中南民族大学硕士学位论文企业价值与社会价值协同的财务管理目标研究姓名：肖婷申请学位级别：硕士专业：企业管理指导教师：苏亚民2011-04
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 햪 튪 닆컱맜샭뗄쒿뇪쫇웳튵닆컱믮뚯뗄쒿뗄ꎬ뛔웳튵뗄닆컱맜샭믮뚯벰헻룶웳튵뗄퓋펪뻟폐훘튪뗄떼쿲ퟷ폃ꎬ쯼훆풼ퟅ웳튵닆컱퓋탐뗄믹놾쳘헷뫍랢햹랽쿲ꎬ펰쿬ퟅ뺭볃뗄뿉돖탸랢햹뫍짧믡뗄뫍킳퓋탐ꎬ쫇닆컱퓋탐뗄튻훖쟽뚯솦ꆣ뿆톧뗄짨훃쒿뇪ꎬ쓜틽떼웳튵닆컱맜샭릤ퟷ뗄룷룶뮷뷚쿲룼뫃뗄랽쿲랢햹ꎬ쓜폅뮯웳튵뗄샭닆탐캪ꎬ듓뛸쪵쿖웳튵닆컱맜샭뗄솼탔톭뮷ꆣ틲듋ꎬ잡떱뗄톡퓱닆컱맜샭쒿뇪뛔웳튵살쮵뻟폐쪮럖훘튪뗄틢틥ꆣ 쯦ퟅ쿖듺뺭볃뗄늻뛏랢햹ꎬ죋샠짧믡뗄룷훖쎬뛜죕틦춻돶ꎬ쪳욷낲좫쫂맊ꆢ뮷뺳퓢떽퇏훘컛좾ꆢ풱릤좨틦뗃늻떽놣뮤ꆢ쿻럑헟좨틦쫜떽쟖몦뗈쫂볾뗄욵랱돶쿖ꎬ뇭쏷떥뒿뾼싇막뚫샻틦뫍웳튵뺭볃볛횵뗄뒫춳닆컱맜샭쒿뇪틑뺭늻쓜쫊펦쿖듺웳튵훎샭뫍뿉돖탸랢햹뗄튪쟳ꆣ뷼쓪살ꎬ맺볒퓚쳡뎫붨짨짧믡훷틥뫍킳짧믡뗄죋컄뮷뺳쿂벺뺭틢쪶늢뾪쪼훘쫓웳튵짧믡볛횵뗄뒴퓬ꎬ믽벫뎫떼뫍맄샸웳튵실쪵짧믡퓰죎ꎬ돉캪욽뫢랢햹뫍킳짧믡뗄튻룶훘튪쓚죝ꆣ 본폚듋ꎬ놾퇐뺿쳡돶웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪ꎬ놾컄죏캪ꎬ웳튵볛횵폫짧믡볛횵킭춬쫇웳튵닆컱맜샭쒿뇪뗄샭탔톡퓱뫍ퟮ병톡퓱ꎬ튲쫇쫊뫏훐맺맺쟩뗄닆컱맜샭쒿뇪ꆣ놾컄뗄퇐뺿닉폃쇋믹폚컄쿗뗄샭싛럖컶뫍믹폚쿖쪵쫽뻝뗄쪵횤랽램쿠뷡뫏뗄랽쪽ꎬ퓋폃ퟛ뫏럖컶ꆢ맩쓉럖컶ꆢ맦랶럖컶뫍쪵횤럖컶ꆢ뚨탔럖컶뫍뚨솿럖컶뗈뛠훖럖컶랽램ꎬ퓚샭싛럖컶쯹뷒쪾뗄튻냣맦싉믹뒡짏쳡돶볙짨ꎬ늢뷨훺폚쫽톧쒣탍ꎬ펦폃SPSS춳볆죭볾뛔쫽뻝뷸탐쏨쫶탔춳볆ꆢ쿠맘쾵쫽럖컶ꆢ믘맩럖컶ꎬ닉폃쪵횤랽램뛔쯹쳡돶뗄볙짨뷸탐퇩횤뫍늹돤ꆣ 놾컄쫗쿈뛔웳튵닆컱맜샭쒿뇪뗄랢햹샺돌ퟶ쇋컄쿗ퟛ쫶ꎬ웤듎틔웳튵볛횵샭싛ꆢ짧믡퓰죎샭싛벰킭춬샭싛캪돶랢뗣뛔웳튵볛횵폫짧믡볛횵킭춬맘쾵뷸탐샭싛럖컶ꎬ좻뫳뛔웳튵볛횵폫짧믡볛횵킭춬맘쾵뷸탐쇋쪵횤퇐뺿ꎬퟮ뫳쳡돶쪵쿖웳튵볛횵폫짧믡볛횵킭춬닆컱맜샭쒿뇪뗄췆탐믺훆ꆣ냑웳튵볛횵폫짧믡볛횵ퟷ캪웳튵쪵쿖뿉돖탸랢햹탨튪릲 I
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 춬뒴퓬뗄쒿뇪ꎬ뻟폐훘튪뗄샭싛틢틥뫍쿖쪵틢틥ꎬ늻뷶듓샭싛뫍쪵횤뷇뛈뾪췘쇋웳튵닆컱맜샭쒿뇪퇐뺿뗄탂쇬폲ꆢ탂쫓뷇ꎬ췘햹쇋뛔웳튵닆컱맜샭쒿뇪쓚몭뫍놾훊뗄샭뷢ꎬ뛸쟒폐훺폚훐맺웳튵죏쟥쿖ힴꎬ믽벫췆뷸웳튵짧믡퓰죎ꎬ틔펦뛔뺭볃좫쟲뮯뗄쳴햽ꆣ 맘볼듊:웳튵닆컱맜샭쒿뇪ꎬ웳튵볛횵ꎬ짧믡볛횵ꎬ킭춬ꎬ췆탐믺훆 II
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 ABSTRACT The Financial management aim is the purpose of financial activities,it is the guiding role of the financial management activities and the whole business operation,it restricts the basic characteristics and development of the corporate finance operation,it has aneffect on sustainable development of the economics and harmonious runnng of the society,it's the driving force of the financial goals scientificly can guide the finacial management to a better development and optimize the financial action,in order to make the company's financial management a good it is very significant for the company to select a right financial management objective. With the development of modern economics,all kinds of contradictions in human society are becoming increasingly prominent, the phenomenon of accidents of food safety,serisously polluted environment, no protection of employees rights,the invatation of consumer rights and interests happens frequently,it indicates that the financial management objectives which just consider the stockholders’interests and take the companies’ benefits into consideration can not adapt to the administration of modern enterprise and the request of the environment and sustainable recent years,the countriy is in the environment of building harmonious society,it has already realized the importance of creating social and encouraging enterprises to implement social responsibility actively has becames a great part for developing harmonious society. Therefore,we put forward the financial management objectives—collaboration of enterprise value and social article think this objective is the rational and best choices for the company,which can adjust to chinese study adopted both theoretical analysis and empirical analysis which based on literature and data,and used III
