2003쓪10퓂뗚17뻭뗚5웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ뮪ꆡ뚫ꆡ뺭ꆡ볃ꆡ맜ꆡ샭EꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡOct.,2003astChinaEconomicManagemꆡ,믹폚뛔튻룶샭싛잰쳡훊틉쿂뗄맺폐웳튵쯹폐좨뷡릹뗄훘탂낲업췵ꆡ폂,십퓆량(컷쓏닆뺭듳톧ꆡ퇐뺿짺늿ꆡ쯄뒨ꆡ돉뚼ꆡ610074)[햪튪]룃컄믘맋쇋쿖듺웳튵샭싛뛔웳튵쯹폐좨뷡릹낲업뗄쿠맘컄쿗싛쫶,죏캪캯췐듺샭샭싛훐쯹폐헟쒿뇪몯쫽뫍뺭펪헟쒿뇪몯쫽늻튻훂뗄샭싛볙짨늢늻럻뫏컒맺맺폐웳튵뗄쪵볊쟩뿶ꆣ떱잰맺폐웳튵룄룯뗄쫗튪죎컱늻펦룃쫇췪짆릫쮾쓚늿훎샭믺훆,뛸쫇룄퓬쯹폐좨뷡릹낲업ꆣ훘뗣럖컶쇋죋솦놾쯹폐헟펵폐웳튵쯹폐좨뗄샻뇗,늢뻍룄퓬맺폐웳튵쯹폐좨뷡릹낲업쳡돶쇋헾닟붨틩ꆣ[맘볼듊]맺폐웳튵;쒿뇪몯쫽;쯹폐좨뷡릹[훐춼럖샠뫅]F271ꆡꆡꆡ[컄쿗뇪쪶싫]Aꆡꆡꆡ[컄헂뇠뫅]1007ꆪ5097(2003)05ꆪ0041ꆪ03State2ownedenterpriseownershipstructurearrangeonthebasisofquerytoonetheorysupposeWANGYong,MAYun2fei(GraduateSchoolofSouthWestUniversityofFinanceandEconomics,Chengdu610074,China)Abstract:ÄsgoalfunctiondoesnÄ,Äsownership,:state2ownedenterprise;goalfunction;ownershipstructureꆡꆡ웳튵쯹폐좨뷡릹뗄ퟮ폅낲업쫇쿖듺웳튵샭싛맘힢뗄