16...1...2...12...12 (1)... 12 (2)... 15 (3)... 17 (4).. 19 (5)... 22 (6)... 24...26 (1)... 26 (2)... 28 (3)... 30 (4)... 32... 34 (1)... 34 (2)... 36 (3)... 38 (4)... 41
...43... 43 (1)... 43 (2)... 45 (3)... 47 (4)... 52... 54 (1) 54 (2)... 57... 60 (1)... 60 (2)... 62... 66 (1)... 66 (2)... 69 (3)... 71... 73...75...75... 75... 79... 86... 87... 89...99... 99... 100... 110... 113... 117...121... 121... 124... 140
... 148... 152...155... 155... 163... 170... 178... 187...189... 189... 193... 213... 233... 255...259...271...272... 272... 285... 295... 304...323...338
13 9 5 14 7 29 15 4 1 1
9 9 11 12 13 13 14 14 13 14 15 15 2
X W X X W W X W 3
X Y X A Y Y A X Y 4
X M Y Y M X Y X Y X Y X Y 5
X Y X Y X Y X X Y X Y X Y X Y 6
X Y X Y X Y Z X Y Z X Y Z X Y 7
X X Y X A Y Y X Y X 8
X Y X Y 9
/ 1 / 3 2 / TOB 3 / 4 5 NEC/ 6 / ToSTNeT-2 7 8 9 10 10
11 12 13 14 15 16 INAX 17 18 19 / 20 / 21 / 22 / / 23 / 24 / / 25 / TOB MBO 26 / 11
12 (1) () () () () 3
1999 3 9 1999 8 9 1999 9 7 1999 9 20 1999 9 30 1999 10 1 1999 11 26 2000 15 3 US GAAP 1999 3 9 6 10,550 14 20 3 785 3,480 @10,550 3,300 US GAAP 3 1,120 13
2,695 2,695 1,120 3,480 1,110 * 470 1,720 * 2000/3 4 2001 1 SFAS142 Goodwill and Other Intangible Assets () 4 2001 12 4 () 5 2002 1 10 () 8 2002 5 8 14
(2) () () TOB 2002 2 14 2002 4 1 4 22 2002 4 30 TOB 93.14% 2002 5 16 2002 6 27 2002 7 26 2002 7 31 2002 8 1 TOB TOB+ TOB TOB TOB 100% 15
() () TOB 2002 1 31 () () TOB 2002 5 17 16
(3) 1 2000 10 3 2000 11 15 2001 112 2001 330 2001 330 2001 7 1 3 1 3 30 2001 12 50,420 17
() 100% () 2002 12 25 () () () 5 2003 1 30 18
(4) 2 100% 100% 100% 1 100% 2 100% 100% 2001 927 2001 12 21 2001 12 25 2002 122 2002 4 1 19
2001 927 2001 12 21 2001 12 25 2002 110 2002 111 2002 41 20
2 2 100% 100% 2 21
(5) NEC POS NEC NEC NEC NEC 4.05% 53.31% NEC NEC NEC 2000 825 2001 41 2001 43 2001 419 NEC 2001 6 1 22
NEC 2001 4 50% M&A NEC NEC 1 20.71% 66.60% NEC 23
(6) () () 22.1%40.1% 2001 6 28 2001 6 29 6,371,0009.1% ToSTNeT-2 5,223,000 7.4% 2002 4 1 2002 4 1 24
22.1%( 0.9% ) +1.7%( 1.5% ) 23.6%( 2.4% ) +9.1% 32.7%( 2.4% ) 1/3 ToSTNeT-2 +7.4% 40.1%( 2.4% ) 9.1% 31.2% 3 1 27 2 1 4 ToSTNeT-2 3 1 ToSTNeT-2 25
(1) 100% 2001 10 29 2002 131 2002 41 26
No.1616 P.36 () 2002 2 15 () 2002 2 26 27
(2) () 51% 49% ()AC () 2002 5 24 2002 6 27 2002 10 1 2002 10 1 28
51% 100% 50% 29
(3) () B/S 465 132 185 210 240 650 650 2001 5 29 2001 6 21 2002 2 () 2002 41 30
() 2002 4 22 () 2001 12 6 31
(4) () () 2002 21 2002 221 2002 221 2002 327 2002 41 100% 2 246 20 1 32
