5309 SYSGRATION LTD. ( ) () () () 0% () () 100% () () 261 55 ( ) () 3 http://newmops.twse.com.tw http:// www.sysgration.com
( ) (%) 1,000 0.08 654,000 50.10 831,435 63.70 (225,000) (17.24) 8,810 0.67 35,127 2.69 1,305,372 100.00 1. 2. 3. http//mops.tse.com.tw (02)2325-5818 97 11 http://www.masterlink.com.tw (02)2751-3989 243 3 http://www.skbank.com.tw (02)2175-1313 115 12 http://www.esunbank.com.tw (02)2504-8125 96 B1 http://www.tsc.com.tw 33327 7615 1 (02)2729-6666 (02)2700-3355 www.pwc.com/tw (02) 2729-6666 333 27 www.pwc.com/tw 76 15 1 (02)2700-3355 (02)8221-7111 sys5309@sysgration.com (02) 8221-7111 kcwang@sysgration.com http://www.sysgration.com
1,305,372 868 3 10 (02)8221-7111 66 10 14 http://www. sysgration.com 81 10 15 (02)2504-8125 http:// www.tsc.com.tw 85 03 18 96 B1 (02)2325-5818 http://www.masterlink.com.tw 97 11 (02) 2729-6666 http://www.pwc.com/tw 333 27 (02)2700-3355 76 15 1 97 06 25.72%98 6 30 10 97 06 3.42%98 6 30 98 6 30 (%) (%) 13.57% () 0.36% 0.43% () 11.56% 3.06% - 0.16% - 28 (049)226-3627 6% 94% 27 3 3 1,447,597 97 1,447,597 (128,826) (1.08) 125 52 52 52 98 7 15
... 1...1...3...6...19 ( )...24...24...24...25...25...26... 27...27...48...50...51... 52...52...52...63...63... 64...64...70...70... 71...71...71...74...74...74...74... 75...75...76...76...76...76 ( )...76 ( )...76 ()...76...76...76...76
...77... 80...80...80... 80...80...80
868 3 10 (02)8221-7111 (049)226-3627 66 10 72 08 R&D 76 10 77 06 -- 77 12 78 06 -- SYSGRATION FAR EAST COMPANY LIMITED. 78 07 78 12 79 02 79 11 -- SYSGRATION (USA) INC. 80 12 81 03 81 10 82 04 82 07 82 12 83 08 83 11 84 03 84 05 85 03 85 3 18 85 08 86 05 86 07 - SYSGRATION (CAYMAN) LIMITED. 86 09 86 09 86 10 1
86 12 87 06 87 07 - SYSGRATION (B.V.I.) LIMITED. 87 09 - SYSGRATION (SAMOA) LIMITED. 88 09 SYSGRATION (USA) INC. 91 08 92 01 SYSGRATION FAR EAST COMPANY LIMITED. 92 02 -- (SYSGRATION USA INC.) 92 08 92 11 94 02 100% 94 03 94 09 94 12 12 31 95 06 95 08 95 11 96 02 96 04 SYSGRATION (B.V.I.) LIMITED. 96 06 96 10 96 11 97 02 97 06 2
1. (1) 97 96 5.6% 96 266.27% 97 175.89% 96 78.37% 97 96 6.4% (2) (Natural Hedge) (3) 2. (1) (2) (3) (4) ( ) 3. (1). A. 4.2KW ( 98 8 ) B. 4KW (PV Inverter) ( 98 7 ) C. ( 98 7 ) D. 2.4G ( 98 8 ) F. ( 98 7 ) G. ( 98 9 ) H. ( 98 9 ) I. ( 98 7 ) J. ( 98 6 ) K.Digital Vehicle Display(Head Rest Type&Flip Down Type)( 98 10 ) (2). 4,000 4. 3
97 5. ( ) 6. (1). 30 (2). 24 7. 8. 9. 30% 10. 11. 12. TMI Sysgration USA Inc. 30-2008-0011398 TMI 328,031,292 RMA ( ) TMI TMI TMI RMA( ) 4
5
1. 2. 6
1. (100.00%) ( ) (SYSGRATION (CAYMAN) LIMITED) (91.30%) (90.00%) (SYSGRATION (SAMOA) LIMITED) (100.00%) (SYSGRATION USA. INC.) (50.00%) 2. 98 03 31 % () () - - - 100% $448,283 - - - 90% - - - 200,000 100% $6,939 - - 2,500,000 50% $31,250 ( ) - - - 91.3% - 7
98 4 21 % () 920610 17,715,023 13.57 2,367,433 1.81 0 1. 2. / 970613 202,490 0.16 242,490 0.19 0 850501 346,642 0.27 180,775 0.14 0 920801 156,412 0.12 8,398 0.01 0 () 960726 203,735 0.16 66,355 0.05 0 970421 0 0 0 901001 806 377 0 980105 0 0 0 1. 2. 8
1. () () 970613 3 940429 17,715,023 17.57 17,715,023 13.57 2,367,433 1.81 0 / 970613 3 960107 202,490 0.16 202,490 0.16 242,490 0.19 0 970613 3 940429 655,812 0.50 560,812 0.43 0 98 6 30 % 0 970613 3 970613 0 0.00 0 0.00 0 0 ( ) 970613 3 950615 15,117,254 11.58 15,087,254 11.56 0 0 ( ) 970613 3 940429 471,847 0.36 471,847 0.36 0 0 970613 3 970613 3,947,564 3.02 4,000,564 3.06 1,903,791 1.46 0 970613 3 910617 0 0 0 0 9
2. (1) 98 4 21 (1) (2) (%) () 100.00 () 100.00 1 2 ( ) (2) 1 98 4 21 (1) (2) (%) 5.67 4.11 2.97 2.85 2.69 2.51 1.90 1.42 0.82 ishares 0.79 41.43 29.14 () 25.14 1.39 0.04 0.05 1.08 1.08 0.03 0.53 2 ( ) 10
3. 1 2 3 4 5 6 7 8 9 10 1. 2. ( ) 3. 4. 5. 6. 7. 8. 9. 30 10. 27 11
1. (1) (A) (2) ( 8) ABC D (B) (C)(3) (D)(4) (11) (E) (5) ( 8) (8) (8) (8) (8) (F) (G) (6) ( (8) % ABCD EF G (H)(7) (11) 8) 0 0 0 0 0 0 38 38 (0.027) (0.027) 2,271 2,271 0 0 0 0 0 0 400 400 (1.645) (1.645) () 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 () 0 0 0 0 0 19 19 (0.013) (0.013) 0 0 0 0 0 0 0 0 200 200 (0.013) (0.013) 0 () 0 0 0 0 0 38 38 (0.027) (0.027) 1,848 1,848 840 840 0 0 0 0 300 300 (1.942) (1.942) 0 () 0 0 0 0 0 38 38 (0.027) (0.027) 3,573 3,573 0 0 0 0 0 0 400 400 (2.572) (2.572) 0 0 0 0 0 60 60 (0.042) (0.042) 0 0 0 0 0 0 0 0 0 0 (0.042) (0.042) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 () 0 0 0 0 0 19 19 (0.013) (0.013) 0 0 0 0 0 0 0 0 0 0 (0.013) (0.013) (8) (8) ( 12) 12
