2009쓪뗚10웚맺폐막좨ꆢ쮰쫕폅믝폫릫쮾쮰뢺3컢솪짺ꆡꆡ쓚죝쳡튪:맺폐막좨폫릫쮾볛횵횮볤뗄맘쾵,쫇톧쫵뷧뫍쪵컱뷧쯹릲춬맘탄뗄훘듳컊쳢ꆣ좻뛸,틑폐퇐뺿훷튪맘힢맺폐막좨폫릫쮾튵벨뗄맘쾵,떫쎻폐뗃떽뇈뷏튻훂뗄퇐뺿뷡싛,웤훷튪풭틲퓚폚쯼쏇쎻폐맘힢맺폐막좨펰쿬릫쮾볛횵뗄뻟쳥춾뺶ꆣ쮰쫕쫇맺폐막좨펰쿬릫쮾볛횵뗄훘튪춾뺶ꆣ쒿잰,횻폐짙쫽퇐뺿듓릫쮾쮰뢺뗄뷇뛈뾼달쇋맺폐막좨폫릫쮾볛횵횮볤뗄맘쾵,늢쟒쯼쏇쎻폐뾼싇쮰쫕폅믝뛔맺폐막좨폫릫쮾쮰뢺횮볤맘쾵뗄펰쿬컊쳢ꆣ놾컄퇐뺿쇋컒맺맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵틔벰쮰쫕폅믝뛔맺폐막좨폫릫쮾쮰뢺맘쾵뗄펰쿬ꆣ퇐뺿뷡싛뇭쏷,릫쮾맺폐막좨뇈샽풽룟,웤쪵볊쮰싊튲풽룟;럇쮰쫕폅믝릫쮾뗄맺폐막좨헽쿲쮰뢺킧펦쿔훸룟폚쮰쫕폅믝릫쮾ꆣ놾컄뗄퇐뺿뷡싛뿉틔캪컒맺맺폐웳튵룄룯쳡릩훘튪뗄틀뻝,튲뿉틔캪쮰컱늿쏅뗄쓉쮰릤ퟷ뫍춶헟뗄춶뻶닟쳡릩횧돖ꆣ맘볼듊:릫쮾훎샭ꆡ웳튵쯹뗃쮰ꆡ헾뢮룉풤튻ꆢ룅ꆡ쫶맺폐막좨쫇컒맺릫쮾훎샭뗄뫋탄컊쳢,튲쫇컒맺맺폐웳튵룄룯맽돌훐탨튪폨틔맘힢뗄훘듳컊쳢ꆣ쒿잰,틑폐컄쿗훷튪퇐뺿쇋맺폐막좨폫릫쮾튵벨횮볤뗄횱뷓맘쾵,떫쎻폐뗃떽뇈뷏튻훂뗄퇐뺿뷡싛,웤훷튪풭틲퓚폚쯼쏇쎻폐맘힢맺폐막좨펰쿬릫쮾볛횵뗄뻟쳥춾뺶ꆣ쪵볊짏,맺폐막좨춨맽늻춬뗄춾뺶펰쿬릫쮾볛횵,웤뷡맻뿉쓜췪좫늻춬ꆣ틲듋,늿럖퇐뺿듓릫쮾훎샭ꆢ붻틗돉놾ꆢ맍풱틔벰풤쯣죭풼쫸뗈뷇뛈,퇐뺿쇋맺폐막좨뛔릫쮾볛횵뗄펰쿬컊쳢ꆣ쮰쫕쫇맺폐막좨펰쿬릫쮾볛횵뗄훘튪춾뺶횮튻,좻뛸,쒿잰뫜짙폐퇐뺿맘힢맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵;쇭췢,틑폐퇐뺿횻쫇듓욽뻹뗄뷇뛈살맀볆맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵,늢쎻폐뾼싇뻟폐늻춬쳘헷뗄릫쮾,웤맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵쫇럱튲듦퓚닮틬뗄컊쳢,뇈죧,릫쮾쫇럱쿭쫜쮰쫕폅믝헾닟,웤맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵튲뿉쓜듦퓚닮틬ꆣ놾컄틔훐맺짏쫐릫쮾캪퇹놾,퇐뺿쇋맺폐막좨뛔릫쮾쮰뢺뗄펰쿬,늢쟒첽쳖맺폐막좨뛔릫쮾쮰뢺펰쿬퓚쮰쫕폅믝릫쮾폫럇쮰쫕폅믝릫쮾횮볤쫇럱듦퓚닮틬뗄컊쳢ꆣ웤쒿뗄퓚폚믘듰죧쿂솽룶컊쳢:(1)쮰쫕쫇럱캪맺폐막좨펰쿬릫쮾볛횵뗄훘튪쟾뗀,죧맻쫇,맺폐막좨춨맽쮰쫕퓵퇹펰쿬릫쮾볛횵;(2)쮰쫕폅믝쫇럱캪맺폐막좨쮰뢺킧펦뗄펰쿬틲쯘ꆣ퇐뺿뷡싛뇭쏷,퓚컒맺짏쫐릫쮾훐,맺폐막좨뇈샽풽룟,릫쮾쮰뢺튲풽룟;럇쮰쫕폅믝릫쮾뗄맺폐막좨헽쿲쮰뢺킧펦쿔훸룟폚쮰쫕폅믝릫쮾ꆣꆡ놾컄듓릫쮾쮰뢺뗄뷇뛈퇐뺿쇋맺폐막좨뛔릫쮾볛횵뗄펰쿬,쯼횱뷓듓쒳튻뻟쳥뗄펰쿬춾뺶짏볬퇩맺폐막좨뛔릫쮾볛횵뗄펰쿬,틲뛸쯼뿉틔럡뢻맺폐막좨뛔릫쮾볛횵펰쿬뗄퇐뺿;놾컄늻뷶퇐뺿쇋맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵,뮹뷸튻늽퇐뺿쇋쮰쫕폅믝뛔맺폐막좨폫릫쮾쮰뢺횮볤맘쾵뗄펰쿬,틲듋,쯼췆뷸쇋쒿잰?듽랢햹뗄맺폐막좨뛔릫쮾쮰뢺펰쿬컊쳢뗄퇐뺿ꆣ놾컄뷒쪾쇋쮰쫕쫇3ꆡ컢솪짺,놱뺩듳톧맢뮪맜샭톧풺,폊헾뇠싫:100871,뗧ퟓ탅쿤:wuls@ꆣ놾컄쾵맺볒ퟔ좻뿆톧믹뷰쿮쒿ꆰ릫쮾쪵볊쮰뢺폫펯폠맜샭ꆱ(엺ힼ뫅:70572020)뫍뷌폽늿ꆰ탂쫀볍폅탣죋닅횧돖볆뮮ꆱ(엺ힼ뫅:NCET20720024)뗄퇐뺿돉맻ꆣퟷ헟룐킻쓤쏻짳룥죋뗄움싛틢볻,떫컄퓰ퟔ뢺ꆣ109
컢솪짺:맺폐막좨ꆢ쮰쫕폅믝폫릫쮾쮰뢺맺폐막좨펰쿬릫쮾볛횵뗄훘튪쟾뗀,쮰쫕폅믝쫇펰쿬맺폐막좨폫릫쮾쮰뢺횮볤맘쾵뗄훘튪틲쯘ꆣ놾컄뗄퇐뺿뷡싛뿉틔캪컒맺맺폐웳튵룄룯쳡릩훘튪뗄틀뻝,튲뿉틔캪쮰컱늿쏅쳡룟쮰쫕릫욽탔틔벰쓉쮰릤ퟷ뗄폐킧탔쳡릩틀뻝,춬쪱뮹뿉틔캪춶헟뗄춶뻶닟쳡릩횧돖ꆣ뛾ꆢ컄쿗믘맋맺폐막좨폫릫쮾볛횵횮볤뗄맘쾵,쫇맺볊뺭볃톧뷧퇐뺿뗄훘튪컊쳢,튲틑뺭좡뗃쇋쿠떱럡뢻뗄퇐뺿돉맻,떫짐캴좡뗃뇈뷏튻훂뗄퇐뺿뷡싛(ShirleyandWalsh,2000)ꆣ듓ퟜ쳥짏뾴,틑폐퇐뺿훷튪죏캪맺폐웳튵뻟폐벨킧쇓쫆,웤풭틲훷튪퓚폚틔쿂죽랽쏦:(1)헾뢮뗄쒿뇪쫇짧믡샻틦ퟮ듳뮯,뛸웳튵뗄쒿뇪쫇샻죳ퟮ듳뮯ꆣ맺폐막좨뗄듦퓚캪헾뢮룉풤웳튵쳡릩쇋춾뺶ꆣ평폚쒿뇪뗄돥춻,톰ퟢ뫍쟖햼샻틦뇣돉캪헾뢮룉풤뗄훘튪쒿뇪(Stigler,1971;Spiller,1990;ShleiferandVishny,1998)ꆣ뻟쳥살쮵,헾뢮믡죃웳튵돐떣짧믡쒿뇪뫍룶죋샻틦뗄럑폃(Fanetal.,2007);춬쪱,평폚맺폐막좨뗄듦퓚,맺폐웳튵췹췹믡럅웺샻죳ퟮ듳뮯쒿뇪,뛸맍펶맽뛠뗄샍뚯솦틔쪵쿖돤럖뻍튵(Boyckoetal.,1996),늢맍펶뻟폐헾뢮놳뺰뗄죋풱뛸늻쫇맍펶돆횰뗄풱릤(Krueger,1990),듓뛸쯰몦릫쮾볛횵ꆣ(2)맺폐웳튵췹췹듦퓚ퟅ뢴퓓뗄캯췐ꆪ듺샭맘쾵,헢훖뢴퓓뗄캯췐ꆪ듺샭맘쾵늻뷶쪹맺폐웳튵듦퓚벤샸늻ퟣ뗄컊쳢,늢쟒떼훂맺폐웳튵듦퓚볠뚽늻솦뗄컊쳢ꆣ뛸쏱펪웳튵췹췹폐룼볓췪짆뗄뺭샭죋쫐뎡뫍틔샻죳캪떼쿲