ֻ17ज ֻ5௹ᇏݓܵ॓࿐, 2009୍ 10ᄅ ChineseJournalofManagementScienceOct., 2009໓ᅣщݼ:1003-207(2009)05-0156-10基于控制权私有收益的企业非效率投资行为研究刘 星1,窦 炜1,2(11重庆大学经济与工商管理学院,重庆 400030;21武汉科技大学管理学院,湖北武汉 430081)ᅋ ေ:նaཬܢתກսԊ໙ีّ႘ᄝఒြ֥ሧथҦഈࣼ൞,նܢתູሔ॥ᇅಃႵ൬ၭطӁള֥ݖ؇ሧބሧ҂ቀਆᇕ٤ིੱሧྛູbЧ໓֥࣮๙ݖࡹ৫ଆ,ࡼݖ؇ሧაሧ҂ቀਆᇕ٤ིੱሧྛູବೆ֞၂۱ॿࡏ༯,ฐษਔնܢת॥ᇅ่ࡱ༯֥҂॥ᇅಃᇂٚൔࠣఃఒြ٤ིੱሧྛູbࢲݔіૼ:ࠎႿؓ॥ᇅಃႵ൬ၭ֥ሔ,ݖ؇ሧބሧ҂ቀਆᇕ٤ིੱሧྛູൈթᄝႿնܢת॥ᇅ่ࡱ༯֥ఒြሧྛູᇏ;धؓ॥ܢ่ࡱ༯֥ఒြሧྛູ,߶ෛሢ॥ᇅྟնܢת֥෮Ⴕಃб২э߄طӯགྷԛ҂֥٤ིੱሧྛູ֥หᆘ;؟۱նܢתཌྷࡓࠇކଔ߶ൈߏࢳݖ؇ሧ,ၛࠣࡆ఼ሧ҂ቀ,ކଔؓఒြ٤ིੱሧྛູ֥႕ཙ౼थႿކଔӮЧ֥նཬbܱՍ:॥ᇅಃႵ൬ၭ;նܢת॥ᇅ;॥ᇅಃᇂ;٤ིੱሧᇏٳোݼ:F83019 ໓ངѓ്:Aඔၛഈ,ѩ҂ᄝؽࠩ൧ӆੀ๙,ࠧݓႿ20071 ႄ୍ࣉྛਔഈ൧܄ඳ֥ܢಃٳᇂڿ۪,ުܢಃބ॥ᇅሱՖBerleބMeans(1932)୍षԷྟ֥࣮ၛಃᄝݓഈ൧܄ඳᇏ֥ۚ؇ࠢᇏགྷའಯಖႭູૼট,ࠎႿٳ෮Ⴕಃࢲܒ༯ࣜದބܢתᆭࡗ֥ཁ[4]bପહ,֒ఒြ֥ກս໙ี҂ᄜ൞෮Ⴕᆀກսܱ༢ၛࠣૌᆭࡗ֥০ၭԊაކቔ၂ᆰაܵᆀᆭࡗ֥Ԋ֥ൈީ,ૌ෮ॉ੮֥܄ඳФ֒ቔགྷս܄ඳᇍ֥ࠎЧ࣮ٓൔ[1]bطሧቔሧྛູ൞ڎ߶߶ؿളэ߄?ࠎႿ/ֻؽোս໙ี0ູ܄ඳӮӉ֥൮ေၹބໃটགྷࣁੀਈᄹӉ֥ᇶေ֥ఒြሧྛູႻ߶ӯགྷԛᄸဢ֥หᆘ?ၛࠣఒࠎԤ,္၂ᆰᄝ෮Ⴕᆀ)ܵᆀսԊᆃ၂ѓሙြ॥ܢնܢתᆭࡗ֥҂॥ᇅಃᇂٚൔაఒြ֥ٓൔބॿࡏ༯Фݓଽaຓ࿐ᆀࣉྛ࣮bಖط,୍࣍ሧྛູᆭࡗႻႵሢᄸဢ֥ܱ༢?ؓᆃུ໙ี֥টᄀটᄀ؟֥࣮ؿགྷ,ܢಃࠢᇏބնܢתᄝൗࢸ࣮ބࢳճ,҂ࣇᄝંഈႵᇹႿປބࢳࠎႿٓຶଽ௴ђթᄝ,ࠧ൞ᄝሧЧ൧ӆ٤ӈؿղ֥/ֻؽোս໙ี0֥ఒြ෮Ⴕಃࢲܒބ॥ᇅಃᇂૅݓࡅ,෮Ⴕಃࠢᇏބնܢת॥ᇅ֥܄ඳᇍࢲܒಯಖ٤ӈ௴ђ[2]bაၛܢಃٳູ֥หᆘ֥܄ඳ҂აఒြ٤ིੱሧྛູ֥ܱ༢,طؓႿೂޅࡓ֥൞ބ॥ᇅݓնܢת॥ᇅ่ࡱ༯֥܄ඳ٤ིੱሧྛ,ᄝܢಃࠢᇏ֥෮Ⴕಃࢲܒหᆘ༯,ႮႿ܄ඳ֥॥ܢնܢתႚႵቀܔ֥ࠗৣಀࡓܵᆀྛູູ,ิۚ܄ඳြࠛ,္Ⴕሢགྷൌ֥ᆷ֝ၩၬb,܄ඳ֥ກս໙ี҂ᄜіགྷູ෮Ⴕᆀაܵᆀᆭଢభ,ݓଽຓᆌؓܢಃࢲܒࠣఒြ٤ིੱሧࡗ֥Ԋ,ط൞ᇶေіགྷູնܢתაཬܢתᆭࡗ০ྛູ֥࣮,ᇶေ൞ࠎႿ෮Ⴕᆀ)ܵᆀ/ֻ၂োၭԊກսԊ0ॿࡏ༯ࣉྛ,֥طᄝॉ੮նཬܢת/ֻ֥ؽোս໙ี[2,3]0bطࣼݓ֥ൌ࠽౦ঃط,Ֆᆣಊ൧ӆ֏ള֥ପ၂ख़ఏ,ݓࡅܢބၛກսԊࠎԤഈህᆌؓఒြሧྛູࣉྛٳ༅ݓႵ܄ඳູᇶ֥ؿఏದ҂ࣇᄝ٤ੀ๙ܢٺᇏंႿᇶ֥໓ངഉ҂؟bLaPorta֩(2000)֥࣮іૼ,ֹ֝ಀԢܢಃᇉྟࡌקު,ᄝ෮Ⴕಃࠢᇏ่ࡱ༯,ႮႿ(໊80%ၛഈ),ߎᅝ֞܄ඳܢௐؿྛሹح֥϶܄ඳགྷࣁੀಃބ॥ᇅಃ֥ٳ,॥ܢնܢתࡼ߶Ⴕ ൬۠ರ௹:2008-11-07;ྩרರ௹:2009-07-02఼ਛ֥ࠏ܄ඳ֥ሧྛູაܢת০ၭቋն߄ଢࠎࣁཛଢ:ݓࡅሱಖ॓࿐ࠎࣁሧᇹཛଢ(70772100);࢝ტ҆Ѱൖׄࠎࣁሧᇹཛଢ(࢝ؿᇏྏݦѓؿളொ၍,๙ݖఒြ֥٤ིੱሧྛູࠆ౼॥ᇅ[2006]226)ቔᆀࡥࢺ:ਾྒ(1956-),ଳ(ݱቂ),ފଲᆓದ,ᇗ౩ն࿐ࣜ࠶ಃದ൬ၭ,ݝᇏཬܢת֥০ၭ[2]bClaessens֩ა۽അܵ࿐ჽ࢝൱,Ѱൖള֝ഽ,࣮ٚཟ:߶࠹(2000)ಪູ॥ᇅಃႵ൬ၭ֥թᄝ൞෮Ⴕಃࠢᇏሑંa܄ඳҍༀაࣁವ.༯ఒြӁള٤ིੱሧྛູ֥ᇗေၹ[5]bط
ֻ5௹ ਾྒ֩:ࠎႿ॥ᇅಃႵ൬ၭ֥ఒြ٤ིੱሧྛູ࣮#157#DyckބZingales(2004)֥࣮ᄵၛ39۱ݓࡅഈ൧ఒြᇏ,ႮႿ॥ᇅಃᇂྙൔؿളਔэ߄,॥ᇅྟܢ܄ඳ֥ඔऌູဢЧ,ؿགྷఒြ॥ᇅྟሧჷ֥ऊࠢܿת۲ٚؓ॥ᇅಃႵ൬ၭ֥ሔၛࠣૌᆭࡗ֥ᇅଆᄀն,॥ܢܢתࣼᄀႵॖି๙ݖᇅקႵ০Ⴟሱദޙࠇކଔ,ࡼఒြ֥ሧथҦؿളڿэbაၛສ০ၭଢѓ֥۲ᇕ٤ིੱሧྛູथҦটᄹࡆః॥ᇅ֥࣮෮҂֥൞,Ч໓֥࣮ࡼᄝॉ੮նܢת॥ಃႵ൬ၭ[6]bෛሢݓຓཌྷܱ࣮֥ധೆ,ݓଽᆌᇅ༯֥҂॥ᇅಃᇂሑ֥ࠎԤഈ,ࡼݖ؇ሧؓھ໙ี္֥࣮ᇯ҄ᅚषbਾӔ(2002)֥࣮აሧ҂ቀବೆ֞၂۱ॿࡏ༯,๙ݖܒࡹ၂۱ܱؿགྷ,॥ܢܢת๙ݖܱ৳ࢌၞ֩ٚൔࣉྛຓ҆ส০Ⴟնܢת॥ᇅ่ࡱ༯֥ఒြሧྛູथҦ֥ଆ,Ֆطࠆ౼॥ᇅಃႵ൬ၭ൞ഈ൧܄ඳ٤ིੱሧ֥ؓ॥ᇅಃႵ൬ၭࠣఒြ٤ིੱሧྛູࣉྛฐ۴Чၹᆭ෮ᄝ[7],طૹaࣁ(2003)֥࣮ࣉ၂ษb҄ࡼݓഈ൧܄ඳܢಃವሧொݺၛࠣႮՎӁള֥ݖЧ໓࣮֥ऎุଽಸνஆೂ༯:ֻؽa҆ٳູ؇ሧྛູ݂ࣻႿܢ҂ಃ,ੀ๙ܢб২ொ֥֮ิԛ࣮ࡌഡ,ѩᄝՎࠎԤᆭഈܒࡹࠎЧଆࣉྛห൹ܢಃᇅ؇νஆ[8]bνਲaਾྒ֩(2008)֥࣮ٳ༅;ֻඹ҆ٳࡼࠎЧଆࣉྛঔᅚ,ࣉ၂҄ٳ༅؟