2,000,000 2,000,000 5,000,000 ( ) - 5,000,000 10,000,000 ( ) 10,000,000 15,000,000 ( ) 15,000,000 30,000,000 ( ) 30,000,000 50,000,000 ( ) (A+B+C+D) (A+B+C+D+E+F+G) / / / / / / / / / / / / / - / / / / - - - - - - - - - - - - - - - - 50,000,000 100,000,000 ( ) - - - - 100,000,000 - - - - 6 6 6 6 970613 / / 97 970101-970612 970613 970613 1 ( ) (3-1)(3-2) 2 ( ) 3 4 ( ) 5 6 ( ) 7 ( ) 8 ( ) 9 10 ( ) 11 12a. b. I J c. 13
(2) ABC D (A) (C) (D) (B) (2) (3) (4) (8) (9) (5) (5) (5) (5) (5) () 0 0 0 0 0 0 19 19 (0.013) (0.013) () 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38 38 (0.027) (0.027) ()() 0 0 0 0 0 0 0 0 0 0 () 0 0 0 0 0 0 19 19 (0.013) (0.013) 0 0 0 0 0 0 38 38 (0.027) (0.027) (A+B+C+D) 2,000,000 / / / / / / 2,000,000 5,000,000 ( ) - - 5,000,000 10,000,000 ( ) - - 10,000,000 15,000,000 ( ) - - 15,000,000 30,000,000 ( ) - - 30,000,000 50,000,000 ( ) - - 50,000,000 100,000,000 ( ) - - 100,000,000 - - 4 4 970613 () 970613 1 ( ) 2 ( ) 3 4 ( ) 5 ( ) 14
6 7 ( ) 8 9a. b. E c. (3) % (A) 2 (B) (C) 3 (D) 4 ABC D 9 5 5 6 6 6 6 6 (10) 0 0 0 0 0 0 0 0 0 0 (18.66) (18.66) 0 0 970901 970401 970421 15
(7) (8) E 2,000,000 / / 2,000,000 5,000,000 ( ) / / / / / / 5,000,000 10,000,000 ( ) / / 10,000,000 15,000,000 ( ) 15,000,000 30,000,000 ( ) 30,000,000 50,000,000 ( ) 50,000,000 100,000,000 ( ) 100,000,000 8 8 1 (1) 2 3 4 ( ) 5 ( ) 6 ( ) 7 8 ( ) 9 10a. b. D c. 16
(4) 97 97 1 1 97 12 31 0 0 0 0.00% 17
2. % 96 97 329 (85,466) ( 0.39) 212 (140,362) ( 0.15) 115 (85,466) ( 0.13) 114 (140,362) ( 0.08) 16,529 (85,466) (19.34) 26,197 (140,362) (18.66) 16,973 (85,466) (19.86) 26,523 (140,362) (18.89) 18
() 98 4 21 130,537 32,463 163,000 9,000 : / 92.08 163,000 1,630,000 90,054 900,539 225,000 10 92.11 8 163,000 1,630,000 100,054 1,000,539 100,000 94.09 9.5 163,000 1,630,000 120,054 1,200,539 200,000 95.06 10163,000 1,630,000 121,793 1,217,929 17,390 10 / 95.09 10 163,000 1,630,000 128,779 1,287,785 920811(92) ( ) 0920128950 960130 0960004246 971218 0970068408 150 950809 60,896( 0950135860 14,942) 8,810 95.11 10163,000 1,630,000 129,260 1,292,597 4,812 96.02 10163,000 1,630,000 129,417 1,294,166 1,569 96.06 10163,000 1,630,000 130,065 1,300,654 6,488 96.10 10163,000 1,630,000 130,495 1,304,954 4,300 96.11 10163,000 1,630,000 130,526 1,305,267 313 97.02 10163,000 1,630,000 130,537 1,305,372 105 19
1. 98 04 21 % 2 3 22 11,598 4 11,629 729 15,759 21,902,815 108,563,341 54,585 130,537,229 0.00% 0.01% 16.78% 83.17% 0.04% 100.00% 2. 98 04 21 % 1 999 5,036 1,441,629 1.10 % 1,000 5,000 4,213 9,771,941 7.49 % 5,001 10,000 1,055 8,229,226 6.30 % 10,001 15,000 407 4,950,211 3.79 % 15,001 20,000 255 4,752,369 3.64 % 20,001 30,000 218 5,483,339 4.20 % 30,001 40,000 116 4,128,629 3.16 % 40,001 50,000 81 3,792,918 2.91 % 50,001 100,000 135 9,758,291 7.48 % 100,001 200,000 57 8,222,912 6.30 % 200,001 400,000 33 9,061,685 6.94 % 400,001 600,000 5 2,572,414 1.97 % 600,001 800,000 4 2,916,200 2.23 % 800,001 1,000,000 4 3,551,341 2.72 % 1,000,001 10 51,904,124 39.77 % 11,629 130,537,229 100.00 % 3. 98 04 21 % (%) 17,715,023 13.57 15,117,254 11.58 4,000,564 3.06 3,149,427 2.41 20
2,693,100 2.06 2,367,433 1.81 2,262,707 1.73 1,903,791 1.46 1,688,093 1.29 1,006,732 0.77 4. 1 5. 98 96 97 4 21 () () () () ()() 270,000 0 0 0 0 0 () (3) 0 0 0 0 0 0 (3) 0 0 53,000 0 0 0 (3) 100,000 0 (95,000) 0 0 0 (3) 0 0 100,000 0 0 0 () 0 0 0 0 0 0 0 0 0 0 0 0 (3) 0 0 0 0 0 0 (3) 0 0 0 0 0 0 0 0 0 0 0 0 () ( 3) 0 0 0 0 0 0 0 0 0 0 0 0 () (368,000) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (4) 40,000 0 0 0 0 0 (18,000) 0 0 0 0 0 (4) 0 0 0 0 0 0 (4) 0 0 0 0 0 0 (4) 0 0 0 0 0 0 (4) 421000 0 0 0 0 0 (13,000) 0 0 0 0 0 21
98 96 97 4 21 () () () () ()() (4) 26,000 0 0 0 0 0 (4) 0 0 0 0 0 0 (4) 0 0 0 0 0 0 1 2 3 / / 970613 / 970613 970613 970613 970613 4 960112 960430 970401 970421 970731 971107 980105 2 3 6. 98 4 21 ( ) 17,715,023 13.57 2,367,433 1.81 15,117,254 11.58 () 4,000,564 3.06 1,903,791 1.46 3,149,427 2.41 () 2,693,100 2.06 2,367,433 1.81 17,715,023 13.57 2,262,707 1.73 1,903,791 1.46 4,000,564 3.06 () 1,688,093 1.29 1,006,732 0.77 22
96 97 98331 19.05 8.24 7.14 6.00 3.94 4.50 (1) 13.78 6.34 5.69 8.95 7.72 7.87 (2) 8.95 7.72-130,265,293 130,536,354 130,537,229 (0.66) (1.08) (0.01) (3) (0.66) (1.08) - - - - - - - - - - (4) - - - (5) N/A N/A N/A (6) N/A N/A N/A (7) 0 0 0 1 2 3 4 5 6 1. 94 4 29 2. 23
1. : (1) (2) (3) 2. (1) (2) (3) 3. ( ) 24
() 98 04 21 2 2 5 96 01 11 ( ) 4 96 05 03 3,500,000 2.68208% % (3 2 40% % 3 70% 4 100% 0 0 3,500,000 11.75 2.68123% % 2 1 2 3 4 5 25
() 98 04 21 1 2 2 1,230 0.94 % 0 285 0.22 % 0 300 0.22 % 0 1 2 0 0 0 0 0 0 0.00 % 1,230 0.00 % 285 0.00 % 300 11.75 11.75 14,453 11.75 3,349 3,525 0.94 % 0.22 % 0.22 % 26
() 1. (1) 1 2 3 4 (2) 97 (%) 667,826 46.13 103,150 7.13 434,516 30.02 242,105 16.72 1,447,597 100.00 (3) 1 2 3 ( ) 4 5 6 (Inverter) 7 8 (4) 1 A. B. C. D. GPS 2 A.2.4GHz B. C. D. 3 27
