... 23 34 57 67 78 79 1214 1316 1922 2427 2528 2628 2630 2730 3236 3236...3337 3539 3741 3842 3843 4146 4348 4448 4449..................................................................... 3-1-1
1 2 3 ( ) 3-1-2
2003 10 28 2004 6 1 2004 6 25 2004 7 1 2004 6 29 2004 7 1 3-1-3
3-1-4
T T+n T T n n 3-1-5
1.00 2 1.0% 3-1-6
1 2 2 2 200 1 2 1 2 5000 3-1-7
1 2 1 2 3 4 5 1 3-1-8
2 3 1 2 1 2 1 5 5 2 3 4 3-1-9
25% 5 1 2 T T1 T2 3 T T1 4 1 10% 2 1 2 10 3-1-10
3 4 1 1 2 3 4 5 6 2 1 2 3 4 5 3-1-11
3 4 1 2 3 1 2 3 3-1-12
T T+1 T+2 1 1600 31 1998 3 5 [1998]5 3-1-13
1.1 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 3-1-14
16 17 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 3-1-15
15 16 17 18 19 20 21 22 1 1 1983 10 31 199824 3-1-16
2 1 2 3 4 5 6 7 3 1 2 3 4 5 6 7 8 9 10 11 3-1-17
12 13 14 15 16 17 18 19 20 1 2 1 2 3 4 5 6 7 3-1-18
8 8 3 1 2 3 4 5 6 1 2 3 4 5 6 7 8 9 1 2 3-1-19
3 4 5 6 1 2 3 10 10 10 10 4 10 10 10 10 5 6 30 1 3-1-20
2 3 4 5 6 1 2 50% 50% 1 2 3 50% 50% 4 5 3-1-21
1 1 2 10% 10 3 a b 4 10% 10% 5 2 1 2 1 3-1-22
2 50 50 1 1 ( ) 2 3 4 2 3-1-23
1 2 3 4 1 1 2 3 4 2 1 2 3 4 1 3-1-24
1 10 2 3 4 5 6 2 1 10 2 3 4 5 3-1-25
1 2 3 4 5 6 3-1-26
7 8 35%-95 0-60% 5% 1. - A A 1/PE- 2. 3-1-27
- (Core-Satellite strategy) 100 benchmark performance 80% (outperformance) 100 100 100 1 2 3 4 3. 1 2 3 4 1, 2 3 3-1-28
4 5 6 7 1. 1 AA AA 2 3 4 5 2. 1 1 100 2 3 WACC DCFNPV 2 1 100 2 3 4 3. 1 2 1. 1 2 2. 3-1-29
3. 1, 2 3 4 5 6 7 4. =60%* 100 +40%* 100 3-1-30
2 1. 1 2 3 4 5 6 7 8 2. 1 10% 2 10% 3 4 5 5 3 6 10 7 10% 8 10% 9 3-1-31
10% 10 20% 11 3. 6 10 1 2 3 4 3-1-32
1 1 2 3 4 1 2 3 1 2 3 5 2 1 2 3-1-33
3 4 5 1-4 1-4 6 3 1 2 3 4 1 2 3 3-1-34
0.001 1 2 0.5% 3 1 1 4 2 5 3 1 4 2 1 2 3 4 5 6 7 3-1-35
8 1 1. 5% 1. 5% HE1. 5% H E 2 0.25% 0.25% H=E0.25% H E 3 3 7 3-1-36
1 2 3 1 2 3 4 5 6 7 50% 8 1 2 3-1-37
1 1 1 12 31 2 3 4 5 6 1 2 3 3-1-38
1 2 3 3-1-39
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 3-1-40
20 21 22 23 24 25 26 27 1 1 2 3 4 5 6 7 3-1-41
8 9 2 3 1 2 3 4 1 2 1 2 3 3 1 3-1-42
2 3 4 5 6 7 8 4 5 1 2 3 4 123 6 7 3-1-43
1 / 2 3 60 3-1-44
3-1-45
3-1-46