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事業計画の極意
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masa tadokoro
May 11, 2020
Business
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事業計画の極意
事業計画の極意
masa tadokoro
May 11, 2020
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Transcript
Ξϑλʔίϩφ࣌ʹ উͪΔͨΊͷࣄۀܭըͷۃҙ
݁ݴ͍·͢ɻ
#VTJOFTT1MBO ʢࣄۀܭըॻʣ ͍Βͳ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
ਖ਼֬ʹݴ͏ͱ 1.'લͷॳظϑΣʔζ ʹਫ਼៛ͳʮࣄۀܭըʯ ඞཁͳ͠
*EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU
.BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTTϦεΫ 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL
*10 4FSJFT" 4FSJFT# 4FSJFT$ .F[[BOJOF &BSMZ 4UBHF -BUFS 4UBHF 4FFE
1SF 4FFE 4FFE 4UBHF ࢿۚௐୡͷεςʔδ
*10 4FSJFT" 4FSJFT# 4FSJFT$ .F[[BOJOF &BSMZ 4UBHF -BUFS 4UBHF 4FFE
1SF 4FFE 4FFE 4UBHF ࢿۚௐୡͷεςʔδ ਫ਼៛ͳࣄۀܭը ඞཁͳ͠
1SF4FFE 4FFE 4FSJFT" 4FSJFT#d ʢεέʔϧΛࢦ͢ʣ 1SF*10 *10Λࢦ͢ʣ $1'14'Λࢦ͢ ʢ1.ୡΛࢦ͢ʣ ʢ6OJUFDPOPNJDT݈શԽʣ
1PTU*10 *10ޙͷʣ 4UBSUVQͷ ϑΣʔζຖ 3JTL $1'3JTL ॳظࢿຊࡦ3JTL 'PVOEFS*TTVF'JU3JTL 5FDIOJDBM'FBTJCJMJUZ3JTL 1SPEVDUMBVODI3JTL ۀνʔϜ3JTL 1JWPUUPMFSBUJPO3JTL 1.'3JTL 6OJU&DPOPNJDT3JTL 0QFSBUJPO#MBDLCPY3JTL $VMUVSF#SFBL3JTL )JSJOH3JTL 5BMFOU3FUFOUJPO3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL &OUSFQSFOFVSUP$90USBOTGPSNSJTL $POHMPNFSBUF%JTDPVOU3JTL *103JTL *10ޙ3JTL
ʮࣄۀܭըʯ Ͱͳ͘ ʮࣄۀԾઆʯΛ ຏ͖ࠐΉ
ֶशʹϑΥʔΧε͢Δʂ
Ծઆߏங Ұ࣍ใΛ ώΞϦϯά ؍͢Δ Ծઆݕূ
Ծઆߏங Ұ࣍ใΛ ώΞϦϯά ؍͢Δ Ծઆݕূ
̍ ̎ ̏ ̐ ̑ ̒ ̓ ̔ ̕ ϦʔϯΩϟϯύεΛॻ͘ॱ൪ҎԼͷΑ͏ʹ͢Δ
$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
୭ͷ ԿΛ ͲͷΑ͏ʹ
Υʔλʔ ϑΥʔϧܕ ͰֶͿ λΠϛϯά͕͍ ϦʔϯελʔτΞοϓܕ ͰɺͰ͖Δ͚ͩૣ͘ ϦϦʔεͯ͠ ଟֶ͘Ϳ͜ͱ͕Ͱ͖Δ ཁ݅ఆٛ ։ൃ
࣭ݕূ ࢢೖ ͋Δఔ ͷֶͼ ֶͼ ΄ͱΜͲͳ͠ ֶͼ ΄ͱΜͲͳ͠ ΄ͱΜͲͷ ֶͼ ࢢೖޙ ૣ͍λΠϛϯά Ͱଟֶ͘Δ
$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE λΠϜΞτʹͳΔલʹ1JWPUͯ͠ ػೳ͢ΔϏδωεϞσϧΛݟ͚ͭΔ XXXTMJEFTIBSFOFUBTINBVSZB 4UBSUVQ4DJFODF
71PG4BMF͍Βͳ͍ େଟͷελʔτΞοϓ͕ ϐϘοτ͢Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE http://www.slideshare.net/ashmaurya 4UBSUVQ4DJFODF
ԿΛ՝ʹ ײ͍ͯ͡Δͷ͔ ໊લ ΩϟαϦϯɾϋϜϨοτ ྸ ࡀ ग़ ΦʔετϥϦΞɾγυχʔ झຯ όοΫύοΫɺࣸਅɺөը
৬ۀ ݩͷγυχʔͰ ޢࢣΛ͍ͯ͠Δ େֶଔۀޙ̏ಉ͡ පӃͰಇ͍͍ͯΔ ੜ׆ ੈքதʹཱྀߦʹ͍͘͜ͱ͕ੜ͖͕͍ʹͳ͓ͬͯΓɺ ʹ̎ճͷ̎िؒͷόοΫύοΫָ͕͠ΈͰʑૹ͍ͬͯΔ ཱྀߦͷ ͩ͜ΘΓ ཱྀߦʹߦ࣌͘ɺݱͰใΛूΊΔΑ͏ʹ͍ͯ͠ΔɻͰ͖Δ ͚ͩɺݱͰ͓ಘͳใݱͰ͔͠ಘΒΕͳ͍ମݧΛॏࢹ͢ Δ͕͋Δɻ *5 εϚϗ Ϧςϥγʔ 'BDFCPPLͨ·ʹߘ͢Δɻϝοηϯδϟʔ 8IBUTVQɻझຯͷࣸਅɺJOTUBHSBNʹ͍͋͛ͯΔɻੈք தͰࡱͬͨࣸਅΛ͋͛ଓ͚͓ͯΓɺਓͷϑΥϩϫʔ ͕͍Δͷ͕ͪΐͬͱͨࣗ͠ຫͰ͋Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
ϖϧιφΛ͏తɿ ϓϩμΫτઃܭϓϩηεΛ ΑΓਓؒத৺՝த৺ ʹ͢Δ͜ͱ͕Ͱ͖Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE
ϖϧιφΛ͏తɿ z͋ΒΏΔਓʑʹ ؾʹೖΒΕͳͯ͘ͳΒͳ͍z ͱ͍͏ແବͳߟ͑Λ ১͍͞Δ͜ͱ͕Ͱ͖Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE
ϖϧιφΛ͏తɿ σβΠϯػೳʹҰ؏ੑΛ؏͘͜ͱ ͕Ͱ͖ɺϢʔβʔΤΫεϖϦΤϯε ΛߴΊΔ͜ͱ͕Ͱ͖Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE
֤ݸਓͷܦݧೝࣝͷҧ͍ʹΑͬͯఆ͢Δ ΧελϚʔ૾ҧͬͯ͘ΔͷͰ ίϛϡχέʔγϣϯίετ͕͔͔ͬͯ͠·͏ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
1BJO )FBS 4FF (BJO 4BZ 5IJOL ཱྀߦָ͠Έ͚ͩͲɺ͋·Γ༧ࢉ͕ͳ͍ͷͰ ৭ʑͱཱྀߦதͷग़අΛΒͳ͍ͱ͍͚ͳ͍ ৗʹɺ4/4ʢ'BDFCPPL *OTUBHSBN
Λ ཱྀͬͯߦதͷهΛͱΓ͍ͨ ͓ۚΛઅ͠ͳ͕Βɺཱྀ͍͍ߦମݧ͢Δͷ࠷ߴͩͳ དྷ݄ɺ͡Ίͯͷຊͷཱྀߦɺཱྀ͍͍ߦମݧ ʹ͢ΔͨΊʹ৭ʑͱใΛूΊΑ͏ ઌ݄ຊʹཱྀߦΛͨ͠ ༑ୡ͕ɺͱͯΤϯδϣΠΛ ͍ͯ͠ΔΈ͍ͨͩͬͨɻ ཱྀઌͰͷ5JQTΛ৭ʑͱ ฉ͍ͯΈΑ͏ ຊϋΠςΫͳࠃ͔ͩΒ ͖ͬͱɺ৭ʑͱָཱྀ͍͠ߦΛ αϙʔτͯ͘͠ΕΔπʔϧ αʔϏε͕͍ͬͺ͍͋Δͣ ৭ʑͱݟͯΈΑ͏ ࢲɺͱཱྀͬͯߦ׳Ε͍ͯͯ͠ɺ ͦͷͰɺҰ൪͍͍αʔϏε͍͍ใΛ ݟ͚ͭΔࣄ͕Ͱ͖ΔΘ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE
ϗϯμεʔύʔΧϒ ྦྷܭൢചສ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
εʔύʔΧϒͷϖϧιφɿ ڶഴͷୡһ IUUQXXXUWUPLZPDPKQNWXCTMPOHTFMMFSQPTU@ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
ͦͷୡͰख͕;͕͞ΔͷͰ ͚ͩͰมͰ͖ΔΫϥον͕ඞཁ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
ొਓͷ ݱঢ়ͷϓϩηεΛચ͍ग़͢
εςοϓ ߦಈ ײͷ ු͖Έ ۭߓ౸ண Ҡಈ ϗςϧ ண ੫ؔ ՙ
ϐοΫ 8Jp ଓ Ӻʹ ͔͏ ίϯϏχ νέο τങ͏ Ӻߍ ʹҠಈ ిं ͭ ిं ग़ൃ తӺ ౸ண XJp ଓτϥΠ Լं ϗςϧ ୳͢ ెา Ҡಈ νΣοΫ Πϯ ෦ͷ XJp γϟϫʔ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE λον ϙΠϯτ ۭߓ XJp ίϯϏχ XJp Ӻ XJp ిं XJp Ӻ XJp ϗςϧ XJp ࢥߟ ۭߓXJp ͍ ͍͚Ͳ ళͷΈ ӺXJp ͍ XJpར༻ʹ ԁ ͔͔Δʂ ӺXJp ͍ 8Jp շదʂ ຊʹ౸ண͔ͯ͠Β ϗςϧʹνΣοΫΠϯ͢Δ·Ͱͷ ετʔϦʔΛॻ͖ग़͢ ୡ͍ͨ͠ඪɿ 8JpΛ͖ͳ࣌ʹ ར༻ͯ͠ใൃ৴͍ͨ͠ʂ
