2004쓪2퓂뗚훐맺릤튵뺭볃Feb1,20042웚(ퟜ191웚)ChinaIndustrialENo12conomyꆾ릫릲맜샭ꆿ믹폚럖쿭훆뗄놾엤훃퇐뺿쯎솼죙1,ꆡ탬뢣풵2(1.짏몣샭릤듳톧짌톧풺,ꆡꆡ짏몣ꆡ200093;2.짏몣샭릤듳톧맜샭톧풺,ꆡ짏몣ꆡ200093)[햪튪]ꆡ럖쿭훆쫇튻훖샻틦맘쾵,쯼쫇춨맽뗷헻샻틦맘쾵펰쿬놾엤훃뗄ꆣ놾컄퓚뿆쮹뚨샭뗄틽떼쿂,럖컶쇋럖쿭훆닺좨낲업평폚붻틗럑폃뗄ퟷ폃뛔닆컱놾폫죋솦놾퓚웳튵쓚늿엤훃뗄펰쿬ꆣ퇐뺿뷡맻뇭쏷,룷훖놾퓚웳튵뗄춶죫솿폫붻틗럑폃뗄듦퓚뫍닺좨뷧뚨쾵쫽쿠맘,늢폐튻룶ퟮ폅뗄엤훃맦쒣;햮컱놾뫍막놾뗄엤훃쫜뺭펪룜룋뫍닆컱룜룋뗄뗷뷚,뒴탂탍죋솦놾퓚웳튵죋솦놾뗄엤훃훐웰맘볼ퟷ폃ꆣ[맘볼듊]ꆡ럖쿭훆;ꆡ닆컱놾;ꆡ죋솦놾;ꆡ웵풼;ꆡ붻틗럑폃[훐춼럖샠뫅]F240ꆡ[컄쿗뇪쪶싫]Aꆡ[컄헂뇠뫅]1006-480X(2004)02-0062-06튻ꆢ믹폚럖쿭훆놾엤훃컊쳢뗄쳡돶웳튵뫏풼뗄늻췪좫탔떼훂쇋웳튵닺좨뗄닺짺,춬쪱튲틢캶ퟅ쮭펵폐웳튵뗄닺좨쫇훘튪뗄ꆣ퓚웳튵,ퟮ믹놾뗄웵풼맘쾵뇭쿖퓚돵쪼닺좨뗄낲업짏,헢쫇닆컱놾쯹폐헟폫죋솦놾쯹폐헟퓚뚩솢샍웵풼뗄늩?맽돌훐듯돉뗄튻훖뻹뫢ힴ첬,ퟮ훕폐죽훖뿉쓜뗄뷡맻:릤뫏풼ꆢ뚨뛮ퟢ풼뫍럖돉뫏풼ꆣ뫏풼톡퓱뗄뷡맻좡뻶폚닆컱놾뫍죋솦놾퓚웳튵훐뗄뗘캻,벴첸에솦폅쫆ꆣ쯹폐좨쫇웳튵닺좨뗄뫋탄,냼삨쪣폠쯷좡좨뫍쪣폠뿘훆좨,쯤좻솽헟뿉틔럖샫,떫퓚솽헟럖샫뗄쟩뿶쿂뎣뎣뇭쿖캪닺좨뗄닐좱,쟒놻죏캪쫇웳튵뗍킧싊뗄풭틲ꆣ캪쇋뇣폚럖컶컊쳢,컒쏇폃쪣폠쯷좡좨뫍쪣폠뿘훆좨뗄뛔돆럖엤살쮵쏷웳튵닺좨뗄낲업ꆣ튻냣뗘,웳튵뗄믹놾훆뛈럖캪뛀쿭훆뫍럖쿭훆솽샠ꆣ퓚뛀쿭훆웳튵훆뛈쿂,튪쎴뇭쿖캪쪣폠쯷좡좨뫍쪣폠뿘훆좨벯훐뗘뛔돆럖엤폚닆컱놾쯹폐헟,쳥쿖뗄쫇닆컱놾맍펶죋솦놾뗄훆뛈쳘헷,평폚닆컱놾뗄첸에솦뻸뛔톹떹죋솦놾,닆컱놾쯹폐헟폫죋솦놾쯹폐헟횮볤톡퓱쇋ꆰ릤뫏풼ꆱ;튪쎴뇭쿖캪쪣폠쯷좡좨뫍쪣폠뿘훆좨벯훐뗘뛔돆럖엤폚죋솦놾쯹폐헟,쳥쿖뗄쫇죋솦놾맍펶닆컱놾뗄훆뛈쳘헷,평폚듋쪱죋솦놾뗄첸에솦뒦폚뻸뛔폅쫆뗄뗘캻,죋솦놾쯹폐헟폐쳵볾폫닆컱놾쯹폐헟잩뚩ꆰ뚨뛮ퟢ풼ꆱꆣ퓚럖쿭훆웳튵훆뛈쿂,쪣폠쯷좡좨뫍쪣폠뿘훆좨퓚닆컱놾쯹폐헟뫍죋솦놾쯹폐헟횮볤쫇럖즢뛔돆럖엤뗄,떫늢럇튻뚨쫇뻹뫢뗄럖즢뛔돆럖엤,뿉쓜쫇쿠뛔쟣킱폚닆컱놾쯹폐헟뗄럖즢뛔돆럖엤맘쾵,튲뿉쓜쫇쿠뛔쟣킱폚죋솦놾쯹폐헟뗄럖즢뛔돆럖엤맘쾵,헢샠럖엤맘쾵쫇춨맽잩뚩ꆰ럖돉뫏풼ꆱ쳥쿖뗄ꆣ퓚럖돉뫏풼훐,뗞풼룷랽뚼튪쟳믱좡만뚨뗄쫕죫,퓚릲춬뿘훆웳튵뗄춬쪱,웳[쫕룥죕웚]ꆡ2004-01-05[믹뷰쿮쒿]맺볒863볆뮮훺쿮쒿(엺ힼ뫅2002AA414310)ꆣ[ퟷ헟볲뷩]쯎솼죙(1966ꆪ),쓐,뫾쓏탂쳯죋,짏몣샭릤듳톧짌톧풺뢱뷌쫚,맜샭톧늩쪿;탬뢣풵(1948ꆪ),쓐,헣붭짜탋죋,짏몣샭릤듳톧맜샭톧풺뷌쫚,늩쪿짺떼쪦ꆣ62' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
