( )

( )

( ) CDR CDR TDR OBU TDR TDR TDR CDR OBU

...1...5...6...9...11...14...22...28...33...36...46...57...59... 61...65...68...75...88...99...103 (CDR)...109 CDR...113 CDR...118 CDR...119 CDR...121 CDR...125

...130...132...135...147...156...160

( ) CDR(China Depository Receipt ) B 2

TDR ( ) TDR TDR 16 TDR 91 ( ) 3

91 2 ( ) TDR OBU ( ) ( ) WTO WTO WTO ( ) 4

QFII ( ) ( ) (corporate governance) 5

( ) 6

1. ( ) 2. ( ) 3. 4. 5. 7

CDR CDR CDR N CDR 8

( ) ( ) ( ) 1. ( ) 2. 3. 4. 5. 9

1 1 10

Offshore Banking Unit OBU OBU OBU 11

12

13

(holding company) (depository receipt) (American Depository Receipt ADR) (Taiwan Depository Receipt TDR) 14

90 8 11 7 ( 40% ) OBU 15

OBU OBU 1. 2. 1. 2. 16

3. 1. 8 2. 8 A 50 40 8 ( ) B 50 100 50 40 50 30 C 100 50 40% 50 100 30 100 20 3. 17

1. 2. 18

1. 2. 1. 2. 19

3. 1. 2. 3. 4. 20

1. OBU 2. OBU OBU OBU OBU OBU 1. 2. 1. 21

2. 11 28 22

1. 2. 3. IC 1 1990 10 1991 2001 1991 2001 2001 23

1 2 30% 24

2 (1991 2001 ) 25

3 1990 2001 1,604 3 2001 1993 1994 26

4 88 4.78% 89 6.41% 90 5.73% 5 88 0.31% 89 0.74% 90 1.26% 4 90 89 88 90 89 88 90 89 88 (1) 20 16 9 6 7 4 26 23 13 (2) 313 252 194 141 107 78 454 359 272 (1)/(2)(%) 6.39 6.35 4.64 4.26 6.54 5.13 5.73 6.41 4.78 5 90 89 88 90 89 88 90 89 88 (1)* 2,237,604 898,446 228,155 102,629 181,317 107,687 2,340,233 1,079,763 335,842 (2) 167,511,997 132,685,453 95,876,420 18,062,316 13,065,519 12,965,041 185,574,313 145,750,972 108,841,461 (1)/(2) 1.34% 0.68% 0.24% 0.57% 1.39% 0.83% 1.26% 0.74% 0.31% * 27

OBU 28

29

TDR OBU 30

( ) ( ) TDR( ) TDR 31

( ) ( ) TDR 32

A B CDR( ) 1993 B 2000 2000 A B A B 33

2001 2 19 B A B A B 2001 QFII (Qualified Foreign Institutional Investor ) ( ) 1993 34

( ) 2002 11 CDR ( ) CDR CDR CDR CDR CDR 35

CDR CDR CDR CDR 2001 1. 2. 36

3. 4. 5. 6. ( B ) 5 爲 3 3 册 3,000 爲 1,000 25% 37

( ) 1. 2. 3. ( ) 4. ( ) 5. 6. 20% 38

産 爲 况 産 2000 3 16 1. 2. 3. 4. 5. 39

6. 10 7. 8. 9. 15 彚 10. 彚 11. 12. : 1 2 3 A A A 1. 2. 3. 35% 4. 3000 3000 5. 25% 4 15% 6. 40

7. 8. 30% 70% 20% 9. A 2-5 3 6 2 4 2 2 3-5 10 A 1. A A 2. A A A 3. A A 4. B ( 3000 ) 41

1. 2. A A 3. QFII A A 4. A 5. A A B B B B B B 42

B 1. 2. 3. 4. 1. 2. 3. 4. 35% 5. 1.5 6. 25% 4 15% 7. 8. 9. B ( ) A B B 1. 2. 43

3. 4. 35% 5. 1.5 6. 25% 4 15% 7. 8. 9. A B ( ) B 1. B B 2. B 3. B B 4. B 5. A B 6. B A 7. B A 44

B B 1. B 15000 B 2. B B 1. 2. 3. 4. 5. 6. 7. 8.. 9. 10. 11. 12. 13. 45

14. 15. 15-20 ( ) 50-100 ( ) 2.5% 0.5-1% 100 100 80 30 B 1. B 2. 3. 3 4 4. 200 WTO B A H 1000 46

H B A A B 10 爲 1993 B 爲, 1988 1993 3 爲爲 1993 6 B ST 爲 1993 12 ( ) 44.84% 爲 1992 4 爲 爲 17.08% 爲 1993 1997 1997 6 B 1995 47