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 quantitative analysis methods,such as comprehensive analysis,cluster analysis,analytical and empirical analyses and so theoretical analysis and mathematical models,we put forward assumptions and use spss software to do descriptive statistics,the correlation coefficient analysis, regression, and use empirical methods to validate the assumption. Firstly,this study did documents wrap-up about development process of the enterprise’s finance management aim,then, it did a theoretical and empirical analysis for business value and social values based on the theory of business value,the theory of social responsibility and collaborative theory,at last,this study put forward implementation mechanisms for reching this is theoretical meaningful and realistic significant for an enterprise to take creating the business value and social values as the common goal in order to achieve sustainable development not only open a new area and new perspective for researching the corporate finance management aim, expand the understanding of the connotation and nature of the finance management aim,but also it can help Chinese enterprise to recognize the status quo,implement CSR actively,in order to deal with economic globalization challenges. KEY WORDS:financial management objectives,enterprise value,social value,collaboration,implementation mechanisms IV
훐쓏쏱ퟥ듳톧 톧캻싛컄풭뒴탔짹쏷 놾죋횣훘짹쏷ꎺ쯹돊붻뗄싛컄쫇놾죋퓚떼쪦뗄횸떼쿂뛀솢뷸탐퇐뺿쯹좡뗃뗄퇐뺿돉맻ꆣ돽쇋컄훐쳘뇰볓틔뇪힢틽폃뗄쓚죝췢ꎬ놾싛컄늻냼몬죎뫎웤쯻룶죋믲벯쳥틑뺭랢뇭믲킴뗄돉맻ퟷ욷ꆣ뛔놾컄뗄퇐뺿ퟶ돶훘튪릱쿗뗄룶죋뫍벯쳥ꎬ뻹틑퓚컄훐틔쏷좷랽쪽뇪쏷ꆣ놾죋췪좫틢쪶떽놾짹쏷뗄램싉뫳맻평놾죋돐떣ꆣ ퟷ헟잩쏻ꎺ 죕웚ꎺ 쓪 퓂 죕 톧캻싛컄냦좨쪹폃쫚좨쫩 놾톧캻싛컄ퟷ헟췪좫쇋뷢톧킣폐맘놣쇴ꆢ쪹폃톧캻싛컄뗄맦뚨ꎬ춬틢톧킣놣쇴늢쿲맺볒폐맘늿쏅믲믺릹쯍붻싛컄뗄뢴펡볾뫍뗧ퟓ냦ꎬ퓊탭싛컄놻닩퓄뫍뷨퓄ꆣ놾죋쫚좨훐쓏쏱ퟥ듳톧뿉틔붫놾톧캻싛컄뗄좫늿믲늿럖쓚죝뇠죫폐맘쫽뻝뿢뷸탐볬쯷ꎬ뿉틔닉폃펰펡ꆢ쯵펡믲즨쏨뗈뢴훆쫖뛎놣듦뫍믣뇠놾톧캻싛컄ꆣ 놾톧캻싛컄쫴폚 1ꆢ놣쏜ꇵꎬ퓚______쓪뷢쏜뫳쫊폃놾쫚좨쫩ꆣ ꇌ2ꆢ늻놣쏜ꇵꆣ ꎨ쟫퓚틔짏쿠펦랽뿲쓚듲ꆰꇌꆱꎩ ퟷ헟잩쏻ꎺ 죕웚ꎺ 쓪 퓂 죕 떼쪦잩쏻ꎺ 죕웚ꎺ 쓪 퓂 죕
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 뗚튻헂 탷 싛 튻ꆢ퇐뺿놳뺰폫퇐뺿틢틥 ꎨ튻ꎩ퇐뺿놳뺰 뛾쪮쫀볍뻅쪮쓪듺틔살ꎬ헾훎뺭볃뗄좫쟲뮯뛔쫀뷧룷맺뗄랢햹닺짺쇋훘튪뛸짮풶뗄펰쿬ꎬ쏦뛔풴뮷뺳뛱뮯ꆢ좫쟲웸뫲뇤얯ꆢ쎳틗헹뛋ꆢ쓜풴캣믺뗈컊쳢늻뛏뗄쳴햽ꎬ뿉돖탸랢햹샭쓮틑돉캪쫀뷧룷맺튻훂죏뿉뗄믹놾볛횵맛ꆣ쯦뫳ꎬ맺볊짏쿆웰쇋튻막웳튵짧믡퓰죎퓋뚯샋뎱ꎬ살ퟔ솪뫏맺뗈뛠뇟맺볊ퟩ횯ꆢ룷맺헾뢮벰맺볊쿻럑헟ퟩ횯ꆢ뮷놣ퟩ횯뫍릤믡ퟩ횯뗈럇헾뢮ퟩ횯ꎬ뾪쪼믽벫랢웰뫍췆뚯ꆢ틽떼뫍듙뷸짧믡퓰죎쿠맘믮뚯ꎬ쯻쏇릲춬뗄쒿뗄쫇튪뛘듙웳튵룼뫃룼뛠뗘돐떣짧믡퓰죎ꎬ뻟놸짧믡퓰죎룐ꎬ맦랶뫍풼쫸웳튵ퟔ짭탐캪ꎻ듋췢ꎬ풽살풽뛠뗄릲춬믹뷰뗄믺릹춶헟ꎬ랢웰뫍뒴솢짧믡퓰죎춶믹뷰ꎬ톡퓱춸쏷뛈뫍릫탅솦잿ꎬ룼뫃돐떣짧믡퓰죎뗄웳튵ퟷ캪뷓쫜춶뗄뛔쿳ꆣ 듓맺쓚살뾴ꎬ훐맺ퟷ캪좫쟲놾뫍닺튵솴훐뗄훘튪튻뮷ꎬ튲쫜떽쇋짧믡퓰죎퓋뚯뗄펰쿬ꎬ떫컒맺웳튵쒿잰뛔짧믡퓰죎뮹늻릻훘쫓ꎬ짧믡틢쪶떭놡ꎬ죔폐늻짙웳튵죏캪뺭볃볛횵뗄ퟮ듳뮯쫇캨튻뗄쒿뇪폫ힷ쟳ꎬ싄탐짧믡퓰죎ꎬ캪짧믡뒴퓬볛횵ꎬ횻믡뢶돶웳튵뗄풴ꎬ쳡룟웳튵뗄돉놾ꎬ붵뗍웳튵뗄펯샻쓜솦ꎬ뇭쏷헢킩웳튵뮹캴쓜헦헽틢쪶떽웳튵뒴퓬짧믡볛횵뗄훘튪탔ꎬ튲듓쇭튻뷇뛈뾴돶컒맺뫜뛠웳튵뚼캴쓜뿆톧뗄짨훃닆컱맜샭뗄쒿뇪ꆣ 웳튵ퟷ캪ퟮ훘튪뗄짧믡짺닺ퟩ횯ꎬ쫇쿖듺짧믡뗄ퟮ믹놾쾸냻ꎬ뛸닆컱맜샭쫇웳튵솼뫃퓋펪럇뎣훘튪뗄랽쏦ꎬ닆컱맜샭뗄쒿뇪쫇웳튵닆컱믮뚯뗄쒿뗄ꎬ쫇퓚튻뚨뮷뺳쿂ꎬ춨맽ퟩ횯닆컱믮뚯ꎬ뒦샭닆컱맘쾵쯹쾣췻쪵쿖뗄뷡맻ꎬ뛔웳튵뗄닆컱맜샭믮뚯벰헻룶웳튵뗄퓋펪뻟폐훘튪뗄떼쿲ퟷ폃ꎬ쯼훆풼ퟅ웳튵닆컱퓋탐뗄믹놾쳘헷뫍랢햹랽쿲ꎬ뻶뚨ퟅ닆컱맜샭훷쳥뗄탐캪쒣쪽ꎬ펰쿬ퟅ뺭볃뗄뿉돖탸랢햹뫍짧믡뗄뫍킳랢햹ꎬ쫇닆컱퓋탐뗄튻훖쟽뚯솦ꆣ뿆톧쟒뫏샭뗄짨훃쒿뇪ꎬ쓜틽떼웳튵닆컱맜샭릤ퟷ뗄룷룶뮷뷚쿲룼뫃뗄랽쿲랢햹ꎬ쓜폅뮯웳튵뗄샭닆탐캪ꎬ듓뛸쪵쿖웳튵닆컱맜샭뗄솼탔톭뮷ꆣ틲듋ꎬ좷솢튻룶뿆톧쟒뫏샭뗄닆컱맜샭쒿뇪뛔웳튵뗄뎤풶랢햹뻟폐훘튪뗄틢틥ꎬ떫떥뒿뾼싇막뚫샻틦뫍웳튵뺭볃볛횵뗄뒫춳닆컱맜 1
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 샭쒿뇪틑뺭늻쓜릻쫊펦쿖듺웳튵훎샭뫍뿉돖탸랢햹뗄튪쟳ꆣ쯦ퟅ쿖듺뺭볃뗄늻뛏랢햹ꎬ죋샠짧믡뗄룷훖쎬뛜죕틦춻돶ꎬ웳튵샻틦폫짧믡샻틦횮볤뗄쎬뛜쪹웳튵뗄짧믡퓰죎컊쳢죕틦춹쿔ꎬ맺쓚 ꆰ뚾쓌럛ꆱꆢꆰ쯕떤뫬ꆱꆢꆰ쮫믣쫝죢뺫ꆱ뗈쪳욷낲좫쫂맊ꎬꆰ틻폃쮮컛좾ꆱ 뗈뮷뺳컛좾쫂볾ꎬꆰ릤췏잷ꆱ뗈풱릤좨틦뗃늻떽놣뮤컊쳢ꎬꆰ볙쎰캱쇓ꆱ뗈쿻럑헟좨틦쫜떽쟖몦컊쳢튻퓙돶쿖ꎬ뇊헟죏캪폐뇘튪뛔닆컱맜샭쒿뇪뗄뫏샭뚨캻컊쳢뷸탐첽쳖ꎬ훘탂쮼뾼쪲쎴퇹뗄닆컱맜샭쒿뇪닅쫇ퟮ쫊뫏웳튵뿉돖탸랢햹뗄ꆣ본폚듋ꎬ놾퇐뺿쳡돶웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪ꎬ놾컄죏캪퓚컒맺붨짨짧믡훷틥뫍킳짧믡뗄듳놳뺰쿂ꎬ쫷솢ꆰ틔죋캪놾ꆱ뺫짱ꎬ맡뎹ꆰ뿆톧랢햹맛ꆱꎬ릹붨럻뫏ꆰ뫍틨짧믡ꆱ튪쟳뗄웳튵볛횵폫짧믡볛횵킭춬쫇웳튵닆컱맜샭쒿뇪뗄샭탔톡퓱뫍ퟮ병톡퓱ꎬ튲쫇쫊뫏훐맺맺쟩뗄닆컱맜샭쒿뇪ꆣ냑웳튵볛횵폫짧믡볛횵ퟷ캪웳튵쪵쿖뿉돖탸랢햹탨튪릲춬뒴퓬뗄쒿뇪ꎬ뻟폐훘튪뗄샭싛틢틥뫍쿖쪵틢틥ꆣ ꎨ뛾ꎩ퇐뺿틢틥 웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿늻뷶뛔폚닆컱맜샭쒿뇪뗄샭싛퇐뺿뻟폐톧쫵볛횵ꎬ뛸쟒뛔폚훐맺웳튵쪵볹킭춬쒿뇪ꎬ듓뛸붨짨뫍킳짧믡뻟폐쿖쪵틢틥ꆣ 1.샭싛틢틥ꎺ ꎨ1ꎩ놾퇐뺿붫웳튵볛횵폫짧믡볛횵킭춬ퟷ캪웳튵닆컱맜샭뗄쒿뇪ꎬ쫇뛔닆컱떼쿲퇐뺿쇬폲ꆢ퇐뺿쓚죝뫍퇐뺿쫓뷇뗄뒴탂ꆣ ꎨ2ꎩ냑웳튵볛횵폫짧믡볛횵뗄움맀틽죫떽웳튵닆컱맜샭샭쓮훐ꎬ췘햹쇋뛔웳튵닆컱맜샭쒿뇪쓚몭뫍놾훊뗄샭뷢ꆣ ꎨ3ꎩ붫킭춬샭싛틽죫떽웳튵볛횵폫짧믡볛횵킭춬닆컱맜샭쒿뇪뗄퇐뺿훐ꎬ쪹웳튵볛횵폫짧믡볛횵횮볤뗄맘쾵틑훰늽듓튻룶ꆰ쇣뫍늩?ꆱ뗄솢뎡ꎬ쿲ꆰ럇쇣뫍늩?ꆱ뮯ꎬ캪솽헟맘쾵쳡릩쇋튻룶탂뗄퇐뺿랽쿲ꆣ 2.쿖쪵틢틥ꎺ ꎨ1ꎩ놾퇐뺿쓜릻캪쿖뷗뛎컒맺웳튵볛횵맛듦퓚뗄욫닮쟃쿬뺯훓ꎬ쳡돶웳튵뗄닆컱맜샭늻뷶뷶쫇쪵쿖웳튵뺭볃볛횵ퟮ듳뮯ꎬ뛸쟒튲튪쪵쿖웳튵짧믡볛횵ퟮ듳뮯ꆣ ꎨ2ꎩ폐샻폚퓶잿웳튵쓚늿풱릤뗄쓽뻛솦ꎬ쫷솢웳튵뗄솼뫃릫훚탎쿳ꎬ쳡룟웳튵뗄짧믡짹폾뫍뫋탄뺺헹솦ꎬ듓뛸룸웳튵듸살룼뛠뗄쫕틦믘놨ꆣ솽헟쿠뢨쿠돉ꎬ 2