33 2002 4 1 () () () 2002 4 1 () 2002 4 1 () () 2002 7 1
(1) () () 60% 40% 100% 1998 7 28 () 1998 11 9 1998 11 30 1999 25 1999 45 SB () SMBC() 34
1999 4 26 () 2 2,000 100% 35
(2) 2001 3 22 2001 5 17 2001 6 28 2001 10 1 () 100% 36
2001 3 14 () 2002 5 8 37
(3) () 38
2002 2 1 2002 2 1 2002 2 16 2002 3 25 39
2 100% 100% 3 31 9 30 2 15% 390 100% 50% 50%100% 40
(4) () () 60% 40% () () 70% 30% () () 1 2 2001 11 19 2002 228 2002 41 2 2002 5 2002 6 2002 10 1 () () () 41
2002 4 2003 4 42
(1) () () () 1 0.6 1999 10 14 2000 421 2000 629 2001 41 2002 4 2001 4 1 1 43
2001.3 (A) (B) (B)(A) 9,743,394 10,199,669 456,275 257,159 286,354 29,195 224,304 14,054 210,250 695,720 427,000 2001.3 (A) (B) (B)(A) 523,851 1,042,706 518,855 991,326 899,521 91,805 131,261 131,261 42,690 42,690 165,051 165,051 1,854,179 2,281,230 427,050 2002 1 22 () 2001 9 44
(2) ()INAX () INAX 2001 4 3 2001 5 22 INAX 2001 6 28 INAX 2001 10 1 () 2001 10 21 45
INAX 2001.4.3 643 2001 4 1 787 INAX () 2001 9 21 () 2002 2 19 () 2003 1 7 46
(3) () () 2000 9 47
2002 4 2002 4 48
2000 9 1999 820 1999 12 22 2000 628 2000 928 2000 929 2002 4 2002 117 2002 117 49
2002 28 2002 41 2002 41 2002 4 2002 117 2002 117 2002 28 2002 41 2002 41 100% 50
100% 5 51
(4) () () 2000 327 2000 526 2000 629 2001 329 2001 330 33,784 66 886 300 20 52
3 29 1 4 50 3 31 1 5 50 1 2001 3 30 2001 9 30 1 4,000 50 4 2001 3 30 3 31 1 3 30 3 31 2 2001 9 30 2 2001 10 1 2002 3 31 53
(1) 2001 510 2001 627 2001 10 1 2001 10 1 40 3 54
DCF 11 12 3 () A H12/3 B A/B 6,757 88,588 7.6% 174 1,571 11.0% () A H12/3 B A/B 5,960 102,520 5.8% 98 1,518 6.5% 12 9 30 () 1,658 1,115 14 209 446 794 250 2,118 2,118 () 1,083 650 6 47 348 740 250 1,437 1,437 55
() () 2002 1 29 60 40 () () 2002 5 17 60 40 () () 2002 5 23 50 30 20 () () () 50 56
(2) 300 SUMCO SUMCO SUMCO 50 100 57
2001 59 2001 928 () SUMCO 20% () 50% 2002 21 SUMCO 11 7 300 300 5050 SUMCO 5050 58
50 50 5050 59
60 (1) () () () () () ()
2002 2 18 2002 4 26 2002 6 () 2002 9 2 () ()100% 60% () 2005 9 1 ( ) () () 2002 4 15 2002 9 () () () () () () 3 61
(2) () AV 60 98% 2% 80% ()10%() 10% 2 60 41 41.7% 27.5% 62
2001 59 2001 521 2001 6 28 2001 7 19 2001 10 1 2001 10 1 2001 10 1 63
DENON () 60 105 15,354 8,630 9,048 5,288 24,402 13,918 10,484 64
() CASA () 2002 3 12 () () 2002 4 23 65
(1) () Wal-Mart Stores, Inc. 2002 5 31 42,470,000 Wyoming GmbH 23,165,000 () 2002 5 31 Wyoming GmbH 19,305,000 1 1,928 192,800,000 2 2,321 232,100,000 3 4,714 471,400,000 1 270 2 3 2003 1 5% 1 2002 6 15 2002 12 27 2 20026 15 2005 12 28 3 2002 6 15 2007 12 28 1 2 3 2002 12 27 66
