(1) (2) (3) (4) (1) 54 (2) (1) (2) (1) (2) (3)

Size: px
Start display at page:

Download "...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..."

Transcription

1 (1) (2) (3) (4).. 19 (5) (6) (1) (2) (3) (4) (1) (2) (3) (4)... 41

2 (1) (2) (3) (4) (1) 54 (2) (1) (2) (1) (2) (3)

3

4

5

6 X W X X W W X W 3

7 X Y X A Y Y A X Y 4

8 X M Y Y M X Y X Y X Y X Y 5

9 X Y X Y X Y X X Y X Y X Y X Y 6

10 X Y X Y X Y Z X Y Z X Y Z X Y 7

11 X X Y X A Y Y X Y X 8

12 X Y X Y 9

13 / 1 / 3 2 / TOB 3 / 4 5 NEC/ 6 / ToSTNeT

14 INAX / 20 / 21 / 22 / / 23 / 24 / / 25 / TOB MBO 26 / 11

15 12 (1) () () () () 3

16 US GAAP , ,300 US GAAP 3 1,120 13

17 2,695 2,695 1,120 3,480 1,110 * 470 1,720 * 2000/ SFAS142 Goodwill and Other Intangible Assets () () ()

18 (2) () () TOB TOB 93.14% TOB TOB+ TOB TOB TOB 100% 15

19 () () TOB () () TOB

20 (3) ,420 17

21 () 100% () () () ()

22 (4) 2 100% 100% 100% 1 100% 2 100% 100%

23

24 % 100% 2 21

25 (5) NEC POS NEC NEC NEC NEC 4.05% 53.31% NEC NEC NEC NEC

26 NEC % M&A NEC NEC % 66.60% NEC 23

27 (6) () () 22.1%40.1% ,371,0009.1% ToSTNeT-2 5,223, %

28 22.1%( 0.9% ) +1.7%( 1.5% ) 23.6%( 2.4% ) +9.1% 32.7%( 2.4% ) 1/3 ToSTNeT % 40.1%( 2.4% ) 9.1% 31.2% ToSTNeT ToSTNeT-2 25

29 (1) 100%

30 No.1616 P.36 () ()

31 (2) () 51% 49% ()AC ()

32 51% 100% 50% 29

33 (3) () B/S ()

34 () ()

35 (4) () () %

36 () () () () () ()

37 (1) () () 60% 40% 100% () SB () SMBC() 34

38 () 2 2, % 35

39 (2) () 100% 36

40 ()

41 (3) () 38

42

43 2 100% 100% % % 50% 50%100% 40

44 (4) () () 60% 40% () () 70% 30% () () () () () 41

45

46 (1) () () ()

47 (A) (B) (B)(A) 9,743,394 10,199, , , ,354 29, ,304 14, , , , (A) (B) (B)(A) 523,851 1,042, , , ,521 91, , ,261 42,690 42, , ,051 1,854,179 2,281, , ()

48 (2) ()INAX () INAX INAX INAX ()

49 INAX INAX () () ()

50 (3) () ()

51

52

53 % 50

54 100% 5 51

55 (4) () () ,

56 ,

57 (1)

58 DCF () A H12/3 B A/B 6,757 88, % 174 1, % () A H12/3 B A/B 5, , % 98 1, % () 1,658 1, ,118 2,118 () 1, ,437 1,437 55

59 () () () () () () () () () 50 56

60 (2) 300 SUMCO SUMCO SUMCO

61 () SUMCO 20% () 50% SUMCO SUMCO

62

63 60 (1) () () () () () ()

64 () () ()100% 60% () ( ) () () () () () () () () 3 61

65 (2) () AV 60 98% 2% 80% ()10%() 10% % 27.5% 62

66

67 DENON () ,354 8,630 9,048 5,288 24,402 13,918 10,484 64

68 () CASA () () ()

69 (1) () Wal-Mart Stores, Inc ,470,000 Wyoming GmbH 23,165,000 () Wyoming GmbH 19,305, , ,800, , ,100, , ,400, %

70 % 3 1/3 1/2 2/3 67

71 () ()

72 (2) () 2 () 57.0% ()

73 100% M&A 1990 ADR AVX () ()

74 71 (3) () TOB () TOB () TOB MBO

75 FC TOB MBO TOB 100% LBOLeveraged Buy-out 72

76 () () 66.7% 74% MBO 73

77 MBO MBO MBO MBO 100% () TOB

78 %

79 (244 ) (247 ) (256 3) (260 4) (263 ) (267 ) (280 10) (280 11) (280 15) (280 39) (341 15) ( ) ( ) ( ) (380 ) (232 2) 1/ (237 ) 3/100 (237 2) 1/100 ( ) 3/100 (293 6) 3/100 (294 ) 3/100 (381 ) 3/100 (406 2) 1/10 76

80 10 TOBTake Over Bid % 77

81

82 5%

83 14 80

84 () 81

85

86 T.O.B 5% ( ) ( ) () 27 3 () ( )

87 %

88

89 86

90 % % % 70% % 3 15% 70% 63(1)22 87

91 20% 6% 20% %

92 1 10,000 9,000 10,000 4,000 3,000 10, ,000 9,000 6,000 4,000 7,000 6, % 1,000 10,000 6,000 4,000 3,000 89

93 3,000 10,000 6,000 10,000 4, ,000 6,000 6,000 6,000 4,000 4,000 6,000 3,000 3,000 10,000 6,000 10,000 5,500 1,500 3,000 10,000 6,000 6,000 6,000 5,500 1,500 7,000 6,000 3,000 3,000 1/2 1/2 90

94 0 3,000 3,000 3,000 3,000 3,000 1, ,000 6,

95 1 100% 2 1, , % 32 92

96 1, ,

97 6/1,000 4/100( ) 5 94

98 1 10,000 13,000 10,000 3,000 10, ,000 13,000 13, ,000 3 (3,000) 4 13,000 5 (= )13, ,000 10,000 13,000 13,000 95

