{
  "commentary": "## 創業者一族の資産管理会社による集中保有構造（FY24・2025年3月期）\n\nFY24の大株主上位は、株式会社日本クリエイトが60,299,000株（38.42%）の筆頭で、続いて日本マスタートラスト信託銀行（信託口）9.85%、日本カストディ銀行（信託口）3.41%、ゼンショーグループ社員持株会1.77%、ステート・ストリート・バンク等の外国系信託口が並ぶ。株式会社日本クリエイトは創業者・小川賢太郎氏の資産管理会社で、創業者個人保有から法人保有へ集約が進んだ結果である。前期FY23（2024年3月期）時点では小川賢太郎・小川一政・小川洋平の創業家3名が個人で各2.0%前後を直接保有していたが、FY24では創業家3名の個人保有は表示されなくなった一方で日本クリエイトが前期33.33%→38.42%へ拡大し、信託銀行2口で13.26%、社員持株会1.77%を加えて、上位3区分で53.45%を占める集中型構造となっている。\n\n## 所有者別構成と外国法人比率の推移\n\nFY24の所有者別構成は、その他の法人39.3%・個人その他32.1%・金融機関14.2%・外国法人等（法人）13.6%・金融商品取引業者0.7%である。創業者の資産管理会社による「その他の法人」区分が支配的で、外国法人比率は13.6%と東証プライム上場大手としては中位水準。前期FY23の個人その他38.2%と比較すると、創業家個人保有から日本クリエイト経由への移管が「その他の法人」区分の比率上昇に表れている。株主総数はFY23の128,499名からFY24の117,785名へ約1万名減少し、株式併合・自己株式取得等の影響と推定される。\n\n## 創業家承継と支配構造の長期安定\n\n2025年6月の創業者・小川賢太郎氏から次男・小川洋平氏への社長交代後も、創業家保有株式は資産管理会社（日本クリエイト）経由で集中保有が維持される構造設計となっている。同族第二世代への承継と並行して、株主名簿上の創業家個人名から法人格への移行を進めることで、相続税対策と支配権維持の両立を図ったものと見られる。グローバル外食最大手として連結売上高1兆1,366億円（FY24）の規模に達した同社が、創業家持株会社経由の集中型ガバナンスを維持する点は、外食業界の上場大手では珍しい構造である。",
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 1,
      "name": "㈱日本クリエイト",
      "shareholding_ratio": 33.79,
      "shares_held": 50567000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 2,
      "name": "小川 賢太郎",
      "shareholding_ratio": 2.11,
      "shares_held": 3162000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 3,
      "name": "小川 一政",
      "shareholding_ratio": 2.11,
      "shares_held": 3160000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 4,
      "name": "小川 洋平",
      "shareholding_ratio": 2.11,
      "shares_held": 3160000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 5,
      "name": "ゼンショーグループ社員持株会",
      "shareholding_ratio": 1.81,
      "shares_held": 2710000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 6,
      "name": "日本トラスティ・サービス信託銀行㈱ （信託口）",
      "shareholding_ratio": 1.53,
      "shares_held": 2296000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 7,
      "name": "日本マスタートラスト信託銀行㈱ （信託口）",
      "shareholding_ratio": 1.06,
      "shares_held": 1592000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行㈱ （信託口６）",
      "shareholding_ratio": 0.7,
      "shares_held": 1040000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 9,
      "name": "日本トラスティ・サービス信託銀行㈱ （信託口５）",
      "shareholding_ratio": 0.7,
      "shares_held": 1040000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行㈱ （信託口１）",
      "shareholding_ratio": 0.69,
      "shares_held": 1036000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 1,
      "name": "㈱日本クリエイト",
      "shareholding_ratio": 34.29,
      "shares_held": 51307000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 2,
      "name": "小川 賢太郎",
      "shareholding_ratio": 2.11,
      "shares_held": 3162000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 3,
      "name": "小川 一政",
      "shareholding_ratio": 2.11,
      "shares_held": 3160000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 4,
      "name": "小川 洋平",
      "shareholding_ratio": 2.11,
      "shares_held": 3160000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 5,
      "name": "ゼンショーグループ社員持株会",
      "shareholding_ratio": 1.81,
      "shares_held": 2706000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 6,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口５)",
      "shareholding_ratio": 1.26,
      "shares_held": 1878000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 7,
      "name": "日本マスタートラスト信託銀行㈱(信託口)",
      "shareholding_ratio": 1.12,
      "shares_held": 1677000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口)",
      "shareholding_ratio": 1.06,
      "shares_held": 1585000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 9,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口１)",
      "shareholding_ratio": 0.93,
      "shares_held": 1398000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口２)",
      "shareholding_ratio": 0.92,
      "shares_held": 1373000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 1,
      "name": "㈱日本クリエイト",
      "shareholding_ratio": 35.51,
      "shares_held": 51907000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 2,
      "name": "小川 賢太郎",
      "shareholding_ratio": 2.16,
      "shares_held": 3162000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 3,
      "name": "小川 一政",
      "shareholding_ratio": 2.16,
      "shares_held": 3160000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 4,
      "name": "小川 洋平",
      "shareholding_ratio": 2.16,
      "shares_held": 3160000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 5,
      "name": "ゼンショーグループ社員持株会",
      "shareholding_ratio": 1.86,
      "shares_held": 2714000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 6,
      "name": "日本マスタートラスト信託銀行㈱(信託口)",
      "shareholding_ratio": 1.37,
      "shares_held": 2000000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 7,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口５)",
