Top Banner
南山人壽保險股份有限公司 Nan Shan Life Insurance Co., Ltd 公開說明書 (首次辦理股票公開發行申報用) 一、公司名稱:南山人壽保險股份有限公司。 二、本公開說明書編印目的:首次辦理股票公開發行。 () 已發行股份種類:記名式普通股,每股面額新台幣壹拾元整。 () 已發行股份股數:9,240,000,000 股。 () 已發行股份金額:新台幣 92,400,000,000 元整。 () 發行條件:全額發行 () 首次辦理公開發行目的:依保險法第 136 條、公司法第 156 條及證券交易法第 42 條之規定辦理。 () 公開承銷比例:不適用 () 承銷及配售方式:不適用 三、本次資金運用計劃之用途及預計可能產生效益之概要:不適用。 四、本次發行之相關費用: () 承銷費用:不適用。 () 其他費用(主要包含會計師等相關費用):約新台幣 20 萬元。 五、有價證券之生效,不得藉以作為證實申報事項或保證證券價值之宣傳。 六、本公開說明書之內容如有虛偽或隱匿之情事者,應由發行人及其負責人與其他曾在 公開說明書上簽名或蓋章者依法負責。 七、投資人應詳閱本公開說明書之內容,並應注意本公司之風險事項,請參閱本公開說 明書第 4~10 頁。 八、查詢本公開說明書之網址:http://mops.twse.com.tw 九、本公司股票未在證券交易所上市或未在證券商營業處所買賣。 南山人壽保險股份有限公司 編製 O二十八 刊印 股票代號:5874
227

南山人壽保險股份有限公司files.hibox.hinet.net/files/201206_5874_B06.pdf · 南山人壽保險股份有限公司公開說明書 ~ii~...

Nov 17, 2018

Download

Documents

VôẢnh
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
  • Nan Shan Life Insurance Co., Ltd

    ()

    () 9,240,000,000

    () 92,400,000,000

    ()

    () 136 156

    42

    ()

    ()

    ()

    () () 20

    4~10

    http://mops.twse.com.tw

    O

    5874

  • ~I~

    () 20,000,000 0.02% 72,485,000,000 78.45% 19,895,000,000 21.53% 0 0.00% 0 0.00% 92,400,000,000 100.00%

    (1) (2) (3)(http://mops.twse.com.tw)

    http://www.firstbank.com.tw 30 17 022348-1111

    http://www.yuanta.com 210 B1 022586-5859

    333 27 http://www.pwc.com/tw 02-2729-6666

    (02)8758-8888

    [email protected]

    (02)8758-8888

    [email protected]

    http://www.nanshanlife.com.tw/

  • ~II~

    92,400,000,000 168 (02)8758-8888 52 7 1 http://www.nanshanlife.com.tw

    101 7 16

    022586-5859 http://www.yuanta.com 210 B1

    02-2729-6666 http//www.pwc.com/tw (100)

    333 27

    100 8 2 100 8 2 90.77 % 101 5 31 7.66 % 0.20 % 101 5 31

    10%( 101 5 31 )

    0.10823% 7.55422%

    10%

    0.00002%0.00007%0.00010%

    00.14610%

    0.05411%

    0.00005%83.10532%

    100 100% 64

    4-10

    ( 100 )

    286,262,231 1,407,575 0.45 ( 100 100

    100 1 1 12 31 )

    77

    101 6 28

  • ~III~

    ............................................................................................................................................... 1

    ........................................................................................................................................... 1 ()......................................................................................................................... 1 ()..................................................................................... 1 ()..................................................................................................................................... 1

    ........................................................................................................................................... 4 ()..................................................................................................................................... 4 ()......................................................................................................................... 8 ()

    .............................................................................................................................. 10 ()........................................................................................................................... 10

    ......................................................................................................................................... 11 ()................................................................................................................................... 11 ()............................................................................................................................... 14 ()................................................... 15 ()................................................................................................................... 28 ()............................................................................................................................... 38 ()........................................................................... 39

    ..................................................................................................................................... 43 ()................................................................................................................................... 43 ()........................................................................................................................... 44 ()................................................................................................................... 45 ()....................................................... 52 ()....................................................................................................... 53 ()............................................... 53 ()............................................................................................... 53 ()....................................................................................................... 53

    ............................................................................................. 53 ............................................................................................................................. 53 ............................................................................................. 53 ............................................................................................................. 53 ................................................................................................................................. 53 ............................................................................................. 53

    ............................................................................................................................................. 54

    ..................................................................................................................................... 54 ()................................................................................................................................... 54 ()....................................................................................................................... 64 ()....................................................................................................... 66 ()........................................................................................................................... 66 ()................................................................................................................................... 66

  • ~IV~

    ................................................................................................................ 67 ()................................................................................................................................... 67 ()................................................................................................................................... 73 ()................................................................... 73

    ..................................................................................................................................... 73 ()....................................................................................................................... 73 ()........................................................................................................................... 73 ()

    .......................................................................................................................................... 73 ()

    .............................................................................................................................................. 74 ......................................................................................................................................... 74

    ......................................................................................................................... 74

    ........................................................................................................................................ 74 ..................................... 74 ................................................................................. 74 ..................................................................................................... 74

    ............................................................................................................................................. 75

    ............................................................................................................. 75 () ...................................................................................................... 75 ()

    .................................................................................. 78 ()............................................................................... 78 ()................................................................................................................................... 80 ()........................................................................................................... 82

    ..................................................................................................................... 83 ()............................................................................... 83 ()................................... 83 ()

    .............................................................................. 83 ............................................................................................. 83

    () ...................................................................................... 83

    () .................................................................................................................................. 83

    ()................................................................................................................................... 83 ()........................................................................................................................................... 83

    ................................................................................. 84 ()................................................................................................................................... 84 ()................................................................................................................................... 85 ()................................................................................................................................... 86

  • ~V~

    ()........................................................................... 87 ()....... 87 ()........................................................................................................................... 87

    ..................................................................................................................................... 88

    ................................................................................................................. 88 ()

    .......................................................................................................................................... 88 ()....................................................................................................................... 88 ()

    .............................................................................................................. 88

    ................................................................................................................................ 88 ............................................................................................................. 88 ............................................................................................................................. 88 ............................................................. 88 ()

    ........................................................................................................................................ 88 () .......... 88

    ........................................................ 88

    ............................................................................ 88

    ............................................ 88 ............................................................................................................. 89

    ............................................................ 89 ......................................................................... 89

    ......................................................................................................................... 89

    ......................................................................................................................................... 89 ()................................................................... 89 ()....................................................................................................... 89 ()........................................................................................................................... 89 ()........................................................................................................... 89 ()................................................................... 89 ()....................................................................................................................... 89 ()............................................................................... 89

    ......................................................................................................................................... 89 () ................................................................................................................................. 89

    .90 ~220

  • ~1~

    () 52 7 1

    ()

    1.

    168

    (02)8758-8888

    2.

    (1) 26619 / (02) 2251-1288 (2) 1524142 / (03) 936-5522 (3) 2707 /(02) 2771-1266 (4) 137- 4 / (02) 2705-5911 (5) 150910 / (02) 2422-9211 (6) 768 / (02) 2558-1110 (7) 144 / (02) 2568-7777 (8) 192-25 / (02) 2982-8080 (9) 50 / (03) 493-0957 (10) 1104 / (03) 535-1870 (11) 107132 / (03) 357-0160 (12) 100 / (04) 2472-2229 (13) 419 / (05) 278-2610 (14) 65 / (05) 537-1701 (15) 11541 / (06) 635-1580 (16) 4392 / (04) 763-6858 (17) 8991 / (037) 362-136 (18) 9551~3221222 /

    (04) 2246-5727 (19) 15746 / (049) 256-3808 (20) 38 / (07) 236-3466 (21) 12 / (03) 852-1181 (22) 192 / (06) 298-7737 (23) 57-45 / (08) 755-5101 (24) 1561564 / (07) 555-9036

    3.

    ()

    1.

    52 7

  • ~2~

    100 8 American International Group, Inc. () American General Life Insurance Company of Delaware()

    100 9

    1001218,8931,486101585040024430

    2.

    (1)

    A.

    B.

    C.

    (2)

    A.

    B.

    C.

    (3)

    A.

  • ~3~

    B.

    /

    C.

    D. e

    (4)

    A.

    9 - 14 (LOMA) 2007

    B.

    2012 100 6 3

    17 10 14

  • ~4~

    3 8 3

    C.

    100

    4

    D.

    2012 1 2011 1 2011 1

    9 3

    1 2012

    Yahoo 2

    E.

    3 7 3 2010 2 ISO9001

    2

    ()

    1.

    (1)

    100

  • ~5~

    (2)

    100()101

    (3)

    100(CPI)1.01 ~ 2.01%101

    2.

    (1)

    (2)

    (3)

    3.

    4.

    (1) IFRSs () 102

    (IFRSs)

    IFRSs

    IFRSs

    (2) 10002501020 100 1 1 40

  • ~6~

    (3) 101 3 1

    101 3 1

    100 12 31

    //

    (4) 100 9 1

    A.

    B. a.

    b.

    C.

    D.

    (5) 2013 FATCA

    A. 2013 1 1 (Foreign Account Tax Compliance ActFATCA)

    30%

  • ~7~

    B. FATCA

    5.

    6.

    1008

    7.

    8.

    9.

    10.