99 96 MBOEBO MBOEBO MBOEBO MBO Management Buy-Out EBO Employee Buy-Out M&A MBO EBO MBOEBO MBO EBO MBO EBO

100 MBOEBO MBO EBO MBO EBO M&A MBO EBO MBO EBO MBO EBO ( ) MBO EBO MBO EBO 97

101 escrow 98

102 99

103

104 *1 245 * *3 16 *

105 30 *1 28 *2 10% *3 6 1 *

106

107

108

109

110

111

112

113 B

114

115 112

116

117 A A 114

118 VS 115

119 116

120 [ ] 11 [ ]

121 100 DCF 15,

122 DD 1, , ,000 3, ,000 3,500 2,000 1,000 10, , , ,800 3, , ,000 2,500 3, , ,500 1,000 1,000 10,000 12,100 15,000 2, ,600 1, , ,800 3, , ,000 2,500 3, , ,500 1,000 1,000 10,000 12,100 11,

123 120

124

125

126

127 124

128

129 ( ) 6 ( ) ( ) ( ) ( ) ( ) ( ) ( )

130 (2)

131

132

133

134 A B 1 2 ( ) ,000 30,000 10, ,000 5 (1) 5,000,000,000 (2)

135 A B 132

136 B ,000 1, xx xx A () () 133

137 () xx xx () 134

138

139

140

141

142 2 1 1 g c 30% 10% 30% % 139

143 Economic Substance over Legal Form 140

144

145 142

146

147 144

148

149

150 A B B A B 1,000 A % % %

151 ( 62 2)

152

153

154 A B A B A B B A % 0.7% 3 0.4% 151

155 500 2, , ,000 1, ,000 3, ,000 1,000 2, , ,000 1,

156 1, ,500 1, % 500 2, , ,000 1, ,000 3,

157 900 1, ,000 1, ( ) 200 1, ( ) , , , ,000 ( ) ,

158

159 156

160 157

161

162 ,

163

164 , ,

165 f 2f 3 162

166

167

168

169

170

171

172

173

174 1 171

175 100 1,000 10% 150, , , , , ,000 30, ,000 1, , ,000150,00030,

176 A B 50 B BS 8,000 5,000 3,000 10,000 A 7,000 A 10,000 7,000 3,000 A B 8,000 7,

177 1,000 2,000 2,000 2,000 2,000 2,000 2,000 3,000 3,000 2,000 2,000 2,000 2,

178 *1 *2 *3 *1 a. 1

179 b. c. d. e. f. 1 * *3 a. b. c. 2 d. 176

180 177

181

182 ( ) { { } ( )

183 ( ) { } ( ) ( )

184 50 [ { }] 50 ( ) % { } ( ) 181

185

186

187 95 71, , ,000 1,000 1,000 5,000 2,000 5, , ,

188

189

190 33 187

191

192 (1) (2) (1) (2) (1) (2) (1) (2)

193

194 (2 ) 191

195

196 ( ) ( ) ( ) ( )

197 ( ) ( ) 6 ( ) ( ) ( ) ( ) ( ) ( ) 6 ( ) ( ) ( ) ( ) ( )

198 ( ) 100% 10, , % ( ) 1. X X DCF 195

199 10, A B 3. A DCF B DCF 4. 17,000 10,000 7, ,

200 197

201 (*) (*)

202

203

204 X X X xx yy 3. X X J J X 5. X 10,000 X xxx xxx xxx xxx 201

205

206 ( ) ( )

207 204

208 A B 205

209 3 3/ 3/ 3/31 5/ 5/ 6/ 6/ 6/ *1 *1 *2 *3 *4 *2 2 *2 *3 *3 2 6 *4 2 *5 *6 *5 2 1 *6 206

210 / 7/ 8/ 10/1 *7 *7 20 *7 *8 *8 *8 30 *9 *9 *10 *11 *10 *11 *9 2 3 *10 6 * / 3/ 3/31 4/ *1 *1 207

211 5/ 6/ *2 *3 *4 *2 2 *3 6 *4 2 *5 *6 *5 2 * / 6/ / *7 *7 2 1 *8 *

212 7/ 8/ 9/30 10/1 *9 *9 *9 30 *10 *10 *11 *11 *12 *13 *12 *13 * *12 6 *

213

214 g (11) % 10% 30% 211

215 ) ) 1) )

216 (21 ) 6 (20 ) 213

217 37 *1 * % 214

218 40 *1 Yes No Yes No No Yes Yes 215

219

220 A B X A C Y X3 4 1 X Y Z A 225 X Y X Y A Y X A Z X A Y A X Y X Y A 120, , , ,000 B 30,000 20,000 0 C 0 50, , , , ,000 4,000 50,000 12,500 25,000 83,500 75, , ,000 X A 20,

221 X Y

222 Z X A A 180,000 5, ,000 A 180,000 5, , ,000 20,000 X Y A A 200,000 6, ,750 A 200, ,750 20, ,250 6,250 60,000 Y Y A A A C , ,000 75, , ,0006,25020,00060,000113,

223 Y Z 200, ,000 20,000 40,000 60,000 80,000 A 200,000 A Y A A A C , ,000 25, ,000 50, , , ,000 X A Z X A A 180,000 20,000 5, ,000 A 180,000 20,000 5, ,000 A 200,

224 20,000 20,000 20,000 20,000 Z =55.6%>50% 11,250 Z 200, , ,778 22,222 Y Z Z 400, %-55.6%=177,778 Z 400, %X A Y 200,000 X Z 200, ,000 80,000 12,500 4, ,500 20,000 A 120,000 80,000 A 180,00020,000 A 120,000 80,00083,500 Z X A 221

225 22,222 Z 22,222 Y Z Z 200,000Z 400, % X Z 44.4% X X Z 120,000 X 27,000 93,000 Z 200,000AB 180,00020, ,000 30, X AB 180,00020,00091 X 27,000 30, Z Y Z 120,000 X 120,000 Y A C 200,00050,00041 A Z Y 150, , ,

