ꆰ쿈헷뫳략ꆱꆢ릫쮾쮰뢺폫쮰쫕헾닟뗄폐킧탔Ξ컢솪짺ꆡ샮ꆡ뎽뗘랽헾뢮폫훐퇫헾뢮뗄쒿뇪닮틬,뿉쓜떼훂훐퇫헾뢮뗄헾닟늢늻쓜뗃떽뗘랽헾뢮뗄폐킧횴탐ꆣ뗘랽헾뢮ퟔ탐훆뚨늢쪵쪩웳튵쯹뗃쮰ꆰ쿈헷뫳략ꆱ뗄폅믝헾닟,뻍쫇뗘랽헾뢮캴쓜폐킧횴탐훐퇫헾뢮쮰쫕헾닟뗄뻟쳥쫂샽ꆣ2000쓪훐퇫헾뢮맦뚨,듓2002쓪1퓂1죕웰뷻횹뗘랽헾뢮뛔짏쫐릫쮾쪵쪩룃폅믝헾닟ꆣ놾컄뗄퇐뺿뷡맻뇭쏷,뗘랽헾뢮쪵쪩뗄ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄좷룉죅쇋훐퇫헾뢮쮰쫕헾닟뫪맛뗷뿘ퟷ폃뗄랢믓,훐퇫헾뢮좡쿻룃쿮폅믝헾닟뗄뻶뚨,퓚튻뚨돌뛈짏뗃떽쇋뗘랽헾뢮뗄횴탐,늢폐킧뗘복죵쇋뗘랽헾뢮쪵쪩룃쿮헾닟쯹듸살뗄뢺쏦펰쿬,믖뢴쇋훐퇫헾뢮쮰쫕헾닟뗄폐킧탔ꆣ맘볼듊ꆡ릫쮾쪵볊쮰싊ꆡ쿈헷뫳략ꆡ쮰쫕헾닟ퟷ헟컢솪짺,1970쓪짺,맜샭톧늩쪿,놱뺩듳톧맢뮪맜샭톧풺뢱뷌쫚(놱뺩ꆡ100871);샮뎽,1982쓪짺,쏀맺뾨쓍믹-쎷슡듳톧(CarnegieMellonUniversity)늩쪿퇐뺿짺(욥놤ꆡPA15213)ꆣ튻ꆢ틽ꆡꆡ퇔퓚평볆뮮뺭볃쳥훆쿲짧믡훷틥쫐뎡뺭볃쳥훆맬뗄맽돌훐,뗘랽헾뢮뗄뷇즫랢짺쇋훘듳뇤뮯ꆣ퓚볆뮮뺭볃쳥훆쿂,뗘랽헾뢮쎻폐뛀솢뗄뺭볃샻틦,튻쟐훘듳뻶닟뻹평훐퇫헾뢮ퟶ돶,뗘랽헾뢮횻쫇내헕훐퇫헾뢮뢳폨뗄좨솦좥쪵쿖맺볒헻쳥샻틦ꆣ떫퓚쿲짧믡훷틥쫐뎡뺭볃쳥훆맬뗄맽돌훐,훐퇫헾뢮뢳폨쇋뗘랽헾뢮튻뚨뗄쿠뛔뛀솢뗄샻틦뫍뺭볃맜샭뗄ퟔ훷좨,쳘뇰쫇럅좨죃샻룄룯뫍ꆰ럖퓮돔랹ꆱ닆헾쳥훆뗈쿮듫쪩쿠볌돶첨횮뫳,뗘랽헾뢮뛀솢샻틦훷쳥뗄뗘캻죕틦춻돶,쪹뗘랽헾뢮떣떱쇋췆뚯뗘쟸뺭볃퓶뎤뗄훘죎ꆣ튲뻍쫇쮵,쯤좻뗘랽헾뢮쎻폐뫏램뗄쫐뎡훷쳥뗘캻,떫퓚쿠떱돌뛈짏틑뺭돉캪쫂쪵짏뗄튻룶뺭볃훷쳥ꆣ평폚훐퇫헾뢮뗄쒿뇪쫇쪵쿖짧믡뺭볃뢣샻ퟮ듳뮯,뛸뗘랽헾뢮뗄쒿뇪쫇쪵쿖놾탐헾쟸폲쓚뗄뺭볃퓶뎤ꆢ짧믡컈뚨뫍돤럖뻍튵뗈,쯹틔솽헟늢늻췪좫튻훂,헢뿉쓜믡떼훂훐퇫헾뢮뗄헾닟늢늻쓜뗃떽뗘랽헾뢮뗄폐킧횴탐ꆣ쮰쫕헾닟쫇훐퇫헾뢮뷸탐뫪맛뗷뿘뗄훘튪쫖뛎ꆣ룹뻝1993쓪12퓂31죕냤늼늢폚1994쓪1퓂1죕웰헽쪽쪵쪩뗄ꆶ훐뮪죋쏱릲뫍맺웳튵쯹뗃쮰퓝탐쳵샽ꆷ뗄맦뚨,웳튵쯹뗃쮰쪵탐33%뗄뇈샽쮰싊,킡맦쒣웳튵횴탐18%뫍27%솽떵폅믝쮰싊ꆣ쇭췢,컒맺뛔뺭볃쳘쟸(짮?ꆢ훩몣ꆢΞꆡ놾컄쾵맺볒ퟔ좻뿆톧믹뷰쿮쒿ꆰ릫쮾쪵볊쮰뢺폫펯폠맜샭ꆱ(쿮쒿엺ힼ뫅:70572020)뗄퇐뺿돉맻ꆣ룐킻쓤쏻짳룥죋쳡돶뗄붨짨탔붨틩ꆣ컄퓰ퟔ뢺ꆣꆤ61ꆤ
훐맺짧믡뿆톧ꆡ2007쓪뗚4웚짇춷ꆢ쿃쏅뫍몣쓏쪡)ꆢ퇘몣뾪럅돇쫐(14룶돇쫐)ꆢ퇘몣뺭볃뾪럅뗘쟸(10룶쪡쫐)ꆢ뺭볃벼쫵뾪랢쟸(32룶돇쫐)ꆢ캪첨췥쪡짨솢뗄춶쟸(4룶쟸)ꆢ짏몣웖뚫뾪랢쟸뫍놣쮰쟸(13룶돇쫐뫍뗘쟸)ꆢ룟탂벼쫵뾪랢쟸(52룶쟸)ꆢ뇟뺳뾪럅돇쫐(13룶)벰쯕훝릤튵풰쟸뗈뗈쪵탐쮰쫕폅믝헾닟ꆣ좻뛸,튻킩뗘랽헾뢮캪쇋헹뛡놾쫐뎡짏뗄쇷뚯탔뷰,햹뾪쇋쮰쫕뺺헹ꋙ,ퟔ탐훆뚨늢쪵쪩쇋웳튵쯹뗃쮰ꆰ쿈헷뫳략ꆱ폅믝헾닟ꆣ쯹캽웳튵쯹뗃쮰ꆰ쿈헷뫳략ꆱ폅믝헾닟쫇횸,룷뗘쮰컱늿쏅뛔웳튵쿈내33%뗄램뚨쮰싊헷쫕쯹뗃쮰,좻뫳퓙평뗘랽닆헾늿쏅붫튻뚨뇈샽(춨뎣략뮹18%,웳튵ퟮ훕돐떣뗄쮰싊캪15%)뗄쯹뗃쮰뛮략뮹룸웳튵ꆣ뗘랽헾뢮횮쯹틔룸헢킩릫쮾ꆰ쿈헷뫳략ꆱ뗄쯹뗃쮰폅믝헾닟,쫇틲캪헢킩릫쮾컞램쿱웤쯻릫쮾쓇퇹뿉틔믱뗃훐퇫헾뢮죏뿉뗄폅믝쮰싊,뛸폐쇋ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,헢킩릫쮾뗄쮰싊듳뗖뿉틔폫웤쯻릫쮾쿠떱ꆣ쯦뫳,맺컱풺맺랢ꆲ2000ꆳ2뫅컄볾냤랢쇋ꆶ맘폚뻀헽뗘랽ퟔ탐훆뚨쮰쫕쿈헷뫳략헾닟뗄춨횪ꆷꋚ,춨횪횸돶,뗘랽헾뢮ퟔ탐훆뚨뫍쪵쪩뗄ꆰ쿈헷뫳략ꆱ웳튵쯹뗃쮰폅믝헾닟늻뷶죅싒쇋쮰쫕훈탲,캥놳쇋춳튻쮰헾ꆢ벯훐쮰좨뗄풭퓲,뛸쟒캥놳쇋릫릲닆헾뗄튪쟳,쿷죵쇋닆헾뗷뿘쓜솦,짵훁탎돉쇋잱퓚뗄닆헾럧쿕,틲듋,튪쟳ퟔ2000쓪1퓂1죕웰,룷뗘쟸ퟔ탐훆뚨뗄ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟튻싉춣횹횴탐ꆣ닆헾늿뷸뛸펡랢뗄ꆲ2000ꆳ99뫅컄볾ꆶ맘폚뷸튻늽죏헦맡뎹실쪵맺컱풺ꆴ맘폚뻀헽뗘랽ퟔ탐훆뚨쮰쫕쿈헷뫳략헾닟뗄춨횪ꆵ뗄춨횪ꆷ맦뚨,짏쫐릫쮾ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟놣쇴훁2001쓪12퓂31죕,벴ퟔ2002쓪1퓂1죕웰,틔잰쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝뗄짏쫐릫쮾붫내헕33%뗄쮰싊좫뛮뷉쓉웳튵쯹뗃쮰ꆣ헢퇹,훐퇫헾뢮쏷좷튪쟳2002쓪1퓂1죕웰좡쿻짏쫐릫쮾뗄ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟ꆣ뗘랽헾뢮뫍훐퇫헾뢮뗄헢튻쾵쇐뻙뚯틽웰쇋톧뷧뗄맘힢ꆣ튦뻽뗄퇐뺿뇭쏷,좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟횮잰,퓚컒맺짮뮦솽쫐뗄짏쫐릫쮾훐,폐700뛠볒릫쮾짦벰ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟ꆣꋛ헢뇭쏷ꆰ쿈헷뫳략ꆱ폅믝헾닟뛔짏쫐릫쮾뗄쓉쮰탐캪틑뺭닺짺쇋훘듳펰쿬,떫튦뻽늢쎻폐뛔뗘랽헾뢮쪵쪩ꆰ쿈헷뫳략ꆱ폅믝헾닟틔벰훐퇫헾뢮좡쿻룃폅믝헾닟룸짏쫐릫쮾쓉쮰탐캪쯹듸살뗄펰쿬뷸탐짮죫퇐뺿ꆣ췵퇓쏷샻폃1994쓪훁2000쓪뗄186볒짏쫐릫쮾뗄쫽뻝퇐뺿랢쿖,램뚨쮰싊뇤뚯뛔릫쮾쮰뢺뇤뚯뗄펰쿬횻폐50%,헢퓚튻뚨돌뛈짏뇭쏷,훐퇫헾뢮뗄쮰쫕헾닟늢쎻폐뗃떽췪좫폐킧뗄횴탐,웤훘튪풭틲횮튻뻍퓚폚뗘랽헾뢮쪵탐뗄ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뛔훐퇫헾뢮쮰쫕헾닟뗄펰쿬ꆣꋜ떫쫇,췵퇓쏷튲쎻폐뻟쳥퇐뺿뗘랽헾뢮쪵탐ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟틔벰훐퇫헾뢮좡쿻룃헾닟뛔웳튵쓉쮰탐캪닺짺뗄펰쿬ꆣ쓇쎴,뗘랽헾뢮쪵탐뗄웳튵쯹뗃쮰ꆰ쿈헷뫳략ꆱ헾닟,쫇럱펰쿬쇋훐퇫헾뢮쮰쫕헾닟뗄폐킧탔?훐퇫헾뢮좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄뻶뚨,쫇럱뗃떽쇋뗘랽헾뢮뗄폐킧횴탐?훐퇫헾뢮좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,뛔웳튵쯹뗃쮰뢺떣떽뗗닺짺쇋퓵퇹뗄펰쿬?놾컄쓢뛔웤뷸탐쾵춳퇐뺿,듓늻춬뗄뷇뛈살럖컶컒맺쮰쫕헾닟뗄폐킧탔ꆣ놾컄붫놱뺩ꆢ쳬뷲ꆢ뫓놱ꆢ즽뚫ꆢ붭쯕ꆢ헣붭ꆢ뢣붨ꆢ맣뚫ꆢ짏몣ꆢ몣쓏뗈10룶쪡쫐뗄짏쫐릫쮾ퟷ캪퇐뺿퇹놾,뛔쿭쫜폫늻쿭쫜쯹뗃쮰ꆰ쿈헷뫳략ꆱ폅믝헾닟뗄릫쮾퓚좡쿻룃헾닟뗄잰뫳솽룶쓪뛈(2001쓪뫍2002쓪)뗄쯹뗃쮰뢺떣뷸탐뇈뷏;뛸뫳퓚뿘훆쯹뗃쮰뢺떣뗄쓪뛈뇤뮯틔벰웤쯻틲쯘펰쿬뗄믹뒡짏,뛔뗘랽헾뢮쪵탐ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟폫훐퇫헾뢮좡쿻룃쿮헾닟뛔웳튵쯹뗃쮰뢺떣뗄펰쿬뷸탐믘맩럖컶,늢룹뻝믘맩뷡맻럖컶훐맺쮰쫕헾닟뗄폐킧탔ꆣꋙ돂쿾ꆢ키탇ꆢ췵폀쪤:ꆶ쮰쫕뺺헹벰웤퓚컒맺놾쫐뎡훐뗄뇭쿖ꆷ,ꆶ쮰컱퇐뺿ꆷ2003쓪뗚6웚ꆣꋚ틽ퟔ맺컱풺맺랢ꆲ2000ꆳ2뫅컄볾ꆶ맘폚뻀헽뗘랽ퟔ탐훆뚨쮰쫕쿈헷뫳략헾닟뗄춨횪ꆷꆣꋛ튦뻽:ꆶꆰ쿈헷뫳략ꆱ폫짏쫐릫쮾쮰뢺퇐뺿ꆷ,ꆶ쮰컱퇐뺿ꆷ2003쓪뗚2웚ꆣꋜ췵퇓쏷:ꆶ짏쫐릫쮾쯹뗃쮰싊뇤뮯뗄쏴룐탔럖컶ꆷ,ꆶ뺭볃퇐뺿ꆷ2002쓪뗚9웚ꆣꆤ62ꆤ