American Aviation LDC 1997 6 B 1.0004 21.23% 爲 1999 11 A 14.8% 爲 A 爲 爲 1988, ( 爲 ) 爲 爲 25.1 爲 B B 爲 1995 9 ST 17400 B 産 4000 13864 80 爲 25864.3 29.96 爲 ST 1999 1 Holderbank Financiere Glaris Ltd Holchin BV ( )7700 B ( 23.4 ) ST 産 48

Holchin BV 麽 1998 8 ( ) ( ) 16795.77 21.37% 爲 7.12 爲 産 産 爲 ST ST 爲 2001 49

2000 2000 6 30 ( ) (Unilever PLC, U. ULV) 2000 7 3 A B 1. 25 50

2. 10 ( 10 ) 50 3. 4. A B 7 5 51

2000 7 A ( ) (Unilever) 2000 2000 4 2000 7 5 10 52

2000 (QFII) 2000 8 A B A B ( ) A B A B 1999 12 A B A B 2000 8 53

2001 5 17 A B 11 5 2001 11 5 54

2002 17 -- ( ) ( ) 2002 3 19 5 ( 5 ) 3 55

滙 (005) (001) (023) (683) A 11 56

680 1/10 100 10 4 A 57

1. WTO 2. 2000 14.5 14.6 A A 58

A 2001 H A H 1.6 28 47.88 A 4.22 A 118 A? A A B? B 3200 A 20 4.81 1999 91 59

A B A B AB B A? A A A????A B 2001 B A 60

A 1 61

-- ( ) 3000 A 2 62

3 63

A A 64

A 2000 7 35.37 6417 04 3277 46 CDR 爲 B ( ) 65

爲 爲 爲 66

2002 12 ( ) B B ( ) 67

B B B B QFII( ) 68

爲 1. B B 2. (1) (2) (3) 3. 4. 5. QFII( ) WTO 69

爲 爲 爲 爲 爲 爲 産 1995 爲 (1995-1998 ) (1998-2001 ) (2001 ) (1995-1998 ) 70

WTO 1995 7 1. 2. 3. ( )B 1995 8 1995 9 23 (1998-2001 ) 1. 2. 3. 爲 2000 71

4. 産 産 産 -- -- 麽 爲 (2001 ) WTO 1. 2002 8 8 爲 2. -- 3. AB 72

爲 産産 WTO 1. 産 2. 産 3. 4. 73

1. 1994 2. 1995 1 3. 1995 9 23 ( 199548 ) ( 1995 48 ) 4. 1999 8 5. 2000 6. 2001 39 7. 2001 11 5 A B 8. 2001 11 22 1. 2001 2. (2002 ) 3. (2002 ) 74

4. (2002 ) 5. (2002 ) 9. 2002 2 21 ( 346 ) 産 ( ) 爲 2002 4 1 10. 2002 6 3 11. 2002 10 8 12. 2002 10 8 B B B B B ( ) ( ) 75

産 AB 1.82 爲 産 B 爲 B 産 産 爲 B 産 爲 産 5-15 爲 B AB 1.82 76

FAG B B B 1995 1995 8 4000 1.39 B 1998 10 0.454 1.3 1.2 爲 B AB 3 1.82 AB 7 爲 H AB 27 爲 B A 600843 B 900924 B 11 16 2001 A FA Gkugelfischer GeorgSchaefer AG( FAG) B 爲 1.00 1 (B ) 2002 12 7 2000 10 B 6000 B 2000 11 900 B B B 2000 10 5 B B 爲 A 2000 9000 A A 9 77

爲 11 産 爲産 1993 12540 1994 B 25760.7 爲 WTO 産 産 FAG 1994 爲 B B 130 0.51 爲 7 3.9 爲 産 10 70 20 B A 爲 B 11 16 FAG 1 B 5000 5000 2430 FAG FAG 2001 産爲 15360 産爲 3150 爲 17910 爲 150 2357 FAG 78

FAG FAG INA FAG 産 爲 B 1995 7 5 4002 25% B 1998 2.16 Holderbank Holchin B.V. B 7700 20% 爲 79

B 2001 3 3.2 産 産 ( ) 2002 3 WINSAN BVI Co. Ltd 爲 産爲 爲 80

ST 2000 8 1 6000 4200 爲 ST 1. 2. 産 81

1. 産 20 2. 爲 爲 産 産 3. 82

爲 産 産 産 4. 爲 5. 1999 10 28 44.757% 1.4 1.8 45.808% 爲 爲 83

WTO 1998 20.7% 26.48% 1999 爲 1. 産 84

産 2. 3. 4. 爲 爲 85

産 4250 46% 54% 産 25% 2001 4 爲 爲 爲 産 爲 86

産 United Rentals 爲 Neff 0.18 1 Neff 660 Neff 72% Neff 爲 爲 87

産 産 爲 産 爲 297.77 240 75% 10 3 産 爲 爲 産産 産 88

産 産 産 爲 爲 産 1. 産 2. 産 産 産 産 3. 89

産産 産 爲 産 WTO 産 爲 産 WTO 50% 産 産 産 WTO 産 50% 2004 12 11 1/3 2001 12 11 25% 2002 12 11 35% 2004 12 11 49% 産 90

