2004
CIP /. 2004 ISBN 7-80162 - 989-2 Ⅰ.... Ⅱ. 1... 2... Ⅲ. Ⅳ. F832. 48 CIP 2004 072188 8 11 010 51915602 100038 787mm 960mm/16 21 320 2004 9 1 2004 9 1 1-5000 32. 00 ISBN 7-80162 - 989-2 /F 905 2 010 68022974 100836
1860 100 20 70 20% 30 6 6000 1600 6 260 2400 20 90 80 22 120 100 1
10% ~ 15% 2003 2002 20 2004 2
/ 3 / 11 / 23 2003 2004 / 34 / 49 / 61 / 71 / 85 / 99 / 108 / 119 / 129 1
/ 145 / 154 / 170 / 188 / 199 / 215 / 226 / 235 / 251 / 266 / 279 / 293 2 1 / 303
2 / 308 3 3 / 311 4 / 314 5 3 / 319 6 2003 / 327 7 2003 10% / 327 8 2003 / 328 9 / 329 3
2003 20 10 17 1281 6239 38404 2210 11929 6970 200 3
4 2003 2003 54 37 13 104 2003 12 5 2003 10 26 2004 6 1 2003 2003
20 WTO 2003 5
1. 104 50 + + 100% 34 68% 54 100% 40 74% 104 74 2003 10 + 110% 141% 104 66. 32% 57. 63% 73. 56% 13 2. 6 2003 2003 2003 58. 69% 2003 60. 43% 2. 9% 2002 49. 11% 19. 5% 50%
40% 2003 143 2003 145 2003 82 104 2003 500 94 1000 75 2000 50 143 50 8 30 2003 5 60 13 67% 2003 53 3. 2003 2. 4 7000 7
6500 4000 2003 2003 35. 1 2003 59. 4 2003 7 8 8 10% ~ 15% 50% 80% 100% 1868 100 20 70 20% ~ 50% 30 6 6000 1600 6
260 2400 20 90 80 22 120 100 1998 10 84. 5% 15% 23. 6% 21. 5% 37% 35. 7% 52. 1% 9
10
2003 10 28 2004 6 1 11
12 1999 3 30
100 20 1993 8 13
WTO 14 2002 2
15
16 1999 11 2000 1 24
2000 6 21 2000 9 25 17
100 20 2000 1000 100 100 18 2002 2
2000 1 24 19
2000 9 25 2002 8 2003 4 20
2003 4 28 21
22
2003 6 2003 23
5 24 5 31 96 1641. 61 A 12% 1000 5 270 10. 17% 5
6 1. 5 1993 ~ 1994 25
1996 ~ 1997 2. 26 1999 ~ 2000 NASDAQ 2003
2003 1 6 50 62% 0. 4228 / 11% 2 50 36. 85 4. 79 1 2 3 4 / 27
3. 28 2002 7 H A H H A 6. 3 50%
10 2003 M2 20. 5 20. 8% 90% 8 1. 98% 20% 1. 58% 29
30 20% 80% 10 80% 20% 1:3
60% 20% 401 K 31
32 2000 560. 33 5. 3% 401 K 1978 Internal Revenue Code 401 K Employer - sponsored pension plan 1990 ~ 2000 401 K 3850 17120 18% 9. 2% 15% 2000 30 4000 401 K GDP 401 K 5
2000 401 K 7660 401 K 45% 11% 50 50% 5 33
2003 2004 2003 6 2003 2004 ETF 1997 11 6 34
1. 2003 32 26 6 17 49 49 37 12 25% 12 7 5 1 6 1 2. 26 112 54 58 51% 9 54 4 35
56 24 9 5 56 31 55% 9 16% 5 9% 10 18 % 1 2% 2 2 3. 36 2003 1716 862 854 50% A 8. 4% 2003 GDP 11. 67 10. 4 2003 GDP 1. 47% 1. 62% 3
3 4. 1999 ~ 2000 38. 23% 46. 16% 4 37
20% 32% 2001 2002-15% - 11% 2003 15% 2000 4 5 5. 12 12 30% 130 2003 1. 38 2003 2003 39 678. 34 2003
2003 3 7 1000 500 2. 2003 2001 2003 2003 15 18. 96% 54 20. 64% A 10. 57% 7. 35% 15 A 93% A 68 6 5 2003 39
5 2003 40 2002 2003 10% A A QFII 1200 2003 20% 80%
2002 3. 2003 2003 3 2003 9 9 24 2003 63% 242. 5 38% 41
2003 5 51. 9 3 3 4. 42 2003 26 347. 8 162. 7 32% 180 58. 7% 55. 5%
2003 2003 43
Easy come easy go 5. 2003 8 26 100 6% 100 26% 6. 44 6 4
2004 1. 2. ETF ETF 2004 3. 45
4. 5. 2004 46
49
IOSCO 1998 1997 50
1. 2. 51
3. 4. 5. 52
COSO 1. 1 2 53
3 4 5 2. 54
3. 1 2 3 4 5 6 55
4. 1 2 3 5. 56
1. 1 1 2 3 4 5 6 2 1 2 3 57
58 4 5 6 7 3 1 2 3 4 5 6 7 8 9 2. 1 2 3 4 5 6 7 8
3. 1 2 3 4 5 4. 1 2 3 4 5. 1 2 6. 59
1 2 3 4 5 6 7 60
10 5 1997 61
62
63
64
65
66 10%
67
68 10%
800 30% 30% 69
70
71
1929 20 60 1. 72 1965 1969
CAPM 20 M - 2 M - 3 M - 2 Modigliani 1997 Franco Modigliani Sharpe Muralidhar 2000 Sharp M - 2 Muralidha M - 3 Stutzer 2000 Probability of Decay Rate 2. Grinblatth Titman 1989 20 80 73
3. 74
Sharpe index Treynor index Jensen index CAPM APT CAPM 1977 1978 Kothari and Warner 1997 Dybvig and Ross 1985 20 75
70 4. 76 20 90 10 1998 3 1 2 3 A 4
1. 77
GIPS Global Investment Performance Standards GIPS 1998 GIPS GIPS DVFA UPIKS GIPS GIPS 2. 78 betas P /E Christopherson 1995 Bailey Arnott Trzcinka 1995 Gallo Lockwood 1997 / / / /
IT Glamour 3. Dybvig Ross 1985 Roll 1977 Cumby Glen 1990 patro 2001 Coggin 4. Goetzmann Ingersoll Ivkovic 2000 GII 79
Bollen Busse 2001 5. 80
81
1. 82
2. 83
3. 84
100 85
20 50 ~ 60 20 70 20 50 Harry Markowitz William Sharpe MPT CAPM β 20 60 Treynor William Sharpe Treynor Sharpe Treynor Sharpe S&P Micropal Morningstar 86
