훐맺짌튵틸탐킽돪벤샸믺훆럖컶3햪ꆡ튪:놾컄뛔훐맺짌튵틸탐킽돪벤샸믺훆뗄쿖ힴꆢ킽돪폫틸탐튵벨뗄쪵횤럖컶ꆢ움볛킽돪쮮욽뗄뇪ힼ뫍췪짆웤킽돪벤샸믺훆뗄붨틩뗄컊쳢뷸탐쇋쳖싛ꆣ컄헂죏캪,훐맺짌튵틸탐돵늽붨솢쇋믹놾킽돪볓벨킧킽돪뗄킽돪벤샸믺훆;풱릤킽돪쮮욽뫍틸탐킧틦쮮욽뷏뗍,늢돊쿖짏쫐ꆢ럇짏쫐뫍맺폐틸탐뗝복쾵쇐;막럝훆틸탐룟맜죋풱킽돪닮틬듳,믹놾폫웤뺭펪튵벨솪쾵;막럝훆틸탐룟맜죋풱킽돪폫풱릤킽돪쮮욽닮뻠훰늽삩듳;훐맺짌튵틸탐죋솦놾돉놾뷏뗍,떫쪹폃킧싊튲뷏뗍;뺭볃뢣샻죔좻쫇짌튵틸탐컼틽뫍쇴힡죋닅뗄훷튪뺭볃쫖뛎;킽돪탎쪽떥튻,뎤웚벤샸믺훆좱랦ꆣ믘맩럖컶쿔쪾퇹놾틸탐룟맜죋풱뫍풱릤킽돪폫틸탐닺맦쒣ꆢ닺쫕틦싊폐뷏잿뗄헽쿠맘탔,폫뺻닺쫕틦싊뫍놾돤ퟣ싊뢺쿠맘,폫쎿막쫕틦뫍늻솼듻뿮뇈싊뢺쿠맘,떫춳볆늻쿔훸ꆣ쮵쏷웤킽돪쮮욽폫틸탐맦쒣튵벨솪쾵뷏뷴쏜,뛸폫닺킧싊튵벨뗄솪쾵쿠뛔뷏죵ꆣ컄헂쳡돶쇋틔ROA/NP탞헽뗄킽돪샻죳싊움볛틸탐죋솦놾쪹폃킧싊뫍킽돪쮮욽뗄뫏샭돌뛈ꆣ컄헂쳡돶췪짆훐맺짌튵틸탐킽돪벤샸풼쫸믺훆뗄붨틩:헦헽붨솢틔벨킧킽돪캪훷,믹놾킽돪뫍뢣샻놣헏캪뢨뗄풱릤킽돪벤샸풼쫸믺훆;좷뚨뫏샭뗄ퟛ뫏튵벨뾼뫋쒿뇪;킽돪쮮욽뇘탫ퟛ뫏뾼싇쫐뎡뺺헹틲쯘뫍튵벨틲쯘;뗷헻킽돪뷡릹,힢훘뎤웚벤샸뫍쳡룟룟맜죋풱킽돪탅쾢뗄춸쏷뛈,퓶잿춶헟뫍짧믡릫훚뗄볠뚽ꆣ맘볼듊:짌튵틸탐;킽돪벤샸;쪵횤럖컶훐춼럖샠뫅:F832133ꆡꆡ컄쿗뇪쪶싫:Aꆡꆡ컄헂뇠뫅:1002-7246(2005)07-0076-19킽돪벤샸믺훆쫇춨맽킽돪훆뛈뗄짨볆뫍쪵쪩뛔풱릤뷸탐뺭볃붱돍틔쪵쿖웤벤샸풼쫸쒿뇪뗄튻훖믺훆ꆣ틸탐뗄킽돪쫇횸틸탐릤ퟷ죋풱캪틸탐쳡릩뗄샍뚯뫍럾컱뛸믱뗃뗄뺭볃놨돪,웤믹놾탎쪽냼삨틔쿖뷰탎쪽횧뢶뗄릤ꆢ붱뷰뫍뫍틔쿞훆막럝뫍막욱웚좨뗈탎쪽쳡릩뗄붱샸뫍틔웤쯻탎쪽쳡릩뗄놣쿕ꆢ뢣샻뗈컯훊샻틦ꆣ풱릤캪짌튵틸탐뗄랢햹뢶돶쇋샍뚯,쯻뇘탫뗃떽튻뚨뗄뺭볃놨돪,헢쫇늻죝훃틉뗄ꆣ떫쫇,ퟷ캪튻훖폐킧뗄뺭볃벤샸믺훆,뇘탫뾼싇틔쿂벸랽쏦뗄컊쳢:(1)킽돪쫇럱폫풱릤뗄릤ퟷ벨킧쿠솪쾵벰웤퓵퇹솪쾵,쫇펰쿬킽돪믺훆쓜럱돉캪튻훖폐킧뗄뺭볃벤샸믺훆뗄룹놾틲쯘;(2)킽돪뷡릹쫇럱뫏샭,쓜럱춳돯볦맋뛌웚벤샸폫뎤웚벤샸뗄맘쾵;(3)킽돪쮮욽쫇럱뫏샭,퓵퇹ퟛ뫏뾼싇ꆡ76' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚7웚훐맺짌튵틸탐킽돪벤샸믺훆럖컶ꆡ77죋닅뺺헹뫍돉놾킧틦틲쯘ꆣ놾컄붫틔훐맺짏쫐짌튵틸탐캪훷튪듺뇭,춨맽샭싛럖컶폫쪵횤럖컶쿠뷡뫏뗄랽램,쳖싛훐맺짌튵틸탐킽돪벤샸믺훆뗄짏쫶컊쳢ꆣ늢퓚듋믹뒡짏쳡돶튻킩룄뷸붨틩ꆣ튻ꆢ훐맺짌튵틸탐킽돪벤샸믺훆쿖ힴ볆뮮뺭볃뗄틸탐킽돪훆뛈뗄쳘뗣뻍쫇ꆰ듳맸랹ꆱꆰ,룉뛠룉짙튻룶퇹,룉뫃룉뮵튻룶퇹ꆱ뗄만뚨릤훆ꆣ욽뻹훷틥뫍늻폫풱릤뗄릤ퟷ튵벨쿠솪쾵,퇏훘쯰짋쇋틸탐풱릤,쳘뇰쫇룟벶맜샭죋풱캪쳡룟틸탐킧틦뛸얬솦릤ퟷ뗄믽벫탔ꆣ훐맺쿖뷗뛎뗄짌튵틸탐믹놾짏틑뺭듓헢훖뒫춳뗄만뚨릤훆쿲믹놾릤볓킧틦릤훆뇤,뾪쪼힢훘킽돪믺훆뗄벤샸풼쫸ퟷ폃ꆣ훐맺짌튵틸탐쿖뷗뛎뗄킽돪훆뛈뻟폐틔쿂믹놾쳘뗣:11돵늽붨솢쇋믹놾킽돪볓벨킧킽돪뗄킽돪벤샸믺훆ꆣ훐맺짌튵틸탐풱릤뗄믹놾킽돪훆뛈틑듓볆뮮뺭볃쪱웚뗄췪좫만뚨릤훆훰늽쿲믹놾릤볓벨킧릤훆ꆣ믹놾릤캪만뚨릤,룹뻝풱릤뗄릤ퟷ룚캻좷뚨,쯦쪱볤뇤뚯뛸퓶볓,폫놾죋떱쓪뗄릤ퟷ벨킧믹놾쎻폐솪쾵ꆣ릤훆뛈쫇뒫춳킽돪훆뛈짨볆뗄쫗튪컊쳢ꆣ웤펰쿬틲쯘냼삨:쓚늿틲쯘,죧웳튵릤닟싔ꆢ뛔릤ퟷ뗄볛횵움맀ꆢ뛔풱릤뗄볛횵움에틔벰웳튵놾짭뗄횧뢶쓜솦뗈뗈;췢늿틲쯘,죧샍뚯솦쫐뎡ힴ뿶ꆢ짧믡욽뻹릤쮮욽ꆢ쳖볛뮹볛쓜솦뫍쿠맘램싉맦랶뗈뗈ꆣ훐맺짌튵틸탐뛠쫽닉폃탐풱뗈벶릤훆ꆣ탐풱뗈벶릤훆훷튪평탐풱뗈벶릤ꆢ붱뷰뫍쳘쫢횰캻뷲쳹릹돉ꆣ탐풱뗈벶릤닉폃춳튻뗄ꆰ탐풱뗈벶릤킽뗣뇭ꆱꆣ뛔펦믹ힼ킽벶뗄믹ힼ릤평ퟜ탐뫋뚨,늢쫊쪱뗷헻;릤뗈벶뛔펦뗄릤뛮뗈폚믹ힼ릤폫룷뗈벶킽뗣뗄돋믽ꆣ탐풱뗈벶릤쯦믹ힼ릤뛮쳡룟쿠펦뗷헻ꆣ죧쒳맺폐짌튵틸탐2003쓪붨솢뗄탐풱룚캻뗈벶캪12벶,뛔펦뗄릤뗈벶56벶ꆣퟮ뗍뗄56벶릤뗄킽뗣캪0185,6벶릤(쿠떱폚튻벶럖탐탐뎤뫍ퟜ탐늿쏅뺭샭)킽뗣캪3185ꆣ뫳헟캪잰헟뗄415놶,믹놾릤벶닮뷏킡ꆣ벨킧릤캪뢡뚯릤(믲붱뷰),퓚췪돉튻뚨뗄릤ퟷ죎컱뗄믹뒡짏,룹뻝튻뚨뗄붱샸뇈샽뛔췪돉뫍뎬뛮뗄릤ퟷ벨킧룸폨붱샸ꆣ룷짌튵틸탐뗄붱뷰훖샠냼삨:퓂붱ꆢ벾뛈붱ꆢ쓪훕붱ꆢ좫쟚붱ꆢ튻듎탔붱뗈ꆣ붱뷰뗄볆랢춨뎣틔ꆰ붱뷰랢럅쾵쫽ꆱ캪믹뒡ꆣ샽죧,쒳틸탐틔ꆰ탐풱횰캻붱뷰쾵쫽ꆱ캪믹뒡볆랢붱뷰ꆣ벨킧릤늢캴퇏룱뗘폫풱릤뗄릤ퟷ벨킧맒릳ꆣ막럝훆짌튵틸탐듳뛠쫽뛔룟벶맜샭죋풱쪵탐쓪킽훆ꆣ죧쏱짺틸탐룟벶맜샭죋풱쓪킽평믹뒡킽돪ꆢ튵벨킽돪뫍쳘뇰릱쿗붱샸ퟩ돉ꆣ웤훐:믹뒡킽돪평믹놾킽돪뫍뢣샻킽돪릹돉;튵벨킽돪평럧쿕킽돪ꆢ맜샭킽돪뫍킧틦킽돪릹돉ꆣ룟벶맜샭죋풱믹놾킽돪뫍뢣샻킽돪내ퟜ탐죽벶탐풱믹놾킽돪뫍뢣샻킽돪뇪ힼ뗄쾵쫽횴탐ꆣ웤훐:탐뎤쾵쫽캪3,웤쯻룟맜죋풱쾵쫽캪2ꆣ튵벨킽돪내헕럧쿕뿘훆ꆢퟛ뫏맜샭뫍킧틦쮮욽뾼뫋뷡맻랢럅,죽쿮햼뇈럖뇰캪튵벨킽돪뗄40%ꆢ10%뫍50%ꆣ뚭쫂믡킽돪폫뾼뫋캯풱믡룹뻝쎿쓪뚭쫂믡쿂듯뗄쓪뛈뺭펪볆뮮훐맘폚럧쿕뿘훆ꆢퟛ뫏맜샭뫍킧틦쮮욽뗈랽쏦뗄튪쟳,훆뚨튵벨킽돪뾼뫋횸뇪쳥쾵ꆣ튵벨킽돪뾼뫋횸뇪쳥쾵튪럻뫏볠맜늿쏅뗄맦뚨,쳥쿖폐샻폚쳡룟닺훊솿ꆢ폐샻폚볓잿' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡ78뷰죚퇐뺿ퟜ301웚쓚늿럧쿕뿘훆뫍훆뛈붨짨ꆢ폐샻폚쳡룟맜샭쮮욽뫍뺭볃킧틦뗄풭퓲ꆣ뚭쫂믡틀뻝킽돪폫뾼뫋캯풱믡쳡릩뗄뾼뫋틢볻,뛔룟벶맜샭죋풱랢럅튵벨킽돪ꆣ쏱짺틸탐맦뚨,췪돉뚭쫂믡쿂듯뗄쓪뛈뺭펪볆뮮룷쿮횸뇪,탐뎤벰웤쯻룟맜죋풱럖뇰내췪돉볆뮮쮰뫳샻죳뗄112ꇫ뫍016ꇫ랢럅튵벨킽돪;캴췪돉볆뮮쪱,룹뻝캴췪돉뷸뛈쟩뿶뫍룷쿮햼뇈,쿠펦뿛복웤튵벨킽돪ꆣ퓚좫쏦뎬뛮췪돉룷쿮볆뮮횸뇪뫳,룸폨뺭펪냠ퟓ쳘뇰릱쿗붱샸,붱샸뇈샽내볆뮮쮰뫳샻죳뎬뛮쫽뗄215%횴탐ꆣ웤훐:탐뎤햼쳘뇰릱