(1) (2) (3) (4) (1) 54 (2) (1) (2) (1) (2) (3)
|
|
- そうすけ みつだ
- 7 years ago
- Views:
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,
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 informationn , , % , % % % 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 information1 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 information1 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 information2 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 information00 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 informationuntitled
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 =
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 information17 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 information1 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 informationPage
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 informationDCF 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 information13,825,228 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 information1
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 informationuntitled
() 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 information21322* 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 informationATM 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 information1 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
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 information2002 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 informationuntitled
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 informationyy yy ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; ;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ;;; ; ; ; ;; ;; ;; ;;; ;;; ;;; ;; ;; ;; ;; ;; ; ; ; ; ; ; ;
More information2003 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—
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 informationuntitled
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
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 informationEPSON 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
- 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 informationEPSON 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
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 informationQ1 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
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 information198
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
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 information1
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 information05[ ]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
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 informationuntitled
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 information2
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 information6 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
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 information18 (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 informationJA2008
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
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 informationExcel 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 information2
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
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 informationAC-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
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
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 information48 * *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 informationID 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 informationuntitled
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 informationmaking 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
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 informationH26IR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,
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
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
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 information4% 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
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 informationŁ\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 informationPSCHG000.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... 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 information1
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
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
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 information1 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
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 informationPowerPoint 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 informationMarketing
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 informationuntitled
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 informationMizuho 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 - - 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 informationPage
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
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-
(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
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
...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 informationuntitled
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