スポーツチームの価値評価は，一般の事業会社に比較するとはるかに難しい．それが困難性を有する最大の原因は，スポーツチームの価値が，移籍や

に関して選手あるいはチームが有する選択権，上位大会への進出の有無による年間試合数の変動，上位リーグへの昇格や下位リーグへの降格の可能性等に依存するからである．このような認識の下，本研究では，代表的な価値評価手法であるＤＣＦ法によっては評価が難しい上記の諸要素の価値を，オプション価格モデルを用いて算定することを最終的な目的とした．その第１段階として本年度は，キャッシュフローの時間的パターン，リスクの種類や時間的推移，意思決定の柔軟性の性質や程度等の基準により，上記の諸要素をいくつかのパターンに類型化するとともに，これまでに発表されてきたオプション価格モデルの中から，チームの価値評価に貢献する可能性のあるモデルを抽出した．

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The purpose of this study is to clarify the process of labor negotiation by Japan Professional Baseball Players Association in order to capture the change of the status of the players, who are the important persons concerned in the professional baseball world. This article focuses the period from 1985, when the Japan Professional Baseball Players Association （JPBPA） was established to 1993, when a free agent （FA） system was introduced. Recognized as a labor union by the Labor Relations Commission, the JPBPA obtained their legal right that they could negotiate with the Nippon Professional Baseball organization （NPB）. As a result, the JPBPA succeeded in the improvement of the working conditions as they had wished since its foundation. In addition, JPBPA managed to reach the introduction of the FA system, which permits the freedom of the transfer of the player. However, due to the interest of each baseball clubs the players as combatant could not involve in decision making directly. As a result, the introduced FA system was different from the system that the JPBPA required in 1991, and limited players could exercise the right. However, the introduction of the FA system could be regarded as an epoch－making, in that it enables the players to negotiate with the baseball clubs equally viewpoint with the NPB by the freedom of the transfer of players being permitted. Furthermore, we should pay attention to having gained such rights by the JPBPA under the condition which the NPB seems to lead the process of the negotiation.

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