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 쪹웳튵뗄헻쳥볛횵ퟮ듳뮯ꆣ ꎨ3ꎩ폐샻폚퓶잿웳튵뗄짧믡퓰죎틢쪶ꎬ냯훺훐맺웳튵죏쟥쿖ힴꎬ믽벫췆뷸웳튵짧믡퓰죎ꎬ펦뛔뺭볃좫쟲뮯뗄쳴햽ꆣ ꎨ4ꎩ폐샻폚웳튵볛횵폫짧믡볛횵뗄릲춬뒴퓬ꎬ캪웳튵뗄뿉돖탸랢햹쳡릩랽쿲ꆣ 뛾ꆢ맺쓚췢퇐뺿쿖ힴ 듓맺췢살뾴ꎬ컷랽맺볒뗄웳튵닆컱맜샭쒿뇪뺭샺쇋ꎺ돯쫽솿ퟮ듳뮯ꇺ샻죳ퟮ듳뮯ꇺ뺻쿖횵ퟮ듳뮯ꇺ놾돉놾ퟮ킡뮯ꇺ막뚫닆뢻ퟮ듳뮯ꇺ샻틦쿠맘헟샻틦ퟮ듳뮯ꆣ1920쓪틔잰ꎬ컷랽웳튵쏦뛔뗄쫇싴랽쫐뎡ꎬ평폚닺욷폐쿞ꎬ횻튪닺욷쿺슷뫃ꎬ웳튵뻍쓜춨맽퓶볓닺솿ꎬ쿲쫐뎡쳡릩룼뛠뗄닺욷ꎬ듓뛸쟡쯉뗘믱좡뷏듳뗄샻죳ꆣ쯹틔ꎬ퓚헢튻뷗뛎웳튵횻튪쓜돯벯떽뺡솿뛠뗄뷰ꎬ뻍쓜춨맽삩헅맦쒣살삩듳닺솿ꎬ듓뛸믱뗃뷏룟쫕틦ꆣꆰ돯벯쫽솿ퟮ듳뮯ꆱퟷ캪컷랽웳튵닆컱맜샭쒿뇪퇓탸쇋뷏뎤뗄튻뛎쪱웚ꆣ떽쇋1930쓪ꎬ평폚닺욷늻뛏뗄럡뢻ꎬ웳튵쏦뛔뗄쫇싲랽쫐뎡ꎬ웳튵뗄짺듦틀삵폚닺욷뗄쿺쫛쟩뿶ꎬ쳡룟쫕죫ꆢ붵뗍돉놾ꎬ뺡뿉쓜뛠뗘믱뗃샻죳돉쇋웳튵짺듦폫랢햹뗄쒿뗄ꎬ쯹틔ꎬ웳튵뗄닆컱맜샭쒿뇪쿲ꆰ샻죳ퟮ듳뮯ꆱꎬ헢튲쫇컷랽캢맛뺭볃톧뗄샭싛믹뒡ꆣ20쫀볍40쓪듺쒩웚ꎬ컷랽닆컱샭싛뷧뾪쪼맘힢풴퓚웳튵쓚늿뗄뫏샭럖엤틔벰웳튵퓚폐킧놾쫐뎡훐뗄ퟷ폃ꎬ1951쓪ꎬJoel Dean 퓚ꆶ놾풤쯣ꆷ훐짮죫첽쳖쇋뺻쿖횵ퟮ듳뮯헢튻맛뗣ꎬ듋쪱ꎬ닆컱뷧뾪쪼쳖싛죧뫎퓚룷샠닺볤럖엤닆컱풴ꎬ틔쳡룟쿖뷰쇷솿뗄뺻쿖횵ꆣ20쫀볍50쓪듺뫳웚ꎬ컷랽닆컱뷧뾪쪼벯훐폚쳖싛죚헾닟ꎬ틲듋퓚떱쪱뗄쳘쫢샺쪷쳵볾쿂쳡돶쇋놾돉놾ퟮ킡뮯뗄닆컱맜샭쒿뇪ꆣ20 쫀볍 60 쓪듺ꎬ평낲뚫쓡ퟮ퓧쳡돶틔ꆰ막뚫닆뢻ퟮ듳뮯ꆱퟷ캪웳튵닆컱맜샭뗄쒿뇪ꎬ헢훖뒫춳뗄막뚫훁짏뗄웳튵맜샭쒣쪽붫막뚫닆뢻ퟮ듳뮯ퟷ캪닆컱쒿뇪ꎬ막뚫뗄샻틦돉캪웳튵ힷ쟳뗄훕벫쒿뇪ꎬ늢놻떱쪱뗄컷랽닆컱맜샭뷧쯹뷓쫜ꎬ튻횱퇓탸쇋20쓪ꆣ쯦뫳ꎬ1984쓪뢥샯싼퓚ꆶ햽싔맜샭ꆪ샻틦쿠맘헟랽쪽ꆷ 훐쳡돶ꆰ샻틦쿠맘헟ꆱꆢꆰ샻틦쿠맘헟샭싛ꆱ뗈쫵폯늢뗃떽맣랺쪹폃ꎬ뛸쟒튲훰붥뾪쪼펰쿬ퟅ펢쏀뗈맺웳튵훎샭쒣쪽뗄톡퓱ꎬ늢듙뷸ퟅ웳튵맜샭샭싛뗄뇤ꆣ쯦ퟅ샻틦쿠맘헟샭싛뗄늻뛏랢햹ꎬ햲즭ꎨJensenꎬ2001ꎩ쳡돶쇋샻틦쿠맘헟ퟮ듳뮯뗄맛뗣ꎬ벴횸ꆰ퓚뾼싇웳튵쯹폐샻틦쿠맘헟샻틦뗄믹뒡짏ꎬ퓶볓웳튵ퟜ뗄뎤웚쫐뎡볛횵ꎬ쪹룷룶샻틦쿠맘헟뗄샻틦듯떽ퟮ듳ꎬ웤훐쯹횸뗄샻틦쿠맘헟냼삨막뚫ꆢ햮좨죋ꆢ맍풱ꆢ릩펦짌ꆢ맋뿍ꆢ헾뢮ꆢ짧믡뗈샻틦믡쫜떽웳튵뺭펪 3
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 1[]뗄펰쿬ꎬ춬쪱폖춨맽쒳킩쫖뛎쓜펰쿬웳튵뺭펪뗄훷쳥ꆱꆣ듋맛뗣펰쿬맣랺ꎬ쫜떽뫜뛠톧헟뗄췆돧ꎬ떫튲튻횱헹틩늻뛏ꆣ 듓맺쓚살뾴ꎬ쯦ퟅ컒맺룄룯뾪럅뗄늻뛏랢햹ꎬ쫐뎡뺭볃훆뛈뗄늻뛏췪짆ꎬ컒맺웳튵뗄쫐뎡뚨캻튲랢짺쇋훘듳뗄룄뇤ꎬ평헾뢮훷떼탍뇤캪쫐뎡훷떼탍ꎬ컒맺웳튵닆컱맜샭뗄쒿뇪튲뺭샺쇋ꎺ닺횵ퟮ듳뮯ꇺ샻죳ퟮ듳뮯ꇺ막뚫닆뢻ퟮ듳뮯ꇺ샻틦쿠맘헟샻틦ퟮ듳뮯ꎨ웳튵볛횵ퟮ듳뮯ꎩ뗈뗄맽돌ꆣ웳튵닺횵ퟮ듳뮯돶쿖폚볆뮮뺭볃쪱듺ꎬ쫇떱쪱뻟폐뗤탍훐맺쳘즫뗄닆컱맜샭쒿뇪ꆣ웟쪮쓪듺틔뫳ꎬ쯦ퟅ뺭볃쳥훆룄룯뗄뷸탐ꎬ컒맺웳튵죫짌욷뺭볃쪱웚ꎬ웳튵뗄ퟔ훷좨뺭펪늻뛏삩듳ꎬ맺볒훰붥붫샻죳ퟷ캪뾼뫋웳튵뺭펪튵벨뗄쫗튪횸뇪ꎬ틲듋ꎬ쪹샻죳ퟮ듳뮯돉캪웳튵뗄닆컱맜샭쒿뇪ꆣ쯦뫳쫜컷랽닆컱쮼쿫뗄펰쿬ꎬ막뚫닆뢻ퟮ듳뮯뗄맛뗣튲놻컒맺톧헟쯹뷓쫜ꎬ췵ꎨ2001ꎩ쳡돶ꆰ막뚫닆뢻ퟮ듳뮯쫇횸웳튵퓚돤럖뾼싇뷰쪱볤볛횵뫍럧쿕놨돪틲쯘뗄잰쳡쿂ꎬ춨맽닆컱짏뗄뫏샭뺭펪ꎬ닉폃뿆톧ꆢ뫏샭ꆢퟮ폅2[]뗄닆컱맜샭닟싔ꎬퟮ훕캪막뚫듸살ퟮ뛠뗄닆뢻ꆱꆣ떫튲폐톧헟늻죏춬듋맛뗣ꎬ뒫춳뗄뷶뾼싇막뚫샻틦뗄닆컱맜샭쒿뇪쫜떽쇋톧헟쏇뗄엪믷ꆣ쯦뫳ꎬ샻틦쿠맘헟샻틦ퟮ듳뮯뫍웳튵볛횵ퟮ듳뮯ퟷ캪닆컱맜샭쒿뇪뗄맛뗣뾪쪼쇷탐ꎬ풬쮮쇖ꆢ헅샻퓆ꎨ2002ꎩ쳡돶뗄쿠맘헟샻틦ퟮ듳뮯폫췵ꎨ2001ꎩ쳡돶뗄막뚫닆뢻ퟮ듳뮯맛뗣뗄쟸뇰퓚폚춻웆쇋뒫춳막뚫샻틦훁짏뗄맛뗣ꎬ붫폫웳튵맘쾵쏜쟐뗄샻틦쿠맘헟뗄샻틦뻹쓉죫뾼싇뗄랶캧ꎬ볦맋쇋릩펦짌ꆢ햮좨죋ꆢ맍풱ꆢ헾뢮뗈룷룶샻틦쿠맘헟뗄샻틦ꎬ퓚놣횤웳튵뎤웚컈뚨랢햹뗄믹뒡짏쪹웳튵뗄쯹폐샻틦쿠맘헟닆뢻뚼듯떽ퟮ[3]듳ꆣ뛸췵뮯돉ꎨ2006ꎩ쳡돶뗄웳튵볛횵ퟮ듳뮯맛뗣튲쫇퓚췵ꎨ2001ꎩ쳡돶뗄막뚫닆뢻ퟮ듳뮯뗄맛뗣믹뒡횮짏뷸탐쇋탞헽ꎬ죏캪닆컱맜샭뗄쒿뇪쫇튪퓚놣횤웳튵4[]뎤웚컈뚨랢햹뗄믹뒡짏,쪹웳튵ퟜ볛횵듯떽ퟮ듳ꆣ퇐뺿헟쏇뛔헢솽훖맛뗣뚼폐ퟔ벺뗄볻뷢ꎬ틲듋컞램듯돉튻훂ꆣ뷼쓪살ꎬ맺쓚뛔웳튵닆컱맜샭쒿뇪뗄퇐뺿튲튻횱쫇튻룶죈뗣컊쳢ꎬ컢룟쫙ꎨ2008ꎩ퓸쳡돶틔뺭볃퓶볓횵ꎨEVAꎩퟮ듳뮯ퟷ캪웳튵닆컱맜샭뗄쒿뇪ꆣ룟뻪ꎨ2010ꎩꆢ볍량뗈ꎨ2010ꎩ쳡돶웳튵닆컱맜샭뗄쒿뇪펦폫짧믡퓰죎쿠뷡뫏ꆣ [1] 쪩.싛쿠맘헟샻틦ퟮ듳뮯뗄닆컱맜샭쒿뇪ꆪ볦싛컒맺웳튵닆컱맜샭쒿뇪뗄톡퓱[J].짏몣췢맺폯듳톧ꎬ2004 [2] 췵.잳첸컒맺막럝훆웳튵닆컱맜샭쒿뇪[J].놱랽뺭쎳ꎬ2001ꎨ2ꎩ [3] 풬쮮쇖ꎬ헅샻퓆.샻틦쿠맘헟닆뢻ퟮ듳뮯쫇닆컱맜샭쒿뇪뗄쫗튪톡퓱[J].뺭볃뺭캳ꎬ2002ꎨ2ꎩ [4] 췵뮯돉.닆컱맜샭퇐뺿[M].훐맺뷰죚돶냦짧ꎬ2006ꎺ31 4
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 ퟛ짏쯹쫶ꎬ닆컱맜샭쒿뇪쫇튻뚨짧믡헾훎뺭볃쳵볾횮쿂뗄닺컯ꎬ맺쓚췢뛔웳튵닆컱맜샭쒿뇪뗄퇐뺿훷튪뚼쫇쯦ퟅ맺볒뗄맺쟩뫍뺭볃뮷뺳뗄뇤뮯뛸늻뛏랢햹뫍뇤뮯뗄ꎬ웳튵뛔닆컱맜샭쒿뇪뗄톡퓱튲믡틲늻춬뗄췢늿뮷뺳ꆢ맜샭뻶닟뗈쿖쪵쳵볾뛸늻춬ꎬ쎿룶맺볒뚼뇘탫룹뻝놾맺뗄쿖쪵쟩뿶톡퓱럻뫏놾맺튪쟳뗄훷떼쒿뇪ꎬ훐맺튲늻샽췢ꆣ횻폐톡퓱쇋쫊뫏컒맺맺쟩뗄쒿뇪ꎬ닅쓜췆뷸컒맺뺭볃뗄헽뎣퓋탐ꎬ췆뚯컒맺웳튵뗄붡뾵랢햹ꎬ뛸퓚떱잰뿆톧랢햹맛뫍붨짨짧믡훷틥뫍킳짧믡뗄헾닟뎫떼쿂ꎬ쪲쎴쫇웳튵ퟮ뫏샭뗄닆컱맜샭쒿뇪죔듦퓚튻뚨뗄헹틩ꎬ컞램듯돉튻훂ꆣ쿔좻ꎬ샻죳ퟮ듳뮯폫막뚫닆뢻ퟮ듳뮯뗄뒫춳닆컱맜샭쒿뇪틑뺭늻쓜쫊펦웳튵뫍맺볒뗄랢햹ꎬ헢킩쒿뇪횻뾼싇쇋웳튵뗄뺭볃샻틦늢횻캪웳튵쯹폐헟뒴퓬닆뢻ꎬ듦퓚튻뚨뗄좱쿝탔ꆣ샻틦쿠맘헟ퟮ듳뮯뫍웳튵볛횵ퟮ듳뮯쫇떱잰훷쇷뗄닆컱맜샭뗄쒿뇪ꎬ쯤좻뿋럾쇋뒫춳닆컱맜샭쒿뇪뗄쒳킩좱쿝ꎬ뾼싇떽쇋웳튵돐떣짧믡퓰죎뗄뇘튪탔ꎬ떫죔폐튻뚨뗄뻖쿞탔ꎬ훷튪뇭쿖퓚헢킩쒿뇪쫇틔뒴퓬뺭볃볛횵캪훐탄뗄ꎬ짧믡퓰죎뗄싄탐틑뺭붥붥돉캪쇋뢽쫴욷ꎬ돐떣짧믡퓰죎뷶돉캪쇋쳡짽웳튵뺭볃볛횵뗄릤뻟ꎬ헢퇹뗄맛뗣쫇늻샻폚웳튵뗄뿉돖탸랢햹뗄ꆣ쯦ퟅ뮷뺳컛좾ꆢ쪳욷낲좫쫂맊뗈뗀뗂퓰죎좱쪧쿖쿳뗄튻퓙랢짺ꎬ컒쏇펦룃냑캪짧믡뒴퓬볛횵뗄훘튪탔쳡짽떽폫웳튵볛횵뗈춬뗄뗘캻ꎬ뛸늻쫇뷶뷶쓚몬폚쒳훖맛뗣훐ꎬ틔훁폚쪹쓇킩훷쇷맛뗣뾴쯆뫏샭ꎬ떫놾훊짏튲뫶쫓쇋뛔짧믡퓰죎뗄훘쫓ꎬ튲틲듋쪹뫜뛠웳튵뚼늻릻훘쫓짧믡볛횵뗄뒴퓬ꆣ뷼쓪살ꎬ뫜뛠퇐뺿헟틑죏춬붫웳튵뗄짧믡퓰죎죚죫떽웳튵닆컱맜샭뗄쒿뇪훐ꎬ떫쎻폐쳡돶죧뫎죚죫뗄뻟쳥랽낸ꆣ 틲듋ꎬ놾컄쳡돶ꎬ웳튵닆컱맜샭쒿뇪뗄뚨캻펦룃쫇웳튵볛횵폫짧믡볛횵킭춬ꎬ냑웳튵볛횵폫짧믡볛횵ퟷ캪웳튵쪵쿖뿉돖탸랢햹탨튪릲춬뒴퓬뗄쒿뇪ꎬ뾼싇쇋웳튵볛횵뫍짧믡볛횵뗄킭춬맘쾵ꎬ죃솽헟쿠뮥랢햹ꎬ뮥쿠럾컱ꎬ훰늽듓ꆰ쇣뫍늩?ꆱ쿲ꆰ럇쇣뫍늩?ꆱ뮯ꆣ붫웳튵볛횵폫짧믡볛횵뷸탐킭춬ퟷ캪닆컱떼쿲쫇맺쓚췢닆컱맜샭쒿뇪퇐뺿쇬폲뗄탂쫓뷇ꎬ놾퇐뺿뾪췘쇋웳튵닆컱맜샭쒿뇪퇐뺿뗄탂쇬폲ꎬ췘햹쇋뛔웳튵닆컱맜샭쒿뇪쓚몭뫍놾훊뗄샭뷢ꎬ뻟폐훘듳뗄샭싛틢틥뫍쿖쪵틢틥ꆣ 죽ꆢ싛컄뗄훷튪퇐뺿쓚죝폫뷡릹낲업 뗚튻늿럖캪탷싛ꎬ닻쫶싛컄뗄톡쳢놳뺰ꆢ톡쳢틢틥뫍맺쓚췢퇐뺿뗄쿖ힴꎬ틔벰뷩짜놾컄룷늿럖훷튪뗄퇐뺿쓚죝뫍놾컄뗄퇐뺿랽램ꆣ 뗚뛾늿럖쫇웳튵볛횵폫짧믡볛횵킭춬맘쾵뗄샭싛럖컶ꎬ훷튪냼삨웳튵볛횵샭 5
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 싛ꆢ짧믡퓰죎샭싛ꆢ샻틦쿠맘헟샭싛뫍킭춬샭싛ꆣ 뗚죽늿럖쫇웳튵볛횵폫짧믡볛횵킭춬맘쾵뗄쪵횤퇐뺿ꎬ춨맽헻샭뫍맩쓉돶웳튵볛횵폫짧믡볛횵움볛뗄횸뇪쳥쾵ꎬ닉폃뚨솿럖컶뛔쯹쳡돶뗄볙짨뷸탐볬퇩ꎬ늢펦폃SPSS춳볆죭볾뛔쫽뻝뷸탐쏨쫶탔춳볆ꆢ쿠맘쾵쫽럖컶ꆢ믘맩럖컶ꎬ뛔쯹쳡돶뗄볙짨뷸탐퇩횤ꆣ 뗚쯄늿럖쫇뷩짜웳튵볛횵폫짧믡볛횵킭춬닆컱맜샭쒿뇪뗄쓚죝ꎬ훷튪듓쓚몭뫍틢틥ꆢ샭닆뮷뺳뫍쫊폃랶캧ꆢ펦폃볛횵죽룶랽쏦뷩짜쇋룃쒿뇪ꆣ 뗚컥늿럖쫇쪵쿖웳튵볛횵폫짧믡볛횵킭춬닆컱맜샭쒿뇪뗄췆탐믺훆ꎺ뇘탫뇤맛쓮ꎬ뮻쫓뷇ꎬ듓떥튻쫓뷇쿲캪킭춬쫓뷇ꎬ붨솢웳튵ꆢ헾뢮ꆢ짧믡죽캻튻쳥뚯첬킭춬뗄뷢뻶쮼슷ꎬ냑킭춬쒿뇪뗄췆탐쫓캪좫뻖탔뗄짧믡컊쳢ꎬ춨맽웳튵ꆢ헾뢮뫍짧믡뗄뮥뚯폫뫏ퟷꎬ룷ퟔ퓚췆탐맽돌훐ힼ좷뗄뚨캻늢폐쯹ퟷ캪ꎬ듓뛸쪵쿖뫍킳폫릲펮ꆣ 뗚쇹늿럖캪퇐뺿뷡싛ꎬ쫇뛔좫컄뗄튻룶ퟜ뷡ꎬ훷튪냼삨싛컄뗄뷡싛ꆢ뒴탂뗣ꆢ퇐뺿뗄뻖쿞탔틔벰폐듽뷱뫳뷸튻늽퇐뺿뗄랽쿲ꆣ 쯄ꆢ퇐뺿랽램 놾컄뗄퇐뺿닉폃쇋믹폚컄쿗뗄샭싛럖컶뫍믹폚쿖쪵쫽뻝뗄쪵횤랽램쿠뷡뫏뗄랽쪽ꎬ퓋폃ퟛ뫏럖컶ꆢ맩쓉럖컶ꆢ맦랶럖컶뫍쪵횤럖컶ꆢ뚨탔럖컶뫍뚨솿럖컶뗈뛠훖럖컶랽램ꎬ퓚웳튵볛횵폫짧믡볛횵킭춬맘쾵샭싛럖컶뗄믹뒡짏쳡돶볙짨ꎬ늢좷뚨웳튵볛횵폫웳튵짧믡퓰죎뗄닆컱뫢솿횸뇪ꎬ룹뻝컒맺웳튵쓪뛈닆컱놨룦쯹엻슶뗄쿠맘탅쾢ꎬ헻샭뫍맩쓉돶웳튵볛횵폫짧믡퓰죎움볛뗄횸뇪쳥쾵ꎬ펦폃SPSS춳볆죭볾뛔쫽뻝뷸탐쏨쫶탔춳볆ꆢ쿠맘쾵쫽럖컶ꆢ믘맩럖컶ꎬ닉폃쪵횤랽램뛔쯹쳡돶뗄볙짨뷸탐퇩횤뫍늹돤ꆣ 6
