2Q 2016 Venture Insight Report @seinas___ #pedia

7FOUVSF*OTJHIU 4FQU ࡔ্੟ಸ 2 $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

':2 ɹถࠃࢿۚௐୡ֓ཁ ɹԤभࢿۚௐୡ֓ཁ ɹੈքࢿۚௐୡ֓ཁ "QS+VO ɹ1FEJB/FXTɹɹɹ ຊࢿྉʹهࡌ͞Εͨҙݟ΍༧ଌͳͲ͸ࢿྉ࡞੒࣌఺Ͱͷ౰ࣾͷ൑ அͰ͋Γɺͦͷ৘ใͷਖ਼֬ੑΛอূ͢Δ΋ͷͰ͸͋Γ·ͤΜ ༷ʑͳཁҼͷมԽʹΑΓɺ࣮ࡍͷ݁Ռͱ͸େ͖͘ҟͳΔՄೳੑ͕ ͋Δ͜ͱΛ͝ঝ஌͓͖͍ͩ͘͞ɻ
ɹτϐοΫε $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

ɹ1FEJB/FXT 1FEJB/FXT $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

ɹ1FEJB/FXT ʮ1FEJB/FXTʯʹ͍ͭͯ ελʔτΞοϓͱϕϯνϟʔΩϟϐλϧͷͨΊͷχϡʔεϝσΟ Ξʮ1FEJB/FXTʯ͸݄ΑΓɺ͸͡·Γ·ͨ͠ɻ ࠃ಺֎ͷϕϯνϟʔͷࢿۚௐୡ৘ใ ΍Πάδοτ৘ใΛ഑৴͍ͯ͠·͢ɻ ϕϯνϟʔΩϟϐλϧͱελʔτΞο ϓͷΤίγεςϜΛΠϯλʔωοτ ্Ͱදݱ͠ɺϕϯνϟʔΤίγες
Ϝʹߩݙ͢Δ͜ͱΛ໨ࢦ͠·͢ɻ OFXTUIFQFEJBDP $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

ɹ1FEJB/FXT ʮ1FEJB.FFUVQʯʹ͍ͭͯ ελʔτΞοϓͱϕϯνϟʔΩϟϐλϧΛͭͳ͙ΫϩʔζυΠ ϕϯτʮ1FEJB.FFUVQʯ͸݄ΑΓɺຖ݄։࠵͍ͯ͠·͢ɻ ΤϯδΣϧ౤ࢿՈͷํʑΛ͓ট͖͠ɺ ىۀՈΛର৅ʹΠϕϯτΛ։࠵ͯ͠ ͓Γ·͢ɻ ελʔτΞοϓͱϕϯνϟʔΩϟϐ λϧͷίϛϡχςΟͷৢ੒Λ໨ࢦ͠
·͢ɻ QFEJBDPOOQBTTDPN $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

ɹੈքࢿۚௐୡ֓ཁ ੈքࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

ɹੈքࢿۚௐୡ֓ཁ ԯ 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI
$ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

ୈ࢛൒ظ ೥݄ʙ೥݄ ϋΠϥΠτ ڊֹࢿۚௐୡ͕૿͑Δ΋ɺ౤ࢿ݅਺͸ݮগ ૯ׅ ࢿۚௐୡֹ ౤ࢿ݅਺ 501*$T ⬛ɹશੈքͷࢿۚௐୡֹ͸લ࢛൒ظൺ૿Ճ
ɹશੈքͷࢿۚௐୡ݅਺͸ݮগ ⬛ɹڊֹࢿۚௐୡ͕૿͑Δ ɹϨΠλʔεςʔδͷࢿۚௐୡ͕૬͙࣍ ⬛ɹ೥ୈ࢛൒ظҎ߱ɺݮগ܏޲͕ଓ͘ ɹ๺ถͱΞδΞͰ౤ࢿ͕ྫྷ͑ࠐΉ ⬛ɹΞʔϦʔεςʔδ΁ͷ౤ࢿֹ͕ݮগ ɹϨΠλʔεςʔδ΁ͷ౤ࢿֹ͕૿Ճ ɹੈքࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

ࢿۚௐୡ࢛൒ظਪҠ ೥ʹ৽ن্৔ͨ͠اۀ͕*10࣌ΑΓ΋࣌Ձ૯ֹ͕Լམ܏޲ Ͱ͋Δ͜ͱΛड͚ɺະ্৔اۀͷ౤ࢿ΋ྫྷ͑ࠐΈ·ͨ͠ɻ·ͨɺ தࠃͱԤभͷܦࡁಈ޲ʹؔ͢Δݒ೦΋Ұͭͷয఺ͱͳΓ·ͨ͠ɻ ɹੈքࢿۚௐୡ֓ཁ 2౤ࢿ݅਺ ݅ 2P2ɹ:P:
2 2 2 2 2 2 2 2 2 ౤ࢿֹۚ ԯυϧ ౤ࢿ݅਺ ݅ 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH ,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT +VMZUI 2ࢿۚௐୡֹ ԯυϧ 2P2 ɹ:P: $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

εςʔδผࢿۚௐୡ࢛൒ظਪҠ ΤϯδΣϧɾγʔυ΁ͷ౤ࢿ͸ɺલ࢛൒ظͰ͸େ෯ʹݮগ͠· ͕ͨ͠ɺୈ࢛൒ظͰ͸෮ௐ͠·ͨ͠ɻҰํɺγϦʔζ"ͷ౤ࢿ ͸લ࢛൒ظΑΓ΋ϙΠϯτԼམ͠ɺશମͷͰͨ͠ɻ ɹੈքࢿۚௐୡ֓ཁ γϦʔζ" ΤϯδΣϧɾγʔυ શମͷ
શମͷ 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH ,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT +VMZUI ʢ୯Ґɿʣ 2P2QUɹ:P: QU 2P2 QUɹ:P: QU 2 2 2 2 2 ΤϯδΣϧɾγʔυ γϦʔζ" γϦʔζ# γϦʔζ$ γϦʔζ% γϦʔζ&Ҏ߱ ͦͷଞ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