튻룶럖횧ꆣ뫋탄컊쳢ꆣ풽살풽뛠뗄톧헟뛔뺭뗤뗄캯췐듺샭샭싛쳡돶쇋훊(튻)캯췐듺샭샭싛ꆣ캯췐ꆪꆪꆪ듺샭샭싛쫇맽좥20틉,놾맍펶샍뚯뗄뒫춳룱뻖헽퓚훰붥랢짺뇤뮯ꆣ샍뚯맍펶뛠쓪훐뛔웵풼샭싛ퟮ훘튪뗄랢햹ꆣ룹뻝룃샭싛,(럇죋솦뗄)놾,죃죋솦놾쯹폐헟펵폐웳튵쯹폐좨뛔맺폐웳튵볈뚨뗄놾쯹폐헟쫇웳튵뗄ퟮ훕쯹폐헟,뛔웳튵펵폐쪣폠뿘훆좨,쯹폐좨뷡릹낲업쳡돶쇋쳴햽ꆣ웳튵뺭펪헟펵폐쳘뚨뿘훆좨ꆣ퓚ꆰ솽좨럖샫ꆱ뗄잰쳡쿂,웳튻ꆢ믹폚웳튵쯹폐좨뷡릹낲업뗄쿠맘컄쿗볲튪튵쯹폐헟뗄쒿뇪몯쫽폫뺭펪헟뗄쒿뇪몯쫽듦퓚닮틬:잰헟뗄믘맋쒿뇪쫇막뚫닆뢻ퟮ듳뮯벰웤뻶뚨뗄웳튵볛횵ퟮ듳뮯,뛸뫳헟평뿆쮹뾪뒴뗄쿖듺웳튵샭싛폖돆캪웳튵뗄웵풼샭싛뗄쒿뇪쫇뺭펪헟샻틦뫍좨솦ퟮ듳뮯ꆣ헢훖닮틬뿉쓜떼훂뺭펪(Coase,1937),웤뫋탄맛뗣쫇:웳튵쫇튻쾵쇐(늻췪좫)웵헟믺믡훷틥뗄냜뗂탐캪,쯰몦쯹폐헟샻틦ꆣ헢뻍쫇쯹캽뗄풼(뫏춬)뗄폐믺ퟩ뫏ꆣ퓚헢튻럖컶뿲볜쿂,쿖듺웳튵샭싛ꆰ듺샭컊쳢ꆱꆣ캪뷢뻶듺샭컊쳢,탨튪짨볆튻쳗ꆰ믺훆ꆱ,살튻룶훷튪맘탄뗄컊쳢쫇:쪲쎴쫇웳튵쯹폐좨믲캯췐좨(뚨틥놣횤웳튵쒿뇪늻훂욫샫막뚫샻틦,늢풼쫸뺭펪헟뗄믺믡훷틥캪쪣폠쯷좡좨뫍뿘훆좨)뗄ퟮ폅낲업,웳튵쓚쮭펦룃쫇캯췐탐캪,헢뻍쫇쯹캽릫쮾훎샭믺훆뗄평살ꆣ죋,쮭펦룃쫇듺샭죋(헅캬펭,1995)ꆣ훐췢톧헟뛔헢튻컊(뛾)죋솦놾샭싛ꆣ20쫀볍60쓪듺쫦뛻듄쳡돶쳢뷸탐쇋짮죫첽쳖,늢퓚웵풼샭싛뿲볜쿂탎돉쇋늻춬뗄톧쫵ꆰ죋솦놾ꆱ샭싛,잿뗷죋솦놾퓚뺭볃퓶뎤뫍훆뛈뇤잨훐[쫕룥죕웚]ꆡ2003ꆪ05ꆪ28[ퟷ헟볲뷩]ꆡ췵ꆡ폂(1976ꆪ),쓐,쯄뒨샖즽죋,쮶쪿퇐뺿짺ꆣ훷튪퇐뺿랽쿲:횤좯쫐뎡폫춶;십퓆량(1979ꆪ),쓐,뫓놱쪯볒죋,쮶쪿퇐뺿짺ꆣ훷튪퇐뺿랽쿲:횤좯쫐뎡폫춶ꆣꆪ41ꆪ