ꆰ쿈헷뫳략ꆱꆢ릫쮾쮰뢺폫쮰쫕헾닟뗄폐킧탔뛾ꆢ볙짨폫볬퇩쒣탍뗘랽헾뢮ퟔ탐훆뚨늢쪵쪩웳튵쯹뗃쮰ꆰ쿈헷뫳략ꆱ폅믝헾닟,훷튪쒿뗄퓚폚붵뗍쎻폐쿭쫜웤쯻쮰쫕폅믝헾닟뗄릫쮾뗄쯹뗃쮰뢺떣,쳡룟릫쮾튵벨,캪릫쮾짏쫐벰퓙죚쳡릩놣헏ꆣ2002쓪,웳튵쯹뗃쮰맩쫴헾닟랢짺쇋뇤뮯,벴2002쓪틔잰,웳튵쯹뗃쮰평짏쫐릫쮾힢닡뗘헾뢮쫕뷉뫍횧엤,늻짏뷉훐퇫헾뢮,떫쫇ퟔ2002쓪웰,뇤캪평훐퇫뫍뗘랽욽뻹럖쿭,뗘랽헾뢮횻쓜놣쇴뛔룃늿럖닆헾쫕죫50%뗄횧엤좨ꆣ헢튻헾닟뗄뇤뮯퓶볓쇋뗘랽헾뢮뗄닆헾톹솦,웈쪹웤쓑틔캬돖풭살뗄쯹뗃쮰ꆰ쿈헷뫳략ꆱ폅믝헾닟ꆣ뿉볻,내헕훐퇫헾뢮뗄맦뚨,좡쿻뗘랽헾뢮뗄ꆰ쿈헷뫳략ꆱ폅믝헾닟,붫믡쳡룟풭살쿭쫜룃폅믝헾닟뗄릫쮾뗄쮰뢺ꆣ뻝듋,쳡돶볙짨1ꆣ볙짨1:좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟횮잰,쿭쫜폫늻쿭쫜룃헾닟뗄릫쮾뗄쯹뗃쮰뢺떣쎻폐쿔훸닮틬;좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,쳡룟쇋풭살쿭쫜룃쿮헾닟뗄릫쮾뗄쯹뗃쮰뢺떣ꆣ뗘랽헾뢮뛔늿럖릫쮾쪵탐ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄잰쳡쫇,헢킩릫쮾쎻폐쿭쫜웤쯻뗄쯹뗃쮰폅믝헾닟,웤쯹뗃쮰뢺떣룟폚쿭쫜쇋웤쯻쯹뗃쮰폅믝헾닟뗄릫쮾,틲듋퓚뺺헹훐뒦폚늻샻뗘캻ꆣ뗘랽헾뢮쪵탐ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,뿉틔붵뗍헢킩릫쮾뗄쯹뗃쮰뢺떣,룄짆웤뺺헹뗄늻샻뗘캻ꆣ떫쫇좡쿻ꆰ쿈헷뫳략ꆱ폅믝헾닟,붫믡쪹웤훘탂믘떽룟쮰뢺뗄ힴ첬ꆣ뻝듋,쳡돶볙짨2ꆣ볙짨2:좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뫳,풭살쿭쫜룃쿮폅믝헾닟뗄릫쮾뗄쯹뗃쮰뢺떣붫룟폚쎻폐쿭쫜룃쿮폅믝헾닟뗄릫쮾뗄쯹뗃쮰뢺떣ꆣ캪쇋볬퇩볙짨1,놾컄퓋폃쯹폐퇹놾릫쮾좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟잰뫳솽룶쓪뛈(2001쓪뫍2002쓪)뗄쫽뻝,닉폃죧쿂쒣탍뷸탐볬퇩ꆣꆡꆡETR=ꛂ0+ꛂ1Year+ꛂ2Rt+ꛂ3Year3Rt+ꛂcConVars+ꛅ1(1)웤훐,ETR쫇릫쮾뗄쪵볊쮰싊(effectivetaxrate)ꋙ,폃살뫢솿릫쮾뗄쯹뗃쮰뢺떣,웤뻟쳥볆쯣랽램캪:쪵볊쮰싊=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)/쾢쮰잰샻죳ꋚ;Year듺뇭퇹놾쫽뻝쯹쫴쓪뛈,죧맻맛닢횵쫇2002쓪뗄쫽뻝,퓲Year=1,럱퓲,Year=0;Rt뇭쪾릫쮾퓚2001쓪쫇럱쿭쫜쇋ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,죧맻쿭쫜쇋,퓲Rt=1,럱퓲,Rt=0;쾵쫽ꛂ1뇭쪾쎻폐쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄릫쮾,2002쓪뗄쪵볊쮰싊쿠뛔폚2001쓪뗄뇤뮯,죧맻ꛂ1쿔훸캪헽,퓲뇭쏷2002쓪릫쮾쪵볊쮰싊쿔훸룟폚2001쓪;쾵쫽ꛂ2뇭쪾2001쓪쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟릫쮾뗄쪵볊쮰싊폫늻쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊뗄닮틬,죧맻ꛂ2쿔훸캪헽,퓲뇭쏷2001쓪쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄릫쮾뗄쪵볊쮰싊쿔훸룟폚늻쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊;쾵쫽ꛂ3뇭쪾쿠뛔폚늻쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄릫쮾살쮵,좡쿻ꋙ릫쮾쪵볊쮰싊쫇틑폐퇐뺿훐웕뇩닉폃뗄폃틔뫢솿릫쮾쯹뗃쮰뢺떣뗄횸뇪ꆣ,CorporateTaxRates:Progressive,Proportional,,,,1986,ꆪ31;,,TheCorporateTaxComebackin1987:,,,1992,ꆪ79;,,DeterminantsoftheVariabilityinCorporateEffectiveTaxRates:,,,1997,ꆪ39.ꋚ헢쫇뛠훖릫쮾쪵볊쮰싊뗄볆쯣랽램훐뗄튻훖,쿂컄훐폃헢훖랽램볆쯣뗄쪵볊쮰싊폃ETR1뇭쪾ꆣ,CorporateTaxRates:Progressive,Proportional,,,,1986,ꆪ31.ꆤ63ꆤ
훐맺짧믡뿆톧ꆡ2007쓪뗚4웚ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟쫇럱펰쿬쇋쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟릫쮾뗄쪵볊쮰싊,죧맻ꛂ3쿔훸캪헽,퓲뇭쏷쳞돽릫쮾쪵볊쮰싊퓚2002쓪폫2001쓪횮볤뗄뇤뮯틔벰좡쿻룃헾닟횮잰2001쓪솽샠릫쮾쪵볊쮰싊뗄닮틬,좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟쿔훸쳡룟쇋쿭쫜룃쿮폅믝헾닟뗄릫쮾뗄쪵볊쮰싊;ꛂ0캪뷘뻠쿮;ꛅ1캪닐닮쿮ꆣConVars뇭쪾뿘훆뇤솿,폃살뿘훆웤쯻쿠맘틲쯘뛔릫쮾쪵볊쮰싊뗄펰쿬ꆣ룹뻝틑폐퇐뺿,뿘훆뇤솿훷튪냼삨릫쮾맦쒣ꆢ닆컱룜룋ꆢ닺뷡릹ꆢ춶믺믡ꆢ믱샻쓜솦틔벰맺폐막뇈샽ꆣ(1)릫쮾맦쒣ꆣ맘폚릫쮾맦쒣폫쪵볊쮰싊횮볤뗄맘쾵,쒿잰훷튪폐솽훖늻춬뗄맛뗣ꆣ튻훖맛뗣죏캪듳릫쮾쫜떽릫훚룼맣랺뗄맘힢,헢룶ꆰ헾훎돉놾ꆱ붫떼훂웤쪵볊쮰싊뷏룟;ꋙ쇭튻훖맛뗣죏캪,듳릫쮾뗄쪵볊쮰싊뷏뗍,틲캪쯼쏇뿉틔퓋폃룼뛠뗄풴뷸탐쮰쫕돯뮮폫헾훎폎쮵ꆣꋚ틑폐퇐뺿퓚쪵볊쮰싊폫릫쮾맦쒣뗄맘쾵컊쳢짏,짐캴뗃떽뇈뷏튻훂뗄뷡싛ꆣZimmerman1983쓪뗄퇐뺿ꆢGuptaandNewberry1997쓪뗄퇐뺿ꆢKernandMorris1992쓪뗄퇐뺿틔벰WilkieandLimberg1990쓪뗄퇐뺿뚼랢쿖,쪵볊쮰싊폫릫쮾맦쒣횮볤듦퓚쿔훸뗄헽쿠맘맘쾵;ꋛPorcano1986쓪뗄퇐뺿ꆢHolland1998쓪뗄퇐뺿틔벰KimandLimpaphayom1998쓪뗄퇐뺿퓲랢쿖쯼쏇횮볤듦퓚쿔훸뗄뢺쿠맘맘쾵;ꋜ뛸StickneyandMcGee1982쓪뗄퇐뺿뫍ShevlinandPorter1992쓪뗄퇐뺿퓲쎻폐랢쿖쯼쏇횮볤듦퓚쿔훸뗄쿠맘맘쾵ꆣꋝ(2)닆컱룜룋ꆣ퓚볆쯣웳튵쯹뗃쮰쪱,샻쾢ퟷ캪럑폃퓚쮰잰샻죳훐뿛돽,틲듋,샻쾢뻟폐뗖쮰릦쓜ꆣ닆컱룜룋룟뗄릫쮾,웤샻쾢럑폃틔벰평듋뛸뗖뿛뗄웳튵쯹뗃쮰쿠펦튲뷏룟,틲뛸웤쪵볊쮰싊쿠뛔뷏뗍ꆣ헢퇹,닆컱룜룋폫릫쮾쪵볊쮰싊횮볤듦퓚뢺쿠맘맘쾵ꆣ랴맽살뾴,닆컱룜룋룟뗄릫쮾,웤룼폐뚯솦춨맽퓶볓뻙햮뛸샻폃샻쾢뗄뗖쮰릦쓜살붵뗍웳튵쯹뗃쮰뢺떣,헢퓲뇭쏷닆컱룜룋폫릫쮾쪵볊쮰싊횮볤뿉쓜듦퓚헽쿠맘맘쾵ꆣStickneyandMcGee1982쓪뗄퇐뺿랢쿖,ꋙ,,,,1983,ꆪ149.