ᄵؿགྷ॥ᇅಃႵ൬ၭࠣఒြሧྛູथҦ҂ࣇა۱նܢת܋॥ᇅ่ࡱ༯֥ఒြሧྛູथҦ;ֻնܢתӻܢб২ཁᇷཌྷ,ܱطߎᇗ၇ঠႿ॥ܢ҆ٳູඔᆴࠣෘ২ٳ༅,ቋު၂۱҆ٳࡥေሹࢲܢת֥෮Ⴕಃྟᇉ[9]bவ֩(2006)۴ऌ2001~࣮ࢲંࠣ҂ቀb2004୍ᇏݓAܢ൧ӆඔऌ,ൌᆣٳ༅ਔ॥ܢܢתؓ܄ඳི֥ࠛ႕ཙ,ࢲݔіૼ,ᄝնܢת॥ᇅ่ࡱ༯2 ࣮ࡌഡ,॥ܢܢת֥॥ᇅಃಒൌթᄝᅝིႋ,གྷࣁੀಃթЧ໓֥࣮ҕᅶMyersބMajluf(1984)֥ᄝࠗৣིႋ,ෛሢਆᆀٳӱ؇֥ᄹࡆ,ఒြ٤ི࣮ଆ[12],ѩᄝఃჰႵଆࠎԤᆭഈ,ູࡼնaཬܢੱሧྛູ۷ູᇗ[10]bဝaဝଲ֩ת֥ກսԊବೆఃᇏ,ࡆೆࠎႿ/ֻؽোս(2005)֥࣮ಪູ҂ܢಃ൧ӆࢲܒ༯֥ఒြ٤ིԊ0֥॥ᇅಃႵ൬ၭэਈ,ࢲކݓഈ൧܄ඳ֥ੱሧྛູіགྷࠣӱ؇ҵၳཁᇷ,ܢಃࠢᇏؓႿऎุ౦ঃࣉྛษંbႮႿЧ໓ษં֥൞ఒြ෮Ⴕಃࢆ֮٤ིੱሧྛູ֥ᆜุսӮЧቋູႵི[11]bࠢᇏࢲܒ༯֥ఒြ॥ᇅಃᇂࠣ٤ིੱሧྛູᆭෙಖഈඍ࣮ૹೌ׳ҳ֞ਔ,Ⴎն)ཬܢתࡗཌྷܱ༢,ၹՎᄝࡹ৫ଆษંᆭభႵсေؓଆກսԊ෮ջট֥॥ᇅಃႵ൬ၭࠣ٤ིੱሧᇏ෮ട֥ࠣཌྷܱэਈ่ࠣࡱࣉྛࡌഡބඪૼb໙ี,൞ݓၛܢಃۚ؇ࠢᇏູหᆘ֥ഈ൧܄ඳ۲ࡌഡ1:֒ఒြႚႵਆ۱ࠣਆ۱ၛഈ֥նܢתᇕொࡎᆴሧྛູ֥ᇶေіགྷྙൔ,ѩᅚष࣮,ൈ,ః॥ᇅಃᇂྙაൈႚႵਆ۱նܢתൈ൞࣮ഉ҂ܔധ,ೆ္ჹીႵղӮ၂ᇁ֥ࢲંb࣮၂ᇁ,ط۷ູ၂Ϯ֥౦ঃॖႮࠎЧଆࣉྛܼ,ఃჰၹ,гᆀಪູᆃུ࣮໓ངᇶေթᄝၛ༯ਆ۱ѩ҂႕ཙЧ໓ࢲં,ၹՎ,҂ٞࡌഡఒြൈႚႵਆ໙ี:(1)ᄝఒြ֥ሧྛູᇏ,ݖ؇ሧބሧ҂۱նܢת,ఃᇏնܢת1ູཌྷؓ॥ᇅྟնܢת,طնቀਆো٤ིੱሧ໙ีສສൈթᄝ,ؽᆀᆭࡗཌྷܢת2ູᇅޙྟնܢת,ఃӻܢб২ٳљູA1ބᇅჿބ႕ཙ,طభඍ࣮ေહᆌؓၛࡥֆ֥ܿଆA2,ડቀA*<A2<A1<1,A1+A2=A\50%,ఃᇏ߄ሧaଢ֥؟ჭ߄ሧູ֩սі֥ݖ؇ሧྛA*ູ॥ܢلᆴ(threshold)іൕ॥ᇅྟܢת֥ቋູ֮ࣉྛٳ༅,ေહᆌؓၛሧӁูսaກҍູ֩սӻܢб২ေ,ఃܢٺႮࠞ؇ٳ֥ཬܢתӻႵbі֥ሧ҂ቀྛູࣉྛٳ༅,ಏીႵࡼݖ؇ሧބᆃਆ۱նܢתؓఒြႚႵປಆ֥॥ᇅಃ,Їওఒြሧ҂ቀਆᇕ٤ིੱሧྛູବೆ֞၂۱ॿࡏ༯֥ሧथҦ,ѩၛሱദ൬ၭቋն߄ູथҦଢѓbࣉྛ༢ބಆ૫֥ٳ༅ބษં,ః࣮ࢲં္مൈ,ॉ੮֞Ч໓֥࣮ٓຶࠣݓഈ൧܄ඳܢಃࢳᄝགྷൌൗࢸᇏ,ູޅఒြສສൈթᄝ֥ݖ؇ࠢᇏ֥หᆘ,ࡌקఒြ֥ࣜದູ॥ᇅྟܢת֥սሧࠣሧ҂ቀਆো٤ིੱሧྛ,ູၛࠣૌᆭದ,ఃଢѓݦඔປಆၛ॥ᇅྟܢת֥০ၭቋն߄ࡗ֥ཌྷ႕ཙb(2)նܢת॥ᇅ่ࡱ༯֥ఒြ॥ᇅູथҦଢѓ,Ֆطޭ॥ᇅྟܢתაࣜᆭࡗ֥෮ಃᇂྙൔႵਆᇕ:၂൞धؓ॥ܢնܢת,ؽ൞؟۱Ⴕᆀ)ܵᆀກսԊbᆃაMyersބMa-նܢת܋॥ܢbഈඍ࣮նअཋႿ/၂ܢն0jluf֥ჰႵ࣮ࡌഡࣜၛሱദ০ၭቋն߄ູଢѓ֥෮Ⴕಃࢲܒ่ࡱ༯֥ఒြ॥ᇅಃႵ൬ၭࠣሧႵ෮ҵљ[12]bྛູٳ༅bൌ࠽ഈ,ᄝႮ؟۱նܢת܋॥ܢ֥ࡌഡ2:ఒြ֒భt0௹֥܄ඳࡎᆴູV0,V0
#158#ᇏݓܵ॓࿐ 2009୍\0bഡఒြᄝt1௹ႚႵ၂۱ሧࠏ߶,ఃԚᇅޙྟնܢת2ᆭࡗऎႵؓӫ,ྟࠧކଔӮЧcႮሧحູI,ѩູ܄षྐ༏,ູࠧ܄ඳଽ҆॥ᇅದնܢת1აնܢת2नٳขbطՎൈ,Ⴎཌྷؓ॥(॥ᇅྟնܢתࠇܵᆀ)აຓ҆ᇏཬሧᆀᆭࡗ֥ᇅྟնܢת1ބᇅޙྟնܢת2֥ކଔ෮ቆӮ֥ܢ܋Ⴕᆩ്bൈ,ࡌഡ܄ඳႚႵॖႨႿൌീھཛת৳ૐॖၛࠆ౼ఒြಆ֥҆॥ᇅಃႵ൬ၭd,ѩሧ֥ሧࣁ,ࠧವሧӿэਈູS,S[I,ሧᆀაٳљοᅶH1აH2֥б২ٳཚ॥ᇅಃႵ൬ၭ,H1॥ᇅྟܢתᆭࡗܱႿSྐ༏ؓӫbཛଢ෮ླఃაH2ડቀ:H1,H2I(0,1),H1+H2=1bሧࣁࡼ๙ݖؿྛྍܢ(SEO)টԔࠢ,ྍܢؿྛحູࡌഡ7:ॉ੮2۱ൈ:ׄt=0,1bᄝൈׄt=0,E=I-SbᆃུྍܢࡼႮሧЧ൧ӆٳ֥ੀྟܢཌྷؓ॥ᇅྟնܢת1aᇅޙྟնܢת2ބఃሧתܓઙ,ၹՎ,ॖၛᄠ҂ॉ੮Ⴎؿྛྍܢ෮ջট֥ؓᆀᆩ֡ఒြགྷႵሧӁࡎᆴV0აཛଢԚሧح॥ᇅྟܢת॥ᇅྟֹ໊֥ຯཽbI֥ྐ༏;ᄝൈׄt=1,ཌྷؓ॥ᇅྟնܢת1ࠆ֤ࡌഡ3:ࡌഡఒြࣉྛھཛሧ,ᄵఃջট֥ܱႿھሧཛଢ൬ၭٳ҃a॥ᇅಃႵ൬ၭၛࠣఒ൬ၭགྷࣁੀູRbႮႿ൬ၭགྷࣁੀ֥ۀੱٳ҃ѩ҂ြགྷࣁੀਈ֥Ⴕྐ༏,طᇅޙྟնܢת2ބః႕ཙЧ໓֥ٳ༅ބࢲ,ંູਔьႿ࠹ෘࡌഡRڛՖሧᆀѩ҂ᆩཫ,Վൈ,ཌྷؓ॥ᇅྟܢת1थק൞ڎؽཛٳ҃U(RH,RL,p),ఃᇏRL<I<RH,ࠧఒြವሧ,Ֆطൌീھሧཛଢbሧھཛଢၛ1p֥ۀੱࠆ֤൬ၭགྷࣁੀRL,ၛࡌഡ8:ູ࣮ࢲંऎႵ௴ђྟ,Ч໓҂ॉ੮p֥ۀੱࠆ֤൬ၭགྷࣁੀRH,ۀੱpіૼھሧཛሧᆀ֥ڄགொݺ໙ี,ࡌഡ॥