{
  "commentary": "## 創業者・米山稔氏の個人保有が支配した時期（FY05・2006年3月期）\n\nFY05（2006年3月期）の大株主上位10名は、創業者・米山稔氏が個人で3,220,000株（13.75%）の筆頭、長男・米山隆贒氏1,514,000株（6.46%）、財団法人ヨネックススポーツ振興財団1,500,000株（6.40%）、ヨネックス従業員持株会1,455,000株（6.21%）、サバンクオブニューヨーク（ジャスダック口）1,308,000株（5.58%）、第2代社長・米山宏作氏1,096,000株（4.68%）、ヨネックス取引先持株会803,000株（3.43%）、米山美恵子氏736,000株（3.14%）と続いた。発行済株式総数23,420,000株の規模で、創業者個人と米山家・財団・持株会で過半数を握る同族集中型の構造であった。\n\n## 公益財団と外国法人が前面化した直近（FY24・2025年3月期）\n\nFY24（2025年3月期）では公益財団法人ヨネックススポーツ振興財団が9,486,000株（11.06%）の筆頭となり、NATIONAL FINANCIAL SERVICES LLC 5,804,000株（6.77%）、米山修一氏4,236,000株（4.94%）、公益財団法人新潟県スポーツ振興米山稔財団4,000,000株（4.66%）、STATE STREET BANK AND TRUST COMPANY 505001 3,818,000株（4.45%）、日本マスタートラスト信託銀行株式会社（信託口）3,393,000株（3.96%）、ヨネックス取引先持株会3,299,000株（3.85%）、株式会社日本カストディ銀行（信託口）2,977,000株（3.47%）、第3代社長・米山勉氏2,545,000株（2.97%）、米山英明氏1,920,000株（2.24%）と続く。所有者別は個人その他44.86%・外国法人等26.96%・その他の法人17.34%・金融機関9.81%・金融商品取引業者1.02%で、株主総数は9,365名。創業者・米山稔氏（2024年逝去）の個人保有分は2つの公益財団へ移管が進み、財団2法人の合計15.72%に米山家直接保有10.15%（修一・勉・英明）を加えると、創業家関連で25.87%を握る構造である。\n\n## 創業家集中から機関投資家受け入れ型への10年シフト\n\nFY05時点で米山稔氏個人13.75%を含む創業家直接保有が約30%を占めた状況は、FY24では財団化と機関投資家比率の上昇により大きく組み替わった。外国法人等の保有比率はFY23（2024年3月期）の20.58%からFY24（2025年3月期）26.96%へ6.38pt上昇し、グローバル成長戦略（GGS）に基づく業績拡大（売上高1,164億円→1,383億円、+18.8%）と過去最高益更新を受けて海外機関投資家の組入れが進んだ。創業者一族の財団経由保有と外国法人の二層構造が、東証スタンダード市場上場企業としては比較的稀少な姿である。",
  "shareholders": [
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 1,
      "name": "米山 勉",
      "shareholding_ratio": 8.9,
      "shares_held": 2084000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 2,
      "name": "公益財団法人ヨネックススポーツ振興財団",
      "shareholding_ratio": 6.4,
      "shares_held": 1500000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 3,
      "name": "米山 修一",
      "shareholding_ratio": 4.63,
      "shares_held": 1086000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 4,
      "name": "日本マスタ－トラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 4.52,
      "shares_held": 1058000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 5,
      "name": "公益財団法人新潟県インドアスポーツ振興米山財団",
      "shareholding_ratio": 4.27,
      "shares_held": 1000000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 6,
      "name": "ヨネックス取引先持株会",
      "shareholding_ratio": 4.09,
      "shares_held": 959000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 7,
      "name": "米山 稔",
      "shareholding_ratio": 3.84,
      "shares_held": 900000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 8,
      "name": "日本トラスティ・サ－ビス信託銀行株式会社（信託口）",
      "shareholding_ratio": 3.84,
      "shares_held": 899000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 9,
      "name": "米山 理恵子",
      "shareholding_ratio": 3.76,
      "shares_held": 881000
    },
    {
      "FY": "FY15",
      "period": "2016/3",
      "rank": 10,
      "name": "ヨネックス従業員持株会",
      "shareholding_ratio": 3.71,
      "shares_held": 869000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 1,
      "name": "米山 勉",
      "shareholding_ratio": 8.9,
      "shares_held": 2084000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 2,
      "name": "公益財団法人ヨネックススポーツ振興財団",
      "shareholding_ratio": 6.4,
      "shares_held": 1500000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 3,
      "name": "日本マスタ－トラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 5.16,
      "shares_held": 1208000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 4,
      "name": "日本トラスティ・サ－ビス信託銀行株式会社（信託口）",
      "shareholding_ratio": 4.86,
      "shares_held": 1137000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 5,
      "name": "米山 修一",
      "shareholding_ratio": 4.63,
      "shares_held": 1086000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 6,
      "name": "公益財団法人新潟県インドアスポーツ振興米山財団",
      "shareholding_ratio": 4.27,
      "shares_held": 1000000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 7,
      "name": "ヨネックス取引先持株会",
      "shareholding_ratio": 3.83,
      "shares_held": 898000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 8,
      "name": "米山 美惠子",
      "shareholding_ratio": 3.81,
      "shares_held": 893000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 9,
      "name": "米山 稔",
      "shareholding_ratio": 3.77,
      "shares_held": 884000
    },
    {
      "FY": "FY16",
      "period": "2017/3",
      "rank": 10,
      "name": "米山 理恵子",
      "shareholding_ratio": 3.69,
      "shares_held": 865000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 1,
      "name": "米山 勉",
      "shareholding_ratio": 9.53,
      "shares_held": 8339000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 2,
      "name": "公益財団法人ヨネックススポーツ振興財団",
      "shareholding_ratio": 6.85,
      "shares_held": 6000000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 3,
      "name": "米山 修一",
      "shareholding_ratio": 4.96,
      "shares_held": 4344000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 4,
      "name": "公益財団法人新潟県インドアスポーツ振興米山財団",
      "shareholding_ratio": 4.57,
      "shares_held": 4000000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 5,
      "name": "ヨネックス取引先持株会",
      "shareholding_ratio": 4.18,
      "shares_held": 3665000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 6,