    (97.57)1008()

    1001

    11.

    (97.57)1008

    1001

  • ~8~

    12.

    ()

    1.

    (1)FAT 97 9 25 A 84 9 15 90 6 14 A 6 7719 8802

    (2)B 97 10 17 B 300,000,000

    B B 30,000,000

    (3)C 98 5 2 C 1,818,660

    (4)D 98 9 1 D 75 7 20

    947198731273,078 98 8 1

    (5) 98 9 7 409 409 486,481,598

    (6)E 98 9 28 E () 700,356

    (7) 13 99 9 1 13

    (8)F 100 5 25 F 4,173,920

  • ~9~

    (9) 99 3 7

    / 99 4 10

    (10) 99 9 13

    (11) 101 2 15 2,219 56 1 982 13 1 10 101 3 19

    (12) 101 2 29 100 1112 50,922 100 11 9,768 22 2 6 101 3 30

    (13) 101 3 12

    9,764,380 4,795,370 14,559,750 101 4 10

    (14)/

    101 3 7

    (15) 101 6 13 15 16 100

  • ~10~

    2.

    3.

    ()

    ()

  • ~11~

    ()

    1. 2012/5/3

    /

  • ~12~

    2.

    101 6 13

    /

    /

    \\\

    /

    /

    ,

  • ~13~

    &

    Life & ILP

    A&H

    ()

    /

    //

  • ~14~

    ()

    1.

    101 5 31

    90.66%

    2.

    101 5 31 %

    () ()

    8,376,941 90.66% - - -

    698,010 7,678,931

  • ~15~

    ()

    101

    5

    31

    (

    1)

    (

    2)

    20

    11/1

    0/5

    3,00

    0,00

    0 0.

    03%

    0 0.

    00%

    00.

    00%

    1. H

    ong

    Kon

    g Po

    lyte

    chni

    c U

    nive

    rsity

    / A

    ccou

    ntan

    cy

    2.

    3.

    2010

    /1/1

    1,

    679,

    156

    0.02

    %0

    0.00

    %0

    0.00

    %

    1.

    (

    )

    2.

    3.

    2004

    /1/1

    2,

    016,

    123

    0.02

    %24

    ,335

    0.

    00%

    00.

    00%

    2008

    /6/1

    1,

    509,

    102

    0.02

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Wis

    cons

    inM

    adis

    on /

    M

    aste

    r of A

    ctua

    rial S

    cien

    ce

    2011

    /6/2

    7 1,

    400,

    000

    0.02

    %0

    0.00

    %0

    0.00

    %

    1.

    2.

    (

    )

    3.

    (

    )

    2011

    /7/6

    4,

    000,

    000

    0.04

    %0

    0.00

    %0

    0.00

    %1.

    (

    )

    2.

    2011

    /8/1

    2,

    400,

    000

    0.03

    %0

    0.00

    %0

    0.00

    %1.

    Sai

    nt Jo

    hn's

    Uni

    vers

    ity /

    MB

    A

    2.

    2012

    /3/1

    5 2,

    000,

    000

    0.02

    %0

    0.00

    %0

    0.00

    %

    1.

    2.

    3.

  • ~16~

    (

    1)

    (

    2)

    2008

    /1/1

    1,

    264,

    773

    0.01

    %0

    0.00

    %0

    0.00

    %

    2007

    /1/1

    1,

    000,

    000

    0.01

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of I

    owa

    / MB

    A

    20

    02/7

    /1

    500,

    000

    0.01

    %30

    ,000

    0.

    00%

    00.

    00%

    20

    03/7

    /1

    1,00

    0,00

    0 0.

    01%

    4,40

    6 0.

    00%

    00.

    00%

    20

    03/7

    /1

    1,05

    8,94

    3 0.

    01%

    10,0

    86

    0.00

    %0

    0.00

    %

    20

    02/7

    /1

    1,00

    0,00

    0 0.

    01%

    12,1

    33

    0.00

    %0

    0.00

    %

    20

    07/1

    /1

    635,

    209

    0.01

    %0

    0.00

    %0

    0.00

    %

    20

    03/7

    /1

    141,

    849

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    05/6

    /1

    600,

    000

    0.01

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Wis

    cons

    inM

    adis

    on /

    M

    aste

    r of A

    ctua

    rial S

    cien

    ce

    20

    07/4

    /1

    1,23

    9,35

    0 0.

    01%

    0 0.

    00%

    00.

    00%

    20

    00/7

    /1

    300,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of M

    isso

    uri /

    MB

    A

  • ~17~

    (

    1)

    (

    2)

    20

    07/1

    /1

    525,

    000

    0.01

    %0

    0.00

    %0

    0.00

    %G

    eorg

    e W

    ashi

    ngto

    n U

    nive

    rsity

    /

    Mas

    ter o

    f Int

    erna

    tiona

    l Bus

    ines

    s

    20

    07/1

    2/6

    300,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %Sa

    n Jo

    s S

    tate

    Uni

    vers

    ity /

    MB

    A

    20

    11/8

    /15

    1,20

    0,00

    0 0.

    01%

    0 0.

    00%

    00.

    00%

    ()

    20

    11/9

    /15

    1,00

    0,00

    0 0.

    01%

    0 0.

    00%

    00.

    00%

    20

    11/1

    0/25

    50

    0,00

    0 0.

    01%

    0 0.

    00%

    00.

    00%

    New

    Por

    t Uni

    vers

    ity /

    EMB

    A

    20

    04/7

    /1

    44,6

    48

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    05/6

    /1

    162,

    575

    0.00

    %80

    ,851

    0.

    00%

    00.

    00%

    20

    06/6

    /1

    1,20

    7,27

    5 0.

    01%

    0 0.

    00%

    00.

    00%

    20

    07/1

    /1

    311,

    566

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    07/1

    /1

    1,06

    1,73

    1 0.

    01%

    0 0.

    00%

    00.

    00%

    20

    02/7

    /1

    301,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

  • ~18~

    (

    1)

    (

    2)

    20

    08/7

    /14

    55,4

    11

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    05/1

    /1

    529,

    853

    0.01

    %0

    0.00

    %0

    0.00

    %

    20

    08/4

    /1

    800,

    000

    0.01

    %0

    0.00

    %0

    0.00

    %

    20

    04/2

    /2

    300,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    1. C

    olum

    bia

    Uni

    vers

    ity /

    Mas

    ter

    of

    Arc

    hite

    ctur

    e an

    d ur

    ban

    desig

    n 2.

    /

    (

    )

    3.

    /

    (

    )

    20

    05/1

    1/11

    40

    0,00

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    1. O

    hio

    Uni

    vers

    ity

    2.

    (ITO

    )

    3.

    4.

    20

    09/9

    /1

    1,00

    0,00

    0 0.

    01%

    0 0.

    00%

    00.

    00%

    Uni

    vers

    ity o

    f Nor

    th C

    arol

    ina

    / MB

    A

    20

    12/1

    /1

    801,

    006

    0.01

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Ill

    inoi

    s /

    Mas

    ter

    of

    Fina

    nce

    20

    09/8

    /20

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Ill

    inoi

    s /

    Mas

    ter

    of

    Fina

    nce

    20

    11/9

    /23

    1,00

    0,00

    0 0.

    01%

    0 0.

    00%

    00.

    00%

    1.

    ()

    2.

    3.

    4.

  • ~19~

    (

    1)

    (

    2)

    20

    11/9

    /1

    500,

    000

    0.01

    %0

    0.00

    %0

    0.00

    %1.

    2.

    3.

    20

    02/7

    /1

    39,5

    06

    0.00

    %0

    0.00

    %0

    0.00

    %

    19

    99/7

    /1

    83,3

    10

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    03/7

    /1

    370,

    984

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    00/7

    /1

    50,0

    00

    0.00

    %84

    ,922

    0.

    00%

    00.

    00%

    Uni

    vers

    ity

    of

    Ariz

    ona

    / M

    aste

    r of

    M

    anag

    emen

    t Inf

    orm

    atio

    n Sy

    stem

    s

    20

    06/1

    /1

    400,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    00/7

    /1

    216,

    748

    0.00

    %0

    0.00

    %0

    0.00

    %Th

    e A

    ustra

    lia N

    atio

    nal

    Uni

    vers

    ity /

    M

    aste

    r of I

    nter

    natio

    nal M

    anag

    emen

    t

    20

    01/7

    /1

    155,

    424

    0.00

    %5,

    968

    0.00

    %0

    0.00

    %

    20

    05/1

    0/1

    206,

    185

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    08/4

    /1

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    09/4

    /1

    700,

    000

    0.01

    %0

    0.00

    %0

    0.00

    %

  • ~20~

    (

    1)

    (

    2)

    20

    07/6

    /1

    400,

    000

    0.00

    %30

    ,000

    0.

    00%

    00.