226 7 X3 4 1 AB 3 X C 3 Y B Y 200 X X Y A 120, ,000 0 B 30,000 40,000 0 C 0 15,000 20, ,000 15, ,000 5,000 4,000 1,000 12,500 1,250 83,500 7, ,000 15,000 X Y 600 ( 30,000) 100 6, ,

227 X Y 30,000 B 30, ,500 10,000 16,700 B 30,000 Y B 30,000 10,000 20,000 B 30, ,500 10,000 16, ,000 B 52 Y Y 18,000 Y () 6,000 12,000 Y 18,000 Y 18,000 Y () 6,000 12,000 Y X Y 224

228 X 30,000 A B 30,00030, ,00030,000 6,000 Y 6,000 X 6,000 X X Y X Y Y X X Y A 120, ,000 B 0 30,000 30,000 Y 30, ,000 C 0 15,000 15, ,000 45, , ,000 15,000 65,000 4,000 21,000 25,000 12,500 1,250 13,750 83,500 7,750 91, ,000 45, ,000 20,00015,0005,000 C 5,000 2,000 X Y 3,000 5,000 40% C 225

229 15,000 Y 30,000 21,000 16,000 1,250 2,000 7,750 3,000 Y 45,0003, ,000 Y 45,0003, Y 30,0002,

230

231

232 X A B C 1,100-1,100 D=B-A 200 E=C-A 400 F=C-B 200 Y Y

233 (1) (2) (3)-1 (1)(2) Y Y 96 1, % (3)-2 (2) 2 230

234 Y (1) (2) (1)

235 (2) 1, , Y 47 1, , ,020 1,

236

237 % 50%100% % 3 50%100% 50%100% 4 ( ) ( ) 80%

238 ( ) %

239

240 3 100%

241 4 50%100% % 238

242 % % a b 100% a b 50%

243 % 50%100% 240

244 % 50%100%

245

246 243

247 B/S A 1,000 A 700 B 500 B B B , *1 80 *2 240 * / /500 * /

248

249 B/S A 1,000 A 700 B 500 B B 200 B 300 B *3 40 * /

250 * * B 500 B *6 60 *5 40 * * B 300 B *7 60 *8 240 * / *

251 B 700 B *9 300 * B 300 B B 500 B * * B 300 B B 700 B * *

252 ( ) ( ) ( ) ( ) ( ) (1) (2) (1) (2) 249

253 ( ) 66 ( ) ( ) ( )

254 ( )

255

256

257 1.5/1,000 7/1, /1,000 7/1, /1,000 2/1,000 1/1,000 2/1,

258

259 % 256

260 100% %50% 50% P

261

262 A. B. C. 259

263 A B C B DES 260

264 A B B C B DES A B A ROE

265 A B C A A B B C C C AB 7 C

266 ROA 2 5 A B MBO C A C B B B C B C 5 1 C 263

267 7 C ROE

268 A B C R&D A A B B C C C 24 24% 30% 40%

269 12 8 A A A B B A 100 B A A B A A B B A B B A 266

270 A B 12 9 A B SPC A B A SPC A A A B SPC B SPC A SPC A 267

271 A A C A B B A C A B A A A A A A 268

272 DES

273

274 271

275

276 B 273

277 D 274

278

279 276 16

280 22(1) 277

281 5 278

282

283

284

285 282

286

287 284

288

289

290 6 287

291 () 4/ / * * / *2 5 1 * *1 21(1) *2 22(2) *

292 () () 289

293 2 2(3) 2 2(3) 290

294

295 (2) 292

296 22(4) 293

297 22(4) 4 294

298

299 ( 16 ) 296

300

301

302 ( )

303 224 a) b) a) b) 300

304

305

306 ( 41 ) ,

307 ( ) () ()

308 3 a) b) ( 70)

309 ( ) a) 306

310 b)

311 (1) (2) 308

312

313 310 a) ( ) b) ( ) c) a) d) b) e) a) ( ) b)

314

315

316 (1) (2) 5 13 (1) 313

317 (2) a) 314

318 b) 100% 80%

319 316

320 7 317

321 Employee Retirement Income Security Act,

322 2 PBO 319

323 7 1) P/L 3 2) 320

324 30%

325 322

326 14 12 ( ) 323

327 324

328 325

329 ( ) 326

330 ( ) 327

331 ( ) 328

332 ( ( ) ) 329

333 ( ) 330

334 ( ) 331

335 ( ) 332

336 333

337 334

338 ( ) ( ) 335

339 336

340 337

341 338

,036,469 75,804,088 6,550,116 7,131,589 36,168,131 38,196, , ,527 4,409,940 3,621,810 22,449,980 22,333,

,036,469 75,804,088 6,550,116 7,131,589 36,168,131 38,196, , ,527 4,409,940 3,621,810 22,449,980 22,333, 1932 1 22 23 23 3 31 24 3 31 8,102,186 6,618,725 9 1,228,294 940,108 6,873,891 5,678,617 261,540 526,068 96,665 203,768 402,928 726,677 26,580 21,171 9 509,773 626,146 9 3,623,461 3,777,835 9 368,868 344,047

More information

n , , % , % % % IFRS ,659 1,118, ,582 (+ 12.4%) 98, ,552

n , , % , % % % IFRS ,659 1,118, ,582 (+ 12.4%) 98, ,552 n 213 IFRS IFRS IFRS IFRS IFRS IFRS 213 11,188 1,159 IFRS 213 11,182 1,116 1,5 657 69 78 214 n 213 213 4 1 214 3 31 1,236 1 1,182 12.4% 537 128 1,116 13.% 39 998 4.1% 31 69 4.8% IFRS 212 213 994,659 1,118,241

More information

1 44

1 44 16 SMBC 1 44 2 44 3 44 1 1,000 2,000 4 44 16 16 5 44 6 44 7 44 8 44 9 44 10 44 11 44 12 44 13 44 14 44 15 44 16 44 17 44 SMBC 18 44 19 44 3 20 44 PL IPO M&A 21 44 8 22 44 1 23 44 2 DES 24 44 25 44 3 3

More information

1 93 1. 2. 3.

