1 2 3 4 5 6 1 2 3

1 2 1 2 3 4 5 1 2 3 1 2 1 2 3 4

-1-

-2-

*2 *1 2005 276 *2 80 04 9 05 1-3-

-4-

-5-85

-6-

B/S -7-

MTN CP -8-

-9-

CMS -10-

*3 *4 *3 *4 2 3-11-

-12-100 500 200 300 300 400 300 50 100 200 500 800 B/S B/S 800 100 1050 400 100 300 00 B/S 300 300 200 50 150 500 200 300 300 400 300 50 100 200 500 800 B/S B/S 800 100 1050 400 100 300 00 B/S 300 300 200 50 150

*5-13- 5 *5

*6-14- *6

-15-

Conglomerate discount *7 *8 *7 Berger,P.,and Ofek,E.,1995,"Diversification's Effect on Firm Value," Journal of Financial Economics 37,pp.39-65. focus discount Henk von Eije, and Wim Westerman, 2002, "Multinational Cash Management and Conglomerate Discounts in the Euro zone," International Business Review 11,pp.453-464. *8-16-

*9 *9-17-

1-18-

2-19-

-20-

3 90 a b -21-

*10 *11 c *10 50 1,000 04 11 300 05 1 400 *11-22-

*12 *12 05 2 12 9 13 8 3 7 3 10-23-

1 *13 *13-24-

2-25-

1 *14 *15 a *14 *15 69-26-

*16 b 05 1 4 500 3,000 2 *17 *16 *17 04 6 30 03 11-27-

*18 *18 9 16 17-28-

-29-1

2 58 *19 2 *20 100 *19 1 *20 3 300-30-

*21 *22 50% 50% *23 *21 10 71 *22 13 9 3 *23-31-

-32-3

-33-

1 *24 *25 *24 20% 10% 15% *25-34-

-35-

2 14 1,886 12,476 41 9,765 2 2,163 6,881 6,445 5,733 41,976,500 3,365 1,355,468 2,216,317 1,652,854 3.2% 5.3% 3,217,996 2,103,497 7.7% 1,988,207 4.7% 9,891,866 23.6% 20,790,082 3,188 197,327 1,043,779 664,200 1,361,756 687,937 934,801 5,519,257 21,186,418 3,558 1,158,141 1,172,538 988,654 1,856,240 1,415,560 1,053,406 4,372,609-36-

OECD OECD 10% 11 10% *26 15% OECD 10% 10 *26 10% -37-

*27 Recommendations for Improving Liquidity and Efficiency 03 5-38- 1970 *27 25/20 0/5 25/20 0/5

*28 a *28 18 16 10 26-39-

*29 20% 16% 30% 20% 16% 30% 10% 10% 10% 10% b *29 13 7 6-40-

*30 *31 15 c -41-

*32 *32 16 3 30-42-

3 03 4 6168 24.8% 34 05 3 23 05 3 100 74 36% *33 100.5% 65.6% 100.0% 62.7% 80.5% 62.0% 71.2% 61.4% 66.1% 60.5% 05 3 100 *33 05 6 21 13-43-

*34 a *34 05 6 17-44-

25% b OECD 5 15 OECD *35 *35 04 5 81-45-

*36 5 10 10 15 *37 *38 5% *36 88 5 *37 *38 15 9 2-46-

*39*40 2004 American Jobs Creation Act of 2004 04 1022 85% *41 85% 95% 95% 5% 50% 5% *39 1098 1996 *40 *41 ETI Qualifying Foreign Trade Income ETI WTO EU -47-

*42 33 05 1 3 1,340 504 *43 *44 *45 *46 *47 *42 05 3 19 7 3 1 3000 33 *43 05 6 17 *44 05 6 22 *45 *46 15 9 8 *47-48-

-49-

4 *48 61 2001 a *48-50-

66 *49 *50 b *49 03 12 *50-51-

04 5 *51 *51 05 5 26-52-

-53-

1 *52 *52 Euroclear France Sicovam T -54-

2 3 8-55-

1-56-

-57-2 ASEAN ABMI ABF ASEAN 005 ASEAN ABMI ABF ASEAN 005

-58-

-59-0411 27.5% 5% 20% 10 15% 10% 100% 5,000 100% 100% 100% 30% 31 30% 25 2 3 047 0411 27.5% 5% 20% 10 15% 10% 100% 5,000 100% 100% 100% 30% 31 30% 25 2 3 047

-60-3 0475 0411 1 04 9 1 0475 0411 1 04 9 1

-61-4 10% 27.5% 10% 20% 10% 15% 10% 15% 10% 10% 994 024 10 120 988 989 041 90 10% 27.5% 10% 20% 10% 15% 10% 15% 10% 10% 994 024 10 120 988 989 041 90

-62-100% 10 or 4 20% 3 A FSS 04101 100% 041 042 1 0112 04 731 100% 10 or 4 20% 3 A FSS 04101 100% 041 042 1 0112 04 731

*53 2005 296-63- *53 ASEAN 04 7 059 12 3 APEC 0512 99 01 039 047 06 052 ASEAN 04 7 059 12 3 APEC 0512 99 01 039 047 06 052

