a.1.

NEC list its subsidiaries on the stock market,while mang other Japanese
companies do it as well.
2.NEC provide life-time job opportunities to its workers.
b.a.financiers(touzizhe):not so shareholder friendly as those in U.S or U.K.Japan
felt that they should be able to choose their shareholders,not the way
around.access to true decision is often limited.lack of effective protection given
to minority shareholders.
b.owners(shareholder):controlling shareholders are not required to prove that
their dealings with the company are fair ,and self-dealing is not formally defined
by the law.In the United States,in contrast,all transactions between controlling
shareholders and the company are subject to scrutiny by the court.
Management of japanese corporations had been criticized for their inefficient
use of shareholders capital.These concerns were a reflection of the japanese
model of stakeholder capitalism,which asserted that management could be
entrusted to safeguard the interests of a range of key shareholders,rather than
focusing more narrowly on maximizing returns to shareholder.In
Japan,shareholders are only one of many constituencies
c.suppliers(gongyingshang):
d.emploees(congyerenyuan):

http://www.investopedia.com/articles/basics/12/intrinsic-value.asp
What is fundamental value ?(principle of corporate finance,10th,chapter
13)
Cash flow:

Return on assets(ROA)=net income/total assets

2003:9622/605854=

2004:28066/705935=
2005:16031/784448=
2006:981198/743542=
2007:41500/691994=
Conservative gearing=
history of profit retention for funding future growth
Soundness of capital management for the maxization of shareholders
earning and returns

How to judge an investment is a good investment?

What is the price of its share value

A.1.access to capital,during times when valuations were high in the

industry of one of its subsidiaries,it made sense for a parent company to sell
shares to the public ,using the procees to fund other business activities.And
during tough economic times,when banks were rationing loans,subsidiaries could
borrow directly from banks rather than receiving allocations from made tosparent
companies.As listed companies were considered more prestigious,listing helped
to attract talented employees.
2.Intangible benefits as well.As Japanese companies tried to provide lifetime job opportunities to their worker,public subsidiaries meant good job
opportunities for senior executives of parent companies.When the deputy
presidents and managing directors of Hitachi or toshiba would retire ,they could
become presidents for chairmen of the public subsidiaries.Finally,according to
some ,listed subsidiaries were easier to evaluate and manage because there was
a clear market metric that could be used to measure performance.