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 뗚뛾헂 웳튵볛횵뫍짧믡볛횵킭춬맘쾵뗄샭싛럖컶 튻ꆢ웳튵볛횵샭싛 ꎨ튻ꎩ웳튵뗄룅쓮 웳튵볛횵뿉틔샭뷢캪쫇웳튵짌욷뮯뗄닺컯ꎬ떱웳튵ퟷ캪튻훖짌욷퓚쫐뎡짏뷸탐붻틗쪱ꎬ뻍믡뇭쿖돶웤쿠펦뗄볛횵ꆣ틲듋ꎬ놾컄튻뾪쪼뛔웳튵쿂튻룶뚨틥ꎬ뫜뛠톧헟듓늻춬뗄뷇뛈싛쫶쇋웳튵뗄룅쓮ꆣ십뿋쮼죏캪ꎬ웳튵쫇튻룶뻟폐룟샍뚯짺닺싊뗄뺭볃떥캻ꎬ쫇짧믡짺닺솦랢햹떽튻뚨뷗뛎뗄짌욷뮯뗄닺컯ꆣ룟돌뗂ꎨ2000ꎩ죏캪ꆰ웳튵쫇틀램짨솢뗄퓚짺닺ꆢ쇷춨ꆢ럾컱뗈뮷뷚훐ꎬ춨맽쳡릩싺ퟣ짧믡탨튪1[]뗄닺욷믲샍컱믱좡샻죳ꎬퟔ훷듓쫂짺닺뺭펪믮뚯ꎬ쪵탐뛀솢뫋쯣뗄뺭볃ퟩ횯ꆱꆣ 늻춬뗄톧헟뛔웳튵뗄뚨틥늻뺡쿠춬ꎬ뇊헟죏캪ꎬ웳튵뻟폐펯샻탔뫍쾵춳탔솽룶훘튪뗄탔훊ꎬ웳튵뗄뺭펪쒿뗄쫇짺듦ꆢ랢햹ꆢ믱샻ꎬ웳튵퓚맦뚨뗄짺닺뺭펪랶캧쓚뷸탐뺭볃믮뚯틔쳡릩짌욷뗄ퟮ훕쒿뗄쫇캪쇋믱좡펯샻ꎬ틲듋ꎬ펯샻탔쫇웳튵쟸뇰폚웤쯻ퟩ횯뗄쫗튪쳘헷ꆣ쇭췢ꎬ웳튵쫇튻룶죋릤쾵춳ꎬ평뻟폐늻춬릦쓜뗄룷쿮ퟓ쾵춳릹돉ꎬ폫웳튵샻틦뷴쏜쿠솬뗄룷랽튲뻟폐늻춬뗄쳘헷뫍쒿뇪ꎬ쯼쏇퓚쳘뚨쾵춳쒿뇪뗄벯뫏쿂릲춬릹돉웳튵헻쳥ꆣퟜ횮ꎬ웳튵쫇캪쇋믱좡샻틦늢놣돖돖탸뺭펪ꎬ쓜룹뻝늻뛏뇤뮯뗄쓚췢늿뮷뺳쫊쪱ퟶ돶뗷헻뗄쾵춳ꆣ ꎨ뛾ꎩ웳튵볛횵뗄쓚몭 20쫀볍60쓪듺돵웚ꎬ퓚웳튵랢햹뗄룟벶뷗뛎ꎬ쯦ퟅ닺좨쫐뎡뗄돶쿖ꎬ쏀맺맜샭톧헟쳡돶쇋ꆰ웳튵볛횵ꆱ헢튻룅쓮ꎬ쯼쫇퓚쫐뎡뺭볃쳵볾쿂돶쿖뗄튻룶좫탂룅쓮ꆣ 웳튵볛횵뗄쓚몭럇뎣럡뢻ꎬ볈뿉틔쫇튻훖웳튵췆돧뫍ퟱ톭뗄볛횵샭쓮ꎬ듙쪹웳튵퓚벤쇒뗄쫐뎡뺺헹훐ꎬ캪쇋짺듦뫍랢햹ꎬ늻뛏톰쟳퓶볓볛횵뗄춾뺶ꎬ튲뿉틔쫇튻룶뻟쳥횸뇪ꎬ폃폚뫢솿웳튵듓쫂쒳훖뺭볃믮뚯쪱쯹랢짺뗄볛횵솿듳킡ꆣ쒿잰맺쓚췢샭싛뷧뛔웳튵볛횵뗄죏쪶늢늻췪좫튻훂ꎬ듦퓚ퟅ뛠훖늻춬뷇뛈뗄맛뗣ꆣ훷튪폐틔쿂쯄훖맛뗣ꎺ듓믡볆뫋쯣뗄뷇뛈ꎬ웳튵볛횵쫇웳튵쯹뫄럑뗄좫늿럑폃뫍횧 [1] 룟돌뗂.쿖듺릫쮾샭싛[M].놱뺩듳톧돶냦짧ꎬ2000ꎺl 7
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 돶뗄믵뇒뮯뇭쿖ꎬ춨맽닆컱놨뇭짏룷쿮쒿뗄샺쪷헋쏦볛횵살랴펳ꎻ듓십뿋쮼훷틥헾훎뺭볃톧뗄뷇뛈ꎬ웳튵볛횵쫇쓽뷡퓚쓜릻싲싴뫍붻틗뗄웳튵헢튻쳘뚨짌욷짏뗄컞닮뇰뗄죋샠샍뚯ꎻ듓쫐뎡붻뮻뗄뷇뛈ꎬ웳튵뗄볛횵쫇횸웳튵닎폫쫐뎡붻뮻쯹쓜믱뗃뗄볛횵ퟜ뫍ꎬ평웳튵뗄캴살믱샻쓜솦뻶뚨ꎬ헢훖캴살믱샻쓜솦ꎬ듓랢햹뗄퇛맢살뾴ꎬ냼삨웳튵쿖폐믹뒡짏뗄믱샻쓜솦뫍잱퓚뗄믱샻믺믡솽늿럖ꎻ듓닆컱맜샭뗄뷇뛈ꎬ웳튵뗄볛횵뗈폚룃웳튵틔쫊떱뗄헛쿖싊헛쿖뫳뗄캴살쿖뷰쇷솿뗄쿖횵ꎬ1[]뇭쿖캪웳튵퓚캴살뺭펪웚볤쓚풤웚쿖뷰쇷솿뗄몯쫽ꆣ ퟛ뫏틔짏맛뗣ꎬ놾컄죏캪ꎺ웳튵볛횵랴펳뗄쫇웳튵믹폚맽좥뫍쿖퓚뗄믱샻쓜솦뫍랢햹잱솦뗄볛횵횮뫍ꎬ뇭쿖캪웳튵믱샻쓜솦뫍잱퓚믱샻믺믡뗄믵뇒뮯ꆣ춨뎣웳튵볛횵튲놻죏캪쫇웳튵뛔쯹폐헟뗄킧폃ꎬ벴뛔웳튵쯹폐헟뛸퇔뗄뺭볃볛횵ꆣ룹뻝웳튵볛횵뗄뚨틥듓늻춬뗄뷇뛈뿉틔럖캪쫐뎡볛횵ꆢ헋쏦볛횵ꆢ릫퓊볛횵ꆢ쓚퓚볛횵ꆢ쟥쯣볛횵벸훖샠탍ꆣ ꎨ죽ꎩ웳튵볛횵뗄펰쿬틲쯘 웳튵볛횵쫇튻룶ퟛ뫏탔뗄룅쓮ꎬ쯼볦맋뛌웚샻틦뫍뎤풶샻틦ꎬ믡쫜떽뫜뛠틲쯘뗄펰쿬ꎬ캪쇋쳡짽웳튵볛횵움맀뗄ힼ좷탔ꎬ뇘탫짮죫럖컶펰쿬웳튵볛횵뗄틲쯘ꆣ놾컄붫듓쓚췢늿솽룶랽쏦살럖컶펰쿬웳튵볛횵뗄틲쯘ꎺ 1.웳튵췢늿틲쯘 웳튵볛횵믡쫜떽웳튵쯹뒦뗄췢늿뮷뺳뗄훆풼ꎬ췢늿뮷뺳훷튪쫇횸웳튵ퟔ짭뺭펪늻쓜뿘훆뗄떫쓜릻볤뷓펰쿬웳튵볛횵뗄틲쯘ꎬ죧샻쾢싊ꆢ춨헍싊ꆢ믣싊뗈뺭볃틲쯘ꎻ맺볒훆뚨뗄램싉램맦ꆢ뺭볃헾닟ꆢ헾뢮맜훆듫쪩ꆢ헾훎쫂볾뗈헾훎틲쯘ꎻ짧믡쾰맟ꆢ탅퇶ꆢ볛횵샭쓮ꆢ탐캪맦랶ꆢ짺믮랽쪽뗈컄뮯틲쯘ꎻ쫐뎡퓶뎤싊ꆢ쫐뎡뷡릹ꆢ벼쫵랢햹뗈탐튵틲쯘ꎻ탂뗄벼쫵ꆢ쮼쿫ꆢ랽램뗈뿆벼틲쯘뗈ꆣ 2.웳튵쓚늿틲쯘 펰쿬웳튵볛횵뗄횱뷓틲쯘쫇웳튵뺻닺뗄풤웚쫕틦싊ꎬ훷튪냼삨웳튵뗄믱샻쓜솦뫍웳튵뗄쓚퓚볛횵ꆣ믱샻쓜솦뇭쿖캪웳튵틔튻뚨헛쿖싊헛쿖뫳뗄캴살쿖뷰쇷솿뗄쿖횵ꎬ쫇뻶뚨웳튵볛횵뗄ퟮ훕뻶뚨틲쯘ꎬퟛ뫏랴펳쇋웳튵뗄뺭펪맜샭쓜솦ꎬ볈쫇뛔맽좥닆컱ힴ뿶뫍뺭펪돉맻뗄움볛ꎬ폖쫇뛔웳튵캴살랢햹잱솦뗄풤웚ꎬ쫇닺욷뫍럾컱ꆢ닺쫽솿ꆢ벼쫵뒴탂ꆢ컞탎닺ꆢ맜샭쮮욽ꆢ죋풱쯘훊ꆢ웳튵컄뮯뗈 [1] 샮쿲잰.웳튵볛횵퇐뺿[D].벪쇖듳톧ꎬ2005 8
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 뛠훖볛횵쟽뚯틲쯘ퟛ뫏ퟷ폃뗄뷡맻ꆣ ꎨ쯄ꎩ웳튵볛횵뗄움맀랽램 웳튵볛횵뗄움맀ꎬ쫇뛔웳튵떱잰펯샻쓜솦뫍럧쿕쮮욽뗄움볛벰캴살펯샻쓜솦뫍럧쿕쮮욽뗄풤웚ꆣ웳튵볛횵뗄움맀랽램훷튪폐ꎺ 1.쫕틦램 쫕틦램쫇춨맽맀쯣놻움맀웳튵뗄풤웚쫕틦늢틔튻뚨뗄헛쿖싊헛돉쿖횵ꎬ뷨틔좷뚨놻움맀닺볛횵뗄튻훖움맀랽램ꎬ웤샭싛틀뻝쫇웳튵볛횵폫웳튵캴살뗄믱샻쓜솦쏜쟐쿠맘ꆣ훷튪냼삨쿖뷰쇷솿램뫍뺭볃샻죳램ꆣ ꎨ1ꎩ쿖뷰쇷솿램 훷튪퓋폃뗄쫇쿖뷰쇷쳹쿖쒣탍ꎬ춨맽풤웚캴살쿖뷰쇷솿뗄쿖횵움맀웳튵뗄볛[1]횵ꎬ릫쪽캪ꎺ nCFt웳튵볛횵= ꎨ1ꎩ ∑t(1+r)t=1웤훐ꎬCFꆪ웳튵뗚t쓪뗄뺻쿖뷰쇷솿ꎬrꆪ헛쿖싊ꎬnꆪ쿖뷰쇷솿쯹쫴뗄쪱웚ꆣ tꎨ2ꎩ뺭볃샻죳램 훷튪퓋폃뗄쫇뺭볃퓶볓횵쒣탍( EVA 쒣탍)ꎬ뺭볃퓶볓횵 (Economic Value Added ꎬ볲돆EVA)쫇퓚1982쓪평쮼쳚ꎦ쮼쳘릫쮾(SternꎦStewart Coꎮ)쳡돶ꎬ횸[2]웳튵뺭펪쫕틦뿛돽쯹폐돉놾뫳뗄쪣폠쫕틦ꆣ믹폚EVA뗄웳튵볛횵움맀쒣탍캪ꎺ nFCFFt웳튵볛횵= ꎨ2ꎩ ∑t(1+WACC)t=1웤훐ꎬFCFFꆪ웳튵뗚t쓪뗄뺻쿖뷰쇷솿ꎬWACCꆪ놾돉놾싊(튻냣닉폃뗄헛t쿖싊)ꎬnꆪ쿖뷰쇷솿쯹쫴뗄쪱웚 2.쫐뎡램 쫐뎡램퓋폃뗄쫇쿠뛔맀볛쒣탍, 벴퓋폃믹놾뗄닆컱뇈싊ꎬ톰헒좷뚨뿉뇈뷏뗄웳튵ꎬ룹뻝쒳룶릲춬뇤솿ꎬ움맀튻볒웳튵쿠뛔폚쇭튻볒웳튵뗄볛횵ꆣ쪵볹훐놻폃ퟷ볆쯣웳튵쿠뛔볛횵뗄폐쫐펯싊ꆢ쫐뺻싊ꆢ쫕죫돋쫽뗈뇈싊쒣탍ꎬ펦폃ퟮ웕뇩뗄[3]쫇쫐펯싊ꎬ웤릫쪽캪ꎺ 쎿막볛횵=쫐펯싊×쒿뇪웳튵쎿막쫕틦 ꎨ3ꎩ [1][3] 훐맺힢닡믡볆쪦킭믡.닆컱돉놾맜샭[M].훐맺닆헾뺭볃돶냦짧ꎬ2010ꎺ179 [2] 쇵톩잿.믹폚웳튵볛횵ퟮ듳뮯쒿뇪뗄닆컱럧쿕움볛쳥쾵퇐뺿[D].커몺샭릤듳톧ꎬ2007 9
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 3.웚좨뚨볛램 웚좨뚨볛램쫇웳튵볛횵움맀뗄튻훖탂랽램ꎬ쫇뛔뻟폐웚좨쳘탔뗄닺뷸탐볛횵움맀ꆣ훷튪쫇틀뻝20쫀볍70쓪듺랢햹웰살뗄웚좨뚨볛샭싛ꆣ퓋폃웚좨뚨볛샭[1]싛뛔웳튵볛횵뷸탐움맀뗄웚좨맀볛쒣탍캪ꎺ −rt웳튵볛횵=SN(d)−ΧeN(d) ꎨ4ꎩ 12웤훐ꎬS튻막욱뗄떱잰볛룱ꎻXꆪ웳튵뢺햮뗄볛횵ꆣ Q횵 Tobin Q횵쫇퓚1969쓪평햲쒷쮹ꆤ췐뇶(James Tobin)쳡돶ꎬ쫇튻훖놻맺쓚췢훚뛠톧헟퓚퇐뺿훐맣랺쪹폃뗄움맀웳튵볛횵뗄랽램ꎬ듺뇭웳튵뗄쫐뎡볛횵폫웳튵[2]훘훃돉놾뗄뇈싊ꎬ웤릫쪽캪ꎺ 웳튵ퟜ닺뗄쫐뎡볛횵TobinQ횵= ꎨ5ꎩ 웳튵ퟜ놾뗄훘훃돉놾5.쫐횵-헋쏦뇈ꎨ볲돆ꆰ쫐헋뇈ꆱꎩ ꆰ쫐헋뇈ꆱ쫇맺쓚톧헟맣랺쪹폃뗄움맀웳튵볛횵뗄랽램ꎬ헢튻랽램뗄짨볆살풴폚짏쫶뗄TobinQ횵랽램ꎬ훷튪닉폃웳튵ퟜ닺뗄헋쏦볛횵듺쳦쓑틔믱좡뗄훘훃돉놾ꎬ쫐뎡볛횵닉폃막좨뗄쫐뎡볛횵뫍뢺햮뗄헋쏦볛횵횮뫍듺쳦ꎬ평듋탎돉쇋 ꆰ쫐[3]횵-헋쏦뇈ꆱꎬ웤볆쯣릫쪽캪ꎺ 막좨뗄쫐뎡볛횵+뢺햮뗄헋쏦볛횵쫐헋뇈= ꎨ6ꎩ ퟜ닺뗄헋쏦볛횵웤훐ꎬ막좨뗄쫐뎡볛횵=막욱쫕엌볛×쇷뚯막막쫽+ꎨퟜ막쫽-쇷뚯막막쫽ꎩ×쎿막뺻닺 ퟛ짏쯹쫶ꎬ놾컄릲뷩짜쇋컥훖움맀웳튵볛횵뗄랽램ꎬ웤훐죎뫎튻훖뚼늻쫇뻸뛔뫏샭뗄움맀랽램ꎬ룷ퟔ뚼폐ퟔ짭뗄폅쫆뫍좱쿝ꆣ쫐뎡램볲떥횱맛ꎬ퓚풽쫇돉쫬ꆢ폐킧뗄막욱쫐뎡ꎬ뛔웳튵볛횵움맀뗄뻍풽ힼ좷ꆣ떫쫇ꎬ뿉뇈웳튵믡쓑틔좷뚨ꎬ틲듋뿉틔ퟷ캪뢨훺뗄듖싔맀쯣랽램ꎻ쫕틦램훐뗄쿖뷰쇷솿램쓜릻랴펳볛횵뗄놾훊ꎬ벴캴살뗄펯샻쓜솦ꎬ떫뛔헛쿖싊톡퓱뗄뫏샭탔듦퓚컊쳢ꎬ훷맛탔뷏잿ꎬ춨뎣탨튪폐뷏뎤뗄샺쪷쪱웚뗄듳솿쫽뻝ퟷ캪닎뾼ꎬ뛔폚웳튵볛횵뗄움맀늢늻쫇럇뎣뺫좷ꎻ쫕틦램훐뗄뺭볃샻죳램쓜릻쿔쪾돶웳튵쫇럱헦헽믘쇋놾돉놾ꎬ떫놾돉놾싊쓑틔맀볆ꎻ웚좨뚨볛램뾼싇떽쇋췢늿늻좷뚨뗄뺭볃쳵볾뛔웳튵볛횵뗄펰쿬ꎬ틲뛸 [1] 쇵톩잿.믹폚웳튵볛횵ퟮ듳뮯쒿뇪뗄닆컱럧쿕움볛쳥쾵퇐뺿[D].커몺샭릤듳톧ꎬ2007 [2] 샮뻪.웳튵짧믡퓰죎폫웳튵볛횵맘쾵뗄쪵횤퇐뺿[D].뫾놱듳톧ꎬ2009 [3] 쏷퇴.웳튵짧믡퓰죎폫웳튵볛횵맘쾵퇐뺿[D].즽뚫듳톧ꎬ2009 10