2002 3 14 2002 4 24 1 3 2002 5 23 2002 5 31 6% 3 1/3 1/2 2/3 67
() () 2002 4 25 68
(2) () 2 () 57.0% () 2002 5 16 2002 5 16 2002 6 27 2002 8 1 69
100% M&A 1990 ADR AVX () () 2002 4 18 70
71 (3) () TOB () TOB () TOB MBO
2000 8 11 2000 8 15 9 18 35 2000 9 25 2001 3 FC TOB MBO TOB 100% LBOLeveraged Buy-out 72
() 2001 1 () 66.7% 74% 100 150 2001 1 12 1954 MBO 73
1999 10 4 MBO MBO MBO MBO 100% () TOB 2001 7 12 2002 4 12 74
2 1 3 2 3 2 2 1 3 2 100% 100 75
(244 ) (247 ) (256 3) (260 4) (263 ) (267 ) (280 10) (280 11) (280 15) (280 39) (341 15) (354366374 2374 18408 2) (360371374 11374 31414 2) (363372374 12374 28415) (380 ) (232 2) 1/100 300 (237 ) 3/100 (237 2) 1/100 (257 280 ) 3/100 (293 6) 3/100 (294 ) 3/100 (381 ) 3/100 (406 2) 1/10 76
10 TOBTake Over Bid 50 27 2 1 100% 77
280 19 1 78
5% 27 23 19 2 3 100 10 100 30 100 10 19 7 19 2 3 9 9 2 10 11 79
14 80
() 81
50 5 60 10 3 1 100 50 27 2 1 7 5 20 60 27 2 3 27 5 27 2 4 27 3 1 2 27 3 4 27 9 1 2 27 13 82
T.O.B 5% 20 60 ( ) 27 3 9 27 3 27 3 ( ) () 27 3 () 27 3 27 9 27 9 27 10 8 27 12 ( ) 27 11 27 13 27 13 83
280 2 1 280 22 280 10 280 11 10% 1 4 1 1 1 4 5 1 6 50 50 84
1 19 2 2 280 20 2 280 21 2 1 6 85
86
37 7 34-1 9-2-16 15 12 31 5% 62 3 1 38 5 10% 63 1 38 5 70% 70% 1 1 5 3 30% 3 15% 70% 63(1)22 87
20% 6% 20% 59 2 1 169 90% 2-3-7 88
1 10,000 9,000 10,000 4,000 3,000 10,000 2 6,000 9,000 6,000 4,000 7,000 6,000 3 4 100% 1,000 10,000 6,000 4,000 3,000 89
3,000 10,000 6,000 10,000 4,000 0 10,000 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
0 3,000 3,000 3,000 3,000 3,000 1,000 7 9,000 6,000 9-4-1 91
1 100% 2 1,000 900 3 1,000 900 100 4 100 5 900 100 100 900 100 100 900 360 40% 32 92
1,000 1.000 900 900 360 360 100 1,000 900 360 360 360 32 93
6/1,000 4/100( ) 5 94
1 10,000 13,000 10,000 3,000 10,000 2 13,000 13,000 13,000 0 13,000 3 (3,000) 4 13,000 5 (= )13,000 6 0 3,000 10,000 13,000 13,000 95
96 MBOEBO MBOEBO MBOEBO MBO Management Buy-Out EBO Employee Buy-Out M&A MBO EBO MBOEBO MBO EBO MBO EBO
MBOEBO MBO EBO MBO EBO M&A MBO EBO MBO EBO MBO EBO ( ) MBO EBO MBO EBO 97
escrow 98
99
2 20 6 100
260 2 5 166 100 10 19 5 25 26 *1 245 *2 20 1 245 5 *3 16 *4 20 254 2 2 245 5 3 2 16 101
30 *1 28 *2 10% *3 6 1 *4 5 1 100 10 10 10 10 102
1 2 1 3 4 5 6 103
7 8 5 9 5 104
----- 245 246 260 2 1 245 1 1 3 245 5 246 2 105
467 560 6 ------ 106
----- 9-2-4011-4-2427 107