뗄훘튪ퟷ폃ꆣ퇮킡뾭뫍믆폐맢(1993ꆢ1994)죏캪,쯹폐좨뿶ꆣ뺭볃쿖쪵쫇:듺뇭맺볒탐쪹쯹폐좨뗄듳막뚫(맺폐닺뷡릹뫜훘튪,틲캪늻춬뗄뷡릹믡떼훂늻춬뗄붻틗킧싊ꆣ평폚맜샭늿쏅ꆢ맺폐램죋믺릹뗈)뫍웳튵뺭펪헟(춨맽탐헾랽쪽뛔맜샭럾컱횱뷓뚨볛뗄돉놾맽룟,쪹뗃웳튵뗄쪣폠쯷좡좨ퟮ죎쏼뗄웳튵맜샭헟)뫏쒱(conspiracy),뺡뿉쓜쪹뇋듋뗄쒿뫃평맜샭헟믱뗃ꆣ훜웤죊(1996)죏캪,웳튵쫇죋솦놾폫뇪몯쫽뷓뷼,탎돉쓚늿죋뿘훆,릲춬쟖몦훐킡춶헟뗄샻럇죋솦놾뗄튻룶쳘뇰뫏풼,웳튵샯죋솦놾폫럇죋솦놾틦ꆣ튻퇹쿭폐닺좨,틲뛸웳튵뗄쯹폐헟늻펦룃횻쫇럇죋솦놾쯹헢훖뺭볃쿖쪵뿉틔폃맺폐웳튵쳘쫢뗄캯췐듺샭맘쾵살뷢폐헟ꆣ퇮볌맺(2002)튲죏캪,쯦ퟅ릫쮾탔훊뗄뇤잨,죋솦쫍ꆣ퓚릫폐훆엓듳뗄쳥쾵샯,쪵볊짏믮뚯ퟅ뗄좫늿쫇탎탎즫놾죕붥돉캪웳튵ퟮ폐볛횵뗄풴,죋솦놾퓚릫쮾뗄ꆰ첸즫뗄ꆰ듺샭죋ꆱ,뛸늢쎻폐뿉틔ힷ쯝뗄ퟮ뫳캯췐죋ꆣ맺폐웳에솦ꆱ(Power)퓶잿,놻냾뛡뗄죋솦놾닺좨퓚웳튵뗃떽쪵튵뗄쳘헷쫇쎻폐ퟮ훕캯췐죋뗄듺샭죋(agencywithoutprinci2쿖,듓뛸죋솦놾폫럇죋솦놾튻퇹펦룃럖쿭웳튵닺좨ꆣ돖ple)(훜웤죊,2000),룷샠듺샭죋놾짭뚼늻펵폐뫏램뗄뛔폚죋솦놾샭싛뗄톧헟믹놾맛뗣쫇쿠쯆뗄,벴죋솦놾쯹폐헟짺닺쇏뗄룶죋닺좨,튲늢늻뛔죎뫎펵폐짺닺쇏닺좨뗄룶펦떱쿭폐웳튵뗄쪣폠쯷좡좨뫍뿘훆좨ꆣ죋뢺퓰,룶죋짵훁튲늻ힼ펵폐놾죋죋솦놾뗄램싉쯹폐좨(죽)뛠훘듺샭샭싛ꆣ쮹뗙룱샻듄뗈(1999)쳡돶(죧맜샭헟춨맽탐헾죎쏼닺짺,룶죋쎻폐톡퓱좨)ꆣퟷ캪웳튵ꆰ뛠훘듺샭샭싛ꆱ(multipleprincipalagenttheory),벴ꆰ샻틦쯹폐헟뗄캯췐죋놾펦룃춬쪱펵폐쪣폠쯷좡좨뫍쪣폠뿘훆좨쿠맘헟샭싛ꆱ(stakeholdertheory)ꆣ룃샭싛죏캪,웳튵뗄쒿(쯹폐좨뗄솽룶뻟쳥좨쓜),떫쪵볊짏뛾헟쫇럖샫뗄ꆣퟷ캪ퟮ뇪몯쫽늻횻쫇막뚫샻틦ퟮ듳뮯,뛸펦헕맋쯹폐ꆰ샻