    00%

    Cal

    iforn

    ia S

    tate

    Uni

    vers

    ity /

    MB

    A

    20

    04/7

    /1

    366,

    011

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    05/8

    /1

    65,7

    20

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    08/1

    /1

    800,

    000

    0.01

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Neb

    rask

    a /

    Mas

    ter

    of

    Act

    uaria

    l Sci

    ence

    20

    06/6

    /1

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Sout

    hern

    Cal

    iforn

    ia /

    M

    aste

    r of C

    ompu

    ter S

    cien

    ce

    20

    06/1

    /1

    150,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Col

    orad

    o /

    Mas

    ter

    of

    Fina

    nce

    20

    05/1

    /1

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of C

    alifo

    rnia

    / M

    BA

    20

    06/8

    /1

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    08/6

    /1

    50,0

    00

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    07/3

    /1

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    Uni

    vers

    ity

    of

    Iow

    a /

    Mas

    ter

    of

    Inst

    ruct

    iona

    l Des

    ign

    & T

    echn

    olog

    y

    20

    07/3

    /12

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

  • ~21~

    (

    1)

    (

    2)

    20

    11/5

    /11

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %N

    ew

    Yor

    k U

    nive

    rsity

    /

    Mas

    ter

    of

    Stat

    istic

    s & O

    pera

    tions

    Res

    earc

    h

    20

    11/1

    0/24

    60

    0,00

    0 0.

    01%

    0 0.

    00%

    00.

    00%

    ()

    20

    12/1

    /9

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    20

    02/7

    /1

    42,1

    33

    0.00

    %8,

    085

    0.00

    %0

    0.00

    %

    ()

    20

    08/1

    /1

    55,5

    99

    0.00

    %0

    0.00

    %0

    0.00

    %

    19

    96/7

    /1

    64,9

    05

    0.00

    %5,

    575

    0.00

    %0

    0.00

    %

    20

    10/7

    /1

    55,1

    12

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    05/6

    /1

    158,

    015

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    07/1

    /1

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    10/7

    /1

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    09/1

    /1

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

  • ~22~

    (

    1)

    (

    2)

    20

    06/6

    /1

    208,

    998

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    11/6

    /1

    227,

    239

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    06/1

    /1

    2,00

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    20

    12/2

    /23

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    20

    12/1

    /1

    150,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    10/7

    /1

    220,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Wis

    cons

    in /

    Mas

    ter

    of

    Act

    uaria

    l Sci

    ence

    20

    04/1

    /1

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    10/5

    /1

    420,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Io

    wa

    / M

    aste

    r of

    A

    ctua

    rial S

    cien

    ce

    20

    07/1

    /1

    50,0

    00

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    11/7

    /19

    500,

    000

    0.01

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    11/6

    /1

    120,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

  • ~23~

    (

    1)

    (

    2)

    20

    12/1

    /1

    150,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    08/1

    /1

    2,00

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    CU

    NY

    -Th

    e B

    erna

    rd

    M.B

    aruc

    h C

    olle

    ge /

    MB

    A

    20

    12/1

    /1

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    06/1

    /1

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    04/2

    /2

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %D

    rexe

    l U

    nive

    rsity

    /

    Mas

    ter

    of

    Acc

    ount

    ing

    20

    12/1

    /1

    145,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    11/1

    /1

    220,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    12/1

    /1

    34,0

    13

    0.00

    %0

    0.00

    %0

    0.00

    %Th

    e U

    nive

    rsity

    of

    B

    irmin

    gham

    /

    MB

    A

    20

    06/9

    /8

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    20

    07/2

    /1

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    ()

    ()

    20

    12/1

    /1

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

  • ~24~

    (

    1)

    (

    2)

    20

    10/5

    /1

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %Em

    erso

    n C

    olle

    ge

    / M

    aste

    r of

    M

    arke

    ting

    & C

    omm

    unic

    atio

    ns

    20

    11/1

    /1

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    11/1

    /1

    80,0

    00

    0.00

    %0

    0.00

    %0

    0.00

    %Te

    xas A

    &M

    Uni

    vers

    ity /

    MB

    A

    20

    08/7

    /14

    30,0

    00

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    09/8

    /17

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    ()

    20

    09/9

    /10

    300,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    10/7

    /26

    50,0

    00

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    11/9

    /19

    1,00

    0,00

    0 0.

    01%

    0 0.

    00%

    00.

    00%

    ()

    20

    11/1

    0/4

    300,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    12/4

    /2

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    20

    12/4

    /9

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    (

    )

  • ~25~

    (

    1)

    (

    2)

    2002

    /1/1

    50

    0,00

    0 0.

    01%

    0 0.

    00%

    00.

    00%

    CU

    NY

    - Q

    ueen

    s C

    olle

    ge /

    Mas

    ter

    of

    Com

    pute

    r Sci

    ence

    20

    11/9

    /1

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    11/9

    /1

    420,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Iow

    a

    20

    11/9

    /1

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    ()

    20

    02/7

    /1

    467,

    485

    0.01

    %0

    0.00

    %0

    0.00

    %

    20

    11/1

    0/6

    693,

    833

    0.01

    %0

    0.00

    %0

    0.00

    %

    20

    07/3

    /30

    196,

    221

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    09/5

    /27

    162,

    885

    0.00

    %0

    0.00

    %0

    0.00

    %U

    nive

    rsity

    of

    Mis

    sour

    i /

    Mas

    ter

    of

    Art-

    Stat

    istic

    s

    20

    08/3

    /28

    324,

    220

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    04/1

    2/13

    30

    8,97

    5 0.

    00%

    0 0.

    00%

    00.

    00%

    20

    11/1

    0/6

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

  • ~26~

    (

    1)

    (

    2)

    20

    06/1

    /1

    200,

    000

    0.00

    %2,

    000

    0.00

    %0

    0.00

    %

    ()

    20

    08/7

    /1

    240,

    783

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    08/3

    /28

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    08/5

    /26

    226,

    116

    0.00

    %10

    ,028

    0.

    00%

    00.

    00%

    20

    08/5

    /26

    200,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    03/1

    0/13

    31

    0,00

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    20

    09/3

    /27

    170,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    09/3

    /27

    170,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    07/5

    /30

    100,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

    ()

    20

    10/1

    1/19

    17

    6,00

    0 0.

    00%

    0 0.

    00%

    00.

    00%

    20

    11/1

    0/6

    300,

    000

    0.00

    %0

    0.00

    %0

    0.00

    %

  • ~27~

    (

    1)

    (

    2)

    20

    08/3

    /28

    129,

    102

    0.00

    %12

    ,028

    0.

    00%

    00.

    00%

    20

    07/9

    /12

    82,0

    00

    0.00

    %30

    ,000

    0.

    00%

    00.

    00%

    ()

    20

    07/5

    /30

    82,0

    00

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    09/5

    /27

    116,

    000

    0.00

    %14

    ,000

    0.

    00%

    00.

    00%

    20

    08/3

    /28

    74,6

    26

    0.00

    %0

    0.00

    %0

    0.00

    %

    20

    08/1

    /2

    90,0

    00

    0.00

    %38

    ,400

    0.

    00%

    00.

    00%

    2007

    /6/1

    2 14

    ,604

    0.

    00%

    1,15

    6 0.

    00%

    00.

    00%

    1

    2

    3

  • ~28~

    ()

    1.

    101

    5

    31

    (3)

    (3)

    ()

    1

    10

    0/8/

    182

    70

    /4/1

    0 0

    010

    ,000

    ,000

    0.10

    823%

    859,

    082

    0.00

    930%

    0

    0

    (LIM

    RA

    )

    (AIG

    )

    ()

    ()

    10,0

    000.

    0001

    3%69

    8,01

    0,00

    07.

    5542

    2%0

    0 0

    0

    100/

    8/18

    2

    100

    /8/1

    8

    00

    300,

    000,

    000

    3.24

    68%

    00

    00

    (

    )

    ()

    ()

    10,0

    000.

    0001

    3%69

    8,01

    0,00

    07.

    5542

    2%0

    0 0

    0

    ()

    (

    )

    ()

    ()

    ()

    ()

    ()

    ()

    100/

    8/18

    2

    100

    /8/1

    8

    00

    00

    300,

    000

    0.00

    325%

    0

    0

  • ~29~

    (3)

    (3)

    ()

    1

    ()

    10,0

    000.

    0001

    3%69

    8,01

    0,00

    07.

    5542

    2%0

    0 0

    0

    100/

    8/18

    2

    100

    /8/1

    8

    00

    00

    00

    00

    ()

    ()

    10,0

    000.

    0001

    3%69

    8,01

    0,00

    07.

    5542

    2%0

    0 0

    0

    100/

    8/18

    2

    100

    /8/1

    8

    00

    300,

    000

    0.00

    325%

    00

    00

    ()

    ()

    ()

    ()

    ()

    (

    )

    ()

    ()

    ()

    (

    )

    ()

    ()

    ()

    ()

    10,0

    000.

    0001

    3%69

    8,01

    0,00

    07.

    5542

    2%0

    0 0

    0

    100/

    8/18

    2

    100

    /8/1

    8

    00

    00

    00

    00

    (

    )

  • ~30~

    (3)

    (3)

    ()

    1

    ()

    10,0

    000.

    0001

    3%69

    8,01

    0,00

    07.

    5542

    2%0

    0 0

    0

    100/

    8/18

    2

    100

    /8/1

    8

    00

    00

    00

    00

    ()

    ()

    ()

    10,0

    000.

    0001

    3%69

    8,01

    0,00

    07.

    5542

    2%0

    0 0

    0

    100/

    8/18

    2

    100

    /8/1

    8

    00

    00

    00

    00

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    (

    )

    ()

    (

    )

    (

    )

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

  • ~31~

    (3)

    (3)

    ()

    1

    ()

    10,0

    000.

    0001

    3%69

    8,01

    0,00

    07.

