{"id":258,"date":"2018-04-06T21:57:07","date_gmt":"2018-04-06T12:57:07","guid":{"rendered":"http:\/\/welfare.fem.jp\/?p=258"},"modified":"2018-04-06T21:57:07","modified_gmt":"2018-04-06T12:57:07","slug":"%e3%80%8c%e5%ae%9f%e6%84%9f%e3%81%aa%e3%81%8d%e6%99%af%e6%b0%97%e6%8b%a1%e5%a4%a7%e3%80%8d%e3%81%af%e3%81%aa%e3%81%9c%e7%b6%9a%e3%81%84%e3%81%a6%e3%81%8d%e3%81%9f%e3%81%ae%e3%81%8b%ef%bc%9f-%e2%80%95","status":"publish","type":"post","link":"https:\/\/www.shin-fukushikokka.org\/site\/?p=258","title":{"rendered":"\u300c\u5b9f\u611f\u306a\u304d\u666f\u6c17\u62e1\u5927\u300d\u306f\u306a\u305c\u7d9a\u3044\u3066\u304d\u305f\u306e\u304b\uff1f \u2015\u2015\u5927\u4f01\u696d\u306b\u5bfe\u3059\u308b\u898f\u5236\u7de9\u548c\u3001\u5897\u3084\u3055\u308c\u308b\u682a\u4e3b\u914d\u5206\u3001\u6291\u3048\u3089\u308c\u3066\u304d\u305f\u4eba\u4ef6\u8cbb"},"content":{"rendered":"<p style=\"text-align: right;\">\u67f4\u7530 \u52aa\uff08\u5c90\u961c\u5927\u5b66\uff09<\/p>\n<h5 class=\"style5b\">\u306f\u3058\u3081\u306b\u2015\u2015\u306a\u305c\u5927\u4f01\u696d\u306f\u682a\u4e3b\u914d\u5206\u3092\u5897\u52a0\u3055\u305b\u3066\u304d\u305f\u306e\u304b\uff1f<\/h5>\n<p>2000\u5e74\u4ee3\u4ee5\u964d\u3001\u65e5\u672c\u306e\u5927\u4f01\u696d\u306f\u30b0\u30ed\u30fc\u30d0\u30eb\u5c55\u958b\u306e\u52a0\u901f\u3068\u56fd\u5185\u306e\u751f\u7523\u30b3\u30b9\u30c8\u6291\u5236\uff08\u4f4e\u8cc3\u91d1\u30fb\u4e0d\u5b89\u5b9a\u96c7\u7528\u306e\u5897\u5927\uff09\u3092\u5229\u76ca\u306e\u6e90\u6cc9\u3068\u3057\u3066\u304d\u305f\u3002\u305d\u3057\u3066\u3001\u5897\u52a0\u3057\u305f\u5229\u6f64\u306f\u682a\u4e3b\u914d\u5206\u3068\u56fd\u5185\u5916\u306eM&amp;A\uff08Mergers and 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class=\"style5a\">\u76ee\u6b21\u3068\u7528\u8a9e\u89e3\u8aac<\/h5>\n<ol>\n<li><strong>\u8cc3\u91d1\u3092\u6291\u5236\u3057\u3001\u682a\u4e3b\u914d\u5206\u3092\u5897\u3084\u3057\u3066\u304d\u305f\u65e5\u672c\u306e\u5927\u4f01\u696d<\/strong><\/li>\n<li><strong>\u682a\u4e3b\u914d\u5206\u5897\u52a0\u306e\u80cc\u666f\u2015\u2015\u65e5\u7c73\u8ca1\u754c\u306e\u8981\u6c42\u3068\u7d4c\u55b6\u6226\u7565<\/strong><\/li>\n<li><strong>\u682a\u4e3b\u914d\u5206\u306e\u5897\u52a0\u3068\u8cc3\u91d1\u6291\u5236\u69cb\u9020<\/strong><\/li>\n<li><strong>\u304a\u308f\u308a\u306b<\/strong><\/li>\n<\/ol>\n<p class=\"well\"><span style=\"font-weight: bold;\">\uff2d\uff06\uff21<\/span><br \/>\nM&amp;A\u3068\u306f\u4f01\u696d\u306e\u5408\u4f75\u30fb\u8cb7\u53ce\uff08Mergers and Acquisitions\uff09\u306e\u3053\u3068\u3067\u3042\u308b\u3002\u4f01\u696d\u304cM&amp;A\u3092\u884c\u3046\u52d5\u6a5f\u3068\u3057\u3066\u306f\u3001\u65b0\u898f\u6295\u8cc7\u306e\u4ee3\u66ff\uff08\u65e2\u5b58\u306e\u4f01\u696d\u3092\u53d6\u308a\u8fbc\u3080\u3053\u3068\u3067\u3088\u308a\u65e9\u304f\u76ee\u7684\u3092\u9054\u6210\u3067\u304d\u308b\u3002\u6642\u9593\u3092\u8cb7\u3046\u52b9\u679c\uff09\u3084\u3001\u898f\u6a21\u306e\u7d4c\u6e08\u306e\u8ffd\u6c42\u3001\u4e0d\u63a1\u7b97\u90e8\u9580\u306e\u30ea\u30b9\u30c8\u30e9\u3068\u7d4c\u55b6\u8cc7\u6e90\u306e\u96c6\u4e2d\uff08\u9078\u629e\u3068\u96c6\u4e2d\uff09\u306a\u3069\u304c\u3042\u308b\u3002M&amp;A\u306f\u682a\u5f0f\u4f1a\u793e\u306e\u652f\u914d\u6a29\u3092\u3081\u3050\u3063\u3066\u884c\u308f\u308c\u308b\u3082\u306e\u3067\u3042\u308a\u3001\u3053\u308c\u306b\u3088\u3063\u3066\u8cc7\u672c\u306e\u96c6\u4e2d\u304c\u6025\u901f\u306b\u9032\u3080\u3002<\/p>\n<p class=\"well\"><span style=\"font-weight: bold;\">\u81ea\u793e\u682a\u8cb7\u3044<\/span><br \/>\n\u81ea\u793e\u682a\u8cb7\u3044\u3068\u306f\u3001\u4f01\u696d\u304c\u6d41\u901a\u3057\u3066\u3044\u308b\u81ea\u793e\u682a\u3092\u8cb7\u3044\u623b\u3059\u3053\u3068\u3067\u3042\u308a\u3001\u4f01\u696d\u5229\u6f64\u3092\u682a\u4e3b\u306b\u9084\u5143\u3059\u308b\u624b\u6bb5\u306e\u4e00\u3064\u3067\u3042\u308b\u3002\u3053\u308c\u306b\u3088\u3063\u3066\u3001\u682a\u5f0f\u5e02\u5834\u3067\u6d41\u901a\u3059\u308b\u81ea\u793e\u682a\u304c\u6e1b\u5c11\u3057\u3001\u8cc7\u672c\u52b9\u7387\u3084\u4e00\u682a\u3042\u305f\u308a\u5229\u76ca\u306a\u3069\u306e\u6307\u6a19\u3092\u6539\u5584\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u682a\u4fa1\u4e0a\u6607\u3092\u3082\u305f\u3089\u3059\u52b9\u679c\u304c\u6307\u6458\u3055\u308c\u3066\u3044\u308b\u3002\u307e\u305f\u3001\u5185\u90e8\u60c5\u5831\u3092\u6301\u3063\u3066\u3044\u308b\u4f01\u696d\u304c\u81ea\u793e\u682a\u3092\u8cb7\u3046\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u300c\u682a\u4fa1\u304c\u5272\u5b89\u3067\u3042\u308b\u300d\u3068\u3044\u3046\u60c5\u5831\u53d7\u3051\u53d6\u308b\u3053\u3068\u306b\u306a\u308a\u3001\u682a\u4fa1\u306b\u3068\u3063\u3066\u30d7\u30e9\u30b9\u306e\u52b9\u679c\u3092\u4e0e\u3048\u308b\u3068\u3082\u8a00\u308f\u308c\u3066\u3044\u308b\uff08\u30b7\u30b0\u30ca\u30ea\u30f3\u30b0\u52b9\u679c\uff09\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306f\u4f01\u696d\u306e\u682a\u4fa1\u64cd\u4f5c\u306e\u6050\u308c\u3082\u3042\u308b\u305f\u3081\u3001\u5f93\u6765\u7981\u6b62\u3055\u308c\u3066\u304d\u305f\u3002\u4f8b\u3048\u3070\u30011992\u5e744\u67083\u65e5\u4ed8\u3051\u306e\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u3067\u306f\u3001\u81ea\u793e\u682a\u8cb7\u3044\u306b\u3064\u3044\u3066\u300c\u4f01\u696d\u304c\u610f\u56f3\u7684\u306b\u682a\u4fa1\u3092\u3064\u308a\u4e0a\u3052\u308b\u305f\u3081\u306b\u81ea\u793e\u682a\u8cb7\u3044\u3092\u4f7f\u3046\u6050\u308c\u3082\u306a\u3044\u3068\u306f\u3044\u3048\u306a\u3044\u300d\u3068\u614e\u91cd\u306a\u8b70\u8ad6\u3092\u884c\u3063\u3066\u3044\u305f\uff08\u300c\u8ad6\u8b70\u547c\u3076\u81ea\u793e\u682a\u8cb7\u3044\u300d\uff09\u3002<\/p>\n<p class=\"well\"><span style=\"font-weight: bold;\">\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9<\/span><br \/>\n\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u3068\u306f\u3001\u4f01\u696d\u7d71\u6cbb\u306e\u3053\u3068\u3067\u3042\u308b\u3002\u672c\u6765\u306f\u4f01\u696d\u3092\u53d6\u308a\u5dfb\u304f\u591a\u69d8\u306a\u5229\u5bb3\u95a2\u4fc2\u8005\uff08\u52b4\u50cd\u8005\u3084\u7d4c\u55b6\u8005\u3001\u682a\u4e3b\u3001\u50b5\u6a29\u8005\u3001\u6d88\u8cbb\u8005\u3001\u5730\u57df\u793e\u4f1a\u306a\u3069\uff09\u306e\u305f\u3081\u306b\u3001\u4f01\u696d\u7d4c\u55b6\u3092\u3069\u306e\u3088\u3046\u306b\u898f\u5f8b\u3065\u3051\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u304c\u3001\u8fd1\u5e74\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u8ad6\u3067\u306f\u3001\u6240\u6709\u8005\u3067\u3042\u308b\u682a\u4e3b\u306e\u5229\u76ca\u3092\u3044\u304b\u306b\u6700\u5927\u5316\u3059\u308b\u304b\u3068\u3044\u3046\u610f\u5473\u3067\u4f7f\u308f\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002\u4f01\u696d\u7d4c\u55b6\u306e\u3042\u308a\u65b9\u3092\u3081\u3050\u3063\u3066\u3069\u306e\u3088\u3046\u306a\u5236\u5ea6\u3084\u624b\u6cd5\u304c\u7528\u3044\u3089\u308c\u308b\u3079\u304d\u304b\u3068\u3044\u3046\u8b70\u8ad6\u3067\u306f\u3001\u524d\u8005\u306e\u7acb\u5834\u304b\u5f8c\u8005\u306e\u7acb\u5834\u304b\u306b\u3088\u3063\u3066\u653f\u7b56\u304c\u7570\u306a\u308b\u3002<\/p>\n<p class=\"well\">ROE\u3068\u306f\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff08Return On Equity\uff09\u306e\u3053\u3068\u3067\u3042\u308a\u3001\u4ee5\u4e0b\u306e\u5f0f\u3067\u8868\u3059\u3053\u3068\u304c\u3067\u304d\u308b\u3002<br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-263\" src=\"https:\/\/www.shin-fukushikokka.org\/site\/wp-content\/uploads\/2018\/04\/ROE-shiki.jpg\" alt=\"\" width=\"636\" height=\"113\" \/><br \/>\nROE\u306f\u6295\u8cc7\u5bb6\u304b\u3089\u898b\u308c\u3070\u3001\u682a\u4e3b\u304c\u51fa\u8cc7\u3057\u305f\u8cc7\u672c\u304b\u3089\u3044\u304b\u306b\u52b9\u7387\u3088\u304f\u5f53\u671f\u7d14\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u3066\u3044\u308b\u304b\u3068\u3044\u3046\u6307\u6a19\u3067\u3042\u308a\u3001\u6295\u8cc7\u5224\u65ad\u306e\u91cd\u8981\u306a\u6307\u6a19\u3068\u306a\u308b\u3002<\/p>\n<h5 class=\"style5b\">\uff11\uff0e\u8cc3\u91d1\u3092\u6291\u5236\u3057\u3001\u682a\u4e3b\u914d\u5206\u3092\u5897\u3084\u3057\u3066\u304d\u305f\u65e5\u672c\u306e\u5927\u4f01\u696d<\/h5>\n<p class=\"well2\"><strong>\u56f3\u88681 \u5927\u4f01\u696d\u306b\u304a\u3051\u308b\u7d14\u5229\u76ca\u30fb\u7d4c\u5e38\u5229\u76ca\u30fb\u914d\u5f53\u91d1\u30fb\u5f93\u696d\u54e1\u7d66\u4e0e\u306e\u63a8\u79fb(1991\uff0d2015)<\/strong><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-265\" src=\"https:\/\/www.shin-fukushikokka.org\/site\/wp-content\/uploads\/2018\/04\/shibata201804-fig01.png\" alt=\"\" width=\"883\" height=\"448\" \/><br \/>\n\uff08\u6ce8\uff09\u5168\u7523\u696d\u30d9\u30fc\u30b9\uff08\u9664\u304f\u91d1\u878d\u4fdd\u967a\u696d\uff09\u3002\u5927\u4f01\u696d\uff1d\u8cc7\u672c\u91d110\u5104\u5186\u4ee5\u4e0a\u30021991\u5e74\uff1d100\u3002<br \/>\n\uff08\u51fa\u6240\uff09\u300c\u6cd5\u4eba\u4f01\u696d\u7d71\u8a08\u300d\uff08\u8ca1\u52d9\u7701\uff09\u3088\u308a\u4f5c\u6210\u3002<\/p>\n<p>\u307e\u305a\u3001\u65e5\u672c\u306b\u304a\u3051\u308b\u682a\u4e3b\u914d\u5206\u306e\u63a8\u79fb\u3092\u78ba\u8a8d\u3059\u308b\u3002\u56f3\u88681\u306f\u5927\u4f01\u696d\u306b\u304a\u3051\u308b\u7d14\u5229\u76ca\u30fb\u7d4c\u5e38\u5229\u76ca\u30fb\u914d\u5f53\u91d1\u30fb\u5f93\u696d\u54e1\u7d66\u4e0e\u306e\u63a8\u79fb\u3092\u793a\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u30022000\u5e74\u4ee3\u4ee5\u964d\u306e\u7b2c\u4e00\u306e\u5909\u5316\u306f\u3001\u914d\u5f53\u306e\u6025\u6fc0\u306a\u5897\u52a0\u3067\u3042\u308b\u3002\u914d\u5f53\u306f2001\u5e74\u5ea6\u307e\u3067\u7d043\u5146\u5186\u524d\u5f8c\u3067\u63a8\u79fb\u3057\u305f\u5f8c\u30012003\u5e74\u5ea6\u306b5\u5146\u5186\u3092\u7a81\u7834\u3057\u3001\u3055\u3089\u306b2006\u5e74\u5ea6\u306b\u306f10\u5146\u5186\u3092\u7a81\u7834\u3057\u305f\u3002\u91d1\u878d\u5371\u6a5f\u306b\u3088\u3063\u3066\u4e00\u5ea6\u843d\u3061\u8fbc\u3080\u304c\u30012012\u5e74\u5ea6\u306b\u518d\u307310\u5146\u5186\u4ee5\u4e0a\u3068\u306a\u308a\u3001\u305d\u306e\u5f8c\u3082\u9ad8\u3044\u4f38\u3073\u7387\u3092\u793a\u3057\u3066\u3044\u308b\u3002\u7b2c\u4e8c\u306e\u5909\u5316\u306f\u3001\u4f01\u696d\u5229\u6f64\u306e\u4f38\u3073\u3068\u6bd4\u8f03\u3057\u305f\u8cc3\u91d1\u306e\u4f38\u3073\u7387\u306e\u4f4e\u3055\u3067\u3042\u308b\u30022000\u5e74\u4ee3\u4ee5\u964d\u3001\u4f01\u696d\u5229\u6f64\u3068\u8cc3\u91d1\u306f\u4e56\u96e2\u3057\u3001\u5897\u52a0\u3057\u305f\u5229\u6f64\u306b\u5fdc\u3058\u3066\u914d\u5f53\u304c\u5897\u52a0\u3059\u308b\u3068\u3044\u3046\u5f62\u3067\u65e5\u672c\u4f01\u696d\u306e\u884c\u52d5\u69d8\u5f0f\u304c\u5909\u5bb9\u3057\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n<p class=\"well2\"><strong>\u56f3\u88682\u3000\u5f53\u671f\u7d14\u5229\u76ca\u3001\u914d\u5f53\u91d1\u3001\u914d\u5f53\u6027\u5411\u306e\u63a8\u79fb\uff081980-2015\u5e74\uff09<\/strong><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-267\" src=\"https:\/\/www.shin-fukushikokka.org\/site\/wp-content\/uploads\/2018\/04\/shibata201804-fig02.png\" alt=\"\" width=\"913\" height=\"385\" \/><br \/>\n\uff08\u6ce8\uff09\u5168\u7523\u696d\uff08\u9664\u304f\u91d1\u878d\u4fdd\u967a\u696d\uff09\uff0c\u8cc7\u672c\u91d110\u5104\u5186\u4ee5\u4e0a\u4f01\u696d\u30021998\u5e74\u5ea6\u306e\u914d\u5f53\u6027\u54111395%\u30681999\u5e74\u5ea6\u306f761%\u306f\u6975\u3081\u3066\u9ad8\u3044\u5024\u3067\u3042\u3063\u305f\u305f\u3081\uff0c\u30c7\u30fc\u30bf\u304b\u3089\u9664\u5916\u3057\u305f\u3002\u3053\u308c\u306f\u5f53\u671f\u7d14\u5229\u76ca\u304c1997\u5e74\u5ea6\u306e3\u51468326\u51048500\u4e07\u5186\u304b\u30891998\u5e74\u5ea6\u306b2154\u51043200\u4e07\u5186\u3078\u3068\u5927\u5e45\u306b\u6e1b\u5c11\u3057\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\uff0c\u914d\u5f53\u91d1\u7dcf\u984d\u304c1997\u5e74\u5ea6\u306e3\u5146493\u51048500\u4e07\u5186\u304b\u30891998\u5e74\u5ea6\u306e3\u514647\u51048900\u4e07\u5186\u3078\u3068\u6e1b\u5c11\u5e45\u304c\u5c0f\u3055\u304b\u3063\u305f\u3053\u3068\u306b\u3088\u308b\u3082\u306e\u3067\u3042\u308b\uff081999\u5e74\u5ea6\u3082\u540c\u69d8\uff09\u3002\u307e\u305f\uff0c2001\u5e74\u5ea6\u306f\u5f53\u671f\u7d14\u5229\u76ca\u304c\u30de\u30a4\u30ca\u30b9\u3067\u3042\u3063\u305f\u305f\u3081\u914d\u5f53\u6027\u5411\u3082\u30de\u30a4\u30ca\u30b9\u3067\u3042\u308a\uff0c\u30b0\u30e9\u30d5\u306b\u306f\u8868\u793a\u3057\u3066\u3044\u306a\u3044\u3002<br \/>\n\uff08\u51fa\u6240\uff09\u300c\u6cd5\u4eba\u4f01\u696d\u7d71\u8a08\u300d\uff08\u8ca1\u52d9\u7701\uff09\u3088\u308a\u4f5c\u6210\u3002<\/p>\n<p>\u6b21\u306b\u3001\u56f3\u88682\u3092\u3082\u3068\u306b\u914d\u5f53\u6027\u5411\uff08\u914d\u5f53\u91d1\uff0f\u5f53\u671f\u7d14\u5229\u76ca\uff09\u306e5\u5e74\u5e73\u5747\u306e\u63a8\u79fb\u3092\u78ba\u8a8d\u3059\u308b\u30021980\u5e74\u4ee3\u524d\u534a\u306f39.31%\u30011980\u5e74\u4ee3\u5f8c\u534a37.64%\u3067\u3042\u3063\u305f\u304c\u30011990\u5e74\u4ee3\u524d\u534a\u306b57.89%\u30011990\u5e74\u4ee3\u5f8c\u534a62.06%\u3001\u305d\u3057\u3066\u30012000\u5e74\u4ee3\u4ee5\u964d\u4e0a\u6607\u3057\u30012000\u5e74\u4ee3\u524d\u534a\u306776.21%\u30012000\u5e74\u4ee3\u5f8c\u534a67.62%\u30012010\u5e74\u4ee3\u524d\u534a62.93%\u3068\u5229\u76ca\u306b\u5360\u3081\u308b\u914d\u5f53\u306e\u5272\u5408\u3082\u4e0a\u6607\u50be\u5411\u306b\u3042\u308b\u3002\u4f01\u696d\u306e\u7d14\u5229\u76ca\u304b\u3089\u7d046\u5272\u4ee5\u4e0a\u304c\u914d\u5f53\u3068\u3057\u3066\u5206\u914d\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3042\u308a\u3001\u56f3\u88681\u3067\u78ba\u8a8d\u3057\u305f\u3068\u304a\u308a\u8cc3\u91d1\u306f\u6291\u5236\u3057\u306a\u304c\u3089\u3001\u914d\u5f53\u3078\u306e\u652f\u6255\u3044\u3092\u91cd\u8996\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u5206\u304b\u308b\u3002<\/p>\n<p>\u682a\u4e3b\u914d\u5206\u306e\u3082\u3046\u4e00\u65b9\u306e\u69cb\u6210\u8981\u7d20\u3067\u3042\u308b\u81ea\u793e\u682a\u8cb7\u3044\u306f\u3001\u682a\u5f0f\u5e02\u5834\u306b\u304a\u3051\u308b\u9700\u7d66\u95a2\u4fc2\u306e\u5909\u5316\u3084\u4e00\u682a\u3042\u305f\u308a\u5229\u76ca\u306a\u3069\u682a\u5f0f\u5e02\u5834\u3067\u8a55\u4fa1\u3055\u308c\u308b\u6307\u6a19\u3092\u6539\u5584\u3055\u305b\u308b\u3053\u3068\u3067\u3001\u682a\u4fa1\u4e0a\u6607\u306e\u52b9\u679c\u3092\u3082\u305f\u3089\u3059\u3068\u8a00\u308f\u308c\u3066\u3044\u308b\u30022000\u5e74\u4ee3\u4ee5\u964d\u3001\u914d\u5f53\u3068\u540c\u3058\u3088\u3046\u306b\u81ea\u793e\u682a\u8cb7\u3044\u3082\u5897\u52a0\u3057\u305f\u30022000\u5e74\u4ee3\u524d\u534a\u306e2\u5146\u5186\u304b\u30893\u5146\u5186\u306e\u6c34\u6e96\u304b\u3089\u91d1\u878d\u5371\u6a5f\u524d\u306b\u306f5\u5146\u5186\u306e\u898f\u6a21\u306b\u9054\u3057\u3001\u305d\u306e\u5f8c\u6e1b\u5c11\u3059\u308b\u304c\u518d\u30732015\u5e74\u5ea6\u306b\u306f\u5371\u6a5f\u524d\u306e\u6c34\u6e96\u306b\u9054\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u4ee5\u4e0a\u306e\u3088\u3046\u306b\u3001\u65e5\u672c\u306e\u5927\u4f01\u696d\u306f2000\u5e74\u4ee3\u4ee5\u964d\u3001\u8cc3\u91d1\u3092\u6291\u5236\u3057\u306a\u304c\u3089\u682a\u4e3b\u914d\u5206\uff08\u914d\u5f53\uff0b\u81ea\u793e\u682a\u8cb7\u3044\uff09\u3092\u5897\u52a0\u3055\u305b\u3066\u3044\u308b\u3002\u3053\u306e\u3088\u3046\u306a\u4f01\u696d\u884c\u52d5\u306f\u306a\u305c\u751f\u3058\u305f\u306e\u304b\u3002<\/p>\n<h5 class=\"style5b\">\uff12\uff0e\u682a\u4e3b\u914d\u5206\u5897\u52a0\u306e\u80cc\u666f\uff0d\u65e5\u7c73\u8ca1\u754c\u306e\u8981\u6c42\u3068\u7d4c\u55b6\u6226\u7565<\/h5>\n<p>2000\u5e74\u4ee3\u4ee5\u964d\u306e\u4f01\u696d\u884c\u52d5\u306e\u5909\u5bb9\u306f\u30011990\u5e74\u4ee3\u5f8c\u534a\u304b\u3089\u9032\u3081\u3089\u308c\u305f\u898f\u5236\u7de9\u548c\u306b\u3088\u3063\u3066\u751f\u3058\u305f\u30021990\u5e74\u4ee3\u306e\u65e5\u672c\u306e\u8ca1\u754c\u306f\u3001\u30d0\u30d6\u30eb\u5d29\u58ca\u5f8c\u306e\u9577\u671f\u4e0d\u6cc1\u3092\u8131\u3059\u308b\u3053\u3068\u3068\u3001\u6fc0\u5316\u3057\u3064\u3064\u3042\u308b\u30b0\u30ed\u30fc\u30d0\u30eb\u7af6\u4e89\u3092\u52dd\u3061\u629c\u304f\u305f\u3081\u306b\u3001\u4f9b\u7d66\u9762\u306e\u69cb\u9020\u6539\u9769\u3092\u8981\u8acb\u3057\u305f\u3002\u7279\u306b\u3001\u300c\u96c7\u7528\u300d\u300c\u8a2d\u5099\u300d\u300c\u8ca0\u50b5\u300d\u306e\u4e09\u3064\u306e\u904e\u5270\u3092\u51e6\u7406\u3059\u308b\u305f\u3081\u306b\u3001\u300c\u9078\u629e\u3068\u96c6\u4e2d\u300d\u3092\u4fc3\u9032\u3059\u308b\u4f9b\u7d66\u69cb\u9020\u6539\u9769\u304c\u5fc5\u8981\u3060\u3068\u3044\u3046\u8a8d\u8b58\u306e\u3082\u3068\u3001M&amp;A\u95a2\u9023\u6cd5\u5236\u306e\u898f\u5236\u7de9\u548c\u3092\u5f37\u304f\u8981\u6c42\u3057\u30011990\u5e74\u4ee3\u5f8c\u534a\u4ee5\u964d\u7acb\u3066\u7d9a\u3051\u306b\u6cd5\u6539\u6b63\u304c\u884c\u308f\u308c\u305f\uff08\u76f8\u6fa42007\u3001\u5b89\u897f2000\u3001\u7d4c\u6e08\u56e3\u4f53\u9023\u5408\u4f1a\u7de81997a\u30011997b\u3001\u7389\u67512001\uff09\u3002<\/p>\n<p>\u4ed6\u65b9\u3001\u30a2\u30e1\u30ea\u30ab\u304b\u3089\u306e\u898f\u5236\u7de9\u548c\u8981\u6c42\u306f\u30011990\u5e74\u4ee3\u4ee5\u964d\u65e5\u672c\u306e\u69d8\u3005\u306a\u5236\u5ea6\u306b\u3064\u3044\u3066\u306e\u5177\u4f53\u7684\u306a\u5909\u66f4\u8981\u6c42\u306e\u5f62\u3092\u3068\u308b\u3002\u7279\u306b\u5bfe\u65e5\u76f4\u63a5\u6295\u8cc7\u306e\u62e1\u5927\u3092\u76ee\u7684\u3068\u3057\u3066\u3001\u56fd\u5883\u3092\u8d8a\u3048\u305f\u682a\u5f0f\u4ea4\u63db\u306b\u3088\u308bM&amp;A\u306e\u81ea\u7531\u5316\u3092\u8981\u6c42\u3057\u3001\u305d\u306e\u305f\u3081\u306e\u4f01\u696d\u6cd5\u5236\u306e\u898f\u5236\u7de9\u548c\u304c\u9032\u3081\u3089\u308c\u305f\uff08<a href=\"https:\/\/www.cfr.org\/report\/future-directions-us-economic-policy-toward-japan\" target=\"_blank\" rel=\"noopener\">Future Directions for U.S. Economic Policy Toward Japan\uff0c2000\u5e7410\u670824\u65e5<\/a>\uff09\u3002<\/p>\n<p>\u4ee5\u4e0a\u306e\u65e5\u7c73\u8ca1\u754c\u306e\u8981\u6c42\u306e\u3082\u3068\u306b\u30011997\u5e74\u306b\u300c\u7d14\u7c8b\u6301\u682a\u4f1a\u793e\u306e\u89e3\u7981\u300d\u300c\u5408\u4f75\u624b\u7d9a\u304d\u306e\u7c21\u7d20\u5316\u300d\u300c\u30b9\u30c8\u30c3\u30af\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u300d\u30011999\u5e74\u300c\u682a\u5f0f\u4ea4\u63db\u30fb\u79fb\u8ee2\u5236\u5ea6\u300d\u30012001\u5e74\u300c\u4f1a\u793e\u5206\u5272\u5236\u5ea6\u300d\u300c\u91d1\u5eab\u682a\u89e3\u7981\u300d\u30012003\u5e74\u300c\u81ea\u5df1\u682a\u5f0f\u53d6\u5f97\u898f\u5236\u306e\u7de9\u548c\u300d\u306a\u3069\u306e\u898f\u5236\u7de9\u548c\u304c\u884c\u308f\u308c\u3001\u305d\u306e\u96c6\u5927\u6210\u3068\u3057\u30662006\u5e74\u306b\u300c\u65b0\u4f1a\u793e\u6cd5\u300d\u304c\u65bd\u884c\u3055\u308c\u305f\u3002<\/p>\n<p>2000\u5e74\u4ee3\u5f8c\u534a\u4ee5\u964d\u306f\u3001\u300c\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u6539\u9769\u300d\u3068\u3057\u3066\u3001\u4f1a\u793e\u6cd5\u306e\u6539\u6b63\u3084\u300c\u65e5\u672c\u518d\u8208\u6226\u7565\u300d\u306e\u7b56\u5b9a\u3001\u300c\u65e5\u672c\u7248\u30b9\u30c1\u30e5\u30ef\u30fc\u30c9\u30b7\u30c3\u30d7\u30fb\u30b3\u30fc\u30c9\u300d\u3001\u300c\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30b3\u30fc\u30c9\u300d\u306a\u3069\u306e\u653f\u7b56\u304c\u9032\u3081\u3089\u308c\u305f\u3002\u300c\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u6539\u9769\u300d\u306f\u30011990\u5e74\u4ee3\u5f8c\u534a\u304b\u3089\u306e\u300c\u9078\u629e\u3068\u96c6\u4e2d\u300d\u306e\u4fc3\u9032\u3068\u3057\u3066\u306eM&amp;A\u6226\u7565\u3068\u5bfe\u65e5\u76f4\u63a5\u6295\u8cc7\u62e1\u5927\u8def\u7dda\u306b\u5909\u5316\u306f\u306a\u3044\uff08<a