튵쪣폠믲쯰쪧퓲내뫏풼평뗞풼룷랽럖쿭믲럖떣ꆣ럖쿭훆볦맋쇋닆컱놾뫍죋솦놾뛔닺좨뗄튪쟳,쫇튻훖웄뻟듺뇭탔뗄쿖듺웳튵닺좨훆뛈ꆣ폫듋춬쪱,럖쿭훆튲룸컒쏇듸살쇋튻킩횵뗃퇐뺿뗄뿎쳢,놾컄첽쳖럖쿭쪽닺좨훆뛈뛔닆컱놾폫죋솦놾엤훃뗄펰쿬ꆣ뛾ꆢ럖쿭훆쿂닆컱놾폫죋솦놾뗄엤훃11늻듦퓚붻틗럑폃쪱뗄럖쿭훆폫놾엤훃볙뚨죋솦놾폫닆컱놾볤뗄뷡뫏늻듦퓚붻틗럑폃,쇮C1=C1(Q1,Q2),C2=C2(Q2)럖뇰뇭쪾닆컱놾쯹폐헟뫍죋솦놾쯹폐헟뗄돉놾몯쫽,웤훐,Q1ꆢQ2럖뇰뇭쪾닆컱놾쯹폐헟쿲웳튵춶죫뗄닆컱놾뫍죋솦놾쯹폐헟쿲웳튵춶죫뗄죋솦놾ꆣ퓚닆컱놾쯹폐헟뗄돉놾몯쫽C1=C1(Q1,Q2)훐,냼몬쇋죋솦놾쯹폐헟퓚웳튵춶죫뗄죋솦놾뇤솿Q2,헢쮵쏷뻟폐틬훊탔뗄죋솦놾퓚ꆰ뺭볃죋ꆱ뗄뿘훆쿂,평폚웤얬솦돌뛈늻뿉맛닢,뿉쓜룸닆컱놾쯹폐헟춶죫퓚웳튵뗄닆컱놾퓬돉믺믡쯰쪧ꆣ폃R1ꆢR2럖뇰뇭쪾닆컱놾쫕틦싊뫍죋솦놾쫕틦싊ꆣ헢퇹,닆컱놾쯹폐헟뫍죋솦놾쯹폐헟뗄쫕틦몯쫽럖뇰뇭쪾캪:P1=R1Q1-C1(Q1,Q2)ꆡꆡP2=R2Q2-C2(Q2)퓚럖쿭훆훐,쳥쿖쇋닆컱놾폫죋솦놾쿠뮥맍펶뗄돵쪼닺좨낲업,늻싛쫇닆컱놾쯹폐헟뮹쫇죋솦놾쯹폐헟뚼쎻폐췪좫뗄좨샻,쯻쏇룷ퟔ펵폐튻뚨뗄좨샻,벴죧맻죋솦놾쯹폐헟듦퓚냜뗂탐캪,퓲닆컱놾쯹폐헟펵폐쯷엢좨(죧맻냜뗂탐캪늻놻랢쿖,닆컱놾쯹폐헟퓲믡퓢쫜쯰쪧);죧맻닆컱놾쯹폐헟늻춶죫ퟣ릻뗄닆컱놾(뻹뿉맛닢),퓲죋솦놾쯹폐헟펵폐쯷엢좨ꆣ폃쿟탔웫듎몯쫽q(Q2)뇭쪾닆컱놾쯹폐헟틲쎰뗀뗂럧쿕퓚죋솦놾쯹폐헟춶죫뗄죋솦놾캪Q2쪱쿠펦뗄쯰쪧볛횵;폃쿟탔웫듎몯쫽r(Q2)뇭쪾죋솦놾쯹폐헟춶죫웳튵뗄죋솦놾맦쒣캬돖퓚Q2쪱듓닆컱놾쯹폐헟쓇샯뗃떽뗄엢뎥ꆣ볙뚨죋솦놾쯹폐헟뗄닺좨뷧뚨퓚ퟜ엢뎥횵뗄ꛋ럝뛮횮쓚,벴쯻탨튪엢뎥뗄쯰쪧횵쫇q[(1-ꛋ)Q2],쓇쎴닆컱놾쯹폐헟탨튪엢뎥뗄쯰쪧횵캪r(ꛋQ2)ꆣ평폚qꆢr뚼쫇쿟탔웫듎몯쫽,맊폐q[(1-ꛋ)Q2]=(1-ꛋ)q(Q2)ꆢr(ꛋQ2)=ꛋr(Q2)ꆣ헢샯,ꛋ쫇엢뎥좨뷧뚨쾵쫽,쟒폐0ꇜꛋꇜ1ꆣ헢퇹,닆컱놾쯹폐헟뫍죋솦놾쯹폐헟뗄탂쫕틦몯쫽붫럖뇰뇤캪:P1=R1Q1-C1(Q1,Q2)-ꛋr(Q2)+(1-ꛋ)q(Q2)P2=R2Q2-C2(Q2)+ꛋr(Q2)-(1-ꛋ)q(Q2)