL±$PEDVVDGRURI-DSDQ
DQQLYHUVDU\ RI ,QGRQHVLD-DSDQ GLSORPDWLF
WRWKH5HSXEOLFRI,QGRQHVLD
UHODWLRQ , ZRXOG OLNH WR FRQJUDWXODWH -,&$
WRJHWKHUZLWK%$33(1$6ZKRLVRUJDQL]LQJWKLV
YHU\ LPSUHVVLQJ YHU\ LPSRUWDQW VHPLQDU LQ
FRQMXQFWLRQZLWKHYHQWVWKDWLVEHLQJKHOGLQERWK
186
RI WZR FRXQWULHV LQ -DSDQ DQG ,QGRQHVLD WR 'U,U%DPEDQJ6XELDQWR
FRPPHPRUDWHFRRSHUDWLRQWKDWKDVEHHQ\HDUV
JRLQJ
:HKDYH'U%DPEDQJ6XELDQWRIRUPHU0LQLVWHU
RI )LQDQFH DV D SDQHOLVW DQG WKHQ 3URI 'U -XQ
+RQQD SURIHVVRU OHFWXUHU DW 5LWVXPHLNDQ
8QLYHUVLW\ LQ .\RWR DQG 3URI .XQWRUR
0DQJNXVXEURWR IURP ,7% KH LV DQ H[SHUW LQ
GLVDVWHU PDQDJHPHQW PLWLJDWLRQ DQG SUHYHQWLRQ
KRSHIXOO\ $QG $PEDVVDGRU ,VKLL D YHU\ ZLVHO\
H[SHULHQFHG GLSORPDW IURP -DSDQ ORQJ
H[SHULHQFH LQ SROLWLFDO DQG HFRQRP\ FRRSHUDWLRQ
7KDQN\RX0U*LQDQGMDU*RRGPRUQLQJohayo
EHWZHHQ-DSDQDQGPDQ\FRXQWULHV
gozaimasu
1RZZKDWDERXW,QGRQHVLD",ZDVLQWKHV
HDUO\ V , ZDV VWXGHQW LQ VRPHZKHUH LQ
187
%DQGXQJ $QG LW ZDV WROG WKDW *'3 ZDV DERXW RQWKHDUHDRIWKH\HDUVLQGLFDWHGRUHPSKDVL]HG
KRZPXFK¶VWKDW"*'3ZDVDERXWYHU\ORZ E\UHGEORFNV7KDWLVDQG,QWKHZRUG
GROODU *'3 SHU FDSLWD LQ YHU\ ORZ RI HFRQRPLVW LW RQO\ VD\V *URVV 'RPHVWLF
$QGWRGD\QRWWRGD\ZDVDOPRVW 3URGXFW *'3 SOXPPHWHG E\ LQ
WLPHVRILQFUHDVHRI*'3SHUFDSLWDWLPHV 9HU\LPSHUVRQDO<RXFDQQRWVHHWKHWKULOORIWKH
FULVLV<RXFDQQRWIHHOWKHWKULOORIWKHFULVLV\RX
$W WKDW SHULRG , WKLQN LW ZDV QRW WROG RQO\VHHQXPEHUV*'3LV2NVRZKDW"6R
HOVHZKHUHLQWKHEURFKXUHRIWKHUROHRI-DSDQLQ , ZLOO HODERUDWH RQ WKDW 6R ZKDW" %HFDXVH WKH
WKH SUHSDUDWLRQ LQ WKH UHFRYHU\ RI ,QGRQHVLDQ LPSRUWDQFH RI FRRSHUDWLRQ LV QRW RQO\ EDVHG RQ
HFRQRP\ ODWH V 7KH ILUVW PHHWLQJ RI LI , WKH QXPEHU 1RW , VDLG LW¶V QRW RQO\ EDVHG RQ
UHPHPEHU FRUUHFWO\ ,**, ZDV FRQGXFWHG LQ QXPEHUV EXW WKHUH DUH RWKHU IHDWXUHV WKDW FDQ
7RN\R 2QO\ ODWHU PRYHG WR (XURSH 3DULV RU WKDW ZH FDQ FRQFOXGH WKH LPSRUWDQFH RU QRW
$PVWHUGDP ZKHQ RU 'HQ +DDJ 7KH +DJXH LPSRUWDQFH RI D UHODWLRQ E\ ORRNLQJ LQ IURP
ZKHQ WKH FKDLUPDQ RI ,**, ZDV KHOG E\ GLIIHUHQW DQJOH :KDW LI WKDW GRHV QRW H[LVW" 6R
1HWKHUODQGV %XW WKH LQLWLDWLRQ ZDV VWDUWHG E\ ZKDW LI WKH FRRSHUDWLRQ GRHV QRW H[LVW" 6R LW¶V
-DSDQ ,W¶V QRW DERXW QXPEHU EXW DERXW HYHQWV QRW RQO\ QXPEHU EXW WKH TXDOLW\ RI WKH UHODWLRQ
ZKHUH -DSDQ SOD\V UROH LQ WKH UHFRYHU\ RI 6R DFWXDOO\ DFWXDOO\ WKLV LV D VKRUW VWRU\
,QGRQHVLDQ HFRQRP\ IURP WKH YHU\ ORZ *'3 WR ,QGRQHVLDKDGORZLQIODWLRQKLJKVWHDG\JURZWK
WKHSURJUHVVLRQRIWKH*'3 EDODQFHG EXGJHW DQG KHDOWK\ WUDGH EDODQFH RI
SD\PHQW $QG EHIRUH FULVLV IHZ ZHHNV EHIRUH
FULVLV WKH :RUOG %DQN UHSRUWHG RIILFLDO UHSRUW
WKDW,QGRQHVLDZDVSHUIRUPLQJZHOODQGWKHKLJK
JURZWK UDWH WKDW LW KDG SRVWHG LQ WKH SDVW VKRXOG
FRQWLQXH
%XW LQ WKH PLGGOH LQ WKH PLGGOH RI WKLQJV
JHW MLWWHU\ ,QGRQHVLD HFRQRP\ ZDV FROODSVHG
7KHFULVLVZDVEURXJKWDERXWE\DVXGGHQODFNRI
FRQILGHQFH6RQXPEHUZDVODFNRIFRQILGHQFH
&RQILGHQFH ZDV JRQH 6XGGHQO\ EHJDQ SXOOLQJ
DQGLQYHVWRUVXGGHQO\EHJDQSXOOLQJWKHLUPRQH\
RXW RI ,QGRQHVLD DV WKH\ KDG HOVHZKHUH LQ $VLD
:LWKGUDZQDOOWKHPRQH\DQGWKH\DUHWU\LQJWR
FROOHFW WKHLU GHEW IURP YDULRXV SDUWLHV 7KDW LV
ZKDW KDSSHQHG LQ WKH VHFRQG SDUW RI DQG
$QG WKDW ZLWK FDSLWDO IOLJKW FDXVHG WKH
FXUUHQF\ WR GURS GUDPDWLFDOO\ %XVLQHVV ZLWK
IRUHLJQ ORDQV WR KDYH WR SD\ EDFN PRUH PRQH\
DQGWKLVFDXVHGIRUWKHODFNRIFRQILGHQFHLQWKH
,QGRQHVLDQ HFRQRP\ VHQGLQJ D VSLUDOLQJ
GRZQZDUGV
188
DQG UHDFK OHYHO RI UXSLDKV SHU GROODU JRYHUQPHQWWRSURGXFHJHQHULFPHGLFLQH$WWKDW
EHIRUH 3DN 6XKDUWR UHVLJQDWLRQ LQ 0D\ WLPH WKH VWRFN RI JHQHULF PHGLFLQH ZDV YHU\
/DWHU LW FOLPEHG WR SHU GROODU ZKHQ 0U YHU\ORZDOPRVWQRQH$QGWKRVHSKDUPDFHXWLFDO
*LQDQGMDU ZDV WKH 0LQLVWHU &RRUGLQDWRU ,W¶V WKH FRPSDQ\GLGQRWFDQQRWFRXOGQRWLPSRUWFRXOG
ILUVW WZR ZHHNV 3DN GRQ¶W ZRUU\ DERXW WKDW QRW RSHQ/&WR LPSRUW WKHLUUDZ PDWHULDOV :LWK
'HSUHFLDWLRQ RI WKH UXSLDK FDXVHG SHU FDSLWD WKHULVNRIWKHXQDYDLODELOLW\RIJHQHULFPHGLFLQH
LQFRPHWRGURSIURPWRLQIHZPRQWKV DQGIRUWKDWJRYHUQPHQWPXVWVSHQGFDVKXSIURQW
$W WKH HQG RI 'HFHPEHU WKH VWRFN PDUNHW KDV WREX\IURPWKHP7KDW¶VWKHFRQVHTXHQFHRIODFN
GHFOLQHG E\ LQ 8QHPSOR\PHQW URVH RIFRQILGHQFH
ZKLOH HFRQRP\ VKUXQN E\ 6WLOO LQ WKH
ODQJXDJHRIHFRQRPLVW $QRWKHU VWRU\ IRU D ZKLOH WKHUH ZDV D VHQVH RI
SDQLFDQGPDQ\IRUHLJQHUVOHIW&RPSDQLHVPDGH
1RZ ZKDW KRZ LQ WKH FRPPRQ SHRSOH¶V H\HV" FRQWLQJHQF\SODQVWRHYDFXDWHWKHLUHPSOR\HHV
3HRSOH ORVW WKHLU VDYLQJV 6WRUHV ZHUH HPSW\ DV
SHRSOH KRDUGHG DQG ORRWHG JRRGV (YHQ EDE\ 6R ,QGRQHVLDQ UXSLDK ZDV LQLWLDOO\ QRW DIIHFWHG
IRRG ZDV WDNHQ FRPPRGLWLHV WKDW KDYH QR E\WKHSUHVVXUHRQWKHUHJLRQDOFXUUHQF\KRZHYHU
VXEVWLWXWHVZKHUHSHRSOHVWUXJJOHWRWDNHLW6RPH ZKHQLWEHJDQWRIDOOWKHUH¶UHWKUHHIDFWRUV)LUVW
FRPSDQLHVZHQWEDQNUXSWPRUHSHRSOHORVWWKHLU ZKHQWKHWUXVWZDVORVWWKHXQGHUO\LQJZHDNQHVV
MREVWKHSURSHUW\PDUNHWDQGEDQNVZHUHRQWKH RI WKH ,QGRQHVLDQ ILQDQFLDO VHFWRU ZDV UHYHDOHG
HGJH RI FROODSVH %DQNV UDQ RXW RI PRQH\ DV DQG DOVR UHYHDOHG WKDW WKH SULYDWH IRUHLJQ GHEW
SHRSOH SDQLFNHG DQG ZLWKGUDZ DOO WKHLU VDYLQJ PRVWO\VRXUFHGWRILQDQFHORQJWHUPSURMHFWVZDV
7KH\¶UHTXHXLQJWKH\PDNHTXHXLQJ0DQ\RIXV IDU KLJKHU WKDQ SUHYLRXVO\ WKRXJKW 7KH WKUHH
KHUHZHUHQRWDURXQGLQ7KDWZDV\HDUV IDFWRUV FRPELQHG KLW WKH HFRQRP\ YHU\ YHU\
DJR 3DN" 7ZHQW\ \HDUV DJR $QG WKH\ ZHUH KDUG 6R WR PDNH WKLQJV ZRUVH WKH FXUUHQF\
TXHXLQJSHRSOHZHUHTXHXLQJLQWKHEDQNV7KH\ SULFHVZDVDOVRFRPELQHGZLWKHIIHFWRIGUDXJKW
ZDQW WKHLU PRQH\ $QG \RX NQRZ" +RZ PXFK (O 1LQR DQG D JUHDW LQFUHDVH LQ XQHPSOR\PHQW
PRQH\DEDQNKRZPXFKFDVKDEDQNRZQKDYH ,QVKRUWWKH,QGRQHVLDQHFRQRP\ZDVKLWKDUGE\
DYDLODEOHRXWRIWKHWRWDOOLDELOLW\WRWKHSHRSOH", WKH FULVLV DQG LW ZDV QHFHVVDU\ WR JDLQ EDFN
ZRXOG H[SHFW VRPHZKHUH , GRQ¶W NQRZ LV PDUNHW FRQILGHQFH DQG WUXVW ,W LV D QHFHVVDU\
DOUHDG\ YHU\ KLJK PD\EH OHVV WKDQ ILYH 6R QR ZLWKRXW WKDW ZH ZLOO KDYH D YHU\ GLIILFXOW WLPH
FDVKDYDLODEOHDQGWKDWFUHDWHPRUHSDQLF3ULFHV )DLOXUH WR GR VR PD\ OHDG WR D FROODSVH RI WKH
RI EDVLF IRRG VN\URFNHWHG <RX NQRZ WKLV LV SD\PHQW V\VWHP QRW PDQ\ SHRSOH XQGHUVWDQG
EHFDXVH DW WKH VDPH WLPH DGGLWLRQDO SUREOHP RI ZKDW LV PHDQW E\ FROODSVHG RI WKH SD\PHQW
(O 1LQR 6R WKDW SULFH RI IRRG LQIODWLRQ V\VWHP 1RW PDQ\ SHRSOH &ROODSVH RI SD\PHQW
VN\URFNHWHG,WKLQNDURXQG3DNLQ V\VWHP PHDQ LQGLYLGXDOV KRXVHKROG FDQQRW WDNH
7KHLQIODWLRQZDVWKDW,QZDVDURXQG WKHLU PRQH\ IURP EDQNV IURP WKH EDQN 7KH\
0DQ\ PRWKHUV FRXOG QR ORQJHU DIIRUG PLON , FDQQRW WDNH WKHLU VDYLQJV 7KDW¶V QXPEHU RQH
PHDQ PLON EX\ PLON EHFDXVH SULFH LQFUHDVHG 1XPEHU WZR FRUSRUDWLRQV FRPSDQLHV FDQQRW
WULSOH$QGSHRSOHZKRQHHGHGPHGLFDOWUHDWPHQW ZLWKGUDZ WKHLU PRQH\ IURP WKH EDQNV 0HDQLQJ
OLNHNLGQH\GLDO\VLVZHQWZLWKRXWLWEHFDXVHWKH\ QXPEHU WKUHH FRUSRUDWLRQ FDQQRW SD\ WKHLU
FRXOGQ¶WDIIRUGLW:RUVWSDUW,ZDVLQFKDUJHIRU VXSSOLHUVDQGZKRHYHUUHODWHGLQWUDQVDFWLRQZLWK
,ZDVWKH'LUHFWRU*HQHUDORI)LQDQFH,QVWLWXWLRQ WKHP 0HDQLQJ LI SD\PHQW V\VWHP LV FROODSVHG
DWWKDWWLPHDQG,ZDVDVVLJQHGE\WKH0LQLVWHULQ HFRQRP\LVFROODSVHG6R,VDLGWKDWZKLFKPRVW
)HEUXDU\WRSURYLGHVXSSRUWIRU,QGRQHVLDQ SUREDEO\ZRXOGEHIROORZHGE\DWRWDOFROODSVHRI
SKDUPDFHXWLFDO FRPSDQLHV UHTXLUHG E\ WKH WKHHFRQRP\7KDWZDVWKHSRWHQWLDOULVNWKDWZH
189
ZHUHIDFLQJLQ0U*LQDQGMDUZDVWKHUHWR *LQDQGMDU" 7KH VRFLDO VDIHW\ QHW ZH QHHG WR GR
OLYH WKH WKHPH DQG WKHVH DUH WKH NH\ SROLFLHV WKDWEHFDXVHWKHUH¶UHPDQ\SHRSOHZHUHKLWE\WKH
1XPEHU RQH EODQNHW JXDUDQWHH 1XPEHU WZR ILQDQFLDOFULVLVDQGZHQHHGWRILQDQFHWKHVRFLDO
SULYDWH GHEW UHVWUXFWXULQJ DOVR FDOOHG )UDQNIXUW VDIHW\ QHWV DQG WKH FRPSRVLWLRQ RI -DSDQ 2'$
DJUHHPHQW DQG -DNDUWD LQLWLDWLYH 1XPEHU WKUHH LQFOXGHWKDW
EDQN UHVWUXFWXULQJ 1XPEHU IRXU LVVXDQFH RI
JRYHUQPHQWERQG1XPEHUILYHVRFLDOVDIHW\QHW 0RUH LPSRUWDQW QXPEHU WKUHH -DSDQ¶V 2'$ VHW
1XPEHUVL[GHOLYHUSURJUHVVRIDFWLRQSODQ<RX RIDVWURQJJHVWXUHRI-DSDQ¶VWUXVWWKDW,QGRQHVLD
NQRZ VRPHRQH ZDV YHU\ JRRG LQ WKDW 0U ZLOOUHFRYHUZKHUHLQWHUQDWLRQDOPDUNHWORVWWKHLU
*LQDQGMDU ZDV YHU\ JRRG LQ PDNLQJ VXUH WKDW FRQILGHQFHWR,QGRQHVLD¶VDELOLW\WRUHFRYHUIURP
SHRSOH ZRUNLQJ XQGHU KLP GHOLYHUV 1RW YHU\ FULVLV 6R WKDW¶V WKH RQO\ PHVVDJH WKDW , ZRXOG
HDV\ IRU VRPHRQH OLNH PH ZRUNLQJ XQGHU KLV OLNH WR XQGHUOLQH , WKLQN LQGLFDWLRQ ZDV VWURQJ
FRRUGLQDWLRQ EXW LW ZRUNV 7KDQN \RX 0U LQGLFDWLRQ RI -DSDQ¶V WUXVW WR ,QGRQHVLD $QG ,
*LQDQGMDU$QGPDLQWDLQFRQVLVWHQF\FUHGLELOLW\ UHPHPEHUD SKUDVH³$IULHQG LQ QHHGLVD IULHQG
DQG WUDQVSDUHQF\ LQ RUGHU WR JDLQ LPSURYHG LQGHHG´$QGWKDWFRQFOXGHP\SUHVHQWDWLRQ
PDUNHWFRQILGHQFHWUXVWDQGSRVLWLYHVHQWLPHQW 7KDQN\RX
7KHVH DUH WKH WKLQJV WKDW ZH KDYH EHHQ GRLQJ 3URI'U,U*LQDQGMDU.DUWDVDVPLWD
KRZPDQ\PRQWKV",WKLQNDURXQGPRQWKVDQG
0RGHUDWRU
WKLV LV WKH UHVXOW 7KH UHVXOW ZLWK \HOORZ DUURZ
SRVLWLYH JURZWK RI *'3 DFKLHYHG LQ 2QO\ 7KDQN\RX0U%DPEDQJ/HW¶VJLYHKLPDQRWKHU
EXWFRQVLGHULWZHVWDUWHGZLWKVRLWLV DSSODXVH :HOO 0U %DPEDQJ ZDV WKH )LQDQFLDO
DERXW LPSURYHPHQW FRPSDUHG WR WKH \HDU 0LQLVWHUDWWKHKHLJKWRIWKHFULVLV:HFDOOHGKLP
EHIRUH 1XPEHU WZR LQIODWLRQ RQO\ IURPZHOOKHZDVDWWKDWWLPHEDFNLQ8QLYHUVLW\
5HPHPEHUZDVDERXW,QLWZDV RI ,QGRQHVLD DV D OHFWXUHU DIWHU KH ZDV ILUHG E\
RQO\ ,QYHVWRUV¶ FRQILGHQFH UHWXUQHG WR WKH WKH 3UHVLGHQW DW WKDW WLPH EHFDXVH KH ZDV QRW
SUHFULVLV OHYHO LQGLFDWHG E\ WKH VWRFN PDUNHW IROORZLQJWKHLQVWUXFWLRQVWRFHUWDLQHOHPHQWVVR
LQGH[ 1H[W H[FKDQJH UDWH VWDELOL]HG DW DURXQG ZHFDOOHGKLPEDFNLQYLWHKLPWREHFRPHWRMRLQ
LQOHVVWKDQ\HDU,QFUHGLEOH WKH FDELQHW WKH +DELELH &DELQHW DV WKH )LQDQFH
0LQLVWHU +H UHIXVHG 7KH RQO\ SHUVRQ ZKR
6RTXHVWLRQZKHUHLV-DSDQ":KHUHLV-DSDQ" UHIXVHG WR EHFRPH D 0LQLVWHU WKDW¶V RXU 0U
7KLV LV -DSDQ WKH 2'$ 6HH LQ DQG %DPEDQJ 6XELDQWR 2QO\ DIWHU VRPH SHUVXDVLRQ
WKHWRWDO2'$ZDVKLJKHVW$OOWLPHKLJKHVWZK\ ZH FRXOG SHUVXDGH KLP WR MRLQ XV $QG \RX FDQ
LV WKDW" (YHU\ERG\ ZDV OHDYLQJ ,QGRQHVLD DQG VHH WKH UHVXOWV RI KLV KDUG ZRUN ZLWKLQ RQO\
-DSDQSXWPRUHPRQH\WR,QGRQHVLD,W¶VUHYHUVHG PRQWKV ZH KDG EHHQ DEOH WR WXUQ DURXQG WKH
UHYHUVHG IORZ (YHU\ERG\ KDV JRQH DQG -DSDQ HFRQRP\IURPWKHDE\VVLQWRWKHQHZWRUHVWDUW
FDPH 7KDW ZDV D IULHQG 7KDW¶V ZKDW , ZDQW WR JURZWK DQG WR FRQWLQXH RXU GHYHORSPHQW SDWK LQ
WHOO\RX(YHU\ERG\¶VOHDYLQJEXW-DSDQSXWPRUH WKH IXWXUH 6R ZH KDYH WR WKDQN 0U %DPEDQJ
PRQH\ 2ND\ LW¶V QRW RQO\ QXPEHU , OLNH 6XELDQWRIRUWKDW
QXPEHUVEXWDFWXDOO\LWLVQRWRQO\QXPEHU2QH 1RZ , WKLQN DIWHU OLVWHQLQJ DIWHU UHYLVLWLQJ
LVWKHQXPEHU ,QGRQHVLD¶V HFRQRP\ FULVLV 6R LW LV QLFH
1XPEHU WZR FRPSRVLWLRQ ,W LQFOXGHV ZH DUH DOVR , WKLQN WR FRPSOHWH WKH SLFWXUH ZLWK WKH
VWULYLQJ WR ILQDQFH VRFLDO VDIHW\ QHW ULJKW 0U SROLWLFDOSHUVSHFWLYH1RZIURPWKH-DSDQHVHVLGH
OHW¶V KHDU IURP 3URI -XQ +RQQD ZKR ZDV ZKR
190
ZDVDOUHDG\YHU\PXFKLQYROYHGLQ,QGRQHVLD+H DJR6RLW¶VDYHU\JRRGWLPLQJWRUHIOHFWZKDWZH
LV DQ H[SHUW RQ ,QGRQHVLD +H LV DQ H[SHUW RI KDYHH[SHULHQFHGXQWLOWRGD\$QGHYHQIRU-DSDQ
SROLWLFDOGHYHORSPHQWRI,QGRQHVLDLQ-DSDQ WKHUH ZDV QR H[SHULHQFH EHIRUH VR LW LV NLQG RI
XQFKDUWHUHG ZDWHU IRU -DSDQ WR FRRSHUDWH LQ WKH
6ROHW¶VKHDUIURP3URI-XQ+RQQD DUHDRIGHPRFUDWL]DWLRQ6R,ZDQWWRORRNDWZKDW
3URI'U-XQ+RQQD ZHKDYHGRQHXQWLOWRGD\DQGZKDWDUHWKHDJHQGD
IRUWKHIXWXUH
191
6RSROLWLFDOOHDGHUVDWWKDWWLPHNLQGRIFUHDWHGD ZDV PRUH YHU\ HIIHFWLYH YHU\ HIIHFWLYH :H
FRQVHQVXV:HQHHGDUHIRUP,QWHUPVRISROLWLFV GLGQ¶WKDYHWHPSODWHDWWKDWWLPH%XW-DSDQXVHG
ZH KDYH IRXU PDMRU SLOODUV RI SROLWLFDO UHIRUP LWV XQLTXH DSSURDFK WR FRRSHUDWH ZLWK ,QGRQHVLD
2QHLVGHPRFUDWL]DWLRQSROLWLFDOGHPRFUDWL]DWLRQ FRXQWHUSDUWWRSURPRWHGHPRFUDF\DWWKDWWLPH
$QG WZR UHFRQVWUXFWLRQ RI VHFXULW\ JRYHUQPHQW
WKDWLVYHU\LPSRUWDQW$QGWKLUGGHFHQWUDOL]DWLRQ
EHFDXVH ZH KDG GXULQJ WKH 6XKDUWR JRYHUQPHQW
,QGRQHVLD ZDV KLJKO\ FHQWUDOL]HG EXW QRZ LW¶V
WLPHWRGHFHQWUDOL]H7KDWZDVWKHRQHLPSRUWDQW
DJHQGD $QG DOVR WKH SURWHFWLRQ RI FLYLO ULJKWV
'XULQJ WKH 6XKDUWR SHULRG LW LV YHU\ GLIILFXOW WR
KDYH DQ LQVWLWXWLRQ WR SURWHFW WKH FLYLO ULJKWV 6R
HVWDEOLVKLQJ WKLV QHZ SROLF\ LQ LQVWLWXWLRQV DUH
H[SHFWHG WR VWDELOL]H WKH WUDQVIRUPDWLRQ WR WKH
GHPRFUDF\ LQ ODWHU 2I FRXUVH LQWHUQDWLRQDO
FRPPXQLW\DOVRVXSSRUWHGWKLV,QGRQHVLD¶VHIIRUW
WR IRU WKH UHIRUP $QG HVSHFLDOO\ ZHVWHUQ GRQRU
ZDV YHU\ GRPLQDQW DW WKDW WLPH 7KH\ KDYH
H[SHULHQFH RI VXSSRUWLQJ GHPRFUDF\ LQ (DVWHUQ
(XURSHDQGDOVR$IULFD6RWKH\KDYHDNLQGRIDW
WKDWWLPHDWHPSODWHRIGHPRFUDWLFDVVLVWDQFH6R
WKH\RIIHUHGWKLVNLQGRIWHPSODWHWRWKH,QGRQHVLD
2ND\ ZH VKRXOG GR WKLV :KDW \RX VKRXOG GR
7KLV NLQG RI WKLQJ %XW DW WKDW WLPH -DSDQ GLGQ¶W
KDYHWKHPDQXDORIWKHGHPRFUDWLFDVVLVWDQFH6R
6ROHWPHEULHIO\ORRNDWIHZSURMHFWVIHZFDVHV
LW ZDV DFWXDOO\ D QHZ DUHD IRU FRRSHUDWLRQ IRU
RI FRRSHUDWLRQ %HFDXVH RI WKH WLPH FRQVWUDLQW ,
-DSDQ 7KDW WHPSODWH :HVWHUQ WHPSODWH VKRZV
RQO\ IRFXV RQ IRXU RU ILYH 2QH RI FRXUVH
WKDW RND\ ZH VKRXOG KDYH GHPRFUDWLF HOHFWLRQ
HOHFWLRQ (OHFWLRQ ZDV YHU\ LPSRUWDQW 6R ZH
WKLV ZD\ ZH VKRXOG KDYH PLOLWDU\ UHIRUP
FRRSHUDWHG ZLWK LQWHUQDWLRQDO FRPPXQLW\ WR
VHFXULW\VHFWRUUHIRUPWKLVZD\ZHVKRXOGKDYHD
VXSSRUW VXFK DV .38 WKH HOHFWLRQ FRPPLWWHH
SDUOLDPHQW RI FLYLO VRFLHW\ ZH VKRXOG KDYH
LQVWLWXWLRQ EXLOGLQJ :H DOVR VXSSRUWHG WKH
SURWHFWLRQ RI KXPDQ ULJKWV DQG WKDW NLQG RI
HOHFWRUDO ORJLVWLFV $OVR WKH YRWHU HGXFDWLRQ
WKLQJV %XW WKHVH DUH PDLQO\ WKH VKRUWWHUP
+RZHYHU WKHVH DUH WKH NLQG RI YHU\ VWDQGDUG
SURMHFW 7KH\ KDYH ELJ UHVRXUFHV WKH\ KDYH D
DSSURDFK LQ GHPRFUDWLF HOHFWLRQ VXSSRUW
YHU\ KLJK SURILOH SURMHFWV 6R QR LW ORRNV JRRG
+RZHYHU ZKDW DUH YHU\ XQLTXH DW WKDW WLPH IRU
EXWWKHSUREOHP,WKLQNZDVWKDWDWWKDWWLPHWKHLU
-DSDQ ZDV WKLV SXEOLF SROOLQJ :H VXSSRUW WKH
DSSURDFK ZDV VKRUW WHUP RULHQWHG $QG DIWHU WKH
HVWDEOLVKPHQW RI SXEOLF SROOLQJ LQVWLWXWH
SURMHFW WKH\ ZLOO ZDQW DQRWKHU SURMHFW VXFK DV
HVSHFLDOO\Lembaga Survei Indonesia,QGRQHVLDQ
FRXQWHUWHUURULVPFRXQWHUQDUFRWLFVDQGVRRQ
6XUYH\ ,QVWLWXWLRQ 7KDW ZDV YHU\ LPSRUWDQW
6R FRPSDUDWLYHO\ VSHDNLQJ -DSDQ DW WKDW WLPH EHFDXVH WKDW ZDV WKH ILUVW WLPH IRU ,QGRQHVLD WR
ZDVQRWVRKLJKSURILOHYHU\VLPSOHORZSURILOH RUJDQL]H WKH YRLFH RI WKH SHRSOH 6R RUJDQL]LQJ
KXPEOH +RZHYHU LQ WKH ORQJ UXQ -DSDQ E\ YRLFH RI WKH SHRSOH LV LPSRUWDQW WR VKRZ WKH
DVVLVWDQFH ORRNLQJ IURP QRZ -DSDQ¶V DVVLVWDQFH JRYHUQPHQWWKDWWKLVLVWKHSXEOLFRSLQLRQSOHDVH
IROORZWKLV7KLVLVWKHSXEOLFRSLQLRQ7KDWNLQG
192
RIGHPRFUDWL]DWLRQLQLWLDWLYHZDVILUVWLQWURGXFHG $QGQXPEHUIRXUGHFHQWUDOL]DWLRQRIFRXUVHWKLV
ZLWKWKHVXSSRUWRIWKH-DSDQ6RDWWKLVPRPHQW ZDV D YHU\ LPSRUWDQW FRRSHUDWLRQ ,Q RUGHU WR
ZH KDYH PDQ\ VXUYH\ LQVWLWXWLRQV 6R LW¶V YHU\ VXSSRUWVPRRWKWUDQVLWLRQWRWKHGHFHQWUDOL]DWLRQ
QDWXUDO QRUPDO IRU WRGD\ %XW \HDUV DJR WKLV -DSDQ GLVSDWFKHG D ORW RI H[SHUWV WR WKH ORFDO
ZDV YHU\ QHZ , WKLQN WKLV LV RQH RI WKH XQLTXH JRYHUQPHQW RIILFHV WR VXSSRUW WKHLU FDSDFLW\
DSSURDFK -DSDQ WRRN DW WKDW WLPH LQ VXSSRUWLQJ EXLOGLQJ
GHPRFUDF\LQ,QGRQHVLD
1XPEHU ILYH WKLV LV DOVR LPSRUWDQW WUDLQLQJ
6HFRQG VHFXULW\ VHFWRU UHIRUP HVSHFLDOO\ WKH \RXQJ VFKRODUV , ZDV SDUWO\ LQYROYHG LQ WKLV
SROLFH 3ROLFH ZDV YHU\ LPSRUWDQW WR KDQGOH WKH SURMHFWDOVR:HWUDLQHGDORWRI\RXQJVFKRODUVWR
VWDELOLW\ RI WKH VRFLHW\ 3ROLFH EHFDPH WDNH 3K' SURJUDP LQ -DSDQ HVSHFLDOO\ IRU WKRVH
