|
|
|
- みがね かわらい
- 7 years ago
- Views:
Transcription
1 経 済 学 部 池 尾 和 人 研 究 会 平 成 十 六 年 度 三 田 祭 論 文 プロジェクト ファイナンスの 現 状 と 課 題 金 融 パート 竹 下 慶 成 相 晋 一 郎 服 部 孝 洋 渡 邉 英 里 2004 年 11 月
2
3 SPC 2
4
5 IPPIndependent Power Producer PFIPrivate Finance Initiative M A MBOmanagement buy out HP HP 12 4
6 GHQ 5
7 1 Hellmann,Murdock,Stiglitz1995 Financial Restraint: Towards A New Paradigm
8
9
10
11 ABS Asset Backed Security ABS ABS
12 functional perspective 1980 Merton and Bodie1995 The Global Financial System 6 11
13 Levine Hubbard2000 Merton and Bodie Merton 12
14
15 (a) (b) ALMAsset Liability Management VaRValue at Risk (c)
16 145 0 ROE ROA ROA ROA BS Asset Backed Securities BS M&A MBO
17 CBOCLO CMBS 16
18 / / 17
19 2 18
20
21
22 /
23
24 1 John and John 23
25 John and John Jensen Shar and Thakor Chen,Kensiger,and Martin 24
26 Brickley,Lease,and,Smith Schipper and Smith
27 BP BP BP BP 1980 LNG 26
28 PURPA PURPA PURPA 200 BOT BOT (Built) (Operate) (Transfer) PFI 90 PFI PFI Private Finance Initiative 27
29 23 PFI DBJ HP PFI SPC SPC PFI PFI 25 PFI PFI PFI PFI PFI 28
30 PFI PFI PFI BOT PFI BOT PFI BOT PFI BOT 80 BOT PFI PFI 1992 PFI LRT 1997 PFI PPP PFI PFI PFI
31 / (Waterfall Basis Cash Flow) ( ) Application of Funds 1 ( ) / 30
32 DCF NPV IRR
33 DSCR Sensitivity Analysis 32
34 SPC 33
35 34
36 [ ]
37 [ ] 36
38 EPC(Engineering Procurement Construction) EPC EPC EPC 313 [ ] 37
39 ( ) (). 38
40 (). () () 2 39
41 322 40
42 3 23 [ ]
43 325 42
44
45 /
46 4 i. 2 ii. iii. iv. v
47 Max( R ) S P(S) CS. 2 S S
48 . ROE
49 421 48
50 i. 40 ii. iii. iv. 49
51 D/E / 50
52 v. 51
53 3 2 2 a. b
54 3 i. ii. iii
55 434 ( / ) i. ii. 54
56 iii. 3 55
57 / ROE LLCR ROE LLCR
58 i. ii. EPC(Engineering Procurement Construction) a EPC b EPC 57
59 EPC i.. / 58
60 ... ii. 2 / 59
61 444 i.... ( ii. 445 BOT i. ii
62 4 46 i. ii. iii. 61
63
64 2~3 iv. 452 i. ROE
65 100% b
66 ii. iii
67 / 66
68 471 i. ii. iii. 67
69
70 i. ii. 3 69
71
72 i ii. /
73 492 3 i. ii. iii. 72
74 491 i. 73
75 ( ) 2 74
76 ii
77 ,
78 495 i. ii. iii. 77
79 i. ii. iii. 78
80
81 1 1 ARCO SOCAL Edison SOCAL Edison ARCO QF QF PURPA QF QF 2 ARCO SPCSocial Gas SPC PURPS QF QF QF ARCO 80
82 2 BOT BOT BOT PLN PPA 30 1 P. T. Batu Hitam Perukasa (BHP) 30 BHP PLN PLN OPIC 3 PFI A 1,000kW B A A C NEDO A SPC 81
83 SPC SPC PFI 4 2 BOT 2 82
84 SPC 83
85 Grupo Tribasa Grupo Tribasa A 144A Grupo Tribasa Grupo Tribasa Grupo Tribasa 84
86 2005 Grupo Tribasa Grupo Tribasa Grupo Tribasa 85
87 PFI PFI PFI PFI PFI 86
88 3 PFI PFI PFI 512PFI , , , PFI PFI PFI 87
89 3 PFI PFI 3 PFI PFI PFI PFI PFI PFI PFI PFI 88
90 PFI IPP V 2,000kW 3 89
91 USJ USJ 2 2 USJ USJ PFI 90
92 PFI PFI 91
93
94
95
96 95
97 Securitization MBS
98 SPV SPV SPV SPC SPV SPV SPV SPV 97
99 SPC IT 300 SPC
100
101 URL
102 101
377 178 159 63 45 68%) 20 100 100 56 1981 23 2011 23 1 1 1970 80 1,670 242 55 12 9 1970 80 1981 54 622 234 30 50 1970 80 21 2 1 3 2010 123 2015 2020 4 250 20 1 5,140 757 2008 287 2. 470 38 5 1970 80
１
10 1113 14 1516 1719 20 21 22 2324 25 2627 i 2829 30 31 32 33 3437 38 3941 42 4344 4547 48 4950 5152 53 5455 ii 56 5758 59 6061 iii 1 2 3 4 5 6 7 8 9 10 PFI 30 20 10 PFI 11 12 13 14 15 10 11 16 (1) 17
Page
Page Page 1 BIS 200012 2 10 1-2 20003 3 4 1-1 1-2 * BIS CF CF CF PLAN DO BSPL BSPL SEE BS PL 5 6 1-3 PLAN DO SEE PLAN DO SEE PLAN DO SEE PLAN DO SEE BSPL BS PL 4 1-4 7 Coffee Break 2 BS PL CF) PLANDO SEE
「産業上利用することができる発明」の審査の運用指針（案）
1 1.... 2 1.1... 2 2.... 4 2.1... 4 3.... 6 4.... 6 1 1 29 1 29 1 1 1. 2 1 1.1 (1) (2) (3) 1 (4) 2 4 1 2 2 3 4 31 12 5 7 2.2 (5) ( a ) ( b ) 1 3 2 ( c ) (6) 2. 2.1 2.1 (1) 4 ( i ) ( ii ) ( iii ) ( iv)
7... 1... 34... 55... 86... 108 15 2003 1 2 3 1 7 pdf 2 8 1996 2-1 9010 5 247 362 4 7 5 4 11 7 22 4 29 45 5 59 6 61 4 63 10 2 820 3 1646 19 1944 1 2 4 11 3 11 22 4 1 340 2 20 3 13 4 450 1 2 3 4 2-2 29
provider_020524_2.PDF
1 1 1 2 2 3 (1) 3 (2) 4 (3) 6 7 7 (1) 8 (2) 21 26 27 27 27 28 31 32 32 36 1 1 2 2 (1) 3 3 4 45 (2) 6 7 5 (3) 6 7 8 (1) ii iii iv 8 * 9 10 11 9 12 10 13 14 15 11 16 17 12 13 18 19 20 (2) 14 21 22 23 24
44 4 I (1) ( ) (10 15 ) ( 17 ) ( 3 1 ) (2)
(1) I 44 II 45 III 47 IV 52 44 4 I (1) ( ) 1945 8 9 (10 15 ) ( 17 ) ( 3 1 ) (2) 45 II 1 (3) 511 ( 451 1 ) ( ) 365 1 2 512 1 2 365 1 2 363 2 ( ) 3 ( ) ( 451 2 ( 314 1 ) ( 339 1 4 ) 337 2 3 ) 363 (4) 46
i ii i iii iv 1 3 3 10 14 17 17 18 22 23 28 29 31 36 37 39 40 43 48 59 70 75 75 77 90 95 102 107 109 110 118 125 128 130 132 134 48 43 43 51 52 61 61 64 62 124 70 58 3 10 17 29 78 82 85 102 95 109 iii
untitled
215 7 7 72 9 9 91 92 92 94 96 126 129 13 131 133 133 134 136 137 137 141 141 143 144 146 15 153 166 167 169 169 17 3 174 218 22 224 69 215 7 26 2733127 179912 191 ALM 1 1 1 1 26 397,394 73,82 67,873 81,368
untitled
215 Way Way 215 2 3 4 6 225 6 11 12 13 14 19 24 24 25 VBI 26 28 32 14 26 33 At a Glance 34 38 4 42 44 45 47 48 54 55 56 CSR 64 69 21 1 215 2771 VBI ABSMBS 2 2763 1 ATM 1,754 1 ATM 2,915 12 ATM 6,184 1
第２章 第４代神奈川県庁舎（現本庁舎）の建設
217 218 219 PFI Private Finance Initiative 220 221 222 2 223 9 (M37) (M44) (T7) (M44) (T7) (T6) (T9) 224 (T15) (T9 ) (T2) (T6) (T11) T13) (S4) (T5) (S2) (T11) (T10) (T13) (T13) (T14) (T14) (T14) (T14)
2 4 8 UFJ24 1 14 24 UFJ 3 CS 32 IT 34 37 ALM 57 58 243 59 66 69 9 92 94 117 UFJ 117 UFJ 153 UFJ 29 259 264 215229
UFJ 24 2 4 8 UFJ24 1 14 24 UFJ 3 CS 32 IT 34 37 ALM 57 58 243 59 66 69 9 92 94 117 UFJ 117 UFJ 153 UFJ 29 259 264 215229 24UFJ 247 UFJ UFJ UFJ UFJ UFJ 22 3 23 3 24 3 UFJ UFJ 13,629 13,715 11,982 1,641
商学 ６４‐６☆／４．寺岡
