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ΠϯαΠυηʔϧε঺հࢿྉ ೥݄೔ߋ৽

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CONFIDENTIAL αʔϏε֓ཁ ΠϯαΠυηʔϧεͱ͸

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4NBSU)3ʹ͓͚ΔΠϯαΠυηʔϧε͸ Ӧۀػձʢ঎ஊʣͷ૑ग़Λઐ໳ʹߦ͏ ϙδγϣϯͰ͢ɻ ΠϯαΠυηʔϧεͷ໾ׂ

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5)&.0%&- ʮṷ͸ṷ԰ʯͰ ֤෦໳ͷઐ໳ੑΛߴΊΞ΢τϓοτΛ࠷େԽͤ͞ Ϗδωεશମͷ੒Ռʹߩݙ͍ͯ͘͠ϑϨʔϜϫʔΫͰ͢ 4NBSU)3ͷ#J[૊৫

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Ϛʔέ ΠϯαΠυηʔϧε Ϋϩʔδϯά ΧελϚʔαΫηε ঎ஊ ໰͍߹Θͤ ແྉτϥΠΞϧ ݟੵ FCPPL లࣔձ ड஫ ΦϯϘʔσΟϯάܖ໿ߋ৽Ξοϓηϧ ސ٬઀఺Λ࡞Δ ঎ஊΛ֫ಘ͢Δ ܖ໿ʹͭͳ͛Δ ಋೖɾར༻ܧଓࢧԉ 4NBSU)3ͷ#J[૊৫

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Ϛʔέ ΠϯαΠυηʔϧε Ϋϩʔδϯά ΧελϚʔαΫηε ঎ஊ ໰͍߹Θͤ ແྉτϥΠΞϧ ݟੵ FCPPL లࣔձ ड஫ ΦϯϘʔσΟϯάܖ໿ߋ৽Ξοϓηϧ Ϧʔυ֫ಘ਺ ঎ஊ݅਺ ड஫ֹۚ $IVSO3BUF 4NBSU)3ͷ#J[૊৫ʢ,1*ʣ

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Ϛʔέ ΠϯαΠυηʔϧε Ϋϩʔδϯά ΧελϚʔαΫηε ঎ஊ ໰͍߹Θͤ ແྉτϥΠΞϧ ݟੵ FCPPL లࣔձ ड஫ ΦϯϘʔσΟϯάܖ໿ߋ৽Ξοϓηϧ Ϧʔυ֫ಘ਺ ঎ஊ݅਺ ड஫ֹۚ $IVSO3BUF ֤෦໳͕ શࣾ໨ඪ͔Βٯࢉ͞Εͨ,1*ʹ ίϛοτ͠·͢! 4NBSU)3ͷ#J[૊৫ʢ,1*ʣ

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CONFIDENTIAL αʔϏε֓ཁ ηʔϧε૊৫ͷମ੍

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ट౎ݍ ΠϯαΠυηʔϧε Ϋϩʔδϯά &4ᶃ '4ᶃ ϩʔ04 &OUFSQSJTF 4.# ै ۀ һ ਺ ..# '4ᶄ ϛυϧ04 ؔ੢ &4ᶄ &4ᶅ ͦͷଞ ؔ੢ݍ ؔ੢ݍҎ֎ɺΤϦΞ໰Θͣ ηʔϧε૊৫ͷମ੍ʢ೥্ظʣ &4&OUFSQSJTF4BMFT  '4'JFME4BMFT 040OMJOF4BMFT

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ट౎ݍ ͦΕҎ֎ ηʔϧε ै ۀ һ ਺ ૊৫ΛৼΓฦΔͱʜ

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ट౎ݍ ͦΕҎ֎ ηʔϧε ै ۀ һ ਺ ηʔϧε૊৫ͷମ੍ʢ೥݄ʙ೥݄ʣ

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ͲΜͳ͜ͱΛͯͨ͠ʁʢ೥݄ʙ೥݄ʣ ਓ ਓ ਓ ਓ ਓ ਓ ਓ ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ઃཱ डୗ։ൃ࣌୅ ʢϐϘοτճʣ 4NBSU)3ެ։ ʢ5FDI$SVODI5PLZP༏উʣ ηʔϧε໊͕͘Β͍ ʢ4BMFTGPSDFΛಋೖӡ༻͸˚ʣ ਓ໨ͷ ηʔϧε͕ೖࣾ

