uᇏݓഠ߶॓࿐v2005୍ֻ2௹ সܵఒြં ဗೋ ᇛট ၂aႄ ᄪᄝ19ൗࡀđ۽ದሱᇍఒြၛࠣކቔഠࣼӮູࣜ࠶࿐၂۱ᇗေ֥࣮ਵთbྸ؟ն֥ࣜ࠶࿐ࡅೂଥীč. MillĎaຐغঘථčĎބઔཱུغč Alfred MarshallĎ֩ᄻടቀՎਵთbଥীമᇀಪູđ၂֊۽ದࢨࠩႵਔቀܔ֥൳࢝ტඣѩᄝᆟᇍഈࠆ֤ࢳ٢đሧЧᇶၬܦႛܱ༢ࡼФᆽ჻ྙӮ֥ളӁᆀކቔᇅ؇෮ูսb 1ᄝགྷൌൗࢸᇏđ၂ᆰթᄝሢ҂ྙൔ֥সܵఒြčLabor-Managed Firmđ༯ӫLMFĎđఃൎമᇀбׅ֥ሧЧܦႛসఒြ(Capital-Managed Firmđ༯ӫ KMF)ߎႵࣲ23ჹbطđᇀഒՖࣜဒഈुđᄝLMFٳ֥҃ਵთđLMFఒြི֥ੱѩ҂֮Ⴟো֥KMF4ఒြbሱ1960୍սᇀ1980୍սᇏ௹ᆭࡗđၛభଲථঘڏ۽ದކቔഠູׅսі֥LMFቆᆮᄻࣜߎ٤ӈੀྛđᆃ္ջਔൗࢸٓຶଽ֥ളӁކቔഠቆᆮ֥ؿᅚb֞1984୍đջLMF5ྟᇉ֥ളӁྟކቔഠቆᆮࣼြሹದඔղ֞࣍2త8Ϥຣದb ಖطđૌ္ႋھӵಪđᄝؿղሧЧᇶၬࣜ࠶ุᇏđ࣐ܵའၩն০aمݓᆃུݓࡅթᄝᇭ؟LMFఒြđ࣐ܵ۽ದбૌ၂۱ൗࡀၛభ൳࢝ტӱ؇ၘ҂ॖರطეđطᆃུݓࡅӮದ֥܄ಃᇀഒі૫ഈၘࣜҵљđଥী෮ყ֥௴ђྟoูսpಏӾӾໃbࠧႮ۽ದႚႵѩᄎቔ֥ఒြᄝؿղ൧ӆࣜ࠶ุᇏՖটીႵᅝऌᇶေၹbࠇᆀඪđᄝؿղ൧ӆࣜ࠶ุᇏ๙ӈሹ൞ၛKMFఒြቆᆮྙൔᅝऌᇶֹ໊֝đطLMFఒြཌྷّಏޓݨčRareĎbࣉೆ1980୍սު௹đෛሢభ්৳აת֥ᆟᇍุᇅؿളэ߄đഠ߶ᇶၬݓࡅ֥۽ದކቔቆᆮ္ཊೆb აགྷൌ֥ؿᅚཌྷؓႋđᄝ֒ս༆ٚᇶੀࣜ࠶࿐ᇏđܱႿLMF֥ఒြંྖఏႿ1970୍սđၹູᄝᄀᅞၛࠣ҃ঘ۬ᆭԽ֥В৯ԊᆭൈđޓཁಖՖંഈࣼླေႵ၂۱ࢺެૅݓሧЧᇶၬა්৳ൔഠ߶ᇶၬᆭࡗ֥oֻ่֡ਫ਼pbط֞ਔ1980୍սଌđ֒ଲථঘڏ٢ఙ۽ದሱᇍđתݓࡅሙС٢ఙഠ߶ᇶၬđሧЧᇶၬФ൪ູൎ֥ᇔࢲᆭൈđKMF֒ಖ္Ф൪ູຸ၂ᆣૼႵིੱ֥ఒြᇅ؇bطđၹູLMFଆაሇ݅ࣜ࠶ุᇏӁಃڿ۪ᆭࡗ֥ܱྟᇅ؇ҵၳđᆜ۱LMFંᄝᆷ֝ᆟҦᇅרٚ૫္ཁ֤ޓႵཋbᆃᇕग़่ܴࡱ֤LMFંᇯࡶӮູ၂ᇕ٤ᇶੀఒြંb֒ಖđପུڎקLMFቔູ၂ᇕႵིੱ֥ఒြቆᆮ֥໓ངಯಖФ൬ೆ۲ᇕᇶੀఒြંᆭᇏb Ֆଢభݓଽఒြં֥࣮౦ঃটुđLMFં۷൞ԩႿшჸ໊֥ᇂbၘႵ֥໓ངᇏ 1ླေᆷԛ֥൞đՎԩ֥সᆀܵఒြ൞ܼၬഈ֥ۀb҂ࣇࣇЇওਔ۽ြӁြᇏ֥۲ᇕসᆀܵఒြቆᆮྙൔđ္Їওਔ۲ᇕྙൔ֥୪ြࠇ൭۽ြކቔഠčCo-operativeĎb 2ࠧ൞ቔູKMFؓ৫֥གྷսၩၬഈ֥ LMFൎđ္ॖၛሔි֞1844୍ႇݓઅఅպغ܄༵ڃഠčRochdale Society of Equitable PioneerĎbReview of International Co-operate,Vol 89, . 3 Bonin, Jones, ބPutterman (1993) ᄻ۳ԛਔLMFٳ֥҃ཌྷܱሧਘbBonin, John, Derek Jones, and Louis Putterman,( 1993), Theoretical and empirical studies of producer cooperatives: Will ever the twain meet? Journal of Economic Literature 31(3), September, 1290-1320b 4 ೂBartlett֩ದč1992Ď࣮ؿགྷđၩն০ཬဢЧ֥ളӁᆀކቔഠ֥সളӁੱđбཌྷႋ֥Ⴕఒြေ֤ۚ؟bBartlett,W.,Cable,,S.,Jones,. and Smith (1992), Labor-Managed Cooperatives and Private Firms in North-Central Italy: An Empirical Comparison, Industrial and Labor Relations Review, 46, -109.ĠBradley,EstrinაTaylor(1990)ؿགྷđႇݓ֥ჿݩ·ਾၞථކࠄఒြሱ50୍սၛটđႨႇݓਬ൲֥҆ѓሙޙਈđఃᄹӉੱa০ੱބളӁੱۚႿোKMFఒြbBradley,K.,Estrin,S.,and Taylor,S.,(1990), Employee Ownership and Company Performance in the John Lewis Partnership, Industrial Relations,29,-403 5 ۴ऌčರĎڶᄶ༺ᇍđuሧЧᇶၬ۲ݓ֥۽ದކቔഠᄎv၂໓ᇏิ܂֥୪ြളӁྟކቔഠა۽ြളӁྟކቔഠඔऌෘđuᇏݓ܂ཧކቔࣜ࠶v1990୍ֻ1௹b 1
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ 6Ԣਔࠞ۱љࡥֆ֥ሸඍčೂဗః࣡đ2001Ďᆭຓđࠫެ൞ษંׅ֥ሧЧܦႛসఒြࠣఃᇍb ૌಪູđؓLMF֥࣮ಯಖٳᇗေbԢਔགྷൌᇏಯಖթᄝ۲ᇕো֥LMFఒြaطᆃུఒြᄝଖᇕӱ؇ഈಯಖႵིੱᆭຓđߎႵ۱ჰၹ֤ૌсྶᇗ൪LMFંbః၂đׅ֥oሧЧܦႛসp֥ܞׅఒြđᄝགྷൌᇏᄪၘؿളਔэ߄đসಃᄀটᄀ൳֞ᇗ൪bఃؽđҐ౼LMFቆᆮྙൔ֥ކቔഠቆᆮሱ1990୍սᇏު௹ႻᄝൗࢸٓຶଽᄹࡆbၹՎđᄝᆃ۱ൈީđၛ၂ᇕࣜ࠶࿐ႋႵ֥ग़ܴྟ֥؇ࡼLMF֥࣮ࣉ༯ಀđऎႵᇗေ֥གྷൌၩၬĠఃđؓLMF֥ധೆ࣮đఃӮݔԢਔҀᇶੀఒြંᄝՎਵთᇏ֥ಌാຓđߎॖၛّݖটپڶაປᇶੀఒြંđၹط္ऎႵധჹ֥ંၩၬb ЧᅣૌࡼࢺകၘႵ֥LMFંbૌϜLMF֥࣮οٚم֥ҧᇗ߃ٳູඹᇕğࠧLMF֥ྍܞׅંĠLMF֥Ӂಃ࿐ஊંĠLMF֥ࢌၞӮЧࣜ࠶࿐ંĠၛࠣLMF֥ఒြᇍંbЧᅣቋުđૌ۳ԛਔࢳLMFં֥с໓ངb ؽa-.'֥ྍܞׅં ၛྍܞׅٚم࣮-.'֥༵౺൞֣č8BSE đ Ďb֣֥Ѱൖ࿐໊ં໓ࣼ൞࣮ଲථঘڏ۽ದሱᇍଆൔđູՎࡹ৫ਔࡼ-.'აັܴࣜ࠶࿐ંᇏ֥Ԯྍܞׅఒြࣉྛбࢠ࣮aၛࠣ-.'ሔჴ۽൬ೆቋն߄֥ࡌഡ֥Ԯb֣ᆭުđ؟ઑč%PNBS đ Ďᄝuૅݓࣜ࠶ંvഈؿіਔuቔູളӁᆀކቔഠ්֥৳ุࠢ୪ሌv၂໓đခ࿃ਔ֣֥࣮නਫ਼b ୍đຐୄक़ᄝࡼ֣෮ษં֥໙ีࣉྛঔᅚ֥ࠎԤഈđԛϱਔఃᇷuসᆀܵ൧ӆࣜ࠶֥၂Ϯંvč5IF (FOFSBM 5IFPSZ PG -BCPS .BOBHFE .BSLFU &DPOPNJFT
ĎbᆃЧᇷቔ൞෮ԩൈսؓ-.'ࣉྛྍܞׅࣜ࠶࿐ٳ༅֥ቋࢭԛսіđѩႮՎྙӮਔ-.'ྍܞׅ࣮֥෮໌o8BSEii%PNBSii7BOFLpଆൔđՎުđᄝྍܞׅॿࡏଽ࣮-.'֥໓ངࠎЧ൞ຶಡഈඍଆൔࠣႮՎ֝ԛ֥ཌྷܱࢲંᅚषb a-.'؋௹नޙٳ༅ ᇀ ୍սᆭభđؓ-.'֥ྍܞׅٳ༅൞ሢငႿ؋௹đࠧ൞ሧЧೆਈ҂э֥౦ঃ༯đ࣮স৯ೆაᆯ۽൬ೆᆭࡗ֥ܱ༢b෮໌o8BSEii%PNBSii7BOFLpଆൔ֥ཌྷܱӮݔ္ࠢᇏุགྷᄝؓ-.'֥؋௹ٳ༅b č Ďनޙ֥ൌགྷ -.'֥ྍܞׅંಪູđა,.'၂ဢđ-.'ॖၛൌགྷ؋௹नޙb ྍܞׅંؓ-.'۳ԛਔೂ༯ᇗေ֥ࡌഡğః၂đაԮ֥ሧЧᇶၬఒြ҂đ-.'ᇏ֥थҦಃႮܦჴ॥ᇅđఒြଽ҆ൌྛ၂ದ၂ௐᇅbఃؽđ-.'൞Ղሿਧఒြbܦჴѩ҂ႚႵሿਧሧЧbሧЧ߭Б൳ཋᇅđࠧཚႵܥק০༏൬ೆbఃđܦჴٳཚఒြӁള֥০đ္ࣼ൞ඪđ-.'ఒြѩ҂൞οఔჿᆦڱ۽ሧđط൞ࠆ֤ഺჅ൬ೆbఃඹđᄝ-.'ᇏđܦჴሔದन൬ೆቋն߄ط҂൞০ቋն߄b ࡌഡႵ၂-.'ఒြđളӁ၂ᇕӁđӁਈູ9đࡎູ۬QđളӁᇏႨਆᇕೆေস৯-ބሧЧթਈ,bఃᇏđሧЧ൞Ֆປ֥ሧЧ൧ӆഈၛш࠽ӮЧS֥սࡎሿ֤đڱ۳۽ದ֥ܥק۽ሧູXđၹՎఒြ০ູğ ȴ Q9 S, X-
6ဗః࣡đuՖֆшᇍ֞܋ᇍvđဗೋᇶщuఒြ܋ᇍ֥ࣜ࠶࿐ٳ༅vđࣜ࠶॓࿐ԛϱഠ ୍ϱb 8BSE
#FOKBNJO
5IF 'JSN JO *MMZSJB .BSLFU 4ZOEJDBMJTN
"NFSJDBO &DPOPNJD 3FWJFX
ၛ༯ؓ-.'֥ྍܞׅٳ༅֥ંඍđᅋၲᆜሱ#BSS
/ BOE 4 &TUSJO
"MUFSOBUJWF 'PSNT PG 1SPEVDUJWF &OUFSQSJTF
M
JO + $BCMF FE
$VSSFOU *TTVFT JO *OEVTUSJBM &DPOPNJDT
-POEPO .BDNJMMBO ၛࠣ7BOFL
+BSPTMBW
5IF (FOFSBM 5IFPSZ PG -BCPS .BOBHFE .BSLFU &DPOPNJFT
*UIBDB $PSOFMM 6OJWFSTJUZ 1SFTT 2
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ࡌഡఒြଽ҆০नٳđᄵದन০ູğ ȴ - Q9 S,
- X
Ⴟ൞ఒြଽૄ۱۽ದ֥न൬ೆZ֩Ⴟၬ۽ሧაದन০ᆭބđࠧğ Z X ȴ -
Q9 S,
- Q9 - S, - č Ď གྷࡌקఒြ֥ଢѓ൞ሔଢѓݦඔ܄ൔč Ď֥ቋն߄đఃჿඏ่ࡱູؽՑॖັѩχ֥ളӁݦඔğ 9 G -
,
TU ✨9 ✨-
✨9 ✨, č Ď ളӁݦඔॖၛཿӮ 9 G -
,
၂ࢨ่ࡱູğ ✨Z ✨- -<Q E9 E-
Z> č Ď ✨Z ✨, -<Q E9 E,
S> č Ď ࠧႵ༯ൔӮ৫ğ Z Q E9 E-
č Ď S Q E9 E,
č Ď ൔč Ďіૼđᄝ؋௹नޙᇏđ-.'ఒြ߶ܦႛ۽ದᆰ֞۽ದ֥ш࠽Ӂਈ൬ೆ֩Ⴟन൬ೆູᆸbൔč Ďᄵಪູđᄝ؋௹नޙᇏđ-.'ᇏ֥ሧЧ֥ш࠽Ӂਈ൬ೆ֩ႿሧЧӮЧbၛഈਆ่ᆣૼđᄝ-.'ఒြᇏđေш࠽൬ೆथקႿఃш࠽Ӂԛđࠧ-.'ఒြა,.'ఒြ၂ဢđॖၛൌགྷຐغঘनޙb ֒ಖđ࣐ܵՖі૫ഈुđൔč Ďა,.'ఒြᇏস৯ш࠽Ӂਈა۽ሧཌྷ֩൞၂ᇁđಖطđ෮֝ᇁ֥नޙᆴ൞҂၂ဢ֥bၹູᄝ-.'ఒြᇏđन൬ೆ൞࿊ᄴэਈđطᄝ,.'ఒြᇏđ۽ሧ൞ຓളэਈbࠧೂՎđč Ďൔಯіૼđࠧन൬ೆቋն߄߶႕ཙস৯ܦႛਈđᆺေఒြିܔՖປ֥ሧЧ൧ӆԔࠢ֞ሧࣁđᄵ҂߶႕ཙሧЧೆਈb č Ďoࣼြ҂ቀp ૌࢤ༯টٳ༅؋௹ଽ-.'ఒြؓস৯ّ֥ႋb ഡ, , đૌࡼ܄ൔč Ďսೆ܄ൔč ĎႵğ ✨Z ✨- -<-Q ✨9 ✨-
Q9 S, > č Ď ഈൔཁൕԛ൬ೆაস৯ܦႛਈᆭࡗ֥ܱ༢b ູ۷ᆰֹܴਔࢳഈൔđૌ߭֞܄ൔč ĎbႮč ĎൔZ X ȴ -
Q9 S,
- Q9 - S, - ॖᆩđᄝ-.'ఒြᇏđᆯ۽֥൬ೆ:౼थႿਆ۱ၹğ၂൞२ԢሧЧӮЧᆭభ֥ದन൬ೆQ9 -đࡼෛሢေ൬ၭ־ࡨط־ࡨĠؽ൞ದनܥקሿਧሧЧӮЧS, -đᄝ؋௹ଽሧЧթਈܥקູ, bၹՎđದन൬ೆZູ ਆ่౷ཌQ9 -აS, -ᆭࡗ֥एbطေದन൬ೆZቋն֥ܦႛ۽ದඔਈູ-Nb Z Q9 - S, - 3