헢퇹,닆컱놾쯹폐헟뫍죋솦놾쯹폐헟춨맽쫐뎡붻틗뗄뷡맻뿉뇭쪾캪쟳뷢죧쿂쫽톧쒣탍:MaxP1=R1Q1-C1(Q1,Q2)-ꛋr(Q2)+(1-ꛋ)q(Q2)(1)Q1,Q2P2=R2Q2-C2(Q2)+ꛋr(Q2)-(1-ꛋ)q(Q2)쪽(1)뇭쏷쇋럖쿭훆뗄닺좨뷧뚨,웤튻뷗쳵볾캪:9P19C1(Q1,Q2)P19C1(Q1,Q2)Q=0ꆡ9Q2)--ꛋ9r(q(Q2)1-(1-ꛋ9)19Q=9Q=R1929Q29Q+29Q=029P29C2(Q2)9r(Q2)Q2)--ꛋ9q()9Q-(19Q=R229Q+ꛋ0229Q=2뛾뷗쳵볾ퟜ쫇싺ퟣ뗄,헻샭틔짏랽돌쪽뗃:9C1(Q31,Q32)R1=(2)9Q19C1(Q31,Q32)9C2(Q32)R2=9Q+29Q(3)2폚쫇,뿉틔뾴돶,평쪽(2)ꆢ(3)쯹뻶뚨뗄닆컱놾폫죋솦놾ퟮ폅엤훃쳵볾,벴쫕틦ퟮ듳뮯뗄놾엤훃(Q31,Q32)폫닺좨뷧뚨쾵쫽ꛋ컞맘ꆣ틲듋,죧맻닆컱놾쯹폐헟뫍죋솦놾쯹폐헟횮볤뗄웵풼퓋탐뫁컞돉놾(붻틗럑폃),닆컱놾폫죋솦놾뗄쫕틦ퟮ듳뮯쫇늻쫜돵쪼닺좨낲업펰쿬뗄ꆣ튲뻍쫇쮵,퓚늻듦퓚붻틗럑폃뗄쟩뿶쿂,쪣폠쯷좡좨뫍쪣폠뿘훆좨퓚닆컱놾쯹폐헟뫍죋솦놾쯹63' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
폐헟횮볤늻맜퓵퇹럖즢뛔돆럖엤,뚼늻믡펰쿬닆컱놾뫍죋솦놾뗄엤훃,벴늻싛쫇뛀쿭훆믲쫇럖쿭훆뛔놾뗄엤훃뚼늻닺짺펰쿬ꆣ21듦퓚붻틗럑폃쪱뗄럖쿭훆폫놾엤훃퓚틔짏늻뾼싇붻틗럑폃럖컶뗄믹뒡짏,틽죫헽붻틗럑폃볙짨틔뷸튻늽럖컶닆컱놾폫죋솦놾뗄럖쿭훆닺좨낲업뛔놾엤훃뗄펰쿬ꆣ평폚헽붻틗럑폃뗄듦퓚,닆컱놾쯹폐헟뫍죋솦놾쯹폐헟뗄돉놾ힴ뿶뻍믡폐탂뗄뇤뮯ꆣ짨t(Q2)쫇붻틗럑폃몯쫽,헢튲쫇튻룶쿟탔웫듎몯쫽,늢쟒뷸튻늽볙뚨붻틗럑폃평엢뎥헟돐떣ꆣ떱ꛋ=1쪱캪뚨뛮ퟢ풼,짨t(Q2)=t1(Q2),평닆컱놾쯹폐헟뷸탐엢뎥늢돐떣붻틗럑폃;떱ꛋ=0쪱캪릤뫏풼,짨t(Q2)=t2(Q2),평죋솦놾쯹폐헟뷸탐엢뎥늢돐떣붻틗럑폃ꆣ내헕잰쏦닺좨뷧뚨튻냣뮯뗄짨뚨,떱0<ꛋ<1쪱캪럖돉뫏풼,닆컱놾쯹폐헟뫍죋솦놾쯹폐헟뗄쫕틦몯쫽뿉럖뇰뇭쪾캪:P1=R1Q1-C1(Q1,Q2)-ꛋr(Q2)+(1-ꛋ)q(Q2)-ꛋt1(Q2)P2=R2Q2-C2(Q2)+ꛋr(Q2)-(1-ꛋ)q(Q2)-(1-ꛋ)t2(Q2)닆컱놾쯹폐헟뫍죋솦놾쯹폐헟춨맽쫐뎡붻틗뗄뷡맻뇣뿉뇭쪾캪쟳뷢죧쿂뗄쫽톧쒣탍:MaxP1=R1Q1-C1(Q1,Q2)-ꛋr(Q2)+(1-ꛋ)q(Q2)-ꛋt1(Q2)(4)Q1,Q2P2=R2Q2-C2(Q2)+ꛋr(Q2)-(1-ꛋ)q(Q2)-(1-ꛋ)t2(Q2)쪽(4)뗄튻뷗쳵볾캪:9P19C1(Q1,Q2)=R1-19Q=09Q19P19C1(Q1,Q2)(Q2)ꛋ9q(Q2))9Q+(1-ꛋ9t1(Q2)=09Q=-29Q-ꛋ9r229Q-29Q29P29C2(Q2)9Q+ꛋ9r(Q2)q(Q2)1-ꛋ9)9Q-(1-ꛋ9t2(Q2))9Q=R2-29Q-(2229Q=02뛾뷗쳵볾ퟜ쫇싺ퟣ뗄,헻샭틔짏랽돌쪽뗃:9C1(Q311,Q312)R1=9Q(5)19C1(Q311,Q312)9C12(Q312)9t1(Q32)931t2(Q2)R2=+)9Q29Q+ꛋ29Q+(1-ꛋ29Q(6)2쪽(5)뫍(6)듓룼튻냣뗄틢틥짏쮵쏷쇋듦퓚붻틗럑폃뗄쟩뿶쿂,닆컱놾폫죋솦놾뗄ퟮ폅엤훃(Q311,Q312)쫇퓵퇹폫닺좨뷧뚨ힴ뿶쏜쟐쿠맘뗄,듓쪽(6)뾴돶,닺좨뷧뚨쾵쫽ꛋ좷쪵닎폫쇋풴ퟮ폅엤훃뗄뻶뚨ꆣ쪽(6)뫍쪽(3)쿠뇈,쪽(6)뗄폒뛋뛠돶쇋솽쿮:ꛋ9t1(Q312)뫍9t2(Q312)(1-ꛋ)9Q29Q,2평폚ꛋ뫍뇟볊붻틗럑폃뚼쫇헽뗄,퓚놾쫕틦싊쿠춬쪱듦퓚:9C1(Q311,Q3132)9C2(Q312)9C1(Q31,Q2)9C2(Q32)++9Q29Q<29Q29Q(7)2쪽(7)뇭쏷,퓚헽붻틗럑폃뗄쟩뿶쿂,죋솦놾뗄춶죫맦쒣(Q312)뗄쓚췢늿뇟볊돉놾횮뫍튪킡폚쇣붻틗럑폃쟩뿶쿂죋솦놾뗄춶죫맦쒣(Q32)뗄쓚췢늿뇟볊돉놾횮뫍ꆣ평쫕틦ퟮ듳뮯뗄뛾뷗쳵볾튪쟳뇟볊돉놾뗝퓶,폚쫇폐Q312<Q32ꆣ헢쮵쏷퓚듦퓚붻틗럑폃뗄쟩뿶쿂,죋솦놾뗄춶죫맦쒣튻냣튪킡폚쇣붻틗럑폃쟩뿶쿂죋솦놾뗄춶죫맦쒣,솽헟뗄닮뛮좡뻶폚붻틗럑폃뫍닺좨뷧뚨쾵쫽ꛋꆣ평폚죋솦놾퓌님퓚웤쯹폐헟짭짏,뛔붻틗럑폃뫍닺좨뷧뚨쾵쫽뗄뇤뮯뇈뷏쏴룐,쯦쪱뿉쓜맘뇕(믲춶죫)늿럖죋솦놾살펰쿬웳튵뗄닆컱놾폫죋솦놾뗄엤훃뷡릹ꆣ64' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
죽ꆢ럖쿭훆쿂닆컱놾폫죋솦놾엤훃뗄쾸뮯11럖쿭훆쿂닆컱놾엤훃뗄쾸뮯웳튵뗄닆컱놾럖뇰살풴폚햮좨죋뫍막뚫,살풴폚햮좨죋뗄닆컱놾돆캪햮컱놾(뢺햮);살풴폚막뚫뗄닆컱놾돆캪막뚫놾(막놾)ꆣ떫햮좨죋뫍막뚫퓚웳튵럖쿭뗄좨샻벰돐떣뗄틥컱폐쯹늻춬:횻튪웳튵내풼쪹폃듻뿮,햮좨죋뻍컞좨맽컊웳튵뗄뺭펪맜샭믮뚯,뛸막뚫퓲폐좨틔횱뷓믲볤뷓뗄랽쪽뿘훆웳튵뗄뻶닟믮뚯;퓚쫕틦럖쿭랽쏦,햮좨죋쿭폐틔뚨싊횧뢶뗄샻쾢탎쪽듓웳튵럑폃훐믱뗃쫕틦뗄좨샻,튻냣폫웳튵뺭펪뫃뮵컞맘,막뚫퓲쿭폐틔막샻탎쪽듓웳튵쮰뫳샻죳훐믱뗃쫕틦뗄좨샻,막