      "shareholding_ratio": 1.34,
      "shares_held": 1952000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口)",
      "shareholding_ratio": 1.31,
      "shares_held": 1912000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 9,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口１)",
      "shareholding_ratio": 1.01,
      "shares_held": 1478000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口２)",
      "shareholding_ratio": 0.96,
      "shares_held": 1406000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 1,
      "name": "合同会社日本クリエイト",
      "shareholding_ratio": 35.98,
      "shares_held": 52307000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 2,
      "name": "小川 賢太郎",
      "shareholding_ratio": 2.17,
      "shares_held": 3162000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 3,
      "name": "小川 一政",
      "shareholding_ratio": 2.17,
      "shares_held": 3160000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 4,
      "name": "小川 洋平",
      "shareholding_ratio": 2.17,
      "shares_held": 3160000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 5,
      "name": "日本マスタートラスト信託銀行㈱(信託口)",
      "shareholding_ratio": 1.89,
      "shares_held": 2741000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 6,
      "name": "ゼンショーグループ社員持株会",
      "shareholding_ratio": 1.85,
      "shares_held": 2695000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 7,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口５)",
      "shareholding_ratio": 1.26,
      "shares_held": 1828000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 8,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口)",
      "shareholding_ratio": 1.26,
      "shares_held": 1827000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "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": 0.97,
      "shares_held": 1405000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 10,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口１)",
      "shareholding_ratio": 0.83,
      "shares_held": 1212000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 1,
      "name": "合同会社日本クリエイト",
      "shareholding_ratio": 34.02,
      "shares_held": 52307000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 2,
      "name": "小川 賢太郎",
      "shareholding_ratio": 2.06,
      "shares_held": 3170000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 3,
      "name": "小川 一政",
      "shareholding_ratio": 2.06,
      "shares_held": 3160000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 4,
      "name": "小川 洋平",
      "shareholding_ratio": 2.06,
      "shares_held": 3160000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 5,
      "name": "日本マスタートラスト信託銀行㈱(信託口)",
      "shareholding_ratio": 2.05,
      "shares_held": 3159000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 6,
      "name": "ゼンショーグループ社員持株会",
      "shareholding_ratio": 1.8,
      "shares_held": 2766000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 7,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口５)",
      "shareholding_ratio": 1.25,
      "shares_held": 1925000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 8,
      "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": 1.11,
      "shares_held": 1700000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 9,
      "name": "日本トラスティ・サービス信託銀行㈱(信託口)",
      "shareholding_ratio": 0.98,
      "shares_held": 1507000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 10,
      "name": "清水 信次",
      "shareholding_ratio": 0.67,
      "shares_held": 1027000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 1,
      "name": "合同会社日本クリエイト",
      "shareholding_ratio": 34.38,
      "shares_held": 52307000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行㈱(信託口)",
      "shareholding_ratio": 3.42,
      "shares_held": 5201000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 3,
      "name": "小川 賢太郎",
      "shareholding_ratio": 2.08,
      "shares_held": 3170000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 4,
      "name": "小川 一政",
      "shareholding_ratio": 2.08,
      "shares_held": 3160000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 5,
      "name": "小川 洋平",
      "shareholding_ratio": 2.08,
      "shares_held": 3160000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 6,
      "name": "ゼンショーグループ社員持株会",
      "shareholding_ratio": 1.87,
      "shares_held": 2849000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 7,
      "name": "㈱日本カストディ銀行(信託口)",
      "shareholding_ratio": 1.08,
      "shares_held": 1648000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 8,
      "name": "㈱日本カストディ銀行(信託口５)",
      "shareholding_ratio": 1.07,
      "shares_held": 1621000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 9,
      "name": "㈱日本カストディ銀行(信託口６)",
      "shareholding_ratio": 0.95,
      "shares_held": 1437000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 10,
