&DELQHWRIILFH *RYHUQPHQWRI-DSDQ ෆ㛶ᗓ⤒῭♫⥲ྜ◊✲ᡤ ᅜẸ⤒῭ィ⟬㒊 '$7( ᖹᡂᖺ㹼᭶ᮇᅄ༙ᮇู㹅㹂㹎㏿ሗ㸦㸰ḟ㏿ሗ್㸧 4XDUWHUO\(VWLPDWHVRI*'32FW㹼'HF7KHQG3UHOLPLQDU\(VWLPDWHV Ϩ㸬ᅜෆ⥲⏕⏘㸦ᨭฟഃ㸧ཬࡧྛ㟂せ㡯┠ *'3([SHQGLWXUH$SSURDFKDQG,WV&RPSRQHQWV 㸯㸫㸯㸬ḟ㏿ሗ್ḟ㏿ሗ್ࡢẚ㍑㸦ᅄ༙ᮇ್ࠊᐇ㉁ࠊᏘ⠇ㄪᩚ῭๓ᮇẚ㸧 &RPSDULVRQRIWKHVW3UHOLPLQDU\DQGWKHQG3UHOLPLQDU\(VWLPDWHV3HUFHQW&KDQJHVLQ5HDO*'3 㸦ᬺᖺ㐃㙐౯᱁㸹ࠉ༢㸸㸣㸧 㸦&KDLQHG<HQVHDVRQDOO\DGMXVWHG㸹㸣 㸭㹼 ᖺࠉ࣭ࠉᮇ ๓ᮇẚͤ 㡯ࠉࠉࠉ┠ QG3UH VW3UH QG3UH せ ฟ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚 ᐙ ィ ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㝖 ࡃ ᣢ ࡕ ᐙ ࡢ ᖐ ᒓ ᐙ ㈤ 㻌㻱㼤㼏㼘㼡㼐㼕㼚㼓 㻌㻵㼙㼜㼡㼠㼑㼐㻌㻾㼑㼚㼠 Ꮿ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻾㼑㼟㼕㼐㼑㼚㼠㼕㼍㼘㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 ഛ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻺㼛㼚㻙㻾㼑㼟㼕㻚㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼞㼕㼢㼍㼠㼑㻌㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㟂 㟂 ᭱ Ẹ ⤊ ᾘ 㛫 㛫 ㈝ ᨭ ఫ 㛫 බ VW3UH せ 㛫 Ẹ ḟ㏿ሗ್ 㹙㹛 㛫 Ẹ ḟ㏿ሗ್ බ⾲ 㹙㹛 ෆ Ẹ ḟ㏿ሗ್ 㹙ᖺ⋡⟬㹛 Ẹ ḟ㏿ሗ್ බ⾲ ᅜ ෆ ⥲ ⏕ ⏘ 㸦 㹅 㹂 㹎 㸧 ᅜ ᐤᗘᑐ*'3ͤ ᅾ ᴗ ᗜ ⓗ タ ရ ቑ 㟂 ຍ 㻌㻳㼞㼛㼟㼟㻌㻰㼛㼙㼑㼟㼠㼕㼏㻌㻼㼞㼛㼐㼡㼏㼠 䠷㻭㼚㼚㼡㼍㼘㻌㼞㼍㼠㼑䠹 㻰㼛㼙㼑㼟㼠㼕㼏㻌㻰㼑㼙㼍㼚㼐 䚷䚷㻼㼞㼕㼢㼍㼠㼑㻌㻰㼑㼙㼍㼚㼐 㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㼛㼒 せ 㻼㼡㼎㼘㼕㼏㻌㻰㼑㼙㼍㼚㼐 ᨻ ᗓ ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚 බ ⓗ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ 㻌㻼㼡㼎㼘㼕㼏㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 බ ⓗ ᅾ ᗜ ရ ቑ ᥖ ⥲ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ ຍ ͤ ㈈ ㈌ ࣭ ࢧ ࣮ ࣅ ࢫ ࡢ ⣧ ㍺ ฟ ͤ 㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼡㼎㼘㼕㼏㻌㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻔㻾㼑㼓㼞㼛㼡㼜㼑㼐㻕㻌㻌㻳㼞㼛㼟㼟㻌㻲㼕㼤㼑㼐㻌㻯㼍㼜㼕㼠㼍㼘 㻲㼛㼞㼙㼍㼠㼕㼛㼚㻌㻌䈜㻟 㻺㼑㼠㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 䈜㻠 㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 ㈈ ㈌ ࣭ ࢧ ࣮ ࣅ ࢫ ࡢ ㍺ ฟ ᥍㝖㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ ᅜ Ẹ ⥲ ᡤ ᚓ 㸦 㹅 㹌 㹇 㸧 㻌㻳㼞㼛㼟㼟㻌㻺㼍㼠㼕㼛㼚㼍㼘㻌㻵㼚㼏㼛㼙㼑 㞠 㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼛㼒㻌㻱㼙㼜㼘㼛㼥㼑㼑㼟 㻌㻔㻸㼑㼟㼟㻕㻌㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 㸦ཧ⪃㸧 ⏝ ⪅ ሗ 㓘 ͤ&KDQJHVIURPWKHSUHYLRXVTXDUWHUVHDVRQDOO\DGMXVWHG ͤ&RQWULEXWLRQVWR&KDQJHVLQ*'3 ͤ⥲ᅛᐃ㈨ᮏᙧᡂࡣẸ㛫ఫᏯࠊẸ㛫ᴗタഛࠊබⓗᅛᐃ㈨ᮏᙧᡂࡽᡂࡿࠋ *URVV)L[HG&DSLWDO)RUPDWLRQFRQVLVWVRI3ULYDWH5HVLGHQWLDO,QYHVWPHQW3ULYDWH1RQ5HVL,QYHVWPHQWDQG3XEOLF,QYHVWPHQW ͤ㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟ ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ฟ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ 1HW([SRUWVRI*RRGV6HUYLFHV ([SRUWVRI*RRGV6HUYLFHV,PSRUWVRI*RRGV6HUYLFHV ⣧㍺ฟࡢᐤᗘࡣ㍺ฟ㍺ධࡢᐤᗘࡢᕪࡼࡗ࡚ồࡵ࡚࠸ࡿࠋ 7KHFRQWULEXWLRQLVFDOFXODWHGDVWKHFRQWULEXWLRQRI([SRUWV/HVVWKDWRI,PSRUWV '$7( 㸯㸫㸰㸬ḟ㏿ሗ್ḟ㏿ሗ್ࡢẚ㍑㸦ᅄ༙ᮇ್ࠊྡ┠ࠊᏘ⠇ㄪᩚ῭๓ᮇẚ㸧 &RPSDULVRQRIWKHVW3UHOLPLQDU\DQGWKHQG3UHOLPLQDU\(VWLPDWHV3HUFHQW&KDQJHVLQ1RPLQDO*'3 㸦༢㸸㸣㸧 㸦㸣㸹VHDVRQDOO\DGMXVWHG 㸭㹼 ᖺࠉ࣭ࠉᮇ ๓ᮇẚͤ 㡯ࠉࠉࠉ┠ ḟ㏿ሗ್ බ⾲ VW3UH VW3UH QG3UH 㹙㹛 せ せ ฟ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚 ᐙ ィ ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㝖 ࡃ ᣢ ࡕ ᐙ ࡢ ᖐ ᒓ ᐙ ㈤ 㻌㻵㼙㼜㼡㼠㼑㼐㻌㻾㼑㼚㼠 Ꮿ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻾㼑㼟㼕㼐㼑㼚㼠㼕㼍㼘㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 ഛ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻺㼛㼚㻙㻾㼑㼟㼕㻚㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼞㼕㼢㼍㼠㼑㻌㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 Ẹ 㟂 㛫 㛫 㟂 ᭱ Ẹ ⤊ ᾘ 㛫 㛫 Ẹ QG3UH 㹙㹛 ෆ Ẹ ḟ㏿ሗ್ 㹙ᖺ⋡⟬㹛 Ẹ ḟ㏿ሗ್ ᅜ ෆ ⥲ ⏕ ⏘ 㸦 㹅 㹂 㹎 㸧 ᅜ ᐤᗘᑐ*'3ͤ ḟ㏿ሗ್ බ⾲ බ ᨭ ఫ 㛫 ㈝ ᅾ ᴗ ᗜ タ ရ ⓗ ቑ ຍ 㟂 㻌㻳㼞㼛㼟㼟㻌㻰㼛㼙㼑㼟㼠㼕㼏㻌㻼㼞㼛㼐㼡㼏㼠 䠷㻭㼚㼚㼡㼍㼘㻌㼞㼍㼠㼑䠹 㻰㼛㼙㼑㼟㼠㼕㼏㻌㻰㼑㼙㼍㼚㼐 䚷䚷㻼㼞㼕㼢㼍㼠㼑㻌㻰㼑㼙㼍㼚㼐 㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㼛㼒 㻌㻱㼤㼏㼘㼡㼐㼕㼚㼓 せ 㻼㼡㼎㼘㼕㼏㻌㻰㼑㼙㼍㼚㼐 ᨻ ᗓ ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚 බ ⓗ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ 㻌㻼㼡㼎㼘㼕㼏㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 බ ⓗ ᅾ ᗜ ရ ቑ ຍ ᥖ ⥲ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ ͤ ㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟ ͤ 㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼡㼎㼘㼕㼏㻌㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻔㻾㼑㼓㼞㼛㼡㼜㼑㼐㻕㻌㻌㻳㼞㼛㼟㼟㻌㻲㼕㼤㼑㼐㻌㻯㼍㼜㼕㼠㼍㼘 㻲㼛㼞㼙㼍㼠㼕㼛㼚㻌㻌䈜㻟 㻺㼑㼠㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 䈜㻠 㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 ㈈ ㈌ ࣭ ࢧ ࣮ ࣅ ࢫ ࡢ ㍺ ฟ ᥍㝖㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ ᅜ Ẹ ⥲ ᡤ ᚓ 㸦 㹅 㹌 㹇 㸧 㻳㼞㼛㼟㼟㻌㻺㼍㼠㼕㼛㼚㼍㼘㻌㻵㼚㼏㼛㼙㼑 㞠 㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼛㼒㻌㻱㼙㼜㼘㼛㼥㼑㼑㼟 㻌㻔㻸㼑㼟㼟㻕㻌㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 㸦ཧ⪃㸯㸧 ⏝ ⪅ ሗ 㓘 ͤ&KDQJHVIURPWKHSUHYLRXVTXDUWHUVHDVRQDOO\DGMXVWHG ͤ&RQWULEXWLRQVWR&KDQJHVLQ*'3 ͤ⥲ᅛᐃ㈨ᮏᙧᡂࡣẸ㛫ఫᏯࠊẸ㛫ᴗタഛࠊබⓗᅛᐃ㈨ᮏᙧᡂࡽᡂࡿࠋ *URVV)L[HG&DSLWDO)RUPDWLRQFRQVLVWVRI3ULYDWH5HVLGHQWLDO,QYHVWPHQW3ULYDWH1RQ5HVL,QYHVWPHQWDQG3XEOLF,QYHVWPHQW ͤ㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟ ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ฟ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ 1HW([SRUWVRI*RRGV6HUYLFHV ([SRUWVRI*RRGV6HUYLFHV,PSRUWVRI*RRGV6HUYLFHV 㸦ཧ⪃㸰㸧ࠉᅄ༙ᮇࢹࣇ࣮ࣞࢱ࣮㸦Ꮨ⠇ㄪᩚ⣔ิ㸧 㸭㹼 ๓ᮇẚࠉͤ ᖺࠉ࣭ࠉᮇ 㸯ḟ㏿ሗ್ 㸰ḟ㏿ሗ್ VW3UH QG3UH 㡯ࠉࠉ┠ 㹅 㹂 㹎 ࢹ ࣇ ࣞ ࣮ ࢱ ࣮ ᅜ ෆ 㟂 せ ࢹ ࣇ ࣞ ࣮ ࢱ ࣮ ͤ&KDQJHVIURPWKHSUHYLRXVTXDUWHUVHDVRQDOO\DGMXVWHG *'3'HIODWRU 'RPHVWLF'HPDQG'HIODWRU '$7( 㸰㸫㸯㸬ḟ㏿ሗ್ḟ㏿ሗ್ࡢẚ㍑㸦ᬺᖺ್ࠊᐇ㉁ࠊ๓ᖺẚ㸧 &RPSDULVRQRIWKHVW3UHOLPLQDU\DQGWKHQG3UHOLPLQDU\(VWLPDWHV3HUFHQW&KDQJHVLQ5HDO*'3 㸦ᬺᖺ㐃㙐౯᱁㸹ࠉ༢㸸㸣㸧 㸦&KDLQHG<HQ㸹㸣 