஍Ҭผࢿۚௐୡ࢛൒ظਪҠ ๺ถʹର͢Δ౤ࢿ͕͞Βʹྫྷ͑ࠐΈɺࠓ࢛൒ظ͸ ݅ͱͳ Γ·ͨ͠ɻΞδΞͱԤभʹର͢Δ࢛൒ظ͸ɺ࢛൒ظ࿈ଓͰ؇ ΍͔ͳԼ߱܏޲ͱͳΓ·ͨ͠ɻ 2Ԥभ ݅ 2P2ɹ:P:
2๺ถ ݅ 2P2ɹ:P: 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH ,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT +VMZUI ʢ୯Ґɿ݅ʣ ɹੈքࢿۚௐୡ֓ཁ 2 2 2 2 2 ๺ถ ΞδΞ Ԥभ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

஍Ҭผࢿۚௐୡֹ࢛൒ظਪҠ ๺ถʹର͢Δ౤ࢿ͸ɺϨΠλʔεςʔδͷڊֹௐୡʹΑͬͯલ ࢛൒ظʹൺ΂্ͯঢ͠·ͨ͠ɻҰํɺΞδΞͱԤभʹର͢Δ౤ ࢿ͸ɺܦࡁͷઌߦ͖͕ෆಁ໌Ͱ͋Δ͜ͱ͔Βྫྷ͑ࠐΈ·ͨ͠ɻ 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH ,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT
+VMZUI ɹੈքࢿۚௐୡ֓ཁ 2Ԥभ ԯυϧ 2P2ɹ:P: 2๺ถ 2P2 ɹ:P: 2 2 2 2 2 ๺ถ ΞδΞ Ԥभ ԯυϧ ʢ୯Ґɿԯυϧʣ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

ɹถࠃࢿۚௐୡ֓ཁ ถࠃࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

ԯ ɹถࠃࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT
EBUBQSPWJEFECZ1FEJB 4FQUUI

ୈ࢛൒ظ ೥݄ʙ೥݄ ϋΠϥΠτ Ϣχίʔϯاۀ͕ݗҾɺϑΝϯυ૊੒͕૿Ճ ૯ׅ εςʔδ τϐοΫε ⬛ɹࢿۚௐୡ݅਺͸ݮগ܏޲ ɹࢿۚௐୡֹ͸Ϣχίʔϯاۀ͕ݗҾͯ͠ඍ૿
⬛ɹΞʔϦʔεςʔδͷࢿۚௐୡ͕ݮগ ɹϨΠλʔεςʔδͷࢿۚௐୡ͕૿Ճ ⬛ɹ౤ࢿ݅਺ͷ಺༁͸##ɾۚ༥͕ඍ૿ ɹ౤ࢿֹۚͷ಺༁Ͱ͸ΠϯλʔωοτͱϔϧεέΞ͕େ෯ʹݮগ ⬛ɹ౤ࢿ݅਺͸/FX&OUFSQSJTF"TTPDJBUFTͱ*OOPWBUJPO8PSLT͕࠷େ ɹɹ৽ϑΝϯυ૊੒਺ɺࢿۚௐୡֹͱ΋ʹɺલ೥ൺΑΓ΋૿Ճɹ ɹถࠃࢿۚௐୡ֓ཁ ෼໺ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

ࢿۚௐୡ࢛൒ظਪҠ ࢿۚௐୡ݅਺͸ɺલ࢛൒ظʹඍ૿͠·͕ͨ͠ɺࠓ࢛൒ظͰ͸࠶ ͼݮগ͠·ͨ͠ɻҰํɺࢿۚௐୡֹ͸ɺϢχίʔϯاۀʹΑΔ ڊֹࢿۚௐୡ͕૬͍࣍ͩ݁Ռɺલ࢛൒ظΑΓ΋্ঢ͠·ͨ͠ɻ 2ࢿۚௐୡֹ ԯυϧ 2P2 ɹ:P:
2౤ࢿ݅਺ ݅ 2P2ɹ:P: 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH ,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT +VMZUI ɹถࠃࢿۚௐୡ֓ཁ 2 2 2 2 2 2 2 2 2 ౤ࢿֹۚ ԯυϧ ౤ࢿ݅਺ ݅ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

εςʔδผࢿۚௐୡ࢛൒ظਪҠ ΤϯδΣϧɾγʔυ΁ͷ౤ࢿ͸ɺલ࢛൒ظΑΓݮগ܏޲͕ଓ͖ ·ͨ͠ɻ·ͨɺγϦʔζ"ͷ౤ࢿ͸ɺ࢛൒ظ࿈ଓͰݮগ܏޲͕ ଓ͖ɺΞʔϦʔεςʔδ΁ͷ౤ࢿ͸શମͷ൒෼ͱͳΓ·ͨ͠ɻ ɹถࠃࢿۚௐୡ֓ཁ ʢ୯Ґɿʣ 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH
,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT +VMZUI γϦʔζ" ΤϯδΣϧɾγʔυ શମͷ શମͷ 2P2QUɹ:P: QU 2P2 QUɹ:P:QU 2 2 2 2 2 γʔυɾΤϯδΣϧ γϦʔζ" γϦʔζ# γϦʔζ$ γϦʔζ% γϦʔζ& ͦͷଞ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

