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1 A. A. Berle and G. C. Means, The Modern Corporation and Private Property, 1932 1958 2 J. Scott, Control through a Constellation of Interests: Notes towards a Definition, 1979, pp. 46. 3 2003 pp. 811 4 2003 pp. 811 5 2003 pp. 2022 6 1995 p. 3 7 8 9 10 2003 pp. 2022 11 5 73

1996 pp. 2324 1997 6 1996 pp. 3133 2001 1997 6 12 1999 13 2003 p. 19 14 15 16 17 18 19 74

2005 pp. 6870 20 2007 2007 pp. 173175 21 2003 pp. 1819 22 1998 6 1996 1998 6 1998 1998 1999 6 1999 1999 2007 1995 2001 2003 2010 75

2009 2008 2002 Aoki, Masahiko, Controlling Insider Control: Issues of Corporate Governance in Transition Economies, in Corporate Governance in Transitional Economics Insider Control and the Role of Banks, edited by Masahiko Aoki, Hyungki Kim, The World Bank, 1995. Arrow, Kenneth J, The Economics of Agency, in Principles and Agents: The Structure of Business, Boston, 1985, pp. 3738. Blair, M., Ownership and Control: Rethinking Corporate Governance for the 21 Century, The Brookings Institute, 1995. Boycko, M., and A. Shleifer, R. Vishny, A Theory of Privatization, The Economic Journal, 106, 1996, pp. 309319. Coase, R. H., The Firm, The Market and The Law, Uni. Chi. Press, 1990. Herman, E. S., Corporate Control, Corporate Power, Cambridge University Press, 1981, pp. 1720. Scott. J., Capitalist Property and Financial Power, Hachison, 1986, pp. 137139. Tirole. J., Corporate Governance, Econometrica 69, 2001, 135. Grossman, S., Hart, O., The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration, Journal of Political Economy, 94, 1986, pp. 691719. Hart, O., Firms Contracts and Financial Structure, Oxford: Oxford University Press, 1995. 2012 3 22 76

95 2012 10 pp. 77112 150 28 /2010 2008 CalPERS 1,500 10 10 5 3 2007 77

2010 8 78

BRICs 15 30 OTC OTC BRICS Building Better Global Economic BRICs 2001 GS 1 2 1 11 WTI 2011 1 1,432.5 79

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2011 CDS ISDA CDS 20 133 1015 1 OTC 36 84

4 60 134 85

1 NYMEX 70 4 CY 2007 CY 2007 6,970,033,370 45.90 5,616,816,347 36.99 8,216,637,460 54.10 4,091,923,113 26.94 15,186,670,830 100.00 3,740,876,650 24.63 645,643,564 4.25 496,408,289 3.27 CY 2007 334,707,898 2.20 4,186,511,897 27.57 105,092,237 0.69 3,355,222,878 22.09 150,976,113 0.99 6,137,204,364 40.41 4,226,619 0.03 1,048,627,318 6.90 15,186,670,830 28.03 459,104,373 3.02 54 15,186,670,830 100.00 Galen Burghardt, Volume Surges Again: Global Futures and Options Trading Rises 28 in 2007, FIMagazine, p. 16, March/April 2007. 86

5 2007 2006 1 LightSweetCrudeOilFutures Nymex 121,525,967 71,053,203 71.04 2 BrentCrudeOilFutures ICEFuturesEurope 59,728,941 44,345,927 34.69 3 WTICrudeOilFutures ICEFuturesEurope 51,388,362 28,672,639 79.22 4 EuropeanStyleNaturalGasOptions NymexClearport 29,921,068 19,515,968 53.32 5 NaturalGasFutures Nymex 29,786,318 23,029,988 29.34 6 LightSweetCrudeOilOptionsonFutures Nymex 28,398,793 21,016,562 35.13 7 GasOilFutures ICEFuturesEurope 24,509,884 18,289,877 34.01 8 NYHarborRBOBGasolineFutures Nymex 19,79 l,439 3,883,261 409.66 9 No.2HeatingOilFutures Nymex 18,078,976 13,990,589 29.22 10 HenryHubSwapFutures NymexClearport 16,207,044 24,157,726 32.91 11 CrudeOilFutues MCX 13,938,813 4,466,538 212.07 12 FuelOilFutures SHFE 12,005,094 12,734,045 5.72 13 HenryHubPenultimateSwapFutures NymexClearport 10,117,889 7,973,290 26.90 14 GasolineFutures Tocom 7,529,706 12,932,848 41.78 15 minycrudeoilfutures Nymex 5,185,214 9,323,467 44.39 16 NaturalGasOptionsonFutures Nymex 5,051,879 9,581,663 47.28 17 GasolineFutures C-Com 3,635,329 4,953,168 26.61 18 KeroseneFutures C-Com 2,685,345 4,027,192 33.32 19 KeroseneFutures Tocom 2,350,819 4,492,904 47.68 20 EuropeanStyleCrudeOilOptions NymexClearport 1,879,999 379,250 395.71 Tradedprimarilyoff-exchange Galen Burghardt, Volume Surges Again: Global Futures and Options Trading Rises 28 in 2007, FIMagazine, p. 16, March/April 2007. 4 5 87