1 93 1. 2. 3. 16 1 93 1. 2. 3. 2 93 4. 5. 17 6. 7. 3 93 4 93 5 93 6 93 ( ) 7 93 8 93 9 93 10 93 11 93 12 93 16 12 24 13 93 1 1 1 14 93 15 93 5 16 93 17 93 50% 50% 18 93 2.5% 0.25% 1/2(= 2 1 1 25 19 93 20 93 21 93 22

More information

2 3 A B 2 NPO

2 3 A B 2 NPO 13 30 13 1 (1) (9) 9 1 2 3 A B 2 NPO 3 3 22 22 4 2 22 22 5 6 3 3 3 22 3 22 4 4-1 6 WG 6 3 7 8 7 7 11 4-5 3 3 2 1 4 2 Yes No 100 1 22 9 22 3 22 22 3 3 2 4-6 1 5 22 72 1 2 72 72 3 72 72 10 72 72 NPO 72 4-6

More information

00 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.... 0........ 0 0 0 0 0 0 0 0 0 0..0..........0 0 0 0 0 0 0 0 0 0 0.... 0........ 0 0 0 0 0 0 0 0 0 0... 0...... 0... 0 0 0 0 0 0..0 0... 0 0 0 0 0.0.....0.

More information

untitled

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

More information

, 1. x 2 1 = (x 1)(x + 1) x 3 1 = (x 1)(x 2 + x + 1). a 2 b 2 = (a b)(a + b) a 3 b 3 = (a b)(a 2 + ab + b 2 ) 2 2, 2.. x a b b 2. b {( 2 a } b )2 1 =

, 1. x 2 1 = (x 1)(x + 1) x 3 1 = (x 1)(x 2 + x + 1). a 2 b 2 = (a b)(a + b) a 3 b 3 = (a b)(a 2 + ab + b 2 ) 2 2, 2.. x a b b 2. b {( 2 a } b )2 1 = x n 1 1.,,.,. 2..... 4 = 2 2 12 = 2 2 3 6 = 2 3 14 = 2 7 8 = 2 2 2 15 = 3 5 9 = 3 3 16 = 2 2 2 2 10 = 2 5 18 = 2 3 3 2, 3, 5, 7, 11, 13, 17, 19.,, 2,.,.,.,?.,,. 1 , 1. x 2 1 = (x 1)(x + 1) x 3 1 = (x 1)(x

More information

17 18 2

17 18 2 17 18 2 18 2 8 17 4 1 8 1 2 16 16 4 1 17 3 31 16 2 1 2 3 17 6 16 18 1 11 4 1 5 21 26 2 6 37 43 11 58 69 5 252 28 3 1 1 3 1 3 2 3 3 4 4 4 5 5 6 5 2 6 1 6 2 16 28 3 29 3 30 30 1 30 2 32 3 36 4 38 5 43 6

More information

1 th 1 th Dec M&A 2 M&A VS M&A

1 th 1 th Dec M&A 2 M&A VS M&A 1 th 1 th Dec.2006 1 M&A 2 M&A 3 4 1 2 3 VS 4 5 6 1 1 2 3 4 2 1 2 3 1 2 3 M&A 1 1 2 3 2 3 1 2 2 1 th 1 th Dec.2006 1 2 3 1 M&A 2 4 TAF 1 TAF 2 M&A 3 4 5 6 7 5 1 2 3 4 3 1 th 1 th Dec.2006 2005 2006 TOB

More information

Page

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

More information

DCF 15

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

More information

13,825,228 3,707,995 26.8 4.9 25 3 8 9 1 50,000 0.29 1.59 70,000 0.29 1.74 12,500 0.39 1.69 12,500 0.55 10,000 20,000 0.13 1.58 30,000 0.00 1.26 5,000 0.13 1.58 25,000 40,000 0.13 1.58 50,000 0.00 1.26

More information

1

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 .......

More information

untitled

untitled () 1 / 11 2 / 11 ( ) X X X 3 / 11 26 ()2 1 (d)5 (f)6 芦 4 / 11 5 / 11 6 / 11 (a) (b) 7 / 11 (c) 8 / 11 9 / 11 2011 1 2 1 30 20 20 Y A B Y B A Y B Y Y A B Y BA B A Y A A Y Y 4 X A B2 Y X A B 2/3 3 A B X

More information

21322* IR * 2 * 1 *1 *2 *3 IRIR *4 *5 *6 *7 *8 * 4 * 3 * 7 * 3 FATCA VBI VBI M&A M&A * 4 * 7 * 5 ALM * 9 * 8 * 8 * 6

21322* IR * 2 * 1 *1 *2 *3 IRIR *4 *5 *6 *7 *8 * 4 * 3 * 7 * 3 FATCA VBI VBI M&A M&A * 4 * 7 * 5 ALM * 9 * 8 * 8 * 6 213 25121 6 J. J.C. M. 3 22 VBI 211 1 J.C. 21322*9 25126 IR * 2 * 1 *1 *2 *3 IRIR *4 *5 *6 *7 *8 * 4 * 3 * 7 * 3 FATCA VBI VBI M&A M&A * 4 * 7 * 5 ALM * 9 * 8 * 8 * 6 2312 3 213 6 13 5 15 4 16 2 4 5 9

More information

ATM E- PIN PIN 1 8 BtoCEC BtoCEC LPG M&A M&A M&A LPG M&A 2

ATM E- PIN PIN 1 8 BtoCEC BtoCEC LPG M&A M&A M&A LPG M&A 2 6 1 21 25 1 ATM E- PIN PIN 1 8 BtoCEC BtoCEC LPG M&A M&A M&A LPG M&A 2 45.39 6,336 21 10 2,196 21 10 3 4 31.26 5 SMBC PwC PwC 6 SMBC PwC SMBC VWAP DCF VWAP 7 DCF DCF SMBC SMBC PwC DCF DCF DCF PwC PwC 8