A. (PV Inverter) B. C. D.DSP 4 A.PS3 B. 2. (1) 1 2005 2 16 1% CLSA Asia- Pacific Markets ( ) 30% 2010 6GW361 2010 2020 2030 14GW 70GW 140GW( ) : 2010 PV * 9 * 4,820MWp /kwp * 50% * ( * *U$4/Wp *U$0.15/Kwh( ) ) * 15% * *100% * (2003 * ( - *0.46 /kwh( 20 300MW) 4.5%) )( 0.18 /kwh) * 1,000MWP * *<5kWp BIPV : 2003 5% 50% <30kW 0.5474 /kwh 2010 10% *5-100kWp 30-100kW 0.546 /kwh 2020 20% 65% >100kW 0.54 /kwh 0.05 /kwh *<6kW3.5 /W 2010 17% * 75% 2010 PV 135MW *5kWh 0.4 /kwh *5kWh 0.22 /kwh 28
2010 2.8 5.3 2004 PV CLSA, Sun Screen (2005/7) 2009 PV 25% 2008 10 3 0 8 2008 6 2016 25000MW 2030 : 2008,2 NREL Subcontract Report :Rooftop Photovoltaics Market Penetration Scenarios 29
2 Telematics DVD MP3 IEK 2008 16 IEK (Telematics) 3 JP Morgan 2008 10 08 PC 2.94 YOY11.8 1.53 YOY-1.7 (Netbook) 1.41 : Gartner, JP Morgan estimates. 30
: Gartner, JP Morgan estimates. PC : Gartner, JP Morgan estimates. 2008 4 ( UPS) 31
2003 8 2003 9 2006 11 (Spike) (Sag) (Brownout) (Blackout) UPS UPS Frost& Sullivan 2006 UPS UPS (2006-2012 ) : UPS UPS UPS 20KVA 20KVA 2006 4,151.5 7.0% 2,016.5 7.4% 6,168.0 7.1% 2007 4,431.5 6.7% 2,133.7 5.8% 6,565.2 6.4% 2008 4,711.3 6.3% 2,244.4 5.2% 6,955.7 5.9% 2009 5,012.1 6.4% 2,358.5 5.1% 7,370.6 6.0% 2010 5,303.3 5.8% 2,476.0 5.0% 7,779.3 5.5% 2011 5,657.2 6.7% 2,573.2 3.9% 8,230.4 5.8% 2012 6,010.7 6.2% 2,644.6 2.8% 8,655.3 5.2% : 2006 Frost & Sullivan 5 PC XBOXSONY PS 2005 XBOX 360, SONY 2006 PS3 Wii Screen Digest 2008 4158 12 2008 TRI 2008 2007 Wii Balance Board MMORPGMassive Multi-player Online Role Playing Game 32
PC 100% (Subscription) Xbox Live (Downloadable Content DLC) 2008 (TRI) 2009 6,400 YoY 15% Wii 22% 3,200 2009 IGA Wii PS3 2009 PS3 Xbox 360Xbox 360 2009 PS3 PS3 (2) PCB LCD Loader PCB PCB PCB PCB (3) 1 UPS UPS 33
A. UPS UPS UPS UPS UPS Contact-closureRS232USB Ethernet UPS UPS UPS B. UPS UPS UPS UPS UPS UPS UPS UPS UPS UPS C. UPS UPS UPS UPS UPS 2 Display search 1999 30% 7 34
DVD GPS ( PDA MP3MP4 ) Navigation Technologies LCD GMToyota 3 : 3C (Compatibility) (Computing) (Convenience) (Comfortable) M Value PC 35
4 PC 3. (1) (2) 98 3 35 33 94.3% 98 3 31 0 7 26 2 35 0% 20.0% 74.3% 5.7% 100% (3) 96 97 98 03 31 51,712 47,859 9,563 (4) 72 16 1 DTMF/PLUS Windows TONE/PULSE TONE/PULSE ICT( ) 36
2 (Touch PAD) Cypress IC USB PS2/USB VOIP 3 300VA 3KVA 3KV 6KVA 4 : 4. (1) 1 VOIP 2 ERP KPI 37
3 RoHS 4 (2) 1 2 3 4 38
1. (1) % 96 97 672,407 43% 558,308 38% 384,585 25% 412,002 28% ( ) 170,011 11% 254,318 17% ( ) 329,329 21% 259,659 17% 96 97 (2) 90% (3) 2004 Skype VOIP VOIP IP Softphone VOIP Vonage Softphone XTen CounterPath Vonage PCNOTEBOOK PDA XTen Softphone VOIP NOTEBOOK PDA WISP Vonage WISP Hot Spot WLAN VOIP Softphone VOIP Wireless VOIP VOIP Frost & Sullivan 2006 2012 UPS 86.55 UPS UPS MP3 ( Mobile Inverter) 2.4GHz Bluetooth 39
2.4GHz 2.4GHz OE TRI 2007 3,216 ( PS2) 2008 3,670 ( PS2) 2008 PS3 2008 100% 2008 (TRI) 2009 (1) (2) (3)Wii (4)2009 (4) 1 A. ODM/OEM B. PM & PS3 2009 XBOX360 C. 40
0 1 2 A. a. b. (RoHS) c. d. e. B. 2. (1) VOIP 1. 2. 1. 2. 1. 2. 3. (Inverter) 1. 2. 3.PWM 1. 2. 3. GPSMP3MP4 SONY/PS2/PS3/ X-BOX/PC ABS 41
(2) 42
3. IC IC LOADER 4. % 96 97 597,409 49,383 8.27% 667,826 59,033 8.84% 6.89% 387,444 51,442 13.28% 103,150 (19,965) (19.36)% (245.78)% 305,243 30,225 9.90% 434,516 69,606 16.02% 61.82% 242,774 20,886 8.60% 242,105 35,765 14.77% 71.75% 1,532,870 151,936 9.91% 1,447,597 144,439 9.98% 0.71% 20% (1) 96 97 96 73.4% 97 (2) 96 OED 97 2.4GHZ 2.4GHZ 97 96 42.4% (3) 97 96 97 96 96 43
5. () () 10 (1) 10 (2) 96 97 % % 1 1,044,421 78.69 1,180,111 92.77 96~97 6. 96 97 pcs 270,000 72,061 272,564 135,000 27,988 110,496 0 0 0 500 314 4,884 270,000 72,061 275,564 135,500 28,302 115,380 : 96 97 96 97 (PV Inverter) 44
7. PCS 96 97 5,713 5,208 640,196 592,201 0 0 679,350 667,826 8,920 41,777 65,416 345,667 4,611 10,045 17,039 93,105 427,929 45,686 2,424,933 259,557 611,687 78,296 2,756,366 356,220 11,414 7,009 559,353 235,765 0 2,119 610,310 239,986 453,976 99,680 3,689,898 1,433,190 616,298 90,460 4,063,065 1,357,137 97 DC UPS 96 97 96 97 97 XBOXPS3Wii 96 97 98 3 31 57 24 24 21 19 19 99 83 80 177 126 123 37 39 39 4.0 4.9 5.1 0.0 0.0 0.0 9.6 12.7 12.2 61.6 66.7 66.7 22.6 16.6 17.1 (%) 6.2 4.0 4.0 1. 2. RoHS 150 45
3. 4. ( ) ( ( ) 5. (RoHS) (1) RoHS 1 RoHS 2 RoHS 100 3 2009 RoHS REACH & PAHs & 6P & PFOS, 2009 60 4 98% RoHS (2) RoHS 1 ( ) A. RoHS B. 95 C. RoHS 100 D. ( ) 2006 5 DNV (DET NORSKE VERITAS) RoHS 2 3 4 5 2~5 RoHS 6. (1) (2) 1. 46
(1) a. b. c. d. e. /// f. g. h. i. j. k. (2) (3) (4) (5) (6) 2. 47