LQGHSHQGHQW LQ $QG DW WKDW WLPH WKH\ VWLOO ZKR DUH LQWHUHVWHG LQ GHPRFUDWL]DWLRQ VWXGLHV
KDYH FXOWXUH RI PLOLWDU\ PLOLWDULVWLF FXOWXUH ZDV 7KH\ DUH QRZ DFWXDOO\ FDPH EDFN WR ,QGRQHVLD
VWLOO GRPLQDQW 6R ZKDW ZH DUH H[SHFWHG DW WKDW DQG WKHQ WHDFKLQJ DW ),6,3 8, 8QLYHUVLW\ RI
WLPHZDVWKHSDUDGLJPVKLIWRIWKHSROLFHFRQGXFW ,QGRQHVLDZLWKD3K'GHJUHHRQGHPRFUDWL]DWLRQ
$QG KHUH ZH KDYH DJHQGD RI PDLQVWUHDPLQJ VWXGLHV2IFRXUVHWKLVLVUHDOO\LQGLUHFWDSSURDFK
polisi masyarakat FRPPXQLW\ SROLFLQJ $QG EXW HGXFDWLRQ LV LPSRUWDQW IRU WKH VXVWDLQDEOH
-DSDQ DFWXDOO\ FRQGXFWHG WKLV 3ROPDV GHPRFUDF\ LQ WKH VRFLHW\ 6R , WKLQN WKDW LV DOVR
FRRSHUDWLRQ IRU DOPRVW \HDUV ZH VWDUWHG LQ LQGLUHFWEXWYHU\LPSRUWDQWDSSURDFK
6RLWZDVDYHU\ORQJWHUPFRRSHUDWLRQDQG
YHU\XQLTXHLQWHUPVRISURPRWLQJVHFXULW\VHFWRU 6R , WKLQN WKHVH DUH WKH RQO\ D IHZ FDVHV , FDQ
UHIRUP$QGDFWXDOO\WKLVLVDV\PERORIIRUPH VKRZ EHFDXVH RI WKH WLPH FRQVWUDLQW +RZHYHU
WKLV LV D V\PERO RI WKH FRRSHUDWLRQ EDVHG RQ WKH WKHVH FDVHV DOO VKRZV WKDW -DSDQ -,&$ DSSURDFK
WUXVW ,I ZH GRQ¶W KDYH WUXVW ZH FRXOG QRW KDYH WR ,QGRQHVLD¶V GHPRFUDWL]DWLRQ SURFHVV ZDV DOO
VXFK D ORQJ WHUP FRRSHUDWLRQ ZLWK SROLFH EDVHG RQ WKH KXPDQ UHVRXUFH GHYHORSPHQW LW¶V
EHWZHHQSROLFH$FWXDOO\ZHKDYHPRUHWKDQ QRW VRPHWKLQJ OLNH MXVW SURYLGLQJ PRQH\ RU WKDW
SROLFH RIILFHUV IURP ,QGRQHVLD YLVLWLQJ -DSDQ WR NLQGRIWKLQJV%XWKXPDQUHVRXUFHGHYHORSPHQW
VKDUHEHVWSUDFWLFHRISROLFHSROLF\ ZDV D NLQG RI WKH JRDO RI VXSSRUWLQJ WKH SHRSOH
ZKRDUHEHOLHYLQJLQGHPRFUDF\6R,WKLQNWKLVLV
2ND\ VR WKLUG QXPEHU WKLUG SRVWFRQIOLFW D NLQG RI -DSDQ¶V XQLTXHQHVV LQ SURPRWLQJ WKLV
FRRSHUDWLRQ , WKLQN WKH FDVH RI $FHK ZLOO EH GHPRFUDWL]DWLRQDVVLVWDQFHWR,QGRQHVLD
H[SODLQHGLQGHWDLOE\3DN.XQWRURKHUH%XWDV
ZH NQRZ WKDW ZH KDG D ELJ WVXQDPL DQG 6R TXHVWLRQ LV VLQFH ZH DOUHDG\ ILQLVK WKLV
ZH KDG +HOVLQNL$FHK $JUHHPHQW 6RRQ SURMHFWGRZHKDYHDQ\FRQFHUQDERXWWKHIXWXUH"
DIWHUWKDW-,&$LQ-DSDQHQWHUHGWR$FHKIRUWKH ,PHDQLIWKLVSURMHFWILQLVKQRZLVLWLVWKDWRND\
SURPRWLRQRIFRPPXQLW\HPSRZHUPHQW:HKDG IRU XV" , GRQ¶W WKLQN VR VLQFH ZH KDYH D ORW RI
DW WKDW WLPH ZH UHPHPEHU WKDW D ORW RI WKH QHZ FKDOOHQJHV KHUH WRGD\ (VSHFLDOO\ ZH DUH
FRPPXQLW\LVYXOQHUDEOHEHFDXVHRISRVWFRQIOLFW IDFLQJWKHFKDOOHQJHRIDQWLGHPRFUDWLFSROLWLFV,W
SRVW$FHK VLWXDWLRQ 6R -,&$ HQWHUHG WKHUH WR LV JOREDO SKHQRPHQRQ :H VHH WKLV NLQG RI
VXSSRUW FRPPXQLW\ GHYHORSPHQW FRPPXQLW\ SKHQRPHQD HYHU\ZKHUH LQ WKH ZRUOG LQFOXGLQJ
HPSRZHUPHQW $OVR LQ $PERQ ZKHQ ZH KDG -DSDQ DQG ,QGRQHVLD DQG RWKHU $VLDQ FRXQWULHV
ZKHQZHILQLVKHGWKHFRQIOLFWWKHUH-,&$HQWHUHG (VSHFLDOO\ZHDUHQRZGLVFXVVLQJDV\RXFDQVHH
WKHUH IRU WKH HVWDEOLVKPHQW RI VFKRRO UHEXLOGLQJ LQWKLVERRN6FKRODUVDOUHDG\GLVFXVVHGWKLVNLQG
WKH VFKRRO IRU WKH SURPRWLRQ RI WKH SHDFH ,W¶V D RI WKLQJV 7KH FKDOOHQJH RI DXWKRULWDULDQ
NLQGRIDQHZDSSURDFK-DSDQWRRN UHVXUJHQFHDQGDOVRFKDOOHQJHRISRSXOLVWSROLWLFV
193
6R WKHVH DUH WKH WZR ELJ FKDOOHQJHV ZLWKLQ WKH 3URI'U,U*LQDQGMDU.DUWDVDVPLWD
GHPRFUDWLF FRXQWU\ 6R KRZ WR RYHUFRPH WKHVH 0RGHUDWRU
WZRFKDOOHQJHVRIJOREDODJHQGDDQGLQ-DSDQDQG
LQ ,QGRQHVLD DQG WKDW H[FHSWLRQ" 6R ZKDW , FDQ 7KDQN \RX +RQQD VHQVHL IRU MXVW JLYLQJ XV WKH
VD\,WKLQNHYHQLQ-DSDQLQ,QGRQHVLDRIFRXUVH -DSDQHVH SHUVSHFWLYH IRU WKH ,QGRQHVLDQ FULVLV
ZHVHHWKHNLQGRIWUHQGRIZKDW,FDOOGHPRFUDWLF HVSHFLDOO\KRZ-DSDQZDVDFWXDOO\FRQWULEXWLQJWR
GHYHULILFDWLRQ 7KDW LV D FRQFHSW WR VKRZ WKDW WKH SURFHVV RI GHPRFUDWL]DWLRQ LQ D TXLWH VXEWOH
RND\ZHKDYHDGHPRFUDWLFLQVWLWXWLRQRUDOUHDG\ ZD\EXWZHDSSUHFLDWHLWYHU\PXFK
HVWDEOLVKHG +RZHYHU WKH GHPRFUDWLF EDUULHU LQ 6REHIRUHZHPRYHWRWKHQH[WVWDJH,ZRXOGOLNH
WKH VRFLHW\ VRPHKRZ ZHDNHQLQJ 6R LW LV D NLQG WR VXP XS IURP WKH WZR VSHDNHUV KHUH )LUVW
RI WKH QHZ FKDOOHQJHV IRU WKH VXVWDLQDEOH
DOWKRXJK ,QGRQHVLD ZDV QRW WKH RQO\ FRXQWU\
GHPRFUDF\ LQ WKH IXWXUH 6R ZH DUH QRZ IDFLQJ DIIHFWHGE\WKHLQLWLDOFULVLVEXWDUJXDEO\ZHDUH
WKHGDQJHURIGHPRFUDWLFGHYHULILFDWLRQVLPLODUO\ WKH PRVW VHYHUH RI WKH DIIHFWHG 7KH UHDVRQ IRU
EHWZHHQ-DSDQDQG,QGRQHVLD WKDWZDVWKDWWKHUHZDVDFRQIOXHQFHRIHFRQRPLF
6R , WKLQN LW LV QRZ WLPH WR UHLQYHQW ELODWHUDO SROLWLFDOFULVLVKDSSHQLQJDWWKHVDPHWLPH$QGLW
FRPSDUDWLYH VWUDWHJLF DGYDQWDJH LQ WKLV $VLD ZDV , LOOXVWUDWH KRZ HFRQRPLF DQG SROLWLFDO
%HFDXVH WZR FRXQWULHV KHUH DUH VKDULQJ WKH IRUFHV FDQ UHLQIRUFH HDFK RWKHU ERWK GRZQVLGH
EDUULHU DJDLQ :H DUH WKH JXDUGLDQV RI WKH DQGXSVLGH6RWKDWLVWKHOHVVRQWKDWZHQHHGWR
GHPRFUDF\-DSDQLVWKHROGHVWGHPRFUDF\LQ(DVW OHDUQ
$VLD ,QGRQHVLD LV RI FRXUVH WKH ODUJHVW $QRWKHU OHVVRQ LV WKDW ,QGRQHVLD¶V VXFFHVVHV
GHPRFUDF\ LQ $VLD 6R ZH DUH WKH NLQG RI D HFRQRPLFVXFFHVVHVKDVEOLQGHGPDQ\,QGRQHVLDQ
VKDULQJ WKH EDUULHU RI EHLQJ WKH JXDUGLDQ RI RIILFLDOV DQG LQWHUQDWLRQDO REVHUYHUV RI
GHPRFUDF\ LQ $VLD 6R KRZ" ,W LV RXU XQGHUO\LQJ SUREOHPV RI WKH ZHDNQHVVHV RI WKH
UHVSRQVLELOLW\ , WKLQN WR SURMHFW WKLV QHZ YHU\ LQVWLWXWLRQV WKDW DUH XQGHU FXUUHQW RI FRUUXSWLRQ
LPSRUWDQWYDOXHWRWKHJUHDWHUJRRGLQ6RXWK(DVW DQGWKRVHFDPHXSGXULQJWKHFULVLV%XWLWLVSDUW
$VLD LQ (DVW $VLD 6R LQ WKH IXWXUH , WKLQN WKH
RIRXUKLVWRU\VROHW¶VPRYHQRZ1RZ-DSDQDQG
YHU\ LPSRUWDQW DJHQGD LV KRZ ZH FDQ GHDO ZLWK ,QGRQHVLD ZH VKDUH WKH VDPH FKDUDFWHULVWLF 7KH
FKDOOHQJHRIDQWLGHPRFUDWLFSROLWLFVDQGKRZZH WZRFRXQWULHVDUHPDUNHWHFRQRP\FRXQWULHV7KH
FDQVKDUHWKLVPXWXDOH[SHULHQFHDQGKRZZHFDQ WZRFRXQWULHVDUHGHPRFUDF\-DSDQLVRQHRIWKH
PXWXDOO\ EXLOG WKH LQVWLWXWLRQ IRU WKH VXVWDLQDEOH ROGHVW GHPRFUDFLHV LQ $VLD ,QGRQHVLD LV RQH WKH
GHPRFUDF\ LQ WKH IXWXUH 6R , WKLQN WKLV LV WKH ELJJHVW WKH QXPEHU WKUHH ELJJHVW GHPRFUDF\ LQ
YHU\ GLIILFXOW PLVVLRQ RU DJHQGD WKDW ZH VKRXOG WKH ZRUOG 6R ERWK RI RXU FRXQWULHV VKDUH WKH
SURYLGH XQFRQYHQWLRQDO UHDVRQV WR PDNH VDPH FKDUDFWHULVWLF DV ZHOO DV PDQ\ RWKHU
GHPRFUDF\PRUHVXVWDLQDEOHLQ$VLD$QG,WKLQN FKDUDFWHULVWLFVDVFRXQWU\DQG$VLDQFRXQWULHV6R
-DSDQDQG,QGRQHVLDFDQGRWKDW7RJHWKHUZHFDQ , WKLQN ZH ZRXOG OLNH DQRWKHU FKDUDFWHULVWLF WKDW
GRWKDW7KDW¶VDOOIRUP\SUHVHQWDWLRQ ZHVKDUHLVWKDWIURPSK\VLFDOSRLQWRIYLHZZH
7KDQN\RX VKDUH WKH VDPH FKDUDFWHULVWLF %RWK RI RXU WZR
FRXQWULHV DUH GLVDVWHU SURQH 6R WKLV LV D YHU\
LPSRUWDQW FKDUDFWHULVWLF %RWK RI WZR FRXQWULHV
DUH DOZD\V EHLQJ WKUHDWHQHG E\ WVXQDPL
HDUWKTXDNH YROFDQLF HUXSWLRQ DQG VR RQ
&ROODERUDWLRQ DQG FRRSHUDWLRQ LQ WKLV SDUWLFXODU
DVSHFWLVYHU\LPSRUWDQWHVSHFLDOO\ZHFDQOHDUQ
194
IURP HDFK RWKHU H[SHULHQFH DQG ZH FDQ VXSSRUW UHODWLRQ WR ZDON WRJHWKHU WRZDUG WKH IXWXUH
IURPHDFKRWKHUZLWKRXUUHVRXUFHV (VSHFLDOO\ , ILQG WKDW WRGD\¶V WKHPH YHU\
DSSURSULDWH1RWDOOUHODWLRQVKLSLVEDVHGRQWUXVW
6R WKHUH¶V QR RWKHU SHUVRQ WKDW FDQ WDON RQ WKLV 6RPH DUH EXLOW RQ FRXUWHV\ SURSULHW\ RU MXVW IRU
DVSHFW WKHQ 3URI .XQWRUR +H ZDV KH ZLOO FRUUHFWQHVV %XW ZKHQ ZH KDYH WUXVW LW LV D
DOZD\VEHUHPHPEHUHG+HZDVD0LQLVWHULQRXU ZKROHGLIIHUHQWNLQGRIUHODWLRQVKLS$QGWKHSDVW
FDELQHWLQ+HZDVWKH0LQLVWHURI(QHUJ\ \HDUV KDV VKRZQ LW ,W FDQ EH WHVWHG WKURXJK
YHU\ LPSRUWDQW PLQLVWHU DW WKDW WLPH %XW KH ZLOO GLIILFXOW WLPHV 3DN %DPEDQJ PHQWLRQHG DERXW
EH DOZD\V UHPHPEHUHG DV WKH SHUVRQ ZKR ZDV WKHILQDQFLDOFULVLV$QGZH¶OOKDYHVRPXFKWLPH
OHDGLQJWKHUHFRYHU\LQ$FHKRIWVXQDPL6RKHLV DQGHQHUJ\WRFRPHXSZLWKWKHPRVWSURGXFWLYH
DQ LQWHUQDWLRQDO H[SHUW RQ GLVDVWHU PDQDJHPHQW NLQGRIUHODWLRQVKLS
GLVDVWHU PLWLJDWLRQ DQG KRSHIXOO\ GLVDVWHU
SUHYHQWLRQ )RU PH LW¶V YHU\ VSHFLDO ,W LV ZKDW , SHUVRQDOO\
H[SHULHQFHG GXULQJ P\ WLPH DV WKH KHDG RI WKH
3OHDVH3URI.XQWRUR $FHK 5HFRQVWUXFWLRQ $JHQF\ RU LW ZDV FDOOHG
3URI'U,U.XQWRUR0DQJNXVXEURWR %55 EHWZHHQ DQG 'XULQJ ZKLFK
ZH¶YH UHFHLYHG VR PXFK VXSSRUW IURP WKH
-DSDQHVH JRYHUQPHQW :KHQ , WRRN WKH MRE LQ
,KDYHQHYHUKDGWKHH[SHULHQFHRIGHDOLQJ
ZLWKLQWHUQDWLRQDOFRRSHUDWLRQRULQWHUQDWLRQDODLG
$OWKRXJK,ZDVD0LQLVWHURI0LQLQJDQG(QHUJ\
EXW ZKHQ LW FRPHV WR LQWHUQDWLRQDO UHODWLRQ
LQWHUQDWLRQDOFRRSHUDWLRQLQZKLFKIXQGLVUHODWHG
WKHQ , KDYH YHU\ OLPLWHG H[SHULHQFH %XW
WKURXJKRXW WKH LQWHQVH \HDUV , OHDUQHG KRZ WR
GRLW$QGEDVHGRQWUXVW,ZDVDEOHWRDPDQGDWH
DQG EXLOG ZLWK WKH -DSDQHVH JRYHUQPHQW
SDUWLFXODUO\-,&$,ZDVDEOHWRVHHKRZHIIHFWLYH
7KDQN \RX YHU\ PXFK 0U *LQDQGMDU $ YHU\ FRRSHUDWLRQFDQORRNOLNH7KH-DSDQHVHKHOSZDV
JRRG PRUQLQJ WR HYHU\ERG\ Ohayo gozaimasu WKHUH VLQFH WKH YHU\ VWDUW $QG SURYLGHG XV ZLWK
+( 0LQLVWHU %DPEDQJ %URGMRQHJRUR 0U UHDO H[SHULHQFH LQ GHDOLQJ ZLWK WVXQDPL
.RVKLNDZD 0U $QGR DQG 0U *LQDQGMDU RXU 6RPHWKLQJ,DQGRXUJRYHUQPHQWZDVQRWIDPLOLDU
PRGHUDWRU 0U %DPEDQJ 3URI -XQ +( ZLWK6RWRGD\LQWKLVYHU\VSHFLDOPRPHQW,ZLOO
$PEDVVDGRU RI -DSDQ P\ IULHQGV GLVWLQJXLVKHG VKDUH P\ H[SHULHQFH WR WKH $FHK DQG 1LDV
JXHVWVODGLHVDQGJHQWOHPHQ UHFRQVWUXFWLRQDQGKRZWKHWUXVWDQGUHODWLRQVKLS
ZLWK-DSDQHVH-DSDQJRYHUQPHQWDJHQFLHVKHOSHG
,W LV LQGHHG D YHU\ JUHDW KRQRU IRU PH WR EH
XVWKHQDQGHYHQDIWHU
SUHVHQW KHUH LQ IURQW RI \RX WR VKDUH ZLWK DOO RI
\RX +RZ JUDWHIXO ZH DUH WR KDYH D YHU\ FORVH 'HDU IULHQGV WVXQDPL KLW $FHK DIWHU D
IULHQGVKLS ZLWK -DSDQ $QG WKLV \HDU ZH DUH PDJQLWXGH HDUWKTXDNH RQ 'HFHPEHU ,W
FHOHEUDWLQJ RXU WK DQQLYHUVDU\ RI ,QGRQHVLD LVRQHRIWKHPRVWGHYDVWDWLQJGLVDVWHUHYHUIDFHG
-DSDQ GLSORPDWLF UHODWLRQ 6L[W\ \HDUV LV QRW D E\ ,QGRQHVLD ,Q WKDW FULVLV ZH ORVW
VKRUWWLPH%XWWKHUHDUHPDQ\PRUH\HDUVDKHDG SHRSOH KRXVHV JRQH DQG WKH ZKROH
RI XV $QG , OLNH WR WKLQN WKDW ZH KDYH JURZQ SURYLQFH RI $FHK ZDV SUDFWLFDOO\ SDUDO\]HG ,
WRJHWKHUOHDUQHGWRJHWKHUDQGZH¶YHEXLOGVWURQJ ZRXOGOLNHWRFRQVLGHULWDVDPHJDGLVDVWHUZKLFK
195
PLJKWEHVLPLODUZLWKZKDWKDSSHQHGLQ6HQGDLLQ EXLOGLQJ ZDVWH GLVSRVDO IDFLOLWLHVVRPHWKLQJWKDW
7KHELJGLIIHUHQFHLVWKDWZHGRQ¶WKDYHWKH ZDVUDUHO\RIIHUHGDVKHOSVLQFHLWPLJKWQRWORRN
QXFOHDU IDFWRU 2WKHUZLVH WKLQJV ZLOO EH PXFK OLNH WKH PRVW DWWHQWLRQ JUDEELQJ IDFLOLW\ ,W ZDV
PXFK PRUH FRPSOLFDWHG WKDQ WKH MRE WKDW ,¶YH WKH -DSDQHVH LW ZDV -,&$ ZKR VXSSRUW XV LQ
EHHQGRLQJGXULQJWKDWWLPH EXLOGLQJ WKLV IDFLOLW\ VRPHWKLQJ LQ WKH FRUQHU RI
WKH FLW\ DQG LW¶V QRW RQH RI WKH WRXULVW DWWUDFWLRQ
'XULQJ WKLV WHVWLQJ WLPH IRU ,QGRQHVLD WKH DUHD%XWWKLVNLQGRIKHOSDFWXDOO\HQDEOHGXVWR
-DSDQHVH JRYHUQPHQW ZDV WKHUH VLQFH WKH IXUWKHUUHFRQVWUXFWLRQLQ%DQGD$FHKDQGLQWKH
EHJLQQLQJ , GRQ¶W NQRZ ZKHWKHU WKLV WLPH RI ORQJ WHUP WR EXLOG $FHK EDFN EHWWHU 7KH VDPH
HPHUJHQF\RUVLPLODUH[SHULHQFHVLQWKHSDVWEXW WKLQJ ZLWK WKH IORRGZD\ GLNH D YHU\ LPSRUWDQW
ERWK JRYHUQPHQWV ZHUH DEOH WR WDNH GHFLVLRQV VWUXFWXUH IRU PLWLJDWLRQ 2QH WKDW DOVR UHDOO\
TXLFNO\ DQG IRVWHUHG WUXVW DOPRVW LPPHGLDWHO\ VWLFNVZLWKPHLVWKHKHOSRI-,&$LQEXLOGLQJWKH
7KH ,QGRQHVLDQ JRYHUQPHQW GHFLGHG WR RSHQ HVFDSH EXLOGLQJV 7KLV VHQGV D PHVVDJH RI
$FHKIRULQWHUQDWLRQDOZRUOGVRPHWKLQJWKDWZDV LPSRUWDQFH RI UHVLOLHQFH , KRSH WKDW WKLV
UHDOO\VXUSULVLQJXQGHUVWDQGLQJWKDW$FHKDWWKDW LPSRUWDQWPRQXPHQWRIUHODWLRQVKLSEHWZHHQWKH
WLPH ZDV XQGHU WKH PLOLWDU\ DQG LW ZDV VR FDOOHG WZR FRXQWULHV ZLOO QHYHU KDYH WR EH XVHG DJDLQ
HPHUJHQF\ PLOLWDU\ HPHUJHQF\ VLWXDWLRQ 7KH %XW LI LW GRHV WKHQ LW ZLOO VDYH WKRXVDQGV RI
-DSDQHVH JRYHUQPHQW TXLFNO\ VHQW DSSURSULDWH ,QGRQHVLDQOLYHV
SHUVRQQHO WR KHOS LQ WKH HPHUJHQF\ UHVSRQVH
)URP GRFWRUV WR GHIHQVH IRUFHV WR KHOS FOHDQ XS
GHEULV IURP HTXLSPHQW WR IRRG WR RWKHU
UHVRXUFHV
/DGLHVDQGJHQWOHPHQ,¶GOLNHWRUHPLQG\RXWKDW
LW ZDV DFWXDOO\ WKH ILUVW WLPH WKDW WKH -DSDQHVH
GHIHQVH IRUFHV ZDV RQ ,QGRQHVLD¶V VRLO DIWHU WKH
VHFRQG:RUOG:DU,W¶VDELJPRPHQWEDVLFDOO\
,W LV VXEVHTXHQW UHFRQVWUXFWLRQ SHULRG , YHU\
PXFK DSSUHFLDWH WKH -DSDQHVH KHOS ZKLFK ZHUH
ULJKW RQ SRLQW LQ DGGUHVVLQJ FKDOOHQJLQJ PDWWHUV
7KH-DSDQHVHKHOSZDVSDUWPLJKWEHUHOXFWDQWWR
FRPH SDUWO\ EHFDXVH RWKHUV ZHUH UHOXFWDQW WR
FRPHLQWKHFRQWH[WRISRVWGLVDVWHUUHOLHI:KLOH
RWKHUV PLJKW ZDQW WR IRFXV RQ EXLOGLQJ KRXVHV
VFKRROVKRVSLWDOVRURWKHUEXLOGLQJVZKLFKFDQEH
IODJJHG7KH-DSDQHVHJRYHUQPHQWDVVLVWHGXVLQ
IRUHVHHLQJ WKH ORQJHU QHHGV DQG ZDV FRPPLWWHG
WR EXLOG IODJOHVV LQIUDVWUXFWXUHV ZKLFK ZRXOG
HQDEOHWKHIXWXUHZHKDGLPDJLQHGIRU$FHKDQG
DOVRIRFXVLQPLWLJDWLRQ
196
WRWDO -DSDQHVH JRYHUQPHQW GRQDWHG 86 GROODU GXULQJP\WLPHOHDGLQJWKH$FHKUHFRQVWUXFWLRQ
PLOOLRQ WR WKH SRVW WVXQDPL UHEXLOGLQJ $IWHU VXFK YDOXDEOH H[SHULHQFH , KRSH WKDW , FDQ
LQFOXGLQJSK\VLFDOSURMHFWVWKHFDSDFLW\EXLOGLQJ SD\ LW IRUZDUG DQG KHOS RWKHUV IDFLQJ VLPLODU
DQG VSUHDG RXW LQ DOO RI $FHK , ZRXOG OLNH WR VLWXDWLRQV,FRQJUDWXODWHDOORIXVIRURXU\HDUV
UHLWHUDWH ZKDW 3URI +RQQD PHQWLRQHG DERXW WKH RI JRRG UHODWLRQV DQG KRSHIXOO\ ZH FDQ NHHS
SRVWFRQIOLFWSHULRG,WLVWKHYHU\GLIILFXOWSHULRG IRVWHULQJ WKLV YDOXDEOH UHODWLRQVKLS WR IDFH
DIWHU \HDUV RI FRQIOLFW EHWZHHQ WKH $FHK FKDOOHQJHVRIWKHIXWXUH
,QGHSHQGHQW 0RYHPHQW DQG -DNDUWD :H ZHUH
OXFN\WKDWWKHSHDFHZDVWKHUHVLQFHRWKHUZLVHLW 7KDQN\RXArigato gozaimasu
LVYHU\GLIILFXOWIRUXVWRUHEXLOG$FHK 3URI'U,U*LQDQGMDU.DUWDVDVPLWD
$OO LQ DOO ZH ZHUH DEOH WR ILQLVK WKH 0RGHUDWRU
UHFRQVWUXFWLRQ LQ \HDUV :LWK WKH IUDPH RI 7KDQN\RX0U.XQWRUR6RIURPZKDWZHMXVW
EXLOGLQJ EDFN EHWWHU DQG WR LQVWDOO DV PDQ\ KHDUG IURP 3URI .XQWRUR VR ZH FDQ JXHVV KRZ
GLVDVWHU PLWLJDWLRQ DSSURDFK DV ZH FDQ ZLGH KRZ GHHS LV RXU UHODWLRQVKLS UHODWLRQVKLS
6RPHWKLQJ WKDW RXU IHOORZV DW -,&$ DUH UHDOO\ EHWZHHQ -DSDQ DQG ,QGRQHVLD (FRQRPLF
H[SHUW LQ )URP WKLV H[SHULHQFH , FDQ VHH WKH UHODWLRQVKLS LV WKHUH RI FRXUVH -DSDQ LV
VWUHQJWK RI IULHQGVKLS ZLOO DOZD\V FRPH WKURXJK ,QGRQHVLD¶V PRVW LPSRUWDQW SDUWQHUV LQ
LQWLPHVRIQHHG$QGGLVDVWHULVLQGHHGWKHWLPH GHYHORSPHQW DV ZHOO DV LQYHVWPHQWV %XW
ZKHQ ZH QHHG WUXVWHG IULHQGV WKH PRVW VLQFH FRRSHUDWLRQ LQ GLVDVWHU PDQDJHPHQW LV DQRWKHU
GXULQJ WKLV WLPH :H DUH LQ D VWDWH RI SDQLF DQG DVSHFW WKH KXPDQ IDFH RI WKH FRRSHUDWLRQ ZLWK
FDQQRW QHFHVVDULO\ V\VWHPDWLFDOO\ WKLQN 7KXV
DQRWKHUFRXQWULHVLVYHU\YHU\LPSRUWDQW
KHOS IURP D WUXVWHG IULHQG LV DOZD\V PRUH WKDQ
DSSUHFLDWHG 1RZOHW¶VKHDUWKHODVWVSHDNHU$PEDVVDGRU,VKLL
ZKR , WKLQN ZLOO VSHDN DERXW EXLOGLQJ IXWXUH
,ZRXOGOLNHDOVRWRPHQWLRQWKHFRRSHUDWLRQZLWK
FRRSHUDWLRQRQWKHEDVHRIWUXVW/HW¶VKHDULW
-DSDQ UHODWHG WR GLVDVWHU WKDW GLG QRW VWRS ZKHQ
WKH $FHK UHFRQVWUXFWLRQ ZDV RYHU ,W DFWXDOO\ LV +(0U0DVDIXPL,VKLL
FRQWLQXHG ZLWK YDULRXV LQLWLDWLYHV LQFOXGLQJ
UHODWLRQVKLS HIIRUWV VXFK DV VHQGLQJ KLJK VFKRRO
VWXGHQWV IURP 6HQGDL WR -DNDUWD WR OHDUQ IURP
RWKHUV DOVR WKH OHDGHUV RI 6HQGDL SURYLQFH DQG
GLVWULFWV WR $FHK WR VKDUH WKHLU H[SHULHQFH LQ
UHEXLOGLQJWKHWZRDUHDV,WLVDOVRFRQWLQXHGZLWK
GLVDVWHU PLWLJDWLRQ HIIRUWV LQ RWKHU SDUWV RI
,QGRQHVLD VXFK DV WKH FRQVWUXFWLRQ RI VDER GDP
LQ WKH 0HUDSL UHJLRQ WKDW DFWXDOO\ WKLV ZHHN
H[SHULHQFHG VRPH YROFDQLF DFWLYLWLHV 6RPHWKLQJ
WKDWKDSSHQHGHDUOLHUWKLVZHHNUHPLQGVPHDERXW
WKH FRRSHUDWLRQ ZLWK -,&$ GXULQJ P\ WLPH DV *RRG PRUQLQJ DQG ohayo gozaimasu WR
0LQLVWHURI(QHUJ\LQZKLFKWKHVDERGDPDWWKDW HYHU\ERG\
WLPHZDVEXLOW
/HW PH ILUVW UHLWHUDWH ZKDW .RVKLNDZD VDQ
, SHUVRQDOO\ ZRXOG OLNH WR WKDQN WKH -DSDQHVH PHQWLRQHG DW WKH EHJLQQLQJ RI KLV VSHHFK DERXW
JRYHUQPHQW ZKR ZDV RI VR PXFK KHOS WR PH WKH SUREOHP WHUURULVW LQFLGHQW KDSSHQHG LQ
197
6XUDED\DODVWQLJKW2XUFRQGROHQFHWRWKRVHZKR PDVWHU LQ FUHDWLQJ PDVWHU SODQ $QG DOVR , WKLQN