More information

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

More information

第Ⅰ章

第Ⅰ章 4 11 () () () () () () () () () 19 () () () () () () () () () 28 () () 30 32 34 36 37-1 - -2 - () -3 - SPSS () ()() () () () -4 - N N N -5 - () A AB B O () A AB B O N N -6 - -7 - () N= -8 - () () () -9

More information

2002 715 02-13M 1. 200110 024 2. 3. 4. 100 60 5. 6. 2002715 1 1 1 4 9 9 12 12 13 14 14 15 15 17 17 18 22 22 23 25 25 25 29 200110 024 3 1 1965 500 800 3,000 2,000 1 1 60 2.84 1.173 1 2002 71 1,726 1,085

More information

untitled

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

More information

yy yy ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ; ; ; ;; ;; ;; ;;; ;;; ;;; ;; ;; ;; ;; ;; ; ; ; ; ; ; ;

More information

2003 10 2003.10.21 70.400 YES NO NO YES YES NO YES NO YES NO YES NO NO 20 20 50m 12m 12m 0.1 ha 4.0m 6.0m 0.3 ha 4.0m 6.0m 6.0m 0.3 0.6ha 4.5m 6.0m 6.0m 0.6 1.0ha 5.5m 6.5m 6.0m 50m 18 OK a a a a b a

More information

第21号 不公正取引について—村上ファンド事件を中心に—

第21号 不公正取引について—村上ファンド事件を中心に— 4 4 4 4 4 4 2007 11 21 2 167 2 167 10 2 3 5 31 CEO CFO 3 1 18 CEO M&A CFO M&A 5 9 15 2 11 8 11 8 11 8 i) TOB ii) iii) 18 3 16 11 9 17 2 8 193 99 5,200 167 2 11 6 10 4 5 6

More information

untitled

untitled 351 351 351 351 13.0 0.0 25.8 1.0 0.0 6.3 92.9 0.0 80.5 0.0 1.5 15.9 0.0 3.5 13.1 0.0 30.0 54.8 18.0 0.0 27.5 1.0 0.0 2.5 94.7 0.0 91.7 0.0 1.3 14.7 0.0 3.8 14.4 0.0 25.0 50.5 16.0 0.0 27.5 2.0 0.0 2.5

More information

リサーチペーパー

リサーチペーパー 1 2 1 2 1 3 4 3 4 2 5 5 3 6 6 4 Real Estate Investment Trust Commercial Mortgage Backed Securities 7 8 I 9 10 (Property Trust) 7 8 9 10 5 Managed Investments Act Managed Investment Scheme Trustee Manager

More information

EPSON エプソンプリンタ共通 取扱説明書 ネットワーク編

EPSON エプソンプリンタ共通 取扱説明書 ネットワーク編 K L N K N N N N N N N N N N N N L A B C N N N A AB B C L D N N N N N L N N N A L B N N A B C N L N N N N L N A B C D N N A L N A L B C D N L N A L N B C N N D E F N K G H N A B C A L N N N N D D

More information

ありがとうございました

ありがとうございました - 1 - - 2 - - 3 - - 4 - - 5 - 1 2 AB C A B C - 6 - - 7 - - 8 - 10 1 3 1 10 400 8 9-9 - 2600 1 119 26.44 63 50 15 325.37 131.99 457.36-10 - 5 977 1688 1805 200 7 80-11 - - 12 - - 13 - - 14 - 2-1 - 15 -

More information

EPSON エプソンプリンタ共通 取扱説明書 ネットワーク編

EPSON エプソンプリンタ共通 取扱説明書 ネットワーク編 K L N K N N N N N N N N N N N N L A B C N N N A AB B C L D N N N N N L N N N A L B N N A B C N L N N N N L N A B C D N N A L N A L B C D N L N A L N B C N N D E F N K G H N A B C A L N N N N D D

More information

公務員人件費のシミュレーション分析

公務員人件費のシミュレーション分析 47 50 (a) (b) (c) (7) 11 10 2018 20 2028 16 17 18 19 20 21 22 20 90.1 9.9 20 87.2 12.8 2018 10 17 6.916.0 7.87.4 40.511.6 23 0.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2.0% 4.0% 6.0% 8.0%

More information

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 A B (A/B) 1 1,185 17,801 6.66% 2 943 26,598 3.55% 3 3,779 112,231 3.37% 4 8,174 246,350 3.32% 5 671 22,775 2.95% 6 2,606 89,705 2.91% 7 738 25,700 2.87% 8 1,134

More information

橡hashik-f.PDF

橡hashik-f.PDF 1 1 1 11 12 13 2 2 21 22 3 3 3 4 4 8 22 10 23 10 11 11 24 12 12 13 25 14 15 16 18 19 20 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 144 142 140 140 29.7 70.0 0.7 22.1 16.4 13.6 9.3 5.0 2.9 0.0

More information

198

198 197 198 199 200 201 202 A B C D E F G H I J K L 203 204 205 A B 206 A B C D E F 207 208 209 210 211 212 213 214 215 A B 216 217 218 219 220 221 222 223 224 225 226 227 228 229 A B C D 230 231 232 233 A

More information

ネットショップ・オーナー2 ユーザーマニュアル

ネットショップ・オーナー2  ユーザーマニュアル 1 1-1 1-2 1-3 1-4 1 1-5 2 2-1 A C 2-2 A 2 C D E F G H I 2-3 2-4 2 C D E E A 3 3-1 A 3 A A 3 3 3 3-2 3-3 3-4 3 C 4 4-1 A A 4 B B C D C D E F G 4 H I J K L 4-2 4 C D E B D C A C B D 4 E F B E C 4-3 4