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ -N - ૌᆰࢤႨіൕܦႛসඔਈ-ა൬ೆZᆭࡗ֥ܱ༢ೂ bQ E9 E-
ູཟ༯ౠོ֥স৯ш࠽Ӂਈ൬ೆ౷ཌđᄝದन൬ೆቋۚׄაఃཌྷࢌb ༯૫ૌࣼ-.'ࣼြა,.'ࣼြ౦ঃቓ၂бࢠbՖ܄ൔč Ďॖᆩđ֒ȴt ൈđࣼႵZtXbطᄝ,.'ఒြᇏđܦႛ۽ದ֥ඔਈᄝ۽ದ֥۽ሧაস৯֥ш࠽Ӂਈ൬ೆཌྷ֩ׄbၹՎđ ᄝनޙൈсಖႵZtXđႮՎᄯӮ֥ܦႛস৯ඔਈ֥љᄝഈᇏіགྷູ-D -N ᆃඪૼđ֒০ູᆞൈđ-.'ఒြࣼြܿଆࡼбো֥,.'ఒြࣼြܿଆཬbႮՎđॖି֝ᇁ-.'ࣜ࠶ุԛགྷࣼြ҂ቀ֥ಌཊb č Ďoّӈ܂۳ّႋp ૌᄜٳ༅؋௹ଽఒြؓࡎ۬э߄ّ֥႘bč Ďൔ၂ࢨ่ࡱ܄ൔߎၩሢ ✨9 ✨- Q ✨- ✨-
✨- ✨Q
-<Q✨9 ✨- Z✨- ✨1 9 -
> č Ď ᄝԚनޙ่ࡱ༯đၹູ܄ൔč ĎӮ৫đᄵႵğ ✨- ✨Q 9 - ✨9 ✨-
Q✨9 ✨-
č Ď ၹՎđӁਈؓࡎّ֥۬ႋݦඔູğ ✨9 ✨Q ✨9 ✨-
✨- ✨Q
✨9 ✨-
< 9 - ✨9 ✨-
Q✨9 ✨-
> č Ď Q E9 E-
Z X -N ൔč Ďіૼđᄝ؋௹ଽđఒြ֥܂۳౷ཌ൞ཟႷ༯ౠོ֥đఒြؓࡎ۬э߄ّ֥ႋԛགྷoّӈpགྷའğࠧࡎ۬ഈശൈđ܂۳ّطࡨഒbᆃФӫູ oّӈ܂۳ّႋpč1FSWFSTF TVQQMZ SFBDUJPOĎb oّӈ܂۳ّႋp္ॖၛႨ༯іൕb ࡌק- ა: ູԚनޙđ෮ؓႋ֥ࡎູ۬1 b֒ࡎ۬Ֆ1 ഈശ֞1 đࡼш࠽Ӂਈ൬ೆՖč1 1 Ď ✨9 ✨-
đन൬ೆิۚč1 1 Ďč9 -Ďbၹູᄝေш࠽൬ၭ־ࡨ֥౦ঃ༯đ9 -t✨9 ✨-đၹՎđྍ൬ೆ౷ཌ: ቋۚׄсಖ໊ႿԚनޙ֥ׄቐ؊bູՎđఒြ ࡼࡨഒস৯ೆਈၛьࣉ၂҄ิۚ൬ೆđѩղ֞ྍ֥नޙׄ- ა: bႮႿᄝ؋௹ଽđ,ܥק҂эđস৯ೆਈथקӁਈđၹՎđᆃ၂ࢲݔၩሢఒြ֥܂۳౷ཌ൞ཟ༯ౠོ֥bೂ b č ĎӁਈაস৯ೆؓܥקӮЧّ֥ႋ ᄝস৯֥ш࠽Ӂਈ൬ೆЌӻ҂э่֥ࡱ༯đ๙ݖࡨഒ൬ೆބᄹࡆܥקӮЧॖၛڿэ؋ ௹၂ࢨ่ࡱ ܄ൔ
bೂ ෮ൕđఃᇏ : đ-
ބ : đ-
ٳљսіԚनޙބቋᇔन ޙbᄝԚनޙ֥স৯ೆ֥౦ঃӌđૌؿགྷӮЧэ߄ᆭު֥൬ೆZေཬႿш࠽Ӂਈ൬ 9 ၹູቋᄪႮ֣ิԛđၹՎđႻӫoི֣ႋpb 4
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ೆbᆃၩሢྍ֥नޙׄсಖ໊ႿԚनޙׄ൬ೆ౷ཌႷшb ၛഈࢲં֥ݣၬ൞ğᄝ-.'ఒြᇏđӁਈބস৯ೆਈᄝ؋௹ଽაܥקӮЧ֥ᄹࡆᆞཌྷܱbᆃ၂ׄა؋௹ଽؓܥקӮЧэ߄҂ቓّႋ֥ሔ০ቋն߄ఒြ҂b č Ďস৯ೆི֥ੱ ૌᄝ؋௹ٳ༅ቋުॉҳস৯ᄝ-.'ᇏೆི֥ੱ໙ีb ᄝܞׅັܴࣜ࠶࿐ંᇏđ֒ղ֞ஂກིੱൈđ۲ᇕေೆ֥ш࠽Ӂਈൌགྷन֩߄bၹՎđॉҳস৯ᄝ-.'ᇏೆི֥ੱđૌ္ुఃᄝ۲҆ࡗೆ֥ш࠽Ӂਈ൞ڎཌྷ֩b ࡌഡᄝႮཌྷఒြܒӮ֥ؽ҆ࣜ࠶ᇏđ҆Yࡎ۬ԛགྷഈശđ҆:ࡎ۬ԛགྷ༯ࢆbᆃဢᄝࣼြሑঃטᆜᆭభđቋԚ֥႕ཙ൞Y֥҆ш࠽ӁਈնႿ:֥҆ш࠽ӁਈđY֥҆൬ೆնႿY҆ބ:֥҆ш࠽Ӂਈđ္նႿ:֥҆൬ೆbೂݔ൞,.'ఒြđሔ০ቋն߄đ൬ೆҵљ߶֝ᇁ:҆ఒြ֥۽ದሇ၍֞Y҆bૌ֥ေࡎбଢభY֥҆൬ೆေۚđෙಖߎ֮Ⴟᄝ:֥҆෮֤bY֥҆ఒြሹ൞჻ၩࢤ൳ᆃဢ֥ေđၹູॖၛၹՎᄹࡆ০ ᆺေิ܂֥۽ሧ֮Ⴟ۽ದ֥ш࠽Ӂਈ൬ೆ
bቋު֥ࢲݔđস৯ੀ֥ࢲݔсಖ֤ਆ҆ᆭࡗ֥ш࠽Ӂਈन֩b : : : : : : 1 ✨9 ✨-
: 1 ✨9 ✨-
- - - ൞đ-.'ఒြ҂၂ဢb࣐ܵ:҆൬ೆۚႿ9҆đၹູॉ੮֞ྍᄹࡆ֥۽ದሱಖ߶Ӯູఒြ֥ӮჴđҕაഺჅ֥֩حٳbၹՎᄍྸྍ۽ದࡆೆđჰႵჴ۽֥न൬ೆࣼ߶ࡨഒb෮ၛđ:҆ࡼ҂ᄍྸ9҆۽ದੀೆb֒ಖđೂݔ۴ऌӮჴ֥ሧൌྛҵљؓրđྍ۽ದ֥րმॖၛбჰႵӮჴཚႵ֥րმ֮၂ུđॖၛࢳथིੱ໙ีbᆃᇕٚمॖିაᆃဢ֥ቆᆮ෮ڋྛ֥ᇶሙᄵ҂ཌྷژކb ᆞႮႿ-.'҂ିস৯൧ӆԛౢđၹՎஂກ٤ིੱࣼ߶Ӂളbᄝ০ູᆞ่֥ࡱ༯đ؋௹ଽ۲ᇕস৯ೆ൞ིੱ֥b ֒ಖđᄝૄ۱҆ଽ҆đ-.'ఒြߎ൞ࡼ๙ݖস৯ՖۚᄹᆴႨሇ၍֮֞ᄹᆴႨট൬ೆაш࠽Ӂਈཌྷ֩bղ֞ྍ֥؋௹नޙൈđૄ۱҆ଽ֥҆൬ೆაш࠽Ӂਈ൞ཌྷ֥֩đ҂҆൞҂֥֩b֣ .FBEFđ
఼טđቔູᆃᇕ؋௹ّႋ֥ުݔđ-.'ࣜ࠶ᄝԛགྷຓളಠᆭުđсྶ҂Ӯб২ֹؿളఒြ֥ࣉೆބԛđҌି߫گஂກིੱb a-.'Ӊ௹नޙٳ༅ 10 Чࢫଽ҆ᅋၲᆜሱEstrin,S.(1982),Long Run Supply Response under Labor-Management, Journal of 5
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ෮໌Ӊ௹đ൞ᆷ҂ࣇস৯ೆਈؿളэ߄đطሧЧೆਈ္ॖିؿളטᆜ֥௹ࡗbؓႿ,.'ఒြটඪđၹູস৯აሧЧೆਈაӁࡎ۬ᆞཌྷܱđၹՎđં൞؋௹ߎ൞Ӊ௹đӁਈטᆜٚཟ൞ཌྷ֥bؓႿ-.'ఒြটඪđሧЧބস৯ೆؓӁࡎ۬э߄ٚཟཌྷّđၹՎđఒြᄝӉ௹ᇏָ֞ೂޅטᆜсྶᇗྍࡆၛ࣮bၛ༯ૌࢺകήථหਟč&TUSJO
Ď֥ཌྷܱ࣮Ӯݔb
Ӊ௹नޙ֥ൌགྷ ؓ-.'֥ࡌഡ่ࡱ҂эb ૌࡼ܄ൔ
a
սೆ܄ൔ
đಖުԢၛࡎ۬1đࣜᆜॖ֤ğ 9 -č✨9 ✨-Ď ,č✨9 ✨,Ď č Ď Վൔູࠧঘק &VMFSnUIFPSFN
bႮՎॖ֤ԛਆ۱ࢲંğ ః၂đؓ-.'ఒြটඪđӉ௹नޙсྶၛܿଆ൬ၭ҂эູหᆘbၹՎđೂݔളӁݦඔč܄ൔ Ď൞ఊՑ֥đପહᆺႵളӁݦඔູཌྟఊՑൈđҌିൌགྷनޙbఃؽđၹູ-.'ఒြ֥ඌหׄ൞đषൈܿଆ൬ၭ־ᄹđުটႻэູ־ࡨđྙӮoVpྙ֥০ቋն߄Ӊ௹नӮЧ౷ཌbၹՎđ܄ൔ
іૼđ-.'ఒြሹିൌགྷӮЧིੱđࠧૌሹ൞ᄝӉ௹नӮЧቋ֮ඣഈࣉྛളӁb ૌॖࡼܿଆ൬ၭקၬູğ -č✨9 ✨-Ď ,č✨9 ✨,Ď ȯ ၹູ܄ൔ
ၘࣜіૼđ-.'Ӊ௹नޙ่ࡱ༯ܿଆ൬ၭ҂эđࠧȯĢ đᆃॖၛࢳູğࡌק-.'ఒြࡼଢѓݦඔഡקູᆯ۽न൬ೆቋն߄đପહđࣩᆚྟ֥-.'ఒြᄝӉ௹ᇏሹ߶ࡼಆ҆০ቔູ൬ೆٳ۳ᆯ۽đطՎൈđఒြ္൞οш࠽ӁਈᆦڱБԏb္ࣼ൞ඪđᄝܿଆ൬ၭ҂эൈđ-.'ఒြൌགྷӉ௹नޙbՎൈđఃഺჅູਬაοш࠽ӁਈᆦڱБԏѩթb
ܿଆ൬ၭ҂эൈ֥ሧЧؓসู֥ս ູਔࢳ-.'ఒြೂޅ۴ऌӁࡎ۬э߄ࣉྛטᆜđૌႵсေᄜॉҳ၂༯ܿଆ൬ၭݦඔ֥ਸ਼ຓਆ۱ҕඔğࠧস৯ೆ҂эൈ֥Ӂਈэ߄ႄఏ֥ܿଆ൬ၭэ߄౦ঃȯYđބ۳ק֩Ӂਈ౷ཌ่ࡱ༯֥স৯ೆਈэ߄ႄఏ֥ܿଆ൬ၭэ߄౦ঃȯ-b ࡌקളӁݦඔіགྷູܿଆ൬ၭ༵־ᄹު־ࡨྙൔđѩູ໊ཌྷරݦඔčࠧܿଆ൬ၭ҂ෛေб২э߄Ďđఒြ૫֥ؓԚࡎູ۬1 đሧЧӮЧູSPđӁਈႮܿଆ൬ၭ֩Ⴟ ඌඣ थקbᄝ ᇏđܿଆ൬ၭݦඔູȯ ൈ֥नޙӁਈູ9 b ૌॖᄝሧЧ၂স৯֥ቕѓ༢ᇏđႨo֩൬ೆ౷ཌpটіൕन൬ೆb֒Ӂਈaࡎ۬ބሧЧӮЧ۳קൈēՖ܄ൔ
֝ԛğ , č1 9 SPĎ č: SPĎ- č Ď ᄝ ᇏđೂݔ۳ק֩Ӂਈཌ9 đࢩएč1 9 SPĎđఒြᄵླေ࿊ᄴቋႪ֥ሧЧ၂স бੱটन൬ೆቋն߄b۴ऌൔ
đࣼ൞ေ࿊קč1 9 SPĎა֩Ӂਈཌ్֥ׄđࠧ ᇏ֥č, đ- Ďׄb ȯ ȯ č-đ9Ď Comparative Economics,6,-378. 6
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ȯ č-đ9Ď 9 9 ᄝ ᇏđೂݔӁࡎ۬ഈശ֞1 đᄵࢩए߶ഈശ֞č1 9 SPĎđࠧఒြ߶࿊ᄴሧЧ۷ đູૡ֥ࠢളӁඌđေቆކູ , đ-
bᆃіૼđᄝ-.'ఒြᇏᇏđӁࡎ۬э߶๙ݖิۚস৯ӮЧᆰࢤ႕ཙളӁඌ֥࿊ᄴbఒြ߶ཌྷႋቔԛّႋđࠧႨሧЧูսস৯b č ĎӉ௹܂۳ ૌቋުॉҳӉ௹܂۳b ႮႿᄝӉ௹नޙሑ༯đܿଆ൬ၭ҂эđၹՎđ֒ӁਈЌӻᄝ֩Ӂਈཌഈൈđೂݔܿଆ൬ၭ҂ෛস৯ೆэ߄طэ߄đପહ-.'ఒြᄵࡼ҂߶ၹӁࡎ۬ؿളэ߄طטᆜӁਈb෮ၛđ-.'ఒြ֥Ӊ௹܂۳౷ཌ൞ྟ౫ն֥bᆃᇕࢲݔა܄ൔ
ཌྷ၂ᇁb ೂݔܿଆ൬ၭෛေб২э߄čࠧఒြ֥ളӁඌູ٤໊ཌྷරݦඔĎđູਔ߫گनޙൈ෮ླေ֥ܿଆ൬ၭ҂э่֥ࡱđ-.'ఒြᄵ߶טᆜӁਈbೂ༯ đႮႿေูսđস ৯ೆՖ- э֞- đႄఏস৯֥ܿଆ൬ၭഈശđՎൈđఒြсྶᄹࡆӁਈđၛЌӻܿଆ ൬ၭ҂эĠೂݔ, - ֥ׄྍܿଆ൬ၭնႿ đູਔЌӻܿଆ൬ၭ҂эđӁਈླေᄹࡆ֞9 b , 1 9 SP 1 9 SP , , 9 - - aؓ-.'ྍܞׅ࣮֥ఃࢲં ં൞ؓ-.'֥؋௹नޙߎ൞Ӊ௹नޙٳ༅đॖၛुԛđ-.'აো֥,.'ཌྷбࢠđᄝંഈіགྷԛ٤ིੱౠཟb ಖطđсྶඪૼ֥൞đၛഈ෮Ⴕ֥ࢲંࡹ৫෮໌o֣Ԯpᆭഈğࠧಪູ-.'ა,.'֥ቋնљᄝႿđభᆀሔᆯ۽न൬ೆቋն߄đطުᆀሔ০ቋն߄bൈđo֣ԮpߎႵః٤ӈ֥۬ࡌഡğбೂđࡌק؋௹ଽఒြᆺႨ၂ᇕೆطᆺളӁ၂ᇕӁ֩bၹՎđഈඍܱႿֆ۱-.'ఒြ֥ྍܞׅଆࢲંѩ҂ିܼ֞ᆜ۱-.'ࣜ࠶ุࣜ࠶bೂථބٮ۬೦ ୍
ၛ֣ࠣ .FBEFđ
္ࣜݖ۬ಪᆣުಪູđؓֆ۱-.'ఒြ֥ٳ༅҂ିঔᅚ֞-.'ቆӮ֥ࣜ࠶ุbطᄝ-.'ࣜ࠶ุᇏđೂݔྍఒြ֥ࣉೆބԛӮЧaປಆࣩᆚaေऎႵປಆੀྟބܿଆ൬ၭ҂эđପહđՂሿਧఒြࠇসᆀܵఒြ֥Ӊ௹नޙᄝཌྷ֥ၩၬഈ၂ೂԮఒြބӁြପဢđԩႿஂກቋႪb ຐୄक़֥࣮ᄵಪູđࠧ൞ؓႿགྷൌᇏֆ۱-.'đഈඍࢲં္ໃсປಆᆞಒbၹູຐୄक़֥࣮ਔࡹ৫ᄝ֣ԮᆭഈđၹՎđၩ֣ܱႿ-.'۷ಌكࡎ۬ྟ֥ࢲંbѩ 7
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ಪູđაܞׅఒြཌྷбࢠđ-.'֥ಒౠཟܦႛ۷ഒ֥সđႨ۷؟֥ሧЧૡࠢඌđѩؓ൧ӆߌэ߄ّႋ۷ູӾؚbຐୄक़ა֣֥ࢲં္թᄝޓն֥ҵљğః၂đຐୄक़҂ӵಪoི֣ႋp֥թᄝđಪّູӈ܂۳ّႋࣇࣇ൞၂۱ᄝགྷൌᇏ҂ॖିؿള֥ห২bఃؽđ࣐ܵຐୄक़ӵಪ-.'ౠཟႿܦႛ۷ഒ֥স৯đѩ҂ಪູ-.'ᇅ؇༯ޡܴࣜ࠶ᇏࡼႵ۷؟ാြbఃჰၹ൞đ-.'ളӮ֥؇ࡼॹႿԮܞׅఒြđطᆃུྍള֥-.'߶ཨ߄ࣜ࠶ุᇏحຓ֥ሿࣁѩ߫گປಆࣼြbఃđຐୄक़ಪູđၹູ-.'ؓႿঔᅦ֥ࠒࠞྟޓ֮đၹՎđ؎ྟࣩᆚၛࠣაՎ৳༢֥ڞ০ാࡼбׅ֥ሧЧᇶၬࣜ࠶ุഒbఃඹđຐୄक़ಪູđ-.'бሧЧܦႛসఒြ۷ڶིੱb ԢՎᆭຓđຐୄक़ߎิԛđଖoུمႮັܴٳ༅֝ԛ֥Ⴎp֤-.'б,.'۷ႵႪ൝bᄝ-.'ఒြᇏđসᆀऎႵሱ֥ܵᆇᆞ৯đطᆃᇕ৯টჷႿসᆀФቍᇗaসᆀ֥ളଁᇉਈ۷ۚၛࠣসᆀ֥۽ቔ୭৯֥ࡎᆴ۷ၞФಪॖѩุགྷԛটđᆞၹՎđຐୄक़ࡼ-.'ӫູoದྟ߄ఒြpbطᄝुটđሧЧ॥ᇅఒြᇏఞఞཌྷّđসᆀ҂Фቍᇗđ൞Фࡓ֥ؓའđളଁᇉਈ۷֮đၹط,.'Фຐୄक़ӫູoّದྟp֥bაຐୄक़ӻဢܴ֥ׄࣜ࠶࿐ࡅߎޓ؟bཁಖᆃུࢲંऎႵ༵ဒྟđط҂൞Ⴎྍܞׅଆ෮ି֝ԛ֥b a-.'֥Ӂಃࣜ࠶࿐ં ᄝ࣮-.'ᇏđoӁಃ࿐ஊpϲဆਔ၂ק֥࢘bఃᇏսіྟದႵ٣੧Ѱؘč'VSVCPUOĎđౄົఅč 1FKPWJDIĎၛࠣᅓ೦č+FOTFOĎބ઼क़ਟč.FDLMJOHĎ֩ದbఃᇶေܴׄॖၛۀওູğ۱ದ෮Ⴕಃ֥߄ࡼ֤-.'ԛགྷሧ҂ቀđമᇀ֤ቔູՂሿਧྟఒြ֥-.'مթᄝb ᄝӁಃ࿐ஊܱႿ-.'࣮֥ܴׄᇏđႵ၂۱ܴׄԩႿٳܱྟ໊ᇂđࠧႮႿ൪့໙ี෮ཋđ-.'ࡼԛགྷሧ҂ቀb a໙ี֥ӧඍ ෮o໌൪့໙ีp )PSJ[PO 1SPCMFN