None
None
࠷ॳʹλʔήοτͱ͢Δࢢͷ͜ͱ ͜͜ʹଐ͢Δސ٬ɺ՝Λೝࣝ͠ ͍ͯΔੵۃతʹιϦϡʔγϣϯΛ ୳͍ͯ͠ΔΞʔϦʔΞμϓλʔͰ͋Δ ΤϯτϦʔࢢͱ
ہઓʹ ࣋ͪࠐΉʂ Ͳ͜Ͱ ઓ͏͔ʁ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
ૂ͏͖ΤϯτϦʔࢢͷ ղ૾ΛߴΊΔͨΊʹ (PUPNBSLFUQMBO ΛཱͯΔ
ࣄྫɿ ࣏ྍӃ͚ιϦϡʔγϣϯ
ᶃࢢηάϝϯτͱ όϦϡʔνΣʔϯʢϓϩηεʣ ΛҼղ͢Δ
όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ
খ ηάϝϯτ ू٬ ༧ཧ υλΩϟϯ ରԠ ױऀ ཧ ױऀ ఆணԽ ࣄ ॲཧ ਓࣄ ࿑ ࣗඅ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ ݱঢ় ҡ࣋ νΣʔϯ ֦େ ࢤ ݱঢ় ҡ࣋ อݥ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ ݱঢ় ҡ࣋ νΣʔϯ ֦େ ࢤ ݱঢ় ҡ࣋ όϦϡʔνΣʔϯ ηάϝϯτ
ᶄχʔζʢ1BJOʣ͕ڧ͍ ηάϝϯτϓϩηε Ͳ͔͜Λϓϩοτ͢Δ
όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ
খ ηάϝϯτ ू٬ ༧ཧ υλΩϟϯ ରԠ ױऀ ཧ ױऀ ఆணԽ ࣄ ॲཧ ਓࣄ ࿑ ࣗඅ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ় ҡ࣋ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ֦େ ࢤ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ় ҡ࣋ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ় ҡ࣋ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ֦େ ࢤ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ় ҡ࣋ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ9χʔζͳ͠ ϓϩοτ͢Δ
όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ
খ ηάϝϯτ ू٬ ༧ཧ υλΩϟϯ ରԠ ױऀ ཧ ױऀ ఆணԽ ࣄ ॲཧ ਓࣄ ࿑ ࣗඅ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ় ҡ࣋ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ֦େ ࢤ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ় ҡ࣋ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ় ҡ࣋ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ֦େ ࢤ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ় ҡ࣋ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ9χʔζͳ͠ χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε
ᶅࢢαΠζΛ ໌֬ʹ͢Δ
όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ
খ ηάϝϯτ ू٬ ༧ཧ υλΩϟϯ ରԠ ױऀ ཧ ױऀ ఆணԽ ࣄ ॲཧ ਓࣄ ࿑ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ ݅ʣ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ʢ݅ʣ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ʢ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ʢ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ʢ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ9χʔζͳ͠ ࢢαΠζΛ ໌֬ʹ͢Δ
ىۀՈϛΫϩঢ়گ ʢλʔήοτϢʔβʔͷΤίϊϛΫεঢ়ଶ ͷઐՈʹͳΔ͚ͩͰͳ͘ɺ ϚΫϩঢ়گ ʢλʔήοτࢢͷঢ়گࠓޙɺ ࢢ͕Ͳ͏ਐԽ͢Δ͔ʣ ͷઐՈʹͳΔඞཁ͕͋Δ
ࠓ͔Β̍̌ޙͷࢢ͕ͲͷΑ͏ʹ มԽ͍͔ͯ͘͠Λఆ͢Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF 1SPEVDU 'VUVSF.BSLFU 'JU
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όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ
খ ηάϝϯτ ू٬ ༧ཧ υλΩϟϯ ରԠ ױऀ ཧ ױऀ ఆணԽ ࣄ ॲཧ ਓࣄ ࿑ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ ݅ ݅ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ݅ ʢ ݅ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ ݅ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ݅ ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ ݅ ʢ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ݅ ʢ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ ݅ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ݅ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ9χʔζͳ͠ ͕ࣗͨͪ ࢢΛ੮ר͢Δ࣌ظ ʹࢢڥ͕Ͳ͏ͳΔ͔ ͷղ૾ΛߴΊΔ
ᶆΧελϚʔݱঢ়ͲͷΑ͏ͳ ସιϦϡʔγϣϯ Λ׆༻͍ͯ͠Δ͔ʢڧ͍ΒΕ͍ͯΔ͔ʣʁ
ସҊʹର͢Δ ෆશʢෆຬɺෆศɺෆ҆ɺඇޮʣ Λ໌Β͔ʹ͢Δ
όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ
খ ηάϝϯτ ू٬ ༧ཧ υλΩϟϯ ରԠ ױऀ ཧ ױऀ ఆணԽ ࣄ ॲཧ ਓࣄ ࿑ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ ݅ ݅ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ݅ ʢ ݅ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ ݅ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ݅ ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ ݅ ʢ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ݅ ʢ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ ݅ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ݅ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ9χʔζͳ͠ ସ ιϦϡʔγϣϯ ͋Γ ସ 9:; ସ 9:; ସ "#$ ସ &'( ସ ιϦϡʔγϣϯ ͋Γ ସ ιϦϡʔγϣϯ ͋Γ ସ ιϦϡʔγϣϯ ͋Γ
όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ
খ ηάϝϯτ ू٬ ༧ཧ υλΩϟϯ ରԠ ױऀ ཧ ױऀ ఆணԽ ࣄ ॲཧ ਓࣄ ࿑ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ ݅ ݅ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ݅ ʢ ݅ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ ݅ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ݅ ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ ݅ ʢ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ݅ ʢ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ ݅ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ݅ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ9χʔζͳ͠ ସ ιϦϡʔγϣϯ ͳ͠ ସ 9:; ସ 9:; ସ "#$ ସ &'( ସ ιϦϡʔγϣϯ ͳ͠ ସ ιϦϡʔγϣϯ ͳ͠
όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ
খ ηάϝϯτ ू٬ ༧ཧ υλΩϟϯ ରԠ ױऀ ཧ ױऀ ఆணԽ ࣄ ॲཧ ਓࣄ ࿑ ࣗඅ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ ݅ ݅ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ়ҡ࣋ ݅ ʢ ݅ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ݅ ֦େࢤ ݅ ݅ʣ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ়ҡ࣋ ݅ ݅ʣ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ݅ ֦େࢤ ݅ ʢ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ়ҡ࣋ ݅ ʢ ݅ʣ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ݅ ֦େࢤ ݅ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ়ҡ࣋ ݅ ݅ʣ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ9χʔζͳ͠ ସ 9:; ସ 9:; ସ "#$ ସ &'( Ұ൪࠷ॳͰ ૂ͏ࢢ
ͳͥ͜ͷࢢηάϝϯτ ʢΤϯτϦʔࢢʣΛ ࠷ॳʹબΜͩͷ͔Λ આ໌Ͱ͖Δ͜ͱ͕ॏཁ
࠷ॳͷࣄۀԾઆͰ େࣄͳͷ z8IFSFz Ͳ͜ͰΔ͔ʁ
ͳͥ "NB[PO ޭͨ͠ͷ͔ʁ
"NB[PO͕ࣄۀΛ্ཱͪ͛ͨ࣌ zΤϒϦγϯάετΞʹͳΔz ͱ͍͏ϏδϣϯΛܝ͛ͨ
զʑͷϏδϣϯ ΤϒϦγϯάετΞʹͳΔ͜ͱͩɻ ͔͠͠ɺ࠷ॳ͔ΒຊͷΤϒϦγϯ άετΞΛ্ཱͪ͛Δͷແཧͩɻ Կ͔Β࢝ΊΔ͖͔ʁ +F⒎#F[PT $&0P"NB[PO
࠷ॳʹ ίϯϐϡʔλιϑτΣΞɺ ࣄ༻ɺΞύϨϧ ԻָͳͲީิͱͳΔ ࡐΛϦετΞοϓͨ͠ɻ
ΧλϩάԽ ͷ͢͠͞ ग़ՙͷ ͷ͢͠͞ ཧͷ ͢͠͞ ΦϑϥΠϯͰͷ खʹೖΓ͢͞ ϓϩμΫτ ΧςΰϦʔ
&BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE ചΕےͷຊ ϚΠφʔͳຊ ചΕےͷ%7% ϚΠφʔͳ%7% ిԽ ւ֎ిԽ Ո۩ ւ֎Ո۩ &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE ചΕےͷதݹຊ ϚΠφʔͳதݹຊ ചΕےͷதݹ%7% ϚΠφʔͳதݹ%7% தݹిԽ தݹւ֎ిԽ தݹՈ۩ தݹւ֎Ո۩
ॻ੶͕࠷ॳʹ ߈ΊΔ͖ࢢͱͯ͠࠷దͩͬͨ ͦͷཧ༝ͱͯ͠ ɾॻ੶ͳΒԿඦສλΠτϧͰ͋ͬͯΧλϩάԽͰ͖Δ ɾ͕ͯ͢ಉ͡ܗঢ়ͳͷͰൃૹ͍͢͠ ɾऔ࣍ళͷݶΒΕ͍ͯΔͷͰަব͍͢͠ ɾॻళ͕ࡏݿΛ๊͑ͨ͘ͳ͍ϩϯάςʔϧʹରԠ ͢Δ͜ͱ͕Ͱ͖Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE
ΧλϩάԽ ͷ͢͠͞ ग़ՙͷ ͷ͢͠͞ ཧͷ ͢͠͞ ΦϑϥΠϯͰͷ खʹೖΓ͢͞ ϓϩμΫτ ΧςΰϦʔ
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ਓؾͷ͋Δϕετηϥʔॻ੶ͳ Βɺॻళʹߦ͚खʹೖͬͨ
ϚΠφʔͳॻ੶Λ ಡΉʹେܕਤॻؗʹ ߦͬͯआΓΔ͔͠બࢶ͕ͳ͔ͬͨ
ΧλϩάԽ ͷ͢͠͞ ग़ՙͷ ͷ͢͠͞ ཧͷ ͢͠͞ ΦϑϥΠϯͰͷ खʹೖΓ͢͞ ϓϩμΫτ ΧςΰϦʔ
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ΤόϯδΣϦετΧελϚʔͷ୳͠ํ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF Γ߹͍ʹ հͯ͠Β͏
5XJUUFSͷzߴͳݕࡧzΛ͍ ؔ࿈͢Δ୯ޠͰݕࡧ͢Δ ΤόϯδΣϦετΧελϚʔͷ୳͠ํ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
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ϏβεΫͷΑ͏ͳ εϙοτίϯαϧςΟϯά Ͱ୳ͯ͠ΈΔ IUUQTTFSWJDFWJTBTRDPNDBNQBJHO $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF ΤόϯδΣϦετΧελϚʔͷ୳͠ํ
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ΤόϯδΣϦετΧελϚʔͷ୳͠ํ ۀքͷਓ͕Γ߹͍ʹ ͍ͨΒϥϯνΛ͢͝Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE
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Ծઆߏங ώΞϦϯά ʢҰ࣍ใʣ Ծઆݕূ
૬ଓਓ ඃ૬ଓਓ ସιϦϡʔγϣϯ Ҩ࢈૬ଓͷݱঢ়ϑϩʔ ෆศɺɺ ෆຬɺɺ ෆຬɺɺ Ϣʔβʔͷ Λݕূੳ͢Δ
ϢʔβʔͷຊͷෆຬԿ͔ʁ ෆຬΛҾ͖ى͍ͯ͜͠ΔཁҼԿ͔ʁ
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಄͕௧͍ ಄௧ༀ ৸ෆ ਭༀ ঢ় ॲํ 8IZ
಄͕௧͍ ಄௧ༀ ৸ෆ ਭༀ ετϨε ͓ञ 8IZ ঢ় ॲํ 8IZ
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಄͕௧͍ ಄௧ༀ ৸ෆ ਭༀ ετϨε ͓ञ ࢠҭͯͱ ࣄͷཱ྆ͷ ϓϨογϟʔ 8IZ
ঢ় ॲํ 8IZ 8IZ ঢ়ͷਅҼɿ ࣭ͷߴ͍՝
಄͕௧͍ ಄௧ༀ ৸ෆ ਭༀ ετϨε ͓ञ ࢠҭͯͱ ࣄͷཱ྆ͷ ϓϨογϟʔ 8IZ
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ݴಈ ຊԻ ͦͷߦಈΛ ڧ͍ΒΕ͍ͯΔ ΧελϚʔͷຊԻ ʁ ਂͷ ຊԻ ΧελϚʔࣗ͢Β ݴޠԽ͍ͯ͠ͳ͍
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ԾઆΛߏங͢Δલ MM zԿ͕͔͍ͬͯͳ͍ͷ͔ɺ͔ͬͯͳ͍ঢ়ଶz ʢ6OLOPXOPG6OLOPXOT
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ϦεΫͷۄͶ͗