More information

1

1 1 2 3 4 5 (2,433 ) 4,026 2710 243.3 2728 402.6 6 402.6 402.6 243.3 7 8 20.5 11.5 1.51 0.50.5 1.5 9 10 11 12 13 100 99 4 97 14 A AB A 12 14.615/100 1.096/1000 B B 1.096/1000 300 A1.5 B1.25 24 4,182,500

More information

05[ ]戸田(責)村.indd

05[ ]戸田(責)村.indd 147 2 62 4 3.2.1.16 3.2.1.17 148 63 1 3.2.1.F 3.2.1.H 3.1.1.77 1.5.13 1 3.1.1.05 2 3 4 3.2.1.20 3.2.1.22 3.2.1.24 3.2.1.D 3.2.1.E 3.2.1.18 3.2.1.19 2 149 3.2.1.23 3.2.1.G 3.1.1.77 3.2.1.16 570 565 1 2

More information

/9/ ) 1) 1 2 2) 4) ) ) 2x + y 42x + y + 1) 4) : 6 = x 5) : x 2) x ) x 2 8x + 10 = 0

/9/ ) 1) 1 2 2) 4) ) ) 2x + y 42x + y + 1) 4) : 6 = x 5) : x 2) x ) x 2 8x + 10 = 0 1. 2018/9/ ) 1) 8 9) 2) 6 14) + 14 ) 1 4 8a 8b) 2 a + b) 4) 2 : 7 = x 8) : x ) x ) + 1 2 ) + 2 6) x + 1)x + ) 15 2. 2018/9/ ) 1) 1 2 2) 4) 2 + 6 5) ) 2x + y 42x + y + 1) 4) : 6 = x 5) : x 2) x 2 15 12

More information

untitled

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...

More information

2

2 1 2 3 4 5 166167 6 1 7 166167 8 9 166 10 167 11 1992H4 2 714H24 2021992 2502000 714 12 H23128 13 1 14 2 15 16 17 Watch Watch 18 2410 1 20762143 2 20 212146 3 2410 19 4 11 16 17 38 20 15 (1) 18 (6) 139

More information

6 1873 6 6 6 2

6 1873 6 6 6 2 140 2012 12 12 140 140 140 140 140 1 6 1873 6 6 6 2 3 4 6 6 19 10 39 5 140 7 262 24 6 50 140 7 13 =1880 8 40 9 108 31 7 1904 20 140 30 10 39 =1906 3 =1914 11 6 12 20 1945.3.10 16 1941 71 13 B29 10 14 14

More information

決算短信(連結)16.09.doc

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

More information

18 (1) US (2) US US US 90 (3) 2 8 1 18 108 2 2,000 3 6,000 4 33 2 17 5 2 3 1 2 8 6 7 7 2 2,000 8 1 8 19 9 10 2 2 7 11 2 12 28 1 2 11 7 1 1 1 1 1 1 3 2 3 33 2 1 3 2 3 2 16 2 8 3 28 8 3 5 13 1 14 15 1 2

More information

JA2008

JA2008 A1 1 10 vs 3 2 1 3 2 0 3 2 10 2 0 0 2 1 0 3 A2 3 11 vs 0 4 4 0 0 0 0 0 3 6 0 1 4 x 11 A3 5 4 vs 5 6 5 1 0 0 3 0 4 6 0 0 1 0 4 5 A4 7 11 vs 2 8 8 2 0 0 0 0 2 7 2 7 0 2 x 11 A5 9 5 vs 3 10 9 4 0 1 0 0 5

More information

/ IR URL: 1

/ IR URL:  1 2005428 0 1. 2004 /2005 2. 2007 3. IR URL:http://www.tokyo-gas.co.jp/IR/ir_j.html 1 2004 * *04 18+ 1 52+ 1 2 3 840 1,328 1,453 11,907 FY04-4 +16 +25 +431 FY03 +393 +87.7 +18 +1.3-69 -4.6 +389 +3.4 * 04

More information

Excel IPO IPO

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

More information

2

2 ICT ICT Venture Global Global Management Management Program Chapter 2 2 3 4 5 6 7 8 9 10 11 12 儲 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 A B US Europe Asia 2 C = 37 38 39

More information

商学 64‐5☆/5.加藤

商学 64‐5☆/5.加藤 377 1 2 3 1 A B 2 C D 2 378 1 1 1995 7 51 4 2004 3 379 2 380 2 3 23 2009 9 381 3 4 5 D 21 2005 3 23 382 1 5 10 1 6 30 40 1963 12 1971 1 E 40 8 7 2010 1 2005 6 364 367 383 9 10 11 A A B C D D 4 20 21 23

More information

AC-2

AC-2 AC-1 AC-2 AC-3 AC-4 AC-5 AC-6 AC-7 AC-8 AC-9 * * * AC-10 AC-11 AC-12 AC-13 AC-14 AC-15 AC-16 AC-17 AC-18 AC-19 AC-20 AC-21 AC-22 AC-23 AC-24 AC-25 AC-26 AC-27 AC-28 AC-29 AC-30 AC-31 AC-32 * * * * AC-33

More information

エンジョイ北スポーツ

エンジョイ北スポーツ 28 3 20 85132 http://www.kita-city-taikyo.or.jp 85 63 27 27 85132 http://www.kita-city-taikyo.or.jp 2 2 3 4 4 3 6 78 27, http://www.kita-city-taikyo.or.jp 85132 3 35 11 8 52 11 8 2 3 4 1 2 4 4 5 4 6 8

More information

不良債権問題の基本的な考え方

不良債権問題の基本的な考え方 2002 10 11 10 90 1 RCC 2 3 1 2 3 1 2 3 4 4 5 4 5 5 6 0.7 0.1 6 6 7 7 7 8 ABS RCC RCC 9 10 11 19801986 1990 19921994 19922001 12 1985 13 2000 2001 2000 20052003 1995 SFAS121 IAS 1998 IAS36 1993