産 ( ) 産 ( ) 産産 産産 産 爲 25% 91

産 爲 爲 産 WTO B 92

産 爲 A B 30 爲 爲 1995 産 爲産 産 2001 産 爲 20 爲 産爲 93

爲 1995 1999 2001 爲 産 産 産 20 WTO 94

1400 400 400 600 爲 爲 産 30% 爲 産 (1) 産 産産 95

(2) (3) 産 (4) (5) 産 (6) 産 (7) 産 産産 産 爲 産 産 産 産 60% BP 224.4 220 96

/ 産 50% 産 爲 滙 爲 衆 産.. 爲 産 産 爲 97

. 爲 爲. 爲 産 爲 爲. 産 産 産 産産 爲 98

産 1. 産 2. 産 3. 産産 産 産産 産 1979 1990 爲 58% 産 22% 2.85% 1.18% 1.8% 4.15% 0.12% 90 WTO 爲 WTO 99

. 産 1 2 3 産 4 ( ). 産 爲 20 爲 産 GMP 6000 1000 2003 2 100

WTO 2005 爲産 WTO WTO 産 ( 爲 ) 爲 WTO 3 5 101

1. 3 5 爲 2. 3. 産 爲 産 産 産 産 産 産 102

1. 産 2. 103

1. 2. 爲 爲 産 爲 麽 104

産 麽 産爲 100 爲 爲 産 30 105

産 Holcim LTD 4.5 1999 1998 爲 0.021 1999 2001 爲 0.013 0.05 0.07 A B 106

( ) 爲 ( ) B 麽 爲 ( ) 爲 爲 (WTO ) A 産 産 50% 107

QFII A QFII 擡 衆 ( ) 衆 108

CDR CDR CDR CDR (CDR) (CDR) (Chinese Depositary Receipt CDR) (ADR American Depositary Receipt) J. P. 1927 爲 CDR 2001 産 CDR 109

爲 CDR 爲 CDR 爲 CDR CDR CDR WTO WTO CDR Chinese Depositary Receipts CDRs A CDRs 110

H S A A 爲 A A WTO 爲 A A TDR 滙 CDR 産 ADR 産 111

産 爲 CDRs ADRs 爲 爲 GDRs 爲 爲 爲 CDR 爲 CDRs CDRs CDR CDR CDR CDR 麽 CDR A 爲麽 産爲 10 112

爲 1 爲 2 爲 麽 爲 A A B A H CDRs A CDRs 産 A CDRs 爲 CDRs A CDR 113

産 爲 CDR 爲 CDR 爲 ST CDR CDR CDR 産 CDR 114

ADR CDR CDR CDR CDR 2 産爲 2 00 爲 産 2 5 1 CDR CDR 爲 産 8 60 40 CDR 爲 4 CDR 爲 80 4 8 2 60 爲 10 3 14 CDR 爲 70 60 産爲 3 285 6.57 爲 64 25 CDR 爲 CDR ADR CDR CDR ADR 啓 115

ADR 爲 ADR CDR CDR CDR CDR 抛 CDR CDR B CDR CDR CDR 抛 CDR WTO CDR 爲 CDR CDR CDR 116

CDR 爲 CDR 爲 CDR CDR CDR CDR CDR CDR 爲 CDR 産産 産 産 産 CDR CDR CDR 117

CDR CDR 爲 CDR CDR 爲 爲 CDR CDR CDR CDR CDR ( ) CDR CDR CDR 爲 CDR 爲 N S L CDR 118

CDR N S L 爲 産 CDR CDR 産 爲 爲 CDR H H A A 爲 A CDR CDR CDR 爲 爲 119

産 A CDR CDR 爲 CDR 120

爲 CDR CDR A 爲 CDR CDR CDR CDR 121

CDR CDR ( CDR) CDR CDR ( CDR ) CDR 爲 CDR CDR CDR ( 爲 CDR ) CDR CDR CDR CDR CDR ( ) 爲 CDR CDR CDR ( ) 爲 CDR 122

( CDR ) CDR CDR CDR CDR 爲 CDR 爲 CDR 爲 CDR CDR CDR 爲 CDR ( CDR ) CDR CDR CDR CDR CDR CDR 爲 CDR 123

CDR CDR CDR 爲 ( CDR ) CDR CDR CDR ( CDR ) CDR CDR 爲 CDR CDR 爲 ( CDR ) ( CDR ) CDR CDR CDR CDR ( CDR ) 爲 CDR 124

CDR CDR CDR 爲 爲 CDR CDR 爲 CDR CDR 抛 CDR 爲 抛 CDR 爲 CDR 爲 抛 爲 爲爲 CDR 爲 爲 CDR 爲 CDR 125