1. 98 3 31 78.12~ 1 78.12 2 82.07~ 89.12 27,607 27,607 167,882 134,229 353( 259( 2 ) 1 ) 2. 356357 87.12~ 548 ( 89.12 199,558 3 ) B1~28,554.75 125,586 98 3 31 2,200 / 1. 2. 48
1. 33,308.86 43 1 2 3 2. pcs 96 97 270,000 72,061 26.69% 272,564 135,000 27,988 20.73% 110,496 0 0 0 0 500 314 62.80% 4,884 270,000 72,061 26.69% 275,564 135,5 00 28,302 20.96% 115,380 :1. 2.97 96 49
98 3 31 (97) 448,283 205,356-100% 205,356 - (47,130) - - 6,939 6,797 200,000 100% 6,797-886 - - - (4,335) - 90% (4,335) - (1,394) - - 31,250 22,043 2,500,000 50% 22,043 - (9,557) - - ( ) - - 91.3% 5,704 5,704-1,619 - - 98 3 31 % 0 100.00 0 0 0 100.00 200,000 100.00 0 0 200,000 100.00 0 90.00 0 0 0 90.00 2,500,000 50.00 0 0 2,500,000 50.00 ( ) 0 0 0 91.30 0 91.30 50
Koninklijke Philips Electronics N.V. 93.05.26 Microsoft Licensing GP 96.03.01 51
() () 1. 230,000 2. 2,300 100 3 0% 230,000 3. 98 98 230,000 230,000 4. 230,000 100 2,300 () 1. 貮 0% 3 : 101 : 52
200,000 10 130,537 1,305,372 1,026,667 98 : 17 3 : 261 237 : 2. 3. (1) 988 10 14.98% 53
98 1 98 130,537 1 130,537 23,000 14.98% (2) () () () () () () () 1. (1) 98619 (2) 98 2. 54
230,000 98 8 98 8 98 1,910 5,728 3. 98 98 4. A. 98 230,000 98 1,910 5,728 230,000 B. 9712 9812 (%) 29.28% 18.74% (%) 175.89% 783.40% (%) 158.20% 622.64% 97 98 98 30% 29.28 % 18.74% 175.89% 783.40 % 158.20 55
% 622.64% 5. (1) () (GDR) 1. 1. 2. 3. 1. 2. 3. 2. 1. 2. 1. 2. 3. 1. 2. 3. 4. 1. 4. 1. 4 2. 1. 2. 3. 5. 1. 2 2. 1. 2 2. 56
3. 3. 3 6. 1. 2. 3. 4. 10%-15% (2) 230,000 230,000 230,000 230,000 (123) 2,032 767 - (4) 130,537 130,537 130,537 130,537 (5) - 30,105-23,000 130,537 160,642 130,537 153,537 0.02 / - 0.01 / - (6) 7.14% - 5.55% 1 2.65% 0% 1% 298 8 4 3 230,000 2.65%4/12=2,032 98 12 230,000 1%4/12=767 4 5 98 7 15 135 3 (9.55 )8 105% 7.64 10 6 57
7 1-130,537/(130,537+30,0264/12)=7.14% 1-130,537/(130,537+23,0004/12)==5.55% 98 98 (3) 36 3 (4) 230,000 230,000 230,000 130,537 130,537 130,537-30,105 23,000 130,537 160,642 153,537 18.74% 14.98% 1 7.64 2 98 3 1 58
1 2 18.74% () () 1. 2. 3. (1) 59
98 / 1 2 3 4 5 6 7 8 9 10 11 12 1 104,808 168,012 206,809 143,922 102,022 108,127 148,239 128,879 108,671 116,123 90,546 103,014 104,808 : 124,285 168,506 87,941 123,931 71,541 159,775 129,059 148,122 164,649 160,354 210,807 207,217 1,756,187 0 22 0 39 0 0 0 0 0 0 0 0 61 5,902 0 0 5,000 0 0 0 0 0 0 0 0 10,902 104 17 233 10 0 0 65 1 1 2 1 1 435 0 0 0 0 0 39,240 0 0 0 0 0 0 39,240 113 187 184 374 78 187 187 187 187 187 187 187 2,245 2 130,404 168,732 88,358 129,354 71,619 199,202 129, 311 148,310 164,837 160,543 210,995 207,405 1,809,070 : ( ) 47,948 106,402 129,188 134,721 60,266 111,925 130,858 145,228 141,382 185,062 181,370 156,894 1,531,243 ( ) 17,201 11,056 20,017 13,416 15,431 15,163 17,312 20,286 15,972 15,997 15,316 15,381 192,547 0 0 0 0 0 8,407 0 0 0 0 0 0 8,407 ( ) 606 1,028 590 665 553 595 502 3,005 31 62 1,842 62 9,536 3 65,755 118,486 149,795 148,802 76,250 136,090 148,671 168,519 157,385 201,120 198,527 172,336 1,741,734 4 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 5=3+4 165,755 218,486 249,795 248,802 176,250 236,090 248,671 268,519 257,385 301,120 298,527 272,336 1,841,734 ( )6=1+2-5 69,457 118,258 45,371 24,474 (2,609) 71,239 28,879 8,671 16,123 (24,454) 3,014 38,082 72,144-70,850 224,143 60,000 141,000 222,996 40,000 0 0 0 15,000 0 0 773,989 - (70,850) (234,143) (60,000) (162,000) (212,262) (63,000) 0 (230,000) 0 0 0 (29,996) (1,062,251) (1,445) (1,449) (1,450) (1,452) 0 0 0 0 0 0 0 0 (5,796) CB 0 0 0 0 0 0 0 230,000 0 0 0 0 230,000 7 (1,445) (11,449) (1,450) (22,452) 10,734 (23,000) 0 0 0 15,000 0 (29,996) (64,058) 8=1+2-3+7 168,012 206,809 143,922 102,022 108,127 148,239 128,879 108,671 116,123 90,546 103,014 108,086 108,086 60
99 / 1 2 3 4 5 6 7 8 9 10 11 12 1 108,086 119,832 195,391 174,025 162,272 117,868 114,642 118,468 107,321 105,110 110,793 102,057 108,086 : 178,683 171,383 87,335 97,443 103,689 149,334 155,306 177,747 197,578 192,425 252,968 248,660 2,012,551 65 1 1 1 1 1 65 1 1 2 1 1 138 187 187 187 187 187 187 187 187 187 187 187 187 2,246 2 178,936 171,570 87,523 97,631 103,876 149,522 155,558 177,935 197,766 192,613 253,156 248,848 2,014,935 : ( ) 150,149 83,431 92,780 93,736 131,833 136,892 155,557 172,637 168,067 220,030 215,644 186,525 1,807,281 ( ) 17,042 11,380 16,109 15,648 15,648 15,856 16,134 16,103 16,869 16,891 16,139 16,199 190,018 ( ) 0 1,200 0 0 800 0 41 341 41 10 109 50 2,592 3 167,191 96,011 108,889 109,384 148,281 152,747 171,732 189,081 184,977 236,931 231,892 202,774 1,999,891 4 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 5=3+4 267,191 196,011 208,889 209,384 248,281 252,747 271,732 289,081 284,977 336,931 331,892 302,774 2,099,891 ( )6=1+2-5 19,832 95,391 74,025 62,272 17,868 14,642 (1,532) 7,321 20,110 (39,207) 32,057 48,131 23,131-0 0 0 0 0 0 20,000 0 0 50,000 0 70,000-0 0 0 0 0 0 0 0 (15,000) 0 (30,000) (25,000) (70,000) CB 0 0 0 0 0 0 0 0 0 0 0 0 0 7 0 0 0 0 0 0 20,000 0 (15,000) 50,000 (30,000) (25,000) 0 8=1+2-3+7 119,832 195,391 174,025 162,272 117,868 114,642 118,468 107,321 105,110 110,793 102,057 123,131 123,131 61