2 100 2 30 10 30 30 10 30 166 2 1 1 2 7 30 30 30 28 3 1 2 11 108
24 5 4 19 2 8 16 100 30 100 30 100 100 10 10 19 2 8 19 2 16 100 30 100 30 100 100 10 10 19 2 8 19 2 16 8 4 8 4 109
800 1000 300 900 1000 300 200 900 5 33 5 B 27 110
141 142 800 1000 300 900 300 800 900 400 111
112
5 48 1 4 59 1 10 3 31 48 1 6 2 1 9 95 5 4 10 5 15 12 31 5 141 142 113
20 50 5 28 51 13 A A 114
132 2 15 12 31 1 20 VS 115
116
[ ] 11 [ ] 12 117
100 DCF 15,000 100 40 118
DD 1,000 200 2,000 200 3,000 3,500 100 1,000 3,500 2,000 1,000 10,000 500 1,000 200 800 2,000 200 1,800 3,000 500 3,500 40 1,000 2,500 3,500 40 2,000 500 1,500 1,000 1,000 10,000 12,100 15,000 2,900 20 11,600 1,000 200 800 2,000 200 1,800 3,000 500 3,500 40 1,000 2,500 3,500 40 2,000 500 1,500 1,000 1,000 10,000 12,100 11,600 500 20 119
120
2 1 121
2 288 2 1 5 288 2 5 56 1 56 1 2 56 1 2 59 1 60 1 122
60 1 343 94 101 102 123
124
408 260 2 413 3 3 2 6 408 2 1 3 1 125
( ) 6 ( ) ( ) ( ) ( ) ( ) 409 414 3 2 413 3 9 ( ) ( ) 1 3 1 3 2 408 1 4 126
234 235 2 232 3 2 348 408 5 231 2 2 1 412 100 1 412 1 2 413 3 9 100 3 (2) 14 195 188 2 10 408 3 20 2 413 3 5 245 127
3 245 4 128
11 409 9 410 5 413 4 1 413 4 2 216 6 414 2 414 2 3 6 415 129
20 1 50 1 413 3 1 6 1 413 3 8 130
A B 1 2 ( ) 3 1. 2. 3. 4. 5. 6. 4 0.5 1 50,000 30,000 10,000 150,000 5 (1) 5,000,000,000 (2) 6 14 4 1 7 409 9 131
8 13 12 31 14 1 1 9 10 11 12 14 2 14 13 14 2 14 1 20 A B 132
B 409 2 150,000 1,500 14 xx xx A 14 2 14 http://www.***.co.jp/ir/xxx 14 2 15 () () 133
14 2 14 14 3 31 1 0.5 1. 14 2 15 14 3 20 2. 14 2 20 () 1 14 2 14 14 3 20 14 xx xx () 134
15 1 15 2 100 10 1 15 3 100 10 1 15 4 30 135
15 5 120 90 1 10 12 2 1 24 100 30 136
100 10 1 24 1 3 137
1 1 2 1 2 1 2 2 2 2 2 2 2 1 6 1 2 1 6 2 2 1 2 1 12 10 11 12 138
2 1 1 g 2 2 1 c 30% 10% 30% 10 5 0 30% 139
33 5 5 288 2 1 5 288 2 5 2000 3 Economic Substance over Legal Form 140
12 6 15 10 31 141
142
143 20 20
144
4 5 145
17 8 9 10 409 2 413 2 2 146
A B B 100 50 30 A B 1,000 A 200 20% 30 180 100 50 30 20% 36 30 6 80% 144 80 40 24 30 147
148 13 ( 62 2)
---- 2 12 8 4 2 149
--- 57 2 62 2 123 3 62 --- 24 1 1 --- 61 2 1 2 24 --- 24 150
A B A B A B B A 132 2 0.15% 0.7% 3 0.4% 151
500 2,500 1 1 1,000 900 2,000 1,000 500 300 100 200 3,000 3,000 --- 900 1,000 1,000 2,000 500 300 100 200 500 500 1,000 900 2,000 1,000 500 300 100 200 500 500 152
1,000 900 2,500 1,000 500 300 100 200 300 200 40% 500 2,500 1 1 200 1,000 900 2,000 1,000 500 300 100 200 3,000 3,000 --- 500 500 1 200 200 153