      "name": "㈱日本カストディ銀行(信託口１)",
      "shareholding_ratio": 0.85,
      "shares_held": 1288000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 1,
      "name": "合同会社日本クリエイト",
      "shareholding_ratio": 34.39,
      "shares_held": 52307000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行㈱(信託口)",
      "shareholding_ratio": 6.24,
      "shares_held": 9491000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 3,
      "name": "小川 賢太郎",
      "shareholding_ratio": 2.08,
      "shares_held": 3170000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 4,
      "name": "小川 一政",
      "shareholding_ratio": 2.08,
      "shares_held": 3160000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 5,
      "name": "小川 洋平",
      "shareholding_ratio": 2.08,
      "shares_held": 3160000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 6,
      "name": "ゼンショーグループ社員持株会",
      "shareholding_ratio": 1.89,
      "shares_held": 2880000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 7,
      "name": "㈱日本カストディ銀行(信託口)",
      "shareholding_ratio": 0.93,
      "shares_held": 1420000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 8,
      "name": "JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部)",
      "shareholding_ratio": 0.79,
      "shares_held": 1203000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "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": 0.75,
      "shares_held": 1134000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 10,
      "name": "清水 信次",
      "shareholding_ratio": 0.68,
      "shares_held": 1027000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 1,
      "name": "合同会社日本クリエイト",
      "shareholding_ratio": 34.39,
      "shares_held": 52307000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 2,
      "name": "日本マスタートラスト信託銀行㈱(信託口)",
      "shareholding_ratio": 7.78,
      "shares_held": 11829000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 3,
      "name": "㈱日本カストディ銀行(信託口)",
      "shareholding_ratio": 2.17,
      "shares_held": 3305000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 4,
      "name": "小川 賢太郎",
      "shareholding_ratio": 2.08,
      "shares_held": 3170000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 5,
      "name": "小川 一政",
      "shareholding_ratio": 2.08,
      "shares_held": 3160000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 6,
      "name": "小川 洋平",
      "shareholding_ratio": 2.08,
      "shares_held": 3160000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 7,
      "name": "ゼンショーグループ社員持株会",
      "shareholding_ratio": 1.88,
      "shares_held": 2858000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 8,
      "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": 0.77,
      "shares_held": 1173000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 9,
      "name": "清水 信次",
      "shareholding_ratio": 0.68,
      "shares_held": 1027000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 10,
      "name": "SSBTC CLIENT OMNIBUS ACCOUNT(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": 0.51,
      "shares_held": 768000
    },
    {
      "FY": "FY23",
      "period": "2024/3",
      "rank": 1,
      "name": "株式会社日本クリエイト",
      "shareholding_ratio": 33.33,
      "shares_held": 52307000
    },
    {
      "FY": "FY23",
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      "rank": 2,
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      "name": "ゼンショー社員持株会",
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      "shares_held": 857000,
      "total_shares": 53878000,
      "source": "有価証券報告書（2006年3月期）"
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      "name": "有限会社ネクリエイト",
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      "shares_held": 40297000,
      "total_shares": 121200000,
      "source": "有価証券報告書（2011年3月期）"
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      "source": "有価証券報告書（2011年3月期）"
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      "source": "有価証券報告書（2011年3月期）"
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      "source": "有価証券報告書（2011年3月期）"
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      "source": "有価証券報告書（2011年3月期）"
    },
    {
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      "source": "有価証券報告書（2011年3月期）"
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      "source": "有価証券報告書（2011年3月期）"
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      "source": "有価証券報告書（2011年3月期）"
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      "source": "有価証券報告書（2011年3月期）"
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      "name": "有限会社ネクリエイト",
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      "company_name_at_period": "ゼンショーホールディングス",
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      "source": "有価証券報告書（2015年3月期）"
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}
