ࠊ߇࿖ߩᣂⷙᩣᑼ㐿ડᬺߩ⾰ߩᄌㆫ Recent Development of Firm Quality in Japanese IPO Market ㊄Ⲣᐡ ጤ ᶈ৻ ዊᮻ⑼ᄢቇ ↰ 㓉 ⷐᣦ ߪߓߦ ᧄⓂߢߪޔㄭᐕߩ IPO Ꮢ႐ߩૐㅅࠍޟડᬺߩ⾰ޠ ᣂⷙᩣᑼ㐿㧔એਅޔIPO㧕߇ૐㅅߒߡࠆޕᐕ ߩⷞὐ߆ࠄ⠨ኤߔࠆޕડᬺߩ⾰ࠍታ⸽⊛ߦ⸘᷹ߔࠆ 㑆ߩ IPO ઙᢙߪޔ2000 ᐕઍߩ೨ඨ߹ߢߪ 100 ઙએ ߎߣߦࠃߞߡޔ ᐞߟ߆ߩ⽎߇⏕ߐࠇߚޕ ╙৻ߦޔ ߢផ⒖ߒߡߚ߇ޔ 2007 ᐕ೨ᓟ߆ࠄᕆỗߦᷫዋߒޔ IPO ડᬺߩ⾰ߪ႐ᤨᦼߦࠃߞߡ⇣ߥߞߡࠆ⿷ޕ 2009 ᐕߪ 19 ઙޔ2010 ᐕߪ 22 ઙߣᣢᓔᦨૐ᳓Ḱߣ ⸵ߢߪߩ⾰ޔᭂߡ㜞ડᬺߒ߆႐ߢ߈ߥᘒ ߥߞߡࠆޔߦ߁ࠃߩߎޕᬺኅߦߣߞߡߩ⾗㊄⺞ ߦ㒱ߞߡࠆ╙ޕੑߦߩߤޔᣂ⥝Ꮢ႐ߦ߽หߓࠃ߁ ㆐ߩ႐ߢࠅࡖ࠴ࡦࡌޔᛩ⾗ኅߦߣߞߡߪ⾗㊄࿁ ߥ⾰ߩડᬺ߇႐ߒߡ߅ࠅޔᏒ႐Ფߩ․⦡ߪⷰኤߐ ߩ႐ߢࠆ IPO Ꮢ႐߇ᯏ⢻ਇోߦ㒱ߞߡࠆޕ ⎇ ⓥ ⺰ ᢥ ࠇߥ╙ޕਃߦޔᬺ⒳ߦࠃߞߡ႐ߩߒ߿ߔߐߦᩰ IPO Ꮢ႐߇ૐㅅߒߡࠆ⢛᥊ߦߪ᭽ⷐߥޘ࿃߇ Ꮕ߇ࠆޕ႐߇ኈᤃߥᬺ⒳ߩߥ߆߆ࠄ⾰ߩᖡડ ⠨߃ࠄࠇࠆࠢ࠶࡚ࠪࡦࡑޕએ㒠ߩ⇇⊛ߥ᥊᳇ ᬺ߇ᄙᢙ႐ߒߡ߈ߚน⢻ᕈ߽ࠆ╙ޕ྾ߦޔ႐ ᓟㅌߩߥ߆ߢޔડᬺᬺ❣߇ᖡൻߒޔ႐ၮḰࠍ㆐ᚑ ᓟߦᕆᚑ㐳ߔࠆડᬺߦߪㅢߒߚ․ᓽ߇ࠆ߇ޔข ߢ߈ߥߊߥߞߚડᬺ߽ᄙᢙሽߒߡࠆߣߺࠄࠇࠆޕ ᒁᚲ߿⸽ળ␠ߪߚߒ߁ߎޔᕆᚑ㐳ડᬺࠍᚻߊ ߹ߚࡖ࠴ࡦࡌޔડᬺߦࠃࠆਇ߿႐ᓟߩᬺ❣ ߖߡߥޕIPO Ꮢ႐ߩᵴᕈൻߩߚߦߪ⸽ޔ ਇᝄ߇㗫❥ߦ⊒↢ߔࠆࠃ߁ߦߥߞߡ߈ߚߚߦޔข ขᒁᚲ߿⸽ળ␠ߩ⋡߈⢻ജߩะ߿ޔIPO ડᬺ ᒁᚲ߿ਥᐙ⸽ળ␠߇ᣂⷙ႐ߦኻߒߡᘕ㊀ߦߥ ߣᛩ⾗ኅߩ㑆ߩᖱႎߩ㕖ኻ⒓ᕈࠍ✭ߐߖࠆขࠅ⚵ ߞߡ߅ࠅޔᣂⷙ႐ߩታ⾰⊛ߥၮḰ߇෩ᩰൻߐࠇߡ ߺ߽ᔅⷐߣߥࠈ߁ޕ ࠆน⢻ᕈ߽⠨߃ࠄࠇࠆ⁁ߚߒ߁ߎޔߦᦝޕᴫߦ߅ ࠠࡢ࠼㧦ᣂⷙᩣᑼ㐿ޔડᬺߩ⾰ޔ႐ၮḰ ߡޔIPO ડᬺߦኻߔࠆᛩ⾗ኅߩਇାᗵ߇㜞߹ࠅޔ ᛩ⾗ኅ߇ᣂ⥝Ꮢ႐߆ࠄ㆙ߑ߆ߞߡߒ߹ߞߚน⢻ᕈ߽ ᜰ៰ߐࠇߡࠆޕ᥊᳇ᖡൻߦ߁ IPO ߩૐㅅߪᓴⅣ #DUVTCEV ⊛ߥ⽎ߣ߃ࠆ߇ޔᛩ⾗ኅ߇ IPO Ꮢ႐ߦਇାᗵࠍ In this paper, we examine the relationship ᛴߡࠆߣߔࠇ߫ޟߪࠇߎޔ᭴ㅧ⊛ߥޠ㗴ߣᝒ between the sluggish IPO activity and the quality ߃ࠆߴ߈߆߽ߒࠇߥߩߎޕ᭴ㅧ⊛ߥⷐ࿃߇ਅߩ of IPO firms. We developed proxies of firm quality IPO ૐㅅߩਥ࿃ߢࠆߣߔࠇ߫ޔᓟޔ᥊᳇߇࿁ᓳ and found several interesting phenomena using ዪ㕙ࠍㄫ߃ߚߣߒߡ߽ޔIPO Ꮢ႐ߩૐㅅ߇ᜬ⛯ߔࠆ those metrics; (1) the level of quality differs by the ߅ߘࠇ߇ࠆߦ߁ࠃߩߎޕ⠨߃ࠆߣޔIPO Ꮢ႐߇ߎ listing timing. Currently, stock exchanges seem ߩᢙᐕ㑆ૐㅅࠍߥߊߐࠇߡ߈ߚߩߪᤨޔὐߦ never allow low quality firms to go public, (2) we ߅ߡ IPO ࠍᬌ⸛ߒߡࠆડᬺߦ㗴߇ࠆ߆ࠄ could not observe any difference in firms’ quality ߢߪߥߊޔཏߡ႐ߒߚડᬺߩ߇ޠ⾰ޟᖡ߆ߞߚߎ on different junior markets, (3) even for firms ߣߦේ࿃߇ࠆߣ⠨߃ࠆߎߣ߽ߢ߈ࠆߩߢࠆޕ with the same level of quality, the actual listing ߘߎߢᧄⓂߢߪޔIPO ડᬺߩ⾰ࠍታ⸽⊛ߦ⸘᷹ߒޔ criteria may differ by industry, (4) stock ߘߩ․ᓽࠍ᭽ⷺߥޘᐲ߆ࠄಽᨆߔࠆౕޕ⊛ߦߪޔ exchanges and underwriters seem to fail to 㧔1㧕ડᬺߩ⾰߇ᤨ㑆ߣߦߤߩࠃ߁ߦᄌൻߒߡ߈ identify potential high-growth firms using their ߚߩ߆ޔ 㧔2㧕႐Ꮢ႐ޔᬺ⒳ޔਥᐙ⸽╬ߦࠃߞ listing criteria. We need to mitigate the ߡડᬺߩ⾰ߦ㆑߇⊒↢ߒߡࠆߩ߆ޔ 㧔3㧕႐ᓟ information asymmetry to revitalize the market. ߦ⾰߇ᡷༀߔࠆࠃ߁ߥડᬺߪߤߩࠃ߁ߥ․ᓽࠍᜬߞ Key words㧦IPO, Quality of firms, Listing criteria ߡࠆߩ߆╬ߦߟߡޔታ⸽⊛ߦ⠨ኤߔࠆޕ 8'0674'4'8+'90Q5GRVGODGT એਅߩ᭴ᚑߪᰴߩㅢࠅߢࠆ ╙ޕ2 ▵ߢߪޔIPO ߡߚน⢻ᕈ߇ᜰ៰ߐࠇߡࠆ(Ritter and Welch, ડᬺߩ⾰ߦ㑐ㅪߔࠆవⴕ⎇ⓥࠍⷰߒᧄޔⓂߦ߅ߌ 2002; Fama and French, 2004)߇ࠊߩ⸵⿷ޕ࿖ IPO ࠆᬌ⸽⺑ࠍᢛℂߔࠆޔߚ߹ޕIPO ડᬺߩ⾰ࠍ⸘᷹ Ꮢ႐߽ᱜߦߎߩㆊ⒟ߦࠆߩߢߪߥ߆ߣ߁ߩ߇ޔ ߔࠆᣇᴺߦߟߡ߽⸃⺑ߔࠆ ╙ޕ3 ▵ߣ╙ 4 ▵߇⾰ ᧄⓂߩಽᨆߩ⢛ᓟߦࠆ㗴ᗧ⼂ߢࠆޕ ߩ⸘᷹⚿ᨐߢࠆ ╙ޕ3 ▵ߢߪޔIPO ડᬺߩ႐೨ IPO Ꮢ႐ߢߪޔIPO ડᬺߣᛩ⾗ኅߩ㑆ߩᖱႎᩰᏅ ߩ⾰ߦᵈ⋡ߒ․ߩߘޔᓽࠍᢛℂߔࠆߦࠇߎޕኻߒߡ ࠍ✭ߐߖࠆ⚵ߺ߇᭽ߦޘ↪ߐࠇߡࠆޕᏒ႐ ╙ 4 ▵ߪޔ႐೨ᓟߩ⾰ߩᄌൻࠍ⸘᷹ߔࠆ ╙ޕ5 ▵ ಽࠍ⏕ߦߔࠆߎߣ߿⸽ળ␠ߦࠃࠆᒁฃክᩏ╬ ߢߪޔಽᨆ⚿ᨐࠍⷐ⚂ߒߚ߁߃ߢޔᣣᧄ⚻ᷣࠍ‧ᒁ ߇ߘߩߢࠆޕ೨⠪ߪᏒ႐ಽ߿႐ၮḰߩࠪࠣ ߔࠆࠃ߁ߥᕆᚑ㐳ડᬺࠍᣂ⥝Ꮢ႐߆ࠄヘߒߡߊ ࠽࡞ലᨐߣߒߡޔᓟ⠪ߪ⸽ળ␠╬ߦࠃࠆ⸽ലᨐ ߚߦᔅⷐߣߥࠆኻ╷ࠍ⼏⺰ߔࠆޕ ߣߒߡ⍮ࠄࠇߡࠆ(Blass and Yafeh, 2001; Carter and Manaster, 1990, ╬)ޔߚ߹ޕᏒ႐㑆┹ߩ⚿ᨐޔ ಽᨆߩᨒ⚵ߺ వⴕ⎇ⓥߣᬌ⸽⺑ ߁ᜰ៰߽ࠆ(Foucault and Parlour, 2004)ޕᏒ႐ ಽ߇⏕ߦߥߞߡ߅ࠅޔᛩ⾗ኅ߇ߘ߁ߒߚᏒ႐ಽ ታ⸽ಽᨆߩ⁓ࠍ⏕ߦߔࠆߚߦޔIPO ડᬺߩ ࠍℂ⸃ߒߡࠇ߫ޔIPO ડᬺߣᛩ⾗ኅߩ㑆ߩᖱႎᩰ ⾰ࠍᎼࠆవⴕ⎇ⓥࠍⷰߒᧄޔⓂߩᬌ⸽⺑ࠍᢛℂ Ꮕ㗴ߪ✭ߐࠇࠆߎߣߦߥࠆޔߚ߹ޕᏒ႐ಽ߇ ߒߡ߅ߊޕIPO ડᬺߩ⾰ߩ⼏⺰ߪޔIPO ડᬺߩ⾰ߦ ⏕ߦ⇣ߥߞߡࠇ߫ޔᏒ႐ߦࠃߞߡ IPO ડᬺߩ⾰ 㑐ߔࠆᖱႎߩ㕖ኻ⒓ᕈࠍ೨ឭߦߒߡࠆޕහߜޔIPO ߽⥄ߕߣ⇣ߥߞߡߊࠆߢࠈ߁ޕᓥߞߡޔᏒ႐ߦࠃ ડᬺߣᛩ⾗ኅߩ㑆ߦߪޔIPO ડᬺߩ⾰ߦ㑐ߒߡ ߞߡ IPO ડᬺߩ⾰߇⇣ߥࠆߎߣ߇⏕ߐࠇࠇ߫ޔᖱ ߔࠆᖱႎ㊂ߦᩰᏅ߇ࠆߩߎޕᖱႎᩰᏅ߇ࠆ߇ߚ ႎᩰᏅߩ㗴߇✭ߐࠇߡࠆߣផ᷹ߔࠆߎߣ߇ߢ ߦޔIPO Ꮢ႐ߦ߅ߌࠆㅒㆬᛯ㧔⦟⾰ߩડᬺ߇ IPO ߈ࠆޕㅒߦࠆߥ⇣ޔᏒ႐ߦ߅ߡห⾰ߩડᬺ߇႐ ߢ߈ߕߦߩ⾰ޔᖡડᬺߛߌ߇ IPO ߔࠆ㧕╬ߩᑷኂ ߒߡࠆ⁁ᴫ߇⏕ߐࠇߚߥࠄ߫ߩࠄࠇߎޔᏒ႐ߩ ࠍ↢ߺߔߎߣߦߥࠆߩߎޕᖱႎߩ㕖ኻ⒓ᕈߩ㗴 Ꮢ႐ಽ߇ਇ⏕ߦߥߞߡࠆߎߣޔ ߹ߚޔ หᤨߦޔ ࠍᔨ㗡ߦ⟎ߚ߁߃ߢޔIPO ડᬺߩ⾰ߦ㑐ߔࠆਥⷐ IPO ડᬺߣᛩ⾗ኅߩ㑆ߩᖱႎᩰᏅ߇⸃ߐࠇߡ ߥ⼏⺰ࠍ⏕ߒߡߊޕ ߥߎߣࠍ␜ໂߔࠆߎߣߦߥࠆ⸽ޕળ␠ߦࠃࠆᒁ ߹ߕޔIPO ડᬺߩ⾰߇ᤨ㑆ߣߦᄌേߔࠆߩ߆ޔ ฦขᒁᚲߩ႐ၮḰߦ⥄ߕߣ㆑߇↢ߓߡߊࠆߣ ฃክᩏߦߟߡ߽ޔᖱႎߩ㕖ኻ⒓ᕈࠍ✭ߔࠆᓎഀ ឵⸒ߔࠇ߫ޔ႐ߔࠆᤨᦼߦࠃߞߡ IPO ડᬺߩ⾰ߦ ࠍᜂߞߡࠆޕIPO ડᬺߣᛩ⾗ኅߩ㑆ߩᖱႎᩰᏅ߇ ㆑߇⊒↢ߒߡࠆߩ߆ߦߟߡߪޔ ޟᯏળߩ⓹ޠ ᷓೞߢࠆ߶ߤߩࠄ⥄ޔฬჿࠬࠢࠍ࿁ㆱߒߚߣ ⺑߿ IPO ࠨࠗࠢ࡞ࠍᎼࠆ⻉⺑߇৻ߟߩ⺑ࠍਈ ⠨߃ࠆ⸽ળ␠ߪޔᒁฃክᩏߩၮḰࠍ෩ߒߊߒ⾰ޔ ߃ࠆޕRitter(1991)╬߇ᜰ៰ߔࠆࠃ߁ߦޔIPO ડᬺ ߩ㜞ડᬺߦ㒢ߞߡ IPO ߐߖࠆߣ⠨߃ࠄࠇࠆ⥸৻ޕ ߩᖱႎߦ㑐ߒߡޔIPO ડᬺߣᛩ⾗ኅߩ㑆ߦᖱႎߩ㕖 ⊛ߦ߃߫ޔᄢᚻ⸽ળ␠ߩᣇ߇ⷙޔᮨߩዊߐߥ⸽ ኻ⒓ᕈ߇⊒↢ߒߡࠆዪ㕙߿ᭉⷰ⊛ߥᛩ⾗ኅ߇ᄙߊ ળ␠ࠃࠅ߽ฬჿࠬࠢࠍ᳇ߦߒߡࠆޕᓥߞߡޔ ሽߔࠆࠃ߁ߥ⁁ᴫߦ߅ߡߪߩ⾰ޔᖡડᬺߢ߽ ᄢᚻ⸽ળ␠߇ᒁ߈ฃߌߚ IPO ડᬺߩ⾰߇㜞ߊߥ ႐ߢ߈ࠆߎߣߦߥࠆߩ⾰ޔߦᦝޕᖡડᬺ߇႐ ߞߡࠆᤨᦼ߶ߤޔIPO ડᬺߣᛩ⾗ኅߩ㑆ߩᖱႎᩰ ߔࠆߣ␠ળෘ↢߇ૐਅߔࠆߣ߁ᜰ៰߽ࠆ߃ޕ Ꮕ߇ᷓೞߢࠆߣ੍ᗐߐࠇࠆޕ ߫ޔPagano, et al.(1998), Yung, et al.(2008)ߩ⼏⺰ IPO ડᬺߣᛩ⾗ኅߩ㑆ߩᖱႎᩰᏅߪޔIPO ડᬺ߇ ߦࠃࠇ߫ߩ⾰ޔᖡડᬺ߇႐ߦࠃߞߡ⺞㆐ߒߚ⾗ ᣂߒᬺ⒳ߦዻߔࠆ႐ว╬ߦ৻ጀ㗼⪺ߦߥࠆࠆޕ ㊄ߪ␠ળ⊛ߦᦸ߹ߒᛩ⾗ࡊࡠࠫࠚࠢ࠻ߦᛩ⾗ߐࠇ ᬺ⒳ߩᖱႎᩰᏅ߇ᷓೞߢࠇ߫ࠆ߶ߤߩߘޔᬺ⒳ ߥน⢻ᕈ߇ࠆߩ⾰ޔߚ߹ޕᖡડᬺ߇႐ߒߚ ߦዻߔࠆડᬺ߇႐ߔࠆߎߣߪ㔍ߒߊߥࠆߢࠈ߁ޕ ᓟߦߎߩડᬺߩᬺ❣߇⧐ߒߊߥߎߣ߇ࠄ߆ߦߥ ࠆߪㅒߦޔ ޟᯏળߩ⓹ޠ⺑߇ᚑ┙ߒߡࠆࠃ߁ ࠆߦߟࠇߡޔᛩ⾗ኅߩᏒ႐ోߦኻߔࠆା㗬ᗵ߇Მ ߥ⁁ᴫߦ߅ߡߪޔᣂߒᬺ⒳ߦዻߔࠆߣ߁ߛߌ ៊ߐࠇࠆߎߣ߽⠨߃ࠄࠇࠆ߆ࠊࠄ߆⺰⼏ߩࠄࠇߎޕ ߢᛩ⾗ኅߩᵈ⋡߇㓸߹ࠅ◲ޔනߦ႐ߢ߈ࠆߣ߁ ࠆࠃ߁ߦߩ⾰ޔᖡડᬺ߇ᄙᢙ႐ߔࠆߣ␠ޔળ⊛ ᘒ߽ᗐߢ߈ࠆޕᓟ⠪ߪ☨ޔ࿖ IT ࡃࡉ࡞ᦼߦ࠼ ߦᦸ߹ߒߊߥᘒߦ㒱ࠆน⢻ᕈ߇ࠆޕ ☨࿖ߢߪޔ ࠶࠻ࠦࡓડᬺߩ IPO ߇⋧ᰴߛߎߣࠍᗐߔࠇ߫ ߎߩࡔࠞ࠾࠭ࡓ߇2000 ᐕઍߩIT ࡃࡉ࡞ᦼߦ⊒↢ߒ ℂ⸃ߐࠇࠃ߁ޔ߽ߡߒߦࠇߕޕડᬺߩዻߔࠆᬺ⒳ 8'0674'4'8+'90Q5GRVGODGT ߦ㑐ߔࠆᖱႎ߇ਇචಽߢࠆ႐ว߿ᛩ⾗ኅ߇ᖱႎࠍ ߢࠅޔ೨⠪ߪ i ડᬺߩᐔဋ⊛ߥ⾰ࠍᝒ߃ޔᓟ⠪ߪ ᱜߒߊℂ⸃ߒߡߥ⁁ᴫߦ߅ߡߪޔᬺ⒳ߦࠃߞ ⾰ߩࡃ࠷ࠠᐲวࠍߔޕdžit ߪ i ߣ t ߦߟߡ⁛┙ ߡ႐ߩߒᤃߐߦᩰᏅ߇⊒↢ߔࠆߎߣߦߥࠆ␠ޕᱧ ߥᮡḰᱜⷙಽᏓߢࠆߣቯߔࠆޔࠅ߹ߟޕ 㧔1㧕ᑼ ߩᵻડᬺߦ㑐ߒߡ߽ޔᛩ⾗ኅ߇↪น⢻ߥᖱႎ߇ ߪޔ ડᬺߩ⾰ࠍߔᄌᢙ qualityit ߇ฦᤨὐߦ߅ߡޔ ዋߥߚߦޔᖱႎߩ㕖ኻ⒓ᕈ߇⊒↢ߒ߿ߔޕᖱ ᐔဋ ǍiޔᮡḰᏅ ǔi ߩ⁛┙ᱜⷙಽᏓߦᓥ߁ߎߣࠍ␜ ႎᩰᏅ߇㓚ኂߦߥߞߡࠆߥࠄ߫␠ޔᱧߩᵻડᬺ ߒߡ߅ࠅᧄޔⓂߢߪޔᛩ⾗ኅ߇ડᬺ i ߩ t ᤨὐߦ߅ ߢߪ⋧߇⾰ޔᒰ㜞ߊߥ㒢ࠅޔIPO ߔࠆߎߣߪߢ߈ ߌࠆ⾰߇㧔1㧕ᑼߦᓥߞߡಽᏓߒߡࠆߎߣࠍᛠី ߥߎߣߦߥࠆߣ੍ᗐߐࠇࠆޕ ߒߡࠆߣޔᗐቯߔࠆޕ એߩ⼏⺰ࠍ〯߹߃ߡ ╙ޔ3 ▵ߢߪޔਥߦએਅߩ ᰴߦޔIPO ડᬺߩ⾰߇ࠆ৻ቯߩ᳓Ḱએਅߦᖡൻ ⺑ࠍᬌ⸽ߔࠆߩࠄࠇߎޕ⺑߇ታߦࠄࠇࠆ ߒߡߒ߹߁⁁ᴫࠍᗐߒߡߺࠃ߁ౕޕ⊛ߦߪޔ 㧔1㧕 ႐วߦߪޔIPO Ꮢ႐ߦ߅ߡޔᖱႎߩ㕖ኻ⒓ᕈࠍේ ᑼߩᨒ⚵ߺߦ߅ߡޔડᬺߩ⾰㧔qualityit㧕߇ࠆ ࿃ߣߒߚ╬߆ߩޟ㗴ߣࠆߡߒ↢⊒߇ޠ⠨߃ࠄ ᦨૐ᳓Ḱ㧔q㧕ࠍਅ࿁ࠆ⏕₸߇ߤߩࠃ߁ߦߢ߈ ࠇࠆߎߣߦߥࠆޕ ࠆ߆ࠍ⠨߃ߡߺࠆߪ₸⏕ߩߎޔߣࠆߔޕ q Pi · § q Pi · § ¸ --(2) ¸ )¨ Pr¨¨ H it ¨ ¸ Vi ¹ V i ¸¹ © © y IPO ᤨᦼߦࠃߞߡޔડᬺߩ⾰ߦᩰᏅ߇ࠆ y ႐Ꮢ႐ߦࠃࠄߕޔડᬺߩ⾰ߦᩰᏅߪߥ y ᄢᚻ⸽ળ␠ߩ IPO ડᬺߩ⾰߇ߒߡࠆ ߣߥࠆ⚥ߪ )ޔߢߎߎޕⓍᮡḰᱜⷙಽᏓࠍ␜ߔޕ y ᬺ⒳ߦࠃߞߡ IPO ߩ㔍ᤃᐲߦᩰᏅ߇ࠆ 㧔2㧕ᑼߩ⏕₸㧔⾰߇৻ቯએਅ߹ߢᖡൻߔࠆ⏕₸㧕 y ⧯ડᬺߢߪ⾰߇㜞ߊߥߣ႐ߢ߈ߥ ߪߩ⾰ޔᐔဋ⊛ߥ᳓Ḱ㧔Ǎi㧕ߛߌߢߥߊࡃߩ⾰ޔ Pr qualityit q ࠷ࠠᐲว㧔ǔi㧕ࠍൊ᩺ߒߡࠆߣ߁ᗧߦ߅ߡޔ ⾰ߩ⸘᷹ᣇᴺ ࠬࠢ⺞ᢛᓟߩ⠨߃ᣇࠍขࠅࠇߚ߽ߩߦߥߞߡ ߎߩࠃ߁ߦޔડᬺߩ⾰ࠍᛮ߈ߦߒߡ IPO Ꮢ႐ࠍℂ ࠆޔߚ߹ޕᛩ⾗ኅ߇ޔડᬺߩ⾰߇㧔1㧕ᑼߦᓥߞߡ ⸃ߔࠆߎߣߪߢ߈ߥޔߕࠄࠊ߆߆߽ߦࠇߘޕડᬺ ಽᏓߒߡࠆߣ⠨߃ߡࠆߣᗐቯߔࠆߥࠄ߫ߩߎޔ ߩ⾰ࠍߤߩࠃ߁ߦ⸘᷹ߔߴ߈߆ߦߟߡߪޔቯ⺑߿ ಽᨆᚻᴺߪᦼޟᓙࠍޠขࠅㄟࠎߢࠆߎߣߦߥࠆޕ ቯ⍹߇ࠆࠊߌߢߪߥޕIPO ડᬺߩ⾰ߪޟቯᕈޠ ᧄⓂߢߪޔડᬺߩ⾰ࠍቯᕈߣᚑ㐳ᕈ߆ࠄ᷹ࠆߚ ߣޟᚑ㐳ᕈߩޠਔ㕙߆ࠄ⹏ଔߔࠆᔅⷐ߇ࠆߣߩ ߦޔqualityit ߣߒߡᄁ㜞༡ᬺ⋉₸ߣᄁ㜞ᚑ ㅢ⼂ߪࠆࠃ߁ߛ߇ 2)ޔ߽ߢࠇߘޔቯᕈߣᚑ㐳 㐳₸ߩ 2 ߟߩᄌᢙࠍណ↪ߒᦨߩ⾰ޔૐ᳓Ḱ㧔q㧕ࠍ ᕈߩߤߜࠄߦߤࠇߛߌߩ㊀߈ࠍ⟎ߊ߆ߪࠤࠬࡃࠗ 0%ߦ⸳ቯߔࠆޔߜࠊߥߔޕᄁ㜞༡ᬺ⋉₸߿ᄁ ࠤࠬߢ್ᢿߐࠇߡࠆߩ߇ታᘒߢࠆޔࠅ߹ߟޕ 㜞ᚑ㐳₸߇㜞߶ߤޔડᬺߩ⾰ߪ㜞ߣ⠨߃ߚ߁߃ IPO ડᬺߩ⾰ࠍ್ᢿߔࠆขᒁᚲ߿ᒁฃ⸽ળ␠߇ ߢޔPr㧔ᄁ㜞༡ᬺ⋉₸ it<0㧕ߣ Pr㧔ᄁ㜞ᚑ㐳 ᩺ઙᲤߦ✚ޟว⊛ߦ್ޠᢿߒߡࠆߩߢࠆޕ ₸ it<0㧕ߩ 2 ߟߩ⏕₸ࠍ⸘▚ߔࠆᦨޕૐ᳓Ḱࠍ 0% ᐘߥߎߣߦޔቯᕈߣᚑ㐳ᕈࠍ✚ว⊛ߦ್ᢿߔ ߦߔࠆߎߣߦࠃߞߡޔ೨⠪ߪ IPO ડᬺ߇⿒ሼࠍ⸘ ࠆߣ߁⠨߃ᣇߪޔવ⛔⊛ߥࡈࠔࠗ࠽ࡦࠬℂ⺰ߢ⸒ ߔࠆ⏕₸㧔એਅ⿒ޔሼ⏕₸㧕 ޔᓟ⠪ߪ IPO ડᬺ߇ᷫ ߁ߣߎࠈߩ⺞ࠢࠬޟᢛᓟߩᦼᓙ࠲ࡦ߁ߣޠ ߣߥࠆ⏕₸㧔એਅޔᷫ⏕₸㧕ߣߥࠆ⿒ޕሼ߆㤥 ⠨߃ᣇߦㅢߓࠆ߽ߩߢࠆޕૉߒޔ ⺞ࠢࠬޟᢛᓟᦼ ሼ߆ޔᷫ߆Ⴧ߆ߣ߁ߩߪޔડᬺ⚻༡⠪߿ᛩ⾗ ᓙ࠲ࡦ߁ߣޠ⠨߃ᣇࠍታߩ࠺࠲ߦㆡ↪ߔ ኅߩ㊀ⷐߥ㑐ᔃ㗄ߢࠈ߁ޕ ࠆ㓙ߦߪޔ ⺞ߦ߁ࠃߩߤࠍࠢࠬޟᢛߔࠆ߆ޠ ޔ ᦼޟᓙ ᛩ⾗ኅߩᦼᓙࠍขࠅࠇࠆߦߪ⋉߿ᄁߩ੍᷹ ࠍߤߩࠃ߁ߦ⸘᷹ߔࠆ߆ޠ ߣ߁ 2 ὐ߇㗴ߣߥࠆޕ ୯ࠍ↪ߔࠆߎߣ߇ᦸ߹ߒ߇࠲࠺ޔ⚂ߩߚ ᧄⓂߢߪ⺖ߩߎޔ㗴ߦኻߒߡᰴᑼߦ␜ߐࠇࠆ◲නߥ ߦޔએਅߢ▚ߔࠆ⿒ሼ⏕₸ߣᷫ⏕₸ߪᓟ⊛ߥ ࡕ࠺࡞ࠍ↪ߡኻಣߔࠆޔߕ߹ޕJiang and Wang ⽷ോ࠺࠲߆ࠄ⸘▚ߐࠇࠆޔࠅ߹ߟޕડᬺߩ⾰ (2008)ߦ୮ߞߡޔડᬺߩ⾰߇㧔1㧕ᑼߩ⏕₸ㆊ⒟ߦᓥ 㧔qualityit㧕߇ㆊߩ࠺࠲߆ࠄ▚ߐࠇࠆᐔဋ Ǎi ߁⏕₸ᄌᢙߢࠆߣ⠨߃ࠆޕ quality it P i V i H it --(1) qualityit ߪ i ડᬺߩ t ᤨὐߦ߅ߌࠆ⾰ࠍߔ⏕₸ᄌᢙ ߣᮡḰᏅ ǔi ߩߺߦࠃߞߡ߹ࠅޔIPO ડᬺߩ⾰ߪ ᧪ߦਗ਼ߞߡห৻ߩ⏕₸ಽᏓߦᓥ߁ߣߺߥߔߎߣߦ ߢࠆޕqualityit ߇ᄢ߈ߊߥࠆ߶ߤޔડᬺߩ⾰ߪ㜞 ߞ߆ߌߦᕆჇߔࠆડᬺ߽ࠈ߁ߚߒ߁ߎޕᕆᚑ㐳ડ ߊߥࠆߣ⠨߃ࠆޕǍi ߣ ǔi ߪᤨ㑆ࠍㅢߓߡ৻ቯ㧔ቯᢙ㧕 ᬺߩ⋉߿ᄁߦኻߔࠆᛩ⾗ኅߩᦼᓙߪડᬺ߇ᚑ㐳 ߥࠆޕIPO ડᬺߩਛߦߪޔ⋉߿ᄁ㜞߇႐ࠍ߈ 8'0674'4'8+'90Q5GRVGODGT ߔࠆߦߟࠇߡᄌൻߒߡߊ߽ߩߢࠆޕ ߒߚ߇ߞߡޔ ႐ߔࠆᤨᦼ߇⊒↢ߒߡࠆߣߔࠇ߫㧕 ޔ ␠ળ⊛ߦᦸ߹ ⸥ߩಽᨆᚻᴺߪޔ⋉߿ᄁߩ⏕₸ಽᏓ⥄߇ᄢ ߒߊߥᘒߦ❬߇ࠆᕟࠇ߇ߞߚޕㄭᐕߩࠊ߇࿖ ߈ߊᄌൻߔࠆࠃ߁ߥᕆᚑ㐳ડᬺࠍಽᨆߔࠆߦߪㇺว IPO Ꮢ႐߇⁁ߚߒ߁ߎޔᴫߦ㒱ߞߡࠆ߆ߤ߁߆ࠍ ߇ᖡ⿒ޕሼ⏕₸ߣᷫ⏕₸ߩߔࠆߎߩ㒢⇇ࠍ ⠨ኤߔࠆߎߣߪ㕖Ᏹߦ㊀ⷐߢࠆޔߢߎߘޕIPO ડ ߁ߚߦޔIPO ડᬺߩᚑ㐳ᦼᓙࠍᝒ߃ࠄࠇࠆᜰᮡࠍ ᬺ߇႐ߒߚᐕߦಽߌߡ႐೨ߩ⾰ᜰᮡࠍᲧセߔࠆޕ ૬↪ߔࠆᔅⷐ߇ࠆᧄޕⓂߢߪᰴᑼߦ␜ߐࠇߡࠆ ႐ᐕߩ⾰ᜰᮡ ޟ႐ᤨὐߩ PERࠍޠ↪ߔࠆޕ PER 㧩 ଔ ᩰ ÷ ႐ ⋥ ೨ ᦼ ߩ ᒰ ᦼ ⋉ 2000 ߥ߅߇ࠊޔ࿖ߢߪޔታᘒߣߒߡޔਥᐙ⸽ળ␠߇ IPO ડᬺߩߐ߹ߑ߹ߥࠬࠢࠍൊ᩺ߒߚ߁߃ߢ ଔᩰࠍቯߒߡࠆߩߎޕᗧߢߪޔPER ߽ࠬ ࠢ⺞ᢛᓟߩⷰὐ߆ࠄᚑߐࠇߚᜰᮡߣߺߥߔߎߣ߇ ߢ߈ࠆޕ એࠍ߹ߣࠆߣᧄޔⓂߢߪޔડᬺߩ⾰㧔qualityit㧕 ࠍ⿒ޔሼ⏕₸ޔᷫ⏕₸ޔPER ߩ 3 ߟߩᜰᮡߢᝒ߃ ࠄࠇࠆߣ⠨߃ ࠄࠇߎޔ3 ᜰᮡࠍߐ߹ߑ߹ߥⷺᐲ߆ࠄ 2001 2002 2003 2004 2005 2006 2007 2008 ోߡ ⿒ሼ⏕₸ N ਛᄩ୯ U 201 0.2% 167 1.0% 123 0.2% 120 0.1% 170 1.9% ** 153 2.9% 181 0.6% * 117 0.3% 48 0.0% * 1280 0.6% ᷫ⏕₸ N ਛᄩ୯ U 195 13.7% 162 13.7% 119 15.7% 117 13.6% 170 12.9% 150 11.5% 178 11.1% 116 8.3% 47 4.4% 1254 11.6% PER N ਛᄩ୯ U 203 20.0 169 13.6 ** 124 10.4 121 13.3 174 20.1 ** 158 22.1 187 23.0 121 14.7 ** 49 9.3 ** 1306 17.0 㧔ᵈ㧕ਛߩ*, **ߪޔᒰᐕߩ⾰ᜰᮡߣ೨ᐕߩ⾰ᜰᮡߩಽᏓߦ㑐ߔࠆᬌ ቯ㧔Mann-WhitneyߩUᬌቯ㧕ߦ߅ߡޔᏫή⺑㧔ห৻ಽᏓ㧕߇ߘࠇߙ ࠇ5%ၮḰޔ1%ၮḰߢ᫈ළߐࠇߚߎߣࠍ␜ߔޕNߪ᷹ⷰᢙޕ 㧔ᚲ㧕╩⠪ᚑ ಽᨆߔࠆߎߣࠍㅢߓߡ߇ࠊޔ࿖ߩ IPO Ꮢ႐ߩ․ᓽߣ 1 ߪޔ႐ᐕߦ 3 ߟߩ⾰ᜰᮡߩਛᄩ୯ࠍ▚ߒ ᓟߩࠅᣇࠍ⠨߃ߡߊޕ ߚ߽ߩߢࠆޕฦᐕߩ⾰ᜰᮡ߇೨ᐕߩ୯ߣᗧߦ⇣ ߥࠆ߆ࠍᬌቯߒߚ⚿ᨐ߽૬⸥ߒߡࠆࠆߺࠍࠇߎޕ ↪࠺࠲ ಽᨆኻ⽎ߪ2000 ᐕ㨪2008 ᐕߦ࿖ౝᏒ႐ߦᣂⷙ ႐ߒߚડᬺߩ߁ߜޔ ᔅⷐߥ࠺࠲߇↪น⢻ߥ 1308 ߣޔ2000 ᐕઍએ㒠ߩ IPO Ꮢ႐ߩേ߈ࠍ 3 ߟߩᤨᦼ ߦಽߢ߈ࠆ ╙ޕ1 ᦼߪ 2000 ᐕ㨪2003 ᐕߢࠆޕ ߎߩᦼ㑆ߪ⿒ሼ⏕₸߽ᷫ⏕₸߽߶߷ᮮ߫ߢផ⒖ ␠ߢࠆޕኻ⽎ߣߒߚᏒ႐ߪ ⸽᧲ޔ1 ㇱ2 ㇱޔᄢ ߒߡࠆ ╙ޕ2 ᦼߪ 2004 ᐕߣ 2005 ᐕߢࠅࠊޔ ⸽ 2 ㇱޔࠬࠢࡋޔ࠭ࠩࡑޔࠢ࠶࠳ࠬࡖࠫޔฬ ߇࿖ߦ߅ߡ IT ડᬺ߇ᵈ⋡ߐࠇߚᤨᦼߦᒰߔࠆޕ ⸽ࡦ࠻࠶ࠢࠬ ⸽ޔQ-Boardࡖࠪࡆࡦࠕ⸽ᧅޔ ߎߩᤨᦼߩ․ᓽߪޔᷫ⏕₸߇ߘࠇએ೨ߣหߓ᳓Ḱ ࠬߢࠆ⺑ޕߩଢቱᦨޔೋߩ 4 Ꮢ႐ࠍࠕ࠾ࠪޟ ߢផ⒖ߔࠆߥ߆ߢ⿒ޔሼ⏕₸ߣ PER ߇ߒߚὐ Ꮢ႐ޠ ޔᱷࠅߩ 5 Ꮢ႐ࠍࠕ࠾ࡘࠫޟᏒ႐ߣޠ⒓ߔ ߢࠆޕ2004 ᐕߩ⿒ሼ⏕₸ߣ PER ߪ೨ᐕߦᲧߴߡ ࠆޕฦ IPO ડᬺߦߟߡޔ ޟ႐೨ߩ⾰ޟߣޠ႐ 1%ၮḰߢᗧߦ㜞ߎߣ߇⏕ߢ߈ࠆߎߊࠄߘ߅ޕ ᓟߩ⾰⸘ࠍޠ᷹ߔࠆޔߜࠊߥߔޕ႐೨ 3 ᦼ߆ࠄ ߩ⽎ߪޔขᒁᚲ߿⸽ળ␠߇ᛩ⾗ኅߩ IPO ડᬺߦ ႐ᐕ߹ߢߩ 4 ߆ᐕߩ⽷ോ࠺࠲ࠍ↪ߒߡޔ႐೨ ኻߔࠆᚑ㐳ᦼᓙࠍ㊀ⷞߒޔቯᕈߦ㑐ߔࠆክᩏၮḰ ߩ⿒ሼ⏕₸ߣᷫ⏕₸ࠍ⸘᷹ߒޔ႐ᐕ߆ࠄ႐ᓟ ࠍታ⾰⊛ߦ✭ߒߚߎߣߦࠃࠆ߽ߩߢࠈ߁ޕ ߥ߅ޔ 3 ᐕᓟ߹ߢߩ⽷ോ࠺࠲߆ࠄޔ႐ᓟߩ⿒ሼ⏕₸ߣ ⿒ሼ⏕₸߇㗼⪺ߦ㜞ߎߣࠍ〯߹߃ࠆߣᦼᤨߩߎޔ ᷫ⏕₸ࠍ▚ߔࠆޔߒߛߚޕPER ߦߟߡߪޔ ߦߩ⾰ޔᖡડᬺ߇ᄙᢙ႐ߒߚน⢻ᕈ߇ࠆߣᕁ ႐ᤨὐߩ 1 ᤨὐߩߺࠍኻ⽎ߣߒߡࠆޔ߅ߥޕIPO ࠊࠇࠆ ╙ޕ3 ᦼߪ 2006 ᐕએ㒠ߩᤨᦼߢࠅߴߔޔ ߩ⻉᧦ઙ㧔႐ᤨᦼޔ႐Ꮢ႐ޔଔᩰ╬ޔ㧕ߪ ߡߩᜰᮡ߇ૐਅะߦォߓߚߣ߁․ᓽࠍᜬߟߎޕ ᧲੩ IPO