ꋚ,TheRelationshipbetweenEconomicStructureandtheEffectofPoliticalInfluence:,UniversityofWilconsin,1972.ꋛ,,,,1983,ꆪ149;,,DeterminantsoftheVariabilityinCorporateEffectiveTaxRates:,,,1997,ꆪ39;,,TaxesandFirmSize:,,,1992,ꆪ96;,,TheRelationshipbetweenFirmSizeandEffectiveTaxRate:AReconciliationofZimmerman(1983)andPorcano(1986).InTheJournaloftheAmericanTaxationAssociation,,,1990,ꆪ91.ꋜ,CorporateTaxRates:Progressive,Proportional,,,,1986,ꆪ31;,AccountingPolicyChoice:,,
ꆰ쿈헷뫳략ꆱꆢ릫쮾쮰뢺폫쮰쫕헾닟뗄폐킧탔릫쮾뗄닆컱룜룋폫쪵볊쮰싊뢺쿠맘;ꋙGuptaandNewberry1997쓪뗄퇐뺿랢쿖,볆쯣릫쮾쪵볊쮰싊뗄랽램늻춬,닆컱룜룋폫릫쮾쪵볊쮰싊횮볤뗄맘쾵튲믡늻춬,볈뿉쓜쿔훸뢺쿠맘,튲뿉쓜늻듦퓚쿔훸뗄쿠맘맘쾵;ꋚKimandLimpaphayom1998쓪퓋폃늻춬뗄랽램볆쯣쪵볊쮰싊,뛔늻춬맺볒늻춬뷗뛎뗄닆컱룜룋폫릫쮾쪵볊쮰싊뗄맘쾵뷸탐퇐뺿,뷡맻튲폐쯹늻춬;ꋛDerashidandZhang2003쓪뗄퇐뺿퓲쎻폐랢쿖닆컱룜룋폫쪵볊쮰싊횮볤듦퓚쿔훸뗄쿠맘맘쾵ꆣꋜ(3)닺뷡릹ꆣ닺뷡릹냼삨놾쏜벯뛈뫍듦믵쏜벯뛈솽랽쏦ꆣꋝ평폚만뚨닺뗄볓쯙헛뻉뿉틔붵뗍쮰뢺,틲듋놾쏜벯뛈폫쪵볊쮰싊뢺쿠맘;놾쏜벯뛈룟,췹췹틢캶ퟅ듦믵쏜벯뛈뗍,틲듋,듦믵쏜벯뛈폫릫쮾쪵볊쮰싊헽쿠맘ꆣGuptaandNewberry1997쓪뗄퇐뺿랢쿖,놾쏜벯뛈뫍듦믵쏜벯뛈폫쪵볊쮰싊횮볤뗄좷럖뇰듦퓚뢺쿠맘뫍헽쿠맘뗄맘쾵;ꋞDerashidandZhang2003쓪뗄퇐뺿튲랢쿖놾쏜벯뛈폫쪵볊쮰싊횮볤듦퓚뢺쿠맘맘쾵,떫쎻폐랢쿖듦믵쏜벯뛈폫쪵볊쮰싊횮볤듦퓚헽쿠맘맘쾵ꆣꋟ(4)춶믺믡뫍믱샻쓜솦ꆣSpooner1986쓪ퟛ뫏잰죋퇐뺿돉맻죏캪,웳튵춶쒣쪽뫍믱샻쓜솦쫇늻춬쓪뛈뫍늻춬탐튵뗄릫쮾쪵볊쮰싊듦퓚뷏듳닮틬뗄훘튪풭틲ꆣꋠGuptaandNewberry1997쓪뗄퇐뺿ꆢKimandLimpaphayom1998쓪뗄퇐뺿틔벰DerashidandZhang2003쓪뗄퇐뺿뚼랢쿖,퓋폃늻춬랽램볆쯣쪵볊쮰싊살럖컶늻춬맺볒늻춬뷗뛎뗄춶믺믡뫍믱샻쓜솦폫쪵볊쮰싊뗄맘쾵,뷡싛쫇쯼쏇횮볤뿉쓜듦퓚뢺쿠맘맘쾵,튲뿉쓜늢늻듦퓚쿔훸뗄쿠맘탔ꆣꋡ(5)맺폐막뇈샽ꆣDerashidandZhang2003쓪뗄퇐뺿죏캪,맺폐막뇈샽풽룟,틢캶ퟅ릫쮾ꋙ,,EffectiveCorporateTaxRates:TheEffectofSize,CapitalIntensity,,,,1982,ꆪ152.ꋚ,,DeterminantsoftheVariabilityinCorporateEffectiveTaxRates:,,,1997,ꆪ39.ꋛ,,,AuditingandTaxation,,,1998,ꆪ63.ꋜ,,EffectiveTaxRatesandtheꆰIndustrialPolicyꆱHypothesis:,AuditingandTaxation,,,2003,ꆪ62.ꋝ,,EffectiveCorporateTaxRates:TheEffectofSize,CapitalIntensity,,,,1982,ꆪ152;,,DeterminantsoftheVariabilityinCorporateEffectiveTaxRates:,,,1997,ꆪ39.ꋞ,,DeterminantsoftheVariabilityinCorporateEffectiveTaxRates:,,,1997,ꆪ39.ꋟ,,EffectiveTaxRatesandtheꆰIndustrialPolicyꆱHypothesis:,AuditingandTaxation,,,2003,ꆪ62.ꋠ,,,,1986,ꆪ306.ꋡ,,DeterminantsoftheVariabilityinCorporateEffectiveTaxRates:,,,1997,ꆪ39;,,,AuditingandTaxation,,,1998,ꆪ63;,,EffectiveTaxRatesandtheꆰIndustrialPolicyꆱHypothesis:,AuditingandTaxation,,,2003,ꆪ62.ꆤ65ꆤ
훐맺짧믡뿆톧ꆡ2007쓪뗚4웚뗄폎쮵쓜솦풽잿,웤쪵볊쮰싊튲뻍풽뗍ꆣꋙ늻맽,DerashidandZhang퓚뺭퇩횤뻝랽쏦쎻폐랢쿖쯼쏇횮볤듦퓚헽쿠맘맘쾵ꆣퟛ짏,놾컄쯹톡퓱뗄뿘훆뇤솿쯹냼몬뗄뻟쳥횸뇪벰웤뚨틥죧뇭1쯹쪾ꆣ뇭1ꆡ놾컄쯹톡뿘훆뇤솿뇤솿샠탍횸ꆡ뇪뚨ꆡ틥릫쮾맦쒣Lnassetꆡꆡ쓪쒩닺ퟜ뛮뗄ퟔ좻뛔쫽닆컱룜룋Leverageꆡꆡ쓪쒩뢺햮ퟜ뛮돽틔쓪쒩ퟜ닺놾쏜벯뛈Cap2intꆡꆡ쓪쒩만뚨닺뺻횵돽틔쓪쒩ퟜ닺듦믵쏜벯뛈Inv2intꆡꆡ쓪쒩듦믵뺻뛮돽틔쓪쒩ퟜ닺믱샻쓜솦ROAꆡꆡ쮰잰샻죳돽틔쓪쒩ퟜ닺춶믺믡MktBookꆡꆡ쓪쒩막욱쫐뎡쫕엌볛돋틔쇷춨퓚췢웕춨막막쫽,퓙돽틔쓪쒩쯹폐헟좨틦맺폐막뇈샽Gequityꆡꆡ맺폐막막쫽돽틔ퟜ막쫽ꆡꆡ캪쇋볬퇩볙짨2,놾컄퓋폃쯹폐퇹놾릫쮾좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뫳(2002쓪)뗄쫽뻝,닉폃죧쿂쒣탍뷸탐볬퇩ꆣꆡꆡETR=ꛃ0+ꛃ1Rt+ꛃcConVars+ꛅ2(2)웤훐,Rt폫뿘훆뇤솿(ConVars)뗄뚨틥춬쒣탍(1);ꛃ1뇭쪾2002쓪쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄릫쮾뗄쪵볊쮰싊폫늻쿭쫜룃헾닟뗄릫쮾쪵볊쮰싊뗄닮틬,죧맻ꛃ1쿔훸캪헽,퓲뇭쏷2002쓪쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊쿔훸룟폚늻쿭쫜룃헾닟뗄릫쮾;ꛃ0캪뷘뻠쿮;ꛅ2캪닐닮쿮ꆣ죽ꆢ퇹놾톡퓱훐퇫헾뢮좡쿻짏쫐릫쮾쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄쪱볤캪2002쓪1퓂1죕,캪쇋뇈뷏좡쿻룃헾닟뗄잰뫳쓪뛈뗄웳튵쯹뗃쮰뢺떣뗄닮틬,놾컄톡좡뗄퇹놾쫽뻝뗄쓪럝캪2001쓪(좡쿻룃헾닟뗄잰튻쓪뛈)뫍2002쓪(좡쿻룃헾닟뗄뫳튻쓪뛈)ꆣ평폚2001쓪돶첨뗄ꆶ맘폚컷늿듳뾪랢죴룉헾닟듫쪩뗄쪵쪩틢