Lipper Morningstar S&P Micropal Global Fund Analysis S&Ps Moodys 1. 1 Lipper Morningstar S&P Micropal Global Fund Analysis S&Ps Moodys 2 Lipper Morningstar S&P Micropal Global Fund Analysis Moodys Global Fund Analysis Moodys 3 Morningstar S&P Micropal Global Fund Analysis S&Ps Moodys Lipper 4 S&P Micropal Morningstar 545 7. 5 99 500 1 1 2001 9 20 87
2. 1 Morningstar Global Fund Analysis 2 Morningstar 11 Morningstar Lipper S&P Micropal 88
1999 ~ 2000 Micropal 2001 Morningstar 1. 89
2. 3. 4. 90
1. 91
2. 3. 92 2002
97% Morningstar 3 2002 65% 2001 60% 60% 50% 1 4. 1 2002 8 16 93
1 5. S&Ps Moodys 94 1 2001 9 20
6. Morningstar Investment Style 1. 2001 9 20 2. 2002 8 16 3. 2003 5 4. 2003 3 17 95
5. 1992 6. Zvi Bodie Alex Kane Alan J. Marcus < Investments >. 7. James L. Farrell Walter J. Reinhart < Portfolio Management Theory and Application >. 8. www. lipperweb. com 9. www. morningstar. com 10. www. funds - sp. com 11. www. moodys. com 12. www. globalfundanalysis. com 96
2003 10 28 99
100 1997 1 1. 5 100 200
1. 2. 101
3. 4. 102
5. 5 103
1. 104
2. 105
3. 4. 106
5. 6. 107
100 108
109
54 817 110
1 1 1 20 70 111
112 10%
113
2004 114
2004 2003 3 115
10 116 2003 2003 2003 22% 2004
1998 ~ 2003 5 40 76 2003 4 76 2004 2000 10 10 117
118
8 2001 9 2001 3 117 2002 17 566 20 90 119
2003 17 477. 73 11. 07 25. 66 36. 73 17 67. 24 207. 93 140. 69 29. 45% 1 1 2003 1 2003 % % 180 5. 62 30. 9 18. 7 0. 605014 9. 77 19. 7 9. 22 0. 467902 9. 75 18. 1 8. 08 0. 446922 8. 62 19. 6 8. 69 0. 444107 21. 15 27. 6 11. 9 0. 430845 6. 96 11. 2 4. 78 0. 42721 7. 96 40. 7 16. 3 0. 400335 5. 82 36 11. 6 0. 322609 2. 33 39. 8 11. 3 0. 282729 8. 61 42. 9 11. 5 0. 267885 120 1 2003
% % 12. 50 28. 5 5. 67 0. 198835 3. 91 13 2. 39 0. 183471 9. 45 18. 1 3. 16 0. 174459 6. 42 39. 3 6. 48 0. 164632 10. 42 31. 8 4. 15 0. 130439 2. 19 37. 2 4. 69 0. 125882 5. 47 23 2. 13 0. 092974 1 2003 2 3 180 2002 11 8 4 2003 Y = 0. 191215 + 1. 143526X 2. 79 R 2 = 0. 146503 1. 55 1 Y X t 1 16 180 R 2 F t 1 1 121
1 S prospect theory disposition effect 122 1
1. 20 90 2 1 ~ 2 10 ~ 20 2 20 90 1990 0. 044 0. 014 0. 026 1992 0. 312 0. 233 0. 117 1994 0. 623 0. 333 0. 219 1996 1. 157 1. 090 0. 299 1998 2. 008 2. 194 0. 343 2000 2. 760 2. 793 0. 432 Investment Company Institute Mutual Fund Fact Book 2001. 123
2. 3. 4. niche 124 niche
Shefrin 2000 CD MM 125
20 70 mental accounts 126 boundary arbitrage 1 2 1998
underreaction momentum overreaction De Bondt Thaler 5 35 5 5 35 5 BAPM CAPM 1 ST 2 3 4 anomaly 1 reputation-based and compensation-based herding 127
2 3 1. Richard Thaler the end of behavioral finance Financial Analysts Journal Nov. /Dec. 1999. 2. 2002 7 3. 2003 4 4. 2002 22 5. 2003 128
129
130
1. 131
2. 3. 132
4. 5. 133
6. 134
135
136
1. 137
2. 3. 4. 138
139
1. 2. 3. 4. 140
141
1998 3 14 800 2000 ~ 5000 150 700 1 1 15 2001 145
1 1. 2. 146 1
3. 4. 147
20 80 20 90 20 8% 1 1. 148 1 2001 5
2. 3. 149
1 4. 2 150 1 2 2001 5 2001 5 19
1 1996 2001 4 28 1 151 2001 5
152 8 7 4
153
Private Equity Fund 1. 154
2. 1995 3. Ⅰ Ⅱ Ⅲ 1 155
156 20 50 SBICs 80 80 13 1996 75 1996 276 20% ~ 30% 1997 84 14. 5 MICROSOFT APPLE COMPUTER COMPAQ DIGITAL 2 1% 20 90 1994 Nation Investment Fund Programme 1 15 512 60% 25% 15% 2
3 33% 1. 9% 4 1997 5 15 15 15 1 5 10 1997 6 3 20 90 1994 10. 8640 35% 10 ~ 20 4 20 60 157
158 1 96% 2 1. 5% 3 2. 5% 1980 9 ~ 2000 9 12. 57% 8. 42% 100 5 50% 75% 75% 90% 1995 ~ 2000 7. 3% 20 80 20 90 2001 12 15 90
30 60 4 9 22. 5 4 3 5 1. 159
2. 160 1
3. 3 ~ 5 20% 4. 161
5. 3 ~ 5 10 1. 162
2. 3. 163
4. 20 90 5. 164
A A A A A A 165
WTO 2 /3 166
1 2 3 4 5 35% 6 7 167
8 9 10 11 12 168
169
170 Private Placement fund Public offering
10 1. 100 100 100 100 2. 1 500 2 500 3 4 2500 3. 1933 4 2 1982 D 506 35 D 502 1 2 171
172
1 1 1 173
174 1998 10 1. 5 10 2. 3. 2 ~ 5 20 4. 1 /4 1000
5. 5% ~ 25% 6. 2001 7000 175
176 1. 2.