đౄົఅ
٣੧Ѱؘ ބౄົఅ
٣੧Ѱؘ
ၛࠣᅓ೦ა઼क़ਟ
Ⴕཌྷႋંඍb ૌಪູđၹູ-.'གྷჴ۽ᄝૌ࠹߃षఒြčбೂၹູ۽ቔэߐࠇྨĎުՖఃሧ߭Бࠒᇏ֤҂֞൬ၭđၹՎđ-.'མौ།വ֒భ֥۽ሧটࣉྛଽ҆ሧЧࠒࡼ൞֥bᆃࣼ൞෮໌֥o൪့໙ีpb۷ऎֹุඪđᄝ-.'ఒြଽ҆đሧᆺି๙ݖఒြഺჅ֥ิটԔࠢđ൞đၹູӁಃીႵ۱ದࠎԤđჴ۽ᆺିᄝऎႵӮჴሧ۬௹ࡗđҌႚႵؓሧӁ൬ၭ֥෬౼ಃbၹՎđૄ۱ჴ۽টሱଽ҆Ԕࠢሧཛଢ֥൬ၭđсྶቀၛҀӊሧ֥Чࣁބാ֥০༏đطಆ҆൬ၭсྶᄝჴ۽ऎႵӮჴሧ۬௹ࡗڱౢbط'VSVCPUO ބ 1FKPWJDI۬ᆣૼđᄝ෮ႵಃඋႿุࠢa۱ದ෮Ⴕಃ߄֥౦ঃ༯đᆃ߶ᄯӮჴ۽ሧ҂ቀbطჴ۽ყ࠹Ӯჴሧ۬௹ཋᄀ؋đoሧ҂ቀpӱ؇ࣼᄀնb a൪့໙ี֥ଆંᆣ ࡌקႵ၂۱-.'ఒြđఃᇏ֥ሧЧሧӁູ܄܋෮Ⴕđࠧ۽ದӮჴ҂ᄍྸದࡼሧႿఒြᇏ֥࣪ഺჅᅝູၘႵbૌࣇࣇିၛস൬ೆ֥ྙൔՖሧ߭Бᇏࠆၭbࠇᆀඪđᆃᇕ หᆘॖၛקၬູ၂ᇕݓࡅӵಪކቔቆᆮᇏ۽ದᆯ۽Ӯჴؓഠ߶෮ႵሧЧሧӁ֥Ⴈಃğ෮Ⴕ֥ᇉሧЧႮഠ߶ႚႵđ-.'ଽᆯ۽ႵᇉሧӁ֥Ⴈಃbఒြ֥ವሧ౻֡ᇶေႵਆ۱ğᆟکၿྛվॻၛࠣ๙ݖ࣪ഺჅ֥ᄜሧࣉྛሱԔሧbఒြФေົӻఃሧЧሧӁ֥ᅬ૫ࡎ 11 Ч҆ٳଽಸᅋၲᆜሱTortia E.,č2001Ď "Temporal horizon and capital maintenance requirement in labour managed firms. The role of equity, loan financing and divisible reserves.",( ). 12۷ሙಒֹࢃđᆃ-.'ࡌഡ൞ؓభଲථঘڏࣜ࠶ᇅ؇֥ࡥ߄ଆbྸ؟࣮সܵఒြ֥࿐ᆀ૮ሙᆃ၂ഠ߶ᇅ؇b࣐ܵᄝ༆ٚݓࡅ౦ঃႵ෮҂bᆯ۽۱ದႚႵఒြ֥҆ٳሧӁ֥۽ದކቔഠѩ҂ݨđંೂޅđૌᄝ༆ٚݓࡅ္ିु֞োරଲථঘڏᇅ؇֥ሧЧࠒหᆘb২ೂđཌྷ֒҆ٳ֥ఒြ࣪൬ೆФ๙ӈႨႿᄜሧႿఒြđؓႿఒြሧӁࡎᆴࡨഒႵཋᇅčᄝଲථঘڏđ෮Ⴕ֥ఒြླေົӻఃቋԚᅬ૫ࡎᆴĎb 8
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ᆴb ૌࣉ၂҄ࡌഡđ-.'ᇏ֥ᆯ۽ӮჴॖၛႨૌ֥ԥྐྵࣉྛਆᇕሧb၂ᇕ൞ሧႿЧఒြđਸ਼၂ᇕ൞ሧႿሱሧӁđࠧ۽ದॖၛᄝٳ֥স൬ೆᆭຓವሧѩᄝݓࡅၿྛ֥۱ದᅬഈԥྐྵbਆᇕሧ֥ቋࠎЧљ൞đ၂ᇕ൞҂ॖ൬֥߭ѩૄ۱ӮჴمՖᇏࠆ֤সБԏᆭຓޅ۱ದ߭БđطֻؽᇕॖၛીႵޅၿ۴ཋᇅ֤֞Ҁӊѩࠆ֤ܥק֥ᆞ߭Бb ૌᄜࡌഡ෮Ⴕ֥۽ದᄝཌྷܱሧཛଢഈႵဢ֥ொݺđѩყ௹ᄝఒြշဢӉ֥ൈࡗbᆃ֤࠹ෘૄ၂ᇕሧ߭БൈીႵఃҵၳbೂݔᄝఒြଽշ၂୍đѩೂݔၿྛᅬ൬ೆა୍؇০༏ູ
ପહ ჭ֥ఒြሧ֥֩ᆴଽ҆߭Бčੱ*33Ďᄵູ b ᆃၩሢđೂݔ࿊ᄴਔ၂୍௹֥ఒြሧđ-.'ఒြࡼླေбषϷٮ؟ਆП֥߭Бčၹູᅬ૫ሧӁ҂ି෪ඣđࠧሧӁົӻ֥ࡌഡĎbೂݔൈࡗӉႿ၂୍đ౦ঃѩીႵڿޓ؟bሧ࠹߃ a a a a a ֥сྶჰଽ҆߭Бੱٳљູ
bሧႿਆᇕႵཌྷර߭Бੱ֥ሧӁࣇࣇᆺႵᄝ۽ದყ௹ᄝކቔഠᇏշޓ؟ൈࡗൈҌିࢤ࣍֩ᆴb ಖطđೂݔૌ٢෮Ⴕ۽ದᄝఒြᇏշဢ֥ൈࡗᆃ၂ࡌഡđѩॉ੮֞ؓఒြໃটყ௹֥҂ಒקྟđۚႿ ୍֥ൈࡗࡼޓݨbఃჰၹ൞đೂݔ۽ದᇶथקሧđཌྷႋ֥ൈࡗࡼაᇏ໊Ӯჴط҂൞୍ᆯ۽ཌྷژކb֒Ӯჴࡗ୍֥ਭनᄋٳ҃ൈđೂݔࣜ࠶ุᇏթᄝଖᇕӱ؇֥Ӯჴᇛሇđପહൈࡗ൪့҂߶ۚႿ ୍b Ⴈ༯ൔޓಸၞҰഈඍࢲݔ T1PV=a=1 č Ď LMFLMF∑t(1+i)t=1ഈൔᇏ PV ູ-.'ሱԔሧྟሧ֥གྷᆴđ aֻູ၂௹ሧ߭Б෮ࠆđ5 ൞LMFLMFაᇏ໊Ӯჴཌྷႋ֥ൈࡗ൪့ đJ ൞ൈࡗொݺ֥бੱđࡼ֩Ⴟ০༏ੱđೂݔ൞ ჭሧđ BႿ֩ଽ҆ሧੱᅼࣸđೂݔሧၘФքЌđսіሢ֩ႿቋԚᆴ֥ࡎᆴb ๙ݖ࠹ෘഈඍෘൔ֥ࢲݔđૌॖၛ֤֞ ia= č Ď LMF−T1−(1+i)ൔ
ౢԣֹіૼđ -.'ଽ҆Ӯჴሧࡼᆰ֞ሧЧ֥ш࠽Ӂਈ֩ႿaູᆸđطLMFaሹ൞նႿ J đѩ֒Ӯჴൈࡗ൪့ᄹࡆѩཟႿཋൈࢤ࣍J bࠇᆀඪđᆺႵ֒LMFӮჴ൰ଁཋӉѩᄝ-.'ఒြଽყ௹շ֥ൈࡗཋӉđؓఒြ߭Бੱ֥ေҌࢤ࣍Ⴟၿྛ০༏bၹՎđაো֥,.'ఒြሧᆰ֞ሧЧш࠽Ӂਈ֩Ⴟ൧ӆ০༏ੱ*ཌྷбࢠđ-.'߶ԛགྷሧ҂ቀb ഈඍࢲં֥གྷൌݣၬ൞ğ-.'Ӯჴყ௹ࣼြ௹ཋሹ൞Ⴕཋ؇֥đࠧ҂ିཋ௹շᄝఒြଽ҆ປಆཚ൳ഺჅಃđ෮ၛđ-.'ᇅ؇֥ሧᇂࡼ൞ིੱ֥bࠇᆀඪđᆃᇕᇅ؇ࡼղ҂֞ஂກቋႪᇂbᆃᇕᇂᆺႵᄝሧႿളӁྟሧӁ֥ቋު၂ჭ෮ࠆ֩Ⴟ൧ӆ০༏ൈҌିղ֞ bطᄝᆃٚ૫đ -.'ࡼФሧЧᇶၬఒြஂກᅝႪđၹູᄝ,.'ᇏܢௐ෮ႵಃЌᆣਔটሱႿሱԔሧྟሧ֥߭БીႵޅൈࡗ൪့č5ཋնĎđԢ٤ఒြളଁ௹ࢲඏbطđࠧ,.'֥ഺჅಃ൧ӆ҂ປૅൈđܢࡎࡼϜ҂ປૅྟॉ੮ᄝଽđѩؓܢௐ֥ൌ࠽ࡎᆴࣉྛ์གྷb ႄೆ-.'֥Ӯჴሧ۬൧ӆđഺჅಃॖࢌߐđ္ྸ൞ࢳथ-.'ൈࡗ൪့֝ᇁ֥ሧ҂ቀ໙ี֥၂ᇕݺනਫ਼bႮႿॉ੮֞ໃট-.'֥Ӯჴࡼٳཚ།വགྷӮჴ০ၭ֥ሧ߭Бđط-.'ᄝടࠣ֞གྷაໃটჴ۽֥ܱ༢֥ൌሧӁഈթᄝمఔჿ߄໙ีđၹՎđགྷӮჴ 9
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ࡼ҂჻ၩሧႿླေު࿃ྍჴ۽ࣉೆ֥ཛଢbᆃФӫoູ܄܋ҍӁ໙ีpč DPNNPO QSPQFSUZ QSPCMFNTĎbطၹູᄝ၂۱ܢௐ൧ӆഈܢௐ෮Ⴕᆀॖၛཌྷࢌၞđ֤གྷᄝ֥෮Ⴕᆀॖၛ๙ݖࡼܢௐછ۳ྍ֥෮ႵᆀൌགྷໃটሧሧЧ߄đ෮ၛሧЧࡅఒြ҂߶ԛགྷၛഈ໙ีbၹՎđ 'VSVCPUO ބ1FKPWJDI
đၛࠣ+FOTFO ބ .FDLMJOH
ಪູđo൪့໙ีp֝ᇁ֥ሧ҂ቀࡼ൞-.'၂۱ᇁ֥ಌཊb aଆ֥ঔᅚ ঘٮغථč;BGJSJTđ Ďؓഈඍଆࣉྛਔࣉ၂҄ঔᅚb ࡌקሧЧᇶၬఒြࡼཟ၂۱ཛଢሧ ჭđభิ൞ğ N1PV=a=1
CMFCMF∑t(1+i)n=1/൞ሧཛଢ֥ൈ௹đᄝ,.'ᇏॖၛࡥֆࡌഡູཋӉbაč Ďൔື၂֥҂൞ൈ௹/ѩ҂սіӻܢದ֥ൈࡗ൪့bൌ࠽ഈđࠧૌႵ၂۱ൈࡗ൪့đૌ္ॖၛᄝ҂჻ၩЌӻაఒြ֥৳༢ൈછוૌ֥ܢٺbᆞೂૌु֥֞ପဢđ-.'TӮჴࠎЧഈ҂ऎСᆃᇕॖିb ೂݔ/ 5đପહႵܱ-.'֥ٚӱč ĎބႵܱ,.'֥ٚӱč Ďປಆཌྷbᄝᆃᇕ౦ঃ༯đᆃਆᇕఒြေ߭Бੱa=aҌିՖ൙၂ק֥ཛଢbᆺႵ֒5 /ൈᆃਆ۱ٚӱLMFCMFҌ҂ᄜཌྷb-.'Tࡼॉ੮၂۱ࢠ؋֥൪့5bطᄝ,.'ᇏૌીႵᆃဢ֥൪့đཌྷႋ֥ൈࡗࡗۯߎ൞/b5сྶ൞Ⴕཋ֥đط/ᄵીႵ၂۱ૼಒ֥ഈࢸđطᄝჰᄵഈॖၛಪູ൞ཋࠇ൞ॖၛঔᅚ֞ఒြໃট֥ಆݖӱbೂݔ҂࠹ᅼࣸđ,.'Tࡼᄝa=iൈղ֞ஂກིੱCMFཋࢸb္ࣼ൞ඪđ၂ࡅ,.'ࡼࣉྛሧᆰ֞ଽ҆ሧ߭Бੱ֩Ⴟ൧ӆ০ੱᆃ၂ׄđᆃJಯಖॖၛФಪູ൞གྷ௹ބໃটཨٮᆭࡗ֥ൈࡗொݺੱbطᄝ-.'Tᇏ౦ঃಏ҂൞ᆃဢb ૌགྷᄝॖၛॉ੮ ჭೆၿྛԥྐྵ֥གྷᆴğ T−t−TPV=i(1+i)+(1+i)=1
BA∑t=1҂ܵ5ބJ౼ޅᆴđᆃ۱ඔሳሹ൞֩Ⴟ bൌ࠽ഈđൔč Ďൔ၂۱ޚ֩ൔđط҂൞၂۱नޙ่ࡱbթೆၿྛᅫ֥ ჭđᄝࣜݖ০ੱູJ֥5ൈࡗު౼ԛđఃགྷᆴಯູ b ๙ݖႄೆٚӱč Ďބč Ďૌॖၛ࠹ෘԛaބJᆴ֥ҵbLMF−T(1+i)id=a−i==
LMFTT(1+i)−1−t(1+i)∑t=1aބJᆴ֥ҵა5ڵཌྷܱđѩॖၛФಪູ൞ႨႿ5ൈࡗଽ ჭሧ෮сྶປLMFಆҀӊ֥࣪ᅼࣸੱb ᄝ ᇏૌॖၛु֞ა,.' ބ-.'ཌྷܱ֥҂नޙb౷ཌ**ބ* * սіሧླѩაսіш࠽ሧЧིੱ֥౷ཌᇗކb౷ཌ44ބ4 4 սіԥྐྵ܂۳đࠧđି་ႄದԥྐྵཟ 13ҕ Zafiris N. (1982), Appropriability Rules, Capital Maintenance, and the Efficiency of Cooperative Investment", Journal of Comparative Economic, vol. 6, pp. 55-74. 10
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ หקཛଢሧ෮сྶ֥߭Бੱb۷ૼಒটඪđ౷ཌ4 4 սіି՜၂ࡅ-.'ؓఃሧཛଢࣉྛሱԔሧ෮сྶ֥߭БčੱaĎbط44ᄵսі՜၂ࡅ,.'ሧ֥߭БੱđࠧčaĎbLMFCMFೂభ෮ඍđaሹ൞ਜႿabਆᆀᆭࡗ֥ҵູEbJіൕ֥߭Бੱ൞ၿྛ০ੱbᄝ০ੱCMFLMFJ EඣѩࡌഡીႵఃۄಠၹđ၂ࡅ-.'֥ሱԔሧሧࣁ܂۳౷ཌ൞ฌ֥čGMBUĎbط֒ሧ߭Б֮ႿJൈđ-.' ބ,.'҂߶ࣉྛሧđၹູၿྛԥྐྵିջট۷֥ۚ൬ၭbೂݔሧ߭БࢺႿJބJĐEᆭࡗൈđᆺႵ,.'߶ࣉྛሧđೆሧࣁ֥ඔଢ֩Ⴟ0Gؓႋ֥'ׄඣbJ J E෮іൕ֥ඣཌսі֥൞ି՜-.'ࣉྛሧ֥ቋཬ߭Бੱbᄝᆃ่ཌഈ-.'ؓሱԔሧބၿྛԥྐྵીႵொݺbೂݔa֥ᆴնႿJ đପહ-.'ࡼࣉྛ0Hնཬ֥LMFሱԔሧሧࣁb֒߭БᄹࡆӑݖJ ൈđ-.'֥ሱԔሧሧࣁनޙඣࡼႮJ #4 ބሧླ౷ཌ**֥ࢌׄקၬbनޙࡼղ֞$ׄđሱԔሧ֥ඔਈࡼղ֞0DbᇀႿ,.'đ֒ཌྷܱ֥ሧླ౷ཌ൞**ൈđವሧሧ֥ඔਈࡼղ֞0Fؓႋ֥&ׄbሧ܂۳౷ཌ44ᄀฌđ,.'ሱԔሧሧࣁ֥߭Бੱࣼᄀࢤ࣍ႿJčၿྛթॻ০ੱĎbೂݔሧ܂۳౷ཌປಆྟđ,.'ࡼᄝ&ׄղ֞नޙđཌྷႋ֥ሧ߭Бᆴປಆ֩ႿJb౷ཌ44ބ4n4nཟഈຕ౷ၩሢሧሧࣁኇكbᆃᇕ౦ঃරެၘӮູ၂ᇕܿੰb,.'T ބ -.'Tླေ۷֥ۚሧ߭Бੱၛᄹࡆૌ֥ሱԔሧሧࣁb ޓૼཁđ۳ק44౷ཌ֥ౠ؇đ,.'ղ֥֞नޙࡼ൞ቋႪbطሧЧ֥ш࠽ིੱᄀ֮đᇏᆴӮჴ֥ൈࡗ൪့ᄀ؋đ-.'ࣼౠཟႿࣉྛ۷ഒሧb S'i, aISI'CaEGBi+d=i'S'IFiSI'OgfceS, I aӁಃ࿐ஊ֥ఃܴׄ ᅓ೦ა઼क़ਟč Ďࡼ-.'ఒြӫູoՂሿਧྟఒြpğࠧoఒြФ࣌ᆸႚႵཞದఒြପဢ֥ରႨളӁྟሧჷ֥ေಃބႨಃđ൞đఒြॖၛ๙ݖՖႚႵಆ҆ሧჷေ֥ 14 Ч҆ٳଽಸҕJensen, Michael and William Meckling, 1979, Rights and production functions: An application to labor-managed firms and codetermination, Journal of Business 52,October, 469-506.ᇏၲ໓ğuಃ০აളӁݦඔğؓসܵఒြބ܋थҦ֥၂ᇕႋႨvđu෮Ⴕಃa॥ᇅಃაࠗৣiiսࣜ࠶࿐໓࿊vđഈݚ৳1998୍ϱ 11