900 1,000 2 200 2,000 1,000 500 ( ) 200 1,200 500 ( ) 200 2 300 1,200 100 500 1,000 900 2,500 200 1,000 ( ) 200 500 --- 700 ---- 1,200 500 3 200 --- 600 300 1 2 3 4 700 500 200 300 154
352 1 364 1 9 11 11 8 9 10 1 155
156
157
11 352 2 11 158
13 10 1 5 13 1,000 168 4 13 10 210 1 13 11 14 4 159
352 3 353 2 364 3 280 19 2 6 1 6 2 485 2 357 222 2 223 3 160
9 9 9 9 350 1,400 9 2 1 9 12 3,000 3 9 6 30 9 7 7 166 2 1 24 24 5 4 161
19 2 6 2 19 2 6 3 1 6 2 1 1 f 2f 3 162
6 6 163
260 353 2 361 356 352 3 358 3 353 5 3 2 353 6 348 1 359 1 164
355 20 2 6 354 1 6 6 360 1 358 1 8 165
20 1 50 1 6 1 358 3 2 358 5 2 20 358 5 6 2 6 6 358 9 166
6 6 167
2 3 188 369 370 168
2 1 14 169
12 8 31 357 288 2 1 2 367 288 2 1 3 170
1 171
100 1,000 10% 150,000 500,000 300,000 200,000 180,000 150,000 30,000 200,000 1,000100 180,000 180,000150,00030,000 172
50 5 50 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 7,000 173
1,000 2,000 2,000 2,000 2,000 2,000 2,000 3,000 3,000 2,000 2,000 2,000 2,000 12 8 174
175 100 *1 *2 *3 *1 a. 1
b. c. d. e. f. 1 *2 50 50 5 *3 a. b. c. 2 d. 176
177
1 11 11 2 37 14 1 25 13 67 1 39 30 67 10 25 13 3 67 11 1 2 37 14 1 178
25 13 3 ( ) 37 14 1 1 50 25 13 2 1 { { } 1 50 25 13 2 50 50 ( ) 37 14 1 95 5 179
25 13 4 ( ) { } ( ) 67 9 1 ( ) 67 9 1 1 39 30 1 180
50 [ { }] 50 ( ) 67 9 1 95% 39 30 3 { } ( ) 181
2 17 8 2 6 7 67 10 67 11 182
67 11 1 1 67 11 1 2 67 11 1 3 1 67 11 2 1 67 11 3 67 11 5 183
95 71,000 3 71,000 15 500 200 500 1,000 1,000 1,000 5,000 2,000 5,000 1 10,000 1 20,000 5 81 9 1 5 184
61 11 1 61 11 1 1 61 11 1 6 4 3 6 1 5 5 100 4 3 10 1 1 100 1 185
1 15 2 2 186
33 187
356 2 188
2001 4 (1) (2) (1) (2) (1) (2) (1) (2) 374 19 189
374 9 374 25 374 4 374 20 100 1 25 2 3 4 1 5 1 190
6 3 6 8 12 374 10 2 374 26 2 374 10 2 374 26 2 398 2 1 398 71 12 398 10 2 1 (2 ) 191
14 4 1 13 9 4 192
374 374 17 260 2 374 6 2 374 22 2 5 1 2 ( ) ( ) ( ) ( ) 13 4 2 3 193
( ) 2 2 2 3 2 6 374 2 1 3 374 18 1 2 1 2 ( ) 6 ( ) ( ) ( ) ( ) ( ) ( ) 6 ( ) ( ) ( ) ( ) ( ) 2 374 6 3 374 22 3 194
2 374 23 9 1 ( ) 100% 10,000 1. 10,000 2. 100% 3. 2. ( ) 1. X X 2. 3. DCF 195
10,000 1. 1 1 1 0.7 2. A B 3. A DCF B DCF 4. 17,000 10,000 7,000 2 1. 14 3 31 1,000 800 200 100 800 700 2. 3. 196
197
3 1 3 2 374 1 5 374 17 1 5 231 234 235 2 232 3 2 348 374 6 374 17 6 2 (*) 1 374 4 374 20 100 1 374 20 1 374 4 1 2 374 6 3 374 22 3 374 23 9 (*) 14 195 188 2 10 198
374 6 3 374 22 3 20 374 3 374 31 3 2 374 23 5 245 3 245 4 374 7 1 374 31 3 2 374 7 2 374 31 3 2 374 23 4 212 214-217 199
1 6 374 11 374 31 3 200