3. 4. 5. 1. 177
178 1000 10 1000 10 8 1995 1998 2000 4000 327 1995 2 23 327 327 1992 3 1995 6 1992 3 1995 2 327 2. 1% 99% 20% 7 ~ 9
+ + + + + + 179
180 20 30 100 1996 100 1996 100 500 500 1989 ~ 1994 7 6 32
12 368 31 200 5% 1 1000 10 2 100 3 181
182 2 /3 B
1 2 183
6 3 4 2000 100 ~ 2000 100 ~ 2000 184
2001 9 9 1 2 20 100 200 3 4 5 6 7 80% 8 9 185
9 2001 2001 186
+ + + + + + 187
20 90 10 20 90 37. 8% 188
20 1 /3 1000 1998 2003 10 189
190 3 3 60 2003 3
7000 191
1. 2. 3. 192
+ + + + + + + 2500 193
1. 2. 1. 5 3. 194
4. 2002 7 Hines Lowe LendLease 195
10 ~ 15 1 3 1 196
Collective Investment Schemes Pooling 199
1. 200 1 10 2 3
4 Endowment Funds 2. 201
3. 202 Fund of Funds FOF 750 ~ 850 25% 1 /4 1 2
1. 203
2. 1940 / U-HNWIs Ultra-high-net-worth individuals 3. 204
ETFs 1 2 Baby fund Underlying fund 20 90 3 Fidelity Investment 1992 Fidelity Charitable Gift Fund CGF 3 30 250 300 7. 1 1 205
206 1973 1976 1973 ~ 2000 34% 1989 10 4 REITs REITs 1 REITs 2 3REITs 5 Fund of Hedge Funds FoHFs Single-manager hedge funds 1 2
Alternative Investment 20 90 Asset Alternatives 1987 ~ 1990 1995 ~ 1998 24% 6 25 ~ 50 1998 ~ 2002 3 4. 207
208 10
1. 6 2003 2000 10 2. 2000 ~ 2002 2003 2003 5 22 2003 12 18 209
2004 2 1 5 10 3. 210 2002 6 50 200 2003
1. 211
2. 212 1 2
7 ~ 10 3 80 30 3. 1 213
2 3 214
215
1999 10 250 216
1 1 217
1. 槇槇槇槇 E = E 1 E 2 E I E i > E i - 1 i = 2 3 I 槇槇 E i E j u槇 ij = α ij β ij γ ij χ ij 218 u槇 11 u槇 12 u槇 1I 槇 u槇槇 U = 21 u 22 u槇 2I u槇槇 I1 u I2 u槇 II 槇 Q i = [ I 1 /I u 槇 ij j = 1 ] = ( [ I α ij ] j = 1 1 /I [ I β ij ] [ I γ ij ] j = 1 j = 1 1 /I [ I χ ij ] j = 1 1 /I ) 1
= δ i ε i i φ i i = 1 2 I 2 槇槇 G i = Q i I i = 1 槇 Q i = ( δ i I φ i ε i I i i I ε i φ i I δ i ) i = 1 i = 1 i = 1 i = 1 = η i λ i μ i ν i i = 1 2 I 3 槇 E i = i 槇 G i i = 1 = ( i η i i λ i i μ i i ν i ) i = 1 i = 1 i = 1 i = 1 = ω i θ i i i = 1 2 I 4 2. 450 ~ 500 520 400 40 45 50 52 a槇槇 kt = a 1 a 2 a 3 a 4 p k t b = b 1 b 2 kt kt kt kt b 3 b 4 T k p k 槇 H k T k = a槇 kt / 1 + t = 0 ( T k = a 1 kt t = 0 槇 b t t T k / 1 + b 4 T k a 4 kt / 1 + b 1 t t = 0 ) a 2 kt t = 0 t T k / 1 + b 3 a 3 kt t = 0 / 1 + b 2 t 219
= H 1 k H 2 k H 3 k H 4 k k = 1 2 K 5 3. f l w槇 t = w 1 w 2 w 3 w 4 p k f l y槇 kl = y 1 y 2 y 3 y 4 p k kl 槇 F k = 1 ( L l L y槇 w 槇 kl l ) = 1 = 1 L ( kl kl kl l ( l L y 1 kl w ) 1 1 ( = 1 l l L y 2 kl w ) 2 1 ( = 1 l l L y 3 kl w ) 3 1 ( = 1 l l L y 4 kl w 4 l ) = 1 ) L = F 1 k F 2 k F 3 k F 4 k k = 1 2 K 6 4. L r o v槇 o = v 1 v 2 v 3 v 4 p k o z槇 k0 = z 1 ko z 2 ko z 3 ko z 4 ko p k 槇 R k = 1 O ( o O z槇 ko v 槇 o = 1 ) = ( 1 O ( o O z 1 ko v ) 1 1 ( = 1 o O o O z 2 v ) 2 = 1 ko o 1 O ( o O z 3 ko v ) 3 1 ( = 1 o O o O z 4 ko v 4 o ) = 1 ) k = 1 2 K = R 1 k R 2 k R 3 k R 4 k o l o l o l L r o 7 5. 槇槇 H k F k 220 槇 R k
槇 K S k = S 1 k S 2 k S 3 k S 4 k k = 1 2 K S k = 1 2 1-1 2 x 2 - S 4 + x 2 - S 3 - S 2 - x 1 - S 1 - x 1 / x 2 - x 1 k = 1 2 K 槇槇 x 1 = infs x 2 = sups S = K 槇 k S k k = 1 k k k 8 槇槇槇 H k F k R k 8 H k F k R k 2 221
2 2 A B C D 5 p 1 p 2 p 3 p 4 p 5 f 1 f 2 f 3 f 4 r 1 r 2 r 3 槇槇槇槇槇槇 r 4 E = E 1 E 2 E 3 E 4 E 5 = = = 1 2 3 4 1 槇 E 1 槇 E 2 槇 E 3 槇 E 4 槇 E 5 槇 E 1 1 1 1 /4 1 /3 1 /2 1 1 /7 1 /6 1 /5 1/4 1 /10 1 /9 1 /8 1 /7 1/10 1 / 1 /10 1 /10 槇 E 2 1 2 3 4 1 1 /4 1 /3 1 /2 1 1 /7 1 /6 1 /5 1 /4 1 /10 1 /9 1 /8 1 /7 槇 E 3 4 5 6 7 1 2 3 4 1 1 /4 1 /3 1 /2 1 1 /7 1 /6 1 /5 1 /4 槇 E 4 7 8 9 10 4 5 6 7 1 2 3 4 1 1 /4 1 /3 1 /2 1 E槇 10 10 10 10 7 8 9 10 5 4 5 6 7 1 2 3 4 1 222
2 槇 b 槇 a kt t = 0 槇 a t = 1 ~ 10 p 1 5 6-500 - 460-460 - 430 75 80 80 90 p 2 5 6-640 - 590 590-550 90 95 95 115 p 3 5 6-800 - 750-750 - 680 120 125 125 130 p 4 5 6-840 - 800-800 - 750 115 120 120 130 p 5 5 6-550 - 500-500 - 470 90 100 100 105 3 槇 w l 槇 y kl p 1 p 2 p 3 p 4 p 5 f 1 f 2 f 3 f 4 4 槇 v o 槇 z ko p 1 p 2 p 3 p 4 p 5 r 1 r 2 r 3 r 4 223
1 2-4 5 5 0. 02 0. 03 0. 04 0. 06 0. 05 0. 08 0. 11 0. 18 0. 11 0. 18 0. 26 0. 44 0. 25 0. 40 0. 59 0. 98 0. 55 0. 84 1. 00 1. 00 2 ~ 5 5-8 6 6 p 1 H 1 = 0. 43 F 1 = 0. 55 R 1 = 0. 14 H g 1 = 0. 17 F g 1 = 0. 29 R g 1 = 0. 09 p 2 H 2 = 0. 44 F 2 = 0. 10 R 2 = 0. 57 H g 2 = 0. 18 F g 2 = 0. 05 R g 2 = 0. 37 p 3 H 3 = 0. 57 F 3 = 0. 32 R 3 = 0. 16 H g 3 = 0. 23 F g 3 = 0. 17 R g 3 = 0. 10 p 4 H 4 = 0. 33 F 4 = 0. 54 R 4 = 0. 15 H g 4 = 0. 13 F g 4 = 0. 28 R g 4 = 0. 10 p 5 H 5 = 0. 70 F 5 = 0. 39 R 5 = 0. 51 H g 5 = 0. 28 F g 5 = 0. 21 R g 5 = 0. 33 S n k = S k / S 1 + S 2 S n 224 6 3 3 p 1 p 3 p 5 p 2 p 4 p 2 p 4 p 1 p 3 p 5
3 225
226
227
228 Professional Executive
229
230
231
10 IT 232 20 90
233
234
strategic fit 1 2 3 4 5 6 7 235
1. 1970 GDP 5000 1980 GDP 1 1 1 GDP 1970 1975 1980 1984 1990 1993 1996 2000 1 1990 ~ 2000 4789 7148 11319 15292 22983 25385 28646 35069 3. 24% 2199 4123 9284 7525 17088 16287 19722 23844 2. 21% 2775 6419 12137 8921 21072 21677 26372 22319 1. 79% 3055 6798 13358 10040 18947 23503 28720 22826 1. 90% 2 100 147 245 252 367 346 474 5. 66% 3 46 56 84 198 356 676 855 10. 10% 1 2 4 1 3 8. 25 1 236 1 1996 GDP GDP 20 10
4 GDP 4 ~ 20 1984 GDP 3 2000 1 /2 1964 40 20 80 0. 28 90 0. 38 0. 42 80% 20% 2002 65% 17% 66. 4% 20% 9% 4% 37 1200 18% 237
2. 60% 5 40% 70% 30% 50% 20% 8% 3. 238 QAO 20 90 Fidelity 3% 0. 75% 1991 1. 63% 2. 51% load funds sales commission 8. 5% low load funds 3% management expense ratio 2. 3% 1% trailer
4. 239
2002 3. 2% 2. 9% 5. 6% 5. 9% 5. 240
20 90 6. 7. 241
2 2 242
3 3 GDP 2000 GDP 5000 GDP 5000 243
244 1964 20 1987 14 1998 87 2001 200 2002 9 225 36 400 2001 9 2003 7 4 9600 UTI TA IT ABN AMRO 1
1 4 4 A B C D A B 245
C D C D CR 2003 CR5 42% 13 C D E E E 246
247
248 1 2003 7 6 2001 2002 2 3 4D. Fernando L. Klapper V. Sulla and D. Vittas The Global Growth of Mutual Funds. World Bank Policy Research Working Paper 3055 May 2003. 5ICI. Mutual Fund Fact Book 2003. 6www. mutualfundsindia. com
10
251
1 252
2004 2 253
254
2 255
256
1. 1 2 3 4 2. 1 2 257
3. 258 1 2
3 4 5 6 4. 1 259
2 3 WTO 260
3 ~ 10 261
262 3 10 20 90 3 ~ 5
5 ~ 10 3 263
264
265
1949 Richard D. Donchian 1975 CFTC CPO CTA CPO CTA 225 20 80 25% 1980 6. 5 1999 500 20 70 3. 5 1000 2 /3 266
2000 9 CPO1416 CTA935 1. 500 12% 2. 1 2 3 5% ~ 10% 4 267
268 2000 10 2000 10 1. 2. 3. 4.