zϦεΫͷϦετΛ࡞ͬͯݟΔͱ ۀνʔϜΛ࡞ΕΔ͔ɺϓϩμΫτΛ࡞ΕΔ͔ ϓϩμΫτΛϩʔϯνͰ͖Δ͔ɺ ࢢʹ͏·͘ड͚ೖΕΔΒΕΔ͔ɺͳͲ ઌʹਐΜͰ͍͘ͱϦεΫ͕ݱΕΔz ϚʔΫΞϯμϦʔηϯ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE IUUQTMPHNJKQ 4UBSUVQ4DJFODF
ϦεΫΦϙνϡχςΟʔͷνΣοΫϦετ ✔ɹ$VTUPNFS1SPCMFN'JU3JTL ՝Λݟ͚ͭΔ͜ͱ͕Ͱ͖Δ͔Ͳ͏͔ͷϦεΫ ✔ɹ1SPCMFN4PMVUJPO'JU3JTL ͋Δ͖ιϦϡʔγϣϯΛݕূͰ͖Δ͔ͷϦεΫ ✔'PVOEFSSFBEJOFTT3JTL ۀऀ͕ελʔτΞοϓͷجຊతͳܕΛԡ͍͑ͯ͞Δ͔ͷϦεΫʣ ✔ɹ'PVOEFS*TTVF'JU3JTL
ۀऀͱ՝͕߹͍ͬͯΔ͔ͷϦεΫʣ ✔ *OJUJBM$BQJUBMJ[BUJPO3JTL ॳظͷࢿຊࡦϦεΫʣ ✔ɹ5FDIOJDBM'FBTJCJMJUZ3JTL ٕज़తʹ࣮ݱՄೳ͔ͷϦεΫʣ ✔ɹ1SPEVDUMBVODI3JTL ϓϩμΫτΛϩʔϯνͰ͖Δ͔ͷϦεΫʣ ✔ɹ'PVOEJOH5FBN#VJMEJOH3JTL ίΞϝϯόʔΛͰ͖Δ͔ͷϦεΫʣ ✔ɹ1JWPU5PMFSBUJPO3JTL ϐϘοτʹ͑ΕΔ͔ͷϦεΫʣ ✔ɹ1SPEVDUNBSLFUpU3JTL ਓ͕ཉ͕͠ΔͷΛ࡞ΕΔ͔ͷϦεΫʣ ✔ɹ1SPEVDU5SBDUJPO3JTL ϓϩμΫτͷτϥΫγϣϯ͕͋Δ͔ͷϦεΫʣ ✔ɹ6OJU&DPOPNJDT3JTL 6OJU&DPOPNJDTΛୡͰ͖Δ͔ͷϦεΫʣ ✔0QFSBUJPOCMBDLCPY3JTL ۀ͕ϒϥοΫϘοΫεԽͯ͠͠·͏ϦεΫʣ ✔ ɹ4DBMFʢ(PUPNBSLFUԣల։ʣΦϙνϡχςΟʔɹʢ1.'ୡͨ͠ͷΛԣల։Ͱ͖Δ͔ ✔ 4DBMF 1SPEVDUSPBENBQ ΦϙνϡχςΟʔʢܧଓͯ͠͞ΔϓϩμΫτ࡞ΕΔ͔ʣ ✔ ɹ4DBMF )JSJOH ϦεΫɹʢࣄۀ֦େͷͨΊʹਓΛ࠾༻Ͱ͖Δ͔ʣ ✔ ɹ4DBMF %FGFOTJCJMJUZCVJMEJOHڝ߹ഉআ ϦεΫʢޚนΛங͖ڝ߹Λഉআ͢Δ͜ͱ͕Ͱ͖Δ͔ʁʣ ✔ ɹ'PVOEFSUP$&0USBOTGPSN3JTL ىۀՈ͔ΒܦӦऀʹͳΕΔ͔ʣ ✔ ɹ$POHSPNBSJU%JTDPVOUϦεΫʢϙʔτϑΥϦΦܦӦΛͨ࣌͠ʹࣄۀؒͷγφδʔ͕͋Δ͔ʣ ✔ ɹ*10ϦεΫʢ*10Ͱ͖Δ͔ɺ*10લͷμϯϥϯυʹ͕͑͏Δ͔ʁʣ ✔ 1PTU*10(SPXUIΦϙνϡχςΟʔʢ্ޙʹ͢ΔͨΊͷ6QTJEFΛࠐΜͰ͍Δ͔ʣ ͔࣍Β࣍ͱ ൃੜ͢ΔϦεΫ ΦϓνϡχςΟʔʹ ରԠͰ͖Δ͔ʁ
ϦεΫΦϙνϡχςΟʔͷνΣοΫϦετ ✔ɹ$VTUPNFS1SPCMFN'JU3JTL ՝Λݟ͚ͭΔ͜ͱ͕Ͱ͖Δ͔Ͳ͏͔ͷϦεΫ ✔ɹ1SPCMFN4PMVUJPO'JU3JTL ͋Δ͖ιϦϡʔγϣϯΛݕূͰ͖Δ͔ͷϦεΫ ✔'PVOEFSSFBEJOFTT3JTL ۀऀ͕ελʔτΞοϓͷجຊతͳܕΛԡ͍͑ͯ͞Δ͔ͷϦεΫʣ ✔ɹ'PVOEFS*TTVF'JU3JTL
ۀऀͱ՝͕߹͍ͬͯΔ͔ͷϦεΫʣ ✔ *OJUJBM$BQJUBMJ[BUJPO3JTL ॳظͷࢿຊࡦϦεΫʣ ✔ɹ5FDIOJDBM'FBTJCJMJUZ3JTL ٕज़తʹ࣮ݱՄೳ͔ͷϦεΫʣ ✔ɹ1SPEVDUMBVODI3JTL ϓϩμΫτΛϩʔϯνͰ͖Δ͔ͷϦεΫʣ ✔ɹ'PVOEJOH5FBN#VJMEJOH3JTL ίΞϝϯόʔΛͰ͖Δ͔ͷϦεΫʣ ✔ɹ1JWPU5PMFSBUJPO3JTL ϐϘοτʹ͑ΕΔ͔ͷϦεΫʣ ✔ɹ1SPEVDUNBSLFUpU3JTL ਓ͕ཉ͕͠ΔͷΛ࡞ΕΔ͔ͷϦεΫʣ ✔ɹ1SPEVDU5SBDUJPO3JTL ϓϩμΫτͷτϥΫγϣϯ͕͋Δ͔ͷϦεΫʣ ✔ɹ6OJU&DPOPNJDT3JTL 6OJU&DPOPNJDTΛୡͰ͖Δ͔ͷϦεΫʣ ✔ 0QFSBUJPOCMBDLCPY3JTL ۀ͕ϒϥοΫϘοΫεԽͯ͠͠·͏ϦεΫʣ ✔ $VMUVSF#SFBLSJTLʢΧϧνϟʔ͕յΕͯ͠·͏ϦεΫʣ ✔ ɹ4DBMFʢ(PUPNBSLFUԣల։ʣΦϙνϡχςΟʔɹʢ1.'ୡͨ͠ͷΛԣల։Ͱ͖Δ͔ ✔ 4DBMF 1SPEVDUSPBENBQ ΦϙνϡχςΟʔʢܧଓͯ͠͞ΔϓϩμΫτ࡞ΕΔ͔ʣ ✔ ɹ4DBMF )JSJOH ϦεΫɹʢࣄۀ֦େͷͨΊʹਓΛ࠾༻Ͱ͖Δ͔ʣ ✔ ɹ4DBMF %FGFOTJCJMJUZCVJMEJOHڝ߹ഉআ ϦεΫʢޚนΛங͖ڝ߹Λഉআ͢Δ͜ͱ͕Ͱ͖Δ͔ʁʣ ✔ ɹ'PVOEFSUFBNUP$90USBOTGPSN3JTL ىۀՈ͔ΒܦӦऀʹͳΕΔ͔ʣ ✔ ɹ$POHSPNBSJU%JTDPVOUϦεΫʢϙʔτϑΥϦΦܦӦΛͨ࣌͠ʹࣄۀؒͷγφδʔ͕͋Δ͔ʣ ✔ ɹ*10ϦεΫʢ*10Ͱ͖Δ͔ɺ*10લͷμϯϥϯυʹ͕͑͏Δ͔ʁʣ ✔ 1PTU*10(SPXUIΦϙνϡχςΟʔʢ্ޙʹ͢ΔͨΊͷ6QTJEFΛࠐΜͰ͍Δ͔ʣ 1SF TFFE 4FFE 4FSJFT "d# 4FSJFT $d
1SF4FFE 4FFE 4FSJFT" 4FSJFT#d ʢεέʔϧΛࢦ͢ʣ 1SF*10 *10Λࢦ͢ʣ $1'14'Λࢦ͢ ʢ1.ୡΛࢦ͢ʣ ʢ6OJUFDPOPNJDT݈શԽʣ
1PTU*10 *10ޙͷʣ 4UBSUVQͷ ϑΣʔζຖ 3JTL $1'3JTL ॳظࢿຊࡦ3JTL 'PVOEFS*TTVF'JU3JTL 5FDIOJDBM'FBTJCJMJUZ3JTL 1SPEVDUMBVODI3JTL ۀνʔϜ3JTL 1JWPUUPMFSBUJPO3JTL 1.'3JTL 6OJU&DPOPNJDT3JTL 0QFSBUJPO#MBDLCPY3JTL $VMUVSF#SFBL3JTL )JSJOH3JTL 5BMFOU3FUFOUJPO3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL &OUSFQSFOFVSUP$90USBOTGPSNSJTL $POHMPNFSBUF%JTDPVOU3JTL *103JTL *10ޙ3JTL
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ϏδωεϞσϧʁ
ϏδωεϞσϧʹΑͬͯ ετʔϦʔ͕มΘͬͯ͘Δ
ΫϦςΟΧϧϚεܕ
ΫϦςΟΧϧϚεܕ Ϣʔβʔ͕ ͋Δᮢʹୡ͢Δͱ Ұؾʹ֦େ͢Δ ٸʹ ֦େ
ߴ ߴ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF Ϣʔβʔ 5SBDUJPO ϢʔβʔΤϯήʔδϝϯτ ϚʔέοτϓϨʔεܕͷ߹
ྲྀ௨ྔΛ͋Δఔ ૿͑ͳ͍ͱ Ϣʔβʔͷ Τϯήʔδϝϯτ͕ ߴ·Βͳ͍
ใײ͕ߴ͍ॳظϢʔβʔ ʢΞʔϦʔΞμϓλʔʣ͔Βɺ ΫϦςΟΧϧϚεΛૂ͏ϏδωεϞσϧ ʢϝϧΧϦɺ6CFS "JSCOC ϏβεΫͳͲʣ ΫϦςΟΧϧϚεܕɿ
Πϊ ϕʔλʔ ΞʔϦʔ Ξμϓλʔ ΞʔϦʔ ϚδϣϦ Ϩʔτ ϚδϣϦ ϥΨʔυ શମͷd
$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF Ϣʔβʔ͕ ͋Δᮢ ΩϟζϜӽ͑ʣ ʹୡ͢Δͱ Ұؾʹ֦େ͢Δ
ϝϧΧϦͷࣄྫ
ϝϧΧϦͷചΓ্͛ਪҠ Ϣʔβʔ͕͋Δᮢ ʹୡ͢Δͱٸ֦େ͢Δ https://pl-bs.net/mercari/
Ϣʔβʔ͕͋Δᮢ ʹୡ͢Δͱٸ֦େ͢Δ
औҾྔ धཁऀଆͷ Ձ ߴ͍ ͍ গͳ͍ ଟ͍ ωοτϫʔΫ ίετ ߴ͍
͍ ػձ ൃݟ ऩӹϞσϧ ͷཱ֬ αΠυ ωοτϫʔΫ ͷେ͖͞ αΠυؒ ωοτϫʔΫ ͷେ͖͞ Ϛϧν ϗʔϛϯάରԠ ิత ϓϩμΫτ 85"ͷ ฐରԠ ิత ػೳ ॳظࢢ ఆٛ ίϯϓϥΠΞϯε Ψόφϯε 1'Ϗδωε ͷϚΠϧετʔϯ
$VSBUJPO ʢϚονϯάհʣ $SFEJCJMJUZ ʢ৴པੑʣ $POTJTUFODZ 69 $POUSJCVUJPO ʢࢀՃऀͷߩݙʣ $PNNVOJUZ $POUSPM
ʢΨόφϯεʣ $PSSFDUJPO ʢੋਖ਼ʣ $PMMBCPSBUJPO ʢ൘ઓུʣ $PSF 5SBOTBDUJPO ,1* $ ,1* 4UBHF *EFBUJPO $1' .71 1.' 5SBOTJUJPO 5P4DBMF ʔ ʔ ʔ ʔ ʔ ʔ ͳ͍͕͠Ζʹ͞Ε͍ͯΔ Ձೝࣝ͞Ε͍ͯͳ͍ औҾ୯ҐΛݟ͚ͭΔ $PNQFUJUJPO ʢڝ߹ରࡦʣ $POUFOU ίϯςϯπ༠Ҿ ʔ 671Λݟ͚ͭΔ ݱϚʔέοτͷෆΛൃݟ ɾϦςϯγϣϯ ɾ༗ྉԽస ɾ༗ྉԽ͢Δ࣌ͷՃՁఏҊ ɾਖ਼ͷωοτϫʔΫޮՌΛ ੜΈग़͢ྑͳΠϯλϥΫγϣϯ ʢྲྀಈੑʣ ɾϚονϯάଅਐͨΊʹϋΠλονͰ ϚονϯάΛߦ͏ ɾࣗΒχϫτϦཛʹͳΔ ɾίϯγΣϧδϡϞσϧΛ࠾༻ ɾΠϕϯτͳͲΛૂ͏ ࣗΒͷωοτϫʔΫΛ։ ελʔνΞοϓࣗΒ ίϛϡχςΟʔΛ্ཱͪ͛ͯӡӦ͠ ΧελϚʔϘΠεΛฉ͘ ݶΒΕͨࢢʹ͓͍ͯ ίΞτϥϯβΫγϣϯΛ ཱ֬͢Δ ɾωοτϫʔΫޮՌΛ ׆༻ͯ͠ڝ߹ʹࠩΛ͚ͭΔ ɾࢀՃऀͷਖ਼ͷωοτϫʔΫޮՌΛ ಋͨ͘Ίͷ๏ଇΛݟ͚ͭΔ ɾॏతͳʢิతͳʣ τϥϯβΫγϣϯΛݕূ࣮͢͠Δ ɾαΠυεΠονϯάΛଅ͢ ɾαϒεΫఆֹԽͷݕ౼ӡӦ ɾϖϧιφΛઃܭͯ͠ ݱঢ়ͷϖΠϯδϟʔχʔͱ ͋Δ͖όϦϡʔδϟʔχʔ ͷԾઆΛཱͯΔ ɾ-PXUPVDI5FDIUPVDI ͷΩϡϨʔγϣϯΛઃܭ͢Δ ɾεϚʔτϓϥΠγϯά ɾదͳϓϥΠγϯάΛݕূ ɾػցֶश"*ͷಋೖΛݕ౼͢Δ ʢ5FDIUPVDIΩϡϨʔγϣϯʣ ɾิతαʔϏεͷఏڙ ɾऔҾͷۭനΛຒΊΔ ɾಉҰαΠυΫϩεαΠυͷ ωοτϫʔΫޮՌଅਐ ɾόϦϥϦςΟʔͷઃఆ ɾྑ͍ίϛϡχςΟͷ ঢ়ଶΛ໌֬ʹͯ͠ӡӦ͢Δ ɾϧʔϧํΛܾΊΔ ɾιʔγϟϧϦεχϯάΛ࣮ߦ ɾதൈ͖Λ͙ͨΊͷิαʔϏεΛݕূ औҾΛఆੑతʹ ϞχλϦϯά ʢ)JHIUPVDI ͱͳΔΑ͏ͳ ΠϯϑϧΤϯαʔΛΦϯϘʔσΟϯά औҾΛੋਖ਼ )JHIUPVDI ɾίϛϡχςΟʔϚωʔδϟʔͷ࠾༻ ɾϢʔβʔάϧʔϓ ɾΤίγεςϜͷղ์ ɾΦʔϓϯϓϥοτϑΥʔϜ"1*Λ࣮ ͯ͠ΤίγεςϜΛ֦ு͢Δ ɾσʔλΞάϦήʔγϣϯ ɾϚϧνφγϣφϧԽ ίΞΠϯλϥΫγϣϯͷ ྲྀ௨ྔ͕5JQQJOHϙΠϯτΛ ͍͑ͯΔ ɾΫϦςΟΧϧϚεʹ౸ୡͰ͖Δ͔ ɾऔҾҰ݅͋ͨΓͷརӹ ɾฏۉධՁ ɾόϦϡʔδϟʔχʔΛ ϕʔεʹͯ͠69Λߏங͢Δ ʢϋΠλονͰߏஙʣ ɾϒϥϯυͷ֬ ɾϚεϢʔβʔ͚ʹల։ͯ͠85"ͷঢ়ଶΛங͘ ɾڝ߹͕ૂ͏ྖҬͷՁ֨Խ ϚεϢʔβʔΛऔΓࠐΉΑ͏ͳίϯςϯπΛ࡞Δ ɾμΠφϛοΫϓϥΠγϯά ɾσʔλΛ׆༻ͨ͠ύʔιφϥΠθʔγϣϯ ɾσʔλ׆༻ϙϦγʔͷಁ໌Խ औҾΛੋਖ਼ )JHIUPVDIPS -PXUPVDI $PNQMJBODF ɾ࠷ॳʹૂ͏͖ࢢΛݕূ ɾੜ࢈ऀͱڙڅऀΛ݁ͼ͚ͭΔ ͜ͱʹՁ͕͋Δ͔Λݕূ ɾϢʔβʔͷΦϯϘʔσΟϯά ʹدΓఴͬͯɺใΛूΊΔ ʢϋΠλονΦϯϘʔσΟϯάʣ ɾݱঢ়ͷସҊΛݕূ͢Δ ʢݱঢ়ͷସҊʹͲΜͳෆ͕ ͋Δ͔Λݕূʣ ɾऔҾࣗମ͕๏ʹ ᧽৮͍ͯ͠ͳ͍͔ΛνΣοΫ ɾࣅͨΑ͏ͳϞσϧ͕ ग़ͯ͜ͳ͍͔ΥονΛଓ͚Δ ɾఆظతʹ߹๏ੑΛ νΣοΫ͢Δ ɾऔҾͷ߹๏ੑΛ ఆظతʹνΣοΫ͢Δ ɾϩʔλονςοΫλον ΦϯϘʔσΟϯάͰ͖ͳ͍͔Λݕূ͢Δ ɾෆ҆ͷนΛΓӽ͑Δ๏ଇΛݟ͚ͭΔ ɾ69Λཁૉղͯ͠ ఆظతʹΩʔυϥΠόʔੳΛߦ͏ ɾੜ࢈ऀফඅऀ͚ͷ69ͷڧԽ ɾΧελϚʔαʔϏεͷ࣮ӡ༻ ɾϓϩμτνϟωϧϑΟοτ Λୡ͢Δ ʢ̍ͭͰউͪےͷνϟωϧΛݟ͚ͭΔʣ ɾαΠυεΠονϯά ɾΤίγεςϜ෦͔ΒͷઓʹରԠ͢Δ ʢྗΛ࣋ͬͨύϫʔηϥʔͷରԠʣ ͱͳΔΑ͏ͳ ΠϯϑϧΤϯαʔϦετ࡞Γ ʢ߹ʹΑͬͯίϯλΫτʣ ͱͳΔΑ͏ͳ ΠϯϑϧΤϯαʔΛϚωʔδϝϯτ͢Δ ɾਓͷؾ͕͢Δ5FDIUPVDIΛ࣮ ɾϚεϢʔβʔ͚ͷ৴པΛఆٛͯ͠ৢ͢Δ ɾଟࠃԽઓུʹͯɺ֤ϩʔΧϧͷ৴པΛݴޠԽ ɾେنͳϢʔβʔΧϯϑΝϨϯε ɾڠձͷઃཱ ɾϩϏʔ׆ಈΛ௨ͯ͡ݹ͍ن੍ΛΞοϓσʔτ ɾڝ߹αʔϏεͷങऩݕ౼ ɾϚϧνϗʔϛϯάରԠ औҾΛੋਖ਼ -PXUPVDIPS5FDIUPVDI
ੵΈ্͛ܕ
ੵΈ্͛ܕ ॳظ͔Β͡Θ͡Θͱ ചΓ্ཱ͕͛ͭϞσϧɻ ސ٬ͱͷؔɺ ੵΈ্͕͍ͬͯͨ͘Ί ͋ΔఔͷΩϟογϡϑϩʔΛ ಘΔ͜ͱ͕ظͰ͖ ઙ͍+ΧʔϒʹͳΔɻ
8BOUFEMZ 'SFFF 4NBSU)3 ͳͲͷ4BB4ܕ4VCTDSJUJPOܕ ͷϏδωεϞσϧ
γʔυ γϦʔζ" γϦʔζ# ੵΈ্͛ܕͷ߹Ұؾʹଟֹʹௐୡ͢ΔͷͰͳ͘ ஈ֊తʹௐୡͯ͠ߦ͘
3%ܕ
࣮ূ࣮ݧΛ܁Γฦ͠ɺ ༻Խ͢Δ·Ͱ͕͔͔࣌ؒͬͯ͠·͏ɻ ରͱ͍ͯ͠Δٕज़͕ɺଞࣾʹΑͬͯ ઌߦ͞Εͳ͍͔͕ΩʔʹͳΔ 3%ܕ
։ൃϚΠϧετʔϯͱ ࢿۚௐୡλΠϛϯά͕ॏཁ
ॿۚΛ ͍ॳظݚڀ γʔυͰ ࣮ূ࣮ݧ γϦʔζ"ʙ Ͱച্ཱͯΔ ݚڀ։ൃϑΣʔζຖʹ ࢿۚௐୡΛ͚ͯߟ͑Δ γϦʔζ#ʙ Ͱࣄۀ֦େ
ΤϯτϦʔࢢ͔Β ͲͷΑ͏ʹԣల։͢Δ͔ʁ
$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE
$PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ΫϥυϫʔΫε َϋΠλονͱݶఆηάϝϯτΞϓϩʔν Ͱૣظͷ1.'Λୡ͠ ̕ϲ݄Ͱ্Λୡͨ͠
ੌΤϯδχΞ͕ू͏ ϋοΧιϯʹۀऀͷ٢ా͞Μ ࣗΒࢀՃͨ͠
εϙϯαʔͱͯ͠ ϐβΛఏڙ
ΫϥυϫʔΫεʹ ੋඇొ͍ͯͩ͘͠͞ʂ
ϋοΧʔϨϕϧͷ ΤϯδχΞ͕ਓαΠϯΞοϓ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE
ΫϥυϫʔΫεొΤϯδχΞ ϋοΧʔϨϕϧͷ ੌΤϯδχΞ͕ ొͯ͠ʹͳͬͨ
ͦͷొϝϯόʔΛ ΈͨΤϯδχΞ͕ ਓαΠϯΞοϓͨ͠ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE
ΤϯδχΞͷϦετΛ ϕʔεʹ๏ਓސ٬ࣾΛ֫ಘ
࠷ॳɺࣗΒ ϚονϯάΛߦ͍ ૬ޓ࡞༻ͷϘτϧωοΫΛ আڈ͢Δ
اۀ ਓͷ ΤϯδχΞ ΫϥυϫʔΫεͷϏδωεϞσϧόʔδϣϯ̍ ʢ.71 ొ $8 ΤϯδχΞ ͷհ ϐβͷఏڙ
खྉ Ϛονϯάσʔλ Ϛονϯάϊϋ
αΠτ ͷ๚ 4VQQMJFS ڙڅऀʣ #VZFS ʢফඅऀʣ ΞΧϯτ ࡞ ܝࡌใͷ ࡞
ܝࡌ Ҿ͖߹͍ͷ ௨ औҾ ߪೖऀ͕ ൢചऀΛධՁ ఆண αΠτ ͷ๚ ΞΧϯτ ࡞ ɺαʔϏε ͷݕࡧ ݕࡧ݁Ռ දࣔ औҾ ൢചऀ͕ ߪೖऀΛධՁ σϦόϦʔ #PPLJOH σϦόϦʔ ఆண ফඅऀଆ ϝτϦΫε ڙڅऀଆ ϝτϦΫε ΞΫςΟ ϕʔγϣϯ ΞΫςΟ ϕʔγϣϯ ܝࡌใ ྃ ϒοΩϯά औҾཱ औҾֹཱ औҾཱ औҾֹཱ ධՁ ධՁ ϓϥοτϑΥʔϜܕͷϑϩʔ μϒϧαΠυ ϝτϦΫε ݕࡧ݁Ռͷ Ϛονϯά ൢചऀɾڙڅऀ ͷฏۉධՁ Ձͷަ ྲྀ௨ྔ ใͷަ ࣭ͱྔ Ϧϐʔτ 8"6."6 Ϧϐʔτ 8"6."6 σϦόϦʔ ϦʔυλΠϜ ࠷ॳࣗΒ ಈ͍ͯ྆ଆΛ ू٬͢Δ ࠷ॳࣗΒ ಈ͍ͯ྆ଆΛ ू٬͢Δ
ίϯγΣϧδϡϞσϧͰཱͨ͠Β ࣍ɺΤϯδχΞͷྖҬʹߜΓ͜Ή ʢχʔζ͕Ұ൪ߴ͔͔ͬͨΒʣ
৬ۀ ϓϩ ෭ۀ اۀ͔Β ͷχʔζ ΤϯδχΞ σβΠφʔ ϥΠλʔ ୯७࡞ۀऀ ϓϩ
෭ۀ ϓϩ ෭ۀ ϓϩ ෭ۀ ϓϩ ෭ۀ ˕ ˓ ˓ ˓ ˚ ˚ ˚ ˚ ࠷ॳ ߜΓࠐΜͩ
'FBTJCJMJUZ 4DBMBCJMJUZ ͍ ߴ͍ ͍ ߴ͍ ɾίϯαϧࣄۀ ɾडୗࣄۀ ɾళฮൢച ɾίϯαϧܕࣄۀʢϋΠλονʣΛ
4BB4ܕʢϩʔλονςοΫλονʣ ʹస ɾݶఆతηάϝϯτͰϓϥοτϑΥʔϜల։ ɾύΠϓϥΠϯܕ͔Β ϓϥοτϑΥʔϜʹస ɾళฮ͔Β%$Ϗδωεʹస Ϋϥυ ϫʔΫε ɾ࠷ॳ͔ΒશํҐతϓϥοτϑΥʔϜ ܕΛࢦ͢ ɾ࠷ॳ͔Β5FDIUPVDIϝΠϯͰ4BB4 Λࢦ͢
͜ͷܾఆʹڪා͕͋ͬͨɻ ϥΠλʔͷํ͕͕ଟ͍ͳͱ͔ σβΠφʔऔΓࠐ·ͳ͍ͱ ֎औΕͳ͍ͷͰʁ ͱ಄ΛΑ͗ͬͨ ٢ాߒҰ ΫϥυϫʔΫε$&0
اۀ ϓϩΤϯδχΞ ΫϥυϫʔΫεͷ ϏδωεϞσϧόʔδϣϯ̎ ొ $8 հ ใु Ϛονϯάσʔλ Ϛονϯάϊϋ
ใु ϓϩΤϯδχΞ ʹߜΓࠐΜͩ
1%$"ͷ$Λҙࣝͯ͠ αʔϏεΛ࡞Δ ʢܭଌΛҙࣝͯ͠αʔϏεΛ࡞Δʣ
٢ాߒҰ ΫϥυϫʔΫε$&0 ϦΞϧλΠϜʹܭଌ͢ΔͨΊʹ ࠷ॳ͔Βཧը໘Λ࡞Γ·ͨ͠ɻ αʔϏε͕։࢝͢Δͱ ͷલͷαϙʔτ όάվળʹඞࢮʹͳΔ ͳͷͰɺ࠷ॳ͔Β ཧը໘Λ࡞Δ͖Ͱ͢
ΫϥυϫʔΫε ϦΞϧλΠϜʹͷ,1*Λݟ͑ΔԽ
1%$"ͷ $IFDL ܭଌʣ͔Β ࣄۀΛΈཱͯΔ
αΠτ ͷ๚ 4VQQMJFS ڙڅऀʣ #VZFS ʢফඅऀʣ ΞΧϯτ ࡞ ܝࡌใͷ ࡞
