-- (1) 1998 5080 98 200 3- - M&A 982000 88 3-- 2000 2 OUT-IN M&A 1998-2000 98 99 2000 88 23 27 38 27 6 12 9 0 0 0 0 10 2 3 5 4 1 0 3 ( ) 47 14 12 21 MARR 44
(2) 98 88 46 3- -3 46 22 Private Equity Fund ( ) Goldman SachsMorgan Stanley Merrill Lynch City Group Deutsche Bank ABN Amro UBS Barclays Bank 46 18 18 10 5 1 1 3 7 1 5 1 5 1 4 0 8 4 4 0 ( ) 8 4 2 2 13 7 2 4 MARR 3-2. (1) 90 3--3--5 45
97-5 46
(2) M&A Goldman SachsMorgan Stanley DWJP MorganChase Manhattan Deutsche Bank BNP Paribas UBS ABN-AMRO Barclays 2 47
(3) 1996 3- -6 48
95 3.8 2000 6.3 97 3- - 2000 25% (4) Goldman SachsMorgan Stanley DWMerrill Lynch SB( ) UBS Warburg (1) 49
96 97 3- -8 1996 11 97 10 98 4 98 12 99 4 99 10 2001 4 2001 ( ) 50
98 12 (2) A 982000 90 B 51
90 C 90 100 3,400 2 2000 7 25 D 90 97 97 98 52
98 E 9798 90 10 5 F 90 IAS 2 1 2 (3) 3 1 53
2 10% 10% 3 (1) CMS CMS 54
(2) 2 3 BIS IOSCO BIS (3) 3 55
1 90 2 3 56
2001 23 Private Equity Fund 1998 1998 1999 9 2000 8 7 2001 2001 2000 11 11 2000 2000 1998 ( 2000 2 ) ( 2000 8 ) 1999 1 16 2000 3 4 12 2000 57
33 1999 2000 No.311996 OECD, Recent Trend in Foreign Direct Investement, Financial Market Trends, No.76, June 2000. Tomsen, Stephen, Investment Patterns in a Longer-Term Perspective, OECD Working Papers on International Investement No.2000/2, April 2000. UNCTAD, World Investment Report 2000, United Nations Publications, 2000 58
( ) ( ) 1998 98.120 SBC ( ( ) ) 98.1.23 SGAM G 98.2.4 GE ( NB) 98.3.14 ( ) 85% 50% 98.3.20 800 90 NB NB 98.5.1 IAM( ICA ) 98.6.13 2,200 ( ) (28 98.6.2 2,200 25%( ( ) DM) 98.7.3 ( ) 98.7.16 GE ( NB ) ) 98.9.17 AFLAC ( 10 ) 98.9.22 UBS ( UBS ) ( ) 98.9.22 UBS ( ) 59
98.10.13 ( ) 20, 98.10.13 ( ) 98.11.6 AFCC( ( 150 ) ) 98.11.20 ( ) 98.12.12 ( NCG ( ) 1999 ) 99.1.13 TCW( ), 99.1.23 GE ( 8,700 NB) 99.1.26 T ( ) 99.4.27 & 2 99.8.22 JP ( ) ) 99.9.20 39 ( ) (, ) 99.9.22 40 ( ) 99.9.23 1,210 ( ) ( ) 99.11.2 () 400 ( ) 60
99.11.17 ( ) 99.11.19 63 ( ) 99.11.23 GE ( ( 14 NB) ) 99.11.29 ( ) 2000 2000 00.1.13 174 ( ) ( ) 00.2.4 ( 35 ) 00.3.17 7 (NB) 00.3.24 ( ) 00.2.4 ( ) 00.5.19 (99/5 ) 00.6.28 ( ) 00.7.7 ( () ) 10 2000 11 00.7.7 AIU( ), 00.9.13 AFCC( ( ) ) 99.9.15 GE ( ( 26 NB) ) 00.9.28 AFCC( ( ) ) 00.11.11 () (NB) 00.12.21 ING ( ( 20 ) ) ( ) 61
18 43 12 Citibank,N.A.() 1946 25 100 3400 The Chase Manhattan Bank() 1972 Chemical Bank of America() 1950 29 32 Barclays Bank plc 1972 Standard Chartered Bank plc() 1949 50 00 BNP PARIBAS 1973 83 Societe Generale 1973 Deutsche Bank 1976 Bankers TrustMorganGrenfel. 744 UBS AG 1998 98 Swiss Bank Private Banking ABN AMRO Bank N.V.1950 ING Bank N.V. 1985 Barings Group 36 51 18 1950 Midland Bank 4 5 (J.P.Morgan) 1950 Chase () 2000 8 7 Deutsche Bank UBS Citibank ABN ANRO DePfa Deutsche Pfandbriefbank BNP Banque Paribas Dresdner Bank Barclays Bank WestLB JP Morgan Credit Lyonnais Credit Agricole Indosuez Bank of China Credit Suisse first Boston Chase Manhattan Bank Bayerische Landesbank HSBC Natwest ING CitibankChase Manhattan BankCredit LyonnaisUBSBanco do Brasil WestLB Australia & New Zealand Banking Group Banque Paribas BNP HSBC 62