    5542

    2%0

    0 0

    0

    100/

    8/18

    2

    100

    /8/1

    8

    00

    300,

    000

    0.00

    325%

    00

    00

    ()

    ()

    ()

    ()

    ()

    ()

    (

    )

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    10,0

    000.

    0001

    3%69

    8,01

    0,00

    07.

    5542

    2%0

    0 0

    0

    100/

    8/18

    2

    100

    /8/1

    8

    00

    200,

    000

    0.00

    216%

    00

    00

    /

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

  • ~32~

    (3)

    (3)

    ()

    1

    ()

    10,0

    000.

    0001

    3%69

    8,01

    0,00

    07.

    5542

    2%0

    0 0

    0

    100/

    8/18

    2

    100

    /8/1

    8

    00

    200,

    000

    0.00

    216%

    00

    00

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    10

    0/8/

    182

    92

    /5/2

    3 1,

    560

    0.00

    002%

    1,80

    40.

    0000

    2%0

    0 0

    0

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    MA

    CRO

    NIX

    (A

    SIA

    ) L

    IMIT

    ED

    MA

    CRO

    NIX

    AM

    ERIC

    A,

    INC.

    MA

    CRO

    NIX

    (HO

    NG

    K

    ON

    G) C

    O.,L

    TD.

    (

    )

    MA

    CRO

    NIX

    (B

    VI)

    CO.,L

    TD.

  • ~33~

    (3)

    (3)

    ()

    1

    10

    0/8/

    182

    88

    /6/3

    6,

    080

    0.00

    008%

    6, 0

    800.

    0000

    7%0

    0 0

    0

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    10

    0/8/

    182

    92

    /5/2

    3 7,

    850

    0.00

    010%

    9,07

    90.

    0001

    0%0

    0 0

    0

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    (

    )

    ()

    10

    0/8/

    182

    100

    /8/1

    8 0

    00

    00

    0 0

    0

    ()

    ()

    ()

    ()

    ()

    (

    )

    13

    ,500

    ,000

    0.14

    61%

    13,5

    00,0

    000.

    1461

    %0

    0 0

    0

    (2)

    101/

    5/31

    2

    101

    /5/3

    1

    00

    200,

    000

    0.00

    216%

    00

    00

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

  • ~34~

    (3)

    (3)

    ()

    1

    5,

    000,

    000

    0.05

    41%

    5,00

    0,00

    00.

    0541

    %0

    0 0

    0

    (2)

    101/

    5/31

    2

    101

    /5/3

    1

    00

    00

    00

    00

    ()

    ()

    ()

    10

    0/8/

    182

    92

    /5/2

    3 3,

    900

    0.00

    005%

    4,51

    10.

    0000

    5%0

    0 0

    0

    1

    99

    5

    6

    100

    8

    18

    10

    0

    99

    4

    28

    100

    8

    18

    100

    2

    100

    8

    19

    101

    5

    20

    101

    5

    31

    3

  • ~35~

    2.

    1

    01

    5

    31

    1

    2

    25%

    23%

    20%

    18%

    10%

    4%

    98.8

    %

    1.

    2%

    30%

    20

    %

    20%

    20%

    10%

    1

    2

    (

    )

  • ~36~

    3.

    101

    5

    31

    1

    2

    (26.

    78%

    )

    (8.2

    2%)

    (4.3

    7%)

    (4.2

    6%)

    (2.8

    0%)

    (2

    .16%

    )

    (2

    .10%

    )

    (1.7

    7%)

    (1

    .64%

    )

    (1

    .59%

    )

    (10.

    77%

    )

    (8.7

    9%)

    (8.3

    8%)

    (5.5

    8%)

    (

    )

    (4.9

    2%)

    (3.5

    4%)

    (3.2

    9%)

    (2

    .60%

    )

    (

    1.87

    %)

    (1.8

    4%)

    7.25

    %

    5.56

    %

    4.61

    %

    4.56

    %

    3.

    46%

    (

    )

    2.59

    %

    (

    )

    (

    )

    (

    )

    1.92

    %

    1.

    61%

    1.52

    %

    1.

    46%

    (6

    3.53

    %)

    (1

    9.93

    %)

    (1

    6.54

    %)

    (48.

    00%

    )

    (3

    3.00

    %)

    (19%

    )

    (32.

    79%

    )

    (19.

    64%

    )

    (19.

    57%

    )

    (14.

    90%

    )

    (13.

    10%

    )

    (48.

    67%

    )

    (4

    8.0%

    )

    (3.3

    2%)

    (0.0

    1%)

    1

    2

    (

    )

  • ~37~

    4.

    101

    5

    31

    1

    1 2

    34

    56

    78

    910

    V

    V

    V

    V

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    V

    V

    V

    1

    V

    V

    V

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    1

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    V

    V

    V

    1

    V

    V

    V

    V

    V

    V

    V

    V

    V

    V

    0

    V

    V

    V

    V

    V

    V

    V

    V

    V

    V

    V

    V

    1

    2

    V

    V

    V

    V

    V

    V

    0

    2

    V

    V

    V

    V

    V

    V

    V

    V

    V

    2

    V

    V

    V

    V

    V

    V

    V

    V

    V

    V

    0

  • ~38~

    1

    (1

    )

    (2)

    (

    )

    (3)

    (4

    )

    (5

    )

    (6)

    (7

    )

    (8

    )

    (9

    )

    30

    (1

    0)

    27

    2

    100

    8

    19

    101

    5

    20

    101

    5

    31

    ()

  • ~39~

    ()

    1.

    (100

    )

    (1

    )

    (

    2)

    (G)

    (A)

    (B)

    (C)

    (D)

    AB

    C

    D

    ()

    (E)

    (F)

    (H)

    AB

    CD

    EF

    G

    (

    )

    (

    )

    (

    )

    (

    )

    (

    )

    (

    )

    (

    )

    (

    )

    (

    )

    (

    )

    $22,

    062

    -

    -

    $4,8

    94

    0.55

    %

    $113

    -

    -

    -

    -

    0.

    55%

    -

  • ~40~

    (A+B

    +C+D

    )

    (A+B

    +C+D

    +E+F

    +G)

    2,00

    0,00

    0

    2,00

    0,00

    0

    5,00

    0,00

    0

    5,00

    0,00

    0

    10,0

    00,0

    00

    10,0

    00,0

    00

    15

    ,000

    ,000

    15,0

    00,0

    00

    30

    ,000

    ,000

    30,0

    00,0

    00

    50

    ,000

    ,000

    50,0

    00,0

    00

    10

    0,00

    0,00

    0

    100,

    000,

    000

    24

    24

    :

    100

    8

    18

  • ~41~

    (2)

    (A)

    (B)

    (C)

    (D)

    A

    B

    C

    D

    (

    )

    (

    1)

    (

    1)

    (

    1)

    (

    2)

    (

    2)

    - -

    - $

    1,02

    4 0.

    02%

    -

    (A+B

    +C)

    (D)

    2,00

    0,00

    0

    2,

    000,

    000

    5,0

    00,0

    00

    5,00

    0,00

    0

    10,0

    00,0

    00

    10,0

    00,0

    00

    15

    ,000

    ,000

    15

    ,000

    ,000

    30

    ,000

    ,000

    30

    ,000

    ,000

    50

    ,000

    ,000

    50

    ,000

    ,000

    10

    0,00

    0,00

    0

    10

    0,00

    0,00

    0

    7

    1

    100

    8

    18

    2

    100

    8

    19

  • ~42~

    (3)

    (D)

    (A)

    (B)

    (C)

    AB

    C

    D

    (%)

    (1)

    9

    40

    $179

    ,938

    $1

    2,86

    5 $1

    23,4

    41

    - -

    6.46

    %

    - -

    (E)

    2,00

    0,00

    0

    2,00

    0,00

    0

    5,00

    0,00

    0

    5,00

    0,00

    0

    10,0

    00,0

    00

    10,0

    00,0

    00

    15

    ,000

    ,000

    15,0

    00,0

    00

    30

    ,000

    ,000

    30,0

    00,0

    00

    50

    ,000

    ,000

    50,0

    00,0

    00

    10

    0,00

    0,00

    0

    10

    0,00

    0,00

    0

    52

    1

    100

    8

    19

    2

    (1)~

    (3)

    99

    12

    1

    100

    12

    31

    13

    (4)

  • ~43~

    2.

    (1)

    99 (98.12.1-99.11.30)

    100 (99.12.1-100.12.31)

    (%)

    (%)

    3,228 - 27,069 0.55%

    372 - 1,024 0.02%

    343,455 - 316,244 6.46%

    1 99 (98/12/1-99/11/30) -14,026,975 100 (99/12/1-100/12/31) 4,895,302

    2 100 100 99 12 1 100 12 31 13

    (2)

    () 101 5 31

    ()

    9,240,000,000 760,000,000 10,000,000,000

    :

  • ~44~

    ()

    1.

    101 6 28

    96.05 100 250,000 25,000,000 135,000 13,500,000 1 ,500,000

    97.05 100 1 ,000,000 100,000,000 6 ,480,000

    97.06 100 1 ,000,000 100,000,000314,800 31,480,000

    11 ,500 ,000 97.04.30 09702074970

    97.11 100 1 ,000,000 100,000,000 787,000 78,700,000

    47 ,220 ,000 97.10.16 09702184190

    100.12 10 10,000,000 100,000,000 9,240,000 92,400,000

    13 ,700 ,000 100.10 .26 10002908780

    1 2 3 4

    2.