ܝࡌ Ҿ͖߹͍ͷ ௨ औҾ ߪೖऀ͕ ൢചऀΛධՁ ఆண αΠτ ͷ๚ ΞΧϯτ ࡞ ɺαʔϏε ͷݕࡧ ݕࡧ݁Ռ දࣔ औҾ ൢചऀ͕ ߪೖऀΛධՁ σϦόϦʔ #PPLJOH σϦόϦʔ ఆண ফඅऀଆ ϝτϦΫε ڙڅऀଆ ϝτϦΫε ΞΫςΟ ϕʔγϣϯ ΞΫςΟ ϕʔγϣϯ ܝࡌใ ྃ ϒοΩϯά औҾཱ औҾֹཱ औҾཱ औҾֹཱ ධՁ ධՁ ϓϥοτϑΥʔϜܕͷϑϩʔ μϒϧαΠυ ϝτϦΫε ݕࡧ݁Ռͷ Ϛονϯά ൢചऀɾڙڅऀ ͷฏۉධՁ Ձͷަ ྲྀ௨ྔ ใͷަ ࣭ͱྔ Ϧϐʔτ 8"6."6 Ϧϐʔτ 8"6."6 σϦόϦʔ ϦʔυλΠϜ ൃऀଆ ͷ,1* Λࡉ͔͘ͱΔ
Ϛονϯά ྲྀ௨૯ֹ͕ߴ·͖͔ͬͯͯΒ ଞͷ৬छʹల։ͨ͠
৬ۀ ϓϩ ෭ۀ اۀ͔Β ͷχʔζ ΤϯδχΞ σβΠφʔ ϥΠλʔ ୯७࡞ۀऀ ϓϩ
෭ۀ ϓϩ ෭ۀ ϓϩ ෭ۀ ϓϩ ෭ۀ ˕ ˓ ˓ ˓ ˚ ˚ ˚ ˚ ରྖҬΛ ͍͛ͯͬͨ
اۀ ϓϩ ΤϯδχΞ ΫϥυϫʔΫεͷ ϏδωεϞσϧόʔδϣϯ ొ $8 հ ใु Ϛονϯάσʔλ
Ϛονϯάϊϋ ใु ϓϩ ϥΠλʔ ϓϩ σβΠφʔ
%FGFOTJCJMJUZ
ᶈ0QFSBUJPOBM &YDFMMFODF 7BMVFDIBJO ᶄ%BUB .BSLFU *OTJHIU ᶃ5FDIOPMPHZ *OOPWBUJPONPEFM ᶇ$VMUVSF 5FBN
$90 ᶆ#SBOE "XBSFOFTT ᶅ/FUXPSL F⒎FDU #VTJOFTT SFMBUJPOTIJQ *1 5FDIUPVDI 0QFSBUJPO )JHIUPVDI 0QFSBUJPO )JSJOH3FUFOUJPO 1PXFS .BTT6TFS "EBQUBUJPO 1FSTPOBMJ[BUJPO 4UBSUVQ %FGFOTJCJMJUZ $JSDMFT
ᶃ5FDIOPMPHZɹ ٕज़ྗʣ ᶄ%BUB.BSLFU*OTJHIUʢσʔλྔσʔλϞσϧΠϯαΠτʣ ᶅ/FUXPSLF⒎FDU#VTJOFTT3FMBUJPOTIJQ ʢεέʔϧϝϦοτ֫ಘͷωοτϫʔΫޮՌऔҾؔͷ࣭ྔʣ ᶆ#SBOE"XBSFOFTT ϒϥϯυՁೝʣ ᶇ$VMUVSF5FBN$90 ձࣾͷจԽ.77νʔϜܦӦਞͷ༏ल͞ʣ ᶈ0QFSBUJPOBM&YDFMMFODF7BMVFDIBJO
ʢΦϖϨʔγϣφϧΤΫηϨϯεඪ४ԽόϦϡʔνΣʔϯख़ʣ ᶉ4USBUFHZ %FGFOTJCJMJUZͷཁҼ
اۀ Ձ #4 1- Ձ ɾݱࡏͷऩӹੑ ɾ#4ͷ݈શੑʢݱ༬ۚɺआۚʣ ɾݻఆࢿ࢈ͷՁ γεςϜɺઃඋͳͲʣ ελʔτΞοϓͷՁʢόϦϡΤʔγϣϯʣΛܾΊΔཁૉ
%FGFOTJCJMJUZ "TTFU ڝ߹༏Ґੑ ࢿ࢈ʣ ɾࣗࣾอ༗ςΫϊϩδʔͷलҳ͞ ɾࡒʢಛڐʣ ɾΤϯδχΞϝϯόʔͷೳྗٕज़ྗ ɾ1SPEVDUͷलҳੑ 5FDIOPMPHZ*1&OHJOFFSJOH ɾ.BSLFU*OTJHIU ɾ%BUBྔ%BUBϞσϧ ɾ%BUB%SJWFOܦӦͷϊϋγεςϜ %BUB*OTJHIU ɾىۀՈͷۀքݖҖੑ$BQBCJMJUZ4LJMM ɾܦӦೳྗ ɾ.77ͷਁಁ ɾ5FBNϝϯόʔͷ$BQBCJMJUZ ɾϝϯόʔͷΤϯήʔδϝϯτϞνϕʔγϣϯ $VMUVSF5FBN$90 /FUXPSLF⒎FDU #VTJOFTTSFMBUJPOTIJQ"TTFU #SBOE"XBSFOFTT.BSLFUJOH"TTFU 0QFSBUJPOBM&YDFMMFODF ɾόϦϡʔνΣʔϯͷख़ΧελϚʔରԠଆϊϋ ʢϕετϓϥΫςΟεɺࣄྫɺϚχϡΞϧͳͲʣ ɾόϦϡʔνΣʔϯͷख़ίʔϙϨʔταΠυϊϋ ʢҙࢥܾఆਝԽͷΈɺΨόφϯεɺίϯϓϥΠΞϯεͳͲʣ ɾωοτϫʔΫޮՌ ɾϦϨʔγϣϯγοϓΞηοτ ʢސ٬ɺϝσΟΞɺΨόϝϯτɺࢿՈɺ ϝϯλʔΞυόΠβʔɺαϓϥΠϠʔͳͲʣ ɾࠂҎ֎ͷސ٬֫ಘνϟωϧ ʢϝσΟΞϦϨʔγϣϯίϛϡχςΟʔ ΠϯϑϧΤϯαʔͳͲʣ ɾࠂʹΑΔ֫ಘνϟωϧ ɾϒϥϯυೝ ɾઓུͷ໌֬͞ ɾઓུͷಠࣗੑ ɾΠϊϕʔγϣϯϞσϧ 4USBUFHZ
1SF4FFE 4FFE 4FSJFT" 4FSJFT#d ʢεέʔϧΛࢦ͢ʣ 1SF*10 *10Λࢦ͢ʣ $1'14'Λࢦ͢ ʢ1.ୡΛࢦ͢ʣ ʢ6OJUFDPOPNJDT݈શԽʣ
1PTU*10 *10ޙͷʣ 5FDIOP MPHZ .BSLFU*OTJHIU *OTJHIU 5SBDUJPO %BUB $VMUVSF 5FBN $90 #VTJOFTT SFMBUJPOTIJQ "TTFU 4USBUFHZ /FUXPSL ޮՌ #SBOE "XBSFOFTT .BSLFUJOH "TTFU 1SPEVDU 7BMVF $IBJO 0QFSBUJPOBM &YDFMMFODF ࣗࣾςΫϊϩδʔͷलҳ͞ ΤϯδχΞϝϯόʔͷ༏ल͞ ࡒಛڐɹ %FFQ5FDIͷ߹ॳظ͔Βඞཁ %BUBྔ%BUBϞσϧ%BUB%SJWFOܦӦͷϊϋγεςϜ #VTJOFTT3FMBUJPOTIJQ"TTFU ϩʔυϚοϓઓུͷղ૾ͷߴ͞ ىۀՈͷۀքݖҖੑ$BQBCJMJUZ4LJMM ىۀՈˠܦӦऀʹ5SBOTGPSN .77ͷਁಁ ࠂҎ֎ͷ֫ಘνϟωϧ ࠂʹΑΔ֫ಘνϟωϧ ϒϥϯυՁೝ ϑϩϯτଆͷόϦϡʔνΣʔϯͷख़ ίʔϙϨʔτଆͷόϦϡʔνΣʔϯͷख़ 1.'ͷࣔࠦ ϝϯόʔͷ$BQBCJMJUZ&OHBHFNFOU 5SBDUJPO ϓϩμΫτͷलҳੑ 1SPEVDUQPSUGPMJPͷγφδʔ
اۀ Ձ #4 1- Ձ ɾݱࡏͷऩӹੑ ɾ#4ͷ݈શੑʢݱ༬ۚɺआۚʣ ɾݻఆࢿ࢈ͷՁ γεςϜɺઃඋͳͲʣ ελʔτΞοϓͷՁʢόϦϡΤʔγϣϯʣΛܾΊΔཁૉ
%FGFOTJCJMJUZ "TTFU ڝ߹༏Ґੑ ࢿ࢈ʣ ɾࣗࣾอ༗ςΫϊϩδʔͷलҳ͞ ɾࡒʢಛڐʣ ɾΤϯδχΞϝϯόʔͷೳྗٕज़ྗ ɾ1SPEVDUͷलҳੑ 5FDIOPMPHZ*1&OHJOFFSJOH ɾ.BSLFU*OTJHIU ɾ%BUBྔ%BUBϞσϧ ɾ%BUB%SJWFOܦӦͷϊϋγεςϜ %BUB*OTJHIU ɾىۀՈͷۀքݖҖੑ$BQBCJMJUZ4LJMM ɾܦӦೳྗ ɾ.77ͷਁಁ ɾ5FBNϝϯόʔͷ$BQBCJMJUZ ɾϝϯόʔͷΤϯήʔδϝϯτϞνϕʔγϣϯ $VMUVSF5FBN$90 /FUXPSLF⒎FDU #VTJOFTTSFMBUJPOTIJQ"TTFU #SBOE"XBSFOFTT.BSLFUJOH"TTFU 0QFSBUJPOBM&YDFMMFODF ɾόϦϡʔνΣʔϯͷख़ΧελϚʔରԠଆϊϋ ʢϕετϓϥΫςΟεɺࣄྫɺϚχϡΞϧͳͲʣ ɾόϦϡʔνΣʔϯͷख़ίʔϙϨʔταΠυϊϋ ʢҙࢥܾఆਝԽͷΈɺΨόφϯεɺίϯϓϥΠΞϯεͳͲʣ ɾωοτϫʔΫޮՌ ɾϦϨʔγϣϯγοϓΞηοτ ʢސ٬ɺϝσΟΞɺΨόϝϯτɺࢿՈɺ ϝϯλʔΞυόΠβʔɺαϓϥΠϠʔͳͲʣ ɾࠂҎ֎ͷސ٬֫ಘνϟωϧ ʢϝσΟΞϦϨʔγϣϯίϛϡχςΟʔ ΠϯϑϧΤϯαʔͳͲʣ ɾࠂʹΑΔ֫ಘνϟωϧ ɾϒϥϯυೝ ɾઓུͷ໌֬͞ ɾઓུͷಠࣗੑ ɾΠϊϕʔγϣϯϞσϧ 4USBUFHZ
ແܗࢿ࢈ ༗ܗࢿ࢈ %FGFOTJCJMJUZ "TTFU ࣋ଓతڝ߹༏Ґࢿ࢈ʣ ࢿ࢈ͷ͏ͪҰ෦͕ %FGFOTJCJMJUZ "TTFUʹͳΔ
5SBDUJPO ച্ ΧελϚʔʣ 1SPEVDU 1SPDFTT $VTUPNFS4JEF 7BMVF$IBJO 1SPDFTT $PSQPSBUF TJEF
1FPQMF ਓһߏʣ 7BMVBUJPO ݱࡏ ޙ ޙ ޙ ্ લظ ্࣌ ঢ়ଶΰʔϧϚτϦΫε ઓུ %FGFOTJCJMJUZ Ϟϊϓϩηεώτ
Ϟϊώτϓϩηε ΛࡾҐҰମͰ ߟ͑Δ
ࣗࣾͷ6OJU &DPOPNJDTΛਖ਼֬ʹ Ѳ͍ͯ͠·͔͢ʁ
6OJU&DPOPNJDT ʢ-57➗$1"ʣ Y ސ٬ ࣄۀͷऩӹ "316YӦۀརӹ Y ݄ͷ$IVSO
6OJU&DPOPNJDT ʢ-57➗$1"ʣ Y ސ٬ "316YӦۀརӹ Y ݄ͷ$IVSO ᶃ·ͣ࠷ॳʹ
݄ͷ$IVSOΛ վળ͢Δ ᶄ࣍ʹ$1" ΛԼ͛Δ ᶅ 6OJU&DPOPOJNJDT Λ݈શԽͯ͠ ސ٬Λ૿͢ ࣄۀͷऩӹ
6OJUFDPOPNJDT݈શԽͷલʹ ੵۃతʹސ٬֫ಘʹࢿ͢Δ͜ͱ ݀ͷۭ͍ͨόέπʹਫΛ͙Α͏ͳͷͰ͋Δ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
ݱঢ়ͷ όϦϡʔνΣʔϯΛ ՄࢹԽͰ͖͍ͯ·͔͢ʁ
)3ࡒ๏ .BSLFUJOH #J[%FW 1SPUPUZQF *NQMFNFOU BUJPO $VTUPNFS 4VDDFTT ։ൃ ඪ४Խ
