Title: ??? ?? 36point
1???????? ?1? ????????????????????
2007?5?14? ??? ????? ????? ????
??????????
2lt??gt1. ????????? P.22. ???????????
P.5 3. ?????????????? P.94.
????????????P.13 5. ??????????P.22
3?????????????????????
??????????(bio)
????????????
(03/1100)
250
200
150
100
50
03/1
03/7
04/1
04/7
05/1
05/7
06/1
06/7
07/1
????
???????30?
FT???100?
????
????
???ST
- ??????????????,????????????????
- ?????????????????,????????????????
- ?2003?1???,???????????,?????????????????
4??????????????
(2006???12?? ????)
????????????15???
????????????15???
??? ?? ????
1 HSBC ?? 212,034
2 ?????? ?? 199,353
3 ???? ?? 172,262
4 ?????? ?? 142,998
5 ???? ?? 123,708
6 ???? ?? 97,091
7 ?????? ?? 81,701
8 ???????? ?? 53,490
9 Hutchison Whampoa ?? 43,331
10 ??????????? ?? 42,045
11 ?????? ?? 41,168
12 Reliance Industry ?? 39,996
13 ?????? ?? 35,559
14 ????? ??? 33,887
15 ??????? ?? 29,894
??? ?? ????
1 ?? ?? 246,475
2 ??UFJ ?? 137,305
3 ??FG ?? 86,994
4 ????FG ?? 80,670
5 NTT ?? 79,655
6 ?? ?? 76,442
7 NTT DoCoMo ?? 75,864
8 ?? ?? 74,025
9 ?? ?? 62,939
10 ???? ?? 55,378
11 ?????? ?? 49,741
12 ?????? ?? 49,272
13 ???? ?? 45,017
14 ?? ?? 43,972
15 ????? ?? 39,727
5??????????????
???????????
???????????(???)
6????????????????(2006?12???????)
lt???????gt
lt?????? (??????)gt
lt???????gt
??
??
??(????)
??(????)
??????(???????????????)
???? (392)(???????)
???? (1,541)(???????)
?? 458
?? 983(??????? 197)
?? 327
?? 734 (??????? 190)
????? (1,553)(???????)
?????? 56 ?????
?? 292
?? 397
?? 505
?? 164
??/????? 399 ????
?? 861
????????
????? (980)(?????)
??/????????? 399
?? 72
(???? 478)
?? 332
?? 171
???? (955)(??????????????????)
?? 350
??????????????????????????????? ?????????
???? (517)(??????????????????)
?? 193
???? 78 ???????
?? 563
???? 138 ???????
?? 733
?? 216
?? 251
?? 147
lt??gt
?? 379
??
?? (532)
(??????)
(????)????????
7?????????????
???????(???GDP???)
???????(???)
??? ??? ???
2003 2004 2005
????(????) ??????? 40.0 17.4 11.9
????(????) ???? -40.7 -31.1 -23.3
????(????) ???? 4.2 8.8 7.4
????(????) ?? -16.7 -17.8 -18.4
(????)???????????
????????????????????? ??20??90??????????????????,
??????????????? ????????1990?????????????? ??????1
980??????????,????????
8?????????????
???????????????
???????????????
(????)
??(97/12??) ??(97/12??) ??(06/12??) ??(06/12??) ??(06/12??) ??(06/12??)
?? (????) ?? (????) ?? (10???)
????? 54.1 695.2 50.5 778 13.2 5,557
????? 26.8 344.4 25.9 399 31.6 13,304
??? 5.0 64.3 2.8 43 6.8 2,863
???? 2.0 25.7 4.3 66 14.4 6,062
????? 6.7 86.1 11.9 183 30.6 12,883
?? 5.5 70.7 4.6 71 3.4 1,431
?????? 100 1,285 100 1,541 100 42,100
(????)???????????
????????????????????????
?????????????????,?????1,541????
???????????????????,2005???????51
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9????(???????)???
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(????)
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1979 1989 1999 2006 2006
??(????) ??(????) 371 879 942 869 ??
???() ?? 49.2 51.7 51 40.3 350
???() ??????? 5.5 9.2 7.6 8.5 74
???() ????? 7.9 10.1 14.4 18.0 156
???() ?? 6.9 6.2 4.5 4.4 38
???() ???????? 29.7 20.7 19.5 23.0 200
???() ?? 0.8 2 3 5.9 51
(????)???????????
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11?????????????
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12?????????????
??????(1987?--2007?)
??10??????(1987?--2007?)
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1988 1991 1994 1997
2000 2003 2006
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1988 1991 1994 1997
2000 2003 2006
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131980?????????
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2000?4?????????? - ???????????????
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- 2000????????
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14????????????(2003?-2007?)
2004?
2005?
2006?
2007?
??(??)
06/3 ??????????
04-05 ?????????
03/5 ??????
03/6 ??????
04-05 ???????????(???)
06/6 ???????
07????(??) ?????????
06/5 ??????
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05/4 ????????
04/12???????????,????
03/4 ????????
06/1 ??????(??)
05/3????????(???)
06/12 ?BIS??
97-04 ??????
06/12 ???????????
06/1 ???? ???
06/6 ???????????
05/1 ????? ???????
05/10 ?? ?? TBS???
04/1 ???????PBR??
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07/2 ??????????
04/10 ??????????
06/8 ??????TOB
06/2???? ?????
05/8 ???????????
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15??????????(20032006?)
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- ????????????TOB
- ?????????????TOB(06?6?)
- ???????????
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17RJR????(????LBO)
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50???
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300???
89?-91?
3.
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250???
??? Louis V. Gerstner
250???
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2.
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1.
80???
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KKR?? 15???
18?????????Leveraged Buy Out(LBO????)
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41.8
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1,200??? (???)
2,000??? (???)
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4,000??? ??/??
1.28???? ??????
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1.45???? ????????????
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????????? 05/8 ?????MBO-?????2,100???????1,330???
,????520??? 06/2?????????????
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?????6,200???????4,000????04/6 ????1,500???
19???????MATake over Bid(TOB?????????)
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20?????????
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?/Carlyle?UNISON??????MBO
?SBI(??)???????,?????????? ??????????TOB (
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?????????VB????? - ???????(2007?7???????)
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222007???????????
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- 06?12????????????????????????,???????
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- ??????????????????????????????700??????
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