20 90 1. 1 1999 1 www. shfe. com. cn www. dce. com. cn www. czce. com. cn 29% 56% 53% 37% 18% 7% 269
2 RU A CU WT/WS M AL 33% 31% 20% 7% 6% 3% 2 2. 10 3 3 2000 2001 2002 2003 50 80 60% 120 50% 200 67% 0. 55 0. 95 73% 1. 39 46% 2. 80 101% 1. 61 3. 02 88% 3. 95 30% 10. 84 175% 4 20 15 5 50 15 40 100 75 25 500 150 400 22 40 30 60 20 50 270 110 200 150 600 200 500
55 140 450 1650 1800 2100 180 280 420 3500 1700 2200 2 50% 6% 30% 10% 20% 2 140% 35% 36% 12% 20% 55% 28% 6% 14% 9% 18% 60% 70% 36% 17% 12% 23% 3. 2002 10 30% 70% 200 70% 30% 4. 2002 2003 271
272 5 4 1 2003 2500 2004 3 4000 1500 60% 5 ~ 10 2 306 2003 11000 4 15500 4 41% 308 4 15000 7 10500 3 30% 404 7 10800 11 17100 3 58% 406 11 17300 12 14000 1 20% 407 12 14500 2004 2 17400 20% 3 2003 16200 2004 3 30000 13800 85% 4 2004 2100 2004 3 3600 1500 70% 5 409 2003 7 1600 2200 600 38% 6 2003 10 1540 2000 460 30% 5. 2003 306 309 309 6. 2003 8 ~ 9 10
1 2 273
274 3 1. 5 6 7 8 12 14 2. 9 13 3. LME CBOT 4.
10 11 5. 1 2 3 15 2004 1. 1 5 2003 305 306 305 306 4. 02 15560 16060 500 4. 21 11520 11665 145 2 84. 75 500 630 13% 19 355 2 6 2003 401 403 401 403 9. 26 14305 14665 360 9. 29 14350 14575 225 9. 20 15855 16375 520 9. 21 15620 16020 400 2 63. 5 500 580 11% 3 135 2 2 56 500 650 8. 6% 1 120 2 275
7 2004 407 408 407 408 2. 11 15040 15320 + 280 2. 25 17250 16900-350 2 157. 5 500 530 29% 14 630 2 8 2004 407 408 406 407 3. 01 16910 17000 + 90 3. 11 16285 16090-195 2 71. 25 500 600 11% 10 285 2 2 9 2004 407 406 406 407 2. 11 14950 15345 485 2. 27 16220 17270 1050 2 141 500 580 23% 16 565 2 276
3 10 2003 5 403 / / 10. 08 13840 1418 15100 1260 736 1963 6% 10. 09 13827 2531 15085 1258 734 3500 6% 10. 10 13826 1225 14940 1114 609 1700 5% 10. 13 14041 1173 15315 1274 748 1650 6% 10. 14 14537 1930 16070 1533 973 2810 7% 10. 15 14388 1449 15950 1562 999 2085 7% 10. 16 14430 866 16300 1870 1267 1250 9% 10. 20 14654 1142 16375 1721 1137 1673 8% 10. 21 14634 1861 16020 1386 846 2730 6% 10. 22 14848 978 16285 1437 890 1453 6% 10. 23 15111 1004 16525 1414 870 1520 6% 15277 3055 11 2003 7 405 / / 10. 27 15120 1679 17030 1910 1454 2539 9. 6% 10. 28 15185 1288 16855 1670 1045 1956 7% 10. 29 15228 913 16885 1657 1034 1390 6. 8% 10. 30 15279 1037 17280 2001 1333 1584 8. 5% 10. 31 15310 576 17170 1860 1210 882 7. 9% 11. 03 15312 670 17235 1923 1265 1025 8. 3% = - 200-40 - 120 5-13% 277
2. 12 2003 403 405 403 405 9. 15 2659 2731 72 1. 6 31. 8 35 1000 320 9. 9% 9. 24 2702 2739 37 1. 6 9 9. 25 2734 2786 52 1. 6 16. 8 20 1000 320 9. 26 2751 2783 32 1. 6 5% 2 13 405 409 405 409 03. 11. 03 3489 3419-70 04. 02. 18 3405 3537 + 132 1. 6 199 1000 350 202 1. 6 56% 3 14 2004 405 409 405 409 2. 20 3447 3582 + 135 3. 11 3695 3700 + 5 1. 6 126. 8 1000 350 130 1. 6 36% 21 3. 250 ~ 300 300 230 15 401 278 401 401 9. 01 1274 1619 345 2. 4 187. 2 96 2000 350 9. 30 1336 1585 249 2. 4 53% 1
1997 ~ 2002 38% 2003 279
280 4
venture M&A capital 20 90 1. 20 90 3 1993 7 787 1993 9 7 1. 1 5. 2 1999 4 5 5 137 15 3 314 180 281
36 62 43 1995 1 /3 2. 15 3. 282 1
2 2% 283
1. 1 2 3 4 5 2. 284 1 2
3 3. MBO 1. 285
2. 286 1 2 3 4
1 2 1 1% ~ 3% 2 3 4 20% 80% 287
1 2 3 4 1. 288 2002 80% 6%
2. 2002 3. MBO 2002 MBO MBO MBO 10 MBO 2003 MBO 2003 MBO MBO MBO MBO MBO 4. 1. 4 289
5. 2002 A 290
1. 2. 291
3. 292 1997 1 2
2004 6 1 1997 2000 2004 6 20 21 293
1. 294 10% 50% 2 /3 1 /2
2. 3. 3 3 80 295
4. 3 5. 296 83
1. 297
2. 298 6 1
3. 50% 50% 50% 50% 73 30 299
75 4. 5. 300
ETF LOF 5 301
1 001001 2002-10 - 23 51 3. 06% 1. 021 0. 0199 002001 2002-9 - 5 38 3. 22% 1. 026 0. 0002 003003 020001 020002 2004-4 - 7 64 2002-5 - 8 22 3. 53% 1. 062-0. 0233 2003-12 - 5 19 1. 07% 020003 2003-12 - 5 7-2. 66% 040001 2001-9 - 21 50 4. 48% 1. 06-0. 0133 040002 180 180 2002-11 - 8 31 2. 95% 1. 025 0. 0087 040003 050001 2003-12 - 30 43 2002-10 - 9 30 24. 98% 1. 195 0. 0097 050002 2003-8 - 26 51-0. 09% 1. 066 0. 0067 303