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ۱ದପሿႨᆃུሧჷđՖط֤֞ᄠൈ֥ႨಃbܦჴॖၛؓఒြႚႵಆ҆ေಃđ҂թᄝᆃུေಃ֥൧ӆđࠧܦჴॖႚႵ֥Ч௹࣪൬ၭေಃm҂ିnԛ൲۳ದđၹູކ֥۬ေಃ൞ၛࣼြ่ູࡱ֥đԛ൲Ӯູ၂۱ܦჴ֥ಃ০൞٤م֥pb ᅓ೦ა઼क़ਟ๙ݖંᆣಪູđՂሿਧྟఒြԢਔࡼӁളൈࡗ൪့໙ีၛࠣ܋ҍӁ໙ีᆭຓđߎࡼӁള༯ਙ໙ีğ ః၂đఒြ෮ླ֥ྙሧӁđЧᇉഈࢃ҂ିФሿਧđႮՎđՂሿਧऎႵ҂ॖିྟbᅓ೦ა઼क़ਟಪູđࠧ۽ದିܔሿਧ֞ࠏఖაӌٜᆃဢ֥ႵྙሧӁđo҂ౢԣᆃಕ۽ದᄸဢࠆ֤ሧࣁಀሿਧഡСaഡ࠹Ӂބ۽ၜҠቔaࡹ৫ٳุ༢ܝৣؿૼᆀaؓӁࣉྛܼ࿆ۡԮၛࠣস৯֩໙ีbૌ֥ྸ؟ଽಸඋႿྙሧӁđطᆃུఞఞ൞ఒြӮ৫֥൮ေၹbp طo๙ݖ҂؎ֹླྀഅࡎ۬টదרሿႨྙཛଢ֥ఔჿࡥᆰ൞҂ॖି֥pđၹູЧᇉഈྙሧӁ҂ॖିФሿႨbೂݔඪᆃུሧӁॖၛࠆ֤֥߅đପ္൞҂֤҂๙ݖ۽ದૌ֥۱ದगᄼࠇᆀ൞๙ݖՂࣁವေಃ ೂؿྛoᅏಊpࠇoܢௐp
টࠆ֤ᆃུሧӁb၂֊ૌႨᆃᇕٚൔ֤֞ሧӁđପહ۽ದૌ֥ေಃࠇᅏಊބܢௐӻႵದ֥ေಃࣼսіਔሧbቔູ၂ᇕሧđૌࣼടࠣ֞oൈࡗ൪့p໙ีb ఃؽđ۽ದૌ෮ႚႵ֥ؓఒြགྷࣁੀਈ֥ေಃෛఒြࣼြඣطקၛࠣေಃ҂ିࣉྛ൧ӆࢌၞ෮Ӂള֥٤ሇ၍ྟ໙ีbᄝ-.'ଽ҆đ۽ದ෮ႚႵ֥ေಃऎႵ٤ሇ၍ྟđࠧ۽ದ҂ିԛછሱ֥࠭Ӯჴሧ۬აഺჅಃbᅓ೦ა઼क़ਟಪູđᆃ၂൙ൌؓఒြ֥ᄎྛӁളਆ۱ᇗေࢲݔğ
҂ିࣉྛႵི֥ܵࡓĠ
ܦჴࡼ߶Ⴕᇗ֥oሧቆކp໙ีđᆃࣼࡨഒਔૌ؟ဢ߄ሧ֥ି৯đՖط္ࡨഒਔૌؓሧЧ֥ླb ఃđؓఒြଽ҆۽ದҕაथҦބ॥ᇅܵᆀ֥ᆟᇍӱ֥ࢸק෮Ӂള֥॥ᇅ໙ีbᅓ೦ა઼क़ਟಪູđೂݔ҂།വ۽ದૌႚႵ֥॥ᇅಃđᄝޓնӱ؇ഈࣼ҂߶թᄝమᄝሧᆀؓ-.'֥ഺჅေಃႵ௧్֥ླbᄝૌुটđ҂߶թᄝຓ҆ሧᆀ߶ሱ჻ֹࡼఃሧࣁ٢ྏֹᄝႮ۽ದૌႚႵປಆ॥ᇅಃ֥সᆀܵఒြđሧᆀ༐ຬ࠻൞۽ದႻ൞ܵᆀ֥ದૌၛଖᇕٚൔࡼഺჅေᆀֹ໊֥۳ૌᆃᇕ౦ঃ္൞҂ॖି֥b aӁಃ࿐ஊؓ-.'ຓ҆ವሧ֥࣮ ࣐ܵӁಃ࿐ஊંᆣਔ-.'ଽ҆ሧ҂ቀđVanekč1970ĎაMeadeč1972Ďᄻࣜಪູđ۽ದૌູਔࡹ৫ఏoሱ֥࠭ఒြpđoॖၛՖದሧࣁ܂ႋ֥ࣩᆚྟሧЧ൧ӆഈđࠇᆀՖԛౢ൧ӆ֥ሿਧׄഈԛሿݓࡅሧЧሧჷ֥ᇏနᆟکቆᆮପđሿ֞ᆃུሧЧሧჷbpႿ൞đ Ӂಃ࿐ஊࣉ၂҄ંᆣđᄝಌكದ෮Ⴕಃ౦ঃ༯đႮႿҍڶჿඏ֝ᇁ֥࣪Ӂಃሧ҂ॖିđ-.'൫ՖሧЧ൧ӆࠆ֤ವሧ္ࡼٳb ֥ಒđՖჰᄵഈࢃđ۽ದॖၛࢹೆࡹ৫ఒြ෮ླሧࣁbᄝ၂۱թᄝ֣֡ڄགაཟ࿊ᄴ֥ྐႨ൧ӆഈđ۽ದࡼॖିᅳ҂֞վٚ(StiglitzđWeiss, 1981).b္ࣼ൞ඪđႮႿ۽ದ֥ҍڶჿඏđمູԷࡹ၂۱උႿૌሱ֥࠭ఒြࣉྛವሧb ൮༵ॉ੮֣֡ڄག໙ีbᆃ෮ᆷ֥ሧЧ൧ӆ֥֣֡ڄགđ൞ᆷթᄝᆃဢ֥າགđࠧ۽ದቔູࢹٚđᄝࢹվކၘࣜղӮުđࡼഡمၛ٤ఔჿྟྛູđؓቔູ٢ॻದ֥ሧЧࡅീࡆӮЧbбೂđࢹٚॖି࿊ᄴڄགݖ؇ཛଢbڄགݖ؇ཛଢສສϴෛۚ߭БੱაۚڄགੱbطၹູLMFᇏđ൞ቔູࢹ֥ٚ۽ದཚႵഺჅ॥ᇅಃbᆃᇕνஆႵ০Ⴟ۽ದ֤֞ڄགݖ؇ཛଢ֥ሧۚ߭БđطࡼॖିᄯӮ֥ാ۳٢ॻದӵքđၹط္֤LMFᇏ֥۽ದ֥ಒႵࠗৣᆃဢቓb ູਔх૧ሧЧ൧ӆഈ֥֣֡ڄགđ٢ॻದؓࢹॻದ၂ϮҐ౼ᇕቓمğ၂൞ࢹॻದсྶᄝࢹೆሧЧభႚႵሱ֥࠭࣪ሧӁሧࠧӁಃሧbၹູࢹॻದေؓሱ֥࠭Ӂಃሧڵᄳđၹط္ࣼсྶؓ٢ॻದ֥ሧࣁڵᄳĠؽ൞ࢹॻದႵቀܔֹҍڶቔַູbၛЌᆣᄝሧാϧުđିܔ݂Ֆߎ٢ॻದପ෮ࢹೆሧࣁĠ൞ࢹॻದႵି৯ؓᅏༀڵཋᄳbLegrosބ 15 Ч҆ٳଽಸᅋሱᇛটč2004ĎđuູહসܵఒြݨğؓၘႵࢳ֥ሸඍvđ۽ቔં໓b 12
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ Matthews (1993) ၘࣜіૼđᆺေ۽ದڵཋᄳၹطؓֆ۱۽ದ֥ԩـ္ીႵཋᇅđ۽ದކࠄఒြᄝླ၂۱ຓᄝກದ٢ޙყෘჿඏൈطࢤི࣍ੱ୭৯ඣbႮႿ۽ದҍڶޓႵཋൈđӁಃሧЧദࣼ҂ॖିࣉྛĠࢹೆሧЧൈ္ીႵቀܔ֥ҍڶቔַູĠط၂֊ሧാϧđ္ીႵϷمڵཋᄳbၹطđ֣֡ڄག֥թᄝ֤۽ದॖିᅳ҂֞վٚb ૌࢤሢሇཟษંྐႨ൧ӆֻ֥ؽ۱bࠧཟ࿊ᄴbᆃ෮թᄝ֥າགđѩ҂൞ࢹॻದࡼᄝվॻކదרު࿊ᄴ҂ᆞಒྛູđط൞٢ॻದ๙ݖ൙༵ܴҳđ࿙ᅳކൡࢹॻದ֥ӮЧۚđၹطॖିა҂ކൡ֥ࢹॻದదרվॻކbૌᆩ֡đ٢ॻದಒקࢹॻದႵቀܔ֥ࣜႏି৯ၛࠣࢹॻದሧཛଢቀܔνಆ൞٤ӈᇗေ֥đطေᆇᆞࠆ֤ᆃུྐ༏หљbၹطສສࢹᇹႿoྐݼԮ־pࠏᇅđࠧࢹॻದсྶཟమᄝ֥٢ॻದؿԛଖᇕো֥ྐݼđၛᆣૼሱ֥࠭ࣜႏି৯ၛࠣ෮ሧཛଢ֥νಆྟbط၂Ϯٳ༅္іૼđᄝ၂۱नޙᇏđۚᇉਈ֥ࢹॻದႵࠗৣ๙ݖ҂֥ٚൔࣼૌ֥ᆇൌোؿԛྐݼ(Stiglitz and Weiss, 1981).b 16ᅦົ႒č1995Ď๙ݖႄೆᆃဢ၂۱ࡌקđoܴҳ၂۱ದ֥ࣜႏି৯ࢠᆭႿܴҳЧದ֥ҍڶđေ֤؟đఃӮЧ္ေ֤ۚ؟pđၹՎđࡼoҍڶ؟ഒp൪ູࢹॻದࣜႏି৯֥ቋႵ৯ྐݼbᄝᆃᇕࡌק༯đᄝࣜݖ֥۬ଆ֝ުđ֤ԛਔ၂۱oႮమᄝ֥٢ॻದ෮ീࡆ֥ఒြࡅ۱ದҍڶ֥༯ࢸpbࠧႮႿሧЧ൧ӆ֥ቔႨđoቓఒြࡅ֥Ⴊ༵ಃࠇ࿊ᄴܵҪ֥ಃຯᆭ෮ၛႮሧЧࡅႚႵđ൞ၹູࣼཁൕࣜႏି৯طđڶದቓఒြࡅ֥࿊ᄴб౫ದቓఒြࡅ֥࿊ᄴऎႵ۷ն֥ྐ༏ਈpđطؓႿ౫ದটඪđoၹູᄝࣜႏି৯උႿದྐ༏่֥ࡱ༯đ൧ӆϜ֥ࢠഒ֥۱ದҍڶ֒ቓࢠ֮čყ௹Ďࣜႏି৯֥ྐݼpđoఃࢲݔđڶႵ֥ၩ჻ఒြࡅФ൧ӆ࿊ᇏđ౫֥ၩ჻ఒြࡅᄵФ൧ӆऋधpbႮՎ္ॖၛ֤ԛࢲંđႮႿҍڶჿඏ֥ჰၹđཌྷؓ౫֥۽ದࡼၹູمղ֞oమᄝ֥٢ॻದ෮ീࡆ֥ఒြࡅ۱ದҍڶ֥༯ࢸpطمࠆ֤ࡹ৫උႿሱ֥࠭LMFఒြ֥ವሧb Ԣਔܱᇿࢹॻದ֥ࣜႏି৯đ٢ॻದߎᇗ൪ཛଢ֥νಆྟbؓ٢ॻದটඪđॖၛؓࢹॻದ෮ิၰ֥ሧཛଢࣉྛטҰѩંᆣđᆃ҂ࣇླေޓ֥ۚӮЧđطࢲݔໃсӮۿbၹՎđ๙ݖଖᇕྐݼđႮࢹॻದᄝሧЧ൧ӆഈཟమᄝ֥٢ॻದԮ־ሧཛଢνಆྟ္ဢᇗေbMas-Colell, Whinston, ބ Greenč 1995, Ch. 13Ď࣮֩ಪູđԮ־ሧཛଢνಆྟቋ௴๙17֥ྐݼྙൔࣼ൞ࢹॻದ༵ሱ࠭ೆ၂ུЧࣁđࠧ࣪ሧӁሧčӁಃሧĎđၛՎཟପུ٢ॻದაఃຓᄝሧᆀ٢ԛ၂۱ྐݼğᆃ۱ཛଢᆴ֤ሧbൈđࢹᇶ൞ಪᆇ֥đ҂߶বࠇౠཟႿषႚႵఫտሰ֥ᅏಃದӵքݖ؇֥ڄགbط္ᆞၹՎđᄝޅ౦ঃ༯đ٢ॻದ҂჻ၩູ၂۱ປಆौᅏༀࡹ৫֥ఒြࣉྛವሧbᄝགྷൌᇏđ֒۽ದႵ၂۱ᆴ֤ቔ֥ཛଢૌ۱ದҍڶޓഒൈđૌمࣉྛ࣪ሧӁሧđၹط္ࣼمՖమᄝ֥٢ॻದପ֤֞ު࿃ವሧb ඹaܱႿ-.'֥ࢌၞӮЧࣜ࠶࿐࣮ ຯ৷ଚ೦ᄻᆃဢۀওࢌၞӮЧࣜ࠶࿐֥ނྏğ۴ऌ҂֥ቆᆮࢲܒčࠧᇍି৯ ࠣႵܱӮЧ҂Ďট࿊ᄴ҂֥čࠧऎႵ҂උྟ֥ĎࢌၞٚൔđॖၛࢫസࢌၞӮЧbࠇᆀඪđᆺႵପུࢫസࢌၞӮЧ֥ࣜ࠶ቆᆮҌ൞Ⴕིੱ֥ቆᆮđطႵིੱ֥ቆᆮҌିളթbؓ-.'֥ࢌၞӮЧࣜ࠶࿐࣮đսіྟದູݱણථbఃᇶေܴׄ൞đၹູቆᆮౠཟႿࡨഒࢌၞӮЧđ෮ၛđ-.'ᆺିᄝหק่֥ࡱ༯ҌିႵིੱb ຯ৷ଚ೦ߎࡼoሧӁህႨྟpࠣo҂ປಆఔჿpٳ༅ॿࡏ္ବೆࢌၞӮЧࣜ࠶࿐࣮ ٓԐbᄝ-.'֥࣮ᇏ֤ԛ֥ཌྷႋࢲં൞ğoሧӁህႨྟpࠣoఔჿ֥҂ປಆྟpđ֤ఒ 16ᅦົ႒đuఒြ֥ఒြࡅiiఔჿંvđഈݚ৳ ୍ϱb 17 ᇿၩ֞აࢳथ֣֡ڄག໙ี෮ླေ֥Ӂಃሧ҂đުᆀ൞ࢳथڄགٳքࠇַ໙ีđطᆃ֥Ӂಃሧࣇࣇ൞ቔູԮ־ሧཛଢνಆྟ֥ྐݼb 18 ຯ৷ଚ೦đuሧЧᇶၬࣜ࠶ᇅ؇iiંఒြదჿა൧ӆదჿvđᇏၲЧđഅༀႆܶ2002୍ϱֻ30-31်b 19 ຯ৷ଚ೦ᄝਙईࢌၞӮЧࣜ࠶࿐ੂ۱หׄൈಪູđo൮ՑิԛሧӁህႨྟؓࣜ࠶֥ᇗေၩၬѩႨၛࢳൌ࠽໙ีpđၛࠣoหљ఼ט༯ࢳथčط҂൞م๖ࢳथĎ֥ቔႨđᇗׄ൞࣮ކదרၛު֥ᇅ؇໙ีpđ 13
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ြ၂Ϯ҂߶ҐႨ-.'ቆᆮྙൔb aݱථણؓ-.'֥ࢌၞӮЧࣜ࠶࿐࣮ č1Ď ࠎЧܴׄ ᄝݱણථᆭభđၘࣜႵ࿐ᆀႨࢌၞӮЧࣜ࠶࿐ٚم࣮LMFbೂѯବථčHolger BonusĎ20ᄝఃuቔູ၂۱ఒြ֥ކቔ৳ކ߶ğ၂۱ࢌၞࣜ࠶࿐֥࣮vč1985Ď֥ં໓ᇏđૼಒิԛఃษંࡹ৫ᄝࢌၞӮЧࣜ࠶࿐ഈbಪູđᄝLMFଽ҆թᄝཟྏ৯აྏ৯đކቔഠ֥ᇶေุࠢቆᆮႪ൝টሱႿđࡼܱࢌၞଽ҆߄֞ႮࢌၞህႨሧჷ܋ႚႵ֥ఒြᇏđ๙ݖᆃᇕٚൔđૌх૧ਔຓ҆ࠏ߶ᇶၬؓఃሧӁള֥ሙሿࣁ֥మᄝຯཽđൈđఃଽ֥҆oކቔࣚപpႻቀၛ॥ᇅଽ҆ࠏ߶ᇶၬ֥ຯཽbၹطđಪູLMF൞ࢌၞӮЧޓ֥֮၂ᇕఒြᇅ؇νஆđLMFoЧദభܻࣟૼđѩᆴ֤Ϝቔູ၂ᇕቆᆮྙൔࣉྛٳ༅pb ݱථણ֥ᇷቔuఒြ෮ႵಃvčThe Ownership of Enterprise đ1996Ď൞ၛࢌၞٮႨაӁಃٳ༅ٚم࣮LMFၛࠣކቔഠٚ૫ቋᇗေ֥ᇷቔbᆃЧᇷቔ֥ቋࠎЧหᆘ൞đѩ҂൞၂۱၂Ϯ֥LMFંđط൞ܱႿఒြ෮Ⴕಃ֥၂ϮંđษંਔLMFၛࠣކቔഠ֥҂োđൈ္ษંਔఃቆᆮྙൔၛࠣ෮ႵಃࢲܒbЇওሧᆀ෮Ⴕఒြbݱථણ֥ༀ൞ࢳૌၘܴࣜҳ֥֞ଖᇕ෮Ⴕᇅࢲܒb߭ճਔᇭ؟໙ีbбೂđູહ୪ြളӁᆀ۷჻ၩ๙ݖކቔഠ֥ٚൔԛછఃӁԛط҂൞ࡼૌછ۳ሧᆀ෮Ⴕ֥ఒြĤ൞હ֤LMFᄝଖུၹ༯бః෮Ⴕಃྙൔ۷ႵིੱĤ ݱථણູؓહ߶ԛགྷ҂෮Ⴕಃνஆ֥ࢳ൞đఒြࡼ࿊ᄴࢌၞӮЧቋཬ߄֥֥෮Ⴕಃࢲܒb္ࣼ൞ඪđᄝݱථણुটđଖུఒြᆭ෮ၛ࿊ᄴLMFቆᆮྙൔđ္൞ԛႿࢫჿࢌၞӮЧb č2Ďંٳ༅ॿࡏ ݱථણ൮༵ิ܂ਔ၂۱ંॿࡏb ൮༵đაᇶੀఒြં၂ဢđݱථણࡼఒြ൪ູ၂ቆఔჿ֥৳ࢲbطᆃུఔჿ֥ܿٓ൞۲ᇕࢌၞܱ༢bՖܼၬഈࢃđఒြࣉྛ֥ૄ၂гࢌၞࡹ৫ᄝაࢌၞؓٚᆭࡗ֥٤Վࠧд֥ਆᇕܱ༢ഈbֻ၂ᇕܱ༢ູo൧ӆކჿܱ༢pđࠧࢌၞ֥ؓའ҂൞ఒြ֥෮Ⴕᆀđᆺ൞๙ݖކაఒြႵഅြສটĠطਸ਼၂ᇕܱ༢ᄵ൞o෮Ⴕಃܱ༢pđࢌၞ֥ؓٚൈ္൞ఒြ֥෮Ⴕᆀb ླေඪૼ֥൞đᄝݱථણ֥קၬᇏđ൧ӆކჿܱ༢ა෮Ⴕಃܱ༢đაຯ৷ଚ೦љ֥෮໌൧ӆކჿაఒြކჿႵ۴Ч҂bᆃ֥൧ӆކჿܱ༢đ҂ࣇЇওਔຯ৷ଚ೦෮໌֥൧ӆކჿ֥ಆ҆đൈߎЇওਔຯ৷ଚ೦෮໌֥ఒြކჿ֥҆ٳđࠧoܱ༢ఔჿpbбೂđؓႿKMFఒြটඪđఒြაູఃิ܂ሧЧ֥ग़ᆭࡗࣉྛ֥ࢌၞ൞ၛ෮Ⴕಃ֥ྙൔປӮ֥đطაܦჴᆭࡗࣉྛ֥ࢌၞᄵ൞๙ݖ൧ӆކჿܱ༢ປӮ֥bཌྷّđᄝ၂۱LMFఒြᇏđఒြაܦჴ֥ܱ༢൞෮Ⴕಃܱ༢đطაሧЧࠣఃေ෮Ⴕᆀᄵ൞൧ӆކჿܱ༢bطᄝຯ৷ଚ೦ପđKMFఒြაܦჴ֥ܱ༢൞ఒြކჿđࠇᆀඪoܱ༢ఔჿpđط٤൧ӆކჿb ݱථણಪູđ෮Ⴕಃᇂ֥൮ေ໙ีđ൞ఒြაః෮Ⴕग़ᆭࡗ֥൧ӆࢌၞሹӮЧղ֞ቋ֮đၹՎđᄝః่ࡱ҂э֥౦ঃ༯đೂݔఒြϜ෮Ⴕಃᇂ۳აఃࢌၞᄥმቋնᅰθč္ࣼ൞ၹ൧ӆ҂ປطӵքቋۚࢌၞӮЧĎ֥ପ၂োग़đఒြ֥ࢌၞӮЧሹحࡼൌགྷቋཬ߄bࠇᆀ۷ࡥֆֹඪđఒြೂݔࡼაః൧ӆࢌၞӮЧቋն߄֥ग़ᆭࡗ֥൧ӆކჿܱ༢эູ෮Ⴕಃܱ༢đࢌၞӮЧࡼቋཬ߄b෮ႵಃંѩીႵ֞Վࢲඏğၹູ෮Ⴕಃܱ༢Чദ္ႵӮЧđ෮Ⴕಃܱ༢ӮЧٳູਆ҆ٳğ၂҆ٳ൞ૌ෮໌֥ఒြᇍӮЧđЇওఒြ෮ႵಃದุࠢथҦ֥ӮЧaܵದჴ֥ࡓӮЧၛࠣၹุࠢथҦാ༂ࠇܵࡓ҂৯ᄯӮ؎ ൞ࢌၞӮЧࣜ࠶࿐ਆնหׄb ѯବථđuቔູ၂۱ఒြ֥ކቔ৳ކ߶ğ၂ٺࢌၞࣜ࠶࿐֥࣮vđήೋक़·٣੧Ѱؘ֩ᇶщaࣜໂၲuྍᇅ؇ࣜ࠶࿐vđഈݚҍࣜն࿐ԛϱഠ ୍ϱb 14
