뗋붨욽뗈:샻틦믱좡:막샻릲쿭뮹쫇뷰뛀햼?샻틦믱좡:막샻릲쿭뮹쫇뷰뛀햼3?뗋붨욽ꆡ퓸ꆡ폂ꆡ뫎ꆡ병ꆡꆡ쓚죝쳡튪:뿘막막뚫춨맽막샻럖뫬뫍횱뷓뗄뷰햼폃쫇웤믱좡뿘훆좨샻틦뗄훘튪춾뺶,솽헟뻟폐뫜잿뗄뮥늹맘쾵ꆣ춨맽럖컶1997ꆪ2000쓪컒맺285룶맺폐웳튵막욱쫗듎릫뾪랢탐뫳죽쓪뗄쫽뻝,컒쏇랢쿖룄훆쒣쪽쫇펰쿬뿘막막뚫톡퓱샻틦믱좡랽쪽뗄훷튪틲쯘,럇췪헻룄퓬릫쮾뗄뿘막막뚫횱뷓햼폃짏쫐릫쮾뷰뗄벤샸뷏잿,듓뛸릫쮾횧뢶뗄막샻쮮욽뷏뗍,뛸췪헻룄퓬릫쮾퓲쿠랴ꆣ쪵횤퇐뺿뮹랢쿖늻춬룄훆쒣쪽릫쮾훐,뿘막막뚫돖막뇈샽뛔막샻횧뢶쮮욽뗄펰쿬돌뛈튲늻춬ꆣ맘볼듊:룄훆쒣쪽ꆡ막샻ꆡ뷰햼폃튻ꆢ틽ꆡ퇔Grossman뫍Hart(1988)붫뿘훆좨샻틦럖캪뿘훆좨릲쿭샻틦뫍쮽죋샻틦ꆣ뿘훆좨릲쿭샻틦평좫쳥막뚫릲춬럖쿭,막샻뻍쫇튻훖뗤탍뗄릲쿭샻틦,퓚컒맺막좨럖훃뗄훆뛈놳뺰쿂,뿘막막뚫돖폐뗄막럝춨뎣늻쓜쇷춨,막샻럖뫬뻍돉캪뿘막막뚫믱좡뷰뗄훘튪쫖뛎ꆣ떫쫇,죧Johnson뗈(2000)횸돶뗄,뿘막막뚫믡춨맽웤폅쫆뿘훆좨듓짏쫐릫쮾틆풴,헢늿럖평뿘막막뚫뛀햼뗄샻틦뻍쫴폚뿘훆좨쮽죋샻틦,쿠맘퇐뺿죏캪뿘막막뚫횱뷓햼폃짏쫐릫쮾뗄뷰쫇뿘훆좨쮽죋샻틦뗄훘튪뇭쿖탎쪽ꆣꋙ뿘훆좨릲쿭샻틦뫍쮽죋샻틦듦퓚듋쿻뇋뎤뗄맘쾵,막샻럖뫬뫍횱뷓뗄뷰햼폃럖뇰ퟷ캪뿘훆좨릲쿭샻틦뫍쮽죋샻틦뗄훷튪뇭쿖탎쪽벰뿉뛈솿뗄횸뇪,솽헟듦퓚뫜잿뗄뮥늹맘쾵ꆣꋚ쓇쎴,쪲쎴틲쯘펰쿬뿘막막뚫퓚막샻럖뫬뫍뷰햼폃횮볤뗄톡퓱쓘?컷랽톧헟죏캪춶헟램싉놣뮤뫍릫쮾훎샭믺훆뛔뿘막막뚫믱좡춶쫕틦뗄랽쪽닺짺훘듳펰쿬,솼뫃뗄램싉놣뮤뫍훎샭믺훆쓜폐킧붵뗍뿘훆좨쮽죋샻틦,듙쪹뿘막막뚫붫룼뛠샻틦폫웤쯼막뚫릲쿭(LaPorta뗈,2000;Nenova,2003;Bennedsen뫍Wolfenzon,2000)ꆣ컒쏇죏캪,펰쿬컒맺짏쫐릫쮾뿘막막뚫믱좡춶쫕틦뗄랽쪽뮹폐짮닣듎뗄풭틲ꆣ쇖틣럲뗈(1999)죏캪,컒맺돽쇋쓇킩맬틔뫳탂붨뗄맺폐웳튵횮췢,뫜뛠맺폐웳튵뚼듓틔잰뗄쳥훆훐볌돐쇋듳솿뗄헾닟탔뢺떣,헢킩헾닟탔뢺떣훷튪냼삨럇뺭펪탔닺ꆢ죟풱뫍횰릤뗄퇸샏뗈ꆣ춬쪱,뮹듦퓚듳솿쇓훊닺ꆣ퓚룄훆짏쫐맽돌훐,쫇붫맺폐웳튵ꆰ럖닰짏쫐ꆱ,춨맽뿘막쒸릫쮾붫헢킩헾닟탔뢺떣3ꆡ뗋붨욽ꆢ퓸폂,뗧ퟓ뿆벼듳톧맜샭톧풺,폊헾뇠싫:610054,뗧ퟓ탅쿤:djp1406@;뫎병,쿣룛훐컄듳톧릤짌맜샭톧풺ꆣ놾퇐뺿쫜뷌폽늿ꆰ탂쫀볍폅탣죋닅횧돖볆뮮ꆱ쿮쒿(뷌벼쮾[2005]2뫅)훺ꆣퟷ헟룐킻쓤쏻짳룥죋뗄폐틦움싛ꆣꋙꆡ2002쓪뗗,횤볠믡퓸뛔1175볒짏쫐릫쮾뷸탐웕닩,랢쿖676볒릫쮾듦퓚듳막뚫햼뿮쿖쿳,햼뿮ퟜ뛮캪967틚풪;2003쓪,릲폐623볒릫쮾놻햼폃뷰,ퟜ뛮캪577틚풪;2004쓪,죔폐듳솿짏쫐릫쮾듦퓚듳막뚫벰맘솪랽햼폃뷰뗄쿖쿳,ퟜ뛮풼캪509틚풪ꆣ떱좻,뿘막막뚫튲뿉쓜춨맽맘솪붻틗살싓뛡짏쫐릫쮾뗄뷰,떫쫇,쫗쿈,컒쏇컞램샥쟥뿘막막뚫쫇럱춨맽늻릫욽맘솪뚨볛살믱좡뷰;웤듎,뿘막막뚫폫짏쫐릫쮾맘솪붻틗뗄돌뛈훷튪믡춨맽펦쫕헋뿮ꆢ풤뢶헋뿮ꆢ펦뢶헋뿮뫍풤쫕헋뿮쳥쿖돶살,쯹틔,뷰햼폃돌뛈튲쫇맘솪붻틗돌뛈훷튪뗄ퟮ훕뇭쿖탎쪽ꆣ틲듋,놾컄늢캴뾼싇맘솪붻틗뗄탎쪽ꆣꋚꆡ십쫯맢뗈(2005)횸돶랢럅쿖뷰막샻뫍샻폃뿘훆좨횱뷓쟖햼짏쫐릫쮾뗄뷰쫇뿘막막뚫믱좡뷰뗄훷튪탎쪽,쿖뷰막샻뫍뷰쟖햼듦퓚뢺쿠맘맘쾵ꆣ112
2007쓪뗚4웚뫍쇓훊닺ꆰ맒웰살ꆱ,뮹쫇평헾뢮횱뷓뢺떣룄훆돉놾,붫헾닟탔뢺떣뫍쇓훊닺냾샫돶웳튵,평헾뢮뢺퓰낲훃뫍뷢뻶,뻍탎돉쇋늻춬뗄막럝훆룄퓬쒣쪽ꆣ룄훆쒣쪽뗄늻춬믡퓬돉맺폐웳튵퓚짏쫐잰뻟폐늻춬뗄ꆰ?뢳ꆱ,벴뿘막막뚫뗄닺훊솿뫍뢺떣늻춬,헢붫짮뿌뗘펰쿬뿘막막뚫믱좡뿘훆좨샻틦뗄뚯믺뫍벤샸,늢뷸뛸펰쿬뿘막막뚫뛔폚믱좡샻틦랽쪽뗄톡퓱ꆣ헽죧쿄솢뻼뫍랽잿(2005)횸돶뗄쓇퇹,퇐뺿훐맺뗄훎샭컊쳢펦훷튪맘힢짏쫐릫쮾놳뫳뗄헾뢮탐캪뫍뚯믺ꆣ뫎병뫍쿄(2005)죏캪웳튵쪵볊짏평뿘훆좨쯹폐헟뿘훆,듓뛸웳튵뗄탐캪쪵볊짏쫇틔ퟮ듳뮯뿘막막뚫샻틦캪쒿뇪뗄ꆣ쯹틔,뿘막막뚫튻냣믡쿈톡퓱뷰햼폃돌뛈,퓙뾼싇막샻럖뫬뗄쮮욽,튲뻍쫇쮵뿘막막뚫쿈뾼싇ퟔ벺뗄쯹뗃,좻뫳퓙뾼싇웤쯼막뚫뗄쫕죫ꆣ틲듋,놾컄튪뷢뻶뗄훷튪컊쳢쫇:쪲쎴틲쯘훷튪펰쿬쇋뿘막막뚫쟖햼뷰뗄벤샸,늢뷸뛸펰쿬쇋릫쮾막샻횧뢶쮮욽?뛾ꆢ펰쿬막샻럖뫬뫍뷰햼폃톡퓱뗄틲쯘럖컶폫퇐뺿볙짨컒쏇죏캪죧쿂죽룶틲쯘뿉쓜믡펰쿬컒맺뿘막막뚫퓚뷰햼폃뫍막샻럖엤횮볤뗄톡퓱ꆣ뗚튻,랢탐짏쫐잰뗄막럝훆룄퓬쒣쪽ꆣ컒맺뗄짏쫐릫쮾믹놾짏평맺폐웳튵룄훆탎돉,퓚막럝훆룄퓬뗄맽돌훐,헾뢮(쳘뇰쫇뗘랽헾뢮)뿉쓜톡좡솽훖늻춬뗄막럝훆룄퓬쒣쪽뛔맺폐웳튵뷸탐룄퓬,튻훖캪럇췪헻룄퓬쒣쪽;쇭튻훖캪췪헻룄퓬쒣쪽ꆣ췪헻룄퓬쒣쪽훷튪냼삨솽샠:헻쳥룄훆뫍뷢즢럖솢;럇췪헻룄퓬쒣쪽훷튪냼삨솽샠:듦탸럖솢뫍뛠볒훘ퟩꆣꋙ헻쳥룄훆쫇횸맺폐웳튵늻뷸탐닺냾샫,틔좫늿닺ꆢ뢺햮뷸탐룄훆훘ퟩ,돉솢탂릫쮾,풭훷쳥웳튵힢쿺,좻뫳헾뢮샻폃탂릫쮾뷸탐릫뾪랢탐ꆣ춨맽헢훖쒣쪽랢탐짏쫐뗄쫇닺헻쳥훊솿뷏뫃ꆢ샺쪷틅쇴컊쳢뷏짙믲뷢뻶뷏뎹뗗ꆢꆰ웳튵냬짧믡ꆱ뢺떣뷏쟡뗄맺폐웳튵ꆣ뷢즢럖솢쫇횸헾뢮뛔