050003 2004-1 - 16 63 070001 2002-11 - 5 20 15. 10% 1. 0632 0. 0074 070002 070003 070005 2003-7 - 9 9 2003-7 - 9 10 2003-7 - 9 6 16. 21% 1. 054 0. 005 5. 38% 1. 053 0. 0041-4. 2% 1. 007-0. 0053 080001 2002-9 - 18 32 8. 85% 1. 029-0. 0056 090001 2002-11 - 11 26 17. 47% 1. 0836 0. 0224 090002 2003-6 - 12 22 4. 64% 1. 0295-0. 0056 090003 121001 150103 2003-4 - 16 26 2004-3 - 30 60-0. 52% 5. 49% 1. 0592 0. 0014-6. 46% 151001 2003-8 - 4 12 151002 2003-8 - 4 18 1. 28% 1. 0943 0. 0108-1. 16% 1. 0402 0. 0074 161601 2002-9 - 13 22 12. 26% 1. 0797 0. 018 161603 2003-9 - 30 9 5. 18% 1. 024 0. 012 161604 100 2003-9 - 30 5 100 1. 18% 1. 032 0. 004 304
161605 2003-9 - 30 8 6. 66% 1. 038 0. 001 161606 162102 162201 162202 162203 180001 2003-4 - 25 10 2003-4 - 25 6 2003-4 - 25 10 2002-11 - 13 17-1. 90% - 1. 49% 10. 78% 0. 9895-0. 0412 6. 15% 1. 1041 0. 0164 2. 59% 1. 0362 0. 0026 13. 32% 1. 0664 0. 0105 200001 2003-10 - 31 13-3. 45% 1. 019 0. 0041 202101 202201 202301 2002-9 - 20 49 2003-6 - 27 52 2004-3 - 5 80 5. 49% 1. 0434 0. 0071 2. 09% 1. 0386 0. 0043 206001 2002-5 - 24 40-7. 63% 0. 9971-0. 0405 206101 206102 210001 2003-7 - 12 8 2003-7 - 12 3 2003-6 - 16 15 0. 22% 1. 024 0. 0025 12. 02% 1. 079 0. 0208 1. 28% 1. 038-0. 0017 305
213001 2002-10 - 8 14 3. 49% 1. 0453 0. 0016 217001 2003-4 - 28 10 8. 89% 1. 0864 0. 0052 217002 2003-4 - 28 9 6. 77% 1. 0501 0. 0078 217003 2003-4 - 28 26 1. 69% 1. 0116-0. 002 217004 2004-1 - 14 46 233001 240001 2004-3 - 26 19-6. 90% 2003-7 - 15 15 8. 44% 1. 0394 0. 0012 240002 2003-7 - 15 11 5. 26% 1. 0336 0. 0044 240003 2003-7 - 15 13 255010 2003-8 - 8 37 7. 31% 1. 0234 0. 0006 2. 35% 1. 057 0. 0005 260101 260102 260103 2003-10 - 24 8 2003-10 - 24 5 2003-10 - 24 5 6. 66% 1. 0675-0. 0015 1. 40% 1. 0051 0. 0027 6. 79% 1. 0389 0. 000 270001 2003-12 - 3 31-0. 27% 290001 2004-2 - 10 60 306 510001 2003-8 - 22 37 11. 94% 1. 1049 0. 0041
510003 2004-3 - 12 131-5. 40% 510080 2003-10 - 25 9 5. 03% 1. 0249 0. 0061 519180 180 180 2003-3 - 15 19-4. 05% 1. 0046 0. 0046 519999 2004-3 - 19 70 2004-4 - 12 83 000001 2001-12 - 18 32 9. 13% 1. 034-0. 0246 100016 100018 202001 2002-8 - 16 46 8. 23% 1. 0781 0. 0222 2003-12 - 2 23-0. 98% 2001-9 - 28 35 16. 25% 1. 1015 0. 0246 110001 110002 2003-12 - 2 47 2003-12 - 9 20 19. 83% - 0. 59% 110003 50 50 2004-3 - 22 50 2004-4 - 1 90-10. 75% 310308 2004-4 - 9 68-4. 97% 180002 2004-3 - 2 61-1. 78% 307
288001 2004-3 - 15 121-5. 00% 4 2004 6 25 2 184688 1998-3 - 27 20 15 1998 /3 /27-2013 /3 /27 1998-4 - 7 184689 1999-1 - 6 20 15 1999 /1 /6-2014 /1 /6 1999-1 - 27 184690 1999-4 - 8 20 15 1999 /4 /8-2014 /4 /8 1999-4 - 21 184691 1999-5 - 5 20 15 1999 /5 /5-2014 /5 /5 1999-5 - 18 184692 1999-6 - 15 30 15 1999 /6 /15-2014 /6 /14 1999-6 - 24 184693 1999-7 - 14 30 15 1999 /7 /14-2014 /7 /14 1999-7 - 30 184695 1992-7 - 1 10 15 1992 /7 /1-2007 /6 /30 1999-10 - 22 184696 1992-12 - 31 5 15 1992 /12 /31-2007 /7 /30 2000-4 - 24 184698 1999-8 - 26 30 15 1998 /8 /25-2014 /8 /25 1999-9 - 20 308 184699 1999-11 - 5 30 15 1999 /11 /5-2014 /11 /5 1999-11 - 26
184700 1993-4 - 15 5 184701 1999-12 - 30 30 184702 1992-3 - 13 5 184703 1994-12 - 1 5 184705 1996-5 - 31 5 184706 1999-7 - 12 25 184708 1992-8 - 31 5 184709 1992-8 - 31 5 184710 1992-12 - 29 5 184711 1998-12 - 22 5 184712 1993-12 - 14 8 184713 1993-12 - 14 8 184718 1992-12 - 29 5 184719 1993-2 - 5 8 184720 1992-5 - 21 5 184721 2002-3 - 22 30 15 1993 /4 /15-2008 /4 /14 15 1999 /12 /30-2014 /12 /30 15 1992 /3 /13-2007 /3 /13 15 1994 /12 /1-2009 /11 /30 15 1996 /5 /31-2011 /5 /31 10 1999 /7 /12-2009 /7 /11 15 1992 /5 /31-2007 /5 /31 15 1992 /8 /31-2007 /8 /31 15 1992 /12 /29-2007 /12 /29 15 1992 /5 /29-2007 /5 /28 15 1993 /12 /14-2008 /12 /13 15 1993 /12 /14-2008 /12 /13 15 1992 /12 /29-2007 /12 /29 15 1993 /2 /5-2008 /2 /4 10 1992 /5 /21-2002 /5 /20 15 2002 /3 /22-2017 /3 /22 2001-11 - 28 2000-1 - 10 2000-5 - 15 1999-11 - 26 2000-5 - 17 2001-8 - 8 2000-7 - 18 2001-8 - 31 2000-10 - 18 2001-8 - 28 2001-6 - 20 2001-6 - 20 2000-9 - 20 2002-9 - 2 2002-4 - 18 2002-4 - 4 309