෼໺ผࢿۚௐୡ࢛൒ظਪҠ Πϯλʔωοτ΁ͷ౤ࢿ͸ɺࡢ೥ΑΓݮগ܏޲͕ଓ͖·ͨ͠ɻ Ұํɺ##ɾۚ༥෼໺΁ͷ౤ࢿ͸ࡢ೥͔ΒϙΠϯτ্ঢ͠ɺશ ମͷΛ઎Ί·ͨ͠ɻ ##ɾۚ༥ Πϯλʔωοτ ɹถࠃࢿۚௐୡ֓ཁ ʢ୯Ґɿʣ 2P2
QUɹ:P: QU 2P2 QUɹ:P:QU શମͷ શମͷ 2 2 2 2 2 Πϯλʔωοτ ##ɾۚ༥ ϔϧεέΞ ίϯγϡʔϚʔαʔϏε ফඅࡒ ΤωϧΪʔ ޻ۀ੡඼ɾૉࡐ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

෼໺ผࢿۚௐୡֹ࢛൒ظਪҠ ΠϯλʔωοτɺϔϧεέΞ΁ͷ౤ࢿ͸ɺલ࢛൒ظͱൺ΂ͯݮ গ͠·ͨ͠ɻҰํɺফඅࡒ΁ͷ౤ࢿ͸ɺલ࢛൒ظɺલ೥ൺͱ΋ ʹେ෯ʹ૿Ճ͠·ͨ͠ɻ ফඅࡒ Πϯλʔωοτ ɹถࠃࢿۚௐୡ֓ཁ 2P2 QUɹ:P:
QU 2P2QUɹ:P:QU ʢ୯Ґɿʣ શମͷ શମͷ 2 2 2 2 2 Πϯλʔωοτ ##ɾۚ༥ ϔϧεέΞ ίϯγϡʔϚʔαʔϏε ফඅࡒ ΤωϧΪʔ ޻ۀ੡඼ɾૉࡐ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظ஍Ҭผࢿۚௐୡ ೥ୈ࢛൒ظ஍Ҭผࢿۚௐୡֹ ɹถࠃࢿۚௐୡ֓ཁ α ϯ ϑ ϥ ϯ γ
ε ί Ϙ ε τ ϯ χ ϡ ʔ Ϥ ʔ Ϋ ϙ τ Ϛ ο Ϋ ϩ α ϯ θ ϧ ε α ϯ σ Ο Τ ΰ Φ Ϩ ϯ δ γ Ξ τ ϧ Φ ʔ ε ς Ο ϯ μ ϥ ε γ Χ ΰ ࢿۚௐୡ݅਺ʢ݅ʣ α ϯ ϑ ϥ ϯ γ ε ί Ϙ ε τ ϯ χ ϡ ʔ Ϥ ʔ Ϋ ϙ τ Ϛ ο Ϋ ϩ α ϯ θ ϧ ε α ϯ σ Ο Τ ΰ Φ Ϩ ϯ δ γ Ξ τ ϧ Φ ʔ ε ς Ο ϯ μ ϥ ε γ Χ ΰ ࢿۚௐୡֹʢԯυϧʣ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظࢿۚௐୡ্Ґ ୈ࢛൒ظͰ࠷େͷࢿۚௐୡΛ࣮ࢪͨ͠اۀ͸ɺ6CFSͰԯυ ϧͷࢿۚΛूΊ·ͨ͠ɻݱࡏɺ6CFSͷόϦϡΤʔγϣϯ͸ɺϓ ϨϚωʔͰԯυϧͱݴΘΕ͍ͯ·͢ɻ اۀ໊ εςʔδ ࢿۚௐୡֹ όϦϡΤʔγϣϯ ओͳ౤ࢿՈ
6CFS γϦʔε( ԯυϧ ԯυϧʢϓϨϚωʔʣ 4BVEJ"SBCJBT1VCMJD*OWFTUNFOU'VOE 4OBQDIBU γϦʔζ' ԯυϧ ԯυϧʢϓϨϚωʔʣ *71 *OTUJUVUJPOBM7FOUVSF1BSUOFST 'JEFMJUZ *OWFTUNFOUT 4FRVPJB$BQJUBM )VNBO-POHFWJUZ γϦʔζ# ԯυϧ ԯυϧʢϓϨϚωʔʣ *MMVNJOB 4MBDL γϦʔζ' ԯυϧ ԯυϧʢϓϨϚωʔʣ 5ISJWF$BQJUBM ;PPY γϦʔζ" ԯυϧ #MBDLCJSE7FOUVSFT %SBQFS'JTIFS+VSWFUTPO %'+ -VY$BQJUBM $MPWFS)FBMUI γϦʔζ$ ԯυϧ (SFFOPBLT$BQJUBM 4.4"TTJTU γϦʔζ% ԯυϧ ԯυϧʢϓϨϚωʔʣ (PMENBO4BDIT -PHJD.POJUPS ϕϯνϟʔ ԯυϧ 1SPWJEFODF4USBUFHJD(SPXUI 5ISJWF.BSLFU γϦʔζ# ԯυϧ *OWVT &OPWJY γϦʔζ% ԯυϧ *OUFM$BQJUBM "⒏SN γϦʔζ% ԯυϧ 'PVOEFST'VOE ɹถࠃࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظ7$౤ࢿ݅਺ ถࠃͷελʔτΞοϓʹ࠷΋ଟ͘౤ࢿͨ͠ϕϯνϟʔΩϟϐλ ϧ͸ɺ/FX&OUFSQSJTF"TTPDJBUFTͱ*OOPWBUJPO8PSLTͰɺͦΕ ͧΕ݅ͱͳΓ·ͨ͠ɻ *OOPWBUJPO8PSLT ݅ /&" ݅
/FX&OUFSQSJTF"TTPDJBUFT *OOPWBUJPO8PSLT (SFZDSPGU1BSUOFST (FOFSBM$BUBMZTU1BSUOFST ,MFJOFS1FSLJOT$BVpFME#ZFST ౤ࢿ݅਺ʢ݅ʣ ɹถࠃࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