ᇅྟܢתაሧᆀଢ֥ڄགbनູڄགᇏྟbࡌഡ4:ູਔࡼնཬܢת֥০ၭ၂ᇁྟବೆ֞ࡌഡ9:ࡌഡڄག০ੱູ0,ࠧ҂ॉ੮ሧࣁ֥ଆษંॿࡏᆭᇏ,Ч໓֥࣮ࡼಀԢܢಃᇉྟൈࡗࡎᆴbൈ,҂ॉ੮ఒြ෮֤ඥࠣ۲ཛఃඥࡌק,ᄝMyersބMajluf(1984)֥ჰႵଆᇏႄೆٮbႮնaཬܢתກսԊӁള֥॥ᇅಃႵ൬ၭэਈd[12],dᄝਆ۱նܢתᆭࡗοᅶ҂֥॥ᇅ3 ࠎЧଆ֥ܒࡹაٳ༅)))धؓ॥ܢնಃᇂٚൔࣉྛٳܢת่ࡱ༯֥ఒြሧྛູٳ༅,ൈdડቀdI(0,R)bࡌഡ5:ೂݔնܢת1აնܢת2ᆭࡗཌྷࡓ ࠎႿၛഈࡌק,ॖၛ࠹ෘԛሧཛଢ֥࣪གྷᆴაᇅޙ,ᄵఒြൌീھཛଢ֥ሧ෮ࠆ౼֥॥ᇅNPV֩Ⴟሧཛଢ֥௹ຬ൬ၭࡨಀཛଢ֥ԚಃႵ൬ၭRdಆ݂҆॥ᇅྟնܢת1ᅝ,طᇅޙሧӮЧI,ॖ֤NPV=QHxf(x)dx-I=(1-p)ྟնܢת2֥ࡓӮЧູebՎൈ,॥ᇅྟնܢתR1L෮ିࠆ౼֥॥ᇅಃႵ൬ၭ࣪حd֥նཬथקႿᇅ@RL+p@RH-IbՎൈ,ᄝປૅ൧ӆࠣ҂ॉ੮ఒޙྟնܢתြກսԊ໙ี֥భิ่ࡱ༯,۴ऌMMק2֥ࡓ୭৯ӱ؇,ᇅޙྟնܢת2ؓཌྷؓ॥ᇅྟնܢת,ཛଢሧथҦ࿖࣪གྷᆴܿᄵ,ࠧ֒NPV\01֥ࡓ৯؇ᄀն,ཌྷؓ॥ᇅྟRܢתᄝट౼॥ᇅಃႵ൬ၭൈ,ь߶૫ਢ۷ն֥Фൈൌീሧཛଢ,ॖNPV=QHxf(x)dx-I=Rؿགྷ֥ۀੱၛࠣ۷ն֥॥ᇅಃႵ൬ၭट౼൭؍֥L(1-p)@RL+p@RH-I\0,֤֞:ႅେӮЧ,ၹՎ,ఃॖၛࠆ౼֥॥ᇅಃႵ൬ၭෛᇅޙྟնܢת2ࡓӮЧ֥ᄹնطࡨཬनޙۀੱ*p\I-RLRH-R(1),ࠧdc(e)<L0bޓཁಖ,Ⴎൔ(1)ॖᆩ,҂ॉ੮ఒြ֥෮Ⴕಃࡌഡ6:ࡌഡཌྷؓ॥ᇅྟնܢת1ބᇅޙྟնࢲܒބ॥ᇅಃᇂሑ,൞ڎൌീཛଢሧथҦࣇܢת2ᆭࡗཌྷކଔbႮႿ؟۱նܢתᆭࡗေྙӮ౼थႿሧཛଢ֥ڄགa൬ၭაӮЧ,ఃनޙۀੱႮ໗ק֥ܢת৳ૐࠣކଔܱ༢,сྶڱԛЇওษࡎߎ(1)ൔ֥p=*p۳ԛ,Վൈ,ఒြྍሧཛଢໃটགྷࡎӮЧaྐ༏๙ӮЧ֩ܢת৳ૐ֥ྙӮބົӻӮࣁੀೆ֥௹ຬᆴູCF=(1-p)@RL+p@RH,ࠧЧ[13],ܣഡఃކଔӮЧູc,c\0bႮႿކଔӮЧ֒ሧཛଢ֥႔০ۀੱ*p\p,ໃট௹ຬགྷࣁੀਈc֥նཬࠣٳ൳֞ཌྷؓ॥ᇅྟնܢת1ބᇅޙྟCF\Iൈ,ఒြ߶ࣉྛሧbնܢת2ᆭࡗ॥ᇅಃࢲܒνஆaଢѓ০ၭݦඔၛࠣಖط,ೂݔॉ੮҂ఒြ֥෮Ⴕಃࢲܒࠣ॥ᇅ෮Ⴕಃࢲܒބྟᇉ֩หᆘ֥႕ཙ[13],ູਔьႿٳಃᇂሑൈ,۴ऌభඍࡌקཛଢሧथҦѩ҂౼༅,҂ٞࡌഡކଔӮЧcᄝཌྷؓ॥ᇅྟնܢת1აथႿཛଢЧദ֥࣪གྷᆴNPV,ط൞౼थႿ॥ᇅྟն
ֻ5௹ ਾྒ֩:ࠎႿ॥ᇅಃႵ൬ၭ֥ఒြ٤ིੱሧྛູ࣮#159#ܢתࠇܢת৳ૐ֥ӮЧა൬ၭbၹՎ,ૌ൮༵ॉሧཛଢ֥ڄགࢠնࠇ൬ၭࢠ,֮മᇀሧཛଢ੮ቋࡥֆ֥౦ঃ,ࠧఒြᆺթᄝ၂۱धؓ॥ᇅྟնЧദ֥௹ຬ൬ၭູڵ,॥ᇅྟնܢתູਔሱദ֥০ܢת,ՎൈॖA2=0,ᄵA1=A\50%bପહ,ھၭ၇ಖ߶࿊ᄴൌീھཛଢሧ,ၹູՎൈ॥ᇅྟնሧཛଢ൞ڎൌീ֥थҦᄵປಆ౼थႿھधؓ॥ᇅྟܢתՖھሧھཛଢᇏ෮ࠆ֤֥॥ᇅಃႵ൬ၭᆴնܢת֥൬ၭ,Վൈ,ൌീھሧཛଢ,ᄵ॥ᇅྟॖၛҀఃοᅶሱദ֥ܢٺб২Ֆሧཛଢᇏ෮ٳնܢת1෮ࠆ౼֥࣪൬ၭॖ࠹ෘູ:֤֥॥ᇅಃ܋ཚ൬ၭാbطཌྷႋ,֥ೂݔ॥ᇅಃRVႵ൬ၭཬႿھनޙሑᆴ,ᄵनޙൈሧཛଢ֥1=AV0+A@(QHxf(x)dx-I-d)+dRL࣪གྷᆴNPV>0,ఒြթᄝሧ҂ቀ໙ีbဢ֥(2)આࠠ൞,ࠧ൞ሧཛଢ֥൬ၭࢠۚ,൞ሧھൔ(2)ᇏֻ2ཛ൞॥ᇅྟնܢתοᅶఃܢٺбሧཛଢ֥ൈ,ީೂݔ॥ᇅྟնܢתՖᇏοᅶఃܢٺ২෮ႋھՖఒြࠆ֤֥॥ᇅಃ܋ཚ൬ၭ,طֻཛб২෮ࠆ౼֥॥ᇅಃ܋ཚ൬ၭ҂ିҀ॥ᇅྟնܢູ॥ᇅྟܢת෮ሱཚႵ֥॥ᇅಃႵ൬ၭٺحbתՖሧ၂۱ࢠҵ֥ཛଢᇏ෮ࠆ౼֥॥ᇅಃႵ൬Ֆھൔᇏॖၛᆩ֡,॥ᇅಃႵ൬ၭႮ॥ᇅྟܢתၭ֥߅,॥ᇅྟնܢת္߶࿊ᄴ٢ఙሧھཛଢbሱཚႵ,طఃӮЧಏႮಆุܢת܋ӵքbطೂၹՎ,ᄝնܢת॥ᇅ่ࡱ༯֥ఒြ҂ܵఃіགྷԛݖݔ॥ᇅྟնܢתॖିႮႿؓཛଢሧ൬ၭRࠇ॥؇ሧ֥٤ིੱሧྛູ,ߎ൞ሧ҂ቀ֥٤ིੱᇅಃႵ൬ၭd҂ડၩ,ط٢ఙሧھཛଢ,ପહ,ሧྛ,ູ൞ఒြ॥ᇅྟնܢתؓ॥ᇅಃႵ൬Վൈ॥ᇅྟնܢת1ॖࠆ֤֥൬ၭ:ູV1=A#(V0ၭሔ֥ࢲݔ,ؽᆀऎႵཌྷ֥ၹ,ѩ߶ൈթ+S)bၹՎ,॥ᇅྟܢת൞ڎ࿊ᄴܢಃᄜವሧ,ѩᄝႿఒြ֥ሧྛູᆭᇏ,ط҂ିࡥֆ֥ಪູ॥ᇅൌീھཛሧ,౼थႿਆൔᆭࡗ֥бࢠ,֒V1\ಃႵ൬ၭࣇࣇ߶֝ᇁఒြ֥ݖ؇ሧྛູࠇሧV1ൈ,॥ᇅྟܢת߶࿊ᄴൌീھཛଢ,ّᆭᄵ҂ൌ҂ቀྛູbീھሧཛଢbႮՎ,ॖ:ູ֤ਔࡼఃႿൔ(1)ࣉྛбࢠ,ૌࡼRڛՖؽRAV0+A@(QHxf(x)dx-I-d)+d\A(V0ཛٳ҃U(RH,RL,p),սೆ֞ൔ(3)ᇏ,ॖࢳ:֤RL+S)S+I+(1-1Rनޙۀੱ*cA)@d-RLp=NPV=QHxf(x)dx-I\S+(1-1A)dRH-RLRL(5)(3)ೂݔૌࡼႨ࣪གྷᆴمᄵԛ֥नޙۀੱ*pൔ(3)ູࠧधؓ॥ܢ่ࡱ༯॥ᇅྟնܢת൞ڎࣉྛཛଢሧथҦ֥ԉေ่ࡱbՖھൔᇏॖᆩაൔ(5)ࣉྛбࢠ,ᄝॉ੮ሧཛଢڄག֥భิ่ࡱ,ೂ҂ॉ੮ሧཛଢຓളྟ෮ಒק֥ཛଢЧദڄགၹ༯,ૌॖၛ֤ԛაభඍཌྷ֥ࢲં,ࠧ֒(1-1A),ᄵնܢת൞ڎሧھཛଢࣇࣇ౼थႿіૼ෮Ⴕ@d>Sൈ*c,p<*p,ఒြթᄝݖ؇ሧྛູ,ఃಃࢲܒหᆘ֥॥