DUHVWLOODOLYHDQGRXUV\PSDWK\WRWKRVHZKRDUH SULRULWL]DWLRQ LV WKH PRVW LPSRUWDQW WKLQJ ZKHQ
LQMXUHG $QG OHW PH UHLWHUDWH WKDW DV D VWURQJ \RX FRPH XS ZLWK WKLV GHYHORSPHQW SURJUDP
VROLGDULW\DWWKLVPRVWGLIILFXOWWLPH1RZ,KDYH 1RZ , VWDQGV IRU LQGHSHQGHQW IDLU , PHDQ WKDW
RQO\PLQXWHVRUOHVVWKDQPLQXWHVVR,ZLOO IDLU DQG WUDQVSDUHQW , WKLQN ZKDW -,&$ GRHV LW¶V
IRFXVRQWKHIXWXUHDV*LQDQGMDUPHQWLRQHG XVLQJWD[SD\HUPRQH\RI-DSDQHVHSXEOLFDIWHUDOO
6R WKH FRRSHUDWLRQ KDV DOZD\V WUDQVSDUHQW DQG
%XLOGLQJ WKH IXWXUH EDVHG RQ WUXVW DQG WRZDUGV IDLU&VWDQGVIRUFRVWSHUIRUPDQFH,WKLQNLWPD\
,WKLQNDV\RXNQRZLVWKH\HDUV WDNH D OLWWOH ORQJHU IRU XV WR PDNH GHFLVLRQV EXW
RI ,QGRQHVLD¶V LQGHSHQGHQFH %XW EHIRUH WDONLQJ RQFH ZH VD\ \HV ZH GR LW DV SURPLVHG 6R WKDW
DERXW IXWXUH OHW PH WDON DERXW D OLWWOH ELW PHDQV WUXVWV $QG LW PD\ EH D OLWWOH ELW PRUH
EDFNJURXQG :KDW PDNHV -DSDQ DQG ,QGRQHVLD H[SHQVLYHWKDQRWKHUFRXQWULHVEXWRQFHZHGRLW
VSHFLDO" ,W LV WUXVW DV ZH GLVFXVVHG %XW ZK\ LW VWD\V WKHUH ORQJHU LQ IXOO FDSDFLW\ 6R , WKLQN
WKHUH¶VWUXVW",WKLQNWKHSDVW\HDUVKDYHEHHQ WUXVWZRUWK\DQGKLJKTXDOLW\LVDQRWKHUQDWXUHRI
LOOXVWUDWHG E\ D VLQJOH ZRUG WKDW LV ³Kerja -,&$¶VFRRSHUDWLRQ/DVWEXWQRWOHDVW$,GRQ¶W
bersama, maju bersama´ ZRUN WRJHWKHU DQG NQRZ ZK\ LW FRPHV ZLWK ZKLWH EXW LW¶V QRW
DGYDQFH WRJHWKHU $QG ZH WDONHG D ORW DERXW D VXSSRVHGWREHOLNH%XW$PHDQVDUGHQWDOZD\V
IULHQG LQ QHHG \HV ZH DUH IULHQG LQ QHHG DW WKH SDVVLRQDWHLQZKDWWKH\GRLQZKDWWKH\¶UHGRLQJ
WLPHRI$FHKHDUWKTXDNHDWWKHWLPHRIILQDQFLDO $QG DOZD\V VHULRXV LQ ZKDW WKH\¶UH GRLQJ
FULVLV LQ %XW PRUH LPSRUWDQWO\ RXU VRPHWLPHVDOLWWOHELWWRRVHULRXVEXW,WKLQNWKH\
FRRSHUDWLRQKDVEHHQDOZD\VPXWXDO<RXNQRZ DUHGRLQJDJUHDWMRE1RZQH[W
ZH QHYHU IRUJHW WKH ZDUP PHVVDJH GHOLYHUHG E\
WKH $FHKQHVH KLJK VFKRRO NLGV DW WKH WLPH RI 6RKRZFDQZHVWDUWWDONLQJDERXWWKHIXWXUHKRZ
7RKRNX HDUWKTXDNH :H ZLOO QHYHU IRUJHW WKDW FDQZHGRDEHWWHUMRE"/HWPHLQWURGXFHWR\RX
$QG ZKDW ZH OHDUQHG IURP WKH H[SORVLRQ RI WKH SURMHFW WKDW ZH ODXQFKHG LQ WKLV \HDUV RI
0HUDSLHQDEOHGXVLQKDQGOLQJZKDWKDSSHQHGLQ UHODWLRQVKLS WKDW LV FDOOHG SURMHFW 7KH
.\XVKX ZKHQ 6KLQPRHGDNH H[SORGHG 6R WKH PHDQLQJ RI WKH EDVLF WUXVW RI WKH SURMHFW LV WR
FRRSHUDWLRQ KDV EHHQ DOZD\V PXWXDO 2QH ZD\ SUHGLFW WKH IXWXUH LQ ,QGRQHVLD-DSDQ UHODWLRQ LQ
VWUHHW FRRSHUDWLRQ FDQQRW ODVW IRU D ORQJ ORQJ WKH WK \HDU DQQLYHUVDU\ RI ,QGRQHVLD¶V
WLPH $QG LW ODVW ORQJHU ZKHQ ZH KDYH ZLQZLQ LQGHSHQGHQFHDQGEDVHGRQWKDWLGHQWLI\ZKDWZH
VLWXDWLRQ,WKLQN-DSDQHVHLQGXVWU\KDVPDGHDORW FDQGRWRJHWKHUWRDFKLHYHWKDWGD\,XQGHUVWDQG
RILQYHVWPHQWFUHDWLQJDORWRIH[SRUWDWWKHVDPH WKDW ,QGRQHVLD JRYHUQPHQW SDUW LV JRLQJ WR
WLPH WKDW PHDQV MREV IRU ,QGRQHVLDQ DQG DOVR SXEOLFL]H ZKDW WKH\ FDOO 9LVLRQ E\ XQGHU
FDSDFLW\ EXLOGLQJ KXPDQ UHVRXUFH GHYHORSPHQW JXLGDQFH 0U %DPEDQJ %DSSHQDV WR WDON DERXW
IRU ,QGRQHVLDQ 6R LW¶V ZLQZLQ VLWXDWLRQ EDVHG WKHIXWXUHRI,QGRQHVLD$QGRXUWDVNLVEDVHGRQ
RQ WKH PXWXDO FRRSHUDWLRQ DQG ZH DUH GHILQLWHO\ WKDW 9LVLRQ GHYHORS WKH IXWXUH -DSDQ
IULHQGLQQHHG ,QGRQHVLDFRRSHUDWLRQWRZDUGVWKHVDPH\HDU
$QG -,&$ KDV DOZD\V EHHQ LQ WKH FHQWHU RI WKDW $QG RXU FRPPRQ WDUJHW ZH KDYH DOUHDG\
UHODWLRQLQWKHSDVW\HDUV/HWPHWDOND35IRU LGHQWLILHG WKH FRPPRQ WDUJHW IRU RXU UHODWLRQ
-,&$ (YHU\ERG\ NQRZV ZKDW -,&$ VWDQGV IRU )LUVW JR WR EHFRPH WRS ILYH HFRQRPLHV , WKLQN
-DSDQ ,QWHUQDWLRQDO &RRSHUDWLRQ $JHQF\ %XW OHW WKH WRS ILYH HFRQRPLHV LQ WKH \HDU ZLOO EH
PHFRPHXSZLWKDQHZLQWHUSUHWDWLRQIRU-,&$- &KLQD8QLWHG6WDWHVDQG,WKLQN,QGLD,¶PVXUH
VWDQGVIRUMRLQWQHVV,WKLQNHYHU\ERG\NQRZVWKDW ,QGRQHVLD ZLOO EHFRPH QXPEHU IRXU $QG -DSDQ
-,&$ LV YHU\ JRRG DW LQWHJUDWHG DSSURDFK D LWPD\EHUHDOO\KDUGWRVWD\ZLWKLQWKHILYH:H
198
MXVW KDQJLQJ WKHUH WR VWD\ DW WKH WRS ILYH %XW , LQIUDVWUXFWXUHV , WKLQN WKH QHHGV ZLOO FRQWLQXH
WKLQN ZH FDQ GR LW ZLWK WKH FRRSHUDWLRQ ZLWK ZHOO LQ DOWKRXJK , WKLQN WKHUH ZLOO EH D
,QGRQHVLD1RZVHFRQGFRPPRQWDUJHWZHKDYH GLIIHUHQW QDWXUH LQ LQIUDVWUXFWXUH ZH¶UH JRLQJ WR
LGHQWLILHG LV WR EHFRPH LQIOXHQWLDO EXW PRGHUDWH EXLOG WRJHWKHU )LIWK PDNH IXWXUH IXUWKHU HIIRUWV
JOREDO SRZHU , WKLQN ,QGRQHVLD KDV DOUHDG\ WRDWWUDFWIRUHLJQGLUHFWLQYHVWPHQW,WKLQNPDQ\
EHFRPHDJOREDOSRZHUDVEHLQJRQHRIWKH* EXVLQHVVSHRSOHKHUHNQRZZKDWVKRXOGEHGRQH
%XW ZKHQ , VD\ JOREDO SRZHU LW¶V UHDO JOREDO :H KDYH WKH LVVXH RI WD[DWLRQ IUHTXHQWO\
SRZHU $QG , WKLQN DURXQG WKH \HDU , VHH FKDQJLQJ UHJXODWLRQ DQG VR RQ DQG VR IRUWK
,QGRQHVLD LQ WKDW NLQG RI VWDWXV GHILQLWHO\ /DVW ZKLFKZHDUH QRZEDWWOLQJDJDLQVWZLWKWKH KHOS
EXW QRW OHDVW DFKLHYH KLJKHU TXDOLW\ RI OLIH , RI ,QGRQHVLDQ JRYHUQPHQW $QG WKH EDWWOH ZLOO
GRQ¶WKDYHWRWDONWRRPXFKDERXWWKLV FRQWLQXH , WKLQN IRU IXWXUH 1XPEHU VL[ IXUWKHU
GHYHORS KXPDQ UHVRXUFHV IRU QHZ FKDOOHQJHV ,
WKLQN WKHUH ZLOO EH D ORW QHZ FKDOOHQJHV DJHLQJ
KHDOWK LVVXHV ZKLFK PD\ KDSSHQ LQ ,QGRQHVLD DV
ZHOO$QG,WKLQNZHQHHGWRFUHDWHKXPDQEHLQJV
ZKLFK DUH DEOH WR WDFNOH ZLWK WKRVH QHZ LVVXHV
1XPEHU VHYHQ YLWDOL]H UXUDO HFRQRPLHV IRU
EDODQFHG JURZWK , WKLQN , GRQ¶W KDYH WR WDON
PXFKDERXWLWZLWKWKRVH,QGRQHVLDQSHRSOHZKR
NQRZKRZWRGRLW,WKLQNUHGXFLQJWKHJDSIURP
WKHSRRUDQGULFKPRUHGHYHORSPHQWLQUXUDOZLOO
EHWKHNH\IRUIXUWKHUGHYHORSPHQWRI,QGRQHVLD
SDUWLFXODUO\ 1XPEHU HLJKW PDNH HIIRUWV WR
1RZKRZFDQZHGRDEHWWHUMREFRQWLQXHG":H
HUDGLFDWHVRFLDOGLVSDULW\$V,PHQWLRQHG,WKLQN
KDYHVWDUWHGGLVFXVVLRQDPRQJWKHH[SHUWVEHIRUH
WKH HGXFDWLRQ ZKLFK ZH KDYH GLVFXVVHG DOUHDG\
WKLV SURMHFW DERXW WHQ DUHDV IRU IXWXUH
DJLQJKHDOWKFDUHWKRVHDUHQHZDUHDVZKHUHZH
FRRSHUDWLRQ )LUVW WR EHFRPH DQ LQIOXHQWLDO EXW
FDQGRDEHWWHUMRE1XPEHUQLQHHQKDQFHXVHRI
PRGHUDWH JOREDO SRZHU ZH ILUVW QHHG WR HQKDQFH
GLJLWDO WHFK WR LPSURYH WKH TXDOLW\ RI OLIH <RX
PRGHUDWH RSHQ DQG SOXUDOLVWLF VRFLHW\ ZKLFK
NQRZ WKH DUHDV RI FRRSHUDWLRQ , KDYH GLVFXVVHG
PDQ\ SHRSOH KDYH DOUHDG\ WDONHG 0U +RQQD
VR IDU IRU IXWXUH ORRNV TXLWH VLPLODU WR WKRVH ZH
DOUHDG\ WDONHG DERXW LW 6HFRQG IRU WKDW SXUSRVH
KDYHEHHQGRLQJDOUHDG\,WKLQNGHILQLWHO\WRZDUG
DV ZHOO ZH QHHG WR HQKDQFH IUHH DQG RSHQ
WKH\HDU,WKLQNWKHUROHRIQHZGLJLWDOWHFK
LQWHUQDWLRQDO V\VWHP $V ZH GLVFXVV -DSDQ
ZLOO EH HQKDQFHG $ IHZ GD\V DJR , DWWHQGHG D
,QGRQHVLD VKDUH D ORW RI FRPPRQ JRDOV DV LURQ
VHPLQDU ZKHUH WKH -DSDQHVH WHFKQRORJ\ ZDV
FRXQWULHV ZH GR QHHG WKH IUHHGRP DQG VDIHW\ RI
H[SODLQHG ZDV SUHVHQWHG WR VRPH RI WKH
QDYLJDWLRQ :H KDYH D ORW WR GR IRU FRRSHUDWLRQ
HQWUHSUHQHXUVRQHRIZKLFKXVHRIWKHGURQHVIRU
1RZPRYLQJRQWRWKHVHFRQGFRPPRQJRDOWKDW
LQFUHDVLQJ WKH SURGXFWLYLW\ RI IDUPLQJ ILHOG LQ
LV WR EHFRPH D WRS ILYH HFRQRP\ ZH QHHG WR
,QGRQHVLD E\ PDNLQJ XVH RI H[SHUWLVH RI H[SHUWV
VWUHQJWKHQ RXU SRVLWLRQ LQ JOREDO YDOXH FKDLQV
VWD\LQJ LQ -DSDQ 6R , WKLQN WKDW LV RQH VLPSOH
7ZR ZHHNV DJR ZH KDG D FHUHPRQ\ IRU WKH ILUVW
H[DPSOHEXWWKHUHDUHPDQ\URRPVIRUWKHUROHRI
H[SRUW RI 0LWVXELVKL DXWRPRELOH LQGXVWU\ IURP
GLJLWDOWHFKQRORJ\IRUIXWXUH$QG,WKLQN,KRSH
KHUH WR WKH 3KLOLSSLQH DWWHQGHG E\ 3UHVLGHQW
ZH FDQ FRPH XS ZLWK VRPH QHZ
-RNRZL 6R , WKLQN LQYHVWPHQW DQG H[SRUW ZLOO
UHFRPPHQGDWLRQVLQWKLVDUHDLQWKHUHSRUW2ND\
PDNH RXU SRVLWLRQ LQ WKH JOREDO VXSSO\ FKDLQ
QXPEHU WHQ GHDO ZLWK FOLPDWH FKDQJH
VWURQJHU)RXUWKILQDQFHDQGFRQVWUXFWLRQYDULRXV
199
XUEDQL]DWLRQ HWF WKRVH FKDOOHQJHV WR DFKLHYH IRUWKHODVW\HDUV-DSDQKDVEHHQDQLPSRUWDQW
VXVWDLQDEOH GHYHORSPHQW JRDOV $QG RQFH DJDLQ DQG GHILQLWHO\ WKH PRVW LPSRUWDQW VRXUFH RI
WKDW GRQ¶W QHHG IXUWKHU H[SODQDWLRQ EXW WKLV GHYHORSPHQW LQSXW IRU ,QGRQHVLD $VLGH IURP
LQFOXGHVWKLQJVOLNHHQHUJ\VHFXULW\IRRGVHFXULW\ 2'$-DSDQHVHSULYDWHLQYHVWPHQWDOVRLVDJUHDW
FRPEDWLQJ QDWXUDO GLVDVWHUV DQG VR RQ DQG VR FRQWULEXWRU WR RXU HFRQRPLF PRGHUQL]DWLRQ DQG
IRUWK,WKLQNXUEDQL]DWLRQZLOOEHFRPHWKHVLQJOH QDWLRQ EXLOGLQJ :H FDQQRW« 7KHUH DUH VRPH
PRVW GLIILFXOW LVVXH QRW RQO\ IRU -DSDQ EXW DOVR FULWLFLVPV DERXW WKH -DSDQHVH LQYHVWPHQW WR RXU
IRU,QGRQHVLDLQWKHFRPLQJ\HDUV FDXVH EXW ZH FDQQRW SXW LW DVLGH LWV UROH LQ
,QGRQHVLD¶VGHYHORSPHQW
6R WKHVH DUH WKH WHQ DUHDV H[SHUWV RI -DSDQ DQG
,QGRQHVLD KDYH DOUHDG\ LGHQWLILHG IRU GLVFXVVLQJ %XWDQRWKHUDVSHFWLVDVLGHIURPDQXQGHUVWDQGLQJ
WKHZD\VIRUIXWXUHFRRSHUDWLRQ6RWKHSURFHVVRI SDUWQHULQGHYHORSPHQWZH,QGRQHVLDDQG,WKLQN
SURMHFWIRUQRZLVILUVWZHFRPHXSZLWKWKH DQG PDQ\ RWKHU $VLDQ FRXQWULHV VHH -DSDQ DV D
UHSRUW VRPHWLPH LQ DXWXPQ WKLV \HDU $QG WKHQ PRGHO RI GHYHORSPHQW DV D PRGHO RI $VLDQ
EDVHGRQWKDWZHZLOOKDYHDVHPLQDUKLJKOHYHO FRXQWULHV D ULVHEDVHG HFRQRP\ WKDW KDYH ULVHQ
VHPLQDUVRPHWLPHDWWKHEHJLQQLQJRI'HFHPEHU LQWRWKHZRUOGHFRQRPLFDQGLQGXVWU\RISRZHUV
WKLV \HDU WR GLVFXVV PRUH GHHSO\ DERXW RQH RI 6RWKLVLVDVRXUFHRILQVSLUDWLRQDQGPRGHOIRUXV
WKHVHWHQDUHDVIRUIXWXUHFRRSHUDWLRQWRLGHQWLI\
VSHFLILFVWHSVIRUZDUGVREHZDUHRIWKDW 1RZ DV ZH¶UH ORRNLQJ LQWR WKH QH[W VWDJH RI
-DSDQDQG,QGRQHVLDFRRSHUDWLRQPD\EHZHQHHG
1RZ WKLV ODVW VOLGH /DVW EXW QRW OHDVW ZH ZLOO WR VHH WKH FRRSHUDWLRQ PRUH QRW RQO\ RQ WKH
FRQWLQXH WR UHO\ RQ WKH ZLVGRP RI RXU PHQWRUV FRQWH[W RI 2'$ EXW PRUH RQ HTXDO WUDGHV
$QG \RX NQRZ QRZDGD\V , QRUPDOO\ DP WKH LQYHVWPHQW DQG WHFKQRORJLFDO LQQRYDWLRQ DQG
ROGHVWPHPEHURIWKHSDQHO%XWWKLVWLPH,¶PQRW GHYHORSPHQW $QG WKH QDWXUH RI FRRSHUDWLRQ
7KDQNV WR 0U %DPEDQJ DQG WKDQNV WR 0U VKRXOG EH DW WKH KLJKHU OHYHO RI KXPDQ
.XQWRUR ZH UHDOO\ ZDQW WR H[WHQG RXU WKDQNV FRRSHUDWLRQ $QG PRUH RXU HYDOXDWHG LQSXW DQG
RQFH DJDLQ IRU WKHLU PHQWRUVKLS LQ WKH SDVW %XW DOVR RI FRXUVH ZH VKRXOG VWDUW QRW VWDUW ZH
WKHUH LV WKH RWKHU JX\ LQ WKLV SDQHO ZKR ZDV WKH VKRXOGVWUHQJWKHQWKLVSHULRGRIWUXVWEHWZHHQRXU
ILUVW FKDLUPDQ RI '3' VWDUWLQJ WKH LQWURGXFWLRQ WZRFRXQWULHV
RI GHPRFUDF\ KHUH $QG DOVR KDV EHHQ WKH
FRQVLVWHQW VXSSRUW RI -DSDQ,QGRQHVLD UHODWLRQ 7KLVLVWKHQRWHWKDW,ZRXOGOLNHWRJLYHDQGWR
<RX FDQ JXHVV ZKR $QG ZKR LV DFWXDOO\ LV WKH HQG WKLV VHVVLRQ 7KDQN \RX YHU\ PXFK IRU \RXU
KRQRUDU\ FKDLU RI WKH SURMHFW , KDYH MXVW DWWHQWLRQ
H[SODLQHG DQG ZKR LV WKH PRGHUDWRU RI WKLV
VHVVLRQ
7KDQN\RXYHU\PXFK
3URI'U,U*LQDQGMDU.DUWDVDVPLWD
0RGHUDWRU
200
6(66,21,, 0U.R]R+RQVHL0RGHUDWRU
0U.D]XKLNR.RVKLNDZD([HFXWLYH6HQLRU9LFH
3UHVLGHQWIRU-,&$ZHOFRPHWR-DNDUWD0\ERVV
+( 0U ,VKLL /DGLHV DQG JHQWOHPHQ JRRG
DIWHUQRRQ)LUVWRIDOO,ZRXOGOLNHWRFRQYH\RXU
0RGHUDWRU GHHSHVW FRQGROHQFHV EHFDXVH RI WKH ERPE DWWDFN
E\ WKH WHUURULVW LQ 6XUDED\D \HVWHUGD\ DQG LQ
0U .R]R +RQVHL ± 'HSXW\ &KLHI RI 0LVVLRQ
%RJRU ODVW ZHHN -DSDQHVH SHRSOH DQG
(PEDVV\RI-DSDQ
JRYHUQPHQWDUHLQWKHSUD\HUZLWKWKH,QGRQHVLDQ
3DQHOLVWV
,¶P.R]R+RQVHL'HSXW\&KLHIRI0LVVLRQRIWKH
'U:LOOLDP6DEDQGDU±3UHVLGHQW'LUHFWRURI37 (PEDVV\ RI -DSDQ LQ ,QGRQHVLD , KDYH ZRUNHG
057-DNDUWD IRU ,QGRQHVLD IRXU WLPHV WZLFH KHUH LQ -DNDUWD
DQG WZLFH DV 2'$ 'LUHFWRU LQ 7RN\R 6R 0U
0V .HLNR 2VDNL ± 6HQLRU $GYLVRU RQ +HDOWK $QGR'LUHFWRURI-,&$KH¶VKHUHDSSRLQWPHWR
-,&$ EHDPRGHUDWRUIRUWKLVVHFRQGVHVVLRQ$QGWRGD\
ZHKDYHSDQHOLVWVIRUWKLVVHVVLRQ)LUVWLV057
3URI 'U ,U 6DWU\R 6XPDQWUL %URGMRQHJRUR
3UHVLGHQW 'LUHFWRU 'U :LOOLDP 6DEDQGDU RXU
3URIHVVRU%DQGXQJ,QVWLWXWHRI7HFKQRORJ\
IULHQG:HKDYHZRUNHGWRJHWKHUYHU\FORVHO\WR
3URI 'U ,U 'ZLNRULWD .DUQDZDWL ± +HDG RI UHDOL]HWKHILUVW057-SURMHFWKHUHLQ,QGRQHVLDLQ
0HWHRURORJLFDO &OLPDWRORJLFDO DQG *HRSK\VLFDO WKHFRPLQJ\HDUV1RWRQO\DV057-'LUHFWRUKH
$JHQF\ ZDVDSSRLQWHGDVD&KLHIRIWKH5HFRQVWUXFWLRQRI
$FHK DQG 1LDV ,VODQG DIWHU WVXQDPL HDUWKTXDNH
'U ,U 'DQLV 6XPDGLODJD 'LUHFWRU *HQHUDO RI DWWDFN LQ +H DOVR ZDV DSSRLQWHG IRU
5HVHDUFK 'HYHORSPHQW $JHQF\ 0LQLVWU\ RI 'LUHFWRU RI &RUSRUDWH $IIDLUV RI $6($1
3XEOLF:RUNV +RXVLQJ:HOFRPHVLU 6HFUHWDULDW $QG VHFRQG ZH KDYH 0V .HLNR
2VDNL VHQLRU DGYLVRU RI -,&$ DV D SDQHOLVW DQG
VKH¶VDQH[SHUWRIPDWHUQDODQGFKLOGKHDOWKDQG
KDV ZRUNHG LQ YDULRXV FRXQWULHV LQFOXGLQJ
,QGRQHVLD +HU VXFFHVVIXO DFKLHYHPHQW LV WKH
PDWHUQDODQGFKLOGKHDOWKKDQGERRN7KLVSURMHFW
KDV H[SDQGHG WR $6($1 DQG $IULFDQ FRXQWULHV
:H UHFRJQL]H WKDW WKLV LV WKH PRVW VXFFHVVIXO
201
WHFKQLFDOFRRSHUDWLRQRI-,&$7KLUGZHKDYH'U JRYHUQPHQW $V \RX VDLG 0U .XQWRUR P\
6DWU\R 6XPDQWUL %URGMRQHJRUR 'U 6DWU\R KDV PHQWRU WKH RQH , ZDV LQYROYHG LQ WKH
ZRUNHG DV D SURIHVVRU RI ,7% IRU PRUH WKDQ UHFRQVWUXFWLRQRI$FHK 1LDVZKLFKZHKDYHD
\HDUV DQG DOVR DSSRLQWHG DV '* IRU +LJKHU ORQJ SDUWQHUVKLS ZLWK -DSDQ *RYHUQPHQW , SXW
(GXFDWLRQ +H ZDV ZRUNHG DV -,&$¶V DGYLVRU P\ SUHVHQWDWLRQ WRGD\ RQ NH\ZRUGV RQH LV RQ
IURP :H KDSSHQ WR KDYH VRPH NLQG RI WKH SURPRWLQJ SDUWQHUVKLS %XW ZKDW LV PRUH
PHHWLQJ ODVW ZHHN LQ WKH &RRUGLQDWLQJ 0LQLVWU\ LPSRUWDQW WKDW , SXW LQ WKH VHFRQG SKUDVH RI P\
RI0DULWLPH$IIDLUVLQRUGHUWRGLVFXVVVRPHNLQG SUHVHQWDWLRQ LV DFWXDOO\ EXLOGLQJ FDSDELOLWLHV IRU
RIIXWXUHSURMHFWVRI2'$$QGIRXUWKZHLQYLWHG DOO 3DUWQHUVKLS VKRXOG EULQJ SURPRWLQJ RU
'U ,U 'ZLNRULWD .DUQDZDWL '* RI %0.* WKH EXLOGLQJFDSDELOLWLHVIRUDOO:KHQ,ORRNEDFNRQ
$JHQF\ IRU 0HWHRURORJ\ &OLPDWRORJ\ DQG ZKDWDFWXDOO\FUHDWHV057-DNDUWDDQGWKLVLVP\
*HRSK\VLFV %HIRUH VKH ZDV D 'LUHFWRU RI ILUVWVOLGHLWZDV,QGRQHVLDQ-DSDQHVHSDUWQHUVKLS
*DGMDK 0DGD 8QLYHUVLW\ 8*0 DQG VKH ZRUNV WKDW FUHDWHV 057 -DNDUWD 0U $QGR UHDOO\
YHU\ FORVHO\ ZLWK -,&$ LQ WKH ILHOG RI GLVDVWHU VKRZHG XV RQ WKH KLVWRU\ RI WKH SDUWQHUVKLS
SUHYHQWLRQ LQFOXGLQJ ODQGVOLGH HDUO\ ZDUQLQJ EHWZHHQ,QGRQHVLDDQG-DSDQDQG\RXVHHLQWKH
V\VWHP $OVR ZH KDYH D SDQHOLVW 0U 'DQLV WUDQVSRUWDWLRQ SDJH LW FOHDUO\ VKRZV WKDW VLQFH
6XPDGLODJD LQ RUGHU WR GLVFXVV VRPH NLQG RI WKDWZDVWKHILUVWWUDQVSRUWDWLRQSURMHFWWKDW
VDER SURMHFWV 0D\EH , EHWWHU EHJLQ ZLWK 0U ZDV DFWXDOO\ LQLWLDWHG FDOOHG -DNDUWD 7UDQVSRUW
:LOOLDP 'LUHFWRU RI 057- KHUH LQ -DNDUWD 1HWZRUN ,PSURYHPHQW ,Q WR WKHUH
3OHDVHVLU ZDV D VWXG\ RQ LQWHJUDWHG WUDQVSRUW PDVWHUSODQ
IRU -DERGHWDEHN ZKLFK ZDV UHFRPPHQGHG 057
'U:LOOLDP6DEDQGDU -DNDUWDDVWKHILUVWSURMHFWWRDGGUHVVWKHLVVXHRI
WUDIILFMDPLQ-DNDUWD$QGLWZDVWKHQFRQWLQXHG
WRWKHELUWKWKHHVWDEOLVKPHQWRI057-DNDUWDLQ
XQWLOWRGD\
:KDWZHVHHIURPWKHRXWSXWRIWKHFROODERUDWLRQ
ZKLFK LV RQJRLQJ XQWLO WRGD\ ZDV ZHOO GHVLJQHG
LQVWLWXWLRQ EDVHG RQ WKH VWURQJ SDUWQHUVKLS
EHWZHHQ WZR JRYHUQPHQWV ,W ZDV ZHOO GHVLJQ
EHFDXVH LW ZDV FRPLQJ RXW WKURXJK D YHU\
WKRURXJK VWXG\ IHDVLELOLW\ VWXG\ LQVWLWXWLRQDO
VWXG\ ZKLFK WKHQ FUHDWHG 057 -DNDUWD ,Q WKH
ORDQ DJUHHPHQW EHWZHHQ WKH ,QGRQHVLDQ
$YHU\JRRGPRUQLQJWRDOORI\RX0U.D]XNLNR
JRYHUQPHQW DQG -DSDQ JRYHUQPHQW LW LV
.RVKLNDZD6HQLRU9LFH3UHVLGHQWRI-,&$+(
PHQWLRQHG WKDW WKHUH VKRXOG EH D VSHFLDO RU
$PEDVVDGRU ,VKLL WKDQN \RX IRU LQYLWLQJ PH WR
XQLTXHHQWLW\WREHFUHDWHGLQRUGHUWRPDNHVXUH
VSHDN LQ WKLV VHVVLRQ P\ IULHQG 0U +RQVHLDOO
WKDWWKHHVWDEOLVKPHQWRUWKHFRQVWUXFWLRQRI057
WKHGLVWLQJXLVKHGSDQHOLVWVODGLHVDQGJHQWOHPHQ
-DNDUWD FDQ KDSSHQ $QG DOVR LQ WKH GHFUHH WKDW
, ZDV EURXJKW WR WKLV MRE QHDUO\ \HDUV DJR WR ZDVFUHDWHGE\WKHJRYHUQPHQWRI-DNDUWDLWZDV
DFWXDOO\ WR FRQWLQXH WKH MRXUQH\ DFFRPSOLVK WKH PHQWLRQHGPDQGDWHVRI057-DNDUWD
ILUVW SDUW RI 057 -DNDUWD :KHQ , ZDV WKLQNLQJ
2QHLVLQIUDVWUXFWXUHGHYHORSPHQWPHDQLQJ057
ZK\,ZDVLQWKHMRE,WKRXJKWPD\EHEHFDXVH,
-DNDUWD WR GHYHORS RU WR FRQVWUXFW WKH
KDYH D ORQJ H[SHULHQFH ZRUNLQJ ZLWK -DSDQHVH
LQIUDVWUXFWXUH IRU 057 7KH VHFRQG RQH LV QRW
202
MXVWWREXLOGWKHLQIUDVWUXFWXUHEXWDOVRWRRSHUDWH VHH WKLV LV WKH VWDWLRQ XQGHUJURXQG ZH
WKH WUDLQ WKH 057 WKDW LV DFWXDOO\ WKH DUH YHU\ RSWLPLVWLF WKDW ZH DUH UHDG\ WR UHFHLYH
IXQFWLRQLQJ RI WKH RSHUDWLRQ DQG PDLQWHQDQFH WKH$VLDQ*DPHV7KLVLVZKDW¶VJRLQJRQ6RWKLV
%XW WKH WKLUG RQH LV DFWXDOO\ FRPSOHPHQWLQJ WKH LV WKH SURJUHVV VR IDU :H¶UH JRLQJ WR WHVW WKH
ILUVWDQGWKHVHFRQGLVDFWXDOO\WRGRWKHEXVLQHVV WUDLQLQ$XJXVW7KHWUDLQLVVWDUWLQJ:H¶UHJRLQJ
LQWKHVWDWLRQDURXQGWKHVWDWLRQ$QG,WKLQNWKDW WR GR WKH WULDO UXQ WKH RSHUDWLRQ ZLWKRXW WKH
ZDVDYHU\FRPSUHKHQVLYHWDVNWKDWZDVWRJLYHQ SDVVHQJHU DQG ZH¶UH RSWLPLVWLF WKDW E\ 0DUFK
WR DOO WKH FRUSRUDWLRQV OLNH 057 -DNDUWD ZKLFK ZH¶UH JRLQJ WR VWDUW WKH ILUVW FRPPHUFLDO
ZDVDFWXDOO\OHDUQRUZKLFKZDVDFWXDOO\VWXGLHG RSHUDWLRQDOIRU057-DNDUWD
IURP JRRG OHVVRQ IURP DOO RYHU WKH ZRUOG
LQFOXGLQJIURPWKHOHVVRQIURP-DSDQH[SHULHQFH 1RZWKHOHVVRQVOHDUQHGRIZKDWKDVEHHQGRLQJ
6RWKDW¶VWKHPDLQIXQFWLRQRI057-DNDUWD$QG VR IDU RI WKLV SDUWQHUVKLS 7KH SDUWQHUVKLS
WKHQ ZH DUH FUHDWLQJ RQ ZKDW ZDV WKH FRUULGRU EHWZHHQ-DSDQ,QGRQHVLDWKURXJK057-DNDUWDLV
ZKDW ZDV WKH ILUVW FRUULGRU $QG WKLV LV DFWXDOO\ D SDUWQHUVKLS WKDW EXLOGV FDSDELOLWLHV 7KDW LV P\
ZH VDZ WRGD\ ZH VHH WRGD\ WKH EDFNERQH RI SHUVRQDO,WKLQNDQRUJDQL]DWLRQWHVWLPRQ\WKDW,
057-DNDUWDRU-DNDUWD¶VSXEOLFWUDQVSRUWV\VWHP FDQ VD\ WRGD\ 7KHUH DUH QHZO\ LPSOHPHQWHG
7KH ILUVW RQH LV DFWXDOO\ IURP 6RXWK WR 1RUWK WHFKQRORJLHV RQH LV WKH WXQQHO IRU VXUH EHFDXVH
/HEDN%XOXV±%XQGDUDQ+,DQGWKHQFRQWLQXHWR WKLVLVWKHILUVWWUDQVSRUWWUDLQV\VWHPVLQJOHWUDFN
WKH QRUWK RI -DNDUWD WR .DPSXQJ %UDQGDQ 7KH GRXEOH WZR WXQQHOV WKDW ZH EXLOW LQ -DNDUWD LQ
OHQJWKRIWKHURXWHLVDERXWNPWKHUHZLOOEH ,QGRQHVLD 7KH VHFRQG RQH LV WKH WUDFN DQG WKH
VWDWLRQV IURP WKHUH 7RGD\ ZH DUH DFWXDOO\ LQ WKLUGRQHWKHVLJQDO:HDUHXVLQJDPRYLQJEORFN
WKHSURFHVVRIWKHFRPSOHWLRQRIWKHVHFRQGSKDVH ZH FDOO LW D FRPPXQLFDWLRQEDVHG WUDLQ FRQWURO
ZKLFK LV NP IURP /HEDN %XOXV WR %XQGDUDQ WKDW LV DOORZ WKH WUDLQ WR EH IXOO\ DXWRPDWHG WKH
+, :H DUH DERXW WR VWDUW WKH VHFRQG SKDVH VWDUW WUDLQ ZLOO EH RQ WLPH ZH DUH JRLQJ WR EH
WKLV \HDU DQG WKDQNLQJ WKH JUHDW FRRSHUDWLRQ GLVFLSOLQHZLWKWLPHDQGZLWKGLVWDQFH
EHWZHHQWZRFRXQWULHVWHDPIURP%DSSHQDVWKDW
7KH VHFRQG RQH WKDW ,¶P JRLQJ WR VHH IURP WKLV
LVDFWXDOO\KHOSLQJDQGSXVKLQJXVIRUWKHSURFHVV DFWXDOO\ WKLV SDUWQHUVKLS LV D SDUWQHUVKLS WKDW
VR ZH DUH DFWXDOO\ TXLWH FRQILGHQFH WKDW ZH FDQ VWUHQJWKHQHG WKH QDWLRQDO DQG ORFDO LQVWLWXWLRQV
VWDUW WKH VHFRQG SKDVH E\ WKH HQG RI WKLV \HDU DQG WKLV LV URRW YHU\ PXFK RQ WKH FXOWXUH WKDW ,
7KHUHLVWKH(DVW:HVWFRUULGRUZKLFKLVDFWXDOO\ KRSHWKHWZRFRXQWULHVFDQEHQHILWIURPWKLV7KH
ORQJHUWKDQWKHILUVWSKDVH&LNDUDQJ%DODUDMDWKDW TXDOLW\RIWKHFRQVWUXFWLRQWKDWZH¶YHEHHQGRLQJ
ZLOO JR SURYLQFHV IURP %DQWHQ -DNDUWD DQG QRZ WKURXJK WKH SDUWQHUVKLS EHWZHHQ ,QGRQHVLD
:HVW-DYD,WLVNP-DNDUWDRQHLVNP7KLV FRQWUDFWRU DQG -DSDQHVH FRQWUDFWRU WZR FXOWXUHV
LVWKHFRUULGRUEXWZKDW,¶PJRLQJWRVKRZ\RXLV PHHWWRJHWKHUUHVXOWLQJLQWKHEHVWTXDOLW\IRUWKH
DFWXDOO\ ZKDW LV WKH VWDWH RI SURJUHVV DV ZH DUH FRQVWUXFWLRQ'LVFLSOLQHWKLVLVGLVFLSOLQHRQWLPH
WRGD\&DQ\RXSOD\WKLV" GLVFLSOLQH RQ TXDOLW\ GLVFLSOLQH RQ FRPPLWPHQW
Playing the video DQGODVWRQHLVRQVDIHW\:H¶UHFRPPLWWHGWRGR
D ]HUR VDIHW\ DFURVV WKH SHULRG ZKLFK DFWXDOO\
6R WKLV LV WKH SURJUHVV RI ZKDW ZH KDYH EHHQ LQYROYH PRUH WKDQ ZRUNHUV RQ WKH JURXQG
GRLQJ ZH DUH RI WKH SURJUHVV DOO WKH ULJKW QRZ ZH DUH ZRUNLQJ DW WKH PRPHQW
FRQVWUXFWLRQVEHHQGRQH7KLVLVWKHILUVWWUDLQV MXVW WR PDNH VXUH WKDW ZH FRPSOHWH WKH
LQ-DNDUWDWRGD\RXWRIWUDLQVVHWWKDWDUHKHUH FRQVWUXFWLRQ RQ WLPH RQ EXGJHW DQG DOVR EDVHG
7KLVLVIRU/HEDN%XOXVSHSRWKHFWDUHVRIWKH RQWKHTXDOLW\DQGVDIHW\
ODQGLVQRZDFWXDOO\WUDQVIRUPWRWKHGHSRW<RX
203
LPSRUWDQWO\WKLVLVZKDW,ZRXOGOLNHWRUHLWHUDWH
PRVW LPSRUWDQWO\ ZH¶UH GRLQJ WKH JOREDO
SDUWQHUVKLSZH¶UHGRLQJWKHQDWLRQDOSDUWQHUVKLS
EXW \RX QHHG WR EDVH WKLV SDUWQHUVKLS RQ WKH
SDUWQHUVKLS RI SHRSOH ZLWK WKH ORFDO FRPPXQLW\
7KH\DUHWKHRQHWKDWLVJRLQJWRHQMR\WKHEHQHILW
RI WKH RSHUDWLRQDO RI 057 -DNDUWD %\ ZRUNLQJ
ZLWK WKH ORFDO FRPPXQLW\ LW¶V DFWXDOO\ ZH¶UH
EXLOGLQJWKHFDSDELOLWLHVRIWKHSHRSOH
0\ODVWVOLGHRQWKLV,VHHP\WLPHLVXSEXWJLYH
1H[WWKDW,ZDQWWRVHHLVQRWMXVWWKHFRQVWUXFWLRQ PHRQHPLQXWH,KDYHWKLQJVWRUHFRPPHQGRQ
QRW LQ WKH RSHUDWLRQ EXW WKLV LV WKH SDUWQHUVKLS KRZWKLVSDUWQHUVKLS-DSDQDQG,QGRQHVLDVKRXOG
WKDW LPSURYHVPRELOLW\DQGSURPRWHV OLIH TXDOLW\ PRYHIRUZDUGWRWKHIXWXUH1XPEHURQH,WKLQN
EHFDXVH WKLV LV WKH PLVVLRQ RI 057 -DNDUWD ,W¶V WZR FRXQWULHV QHHG WR FRQWLQXH WKURXJK 057
EH\RQG WUDQVSRUWDWLRQ LW¶V EH\RQG MXVW UXQQLQJ -DNDUWD WR SURPRWH QRW RQO\ VWUDWHJLF EXW DOVR
WKHWUDLQEXWKRZ\RXLPSURYHWKHTXDOLW\RIOLIH KHDOWK\ SDUWQHUVKLS WKDW LV PXWXDOO\ EHQHILFLDO
RI WKH SHRSOH RI -DNDUWD KRZ \RX LPSURYH WKH 057 VKRXOG EH WKH DJHQW RI FKDQJH WKDW FUHDWHV
TXDOLW\ RI SXEOLF WUDQVSRUWDWLRQ LQ -DNDUWD DQG PRUH RSSRUWXQLWLHV WR DOO UHOHYDQW VWDNHKROGHUV
WKDW UHTXLUHV D VWURQJ SDUWQHUVKLS 1RW MXVW ZLWK ORFDOO\ QDWLRQDOO\ DQG JOREDOO\ 6R WKLV
JOREDO LQVWLWXWLRQV EXW ZLWK DOO SDUWQHUV LQ WKH SDUWQHUVKLS LV QRW MXVW IRU 057 -DNDUWD WKLV
FRXQWU\ LQ -DNDUWD DQG ZKRHYHU WKH SDUWQHU SDUWQHUVKLS VKRXOG EH IRU HYHU\ERG\ LQ WKH
LQYROYHV LQ WKH SURFHVV RI EXLOGLQJ WKLV FRXQWU\WKDWEXLOGWKHFDSDELOLWLHVRIWKHFRXQWU\
SDUWQHUVKLS$QGWKHUHIRUHSURPRWLQJSDUWQHUVKLS 1XPEHU WZR LW FRQWLQXHV WR LQQRYDWH E\
PHDQLQJ EXLOGLQJ FDSDELOLWLHV WRJHWKHU ZH DUH DFTXLULQJ QHZ WHFKQRORJ\ ZKLOH DOVR FUHDWLQJ
ZRUNLQJWRJHWKHUZLWK37.HUHWD$SL,QGRQHVLD QHZ MREV IRU WKH HFRQRP\ 6R LW¶V DERXW QHZ
ZH DUH ZRUNLQJ WRJHWKHU ZLWK $NDGHPL LQQRYDWLRQ EXW ZH QHHG KRZ ZH FDQ EHQHILW
3HUNHUHWDDSLDQ ,QGRQHVLD )HZ PRQWKV DJR , SHRSOH WKURXJK SURPRWLQJ HFRQRPLF JURZWK DQG
VLJQHG 0R8 ZLWK ,7% WKDW MXVW WR LQFOXGH WKH FUHDWLQJMREIRUWKHHFRQRP\1XPEHUWKUHHLW¶V
XQLYHUVLW\LQVWLWXWLRQLQWKHSURFHVV:HDUHDOVR WR FRQWLQXH WR VWUHQJWKHQ WKH LQVWLWXWLRQ
ZRUNLQJ WR SURPRWH SDUWQHUVKLS ZLWK RWKHU HPSRZHULQJ SHRSOH DQG RWKHU SDUWQHUV $QG
LQVWLWXWLRQ JOREDOO\ , DOZD\V VD\ 057 -DNDUWD ZKLOH ZH DUH YHU\ PXFK ZRXOG OLNH WR VHH
FDQQRW ZRUN DORQH ,W¶V D YDVW H[SHULHQFH IURP SDUWQHUVKLS DV WKH EDVLV IRU WKH SDUWQHUVKLS
WKHFRXQWU\ZHKDYHWROHDUQIURPRWKHUFRXQWU\ 1XPEHU IRXU RI FRXUVH ZH QHHG WR VHH WKH
ZHKDYHWROHDUQIURPIRUH[DPSOH-DSDQ,IWKH\ SDUWQHUVKLS WR FRQWLQXH WR FUHDWH QHZ OHDGHUV
DUH WKH EHVW RSHUDWRU ZH KDYH WR OHDUQ IURP LPSURYH KXPDQ FDSDELOLWLHV WKDW ZLOO VWUHQJWKHQ
3UDVDUDQD ZH DUH VHQGLQJ RXU GULYHUV WR JHW WKH WKHQDWLRQ$QGODVWEXWQRWOHDVWFRQWLQXHWREH
EHVW WUDLQLQJ LQ 3UDVDUDQD 0DOD\VLD ZH DUH WKHNQRZOHGJHDQGSHRSOHSODWIRUPWKDWSURPRWHV
ZRUNLQJ ZLWK 0RQDVK 8QLYHUVLW\ ZH DUH PRGHUQOLIHVW\OHEXWURRWHGVWURQJO\DWULFKORFDO
ZRUNLQJ ZLWK /7$ 6LQJDSRUH ZH DUH ZRUNLQJ FXOWXUH
ZLWK+RQJ.RQJWKH075$FDGHP\WKLVLVDOOWR
7KDQN\RXYHU\PXFK
EULQJWKHFDSDELOLWLHVWKDWZHQHHGLQWKHFRXQWU\
WR UXQ WKH EHVW WUDQVSRUW V\VWHP SXEOLF
WUDQVSRUWDWLRQ LQ WKH FRXQWU\ EXW PRUH
204
0U.R]R+RQVHL0RGHUDWRU TXDOLW\ XVHG LQ VRFLHW\ ZDV DGGUHVVHG ZK\ GLG
ZH LQYHVW VXFK ELJ HQRXJK HQHUJ\ WR WKLV VPDOO
7KDQN \RX YHU\ PXFK 0U :LOOLDP , ZDV ERRNOHW" %HFDXVH LQ WR GR WKLQJ WKH KDQGERRN
LPSUHVVHG E\ ILYH UHFRPPHQGDWLRQV ZLWK \RX PHDQV ZH DUUDQJH WKH KHDOWK V\VWHP WR SXW WKH
PDGH DW WKH ODVW PRPHQW 3DUWQHUVKLS LV WKH NH\ IRFXVRQPDWHUQDOFKLOGDWWKHFHQWUDORIWKHKRXVH
ZRUG IRU 057 SURMHFW , XQGHUVWRRG $QG QRZ V\VWHP+RZGRZHORFDOL]HWKHWHFKQRORJ\LQWR
ZH¶G OLNH WR LQYLWH 0V .HLNR 2VDNL 6HQLRU ,QGRQHVLDQ VRFLHW\" %XNX .,$ LV D SODWIRUP LW
$GYLVRU RI -,&$ WR VSHDN DERXW 0DWHUQDO &KLOG KHOSVWKHFRPPXQLFDWLRQEHWZHHQIDPLO\DWKRPH
+HDOWK+DQGERRN DQGKHDOWKSHUVRQDOLQKHDOWKFHQWHUDQGKRVSLWDO
0V.HLNR2VDNL DQG VHYHUDO KHDOWK SRVW LQ FRPPXQLWLHV OLNH
3RV\DQGXDQG.HODV,EXDVLWDOORZVDOORIWKHP
WR VKDUH WKH HVVHQWLDO LQIRUPDWLRQ RQ WKH VDPH
PRWKHUDQGFKLOG
205
WKH FRXQW\ EXW LW ZDV DFNQRZOHGJHG E\ WKH .,$IRULQWHUQDWLRQDOJXHVWDIDWKHULQWKHURRP
FHQWUDO JRYHUQPHQW IURP WKH EHJLQQLQJ *OREDO IRXQGWKDWKLV%XNX.,$ZDVIRUFHGWRUHDGDQG
DQGQDWLRQDOKHDOWKV\VWHPFRQWH[WVZHUHUHOHYDQW WKHQKHJRWLW
DV WKH\ UHTXLUHG DQ\ WRROV WR DGGUHVV VDIH
PRWKHUKRRG DQG WR UHYLWDOL]H Posyandu ZKLFK 6R KRZ DUH WKHVH IXUWKHU GHYHORS" 6R WKLV ODG\
VWDUWHGLQV WROGXVWKHSRWHQWLDOFKDOOHQJHRI%XNX.,$7KH
OHIW IDWKHU EURXJKW KLV EDE\¶V VLFN KLVWRU\ RQ
%XNX.,$DOWKRXJKLWZDVQRWUHFRUGHGE\KHDOWK
SHUVRQQHOWKDWVKHZDQWVWRUHFRUGLWVRWKDWVKH
FRXOGOHDUQWKHSUHYLRXVZHLJKWJDLQVRUQRWZDV
LQIOXHQFHG E\ VLFNQHVV 7KH ULJKW PRGHO EURXJKW
KHU EDE\ WR JHW PHGLFLQH IRU IHYHU EHVLGHV WKDW
VKHQHHGVDGYLFHVIURPKHDOWKSHUVRQQHORQEDE\
GHYHORSPHQW EXW VKH PLVVHG WKH RSSRUWXQLW\ WR
WDON DERXW LW ZLWK WKH KHDOWK SHUVRQQHO EHFDXVH
VKHIRUJRWWREULQJLWWKH0&+KDQGERRNWRWKH
SODFH6KHLVWROGWKDWWKLVLVRQO\IRUWKHKHDOWK\
EDE\FKHFNXSDQGLPPXQL]DWLRQ3RWHQWLDOLVLID
PRWKHU LGHQWLI\ LWV YDOXH LV ZRUWK PRUH WKDQ
H[SHFWHGWKDWLIKHDOWKVHUYLFHVLVQRWUHVSRQGLQJ
WR WKHLU DFWLRQ ZH FDQQRW VD\ WKDW %XNX .,$ LV
IXQFWLRQLQJRSWLPDOO\0&+KDQGERRNPD\KDYH
GLIIHUHQWUROHVDVDUHFRUGLQJWRROLQWKHSLQNDUHD
DV D FRPPXQLFDWLRQ PHGLD DV D JUHHQ DQG D
UHIRUP PHGLD DV D SXUSOH $QG HDFK IXQFWLRQ
UHTXLUHVGLIIHUHQWOHYHORIFDSDFLW\RIERWKKHDOWK
SHUVRQQHO DQG IDPLOLHV /LNH ,QGRQHVLD LI 0&+
KDQGERRN LV H[SHFWHG WR EH FRPPXQLFDWLRQ
PHGLD KHDOWK SHUVRQQHO QHHG WR EH FDSDEOH WR
FRQVXO FOLHQW ZLWK 0&+ KDQGERRN DQG IDPLO\
PHPEHUVWRUHDGDQGJHWWKHLQIRUPDWLRQIURPWKH
7KH SURMHFW IDFLOLWDWHV %XNX .,$ WR LQFUHDVH LWV ZULWWHQLQIRUPDWLRQLQLW,IRQO\KHDOWKSHUVRQQHO
PDWXULW\ RI LPSOHPHQWDWLRQ DV D UHVXOW RI XVHLWDVDUHFRUGLQJWRROZKLOHIDPLO\PHPEHULV
JHRJUDSKLFDO OLPLWHG SLORW QDWLRQDO YHUVLRQ RI QRWXVHGWRUHDGLWMXVWZULWWHQLWPD\EHZHQHHG
%XNX .,$ EHFRPHV DYDLODEOH %DVHG RQ WKH WRGRVRPHWKLQJWRILOOWKHJDSFDSDFLW\
YHULILFDWLRQ LQ YDULRXV SODFHV LQ WKH FRXQWU\ WKH
0LQLVWU\GHFUHHLVVXHGLQEHFDPHWKHEDVLV 6RRQHRIWKHHIIRUWVWRILOOVXFKJDSVLVPRWKHUV¶
RI QDWLRQDO LPSOHPHQWDWLRQ 1RZ ZH VD\ WKDW FODVV ZKLFK DOORZV WKH KHDOWK SHUVRQQHO WR
%XNX .,$ LV D SDUW RI KHDOWK V\VWHP DV LW KDV RUJDQL]HFRXQVHOLQJDQGZRPHQKDYHFKDQFHVWR
EXGJHW DQG LW¶V SHULRGLFDOO\ UHYLVHG 7KRVH OHDUQ DERXW WKH FRQYHQLHQFH ZD\ WKH JRRG
EHDXWLIXOSLFWXUHVWHOOXVKRZDIDPLO\ZHOFRPHV SDUWQHUV RI WKH FRPPXQLFDWLRQ $ FOXVWHU
%XNX .,$ +XVEDQG DQG EURWKHU EURXJKW WKHLU UDQGRPL]HGFRQWUROWULDOVD\VLIWKLVLVXVHGE\WKH
XQGHU \HDUV FKLOGUHQ WR Posyandu ZLWK %XNX KHDOWK SHUVRQQHO DQG LI LW¶V ILOOHG E\ PRUH WKDQ
.,$RQKLVSRFNHWDQGRQKLVKDQGVDQGDOVRWR RQHVLQJOHSHUVRQQHOWKHKHDOWKSHUVRQQHORIWKH
WKH KRVSLWDO :KHQ D GRFWRU LV H[SODLQLQJ %XNX VDPHERRNOHWDQGWKHPRWKHUXVHLWDQGEULQJLWWR
206
WKH GLIIHUHQW ORFDWLRQ DQG IDFLOLW\ 7KH VHUYLFHV ,QGRQHVLDDQG-,&$DUHVXSSRUWLQJ:+2HIIRUWV
DUHWDNHQ'XULQJWKHSHULRGIURPWKHSUHJQDQF\ WR GHYHORS D JOREDO JXLGHOLQH D KRPHEDVHG
WRWKHFKLOGDQGFRQWLQXRXVUHVHDUFKZKHWKHUXVH UHFRUGIRU0&+EDVHGRQRXUH[SHULHQFHV%XNX
IRUWKHVHUYLFHV+XVEDQGVDUHDOVRVXSSRUWLYHLQ .,$DQG0&+KDQGERRN*OREDOH\HVDUHDOORQ
WKH VDYLQJ PRQH\ IRU WKH GHOLYHU\ DQG IRU WKH XV 6R WKH\ DUH YHU\ PXFK ZRXOG OLNH WR OHDUQ
FKLOG GHYHORSPHQW DW KRPH 6R RSWLPDO XVH LV D PRUHHVSHFLDOO\LWVIHDVLELOLW\DQGLWVHIIHFW,WLV
FRPSRQHQWRIVXVWDLQDELOLW\WKDWDVDV\VWHPZH VWLOO WKHUH DUH WKLQJV ZH FDQ GR 0D\EH ZH FDQ
QHHG WR PDNH VXUH LW¶V DYDLODELOLW\ DQG WKLV LPSURYH WKDW :H KDYH FRQWULEXWHG WR JOREDO
RSHUDWLRQ GLVWULEXWLRQ RULHQWDWLRQ DQG OHDUQLQJ DQG HQULFK HDFK RWKHU WKURXJK PXWXDO
PRQLWRULQJ6RZHPD\EHPRUHFUHDWLYHWREXLOG OHDUQLQJV6RZHKDYHDIWHUDVHULHVRIWHFKQLFDO
LQ WKH KHDOWK V\VWHP WR VWUHVV WKRVH DVSHFWV DQG FRRSHUDWLRQSURMHFW,QGRQHVLDSURJUHVVDORWDQG
SROLF\ LV WKH EDVH DV WKH FRPPLWPHQW RI WKH WKH LPSOHPHQWDWLRQ RI %XNX .,$ LQ WHUPV RI
SURJUDP6RWKH0LQLVWU\'HFUHHUHDOO\VD\VWKDW GHFHQWUDOL]DWLRQ XQLYHUVH KHDOWK FRYHUDJ DQG
WKLV LV WKH UHVSRQVLELOLW\ RI WKH FRPPXQLW\ DQG UHJXODUO\ XVHG LQ WKH UHJLRQ 0R+ DQG -,&$
WKHUHVSRQVLELOLW\RIWKHKHDOWKSHUVRQQHODQGWKH WRJHWKHUKRVWHGJOREDOOHDUQLQJVLQWKHQH[WVWDJH
SURFXUHPHQW UHVSRQVLELOLW\ ZLVH RQ WKH ZH¶GOLNHWRKDYHDQRWKHUFRRSHUDWLRQIRUIXUWKHU
JRYHUQPHQW DQG WKH RUJDQL]DWLRQ WR ZKLFK KDV D JOREDO SURPRWLRQ RI D WRRO WR SXW PRWKHU DQG
JRRG ZLOOLQJQHVV WR FRQWULEXWH $QG WKH FKLOGLQWKHFHQWUDORIWKHKHDOWKV\VWHP
SURIHVVLRQDO RUJDQL]DWLRQ¶V VXSSRUWLQJ JUHDWHU WR
IROORZWKLVWRRSHUDWLRQDOL]HLW 6RZHKDYHGRQHDORWEXWZHFDQGRPRUHWKDQ
WKDW6RWKDQN\RXYHU\PXFKIRU\RXUDWWHQWLRQ
6R KRZ VKDOO KXPDQ UHVRXUFHV EH IXUWKHU
GHYHORSHG" $V ZH DFNQRZOHGJH SHRSOH DUH 0U.R]R+RQVHL0RGHUDWRU
FKDQJLQJ0RWKHUVLQXVHEDWLNWRZUDSWKH 7KDQN \RX 0V 2VDNL , KDYH D KLVWRU\ RI WKLV
QHZERUQ YHU\ WLJKWO\ ,Q WKH\ VWLOO XVH WKH PXVW VXFFHVVIXO WHFKQLFDO FRRSHUDWLRQ RI -,&$
EDWLN EXW QRW PRUH WLJKWO\ WR ZUDS XS WKH EDE\ 5LJKWQRZZH¶GOLNHWRLQYLWH'U6DWU\RIRUWKH
WKH\PDNHWKHEDE\WRDPRUHQDWXUDOPRYHPHQW
SDQHOLVW +H ZLOO WDON RQ WKH QHWZRUN EHWZHHQ
WKDW LV DOORZHG ,Q PRWKHUV E\ WKHPVHOYHV XQLYHUVLWLHVDQGDOVRIRU,QGRQHVLDQVDFFUHGLWDWLRQ
DOUHDG\ PDNH QRWHV IRU WKHLU PHPRU\ 6R WR
ERDUGIRUWKHHQJLQHHULQJHGXFDWLRQ
UHVSRQG WR WKH FOLHQW QHHGV DQG GHPDQGV ZKLFK
LVLQFUHDVLQJXSGDWHVVRPHWLPHVPHDQLQFUHDVLQJ
WKH SDJHV 7KH -DSDQHVH 0&+ KDQGERRN LQ
\HDUVVKRZVWKDWWKHUHDUHVRPHZD\VWRNHHSLWV
FRQVFLRXVQHVVQHDW DQGWKDWWKH KHDOWK KDQGERRN
VKRZVVLJQLILFDQWFKDQJHVDQGLPSURYHG,WLVVWLOO
XVHWKHPDQXDOSDSHULQ0&+KDQGERRN7KHQLI
WKH FRPSXOVRU\ SDUWV DQG VHSDUDWH LW LQWR RSWLRQ
SDUWV PD\EH LW¶V WKH VHFUHW WR NHHS WKH
FRQVFLRXVQHVVDQGZHFDQEHPRUHFUHDWLYH
&RXOGZHVD\0&+KDQGERRNLVDOLIHORQJUHFRUG
LQ ,QGRQHVLD DOUHDG\" $ERXW RI QHZ
HOHPHQWDU\ VFKRRO HQUROOHG FKLOGUHQ LQ 6DODWLJD
UHWDLQD%XNX.,$LQZHKRSHWKH\DUHVWLOO
NHHSLQJLWWKDWZHPD\QHHGWRH[SORUHLWIXUWKHU
207
3URI'U,U6DWU\R6RHPDQWUL%URGMRQHJRUR FROODERUDWLRQ LQ RWKHU UHJLRQ RWKHUZLVH ZH KDYH
VRPH GLVSDULWLHV RI VXSSRUW 6R WKLV (,8'3
&,'$ LV D VXSSRUWLQJ FROODERUDWLRQ EHWZHHQ DOO
SXEOLF XQLYHUVLWLHV LQ 6XODZHVL 0DOXNX DQG
3DSXD ZLWK VHYHUDO XQLYHUVLWLHV LQ &DQDGD XVLQJ
&DQDGLDQ $,' ,$(83 LV D VXSSRUWLQJ
FROODERUDWLRQ EHWZHHQ DOO SXEOLF XQLYHUVLWLHV LQ
%DOL 1XVD 7HQJJDUD %DUDW DQG 1XVD 7HQJJDUD
7LPXU ZLWK VHYHUDO XQLYHUVLWLHV LQ $XVWUDOLD
XVLQJWKHVXSSRUWIURP$XV$,'6RWKHQZHKDYH
D FRPSOHWH VXSSRUW IRU DOO UHJLRQV XVLQJ VHYHUDO
GRQRUVRUDJHQFLHVRWKHUZLVHZHZLOOQRWDEOHWR
VXSSRUWWKHZKROHFRXQWU\
'LVWLQJXLVK JXHVW ODGLHV DQG JHQWOHPHQ :KHQ
ZHWDONDERXWSDUWQHUVKLSFRRSHUDWLRQRQHRIWKH 1RZ ZH WDON DERXW +('6-,&$ $V RQH RI WKH
LVVXH LV FDSDFLW\ DQG FDSDELOLW\ RI WKH KXPDQ EHVW -,&$ SURJUDPV GXH WR LWV VXVWDLQDELOLW\ 6R
UHVRXUFHVSHRSOHZKRDUHGRLQJWKHFROODERUDWLRQ ZK\ LW¶V JRRG" %HFDXVH ZH KDYH WKH HVVHQFH RI
DQG SDUWQHUVKLS 7KH IDFW LV LQ ,QGRQHVLD WKH WKLV FROODERUDWLRQ ZKLFK LV VXVWDLQDELOLW\ 1RW
IDFXOW\ PHPEHUV DQG WKH UHVHDUFKHUV DUH YHU\ RQO\GHSHQGVRQWKHSURMHFWEXWLW¶VVWLOOJRLQJRQ
KLJKVSLULWWKH\OLNHWRZRUNKDUGWRVWXG\WRGR EH\RQG D SURMHFW ,W VXVWDLQV GXH WR VWURQJ DQG
