M&

M&A

Kumi Miyauchi Eishi Harada Takashi Mizukami

20114 1
 .

M&A
PMI





1 1996
BRICs4
902000

BRICs 4M&A

30

25

20

15

10

0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

M&A

2

2010
2010

2007500

M&A

3
 .

2007







OB

1M&A


30
70
6,000

30


20074
80
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2002

1 2 3

80 100

120
1 2 3
100

80

60

40

20

0
2008/3 2009/3 2010/3 2011/3

5
 11
2
23


3-1
2009
20 1
200985
2010100
1 =1.82201133

2,392
2009












20125
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2009 100

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12