ᇅྟܢתӻܢб২AބႮ॥ᇅಃᇂٚൔथק֥॥ᇅಃႵ൬ၭdਆ۱эਈ֥э߄ݖ؇ሧॢࡗॖіൕູ*c*[p,p];ط֒1(1-A)@౦ঃbࣉ၂҄ٳ༅,ᄝൔ(3)ᇏ,Ⴗшֻ1ཛSູնd>Sൈ*c,p>*p,ఒြթᄝሧ҂ቀྛ,ູఃႿਬ֥ӈඔ,طֻ2ཛ,ႮႿAI[0,1],ູ၂ڵඔ,ሧ҂ቀॢࡗॖၛіൕູ**c[p,p]bՎൈ,ೂݔߐओ߅ඪ,ᄝھ่ࡱ༯ሧཛଢ֥࣪གྷᆴNPVॖૌࡼൔ(4)ބൔ(5)ൈᆌؓэਈAொ֝,ॖ֤:ିູ၂ᆞᆴ**c,္ॖିູb҂ٞNPV=0,ॖ5d05p5A=S(1-A2>)5A=dA2@(RH-RL):֤>0d*=AS1-A(4)Ⴎഈඍਆൔॖᆩ,ᄝनޙሑ༯֥ሧཛଢ֥ൔ(4)іૼ,նܢתࣉྛሧཛଢथҦൈ෮ॉ੮ۀੱބ॥ᇅಃႵ൬ၭनა॥ᇅྟնܢתӻܢб২֥॥ᇅಃႵ൬ၭ෮ླડቀ่֥ࡱbཁಖ,ᆺေ॥Aӯᆞཟཌྷܱܱ༢,ࠧෛሢ॥ᇅྟնܢת֥ӻܢбᇅಃႵ൬ၭնႿھनޙሑᆴ,ᄵनޙൈሧཛ২ᄹն,ཌྷႋ֥नޙሑ༯֥նܢתࣉྛሧ෮ေଢ֥࣪གྷᆴNPV<0,ఒြթᄝݖ؇ሧ໙ีbᆃ॥ᇅಃႵ൬ၭ္ཌྷႋ֥ᄹն,Վൈ,ఒြݖ؇Мު֥આࠠනົ൞,ᆺေ॥ᇅಃႵ൬ၭቀܔն,ࠧሧ໙ีཌྷႋ֥֤֞ߏࢳ,ݖ؇ሧॢࡗࡼཌྷႋ֥෪
#160#ᇏݓܵ॓࿐ 2009୍ཬ,طሧ҂ቀ໙ีಏ۷ູᇗ,طؓႋ֥ሧ҂ቀࣉྛษંބٳ༅bॢࡗ္ࡼᄹն;ّᆭ,ݖ؇ሧࡼၹ॥ᇅྟܢת֥෮411 ᇅޙնܢתᆭࡗཌྷࡓ౦ঃ༯֥ఒြሧႵಃб২֥ࡨഒطࡆख,ཌྷႋ֥ሧ҂ቀၹՎطࡨྛູथҦbߐओ߅ඪ,ෙಖᄝնܢת॥ᇅ่ࡱ༯॥ᇅྟܢႮࡌഡ5ॖᆩ,ᄝ҂ॉ੮ཌྷؓ॥ᇅྟնܢת1תؓ॥ᇅಃႵ൬ၭ֥ሔ൞Ӂളݖ؇ሧބሧބᇅޙྟնܢת2ᆭࡗ֥ކଔྛູభิ่ࡱ༯,ཌྷ҂ቀਆᇕ٤ིੱሧྛູ֥൮ေၹ,൞,ෛሢ॥ؓ॥ᇅྟնܢת1߶ᅝሧཛଢ֥ಆ҆॥ᇅಃᇅྟܢת֥ӻܢб২҂؎ᄹࡆ,ႮՎ෮ջট֥ݖ؇Ⴕ൬ၭ,طᇅޙྟնܢת2ᄵ๙ݖఃࡓྛູࡨഒሧ໙ีࡼ҂؎༯ࢆ,طሧ҂ቀ໙ีಏࡼ۷ູཌྷؓ॥ᇅྟնܢתؓః০ၭ֥ᅝbႮՎ,ᄝൈख़ᇗbᆃ൞ၹ,ູ֒॥ᇅྟնܢתӻܢб২ཌྷؓࢠ֮t=1,ೂݔཌྷؓ॥ᇅྟնܢתथҦವሧѩൌീھൈ,նܢתაཬܢת֥০ၭ҂၂ᇁ,ՎൈႮႿಌكؓሧཛଢ,ପહః൬ၭॖіൕູ:Vc1=A1V0+A1@նܢת֥Ⴕིࡓܵ൭؍,॥ᇅྟնܢת߶๙ݖݖ؇RHሧྛູଔ۷؟֥॥ᇅಃႵ൬ၭ,ఒြݖ؇(Qxf(x)dx-I-d(e))+d(e)b,ೂݔཌྷRLሧ֥٤ིੱሧྛູཌྷؓࢠູᇗ,طෛሢնܢתؓ॥ᇅྟնܢתႮႿؓཛଢሧ൬ၭRࠇ॥ᇅಃӻܢб২֥ࣉ၂҄ᄹࡆ,նܢתაཬܢת֥০ၭ၂Ⴕ൬ၭd҂ડၩ,ط٢ఙሧھཛଢ,ପહఃࠆ֤ᇁྟิۚ,ࡼ߶նܢתࡨഒݝཬܢת০ၭ֥٤֥൬ၭ၇ಖູ:Vcc1=A1(V0+S)bطՎൈ,ᆌؓᇅིੱሧྛޙྟնܢת2ط,ೂݔཌྷؓ॥ᇅྟնܢתൌീھ,ູᆃᆞ൞০ၭིႋุ֥གྷbਸ਼၂ٚ૫,ෛሢնܢתӻܢб২֥ิ,ۚႮႿնaཬܢཛଢሧѩࠆ౼॥ᇅಃႵ൬ၭd(e),ପહࡼ߶תᆭࡗྐ༏҂ؓӫ֥թᄝ,ཬܢת߶۴ऌཟ࿊ᄴؓཌྷؓ॥ᇅྟܢת֥ྛູࣉྛࡓ,ѩڱԛࡓӮჰᄝཛଢವሧൈေཌྷؓࢠ֥ۚຓ҆ಃၭವሧקЧe,ၹطఃࠆ౼֥൬ၭॖіൕ:ູࡎRH,طնܢתູਔൌീཛଢሧࡼ҂֤҂ӵք۷؟Vb1=A2V0+A2@(Qxf(x)dx-I-d(e))-e֥ຓ҆ವሧקࡎհ༂෮Ӂള֥҂০ުݔRL,ၹط҂჻ঔնຓ҆ವሧൌീሧཛଢ(6),Ֆطࡆखሧ҂ቀ໙ีbၹՎ,֒նܢתӻܢб২ᄹࡆൈ,ᄝ০ၭིႮഈൔॖᆩ,ᄝఃэਈ҂э่֥ࡱ༯,ᇅޙྟႋބྐ༏҂ؓӫིႋ֥܋ቔႨ༯,ఒြࡼ߶ൈնܢת2֥൬ၭ൞ႮࡓӮЧe෮थק֥॥ᇅಃіགྷԛটݖ؇ሧ֤֞ߏࢳ,طሧ҂ቀ໙ีࡆᇗႵ൬ၭd(e)ၛࠣࡓӮЧeЧദ֥ݦඔb෮ၛ,թਆᇕ٤ིੱሧྛູหᆘbᄝ၂۱ᇅޙྟնܢת2֥ቋႪࡓ৯؇*e,֤ః൬ၭVb1ቋնbᄵ,Ⴈൔ(6)ؓэਈe֝,ѩcVb14 ࠎЧଆ֥ঔᅚ)))؟۱նܢת܋॥=0,ॖ֤ቋႪࡓ৯؇*eູ:ᇅ่ࡱ༯֥ఒြሧྛູٳ༅*e=argmaxVb1e|dc(e)=-1A(7)2 Ч໓֥ഈ၂҆ٳษંਔᄝ၂ܢն֥؎෮Ⴕಃࢲܒหᆘ༯,Ⴎ॥ᇅྟܢת֥॥ᇅಃႵ൬ၭൔ(7)іૼ,ᇅޙྟնܢת2֥ቋႪࡓ৯؇ෛ෮֝ᇁ֥ఒြݖ؇ሧࠣሧ҂ቀ֥٤ིੱሧྛః෮Ⴕಃб২֥ᄹࡆطᄹնbՖᇅޙྟնܢת2ູ֥bᄝགྷൌൗࢸᇏᇶܴ০ၭഈ,ुෛሢః෮Ⴕಃб২֥ᄹࡆ,ؓཌྷؓ,ѩ٤෮Ⴕ֥܄ඳ൞Ⴎ၂۱ԩႿधؓႪ൝֥॥ᇅྟܢת෮ᇶ֝,؟۱նܢת॥ᇅྟնܢת֥ࡓࠗৣ္҂؎ᄹࡆ,ၹطఃቋႪൈ॥ܢ၂ࡅ܄ඳ,ྙӮཌྷᇅޙ֥෮Ⴕಃࢲܒ္൞ࡓ৯؇္ෛᆭᄹࡆ;طՖग़ܴഈु,ෛሢᇅޙྟն܄ඳܢಃࢲܒᇏ֥ӈ౦ঃbᄝᆃᇕཌྷᇅޙ֥෮ܢת2֥෮Ⴕಃб২ᄹࡆ,ఃؓཌྷؓ॥ᇅྟնܢתႵಃࢲܒ༯1֥ᇅޙି৯္ෛᆭᄹࡆbၹՎ,၂۱෮Ⴕಃб২,܄ඳֻ၂նܢת֥थҦྛູॖି൳֞টሱఃܢת֥ఠᇅބࡓ,ఃट౼॥ᇅಃႵ൬ཌྷؓࢠ֥ۚᇅޙྟնܢת,ંՖᇶܴߎ൞ग़ܴഈ,ၭ֥ྛ္ູ߶ၹՎ൳֞၂קӱ؇֥ၝᇅႵି৯ބၩ჻ؓཌྷؓ॥ᇅྟնܢתࣉྛࡓაᇅ,ࣉ၂֥҄,ߎ߶႕ཙ֞॥ᇅྟܢתؓఒြ֥ሧथҦྛູb֒ޙbಖࣉ၂,҄ࡼൔ(7)սೆVc1ᇏ,ѩVc1\Vcc1,,ਸ਼၂ᇕॖି֥౦ঃ൞,܄ඳ֥؟۱॥ܢնܢתཌྷR܍ࢲ,ྙӮކଔ,܋॥ᇅఒြ֥ሧྛູथҦ,ॖ֤NPV=QHxf(x)dx-I\S+(1-RՖطജ౼॥ᇅಃႵ൬ၭb༯૫Ч໓ࡼٳնܢת֥L1ࡓࠇA)d*ކଔਆᇕ౦ঃ,ٳљؓఒြ֥ሧྛູथҦ(e)b,ૌNPV=0,ॖࢳ:֤1