틦쿠맘훕캯췐죋뗄ꆰ맺볒ꆱ늢쎻폐쓜솦탐쪹쪣폠뿘훆좨,뻍캯췐쿠헟ꆱ뗄샻틦ꆣ쿠맘샻틦헟펦룃럖쿭웳튵쪣폠뫍뿘훆좨ꆣ쿠맘펦뗄믺릹뫍죋풱,죧맺늿쏅(맺볒막)ꆢ맺폐램죋믺릹샻틦헟냼삨:막뚫ꆢ햮좯돖폐헟뫍듻뿮헟뗈햮좨죋ꆢ릤죋ꆢ(맺폐램죋막)탐쪹쪣폠뿘훆좨ꆣ헢퇹,펵폐쪣폠뿘훆좨뗄뺭펪헟,폐뗄짵훁냼삨뗘랽좨솦늿쏅뫍릩펦짌ꆢ쒳킩맋뿍듺샭죋쎻폐쪣폠쯷좡좨(쪣폠볇퓚맺볒헋짏,듺샭죋쓃릤뗈ꆣ),틲뛸쎻폐벤샸좥볠뚽맜샭헟뗄믺믡훷틥뫍춵상탐캪,(쯄)쿠믺톡퓱샭싛ꆣ죏캪웳튵폐킧싊뗄쯹폐좨뷡릹쿠랴죝틗놻맜샭헟쫕싲ꆢ믟슸,헢뻍쫇뫏쒱(conspiracy)뗄낲업쫇튻훖쿠믺톡퓱탐캪,퓚늻춬뗄쳵볾쿂뿉틔닉좡늻춬뗄평살ꆣ룼뷸튻늽럖컶,늻뷶쪣폠쯷좡좨폫쪣폠뿘훆좨럖샫,쯹폐좨뷡릹낲업ꆣ낢룹퇇뫍늩뛻쳚(1992)죏캪,튻룶좱랦쪣폠뿘훆좨놾짭튲쫇럖샫뗄ꆣ퓚뒫춳뗄맺폐닺맜샭쳥훆웰볒놾뗄웳튵볒폫튻룶뢻폐뗄춶헟횮볤뗄늻췪좫뎤웚뫏쿂,훘듳춶뗄짪놨ꆢ솢쿮ꆢ짳엺ꆢ듻뿮ꆢ쪵쪩뗈,럖뇰평풼놻쒣쓢돉ꆰퟝ쿲튻쳥뮯ꆱꆣ(1)떱웳튵볒룶죋샻틦폫ퟜ샻늻춬뗄헾뢮늿쏅뫍맙풱뢺퓰ꆣ헢훖럖룮뻍믡닺짺샠쯆솪뫏쯹틦(냼삨믵뇒뗄럇믵뇒뗄)튻춬퓶뎤쪱,웳튵볒떥랽쏦뗄뿘폐좨(죎뫎튻랽뗄틢볻횻폐퓚웤쯻룷랽뚼춬틢쪱닅폐킧)뗄훆쫇폐킧싊뗄;(2)떱춶헟뗄믵뇒샻죳폫ퟜ쫕틦튻춬퓶뎤컊쳢(죎뫎폐샻폚쿮쒿뗄얬솦튪폫쯻죋럖쿭,뛸돉놾퓲튪ퟔ쪱,춶헟떥랽쏦뗄뿘훆튲쫇폐킧싊뗄;(3)뛸떱짏쫶쮫랽벺떥뛀돐떣,틲듋얬솦돌뛈ퟜ믡뗍폚ퟮ횵쮮욽)ꆣ헽쫇평폚뗄쫕틦뚼늻쯦ퟜ쫕틦춬쪱퓶뎤쪱,쯦믺ힴ첬뿘훆퓲쫇폐킧싊헢훖쳘쫢뗄캯췐듺샭맘쾵,쪹믹폚막뚫닆뢻ퟮ듳뮯뗄쯹폐헟뗄ꆣRajanꆢZingales(2000),퇮죰쇺ꆢ퇮웤뺲(2001)죏(캯췐죋)쒿뇪몯쫽쪵볊짏쫇늻듦퓚뗄,뮻뻤춨쯗뗄뮰쮵,캪:웳튵평쮭쯹폐,평쮭뿘훆,좡뻶폚웳튵튪쯘쳡릩헟뗄쎻폐죋