{
  "commentary": "## 創業者・崎谷文雄氏個人保有が中核を成す同族支配構造\n\nローツェの株主構成は、創業者・崎谷文雄氏（1945年4月生）が個人で発行済株式の大部分を保有する同族支配構造として特徴的である。FY24（2025年2月期）時点で崎谷文雄氏は61,942,000株（取締役相談役・大株主）、創業期からの幹部・藤井修逸氏（1948年8月生、株式会社アドテック創業者でローツェの創業初期に合流）が52,000株、現社長・藤代祥之氏（崎谷文雄氏の娘婿、1980年3月生）が5,276,000株を保有している。創業家とその姻族による持株が中心で、創業から40年経過後も同族支配構造が維持されている。\n\n## 海外機関投資家の比率上昇と同族構造の維持\n\n2016年8月の東証一部指定、2022年4月のプライム市場移行を経て、ローツェは半導体ウエハ搬送ロボット世界トップシェアメーカーとして外国機関投資家の保有比率が上昇した。AI・先端半導体需要の世界的拡大を背景に、半導体製造装置サプライヤーへの海外投資マネー流入が同社株式にも反映されている。だが創業者・崎谷文雄氏の個人保有比率の高さから、機関投資家比率の上昇は限定的で、同族支配構造は維持されている。\n\n## 株主構成の歴史的読み解き\n\nローツェの株主構成史は、創業者・崎谷文雄氏が1985年3月に広島県福山市で資本金1,000万円のモータ制御機器開発会社として始め、創業期からの技術中核（ロボット設計）を自社で抱え込みつつ世界市場に展開してきた、ベンチャー型成長企業の典型を示す。1997年12月の日本証券業協会店頭登録、2004年12月のジャスダック上場、2016年1月の東証二部市場変更、2016年8月の一部指定、2022年4月のプライム移行と公開市場区分が段階的に上昇したが、創業者個人の持株は希薄化されることなく維持されてきた。\n\n崎谷文雄氏は2025年2月時点で取締役相談役の地位にあり、経営の第一線からは退いた。現任の代表取締役社長・藤代祥之氏は崎谷氏の娘婿で、ローツェ入社後に経営層へ昇進し、創業家の第二世代承継を担っている。創業者個人保有の集中型構造のなか、第二世代承継が姻族（娘婿）によって果たされた点は、日本のベンチャー企業の同族承継としては独特の形式である。",
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 1,
      "name": "崎 谷 文 雄",
      "shareholding_ratio": 39.53,
      "shares_held": 6974200
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 2,
      "name": "藤 代 祥 之",
      "shareholding_ratio": 4.18,
      "shares_held": 737600
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 3,
      "name": "日本トラスティ・サービス信託銀行株式会社(信託口)",
      "shareholding_ratio": 2.41,
      "shares_held": 425300
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 4,
      "name": "株式会社中国銀行",
      "shareholding_ratio": 1.81,
      "shares_held": 320000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 5,
      "name": "日本マスタートラスト信託銀行株式会社(信託口)",
      "shareholding_ratio": 1.8,
      "shares_held": 318400
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 6,
      "name": "河原 栄",
      "shareholding_ratio": 1.25,
      "shares_held": 220900
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 7,
      "name": "株式会社ジャフコ",
      "shareholding_ratio": 1.13,
      "shares_held": 200000
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 8,
      "name": "大和証券株式会社",
      "shareholding_ratio": 0.95,
      "shares_held": 168800
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 9,
      "name": "ローツェ従業員持株会",
      "shareholding_ratio": 0.86,
      "shares_held": 153100
    },
    {
      "FY": "FY15",
      "period": "2016/2",
      "rank": 10,
      "name": "日本証券金融株式会社",
      "shareholding_ratio": 0.73,
      "shares_held": 130000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 1,
      "name": "崎谷 文雄",
      "shareholding_ratio": 35.56,
      "shares_held": 6274200
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口）",
      "shareholding_ratio": 8.74,
      "shares_held": 1541800
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 3,
      "name": "藤代 祥之",
      "shareholding_ratio": 4.18,
      "shares_held": 737600
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 4,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 2.57,
      "shares_held": 453500
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 5,
      "name": "株式会社中国銀行",
      "shareholding_ratio": 1.81,
      "shares_held": 320000
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 6,
      "name": "河原 栄",
      "shareholding_ratio": 1.25,
      "shares_held": 220900
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 7,
      "name": "大和証券株式会社",
      "shareholding_ratio": 1.05,
      "shares_held": 185400
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 8,
      "name": "BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱東京UFJ銀行）",
      "shareholding_ratio": 0.98,
      "shares_held": 173900
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 9,
      "name": "松井証券株式会社",
      "shareholding_ratio": 0.84,
      "shares_held": 149500
    },
    {
      "FY": "FY16",
      "period": "2017/2",
      "rank": 10,
      "name": "資産管理サービス信託銀行株式会社（証券投資信託口)",
      "shareholding_ratio": 0.74,
      "shares_held": 132000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 1,
      "name": "崎谷 文雄",
      "shareholding_ratio": 35.56,
      "shares_held": 6274200
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口）",
      "shareholding_ratio": 9.32,
      "shares_held": 1644500
