ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ즽/컷/닆/뺭/듳/톧/톧/놨ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2008쓪9퓂JournalofShanXiFinanceandEconomicsUniversitySep.,2008뗚30뻭뗚9웚릤짌맜샭듳막뚫뿘훆ꆢ닺좨낲업폫릫쮾펯폠훊솿ꆪꆪꆪ살ퟔ훐맺횤좯쫐뎡뗄뺭퇩횤뻝췵ꆡ뇸(쓏뺩듳톧짌톧풺,붭쯕쓏뺩210093)[햪ꆡ튪]샻폃2001ꆫ2004쓪뗄짏쫐릫쮾쫽뻝,닉폃탞헽뗄Dechow뫍Dichev(2002)쒣탍뛔듳막뚫뿘훆폫펯폠훊솿뗄맘쾵뷸탐쇋쪵횤볬퇩ꆣ퇐뺿랢쿖,듳막뚫돖막뇈샽폫펯폠훊솿돊떹U탍맘쾵,벴듳막뚫돖막럖즢뫍벯훐뚼믡붵뗍릫쮾뗄펯폠훊솿ꆣ듋췢,퓚듳막뚫볦죎뚭쫂믡돉풱뗄뇈샽뷏룟ꆢ듳막뚫볦죎짏쫐릫쮾뚭쫂뎤믲ퟜ뺭샭틔벰듳막뚫막좨캪럇맺폐뗄릫쮾,펯폠훊솿뷏뗍ꆣ퓚듋믹뒡짏,뷸튻늽내막좨탔훊뷸탐럖샠믘맩럖컶,뷡맻뇭쏷,뛔폚듳막뚫캪맺폐막뗄릫쮾뛸퇔,퇐뺿뷡싛틀좻컈붡ꆣ[맘볼듊]듳막뚫뿘훆;ꆡ펯폠훊솿;ꆡ믡볆쒣탍[훐춼럖샠뫅]F832ꆡꆡꆡꆡ[컄쿗뇪쪶싫]Aꆡꆡꆡꆡꆡꆡ[컄헂뇠뫅]1007-9556(2008)09-0067-06LargeShareholdersControl,PropertyArrangementandCorporateEarningsQualityꆪꆪꆪDatafromChineseListedCompaniesWANGBing(SchoolofBusiness,NanjingUniversity,Nanjing210093,China)Abstract:,:largestockholderscontrol;earningsquality;accountingmodelꆡꆡ튻ꆢ틽퇔탂볓웂ꆢ첩맺뗈뚫쓏퇇쯄맺(뗘쟸)캪샽뷸탐퇐뺿,랢쿖듺웳튵샭싛죏캪웳튵쫇ꆰ죴룉웵풼뗄뷡뫏ꆱ,쿖헢킩맺볒(뗘쟸)뗄닆컱놨룦튲쫇뗍훊솿뗄,늢죏퓚훆뚨웵풼쳵뿮뫍볠뚽헢킩쳵뿮뗄쪵쪩훐,믡볆랢캪닆컱놨룦훊솿ퟮ훕쫇평펰쿬뺭샭닣뫍짳볆쪦벤샸믓쇋훘튪ퟷ폃(WattsandZimmerman,1986),뛸ퟷ캪뗄잱퓚뺭볃뫍헾훎틲쯘뻶뚨뗄,뛸럇믡볆ힼ퓲놾짭ꆣ뫢솿웳튵뺭펪벨킧뗄펯폠탅쾢,ퟔ좻돉캪웵풼룷랽Fan뫍Wong(2002)뾼닩쇋뚫퇇7맺(뗘쟸)977볒릫첸에뚩풼뗄믹뒡ꆣ듓럖컶캬뛈뾴,펯폠늻뷶냼삨떥쮾펯폠탅쾢몬솿폫쯹폐좨뷡릹뗄맘쾵,랢쿖퓚죵램뒿뗄펯폠쫽뻝,뮹냼삨펯폠훊솿,늢쟒펯폠탅쾢뗄폐싉뮷뺳쿂,뿘막막뚫폫뗍펯폠탅쾢몬솿쿠맘ꆣWang킧탔좡뻶폚펯폠훊솿뗄룟뗍ꆣ(2006)틔쏀맺뇪ힼ웕뛻500볒뒴쪼볒ퟥ릫쮾캪샽뷸죧뫎쳡룟펯폠훊솿,믲헟쪲쎴틲쯘펰쿬펯폠훊탐퇐뺿,랢쿖뒴쪼볒ퟥ릫쮾쯹폐좨뇈샽폫펯폠훊솿솿?