937 3 2 museion 18 20 938 1951 25 118 11 103 2 1 29 1880 19431930 1866 1950 1959 1930 2002 939 21 940 1 21 2 3 2010 19 38 55 941 4 5 6 55 56 131 132 142 942 7 8 9 10 152 154 159 160 943 11 1 5 1 1 5 2008
レポート本文電力自由化2000年4月.PDF
No.80 May 2000 2000 3 21 27 1995 31 2000 3 21 IPP 1 3 1 LNG 2 99 5 2000 3 21 31 95 12 95 IPPIndependent Power Producer 2000 2,000kW 2 27% 95 7 95 96 98 3 IPP 566 kw 2,583 kw 566 kw 104 W 670 kw 99 5 10
1
1 http://www.hokkaido.dbj.go.jp Key Words PPPNPMPFI NPMNew Public Management PPPPublic Private Partnerships NPO NPO PFI DBO Design-Build-Operate BTO Build-Transfer-Operate BOT Build-Operate- TransferBOOBuild-Own-Operate
17-2-
25 19 10 10 25 1 23 11-1- 17-2- PFI PPP 18 20 15 56 56 61 62 61 60 60 60 14.7 40 20 15 62 40-3- 23.0 40 60 15 24 19 23 24 24 2011 11-4- 197 111 80-5- 60 40 60 40 25 15 100 100 2,000 31 2,000 2,000-6- -7-
担保報告書.PDF
(1) (2) (1) (2) 1 (1) (2) (1) (2) (1) (2) TOB (1) (2) 2 (1) (2) (1) (2) (1) (2) (3) (1) (2) (3) (1) (2) TOB (1) (2) (1) (2) 3 4 80 90 5 10 1 1 3 Q2 57.6% 47.5% 44.8% Q3 94.1%Q5 6 CP Commercial Paper 11
AT A GLANCE INDIVIDUAL GROUP 63.72% 1, % At a Glance INSTITUTIONAL GROUP 34.26% % GLOBAL MARKETS GROUP 5.56% % 2
214 At a Glance 32 36 38 4 42 43 31 AT A GLANCE INDIVIDUAL GROUP 63.72% 1,293 32.4% 226 214 At a Glance INSTITUTIONAL GROUP 34.26% 695 76.26% 532 32 GLOBAL MARKETS GROUP 5.56% 112 4.2% 28 3 1% 1,5 5 1,
Management Of Technology 1
Management Of Technology Management Of Technology 1 1.1 1.2 1.2.1 1.2.2 1.3 1.4 [ ] 2.1 2.1.1 2.1.2 2.2 2.3 [ : ] 3.1 3.2 4.1 4.2 5.1 5.2 6.1 6.1.1 6.1.2 6.2 2 7.1 7.2 7.3 [ ] 8.1 8.2 8.2.1 8.2.2 8.3 8.4
Page
Page Page 1 3 4 M&A DCF NPV 1-1 BIS 1-3 1-2 5 6 1-3 2 2 0 200 010 2-1 A B B A B 7 8 Coffee Break CAPM Capital Asset Pricing model 3 IRR NPV EVA BS PL 9 2 ROA 3-1 EBIT Earnings Before Interest,Taxes) 3-2
金融システムレポート（2008年3月号）
inancial ystem eport 1 Box 1 5 1 1 1 1 3 17 5 7 Box 9 Box 3 3 Box 3 Box 5 36 Box 6 38 Box 7 1 1 1 3 3 5 Box 8 58 Box 9 6 6 1 6 66 Box 1 7 7 1 3 Box 1 7 7 8 1 1 3 Box Box 1 B1-1 B1-1 origination distribution
DBJ08_C4-C1_0705.indd
CSR DBJ DBJ DBJ DBJ DBJ DBJ W DBJ DBJ DBJ DBJ DBJ DBJ --- 1 DBJ,, - URL http://www.dbj.go.jp/,,.% Aaa MoodysAA- S&PAA R&IAAA JCR 2 ,,,,,,,,,,,,,,, %... %... ROE%... ROA%... OHR%...,,, BISBIS ROEROA OHR
4 13 6 7 6 13 9 19
13 9 4 13 6 7 6 13 9 19 139 173 i 1 1 2 1 3 2 4 2 5 1 3 6 4 7 5 8 6 9 6 Q&A Q1 QA 9 Q2 9 Q3 10 Q4 11 Q5 11 Q6 11 Q7 12 Q8 12 ii Q9 12 Q101 13 Q102 13 Q11 17 Q12 18 Q13 18 Q14 19 Q15 19 Q16 20 Q17 20 Q18
i
14 i ii iii iv v vi 14 13 86 13 12 28 14 16 14 15 31 (1) 13 12 28 20 (2) (3) 2 (4) (5) 14 14 50 48 3 11 11 22 14 15 10 14 20 21 20 (1) 14 (2) 14 4 (3) (4) (5) 12 12 (6) 14 15 5 6 7 8 9 10 7
大阪G-AR-和/C1-4
