本稿では, 犬山屋神戸家が徳川前期の江戸に所有した地面を事例として, 町屋敷経営の収支構造を解明し, 商人資本による不動産投資の意義を検討した。その結果, 当該期の町屋敷経営は黒字基調にあったものの, 地面に対する資産評価は, その土地収益性に比して過大に下されてきたため, 資産利子率は低率かつ低減の方向性を示した。このことから, 商人は, 町屋敷という都市不動産に対して資本利得を期待していたことが明らかとなる。
In this study, as a case study on land ownership by the Inuyamaya Kando Family in the first half of the Tokugawa period in Edo, I clarify the balance structure of townhouse (long and narrow wooden row houses) management, considering the significance of real estate investments by merchant capitalists. 
I indicate that as land assets were overvalued vis a vis profits that could be derived from the land, asset interest rates were low and were trending lower, whereas townhouse management during said period had a tendency to be profitable. 
From this, it is clear that merchants expected to reap capital gains on their urban real estate investment represented by the townhouses.

論説