IT 2 21 derivative 95 2011 110 09 88

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2 2 FAS 133 Financial Accounting Standards 2001 3 Akerlof, G. 1970. The market for lemons: quality uncertainty and the market mechanism. Quarterly Journal of Economics 843, pp. 488500. David M. Kreps 1990. A Course in Microeconomic Theory, Princeton University Press. 4 4 5 OTC OTC the International Swaps and Derivatives AssociationISDA ISDA 61 107

VaR VaR X 20 21 3 UFJ 62 VaR VaR 1993 2 BIS VAR/ VaR Value at Risk 95 VaR 71 108

1 1991, 2 Spence, Michael, 1973, Job Market Signaling, Quarterly Journal of Economics, August, p. 355. 72 CRO 5 FIA 615 1 Buzzurl, 2010 10 5 11 Enron 109

300,000 30 250,000 25 200,000 20 150,000 15 100,000 50,000 Brent-WTI 10 5 0 1 1 1 1 2 2 2 3 3 3 3 4 4 4 5 5 5 5 6 6 6 7 7 7 7 8 8 8 9 9 9 9 10 10 10 11 20 28 7 15 24 4 14 22 30 7 15 26 4 12 20 31 8 16 24 5 13 21 29 10 18 26 6 14 22 30 3 10 18 26 Bloomberg 52012 11 2011 NYMEX WTI 0 73 10 NYMEX WTI 9 25/bbl WTI 16/bbl WTI WTI NYMEX WTI WTI WTI NYMEX 2007 2008 30 2025 9 21 25 WTI 6 110

Sozen BLOGOS 2011 10 30 1325 http://blogos. com/article/17445/ 1 1997 2 1997 3 1997 4 1997 5 1994 6 7 8 LNG Market Valuation of LNG Price Formulas, 9 2004 10 2008 11 2008 2009 12 2008 2009 13 2002 IEEJ 9 14 2008a 34 2 15 2008b 16 Black, F. and M. Scholes 1973, The Pricing of Options and Corporate Liabilities, Journal of Political Economy, Vol. 81, pp. 637654. 111

17 Merton, R. C. 1973, Theory of Rational Option Pricing, Bell Journal of Economics and Management Science, Vol. 4, pp. 141183. 18 Abreu-Brunnermeier 2003, Bubbles and Crashes, Econometrica, Vol. 71, No. 1 January, 2003, pp. 173204. 19 Allen, Morris and Postlewaite 1993, Finite Bubbles with Short Sale Constraints andasymmetric Information, Journal of Economic Theory, 1993, Vol. 61, issue 2, pp. 206229 20 Blanchard and Watson 1982, Bubbles, Rational Expectations, and Financial Markets, in Crisis in the Economic and Financial Structure, NBER Working Paper No. 945 21 CFTC 2008, Staff Report on Commodity Swap Dealers & Index Traders with Commission Recommendations, September 2008. 22 CFTC 2008, Energy Markets Enforcement Results, November 17, 2008. 2012 5 28 112

95 2012 10 pp. 113129 2010 10 1993 3 1 2 3 3 113

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104. 16 Hatten, K. and M. Hatten, Strategic Management, Prentice-Hall, 1987, p.1. 17 Kasai, K., Symphonic-space, No. 7, 1992, pp. 3738. 18 Kasai, K., and S. Kanayama, Symphonic-space, No. 5, 1990, pp. 1415. 19 1996 20 FA OA 1983 21 1983 22 ME 1984 23 OA 1984 24 ME 1985 25 1982 2012 7 6 160

2011 23 2011 5 5 27 deprival value Baxter Bonbright 2 value budget normal satisfactory asset 7 7 8 161

DFD SSM 10 10 14 Social Enterprise: SE SE SE 23 35 SE SE 1 SE 55 10 10 14 2002 2 1 162

841 2009 10 11 11 11 IAS/IFRS IAS 37 IAS 37 2005 IAS 37 2010 obligation constructive obligation 163

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1 1 27 GDP 1 1 27 1 4 165

3 3 28 1 NY TOPIX NY 2 / / TOPIX / 3 2012 1 4 2012 3 19 166

1 2 3 1 6 10 2 9 12 3 12 3 3 1 4 5 A 4 167

24,000 20,000 6,000 6 7 8 50 50 168

9 10 11 21 7 31 169

1 2 A 4 1 33 27 1 66 3 4 1 10 5 6 The Chicago Manual of Style 7 170

E CD 8 21 7 31 171

ISSN 13490281 2012 24 10 25 2012 24 10 31 1128585 3 4 14 Tel. 0339477595 Fax. 0339472397

TAKUSHOKU UNIVERSITY THE RESEARCHES IN MANAGEMENT AND ACCOUNTING No. 95 October 2012 Articles A Case Study of so called Gurugurumawari circle of Preferential Tights of Tax Claim and Private Claim KOBAYASHI Mikio 1 Issues on Accounting Standard for Smaller Entities MIYOKAWA Masahide 35 The Feature and Analysis of Internal Control on Chinese Government-owned Enterprise ZHOU Zhigang 57 Japanese Trade Policy focusing on Energy Resources 7 TAKEGAMI Konosuke 77 Global Management and the Sustainable Use of Plant Resources: The Implications of the Nagoya Protocol for JapanNAKAMURA Yoichi 113 Study Note What was Accounting? MIYOKAWA Masahide 131 The Rich World and New Technology KANAYAMA Shigeo 145 Edited and Published by THE BUSINESS RESEARCH INSTITUTE TAKUSHOKU UNIVERSITY Kohinata, Bunkyo-ku, Tokyo, Japan