(2) () ( ) A. 90 60 60 30 B. 98 99 C. / 97 98 ( ) 99 ( ) N/A 1.31 1.05 98 99 1 230,000 98 30%99 2 97 EPS ( ) 1 D. (3) 62
98 (%) (1) 2.75 98.04.13-98.07.12 15,000 15,000 137 413 (1) 2.50 98.05.11-98.08.09 33,000 33,000 275 825 (1) 2.50 98.05.19-98.08.17 27,000 12,004 100 300 (1) 2.40 98.05.18-98.07.17 99,996 99,996 800 2,400 (1) 2.30 98.05.27-99.05.27 30,000 30,000 231 690 2.75 98.6.19- CB 40,000 40,000 367 1,100 244,996 230,000 1,910 5,728 1 2 98 8 1 2 230,000 29% 4. 5. 63
1. ( 1 ) 98 3 31 93 94 95 96 97 (2) 612,541 1,082,981 845,780 851,075 720,427 626,578 314,217 273,500 284,368 285,595 350,191 365,600 243,377 216,078 215,270 199,320 224,750 218,998 18,410 6,146 3,032 686 510 200,450 201,495 184,407 177,468 128,202 126,778 1,370,585 1,792,464 1,535,971 1,516,490 1,424,256 1,356,354 307,652 428,657 255,309 319,633 409,587 320,737 307,652 430,861 255,309 319,633 409,587 320,737 30,328 33,868 40,221 16,791 15,656 15,727 11,629 11,453 7,384 8,440 353,636 478,252 307,159 347,877 416,971 329,177 353,636 480,456 307,159 347,877 416,971 329,177 1,000,539 1,214,535 1,294,166 1,305,372 1,305,372 1,305,372 18,699 5,517 2,739 2,739 2,739 2,739 (12,155) 81,623 (87,680) (173,146) (313,508) (315,013) (12,155) 9,713 (87,680) (173,146) (313,508) (315,013) (37,313) (21,886) (2,289) 12,537 19,587 33,648 49,995 56,055 1,016,949 1,314,212 1,228,812 1,168,613 1,007,285 1,027,177 1,016,949 1,312,008 1,228,812 1,168,613 1,007,285 1,027,177 1 2 64
2. ( 1 ) 98 3 31 93 94 95 96 97 (2) 1,392,164 1,646,614 1,705,708 1,532,870 1,447,597 301,336 217,101 330,773 264,652 151,936 144,439 31,185 () 21,850 118,827 22,922 ( 92,646) ( 52,056) ( 9,784) 71,844 44,899 34,917 56,035 36,006 18,949 74,503 81,721 155,232 48,855 112,776 10,760 19,191 () 82,005 ( 97,393) ( 85,466) ( 128,826) ( 1,595) ( 19,191 ) 82,005 ( 97,393) ( 85,466) ( 140,362) ( 1,595) () 19,191 82,005 ( 97,393) ( 85,466) ( 140,362) ( 1,595) () 0.19 0.78 ( 0.76) ( 0.66) ( 1.08) ( 0.01) 1 2 34 104 97 7 1 97 30,485 0.23 93 -------------- 94 95 -------------- 96 97 ------------- 94 96 65
( 1 ) 98 3 31 93 94 95 96 97 (2) (%) 25.80 26.68 20.00 22.94 29.28 24.27 (%) 430.31 623.89 589.51 594.72 448.18 469.03 (%) 199.10 252.65 331.28 266.27 175.89 195.36 (%) 164.32 212.20 277.71 230.85 158.20 168.81 4.03 9.34 23.50 () 4.50 3.59 3.65 4.18 4.11 4.11 81 102 100 87 89 89 () 11.44 8.20 8.43 9.53 10.04 8.83 () 17.54 15.46 14.05 17.20 24.59 46.13 32 45 43 38 36 41 () 5.72 7.62 7.92 7.69 6.44 1.38 () 1.02 0.92 1.11 1.01 1.02 0.22 (%) 1.81 5.65 ( 5.51) ( 5.26) ( 9.17) 0.00 (%) 1.89 7.04 ( 7.66) ( 7.13) ( 12.90) ( 0.16) 2.18 9.78 1.77 ( 7.10) ( 3.99) ( 0.75) % 1.92 6.75 ( 7.53) ( 6.55) ( 10.75) ( 0.12) (%) 1.38 4.98 ( 5.71) ( 5.58) ( 9.70) (0.53) () 0.19 0.78 ( 0.76) ( 0.66) ( 1.08) ( 0.01) (%) 0.01 90.68 ( 6.81) 6.23 19.28 (%) 44.41 37.96 141.27 110.72 134.72 346.47 (%) 16.55 2.17 6.08 9.92 2.84 11.52 ( 1.61) ( 2.69) ( 3.28) 1.41 1.09 1.50 0.93 0.88 0.82 20 1. 2. 3. 4. 54,896 66
5. 6. 52,056 92,646 40,590 7. 128,826 85,466 43,360 8. 9. 10. 52,056 92,646 1 2 3 : 1. (1) = / (2) = + / 2. (1) = / (2) = - - / (3) = / 3. (1) = / (2) =365/ (3) = / (4) = / (5) =365/ (6) = / (7) = / 4. (1) =[ + *(1- )]/ (2) = / (3) () = / (4) = - / (5) = / (4) 5. (1) = / (2) = / ++ (3) = - / + + (5) 6. (1) =( - )/ (2) = /( - )(6) 4 1. 2. 3. 67
4. 5 1. 2. 3. 4. 5. 6 97 96 %(1) %(1) % (2) 104,808 7.36 155,145 10.23 (50,337) (32.45) - - 106,331 7.01 (106,331) (100.00) 97 34 104-97 - - 41,481 2.74 (41,481) (100.00) - - - 273,868 19.23 305,080 20.12 (31,212) (10.23) Invision 1,750-208,687 14.65 6,669 0.44 202,018 3,029.21-28,633 2.01 65,127 4.29 (36,494) (56.04) 68,643 4.82 98,647 6.51 (30,004) (30.42) 3,800 0.27 24,855 1.64 (21,055) (84.71) 97 97 34 104 65,413 4.59 - - 65,413 N/A - - 97 50,563 3.55 12,000 0.79 38,563 76.27 - - 68
- 234,215 16.44 273,595 18.04 (39,380) (14.39) 97 224,750 15.78 199,320 13.14 25430 12.76 326,801 22.95 183,213 12.08 143,588 78.37 97-32,860 2.31 48,405 3.19 (15,545) (32.11) 5,796 0.41 23,425 1.55 (17,629) (75.26) - - 16,791 1.11 (16,791) (100.00) (321,670) (22.59) (181,308) (11.96) (140,362) 77.42 97 49,995 3.51 33,648 2.22 16,347 48.58 (30,636) 2.06 (15,354) 0.99 15,282 99.53 97 (99,051) (6.84) (131,523) (8.58) (32,472) (24.69) Invision 34 104 - - 23,459 1.55 (23,459) (100.00) (31,081) (22.14) (8,962) (10.49) 22,119 246.81 DVD - - (11,308) (13.23) (11,308) (100.00) (11,536) (8.22) - - 11,536 N/A ( ) 25,520 - (89,995) - 111,515 129.68 (184,236) - (19,248) - 164,988 857.17 - ( ) 1 2 100% 69