  • ~45~

    ()

    1. 101 5 31

    0 20 12 16,127 15 16,174

    0 8,605,915,423 47,431,754 569,711,856 16,940,967 9,240,000.000

    0.00% 93.14% 0.51% 6.17% 0.18% 100.00% 1 3

    2

    2. ()

    (1) 101 5 31

    1 999 223 107,214 0.00%

    1,000 5,000 9,928 21,977,871 0.24%

    5,001 10,000 1,701 12,344,237 0.13%

    10,001 15,000 1,166 14,026,888 0.15%

    15,001 20,000 564 9,826,388 0.11%

    20,001 30,000 866 21,255,176 0.23%

    30,001 50,000 720 28,053,477 0.31%

    50,001 100,000 536 38,057,509 0.41%

    100,001 200,000 279 40,764,188 0.44%

    200,001 400,000 114 33,898,137 0.37%

    400,001 600,000 27 13,840,131 0.15%

    600,001 800,000 8 5,615,860 0.06%

    800,001 1,000,000 9 7,936,514 0.09%

    1,000,001 33 8,992,296,410 97.31%

    16,174 9,240,000,000 100.00%

    (2)

  • ~46~

    3.

    101 5 31

    7,678,931,390 83.1053%

    698,010,000 7.5542%

    300,000,000 3.2468%

    191,296,000 2.0703%

    25,958,511 0.2809%

    13,500,000 01461%

    10,000,000 0.1082%

    10,000,000 0.1082%

    5,000,000 0.0541%

    5,000,000 0.0541%

    5,000,000 0.0541%

    5,000,000 0.0541%

    4.

    (1)

    99 100 101 5 31

    0 0 952 0 0 0

    0 0 1,203,065,107 0 0 0

  • ~47~

    (2)

    /

    100

    101 5 20

    999,998,434 10

    5.

    (1) 10%

    99 100 6 28

    ()

    ()()

    () ()

    ( 3)

    ()( 4)

    1

    - - (3,758,161,720) - - -

    1

    - - (3,920,769,670) - - -

    - - 10,000,000 - - -

    2

    - - 1,000,010,000 - (302,000,000) -

    2 - - - - 13,500,000 -

    2 - - 5,000,000 - - -

    - - 244 - - - - - 1,229 - - - - - 611 - - - - - - - 300,000,000 300,000,000 - - 300,000 - - - - - 300,000 - - - - - 200,000 - - - - - 200,000 - - - - - 200,000 - - - - - 3,000,000 - (3,000,000) -

  • ~48~

    99 100 6 28

    ()

    ()()

    () ()

    ( 3)

    ()( 4)

    - - 1,524,266 - (1,500,000) - - - 1,501,232 - (1,500,000) - - - 2,002,183 - (2,000,000) - - - 2,400,000 - (2,400,000) - - - 1,000,000 - (1,000,000) - - - 1,208,773 - (1,200,000) - - - 4,000,000 - (4,000,000) - - - 1,400,000 - (1,400,000) - - - 122,959 - (120,000) - - - 23,931 - (50,000) - - - 1,000,000 - (1,000,000) - - - 1,000,000 - (1,000,000) - - - 100,000 - (100,000) - - - 400,000 - (400,000) - - - 300,000 - (300,000) - - - 1,000,000 - (1,000,000) - - - 1,008,361 - (1,000,000) - - - 1,200,000 - (1,200,000) - - - 525,000 - (525,000) - - - 23,338 - (20,000) - - - 300,000 - (300,000) - - - 995,983 - (1,000,000) - - - 500,000 - (500,000) - - - 1,200,000 - (1,200,000) - - - 604,769 - (600,000) - - - 500,000 - (500,000) - - - 108,475 - (100,000) - - - 504,043 - (500,000) - - - 800,000 - (800,000) - - - 301,566 - (300,000) - - - 800,000 - (800,000) - - - 500,000 - (500,000) - - - 600,000 - (600,000) - - - 1,000,000 - (1,000,000) - - - 1,000,000 - (1,000,000) - - - 1,200,985 - (1,200,000) - - - 278,630 - (300,000) - - - 300,000 - (300,000) - - - 200,000 - (200,000) - - - 202,268 - (200,000) - - - 50,000 - (50,000) - - - 31,643 - (30,000) - - - 100,000 - (100,000) - - - 154,485 - (150,000) - - - 800,000 - (800,000) - - - 50,000 - (50,000) - - - 2,000 - - - - - 150,000 - (150,000) - - - 400,000 - (400,000) - - - 309,614 - (300,000) - - - 49,425 - (47,000) - - - 366,011 - (366,000) -

  • ~49~

    99 100 6 28

    ()

    ()()

    () ()

    ( 3)

    ()( 4)

    - - 196,515 - (195,000) - - - 200,000 - (200,000) - - - 2,000 - - - - - 400,000 - (400,000) - - - 100,000 - (100,000) - - - 40,000 - (40,000) - - - 49,029 - (48,000) - - - 50,000 - (50,000) - - - 208,037 - - - - - 100,000 - (100,000) - - - 173,551 - (170,000) - - - 201,218 - (200,000) - - - 200,000 - (200,000) - - - 100,000 - (100,000) - - - 151,745 - (150,000) - - - 13,996 - (10,000) - - - 200,000 - (200,000) - - - 150,734 - (150,000) - - - 200,000 - (200,000) - - - 100,000 - (100,000) - - - 322,685 - (300,000) - - - 151,745 - (150,000) - - - 200,000 - (200,000) - - - 200,000 - (200,000) - - - 176,000 - (176,000) - - - 300,000 - (300,000) - - - 643,833 - (636,000) - - - 300,000 - (300,000) - - - 121,232 - (120,000) - - - 303,280 - (324,220) - - - 170,000 - (170,000) - - - 173,551 - (170,000) - - - 301,215 - (300,000) - - - 207,253 - (202,000) - - - 200,000 - (200,000) - - - 82,000 - (82,000) - - - 82,000 - (82,000) - - - 200,000 - (200,000) - - - 116,000 - (116,000) - - - 72,626 - (70,000) - - - 170,000 - (170,000) - - - 90,000 - (90,000) - - - 205,266 - (202,000) -

    10%

    - - 7,678,931,390 7,678,931,390 - -

    1100 8 18 2 101 5 20 101 5

    31

    3 4 5 100 9 30 100

  • ~50~

    (2)

    101 6 28

    1 2

    /

    101.03.29 300,000,000 10

    101.03.29

    300,000,000 10

    101.04.25 2,000,000 10

    101.04.25

    2,000,000 10

    1 2

    (3)

    6.

    101 5 31 :

    3

    1

    ()

    7,678,931,390 83.1053% 0 0 0 0

    698,010,000 7.5542% 0 0 0 0

    300,000,000 3.2468% 0 0 0 0

  • ~51~

    3

    1

    ()

    0 0 300,000 0.00325% 0 0

    0 0 0 0 0 0

    300,000 0.00325% 0 0 0 0

    0 0 0 0 0 0

    0 0 0 0 0 0

    0 0 0 0 0 0

    300,000 0.00325% 0 0 0 0

    200,000 0.00216% 0 0 0 0

    200,000 0.00216% 0 0 0 0

    191,296,000 2.0703% 0 0 0 0

    25,958,511 0.2809% 0 0 0 0

    ()

    13,500,000 0.1461% 0 0 0 0

    ()

    200,000 0.00216% 0 0 0 0

    10,000,000 0.1082% 859,082 0.0093% 0 0

    10,000,000 0.1082% 0 0 0 0

    5,000,000 0.0541% 0 0 0 0

    0 0 0 0 0 0

    5,000,000 0.0541% 0 0 0 0

  • ~52~

    3

    1

    ()

    5,000,000 0.0541% 0 0 0 0

    5,000,000 0.0541% 0 0 0 0

    1 2 3

    ()

    " "" "

    16.08 19.24 16.08 19.24

    7,911,287,671 7,870,000,000 0.45 1.78)(

    - - (1) - - - -

    - -

    " "" "

    (3)

    (1)

    /

    (1)

    99100 (2)

    1 100 99 2 100 100 100 1

    1 12 31 99 98 12 1 99 11 30 3 100 9 30 100

  • ~53~

    ()

    1.

    2.

    100

    ()

    ()

    1.

    2.

    3.

    4. 100

    5.

    ()

  • ~54~

    ()

    1.

    (1)

    (2)

    100

    (99/12/01~100/12/31) 99

    (98/12/1~99/11/30) 98

    (97/12/1~98/11/30)

    186,997 73% 153,779 72% 149,401 72%

    47,631 19% 40,534 19% 38,921 19%

    15,637 6% 14,047 7% 14,117 7%

    4,747 2% 4,611 2% 4,500 2%

    255,012 100% 212,971 100% 206,939 100%

    1 2 3 100 100 99 12

    1 100 12 31 12 1 11 30

    (3)

    A - 618 2

  • ~55~

    B - C - D EASY () E () () () ()

  • ~56~

    () F 6 G () () () () H () () () () I

  • ~57~

    ( 10 ) ( B C ) () J K L ()

  • ~58~

    - - -

    (4)

    A.

    B.

    C.

    2.

    (1)

    200810114()96

    100

  • ~59~

    39%57%() 101(1015)43.38%3.03%3%

    (2)

    (3)

    A. 1006

    9,950 2 1,982 99 14% 5%

    21%( 99 1,557 100 1,885 )()

    DRGs()

    B. 101 3 31 24 7 () 10069.4% 96 61% 34% 100 39% 57%()

    3.