샻뗄뛠짙쫜펯샻쮮욽뗈틲쯘뗄펰쿬ꆣ뿘훆좨뫍쫕틦럖쿭좨퓚햮좨죋뫍막뚫횮볤뗄헢훖훆뛈낲업,퓚웳튵뺭펪룜룋뫍닆컱룜룋뗄ퟷ폃쿂횱뷓펰쿬뢺햮뫍막놾뗄엤훃ꆣ뺭펪룜룋ퟷ폃뗄듳킡튻냣폃뺭펪룜룋쾵쫽(DOL)뇭쪾,쯼쫇웳튵뗄쾢쮰잰샻죳(EBIT)뇤뚯싊폫쿺쫛뛮(S)뇤뚯싊횮볤뗄뇈싊ꆣ뺭펪룜룋쾵쫽쫇뫢솿뺭펪럧쿕뗄튻룶훘튪횸뇪,폃릫쪽뇭쪾:DOꚤEBIT/EBITS-VCEBIT+FL=ꚤ=(8)S/SS-VC=-FEBIT쪽(8)훐:ꚤEBIT캪쾢쮰잰샻죳뇤뚯뛮,ꚤS캪쿺쫛뛮뇤뚯뛮,VC캪뇤뚯돉놾ퟜ뛮,F캪뺭펪탔만뚨돉놾ퟜ뛮ꆣ뺭펪룜룋쾵쫽풽듳,뇭쏷뺭펪룜룋ퟷ폃풽듳,뺭펪럧쿕튲뻍풽듳ꆣ폫뺭펪룜룋ퟷ폃뗄뇭쪾랽쪽샠쯆,닆컱룜룋ퟷ폃뗄듳킡춨뎣폃닆컱룜룋쾵쫽(DFL)뇭쪾,쯼쫇웳튵뗄웕춨막쎿막쫕틦(EPS)뇤뚯싊폫쾢쮰잰샻죳(EBIT)뇤뚯싊횮볤뗄뇈싊ꆣ닆컱룜룋쾵쫽쫇뫢솿닆컱럧쿕뗄튻룶뫜훘튪횸뇪,폃릫쪽뇭쪾캪:DꚤEPS/EPSEBITFL=ꚤ=(9)EBIT/EBITEBIT-I쪽(9)훐:ꚤEPS뇭쪾웕춨막쎿막쫕틦뇤뚯뛮,I뇭쪾닆컱탔만뚨럑폃(햮컱샻쾢)ꆣ닆컱룜룋쾵쫽풽듳,뇭쏷닆컱룜룋ퟷ폃풽듳,닆컱럧쿕튲뻍풽듳ꆣ캪쇋뫢솿웳튵쏦쇙뗄ퟜ럧쿕,탨튪뚨틥뢴뫏룜룋,쯼쫇뺭펪룜룋폫닆컱룜룋뗄솬뷓ꆣ뢴뫏룜룋ퟷ폃뗄듳킡폃뢴뫏룜룋쾵쫽(DCL)뇭쪾,웤볆쯣릫쪽캪:DCS-VCL=DOLꆤDFL=(10)S-VC-(F+I)쪽(10)뇭쏷,F뫍I릲춬ퟷ폃폚뢴뫏룜룋,(F+I)풽듳,뢴뫏룜룋쾵쫽풽듳,웳튵쏦쇙뗄ퟜ럧쿕뻍풽듳ꆣ떱웳튵뗄닺쇷뚯탔뇤킡(춨뎣뇭쿖캪F퓶듳)ꆢ떥캻닺욷뇤뚯돉놾퓶볓믲쫐뎡캮쯵쪱,웳튵뗄뺭펪럧쿕뇤듳,햮좨죋캪쇋맦뇜럧쿕늻풸탸뷨뷰,웳튵뗄막욱쫐볛붫쿂뗸,탂뗄춶헟늻풸뷸죫,샏막뚫놻ꆰ쳗샎ꆱ;웳튵뺭펪맜샭떱뻖캪쇋붵뗍ퟜ럧쿕,췹췹튲믡톹쯵햮컱맦쒣,춨맽복짙만뚨탔샻쾢(I)뗄횧돶살붵뗍닆컱럧쿕,틔듯떽붵뗍ퟜ럧쿕뫍컈뚨막볛뗄쒿뗄ꆣ랴횮,퓚뺭펪럧쿕뇤킡쪱,웳튵뺭펪맜샭떱뻖믡뻙햮뺭펪,죧맻뢴뫏룜룋쾵쫽퓚뿉뷓쫜랶캧쓚햮좨죋튲풸틢쳡릩뷰ꆣ햮컱놾뻍쫇헢퇹퓚뺭펪룜룋뫍닆컱룜룋뗄ퟷ폃쿂,좨뫢웤돵쪼낲업뗄럖쿭좨,늻뛏뷸죫믲췋돶웳튵살뗷헻닆컱놾뗄뷡릹,뗷헻웳튵뗄닺뢺햮싊ꆣ21럖쿭훆쿂죋솦놾엤훃뗄쾸뮯룹뻝죋솦놾뗄틬쓜탔,웳튵펵폐뗄죋솦놾냼삨튻냣탍ꆢ튵탍뫍뒴탂탍죽샠ꆣ퓚탐튵럧쿕뫍붻틗럑폃볈뚨뗄쟩뿶쿂,죋솦놾뗄럖쿭좨낲업횻쫜죋솦놾뗄틬쓜탔펰쿬ꆣ죧맻웳튵쓚뗄죋솦놾춬훊(컞닮틬),퓲죋솦놾쯹폐헟횻쓜튪쟳믹뒡릤뫍뇘튪뗄붱뷰ꆣ떫쪵볊짏,퓚쒳킩웳튵쓚(쳘뇰쫇룟뿆벼웳튵)늻춬샠탍뗄죋솦놾듦퓚뗄쓜솦닮틬쫇쿔뛸틗볻뗄ꆣ춬튻샠탍뗄죋솦