Osaka Gas 2002 LEGEND 1 1999 3 2000 3 2001 3 2002 3 2002 3 831,366 849,225 951,926 973,565 $7,306,304 66,375 62,723 74,055 96,676 725,531 21,614 27,345 36,097 39,418 295,820 94,932 93,532 91,233 89,938
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 () - 1 - - 2 - - 3 - - 4 - - 5 - 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57
第１部 一般的コメント
(( 2000 11 24 2003 12 31 3122 94 2332 508 26 a () () i ii iii iv (i) (ii) (i) (ii) (iii) (iv) (a) (b)(c)(d) a) / (i) (ii) (iii) (iv) 1996 7 1996 12
H1,H4.QXP
38 39 C o r p o r a t e B a n k i n g U n i t 40 41 42 43 44 45 46 47 48 49 T r e a s u r y U n i t 50 51 52 I n v e s t m e n t B a n k i n g U n i t 53 54 55 56 57 Securities & Asset Management Unit
表1票4.qx4
iii iv v 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 22 23 10 11 24 25 26 27 10 56 28 11 29 30 12 13 14 15 16 17 18 19 2010 2111 22 23 2412 2513 14 31 17 32 18 33 19 34 20 35 21 36 24 37 25 38 2614
第１章 国民年金における無年金
1 2 3 4 ILO ILO 5 i ii 6 7 8 9 10 ( ) 3 2 ( ) 3 2 2 2 11 20 60 12 1 2 3 4 5 6 7 8 9 10 11 12 13 13 14 15 16 17 14 15 8 16 2003 1 17 18 iii 19 iv 20 21 22 23 24 25 ,,, 26 27 28 29 30 (1) (2) (3) 31 1 20
ROE
26 49 41 26 1,074 159 3 1,074 1,200 26 10 10 11 10 589 54.8% 159 26 10 10 11 10 86 54.1% 26... 1... 2... 2... 2... 3... 5... 6... 6... 7 ROE... 9... 10... 11... 11... 13... 14... 14... 15... 15... 16...
I? 3 1 3 1.1?................................. 3 1.2?............................... 3 1.3!................................... 3 2 4 2.1........................................ 4 2.2.......................................
20 15 14.6 15.3 14.9 15.7 16.0 15.7 13.4 14.5 13.7 14.2 10 10 13 16 19 22 1 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 2,500 59,862 56,384 2,000 42,662 44,211 40,639 37,323 1,500 33,408 34,472
- 2 -
- 2 - - 3 - (1) (2) (3) (1) - 4 - ~ - 5 - (2) - 6 - (1) (1) - 7 - - 8 - (i) (ii) (iii) (ii) (iii) (ii) 10 - 9 - (3) - 10 - (3) - 11 - - 12 - (1) - 13 - - 14 - (2) - 15 - - 16 - (3) - 17 - - 18 - (4) -
2 1980 8 4 4 4 4 4 3 4 2 4 4 2 4 6 0 0 6 4 2 4 1 2 2 1 4 4 4 2 3 3 3 4 3 4 4 4 4 2 5 5 2 4 4 4 0 3 3 0 9 10 10 9 1 1
1 1979 6 24 3 4 4 4 4 3 4 4 2 3 4 4 6 0 0 6 2 4 4 4 3 0 0 3 3 3 4 3 2 4 3? 4 3 4 3 4 4 4 4 3 3 4 4 4 4 2 1 1 2 15 4 4 15 0 1 2 1980 8 4 4 4 4 4 3 4 2 4 4 2 4 6 0 0 6 4 2 4 1 2 2 1 4 4 4 2 3 3 3 4 3 4 4
1 (1) (2)
1 2 (1) (2) (3) 3-78 - 1 (1) (2) - 79 - i) ii) iii) (3) (4) (5) (6) - 80 - (7) (8) (9) (10) 2 (1) (2) (3) (4) i) - 81 - ii) (a) (b) 3 (1) (2) - 82 - - 83 - - 84 - - 85 - - 86 - (1) (2) (3) (4) (5) (6)
決算短信（連結）16.09.doc
16 9 15 9 9,584 18.9 11,823 5.5 1,005 166 67.6 16 3 29,912 450 771 846 348 39.0 ( ) 1 16 9 15 9 513 234 1.6 19.66 8.34 16 3 585 18.99 1 16 9 15 9 47,443 43,211 23,383 24,656 49.3 57.1 906.34 875.21 16