헦헽뛔맺폐닺뗄놣횵퓶횵뢺퓰ꆣ내헕뺭볃죋볙쮵,ꆰ첸에솦ꆱ(power),쮭펵폐뛔웳튵ퟮ폐볛횵뗄풴쮭뻍폐ퟮ믹폚ퟔ짭킧폃ퟮ듳뮯뗄듺샭죋폫듺샭죋횮볤뫏쒱,쮽쿂듯돉잿뗄ꆰ첸에솦ꆱ,헢훖첸에솦뻍릹돉웳튵풴뗄ꆰ뿘훆솦ꆱꆣ쒳훖웵풼,붵뗍쒦닁돉놾뫍듺샭돉놾뻍돉쇋튻훖뇘좻톡퓱ꆣ뮻퇔횮,펵폐웳튵ퟮ폐볛횵뗄쯹폐헟쫇웳튵뗄헦헽뿘훆헟ꆢ죽ꆢ죋솦놾쯹폐헟펵폐웳튵쯹폐좨쫇튻냑쮫쯹폐헟ꆣ죐붣뛾ꆢ쯹폐헟쒿뇪몯쫽뫍뺭펪헟쒿뇪몯쫽늻튻훂볈좻쯹폐헟뫍뺭펪헟쒿뇪몯쫽늻튻훂뗄샭싛볙짨늢늻럻뗄샭싛잰쳡늻럻뫏컒맺맺폐웳튵쿖쪵쟩뿶뫏컒맺맺폐웳튵뗄쿖쪵쟩뿶ꆣ룹뻝헢튻샭싛잰쳡췆떼돶살뗄뺭뗤뗄캯췐듺샭샭싛믹폚튻룶믹놾뗄샭싛잰쳡,벴:웳뷡싛(춨맽뫏샭뗄쓚늿훎샭뷡릹뗄짨볆,췪짆뇪ힼ뗄쿖듺웳튵쯹폐헟뫍뺭펪헟뗄쒿뇪몯쫽듦퓚ퟅ닮틬ꆣ헽쫇평폚헢튻닮튵훆뛈살뷢뻶맺폐웳튵듦퓚뗄훖훖컊쳢)뇘좻쓑틔쪵쿖웤쒿틬떼훂쇋듺샭돉놾뗄닺짺,탨튪붨솢튻쳗릫쮾훎샭믺훆살뺡뇪ꆣퟷ헟죏캪,쫗튪컊쳢늻퓚폚릫쮾쓚늿훎샭뷡릹,뛸퓚폚뿉쓜붵뗍헢훖듺샭돉놾ꆣ퓚헢튻샭싛잰쳡쿂,컒맺맺폐웳튵웳튵쯹폐좨뷡릹낲업ꆣ듓쿖듺웳튵샭싛뾴,튲쫇쿈폐뫏샭뗄샭싛뫍쪵볹뗄훘뗣뚼퓚폚붨솢쿖듺웳튵훆뛈,췪짆릫쮾쓚늿쯹폐좨뷡릹낲업,퓙폐뿆톧뗄릫쮾훎샭믺훆ꆣ내헕헢퇹튻훖훎샭뷡릹,춨맽막뚫믡ꆢ뚭쫂믡ꆢ볠쫂믡뗈뫏샭뗄ퟩ횯짨샭싛슷뺶뫍럖컶뿲볜,펦룃쫗쿈룄퓬맺폐웳튵뗄쯹폐좨뷡릹볆,벰ퟩ횯볤뗄쿠뮥훆풼볠뚽믺훆,살붵뗍듺샭돉놾ꆣ훁폚낲업,뻟쳥폐솽쳵쮼슷:튻쫇죃쮽폐놾펵폐웳튵쯹폐좨,웳튵쯹폐좨뷡릹낲업,놻ퟷ캪튻룶볈뚨뗄샭싛잰쳡뛸늻쫇펦춨맽릫쮾췢늿훎샭믺훆(뺺헹탔뗄쫐뎡뮷뺳)맍펶뺭펪헟,룃놻췆떼돶살뗄뷡싛ꆣ헢튻뗣뫍쿖듺웳튵샭싛쫇쿠놳샫뗄,쏷좷쯹폐헟뫍뺭펪헟쒿뇪몯쫽,좻뫳내헕뇪ힼ뗄쿖듺웳튵훆쿖듺웳튵샭싛ퟮ폅뗄쯹폐좨뷡릹낲업듓살뚼쫇듓웤쯼샭싛볙뛈짨볆살뿋럾듺샭돉놾;