More information

48 * *2

48 * *2 374-1- 17 2 1 1 B A C A C 48 *2 49-2- 2 176 176 *2 -3- B A A B B C A B A C 1 B C B C 2 B C 94 2 B C 3 1 6 2 8 1 177 C B C C C A D A A B A 7 B C C A 3 C A 187 187 C B 10 AC 187-4- 10 C C B B B B A B 2 BC

More information

ID POS F

ID POS F 01D8101011L 2005 3 ID POS 2 2 1 F 1... 1 2 ID POS... 2 3... 4 3.1...4 3.2...4 3.3...5 3.4 F...5 3.5...6 3.6 2...6 4... 8 4.1...8 4.2...8 4.3...8 4.4...9 4.5...10 5... 12 5.1...12 5.2...13 5.3...15 5.4...17

More information

untitled

untitled 1. 1996 SB DAX 2002 () 2 6 C&C C&C C&C 25 450 7 2,000 46% (2002 77%) 1964 ( SB ) M&A M&A GDP GDP 1 GDP C&C C&C 2003 2001 2003 2001 2003 2001 2003 2001 112 83 1739 1734 11 11 40 40 7 6 24 21 20 19 78 75

More information

making things CHANGE

making things CHANGE 2001 6 25 48 making things CHANGE S M B C SMBC 1 SMBC 86 2001 3 SMBC 34%2,307 7301,236 708 ROE 19.7% RTGS 60% 135 2001 4 2.51,154 3 SMBC 50 51 2 R&I2000 12 4 M&A50% IPO 1 IPO IPO10 SMBC 7 IPO 1 SMBC 2

More information

表紙23号

表紙23号 53 2004 2005 7 KDDI JETRO JETRO 2003 JETRO 2006 3 2005 11 2002 7 1 2 54 25 54 2001 2 HIH APRA 2002 7 150 100 APRA 5 30 20 8 Allianz Allianz 5 1 Allianz 8 Allianz Allianz 55 2004 100 7 1 2002 180 150 750

More information

H26IR資料編(春)0325(野村修正)

H26IR資料編(春)0325(野村修正) TOKYO METROPOLITAN GOVERNMENT Bureau of Finance 2 3 4 26 5 6 7 8 9 10 24 11 24 12 24 13 24 14 15 16 20 21 23 1 2,189k 0.6% 1,323 10.4% 892 11.1% 281 9.1% 93.1 19.7% 70 12.2% 166.3 33.6% 12.1 57.1% 24101

More information

,200,343 72,767,734 2,626,217 3,124,649 2,286,698 2,653, ,654 1,828,672 1,516,342 5,732,042 1,941,142 2,671,554 2,034,633 2,

,200,343 72,767,734 2,626,217 3,124,649 2,286,698 2,653, ,654 1,828,672 1,516,342 5,732,042 1,941,142 2,671,554 2,034,633 2, 19 193 2118 193 2 18 19 19331 20331 3,954,022 4,947,520 1,102,078 570,802 76,551 357,075 2,276,894 1,940,170 960,591 1,091,663 3,262,341 4,081,480 2,924 7,329 20,304,639 23,160,903 59,617,850 62,972,601

More information

,552,510 3,580,796 1,591,338 1,521,728 1,167,622 1,145, , ,396 4,040 7,095 2,542 3, ,687

,552,510 3,580,796 1,591,338 1,521,728 1,167,622 1,145, , ,396 4,040 7,095 2,542 3, ,687 193 2 15 16 16 3 31 17 3 31 5,328,950 4,989,814 360,509 1,004,512 152,070 124,856 1,009,328 568,340 480,847 606,032 3,306,780 3,769,073 3,749 3,832 27,049,901 24,233,701 55,382,800 54,799,805 743,957 895,586

More information

第41巻第6号【論説】収益認識の実務とフレームワーク

第41巻第6号【論説】収益認識の実務とフレームワーク 41 6 2003 3 37 SAB101 SEC SEC 1 SAB101 SEC 2 US GAAP IAS 1980 FASB SFAC 5 revenue 6 gains 1) 2 SFAC 5 realized realizable earned 6 assets 1993 IAS18 equity 2) SFAC6 IAS18 SFAC5 realized or realizableearnedsfac6

More information

4% P % 11.1%1, % %1, %1, % 3.5%1, % %1, % Santen Ph

4% P % 11.1%1, % %1, %1, % 3.5%1, % %1, % Santen Ph Financial Section 11 5 54 56 58 59 6 63 http://www.santen.co.jp/ja/ir/document/securities.jsp Santen Pharmaceutical Co., Ltd. Annual Report 215 49 4% 215 3 214 3 P.8 2 98.4% 11.1%1,592 62 12.6% 25 69 1.6%1,618

More information

,420,877 1,229, ,064 38, ,927 41,475 4,393 4,454, ,010,575 1,420,877 57,773 1,386, ,454 2,741,632 1,262,135

,420,877 1,229, ,064 38, ,927 41,475 4,393 4,454, ,010,575 1,420,877 57,773 1,386, ,454 2,741,632 1,262,135 1932 17 18 18331 19331 7,107,469 4,036,856 651,905 1,107,078 117,474 76,551 1,956,650 2,276,894 633,760 963,916 4,078,025 3,277,885 2,912 2,924 25,505,861 20,537,500 57,267,203 58,689,322 947,744 881,436

More information

Ł\1.4

Ł\1.4 20003 1 2 50 3 20 20 4 1 AB ACB C 5 6 7 8 1AB B C 1 1 9 Return on EquityROE ROE ROE ROE3 ROE ROE 11 12 aggregation problem 13 1988 19983 14 15 Management Approach 16 20104 17 2 Sub- Consolidation 18 ROE

More information

PSCHG000.PS

PSCHG000.PS a b c a ac bc ab bc a b c a c a b bc a b c a ac bc ab bc a b c a ac bc ab bc a b c a ac bc ab bc de df d d d d df d d d d d d d a a b c a b b a b c a b c b a a a a b a b a