7$ࢿۚௐୡ࢛൒ظਪҠ ͷϑΝϯυͰԯυϧͷࢿ͕ۚू·Γ·͕ͨ͠ɺલ࢛൒ظ ʹൺ΂Δͱେ͖͘ݮগ܏޲ͱͳΓ·ͨ͠ɻ 2ࢿۚௐୡֹ ԯυϧ 2P2ɹ:P: 2ϑΝϯυ਺ ݅
2P2ɹ:P: ɹถࠃࢿۚௐୡ֓ཁ 2 2 2 2 2 2 2 2 2 ౤ࢿֹۚ ԯυϧ ϑΝϯυ਺ ݅ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظࢿۚௐୡ্Ґ ࠷΋ϑΝϯυن໛ͷେ͖͔ͬͨ΋ͷ͸ɺτοϓςΟΞ7$ͷ "OESFFTTFO)PSPXJU[͕૊੒ͨ͠߸ϑΝϯυͰͨ͠ɻશମͷࢿ ۚௐୡֹͷ͏ͪɺΛ઎Ί·ͨ͠ɻ 7$໊ ϑΝϯυ໊ ࢿۚௐୡֹ ओͳ౤ࢿ࣮੷ "OESFFTTFO)PSPXJU[
"OESFFTTFO)PSPXJU['VOE7-1 ԯυϧ "JSCOCɾ4PZMFOUɾ 5SBOTGFSXJTFɾ$PJOCBTFͳͲ ,MFJOFS1FSLJOT$BVpFME#ZFST ,1$# ,1$#%JHJUBM(SPXUI'VOE***-1 ԯυϧ 5XJUUFSɾOFTUɾ -FOEJOHDMVCɾ4OBQDIBUɾ %+*ͳͲ ((77BQJUBM ((7$BQJUBM7*-1 ԯυϧ %JEJ$IVYJOHɾ%0.0ɾ )PV[[ɾ4P'Jɾ;FOEFTLͳͲ ɹถࠃࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

7$ࢧԉاۀ&9*5࢛൒ظਪҠ ."اۀ਺͸લ࢛൒ظʹൺ΂ͯݮগ͠·͕ͨ͠ɺ*10اۀ਺͸ લ࢛൒ظʹൺ΂Δͱେ෯ʹ૿Ճ͠·ͨ͠ɻ 2."اۀ਺ ݅ 2P2ɹ:P: 2*10اۀ਺ ݅
2P2 ɹ:P: 2 2 2 2 2 2 2 2 2 *10اۀ਺ʢ݅਺ʣ ."اۀ਺ʢ݅਺ʣ ɹถࠃࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

7$ࢧԉاۀ*10࢛൒ظਪҠ 7$͔Βࢿۚௐୡͨ͠اۀͷ্৔͸ɺ#SFYJUͱถࠃେ౷ྖબڍͳ ͲͷӨڹ΋͋ΓɺϘϥςΟϦςΟ͕ߴ͍݁ՌͱͳΓ·ͨ͠ɻ 2*10ࢿۚௐୡֹ ԯυϧ 2P2 ɹ:P: 2*10اۀ਺ ݅
2P2 ɹ:P: 2 2 2 2 2 2 2 2 2 *10ௐୡֹʢԯυϧʣ *10اۀ਺ʢ݅਺ʣ ɹถࠃࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظ7$ࢧԉاۀ*10 اۀ໊ ஍Ҭ *10೔ *10ௐୡֹ ෼໺ 5XJMJP αϯϑϥϯγεί ݄೔
ԯ ສυϧ Ϋϥ΢υ *OUFMMJB5IFSBQFVUJDT έϯϒϦοδ ݄೔ ԯສυϧ όΠΦ "DBDJB$PNNVOJDBUJPOT ϝΠφʔυ ݄೔ ԯສυϧ ௨৴ ্ҐࣾΛ߹ΘͤΔͱɺ*10Ͱ৽ͨʹԯ ສυϧΛ͢Δ ݁ՌͱͳΓ·ͨ͠ɻ*10ʹΑΔ࠷େௐୡֹ͸ɺ5XJMJPͷԯ ສυϧͰͨ͠ɻ ɹถࠃࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

7$ࢧԉاۀ."࢛൒ظਪҠ લ࢛൒ظͱൺ΂Δͱɺ."اۀ਺͸ݮগ͠·͕ͨ͠ɺ." ֹ͸૿Ճ͠·ͨ͠ɻ 2."ֹ ԯυϧ 2P2 ɹ:P: 2."اۀ਺
݅ 2P2ɹ:P: 2 2 2 2 2 2 2 2 2 ."ֹʢԯυϧʣ ."اۀ਺ʢ݅਺ʣ ɹถࠃࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظ7$ࢧԉاۀ." اۀ໊ ஍Ҭ ."೔ ."ֹ ෼໺ ."ઌ 4UFNDFOUSY αϯϑϥϯγεί
݄೔ ԯυϧ όΠΦ "CC7JF %BOBM αϯϊθ ݄೔ ԯ ສυϧ ܾࡁ #BOHP $SVJTF"VUPNBUJPO αϯϑϥϯγεί ݄೔ ԯυϧ ࣗಈं (FOFSBM.PUPST ্ҐࣾΛ߹ΘͤΔͱɺ."ֹ͸ԯ ສυϧͱͳΓ ·ͨ͠ɻ."ʹΑΔ࠷େΠάδοτ͸ɺ4UFNDFOUSYͰ ԯυϧͰͨ͠ɻ ɹถࠃࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