ᬺᖺ㸦&DOHQGDU<HDU ᖺࠉ ๓ᖺࠉẚͤ 㡯ࠉࠉࠉ┠ ᐤᗘᑐ*'3ͤ ḟ㏿ሗ್ බ⾲ ḟ㏿ሗ್ ḟ㏿ሗ್ බ⾲ ḟ㏿ሗ್ VW3UH QG3UH VW3UH QG3UH ᅜ ෆ ⥲ ⏕ ⏘ 㸦 㹅 㹂 㹎 㸧 ᅜ せ せ ฟ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚 ᐙ ィ ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㝖 ࡃ ᣢ ࡕ ᐙ ࡢ ᖐ ᒓ ᐙ ㈤ 㻌㻱㼤㼏㼘㼡㼐㼕㼚㼓 㻌㻵㼙㼜㼡㼠㼑㼐㻌㻾㼑㼚㼠 Ꮿ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻾㼑㼟㼕㼐㼑㼚㼠㼕㼍㼘㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 ഛ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻺㼛㼚㻙㻾㼑㼟㼕㻚㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼞㼕㼢㼍㼠㼑㻌㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 ෆ Ẹ 㟂 㛫 Ẹ 㛫 㟂 ᭱ Ẹ ⤊ ᾘ 㛫 Ẹ 㛫 Ẹ බ ᨭ ఫ 㛫 ㈝ ᅾ ᴗ ᗜ ⓗ タ ရ ቑ 㟂 ຍ 㻌㻳㼞㼛㼟㼟㻌㻰㼛㼙㼑㼟㼠㼕㼏㻌㻼㼞㼛㼐㼡㼏㼠 㻰㼛㼙㼑㼟㼠㼕㼏㻌㻰㼑㼙㼍㼚㼐 䚷䚷㻼㼞㼕㼢㼍㼠㼑㻌㻰㼑㼙㼍㼚㼐 㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㼛㼒 せ 㻼㼡㼎㼘㼕㼏㻌㻰㼑㼙㼍㼚㼐 ᨻ ᗓ ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚 බ ⓗ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ 㻌㻼㼡㼎㼘㼕㼏㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼡㼎㼘㼕㼏㻌㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻔㻾㼑㼓㼞㼛㼡㼜㼑㼐㻕㻌㻌㻳㼞㼛㼟㼟㻌㻲㼕㼤㼑㼐㻌㻯㼍㼜㼕㼠㼍㼘 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㻳㻰㻼㻌㻰㼑㼒㼘㼍㼠㼛㼞 ᅜ ෆ 㟂 せ ࢹ ࣇ ࣞ ࣮ ࢱ ࣮ 㻰㼛㼙㼑㼟㼠㼕㼏䚷㻰㼑㼙㼍㼚㼐䚷㻰㼑㼒㼘㼍㼠㼛㼞 㹅 㹂 㹎 ࢹ ࣇ ࣞ ࣮ ࢱ 㸱㸫㸯㸬ᅄ༙ᮇูࡢᐇ㉁ᡂ㛗⋡㸦Ꮨ⠇ㄪᩚ⣔ิ㸧 '$7( 'HYHORSPHQWRI5HDO*'3㸦4XDUWHUO\VHDVRQDOO\DGMXVWHGVHULHV ๓ᮇẚ 㸦Ꮨ⠇ㄪᩚ῭㸧 ͤ ๓ᮇẚࡢ ᖺ⋡⟬ ͤ 㸦ᬺᖺ㐃㙐౯᱁㸹ࠉ༢㸸㸣㸧 ᖺ࣭ᮇ 㸦&KDLQHG<HQ㸹㸣 㹼 㡯ࠉࠉࠉ┠ 㹼 㹼 㹼 㹼 㹼 㻌㻳㼞㼛㼟㼟㻌㻰㼛㼙㼑㼟㼠㼕㼏㻌㻼㼞㼛㼐㼡㼏㼠 >@ >@ >@ >@ >@ せ Ẹ 㛫 ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚 ᐙ ィ ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㝖ࡃᣢࡕᐙࡢᖐᒓᐙ㈤ Ꮿ ഛ ຍ せ ᨻ ᗓ ᭱ ⤊ ᾘ ㈝ ᨭ ฟ බ ⓗ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ 㻌㻼㼡㼎㼘㼕㼏㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 ຍ ᥖ⥲ᅛᐃ㈨ᮏᙧᡂ ͤ ㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟ ᅜ ෆ ⥲ ⏕ ⏘ 㸦 㹅 㹂 㹎 㸧 >ᖺࠉ⋡ࠉࠉ⟬@ ᅜ ෆ Ẹ 㟂 㛫 Ẹ Ẹ Ẹ 㟂 㛫 㛫 㛫 බ ఫ ᅾ ᴗ ᗜ ⓗ බ ⓗ せ タ ရ ቑ 㟂 ᅾ ᗜ ရ ቑ 䠷㻭㼚㼚㼡㼍㼘㻌㼞㼍㼠㼑䠹 㻰㼛㼙㼑㼟㼠㼕㼏㻌㻰㼑㼙㼍㼚㼐 㻼㼞㼕㼢㼍㼠㼑㻌㻰㼑㼙㼍㼚㼐 㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㼛㼒 㻌㻱㼤㼏㼘㼡㼐㼕㼚㼓 㻌㻵㼙㼜㼡㼠㼑㼐㻌㻾㼑㼚㼠 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻾㼑㼟㼕㼐㼑㼚㼠㼕㼍㼘 㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻺㼛㼚㻙㻾㼑㼟㼕㻚 㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼞㼕㼢㼍㼠㼑㻌㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻼㼡㼎㼘㼕㼏㻌㻰㼑㼙㼍㼚㼐 㻌㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚 㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼡㼎㼘㼕㼏㻌㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻔㻾㼑㼓㼞㼛㼡㼜㼑㼐㻕㻌㻌㻳㼞㼛㼟㼟㻌㻲㼕㼤㼑㼐㻌㻯㼍㼜㼕㼠㼍㼘 㻲㼛㼞㼙㼍㼠㼕㼛㼚㻌㻌䈜㻟 㻺㼑㼠㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 䈜㻠 ͤ ㈈ ㈌ ࣭ ࢧ ࣮ ࣅ ࢫ ࡢ ㍺ ฟ ᥍㝖㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ 㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 㻌㻔㻸㼑㼟㼟㻕㻌㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒 㻌㻿㼑㼞㼢㼕㼏㼑㼟 㸦ὀ㸧ࠉ㸦ࠉ㸧ෆࡣᅜෆ⥲⏕⏘ᑐࡍࡿᐤᗘ 1RWH7KH)LJXUHVLQ㸦㸧LQGLFDWHFRQWULEXWLRQVWR&KDQJHVLQ*'3 㸦ཧ⪃㸯㸧 ᅜ ෆ ⥲ ᡤ ᚓ 㸦 㹅 㹂 㹇 㸧 㻳㼞㼛㼟㼟㻌㻰㼛㼙㼑㼟㼠㼕㼏㻌㻵㼚㼏㼛㼙㼑 ᅜ Ẹ ⥲ ᡤ ᚓ 㸦 㹅 㹌 㹇 㸧 㻳㼞㼛㼟㼟㻌㻺㼍㼠㼕㼛㼚㼍㼘㻌㻵㼚㼏㼛㼙㼑 㞠 ⏝ ⪅ ሗ 㓘 㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼛㼒㻌㻱㼙㼜㼘㼛㼥㼑㼑㼟 㸦ཧ⪃㸰㸧ᅄ༙ᮇู㹅㹂㹎ᡂ㛗⋡㸦๓ᮇẚͤ㸧ࡢ᪂ᪧẚ㍑ 㸦ᬺᖺ㐃㙐౯᱁㸹༢㸸㸣㸧 㸦&KDLQHG<HQ㸣 㹼 ᪂㸦㸰ḟ㏿ሗ್㸧 >ᖺ⋡@ ᪧ㸦㸯ḟ㏿ሗ್㸧 >ᖺ⋡@ 㹼 㹼 㹼 㹼 >@ >@ >@ >@ >@ >@ >@ >@ >@ >@ ࠉ6HFRQGࠉ3UHOLPLQDU\ 㹙$QQXDOUDWH㹛 ࠉ)LUVWࠉ3UHOLPLQDU\ 㹙$QQXDOUDWH㹛 ͤ&KDQJHVIURPWKHSUHYLRXVTXDUWHUVHDVRQDOO\DGMXVWHG ͤ$QQXDOUDWH ͤ⥲ᅛᐃ㈨ᮏᙧᡂࡣẸ㛫ఫᏯࠊẸ㛫ᴗタഛࠊබⓗᅛᐃ㈨ᮏᙧᡂࡽᡂࡿࠋ *URVV)L[HG&DSLWDO)RUPDWLRQFRQVLVWVRI3ULYDWH5HVLGHQWLDO,QYHVWPHQW3ULYDWH1RQ5HVL,QYHVWPHQWDQG3XEOLF,QYHVWPHQW ͤ㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟ ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ฟ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ 1HW([SRUWVRI*RRGV6HUYLFHV ([SRUWVRI*RRGV6HUYLFHV,PSRUWVRI*RRGV6HUYLFHV ⣧㍺ฟࡢᐤᗘࡣ㍺ฟ㍺ධࡢᐤᗘࡢᕪࡼࡗ࡚ồࡵ࡚࠸ࡿࠋ 7KHFRQWULEXWLRQLVFDOFXODWHGDVWKHFRQWULEXWLRQRI([SRUWV/HVVWKDWRI,PSRUWV 㸱㸫㸰㸬ᅄ༙ᮇูࡢᐇ㉁ᡂ㛗⋡㸦ཎ⣔ิ㸧 '$7( 'HYHORSPHQWRI5HDO*'3㸦4XDUWHUO\RULJLQDOVHULHV ๓ᖺྠᮇẚ ͤ 㸦ᬺᖺ㐃㙐౯᱁㸹ࠉ༢㸸㸣㸧 ᖺ࣭ᮇ 㸦&KDLQHG<HQ㸣 㹼 㡯ࠉࠉࠉ┠ 㹼 㹼 㹼 㹼 せ Ẹ 㛫 ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚 ᐙ ィ ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㝖ࡃᣢࡕᐙࡢᖐᒓᐙ㈤ Ꮿ 㻌㻵㼙㼜㼡㼠㼑㼐㻌㻾㼑㼚㼠 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻾㼑㼟㼕㼐㼑㼚㼠㼕㼍㼘 㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 ഛ ຍ せ ᨻ ᗓ ᭱ ⤊ ᾘ ㈝ ᨭ ฟ 㻌㻳㼛㼢㼑㼞㼚㼙㼑㼚㼠㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚 බ ⓗ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ 㻌㻼㼡㼎㼘㼕㼏㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 ຍ ᥖ⥲ᅛᐃ㈨ᮏᙧᡂ ͤ ㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟ ͤ ㈈ ㈌ ࣭ ࢧ ࣮ ࣅ ࢫ ࡢ ㍺ ฟ ᥍㝖㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ ᅜ ෆ ⥲ ⏕ ⏘ 㸦 㹅 㹂 㹎 㸧 ᅜ ෆ Ẹ 㟂 㛫 Ẹ Ẹ Ẹ 㟂 㛫 㛫 㛫 බ ఫ ᅾ ᴗ ᗜ ⓗ බ ⓗ せ タ ရ ቑ 㟂 ᅾ ᗜ ရ ቑ 㻳㼞㼛㼟㼟㻌㻰㼛㼙㼑㼟㼠㼕㼏㻌㻼㼞㼛㼐㼡㼏㼠㻌 㻰㼛㼙㼑㼟㼠㼕㼏㻌㻰㼑㼙㼍㼚㼐 㻼㼞㼕㼢㼍㼠㼑㻌㻰㼑㼙㼍㼚㼐 㻌㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㼛㼒 㻌㻱㼤㼏㼘㼡㼐㼕㼚㼓 㻌㻼㼞㼕㼢㼍㼠㼑㻌㻺㼛㼚㻙㻾㼑㼟㼕㻚 㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼞㼕㼢㼍㼠㼑㻌㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻼㼡㼎㼘㼕㼏㻌㻰㼑㼙㼍㼚㼐 㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚㻌㻼㼡㼎㼘㼕㼏㻌㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻔㻾㼑㼓㼞㼛㼡㼜㼑㼐㻕㻌㻌㻳㼞㼛㼟㼟㻌㻲㼕㼤㼑㼐㻌㻯㼍㼜㼕㼠㼍㼘 㻲㼛㼞㼙㼍㼠㼕㼛㼚㻌㻌䈜㻞 㻺㼑㼠㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 䈜㻟 㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 㻌㻔㻸㼑㼟㼟㻕㻌㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒 㻌㻿㼑㼞㼢㼕㼏㼑㼟 