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ հ༂ބܵದჴಃ৯ளᅮط֝ᇁ֥ఃӮЧĠਸ਼၂҆ٳӮЧ൞აഺჅ෬౼ಃཌྷ৳༢֥ڄགӵքӮЧb ෮ၛđ෮ႵಃંቋᇔႵࢳथ֥໙ี൞đᄝӮЧቋ֥֮෮Ⴕಃᇂሑ༯đఒြࢌၞӮЧ֥ሹބൌགྷቋཬ߄b္ࣼ൞ၛ༯ਆᇕӮЧᆭބղ֞ቋཬğč1Ďఒြა٤෮Ⴕದ֥ग़ᄝ൧ӆഈ֥ࢌၞӮЧĠč2Ďቔູఒြ෮Ⴕದ֥ପ၂োग़ႚႵఒြ֥෮ႵಃӮЧb č3ĎؓLMF֥ࢌၞӮЧٳ༅ ႋႨၛഈંॿࡏđݱථણؓLMFఒြ֥ਆোӮЧٳљࣉྛਔٳ༅bᄝٳ༅ൈđൈбࢠਔKMFᄝܦႛস৯ٚ૫֥ࢌၞӮЧb ii൧ӆࢌၞӮЧ ݱථણՖၛ༯ٚ૫бࢠਔLMFఒြაKMFఒြ֥൧ӆࢌၞӮЧb ֻ၂đࡓbႮႿؓ۱љܦჴ֥۽ቔࣉྛࡓሹ൞ޓđ෮Ⴕၛস৯ູѓ֥֥൧ӆކჿࢌၞሹ൞૧҂ਔေടࠣ၂קӱ؇֥֣֡ڄགđطLMF֥i۱ޓᇗေ֥ݺԩࣼᄝႿႵᇹႿࢳथ֣֡ڄག֥໙ีđѩࣉطڿఒြ֥ളӁ৯bॖၛड़ק֥൞đᆺေఒြܦႛਔ؟ܦჴđࠧ൞ᄝLMFᇅ؇༯đૄ۱ܦჴ္ᆺӵքఃবྛູ֝ᇁ֥ӮЧ֥၂ཬ҆ٳđLMFൈߎ۳ૄ۱ܦჴၛ০ၭՏࠗđܝৣૌಀࡓሱ֥࠭൙đ๙ݖཌྷീࡆ৯টࡨഒবྛູđᄝሧᆀ෮Ⴕ֥ఒြđܦჴ๙ӈીႵᆃᇕ৯b ֻؽđ෭קbఒြ֥ޓ؟ܦჴॖି૫ਢሢ၂۱൧ӆᆦ৯ުᇂ֥໙ีđᆃࣼ൞෭ק֥໙ีb֒ଖ۱ܦჴູ၂۱หק֥ఒြ۽ቔۄ୍ၛުđ֥ିॖିၘࣜᆌؓᆃ၂หקఒြህ߄ਔđطЧದބ֥ࡅ๖ॖିၘࣜധധᄽ۴Ⴟֹ֥֒ഠđᆃᇕ౦ঃ༯đLMFିࢳथ෭ק໙ีb ֻđҦྟྛູb ᄝKMFఒြđܵҪ๙ӈб௴๙ܦჴ۷ਔࢳఒြໃট֥ࣜႏభࣟđᆃུྐ༏ॖିടࠣఒြི֥ၭaؓದ৯ሧჷ֥ླaၛܱࠣоࠇϬథ۽ӌ֥౦ঃ֩đაՎൈđ௴๙ܦჴ္ႚႵܵҪمࠆ֤֥ܱႿఃሱദ֥ࠏ߶ބொݺ֥ྐ༏đЇওૌିܔࢤ൳֥ቋ֮۽ሧָ֥ཌaิۚ۽ቔਈ֥మ৯aၛࠣؓఒြࡨჴᄹིaטᆜଽ҆ቆᆮ֥ڿ۪ᆟҦ֥ӵ൳ି৯bႮႿթᄝᆃᇕྐ༏҂ؓӫ֥໙ีđఒြ֥௴๙ҪჴބܵҪᄝซ֥ݖӱᇏ߶ౠཟႿҐ౼ҦྟྛູđϠ۽ބоӌࣼ൞ᆃᇕྛູ֥ࠞ؊іགྷđᆃࣼ҂ॖх૧ֹᄹࡆਔචٚղӮླྀၰ֥ࢌၞӮЧđطLMF֥၂۱ޓᇗေ֥ݺԩࣼᄝႿॖၛࢆ֮ࠇᆀཨԢᆃᇕӮЧb ֻඹđொݺԮ־bᄝሧᆀ෮Ⴕ֥ఒြđႵུܱႿܦჴ֥۱ದொݺ֥ྐ༏ॖିمФሙಒ༂ֹԮ־۳ܵҪđཌྷؓটඪLMFᄝᆃٚ૫ࣼႚࢠնႪ൝đૌॖၛᆌؓܦჴ֥҂ေটഡ࠹၂۱ቋႵིੱ֥ࣜ࠶Бԏބ۽ቔ่ࡱቆކb ֻđၳ߄b၂۱Ф௴๙ࢤ൳֥ܴׄ൞đ๙ݖކᄝ൧ӆഈܦႛস৯߶֝ᇁ۽ದ֥ၳ߄đܦჴ෮Ⴕᇅఒြđ๙ӈܿଆޓཬđস৯֥ᇉྟཌྷؓটඪбࢠ఼đଽ֥҆ࠩљ߃ٳ္бࢠࡥֆđᄝᆃᇕߌఃൌޓԛགྷၳ߄֥໙ีb ၹՎđݱථણ֤ԛࢲંಪູđކᇅ֥ܦႛٚൔཌྷбđLMFᇅ؇ᄝིੱഈႵޓ؟ႪӉđᆃఃᇏЇওิۚܦჴ֥সളӁᄚaٝᆸႮ෭קᄯӮ֥ࠏ߶ᇶၬྛູaࡨഒซݖӱ൙֥Ҧྛູaൿ֝Ⴕܱܦჴொݺ֥ྐ༏Ԯ־ၛࠣࡨഒܦჴ֥ၳ߄֩bՖଖᇕၩၬഈটඪđၛഈᆃུႪӉႵᇹႿඪૼູહLMFᄝၘࣜҐႨᆃᇕ෮Ⴕಃྙൔ֥ྛြᇏೂՎӮۿb ݱථણಪູđLMFᄝ൧ӆࢌၞӮЧഈཌྷؓႿKMF֥Ⴊ൝ಏمࢳLMFᄝൌᇏ֥ٳ҃ଆൔbၹູೂݔLMF൧ӆࢌၞӮЧޓ֮đοࢌၞӮЧࣜ࠶࿐ࠎЧંđLMFႋھିܔܼٗթᄝطିܔ҂؎ӮӉbགྷൌᇏđKMF֥ቆᆮྙൔಏ۷௴ђđطܿଆ၂ϮնႿLMFఒြbၹՎđေᆇᆞ࿙ᅳLMFٳ҃ଆ֥ჰၹđߎေбࢠؽᆀ֥෮ႵಃӮЧb ii෮ႵಃӮЧ ᄝݱථણ֥ٳ༅ॿࡏᇏđ෮ႵಃӮЧЇওսӮЧčົӻ֥ܵӮЧĎaڄགӵքӮЧ 15
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ၛุࠣࠢथҦӮЧb ֻ၂đսӮЧbႮ෮Ⴕಃა॥ᇅಃཌྷٳᄯӮ֥໙ีiiࠧࡓܵҪ֥սದӮЧiiᄝLMFॖିѩ҂འᄝKMF֥ఒြପહᇗbሧЧ֥ೆᆀ๙ӈ٤ӈٳđԢਔఒြ܄षؿ֥҃ሧਘđૌ၂Ϯم๙ݖᆺ౻֡ࠆ֤Ⴕܱఒြ֥ܵྐ༏đૌӻႵ֥ଖ၂ఒြ֥ᆣಊ္ᆺ൞ૌᇙ؟ሧᇏ֥၂۱҆ٳb෮ၛđሧᆀ၂Ϯޓؓఒြ֥ܵҪࣉྛࡓbཌྷّđቔູູఒြڛༀ֥၂ཛڬӁđLMF֥ܦჴ๙ӈᅧޓ؟֥ఒြྐ༏đطૌ္Ⴕޓ؟౻֡ট۷ྍᆃུྐ༏đ҂ࣇೂՎđႮႿܦჴ֥ն҆ٳ൬ೆჷႿఒြđఒြ֥ྖකೃ္ࣼ۷ᆰࢤֹܱ༢ሢૌሱദ֥০ၭbՎຓđૌ္۷ಸၞቆᆮఏটุࠢྛđ෮ၛܦჴ࠻Ⴕࠏ߶္ႵၹಀෆࠢႵܱܵҪіགྷ֥ྐ༏iiࠇᆀଁބᆦӻପུ჻ၩູૌིଁ֥սіটෆࠢᆃུྐ༏iiѩ๙ݖุࠢྛট߭ܵҪڛՖૌ֥ၩᆽb ֻؽđڄགӵքӮЧbڄགӵքି৯ҵ൞ܦჴ෮Ⴕಃ֥၂۱ࣜӈФิ֥֞ಌׄb۽ದ҂ିൈູࠫ۱ఒြ۽ቔطٳڄགđሧᆀཌྷбđૌӵքఒြഺჅ൬ၭѯ֥ି৯ࣼбࢠb෮ၛđૌ္ྸॖၛඪڄགӵք൞෮Ⴕྛြᇏ֥LMFఒြმ֥֞ቋն֥၂۱ᅰθđႭః൞ᄝପུሧЧૡ֥ࠢఒြđܦჴӵք֥ڄག္ၹఒြြༀ֥ྟᇉطӮПᄹࡆbॖ൞Ⴕ౿֥൞đགྷൌളࠃᇏु֥֞LMF֥ٳଆൔಏაڄགٳ֥҃ሑঃႵུԛೆğбೂđކϰြ൞ሧЧཌྷؓૡࠢط໗קྟࢠҵ֥ྛြđ୪ြ྾ତြ္൞ۚೆۚڄག֥ྛြbൌᇏሧᆀ෮Ⴕ֥ఒြᄝᇶေ୪ቔ൧ӆഈ෮ᅝٺح٤ӈཬđᆃᆣૼڄགӵքؓႿ෮Ⴕಃྙൔ֥࿊ᄴটඪѩ҂൞၂۱ޓᇗေ֥ၹb ֻđุࠢथҦӮЧbᄝஆԢਔၛഈ۲ᇕӮЧӮູथקLMFᄝགྷൌᇏٳ֥҃थקྟၹ21ᆭުđݱථણႨਔ၂ᅣ֥ږඪૼđᄝLMF֥෮ႵಃӮЧᇏđุࠢथקӮЧ٤ӈۚbܦჴ҂֤҂ؓᇭ؟҂໙ีࣉྛุࠢथҦğ۽ሧa۽ቔ่ࡱaሿਧࠇࢳܦ۽ದaሧ֩֩bطܦჴᄝᆃུ໙ีഈ֥ொݺ۲ၳğ౼थႿᇭೂ୍ਭa௹ຬ௹aҍڶaڄགညذ֩bᆃ֤थҦݖӱэ֤ٳυğ๙ݖ߶ၰaษંၛࠣௐaӜཧᄪ௹थקaטࢫӾߏ֩֩bၹՎᆃ֤۽ದ෮ႵఒြᄝथҦഈაሧЧ॥ᇅఒြཌྷбࢠིੱ۷֮b ቋުđݱථણࡼLMFაKMF֥ሹࢌၞӮЧࣉྛбࢠުಪູđ࣐ܵLMFᄝ൧ӆࢌၞӮЧഈбKMFࢫჿđႮႿೂՎุ֥ۚࠢथҦӮЧđཌྷ֒ӱ؇ഈַཧਔLMFᄝ൧ӆࢌၞӮЧഈ֥ࢫჿđቋᇔ֤LMFཌྷؓႿKMFٳ҃ࢠݨĠطđԛႿࢫჿุࠢथҦӮЧ֥ླေđགྷൌᇏ֥LMF၂Ϯܿଆޓཬb 222aoሧӁህႨྟંpᄝLMFᇏ֥ႋႨ ႨoൌሧӁህႨྟpંđࢳູહ๙ӈ൞ႮሧЧࡅ॥ᇅఒြaط-.'ཌྷؓݨ֥໓ངٳپڶbᆃૌࣇؓ۱Ⴕսіྟ֥ሧӁህႨྟંቔ၂ࡥࢺğຯ৷ଚ೦֥ࢌၞӮЧٚمđႮݗหބఃކቔᆀؿᅚఏ֥ഺჅ॥ᇅಃॿࡏၛࠣႮ֡%PXؿᅚఏ֥ࢌၞॿࡏb č Ď ຯ৷ଚ೦֥ࢌၞӮЧٚم 8JMMJBNTPO
čაՎোර֥ܴׄႿ,MFJO
$SBXGPSEބ "MDIJBO đ ĎࡌഡൌሧӁ൞ఒြህႨሧӁđطದ৯ሧӁಏ҂ऎႵህႨྟbࠇᆀඪđᆯ۽ิ܂၂Ϯྟିđၹطթᄝ၂۱স৯ປಆࣩᆚྟ൧ӆĠطఒြ֥ൌഡС၂֊ႨႿఃႨࡼ߶ъᆴbളӁ৯൬ࠆॖၛӈӈӁളႿႵሢնਈӦીӮЧ҆ٳ֥ൌህႨሧӁሧbಖطđᆃဢ֥ሧӁള၂۱൙ުሙሿࣁčRVBTJ SFOUĎđط၂֊ൌህႨྟሧӁթᄝđࣼᇅᄯਔ၂۱ࠏ߶ᇶၬႺࠈđ۽ದႵࠗৣಀؓሙሿࣁࣉྛᄜٳbႮႿਆٚ૫ჰၹᆃ߶֤ࣼ٤ӈυğ൮༵đᄝྐ༏҂ؓӫ่֥ࡱ༯đؓሙሿࣁࣉྛซ֥ݖӱЧദޓυѩᇿקࡼാϧ ,FOOBO ބ 21 ݱථણߎ༵ުॉҳਔྍܞׅંაӁಃ࿐ஊิԛ֥oّӈ܂۳paoࣼြ҂ቀpaoൈࡗ൪့paoವሧp֩໙ีđಪູᆃུ໙ี҂ܒӮथקLMFᄝགྷൌᇏٳ֥ܱ҃ྟၹb 22 Ч҆ٳଽಸᅋሱᇛটč2004ĎđuູહসܵఒြݨğؓၘႵࢳ֥ሸඍvđ۽ቔં໓b 16
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ 8JMTPO
đఃՑđೂݔህႨྟሧӁ֥܂۳ᆀ൙భყ௹ఃҕაᆀᄝ൙ުࡼؠӁളႿᆃ၂ሧӁ֥ն҆ٳࠇಆ҆ሙሿࣁđପહ෮ླሧࡼᄝቋႪඣᆭ༯đ߶ԛགྷሧڵࠗৣᄯӮ֥ህႨྟൌሧӁሧ҂ቀđࣉط֤টሱႿႨህႨྟሧӁ֥ളӁ৯෪ඣbູਔࢳथህႨྟሙሿࣁФؠ֥໙ีđх૧ᄝሙሿࣁซᇏ֥ࠏ߶ᇶၬྛູđቋࡄٚσ൞ࡼఒြ֥॥ᇅಃࢸק۳ህႨྟൌሧӁሧᆀbཁಖđᄝᆃᇕઆࠠ༯đ-.'൞٤ིੱ֥bၹູթᄝ۽ದᄝ൙ު๙ݖႨఃؓሙሿࣁčЧটႋھ۳ൌሧӁ෮ႵᆀĎ֥॥ᇅಃؓሧЧ܂۳ᆀీᇰ֥ۗາགbೂݔᆃᇕ൙ު֥ࠏ߶ᇶၬྛູᄝ൙భॖၛყਘ֞đሧЧ܂۳ᆀࡼ҂჻ၩೆႿఒြህႨྟሧӁbطҐႨ,.'ࣼॖၛ๙ݖࡼ॥ᇅಃࢌ۳ఒြህႨྟ٢֥܂۳ᆀႵིࢳथᆃ၂໙ีbၹູস৯ФࡌקູऎႵ၂Ϯྟࣩᆚྟିđၹط,.'ᇏ҂թᄝሧЧࡅܵ॥ᇅၛܦჴູսࡎ֥າགđ۽ದ๙ݖఃᄝຓᄝস৯൧ӆഈ֥ളթି৯طЌሱ࠭b෮ၛđ,.'б-.'൞၂ᇕ۷ູႵིੱ֥ఒြቆᆮྙൔđၹط္۷ੀྛĠط-.'္ࣼཌྷؓ۷ູݨਔb č Ď ().҂ປಆఔჿંb ᆃ၂ંႿ(SPTTNBO BOE )BSU
ၛࠣ )BSU BOE .PPSF
bؓᆃ၂ં֥٤ᆞൔӂඍߎႿ)BSU
bఃࠎЧԛؿׄ൞ఔჿ֥҂ປಆྟbᆃ၂ંಪູđႵᇕၹ֝ᇁఔჿ֥҂ປಆྟğః၂đದૌޓყਘ֞ໃটࡼ߶ؿളଧུಖྟ൙ࡱĠఃؽđࠧದૌିܔყҩ֞ಖྟ൙ࡱđ္ޓؓఃުݔᄝఔჿࡆၛऎุ૭ඍĠఃđࠧචٚᄝఔჿᇏࡼ۲ᇕಖྟ൙ࡱ༯۲ሱᄳაၬༀཿ֤ޓౢԣđᄝԛགྷఔჿ࣯ٴൈđֻٚčೂم๖Ďࠧିܴҳ֞ච֥ٚሑঃđ္ޓࡆၛᆣൌb࠻ಖఔჿሹ൞҂ປಆ֥đၹطԢਔପུ൙భିܔ๙ݖఔჿࡆၛૼಒࢸק֥ಃ০ᆭຓđߎթᄝնਈ֥م൙భૼಒ֥ಃ০ࠧഺჅಃ০b֒ࣼᆃᇕഺჅಃ০ࣉྛซ֥ӮЧٳυൈđ֒൙ದ၂ٚࣼ߶ܓೆഺჅಃ৯đᆃࣼ൞ሺཟ၂ุ߄bၹՎđ෮Ⴕಃ္ࣼ֩ႿഺჅ॥ᇅಃb().ંಪູğᆺႵህႨྟൌሧӁ֥෮ႵᆀႚႵؓሧӁ֥ᆦಃb္ࣼ൞ඪđ၂ཛሧӁ֥෮ႵᆀႚႵؓႿھሧӁ֥ഺჅ॥ᇅಃđॖၛοᅶޅ҂ა༵భ֥ఔჿaܸ২ࠇمੰཌྷິМ֥ٚൔथקሧӁ֥෮ႵႨمbᆺႵᆃဢđൌሧӁ෮ႵᆀҌॖၛ๙ݖࡼഺჅ॥ᇅಃႨႿඦ་টሱఃሧӁ֥߭Бᇏଖᇕໃࣜ൱ಃ֥ٺحđၹطؓఃྙӮ၂ᇕሧႿൌህႨྟሧӁ֥ࠗৣbᆞၹՎđੀྛ֥ఒြቆᆮྙൔ൞Ґ౼ሧЧܦႛস֥,.'ྙൔb().ߎหљᆷԛđoഺჅಃ৯֥հ༂ᇂ߶ႄఏ҂০႕ཙđႭః൞֒၂۱ఒြܓೆఃčሧЧĎ܂۳ᆀൈđᆃࣼЉؠਔھ܂۳܄ඳܵᆀؓഺჅ֥॥ᇅಃđՖط౷ਔؓܵᆀ֥ࠗৣđቀၛ܋෮Ⴕಃ֤ࣼႵݝၭpbᄝᆃđ().ൌ࠽ഈᆷԛਔ-.'ቆᆮྙൔ֥ಌཊb ().֥ٳ༅ߎіૼč Ďđೂݔ٤ఔჿ߄ܵथҦ֥൬ၭࠇӮЧሱಖӁളႿሧЧิ܂ᆀđطস৯ิ܂ᆀ֥ᆦڱؓᆃུथҦಏ҂ૹۋđପહႵིੱ֥ቆᆮྙൔࣼ൞,.'b๙ݖ၂ུࣉ၂֥҄ඌࡌഡđ()ಪູč Ďđ֒ሧЧࡅᄝൌሧӁഈ֥٤ఔჿ߄ሧбস৯ᄝದ৯ሧЧٚ૫֥٤ఔჿ߄ሧ۷ࡆᇗေđѩሧЧࡅ֥ݖ؇ሧбሧ҂ቀࢠഒݝԩൈđႮሧЧࡅ॥ᇅ۷Ⴕིੱb္ࣼ൞ඪđೂݔሧႿህႨࠏఖбሧႿದ৯ିؓႿఒြ֥ളӁੱ۷ᇗေđପહࡼ॥ᇅಃࢌ۳ሧЧ෮Ⴕᆀ൞ᆴ֤֥đၹູࡼሧЧ෮ႵᆀᇂႿ൙భซᇏႪ໊༵֥ᇂѩՖሧႿࠏఖᇏିᄹࡆ߭БđିՏࠗఃൌህႨྟሧb č Ď %08֥ܴׄ č BĎ๙ݖ҂֥ંᆣݖӱ္֤ԛਔ().ࠫެဢ֥ࢲંbఃනਫ਼൞ࢨ؍ݖӱğ൮༵đሧЧࡅᄝൌሧӁഈࣉྛ٤ఔჿ߄ሧđط۽ದᄝದ৯ሧЧഈࣉྛ٤ఔჿ߄ሧĠಖުႵ၂۱ॴൈ௹ซđࣼଧ၂ᇕ॥ᇅྟೆࠆ֤Ⴈ٤ఔჿ߄ሧ֥ಃ৯ࣉྛซbᄝ,.'ᇏđࣼস৯Ⴈ֥۽ሧ໙ีࣉྛซĠᄝ-.'ᇏđࣼൌሧЧڛༀ֥ሿࢹٮႨࣉྛซĠቋުđႚႵ॥ᇅಃ֥սದ࿊ᄴ၂۱Ӂԛඣčࠇః٤ఔჿ߄эਈĎđᄝളӁࢨ؍ڛༀႿ෮ܦႛೆ֥ҕაჿඏb%08֤ԛ֥oनޙpࢳູđ֒ൌሧӁႵӦીӮЧ҆ٳطস৯൞๙Ⴈൈđ,.'߶ԛགྷĠཌྷّđ֒স৯൞ህႨྟطࠏఖഡС҂ऎСህႨྟൈđ-.'Ӂളਔb 17
