? ?????????,??? (Underwriters) ???????; ??????????????????,?????????????? - PowerPoint PPT Presentation

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? ?????????,??? (Underwriters) ???????; ??????????????????,??????????????

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1990 (Qualified Foreign Institutional Investor, QFII) – PowerPoint PPT presentation

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Title: ? ?????????,??? (Underwriters) ???????; ??????????????????,??????????????


1
??? ?????????
??? ??????????
??? ?????????
??? ????
??? ??????
2
  1. ??????????????,???????????
  2. ??????????????,???????????

??? ??????????
1. ???????????
?????????
???????? 1997 ? 5 ? 16 ???????? 68 ?????,???????
100 ??,???? 7.35 (?????????1.5),???????,?? 5 ??
3
?2????????
1991 ? 12 ? 3 ??,???????????????????????????,?? 4
???? 30 ??????????????? 1.32 ???? 15
???,?????????????,??????????
2. ????????
? ?????,????????????????????????????????????????,?
????????????????????? ? ?????????????????,?????
4
??? ?????????
????????
? ? ? ?
????? (Eurobond) ??????????,???????????????,?????????????
???????? (ECB) ??????????,???????????????????,?????????????
????????? ???????????????????????
????? (Euro Preferred) ?????,??????,??????????????
?????? (GDR) ??????????????,?????,????????????,??????????
5
1. ???????????
? 1989 ????????????????????????????,??????????????
???? ? ?????????,??? (Underwriters) ???????
??????????????????,?????????????? ?
????????????????? (Prospectus)??
????? ECB
1989 ??????????? 1 ????5 ?????????????,????
2,????? 36 ?????? 1994 ? 12 ? 21 ?,??????????
122.55 ?????????????
6
2. ????????????
(1)??????????????????????,??????? (2)??????????,
????????????
? ?? 1990 ???????????? (Qualified Foreign
Institutional Investor, QFII)?????????????
? ???? -
QFII ?????????(?)?????????????????????????????????
????????????
7
? ???????
? QFII ????2000 ? 12 ????????????
????????? (QFII)????????
?? 1998/01 1999/04 2000/10 2000/12
??????????????????? ? 10 ??? 15 ? 15 ??? 50 ? 50 ??? 75 ? 75 ??? 100
??????????????????? ? 25 ??? 30 ? 30 ??? 50 ? 50 ??? 75 ? 75 ??? 100
8
? ????
??????,?? QFII ????????????,??????????,???????
????????? (QFII)??????
? ? ???? (??) ?????????
01/16, 1993 1 ? 16.89
11/19, 1993 2 ? 20.57
12/19, 1996 6 ? 5.19
11/20, 1999 12 ? 0.16
10/20, 2000 15 ? -4.65
11/21, 2000 20 ? -0.58
11/13, 2001 30 ? 29.60
07/07, 2003 ??????? -
9
? ??
? QFII ???????????????,????????,?????? ? QFII
?????????????,?????????,??????????,????????
(3) ????
????????????????,??? 1996 ? 3 ????????????????????
(? 2003 ???,?????????? 500 ?????????????)?
10
3. ????
? ???????????????
??????????? (Morgan Stanley Capital
International, MSCI) ??????????????????,??????????
??????
??????
? 1996 ? 6 ? 10 ? MSCI ????? 9 ? 2
??????????????? (Emerge Market Free, EMF)??????,6
????????????? ? 1996 ????????????????????,????????
??????????
11
??????????????????
12
??? ????
1. ??????
? 1961 ??????? (J.P. Morgan) ??????????????(ADR)?
?
? ??? (Sponsored)??????????????? ????
(Unsponsored)?????????
13
2. ?????????
? ????????????????????,?????????(Taiwanese
Depositary Receipts, TDR)?,?????????????????
??????? (TDR)??????
? ? ????
???? ?????????
????? ???????????????? TDR?
???? ? 3 ????????
?????? ????????? 1 ????
???? ????????????????? 20 ?????
14
(???)
? ? ????
???? ? ????????????????,??????? 8 ????????????? 8 ??,????????????????? (????? 7,??? 9,????? 8)? ? ?????????????? 4 ?????
??? ???????? 12 ?????????????????????? 80 ???
???? ????????? 1,000 ?,??????????????? TDR ???,?????????????? 20 ????????????
???? ??????????,?????????????????
15
3. ?????????
??????? (TDR)??????
? ? ????
???? ? TDR ????????????? (????) ?????? ? ????????,????????????????
?? ???????????????????????
???? ????????????? (7)?
???? TDR ??????????????????????
???? TDR ???????,???????,??????
???? ?????????????????? ? TDR ??????,??????????????,????????,???????? ?TDR ??????,?????????????????? 12 ??,??????????????????????? 12 ??,?????????
16
??TDR ???
?????? 2003 ????? TDR
? ? ????????????????? ? ? ????????????? ? ?
????????????,???????? ? ? ?????????? (Mustek)
??????????,???????????????????
17
??? ??????
1. ?????????
???
?????????????
18
2. ??????????????
?????????? (GDR)??????
? ? ????
???? ? ??????? ? ????????? GDR,???????,????????????
???? GDR ?????????,?????????????
???? ????????????????????? GDR?
??? ?????????????,???????
???? ? GDR ?????????????????????????? ? GDR ????????????????????,?????????????????????
?? ?????????????????????
19
3. ?????????????
(1) ??????????????,?????????????????????????? (2)
????????????????????,?????????????????????? (3)
?????????????? (?) ?,?????????,?????????????????
,???????????????????? (4) ????????????????????,??
???????,????????,?????????????

20
? 1???????
????????????????? 1996 ???????? (NASDAQ) ? 5 ?? 1
????????,??????? (NT 77.5)?
? 2???????
??????????????????,???? 1997 ???????????
(GDR)?,???? 1 ??,??? 1997 ? 6 ??????????????,?????
??????? NT 200,???? GDR ??????????NT130,????
35((200-130)/200)??? 6 ? 25 ?? NT 155 ??????
21
?3??????????
? ???? 1997 ? 10 ? 8 ????????????????
(ADR)?,???????????????? ? ???? 1 ?? ADR ?? 5
????,???? 2,100 ???,??? 24.78 ??,???????????
141.17 (24.78NT28.485/5 NT141.17),????1997
?10?7????????? NT141.5 ?????
?4?????? ?
?? KLM ???? 1986 ???? 5,000 ????,????? 3.04
???????????????,????????????? 700 ???????? 700
???????? 100 ???KLM ????????????????????????,????
???????
22
? 5?????
????????? (Waste Management) ???????,???? 1984
??????,1986 ?????,???????????????????????????,???
???????????????
? 6?????
?????????????,?????? 1999 ? 7 ??????,2001 ? 6
????????????????,?????????????,????? 20,??????
0.84,??????????????? 1.84,??????????,????????,??
??????,??????????????????,?????????
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