뛾쫇놳샫뇪ힼ뗄쿖듺웳튵훆뛈,죃짨쳵볾쿂췆떼돶살뗄ꆣ쯹폐헟뫍뺭펪헟뫏뛾캪튻,죃뺭펪헟펵폐웳튵쪣폠뿘훆좨뫍놾컄죏캪,컒맺맺폐웳튵쯹폐헟뫍뺭펪헟뗄쒿뇪몯쫽듦쪣폠쯷좡좨,틔웚벤샸뗄ퟮ듳뮯ꆣ헢솽쳵슷뺶뚼폐튻룶릲춬퓚ퟅ닮틬헢튻믹놾샭싛잰쳡늢늻럻뫏컒맺맺폐웳튵뗄쿖쪵쟩뗄잰쳡:맺폐놾뇘탫췋돶,죃ퟮ폐쓜솦돤떱쯹폐헟뗄놾ꆪ42ꆪ
살내헕쫐뎡뮯뗄랽쪽맍펶뺭펪헟ꆣ뺭펪좨폚튻짭,쓚늿죋뗘캻룼볓릮만,좨췾룼볓뗃떽잿뮯ꆣ뻟쳥떽룄룯뗄쪵볹훐,뗚튻쳵슷뺶뻍쫇냑맺폐놾죃춨맽폫믡볆쪦쫂컱쯹ꆢ춶틸탐뗈룷샠쫐뎡훐뷩뷡릹뗄뫏룸쏱펪놾믲췢;뗚뛾쳵슷뺶뻍쫇쯹폐좨뷡릹쓚늿뗷헻,쒱,럛쫎믡볆놨뇭,쳡릩탩볙쫐뎡탅쾢,웛욭쫐뎡,웛욭훐죃웳튵죋솦놾쯹폐헟펵폐웳튵쯹폐좨,벴맜샭닣쫕릺(냼킡춶헟뗄탐캪붫뿉쓜믡룼볓퇏훘ꆣ삨풱릤돖막볆뮮)ꆣ놾컄늻ힼ놸쳖싛뗚튻쳵슷뺶,뷶럖컶뗚쯄ꆢ믹놾뷡싛뫍헾닟붨틩뛾쳵슷뺶ꆣ믹놾뷡싛쫇:죃죋솦놾쯹폐헟펵폐웳튵쯹폐좨믹폚쯹폐헟쒿뇪몯쫽뫍뺭펪헟쒿뇪몯쫽늻튻훂뗄샭싛잰쫇튻냑쮫죐붣ꆣ튻랽쏦폐훺폚쪵쿖맺폐놾듓뺺헹탔쇬폲췋쳡늻럻뫏컒맺맺폐웳튵뗄쿖쪵쟩뿶,평듋떱잰샭싛맘힢뗄붹돶,뷢뻶쯹폐헟좱캻뗄컊쳢;쇭튻랽쏦폐뷸튻늽잿뮯쓚늿죋뗣늻펦룃쫇죧뫎췪짆릫쮾쓚늿훎샭뷡릹뫍믺훆짨볆,뛸펦룃뿘훆뗄풤웚,훐킡막뚫뗄죵쫆뗘캻룼볓쏷쿔ꆣ훘탂룄퓬맺폐웳튵뗄쯹폐좨뷡릹낲업ꆣ본폚듋,놾컄쳡돶죧(튻)죋솦놾쯹폐헟펵폐웳튵쯹폐좨폐샻폚맺쿂헾닟붨틩:폐놾췋돶뫍뷢뻶쯹폐헟좱캻뗄컊쳢1ꆢ듓맺볒뫪맛헾닟짏뾴,튪볡뚨늻틆뗘췆뷸맺폐뺭볃죧맻쮵퓚맺췢,죋솦놾쯹폐헟펵폐웳튵쯹폐좨쫇뛔붨늼뻖뫍뷡릹뗄뗷헻,훰늽쪹맺폐놾췋돶튻냣뺺헹탔쇬폲,솢퓚쯹폐좨ꆢ뺭펪좨럖샫믹뒡짏뗄쿖듺웳튵훆뛈뗄엺에뫍놳횻놣쇴짦벰맺볒낲좫뗄탐튵ꆢퟔ좻슢뛏뗄탐튵ꆢ쳡릩훘튪릫샫,쓇쎴뢻폐훐맺쳘즫뗄맜샭닣쫕릺퓲폫쇭튻룶쿖쪵컊쳢릲닺욷뫍럾컱뗄탐튵ꆢ훘튪뗄풴탐튵틔벰횧훹닺튵뫍룟탂ꆪꆪꆪ쏷컺웳튵뗄닺좨뷡릹뷴쏜솪쾵퓚튻웰ꆣ쿠떱돌뛈짏,쯼벼쫵닺튵훐뗄맇룉웳튵ꆣ쫇캪쇋뷢뻶웳튵뗄샺쪷틅쇴컊쳢,뷢뻶맺폐웳튵ꆰ쯹폐헟탩2ꆢ뺡뿬붨솢폐맘맺폐닺좨붻틗ꆢ죃뗄램싉램맦쳥쾵,훃ꆱ벰폫뢯냜쏜쟐쿠맘뗄룼볓룟낺뗄듺샭돉놾컊쳢ꆣ퓚헢튻뛔쏱펪놾ꆢ췢틔벰릫쮾맜샭닣쫕릺맺폐닺좨ퟶ쏷좷뗄램뗣짏,죃죋솦놾쯹폐헟펵폐웳튵쯹폐좨뗄폅쫆쫇쏷쿔뗄:싉맦랶,럀횹퓚맺폐놾췋돶뺺헹탔쇬폲맽돌훐맺폐닺뗄튻쫇탅쾢폅쫆ꆣ뫍뗚죽랽쫕릺쿠뇈,맜샭닣펵폐뛔쒿뇪웳튵쇷쪧ꆣퟮ췪놸뗄쟩쾢ꆣKieschnick뫍RobertLouis,JR(1987)붨솢3ꆢ붨솢뺺헹탔뗄닺좨붻틗쫐뎡,룹뻝릫쮾뗄볛횵뫍쫐쇋ꆰ럧쿕쳗샻볙쮵ꆱ(riskyarbitragehypothesis),죏캪떱릫뎡릩쟳뻹뫢ힴ뿶뛔맺폐놾뷸탐뚨볛ꆣ붨솢춸쏷뗄탅쾢엻슶쮾뗄듦탸볛횵뫍웤웆닺믲훘ퟩ볛횵폐닮틬쪱,뻍듦퓚쳗샻믹훆뛈,럀횹퓚늢릺맽돌훐뗄헾뢮탐헾룉풤뫍낵쿤닙ퟷꆣ뒡,맜샭닣퓚횴탐쫕릺훐폐뇈뷏탅쾢폅쫆ꆣLee,DaleScott4ꆢ맜샭닣쫕릺쯤좻쒿잰틑놻닆헾늿퓝춣짳엺,떫늢늻(1990)튲죏캪,릫쮾뺭샭닣퓚믹폚룶죋헋뮧붻틗릫쮾막럝틢캶ퟅ헢튻맺폐놾뗄췋돶탎쪽놻췪좫뷻횹ꆣ맘볼쫇튪볓잿뫍훆뚩샽죧웕춨막믘릺헢퇹뗄죚뻶닟쪱쪹폃쇋맘폚릫쮾볛뛔맜샭닣쫕릺죚ꆢ뚨볛뗄훆뛈맦랶뫍탅쾢엻슶,튪훘쫓맜횵뗄쓚퓚탅쾢ꆣ뛾쫇웳튵볒닅쓜폅쫆ꆣ죋솦놾뻟폐폃샭닣쫕릺췪돉뫳웳튵뗄헻뫏,헦헽랢믓쫕릺킭춬킧펦ꆣ붨솢탔,춶죫웳튵뫳뷏쓑췋돶ꆣ웳튵볒뗄뺭펪맜샭닅쓜뻟폐틀뢽쓚늿죋풼쫸믺훆,쟐쪵놣뮤훐킡막뚫뗄샻틦ꆣ탔,뎣뎣뫍쳘뚨뗄탐튵뫍웳튵쏜쟐솪쾵퓚튻웰뗄ꆣ죽쫇퓚맺[닎뾼컄쿗]폐웳튵좱랦헦헽뗄캯췐죋,쯹폐헟좱캻뗄쟩뿶쿂,죃ퟮ뻟폐\[1\]Aghion,philippeandBolton,탅쾢폅쫆뗄죋솦놾쯹폐헟싄탐쯹폐헟횰퓰컞틉쫇튻훖뷏뫃ContractsApproachtoFinancialContracting\[M\].Reviewof2E뗄톡퓱ꆣconomicStudies,59:473-94.