볻ꆷ튲짦벰쿠맘뗄쯹뗃쮰폅믝헾닟,늢퓚ꆶ맘폚컷늿듳뾪랢쮰쫕폅믝컊쳢뗄춨횪ꆷ훐맦뚨쇋쯹뗃쮰폅믝뗄쫊폃랶캧뫍뻟쳥쓚죝,캪쇋뇜쏢ꆰ컷늿듳뾪랢ꆱ쮰쫕폅믝헾닟뗄펰쿬,놾컄쯹톡좡뗄퇹놾늻냼삨컷늿뗘쟸뗄짏쫐릫쮾ꆣ평폚퓊탭훐늿뗘쟸뇈헕컷늿듳뾪랢뗄폅믝헾닟횴탐,쯹틔놾컄뗄퇹놾튲늻냼삨훐늿뗘쟸뗄짏쫐릫쮾ꆣ듋췢,2002쓪훐퇫헾뢮쳡돶랢햹뚫놱뗘쟸뗈샏릤튵믹뗘뗄햽싔,쯹뗃쮰폅믝헾닟튲쫇룃햽싔뗄훘튪ퟩ돉늿럖,틲듋뚫놱뗘쟸뗄짏쫐릫쮾튲폨틔쳞돽ꆣ헢퇹,놾컄쯹톡좡뗄퇹놾냼삨놱뺩ꆢ쳬뷲ꆢ뫓놱ꆢ즽뚫ꆢ붭쯕ꆢ헣붭ꆢ뢣붨ꆢ맣뚫ꆢ짏몣ꆢ몣쓏뗈10룶쪡쫐뗄짏쫐릫쮾ꆣ듋췢,컒쏇뛔퇹놾뮹ퟷ쇋죧쿂뒦샭:(1)평폚짏쫐릫쮾뗄막욱쏻돆랢짺뇤뮯,췹췹뇭쏷릫쮾틑뺭랢짺훘듳뇤룼,릫쮾늻춬쓪뛈뗄쪵볊쮰싊뗄뇈뷏튲뻍쪧좥쇋뫏샭뗄믹뒡,틲듋쳞돽2001쓪믲2002쓪막욱쏻돆랢짺뇤룼뗄릫쮾;(2)쳞돽퇹놾웚쓚볆쯣릫쮾쪵볊쮰싊릫쪽럖쒸캪뢺뗄릫쮾,틲캪헢늿럖릫쮾춨맽릫쪽볆쯣뗃떽뗄쪵볊쮰싊폫헽뎣릫쮾뗄쪵볊쮰싊몬틥늻춬,늻쓜랴펳웳튵뺭펪튵벨폫웳튵쪵볊쮰뢺뗄맘쾵;(3)닎헕틑폐퇐뺿뗄뒦샭랽램,쪵볊쮰싊듳폚1믲헟킡ꋙ,,EffectiveTaxRatesandtheꆰIndustrialPolicyꆱHypothesis:,AuditingandTaxation,,,2003,ꆪ62.ꆤ66ꆤ
ꆰ쿈헷뫳략ꆱꆢ릫쮾쮰뢺폫쮰쫕헾닟뗄폐킧탔폚0뗄릫쮾ퟷ캪틬뎣횵쳞돽;ꋙ(4)평폚볆쯣뗝퇓쯹뗃쮰럑폃탨튪2000쓪뗄닆컱쫽뻝,뛸2001쓪뫍2002쓪뗄탂짏쫐릫쮾쎻폐엻슶2000쓪뗄쓪놨,틲듋쳞돽2001쓪뫍2002쓪탂짏쫐뗄릫쮾;(5)평폚뇈뷏헾닟뇤뮯뛔춬튻ퟜ쳥뗄펰쿬,퇹놾릫쮾펦폐솽쓪뗄췪헻쫽뻝,틲듋쳞돽2001쓪믲2002쓪췋쫐뗄릫쮾;(6)ퟱ듓퇐뺿맟샽,쳞돽뷰죚탐튵뗄릫쮾,틲캪헢샠릫쮾튵컱쳘쫢,쫊폃뗄믡볆ힼ퓲폫웤쯻탐튵늻춬ꆣ맺췢뛔릫쮾쪵볊쮰싊틑뺭뷸탐쇋뛠랽쏦뗄첽쳖ꆣSiegfried퓚1974쓪뗄퇐뺿훐뚨틥쇋릫쮾쪵볊쮰싊늢볆쯣쇋쏀맺1963쓪뗄릫쮾쪵볊쮰싊;ꋚSpooner1986쓪뗄퇐뺿ꆢOmer,Molloy,andZiebart1991쓪뗄퇐뺿틔벰Hanlon2003쓪뗄퇐뺿퓲첽쳖쇋죧뫎퓋폃닆컱놨뇭쫽뻝볆쯣릫쮾쪵볊쮰싊뗄컊쳢ꆣꋛ퓚퇐뺿릫쮾쪵볊쮰싊뗄웤쯻컊쳢훐,튲뚼탨튪쫗쿈ퟅ쫖뷢뻶릫쮾쪵볊쮰싊뗄볆쯣컊쳢ꆣ쒿잰,틑폐퇐뺿틑뺭탎돉쇋컥훖늻춬뗄볆쯣릫쮾쪵볊쮰싊뗄랽램,쯼쏇럖뇰쫇:(1)쪵볊쮰싊=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)/쾢쮰잰샻죳;ꋜ(2)쪵볊쮰싊=쯹뗃쮰럑폃/쾢쮰잰샻죳;ꋝ(3)쪵볊쮰싊=쯹뗃쮰럑폃/(쮰잰샻죳-뗝퇓쯹뗃쮰럑폃/램뚨쮰싊);ꋞ(4)쪵볊쮰싊=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)/(쮰잰샻죳-뗝퇓쯹뗃쮰럑폃/램뚨쮰싊);ꋟ(5)쪵볊쮰싊=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)/뺭펪믮뚯쿖뷰뺻쇷솿ꆣꋠ놾컄쫗쿈닉폃뗚튻훖랽램볆쯣릫쮾쪵볊쮰싊,퓚뛔쪵횤퇐뺿뷡맻뗄컈뚨탔뷸탐볬닩쪱,퓙퓋폃웤쯻랽램살볆쯣쪵볊쮰싊ꆣꋡꋙ틑폐퇐뺿죧,,DeterminantsoftheVariabilityinCorporateEffectiveTaxRates:,,,1997,ꆪ39;,,,AuditingandTaxation,,,1998,ꆪ63;,,,,,,1987,ꆪ259;,,EffectiveCorporateTaxRates:TheEffectofSize,CapitalIntensity,,,,1982,ꆪ152;,,,,1983,ꆪ149ꆣꋚ,,,,1974,ꆪ259.ꋛ,,,,1986,ꆪ306;,,,,,,1991,ꆪ72;,AccountingPolicyChoice:,,
훐맺짧믡뿆톧ꆡ2007쓪뗚4웚룹뻝놾컄쯹톡퇐뺿퇹놾뗄쳵볾틔벰쯹쪹폃뗄릫쮾쪵볊쮰싊뗄볆쯣랽램,ퟮ뫳뗃떽417볒짏쫐릫쮾ퟷ캪퇐뺿퇹놾(뇭2),웤훐,2001쓪쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄릫쮾폐176볒,햼퇐뺿퇹놾뗄4212%ꆣ뇭2ꆡ퇹놾릹돉ꆡꆡ2000쓪벰틔잰짏쫐쟒엻슶쇋쓪놨뗄놱뺩ꆢ쳬뷲ꆢ뫓놱ꆢ즽뚫ꆢ붭쯕ꆢ헣붭ꆢ뢣붨ꆢ맣뚫ꆢꆡꆡ짏몣ꆢ몣쓏뗈10룶쪡쫐뗄럇뷰죚샠릫쮾553볒복:컞램좷뚨쫇럱쿭쫜ꆰ쿈헷뫳략ꆱ폅믝헾닟뗄릫쮾ꆡ2볒킡볆551볒복:쾢쮰잰샻죳킡폚0뗄릫쮾112볒복:쪵볊쮰싊킡폚0믲듳폚1뗄릫쮾22볒죫톡퇹놾417볒웤훐:쿭쫜ꆰ쿈헷뫳략ꆱ폅믝헾닟뗄릫쮾176볒ꆡꆡ늻쿭쫜ꆰ쿈헷뫳략ꆱ폅믝헾닟뗄릫쮾241볒쯄ꆢ볬퇩뷡맻뇭3놨룦쇋2001쓪뫍2002쓪좫늿퇹놾ꆢ늻쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄퇹놾뫍쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄퇹놾뗄믹놾쟩뿶ꆣ듓뇭3뿉틔뾴돶,컞싛쫇좫늿퇹놾,뮹쫇쿭쫜뫍늻쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄릫쮾,2002쓪릫쮾쪵볊쮰싊뗄욽뻹횵뫍훐캻쫽뚼룟폚2001쓪ꆣ헢뿉쓜틢캶ퟅ2002쓪뗄릫쮾쪵볊쮰싊쿠뛔폚2001쓪살쮵폐쯹짏짽ꆣ컞싛쫇2001쓪뮹쫇2002쓪,늻쿭쫜쯹뗃쮰ꆰ쿈헷뫳략ꆱ폅믝헾닟뗄릫쮾뗄쪵볊쮰싊뻹뗍폚쿭쫜룃헾닟뗄릫쮾ꆣ웤훐,늻쿭쫜룃헾닟뗄릫쮾2001쓪쪵볊쮰싊욽뻹캪12153%,2002쓪쯤좻폐쯹짏짽,욽뻹횵튲뷶캪14150%,짏짽럹뛈뷶캪1190%ꆣ헢쮵쏷늻쿭쫜룃헾닟뗄릫쮾퓚뫜듳돌뛈짏죔좻퓚쿭쫜ퟅ웤쯻뗄쯹뗃쮰폅믝헾닟ꆣ늻맽,쿭쫜룃헾닟뗄릫쮾2001쓪뗄쪵볊쮰싊욽뻹횵캪14127%,뛸2002쓪짏짽캪19184%,짏짽럹뛈룟듯5157%,풶풶룟폚늻쿭쫜룃헾닟뗄릫쮾쪵볊쮰싊짏짽뗄럹뛈ꆣ헢뿉쓜풤쪾ퟅ좡쿻쯹뗃쮰ꆰ쿈헷뫳략ꆱ폅믝헾닟,쳡룟쇋쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊ꆣ뇭4놨룦쇋좫늿퇹놾ꆢ늻쿭쫜뫍쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄퇹놾2002쓪쿠뛔2001쓪뗄릫쮾쪵볊쮰싊뗄퓶뎤쟩뿶ꆣ뷡맻뇭쏷,죽ퟩ퇹놾2002쓪폫2001쓪뗄쪵볊쮰싊횮닮,컞싛쫇퓚t볬퇩쿂,뮹쫇퓚럻뫅훈볬퇩쿂,쯼쏇뚼퓚1%쮮욽짏쿔훸듳폚쇣ꆣ헢쮵쏷컞싛쫇좫늿퇹놾ꆢ늻쿭쫜룃헾닟뗄퇹놾,뮹쫇쿭쫜룃헾닟뗄퇹놾,2002쓪뗄릫쮾쪵볊쮰싊뚼쿔훸룟폚2001쓪ꆣ뇭5놨룦쇋늻쿭쫜폫쿭쫜룃헾닟뗄릫쮾2001쓪뫍2002쓪뗄쪵볊쮰싊틔벰헢솽쓪쪵볊쮰싊퓶뎤럹뛈뗄뇈뷏뷡맻ꆣ듓뇭5뿉틔랢쿖,쯹폐뗄욽뻹횵횮닮뫍훐캻쫽횮닮뚼쿔훸뗘킡폚쇣ꆣ헢쮵쏷컞싛쫇2001쓪,뮹쫇2002쓪,쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊쿔훸룟폚늻쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊;춬쪱,쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊퓶뎤럹뛈쿔훸룟폚늻쿭쫜룃헾닟뗄릫쮾뗄퓶뎤럹뛈ꆣ뇭4뫍뇭5뗄볬퇩뷡맻폫뇭3뗄춳볆뷡맻튻훂ꆣꆡꆡ쓪뗄ꆰ쯹뗃쮰ꆱ쿮쒿훐,냼삨뗄쫇2001쓪랢짺뗄웳튵쯹뗃쮰럑폃복좥2000쓪뗄췋쮰,틲뛸폐킩늻욥엤ꆣ떫쫇,평폚틔쿂솽랽쏦뗄풭틲,폃ETR살뫢솿ꆰ쿈헷뫳략ꆱ릫쮾쪵볊쮰싊죔좻쫇뿉뷓쫜뗄ꆣ뗚튻,평폚웳튵뗄샻죳뻟폐돖탸탔,뛸퓚춬퇹뗄쯹뗃쮰헾닟쿂,릫쮾뗄쯹뗃쮰럑폃튲뻟폐돖탸탔,헢퇹,붫짏쓪뗄췋쮰폫놾쓪뗄샻죳뷸탐욥엤쫇폐샭싛믹뒡뗄;뗚뛾,놾컄닉폃퇐뺿훐춨폃뗄랽램,붫ETR듳폚1믲헟킡폚0뗄퇹놾폨틔쳞돽,헢퇹,쪵볊짏뻍붫짏쓪략뮹쮰뿮폫놾쓪샻죳늻욥엤돌뛈룟뗄퇹놾뷸탐쇋쳞돽,쇴쿂살뗄퇹놾퓲쫴폚짏쓪략뮹쮰뿮폫놾쓪샻죳욥엤돌뛈늻듭뗄ꆢ쓜릻폨틔뷓쫜뗄퇹놾ꆣꆤ68ꆤ