쿗붱ퟜ뛮뗄40%,웤쯻룟맜죋풱햼60%ꆣ퓚20쫀볍90쓪듺뫳웚틔잰,듳뛠쫽짌튵틸탐풱릤믹놾릤뗄뇈훘뷏룟(풼60%),벨킧릤뗄뇈훘짵뗍(풼40%),벤샸ퟷ폃짵캢ꆣ뷼벸쓪,벨킧릤뗄뇈훘훰늽쳡짽,붱샸쾵쫽폐뷏듳쳡룟,벨킧릤뗄벤샸ퟷ폃훰늽쿔쿖ꆣ떫퓚늻춬쳥훆샠탍뗄짌튵틸탐횮볤닮틬뷏듳ꆣ막럝훆짌튵틸탐,쳘뇰쫇짏쫐틸탐벨킧릤뇈훘뷏룟,뛸맺폐짌튵틸탐뗄벨킧릤뇈훘죔뷏뗍,쓑틔랢믓폐킧뗄벤샸ퟷ폃ꆣ죧쒳틸탐짏몣쒳횧탐뛔쫕믘늻솼듻뿮뗄붱샸쾵쫽캪:쎿췲풪붱샸015풪,벴01005%ꆣ쫕믘100췲풪뗄늻솼듻뿮,탅듻풱뷶쓜믱뗃50풪붱샸,뛸탂퓶늻솼듻뿮쎿췲풪튲뷶뿛랢붱뷰5풪,헢믹놾짏쎻폐쪲쎴벤샸풼쫸ퟷ폃ꆣ21풱릤킽돪쮮욽뫍틸탐킧틦쮮욽뷏뗍,늢돊쿖짏쫐ꆢ럇짏쫐뫍맺폐틸탐뗝복쾵쇐ꆣ훐맺짌튵틸탐풱릤뗄욽뻹킽돪쮮욽죔좻쿠뛔뷏뗍,뫍틸탐뺭볃킧틦뛸퇔,막럝훆짌튵틸탐뻹룟폚맺폐뛀짌튵틸탐,떫폫췢짌튵틸탐쿠뇈,죔좻듦퓚뷏듳닮뻠ꆣퟷ캪맺폐틸탐뗄훐맺릤짌틸탐닺맦쒣뫍풱릤죋쫽퓚훐맺틸탐튵훐뻹캻뻓뗚튻,럖뇰쫇ퟷ캪짏쫐틸탐뗄헐짌틸탐뗄1017-13놶뫍24-3317놶(2002-2003쓪)ꆣ폫맺볊틸탐튵뇈뷏,훐맺짌튵틸탐풱릤킽돪쮮욽뫍틸탐뺭펪벨킧뻹듦퓚뫜듳닮뻠ꆣ2002-2003쓪,훐맺ퟮ듳뗄짌튵틸탐훐맺릤짌틸탐뗄풱릤죋쫽쫇뮨웬벯췅뗄1162-1145놶,ퟜ닺맦쒣캪5215-5015%,죋뻹킽돪캪714-717%ꆣ죋솦놾돉놾쫇짌튵틸탐뺭펪돉놾뗄훷튪릹돉횮튻,뗍릤쮮욽폐훺폚룄짆틸탐뛌웚닆컱횸뇪;떫죋솦놾돉놾폖쫇뛔풱릤릤ퟷ얬솦뢶돶뗄튻훖늹뎥,퓚탐튵뺺헹벤쇒ꆢ룟쯘훊풱릤뷴좱뗄쟩뿶쿂,맽뗍뗄킽돪늻샻폚믱뗃뫍캬돖폅훊죋솦풴,듓뛸늻샻폚짌튵틸탐뺺헹폅쫆뗄릹훾뫍놣돖ꆣ뷼벸쓪퓚틸탐튵뗄죋닅뺺헹훐,맺폐틸탐듳솿폅탣죋닅쇷쪧,뗍킽돪,쳘뇰쫇좱랦폫웤튵벨뷴쏜솪쾵뗄폐킧벤샸ퟷ폃뗄킽돪훆뛈쫇웤훘튪풭틲횮튻ꆣ뇭1ꆡ훐맺릤짌틸탐ꆢ헐짌틸탐폫뮨웬벯췅늿럖닆컱횸뇪뇈뷏뇭릤짌틸탐헐짌틸탐뮨웬벯췅릤짌틸탐/헐짌틸탐/뮨웬벯췅(%)뮨웬벯췅(%)2002200320022003200220032002200320022003풱릤죋쫽(췲죋)40163819112116251026181621414511418610풱릤킽돪(틚풪)18414195161619221615421417601512101111111113ퟜ닺(틚풪)4776852791366249409090010453552155015410417뺻샻죳(틚풪)6513241717102210126313147614512117113115' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚7웚훐맺짌튵틸탐킽돪벤샸믺훆럖컶ꆡ79릤짌틸탐헐짌틸탐뮨웬벯췅릤짌틸탐/헐짌틸탐/뮨웬벯췅(%)뮨웬벯췅(%)2002200320022003200220032002200320022003죋뻹킽돪(췲풪/죋)415510141014126117651771471722172116죋뻹닺(췲풪/죋)1176161357113035113094113636103900163214341883157913죋뻹뺻샻죳(췲풪/죋)116016141414105015551131211228142514ꆡꆡ쇏살풴:릤짌틸탐ꆢ헐짌틸탐ꆢ뮨웬벯췅2003쓪놨ꆣ힢:뮨웬벯췅닆컱횸뇪쏀풪내1ꇃ8127헛쯣캪죋쏱뇒ꆣ춼1ꆡ훐맺릤짌틸탐ꆢ헐짌틸탐폫뮨웬벯췅죋뻹킽돪ꆪꆪꆪ샻죳뇈뷏춼31막럝훆틸탐룟맜죋풱킽돪닮틬듳,믹놾폫웤뺭펪튵벨솪쾵ꆣ2003쓪,퓚6볒막럝훆짌튵틸탐훐,잰3쏻룟맜죋풱욽뻹쓪킽ퟮ룟뗄캪쏱짺틸탐(103췲풪),웤폠틀듎캪짮?랢햹틸탐(5513췲풪)ꆢ헐짌틸탐(5317췲풪)ꆢ웖뚫랢햹틸탐(4515췲풪)ꆢ짏몣틸탐(40췲풪)ꆢ뮪쿄틸탐(2419췲풪)ꆣ잰3쏻룟맜죋풱욽뻹쓪킽돪ퟮ룟뗄쏱짺틸탐캪ퟮ뗍뗄뮪쿄틸탐뗄4113놶ꆣ2004쓪,잰3쏻룟맜죋풱욽뻹쓪킽돪쏱짺틸탐퓶볓떽16411췲풪,죔뻓뗚튻ꆣ헐짌틸탐11617췲풪,짮?랢햹틸탐7613췲풪ꆢ뮪쿄틸탐5212췲풪,웖랢틸탐4913췲풪ꆣ헢6볒막럝훆짌튵틸탐잰3쏻룟맜죋풱욽뻹쓪킽돪,짏쫐틸탐춨뎣룟폚럇짏쫐틸탐;좫맺탔틸탐룟폚쟸폲탔틸탐ꆣ막럝훆짌튵틸탐룟맜죋풱뗄쫕죫믹놾짏쫇폫웤뺭펪맦쒣ꆢ뺭볃킧틦뫍닺훊솿쿠솪쾵뗄,떫쫇,웤솪쾵돌뛈늢늻뫜뷴쏜ꆣ헢6볒막럝훆짌튵틸탐2004쓪폫2002쓪쿠뇈,잰3쏻룟맜죋풱욽뻹쓪킽폫훷튪뺭볃횸뇪뗄뇤뚯싊죧춼2-춼6쯹쪾ꆣ룟맜죋풱쓪킽뗄퓶뎤폫ퟜ닺뫍뺻샻죳뗄퓶뎤믹놾짏쫇춬늽뗄,헐짌틸탐뫍쏱짺틸탐뗄쎿막쫕틦돊쿖짏짽쟷쫆,뛸웖뚫랢햹틸탐뫍짮?랢햹틸탐퓲돶쿖쿂붵ꆣ돽짮?랢햹틸탐2004쓪틔췢웤쯼3볒막럝훆틸탐뫍짮?랢햹틸탐뗄웤쯻쓪럝뗄늻솼듻뿮싊돶쿖쿂붵쟷쫆,닺훊솿폐뷏듳럹뛈뗄쳡룟ꆣ뿉볻,헢벸볒막럝훆틸탐룟맜죋풱뗄킽돪쮮욽폫틸탐뗄튵벨믹놾짏쫇쿠솪쾵뗄ꆣ떫솪쾵늢늻쫇뫜뷴쏜,쳘뇰쫇틸탐볤뗄닮틬뷏듳ꆣ듓짮?랢햹틸탐뷼벸쓪뗄뺭볃횸뇪살뾴,뺻샻죳ꆢ쎿막쫕틦ꆢ뺻닺쫕틦싊뻹폐뷏듳뗄늨뚯,쳘뇰쫇뺻닺쫕틦싊폐뷏듳럹뛈뗄쿂붵,떫웤잰3쏻룟맜죋풱뗄욽뻹킽돪좴돖탸컈뚨뗄퓶볓,랴펳웤믹놾짏쎻폐폫' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡ80뷰죚퇐뺿ퟜ301웚틸탐뺭볃킧틦횸뇪쿠솪쾵ꆣ41막럝훆틸탐룟맜죋풱킽돪폫풱릤킽돪쮮욽닮뻠훰늽삩듳ꆣ뒫춳볆뮮뺭볃뗄럖엤쒣쪽뻍쫇ꆰ듳맸랹ꆱ,욽뻹훷틥,룷훖죋풱쫕죫닮뻠킡,늻쓜쳥쿖웤돐떣뗄퓰죎ꆢ럧쿕,뢶돶뗄샍뚯뫍ퟶ돶뗄릱쿗ꆣ뷼뛾쪮벸쓪뗄룄룯,틑쪹훐맺짌튵틸탐뗄럖엤랢짺쇋훘튪뗄뇤뮯ꆣ돽쇋쪵탐뷡릹릤훆,쫕죫폫튵벨쿠솪쾵,쫕죫닮뻠튲훰늽삭듳ꆣ헢퓚짏쫐막럝훆틸탐훐룼캪쏷쿔ꆣ듓춼7뿉볻,헢6볒막럝훆틸탐잰3쏻룟맜죋' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚7웚훐맺짌튵틸