뗄볠뚽헟,틲뛸웤퓚볠뚽랽쏦듦퓚ퟅ쿠뛔폅쫆(BoardmanandVining,1992;Nellis,1994)ꆣ(3)풤쯣죭풼쫸튲쫇맺폐웳튵튵벨닮뗄훘튪풭틲ꆣ맺폐막좨쫇닺짺풤쯣죭풼쫸뗄튻룶돤럖쳵볾(Li,1992),맺폐웳튵튻떩튵벨쿂붵믲헟뿷쯰,췹췹뿉틔듓헾뢮쓇샯뗃떽늹쳹(KornaiandWeibull,1983),듓뛸틖훆쇋맺폐웳튵뺭샭죋풱뛔웳튵뷸탐룟킧퓋ퟷ뗄믽벫탔ꆣ틔짏맘폚맺폐웳튵뻟폐벨킧쇓쫆뗄샭싛,틑뺭뗃떽듳뛠쫽뺭퇩횤뻝뗄횧돖(MegginsonandNetter,2001;DjankovandMurrel,2002)ꆣ좻뛸,튲폐늿럖퇐뺿늢늻춬틢맺폐막좨뻟폐벨킧쇓쫆뗄맛뗣ꆣBlanchardandShleifer(2000)죏캪,훐맺뫍뛭싞쮹1989쓪틔살뺭볃퓶뎤뗄닮틬,웤훷튪풭틲퓚폚솽맺헾뢮훊솿뗄늻춬,훐맺헾뢮쓜릻냯훺웳튵랢햹;CheandQian(1998)퓲죏캪,헾뢮쯹폐훆뿉틔복짙헾뢮룉풤뫍헾뢮뻰좡ꆣ뿉볻,헾뢮폐뿉쓜쫇튻횻뻰좡횮쫖,튲폐뿉쓜쫇튻횻냯훺횮쫖ꆣVickersandYarrow(1988)죏캪,맺폐웳튵듦퓚캯췐ꆪ듺샭컊쳢,쏱펪웳튵춬퇹듦퓚캯췐ꆪ듺샭컊쳢;ChangandSingh(1997)퓲죏캪,맺폐웳튵뫍쏱펪웳튵뗄볠뚽믺훆뚼늻췪짆ꆣ튲뻍쫇쮵,맺폐웳튵늻튻뚨뻍뇈쏱펪웳튵맜샭뗃닮ꆣ틔짏폐맘맺폐막좨늢늻뻟폐벨킧쇓쫆뗄맛뗣,튲뗃떽쇋쪵횤퇐뺿뷡싛뗄횧돖,뇈죧,CavesandChristiansen(1980)랢쿖,릫펪뫍쮽펪쳺슷릫쮾횮볤늢늻듦퓚킧싊닮틬ꆣ맺폐막좨뛔릫쮾튵벨펰쿬뗄컊쳢,뛔폚컒맺뺭볃랢햹살쮵퓲쫇튻룶훘듳뗄컊쳢ꆣ헽틲죧듋,톧헟틑뺭뻍컒맺맺폐막좨뛔릫쮾볛횵펰쿬뗄컊쳢뷸탐쇋뛠랽쏦뗄쪵횤퇐뺿ꆣ웤훐,럖컶맺폐막좨폫릫쮾튵벨횮볤맘쾵뗄퇐뺿ퟮ뛠ꆣ훜튵낲(1999)춨맽럖컶훐맺헾뢮뗄뷰죚틖훆헾닟뛔웳튵죚쓜솦뗄펰쿬,랢쿖럇맺폐막좨뛔웳튵탐캪뗄헽쿲벤샸쏷쿔폅폚맺폐막좨;XuandWang(1999)퓋폃1993쓪훁1995쓪짏쫐릫쮾뗄쫽뻝,랢쿖맺폐막좨폫릫쮾튵벨쿔훸뢺쿠맘;SunandTong(2003)퓋폃1994쓪훁1998쓪훐맺634볒맺폐막좨쮽폐뮯뗄짏쫐릫쮾쫽뻝,랢쿖맺폐막좨쮽폐뮯쳡룟쇋릫쮾뗄펯샻쓜솦,맺폐막좨뛔릫쮾튵벨뻟폐뢺쏦펰쿬;Weietal.(2003)틔훐맺1990쓪훁1997쓪맺폐막좨쮽폐뮯뗄208볒릫쮾캪퇹놾,랢쿖맺폐막좨쮽폐뮯뫳릫쮾펯샻쓜솦늢쎻폐쿔훸쳡룟,떫쿠뛔폚쎻폐쮽폐뮯뗄맺폐웳튵살쮵,쮽폐뮯웳튵뗄튵벨쿔훸튪룟;탬쿾뚫뫍돂킡퓃(2003)틔1997쓪틔잰짏쫐뗄508볒짏쫐릫쮾1997쓪훁2000쓪뗄2032룶맛닢횵캪퇹놾,랢쿖뗚튻듳막뚫캪럇맺볒막막뚫뗄릫쮾폐ퟅ룼룟뗄릫쮾볛횵뫍룼잿뗄펯샻쓜솦;쿄솢뻼뫍랽잿(2005)퓲틔2003쓪훁2005쓪뗄짏쫐릫쮾캪퇹놾,뾼달쇋헾뢮뿘훆ꆢ훎샭뮷뺳폫릫쮾볛횵횮볤뗄맘쾵,뷡맻랢쿖,헾뢮뿘훆짏쫐릫쮾뛔릫쮾볛횵뻟폐뢺쏦펰쿬,늢쟒헢훖뢺쏦펰쿬훷튪살ퟔ폚뗍닣벶헾뢮(뇈죧쿘벶뫍쫐벶헾뢮)뛔짏쫐릫쮾뗄뿘110
2009쓪뗚10웚훆ꆣ뿉볻,틔짏쪵횤퇐뺿뚼쿔쪾,맺폐막좨믡쯰몦릫쮾볛횵ꆣ떫쫇,쇭튻늿럖쪵횤퇐뺿좴뗃돶쇋늻춬뗄뷡싛ꆣ뇈죧,Sunetal.(2002)틔훐맺짏쫐릫쮾1994쓪훁1997쓪뗄쯹폐맛닢횵캪퇹놾,랢쿖맺폐막좨폫릫쮾튵벨쿔훸헽쿠맘;뛸Tian(2001)틔벰쳯샻믔(2005)퓲랢쿖,맺폐막좨뛔릫쮾튵벨뻟폐솽쏦탔뗄펰쿬,릫쮾튵벨쯦ퟅ맺폐막좨뇈샽뗄짏짽뛸쿈쿂붵뫳짏짽,돊쿖돶U탍맘쾵;돂쿾뫍붭뚫(2000)틔컒맺뗧ퟓ뗧웷ꆢ짌튵뫍릫폃쫂튵뗈죽룶탐튵뗄짏쫐릫쮾1996쓪훁1999쓪368룶맛닢횵캪퇹놾,랢쿖맺폐막좨뛔릫쮾튵벨뗄뢺쏦펰쿬횻퓚뺺헹탔뷏잿뗄탐튵훐돉솢,뛸퓚뺺헹탔뷏죵뗄탐튵훐늻돉솢;돂킡퓃뫍탬쿾뚫(2001)틔벰훬커쿩뫍쯎폂(2001)퓲뚼쎻폐랢쿖맺폐막좨폫릫쮾튵벨뻟폐쿔훸뗄쿠맘탔ꆣ뿉볻,틑폐퇐뺿퓚맺폐막좨뛔릫쮾튵벨뗄펰쿬컊쳢짏짐캴뗃떽뇈뷏튻훂뗄뷡싛ꋙ,웤훷튪풭틲퓚폚짏쫶퇐뺿쎻폐맘힢맺폐막좨펰쿬릫쮾볛횵뗄뻟쳥춾뺶ꆣ쪵볊짏,맺폐막좨춨맽늻춬춾뺶펰쿬릫쮾볛횵,웤뷡맻뿉쓜췪좫늻춬ꆣ폫틔짏퇐뺿늻춬,늿럖퇐뺿퓲듓릫쮾훎샭ꆢ붻틗돉놾ꆢ맍풱틔벰풤쯣죭풼쫸뗈뷇뛈,퇐뺿쇋맺폐막좨뛔릫쮾볛횵뗄펰쿬ꆣBaietal.(2004)틔벰냗훘뛷뗈(2005)뾼달쇋훐맺짏쫐릫쮾훎샭뷡릹폫릫쮾볛횵횮볤뗄맘쾵,랢쿖뗚튻듳막뚫캪헾뢮뗄릫쮾,웤볛횵룼뗍;뫎뾣(1998)틔1996쓪뗗횮잰짏쫐뗄릫쮾캪퇹놾,랢쿖릫쮾맺폐막좨뇈샽풽룟,릫쮾뗄쓚늿죋뿘훆돌뛈뻍풽잿;틗룙뫍쇖쏷(2003)퓋폃맺볒춳볆뻖쫽뻝,랢쿖맺폐웳튵뗄탐캪랽쪽쫇럑폃ퟮ듳뮯;뛸냗훘뛷뗈(2006)틀뻝맺볒춳볆뻖쫽뻝퓲랢쿖,맺폐웳튵룄훆뫳듺샭돉놾쿔훸붵뗍,웤뻟쳥뇭쿖캪웳튵맜샭럑폃싊뗄쿔훸쿂붵;LinandZhu(2001)틔벰퓸쟬짺뫍돂탅풪(2006)퓲랢쿖,맺볒뿘막릫쮾뇈럇맺볒뿘막릫쮾맍펶쇋룼뛠뗄풱릤,뎬뛮맍풱뫍룟릤싊릲춬떼훂맺볒뿘막릫쮾돐떣쇋뇈럇맺볒뿘막릫쮾룼룟뗄샍뚯솦돉놾;샮쳎(2005)퓋폃컒맺짏쫐릫쮾1996쓪훁2000쓪뗄쫽뻝,듓풤쯣죭풼쫸뗄뷇뛈뾼달쇋맺폐막좨폫릫쮾튵벨횮볤뗄맘쾵,랢쿖풴ퟔ폚맺폐막좨늢쫜뺭펪럧쿕펰쿬뗄풤쯣죭풼쫸풤웚쯰몦쇋쯹폐릫쮾뗄튵벨,맺폐막좨뛔릫쮾튵벨펰쿬뗄뺻킧맻캪뢺,떫헢훖뢺쏦펰쿬퓚튵벨ퟮ닮뗄짏쫐릫쮾훐룼캪춻돶ꆣ쮰쫕쫇펰쿬릫쮾볛횵뗄훘튪틲쯘,쯼튲쫇맺폐막좨펰쿬릫쮾볛횵뗄훘튪쟾뗀ꆣ좻뛸,쒿잰뫜짙폐퇐뺿짦벰맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵ꆣDerashidandZhang(2003)틔십살컷퇇1990쓪훁1999쓪짏쫐릫쮾캪퇹놾,퇐뺿쇋릫쮾쮰쫕뢺떣뗄탐튵닮틬,쯼붫맺폐막좨뇈샽ퟷ캪펰쿬릫쮾쮰쫕뢺떣뗄뿘훆뇤솿,뷡맻쎻폐랢쿖맺폐막좨폫릫쮾쮰뢺횮볤듦퓚쿔훸쿠맘탔;컢솪짺뫍샮뎽(2007)틔벰Wuetal.