succinctly indicated the continuance of the rapid growth, the great future.

　　The last but not the least is the recommendation. I can confidently assert that, if executed properly, a series of share issue privatizations can indeed promote the growth of global capital market, which will yield economic and political dividends for many years to come. That means there is a need to encourage the development of SIPs in order to gain growth of global capital market.

　　References

　　Dictionary of Business, Oxford University Press, ? Market House Books Ltd 1996 　　The Economist (April 12, 1997), "Fragile, Handle With Care: A Survey of Banking In Emerging Markets."

　　The Economist (April 17, 1999), "On A Wing and A Prayer: A Survey of International Banking."

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　　Gibbon, H., 1998, "Worldwide Economic Orthodoxy," Privatisation International 123, 4-5.

　　Gibbon, H., 2000, "Editor's Letter," Privatisation Yearbook, London, Thomson Financial, 1.

　　Gompers, P. and J. Lerner, 1998, "What Drives Venture Capital Fundraising?" Brookings Papers On Economic Activity--Microeconomics, 149-192.

　　Jones, S.L., W.L. Megginson, R.C. Nash, and J.M. Netter, 1999, "Share Issue Privatizations As Financial Means To Political and Economic Ends," Journal of Financial Economics 53(2), 217-253

　　Kester, W.C., 1992, "Governance, Contracting and Investment Horizons," Journal of Applied Corporate Finance 5(2), 83-98.

　　Ljungqvist, A.P., T. Jenkinson and W.J. Wilhelm, Jr., 2000, "Has the Introduction of Bookbuilding Increased the Efficiency of International IPOs?" New York University Working Paper.

　　Maher, M. and T. Andersson, 1999, "Corporate Performance: Effects On Firm Performance and Economic Growth," OECD Working Paper (Paris).

　　Prowse, S., 1992, "The Structure of Corporate Ownership in Japan," Journal of Finance 47(3), 1121-1140.

　　Porter, M.E., 1992, "Capital Choices: Changing the Way America Invests in Industry," Journal of Applied Corporate Finance 5(2), 4-16.

　Considerations and A Review of the Empirical Literature," OECD Working Paper Series, No 228.

　　data from the Statistics section of the International Federation of Stock Exchange's website (www.fibv.com).

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