14 10 1 X X 14 10 1 1. 374 20 14 6 28 X 14 7 29 2. 15 2 3 14 8 1 xx yy 3. X 14 8 26 14 9 30 4. 14 10 1 X J J X 5. X 10,000 X xxx xxx xxx xxx 201
374 9 374 25 2 3 374 8 1 374 24 1 89 4 2 89 4 1 89 4 2 89 4 1 374 8 2 374 24 2 6 374 12 1 374 28 1 424 374 12 2 374 28 3 202
20 1 374 6 1 ( ) 20 1 374 22 1 ( ) 20 1 50 1 374 23 1 6 1 374 23 8 203
204
A B 205
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
/ 7/ 8/ 10/1 *7 *7 20 *7 *8 *8 *8 30 *9 *9 *10 *11 *10 *11 *9 2 3 *10 6 *11 6 3 3/ 3/ 3/31 4/ *1 *1 207
5/ 6/ *2 *3 *4 *2 2 *3 6 *4 2 *5 *6 *5 2 *6 2 6 6/ 6/ / *7 *7 2 1 *8 *8 20 208
7/ 8/ 9/30 10/1 *9 *9 *9 30 *10 *10 *11 *11 *12 *13 *12 *13 *11 2 3 *12 6 *13 6 374 2 374 17 2 209
10. 10. 11. 11. 3 8 374 6 2 374 22 2 2 210
19 2 100 30 100 10 19 2 1 1 2 g 2 1 3 5 2 (11) 166 5 2 2 2 30% 10% 30% 211
15 2 1 15 2 2 15 2 3 1) 100 10 2) 1) 100 10 10 2) 10 100 100 15 2 4 30 15 2 6 212
13 3 30 (21 ) 6 (20 ) 213
37 *1 *1 5050 5% 214
40 *1 Yes No Yes No No Yes Yes 215
28 374 19 374 21 2 216
A B X A C Y X3 4 1 X Y Z A 225 X Y X Y 100 125 A Y X A Z X A Y A X Y X Y A 120,000 180,000 200,000 250,000 B 30,000 20,000 0 C 0 50,000 150,000 250,000 0 0 50,000 100,000 4,000 50,000 12,500 25,000 83,500 75,000 150,000 250,000 X A 20,000 217
X Y 600 40 400 60 218
Z X A A 180,000 5,000 175,000 A 180,000 5,000 175,000 1 50 100 505,000 20,000 X Y A A 200,000 6,250 193,750 A 200,000 113,750 20,000 1 50 125 506,250 6,250 60,000 Y Y A A A C 0.8 25,0000.820,000 75,0000.860,000 200,0006,25020,00060,000113,750 219
Y Z 200,000 200,000 20,000 40,000 60,000 80,000 A 200,000 A Y A A A C 0.8 75,0000.860,000 25,0000.820,000 50,0000.840,000 100,0000.880,000 X A Z X A A 180,000 20,000 5,000 195,000 A 180,000 20,000 5,000 195,000 A 200,000 220
20,000 20,000 20,000 20,000 Z 125 225 =55.6%>50% 11,250 Z 200,000 388,750 177,778 22,222 Y Z Z 400,000 100%-55.6%=177,778 Z 400,00055.6%X A Y 200,000 X Z 200,000 120,000 80,000 12,500 4,000 163,500 20,000 A 120,000 80,000 A 180,00020,000 A 120,000 80,00083,500 Z X A 221
22,222 Z 22,222 Y Z Z 200,000Z 400,00044.4% X Z 44.4%100 225 X X Z 120,000 X 27,000 93,000 Z 200,000AB 180,00020,000 600 600 400 120,000 30,000600 X AB 180,00020,00091 X 27,000 30,0009 9+1 Z Y Z 120,000 X 120,000 Y A C 200,00050,00041 A Z Y 150,000 150,0004 41 120,000 222
7 X3 4 1 AB 3 X C 3 Y B Y 200 X X Y A 120,000 160,000 0 B 30,000 40,000 0 C 0 15,000 20,000 150,000 15,000 0 0 50,000 5,000 4,000 1,000 12,500 1,250 83,500 7,750 150,000 15,000 X Y 600 ( 30,000) 100 6,000 400 24,000 223