ֻ5௹ ਾྒ֩:ࠎႿ॥ᇅಃႵ൬ၭ֥ఒြ٤ིੱሧྛູ࣮#161#1*Ԥᆭഈ,ٳ༅ᆃᇕކଔ৳ૐൔ֥॥ᇅಃᇂหᆘ߶S+I+(1-*A1@SA)@d(e)-RL*c1dc1=1=ؓఒြ1-ApcሧྛູӁളᄸဢ֥႕ཙ?1RH-RLೂݔૌࡼഈඍਆൔაधؓ॥ܢ่ࡱ༯֥ਆൔ֒ਆ۱նܢתᆭࡗྙӮކଔൈ,ૌ߶܋ٳࣉྛбࢠ,ૌॖၛؿགྷ,ՎൈႮႿਆ۱նܢת܋ขܢת৳ૐ֥ކଔӮЧc,ѩൈཚႵ॥ᇅಃႵӻܢ่ࡱ༯֥ཌྷؓ॥ᇅྟնܢתӻܢб২A1ཬႿ൬ၭd,ൈ,൞ڎൌീሧྛູ֥थҦ္Ⴎਆ۱նֆ۱धؓ॥ܢնܢת֥ӻܢб২A,ၹطؓႿၩܢת෮ྙӮ֥ܢת৳ૐ܋थקbପહ,ᄝᆃᇕ౦eঃ༯෮҂֥൞,ൌീሧथҦ෮ླေડቀ่֥ࡱ\0,Ⴕ*cd(e)[d,෮ၛ*dc1[d,pc1\*cpbᆃіૼ,ᄝᇅޙྟնܢת2թᄝ่֥ࡱ༯,ႮႿఃؓԢਔཌྷؓ॥ᇅྟնܢת1ၛຓ,ߎсྶေડቀᇅޙཌྷؓ॥ᇅྟնܢת֥ၝᇅቔႨ,॥ᇅྟնܢתؓ॥ྟնܢת2ؓ॥ᇅಃႵ൬ၭ֥ജ౼,ڎᄵࣼمྙӮܢת৳ૐbՎൈ,ೂݔܢת৳ૐᄝൈख़t=1थᇅಃႵ൬ၭ֥ജ౼ࡼ߶эཬ,Ֆطఃनޙሑ֥॥ᇅಃႵ൬ၭࡨཬ,ݖ؇ሧॢࡗ္ཌྷႋࡨཬູҦವሧѩൌീھሧཛଢ,ପહ,ཌྷؓ॥ᇅྟնܢת1აᇅޙྟնܢת2֥൬ၭVc2ބVb2ॖၛٳљіൕ*c*[pc1,p],ݖ؇ሧ໙ีࡼ߶֤֞ߏࢳ;ਸ਼၂Rٚ૫ູH:Vc2=A1V0+A1@(Qxf(x)dx-I-d)+H1d,ႮႿᇅޙྟնܢתؓཌྷؓ॥ᇅྟնܢת֥ࡓRLིႋթᄝR,॥ᇅྟնܢת෮ିࠆ౼֥॥ᇅಃႵ-cބVb2=A2V0+A2@(QHxf(x)dx-I-d)+൬ၭэཬ,္֤ః٢ఙ၂۱ऎႵᆞ࣪གྷᆴ֥ݺRLሧཛଢ֥ॖିྟᄹնH2d-cbطՎൈ,ೂݔܢת৳ૐ҂ࣉྛሧ,ପહཌྷ,ཌྷႋ֥ఒြ֥ሧ҂ቀ໙ีᄵཌྷؓᄹ఼,ሧ҂ቀॢࡗ္ཌྷႋ֥ᄹնູ*ႋ֥ཌྷؓ॥ᇅྟնܢת1აᇅޙྟնܢת2֥൬ၭ[p,*cٳљູVcc2ބVcb2္ॖၛٳљіൕູ:Vcc2=A1@pc1]b(V0+S)ބVcb2=A2@(V0+S)bପહ,ܢת৳ૐࣉ412 ᇅޙնܢתᆭࡗྙӮކଔ่ࡱ༯֥ఒြሧྛູथҦྛھሧཛଢ෮ေ֥ԉٳ่ࡱ൞ൈડVc2\֒ఒြൈթᄝ؟۱նܢתൈ,ః॥ᇅಃ֥Vcc2ބVb2\Vcb2ᆃਆ۱่ࡱ,ॖ֤:ᇂԢਔഈඍ෮ٳ༅֥؟۱նܢתྙӮཌྷࡓაᇅ*A1S+cA2S+cdc2=max{H1-A,1H2-A}2ޙ֥॥ᇅಃࢲܒหᆘၛຓ,ߎթᄝਸ਼၂ᇕॖିH1cྟS+I+(1-+)))؟۱նܢתཌྷ܍ࢲ,ྙӮܢת৳ૐ,܋ཚ*cA)@d1A-RL1pc2Ⴕఒြ֥॥ᇅಃbၹູ၂ٚ૫,ཌྷؓ॥ᇅྟնܢת=max{RH-R,Lॖၛ๙ݖაఃնܢת֥ކଔྛູ,ཨԢᇅޙྟܢH2S+I+(1-תؓఃट౼॥ᇅಃႵ൬ၭ֥ࡓིႋA)@d+c2A-RL2},Ֆطࠆ౼RH-RLཌྷؓႿ؟۱նܢתཌྷᇅޙ่ࡱ༯۷؟֥॥ᇅಃဢ,ૌࡼഈඍਆൔაֆ۱նܢתधؓ॥ܢႵ൬ၭ,ਸ਼၂ٚ૫,ఃᇅޙྟնܢת္ॖၛ๙ݖა่ࡱ༯֥౦ঃٳљࣉྛбࢠؿགྷ,ؓႿޅA1aA2ཌྷؓ॥ᇅྟնܢת֥ކଔྛູ,ࡨཬఃࡓӮЧ,ࠣH1aH2,ᄝડቀ0<A2<A1<1,H1+H2=1֥భൈ,္ॖၛٳཚ֞ఒြሧ෮ջট֥॥ᇅಃႵ൬ิ่ࡱ༯,ႮႿႵކଔӮЧc֥թᄝ,d*c2\d,ၭbॖ,ೂݔཌྷؓ॥ᇅྟնܢתބఃᇅޙྟն*cpc2\*cpbᆃၩሢᄝᇅޙ෮Ⴕಃࢲܒ༯,๙ܢתྙӮކଔ,ՖѰᒮ֥࢘؇ಀु,ѰᒮචٚႵॖݖնܢתᆭࡗ֥ކଔྛູෙಖղ֞ਔა؎෮ႵିՖކଔᇏࠆ֤൬ၭb൞,Leech(1987)࣮ؿགྷಃࢲܒ༯॥ᇅྟܢתؓఒြཌྷ֥॥ᇅ؇,൞,ཌྷཌྷؓ॥ᇅྟնܢתބఃᇅޙྟնܢתေྙӮ໗קбႿधؓ॥ܢ่ࡱ༯֥ఒြሧྛ,ູఒြ֥ݖ؇֥ܢת৳ૐࠣކଔܱ༢,сྶڱԛܢת৳ૐ֥ྙӮሧྛູࡼ߶֤֞ߏࢳ,طሧ҂ቀ໙ีಏ߶ཌྷႋބົӻӮЧ[13]bႮࡌഡ6ॖᆩ,ކଔ৳ૐ֥ྙӮބ֥۷ࡆᇗbࣉ၂҄,ؓбնܢתཌྷᇅޙ֥౦ঃົӻӮЧ൳֞৳ૐӮჴඔਈၛࠣ৳ૐӮჴଢѓݦඔٳ༅,ૌ߶ؿགྷ,նܢתᆭࡗཌྷކଔ෮ᄯӮ֥ྛҵၳնཬ֩ၹ֥႕ཙbၹՎ,ؓႿކଔྛູ֥ٳູުݔაఃཌྷᇅޙൈ֥౦ঃ൞၂ᇁ֥,ࠧ߶ᄝ༅,ૌсྶᄝॉ੮ކଔ৳ૐ֥ྙӮაົӻӮЧ,ၛߏࢳఒြ֥ݖ؇ሧ໙ีൈ,ဢሧ҂ቀ໙ีࠣ֝ᇁ৳ૐթᄝ֥໗קކଔܱ༢֥ଽ҆ࠏᇅބఔэ֤۷ູᇗbཁಖ,ෙಖ؟۱նܢת֥ࡓࠇ܋ჿ,৳ૐ۲Ӯჴ֥ଢѓ০ၭݦඔࠣྛູཌྷ႕ཙ֩ଔՖఒြሧྛູ֥ުݔഈु൞၂ᇁ֥,൞ᄯӮ၂༢ਙ৳ૐӮჴଽ҆ӮЧა൬ೆٳขࠏᇅ֥໙ีࠎྛູ֥ჰၹބଽᄝࠏಏປಆ҂:ᄝնܢתᆭࡗ