href=\"https:\/\/www.kantei.go.jp\/jp\/singi\/keizaisaisei\/kettei.html#saikou2014\" target=\"_blank\" rel=\"noopener\">\u300c\u65e5\u672c\u518d\u8208\u6226\u7565\u300d2014\u5e74<\/a>\u306b\u81f3\u308b<a href=\"https:\/\/www.kantei.go.jp\/jp\/singi\/keizaisaisei\/skkkaigi\/kaisai.html\" target=\"_blank\" rel=\"noopener\">\u300c\u7523\u696d\u7af6\u4e89\u529b\u4f1a\u8b70\u300d<\/a>\u3084<a href=\"http:\/\/www5.cao.go.jp\/keizai-shimon\/kaigi\/special\/investment\/01\/gijiyoushi.pdf\" target=\"_blank\" rel=\"noopener\">\u300c\u5bfe\u65e5\u76f4\u63a5\u6295\u8cc7\u306b\u95a2\u3059\u308b\u6709\u8b58\u8005\u61c7\u8ac7\u4f1a\uff08\u7b2c\uff11\u56de\uff09\u8b70\u4e8b\u8981\u65e8\u300d2014\u5e742\u670827\u65e5<\/a>\u306a\u3069\u3092\u53c2\u7167\uff09\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u5f93\u6765\u306e\u653f\u7b56\u3068\u7570\u306a\u308a\u3001\u8fd1\u5e74\u306e\u300c\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u6539\u9769\u300d\u306f\u3001\u300c\u6210\u9577\u6226\u7565\u300d\u3068\u3057\u3066\u306e\u5074\u9762\u304c\u91cd\u8996\u3055\u308c\u3066\u3044\u308b\u3002\u4f8b\u3048\u3070\u3001<a href=\"https:\/\/www.kantei.go.jp\/jp\/singi\/keizaisaisei\/pdf\/honbun2JP.pdf\" target=\"_blank\" rel=\"noopener\">\u300c\u65e5\u672c\u518d\u8208\u6226\u7565\u300d\uff08\u6539\u8a022014\uff09<\/a>\u3067\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u66f8\u304b\u308c\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u300c\u65e5\u672c\u4f01\u696d\u306e\u300e\u7a3c\u3050\u529b\u300f\u3001\u3059\u306a\u308f\u3061\u4e2d\u9577\u671f\u7684\u306a\u53ce\u76ca\u6027\u30fb\u751f\u7523\u6027\u3092\u9ad8\u3081\u3001\u305d\u306e\u679c\u5b9f\u3092\u5e83\u304f\u56fd\u6c11\uff08\u5bb6\u8a08\uff09\u306b\u5747\u3066\u3093\u3055\u305b\u308b\u306b\u306f\u4f55\u304c\u5fc5\u8981\u304b\u3002\u307e\u305a\u306f\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u5f37\u5316\u306b\u3088\u308a\u3001\u7d4c\u55b6\u8005\u306e\u30de\u30a4\u30f3\u30c9\u3092\u5909\u9769\u3057\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u6c34\u6e96\u306eROE\u306e\u9054\u6210\u7b49\u3092\u4e00\u3064\u306e\u76ee\u5b89\u306b\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u7af6\u4e89\u306b\u6253\u3061\u52dd\u3064\u653b\u3081\u306e\u7d4c\u55b6\u5224\u65ad\u3092\u5f8c\u62bc\u3057\u3059\u308b\u4ed5\u7d44\u307f\u3092\u5f37\u5316\u3057\u3066\u3044\u304f\u3053\u3068\u304c\u91cd\u8981\u3067\u3042\u308b\u3002\u7279\u306b\u3001\u6570\u5e74\u3076\u308a\u306e\u597d\u6c7a\u7b97\u3092\u5b9f\u73fe\u3057\u305f\u4f01\u696d\u306b\u3064\u3044\u3066\u306f\u3001\u5185\u90e8\u7559\u4fdd\u3092\u8caf\u3081\u8fbc\u3080\u306e\u3067\u306f\u306a\u304f\u3001\u65b0\u898f\u306e\u8a2d\u5099\u6295\u8cc7\u3084\u3001\u5927\u80c6\u306a\u4e8b\u696d\u518d\u7de8\uff0cM&amp;A\u306a\u3069\u306b\u7a4d\u6975\u7684\u306b\u6d3b\u7528\u3057\u3066\u3044\u304f\u3053\u3068\u304c\u671f\u5f85\u3055\u308c\u308b\u300d\uff08\u540c\u66f8\u30014\u9801\uff09<\/p><\/blockquote>\n<p>\u305d\u3057\u3066\u3001\u6210\u9577\u6226\u7565\u306b\u3088\u308b\u4f01\u696d\u5229\u6f64\u306e\u5897\u5927\u3092\u300c\u8cc3\u4e0a\u3052\u30fb\u914d\u5f53\u3092\u901a\u3058\u305f\u6240\u5f97\u306e\u62e1\u5927\u3068\u96c7\u7528\u306e\u62e1\u5927\u306b\u3064\u306a\u3052\u3001\u305d\u308c\u304c\u6d88\u8cbb\u306e\u62e1\u5927\u3001\u305d\u3057\u3066\u66f4\u306a\u308b\u6295\u8cc7\u3092\u751f\u3093\u3067\u53ce\u76ca\u62e1\u5927\u306b\u3064\u306a\u304c\u308b\u3068\u3044\u3046\u300e\u7d4c\u6e08\u306e\u597d\u5faa\u74b0\u300f\u3092\u66f4\u306b\u62e1\u5927\u3057\u3066\u5b9f\u73fe\u3057\u3066\u3044\u304f\u300d\uff08\u540c\u66f8\u300114\u9801\uff09\u3068\u8ad6\u3058\u3066\u3044\u308b\u3002\u3059\u306a\u308f\u3061\u3001M&amp;A\u6226\u7565\u3068\u682a\u4e3b\u914d\u5206\u91cd\u8996\u7d4c\u55b6\u306b\u3088\u3063\u3066\u65e5\u672c\u4f01\u696d\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u3092\u5f37\u5316\u3057\u3001\u305d\u306e\u300c\u679c\u5b9f\u300d\u3092\u300c\u8cc3\u4e0a\u3052\u30fb\u914d\u5f53\u300d\u306e\u5897\u52a0\u3092\u3068\u304a\u3057\u3066\u5e83\u304f\u5bb6\u8a08\u306b\u884c\u304d\u6e21\u308b\u3001\u3068\u3044\u3046\u30c8\u30ea\u30af\u30eb\u30c0\u30a6\u30f3\u3092\u60f3\u5b9a\u3057\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u3001\u56f3\u88681\u3067\u78ba\u8a8d\u3057\u305f\u3068\u304a\u308a2000\u5e74\u4ee3\u4ee5\u964d\u3053\u306e\u300c\u30c8\u30ea\u30af\u30eb\u30c0\u30a6\u30f3\u300d\u306f\u9054\u6210\u3055\u308c\u3066\u3044\u306a\u3044\u3002<\/p>\n<h5 class=\"style5b\">\uff13\uff0e\u682a\u4e3b\u914d\u5206\u306e\u5897\u52a0\u3068\u8cc3\u91d1\u6291\u5236\u69cb\u9020<\/h5>\n<p>\u4ee5\u4e0a\u307f\u3066\u304d\u305f\u898f\u5236\u7de9\u548c\u3084\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u6539\u9769\u306b\u3088\u3063\u3066\u3001\u65e5\u672c\u7d4c\u6e08\u306e\u69cb\u9020\u3068\u5927\u4f01\u696d\u306e\u884c\u52d5\u69d8\u5f0f\u306f\u4ee5\u4e0b\u306e\u70b9\u3067\u5927\u304d\u304f\u5909\u5316\u3057\u305f\u3002<\/p>\n<p>\u7b2c\u4e00\u306b\u3001M&amp;A\u306e\u5897\u52a0\u3067\u3042\u308b\u3002\u65e5\u672c\u4f01\u696d\u306eM&amp;A\u4ef6\u6570\u3092\u898b\u308b\u3068\u30011990\u5e74\u4ee3\u534a\u3070\u307e\u3067\u5e74\u5e73\u5747500\u4ef6\u7a0b\u5ea6\u3067\u63a8\u79fb\u3057\u305f\u5f8c\u30011997\u5e74\u4ee5\u964d\u4e0a\u6607\u3057\u30012006\u5e74\u306b\u306f2,775\u4ef6\u3068\u306a\u308a5\u500d\u5f37\u306e\u6c34\u6e96\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u305d\u306e\u5f8c\u3001\u4e16\u754c\u7684\u306a\u7d4c\u6e08\u5371\u6a5f\u3092\u80cc\u666f\u306b\u6e1b\u5c11\u3059\u308b\u304c\u30012012\u5e74\u4ee5\u964d\u518d\u3073\u5897\u52a0\u306b\u8ee2\u30582016\u5e74\u306f2,652\u4ef6\u3001\u91d1\u984d\u306f16\u51466133\u5104\u5186\u3092\u8a18\u9332\u3057\u3066\u3044\u308b\u3002\u4f01\u696d\u5229\u6f64\u306e\u56de\u5fa9\u3068\u3068\u3082\u306b\u3001M&amp;A\u4ef6\u6570\u304c\u5897\u52a0\u3059\u308b\u3068\u3044\u3046\u7d4c\u6e08\u69cb\u9020\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\uff08<a href=\"https:\/\/www.marr.jp\/mainfo\/graph\/\" target=\"_blank\" rel=\"noopener\">\u30ec\u30b3\u30d5M&amp;A\u30c7\u30fc\u30bf\u30d9\u30fc\u30b9\u53c2\u7167<\/a>\uff09\u3002<\/p>\n<p>M&amp;A\u306f\u682a\u4fa1\u3092\u8ef8\u306b\u53d6\u5f15\u304c\u884c\u308f\u308c\u308b\u305f\u3081\u3001\u8cb7\u53ce\u306e\u5371\u6a5f\u610f\u8b58\u304b\u3089\u4f01\u696d\u306f\u682a\u4fa1\u3092\u91cd\u8996\u3057\u305f\u7d4c\u55b6\u3092\u884c\u3046\u3088\u3046\u306b\u306a\u308b\u3002\u305d\u3057\u3066\u3001\u898f\u5236\u7de9\u548c\u306b\u3088\u3063\u3066\u682a\u5f0f\u4ea4\u63db\u306b\u3088\u308bM&amp;A\u304c\u53ef\u80fd\u3068\u306a\u3063\u3066\u4ee5\u964d\u3001\u682a\u5f0f\u306e\u6642\u4fa1\u7dcf\u984d\u306e\u91cd\u8981\u6027\u304c\u3055\u3089\u306b\u9ad8\u307e\u3063\u305f\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u8cb7\u53ce\u3059\u308b\u5074\u306e\u4f01\u696d\u3082\u3055\u308c\u308b\u5074\u306e\u4f01\u696d\u3082\u63c3\u3063\u3066\u682a\u4fa1\u3092\u9ad8\u3081\u308b\u3088\u3046\u306a\u4f01\u696d\u884c\u52d5\u304c\u751f\u307f\u51fa\u3055\u308c\u3066\u3044\u3063\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u7b2c\u4e8c\u306b\u3001ROE\u91cd\u8996\u7d4c\u55b6\u304c\u5e83\u304c\u3063\u305f\u3053\u3068\u3067\u3042\u308b\u3002ROE\uff08Return On Equity\uff1b\u81ea\u5df1\u8cc7\u672c\u5229\u76ca\u7387\uff09\u3068\u306f\u81ea\u5df1\u8cc7\u672c\u306b\u5bfe\u3057\u3066\u3001\u3044\u304b\u306b\u52b9\u7387\u3088\u304f\u5f53\u671f\u7d14\u5229\u76ca\u3092\u751f\u307f\u51fa\u3057\u305f\u304b\u3068\u3044\u3046\u6307\u6a19\u3067\u3042\u308a\u3001\u6295\u8cc7\u5bb6\u306fROE\u306e\u5024\u3092\u91cd\u8996\u3057\u3066\u6295\u8cc7\u3092\u884c\u3046\u3002\u4f8b\u3048\u3070\u3001\u751f\u547d\u4fdd\u967a\u5354\u4f1a\u306e\u8abf\u67fb\uff082016\u5e74\u5ea6\u8abf\u67fb\uff09\u306b\u3088\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u304c\u300c\u7d4c\u55b6\u76ee\u6a19\u3068\u3057\u3066\u91cd\u8996\u3059\u3078\u3099\u304d\u6307\u6a19\u300d\u3068\u3057\u3066\u3001\u300cROE\u300d\u304c78.5\uff05\u3068\u6700\u3082\u591a\u304f\u3001\u300c\u5229\u76ca\u984d\u30fb\u5229\u76ca\u306e\u4f38\u3073\u7387\u300d\u306e31.2\uff05\u3092\u5927\u304d\u304f\u4e0a\u56de\u3063\u3066\u3044\u308b\uff08<a href=\"http:\/\/www.seiho.or.jp\/info\/news\/2016\/pdf\/20170321_3.pdf\" target=\"_blank\" rel=\"noopener\">\u751f\u547d\u4fdd\u967a\u5354\u4f1a\u300e\u5e73\u621028\u5e74\u5ea6 \u751f\u547d\u4fdd\u967a\u5354\u4f1a\u30a2\u30f3\u30b1\u30fc\u30c8\u8abf\u67fb\u3000\u682a\u5f0f\u4fa1\u5024\u5411\u4e0a\u306b\u5411\u3051\u305f\u53d6\u308a\u7d44\u307f\u306b\u3064\u3044\u3066\u300f<\/a>\u300118\u9801\u3001\u56f3\u886817\uff09\u3002<\/p>\n<p>\u3055\u3089\u306b\u653f\u5e9c\u3082ROE\u91cd\u8996\u7d4c\u55b6\u3092\u653f\u7b56\u7684\u306b\u63a8\u3057\u9032\u3081\u3066\u3044\u308b\u3002\u7d4c\u6e08\u7523\u696d\u7701<a href=\"http:\/\/www.meti.go.jp\/press\/2014\/08\/20140806002\/20140806002-2.pdf\" target=\"_blank\" rel=\"noopener\">\u300e\u6301\u7d9a\u7684\u6210\u9577\u3078\u306e\u7af6\u4e89\u529b\u3068\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u301c\u4f01\u696d\u3068\u6295\u8cc7\u5bb6\u306e\u671b\u307e\u3057\u3044\u95a2\u4fc2\u69cb\u7bc9\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u6700\u7d42\u5831\u544a\u66f8\uff08\u300c\u4f0a\u85e4\u30ec\u30dd\u30fc\u30c8\u300d\uff09\u300f<\/a>\u306f\u3001\u300c\u30b0\u30ed\u30fc\u30d0\u30eb\u306b\u901a\u7528\u3059\u308b\u6709\u529b\u306a\u6307\u6a19\u300d\u3068\u3057\u3066\u3001\u300c\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u306f\u4f01\u696d\u3092\u8a55\u4fa1\u3059\u308b\u969b\u306e\u6700\u3082\u91cd\u8981\u306a\u6307\u6a19\u306e\u4e00\u3064\u3068\u3057\u3066 ROE \u3092\u6349\u3048\u3066\u3044\u308b\u300d\u3068\u3057\u3066\u3001\u6700\u4f4e\u96508%\u3092\u4e0a\u56de\u308bROE\u3092\u9054\u6210\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3042\u308b\u3068\u8ad6\u3058\u3066\u3044\u308b\uff08<a href=\"http:\/\/www.meti.go.jp\/press\/2014\/08\/20140806002\/20140806002-2.pdf\" target=\"_blank\" rel=\"noopener\">\u7d4c\u6e08\u7523\u696d\u77012014<\/a>\u300112-13\u9801\uff09\u3002<\/p>\n<p>\u4f01\u696d\u306fM&amp;A\u306e\u5897\u52a0\u3092\u80cc\u666f\u3068\u3057\u3066\u682a\u4fa1\u3092\u91cd\u8996\u3059\u308b\u3053\u3068\u3092\u5148\u306b\u6307\u6458\u3057\u305f\u304c\u3001\u9ad8\u682a\u4fa1\u7d4c\u55b6\u306e\u305f\u3081\u306b\u3082ROE\u3092\u3044\u304b\u306b\u4e0a\u3052\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u304c\u91cd\u8981\u306a\u7d4c\u55b6\u6226\u7565\u3068\u306a\u308b\u3002ROE\u306f\u3001\u4e2d\u9577\u671f\u7684\u306b\u306f\u5206\u5b50\u306e\u5f53\u671f\u7d14\u5229\u76ca\u3092\u4f38\u3070\u3059\u3053\u3068\u3067\u6570\u5024\u304c\u4e0a\u6607\u3059\u308b\u3002\u3057\u304b\u3057\u3001\u77ed\u671f\u7684\u306b\u306f\u5206\u6bcd\u306e\u81ea\u5df1\u8cc7\u672c\u3092\u6e1b\u3089\u3059\u3053\u3068\u3068\u3001\u4eba\u4ef6\u8cbb\u7b49\u30b3\u30b9\u30c8\u524a\u6e1b\u306b\u3088\u308a\u5206\u5b50\u306e\u5f53\u671f\u7d14\u5229\u76ca\u3092\u4e0a\u3052\u308b\u3053\u3068\u3067ROE\u3092\u4e0a\u3052\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002\u81ea\u5df1\u8cc7\u672c\u306f\u4f01\u696d\u304c\u682a\u4e3b\u9084\u5143\u7b56\u3067\u3042\u308b\u81ea\u793e\u682a\u8cb7\u3044\u3092\u7a4d\u6975\u7684\u306b\u884c\u3046\u3053\u3068\u3067\u6e1b\u3089\u3059\u3053\u3068\u304c\u51fa\u6765\u308b\u305f\u3081\u3001\u682a\u4e3b\u914d\u5206\u3068\u8cc3\u91d1\u6291\u5236\u30fb\u524a\u6e1b\u306b\u3088\u3063\u3066\u3001\u4f01\u696d\u306fROE\u3092\u4e0a\u3052\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>ROE\u306e\u5024\u306f1995\u5e74\u5ea6\u304b\u30892002\u5e74\u5ea6\u307e\u30672%\u304b\u30893%\u7a0b\u5ea6\u3067\u3042\u3063\u305f\u304c\u3001\u305d\u306e\u5f8c\u4e0a\u6607\u30577.8%\uff082006\u5e74\u5ea6\uff09\u30016.8%\uff082007\u5e74\u5ea6\uff09\u3068\u306a\u3063\u305f\u3002\u91d1\u878d\u5371\u6a5f\u5f8c\u4e00\u5ea6\u6570\u5024\u306f\u4e0b\u304c\u308b\u304c\u30017.5%\uff082014\u5e74\u5ea6\uff097.3%\uff082015\u5e74\u5ea6\uff09\u3068\u518d\u3073\u4e0a\u6607\u3057\u3066\u3044\u308b\uff08\u6cd5\u4eba\u4f01\u696d\u7d71\u8a08\u5168\u7523\u696d\uff08\u9664\u304f\u91d1\u878d\u4fdd\u967a\u696d\uff09\u3001\u8cc7\u672c\u91d110\u5104\u5186\u4ee5\u4e0a\u4f01\u696d\u30022006\u5e74\u5ea6\u4ee5\u524d\u306eROE\uff1d\u5f53\u671f\u7d14\u5229\u76ca\uff0f\u7d14\u8cc7\u7523\uff3b\u671f\u9996\u30fb\u671f\u672b\u5e73\u5747\uff3d\u3002 