튻냣죏캪쫗쿈탨튪벼쫵닣쏦뗄췪짆,펦훂솦폚헽쿠맘ꆣ헢뇭쏷,퓚늻춬뗄램싉뮷뺳뫍닺좨낲업쿂,룟훊솿믡볆ힼ퓲뗄붨짨,떫쫇뷶뾿믡볆ힼ퓲놾짭늢막좨뷡릹뫍펯폠훊솿듦퓚ퟅ늻춬뗄맘쾵ꆣ늻쓜쿔훸쳡룟펯폠훊솿(쇵럥뗈,2004)ꆣBalletal뻍컒맺뛸퇔,듳막뚫뿘훆ꆢ쓚늿죋뿘훆틔벰맺폐(2003)틔횴탐맺볊믡볆ힼ퓲뗄훐맺쿣룛ꆢ십살컷퇇ꆢ닺좨쳘헷돉캪짏쫐릫쮾뗄웕뇩쿖쿳,듳막뚫탐캪돤[쫕룥죕웚]2008-08-04[ퟷ헟볲뷩]췵ꆡ뇸(1978-),쓐,낲믕뫍쿘죋,맜샭톧늩쪿,쓏뺩듳톧짌톧풺뷌쪦,퇐뺿랽쿲쫇릫쮾훎샭ꆢ놾쫐뎡믡볆폫짳볆ꆣꆤ67ꆤ' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ즽/컷/닆/뺭/듳/톧/톧/놨ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2008쓪9퓂JournalofShanXiFinanceandEconomicsUniversitySep.,2008뗚30뻭뗚9웚돢폚횤좯쫐뎡ꆣ듳막뚫뿘훆늻뷶펰쿬쇋릫쮾뗄뺭펪쮾뗄펯폠훊솿ꆣ벨킧(탬쿾뚫뫍돂킡퓃,2003),뛸쟒퓚좱랦뛔훐킡막(튻)막좨뷡릹폫펯폠훊솿뚫램싉놣뮤뫍캴붨솢웰풼쫸듳막뚫뗄쫐뎡믺훆쪱,막좨뷡릹뗄탎돉럖캪쓚짺뫍췢짺볙쮵,램싉뮷듳막뚫뿘훆룼뛠뗘떼훂쇋쟖몦훐킡막뚫샻틦탐캪뗄뺳믲춶헟램싉놣뮤컞틉쫇웤훐훘튪뗄펰쿬틲쯘믲샻틦쫤쯍쿖쿳뗄랢짺(쇵럥,2004)ꆣ샻틦쫤쯍뗄횱헟쳦듺틲쯘(LaPortaetal,1999)ꆣ뺡맜막좨벯훐쓜뷓뫳맻쫇퓬돉펯폠훊솿쿂붵,헽죧Bertrandetal릻뷢뻶뒫춳뗄뺭샭폫막뚫뗄캯췐듺샭컊쳢,떫쫇퓚(2002)횸돶뗄ꆰ,쳍뿕ꆱ뿉쓜붵뗍헻룶뺭볃뗄춸쏷뗍램싉럧쿕쿂,막좨벯훐룼틗퓬돉듳막뚫뛔웤쯻웵뛈,늢췡쟺믡볆쫕틦쫽ퟖꆣ풼랽뗄샻틦쟖몦ꆣ퓚놾컄훐,컒쏇틔2001쓪훁2004쓪짏쫐릫쮾평폚듳막뚫뿘훆뗄듦퓚,쪹뗃릫쮾맜샭닣뫍듳뗄쫽뻝캪퇹놾,듓듳막뚫뿘훆뫍쓚늿죋뿘훆뗄쫓뷇,막뚫뗄탐뚯몯쫽룼캪튻훂ꆣ튻랽쏦,듳막뚫뿘훆쇋닉폃룄뷸뗄Dechow뫍Dichev(2002)쒣탍(틔쿂볲돆릫쮾믡볆탅쾢뗄닺짺뫍놨룦,ퟷ캪ꆰ훰샻뗄샭탔죋ꆱ,DD쒣탍),뛔듳막뚫뿘훆폫펯폠훊솿뗄맘쾵뷸탐쇋쯻쏇욾뷨뿘훆좨폅쫆,볈뿉틔횱뷓닉좡럇쫐뎡뚨볛쪵횤볬퇩ꆣ퇐뺿랢쿖,듳막뚫돖막뇈샽폫펯폠훊솿(짵훁탩릹)뗄맘솪랽붻틗뫍늢릺훘ퟩ,놨룦욫샫잱돊떹U탍맘쾵,벴돖막럖즢뫍벯훐뚼믡붵뗍펯폠훊퓚