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ट౎ݍ ͦΕҎ֎ 4%3 Ϋϩʔδϯά 4%3 ै ۀ һ ਺ ηʔϧε૊৫ͷମ੍ʢ೥݄ʙ೥݄ʣ ηʔϧε

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ͲΜͳ͜ͱΛͯͨ͠ʁʢ೥݄ʙ೥݄ʣ ਓ ਓ ਓ ਓ ਓ ਓ ਓ ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ΠϯαΠυηʔϧε஀ੜʂ ˝501*$ ɾ্ཱͪ͛౰ॳͷϝϯόʔ͸໊ʢ౰࣌͸4%3ͷ໊শʣ ɾ໊ҎԼ͸8FC঎ஊͰͷΫϩʔδϯά΋ߦ͏ɻʢΦϯϥΠϯηʔϧε͕͍ ͳ͔ͬͨʣ ɾຊ֨తʹ4BMFTGPSDFͷӡ༻ʹऔΓ૊Έͩͨ͠ʢ׆ಈϩά঎ஊ؅ཧͳͲʣ 4%3⁵ΫϩʔδϯάͰ঎ஊͷ'#Λపఈ͠ɺ঎ஊ֫ಘͷج४΍ ࣄલώΞϦϯά಺༰ΛݻΊΔ͜ͱʹ஫ྗͨ͠ɻ ݱࡏͷΠϯαΠυηʔϧεͷૅʹɻ ΦϯϥΠϯηʔϧε୲౰ೖࣾ ɹΠϯαΠυηʔϧε໊͕ʹ

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ट౎ݍ ͦΕҎ֎ 4%3 Ϋϩʔδϯά ϑΟʔϧυηʔϧε ΦϯϥΠϯηʔϧε 4%3 ै ۀ һ ਺ ηʔϧε૊৫ͷମ੍ʢ೥݄ʙ೥݄ʣ

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ͲΜͳ͜ͱΛͯͨ͠ʁʢ೥݄ʙ೥݄ʣ ਓ ਓ ਓ ਓ ਓ ਓ ਓ ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ਓ͕૿͕͑ͨނͷ՝୊͕ੜ·Ε࢝Ίͨ   ˝501*$ ɾ༷ʑͳ՝୊͕ݦࡏԽ͖ͯͨ͠  ɹϦʔυରԠʢ୭͕ͲΕ΍Δ໰୊ʣ ɹΦϖϨʔγϣϯ͕౷ҰͰ͖͍ͯͳ͍໰୊  ɹධՁʹ͍ͭͯ ɾʰ)05Ϧʔυʻ*4ͷϦιʔεʱͷϑΣʔζʹಥೖ ɹࠓ·ͰΞϓϩʔν͖͠Εͳ͔ͬͨϦʔυ΁΋ରԠΛ։࢝ ɹݱࡏ͸౰ͨΓલʹରԠ͢Δൣғ͚ͩͲ౰࣌͸ ɹʮྫྷ͍ͨϦʔυʯͱ͍͏ҹ৅ͩͬͨ ɹΠϯαΠυηʔϧε໊͕ʹ ɹΠϯαΠυηʔϧε໊͕ʹ ࢪࡦυϦϒϯͰ৭ʑ΍ͬͨ ৽ࢪࡦ୲౰ɾలࣔձ୲౰ɾଈରԠ୲౰ʢ ʣͳ ͲɺʮΈΜͳࢪࡦ࣋ͭͧʂʯͱͳ͍ͬͯͨɻ ɹϢχοτ੍ʹͳͬͨ

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ट౎ݍ ͦΕҎ֎ ϋΠηʔϧε ϑΟʔϧυηʔϧε ΦϯϥΠϯηʔϧε ϋΠ4%3 ϛυϧϩʔ4%3 ै ۀ һ ਺ 4%3 Ϋϩʔδϯά ηʔϧε૊৫ͷମ੍ʢ೥݄ʙ݄ʣ

