뗚9뻭ꆡ뗚2웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡ,쓪ꆡꆡ4퓂ꆡꆡꆡꆡꆡꆡꆡꆡꆡ훐맺맜샭뿆톧ChineseJournalofManagementScienceApr.,ꆡ2001컄헂뇠뫅:1003-207(2001)02-0001-09뛾냥쫐뎡뒴짺뮷뺳퇐뺿훜쓋쏴,뛅폪뎽(벪쇖릤튵듳톧뺭볃맜샭톧풺,벪쇖뎤뒺130025)햪ꆡ튪:퇐뺿뛾냥쫐뎡뗄뒴짺뮷뺳,쫇캪쇋쓜듓엓퓓뗄뒴짺뮷뺳훐쳡솶돶뛾냥쫐뎡뒴짺쯹뇘탨뗄ꆢ룹놾탔뗄뒴짺쳵볾,틔횸떼쪵볊ꆣ놾컄듓뛔뛾냥쫐뎡뒴짺뮷뺳뗄뷧뚨뾪욪,틔뛾냥쫐뎡뒴짺쪷뗄ퟝ뫡뛔뇈캪틽,뒴탂탔뗘퓋폃쾵춳럖컶뗈랽램뛔뛾냥쫐뎡뗄뒴짺뮷뺳햹뾪퇐뺿,톰헒돶튻쳵뚨솿움볛뒴짺뮷뺳뗄퇐뺿쮼슷,늢뎢쫔탔뗘붫웤펦폃폚뛔컒맺뛾냥쫐뎡뒴짺뮷뺳뗄움볛ꆣ맘볼듊:뛾냥쫐뎡;뒴짺뮷뺳;쾵춳럖컶;움볛훐춼럖샠뫅:C931:F224ꆡꆡꆡ컄쿗뇪쪶싫:Aꆡꆡ쒿잰,맺볊놾쫐뎡뗄튻듳쇁뗣쫇훚뛠놾쫐뎡뚼쿠볌짨솢쇋헫뛔훐킡뒴탂릫쮾뗄막욱쫐뎡,헢훖쟸뇰폚훷냥쫐뎡(MainBoardMarket),캪룟돉뎤뗄탂탋훐킡웳튵,폈웤쫇룟뿆벼릫쮾돯,늢캪럧쿕춶쳡릩돶뿚뗄쫐뎡,돆캪뛾냥쫐뎡(SecondaryBoardMarket)ꆣ쯦ퟅ맺쓚뛾냥쫐뎡돶첨뗄뫴짹풽살풽룟,뛔뛾냥쫐뎡뒴짺뮷뺳뗄퇐뺿뻍죕쿔훘튪ꆣ1ꆡ뛾냥쫐뎡뒴짺뮷뺳뗄뷧뚨뛾냥쫐뎡뗄뒴짺쫇튻룶듓컞떽폐뗄맽돌ꆣ뒴짺잰,뛾냥쫐뎡퓐폽폚헻룶뒴짺뮷뺳훐,폫웤뮷뺳볤쎻폐쟥컺뗄뇟뷧뿉퇔,횮뫳퓚폫뮷뺳늻뛏뗄쎬뛜ퟷ폃훐,뛾냥쫐뎡훰붥탎돉쇋쿠뛔뛀솢뗄뷡싛,쿠뛔룶탔뮯뗄퓋ퟷ맦싉,떱헢훖쿠뛔뛀솢탔믽샛떽튻뚨돌뛈,늢쟒룃쪵쳥듯떽튻뚨맦쒣,뛾냥쫐뎡뇣헦헽닺짺쇋ꆣ평듋뿉볻,뛾냥쫐뎡뗄튻쟐뚼풴폚웤뒴짺뗄뮷뺳,뛾냥쫐뎡쫇뒴짺뮷뺳쓚짺뗄닺컯ꆣ퓚듋컒쏇뿉뛔뛾냥쫐뎡뗄뒴짺뮷뺳ퟷ죧쿂뷧뚨:뛾냥쫐뎡뗄뒴짺뮷뺳쫇횸뛾냥쫐뎡듓퓐폽ꆢ닺짺떽랢햹뗄헻룶맽돌훐쯹뒦뗄짦벰뺭볃ꆢ헾훎ꆢ컄뮯뗈룷룶닣쏦뗄뢴퓓쾵춳ꆣ헢튻뷧뚨쫗쿈잿뗷뗄쫇뛾냥쫐뎡뒴짺뮷뺳뗄쾵춳탔;웤듎쮵쏷뛾냥쫐뎡쫇평룃뮷뺳쾵춳쓚짺돶살뗄튻룶탂짺쾵춳ꆣ2ꆡ뛾냥쫐뎡뒴짺뮷뺳뗄뛔뇈럖컶튪횪웤놾,뇘쯝웤풴ꆣ쏀맺뗄NASDAQ막욱붻틗쫐뎡뿉돆뗃짏쫇떱횮컞삢뗄ꆰ뛾냥횮ퟦꆱꆣ뒴짺폚71쓪뗄NASDAQ쫐뎡폐웤쿊쏷뗄뒴짺뮷뺳:1)듓쓪듺짏뾴,NASDAQ뒴짺폚볆쯣믺벼쫵룯쏼럧웰퓆펿뗄쓪듺;2)듓뗘샭캻훃짏뾴,NASDAQ틀췐폚퓆벯ퟅ훚뛠룟뿆벼킡웳튵뗄맨마;3)듓닺튵랢햹뷗뛎짏뾴,NASDAQ돉솢폚쏀맺70ꆫ80쓪듺닺튵뷡릹듳럹뗷헻뗄뷗뛎;ꆡꆡ쫕룥죕웚:2000-07-31믹뷰쿮쒿:맺볒ퟔ좻뿆톧믹뷰훺쿮쒿(79970102)ퟷ헟볲뷩:훜쓋쏴(1944-),쓐(몺ퟥ),뫚쇺붭쮫돇죋,벪쇖듳톧뺭볃맜샭톧풺,뷌쫚,퇐뺿랽쿲:럧쿕춶폫뛾냥쫐뎡.' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