D UHVHDUFK DQG WR H[SORUH LGHDV %XW WKHQ RI HIIHFWLYHFROODERUDWLRQDPRQJWKHUHVHDUFKHUVDQG
FRXUVH ZH KDYH VRPH OLPLWDWLRQ RQH RI WKHP LV IDFXOW\ PHPEHUV RI ,QGRQHVLD DQG -DSDQ
WKH IXQGLQJ :H DOO NQRZ WKDW WR GHYHORS WKH &ROODERUDWLRQVKRXOGEHEDVHGRQPXWXDOEHQHILW
FDSDFLW\ ZH QHHG DQ LQYHVWPHQW 6R KLJK DQG UHFRJQLWLRQ DQG EDVHG RQ HTXDO SDUWQHUVKLS
HGXFDWLRQ DQG UHVHDUFK FRVW FHQWHUV 6R WKDW ZH 7KH TXDOLW\ RI PDQ\ PHPEHU XQLYHUVLWLHV KDYH
QHHGVLJQLILFDQWLQYHVWPHQWIURPJRYHUQPHQWIRU EHHQ VLJQLILFDQWO\ LPSURYHG DQG WKHLU
KDYLQJWKHTXDOLW\RIKLJKHGXFDWLRQDQGUHVHDUFK FROODERUDWLRQ ZLWK -DSDQ FRQWLQXHV XQWLO QRZ LQ
WHUPV RI MRLQW UHVHDUFK DQG IDFXOW\ H[FKDQJH
2QH RI WKH VROXWLRQV LV ZH WU\ WR GR VRPH
DOWKRXJK +('6-,&$ SURJUDP KDV EHHQ
FROODERUDWLRQV DQG ZLWK WKH FROODERUDWLRQ ZH
WHUPLQDWHGVLQFH
VKRXOGEHDEOHWRRYHUFRPHWKHOLPLWHGUHVRXUFHV
&ROODERUDWLRQ LV SHUIRUPHG ZLWK LQWHUQDWLRQDO 7KHPRGHORI+('6-,&$WKHQDGRSWHGE\-,&$
LQVWLWXWLRQV DQG DJHQFLHV LQ WKH ILHOG RI KLJK WRHVWDEOLVKWKH$816HHG1HWSURJUDPZKLFKLV
HGXFDWLRQ DQG UHVHDUFK GHYHORSPHQW DQG RI D FROODERUDWLRQ SURJUDP EHWZHHQ XQLYHUVLWLHV
FRXUVHWKHFDSDFLW\EXLOGLQJ6LQFH,QGRQHVLDLVD LQ $6($1 ZLWK XQLYHUVLWLHV LQ -DSDQ 7KH
ELJ FRXQWU\ DQG FROODERUDWLRQ QHHGV WR EH SURJUDPLVDLPHGWRLPSURYHWKHTXDOLW\RIPDMRU
SHUIRUPHGFRPSUHKHQVLYHO\EDVHGRQUHJLRQDQG XQLYHUVLWLHVLQ$6($1WKURXJKLQWHQVLYHQHWZRUN
LQDFFRUGDQFHZLWKWKHSROLF\RIWKHLQWHUQDWLRQDO DQG FROODERUDWLRQ ZLWK XQLYHUVLWLHV LQ -DSDQ DQG
SDUWQHUV ,Q V ZH GR KDYH D VHYHUDO DOVR DPRQJ XQLYHUVLWLHV LQ $6($1 WKHPVHOYHV
VLJQLILFDQW FROODERUDWLYH SURJUDPV 2QH RI WKHP 7KHSURJUDPKDVEHHQFRQGXFWHGLQWKUHHSKDVHV
LV +('6-,&$ ZLWK VXSSRUWLQJ FROODERUDWLRQ DQG DW HDFK SKDVH WKHUH DUH QHZ PHPEHU
EHWZHHQ DOO SXEOLF XQLYHUVLWLHV DQG VRPH SULYDWH XQLYHUVLWLHVRQERDUG6RZHJURZDQGH[SDQGWKH
XQLYHUVLWLHV LQ 6XPDWUD DQG :HVW .DOLPDQWDQ PHPEHU RI XQLYHUVLWLHV LQYROYHG ,Q WKH ILUVW
ZLWK VHYHUDO XQLYHUVLWLHV LQ -DSDQ %XW VLQFH WKH SKDVH -,&$ IXOO\ ILQDQFH 6HFRQG WKH WKLUG
FRXQWU\LVWRRELJZHQHHGRWKHUVXSSRUWIRUWKH SKDVHEHFRPHVMRLQWO\ILQDQFHEHWZHHQ-,&$DQG
208
$6($1 PHPEHU FRXQWULHV 6R WKH SURJUDP WR LV-,&$GLVSDWFKHG-$%((H[HFXWLYHGLUHFWRUWR
LPSURYH WKH TXDOLW\ RI XQLYHUVLW\ DQG FDSDFLW\ EHPHQWRURI,$%((
EXLOGLQJ LV QRW FRPSOHWHG ZLWKRXW EHLQJ DEOH WR
EHUHFRJQL]HGE\RXULQWHUQDWLRQDOSDUWQHUV 7KLV LV WKH SLFWXUH WKDW ZH KDYH WR RYHUFRPH LQ
WKH IXWXUH WKDW ZH DUH QRW D PHPEHU RI WKLV
$FFRUG :H DUH VWLOO LQ WKH SURFHVV WR SUHSDUH
:KLOH RWKHU FRXQWU\ HYHQ VRPH RI RXU $6($1
QHLJKERUV DOVR DOUHDG\ EHFRPH WKH PHPEHU
:LWKRXWWKLVPHPEHUVKLS,GRQ¶WWKLQN,QGRQHVLD
ZLOO EHFRPH EH DEOH WR FRPSHWH LQWHUQDWLRQDOO\
6R WKHQ WKH UHPDLQLQJ DJHQGD IRU WKLV -,&$
VXSSRUWSURJUDPLQ,QGRQHVLDIRUH[DPSOHRQHRI
WKHP LV WR PDNH ,$%(( EHFRPH D SURIHVVLRQDO
PHPEHU RI :DVKLQJWRQ $FFRUG LQ DQG
KRSHIXOO\ LQ ,QGRQHVLD ZLOO EHFRPH WKH
VLJQDWRU\PHPEHULQ:DVKLQJWRQ$FFRUG
7KDQN\RXYHU\PXFK
3URI'U,U'ZLNRULWD.DUQDZDWL
:HHVWDEOLVKWKH,QGRQHVLDQ$FFUHGLWDWLRQ%RDUG
IRU (QJLQHHULQJ (GXFDWLRQ RU ,$%(( 7KH
FRQGLWLRQ QRZ LV ,$%(( LV QRW \HW D VLJQDWRU\
PHPEHU RI :DVKLQJWRQ $FFRUG WKHUHIRUH
JUDGXDWHV IURP HQJLQHHULQJ VWXG\ SURJUDPV LQ
,QGRQHVLD DUH QRW \HW UHFRJQL]HG DQG QRW \HW
DFFHSWHG LQWHUQDWLRQDOO\ 6R WKDW¶V ZK\ ZH SXW
DWWHQWLRQ LQ WKLV LVVXH RWKHUZLVH RXU SHRSOH
FDQQRW FRPSHWH LQWHUQDWLRQDOO\ ,$%(( LV DQ
LQGHSHQGHQW QRQJRYHUQPHQW HQWLW\ LWV WDVN LV WR
HYDOXDWHWKHTXDOLW\RIHQJLQHHULQJVWXG\SURJUDP +( 0U 0DVDIXPL ,VKLL WKH $PEDVVDGRU RI
LQ,QGRQHVLD7KHSURFHVVIRUREWDLQLQJVLJQDWRU\ -DSDQ DQG ODGLHV DQG JHQWOHPHQ DOVR WKH
PHPEHUVKLSLVTXLWHORQJDQGGLIILFXOWWKHUHIRUH GLVWLQJXLVKHGSDQHOLVWV3OHDVHDOORZPHWRVKDUH
-,&$ SURYLGHV VLJQLILFDQW VXSSRUW VLQFH ZKDW KDV EHHQ FRQGXFWHG XQGHU WKH FRRSHUDWLRQ
ERWK ILQDQFLDOO\ DQG WHFKQLFDOO\ 0RUH LPSRUWDQW ZLWK -,&$ %0.* DQG -,&$ DQG ZKDW ZLOO EH
WKHQH[WDFWLRQSODQ
209
)LUVWRIDOO,ZRXOGOLNH\RXWROHW\RXNQRZWKDW IRUGLVDVWHUPDQDJHPHQW%13%6RWKRVHDUHRXU
WKLV LV WKH FKDOOHQJH WKDW ZH KDYH ,QGRQHVLDQ PDQGDWH
FKDOOHQJH ZKLFK LV FRQVLGHUHG WR EH VLPLODU WR
-DSDQ¶VFKDOOHQJHV:HDUHLQWKHULQJRIILUHDQG $QG DJDLQ ZH PXVW VHUYH DV WKH QDWLRQDO GDWD
ZHDUHLQWKHDFWLYHSODWHWHFWRQLFUHJLRQOLNHLQ SURYLGHUUHJDUGLQJRUUHODWHGWRWKHPHWHRURORJ\
-DSDQ :H FDQ VHH IURP WKDW PDS PRVW RI WKH FOLPDWRORJ\DQGHDUWKTXDNHDQGWVXQDPLLQRUGHU
GHYHORSPHQW FHQWHUVPRVWRI WKH ORFDWLRQRI WKH WRVXSSRUWRUWRJXLGHRUWRDGYLFHWKHVDIHW\IRU
GHYHORSPHQW FHQWHUV RQ WKH OHIW WRS VLGH RI WKH WKHPDULWLPHDQGDYLDWLRQWUDQVSRUWDWLRQ$OVRWR
ILJXUHLVUHDOO\PDWFKFRLQFLGHZLWKWKHULVN]RQH SURYLGH LQIRUPDWLRQ IRU WKH SUHYHQWLRQ RI IRUHVW
7KH ULVN RI HDUWKTXDNH WKH ULVN RI K\GUR ILUHDQGPLWLJDWLRQRIHDUWKTXDNHDQGWVXQDPL
PHWHRURORJLFDO GLVDVWHU DV ZHOO DV WKH ULVN RI
6RRXUFKDOOHQJHLVKRZWRLPSURYHWKHTXDOLW\RI
WVXQDPL $QG LQGHHG ZKHQ ZH WDON DERXW WKH RXU VHUYLFHV LQ RUGHU WR HQVXUH WKH VDIHW\ DQG
:RUOG 0DULWLPH $[H ,QGRQHVLD DV WKH :RUOG VHFXULW\ RI ,QGRQHVLD $QG WR EH IUDQNO\ DOPRVW
0DULWLPH $[H ZH FDQ VHH KHUH WKHUH DUH WKUHH RI RXU EXGJHW LV DOORFDWHG WR DYLDWLRQ DQG
PDLQOLQHVH[LVWDFURVV,QGRQHVLDZKLFKLVUHDOO\ KDUERU DV ZHOO DV GLVDVWHU ULVN UHGXFWLRQ DQG
VWUDWHJLF DQG LPSRUWDQW FRQQHFWLYLW\ DPRQJ PLWLJDWLRQ $QG WKH UHVW ZH DOVR SURYLGH VRPH
LVODQGV $QG LQ IDFW WKRVH OLQHV DUH DOVR PDWFK EXGJHWIRUVXSSRUWLQJIRRGHQHUJ\LQGXVWULDODQG
ZLWKWKHULVN]RQH+RZHYHUZHOHDUQIURP-DSDQ KHDOWK VHFXULW\ 8QIRUWXQDWHO\ GXH WR VHYHUDO
GHVSLWH RI WKH ULVN -DSDQ NHHS FRQWLQXLQJ WKH FRQVWUDLQWV HVSHFLDOO\ UHODWHG WR WKH EXGJHW
GHYHORSPHQW NHHS WDNH WKH OHDG IRU WKH DOORFDWLRQ WKH FDSDFLW\ RI RXU DJHQF\ GHVSLWH RI
GHYHORSPHQWEHFDXVH-DSDQLVUHDOO\DGYDQFHGLQ RXU FDSDFLW\ SHUKDSV LW LV WKH VWURQJHVW LQ :HVW
UHGXFLQJ WKH ULVN RI GLVDVWHU LQ PLWLJDWLQJ WKH 3DFLILFDQG$6($1WRJHWKHUZLWK6LQJDSRUH,Q
GLVDVWHU6RWKDWLVWKHEDFNJURXQGZK\%0.*LV IDFW RXU FDSDFLW\ LQ WHUPV RI VWRUDJH GDWD
UHDOO\QHHGWRFRRSHUDWHZLWK-DSDQ,QIDFW-DSDQ FDSDFLW\DQGWHFKQRORJ\HTXDOWR-DSDQLQ
XS XQWLO QRZ UHDOO\ VXSSRUWV XV DQG EULQJ 6RLWLVDERXW\HDUVOHIWEHKLQGWKDQ-DSDQ6R
WRJHWKHU WKH ZRUN LQ RUGHU WR DFKLHYH KLJKHU
WKDW¶V WKH IDFW WKDW ZH PXVW PDNH ZH PXVW
WHFKQRORJ\LQ%0.* FRQTXHU WKLV FKDOOHQJH 6R DJDLQ FRRSHUDWLRQ
7KLV LV WKH PDQGDWH RI RXU DJHQF\ DFFRUGLQJ WR ZLWK -,&$ RU ZLWK -DSDQ LV UHDOO\ LPSRUWDQW WR
WKHQDWLRQDODFW1RWKDWZHPXVWVHUYH VDYH RXU QDWLRQ HVSHFLDOO\ IURP WKH ULVN RI WKH
WKH QDWLRQ DV WKH QDWLRQDO SURYLGHU IRU PHWHRURORJ\FOLPDWRORJ\DQGJHRSK\VLFV6RWKLV
LQIRUPDWLRQ DQG PHWHRURORJ\ FOLPDWRORJ\ DQG LVWKHEDFNJURXQG
JHRSK\VLFV3HUKDSVWKLVLV,WKLQNLWLVWKHVDPH $QG LQ RUGHU WR FDWFK XS -DSDQ ZH PXVW ZRUN
DV -DSDQ¶V PHWHRURORJLFDO DJHQFLHV $QG XQGHU YHU\KDUG)RULQVWDQFHLWLVDERXWSDVWDQGIXWXUH
WKDW PDQGDWH ZH DUH UHVSRQVLEOH RXU DJHQF\ WHFKQRORJ\ (YHU\RQH PXVW UHPHPEHU WKDW LQ
UHVSRQVLEOH WR HQVXUH WKH VDIH DQG VPDUW ZHKDYHWVXQDPL%DQGD$FHK,QWKHWLPH
GHYHORSPHQW UHJDUGLQJ WKH FRQQHFWLYLW\ RI RXU QHWZRUN RI VHLVPRJUDSK ZDV RQO\ DERXW
WUDQVSRUWDWLRQ ERWK PDULQH DQG DYLDWLRQ DV ZHOO FHQVRUV DYDLODEOH &DQ \RX LPDJLQH" ,Q
DV WKH LQIUDVWUXFWXUH ERWK RQVKRUH RIIVKRUH ,QGRQHVLD RQO\ KDYH DERXW FHQVRUV DFURVV
DQGDOVRWKHDJULFXOWXUHDQGWRXULVPE\SURYLGLQJ ,QGRQHVLD$QGZHGLGQ¶WKDYHKLJKSHUIRUPDQFH
WKH LQIRUPDWLRQ UHODWHG WR WKH PHWHRURORJ\ FRPSXWHU 7KH FRPSXWHU WKDW ZH KDYH ZDV MXVW
FOLPDWRORJ\DQGHDUWKTXDNHDQGWVXQDPL:HDOVR 3HQWLXP &DQ \RX LPDJLQH" 3HQWLXP :KHQ WKH
UHVSRQVLEOH WR SURYLGH WKH VPDUW GLVDVWHU ULVN HDUWKTXDNH VWUXFN ZHVW 6XPDWUD , PHDQ ,QGLDQ
UHGXFWLRQ LQ FRRSHUDWLRQ ZLWK QDWLRQDO DJHQFLHV 2FHDQ DW WKH ZHVW VLGH RI 6XPDWUD LVODQG ZHVW
210
VLGH RI $FHK ZH QHHG DOPRVW RQH GD\ GXH WR WR WKH FDSDFLW\ EXLOGLQJ WKH LQVWDOOPHQW RI
OLPLWHGFHQVRUDQGGXHWR3HQWLXPFRPSXWHUZLWK LQVWUXPHQWV 1RZ -DSDQ LV SURYLGLQJ DGGLWLRQDO
WKLV YHU\ PDQXDO HYHQ ZH PXVW PHDVXUH E\ WKH LQVWUXPHQWV IRU WKH VHLVPRPHWHUV ,Q ZH
UXOHUWKHUHDOUXOHUQRWGLJLWDOUXOHU6RLQRUGHU KDYHRQO\DERXWLQVWUXPHQWVVRRQZHZLOO
WRLGHQWLI\WKHHSLFHQWHURIWKHHDUWKTXDNHLWWRRN KDYH LQVWUXPHQWV (YHQ WKRXJK WKDW LV VWLOO
PRUHWKDQKRXUVHYHQVWLOODOLWWOHELWXQFHUWDLQ WRR IHZ IRU ,QGRQHVLDQ UHJLRQ EXW LW¶V VWLOO ZH
DOPRVWKRXUV%HIRUHZHUHDOO\VXUHZLWKWKDW NHHSGHYHORSLQJWKDW$QGDOVRZHGRPRVWO\WKH
HSLFHQWHU WVXQDPL KDV FRPH LQ PLQXWHV &DQ FRRSHUDWLRQLVGHYHORSPHQWRILQIUDVWUXFWXUHWKDW
\RX LPDJLQH" +RZ SDQLF ZH DUH GXH WR WKH PHDQV LQVWDOOPHQW RI LQVWUXPHQWV E\ LQWURGXFLQJ
OLPLWHGWHFKQRORJ\WKDWZHKDYH$QGWKHQVRRQ WKH ODWHVW WHFKQRORJ\ $QG ZH QRW RQO\ MXVW
DIWHUWKHFDWDVWURSKLFGLVDVWHU-,&$FDPH,VKRZ UHFHLYHOLNHDJLIW:HDOVRZRUNWRJHWKHUDQGRXU
\RX ODWHU -,&$ FDPH WR SURYLGH FDSDFLW\ FDSDFLW\ LV DOZD\V HQKDQFHG $QG QRZ ZH FDQ
GHYHORSPHQWIURPXSWR6RZH DOVRVWDUWWRGHYHORSRXURZQV\VWHP7KLVLVWKH
KDYH VXFK D TXLWH VLJQLILFDQW FDSDFLW\ LQWHUQDWLRQDO WUDLQLQJ FRVW WKDW KDV EHHQ GRQH
GHYHORSPHQWXQGHU-,&$SURJUDPDQGQRZDGD\V VRRQ DIWHU WVXQDPL $FHK EXW QRZ \RX FDQ VHH
ZH KDYH PDQDJHG WR LQIRUP WR WKH SXEOLF DERXW DIWHU WVXQDPL $FHK -DSDQ SURYLGH LQWHQVLYH
WKHHDUWKTXDNHHSLFHQWHUWKHPDJQLWXGHDQGWKHQ FDSDFLW\GHYHORSPHQWIURPWRIRU
SRVLWLRQ RI WKH HDUWKTXDNH HSLFHQWHU WKH GHSWK \HDUV %XW QRZ LW VWRSV 6R ZH SODQ WKDW WKLV
DQGWKHSRWHQWLDORIWKHWVXQDPLFDQEHFRQFOXGHG QHHGV WR EH FRQWLQXHG :LWKRXW ZDLWLQJ IRU WKH
VRUU\FDQEHLGHQWLILHGZLWKLQPLQXWHV6RLWLV QH[WFDWDVWURSKLFGLVDVWHU
UHDOO\ VLJQLILFDQW DFKLHYHPHQW LQ WHUPV RI
FDSDFLW\ GHYHORSPHQW )URP DOPRVW KRXUV WR
EHFRPHPLQXWHVWKDW¶VWKHPD[LPXP:LWKLQ
PLQXWHVRUZLWKLQPLQXWHVDFWXDOO\RXUDJHQF\
KDVPDQDJHGWRNQRZZKHUHLVWKHHSLFHQWHUEXW
ZH FRXOG QRW \HW SXEOLVK WKDW LQIRUPDWLRQ
EHFDXVH ZLWKLQ PLQXWHV WKLV LQIRUPDWLRQ LV
SURYLGHGE\WKHPDFKLQHLW¶VOLNHWKH,QWHUQHWRI
7KLQJV E\ WKH PDFKLQH 6R ZH KDYH WR YHULI\
DQG OHVV WKDQ PLQXWHV ZH FDQ SXEOLVK WKDW
$JDLQ ZH UHDOO\ HDJHU WR FDWFK XS WKH
GHYHORSPHQW RI -DSDQ WKURXJK WKLV FRRSHUDWLRQ
6R WKLV LV RXU IXWXUH SODQ IRU WVXQDPL HDUO\
ZDUQLQJ LW PXVW EH ZLWKLQ PLQXWHV 7RGD\ZH
FDQSURYLGHZLWKLQPLQXWHV:LWKLQLQ\HDUV
ZH PXVW PDQDJH LQ PLQXWHV LW¶V OLNH ZKDW
-DSDQGRQHQRZ
211
6R WKDW¶V YHU\ LPSRUWDQW IRU XV 6R WKLV LV WKH 0U'DQLV6XPDGLODJD
VWDWLRQ QHZ LQVWDOOPHQW FRRSHUDWLRQ -,&$ DQG
,QGRQHVLD -,&$ DQG %0.* :H FDQ VHH DFURVV
,QGRQHVLD WKHUH KDV EHHQ PDQ\ FHQVRU DQG
LQVWUXPHQWV LQVWDOOHG DQG FDSDFLW\ GHYHORSPHQW
DJDLQ 6R WKRVH DUH WKH SODQ DQG ZH QRZ
SURSRVLQJQHZSURMHFWGLJHVWWR-,&$LQRUGHUWR
GHYHORS PHWHRURORJLFDO UHPRWH VHQVLQJ FHQWHU WR
HQKDQFH WKH FDSDELOLW\ RI %0.* DV WKH PDULQH
VHUYLFH DV ZHOO DQG HQKDQFH WKH FDSDFLW\ IRU
XUEDQ ZHDWKHU FOLPDWH PRQLWRULQJ DQG VHUYLFHV
6RWKLVLVH[SHFWHGWREHWKHQHDUIXWXUHLQ\HDUV
:HFRXOGKDYHWKLVHQKDQFHPHQWRIRXUFHQWHURI
H[FHOOHQFHLQWVXQDPLHDUO\ZDUQLQJV\VWHP DQG
QDWLRQDO HDUWKTXDNH PRQLWRULQJ FHQWHU 6R WKHVH
DUH WKH SURSRVDO WR -,&$ ZLWK QHZ FHQWHU IRU
WVXQDPL HDUO\ ZDUQLQJ FHQWHU DV ZHOO DV KLJK
SHUIRUPDQFHFRPSXWHU 7KDQN \RX 'LVWLQJXLVKHG JXHVW ODGLHV DQG
JHQWOHPHQWKLVQRWDJRRGPRUQLQJDQ\PRUHEXW
&RQFOXVLRQ WR DFKLHYH WKH VDIH DQG VPDUW
JRRG DIWHUQRRQ DVVDODPX¶DODLNXP
GHYHORSPHQW RI LQIUDVWUXFWXUH DV ZHOO DV VPDUW
ZDUUDKPDWXOODKLZDEDUUDNDWXK
GLVDVWHUULVNUHGXFWLRQWHFKQRORJ\LQQRYDWLRQLVD
PXVW ZKLFK VKRXOG EH IRFXV LQ LPSDFWEDVHG %HIRUH,UHDGRXWWKHVSHHFKIURPWKH0LQLVWHU,
IRUHFDVWLQJ IRU ZHDWKHU UHDG\ DQG VPDUW FOLPDWH ZRXOG OLNH WR WHOO \RX DERXW RQH VWRU\ EHWZHHQ
ELJ GDWD DQDO\WLF LQWHUQHW RI WKLQJV DUWLILFLDO -,&$ DQG ,QGRQHVLD ,I \RX VHH LQ IURQW RI WKLV
LQWHOOLJHQFHFURZGVRXUFLQJDQG,QGRQHVLDQHHGV KRWHO WKHUH LV D FDOO :LVPD 1XVDQWDUD 'R \RX
WRFRQWLQXHWKHFRRSHUDWLRQZLWK-DSDQHVSHFLDOO\ QRZWKHVWRU\RI:LVPD1XVDQWDUD"1RERG\",Q
%0.* ZLWK -,&$ DQG XQLYHUVLWLHV LQ -DSDQ DQG HDUO\RUHDUO\LQ-DSDQLWLVQRWDOORZHGWR
,QGRQHVLD LQ RUGHU WR DFFHOHUDWH WKH SURFHVV RI EXLOGDEXLOGLQJKLJKHUPD\EHWKDQRUVWRULHV
DFKLHYHPHQWWKDWZHKDYHSODQQHG 6RKRZWKH\VWDUWWREXLOGQRZDYHU\KLJKVWRU\
EXLOGLQJ" 7KHUH LV D FRRSHUDWLRQ EHWZHHQ -DSDQ
7KDQN\RXYHU\PXFKIRU\RXUNLQGDWWHQWLRQ
JRYHUQPHQW DQG ,QGRQHVLDQ JRYHUQPHQW 7KH\
0U.R]R+RQVHL0RGHUDWRU VHQG RQH RI HDUWKTXDNH H[SHUW 0V 'ZLNRULWD
WKH QDPH LV 3URI 0XWR $QG WKH 0LQLVWU\ RI
7KDQN \RX 'U 'ZLNRULWD .DUQDZDWL , ZDV 3XEOLF :RUNV VHQW RQH \RXQJ HQJLQHHU WR ZRUN
LPSUHVVHG ZH KDYH PDQ\ WKLQJV WR GR ZLWK ZLWK 3URI 0XWR KLV QDPH LV :LUDWPDQ
GLVDVWHUPDQDJHPHQWLQWKHIXWXUH5LJKWQRZ,¶G :DQJVDGLQDWD1RZKHSDVVHGDZD\DOUHDG\6R
OLNH WR LQYLWH 0U 'DQLV 6XPDGLODJD '* IRU WKH\EXLOW:LVPD1XVDQWDUD7KDWLVWKHIXOOVFDOH
FRQVWUXFWLRQ DQG 'HYHORSPHQW RI 0LQLVWU\ RI PRGHO RI KLJK ULVH EXLOGLQJ %DVHG RQ WKDW
3XEOLF:RUNV H[SHULHQFH WKHUH LV D GHYHORSPHQW RI ZKDWHYHU
\RX FDOO LW YDULDEOH FRHIILFLHQW IRU HDUWKTXDNH
VWDQGDUGIRUEXLOGLQJDKLJKULVHEXLOGLQJ6R,¶G
OLNH WR JLYH WKDW DV DQ H[DPSOH WKDW WKH
FRRSHUDWLRQEHWZHHQ-DSDQHVHDQG,QGRQHVLDJLYH
212
PXWXDO EHQHILW IRU ,QGRQHVLD DQG -DSDQHVH :H ,Q WKH WKH FRQVWUXFWLRQ RI VHYHUDO GDPV
KDYH DQ H[SHUW ZH KDYH QHZ EXLOGLQJ WKH KLJK LQLWLDWHG LQ DQG LQ ZH VWDUWHG WKH
ULVH EXLOGLQJ WKH ILUVW KLJK ULVH EXLOGLQJ LQ XSSHU.RPHULQJLUULJDWLRQSURMHFW,WKLQNWKDWLV
,QGRQHVLD:LVPD1XVDQWDUDZHKDYHDQH[SHUW VOLGH QXPEHU ,Q V WKH FRRSHUDWLRQ KDV
3URI :LUDWPDQ :DQJVDGLQDWD DQG DOVR WKH H[SDQGHG WR %DOL %HDFK &RQVHUYDWLRQ 3URMHFW D
-DSDQHVH KDV DQ H[SHULHQFH WR VWDUW EXLOGLQJ D SURMHFW WR UHKDELOLWDWH WKH FRDVWDO DUHD ZKLFK DUH
QHZKLJKULVHEXLOGLQJLQ-DSDQ7KDWLVDPXWXDO JHWWLQJ FRDVWDO HURVLRQ VHD ZDOO FROODSVH $QG
EHQHILW , WKLQN WKDW¶V ODGLHV DQG JHQWOHPHQ DOVR ZH UHVWRUH WKH %DOL FRDVW DQG FRQVHUYH LWV
PXWXDOEHQHILW VDQG QRXULVKPHQW /DGLHV DQG JHQWOHPHQ WKHUH
DUH PDQ\ SURMHFWV LPSOHPHQWHG XQGHU WKH
)URP RQH SURMHFW WKLV LV DFWXDOO\ WKH PDLQ FROODERUDWLRQDQGFRRSHUDWLRQEHWZHHQ,QGRQHVLD
PHVVDJHIURPWKH0LQLVWHURI3XEOLF:RUNVKRZ DQG -DSDQ %XW VSHFLILFDOO\ WKLV LV MXVW DQ
RQHSURMHFWRILQIUDVWUXFWXUHQRWRQO\WKHSURMHFW H[DPSOH WKDW -DSDQ DQG ,QGRQHVLD ZRUN WRJHWKHU
EXWDOVRFDQEHJLYHWKHEHQHILWIRUWKHWZRRIXV LQ EXLOGLQJ VDER GDP $V LW¶V DOUHDG\ PHQWLRQHG
PXWXDO EHQHILW DQG DOVR FDQ LPSURYH WKH E\0U.XQWRUREHIRUHLWZDVILUVWLPSOHPHQWHG
WHFKQRORJLFDO GHYHORSPHQW EHWZHHQ WZR SDUWLHV LQ E\ WKH HVWDEOLVKPHQW RI 9ROFDQLF VDER
DQG DOVR WKH FDSDFLW\ EXLOGLQJ RI HDFK FRXQWU\ 7HFKQLFDO &HQWHU IROORZHG E\ VDER 7HFKQLFDO
7KDW LV DFWXDOO\ , SXW WKH NH\ZRUG IURP WKH &HQWHU LQ DQG ,QWHJUDWHG 6HGLPHQW 5HODWHG
0LQLVWU\LQWKHIURQW 'LVDVWHU&HQWHULQ6DERGDPLVHIIHFWLYHWR
,I \RX¶UH WDONLQJ DERXW WKH 0LQLVWU\ RI 3XEOLF KROGVDQGHUXSWHGIURPPRXQWDLQVRLWZLOOQRWEH
:RUNV WKHUH LV RQH NH\ ZRUG LW¶V D ORQJ ORQJ FDUULHG WR WKH ULYHU 8QWLO WRGD\ WKHUH DUH
WLPH DJR , WKLQN WKDW WKH FRRSHUDWLRQ EHWZHHQ DSSUR[LPDWHO\VDERGDPFRQVWUXFWHGDQG
WZR FRXQWULHV DQG WKH 0LQLVWU\ RI 3XEOLF :RUNV VWLOO QHHGV WR EH FRQVWUXFWHG /DGLHV DQG
ZDV VWDUWHG LQ WR EXLOG D GDP 7KH ILUVW JHQWOHPHQZKDW,ZRXOGOLNHWRDGGUHVVLVZKHQ
FRRSHUDWLRQ DQG LQIUDVWUXFWXUH ZDV RQ ZDWHU ZH EXLOG WKH VDER GDP QRW RQO\ ZH EXLOG WKH