(2007)퓚퇐뺿컒맺훐퇫헾뢮좡쿻ꆰ쿈헷뫳략ꆱ헾닟뛔릫쮾쮰쫕뢺떣뗄펰쿬틔벰뗘랽헾뢮뫍웳튵쯹ퟷ돶뗄랴펦쪱,튲붫맺폐막좨뇈샽ퟷ캪펰쿬릫쮾쮰쫕뢺떣뗄뿘훆뇤솿,뷡맻튲쎻폐랢쿖맺폐막좨폫릫쮾쮰뢺횮볤듦퓚쿔훸쿠맘탔ꆣ평폚틔짏퇐뺿늢늻쫇쏅퇐뺿맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵,퇹놾튲췹췹룹뻝퇐뺿컊쳢뗄탨튪뛸ퟶ쇋쿠펦뗄뗷헻,틲듋,헢킩퇐뺿쎻폐랢쿖맺폐막좨폫릫쮾쮰뢺횮볤뗄쿠맘탔,늢늻쓜릻쮵쏷맺폐막좨폫릫쮾쮰뢺횮볤뻍쎻폐듦퓚쿠맘탔ꆣAdhikarietal.(2006)틔십살컷퇇1990쓪훁1999쓪짏쫐릫쮾캪퇹놾,쏅퇐뺿쇋맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵,뷡맻랢쿖,맺폐막좨뇈샽폫릫쮾쮰뢺쿔훸뢺쿠맘,벴맺폐막좨폐훺폚릫쮾쮰뢺뗄붵뗍,듓뛸쳡룟릫쮾볛횵ꆣ헢룶퇐뺿뷡싛뷶뷶쫇믹폚십살컷퇇뗄짏쫐릫쮾쫽뻝뗃떽뗄,훁폚맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵,죔좻탨튪컒쏇믹폚룼뛠맺볒뗄쫽뻝폨틔첽쳖;쇭췢,Adhikarietal.(2006)횻쫇듓욽뻹뗄뷇뛈살맀볆맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵,쯼쎻폐뾼싇늻춬릫쮾뗄쳘헷늻춬,웤맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵쫇럱튲믡듦퓚닮틬뗄컊쳢,뇈죧,릫쮾쫇럱쿭쫜쮰쫕폅믝헾닟,쫇럱펰쿬맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵ꆣ놾컄늻뷶퇐뺿맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵,뮹뷸튻늽퇐뺿쮰쫕폅믝뛔맺폐막좨폫릫쮾쮰뢺횮볤맘쾵뗄펰쿬컊쳢ꆣꋙ틑폐퇐뺿퓚맺폐막좨폫릫쮾킧싊횮볤뗄맘쾵짏,퇐뺿뷡싛믹놾튻훂,벴맺폐막좨뛔릫쮾킧싊뻟폐쏷쿔뗄뢺ퟷ폃ꆣ111
컢솪짺:맺폐막좨ꆢ쮰쫕폅믝폫릫쮾쮰뢺죽ꆢ퇐뺿볙짨폫볬퇩쒣탍틑폐퇐뺿뇭쏷,맺폐막좨뿉쓜쳡룟릫쮾볛횵,튲뿉쓜붵뗍릫쮾볛횵ꆣ컞싛쫇맺폐막좨쳡룟릫쮾볛횵뮹쫇붵뗍릫쮾볛횵,쯼쏇뚼붨솢퓚웳튵폫헾뢮횮볤뻟폐쏜쟐맘쾵뗄믹뒡횮짏,뛸맺폐막좨퓲쫇뻶뚨웳튵폫헾뢮쫇럱뻟폐쏜쟐맘쾵뗄룹놾풭틲ꆣ떱좻,맺폐막좨뇈샽풽룟,웳튵폫헾뢮횮볤뗄맘쾵풽쏜쟐ꆣ헾뢮ퟷ캪짧믡맜샭헟,탨튪쪵쿖웤짧믡쒿뇪,틲뛸탨튪춨맽룷훖랽쪽평웳튵살돐떣헾뢮쪵쿖짧믡쒿뇪뗄횧돶ꆣ떱좻,맺폐막좨뇈샽풽룟뗄웳튵,평폚폫헾뢮뗄맘쾵풽쏜쟐,틲뛸풽폐뿉쓜캪헾뢮돐떣웤쪵쿖짧믡쒿뇪뗄횧돶ꆣ쳘뇰쫇훐맺쒿잰뒦폚룟쯙랢햹쪱웚,듳솿뗄짧믡탔컊쳢,뇈죧뻍튵ꆢ뮷뺳훎샭뗈,뗈듽ퟅ헾뢮폨틔뷢뻶,뛸뷢뻶헢킩컊쳢퓲탨튪듳솿뷰ꆣ틲듋,헾뢮탨튪웳튵돐떣짧믡탔횧돶뗄뿉쓜탔뻍룼듳,맺폐막좨뇈샽풽룟뗄웳튵붫룼폐뿉쓜캪헾뢮돐떣헢훖짧믡탔횧돶ꆣ웳튵쯹뗃쮰쫇헾뢮닆헾쫕죫뗄훘튪살풴,틲듋,퓚쏻틥쮰싊쿠춬뗄쟩뿶쿂,맺폐막좨뇈샽풽룟,웳튵쯹뗃쮰뢺떣튲풽훘ꆣ듓헢룶뷇뛈뾴,맺폐막좨붫떼훂릫쮾쮰뢺뗄짏짽,뷸뛸붵뗍쇋릫쮾볛횵ꆣ뻝듋,뿉틔뗃떽죧쿂볙짨1:볙짨1:맺폐막좨뇈샽풽룟,릫쮾쮰뢺튲풽룟ꆣ쮰쫕헾닟쫇훐퇫헾뢮뷸탐뫪맛뗷뿘뗄훘튪쫖뛎ꆣ룹뻝1993쓪12퓂31죕냤늼늢폚1994쓪1퓂1죕웰헽쪽쪵쪩뗄ꆶ훐뮪죋쏱릲뫍맺웳튵쯹뗃쮰퓝탐쳵샽ꆷ뗄맦뚨,웳튵쯹뗃쮰쪵탐33%뗄뇈샽쮰싊,킡맦쒣웳튵횴탐18%뫍27%솽떵폅믝쮰싊ꆣ쇭췢,컒맺뛔뺭볃쳘쟸(짮?ꆢ훩몣ꆢ짇춷ꆢ쿃쏅뫍몣쓏쪡)ꆢ퇘몣뾪럅돇쫐(14룶돇쫐)ꆢ퇘몣뺭볃뾪럅뗘쟸(10룶쪡쫐)ꆢ뺭볃벼쫵뾪랢쟸(32룶돇쫐)ꆢ캪첨췥쪡짨솢뗄춶쟸(4룶쟸)ꆢ짏몣웖뚫뾪랢쟸ꆢ놣쮰쟸(13룶돇쫐뫍뗘쟸)ꆢ룟탂벼쫵뾪랢쟸(52룶쟸)ꆢ뇟뺳뾪럅돇쫐(13룶)벰쯕훝릤튵풰쟸뗈뗈쪵탐쮰쫕폅믝헾닟,폅믝쮰싊듳늿럖캪15%ꆣ훐퇫헾뢮뛔늿럖릫쮾뷸탐쮰쫕폅믝,웤쒿뗄쫇캪쇋랢햹쳘뚨쟸폲ꆢ쳘뚨탐튵뗄뺭볃ꆣ돽듋횮췢,뗘랽헾뢮캪쇋랢햹떱뗘뺭볃,튲럗럗췆돶웳튵쯹뗃쮰ꆰ쿈헷뫳략ꆱ뗄폅믝헾닟ꆣ뿉볻,횻튪웳튵쿭쫜쇋쯹뗃쮰폅믝헾닟,컞싛룃쿮헾닟살ퟔ폚훐퇫헾뢮뮹쫇뗘랽헾뢮,뚼뇭쏷룃릫쮾쫴폚쮰쫕놣뮤릫쮾ꆣ벴쪹헾뢮탨튪맺폐웳튵돐떣짧믡탔횧돶,평폚쮰쫕폅믝릫쮾쫇헾뢮놣뮤뗄뛔쿳,쮰쫕폅믝틲뛸늻믡쪹웤첫뛠뗘돐떣짧믡탔횧돶ꆣ틲듋,맺폐막좨룸쮰쫕폅믝릫쮾쯹듸살뗄쮰뢺퓶솿,뗍폚쯼룸럇쮰쫕폅믝릫쮾쯹듸살뗄쮰뢺퓶솿ꆣ뻝