ꆤ2ꆤ훐맺맜샭뿆톧ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2001쓪4)듓놾쫐뎡뗄돉쫬돌뛈짏뾴,NASDAQ쫇퓚맺쓚훷냥쫐뎡뇈뷏랢듯벰뎡췢쫐뎡쿠떱믮풾뗄쟩뿶쿂닺짺뗄;5)쎿튻듎NASDAQ쫐뎡뗄탋쪢폫믮풾뚼샫늻뾪헾뢮뗄헾닟횧돖ꆣ캪쳡좡룷맺뛾냥쫐뎡뒴짺뮷뺳뗄릲탔쳘뗣,틔뷒쪾뛾냥쫐뎡뒴짺뗄뇘튪쳵볾,컒쏇뛔NAS2DAQ,EASDAQ,AIM,SESDAQ,JASDAQ틔벰GEM퓚뒴짺뮷뺳랽쏦뗄틬춬횮뒦뷸탐쇋뛔뇈퇐뺿,뗃돶죧쿂릲탔쳘헷:1)뚼돶쿖퓚닺튵뷡릹뗷헻뗄쪱웚;2)뚼쫇퓚놾쫐뎡쪮럖랢듯믲뷏캪랢듯뗄쟩뿶쿂닺짺;3)뚼폐뷏캪믮풾뗄뎡췢쫐뎡ퟷ워뗦;4)헾뢮퓚뒴짺맽돌훐뚼냧퇝튻뚨뷇즫,캨튻뗄늻춬쫇쯹냧퇝뷇즫뗄ퟷ폃듳킡늻춬;5)뚼폐뷏뫃뗄짧믡탅폃믹뒡;6)뚼돶쿖퓚훐킡웳튵,쳘뇰쫇훐킡룟벼쫵웳튵듳솿펿쿖,늢?듽랢햹뗄쪱웚;캪쓜듓헢킩엓퓓뗄뒴짺뮷뺳뗄릲탔쳘헷훐,쳡좡돶뿉폃폚뚨솿럖컶펰쿬뛾냥쫐뎡뒴짺뗄뇘튪쳵볾,컒쏇뇘탫듓뒫춳뗄ퟝ뫡뛔뇈뗄퇐뺿랽램,쳸풾떽뿆톧뗄쾵춳럖컶뗄퇐뺿랽램훐좥,뇘탫뷨훺쾵춳싛벰쫽톧뗄랽램뫍횪쪶ꆣ3ꆡ뛾냥쫐뎡뒴짺뮷뺳뗄쾵춳럖컶뛾냥쫐뎡쫇튻룶짦벰뫪캢맛뗄ꆢ뛠닣듎뗄뢴퓓뻞쾵춳,캪쇋랽뇣퇐뺿컒쏇쫗쿈쳡돶튻룶볙짨,튻쿮뒦샭뫍튻훖쮼슷:쯹캽튻룶볙짨,벴뇟뷧볙짨,죏캪뒴짺뮷뺳뗄퇐뺿뇟뷧뷶쿞폚튻맺믲튻뗘쟸뗄뺭볃ꆢ헾훎ꆢ컄뮯뮷뺳;튻쿮뒦샭,벴뺲첬뮯뒦샭,틲캪뒴짺맽돌쫇뒴짺컯폫뮷뺳늻뛏쒥뫏ퟷ폃뗄뚯첬맽돌,웤볤뒴짺뮷뺳뗄쓚퓚뇟뷧쫇쿠뛔뗄,뇤뮯뗄ꆣ뺲첬뮯뒦샭뗄쒿뗄뻍쫇쿫냑뇤뮯뗄ꆢ쒣뫽뗄뇟뷧뮯돉뿉솿뮯퇐뺿뗄쟥컺뇟뷧;튻훖쮼슷,벴듓뫪맛ꆢ훐맛떽캢맛,ퟮ뫳퓙믘떽뫪맛뗄퇐뺿쮼슷,훚쯹훜횪,뛾냥쫐뎡놾짭쫇룶뫪맛뗄쾵춳룅쓮,뛸뫪맛쾵춳뻟폐쒣뫽탔ꆢ뢴퓓탔,쓑폚햹뾪뚨솿퇐뺿,틲듋컒쏇뎣냑뫪맛쾵춳뗄퇐뺿틽죫캢맛쇬폲,퓚캢맛쇬폲볓틔뚨솿퇐뺿,ퟮ뫳퓙틔쿟탔믲럇쿟탔뗄랽쪽믘맩떽뫪맛짏살ꆣ폐쇋짏쫶죽룶ꆰ튻ꆱ뗄낲업,뇣뿉폃쾵춳럖컶뗄랽램,춨맽뷧뚨쾵춳룷닣듎,늢럖컶룷닣듎쓚폫닣듎볤뗄ퟷ폃맘쾵,붨솢쾵춳쒣탍,뷸뛸헒돶펰쿬뛾냥쫐뎡뒴짺뗄놾훊뗄ꆢ뫋탄뗄뮷뺳틲쯘ꆣ311ꆡ쾵춳쒣탍뗄붨솢틀헕짏쫶쮼슷,뿉붫뛾냥쫐뎡뒴짺뮷뺳뾴돉쫇튻룶뛠닣듎뗄럢뇕쾵춳(웤럢뇕탔평짏쫶볙짨뻶뚨),뛸뛾냥쫐뎡퓲뿉죏캪쫇듓헢룶럢뇕쾵춳쓚늿뒴짺돶살뗄탂짺쾵춳,룃쾵춳뻟폐쾵춳뗄냋듳믹놾쳘탔,벴헻쳥탔ꆢ뾪럅탔ꆢ닣듎탔ꆢ쒿뗄탔ꆢ컈뚨탔ꆢ춻뇤탔ꆢퟔퟩ횯탔뫍쿠쯆탔ꆣ뛾냥쫐뎡춬웤쯼쯹폐뗄놾쫐뎡튻퇹,뚼쫇튻훖욽첨,튻훖뷸탐뷰폠좱뗷볁뫍폅뮯엤훃뗄욽첨,캨튻늻춬뗄뇣쫇룷쫐뎡욽첨뗄룟뗍폫돐퓘뗄뛔쿳늻춬ꆣ뷰죚쫐뎡쓚짺탎돉샭싛룦쯟컒쏇,탂쫐뎡뒴짺뗄뫋탄쳵볾쫇ꆰ:떱쫂죋샻폃룃쫐뎡욽첨뗄웚췻킧폃듳폚샻폃웤쯼쫐뎡욽첨,믲헟룃쫐뎡뗄돶쿖쪹헻룶뷰죚쫐뎡뛔뷰죚풴뗄엤훃쟷쿲탂뗄엁샛췐ퟮ폅ꆣꆱꋙ뛾냥쫐뎡뗄뒴짺튲늻샽췢,웤뒴짺횻폐쪹샻폃룃쫐뎡뗄뷰탨쟳랽뫍뷰펯폠랽쓜퓚뛾냥쫐뎡뗄쫐뎡맦퓲쿂믱뗃ퟮ듳뗄웚췻킧폃,닅쓜쯣쫇뫏샭뗄,폐킧뗄ꆣ헢훖뇘탫잿뗷:뷰릩탨쮫랽뗄뷰뗄욥엤펦듯떽튻뚨쇙뷧맦쒣,럱ꋙꆰGreenwoodandSmityꆱ1997' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚2웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ훜쓋쏴뗈:뛾냥쫐뎡뒴짺뮷뺳퇐뺿ꆤ3ꆤ퓲쫐뎡뗄뒴짺붫쫇늻뇘튪뗄,믲헟쮵쫇뗍킧뗄ꆣꆰ쎬뛜퓋뚯쫇쫂컯닺짺뫍랢햹뇤뮯뗄룹놾뚯솦ꆱꋙ,뛾냥쫐뎡ퟷ캪튻쫂컯듦퓚,쯼뗄뒴짺튲뇘쫇쒳튻쎬뛜퓋뚯뗄뷡맻ꆣ뷡뫏짏쫶럖컶뿉횪,뛾냥쫐뎡뒴짺뗄룹놾뚯솦쫇믹폚뛾냥쫐뎡헢튻욽첨뗄잱퓚뗄뷰폠좱쮫랽뗄쎬뛜퓋뚯,평듋컒쏇뿉릹붨죧쿂쾵춳쒣탍:뛾냥쫐뎡뒴짺뮷뺳쾵춳쒣쪽춼312ꆡ쾵춳쒣탍뗄럖컶쒣탍럖캪죽룶닣듎:뫪맛ꆢ훐맛뫍캢맛,웤훐뛾냥쫐뎡ퟷ캪훐맛닣듎뗄쾵춳쫇평캢맛닣듎훐튻뚨맦쒣잱퓚뗄춶훷쳥뫍쫐뎡훷쳥럇쿟탔ퟷ폃닺짺,웤폃탩뿲뇪쪶,뇭헷웤뒦폚캴뒴짺잰뗄ힴ첬ꆣ뒴짺뮷뺳뗄룷닣듎튪쯘뗄쾸럖볻뇭1ꆣ뇭1ꆡ뛾냥쫐뎡뒴짺뮷뺳뗄쾵춳럖샠뇭죋컄뮷뺳컄뮯뒫춳ꆡ쮼캬쾰맟ꆡ짺믮랽쪽뗈죭뮷뺳램싉뮷뺳ꆶ쿜램ꆷꆶ뺭볃램ꆷꆶ횤좯램ꆷꆶ릫쮾램ꆷꆶ럧쿕춶램ꆷꆶ틸탐램ꆷꆶ쮰램ꆷ뗈헾닟뮷뺳닆헾ꆡ쮰쫕ꆡ뷰죚헾닟뗈뫪맛닣듎짺닺솦랢햹쮮욽(뺭볃랢햹쮮욽ꆡ뿆벼쮮욽ꆡ닺튵랢햹뷗뛎)짧믡훆뛈(탐헾쳥쾵ꆡ횴램쳥쾵)펲뮷뺳훐맛닣듎죋닅쫐뎡ꆡ뷰죚쫐뎡쳥쾵ꆡ벼쫵쫐뎡춶훷쳥(춶믺릹ꆡ듳웳튵ꆡ룶죋)캢맛닣듎훐뷩럾컱믺릹쫐뎡훷쳥(룷샠웳튵)ꋙꆶ십뿋쮼뛷룱쮹톡벯ꆷ뗚3뻭뗚493튳' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
ꆤ4ꆤ훐맺맜샭뿆톧ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2001쓪ꆡꆡ뫪맛뫍훐맛닣듎볤듦퓚ퟅ뷏잿뗄쿠뮥ퟷ폃,폖춬쪱ퟷ폃폚캢맛훐뗄잱퓚뗄믹폚뛾냥쫐뎡뗄춶죚훷쳥,춨맽펰쿬쯻쏇뗄춶죚죈쟩,룄뇤춶죚훷쳥뗄뷡릹릹돉,ퟮ훕뛔뛾냥쫐뎡뗄탎돉닺짺펰쿬ꆣ쿂쏦컒쏇붫훰닣럖컶룷닣쓚폫룷닣볤뗄뮷뺳튪쯘뗄쿠뮥ퟷ폃:퓚뫪맛닣듎훐,짺닺솦랢햹쮮욽폫컄뮯뒫춳뗄쎬뛜퓋뚯,뻶뚨쇋짧믡훆뛈뗄랢햹ힴ뿶,짧믡훆뛈춨맽솽듳쳥쾵,벴횴램쳥쾵폫탐헾쳥쾵살뛔훐맛벰캢맛훐뗄룷ퟓ쾵춳벰튪쯘닺짺펰쿬ꆣ죧ꆶ쿜램ꆷ믡펰쿬춶헟탄쒿훐뛔쮽폐닆닺뗄뾴램,듓뛸펰쿬춶헟뗄닎폫춶죚뗄죈쟩ꆣ쇭췢ꆶ,쿜램ꆷ폖믡틔믹놾램뗄탎쪽펰쿬훮죧ꆶ뺭볃램ꆷꆶꆢ횤좯램ꆷꆶꆢ릫쮾램ꆷꆶꆢ럧쿕춶램ꆷꆶꆢ틸탐램ꆷꆶꆢ쮰램ꆷ뗈웤쯼램싉뗄짨솢,볤뷓펰쿬춶훷쳥뫍쫐뎡훷쳥뗄춶죚탐캪;뛸탐헾쳥쾵믡춨맽훆뚨튻뚨닆쮰헾닟ꆢ뷰죚헾닟뛔훐맛닣듎뗄뷰죚쫐뎡쳥쾵닺짺펰쿬,튲믡횱뷓펰쿬떽춶훷쳥뗄춶탋좤뫍웚췻쫕틦틔벰죚훷쳥뗄믱샻쓜솦ꆣ쇭췢컄뮯뒫춳뫍짺닺솦랢햹쮮욽럖뇰횱뷓ퟷ폃폚훐ꆢ캢맛쇬폲,죧컄뮯뒫춳튻뚨돌뛈짏뻶뚨ퟅ룃맺뗄릫릲짧믡탅폃믹뒡,튲펰쿬ퟅ죋쏇뗄춶죚샭쓮,쏷쿔뗄튻룶샽ퟓ쫇놱쏀돧짐ퟔ평뒴퓬뫍룒폚쎰쿕뗄컄뮯럕캧,퓬뻍쇋튻듳엺럧쿕춶볒뫍럧쿕웳튵볒;뛸짺닺솦뗄랢햹쮮욽쫗쿈뻶뚨ퟅ튻맺뗄뺭볃믹뒡,뻶뚨ퟅ룃맺뗄닺튵랢햹뷗뛎틔벰뷰죚쫐뎡쳥쾵뗄랢듯돌뛈,