ꆰ쿈헷뫳략ꆱꆢ릫쮾쮰뢺폫쮰쫕헾닟뗄폐킧탔뇭3ꆡ쏨쫶춳볆ETR1LnassetLeverageCap2intInv2intROAMktBookGequityPanelA:2001쓪(1)좫늿퇹놾욽뻹횵0113272111816014375012856011527010544515285013119훐캻쫽0111792111300014387012535011123010479317739013137뇪ힼ닮0109560184510117760118520114170103691313452012770ퟮ킡횵0100001819398010117010017010000-010297114491010000ퟮ듳횵016137241032201966601861201762701207525715194018858(2)늻쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄퇹놾욽뻹횵0112532112306014510012524011563010549615058013043훐캻쫽0111182112157014637012226011054010467410158012950뇪ힼ닮0109770193670118940118020115270104101713514012804ퟮ킡횵0100001819398010117010017010002-010297114491010000ퟮ듳횵015594241032201966601817401762701207525715194018498(3)쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄퇹놾욽뻹횵0114272111146014191013311011477010537411904013222훐캻쫽0112522110087014240013170011149010502315499013488뇪ힼ닮010919016975011589011829011252010304217089012729ퟮ킡횵0100001914355010620010156010000-010108114535010000ퟮ듳횵01613723112620186670186120174230115722918931018858PanelB:2002쓪(1)좫늿퇹놾욽뻹횵0116752112933014507012968011487010521318942013056훐캻쫽0115122112221014501012687011119010454218033013060뇪ힼ닮011128018459011721011896011402010422810742012755ퟮ킡횵0100001910926010126010016010000-010281111228010000ퟮ듳횵016142241170901938101862001799301336116112165018858(2)늻쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄퇹놾욽뻹횵0114502113499014630012629011542010524414638012973훐캻쫽0112792113697014545012334011132010454310035012849뇪ힼ닮0110280193320118320118650115140104501014414012778ퟮ킡횵0100001910926010126010016010005-010281111463010000ퟮ듳횵015350241170901938101841801799301317316112165018498(3)쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄퇹놾욽뻹횵0119842112159014338013432011412010518311141013169훐캻쫽0119572111572014430013355011119010454216024013288뇪ힼ닮011187017045011546011845011231010383210968012727ퟮ킡횵0100001916393010657010168010000010017111228010000ퟮ듳횵01614223121560186130186200169630133612210264018858뇭4ꆡꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟좡쿻잰뫳릫쮾쪵볊쮰싊뗄뇈뷏ꚤETR1욽뻹횵횮닮t볬퇩(t)훐캻쫽횮닮럻뫅훈볬퇩(S)(1)좫늿퇹놾010349710433301022917021333(2)늻쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝퇹놾01019731373330101233879333(3)쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝퇹놾01055761683330105164234333ꆡꆡꆡꆡ힢:ꚤETR1캪2002쓪릫쮾쪵볊쮰싊(ETR1,2002)폫2001쓪릫쮾쪵볊쮰싊(ETR1,2001)횮닮,벴ꚤETR1=ETR1,2002-ETR1,2001;욽뻹횵횮닮뗄볬퇩랽램쫇t볬퇩,훐캻쫽횮닮뗄볬퇩랽램쫇럻뫅훈볬퇩333;뇭쪾1%쮮욽짏쿔훸ꆣꆤ69ꆤ