14 10 15 14 10 15 46.7 14 8 14 3 1 14 8 31 1 14 8 80,956 454,528 2.9 3.4 14,550 2.7 14,227 2.4 13 8 78,658 439,432 14,956 14,571 14 2 153,889 860,441 24,545 23,378 1 ( ) - 1-1 14 8 7,262 6.1 84 28 13 8
i ii iii iv v vi vii ( ー ー ) ( ) ( ) ( ) ( ) ー ( ) ( ) ー ー ( ) ( ) ( ) ( ) ( ) 13 202 24122783 3622316 (1) (2) (3) (4) 2483 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 11 11 2483 13
untitled
2007 3 http://www.bunka.go.jp/jiyuriyo/ ... 1 1.... 3 1.1.... 3 1.2. ()... 5 1.3.... 6 1.3.1. ()... 7 1.3.2.... 8 1.3.3.... 9 1.3.4.... 9 1.3.5.... 10 1.4. (CSR)... 11 1.5. ()... 12 2.... 14 2.1.... 14
平成19年度税制改正要望（変更版）
2 J-REIT 3 10 10 SPC SPC 1,200 SPC CMBS CMBS SPC 4 50 SPC SPC 90 J-REIT J-REIT J-REIT 10 (10) 10 7% 3% 19 12 31 20 3 31 37 11 35 3 2 1 9 3 5 1 5 6 SPC SPC 1/3 19 3 31 11 18 11 17 11 9 7 8 1/3 50 50 50
再建型倒産手続における将来取得財産に対する担保権の処遇：
ABL ABL E-mail: keiko.yamamoto@boj.or.jp / /2010.4 159 1. 1 1 2 3 4 5 6 1 2005 82 2 2005 84 3 ABL Asset Based Lending ABL 2006 3 ABL ABL 2006 4 3 2005 52 53 4 2008 327 2005 368 5 2005 374 1993 15 6 2009
178 5 I 1 ( ) ( ) 10 3 13 3 1 8891 8 3023 6317 ( 10 1914 7152 ) 16 5 1 ( ) 6 13 3 13 3 8575 3896 8 1715 779 6 (1) 2 7 4 ( 2 ) 13 11 26 12 21 14 11 21
I 178 II 180 III ( ) 181 IV 183 V 185 VI 186 178 5 I 1 ( ) ( ) 10 3 13 3 1 8891 8 3023 6317 ( 10 1914 7152 ) 16 5 1 ( ) 6 13 3 13 3 8575 3896 8 1715 779 6 (1) 2 7 4 ( 2 ) 13 11 26 12 21 14 11 21 4 10 (
CF 2 CF CF 18 2 CF 1 1 CF CF CF
2 40 38 39 42 45 60 22 34 3 3 80 70 153 150 100 100 42 37 42 42 283 288 283 288 1,025 714 311 313 5 2 2 5 5 5 0 0 0 12 8 2 CF 2 CF CF 18 2 CF 1 1 CF CF 0 8 5 8 2 5 5 12 15 10 3 2 9 2 5 0 12 0 CF 3 5 5
（報告書まとめ 2004/03/ ）
- i - ii iii iv v vi vii viii ix x xi 1 Shock G( Invention) (Property rule) (Liability rule) Impact flow 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 (
3 - i
ISSN 1346-2121 JOURNAL OF MITSUBISHI RESEARCH INSTITUTE No.39 2001 3 - i Current Situation of Project Finance in Japan Research Paper Current Situation of Project Finance in Japan Hitoshi Wakamatsu Summary
公募型ＥＳＣＯ事業に関する提案と要望
...1...2 1.1...2 1.2...2 1.3...3 1.4...5 1.5...6 1.6...6 1.7...6 1.8...7 1.9...7 1.10...8 1.11...8 1.12 ESCO...8 1.13 ESCO...9 1.14...9 1.15...9 1.16...10... 11 2.1 ESCO... 11 2.2... 11 2.3... 11 2.4...12...16
2010_真岡信組A-1-A.indd
21 DISCLOSURE 2010 227 3 3 4 4 4.5 6 7 8 8 9 10 11 14 15 15.16 1720 21 22.23 2426 27 28 30 3032 3335 36 37 38.39 4,161 1,1001 100 200 400 1131 500 50 600 55 700 2 22331 131 27310 222 11,083 73,743 24,635
16 16 16 1 16 2 16 3 24 4 24 5 25 6 33 7 33 33 1 33 2 34 3 34 34 34 34 34 34 4 34-1 - 5 34 34 34 1 34 34 35 36 36 2 38 38 41 46 47 48 1 48 48 48-2 - 49 50 51 2 52 52 53 53 1 54 2 54 54 54 56 57 57 58 59
[ ]{木山(判例)}(責)魏.indd