2007\u5e74\u5ea6\u4ee5\u964d\u306eROE\uff1d\u5f53\u671f\u7d14\u5229\u76ca\uff0f\uff08\u7d14\u8cc7\u7523\uff0d\u65b0\u682a\u4e88\u7d04\u6a29\uff09\uff3b\u671f\u9996\u30fb\u671f\u672b\u5e73\u5747\uff3d\uff09\u3002<\/p>\n<p>\u4ee5\u4e0a\u306eM&amp;A\u6226\u7565\u3068ROE\u91cd\u8996\u7d4c\u55b6\u306e\u3082\u3068\u3067\u3001\u5927\u4f01\u696d\u306f\u8cc3\u91d1\u30b3\u30b9\u30c8\u3092\u6291\u5236\u3057\u5229\u6f64\u3092\u5897\u5927\u3055\u305b\u305f\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u5897\u52a0\u3057\u305f\u5229\u6f64\u3092\u682a\u4e3b\u914d\u5206\u306b\u632f\u308a\u5411\u3051\u308b\u3053\u3068\u3067ROE\u306e\u6539\u5584\u3068\u9ad8\u682a\u4fa1\u3092\u80cc\u666f\u3068\u3057\u305fM&amp;A\u6226\u7565\u3092\u63a8\u3057\u9032\u3081\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002\u4f8b\u3048\u3070\u30012002\u5e74\u5ea6\u3092\u57fa\u6e96\u306b\u3057\u3066\u7d14\u5229\u76ca\u3001\u58f2\u4e0a\u9ad8\u3001\u5f93\u696d\u54e1\u7d66\u4e0e\u306e\u4f38\u3073\u7387\u3092\u78ba\u8a8d\u3059\u308b\u3068\u30012007\u5e74\u5ea6\u306f\u7d14\u5229\u76ca\u306f1.76\u500d\u306b\u4f38\u3073\u305f\u304c\u3001\u58f2\u4e0a\u9ad8\u306f1.24\u500d\u3001\u5f93\u696d\u54e1\u7d66\u4e0e\u306f1.04\u500d\u3068\u307b\u307c\u6a2a\u3070\u3044\u3067\u3042\u3063\u305f\u3002\u3055\u3089\u306b\u30012015\u5e74\u5ea6\u306e\u6570\u5024\u306f\u30012002\u5e74\u5ea6\u6bd4\u3067\u7d14\u5229\u76ca2.19\u500d\u3001\u58f2\u4e0a\u9ad81.09\u500d\u3001\u5f93\u696d\u54e1\u7d66\u4e0e1.07\u500d\u3067\u3042\u3063\u305f\uff08\u6cd5\u4eba\u4f01\u696d\u7d71\u8a08\u3001\u5168\u7523\u696d\uff08\u9664\u304f\u91d1\u878d\u4fdd\u967a\u696d\uff09\u3001\u8cc7\u672c\u91d110\u5104\u5186\u4ee5\u4e0a\u4f01\u696d\uff09\u3002\u58f2\u4e0a\u9ad8\u304c\u4f38\u3073\u306a\u3044\u306a\u304b\u3001\u4eba\u4ef6\u8cbb\u3092\u5927\u304d\u304f\u6291\u5236\u3059\u308b\u3053\u3068\u3067\u7d14\u5229\u76ca\u3092\u4f38\u3070\u3057\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n<p class=\"well2\"><strong>\u56f3\u88683\u3000\u4f01\u696d\u898f\u6a21\u5225\u6b63\u898f\u96c7\u7528\u3068\u975e\u6b63\u898f\u96c7\u7528\u306e\u5897\u52a0\u7387<\/strong><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-271\" src=\"https:\/\/www.shin-fukushikokka.org\/site\/wp-content\/uploads\/2018\/04\/shibata201804-fig03.png\" alt=\"\" width=\"918\" height=\"348\" \/><br \/>\n\uff08\u51fa\u6240\uff09\u300c\u52b4\u50cd\u529b\u8abf\u67fb\u30fb\u8a73\u7d30\u96c6\u8a08\u30fb\u5e74\u6b21\u300d\u96c7\u7528\u5f62\u614b\uff0c\u5f93\u696d\u8005\u898f\u6a21\u5225\u5f79\u54e1\u3092\u9664\u304f\u96c7\u7528\u8005\u6570\u3088\u308a\u4f5c\u6210<\/p>\n<p>\u4eba\u4ef6\u8cbb\u6291\u5236\u306f\u6b63\u898f\u96c7\u7528\u306e\u8cc3\u91d1\u6291\u5236\u3068\u3068\u3082\u306b\u3001\u975e\u6b63\u898f\u96c7\u7528\u306e\u62e1\u5927\u306b\u3088\u3063\u3066\u9054\u6210\u3057\u3066\u3044\u308b\u3002\u56f3\u88683\u306e2002\u5e74\u304b\u30892016\u5e74\u307e\u3067\u306e\u6b63\u898f\u96c7\u7528\u3068\u975e\u6b63\u898f\u96c7\u7528\u306e\u4f38\u3073\u7387\u3092\u307f\u308b\u3068\u3001\u5f93\u696d\u54e1\u898f\u6a2130\u4eba\u672a\u6e80\u306e\u4f01\u696d\u3067\u306f\u3001\u6b63\u898f\u96c7\u7528\u306f0.82\u500d\u3001\u975e\u6b63\u898f\u96c7\u7528\u306f1.06\u500d\u3067\u3042\u3063\u305f\u306e\u306b\u5bfe\u3057\u3066\u3001\u5f93\u696d\u54e1\u898f\u6a211000\u4eba\u4ee5\u4e0a\u306e\u5927\u4f01\u696d\u3067\u306f\u6b63\u898f\u96c7\u7528\u306f1.15\u500d\u3001\u975e\u6b63\u898f\u96c7\u7528\u306f2.18\u500d\u3067\u3042\u3063\u305f\u30022000\u5e74\u4ee3\u4ee5\u964d\u3001\u5927\u4f01\u696d\u307b\u3069\u975e\u6b63\u898f\u96c7\u7528\u3092\u6d3b\u7528\u3057\u3066\u3001\u4eba\u4ef6\u8cbb\u3092\u6291\u5236\u3057\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u4ee5\u4e0a\u306e\u3088\u3046\u306b\u30011990\u5e74\u4ee3\u5f8c\u534a\u4ee5\u964d\u306e\u898f\u5236\u7de9\u548c\u306fM&amp;A\u3092\u5897\u52a0\u3055\u305b\u4f01\u696d\u306e\u300c\u9078\u629e\u3068\u96c6\u4e2d\u300d\u3092\u4fc3\u9032\u3057\u305f\u3002\u305d\u3057\u3066\u3001M&amp;A\u306e\u5897\u52a0\u306f\u682a\u4fa1\u91cd\u8996\u306e\u7d4c\u55b6\u3092\u751f\u307f\u51fa\u3057\u3001\u682a\u5f0f\u5e02\u5834\u3067\u8a55\u4fa1\u3055\u308c\u308b\u305f\u3081\u306b\u3001\u4f01\u696d\u306f\u682a\u4e3b\u914d\u5206\u3092\u5897\u3084\u3057\u8cc3\u91d1\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u3053\u3068\u3067ROE\u91cd\u8996\u306e\u7d4c\u55b6\u3092\u884c\u3063\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n<h5 class=\"style5b\">\u304a\u308f\u308a\u306b<\/h5>\n<p>\u30d0\u30d6\u30eb\u5d29\u58ca\u5f8c\u306e\u4f4e\u8ff7\u3057\u305f\u4f01\u696d\u5229\u6f64\u306e\u56de\u5fa9\u3068\u30b0\u30ed\u30fc\u30d0\u30eb\u7af6\u4e89\u3092\u52dd\u3061\u629c\u304f\u305f\u3081\u306b\u3001\u5927\u4f01\u696d\u306f\u4f01\u696d\u6cd5\u5236\u306e\u898f\u5236\u7de9\u548c\u3092\u8981\u6c42\u3057\u3001\u65e5\u672c\u653f\u5e9c\u306f\u305d\u306e\u8981\u6c42\u3069\u304a\u308a\u306b\u5927\u898f\u6a21\u306a\u5236\u5ea6\u6539\u6b63\u3092\u884c\u3063\u305f\u3002\u305d\u3057\u3066\u3001\u898f\u5236\u7de9\u548c\u3084\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u653f\u7b56\u306b\u3088\u3063\u3066\u751f\u3058\u305f2000\u5e74\u4ee3\u4ee5\u964d\u306e\u7d4c\u6e08\u69cb\u9020\u306e\u5909\u5316\u3092\u80cc\u666f\u3068\u3057\u3066\u3001\u7d4c\u55b6\u8005\u306f\u7d4c\u55b6\u6226\u7565\u3068\u3057\u3066\u306e\u914d\u5f53\u30fb\u81ea\u793e\u682a\u8cb7\u3044\u306e\u5897\u52a0\u3068\u8cc3\u91d1\u6291\u5236\u3092\u540c\u6642\u306b\u884c\u3046\u3088\u3046\u306b\u306a\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u3053\u306e\u3088\u3046\u306a\u4f01\u696d\u306e\u7d4c\u55b6\u6226\u7565\u306e\u8ee2\u63db\u304c\u3001\u4f01\u696d\u5229\u6f64\u306e\u5897\u52a0\u306b\u5408\u308f\u305b\u3066\u914d\u5f53\u3068\u81ea\u793e\u682a\u8cb7\u3044\u3001M&amp;A\u6295\u8cc7\u304c\u5897\u5927\u3059\u308b\u304c\u3001\u8cc3\u91d1\u306f\u6291\u5236\u3055\u308c\u308b\u3068\