81-161 163-233 70
4. 5. 97 96 720,427 851,075 (130,648) (15.35) 350,191 285,595 64,596 22.62 224,750 199,320 25,430 12.76 128,888 180,500 (51,612) (28.59) 1,424,256 1,516,490 (92,234) (6.08) 409,587 319,633 89,954 28.14 0 16,791 (16,791) (100.00) 416,971 347,877 69,094 19.86 1,305,372 1,305,372 0 0.00 2,739 2,739 0 0.00 (313,508) (173,146) (140,362) 81.07 1,007,285 1,168,613 (161,328) (13.81) 1. 2. 1 3. 6. : 20% 71
97 96 () 1,484,287 1,556,332 (72,045) ( 4.63) ( 36,690) ( 23,462) 13,228 56.38 1,447,597 1,532,870 ( 85,273) ( 5.56) (1,303,158) (1,380,934) (77,776) (5.63) 144,439 151,936 ( 7,497) ( 4.93) ( 196,495) ( 244,582) ( 48,087) (19.66) ( 52,056) ( 92,646) ( 40,590) (43.81) 36,006 ( 112,776) 56,035 ( 48,855) (20,029) 63,921 ( 35.74) 130.83 ( 128,826) ( 85,466) 43,360 (50.73) ( 11,536) 11,536 100.00 ( 140,362) ( 85,466) 54,896 64.23 20 $10,000 1. : 36,756 60,249 (33,990) 4,742 5,755 12,827 (15,255) 19,062 720 8,300 (71,408) (33,276) (86,718) 85,046 (36,460) 15,576 8,972 7,847 (605) (638) (1,248) 8,135 (7,997) (27) (1,359) (7,497) 28,825 (101,796) 89,876 (24,402) 72
INVISION TMI 19,940 95 2. 3. 97 6 30 4. 5. 98 1. 98 97 983,000 679,350 6,010,000 3,368,053 49,000 21,650 440,000 550,233 2. (1) 98 97 (2) 98 98 97 (3) 97 XBOXPS3Wii 98 97 73
$155,145 $25,520 $(50,337) $104,808 - - 97 1. 96 85,995 25,520 111,515 22,119 43,544 13,666 24,389 2. 96 19,248 184,236 164,988-202,018-36,494 11,900 3.96 83,310 108,379 25,069 143,588 34,420 $ 104,808 $ 163,500 ($ 103,112) $ 165,196 $ - $ - 1. (1) (2) (3) 2. 74
95 1. 2. 3. 4. 0930000939 1. 2. 3. 4. 96 1. 2. 3. 4. 5. 6. 7. 0930000939 8. 1. 2. 3. 5. 6. 7. 5 8. 4. 75
9. 3 9. 97 1. 2. 3. 1. 2. 3. 234 235 236 ( ) ( ) () 76
6(A) (1) () () (%) / (2) 6 0 100% 970613 a 6 0 100% b 6 0 100% 970613 970613 c 5 1 83.3% 970613 d 3 0 100% 970613 e 2 0 66.7% 970613 14 3 () () ( ) 77
1 2(1) () (%) () (2) () (%) () 1 2 6 A (%) / () a 1 33.3% 970613 b 5 83.3% 970613 c 5 83.3% 970613 d 3 100% 970613 () () (%) (%) 78
() () () () () () () () () () () 79
敍 237-256 257-260 261-265 266-275 80
() 85 1,014 5,274 5,215 81
82
96 95 12 31 96 12 31 95 12 31 96 12 31 95 12 31 % % % % 83
96 95 1 1 12 31 ( ) 96 95 % % 84
96 95 1 1 12 31 ( ) 95 85
96 95 1 1 12 31 96 95 86
96 95 1 1 12 31 96 95 87
96 95 1 1 12 31 ( ) () 66 10 14 11 () 84 12 () 94 11 10 100% 94 12 31 () 1. (1) (2) (3) (4) 2. (1) (2) (3) (4) () 88
89 () () () 1. 2. / () () (76) 069 () () 1. 2.
() 1. 20 50 2. - 3. ( ) 1. 4555 2 15 2. 3. ( ) ( ) 15 ( ) 1. 90
91 2. ( ) 5. 95 ( ) 1. 22 2. 12 3. 4. 87 ( ) 10% 1. 2. ( ) ( )
() 95 1 1 () 95 1 1 95 12 31 $4,775 95 $4,775 $0.04 () () - () - 92
96 95 12 31 $17,615 19,097 96 5 8 93
() () 34 96 $11,308 () 96 4 1. 96 95 $13,561 94
105,951 96 95 $85 $1,014 95 (93) 036 $33,718 2. 94 11 10 94 12 31 $18,410 95 35 3. 96 95 50% 4. 96 95 12 31 13,921 96 95 12 31 $4,997 $6,389 () 95
() 1. 2. 96 95 - $6,504 $6,791-3. 96
96 95 12 31 $150 () () 1. 96 12 31 $17,408 ( ) 92 7 99 10 98 4 28 2. ( ) 1. 94 7 1 6 15 () 15 45 2% 97
5. 94 7 1 6% 96 95 $5,283 $6,316 ( ) 1. 95 1 1 $1,630,000 $1,200,539 $10 95 6 $60,896 $8,810 $35,127 96 12 31 $1,630,000 $1,305,267 98
2. 92 11 13 95 1 12 90,000 ( 100 9,000,000 10 ) 3,500 ( 1,000 3,500,000 11.75 ) 92 12 26 96 5 3 3. (1) 96 95 99
(2) 96 12 31 4. ( ) 93 () 96 $4,169 100
5. 96 $105 6. $200,000 94 9 29 10 9.5 94 10 20 ( ) ( ) ( ) 1. 10% (1) 3% (2) 8%12% (3) 2. 94 95 6 0.5 3. 96 96 6 13 95 101
4. 50% ( ) 102
4. 94 103
104 ( ) ( ) 96
() () 105
(1) (2) 60 ~120 96 95 12 31 $4,381 $3,060 (1) (2) (3) ()3. 106
8. (1) 96 12 31 $97,251 (2) ( ) 96 12 31 ( ) USD$3,500,000 $113,460 (3) 96 12 31 $74,560 () ()8. ( ) 93 5 Koninklijke Philips Electronics N.V. DVD 107
Systems 10,000 5,000 2.5 96 95 7,190 7,544 () 96 2 Microsoft Licensing GP 30,000 0.28 96 22,500 () 94 3 6 93 7 94 6 $23,895 $18,575 96 6 26 ( 0961019011 ) 1% 96 8 7 () 95 96 () 96 95 108
1. - 2. () 3. ( ) 4. 109
() 96 95 12 31 $62,806 $76,518 $206,021 $128,407 () 1. () ( ) (1) (2) 110
(3) (4) (1) (2) (3) (4) 111
(1) (2) (3) 2~3 (4) ( ) 112
( ) 113
114
115
116
() () 117
( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 3. () (87) 86717374 (88) 87734230 (90) 090039760 091047086 (95) 09500107840 ( ) ( ) ( ) US$12,700,559 US$2,120,292 US$189,978 ( ) US$1,292,271 90 US$638,043 118
119 ()
- () 96 95 120
() () ( ) 121