듋,뿉틔뗃떽죧쿂볙짨2:볙짨2:럇쮰쫕폅믝릫쮾뗄맺폐막좨헽쿲쮰뢺킧펦쿔훸룟폚쮰쫕폅믝릫쮾ꆣ캪볬퇩짏쫶솽룶볙짨,컒쏇뿉틔퓋폃웕춨ퟮ킡뛾돋램(OLS)퓋탐죧쿂믘맩쒣탍:ETR=ꛂ0+ꛂ1NPT+ꛂ2GS+ꛂ3GS3NPT+ꛂ4SIZE+ꛂ5LEV+ꛂ6ROA+ꛂ7CAPINT+ꛂ8INVINT+ꛂ9MB+ꛅ(1)ꆡꆡ웤훐,ETR쫇릫쮾쪵볊쮰싊,쯼쫇뫢솿릫쮾쮰뢺뗄춨탐횸뇪ꆣ쒿잰,뇈뷏춨폃뗄볆쯣릫쮾쪵볊쮰싊뗄랽램폐4훖,쯼쏇럖뇰쫇:(1)쪵볊쮰싊=쯹뗃쮰럑폃Π쾢쮰잰샻죳(Porcano,1986);(2)쪵볊쮰싊=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)Π쾢쮰잰샻죳(Porcano,1986);(3)쪵볊쮰싊=쯹뗃쮰럑폃Π(쮰잰샻죳-뗝퇓쯹뗃쮰럑폃Π램뚨쮰싊)(StickneyandMcGee,1982);(4)쪵볊쮰싊=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)Π(쮰잰샻죳-뗝퇓쮰뿮뇤뮯뛮Π램뚨쮰싊)(Shevlin,1987)ꆣ놾컄쫗쿈닉폃뗚튻훖랽램볆쯣릫쮾쪵볊쮰싊(ETR1),퓚뛔쪵횤퇐뺿뷡맻뗄컈뚨탔뷸탐볬닩쪱,퓙닉폃웤쯻3훖랽램ꆣNPT캪릫쮾쫇럱쿭쫜쯹뗃쮰폅믝헾닟뗄탩쓢뇤솿,죧맻릫쮾늻쿭쫜쮰쫕폅믝헾닟,퓲NPT=1,럱퓲NPT=0;GS캪맺폐막좨뇈샽,쯼뗈폚맺폐막막쫽돽틔릫쮾ퟜ막쫽;GS3NPT퓲캪GS폫NPT뗄붻닦뇤솿ꆣNPT뗄맀볆쾵쫽뇭쪾럇쮰쫕폅믝릫쮾폫쮰쫕폅믝릫쮾횮볤뗄쪵볊쮰싊뗄닮틬,죧맻맀볆쾵쫽캪헽,퓲뇭쏷럇쮰쫕폅믝릫쮾뗄쪵볊쮰싊룟폚쮰쫕폅믝릫쮾;GS뗄맀볆쾵쫽뇭쪾쮰쫕폅믝릫쮾뗄맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵,죧맻맀볆쾵쫽캪헽,뇭쏷쮰쫕폅믝릫쮾뗄맺폐막좨뇈샽풽룟,웤릫쮾쮰뢺튲풽룟;GS3NPT뗄맀볆쾵쫽뇭쪾쿠뛔폚쮰쫕폅믝릫쮾살쮵,맺폐막좨쫇럱룸럇쮰쫕폅믝112
2009쓪뗚10웚릫쮾듸살쇋뛮췢뗄쮰쫕뢺떣,죧맻맀볆쾵쫽캪헽,퓲뇭쏷맺폐막좨룸럇쮰쫕폅믝릫쮾듸살쇋뛮췢뗄쮰쫕뢺떣ꆣ룹뻝놾컄뗄솽룶볙짨,맺폐막좨뇈샽폫릫쮾쮰뢺헽쿠맘,늢쟒럇쮰쫕폅믝릫쮾뗄맺폐막좨헽쿲쮰뢺킧펦쿔훸룟폚쮰쫕폅믝릫쮾,틲듋풤볆GS뫍GS3NPT뗄맀볆쾵쫽뻹쿔훸캪헽;평폚쮰쫕폅믝릫쮾쿭쫜쇋폅믝쏻틥쮰싊,뛸럇쮰쫕폅믝릫쮾퓲내헕헽뎣뗄33%쏻틥쮰싊뷸탐쓉쮰,틲듋,럇쮰쫕폅믝릫쮾뗄쪵볊쮰싊룟폚쮰쫕폅믝릫쮾,풤볆NPT뗄맀볆쾵쫽쿔훸캪헽ꆣ(1)쪽훐뗄웤쯻뇤솿캪뿘훆뇤솿,쯼쏇훷튪폃살뿘훆펰쿬릫쮾쪵볊쮰싊뗄웤쯼쿠맘틲쯘ꆣ뻟쳥쮵쏷죧쿂:SIZE캪릫쮾맦쒣,쯼뗈폚쓪쒩닺ퟜ뛮뗄ퟔ좻뛔쫽ꆣ맘폚릫쮾맦쒣폫쪵볊쮰싊횮볤뗄맘쾵,쒿잰훷튪폐솽훖늻춬뗄맛뗣:튻훖맛뗣죏캪듳릫쮾쫜떽릫훚룼맣랺뗄맘힢,헢룶ꆰ헾훎돉놾ꆱ붫떼훂웤쪵볊쮰싊뷏룟(Zimmerman,1983);쇭튻훖맛뗣죏캪,듳릫쮾뗄쪵볊쮰싊뷏뗍,틲캪쯼쏇뿉틔퓋폃룼뛠뗄풴뷸탐쮰쫕돯뮮폫헾훎폎쮵(Siegfried,1972)ꆣ틑폐퇐뺿퓚쪵볊쮰싊뫍릫쮾맦쒣횮볤뗄맘쾵랽쏦,짐캴뗃떽뇈뷏튻훂뗄뷡싛,Zimmerman(1983),GuptaandNewberry(1997),KernandMorris(1992)뫍WilkieandLimberg(1990)랢쿖쪵볊쮰싊폫릫쮾맦쒣횮볤듦퓚쿔훸뗄헽쿠맘맘쾵,Porcano(1986),Holland(1998),KimandLimpaphayom(1998)랢쿖쯼쏇횮볤듦퓚쿔훸뗄뢺쿠맘맘쾵,뛸StickneyandMcGee(1982)뫍ShevlinandPorter(1992)쎻폐랢쿖쯼쏇횮볤듦퓚쿔훸뗄쿠맘탔ꆣLEV캪릫쮾닆컱룜룋,쯼뗈폚쓪쒩뢺햮ퟜ뛮돽틔쓪쒩닺ퟜ뛮ꆣ평폚샻쾢뻟폐뗖쮰릦쓜,닆컱룜룋룟뗄릫쮾,웤쪵볊쮰싊쿠뛔튪뗍;쿠랴,쪵볊쮰싊뷏룟뗄릫쮾,평폚햮컱뗄샻쾢뻟폐뗖쮰릦쓜,틲듋쟣쿲폚뻙햮,헢퇹,튲뿉쓜퓚쪵볊쮰싊폫닆컱룜룋횮볤듦퓚헽쿠맘맘쾵ꆣStickneyandMcGee(1982)랢쿖릫쮾뗄닆컱룜룋폫쪵볊쮰싊뢺쿠맘;GuptaandNewberry(1997)퓋폃늻춬뗄쪵볊쮰싊볆쯣랽램,랢쿖닆컱룜룋폫릫쮾쪵볊쮰싊횮볤뗄맘쾵뿉쓜뢺쿠맘,튲뿉쓜늻듦퓚쿔훸뗄쿠맘맘쾵;KimandLimpaphayom(1998)퓋폃늻춬뗄쪵볊쮰싊볆쯣랽램,뛔늻춬맺볒늻춬뷗뛎뗄닆컱룜룋폫릫쮾쪵볊쮰싊횮볤뗄맘쾵뷸탐퇐뺿,웤뷡싛튲룷늻쿠춬;DerashidandZhang(2003)튲쎻폐랢쿖닆컱룜룋폫쪵볊쮰싊횮볤듦퓚쿔훸뗄쿠맘맘쾵ꆣCAPINT뫍INVINT캪닺뷡릹뇤솿,쯼쏇럖뇰뇭쪾놾쏜벯뛈뫍듦믵쏜벯뛈(StickneyandMcGee,1982;GuptaandNewberry,1997)ꆣCAPINT뗈폚쓪쒩만뚨닺뺻뛮돽틔쓪쒩닺ퟜ뛮,INVINT뗈폚쓪쒩듦믵돽틔쓪쒩닺ퟜ뛮ꆣ평폚뎤웚닺뗄볓쯙헛뻉뿉틔붵뗍쮰뢺,틲듋,놾쏜벯뛈폫쪵볊쮰싊뢺쿠맘;뛸놾쏜벯뛈룟,췹췹틢캶ퟅ듦믵쏜벯뛈뗍,틲듋,듦믵쏜벯뛈폫릫쮾쪵볊쮰싊헽쿠맘ꆣGuptaandNewberry(1997)랢쿖놾쏜벯뛈뫍듦믵쏜벯뛈럖뇰폫쪵볊쮰싊횮볤뗄좷듦퓚뢺쿠맘뫍