औక"͞Μ औక"͞Μ දऔక#͞Μ ΤϯδχΞ$͞Μ ઃܭ ֎ઌΤϯδχΞ 9:;ࣾͷࣾମ੍ʢ1SFTFFEظʣ
)3ࡒ๏ .BSLFUJOH #J[%FW 1SPUPUZQF *NQMFNFOU BUJPO $VTUPNFS 4VDDFTT ։ൃ ඪ४Խ
औక"͞Μ औక"͞Μ දऔక#͞Μ ΤϯδχΞ$͞Μ ઃܭ ֎ઌΤϯδχΞ 9:;ࣾͷࣾମ੍ʢ1SFTFFEظʣ ͜ͷϓϩηε͕ શମͷϘτϧωοΫ ඪ४Խ୲͕͍ͳ͍ͷͰ ແܗࢿ࢈͕ੵ͞Εͳ͍ ʢόϦϡΤʔγϣϯϦλʔϯ͕ ੵ͞Εͳ͍ʣ "͞Μͷෛ୲͕ େ͖͍ "͞Μͷෛ୲͕ େ͖͍ ୭ ͍ͳ͍
)3ࡒ๏ .BSLFUJOH #J[%FW 1SPUPUZQF *NQMFNFOU BUJPO $VTUPNFS 4VDDFTT ։ൃ ඪ४Խ
औక"͞Μ औక"͞Μ දऔక#͞Μ ΤϯδχΞ$͞Μ ઃܭ ֎ઌΤϯδχΞ 9:;ࣾͷࣾମ੍ʢ4FFEظʣ γʔυϑΝΠφϯε Ͱิڧ͢Δਓࡐ γϦʔζ"ϑΝΠφϯε Ͱิڧ͢Δਓࡐ γϦʔζ"ϑΝΠφϯε Ͱิڧ͢Δਓࡐ γϦʔζ"ϑΝΠφϯε Ͱิڧ͢Δਓࡐ
࠾༻͢Δ͖ਓ ࠾༻ܭը͕ Ͱ͖͍ͯ·͔͢ʁ
ߴ༑ඒ͞Μ ܦྺɿ֎ࢿܥͷίϯαϧʹͯӦۀϚωʔδϟʔ ਓͷλΠϓɿ࣮ݱλΠϓ ࢤੑɿ͖ͬͪΓϚωʔδϟʔλΠϓ ͲΜͳͱ͜ΖͰಇ͍͍ͯΔɿυΠπۜߦ ͲΜͳಇ͖ํΛ͍ͯ͠ΔɿϑϨοΫε ͲΜͳࣄΛ͖ͯͨ͠ɿ ʢސ٬ɿେखاۀɹࡐಛੑɿແܗࡐɹ࣮ՌɿΩϟϦΞͷϑΝετύεɹεΩϧηο τɿੳࢥߟίϯαϧӦۀʣ ΩϟϦΞΞϯΧʔͰॏࢹ͍ͯ͠Δͷɿཱࣗͱಠཱ
స৬ઌͳΜͰબͿͷ͔ʁᶃࣄͷ໘ന͞ɹᶄ্࢘ͱͷ૬ੑɹᶅۀքͷ͍ ҙࢥܾఆʹӨڹΛ༩͑Δ֎෦ཁҼʁɹ पΓ͔ΒͰ͖ΔࢠͱࢥΘΕ͍ͨͷͰɺ͋Δఔϝδϟʔײͷ͋Δ৬͕ྑ͍ ΦϖϨʔγϣϯϦετ
ࢀর ໘ ࢀর ࢀর Ԡื ϦΫϧʔςΟϯά Ϧετ λΠϛϯά߹͑໘ ΤʔδΣϯτ ɹʢਓࡐհձࣾ
ɹϔουϋϯλʔʣ ࢀর ࣗࣾνϟωϧ ɾϗʔϜϖʔδ ɾձࣾઆ໌ձ ɾࣗࣾ࠾༻ϖʔδ ɾࣾһϒϩάܦӦਞϒϩά ɾࣾһΠϯλϏϡʔ ɾਓࣄϒϩά ɾΠϕϯτษڧձ։࠵ใ ༗ྉνϟωϧ ɾϚεࠂʢ৽ฉަ௨ࠂʣ ɾ8FCࠂ ɾస৬ϑΣΞ ࠾༻νϟωϧ ೖࣾ ఆ ࢀর μΠϨΫτ ϦΫϧʔςΟϯά 4/4 ɾϏδωε4/4 8BOUFEMZ -JOLFEJOͳͲ ɾ5XJUUFS'BDFCPPL ϦϑΝϥϧ ʢࣾࣾ֎ʣ ΞʔΧΠϒ
࠾༻ϑΝωϧઃܭ ߋ৽ʣ ݱঢ়ͷ৫ ʢόϦϡʔνΣʔϯʣ ͋Δ͖৫ ʢόϦϡʔνΣʔϯʣ ݱঢ়ͷ(BQΛݕূ ϖϧιφͱ+PC%FTDSJQUJPOͷચ͍ग़͠ ूஂܗ Ԡื
໘ 1%$"Λ ճ͍ͯ͘͠ ·ͣਓࣄઓུํΛཱͯΔ
ώτɾϞϊɾϓϩηεɾઓུ Λຏ͖ࠐΜ্ͩͰ &RVJUZ4UPSZࢿຊࡦʹ མͱ͠ࠐΉ
ઓུ ϓϩμΫτ ώτ࠾༻ όϦϡʔνΣʔϯ ̐ͭΛ ຏ͖ࠐΉ
ઓུ ϓϩμΫτ ώτ࠾༻ όϦϡʔνΣʔϯ $BQUBCMF &RVJUZ 4UPSZ $BQUBCMFͱ &RVJUZ4UPSZ ʹམͱ͠ࠐΉ
$BQ5BCMFΛ࡞Δ
*EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU
.BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTTϦεΫ 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL
ࢿۚௐୡεςʔδ͕ਐΉதͰɺ ۀϝϯόʔͱࢿՈ͕ ͲΕ͘Β͍ͷγΣΞΛอ࣋͢Δͷ͕ ϕετ͔Λݕূ͢Δπʔϧ $BQ5BCMFͱ
ᶃ͍ͭɺͲΕ͘Β͍ͷֹۚͰFYJU͍ͨ͠ͷ͔ʁ ᶄ͍ͭɺͲΕ͘Β͍ͷ࣌Ձ૯ֹͰɺͲΕ͘Β͍ௐ ୡ͍ͨ͠ͷ͔ʁ ᶅͲΕ͘Β͍ॳظඅ༻͕͔͔Δͷ͔ʁ +Χʔϒʣ ᶆετοΫΦϓγϣϯΛ͍ͭɺͲΕ͘Β͍ ൃߦ͢Δͷ͔ $BQ5BCMFͷνΣοΫϙΠϯτ
ΩϟοϓςʔϒϧͰɺ ετοΫΦϓγϣϯΛอ༗͍ͯ͠Δ જࡏגओ͚ͯهࡌ͍ͯ͠Δ જࡏגओ͕อ༗͢ΔετοΫΦϓγϣϯ ͳͲજࡏג͕ࣜશͯݦࡏԽͨ͠߹Λ ʮશرऍԽϕʔεʯʮ'VMMZEJMMVUFEʯ ͱදݱ͢Δ શ෦ݦࡏԽ ͨ͠ঢ়ଶͰ ද͢
z͍ͭzzͲΕ͘Β͍ͷֹۚz Ͱ&YJU͍ͨ͠ͷ͔ʁ
ࢿۚௐୡΛͨ͠ΒظͰͷExit͕΄΅લఏͱͳΔɻ VCग़ࢿ͢ΔϚωʔʹରͯ͠ɺظؒͰͷϦλʔϯ ΛٻΊ͍ͯΔɻࢿۚΛड͚ೖΕΔͱ͍͏͜ͱɺظ ؒͰͷExitΛࢦ͢ඞཁ͕ग़ͯ͘Δɻ ExitʹIPO(্ʣͱM&A(ࣄۀച٫ʣ͕͋Δ &YJUΛఆ͢Δ
*10·Ͱͷظؒ ʮελʔτΞοϓࢿΨΠυϒοΫʯΑΓ
ܦӦऀ͕͜ΕΛΓ͍ͨ ͜Εࣗࣾͷಠࣗੑ ڝ߹͍ͳ͍ͣ ۀքʹ৽͍͠ ՁΛ༩͑Δ ϚΫϩڥͷมԽʹΑΓ ͲΜͳՁ͕ٻΊΒΕΔ χʔζ͕͋Ε ڝ߹͕͍Δ ͦͷதͰ
ଞͷձࣾͱԿ͕ҧ͏ͷ͔ ͦͷҧ͍Λ͏·͘ ׆͔ͤΔख͕͋Δ͔ʁ ্લͷ ൃ ্ޙͷ ൃ
౦ূࢢ +"4%"2 Ұ෦ ೋ෦ Ϛβʔζ ελϯμʔυ άϩʔε גओ ਓҎ্ ਓҎ্
ਓҎ্ ਓҎ্ ਓҎ্ ྲྀ௨גࣜ ສ୯ҐҎ্ ୯Ґ Ҏ্ ୯ҐҎ্ ྲྀ௨גࣜ࣌Ձ૯ֹ ԯҎ্ ̑ԯҎ্ ̑ԯҎ্ ̑ԯҎ্ ྲྀ௨ൺ Ҏ্Ҏ্ Ҏ্ ެืͷ࣮ࢪ ୯ҐҎ্ ެื୯ҐҎ্PS ্גͷҎ্ͷެืɾചΓग़͠ ࣌Ձ૯ֹ ̎̑̌ԯҎ্ ̎̌ԯҎ্ ̍̌ԯҎ্ ࣄۀܧଓ Ҏ্ Ҏ্ ̍Ҏ্ ७ࢿ࢈ͷֹ ̍̌ԯҎ্ ̍̌ԯҎ্ ̎ԯҎ্ ਖ਼͍͠ རӹͷֹ ࠷ۙ̎ؒͷ߹ܭ͕ ̑ԯԁҎ্ ࠷ۙ̍ؒ ̍ԯԁ גࣜެ։ࢢͷܗࣜج४
্લͷεέδϡʔϧ ߲ લʑظ લظ ਃظ ্લن੍ גࣜ ୈࡾऀׂਪ ʢ্࣌ച٫Մೳʣ ୈࡾऀׂՄೳ
ʢ্࣌ച٫ෆՄʣ גࣜҠಈՄೳʢ্࣌ച٫Մೳʣ ετοΫ Φϓγϣϯ ༩ਪ ʢݖརߦʹΑΓऔಘͨ͠ גࣜͷ্࣌ച٫Մೳʣ ༩Մೳ ʢݖརߦʹΑΓऔಘͨ͠ גࣜͷ্࣌ച٫ෆՄʣ גׂࣜ גׂࣜ ਪ ެืલن੍ظؒ ։ࣔରظؒ ্
ਓੜͷ࣌ؒ ࣄۀͷ ਐߦ ্ͤͣʹ #VZPVUΛ܁Γฦ͠ ͯߦ͘ΩϟϦΞ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE ىۀ 1.' ୡ
εέʔϧ *10 େاۀ #VZPVU #VZPVU #VZPVU
*10ʹ͔͏·Ͱ γΣΞͱόϦϡΤʔγϣϯ ͕Ͳ͏มԽ͢Δ͔ʁ
&YJU࣌ͷ όϦϡΤʔγϣϯͱ ۀऀͱͯ͠ͲΕ͘Β͍ γΣΞΛঠѲ͍͔ͨ͠ʁ
&YJU *10 ࣌ͷ όϦϡΤʔγϣϯͱ ۀऀͱͯ͠ͲΕ͘Β͍ γΣΞΛঠѲ͍͔ͨ͠ʁ &9*5 *10 ʹ͔͏·Ͱ γΣΞͱόϦϡΤʔγϣϯ͕
Ͳ͏มԽ͢Δ͔ʁ
࣍ճͷϑΝΠφϯεͰ աΛׂΓࠐΉ γϦʔζ"ͰגΛ͗ͨͨ͢͠ΊʹγϦʔζ#ͷஈ֊Ͱɺ γΣΞ͕աҎԼʹͳͬͯ͠·͏ͨΊɺॏཁͳܦӦݖΛࣦ͏ ࠓճͷϑΝΠφϯεͰ ΛׂΓࠐΉ ܦӦऀ͕ίϯτʔϧΛେ෯ࣦ͏ͱ ࣄۀܭըͷίϯτʔϧࣦ͍ظతʹݟͯ୭ಘ͠ͳ͍
*EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU
.BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTTϦεΫ 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL
Ҏ্ɺڧɺҎ্ͱ͍͏ ࣈ͕ܦӦʹӨڹΛٴ΅͢
Ҏ্zࢧݖzΛ࣋ͭ ॏཁͳҙࢥܾఆ͕Ͱ͖ΔεʔύʔύϫʔΛ࣋ͭɻ גओ૯ձͰͷಛผܾٞΛܾఆͰ͖Δɻ૿ࢿɺετοΫ Φϓγϣϯͷൃߦɺऔకձͷղɺ߹ซఆͷม ߋɺ৫ฤɺݮࢿ૿ࢿͳͲɺاۀΛࠜຊʹม͑Δ Α͏ͳࣄ߲ΛܾఆͰ͖Δ http://tyotatu.tsukioka-1.com/22/22.html
Ҏ্zܦӦݖzΛ࣋ͭ ௨ৗͷҙࢥܾఆ͕Ͱ͖Δݖར גओ૯ձͰී௨ܾ͕ٞՄೳʹͳΔɻ һࠪͷબɾղɾһใु ͷܾఆͳͲ
Ҏ্zڋ൱ݖzΛ࣋ͭ ॏཁͳҙࢥܾఆͷڋ൱ݖΛ࣋ͭ͜ͱ͕Ͱ͖ Δɻגओ૯ձͰͷಛผܾٞʢఆมߋɺऔక ͷղɺ߹ซͳͲʣͷڋ൱ݖΛ࣋ͯΔΑ ͏ʹͳΔ
ࢀߟɿhttps://500startups.jp/wp-content/uploads/2017/06/amount3.png
ࢀߟɿhttps://500startups.jp/wp-content/uploads/2017/06/amount3.png
$MPTF $MPTF . " . " .
" γʔυ γϦʔζ" γϦʔζ# *10 શͯͷ ελʔτΞοϓ ͕ઌʹਐΊΔ Θ͚Ͱͳ͍ $MPTF γʔυ
$MPTF $MPTF . " . " .