![[ ]{木山(判例)}(責)魏.indd](/thumbs/92/107886607.jpg "[ ]{木山(判例)}(責)魏.indd")
59 3 2017 29 2 8 I 1 36 1 2 2 26 44 2 3 4 36 17 44 2 1 2 1 8 2 8 4 3 2 8 3 26 10 4 26 2014 103 91 5 6 28 1 183 1 7 5 44 2 2 2 26 36 17 6 1315 2006 192 1317 2006 268 6 1 2016 71 2 2017 29 7 15 8 27 253
1
浜松 信用 金庫 12 ディスクロージャー 表紙 オモテ 212 7.4 ANZ4E2 中村 33 43 デジコン 2 校 1 CONTENTS 1 3 4 CSR 5 7 CSR 9 1 1 11 12 13 15 16 17 19 21 22 24 25 27 29 32 6 74 2 3 24 514 24 423 54 1 2 23 829 533 1 4 5 C S R 21 FHA212
Marketing
1 2 3 4 Bei BeiKei Kei Capital Capital Management Management Bei BeiKei Kei Research Research Bei BeiKei Kei Japan Japan Fund Fund 5 M&A 6 Over Valued Fair Value Under Valued 7 8 B I G is better? small
1
1 2 3 4 . 5 6 7 8 9 10 11 12 .. 13 .. 14 15 16 17 18 19 20 .. 223 ( ) 218 1 21 1 225 72 63 154 141 54 24 40 274 186 226 197 507 22 23 24 25 26 27 28 29 .... 30 SPC 31 32 33 34 35 36 . 37 38 39 .......
untitled
2003 11 ...1...6...6...7 1... 7...7...9...11...12...13 2...16...16...16...17 time inconsistency...17 3...18...18...18...19...20...25 70...25 80...25 90...25 90...26...27... 28 1 ... 28 5... 30 1...30...
資料８
5.1. 5.2. 5.3. 5.4. 5.5. 5.6. 5.7. 5.8. 5.9. 5.10. 5.11. 5.12. 76 5.1. 1. (1) 703 GDP 14 350 135 1100 17 (2) 77 (3) 78 (4) 29 79 2007 2007 2. (1) IT FAX 80 (2) (3) 81 (4) IT 3. (1) (2) 19 82 CSI 83 IT
1 2003 7 2005 6 2 1 2000 2002 2003 80.052 86.7 39 26.374 3 3 2 2 8 500 8 2008 6.4 10.3% 10 2008 3 11.7 10.6 9.9 9.3 3 1998 100 1999 3 71.2 2005 2007 17.9 14.1 1989 4 20 6 4 2004 1 4 5 5 ROA ROE 5 6 60
TG(.a)AR05_...I
Winning thevalue Challenge 2005 Contents 01 Face-to-Face with Customer Value 06 07 08 10 15 Enhancing Value Every Day 24 Our Basis for Solidifying the Value 31 60 61 D y n a m i c, R e l i a b l e Face-to-Face
住友商事株式会社
At a Glance Step Up PlanAA Plan3 AG Plan 12.7% 140 04 79 03 71 02 61 01 0 50 100 150 18.7% 04 03 02 01 67 112 148 206 0 50 100 150 200 250 6.9% 04 03 02 01 46 46 51 76 0 20 40 60 80 8.5% 94 04 78 03 6
untitled
I...1 II...2...2 III...3...3...7 IV...15...15...20 V...23...23...24...25 VI...31...31...32...33...40...47 VII...62...62...67 VIII...70 1 2 3 4 m 3 m 3 m 3 m 3 m 3 m 3 5 6 () 17 18 7 () 17 () 17 8 9 ()
UFJ
UFJ UFJ () UFJ UFJ 2002 7 2 82 UFJ 2002 9 UFJ 2002 7 22 83 84 UFJ 1 2 3 4 1 2 16 15 14 90 6 5 2002 7 22 85 UFJ 1 2 DC 1 2 3 4 3 2 1 3 2 1 2 1 2002 7 22 UFJ 2002 7 22 CEO 188 2 7 2 UFJ UFJ p 86 p 18 1 2002
untitled
1 PFI 1 PFI 3 PFI 10 4 PFI 10 5 142 PFI 10 5 PFI 10 6 PFI 11 6 PFI 145 11 7 PFI 11 117 11 9 PFI 12 3 12 3 13 11 13 1 PFI PFI 13 7 VFMValue For Money 13 11 ( 14 4 ) 13 12 13 151 13 12 13 151 15 6 PFI 2
...43... 43 (1)... 43 (2)... 45 (3)... 47 (4)... 52... 54 (1) 54 (2)... 57... 60 (1)... 60 (2)... 62... 66 (1)... 66 (2)... 69 (3)... 71... 73...75...