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ᆃ൞ၹູॉ੮ࣉྛህႨྟሧ֥սದсྶᄝ൙భყ௹๙ݖᅝႵ၂ུሙሿࣁটҀఃቋԚሧ֥ӦીӮЧ҆ٳbೂݔఃೆิ܂ᆀ॥ᇅఒြđૌॖၛႨૌ֥॥ᇅಃѽࠆሙሿࣁbၹູ൙భӵ୶҂๙ၛՎٚൔЉཤ॥ᇅಃޓᇗေđᄝनޙᇏࣼсྶࡼ॥ᇅಃ۳ପུህႨྟሧӁิ܂ᆀb%08ࣉ၂҄ٳ༅ಪູđႮႿགྷս۽ြྛြหׄđສສ൞ൌሧӁህႨྟ۷఼ĠطᄝൌሧӁऎႵህႨྟ֥-.'ఒြᇏđಏીႵॖ০Ⴈ֥ህႨྟሙሿࣁ҂Фോ֥ࠏᇅđ෮ၛđ֝ᇁ-.'ఒြᄝՏࠗህႨྟൌሧӁሧٚ૫ི֥ੱđط֤ᆃᇕఒြቆᆮྙൔཌྷؓႿ,.'ྙൔ۷ູݨb ඹaܱ֡Ⴟ-.'ఒြᇍં ֡čGregory DowĎ֥ྍᇷ uᇍఒြğ۽ದ॥ᇅ֥ંაൌvčGoverning the Firm: Workers’ Control in Theory and Practice. 2003Ď,ؓLMF֥ఒြᇍࣉྛਔٳ༅bᆃૌࡥֆቔ၂ࢺകb 1a ܱႿLMF֥ࢸק ֡൮༵۳ԛਔሱ࠭ؓႿLMFఒြ֥ࢸקbಪູđLMF֥ಒ్ݣၬࣼ൞oসܵఒြpط҂൞o۽ದ෮ႵఒြpbၹՎđؓLMF֥࣮ႋھܱᇿ॥ᇅಃđط҂൞ܱᇿ෮Ⴕಃbؓ॥ᇅಃ֥ᇗ൪đ۳ԛਔ၂۱ٳ҂ቆᆮྙൔ֥ކ֥ѓሙbᄝ֡ुটđKMFაLMFᆭࡗ֥љࣼӮਔቋᇔ֥აᆞൔ֥॥ᇅಃ֥໙ีğජ࿊ई൙߶Ĥೂݔճσ൞oሧЧิ܂ᆀpčࠇᆀࡆഈഒඔ௴๙ܢӻႵᆀĎđପહࣼ൞KMFĠೂݔճσ൞oস৯ิ܂ᆀpčࠇᆀᇭೂၘႵఒြ۽ቔ၂୍ၛഈ֥ᆯ۽đࠇᆀႵหק֥ҌିĎđପહࣼ൞LMFbᆃᇕٳх૧ਔݖಀؓLMF֥קၬ֥࣯ҿb 2a ؓᇶੀఒြં෮߈ொ֥ ᄝؓၘႵׅLMFఒြ֥σ২ٳ༅ࠎԤᆭഈđ֡ᆷԛđLMF൞Ⴕིੱ֥đѩ൞ିܔթᄝ֥bᆷԛđགྷսఒြંсྶӑᄀᆃဢ֥ധҪՑொğoLMFᆭ෮ၛഒ൞ၹູૌི֮ੱpbቓԛᆃဢ֥؎ᇀഒႵٚ૫֥҂ቀğ൮༵đૌ൪ᆃဢ၂۱ࣜဒ൙ൌđࠧLMFၘࣜᄝଖུหק֥൧ӆߌᇏّگԛགྷݖčೂህြކࠄఒြၛࠣ၂ུো֥൭۽ᇅᄯြĎbၹՎđࣼླေႵቀܔ֥ંটࢳॴ҆აӁြ֥LMFൌ࠽թᄝbఃՑđࡼႵིੱࠇིੱቔູLMF֥ᇶေหᆘđمࢳՖ၂ᇕቆᆮྙൔཟਸ਼၂ᇕቆᆮྙൔ֥ݖ؈bсྶႵ၂۱۷ൡ֥֒ંটࢳᄝહ่ࡱ༯ሧЧᇶၬఒြ߶Ⴎఃᆯ۽ઙ؎čغؘۑํaέົථၛࠣٗૅݴॢĎđၛࠣહ่ࡱ༯གྷթ֥LMFఒြ߶ཟఃԮሧᆀԛછčሧၿྛఒြa༆КလࢋކϰӌĎbቋުđ۷ധҪՑ֥ંॉ੮ᄝႿđ෮Ⴕّ֥ؓࠇᇶᅦLMFఒြ֥ࣜ࠶࿐ࡅࡼ૫ؓᆃဢ၂۱໙ีğೂݔሧЧބসᄝᇉაᇅ؇ٚ૫֥ೆປಆؓӫđପહࣼ҂ႋھ༵ೆູᇶֹಪູॖܴҳ֥֞ቆᆮӁԛ߶҂ؓӫbཌྷّđંఒြ൞ႮሧЧิ܂ᆀܦႛসᄎྛߎ൞সܦႛሧЧটᄎྛđؽᆀᆭࡗીႵљbႭఃીႵႮყ௹KMFაLMFᄝིੱഈ֥ҵљbၹՎđޅ฿ಖֹಪູLMFཌྷؓႿKMFི֮ੱčં൞ᄝଖ۱ห൹Ӂြđࠇᆀ൞ॴӁြĎ֥ܴׄॖିቋᇔࡹ৫ᄝ܄षࠇႅݣֹࡌഡਆᇕೆ֥ྟᇉ҂ؓӫࠎԤᆭഈb ֡يਔᇶੀఒြંܱႿ෮Ⴕಃં֥၂۱ᇗေࡌഡbᄝᇶੀఒြંᇏđ෮Ⴕಃ൞၂ቆಃ০đ฿ಖֹၩሢ෮Ⴕಃa॥ᇅಃაഺჅ෬౼ಃ൞҂ॖٳ֥bط֡ಏಪູđಪູႚႵ෮Ⴕಃࣼ฿ಖֹႚႵ॥ᇅಃၛࠣഺჅ෬౼ಃđఃൌ൞ᇶੀࣜ࠶࿐֥ொbطᄝൌ࠽ݖӱᇏđᆀఃൌ൞ॖٳ֥b ֡ᄝᇷቔᇏૼಒਔఃؓLMF֥ொιb֡ᄝభᇏᆷԛđ۽ದԢਔܱྏ۽ሧຓđߎܱྏ۽ቔνಆđ౦ۋ݂ීđၛࠣაᆯ۽ӻܢࠇ০ٳཚ࠹߃ջট֥ڄགbીႵ݂ීۋđ۽ದ҂ॖିؿሱଽྏֹ୭৯۽ቔĠૌ҂ᆩ֡ܦᇶ෮ඪ֥߅൞ڎॖौĠФܦᇶᆷק֥۽ದսіđૼ฿ 23 Ч҆ٳଽಸটሱႿဗೋaᇛটđč2005Ďđuؓসܵఒြ֥གྷսࣜ࠶࿐࣮ğ၂۱ٚمં֥ሸඍvđuᇏݓഠ߶॓࿐vֻ2௹b 18
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ࣼॖିФࢳđ۽ದᄝದ৯ሧЧٚ૫֥ሧđၹӈӈФఒြoీᇰۗpطم൬߭đಆ౯߄ঔնਔ൧ӆđ۽ದᄝࣼြა۽ሧٚ૫૫ਢ֥ڄགॢభᄹնđᆯ۽ӻܢࠇ০ٳཚ࠹߃ඪఏটරެିܔᄹࡆ۽ದളӁࠒࠞྟđေࡼ၂ള֥ԥྐྵ٢ᄝϰ൭ᇏط҂൞ሱ࠭ିܔᆇᆞᅧđᆺေམሢᆃུܢௐૼ฿္ྸࣼэӮ٬ᆼđ۽ದߎ൞ޓႱშbط෮ႵᆃུđॖၛᄝLMFᇏ֤֞ࢳथğ۽ದሱ࠭ᅧሱ֥࠭ଁᄎđ۽ದؓఒြႵ݂ීۋđ҂сքྏФࢳܦđ҂сքྏФܦᇶ௺ௌđૌሱ࠭ିؓሱ֥࠭ሧᆰࢤࡓܵb෮ၛđ֡ಪູđLMFཌྷؓႿKMF൞၂ᇕ۷ݺ֥ఒြᇅ؇νஆbູ֡Վህࡼᇷቔֻ֥ؽᅣଁູoܿٓࣜ࠶࿐ॉ੮pđٳ༅ਔ෮ಪູLMFఒြቆᆮྙൔᄝoᇶpoದྟ߄po֩poቍpo܋ุp֩ٚ૫֥Ⴊׄbಖުหљཿቔਔoቔᆀਊԛָ֥இ(The Author Shows His card)p၂ࢫđലӫݸ҂ႅ߹ሱ࠭ؓLMFఒြቆᆮྙൔ֥ொιაᇒ౦b ֡ൈߎᇶੀࣜ࠶࿐ࡅఃൌᆇᆞᄝၛၩ്ྙ႕ཙ࣮ط҂ሱᆩđѩߎյϲԛຸॣ۳ದ༯֣֡ѓሙࡼሱ႕ཙࢲݔ֥܄ᆞྟ֥ႆའbߎಪູđᇶੀࣜ࠶࿐აགྷྛሧЧᇶၬKMFᇅ؇ᆭࡗթᄝ၂ᇕሱᄹ఼֥ࠏᇅđࠧᇶੀࣜ࠶࿐ᄀ఼טKMFི֥ੱྟđᄀّؓLMFđགྷྛ֥ሧЧᇶၬࣜ࠶ุࣼؿᅚఏ၂สᇅ؇đᆃสᇅ؇ࣼᄀொιKMFđ္ᄀޭ൪LMFթᄝ֥۲ᇕᆟҦߌb 3a ູહLMFݨ ܱ֡ᇿ֥ਸ਼၂۱ᇶေ໙ี൞đ࠻ಖLMFႵིੱđູહᄝགྷൌᇏLMF֥ఒြቆᆮྙൔࢠKMFቆᆮྙൔ۷ູݨĤᄝܱႿLMFູહᄝሧЧᇶၬࣜ࠶ุᇏݨđDowč1986đ1996đ2003ĎႵሢ҂Ⴟᇶੀఒြં֥ห֥ࢳbᆷԛđགྷսఒြંсྶӑᄀᆃဢ֥ധҪՑொb෮Ⴕّ֥ؓࠇᇶᅦLMFఒြ֥ࣜ࠶࿐ࡅࡼ૫ؓᆃဢ၂۱໙ีğೂݔሧЧބসᄝᇉაᇅ؇ٚ૫֥ೆປಆؓӫđପહࣼ҂ႋھ༵ೆູᇶֹಪູKMFაLMF҂ؓӫbཌྷّđႋھಪູંఒြ൞ႮሧЧิ܂ᆀܦႛসᄎྛߎ൞সܦႛሧЧটᄎྛđؽᆀᆭࡗીႵљbDowߎር༥ബ൪ਔܱႿູહ๙ӈ൞ሧЧܦႛস֥ၘႵࢳbಪູđࡼ෮ႵၘႵ֥ܴׄࣉྛሹࢲđᄝགྷൌᇏູહ۷๙ӈ൞KMFط҂൞LMFॖၛՖ۱նٚ૫ࣉྛࢳđࠧğࡓა۽ቔࠗৣ໙ีĠವሧაሧࠗৣ໙ีၛุࠣࠢ࿊ᄴ໙ีbൌ࠽ഈđೂݔӵಪসაሧЧ൞ؓӫ֥đପહᆃնჰၹ҂൞ܒӮLMF༎ഒ֥ᇶၹbбೂđ၂֊ದ৯ሧЧбൌሧЧ۷ऎႵህႨྟđູਔٝᆸൌሧЧሧᆀؓህႨྟದ৯ሧЧሙሿࣁ֥Љཤđࣼॖၛ֤ԛLMF൞бKMF۷Ⴕིੱ֥ቆᆮྙൔbၹՎđLMFᆭ෮ၛ༎ഒ֥ቋᇔࠞჰၹߎႋھՖሧЧაসᆭࡗ҂ؓӫྟೆ൭b Dowࣜݖር༥֥ٳ༅ಪູđೂݔିࡹ৫ఏLMF֥Ӯჴሧ۬൧ӆđᄍྸषLMF֥ӮჴᄝఃӮჴሧ۬Фԛછൈ๙ݖࡼఃࡎᆴ࠹ෘӮࡎ۬đࠆ֤ఃໃটሧ߭Б֥གྷᆴĠᆃაKMF֥ܢௐ൧ӆିಞሧЧࡅࡼఃᄝଖ۱ఒြᇏሧ߭БੀሧЧ߄၂ဢbᆃဢປಆॖၛࢳथLMFଢభ෮թᄝ֥෮Ⴕ໙ีđႭఃॖၛࢳथᇅჿLMFթᄝაؿᅚቋܱ֥აሧཌྷܱ֥o൪့໙ีpaoّӈ܂۳໙ีpაሧࠗৣ໙ี֩bᆞ൞ႮႿLMFস৯ಞ؈֥đࠧӮჴሧ۬൧ӆ֥ಌكđ֝ᇁLMFཌྷؓႿKMFࣩᆚ৯đLMFᄝ൧ӆࣜ࠶ุᇏ۷ູݨbܱႿLMFӮჴሧ۬൧ӆಌك֥ჰၹđDowࣼ൞ࡼః݂ࢲ֞ሧЧაসਆေ֥҂ؓӫྟđo֤LMF֥Ӯჴሧ۬൧ӆቋ؟ᆺ൞ሧЧᇶၬܢௐ൧ӆ֥҂ປಆูսpb ᄝDowुটđসაሧЧ֥҂ؓӫྟᇶေіགྷᄝၛ༯ਆٚ૫ğః၂đ۽ದم؟ဢ߄ఃস৯ೆĠطሧЧࡅಏॖၛࡼఃሧЧೆ؟ဢ߄bधն؟ඔ۽ದᄝ၂۱ൈ௹ଽࣇࣇႚႵ၂ٺ۽ቔđ۽ቔ֥эߐѩ҂ࣜӈbᆞ൞ᆃ۱ჰၹđᄝ၂۱۳ק֥LMFᇏđӮჴሧ۬൧ӆ൞ޓཬ֥đطधն؟ඔࢌၞླေྍჴ۽აჴ۽ࠇᆀྍჴ۽ა֒భӮჴᆭࡗࣉྛචшᆰࢤࢌၞbՎຓđᆃᇕࢌၞݖӱႮႿཟ࿊ᄴ໙čีྍണ౨ᆀॖିؓႿఒြ֥ໃটభࣟᆩᆭമഒđطགྷᄝ֥ӮჴؓႿྍണ౨ᆀ֥ൌ࠽ି৯္ᆩᆭമഒĎط۷ࡆگᄖbཌྷّđሧЧᇶၬܢௐ൧ӆթᄝܼ֥ٗ؟ဢ߄֥ఒြđѩᄍྸටࡗࢌၞđᆃ֤ૄ۱ఒြ֥ܢٺႵ၂۱ޓݺֹࢸק 19
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ ਔ֥ࣩᆚྟࡎ֥۬ޓؿղ֥൧ӆbཟ࿊ᄴ໙ีᄝቋߊ֥౦ঃ༯္൞ֆш֥ط҂൞චш֥čሧᆀॖି҂ᆩ֡ఒြ֥ໃট൬ၭđఒြ҂сܱᇿఃܢௐ֥۱ุܓઙᆀ֥োაหᆘĎbଖᇕӱ؇ഈྐ༏҂ؓӫ֥թᄝ္ॖၛ๙ݖ၂ུᆩ౦ࢌၞᆀ֥թᄝطࡨđၹՎܱႿఒြ֥ᆇൌྐ༏ၘّࣜ႘ᄝ൧ӆࡎ۬ᆭᇏbఃؽđস৯൞ۚ؇ၳᇉೆđطࣁವሧЧ൞ᇉ֥bᆞၹູস৯൞ۚ؇ၳᇉೆđᄝ໊֥LMFӮჴᄝᆯ֥Ӯჴაఃսูᆀᆭࡗ֥ޅࢌၞᇏႵᆰࢤ֥۱ದ০ၭbᇀഒđૌॖၛყ௹֒ଖӮჴሧ۬Фԛ൲ൈᄝ໊ӮჴႚႵႪ༵౼ചಃčࠧႵಃ߭ܓᆯᆀ֥ٺحಖުԛ൲۳၂۱ૌ෮࿊ᄴ֥ണ౨ᆀĎđࠇᆀᇀഒླေႵؓ҂൳ߋ႒֥ྍࡆೆᆀ֥ڎथಃčᆯᆀॖି๙ݖࡼఃӮჴሧ۬ԛ൲۳၂۱հ༂֥ྍࡆೆᆀطؓ༯ট֥ᄝ໊ჴ۽ീࡆ၂۱ޓն֥ຓ҆ྟĎbᆞၹՎđLMFӮჴሧ۬൧ӆ֥ࢌၞടࠣ֞۷گᄖ֥؟шࢌၞ໙ีbčࠧᄝथק۳҂ᄍྸᆰࢤԛ൲ఃӮჴሧ۬ಃ۳ูսީ࿊ᆀ֥ᆯᆀહဢ֥ҀӊൈॖିթᄝձьӚ໙ีĎbطਸ਼၂ٚ૫đၹູࣁವሧЧ൞ᇉ֥đܢௐ൧ӆഈཬ֥ࢌၞؓႿֻٚҕაᆀܱᇗေđၹՎđোර֥໙ีᄝପུܢಃۚ؇ٳ֥KMFᇏ҂߶ԛགྷbᆞ൞ԛႿၛഈ෮૭ඍ֥ჰၹđLMFӮჴሧ۬൧ӆ֥ࡎ۬бӮჴൌ࠽ཚ൳֥གྷᆴေ֤֮؟bбೂđೂݔཟ࿊ᄴ໙ี֤၂۱ݺ֥ఒြᇏ֒భ֥Ӯჴمყ༵ࠦ౼ྍണ౨ᆀ֥Ӯჴሧ۬ປಆࡎ۬đॖିіૼLMFࡼၹุູࠢሧӁ෮Ⴕಃط֮ႿनޙሧඣѩӮӉࡼбো֥KMFေતKMFs (Dow, 1993b).bൌ࠽ഈđؓགྷႵ֥Ӯჴթᄝڵ૫֥ࠗৣđః๙ݖԛ൲۳ሧЧᇶၬሧᆀࡼLMFሇэӮKMFđࠧႮ၂۱LMFԷᄯ֥ሹഺჅӑݖႮKMFԷᄯ֥ሹഺჅbჰၹᄝႿሇߐӮKMF֤གྷႵ֥Ӯჴࠆ֤۷ն֥གྷᆴđ֒ಖ൞ၛყ௹ໃট֥LMFӮჴ๙ݖࡆೆKMFمࠆ֤֩ඔਈ֥ሿࣁቔູսࡎ֥b ᆴ֤ᆷԛ֥൞đDow֥ഈඍुمᄝགྷൌᇏޓಸၞ֤֞ᆣൌğᄝགྷൌᇏLMFӮჴሧ۬൧ӆൌᇉഈбLMFሱദ֥թᄝߎေ༎ഒbຸ၂֥թᄝӮჴሧ۬൧ӆ֥ԛ֥ൡކ֥২ሰ൞ૅݓ༆Кလࢋކϰӌ֥σ২bః༥ࢫၘູࣜ Pencavel ބ Craig (1994).