ߩ࠺࠲ࡌࠬ߆ࠄޔฦ IPO ડᬺߩ⽷ോ ߩᤨᦼߪࠍࠢ࠶࡚ࠪࠕ࠼ࡉࠗޔᆎޔᣂ⥝Ꮢ႐ߦ ࠺࠲ߪ Quick ␠ߩ Astra Manager ߆ࠄߙࠇߘޔ ߅ߌࠆਇ߇␠ળ㗴ൻߒᆎߚዪ㕙ߦ╓วߔࠆޕ ࠇᚻߒߚ⽷ޕോ࠺࠲ߪㅪ⚿⽷ോ࠺࠲ࠍఝవ⊛ PER ߩૐਅߪޔᛩ⾗ኅߩ IPO ડᬺߦኻߔࠆᚑ㐳ᦼ ߦ↪ߒߡࠆޕ ᓙ߇⪭ߔࠆߥ߆ߢޔਥᐙ⸽ળ␠߇ଔᩰࠍ ⊛ߦቯߖߑࠆࠍ߃ߥߊߥߞߚߚߢࠈ߁ޕ ႐೨ߩ⾰ ઁᣇ⿒ޔሼ⏕₸ߣᷫ⏕₸߇ૐਅߒߡࠆ⢛᥊ߣߒ ߡࡖ࠴ࡦࡌޔડᬺߦኻߔࠆᛩ⾗ኅߩା㗬ᗵ߇Მ៊ ᤨᦼߩ․ᓽ ߔࠆߥ߆ߢޔขᒁᚲ߿⸽ળ␠߇ IPO ߩክᩏၮḰࠍ ೨▵ߢㅀߴߚㅢࠅޔIPO ડᬺߩ⾰߇ᤨ㑆ߣߦᄌ ో㕙⊛ߦ෩ᩰൻߐߖߚߎߣࠍᜰ៰ߢ߈ࠆߣᕁࠊࠇࠆޕ ൻߒߡࠆ႐วߦߪ㧔․ߦߩ⾰ޔᖡડᬺ߇ᄙᢙ ߥ߅ޔ2008 ᐕߩ⾰ᜰᮡߪߕࠇ߽ޔ2000 ᐕએ㒠 8'0674'4'8+'90Q5GRVGODGT ߩᦨૐ᳓Ḱߣߥߞߡࠆ ޕ2 ߪޔMann-Whitney ᬺߦ㒢ߞߡ႐ߐߖࠃ߁ߣߒߡ߈ߚᆫ߇⏕ߢ߈ࠆޕ ߩ U ᬌቯࠍ↪ߡޔ2008 ᐕߩ⾰ᜰᮡࠍ 2000 ᐕઍ ߥ߅ࠕ࠾ࡘࠫޔᏒ႐㑆ߢ⾰ᜰᮡߦ㆑߇ࠆ߆ߤ߁ ߩฦᐕߣᲧセߒߚ⚿ᨐߢࠆޕ 2008 ᐕߩ⾰ᜰᮡ߇ㆊ ߆ࠍ Mann-Whitney ߩ U ᬌቯࠍ↪ߡ⚵ߩߡోޔ ᢙᐕ㑆ߣᗧߦ⇣ߥࠆߎߣ߇⏕ߢ߈ࠆߎߩߎޕ ߺวࠊߖߦߟߡᬌቯߒߚߣߎࠈޔ5%ၮḰߢ㆑߇ ߣߪޔ2008 ᐕߩᤨὐߦ߅ߡߪޔㆊߦ႐ߒߚડ ⏕ߢ߈ߚߩߪ⿒ߩࠬࠢࡋߣ࠭ࠩࡑޔሼ⏕₸ ᬺߦᲧߴߡ㗼⪺ߦ㜞⾰ࠍߔࠆડᬺߢߥߌࠇ߫ ߣ PER ߩ 2 ࠤࠬߩߺߢߞߚ࠾ࡘࠫޔࠅ߹ߟޕ ႐ߢ߈ߥߊߥߞߡࠆߎߣࠍ␜ߒߡࠆ 3)ޕ ࠕᏒ႐㑆ߢߪޔIPO ડᬺߩ⾰ߦᩰᏅߪߥߩߢࠆޕ ᐕߩ⾰ᜰᮡ ߎ߁ߒߚ⾰ߩห⾰ൻ߇ޔᏒ႐ಽߩࠪࠣ࠽࡞ലᨐࠍ 2000 2001 2002 2003 2004 2005 2006 2007 ⿒ሼ⏕₸ * ** ** ** ** * ᷫ⏕₸ ** ** ** ** ** * * ᷫㅌߐߖߡࠆߣߔࠇ߫ޔ ᖱႎߩ㕖ኻ⒓ᕈࠍㅢߓߡޔ PER ** * ㅒㆬᛯ㗴╬߇⊒↢ߒߡࠆ߆߽ߒࠇߥޔ߅ߥޕ หߓࠃ߁ߥዻᕈߩડᬺࠍ࠲ࠥ࠶࠻ߦߔࠆᏒ႐߇ⶄ ** ** ** ** ** 㧔ᵈ㧕ߪޔ2008ᐕߩ⾰ᜰᮡߣฦᐕߩ⾰ᜰᮡߣߩ 㑆ߩᏅߩᬌቯ⚿ᨐ㧔Mann-WhitneyߩUᬌቯ㧕ࠍ ␜ߔ*ޕ, **ߪߘࠇߙࠇޔ5%ၮḰޔ1%ၮḰߢޔᏫ ή⺑㧔Ꮕߪߥ㧕߇᫈ළߐࠇߚߎߣࠍ␜ߔޕ 㧔ᚲ㧕╩⠪ᚑ ᢙሽߔࠆ⁁ᴫߦ߅ߡߪޔIPO ડᬺߩ⾰ࠍᒁ߈ਅ ߍࠆࠃ߁ߥ┹߇⊒↢ߔࠆน⢻߽ࠆ (Chemmanur, et al., 2008)ߩߎޕ⒳ߩ┹วⴕേ߇⊒ ↢ߔࠆߣߩ⾰ޔૐડᬺ߇ᄙᢙ႐ߒ⚿ߩߘޔᨐޔ ᣂ⥝Ꮢ႐ోߩା㗬ᕈ߇Მ៊ߐࠇࠆน⢻ᕈ߽ࠆޕ ᦨᓟߦ⿒ޔሼ⏕₸ߪ㜞߇ᷫ⏕₸߇ૐડᬺࠍ ႐ߐߖߡࠆᏒ႐߇ᒰߚࠄߥὐ߽㊀ⷐߢࠆޕ Ꮢ႐ߩ․ᓽ ᓟㅀߩㅢࠅޔ႐ᓟߦᕆᚑ㐳ߔࠆડᬺߦㅢߔࠆ․ Ꮢ႐ಽ߇⏕ߦߥߞߡࠇ߫ࠆߥ⇣ޔᏒ႐ߦ ᓽߣߒߡޔ ⿒ޟሼ⏕₸߇㜞ߊᷫ⏕₸߇ૐߎߣ߇ޠ ႐ߔࠆડᬺߩ⾰ߦߪᏅ߇⏕ߐࠇࠆߪߕߢࠆޕ ⏕ߐࠇࠆޕߦޔขᒁᚲ߿⸽ળ␠߇ߚߒ߁ߎޔ 3 ߪ⾰ޔᜰᮡࠍ႐Ꮢ႐ߦᲧセߒߚ߽ߩߢࠆޕ ዻᕈࠍᜬߟડᬺࠍㆊߏߒߡࠆߣߔࠇ߫ޔᕆᚑ㐳 ฦࠪ࠾ࠕᏒ႐ࠍࠫࡘ࠾ࠕᏒ႐ߣᲧセߔࠆߣࠕ࠾ࠪޔ ડᬺࠍヘߔࠆߣ߁ᣂ⥝Ꮢ႐ߩߦᾖࠄߒߡޔ Ꮢ႐ߩ⿒ሼ⏕₸߇⋧ኻ⊛ߦૐߊޔᷫ⏕₸ߪห᳓Ḱ ᱷᔨߥߎߣߣ⸒ࠊߑࠆࠍ߃ߥޕ ߆߿߿㜞᳓Ḱߢࠆߎߣ߇ࠊ߆ࠆ࠾ࠪޔߪࠇߎޕ ႐Ꮢ႐ߩ⾰ᜰᮡ ࠕᏒ႐߇ᚑᾫડᬺ — ⋉ၮ⋚߇ᣢߦ⏕┙ߐࠇޔห ᤨߦⷙޔᮨᄢߩ߇㒢ࠄࠇߡࠆડᬺ — ࠍਛ ᧲⸽1 ᧲⸽2 ᄢ⸽2 ࠫࡖࠬ࠳࠶ࠢ ࡑࠩ࠭ ࡋࠢࠬ ࡦ࠻࠶ࠢࠬ ጟQ-Board ᧅᏻࠕࡦࡆࠪࡖࠬ ᔃߦ႐ߐߖߡࠆߎߣࠍᤋߒߚ߽ߩߢࠈ߁ޕ ߹ߚࠕ࠾ࠪޔᏒ႐ߣࠫࡘ࠾ࠕᏒ႐ߢᏒ႐ಽ߇⏕ ߦಽ߆ࠇߡࠆࠫޔ߅ߥޕ߁ࠃ߈ߢ߽ߣߎ߁ߣޔ ࡖࠬ࠳࠶ࠢᏒ႐ߪࡑࠩ࠭߿ࡋࠢࠬ╬ߣߣ߽ߦ ࡌࡦ࠴ࡖડᬺะߌߩᏒ႐ߢࠆߣ⼂ߐࠇߡࠆ ⸽ Q-Board ࠍ㒰ߊࠫࡘ࠾ࠕᏒ႐ߦㅢߒߚ․ ᓽ߇⏕ߢ߈ࠆౕޕ⊛ߦߪޔ 㧔1㧕⿒ሼ⏕₸߇㗼⪺ ᷫ⏕₸ N ਛᄩ୯ 42 17.30% 107 15.72% 28 9.98% 577 11.16% 227 9.92% 204 11.82% 35 12.02% 10 9.16% 13 11.45% PER N ਛᄩ୯ 57 20.6 109 12.9 28 10.1 584 14.4 239 38.2 220 21.4 35 19.0 10 21.7 13 21.9 㧔ᚲ㧕╩⠪ᚑ ߇ߩߢߎߎޔಽᨆ⚿ᨐߪߥ⇣ߣ⼂ߥ⊛⥸৻ߩߎޔ ࠆශ⽎ࠍਈ߃ࠆ߽ߩߢࠆޕ ⿒ሼ⏕₸ N ਛᄩ୯ 45 0.01% 107 0.00% 28 0.06% 580 0.10% 237 8.38% 214 5.70% 35 4.02% 10 2.25% 13 18.90% ᬺ⒳ ᬺ⒳ߦࠃߞߡ႐ߩߒᤃߐߦᩰᏅ߇ࠆ႐วߦߪޔ ߦ㜞ޔ 㧔2㧕ࡑࠩ࠭ࠍ㒰ߌ߫ޔPER ߪ᧲⸽ 1 ㇱ ᖱႎߩ㕖ኻ⒓ᕈ߇ ᔨߐࠇࠆߎߣߦߥࠆߢߎߘޕᬺ ߣᄢᏅߥ᳓Ḱߢࠆ․߁ߣޔᓽߢࠆ⚿ߩߎޕ ⒳ߩ․ᓽࠍᐞߟ߆⏕ߒߡ߅ߎ߁ޕᐕ㑆ߚࠅߩ ᨐߪߩࠄࠇߎޔᏒ႐߇ IPO ડᬺࠍㆬߔࠆ㓙ߦޔᚑ ᣂⷙᩣᑼ㐿ઙᢙ߇ᐔဋ㧝ઙએࠆᬺ⇇ߦߟߡޔ 㐳ᕈߩ㜞ߐࠍ㊀ⷞߔࠆߚߦ⿒ሼߦߥࠆࠬࠢࠍ⸵ 3 ߟߩ⾰ᜰᮡࠍᬺ⒳㧔17 ᬺ⒳㧕ߦಽ㘃ߒߚߩ߇ ኈߒߡ߈ߚߣ߁ࠃࠅ߽ࠕ࠾ࠪޔᏒ႐ߢߪ⿒ሼ⏕₸ 4 ߢࠆࠆߔ৻ޕ㒢ࠅ⾰ޔᜰᮡߪᬺ⒳ߢ߆ߥࠅ⇣ ߇㜞ߔ߉ߡฃߌࠇࠄࠇߥ߆ߞߚડᬺࠍ႐ߐߖߡ ߥߞߡࠆࠃ߁ߦ┍߃ࠆߩߎޕὐࠍ෩ኒߦ⏕ߒߡ ߈ߚߎߣࠍ␜ߔ߽ߩߢࠈ߁ઁޕᣇ ⸽ޔQ-Board ߅ߊ ޕ5 ߪޔᬺ⒳㑆ߩᩰᏅߦ㑐ߔࠆᬌቯ⚿ᨐߢ ߦߟߡߪ⿒ޔሼߦߥࠆ߽ࠬࠢᄁᄢ߇㊰ൻߔ ࠆޕ17 ᬺ⒳߆ࠄޔ2 ߟߩᬺ⒳ߩ⚵ߺวࠊߖࠍోߡ⠨ ࠆ߽ࠬࠢૐߣ߁ޔᭂߡᦸߥࡌࡦ࠴ࡖડ ߃⾰ޔᜰᮡߩಽᏓߦ㑐ߔࠆᬌቯࠍⴕߞߚޕਛߩᢙ 8'0674'4'8+'90Q5GRVGODGT ୯ߪޔฦᬺ⒳ߩ⾰ᜰᮡߦ㑐ߒߡޔᐞߟߩᬺ⒳ߣߩ㑆 ߢᗧߦ⇣ߥࠆ⚿ᨐ߇ᓧࠄࠇߚ߆ࠍ␜ߒߡࠆޕ ᑪ⸳ᬺ 㘩ᢱຠ ㊄ዻຠ ᯏ᪾ 㔚᳇ᯏེ ♖ኒᯏེ ߘߩઁຠ ਇേ↥ᬺ ୖᐶㆇャ㑐ㅪᬺ ᖱႎㅢାᬺ ࠨࡆࠬᬺ ൻቇ ක⮎ຠ ᄁᬺ ዊᄁᬺ ⸽ຠవ‛ᬺ ߘߩઁ㊄Ⲣᬺ ᷫ⏕₸ N ਛᄩ୯ 22 27.08% 22 15.66% 13 17.58% 45 22.01% 69 16.78% 17 12.99% 35 28.43% 97 