310 184722 2002-7 - 5 20 184728 2001-12 - 10 20 184738 1992-5 - 31 5 500001 1998-3 - 27 20 500002 1999-4 - 8 20 500003 1998-6 - 22 20 500005 1999-5 - 10 20 500006 1998-7 - 25 20 500007 1992-5 - 31 10 500008 1998-4 - 28 20 500009 1999-6 - 15 30 500010 1992-5 - 28 5 500011 1999-10 - 21 30 500013 1992-4 - 29 5 500015 1999-12 - 30 30 500016 1992-6 - 1 15 15 2002 /7 /5-2017 /7 /4 15 2001 /12 /10-2016 /12 /9 15 1992 /5 /31-2007 /5 /30 15 1998 /3 /27-2013 /3 /27 15 1999 /4 /8-2014 /4 /7 15 1998 /6 /22-2013 /6 /22 15 1999 /5 /18-2014 /5 /17 15 1998 /7 /25-2013 /7 /25 15 1992 /5 /31-2007 /12 /31 15 1998 /4 /28-2013 /4 /28 15 1999 /6 /15-2014 /6 /14 15 1992 /5 /28-2007 /5 /27 15 1999 /10 /21-2014 /10 /21 15 1992 /4 /29-2007 /4 /28 15 1999 /12 /30-2014 /12 /30 15 1992 /6 /1-2007 /5 /31 2002-8 - 27 2001-12 - 18 2001-9 - 6 1998-4 - 7 1999-4 - 20 1998-6 - 26 1999-5 - 18 1998-7 - 30 1999-10 - 22 1998-5 - 8 1999-6 - 22 1999-11 - 26 2001-8 - 30 2000-1 - 10 1999-10 - 28
500017 1992-4 - 1 5 500018 1999-7 - 14 30 500019 1992-5 - 9 5 500021 1992-5 - 31 5 500025 1994-1 - 1 5 500028 1991-11 - 15 5 500029 1993-1 - 12 8 500035 1992-5 - 30 5 500038 2001-8 - 29 20 500039 1992-12 - 1 5 500056 2002-3 - 12 30 500058 2002-8 - 14 30 2004 6 25 15 1992 /4 /1-2007 /3 /30 15 1999 /7 /14-2014 /7 /13 15 1992 /5 /9-2007 /5 /8 15 1992 /5 /31-2007 /5 /31 15 1994 /1 /1-2008 /12 /31 2001-12 - 19 1999-7 - 30 2001-9 - 4 2000-8 - 4 2000-8 - 17 15 1991 /11 /15 2001-7 - 27-2006 /11 /14 15 1993 /1 /12-2008 /1 /11 15 1992 /5 /30-2007 /5 /29 15 2001 /8 /29-2016 /8 /28 15 1992 /12 /1-2007 /11 /30 15 2002 /3 /12-2017 /3 /12 15 2002 /8 /14-2017 /8 /14 2000-6 - 20 2000-10 - 17 2001-9 - 21 2001-8 - 1 2002-3 - 20 2002-9 - 10 3 3 2003 1 2 3 2004 184688 1. 1122 0. 004 5. 1% 8. 14% - 14. 11% - 2. 91% 311
2003 1 2 3 2004 184689 1. 0471-0. 0245 2. 7% 2. 11% - 16. 38% - 2. 84% 184690 1. 1128 0. 0211-4. 45% - 2. 22% - 17. 22% - 13. 24% 184691 0. 8873-0. 2306 0. 99% 3. 54% - 24. 84% - 3. 14% 184692 1. 0792-0. 0348-1. 74% 4. 79% - 12. 65% - 5. 81% 184693 0. 9895-0. 0199-6. 00% - 7. 87% - 23. 36% - 7. 7% 184695 0. 9985-0. 0956-5. 25% - 7. 9% - 26. 95% - 9. 61% 184696 1. 1265 0. 0105 2. 27% 8. 74% - 2. 48% - 4. 89% 184698 1. 1535-0. 0404 4. 94% 10. 5% - 12. 47% - 5. 37% 184699 1. 02-0. 0363-8. 63% - 7. 39% - 20. 27% - 9. 59% 184700 1. 0493-0. 1047-0. 34% 0. 07% - 5. 37% 184701 0. 9811-0. 1161-1. 96% 0. 82% - 21. 27% - 3. 92% 184702 1. 107-0. 0304 0. 19% 2. 55% - 7. 43% - 0. 17% 184703 1. 0917-0. 0619 11. 88% 21. 36% 0. 8% - 0. 54% 184705 1. 0969-0. 0197 12. 0% 18. 96% 2. 65% - 0. 25% 184706 0. 0173-0. 096-5. 03% - 8. 94% - 5. 72% 184708 1. 1448 0. 0213 1. 83% 9. 57% - 7. 14% - 8. 48% 184709 0. 9278-0. 1441 0. 73% - 0. 58% - 7. 25% 184710 0. 9107-0. 136 1. 73% 6. 31% - 15. 66% - 2. 72% 184711 0. 8599-0. 1628-10. 5% - 14. 73% - 7. 83% 184712 1. 2219 0. 0284 14. 86% 27. 11% 1. 6% 184713 1. 2241 0. 0864 10. 19% 25. 61% - 1. 09% 184718 1. 0353-0. 1084 5. 61% 6. 51% - 12. 08% - 6. 03% 184719 1. 2936 0. 0112-1. 29% - 10. 50% 184720 1. 0296-0. 0105-4. 54% - 5. 05% - 7. 42% 184721 1. 0486 0. 0006 1. 62% 3. 49% - 3. 6% 184722 1. 0963 0. 0218-3. 66% - 9. 36% 184728 0. 9744-0. 1222 0. 09% - 5. 58% - 3. 94% 184738 0. 9155-0. 1309-4. 40% - 5. 59% - 0. 55% 312 500001 1. 0423-0. 0873 9. 30% 5. 97% - 15. 56% - 1. 42%
2003 1 2 3 2004 500002 1. 0723-0. 0201 2. 43% 8. 31% - 10. 37% - 6. 29% 500003 1. 0707 0. 0105 2. 07% 2. 56% - 11. 57% - 2. 84% 500005 1. 0261-0. 12 1. 81% 2. 49% - 18. 34% - 5. 38% 500006 1. 09 0. 041 8. 23% 13. 68% - 8. 51% 2. 42% 500007 1. 062-0. 0182-5. 81% 0. 68% - 16. 9-4. 12% 500008 1. 2912 0. 1434 5. 71% 26. 22% 14. 56% - 2. 71% 500009 1. 0802 0. 0228 6. 56% 6. 42% - 6. 21% 3. 7% 500010 0. 9493-0. 121 6. 9% 11. 48% - 12. 52% - 0. 24% 500011 1. 055-0. 0116 4. 8% 7. 19% - 11. 76% - 0. 89% 500013 0. 9268-0. 0753-5. 79% - 9. 66% 1. 25% 500015 0. 9148-0. 1805 4. 95% 0. 32% - 24. 68% - 3. 21% 500016 1. 1757 0. 0482 6. 93% 15. 43% 3. 1% - 2. 32% 500017 0. 8685-0. 1905-2. 22% 7. 66% - 5. 69% 500018 1. 1336 0. 1065 1. 28% 11. 47% - 3. 20% - 2. 77% 500019 0. 9461-0. 1177 0. 88% - 4. 92% - 2. 63% 500021 0. 9741-0. 1106 9. 68% 11. 04% - 12. 54% - 0. 88% 500025 0. 8629-0. 2091 15. 48% 12. 01% - 13. 61% 7. 46% 500028 0. 9055-0. 1954-2. 10% 3. 58% - 4. 09% 500029 1. 1338 0. 0168 5. 17% 15. 16% - 4. 79% 500035 0. 9216-0. 1577 1. 97% 1. 10% - 13. 61% - 2. 51% 500038 1. 0413-0. 0482-0. 12% 3. 42% - 4. 55% 500039 1. 0185-0. 0081 1. 09% 2. 08% - 2. 84% 500056 1. 1423-0. 0088 9. 84% 16. 71% - 0. 18% 500058 1. 125 0. 0007 5. 08% - 4. 53% 2. 1% 5. 19% - 11. 93% - 3. 7% A - 8. 73% - 10. 07% - 34. 58% - 6. 26% 2004 6 25 313