훐맺짧믡뿆톧ꆡ2007쓪뗚4웚뇭5ꆡ늻춬릫쮾뗄쪵볊쮰싊벰웤뇤뮯뗄뇈뷏ETR1욽뻹횵횮닮t볬퇩(t)훐캻쫽횮닮훈뫍볬퇩(Z)(1)ETR1,2001-010174-11853-010134213133(2)ETR1,2002-010534-4180333-0106784198333(3)ꚤETR1-010360-3153333-0103933192333ꆡꆡꆡꆡ힢:욽뻹횵횮닮=늻쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟퇹놾욽뻹횵ꆪ쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟퇹놾욽뻹횵;훐캻쫽횮닮=늻쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟퇹놾훐캻쫽ꆪ쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟퇹놾훐캻쫽;욽뻹횵횮닮뗄볬퇩랽램쫇33t볬퇩,훐캻쫽횮닮뗄볬퇩랽램쫇훈뫍볬퇩3;뇭쪾1%쮮욽짏쿔훸33,뇭쪾5%쮮욽짏쿔훸3,뇭쪾10%쮮욽짏쿔훸ꆣ뇭6ꆡ좫늿퇹놾뗄쿠맘쾵쫽ETR1YearRtYear3RtLnassetLeverageCap2intInv2intROAMktBookGequityETR101165333011653330123633301025-011773330105101083330106833-011243331014Year0116533301000015173330106630103801030-01014-01029-0107433-1011Rt011723330100001605333-0107333-010863301210333-01038-01011-01082331033Year3Rt012323330151733301605333-01013-103001144333-01035-01019-01075331015Lnasset01022010683-0107933-0101301145333011193330103601042-012533331195333Leverage-0118733301041-0108133-0102301162333-0121033301305333-01312333012073331011Cap2int010510102901225333011533330107833-01234333-014383330109433301011107833Inv2int010633-01015-01005-01022-0101401346333-01413333-01139333-01031-1017ROA01121333-01057301034-0101401043-0135033301111333-01163333-010471013MktBook-01188333-01297333-01145333-01253333-0162033301129333-011763330105101039-1008Gequity01009-01009010370101901165333010180108233-01029-01015-01043ꆡꆡꆡꆡ힢:짏냫늿럖캪Pearson쿠맘쾵쫽,쿂냫늿럖캪Spearman쿠맘쾵쫽333;뇭쪾1%쮮욽짏쿔훸33,뇭쪾5%쮮욽짏쿔훸,3뇭쪾10%쮮욽짏쿔훸ꆣ뇭6놨룦쇋쯹폐퇹놾릫쮾쯹폐맛닢횵(냼삨2001쓪뫍2002쓪)뗄훷튪뇤솿횮볤뗄쿠맘쾵쫽ꆣ뷡맻쿔쪾,Year폫ETR1퓚1%쮮욽짏쿔훸헽쿠맘,뇭쏷2002쓪릫쮾쪵볊쮰싊쿔훸룟폚2001쓪릫쮾쪵볊쮰싊;Rt폫ETR1퓚1%쮮욽짏쿔훸헽쿠맘,뇭쏷쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄릫쮾뗄쪵볊쮰싊쿔훸룟폚늻쿭쫜룃헾닟뗄릫쮾;Year폫Rt뗄붻닦쿮폫ETR1쿔훸헽쿠맘,뇭쏷쿭쫜룃헾닟뗄릫쮾2002쓪뗄쪵볊쮰싊쿔훸룟폚웤2001쓪뗄쪵볊쮰싊,늢쟒룟폚늻쿭쫜룃헾닟뗄릫쮾2001쓪뫍2002쓪뗄쪵볊쮰싊ꆣ웤쯻뇤솿횮볤쎻폐쿔훸뗄룟뛈쿠맘맘쾵ꆣ뇭7놨룦쇋쯹폐퇹놾릫쮾2002쓪훷튪뇤솿횮볤뗄쿠맘쾵쫽ꆣ뷡맻쿔쪾,Rt폫ETR1퓚1%쮮욽짏쿔훸헽쿠맘,뇭쏷쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄릫쮾2002쓪뗄쪵볊쮰싊쿔훸룟폚늻쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊,웤쯻뇤솿횮볤튲쎻폐쿔훸뗄룟뛈쿠맘맘쾵ꆣ뇭7ꆡ2002쓪퇹놾뗄쿠맘쾵쫽ETR1RtLnassetLeverageCap2intInv2intROAMktBookGequityETR10123433301005-011553330109630108101076-011213301007Rt01244333-01078-01084301209333-01046-01007-01083301035Lnasset01016-0108430116733301113330105401048-0127133301201333Leverage-01154333-0107701183333-0121933301302333-012713330119233301017Cap2int01117330122833301081-01248333-01459333011263301011010833Inv2int010883-010230101101355333-01438333-01141333-01041-01007ROA011353330103201075-0131233301169333-01149333-0102801000MktBook-01166333-01159333-016023330112333-011553330103201016-01018Gequity-01019010390116933301027010883-01019-01013-01028ꆡꆡꆡꆡ힢:짏냫늿럖캪Pearson쿠맘쾵쫽,쿂냫늿럖캪Spearman쿠맘쾵쫽333;뇭쪾1%쮮욽짏쿔훸33,뇭쪾5%쮮욽짏쿔훸,3뇭쪾10%쮮욽짏쿔훸ꆣꆤ70ꆤ
ꆰ쿈헷뫳략ꆱꆢ릫쮾쮰뢺폫쮰쫕헾닟뗄폐킧탔뇭8ꆡ좡쿻뗘랽헾뢮ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄뺭볃뫳맻:ETR1쒣탍1(1)쒣탍2(1)닎쫽t횵닎쫽t횵뷘뻠01077901830113400193Year010201211933Rt01012211200104674121333Year3Rt0103732166333Lnasset01003501770100070110Leverage-011217-5127333-010959-2171333Cap2int010243111201059611813Inv2int01129841573330114813137333ROA01073901800113020199MktBook-010005-1132-010009-1130Gequity0100270121-010028-0114F횵111173336110333AdjR20110901089ꆡꆡꆡꆡ힢333:뇭쪾1%쮮욽짏쿔훸33,뇭쪾5%쮮욽짏쿔훸3,뇭쪾10%쮮욽짏쿔훸ꆣ뇭8놨룦쇋좡쿻뗘랽헾뢮ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄뺭볃뫳맻ꆣ쒣탍1(1)뗄퇹놾캪쯹폐퇐뺿퇹놾2002쓪뫍2001쓪뗄맛닢횵,쒣탍2(1)뗄퇹놾캪쯹폐퇐뺿퇹놾2002쓪뗄맛닢횵,뻹닉폃웕춨ퟮ킡뛾돋램뷸탐믘맩,놻뷢쫍뇤솿뻹캪ETR