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ͲΜͳ͜ͱΛͯͨ͠ʁʢ೥݄ʙ݄ʣ ਓ ਓ ਓ ਓ ਓ ਓ ਓ ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ೥ 2 ैۀһن໛ͰϢχοτΛ෼͚ͨ ҎԼͷؾ෇͖ʹΑΓɺͦΕ·Ͱʰ؅ཧɾධՁΧΠθϯυϦ ϒϯʱͰ෼͚͍ͯͨϢχοτΛʰैۀһن໛ʱʹΑͬͯ෼ ͚ͨɻ ˝ؾ෇͖ ɾࢪࡦ΍ɺϦʔυ֫ಘνϟωϧͰ͸ͳ͘ैۀһن໛ʹΑͬ ͯސ٬ͷ՝୊͕มΘΔͷͰ͸ʁ ɾେاۀͱখن໛اۀͰ͸ɺ঎ஊ֫ಘ·ͰͷϦʔυλΠϜ ΍Ξϓϩʔνͷํ๏͕શવҧ͏ͷͰ͸ʁ ελοϑνʔϜͷൃ଍ ɹΠϯαΠυηʔϧε໊͕ʹ ɹΠϯαΠυηʔϧε໊͕ʹ

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ͦͯ͠೥!

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ट౎ݍ ΠϯαΠυηʔϧε Ϋϩʔδϯά &4ᶃ '4ᶃ ϩʔ04 &OUFSQSJTF 4.# ै ۀ һ ਺ ..# '4ᶄ ϛυϧ04 ؔ੢ &4ᶄ &4ᶅ ͦͷଞ ؔ੢ݍ ؔ੢ݍҎ֎ɺΤϦΞ໰Θͣ ηʔϧε૊৫ͷମ੍ʢ೥্ظʣ ૊৫తʹ͸͋Δఔ౓ɺܗ෇͍͖ͯͨ" ࠓޙ͸ɺ૊৫ΛΑΓڧ͘͢ΔͨΊʹ ֤ϢχοτΛચ࿅͍ͤͯ͘͞ϑΣʔζʹ͍·͢!

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CONFIDENTIAL αʔϏε֓ཁ ΠϯαΠυηʔϧεͷϛογϣϯ

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ΠϯαΠυηʔϧεάϧʔϓͷϛογϣϯ &OUFSQSJTF 4.# ..# 0QT Ӧۀػձʢ঎ஊʣ Λ૑ग़͢Δ

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State of the Cloud Report 2018 - Bessemer Venture Partners IUUQTXXXTMJEFTIBSFOFU#ZSPO%FFUFSTUBUFPGUIFDMPVESFQPSUCFTTFNFSWFOUVSFQBSUOFST ͪͳΈʹɺւ֎Ϣχίʔϯ4BB4اۀͱͷ੒௕εϐʔυ ͜ͷൣғ಺ʹ͍·͢ʂ

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State of the Cloud Report 2018 - Bessemer Venture Partners IUUQTXXXTMJEFTIBSFOFU#ZSPO%FFUFSTUBUFPGUIFDMPVESFQPSUCFTTFNFSWFOUVSFQBSUOFST ͜ͷൣғ಺ʹ͍·͢ʂ ͜ͷ੒௕εϐʔυΛ,FFQɾՃ଎͢ΔͨΊʹ͸ ݁ߏͳ਺ͷ঎ஊ͕ٻΊΒΕ·͢! ͪͳΈʹɺւ֎Ϣχίʔϯ4BB4اۀͱͷ੒௕εϐʔυ

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&OUFSQSJTF 4.# ै ۀ һ ਺ ..# ֤Ϣχοτͷಈ͖ 4NBMM.BSLFU#VTJOFTT ɾʙ໊ن໛ͷاۀΛ୲౰ ɹ4NBSU)3ͷجຊػೳΛ΄΅શͯ͝ར༻͍ͨͩ͘৔߹͕ଟ͘ ɹاۀͷ՝୊ײ΋͋Δఔ౓͍ۙͨ͠Ί ɹφϨοδͷ஝ੵˠల։ʹΑΓɺਫ਼౓ͷߴ͍঎ஊ֫ಘΛߦ͏ɻ ɾ࿑຿஌ࣝɺΦϖϨʔγϣϯྗΛߴΊΔ ɹΠϯαΠυηʔϧεྗΛ্͛ΔϑΣʔζͷϝϯόʔͰߏ੒ɻ ɹ૊৫Λڧ͘͢Δཁͱͯ͠ͷ໾ׂ΋୲͏Ϣχοτɻ