탐킽돪벤샸믺훆럖컶ꆡ81풱뗄킽돪폫놾탐풱릤욽뻹킽돪뗄놶쫽,ퟮ뗍뗄캪219놶(뮪쿄틸탐2003쓪),ퟮ룟뗄캪917놶(쏱짺틸탐2004쓪)ꆣ돽룶뇰틸탐룶뇰쓪럝틔췢,닮뻠믹놾돊쿖삩듳뗄쟷쫆ꆣ헢훖닮뻠뗄삩듳,쫇짌튵틸탐룟벶맜샭죋풱폫웕춨풱릤돐떣뗄퓰죎ꆢ럧쿕,뢶돶뗄샍뚯뫍ퟶ돶뗄릱쿗뗄닮틬뗄쳥쿖ꆣ쏀맺릫쮾CEO폫릤죋욽뻹릤뇈싊퓚1980쓪캪42놶,쒿잰캪벸냙놶ꆣ돊쿖닮뻠삩듳뗄쟷쫆ꆣ훐맺짌튵틸탐룟벶맜샭죋풱폫풱릤욽뻹킽돪뗄닮뻠폫맺볊춬탐뇈,늢늻쫇뫜듳,뮹폐볌탸삩듳뗄뿕볤ꆣ떱좻,헢훖닮뻠늢늻쫇풽듳풽뫃ꆣ뇘탫힢틢닮뻠맽듳듸살뗄늻샻펰쿬ꆣ2003쓪뮨웬벯췅CEO뗄킽돪ퟜ뛮캪4,460췲쏀풪,쫇쏀맺릤죋욽뻹릤(25,501쏀풪)뗄1,749놶ꆣ2005쓪뗄막뚫듳믡짏,폐막뚫쳡틩(쳡낸7)쿞훆웤CEO뗄킽돪ퟜ뛮늻뎬맽떱쓪쏀맺릤죋욽뻹릤뗄100놶ꋙꆣ51훐맺짌튵틸탐죋솦놾돉놾뷏뗍,떫쪹폃킧싊튲뷏뗍ꆣ풱릤뫍룟맜죋풱뗄킽돪쮮욽듺뇭쇋짌튵틸탐죋솦놾뗄쪹폃돉놾ꆣ죧춼8쯹쪾,훐맺5볒짏쫐틸탐훐,쏱짺틸탐뗄풱릤죋뻹킽돪쮮욽뫍잰3쏻룟맜죋풱욽뻹킽돪쮮욽ퟮ룟,2004쓪럖뇰캪1719췲풪뫍16411췲풪,풼캪웖뚫랢햹틸탐뗄1113놶뫍2133놶ꆣ떫폫뮨웬벯췅쿠뇈,퓲뷶캪웤22163%뫍0181%(2003쓪)ꆣ헢랴펳돶훐맺짌튵틸탐뗄죋솦놾돉놾뷏뗍,뻟폐튻뚨뗄돉놾폅쫆ꆣ춼8ꆡ8볒틸탐풱릤킽돪뇈뷏춼쯤좻훐맺짌튵틸탐뗄죋솦놾뻟폐튻뚨뗄돉놾폅쫆,떫쫇웤쪹폃킧싊죔뇈뷏뗍쿂ꆣ풱릤죋뻹뺻샻죳뫍킽돪뺻샻죳싊(=죋뻹뺻샻죳/죋뻹킽돪)랴펳쇋틸탐죋솦놾뗄욽뻹쪹폃킧싊,잰3쏻룟맜죋풱킽돪뺻샻죳싊(=뺻샻죳/잰3쏻룟맜죋풱죋뻹킽돪)랴펳쇋틸탐룟벶죋솦놾뗄쪹폃킧싊ꆣ죧춼9쯹쪾,훐맺틑짏쫐뗄5볒짌튵틸탐훐,죋뻹뺻샻죳ퟮ룟뗄캪쏱짺틸탐,2004쓪듯떽1719췲풪/죋,뛸뮪쿄틸탐뷶718췲풪/죋,솽탐럖뇰뷶캪뮨웬벯췅2003쓪6517췲풪/죋뗄27%뫍12%ꆣ2003쓪5볒짏쫐틸탐훐,풱릤킽돪뺻샻죳싊뫍잰3쏻룟맜죋풱킽돪뺻샻죳싊ퟮ룟뗄캪웖뚫랢햹틸탐,럖뇰캪3놶뫍3439놶;ퟮ뗍뗄짮?랢햹틸탐뷶015놶뫍572놶ꆣ뮨웬벯췅럖뇰캪018놶117314놶ꆣ훐맺뗄맺폐틸탐죋솦놾돉놾룼뗍,뛸죋솦놾뗄쪹폃킧싊튲룼뗍ꆣ2002뫍2003쓪,훐맺릤짌틸탐풱릤죋뻹킽돪(릤+붱뷰+뢣샻)캪4154-5103췲풪,뷶캪헐짌틸탐ꋙProxyStatementofCitigroup2005,p721' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡ82뷰죚퇐뺿ퟜ301웚14101-14117췲풪뗄3214-3515%ꆣ죋뻹닺뫍죋뻹뺻샻죳뷶캪헐짌틸탐뗄3818-4319%뫍416-1112%ꆣ킽돪닺싊(=ퟜ닺/풱릤킽돪)뫍킽돪뺻샻죳싊(=뺻샻죳/풱릤킽돪)퓚튻뚨돌뛈짏랴펳쇋죋솦놾돉놾뗄쪹폃킧틦ꆣ잰헟랴펳쇋쎿튻풪죋솦놾맜샭뗄틸탐닺,릤짌틸탐싔룟폚헐짌틸탐19-2316%;뫳헟랴펳쇋쎿튻풪죋솦놾돉놾뒴퓬뗄뺻샻죳,릤짌틸탐뷶캪헐짌틸탐뗄1218-3415%,벴쪹뾼싇떽2003쓪릤짌틸탐듳솿볆쳡럧쿕ힼ놸뛔뺻샻죳뗄펰쿬,릤짌틸탐뗄죋솦돉놾쪹폃킧틦죔좻뷏헐짌틸탐뗍뫜뛠ꆣ폫췢틸탐쿠뇈,닮뻠뻍룼듳ꆣ훐맺릤짌틸탐뗄뺻샻죳쫇뮨웬벯췅뗄512-117%,죋뻹닺캪3214-3418%,뛸죋뻹뺻샻죳뷶312-112%ꆣ평폚틸탐뺭볃킧틦뗍쿂,풱릤킽돪뗍늢캴쪹훐맺릤짌틸탐퓚죋솦놾돉놾쪹폃킧싊랽쏦뻟폐폅쫆,웤풱릤킽돪닺싊쯤뇈뮨웬벯췅룟돶3놶,떫풱릤킽돪뺻샻죳싊뷶캪뮨웬벯췅뗄15%ꆣ맺폐틸탐죋솦놾뗄쪹폃킧싊뗍쿂,폫맺폐틸탐뗄뺭펪맜샭쳥훆ꆢ릫쮾훎샭뷡릹뫍벤샸풼쫸믺훆뗈튻쾵쇐뗄컊쳢쿠맘ꆣ쿠뇈뛸퇔,짏쫐막럝훆틸탐퓲쿠뛔뷏뫃ꆣ돽쇋짮?랢햹틸탐췢,웤쯻짏쫐틸탐풱릤킽돪샻죳싊뫍잰3쏻룟맜죋풱죋뻹뺻샻죳싊뻹룟폚뮨웬벯췅ꆣ헢훷튪쫇평폚훐맺짏쫐틸탐죋솦놾돉놾뷏뗍,뻟폐튻뚨뗄돉놾폅쫆듸살뗄ꆣ듓춼9뿉볻,헢벸쓪쯦ퟅ짏쫐틸탐풱릤킽돪쮮욽뫍룟맜죋풱킽돪쮮욽뗄듳럹뛈쳡룟,헢훖죋솦놾뗄돉놾폅쫆헽퓚훰늽즥쪧ꆣ뷱뫳죧맻쯦ퟅ죋솦놾쪹폃돉놾뗄쳡룟뛸쪹폃킧싊늻쓜춬뇈싊쳡룟,퓲훐맺짌튵틸탐퓚폫뿧맺틸탐뺺헹훐룼붫뒦폚쇓쫆ꆣ춼9ꆡ8볒틸탐죋솦놾쪹폃킧싊뇈뷏춼61뺭볃뢣샻죔좻쫇짌튵틸탐컼틽뫍쇴힡죋닅뗄훷튪뺭볃쫖뛎ꆣ룷듳짌튵틸탐뗄뢣샻훆뛈튻냣뚼쫇틔뢣샻욷뗄욽뻹랢럅캪훷,웤뺭볃벤샸ퟷ폃듳킡훷튪춬틸탐볤쿠뛔뢣샻쮮욽룟뗍쿠맘ꆣ짌튵틸탐뗄뢣샻뿉럖캪룶죋횱뷓믱뗃뗄뢣샻(볲돆룶죋뢣샻)뫍틸탐캪좫쳥풱릤쳡릩뗄쟒캪풱릤릲춬쿭폐뗄뢣샻(볲돆벯쳥뢣샻)ꆣ룶죋뢣샻훷튪폐쯄샠:ꋙ횰릤힡랿늹쳹ꆣ틸탐쯹폐뗄헽쪽풱릤뻹닎폫평뗘랽헾뢮ퟩ횯뗄힡랿릫믽뷰볆뮮ꆣ힡랿릫믽뷰볆뮮튪쟳틸탐벰풱릤럖뇰내퓂쳡좡힡랿릫믽뷰늢뒢듦퓚풱릤뗄룶죋헊뮧쓚ꆣ늿럖틸탐뮹캪풱릤쳡릩튻듎탔릺랿늹쳹믲쳡릩컞쾢내뷒듻뿮ꆣꋚ췋택퇸샏놣쿕ꆣ틸탐쯹폐뗄헽쪽풱릤뻹닎폫평뗘랽헾뢮ퟩ횯뗄퇸샏놣쿕볆뮮ꆣꋛ쪧튵놣쿕ꆣ틸탐풱릤춳튻닎볓쪧튵놣쿕,룶죋뷉쓉늿럖평틸탐듓풱릤놾죋쮰잰릤ퟜ듺뿛' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚7웚훐맺짌튵틸탐킽돪벤샸믺훆럖컶ꆡ83짏뷉ꆣꋜ튽쇆놣쿕ꆣ틸탐풱릤춳튻닎볓튽쇆놣쿕,룶죋뷉쓉늿럖평틸탐듓풱릤놾죋쮰잰릤ퟜ듺뿛짏뷉ꆣ틸탐풱릤벯쳥뢣샻럖캪뛾샠:튻캪풱릤짺믮쳡릩랽뇣뛸뻙냬뗄벯쳥뢣샻짨쪩,냼삨:쪳쳃ꆢ샭랢쫒ꆢ풱릤쯞짡ꆢ짏쿂냠춨쟚뎵뗈;뛾캪믮풾풱릤컄뮯짺믮뛸붨솢뗄룷훖컄뮯쳥폽짨쪩,냼삨:춼쫩망ꆢ퓄샀쫒ꆢ뻣샖늿뗈ꆣ룶뇰틸탐붨솢쇋닮틬뮯뢣샻훆뛈,샽죧춬릤쇤ꆢ횰뇰쿠솪쾵뗄짌튵놣쿕볆뮮뗈,늻뷶쳡릩쇋튻뚨뗄뺭볃벤샸,춬쪱쳡릩쇋탐헾벤샸뫍탄샭벤샸ꆣ춼10ꆡ6볒막럝훆틸탐풱릤뢣샻폫릤붱뷰뇈뷏춼듓춼10뿉볻,풱릤뢣샻퓚룷듳짌튵틸탐풱릤럑폃훐햼폐쿠떱듳뗄뇈훘,쏱짺틸탐뫍웖뚫랢햹틸탐풼햼30-40%,짮?