1ꆣ룹뻝뇭8쒣탍1(1)뗄뛠풪믘맩뷡맻,Year뗄맀볆쾵쫽쿔훸캪헽,뇭쏷쎻폐쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄릫쮾2002쓪뗄쪵볊쮰싊펦룃쿔훸룟폚웤2001쓪뗄쪵볊쮰싊ꆣRt뗄맀볆쾵쫽늻쿔훸,뇭쏷2001쓪쿭쫜룃헾닟뗄릫쮾폫늻쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊횮볤쎻폐쿔훸닮틬ꆣ붻닦뇤솿Year3Rt뗄맀볆쾵쫽쿔훸캪헽,뇭쏷퓚쳞돽릫쮾쪵볊쮰싊2002쓪폫2001쓪횮볤뗄뇤뮯틔벰좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟횮잰2001쓪솽샠릫쮾쪵볊쮰싊닮틬뗄쳵볾쿂,좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟쿔훸쳡룟쇋쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊ꆣ룹뻝쒣탍2(1)뗄뛠풪믘맩뷡맻,Rt뗄맀볆쾵쫽쿔훸캪헽,뇭쏷쿭쫜룃헾닟뗄릫쮾2002쓪뗄쪵볊쮰싊쿔훸룟폚늻쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊ꆣ틔짏뷡싛뇭쏷,2001쓪퓚뗘랽헾뢮쪵탐ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄쟩뿶쿂,쿭쫜룃폅믝헾닟뗄릫쮾폫늻쿭쫜룃폅믝헾닟뗄릫쮾뗄쪵볊쮰싊횮볤쎻폐쿔훸닮틬ꆣ헢쮵쏷죧맻쎻폐헢쿮폅믝헾닟,쿭쫜쇋룃헾닟뗄릫쮾뗄쪵볊쮰싊쿔훸룟폚늻쿭쫜룃폅믝헾닟떫쿭쫜웤쯻쯹뗃쮰폅믝헾닟뗄릫쮾뗄쪵볊쮰싊,ꆰ쿈헷뫳략ꆱ헾닟쪹헢킩릫쮾뗄쪵볊쮰싊폫쿭쫜웤쯻쯹뗃쮰폅믝헾닟뗄릫쮾쎻폐쿔훸닮뇰ꆣ헢뇭쏷,뗘랽헾뢮쪵쪩뗄ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뛔훐퇫헾뢮쮰쫕헾닟뗄뫪맛뗷뿘ퟷ폃닺짺쇋튻뚨돌뛈뗄룉죅ꆣ좡쿻뗘랽헾뢮쪵탐뗄ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,쿔훸뗘쳡룟쇋풭살쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊;쟒좡쿻뗘랽헾뢮ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뫳(2002쓪),풭살쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊쿔훸룟폚풭살늻쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊ꆣ튲뻍쫇쮵,좡쿻뗘랽헾뢮뗄ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,늻뷶쿔훸쳡룟쇋풭살쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊,늢쟒쪹웤쪵볊쮰싊평폫늻쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊쎻폐쿔훸닮틬,뇤캪쿔훸룟폚늻쿭쫜룃헾닟뗄릫쮾뗄쪵볊쮰싊ꆣ헢뇭쏷훐퇫헾뢮좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,늻뷶퓚튻뚨돌뛈짏뗃떽쇋뗘랽헾뢮뗄횴탐,늢쟒폐킧뗘복죵쇋뗘랽헾뢮ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟쯹듸살뗄뢺쏦펰쿬ꆣꆤ71ꆤ
훐맺짧믡뿆톧ꆡ2007쓪뗚4웚컥ꆢ컈뚨탔볬닩릫쮾쪵볊쮰싊뗄볆쯣랽램훷튪폐컥훖,틔짏퇐뺿뷡싛뻹믹폚뗚튻훖볆쯣랽램,벴ETR1=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)/쾢쮰잰샻죳ꆣ평폚뗚컥훖릫쮾쪵볊쮰싊뗄볆쯣ꋙ틀뻝퓚폚뺭펪믮뚯쿖뷰뺻쇷솿,뛸룹뻝훐맺쯹뗃쮰램싉맦뚨,쯹뗃쮰쮰뢺뗄볆쯣믹뒡늢늻쫇쿖뷰쇷솿,뛸쫇붨솢퓚틔좨퓰랢짺훆캪믹뒡뗄샻죳횮짏,횻늻맽쓉쮰쯹퓋폃뗄샻죳폫믡볆샻죳듦퓚캢킡뗄닮뇰,틲듋,놾컄늻닉폃룃랽램ꆣ쿂컄퓋폃웤쯻죽훖랽램볆쯣릫쮾쪵볊쮰싊,뛔짏컄퇐뺿뷡싛뗄컈뚨탔뷸탐볬닩ꆣ죽훖볆쯣릫쮾쪵볊쮰싊뗄랽램럖뇰캪:ETR2=쯹뗃쮰럑폃/쾢쮰잰샻죳;ETR3=쯹뗃쮰럑폃/(쮰잰샻죳-뗝퇓쯹뗃쮰럑폃/램뚨쮰싊);ETR4=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)/(쮰잰샻죳-뗝퇓쯹뗃쮰럑폃/램뚨쮰싊)ꆣ퓋폃춬퇹뗄퇹놾톡퓱뇪ힼ,럖뇰뗃떽싺ퟣ퓋폃ETR2ꆢETR3뫍ETR4살볆쯣릫쮾쪵볊쮰싊쯹탨튪뗄퇹놾,웤퇹놾쫽럖뇰캪421볒ꆢ410볒틔벰408볒,웤맦쒣틔벰쿭쫜폫늻쿭쫜ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟릫쮾뗄뇈샽,폫짏컄쯹퓋폃뗄퇹놾뻹쎻폐뫜듳뗄닮뇰ꆣ뇭9ꆡ좡쿻뗘랽헾뢮ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄뺭볃뫳맻:ETR2ꆢETR3뫍ETR4쒣탍1(2)쒣탍1(3)쒣탍1(4)쒣탍2(2)쒣탍2(3)쒣탍2(4)닎쫽t횵닎쫽t횵닎쫽t횵닎쫽t횵닎쫽t횵닎쫽t횵뷘뻠0107990186012341119330122851190301140101980134631176301327711703Year01020021203301035021933330103502194333Rt010120112001011401860101160189010459411733301046831093330104583109333Year3Rt0103612160333010382210933010378210833Lnasset0100340176-010036-0162-010033-01560100060109-010086-0190-010076-0181Leverage-011242-5143333-010367-1122-010380-1128-011008-21873330100010100-010023-0105Cap2int0101800184010421114801049711753010447113701082211793010984211933Inv2int011354418033301209751693330119755141333011523314933301264341433330124884127333ROA0108260190-014269-3148333-014536-31743330113671105-014381-214233-014684-2165333MktBook-010005-1126-010009-210733-010009-211533-010009-1122-010016-11703-010017-11803Gequity010035012701006301