#162#ᇏݓܵ॓࿐ 2009୍ཌྷࡓ֥౦ঃ༯,ᄯӮఒြ٤ིੱሧ໙ี֥ଽൔ(9)൞؟۱նܢתቆӮކଔ৳ૐ֥ҕაჿඏᄝၹ൞ႮႿࡓӮЧe֥թᄝ,ཌྷؓ॥ᇅྟնܢ֥ਸ਼၂ᇕіղྙൔ,ھൔіૼ҂ܵؓཌྷؓ॥ᇅྟնת֥ሧྛູथҦ߶၇ऌᇅޙྟնܢת֥ቋႪࡓܢת1ࠇ൞ᇅޙྟնܢת2টඪ,ေྙӮ໗ק֥ކӮЧ*e֥նཬটࣉྛטᆜ;طᄝնܢתཌྷކଔ֥ଔ৳ૐ,ఃҕაކଔӮЧcсႵ၂۱ഈཋ,ކଔӮ౦ঃ༯,ᄯӮఒြ٤ིੱሧ໙ี֥۴ჷಏ൞ކଔЧcᄀཬ,ܢתކଔ֥ॖିྟᄀնbط,ᆃ۱ഈཋӮЧc֥թᄝ,ႮႿႵ৳ૐކଔӮЧc֥թᄝ,၂ٚაච֥ٚ෮Ⴕಃб২a০ၭٳб২ၛࠣቋႪࡓ૫ջটਔఒြथҦིੱ֥ാ,ࡆखਔሧ҂ቀ໙ඣ֩эਈཌྷܱbޓૼཁ,ܢಃކଔӮЧc֥նཬ,ีਸ਼၂ٚ૫,ಏࢫᇅਔఒြݖ؇ሧ֥ྛູbభაҕაކଔ৳ૐ֥۲۱Ӯჴ֥۱ุଢѓݦඔᆞཌྷᆀऎႵຓള,ྟ൞ႮႿఃնܢת֥ᇅޙط֤ཌྷܱ,ط۲۱ܢתᆭࡗ֥۱ุҵၳᆰࢤაః෮Ⴕಃбؓ॥ᇅྟܢתӁള֥Фྛູ,طުᆀऎႵ၂ק֥২a৳ૐ০ၭٳࠏᇅ֩ၹࣅૡ৳༢ᄝ၂ఏ,Ⴕൈଽള,ྟ൞॥ܢ৳ૐଽ҆ࠎႿކଔӮЧطӁള֥ᇶऎႵଖུหᆘ֥ܢתᆭࡗ۱ุଢѓҵၳཁᇷ,മᇀࢫᇅݖ؇ሧ,ࡆ఼ሧ҂ቀ֥ྛູbൈ,ᄝഈၛླྀט,ކଔӮЧcཌྷؓࢠۚ,ՖطޓӁളކଔඍਆൔ֥іղൔᇏ,ߎЇݣਔᇅޙྟնܢת2֥෮ྛ,ູطਸ਼၂ུܢתᆭࡗ۱ุଢѓҵၳࢠཬ,ಸၞླྀႵಃб২A2,ᆃіૼކଔӮЧ֤ሧथҦൈॉט,ՖطކଔӮЧcཌྷؓࢠཬ,ࢠၞӁളކଔྛູb੮ਔཌྷؓ॥ᇅྟܢת1აᇅޙྟܢת2֥০ၭ,ᄹၹՎ,ᆺႵ֒ႮކଔӮЧc෮սі֥॥ᇅಃႵ൬նਔሧथҦᇶุ֥෮Ⴕಃб২,൞,ཌྷؓႿࡓၭa෮Ⴕಃб২ၛࠣ৳ૐଽ҆০ၭٳࠏᇅ֩ཌྷܱሑ,ૌಏم֤ԛࢲ:ંކଔሑ༯֥ݖ؇ሧэਈᆭࡗ֥ܱ༢ડቀൔ(9)෮ඍ่֥ࡱ༯,ܢת৳ૐ֥໙ีࢠҌ߶ྙӮѩൌീཛଢሧथҦb෮ၛ,ᆃ۱Ⴎ৳ૐ,ሧ҂ቀ໙ีࢠູԛ;ၝࠇّᆭ,ၹ,ູᆃߎေ౼थႿਆᇕሑ༯॥ᇅಃ൬ၭdაdଽ҆۲۱Ӯჴ֥۱ุଢѓݦඔ܋थק֥ކଔӮЧ*(e)֥ཌྷؓնཬbc,൞थקఒြᄝކଔሑ༯֥ሧथҦྛູ֥ܱޓཁಖ,ഈඍਆൔᆺ൞ડቀܢת৳ૐࣉྛሧэਈbၹط,ཌྷؓႿࡓሑ༯,؟۱նܢתᆭࡗ֥֥ԉٳ่ࡱކଔྛູ൞ڎ߶ؓఒြ٤ིੱሧྛູӁള۷ູ,ၹ,ູܢת৳ૐ֥ྙӮ൞ܢתؓࡆೆ৳ૐӮЧაࡆೆ৳ૐު෮ିࠆ֤֥॥ᇅಃႵ൬ၭ֥ᇗ֥႕ཙࡼ߶౼थႿܢת৳ૐ֥ކଔӮЧc֥նш࠽ᄹਈ֥ಃޙࢲݔཬbၹՎ,ೂݔေՖܢಃᇅޙ֥࢘؇ಀڿఒြ֥,ᆺႵ֒ުᆀնႿభᆀൈ,ଖ၂ܢתҌ჻ၩࡆೆܢת৳ૐ,ѩཌྷႋླྀטሱ֥࠭ྛ٤ིੱሧྛ,ູิۚ܄ඳᇍིੱ,сྶေᆌؓఒ,৳ૐܱ༢Ҍ൞ཌྷؓ໗ק֥bၹՎ,ؓႿཌྷؓ॥ᇅྟြ֥նܢת֥ऎุྟᇉࠣଢѓݦඔࣉྛٳ༅ބษંնܢת1აᇅޙྟնܢת2ط,ߎсླٳљડቀ֥భิ༯Ҍॖၛ֤ԛࢲંbܣ,Ч໓ಪູᄝીႵॉҕაჿඏ่ࡱ:V੮ݓ/ሇ݅ࣜ࠶0ᆃ۱նᇅ؇Мࣟ༯෮ྙӮ֥۲۱c2\Vc1ބVb2\Vb1b္ࣼ൞ඪ,ཌྷؓ॥ᇅྟնܢת1ބᇅޙྟնܢת2ҕაކଔѩቆնܢת֥ऎุ۱ุଢѓ০ၭݦඔ֥౦ঃ༯,ࣼଢӮ৳ૐ֥сေ่ࡱ൞֥ᅶϬݓຓ֥࣮ࢲં,ಪູܢಃ؟ჭ߄ࠇܢಃᇅ,ᄜቆӮ৳ૐުૌ۲ሱ֥൬ၭсྶնႿࠇ֩Ⴟᄝᇅޙሑ༯۲ሱ֥൬ၭ,Վູޙ߶ڿࣉఒြ֥٤ིੱሧྛູ൞҂్ൌ࠽֥b৳ૐൌീཛଢሧथҦ֥сေ่ࡱbႮՎॖ:֤5 ඔᆴٳ༅A**1@(d-d(e))+d(e)+c[H1[1-dູਔ۷ູᆰّܴ֥႘ଆ࣮֥ࢲ,ંЧ໓ഡA*2@(d-d(e))-*e+c࠹ਔෘ২ؓభඍࢲંࣉྛඔᆴٳ༅bॉ੮֞Ч໓(8)d࣮֥൞ࣜ࠶эਈᆭࡗ֥ཌྷܱ༢ࠣ൝э߄,ၹՎ,ൔ(8)֥ҕაჿඏ่ࡱ൞ؓކଔ౦ঃ༯,৳ૐଽэਈ֥౼ᆴᆺေᄝࣜ࠶ၩၬ֥ٓຶଽఃधؓඔᆴࢲ҆۲۱Ӯჴᆭࡗؓ॥ᇅಃႵ൬ၭࣉྛٳ֥ଽ҆ݔѩ҂႕ཙЧ໓֥ٳ༅ࢲંb۲ཛҕඔऎุ౼ᆴೂఔჿ֥ඔ࿐іղbၹ,ູᆺႵᄝ৳ૐଽ҆ؓ০ၭٳ༯:ԚሧӮЧI=100,ሧཛଢቋۚ൬ၭRH=ࠏᇅ֥ླྀטު෮Ӂള֥ఔჿડቀൔ(8)֥౦ঃ༯,150,ቋ֮൬ၭRL=50,ವሧӿэਈS=50,ކଔ؟۱նܢתᆭࡗҌႵॖିቆӮ໗ק֥৳ૐܱ༢,ྙӮЧc=10,H1=H2=015,ᄝ၂۱նܢתधؓ॥ܢބӮ܋ଔbႮൔ(10)ࣉྛሇߐ,ૌॖၛ֤:֞؟۱նܢתކଔ౦ঃ༯॥ᇅಃႵ൬ၭd=80,طc[min{dH1-A1@(d-d*(e))+d*(e),dH2-ᄝնܢתᆭࡗཌྷࡓ֥౦ঃ༯॥ᇅಃႵ൬ၭཌྷA**2@(d-d(e))+e}(9)ؓࢠཬ*,౼d(e)=25bЧ໓෮Ⴕі࠹ෘनҐႨ