֩෮࣮bطࠧ൞թᄝӮჴሧ۬൧ӆ֥ކቔഠᇏđӮჴሧ֥۬ٺحൌ࠽ഈקࡎݖ֮đطᆃၘࣜᆣൌਔഈඍં෮ҩ֥( Craig ބPencavel, 1994).bൈđࢋކϰކቔഠࢠഒႨሧЧૡࠢളӁٚمđ္ᆣૼႮႿӮჴሧ۬൧ӆᄎቔ֥٤ིੱྟ֝ᇁࡼ֮Ⴟनޙඣ(Berman and Berman 1989)bᆃඪૼđ KMF္ၹՎ൞ॖყ࠹֥མӁԛđطLMFࡼٳݨb 4a ა֡ཌྷ֥ܴ࣍ׄ Avner Ben-Ner (1984, 1988b)ܱႿቆᆮളଁᇛ௹֥ཌྷܱܴׄॖ൪ູؓDowܴ֥ׄҀԉაປbᆃᇕܴׄಪູđӮۿ֥LMFᄝ၂۱ളଁᇛ௹ުౠཟႿ߄čdegenerateĎູKMFbᄯӮᆃᇕགྷའ֥ቋܱჰၹ൞đᄝႵ০ॖ֥LMFᇏđᄝ֥Ӯჴୡ჻๙ݖၛຓᄝࠏ߶۽ሧটܦႛྍ֥ܦჴđط҂჻۳ૌၛປಆ֩ٳཚఒြ০֥Ӯჴሧ۬ྙൔࣉྛঔᅦbطೂݔLMFթᄝປಆ߁֥Ӯჴሧ۬൧ӆđၹطྍണ౨ࡆೆᆀႵၬༀڱٮ۳གྷӮჴၛࣚಒҀӊ֒ૌაྍϴٳཚ০ᄯӮ֥ാൈđᆃ၂໙ีࡼ߶ཨാb္ࣼ൞ඪđဢ൞ႮႿӮჴሧ۬൧ӆ֥ಌكაིੱđᄯӮਔLMF߄đЧটࣼ༎ഒ֥LMF۷ݨb 5a֡ؓLMF࣮֥ٚمંห ᄝٚمંഈđ֡ᄝଖུٚ૫აݱථણႵোරᆭԩđၹູਆᆀܱᇿପུൌ࠽թᄝ֥ቆᆮྙൔbႻაݱථણսі֥ྍᇅ؇ٚم҂֥൞đః၂đ֡ѩ҂ࢤ൳ࢌၞٮႨࣜ࠶࿐ᇏܱႿoթᄝ֥ࣼ൞Ⴕིੱ֥pࡌඪđၹط҂ಪູLMF֥༎ഒᄝႿఃི֮ੱbఃؽđᄝᇷቔᇏബ൪ਔ۲ᇕࣜ࠶࿐ࢳğЇওྍܞׅ֥aࢌၞٮႨ֥ၛࠣఔჿં֥ࢳđѩቋᇔഈശ֞ఒြᇍҪ૫đၹՎđ֡Ⴈ֥ٚمбݱථણսі֥ྍᇅ؇ٚم۷ࢤ൳Ⴟགྷսఒြંٚمbఃđაݱථણ҂֥൞đ֡ѩ҂ఒࡹ৫၂۱၂֥ંॿࡏၛࢳ෮Ⴕಃ֥҂đط൞ᄝఃࢲંᇏิ܂ਔ၂۱҂ٳ༅ٚم֥ሸކb ႮႿ֥֡ᇷቔېԛϱ҂ࣲđᄝ༆ٚᇶੀࣜ࠶࿐ࢸ֥ު࿃ࡎაყ௹߶҂؎ԛགྷb aсࠎЧ໓ང 20
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ Ⴕࣉ၂҄ਔࢳ-.'ંđૌࡩၛ༯ࠎЧ໓ངbૌၧܒӮЧᅣ֥ᇶေଽಸটჷb Bonin, John and Louis Putterman, 1987, Economics of Cooperation and the Labor-Managed Economy, Fundamentals of Pure and Applied Economics, No. 14, New York, Harwood Academic Publishers. Domar, Evsey D. (1966): 'The Soviet Collective Farm as a Producer Cooperative', The American Economic Review, 56: 734-757. Dow, Gregory, 1993a, Why capital hires labor: A bargaining perspective, American Economic Review 83(1), March, 118-134. Dow, Gregory K. (2003): Governing the Firm: Workers' Control in Theory and Practice, Cambridge, UK: Cambridge University Press. Furubotn, Eirik and Svetozar Pejovich (1970): 'Property Rights and the Behaviour of the Firm in a Socialist State: the Example of Yugoslavia', Zeitschrift für Nationalökonomie, 30: 430-454. Hart, Oliver and John Moore, 1990, Property rights and the nature of the firm, Journal of Political Economy 98, December, 1119-1158.ᇏၲ໓ğӁಃაఒြ֥ྟᇉvđuఒြᇅ؇ა൧ӆቆᆮiiࢌၞٮႨࣜ࠶࿐໓࿊vđഈݚ৳1996୍ϱĠ Hansmann, Henry, 1996, The Ownership of Enterprise, Cambridge, MA, The Belknap Press of Harvard University Press. ᇏၲЧğuఒြ෮Ⴕಃંvđᇏݓᆟمն࿐ԛϱഠ2001୍ϱĠ Jensen, Michael and William Meckling, 1979, Rights and production functions: An application to labor-managed firms and codetermination, Journal of Business 52,October, 469-506.ᇏၲ໓ğuಃ০აളӁݦඔğؓসܵఒြބ܋थҦ֥၂ᇕႋႨvđu෮Ⴕಃa॥ᇅಃაࠗৣiiսࣜ࠶࿐໓࿊vđഈݚ৳1998୍ϱĠ Meade, James E. (1972): ‘The Theory of Labour-Managed Firms and of Profit-Sharing’, Economic Journal 82: 402-28. Vanek, Jaroslav, 1970, The General Theory of Labor-Managed Market Economies, Ithaca, NY, Cornell University Press. Ward, Benjamin, 1958, The firm in Illyria: Market syndicalism, American Economic Review 48(4), September, 566-589. Williamson, Oliver, 1985, The Economic Institutions of Capitalism, New York: Free Press.ᇏၲЧğuሧЧᇶၬࣜ࠶ᇅ؇vđഅༀႆܶ2002୍ϱb ҕॉ໓ངğ ဗೋaᇛြνđuࢌၞٮႨაఒြ෮Ⴕಃٳކჿ֥࿊ᄴvđuࣜ࠶࣮v ୍ֻ ௹Ġ ဗೋaᇛটđuؓসܵఒြ֥གྷսࣜ࠶࿐࣮ğ၂۱ٚمં֥ඍvđuᇏݓഠ߶॓࿐v ୍ֻ ௹Ġ ᇛটđuູહসܵఒြݨğؓၘႵࢳ֥၂۱ሸඍvđ ୍۽ቔં໓Ġ ဗః࣡đuՖֆшᇍ֞܋ᇍvđဗೋᇶщuఒြ܋ᇍ֥ࣜ࠶࿐ٳ༅vđࣜ࠶॓࿐ԛϱഠ ୍ϱĠ ᅦົ႒đuఒြ֥ఒြࡅiiఔჿંvđഈݚ৳ ୍ϱĠ čૅĎ#POVT
uቔູ၂۱ఒြ֥ކቔ৳ކ߶ğ၂ٺࢌၞࣜ࠶࿐֥࣮vđuྍᇅ؇ࣜ࠶࿐vđഈݚҍࣜն࿐ԛϱഠ ୍ϱĠ 21
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ čႇĎਫ਼ၞථ·௴หણ֩щđuఒြ֥ࣜ࠶ྟᇉvđഈݚҍࣜն࿐ԛϱഠ ୍ϱĠ čૅĎέغఅν֩đuఒြᇅ؇ა൧ӆቆᆮvđഈݚದԛϱഠ ୍ϱĠ čૅĎજक़غ·ᅓ೦֩đu෮Ⴕಃa॥ᇅಃაࠗৣvđഈݚದԛϱഠ ୍ϱĠ #BSS
/ BOE 4 &TUSJO
"MUFSOBUJWF 'PSNT PG 1SPEVDUJWF &OUFSQSJTF
M
JO + $BCMF FE
$VSSFOU *TTVFT JO *OEVTUSJBM &DPOPNJDT
-POEPO .BDNJMMBO Bartlett,W.,Cable,,S.,Jones,. and Smith , Labor-Managed Cooperatives and Private Firms in North-Central Italy: An Empirical Comparison, Industrial and Labor Relations Review,46,-109. Bradley,K.,Estrin,S.,and Taylor,S.,1990, Employee Ownership and Company Performance in the John Lewis Partnership, Industrial Relations,29,-403. Benham, Lee and Philip Keefer (1991): ‘Voting in Firms: The Role of Agenda Control, Size and Voter Homogeneity’, Economic Inquiry, 29: 706-19. Ben-Ner, Avner (1988): ‘The Life Cycle of Worker-owned Firms in Market Economies: a Theoretical Analysis’, Journal of Economic Behavior and Organisation, 10:287-313. Bonin, John P. and Louis Putterman (1987): Economics of Cooperation and the Labor-Managed Economy, New York: Harwood. Bonin, John P., Derek C. Jones and Louis Putterman (1993): 'Theoretical and Empirical Studies of Producer Cooperatives: Will Ever the Twain Meet?' Journal of Economic Literature, 31:1290-1320. Davis, John B., D. Wade Hands, and Uskali Mäki (1998, eds.): The Handbook of Economic Methodology, Cheltenham: Edward Elgar. Domar, Evsey D. (1966): 'The Soviet Collective Farm as a Producer Cooperative', The American Economic Review, 56: 734-757. Doucouliagos, Chris (1995): 'Worker Participation and Productivity in Labor-Managed Firms and Participatory Capitalist Firms: A Meta-Analysis', Industrial and Labor Relations Review, 49 (1): 58-77. Dow, Gregory K. (2003): Governing