Chp034
- 2. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 2
McGraw-Hill/Irwin
Сэдэв
Санхүүгийн зах зээл ба байгууллагууд
Эзэмшил, Хяналт ба Засаглал
Do These Differences Matter
- 3. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 3
McGraw-Hill/Irwin
Санхүүгийн шаардлага
0
20
40
60
80
100
120
140
160
US UK Europe Japan Non-Japan
Asia
Bank Loans Stock Market Private Bond Market
ХувьПүүсийн санхүүгийн шаардлагын үнэ цэнэ 2003 онд ДНБ-д
эзлэх хувиар.
- 4. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 4
McGraw-Hill/Irwin
Санхүүгийн шаардлага
0
20
40
60
80
100
120
140
160
180
US UK Europe Japan
Banks Insurance and funds Equity Others
327% 306% 192% 267%
Хувь
Өрхийн портфелийн хуваарилалт (1995-2002) ДНБ-д эзлэх хувь
- 5. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 5
McGraw-Hill/Irwin
Санхүүгийн шаардлага
0
20
40
60
80
100
120
140
160
180
US UK Europe Japan
Debt Equity Loans Deposits and currency Other
Хувь
Санхүүгийн байгууллагын портфелийн хуваарилалт (1995-
2002) ДНБ-д эзлэх хувь
- 6. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 6
McGraw-Hill/Irwin
Санхүүгийн шаардлага
0
10
20
30
40
50
60
70
US UK Europe Japan
Banks Equity Loans and trade credits Other
Хувь
Санхүүгийн бус корпорацийн портфелийн хуваарилалт
(1995-2002) ДНБ-д эзлэх хувь
- 7. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 7
McGraw-Hill/Irwin
Японы банкны эзэмшил
Sumitomo
Corporation
Sumitomo
Trust
Sumitomo
Bank
1.9%
4.3%
4.4%
1.8%
2.2%
2.2%
- 8. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 8
McGraw-Hill/Irwin
Cross Holdings
Shareholder
Sumitomo
Bank
Sumitomo
Trust
Sumitomo
Corporation
Sumitomo
Metal
Industries
Sumitomo
Chemical NEC
S. Bank - 2.2 4.4 3.4 4.7 3
S. Trust 2.2 - 4.3 6.8 5 3.2
S. Corporation 1.8 1.9 - 2.1
S. Metal Industries
S. Chemical
NEC 1.9 2.7
Other S. Group 7.5 3.8 9.5 4.3 7.8 6.8
Total 11.5 9.8 20.9 16.6 17.5 13
2000 оны Sumitomo Group-ийн 6 компаний хоорондох энгийн
хувьцааны харилцан эзэмшил. Эргэлтэд байгаа хувьцааны
эзэмшлийн хувиар.
- 9. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 9
McGraw-Hill/Irwin
Daimler Benz-ийн эзэмшил
Deutsch
Bank
Kuwait
Government
Mercedes Automobil
Holding AG
Widely
Held
Widely
Held
Stern Auto
Beteilig…
Stella Automobil
Beteiligungsges
Widely
Held
Bayerishe
Landesbank
Robert Bosch Komet Automobil
Beteiligungsges
Dresdner
Bank
25% 25% 25% 25%
25% 25% 50%
28.3% 14% 25.23% 32.37%
Daimler Benz AG
- 10. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 10
McGraw-Hill/Irwin
ABB Sweden
Wallenberg
Family Investor Investor Investor
Shares 5.7%
Votes 7.4%
Shares 23.4%
Votes 41.2%
Shares 24.3%
Votes 32.8%
Shares 27.1%
Votes 35.7%
Шведийн хамгийн том компаниудын нэг
ABB-г хянадаг пирамид.
- 11. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 11
McGraw-Hill/Irwin
European BOD
Codetermination
Aufsichtsrat
Vorstand
Counseil du surveillance
Directoire
- 12. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 12
McGraw-Hill/Irwin
Asian Ownership
Number of
Firms in
Smaple Family State
Widely
Held
Percent of Assets
controlled by top
10 families
Hong Kong 330 66.7 1.4 7 32.1
Indonesia 178 71.5 8.2 5.1 57.7
Japan 1240 9.7 0.8 79.8 2.4
Korea 345 48.4 1.6 43.2 36.8
Malaysia 238 67.2 13.4 10.3 24.8
Philippines 120 44.6 2.1 19.2 52.5
Singapore 221 55.4 23.5 5.4 26.6
Taiwan 141 48.2 2.8 26.2 18.4
Thailand 167 61.6 8 6.6 46.2
Азийн пүүсүүдийн өмчийн эрхийг
цөөн тооны маш чинээлэг гэр бүлүүд
эзэмшиж байна.
- 13. Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved
34- 13
McGraw-Hill/Irwin
Voting Control
Australia 23% Italy 29%
Brazil 23% Korea 48%
Canada 3% Mexico 36%
Chile 23% Norway 6%
Denmark 1% South Africa 7%
Finland 0% Sweden 1%
France 28% Switzerland 6%
Germany 9% U.K. 10%
Hong Kong -3% U.S. 2%
The value of control-block votes as a
proportion of the total firm value.