UHVRXUFHV 6HOR 5HMR 'DP LQ (DVW -DYD 3URYLQFH VDERGDPZHEXLOGWKHWUDLQLQJFHQWHUZHEXLOG
FRQVWUXFWHGLQ0D\EHVRPHRI\RXKDVQRW FDSDFLW\ RI WKH SHRSOH RI 0LQLVWU\ RI 3XEOLF
ERUQ \HW DQG ILQLVK LQ /HW PH VHH VOLGH :RUNV(YHQXQWLOQRZZHKDYHZKDWZHFDOOLW
QXPEHU $QG WKHQ WKH FROODERUDWLRQ EHWZHHQ %DODL 6DER LQ <RJ\D 7KH +HDG RI %DODL 6DER
WZR FRXQWULHV EHFRPHV VWURQJ LQ V DV ZH 0U 'ZL KH¶V QRZ WKH +HDG SOHDVH VWDQG XS
EXLOWPRUHGDPVPRVWO\LQ&HQWUDODQG(DVW-DYD +H¶VQRZWKH+HDGRI%DODL6DERZKRLQFKDUJH
3URYLQFH 6R ODGLHV DQG JHQWOHPHQ VLQFH 1RZLW¶VWKHRQO\RQHRIH[SHUWLVHLQVDERLVRQO\
PRVWO\ WKH FRRSHUDWLRQ EHWZHHQ WKH 0LQLVWU\ RI LQ<RJ\D
3XEOLF:RUNVZLWKWKH-DSDQHVHJRYHUQPHQWLVLQ , WKLQN 0U :LOOLDP SHUKDSV ZH KDYH WR
EXLOGLQJ RU FRQVWUXFWHG D GDP /DKRU GDP FRQVLGHU D NLQG RI FHQWHU IRU WXQQHOLQJ EHFDXVH
:OLQJLGDP.DUDQJNDWHVGDPDQGDOVRLQ6RXWK LQ IURQW ZH KDYH D SURMHFW QRZ WKURXJK WKH
.DOLPDQWDQ SURYLQFH WRJHWKHU ZLWK FRQVWUXFWHG MRXUQH\RI\HDUVRIFRRSHUDWLRQZHZLWQHVVD
5LDP.DQDQPXOWLSXUSRVHGDPLQ$IWHUZH QHZ OHYHO RI FRRSHUDWLRQ EHWZHHQ ,QGRQHVLD DQG
EXLOWDGDP0U:LOOLDPLVDQH[SHULHQFHGJX\ -DSDQ 1RW RQO\ LW¶V VWURQJHU EXW LW LV DOVR
ZH VHW XS D VWDWHRZQHG FRPSDQ\ ZKDW ZH FDOO H[SDQGHG WR RWKHU VHFWRUV VXFK DV D WROO URDG
DV 37 %UDQWDV $ELSUD\D $QG D VWDWHRZQHG GHYHORSPHQW QDPHO\ 3HNDQEDUX 3DGDQJ 7ROO
FRPSDQ\ ZH FDOO LW DV 37 ,QGUD .DU\D DV D 5RDG/DGLHVDQGJHQWOHPHQWKLVLVWKHILJXUHRI
FRQVXOWDQW ILUP VSHFLDOL]HG LQ ZDWHU UHVRXUFHV 3HNDQEDUX 3DGDQJ 7ROO 5RDG WKHUH LV VR PDQ\
7KDWLVWKHH[SHULHQFH
213
FKDOOHQJHV GXULQJ WKH FRQVWUXFWLRQ LW ZLOO SDVV IULHQGVKLS JLYLQJ HYHQ IXUWKHU LQ WKH \HDUV WR
%XNLW %DULVDQ 6R LW ZLOO EH D WHFKQRORJLFDO FRPH -DSDQ KDV EHHQ DQG ZLOO FRQWLQXH WR EH
FKDOOHQJHVRWKHWXQQHOLVQRWRQO\LQWKHFLW\EXW HQRUPRXVO\ LPSRUWDQW WR ,QGRQHVLD ERWK DV D
JRHV WKURXJK VRPH PRXQWDLQRXV DUHDV EXW ZH IULHQG DQG D SDUWQHU :H DUH D FORVH SDUWQHU DQG
KDYHVRPHWKLQJIURPWKLVRSSRUWXQLW\SURMHFW DOVR DQ HQWHUSULVH EXW DERYH RI DOO ZH DUH WKH
VWURQJHVWIULHQGV
7KDQN\RX
214
6(66,21,,, 0U6KXQVXNH7DNDWRL0RGHUDWRU
3$571(56+,3)251(:
'(9(/230(17$*(1'$
*RRGDIWHUQRRQODGLHVDQGJHQWOHPHQKonichiwa
9HU\ ZHOFRPH WR SDQHO GLVFXVVLRQ WKUHH
SDUWQHUVKLS IRU QHZ GHYHORSPHQW DJHQGD 0\
0RGHUDWRU QDPHLV6KXQVXNH7DNDWRL6HQLRU5HSUHVHQWDWLYH
RI -,&$ ,QGRQHVLD $QG LW¶V D JUHDW KRQRU WR EH
0U 6KXQVXNH 7DNDWRL ± 6HQLRU 5HSUHVHQWDWLYH WKH PRGHUDWRU IRU WKH SDQHO GLVFXVVLRQ WKUHH ,Q
,QGRQHVLD2IILFH-,&$ WKLV PRUQLQJ ZH UHYLHZ RXU KLVWRU\ RI RXU
FRRSHUDWLRQEHWZHHQ,QGRQHVLDDQG-DSDQDQGRXU
3DQHOLVWV
SURMHFW LQ SDVW $QG KHUH ZH DUH GLVFXVVLQJ
GHYHORSPHQWIURPIXWXUHYLHZRISRLQWIRFXVLQJ
'U ,U $ULILQ 5XGL\DQWR ± 'HSXW\ 0LQLVWHU IRU RQ LQIUDVWUXFWXUH HQYLURQPHQW DQG D QHZ
0DULWLPH DQG 1DWXUDO 5HVRXUFHV $IIDLUV SDUWQHUVKLSDSSURDFKLQOLQHZLWKWKH6'*V
%$33(1$6
6'* LV DV \RX NQRZ WKDW D XQLYHUVDO DJHQGD RI
'U ,U :DK\X 8WRPR ± 'HSXW\ 0LQLVWHU IRU LQWHUQDWLRQDOFRPPXQLW\WREHDFKLHYHGE\
,QIUDVWUXFWXUH $FFHOHUDWLRQ DQG 5HJLRQDO 6'*RIFRXUVHDUHQRWRQO\GHYHORSLQJFRXQWULHV
'HYHORSPHQW &RRUGLQDWLQJ 0LQLVWU\ IRU EXW DOVR WKH GHYHORSHG FRXQWULHV WR WDFNOH WKHVH
(FRQRPLF$IIDLUV HFRQRPLFVRFLDOHQYLURQPHQWDOFKDOOHQJHVVXFK
'U 2VZDU 0XDG]LQ 0XQJNDVD ± 'HSXW\ DV D VHULHV RI SDUWQHUVKLS ZLWK YDULRXV
*RYHUQRUIRU6SDWLDO3ODQQLQJDQG(QYLURQPHQW VWDNHKROGHUV VXFK DV FHQWUDO JRYHUQPHQW ORFDO
'.,-DNDUWD JRYHUQPHQW DQG SULYDWH EXVLQHVV HQWLWLHV DQG
&62 DFDGHPLD DQG WKH PHGLD 6R LW ZLOO EH
'U %DPEDQJ 6XSUL\DQWR ± 'LUHFWRU *HQHUDO RI UHOHYDQW IRU XV WR GLVFXVV SDUWQHUVKLS IRU QHZ
6RFLDO )RUHVWU\ DQG (QYLURQPHQW 3DUWQHUVKLS GHYHORSPHQWDJHQGDUHIHUULQJWR6'*V
0LQLVWU\RI(QYLURQPHQWDQG)RUHVWU\
7KHQPRYLQJWRWKHSDQHO,ZRXOGOLNHWRDVNWKH
0U 'LDU 1XUELDQWRUR 6HQLRU 2IILFLDO IRU SDQHOLVWV WR VWDUW E\ JLYLQJ D EULHI SUHVHQWDWLRQ
'LUHFWRU *HQHUDO IRU ,QIRUPDWLRQ DQG 3XEOLF DERXWWKHLURZQQHZGHYHORSPHQWDJHQGD7RGD\
'LSORPDF\0LQLVWU\RI)RUHLJQ$IIDLUV0U,]XUX ZHKDYHVL[UHSUHVHQWDWLYHVIURPGLIIHUHQWDQJOHV
.RED\DVKL ± &KLHI 2SHUDWLQJ 2IILFHU (FRQRPLF 7KH ILUVW 3DN $ULILQ 5XGL\DQWR KH LV D 'HSXW\
5HVHDUFK,QVWLWXWHIRU$6($1DQG(DVW$VLD 0LQLVWHU IRU 0DULWLPH DQG 1DWXUDO 5HVRXUFHV
%DSSHQDV +H ZDV SUHYLRXVO\ 'HSXW\ 0LQLVWHU
215
IRU5HJLRQDO'HYHORSPHQWDQGVHQLRU$GYLVRUWR %HFDXVH 6'* LV YHU\ FRPSOH[ LQYROYLQJ PDQ\
WKH 0LQLVWHU IRU 5HJLRQDO (GXLW\ LQ %DSSHQDV VHFWRUV HFRQRPLF HQYLURQPHQW VRFLDO DQG DOVR
1RZKHLVWKHOHDGLQJ6'*LPSOHPHQWDWLRQWHDP JRYHUQPHQWVVR6'*LQYROYLQJDOOVWDNHKROGHUV
HVWDEOLVKHG XQGHU WKH 6'* VWHHULQJ FRPPLWWHH WKH JRYHUQPHQW QRQVWDWH DFWRUV DQG LQYROYLQJ
KHDGHGE\WKHSUHVLGHQW DOO PXOWLOHYHO RI JRYHUQPHQW FHQWUDO SURYLQFLDO
GLVWULFW 6R ZKDW ZH GLG LV WKUHH WKLQJV )LUVW LV
,W LV D JUHDW SOHDVXUH IRU PH WR LQYLWH 0U SROLWLFDO ZLOO 6HFRQG VWURQJ OHJDO EDVLV $QG
5XGL\DQWR VWDUWLQJ WKH SUHVHQWDWLRQ 0U WKLUGLVJRRGVWUDWHJ\
5XGL\DQWRSOHDVHPRYHIRUZDUGWRWKHVWDJH
3ROLWLFDOZLOOAlhamdulillahZHDOUHDG\JRWWKLV
'U,U$ULILQ5XGL\DQWR SROLWLFDO ZLOO LQ ZKLFK WKH SUHVLGHQW KLPVHOI ZLOO
OHDG WKH LPSOHPHQWDWLRQ RI 6XVWDLQDEOH
'HYHORSPHQW *RDOV E\ EHFRPLQJ FKDLU RI D
VWHHULQJ FRPPLWWHH 7KH 3UHVLGHQW ZRXOG OLNH WR
PDNH 6'*V DV D PRYHPHQW OLNH ZH KDYH D
PRYHPHQW IDPLO\ SODQQLQJ PRYHPHQW \HDUV
DJRVRHYHU\ERG\NQRZVZKDWLVIDPLO\SODQQLQJ
ZKDWWKHEHQHILWWRGRIDPLO\SODQQLQJDQGKRZ
WR LPSOHPHQW WKH IDPLO\ SODQQLQJ 6LPLODU ZLWK
6'*V WKH 3UHVLGHQW ZRXOG OLNH WKDW HYHU\
,QGRQHVLDQFLWL]HQNQRZVZKDWLV6'*VZKDWWKH
EHQHILW RI LPSOHPHQWLQJ 6'*V DQG KRZ WR
2ND\ 7KDQN \RX YHU\ PXFK 0U 6KXQVXNH DV LPSOHPHQWWKH6'*V$IWHUZHJRWFRPPLWPHQW
PRGHUDWRU)LUVWRIDOO,ZRXOGOLNHWRPDNHVRPH DIWHU ZH JRW WKH VRFLDOL]DWLRQ RI DQG PRYHPHQW
FDPSDLJQ RI 6XVWDLQDEOH 'HYHORSPHQW *RDOV WKHQ ZH QHHG WR KDYH D JRRG FRPPLWPHQW IURP
EHFDXVH , NQRZ WKDW DOO RI \RX PD\ EH IDPLOLDU HYHU\ERG\ IURP WKH SDUOLDPHQW IURP WKH
ZLWK 6'*V 6'* LV QRW D JRYHUQPHQW SURJUDP JRYHUQRUIURPWKHUHJHQWIURPWKHDFDGHPLFLDQ
7KLV LV RXU JOREDO FRPPLWPHQW WKDW ZDV DJUHHG DQGVRRQ7KLVLVYHU\LPSRUWDQWWRPDNH6'*V
E\DOOWKH81FRXQWU\PHPEHUVDVDFRQWLQXDWLRQ DVDPRYHPHQW
RIWKH0LOOHQQLXP'HYHORSPHQW*RDOV6RWKLVLV
HYHU\RQH FRPPLWPHQW 1RERG\ ZDQWV WR KDYH 6HFRQGVWURQJOHJDOEDVLV6WURQJOHJDOEDVLVLVD
SRYHUW\ QRERG\ ZDQWV WR KDYH D KXQJHU EDVLV IRU HYHU\ DFWLYLW\ E\ WKH JRYHUQPHQW DQG
(YHU\ERG\ZDQWVWRKDYHDJRRGHGXFDWLRQJRRG QRQVWDWH DFWRU DV ZHOO ,Q WKLV FDVH ZH DOUHDG\
KHDOWKJRRGHQYLURQPHQWDQGVRRQ6RWKLVLVD KDYH D 3UHVLGHQWLDO 'HFUHH 1XPEHU WKDW
FRPPLWPHQW IURP DOO ,QGRQHVLDQ FLWL]HQ DQG UHOHDVHG LQ \HDU LQ ZKLFK WKLV 3UHVLGHQWLDO
DFWXDOFRPPLWPHQWIURPDOOKXPDQLQWKHZRUOG 'HFUHH JLYH LQVWUXFWLRQ WR 0LQLVWHU RI 1DWLRQDO
$QGLQWKLVFDVHJRYHUQPHQWRI,QGRQHVLDLVYHU\ 'HYHORSPHQW3ODQQLQJ%DSSHQDVDVDFRRUGLQDWRU
FRPPLWWHG WR LPSOHPHQW WKH 6'*V DW DOO OHYHO IRU WKH LPSOHPHQWDWLRQ ,Q WKLV FDVH ZH ZLOO
)URP QDWLRQDO OHYHO SURYLQFH OHYHO DQG DOVR SURGXFHDQDWLRQDODFWLRQSODQIRUWKH6'*V
GLVWULFWOHYHOHYHQLQYLOODJHOHYHO$QGWKLV6'*
LV DOVR VXSSRUWHG E\ DOO VWDNHKROGHUV E\ WKH
SDUOLDPHQW E\ DFDGHPLFLDQ E\ QRQJRYHUQPHQW
RUJDQL]DWLRQE\SKLODQWKURS\DQGE\DOOPHPEHU
RIWKHFRPPXQLW\1H[W
216
ZH KDYH GLIIHUHQW ZD\ RI FRPPXQLFDWLRQ $QG
WKLV DOUHDG\ SUHSDUHG ZLWKLQ WKLV QDWLRQDO DFWLRQ
SODQ
7KDQN\RXYHU\PXFK
0U6KXQVXNH7DNDWRL0RGHUDWRU
217
WR PRUH IRFXV RQ JRDO QXPEHU ZKLFK LV DFWLRQVWRLPSURYHWKHSULYDWHVHFWRUSDUWLFLSDWLRQ
UHODWHG WR VXVWDLQDEOH FLWLHV DQG FRPPXQLWLHV ,Q ,Q WKH QH[W SDJH \RX FDQ VHH KHUH KRZ WKH
WKHJOREDOLQGLFDWRURIFRXUVHWKLVLVDWUDQVSRUW JRYHUQPHQW WULHV WR LPSURYH WKH DSSHWLWH RI WKH
V\VWHP IRU DOO LPSURYLQJ URDG VDIHW\ DQG RWKHUV SULYDWH VHFWRU 7KH ILUVW DFWLRQ WKDW WKH
$QG , WKLQN WKHUH LV D UHODWLRQ EHWZHHQ JRYHUQPHQW DOUHDG\ GLG LV DFWXDOO\ ZH SURYLGH
LQIUDVWUXFWXUHZLWKWKHHFRQRPLFGHYHORSPHQW,Q WKH SURMHFW GHYHORSPHQW IDFLOLW\ 7KLV LV YHU\
WKHVHFRQGSDJH\RXFDQVHHQH[WQH[W«7KLUG FUXFLDO IRU WKH SULYDWH VHFWRU EHFDXVH ZLWKRXW
\HVSDJHWKUHH FOHDU DQG GHWDLO VWXG\ WKH SULYDWH VHFWRU GRHVQ¶W
ZDQW WR LQYROYH LQ WKH SURMHFW $QRWKHU IDFLOLW\
6R WKLV LV DFWXDOO\ EDVHG RQ RXU GDWD EDVHG RQ WKH JRYHUQPHQW DOUHDG\ LVVXHG RI YLDELOLW\ JDS
%36GDWDQXPEHURIYHKLFOHQXPEHURIEXVDQG IXQGLQJ 7KLV LV DOVR DQRWKHU ZD\ RI WKH
DOVR QXPEHU RI WUDLQ XVHUV LQ ,QGRQHVLD JRYHUQPHQW WR LQFUHDVH SULYDWH SDUWLFLSDWLRQ E\
LQFUHDVHG \HDU E\ \HDU $QG , DVVXPH WKDW DV D JLYLQJ D NLQG RI VXEVLG\ WR LPSURYH WKH LQWHUQDO
ELJ FLW\ ZH QHHG UHDOO\ QHHG SXEOLF WUDQVSRUW UDWH YDOXH RI WKH SURMHFW 2I FRXUVH DQRWKHU
EHFDXVH \RX FDQ VHH WKDW WKH EHQHILW E\ KDYLQJ IDFLOLW\ LV JXDUDQWHH IXQG 0D\EH \RX DOUHDG\
XUEDQWUDQVSRUWLVPD\EHYHU\FUXFLDO IDPLOLDUZLWK373,,ZKLFKLVWKLVLVYHU\FULWLFDO
/DGLHVDQGJHQWOHPHQLQSDJH,ZRXOGOLNHWR EHFDXVH ZLWKRXW JXDUDQWHH IXQG WKH SULYDWH
LQIRUP \RX EDVHG RQ RXU GDLO\ MRE ,¶P DOVR VHFWRU GRHVQ¶W ZDQW DOVR WR EXLOG DQG SDUWLFLSDWH
PRQLWRULQJ WKH QDWLRQDO VWUDWHJLF SURMHFW 5LJKW LQWKHSURMHFWGHYHORSPHQW
QRZZHDOUHDG\KDYHSURMHFWVDQGPD\EH ,Q WD[ IDFLOLW\ WKHUH LV QHZ UHJXODWLRQ 1R
RIWKHLVUHODWHGWRXUEDQWDVNIRUFH$QGWRWDO ZKLFKLVWKLVLVUHODWHGWRWD[KROLGD\IRU
DPRXQW LV DERXW ELOOLRQ UXSLDK 7KHUH DUH SLRQHHULQJ LQGXVWULHV $QG DOVR DYDLODELOLW\
SURMHFWV RQ PDVV UDSLG WUDQVLW DQG DOVR OLJKW UDLO SD\PHQWWKLVLVDOUHDG\LPSOHPHQWHGDQGRQHRI
WUDQVLW DLUSRUWV DQG KLJK VSHHG UDLO WUDQV WKH H[DPSOHV RI DYDLODELOLW\ SD\PHQW LV 3DODSD
SURMHFW DQG DOVR DQRWKHU UDLO SURMHFWV DFURVV 5LQJZKLFKLVQRZIRUWKHZHVWHUQSDUWRI3DODSD
WKH FRXQWU\ $QG RI FRXUVH IURP WKLV QDWLRQDO 5LQJ DOUHDG\ ILQLVK $QG ULJKW QRZ WKH
SURMHFWVWUDWHJLFSURMHFWZHDOVRWU\WRIRFXVRQ JRYHUQPHQW WULHV WR ILQDOL]H WKH FHQWUDO DQG DOVR
ILYH DV D SULRULW\ SURMHFWV 7KH ILYH SURMHFWV DUH HDVWHUQ SDUW RI WKH 3DODSD 5LQJ 7KH FRQFHSW RI
6RHNDUQR+DWWD ([SUHVV 5DLOZD\ 057 -DNDUWD DYDLODELOLW\ SD\PHQW LV DFWXDOO\ TXLWH HDV\ 7KH
1RUWK6RXWK OLQH /LJKW 5DLO 7UDQVLW LQ SULYDWH VHFWRU ZLOO GHYHORS ILUVW DQG WKHQ WKH
-DERGHWDEHN 6RXWK 6XPDWUD DQG DOVR /57 LQ JRYHUQPHQW ZLOO UHSD\ IRU D FHUWDLQ SHULRG DIWHU
'.,-DNDUWD WKHSURMHFWLVILQLVKDQGDOVRUHDFKDFHUWDLQOHYHO
/DGLHV DQG JHQWOHPHQ WR EXLOG WKHVH D ORW RI EDVHGRQWKHVHUYLFHOHYHODJUHHPHQW$QGODVWO\
SURMHFWVZHQHHGDORWRIIXQGLQJDOVR,I\RXFDQ LW¶V ODQG DFTXLVLWLRQ $V \RX PD\EH DOVR DOUHDG\
VHH LQ P\ SDJH LW VKRZV WKDW VWDWH EXGJHW LV DZDUH WKH JRYHUQPHQW DOUHDG\ LVVXHG 88 1R
UHDOO\ OLPLWHG DV ZHOO DV VWDWHRZQHG HQWHUSULVH DQGWKHLPSOHPHQWDWLRQLVTXLWHIDVWULJKW
EXGJHW LV TXLWH OLPLWHG 6R ZH ZRXOG OLNH WR QRZ IRU ODQG DFTXLVLWLRQ 7KLV LV EDVHG RQ RXU
LPSURYH RU LQFUHDVH PRUH SDUWLFLSDWLRQ IURP WKH DQDO\VLVWKDWODVW\HDULQDERXWRIWKH
SULYDWH VHFWRU )URP WKLV SDJH \RX FDQ VHH WKDW SUREOHP LV UHODWHG WR ODQG DFTXLVLWLRQ %XW LQ
PD\EH DURXQG IXQGLQJ VKRXOG EH FRPLQJ WKH SUREOHP WKDW ZH IDFH IRU WKH ODQG
IURPWKHSULYDWHVHFWRU*RYHUQPHQWFDQQRWEXLOG DFTXLVLWLRQ LV DURXQG PD\EH 6R WKHUH LV
WUDQVSRUWDWLRQ E\ KLPVHOI 6R RI FRXUVH WKH VLJQLILFDQW UHGXFH LQ KDQGOLQJ WKH SUREOHPV
JRYHUQPHQW DOUHDG\ WULHG WR LQQRYDWH VHYHUDO UHODWHGWRODQGDFTXLVLWLRQ$QGDOVRLQWKH
218
JRYHUQPHQW DOUHDG\ HVWDEOLVKHG D QHZ HQWLW\ 'LUHFWRU RI WKH 6SDWLDO 3ODQQLQJ DQG /DQG RI
XQGHU WKH 0LQLVWU\ RI )LQDQFH ZKDW ZH FDOO DV 0LQLVWU\ RI +RXVLQJ 'HSXW\ RI 3ODQQLQJ DQG
(/0$16RWKHIXQFWLRQRI(/0$1LVDFWXDOO\ %XGJHWLQJ :H DUH H[SHFWLQJ WKDW KH JLYHV XV
WU\LQJWRKHOSWKHJRYHUQPHQWWRILQDQFHWKHODQG LQVLJKW RI WKH ORFDO JRYHUQPHQW DV ZHOO DV WKH
DFTXLVLWLRQ FHQWUDOJRYHUQPHQW
6RVWDJHLV\RXUVWKDQN\RXYHU\PXFK
'U2VZDU0XDG]LQ0XQJNDVD
219
DOORIRXUFLWL]HQ2QO\RIRXUFLWL]HQZHFDQ DFWXDOO\ WKH VRXUFH RI ZDWHU FRPLQJ IURP
GLVWULEXWH ZDWHU IURP WKH ZDWHU FRPSDQ\ 7KH 7DQJHUDQJ RXWVLGH-DNDUWD6RZKHQZHQHHGWR
UHVW WKH\ JHW ZDWHU IURP GHHS ZHOO RU WKH\ JHW VROYHWKHSUREOHPRI-DNDUWDZH¶UHWDONLQJDERXW
ZDWHU IURP WKH ULYHU $QG WKHQ WKH SUREOHP LV -DNDUWDDVPHWURSROLWDQ
RXUULYHULVKLJKO\SROOXWHG6R\RXFDQILQGPDQ\
LQFLGHQWVRIWKHDUHDLQ-DNDUWDVWLOOHYHQWKRXJK %XWRXUFKDOOHQJHLVWKDW2QHZHKDYHSUREOHP
-DNDUWD QRZ LV D FDSLWDO FLW\ RI ,QGRQHVLD $QG ZLWK IUDJPHQWHG JRYHUQDQFH ,Q -DNDUWD -DNDUWD
WKHQ WKH VHFRQG LV ZKHQ ZH¶UH WDONLQJ DERXW LV UXQQLQJ E\ WKH JRYHUQRU EXW WKH VXUURXQGLQJ
VDQLWDWLRQLQ-DNDUWDZHKDYHSHRSOHVWLOO DUHD WKH PXQLFLSDOLW\ UXQQLQJ E\ PD\RU RU E\
GRLQJRSHQGHIHFDWLRQQRWEHFDXVHWKH\JRWRWKH UHJHQW $QG WKHQ WKH\ KDYH WKHLU RZQ JRYHUQRU
ULYHU GRLQJ WKHLU WKLQJ EXW EHFDXVH WKH\ GRQ¶W 6R ZKHQ -DNDUWD QHHGV WR WDON ZLWK %HNDVL ZH
KDYHVHSWLFWDQNWKH\GRQ¶WKDYHVHSWLFWDQN6R QHHG WR WDON ZLWK WKH JRYHUQRU ZH QHHG WR WDON
WKDW¶V ZK\ RXU ULYHU DOVR JHW KLJK SROOXWHG ZLWK WKH KHDG RI WKH FLW\ RU WKH KHDG RI WKH
FRPLQJIURPWKLVKDELW UHJHQF\6RWKLVLVDNLQGOLNHDFRPSOH[VLWXDWLRQ
VRZHFDOOLWIUDJPHQWHGJRYHUQDQFH7KHVHFRQG
7KHRWKHUWKLQJLVWKDWPDQ\ZDVWHVFRPLQJIURP LV ZKHQ ZH¶UH WDONLQJ DERXW WR VROYH SUREOHP LQ
RXWVLGH -DNDUWD $QG ZH KDYH HYHU\ GD\ RXU -DNDUWD ZH¶UH WDONLQJ DERXW ZH¶UH ZDONLQJ LQ
EURWKHU IURP RXWVLGH -DNDUWD WKH\ GXPS WKHLU VLORV ,Q QDWLRQDO OHYHO LQVLGH -DNDUWD DQG WKHQ
ZDVWH LQWR WKH ULYHU DQG WKHQ LW LV JR WR -DNDUWD DOVR ZLWK WKH VXUURXQGLQJ DUHD ,W LV YHU\ PXFK
DQG WKHQ ZH DUH WKH YLFWLP EHFDXVH ZH KDYH WR GLIILFXOW QRW YHU\ PXFK LW¶V GLIILFXOW VRPHWLPHV
FOHDQHYHU\GD\WKHZDVWH7KHWKLUGLVWKDWZH¶UH WR WDON ZLWK WKH QDWLRQDO JRYHUQPHQW ZLWK WKH
WDONLQJ DERXW VROLG ZDVWH :H¶UH WDONLQJ DERXW VXUURXQGLQJDUHD6RWKLVLVDQRWKHUSUREOHP:H
VROLG ZDVWH ZH KDYH WRQV RI VROLG ZDVWH KDYHSUREOHP:HDUHDOOWDONLQJLQVLORV6LORLV
HYHU\GD\DQGWKHQZHKDYHWRVHQGLWWR%DQWDU OLNHDFKLPQH\7KHWKLUGSUREOHPLVWKDWZHDUH
*HEDQJDURXQGWRQVSHUGD\ WDONLQJDERXWXUEDQUXUDOOLQNDJH7KHSUREOHPRI
XUEDQL]DWLRQ LQ -DNDUWD DFWXDOO\ WKH PLJUDQW WKDW
FRPLQJ WR -DNDUWD WKH\ GRQ¶W KDYH HQRXJK VNLOO
WR KDYH ZKDW ZH FDOO DSSURSULDWH MRE LQ -DNDUWD
6R WKH LGHD LV ZH QHHG WR WDON ZLWK WKH IDUDZD\
LQWHUODQG QRW WKH FORVH E\ LQWHUODQG EXW
IDUDZD\ LQWHUODQG OLNH VRPHWLPHV WKH PLJUDQW
FRPLQJIURPWKHZKDWZHFDOOLWRXWVLGH-DNDUWD
RXWVLGH-DYDHYHQ
6RWKHUHDUHWKUHHFKDOOHQJHV2QHLVIUDJPHQWHG
JRYHUQDQFH7KHVHFRQGLVZH¶UHZDONLQJLQVLORV
7KLUG LV WKDW XUEDQ UXUDOOLQNDJH 6R RXU LGHD LV
6R WKH LGHD LV WKDW ZKHQ ZH¶UH WDONLQJ DERXW WKH ZH QHHG WR KDYH ZKDW ZH FDOO D JUDQG GHVLJQ
SUREOHPLQ-DNDUWDDFWXDOO\ZHQHHGWRWDONDERXW *UDQG GHVLJQ LV OLNH D FRQVHQVXV DPRQJ XV
-DNDUWD DV PHWURSROLWDQ 1RW -DNDUWD DV D FLW\ RI DPRQJ QDWLRQDO JRYHUQPHQW -DNDUWD DQG WKH
-DNDUWD :K\" %HFDXVH ZH VHQG RXU JDUEDJH WR VXUURXQGLQJ DUHD DQG RI FRXUVH LW ZLOO EH DOVR
%HNDVLZKLFKLVRXWVLGHRI-DNDUWD:HJRWZDVWH ZLWK RXU IDUDZD\ LQWHUODQG 6R ZH¶UH WDNLQJ
FRPLQJ EDFN :H JRW ZDVWH IURP WKH ULYHU DERXW KRZ ZH GHDO ZLWK SUREOHP LQ -DNDUWD ZH
FRPLQJ IURP WKH RXWVLGH -DNDUWD :KHQ ZH¶UH KDYH WR FRPH ZLWK WKH FRQVHQVXV ZKDW ZH FDOO
WDONLQJ DERXW WKH VFDUFLW\ RI ZDWHU LQ -DNDUWD ZLWK D JUDQG GHVLJQ :KDW LV D JUDQG GHVLJQ"
220
:H¶UH WDONLQJ DERXW YLVLRQ PLVVLRQ WDUJHW *RRG DIWHUQRRQ ODGLHV DQG JHQWOHPHQ ,¶P