헽쿠맘맘쾵;DerashidandZhang(2003)튲랢쿖놾쏜벯뛈폫쪵볊쮰싊횮볤듦퓚뢺쿠맘맘쾵,떫쎻폐랢쿖듦믵쏜벯뛈폫쪵볊쮰싊횮볤듦퓚헽쿠맘맘쾵ꆣROA쫇릫쮾뗄펯샻쓜솦,쯼뗈폚떱쓪쮰잰샻죳돽틔쓪쒩닺ퟜ뛮;MB쫇릫쮾뗄춶믺믡,쯼뗈폚쓪쒩릫쮾쫐뎡볛횵돽틔헋쏦볛횵ꆣSpooner(1986)퓚ퟛ뫏잰죋퇐뺿뷡맻뗄믹뒡짏,죏캪릫쮾쪵볊쮰싊퓚늻춬쓪뛈ꆢ늻춬탐튵횮볤뗄뻞듳뇤뮯,웳튵춶쒣쪽뫍믱샻쓜솦쫇웤솽룶훘튪뗄풭틲ꆣ퓚뺭퇩횤뻝랽쏦,GuptaandNewberry(1997),KimandLimpaphayom(1998),DerashidandZhang(2003)뚼랢쿖,퓋폃늻춬뗄쪵볊쮰싊볆쯣랽램,럖컶늻춬맺볒늻춬뷗뛎뗄춶믺믡뫍믱샻쓜솦폫쪵볊쮰싊횮볤뗄맘쾵,웤뷡싛캪뿉쓜듦퓚뢺쿠맘맘쾵,튲뿉쓜늢늻듦퓚쿔훸뗄쿠맘탔ꆣ퓚퓋폃쒣탍(1)뷸탐믘맩럖컶쪱,죧맻퇐뺿퇹놾캪뿧탐튵(쓪뛈)퇹놾,쒣탍(1)뮹튪뛔탐튵(쓪뛈)킧펦뷸탐뿘훆,벴뛔폚짦벰n룶탐튵(쓪뛈)뗄퇹놾,짨훃n-1룶탩쓢뇤솿ퟷ캪뷢쫍뇤솿볓죫떽쒣탍(1)뗄폒뇟ꆣ쯄ꆢ퇹놾폫쏨쫶춳볆놾컄뗄퇐뺿퇹놾캪쯹폐퓚컒맺짏몣붻틗쯹뫍짮?붻틗쯹짏쫐뗄릫쮾ꆣ평폚놾컄퇐뺿탨튪릫쮾113
컢솪짺:맺폐막좨ꆢ쮰쫕폅믝폫릫쮾쮰뢺막좨뷡릹뗄쫽뻝,뛸쓜릻뗃떽뗄릫쮾막좨쫽뻝웰쪼폚1998쓪ꆣ쇭췢,2007쓪컒맺뾪쪼붫췢웳튵뫍쓚웳튵뗄쯹뗃쮰뫏늢,쓚췢웳튵뗄쯹뗃쮰쮰싊춳튻캪25%,뛸듋잰쓚웳튵뗄뇪ힼ쮰싊캪33%ꆣ캪뇜쏢뇪ힼ쮰싊뇤뮯뛔놾컄퇐뺿뗄펰쿬,놾컄붫퇐뺿뗄쪱볤랶캧좷뚨캪1998쓪훁2006쓪ꆣ평폚컒맺웳튵쯹뗃쮰폅믝헾닟뫜뛠,폅믝쏻틥쮰싊튲폐뛠훖,뇈죧18%ꆢ27%틔벰24%뗈,웤훐,15%쫇ퟮ캪웕뇩뗄폅믝쮰싊ꆣ틲듋,놾컄붫쏻틥쮰싊캪15%뗄릫쮾좷뚨캪쮰쫕폅믝릫쮾,붫쏻틥쮰싊캪33%뗄릫쮾좷뚨캪럇쮰쫕폅믝릫쮾,늢즾돽웤쯻쏻틥쮰싊뗄릫쮾ꆣ퓚듋믹뒡짏,뮹뛔퇹놾ퟶ쇋죧쿂벸랽쏦뗄뒦샭:(1)쳞돽퇹놾웚쓚릫쮾쪵볊쮰싊볆쯣릫쪽럖쒸캪뢺뗄릫쮾,틲캪헢늿럖릫쮾춨맽릫쪽볆쯣뗃떽뗄쪵볊쮰싊,늻쓜랴펳뺭펪튵벨폫쪵볊쮰뢺뗄맘쾵;(2)쳞돽쪵볊쮰싊듳폚1믲헟킡폚0뗄릫쮾,ퟷ캪틬뎣횵쳞돽,헢훖뒦샭랽램폫GuptaandNewberry(1997),KimandLimpaphayom(1998),Singhetal.(1987),StickneyandMcGee(1982)틔벰Zimmerman(1983)뗄뒦샭랽램쿠춬;(3)쳞돽떱쓪탂짏쫐뗄릫쮾,틲캪볆쯣뗝퇓쮰뿮뗄뇤뚯탨튪짏쓪뗄닆컱쫽뻝;(4)쳞돽떱쓪췋쫐뗄릫쮾;(5)쳞돽뷰죚탐튵뗄릫쮾ꆣ헢샠릫쮾튵컱쳘쫢,쯹쫊폃뗄믡볆ힼ퓲폫웤쯻탐튵늻춬,놾컄ퟱ듓퇐뺿맟샽,폨틔쳞돽ꆣ놾컄쯹퓋폃뗄릫쮾막좨쫽뻝뫍릫쮾쯹뗃쮰쮰싊쫽뻝살ퟔ폚뻛풴쫽뻝릤ퟷ햾,웤쯻쫽뻝뻹살ퟔ폚훐맺뺭볃퇐뺿럾컱훐탄뗄즫억럒쫽뻝뿢ꆣ뇭1놨룦쇋퇹놾럖늼ꆣ1998쓪훁2006쓪뗄퇹놾ퟜ쫽캪7268,웤훐,쮰쫕폅믝릫쮾폐4432룶맛닢횵,쇭췢2836룶맛닢횵캪럇쮰쫕폅믝릫쮾,뿉볻,컒맺듳늿럖짏쫐릫쮾쿭쫜쯹뗃쮰폅믝헾닟ꆣ듓쓪뛈럖늼살뾴,맛닢횵쫽솿훰쓪짏짽,1998쓪뗄맛닢횵ퟮ짙(517룶),2005쓪뗄맛닢횵ퟮ뛠(968룶),헢폫훐맺막욱쫐뎡맦쒣늻뛏삩듳뗄쫂쪵쿠튻훂ꆣ떫쫇,쮰쫕폅믝릫쮾폫럇쮰쫕폅믝릫쮾뗄퇹놾쫽퓚쓪뛈럖늼짏돊쿖돶늻춬뗄쳘헷ꆣ쮰쫕폅믝릫쮾뗄퇹놾쫽퓚2001쓪횮잰돊뗝퓶쟷쫆,뛸2001쓪횮뫳퓲늻뛏쿂붵;럇쮰쫕폅믝릫쮾뗄퇹놾쫽퓚2001쓪횮잰쎿쓪뚼뗍폚100,뛸2002쓪벰틔뫳퓲짏짽캪400짵훁500,웤풭틲퓚폚훐퇫헾뢮맦뚨듓2002쓪1퓂1죕웰짏쫐릫쮾늻퓙쿭쫜뗘랽헾뢮뗄ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,틲뛸,2002쓪틔뫳,럇쮰쫕폅믝릫쮾뗄뇈샽듳럹뛈짏짽ꆣ뇭1퇹놾럖늼쓪뛈199819992000200120022003200420052006뫏볆쮰쫕폅믝릫쮾4966036306444054384334193644432럇쮰쫕폅믝릫쮾212881944505075345495722836뫏볆5176317117388559459679689367268ꆡꆡ뇭2놨룦쇋쏨쫶춳볆ꆣ듓좫퇹놾살뾴,릫쮾쪵볊쮰싊(ETR1)뗄욽뻹횵캪011596,ퟮ듳횵뫍ퟮ킡횵럖뇰캪019598뫍010000,헢쫇틲캪놾컄즾돽쇋ETR1듳폚1뫍킡폚0뗄퇹놾ꆣ릫쮾맦쒣(SIZE)뗄욽뻹횵캪2111421;닆컱룜룋(LEV)뗄ퟮ킡횵벸뫵캪0,뛸ퟮ듳횵듯떽019938,뷓뷼폚1,쮵쏷훐맺짏쫐릫쮾퓚닆컱룜룋랽쏦듦퓚뷏듳뗄닮틬;쇭췢,릫쮾펯샻쓜솦(ROA)튲듦퓚뷏듳닮틬,ROA뗄ퟮ킡횵캪-010358,뛸ퟮ듳횵캪015605;릫쮾뗄놾쏜벯뛈(CAPINT)뫍듦믵쏜벯뛈(INVINT)욽뻹횵럖뇰캪013074뫍011563,쯼쏇뗄ퟮ킡횵뚼뷓뷼폚0,뛸ퟮ듳횵듳풼캪019;훐맺짏쫐릫쮾춶믺믡(MB)뗄닮틬룼듳,MB뗄ퟮ킡횵캪015728,뛸ퟮ듳횵퓲듯떽41500;맺폐막좨뇈샽(GS)뗄욽뻹횵캪012697,ퟮ킡횵캪0,ퟮ듳횵캪018858,쮵쏷훐맺짏쫐릫쮾뗄맺폐막좨뇈샽뇈뷏룟ꆣ뇭2뗄뗚2늿럖뫍뗚3늿럖럖뇰놨룦쇋쮰쫕폅믝릫쮾뫍럇쮰쫕폅믝릫쮾뗄쏨쫶춳볆,뇭2뗄뗚4늿럖퓲뛔쮰쫕폅믝릫쮾폫럇쮰쫕폅믝릫쮾뗄쳘헷닮틬뷸탐볬퇩ꆣ쮰쫕폅믝릫쮾쪵볊쮰싊(ETR1)뗄욽뻹횵뫍훐캻쫽럖뇰캪011335뫍011274,뛸럇쮰쫕폅믝릫쮾쪵볊쮰싊뗄욽뻹횵뫍훐캻쫽럖뇰캪012005뫍012000,볬퇩뷡맻뇭쏷,럇쮰쫕폅믝릫쮾쪵볊쮰싊뗄욽뻹횵뫍훐캻쫽뚼쿔훸룟폚쮰쫕폅믝릫쮾,헢뇭쏷럇쮰쫕폅믝릫쮾뗄쮰쫕뢺떣뿉쓜룟폚쮰쫕폅믝릫쮾ꆣ쇭췢,럇쮰쫕폅믝릫쮾뗄맦쒣(SIZE)ꆢ닆컱룜룋(LEV)틔벰놾쏜벯뛈(CAPINT)뚼쿔훸룟폚쮰쫕폅믝릫쮾,뛸쮰쫕폅믝릫114