ֻ5௹ ਾྒ֩:ࠎႿ॥ᇅಃႵ൬ၭ֥ఒြ٤ིੱሧྛູ࣮#163#OriginLab710ೈࡱࣉྛ࠹ෘbࡗэཬ,ݖ؇ሧߏࢳ;طሧ҂ቀॢࡗэն,ሧ511 նܢתधؓ॥ܢ౦ঃ༯֥ఒြሧथҦ҂ቀࡆ఼,ਆᇕ٤ིੱሧൈթᄝbაնܢᄝնܢתधؓ॥ܢ౦ঃ༯,A1=A,1\A\תधؓ॥ܢ่ࡱ༯֥౦ঃ҂֥൞,ႮႿཌྷؓ॥ᇅ015,ॖ࠹ෘ֤նܢתӻܢб২A1აनޙۀੱ*cpྟնܢת2֥ၝᇅቔႨ,ః౷ཌཌྷؓߏ,नޙሑၛࠣनޙሑ༯*dᆭࡗ֥ཌྷܱ༢,ऎุ౦ঃ༯֥॥ᇅಃႵ൬ၭd*c1ބۀੱ*cpc1ඔᆴࢠཬ,1bႮ1aॖ,नޙሑ༯֥॥ᇅಃႵ൬ၭݖ؇ሧᆜุॢࡗࢠཬ,ݖ؇ሧӱ؇ߏࢳ;ሧ҂d*ෛሢնܢתӻܢб২A֥ᄹնط҂؎ᄹն,ఃݖቀᆜุॢࡗᄹն,ሧ҂ቀ໙ี۷ູᇗb؇ሧთᄝ০ၭིႋ֥ቔႨ༯҂؎ࡨཬ,ݖ؇ሧ֤֞ߏࢳ;طሧ҂ቀთᄵᄝྐ༏҂ؓӫቔႨ༯҂؎ᄹն,ሧ҂ቀᄹࡆ,ਆᇕ٤ིੱሧൈթᄝb1bّ႘֥൞ݖ؇ሧॢࡗູ*c[pc1,*p]ބሧ҂ቀॢࡗ**c[p,p]ෛA֥э൝,ఃࢲંა1aཌྷ:ෛሢA֥ᄹࡆ,ݖ؇ሧॢࡗ҂؎ࡨཬ,ݖ؇ሧߏࢳ;ሧ҂ቀॢࡗ҂؎ᄹն,ሧ҂ቀࡆ఼b2513 ᇅޙնܢתᆭࡗྙӮކଔ่ࡱ༯֥ఒြሧྛູथҦᄝ؟۱նܢתކଔ౦ঃ༯,ఃनޙሑᆴൈაਆ۱նܢתӻܢб২A1აA2ཌྷܱ,A1,A2<015,࠹ෘࢲݔ3bႮ3ॖ,Վൈनޙሑ༯֥॥ᇅಃႵ൬ၭd*c2ބۀੱ*cpc2ෛሢܢת৳ૐA1აA2֥ᄹࡆطᄹࡆ,ఃݖ؇ሧॢࡗဢෛA11აA2֥ᄹࡆࡨഒ,ݖ؇ሧߏࢳ;ሧ҂ቀॢࡗෛA1აA2֥ᄹࡆطᄹࡆ,ሧ҂ቀᇗbཌྷбႿ512 ᇅޙնܢתᆭࡗཌྷࡓ౦ঃ༯֥ఒြሧྛູथҦ1,ૌဢॖၛؿགྷ,ႮႿd*c2ބ*cpc2ඔᆴᄝܢᄝ؟۱նܢתཌྷࡓ౦ঃ༯,ႮႿఃनޙሑת৳ૐ֥ሹӻܢб২აधؓնܢת॥ᇅ่ࡱ༯֥ӻ༯֥॥ᇅಃႵ൬ၭd*cc1ބሧཛଢۀੱܢб২Aཌྷ่֥ࡱ༯ཌྷؓࢠཬ,ၹՎཌྷбႿֻ၂*pc1ᇕ౦ঃఃݖ؇ሧᆜุॢࡗࢠཬ,ݖ؇ሧӱ؇ߏᆺაཌྷؓ॥ᇅྟնܢת1֥ӻܢб২A1ཌྷܱ,ᄵࢳ;ሧ҂ቀᆜุॢࡗᄹն,ሧ҂ቀ໙ี۷ູA1<015,࠹ෘࢲݔ2bႮ2ॖ,ᄝ؟۱նܢᇗb൞,ՎൈႮႿކଔӮЧc֥թᄝ,ૌمࡼתཌྷᇅޙ่֥ࡱ༯,ఃఒြሧྛູथҦӯགྷԛՎሑ༯֥3ა2ࣉྛбࢠ,ၹູކଔӮЧcაधؓ॥ܢնܢת่ࡱ༯ཌྷ֥э߄൝,ࠧෛሢ֥౼ᆴೂݔؿളэ߄,ପહॢࡗ౷૫္߶ؿളэ߄,ཌྷؓ॥ᇅྟնܢתA1֥ӻܢб২ิۚ,ݖ؇ሧॢݖ؇ሧაሧ҂ቀॢࡗࡼ߶ཌྷႋ֥ᄹࡆࠇ෪ཬb
#164#ᇏݓܵ॓࿐ 2009୍ሧྛູࣉྛٳ༅b(2)ఒြൌ࠽ሧྛູི֥ੱ֮ۚӱ؇߶ෛሢ҂ఒြऎุ֥෮Ⴕಃࢲܒބ॥ᇅಃᇂٚൔ֥҂طؿളэ߄bᄝնܢת॥ᇅ่ࡱ༯,҂ܵఒြ֥॥ᇅಃᇂ֥ऎุٚൔ൞धؓ॥ᇅྟնܢת॥ᇅ,ߎ൞؟۱նܢת܋॥ᇅ,ఃሧྛູ߶ෛሢնܢת֥෮Ⴕಃб২э߄طӯགྷԛ҂֥٤ིੱሧྛູ֥หᆘ:ᄝ০ၭིႋބྐ༏҂ؓӫིႋ֥܋ቔႨ༯,֒նܢתӻܢб২ᄹࡆൈ,ఒြࡼ߶ൈіགྷԛটݖ؇ሧ֤֞ߏࢳ,طሧ҂ቀ໙ีࡆᇗਆᇕ٤ིੱሧྛູหᆘbਸ਼၂ٚ૫,ཌྷؓႿնܢתधؓ॥ᇅ֥॥ᇅಃᇂٚൔ,ᄝ؟۱նܢת܋॥ᇅ่ࡱ༯,҂ܵૌᆭࡗ൞ཌྷᇅޙࠇކଔ,߶ൈߏࢳఒြ֥ݖ؇ሧྛ,ູಏࡆ఼ሧ҂ቀ໙ีbطऎุ֥,ཌྷؓႿ؟۱նܢתᆭࡗ֥ཌྷࡓ,ᄝކଔሑ༯֥ఒြ٤ིੱሧྛູ൞ڎ߶э֤۷ູᇗࠇߏࢳ,ᄵ౼थႿႮ৳ૐଽ҆۲۱Ӯჴ֥۱ุଢѓݦඔࠣఃܱ༢थק֥ކଔӮЧc֥նཬbၹՎ,Ч໓ಪູᆌؓݓܢಃڿ۪ࠣ܄ඳᇍིੱ֥࣮ބࡹၰ,ႋھࡹ৫ᄝؓݓ/ሇ݅ࣜ࠶0ᆃ۱նᇅ؇Мࣟ༯෮ྙӮ֥۲۱҂ܢಃྟᇉ֥ܢת۱ุ০ၭݦඔ֥ٳ༅భิ่ࡱ༯ᅚ3ष,ط҂൞ࡥֆ֥ಪູܢಃ֥؟ჭ߄ބཌྷᇅޙ߶6 ࢲეิۚࠇࢆ֮܄ඳᇍིੱbطܱႿކଔӮЧc֥նଢభཬࠣఃཌྷܱ႕ཙၹؓఒြሧྛູӁളቔႨ֥ࠏ,ݓଽᆌؓሧྛູ֥࣮ն؟൞Ֆܢಃࢲܒ֥࢘؇ಀฐ࿙ఒြሧྛູა܄ඳࡎᆴᆭࡗ֥ᇅ֩໙ีЧ໓֥࣮ഉໃࣉྛധೆษં,ᆃ൞Ч໓ܱ༢bაၛສ࣮෮҂֥൞,Ч໓ၛնܢת॥ᇅ࣮֥҂ቀᆭԩ,္൞ᆴ֤༯၂҄ࣉྛധೆ࣮֥༯֥҂॥ᇅಃᇂٚൔ్ູೆׄ,ህ༢֥ٳֹٚb႞ᇂၐ,ఒြ֥٤ིੱሧྛູႵႿఒြ༅ބฐษਔ෮Ⴕಃࠢᇏ่ࡱ༯նܢתधؓ॥ܢၛࠣࡎᆴbЧ໓֥࣮,๙ݖଆ֥ܒࡹ,ധೆٳ༅ਔն؟۱նܢתᆭࡗཌྷᇅޙࠇᆀކଔᇕ҂֥॥ᇅܢת॥ᇅ่ࡱ༯֥ఒြሧྛູหᆘࠣః႕ཙၹಃᇂٚൔაఒြሧྛູᆭࡗ֥ܱ༢,൞ؓၛສ,ູնܢת॥ᇅ่ࡱ༯֥ܢಃࢲܒࠣ॥ᇅಃᇂ࣮֥ധೆބ༥߄bЧ໓࣮֥ᇶေࢲંაࡹၰაఒြࡎᆴܱ༢֥ཌྷܱᆚંิ܂ਔ၂ུྍ֥ఓൕbႵ:(1)նܢת॥ᇅ่ࡱ༯֥ఒြ,ࠎႿնaཬܢתᆭࡗ֥ກսܱ༢,҂ܵఃіགྷԛݖ؇ሧ֥٤ིੱሧྛ,ູߎ൞ሧ҂ቀ֥٤ིੱሧྛູ,ః۴ҕॉ໓ང:ჷ൞ఒြնܢתؓ॥ᇅಃႵ൬ၭሔ֥ࢲݔ,[1]Berle,A1A1,Means,G1C11TheModernCorporationؽᇕ٤ིੱሧྛູऎႵཌྷ֥ၹ,ѩ߶ൈandPrivateProperty[M].NewYork:Macmillan,1932.թᄝႿఒြ֥ሧྛູᆭᇏ,ؽᆀၛఒြऎุ֥෮[2]LaPorta,R.,Lopez-de-Silanes,F.,Shleifer,A.,Vish-Ⴕಃࢲܒބ॥ᇅಃᇂٚൔູ୧ջ,Ⴕࠏ֥ࢲކᄝny,R..Investorprotectionandcorporategovernance၂ఏbᆃࣼࢳਔູޅਆᇕ٤ིੱሧྛູ߶ൈ[J].JournalofFinancialEconomics,2000,58:2-28.թᄝႿݓၛܢಃۚ؇ࠢᇏa/၂ܢն0ູหᆘ֥[3]Shleifer,A.,Vishny,R..Asurveyofcorporategovern-ance[J].JournalofFinance,1997,52(2):737-783.ഈ൧܄ඳᇏbၹط,ᄝᆌؓఒြऎุ֥ሧྛູࣉ[4]ਗ,ഫޣѯ,፺ࣁਃ.ܢಃٳᇂڿ۪აഈ൧܄ඳᇍ֥ྛٳ༅ބษંൈ,сྶൈॉ੮ਆᇕ٤ིੱሧྛൌᆣ࣮[J].ᇏݓ۽ြࣜ࠶,2008(5):99-108.ູᆭࡗ֥ཌྷ႕ཙބՎཨдӉ,ಆ૫a༢֥ؓఒြ[5]Claessens,S.,Djankov,S.,Lang,L..Theseparation