16...1...2...12...12 (1)... 12 (2)... 15 (3)... 17 (4).. 19 (5)... 22 (6)... 24...26 (1)... 26 (2)... 28 (3)... 30 (4)... 32... 34 (1)... 34 (2)... 36 (3)... 38 (4)... 41 ...43... 43 (1)... 43 (2)... 45
untitled
i ii iii iv v 43 43 vi 43 vii T+1 T+2 1 viii 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 a) ( ) b) ( ) 51
AccessflÌfl—−ÇŠš1
ACCESS ACCESS i ii ACCESS iii iv ACCESS v vi ACCESS CONTENTS ACCESS CONTENTS ACCESS 1 ACCESS 1 2 ACCESS 3 1 4 ACCESS 5 1 6 ACCESS 7 1 8 9 ACCESS 10 1 ACCESS 11 1 12 ACCESS 13 1 14 ACCESS 15 1 v 16 ACCESS
2
1 2 3 4 5 6 7 8 9 10 I II III 11 IV 12 V 13 VI VII 14 VIII. 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 _ 33 _ 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 VII 51 52 53 54 55 56 57 58 59
untitled
215 214 12 ENERGIZING THE FUTURE IIRC ver 1. CONTENTS 2 OUR ROAD 8 12 12 CEO 18 CFO 2 2 22 3 32 38 4 4 46 49 54 56 63 CSR Book WEB CSR http://www.showa-shell.co.jp/ csr/index.html 215 1 OUR ROAD 3 3 1985
untitled
11 24 57 13 15 4 1 15 9 30 16 4 1 16 9 30 16 16 30 16 30 15 4 1 15 9 30 16 4 1 16 9 30 193 2 (1) 15 4 15 9 30 16 4 16 9 30 15 4 16 3 31 1. (1) 1 DBJ (2) (3) 100 50 (1) 2 DBJ (2) (3) 100 50 (1) 1 DBJ
PowerPoint プレゼンテーション
2008 3 2008 4 1 I. 08.3.309.3 ROA,ROEEPS BPS EPS BPS 2 08.3 LNG (P5,17) 320 455 +1.7% (P4) 08.3LNG (P6,35,37) IPP (P10) 08.3 3 08.3 LNG 636 ( 5.4 ) 1 2,381 LNG (2006 11 ) 181 ( 19.3 ) 756 137 ( 15.3 )
untitled
4 1 A 2 PFI 14 12 28 PFI 16 8 31 PFI SPC SPC PFI 13 1 22 (1) (2) (3) (4) (5) (6) 46 (7) (8) (9) (10) (11) SPC 15 3 18 PFI PFI PFI 2 2 15 9 1 16 8 31 14 12 15 3 14 11 20 47 14 12 12 28 15 2 15 2 2 15 3
untitled
4 NHK NHK 2003 2005 2008 NHK 1957 1958 1959 1960 1961 16 1962 8 6 1963 ETV 1964 1964 ETV 1965 20 20 ETV 1945 8 6 NHK i 1966 ETV 8 6 1967 1968 1968 23 23 1969 1969 8 1970 6 1971 ETV 26 1972 27 ii 1973 28
262014 3 1 1 6 3 2 198810 2/ 198810 2 1 3 4 http://www.pref.hiroshima.lg.jp/site/monjokan/ 1... 1... 1... 2... 2... 4... 5... 9... 9... 10... 10... 10... 10... 13 2... 13 3... 15... 15... 15... 16 4...
untitled
PPP 1 2 PPP 2.1 PPP 4 PPP PPP 4 (1) PPP (2) (3) (4) 2.2 PPP PPP PPP 4 2-1 PPP Country Risk Related Laws & Regulations PPP Legal and Regulatory Framework Instit l Framework Instit l Strategic Planning Capacity
2
2 ... 2... 3... 5... 6 1... 7 1-1... 8 1-1-1... 8 1-1-2... 9 1-2... 10 1-3... 11 1-4... 11... 16 2-1PPS... 17 2-1-1PPS... 17 2-1-2... 20 2-2... 23 2-2-1... 23 2-2-2... 25... 29 3-1... 30 3-1-1... 30 3-1-2...