2009쓪뗚10웚뇭ꆡ2ꆡ쏨쫶춳볆욽뻹횵훐캻쫽뇪ힼ닮ퟮ킡횵ퟮ듳횵(1)좫퇹놾ETR1011596011410011155010000019598SIZE2111421211049301946514193752711111LEV014600014666011757010000019938ROA010536010456010444-010358015605CAPINT013074012826011798010005019564INVINT011563011235011370010000018959MB1018074218491493158360157284150010000GS012697012397012683010000018858(2)쮰쫕폅믝릫쮾ETR1011335011274010910010000019598SIZE2110812201991401915917191742514099LEV014386014405011721010000019938ROA010558010492010427-010297014555CAPINT012896012622011728010013019564INVINT011536011238011298010000018601MB1515121313377632102400166134150010000GS012887012822012687010000018858(3)럇쮰쫕폅믝릫쮾ETR1012005012000011361010000019520SIZE2112371211172101984914193752711111LEV014935015092011762010207019807ROA010502010389010468-010358015605CAPINT013353013191011869010005019489INVINT011605011230011475010000018959MB31455021230381137101572825218548GS012401011084012650010000018500(4)럇쮰쫕폅믝릫쮾-쮰쫕폅믝릫쮾욽뻹횵횮닮t횵훐캻쫽횮닮Z횵ETR10106702313331101072622133349SIZE01155961333760118073337107LEV0105491313331601068713133346ROA-0100563335111-0101038133362CAPINT0104571013334601056910133377INVINT010069213303-0100080123MB-12105711127-11107424133347GS-0104867133333356-0117387146ꆡꆡ힢:ETR1=쯹뗃쮰럑폃Π쾢쮰잰샻죳;SIZE=ln(쓪쒩닺ퟜ뛮);LEV=쓪쒩뢺햮ퟜ뛮Π쓪쒩닺ퟜ뛮;ROA=떱쓪쮰잰샻죳Π쓪쒩닺ퟜ뛮;CAPINT=쓪쒩만뚨닺뺻뛮Π쓪쒩닺ퟜ뛮;INVINT=쓪쒩듦믵Π쓪쒩닺ퟜ뛮;MB=쓪쒩릫쮾쫐뎡볛횵Π헋쏦볛횵;GS=맺폐막막쫽Π릫쮾ퟜ막쫽;욽뻹횵횮닮뗄볬퇩랽램캪t볬퇩,훐캻쫽횮닮뗄볬퇩랽램캪럻뫅훈뫍볬퇩3333;:1%쮮욽짏쿔훸3;:5%쮮욽짏쿔훸3;:10%쮮욽짏쿔훸ꆣ115
컢솪짺:맺폐막좨ꆢ쮰쫕폅믝폫릫쮾쮰뢺쮾뗄펯샻쓜솦(ROA)뫍맺폐막좨뇈샽(GS)뚼쿔훸룟폚럇쮰쫕폅믝릫쮾ꆣ뇭3놨룦쇋쿠맘쾵쫽ꆣGS폫ETR1쿔훸헽쿠맘,뇭쏷릫쮾맺폐막좨뇈샽풽룟,쪵볊쮰싊튲풽룟;NPT폫ETR1튲쿔훸헽쿠맘,헢뇭쏷럇쮰쫕폅믝릫쮾뗄쏻틥쮰싊룟폚쮰쫕폅믝릫쮾,틲뛸,럇쮰쫕폅믝릫쮾뗄쮰쫕뢺떣룟폚쮰쫕폅믝릫쮾ꆣ웤쯻뇤솿횮볤뗄쿠맘탔튲럇뎣뫏샭폫횱맛,뇈죧,SIZE폫ROA쿔훸헽쿠맘,뇭쏷맦쒣풽듳뗄릫쮾,웤펯샻쓜솦튲풽뫃;LEV폫ROA쿔훸뢺쿠맘,뇭쏷닆컱룜룋룟뗄릫쮾,웤펯샻쓜솦풽닮ꆣ뇭3쿠맘쾵쫽ETR1NPTGSSIZELEVROACAPINTINVINTMBETR1333333333012829010413013333330867-011457011340010031333011012-010066NPT013333333332638-013330884010804011526-010611011239333010245-010119GS013333330424-010875013333330738-010635010102013333333330763-010445010357S333IZE333333333333333333011028010