뺭볃붻틗쪵훊뗄닆컱믡볆탅쾢,쪹ퟔ짭샻틦ퟮ듳솿ꆣ쇭췢,퓚듳막뚫볦죎뚭쫂믡돉풱뗄뇈샽뷏룟ꆢ듳뮯,튲뿉틔춨맽볤뷓펰쿬짳볆쪦탐캪,뷸뛸펰쿬펯폠막뚫볦죎짏쫐릫쮾뚭쫂뎤믲ퟜ뺭샭틔벰듳막뚫막좨훊솿ꆣ틲듋,막좨벯훐붵뗍쇋룟훊솿펯폠탅쾢뗄릩캪럇맺폐뗄릫쮾,펯폠훊솿룼뗍ꆣ퓚듋믹뒡짏,컒쏇룸ꆣ쇭튻랽쏦,막뚫ꆢ햮좨죋믲웤쯻닆컱놨뇭쪹폃헟뷸튻늽내막좨탔훊뷸탐럖샠믘맩,뷡맻뇭쏷,뛔폚듳캪쇋폐킧뚩풼뫍볠뚽,탨튪룟훊솿뗄닆컱놨룦,떫쫇막뚫캪맺폐막뗄릫쮾뛸퇔,짏쫶뷡싛틀좻컈붡ꆣ퓚헢튻웵풼낲업훐,듳막뚫돤떱쇋훐탄잩풼죋뗄뷇놾컄뗄웤쯻늿럖낲업죧쿂:뗚뛾늿럖뛔듳막뚫즫,쯻쏇뿉틔욾뷨뿘훆좨믲헟맘쾵살믱뗃룼뫃뗄웵뿘훆뫍펯폠훊솿뗄맘쾵뷸탐샭싛럖컶,늢쳡돶퇐뺿풼쳵뿮,뛸늻탨튪훂솦폚쳡룟펯폠훊솿ꆣ떱좻,훐킡볙짨;뗚죽늿럖쫇쒣탍짨훃뫍뇤솿뚨틥;뗚쯄늿럖뛔막뚫훷맛짏폐뛔룟훊솿펯폠뗄탨쟳,떫쫇평폚볠뚽퇹놾뫍쫽뻝쳘헷뷸탐쇋쏨쫶;뗚컥늿럖룸돶쇋쪵횤돉놾뗄듦퓚틔벰ꆰ듮뇣뎵ꆱ탄샭뗄펰쿬,쪹뗃ꆰ폃뷅춶볬퇩뗄뷡맻벰쿠맘럖컶;ퟮ뫳쫇컄헂뗄뷡싛뫍쳖싛ꆣ욱ꆱ뿉쓜돉캪쯻쏇룼샭탔뗄톡퓱ꆣ뛾ꆢ샭싛럖컶뫍볙짨쳡돶퓚막좨쿠뛔럖즢뗄쳵볾쿂,웤쯻막뚫퓚릫쮾훐듓웵풼맛돶랢,듺샭컊쳢쫇웳튵웵풼맛뗄놾훊뗄샻틦럝뛮룼듳,쯻쏇폐튻뚨뗄볠뚽뚯믺뫍쓜솦살튪쯘,듺샭컊쳢뗄쪵훊쫇쯹폐좨뫍뿘훆좨뗄럖샫ꆣ볠뚽맜샭닣믲헟훆뫢듳막뚫,듓뛸폐훺폚쳡짽릫쮾쫀뷧짏듳늿럖맺볒뗄웳튵막좨쫇쿠떱벯훐뗄,떱뿘뗄펯폠훊솿ꆣ췵뮯돉뫍�퇒(2006)랢쿖,웤쯻막뚫훆좨벯훐퓚짙쫽춶헟쫖샯쪱,쯻쏇뗄킭뗷탐뚯붫뗄훆뫢쓜솦풽잿,짏쫐릫쮾펯폠훊솿풽룟ꆣ떫쫇,폫룼죝틗,늢폐뚯솦좥쫕벯탅쾢뫍볠뚽맜샭닣,듓뛸뷢횮쿠랴뗄볙쮵쫇막좨럖즢튲믡붵뗍펯폠훊솿ꆣ막좨뻶막뚫폫뺭샭횮볤뗄캯췐듺샭컊쳢ꆣ떫쫇폫듋쿠냩럖즢쪹뗃맜샭닣뫍듳막뚫뗄탐뚯몯쫽뿉쓜늻튻훂,뗄쫇,듳막뚫캪쇋ퟔ짭샻틦믡틔폐킧믲컞킧뗄랽쪽뛠훘뗄캯췐맘쾵룼틗닺짺듺샭돉놾컊쳢,뷸뛸펰쿬폫웤쯻웵풼랽훘탂럖엤닆뢻ꆣ퓚탭뛠맺볒,킡막뚫펯폠훊솿ꆣ듋췢,막좨럖즢뫍훆뫢쪹뗃릫쮾쪧좥쇋뫍햮좨죋뗄샻틦놻뿘막막뚫냾뛡뗄쿖쿳웕뇩듦퓚훐탄잩풼죋,떼훂웵풼뗄잩뚩뫍볠뚽뇤뗃룼볓컞탲(Laportaetal,2000),훐맺튲룅쒪쓜췢ꆣ뫍믬싒,짵훁캪쇋뿘훆좨쫕틦뛸쿝죫뿘훆좨헹뛡떱컒맺짏쫐릫쮾훷튪살ퟔ폚맺폐웳튵뗄췑릳룄훐,뛸헹뛡믱쪤뗄튻랽폖믽벫샻폃뿘훆좨듓쫂맘솪훆,평폚막좨짨훃ꆢ닺훘ퟩ폫랢짳훆뛈쿠뮥ퟷ폃,랽붻틗뗈믮뚯ꆣ틲듋,컒쏇뗃떽볙짨1ꆣ떼훂듳막뚫뻓폚뿘막뗘캻,춬쪱듳막뚫뗄맜샭닣튲H1:듳막뚫돖막뇈샽폫펯폠훊솿돊떹U탍맘쮳샭돉헂뗘돉쇋짏쫐릫쮾뗄뚭쫂뎤믲ퟜ뺭샭,평듋쾵,벴막좨럖즢뫍벯훐뚼믡붵뗍펯폠훊솿ꆣ듸살쇋웕뇩뛸퇏훘뗄듳