    (1)

    100

  • ~60~

    A. 1009 B. C.

    D. A. 20

    20 B.

    / C.

    240800-020-060

    A. -

    (17) (10) B. (Trusted Brand) C. D. A.

    6060

    B.

    C.

    (2)

    (3)

    (4)

    96

  • ~61~

    96

    97

    98

  • ~62~

    98

    ()

    99

    2

    100

  • ~63~

    ( 10 ) ( 6 ) () () () 618

    100

    -

    4.

    (1)

    A.

    B.

    C.

    D.

    E.

    F. E

    G. SSC() (2)

    A.

    B.

    C.

    D.

  • ~64~

    ()

    1.

    (1)

    (2)

    100 429 4.3%2,30710.5% 242 7.9%()

    (3)

    37.9

    (,101 5 ) 9979.7

    (4)

    1993 17 100 30 36.7%

    (5)

    A. a. b. c. d. e. f. M

    B. a. b. c. d.

  • ~65~

    e. f.

    g.

    2.

    3.

    4.

    5.

    6.

    7.

    ( 1/2)

    100 (100/1/1-100/12/31)

    99 (98/12/1-99/11/30)

    ( 3) 210,878 191,522 286,262 262,136

    1 100 4 2 100 100

    100 1 1 12 31 99 98 12 1 99 11 30

    3100

  • ~66~

    ()

    () 99 100 101 6 28 () 4,155 4,163 4,056

    38.1 39.0 39.4 () 10.6 11.3 11.7

    0.02% 0.00% 0.00% 11.31% 11.79% 11.66% 80.46% 79.53% 79.83% 7.99% 8.46% 8.21%

    (%)

    0.22% 0.22% 0.30% 99 100 12 31

    ()

    ()

    1.

    (1)

    A.

    B.

    C. /

    D.

    (2)

  • ~67~

    (3)

    8746

    948

    9471

    (4)

    87310

    (5)

    2.

    ()

    1. 10%

    100 12 31

    ( )

    _ 43

    3,887.86 86.08 2,857,744 2,857,744

    -

    _ 168 (16F~B3)

    28,304.48 95.10 1,449,252 1,260,945

    -

  • ~68~

    ( )

    _6 370,371,372

    1,873.09 68.08 122,858 122,858

    -

    _ 144(11F~B2)

    13,546.70 72.01 753,100 421,729

    -

    _

    423

    468.00 81.08 413,693 413,693

    - -

    _

    448~452

    1,047.96 83.07 160,095 160,095

    - -

    _ 50(10F~B2)

    7,686.52 86.11 299,405 215,419

    - -

    _

    828,829

    1,220.00 77.11 180,037 180,037

    - -

    _ 100(10F~B2)

    9,431.34 80.11 323,575 201,285

    - -

  • ~69~

    ( )

    _

    438-7,442,442-20

    1,363.60 78.09 144,796 144,796

    -

    _ 419 (10F~B2)

    9,277.11 81.09 366,242 229,933

    -

    _ 38 (10F~B3)

    10,952.36 79.11 357,616 215,520

    - -

    _

    70-1

    9,917.36 87.12 207,756 207,756

    - -

    _

    300 (4F~B3)

    21,615.17 91.10 778,982 637,269

    - -

    _ 1-17

    1,116.89 78.07 129,569 129,569

    -

    _ 192 (10F~B2)

    12,112.24 84.05 413,355 279,219

    -

    _

    245

    1,258.66 79.09~89.08 135,373 135,373

    - -

  • ~70~

    ( )

    _5 177, 177-1

    207.77 82.10 141,497 141,497

    - -

    _

    157

    283.18 85.11 177,260 177,260

    - -

    _

    18,19

    178.96 80.06 184,822 184,822

    - -

    _

    245

    153.46 90.03 123,818 123,818

    - -

    _

    2, 3

    584.04 97.06 978,230 978,230

    - -

    _

    4(2-6F, BS )

    8,740.85 97.06 481,228 430,175

    - -

    _ 2489-0000

    726.22 99.01 209,428 209,428

    - -

  • ~71~

    ( )

    _ 128 2 (4F-1,4F-2,5F-1,5F-2,12F-1,12F-2,12F-3,16F-2,16F-3,16F-5)&128 3 (4F-1,4F-2,4F-3,4F-5,5F-1,5F-2,5F-3,8F-2,10F-2), BS

    6,785.96 99.01 126,377 120,618

    - -

  • ~7

    2~

    2.

    10

    0

    12

    31

    (1)

    (2)

    (

    3)

    2,73

    6.00

    78

    95

    .10

    291,

    653

    - 29

    1,65

    310

    1,39

    1-

    16,3

    40.6

    4

    176,

    178

    B1-

    B3,

    1F~

    11F

    95.1

    0 27

    3,99

    0-

    243,

    141

    55,6

    78-

    6,25

    2.19

    291

    95

    .10

    688,

    226

    - 68

    8,22

    617

    5,06

    1-

    28,8

    91.6

    8

    25,2

    7,29

    ,31

    B1-

    B2,

    1F

    ~10F

    95

    .10

    668,

    961

    - 59

    5,73

    491

    ,059

    -

    Cos

    tco

    10,7

    48.6

    8

    533,

    534,

    535

    95

    .05

    1,02

    3,03

    9-

    1,02

    3,03

    978

    4,65

    4-

    Cos

    tco

    31,7

    28.0

    2

    656

    B2F

    ~3F

    95.0

    6 19

    0,25

    1-

    164,

    655

    135,

    721

    -

    90.0

    2

    3,21

    8.32

    1-2,

    1-6,

    1-7

    95

    .02

    2,93

    3,35

    4-

    2,93

    3,35

    41,

    153,

    135

    -

    90.0

    2

    38,1

    52.0

    0

    1

    2

    B1,

    1F,3

    F,

    6F~1

    6F&

    2-1

    B1

    95.0

    2 1,

    410,

    030

    - 1,

    125,

    249

    341,

    343

    -

    9,42

    6.61

    13

    94

    .06

    2,33

    9,74

    4-

    2,33

    9,74

    459

    3,56

    5-

    110,

    120.

    05

    291,

    292,

    293,

    295,

    297

    B3-

    B2,

    1F~1

    0F94

    .06

    1,99

    3,48

    0-

    1,72

    9,75

    565

    8,56

    2-

    1,04

    8.22

    5

    29

    93.1

    0 56

    2,28

    4-

    562,

    284

    370,

    473

    -

    9,41

    6.20

    337

    B1,

    B2,

    8F

    ~14F

    93

    .10

    151,

    653

    - 11

    1,58

    653

    ,014

    -

    1

    2

    3

    100

    1

    100

  • ~73~

    ()

    1. ()

    2. () 100 12 31

    () ()

    543.91 99/1/1~ 103/12/31 8,218

    334.81 99/4/15~ 102/4/14 8,143 ,

    2,115.00 97/1/1~ 116/12/31 10,772

    (99/6/1~99/7/31

    )

    343.68 97/1/16~ 102/1/15 5,771

    ( 1 2 2~5 1

    )

    (3611F) 866.13 97/6/3~ 102/6/2 17,254

    (97/6/3~97/8/17)

    (4F) 336.00 98/8/16~ 101/8/15 6,239

    585.03 97/9/16~ 102/9/15 5,096

    3

    480.89 97/10/15~ 102/10/14 5,190

    2 1

    (4F) 322.75 100/11/16~ 105/11/15 5,592

    (100/11/16~101/2/15)

    (5F) 322.75 100/11/16~ 105/11/15 5,592

    (100/11/16~101/2/15)

    (6F) 322.75 100/11/16~ 105/11/15 5,592

    (100/11/16~101/2/15)

    643.92 97/7/15~ 101/1/14 11,593

    100 12 31 500 ()

    ()

    ()

    ()

    ()()

  • ~74~

    ()

    ()

    85/01/01 ~

    General Re 82/04/01 ~

    Munich Re

    98/07/01 ~

    RGA /RGA Global

    88/03/01 ~

    AXA France Vie 100/09/01 ~

    Hannover

    99/07/01 ~ 100/6/30 100/07/01 ~ 101/6/30

    Toa Re

    99/07/01 ~ 100/6/30 100/07/01 ~ 101/6/30

    Arch Reinsurance Europe Underwriting Ltd.