9.71% 11 6.65% 157 12.26% 372 9.84% 29 16.10% 7 26.80% 115 13.49% 172 4.20% 7 27.25% 17 17.81% PER N ਛᄩ୯ 23 11.0 22 15.9 13 14.3 45 16.6 71 22.5 17 14.2 35 18.5 99 12.2 11 13.9 157 28.7 390 20.8 29 13.7 10 36.7 116 14.6 172 14.2 21 16.9 18 20.1 㧔ᚲ㧕╩⠪ᚑ ⾰ᜰᮡߩᬺ⒳㑆ᩰᏅ PER ⿒ሼ⏕₸ ᷫ⏕₸ 㧔ਛᄩ୯㧕 㧔ਛᄩ୯㧕 㧔ਛᄩ୯㧕 4 10 6 ᑪ⸳ᬺ 0 3 3 㘩ᢱຠ 2 1 3 ㊄ዻຠ 4 4 4 ᯏ᪾ 8 4 8 㔚᳇ᯏེ 0 3 1 ♖ኒᯏེ 3 8 3 ߘߩઁຠ 4 4 7 ਇേ↥ᬺ 4 1 3 ୖᐶㆇャ㑐ㅪᬺ 11 5 12 ᖱႎㅢାᬺ 10 8 7 ࠨࡆࠬᬺ 4 3 1 ൻቇ 14 3 0 ක⮎ຠ 4 4 3 ᄁᬺ 4 13 5 ዊᄁᬺ 1 2 0 ⸽ຠవ‛ᬺ 1 0 2 ߘߩઁ㊄Ⲣᬺ 4.6 4.5 4.0 ᐔဋ 㧔ᵈ㧕ਛߩ୯ߪޔᒰᬺ⒳ߩ⾰ᜰᮡࠍઁߩᬺ⒳ߩ⾰ᜰᮡߣ Ꮕߩᬌቯ㧔Mann-WhitneyߩUᬌቯ㧕ࠍⴕߞߚ⚿ᨐޔᏫή ⺑㧔Ꮕߪߥ㧕߇᫈ළ㧔5%ၮḰ㧕ߐࠇߚᬺ⒳ߩᢙࠍ␜ߔޕ ߃߫ޔAᬺ⒳ߩ⿒ሼ⏕₸ߩ୯߇10ߢߞߚߣߔࠇ߫ޔAᬺ ⒳ߩ⿒ሼ⏕₸ߪޔAᬺ⒳એᄖߩ10ߩᬺ⒳ߩ⿒ሼ⏕₸ߣᗧߦ ⇣ߥࠆ᳓Ḱߢࠆߎߣࠍᗧߔࠆޕ 㧔ᚲ㧕╩⠪ᚑ ᰴߦޔᬺ⒳ߦࠃߞߡ႐ߩߒ߿ߔߐߦ㆑߇ࠆ ߆ࠍⷞⷡ⊛ߦ⏕ߔࠆޕ࿑ 1 ߪ⿒ޔሼ⏕₸ߩ᳓Ḱߣ ᬺ⒳ߩ⾰ᜰᮡ ⿒ሼ⏕₸ N ਛᄩ୯ 22 0.04% 22 0.12% 13 0.05% 45 0.08% 71 1.41% 17 2.73% 35 0.56% 99 0.05% 11 0.00% 157 5.12% 389 1.69% 29 0.00% 9 73.29% 116 0.20% 172 0.09% 8 0.23% 18 2.37% ߡ߽႐ၮḰߦḩߚߥߎߣ߇৻࿃ߢࠈ߁ޕ ႐ઙᢙߩ㑐ଥࠍߚ߽ߩߢࠆޕᮮゲߦ⿒ሼ⏕₸ ࠍߣࠅ❑ޔゲߦ႐ઙᢙࠍタߖߡࠆߩߎޕᢔᏓ࿑ ߆ࠄ߇⾰ޔห᳓Ḱߢߞߡ߽ޔ႐ઙᢙ߇ᄙᬺ⒳ ߽ࠇ߫ޔዋߥᬺ⒳߽ࠆߎߣ߇ࠊ߆ࠆ 4)ޕහߜޔ ৻ㇱߩㅧᬺ㧔㕖㋕㊄ዻޔൻቇޔ㘩ᢱຠ╬ޔ㧕߿ୖ ᐶㆇャᬺ╬ߢߪߩ⾰ޔഀߦ႐ઙᢙ߇⋡┙ߞߡዋ ߥޕኻߦޔᖱႎㅢାᬺ߿ࠨࡆࠬᬺߩ႐ઙᢙ ߪ߇⾰ޔห᳓Ḱߩઁᬺ⒳ߦᲧߴߡޔ㗼⪺ߦᄙߎޕ ࠇࠄߩ⚿ᨐߪޔᬺ⒳ߦࠃߞߡ႐ߩߒᤃߐ߇⇣ߥߞ ߡࠆߎߣࠍ␜ໂߔࠆ߽ߩߢࠆޕ ࿑ ⿒ሼ⏕₸ߣ႐ઙᢙ 450 400 䉰䊷䊎䉴 350 300 250 200 ዊᄁ 150 ᖱႎ䊶ㅢା ᄁᬺ 100 ਇേ↥ 㔚᳇ᯏེ ᯏ᪾ 50 㘩ᢱຠઁ㊄Ⲣ ୖᐶㆇャ ൻቇ ♖ኒᯏེ 0 㕖㋕㊄ዻ 0.0% 10.0% 20.0% 30.0% ක⮎ຠ 40.0% 50.0% 60.0% 㧔ᚲ㧕╩⠪ᚑ ᖱႎㅢାࠨࡆࠬᬺߩ․ᓽ 2000 2001 2002 2003 2004 2005 2006 2007 2008 4.7% 7.3% 0.3% 1.8% 4.1% 8.8% 1.4% 1.5% 0.1% 0.0% 0.3% 0.0% 0.0% 1.3% 0.7% 0.3% 0.1% 0.0% ** ** * ** ** * ᖱㅢ䉰 10.4% 12.3% 15.7% 11.0% 9.1% 13.6% 10.0% 10.9% 2.2% ᷫ⏕₸ ઁᬺ⒳ 15.4% 14.6% 17.4% 19.8% 16.3% 11.0% 13.5% 7.1% 6.7% 䋨ਛᄩ୯䋩 * * 16.3 12.3 16.1 23.8 39.4 32.4 19.6 13.6 ᖱㅢ䉰 40.4 㪧㪜㪩 12.2 8.2 11.9 18.8 15.5 19.0 13.2 7.2 ઁᬺ⒳ 16.5 䋨ਛᄩ୯䋩 ** ** * ** ** ** ** ᖱㅢ䉰 ⿒ሼ⏕₸ ઁᬺ⒳ 䋨ਛᄩ୯䋩 㧔ᵈ㧕ߪ⾰ޔᜰᮡߩਛᄩ୯ߢࠆ*ޕ, **ߪޔᖱႎㅢାᬺߣࠨࡆࠬᬺߦዻߔࠆડᬺߩ⾰ ᜰᮡߣߘࠇએᄖߩᬺ⒳ߦዻߔࠆડᬺߩ⾰ᜰᮡߦ㑐ߔࠆᏅߩᬌቯ⚿ᨐ㧔Mann-WhitneyߩU ᬌቯ㧕ߢࠅࠇߙࠇߘޔ5%ၮḰޔ1%ၮḰߢޔᏫή⺑㧔Ꮕߪߥ㧕߇᫈ළߐࠇߚߎߣࠍ ␜ߔޕᬌቯߪޔᐕᲤߦⴕߞߡࠆޕ 㧔ᚲ㧕╩⠪ᚑ ᖱႎㅢାᬺߣࠨࡆࠬᬺߦߟߡߪޔ 2005 ᐕ೨ᓟ ᖱႎㅢାࠬࡆࠨޔᬺޔ㔚᳇ᯏེޔᑪ⸳ᬺޔዊᄁ ߦ IT ࡉࡓߣ⒓ߐࠇࠆᩣᑼᏒ႐ߩᾲ⁅⊛ߥ⁁ᴫ߇ ᬺޔක⮎ຠߩ⾰ᜰᮡ߇ޔᄙߊߩᬺ⒳ߣᗧߦ⇣ߥߞ ⊒↢ߒߡߚߎߣࠍ〯߹߃ࠆߣߩ⾰ߦᦼᤨߩߎޔᖡ ߡࠆߎߣ߇⏕ߢ߈ࠆߩࠄࠇߎޕᬺ⒳ߦ߅ߌࠆ⾰ ડᬺ߇ᄙᢙ႐ߒߡߚน⢻ᕈ߇ࠆߩߎޕὐࠍ ߩ᳓Ḱߪޔ ઁߩᬺ⒳ߣ㗼⪺ߦ⇣ߥߞߡࠆߩߢࠆޕ 6 ߢ⏕ߒࠃ߁ ޕ6 ߪ ࠄࠇߎޔ2 ᬺ⒳ߣߘࠇએ ߣࠅࠊߌක⮎ຠߪᵈ⋡ߦ୯ߔࠆޕක⮎ຠߪޔPER ߽ ᄖߩᬺ⒳ߩ⾰ᜰᮡߩផ⒖ࠍ␜ߒߡࠆޕᖱႎㅢାᬺ Ყセ⊛㜞߇⿒ޔሼ⏕₸߇ᗧߦ㜞ߣ߁․ᓽࠍ ߣࠨࡆࠬᬺߩ․ᓽߣߒߡޔᷫ⏕₸ߪઁߩᬺ⒳ߣ ᜬߟޔߪࠇߎޕೋᦼᛩ⾗߇ߺޔᬺߩೋᦼᲑ㓏ߩ ห᳓Ḱߢࠆ߇⿒ޔሼ⏕₸ߣ PER ߇৻ޔㇱߩᐕࠍ ⋉ߪਇቯߢࠆ߇ޔᚑഞߒߚ႐วߩᚑ㐳ജߪ 㒰ߡߩઁߩߘޔᬺ⒳ߦᲧߴߡᗧߦ㜞ߎߣ߇⏕ 㜞ߣ߁ක⮎ຠᬺߦ․ߩࠠࡖ࠶ࠪࡘࡈࡠࠍ ߢ߈ࠆ⿒ޕሼ⏕₸ߣ PER ߇ߦ㜞ߣ߁⽎ ᤋߒߚ߽ߩߢࠆ․ߚߒ߁ߎޕᓽࠍᜬߟක⮎ຠߩ ߪ 2 ㅢࠅߦ⸃㉼ߢ߈ࠆ⿒ޔߪߟ৻ޕሼ⏕₸ߩ㜞ߐࠍ ႐ઙᢙ߇߆ᐕ㑆 1 ઙ⒟ᐲߦߣߤ߹ߞߡࠆߎޕ ߞߡࠅࠆ߶ߤߩᚑ㐳ᦼᓙ߇ᛴ߆ࠇߡߚߣޔ ߩℂ↱ߪ߅ߘࠄߊޔ ߎߩࠃ߁ߥ․ᱶߥᬺ⒳ߦኻߒߡޔ ߁┙႐ߢࠆޔߪ⸃ߩߎޕᭉⷰ⊛ߥᛩ⾗ኅ߇㕖 ઁߩᬺ⒳ߣห৻ߩၮḰߢ⾰ߩ್ᢿࠍⴕ߁ߣߒ߁ߤޔ วℂ⊛ߥᛩ⾗್ᢿࠍਅߒߚߣ߁⸃㉼ߣⵣ৻ߣ 8'0674'4'8+'90Q5GRVGODGT ߽߃ࠆઁޕᣇߪ⿒ޔሼ⏕₸ߩ㜞ߐࠍ߁߶ߤߩᚑ ᦨૐߣߥߞߡࠆޕ ߎࠇߪޔ ⿷⸵ᢙᐕ㑆ߦ߅ߡޔ 㐳ᦼᓙ߇ߥߦ߽߆߆ࠊࠄߕޔขᒁᚲ߿⸽ળ␠╬ IPO Ꮢ႐ߦ߅ߌࠆᖱႎߩ㕖ኻ⒓ᕈ߇ᷓೞൻߒߡ߈ ߩᗧะߦࠃߞߡ႐߇ታߒߚߣ߁น⢻ᕈߢࠆޕ ߚߎߣࠍ␜ໂߔࠆ߽ߩߢࠆޔ߅ߥޕ2008 ᐕߦ߅ߌ 3.6 ߢ␜ߔㅢࠅޔ೨⠪ߩ⸃㉼߇ജߣ⠨߃ࠄࠇࠆޕ ࠆ 3 ᄢ⸽ળ␠એᄖߩ⾰ᜰᮡ߽ 3 ᄢ⸽ળ␠ߣห᳓ Ḱߦ߹ߢૐਅߒߡࠆޔߪࠇߎޕਛၷ⸽ળ␠߇⾰ ਥᐙ⸽ળ␠ ߩ㜞ડᬺߛߌࠍ႐ߐߖࠆࠃ߁ߦⴕߩߘޔേ᭽ᑼ ᄢᚻ⸽ળ␠ߩᒁ߈ฃߌߚ IPO ડᬺߩ⾰߇㜞 ࠍォ឵ߐߖߚߎߣࠍ␜ໂߔࠆ߽ߩߢࠆ߁ࠃߩߎޕ ߶ߤޔIPO Ꮢ႐ߦ߅ߌࠆᖱႎߩ㕖ኻ⒓ᕈ߇ᷓೞߢ ߦߺࠆߣ⸽ޔળ␠ߪ IPO ߩਥᐙ₪ᓧࡆࠫࡀࠬߦ ࠆน⢻ᕈ߇ߞߚ⸽ޔߚ߹ޕળ␠ߦࠃߞߡ⋡߈ ߅ߡߩࠄ⥄ޔฬჿࠬࠢߣਥᐙ₪ᓧ߆ࠄᓧࠄࠇ ⢻ജߦ㆑߇ࠆߩ߆ߤ߁߆߽⥝ޔᷓ⺰ὐߢ ࠆ⋉ࠍᲧセ⠨ᘦߒߥ߇ࠄⴕേߒߡࠆߩߢࠈ߁ޕ ࠆ ޕ7 ߪޔਥᐙ⸽ળ␠ࠍ 3 ᄢ⸽ળ␠㧔㊁ ⸽ޔᄢ⸽ޔᣣ⥝⸽㧕ߣߘࠇએᄖߦಽ㘃ߒޔ ␠ᱧ ⾰ᜰᮡߩផ⒖ࠍ␜ߒߡࠆޕ ᦨᓟߦޔડᬺᐕ㦂ߣ⾰ߩ㑐ଥࠍ⏕ߒߡ߅ߎ߁ޕ ⸽ળ␠ߩ⾰ᜰᮡ 㪊ᄢ⸽ ⿒ሼ⏕₸ 䈠䉏એᄖ 䋨ਛᄩ୯䋩 㪊ᄢ⸽ ᷫ⏕₸ 䈠䉏એᄖ 䋨ਛᄩ୯䋩 㪊ᄢ⸽ 㪧㪜㪩 䈠䉏એᄖ 䋨ਛᄩ୯䋩 2000 0.1% 1.1% ⧯ડᬺߦ㑐ߔࠆᖱႎߩ㕖ኻ⒓ᕈ߇ᷓೞߢࠆ႐ว 2003 2004 2005 2006 2007 0.0% 0.8% 2.7% 0.5% 0.0% 0.5% 4.3% 2.9% 1.7% 1.2% * * * 13.7% 16.8% 17.6% 13.0% 11.7% 13.8% 11.2% 6.0% 13.5% 9.3% 13.5% 14.6% 13.5% 11.2% 10.8% 11.3% 19.1 23.2 2001 0.7% 2.6% 15.0 12.2 2002 0.1% 0.2% 10.1 10.9 11.3 16.2 19.0 22.3 21.4 22.8 21.9 24.6 14.3 14.8 ߦߪ␠ޔᱧߩᵻડᬺߪ߇⾰ޔ㜞ߊߥߣ႐ߢ߈ 2008 0.0% 0.0% ߥߪߕߢࠆޕ 2.7% 5.6% ␠ᱧߩ⾰ᜰᮡ 8.4 10.4 㧔ᵈ㧕ߪ⾰ޔᜰᮡߩਛᄩ୯ߢࠆޔߪ*ޕ3ᄢ⸽ળ␠߇ਥᐙࠍോߚડᬺߩ⾰ᜰᮡߣ3ᄢ ⸽ળ␠એᄖ߇ਥᐙࠍോߚડᬺߩ⾰ᜰᮡߩಽᏓߦ㑐ߔࠆᬌቯ⚿ᨐ㧔Mann-WhitneyߩU ᬌቯ㧕ߢࠅޔࠇߙࠇߘޔ5%ၮḰߢޔᏫή⺑㧔ห৻ಽᏓ㧕߇᫈ළߐࠇߚߎߣࠍ␜ߔޕᬌቯ ߪޔᐕᲤߦⴕߞߡࠆޕ 㧔ᚲ㧕╩⠪ᚑ ߎࠇࠍߺࠆߣޔᷫ⏕₸߿ PER ߦߪ⋡┙ߞߚ㆑ ߪ⏕ߐࠇߥ߇ޔ2003 ᐕޔ2004 ᐕޔ2007 ᐕߩ 3 ߆ᐕߦߟߡߪޔ3 ᄢ⸽ળ␠ߩ⿒ሼ⏕₸ߩᣇ߇ ૐ᳓Ḱߢߞߚߎߣ߇ࠊ߆ࠆߦᦼᤨߩߎޔࠅ߹ߟޕ ߪޔᄢᚻ⸽ળ␠ߪߘߩઁߩ⸽ળ␠ߦᲧߴߡ⾰ޔ ߩ㜞ડᬺࠍㆬߒࠃ߁ߣߒߡߚߣ⠨߃ࠄࠇࠆޕ ᄢᚻ⸽ળ␠߶ߤฬჿࠬࠢࠍ᳇ߦ߆ߌߡߚߎߣ ࠍ␜ໂߔࠆ߽ߩߢࠆޕㅒߦ⸒߃߫ޔᄢᚻએᄖߩ⸽ ળ␠ߪᄢᚻ⸽ળ␠߇ขࠅᛒࠊߥࠃ߁ߥ⾰ߩૐ ડᬺࠍ࠲ࠥ࠶࠻ߣߒߡޔIPO ᬺോߦขࠅ⚵ࠎߢ 0-1000 1000-2000 2000-3000 3000-4000 4000-5000 5000-6000 6000-7000 7000-8000 8000-10000 10000-12000 12000-14000 14000-16000 16000-18000 18000-20000 20000-22000 22000- 㧔ᵈ㧕ߪޔ႐ᤨὐߦ߅ߌࠆഃᬺ᧪⚻ㆊᣣᢙߩ⾰ᜰᮡߩਛᄩ୯ ߮ᒰߔࠆડᬺᢙࠍ␜ߔޕ 㧔ᚲ㧕╩⠪ᚑ ഃᬺ⠪ߩᐕ㦂ߩ⾰ᜰᮡ ߚߩߢࠈ߁ޕ ⸽ળ␠ߩⷙᮨߦࠃࠆ㆑߇ 2005 ᐕߦᶖṌߒߡ ࠆὐ߽ᵈ⋡ߐࠇࠆޕ3 ᄢ⸽ળ␠ߩ 2005 ᐕߩ⿒ ሼ⏕₸ߪ೨ᐕ߆ࠄᕆߒࠄࠇߎޔᄢᚻ⸽ળ␠ߦ ߣߞߡߺࠇ߫ᣢᓔࡇࠢߩ᳓Ḱߦ㆐ߒߡߚޕ ߹ߚޔ ߎߩᤨᦼߩ PER ߽㜞᳓Ḱߦߞߚ⿒ߩߎޕሼ⏕ PER ⿒ሼ⏕₸ ᷫ⏕₸ ᷹ⷰᢙ ਛᄩ୯ ᷹ⷰᢙ ਛᄩ୯ ᷹ⷰᢙ ਛᄩ୯ 48 0.86% 29 10.35% 51 26.8 149 13.94% 145 11.02% 156 21.6 153 8.18% 153 8.69% 154 30.5 116 5.49% 116 9.53% 116 21.8 80 3.37% 80 6.66% 80 16.7 74 0.26% 73 14.21% 74 18.9 80 0.20% 80 13.41% 80 16.8 71 0.10% 70 8.17% 71 16.8 124 0.08% 124 14.33% 124 16.4 94 0.01% 93 13.04% 94 12.0 87 0.00% 87 14.20% 87 15.6 63 0.05% 63 19.81% 63 13.2 40 0.04% 40 18.99% 42 14.2 43 0.02% 43 32.13% 47 9.8 28 0.01% 28 14.77% 30 14.4 28 0.00% 28 16.93% 35 12.3 20ᱦ-30ᱦ 30ᱦ-40ᱦ 40ᱦ-50ᱦ 50ᱦ-60ᱦ 60ᱦ-70ᱦ 70ᱦ-80ᱦ PER ⿒ሼ⏕₸ ᷫ⏕₸ ᷹ⷰᢙ ਛᄩ୯ ᷹ⷰᢙ ਛᄩ୯ ᷹ⷰᢙ ਛᄩ୯ 13 46.67% 12 9.41% 13 74.2 172 5.20% 166 9.71% 175 29.3 349 3.20% 340 8.84% 357 21.3 412 0.25% 406 13.65% 416 15.9 286 0.01% 282 16.55% 296 13.6 47 0.02% 47 20.99% 48 15.0 㧔ᵈ㧕ߪޔ႐ᤨὐߦ߅ߌࠆ␠㐳ߩᐕ㦂ߩ⾰ᜰᮡߩਛᄩ୯ޕ 㧔ᚲ㧕╩⠪ᚑ ₸ߣ PER ߩേะߪޔ3 ᄢ⸽ળ␠߇ 2005 ᐕߦ႐ 8 ߪޔഃᬺ᧪ߩ⚻ㆊᐕᢙߦ⾰ࠍ␜ߒߚ߽ߩߢ ክᩏߩၮḰࠍ✭ߐߖߩ⾰ޔૐડᬺߢߞߡ߽Ⓧ ࠆ⿒ޕሼ⏕₸ߪ␠ᱧߣㅒ⋧㑐ߒޔᷫ⏕₸ߪᱜ⋧ ᭂ⊛ߦ႐ߐߖࠆࠃ߁ߦߥߞߚߎߣࠍ␜ໂߔࠆ߽ߩ 㑐ߔࠆะߦࠆઁޕᣇޔPER ߪ⧯ડᬺ߶ߤ㜞ߊ ߢࠆߩߎޕ⢛᥊ߣߒߡߪޔᒰᤨޔIT ડᬺࠍਛᔃߦ ߥߞߡࠆ ޕ9 ߪ␠ޔ㐳ߩᐕ㦂ߣડᬺߩ⾰ߩ㑐ଥ IPO ߇ࡉࡓൻߔࠆਛߢޔ3 ᄢ⸽ળ␠߇ฬჿࠬ ࠍ␜ߒߡࠆ␠ޕ㐳ߩᐕ㦂߇㜞߶ߤ⾰ޔᜰᮡ߇ᡷ ࠢࠍ᳇ߦߖߕߦޔⓍᭂ⊛ߦ IPO ᩺ઙࠍᒁ߈ฃߌࠆߎ ༀߔࠆߣ߁ะ߇ࠅ␠ޔߦ․ޔ㐳ߩᐕ㦂߇ 20 ߣߢ⍴ᦼ⊛ߥ⋉ࠍఝవߐߖߚน⢻ᕈ߇ࠈ߁ઁޕ ઍߩડᬺߩ⾰ߪ⓭ߒߡഠᓟߒߡࠆߎߣ߇⏕ߢ ᣇޔ2008 ᐕߩ 3 ᄢ⸽ળ␠ߩ⾰ᜰᮡߪߕࠇ߽ㆊ ߈ࠆ␠ޔߦ߁ࠃߩߎޕᱧ߇ᵻߊߤ߶ࠇߘ߇⾰ޔ㜞ߊ 8'0674'4'8+'90Q5GRVGODGT ߥડᬺ߽ᄙᢙ႐ߒߡ߈ߚߎߣ߇⏕ߢ߈ࠆޕᓥ ᨐߣᢛว⊛ߢࠆ 5)ޕ ߞߡ⧯ޔડᬺߦ㑐ߔࠆᖱႎᩰᏅߪߘࠇ߶ߤ㗴ߦ ߥߞߡߎߥ߆ߞߚߣ߃ࠆ߆߽ߒࠇߥޕ ႐೨ᓟߩ⾰ߩᄌൻ ႐೨ᓟߢડᬺߩ⾰ߪߤߩࠃ߁ߦᄌൻߔࠆߩߢ ㊀࿁Ꮻಽᨆ ೨▵߹ߢߢᜰ៰ߒߚ․ᓽࠍ㊀࿁Ꮻಽᨆߦࠃߞߡ⏕ ࠈ߁߆ޕߦ 2000 ᐕਛ⋚ߦ⾰ߩᖡડᬺ߇ᄙᢙ ߒߚߩ߇ 10 ߢࠆ⿒ޕሼ⏕₸ࠍⵍ⺑ᄌᢙߣ ႐ߒߡߚߣߔࠇ߫ߦᦼᤨߩߘޔ႐ߒߚડᬺߩ ߒߡࠆߚࠍ࡞࠺ࡕ࠻࠶ࡆ࠻ޔ↪ߒߚޕ ႐ᓟߩࡄࡈࠜࡑࡦࠬߪ⋡┙ߞߡᖡൻߒߡࠆߪߕ ㊀࿁Ꮻಽᨆ㧔⿒ሼ⏕₸ߩቯⷐ࿃㧕 ߢࠆޔߚ߹ޕ႐ᓟߦ⾰߇ᡷༀߔࠆࠃ߁ߥડᬺߦ ⺑ᄌᢙ ଥᢙ x1 0.6369 ቯᢙ㗄 x2 0.0505 Ꮢ႐࠲ࡦ(႐೨1ࠞ㨪႐ᣣ) x3 0.0585 Ꮢ႐࠲ࡦ(႐೨3ࠞ㨪႐೨1ࠞ) x4 -0.1280 Ꮢ႐࠲ࡦ(႐೨6ࠞ㨪႐೨3ࠞ) x5 -0.0973 Ꮢ႐࠲ࡦ(႐೨1ᐕ㨪႐೨6ࠞ) x6 2008ᐕ࠳ࡒ -0.0775 x7 3ᄢ⸽䉻䊚䊷 0.0151 x8 3ᄢ⸽࠳ࡒ*2005ᐕ࠳ࡒ 0.0624 x9 0.0341 ᖱႎㅢାᬺࠨࡆࠬᬺ࠳ࡒ x10 PER 0.0001 x11 PER*ᖱႎㅢାᬺࠨࡆࠬᬺ࠳ࡒ -0.0001 x12 ኻᢙ㧔␠ᱧ㧕 -0.0838 x13 ࠫࡖࠬ࠳࠶ࠢ࠳ࡒ 0.0580 x14 ࡑࠩ࠭࠳ࡒ 0.1986 x15 ࡋࠢࠬ࠳ࡒ 0.1653 x16 ฬ⸽ࡦ࠻࠶ࠢࠬ࠳㨟ࡒ 0.1906 x17 ⸽Q-Board࠳ࡒ 0.1279 x18 ࠕࡦࡆࠪࡖࠬ࠳ࡒ 0.2493 x19 ǔ 0.2322 㧔ᵈ㧕Ꮢ႐࠲ࡦߪࠫࡖࠬ࠳࠶ࠢᜰᢙ࠲ࡦࠍ↪ޕ 㧔ᚲ㧕╩⠪ᚑ p୯ 0.000 0.542 0.742 0.482 0.577 0.052 0.330 0.037 0.025 0.000 0.013 0.000 0.012 0.000 0.000 0.000 0.110 0.001 0.000 ㅢߔࠆ․ᓽࠍᛠីߔࠆߎߣ߇ߢ߈ࠇ߫ޔIPO ડᬺ ࠍㆬߔࠆ߁߃ߢ߽ࡖ࠴ࡦࡌޔߚ߹ޔડᬺߩ⢒ᚑ ╷ࠍ⠨߃ࠆ߁߃ߢ߽⋉ߣߥࠈ߁ߚߒ߁ߎޕ㗴ᗧ ⼂߆ࠄޔ ႐ᓟߩ⾰ᜰᮡߣ႐೨ߩ⾰ᜰᮡߩᏅಽ 㧔Ӡ ⾰ᜰᮡ㧕ࠍ⸘᷹ߒޔIPO ડᬺߩ⾰߇႐೨ᓟߢߤߩ ࠃ߁ߦᄌൻߔࠆะ߇ࠆߩ߆ࠍ⠨ኤߔࠆ⾰ޕᜰᮡ ߣߒߡ⿒ሼ⏕₸ߣᷫ⏕₸ࠍណ↪ߔࠆޕᓥߞߡޔӠ ⾰ᜰᮡ߇ࡊࠬ㧔ࡑࠗ࠽ࠬ㧕ߢࠇ߫ޔ႐ᓟߦ⾰ ߇ᖡൻ㧔ᡷༀ㧕ߒߚߎߣࠍ␜ߔޕ ⾰ߩᄌൻߩ․ᓽ IPO ડᬺߩ႐ߒߚᐕߣ⾰ߩᄌൻߩ㑆ߦࠄ߆ ⚿ᨐ߆ࠄᐞߟ߆ߩ․ᓽࠍᜰ៰ߢ߈ࠆޔߦ৻╙ޕx2 ߩ㑐ଥ߇ࠆ߆ࠍ⏕ߔࠆ ޕ11 ߪޔ႐ᐕߩ 㨪x5 ߣ⿒ሼ⏕₸ߩ㑆ߦߪ⍎ߥ㑐ଥߪ⏕ߢ߈ߕޔ Ӡ⾰ᜰᮡߩផ⒖ࠍ␜ߒߡࠆޕ೨ᐕߩ୯ߣߩ㆑ߦ ᯏળߩ⓹⺑ࠍᬌߔࠆߎߣߪߢ߈ߥ߆ߞߚ╙ޕੑ 㑐ߔࠆᬌቯ⚿ᨐ߽૬⸥ߒߚޕ2005 ᐕߣ 2006 ᐕߦ ߦޔx6 ߩଥᢙ߇ࡑࠗ࠽ࠬߢᗧߥߩߢޔ2008 ᐕߦ ႐ߒߚડᬺߪޔӠ⾰ᜰᮡߩ᳓Ḱ߇㜞߶߆ޔ೨ᐕߦ ߪ⿒ሼ⏕₸ߩ㜞ડᬺ߇႐ߢ߈ߕߦࠆޕ ╙ਃߦޔ Ყߴߡᗧߦ⾰߇ᖡൻߒߡߚߎߣ߇⏕ߐࠇߚޕ x8 ߩଥᢙ߇ࡊࠬߢᗧߢࠅޔᄢᚻ⸽ળ␠ߩ ߎߩᤨᦼߪޔ೨ㅀߩㅢࠅޔᄢᚻ⸽ળ␠ߩክᩏ߇✭ ႐ၮḰ߇ 2005 ᐕߦ✭ߒߚน⢻ᕈ߇⏕ߢ߈ࠆޕ ߐࠇޔߚ߹ޔᖱႎㅢାᬺߣࠨࡆࠬᬺߩ⾰߇⋧ኻ ╙྾ߦޔx9 ߣ x10 ߩଥᢙ߇ࡊࠬޔx11 ߇ࡑࠗ࠽ࠬ ⊛ߦᖡൻߒߡߚᤨᦼߦߨ╓ภߔࠆߩߢࠆޕ ߢߡోޔᗧߢࠆߩߢ⿒ޔሼ⏕₸߇৻ቯએ㜞 ႐ᐕߩ⾰ߩᄌൻ ᳓Ḱߦߥࠆߣޔᖱႎㅢାᬺߣࠨࡆࠬᬺߩ PER ߇ ઁߦ↥ᬺߦᲧߴߡ㜞᳓Ḱߦߥࠆߎߣ߇ࠊ߆ࠆࠇߎޕ ߪ ߩߎޔ2 ߟߩ↥ᬺߦዻߔࠆડᬺߩ߁ߜߩࠢࠬޔ 㜞ડᬺߦኻߒߡᛩ⾗ኅ߇ㆊߦᭉⷰ⊛ߥᦼᓙࠍᛴ ߚߎߣࠍ␜ໂߔࠆ⚿ᨐߢࠆ╙ޕߦޔx13 ߇ࡊ ࠬߢᗧߢࠆߩߢࠢ࠶࠳ࠬࡖࠫޔᏒ႐ߩ႐ડ ᬺߩ⿒ሼ⏕₸ߪ᧲⸽ 1 ㇱ2 ㇱ߮ᄢ⸽ 2 ㇱߦᲧߴ ߡ㜞᳓Ḱߢࠆߎߣ߇␜ߐࠇߚޔߦ╙ޕx13㨪x18 ߩଥᢙ߇ోߡ╬ߒߣߔࠆᏫή⺑߇᫈ළߐࠇߚ 㧔ǿ2 ⛔⸘㊂=56.7, p ୯=0.000㧕ߩߦኻߒߡޔx14㨪 ᷹ⷰᢙ 2000 2001 2002 2003 2004 2005 2006 2007 2008 200 166 122 120 170 153 181 116 21 Ӡ⿒ሼ⏕₸ ᬌቯ 㧔ਛᄩ୯㧕 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% * 0.00% 0.70% ᷹ⷰᢙ 192 160 118 114 169 150 177 109 19 Ӡᷫ⏕₸ ᬌቯ 㧔ਛᄩ୯㧕 5.00% 6.90% 0.10% * 0.00% 0.00% 5.10% ** 9.30% 9.60% 8.80% 㧔ᵈ㧕ਛߩ*, **ߪޔᒰᐕߩ⾰ᜰᮡߩᄌൻߣ೨ᐕߩ⾰ᜰᮡߩᄌൻ ߩᏅߩᬌቯ㧔Mann-WhitenyߩUᬌቯ㧕ߦ߅ߡޔᏫή⺑㧔Ꮕߪ ߥ㧕߇ߘࠇߙࠇ5%ၮḰޔ1%ၮḰߢ᫈ළߐࠇߚߎߣࠍ␜ߔޕ 㧔ᚲ㧕╩⠪ᚑ x18 ߩଥᢙ߇ోߡ╬ߒߣߔࠆᏫή⺑ߪ᫈ළߢ߈ ᰴߦޔ႐Ꮢ႐ߦӠ⾰ᜰᮡࠍ⸘᷹ߒߚ⚿ᨐ߇ ޕᓥߞߡޔ ߥ߆ߞߚ㧔ǿ2 ⛔⸘㊂=3.57, p ୯=0.4723㧕 12 ߢࠆߩߡోޕᏒ႐ߦ߅ߡޔᷫ⏕₸߇ߔ ࠫࡖࠬ࠳࠶ࠢᏒ႐ߣࠫࡘ࠾ࠕᏒ႐ߩ㑆ߦߪ㆑߇ ࠆะߦࠆߎߣ߇⏕ߢ߈ࠆޔߚ߹ޕӠ⿒ሼ⏕₸ ࠆ߇ࠕ࠾ࡘࠫޔᏒ႐㑆ߦߪ㆑߇ߥߎߣ߇⏕ߢ ࠍߺࠆߣ ⸽ޔQ-Board ߿ฬ⸽ࡦ࠻࠶ࠢࠬߢߪ ߈ߚ․⻉ߩࠄࠇߎޕᓽߩ߶ߣࠎߤߪޔ೨▵߹ߢߩ⚿ ࡊࠬߣߥߞߡࠆߩߦኻߒߡࠬࡖࠪࡆࡦࠕ⸽ᧅޔ 8'0674'4'8+'90Q5GRVGODGT ߢߪࡑࠗ࠽ࠬߣߥߞߡ߅ࠅޔᏒ႐ߦࠃߞߡ⇣ߥߞߚ ડᬺࠍⓍᭂ⊛ߦ႐ߐߖߡ߈ߚᏒ႐㧔ಽ㧕ߪߩ േ߈ࠍ␜ߒߡࠆޕૉߒޔಽᏓߦ㑐ߔࠆᬌቯࠍⴕߞ ߣߎࠈሽߒߡߥߩߢޔᕆᚑ㐳ߔࠆẜ⢻ജࠍ ߚߣߎࠈޔᏒ႐㑆ߢӠ⾰ᜰᮡߦᗧߥ㆑ߪ⏕ߐ ᜬߜߥ߇ࠄ߽ޔขᒁᚲ߿⸽ળ␠ߦߐࠇߡߥ ࠇߥ߆ߞߚޔࠅ߹ߟޕ႐ᓟߦ⾰ߩᖡൻ߇⊒↢ߒᤃ ડᬺ߇ᄙᢙሽߒߡࠆߩߢߪߥ߆ߣᕁࠊࠇࠆޕ Ꮢ႐߿߇⾰ޔᡷༀߒᤃᏒ႐ߪሽߒߡߥߣ ᕆᚑ㐳ડᬺߩ⾰ᜰᮡ ⠨߃ࠆߎߣ߇ߢ߈ࠆޕ឵⸒ߔࠇ߫ޔડᬺߩ႐వߩ Ꮢ႐߇ߤߎߢࠆ߆ߣ߁ߎߣߣޔડᬺߩ⾰߇႐ ᓟߦᡷༀߔࠆ߆ᖡൻߔࠆ߆ߣ߁ߎߣߪߚߒ┙⁛ޔ ⽎ߢࠆߣ⠨߃ࠄࠇࠆޕ Ꮢ႐ߩ⾰ߩᄌൻ Ӡ⿒ሼ⏕₸ ᷹ⷰᢙ 㧔ਛᄩ୯㧕 43 0.00% ᧲⸽1 105 0.00% ᧲⸽2 28 0.00% ᄢ⸽2 Jasdaq 567 0.00% 229 0.00% ࡑࠩ࠭ 208 0.00% ࡋࠢࠬ 35 1.10% ฬ⸽ࡦ࠻࠶ࠢࠬ 10 1.40% ጟQ-Board 13 -5.80% ᧅ⸽ࠕࡦࡆࠪࡖࠬ Ӡᷫ⏕₸ ᷹ⷰᢙ 㧔ਛᄩ୯㧕 39 9.70% 105 4.60% 27 2.30% 563 1.80% 213 