" γʔυ γϦʔζ" γϦʔζ# *10 $MPTF γʔυ͔ΒγϦʔζ" ʹߦ͚Δͷ d γϦʔζ"͔Β# ʹߦ͚Δͷ d *10Ͱ͖Δͷ શମ͔Βݟͯ ύʔηϯτ http://tomtunguz.com/followon-patterns/ γʔυ
࠷ޙʹ 8JUIίϩφͰ Ͳ͏ಈ͖͔͘
ࡒετϨενΣοΫ Λߦ͏
3FDVSSJOH3FWFOVF ܦৗചΓ্͛ʣ ͕ʹͳͬͨͱͯ͠ɺ $BTI͕ϲ݄͔ͭͲ͏͔ʁ
5JNF ݱ࣌ ̒ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ച্ .33
Ωϟογϡ ྔ ݱঢ়ͷചΓ্͛ͷ ಡΈ ݱঢ়ͷചΓ্͛ͷ ಡΈϕʔεͷ Ωϟογϡ
5JNF ݱ࣌ ̒ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ച্ .33
Ωϟογϡ ྔ ݱঢ়ͷചΓ্͛ͷ ಡΈΛʹ͢Δ
5JNF ݱ࣌ ̒ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ച্ .33
Ωϟογϡ ྔ ݱঢ়ͷചΓ্͛ͷ ಡΈΛʹ͢Δ 3VOXBZ ͕ͲΕ͘Β͍࣋ͭ ͔ܭࢉ͢Δ
5JNF ݱ࣌ ̒ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ച্ .33
Ωϟογϡ ྔ ݱঢ়ͷചΓ্͛ͷ ಡΈΛʹ͢Δ 3VOXBZ͕ϲ݄ ҎԼͳΒ ඇৗࣄଶϞʔυͰ ࢭ݂ʹೖΔ
5JNF ݱ࣌ ̒ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ച্ .33
Ωϟογϡ ྔ ݱঢ়ͷചΓ্͛ͷ ಡΈΛʹ͢Δ ϲ݄ϲ݄ ͷ3VOXBZͳΒ ඇৗࣄଶΛอͪͭͭ ࠶ߏஙʹೖΔ
5JNF ݱ࣌ ̒ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ϲ݄ޙ ച্ .33
Ωϟογϡ ྔ ݱঢ়ͷചΓ্͛ͷ ಡΈΛʹ͢Δ 3VOXBZ͕͘ ΩϟογϡϙδςΟϒ ͳΒ֦େ࠶ੜ࢈ ʹೖΔ
ඇৗࣄଶϞʔυʹೖΔ
ඇৗ࣌ͷϚωδϝϯτͱ
ࣄۀ" 1- ࣄۀ# 1- ࣄۀ$ 1- ࣄۀ" ࣄۀ# ࣄۀ$ $'0
ࣄۀશମ ͷ1- ࣍ͷ ࢿۚ܁Γ ʢ$'ཧ τοϓμϯ Ͱࢦࣔ͢Δ $&0 ϦʔμʔγοϓνʔϜ ຖີʹίϛϡχέʔγϣ ϯɻ࣍ͷ ΩϟογϡϑϩʔΛ֬ೝ͠ͳ ͕Βɺใ͕ෆશͰܾஅ Λ܁Γฦ͍ͯ͘͠ ࣄۀ" ऀ ࣄۀ# ऀ ࣄۀ$ ऀ ίετΧοτ ϓϩδΣΫτνʔϜ ίετ Χοτ Λߦ͏ ۜߦ ີͳ ίϛϡχέʔγϣϯ Λߦ͍ #BE/FXT Λૣ͘ฉ͘ Ͱ͖Δ͚ͩ आΓೖΕΛ ߦ͏ Ϧʔμʔ γοϓ νʔϜ ඇৗ࣌ͷελʔτΞοϓӡӦ
௨ৗ࣌ͷϚωδϝϯτ
ࣄۀ" 1- ࣄۀ# 1- ࣄۀ$ 1- ࣄۀ" ࣄۀ# ࣄۀ$ $'0
ࣄۀશମ ͷ1- ݄࣍ͷ ࢿۚ܁Γ ʢ$'ཧ ຖ݄ 1-Λใࠂ $&0 ຖ݄ ࣄۀશମͷ 1-$'Λใࠂ ࣄۀऀͱఆظతʹ ίϛϡχέʔγϣϯ ใΛͰ͖Δ͚ͩूΊͯ ίϯηϯαεΛ ͱ͍ͬͯ͘ ௨ৗ࣌ͷελʔτΞοϓӡӦ
3VOXBZ͕ ͍தͰࣄۀΛਪਐ͢Δ
#F%FDJTJWF ܾஅͤΑʣ
ϝϯλϧϞσϧ ʢγεςϜࢥߟܧଓֶश ࣗݾϚεςϦʔࣗࣾϚεςϦʔʣ ߏ ʢ৫੍,1*ઓུʣ ύλʔϯ ʢϓϩηεઓज़πʔϧʣ ਫ໘্ ਫ໘Լ ϛογϣϯϏδϣϯόϦϡʔ
ߦಈ ϓϩμΫτ αʔϏε
#F%FDJTJWF ʢෆશͳใ͔͠ͳܾͯ͘அΛ܁Γฦ͢ʣ ߏ ʢ৫੍,1*ઓུʣ ύλʔϯ ʢϓϩηεઓज़πʔϧʣ ਫ໘্ ਫ໘Լ ϛογϣϯϏδϣϯόϦϡʔ ߦಈ
ϓϩμΫτ αʔϏε
ใ͕ू·Δ·Ͱͭͷ ͗͢Δ
0WFSDPNNVOJDBUF͢Δ ʢඞཁҎ্ʹࡉ͔͍ ίϛϡχέʔγϣϯΛऔΔʣ
#BE/FXTΛ Ͱ͖Δ͚ͩૣ͘ٵ্͍͛ΕΔΑ͏ʹ͢Δ
·ͣΩϟογϡϑϩʔΛ ՄࢹԽͤΑ
݄࣍ͷࢿۚ܁Γ͔Β ࣌ͷࢿۚ܁Γʹม͑Δ
݄࣍ͷࢿۚ܁Γ ඇৗ࣌ $'Λ࣍ͷࢿۚ܁Γ Ͱཧ͢Δ
࣍ͷࢿۚ܁ΓΛ ໌Β͔ʹͯ͠ಁ໌ੑΛ୲อ͢Δ
࣍ࢿۚ܁ΓΛݟͳ͕Β ແବͳίετΛ పఈతʹΧοτ͢Δ
·ͱΊ
#VTJOFTT1MBO ʢࣄۀܭըॻʣ ͍Βͳ͍ $PQZSJHIU.BTBZVLJ5BEPLPSP"MMSJHIUTSFTFSWFE 4UBSUVQ4DJFODF
ਖ਼֬ʹݴ͏ͱ 1.'લͷॳظϑΣʔζ ʹਫ਼៛ͳʮࣄۀܭըʯ ඞཁͳ͠
*EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU
.BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTTϦεΫ 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL
ֶशʹϑΥʔΧε͢Δʂ
Ծઆߏங Ұ࣍ใΛ ώΞϦϯά ؍͢Δ Ծઆݕূ
όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ
খ ηάϝϯτ ू٬ ༧ཧ υλΩϟϯ ରԠ ױऀ ཧ ױऀ ఆணԽ ࣄ ॲཧ ਓࣄ ࿑ ࣗඅ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ ݱঢ় ҡ࣋ νΣʔϯ ֦େ ࢤ ݱঢ় ҡ࣋ อݥ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ ݱঢ় ҡ࣋ νΣʔϯ ֦େ ࢤ ݱঢ় ҡ࣋ όϦϡʔνΣʔϯ ηάϝϯτ
όϦϡʔνΣʔϯ η ά ϝ ϯ τ େ ηάϝϯτ த ηάϝϯτ
খ ηάϝϯτ ू٬ ༧ཧ υλΩϟϯ ରԠ ױऀ ཧ ױऀ ఆணԽ ࣄ ॲཧ ਓࣄ ࿑ ࣗඅ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ ˕ ˓ ˕ ˓ ˕ ˓ 9 ݱঢ় ҡ࣋ ˓ ˚ ˓ ˓ ˓ ˓ 9 νΣʔϯ ֦େ ࢤ ˓ ˚ ˕ ˓ ˕ ˚ ˚ ݱঢ় ҡ࣋ ˓ ˚ ˓ ˓ ˓ ˚ ˚ อݥ ࣏ྍ ݸਓ ܦӦ ֦େ ࢤ ˕ ˚ 9 ˚ ˚ ˕ ˓ ݱঢ় ҡ࣋ ˕ ˚ 9 ˚ ˚ ˕ ˓ νΣʔϯ ֦େ ࢤ ˓ ˚ 9 ˚ ˚ ˚ 9 ݱঢ় ҡ࣋ ˓ ˚ 9 ˚ ˚ ˚ 9 ˕χʔζߴ˓χʔζத ˚χʔζ9χʔζͳ͠ χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε χʔζ͕ ڧ͍ϓϩηε
ͳͥ "NB[PO ޭͨ͠ͷ͔ʁ
ΧλϩάԽ ͷ͢͠͞ ग़ՙͷ ͷ͢͠͞ ཧͷ ͢͠͞ ΦϑϥΠϯͰͷ खʹೖΓ͢͞ ϓϩμΫτ ΧςΰϦʔ
&BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE ചΕےͷຊ ϚΠφʔͳຊ ചΕےͷ%7% ϚΠφʔͳ%7% ిԽ ւ֎ిԽ Ո۩ ւ֎Ո۩ &BTZ )BSE &BTZ )BSE &BTZ )BSE &BTZ )BSE ചΕےͷதݹຊ ϚΠφʔͳதݹຊ ചΕےͷதݹ%7% ϚΠφʔͳதݹ%7% தݹిԽ தݹւ֎ిԽ தݹՈ۩ தݹւ֎Ո۩
*EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU
.BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTTϦεΫ 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL
ώτɾϞϊɾΧωɾ ϓϩηεɾઓུ %FGFOTJCJMJUZ ͷ̑ͭΛצҊͯ͠ ࣄۀܭըΛ ߟ͑ΒΕ͍ͯ·͔͢ʁ
5SBDUJPO ച্ ΧελϚʔʣ 1SPEVDU 1SPDFTT $VTUPNFS4JEF 7BMVF$IBJO 1SPDFTT $PSQPSBUF TJEF
1FPQMF ਓһߏʣ 7BMVBUJPO ݱࡏ ޙ ޙ ޙ ্ લظ ্࣌ ঢ়ଶΰʔϧϚτϦΫε ઓུ %FGFOTJCJMJUZ ઓུ%FGFOTJCJMJUZ ώτ ϓϩηε όϦϡʔνΣʔϯʣ Ϟϊ ʢϓϩμΫτʣ Χω
ࣗࣾͷ6OJU &DPOPNJDTΛਖ਼֬ʹ Ѳ͍ͯ͠·͔͢ʁ
6OJU&DPOPNJDT ʢ-57➗$1"ʣ Y ސ٬ ࣄۀͷऩӹ "316YӦۀརӹ Y ݄ͷ$IVSO
ݱঢ়ͷ όϦϡʔνΣʔϯΛ ՄࢹԽͰ͖͍ͯ·͔͢ʁ
࠾༻͢Δ͖ਓ ࠾༻ܭը͕ Ͱ͖͍ͯ·͔͢ʁ
ώτɾϞϊɾϓϩηεɾઓུ Λຏ͖ࠐΜ্ͩͰ &RVJUZ4UPSZࢿຊࡦʹ མͱ͠ࠐΉ
ઓུ ϓϩμΫτ ώτ࠾༻ όϦϡʔνΣʔϯ ̐ͭΛ ຏ͖ࠐΉ
ઓུ ϓϩμΫτ ώτ࠾༻ όϦϡʔνΣʔϯ $BQUBCMF &RVJUZ 4UPSZ $BQUBCMFͱ &RVJUZ4UPSZ ʹམͱ͠ࠐΉ
*EFBUJPO $1' 14' 1.' 554 4DBMF *10 1PTU *10 1SPEVDU
.BSLFU 'PVOEFS 5FBN 'JOBODF $1' 3JTL 'PVOEFS*TTVF'JU 3JTL *OJUJBM$BQJUBMJ[BUJPO 3JTL 'PVOEFS3FBEJOFTTϦεΫ 5FDI 'FBTJCJMJUZ 3JTL 1SPEVDU -BVODI 3JTL #VSO3JTL 1JWPU5PMFSBUJPO3JTL 1.' 3JTL 'PVOEJOH5FBN #VJMEJOH3JTL $PGPVOEFS4IBSF"MMPDBUJPO 3JTL 6OJU &DPOPNJDT 3JTL (SPXUI 3JTL )JSJOHSJTL *10 3JTL *10४උ 3JTL 4UPDL%JMVUJPO3JTL $POHMPNFSBUF %JTDPVOU3JTL 1PTU*10(SPXUI 3JTL %FGFOTJCJMJUZ#VJMEJOH3JTL 'PVOEFSUP$&0 5SBOTGPSN3JTL 1PTU*10)3 SJTL 4VDDFTT4UBUVT 2VP3JTL 0QFSBUJPOCMBDLCPY3JTL 4VDDFTTPS3JTL 1SFTFFE 4FFE 4FSJFT" 4FSJFT#d 1SF*10 $&01VCMJD'JHVSF 5SBOTGPSN3JTL 5BMFOU3FUFOUJPO3JTL 'VOESBJTJOH3JTL $VMUVSF#SFBL3JTL