爲 CDR CDR CDR 産 CDR CDR 爲 CDR 126

麽 爲 CDR ADR( ) ADR ADR 爲 CDR CDR 爲 爲 爲 CDR CDR CDR 127

1. CDR 爲 CDR 爲 CDR CDR (1) CDR (2) CDR 2. CDR 爲 爲 CDR 3. CDR CDR 爲 B 4. CDR CDR CDR CDR 5. CDR CDR Intel 128

CDR (1) 麽 (2) CDR (3) CDR CDR 129

CDR( ) CDR 1993 B 130

TDR 131

2001 WTO WTO 132

30% 133

134

Taiwan Depository Receipt TDR 135

TDR 86 04 09 TDR TDR 2 TDR TDR TDR TDR TDR 3 91 10 22 2 TDR (primary listing) 3 (1) (2) 136

TDR TDR TDR 4 1. (1) (2) 2. 3. 4. OTC 4 5. 137

6. 70% 50% 7. 50% 8. 50% 9. 1/3 4 4 4 OTC ROC OTC Stock Exchange 138

( ) 139

( ) ( ) ( ) 1. ; TDR SFC (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 140

(12) (13) (14) (15) (16) 4. 5. (1) / 3% (2) / 3% 3% (3) 6. (1) 25% (2) 1000 1000~50000 20% 1000 (1) 25% (2) TDR 20% 141

7. TDR 1. 2. 3. 4. 5. 6. 1000 1000~50000 20% 1000 25% 7. 142

1. 2. 3. 4. 5. 6. 1. 2. 1. 2. 3. 4. 5. 6. 8. 9. 10. 11. 12. 13. 143

14. 15. 16. 17. 18. 1. 2. 3. 1. 2. 3. 1. 2. 3. 2000 144

1. 2. 3. 4. Ø ( 91 10 22 ) 5 145

2. ( ) ( ) 100% 146

147

Allen 1992 148

debt covenants current ratio quick default 149

150

151

free riders 152

corporate governance OECD Organization of Economic Cooperation and Development OECD 1. 2. 3. 153

4. 5. 6. OECD 154

155

156

1. 2. 3. 6. 157

1. 3. 4. 1. 2. 3. 4. 158

1. 2. 3. 1. 2. 159

3. / 160

. ( ) ( ) ( ). TDR 1. TDR TDR TDR TDR TDR 2. TDR TDR TDR 161

3. TDR TDR TDR TDR TDR TDR. 162

.. 163

( ).. 164

1. TDR 2. 3. 4. 5. 20% 40%( ) 6. 165

... OBU 166

. 167

91 1 30 70 1 70 2 1. 10% ( 6%~40% 20~25%) 168

10 5 1. : 2. 100 3. 4. 50 20~25% 200 ( 3,900 10% 5~10 ) 50 ( 975 ) : 4 150 ( 1,350 5~10 ) 10% : 50 ( 450 ) : ( ) ( ) 3. 169

1. 1. 2. 2. 5 2. 25 3. 4. 3 4. 1. 20%~25% 10% ( ( ) ) 2. 10% 60% ( 8 40% ) 1. 2. 60% (20% (1) 5% 40%) ( ) ( 1~2 ) (2) 170

( ) ( ) ( ) 1. 2. 171

OTC 6 ( ) 70% 50% 50% 1/3 40% ( 20%) 6 OTC ROC OTC Stock Exchange 172

1. (1) NASDAQ NYSE 3 3 2 1 3 3 2 5 5 5 3 (2) 173

( ) 2. 18 #18 ( ) 30% ( ) ( ) 30% 30% 1 2 3 174

175 3. ( 8 40% ) 60% (20% 40%) 1. 2. 60% (1) 5% ( ) ( 1~2 ) (2) 4. (1)

176 (2) 10% 5. 6. #47-5 #11-5 50% 50%

OBU OBU OBU OBU OBU OBU TDR 177

QFII 1. 2. 178

3. 4. 5. TDR 6. TDR (market maker) 179

180

2002 12 1 2001 WTO 181

OBU OBU OBU TDR TDR TDR 182

TDR QFII 40% 20% TDR TDR 183

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 184