막뚫뿘훆뫍쓚늿죋뿘훆컊쳢(뛾)듳막뚫볦죎릫쮾룟맜폫펯폠훊솿(샮뚫욽,2005)ꆣ떫쫇폫웤쯻맺볒늻춬뗄쫇,컒맺짏평폚컒맺짏쫐릫쮾뗄쳘쫢놳뺰,쪹뗃듳막뚫볦쫐릫쮾뻸듳늿럖쫴폚맺폐닺좨,듓뛸떼훂쇋뛠훘캯죎맜샭닣뗄쿖쿳뇈뷏웕뇩ꆣ캪쇋쳡룟짏쫐릫쮾훊췐듺샭맘쾵,늢쟒쿠뛔뷏뗍뗄램싉럧쿕튲펰쿬쇋릫솿,1998쓪횤볠믡랢늼쇋맘폚뛔쓢짏쫐웳튵룄훆쟩ꆤ68ꆤ' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ즽/컷/닆/뺭/듳/톧/톧/놨ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2008쓪9퓂JournalofShanXiFinanceandEconomicsUniversitySep.,2008뗚30뻭뗚9웚뿶뷸탐뗷닩뗄춨횪,맦뚨튪쟳짪쟫릫뾪랢탐막욱뗄쫗쿈,쿠뛔폚럇맺폐웳튵,헾뢮쯹폐뗄웳튵듦퓚웳튵튪ퟶ떽ꆰ죋풱뛀솢,닺췪헻뫍닆컱뛀솢ꆱꆣퟅ뢴퓓뗄캯췐듺샭맘쾵,뗀뗂럧쿕컊쳢퓶볓쇋듺샭1999쓪횤볠믡폖냤늼쇋맘폚짏쫐릫쮾ퟜ뺭샭벰룟돉놾,붵뗍쇋웳튵벨킧,떫헢늢늻믡뇘좻펰쿬떽펯폠닣맜샭죋풱늻뗃퓚뿘막막뚫떥캻볦횰뗄춨횪,퓚훊솿ꆣ웤듎,평폚맺폐웳튵뗄쒿뇪뚨캻늻뷶퓚폚ힷ2002쓪ꆶ짏쫐릫쮾훎샭ힼ퓲ꆷ훐뷸튻늽맦뚨쇋짏쫐쟳샻죳ퟮ듳뮯,춬쪱튲볦맋짧믡퓰죎,틲듋,맺폐웳릫쮾뗄뺭샭죋풱ꆢ닆컱뢺퓰죋ꆢ펪쿺뢺퓰죋뫍뚭쫂믡튵튵벨뗍쿂폐쪱튲늻펰쿬펯폠훊솿ꆣ퓙듎,헾뢮평쏘쫩퓚뿘막막뚫떥캻늻뗃떣죎돽뚭쫂틔췢뗄웤쯻횰헾훎볒뫍맙풱ퟩ돉,맙풱뗄헾훎탐캪뿉쓜믡펰쿬펯컱ꆣ폠훊솿ꆣퟷ캪맺폐닺좨뗄듺샭죋,맙풱뫍듳막뚫뻟듓짏쫶맦뚨살뾴,횤볠믡퇏룱튪쟳짏쫐릫쮾폫폐짹폾볛횵뫍뿘훆좨쫕틦,쯻쏇늢쎻폐돤럖뗄벤샸듳막뚫ퟶ떽죋풱쿠뮥뛀솢,벴돽떣죎뛔랽뗄뚭쫂틔좥놨룦뗍훊솿뗄펯폠탅쾢,짵훁떱짹폾볛횵뫍뿘훆췢,늻뗃볦죎맜샭횰컱ꆣ듓샭싛럖컶살뾴,짏쫐릫쮾좨쫕틦ퟣ릻듳쪱,쯻쏇뮹믡뗖훆뗍훊솿뗄펯폠탅쾢ꆣ맜샭닣횰폐샻폚쯻쏇폐ퟣ릻뗄쪱볤뫍뺫솦살듓쫂듋췢,맺폐웳튵뮹믡쫜떽룼뛠뗄탐헾볠뚽,죧짳볆맜샭릤ퟷ,뷸튻늽쳡룟맜샭킧싊ꆣ떫쫇쫂쪵짏,듳막쫰ꆢ닆헾늿믲헟맺캯믡뚨웚믲늻뚨웚뗘뛔맺폐웳뚫폫짏쫐릫쮾죋풱뫜쓑뛀솢,듳막뚫떣죎짏쫐릫쮾튵뷸탐볠뚽볬닩ꆣ뺡맜컒맺램싉럧쿕늻룟,떫탐헾뚭쫂믲헟듳막뚫뚭쫂떣죎짏쫐릫쮾룟맜,틀좻믡뛔뒦랣럧쿕뗄듦퓚죔믡쳡룟퓬볙뫍탩놨펯폠뗄돉놾ꆣ릫쮾뗄뺭펪뻶닟닺짺훘듳펰쿬ꆣ뛔폚럇맺폐릫쮾,쳘뇰쫇쮽폐닺좨릫쮾,듳막뚫죧맻뷶듓웳튵맜샭뷇뛈살뾴,떱춶헟램싉놣늻뷶믱뗃쇋쪣폠뿘훆좨,뛸쟒뻟폐쪣폠쯷좡좨,틲듋뮤뷏잿쪱,듳막뚫볦죎릫쮾룟맜폐훺폚킭뗷탐뚯,붵쯻쏇쓜릻뿋럾뗀뗂럧쿕컊쳢ꆣ퓚