ɹԤभࢿۚௐୡ֓ཁ Ԥभࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

ԯ ɹԤभࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB
4FQUUI

ୈ࢛൒ظ ೥݄ʙ೥݄ ϋΠϥΠτ ࢿۚௐୡֹ͸૿͑Δ΋ɺ౤ࢿ݅਺͸ݮগ ૯ׅ εςʔδ 7$ϑΝϯυ ⬛ɹࢿۚௐୡ݅਺͸૿Ճ ɹࢿۚௐୡֹ͸೥ୈ࢛൒ظҎདྷ͸͡ΊͯԯυϧΛԼճΔ
⬛ɹΞʔϦʔεςʔδͷࢿۚௐୡ͕૿Ճ ɹϨΠλʔεςʔδͷࢿۚௐୡ͕ݮগ ⬛ɹϢχίʔϯاۀ͸ถࠃ͔Βࣾ஀ੜ ɹ7$͸ϑΝϯυ͕ԯυϧΛࢿۚௐୡ ⬛ɹ৽ϑΝϯυ૊੒਺ɺࢿۚௐୡֹͱ΋ʹɺલ೥ൺΑΓ΋૿Ճ ɹ"OESFFTTFO)PSPXJU[͕ݗҾ ஍Ҭ ɹԤभࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

ࢿۚௐୡ࢛൒ظਪҠ ౤ࢿ݅਺͸࢛൒ظ࿈ଓͰݮগ܏޲Ͱ͕ͨ͠ɺࠓ࢛൒ظ͸ඍ૿ ͠·ͨ͠ɻ͔͠͠ɺࢿۚௐୡֹ͸ɺେܕࢿۚௐୡ͕ͳ͔ͬͨ͜ ͱ΋͋ΓɺԯυϧΛԼճΓ·ͨ͠ɻ 2ࢿۚௐୡֹ ԯυϧ 2P2ɹ:P: 2౤ࢿ݅਺
݅ 2P2 ɹ:P: 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH ,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT +VMZUI ɹԤभࢿۚௐୡ֓ཁ 2 2 2 2 2 2 2 2 2 ౤ࢿֹۚ ԯυϧ ౤ࢿ݅਺ ݅ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

εςʔδผࢿۚௐୡ࢛൒ظਪҠ ΤϯδΣϧɾγʔυ΁ͷ౤ࢿ͸ɺ೥ୈ࢛൒ظͰେ෯ʹݮ গ͠·͕ͨ͠ɺ෮ௐ͠·ͨ͠ɻͦͷଞͷεςʔδ͸ɺඍݮͱͳ Γ·ͨ͠ɻ ʢ୯Ґɿʣ ɹԤभࢿۚௐୡ֓ཁ 4PVSDF7FOUVSF1VMTF 2 (MPCBM"OBMZTJTPG7FOUVSF'VOEJOH
,1.(*OUFSOBUJPOBMBOE$#*OTJHIUT EBUBQSPWJEFECZ$#*OTJHIUT +VMZUI γϦʔζ" ΤϯδΣϧɾγʔυ શମͷ શମͷ 2P2QUɹ:P:QU 2P2 QUɹ:P: QU 2 2 2 2 2 γʔυɾΤϯδΣϧ γϦʔζ" γϦʔζ# γϦʔζ$ γϦʔζ% γϦʔζ& ͦͷଞ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

෼໺ผࢿۚௐୡ࢛൒ظਪҠ Πϯλʔωοτ΁ͷ౤ࢿ͸ɺલ࢛൒ظΑΓݮগ͠·͕ͨ͠ɺফ අࡒ෼໺΁ͷ౤ࢿ͸લ࢛൒ظΑΓϙΠϯτ্ঢ͠ɺશମͷ Λ઎Ί·ͨ͠ɻ ফඅࡒ Πϯλʔωοτ ʢ୯Ґɿʣ 2P2 QUɹ:P:
QU 2P2QUɹ:P: QU શମͷ શମͷ ɹԤभࢿۚௐୡ֓ཁ 2 2 2 2 2 Πϯλʔωοτ ##ɾۚ༥ ϔϧεέΞ ίϯγϡʔϚʔαʔϏε ফඅࡒ ΤωϧΪʔ ޻ۀ੡඼ɾૉࡐ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

