SHUNT REGULATOR

Provided is a shunt regulator including: multiple resistors, connected in series between an output terminal and a ground terminal and constituting a voltage divider circuit; an output transistor, connected between the output terminal and the ground terminal; a first drive circuit, including a first reference voltage circuit which outputs a first reference voltage and an error amplifier, and controlling the output transistor based on a voltage of a first output terminal of the voltage divider circuit; a second drive circuit, controlling the output transistor based on a voltage of a second output terminal of the voltage divider circuit; and an activation control circuit, switching operation of the first drive circuit and the second drive circuit based on the first reference voltage. The second drive circuit has a shorter activation time than the first drive circuit.