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&OUFSQSJTF 4.# ै ۀ һ ਺ ..# ֤Ϣχοτͷಈ͖ .JEEMF.BSLFU#VTJOFTT ɾʙ ໊ن໛ͷاۀΛ୲౰ ɹͱ ໊Ͱɺاۀͷ՝୊ײ΍χʔζ͕ҟͳΔͨΊ ɹΠϯαΠυηʔϧεͷରԠ͕ෳࡶԽͯ͘͠Δɻ ɾ௚ۙத௕ظͷച্ʹد༩͢Δ ɹ4NBSU)3ͷϘϦϡʔϜκʔϯͷͨΊ ɹ௚ۙʙதظͷച্΁ΠϯύΫτ͕େ͖͍ɻ ɹྔͱ࣭ͷ྆ํΛ୲อ҆͠ఆతʹୡ੒Ͱ͖ΔϝϯόʔͰߏ੒ɻ

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&OUFSQSJTF 4.# ै ۀ һ ਺ ..# ֤Ϣχοτͷಈ͖ &OUFSQSJTF ɾ ʙʿ໊ن໛ͷاۀΛ୲౰ ɹάϧʔϓձࣾؒͷ࿈ܞ΍ҙࢥܾఆϓϩηε͕ෳࡶͰ ɹ4NBSU)3ͷར༻ʹ͍ͭͯ΋ෳ਺ͷεςʔΫϗϧμʔ͕ؔ༩ɻ ɹ঎ஊઃఆ·ͰͷϦʔυλΠϜ͕਺ϲ݄ʹٴͿέʔε΋ɻ ɾΫϩʔδϯάͱ࿈ܞ͠ઓུతʹ߈ུ͢Δ ɹ&OUFSQSJTFͷ֫ಘ͸୯ҰҊ݅ͷച্͚ͩͰ͸ͳ͘ ɹϚʔέοτγΣΞͷ֦େʹେ͖͘ߩݙ͠কདྷͷച্ʹ΋ ɹӨڹ͕͋ΔͨΊɺ঎ஊ֫ಘҎ֎ʹ঎ஊΛޙԡ͢͠Δಈ͖΋ɻ

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0QT ֤Ϣχοτͷಈ͖ 0QFSBUJPOTʢ0QTʣ ɾ0QFSBUJPOT ɹޮ཰తͳΦϖϨʔγϣϯͷઃܭ΍վળ ɾ&OBCMFNFOU ɹӦۀྗ61ͷͨΊͷτϨʔχϯάϓϥϯͷࡦఆ ɾ"OBMZUJDT ɹσʔλΛ΋ͱʹ*4શମͷੜ࢈ੑ޲্ͷͨΊͷࢪࡦཱҊ &OUFSQSJTF 4.# ..#

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ͪͳΈʹ 4.#..#&OUFSQSJTFʹ༏ྼ͸͋Γ·ͤΜɻ ͳͥͳΒɺ4NBSU)3͸ શن໛ͷاۀ͕ར༻͢Δ ϓϥοτϑΥʔϜΛ໨ࢦ͔͢Β!

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CONFIDENTIAL αʔϏε֓ཁ ΠϯαΠυηʔϧεͷ໾ׂ

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ΠϯαΠυηʔϧεͷ໾ׂ ঎ஊΛ ࡞Δ ঎ஊΛ લʹਐΊΔ શࣾ Ξ΢τϓοτΛ ࠷େԽ͢Δ + +

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঎ஊΛ࡞ΔʢˠΛ࡞Δ໾ׂʣ ঎ஊ݅਺ $ ίʔϧ਺ʷίϯλΫτ཰ʷίϯλΫτΞϙ཰ ߦಈྔ ߦಈͷ޻෉ ߦಈͷ࣭ ,1*Λৗʹҙࣝ͠ɺྑ͍఺Λ৳͹͠ϘτϧωοΫΛվળ͢Δ