VWUDWHJ\ SROLF\ URDG PDS DQG RI FRXUVH DFWLRQ UHTXHVWHGE\WKHFRPPLWWHHWRSUHSDUHDWOHDVW
SODQ RU PD[LPXP VOLGHV $QG , SUHSDUH QRZ LW¶V
DERXW EXW WKDW¶V LQFOXGLQJ LQWURGXFWLRQ DQG RI
6R ZH QHHG WR JHW VXSSRUW DFWXDOO\ PD\EH IURP
FRXUVHJUHHWLQJ6RSOHDVHDOORZPHWRVWDUWZLWK
-,&$ ZK\" %HFDXVH ZKHQ ZH¶UH WDONLQJ DERXW
WKHILUVWVOLGHGHDOLQJDERXWSUHYLRXVSURMHFWVDQG
-DNDUWD ZH¶UH WDONLQJ DERXW WKH VHFRQG ODUJHVW
DOVR RQJRLQJ SURMHFWV , ZDV WKH ZLWQHVV RI
PHWURSROLWDQ LQ WKH ZRUOG $QG WKHQ WKH ILUVW
,QGRQHVLD DQG -DSDQ SDUWQHUVKLS HVSHFLDOO\
ODUJHVW PHWURSROLWDQ LQ WKH ZRUOG LV 7RN\R 6R ,
GXULQJ WKH SHULRG RI XQWLO RQ
WKLQNZHQHHGWROHDUQIURP7RN\RILUVW7RN\RLV
HQYLURQPHQW DQG IRUHVWU\ 7KLV PXWXDO
PXFKPXFKDGYDQFHGZKHQWDONLQJDERXWZDWHU
FRRSHUDWLRQ LV LQWHQGHG WR FRQWULEXWH IRU
VROLG ZDVWH VDQLWDWLRQ DQG RI FRXUVH
DFKLHYLQJDWOHDVWRIWDUJHWVRI6'*V7KLVLV
XUEDQL]DWLRQ
DERXW QR SRYHUW\ ]HUR KXQJHU JHQGHU HTXDOLW\
6R WKH VROXWLRQ LV D FROODERUDWLYH DSSURDFK DQG UHGXFH LQHTXDOLWLHV FOLPDWH DFWLRQ OLIH EHORZ
WKHQZHDUHYHU\PXFKZRXOGOLNHWRKDYHDJUDQG ZDWHU SHDFH DQG MXVWLFH VWURQJ LQVWLWXWLRQV DQG
GHVLJQ RI -DNDUWD ZKLFK ZH FDOO LW LV OLNH D DERXW SDUWQHUVKLS IRU WKH JRDOV 7KHUH ZHUH
FRQVHQVXVRQKRZWRVROYHRXUSUREOHP SURMHFWV FRQFHQWUDWH RQ SLOODUV SHRSOH
ELRGLYHUVLW\ DQG FOLPDWH /HW PH WR H[SODLQ RQH
,WKLQNWKLVLVWKHHQGRIP\SUHVHQWDWLRQ7KDQN
E\RQHDERXWSHRSOHELRGLYHUVLW\DQGFOLPDWH
\RXYHU\PXFK
221
KDELWDW DQG DOVR JDUXGD HDJOH KDELWDW LQ -DYD /DVWEXWQRWOHDVWDERXWWKHWKLUGSURMHFWLVDERXW
LVODQG SXEOLF SULYDWH SHRSOH SDUWQHUVKLS RQ 5(''
7KH SURMHFW LV D MRLQW FUHGLW PHFKDQLVP ,W LV
7KHVHFRQGWKLVLVDERXWWKHSURMHFWLVZKDWZH DOORZLQJSHRSOHEHQHILWIURPUHGXFWLRQHPLVVLRQ
FDOODV,QGRQHVLD-DSDQ5HGG,WKLQNWKLVLVVWLOO FUHGLW SD\PHQW IURP WKH SULYDWH HVSHFLDOO\ IRU
RQJRLQJ SURJUHVV 5HGXFWLRQ HPLVVLRQ EDVHG RQ WKH WD[ SROOXWHU DQG DOVR WKH SULYDWH JDLQ IURP
QDWLRQDO SDUN LQ .HWDSDQJ LQ :HVW .DOLPDQWDQ FDUERQ FUHGLW $W WKH PRPHQW ZH KDYH
7KLVNLQGRISURMHFWDSSURDFKLVZKDWZHFDOODV SURMHFWV XQGHU *60 SLSHOLQH VFKHPH 1H[W
ODQG XVH LW PHDQV UHGXFWLRQ HPLVVLRQ E\ SOHDVHIRUWKHVHFRQGVOLGH
SURWHFWLQJWKHQDWLRQDOSDUNE\DGRSWLQJRIZKDW
ZH FDOO DV VXVWDLQDEOH GHYHORSPHQW SULQFLSOH 7KHQH[WFKDOOHQJHIRU,-5(''LQWKHIXWXUHLV
DGRSWHGDURXQGWKHQDWLRQDOSDUNZKLFKDOORZLQJ PDLQO\RIFRXUVHWRFRQWLQXHRQZKDWZHDFKLHYH
ZKDW ZH FDOO DV D FRQQHFWLYLW\ DPRQJ WKH ODQG DQG IRFXV RQ WZR DUHDV 7KH RQH LV DERXW VRFLDO
XVHHVSHFLDOO\IRUELRGLYHUVLW\SXUSRVH7KLVNLQG IRUHVWU\,¶PWKHUHVSRQVLEOHSHRSOHWRXQGHUWDNH
RI DFWLYLW\ SURYLGH OLNH )5(/ )RUHVW 5HGXFWLRQ WKLV SURJUDP VRFLDO IRUHVWU\ MRLQWO\ ZLWK
(PLVVLRQ UHIHUHQFH WLPH VHUYLFH GDWD DQG DOVR %DSSHQDV DQG DOVR ZLWK %801 DQG RWKHU
ZKDW ZH FDOO DV 059 EHQHILFLDU\ DQG DOVR WKH PLQLVWHULDOOLNHDJULFXOWXUHDQGDOVRILVKHULHV2XU
LQVWLWXWLRQDOVHWXSRQKRZWRPRQLWRUWKHFKDQJH SUHVLGHQW 0U -RNRZL KDV D WDUJHW RI
LQWKHIXWXUH PLOOLRQKHFWDUHVWREHDFKLHYHGLQWKHHQGRI
$WWKHPRPHQWZHUHDFKPLOOLRQKHFWDUHV6R
WKLV LV WKH ILUVW FKDOOHQJH RQ KRZ WR VSHHG XS
DERXWWKHDFKLHYHPHQWRIWKHWDUJHW
222
WHUPV RI QDWLRQDO VWUDWHJ\ DQG WKHQ SXWWLQJ WKH 7KDQN \RX 0U 0RGHUDWRU $JDLQ ZH DUH VRUU\
WHFKQRORJ\ WR FUHDWH RU WR UHGXFH WKH UHGXFWLRQ WKDW RXU 'LUHFWRU *HQHUDO FDQQRW MRLQ XV LQ WKLV
HPLVVLRQ IRU /8/8&) DQG WKHQ DJULFXOWXUH V\PSRVLXPVR,¶PKHUHRQEHKDOIRIKLP
WUDQVSRUWDWLRQ ZDVWH DQG HQHUJ\ 2I FRXUVH E\
KDYLQJ WKLV FRRSHUDWLRQ ZH FDQ VKDUH OLNH :HOO ODGLHV DQG JHQWOHPHQ ,QGRQHVLD
WHFKQRORJ\ WKH NLQG RI DSSURDFK ZKLFK HQDEOH &RQVWLWXWLRQ DVNHG WKH QDWLRQ WR XSKROG JOREDO
WKHPXWXDOWUXVWWKHPXWXDOEHQHILW LQWKHIXWXUH SHDFHDQGSURVSHULW\,Q,QGRQHVLDKDGWKH
FDQEHDFKLHYHG KLVWRU\ RI $VLD $IULFD &RQIHUHQFH LQ ZKLFK
QHZO\ LQGHSHQGHQW FRXQWULHV IURP WKH WZR
7KDQN\RXYHU\PXFK FRQWLQHQWV DJUHHG WR DVVLVW HDFK RWKHU
GHYHORSPHQW 7KLV QHZ VSLULW RI PXWXDO KHOS
0U6KXQVXNH7DNDWRL0RGHUDWRU DPRQJ GHYHORSPHQW FRXQWULHV IXUWKHU FRPPDQG
7KDQN \RX YHU\ PXFK 0U %DPEDQJ $QG QH[W ZLWK WKH IRXQGDWLRQ RI WKH UHFRJQLWLRQ RIILFH RI
SDQHOLVW IURP WKH 0LQLVWU\ RI )RUHLJQ $IIDLUV LQ 6RXWK6RXWK FRRSHUDWLRQ LQ DQG %XHQR
,QGRQHVLD 7KHUH LV RULJLQDOO\ 0U &HFHS KH LV $LUHV SODQ RI DFWLRQ %$3$ IRU SURPRWLQJ DQG
VXSSRVHG WR FRPH KHUH EXW XQIRUWXQDWHO\ KH LPSOHPHQWDWLRQ WHFKQLFDO FRRSHUDWLRQ DPRQJ
FRXOGQ¶W PDQDJH WR FRPH KHUH GXH WR KLV KHDOWK GHYHORSLQJFRXQWULHVLQ
FRQGLWLRQ %XW LQVWHDG WRGD\ ZH KDYH 0U 'LDU 2XU 3UHVLGHQW -RNR :LGRGR LQ KLV SDUWLFXODU
1XUELDQWRURLQVWHDGRIKLPWKH6HQLRU2IILFHURI PDQLIHVWR 1DZDFLWD YRZHG WR VWUHQJWKHQ
'LUHFWRUDWH *HQHUDO IRU ,QIRUPDWLRQ DQG 3XEOLF ,QGRQHVLDUROHLQJOREDODQGUHJLRQDOFRRSHUDWLRQ
'LSORPDF\0LQLVWU\RI)RUHLJQ$IIDLUV WRHQKDQFHJOREDOGHPRFUDF\DQGFLYLOL]DWLRQWR
7KDQN\RXYHU\PXFKIRUMRLQLQJXV HQKDQFH 6RXWK6RXWK GHYHORSPHQW FRRSHUDWLRQ
7KHVH ZRUGV ZHUH WUDQVODWHG LQWR 0LQLVWU\ RI
)RUHLJQ$IIDLUVWUDWHJLFSODQWKDWSXW66&DVRQH
RI,QGRQHVLDQIRUHLJQSROLF\SULRULW\,QGRQHVLD¶V
0U'LDU1XUELDQWRUR SROLF\GLUHFWLRQLQWKLVILHOGLVRQVHYHUDOEORFNV
2XU 3UHVLGHQW KDV WHVW WKH IRFXV RQ WR HFRQRPLF
GHYHORSPHQW WKDW OHDG WR LQWHUQDWLRQDO WUDGH DQG
VWUHQJWKHQ GLSORPDF\ ,QGRQHVLD DOVR DZDUH WKDW
GHYHORSPHQW DVVLVWDQW SURJUDP VKRXOG EH D SDUW
RIJOREDOZRUNVVXFKDVVXVWDLQDEOHGHYHORSPHQW
DJHQGD 1DWXUDOO\ DOO WKH SURMHFW WKHPHV DUH
LQWHUSUHWDWLRQ RI YDULRXV JRDOV RI WKH 6'*V EXW
PRUHVSHFLILFDOO\WKH667&LVLQ6'*QXPEHU
SDUWQHUVKLSIRUWKHJRDOV,QFUHDVLQJLQWHUQDWLRQDO
FRRSHUDWLRQ LV YLWDO WR DFKLHYLQJ WKH RWKHU
JRDOV RI 6'*V *RDO DVVXUHV WKDW FRXQWULHV
DQGRUJDQL]DWLRQVFRRSHUDWHWR VKDUH NQRZOHGJH
H[SHUWLVHWHFKQRORJ\DQGWKHILQDQFLDOVXSSRUWWR
RYHUDOO VXFFHVV RI WKH 6'* 7R UHDFK WKRVH
REMHFWLYHV ZH DUH FXUUHQWO\ ILQDOL]LQJ OHJDO
IUDPHZRUNIRU,QGRQHVLD¶V66&DQGLQWHUQDWLRQDO
GHYHORSPHQW FRUSRUDWLRQ PDQDJHPHQW :H DUH
DOZD\V VWUHQJWKHQLQJ RXU RQH JDWH SROLF\ WR
223
PRYLQJ WRZDUG VLQJOH DJHQF\ ZKLOH LQFUHDVLQJ WKRVH NQRZOHGJH DQG WHFKQRORJLHV WR RWKHU
FDSDFLW\ IRU 1&7 DQG LPSOHPHQWLQJ DJHQFLHV ,W FRXQWU\WKDWQHHGWKHP,QWKHSHULRGRIWR
JRHVZLWKRXWVD\LQJWKDWKXPDQLWDULDQDVVLVWDQWLV ,QGRQHVLD DQG -DSDQ KDYH SURYLGHG
DQ LQKHUHQW SDUW RI LQWHUQDWLRQDO GHYHORSPHQW LQWHUQDWLRQDO WUDLQLQJ IRU RXW RI
FRRSHUDWLRQ ,QGRQHVLD KDV VKRZQ LWV SDUWLFLSDQWVIURPFRXQWULHVUDQJLQJIURPVPDOO
FRPPLWPHQW WR FRQWULEXWH LQ DGGUHVVLQJ WKH LVODQGV GHYHORSLQJ VWDWHV LQ WKH 3DFLILF 6RXWK
JOREDO KXPDQLWDULDQ FULVLV ,QGRQHVLD DOVR ZLOO (DVW DQG 6RXWK $VLD FRXQWULHV YDULRXV $IULFDQ
HQKDQFH LWV SHDFH DQG KXPDQLWDULDQ GLSORPDF\ (DVW DQG :HVW FRXQWULHV WR 6RXWK $PHULFD
IRU PRUH SHDFHIXO DQG VWDEOH ZRUN 2QH RI WKH 7KHVHWUDLQLQJVDUHWKHILHOGRIHGXFDWLRQKHDOWK
ZD\VIRUZKDWLVWRHQKDQFHRXUSDUWQHUVKLSZLWK JRYHUQDQFH WUDQVSRUWDWLRQ LQIRUPDWLRQ DQG
OLNHPLQGHG FRXQWULHV DQG EHWWHU PDQDJHPHQW RI FRPPXQLFDWLRQ WHFKQRORJ\ DJULFXOWXUH DQG UXUDO
,QGRQHVLDQDLG GHYHORSPHQW QDWXUDO DQG HQYLURQPHQWDO
FRQVHUYDWLRQ DQG SRYHUW\ UHGXFWLRQ 7KLV DOO
7ULDQJXODU &RRSHUDWLRQ DLPV DW SURYLGLQJ EHWWHU
OLYLQJVWDQGDUGWRPDQ\GHYHORSLQJFRXQWULHV
224
KDYHIRUPDOL]HGMRLQWGHYHORSPHQWDLGWR7LPRU RI WKH (FRQRPLF 5HVHDUFK ,QVWLWXWH IRU $6($1
/HVWH LQ PDLQ LVVXHV WUDQVSRUWDWLRQ KLJKHU DQG (DVW $VLD VR FDOOHG (5,$ 7KDQN \RX YHU\
HGXFDWLRQ IRRG SURGXFWLRQ DQG UXUDO HFRQRPLF PXFKIRUFRPLQJ
LQGXVWU\ JRYHUQPHQW VHUYLFHV EDVLF KHDOWK
VRFLDO LVVXHV DQG HQYLURQPHQW -DSDQ UHODWHG 0U,]XUX.RED\DVKL
WUDLQLQJ LQ ,QGRQHVLD ZLWK 7LPRU/HVWH
SDUWLFLSDQW EHWZHHQ DQG VWDQG DW
SDUWLFLSDQWVZLWKDJULFXOWXUH,&7DQGHGXFDWLRQ
DV WKH ELJ WKUHH 0DMRU DFKLHYHPHQW LV RQ URDG
PDLQWHQDQFH ZKHUH -DSDQ¶V IXQG FRPSRXQGHG
ZLWK,QGRQHVLD¶VH[SHUWLVHEURXJKWWHFKQLFDODQG
SUDFWLFDO NQRZKRZ IRU 7LPRU/HVWH LQ
PDLQWDLQLQJ LWV URDG QHWZRUN 6LJQLILFDQW
,QGRQHVLD-DSDQDVVLVWDQFHDOVRRQRIFDVVDYDDQG
EDQDQD SURGXFW 3URGXFWV WUDLQLQJ RQ WKH XVH RI
KHDY\ PDFKLQH IRU LUULJDWLRQ VXSSRUW DQG ZDWHU
XVDJH 7KDQN \RX YHU\ PXFK 7DNDWRLVDQ IRU WKH
LQWURGXFWLRQ /DGLHV DQG JHQWOHPHQ WKDQN \RX
7KH WKLUG 3DOHVWLQH %RWK ,QGRQHVLD DQG -DSDQ
YHU\PXFKIRUJLYLQJPHWKHRSSRUWXQLW\WRVSHDN
DUH FRPPLWWHG WR SURPRWH HFRQRPLF JURZWK LQ
DW WKLV YHU\ LPSRUWDQW JDWKHULQJ 0\ QDPH LV
3DOHVWLQH 7KLV FRPPLWPHQW LV ZULWWHQ LQ WKH ,]XUX .RE\DVDKL DV WKH &22 RI (5,$ WKH
FRQIHUHQFH RQ FRRSHUDWLRQ DPRQJ (DVW $VLD (FRQRPLF 5HVHDUFK ,QVWLWXWH IRU $6($1 DQG
FRXQWULHV IRU 3DOHVWLQH GHYHORSPHQW ZKLFK KDG (DVW $VLD %HIRUH JHWWLQJ LQWR WKH SUHVHQWDWLRQ
EHHQKHOGLQ7RN\RLQDQGLQ-DNDUWD ,¶GOLNHWREULHIO\H[SODLQZKDW(5,$LV(5,$LV
,QSXUVXLQJWKHVKDUHGJRDOV,QGRQHVLDDQG-DSDQ DQ LQWHUQDWLRQDO RUJDQL]DWLRQ HVWDEOLVKHG LQ (DVW
SURYLGHV DVVLVWDQFH WKURXJK WKUHH PDLQ SLOODUV $VLDQ6XPPLWLQ,WLVDFWXDOO\LQLWLDWHGE\
VWDELOLW\DQGEHWWHUPHQWRISHRSOHOLYHOLKRRGWKH WKH-DSDQHVHJRYHUQPHQW$WWKHWLPH0U1LNDL
HQIRUFHPHQWRIJRYHUQPHQWDQGLQFUHDVHFDSDFLW\ ZKRLVQRZWKH6HFUHWDU\*HQHUDORI'HPRFUDWLF
DQG SURPRWLRQ RI VXVWDLQDEOH HFRQRPLF JRDO 3DUW\ RI -DSDQ ZDV WKH 0LQLVWHU RI (FRQRP\
1RQHWKHOHVVERWKFRXQWULHVKDYHMRLQWO\SURYLGHG 7UDGHDQG,QGXVWU\+HFDPHXSZLWKWKLVLGHDRI
DVVLVWDQFH WR 3DOHVWLQH HYHQ EHIRUH -,$3$ (DVW$VLD2(&'-DSDQFRPPLWWHGWRSURYLGHWKH
%HWZHHQ ,QGRQHVLD-DSDQ WULDQJXODU VWDUWXS PRQH\ IRU WKH RUJDQL]DWLRQ 7KHUH ZDV D
DVVLVWDQFH SURYLGHG WUDLQLQJ LQ DJULFXOWXUH ELJ ILJKW EHWZHHQ ,QGRQHVLDQ DQG 0DOD\VLD
JRYHUQDQFH HGXFDWLRQ DQG KHDOWK IRU PRUH WKDQ ZKLFKFRXQWU\VKRXOGKROGWKLVRUJDQL]DWLRQ$QG
3DOHVWLQLDQZDVDJULFXOWXUHWUDLQLQJIRU ILQDOO\ ZH DUH ORFDWHG LQ ,QGRQHVLD 6R (5,$
WKH EHWWHU OLYHOLKRRG DQG VXVWDLQDEOH HFRQRPLF DOWKRXJKLWLVDLPLQJWRFRQWULEXWHWRWKHUHJLRQDO
JURZWK GHYHORSPHQW LW LV WKH RUJDQL]DWLRQ LQLWLDWHG E\
-DSDQ DQG KRVWHG E\ ,QGRQHVLD :H DUH YHU\
,WKDQN\RXIRUWKLV PXFK GHOLJKWHG ZKHQ ZH ZHUH DVNHG WR EH WKH
0U6KXQVXNH7DNDWRL0RGHUDWRU LPSOHPHQWDWLRQ DJHQF\ RI WKH SURMHFW
ZKLFK LV D FRPPHPRUDWLYH SURMHFW RI -DSDQ
7KDQN \RX YHU\ PXFK 0U 'LDU 1H[W DQG WKH ,QGRQHVLD UHODWLRQVKLS IRU \HDUV LWV QDWLRQDO
ILQDO SDQHOLVW IRU WKH VHVVLRQ LV 0U ,]XUX UHODWLRQVKLS
.RED\DVKL+H¶VQRZWKH&KLHI2SHUDWLQJ2IILFHU
225
,WKLQNLQWKLVPRUQLQJ$PEDVVDGRU,VKLLWRXFKHG QHHGV IDFLQJ GHFOLQLQJ SRSXODWLRQ DQG DJLQJ
XSRQ WKH H[SODQDWLRQ RI WKLV SURMHFW ,¶P QRW VRFLHW\,WLVDELJFKDOOHQJHIRU-DSDQWRUHPDLQ
JRLQJ WR UHSHDW LW %XW EDVLFDOO\ LW LV WKH SURMHFW DV WKH YHU\ NH\ JOREDO SOD\HU ZLWK WKH GHFOLQLQJ
WR GHYHORS WKH IXWXUH YLVLRQ RI -DSDQ,QGRQHVLD DQ$VLDQFRRSHUDWLRQ
UHODWLRQVKLSIRUWKH\HDU ZKLFKLV WKH
$W WKLV PRPHQW ZH KDYH FRPH XS ZLWK NH\
DQQLYHUVDU\ RI WKH ,QGRQHVLDQ 5HSXEOLF ,W¶V D
FKDOOHQJHV 7KHVH FKDOOHQJHV DUH TXLWH
MRLQW SURMHFW RI 81'3 DQG (5,$ DQG (5,$ LV
VWUDLJKWIRUZDUG EXW ZH WKLQN WKDW ZH ZLOO VHH D
IXQFWLRQLQJ DV WKH PDLQ LPSOHPHQWDWLRQ DJHQF\
OLWWOH ELW W\SH RI DFWLRQ QHHGHG LI ZH WKLQN WKDW
:H KDYH WKH FRPPLWWHH ZKLFK LV RYHUVHHQ WKH
,QGRQHVLDQ -DSDQ FRRSHUDWLRQ ZLOO EH LQ D
SURFHVV RI WKH SURMHFW DQG WKH KRQRUDU\ FKDLU LV
GLIIHUHQW VWDJH 7KLV LV D FKDQFH HVVHQWLDOO\ WKH
3URI *LQDQGMDU DQG -DSDQHVHVLGH FKDLU LV WKH
FRRSHUDWLRQEHWZHHQGHYHORSFRXQWULHV
3URI 6KLUDLVL DQG WKH ,QGRQHVLDQ FKDLU LV
$PEDVVDGRU 0XKDPPDG /XWIL ZKR ZDV WKH
7UDGH 0LQLVWHU DV ZHOO DV WKH $PEDVVDGRU RI
,QGRQHVLDIRU-DSDQ
226
FRXQWULHV 6R WKDW WKH UHVRXUFHV WKDW WKH\ KDYH 7KH WKLUG RQH LV HTXDO SDUWQHUVKLS :H WRJHWKHU
$QG MRLQLQJ KDQGVLQKDQGV FRRSHUDWLQJ ZLWK ZRUN WR LPSOHPHQW WKH 6'*V DV HTXDO SDUWQHU
WKHVH LVVXHV ,¶P VXUH WKDW ERWK FRXQWULHV FDQ 7KHQRQVWDWHDFWRUVDUHQRWWKHXQGHUERZRIWKH
DFKLHYH WKH JRDOV ZKLFK DUH QRW VR HDV\ WR JRYHUQPHQWDQGWKH JRYHUQPHQW DOVRQRWDOZD\V
DFKLHYHEXWWKHVHFRXQWULHVFDQDFKLHYH IROORZWKHGLUHFWLRQRIWKHQRQVWDWHDFWRUV6RZH
QHHG WR DFKLHYH DJUHHPHQW DFKLHYH WKH
7KDQN\RXYHU\PXFK
FRPPLWPHQW WR LPSOHPHQW WKH 6'*V HTXDO
0U6KXQVXNH7DNDWRL0RGHUDWRU SDUWQHUVKLSLVVRLPSRUWDQW
7KDQN\RXYHU\PXFK3DN.RED\DVKL$QGRQFH 7KHIRXUWKRQHLVWUDQVSDUHQF\DQGDFFRXQWDELOLW\
DJDLQ , ZRXOG OLNH WR WKDQN DOO WKH SDQHOV ZKR $OOZHGRWRJHWKHUEHWZHHQJRYHUQPHQWDQGQRQ
JDYH XV D YHU\ FRPSUHKHQVLYH SUHVHQWDWLRQ RQ VWDWH DFWRU QHHG WR KDYH WUDQVSDUHQF\ DQG
\RXUQHZGHYHORSPHQWDJHQGD DFFRXQWDELOLW\ IRU WKH SXEOLF :KDW ZH KDYH
$QGEHIRUHPRYLQJWRWKH4 $VHVVLRQ,¶GOLNH DOUHDG\GRQHE\WKHJRYHUQPHQWDQGVRZKDWZLOO
WR DVN DOO WKH SDQHOLVWV MXVW RQH TXLFN TXHVWLRQ EH GRQH E\ WKH QRQVWDWH DFWRUV VKRXOG EH
)RU PH WKH IRUJLQJ HIIHFWLYH DQG UHOLDEOH SXEOLVKHG DQQXDOO\ :H ZLOO SURGXFH DQQXDO
SDUWQHUVKLS VHHP WR EH WKH FRPPRQ NH\ DQG WKH UHSRUWDERXWWKHDFKLHYHPHQWLQIRUGRLQJDOOWKH
FKDOOHQJH IRU \RXU IURP \RXU SUHVHQWDWLRQ $QG JRDOVRI6'*VE\WKHJRYHUQPHQWDQGQRQVWDWH
QRZ VR KHUH ,¶G OLNH WR NQRZ ZKDW LV WKH PRVW DFWRUV DV ZHOO 7KLV LV WKH NH\ VXFFHVV IRU WKH
LPSRUWDQWDQGQRWQHFHVVDU\WKHIDFWRUWREXLOGD LPSOHPHQWDWLRQRI6'*VEDVHGRQRXUH[SHULHQFH
VXFFHVVIXOSDUWQHUVKLSLQ\RXUUHVSRQVLELOLW\
0U6KXQVXNH7DNDWRL0RGHUDWRU
6R3DN5XGLFRXOG\RXNLQGO\H[SODLQLW"
7KDQN \RX YHU\ PXFK 0U 5XGL 1H[W 0U
'U,U$ULILQ5XGL\DQWR :DK\XSOHDVH
<HV WKH PRVW LPSRUWDQW IDFWRUV LQ WKH 'U,U:DK\X8WRPR
LPSOHPHQWDWLRQ RI 6'*V LV WKH SDUWQHUVKLS RU
FRQWULEXWLRQRIDOOVWDNHKROGHUVDQGDOVRV\QHUJ\ 2.,WKLQN,MXVWKDYHWZRWKLQJVWKDWPD\EHLWLV
EHWZHHQJRYHUQPHQWDQGQRQVWDWHDFWRUV¶DFWLRQ LPSRUWDQWIRULPSURYLQJWKHSDUWQHUVKLS7KHILUVW
IRU DOO RI JRDOV ,Q WKLV FDVH WKHUH DUH ILYH LV FRRUGLQDWLRQ &RRUGLQDWLRQ EHWZHHQ RI FRXUVH
SULQFLSOHVIRUWKHSDUWQHUVKLS DJHQFLHV LQWKH FHQWUDOJRYHUQPHQW FRRUGLQDWLRQ
LQFHQWUDOJRYHUQPHQWDQGWKHORFDOJRYHUQPHQW
)LUVW LV WUXVW $V , PHQWLRQHG EHIRUH ZH ZRUN
DV ZHOO DV FRRUGLQDWLRQ EHWZHHQ ,QGRQHVLD IRU
WRJHWKHU ZLWK DOO QRQVWDWH DFWRUV IURP WKH
H[DPSOH ZLWK -,&$ DQG VR RQ 7KDW¶V WKH ILUVW
EHJLQQLQJWRGHFLGHWKHREMHFWLYHWKHLQGLFDWRUV
WKLQJ 7KH VHFRQG WKLQJ LV DFWXDOO\ D WUDQVIHU RI
DQG DOVR ZK\ ZH PRQLWRU WKH UHVXOW )LUVW ZH
WHFKQRORJ\ WUDQVIHU RI H[SHULHQFH WUDQVIHU RI
QHHG WR EXLOG WUXVW 7KH JRYHUQPHQW WUXVWV WKH
VNLOOVWKLVLVDOVRLPSRUWDQWEHFDXVH,ZDQWWRSXW
QRQVWDWHDFWRUVDQGWKHQRQVWDWHDFWRUVWUXVWWKH
WKLVLVDVKXPDQUHVRXUFHVGHYHORSPHQWSURJUDP
JRYHUQPHQWWKDWZHZLOOGRWKHEHVWIRUWKHQDWLRQ
, ZRXOG OLNH EHFDXVH ZH DUH WDONLQJ DERXW WKH
7KLVLVWKHPDLQIRXQGDWLRQ
SDUWQHUVKLS WKHQ LW LV YHU\ LPSRUWDQW LI ZH KDYH
6HFRQG LV PXWXDO EHQHILW WKDW DOO WKH DFWLYLWLHV HTXDO SOD\LQJ ILHOG 6R , WKLQN WKLV LV WKH VHFRQG
ZLOO JLYH EHQHILW IRU WKH JRYHUQPHQW DQG ZLOO WKLQJ,ZDQWWRVD\
EHQHILW IRU WKH QRQVWDWH DFWRUV EXW DOVR WKH
7KDQN\RX
EHQHILW IRU DOO WKH SHRSOH RI DOO WKH ,QGRQHVLDQ
SHRSOH
227
0U6KXQVXNH7DNDWRL0RGHUDWRU LPSDFW WRWKHP FDQ EH PDQDJHGE\ EHKDYLRUV RI
WKH VRFLDO DJHQW RI FRXUVH $QG WKH VHFRQG RQH
<HV 0U :DK\X DQG QH[W RQH LV 0U 2VZDU DERXWWKHJRYHUQDQFH6RZKHQZHDUHGRLQJOLNH
SOHDVH D SODQ VR WU\ WR LQYROYH DV IDU DV SRVVLEOH WKH
'U2VZDU0XDG]LQ0XQJNDVD SHRSOH SDUWLFLSDWLRQ 6R WKDW E\ WKH HQG RI WKH
SODQZLOOEHRFFXUUHGKHQFHWKHLPSOHPHQWDWLRQ
<HVVLQFHZHDUHJRLQJWRGHYHORSZKDWZHFDOO ZLOOEHDOVRZLOOEHIOXHQWO\LQWKHIXWXUH
LW WKH JUDQG GHVLJQ $QG WKHQ DW WKH VDPH WLPH
DFWXDOO\7RN\RDQG-DNDUWDLVVLVWHUFLW\VRZHDUH 0U6KXQVXNH7DNDWRL0RGHUDWRU