놾뫍럧쿕럖늼뗄폐킧욥엤,럻뫏럧쿕훐탔볙짨,떫늻춬샠탍뗄죋솦놾뗄쓜솦듳킡폫쯹돐떣럧쿕뗄듳킡펦룃쫇뛔돆뗄ꆣ죧맻룟훊솿죋솦놾돐떣뗍럧쿕,뛸뗍훊솿죋솦놾돐떣룟럧쿕,뻍캥놳쇋샭탔뺭볃죋볙짨뫍럧쿕훐탔볙짨,뇘좻믡떼훂벤샸쪧킧ꆣ쯹틔,죋솦놾뗄틬쓜탔튪쟳쪣폠쯷좡좨뫍쪣65' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
폠뿘훆좨퓚늻춬샠탍뗄죋솦놾볤뷸탐폐킧듮엤ꆣ튻냣탍죋솦놾럧쿕돐떣쓜솦뗍,춨뎣횻럖쿭쿠뛔컈뚨뗄믹뒡릤뫍뇘튪뗄붱뷰;튵탍죋솦놾뗄럧쿕돐떣쓜솦훐뗈,돽쇋럖쿭쿠뛔컈뚨뗄믹뒡릤췢,뮹뿉틔엤룸튻뚨뇈샽뗄쪣폠쯷좡좨,죧막욱웚좨ꆢ풱릤돖막볆뮮뗈;뛔폚뒴탂탍죋솦놾,웤럧쿕돐떣쓜솦룟,펦엤룸쿠떱룟뗄쪣폠쯷좡좨뫍쪣폠뿘훆좨,웤쫕죫뗄훷튪살풴펦쫇막욱웚좨ꆢ풱릤돖막볆뮮뗈,뛸늻쫇믹뒡릤ꆣ늻춬럧쿕샠탍뗄웳튵펦춨맽뫏샭뗄죋솦놾럖쿭좨낲업살쪵쿖죋솦놾뗄폐킧엤훃ꆣ뛔폚뗍럧쿕뗄릫폃쫂튵샠웳튵,쪣폠쯷좡좨뫍쪣폠뿘훆좨펦벯훐뗘뛔돆럖엤폚닆컱놾쯹폐헟,퓚웳튵쓚맣랺닉폃릤뫏풼뻍뿉틔쪵쿖튻냣탍죋솦놾뗄폐킧엤훃;뛔폚룟럧쿕뗄룟뿆벼샠웳튵,쫇평룷훖샠탍뗄죋솦놾ퟩ돉뗄튻룶ꆰ쓜솦벯뫏쳥ꆱ,웤훐뒴탂탍죋솦놾쫇웳튵뗄뫋탄쓜솦,쫇뻶뚨웳튵벨킧뗄맘볼틲쯘뫍놣돖웳튵뎤웚뺺헹폅쫆뗄풴좪ꆣ틲듋,뛔뒴탂탍죋솦놾펦닉폃럖돉뫏풼(짵훁뚨뛮ퟢ풼),뛔늿럖튵탍죋솦놾뿉틔쪵탐럖돉뫏풼,헢퇹춨맽쪣폠쯷좡좨뫍쪣폠뿘훆좨뗄럖즢뛔돆럖엤살쪵쿖룷샠죋솦놾뗄폐킧엤훃ꆣ쯄ꆢ닆컱놾폫죋솦놾뗄ퟮ폅엤훃맦쒣늻춬뗄닺좨낲업뇭쿖캪늻춬뗄놾웵풼,늢닺짺늻춬뗄붻틗럑폃뫍붻틗킧싊ꆣ웳튵퓚춨맽삩듳맦쒣살뷚풼붻틗럑폃뗄춬쪱,믡퓶볓쓚늿ퟩ횯돉놾ꆣ틲듋,횻폐퓚웳튵뷚풼뗄붻틗럑폃듳폚웤퓶볓뗄쓚늿ퟩ횯돉놾쪱,웳튵맦쒣닅뿉쓜삩듳,헢뻍틢캶ퟅ닆컱놾뫍죋솦놾뗄춶죫믡쿠펦퓶볓ꆣ웳튵맦쒣삩듳뗄뷧쿞붫쟣쿲폚삩듳떽웳튵쓚늿ퟩ횯튻뇊뛮췢붻틗뗄돉놾뗈폚춨맽퓚릫뾪쫐뎡짏췪돉춬튻뇊붻틗뗄돉놾믲퓚쇭튻룶웳튵훐ퟩ횯춬퇹붻틗뗄돉놾캪횹,벴웳튵쫇놾(닆컱놾폫죋솦놾)쫕틦싊뗄쳦듺컯,짺닺뗄ퟮ폅훆뛈뷡릹뇘좻쫇쫐뎡믺훆뫍웳튵ퟩ횯뗄뷡뫏ꆣ뛔닆컱놾쯹폐헟뫍죋솦놾쯹폐헟뛸퇔,쯻쏇횮볤뛔웳튵쪣폠쯷좡좨뫍쪣폠뿘훆좨뗄럖쿭웵풼뿉틔춨맽퓚릫뾪쫐뎡짏ퟩ횯튻뇊붻틗살듯돉,튲뿉틔춨맽볦늢ꆢ쫕릺뗈튻쳥뮯뗄랽쪽살듯돉,틔쪵쿖닆컱놾폫죋솦놾뗄죚뫏ꆣ짨웳튵뗄맦쒣S쫇평닆컱놾춶죫솿Q1뫍죋솦놾춶죫솿Q2뻶뚨뗄,벴S=S(Q1,Q2),폫쒳튻맦쒣S쿠펦뗄쫐뎡붻틗럑폃몯쫽캪T(S),폫헢튻맦쒣쿠펦뗄쓚늿ퟩ횯맜샭럑폃캪M(S)ꆣ평폚붻틗럑폃뗄듳킡폫웳튵맦쒣S돉랴뇈,벴폐9T(S)<0,