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 뿉틔룼좫쏦ꆢ헦쪵뗄랴펳웳튵뗄쓚퓚볛횵ꎬ떫움맀웳튵뗄룷쿮닎쫽뫍펰쿬틲쯘맽폚샭쿫뮯ꎻ쿠뛔폚잰쏦벸훖랽램ꎬTobinQ횵뫍ꆰ쫐헋뇈ꆱ헢솽훖랽램쫇맺쓚췢퇐뺿톧헟뎣폃뗄움맀웳튵볛횵뗄랽램ꎬ훷튪폃폚춶럖컶ꎬ쫇춶헟뛔웳튵잱퓚믱샻쓜솦뗄쫐뎡움맀ꎬ냯훺춶죋뫍맜샭떱뻖룄짆뻶닟ꆣTobin Q횵뫍ꆰ쫐헋뇈ꆱ 풽듳ꎬ웳튵볛횵풽듳ꎬ랴횮퓲풽킡ꆣ 뛾ꆢ짧믡볛횵폫웳튵짧믡퓰죎샭싛 짧믡볛횵뗄쓚몭쎻폐튻룶쏷좷늢믱뗃맣랺뷓쫜뗄뚨틥ꎬ틀컒쯹볻ꎬ짧믡볛횵쫇웳튵뛔짧믡뗄볛횵ꎬ쫇웳튵캪짧믡뒴퓬닆뢻ꎬ뛔짧믡쯹ퟷ뗄릱쿗ꎬ뿉틔붫웤샭뷢캪쿖듺웳튵퓚짺닺뺭펪맽돌훐폃튻뚨뗄랽램붫쯹돐떣뗄짧믡퓰죎뷸탐믵뇒뮯뫍쫽솿뮯ꆣ 쒿잰맺쓚췢뛔웳튵짧믡퓰죎뗄샭싛퇐뺿틑뺭뇈뷏돉쫬ꎬ짧믡퓰죎뗄쮼쿫틑뗃떽웕뇩죏춬ꎬ웳튵짧믡퓰죎틑뺭돉캪튻훖좫쟲쿖쿳ꎬ쫀뷧랶캧뗄ퟩ횯ꆢ룷맺헾뢮ꆢ룷뗘웳튵ꆢ톧쫵믺릹ꆢ쏱볤췅쳥뚼퓚죈쇒쳖싛헢튻컊쳢ꆣ듓좫쟲뺭볃랢햹뗄뷇뛈살뾴ꎬ웳튵짧믡퓰죎퓚훐맺뗄돶쿖쫇튻훖샺쪷뗄뇘좻ꆣퟮ뷼벸쓪ꎬ쯦ퟅꆰ틻폃쮮컛좾ꆱꆢꆰ볙쎰캱쇓ꆱꆢꆰ뚾쓌럛ꆱꆢꆰ릤췏잷ꆱ뗈쫂볾뗄욵랱랢짺ꎬ뇭쏷웳튵짧믡퓰죎퓚컒맺뗄췆탐돌뛈뮹늻릻짮풶ꎬ쇋뷢웳튵짧믡퓰죎샭싛뛔뷸튻늽췆뚯컒맺웳튵짧믡퓰죎퓋뚯ꎬ쫷솢웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪ꎬ샭쟥웳튵짧믡퓰죎폫웳튵볛횵뗄맘쾵ꎬ듙뷸뫍킳짧믡훷틥붨짨뚼뻟폐훘튪틢틥ꆣ ꎨ튻ꎩ짧믡퓰죎뗄웰풴 웳튵짧믡퓰죎ꎨCorporate Social ResponsibilityꎬCSRꎩ뗄샭쓮웰풴폚20쫀볍돵뗄쏀맺ꆣ 20쫀볍30쓪듺ꎬ퓚쏀맺펵폐쫐뎡폅쫆뗄듳릫쮾퓋폃헾훎뫍짧믡좨솦ꎬ횧엤뫍뿘훆ퟅ쏀맺듳늿럖뗄뺭볃뫍헾훎ꎬ헢킩릫쮾붫막뚫샻틦뗄ퟮ듳뮯ퟷ캪캩튻쒿뇪뛸폫짧믡좫쏦랢햹횮볤닺짺늻킭뗷ꎬ막뚫샻틦폫짧믡샻틦횮볤뗄쎬뛜죕틦볓뻧ꆣ1929쓪쏀맺뺭볃캣믺뗄놬랢틽랢쇋쏀맺톧쫵뷧뛔폚웳튵짧믡퓰죎뗄맘힢ꎬ늢퓚듋쪱탎돉쇋웳튵짧믡퓰죎쮼쿫ꆣ평듋ꎬ뾪쪼쇋뛔웳튵짧믡퓰죎컊쳢뗄늻뛏헹싛폫첽쳖ꆣ ꎨ뛾ꎩ짧믡퓰죎뗄쓚몭 11
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 웳튵짧믡퓰죎뗄룅쓮뫍쓚몭쫇쯦ퟅ샺쪷뗄잰뷸랢햹뛸늻뛏뇤뮯뗄ꎬ늻춬뗄샺쪷쪱웚ꎬ늻춬뗄뷇뛈ꎬ늻춬뗄놳뺰ꎬ뛔웳튵짧믡퓰죎뗄웚췻뫍샭뷢튲믡늻춬ꆣ쯦ퟅ쪱볤뗄뇤뮯ꎬ톧헟쏇뛔웳튵짧믡퓰죎쓚몭뗄뗄샭뷢튲믡늻뛏삩듳ꆢ럡뢻폫뻟쳥ꆣ CSR뗄헽쪽룅쓮평쏀맺톧헟킻뛻뛙ꎨOliver Sheldonꎩ퓚1924쓪돶냦뗄ꆶ맜샭뗄헜톧ꆷ튻쫩훐쫗듎쳡돶(십솦뗈ꎬ2005)ꆣ쯦뫳ꎬCSR퓚샭싛뷧뫍쪵볹뷧틽웰쇋맣랺맘힢ꎬ 떫뛔폚웳튵짧믡퓰죎뗄뚨틥짐캴듯돉튻훂ꆣ 컷랽톧헟헦헽룸돶CSR뚨틥뗄쫇퓚20쫀볍50쓪듺평놻돆캪ꆰ웳튵짧믡퓰죎횮뢸ꆱ뗄놫뛷ꎨBowenꎩ퓚쯻뗄뮮쪱듺훸ퟷꆶ짌죋뗄짧믡퓰죎ꆷ훐쳡돶ꎬꆰ짌죋뻟폐내헕짧믡뗄쒿뇪뫍볛횵맛톡퓱헾닟ꆢퟶ돶뻶닟뫍닉좡샭쿫탐뚯뗄틥컱(Bowenꎬ[1]1953) ꆱꆣ헢놻죏캪쫇쿖듺웳튵짧믡퓰죎룅쓮릹붨뾪쪼뗄뇪횾ꆣ쯤좻Bowen쳡돶뗄웳튵짧믡퓰죎맛쓮뗃떽뫜뛠톧헟뗄죏춬ꎬ떫쫇늢쎻폐춳튻헢룶룅쓮ꎬ랴뛸틽웰쇋룼볓죈쇒뗄쳖싛ꆣ20쫀볍60쓪듺ꎬ듷캬쮹(Davisꎬ1960)듓맜샭톧뗄뷇뛈쳡돶ꎬ웳튵짧믡퓰죎쫇횸ꆰ짌죋뗄뻶닟뫍탐뚯훁짙폐튻늿럖늻쫇돶폚웳튵횱뷓뗄뺭볃뫍 [2]벼쫵샻틦ꆱꆣ20쫀볍70쓪듺틔잰ꎬ톧헟쏇뚼쫇듓짌죋뗄뷇뛈살뚨틥웳튵짧믡퓰죎ꎬ70쓪듺횮뫳ꎬ톧쫵뷧닅냑쫓쿟듓ꆰ짌죋ꆱ떽ꆰ웳튵ꆱꎬ냍뿋싼ꎨBackmanꎬ1975ꎩ죏캪CSR쫇횸웳튵돽쇋ힷ쟳뺭볃샻틦횮췢펦룃튪맘힢뗄쒿뇪믲뚯믺ꆣ쯦ퟅ짧믡퓰죎쿠맘샭싛뗄늻뛏럡뢻ꎬ뾨싞뛻ꎨCarrollꎬ2004ꎩ뚨틥웳튵짧믡퓰죎캪쳘뚨쪱웚ꎬ짧믡뛔웳튵쯹별췐뗄뺭볃ꆢ램싉ꆢ싗샭ꆢ듈짆뗄웚췻ꆣ뾨싞뛻뛔웳튵짧믡퓰죎뗄뷧뚨쫇놻톧쫵뷧죏캪ퟮ뻟폐펰쿬솦뗄ꎬ튲쫇CSR퇐뺿뗄튻훖뷸늽ꆣ 맺쓚톧쫵뷧뛔웳튵짧믡퓰죎뗄퇐뺿웰늽쿠뛔뷏췭ꎬ틲듋ꎬ톧쫵뷧뛔CSR뗄뷧뚨뮹늻뛠ꆣ1990쓪ꎬ풬볒랽훷뇠뗄ꆶ웳튵짧믡퓰죎ꆷ쫇맺쓚ퟮ퓧뾪쪼뛔웳튵짧믡퓰죎뷸탐퇐뺿뗄훸ퟷꎬ룃쫩듓풴뮷뺳ꆢ쓜풴ꆢ쓉쮰ꆢ쿻럑뗈벸랽쏦럖컶웳튵뗄짧믡퓰죎ꎬ붫웳튵짧믡퓰죎뚨틥캪ꆰ웳튵퓚헹좡ퟔ짭짺듦폫랢햹뗄춬쪱ꎬ뇘탫싺ퟣ짧믡뗄탨튪뫍펦뛔룷훖짧믡컊쳢ꎬ돐떣캬뮤맺볒ꆢ짧믡뫍죋샠뗄룹놾샻틦뗄틥[3]컱ꆱꆣ쇵뾡몣(1999)퓚ꆶ릫쮾뗄짧믡퓰죎ꆷ헢놾훸훐뚨틥웳튵짧믡퓰죎쫇ꆰ릫쮾늻뷶뷶쫇틔ퟮ듳쿞뛈캪막뚫쒱좡샻틦ퟷ캪ퟔ짭듦퓚뫍랢햹뗄캨튻쒿뗄ꎬ뛸펦ퟮ [1] BowenꎬHoward R..Social Responsibilities of the Businessman[M].New YorkꎺHarper&Row,1953:21 [2] Davis, Business Afford to Ignore Social Responsibilities[J]. California Management Review,1960(2) [3] 풬볒랽.웳튵짧믡퓰죎[M].놱뺩ꎺ몣퇳돶냦짧ꎬ1990:4 12
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 듳쿞뛈뗘퓶볓막뚫샻틦횮췢뗄웤쯻훮죧풱릤ꆢ쿻럑헟ꆢ뮷뺳ꆢ짧쟸뗈헻룶짧믡릫[1]릲샻틦ꆱꆣ슬듺뢻(2002)죏캪웳튵짧믡퓰죎쫇횸웳튵퓚쒱쟳막뚫샻틦ퟮ듳뮯틔췢[2]뮹뇘탫뢺퓰캬뮤짧믡헽뎣훈탲뫍퓶뷸짧믡퓰죎룐ꆣ룟짐좫(2004)죏캪ꆰ웳튵짧믡퓰죎냼삨믹뒡퓰죎ꎬ벰웳튵퓚돐떣믹뒡퓰죎뗄맽돌훐ꎬ춨맽훆뛈살쪵쿖퓰죎뗄ퟮ[3]폅럖떣퓰죎ꆱꆣ 듓맺볊쿠맘ퟩ횯뾴ꎬ얷쏋죏캪CSR쫇횸웳튵퓚풭폐풴뗄믹뒡짏냑뛔짧믡뫍뮷뺳뗄맘힢튲헻뫏떽웳튵뗄뺭펪퓋ퟷ훐뫍폫룷랽샻틦쿠맘헟뗄뮥뚯훐ꎻ쏀맺짌튵퓰죎킭믡(Business for Social Responsibility ꎬBSR)죏캪ꎬ웳튵짧믡퓰죎쫇횸춨맽뛔죋ꆢ짧쟸ꆢퟔ좻뮷뺳벰싗샭볛횵뗄ퟰ훘ꎬ쪵쿖짌튵돉릦ꎻ펢맺맺볊릤짌쇬탤싛첳(IBLF)죏캪ꎬ웳튵짧믡퓰죎쫇횸웳튵퓚릫뾪춸쏷뗄퓋펪맽돌훐튪ퟰ훘싗샭뗀뗂ꆢ캬뮤샍릤좨틦벰놣뮤뮷뺳풴뗈ꎬ듓뛸볈쓜캪막뚫튲쓜캪좫짧믡돖탸뒴[4]퓬볛횵ꆣ샠쯆뗄뚨틥뮹폐뫜뛠ꎬ샽죧쫀뷧틸탐ꆢ펢맺뗄ꆰ웳튵릫쏱릫쮾ꆱꆢ맺볊뇪ힼ뮯ퟩ횯ꎨSocial Accountability Internationalꎩ뗈뚼폐룷ퟔ뗄뷢컶ꆣ 듓짏쫶맺쓚췢톧헟벰맺볊쿠맘ퟩ횯뛔웳튵짧믡퓰죎뗄뚨틥ꎬ컒쏇뿉틔뾴돶맺쓚췢톧헟뫍맺볊믺릹뛔웳튵짧믡퓰죎웕뇩죏춬뗄룅쓮쫇: 웳튵뇘탫릫뾪춸쏷뗄퓋펪ꎬ퓚뒴퓬볛횵뛔막뚫샻틦뢺퓰뗄춬쪱ꎬ뮹튪싄탐뛔풱릤뗄퓰죎ꎨ놣횤횰튵붡뾵ꆢ놣뮤샍뚯헟뗄뫏램좨틦ꎩꆢ뛔쿻럑헟뗄퓰죎ꎨ낲좫짺닺ꎩꆢ뛔짧쟸뗄퓰죎ꎨ횧돖듈짆쫂튵ꆢ뻨훺짧믡릫틦ꎩ틔벰뛔ퟔ좻뮷뺳뗄퓰죎ꎨ놣뮤뮷뺳ꆢ뷚풼풴ꎩ뗈ꆣ ꎨ죽ꎩ웳튵짧믡퓰죎뗄쓚죝뫍랶캧 웳튵짧믡퓰죎뗄쓚죝뫍랶캧쪮럖맣랺ꎬ 폐뫜뛠훖랽램뛔웤럖샠ꆣ냩쯦ퟅ웳튵짧믡퓰죎샭싛뗄럡뢻랢햹튲돶쿖쇋늻춬뗄닢솿캬뛈ꆣ웳튵짧믡퓰죎퓚늻춬랢햹뷗뛎뗄훷떼쮼쿫뿉틔춨맽늻춬뗄CSR캬뛈뇭쿖돶살ꆣ1971쓪ꎬ쏀맺뺭볃뾪랢캯풱믡퓚튻욪쳢캪ꆶ웳튵뗄짧믡퓰죎ꆷ뗄놨룦훐ꎬ쇐뻙쇋58훖튪쟳웳튵쪵쪩뗄쓜듙뷸짧믡뷸늽뗄CSR탐캪ꆣ낢늨쳘ꎨAbbottꎬWalter Fꎩ뫍쏏즭ꎨMonsenꎬJoseph Rꎬ1979ꎩ맩쓉돶웳튵짧믡퓰죎뗄쇹듳랶캧ꎺ뮷뺳컊쳢ꆢ믺믡뻹뗈ꆢ풱릤ꎨ죋솦풴ꎩꆢ짧 [1] 쇵뾡몣.릫쮾짧믡퓰죎[M].놱뺩ꎺ램싉돶냦짧ꎬ1999:6-7 [2] 슬듺뢻.웳튵짧믡퓰죎뗄뺭볃톧폫램톧럖컶[M].놱뺩ꎺ램싉돶냦짧ꎬ2002:96 [3] 룟짐좫.웳튵짧믡퓰죎뫍램죋훎샭뷡릹[J].탂뮪컄햪ꎬ2004(24):46-47 [4] 탁뷜.웳튵짧믡퓰죎퇐뺿ꆪ튻룶탂뗄샭싛뿲볜폫쪵횤럖컶[M].놱뺩ꎺ뺭볃뿆톧돶냦짧ꎬ2010ꎺ30 13
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 쟸ꆢ닺욷ꆢ웤쯻틲쯘ꆣ뾨싞뛻ꎨCarrollꎬ1979)퓚뷨본잰죋퇐뺿뗄믹뒡짏ꎬ룸웳튵짧믡퓰죎쳡돶쇋튻룶좫쏦뗄룅쓮뿲볜ꎬ쯻냑웳튵짧믡퓰죎뾴ퟷ쫇쓜몭룇웳튵룷훖퓰죎뗄룅쓮ꎬ쫇헻룶짧믡쾣췻웳튵싄탐틥컱ꆢ돐떣퓰죎뗄ퟜ뫍ꎬ늢쳡돶쇋튻룶놻톧쫵뷧맣랺닉폃뗄웳튵짧믡퓰죎쯄캬쒣탍ꎬ붫CSR럖캪뺭볃퓰죎ꆢ램싉퓰죎ꆢ싗샭퓰죎뫍듈짆퓰죎ꎬ뫳살ꎬ캪쇋룼뫃뗘랴펳웳튵싄탐짧믡퓰죎쯹펮뗃뗄볛횵ꎬ쯻뮹훷헅퓚짏쫶쯄훖퓰죎뗄믹뒡짏ꎬ붫훮죧뛔쿻럑헟뗄퓰죎ꆢ뛔뮷뺳뗄퓰죎뗈뻟쳥뗄웳튵퓰죎쓉죫떽웳튵짧믡퓰죎탐캪뗄닢솿캬뛈훐ꆣIsabelle&David(2002)춨맽뛔얷쏀맺볒뗄웳튵짧믡퓰죎뗷퇐ꎬ뗃돶쇋5룶랽쏦뗄11캬뛈뗄웳튵짧믡퓰죎ꎺ냼삨짧쟸퓰죎ꆢ맋뿍퓰죎ꆢ풱릤퓰죎ꆢ막뚫퓰죎틔벰릩펦짌퓰죎ꆣ컒맺톧헟탬짐삥ꆢ퇮죪(2007)뷡뫏놾맺뗄맺쟩ꎬ틔살ퟔ컒맺12룶쪡쫐뗄630캻웳튵쯹폐헟뷸탐듳맦쒣뗄뾪럅쪽뗷닩쫽뻝캪믹뒡ꎬퟛ뫏럖컶컷랽뗄퇐뺿돉맻ꎬ춨맽맩쓉늢쿪쾸퇐뺿쇋훐맺웳튵짧믡퓰죎5룶캬뛈ꎨ릫틦듈짆ꆢ맋뿍떼쿲ꆢ풱릤랢햹ꆢ뮷뺳놣뮤ꆢ뺭볃퓰죎ꎩ폫웳튵짧믡놾4룶캬뛈ꎨퟝ쿲맘쾵ꎬ뫡쿲맘쾵ꎬ탅죎ꎬ짧믡췸싧ꎩꎬ폫맺췢웳튵짧믡퓰죎뗄퇐뺿폐튻뚨뗄쟸뇰ꆣ ퟛ짏쯹쫶ꎬ웳튵짧믡퓰죎뗄뇭쿖뫍탐캪믡쫜떽컄뮯뫍놳뺰뗄펰쿬ꎬ늻춬뗄컄뮯놳뺰ꆢ뮷뺳ꎬ뿕볤뫍쪱볤ꎬCSR캬뛈튲믡듦퓚뻞듳닮틬ꆣ뛔웳튵짧믡퓰죎쓚죝랶캧뗄퇐뺿ꎬ뛔뷸튻늽퇐뺿짧믡퓰죎뗄뫢솿횸뇪쳡릩쇋샭싛믹뒡ꆣ ꎨ쯄ꎩ짧믡퓰죎쿠맘샭싛 1.샻틦쿠맘헟샭싛 뢥샯싼ꎨFreemanꎬ1984)퓚ꆶ햽싔맜샭ꆪ샻틦쿠맘헟랽램ꆷ튻쫩훐뛔샻틦쿠맘헟뷸탐쇋톧쫵뮯뗄뷧뚨ꎺ샻틦쿠맘헟쫇횸쓇킩쓜릻펰쿬웳튵쒿뇪쪵쿖ꎬ믲퓚웳[1]튵쪵쿖쒿뇪뗄맽돌훐쫜떽펰쿬뗄죎뫎ퟩ횯믲룶죋ꆣ쯻싊쿈퓋폃샻틦쿠맘헟샭싛뷢쫍쇋웳튵듓쫂짺닺뺭펪믮뚯탨돐떣짧믡퓰죎뗄뛔쿳컊쳢ꎬ늢냑샻틦쿠맘헟럖캪쇹룶훖샠ꎺ막뚫ꎨ춶헟ꎩꆢ맍풱ꆢ쿻럑헟ꆢ릩펦짌ꆢ짧믡ꎨ짧쟸ꎩ뫍헾뢮ꆣ쯦ퟅ샻틦쿠맘헟샭싛뗄랢햹ꎬ샻틦쿠맘헟뗄뛔쿳튲퓚뢥샯싼뗄럖샠믹뒡짏훰붥삩듳떽뮷뺳ꆢퟔ좻풴ꆢ쎽쳥ꆢ죋샠뫳듺뗈쯹폐쫜떽웳튵뺭펪믮뚯펰쿬뗄횱뷓믲볤뷓뿍쳥ꆣ폫뒫춳뗄막뚫샻틦훁짏뗄샭쓮쿠뇈ꎬ룃샭싛쟥컺뗘횸쏷쇋웳튵뗄랢햹샫늻뾪룷샻틦쿠맘헟뗄춶죫폫닎폫ꎬ웳튵퓚ퟶ뻶닟쪱뇘탫돤럖뾼싇돽막뚫횮췢뗄웤쯻샻틦쿠 [1] Freeman,:A stakeholder approach [M].Boston: Pitman, 1984 14
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 맘헟횮볤뗄샻틦벰쯻쏇뗄쿠맘퓰죎ꆣ틲캪헢킩샻틦쿠맘헟폫웳튵뗄짺듦뫍랢햹쏜쟐쿠맘ꎬ쯻쏇폐뗄쫇웳튵뺭펪훐훘튪뗄햽싔뫏ퟷ믯냩ꎬ폐뗄쫇캪웳튵쳡릩풴뗄릩룸랽ꎬ폐뗄쫇웳튵믱좡쫕틦뗄살풴랽ꎬ폐뗄쫇훆풼웳튵캥램탐캪뗄볠뚽랽ꎬ웳튵뗄뺭펪뻶닟뇘탫튪뾼싇뛔폫웤폐맘뗄쯹폐샷몦맘쾵죋뢺퓰ꆣ샻틦쿠맘헟샭싛뗄쳡돶캪웳튵짧믡퓰죎뗄쪵쪩쳡릩쇋튻룶탂뗄럖컶욽첨ꆣ 뺭맽톧쫵뷧훮뛠샭싛톧볒뗄릲춬얬솦ꎬ샻틦쿠맘헟샭싛틑뺭탎돉쇋뇈뷏췪짆뗄샭싛뿲볜ꎬ냼삨샻틦쿠맘헟샭싛뗄쓚몭ꎬ샻틦쿠맘헟맜샭뫍뒫춳웳튵쒿뇪(죧샻죳ퟮ듳뮯ꆢ막뚫닆뢻ퟮ듳뮯)쪵쿖횮볤뗄솪쾵폫쟸뇰ꎬ샻틦쿠맘헟샭싛쫇럱뻟폐쿖쪵뫏샭탔ꎬ벰뛔샻틦쿠맘헟ퟮ듳뮯닆컱맜샭쒿뇪뗄첽쯷뗈ꎬ캪놾컄뗄퇐뺿쳡릩쇋쿠맘뗄샭싛믹뒡ꆣ늢쟒ꎬ틽죫늢췆뷸샻틦쿠맘헟샭싛뗄퇐뺿튲쮳펦쇋웳튵짧믡퓰죎퇐뺿뗄맺볊쟷쫆ꎬ캪럖컶웳튵짧믡퓰죎탐캪퇐뺿쳡릩쇋탂뗄쫓뷇ꎬ쪹웳튵짧믡퓰죎뗄뛔쿳쏷컺뮯ꎬ캪웳튵짧믡퓰죎뗄퇐뺿쳡릩쇋폐킧뗄샭싛믹뒡ꆣ 2.웳튵짧믡벨킧뿲볜 웳튵짧믡벨킧ꎨCorporate Social PerformanceꎬCSPꎩ퇐뺿뾪쪼폚20쫀볍70쓪듺훐뫳웚ꎬ뛔짧믡벨킧뗄뿲볜퇐뺿훷튪벯훐퓚웳튵짧믡벨킧폫웳튵닆컱벨킧뗄맘쾵짏ꎬ헢쫇튻룶뻟폐샭싛폫쪵볹볛횵뗄훘튪싛쳢ꎬ틲캪틔췹뛔웳튵짧믡퓰죎뗄퇐뺿훷튪벯훐폚웤쓚몭뫍랶캧뗄맦랶퇐뺿ꎬ헢룶뿎쳢뗄쳡돶캪짧믡퓰죎뗄쪵횤퇐뺿뾪뾪뇙쇋탂뗄랽쿲ꆣ뫜뛠톧헟뷸탐쇋볡돖늻킸뗄퇐뺿ꎬ돉맻럇뎣럡뢻ꆣ 맺쓚췢웳튵짧믡벨킧폫닆컱벨킧맘쾵뗄퇐뺿훷튪짦벰솽룶랽쏦ꎺ튻쫇웳튵짧믡퓰죎폫닆컱벨킧횮볤맘쾵뗄랽쿲ꎬ평폚쫜떽움볛랽램ꆢ웳튵뗄짺닺닺솿ꆢ닺맦쒣ꆢ샺쪷뛔퇐뺿뷡싛뗄펰쿬벰뇤솿뗄뿘훆컊쳢뗈틲쯘펰쿬ꎬ듦퓚죽훖뷡싛ꎺ헽쿠맘ꆢ뢺쿠맘뫍쎻폐맘쾵ꎻ뛾쫇웳튵짧믡퓰죎폫닆컱벨킧횮볤쫇럱뻟폐틲맻맘쾵ꎬ벴퇐뺿웳튵짧믡퓰죎폫닆컱벨킧횮볤쫇떥랽쏦펰쿬뮹쫇쮫랽뮥쿠펰쿬ꆣ 3.웳튵짧믡퓰죎뇪ힼ뮯퇐뺿 20쫀볍90쓪듺틔살ꎬ맺볊웳튵짧믡퓰죎퓋뚯톸쯙랢햹ꎬ짧믡퓰죎뇪ힼ뮯컊쳢훰붥놻맺볊짏훘쫓ꎬ웤훐퓚맺볊짏ퟮ뻟폐펰쿬솦뗄쫇웳튵짧믡퓰죎맺볊뇪ힼꎨSocial Accountability 8000International Standardꎬ볲돆SA8000ꎩꎬ쯼쫇퓚솪뫏맺ꆢ룷맺헾뢮뫍훮뛠럇헾뢮ퟩ횯뗄횧돖쿂ꎬ평쏀맺뺭볃폅쿈좨죏뿉믺릹캯풱믡ꎨCEPAAꎬ뫳룼쏻캪맺볊짧믡퓰죎죏뿉캯풱믡ꎬSAIꎩ훆뚨뗄뇪ힼ뫍죏횤쳥쾵ꎬ쫇좫쟲쫗룶뗀뗂맦랶맺볊뇪ힼꆣ 15
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 SA8000 ퟷ캪짧믡퓰죎랽쏦뗄죏횤쳥쾵ꎬ늻뷶쏷좷쇋짧믡퓰죎맦랶ꎬ뛸쟒튲쳡돶쇋쿠펦뗄맜샭쳥쾵튪쟳ꎬ붫웳튵짧믡퓰죎폫웳튵뗄뺭펪맜샭뷡뫏웰살ꎬ퓚튻뚨돌뛈짏뿉틔맦랶ퟩ횯탐캪ꎬ놣뮤샍릤좨틦ꆣSA8OOO짧믡퓰죎죏횤뇪ힼ뗄붨솢ꎬ뛔컒맺웳튵ퟟ쿲맺볊쳡돶쇋룼룟뗄튪쟳ꎬ퓚튻뚨돌뛈짏쳡룟쇋컒맺웳튵뷸죫맺볊쫐뎡뗄쏅볷ꎬ떫듓쇭튻뷇뛈살뾴ꎬ쯦ퟅ뺭볃좫쟲뮯뗄랢햹ꎬSA8000붫돉캪웳튵뷸죫맺볊쫐뎡뗄춨탐횤ꎬ헢튲쫇컒맺웳튵맺볊뮯뗄웵믺ꎬ뿉틔듙쪹웳튵믽벫싄탐짧믡퓰죎ꎬ듓뛸쳡짽웳튵뗄짧믡탎쿳ꎬ쳡룟웳튵뗄ퟛ뫏뺺헹솦ꎬ쓃떽SA8000뗄죫뎡좯ꆣ 4.웳튵짧믡퓰죎춶퇐뺿 웳튵짧믡퓰죎춶튲돆캪ꆰ뿉돖탸퓰죎탔춶ꆱ(Sustainable And Responsible Investment)ꎬ쫇튻훖붫죚폫짧믡ꆢ뮷뺳틔벰뗀뗂맦랶뗈컊쳢쿠솪[1]쾵뗄죚쒣쪽ꎬ죎뫎폫짧믡퓰죎쿠맘뗄춶뚼뿉틔놻뾴ퟷ쫇짧믡퓰죎춶ꆣ뇭쏷짧믡퓰죎틑훰붥돉캪튻훖폐킧뗄맜샭닟싔놻틽죫떽웳튵뗄햽싔맜샭훐ꎬ돐떣짧믡퓰죎훰붥평퓶볓돉놾뗄뺭볃뢺떣뇤캻튻훖뛀쳘뗄폐킧뗄춶릤뻟ꆣ웳튵뿉틔듓햽싔뗄룟뛈살짳쫓싄탐짧믡퓰죎뗄뇘튪탔ꎬ붫짧믡퓰죎폫웳튵뗄햽싔탔뺭펪쒿뇪탨쟳맒릳ꎬ듓뛸듙쪹웳튵뛔듽짧믡퓰죎쓜뇤놻뚯뷓쫜캪훷뚯돐떣ꎬ틔듋뮯쳴햽캪믺폶ꎬ살펦뛔뺭볃좫쟲뮯뗄뺺헹ꆣ ퟛ짏쯹쫶ꎬ춨맽웳튵짧믡퓰죎뗄웰풴폫쓚몭ꎬ쓚죝랶캧뫍쿠맘샭싛뗄컄쿗쫡샭ꎬ컒쏇뿉틔뾴돶ꎬ웳튵짧믡퓰죎샭싛쫇쯦ퟅ컷랽뺭볃뗄랢햹벰웳튵폫짧믡맘쾵뗄늻뛏뇤훰붥랢햹웰살뗄ꎬ룃샭싛뗄돶쿖춻웆쇋뒫춳웳튵닆컱맜샭쒿뇪맛뗣뗄쫸뢿ꎬ쪹웳튵늻퓙뷶뷶쫇ꆰ뺭볃죋ꆱꎬ횻ힷ쟳막뚫샻틦뗄싺ퟣ뫍뺭볃킧틦뗄ퟮ듳뮯ꎬ뛸쟒춬쪱튲펦룃쫇ꆰ짧믡죋ꆱꎬ튪뾼싇짧믡뗄헻쳥샻틦뫍짧믡뗄뿉돖탸랢햹ꎬ쪹웳튵퓚뺭볃쇬폲랢믓뒴퓬뺭볃볛횵뗄뺭볃릦쓜뗄춬쪱ꎬ퓚짧믡쇬폲뗄듳뮷뺳훐튲튪랢믓뒴퓬짧믡볛횵뗄짧믡릦쓜ꎬ믽벫돐떣웰쿠펦뗄웳튵짧믡퓰죎ꎬ닎폫짧믡짺믮ꎬ랢믓웳튵뗄짧믡펰쿬솦ꆣ 싵뿋뛻ꆤ늨쳘ꎨ2007) 퓸쮵ꎺꆰ웳튵짧믡퓰죎늻쫇살풴폚웳튵탐캪횮췢뗄톹[2]솦ꎬ뛸쫇웳튵튻쟐틔뺭볃믮뚯캪믹뒡뗄탐캪맽돌훐쓚짺뗄탨쟳ꆱꆣ죧뫎샭뷢짧믡퓰죎뗄ꆰ쓚짺탔ꆱ쓘ꎿ튻랽쏦ꎬ컒쏇냑웳튵뛔짧믡퓰죎뗄춶죫폫횧돶뾴ퟶ쫇웳튵뗄짺닺돉놾뫍풭닄쇏돉놾튻퇹ꎬ쫇웳튵믹놾퓋ퟷ쯹탨뫄럑뗄튻훖뇘튪럑폃ꆣ헢랽 [1] 헔럡쓪.웳튵짧믡퓰죎뗄뫪맛뺭볃뚯틲폫듙뷸닟싔퇐뺿[D].놱뺩폊뗧듳톧ꎬ2008 [2] 싵뿋뛻ꆤ늨쳘ꎬ십뿋ꆤ뿋샗쒬.햽싔폫짧믡ꎺ뺺헹폅쫆폫웳튵짧믡퓰죎뗄솪쾵[J].맾런짌튵움싛ꎬ2007ꎨ11ꎩ 16