4 2003 51 1. 021 38 1. 062 4 51 32 1. 034 5 1. 1448 9 5 1. 0353 20 1. 2912 5 30 1. 1336 5 0. 9055 314 22 1. 062 19 3 7 5 1. 0917 7 7 20 1. 0423 4 30 1. 055 5 0. 9741 50 1. 06 180 31 1. 025 3 43 5 0. 9278 20 1. 0707 4 30 1. 0802 5 0. 9268 30 1. 195 51 1. 066 4 63 9
2003 30 1. 0792 5 1. 1265 5 1. 0969 5 20 1. 09 15 1. 1757 20 1. 0632 9 1. 054 5 10 1. 053 6 1. 007 7 90 30 1. 0486 2 20 0. 072 32 1. 029 9 1. 0249 3 20 1. 1128 7 30 1. 02 4 5 1. 0107 5 1. 0185 26 1. 0836 22 1. 0295 3 20 0. 8873 10 0. 9985 8 30 0. 9811 5 10 1. 062 5 0. 8685 315
2003 26 1. 0592 2 3 1 8 1. 2936 60 12 1. 0943 3 18 1. 0402 4 1 30 1. 125 22 1. 0797 9 1. 024 100 5 1. 032 5 8 1. 038 7 5 0. 9155 2 20 1. 0413 10 0. 9859 6 1. 1041 4 10 1. 0362 4 17 1. 0664 2 61 3 1 25 0. 9173 4 8 49 1. 0434 52 1. 0386 80 35 1. 1015 20 1. 1122 30 1. 1535 4 5 0. 9107 316 5 0. 9493
2003 4 8 40 0. 9971 8 1. 024 3 1. 079 50 20 1. 0471 30 0. 9895 4 5 0. 8599 5 0. 9461 1 14 1. 0453 5 3 2 20 0. 9744 47 1. 111 20 3 50 50 8 1. 2219 7 8 1. 2241 4 8 1. 1338 30 1. 1423 13 1. 019 2 300 5 1. 0276 4 2 20 1. 0963 1 15 1. 038 1 10 1. 0864 9 1. 0501 4 26 1. 0116 4 46 317
2003 1 19 1 15 1. 0394 11 1. 0336 4 13 1. 0234 4 37 1. 057 2 2 83 8 1. 0675 5 1. 0051 4 5 1. 0389 4 31 2 2 60 2 2 46 1. 0781 2 23 20 1. 0261 30 0. 9148 6 4 5 0. 8629 5 0. 9216 37 1. 1049 2 2 131 180 19 1. 0046 1 1 318 70 1 1
2003 68 1 1 121 1 1 1 1 1 1 2004 5 3 2001 2001 2001 % % % / / / 5. 3042-8. 46 7. 1 5. 1785-12. 46 6. 93 24. 9381-3. 84 33. 39 74. 6815-6. 82 36. 6435-7. 44 49. 07 2. 6173-12. 07 3. 5 / / / 5. 1658-16 7. 15 24. 8222-17. 37 34. 34 37. 0787-15. 46 51. 29 72. 2906-16. 0297 5. 2239-13. 69 7. 23 319
2001 2001 % % % / / / 1. 3128-0. 95 1. 8 29. 3166-10 40. 27 39. 1598-8. 33 53. 79 72. 7917-7. 93 3. 0078 14. 39 4. 13 / / / 34. 9609-17. 24 39. 58 5. 436-9. 65 6. 15 5. 1646-14. 16 5. 85 88. 3229-16. 67 24. 8668-20. 4 28. 15 17. 8946-13. 23 20. 26 / / / / / / 24. 7954-10 100 24. 7954-10 / / 28. 3981-10. 42 38. 68 36. 4287-9. 89 49. 61 5. 6178-5. 38 7. 65 73. 4243-9. 49 2. 9797-3. 55 4. 06 / / / 21. 8231-26. 01 26. 37 11. 8823-16. 75 14. 36 34. 321-19. 99 41. 47 82. 7623-20. 66 11. 5892-15. 09 14 3. 1466-26. 27 3. 8 320 / / / 13. 1262-17. 84 100 13. 1262-17. 84
2001 2001 % % % / / / 26. 0033-22. 84 35. 57 37. 2999-19. 4 51. 02 4. 8167-15. 77 6. 59 73. 1126-20. 25 4. 9927-17. 46 6. 83 / / / 24. 7745-17. 97 37. 65 35. 3901-16. 03 53. 78 2. 8493-7. 39 4. 33 65. 8011-16. 0281 2. 7871-7. 62 4. 24 / / / 23. 6244-18. 18 35. 47 33. 0933-22. 28 49. 69 4. 8998-14. 21 7. 36 66. 6002-19. 46 4. 9827-9. 01 7. 48 2002 2002 2002 % % % 36. 6675-3. 09 36. 68 4. 8055-10. 59 4. 81 4. 594-11. 59 4. 6 20. 0606-2. 63 20. 06 99. 9785-5. 46 29. 6142-8. 17 29. 62 4. 236-8. 05 4. 24 321
2002 2002 % % % / / / 4. 4571-8. 46 7. 67 19. 3457-14. 52 33. 3 29. 9518-10. 34 51. 56 58. 0936-11. 98 4. 339-15. 65 7. 47 48. 5458-7. 51 43. 86 3. 3313-9. 85 3. 01 21. 3152-10. 28 19. 26 32. 2462-9. 12 29. 13 110. 6786-8. 66 5. 24-9. 1 4. 73 / / / 28. 0849-11. 73 38. 78 4. 9655-8. 9 6. 86 4. 6287-9. 63 6. 39 72. 412-10. 67 19. 7415-11. 7 27. 26 14. 9913-8. 25 20. 7 / / / / / / 18. 8718-10. 28 100 18. 8718-10. 28 / / / 20. 9336-12. 76 34. 26 30. 3387-13 49. 65 4. 9892-11. 74 8. 16 61. 1001-12. 68 322 4. 8485-11. 32 7. 93
2002 2002 % % % / / / 16. 596-15. 21 34. 34 9. 8277-12. 79 14. 42 28. 1662-12. 18 41. 31 68. 1763-12. 11 9. 9268-7. 98 14. 56 3. 6569-6. 95 5. 37 / / / 4. 8042-13. 18 19. 74 19. 531-11. 18 80. 26 24. 3352-11. 57 / / / 23. 3825-10. 7 100 32. 9514-6. 71 36. 06 23. 3825-10. 7 20. 1316-7. 06 22. 03 29. 9548-8. 84 32. 78 4. 119-13. 03 4. 51 91. 3763-8. 07 4. 2195-13. 11 4. 62 19. 6548-11. 56 33. 74 29. 2309-12. 83 50. 18 4. 6056 15. 32 7. 91 58. 2578-12. 78 4. 7664-15 8. 18 4. 8539-15. 92 19. 69 19. 7948-14. 41 80. 31 24. 6487-14. 71 323
