ၪdʑ͉݊࣬ʘ༸fˈՉ݊Элଟٙᄱᕦ࿆݁ഄᐑྤɨdྼҳ༟ʥ್ʔ
ࣈfᏨൖ
ږ
ፄʔʕʧ
financial disintermediation
ਪᕚ
ה
ίdʑঐˏኬ༟
ږ
ҳ༟
อጳପุၾࠠᓃପุfਬϞ
ږ
ፄุϓ̌ˏኬ͏ග༟
ږ
dৣΥִ݁ʞÐɚࠠᓃପ
ุ݁ഄٙ˦၇dΝᓃ˦dʑ݊
ڮ
ϓ௴อᚨਗପุ೯࢝ٙอᅼόf
Ͼ͏ගದ༟̂͆dཀ௵ٙ༟
ۍږ
ኬʔආྼҳ༟fִ݁ᏐϞᗫˏኬ͏ගҳ༟
ٙ݁ഄ˙ΣdԷνʞÐɚٙ௴อପุ೯
ࠇ
dіˏlzದ༟ၾ੭ϞอҦஔў
ඎ̮ٙ༟ҳɝdʑঐᜫཀ௵ٙ༟
ږ
ኬɝྼҳ༟dҷഛfʔසίପุࠦd
ܼ̍ழeண݄d˸݁ഄൖၾ݁ഄ
ݖ
ˏኬˏ͏ගҳ༟f
ۃ
༟͉̹ఙٙਪᕚdɰ݊݁ഄᏨীٙࠠːf
ڐ
ϋԸٜટ
ږ
ፄܵᚃൂᐵdᅂ
ᚤอ௴ପุᘪ༟dɰʔлପุԻᒅၾʺॴᔷۨცӋf࣬ኽ̯Б༟ࣘdٜટ
ږ
ፄ
࿁ගટ
ږ
ፄʘπඎˢԷd͟
2005
ϋֵٙ
25.65
ĈdܵᚃൂᐵՑ
2017
ϋ
10
˜ֵ
ස௵
19.84
Ĉfٜટ
ږ
ፄൂᐵ࿁ପุ೯࢝ପ͛ʔԄᅂᚤfვБҲစගટ
ږ
ፄʕʧ̌
ঐdіϗɽπಛdਗ਼༟
൲ږ
ഗცӋ٫dᒃ՟ฆᑛлࢨfՉ༟
ږ
̘༩ࠠତ
ݴږ
d
ቇΥ֛ಂᎵᒔ͉ࢹٙϓᆞۨପุi࿁ʘɨdٰᛆҳ༟eࠬᎈ༟͉ၾᗇՎପุҲစ
ٜટ
ږ
ፄ̌ঐdႾኬପุɪ̹ᓞe೯Бʮ̡ව
א
ᗇՎʷਠۜdదΥ༟
ږ
Զცᕐ
˙fٜટ
ږ
ፄʑঐਗ਼༟
ږ
ኬɝอ௴ԫุၾΆุԻᒅd
ڮ
ආପุʺॴᔷۨ೯࢝f
ᗇՎϓʹඎܵᚃЭdո್ึᅂᚤΆุɪ̹eᓞ
IPO
નdၾᄣ༟೯Бอ
ٰ
SPO
จᗴdᅂᚤ༟͉̹ఙᘪ༟̌ঐdʔлΆุʺॴᔷۨd࿁ྼ೯࢝
ପ͛
ࠋ
ࠦᅂᚤfʦϋ
IPO
ၾ
SPO
̹
ر
ʔԳd͍݊༟͉̹ఙਪᕚᐵᅂfɪ̹ᓞุਕ
ൂᐵdʿၽٰϓʹඎ৷Эdᅂᚤᗇ
ו
ቖၾ
ߏ
ุਕdՎਠࠦᑗପุଧ᎕fᎇҳ༟၍
༸εʩeཥɿɨఊସБd
ږ
ፄ߅Ҧ
E
ʷഃdପุ೯࢝ᒈැdᐽԴՎਠҳɝɽඎϓ
͉
ܔ
ໄ༟ৃӻ୕dᗇՎ
ߏ
ุਕʥࠦᑗ૨ᄆᘩ
ن
f
ՉྼᗇՎପุጳসٙᗫᒟ
ڷ
༟͉̹ఙ͊Ը೯࢝ԐΣdί༟ପ၍ଣeҳ༟
ุਕeΆุԻᒅeࠬᎈ༟͉ٙ௴ุҳ༟
Venture Capital
eӷٰᛆ
Private
Equity
ҳ༟e༟ପᗇՎʷഃุਕdᏐ
࠾
ᗝᆄ
ߕ
ҳ༟ვБ
investment bank
೯࢝
᜕dʑ݊Ң༟͉̹ఙ
ڗ
Ⴣ೯࢝˙Σf݁ഄɪᏐོᎸɽۨၝΥՎਠᔷۨ
މ
ҳ༟ვ
БdʑঐԶྼପุ೯࢝
ה
ცʘ
ږ
ፄਕf
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