ֻ5௹ ਾྒ֩:ࠎႿ॥ᇅಃႵ൬ၭ֥ఒြ٤ིੱሧྛູ࣮#165#ofownershipandcontrolineastAsiancorporations[J].ഈ൧܄ඳ֥ᆣऌ[J].࠹࣮,2006,(7):,2000,58:81-112.[11]ဝ,ဝଲ,ᇛޣ༩.ܢಃ/൧ӆࢲܒ0aቋႪڵᅏ[6]Dyck,A.,Zingales,L..Privatebenefitsofcontrol:Anބ٤ིੱሧྛູ[J].ҍ࣮ࣜ,2006,31(6):107-internationalcomparison[J].JournalofFinance,2004,(4):537-600.[12]Myers,S.,Majluf,N..Corporatefinancingandin-[7]ਾӔ.ຓ҆ส০a൧ӆّႋა॥ܢܢת֥٤ིੱሧvestmentdecisionswhenfirmshaveinformationthatin-ྛູ[J].ൗࢸࣜ࠶,2002,(7):[J].JournalofFinancialEconom-[8]ૹ,ࣁ.ྐ༏҂ؓӫaܢಃᇅ؇νஆაഈ൧܄ඳݖ؇ics,1984,(13):187-221.ሧ[J].ࣁವ࣮,2003,(1):36-45.[13]Leech,D..Ownershipconcentrationandthetheoryof[9]νਲ,ਾྒ,Ϣၜᤑ.ܢಃᇅޙaᇔࠞ෮Ⴕಃྟᇉაഈ൧thefirm:asimple-game-theoreticapproach[J].Theఒြ٤ིੱሧ[J].ܵ۽ӱ࿐Б,2008,(2):122-JournalofIndustrialEconomics,1987,35(3):.[10]வ,ౕມඨ.॥ܢܢתোა܄ඳིࠛ)))ࠎႿᇏݓStudyonInefficiencyInvestmentinCorporateBasedonPrivateBenefitsofControlLIUXing1,DOUWe1,2i(11SchoolofEconomicsandBusinessAdministration,ChongqingUniversity,Chongqing400030,China;21SchoolofManagement,WuhanUniversityofScienceandTechnology,Wuhan430081,China)Abstract:Conflictbetweencontrollingshareholderandminorityshareholder,,:theover-investmentandtheinvestment-deficiency1Consideringboththeover-investmentandinvestment-deficiencyinoneframeworkbysettingupmodels,westudythecon-trollingpowerallocationandtheinefficientinvestmentbehaviorsintheownershipstructureoflargeshare-holdercontrolling1Itisshownthat,becauseofthepursuitofprivatebenefitofcontrol,thetwoclassesofinefficientinvestmentbehaviorsexistintheinvestmentbehaviorsofthelargeshareholdercontrollingfirms1Theinvestmentbehaviorvarieswiththeweightofownershipofthecontrollingshareholder1Boththebalancingandthecooperationbetweenseverallargeshareholderscouldalleviatetheover-investmentandaggravatetheinvestment-deficiency,andtheeffectofcooperationontheinefficientinvestmentbehaviorsdependsonthecostofthecooperation1Keywords:privatebenefitsofcontrol;largeshareholdercontrol;allocationofthecontrol;inefficientin-vestment