෼໺ผࢿۚௐୡֹ࢛൒ظਪҠ Πϯλʔωοτɺফඅࡒ΁ͷ౤ࢿ͸ɺલ࢛൒ظͱൺ΂ͯ૿Ճ͠ ·ͨ͠ɻҰํɺ##ɾۚ༥ɺϔϧεέΞ΁ͷ౤ࢿ͸ɺલ࢛൒ظ ΑΓ΋ݮগ͠·ͨ͠ɻ ϔϧεέΞ Πϯλʔωοτ 2P2QUɹ:P: QU 2P2
QUɹ:P:QU ʢ୯Ґɿʣ શମͷ શମͷ ɹԤभࢿۚௐୡ֓ཁ 2 2 2 2 2 Πϯλʔωοτ ##ɾۚ༥ ϔϧεέΞ ίϯγϡʔϚʔαʔϏε ফඅࡒ ΤωϧΪʔ ޻ۀ੡඼ɾૉࡐ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظ஍Ҭผࢿۚௐୡ ೥ୈ࢛൒ظ஍Ҭผࢿۚௐୡֹ ɹԤभࢿۚௐୡ֓ཁ ӳࠃ ϑϥϯε υΠπ εϖΠϯ ͦͷଞ
ࢿۚௐୡ݅਺ʢ݅ʣ ӳࠃ ϑϥϯε υΠπ εϖΠϯ ͦͷଞ ࢿۚௐୡֹʢԯυϧʣ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظࢿۚௐୡ্Ґ ୈ࢛൒ظͰ࠷େͷࢿۚௐୡΛ࣮ࢪͨ͠اۀ͸ɺ(MPCBM'BTIJPO (SPVQͰԯϢʔϩҎ্ͷࢿۚΛूΊ·ͨ͠ɻ اۀ໊ εςʔδ ࢿۚௐୡֹ όϦϡΤʔγϣϯ ओͳ౤ࢿՈ (MPCBM'BTIJPO(SPVQ
γϦʔζ$ ԯ ສϢʔϩ ԯ ສϢʔϩ ʢϓϨϚωʔʣ 3PDLFU*OUFSOFU 'BS'FUDI γϦʔζ' ԯ ສυϧ ԯ ສυϧ ʢϓϨϚωʔʣ &VSB[FP *%($BQJUBM1BSUOFST 5FNBTFL "NCBUBOB)PMEJOH#7 -FUHP γϦʔζ# ԯυϧ /BTQFST "DDFM1BSUOFST 'JEFMJUZ(SPXUI1BSUOFST &VSPQF /FX&OUFSQSJTF"TTPDJBUFT .BYJ.PCJMJUZ ϕϯνϟʔ ສυϧ 4PVOE$MPVE γϦʔζ& ສυϧ ԯ ສυϧ ʢϓϨϚωʔʣ 5XJUUFS7FOUVSFT '( γϦʔζ$ ສυϧ 4FDUPSBM"TTFU.BOBHFNFOU "$*NNVOF γϦʔζ& ສυϧ +PCBOEUBMFO γϦʔζ# ສυϧ "UPNJDP /&95IJOL γϦʔζ& ສυϧ )JHIMBOE$BQJUBM1BSUOFST&VSPQF / /VNCFS γϦʔζ# ສυϧ )PSJ[POT7FOUVSFT /FYFPO ϕϯνϟʔ ສϢʔϩ *NQFSJBM*OOPWBUJPOT *OWFTDP"TTFU.BOBHFNFOU 8PPEGPSE*OWFTUNFOU.BOBHFNFOU ɹԤभࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظ7$౤ࢿ݅਺ ถࠃͷελʔτΞοϓʹ࠷΋ଟ͘౤ࢿͨ͠ϕϯνϟʔΩϟϐλ ϧ͸ɺ#QJGSBODFͰ݅ͱͳΓ·ͨ͠ɻ )JHI5FDI(SVFOEFSGPOET ݅ #QJGSBODF ݅ ɹԤभࢿۚௐୡ֓ཁ
#QJGSBODF )JHI5FDI(SVFOEFSGPOET &OUFSQSJTF*SFMBOE 4DPUUJTI&OUFSQSJTF #BZFSO,BQJUBM FWFOUVSFT 1PJOU/JOF ,JNB7FOUVSFT ౤ࢿ݅਺ʢ݅ʣ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

7$ࢿۚௐୡ࢛൒ظਪҠ ͷϑΝϯυͰԯϢʔϩͷࢿ͕ۚू·Γ·͕ͨ͠ɺલ࢛൒ ظʹൺ΂Δͱɺେ෯ʹݮগ͠·ͨ͠ɻಛʹɺϑΝϯυ਺͸લ࢛ ൒ظൺݮগ͠·ͨ͠ɻ 2ࢿۚௐୡֹ ԯϢʔϩ 2P2ɹ:P: 2ϑΝϯυ਺
݅ 2P2ɹ:P: ɹԤभࢿۚௐୡ֓ཁ 2 2 2 2 2 2 2 2 2 ౤ࢿֹۚ ԯϢʔϩ ϑΝϯυ਺ ݅ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظ7$ࢿۚௐୡ ࠷΋ϑΝϯυن໛ͷେ͖͔ͬͨ΋ͷ͸ɺ&257FOUVSFT͕૊੒͠ ͨϑΝϯυͰͨ͠ɻશମͷࢿۚௐୡֹͷ͏ͪɺΛ઎Ί·͠ ͨɻ 7$໊ ϑΝϯυ໊ ࢿۚௐୡֹ ओͳ౤ࢿ࣮੷ &257FOUVSFT
&257FOUVSFT ԯϢʔϩ )PMJEV 3JTLNFUIPET .JO%PLUPS "DDFM1BSUOFST "DDFM-POEPO7 ԯϢʔϩ 4QPUJGZ 4VQFSDFMM 3PDLFU*OUFSOFU 3PDLFU*OUFSOFU$BQJUBM1BSUOFST4$4 ԯϢʔϩ (MPCBM'BTIJPO(SPVQ )PNF ɹԤभࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

7$ࢧԉاۀ&9*5࢛൒ظਪҠ ."اۀ਺͸લ࢛൒ظʹൺ΂ͯݮগ͠·͕ͨ͠ɺલ೥ൺͰ ૿Ճ͠·ͨ͠ɻҰํɺ*10اۀ਺͸લ࢛൒ظͷٸܹͳམͪ ࠐΈ͔Βճ෮͠·͕ͨ͠ɺલ೥ʹൺ΂ͯେ෯ʹԼམ͠·ͨ͠ɻ 2."اۀ਺ ݅ 2P2ɹ:P:
2*10اۀ਺ ݅ 2P2 ɹ:P: ɹԤभࢿۚௐୡ֓ཁ 2 2 2 2 2 2 2 2 2 *10اۀ਺ʢ݅਺ʣ ."اۀ਺ʢ݅਺ʣ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