맺폐웳튵뗄좫늿닺뷸탐냾샫훘ퟩ,붫럇뺭펪탔닺늿럖믲좫늿폫훷펪튵컱늻쿠맘뗄뺭펪탔닺벰쿠맘햮컱냾샫돶웳튵,냾샫돶뗄헢늿럖닺뫍쿠맘햮컱평헾뢮뢺퓰낲훃믲돉솢탂뗄램죋떥캻뷸탐맜샭,헾뢮냑냾샫뫳뗄맺폐웳튵룄퓬돉막럝릫쮾뷸탐릫뾪랢탐ꆣ퓚헢훖룄훆랽쪽쿂탂릫쮾늻퓙뢺떣럇뺭펪탔닺벰뢻폠풱릤,떫헾뢮튪뢶돶뷏뛠뗄횱뷓돉놾ꆣ듦탸럖솢쫇횸훷쳥웳튵붫웤늿럖닺믲튵컱냾샫돶좥,힢죫탂짨솢뗄릫쮾,웤폠늿럖닺믲튵컱죔좻놣쇴퓚듦탸뗄풭훷쳥웳튵쓚,풭훷쳥웳튵돉캪탂릫쮾뗄뿘막쒸릫쮾,헾뢮춨맽뿘막쒸릫쮾뷸튻늽뿘훆탂릫쮾,늢틔탂릫쮾뷸탐릫뾪랢탐ꆣ뛠볒훘ퟩ쫇횸뛠룶맺폐웳튵붫쫴폚늻춬웳튵램죋뗄늿럖닺힢죫탂릫쮾뷸탐훘ퟩ,늢춨맽탂릫쮾뷸탐릫뾪랢탐ꆣ죴뛠룶듽룄훆웳튵뚼붫웤좫늿닺힢죫탂릫쮾,퓲룃뛠볒훘ퟩ랽쪽벴돉캪헻쳥룄훆뗄튻훖쳘샽ꆣ죴뛠룶듽룄훆웳튵뚼닉폃뷢즢럖솢뗄랽쪽ퟩ뫏돉탂릫쮾,퓲룃뛠볒훘ퟩ랽쪽튲돉캪뷢즢럖솢뗄튻훖쳘샽ꆣ럇췪헻룄퓬쒣쪽춨뎣뻟폐솽랽쏦컊쳢,튻랽쏦,럇췪헻룄퓬쒣쪽뿉쓜웆뮵쇋풭폐뗄췪헻볛횵솴,퓬돉막럝릫쮾뫍뿘막쒸릫쮾닺뗄늻췪헻,쪹뗃쮫랽뗄짺닺뺭펪닺짺삧쓑,뛸헢훖삧쓑퓚듦탸쒸릫쮾훐뇭쿖룼캪춻돶ꆣ쇭튻랽쏦,럇췪헻룄퓬릫쮾뗄뿘막막뚫뮹돐떣쇋듳솿뗄쇓훊ꆢ럇뺭펪탔ꆢ럇뫋탄닺뫍죟풱뗈헾닟탔뢺떣,춬쪱,헽쫇틲캪듦탸늿럖뗄닺훊솿뷏닮,튲쪹뗃뿘막막뚫춨맽놾짭펯샻믱좡뷰뗄쓜솦럇뎣폐쿞,웳튵뿉쓜뒦폚뿷쯰뗄뺳뗘ꆣ헢솽랽쏦풭틲쪹뿘막막뚫뛔뷰뗄탨쟳웈쟐,쟒탨쟳솿듳ꆣ퓚컞램춨맽헽뎣뺭펪믱좡뷰뗄쟩뿶쿂,맺폐뿘막쒸쳥뿉횧엤뗄풴췹췹뻍쫇짏쫐릫쮾ꆣ폫럖엤막샻붫듳솿쿖뷰폫웤쯼막뚫릲쿭쿠뇈,횱뷓뗄뷰햼폃쓜캪뿘막막뚫쳡릩룼뛠뗄뷰,뷢뻶뿘막막뚫듦퓚뗄삧쓑,틲듋,럇췪헻룄퓬릫쮾뗄뿘막막뚫뿉쓜룼뛠쫇춨맽뷰쟖햼,뛸늻쫇춨맽막샻럖뫬믱좡뷰ꆣ췪헻룄퓬릫쮾뗄뿘막막뚫닺훊솿뷏뫃,헾닟탔뢺떣뷏쟡,웤쟖햼짏쫐릫쮾뷰뗄벤샸뷏죵,듓뛸폫웤쯼막뚫릲쿭뗄샻죳뷏뛠ꆣ볙짨1:폫췪헻룄퓬릫쮾쿠뇈,럇췪헻룄퓬릫쮾뗄뿘막막뚫햼폃짏쫐릫쮾뷰뗄돌뛈뷏룟,듓ꋙ믆쯙붨(2004)붫맺폐웳튵룄훆쒣쪽럖캪헻쳥룄훆ꆢ럖솢룄훆뫍뻛뫏룄훆죽훖ꆣ113
뗋붨욽뗈:샻틦믱좡:막샻릲쿭뮹쫇뷰뛀햼?뛸짏쫐릫쮾막샻횧뢶쮮욽뷏뗍ꆣ뗚뛾,춶헟램싉놣뮤ꆣLaPorta뗈(2002)죏캪램싉놣뮤쫇쿞훆뿘훆탔막뚫뛔훐킡막뚫냾쿷뗄훘튪믺훆,쯦ퟅ램싉놣뮤돌뛈뗄쳡룟,듳막뚫뗄냾쿷돉놾뫍쓑뛈튲붫쳡룟,헢쪹뗃듳막뚫뗄쟖몦탐캪뇤뗃컞킧,뻟쳥쳥쿖퓚뿘훆좨쮽죋샻틦뷏뗍뫍릲쿭샻틦뷏룟(죧횧뢶뷏룟뇈싊뗄막샻)ꆣ맺췢톧헟튻냣듓솽랽쏦살럖컶춶헟램싉놣뮤폫뿘훆좨샻틦뗄맘쾵ꆣ튻랽쏦쫇춶헟램싉놣뮤폫뿘훆좨릲쿭샻틦(막샻)뗄맘쾵ꆣLaPorta뗈(2000)퇐뺿뇭쏷쓇킩뛔킡막뚫좨샻놣뮤죵뗄맺볒,웳튵뗄막샻횧뢶싊뗍폚춶헟놣뮤잿뗄맺볒ꆣ쇭튻랽쏦쫇춶헟램싉놣뮤폫뿘훆좨쮽죋샻틦뗄맘쾵ꆣNenova(2003)ꆢDyck뫍Zingales(2004)뗄퇐뺿횤쏷쇋뛔춶헟램싉놣뮤풽췪짆,뿘훆좨쮽죋샻틦풽뗍ꆣ듓1997쓪떽2003쓪,컒맺쿠맘늿쏅릲냤늼쇋30뛠늿폐맘놣뮤훐킡춶헟샻틦뗄램싉뫍맦헂,헢킩램싉뫍맦헂듓늻춬뷇뛈놣뮤쇋훐킡춶헟뗄샻틦(냼삨뛔뷰햼폃뗄쿞훆)ꆣ짲틕럥뗈(2004)뫍돂뗈(2005)닉폃쇋LaPorta뗈(1998)뗄랽램,볆쯣돶1992ꆪ2003쓪컒맺춶헟램싉놣뮤돌뛈뗄럖횵,랢쿖뷼쪮쓪살컒맺뛔훐킡춶헟뗄램싉놣뮤솦뛈훰붥퓶듳,쳘뇰퓚2000쓪틔뫳룼쫇죧듋(뇭1)ꆣ돂뗈(2005)뮹랢쿖1999쓪틔잰,램싉놣뮤늻쓜폐킧풼쫸뿘막막뚫뛔훐킡막뚫뗄냾쿷,뛸퓚2000쓪틔뫳쯦ퟅ램싉놣뮤뗄늻뛏췪짆,뿘훆좨쮽죋샻틦폐튻뚨돌뛈뗄쿂붵ꆣ짲틕럥뗈(2005)랢쿖훐킡춶헟램싉놣뮤돌뛈럖횵폫짏쫐릫쮾뗄좨틦놾돉놾돊뢺쿠맘맘쾵ꆣ뇭11997ꆪ2003쓪컒맺춶헟램싉놣뮤돌뛈뗄럖횵1997199819992000200120022003훐킡춶헟램싉놣뮤뗄럖횵4041474953156165ꆡꆡ쇏살풴:짲틕럥뗈(2004)뫍돂뗈(2005)ퟛ짏,컒쏇죏캪쯦ퟅ춶헟램싉놣뮤뗄늻뛏췪짆,뿘막막뚫믱좡뿘훆좨샻틦뗄랽쪽뿉쓜듦퓚늻춬,벴뿘막막뚫춨맽쯭뗀췚뻲(tunneling)믱좡쮽죋샻틦뗄돌뛈풽뗍,샻틦폫웤쯼막뚫릲쿭뗄돌뛈풽룟ꆣ쿠맘퇐뺿늢쎻폐붫춶헟램싉놣뮤폫뿘훆좨릲쿭샻틦ꆢ쮽죋샻틦솪뫏웰살퇐뺿,캴쓜횱뷓횤쏷쫇럱쫇춶헟램싉놣뮤돌뛈뗄쳡룟붵뗍쇋뿘훆좨쮽죋샻틦,늢퓬돉릲쿭샻틦뗄퓶볓ꆣ춬쪱,뫜뛠퇐뺿죏캪퓚컒맺막좨럖훃뗄쟩뿶쿂,틲캪컞램ힼ좷뛈솿늻듦퓚뿘훆좨쮽죋샻틦쪱뗄막좨볛횵,쯹틔,뛔뿘훆좨쮽죋샻틦뗄뛈솿뻍늻릻ힼ좷ꆣ틲듋,횱뷓퇐뺿뿘막막뚫믱좡쮽죋샻틦뗄훘튪뇭쿖탎쪽ꆪꆪꆪ뷰햼폃쓜쳡릩룼횱뷓뗄횤뻝ꆣ볙짨2:춶헟램싉놣뮤돌뛈풽룟,뿘막막뚫햼폃짏쫐릫쮾뗄뷰돌뛈풽뗍,듓뛸짏쫐릫쮾뗄막샻횧뢶쮮욽풽룟ꆣ뗚죽,뿘막좨뷡릹ꆣ뿘막좨뷡릹폫뿘훆좨샻틦듦퓚틔쿂솽룶랽쏦뗄맘쾵:튻랽쏦캪뿘막좨뷡릹폫막샻뻶닟뗄맘쾵ꆣGugler뫍Yurtoglu(2003)샻폃뗂맺뗄쫽뻝랢쿖뿘훆탔막뚫뗄뿘훆좨뇈샽풽룟,막샻횧뢶쮮욽풽뗍,떫뗚뛾듳막뚫뗄뿘훆좨폐훺폚쳡룟릫쮾뗄막샻횧뢶쮮욽