橡災害.PDF
1 2 3 4 5 6 7 8 9 10 11 12 2.1 2.2 2.2.1 13 2.2.2 2.2.3 14 2.3 2.3.1 2.3.2 all or nothing 2.4. 2.4.1 15 i) ii) iii) iv) 2.5 2.4.2 2.2 2.5 2.5.1 16 2.5.2 2.6 2.6.1 2.4 2.6.2 2.6.3 2.6.4 17 18 3.2.1 Hazard
アニュアル レポート 2017｜財務情報
At a Glance 1. 2. 3. 1 AI Toyota New Global Architecture TNGA Chief Financial Offi cer M&A 3 Toyota AI Venture 1 M&A 4 At a Glance AA 3% 4,499 6,9 217 215 7 31 AA 21 215 9 217 3 1 1 AA 25 2 25, 15 15,
™Ê‘¤fl™‘‚H20flÅ_02‘Í03’ß.qx4
(1) (2) (3) BRICs ASEAN4 2-3-1 GDP ASEAN 2008 2-2 OECD2007aStaying Competitive in the Global Economy 194 2-3-2 ASEAN 1990 1980 1990 2001200617.3 14.03.3 3.21.7 1980 4 19977 2000 ASEAN4 20012006 ASEAN 5,000
Excel IPO IPO
... 3... 4... 5... 7... 10... 10...11... 13... 15... 17... 19... 22... 24... 28... 29... 31... 37... 39... 40... 41... 43... 46... 48... 50... 52... 55... 58... 61... 66... 67... 67... 69... 71 1 /135
- - - - - - - - - - - - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -2...2...3...4...4...4...5...6...7...8...
取 扱 説 明 書 - - - - - - - - - - - - - - - - - - - - - - - - - -1 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -2...2...3...4...4...4...5...6...7...8...9...11 - - - - - - - - - - - - - - - - -
Channel to Discovery Plan &
2007 Channel to Discovery Plan & 3 2007 3 2008 1 1 2 6 8 2006 10 14 1 2 16 19 20 22 24 26 28 30 32 34 36 42 43 44 45 70 71 72 2000 10 1 2007 2 2007 2000 10 3 2010 M 2007 M 2010 1,000 2006 2006 M&A 102006
ito.dvi
1 2 1006 214 542 160 120 160 1 1916 49 1710 55 1716 1 2 1995 1 2 3 4 2 3 1950 1973 1969 1989 1 4 3 3.1 3.1.1 1989 2 3.1.2 214 542 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
DCF 15
2004 2005 1718 32 DCF DCF DCF DCF 1718 27 16.0 29.95 9.69 5 16.92 27.84 12.6 32 16.14 29.95 9.69 32 17. 29 6 14 1617 135 13.0 20.2 7. 135 10.5 29 2716 17 0.31 6.56.50.31 6 19.14 25.89 11.99 6 15 23 6 DCF
86 7 I ( 13 ) II ( )
10 I 86 II 86 III 89 IV 92 V 2001 93 VI 95 86 7 I 2001 6 12 10 2001 ( 13 ) 10 66 2000 2001 4 100 1 3000 II 1988 1990 1991 ( ) 500 1994 2 87 1 1994 2 1000 1000 1000 2 1994 12 21 1000 700 5 800 ( 97 ) 1000
DBJ Tokai Report Vol.2 15 11 2001 1937 1960 90 90 40 ITS ITS email:gematsu@dbj.go.jp 1999 SPRIE Stanford Project on Regions of Innovation and Entrepreneurship SPRIE (Innovation) Entrepreneurship 1 SPRIE-JAPAN
入門ガイド
ii iii iv NEC Corporation 1998 v P A R 1 P A R 2 P A R 3 T T T vi P A R T 4 P A R T 5 P A R T 6 P A R T 7 vii 1P A R T 1 2 2 1 3 1 4 1 1 5 2 3 6 4 1 7 1 2 3 8 1 1 2 3 9 1 2 10 1 1 2 11 3 12 1 2 1 3 4 13
untitled
150-1- -2- MVP AED -3- -4- -5- Yoyogi Phoenix -6- -7- -8- -9- DV -10- -11- -12- BE WHAT YOU WANT -13- 1 11 9 28 2004 3 4 2004 4 2 2006 6 8 28 19 1 1 B 11 10 9-14- 4 2 4 2 58 1 4 2 58 3 17 3 25 24 6 25