7$ࢧԉاۀ*10࢛൒ظਪҠ 7$͔Βࢿۚௐୡͨ͠اۀͷ*10͸ɺલ࢛൒ظʹൺ΂ͯେ෯ʹ૿ Ճ͠·ͨ͠ɻ*10ʹΑΔௐୡֹ͸ɺ೥ୈ࢛൒ظͷԯϢʔ ϩ͔Β্ঢ͠ɺԯϢʔϩͱͳΓ·ͨ͠ɻ 2*10ࢿۚௐୡֹ ԯϢʔϩ 2P2 ɹ:P: 2*10اۀ਺
2P2 ɹ:P: ɹԤभࢿۚௐୡ֓ཁ ݅ 2 2 2 2 2 2 2 2 2 *10ௐୡֹ ԯϢʔϩ *10اۀ਺ ݅ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظ7$ࢧԉاۀ*10 اۀ໊ ࠃ ্৔೔ ্৔ࢿۚௐୡֹ ෼໺ .FSVT Φϥϯμ ݄೔
ສϢʔϩ ࣏ྍ 8JMTPO5IFSBQFVUJDT ε΢Σʔσϯ ݄೔ ສϢʔϩ ࣏ྍ %JSFDUB1MVT ΠΪϦε ݄೔ ສϢʔϩ ૉࡐ ্ҐࣾΛ߹ΘͤΔͱɺ্৔ʹΑͬͯԯ ສϢʔϩΛ ৽ͨʹௐୡ͠·ͨ͠ɻ.FSVTͷ ສϢʔϩ͕࠷େͱͳ Γ·ͨ͠ɻ ɹԤभࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

೥ୈ࢛൒ظ7$ࢧԉاۀ." اۀ໊ ஍Ҭ ."೔ ."ֹ ෼໺ ."ઌ 8JUIJOHT ΠογʔɾϨɾϜϦϊʔ
ʢϑϥϯεʣ ݄೔ ԯ ສϢʔϩ εϚʔτ΢Υον /PLJB 5JDLFUCJT ϏϧόΦ ʢεϖΠϯʣ ݄೔ ԯ ສϢʔϩ νέοτ F#BZ -JGFBMJLF ʢPOFpOFTUBZʣ ϩϯυϯ ʢΠΪϦεʣ ݄೔ ԯ ສϢʔϩ ߴڃຽധ "DDPS ্ҐࣾΛ߹ΘͤΔͱɺ."ֹ͸ԯ ສυϧͱͳΓ ·ͨ͠ɻ."ʹΑΔ࠷େΠάδοτ͸ɺ4UFNDFOUSYͰ ԯυϧͰͨ͠ɻ ɹԤभࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

ɹτϐοΫε τϐοΫε $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

৽Ϣχίʔϯ࢛൒ظਪҠ ೥ୈ࢛൒ظ͸ɺϢχίʔϯاۀ಺ͰϨΠΦϑ΍όϦϡΤʔ γϣϯͷ௿ԼͳͲ͕ࡍཱͪ·ͨ͠ɻ஍ҬผͰ͸ɺ๺ถͷϢχίʔ ϯاۀʹର͢Δ౤ࢿ͕લ೥ൺʹൺ΂ͯԼམ͠·ͨ͠ɻ 2๺ถ ݅ 2P2 ɹ:P: 2৽Ϣχίʔϯاۀ
2P2 ɹ:P: ݅ ɹ৽Ϣχίʔϯࢿۚௐୡ֓ཁ ʢ୯Ґɿ݅ʣ 2 2 2 2 2 ๺ถ ΞδΞ Ԥभ த౦ ΞϑϦΧ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

ୈ࢛൒ظ৽Ϣχίʔϯࢿۚௐୡ ஍Ҭ͸ɺΞϝϦΧͱதࠃʹूத͠·ͨ͠ɻੵΈ্͛ܕͷϏδω εϞσϧͰண࣮ʹ੒ՌΛ৳͹͢ɺ##ͷϏδωε͕ଟ͍܏޲ͱ ͳΓ·ͨ͠ɻ اۀ໊ ϥ΢ϯυ ࢿۚௐୡֹ όϦϡΤʔγϣϯ ஍Ҭʢࠃʣ
ࢢ৔ ౤ࢿՈ )VNBO-POHFWJUZ γϦʔζ# ԯ ສυϧ ԯυϧ ๺ถʢΞϝϦΧʣ ϔϧεέΞ *MMVNJOB *DBSCPOY γϦʔζ" ສυϧ ԯυϧ ΞδΞʢதࠃʣ ϔϧεέΞ $IJOB#SJEHF$BQJUBM 5FODFOU "HFPG-FBSOJOH ϕϯνϟʔ ԯ ສυϧ ԯυϧ ๺ถʢΞϝϦΧʣ ڭҭ *DPOJR$BQJUBM ;PPY γϦʔζ" ԯυϧ ԯυϧ ๺ถʢΞϝϦΧʣ ࣗಈं %'+ -VY$BQJUBM #MBDLCJSE7FOUVSFT (MBTTEPPS γϦʔζ) ສυϧ ԯυϧ ๺ถʢΞϝϦΧʣ )3 53PXF1SJDF 5JHFS(MPCBM .BOBHFNFOU (PPHMF$BQJUBM $ZMBODF γϦʔζ% ԯυϧ ԯυϧ ๺ถʢΞϝϦΧʣ ηΩϡϦςΟ #MBDLTUPOF5BDUJDBM0QQPSUVOJUJFT %'+ ,IPTMB7FOUVSFT 4.4"TTJTU γϦʔζ% ԯ ສυϧ ԯυϧ ๺ถʢΞϝϦΧʣ 4BB4 (PMENBO4BDIT .PGBOH(POHZV γϦʔζ$ ԯυϧ ԯυϧ ΞδΞʢதࠃʣ ෆಈ࢈ "7*$5SVTU 8BSCVSH1JODVT -JFQJO γϦʔζ% ԯυϧ ԯυϧ ΞδΞʢதࠃʣ )3 $IJOB.PCJMF*OOPWBUJPO*OEVTUSZ'VOE .BUSJY1BSUOFST ɹ৽Ϣχίʔϯࢿۚௐୡ֓ཁ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