ꆣFaccio뗈(2001)럖컶쇋컷얷뫍뚫퇇릫쮾퓚막샻횧뢶짏뗄듺샭컊쳢,죏캪컷얷릫쮾훐뛠룶듳막뚫뗄듦퓚폐훺폚뮺뷢뿘훆탔막뚫뗄듺샭컊쳢,듓뛸횧뢶뷏룟쮮욽뗄막샻,뛸뚫퇇릫쮾훐뛠룶듳막뚫뺭뎣뒮솪쟖몦킡막뚫뗄샻틦,떼훂막샻횧뢶쮮욽뷏뗍;쇭튻랽쏦캪뿘막좨뷡릹폫뿘훆좨쮽죋샻틦뫍릫쮾볛횵뗄맘쾵ꆣBennedsen뫍Wolfenzon(2000)쳡돶,퓚뛔춶헟램싉놣뮤늻췪짆뗄쟩탎쿂,죧맻뛠룶듳막뚫릲춬럖쿭뿘훆좨,쪹뗃죎뫎튻룶듳막뚫뚼컞램떥뛀뿘훆웳튵,쓇쎴뻍쓜뇈뷏폐킧뗘붵뗍듳막뚫뗄뿘훆좨쮽죋샻틦ꆣBloch뫍Hege(2001)뗄퇐뺿뇭쏷,떱듦퓚솽룶듳막뚫뛔뿘훆좨뗄뺺헹쪱,믡틖훆뿘막막뚫뛔릫쮾닆뢻뗄싓뛡ꆣMaury뫍Pajuste(2002)듓쪵횤뗄뷇뛈횤쏷쇋듦퓚뛠룶듳막뚫뗄릫쮾볛횵뷏룟ꆣ틔짏뗄럖컶뇭쏷뿘막좨뷡릹뛔폚릫쮾샻틦뗄럖엤닺짺튻뚨뗄펰쿬,막좨훆뫢뿉쓜폐샻폚듙쪹뿘막막뚫복짙뛔릫쮾샻틦뗄쟖햼,듓뛸붫룼뛠뗄샻틦폫웤쯼막뚫릲쿭ꆣ114
2007쓪뗚4웚퓚컒맺막좨럖훃뗄훆뛈놳뺰쿂,뿘막막뚫뗄돖막뇈샽폫웤믱좡샻틦뗄랽쪽횮볤뗄맘쾵늻짵쏷쇋ꆣ뛠쫽퇐뺿죏캪뿘막막뚫돖폐뗄쫇럇쇷춨막,웤돖막뇈샽풽룟,춨맽막샻듓짏쫐릫쮾훐믱좡뗄쿖뷰풽뛠,틲듋,막샻횧뢶쮮욽튲뻍풽룟(폠쏷맰뫍쿄탂욽,2004a;뗋붨욽뫍퓸폂,2005a)ꆣ죧맻뿘막막뚫뗄돖막뇈샽풽룟,막샻횧뢶쮮욽풽룟,쓇쎴,웤햼폃짏쫐릫쮾뷰뗄돌뛈쫇럱풽뗍쓘?쿠맘퇐뺿늢쎻폐랢쿖뿘막막뚫뗄돖막뇈샽폫뷰햼폃듦퓚뢺쿠맘맘쾵ꆣ쿠랴,폠쏷맰뫍쿄탂욽(2004b)랢쿖뿘막막뚫뗄돖막뇈샽풽룟,릫쮾뷰놻맘솪랽햼폃뗄뇈샽풽룟ꆣ샮퓶좪뗈(2004)랢쿖뿘막막뚫뗄막좨폫뷰햼폃듦퓚쿈짽뫳붵뗄맘쾵,헢퓚튻뚨돌뛈짏뷢쫍쇋뿘막막뚫막좨ꆢ뷰햼폃뫍막샻럖엤뗄맘쾵ꆣ틲듋,튻룶룼뫃뗄럖컶뿲볜쫇뾼싇헻룶뿘막좨뷡릹,튲뻍쫇릫쮾쓚늿좨솦훆뫢폫뿘훆좨샻틦뗄맘쾵ꆣ맘폚좨솦훆뫢폫막샻뻶닟뗄맘쾵,샮퓶좪뗈(2004)죏캪웤쯼듳막뚫뗄볠뚽폐훺폚쳡룟릫쮾뗄막샻횧뢶쮮욽ꆣ쇭튻랽쏦,퓚좨솦훆뫢폫뷰햼폃뗄맘쾵짏,믆폥쿩뗈(2003)쮵쏷퓚막좨훆뫢뗄릫쮾훐,룼늻죝틗랢짺뿘막막뚫햼폃짏쫐릫쮾뷰뗄쿖쿳ꆣ틔짏뗄뷡싛쮵쏷좨솦훆뫢뿉쓜폐훺폚틖훆뿘막막뚫뛔짏쫐릫쮾뷰뗄햼폃,듙쪹웤붫룼뛠뗄샻죳폫웤쯼막뚫릲쿭ꆣ떫쫇,쯻쏇뗄퇐뺿늢쎻폐붫막좨훆뫢폫뷰햼폃ꆢ막샻횧뢶쮮욽솪뫏웰살퇐뺿,튲뻍쫇캴쓜횤쏷쫇럱쫇웤쯼듳막뚫뗄좨솦훆뫢쪹뗃뿘막막뚫복짙뛔짏쫐릫쮾뷰뗄쟖햼,듓뛸떼훂릫쮾막샻횧뢶쮮욽뗄쳡룟ꆣ볙짨3:폫막좨럇훆뫢릫쮾쿠뇈,듦퓚막좨훆뫢릫쮾뗄뿘막막뚫햼폃짏쫐릫쮾뷰뗄돌뛈뷏뗍,듓뛸짏쫐릫쮾막샻횧뢶쮮욽뷏룟ꆣ죽ꆢ쪵횤럖컶(튻)쫽뻝컒쏇쫕벯쇋1997쓪뗗떽2000쓪뗗285볒맺폐웳튵쫗듎릫뾪랢탐뗄퇹놾,쯹폐퇹놾쫽뻝좡랢탐틔뫳죽쓪뗄쫽뻝,쪱볤뿧뛈캪1998쓪훁2003쓪,릲855룶퇹놾ꆣ룄훆쒣쪽룹뻝릫쮾뗄헐막쮵쏷쫩ꆢ짏쫐릫룦쫩ꆢ쓪놨뫍릫쮾췸햾엻슶뗄쇏뷸탐좷뚨ꆣ닆컱쫽뻝뗄훷튪살풴쫇릫쮾뗄쓪놨뫍맺첩낲짏쫐릫쮾쫽뻝뿢ꆣ(뛾)막샻횧뢶쮮욽폫뷰햼폃돌뛈뗄뛈솿벰웤맘쾵1.막샻횧뢶쮮욽뗄뛈솿ꆣ컒쏇춨맽솽룶랽쏦살뫢솿막샻횧뢶쮮욽,냼삨막샻횧뢶싊뫍쎿막막샻ꆣ막샻횧뢶싊캪막샻돽틔뺻샻죳;쎿막막샻캪막샻돽틔ퟜ막놾ꆣ2.뷰햼폃돌뛈뗄뛈솿ꆣ쿠맘퇐뺿뛔폚뷰햼폃뗄볆쯣뿉쓜늢늻ힼ좷뫍좫쏦ꆣ죧믆폥쿩뗈(2003)ꆢ폠쏷맰뫍쿄탂욽(2004b)뗈뚼닉폃뛔맘솪랽뗄펦쫕헋뿮믲웤쯼펦쫕뿮훐뗄뷰햼폃살뫢솿뿘막막뚫뗄뷰햼폃,떫쫇:(1)쯻쏇뚼쎻폐뾼싇짏쫐릫쮾튲뿉쓜춨맽펦뢶뿮햼폃뿘막막뚫벯췅뗄뷰;(2)냑짏쫐릫쮾맘솪랽햼폃뗄뷰뷼쯆폚뿘막막뚫햼폃뗄뷰,헢뿉쓜룟맀쇋뿘막막뚫햼폃뷰뗄맦쒣;(3)뿘막막뚫햼폃짏쫐릫쮾뗄뷰뮹뿉쓜퓚짏쫐릫쮾뗄풤뢶헋뿮훐쳥쿖돶살ꆣ컒쏇죏캪뿘막막뚫늻뷶뿉틔횱뷓햼폃짏쫐릫쮾뷰,뛸쟒뮹뿉쓜춨맽웤뿘훆뗄웤쯼릫쮾뗈햼폃짏쫐릫쮾뷰ꆣ틲듋,놾컄뷰햼폃훐뗄뿘막막뚫쫇횸뿘막막뚫벯췅,뿘막막뚫벯췅냼삨:뿘막막뚫놾짭벰뿘막막뚫쯹뿘훆뗄웤쯼돉풱릫쮾ꆣ퓚뷰햼폃짏,뿘막막뚫벯췅뿉쓜햼폃짏쫐릫쮾뷰,춬쪱,짏쫐릫쮾튲뿉쓜햼폃뿘막막뚫벯췅뷰ꆣ뿘막막뚫벯췅햼폃짏쫐릫쮾뷰훷튪쫇춨맽펦쫕헋뿮ꆢ풤뢶헋뿮뫍웤쯼펦쫕뿮뗈쿮쒿랴펳돶살ꆣ짏쫐릫쮾햼폃뿘막막뚫벯췅뷰훷튪쫇춨맽펦뢶헋뿮ꆢ풤쫕헋뿮뫍웤쯼펦뢶뿮뗈쿮쒿쳥쿖돶살ꆣ놾컄뗄펦쫕뫍펦뢶쿮쒿뚼쫇횸랢짺퓚뿘막막뚫벯췅폫짏쫐릫쮾횮볤뗄쿮쒿ꆣ컒쏇냑짏쫐릫쮾펦쫕뿘막막뚫벯췅쿮쒿뗄ퟜ뫍(펦쫕헋뿮ꆢ풤뢶헋뿮뫍웤쯼펦쫕뿮뗄ퟜ뫍)돆캪ퟜ펦쫕뿮,냑짏쫐릫쮾펦뢶뿘막막뚫벯췅쿮쒿뗄ퟜ뫍(펦뢶헋뿮ꆢ풤쫕헋뿮뫍웤쯼펦뢶뿮뗄ퟜ뫍)돆캪ퟜ펦뢶뿮,ퟜ펦쫕뿮복좥ퟜ펦뢶뿮돆캪뺻펦쫕뿮,쯼듺뇭뿘막막뚫벯115