랢햹틸탐풼햼15-20%,웤쯻틸탐풼햼24-30%횮볤ꆣ웤풱릤뢣샻럑폃ퟜ뛮믹놾짏쯦풱릤럑폃ퟜ뛮퓶뎤뛸퓶뎤ꆣ뺭볃뢣샻죔좻쫇짌튵틸탐컼틽뫍쇴힡죋닅뗄훷튪뺭볃쫖뛎ꆣ풱릤뢣샻햼풱릤럑폃뗄뇈훘,2002-2003쓪헐짌틸탐캪3215-3415%,짏몣틸탐퓲룟듯3917-4416%ꆣ듓죋뻹럑폃살뾴,헐짌틸탐캪1410-1412췲풪,캪짏몣틸탐뗄1156-1123놶;죋뻹릤붱뷰,헐짌틸탐캪912-916췲풪,캪짏몣틸탐뗄1169-1150놶;뛸죋뻹뢣샻헐짌틸탐캪418-416췲풪,캪짏몣틸탐뗄1136-019놶ꆣퟷ캪럇짏쫐틸탐뗄짏몣틸탐퓚릤붱뷰쮮욽쿠뛔뷏뗍뗄쟩뿶쿂,뺭볃뢣샻쮮욽좴폐뷏듳럹뛈뗄짏짽ꆣ뛸ퟷ캪짏쫐틸탐뗄헐짌틸탐뗄풱릤킽돪룼쟣쿲폚쿔탔뮯,뇣폚뾼뫋붱샸뗄릤붱뷰뗄믵뇒쫕죫뇈훘짏짽,뛸늻뇣폚뾼뫋붱샸뗄뺭볃뢣샻뇈훘뫍뻸뛔횵뻹폐쯹쿂붵ꆣ헢랴펳쇋짏쫐틸탐룼볓힢훘뺭볃쫖뛎뗄벤샸ퟷ폃,럇짏쫐틸탐퓲쿠뛔닮튻킩ꆣ맺폐틸탐킽돪훆뛈룄룯룼캪동뮺,쿔탔릤붱뷰쫕틦뷏뗍,룷훖뺭볃뢣샻뗈틾탔쫕죫뇈훘뷏룟ꆣ헢쿔좻늻샻폚돤럖랢믓뺭볃쫖뛎뗄벤샸ퟷ폃ꆣ71킽돪탎쪽떥튻,뎤웚벤샸믺훆좱랦ꆣ훐맺짌튵틸탐룟벶맜샭죋풱뫍풱릤킽돪탎쪽믹놾짏캪쿖뷰횧뢶랽쪽ꆣ뻟폐뎤웚벤샸ퟷ폃뗄막럝붱샸뫍막욱웚좨붱샸뗈벤샸랽쪽ꆣ2004쓪2퓂,쏱짺틸탐싊쿈췆돶쇋웚좨벤샸뗄뎤웚벤샸랽낸ꆣ떫웤볆뮮폃폚쪵쪩벤샸뗄막럝캪웤벴붫랢탐뗄H막,2004쓪웤H막짐캴랢탐짏쫐,듓2004쓪쓪놨뾴,웤뎤웚벤샸랽낸짐캴뻟쳥쪵쪩ꆣ맺췢짌튵틸탐풱릤킽돪탎쪽뛠퇹뮯,늻뷶폐힢훘뛌웚벤샸ퟷ폃뗄쿖뷰붱샸,뛸쟒폐' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡ84뷰죚퇐뺿ퟜ301웚힢훘뎤웚벤샸ퟷ폃뗄쿞훆탔막욱붱샸뫍웚좨붱샸뗈뛠훖탎쪽ꆣ뮨웬벯췅뗄뚭쫂뿉퓚50-100%뗄랶캧쓚톡퓱쿞훆탔막욱뫍막욱웚좨횧뢶웤뚭쫂럑폃,룟벶뺭샭죋풱킽돪냼몬믹놾킽돪뫍톡퓱벤샸ꆢ놣쇴붱샸뫍막욱웚좨붱샸뗈릹돉,뫳헟냼삨쿖뷰붱샸뫍쿞훆믲퇓웚막럝붱샸뫍웚좨붱샸ꆣ룟벶맜샭죋풱,쎿쓪킽돪ퟜ쫽뗄40%틔쿞훆믲퇓웚막럝붱샸ꆣ릫쮾폃쿖뷰뫍풼쫸막럝믲퇓웚막럝뗄탎쪽뷸탐벤샸붱샸,틲듋웤쳡릩뗄늻뷶쫇뛔맽좥튵벨뗄뛌웚붱샸,튲쫇짨볆살퓶뎤놣쇴뫍횱뷓짦벰막뚫볛횵퓶틦뗄뎤웚벤샸ꆣ퓚듙뷸룃벤샸뗄뎤웚탔훊짏,뛔폚뺭샭죋풱뗄풼쫸믲퇓웚막럝붱샸뗄놣쇴탐쪹좨솦쪱웚캪3쓪ꆣ춼11쿔쪾쇋2001-2004쓪뮨웬벯췅잰5쏻룟맜죋풱뗄킽돪뷡릹ꆣ듓훐뿉볻,뮨웬벯췅룟맜죋풱뗄쓪뛈믹놾릤뷶햼킽돪ퟜ뛮뗄315%,뛸폫웤뺭펪튵벨맒릳뗄쿖뷰붱샸풼햼52%;뛸뻟폐뎤웚벤샸ퟷ폃뗄쿞훆탔막욱붱샸풼햼4011%,막욱웚좨풼햼3%ꆣ쟒뎤웚벤샸뗄뇈훘폐훰늽짏짽뗄쟷쿲ꆣ춼11ꆡ쏀맺뮨웬벯췅2002-2004쓪잰5쏻룟맜죋풱킽돪뷡릹뛾ꆢ늿럖막럝훆짌튵틸탐킽돪벤샸믺훆뗄쪵횤럖컶캪쇋뷸튻늽뗄움볛훐맺짌튵틸탐룟맜죋풱킽돪뫍풱릤욽뻹킽돪폫틸탐뺭펪튵벨솪쾵뗄쟩뿶,컒쏇닉폃쿠맘럖컶뫍뛠풪믘맩랽램살맀볆웤쿠맘돌뛈ꆣ11퇹놾뫍횸뇪톡퓱ꆣ럖컶퇹놾톡퓱:평폚훐맺럇짏쫐틸탐믹놾짏늻뛔췢릫늼웤룟맜죋풱뗄킽돪쟩뿶ꆣ퓚듋횻뫃톡퓱훐맺틑짏쫐뗄5볒틸탐뫍럇짏쫐뗄짏몣틸탐ퟷ캪럖컶퇹놾뛔쿳ꆣ퇹놾웚볤톡퓱헢6볒틸탐틑릫늼폐룟맜죋풱킽돪쫽뻝웚볤ꆣ놾럖컶릲폐22ퟩ퇹놾쫽뻝ꆣ럖컶횸뇪톡퓱:틸탐룟맜죋풱뗄킽돪틔잰3쏻룟맜죋풱뗄욽뻹킽돪(COM3)듺뇭,틸탐풱릤킽돪쮮욽틔쯹폐풱릤욽뻹킽돪쮮욽APC듺뇭ꆣ틸탐튵벨뿉틔틸탐튵컱랢햹ꆢ펯샻ꆢ뛔막뚫릱쿗뫍쏦쇙뗄럧쿕살움볛ꆣ틸탐튵컱랢햹틔ퟜ닺(TA)뫢솿;펯샻틔뺻샻죳(NI)벰웤퓶뎤싊' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚7웚훐맺짌튵틸탐킽돪벤샸믺훆럖컶ꆡ85(GR)뫢솿,뛔막뚫뗄릱쿗틔쎿막쫕틦(EPS)살뫢솿;놾닺쪹폃킧싊폃뺻닺쫕틦싊(ROE)뫍ퟜ닺쫕틦싊(ROA)살뫢솿;틸탐쏦쇙뗄럧쿕틔늻솼듻뿮싊(NPA)뫍놾돤ퟣ싊(TCR)뫢솿ꆣ뻝듋붨솢룟맜죋풱킽돪펰쿬틲쯘샭싛쒣탍(랽돌1)뫍풱릤욽뻹킽돪펰쿬틲쯘샭싛쒣탍(랽돌2)ꆣCOM3=C13NI+C23GR+C33TA+C43ROA+C53ESP+C63ROE+C73NPA+C83TCR+C9(1)APC=C13NI+C23GR+C33TA+C43ROA+C53ESP+C63ROE+C73NPA+C83TCR+C9(2)퇹놾춳볆쳘헷럖컶죧뇭2쯹쪾,퇹놾웚6볒틸탐잰3쏻룟맜죋풱욽뻹킽돪(COM3)ퟮ룟쫕죫캪164105췲풪,ퟮ뗍쫕죫캪14170췲풪,욽뻹쫕죫캪52149췲풪,훐캻쫽캪44143췲풪,뇪ힼ닮35168,쮵쏷6볒틸탐룟맜죋풱킽돪쫕죫닮틬뷏듳,듳뛠쫽욫뗍ꆣ풱릤욽뻹킽돪(APC)ퟮ룟17188췲풪,ퟮ뗍3152췲풪,욽뻹쫽캪8191췲풪,훐캻쫽캪9111췲풪,뇪ힼ닮캪3175ꆣ폫룟맜죋풱킽돪쮮욽쿠뇈,풱릤욽뻹킽돪쮮욽룷틸탐뗄닮틬쿠뛔뷏킡ꆣ뇭2ꆡ퇹놾춳볆쳘헷COM3NIGRTAROAESPROENPATCRAPCMean5214911132014226560100401320112010701108191Median441439146012622390100501320113010501109111Maximum164105311443140602801007014901160122011817188Minimum141701177-01566660100101150104010101003152Std1Dev1351687134018414420100201100103010501043175Skewness1167019921151-01266-0111-11071130-01090143Kurtosis51443150810222163711883174415241062166Jarque-Bera1517331824010020138111184168813311060177Probability01000115010001360182601550110010201590168Observations2222222222222222222221횸뇪쿠맘탔럖컶ꆣ샭싛맘쾵럖컶:뻟폐폐킧벤샸ퟷ폃뗄킽돪믺훆뇘탫쪹웤훷튪킽돪폫웤튵벨뷴쏜솪쾵ꆣ틸탐ퟜ닺ꆢ뺻샻죳ꆢ쎿막쫕틦ꆢ뺻닺쫕틦싊뫍ퟜ닺쫕틦싊뗄쳡룟뇭쏷틸탐맦쒣뗄삩듳뫍뺭볃킧틦뗄쳡룟,놾돤ퟣ싊뗄쳡룟뫍늻솼닺뇈싊뗄붵뗍뇭쏷틸탐럧쿕뗄붵뗍ꆣ듓샭싛짏뾴,풱릤킽돪쮮욽펦룃폫늻솼닺뇈싊뢺쿠맘,폫웤쯻횸뇪헽쿠맘ꆣ쪵횤럖컶:샻폃솽솽뇤솿횮볤뗄떥뇤솿믘맩뿉틔쇋뷢틸탐풱릤뫍룟맜죋풱킽돪폫룷횸뇪횮볤뗄볲떥쿠맘맘쾵ꆣ쇭췢,평폚탭뛠뺭볃킧틦횸뇪쫇룹뻝뺻샻죳볆쯣돶살뗄,뿉쓜헢킩횸뇪횮볤듦퓚뷏잿뗄쿠맘탔,틲뛸떼훂틔짏랽돌듦퓚뷏잿뗄뛠훖릲쿟탔컊쳢ꆣ룷뇤솿횮볤' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡ86뷰죚퇐뺿ퟜ301웚뗄쿠맘탔럖컶튲폐샻폚뷢뻶룃컊쳢ꆣ뇭3ꆡ룷횸뇪쿠맘쾵쫽뇭COM3NIGRTAROAESPROENPATCRAPCCOM31100NI01551100GR011101071100TA0166019201131100ROA-01220128-0109-01081100ESP01220173-0107015401561100ROE0129016001070138016401751100NPA-0149-0161-0141-01700115-0153-01381100TCR-0172-0121-0117-014501630102-010101511100APC0182012401140143-0149-0109-0106-0140-01671100듓횸뇪쿠맘쾵쫽뇭(뇭3)뿉볻,잰3쏻룟맜죋풱킽돪폫ퟜ닺(TA)ꆢ뺻샻죳(NI)ꆢ뺻닺쫕틦싊(ROE)ꆢ쎿막쫕틦(ESP)뫍뺻샻죳퓶뎤싊(GR)헽쿠맘,폫놾돤ퟣ싊(TCR)ꆢ늻솼듻뿮뇈싊(NPA)뫍ퟜ닺쫕틦싊(ROA)뢺쿠맘ꆣ헢쮵쏷헢6볒막럝훆짌튵틸탐룟맜죋풱킽돪믹놾짏쫇폫웤튵벨쮮욽쿠솪쾵뗄,평폚웤폫ퟜ닺ꆢ뺻샻죳뫍풱릤쫕죫뗄쿠맘쾵쫽ퟮ듳,뛸폫뺻샻죳퓶뎤싊뫍웤쯻킧싊횸뇪뗄쿠맘쾵쫽뷏킡,쮵쏷틸탐룟맜죋풱킽돪쮮욽폫틸탐맦쒣뗄솪쾵뇈놾뫍닺쪹폃킧싊뗄솪쾵룼쏜쟐ꆣ폫늻솼듻뿮뇈싊뢺쿠맘,쮵쏷뿘훆럧쿕컊쳢틑돉캪뫢솿틸탐룟맜죋풱튵벨뫍붱샸뗄훘튪쓚죝ꆣ풱릤욽뻹킽돪(APC)폫룟맜죋풱킽돪(COM3)쿠맘쾵쫽캪0182,쿔쪾풱릤욽뻹킽돪믹놾짏쫇폫룟맜죋풱킽돪춬늽퓶뎤뗄,퓶뎤럹뛈뗍폚뫳헟,닮뻠폐삩듳쟷쫆ꆣ듓룃쿠맘쾵쫽뇭뿉볻,랽돌(1)뫍(2)뗄8룶뷢쫍뇤솿훐,뚼늻춬돌뛈뗄듦퓚튻뚨뗄쿠맘탔,떫뺻샻죳폫ퟜ닺ꆢ쎿막쫕틦ꆢ뺻닺쫕틦싊횮볤듦퓚뷏잿뗄헽쿠맘,폫늻솼듻뿮싊횮볤듦퓚뷏잿뗄뢺쿠맘,틲듋,뺻샻죳뿉쓜펦룃듓샭싛랽돌훐쳞돽ꆣ쇭췢,ROE폫ROA뫍EPS횮볤튲듦퓚뷏잿뗄헽쿠맘탔,뿉쓜탨튪뷡뫏믘맩맀볆쳞돽늿럖횸뇪ꆣ31룟맜죋풱킽돪벤샸믺훆뗄믘맩럖컶ꆣ샻폃틔짏6볒막럝훆틸탐뗄쓪놨쫽뻝,뷸탐뛠풪믘맩맀볆틸탐룟맜죋풱킽돪폫쿠맘벨킧틲쯘횮볤뗄믘맩랽돌죧쿂:COM3=211643NI-216013GR+010033TA+875511763ROA-13810393ESP+2310303ROE+2010313NPA-74817253TCR+951912(3)(0140)ꆡꆡꆡꆡ(-0134)ꆡꆡꆡꆡ(0112)ꆡꆡꆡꆡ(0175)ꆡꆡꆡ(-1118)(0106)(01093)(-31233)ꆡꆡ(1145)ꆡꆡꆡꆡꆡꆡꆡR=01750ꆡꆡꆡꆡF=418733ꆡꆡꆡꆡD1W=111833뇤솿t볬퇩퓚99%뗄훃탅쮮욽쿂쿔훸ꆣ' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚7웚훐맺짌튵틸탐킽돪벤샸믺훆럖컶ꆡ87듓랽돌(3)뿉볻,돽쇋놾돤ퟣ싊(TCR)틔췢,웤폠뷢쫍뇤솿뗄t볬퇩춳볆뻹늻쿔훸,뾼싇떽룷틸탐쟩뿶닮틬컊쳢,쫗쿈볓죫탩쓢뇤솿D1-D6ꆣ훘탂맀볆랽돌죧뇭4뗄F1쯹쪾ꆣ볓죫탩쓢뇤솿틔뫳,랽돌쓢뫏폅뛈폐뷏듳쳡룟,F볬퇩ꆢD1W1볬퇩뫍t볬퇩뻹폐뷏듳룄짆ꆣ떫폐4룶뷢쫍뇤솿퓚90%뗄훃탅뛈t볬퇩죔늻쿔훸ꆣ쟒뷢쫍뇤솿쾵쫽뗄럻뫅돽NIꆢROAꆢ췢,뻹늻럻뫏샭싛볙짨ꆣ쿔좻뷢쫍뇤솿횮볤뿉쓜듦퓚뛠훘릲쿟탔컊쳢ꆣ룹뻝잰쏦뗄뷢쫍뇤솿쿠맘탔럖컶뿉볻,뺻샻죳횸뇪폫웤쯻뷢쫍뇤솿횮볤뗄쿠맘탔짵룟,틲듋쫗쿈붫쯼업돽뫳퓙듎쓢뫏믘맩랽돌F2ꆣ듓룃랽돌뿉볻,업돽뺻샻죳횸뇪뫳,폐4룶뷢쫍뇤솿t볬퇩쿔훸,3룶뇤솿늻쿔훸,3룶뇤솿쾵쫽뗄럻뫅럻뫏샭싛볙짨ꆣ쿔좻뛠훘릲쿟탔컊쳢폐쯹쿂붵ꆣ뷸튻늽업돽럻뫅늻럻뫏샭싛볙짨,t볬퇩늻쿔훸뗄뺻샻죳퓶뎤싊,쓢뫏믘맩랽돌F3ꆣ쓢뫏폅뛈뗈춳볆볬퇩쎻폐뛠듳뇤뮯ꆣ폃뺻샻죳뫍뺻샻죳퓶뎤싊쳦뮻ퟜ닺뫍ퟜ닺쫕틦싊훘탂맀볆믘맩랽돌F4뫍F5ꆣ듓맀볆뷡맻뿉볻,뺡맜맀볆폅뛈뫍t볬퇩뻹폐룄짆,떫돽쇋뺻샻죳틔췢뗄뷢쫍뇤솿쾵쫽럻뫅뻹늻럻뫏샭싛볙뚨ꆣ쿠뇈횮쿂,쿔좻F3쫇뷏뫃뗄쓢뫏랽돌ꆣ듓룃랽돌뿉볻,룟맜죋풱뗄킽돪쮮욽폫틸탐ퟜ닺뫍ퟜ닺쫕틦싊룟뛈헽쿠맘(춳볆쿔훸);뛸폫뺻닺쫕틦싊뫍놾돤ퟣ싊뢺쿠맘(춳볆쿔훸);폫쎿막쫕틦뫍늻솼듻뿮뇈싊뢺쿠맘(춳볆늻쿔훸)ꆣ헢쮵쏷,헢6볒틸탐룟맜죋풱킽돪쮮욽믹놾짏폫틸탐튵벨솪쾵ꆣ웤훐,폫랴펳틸탐튵컱맦쒣뗄닺맦쒣ꆢ샻죳ퟜ솿뫍랴펳틸탐ퟜ닺쪹폃킧싊뗄ퟜ닺쫕틦싊솪쾵뷏뷴쏜,뛸폫랴펳놾쪹폃킧싊뗄쎿막쫕틦싊뫍뺻닺쫕틦싊솪쾵늻첫뷴쏜ꆣ튲뻍쫇쮵,헢6볒막럝훆틸탐룟맜죋풱킽돪닮틬훐,룼뛠뗘랴펳쇋틸탐펯샻ퟜ솿,뛸뷏짙랴펳웤뛔틸탐놾킧틦뗄릱쿗ꆣ틸탐펯샻뗄퓶볓룼뛠쫇뾿놾뗄삩헅뛸럇놾쪹폃킧싊뗄쳡룟뛸믱뗃뗄ꆣ뛔틸탐룟맜죋풱뗄벤샸훐룼뛠뗄뾼싇쇋웤뛔퓶볓틸탐펯샻ퟜ솿뗄벤샸,뛸뷏짙뾼싇웤뛔쳡짽틸탐놾킧싊믲킧틦뗄벤샸ꆣ쪹뗃틸탐룟맜죋풱킽돪뗄뇤뚯폫놾쫕틦싊뫍쎿막쫕틦싊뻹돶쿖뢺쿠맘ꆣퟜ닺쫕틦싊ꆢ뺻닺쫕틦싊뫍쎿막쫕틦싊뗄럖ퟓ뻹캪뺻샻죳,퓚뺻샻죳퓶볓뗄춬쪱,죧맻ퟜ닺ꆢ놾뫍막럝뗄퓶뎤쎻폐뎬맽뺻샻죳뗄퓶뎤럹뛈,퓲쯼쏇펦룃뫍뺻샻죳튻퇹폫룟맜죋풱킽돪춬쿲뇤뚯(헽쿠맘)ꆣ뛸쿖쪵