ถࠃ*10࢛൒ظਪҠ 1&ͱ7$Λ߹Θͤͨ*10اۀ਺ͷಈ޲͸ɺ#SFYJUͱถࠃେ౷ྖબ ڍͳͲͷӨڹ΋͋ΓɺϘϥςΟϦςΟ͕ߴ͍݁ՌͱͳΓ·͠ ͨɻ 2ࢿۚௐୡֹ ԯυϧ 2P2 ɹ:P: 2*10اۀ਺
݅ 2P2 ɹ:P: 4PVSDF64*10.BSLFU 22VBSUFSMZ3FWJFX 3FOBJTTBODF$BQJUBM EBUBQSPWJEFECZ3FOBJTTBODF$BQJUBM*10*OUFMMJHFODF +VOFUI ɹ1&7$ถࠃ*10ಈ޲ 2 2 2 2 2 2 2 2 2 ࢿۚௐୡֹ ԯυϧ ্৔اۀ਺ ݅ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

1&7$ผ্৔اۀ਺࢛൒ظਪҠ 2 2 2 2 2 2 2 2
2 1& 7$ 1&7$ผ্৔ࢿۚௐୡֹ࢛൒ظਪҠ 4PVSDF64*10.BSLFU 22VBSUFSMZ3FWJFX 3FOBJTTBODF$BQJUBM EBUBQSPWJEFECZ3FOBJTTBODF$BQJUBM*10*OUFMMJHFODF +VOFUI 2 2 2 2 2 2 2 2 2 1& 7$ ɹ1&7$ถࠃ*10ಈ޲ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

ୈ࢛൒ظ*10ύϑΥʔϚϯε اۀ໊ ্৔೔ ্৔ࢿۚௐୡֹ ࢢ৔۠෼ *10Ϧλʔϯ *10ެ։্࣌ঢ཰ 5XJMJP ݄೔
ԯ ສυϧ *5 3FBUB1IBSNBDFVUJDBMT ݄೔ ສυϧ ϔϧεέΞ "DBDJB$PNNVOJDBUJPOT ݄೔ ԯສυϧ *5 4JUF0OF-BOETDBQF4VQQMZ ݄೔ ԯ ສυϧ ίϯγϡʔϚʔ 4ZSPT1IBSNBDFVUJDBMT ݄೔ ສυϧ ϔϧεέΞ (MPCBM8BUFS3FTPVSDFT ݄೔ ສυϧ ϢʔςΟϦςΟʔ #BUT(MPCBM.BSLFUT ݄೔ ԯ ສυϧ ۚ༥ "NFSJDBO3FOBM"TTPDJBUFT ݄೔ ԯ ສυϧ ϔϧεέΞ .(.(SPXUI1SPQFSUJFT ݄೔ ԯ ສυϧ ۚ༥ *OUFMMJB5IFSBQFVUJDT ݄೔ ԯສυϧ ϔϧεέΞ 5XJMJP͸ɺ*10ެ։ॳ೔ʹ࠷େ·Ͱ্ঢ͠ɺ೥݄ Ҏདྷͷաڈ࠷ߴͷ্ঢ཰Λه࿥͠·ͨ͠ɻ ɹ1&7$ถࠃ*10ಈ޲ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE 4PVSDF7FOUVSF*OTJHIU 2 1FEJB/FXT EBUBQSPWJEFECZ1FEJB 4FQUUI

ஶऀ ࡔ্੟ಸɹ!TFJOBT@@@ w ೥ੜ·Ε w ೥ܚጯٛक़େֶ؀ڥ৘ใֶ෦ଔۀ w ೥גࣜձࣾύϯΧΫೖࣾ w
ύϯΧΫʹͯΞϓϦاըɾ։ൃɾӡӦͳͲ w ೥."Ͱגࣜձࣾίϩϓϥʹࢀը w ίϩϓϥͰήʔϜΞϓϦاըɾ։ൃɾӡӦɺܦӦاըɾϝσΟΞӡӦͳͲ w ೥͔͋͢ϗʔϧσΟϯάεגࣜձࣾೖࣾ w גࣜձ͓ࣾۚͷσβΠϯͷ্ཱͪ͛ɺϕϯνϟʔ౤ࢿࢧԉ w ೥Πʔετϕϯνϟʔζגࣜձࣾೖࣾ w ೥݄ɹΠʔετϕϯνϟʔζ&*3ͰελʔτΞοϓͱ7$ͷͨΊͷχϡʔεϝ σΟΞʮ1FEJB/FXTʯΛϦϦʔε $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

͋Γ͕ͱ͏͍͟͝·ͨ͠ɻ $ 4FJOB4BLBVF"MM3JHIUT3FTFSWFE

2Q 2016 Venture Insight Report @seinas___ #pedia

2Q 2016 Venture Insight Report @seinas___ #pedia

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