헢쫇틲캪,쯦ퟅ웳9S튵맦쒣뗄삩듳,룼뛠뗄닆컱놾뫍죋솦놾놻ퟩ횯떽웳튵쓚늿,뛸퓚릫뾪쫐뎡짏뗄붻틗붫듳솿복짙,폚쫇쪹붻틗럑폃듳솿뷚풼ꆣ쇭튻랽쏦,쯦ퟅ웳튵맦쒣뗄삩듳,웳튵쓚늿ퟩ횯맜샭럑폃퓲뇘좻훰붥퓶듳,벴폐9M(S)>0ꆣ퓚닆컱놾춶죫Q1뫍죋솦놾춶죫Q2뗄맦쒣쪱,훆뛈돉놾쫇:9SC=T[S(Q1,Q2)]+M[S(Q1,Q2)]퓚헢훖쟩뿶쿂,짺닺뗄ퟮ폅훆뛈뷡릹뻍뿉틔뇭쪾캪쟳뷢죧쿂쫽톧쒣탍:MinC=T[S(Q1,Q2)]+M[S(Q1,Q2)](11)Q,Q12쪽(11)뗄튻뷗쳵볾캪:9C9T[S(Q1,Q2)]9S(Q1,Q2)9M[S(Q1,Q2)]9S(Q1,Q2)Q=919S9Q+19S9Q=019C9T[S(9Q1,Q2)]9S(Q1,Q2)9M[S(Q1,Q2)]9S(Q1,Q2)=29S9Q+9Q29S9Q=02뛾뷗쳵볾ퟜ쫇싺ퟣ뗄,헻샭짏쪽뗃:9T[S(Q1,Q2)]9M[S(Q1,Q2)]=-(12)9S9S쪽(12)뇭쏷,닆컱놾폫죋솦놾퓚웳튵뗄ퟮ폅엤훃맦쒣좷뚨퓚뇟볊붻틗럑폃뗈폚뇟볊ퟩ횯맜샭럑폃횮뒦(뢺뫅뇭쪾뇟볊붻틗럑폃폫뇟볊ퟩ횯맜샭럑폃뗄뇤뚯랽쿲쿠랴)ꆣ틲캪,죧맻뇟볊붻66' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
틗럑폃듳폚웳튵틲맦쒣삩듳뛸듸살뗄ퟩ횯맜샭럑폃,헢쪱웳튵맦쒣뻍믡삩헅,벴믡폐룼뛠뗄닆컱놾뫍죋솦놾뷸죫웳튵ꆣ랴횮,죧맻뇟볊붻틗럑폃킡폚뇟볊ퟩ횯맜샭럑폃,쮵쏷웳튵맦쒣맽듳,틔훂폚뷚풼붻틗럑폃늻쓜췪좫뗖쿺웳튵쓚늿ퟩ횯맜샭럑폃뗄퓶볓,헢쪱웳튵뗄맦쒣뻍믡쫕쯵,늿럖닆컱놾뫍죋솦놾퓲믡췋돶웳튵ꆣ틲듋,웳튵뗄닆컱놾뫍죋솦놾맦쒣뇘좻좷솢퓚쪽(12)쯹뻶뚨뗄맦쒣짏ꆣ컥ꆢ뷡폯죋솦놾,쳘뇰쫇튵탍죋솦놾뫍뒴탂탍죋솦놾풽살풽돉캪쾡좱풴,돉캪뻶뚨웳튵쫐뎡뺺헹돉냜뗄햽싔탔튪쯘,볓횮죋닅움맀뗈짧믡탅쾢쿔쪾쾵춳퓚벼쫵짏튲죕쟷돉쫬,튵뮯죋솦놾쿔쪾믺훆죕틦췪짆,쪹뗃죋솦놾폫닆컱놾릲춬럖쿭웳튵쪣폠쯷좡좨뫍쪣폠뿘훆좨붫돉캪튻훖웕뇩쿖쿳ꆣ쿖쪵뺭볃짺믮훐뗄닺좨낲업풶뇈샭싛럖컶튪뢴퓓,닆컱놾폫죋솦놾퓚늻춬웳튵믲춬튻웳튵뗄늻춬쪱웚뚼뿉쓜폐늻춬뗄듮엤,쫇뢴퓓ꆢ뚯첬뗄엤훃ꆣꆲ닎뾼컄쿗ꆳꆲ1ꆳ얣뗂짺.듓놾맍펶샍뚯떽맍폃놾[J].톧쫵퓂뾯,2000,(5).ꆲ2ꆳLipton,Lorsch,(1992),AModestProposalforImprovedCorporateGovernance,BusinessLawyer48(1).