X Y 30,000 B 30,000 800 2,500 10,000 16,700 B 30,000 Y B 30,000 10,000 20,000 B 30,000 800 2,500 10,000 16,700 200 5010,000 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
X 30,000 A B 30,00030,000 120,00030,000 6,000 Y 6,000 X 6,000 X X Y X Y Y X X Y A 120,000 0 120,000 B 0 30,000 30,000 Y 30,000 0 30,000 C 0 15,000 15,000 150,000 45,000 195,000 0 0 0 50,000 15,000 65,000 4,000 21,000 25,000 12,500 1,250 13,750 83,500 7,750 91,250 150,000 45,000 195,000 20,00015,0005,000 C 5,000 2,000 X Y 3,000 5,000 40% C 225
15,000 Y 30,000 21,000 16,000 1,250 2,000 7,750 3,000 Y 45,0003,000 100 100 200 16,000 Y 45,0003,000 200 100 200 Y 30,0002,000 226
47 51 55 227
59 81 228
X A 700 80 780 B 900-900 C 1,100-1,100 D=B-A 200 E=C-A 400 F=C-B 200 Y 780 700 780 700 80 80 Y 900 780 120 80 700 780 700 780 80 80 229
(1) 80 80 80 80 (2) 700 1100 400 160 80 160 160 160 80 80 80 160 (3)-1 (1)(2) Y 860 700 160 860 700 160 Y 96 1,100860 40% (3)-2 (2) 2 230
Y 780 700 780 700 80 160 80 160 (1) 700 160 860 700 160 860 (2) 700 160 80 780 700 160 80 780 (1) 400 160 80 80 80 80 160 160 231
(2) 1,020 700 1,020 700 80 400 160 80 400 4001100700 Y 47 1,100 80 1,100 80 1,020 1,020 232
62 1 62 2 62 1 62 2 62 3 2 12 2 12 3 12 9 12 10 12 11 12 12 12 13 62 6 233
234 2 12 11 100% 50%100% 1 2 1 2 100% 3 50%100% 50%100% 4 ( ) ( ) 80%
( ) 4 2 6 1. 2. 5 5 6 5 1 6 1 3. 4. 80% 5. 6. 50 235
7 8 9 100 80 7 8 9 4 2 236
3 100% 2 12 11 4 2 4 237
4 50%100% 2 12 11 4 2 5 50% 238
239 4 2 11 12 100% 111 112 12 50% a b 100% a b 50%
2 15 4 2 4 1 2 5 1 2 100% 50%100% 240
241 100% 50%100% 62 2 62 3
24 1 119 1 61 2 61 2 3 242
243
B/S A 1,000 A 700 B 500 B 300 300 100 100 100 1 200 B 200 80 80 80 200 B 200 500-300 5001,000+500-700-300 3 100 300 80 100 *1 80 *2 240 *1 80 160 400200/500 80 200200/500 *2 240 400 300+100 160 400200/500 240 400 160 244
62 1 62 2 1 10 10 2 17 62 2 1 245
61 2 5 B/S A 1,000 A 700 B 500 B 300 300 100 100 100 200 B 200 B 300 B 500 160 *3 40 *3 40 100 200/ 500 2 18 246
*4 60 100 160 *4 60 200 40 100 2 17 B 500 B 300 100 *6 60 *5 40 *5 40 2 18 *6 60 200 40 100 2 17 B 300 B 500 400 200 100 400 *7 60 *8 240 *7 60 400 200/ 500 100 2 17 *8 240 400 160 2 18 247
B 700 B 300 100 *9 300 *9 300 400 100 2 17 B 300 B 500 200 B 500 B 300 100 *10 100 *10 100 200 100 2 17 B 300 B 500 400 200 B 700 B 300 100 *11 300 *11 300 400 100 2 17 248
( ) 28 4 123 3 ( ) 32 3 123 4 ( ) 31 1 2 ( ) 31 4 31 5 ( ) 54 1 5 (1) (2) (1) (2) 249