늢쟒뛾냥쫐뎡퓚벼쫵퓋ퟷ짏뗄뿉탐탔튲샫늻뾪뿆톧벼쫵뗄랢햹쮮욽,틲캪뛾냥쫐뎡뗄ퟔ뚯놨볛쾵춳튪쟳볆쯣믺벼쫵뫍탅쾢벼쫵뇘탫폐쿠떱룟뗄랢햹쮮욽ꆣ퓚훐맛닣듎훐,뷰죚쫐뎡쳥쾵ꆢ죋닅쫐뎡쳥쾵뫍벼쫵쫐뎡쳥쾵죽헟쿠뮥ퟷ폃ꆢ쿠뮥틀췐,웤훐죋닅쫐뎡뫍벼쫵쫐뎡뛔뷰죚쫐뎡쳥쾵뗄붡뾵랢햹폐횧독ퟷ폃,뫃뗄죋닅쫐뎡뿉캪뷰죚쫐뎡뗄랢햹쫤쯍듳솿뗄뷰죚죋닅,캪뷰죚쫐뎡뗄닎폫훷쳥ꆪꆪꆪ웳튵ꆪꆪꆪ쳡릩룟닣듎뗄뺭펪맜샭죋닅,튲뿉캪벼쫵쫐뎡뗄랢햹쳡릩죋닅뒢놸ꆣ듋췢,뷰죚쫐뎡쳥쾵뗄랢햹ힴ뿶뻶뚨ퟅ캢맛닣듎훐훐뷩럾컱믺릹뗄랢듯뫍췪짆돌뛈,뻶뚨ퟅ춶죚훷쳥쫇럱뻟폐룟킧싊샻폃놾쫐뎡뗄쓜솦ꆣ죋닅쫐뎡캪캴살뛾냥쫐뎡뗄닺짺쳡릩죋닅횧돖,뛾냥쫐뎡뗄쯹탨뗄쫐뎡닎폫훷쳥늻춬폚웤쯼샠탍뗄뷰죚쫐뎡,쯼룼뛠뗄쫇탨튪뢴뫏탍뗄죋닅,늻뷶튪쟳뛔뷰죚횪쪶뺫춨,뛸쟒튪뛔맜샭ꆢ벼쫵ꆢ램싉뗈랽쏦뗄횪쪶폐튻뚨돌뛈뗄쇋뷢ꆣ벼쫵쫐뎡뗄랢듯뫍쿈뷸돌뛈,믲헟쮵벼쫵쫐뎡훐쫇럱폐듳솿쫐뎡잰뺰뫃뗄룟탂벼쫵쿮쒿,쫇뛾냥쫐뎡뒴짺뫳쓜럱뻟폐랢햹잱솦뗄뇪횾ꆣ퓚캢맛닣듎훐,훐뷩럾컱믺릹돽냼삨믡볆쪦쫂컱쯹ꆢ싉쪦쫂컱쯹ꆢ닺움맀믺릹ꆢ탅움맀믺릹ꆢ뇪ힼ죏횤믺릹뫍탅쾢톯믺릹뗈틔볠뚽ꆢ움맀캪퓰죎뗄믺릹췢,뮹냼삨춶틸탐뗈듓쫂죚럾컱뗄믺릹ꆣ잱퓚뗄춶훷쳥뫍잱퓚뗄쫐뎡훷쳥퓚훐뷩럾컱믺릹쳡릩뗄탅쾢뫍탅폃뗄횧돖쿂,퓚뛾냥쫐뎡뒴짺뫳,뇣뿉샻폃룃쫐뎡욽첨뷸탐뷰폠좱뗄뗷볁ꆣ헢샯컒쏇쳘뇰잿뗷ꆰ잱퓚ꆱ튻듊,틲캪뛾냥쫐뎡퓚캴뒴짺잰,쯹폐떱쫂죋뚼폎샫폚룃쫐뎡틔췢뗄듳뗄뮷뺳쾵춳훐,쯹틔컒쏇횻쓜붫캴살탂쫐뎡뗄떱쫂죋돆횮캪믹폚뛾냥쫐뎡뗄ꆰ잱퓚뗄ꆱ춶훷쳥뫍쫐뎡훷쳥ꆣ쇭췢,뛾냥쫐뎡뒴짺뗄뮷뺳쾵춳훐죽룶닣듎횮볤폖듦퓚ퟅ뗝뷗쪽뗄랴ퟷ폃,캢맛닣듎뗄뇤뮯틽웰훐맛닣듎쿲캢맛쯹탨뗄뎱쇷랢햹,훐맛닣듎뗄룼탂폖벤웰뫪맛닣듎뗄뇤,쪹웤늻훂폚춬훐맛닣듎췑뷚ꆣ샽죧듳솿뗄잱퓚춶훷쳥벰쫐뎡훷쳥뗄탂짺,쪹뗃훐뷩럾컱믺릹캪싺ퟣ탐튵랢햹뗄탨쟳,웤듓튵죋풱튲퇘ퟅ춬튻랽쿲랢햹,믺릹뇤뗃풽살풽랢듯,튻랽쏦뇣샻쇋춶죚쮫랽뗄뫏ퟷ,쇭튻랽쏦,웤쯹듸살뗄폅엤킧싊폖붫췆뚯훐맛닣듎훐뷰죚쫐뎡쳥쾵헻쳥탔ퟟ쿲췪짆,뷰죚쫐뎡쳥쾵뗄췪짆폖믡뛔헻룶뺭볃뗄랢햹웰떽듸뚯ퟷ폃,훁듋뻍탎돉쇋캢맛닣듎뇤뮯뛔뫪맛닣듎뗄퇓짬쪽뗄랴ퟷ폃ꆣ춨맽짏쫶쾵춳럖컶,컒쏇뿉틔뾴떽뫪맛ꆢ훐맛닣듎뗄뮷뺳튪쯘,뚼틔튻뚨랽쪽횱뷓믲볤뷓뗘ퟷ폃폚캢맛닣듎훐뗄쫐뎡잱퓚뗄춶죚훷쳥,듓뛸ퟮ훕펰쿬뛾냥쫐뎡헢튻쾵춳뗄뒴짺ꆣ313ꆡ뷡싛' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚2웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ훜쓋쏴뗈:뛾냥쫐뎡뒴짺뮷뺳퇐뺿ꆤ5ꆤ믹폚뛾냥쫐뎡쫐뎡맦퓲뗄잱퓚뷰폠좱쮫랽뗄욥엤맦쒣뇣쫇퓚뛾냥쫐뎡뒴짺뮷뺳훐펰쿬뛾냥쫐뎡뒴짺뗄뫋탄튪쯘,믲헟쮵믹폚뛾냥쫐뎡튻뚨맦쒣뗄뷰폠좱욥엤맦쒣쫇뛾냥쫐뎡뒴짺뗄뇘튪쳵볾ꆣ뛸뒦폚뮷뺳쾵춳훐뗄웤쯼튪쯘뚼쫇춨맽횱뷓믲볤뷓뛔룃뫋탄튪쯘닺짺펰쿬뛸ퟷ폃폚뛾냥쫐뎡뗄뒴짺ꆣ4ꆡ뛾냥쫐뎡뒴짺뮷뺳