      "name": "米山 美惠子",
      "shareholding_ratio": 4.06,
      "shares_held": 3558000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 7,
      "name": "米山 稔",
      "shareholding_ratio": 4.04,
      "shares_held": 3536000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 8,
      "name": "米山 理恵子",
      "shareholding_ratio": 3.64,
      "shares_held": 3191000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "rank": 9,
      "name": "米山 宏作",
      "shareholding_ratio": 3.01,
      "shares_held": 2636000
    },
    {
      "FY": "FY17",
      "period": "2018/3",
      "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）",
      "shareholding_ratio": 2.91,
      "shares_held": 2547000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 1,
      "name": "公益財団法人ヨネックススポーツ振興財団",
      "shareholding_ratio": 6.84,
      "shares_held": 6000000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 2,
      "name": "NATIONAL FINANCIAL SERVICES LLC （常任代理人 シティバンク エヌ・エイ東京支店）",
      "shareholding_ratio": 6.62,
      "shares_held": 5801000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 3,
      "name": "米山 修一",
      "shareholding_ratio": 4.95,
      "shares_held": 4344000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 4,
      "name": "日本トラスティ・サービス信託銀行（信託口）",
      "shareholding_ratio": 4.76,
      "shares_held": 4172000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 5,
      "name": "公益財団法人新潟県インドアスポーツ振興米山財団",
      "shareholding_ratio": 4.56,
      "shares_held": 4000000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 6,
      "name": "ヨネックス取引先持株会",
      "shareholding_ratio": 4.31,
      "shares_held": 3783000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 7,
      "name": "米山 稔",
      "shareholding_ratio": 4.03,
      "shares_held": 3536000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 8,
      "name": "米山 美惠子",
      "shareholding_ratio": 4.01,
      "shares_held": 3513000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 9,
      "name": "米山 理恵子",
      "shareholding_ratio": 3.24,
      "shares_held": 2841000
    },
    {
      "FY": "FY18",
      "period": "2019/3",
      "rank": 10,
      "name": "米山 宏作",
      "shareholding_ratio": 3,
      "shares_held": 2636000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 1,
      "name": "公益財団法人ヨネックススポーツ振興財団",
      "shareholding_ratio": 6.84,
      "shares_held": 6000000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 2,
      "name": "NATIONAL FINANCIAL SERVICES LLC （常任代理人 シティバンク、エヌ・エイ東京支店）",
      "shareholding_ratio": 6.62,
      "shares_held": 5801000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 3,
      "name": "日本トラスティ・サービス信託銀行（信託口）",
      "shareholding_ratio": 5,
      "shares_held": 4387000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 4,
      "name": "米山 修一",
      "shareholding_ratio": 4.93,
      "shares_held": 4320000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 5,
      "name": "公益財団法人新潟県インドアスポーツ振興米山財団",
      "shareholding_ratio": 4.56,
      "shares_held": 4000000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 6,
      "name": "ヨネックス取引先持株会",
      "shareholding_ratio": 4.23,
      "shares_held": 3710000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 7,
      "name": "米山 稔",
      "shareholding_ratio": 3.98,
      "shares_held": 3486000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 8,
      "name": "米山 美惠子",
      "shareholding_ratio": 3.96,
      "shares_held": 3470000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 9,
      "name": "米山 宏作",
      "shareholding_ratio": 3.01,
      "shares_held": 2636000
    },
    {
      "FY": "FY19",
      "period": "2020/3",
      "rank": 10,
      "name": "米山 勉",
      "shareholding_ratio": 2.91,
      "shares_held": 2549000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 1,
      "name": "公益財団法人ヨネックススポーツ振興財団",
      "shareholding_ratio": 10.82,
      "shares_held": 9486000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 2,
      "name": "NATIONAL FINANCIAL SERVICES LLC （常任代理人 シティバンク、エヌ・エイ東京支店）",
      "shareholding_ratio": 6.62,
      "shares_held": 5801000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 3,
      "name": "株式会社日本カストディ銀行（信託E口）",
      "shareholding_ratio": 5.38,
      "shares_held": 4717000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 4,
      "name": "米山 修一",
      "shareholding_ratio": 4.88,
      "shares_held": 4280000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 5,
      "name": "公益財団法人新潟県インドアスポーツ振興米山財団",
      "shareholding_ratio": 4.56,
      "shares_held": 4000000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 6,
      "name": "ヨネックス取引先持株会",
      "shareholding_ratio": 4.25,
      "shares_held": 3726000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 7,
      "name": "米山 美惠子",
      "shareholding_ratio": 3.76,
      "shares_held": 3292000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 8,
      "name": "米山 勉",
      "shareholding_ratio": 2.91,
      "shares_held": 2549000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 9,
      "name": "米山 宏作",