( ) 66 ( ) 32 1 2 ( ) 32 4 6 32 4 5 32 7 ( ) 52 7 250
52 1 52 2 ( ) 52 5 52 7 54 8 54 4 106 2 100 80 15 251
112 1 132 2 157 3 64 3 252
14 9 2 10 3 12 73 7 73 7 587 2 699 4 2 253
1.5/1,000 7/1,000 1 3 1.5/1,000 7/1,000 1 3 20/1,000 2/1,000 1/1,000 2/1,000 81 13 4 1 18 3 31 3 200 2 4 1 4 5 1 4 6 254
373 374 16 24 25 245 7 374 2 1 3 374 18 1 3 255
1 10 60 119 8 1 61 2 3 23 1 2 100% 256
100% 1 1 50%50% 50% 3 5 2001 P.32 257
12 2-1-1 258
15 4 4 A. B. C. 259
5 1 3 2 A B C B DES 260
A B B C B DES A B A ROE 2 5 6 10 261
A B C A A B B C C C AB 7 C 40 262
ROA 2 5 A B MBO C A C B B B C B C 5 1 C 263
7 C ROE 2 5 6 10 264
A B C R&D A A B B C C C 24 24% 30% 40% 40 50 40 10 265
12 8 A A A B B A 100 B A A B A A B B A B B A 266
A B 12 9 A B SPC A B A SPC A A A B SPC B SPC A SPC A 267
A A C A B B A C A B A A A A A A 268
12 11 10 12 DES 13 2 7 1 269
15 4 17 270
271
25 1 27 2 1 1 2 2 1 92 1 272
13 92 1 93 14 16 B 273
D 274
13 4 1 625 1 275
276 16
22(1) 277
5 278
43 12 25.... 279
.. 16 280
4 54.11.7 54.2.28 281
282
14 8 22 283
284
12 5 31 90 12 5 31 103 12 12 27 12 48 12 12 27 12 127 1 285
1. 2 2. 3 4 3. 5 4. 6 5. 7 6. 8 2 5 7 4 5 286
6 287
() 4/1 7 4 5 1 6 2 6/12 2 1 *1 374 374 2 374 6 374 17 374 18 374 22 *1 2 2 232 1 13 6/27 4 1 *2 5 1 *3 4 2 5 2 *1 21(1) *2 22(2) *3 13 288
2 2 1 2 () () 289
2 2(3) 2 2(3) 290
6 16 1 2 3 16 291
16 40 2 40 3 5(2) 292
22(4) 293
22(4) 4 294
625 1 295
( 16 ) 296
17 4 3 297
14 4 1 14 3 31 24 3 31 298
24 3 31 ( ) 500 224 299
224 a) b) a) b) 300
14 4 15 9 301
14 4 1 14 4 1 14 3 31 24 3 31 13 10 1 302
( 41 ) 14 13 500 300 800 3,000 23 23 303
( 100 80 ) () 80 80 80 80 () 100 100 100 100 100 20 100 20 100 80 100 20 20 20 80 80 100 20 1 9-2-33 2 304
3 a) b) 9-2-34 4 9-2-35 5 20 80 80 ( 70) 10 10 100 110 10 305
------- 9-2-36 ------- ------ 9-2-36 ------ ( )------ 9-2-37 1 2 a) 306
b) 3 9-2-38 14 4 13 10 9-2-39 307
14 4 1 4 1 10 11-4-29 11-4-28(1) 11-4-28(2) 308
11-4-30 100 20 100 20 20 80 20 80 100 20 35-7 309
310 a) ------- ( ) b) ------- ( ) c) a) ------ d) b) ------ e) ------ 9-2-40 1 a) ( ) b)
2 14 4 1 4 1 10 11-4-24 11-4-25 311
107 1 31 54 8 6 11-4-30 15 4 14 15 10 3 16 17 10 2 1 10 5 312
8 5 8 6 5 6 7 5 11 100 80 8 5 5 12 (1) (2) 5 13 (1) 313
(2) 15 3 31 2 14 4 13 10 a) 314
b) 100% 80% 1-4-4 1-4-10 1-4-9 315
316
7 317
Employee Retirement Income Security Act, 1974 2 318
2 PBO 319
7 1) P/L 3 2) 320
30% 1 25 30 321
322
14 12 ( ) 323
324
325
( ) 326
( ) 327
( ) 328
( ( ) ) 329
( ) 330
( ) 331
( ) 332
333
334
( ) ( ) 335
336
337
338