,WKLQNZHQHHGWRPDNHRXUUHODWLRQPXFKFORVHU 7KHQQH[W0U'LDUSOHDVH
ZKHQ ZH WDON DERXW NQRZOHGJH VKDULQJ $V ,
PHQWLRQHG EHIRUH WKDW ZH UHDOO\ ZRXOG OLNH WR 0U'LDU1XUELDQWRUR
OHDUQ IURP 7RN\R DV WKH ILUVW ELJJHVW FLWLHV ZKDW
GR\RXFDOOPHWURSROLWDQLQWKHZRUOG,WKLQNZH <HVWKDQN\RX,VKDUHZLWKWKHRWKHUVSHDNHUWKDW
FDQ OHDUQ PDQ\ PDQ\ WKLQJV IURP 7RN\R VR SDUWQHUVKLS UHFLSH JRHV ZLWK HTXDOLW\ WUXVW DQG
NQRZOHGJHVKDULQJ EHQHILW DPRQJ WKH SDUWLHV 6R PXWXDO EHQHILW DQG
RSSRUWXQLWLHVDUHIRUERWKSDUWLHV7KDQN\RX
7KH VHFRQG LV RI FRXUVH ZH ZKHQ ZH¶UH WDONLQJ
DERXW KRZ WR VROYH SUREOHP LQ -DNDUWD ZH¶UH 0U6KXQVXNH7DNDWRL0RGHUDWRU
WDONLQJ DERXW WKH JUDQG GHVLJQ $OVR ZH QHHG 0U.RED\DVKLSOHDVH
VXSSRUW IURP WKH H[WHUQDO DJHQF\ 0D\EH IURP
OLNH -,&$ RU PDQ\ RWKHU DJHQFLHV DURXQG WKH 0U,]XUX.RED\DVKL
ZRUOG DQG RI FRXUVH IURP WKH QDWLRQDO
JRYHUQPHQW EHFDXVH ZKHQ ZH¶UH WDONLQJ DERXW 7KDQN\RX,DOUHDG\VDLGWKDWWKHPXWXDOUHVSHFW
-DNDUWD ZH FDQQRW VROYH -DNDUWD ZLWK RXU RZQ LVWKHLPSRUWDQWSDUWRIWKHSDUWQHUVKLS7KH-DSDQ
HIIRUW :H QHHG KHOS DOVR IURP WKH QDWLRQDO $VLDQUHODWLRQVKLSDFWXDOO\VWDUWHGWKHQHZHUDLQ
JRYHUQPHQW 6R DV PHQWLRQHG EHIRUH ZH QHHG ZKHQ DW WKDW WLPH 3ULPH 0LQLVWHU )XNXGD
WZRWKLQJVNQRZOHGJHVKDULQJDQGWKHQRIFRXUVH DQQRXQFH WKH KHDUW WR KHDUW D UHODWLRQVKLS RI WKH
VXSSRUWDQGSDUWQHUVKLSIURPRWKHUDJHQF\ $6($1 PHPEHU FRXQWULHV ZLWK -DSDQ ,W ZDV
DFWXDOO\ WKH SURGXFWV RI -DSDQ ,QGRQHVLD OHDGHUV
7KDQN\RX PHHWLQJLQZKHQWKH3ULPH0LQLVWHU7DQDND
YLVLWHG ,QGRQHVLD WKHUH ZDV WKLV KXJH
0U6KXQVXNH7DNDWRL0RGHUDWRU GHPRQVWUDWLRQWRDWWDFN-DSDQGHOHJDWLRQV,WZDV
7KDQN \RX VR PXFK $QG QH[W 0U %DPEDQJ SDUWO\ LW ZDV EHFDXVH RI WKH KLVWRULFDO
:RXOG\RXNLQGO\WHOOXVDERXWWKHSDUWQHUVKLS" UHODWLRQVKLS EHWZHHQ -DSDQ DQG ,QGRQHVLD
HVSHFLDOO\ GXULQJ WKH :RUOG :DU ,, $QG
'U%DPEDQJ6XSUL\DQWR DIWHUZDUGVWKHELJH[SRUWLQFUHDVHIURP-DSDQWR
,QGRQHVLD7KDWNLQGRIGLIILFXOW\LWZDVEDVLFDOO\
7KDQN \RX YHU\ PXFK , IXOO\ DJUHH ZLWK 0U FRQTXHUHGE\WKHPXWXDOWUXVWDQGKXJHHIIRUWRI
5XGL\DQWR KH DOUHDG\ VWDWHG VRPH IDFWRUV WR EH QRW RQO\ GLSORPDF\ E\ DOO WKH SHRSOH LQ
FRQVLGHUHG IRU WKH VXFFHVV FROODERUDWLRQ LQ WKH ,QGRQHVLD DQG -DSDQ , WKLQN WKLV NLQG RI PXWXDO
IXWXUH %XW ,¶P JRLQJ WR DGG ZLWK DW OHDVW WZR WUXVW LV TXLWH LPSRUWDQW IRU XV WR XSJUDGH RXU
RQHLVDERXWLQWHJUDWLRQ7KHIRFXVQRWRQO\GHDOW SDUWQHUVKLSLQWKHIXWXUH
DERXWLQIUDVWUXFWXUHEXWDOVRDERXWVRFLDO6RWKDW
ZHWKLQNDERXWVXVWDLQDELOLW\DQGDOVRHFRORJLFDO 0U6KXQVXNH7DNDWRL0RGHUDWRU
228
7KDQN \RX YHU\ PXFK $QG QRZ ZH KDYH VWLOOZHVHHQRZZHLPSRUWWKHIRRGIURPRXWVLGH
FRPSUHKHQVLYH DQG LQIRUPDWLYH DQG LQVLJKWIXO WR WKH ZRUOG 6HFRQG RQH SHUKDSV KLJKZD\ DQG
LQIRUPDWLRQ WKDW LV UHJDUGLQJ WKH QHZ WUDQVSRUW WR PDNH HFRQRPLF EDODQFH $QG
GHYHORSPHQW DJHQGD 1RZ DGGLWLRQDOO\ ZH MXVW SHUKDSVDQRWKHUVHFWRU:KLFKRQHVKRXOGZHSXW
FRQILUPHG ZKDW NLQG RI WKH HOHPHQWV QHFHVVDU\ RXUIRFXV"7KDW¶VLQP\RSLQLRQ
IRU EXLOGLQJHIIHFWLYH WR WKH SDUWQHUVKLS 6R QRZ
,¶GOLNHWRPRYHRQWRWKHDJHQGDVHVVLRQ:H¶OO 7KDQN\RXYHU\PXFK
VWHS IRUZDUG ,Q RUGHU WR SURFHHG WR WKH 4 $ 0U6KXQVXNH7DNDWRL0RGHUDWRU
VHVVLRQ ,¶G OLNH WR UHFHLYH WKUHH TXHVWLRQV DQG
FRPPHQWV LQ MXVW RQH URXQG DQG DIWHU WKDW $Q\RWKHUTXHVWLRQVDQGFRPPHQWVIRUWKHSDQHO
UHVSRQGLQJ IURP WKH SDQHOLVWV ,¶G OLNH WR PRYH GLVFXVVLRQ" :H¶G OLNH WR ILUVW UHVSRQVH WR WKH
RQWRWKH DQRWKHUURXQG$QGNLQGO\WHOOXV \RXU FRPPHQW DQG ZH¶G OLNH WKH SDUWLFLSDQWV IRU WKLV
QDPH RUJDQL]DWLRQ DQG WR ZKRP \RX ZDQW WR SDQHO WR FRQVLGHU WKH TXHVWLRQ DQG FRPPHQW
PDNHWKHTXHVWLRQVDQGWKHFRPPHQW ZKHQZHDUHUHVSRQGLQJWRWKHILUVWTXHVWLRQ6R
IRU WKH IRRG VHFXULW\ , WKLQN WKH DJULFXOWXUH
6R IDU WKH ILUVW URXQG DQ\ERG\ ZDQWV WR KDYH D DVSHFW , WKLQN LW¶V UHODWHG WR 0U %DPEDQJ ,
TXHVWLRQDQGFRPPHQWVSOHDVHNLQGO\UDLVH\RXU WKLQN&RXOG\RXNLQGO\JLYH\RXUFRPPHQW"
KDQG
'U%DPEDQJ6XSUL\DQWR
4 $6HVVLRQ
2. WKDQN \RX 7KDQN \RX YHU\ PXFK $FWXDOO\
-RKQ6LDQLSDU±:DWHU5HVRXUFHV WKH IRRG VHFXULW\ LV YHU\ LPSRUWDQW VHFWRU
HVSHFLDOO\ GXULQJ WKH ODVW \HDUV %XW GHDOLQJ
DERXW WKH DJULFXOWXUH LWVHOI EXW DOVR MRLQWO\ ZLWK
DQRWKHUVHFWRUOLNHLQIRUHVWU\7KDW¶VZK\ZKHQ
ZH FRQGXFWHG WKH SURMHFW RI *XQXQJ +DOLPXQ
6DODN 1DWLRQDO 3DUN PDQDJHPHQW SURMHFW DQG
DOVR ,QGRQHVLD-DSDQ 5('' WKH DSSURDFK LV
JLYLQJ XQGHUVWDQGLQJ RI WKH SHRSOH DERXW WKH
IRUHVWDFFHVVDQGWKHDFFHVVLWVHOIFDQEHDSSOLHG
ZKDWZHFDOODVOLNHDJURIRUHVWU\$JURIRUHVWU\
LWPHDQVZHFDQSODQWDWUHHZKLOHLQRWKHUVSDFH
ZH FDQ SODQW OLNH SDGG\ FRUQ RU RWKHU
([FXVH PH P\ QDPH LV -RKQ 6LDQLSDU , FDPH DJULFXOWXUDO FURS 6R WKDW WKH FRQWULEXWLRQ IURP
IURP 'LUHFWRUDWH RI ,UULJDWLRQ DQG 6ZDPS XQGHU RWKHU VHFWRU WR IXOILOO DERXW WKH IRRG WKLV LV DOVR
WKH'LUHFWRUDWH*HQHUDORI:DWHU5HVRXUFHV,DP LPSRUWDQW $FFRUGLQJO\ ZKHQ ZH WDNH D ORRN
QRW \RXQJ , DP \HDUV ROG QRZ , UHPHPEHU DERXW WKH QXPEHU RI WKH SRSXODWLRQ XQGHU
WKHHFRQRPLFFULVLVLQ,QP\RSLQLRQZKDW SRYHUW\ DOVR GHFUHDVLQJ VXEWO\ :KHQ ZH WDNH D
ZH KDYH QRZ FRRSHUDWLRQ \HDUV EHWZHHQ ORRN DERXW WKH GDWD RI LI ZH FRPSDULQJ WR
-DSDQDQG,QGRQHVLDQRWRQO\ZKDWZHKDYHGRQH WKH QXPEHU GHFUHDVLQJ 1RZ LW¶V
LQ\HDUV%XWZKDWZHHYDOXDWH\HDUVEHIRUH PLOOLRQSHRSOH6RLWPHDQVLIZHXVHFULWHULDRI
PHDQV WKDW¶V LQ , VXJJHVW , GRQ¶W ZDQW WR 6D\RJ\RRUIURPWKHVWDWLVWLFDJHQF\VD\LQJWKDW
PDNH IXUWKHU TXHVWLRQ 9HU\ VLPSOH 7R \HDU LIWKHSHRSOHSHUFDSLWDFDQIXOILOODERXWNJRI
ZKDW LV WKH PDLQ VHFWRU ZH¶UH JRLQJ WR ULFH D \HDU LW PHDQV WKH\ FDQ EH VDLG QRW XQGHU
FRQYLQFH" )RU LQVWDQFH IRRG VHFWRU DQG VHFXULW\ JUHDW RI SRYHUW\ 7KLV LV WKH FULWHULD 6R ZH GR
229
KRSH ZLWK WKH QH[W FRRSHUDWLRQ RI FRXUVH WKH UHJDUGLQJ RXU SDVW FRRSHUDWLRQ \RX FDQ
QXPEHURIWKHSHRSOHXQGHUSRYHUW\LVGHFUHDVLQJ XQGHUVWDQG WKDW DW -,&$ IRRG VHFXULW\ LV WKH
VXEWO\RIFRXUVHQRWEHFDXVHRIWKLVFRRSHUDWLRQ FHQWHU RQH RI WKH FHQWHU RI RXU FRRSHUDWLRQ :H
EXW VR PDQ\ DSSURDFKXQGHUQDWLRQDO VWUDWHJ\ DV DOUHDG\ VXSSRUWHG PRUH WKDQ DURXQG SURMHFWV
WKHNH\ IRU GHYHORSLQJ WKH LUULJDWLRQ VFKHPH LQ WKLV
FRXQWU\,WLVMXVWIRUWKHIRRGVHFXULW\$QGQRZ
7KDQN\RXYHU\PXFK
ZH DUH SUHSDULQJ GHFHORSLQJ D PDVWHU SODQ IRU
0U6KXQVXNH7DNDWRL0RGHUDWRU UHJDUGLQJ UHKDELOLWDWLRQ DQG WKH QHZ LUULJDWLRQ
VFKHPH LQ WKLV FRXQWU\ 6R LW¶V MXVW D
7KDQN \RX 0U %DPEDQJ $Q\ FRPPHQW IURP
VXSSOHPHQWDU\ LQIRUPDWLRQ IRU \RX 2ND\ WKDQN
WKH%DSSHQDV"0U5XGL"
\RXYHU\PXFK
'U,U$ULILQ5XGL\DQWR
$QG OHW¶V PRYH RQ WR DQRWKHU TXHVWLRQ DQG
7KHUH DUH WKUHH WKLQJV WKDW DUH YHU\ LPSRUWDQW FRPPHQWV IURP WKH IORRU 3OHDVH GRQ¶W PLVV WKLV
WRZDUGV)LUVWLVIRRGHQHUJ\DQGZDWHU7R JUHDWRSSRUWXQLW\WRPDNHFRPPHQWV
GRWKLVZHQHHGILUVWZDWHUWRKDYHIRRGZHQHHG
ZDWHU WR KDYH HQHUJ\ ZH QHHG ZDWHU $QG 'U,U:DK\X8WRPR
GHPDQG IRU ZDWHU ZLOO LQFUHDVH XQWLO LQ
ZKLFKZHZLOOKDYHPLOOLRQSRSXODWLRQVEXW 7KLVLVQRWDTXHVWLRQEXWWKLVLVDFWXDOO\WRJLYH
WKH VXSSO\ RI ZDWHU VWDJQDQW 6R ZH QHHG WR GR VRPH LGHDV EHFDXVH LI ZH MXVW LW¶V DFWXDOO\
IURP QRZ KRZ WR VDYH WKH ZDWHU ,Q ,QGRQHVLD UHODWHG WR IRRG VHFXULW\ ,W GRHVQ¶W PHDQ WKDW ZH
FXUUHQWO\ WKH VXSSO\ RI ZDWHU RQ DYHUDJH PRUH MXVW RQO\ WKLQNLQJ DERXW WKH DJULFXOWXUH EXW ZH
WKDQ P SHU FDSLWD SHU \HDU 7KLV DYHUDJH KDYH DOVR WR WKLQN DERXW WKH DTXDFXOWXUH 7KLV LV
LQ,QGRQHVLD%XWIRU-DYD,VODQGZHKDYHVXSSO\ DQRWKHUVHFWRUWKDWPD\EHZHKDYHWRGHYHORSLQ
OHVVWKDQRQO\PSHUFDSLWDSHU\HDU WKH IXWXUH , WKLQN WKLV LV DOVR DQRWKHU DUHD WKDW
WKDWFDQEHFDWHJRUL]HGDVGDQJHURXV6RZHQHHG FRRSHUDWLRQEHWZHHQ,QGRQHVLDDQG-DSDQFDQEH
WRNHHSWKHZDWHUDQGZLWKHQRXJKZDWHUZHFDQ LPSURYHG LQ WKH DTXDFXOWXUH %XW LQ WKH
VXSSO\WKHHQHUJ\DQGDOVRZHFDQSURGXFHIRRG DJULFXOWXUH ODGLHV DQG JHQWOHPHQ WKH
DV ZHOO %XW ZH QHHG WR FRQVLGHU ,QGRQHVLD DV JRYHUQPHQW DOUHDG\ WULHG WR HPSRZHU WKH IRRG
DUFKLSHODJLF FRXQWU\ EHFDXVH FXUUHQWO\ ZH VHFXULW\ E\ GHYHORSLQJ VHYHUDO LQIUDVWUXFWXUH
GHSHQG RQ -DYD IRU WKH VXSSO\ RI IRRG VR ZH SURMHFWV :H GHYHORS VR PDQ\ GDPV ZH DOVR
QHHG WR PDNH D URDG PDS RQ KRZ WR FKDQJH WKH GHYHORSLUULJDWLRQEHFDXVHWKLVLVYHU\LPSRUWDQW
VRXUFHRIIRRGIURP-DYDWRRXWVLGHRI-DYD7KLV IRU DJULFXOWXUH :H DOVR GHYHORS URDGV SRUWV
IRU IRRG )RU HQHUJ\ , WKLQN ZH ZLOO SURGXFH EHFDXVH ZH DUH WKLQNLQJ WKLV LV DOVR LQJUHGLHQWV
HYHU\ZKHUH EHFDXVH ZH KDYH D FRQQHFWLRQ RI IRU GLVWULEXWLRQ IRU WKH IRRG SURGXFW 6R , WKLQN
HQHUJ\ ZKHQZHWDONDERXWIRRGVHFXULW\ZHGRQ¶WRQO\
WKLQN DERXW WKH SDGG\ ILHOG KRZ WR LQFUHDVH WKH
7KDQN\RX SDGG\EXWZHDOVRKDYHWRWKLQNKRZWRLPSURYH
WKHSURGXFWLYLW\RIFRZPLONGDLU\SURGXFWVIRU
H[DPSOH :H DOVR KDYH WR WKLQN RQ KRZ WR
0U6KXQVXNH7DNDWRL0RGHUDWRU LPSURYHILVKHUPDQSURGXFWLYLW\EHFDXVHILVKLVD
YHU\ JRRG LQJUHGLHQW DOVR IRU WKH GHYHORSPHQW
7KDQN \RX YHU\ PXFK 3DN 5XGL -XVW KHDUG RQH IRUWKHSHRSOHGHYHORSPHQW6R,WKLQNSOHDVHLI
WKLQNIURPWKH-DNDUWDVLGH,WKLQNDV\RXNQRZ ZH WDON DERXW IRRG VHFXULW\ ZH KDYH WR HQODUJH
WKDW ZKHQ \RX KDYH D ORRN DW \RXU EURFKXUH
230
RXU IRFXV QRW RQO\ DJULFXOWXUH EXW DOVR 7KDQN\RX
DTXDFXOWXUH7KDW¶VZKDW,¶PWKLQNLQJ
0U6KXQVXNH7DNDWRL0RGHUDWRU
0U6KXQVXNH7DNDWRL0RGHUDWRU
$QGQRZ0U'LDUSOHDVH
,W¶VYHU\LQIRUPDWLYHWKHFRPPHQWWKDW\RXJDYH
DVLWWRXFKHGXSRQQRWRQO\WKHSURGXFWLRQVLGH 0U'LDU1XUELDQWRUR
EXW DOVR HQWHULQJ WKH VXSSO\ FKDLQ LQFOXGLQJ 7KDQN \RX ,QGRQHVLD LV D VHULRXV LQ GHYHORSLQJ
RWKHU ORJLVWLF DV ZHOO 2. WKDQN \RX VR PXFK DQG H[SDQGLQJ LWV LQWHUQDWLRQDO GHYHORSPHQW
$Q\RWKHUFRPPHQWRUTXHVWLRQIURPWKHIORRU",I SURJUDP $QG LQ WKLV UHJDUGV WKH 7ULDQJXODU
\RX GRQ¶W KDYH DQ\ ZH DUH JRLQJ WR KDYH RXU &RRSHUDWLRQ ZLOO FRQWLQXH WR EH DQ LQWHUQDWLRQDO
FRQFOXVLRQIURPWKLVSDQHO SDUW RI ,QGRQHVLD (,'& SURJUDP 6R ZKLOH
2. WKDQN \RX YHU\ PXFK IRU \RXU SDUWLFLSDWLRQ ,QGRQHVLD ZLOO FRQWLQXH WR ZRUN WRJHWKHU ZLWK
DQGSDQHOGLVFXVVLRQ/DVW,ZRXOGOLNHWRDVNDOO -DSDQ WR GHYHORS PDQ\ PRUH FRRSHUDWLRQ DQG
WKH SDQHOLVWV RQFH DJDLQ WR JLYH FRPPHQW RQ ,QGRQHVLD¶V H[SHULHQFH LQ ZRUNLQJ ZLWK -DSDQ
H[SHFWDWLRQ WR WKH IXWXUH FRRSHUDWLRQ EHWZHHQ KHOSLQJRWKHUFRXQWULHVDQGRSSRQHQWDUHYDOXDEOH
-DSDQDQG,QGRQHVLD6RSOHDVHDQ\FRPPHQWVRQ
WKDW"1RZWKLVWLPHIURP0U.RED\DVKL3OHDVH
0U,]XUX.RED\DVKL
,WKLQNLQWKHIXWXUHWKHQDWXUHRIWKHFRRSHUDWLRQ
EHWZHHQ ,QGRQHVLD DQG -DSDQ ZLOO VRPHKRZ
FKDQJH :KHQ \RX ORRN DW WKH FRRSHUDWLRQ
EHWZHHQ -DSDQ DQG .RUHD DFWXDOO\ .RUHD XVH
-DSDQ¶V DLG TXLWH KHDYLO\ WR GHYHORS LWV RZQ
HFRQRP\ %XW DW VRPH SRLQW WKH\ VKLIW LW WKH
FRQWHQW RI WKH FRRSHUDWLRQ 8QWLO V .RUHD
ZDVYHU\PXFKXVLQJ-DSDQ¶VDLG%XWVLQFH 7KDQN\RX
, WKLQN WKHLU IRFXV ZDV PRUH RQ WKH PRUH
'U%DPEDQJ6XSUL\DQWR
SURDFWLYHUXQQLQJRIWKH-DSDQHVHSROLF\SURJUDP
RQHRIWKHUXOHVRIGLSORPDWVRI.RUHDLQ7RN\R 7KDQN \RX ,Q P\ PLQG LQ WKH IXWXUH RI FRXUVH
LVWRYLVLWLQJYDULRXVPLQLVWULHVLQ-DSDQDQGWU\WR WKHDUHDRIWKHFRRSHUDWLRQEDVHGRQQRWRQO\WR
XQGHUVWDQGWKHODZVRIFRXUVHQHZRQHVDQGROG DFFHOHUDWHWKLQJVWKHHFRQRPLFEXWDOVRUHGXFLQJ
RQHV DQG WUDQVIHU WKH NQRZOHGJH WR WKH WKHLPSDFWRIWKHHQYLURQPHQWZKLOHJLYLQJYHU\
KHDGTXDUWHULQ6HRXO7KH\DFWXDOO\KDYHFKDQJHG KLJKSULRULW\SDUWLFLSDWLRQIRUWKHSHRSOH6RWKDW
WKH FRQWHQWV RI WKH -DSDQHVH UXOHV WR EH DEOH WR WKH DUHD RI HFRORJLFDO HFRQRP\ VRFLDO VKRXOG
DGDSW WKH .RUHDV VLWXDWLRQ , WKLQN LW VRPHKRZ EH SXW WRJHWKHU DQG RQH ZRUG WR VD\ LW LV ZKDW
ZRUNZHOOIRU.RUHDWRWUDQVIRUPLWVHOIWREHDEOH ZHFDOOLWDVJUHHQRUORZFDUERQDFWLYLWLHVLQWKH
WR EHFRPH D GHYHORS FRXQWU\ %XW DW WKH VDPH IXWXUH 7KLV LV WKH ILUVW 7KH VHFRQG RQH LV
WLPHLI\RXORRNDW,QGRQHVLD-DSDQUHODWLRQVKLS EHFDXVH,¶PZRUNLQJLQHQYLURQPHQWDQGIRUHVWU\
ZKLOH , WKLQN ZH FDQ VHH ZLWK VXSHULRU WR WKH ZKHQZH¶UHGHDOLQJDERXWWKHIXWXUHFRRSHUDWLRQ
-DSDQ .RUHD UHODWLRQVKLS SHUKDSV LW¶V PXWXDO SOHDVH WDNH IXOO FRQVLGHUDWLRQ WKH YRLFHOHVV
WUXVW$QGWKDW,WKLQNFDQKHOSERWKFRXQWULHVWR VWDNHKROGHU LQ WKH ZRUOG WKDW LV WKH QDWXUH WKH
DGDSWJUHDWUHODWLRQVKLS PRWKHUKRRGWKH HDUWK 6R ZH KDYHWKH LQGH[ RI
231
FRXUVHWRPHDVXUHLQWKHIXWXUHWKHLPSDFWRIWKH 'U,U:DK\X8WRPR
GHYHORSPHQW ZKDW ZH FDOO DV ,./+ Indeks
2.,KDYHWZRWKLQJV)LUVWLVEDVHGRQWKHIXWXUH
Lingkungan Hidup (QYLURQPHQW ,QGH[ ZKLFK
RI ,QGRQHVLD 0D\EH ZH ZLOO IDFH D VHSWLFLW\ RI
FRYHUV WKLQJV 7KH RQH LV ZDWHU LQGH[ ZDWHU
WKHQDWXUDOUHVRXUFHVVR,WKLQNLWZLOOEHEHWWHULI
TXDOLW\ LQGH[ SROOXWLRQ LQGH[ DQG IRUHVW FRYHU ZH FRQWLQXH RXU SDUWQHUVKLS LQ WKH UHQHZDEOH
LQGH[6RWKDWSOHDVHZKHQZHDUHGHDOLQJDERXW HQHUJ\7KDW¶VWKHILUVW$QGWKHQWKHVHFRQGRQH
WKH FRRSHUDWLRQ SOHDVH WKLV DOVR WDNH LQ WKH WKH FKDOOHQJHV ZH ZLOO IDFH PRVWO\ LQ WKH XUEDQ
FRQVLGHUDWLRQ 2WKHUZLVH HFRQRP\ SURJUHVVLQJ DUHD 6R , WKLQN LI ZH FDQ DOVR GLVFXVV IXUWKHU
EXWWKHLPSDFWLVVREDGIRUWKHHQYLURQPHQWDQG UHODWHG WR KRZ WR SUHSDUH WKH XUEDQ EHFDXVH WKH
DOVRIRUWKHSHRSOH,WVKRXOGEHFRPELQHGLQWKH SRSXODWLRQ LQ XUEDQ ZLOO EH LQFUHDVHG LQ PD\EH
JRRGZD\ LQ 6R WKDW¶V WZR DUHDV PD\EH ZH FDQ
FRQWLQXH
7KDQN\RXYHU\PXFK
0U6KXQVXNH7DNDWRL0RGHUDWRU
0U6KXQVXNH7DNDWRL0RGHUDWRU
3OHDVH
'U2VZDU
'U,U$ULILQ5XGL\DQWR
7KDQN \RX ,Q WKH IXWXUH RI WKH FRRSHUDWLRQ
EHWZHHQ ,QGRQHVLD DQG -DSDQ HVSHFLDOO\ LQ
LPSOHPHQWLQJ WKH 6'*V ZH FDQ GLYLGH LW LQWR
WZR WKLQJV ** FRRSHUDWLRQ JRYHUQPHQW WR
JRYHUQPHQW DQG EXVLQHVV WR EXVLQHVV )URP
JRYHUQPHQW WR JRYHUQPHQW ZH ZRXOG OLNH WR
FRQWLQXHRXUJRRGFRRSHUDWLRQEHWZHHQ,QGRQHVLD
DQG -,&$ LQ YDULRXV DFWLYLWLHV HVSHFLDOO\ WR
VXSSRUW JRDOV RI 6'*V OLNH RWKHU SDQHOLVWV
DOUHDG\ PHQWLRQHG IURP SUHPLXP HQHUJ\ VPDUW
FLW\ DQG VR RQ $QG DOVR KRZ WR GHYHORS D
'U2VZDU0XDG]LQ0XQJNDVD EOHQGHG ILQDQFH HVSHFLDOO\ KRZ WR ILQDQFH HDFK
JRDO DFWLYLW\ EHWZHHQ JRYHUQPHQW QRQVWDWH
7KDQN \RX 6R , WKLQN DV WKH ORFDO JRYHUQPHQW JRYHUQPHQW LQ RQH LQWHJUDWHG DFWLYLW\ )RU
RXU IRFXVLQJ PRUH RQ WKH PHWURSROLWDQ WR EXVLQHVV WR EXVLQHVV ZH ZRXOG OLNH WR SURPRWH
PHWURSROLWDQFRRSHUDWLRQ:HQHHGWROHDUQIURP EHWWHUEXVLQHVVEHWWHUZRUN)RUH[DPSOHRQHFDU
HDFK RWKHU RQ KRZ WR VROYH WKH SUREOHP 2I FRPSDQ\WKDWDIILOLDWHGZLWKIDFWRU\FDUFRPSDQ\
FRXUVH ZH FDQ FKRRVH VRPH DUHDV WKDW ZH FDQ LQ-DSDQDOUHDG\KDYHDSODQWRXWLOL]HUHQHZDEOH
JLYHVRPHSULRULWLHVOLNHIRUXVZDWHUVDQLWDWLRQ HQHUJ\ IRU WKH ZKROH V\VWHP RI SURGXFWLRQ 7KLV
DLU SROOXWLRQ VROLG ZDVWH IORRG DQG RI FRXUVH V\VWHP ZLOO UHGXFH WKH FRVW RI WKH SURGXFWLRQ
LQFOXGLQJ WKH NQRZOHGJH RI PDQDJHPHQW 6R E\ XQWLO 6R WKH LQQRYDWLRQ FRPHV IURP WKH
KDYLQJ WKLV ZH FDQ VWUHQJWKHQ RXU VLVWHU FLW\ LQWHUQDO EXVLQHVV LWVHOI 0DNHV EXVLQHVV EHWWHU
FRUUHODWLRQ DQGRIFRXUVHEHWWHUIRUWKHZRUOGEHWWHUIRUWKH
6'*DVZHOO:HQHHGPRUH-DSDQHVHFRPSDQLHV
7KDQN\RX WKDWKDYHRSHUDWLRQLQ,QGRQHVLDWKDWZLOOGRWKLV
NLQGRILQQRYDWLRQ
7KDQN\RXYHU\PXFK
232
0U6KXQVXNH7DNDWRL0RGHUDWRU
7KDQN\RXYHU\PXFKLQGHHG%DVHGRQZKDWZH
GLVFXVV WRGD\ ZH¶G OLNH WR IXUWKHU SXUVXH
ZRUNLQJWRJHWKHUDQGSURFHHGLQJWRJHWKHU³Kerja
Bersama, Maju Bersama´ LQ RUGHU WR PDNH VXUH
RXUEHWWHUIXWXUH2QFHDJDLQ,¶GOLNHWRH[SUHVV
JUHDWDSSUHFLDWLRQWRWKHSDQHOLVWWRGD\IRUJLYLQJ
XV D FOHDU SLFWXUH RI FKDOOHQJHV DQG D GLUHFWLRQ
WRZDUGV DFKLHYLQJ 6'*V (YHU\RQH OHW¶V JLYH
ODVWURXQGRIDSSODXVHIRUWKHSDQHOLVWSOHDVH
233
東南アジア・大洋州部 東南アジア第一課
〒102-8012 東京都千代田区二番町 5-25 二番町センタービル Tel : 03-5226-6660~6663 URL : http://www.jica.go.jp
JICAインドネシア事務所
Sentral Senayan II, 14th Floor, Jl. Asia Afrika No. 8, Jakarta 10270, INDONESIA +62 - 21- 5795-2112
表紙 裏表紙 : 谷本 美加 / JICA