㸦ὀ㸧ࠉ㸦ࠉ㸧ෆࡣᅜෆ⥲⏕⏘ᑐࡍࡿᐤᗘ 1RWH7KH)LJXUHVLQ㸦㸧LQGLFDWHFRQWULEXWLRQVWR&KDQJHVLQ*'3 㸦ཧ⪃㸯㸧 ᅜ ෆ ⥲ ᡤ ᚓ 㸦 㹅 㹂 㹇 㸧 㻳㼞㼛㼟㼟㻌㻰㼛㼙㼑㼟㼠㼕㼏㻌㻵㼚㼏㼛㼙㼑 ᅜ Ẹ ⥲ ᡤ ᚓ 㸦 㹅 㹌 㹇 㸧 㻳㼞㼛㼟㼟㻌㻺㼍㼠㼕㼛㼚㼍㼘㻌㻵㼚㼏㼛㼙㼑 㞠 㻯㼛㼙㼜㼑㼚㼟㼍㼠㼕㼛㼚㻌㼛㼒㻌㻱㼙㼜㼘㼛㼥㼑㼑㼟 ⏝ ⪅ ሗ 㓘 㸦ཧ⪃㸰㸧ᅄ༙ᮇู㹅㹂㹎ᡂ㛗⋡㸦๓ᖺྠᮇẚͤ㸧ࡢ᪂ᪧẚ㍑ 㸦ᬺᖺ㐃㙐౯᱁㸹༢㸸㸣㸧 㸦&KDLQHG<HQ㸣 㹼 㹼 㹼 㹼 㹼 ᪂㸦㸰ḟ㏿ሗ್㸧 ࠉ6HFRQGࠉ3UHOLPLQDU\ ᪧ㸦㸯ḟ㏿ሗ್㸧 ࠉ)LUVWࠉ3UHOLPLQDU\ ͤ&KDQJHVIURPWKHSUHYLRXV\HDU ͤ⥲ᅛᐃ㈨ᮏᙧᡂࡣẸ㛫ఫᏯࠊẸ㛫ᴗタഛࠊබⓗᅛᐃ㈨ᮏᙧᡂࡽᡂࡿࠋ 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ͤ&KDQJHVIURPWKHSUHYLRXVTXDUWHUVHDVRQDOO\DGMXVWHG ͤ$QQXDOUDWH ͤ&KDQJHVIURPWKHSUHYLRXV\HDU ͤ㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟ ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ฟ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ 1HW([SRUWVRI*RRGV6HUYLFHV ([SRUWVRI*RRGV6HUYLFHV,PSRUWVRI*RRGV6HUYLFHV ⣧㍺ฟࡢᐤᗘࡣ㍺ฟ㍺ධࡢᐤᗘࡢᕪࡼࡗ࡚ồࡵ࡚࠸ࡿࠋ 7KHFRQWULEXWLRQLVFDOFXODWHGDVWKHFRQWULEXWLRQRI([SRUWV/HVVWKDWRI,PSRUWV ͤࠉྵࡴ㠀ᒃఫ⪅ᐙィࡢᅜෆ࡛ࡢ┤᥋㉎ධ ,QFOXGLQJ'LUHFW3XUFKDVHVLQWKH'RPHVWLF0DUNHWE\1RQ5HVLGHQW+RXVHKROGV ͤྵࡴᒃఫ⪅ᐙィࡢᾏእ࡛ࡢ┤᥋㉎ධ ,QFOXGLQJ'LUHFW3XUFKDVHV$EURDGE\5HVLGHQW+RXVHKROGV 㻾㼑㼟㼕㼐㼑㼚㼠㼕㼍㼘㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㼛㼒㻌㼣㼔㼕㼏㼔㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚 㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕㻌㻺㼑㼠㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒 㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟㻌㻌䈜㻠 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻿㼑㼞㼢㼕㼏㼑㼟䚷䈜㻡 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻿㼑㼞㼢㼕㼏㼑㼟䚷䈜㻢 㻳㼞㼛㼟㼟㻌㻲㼕㼤㼑㼐㻌㻯㼍㼜㼕㼠㼍㼘㻌㻲㼛㼞㼙㼍㼠㼕㼛㼚㻌㼎㼥㻌㼀㼥㼜㼑 ⪏ࠉஂࠉ㈈ ⥲ 㻰㼕㼞㼑㼏㼠㻌㻼㼡㼞㼏㼔㼍㼟㼑㼟㻌㻭㼎㼞㼛㼍㼐 ᅜෆᐙィ᭱⤊ᾘ㈝ᨭฟ ᙧ ែ ู ⥲ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ 㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㼛㼒㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㸯㸫㸰㸬ᅄ༙ᮇูࡢྡ┠ᡂ㛗⋡ '$7( 'HYHORSPHQWRI1RPLQDO*'3㸦4XDUWHUO\ ๓ᮇẚ 㸦Ꮨ⠇ㄪᩚ῭㸧 ͤ ๓ᮇẚࡢ ᖺ⋡⟬ ͤ ๓ᖺ ྠᮇẚ ͤ 㸦༢㸸㸣㸧 㸦㸣 ᖺ࣭ᮇ 㹼 㡯ࠉࠉࠉ┠ 㹼 㹼 㹼 㹼 㹼 㹼 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㼛㼒㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 ᒃఫ⪅ᐙィࡢᾏእ࡛ࡢ┤᥋㉎ධ 㼎㼥㻌㻾㼑㼟㼕㼐㼑㼚㼠㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㸦᥍㝖㸧㠀ᒃఫ⪅ᐙィࡢᅜෆ࡛ ࡢ┤᥋㉎ධ 㼠㼔㼑㻌㻰㼛㼙㼑㼟㼠㼕㼏㻌㻹㼍㼞㼗㼑㼠㻌㼎㼥 㻺㼛㼚㻙㻾㼑㼟㼕㼐㼑㼚㼠㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㻰㼛㼙㼑㼟㼠㼕㼏㻌㻲㼕㼚㼍㼘 㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㻱㼤㼜㼑㼚㼐㼕㼠㼡㼞㼑 㼛㼒㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㻰㼡㼞㼍㼎㼘㼑㻌㻳㼛㼛㼐㼟 ༙ࠉ⪏ࠉஂࠉ㈈ 㻿㼑㼙㼕㻙㻰㼡㼞㼍㼎㼘㼑㻌㻳㼛㼛㼐㼟 㠀ࠉ⪏ࠉஂࠉ㈈ 㻺㼛㼚㻙㻰㼡㼞㼍㼎㼘㼑㻌㻳㼛㼛㼐㼟 ࢧࠉ࣮ࠉࣅࠉࢫ 㻿㼑㼞㼢㼕㼏㼑㼟 ఫᏯ ఫᏯ௨እࡢᘓ≀ཬࡧᵓ⠏≀ 㻻㼠㼔㼑㼞㻌㻮㼡㼕㼘㼐㼕㼚㼓㼟㻌㼍㼚㼐 㻿㼠㼞㼡㼏㼠㼡㼞㼑㼟 ㍺㏦⏝ᶵᲔ 㼀㼞㼍㼚㼟㼜㼛㼞㼠㻌㻱㼝㼡㼕㼜㼙㼑㼚㼠 ࡑࡢࡢᶵᲔタഛ➼ 㻻㼠㼔㼑㼞㻌㻹㼍㼏㼔㼕㼚㼑㼞㼥㻌㼍㼚㼐 㻱㼝㼡㼕㼜㼙㼑㼚㼠㻌㼑㼠㼏㻚 㻯㼛㼙㼜㼡㼠㼑㼞㻌㻿㼛㼒㼠㼣㼍㼞㼑 ⪏ࠉஂࠉ㈈ ⥲ 㻔㻸㼑㼟㼟㻕㻌㻰㼕㼞㼑㼏㼠㻌㻼㼡㼞㼏㼔㼍㼟㼑㼟㻌㼕㼚 ᅜෆᐙィ᭱⤊ᾘ㈝ᨭฟ ᙧ ែ ู ⥲ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ 㻰㼕㼞㼑㼏㼠㻌㻼㼡㼞㼏㼔㼍㼟㼑㼟㻌㻭㼎㼞㼛㼍㼐 ࢥࣥࣆ࣮ࣗࢱ࣭ࢯࣇࢺ࢙࢘ ㈨ ᮏ ᙧ ᡂ ࠺ࡕᅾᗜရቑຍ 㸦ᥖ㸧㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟࠉͤ 㻾㼑㼟㼕㼐㼑㼚㼠㼕㼍㼘㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㻳㼞㼛㼟㼟㻌㻯㼍㼜㼕㼠㼍㼘㻌㻲㼛㼞㼙㼍㼠㼕㼛㼚 㼛㼒㻌㼣㼔㼕㼏㼔㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚 㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕㻌㻺㼑㼠㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒 㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟㻌㻌䈜㻠 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 ㈈㈌ࡢ㍺ฟ ࢧ࣮ࣅࢫࡢ㍺ฟͤ 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻿㼑㼞㼢㼕㼏㼑㼟䚷䈜㻡 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 ㈈㈌ࡢ㍺ධ ࢧ࣮ࣅࢫࡢ㍺ධࠉͤ 㸦ᥖ㸧㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ฟ 㸦ᥖ㸧㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻿㼑㼞㼢㼕㼏㼑㼟䚷䈜㻢 㸦ὀ㸧ࠉ㸦ࠉ㸧ෆࡣᅜෆ⥲⏕⏘ᑐࡍࡿᐤᗘ 1RWH7KH)LJXUHVLQ㸦㸧LQGLFDWHFRQWULEXWLRQVWR&KDQJHVLQ*'3 ͤ&KDQJHVIURPWKHSUHYLRXVTXDUWHUVHDVRQDOO\DGMXVWHG ͤ$QQXDOUDWH ͤ&KDQJHVIURPWKHSUHYLRXV\HDU ͤ㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟ ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ฟ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ 1HW([SRUWVRI*RRGV6HUYLFHV ([SRUWVRI*RRGV6HUYLFHV,PSRUWVRI*RRGV6HUYLFHV ͤࠉྵࡴ㠀ᒃఫ⪅ᐙィࡢᅜෆ࡛ࡢ┤᥋㉎ධ ,QFOXGLQJ'LUHFW3XUFKDVHVLQWKH'RPHVWLF0DUNHWE\1RQ5HVLGHQW+RXVHKROGV ͤྵࡴᒃఫ⪅ᐙィࡢᾏእ࡛ࡢ┤᥋㉎ධ ,QFOXGLQJ'LUHFW3XUFKDVHV$EURDGE\5HVLGHQW+RXVHKROGV 㻳㼞㼛㼟㼟㻌㻲㼕㼤㼑㼐㻌㻯㼍㼜㼕㼠㼍㼘㻌㻲㼛㼞㼙㼍㼠㼕㼛㼚㻌㼎㼥㻌㼀㼥㼜㼑 㸦ᥖ㸧ᐙィ᭱⤊ᾘ㈝ᨭฟ 㸰㸫㸯ᖺḟูࡢᐇ㉁ᡂ㛗⋡ '$7( 'HYHORSPHQWRI5HDO*'3㸦$QQXDO ๓ᖺẚ ͤ 㸦ᬺᖺ㐃㙐౯᱁㸹ࠉ༢㸸㸣㸧 㸦&KDLQHG<HQ㸣 㡯ࠉࠉࠉ┠ ᬺᖺ&DOHQGDU<HDU 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 ᒃఫ⪅ᐙィࡢᾏእ࡛ࡢ┤᥋㉎ධ 㸦᥍㝖㸧㠀ᒃఫ⪅ᐙィࡢᅜෆ࡛ ࡢ┤᥋㉎ධ ⪏ࠉஂࠉ㈈ 㻰㼡㼞㼍㼎㼘㼑㻌㻳㼛㼛㼐㼟 ༙ࠉ⪏ࠉஂࠉ㈈ 㻿㼑㼙㼕㻙㻰㼡㼞㼍㼎㼘㼑㻌㻳㼛㼛㼐㼟 㠀ࠉ⪏ࠉஂࠉ㈈ 㻺㼛㼚㻙㻰㼡㼞㼍㼎㼘㼑㻌㻳㼛㼛㼐㼟 ࢧࠉ࣮ࠉࣅࠉࢫ 㻿㼑㼞㼢㼕㼏㼑㼟 ఫᏯ 㻾㼑㼟㼕㼐㼑㼚㼠㼕㼍㼘㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 ఫᏯ௨እࡢᘓ≀ཬࡧᵓ⠏≀ 㻻㼠㼔㼑㼞㻌㻮㼡㼕㼘㼐㼕㼚㼓㼟㻌㼍㼚㼐 㻿㼠㼞㼡㼏㼠㼡㼞㼑㼟 ㍺㏦⏝ᶵᲔ 㼀㼞㼍㼚㼟㼜㼛㼞㼠㻌㻱㼝㼡㼕㼜㼙㼑㼚㼠 㻻㼠㼔㼑㼞㻌㻹㼍㼏㼔㼕㼚㼑㼞㼥㻌㼍㼚㼐 㻱㼝㼡㼕㼜㼙㼑㼚㼠㻌㼑㼠㼏㻚 㻯㼛㼙㼜㼡㼠㼑㼞㻌㻿㼛㼒㼠㼣㼍㼞㼑 㸦ᥖ㸧ᐙィ᭱⤊ᾘ㈝ᨭฟ ᅜෆᐙィ᭱⤊ᾘ㈝ᨭฟ ᙧ ែ ู ⥲ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ ⥲ ࡑࡢࡢᶵᲔタഛ➼ ࢥࣥࣆ࣮ࣗࢱ࣭ࢯࣇࢺ࢙࢘ ㈨ ᮏ ᙧ ᡂ ࠺ࡕᅾᗜရቑຍ 㸦ᥖ㸧㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟࠉͤ 㸦ᥖ㸧㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ฟ 㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㼛㼒㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㻰㼕㼞㼑㼏㼠㻌㻼㼡㼞㼏㼔㼍㼟㼑㼟㻌㻭㼎㼞㼛㼍㼐 㼎㼥㻌㻾㼑㼟㼕㼐㼑㼚㼠㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㻔㻸㼑㼟㼟㻕㻌㻰㼕㼞㼑㼏㼠㻌㻼㼡㼞㼏㼔㼍㼟㼑㼟㻌㼕㼚 㼠㼔㼑㻌㻰㼛㼙㼑㼟㼠㼕㼏㻌㻹㼍㼞㼗㼑㼠㻌㼎㼥 㻺㼛㼚㻙㻾㼑㼟㼕㼐㼑㼚㼠㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㻰㼛㼙㼑㼟㼠㼕㼏㻌㻲㼕㼚㼍㼘 㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㻱㼤㼜㼑㼚㼐㼕㼠㼡㼞㼑 