Morgan Stanley Bank of India Bayerische Landesbank Korea First Bank Bayerische Hypo-und Vereinsbank Seoul Bank State Street Bank and Trust Company Bank of Taiwan Merrill Lynch Capital Markets Bank Lloyds TSB Bank 63
25 22 3 Merrill Lynch Japan Inc. 1972 Nikko Salomon Smith Barney Ltd. Goldman Sachs Japan Ltd.1983 Morgan Stanley Dean Witter Japan Ltd.() Fidelity Brokerage Service Japan LLC. 97 1982 1984 1997 Paine Webber Asia Ltd. 1985 Credit Suisse First Boston Japan Ltd( ) 27 11 6 6 1 2 1 Jardine Fleming Securities Asia Ltd. 1985 1981 Schroders Japan. Ltd. 1985 ING Baring Securities Japan Ltd. 1986 Baring Barclays Capital Japan Ltd. 1987 BNP PARIBAS Securities Japan Ltd. Deutsche Securities Ltd. 1985 Dresdner Kleinwort Benson Asia Ltd.( ) UBS Warburg Japan Ltd.,1998 ABN AMRO Securities Japan Ltd. 6 IBJ Nomura Financial Products plc. 2000 8 7 1987 BNP 1986 UBS 1986 ABN AMRO 1999 64
( ) 414 505 162 179 UFJ 117 UFJ 135 109 127 CITI Group 61 CITI Group 117 Chase & JP Morgan 18 ABN-AMRO 53 BNP Paribas 13 HSBC( ) 50 ABN-AMRO 8 Bank America 50 Credit Lyonais 7 ( ) 46 West LB 5 Chiao Tung Bank 40 IFR 3,070 28.0 2,267 20.6% 1,570 14.3% ( ) 1,090 9.9% SBCM( ) 833 7.6% ( ) 700 6.4% 350 3.2% 250 2.3% 200 1.8% 150 1.4% Goldman Sachs 65
AAA 765 3,226 611 2,985 SB 593 SBCM( ) 2,377 SBCM( ) 506 SB 2,079 Goldman Sachs 324 Goldman Sachs 970 214 Morgan Stanley 952 198 Merrill Lynch 821 198 673 Merrill Lynch 115 ( ) 660 95 553 Thomson Financial Securities Data Company M&A M&A Goldman Sachs (7) 513 Goldman Sachs (8) 514 (33) 505 JP Morgan(10) 507 JP Morgan(5) 459 (35) 505 SB Capital Markets(8) 456 SB Capital Markets(9) Merrill Lynch(6) 87 Merrill Lynch(9) 156 (17) 58 Salomon Smith Barney(11) (38) 51 Deutsche Bank AG(4) 70 KPMG(4) 48 (19) 59 Salomon Smith Barney(7) 456 107 35 (39) 51 Morgan Stanley DW(4) 34 KPMG(8) 50 ( ) Thomson Financial Securities Data Company 66
Goldman Sachs Salmon Smith Barney UBS Warburg Morgan Stanley DW Merrill Lynch Dresdner Kleinwort Benson JP Morgan Thomson Financial Securities Data Company G 2000 8 2000 6 1,484 G 410 G 1,452 G 299 G 801 G 177 G 266 G 172 Partners 216 G 149 G 199 Schroder 144 187 SG Societe 134 Generale Fidelity 77 Merrill Lynch Mercury 128 75 UBS Brinson 118 Goldman Sachs 67 Barclays Global 106 67