() - 886 85 6,265 5,274 122
34 104 30,485 0.23 123
97 96 12 31 97 12 31 96 12 31 97 12 31 96 12 31 % % % % 124
97 96 1 1 12 31 ( ) 97 96 % % 125
97 96 1 1 12 31 96 126
97 96 1 1 12 31 97 96 127
97 96 1 1 12 31 97 96 128
97 96 12 31 ( ) () 66 10 14 11 () 84 12 () 1. (1) (2) (3) (4) 2. (1) (2) (3) (4) () () 1. 129
2. 3. () 1. 2. / 3. 34 104 97 7 1 () () (76) 069 () 130
() 1. 2. / 3. () 1. 2. () 1. 20% 50% 97 2. - 3. ( ) 1. 4555 2 15 2. 131
3. ( ) ( ) 15 ( ) ( ) 1. 22 2. 12 3. 4. 87 () 10% 1. 5. 95 ( ) 132
2. ( ) ( ) ( ) - 93 1 1 () 96 12 31 () 92 3 17 (92) 070071072 ( ) 97 1 1 96 3 16 (96) 052 97 3 31 (97) 127 ( ) () - 97 1 1 97 () 97 1 1 96 3 16 133
(96) 052 97 () 34 104 97 7 1 97 $30,485 0.23 () () - 97 96 ( ) ($10,617)$31,689 () - 134
97 96 12 31 $27,228 17,615 135
() () - 97 34 104 97 7 1 $93,750 136
() 34 96 $11,308 () 1. 97 96 $57,195 131,651 $886 $85 2. 90 92 13,921 97 96 12 31 $3,605 $4,997 3. 97 96 137
() () 138
3. 4. 97 96 - $5,729 $6,504-3. 97 96 12 31 $55 $150 () ( ) ( ) 1. 94 7 1 139
6 15 () 15 45 2% ( ) 2. 97 4 30 $41,562 $38,952 $2,610 97 $184 6. 94 7 1 140
( ) 6% 97 96 $5,177 $5,283 2. 96 1 1 $1,630,000 $1,292,597$10 97 12 31 $12,775 $1,630,000 $1,305,372 2. 92 11 13 95 1 12 90,000 ( 100 9,000,000 10 ) 3,500 ( 1,000 3,500,000 11.75 ) 92 12 26 96 5 3 92 12 26 97 12 26 3. (1) 97 96 141
(2) 97 12 31 142
4. 97 96 $4,413 $4,527 ( ) ( ) ( ) 1. 97 6 13 10% (1) 3% (2) 10%15% (3) 2. 96 95 97 96 143
3. 97 96 6 13 96 95 4. 50% ( ) 144
4. 97 12 31 107 5. 95 145
( ) ( ) 97 96 146
() () 147
93 7 9 93 167 (1) (2) 60 ~120 97 96 12 31 $3,969 $4,381 148
7. (1) 96 12 31 $97,251 (2) ( ) 97 96 12 31 ( ) USD$3,500,000 $115,010 $113,460 (3) 96 12 31 $74,560 (1) (2) (3) (4) 149
() ()7. 96 97 () 97 96 150
1. (1) ( ) ( ) - (2) () 2. 3. ( ) 151
() 97 96 12 31 $69,649 $154,024 $222,597 169,611 $63,632 $62,806 $110,000 $53,818 () 1. () ( ) (1) (2) 152
(3) (4) (1) (2) (3) (4) 153
(1) (2) (3) 3~5 (4) 154
() 155
156
157
158 ( ) ( )
() () () () ( ) () 1. 2. 3. (87) 86717374 (88) 87734230 (90) 090039760 (92) 091047086 (95) 09500107840 (97) 09700478400 ( ) 159
() () 97 96 160
() () ( ) 161
( ) 162
() 9,194 12,670 0.5%0.7% 896 2,703 0.1%0.2% 163
34 104 30,485 0.23 164
97 96 12 31 97 12 31 96 12 31 97 12 31 96 12 31 % % % % 165
97 96 1 1 12 31 ( ) 97 96 % % 166
97 96 1 1 12 31 96 167
97 96 1 1 12 31 97 96 168
97 96 1 1 12 31 97 96 169
97 96 12 31 () - ( ) 1. 66 10 14 11 2. 84 12 3. 97 12 31 1,099 () 97 96 12 31 $9,194 $12,670 97 96 1 1 12 31 $896 $2,703 () 170
() () () () () () () 1. (1) 50% 50% (2) () 2. () 1. (1) (2) 171
17 2 (3) (4) 2. (1) (2) (3) (4) () () 1. 2. 3. () 1. 2. / 3. 34 104 97 7 1 ()
173 1. 2. / () () () 3. () 1. 2. ( ) 1. 4555 2 15 2.
174 ( ) 2 ( ) ( ) 3. 15 ( ) 1. 22 2. 12 3. 4. 87 ( ) 10% 5. 95
6. ( ) 1. 2. ( ) ( ) ( ) - 93 1 1 () 96 12 31 () 92 3 17 (92) 070071072 ( ) 97 1 1 96 3 16 (96) 052 97 3 31 (97) 127 ( ) 17 5
() - 97 1 1 97 () 97 1 1 96 3 16 (96) 052 97 () 34 104 97 7 1 97 $30,485 0.23 () () - 176
177 () 97 96 12 31 $27,228 17,615
() () - 97 34 104 97 7 1 $93,750 178
() 34 96 $11,308 () 179
1. 2. 97 96 12 31 $97,273 $91,919 () 5. 6. 97 96 - $5,729 $6,504-3. 180
97 96 12 31 $55 $150 () () ( ) 1. 94 7 1 6 15 () 15 45 2% ( ) 2. 97 4 30 $41,562 $38,952 $2,610 97 $184 181
182 7. 94 7 1
6% 97 96 $5,901 $5,802 8. ( ) ( ) 3. 96 1 1 $1,630,000 $1,292,597$10 97 12 31 $12,775 $1,630,000 $1,305,372 2. 92 11 13 95 1 12 90,000 ( 100 9,000,000 10 ) 3,500 ( 1,000 3,500,000 11.75 ) 92 12 26 96 5 3 92 12 26 97 12 26 3. (1) 97 96 183
184 4. 97 96 (2) 97 12 31
185 $4,413 $4,527 ( ) ( ) ( ) 1. 97 6 13 10% (1) 3% (2) 10%15% (3) 2. 96 95 97 96
186 3. 97 96 6 13 96 95 4. 50% ( )
4. 97 12 31-107 5. 97 12 31-2,554 113 6. - 95 7. ( ) 50% 187
( ) ( ) 97 96 12 31 1,099 1,275 ( ) 97 96 188
() () (1) (2) (3) (4) 189
() 96 97 () 97 96 ( ) 96-96 12 31 US$800,000 95 3 8 95 3 1 96 1 29 7.762 7.7817 96 12 31 ( ) US$2,220 (RMB$20,480) 190
() 1. (1) - (2) () 2. 3. 191
( ) () 97 96 12 31 $104,510 $195,766 $255,460 $304,765 $80,465 $78,384 $110,000 $53,818 () 1. () ( ) () (1) 192
(2) (3) (4) (1) (2) (3) (4) 193
(1) (2) (3) 3~5 (4) 194
195 ()
() 196
197
198
199
200 () ()
() () () () () () 1. 2. 3. 201
() 202
203
() 204
205 ()
() () ( ) 206
( ) 207
() 756,031 82,375 14,990 10,400 0960064020 208
104 14,306 2,234 0.11 0.02 209
98 97 3 31 ( ) 98 3 31 97 3 31 98 3 31 97 3 31 % % % % 210
98 97 1 1 3 31 ( ) ( ) 98 1 1 3 31 97 1 1 3 31 % % 211
98 97 1 1 3 31 ( ) 98 1 1 3 31 97 1 1 3 31 212
98 97 1 1 3 31 ( ) 98 1 1 3 31 97 1 1 3 31 213
98 97 1 1 3 31 ( ) () - ( ) 1. 66 10 14 11 2. 84 12 3. 98 97 3 31 1,050 1,190 () () 97 3 31 ( ) () 214