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 3,
      "name": "藤代 祥之",
      "shareholding_ratio": 4.18,
      "shares_held": 737600
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 4,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 2.36,
      "shares_held": 416500
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 5,
      "name": "株式会社中国銀行",
      "shareholding_ratio": 1.81,
      "shares_held": 320000
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 6,
      "name": "大和証券株式会社",
      "shareholding_ratio": 1.35,
      "shares_held": 238700
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 7,
      "name": "河原 栄",
      "shareholding_ratio": 1.25,
      "shares_held": 220900
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口5）",
      "shareholding_ratio": 1.06,
      "shares_held": 188400
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 9,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口2）",
      "shareholding_ratio": 0.84,
      "shares_held": 149100
    },
    {
      "FY": "FY17",
      "period": "2018/2",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口1）",
      "shareholding_ratio": 0.75,
      "shares_held": 133300
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 1,
      "name": "崎谷 文雄",
      "shareholding_ratio": 36.3,
      "shares_held": 6274200
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口）",
      "shareholding_ratio": 11.86,
      "shares_held": 2050900
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 3,
      "name": "藤代 祥之",
      "shareholding_ratio": 4.26,
      "shares_held": 737600
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 4,
      "name": "株式会社中国銀行",
      "shareholding_ratio": 1.85,
      "shares_held": 320000
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 5,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 1.66,
      "shares_held": 287900
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 6,
      "name": "河原 栄",
      "shareholding_ratio": 1.27,
      "shares_held": 220900
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 7,
      "name": "大和証券株式会社",
      "shareholding_ratio": 1.16,
      "shares_held": 201400
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口5）",
      "shareholding_ratio": 1,
      "shares_held": 173800
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 9,
      "name": "JP MORGAN CHASE BANK 385151 （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 0.71,
      "shares_held": 123419
    },
    {
      "FY": "FY18",
      "period": "2019/2",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口1）",
      "shareholding_ratio": 0.7,
      "shares_held": 121700
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 1,
      "name": "崎谷 文雄",
      "shareholding_ratio": 36.31,
      "shares_held": 6274200
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 2,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口）",
      "shareholding_ratio": 8.57,
      "shares_held": 1481400
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 3,
      "name": "藤代 祥之",
      "shareholding_ratio": 4.27,
      "shares_held": 737600
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 4,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 3.56,
      "shares_held": 615100
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 5,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/ JASDEC/FIM/LUXEMBOURG FUNDS/ UCITS ASSETS （常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 3.12,
      "shares_held": 540000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 6,
      "name": "株式会社中国銀行",
      "shareholding_ratio": 1.85,
      "shares_held": 320000
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 7,
      "name": "野村證券株式会社",
      "shareholding_ratio": 1.45,
      "shares_held": 250544
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行株式会社（信託口5）",
      "shareholding_ratio": 1.03,
      "shares_held": 177800
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 9,
      "name": "大和証券株式会社",
      "shareholding_ratio": 0.9,
      "shares_held": 155900
    },
    {
      "FY": "FY19",
      "period": "2020/2",
      "rank": 10,
      "name": "SMBC日興証券株式会社",
      "shareholding_ratio": 0.77,
      "shares_held": 132400
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 1,
