,,2060,,30,,,,,,,,IMF,(IMF)()IMF199711,,1121IMF,123IMFIMF:,,,,,,,,,,,M&A,,M&A()IMF,,,,,,,,12IMF,,,19987©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,(GDP)(8%)318%,,,,,,,(),,,,,,26,,,,,,19978%12,,30,13,,,21,,199732,,16,,20,,,,,,(),,199730519%,1995160%206%,,,4,20003,,,,,,1997,,,,,,,,,,,81998©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.(6),(5),,,,,,,,,,,1996230,1230,IMF,89,19984300,,121960,1600130012,30%,,20%,,,,,,,,10%,20%,30%,718%,,121149%,015016%,3000,,3,,3,615%,,,,3,,80,,,,(:),1998,,19989©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.