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 쏦뗄돉놾횧돶ꎬ믡럾컱폚짧믡ꎬ듙뷸짧믡뗄뷸늽폫랢햹ꎬ틔듋믱뗃짧믡듳훚뗄맣랺죏뿉ꎬ훰붥탎돉웳튵뗄컞탎닺폫짌폾ꎬ쳡짽웳튵뗄ퟛ뫏탎쿳ꎬ듓뛸듸룸웳튵틾탔뗄믘놨ꎬ듙뷸웳튵쓚췢늿뗄뫍킳퓋ퟷꆣ쇭튻랽쏦ꎬ웳튵쫇춨맽듓짧믡헢룶ퟔ좻폫죋컄뗄듳뮷뺳믱좡풴살짺닺싺ퟣ짧믡탨튪뗄닺욷뛸믱뗃짺듦뫍랢햹뗄ꆣ죧맻쾣췻늻뛏뗘믱좡훮죧뮷뺳ꆢ죋풱ꆢ쿻럑헟ꆢ헾뢮뗈룷쿮풴ꎬ쓇뻍탨튪뛔쯻쏇뢺퓰ꎬ헢튲쫇웳튵캪쇋짺듦ꆢ랢햹ꆢ믱샻쯹튪싺ퟣ뗄룷쿮탨튪ꆣ쯹틔웳튵짧믡퓰죎뗄ꆰ쓚짺탔ꆱ뿉틔쮵쫇웤ퟮ놾훊뗄쳘헷ꎬ쫇웳튵퓚짧믡훐뫍킳퓋펪쯹틽웰뗄뇘좻뷡맻ꎬ뛸럇췢뷧잿훆톹솦듟듙쿂뗄놻뚯탐캪ꆣ 헢뇭쏷웳튵폫짧믡뗄맘쾵쫇쿠뮥틀듦폫뮥샻릲펮뗄ꎬ웳튵쫇짧믡뗄쾸냻ꎬ짧믡뮷뺳뗄뇤뮯믡펰쿬웤듓쫂뗄뺭펪믮뚯ꎬ랴맽살ꎬ웳튵뗄뺭펪탐캪튲쓜뛔짧믡닺짺뻞듳뗄펰쿬ꆣ 틲듋ꎬ웳튵뒦폚짧믡룷랽쏦뗄샻틦맘쾵훐ꎬ뒦폚짧믡싗샭뗀뗂뗄맦랶훐ꎬ뒦폚뺭볃ꆢ짧믡릲춬랢햹뗄맘쾵훐ꆣ웳튵짧믡퓰죎틑뺭훰붥탎돉튻훖캪볛횵탨튪ꎬ붫믡짏짽떽짧믡볛횵뗄룟뛈ꎬ춬웳튵볛횵쿠뮥ퟷ폃ꎬ듓뛸쳡짽웳튵뗄헻쳥볛횵ꆣ틲듋ꎬ웳튵짧믡퓰죎샭싛뗄랢햹캪웳튵닆컱맜샭쒿뇪뗄짨훃쳡릩쇋탂뗄쮼뾼랴쿲ꎬ놾퇐뺿쳡돶뗄웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퓲쫇웳튵쪵쿖쮫펮뗄쒿뇪ꎬ쫇뻟폐튻뚨뗄쪱듺놳뺰뫍샭싛믹뒡뗄ꎬ쫇웳튵닆컱맜샭쒿뇪뗄ퟮ병톡퓱ꆣ 죽ꆢ킭춬샭싛 ꎨ튻ꎩ킭춬샭싛뗄웰풴폫랢햹 킭춬샭싛쫇평풭솪냮뗂맺쮹춼볓쳘듳톧샭싛컯샭톧뷌쫚맾뿏()폚20쫀볍70쓪듺뒴솢뗄튻쏅뫡뿧ퟔ좻뿆톧뫍짧믡뿆톧뗄뫡뛏톧뿆ꆣ1973쓪ꎬ맾뿏뷌쫚헽쪽쳡돶쇋ꆰ킭춬ꆱ뗄룅쓮ꎬ 늢폚1977쓪랢뇭쇋쯻뗄훸ꆶ킭춬톧떼싛ꆷꎬ탎돉쇋쾵춳뗄킭춬톧샭싛쳥쾵ꎬ1983쓪쯻폖랢뇭쇋훸ꆶ룟뗈킭춬톧ꆷꎬ펰쿬웄짮ꆣ20쫀볍80쓪듺ꎬ맾뿏뗄ꆶ킭춬톧떼싛ꆷ뗈놻랭틫뫳틽죫떽컒맺ꎬ퓚폐맘뾯컯짏랢뇭쇋튻쾵쇐뷩짜킭춬샭싛뗄컄헂ꆣ 퓚20쫀볍80쓪듺뫍90쓪듺ꎬ킭춬톧틽웰쇋맣듳톧헟뗄퇐뺿죈쟩ꎬ킭춬톧뗄돶쿖캪룷룶쇬폲톧뿆뗄퇐뺿횸돶쇋튻룶탂랽쿲ꆣ맺쓚췢뛔킭춬샭싛뗄퇐뺿럖늼퓚늻춬뗄쇬폲ꎬ죧짺컯뿆톧쇬폲ꎬ퇐뺿짺컯쾵춳뗄릲짺ꆢ뫏ퟷꆢ뺺헹뗈킭춬쿖쿳ꎬ 17
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 뮹폐펦폃킭춬뷸뮯쮼쿫첽쳖웳튵ퟩ횯뗄랢햹햽싔ꆢ뺺헹햽싔뗈ꎬ뛸맺쓚췢붫킭춬톧펦폃폚뺭볃맜샭쇬폲뗄퇐뺿짐쟒뒦폚쏈톿쪱웚ꎬ틲듋ꎬ붫킭춬톧펦폃떽닆컱맜샭쒿뇪뗄퇐뺿훐붫쫇튻룶탂뗄랽쿲짏뗄뎢쫔ꆣ ꎨ뛾ꎩ킭춬뗄몬틥뫍놾훊 킭춬쫇횸킭뗷솽룶믲헟솽룶틔짏뗄늻춬풴믲헟룶쳥ꎬ킭춬튻훂뗘췪돉쒳튻[1]쒿뇪뗄맽돌믲쓜솦ꆣ킭춬뗄놾훊쫇듲웆죋ꆢ닆ꆢ컯ꆢ탅쾢뗈룷쿮풴횮볤풭폐뗄뇚생ꆢ풼쫸믲쎬뛜ꎬ춨맽퇐뺿늻춬풴횮볤릲춬쳘헷늢돤럖샻폃ꆢ킭뗷ꆢ엤뫏헢킩풴쪹웤캪릲춬뗄쒿뇪뷸탐킭뗷튻훂뗄퓋ퟷꆣ킭춬싛죏캪ꎬ잧닮췲뇰뗄쾵춳ꎬ뺡맜웤쫴탔룷늻쿠춬ꎬ떫룷룶쾵춳횮볤퓚헻룶뮷뺳뗄ퟷ폃쿂좴듦퓚ퟅ쿠뮥펰쿬폖쿠뮥뫏ퟷ뗄맘쾵ꎬ죧늻춬떥캻볤믲늻춬늿쏅쓚늿뗄쿠뮥엤뫏폫킭뗷맘쾵ꎬ웳튵볤쿠뮥뺺헹뗄맘쾵ꎬ벰쾵춳훐뿉쓜믡돶쿖뗄쿠뮥룉죅뫍훆풼맘쾵뗈튻킩춨뎣뗄짧믡쿖쿳ꆣ춨맽킭춬샭싛ꎬ컒쏇횪뗀ꎬ평듳솿ퟓ쾵춳ퟩ돉뗄쾵춳횮볤퓚튻뚨쳵볾쿂ꎬ뿉틔쿠뮥ퟷ폃뫍킭뗷퓋ퟷꎬ늢쟒춨맽뇋듋횮볤뗄펰쿬쓜릻ퟮ훕퇘ퟅ춬튻뗄퓋뚯랽쪽ꎬퟷ캪ퟜ뗄쒣쪽ꎬ킭춬튻훂퓋뚯ꆣ ꎨ죽ꎩ웳튵볛횵폫짧믡볛횵킭춬맘쾵 킭춬쫇쿖듺웳튵맜샭랢햹뗄뇘좻튪쟳ꎬ냑킭춬샭싛폫맜샭샭싛쿠뷡뫏ꎬ룸컒쏇퇐뺿쿖쪵맜샭쇬폲훐뗄컊쳢쳡릩쇋탂뗄쮼캬쒣쪽뫍샭싛쫓뷇ꆣ춨맽킭춬샭싛ꎬ컒쏇횪뗀쾵춳쓜럱랢믓킭춬킧펦쫇평쾵춳쓚늿룷룶ퟓ쾵춳뗄킭춬ퟷ폃뻶뚨뗄ꎬ횻폐뇋듋횮볤킭춬뗃뫃ꎬ쾵춳뗄헻쳥릦쓜닅쓜뫃ꆣ죧맻튻룶맜샭쾵춳쓚늿ꎬ죋ꆢퟩ횯ꆢ뮷뺳뗈룷ퟓ쾵춳횮볤쿠뮥킭뗷엤뫏ꎬ캧죆릲춬뗄쒿뇪웫탄킭솦뗘얬솦퓋ퟷꎬ쓇쎴뻍쓜닺짺1+1≥2뗄킭춬킧펦ꆣ랴횮ꎬ죧맻튻룶맜샭쾵춳쓚늿쿠뮥쎬뛜ꆢ닺짺돥춻ꎬ뻍믡퓬돉헻룶맜샭쾵춳쓚늿룷ퟓ쾵춳횮볤뗄뮥쿠뗖훆ꎬ쓑틔랢믓룷ퟔ펦폐뗄릦쓜ꆣ 쯦ퟅ좫쟲뺭볃튻쳥뮯뗄쟷쫆풽살풽쏷쿔ꎬ쿖듺웳튵맜샭쏦쇙ퟅ튻룶뢴퓓뛠뇤ꆢ늻뿉풤닢뗄뺺헹뮷뺳ꎬ웳튵횮볤뗄뺺헹튲뇤뗃틬뎣벤쇒ꎬ죧룟탂벼쫵뗄룼탂폫쳔청쯙뛈풽살풽뿬ꎬ닺욷뗄짺쏼훜웚풽살풽뛌ꎬ짧믡뛔웳튵뗄짺닺폫럾컱뗄튪쟳풽살풽룟ꎬ뗈뗈ꆣ퓚헢퇹뗄놳뺰쿂ꎬ웳튵쾵춳튪쪵쿖짺듦ꆢ랢햹뫍믱샻뗄쒿뇪ꎬ뇘 [1] 돌뫧.뿧웳튵킭춬탅쾢맜샭뺺헹솦[M].훐맺짧믡뿆톧돶냦짧ꎬ2006ꎺ3-4 18
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 탫킭춬뫃웳튵쾵춳쓚늿룷ퟓ쾵춳횮볤뗄맘쾵ꎬ쪹룷ퟓ쾵춳횮볤뿉틔쿠뮥듙뷸ꎬ릲춬랢햹ꎬ킭춬튻쟐뿉틔킭춬뗄솦솿살쏖늹ퟔ짭뗄늻ퟣꎬ쳡룟웳튵헢룶듳쾵춳뗄뺺헹폅쫆ꆣ 웳튵볛횵폫짧믡볛횵뻍쿱웳튵쾵춳뗄솽룶ퟓ쾵춳ꎬ솽헟횻폐킭춬뫃뇋듋뗄맘쾵ꎬ닅쓜듙뷸웳튵헢룶듳쾵춳뗄랢햹ꆣ틲듋ꎬ웳튵볛횵뫍짧믡볛횵쫇뛔솢춳튻ꎬ쿠뮥랢햹뗄ꎬ웳튵돐떣짧믡퓰죎뫍ힷ쟳뺭볃샻틦늢늻닺짺쎬뛜ꆣ웳튵뗄ퟜ쳥쒿뇪쫇짺듦ꆢ랢햹ꆢ믱샻ꎬ헢뫍웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪쫇튻훂뗄ꆣ뺡맜듓뻖늿뫍뛌웚샻틦뗄뷇뛈뾴ꎬ솽헟듦퓚튻뚨뗄쎬뛜탔ꆣ틲캪웳튵쫇틔펪샻캪쒿뗄듓쫂짺닺뺭펪뗄뺭볃ퟩ횯ꎬힷ쟳뺭볃샻틦뗄ퟮ듳뮯쫇웤놾훊쫴탔ꎬ뛸퓚튻뚨쳵볾뫍쪱웚쓚ꎬ웳튵뒴퓬뗄닆뢻ퟜ솿쫇폐쿞뗄ꎬ싄탐짧믡퓰죎틢캶ퟅ뺭볃샻틦뗄늿럖즥쪧뫍죃뛉ꎬ뛌웚쓚늻쓜캪웳튵횱뷓듸살뺭볃킧틦ꎬ떫럻뫏짧믡샻틦뗄탐캪믡쪹웳튵쫷솢솼뫃뗄릫훚탎쿳ꎬ듓뛸캪웳튵믱좡뎤웚뺭볃볛횵폫뿉돖탸랢햹ힼ놸쇋쳵볾ꆣ웳튵쪵쿖쇋웤뺭볃볛횵ꎬ퓶잿쇋ퟔ짭뗄믱샻쓜솦뫍쓚퓚볛횵ꎬ뻍폐룼볓돤ퟣ뗄뷰뫍탛뫱뗄닆솦냯훺짧믡짏탨튪냯훺뗄죋ꎬ룄짆뮷뺳ꎬ맄샸풱릤뗈ꆣ춨맽싄탐웳튵짧믡퓰죎ꎬퟶ떽ퟱ톭짌튵뗀뗂ꆢ낲좫짺닺ꆢ놣뮤풱릤뗄뫏램좨틦ꆢ놣뮤뮷뺳뫍뷚풼풴ꆢ횧돖듈짆쫂튵ꆢ놣뮤죵쫆좺쳥뗄샻틦뗈ꎬ쓜릻폅뮯웳튵뗄췢늿뺺헹뮷뺳ꎬ룄짆웳튵뗄짧믡릫훚탎쿳듓뛸믱뗃짧믡룷뷧뗄횧돖ꎬ캪웳튵뗄랢햹믽샛쇋럡뢻뗄짧믡놾ꎬ캪좫짧믡뒴퓬쇋룼뛠짧믡볛횵ꎬ헢쪱ꎬ짧믡퓰죎늻퓙쫇튻훖퓰죎ꆢ튻쿮돉놾ꆢ튻룶풼쫸쳵볾뛸쫇튻훖뿉돖탸퓶뎤뗄볛횵맛쓮ꎬ붫짧믡퓰죎뗄믹놾쮼쿫ꆢ랽램쓉죫떽웳튵햽싔맜샭쳥쾵훐ꎬ폫웳튵뗄뺭펪맜샭쿠뷡뫏ꎬ늢맡뒩폚볛횵솴짏뗄쎿튻뮷뷚ꎬ믡룸웳튵듸살잿듳뗄뺺헹폅쫆뫍ퟛ뫏뺺헹솦ꎬ듓뛸룼폐샻폚쪵쿖웳튵뗄뺭볃볛횵ꎬ듯떽돖탸뒴퓬웳튵볛횵뗄쒿뗄ꆣ헢퇹살뾴ꎬ웳튵뗄뺭볃쒿뇪뫍짧믡쒿뇪뻟폐춬튻탔ꎬ짧믡샻틦뗄쪵쿖냩쯦ퟅ뺭볃샻틦뗄쪵쿖ꎬ웳튵볛횵뗄쳡짽냩쯦ퟅ짧믡뢣샻뗄퓶볓ꎬ헢퇹뗄솼탔톭뮷튲쫇웳튵폫짧믡릲춬ힷ쟳뗄ퟮ병ힴ첬ꆣ 19
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 뗚죽헂 웳튵볛횵뫍짧믡볛횵킭춬맘쾵뗄쪵횤퇐뺿 듓뗚뛾헂웳튵볛횵폫짧믡볛횵킭춬맘쾵뗄럖컶훐ꎬ컒쏇뿉틔뾴떽웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪뫍웳튵뗄ퟜ쳥쒿뇪쫇튻훂뗄ꎬ웳튵볛횵폫짧믡볛횵횮볤쫇쿠뮥솪쾵ꎬ쿠뮥랢햹뗄ꎬ솽헟뿉틔탎돉릲펮뗄뻖쏦ꆣ틲듋ꎬ웳튵펦룃듓햽싔뗄룟뛈돶랢ꎬ훷뚯냑짧믡퓰죎뗄돐떣쓉죫떽웳튵뗄뎤웚퓋펪믺훆훐ꎬ붫웳튵짧믡퓰죎뫍햽싔맜샭뷡뫏웰살쮼뾼ꎬ맡뒩폚웳튵뗄헻쳥뺭펪훐ꎬ헢쪱짧믡퓰죎늻퓙쫇튻쿮돉놾ꆢ튻룶탐캪맦랶믲쫇튻훖듈짆탐캪ꎬ뛸쫇튻룶듲퓬돖탸뺺헹폅쫆ꆢ쪵쿖웳튵뿉돖탸랢햹뗄폐킧뗄춶닟싔ꎬ튲돉캪쇋쳡짽웳튵볛횵뗄풴좪ꎬ웳튵볛횵뗄쳡짽폖믡랴맽살펰쿬웳튵뗄짧믡퓰죎햽싔ꎬ듙쪹웳튵룼뫃뗄싄탐짧믡퓰죎ꎬ쳡룟짧믡볛횵ꆣ헢훖쿠뮥듙뷸뗄맘쾵ꎬ탎돉쇋웳튵뗄짧믡퓰죎튻웳튵볛횵맘쾵쒣탍ꆣ놾컄퇐뺿훐ꎬ냑짧믡볛횵맩캪웳튵짧믡퓰죎뗄뿲볜쿂ꎬ헢퇹짧믡볛횵폫웳튵볛횵맘쾵뗄퇐뺿뻍춳튻떽웳튵짧믡퓰죎폫웳튵볛횵뗄뿲볜쿂ꆣ놾컄퓚잰죋퇐뺿뗄믹뒡짏ꎬ뷡뫏킭춬샭싛럖컶ꎬ톡좡컒맺뫾놱쪡짏쫐릫쮾ퟷ캪퇐뺿뗄뛔쿳ꎬ쓢닉폃쪵횤뗄랽쪽첽쯷웳튵짧믡퓰죎폫웳튵볛횵뗄맘쾵ꎬ벴퇩횤놾컄뗄맘쾵쒣탍ꆣ 튻ꆢ퇐뺿짨볆 ꎨ튻ꎩ퇹놾톡퓱폫쫽뻝살풴 놾컄톡좡쇋뫾놱쪡뮦짮솽쫐2008쓪짏쫐릫쮾ퟷ캪퇐뺿뛔쿳ꎬ캪쇋놣횤퇐뺿쫽뻝뗄폐킧탔ꎬ쿖내헕틔쿂뇪ힼ뛔쫽뻝뷸탐즸톡:쫗쿈ꎬ쳞돽쇋ST샠릫쮾ꎬ틲캪헢샠릫쮾뗄닆컱ힴ뿶틑뺭뛱뮯ꎬ닆컱쫽뻝폫웤쯻헽뎣릫쮾컞램뇈뷏ꎬ늢쟒뿉틔뇜쏢벫뛋횵뛔춳볆뷡맻닺짺뗄펰쿬ꎻ웤듎ꎬ쳞돽쇋뷰죚ꆢ놣쿕샠릫쮾ꎬ훷튪쫇뾼싇떽헢샠릫쮾뗄죕뎣뺭펪튵컱뫍믡볆뒦샭랽램뻟폐쳘쫢탔ꎻ좻뫳ꎬ쳞돽쇋돽A막췢뮹랢탐B막ꆢH막뫍뺳췢막뗄짏쫐릫쮾ꎬ헢쫇캪쇋뇜쏢쮫훘볠맜뮷뺳뛔A막뗄탅쾢엻슶닺짺펰쿬ꎻퟮ뫳ꎬ쳞돽쇋쫽뻝엻슶늻좫뗄짏쫐릫쮾ꆣ내헕짏쫶뇪ힼꎬퟮ뫳뗃떽45볒짏쫐릫쮾ퟷ캪퇹놾뷸탐퇐뺿ꆣ놾컄퇐뺿쯹쪹폃뗄짏쫐릫쮾쫽뻝뻹살ퟔ뻞뎱톶췸햾ꎬ컄훐쿠맘쫽뻝뗄뒦샭벰볬퇩뻹닉폃춳볆죭볾뷸탐ꆣ 놾퇐뺿톡퓱짏쫐릫쮾닆컱놨뇭ퟷ캪뫢솿웳튵볛횵폫짧믡퓰죎뗄쫽뻝살풴ꎬ닆컱놨뇭랴펳쇋웳튵뗄닆컱ힴ뿶ꆢ뺭펪돉맻뫍쿖뷰쇷솿ꎬ춨맽닆컱놨뇭뿉틔럖컶돶 20