뗄쾵춳솿뮯쒣탍뛾냥쫐뎡뗄뒴짺뿉틔맩뷡캪뷰폠좱뗄욥엤맦쒣,쓇쎴컒쏇뇣폐쳵볾닉폃뚨솿뗄럖컶랽램뛔웤뷸탐퇐뺿,듓뛸럖컶뫍움볛뛾냥쫐뎡뗄뒴짺뮷뺳ꆣ쯤좻뷰폠좱뗄욥엤맦쒣쫗쿈쫇튻룶놾뗄ꆰ솿ꆱ뗄컊쳢,떫평폚놾놳뫳뗄훷쳥늻춬,늻춬훷쳥쯹뛔펦뗄놾믡듸살퓚ꆰ훊ꆱ뗄랽쏦뗄쟸뇰,쯹틔컒쏇튲늻뿉뫶쫓웤훐뗄ꆰ훊ꆱ뗄컊쳢,헢샯뗄ꆰ훊ꆱ폐솽닣몬틥,뗚튻닣쫇뛔폚춶훷쳥살쮵,룟훊솿뗄뷰튪쟳춶훷쳥뗄춶좡쿲럻뫏뛾냥쫐뎡뗄쫐뎡쳘뗣,벴춶훷튪캪쇋ꆰ퓚룟럧쿕훐믱뗃룟쫕틦ꆱ,춶놾튪폐뷏뫃뗄쇷뚯탔ꋙ,춶훷쳥뗄쪶뇰뫍볝풦럧쿕뫍맜샭뷰뗄쓜솦뷏잿,쇭췢,튪쟳춶훷쳥뮹튪폐튻뚨뗄ힷ볓춶뗄쓜솦ꋚ;뗚뛾닣몬틥쫇뛔폚쫐뎡훷쳥살쮵,튪쟳죚웳튵럻뫏뛾냥쫐뎡뗄짏쫐맦퓲뫍짏쫐튪쟳,벴웤닺욷룟뿆벼몬솿뷏룟ꆢ쫐뎡잰뺰뫃,쟒튪쟳폐뫜룟뺭펪맜샭쯘훊뗄맜샭췅뛓,쇭췢,웳튵뗄맦랶뮯퓋ퟷ돌뛈쫇웳튵짌튵탅폃벰캴살랢햹잱솦뗄뇪횾,튲퓚뫜듳돌뛈짏펰쿬ퟅ웤짏쫐뫳뛔뛾냥쫐뎡붡뾵랢햹뗄횧돖뛈ꆣ틲듋컒쏇뛔뷰폠좱뗄욥엤맦쒣뷸탐솿뮯뒦샭쪱,튪뾼싇죽룶컊쳢:1)ꆰ쎿샠잱퓚춶훷쳥퓚쿖폐놾쫐뎡뗄놾ퟜ솿쫇뛠짙?ꆱ;2)ꆰ쒿잰뷰죚쫐뎡폎샫뗄룷샠춶훷쳥폫쫐뎡훷쳥,폐뛠듳뇈샽쓜뮯돉캪캴살뛾냥쫐뎡뗄쫐뎡닎폫헟?ꆱ;3)ꆰ룷샠쫐뎡닎폫훷쳥뛔뛾냥쫐뎡뗄붡뾵랢햹뗄횧돖뛈폐뛠듳?ꆱ튻냣살쮵,튻맺퓚튻뚨쪱웚뗄컊쳢1)뗄듰낸쫇만뚨,횻쫇룶춳볆쫽ퟖ;컊쳢2)튲췪좫뿉틔폃돩퇹뗷닩뗄랽램볓틔뷢뻶;횻폐컊쳢3)짦벰뛠훖틲쯘,늻틗뷸탐횱뷓뗄솿뮯뒦샭ꆣퟛ짏럖컶,뛔뛾냥쫐뎡뒴짺뮷뺳뗄움볛뿉폃죧쿂솿뮯쒣탍쪽살뇭듯:ꆡꆡꆡꆡS=ꇆnsiqip(i)=s1q1ps(1)+s2q2ps(2)+ꆭꆭ+siqips(i)(1)i=1ꆡꆡꆡꆡD=ꇆndipip(i)=d1p1pd(1)+d2p2pd(2)+ꆭꆭ+dipipd(i)(2)i=1ꆡꆡꆡꆡT=Min{S,D}(3)ꆡꆡ웤훐,S쫇믹폚뛾냥쫐뎡뗄잱퓚뷰펯폠랽(춶훷쳥)쳡릩뗄뷰훊솿,D쫇믹폚뛾냥쫐뎡뗄잱퓚뷰탨쟳랽(쫐뎡훷쳥)탨쟳뷰뗄훊솿,T퓲듺뇭ퟮ훕뗄뷰욥엤맦쒣ꆣqi뇭쪾뗚i샠춶훷쳥춶뷰믹폚뛾냥쫐뎡뗄ꆰ훊ꆱ,siqi쫇뗚i샠춶훷쳥춶뷰뗄훊솿믽,ps(i)뇭쪾뗚i샠춶훷쳥뛔캴살뛾냥쫐뎡춶뗄뿉쓜탔(쫇튻룶룅싊횵);pi뇭쪾뗚i샠쫐뎡훷쳥뗄탨쟳뷰믹폚뛾냥쫐뎡뗄ꆰ훊ꆱ;dipi쫇뗚i샠쫐뎡훷쳥탨쟳뷰뗄훊솿믽,pd(i)뇭쪾뗚i샠쫐뎡훷쳥뛔캴살뛾냥쫐뎡춶뗄뿉쓜탔(쫇튻룶룅싊횵)ꆣ퓚짏쫶듺쫽쪽훐,si,di쫇뛔폚튻맺살쮵뚼쫇쿠뛔만뚨뗄춳볆솿,ps(i),pd(i)튲뿉틔춨맽돩퇹뗷닩뗄쫖뛎볓틔좷뚨,컊쳢뗄맘볼쫇뛔qi,pi좷뚨,평폚쎿튻룶qi,pi뚼폫뛠훖틲쯘듦퓚ퟅ쳘뚨뗄ꋙ뛾냥쫐뎡뗄쇷춨쫐횵뷏훷냥쫐뎡킡,탨튪쫐뎡닎폫놾뻟폐뷏뫃뗄쇷뚯탔ꆣꋚ뛾냥쫐뎡쫇뷏캪튵뮯뗄놾쫐뎡,춶훷쳥죴컞ힷ볓춶뗄쓜솦,퓲믡뻖쿞쫐뎡뗄랢햹뿕볤ꆣ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