829011049012141010249011536010533-010069LEV333333333333333333333-011620011578-010732012500-013333580-011021012596010383ROA013333332311-011012010149010016-013333333805013330551-010965-010099CAP333333333INT013330225011264010782013333330952-011129010537-013334567-010009INV333INT010418013333333333333330003-010533010240012547-011135-013334204-010025MB333333-013333337013331925-012870010029-014400282012267-013331753-010086ꆡꆡ힢:ETR1=쯹뗃쮰럑폃Π쾢쮰잰샻죳;NPT캪릫쮾쫇럱쿭쫜릫쮾쯹뗃쮰폅믝헾닟뗄탩쓢뇤솿,죧맻릫쮾늻쿭쫜폅믝헾닟,퓲NPT=1,럱퓲NPT=0;SIZE=ln(쓪쒩닺ퟜ뛮);LEV=쓪쒩뢺햮ퟜ뛮Π쓪쒩닺ퟜ뛮;ROA=떱쓪쮰잰샻죳Π쓪쒩닺ퟜ뛮;CAPINT=쓪쒩만뚨닺뺻뛮Π쓪쒩닺ퟜ뛮;INVINT=쓪쒩듦믵Π쓪쒩닺ퟜ뛮;MB=쓪쒩릫쮾쫐뎡볛횵Π헊쏦볛횵;GS=맺폐막막쫽Π릫쮾ퟜ막쫽;짏냫늿럖캪Pearson쿠맘쾵쫽,쿂냫늿럖캪Spearman쿠맘쾵쫽333;:1%쮮욽짏쿔훸33;:5%쮮욽짏쿔훸3;:10%쮮욽짏쿔훸ꆣ컥ꆢ볬퇩뷡맻뇭4놨룦쇋쒣탍1뗄믘맩뷡맻,웤훐,놻뷢쫍뇤솿쫇릫쮾쪵볊쮰싊(ETR1)ꆣ믘맩뷡맻뇭쏷,맺폐막좨(GS)뗄맀볆쾵쫽쿔훸캪헽,뇭쏷쮰쫕폅믝릫쮾뗄맺폐막좨뇈샽풽룟,웤릫쮾쪵볊쮰싊튲풽룟;GS3NPT뗄맀볆쾵쫽튲쿔훸캪헽,뇭쏷쿠뛔폚쮰쫕폅믝릫쮾살쮵,맺폐막좨룸럇쮰쫕폅믝릫쮾듸살쇋뛮췢뗄쮰쫕뢺떣ꆣ뿉볻,컞싛쫇쮰쫕폅믝릫쮾뮹쫇럇쮰쫕폅믝릫쮾,맺폐막좨뇈샽폫릫쮾쮰뢺뚼쿔훸헽쿠맘,늢쟒럇쮰쫕폅믝릫쮾뗄맺폐막좨헽쿲쮰뢺킧펦쿔훸룟폚쮰쫕폅믝릫쮾,틔짏뷡맻횧돖쇋놾컄뗄볙짨1뫍볙짨2ꆣ쇭췢,믘맩뷡맻훐웤쯻뇤솿뗄맀볆뷡맻튲럇뎣뫏샭ꆣNPT뗄믘맩쾵쫽캪헽,뇭쏷럇쮰쫕폅믝릫쮾뗄쪵볊쮰싊룟폚쮰쫕폅믝릫쮾,틲캪쮰쫕폅믝릫쮾뗄쏻틥쮰싊(15%)뗍폚럇쮰쫕폅믝릫쮾뗄쏻틥쮰싊(33%);릫쮾맦쒣(SIZE)뗄믘맩쾵쫽쿔훸캪헽,뇭쏷맦쒣듳뗄릫쮾쫜떽룼맣랺뗄맘힢,틲뛸웤쪵볊쮰싊뷏룟;닆컱룜룋(LEV)뗄맀볆쾵쫽쿔훸캪뢺,뇭쏷샻쾢뗄쮰뛜릦쓜떼훂닆컱룜룋룟뗄릫쮾,웤쪵볊쮰싊쿠뛔튪뗍;ROA뗄맀볆쾵쫽쿔훸캪헽,쯼폫GuptaandNewberry(1997)뗄퇐뺿뷡싛튻훂;놾쏜벯뛈(CAPINT)뫍듦믵쏜벯뛈(INVINT)뗄맀볆쾵쫽럖뇰쿔훸캪뢺뫍쿔훸캪헽,뇭쏷뎤웚닺뗄볓쯙헛뻉붵뗍쇋릫쮾쮰뢺,뛸릫쮾뗄놾쏜벯뛈룟뻶뚨쇋웤듦믵쏜벯뛈뗍,틲뛸듦믵쏜벯뛈폫릫쮾쪵볊쮰싊헽쿠맘ꆣ릫쮾춶믺믡(MB)뗄맀볆쾵쫽늻쿔훸,헢뿉쓜폫훐맺막욱쫐뎡뻟폐뷏듳엝쒭뗄쳘헷쿠맘ꆣꆡꆡ캪볬퇩짏쫶퇐뺿뷡싛뗄뿉뾿탔,놾컄뮹닉폃웤쯻랽램살볆쯣릫쮾쪵볊쮰싊(ETR)ꆣ뻟쳥살쮵,ETR2=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)Π쾢쮰잰샻죳(Porcano,1986);ETR3=쯹뗃쮰럑폃Π(쮰잰샻죳-뗝퇓쯹뗃쮰럑폃Π램뚨쮰싊)(StickneyandMcGee,1982);ETR4=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)Π(쮰잰샻죳-뗝퇓쮰뿮뇤뮯뛮Π램뚨쮰싊)(Shevlin,1987)ꆣ럖뇰퓋폃틔짏3룶릫쮾쪵볊쮰싊횸116
2009쓪뗚10웚뇪ꆡ늢ꆡ훘뢴짏컄퇐뺿늽훨,뷡맻랢쿖,퓚쯹폐뗄믘ꆡ뇭4믘맩뷡맻맩뷡맻훐,GS뫍GS3NPT뗄맀볆쾵쫽뚼쿔훸맀볆쾵쫽t횵캪헽,폫볙짨1뫍볙짨2뗄풤웚췪좫튻훂ꆣ뷘뻠쿮-010122-0140짏컄퇹놾쳞돽쇋쏻틥쮰싊늻캪33%믲헟NPT0105761513331515%뗄맛닢횵ꆣ캪볬퇩퇐뺿뷡싛뗄뿉뾿탔,놾GS0101973133321컄튲놣쇴쇋헢늿럖퇹놾ꆣ평폚늻춬릫쮾뗄쏻틥GS3NPT0103343333147쮰싊늻뷶폐33%뫍15%솽훖,뮹폐18%틔벰SIZE010097613336927%뗈뛠훖쏻틥쮰싊,틲듋,쒣탍(1)룄캪죧쿂LEV-011523333-18161뗄믘맩쒣탍:ROA0120336133364ETR=ꛂ0+ꛂ1RATE+ꛂ2GS+ꛂ3GS3NPTCAPINT-010228333-2162+ꛂ4SIZE+ꛂ5LEV+ꛂ6ROAINVINT01133511133308+ꛂ7CAPINT+ꛂ8INVINT+ꛂ9MB+ꛅMB0100001116(2)쓪뛈킧펦틑뿘훆웤훐,RATE캪릫쮾쏻틥쮰싊ꆣ퓚붫ETR3뫍탐튵킧펦틑뿘훆ETR4ퟷ캪놻뷢쫍뇤솿뷸탐믘맩쪱,평폚ETR3뗷헻R201187뫍ETR4뗄볆쯣릫쪽훐뻹붫쏻틥쮰싊ퟷ캪럖F횵33347130쒸,틲듋쳞돽쇋쏻틥쮰싊캪0뗄맛닢횵ꆣ퓋폃퇹놾솿7268쒣탍(2)훘뢴짏컄뗄퇐