2002 2002 % % % / / / 7. 8888-7. 75 33. 75 7. 8634-6. 53 33. 64 7. 6219-9. 46 32. 61 23. 3741-7. 96 4. 0771-14. 36 100 / / / 4. 0771-14. 36 / / / 18. 7205-17. 15 34. 97 26. 2368-17. 93 49. 01 4. 14-17. 94 7. 73 53. 5289-17. 49 4. 4316-15. 9 8. 28 2003 2003 2003 % % % 36. 2988 13. 09 34. 9 5. 0168 31. 5 4. 82 4. 5197 26. 23 4. 35 22. 8403 31. 34 21. 96 103. 9957-21. 51 31. 1347 22. 47 29. 94 4. 1854 16. 61 4. 02 22. 3597 20. 96 28. 29 4. 7537 31. 12 6. 01 18. 5427 21. 89 23. 46 29. 0726 16. 96 36. 78 79. 0399 20. 57 324 4. 3113 25. 64 5. 45
2003 2003 % % % 37. 2365 17. 84 38. 47 4. 1665 19. 52 4. 3 19. 9097 16. 48 20. 57 30. 7837 12. 08 31. 8 96. 8041 14. 9 4. 7076-0. 64 4. 86 23. 1776 34. 35 23. 58 29. 5969 23. 88 30. 11 5. 0941 23. 61 5. 18 4. 7945 30. 69 4. 88 98. 2802 27. 16 19. 916 23. 37 20. 26 15. 7012 27. 63 15. 98 13. 0364 21. 43 21. 31 29. 0821 17. 52 47. 55 19. 0427 22. 17 31. 14 61. 1613 19. 8 12. 8955 17. 47 18. 08 19. 7898 24. 63 27. 75 29. 0235 16. 11 40. 7 4. 8446 13. 72 6. 79 71. 3054 18. 56 4. 752 16. 15 6. 66 13. 6179 18. 29 16. 99 16. 2626 22. 27 20. 29 9. 1872 14. 32 11. 46 27. 1308 17. 81 33. 84 80. 1635 18. 31 10. 01 16. 21 12. 49 3. 955 20. 07 4. 93 16. 3261 19. 97 40. 98 4. 4625 7. 78 11. 18 19. 1011 20. 9 47. 84 39. 9258 19. 05 325
2003 2003 % % % 11. 0844 15. 51 33. 58 21. 9254 10. 35 66. 42 28. 4903 25. 15 32. 58 33. 0098 12. 08 20. 0262 19. 59 22. 9 30. 4826 26. 41 34. 86 4. 2087 23. 37 4. 81 87. 4347 24. 26 4. 2269 25. 87 4. 83 31. 3699 16. 85 35. 88 19. 3573 18. 32 22. 14 27. 9993 14. 09 32. 03 4. 2452 6. 44 4. 86 87. 429 15. 53 4. 4573 11. 75 5. 1 8. 1769 14. 58 26. 27 4. 7358 25. 29 15. 21 18. 2181 15. 94 58. 52 31. 1308 17. 01 30. 0997 20. 65 35. 32 8. 3767 31. 81 9. 83 8. 4703 32. 75 9. 94 7. 9272 28. 88 9. 3 85. 2302 25. 08 30. 3563 24. 47 35. 62 4. 7232 20. 62 19. 09 20. 0226 20. 06 80. 91 24. 7458 20. 17 28. 0053 16. 83 35. 3 326 18. 4132 23. 81 23. 21 24. 7232 19. 05 31. 16 3. 9545 18. 42 4. 98 4. 2487 15. 07 5. 35 79. 3449 19. 13
2003 2003 % % % 30. 9243 21. 61 100 30. 9243 21. 61 9. 0037 30. 26 9. 0037 30. 26 1 2001 11 2002 15 2003 17 2 3 4 2003 12 31 5 6 7 6 2003 1 2 3 2002-12 - 31 65 485. 68 207. 17 278. 51 41. 21 237. 3 79. 18 316. 48 357. 69 2003-3 - 31 69 453. 46 229. 07 224. 39 71. 54 152. 85 0 152. 85 224. 39 2003-6 - 30 75 431. 73 228. 86 202. 87 66. 61 136. 26 18 154. 26 220. 87 3003-9 - 30 81 438. 28 232. 94 205. 34 62. 22 143. 12 131 274. 12 336. 34 2003-12 - 31 91 408. 63 282. 22 126. 41 56. 64 69. 77 19 88. 77 145. 41 7 2003 10% % % 510001 1. 1049 85081. 79 41. 06 12. 28 206101 1. 024 3399. 01 18. 07 4. 09 217001 1. 0864 23739. 86 16. 56 12. 96 327
% % 070003 1. 053 15358. 67 15. 96 10. 61 000001 1. 034 47867. 71 15. 56 12. 36 090001 1. 0836 17342. 58 15. 46 13. 61 206102 1. 079 3250. 78 15. 21 11. 63 070001 1. 0632 18376. 65 13. 45 15. 91 020001 1. 062 18506. 24 12. 09 16. 96 184719 1. 2936 20931. 65 20. 23 19. 35 184708 1. 1448 6500. 02 11. 36 18. 36 500010 0. 9493 5279. 04 11. 12 15. 70 17. 18 13. 65 2003 12 30 8 2003 20 61 1419247893 29. 94% 40 309316023 13. 3% 40 493166106 17. 61% 8 64980244 16. 922% 49 441511229 23. 53% 1 18236097 5. 21% 38 334757615 22. 32% 4 17591197 11. 727% 40 309316023 13. 3% 4 14699887 8. 167% 18 298114279 29. 81% A 2 13311302 11. 126% 55 297831936 39. 4% A 2 10495186 0. 745% 39 265310554 38. 92% 3 10248320 7. 117% 328 33 122733155 49. 09% 4 10226392 3. 839% 27 108551047 25. 85% 3 7324543 8. 466%
20 15 83894025 23. 97% 2 6179854 7. 313% 17 75141890 21. 35% 1 4466531 2. 978% 12 72514945 8. 06% 1 4341089 4. 341% 18 67241435 12. 32% 2 3504688 3. 986% 14 66327613 18. 95% 1 2292977 0. 946% 20 58925962 14. 34% 1 2118911 2. 328% 14 57723450 41. 65% 1 20036. 36 0. 357% 20 54847030 29. 02% 1 1451836 2. 42% A 24 19447114 39. 56% 1 1194481 0. 664% 16 45494443 18. 07% 1 1071800 0. 985% 9 1998 1999 2000 2001 2002 2003 5 23 33 48 54 54 17 55 5 23 33 48 71 109 2485. 48 2801. 84 2561. 88 1166. 62 948. 57 12 31 329