ꆤ6ꆤ훐맺맜샭뿆톧ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2001쓪싟벭맘쾵,쟒웤훐뗄탭뛠틲쯘폖쓑틔뷸탐솿뮯뒦샭ꆣ퓚듋쟩뿶쿂,뿉폃닣듎럖컶램(AHPꋙ),틲캪춬쫇뻶닟컊쳢,춬쫇쿠쇚짏쿂닣풪쯘횮볤듦퓚ퟅ쳘뚨뗄싟벭맘쾵,폖춬쫇뛔쓑폚솿뮯뗄컊쳢룸돶뛔뇈탔솿뮯뷡맻,뛸쟒늻쓑랢쿖:랽낸닣훐룷럖솿뗄좨훘헽쫇컒쏇쿫튪뗄뷰뗄ꆰ훊ꆱ뗄뛈솿ꆣ믹폚닣듎럖컶램뗄믹놾쮼쿫,죴틔룶죋춶헟ꆢ듳탍웳튵벯췅ꆢ럧쿕춶릫쮾ꆢ룷샠춶믹뷰벰횤좯릫쮾ퟷ캪믹폚뛾냥쫐뎡뗄잱퓚춶훷쳥,틔뷰뗄듦탸웚ꆢ럧쿕뿘훆뫍헧뇰ꆢ쫐뎡뗄쫬쾤돌뛈ꆢ뷰뗄맜샭쮮욽ퟷ캪움볛웤ꆰ훊ꆱ뗄ힼ퓲닣횸뇪,뿉릹퓬맘폚qi뗄쒣탍1;춬샭,죴붫훐킡룟벼쫵웳튵뫍튻냣훐킡웳튵ퟷ캪훷튪뗄믹폚뛾냥쫐뎡뗄쫐뎡훷쳥,틔맜샭닣쯘훊ꆢ룟뿆벼몬솿ꆢ웚췻쫕틦ꆢ웳튵랢햹뷗뛎ퟷ캪움볛웤ꆰ훊ꆱ뗄ힼ퓲닣횸뇪,뿉릹퓬맘폚pi뗄쒣탍2:쒣탍1쒣탍2ꆡꆡ폐쇋짏쫶쒣탍,춨맽뛔ힼ퓲닣훐횸뇪뷸탐훘튪탔럖엤뇈뷏,뇣뿉퓚룷럖솿뗄좨훘볆쯣훐뗃돶qi뫍piꆣ5ꆡ컒맺뛾냥쫐뎡뒴짺뮷뺳뗄움볛511ꆡqi뗄볆쯣ꋙ탭쫷냘ꆶ,닣듎럖컶램풭샭ꆷ,쳬뷲듳톧돶냦짧,1988' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚2웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ훜쓋쏴뗈:뛾냥쫐뎡뒴짺뮷뺳퇐뺿ꆤ7ꆤ펦폃쒣탍1뫍볒듲럖램좡뗃뗄쫽뻝,쟳뗃뷰뗄쇷뚯탔ꆢ탅쾢뗄쯑벯헻샭쓜솦ꆢ럧쿕뗄헧뇰뿘훆쓜솦ꆢힷ볓춶뗄쓜솦쯄쿮틲쯘뗄좨횵업탲쿲솿캪B1=(0130,0115,0131,0124),쿠펦뗄쳘헷횵ꛋmax=4181,C1I1=0106,C1R1=01067<011,뻟폐싺틢뗄튻훂탔ꆣ맘폚쯄쿮ힼ퓲룷춶훷쳥뗄솽솽쿠뮥뇈뷏,뗃죧쿂뇭5-1:뇭5-1ꆡ쒣탍횸뇪볆쯣뇭볆쯣뷡맻횸뇪쳘헷쿲솿ퟮ듳쳘헷룹ꛋmax놾쇷뚯탔(0131ꆡ0117ꆡ0118ꆡ0105ꆡ0129)5113탅쾢뗄쯑벯헻샭쓜솦(0106ꆡ0114ꆡ0145ꆡ0122ꆡ0122)5130럧쿕뗄헧뇰뿘훆쓜솦(0105ꆡ0112ꆡ0151ꆡ0129ꆡ0113)5107ힷ볓춶뗄쓜솦(0101ꆡ0111ꆡ0136ꆡ0124ꆡ0128)5125ꆡꆡ럖뇰뛔에뛏뻘헳뗄튻훂탔뷸탐볬퇩,C1R1뻹킡폚011,쯹틔룹뻝볒듲럖뗃떽뗄쯄룶에뛏뻘헳뚼뻟폐싺틢뗄튻훂탔ꆣ붫틔짏쫽뻝릹퓬돉튻룶쯄탐컥쇐뗄뻘헳A1,죧쪽4-1:0131ꆡ0117ꆡ0118ꆡ0105ꆡ01290106ꆡ0114ꆡ0145ꆡ0122ꆡ0122A1=0105ꆡ0112ꆡ0151ꆡ0129ꆡ쪽4-101130101ꆡ0111ꆡ0136ꆡ0124ꆡ0128쇮Q=(q1,q2,q3,q4,q5)0131ꆡ0117ꆡ0118ꆡ0105ꆡ0129퓲ꆡ0106ꆡ0114ꆡ0145ꆡ0122ꆡ0122Q=B1ꇁA1=(0130,0115,0131,0124)0105ꆡ0112ꆡ0151ꆡ0129ꆡ01130101ꆡ0111ꆡ0136ꆡ0124ꆡ0128=(0112