(뛾)죋솦놾쯹폐헟펵폐웳튵쯹폐좨폐뿉쓜잿\[2\]Alchianm,ArmenandDemsetz,,뮯쓚늿죋뿘훆,웧쫓죵쫆샻틦좺쳥InformationCosts,andEconomicOrganization\[M\].American쪵쪩맜샭닣쫕릺,죃죋솦놾쯹폐헟펵폐웳튵쯹폐좨EconomicReview,62:777-95.,ퟮ듳뗄뢺쏦킧펦쫇폐뿉쓜뷸튻늽잿뮯쓚늿죋뿘훆,쟖몦훐킡\[3\]Hart,막뚫뗄샻틦ꆣ퓚풭폐뗄맺폐웳튵훆뛈뿲볜쿂,듺뇭맺볒샻틦tureoftheFirm\[J\].JournalofPoliticalEcomomy,.뗄듳막뚫뫍듺뇭듳막뚫샻틦뗄뺭펪헟뫏쒱,뺡뿉쓜붵뗍쒦닁\[4\]헅캬펭.웳튵샭싛폫훐맺웳튵룄룯\[M\].놱뺩:놱돉놾뫍듺샭돉놾,웤쒿뇪몯쫽훷튪폐뛾뺩듳톧돶냦짧,1999.:튻쫇뒦폚탩쓢ힴ첬뗄맺볒(쪵훊쫇쿠펦뗄훚뛠헾뢮늿쏅벰맙풱)뗄싺틢뛈\[5\]훜웤죊.쫐뎡샯뗄웳튵:튻룶죋솦놾폫럇죋솦,싺틢뛈풽룟,캻훃풽컈만,뗃떽쳡냎뗄룅싊풽듳;뛾쫇훐킡춶놾뗄쳘뇰뫏풼\[J\].뺭볃퇐뺿,1996,(6).헟뗄싺틢뛈ꆣ훐킡춶헟싺틢뛈룟,닅쓜쫷솢쫐뎡솼뫃탎\[6\]훜웤죊.릫폐훆웳튵뗄탔훊\[J\].뺭볃퇐뺿,2000,쿳(11).,훐킡춶헟늻훁폚ꆰ폃뷅춶욱ꆱ,맺폐짏쫐릫쮾닅뿉틔풴풴늻뛏뗘춨맽퓶랢ꆢ엤막뗈랽쪽듓횤좯쫐뎡ꆰ좦잮ꆱꆣ쪵\[7\]퇮볌맺.죋솦놾닺좨:튻룶쳴햽릫쮾훎샭샭싛뗄쪩맜샭닣쫕릺틔뫳,캯췐듺샭솴쳵쯵뛌쏼쳢\[J\].뺭볃퇐뺿,2002,(1).,맜샭닣벯쯹폐좨뫍[퓰죎뇠벭:뫺춤춤]ꆪ43ꆪ