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঎ஊΛલʹਐΊΔ *4ͱΫϩʔδϯά͕ ͦΕͧΕͷڧΈΛ׆͔͠ͳ͕Β࿈ܞ͠ ঎ஊΛલਐ % ·ͩ·ͩϒϥογϡΞοϓ͍͖ͯ͠·͢ʂ

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Ϛʔέ ΠϯαΠυηʔϧε Ϋϩʔδϯά Ϧʔυ֫ಘ਺ ঎ஊ݅਺ ड஫ֹۚ શࣾͷΞ΢τϓοτΛ࠷େԽ͢Δ ᶃྫ͑͹ɺϚʔέ͔ΒͷϦʔυڙڅ͕૝ఆΑΓগͳ͔ͬͨ৔߹ ᶄ঎ஊԽ཰ΛߴΊΔͨΊ ɹϦʔυ͋ͨΓͷ ɹߦಈͷ࣭Λ͔͑Δ ᶅ঎ஊ݅਺Λ୲อ͠શࣾ໨ඪͷ ɹ࠷େԽΛLFFQ͢Δ ΧελϚʔαΫηε $IVSO3BUF ˒Ϋϩʔδϯάͷঢ়گʹ߹ΘͤͯߦಈΛม͑Δ৔߹΋ɺ΋ͪΖΜ͋Γ·͢ʂ

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ࣾ෩ɾจԽʹ͍ͭͯ

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4NBSU)3ͷจԽ Φʔϓϯ ༡ͼ৺ Φʔϓϯ ϑϥοτ ༡ͼ৺ ࣗ཯ۦಈ +

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ΠϯαΠυηʔϧεͷจԽ ΠϯαΠυηʔϧεతʹ ղ૾౓Λ্͛Δͱ&

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จԽ Φʔϓϯ ༡ͼ৺ ϑϥοτ ༡ͼ৺ ࣗ཯ۦಈ + Φʔϓϯ

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ΤϞ͍Τϐιʔυͷڞ༗ ঎ஊ֫ಘφϨοδͷݴޠԽڞ༗ ੒ޭମݧ͸ੵۃతʹڞ༗͋͠͏

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୭͕ݟͯ΋Θ͔ΔΑ͏ʹ ରԠ಺༰ͷϩάΛ࢒͢੹೚ ϓϥϯχϯάͷϩδοΫਐḿΛ ໌ྎʹ͢Δ੹೚ ৘ใΛΦʔϓϯʹ͢Δ ίϛϡχέʔγϣϯ μογϡϘʔυ

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จԽ Φʔϓϯ ༡ͼ৺ ༡ͼ৺ ࣗ཯ۦಈ + Φʔϓϯ ϑϥοτ

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ɹɾݸਓμογϡϘʔυͷ಺༰ ɹɾύʔτφʔҊ݅ͷରԠϑϩʔ ɹɾձٞମͷݟ௚͠ɹFUDʜ ɹɹˠҙݟ͕͋Ε͹ɺϝϦοτσϝϦοτͷઆ໌෇ͰҙݟΛ͋͛ΔจԽ ϘτϜΞοϓͰ৭ʑͳ͜ͱ͕มΘΔ

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จԽ Φʔϓϯ ༡ͼ৺ ϑϥοτ ࣗ཯ۦಈ + Φʔϓϯ ༡ͼ৺

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ຖ೔ͷߦಈ͕ൺֱతετΠοΫͳνʔϜͳͷͰ ʮָ͠ΉۭؾײʯΛ࡞Δҙ͕ࣝେ੾Ͱ͢ɻ ʢୡ੒௚લͱ͔ͬͯͲ͏ͯ͠΋ϐϦϐϦͪ͠Ό͏ ͡Όͳ͍Ͱ͔͢ʜʣ ͦͯ͠શࣾతʹϗϝͯ΋Β͏޻෉΋ɻ 4MBDLͷHFOFSBMͰใࠂ͢ΔͱɺΈΜͳ༏͍͠ͷͰ FNPKJͰॕ෱Λͯ͘͠Ε·͢ɻ ୡ੒͸શྗͰتͿ ָ͠Ήɾϗϝ͋͏޻෉