램싉럧쿕늻룟믲헟뗍맜샭돉놾ꆣ쳘뇰쫇뛔폚쮽폐닺좨,듳막뚫쓜믱뗃훆뛈늻췪짆뗄쳵볾쿂,쪣폠쯷좡좨뗄벤샸믡쪹듳막쪣폠쯷좡좨,듳막뚫볦죎릫쮾룟맜룼틗붵뗍듺샭돉뚫룼뿉쓜탩놨펯폠탅쾢,틔믱뗃룼듳뗄쫕틦,죧쮰쫕놾,쳡룟펯폠훊솿ꆣWang(2006)랢쿖,듳막뚫볦죎짏복쏢뗈ꆣ틲듋,컒쏇뗃떽볙짨3ꆣ쫐릫쮾맜샭닣폐훺폚쳡룟펯폠훊솿ꆣ떫쫇,죧맻붫H3:죴듳막뚫뗄막좨탔훊캪맺폐,퓲릫쮾펯폠듳막뚫볦죎쓉죫떽듳막뚫뗄샻틦쫤쯍뿲볜쪱,뻍믡훊솿뷏룟ꆣ랢쿖,듳막뚫볦죎뚭쫂믡돉풱뗄뇈샽뷏룟폫듳막뚫죽ꆢ뇤솿뚨틥폫쒣탍짨훃볦죎짏쫐릫쮾뚭쫂뎤믲ퟜ뺭샭,룼뿉쓜쪹릫쮾쫜떽뛔폚펯폠훊솿(EarningsQuality)뗄볆솿,컒쏇닉듳막뚫뗄뿘훆,듓뛸샻폚듳막뚫놨룦욫샫뺭볃붻틗폃탞헽뗄Dechow뫍Dichev뗄랽램(BallandShivaku2쪵훊뗄펯폠탅쾢ꆣ듋췢,듳막뚫볦죎뚭쫂튲톹훆쇋mar,2005),틔펦볆샻죳엤뇈뺭펪쿖뷰쇷솿뗄돌뛈살웤쯻뚭쫂뗄볠뚽ퟷ폃,떼훂짏쫐릫쮾펯폠훊솿쿂붵ꆣ뫢솿ꆣ헢튻랽램볈냼삨폐틢뗄닙ퟝ,튲냼삨컞틢뗄쳘뇰쫇뛔폚컒맺듳늿럖맺폐닺좨뗄릫쮾,듳막뚫뫍맀볆컳닮,늢쟒퓚튻뚨돌뛈짏뇜쏢쇋Jones쒣탍훐쿖맜샭닣뚼쫇듺샭죋,늢늻쓜믱뗃쪣폠쯷좡좨,퓚뻞듳뷰쇷솿늻놻닙ퟝ뗄볙뚨ꆣ샻틦뗄틽폕쿂,쯻쏇룼틗솪뫏ꆰ듲뷙ꆱ웤쯻웵풼랽,퓬캪쇋볬퇩듳막뚫뿘훆ꆢ닺좨낲업폫펯폠훊솿뗄돉펯폠훊솿뗄붵뗍ꆣ틲듋,컒쏇뿉틔뗃떽볙짨2ꆣ맘쾵,컒쏇뾼달쇋듳막뚫돖막뇈샽ꆢ듳막뚫볦죎릫쮾H2:듳막뚫볦죎짏쫐릫쮾뚭쫂믡돉풱뇈샽풽룟맜틔벰막좨탔훊뛔펯폠훊솿뗄펰쿬ꆣ춬쪱닎뾼쿠룟,펯폠훊솿풽뗍;듳막뚫볦죎짏쫐릫쮾뚭쫂뎤믲ퟜ맘컄쿗(Wang,2006;Cheng뫍Warfield,2005),컒쏇뷸뺭샭,펯폠훊솿룼뗍ꆣ튻늽뿘훆쇋릫쮾맦쒣(SIZE)tꆢ릫쮾샻죳쮮욽(죽)막좨탔훊뫍펯폠훊솿(ROA)tꆢ웆닺럧쿕(LOSSt뫍LEV)tꆢ퓶뎤믺믡뷶듓듳막뚫뿘훆살럖컶펯폠훊솿쫇풶풶늻릻(GROWTH)t틔벰짏쫐쓪쿞(AGE)t뗈틲쯘뗄펰쿬ꆣ뗄뻟쳥쒣탍캪:,틲캪닺좨뗄늻춬낲업튲믡펰쿬펯폠훊솿ꆣ떱듺컷랽훷쇷뺭볃톧죏캪ABSACC,퓚웳튵튵벨닣쏦짏,맺볒쯹폐t=ꛂ1LEADERt+ꛂ2SOEt+좨쫇컞킧뗄ꆣ헾뢮닺좨컞킧뗄훷헅훷튪폐죽듳샭싛ꛂ3NUMBERt+ꛂ4RATEt+ꛂ5RATEDt+ꛂ6SIZEt+믹쪯ꛂ,벴듺샭죋샭싛ꆢ헾뢮뛠풪쒿뇪싛뫍헾훎볒벰맙7ROAt+ꛂ8LEVt+ꛂ9GROWTHt+ꛂ10AGEt+ꛂ11LOSSt풱뗄헾훎탐캪(쳯샻믔,2005)ꆣ헢샯탨튪잿뗷뗄쫇,+FixedEffectt+e(t1)뺭펪벨킧닮늢늻뗈볛폚펯폠훊솿뗍ꆣ웤훐,ABSACCt캪t쪱뿌죎틢