the Firm: Workers' Control in Theory and Practice, Cambridge, UK: Cambridge University Press. Dow, Sheila C. (2002): Economic Methodology: An Inquiry, Oxford: Oxford University Press. Dreze, Jacques (1990): Labour Management, Contracts and Capital Markets: A General Equilibrium Approach, Oxford: Blackwell. Earle, John S. and Saul Estrin (1996), ‘Employee Ownership in Transition’, in Roman Frydman, Cheryl Gray and Andrzej Rapaczynski (eds): Corporate Governance in Central Europe and Russia, vol. 2: Insiders and the State. Budapest:CEU Press. Fulton,Murray(2000): Cooperatives and Member Commitment, Working Paper; Http:// Furubotn, Eirik (1976): 'The Long-Run Analysis of the Labor-Managed Firm: An Alternative Interpretation', The American Economic Review, 66: 104-123. Furubotn, Eirik and Svetozar Pejovich (1970): 'Property Rights and the Behaviour of the Firm in a Socialist State: the Example of Yugoslavia', Zeitschrift für Nationalökonomie, 30: 430-454. Gravelle, Hugh and Ray Rees (1983): Microeconomics, London: Longman. Hart, Oliver (1995): Firms, Contracts, and Financial Structure, Oxford: Clarendon Press. 22
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ Hart, Oliver and John Moore (1996): 'The Governance of Exchanges: Members' Cooperatives versus Outsider Ownership', Oxford Review of Economic Policy, 12 (4):53-69. Hart, Oliver and John Moore (1998): 'Cooperatives vs. Outside Ownership', NBER working paper 6421, February. Holger M. and Karl Wärneryd, (2001), 'Inside vs Outside Ownership: A Political Theory of the Firm', RAND Journal of Economics, Vol. 32, pages 527 .-541. Horvat, Branko (1982): The Political Economy of Socialism: A Marxist Social Theory, . Sharpe. Ireland, Norman(1994): Human Capital, Asymmetric Information and Labour-Management , Economie Et De Statistique – N33 — 1994.(Editer in English: anciensnumeros/resumes/n33/). Ireland, Norman J. and Peter J. Law (1982): The Economics of Labour-Managed Enterprises, London: Croom Helm. Jensen, Michael C. and William H. Meckling (1979): 'Rights and Production Functions: An Application to Labor-Managed Firm and Codetermination', Journal of Business, 52(4): 469-506. Kalmi,Panu(2003):The Study of Co-operatives in Modern Economics: A Methodological Essay,Paper presented at the congress, Mapping Co-operative Studies in the NewMillennium b Knudsen, Christian (1998): 'Functionalism', in Davis, Hands and Mäki, 200-4. Meade, James E. (1972): ‘The Theory of Labour-Managed Firms and of Profit-Sharing’, Economic Journal 82: 402-28. Mü, Karl Wärneryd(2001) đInside Versus Outside Ownership: A Political Theory of the Firm ,Rand Journal of Economics, Volume 32, No. 3 pp. 527-541 Pencavel, John (2001): Worker Participation: Lessons from the Worker Co-ops of the Pacific Northwest, New York: Russell Sage. Pittatore, Silvia and Gilberto Turati (2000): ‘A Map of Property Rights in Italy and the Case of Co-operatives: An Empirical Analysis of Hansmann’s Theory’, Economic Analysis: Journal of Enterprise and Participation, 3(1): 23-48. Prychitko, David (1996): 'The Critique of Workers' Self-Management: Austrian Perspectives and Economic Theory', Advances in Austrian Economics, 3 Steinherr, Alfred and Jean-Jacques Thisse (1979): ‘Are Labour-Managers Really Perverse?’, Economics Letters, 2: 137-43. Stephen, Frank H. (1984): The Economic Analysis of Producer Co-operatives,London: MacMillan. Schotter, and rew (1997): Microeconomics: A Modern Approach, Reading, MA:Addison-Wesley. Tortia E.,č2001Ď "Temporal horizon and capital maintenance requirement in labour managed firms. The role of equity, loan financing and divisible reserves. " ,( ). Tirole, Jean (1999): ‘Incomplete Contracts: Where Do We Stand?’, Econometrica, 67(4): 741-81. Tirole, Jean (2001): ‘Corporate Governance’, Econometrica, 69 (1): 1-35. Vanek, Jaroslav (1970): The General Theory of Labor-Managed Market Economies,Ithaca: Cornell University Press. Vanek, Jaroslav (1971): The Participatory Economy: An Evolutionary Hypothesis and a 23
uᇏݓഠ߶॓࿐v2005୍ֻ2௹ Strategy for Development, Ithaca: Cornell University Press. Vanek, Jaroslav (1975): Self-Management: Economic Liberation of Man, Harmondsworth, UK: Penguin. Ward, Benjamin (1958): 'The Firm in Illyria: Market Syndicalism', American Economic Review, 48: 566-89. Williamson, Oliver E. (1985): The Economic Institutions of Capitalism, New York:The Free Press. Zafiris N. (1982), Appropriability Rules, Capital Maintenance, and the Efficiency of Cooperative Investment", Journal of Comparative Economic, vol. 6, pp. 55-74. ඪૼğЧ໓ྩڿ۠ؿіႿuᇏݓഠ߶॓࿐v2005୍ֻ2௹ 24