u3044\u3046\u69cb\u9020\u3092\u751f\u307f\u51fa\u3057\u30012000\u5e74\u4ee3\u4ee5\u964d\u306e\u300c\u5b9f\u611f\u306a\u304d\u666f\u6c17\u62e1\u5927\u300d\u306e\u5927\u304d\u306a\u8981\u56e0\u3068\u306a\u3063\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u5927\u4f01\u696d\u884c\u52d5\u306e\u5909\u5bb9\u3068\u3057\u3066\u3001\u4e00\u65b9\u3067\u300c\u682a\u4e3b\u91cd\u8996\u300d\u3068\u3044\u3046\u5074\u9762\u304c\u5f37\u8abf\u3055\u308c\u306a\u304c\u3089\u3082\u4ed6\u65b9\u3067\u5185\u90e8\u7559\u4fdd\u306f\u904e\u53bb\u6700\u9ad8\u3092\u8a18\u9332\u3057\u3066\u3044\u308b\u3053\u3068\u3082\u91cd\u8981\u306a\u7279\u5fb4\u3067\u3042\u308b\u30022000\u5e74\u4ee3\u4ee5\u964d\u306e\u682a\u4e3b\u914d\u5206\u91cd\u8996\u7d4c\u55b6\u3068\u306f\u3001\u5358\u306a\u308b\u300c\u682a\u4e3b\u91cd\u8996\u7d4c\u55b6\u300d\u3068\u3057\u3066\u6349\u3048\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u65e5\u672c\u306e\u5927\u4f01\u696d\u306e\u7d4c\u55b6\u6226\u7565\u306e\u8ee2\u63db\u3001\u84c4\u7a4d\u69cb\u9020\u306e\u5909\u5bb9\u3068\u3057\u3066\u6349\u3048\u308b\u3053\u3068\u3067\u305d\u306e\u672c\u8cea\u3092\u660e\u3089\u304b\u306b\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p>\n<h5 class=\"style5a\">\u53c2\u7167\u6587\u732e<\/h5>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><a href=\"https:\/\/www.cfr.org\/report\/future-directions-us-economic-policy-toward-japan\" target=\"_blank\" rel=\"noopener\">Tyson, Laura D: Chair, Newton, M. Diana H: Project Director (2000), Future Directions for U.S. Economic Policy Toward Japan, Task Force Report No.28<\/a>,\uff08\u6589\u85e4\u304b\u3050\u307f\u30fb\u6749\u7530\u7c73\u884c\u8a33\u300c\u5bfe\u65e5\u7d4c\u6e08\u653f\u7b56\u306e\u6838\u5fc3\u300d\u300e\u9031\u520a\u30c0\u30a4\u30e4\u30e2\u30f3\u30c9\u300f\uff0c2001\u5e743\u670831\u65e5\u53f7, 144-168\uff09<\/li>\n<li>\u76f8\u6fa4\u54f2(2007), \u300c\u5408\u4f75\u7b49\u5bfe\u4fa1\u306e\u67d4\u8edf\u5316\u306e\u5b9f\u73fe\u306b\u81f3\u308b\u7d4c\u7def\u300d\u300e\u65ec\u520a\u5546\u4e8b\u6cd5\u52d9\u300fNo.1801, 4-16<\/li>\n<li><a href=\"https:\/\/www.tr.mufg.jp\/houjin\/jutaku\/pdf\/u201503_1.pdf\" target=\"_blank\" rel=\"noopener\">\u7c9f\u91ce\u667a\u4e4b\u30fb\u5c0f\u897f\u5065\u53f2\u30fb\u672c\u9593\u4e08\u660e(2015), \u300c\u6295\u8cc7\u6307\u6a19\u3068\u3057\u3066\u306eROE\u300d\u300e\u4e09\u83f1UFJ\u4fe1\u8a17\u8cc7\u7523\u904b\u7528\u60c5\u5831\u300f2015\u5e743\u6708\u53f7<\/a><\/li>\n<li>\u963f\u90e8\u6cf0\u4e45(2014)\uff0c\u300c\u7d4c\u6e08\u754c\u304b\u3089\u307f\u305f\u4f01\u696d\u6cd5\u5236\u6574\u5099\u306e\u8ab2\u984c\u300d\u300e\u5546\u4e8b\u6cd5\u52d9\u300fNo.2021\uff0c85\u221291<\/li>\n<li>\u5b89\u897f\u90a6\u592b(2000), \u300c\u4f01\u696d\u518d\u7de8\u306e\u305f\u3081\u306e\u6cd5\u6574\u5099\u3068\u7d4c\u56e3\u9023\u306e\u50cd\u304d\u304b\u3051\u300d\u300e\u6708\u520aKeidanren\u300f2000\u5e741\u6708\u53f7, 19-21<\/li>\n<li>\u77f3\u5ddd\u535a\u884c(2007), \u300e\u914d\u5f53\u653f\u7b56\u306e\u5b9f\u8a3c\u5206\u6790\u300f\u4e2d\u592e\u7d4c\u6e08\u793e<\/li>\n<li><a href=\"http:\/\/ginsen-risk.com\/narage\/pdf_file\/rsr_q_201601_014.pdf\" target=\"_blank\" rel=\"noopener\">\u9280\u6cc9\u30ea\u30b9\u30af\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u30ba\u682a\u5f0f\u4f1a\u793e(2016), \u300c\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30ac\u30d0\u30ca\u30f3\u30b9\u5f37\u5316\u306b\u5411\u3051\u305f\u8fd1\u5e74\u306e\u5c55\u958b\u300dRISK SOLUTIONS REPORT, Vol.14<\/a><\/li>\n<li><a href=\"http:\/\/www.meti.go.jp\/press\/2014\/08\/20140806002\/20140806002-2.pdf\" target=\"_blank\" rel=\"noopener\">\u7d4c\u6e08\u7523\u696d\u7701(2014), \u300e\u6301\u7d9a\u7684\u6210\u9577\u3078\u306e\u7af6\u4e89\u529b\u3068\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u301c\u4f01\u696d\u3068\u6295\u8cc7\u5bb6\u306e\u671b\u307e\u3057\u3044\u95a2\u4fc2\u69cb\u7bc9\u301c\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u6700\u7d42\u5831\u544a\u66f8\uff08\u4f0a\u85e4\u30ec\u30dd\u30fc\u30c8\uff09\u300f2014\u5e748\u6708<\/a><\/li>\n<li>\u7d4c\u6e08\u56e3\u4f53\u9023\u5408\u4f1a\u7de8(1997a), \u300c\u898f\u5236\u6539\u9769\u3092\u6883\u5b50\u306b\u516d\u5927\u6539\u9769\u306e\u5b9f\u73fe\u3092\u300d\u300e\u6708\u520a keidanren\u300f1997\u5e746\u6708\u53f7, 12-21<\/li>\n<li>\u2015\u2015\u2015(1997b), \u300c\u6301\u682a\u4f1a\u793e\u306e\u89e3\u7981\u3068\u4f01\u696d\u7d44\u7e54\u306e\u3042\u308a\u65b9\u300d\u300e\u6708\u520a keidanren\u300f1997\u5e748\u6708\u53f7, 12-20<\/li>\n<li><a href=\"https:\/\/www.keidanren.or.jp\/japanese\/policy\/pol119.html\" target=\"_blank\" rel=\"noopener\">\u7d4c\u6e08\u56e3\u4f53\u9023\u5408\u4f1a(1997)\u300c\u4f01\u696d\u7d50\u5408\u898f\u5236\u306e\u629c\u672c\u7684\u898b\u76f4\u3057\u306b\u95a2\u3059\u308b\u63d0\u8a00\u300d\uff081997\u5e741\u6708\uff09<\/a><\/li>\n<li><a href=\"https:\/\/www.keidanren.or.jp\/japanese\/policy\/2000\/050\/index.html\" target=\"_blank\" rel=\"noopener\">\u2015\u2015\u2015(2000), \u300c\u5546\u6cd5\u6539\u6b63\u3078\u306e\u63d0\u8a00\u300d<\/a><\/li>\n<li>\u67f4\u7530\u52aa(2009), \u300c\u65e5\u672c\u306b\u304a\u3051\u308b\u682a\u4e3b\u914d\u5206\u306e\u5897\u52a0\u3068\u8cc3\u91d1\u6291\u5236\u69cb\u9020\u2014M&amp;A\u6cd5\u5236\u306e\u898f\u5236\u7de9\u548c\u3068\u306e\u95a2\u308f\u308a\u3067\u300d\u7d4c\u6e08\u7406\u8ad6\u5b66\u4f1a\u7de8\u300e\u5b63\u520a \u7d4c\u6e08\u7406\u8ad6\u300f\u7b2c46\u5dfb\u7b2c3\u53f7, 72-82<\/li>\n<li>\u2015\u2015\u2015(2017), \u300c\u682a\u4e3b\u4fa1\u5024\u91cd\u8996\u7d4c\u55b6\u3068\u65e5\u672c\u7d4c\u6e08\u300d\u65e5\u672c\u79d1\u5b66\u8005\u4f1a\u8b70\u7de8\u300e\u65e5\u672c\u306e\u79d1\u5b66\u8005\u300f\u7b2c52\u5dfb\u7b2c2\u53f7\uff0c88-93<\/li>\n<li>\u67f4\u7530\u52aa\u30fb\u65b0\u4e95\u5927\u8f14\u30fb\u68ee\u539f\u5eb7\u4ec1(2015), \u300e\u56f3\u8aac \u7d4c\u6e08\u306e\u8ad6\u70b9\u300f\u65ec\u5831\u793e<\/li>\n<li><a href=\"http:\/\/www.seiho.or.jp\/info\/news\/2016\/pdf\/20170321_3.pdf\" target=\"_blank\" rel=\"noopener\">\u751f\u547d\u4fdd\u967a\u5354\u4f1a(2017),\u300e\u5e73\u621028\u5e74\u5ea6 \u751f\u547d\u4fdd\u967a\u5354\u4f1a\u30a2\u30f3\u30b1\u30fc\u30c8\u8abf\u67fb\u3000\u682a\u5f0f\u4fa1\u5024\u5411\u4e0a\u306b\u5411\u3051\u305f\u53d6\u308a\u7d44\u307f\u306b\u3064\u3044\u3066\u300f<\/a><\/li>\n<li><a