뺿늽훨,뷡맻튲랢쿖,쯹ꆡꆡꆡ힢:놻뷢쫍뇤솿캪ETR1;ETR1=쯹뗃쮰럑폃Π쾢쮰잰샻죳;NPT폐믘맩뷡맻훐뗄GS뫍GS3NPT뗄맀볆쾵쫽뚼캪릫쮾쫇럱쿭쫜릫쮾쯹뗃쮰폅믝헾닟뗄탩쓢뇤솿,죧맻릫쮾늻쿔훸캪헽,폫짏컄퇐뺿뷡싛췪좫튻훂ꆣ쿭쫜폅믝헾닟,퓲NPT=1,럱퓲NPT=0;GS=맺폐막막쫽Π릫쮾짏컄뗄퇐뺿퇹놾냼몬쇋튵벨뿷쯰뗄릫쮾ퟜ막쫽;GS3NPT캪GS폫NPT뗄붻닦쿮;SIZE=ln(쓪쒩닺ퟜ,뛮);LEV=쓪쒩뢺햮ퟜ뛮Π쓪쒩닺ퟜ뛮;ROA=떱쓪쮰잰샻죳Π웤풭틲퓚폚릫쮾헻쳥튵벨뿷쯰,늢늻듺뇭릫쮾쓪쒩닺ퟜ뛮;CAPINT=쓪쒩만뚨닺뺻뛮Π쓪쒩닺ퟜ뛮;쯹폐튵컱뚼뿷쯰,릫쮾뻍늻탨튪뷉쓉죎뫎뗄쯹INVINT=쓪쒩듦믵Π쓪쒩닺ퟜ뛮;MB=쓪쒩릫쮾쫐뎡볛횵Π헋뗃쮰ꆣ떫듓쇭튻룶뷇뛈뾴,릫쮾튵벨뿷쯰퓲뇭쏦볛횵333;:1%쮮욽짏쿔훸33;:5%쮮욽짏쿔훸3;:10%쮮욽짏쏷훁짙늿럖튵컱늻탨튪뷉쓉쯹뗃쮰ꆣ캪쇋뿋럾쿔훸ꆣ튵벨뿷쯰뛔퇐뺿뷡맻뗄펰쿬,놾컄튲즾돽쇋쯹폐튵벨뿷쯰뗄릫쮾,훘뢴짏쫶뗄퇐뺿맽돌,퇐뺿뷡맻쎻폐랢짺죎뫎뗄룄뇤ꆣ쇹ꆢ퇐뺿뷡싛맺폐막좨폫릫쮾볛횵횮볤뗄맘쾵,쫇톧쫵뷧뫍쪵컱뷧쯹릲춬맘탄뗄훘듳컊쳢ꆣ쒿잰,틑폐퇐뺿훷튪맘힢맺폐막좨폫릫쮾튵벨횮볤뗄맘쾵,떫쎻폐뗃떽뇈뷏튻훂뗄퇐뺿뷡싛,웤훷튪풭틲퓚폚쯼쏇쎻폐맘힢맺폐막좨펰쿬릫쮾볛횵뗄뻟쳥춾뺶ꆣ틲듋,쇭폐늿럖퇐뺿듓릫쮾훎샭ꆢ붻틗돉놾ꆢ맍풱틔벰풤쯣죭풼쫸뗈뷇뛈뛔룃컊쳢뷸탐쇋첽쳖ꆣ쮰쫕쫇맺폐막좨펰쿬릫쮾볛횵뗄훘튪춾뺶ꆣ좻뛸,쒿잰뫜짙폐퇐뺿짦벰맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵ꆣ틲듋,볓잿맺폐막좨폫릫쮾쮰뢺횮볤맘쾵뗄퇐뺿,쫇췆뷸맺폐막좨뛔릫쮾볛횵펰쿬퇐뺿뗄훘튪랽쿲ꆣ뛸틑폐맘힢맺폐막좨뛔릫쮾쮰뢺펰쿬뗄퇐뺿,튲뷶뷶듓욽뻹뗄뷇뛈살맀볆맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵,늢쎻폐뾼싇뻟폐늻춬쳘헷뗄릫쮾,웤맺폐막좨폫릫쮾쮰뢺횮볤뗄맘쾵쫇럱튲듦퓚닮틬뗄컊쳢ꆣ놾컄틔컒맺짏쫐릫쮾캪퇹놾,럖컶쇋맺폐막좨뛔릫쮾쮰뢺뗄펰쿬틔벰쮰쫕폅믝뛔맺폐막좨폫릫쮾쮰뢺횮볤맘쾵뗄펰쿬ꆣ퇐뺿뷡맻쿔쪾,릫쮾맺폐막좨뇈샽풽룟,웤릫쮾쪵볊쮰싊튲풽룟;럇쮰쫕폅믝릫쮾뗄맺폐막좨헽쿲쮰뢺킧펦쿔훸룟폚쮰쫕폅믝릫쮾ꆣ퇐뺿뷡싛뇭쏷,쮰쫕쫇맺폐막좨펰쿬릫쮾볛횵뗄훘튪쟾뗀,춨맽쮰쫕헾뢮죃맺폐막좨뇈샽룟뗄웳튵돐떣쇋룼뛠뗄쮰쫕뢺떣,듓뛸붵뗍117
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컢솪짺:맺폐막좨ꆢ쮰쫕폅믝폫릫쮾쮰뢺StateOwnership,PreferentialTax,andCorporateTaxBurdensWuLiansheng(GuanghuaSchoolofManagement,PekingUniversity)Abstract:Therelationshipbetweenstateownershipandfirmvalueisoneofthemostimportantissuesinthefieldsofeconomics,,,,,:CorporateGovernance;CorporateIncomeTax;GovernmentInterventionJELClassification:G34,H25,H71,M48(퓰죎뇠벭:쿾ꆡ폷)(킣뛔:쎷ꆡퟓ)(짏뷓뗚98튳)TheStimulatingEffectsofR&DSubsidiesonIndependentInnovationofChineseEnterprisesAnTongliang,ZhouShaodongandPiJiancai(DepartmentofEconomics,NanjingUniversity)Abstract:Inthosecatching2upcountries,exemplifiedbyChina,whoarerunningafterdevelopedcountriesintermsoftechnology,governmentsalwaysconsiderR&,,withanattempttodepictenterprisesꆯstrategiestoacquireR&Dsubsidyandtoanalyzethesubsidyꆯꆰnegativeꆱstimulatingeffectifenterprisesandgovernmentshareasymmetricinformation,,aswellastheexorbitantdistinguishcost,ꆯrealinnovationtypes,andfeasiblepolicysuggestiontoenhancegovernmentR&:PrimaryInnovation;SecondaryInnovation;R&DSubsidies;StimulatingEffect;BestSubsidiesSchemeJELClassification:D82;L52;O38(퓰죎뇠벭:쿾ꆡ폷)(킣뛔:쿾ꆡ언)120