() () () () () 96 11 15 0960064020 97 98 1 1 () - 97 1 1 97 () 97 1 1 96 3 16 (96) 052 97 () 104 215
97 7 1 98 $14,306 0.11 () 98 1 1 $3,928 $6,162 98 $2,234 0.02 () () - 98 97 $0 $1,085 () 216
98 97 3 31 $4,240 11,506 217
() () - 97 34 104 97 7 1 $93,750 218
219 () ()
1. 2. 98 97 3 31 ( ) () 220
7. 8. 98 97 - $1,424 $1,604-3. 98 97 3 31 $55 $150 () () ( ) 1. 97 1 1 $1,630,000 $1,305,267 10 98 3 31 $105 $1,630,000 $1,305,372 2. 92 11 13 95 1 12 90,000 ( 100 9,000,000 10 ) 3,500 ( 1,000 3,500,000 11.75 ) 92 12 26 221
96 5 3 92 12 26 97 12 26 3. (1) 98 97 222
(2) 98 3 31 4. 98 97 $1,049 $1,157 223
( ) ( ) ( ) 1. 97 6 13 10% (1) 3% (2) 10%15% (3) 2. 97 96 97 3. 50% 224
( ) 98 97 225
() () 226
() 97 98 () 98 () 1. (1) - 227
(2) - () 2. 3. ( ) () 98 97 $40,054 $71,876 $209,996 $15,794 $197,181 $162,574 $106,783 $313,616 () ( ) () (1) (2) (3) 228
(4) (1) (2) (3) (4) 229
(1) (2) (3) 3~5 (4) 230
() 0960064020 () 0960064020 () 0960064020 ( ) 231
() 232
233
234
( ) 貮 貮 235
2 3 236
( ) : 237
( ) ( ) 140,362,572 181,307,957 321,670,529 321,670,529 321,670,529 32,167,052 24.6421% 983,701,770 238
() ( 98 98 300,000 300,000 300,000 300,000 300,000 98 2,600 ( ( ( 1 3 5 ( ) 101~105% (, ) 239
( ( 28 1 1. 267 2. 3. 4. ( ( ( ( ( ) ( ( ) 240
: : 10,000 30,000 120 3 3 6,000 USD150 ( () ) () 241
98 1 15 0980000271 () () () 242
98 1 15 0980000271 243
/ 244
( ) ( ) 1. 100 200 200 2. 100 500 500 ( ) : - - - - (3416) (3536) 65,413-245
- (3285) (3422) (3396) (3492) 26,663 - : INViSiON ( ) INViSiON 868 11 165 868 10 () 1. 2. 3. 4. 5. 6. 7. 246
() 8. 9. ( ) 1. 2. () 1. 2. () 247
( ) 248
: ( 98 98 230,000 230,000 230,000 230,000 230,000 98 1,917 249
( ) ( ( ) 250
868 11 ( ) ( ) 251
140,362,572 181,307,957 321,670,529 98 1 15 0980000271 1. 2.98.1.15. 0980000271... 98.1.15. 0980000271 252
98.1.15. 0980000271 () () () () () () 98.1.15. 0980000271 98 1 15 0980000271 253
98.1.15. () () 0980000271 () () () () () () 98.1.15. 0980000271 98.1.15. 0980000271 () () () () 254
255
256
Sysgration Ltd. 1.CB01020 2.CC01060 3.CC01070 4.CC01080 5.CC01110 6.CE01010 7.F113030 8.F113050 9.F119010 10.F113070 11.F401010 12.F401021 13.CC01101 14. 257
179 258
259
260
( ) ( ) ( ) ( ) 0% 0% ( ) () ( ) ( ) ( ) ( ) ( ) ( ) () () 261
( ) () ( ) ( ) () () ( ) 101%~105% ( ) () 10 () 1. ( ) ( ) (1) (2) (3) (2) 1 2 ( ) 3 2. ( ) 262
( ) (1 () ) 3. (4) ( ) (56) 4 ( ) 5 6 4. () 1. ( ) ( ) 263
() ( ) ( ) 2. 10 ( ) ( ) () ( ) () 1. 2. () () 3. () () 1. 2. () () 3. () ( ) ( ) 102.01%( 1%) 264
( ) 265
98 6 19 貮 貮 () () 95( 94) (0.75) - - - - 96( 95) (0.65) - - - - 97( 96) (1.08) - - - - 95~97 97 () 97 12 31 97 97 1,007,285 130,537 (/) 7.72 97 266
() 1. 95 96 97 845,780 851,075 720427 284,368 285,595 350191 215,270 199,320 224750 6,146 3,032 686 184,407 177,468 128202 1,535,971 1,516,490 1424256 255,309 319,633 409587 40,221 16,791-11,629 11,453 7384 307,159 347,877 416971 1,228,812 1,168,613 1007285 1,535,971 1,516,490 1424256 2. 95 96 97 1,705,708 1,532,870 1,447,597 264,652 151,936 144,439 22,922 (92,646) (52,056) 34,917 56,035 36,006 (155,232) 48,855 (112,776) (97,393) (85,466) (128,826) (97,393) (85,466) (140,362) ()(1) (0.75) (0.65) (1.08) 1 97 貮 3 0% () 267
268 () () 1. 貮 3 0% 1. 2. ( ) 101%~105% 2. ( ),, 5 3 1 MA MA MA 1 MA 3 MA 5 MA 101%~105% (1) ( ) ( ) (2) ( ) ( ) (3) ( ) 3. ( 98 ) ( 101 )
4. 1.0248 0.25 98 715 0.5082% 0.5082% () 1. Cox Ross Rubinstein (1979 CRR) George Philips (1) CRR CRR a. (Competitive Market) b. (Price Takers) c. () ( ) d. b, c d (Perfect Market) e. (u-1) (d-1) CBu u.s CB CBd d.s CB r t = 0 S t = 1 us t = 0 t = 1 CB CBu ds A= 269 CBd B= CB
t =1 CB t =1 CB t =1 1 CB h Bt =1 CBu = h (us) +(1+ r)b (1-1) CBd = h (ds) +(1+ r)b (1-2) CBu CBd h = (1-3) Su ( d) ucbd dcbu B = (1-4) ( u d)(1 + r) t =1 CB ( (1-1)(1-2) ) (t =0) C B= h S +B (1-5) (1-3)(1-4)(1-5)CB t =0 1 (1 + r d) ( u r 1) CB = [ CBu + CBd] 1 + r ( u d) ( u d) 1 = [ pcbu + qcbd ] 1+ r (1 + r d) p = q= 1 p ( u d) 1 2 2 CB = [ p CB 2 ] 2 uu + p qcbud + q CBdd (1 + r) 1 3 2 2 3 CB = [ p CB 3 3 ] 3 uuu + p q CBuud + p q CBudd + q CBddd (1 + r) (2) George Philips rmix = rcb (1 h) + r s h r = + s cb r = h = (1-6) a. ( h =1) b. ( h =0) r mix ab a 1b 0 270
2. (1) 105 % 1. 2. 98 7 15 250 26.55 % 98 7 15 135 9.58 9.55 9.56 10.00 3 9.55 10.00 ( ) 98 715 9.58 9.58 1.0248 0.5082 0.25 98 715 140 BP (BP,Basis Point) (put) 102.01% (call) 250 (ma) 3 0.5082% 140 (BP)1.9082% 1.0248% 0.25% 98 715 271
(2) (terminal nodes) max(, ) Backward ( 1) (2-1) 110,801 max{min[max(, ), ], } (2-1) 1 ( / ) ( / ) (3) 110,801 1.085% 109,612 ( 110,707 (1+1.085%)= 109,612 /) 100 9 (109,612 0.9= 98,651 ) () 貮 0% 27 2
105% 10 273
: : ( ) 27 4
: : ( ) 275
276