    99/07/01 ~ 100/6/30 100/07/01 ~ 101/6/30

    Caisse Centrale de Reassurance 99/07/01 ~ 100/6/30

    100/07/01 ~ 101/6/30

    Alterra Denmark ApS (Syndicate 1400)99/07/01 ~ 100/6/30

    100/07/01 ~ 101/6/30

    Chaucer Underwriting A/S on behalf of Chaucer Syndicate 1084 CSL at Lloyds

    99/07/01 ~ 100/6/30 100/07/01 ~ 101/6/30

    Partner Reinsurance Co., Ltd. 99/07/01 ~ 100/6/30

    100/07/01 ~ 101/6/30

    97/1/1~116/12/31

  • ~75~

    ()

    1

    75,028,779 98,022,62936,274,983 38,818,648

    1,636,104,724 1,478,195,155295,645 299,706

    11,562,699 11,851,447601,801 706,014

    129,449,323 138,432,777 1 ,889,317,954 1,766,326,376

    7,447,126 7,702,92221,679,809 13,452

    1,590,103,508 1,489,139,452121,513,793 130,250,133

    1,740,744,236 1,627,105,959 1,740,744,236 1,627,105,959

    92,400,000 78,700,000 14,212,681)( 17,804,425)( 14,212,681)( 17,804,425)(

    70,386,399 78,324,842 148,573,718 139,220,417 148,573,718 139,220,417

    (1)

    1001231

    (1)

    (2)

    100 99

    991231

    1 2 100 99 98 96

  • ~76~

    1()

    243,156,050 208,139,629 172,250,056 1,254,310,022 1,136,667,804 1,107,804,113

    12,116,181 10,718,381 10,415,104 133,774,688 104,601,785 102,560,074

    1,643,356,941 1,460,127,599 1,393,029,347 15,294,967 31,628,025 13,293,665 15,294,967 31,628,025 13,557,410

    12,371,766 11,877,236 11,431,524 1,358,963,187 1,256,079,570 1,169,164,180

    111,924,665 77,127,520 96,294,965 1,498,554,585 1,376,712,351 1,290,184,334 1,498,554,585 1,376,712,351 1,290,448,079

    78,700,000 78,700,000 13,500,000 5,081,008)( 15,651,909)( 37,758,894 5,081,008)( 15,651,909)( 31,015,149

    71,183,364 20,367,157 51,586,119 144,802,356 83,415,248 102,845,013 144,802,356 83,415,248 102,581,268

    (1)

    (1)

    981130 971130 961130

    (2)

    98 96

  • ~7

    7~

    2

    100

    99

    98

    97

    96

    286,

    262,

    231

    26

    2,13

    6,30

    1

    437,

    661,

    010

    42

    3,53

    7,92

    6

    431,

    424,

    388

    268,

    431,

    818

    26

    0,71

    2,04

    5

    406,

    551,

    558

    46

    4,57

    8,52

    2

    397,

    020,

    531

    16,4

    10,1

    30

    17

    ,233

    ,453

    15,4

    74,5

    25

    17,5

    92,3

    06

    19,1

    08,5

    7414

    ,790

    61,3

    41

    45

    ,728

    109,

    254

    74

    ,320

    27,4

    98

    30

    ,807

    48,4

    09

    21

    ,216

    13,2

    021,

    407,

    575

    15

    ,778

    ,663

    )(

    15

    ,632

    ,246

    58

    ,544

    ,864

    )(

    15

    ,356

    ,401

    3,59

    1,74

    4

    14,0

    26,9

    75)

    (

    10,5

    70,9

    01

    46,6

    67,0

    58)

    (

    12,7

    59,2

    060.

    45

    1.

    78)

    (

    1.34

    18

    .84)

    (

    6.

    39

    (

    ) (

    3)

    (

    )

    (

    )

    (

    1/2)

    1

    100

    100

    100

    1

    1

    12

    31

    99

    96

    12

    11

    2

    100

    99

    98

    96

    3

    100

    9

    30

    100

  • ~78~

    ()

    1. 10002501020

    100 1 1 40 100 1 1 12 31 $5,117

    100 1 1 12 31 $3,100,387

    2. 100 1 1 34 ( ) 100 1 1 12 31

    3. 100 1 1

    41 20 100 1 1 12 31

    ()

    1.

    96

    97

    98

    99

    100

    2.

  • ~79~

    V()

    10010011404134

    100 12 22

    (1):

    (2):

    V

    100 12 22

  • ~80~

    ()

    100 99 98 97 96

    92.14 91.43 91.19 94.29 92.62

    81.78 81.78 80.80 83.73 81.30

    84.16 83.72 82.69 86.03 83.93

    6.78 8.83 8.19 7.43 14.09

    47.88 62.69 55.17 47.81 69.08 - - - - - - - - - -

    - - - - -

    137.62 144.16 126.00 84.00 117.79

    104.90 97.41 100.19 87.35 102.50

    25.30 36.60 45.27 33.31 30.71

    10.11 2.71 2.57 13.04)( 4.06

    6.72 4.59 73.59 18.89)( 27.59)(

    125.61 232.69)( 122.65 465.75)( 129.90

    99.00 98.38 98.86 98.40 98.97

    (13) 96.48 93.93 90.41 93.19 92.25

    (25) 86.22 76.17 79.38 84.89 90.86 0.20 0.82)( 0.68 3.27)( 0.97 2.50 9.47)( 9.26 50.11)( 10.42

    4.31 4.33 2.88 2.09 4.91 3.88 3.89 2.60 1.88 4.45 () 0.50 3.87)( 3.57 13.84)( 3.55 () 0.49 3.86)( 3.57 13.82)( 3.56 (%) 1.25 3.43)( 2.42 11.02)( 2.96 () 0.45 1.78)( 1.34 18.84)( 6.39

    3.87 3.98 4.64 4.78 4.50

    (1/2)(3)

  • ~81~

    ( 20%) 1.

    2.

    3.

    1 100 100

    2 100 100 99 98 96

    3 1 .

    (1) / (2) / (3) (

    ) / (4) /

    2 .

    (1) / (2) / (3) /

    3 . (1) / (2) ( - ) /

    (3) ( ) /

    (4) ( ( ) ( ) ) / ( ) (5) / ( + ) (6) ( ) PRy=BFx+y/NB x*100%

    4 . (1) ( ) (1 ) / (2) ( ) / (3) /

    /2 (4) 2 / (

    ) ( 34 ) (5) ( ) / (6) ( ) / ( +

    ) (7) ( ) / (8) ( ) / (9)

  • ~82~

    /

    ()

    99 100 ( 1)

    %( 2) %( 2) %( 3)

    98,022,629 5% 75,028,779 4% (22,993,850) (23%) 1

    72,745,793 4% 32,069,449 2% (40,676,344) (56%) 2

    897,464,312 51% 701,304,254 37% (196,160,058) (22%) 3

    72,567,500 4% 237,864,154 12% 165,296,654 228% 3

    236,966,525 13% 487,062,364 26% 250,095,839 106% 3

    36,761,608 2% 17,728,467 1% (19,033,141) (52%) 3

    13,452 - 21,679,809 1% 21,666,357 (161,064%) 2

    191,522,263 73% 210,877,737 74% 19,355,474 10% 4

    () 11,267,879 5% (27,550,274) (10%) (38,818,153) (345%) 5

    () 266,390 - (21,666,357) (8%) (21,932,747) (8,233%) 5

    () (28,613,088) (11%) 24,728,659 9% 53,341,747 (186%) 5

    () 8,380,955 3% 34,459,831 12% 26,078,876 311% 6

    (104,822,710) (40%) (146,725,491) (51%) (41,902,781) 40% 7

    1 100 12 31 99 12 31 100 100 1 1 12 31 99 98 12 1 99 11 30

    2 3 100

    1. 2.

    3.

    100

  • ~83~

    4.

    5. 100

    6.

    7. ( 3P6E)

    ()

    1. 100 90 150

    2. 99 151 189

    3.

    ()

    ()

    ()

    ()

    ()

    1. 99 12 1 100 12 31 2,119,070 101 5 31

    2. 101 5 31 2,058,191

    ()

  • ~84~

    ()

    %75,028,779 98,022,629 22,993,850)( 23.46)( 36,274,983 38,818,648 2,543,665)( 6.55)(

    1,636,104,724 1,478,195,155 157,909,569 10.68 295,645 299,706 4,061)( 1.35)(

    11,562,699 11,851,447 288,748)( 2.44)( 601,801 706,014 104,213)( 14.76)(

    129,449,323 138,432,777 8,983,454)( 6.49)( 1,889,317,954 1,766,326,376 122,991,578 6.96

    7,447,126 7,702,922 255,796)( 3.32)( 21,679,809 13,452 21,666,357 161,064.21

    1,590,103,508 1,489,139,452 100,964,056 6.78 121,513,793 130,250,133 8,736,340)( 6.71)(

    1,740,744,236 1,627,105,959 113,638,277 6.98 92,400,000 78,700,000 13,700,000 17.41 14,212,681)( 17,804,425)( 3,591,744 20.17)( 70,386,399 78,324,842 7,938,443)( 10.14)(

    148,573,718 139,220,417 9,353,301 6.72

    2.

    1.

    3.100

    100 99

    ()

    100 100 99 12 31

  • ~8

    5~

    ()

    286,

    262,

    231

    262,

    136,

    301

    24

    ,125

    ,930

    9.

    20

    268,

    431,

    818

    260,

    712,

    045

    7,

    719,

    773

    2.

    96

    16,4

    10,1

    30

    17

    ,233

    ,453

    823,

    323)

    (

    4.

    78)

    (

    1,

    420,

    283

    15

    ,809

    ,197

    )(

    17

    ,229

    ,480

    -

    14

    ,790

    61

    ,341

    46,5

    51)

    (

    75

    .89)

    (

    27

    ,498

    30

    ,807

    3,30

    9)(

    10

    .74)

    (

    1,

    407,

    575

    15

    ,778

    ,663

    )(

    17

    ,186

    ,238

    -

    2,

    189,

    286

    1,

    751,

    688

    437,

    598

    24.9

    8

    3,

    596,

    861

    14

    ,026

    ,975

    )(

    17

    ,623

    ,836

    -

    1.

    3.

    4.

    2.