뗋붨욽뗈:샻틦믱좡:막샻릲쿭뮹쫇뷰뛀햼?췅뺻햼폃짏쫐릫쮾뷰뗄ퟜ뫍ꆣ폃뺻펦쫕뿮돽틔쓪뗗ퟜ닺살뫢솿뿘막막뚫벯췅햼폃짏쫐릫쮾뷰뗄돌뛈ꆣ컒쏇쳞돽쇋막샻횧뢶싊킡폚0뫍듳폚1뗄퇹놾,춬쪱폐늿럖퇹놾뗄쫽뻝좱쪧,쯹틔퓚퇐뺿훐횻폐812룶퇹놾ꆣ춼1훐,뫡ퟸ뇪쫇뷰햼폃돌뛈,튲뻍쫇뺻펦쫕뿮돽틔쓪뗗ퟜ닺,컒쏇붫뷰햼폃돌뛈럖캪벸룶쟸볤ꆣퟝퟸ뇪쫇막샻횧뢶쮮욽,벴막샻횧뢶싊뫍쎿막막샻ꆣ듓춼1훐뿉틔뾴돶뿘막막뚫벯췅햼폃짏쫐릫쮾뷰뗄돌뛈풽룟,막샻횧뢶쮮욽뻍풽뗍ꆣ뷰햼폃돌뛈폫막샻횧뢶싊ꆢ쎿막막샻듦퓚쿔훸뗄뢺쿠맘맘쾵(쿠맘쾵쫽럖뇰캪-01171ꆢ-012,P횵뚼킡폚010001)ꆣ(죽)펰쿬뷰햼폃폫막샻럖엤톡퓱뗄쏨쫶탔춳볆1.룄훆쒣쪽ꆢ뷰햼폃폫막샻럖엤춼1ꆡ뷰햼폃돌뛈폫막샻횧뢶쮮욽뗄맘쾵뇭2훐,럇췪헻룄퓬릫쮾랢짺뷰햼폃뗄릫쮾뇈샽캪6217%,쿔훸룟폚췪헻룄퓬릫쮾뗄3111%,쮵쏷럇췪헻룄퓬릫쮾룼죝틗랢짺뷰햼폃쿖쿳ꆣ춬쪱,럇췪헻룄퓬릫쮾뗄뿘막막뚫쟖햼뗄뷰햼릫쮾ퟜ닺뗄312%,췪헻룄퓬릫쮾뗄뿘막막뚫늻듦퓚햼폃짏쫐릫쮾뷰뗄쿖쿳,럇췪헻룄퓬릫쮾뗄뿘막막뚫햼폃뗄뷰쿔훸룟폚췪헻룄퓬릫쮾ꆣ퓚막샻횧뢶쮮욽짏,췪헻룄퓬릫쮾뗄막샻횧뢶싊뫍쎿막막샻뚼쿔훸룟폚럇췪헻룄퓬릫쮾ꆣ헢뇭쏷럇췪헻룄퓬릫쮾뗄뿘막막뚫룼폐벤샸춨맽뷰햼폃,뛸늻쫇춨맽막샻럖뫬뗄랽쪽믱좡뷰ꆣ2.춶헟램싉놣뮤돌뛈ꆢ뷰햼폃폫막샻럖엤짲틕럥뗈(2004)뫍돂뗈(2005)붫컒맺춶헟램싉놣뮤럖돉죽룶뷗뛎,벴돵벶뷗뛎(1994쓪7퓂틔잰)ꆢ랢햹뷗뛎(1994쓪7퓂ꆪ1998쓪7퓂)뫍췪짆뷗뛎(1999쓪7퓂틔뫳),늢뻍늻춬쓪뛈볆쯣돶춶헟램싉놣뮤뗄럖횵,틲듋,컒쏇붫춶헟램싉놣뮤럖횵듳폚믲뗈폚49럖(2000쓪벰틔뫳)죏캪쫇춶헟램싉놣뮤돌뛈룟뗄뷗뛎,쿠랴,춶헟놣뮤럖횵킡폚49럖(2000쓪틔잰)죏캪쫇춶헟램싉놣뮤돌뛈뗍뗄뷗뛎ꆣ뇭2훐,춶헟램싉놣뮤돌뛈룟뗄뷗뛎,랢짺뷰햼폃탐캪뗄릫쮾뇈샽뗍폚춶헟램싉놣뮤돌뛈뗍뗄뷗뛎,춬쪱,퓚햼폃돌뛈짏잰헟튲튪싔뗍폚뫳헟,떫솽헟뗄닮틬늢쎻폐춨맽쿔훸탔볬퇩ꆣ퓚막샻횧뢶쮮욽짏,춶헟램싉놣뮤돌뛈룟뗄뷗뛎,막샻횧뢶쮮욽쿔훸룟폚춶헟램싉놣뮤돌뛈뗍뗄뷗뛎ꆣ3.뿘막좨뷡릹ꆢ뷰햼폃폫막샻럖엤컒쏇죏캪떱뿘막막뚫돖막뇈샽킡폚뗚뛾훁뗚쪮듳막뚫돖막뇈샽횮뫍쪱,릫쮾뻍쫴폚막좨훆뫢샠탍,럱퓲,뻍죏캪릫쮾쫇쫴폚막좨럇훆뫢샠탍ꆣꋙ뇭2쿔쪾,막좨럇훆뫢릫쮾훐랢짺뷰햼폃뗄릫쮾뇈샽룟폚막좨훆뫢릫쮾,떫쫇,솽헟뗄뷰햼폃돌뛈늢늻듦퓚쿔훸뗄쟸뇰ꆣ뛸듦퓚막좨훆뫢릫쮾뗄막샻횧뢶싊벰쎿막막샻뚼쿔훸뗍폚막좨럇훆뫢릫쮾ꆣ(쯄)펰쿬뷰햼폃폫막샻럖엤톡퓱뗄뛠풪럖컶컒쏇뾼싇룄훆쒣쪽ꆢ춶헟램싉놣뮤돌뛈벰뿘막좨뷡릹쫇럱춨맽펰쿬뷰햼폃돌뛈늢뷸뛸펰쿬쇋릫쮾뗄막샻횧뢶쮮욽ꆣ쫗쿈틔막샻횧뢶쮮욽ퟷ캪펦뇤솿,럖컶룄훆쒣쪽ꆢ춶헟램싉놣뮤돌뛈벰뿘막좨뷡릹뛔막샻횧뢶쮮욽뗄펰쿬,퓙듓뷰햼폃뗄뷇뛈뷸탐뷢쫍ꆣ룹뻝쿠맘퇐뺿뗄뷡싛,컒쏇ꋙ컒쏇튲닉폃뿘막막뚫돖막뇈샽킡폚뗚뛾훁뗚컥듳막뚫돖막뇈샽횮뫍살뚨틥막좨훆뫢,뷡싛샠쯆ꆣ116
2007쓪뗚4웚뮹뿘훆쇋웤쯼뿉쓜펰쿬막샻횧뢶쮮욽뗄틲쯘,훷튪폐:펯샻쓜솦(ROA,샻죳ퟜ뛮돽틔ퟜ닺)ꆢ돉뎤탔ꋙ(TobinpisQ)ꆢ햮컱쮮욽(DEBT,뢺햮돽틔닺)ꆢ릫쮾맦쒣(SIZE,훷펪튵컱쫕죫뗄ퟔ좻뛔쫽)ꆣ컒쏇뮹뿘훆쇋탐튵킧펦(INDꋚ)뗄펰쿬ꆣ뇭2뷰햼폃돌뛈뫍막샻횧뢶쮮욽뗄쏨쫶탔춳볆릲쿭샻틦쮽죋샻틦럖샠퇹놾막샻쎿막랢짺뷰햼폃뷰햼퇹놾쫽횧뢶싊막샻뗄릫쮾뇈샽폃돌뛈췪헻룄퓬333룄훆쒣쪽%럇췪헻룄퓬%놣뮤돌뛈룟333333춶헟램싉놣뮤돌뛈%놣뮤돌뛈뗍%막좨훆뫢%뿘막좨뷡릹막좨럇훆뫢%ퟜ퇹놾%ꆡꆡ힢:막샻횧뢶싊캪막샻돽틔뺻샻죳;쎿막막샻캪막샻돽틔ퟜ막놾;랢짺뷰햼폃릫쮾뇈샽쫇횸뺻펦쫕뿮듳폚0뗄릫쮾햼퇹놾쫽뗄뇈샽ꆣ뷰햼폃돌뛈쫇횸뺻펦쫕뿮돽틔쓪뗗뗄ퟜ닺ꆣ럖뇰볬퇩늻춬럖ퟩ뗄막샻횧뢶쮮욽뫍뷰햼폃돌뛈뗄닮뇰,볬퇩뗄뷡맻뇪힢퓚췪헻룄퓬ꆢ놣뮤돌뛈룟뫍막좨훆뫢뗄퇹놾뗄폒짏랽,333ꆢ33ꆢ3럖뇰듺뇭퓚1%ꆢ5%뫍10%뗄쮮욽짏쿔훸ꆣ틲캪폐늻짙릫쮾쎻폐랢럅막샻,웤막샻횧뢶쮮욽캪0,맺쓚뗄퇐뺿춨뎣늻뾼싇헢늿럖퇹놾,떫쫇,헽죧퇏뮪뗈(2003)횸돶뗄,틲캪듦퓚듳솿릫쮾늻럖엤막샻뗄쿖쿳,막샻럖엤ퟷ캪놻뷢쫍뇤솿쪱뗄맛달횵쫇늻솬탸뗄ꆣ죧맻횱뷓폃OLS믘맩,믡쪹OLS맀볆솿폐욫(biased)쟒늻튻훂(inconsistent),쯹틔,샻폃Tobit쒣탍믡폐룼뫃뗄쓢뫏킧맻ꆣ뗚튻,럖컶룄훆쒣쪽폫막샻뻶닟ꆢ뷰햼폃뗄맘쾵ꆣ뇭3훐,RES캪룄훆쒣쪽뇤솿,떱릫쮾쫴폚럇췪헻룄퓬쪱좡횵1,럱퓲캪0;OB쫇막좨훆뫢뇤솿,떱뿘막막뚫돖막뇈샽킡폚뗚뛾훁뗚쪮듳막뚫돖막뇈샽횮뫍쪱좡횵1,럱퓲캪0;LAW쫇춶헟램싉놣뮤돌뛈,닉폃짲틕럥뗈(2004)뫍돂뗈(2005)볆쯣뗄춶헟램싉놣뮤럖횵뷸탐뛈솿,늢좡ퟔ좻뛔쫽ꆣ틲캪램싉놣뮤뗄펰쿬뿉쓜듦퓚튻뚨돌뛈뗄훍뫳,틲듋,틔쳡잰튻웚뗄램싉놣뮤럖횵살뛈솿ꆣꆡꆡ쒣탍1뫍쒣탍2훐,틔막샻횧뢶싊(DΠE)뫍쎿막막샻(DΠS)ퟷ캪펦뇤솿,랢쿖RES뗄쾵쫽뚼쿔훸캪뢺,쮵쏷럇췪헻룄퓬릫쮾뗄막샻횧뢶쮮욽쿔훸뗍폚췪헻룄퓬릫쮾ꆣ럇췪헻룄퓬릫쮾뗄뿘막막뚫뗄닺훊솿뷏닮ꆢ헾닟탔뢺떣뷏훘,폫췪헻룄퓬릫쮾쿠뇈,럇췪헻룄퓬릫쮾뗄뿘막막뚫룼탨튪뷰횧돖,막샻뛔폚럇췪헻룄퓬릫쮾뗄뿘막막뚫살쮵펦룼캪훘튪ꆣ떫쫇,퇐뺿뷡싛뇭쏷럇췪헻룄퓬릫쮾뗄막샻횧뢶쮮욽뷏뗍,헢틢캶ퟅ럇췪헻룄퓬릫쮾뗄뿘막막뚫뿉쓜춨맽웤쯼춾뺶믱좡쇋뷰(죧뷰햼폃),퓬돉웤횻쓜붫뷏짙뗄샻죳폫웤쯼막뚫릲쿭ꆣ쒣탍4훐,컒쏇틔뷰햼폃돌뛈(EM)캪펦뇤솿,랢쿖RES뗄쾵쫽쿔훸캪헽,뇭쏷럇췪헻룄퓬릫쮾뗄뿘막막뚫햼폃짏쫐릫쮾뷰뗄돌뛈룟폚췪헻룄퓬릫쮾ꆣ뷡뫏잰쏦뗄뷡싛,컒쏇췆뛏뿉쓜쫇럇췪헻룄퓬릫쮾뗄뿘막막뚫맽뛠뗘햼폃쇋짏쫐릫쮾뗄뷰,듓뛸퓬돉릫쮾막샻횧뢶쮮욽뷏뗍ꆣ쓇쎴,컒쏇뗄췆뛏쫇럱헽좷쓘?ꋙ컒쏇틔릫쮾쇷춨쫐횵ꆢ릫쮾럇쇷춨막쫐횵폫뢺햮헋쏦볛횵뗄ퟜ뫍퓙돽틔닺뗄헋쏦볛횵살볆쯣TobinpisQ,웤훐틔쎿막뺻닺ퟷ쎿막럇쇷춨막막좨볛횵뗄맀볆ꆣꋚ룹뻝2001쓪횤볠믡릫늼뗄ꆶ짏쫐릫쮾탐튵럖샠횸틽ꆷ,붫랢탐릫쮾뮮럖캪21룶탐튵,웤훐돽훆퓬튵뮮럖떽듎샠틔췢,웤쯻탐튵뮮럖떽쏅샠ꆣ컒쏇틽죫쇋20룶탐튵탩쓢뇤솿ꆣ117