href=\"http:\/\/harp.lib.hiroshima-u.ac.jp\/hue\/metadata\/12175\" target=\"_blank\" rel=\"noopener\">\u9ad8\u5ca1\u7fa9\u5e78(2015), \u300c\u65e5\u672c\u306b\u304a\u3051\u308b\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u5236\u5ea6\u6539\u9769\u306e\u6700\u65b0\u52d5\u5411\u3068\u305d\u306e\u7d4c\u55b6\u7684\u610f\u7fa9\u300d\u300e\u5e83\u5cf6\u7d4c\u6e08\u5927\u5b66\u7d4c\u6e08\u7814\u7a76\u8ad6\u96c6\u300f\u7b2c3\u5dfb\u7b2c4 \u53f7\uff0c2015\u5e743 \u6708<\/a><\/li>\n<li>\u7389\u6751\u535a\u5df3(2001), \u300c\u4f1a\u793e\u5206\u5272\u3068\u6301\u682a\u4f1a\u793e\u2014\u4f01\u696d\u7d44\u7e54\u518d\u7de8\u306e\u73fe\u72b6\u3068\u305d\u308c\u3092\u3081\u3050\u308b\u8b70\u8ad6\uff08\uff11\uff09\u2014\u300d\u300e\u7acb\u547d\u9928\u7d4c\u55b6\u5b66\u300f\u7b2c40\u5dfb\u7b2c2\u53f7, 1-27<\/li>\n<li>\u30c9\u30fc\u30a2\uff0c\u30ed\u30ca\u30eb\u30c9(2006), \u300e\u8ab0\u306e\u305f\u3081\u306e\u4f1a\u793e\u306b\u3059\u308b\u306e\u304b\u300f\u5ca9\u6ce2\u66f8\u5e97<\/li>\n<li>\u624b\u5cf6\u76f4\u6a39(2015), \u300eROE\u304c\u596a\u3046\u7af6\u4e89\u529b\u2212\u300c\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u7406\u8ad6\u300d\u306e\u8aa4\u89e3\u304c\u7d4c\u55b6\u3092\u58ca\u3059\u300f\u65e5\u672c\u7d4c\u6e08\u65b0\u805e\u51fa\u7248\u793e<\/li>\n<li><a href=\"http:\/\/www5.cao.go.jp\/keizai-shimon\/kaigi\/special\/investment\/report.pdf\" target=\"_blank\" rel=\"noopener\">\u5185\u95a3\u5e9c(2014), \u300e\u300c\u5bfe\u65e5\u76f4\u63a5\u6295\u8cc7\u306b\u95a2\u3059\u308b\u6709\u8b58\u8005\u61c7\u8ac7\u4f1a\u300d\u5831\u544a\u66f8\u300f\uff082014\u5e744\u670821\u65e5\uff09<\/a><\/li>\n<li><a href=\"https:\/\/www.keidanren.or.jp\/japanese\/policy\/2003\/095.html\" target=\"_blank\" rel=\"noopener\">\u65e5\u672c\u7d4c\u6e08\u56e3\u4f53\u9023\u5408\u4f1a(2003), \u300c\u4f1a\u793e\u6cd5\u6539\u6b63\u3078\u306e\u63d0\u8a00\u2014\u4f01\u696d\u306e\u56fd\u969b\u7af6\u4e89\u529b\u306e\u78ba\u4fdd\uff0c\u4f01\u696d\u30fb\u682a\u4e3b\u7b49\u306e\u9078\u629e\u306e\u5c0a\u91cd\u300d<\/a><\/li>\n<li><a href=\"https:\/\/www.keidanren.or.jp\/japanese\/policy\/2012\/007.html\" target=\"_blank\" rel=\"noopener\">\u2015\u2015\u2015(2012), \u300c\u300c\u4f1a\u793e\u6cd5\u5236\u306e\u898b\u76f4\u3057\u306b\u95a2\u3059\u308b\u4e2d\u9593\u8a66\u6848\u300d\u306b\u5bfe\u3059\u308b\u610f\u898b\u300d<\/a><\/li>\n<li>\u8429\u539f\u4f38\u6b21\u90ce(2006), \u300e\u30ef\u30b7\u30f3\u30c8\u30f3\u767a\u306e\u7d4c\u6e08\u300c\u6539\u9769\u300d\u2014\u65b0\u81ea\u7531\u4e3b\u7fa9\u3068\u65e5\u672c\u306e\u884c\u65b9\u300f\u65b0\u65e5\u672c\u51fa\u7248\u793e<\/li>\n<li><a href=\"http:\/\/www.camri.or.jp\/files\/libs\/444\/201703271744281587.pdf\" target=\"_blank\" rel=\"noopener\">\u5bae\u5ddd\u58fd\u592b(2015), \u300cROE\u91cd\u8996\u306f\u65e5\u672c\u306e\u4f01\u696d\u4fa1\u5024\u3092\u62e1\u5927\u3059\u308b\u306e\u304b\u300d\u300e\u6708\u520a \u8cc7\u672c\u5e02\u5834\u300f2014.12(No. 352), 22-31<\/a><\/li>\n<li><a href=\"http:\/\/www.camri.or.jp\/files\/libs\/442\/201703271742354226.pdf\" target=\"_blank\" rel=\"noopener\">\u5bae\u5cf6\u82f1\u662d(2014)\uff0c\u300c\u4f01\u696d\u7d71\u6cbb\u6539\u9769\u306b\u5411\u3051\u3066\u2212\u65e5\u672c\u7248\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30b3\u30fc\u30c9\u7b56\u5b9a\u306e\u8996\u70b9\u300d\u300e\u6708\u520a \u8cc7\u672c\u5e02\u5834\u300f2014.12(No. 352), 4-14<\/a><\/li>\n<li>\u5bae\u5cf6\u82f1\u662d\u30fb\u9f4b\u85e4\u5353\u723e\u30fb\u80e5\u9d6c\u30fb\u7530\u4e2d\u4e98\u30fb\u5c0f\u5ddd\u4eae(2013)\uff0c\u300c\u65e5\u672c\u578b\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u306f\u3069\u3053\u3078\u5411\u304b\u3046\u306e\u304b\u3014\u4e0b\u3015\u2014\u300c\u65e5\u672c\u4f01\u696d\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u306b\u95a2\u3059\u308b\u30a2\u30f3\u30b1\u30fc\u30c8\u8abf\u67fb\u304b\u3089\u8aad\u307f\u89e3\u304f\u2212\u300d\u300e\u5546\u4e8b\u6cd5\u52d9\u300fNo.2009\uff0c12\u221221<\/li>\n<li>\u68ee\u5ca1\u5b5d\u4e8c(2010), \u300e\u5f37\u6b32\u8cc7\u672c\u4e3b\u7fa9\u306e\u6642\u4ee3\u3068\u305d\u306e\u7d42\u7109\u300f\u685c\u4e95\u66f8\u5e97<\/li>\n<li><a href=\"https:\/\/www.kantei.go.jp\/jp\/singi\/sangyo\/990421dai1.html\" target=\"_blank\" rel=\"noopener\">\u300c\u7b2c1\u56de\u7523\u696d\u7af6\u4e89\u529b\u4f1a\u8b70\u8b70\u4e8b\u9332\u8981\u65e8\u300d1999\u5e743\u670829\u65e5<\/a><\/li>\n<li><a href=\"https:\/\/www.kantei.go.jp\/jp\/singi\/sangyo\/990518dai2.html\" target=\"_blank\" rel=\"noopener\">\u300c\u7b2c2\u56de\u7523\u696d\u7af6\u4e89\u529b\u4f1a\u8b70\u8b70\u4e8b\u9332\u8981\u65e8\u300d1999\u5e744\u670828\u65e5<\/a><\/li>\n<li><a href=\"https:\/\/www.kantei.go.jp\/jp\/singi\/keizaisaisei\/skkkaigi\/dai4\/gijiyousi.pdf\" target=\"_blank\" rel=\"noopener\">\u300c\u7b2c4\u56de\u7523\u696d\u7af6\u4e89\u529b\u4f1a\u8b70\u8b70\u4e8b\u8981\u65e8\u300d2013\u5e743\u670815\u65e5<\/a><\/li>\n<li><a href=\"https:\/\/www.kantei.go.jp\/jp\/singi\/keizaisaisei\/kaigou\/pdf\/h250306_gijiyousi.pdf\" target=\"_blank\" rel=\"noopener\">\u300c\u7523\u696d\u7af6\u4e89\u529b\u4f1a\u8b70\u30c6\u30fc\u30de\u5225\u4f1a\u5408\u300d2013\u5e743\u67086\u65e5<\/a><\/li>\n<li><a href=\"http:\/\/www5.cao.go.jp\/keizai-shimon\/kaigi\/special\/investment\/01\/gijiyoushi.pdf\" target=\"_blank\" rel=\"noopener\">\u300c\u5bfe\u65e5\u76f4\u63a5\u6295\u8cc7\u306b\u95a2\u3059\u308b\u6709\u8b58\u8005\u61c7\u8ac7\u4f1a\uff08\u7b2c1\u56de\uff09\u8b70\u4e8b\u8981\u65e8\u300d2014\u5e742\u670827\u65e5<\/a><\/li>\n<li><a href=\"https:\/\/www.kantei.go.jp\/jp\/singi\/keizaisaisei\/pdf\/honbun2JP.pdf\" target=\"_blank\" rel=\"noopener\">\u300e\u300c\u65e5\u672c\u518d\u8208\u6226\u7565\u300d\u6539\u8a02 2014\u2014\u672a\u6765\u3078\u306e\u6311\u6226\u2014\u300f<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<div class=\"veu_socialSet veu_socialSet-position-after veu_contentAddSection\"><script>window.twttr=(function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],t=window.twttr||{};if(d.getElementById(id))return t;js=d.createElement(s);js.id=id;js.src=\"https:\/\/platform.twitter.com\/widgets.js\";fjs.parentNode.insertBefore(js,fjs);t._e=[];t.ready=function(f){t._e.push(f);};return 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