... 4 1... 6 2...8 1... 8 2... 8 3... 10 1... 10 2... 11 3... 12 4... 12 4... 13 1... 13 2... 13 3... 14 4... 15 5... 16 6... 17 7... 18 5... 19 1... 19 2 500 148... 20 3... 21 4 V.M.... 23 5... 24 6... 25 7... 26 8... 27 1 1... 28 2 2... 29 3 3... 30 4 4... 30 5 5 V.M.... 31 6 5 1... 32 1
9... 34 1... 34 2 5 1... 34 3 5 1... 35 4... 35 6... 38 1... 38 2... 39 3-1... 41 1... 41 2... 41 3... 42 4... 44 5... 44 4-2... 46 1... 46 2... 46 3... 47 4... 48 5... 49 5-3... 51 1... 51 2... 51 3... 52 7... 56 1... 57 1... 57 2... 57 3... 58 2... 58 1... 58 2... 59 3... 61 3 5... 61 2
1... 61 2 5 1... 62 3 5 1... 64 8... 66 1... 66 2... 66... 68 1 3... 68 2... 69 3... 70... 71... 72 3
4
5
1 NPC NPC 6
5 5 7
2 1 1 3 4 5 V.M. 6 5 148 3 7 6 V.M. 8 7 9 2 V.M. 5 5 1 8
9
3 1 2009 419 419 419 419 10
2 11
3 4 2 3 5 IPO 532 10 10% 5% 532 5% 10,640 2009 84,780 10 12
4 1 1983 1980 IPO 1 2,3 10 10% 1 2 13
3 1982 10 1 No.2 50 1986 14
1986 3 4 15
5 1992 1992 1983 10 16
15 10 10 6 10 1992 12 NPC 1992 NPC 6 5-3 NPC 17
1 10 10% 5% 7 18
5 1 500 V.M. V.M. V.M. 19
2 500 148 V.M. 3 4 4 V.M. 1 5 5 5 6 148 5 500 V.M. 148 6 1 148 V.M. 500 500 2,3 148 5-4 4 2 2 2 5-5- 20
148 5-5 5 148 V.M 500 5-3 X 21
5-22
= 5-4 V.M. V.M. V.M. V.M. 500 V.M. 23
5 7 8 V.M. 9 5 (Metamorphosis) 5-24
6 17 102 200 25
7 V.M. 26
8 5 6 7 V.M. 5- V.M. 5-27
V.M. 500 4 V.M. 5- (1) (2) (3) (4) V.M. (5) (1) (5) 3 (1) (5) (1) (5) 1 5 5 1 1 2 28
1 (B/S)(P/L) B/S P/L 2 2 2 2 29
3 3 3 4 4 3 30
50 60 4 5 5 V.M. 5 7 5 5 31
5 1990 6 5 1 1 5 V.M. 5 1 5 5-32
(1) (2) (3) (4) (5) 5-5 1 9 5- ( ) ( ) 5-33
9 3 1 1 25 1 2 5 1 V.M. 8 V.M. 5 V.M. 34
35 1 3 5 1 8 6 1 3 5-5 V.M. 5-4 8 5 35
6 5 5-36
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 15 5-37
6 1 5 IT 1997 37 2003 1996 2009 14 148 5 6 3 38
3 148 2 5 148 20 38 58 58 1 4 1 A B A C D 148 C D A B A B A B 1 A 148 A 3 3 58 6-1% 39
148 1 6-6- 5 V.M. 40
5 148 5 1 3-1 1 / / / 1991 1997 12 6 37 1997 7.8 0 1963 21 9 24 2 IT 41
5 1 5 1 1 3 1 (1) N NTT I 2,3 (2) 2,3 (3) (4) 50-60 (5) (6) 42