뗋붨욽뗈:샻틦믱좡:막샻릲쿭뮹쫇뷰뛀햼?쒣탍5뫍쒣탍6훐,퓚쒣탍1뫍쒣탍2뗄믹뒡짏볓죫뷰햼폃돌뛈뇤솿(EM),랢쿖EM뗄쾵쫽쿔훸캪뢺,뇭쏷뷰햼폃돌뛈풽룟뗄릫쮾,막샻횧뢶쮮욽풽뗍,헢춬쪱튲뇭쏷뿘막막뚫믱좡쮽죋샻틦뗄돌뛈풽룟,릫쮾샻틦폫웤쯼막뚫릲쿭뗄돌뛈풽뗍ꆣ폫쒣탍1뫍쒣탍2쿠뇈,RES뗄쾵쫽(뻸뛔횵)벰웤쿔훸탔뚼쏷쿔쿂붵,죧:쒣탍5훐,RES뗄쾵쫽(뻸뛔횵)듓0103뇤돉0102,쿂붵럹뛈뎬맽30%;쒣탍6훐,RES뗄쾵쫽(뻸뛔횵)듓0108뇤돉01059,쿂붵쇋뷼30%ꆣ틔짏뗄뷡싛뷸튻늽쮵쏷쇋럇췪헻룄퓬릫쮾뗄막샻횧뢶쮮욽뷏뗍헽쫇풴폚웤뿘막막뚫햼폃짏쫐릫쮾뷰돌뛈뷏룟뗄펰쿬,벴룄훆쒣쪽펰쿬쇋뿘막막뚫햼폃뷰뗄돌뛈,늢뷸뛸펰쿬쇋릫쮾뗄막샻럖엤쮮욽ꆣ볙짨1뗃떽횤쪵ꆣ뇭3펰쿬막샻럖엤폫뷰햼폃맘쾵뗄뛠풪럖컶Tobit쒣탍OLS쒣탍Tobit쒣탍쒣탍1쒣탍2쒣탍3쒣탍4쒣탍5쒣탍6쒣탍7(DΠS)(DΠE)(DΠE)(EM)(DΠS)(DΠE)(DΠE)()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()퇹놾쫽812812812812812812812ꆡꆡ힢:333ꆢ33ꆢ3럖뇰듺뇭퓚1%ꆢ5%ꆢ10%뗄쮮욽짏쿔훸ꆣIND캪탐튵탩쓢뇤솿ꆣ뗚뛾,럖컶춶헟램싉놣뮤돌뛈ꆢ막샻럖엤뫍뷰햼폃뗄맘쾵ꆣ뇭3뗄쒣탍1뫍쒣탍2훐,컒쏇랢쿖LAW뗄쾵쫽쿔훸캪헽,쮵쏷뛔춶헟놣뮤돌뛈풽룟,막샻횧뢶쮮욽풽룟ꆣ쒣탍4훐,펦뇤솿캪뷰햼폃돌뛈(EM),LAW뗄쾵쫽캪뢺,떫늻쿔훸,헢뇭쏷춶헟램싉놣뮤뗄췪짆늢쎻폐뛔쿞훆뿘막막뚫뗄뷰햼폃웰떽맘볼뗄ퟷ폃ꆣ쇵럥뗈(2004)횸돶뛔뿘막막뚫뗄훷튪풼쫸살ퟔ폚램싉럧쿕,쯻쏇죏캪쒿잰컒맺램싉컞램놣뮤훐킡막뚫뗄샻틦,듳막뚫쟖햼ꆢ얲폃짏쫐릫118
2007쓪뗚4웚쮾뗄샻틦늻듦퓚램싉럧쿕ꆣ춬쪱,뿉쓜틲캪퓚컒쏇퇐뺿뗄쪱볤뛎짏,쿞훆뿘막막뚫뷰쟖햼뗄램싉늢쎻폐헦헽뗘랢믓ퟷ폃ꆣ쒣탍5뫍쒣탍6훐,틽죫쇋뷰햼폃돌뛈뇤솿,폫쒣탍1뫍쒣탍2쿠뇈,LAW폫DΠEꆢDΠS뗄쿠맘맘쾵늢쎻폐랢짺쿔훸뗄뇤뮯,헢쮵쏷춶헟램싉놣뮤돌뛈뗄췪짆뛔막샻뻶닟뗄펰쿬늢럇살ퟔ폚헢훖췪짆뛔폚뷰햼폃돌뛈뗄펰쿬ꆣ쓇쎴,램싉놣뮤돌뛈뛔폚막샻횧뢶쮮욽뗄펰쿬훷튪쫇풴폚쓄튻랽쏦뗄풭틲쓘?컒쏇죏캪2000쓪ꆢ2001쓪횤볠믡맘폚퓙죚뗄룕탔맦뚨쫇퓬돉램싉놣뮤돌뛈폫막샻횧뢶쮮욽듦퓚쏷쿔맘쾵뗄훷튪풭틲ꆣ뗋붨욽뫍퓸폂(2005aꆢ2005b)횸돶퓙죚뗄뚯믺쫇퓬돉2000쓪틔뫳럖뫬릫쮾쿔훸퓶볓뗄훘튪풭틲ꆣ짲틕럥뗈(2004)뫍돂뗈(2005)죏캪2000쓪틔뫳춶헟램싉놣뮤훰붥뷸죫췪짆뷗뛎,룹뻝쯻쏇뗄퇐뺿,컒쏇랢쿖2000쓪틔뫳,램싉놣뮤럖횵쿔훸퓶볓ꆣ틲듋,퓙죚뗄뚯믺뿉쓜쫇퓬돉램싉놣뮤돌뛈폫막샻횧뢶쮮욽듦퓚헽쿠맘맘쾵뗄풭틲ꆣ컒쏇뷸튻늽퓚쒣탍2뗄믹뒡짏틽죫POL뇤솿(쯹퓚쓪뛈쫇2000쓪믲틔뫳좡횵1,럱퓲좡횵0),쒣탍3훐,컒쏇랢쿖POL뗄쾵쫽쿔훸캪헽ꋙ,뇭쏷2000쓪틔뫳,컒맺막샻횧뢶쮮욽쿔훸퓶볓ꆣ뛸LAW뗄쾵쫽뇤돉뢺,늢춨맽쿔훸탔볬퇩ꆣ헢튲뷸튻늽뇭쏷퓚뿘훆퓙죚뚯믺펰쿬뗄쟩뿶쿂,춶헟램싉놣뮤돌뛈폫막샻횧뢶쮮욽늢늻듦퓚헽쿠맘맘쾵ꆣ볙짨2늢늻돉솢ꆣ뗚죽,럖컶뿘막좨뷡릹폫막샻럖엤ꆢ뷰햼폃뗄맘쾵ꆣ뇭3뗄쒣탍1뫍쒣탍2훐,막샻횧뢶쮮욽폫막좨훆뫢뇤솿듦퓚튻뚨뗄뢺쿠맘맘쾵,죧쒣탍2훐OB뗄쾵쫽뻍쿔훸캪뢺ꆣ쒣탍4,컒쏇럖컶쇋막좨훆뫢(OB)폫뷰햼폃돌뛈뗄맘쾵,랢쿖OB뗄쾵쫽늢늻쿔훸,쮵쏷막좨훆뫢뛔폚틖훆뿘막막뚫햼폃짏쫐릫쮾뷰늻뻟폐쿔훸뗄ퟷ폃ꆣ퓚쒣탍1뫍쒣탍2뗄믹뒡짏,컒쏇틽죫쇋뷰햼폃돌뛈뇤솿,쒣탍5뫍쒣탍6훐,OB뗄쾵쫽벰쿔훸탔늢쎻폐랢짺쿔훸뇤뮯,뇭쏷뷰햼폃돌뛈늢늻쓜뷢쫍막좨훆뫢폫막샻횧뢶쮮욽듦퓚뗄쿠맘맘쾵ꆣ볙짨3늢늻돉솢ꆣ쓇쎴,캪쪲쎴막좨훆뫢폫막샻횧뢶쮮욽듦퓚튻뚨뗄뢺쿠맘맘쾵쓘?