(1) (2) (3) (4) (1) 54 (2) (1) (2) (1) (2) (3)
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- そうすけ みつだ
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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) () () ()
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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 () () ()
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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 %
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80 10 TOBTake Over Bid % 77
81
82 5%
83 14 80
84 () 81
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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
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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 *
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117 A A 114
118 VS 115
119 116
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135 A B 132
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142 2 1 1 g c 30% 10% 30% % 139
143 Economic Substance over Legal Form 140
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147 144
148
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150 A B B A B 1,000 A % % %
151 ( 62 2)
152
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154 A B A B A B B A % 0.7% 3 0.4% 151
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178 *1 *2 *3 *1 a. 1
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192 (1) (2) (1) (2) (1) (2) (1) (2)
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214 g (11) % 10% 30% 211
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217 37 *1 * % 214
218 40 *1 Yes No Yes No No Yes Yes 215
219
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221 X Y
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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
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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
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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
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248
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258
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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
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292 () () 289
293 2 2(3) 2 2(3) 290
294
295 (2) 292
296 22(4) 293
297 22(4) 4 294
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299 ( 16 ) 296
300
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313 310 a) ( ) b) ( ) c) a) d) b) e) a) ( ) b)
314
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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
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336 333
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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
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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
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.
, 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
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
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
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第Ⅰ章
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第21号 不公正取引について—村上ファンド事件を中心に—
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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
EPSON エプソンプリンタ共通 取扱説明書 ネットワーク編
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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
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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
,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
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
,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
- 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
> > <., 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 >
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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
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,
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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)