ꆲ3ꆳMilgromP.,(1988),EmploymentContracts,InflucenceActivitiesandEfficientOrganizationDesign,JournalofPoliticalEconomy96(6).ꆲ4ꆳ,,(1996),GlobalCorporateFinance:TextandCases,Boston:LibraryofCongressCataloginginPublicationData.ꆲ5ꆳ쯎솼죙,탬뢣풵.싛룟뿆벼웳튵뗄막욱웚좨벤샸[J].죭뿆톧,2001,(5).ꆲ6ꆳJuhnChinhui,Murphy,KevinM.,andPierce,Brooks,(1993),WageInequalityandtheRiseinReturnstoSkill,JournalofPoliticalEconomy101(3).ꆲ7ꆳGregorio,JoseDe.,(1996),BorrowingConstraints,HumanCapitalAccumulationandGrowth,JournalofMonetaryEconomics37(1).ꆲ8ꆳMoonChristopherJ.,MikeOtley,(1997),CorporateGovernanceintheAsiaPacificRegion:MechanismforReconcilingStakeholderInterest,Euro2AsiaJournalofManagement12(1).StudyonDistributionofCapitalBasedontheShareSystemSONGLiang2rong1,ꆡXUFu2yuan2(,UniversityofShanghaiforScienceandTechnology,ꆡShanghai200093,China;,UniversityofShanghaiforScienceandTechnology,Shanghai200093,China)Abstract:,;thedistributionofliabilityandownerꆯscapitalisbeingregulatedbyoperatingleverageandfinancialleverage;:sharesystem;financecapital;humancapital;contract;transactionfeeꆲ퓰죎뇠벭:룟ꆡ솸ꆳ67' 1994-2010 China Academic Journal Electronic Publishing House. All rights reserved.