컒쏇죏캪헢뿉쓜폫막좨럖훃뗄훆뛈낲업폐맘,컒맺뻸듳뛠쫽뿘막막뚫돖폐뗄막좨쫇럇쇷춨막,웤춶쫕틦컞램춨맽막욱뗄헇뗸살믱좡,춨뎣횻쓜춨맽쿖뷰럖뫬살쪵쿖,틲듋웤돖막뇈샽풽룟,럖엤막샻뗄폻췻뻍풽잿ꆣ늻듦퓚막좨훆뫢릫쮾훐,뿘막막뚫뗄돖막뇈샽뷏룟,틲듋,막샻횧뢶쮮욽튲뷏룟ꆣ퓚쒣탍5뫍쒣탍6뗄믹뒡짏,틔뿘막막뚫뗄돖막뇈샽(LS)듺쳦막좨훆뫢뇤솿(OB)ꆣ뇭4뗄쒣탍8뫍쒣탍9,LS뗄쾵쫽쿔훸캪헽,쮵쏷뿘막막뚫돖막뇈샽풽룟,막샻횧뢶쮮욽뻍풽룟ꆣ헢뷸튻늽뷢쫍쇋막좨훆뫢폫막샻횧뢶쮮욽듦퓚뗄뢺쿠맘맘쾵ꆣ떫쫇,쒣탍11훐,쎻폐랢쿖뿘막막뚫돖막뇈샽펰쿬뷰햼폃돌뛈뗄쿔훸횤뻝,헢튲쮵쏷뿘막막뚫뗄돖막뇈샽늢쎻폐춨맽펰쿬뷰햼폃돌뛈,늢뷸뛸뛔릫쮾뗄막샻럖엤쮮욽닺짺펰쿬ꆣ뇭4뗄쒣탍8ꆢ9뫍11훐,퓚뿘훆뿘막막뚫돖막뇈샽뗄쟩뿶쿂,룄훆쒣쪽뇤솿틀좻쿔훸ꆣ튻킩퇐뺿랢쿖뿘막막뚫뗄돖막뇈샽ꆢ막좨훆뫢폫뷰햼폃돌뛈듦퓚튻뚨뗄쿠맘맘쾵(죧폠쏷맰뫍쿄탂욽,2004b;믆폥쿩뗈,2003),헢폫컒쏇뗄뷡싛늢늻쿠춬ꆣ컒쏇죏캪,돽쇋쯻쏇뛔뷰햼폃돌뛈뗄뛈솿늻튻뚨ힼ좷췢,뮹폐튻룶훘튪뗄풭틲쫇틲캪쯻쏇쎻폐뿘훆룄훆쒣쪽뇤솿뗄펰쿬ꆣꋚ컒쏇랢쿖룄훆쒣쪽뗄늻춬펰쿬뿘막좨뷡릹,럇췪헻룄퓬릫쮾뿘막막뚫뗄돖막뇈샽욽뻹캪5514%,쿔훸룟폚췪헻룄퓬릫쮾4118%;럇췪헻룄퓬쒣쪽쿂,듦퓚막좨훆뫢릫쮾뇈샽캪1016%,쿔훸뗍폚췪헻룄퓬쒣쪽뗄2812%,헢쮵쏷럇췪헻룄퓬릫쮾뿘막막뚫뗄돖막뇈샽룼룟,막좨훆뫢돌뛈뷏뗍ꆣ헢훷튪쫇틲캪럇췪헻룄퓬쒣쪽룼죝틗퓬돉튻막뛀듳뗄쿖쿳,퓚럇췪헻룄훆늢랢웰짨솢막럝릫쮾쪱,쳘뇰쫇ꋙ퓚쒣탍1뗄믹뒡짏틽죫POL뇤솿,뷡싛샠쯆,욪럹맘쾵,컒쏇쎻폐룸돶쪵횤뷡맻ꆣꋚ퓚뿘훆쿠맘틲쯘,떫늻냼삨룄훆쒣쪽뇤솿뗄쟩뿶쿂,막좨뷡릹폫뷰햼폃듦퓚튻뚨쮮욽뗄쿠맘맘쾵ꆣ퓚쒣탍4뫍쒣탍11믹뒡짏,늻틽죫RES뇤솿,웤쯼뇤솿튻훂,컒쏇랢쿖OB뫍LS뗄쾵쫽튲퓚튻뚨쮮욽짏쿔훸,죧LS뗄쾵쫽캪헽,늢춨맽5%뗄쿔훸탔볬퇩ꆣ틲듋,놾컄폫쿖폐퇐뺿뷡싛뗄닮틬쫇틽죫룄훆뇤솿닺짺뗄,헢쮵쏷룄훆쒣쪽뗄늻춬쫇뷰햼폃닮틬뗄룹놾풭틲ꆣ119
뗋붨욽뗈:샻틦믱좡:막샻릲쿭뮹쫇뷰뛀햼?춨맽듦탸럖솢룄훆뗄ꋙ,췹췹횻폐튻룶막뚫춶죫훷튪뗄닺,웤폠막뚫춨뎣횻쫇춶죫뫜킡늿럖뗄쿖뷰믲닺,쯹틔막좨뷏캪벯훐;쿠랴,퓚췪헻룄퓬릫쮾훐,뫜뛠릫쮾평폐쿞퓰죎릫쮾헻쳥룄퓬탎돉,풭폐막뚫뚼뇤돉쇋짏쫐릫쮾뗄듳막뚫,웤막좨쿠뛔럖즢,릫쮾쓚늿듦퓚뷏잿뗄좨솦훆뫢믺훆ꆣ틲듋,퓚뿘훆쇋룄훆쒣쪽뇤솿뫳,뿘막좨뷡릹늢늻뛔뷰햼폃돌뛈닺짺쏷쿔뗄펰쿬ꆣ헢룶뷡싛튲뇭쏷펰쿬뿘막막뚫햼폃짏쫐릫쮾뷰뗄훷튪틲쯘쫇룄훆쒣쪽,뛸럇뿘막좨낲업ꆣ뇭3뗄쒣탍7뷸튻늽뇭쏷,퓚뿘훆POL뇤솿뗄쟩뿶쿂틽죫EM뇤솿,폫쒣탍3쿠뇈,RES폫DΠE뗄쿠맘맘쾵폐쏷쿔쿂붵,뛸LAWꆢOB폫DΠE뗄쿠맘맘쾵틀좻쎻폐랢짺쿔훸뗄뇤뮯ꆣퟛ짏,컒쏇죏캪룄훆쒣쪽쫇펰쿬뿘막막뚫퓚막샻럖엤폫뷰햼폃횮볤톡퓱뗄훷튪틲쯘ꆣ뫜듳돌뛈짏,럇췪헻룄퓬릫쮾뗄막샻횧뢶쮮욽뷏뗍헽쫇풴폚뿘막막뚫맽뛠햼폃짏쫐릫쮾뷰뗄펰쿬ꆣ춶헟램싉놣뮤돌뛈뫍뿘막좨뷡릹뛔폚뷰햼폃돌뛈늻듦퓚쿔훸뗄펰쿬,쮵쏷춶헟램싉놣뮤뗄췪짆뫍막좨훆뫢늢쎻폐폐킧뗘쿞훆뿘막막뚫뛔짏쫐릫쮾뷰뗄쟖햼,뛸쯼쏇뛔막샻횧뢶쮮욽뗄쿔훸펰쿬폫횤볠믡맘폚퓙죚뗄룕탔맦뚨뫍막좨럖훃뗄훆뛈낲업폐맘ꆣ(컥)룄훆쒣쪽ꆢ뿘막막뚫막좨폫막샻뻶닟듓잰쏦뗄럖컶훐컒쏇횪뗀뿘막막뚫룟돖막뇈샽뗄릫쮾막샻횧뢶쮮욽뷏룟,뛸럇췪헻룄퓬릫쮾뗄막샻횧뢶쮮욽뷏뗍,춬쪱,럇췪헻룄퓬릫쮾뿘막막뚫뗄돖막뇈샽쿔훸룟폚췪헻룄퓬릫쮾,쓇쎴,튻룶볈쫇럇췪헻룄퓬폖쫇뿘막막뚫룟돖막뇈샽뗄릫쮾,웤샻틦럖엤폐뫎쳘뗣쓘?ꋚ컒쏇룹뻝뿘막막뚫뗄돖막뇈샽뛔퇹놾뷸탐뮮럖,돖막뇈샽뎬맽50%뗄릫쮾죏캪쫇룟뿘막뇈샽릫쮾,럱퓲죏캪쫇뗍뿘막뇈샽릫쮾ꆣ틽죫죽룶탩쓢뇤솿(NRHꆢNRL뫍RL),떱릫쮾쫴폚럇췪헻룄퓬쟒룟뿘막뇈샽쪱,NRH좡횵1,럱퓲좡횵0;떱릫쮾쫴폚럇췪헻룄퓬쟒뗍뿘막뇈샽쪱,NRL좡횵1,럱퓲좡횵0;떱릫쮾쫴폚췪헻룄퓬쟒뗍뿘막뇈샽쪱,RL좡횵1,럱퓲좡횵0ꆣ틔췪헻룄퓬쟒룟뿘막뇈샽릫쮾ퟷ캪뛔뇈뗄믹ힼퟩꆣ쒣탍10훐,틲뇤솿캪막샻횧뢶싊(DΠEꋛ),NRHꆢNRL뫍RL뗄쾵쫽뚼쿔훸캪뢺,춨맽WALD볬퇩랢쿖NRHꆢNRL뫍RL뗄쾵쫽늻듦퓚쿔훸뗄쟸뇰,쮵쏷럇췪헻룄퓬쟒룟뿘막뇈샽릫쮾뗄막샻횧뢶쮮욽쿔훸뗍폚췪헻룄퓬쟒룟뿘막뇈샽릫쮾,떫폫웤쯼샠탍릫쮾뗄막샻횧뢶쮮욽늢늻듦퓚쿔훸뗄쟸뇰ꆣ쒣탍12훐,틲뇤솿캪뷰햼폃돌뛈(EM),NRH뫍NRL뗄쾵쫽쿔훸캪헽,춨맽WALD볬퇩랢쿖,NRH뫍NRL뗄쾵쫽늻듦퓚쿔훸뗄닮틬,춬쪱,NRH폫NRL뗄쾵쫽뚼쿔훸듳폚RL,뇭쏷럇췪헻룄퓬쟒룟뿘막뇈샽릫쮾뗄뷰놻햼폃돌뛈쿔훸룟폚췪헻룄퓬쟒룟뿘막뇈샽릫쮾벰췪헻룄퓬쟒뗍뿘막뇈샽릫쮾,떫폫럇췪헻룄퓬쟒뗍뿘막뇈샽릫쮾늢늻듦퓚쿔훸뗄쟸뇰ꆣ틔짏뷡싛뷸튻늽뇭쏷,룄훆쒣쪽벰뿘막막뚫돖막뇈샽뛔폚막샻횧뢶쮮욽뚼닺짺튻뚨뗄펰쿬,떫쫇,퓚뷰햼폃짏,횻폐룄훆쒣쪽뇤솿뗄펰쿬뷏캪쏷쿔ꆣ춬쪱,컒쏇힢틢떽,뿘막막뚫돖막뇈샽뛔막샻횧뢶쮮욽뗄펰쿬퓚췪헻룄퓬릫쮾훐뷏캪쿔훸,뛸퓚럇췪헻룄퓬릫쮾훐,뿘막막뚫돖막뇈샽뛔막샻횧뢶쮮욽늢늻닺짺쏷쿔뗄펰쿬ꆣ헢뿉쓜쫇틲캪췪헻룄퓬릫쮾뗄뿘막막뚫룼맘힢막샻뗄쫕죫,럇췪헻룄퓬릫쮾뗄뿘막막뚫룼뛠쫇춨맽뷰햼폃뗄랽쪽믱좡뷰,춨맽막샻럖엤믱좡쿖뷰뗄뚯믺뷏죵ꆣ틲듋,퓚막좨럖훃뗄놳뺰쿂,췪헻룄퓬릫쮾뗄뿘막막뚫돖막뇈샽폫막샻횧뢶쮮욽뗄쿠맘맘쾵튪잿폚럇췪헻룄퓬릫쮾ꆣ컒쏇춨맽럖컶룄훆쒣쪽ꆢ뿘막막뚫뗄돖막뇈샽뫍막샻횧뢶쮮욽뗄맘쾵살뷸튻늽ퟴ횤틔짏뗄췆뛏ꆣ뇭4뗄쒣탍13뫍14훐,펦뇤솿캪막샻횧뢶쮮욽(DΠS뫍DΠE),컒쏇틽죫쇋RES3LS뗄붻뮥뇤솿,랢쿖RES3LS뗄쾵쫽뚼쿔훸캪뢺,쮵쏷럇췪헻룄퓬릫쮾뗄뿘막막뚫돖막뇈샽폫막샻횧뢶쮮욽뗄헽쿠맘맘쾵죵폚췪헻룄퓬릫쮾,뇭쏷쏦뛔쿠춬뗄돖막뇈샽,럇췪헻룄퓬릫쮾뗄뿘막막뚫횧뢶막샻ꋙ춨맽듦탸럖솢쒣쪽룄훆짏쫐뗄릫쮾햼럇췪헻룄퓬릫쮾뗄8012%,뛠볒훘ퟩ쒣쪽횻햼1918%ꆣꋚퟷ헟룐킻쓤쏻짳룥죋뗄폐틦늹돤뫍붨틩ꆣꋛ틔쎿막막샻ퟷ캪틲뇤솿,늻룄뇤뷡싛;틲욪럹맘쾵,컒쏇쎻폐룸돶쪵횤뷡맻ꆣ120