,0113,0137,0115,0123)512ꆡpi뗄볆쯣춬퇹내헕짏쫶랽램뿉틔뗃돶맜샭췅뛓뗄뒴튵뺫짱폫풱릤쯘훊ꆢ룟뿆벼몬솿폫쫐뎡잰뺰ꆢ웚췻쫕틦ꆢ웳튵맦랶뮯퓋ퟷ돌뛈쯄쿮틲쯘뗄좨횵업탲쿲솿캪B2(0121,0133,0129,0117),쿠펦뗄쳘헷횵ꛋmax=4109,C1I1=0103,C1R1=01033<011,뻟폐싺틢뗄튻훂탔ꆣ맘폚쯄쿮ힼ퓲룷잱퓚쫐뎡탨쟳훷쳥뗄솽솽쿠뮥뇈뷏,뗃쿂뇭5-2:뇭5-2ꆡ쒣탍횸뇪볆쯣뇭볆쯣뷡맻횸뇪쳘헷쿲솿ퟮ듳쳘헷룹ꛋmax맜샭췅뛓뗄뒴튵뺫짱폫풱릤쯘훊(0195,0105)2룟뿆벼몬솿벰쫐뎡잰뺰(0199,0101)2웚췻쫕틦(0197,0103)2웳튵맦랶뮯돌뛈(0191,0109)2ꆡꆡ평폚짏쫶뗄쯄룶에뛏뻘헳뗄C1I1뻹뗈폚쇣,쯹틔웤에뛏튻훂탔뗄횸뇪CR튲뗈폚쇣,킡폚011ꆣ틲듋틔짏쯄룶뻘헳뚼뻟폐싺틢뗄튻훂탔ꆣ춬퇹붫틔짏쯄룶쿲솿릹돉튻룶쯄탐솽쇐뗄뻘헳A2,죧쪽4-2:' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
ꆤ8ꆤ훐맺맜샭뿆톧ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2001쓪0195ꆡ01050199ꆡ0101A2=쪽4-20197ꆡ01030191ꆡ0109쇮P=(p1,p2,p3,p4,p5)0195ꆡ0105퓲0199ꆡ0101P=B2ꇁA2=(0121,0133,0129,0117)0197ꆡ=(0196,0104)01030191ꆡ0109513ꆡ놾폠좱욥엤맦쒣뗄볆쯣캪뇜쏢놾쫐뎡룷샠춶훷쳥놾퓋폃짏뗄훘뢴볆쯣,틔뺻닺캪ힼ춳볆Si,뻝뗷퇐쫕벯헻샭뗄쫽뻝(춳볆훷튪뷘훁폚2000쓪3퓂,늿럖쫽뻝뷘훁폚1999쓪8퓂),Si뗄횵럖뇰캪(떥캻틚풪):룶죋춶훷쳥ꋙS1=6000,듳웳튵벯췅S2=700,럧쿕춶릫쮾ꋚS3=100,춶믹뷰ꋛS4=95,횤좯릫쮾ꋜS5=1000,ps(i)럖뇰캪0103ꋝ,0127,0147,0118,0132,평듋뿉춨맽릫쪽(1)볆쯣뗃S=36016;춬샭,룟벼쫵웳튵ꋞd1=3500,뛸pd(1)=018,평폚뛾냥쫐뎡훷튪헫뛔룟뿆벼웳튵,퓚쒿잰쟩뿶쿂,튻냣킡웳튵퓚뛾냥죚뗄뿉쓜탔벸뫵캪0,벴pd(2)뿉뷼쯆뇭쪾캪0,틲듋듺죫뿉쟳뗃D=2688,퓲T=Min{S,D}=36016(틚풪)514ꆡ뷡싛평움볛뷡맻럖컶,컒맺쒿잰뗄놾폠좱욥엤맦쒣쿠뛔뷏킡ꋟ,좷쪵듦퓚ퟅ뷰욿뺱ꆣ퓚룷춶훷쳥훐ퟮ뻟퓶뎤잱솦뗄쫇쏱볤뫍쮽죋춶훷쳥,죧뫎쓜냑6췲틚뗄뻓쏱뒢탮늿럖틽쿲뛾냥쫐뎡짏살,쫇뷢뻶뷰욿뺱뗄맘볼ꆣ캪엠폽컒맺뛾냥쫐뎡뗄뒴짺뮷뺳,춬쪱뮹펦볓듳룷샠믹뷰(놣쿕믹뷰ꆢ뢣샻믹뷰ꆢ닺튵믹뷰ꆢ짧믡놣헏믹뷰)뗄횧돖솦뛈,듋췢뮹튪듳떨샻폃맺볊럧쿕놾ꆣ놾컄쳡릩쇋튻훖퇐뺿뛾냥쫐뎡뒴짺뮷뺳뗄쮼슷뫍움볛랽램,늢뺭쪵횤쿔쿖:엠폽컒맺뛾냥쫐뎡뒴짺뮷뺳쫇뒴붨뛾냥쫐뎡뗄잰쳡,뛸랢햹믹폚뛾냥쫐뎡뗄춶쫐뎡쫇엠폽컒맺뛾냥쫐뎡뒴짺뮷뺳뗄떱컱횮벱ꆣ닎뾼컄쿗:\[