    ()

    (

    )

    ()

    ( )

    100

    99

    10

    0

    100

    100

    1

    1

    12

    31

    99

    98

    12

    1

    99

    11

    30

    100

    99

  • ~8

    6~

    (

    )

    1.

    (

    10

    0)

    (1

    )

    (2

    ) (

    1)

    (

    3)

    (

    4)

    (

    )

    (1)+

    (2)+

    (3)+

    (4)

    (2)

    98,0

    22,6

    29

    140,

    309,

    614

    (177

    ,003

    ,464

    ) 13

    ,700

    ,000

    75

    ,028

    ,779

    -

    -

    (1

    )

    (2

    )

    1

    2

    100

    (1

    1

    12

    31

    )

    100

    1

    1

    12

    31

    100

    12

    31

    2.

  • ~8

    7~

    3.

    (

    101

    )

    (

    101

    )

    (1

    )

    (2)

    (3)

    (

    )

    (1) +

    (2)

    (3)

    75,0

    28,7

    79

    156,

    616,

    881

    205,

    626,

    204

    26,0

    19,4

    56

    - -

    100

    ()

    ()

    1.

    :

    2.

    3.

    ()

  • ~88~

    ()

    () 190

    ()

    191-192

    193

    ()

    ()

    () 101 5 3 93 5

    ()

  • ~89~

    () 194-198

    () 199-206

    ()

    ()

    () 207-212

    () 213-216

    ()

    () 217-220

  • ~90~

  • ~91~

  • ~92~

  • ~93~

  • ~94~

  • ~95~

  • ~96~

  • ~97~

  • ~98~

    100 99 12 31 ( )

    52 7 ()American International Group, Inc.(:) American General Life Insurance Company of Delaware (:) 767,893,139 ( 97.57%) 100 7 31 100 8 19

    100 9 5 100 9 30 100 100 10 7,678,931,390 100 12 31 4,163

    12 1 11 30 100 10 6 100 99 12 1 100 12 31 98 12 1 99 11 30 99 98 1 1 12 31 99 12 1 100 11 30

    ( 100 1 1 )

    ( )

    1.

  • ~99~

    2.

    3.

    ( )

    ( ) 1.

    2.

    3.

    4.

    ( ) 1.

    2.

    3.

    4.

    34 104-1 107

    ( )

  • ~100~

    ( ) 1.

    2. 3.

    ( ) 1.

    2. 3.

    ( ) 1. 2.

    3. 4.

    ( )

    ( )

    ( ) 33

    - -

  • ~101~

    34

    ( ) 1.

    34 40

    99 12 29

    2.

    ; 100 1 1 3

    ( )

    1

    ( )

    ( ) 1.

    (1) 100 100 1 1 40

    (2)

  • ~102~

    ( )

    (3)

    (4)

    a. b.

    c.

    (a) (b) (c)

    (5)

    40 ( )

    2. (1)

    (2) ( )

    34

    32 (3)

    a.

  • ~103~

    b.

    ( ) 1.

    2.

    ( ) 1.

    2.

    100 1 1

    3. 4.

  • ~104~

    ( ) 1. 87 4

    94 7 1

    101 18 100 12 31 18

    2. 94 8

    3. 94 7 1

    ( )

    1.

  • ~105~

    2.

    3.

    ( )

    4. (1)

    100 1 1

    (2)

    ( )

    5.

    6.

    100 1 1 40

  • ~106~

    ( )

    40 -

    ( ) 1. 22

    2.

    3.

    ( ) -

    ( ) 97 96 3 16 (96) 052

    ( )

    41

    ( )

  • ~107~

    (Lock-in)

    () 10002501020 100 1 1 40 100 1 1 12 31 $5,117

    100 1 1 12 31 $3,100,387

    () 100 1 1 34

    ( ) 100 1 1 12 31

    () 100 1 1 41

    20 100 1 1 12 31

    () 100 12 31 99 12 31

    50,516$ 47,845$

    3,500 3,493

    18,651,342 26,744,798

    20,041,093 49,798,734

    36,282,328 21,427,759

    75,028,779$ 98,022,629$

  • ~108~

    ()

    100 12 31 99 12 31

    449,335$ 27,911,243$

    26,569,470 36,976,886 - 2,410,590

    27,018,805 67,298,719 29,107 9,427

    27,047,912 67,308,146

    -$ 384,829$

    3,000,000 3,000,000 2,022,669 1,945,904

    5,022,669 5,330,733

    1,132)( 106,914

    5,021,537 5,437,647

    32,069,449$ 72,745,793$

    1. 100 1 1 12 31 99 12 1 12 31 98 12 1 99 11 30 ( )$35,231,583 $22,603,500 15,376,221

    2.

    ()

    ()

    (1) 757,060$ 100/01/13~

    101/09/14826,788$

    99/03/29~

    100/11/14

    (2) 8,333,637 100/01/10~

    101/11/236,147,657

    99/03/31~

    100/09/13

    TWD 119,436,226

    12,414,500

    (3) 1,729,285 100/01/11~

    101/09/27574,544

    99/08/02~

    100/09/14

    ()

    100 12 31 99 12 31

    100/01/04~

    101/09/137,743,400

    99/05/20~

    100/06/28

  • ~109~

    ( 1) 99 12 31

    $69,728 99/12/30~100/07/05

    ( 2) 99 12 31

    $30,000 99/12/30~100/04/06 ( 3) 100 99 12 31

    $15,846 11,815 100/12/30~101/2/3 99/12/31~100/07/05

    3. 100 99 12 31

    () 100 12 31 99 12 31

    85,362,421$ 43,745,791$

    5,049,441 1,323,826

    349,550,536 380,713,076

    38,816,501 34,758,197

    37,517,670 26,199,027

    138,402,213 349,326,302

    654,698,782 836,066,219

    58,422,472 73,205,093

    11,817,000)( 11,807,000)(

    701,304,254$ 897,464,312$

    1. (1) 141 142

    15% 100 99 12 31 $11,807,000 101 1 3 $2,055,000

    (2) 100 12 31 $10,000

    2.

    100 1 1 12 31 98 12 1 99 11 30 1,315,030 187,670

  • ~110~

    3. (1)

    104-1 107 100 6 1 99 12 1 99 5 31 :

    351,555,138$ -$ -$

    - 256,293,135 95,262,003

    27,363,422 - -

    - 27,363,422 -

    174,301,205 - -

    - 146,132,265 28,168,940

    10061

    99121

    99531

    100 6 1 99 12 1 99 5 31 $10,817,557$983,101 $3,389,889

    (2) 100 12 31 :

    394,117,469$ 410,414,691$

    84,915,952 89,522,424

    479,033,421$ 499,937,115$

    100 12 31

    (3) 100 6 1 99

    12 1 99 5 31

    100611001231 12,351,978$

    991211001231 120,448

    995311001231 5,285,760

  • ~111~

    (4) 100 6 1 99 12 1 99 5

    31

    100 6 1 0.55%~7.82% -$ 24,792,559$

    99 12 1 0.84%~1.80% 30,726,238 - 99 5 31 0.41%~6.48% 118,018,896 5,138,192

    148,745,134$ 29,930,751$

    ()

    100 12 31 99 12 31

    237,864,154$ 72,567,500$

    100 99 12 31 1.38%~7.26% 4.50%~9.22%

    ()

    100 12 31 99 12 31

    177,532,630$ 175,210,397$

    15,895,647 13,138,409

    10,223,773 5,628,236

    284,090,314 42,989,483

    487,742,364 236,966,525 680,000)( -

    487,062,364$ 236,966,525$

    1. 100 99 12 31 0.55%~7.82% 0.41%~6.42%

    2.

    100 8 31 $680,000

    () 100 12 31 99 12 31

    6,728,467$ 8,761,608$

    11,000,000 28,000,000

    17,728,467$ 36,761,608$

  • ~112~

    100 99 12 31 100 5 10 110 12 1 99 5 20 109 12 17 1.35%~1.95% 1.58%~2.00%

    ()

    100 12 31 99 12 31

    20,304,242$ 20,305,822$

    10,147,658 10,133,897

    30,451,900 30,439,719

    1,136,328)( 891,172)(

    29,315,572$ 29,548,547$

    ()

    100 12 31 99 12 31

    73,588,299$ 77,795,925$

    15,783,377 15,563,577

    41,362,506 38,591,731

    - 170,984 279,756 144,702)( 90,119)(

    130,760,464$ 132,140,870$

    1. 2.

    ()

    100 12 31 99 12 31

    6,753,099$ 6,751,519$

    6,044,399 6,033,157

    318,637 698,299

    10,909 10,910 464,920 484,937

    13,591,964 13,978,822 : 2,029,265)( 2,127,375)(

    11,562,699$ 11,851,447$

  • ~113~

    ()

    100 12 31 99 12 31

    21,679,809$ 13,452$

    ( )

    ()

    10011

    1001231

    99121

    991231

    98121

    991130

    1,407,575$ 1,292,487$ 15,778,663)($

    () 34)( - 5,966)(

    11,564,692)( 1,509,126)( 1,242,543)(

    1,315,030 - 187,670

    -

    3,584,431)( - 2,142,824)(

    () 49,216,631 15,680,496)( 11,534,269)(

    ()

    28,762,209)( 20,163,985 24,908,530

    3,206,768)( 8,918)( 3,183,191)(

    4,821,102)( 4,257,932)( -

    -$ -$ 8,791,256)($