2007쓪뗚4웚뗄벤샸튪뇈췪헻룄퓬릫쮾죵ꆣ뇭4룄훆쒣쪽ꆢ뿘막막뚫막좨폫막샻뻶닟Tobit쒣탍OLS쒣탍Tobit쒣탍쒣탍8쒣탍9쒣탍10쒣탍11쒣탍12쒣탍13쒣탍14(DΠS)(DΠE)(DΠE)(EM)(EM)(DΠS)(DΠE)()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()()퇹놾쫽812812812812812812812ꆡꆡ힢:333ꆢ33ꆢ3럖뇰듺뇭퓚1%ꆢ5%ꆢ10%뗄쮮욽짏쿔훸ꆣIND캪탐튵탩쓢뇤솿ꆣ쯄ꆢ훷튪뷡싛뫍웴쪾컒맺횤좯쫐뎡쫇퓚붥뷸쪽룄룯쒣쪽쿂췆탐막럝훆룄퓬뗄닺컯ꆣ듳늿럖짏쫐릫쮾쫇평풭맺폐웳튵룄훆탎돉ꆣ퓚맺폐웳튵룄훆짏쫐뗄맽돌훐,붥뷸쪽룄룯듸살뗄컊쳢튲죕붥춹쿔,웤훐훷튪컊쳢쫇짏쫐잰헾뢮(쳘뇰쫇뗘랽헾뢮)닉폃럇췪헻룄퓬쒣쪽뛔맺폐웳튵뷸탐늻뎹뗗뗄룄퓬,틔듯떽ꆰ럖닰짏쫐ꆱ뗄쒿뗄ꆣ쇭췢,뗘랽헾뢮돶폚뗘랽샻틦폐ퟅ뿕잰뗄뚯솦춨맽ꆰ럖닰ꆱ냼ힰ맺폐웳튵,틔듯떽볠맜늿쏅훆뚨뗄짏쫐튪쟳ꆣ웤뷡맻쫇,헢훖럇췪헻룄퓬랽쪽붫샺쪷탎돉뗄듳솿쇓훊닺ꆢ럇뺭펪탔닺121
뗋붨욽뗈:샻틦믱좡:막샻릲쿭뮹쫇뷰뛀햼?뫍뢻폠죋풱춨맽뿘막쒸릫쮾놣쇴웰살,뇘좻죃뿘막쒸릫쮾놳짏돁훘뗄뢺떣,늢쎻폐듓룹놾짏뷢뻶맺폐웳튵듦퓚뗄컊쳢ꆣ퓚뛌웚쓚,헢훖룄퓬랽쪽퓝쪱뮺뷢쇋맺폐웳튵쏦쇙뗄삧쓑,늢뿉쓜뿉틔뷚쪡튻뚨뗄룄훆횱뷓돉놾,떫뎤풶살뾴,룸웳튵퓬돉룼뛠뗄훎샭컊쳢ꆣ놾컄듓뿘막막뚫톡퓱믱좡샻틦랽쪽뗄뷇뛈퇐뺿쇋짏쫐릫쮾듦퓚뗄훎샭컊쳢ꆣ춨맽럖컶1997ꆪ2000쓪컒맺285룶맺폐웳튵웤막욱쫗듎릫뾪랢탐뫳죽쓪뗄쫽뻝,랢쿖릫쮾짏쫐잰뗄막럝훆룄퓬쒣쪽뛔폚뿘막막뚫믱좡샻틦뗄랽쪽닺짺훘튪뗄펰쿬,럇췪헻룄퓬릫쮾횱뷓햼폃짏쫐릫쮾뷰뗄돌뛈뷏룟,듓뛸럖엤뷏뗍쮮욽뗄막샻,췪헻룄퓬릫쮾늻듦퓚햼폃짏쫐릫쮾뷰뗄탐캪,쯹틔웤럖엤뗄막샻쮮욽뷏룟ꆣ늻춬룄훆쒣쪽뗄릫쮾훐,뿘막막뚫뗄막좨폫막샻횧뢶쮮욽뗄맘쾵튲듦퓚늻춬,췪헻룄퓬릫쮾뗄뿘막막뚫돖막뇈샽폫막샻횧뢶쮮욽뗄쿠맘맘쾵잿폚럇췪헻룄퓬릫쮾ꆣ컒쏇뗄퇐뺿뮹랢쿖쒿잰컒맺뗄춶헟램싉놣뮤폫막좨훆뫢뛔폚붵뗍뿘막막뚫뗄뷰쟖햼,듓뛸붫룼뛠뗄샻죳폫웤쯼막뚫릲쿭늢늻닺짺쿔훸뗄펰쿬ꆣ헢폫컷랽톧헟죏캪춶헟뗄램싉놣뮤뫍릫쮾훎샭믺훆붫뛔뿘막막뚫믱좡춶쫕틦뗄랽쪽닺짺훘듳펰쿬뗄뷡싛늢늻쿠춬ꆣ퇐뺿뷡싛뇭쏷LaPorta뗈(2000,2002)쯹쳖싛뗄듳ꆢ킡막뚫뗄샻틦돥춻컊쳢퓚럇췪헻룄퓬릫쮾훐뇭쿖뗃룼캪볢죱ꆣ헢튲쮵쏷컒맺짏쫐릫쮾듦퓚뗄듳솿훎샭컊쳢(냼삨뿘막막뚫뗄뷰쟖햼)뗄룹풴탔풭틲뫜뿉쓜퓚폚짏쫐잰뗄막럝훆룄퓬늻뎹뗗ꆣ뛸퇐뺿컒맺짏쫐릫쮾튲뇘탫뾼싇헢룶틲쯘퓬돉뗄펰쿬ꆣ쿖뷗뛎폐맘늿쏅헽퓚뷸튻늽췆뷸웳튵헻쳥룄퓬짏쫐ꆣ2003쓪,횤볠믡냤늼쇋ꆶ맘폚뷸튻늽맦랶막욱쫗듎랢탐짏쫐폐맘릤ퟷ뗄춨횪ꆷ,맄샸맺폐웳튵헻쳥룄훆짏쫐ꆣ2005쓪,맺캯뗄훷튪쇬떼뚼뇭쪾횧돖뻟놸쳵볾뗄웳튵훰늽쪵쿖헻쳥짏쫐ꆣ2006쓪,맺캯랢늼ꆶ맘폚췆뷸맺폐놾뗷헻뫍맺폐웳튵훘ퟩ뗄횸떼틢볻ꆷ쏷좷뇭쪾,붫믽벫횧돖헻쳥닺믲훷펪튵컱닺폅솼뗄웳튵쪵쿖헻쳥짏쫐,맄샸틑뺭짏쫐뗄맺폐뿘막릫쮾춨맽퓶삩막ꆢ쫕릺닺뗈랽쪽,냑훷펪튵컱닺좫늿힢죫짏쫐릫쮾ꆣ춬쪱,컒쏇튲힢틢떽늻짙벯췅릫쮾틑뺭춨맽믲헽퓚춨맽뛾듎룄훆뗄랽램살쪵쿖헻쳥짏쫐ꆣ틲듋,컒쏇뗄퇐뺿뷡싛캪헢킩뻙듫뗄췆뷸쳡릩쇋뷏폐솦뗄횤뻝,늢캪볠맜닣뷸튻늽맦랶웳튵룄훆짏쫐맽돌훐뗄닺훘ퟩ탐캪쳡릩쇋틀뻝ꆣ듋췢,컒쏇뗄퇐뺿뷡싛쯤좻뇭쏷램싉놣뮤돌뛈뛔폚쿞훆뿘막막뚫뗄뷰쟖햼늻뻟폐쿔훸뗄킧맻,떫헢늻틢캶ퟅ램싉놣뮤뗄췪짆늻훘튪,뫜뛠뗄쪵볹뇭쏷컒맺뗄램싉램맦뮹듦퓚횴탐삧쓑뗄컊쳢ꆣLaPorta뗈(1998)뫍짲틕럥뗈(2004)튲횸돶,튻룶잿폐솦뗄램싉램맦횴탐훆뛈뿉틔쳦듺탩죵뗄램싉램맦ꆣ틲듋,뛔폚램싉램맦뗄횴탐킧맻뗄뾼달펦룃돉캪컒쏇뷸튻늽퇐뺿뗄랽쿲ꆣ닎뾼컄쿗돂ꆢ뿗쿨ꆢ탭쓪탐,2005ꆶ:컒맺뗄램싉훆뛈쓜폐킧놣뮤훐킡춶헟뗄샻틦싰?ꆷ,짮?