1\]췵캡1뗚뛾냥쫐뎡\[M\1]훐뮪릤짌솪뫏돶냦짧,1999,51\[2\]컢퇞열1뒴튵냥쫐뎡\[M\1]훐맺쏱몽돶냦짧,1999,111\[3\]닜럯1횤좯춶톧\[M\1]놱뺩:놱뺩듳톧돶냦짧,1998,121\[4\]헅슽퇳1룟벼쫵닺튵럧쿕춶퓋탐믺훆퇐뺿\[D\1]늩쪿싛컄,1999,81\[5\]췵틦,탭킡쯉1럧쿕놾쫐뎡벰웤퓋탐믺훆퇐뺿\[J\1]춶폫횤좯,1999,(9)1ꋙ틔뛔막쫐훐룶죋뗄뷰솿맀쯣뗃ꆣꋚ헅슽퇳ꆶ룟벼쫵닺튵럧쿕춶퓋탐믺훆뗄퇐뺿ꆷ늩쪿싛컄1999쓪8퓂ꋛ평횤볠믡쳡릩춳볆쫽뻝뿢볆쯣쯹뗃,췸횷:http://www1csrc1gov1cnꋜ췸횷:http://www1chinanasdaq1comꋝ뛔뎤뒺ꆢ맾뛻뇵ꆢ첫풭뗈뗘뗄막쫐룶죋춶헟뗄돩퇹뗷닩랢쿖,죴뛾냥쫐뎡뗄짏쫐릫쮾막욱랢탐볛캪20ꆫ30풪/막,퓲폐뷼쪮럖횮튻뗄막쏱풸붫웤죽돉뗄뷰죫뛾냥쫐뎡ꆣꋞ2000쓪7퓂,뿆벼늿뢱늿뎤탬맚뮪횸돶ퟮ탂춳볆쇏뇭쏷,쒿잰좫맺폐룟뿆벼웳튵7췲뛠볒,듓튵죋풱300폠췲죋,죴틔쎿볒릫쮾욽뻹탨뷰5000췲풪볆,퓲뿉뗃d1ꆣꋟDavidA1Lesmond(TulaneUniversity)뗈퓚뛔NYSE,NASDAQ솽쫐뎡뗄붻틗돉놾뫍탅쾢돉놾뗄퇐뺿뫳,횸돶횻폐퓚놾쫐뎡뗄맦쒣뎬맽100틚쏀풪,닅폐뿉쓜믱뗃룟뗄쫐뎡킧싊ꆣ' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뗚2웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ훜쓋쏴뗈:뛾냥쫐뎡뒴짺뮷뺳퇐뺿ꆤ9ꆤ\[6\]ThomasR1Leinbacn1VentureCapital:InternationalComparisons\[M\1]19991\[7\]DavidA1Lesmond1TheEvaluationofTransactionCost\[M\1]19991ResearchonFormationEnvironmentofSecondaryBoardMarketZHOUNai-min,DUYu-chen(EconomicManagementInstitute,JilinUniversityofTechnology,Changchun130025,China)Abstract:Withestablishingthesecondboardmarketofourcountryroundthecorner,,webeginwithdefiningꆰformationenvironmentofsecondboardmarketꆱ,,insuchawaywefindamethod,,:secondaryboardmarket;formationenvironment;systematicanalysis;evaluation' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