More information

- 1-250

- 1-250 ... 1... 2... 5... 5... 7... 10.. 10... 12... 16... 16... 19... 21... 23... 23... 25 (1)... 25 (2)... 27... 30 (1)... 30... 30... 32 (2)... 35... 35... 38... 40... 45-1 - - 1-250 500 12 115 12 22 20 22

More information

1

1 005 11 http://www.hyuki.com/girl/ http://www.hyuki.com/story/tetora.html http://www.hyuki.com/ Hiroshi Yuki c 005, All rights reserved. 1 1 3 (a + b)(a b) = a b (x + y)(x y) = x y a b x y a b x y 4 5 6

More information

平成22年12月期(第9期)決算説明資料

平成22年12月期(第9期)決算説明資料 MID 9 22 7 1 22 12 31 MID http://www.midreit.jp/ 2 MID 3 70% 70% 21 OBP OBP IMP Value Up NOI MID MID MID MID MID MID MID 5 23 1 31 92.75 MID MID MID 100 MID 23 1 31 MID MID22 3 22400 22 3 22 9 22 4 22

More information

> > <., vs. > x 2 x y = ax 2 + bx + c y = 0 2 ax 2 + bx + c = 0 y = 0 x ( x ) y = ax 2 + bx + c D = b 2 4ac (1) D > 0 x (2) D = 0 x (3

> > <., vs. > x 2 x y = ax 2 + bx + c y = 0 2 ax 2 + bx + c = 0 y = 0 x ( x ) y = ax 2 + bx + c D = b 2 4ac (1) D > 0 x (2) D = 0 x (3 13 2 13.0 2 ( ) ( ) 2 13.1 ( ) ax 2 + bx + c > 0 ( a, b, c ) ( ) 275 > > 2 2 13.3 x 2 x y = ax 2 + bx + c y = 0 2 ax 2 + bx + c = 0 y = 0 x ( x ) y = ax 2 + bx + c D = b 2 4ac (1) D >

More information

1 2 1 4 11 12 13 14 2 16 21 22 23 24 25 26 3 35 31 32 4 45 41 42 43 44 45 46 47 48 49 1 5 86 51 52 2 99 101

1 2 1 4 11 12 13 14 2 16 21 22 23 24 25 26 3 35 31 32 4 45 41 42 43 44 45 46 47 48 49 1 5 86 51 52 2 99 101 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 1 2 1 4 11 12 13 14 2 16 21 22 23 24 25 26 3 35 31 32 4 45 41 42 43 44 45 46 47

More information

橡企業説明会.PDF

橡企業説明会.PDF March 11 2004 CREDIT SAISON CO., LTD. CONTENTS. 1951 5 1 633 3,703 17,140 3 31 6,605 100 1,633 170-6073 12 166 1 3-1-1 60 52 03(3988 2111 2003 3 31 36 36 NILSON REPORT 656NOV.1997 706DEC.1999, 729DEC.2000&753DEC.2001&777DEC.2002

More information

PowerPoint プレゼンテーション

PowerPoint プレゼンテーション 2004 831 () () 1 2 3 ,,,, 20063 571458 2818 (2005) 5,000 4 ( ) 1960 3 1970 1980 1990 XX ( ) 2000 ISO () () ISO14000 20043 ( ) 20053 20063 20063 5 6 5000 7, 8 3Q 20051254600 38 92 9 10 200512 200512 11

More information

Marketing

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

More information

untitled

untitled 200710 1026 2 3 3 2007101 4 LAC LAC IT Little earth Corporation LAC LAC 5 LAC 6 7 SI 8 9 9 10 11 IT IT IT IT IT IT IT LAC LAC AI 12 13 CSR CSR 14 15 15 16 ; LAC 0612/A&I 073 17 720 18 19 20 % 203 220 255

More information

Mizuho Industry Focus Vol

Mizuho Industry Focus Vol 2013 3 29 Vol. 126 itaru.kitahira@mizuho-cb.com kenichiro.kakizawa@mizuho-cb.co.jp 225 8 3 1 IR 2012 12 225 204 8 3 10 2 3 3 1 225 67% 63% 30% 31% 225204 20131159 DERDebt/EBITDADebt 37% 32% 24% 18% 18%

More information

- 1 -

- 1 - - 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 - EC NEC - 27 - NEC - 28 - R NEC

More information

Page

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

More information

商学 59‐5・6/1.岡部

商学 59‐5・6/1.岡部 283 revenue management 1990 IT premature revenue recognition opportunism 1 earnings-process Generally Accepted Accounting Principles : GAAP unearned income unrealized income GAAP fictitious revenue recognition

More information

証券取引所と自主規制機能-東京証券取引所の上場を巡って-

証券取引所と自主規制機能-東京証券取引所の上場を巡って- (Demutualization) ( () 13 11 17 ( ) 5 1 ( 23 25 ) 2 3 4 5 6 1 4 ( 106 32) 7 5 8 9 ( ) ( ) ( ) ( ) ( ) 10 (Demutualization) 2 Demutualization) (London Stock Exchange, LSE )1986 2001 (New York Stock Exchange,

More information

スライド タイトルなし

スライド タイトルなし AHP Analytic Hierarchy Process X4 X X4 X4 X4 a b c d AHP 00 ad4 6 2 a b c a b c a b c d 5.5 2 d d a b 5 a c.5 ad 2 6 3 a b a b c d 5.5 2 0.25 c.5 d a a b c d 5.5 2 a a b c d 5.5 2 b c 0.25.5 b c 0.2 2/3

More information

公募型ESCO事業に関する提案と要望

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

More information

untitled

untitled 20143 3 20133 (2012.4~2012.12) 20143 (2013.4~2013.12) 113 114 +1 1,005 1,021 +16 211 195 16 256 253 3 60 60 +0 72 75 +3 21 20 1 623 605 17 65 50 14 38 33 5 6.2% 5.5% 0.7% 13 144 157 20133 3 (2012.4~2012.12)

More information