펦볆뛮뗄뻸뛔ꆤ69ꆤ' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ즽/컷/닆/뺭/듳/톧/톧/놨ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2008쓪9퓂JournalofShanXiFinanceandEconomicsUniversitySep.,2008뗚30뻭뗚9웚횵,쫇닉폃DD쒣탍볆쯣뗄뷡맻ꆣ닉폃뻸뛔횵쫇평뷸탐쇋뫋뛔ꆣ폚펯폠맜샭짦벰떽쇋퓶볓펯폠뗄펦볆뛮믲헟복짙펯(뛾)쏨쫶탔춳볆폠뗄펦볆뛮,룼듳뗄횵뇭쪾룼뛠뗄펯폠맜샭믲룼뗍뇭1쫇룹뻝쓪뛈쫽뻝춳볆뗄뷡맻,듓뇭1뿉틔뗄펯폠훊솿ꆣ퓚t쪱뿌,죧맻뚭쫂뎤믲ퟜ뺭샭살ퟔ뾴돶,죎틢펦볆뛮뻹횵(ABSACC)듓2001쓪훁폚뗚튻듳막뚫믲살ퟔ훕벫뿘훆죋솴쳵,퓲LEADERt2003쓪쫇훰붥붵뗍뗄,쮵쏷펯폠훊솿헻쳥뗃떽쳡캪1,럱퓲캪0ꆣ퓚t쪱뿌죧맻뗚튻듳막뚫탔훊캪맺룟,떫퓚2004쓪펯폠훊솿폖폐쯹붵뗍ꆣ듓듳막뚫뿘폐막,퓲SOEt캪1;죧맻뗚튻듳막뚫탔훊캪럇맺폐훆뇤솿뿉틔뾴돶,듳막뚫돖막뇈샽(RATE)ꆢ듳막뚫막,퓲SOEt캪0ꆣNUMBERt캪t쪱뿌뗚튻듳막뚫믲햼뚭쫂믡뇈샽(NUMBER)ꆢ듳막뚫볦죎ퟜ뺭샭믲뚭훕벫뿘훆죋솴쳵햼릫쮾뚭쫂믡죋쫽뗄뇈샽ꆣRATEt쫂뎤뗄뇈샽(LEADER)틔벰듳막뚫캪맺폐막뇈샽캪뗚튻듳막뚫돖막뇈샽ꆣRATED(t캪뗚튻듳막뚫SOE)뗄뻹횵헻쳥뚼돊훰쓪붵뗍뗄쟷쫆,쟒룷쿮횸돖막뇈샽뗄욽랽쿮ꆣSIZEt캪t쪱뿌ퟜ닺뗄ퟔ좻뇪횵틀좻뷏듳ꆣ듳막뚫욽뻹돖막뇈샽캪%,늢뛔쫽ꆣROAt캪t쪱뿌뺻샻죳돽틔욽뻹ퟜ닺뗄횵ꆣ쟒%뗄듳막뚫캪맺폐탔훊,짏쫐릫쮾뚭쫂믡훐GROWTHt캪t쪱뿌뗄쿺쫛퓶뎤싊ꆣAGEt캪웳튵뗄폐뷼1/3뚭쫂살ퟔ폚듳막뚫,뚭쫂뎤믲ퟜ뺭샭폐뷼짏쫐쪱볤ꆣ떱뺻쫕틦<0쪱,LOSS2/3살ퟔ폚듳막뚫ꆣ헢킩횸뇪좷쪵랴펳돶컒맺짏쫐t=1,웤쯻캪0ꆣLEV릫쮾훐듦퓚듳막뚫뿘훆뫍쓚늿죋뿘훆컊쳢ꆣt캪t쪱뿌뗄닺뢺햮싊ꆣFixedEffectt뇭쪾쪱볤뫍탐튵뗄만뚨킧펦ꆣ뇭1ꆡ쓪뛈쫽뻝쏨쫶et캪컳닮쿮ꆣ쯄ꆢ퇹놾톡퓱뫍쫽뻝쏨쫶쓪뛈%%%71%(튻)퇹놾톡퓱%%%%컒쏇닉폃2001훁2004쓪짏쫐릫쮾뗄쫽뻝,룹%%%%뻝쪵횤볬퇩뗄탨튪%%%%,톡퓱룷쓪뗄퇹놾럖뇰캪:2001쓪캪뫏볆%64%%%1018볒,2002쓪캪1099볒,2003쓪캪1167볒,2004쓪캪1234볒,뫏볆캪4518룶쓪뛈퇹놾횵ꆣ춬쪱컒쏇뮹뛔퇹놾ퟶ쇋틔쿂뗷헻:(1)즾돽쫽뻝늻좫뇭2쫇내헕막좨럖샠믱뗃뗄춳볆횸뇪ꆣ듓뇭훐뗄믲쎻폐엻슶쿠맘횸뇪뗄릫쮾;(2)즾돽뷰죚놣쿕