03-64-

1 *54 *54 3 1 939 595 63.4 10 135 22.7 760 544 71.6-65-

*55 42.6 26.2 22.4 9.7 7.2 *55-66-

2 6 38.3 21.1 11.0 8.9 7.2 6.2-67-

1-68-

-69- JETRO AOTS JBIC JETRO AOTS JBIC

2 *56 *56 05 5 16 05 3 3-70-

3 OB -71-

4 Tri Petch Isuzu Sales Co., Ltd 35 10-72-

-73-

-74-

-75-

*57 AFTA *57-76-

97 98 ASEAN 3 WTO/APEC 02-77-

-78-

-79-

17 1 18 10:00 12:00 1 2 3 17 2 10 10:0012:00 1 2 17 3 3 14:00 16:00 1 2 3 17 3 25 14:0016:00 1 17 4 19 14:0016:00 1 2 3 17 5 26 10:0012:00 1 2 17 7 5 10:00 12:00 1 2-80-

-81-

*58 *58 15 05 3-82-

-83-

-84-

2003 5 4 ASEAN4 95.0 1996 2000-85-

*59 03 7 3304 606-86-

*60 03 11 3 939 595-87-

96 11 05-88-

3-89-

-90-

-91-

-92-

4 1 2 2 2 13 3 12-93-

*61 *62 58 Internal Revenue Code Section 871 a passive income 30 Section 872 Section 881 Section 1441 Section 1442 30% *61 *62-94-

*63-95- 110 *63

*64 17 7 1-96- 20 1 22 *64

*65 78 20 25 30 20 *65-97-

0/10/25 5/15 0/10 7/10 04 1 1 EU25 EU *66 105 *66 / -98-

25 16 33% 0/5 0/5 15/20 0/3/10/35 0/5/15 0/10 04 1 28 94 04 12 8-99-

*67-100 - 77 *67 25

2005 1 1 1992 / 2004 2005 2 5 0 0 80 12-101 -

*68 EU -92 1 1-02 1 1-04 1 1 The Arbitration Convention 95 1 1 05 7 1 EU *68-102 -

*69 EU *70 25% 05 1 1 05 1 1 06 12 31 20% 07 1 1 08 12 31 15% 09 1 1 10% *69 EU Code of Conduct EU EC 14 *70 significant shareholding - 103 -

*71 05 1 1 2 EU *71-104 -

03 6 04 1 1 *72 2 50 *72 25% 25% - 105 -

04 1 1 *73 EU *73 04 1 1 EU 15 EU 05 7 1 8 05 7 1 09 6 30 10% 09 7 1 13 6 30 5% 05 7 1 05 7 1 11 6 30 6 10% 04 5 1 EU 10 5 04 5 1 07 4 30 EC 05 7 1 11 7 1 10 10 EC 05 7 1 10% 6 10 4 2 5-106 -

2004 *74 85% *75 *76 *77 APB23 04 10 21 *74 2004 Bridge12 04 12 *75 Controlled Foreign Corporation CFC 10% 50% *76 *77 03 6 30 5 3 03 6 30 5-107 -

*78 31 1 26 4 1 26 4 15 41 *78 1987 38-108 -

- 109-05331 US100 US70 US20 US10 US20 0541 US70 US20 US10 US10

04 7 27 04 9 1 51 20 20 1 8 2 3 1 50 30 1 20 2 40 2 2-110 -

2-111 -

10.2 10.3 40% 100% 18 30 2-112 -

*79 3 *80 300 121314 15 3 2 300 8 8 12 11 80% 298 378 449 356 100% *79 5,000 1 *80 50 100-113 -

*81 1 2 5 1 7 15 131415 2.5 0.7 73 71 62 5,107 5,469 4,514 21 *81 1 2 3-114 -

131415 216 260 252 84 1211 5 *82 JBIC JBIC / 27 *82 8 300-115 -

NEXI NEXI BSC 2000 7 1 3 BSC 1-116 -

1-117 -

*83 67 EC 92 93 99 90 90 4 89 2 93 97 92 98 6 *83 05 4-118 -

98 10 ECB 99 5 42 EU 05 04 6 42 39 1 10 2 14 10 05 14 04 05 04 06 93% 19 2 9 (1) EU 5 (1) (2) (3) (2) 4 3 9 (1) (3) 2 (2) (3) (4) (4) 5 4 EU TOB (1) (5) 3 (2) (3) 05-119 -

EU 7 00 7 01 2 15 *84 4 2001 ESRC *84-120 -

00 9 3-121 -

Chiang Mai Initiative 97 98 99 11 ASEAN+ ASEAN+ 00 5 ASEAN+ BSA Chiang Mai Initiative: CMI BSA 05 4 395 05 5 ASEAN+ CMI CMI CMI Asian Bond Markets Initiative 02 12 ASEAN+ Asian Bond Markets Initiative :ABMI 03 8 ASEAN+ - 122 -

CBO JBIC NEXI ADB IFC 05 5 ASEAN+ ABMI - 123 -