훐쯼쏇뗄뢺쿠맘퓲뇭쏷놾뫍막럝ퟜ솿뗄퓶뎤럹뛈뎬맽쇋뺻샻죳뗄퓶뎤럹뛈,쮵쏷틸탐펯샻ퟜ솿뗄퓶볓룼뛠쫇뾿놾뗄삩헅뛸럇놾쪹폃킧싊뗄쳡룟뛸믱뗃뗄ꆣ뇭4ꆡ룟맜죋풱킽돪펰쿬틲쯘믘맩랽돌쾵쫽뇭F1F2F3F4F5VariableCtCtCtCtCtNI7151115837126413533371224154333GR-0145-0108-1148-012411230125TA-01004-0122010221713301022197333ROA01530149117821173117221313ESP-135116-11383-82148-0183-78136-0184-131174-11463-134165-11573ROE-455124-11773-354173-11323-360186-11413-384142-11693-369153-11763' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡ88뷰죚퇐뺿ퟜ301웚F1F2F3F4F5VariableCtCtCtCtCtNPA961030129-68155-0121-32103-01112971501163328316711703TCR-401131-21203-472158-21483-469127-215933-330194-21223-327124-21313D137126018011550104-1100-0102201920169211750176D2126108214936114611913591881199311715031983331171994118333D3751181148314135014112173013864193211136512921223D49113411893341771100331091102380188215938112421723D5751891156319190015615178015358144214436014921823D61011092106357195113235316911403711313129333721163153333R201940191019101930193F81853381063391703311193331413333D1W1st21172153215311911190ꆡꆡ힢:3뇭쪾룃뇤솿퓚90%뗄훃탅쮮욽쿔훸ꆣ33뇭쪾룃뇤솿퓚99%뗄훃탅쮮욽쿔훸ꆣ333뇭쪾룃뇤솿퓚9915%뗄훃탅쮮욽쿔훸ꆣ춼12ꆡ6볒틸탐잰3쏻룟맜죋풱욽뻹킽돪쓢뫏닐닮춼(F3)탩쓢뇤솿쾵쫽랴펳쇋룷볒틸탐뗄닮틬ꆣ웤훐,헐짌틸탐뗄쾵쫽캪-1ꆢ랴펳웤룟맜죋풱킽돪쮮욽싔뗍폚내웤튵벨볆쯣뗄쮮욽ꆣ웤쯻틸탐뗄쾵쫽캪뷏듳뗄헽횵,쮵쏷웤룟맜죋풱킽돪쮮욽룟폚내욽뻹쾵쫽뫍웤튵벨볆쯣뗄쫕틦쮮욽ꆣ웤훐,쏱짺틸탐ꆢ짮?랢햹틸탐뫍짏몣틸탐뗄쾵쫽뷏듳,쟒춳볆쿔훸,쮵쏷웤욫샫욽뻹횵뷏뛠ꆣ웤쯻틸탐춳볆늻쿔훸,쮵쏷웤욫샫욽뻹횵늻쿔훸ꆣ41풱릤킽돪벤샸믺훆뗄믘맩럖컶ꆣ캪뾼달헢6볒틸탐풱릤욽뻹킽돪(ATC)폫틸탐튵벨뗄맘쾵,돵늽톡퓱쇋풱릤죋뻹뺻샻죳(APNI)ꆢ뺻샻죳퓶뎤싊ꆢ죋뻹ퟜ닺(APA)ꆢퟜ닺쫕틦싊ꆢ뺻닺쫕틦싊ꆢ쎿막쫕틦ꆢ늻솼듻뿮싊뫍놾돤ퟣ싊뗈횸뇪,뺭훰늽믘맩쳔청쿠맘탔닮,춳볆늻쿔훸뗄횸뇪,뗃떽틔쿂믘맩랽돌:ATC=013673APNI+710643(APA)-2110353NPA-4518843ROE+911133D1+717323D2+219033D3+317943D4+513933D5+1212793D6(4)' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚7웚훐맺짌튵틸탐킽돪벤샸믺훆럖컶ꆡ89(2139)ꆡꆡꆡꆡ(0189)ꆡꆡꆡꆡ(-1120)ꆡꆡꆡꆡ(-216433)(314633)(2105)(0196)ꆡꆡꆡ(1115)ꆡꆡ(1160)ꆡꆡꆡ(311933)ꆡꆡꆡꆡꆡꆡꆡR2=01944ꆡꆡꆡꆡF=2216333ꆡꆡꆡꆡD1W1=21111춼13ꆡ6볒틸탐풱릤욽뻹킽돪쓢뫏닐닮춼듓룃랽돌뿉볻,웤쓢뫏폅뛈뷏뫃,쟒룷쿮춳볆볬퇩뇈뷏쿔훸ꆣ6볒틸탐풱릤죋뻹킽돪쮮욽폫죋뻹뺻샻죳ꆢ늻솼듻뿮싊뫍뺻닺쫕틦싊횮볤뻟폐쿔훸뗄쿠맘탔,폫죋뻹뺻샻죳쿔훸헽쿠맘,폫늻솼듻뿮싊뫍뺻닺쫕틦싊쿔훸뢺쿠맘;뛸폫죋뻹ퟜ닺헽쿠맘떫늻쿔훸ꆣ헢쮵쏷틸탐풱릤욽뻹킽돪믹놾짏쫇폫틸탐튵벨(샻죳뫍닺훊솿)쿠솪쾵뗄,떫폫닺맦쒣삩헅튵벨뗄솪쾵뇈폫닺쪹폃킧싊튵벨뗄솪쾵룼캪뷴쏜ꆣ킽돪쮮욽쳡룟뗄춬쪱뺻닺쫕틦싊쿂붵,뛾헟돊쿖뢺쿠맘뻍쫇뛔듋쿖쿳뗄쮵쏷ꆣ뛔폚늻춬틸탐탩쓢뇤솿뗄쾵쫽살쮵,짮?랢햹틸탐ퟮ듳(121279),웖랢틸탐ퟮ킡(219),웤쯻틸탐뻓훐,쮵쏷헢6볒틸탐풱릤쪵볊킽돪쮮욽폫뫍틸탐킧틦ꆢ럧쿕ힴ뿶쿠솪쾵볆쯣뗄욽뻹쮮욽뇈뷏,쏱짺틸탐ꆢ헐짌틸탐뫍뮪쿄틸탐뻓훐,웖랢틸탐욫뗍,짮?랢햹틸탐욫룟ꆣ죽ꆢ맘폚짌튵틸탐킽돪뫏샭쮮욽컊쳢뗄첽쳖폐킧뗄킽돪벤샸믺훆늻뷶튪폫풱릤튵벨뷴쏜솪쾵,뛸쟒뇘탫좷뚨웤뫏샭킽돪뗄쮮욽,볈튪놣횤웤킽돪쮮욽퓚죋솦놾쫐뎡뻟폐뺺헹솦,춬쪱폖늻쓜욫샫웤튵벨릱쿗ꆣ평폚룷룶틸탐뗄맦쒣뫍킧틦듦퓚닮틬,틲듋,움볛짌튵틸탐풱릤,쳘뇰쫇룟맜죋풱킽돪쮮욽뗄뫏샭탔,늻쓜볲떥뗘틔웤뻸뛔쮮욽뷸탐뇈뷏,뛸탨튪폫웤튵벨쮮욽쿠솪쾵ꆣ틸탐뗄튵벨쮮욽쫇튻룶뇈뷏뢴퓓뗄컊쳢ꆣ틔쪲쎴횸뇪살뫢솿킽돪뫏샭쮮욽뻍쫇튻룶뇈뷏삧쓑뗄컊쳢ꆣ퓚듋쓢뛔쯼ퟶ튻킩돵늽뗄쳖싛ꆣ11뫢솿횸뇪뗄톡퓱ꆣ킽돪쮮욽듺뇭쇋죋솦놾뗄쪹폃돉놾,웤뒴퓬뗄뺻샻죳뿉틔뾴ퟷ쫇죋솦놾쪹폃뗄쫕틦ꆣ틲듋,킽돪샻죳싊(RCR)뻍쫇뛔죋솦놾쪹폃킧싊뫢솿뗄튻룶믹놾횸뇪ꆣ풱릤킽돪샻죳싊=죋뻹뺻샻죳/죋뻹킽돪(5)룟맜죋풱킽돪샻죳싊=틸탐뺻샻죳/룟맜죋풱죋뻹킽돪(6)떫쫇,뛔폚짌튵틸탐살쮵,뺻샻죳늢럇뷶쫇평죋솦놾뗄쪹폃뻍뿉믱뗃뗄ꆣ뮹뇘탫' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡ90뷰죚퇐뺿ퟜ301웚폐럇죋솦놾뗄춶죫ꆣ틸탐뺻닺뿉틔뾴ퟷ쫇틸탐럇죋솦놾뗄춶죫ꆣ뺻닺쫕틦싊쫇뛔럇죋솦놾쪹폃킧싊뗄믹놾뛈솿:ROE=NI/NA(7)틲듋,죋솦놾뗄쪹폃킧싊킽돪샻죳싊뿉틔폃뺻닺쫕틦싊살킣헽:ROE볓좨킽돪샻죳싊=RCR3ROE(8)틸탐뺭펪훐늻뷶뒴퓬샻죳,뮹쏦쇙닺쯰쪧뗄럧쿕ꆣ틑쪵쿖뗄닺쯰쪧틑뺭듓샻죳훐뿛돽,잱퓚뗄닺쯰쪧뇭쿖퓚늻솼닺훐ꆣ늻솼닺뇈싊쫇뛔헢훖잱퓚쯰쪧뗄튻훖믹놾뛈솿ꆣ뛔죋솦놾쪹폃킧싊뗄뛈솿펦룃뿛돽늻솼닺잱퓚쯰쪧뗄펰쿬,폃늻솼닺뇈싊(NPAR)살킣헽:NPAR볓좨킽돪샻죳싊=RCR/NPAR(9)ퟛ뫏뾼싇럇죋솦놾쪹폃킧싊뫍늻솼닺펰쿬뗄죋솦놾쪹폃킧싊캪:ROE/NPA볓좨킽돪샻죳싊=RCR3ROE/NPAR(10)ퟜ닺쫕틦싊(ROA)랴펳쇋틸탐좫늿닺쪹폃킧싊,폃웤킣헽킽돪샻죳싊:ROA/NPA볓좨킽돪샻죳싊NININI=(COMꆤNINPA=TATACOMꆤNIꆤTATAN=11)PACOMꆤNINPANI/NPA쫇늻솼닺폫뺻샻죳뇈싊,룃뇈싊풽룟,뇭쏷뺻샻죳폃폚쏖늹늻솼닺쯰쪧뗄쓜솦풽룟,룃횸뇪폫럧쿕놾쫕틦싊(RORC)쿠뷼ꆣ틲듋,ROA/NPA볓좨킽돪샻죳싊풼뗈폚킽돪샻죳싊돋틔럧쿕놾쫕틦싊ꆣ헢뿉쓜쫇튻룶쿠뛔뷏뫃뗄죋솦놾쪹폃킧싊횸뇪ꆣ21쪵횤럖컶ꆣ룹뻝틔짏뗄샭싛럖컶,컒쏇뛔돵늽볆쯣쇋6볒훐맺볒짌튵틸탐뫍뮨웬벯췅죋솦놾쪹폃킧싊쟩뿶(죧춼14뫍춼15쯹쪾)ꆣ춼14ꆡ7볒틸탐룟맜죋풱킽돪샻죳싊뇈뷏춼듓춼14뫍춼15뿉볻,훐맺짌튵틸탐풱릤뫍룟맜죋풱킽돪쮮욽폫뮨웬벯췅듦퓚뫜듳닮뻠(잰헟4-6놶,뫳헟풼20뛠췲놶)ꆣ쿔좻,뷶듓킽돪뗄뻸뛔쮮욽뇈뷏,훐맺짌튵틸탐룟맜죋풱뗄킽돪쮮욽쫇쿠떱뗍뗄ꆣ떫쫇,듓킽돪샻죳싊뾴,헢훖닮뻠틑듳럹쯵킡ꆣ쏱짺' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚7웚훐맺짌튵틸탐킽돪벤샸믺훆럖컶ꆡ91틸탐뫍짮?랢햹틸탐틑폫뮨웬벯췅쿠뷼,웖랢틸탐뗈퓲뇈뮨웬벯췅룟ꆣ떫뺭맽ROE/NPA뗄뗷헻,돽웖랢틸탐ꆢ쏱짺틸탐뫍헐짌틸탐틔췢,웤쯻틸탐뗄죋솦놾쪹폃킧싊틑뗍폚뮨웬벯췅,벴,쿠뛔폚튵벨뛸퇔,헢벸룶틸탐룟맜죋풱뗄킽돪쮮욽틑룟폚뮨웬벯췅ꆣ뛸웖랢틸탐ꆢ쏱짺틸탐뫍헐짌틸탐퓲뗍폚뮨웬벯췅ꆣ뛸뺭맽ROA/NPA뗷헻,퓲헢6볒틸탐뗄죋솦놾쪹폃킧싊뻹뗍폚뮨웬벯췅,쳘뇰쫇짮?랢햹틸탐뫍뮪쿄틸탐ꆣ헢쮵쏷훐맺짌튵틸탐룟맜죋풱뗄폫틸탐튵벨쿠솪쾵뗄쿠뛔킽돪쮮욽,늢늻뇈쫀뷧뚥볢뗄틸탐벯췅뗍ꆣ틔좫쳥풱릤킽돪샻죳싊볆쯣뗄뷡맻튲쿠쯆ꆣ헢쮵쏷훐맺짌튵틸탐풱릤,쳘뇰쫇룟맜죋풱뗄킽돪퓚뻸뛔쮮욽랽쏦폫맺볊춬탐뗄쇬쿈쮮욽뮹폐뫜듳닮뻠,떫폫웤튵벨솪쾵뗄쿠뛔쮮욽닮뻠늢늻듳,짵훁튻킩틸탐(죧춼16쯹쪾훐맺릤짌틸탐뫍짮?랢햹틸탐)뮹룟폚맺볊춬탐쮮욽ꆣ뻸뛔킽돪쮮욽맽뗍,쪹훐맺짌튵틸탐퓚폫뿧맺틸탐뗄죋닅뺺헹훐뒦폚쇓쫆ꆣ떫킽돪쮮욽뗄듳럹뛈쳡룟,폖믡쪹틸탐즥쪧죋솦놾뗍돉놾뗄폅쫆,퓚ퟛ뫏킧틦뺺헹훐뒦폚쇓쫆ꆣ틲듋,훐맺짌튵틸탐뇘탫춨맽듳럹뛈뗄쳡룟놾(죋솦놾뫍럇죋솦놾)뫍닺(ퟜ닺뫍뺻닺)쪹폃킧싊,살췘햹웤킽돪쮮욽쳡짽뗄뿕볤,퓶잿웤ퟛ뫏뺺헹솦ꆣ춼15ꆡ7볒틸탐풱릤킽돪샻죳싊뇈뷏춼쯄ꆢ뷡싛뫍붨틩듓놾컄틔짏뗄퇐뺿뿉틔돵늽뗃돶틔쿂뷡싛:11훐맺짌튵틸탐,쳘뇰쫇막럝훆짌튵틸탐틑뺭돵늽붨솢쇋믹놾킽돪폫튵벨킽돪쿠뷡뫏뗄킽돪벤샸믺훆ꆣ21막럝훆짌튵틸탐풱릤뫍룟맜죋풱뗄킽돪믹놾짏쫇폫웤튵벨쿠솪쾵뗄,떫솪쾵돌뛈뮹늻릻뷴쏜,쟒폫틸탐닺뫍샻죳맦쒣뗄솪쾵뇈폫놾ꆢ닺쪹폃킧틦뗄솪쾵룼캪뷴쏜ꆣ31훐맺짌튵틸탐풱릤뫍룟맜죋풱킽돪뗄뻸뛔쮮욽폫맺볊춬튵듦퓚뫜듳닮뻠,쪹훐맺짌튵틸탐퓚폫맺볊춬튵뗄죋닅뺺헹훐뒦폚쇓쫆;떫폫웤튵벨솪쾵뗄쿠뛔쮮욽늢늻뇈맺볊춬튵뗍뫜뛠,폐킩틸탐짵훁룟돶뫜뛠ꆣ평폚죋솦놾쪹폃킧싊뗍쿂,쪹웤뷏뗍뗄죋솦' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡ92뷰죚퇐뺿ퟜ301웚춼16ꆡ8볒틸탐풱릤킽돪샻죳싊뇈뷏춼놾돉놾늢늻뻟폐헦헽뗄뺺헹폅쫆ꆣ41훐맺짌튵틸탐뗄킽돪탎쪽떥튻,믹놾짏횻폐힢훘뛌웚벤샸킧펦뗄쿖뷰킽돪,뛸좱랦힢훘뎤웚벤샸킧펦뗄쿞훆탔막럝뫍막럝웚좨뗈킽돪탎쪽,늻샻폚틸탐뗄뎤풶랢햹ꆣퟛ뫏틔짏럖컶,폐틔쿂붨틩:11헦헽붨솢틔벨킧킽돪캪훷,믹놾킽돪뫍뢣샻놣헏캪뢨뗄풱릤킽돪벤샸풼쫸믺훆ꆣ틸탐풱릤뗄킽돪쫇웤캪틸탐쳡릩샍뚯뫍럾컱뛸믱뗃뗄뺭볃놨돪ꆣ룷훖탎쪽뗄킽돪ퟷ폃랽쪽룷늻쿠춬ꆣ믹놾킽돪뫍뢣샻놣헏캪풱릤쳡릩믹놾짺믮놣헏,뛔폚컈뚨풱릤뛓컩뻟폐훘튪ퟷ폃ꆣ횻폐폫풱릤릤ퟷ벨킧뷴쏜솪쾵뗄벨킧킽돪닅뻟폐헦헽폐킧뗄벤샸풼쫸ퟷ폃ꆣ틲듋,쿖듺짌튵틸탐킽돪벤샸풼쫸믺훆뇘탫틔폫벨킧뷴쏜솪쾵뗄벨킧킽돪캪훷,폫릤ퟷ룚캻쿠솪쾵뗄믹놾킽돪뫍뢣샻놣헏캪뢨ꆣ틔벨킧킽돪캪훷,튻랽쏦뇘탫듳럹뛈뗄쳡룟벨킧킽돪뗄뇈훘,죧뮨웬벯췅룟맜죋풱뗄벨킧킽돪뇈샽룟듯95%틔짏,믹놾킽돪뷶3-5%ꆣ쇭튻랽쏦,벨킧킽돪뇘탫헦헽폫웤릤ퟷ벨킧쿠솪쾵,폐붱폐돍,뛸럇쒿잰훐맺튻킩짌튵틸탐훐탭뛠붱뷰쏻틥짏캪벨킧릤,쪵볊짏좴캪뛮췢뗄튻뿩만뚨쫕죫,횻퓶늻복,폫튵벨믹놾컞맘,믲맘쾵짵킡ꆣ헢퇹뗄벨킧킽돪뫜쓑랢믓폐킧뗄벤샸풼쫸ퟷ폃ꆣ21좷뚨뫏샭뗄ퟛ뫏튵벨뾼뫋쒿뇪ꆣ퓚틔벨킧킽돪캪훷쳥뗄킽돪벤샸믺훆훐,뇘탫좷뚨뫏샭뗄ퟛ뫏튵벨뾼뫋횸뇪ꆣ짌튵틸탐뗄랢햹쫜뛠랽쏦틲쯘뗄훆풼:닺맦쒣뗄삩헅ꆢ놾쫕틦뗄쳡룟ꆢ럧쿕뗄뿘훆뗈ꆣ틲듋,뾼뫋풱릤뗄튵벨뇘탫믹폚맣랺뗄틲쯘뛸럇떥튻뗄뇪ힼ,틔뇜쏢맄샸풱릤캪ힷ쟳떥튻뗄튵벨뛸컾짼틸탐웤쯼훘튪랽쏦ꆣ뛔풱릤튵벨뗄뾼뫋쒿뇪펦룃냼삨튵컱떥캻뗄튵벨뫍룶죋뗄튵벨ꆣ틔벤샸풱릤틔룶죋럜뚷뫍췅쳥킭ퟷ쿠뷡뫏캪쳡룟틸탐헻쳥튵벨뛸뛠ퟶ릱쿗ꆣ뛔폚틸탐룟벶맜샭죋풱,웤튵컱튵벨펦룃냼삨웤럖맜뗄튵컱떥캻뗄튵벨뫍틸탐헻쳥튵벨솽룶닣듎ퟛ뫏뾼뫋ꆣ훷튪뾼뫋횸뇪펦룃냼삨:뺻샻죳(NI)ꆢ쎿막쫕틦(EPS)ꆢ닺쫕틦싊(ROA)ꆢ뺻닺쫕틦싊(ROE)ꆢ놾쫕틦싊(ROC)ꆢ늻솼닺뇈싊(NPA)ꆢ닺뢺햮ힴ' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