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จԽ Φʔϓϯ ༡ͼ৺ ϑϥοτ ༡ͼ৺ + Φʔϓϯ ࣗ཯ۦಈ

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ि໨ʙि໨ ि໨ʙि໨ ि໨ʙि໨ ि໨ʙि໨ ˙࠷଎ΦϖϨʔγϣϯ Ϧʔυྲྀೖ͔Βޙॲཧ·Ͱͷ 4BMFTGPSDF্ͰͷରԠϚχϡΞϧͷҰݩԽ ɾϦʔυྲྀೖʗίʔϧઌબఆ ɾίʔϧલ४උ ɾίʔϧޙͷޙॲཧ ˙ސ٬ͱͷίϛϡχέʔγϣϯ ސ٬๊͕͑Δ՝୊͝ͱͷ ͋Δ͋ΔύλʔϯͱޮՌతͳ࣭໰ํ๏ ɾސ٬ηάϝϯτʢۀछʗैۀһن໛ʣ͝ͱͷ ɹࣄલ֬ೝࣄ߲˞ࣄྫ༗ແͳͲ ɾސ٬՝୊ผͷޮՌతͳ࣭໰ू ˙ηϧϑΦϯϘʔσΟϯάγʔτ ೖࣾޙϲ݄ؒͷϚΠϧετʔϯ ɾΠϯϓοτʗΞ΢τϓοτ ɾશࣾϛογϣϯ΍Ձ஋؍ɿ ɹˠ֤Ϧʔμʔਞ͔ΒͷνʔϜઆ໌ɺԊֵɺจԽ ɾϓϩμΫτཧղʗਓࣄ࿑຿ཧղʗڝ߹ɾࢢ৔ཧղ ɾηʔϧεͱͯ͠ͷڞ௨Πϯϓοτɿ ɹˠ঎ஊϑΣʔζཧղɺ$3.ͷ໾ׂͳͲ ྔ ࣭ ࣗ཯ۦಈͰΦϯϘʔσΟϯά͕Ͱ͖Δ࢓૊Έ

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CONFIDENTIAL αʔϏε֓ཁ ࠷ޙʹɿؾʹͳΔΑͶʁΛूΊ·ͨ͠

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ෳ਺ͷπʔϧΛ׆༻ͯ͠ۀ຿Λߦ͍·͢

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୅ ਓ ୅ ਓ ฏۉ೥ྸ ࡀ ΠϯαΠυηʔϧεͷ೥ྸ૚ ʢ೥݄೔࣌఺ͷਖ਼ࣾһʣ

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෱རްੜ ɾϑϨοΫε੍ʢίΞλΠϜʣ ɾλόίٵΘͳ͍ख౰ʢ ԁ݄ʣ ɾҾӽख౰ʢΦϑΟεۙ͘ʹҾͬӽ͢ͱສԁࢧڅʣ ɾΦϑΟείϯϏχʢϩʔιϯʣ ɾ͓ன৸ਪ঑ʢ͓ன৸εϖʔε͋Γʣ ɾηΩϡΞख౰ʢ1BTTXPSE౳ͷඅ༻ʣ ɾ,σΟεϓϨΠʢશ৬छʣ ɾೖࣾप೥ͷ͓ॕ͍ʢߴڃख़੒ण࢘ʂʣ ಇ͖΍͢͞౳ ɾॻ੶ߪೖ੍౓ʢTMBDLʹॻ͚ͩ͘ʣ ɾࢿ֨อ࣋අ༻ͷձࣾෛ୲ʢ࢜ۀͳͲʣ ɾษڧձ΍ߨ࠲डߨͷձࣾෛ୲ʢ౎౓૬ஊʣ εΩϧΞοϓ ɾϦϞʔτϫʔΫʢिճʣ ɾສԁ·Ͱ1$पลػثͷબ୒0,ʢσΟεϓϨΠআ͘ʣ ɾ3VCZ,BJHJ౳ͷࢀՃඅɺަ௨අɺ॓ധඅʢۀ຿ѻ͍ʣ ΤϯδχΞ޲͚ ɾ೤த঱ͳͲͷରࡦάοζ෇༩ɹɹɹɹɹɹɾຑ਄ͷ༧๷઀छඅ༻ͷෛ୲ʢՈ଒΋0,ʣ قઅϞϊ ίϛϡχέʔγϣϯ׆ੑԽ ɾϑϦʔΞϧίʔϧʢຖ೔ʙʣ ɾγϟοϑϧϥϯνʢຖिਫ༵ʣ ɾ෦׆੍౓ʢਓ ԁิॿճʣ ˞৯ચػ΍ϧϯόͳͲʹ͔ͭͬͯ0, ˞௨ۈ͕࣌ؒ෼Ҏ಺ͷڑ཭ʹͳΔํ͕ର৅ɹɹ ɾஉੑ޲͚࢈ٳ੍౓ʢिؒͷಛผ༗څٳՋΛ෇༩ʣ ɾҰ࣌ି෇ۚʢҭࣇٳۀڅ෇͕ۚࢧڅ͞ΕΔ·Ͱʣ ɾҭࣇ؀ڥΛ੔͑Δิॿʢສԁࢧڅʣ ˞ ҭࣇαϙʔτ ˞