튵뿉틔뾴돶,듳막뚫캪맺폐막뗄릫쮾죎틢펦볆뛮뻹횵릫쮾;(3)즾돽틲뇤솿뫍돖막뇈샽뗄벫뛋쫽횵(짏쿂뗍폚듳막뚫캪럇맺폐막뗄릫쮾,쮵쏷듳막뚫캪맺폐1%)ꆣ듋췢,컒쏇뮹즾돽쇋퇹놾뷏짙뗄뒫능폫컄뮯막뗄릫쮾펯폠훊솿뿉쓜룼룟킩ꆣ듓듳막뚫돖막뇈닺튵릫쮾,ퟮ뫳릲뗃떽3744룶퇹놾맛닢횵ꆣ샽ꆢ듳막뚫햼뚭쫂믡돉풱뇈샽틔벰듳막뚫볦죎뚭쫂컒쏇뗄닆컱쫽뻝살ퟔ폚짏몣췲뗃톶쫽뻝뿢뎤믲ퟜ뺭샭뗄뇈샽훐뿉틔뾴돶,듳막뚫캪맺폐막뗄(),막욱놨돪싊살ퟔ폚맺첩낲CSMAR쫽짏쫐릫쮾룷쿮횸뇪뚼룟폚듳막뚫캪럇맺폐막뗄짏쫐뻝뿢,듳막뚫돖막뇈샽뫍막뚫탔훊쫽뻝살ퟔ놱뺩즫릫쮾ꆣ쳘뇰쫇듳막뚫돖막뇈샽,듳막뚫캪맺폐막뗄억럒탅쾢폐쿞릫쮾CCER쫽뻝뿢,듳막뚫볦죎쫽뻝돖막뇈샽캪%,뛸럇맺폐뗄듳막뚫돖막뇈샽캪춨맽뻞쇩쫽뻝뿢()뫍뷰죚뷧%,쮵쏷맺폐막막좨룼벯훐ꆣ웤쯻뿘훆뇤솿뗄()췸햾닩헒믱뗃,늢뛔폐틬틩뗄쫽뻝횸뇪볻뇭2ꆣ뇭2ꆡ내막좨럖샠뗄쫽뻝쏨쫶듳막뚫캪맺폐(N=2677)듳막뚫캪럇맺폐(N=1067)뻹횵뇪ힼ닮훐캻쫽ퟮ듳횵ퟮ킡횵뻹횵뇪ힼ닮훐캻쫽ퟮ듳횵ퟮ킡횵ꆤ70ꆤ' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ즽/컷/닆/뺭/듳/톧/톧/놨ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2008쓪9퓂JournalofShanXiFinanceandEconomicsUniversitySep.,2008뗚30뻭뗚9웚ꆡꆡ컥ꆢ믘맩뷡맻-((튻)믘맩뷡맻럖컶)()뇭쫇닉폃DD쒣탍볆쯣뗄뷡맻RATED+,쯹폐쒣탍뻹()()퓚1%쮮욽쿂쿔훸,뗷헻뗄R2캪믲룼룟,쮵쏷+쓢뫏킧맻뷏뫃ꆣ쫗쿈컒쏇럖컶쇋듳막뚫돖막뇈샽()()(RATE)폫펯폠훊솿뗄맘쾵LEADER+,듓쒣탍1뿉틔뾴돶,()()RATE뗄믘맩쾵쫽캪,RATED뗄믘맩쾵쫽-캪()().070,솽헟뚼퓚1%쮮욽쿂쿔훸,쮵쏷듳막뚫돖막뇈샽폫죎틢펦볆뛮돊헽탍맘쾵LEV+,벴돖막풽럖즢()()()()()믲풽벯훐,죎틢펦볆뛮풽듳,펯폠훊솿풽뗍ꆣ틲듋, 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ즽/컷/닆/뺭/듳/톧/톧/놨ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2008쓪9퓂JournalofShanXiFinanceandEconomicsUniversitySep.,2008뗚30뻭뗚9웚쿬살뾴,듳막뚫캪맺폐막뗄짏쫐릫쮾,NUMBER뗄볓뿘훆뇤솿ꆢ룄뇤훷튪틲뇤솿뚨틥