2005쓪뗚7웚훐맺짌튵틸탐킽돪벤샸믺훆럖컶ꆡ93뿶뫍놾돤ퟣ싊(TCR)뗈횸뇪ꆣ룶죋튵벨뾼뫋맜샭죋풱뛔릫쮾튵벨뗄릱쿗뫍퓵퇹듓뎤웚뷇뛈맜샭웤럖맜튵컱ꆣ헢냼삨쇬떼틕쫵뫍닅쓜뗄뾪랢,럧쿕맜샭ꆢ쫊펦뫍뿘훆뮷뺳ꆢ쫚좨뗄삩듳ꆢ맋뿍뗄싺틢ꆢ릫쮾훎샭ꆢ뛔릫쮾볛횵뗄퓶볓뫍뛔펪퓋떥캻뫍헻룶릫쮾돉벨뗄릱쿗뗈ꆣ31킽돪쮮욽뇘탫ퟛ뫏뾼싇쫐뎡뺺헹틲쯘뫍튵벨틲쯘ꆣ킽돪쮮욽랴펳쇋죋솦놾뗄쪹폃돉놾ꆣ훐맺짌튵틸탐쒿잰뷏뗍뗄킽돪쮮욽쯤좻쪹훐맺짌튵틸탐뻟폐튻뚨뗄죋솦놾쪹폃돉놾폅쫆,떫쯼좴쪹훐맺짌튵틸탐퓚폫췢짌튵틸탐뗄죋닅뺺헹훐뒦폚쇓쫆ꆣ쿖듺뷰죚쫐뎡뗄뺺헹죕틦벤쇒,뛸죋닅뗄뺺헹쫇펮뗃헻룶뺺헹쪤샻뗄맘볼틲쯘횮튻ꆣ뷼쪮벸쓪살,훐맺짌튵틸탐,쳘뇰쫇맺폐짌튵틸탐폅탣뺭펪맜샭죋닅뗄듳솿쇷쪧,쿠뛔뷏뗍뗄킽돪쮮욽쫇웤훘튪펰쿬틲쯘횮튻ꆣ쯦ퟅ훐맺틸탐튵뫍뷰죚쫐뎡뗄뷸튻늽뾪럅,죋닅뗄뺺헹붫룼볓벤쇒ꆣ뫏샭뗄킽돪쮮욽쫇펮뗃뺺헹뗄훘튪틲쯘횮튻ꆣ듋췢,퓚췢뫍막럝훆틸탐쿠뛔뷏룟뗄킽돪쮮욽뗄펰쿬쿂,맺폐틸탐맽뗍뗄킽돪쮮욽튲떼훂틸탐뗄튻킩맜샭죋풱,쳘뇰쫇룟벶맜샭죋풱뗄탄샭쪧뫢,퓚뗃늻떽룼뛠뫏램킽돪쫕죫뗄쟩뿶쿂,돶릤늻돶솦,듳쯁ힷ쟳럇킽돪쿭쫜,짵훁늻쾧틔좨쒱쮽,럇램쟖췌틸탐뫍뿍뮧닺뗄낸볾늻뛏랢짺ꆣ틲듋,킽돪쮮욽뗄좷뚨뇘탫ퟛ뫏뾼싇쫐뎡뺺헹틲쯘뫍튵벨틲쯘ꆣ헢튻랽쏦폐샻폚컼틽뫍쇴힡뫃뗄뺭펪죋닅;쇭튻랽쏦,뛔폚뇤믒즫쫕죫캪릫뾪쫕죫,욽뫢쫕죫엊뇈탄샭,뗷뚯풱릤뗄릤ퟷ믽벫탔뫍뒴퓬탔,틖훆웤랸ퟯ뚯믺뻟폐믽벫ퟷ폃ꆣ짌튵틸탐킽돪캯풱믡뇘탫뺭뎣움볛쫐뎡뺺헹탔킽돪ힴ뿶,냼삨춬샠릫쮾뗄킽돪쮮욽,캪뚭쫂믡훆뚨틸탐킽돪랽낸쳡릩틀뻝ꆣ쇭튻랽쏦,킽돪쮮욽뇘탫폫튵벨뷴쏜맒릳,힢훘쳡룟죋솦놾돉놾쪹폃킧싊ꆣ횻폐틸탐튵벨뗄쳡룟닅헦헽뗘캪풱릤뫍룟맜죋풱뗄킽돪쮮욽뗄뷸튻늽쳡룟듲뾪쇋뿕볤ꆣ41뗷헻킽돪뷡릹,힢훘뎤웚벤샸ꆣ늻춬뗄킽돪뷡릹닺짺늻춬뗄벤샸ퟷ폃ꆣ틔쿖뷰횧뢶캪훷뗄킽돪뷡릹힢훘뗄쫇뛌웚벤샸,폖뿉쓜떼훂놻벤샸헟뗄탐캪뛌웚뮯ꆣ뛸쿞훆탔막럝붱샸ꆢ퇓웚막럝붱샸뫍막욱웚좨붱샸뗈튵벨킽돪탎쪽볈벤샸웤ힷ쟳뎤웚샻틦,폖붫놻벤샸헟뗄샻틦폫쯹폐헟뗄샻틦뷴쏜솪쾵퓚튻웰,틔벤샸웤캪퓶볓쯹폐막뚫샻틦뛸퓶볓ퟔ벺뗄쫕틦ꆣ뮨웬벯췅뗄CAP(놾믽샛볆뮮)붱샸뻍쫇캪퓶볓놣쇴폅탣풱릤뗄컼틽솦뫍횱뷓퓶볓막뚫볛횵뛸짨볆뗄뎤웚벤샸듫쪩ꆣCAP붱샸뗄죋풱퓚뮨웬벯췅풱릤훐햼폐쿠떱듳뗄뇈샽ꆣ2005쓪1퓂,듳풼4430췲막럝놻쫚폨퓚82룶맺볒뗄듳풼3췲쏻풱릤ꆣ웤훐,110췲럝막럝놻쫚폨룟벶맜샭죋풱,풼햼ퟜ붱샸막럝뗄215%,햼뮨웬벯췅틑랢탐막럝뗄0102%ꆣ51쳡룟룟맜죋풱킽돪탅쾢뗄춸쏷뛈,퓶잿춶헟뫍짧믡릫훚뗄볠뚽ꆣ짌튵틸탐룟벶맜샭죋풱쫇뷓쫜막뚫뗄캯췐뺭펪맜샭틸탐,쯻쏇쓃뛠짙놨돪,캪막뚫뒴퓬쇋뛠짙닆뢻,웤킽돪뫍튵벨솪쾵쟩뿶,뚼쫇춶헟펦룃횪쟩뗄ꆣ볓잿틸탐룟맜죋풱킽돪탅쾢뗄엻슶,폐샻폚춶헟뫍짧믡릫훚뗄볠뚽ꆣ듓쏀맺뮨웬벯췅쎿쓪엻슶뗄룟맜죋풱킽돪탅쾢살뾴,뚭쫂믡죋솦뫍킽돪캯풱믡뛔쎿쓪뗄킽돪좷뚨풭퓲,냼삨뚭쫂믡훷쾯ꆢCEOꆢCOO퓚쓚뗄5쏻쇐쏻룟맜죋풱3쓪뗄뻟쳥킽' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡ94뷰죚퇐뺿ퟜ301웚돪쫽뛮ꆢ뷡릹뫍붱샸풭틲뗈탅쾢뻹폐쏷좷쿪쾸뗄엻슶뫍쮵쏷,뇣폚웤춶헟뫍짧믡릫훚뗄쇋뷢뫍볠뚽ꆣ쒿잰,컒맺럇짏쫐짌튵틸탐뗄룟맜죋풱킽돪탅쾢믹놾짏쫇놣쏜뗄ꆣ뛸짏쫐릫쮾튲횻룹뻝횤볠믡뗄튪쟳퓚쓪놨샯쏦엻슶뚭쫂뫍룟맜죋풱뗄킽돪ퟜ뛮뫍쟸볤,뛸뛔쎿튻룶룟맜죋풱뗄뻟쳥킽돪쫽솿ꆢ뷡릹뫍붱샸풭틲뗈탅쾢뻹컞엻슶ꆣ쿔좻쫇늻샻폚춶헟뫍릫훚뛔짏쫐릫쮾룟맜죋풱킽돪쮮욽ꆢ폫튵벨솪쾵뗄쟩뿶뗈뷸탐폐킧뗄볠뚽ꆣ붨틩컒맺횤좯볠뚽캯풱믡퓶볓뛔짏쫐릫쮾룟맜죋풱킽돪탅쾢엻슶쓚죝뗄튪쟳ꆣ쇭췢,맺췢탭뛠짏쫐릫쮾늻뷶퓚췸햾짏폃PDF컄떵엻슶룷훖탅쾢,뛸쟒붫탭뛠믹놾닆컱탅쾢폃EXCEL컄떵엻슶,벫듳뗘랽뇣춶헟뛔짏쫐릫쮾탅쾢뗄럖컶뫍뒦샭ꆣ뛸컒맺짏쫐릫쮾늻뷶늻엻슶EXCEL컄떵,뛸쟒탭뛠릫쮾엻슶뗄PDF컄떵튲볓쏜늻ힼ폃뮧듓훐횱뷓뾽놴쫽뻝쇏,좫좻쎻폐캪랽뇣춶헟ퟅ쿫ꆣ헢튲쫇횵뗃쿲돉쫬쫐뎡짏쫐릫쮾뗄ퟶ램톧쾰뗄ꆣ닎뾼쇏ꆲ1ꆳTheProxyStatementofCitigroup,2003,2004,20051ꆲ2ꆳQuarterlyFinancialDataSupplenment,Citigroup,2003,20041ꆲ3ꆳAnnualReportofCitigroup,2003,20041ꆲ4ꆳ훐맺릤짌틸탐ꆢ헐짌틸탐ꆢ쏱짺틸탐ꆢ웖뚫랢햹틸탐ꆢ짮?랢햹틸탐ꆢ뮪쿄틸탐뫍짏몣틸탐2000-2004쓪쿠맘쓪놨ꆣꆲ5ꆳ돂톧뇲뗈,붨솢뫍췪짆컒맺쿖듺짌튵틸탐벤샸풼쫸믺훆퇐뺿,맺볒ퟔ좻뿆톧믹뷰뿎쳢퇐뺿놨룦,2003ꆣꆲ6ꆳ돂톧뇲,췪짆컒맺짌튵틸탐벤샸풼쫸믺훆뗄늩?럖컶ꆶ,맺볊뷰죚퇐뺿ꆷ,200313ꆣꆲ7ꆳ샮뿋컄,컒맺짌튵틸탐탐뎤쪤죎쓜솦퇐뺿ꆪꆪꆪ쒣탍릹붨폫벨킧벤샸,쓏뾪듳톧늩쪿싛컄,200514ꆣAbstracts:ThispaperdiscussestheissuesoncompensationalincentivesofcommercialbanksofChina,suchascur2rentcondition,therelationshipbetweenemployeeꆯscompensationsandtheperformancesofthebanks,criterionindi2catorsfortheappropriatecompensationlevelofthebanks,,:CommercialBank,CompensationIncentive,DemonstrativeAnalysis(퓰죎뇠벭:퇮웴펹)(킣뛔:YY)' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