횤좯붻틗쯹놨룦ꆣ뗋붨욽ꆢ퓸폂,2005aꆶ:뿘막막뚫샻틦떼쿲폫럇샭탔럖뫬ꆷꆶ,쾵춳릤돌샭싛랽램펦폃ꆷ뗚5웚ꆣ뗋붨욽ꆢ퓸폂,2005bꆶ:짏쫐릫쮾뿘훆좨뷡릹폫막샻뻶닟퇐뺿ꆷꆶ,뷰죚톧벾뾯ꆷ뗚1웚ꆣ뫎병ꆢ쿄,2005ꆶ:폐뿘훆좨샻틦뗄웳튵죚릤뻟톡퓱ꆪꆪꆪ뿉뮻햮좯죚뗄샭싛쮼뾼ꆷꆶ,뺭볃퇐뺿ꆷ뗚4웚ꆣ믆쯙붨,2004ꆶ:맺폐듦탸웳튵룄룯:컊쳢폫붨틩ꆷꆶ,뺭볃맜샭ꆷ뗚15웚ꆣ믆폥쿩ꆢ쯯퇞ꆢ짛펱뫬ꆢ췵쫷뻪,2003ꆶ:막좨훆뫢폫릫쮾훎샭퇐뺿ꆷꆶ,춬볃듳톧톧놨ꆷ뗚9웚ꆣ샮퓶좪ꆢ쯯ꆢ췵횾캰,2004ꆶ:ꆰ쳍뿕ꆱ폫쯹폐좨낲업ꆪꆪꆪ살ퟔ컒맺짏쫐릫쮾듳막뚫뷰햼폃뗄뺭퇩횤뻝ꆷꆶ,믡볆퇐뺿ꆷ뗚12웚ꆣ샮퓶좪ꆢ쯯ꆢ죎횾잿,2004ꆶ:쯹폐좨낲업폫쿖뷰막샻헾닟ꆪꆪꆪ살ퟔ컒맺짏쫐릫쮾뗄뺭퇩횤뻝ꆷꆶ,훐맺믡볆폫닆컱퇐뺿ꆷ뗚12웚ꆣ쇖틣럲ꆢ닌ꆡꆢ샮훜,1999ꆶ:훐맺뗄웦벣:랢햹햽싔폫뺭볃룄룯ꆤ퓶뚩냦ꆷ,짏몣죽솪쫩뗪ꆢ짏몣죋쏱돶냦짧ꆣ쇵럥ꆢ뫘붨룕ꆢ캺쏷몣,2004ꆶ:뿘훆좨ꆢ튵벨폫샻틦쫤쯍ꆪꆪꆪ믹폚컥솸튺뗄낸샽퇐뺿ꆷꆶ,맜샭쫀뷧ꆷ뗚8웚ꆣ십쫯맢ꆢ믆횾훒ꆢ톦퓆뿼,2005ꆶ:막좨럖훃ꆢ뷰쟖햼폫릫쮾쿖뷰막샻헾닟ꆷꆶ,믡볆퇐뺿ꆷ뗚9웚ꆣ짲틕럥ꆢ탭쓪탐ꆢ퇮,2004ꆶ:컒맺훐킡춶헟램싉놣뮤샺쪷쪵볹뗄쪵횤볬퇩ꆷꆶ,뺭볃퇐뺿ꆷ뗚9웚ꆣ짲틕럥ꆢ키ꆢ믆뻪뻪,2005ꆶ:훐킡춶헟램싉놣뮤폫릫쮾좨틦놾돉놾ꆷꆶ,뺭볃퇐뺿ꆷ뗚6웚ꆣ122
2007쓪뗚4웚쿄솢뻼ꆢ랽잿,2005ꆶ:헾뢮뿘훆ꆢ훎샭뮷뺳폫릫쮾볛횵ꆪꆪꆪ살ퟔ훐맺횤좯쫐뎡뗄뺭퇩횤뻝ꆷꆶ,뺭볃퇐뺿ꆷ뗚5웚ꆣ퇏뮪ꆢ닔폱좨ꆢ퇏쏷,2004ꆶ:훐맺짏쫐릫쮾뫬샻럖엤펰쿬틲쯘쪵횤퇐뺿ꆷꆶ,짳볆폫뺭볃퇐뺿ꆷ뗚5웚ꆣ폠쏷맰ꆢ쿄탂욽,2004aꆶ:뿘막막뚫ꆢ듺샭컊쳢뫍막샻헾닟:살ퟔ훐맺짏쫐릫쮾뗄뺭퇩횤뻝ꆷꆶ,훐맺뷰죚톧ꆷ뗚1웚ꆣ폠쏷맰ꆢ쿄탂욽,2004bꆶ:뿘막막뚫ꆢ듺샭컊쳢폫맘솪붻틗:뛔훐맺짏쫐릫쮾뗄쪵횤퇐뺿ꆷꆶ,쓏뾪맜샭움싛ꆷ뗚6웚ꆣBennedsen,,D.,2000,ꆰTheBalanceofPowerinCloselyHeldCorporationsꆱ,JournalofFinancialEconomics,58(1Π2):113ꆪ,,U.,2001,ꆰMultipleShareholdersandControlContestsꆱ,,.,2004,ꆰPrivateBenefitsofControl:AnInternationalComparisonꆱ,JournalofFinance,59(2):537ꆪ,,,L.,2001,ꆰDividendsandExpropriationꆱ,AmericanEconomicReview,91(1):54ꆪ,,O.,1988,ꆰTakeoverBids,theFreeRiderProblem,andtheTheoryoftheCorporationꆱ,BellJournalofEconomics,11(1):42ꆪ,,.,2003,ꆰCorporateGovernanceandDividendPay2outPolicyinGermanyꆱ,EuropeanEconomicReview,47(4):731ꆪ,S.,LaPorta,R.,Lopez2de2Silanes,,A.,2000,ꆰTunnelingꆱ,AmericanEconomicReview,90(2):22ꆪ,R.,Lopez2De2Silanes,F.,Shleifer,,.,1998,ꆰLawandFinanceꆱ,JournalofPoliticalEconomy,106(6).LaPorta,R.,Lopez2De2Silanes,F.,Shleifer,,.,2000,ꆰAgencyProblemsandDividendPoliciesaroundtheWorldꆱ,JournalofFinance,55(1):1ꆪ,R.,Lopez2de2Silanes,F.,Shleifer,,R.,2002,ꆰInvestorProtectionandCorporationValuationꆱ,JournalofFinance,57(3):1147ꆪ,,A.,2002,ꆰControllingShareholders,AgencyProblemsandDividendPolicyinFinlandꆱ,,T.,2003,ꆰTheValueofCorporateVotingRightsandControl:ACross2countryAnalysisꆱ,JournalofFinancialEconomics,68(3).ToShareortoMonopolizeProfits?D11engJianping,ZengYongandH2eJia(1:SchoolofManagement,UESTC;2:FacultyofBusinessAdministration,TheChineseUniversityOfHongKong)Abstract:Paydividendandfundembezzlement,whicharemutuallycomplement,ꆪ2000,,:ReorganizationMode;Dividend;FundEmbezzlementJELClassification:L33,G34,G39(퓰죎뇠벭:쿾ꆡ폷)(킣뛔:쿾ꆡ언)123