틔벰훘탂뚨틥퇹쾵쫽캪,늢퓚1%쮮욽쿂쿔훸,쮵쏷듳막뚫볦놾뗈랽램,뛔짏쫶뷡싛ퟶ쇋컈붡탔볬퇩,랢쿖뷡싛쎻죎뚭쫂믡돉풱뇈샽풽룟,죎틢펦볆뛮뻍풽듳,펯폠훊폐랢짺쿔훸뇤뮯ꆣ솿튲뻍풽뗍ꆣ듓듳막뚫볦죎뚭쫂뎤믲ퟜ뺭샭뛔펯폠쇹ꆢ뷡싛훊솿뗄펰쿬살뾴,LEADER뗄쾵쫽캪,늢퓚1%놾컄룹뻝훐맺짏쫐릫쮾뗄훆뛈놳뺰,듓듳막뚫뿘쮮욽쿂쿔훸,쮵쏷듳막뚫볦죎뚭쫂뎤믲ퟜ뺭샭믡붵훆뫍쓚늿죋뿘훆뗄쫓뷇,뾼달쇋듳막뚫뿘훆뛔릫쮾펯뗍펯폠훊솿ꆣ뛔폚듳막뚫캪럇맺폐막뗄릫쮾뛸퇔,폠훊솿뗄펰쿬ꆣ평폚컒맺짏쫐릫쮾훷튪살ퟔ폚맺폐웳NUMBER뗄쾵쫽캪,쮵쏷듳막뚫볦죎뚭쫂믡튵,쪹뗃듳막뚫뿘훆뫍맺폐닺좨쳘헷뇈뷏웕뇩,평듋퓬돉풱뇈훘뗄쳡룟,랴뛸폐훺폚쳡룟펯폠훊솿,떫뷡싛돉쇋룼캪뢴퓓뗄듺샭컊쳢뫍듳막뚫뗄샻틦쟖햼컊쳢,늢늻쿔훸ꆣLEADER뗄쾵쫽캪,늢퓚10%쮮뛸헢킩폖뷸튻늽펰쿬쇋릫쮾뗄펯폠훊솿ꆣ욽쿂쿔훸,쮵쏷듳막뚫볦죎뚭쫂뎤믲ퟜ뺭샭쳡룟쇋컒쏇닉폃뷸탐훆뛈뇤룯뗄2001쓪벰틔뫳쯄쓪뗄짏쫐릫쮾뗄펯폠훊솿ꆣ헢튻뷡싛쮵쏷퓚럇맺폐막뗄쫽뻝,쪹폃DD믡볆쒣탍뷸탐쇋볬퇩,뷡맻랢쿖,듳막릫쮾훐,늻춬듳막뚫뗄닟싔뿉쓜늻튻훂,듓뛸쪹뗃듳뚫돖막럖즢뫍벯훐,뚼믡붵뗍릫쮾펯폠훊솿ꆣ퓚뛔듳막뚫볦죎뷡싛늻컈붡ꆣ듳막뚫볦죎릫쮾룟맜쫇럱믡막뚫막좨탔훊뫍듳막뚫볦죎릫쮾룟맜뗄볬퇩훐,듳막펰쿬펯폠훊솿,볈쫜훆폚램싉럧쿕,튲좡뻶폚듳막뚫뚫볦죎뚭쫂믡돉풱뗄뇈샽뷏룟ꆢ듳막뚫볦죎짏쫐릫쮾뛔퇛잰샻틦뫍뎤풶샻틦뗄좨뫢ꆣ떫쫇,뛔폚뻸듳늿뚭쫂뎤믲ퟜ뺭샭틔벰듳막뚫막좨캪럇맺폐,뻹믡쪹릫럖맺폐닺좨뗄짏쫐릫쮾뛸퇔,듳막뚫볦죎릫쮾룟맜쮾뗄펯폠훊솿룼뗍ꆣ뷸뛸,컒쏇내막좨쳘헷뷸탐쇋럖퓬돉쇋펯폠훊솿뗄쿂붵ꆣ샠믘맩,랢쿖맺폐막릫쮾뗄짏쫶뷡싛룼컈붡ꆣ컒쏇뗄뇭4ꆡ내막좨럖샠뗄믘맩뷡맻퇐뺿뷏캪좫쏦뗘럖컶쇋듳막뚫뿘훆ꆢ닺좨낲업폫펯폠듳막뚫캪맺폐듳막뚫럇맺폐훊솿뗄맘쾵,짏쫶뷡싛캪듳막뚫뿘훆뗄캣몦쳡릩쇋탂ퟔ뇤솿풤웚럻뫅쒣탍1쒣탍2쒣탍3쒣탍4쒣탍533뗄뺭퇩횤뻝ꆣ춬쪱,헢튻퇐뺿튲캪막좨뷡릹폫웳튵벨킧퇐뺿쳡릩쇋탂뗄쫓뷇,틲캪늻춬릫쮾뗄펯폠훊솿늢()()늻튻훂,횻폐퓚뾼싇펯폠훊솿뗄잰쳡쿂,닅쓜믱뗃헽RATED()()좷뗄막좨뷡릹뫍튵벨뗄맘쾵ꆣ()()힢쫍:LEADER()()ꋙLEADER쾵쫽캪,뇭쏷욽뻹뛸퇔,듳막뚫볦죎뚭웤쯻뇤솿뿘훆뿘훆뿘훆뿘훆뿘훆뿘훆쫂뎤믲ퟜ뺭샭뗄릫쮾뇈캴볦죎릫쮾뛠놨뗄죎틢펦볆뛮캪욽뻹ퟜ닺,릫쮾욽뻹ퟜ닺캪234121췲풪,욽뻹뺻샻죳캪7117췲풪,틲듋듳막뚫볦죎뚭쫂뎤믲ퟜ뺭샭뗄릫쮾뛠놨죎틢펦볆뛮햼뺻샻죳뇈캪 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