      "name": "崎谷 文雄",
      "shareholding_ratio": 36.31,
      "shares_held": 6274200
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 2,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 5.37,
      "shares_held": 928500
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 3,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 5.26,
      "shares_held": 909000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 4,
      "name": "藤代 祥之",
      "shareholding_ratio": 4.27,
      "shares_held": 737600
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 5,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/ JASDEC/FIM/LUXEMBOURG FUNDS/ UCITS ASSETS （常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 3.21,
      "shares_held": 555000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 6,
      "name": "株式会社日本カストディ銀行（信託口9）",
      "shareholding_ratio": 1.94,
      "shares_held": 335400
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 7,
      "name": "株式会社中国銀行",
      "shareholding_ratio": 1.85,
      "shares_held": 320000
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 8,
      "name": "GOVERNMENT OF NORWAY （常任代理人 シティバンク、 エヌ・エイ東京支店 セキュリティーズ業務部長）",
      "shareholding_ratio": 1.56,
      "shares_held": 269900
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 9,
      "name": "J.P. MORGAN BANK LUXEMBOURG S.A. 380578 （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.56,
      "shares_held": 269600
    },
    {
      "FY": "FY20",
      "period": "2021/2",
      "rank": 10,
      "name": "RE FUND 116-CLIENT AC （常任代理人 シティバンク、 エヌ・エイ東京支店 セキュリティーズ業務部長）",
      "shareholding_ratio": 1.01,
      "shares_held": 174100
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 1,
      "name": "崎谷 文雄",
      "shareholding_ratio": 35.84,
      "shares_held": 6194200
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 10.61,
      "shares_held": 1833100
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 3,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 5.04,
      "shares_held": 871400
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 4,
      "name": "藤代 祥之",
      "shareholding_ratio": 4.27,
      "shares_held": 737600
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 5,
      "name": "BNP PARIBAS SECURITIES SERVICES LUXEMBOURG/ JASDEC/FIM/LUXEMBOURG FUNDS/ UCITS ASSETS （常任代理人 香港上海銀行東京支店 カストディ業務部）",
      "shareholding_ratio": 2.03,
      "shares_held": 350000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 6,
      "name": "THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.9,
      "shares_held": 329060
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 7,
      "name": "株式会社中国銀行",
      "shareholding_ratio": 1.85,
      "shares_held": 320000
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 8,
      "name": "J.P. MORGAN BANK LUXEMBOURG S.A. 381572 （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 1.37,
      "shares_held": 236100
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 9,
      "name": "STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人 株式会社みずほ銀行決済営業部）",
      "shareholding_ratio": 0.8,
      "shares_held": 138100
    },
    {
      "FY": "FY21",
      "period": "2022/2",
      "rank": 10,
      "name": "中銀リース株式会社",
      "shareholding_ratio": 0.69,
      "shares_held": 120000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 1,
      "name": "崎谷 文雄",
      "shareholding_ratio": 35.84,
      "shares_held": 6194200
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 12.28,
      "shares_held": 2121300
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 3,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 5.29,
      "shares_held": 913400
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 4,
      "name": "藤代 祥之",
      "shareholding_ratio": 4.27,
      "shares_held": 737600
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 5,
      "name": "株式会社中国銀行",
      "shareholding_ratio": 1.85,
      "shares_held": 320000
    },
    {
      "FY": "FY22",
      "period": "2023/2",
      "rank": 6,
      "name": "J.P. MORGAN BANK LUXEMBOURG S.A.381572 (常任代理人 株式会社みずほ銀行 決済営業部)",
      "shareholding_ratio": 1.64,
      "shares_held": 284100
    },
    {
      "FY": "FY22",
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