㼛㼒㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㻳㼞㼛㼟㼟㻌㻯㼍㼜㼕㼠㼍㼘㻌㻲㼛㼞㼙㼍㼠㼕㼛㼚 㼛㼒㻌㼣㼔㼕㼏㼔㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚 㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕㻌㻺㼑㼠㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒 㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟㻌㻌䈜㻞 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 ㈈㈌ࡢ㍺ฟ ࢧ࣮ࣅࢫࡢ㍺ฟͤ 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 㸦ᥖ㸧㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ ㈈㈌ࡢ㍺ධ ࢧ࣮ࣅࢫࡢ㍺ධࠉͤ 㻳㼞㼛㼟㼟㻌㻲㼕㼤㼑㼐㻌㻯㼍㼜㼕㼠㼍㼘㻌㻲㼛㼞㼙㼍㼠㼕㼛㼚㻌㼎㼥㻌㼀㼥㼜㼑 ᖺᗘ)LVFDO<HDU ᖺ 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻿㼑㼞㼢㼕㼏㼑㼟䚷䈜㻟 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻿㼑㼞㼢㼕㼏㼑㼟䚷䈜㻠 㸦ὀ㸧ࠉ㸦ࠉ㸧ෆࡣᅜෆ⥲⏕⏘ᑐࡍࡿᐤᗘ 1RWH7KH)LJXUHVLQ㸦㸧LQGLFDWHFRQWULEXWLRQVWR&KDQJHVLQ*'3 ͤ&KDQJHVIURPWKHSUHYLRXV\HDU ͤ㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟ ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ฟ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ 1HW([SRUWVRI*RRGV6HUYLFHV ([SRUWVRI*RRGV6HUYLFHV,PSRUWVRI*RRGV6HUYLFHV ⣧㍺ฟࡢᐤᗘࡣ㍺ฟ㍺ධࡢᐤᗘࡢᕪࡼࡗ࡚ồࡵ࡚࠸ࡿࠋ 7KHFRQWULEXWLRQLVFDOFXODWHGDVWKHFRQWULEXWLRQRI([SRUWV/HVVWKDWRI,PSRUWV ͤࠉྵࡴ㠀ᒃఫ⪅ᐙィࡢᅜෆ࡛ࡢ┤᥋㉎ධ ,QFOXGLQJ'LUHFW3XUFKDVHVLQWKH'RPHVWLF0DUNHWE\1RQ5HVLGHQW+RXVHKROGV ͤྵࡴᒃఫ⪅ᐙィࡢᾏእ࡛ࡢ┤᥋㉎ධ ,QFOXGLQJ'LUHFW3XUFKDVHV$EURDGE\5HVLGHQW+RXVHKROGV 㸰㸫㸰ᖺḟูࡢྡ┠ᡂ㛗⋡ '$7( 'HYHORSPHQWRI1RPLQDO*'3㸦$QQXDO ๓ᖺẚ ͤ 㸦༢㸸㸣㸧 㸦㸣 ᖺ ᖺᗘ)LVFDO<HDU 㡯ࠉࠉࠉ┠ ᬺᖺ&DOHQGDU<HDU 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 ᒃఫ⪅ᐙィࡢᾏእ࡛ࡢ┤᥋㉎ධ 㼎㼥㻌㻾㼑㼟㼕㼐㼑㼚㼠㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㸦᥍㝖㸧㠀ᒃఫ⪅ᐙィࡢᅜෆ࡛ ࡢ┤᥋㉎ධ 㼠㼔㼑㻌㻰㼛㼙㼑㼟㼠㼕㼏㻌㻹㼍㼞㼗㼑㼠㻌㼎㼥 㸦ᥖ㸧ᐙィ᭱⤊ᾘ㈝ᨭฟ 㻔㻸㼑㼟㼟㻕㻌㻰㼕㼞㼑㼏㼠㻌㻼㼡㼞㼏㼔㼍㼟㼑㼟㻌㼕㼚 㻺㼛㼚㻙㻾㼑㼟㼕㼐㼑㼚㼠㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㻰㼛㼙㼑㼟㼠㼕㼏㻌㻲㼕㼚㼍㼘 㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㻱㼤㼜㼑㼚㼐㼕㼠㼡㼞㼑 㼛㼒㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 㻰㼡㼞㼍㼎㼘㼑㻌㻳㼛㼛㼐㼟 ༙ࠉ⪏ࠉஂࠉ㈈ 㻿㼑㼙㼕㻙㻰㼡㼞㼍㼎㼘㼑㻌㻳㼛㼛㼐㼟 㠀ࠉ⪏ࠉஂࠉ㈈ 㻺㼛㼚㻙㻰㼡㼞㼍㼎㼘㼑㻌㻳㼛㼛㼐㼟 ࢧࠉ࣮ࠉࣅࠉࢫ 㻿㼑㼞㼢㼕㼏㼑㼟 ఫᏯ ఫᏯ௨እࡢᘓ≀ཬࡧᵓ⠏≀ 㻻㼠㼔㼑㼞㻌㻮㼡㼕㼘㼐㼕㼚㼓㼟㻌㼍㼚㼐 㻿㼠㼞㼡㼏㼠㼡㼞㼑㼟 ㍺㏦⏝ᶵᲔ 㼀㼞㼍㼚㼟㼜㼛㼞㼠㻌㻱㼝㼡㼕㼜㼙㼑㼚㼠 㻻㼠㼔㼑㼞㻌㻹㼍㼏㼔㼕㼚㼑㼞㼥㻌㼍㼚㼐 㻱㼝㼡㼕㼜㼙㼑㼚㼠㻌㼑㼠㼏㻚 㻯㼛㼙㼜㼡㼠㼑㼞㻌㻿㼛㼒㼠㼣㼍㼞㼑 㻳㼞㼛㼟㼟㻌㻯㼍㼜㼕㼠㼍㼘㻌㻲㼛㼞㼙㼍㼠㼕㼛㼚 ࡑࡢࡢᶵᲔタഛ➼ ࢥࣥࣆ࣮ࣗࢱ࣭ࢯࣇࢺ࢙࢘ ㈨ ᮏ ᙧ ᡂ ࠺ࡕᅾᗜရቑຍ 㸦ᥖ㸧㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟࠉͤ 㸦ᥖ㸧㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ฟ 㻾㼑㼟㼕㼐㼑㼚㼠㼕㼍㼘㻌㻵㼚㼢㼑㼟㼠㼙㼑㼚㼠 㼛㼒㻌㼣㼔㼕㼏㼔㻌㻯㼔㼍㼚㼓㼑㻌㼕㼚 㻵㼚㼢㼑㼚㼠㼛㼞㼕㼑㼟 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕㻌㻺㼑㼠㻌㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒 㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟㻌㻌䈜㻞 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻿㼑㼞㼢㼕㼏㼑㼟䚷䈜㻟 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟㻌㻒㻌㻿㼑㼞㼢㼕㼏㼑㼟 ㈈㈌ࡢ㍺ධ ࢧ࣮ࣅࢫࡢ㍺ධࠉͤ 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻿㼑㼞㼢㼕㼏㼑㼟䚷䈜㻠 ㈈㈌ࡢ㍺ฟ ࢧ࣮ࣅࢫࡢ㍺ฟͤ 㸦ᥖ㸧㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ 㻱㼤㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟 㻔㼕㼐㻘㻌㼍㼠㻌㼲䠥㻕 㸦ὀ㸧ࠉ㸦ࠉ㸧ෆࡣᅜෆ⥲⏕⏘ᑐࡍࡿᐤᗘ 1RWH7KH)LJXUHVLQ㸦㸧LQGLFDWHFRQWULEXWLRQVWR&KDQJHVLQ*'3 ͤ&KDQJHVIURPWKHSUHYLRXV\HDU ͤ㈈㈌࣭ࢧ࣮ࣅࢫࡢ⣧㍺ฟ ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ฟ㈈㈌࣭ࢧ࣮ࣅࢫࡢ㍺ධ 1HW([SRUWVRI*RRGV6HUYLFHV ([SRUWVRI*RRGV6HUYLFHV,PSRUWVRI*RRGV6HUYLFHV ͤࠉྵࡴ㠀ᒃఫ⪅ᐙィࡢᅜෆ࡛ࡢ┤᥋㉎ධ ,QFOXGLQJ'LUHFW3XUFKDVHVLQWKH'RPHVWLF0DUNHWE\1RQ5HVLGHQW+RXVHKROGV ͤྵࡴᒃఫ⪅ᐙィࡢᾏእ࡛ࡢ┤᥋㉎ධ ,QFOXGLQJ'LUHFW3XUFKDVHV$EURDGE\5HVLGHQW+RXVHKROGV 㻵㼙㼜㼛㼞㼠㼟㻌㼛㼒㻌㻳㼛㼛㼐㼟 㻳㼞㼛㼟㼟㻌㻲㼕㼤㼑㼐㻌㻯㼍㼜㼕㼠㼍㼘㻌㻲㼛㼞㼙㼍㼠㼕㼛㼚㻌㼎㼥㻌㼀㼥㼜㼑 ⪏ࠉஂࠉ㈈ ⥲ 㻰㼕㼞㼑㼏㼠㻌㻼㼡㼞㼏㼔㼍㼟㼑㼟㻌㻭㼎㼞㼛㼍㼐 ᅜෆᐙィ᭱⤊ᾘ㈝ᨭฟ ᙧ ែ ู ⥲ ᅛ ᐃ ㈨ ᮏ ᙧ ᡂ 㻯㼛㼚㼟㼡㼙㼜㼠㼕㼛㼚㻌㼛㼒㻌㻴㼛㼡㼟㼑㼔㼛㼘㼐㼟 Ϫ. 㸯ḟ㏿ሗࡽ㸰ḟ㏿ሗࡢ࡞ᨵᐃせᅉ 㸯ḟ㏿ሗࡽ㸰ḟ㏿ሗࡅ࡚ࠊ᥎ィ⏝࠸ࡿᇶ♏⤫ィࡢ㏣ຍ࡞࡛ᨵᐃࡉࢀࡓ㟂せ㡯 ┠➼ࡢ࡞ࡶࡢࡣ௨ୗࡢ࠾ࡾࠋ 㸺ཎ⣔ิ㸼 ۑẸ㛫ᴗタഛ㸦ᇶ♏⤫ィࡢḞⴠ᭶್ࡢධᡭࠊ☜ሗ➼ࡼࡿ౪⤥ഃ᥎ィ್ࡢᨵᐃ௨እ㸧 㸯ḟ㏿ሗ㸸౪⤥ഃᇶ♏⤫ィࡢሗᇶ࡙࠸࡚᥎ィ 㸰ḟ㏿ሗ㸸ࠗᅄ༙ᮇูἲேᴗ⤫ィ࠘㸦㈈ົ┬㸧➼ࡼࡾ᥎ィࡉࢀࡿ㟂せഃ᥎ィ್ ౪⤥ഃ᥎ィ್ࢆ⤫ྜࡋ࡚᥎ィ ۑẸ㛫ᅾᗜရቑຍ㸦ᇶ♏⤫ィࡢḞⴠ᭶್ࡢධᡭࠊ☜ሗ➼ࡼࡿᨵᐃ௨እ㸧 ཎᮦᩱᅾᗜࠊရᅾᗜࠊ〇ရᅾᗜࠊὶ㏻ᅾᗜࡢ㸲ᙧែࡢᅾᗜࡢ࠺ࡕࠊ 㸯ḟ㏿ሗ㸸ཎᮦᩱᅾᗜࠊရᅾᗜࡘ࠸࡚ࠊᏘ⠇ㄪᩚࡢ㝿⏝ࡋ࡚࠸ࡿ ARIMA ࣔࢹࣝࡼࡾྡ┠ཬࡧᐇ㉁ཎ⣔ิࢆ᥎ィ 㸰ḟ㏿ሗ㸸ཎᮦᩱᅾᗜࠊရᅾᗜࡘ࠸࡚ࡣࠊࠗᅄ༙ᮇูἲேᴗ⤫ィ࠘ࡼࡾ ᥎ィ ۑᇶ♏⤫ィࡢḞⴠ᭶್ධᡭࠊ☜ሗ➼ࡼࡿᨵᐃ 㸯ḟ㏿ሗ㸸ᇶ♏⤫ィࡢḞⴠ᭶್ࡘ࠸࡚ࡣࠊ⿵እ᥎ィࠋࡲࡓࠊᇶ♏⤫ィࡢ☜ሗ್ ࡀධᡭ࡛ࡁ࡞࠸ሙྜࡣࠊ㏿ሗ್ࢆ⏝࠸࡚᥎ィ㸦㸱࢝᭶┠ࡢࠗᐙィᾘ㈝≧ ἣㄪᰝ㸦㏿ሗ㸧࠘ࡢබ⾲᪥ࡲ࡛බ⾲ࡉࢀࡓᇶ♏⤫ィࢆ⏝ྍ⬟࡞⠊ᅖ࡛ ⏝࠸࡚᥎ィ㸧 㸰ḟ㏿ሗ㸸㸯ḟ㏿ሗẁ㝵࠾ࡅࡿᇶ♏⤫ィࡢḞⴠ᭶್ࡀධᡭ࡛ࡁࡓሙྜࡣࠊ⿵እ ᥎ィ್ࡽ⨨ࡁ࠼࡚ࠊࡲࡓࠊ☜ሗࡲࡓࡣ㐳ཬᨵᐃࡀ࡞ࡉࢀࡓሙྜࡣࠊ ࡇࢀࢆᫎࡉࡏ࡚᥎ィ㸦ᙜヱᅄ༙ᮇࡢࠗᅄ༙ᮇูἲேᴗ⤫ィ࠘ࡢබ⾲ ᪥ࡲ࡛බ⾲ࡉࢀࡓᇶ♏⤫ィࢆ⏝ྍ⬟࡞⠊ᅖ࡛⏝࠸࡚᥎ィ㸧 㸺Ꮨ⠇ㄪᩚ⣔ิ㸼 ᅄ༙ᮇࡢᏘ⠇ㄪᩚ⣔ิࡘ࠸࡚ࡣࠊୖグࡼࡾᨵᐃࡉࢀࡿཎ⣔ิࢆྵࡵ࡚Ꮨ⠇ㄪᩚࢆ ࡅ࡞࠾ࡍࡓࡵࠊྡ┠ࠊᐇ㉁ࡶࠊ1994㸦ᖹᡂ 6㸧ᖺ 1-3 ᭶ᮇࡲ࡛㐳ࡗ࡚ᨵᐃࡉࢀࡿࠋ ϫ㸬ࡑࡢࡢ␃ព㡯 㸦㸯㸧ᇶ♏⤫ィࡢ㐳ཬᨵᐃ➼ࡢᫎ ᅇࡢ㸰ḟ㏿ሗ࠾࠸࡚ࡣࠊᇶ♏⤫ィࡢ㏣ຍධᡭ➼ࢆ㋃ࡲ࠼ࡓ㏻ᖖࡢᨵᐃࢆ⾜ࡗ࡚ ࠸ࡿࠋࡑࡢࠊ௨ୗ♧ࡍᇶ♏⤫ィࡢ㐳ཬᨵᐃ➼ᑐᛂࡋ࡚ࠊᡤせࡢᨵᐃࢆ⾜ࡗࡓࠋ ᨵᐃࡉࢀࡓᇶ♏⤫ィ ᅜᅵ㏻᭶⤒῭ ㏿ሗ᥎ィ࠾ࡅࡿ 㐳ཬᮇ㛫 2013 ᖺ 1-3 ᭶ᮇ බ⾲ᮇ 2015 ᖺ 3 ᭶ ᨵᐃࡉࢀࡿ᥎ィ ౪⤥ഃ᥎ィ 㸦㸰㸧2015㸦ᖹᡂ 27㸧ᖺ 1-3 ᭶ᮇ㸯ḟ㏿ሗ࠾ࡅࡿẸ㛫ᅾᗜရቑຍ㸦ཎᮦᩱᅾᗜཬࡧ ရᅾᗜ㸧ࡢᐇ㉁Ꮨ⠇ㄪᩚ῭๓ᮇᕪࡘ࠸࡚ 2014㸦ᖹᡂ 26㸧ᖺ 10-12 ᭶ᮇ㸰ḟ㏿ሗ࡛⏝ࡋࡓሗࢆ⏝࠸ࠊARIMA ࣔࢹࣝࡼࡾ 2015㸦ᖹᡂ 27㸧ᖺ 1-3 ᭶ᮇࡢẸ㛫ᅾᗜရቑຍ㸦ཎᮦᩱᅾᗜཬࡧရᅾᗜ㸧ࡢᐇ㉁್ ࢆ⟬ฟࡍࡿࠊࡑࡢᏘ⠇ㄪᩚ῭๓ᮇᕪ㸦ᖺ⋡⟬㸧ࡣࠊྜィ 1,237.0㸦༑൨㸧࡞ࡿࠋ ࡓࡔࡋࠊ2015㸦ᖹᡂ 27㸧ᖺ 1-3 ᭶ᮇ㸯ḟ㏿ሗ࡛ࡣࠊࡑࡢᚋ㏣ຍⓗᚓࡽࢀࡓሗࡶ ⏝ࡋ࡚᥎ィࡀ⾜ࢃࢀࡿⅬ␃ព㢪࠸ࡓ࠸ࠋ Ϭ㸬ᚋࡢᅄ༙ᮇู GDP ㏿ሗ➼ࡢබ⾲ணᐃ 2015㸦ᖹᡂ 27㸧ᖺ 1-3 ᭶ᮇ 1 ḟ㏿ሗ್ࡢබ⾲ணᐃ 2015㸦ᖹᡂ 27㸧ᖺ 5 ᭶ 20 ᪥㸦Ỉ㸧8 50 ศ 2015㸦ᖹᡂ 27㸧ᖺ 1-3 ᭶ᮇ 2 ḟ㏿ሗ್ࡢබ⾲ணᐃ 2015㸦ᖹᡂ 27㸧ᖺ 6 ᭶ 8 ᪥㸦᭶㸧8 50 ศ 2015㸦ᖹᡂ 27㸧ᖺ 4-6 ᭶ᮇ 1 ḟ㏿ሗ್ࡢබ⾲ணᐃ 2015㸦ᖹᡂ 27㸧ᖺ 8 ᭶ 17 ᪥㸦᭶㸧8 50 ศ 2015㸦ᖹᡂ 27㸧ᖺ 4-6 ᭶ᮇ 2 ḟ㏿ሗ್ࡢබ⾲ணᐃ 2015㸦ᖹᡂ 27㸧ᖺ 9 ᭶ 8 ᪥㸦ⅆ㸧8 50 ศ 2015㸦ᖹᡂ 27㸧ᖺ 7-9 ᭶ᮇ 1 ḟ㏿ሗ್ࡢබ⾲ணᐃ 2015㸦ᖹᡂ 27㸧ᖺ 11 ᭶ 16 ᪥㸦᭶㸧8 50 ศ 2015㸦ᖹᡂ 27㸧ᖺ 7-9 ᭶ᮇ 2 ḟ㏿ሗ್ࡢබ⾲ணᐃ 2015㸦ᖹᡂ 27㸧ᖺ 12 ᭶ 8 ᪥㸦ⅆ㸧8 50 ศ 2015㸦ᖹᡂ 27㸧ᖺ 10-12 ᭶ᮇ 1 ḟ㏿ሗ್ࡢබ⾲ணᐃ 2016㸦ᖹᡂ 28㸧ᖺ 2 ᭶ 15 ᪥㸦᭶㸧8 50 ศ 2015㸦ᖹᡂ 27㸧ᖺ 10-12 ᭶ᮇ 2 ḟ㏿ሗ್ࡢබ⾲ணᐃ 2016㸦ᖹᡂ 28㸧ᖺ 3 ᭶ 8 ᪥㸦ⅆ㸧8 50 ศ ࡞࠾ࠊୖグࡢබ⾲ணᐃࡣ⌧Ⅼࡢணᐃ࡛࠶ࡾࠊᚋࠊᇶ♏⤫ィࡢබ⾲ணᐃࡢኚ᭦➼ࡼ ࡾࠊኚ᭦ࡍࡿྍ⬟ᛶࡀ࠶ࡿࠋ
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