450 (7) 3.5 4 1 (8) 1998 (9) 2 (10) IT (11) (12) (13) 45 (14) (15) (16) 450 (17) (18) 43
4 (1) (2) (3) (4) (5) (6) (7) (6) (8) (6) 5 4 35 44
5 (1) (2) (3) (4) 5 (5) (6) 45
4-2 1 / / / 1990 2006 7 16 6 2002 21 4 1950 21 9 24 2 1 2000 2002 46
3 2 (1) (2) 1,2 (3) (4) 1000 2000 (5) 24 360 / 300 / (6) 2 (7) 47
(8) (9) (10) 3 (11) T 1 (12) 4 (1) (2) 24 (3) (4) 20 1 10-20 (5) A A / 48
5 2005 9 593 2005 12 26 A 3 2002 NMBI 13 9 49
16 1.5 24 (1) NMBI (2) 24 (3) (4) 5 (5) (6) (7) 24 50
5-3 1 / / / 1985 2000 2 15 29 1999 34 1 1956 2 4 6 1981 1985 1983 1992 NPC 1984 1 1997 4 4 4 30 2000 2 51
2000 5 e-food.com 1,2 NPC 2007 6 NPC 1999 2000 2 1 NPC NPC 1 3 1998 52
14 15 3 FA 1997 4 6 4 10 3 4 30 4 4 1997 4 3 3,000 9 3,000 6 4 53
4 6 5 4 (1) (2) (3) 14 15 (4) 3 (7) (8) 5 (9) 4 (10) 4 1997 4 54
3 110 20 CEO 4 1 K 3 3 55
7 6-1 -1 1996 2009 148 6 2 1-1 148 20 38 58 472 792 1,264 8,584 =148 x 58 14.7% -2-1 5 9 1-1 30% A A B B A B B B 30% 14.7% A B -2 56
1 1 138 64 46% 62 2 2 8 42.7 578 20 10 10% 5% 92 20 5 2 500 148 148 57
3 137 1 40 29% 2 1 14.7% 148 x 14.7% = 21 30 1 69 2 63 3 49 3 49 3 49 6 48 6 48 8 45 9 39 10 35 11 34 11 34 7-58
148 2-2 8 7-9 59
8 23 148 M&A 1 48 58 48 82.7% -2 8 VC 7 60
3-2 58 44 75.8% 1 3 5 1-1 148 61
3.19 5.35 8.54 2 4 5 8 4 25 1 V.M. 5 8 6 (1) (2) (3) (4) (5) 5- (2) 6- (2) 5 8 4 (4) -1 5 (1) (2) (3) (4) (5) 5 62
135 148 91.2% 9 5 5 1 9 5 (1) 4 (2) (1)(3) 2 (3) (1)(4) (4) (1)(3) (5) 4 7- n N (1) (2) (3) (4) (5) (1) (n) (N) (2) (n) (N) (3) n = N (4) n, N = 1,2,3,4,5, (5) (n), (N) 5-7- 2 3 (2) (3)(4) 7 5 5 5 5 1 V.M. 5 2 500 V.M. 148 V.M. 5 4-1 63
35 1-2 (1) 5 (2) 2 2/2 100% (3) 13 5/13 38% 148 5 1 6 3 5 3 3 5 1 6 5 3 3 3 64
65
8 1 (1) (2) 5 1 (1) (2) (3) (4) (5) 5- (3) V.M. (4) 5 5 1 2-1 -2 5 9 4 5-6- 66
5- / 67
1 3 3 1 2 68
3 17 3 3 2 5 9 4 30 69
3 70
[1] 2004 5 [2] / 2 9 2009 4 20 [3] / 2007 2 [4] BP 1998 11 [5] BP 2002 7 [6] 2006 7 [7] IT 2005 11 [8] 2003 12 [9] VBS VC 2008 9 [10] BP 1997 11 [11] 2009 [12] 2005 12 26 [13] 1993 5 [14] 1996 2009 [15] 8 1999 7 [16] 327-328 1988 3 71
72