4.20% 194 5.25% 34 4.05% 10 21.05% 13 10.00% 㧔ᚲ㧕╩⠪ᚑ ⿒ሼ⏕₸ U ᷫ⏕₸ U PER U 0㧑ᧂḩ 10.0% ** 24.7% ** 19.0 ** 0㧑-6㧑 5.0% ** 21.2% ** 15.4 ** ᐕ₸ᄁ㜞ᚑ㐳₸ 6㧑-12.5㧑 12.5㧑-25㧑 8.7% 12.5% ** ** 18.5% 12.8% 16.6 * 25㧑એ 20.0% 18.9 12.8% 21.5 㧔ᵈ㧕ਛߩ*, **ߪޔฦࠣ࡞ࡊߩ⾰ᜰᮡߣ25%એߩࠣ࡞ࡊߩ⾰ᜰᮡߩಽᏓ ߦ㑐ߔࠆᬌቯ㧔Mann-WhitenyߩUᬌቯ㧕ߦ߅ߡޔᏫή⺑㧔ห৻ಽᏓ㧕߇ߘ ࠇߙࠇ5%ၮḰޔ1%ၮḰߢ᫈ළߐࠇߚߎߣࠍ␜ߔޕ 㧔ᚲ㧕╩⠪ᚑ 1 ߢߚࠃ߁ߦޔ2007 ᐕએ㒠ߦ႐ߒߚડᬺ ߩ⾰ߪ 2000 ᐕઍࠍㅢߓߡᦨ㜞᳓Ḱߦࠆ߇ࠇߎޔ ࠄ⦟⾰ߥડᬺ⟲߆ࠄᓟߩߌߛࠇߤޔᕆᚑ㐳ડᬺ߇ ߒߡߊࠆߣᦼᓙߢ߈ࠆߢࠈ߁߆ޕ࿑ 2 ߪᕆᚑ 㐳ડᬺߩ⿒ሼ⏕₸ߣᷫ⏕₸ߩࡅࠬ࠻ࠣࡓߢࠆޕ ❑ゲߪᕆᚑ㐳ડᬺᢙߢࠅޔᮮゲߪ⿒ሼ⏕₸ߣᷫ ⏕₸ߢࠆޔ߅ߥޕ࿑ߦߪ 2007 ᐕߣ 2008 ᐕߦ႐ ᕆᚑ㐳ડᬺߩ․ᓽ ߒߚડᬺߩ⾰ߩਛᄩ୯ߣ 95%ಽὐࠍᦠ߈ㄟࠎߢ ႐ᓟߦᕆᚑ㐳ࠍㆀߍߚડᬺߦᵈ⋡ߒߡޔ႐೨ ࠆޕᵈ⋡ߔߴ߈ߪ⿒ޔሼ⏕₸߇Ყセ⊛㜞ડᬺߩ ߦߤߩࠃ߁ߥ․ᓽࠍߒߡߚ߆ࠍ⠨ኤߒߡߺࠃ߁ޕ ߥ߆߆ࠄ߽ᕆᚑ㐳ડᬺ߇ヘߐࠇߡ߈ߚὐߢࠆ 13 ߪޔ႐ᓟߩᄁ㜞ᚑ㐳₸ߢ 5 ߟߦࠣ࡞ࡊ 㧔࿑ 2-1㧕 ޔ߫߃ޕ2007 ᐕߣ 2008 ᐕߦ႐ߒߚડ ಽߌߒޔ႐೨ߩ⾰ᜰᮡࠍᲧセߒߚ߽ߩߢࠆߎޕ ᬺߩ⿒ሼ⏕₸ߩ 95%ಽὐࠍ߃ࠆ᳓Ḱ߆ࠄ߽ᕆ ࠇࠍࠆߣޔ႐ᓟߦᄁ㜞߇ᐕ₸ߢ 25%એᚑ㐳 ᚑ㐳ડᬺߪᢙᄙߊ↢߹ࠇߡ߈ߚߩߢࠆޕㅒߦ⸒߃ ߒߚડᬺ⟲ߦ߅ߡߪޔ႐೨ߩ⿒ሼ⏕₸ߣ PER ߫ޔ2007 ᐕߣ 2008 ᐕߦ߆ߌߡߪޔขᒁᚲ߿⸽ળ ߇⋧ኻ⊛ߦ㜞ߊޔᷫ⏕₸߇ૐߣ߁․ᓽࠍ߽ߞ ␠߇߹ࠅߦ㜞ࡂ࠼࡞ࠍ႐Ꮧᦸડᬺߦ⺖ߒߡ ߡࠆߎߣ߇ࠊ߆ࠆޕਛߩᬌቯ⚿ᨐߪޔ25%એ ࠆߩߢߪߥ߆߇ ᔨߐࠇࠆޕᕆᚑ㐳ડᬺࠍ⢒ߡ ߩᕆᚑ㐳ࠣ࡞ࡊߣߘߩઁߩࠣ࡞ࡊߩ㑆ߦ⾰ޔᜰ ࠆߎߣࠍ⋡⊛ߦߔࠆߥࠄ߫⿒ޔሼ⏕₸߇ዋޘ㜞ߊߡ ᮡߦ㆑߇ࠆ߆ࠍᬌቯߒߚ߽ߩߢࠆޕ25%એ ߽ޔ႐ࠍࠆߎߣ߇ᔅⷐߣ߁┙႐߽ࠅ߃ࠆ ߩᚑ㐳ࠍㆀߍߚડᬺࠣ࡞ࡊߩ⾰ᜰᮡߩ߁ߜ⿒ޔሼ ߢࠈ߁ޕή⺰ޔ႐ᓟߦડᬺ߇ᕆᚑ㐳ߔࠆ߆ߤ߁ ⏕₸ߪߦࡊ࡞ࠣߩߡోߩઁޔᲧߴߡޔᗧߦ㜞 ߆ߪޔડᬺ⚻༡⠪ߩദജޔ᥊᳇േะ࡞ࡃࠗޔડᬺ ߎߣ߇ࠊ߆ࠆޔߚ߹ޕᷫ⏕₸ߪޔᄁ㜞ᚑ㐳₸߇ ߩᚢ⇛╬ޔታߦᄙߊߩⷐ࿃߆ࠄᓇ㗀ࠍฃߌࠆߪߕߢ 6%ᧂḩߩડᬺ⟲ߦᲧߴࠇ߫ૐ᳓Ḱߢࠆ߇ࠇߘޔએ ࠆ߆ࠄߩߢߎߎޔಽᨆ⚿ᨐߪ߶ࠎߩ 1 ߟߩน⢻ᕈ ᄖߩࠣ࡞ࡊߣߪห᳓ḰߢࠆޔߦᦝޕPER ߽ᄁ ߦߔ߉ߥ߇ޔ2007 ᐕએ㒠ߩޟ႐ᒁ߈✦ⴕ߇ޠ 㜞ᚑ㐳₸߇ 12.5%㨪25%ߩࠣ࡞ࡊߣห⒟ᐲߢࠆޕ ߈ߔ߉ߡߥ߆ߤ߁߆ࠍޔขᒁᚲ߿⸽ળ␠ߪౣ ߟ߹ࠅޔᕆᚑ㐳ડᬺߩ႐೨ߩ⾰ߪߩઁޔડᬺࠣ࡞ ⠨ߔࠆᔅⷐ߇ࠆߣᕁࠊࠇࠆޕ ࡊߦᲧセߒߡఝࠇߡߚࠊߌߢߪߥߩߢࠆޕ ࿑ ᕆᚑ㐳ડᬺߩ⾰ᜰᮡߩಽᏓ 13 ߩ⚿ᨐߪޔ႐೨ߩ⾰߇ߘࠇ߶ߤ㜞ߊߥߊߡ ⿒ሼ⏕₸ ߽ޔ႐ᓟߦᕆᚑ㐳ࠍㆀߍࠆડᬺ߇ᄙᢙሽߒߡ߈ ߚߎߣࠍ␜ߒߡࠆޕ ߎߩࠃ߁ߦࠆߣޔᕆᚑ㐳ડᬺࠍヘߔࠆߚߦ 2007-2008 ᐕߩ IPO ડᬺߩਛᄩ୯㧩0.07% 2007-2008ᐕߩIPOડᬺߩ95%ಽὐ㧩53% ߪ⿒ޔሼ⏕₸ߪ㜞߇ᷫ⏕₸ߪૐࠃ߁ߥડᬺࠍ ߆ߦᄙߊ⊒ជߔࠆ߆߇㊀ⷐߣߥߞߡߊࠆߣ⸒߃ࠆ ߢࠈ߁ޕవߦㅀߴߚࠃ߁ߦߚߒ߁ߎޔዻᕈࠍᜬߟ 8'0674'4'8+'90Q5GRVGODGT ᷫ⏕₸ ߥᧄޕⓂߦࠅᓧߴ߈⺋ࠅߪోߡ╩⠪ߩ⽿ߦᏫߔ߽ߩߢࠆޕ 2) ታ㓙ߦޔᄙߊߩขᒁᚲߢߪ႐ၮḰߦቯᕈߣᚑ㐳ᕈࠍᝒ߃ࠆ 2007-2008 ᐕߩ IPO ડᬺߩਛᄩ୯㧩6.7% ᢙ୯ၮḰ߇ណ↪ߐࠇߡࠆ߶߆ޔਥᐙ⸽ળ␠ߦࠃࠆᒁฃክ 2007-2008ᐕߩIPOડᬺߩ95%ಽὐ㧩43% ᩏߦ߅ߡ߽ ߩߎޔ2 ߟߩⷞὐߪ৻⥸⊛ߥ߽ߩߢࠆޕ 3) ಽᨆᦼ㑆ਛߦ߅ߌࠆ႐ၮḰߦߟߡߪ৻ޔㇱᏒ႐ߢᤨଔ✚㗵 ၮḰ߇ᄌᦝߐࠇߡࠆ߇ޔ⋉߿ᄁߦ㑐ߔࠆᄢߥၮḰߩᄌ ᦝߪߥ߆ߞߚޕᓥߞߡᧄޔⓂߩಽᨆߪޔ႐ၮḰߩᄌᦝߦ߁ ࠨࡦࡊ࡞ࡃࠗࠕࠬߩᓇ㗀ࠍὼ⒟ฃߌߡߥߣ⠨߃ࠄࠇࠆޕ ⚿߮ ᧄⓂߢߪޔIPO ડᬺߩࠍޠ⾰ޟታ⸽⊛ߦᬌ⸽ߒߡ ߈ߚ৻ޕㅪߩಽᨆ߆ࠄᓧࠄࠇߚਥⷐߥ⚿⺰ߪᰴߩߣ ߅ࠅߢࠆޔߦ৻╙ޕIPO ડᬺߩ⾰ߪᤨ㑆ߣߦᄌ ൻߒߡࠆߪߢ⸵⿷ޔߦ․ޕᭂߡ㜞⾰ߩડᬺߒ ߆႐ࠍ⸵ߐࠇߡߥน⢻ᕈ߇ࠆ╙ޕੑߦࠫޔ ࡘ࠾ࠕᏒ႐ߦ႐ߔࠆ IPO ડᬺߩ㑆ߦ⾰ߩᏅߪ⏕ ߐࠇߥߪߣߎߩߎޕᏒ႐㑆┹ߩ⚿ᨐ⦡․ޔ ࠆᏒ႐߇ᒻᚑߐࠇߡ߈ߚࠊߌߢߪߥߎߣࠍ␜ߒߡ ࠆ╙ޕਃߦޔ႐೨ߦหߓ⾰ߢߞߡ߽ᬺ⒳ߦࠃ ߞߡ႐ߩߒᤃߐ߇⇣ߥߞߡࠆ╙ޕ྾ߦޔขᒁᚲ ߿⸽ળ␠ߪ႐ᓟߦᕆᚑ㐳ࠍㆀߍࠆડᬺࠍᚻߊ ߖߡߥࠄࠇߎޕᕆᚑ㐳ડᬺߩ႐ᤨὐߦ߅ ߌࠆ⾰ߪߘࠇ߶ߤ㜞ߊߪߥߊ⿒ޔሼߦߥࠆࠬࠢ߇ ᄢ߈߇ᷫߦߥࠆน⢻ᕈߪૐߣ߁․ᓽ߇ࠆޕ એߩಽᨆ⚿ᨐࠍ〯߹߃ࠆߣޔᓟޔIPO Ꮢ႐ߩ ᐲ⸳⸘߿ታോߦ߅ߡߪޔࠃࠅ߽ޔขᒁᚲ߿⸽ ળ␠ߩ⋡߈⢻ജߩะ߇ᦸ߹ࠇࠆޕฦᏒ႐߇⁛ ⥄⦡ࠍߒߩ⾰ߚߞߥ⇣ߪߣߢ߹ࠇߎޔ᳓Ḱߩડᬺ ࠍ႐ߐߖߡߊߎߣ߽ᬌ⸛ߐࠇߡࠃޔߦ․ޕ ⋉㕙ߢߩࠬࠢߪ㜞߇ડᬺⷙᮨ߇ᕆᄢߔࠆน⢻ ᕈߩࠆડᬺߪޔ႐ᓟߦᕆᚑ㐳ߔࠆะ߇ࠅߥ ߇ࠄࠅ߹ߪߢ߹ࠇߎޔᵈ⋡ࠍ㓸ߡߎߥ߆ߞߚน ⢻ᕈ߇ࠆޕ ⁛⥄⦡ߩࠆᏒ႐ࠍᒻᚑߔࠆߣหᤨߦޔ ߘࠇߙࠇߩᏒ႐ߪ⥄ࠄ߇ߤߩ⒟ᐲߩ⾰ߩડᬺࠍ႐ ߐߖࠃ߁ߣߒߡࠆߩ߆ࠍᛩ⾗ኅߦኻߒߡቴⷰ⊛ߦ ⺑ߔࠆᔅⷐ߽ࠈ߁ޕIPO ડᬺߩ⾰ߦ㑐ߔࠆᖱႎ ߩ㕖ኻ⒓ᕈ߇✭ߐࠇࠆߥࠄ߫ߩ⾰ޔૐડᬺ߇ ႐ߔࠆߎߣߦ߁ᖡᓇ㗀ߪචಽߦᛥߐࠇࠆߢࠈ ߁ޔߡߒ߁ߎޕ᭽ߩ⾰ߥޘડᬺ߇ IPO Ꮢ႐ߦࠕࠢ ࠬߢ߈ޔߚ߹ޔ᭽ߩ⾰ߥޘડᬺ߳ߩᛩ⾗ᯏળ߇ᛩ⾗ ኅߦឭଏߐࠇࠆߎߣ߇ᦸ߹ߒޕ ޣᵈ㉼ޤ 1) ᧄⓂߪ╩⠪ߩੱ⊛⸃ߢࠅ╩ޔ⠪ߩዻߔࠆ⚵❱ߩ⸃ߢߪ 8'0674'4'8+'90Q5GRVGODGT 4) ᮮゲࠍᷫ⏕₸ߣߒߡ߽ޔᭂߡૃߚ࿑ࠍឬߊߎߣ߇ߢ߈ࠆޕ 5) ⺑ᄌᢙࠍ᭽ߦޘᄌᦝߒߡ߽ޔߨห᭽ߩ⚿ᨐ߇ᓧࠄࠇߡࠆޕ ޣෳ⠨ᢥ₂ޤ Blass .A., and Tafeh.Y. 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