      "shareholding_ratio": 2.89,
      "shares_held": 2536000
    },
    {
      "FY": "FY20",
      "period": "2021/3",
      "rank": 10,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 2.8,
      "shares_held": 2454000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 1,
      "name": "公益財団法人ヨネックススポーツ振興財団",
      "shareholding_ratio": 10.86,
      "shares_held": 9486000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 2,
      "name": "NATIONAL FINANCIAL SERVICES LLC （常任代理人 シティバンク、エヌ・エイ東京支店）",
      "shareholding_ratio": 6.64,
      "shares_held": 5800000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 3,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 5.69,
      "shares_held": 4966000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 4,
      "name": "米山 修一",
      "shareholding_ratio": 4.87,
      "shares_held": 4250000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 5,
      "name": "公益財団法人新潟県インドアスポーツ振興米山財団",
      "shareholding_ratio": 4.58,
      "shares_held": 4000000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 6,
      "name": "日本マスタートラスト信託銀行株式会社（信託口）",
      "shareholding_ratio": 4.58,
      "shares_held": 3997000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 7,
      "name": "ヨネックス取引先持株会",
      "shareholding_ratio": 3.88,
      "shares_held": 3386000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 8,
      "name": "米山 美惠子",
      "shareholding_ratio": 3.56,
      "shares_held": 3109000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 9,
      "name": "米山 勉",
      "shareholding_ratio": 2.93,
      "shares_held": 2559000
    },
    {
      "FY": "FY21",
      "period": "2022/3",
      "rank": 10,
      "name": "米山 宏作",
      "shareholding_ratio": 2.5,
      "shares_held": 2186000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 1,
      "name": "公益財団法人ヨネックススポーツ振興財団",
      "shareholding_ratio": 10.83,
      "shares_held": 9486000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 2,
      "name": "NATIONAL FINANCIAL SERVICES LLC （常任代理人 シティバンク、エヌ・エイ東京支店）",
      "shareholding_ratio": 6.62,
      "shares_held": 5801000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "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": 5.74,
      "shares_held": 5030000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 4,
      "name": "株式会社日本カストディ銀行（信託口）",
      "shareholding_ratio": 5.13,
      "shares_held": 4495000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 5,
      "name": "米山 修一",
      "shareholding_ratio": 4.86,
      "shares_held": 4256000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 6,
      "name": "公益財団法人新潟県スポーツ振興米山稔財団",
      "shareholding_ratio": 4.56,
      "shares_held": 4000000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 7,
      "name": "ヨネックス取引先持株会",
      "shareholding_ratio": 3.89,
      "shares_held": 3410000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
      "rank": 8,
      "name": "米山 美惠子",
      "shareholding_ratio": 3.55,
      "shares_held": 3109000
    },
    {
      "FY": "FY22",
      "period": "2023/3",
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      "total_shares": 23420000,
      "source": "有価証券報告書（2006年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "ヨネックス",
      "rank": 1,
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      "shares_held": 2084000,
      "total_shares": 23420000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "ヨネックス",
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      "shares_held": 1500000,
      "total_shares": 23420000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "ヨネックス",
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      "name": "ヨネックス従業員持株会",
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      "total_shares": 23420000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
      "company_name_at_period": "ヨネックス",
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      "shares_held": 1096000,
      "total_shares": 23420000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
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      "shares_held": 1086000,
      "total_shares": 23420000,
      "source": "有価証券報告書（2011年3月期）"
    },
    {
      "FY": "FY10",
      "period": "2011/3",
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      "total_shares": 23420000,
      "source": "有価証券報告書（2011年3月期）"
    },
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      "FY": "FY10",
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      "company_name_at_period": "ヨネックス",
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      "shares_held": 1019000,
      "total_shares": 23420000,
      "source": "有価証券報告書（2011年3月期）"
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    {
      "FY": "FY10",
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      "company_name_at_period": "ヨネックス",
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      "shares_held": 1000000,
      "total_shares": 23420000,
      "source": "有価証券報告書（2011年3月期）"
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    {
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}