380100510131-0100060103-010048-0118-010080-0130F횵111293331017533310170333519833351753335179333AdjR2011090110601106010870108501086ꆡꆡꆡꆡ힢333:1%쮮욽짏쿔훸33,뇭쪾5%쮮욽짏쿔훸3,뇭쪾10%쮮욽짏쿔훸ꆣ뇭9놨룦쇋퓋폃ETR2ꆢETR3뫍ETR4볆쯣릫쮾쪵볊쮰싊뗃떽뗄좡쿻뗘랽헾뢮ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄뺭볃뫳맻ꆣ쒣탍1(2)ꆢ쒣탍1(3)뫍쒣탍1(4)뗄퇹놾캪쯹폐퇐뺿퇹놾2002쓪뫍2001쓪뗄맛닢횵;쒣탍2(2)ꆢ쒣탍2(3)뫍쒣탍2(4)뗄퇹놾캪쯹폐퇐뺿퇹놾2002쓪뗄맛닢횵ꆣ쒣탍1(2)뫍쒣탍2(2)뗄놻뷢쫍뇤솿캪ETR2,쒣탍1(3)뫍쒣탍2(3)뗄놻뷢쫍뇤솿뻹캪ETR3,쒣탍1(4)뫍쒣탍2(4)뗄놻뷢쫍뇤솿뻹캪ETR4ꆣ틔짏믘맩뻹닉폃웕춨ퟮ킡뛾돋램ꆣ뇭9뗄퇐뺿뷡싛뇭쏷,컞싛쫇퓋폃ETR2ꆢETR3뮹쫇ETR4볆쯣릫쮾쪵볊쮰싊,쒣탍1(2)ꆢ쒣탍1(3)틔벰쒣탍1(4)훐뗄Year뗄맀볆쾵쫽뚼쿔훸캪헽,Rt맀볆쾵쫽뻹늻쿔훸,붻닦뇤솿Year3Rt뗄맀볆쾵쫽뚼쿔훸캪헽;뛸쒣탍2(2)ꆢ쒣탍2(3)틔벰쒣탍2(4)훐Rt맀볆쾵쫽뚼쿔훸캪헽ꆣ틔짏믘맩뷡맻럖뇰폫뇭8훐쒣탍1(1)뫍쒣탍2(1)뗄뷡맻튻훂,뇭쏷짏컄뗄퇐뺿뷡싛뻹쎻폐랢짺룄뇤ꆣꋙ쪵볊쮰싊=(쯹뗃쮰럑폃-뗝퇓쯹뗃쮰럑폃)/뺭펪믮뚯쿖뷰쇷솿ꆣꆤ72ꆤ
ꆰ쿈헷뫳략ꆱꆢ릫쮾쮰뢺폫쮰쫕헾닟뗄폐킧탔쇹ꆢ뷡싛폫웴쪾놾컄믹폚뗘랽헾뢮ퟔ탐훆뚨늢쪵쪩뗄웳튵쯹뗃쮰ꆰ쿈헷뫳략ꆱ폅믝헾닟,틔벰훐퇫헾뢮좡쿻룃폅믝헾닟뗄쫂샽,퓋폃짏쫐릫쮾뗄쫽뻝,듓웳튵쯹뗃쮰뢺떣뗄뷇뛈퇐뺿쇋훐퇫헾뢮쮰쫕헾닟뗄폐킧탔ꆣ퇐뺿뷡맻뇭쏷,뗘랽헾뢮뗄ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,붵뗍쇋늻쿭쫜훐퇫헾뢮죏뿉뗄쯹뗃쮰폅믝헾닟뗄릫쮾뗄쯹뗃쮰뢺떣,듓뛸쪹쯼쏇폫쿭쫜훐퇫헾뢮쯹뗃쮰폅믝헾닟뗄릫쮾뗄쯹뗃쮰뢺떣쎻폐쿔훸닮틬ꆣ헢뇭쏷뗘랽헾뢮뗄ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟,펰쿬쇋훐퇫헾뢮쮰쫕헾닟뫪맛뗷뿘ퟷ폃뗄랢믓,쯰몦쇋훐퇫헾뢮쮰쫕헾닟뗄폐킧탔;훐퇫헾뢮좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄맦뚨,쿔훸쳡룟쇋풭살쿭쫜룃폅믝헾닟뗄릫쮾뗄쯹뗃쮰뢺떣,늢ퟮ훕쪹쯼쏇뗄쯹뗃쮰뢺떣쿔훸룟폚쿭쫜훐퇫헾뢮죏뿉뗄쯹뗃쮰폅믝헾닟뗄릫쮾ꆣ헢뇭쏷훐퇫헾뢮좡쿻ꆰ쿈헷뫳략ꆱ폅믝헾닟뗄맦뚨,쯤좻믡펰쿬뗘랽헾뢮뗄샻틦,떫쫇뗄좷퓚튻뚨돌뛈짏뗃떽뗘랽헾뢮뗄횴탐,늢ퟮ훕쪹훐퇫헾뢮쮰쫕헾닟뗄폐킧탔뗃떽쇋믖뢴ꆣ틔짏퇐뺿뷡싛,뿉틔듸룸컒쏇죧쿂벸랽쏦뗄웴쪾ꆣ뗚튻,훐퇫헾뢮폫뗘랽헾뢮뗄쒿뇪닮틬틔벰평듋떼훂뗄샻틦돥춻,쫇컒맺뺭볃맬맽돌훐뿍맛듦퓚뗄컊쳢ꆣ뛸죧뫎뒦샭헢튻컊쳢,늻뷶믡펰쿬뗘랽뗄뺭볃랢햹쯙뛈,튲믡펰쿬좫맺뺭볃랢햹뗄킭뗷돌뛈폫훐퇫헾뢮뫪맛뗷뿘쒿뇪뗄쪵쿖뷸돌ꆣ틲뛸,잡떱뒦샭훐퇫헾뢮폫뗘랽헾뢮횮볤뗄맘쾵,틑뺭돉캪컒맺뺭볃랢햹맽돌훐뇘탫폨틔훘쫓뗄훘듳컊쳢ꆣ뗚뛾,웳튵쯹뗃쮰쫇뗘랽헾뢮닆헾쫕죫뗄훘튪살풴,룄뇤웳튵쯹뗃쮰맩쫴,뿉틔룄뇤뗘랽헾뢮뗄탐캪ꆣ훐퇫헾뢮좡쿻웳튵쯹뗃쮰ꆰ쿈헷뫳략ꆱ폅믝헾닟뗄맦뚨,횮쯹틔쓜릻퓚튻뚨돌뛈짏뗃떽뗘랽헾뢮뗄횴탐,맘볼퓚폚훐퇫헾뢮룄뇤쇋웳튵쯹뗃쮰뗄맩쫴헾닟,벴붫풭살평뗘랽헾뢮뛀쿭뇤캪평훐퇫뫍뗘랽욽뻹럖쿭ꆣ헽쫇헢튻헾닟뗄뇤뮯퓶볓쇋뗘랽헾뢮뗄닆헾톹솦,쪹뗃뗘랽헾뢮늻뗃늻ퟱ쫘훐퇫헾뢮좡쿻ꆰ쿈헷뫳략ꆱ쯹뗃쮰폅믝헾닟뗄맦뚨ꆣ뿉볻,웳튵쯹뗃쮰맩쫴낲업쫇훐퇫헾뢮틽떼뗘랽헾뢮탐캪뗄훘튪춾뺶횮튻ꆣ뗚죽,웳튵쯹뗃쮰뢺떣뗄릫욽탔컊쳢,쫇펪퓬릫욽뺺헹뗄웳튵뺭펪뮷뺳맽돌훐뇘탫폨틔훘쫓뗄맘볼탔컊쳢횮튻ꆣ훐퇫헾뢮캪쇋엤뫏뾪럅헾닟뗄쪵쪩,캪쇋랢햹쟸폲뺭볃틔벰맄샸쒳킩닺튵뗄랢햹,퓸뺭뛔췢짌춶웳튵뫍췢맺웳튵ꆢ쿠맘뺭볃쟸폲틔벰쿠맘탐튵쪵탐쯹뗃쮰폅믝헾닟ꆣ떫쫇,듓쎻폐쿭쫜훐퇫헾뢮쯹뗃쮰폅믝헾닟뗄웳튵뗄뷇뛈살뾴,쯼쏇뇘뚨믡뒦폚늻샻뗄뺺헹뗘캻,듓뛸룸쯼쏇뗄랢햹듸살훘듳뗄펰쿬ꆣ틲듋,훐퇫헾뢮퓚쪵탐웳튵쯹뗃쮰폅믝헾닟쪱,뮹탨튪ퟅ훘뾼싇죧뫎잡떱뒦샭뗘쟸뺭볃랢햹폫헻쳥뺭펪뮷뺳뗄릫욽탔횮볤뗄맘쾵컊쳢ꆣꋙꆲ놾컄퓰죎뇠벭:솺ꆡ뮪ꆳꋙ쒿잰,쓚웳튵폫췢웳튵뗄쯹뗃쮰뢺떣뗄늻릫욽컊쳢,틑뺭퓚2007쓪3퓂16죕뗚쪮뷬좫맺죋쏱듺뇭듳믡뗚컥듎믡틩춨맽뗄ꆶ훐뮪죋쏱릲뫍맺웳튵쯹뗃쮰램ꆷ훐뗃떽뷢뻶ꆣ룹뻝웳튵쯹뗃쮰램,췢웳튵뫍쓚웳튵뗄쯹뗃쮰뫏늢,솽쮰뫏늢뫳,쓚췢웳튵뗄쯹뗃쮰쮰싊춳튻캪25%ꆣꆤ73ꆤ
ABSTRACTSprocessoftheSovietUnionpistransformationintoRussia,,theformofstateinthisarticlereferstothestructureofgovernanceofastateinaparticularperiod,,,failed,ꆰNewThinking"ledtoafailedstateandRussiaunderYeltsinpisꆰneo2liberalism"wasadependentstatecharacterizedbycronyismandplunder,aclassicautonomousstatehastakenshapeunderPutinpisstatistꆰRussianThinking."Astudyalongtheanalyticalpathofꆰconcepts2actions2performance"mayrevealcausalrelationsintheformationofeachstateform,.(4)ChinapisOverallGiniCoefficientsinceReformandItsDecompositionbyRuralandUrbanAreassinceReformandOpening2upChengYonghongꆤ45ꆤ.(5)TaxRefunds,theCorporateTaxBurdenandtheEffectivenessofTaxPolicyWuLianshengandLiChenꆤ61ꆤ,thecentralgovernmentissuedapolicytotakeeffectfromJanuary1,2002,.(6)TheConfluenceofThreeHistoricalTrendsandtheProspectsforSmall2ScaleAgricultureinChinaPhilipHuangandPengYushengꆤ74ꆤTwoschoolsofthoughtsseemtobediametricallyopposedeachotherontheprivatizationoffarmland,buttheyshareafundamentalconsensus:,,weattempttoevaluatethelong2andmid2termꆤ205ꆤ