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ධՁ੍౓ 0,3 Ձ஋؍Ϛον جૅεΩϧ + + ɾ0,3ϛογϣϯୡ੒౓ɺηʔϧε͸ׂఆྔʢ༧ࢉୡ੒཰ʣͰධՁ ɾ೥ճͷධՁʢ্ه߲໨͕ධՁର৅ʣ ɾִिͰPOΛ࣮ࢪ͠ɺαϓϥΠζධՁΛ๷ࢭʢ0,3͸ఆੑతͳ໨ඪ΋͋Δҝʣ

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Ձ஋؍Ϛονʹ͍ͭͯ ɾՁ஋؍ʹϚον͢Δߦಈ͕ଟ͍ͱߴධՁʹͳΓɺগͳ͍ͱ௿ධՁʹͳΓ·͢ ɾԠืલʹɺࣗ͝਎ͷՁ஋؍ͱϚον͢Δ͔ηϧϑνΣοΫΛ͓ئ͍͍ͯ͠·͢ w ਓ͕ཉ͍͠ͱࢥ͏΋ͷΛͭ͘Ζ͏ w ૣ͍΄͏͕ΧοίΠΠ w ࣗ཯ۦಈ ɾ4NBSU)3ࣾͰ͸ɺ༷ʑͳ൑அج४ʹɺ্هͷʮՁ஋؍ʢ7BMVFʣʯΛ׆༻͍ͯ͠·͢ w ࠷ળͷϓϥϯ$Λݟ͚ͭΔ w ϫΠϧυαΠυΛา͜͏ w ҰޠҰ۟ʹखؒͻ·͔͚Δ ˞Ձ஋؍ͷৄࡉ͸ίʔϙϨʔταΠτIUUQTTNBSUISDPKQNJTTJPOΛ͝ཡ͍ͩ͘͞ 4NBSU)3ࣾͷՁ஋؍ʢ7BMVFʣ ɾʮͲ͏ͨ͠Β4NBSU)3͕͏·͍͔͘͘ʁʯ͔Βٯࢉͯ͠࡞Γ·ͨ͠ʢWFSʣ

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νʔϜ๊͕͑Δ՝୊ ɾࠓ·Ͱ͸4%3ʢΠϯό΢ϯυʣʹ͍ͭͯϒϥογϡΞοϓ͖ͯͨ͠ ɾྺ࢙ʹ࢒ΔϓϩμΫτࣄۀʹ͢ΔͨΊʹ͸4%3Ҏ֎ͷڧԽ΋ඞཁ ɾ্هʹՃ͑ɺ#J[૊৫શମͷਓࡐҭ੒ʹߩݙ͢ΔͨΊʹ͸ɺ·ͩ·ͩਓ͕ඞཁ 4%3 ΠϯαΠυηʔϧε 4%3 #%3 "DDPVOUQMBOOJOH 0OCPBSEJOH 1MBO$ ɾҰॹʹɺ4NBSU)3ͷϓϩμΫτɾ૊৫Λ֦େ͢ΔϝϯόʔΛืूதͰ͢ ࠓ·Ͱ ͜Ε͔Β

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ݕࡧ 4NBSU)3࠾༻ 8F"SF)JSJOH