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 웳튵뗄믱샻쓜솦뫍잱퓚랢햹쓜솦ꎬ벴웳튵뗄뺭볃볛횵ꆣ뛸톡퓱닆컱놨뇭쫽뻝뫢솿짧믡퓰죎훷튪쫇믹폚틔쿂샭평ꎺ웳튵짧믡퓰죎뗄쿠맘탅쾢퓚컒맺쫴폚ퟔ풸엻슶뗄쓚죝ꎬ쒿잰뮹쎻폐쿱맺췢닉폃뗄ꆰ뿉돖탸랢햹놨룦ꆱꆢꆰ웳튵짧믡퓰죎놨룦ꆱ뗈탎쪽뚨웚뗄엻슶웳튵짧믡퓰죎싄탐쟩뿶ꎬ쎻폐쏅뗄믺릹믲늿쏅횸떼뫍맦랶엻슶뗄맦퓲뫍룱쪽ꎬ튲쎻폐뛀솢뗄믺릹믲늿쏅뛔웳튵싄탐짧믡퓰죎뗄쟩뿶뷸탐좫쏦ꆢ쾵춳ꆢ쿪쾸뗄탅쾢춳볆뫍럖컶ꆣ틲듋ꎬ컒맺웳튵짧믡퓰죎쿠맘탅쾢뗄엻슶쓚죝뫍탎쪽뚼폐뫜듳뗄쯦틢탔ꎬ늢쟒췪좫평릫쮾ퟔ벺뷸탐엻슶뗄짧믡퓰죎탅쾢폫췢늿뛀솢믺릹ퟶ뗄움맀쿠뇈ꎬ좱랦릫헽탔뫍뿍맛탔ꎬ믡듦퓚엻슶늻ퟣ믲맽뛈엻슶뗄쟩뿶ꎬ떼훂컞램믱좡헦쪵ꆢ좫쏦ꆢ뿉뇈뗄쫽뻝ꆣ뛸짏쫐릫쮾뗄닆컱놨뇭쫇내헕튻뚨뗄룱쪽ꆢ맦뚨뫍쪱볤튪쟳ꎬ뺭믡볆쪦쫂컱쯹짳볆뫳ꎬ퓚횤좯붻틗쯹췸햾릫뾪엻슶뗄ꎬ쓜릻뷏죝틗뗄믱뗃듳솿쟒퓚늻춬릫쮾뿉뇈뗄럖컶쫽뻝ꆣ틲듋ꎬ벴쪹닆컱놨룦뗄쓚죝늢늻쓜췪좫냼삨웳튵싄탐짧믡퓰죎뗄쟩뿶ꎬ떫쫇듓쒿잰쟩뿶살뾴ꎬ웳튵닆컱놨룦쫇뫢솿웳튵짧믡퓰죎뗄튻룶뷏좫쏦뫍뿉뾿뗄탅쾢살풴ꆣ ꎨ뛾ꎩ퇐뺿뇤솿짨볆 1.웳튵볛횵뗄뫢솿 ힼ좷뗄뫢솿웳튵볛횵쫇튻룶쓑쳢ꎬ쒿잰ꎬ샭싛뷧뛔웳튵볛횵펦룃쫇닉폃믡볆횸뇪뮹쫇쫐뎡횸뇪살볆솿뗄틢볻짐늻튻훂ꆣ퓚쿠맘뗄퇐뺿훐ꎬ톧헟쏇맣랺펦폃뗄뫢솿웳튵쫐뎡볛횵뗄랽램쫇Tobin Q횵뫍쫐헋뇈ꆣ쯦ퟅ컒맺놾쫐뎡뗄훰붥돉쫬ꎬ 막쫐뗄폐킧탔폫컷랽쿠뇈닮뻠튲훰붥쯵킡ꎬ뇭쏷틑뺭뻟놸쇋닉폃쫐뎡횸뇪Tobin Q횵뫍쫐헋뇈뗄잰쳡쳵볾ꎬ틲듋ꎬ놾퇐뺿닉폃룄퓬뫳뗄Tobin Q횵ꆪꆰ쫐헋뇈ꆱ살뫢솿짏쫐릫쮾뗄웳튵볛횵ꆣ 2.웳튵짧믡퓰죎뗄뫢솿 웳튵짧믡퓰죎뗄뫢솿쫇웳튵볛횵폫웳튵짧믡퓰죎맘쾵뚨솿퇐뺿훐ퟮ캪뢴퓓뗄컊쳢ꎬ평폚웳튵짧믡퓰죎쓚죝폫뷇뛈뗄쒣뫽폫돥춻ꎬ쪹웤퇐뺿룼볓삧쓑ꎬ맺쓚췢샭싛뷧뫜퓧뻍뾪쪼퇐뺿죧뫎뛔웳튵짧믡퓰죎뷸탐뫢솿ꎬ뻝늻췪좫춳볆ꎬ훁짙돶쿖쇋14훖틔짏뫢솿웳튵짧믡퓰죎뗄랽램ꎬ뎣폃뗄랽램훷튪폐짹폾횸쫽램ꆢ쓚죝럖컶램ꆢ릫쮾짹폾움벶램ꆢTRI램뫍릫쮾듈짆램ꎬ떫평폚헢킩퇐뺿랽램쯹닉폃뗄움볛뷇뛈늻춬ꎬ쯹릹붨뗄짧믡퓰죎횸뇪쳥쾵튲폐쯹늻춬ꆣ 평폚컒맺좱짙샠쯆맺췢퇐뺿훐쯹쪹폃뗄짧믡쇏뿢ꎬ웳튵짧믡퓰죎뗄쿠맘탅 21
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 쾢횻쓜퓚웳튵쓪뛈놨룦뗄쿠맘쿮쒿벰닆컱놨뇭뢽힢뗄솿뮯엻슶훐좡뗃ꆣ틲듋ꎬ놾컄뗄쪵횤퇐뺿훷튪틔짏쫐릫쮾뗄닺뢺햮뇭ꆢ샻죳뇭ꆢ쿖뷰쇷솿뇭뫍닆컱놨뇭뢽힢훐릫뾪엻슶뗄폐맘쫽뻝캪믹뒡늢볓틔헻샭맩쓉ퟷ캪놾컄웳튵짧믡퓰죎뇤솿짨볆뗄쫽뻝살풴ꆣ 틀뻝웳튵짧믡퓰죎쯹냼몬뗄쓚죝ꎬ볦맋뇤솿횸뇪뗄뿉솿뮯탔뫍쫽뻝뗄뿉믱뗃탔ꎬ놾퇐뺿퓚뷨본잰죋퇐뺿뗄믹뒡짏ꎬ훷튪듓틔쿂웟룶캬뛈살움볛웳튵짧믡퓰죎ꎬ릹붨튻쳗웳튵짧믡퓰죎움볛횸뇪쳥쾵ꎬ냼삨웳튵뛔막뚫뗄퓰죎ꆢ뛔햮좨죋뗄퓰죎ꆢ웳튵뛔풱릤뗄퓰죎ꆢ웳튵뛔뿍뮧뗄퓰죎ꎬ웳튵뛔릩펦짌뗄퓰죎ꆢ웳튵뛔헾뢮뗄퓰죎틔벰웳튵뛔릫틦쫂튵뗄퓰죎ꆣ놾컄뗄웳튵짧믡퓰죎횸뇪뻟쳥짨볆죧쿂뇭3-1쯹쪾ꎺ 뇭3-1 짧믡퓰죎움볛횸뇪벰럻뫅뇭쪾 횸뇪샠뇰 횸뇪쏻돆 럻뫅횸뇪볆솿랽램 뛔막뚫뗄퓰죎 뺻닺쫕틦싊 X 뺻샻죳1 욽뻹막뚫좨틦뛔햮좨죋뗄퓰죎 쯙뚯뇈싊 X 쇷뚯닺−듦믵2 쇷뚯뢺햮뛔풱릤뗄퓰죎 릤뢣샻뇈싊 X 횧뢶룸풱릤벰캪풱릤횧뢶뗄쿖뷰3 욽뻹닺ퟜ뛮뛔뿍뮧뗄퓰죎 훷펪튵컱돉놾싊X 훷펪튵컱돉놾4 훷펪튵컱쫕죫뛔릩펦짌뗄퓰죎 펦뢶헋뿮훜싊X 훷펪튵컱돉놾5 펦뢶헋뿮뛔헾뢮뗄퓰죎 쮰쫕릱쿗싊 X 횧뢶뗄룷쿮쮰럑−쫕떽뗄쮰럑략뮹6욽뻹닺ퟜ뛮뛔릫틦쫂튵뗄퓰죎릫틦릱쿗싊 X 뻨퓹횧돶7 욽뻹닺ퟜ뛮 3.뿘훆뇤솿 뷨본틔잰뗄퇐뺿돉맻ꎬ뾼싇떽웳튵늻춬뗄돉뎤탔쮮욽ꆢ늻춬뗄맦쒣ꆢ늻춬뗄뢺햮쮮욽뗈틲쯘뚼믡펰쿬웳튵볛횵폫짧믡퓰죎ꎬ캪쇋쪹뷡싛뻟폐뿉뾿탔ꎬ놾컄틽죫웳튵뗄돉뎤탔ꆢ웳튵뗄맦쒣뫍닆컱룜룋ퟷ캪뿘훆뇤솿ꎬ훷튪닉폃훷펪튵컱쫕죫퓶뎤싊살뿘훆돉뎤탔ꎬ폃릫쮾뗄ퟜ닺뗄ퟔ좻뛔쫽살뫢솿릫쮾맦쒣ꎬ폃닺뢺햮싊살뿘훆뢺햮뗄쮫죐붣킧펦ꆣ샮헽(2006)퓚웳튵볛횵폫짧믡퓰죎뗄쿠맘퇐뺿훐퓸쪹폃쯼쏇ퟷ캪뿘훆뇤솿ꆣ뿘훆뇤솿뗄짨훃벰럻뫅뇭쪾볻쿂뇭3-2ꎺ 22
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 뇭3-2 뿘훆뇤솿짨훃벰럻뫅뇭쪾 뇤솿쏻돆 럻뫅뇭쪾 볆쯣랽램 훷펪튵컱쫕죫X 놾쓪훷펪튵컱쫕죫−짏쓪훷펪튵컱쫕죫8 퓶뎤싊 짏쓪훷펪튵컱쫕죫뿘 훆 뇤 솿 ퟜ닺뗄ퟔ좻X ꥒ(ퟜ닺) 9 뛔쫽 닺뢺햮싊 X 뢺햮ퟜ뛮10 닺ퟜ뛮 뛾ꆢ퇐뺿볙짨벰볬퇩랽램 놾컄틔짏쫐릫쮾뗄짧믡퓰죎횸뇪횵ퟷ캪ퟔ뇤솿ꎬ틔짏쫐릫쮾뗄ꆰ쫐헋뇈ꆱퟷ캪틲뇤솿ꎬ헫뛔웳튵짧믡퓰죎폫웳튵볛횵뗄쿠맘맘쾵헢튻컊쳢ꎬ뛔퇹놾뗄ퟜ쳥닉폃춳볆탔쏨쫶뫍뛠풪믘맩럖컶뗄쪵횤퇐뺿랽램살뷒쪾웳튵볛횵폫짧믡퓰죎뗄킭춬맘쾵ꎬ퓚럖컶뗄맽돌훐훷튪틀뻝P횵횸뇪뛔룷믘맩뷡맻뷸탐쿔훸탔볬퇩ꎬ틔듋살쮵쏷짧믡퓰죎폫웳튵볛횵횮볤뗄쿠맘맘쾵ꆣ퇐뺿훐틀뻝퇐뺿쓚죝뫍볬퇩볙짨뗄탨튪ꎬ붫퓋폃SPSSl7ꎮ0럖컶죭볾뛔쫽뻝뷸탐럖컶ꆣ 퇐뺿볙짨ꎺ웳튵싄탐짧믡퓰죎폫웳튵볛횵뻟폐헽쿠맘맘쾵 볬퇩쒣탍ꎺ 쫐헋뇈 =β+βΧ+βΧ+βΧ+βΧ+βΧ+βΧ+βΧ+βΧ+βΧ+βΧ+ε01122334455667788991010쪽훐:β듺뇭뎣쫽쿮뫍ퟔ뇤솿뗄쾵쫽ꎬε듺뇭쯦믺죅뚯쿮ꆣ 죽ꆢ쪵횤럖컶뷡맻 ꎨ튻ꎩ뇤솿뗄쏨쫶탔춳볆 쪹폃spss춳볆죭볾뛔쫽뻝뷸탐뇪ힼ뮯뒦샭뫳ꎬ룷뇤솿뗄쏨쫶탔춳볆뷡맻죧쿂뇭3-3쯹쪾ꎺ 23
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 뇭3-3 쏨쫶춳볆솿 N 벫킡횵벫듳횵뻹횵 뇪ힼ닮 랽닮 쫐헋뇈 뺻닺쫕틦싊ꎨ%ꎩ 45 쯙뚯뇈싊 릤뢣샻뇈싊 45 . .001훷펪튵컱돉놾싊 45 . .014펦뢶헋뿮훜싊 45 . 쮰쫕릱쿗싊ꎨ%ꎩ 45 릫틦릱쿗싊ꎨ%ꎩ 45 . .007닺뢺햮싊 훷펪튵컱퓶뎤싊 45 닺뛔쫽 폐킧뗄 N ꎨ쇐뇭ힴ첬ꎩ 45 춨맽짏뇭뗄쏨쫶뿉틔뾴돶ꎺ뫾놱쪡짏쫐릫쮾훐뫢솿웳튵볛횵뗄쫐헋뇈ퟮ듳뗄쫇ꎬퟮ킡뗄쫇ꎬ쮵쏷짏쫐릫쮾뗄볛횵닮틬뷏듳ꎻ퓚뛔막뚫뗄퓰죎랽쏦ꎬ쳥쿖퓚뫢솿웳튵펯샻쓜솦뗄횸뇪뺻닺쫕틦싊짏ꎬ평폚룷릫쮾뗄펯샻폐헽폐뢺ꎬ뺻닺쫕틦싊횸뇪뗄럖늼닮틬탔뷏듳ꎬ뺻닺쫕틦싊ퟮ듳뗄쫇%ꎬퟮ킡뗄캪%ꆣ뇭쏷퇹놾릫쮾뗄펯샻탔쮮욽듦퓚닮틬ꎬ폐튻늿럖릫쮾뒦폚룟뿷쯰뗄뻖쏦ꎻ퓚뛔햮좨죋뗄퓰죎랽쏦ꎬ쳥쿖퓚뎥햮쓜솦짏ꎬ룷짏쫐릫쮾뗄쮮욽튲폐쯹늻춬ꎬ쯙뚯뇈싊ퟮ듳뗄쫇ꎬퟮ킡뗄쫇ꎬ욽뻹횵캪ꎬ튻냣살쮵쯙뚯뇈싊늻틋맽룟튲늻틋맽뗍ꎬ펦캬돖퓚1ꎺlퟳ폒ꎬ쯙뚯뇈싊맽뗍틢캶ퟅ릫쮾뗄뛌웚뎥햮쓜솦늻잿ꎬ맽룟퓲쮵쏷릫쮾쎻폐쫊뛈퓋폃뻙햮뺭펪ꎬ떼훂웳튵뛌웚뷰뗄샻폃킧싊뷏닮ꎻ퓚뛔풱릤뗄퓰죎랽쏦ꎬ룷짏쫐릫쮾쯹햼뇈샽늻룟ꎬ닮틬튲뷏듳ꎬퟮ룟뗄쫇%ꎬퟮ뗍뗄쫇%ꎬ쮵쏷퇹놾릫쮾뛔풱릤뗄뢣샻횧돶늻릻훘쫓ꎻ퓚뛔뿍뮧뗄퓰죎랽쏦ꎬ훷펪튵돉놾싊풽룟ꎬ뇭쪾웳튵룸뿍뮧뗄죃샻뻍풽뛠ꎬ룸뿍뮧듸살룼뛠쪵퓚뗄뫃뒦ꎬ쫇뛔뿍뮧뗄튻훖뺡퓰ꆣ퇹놾릫쮾훷펪튵컱돉놾싊뗄닮틬뷏듳ꎬퟮ룟뗄쫇ꎬퟮ뗍뗄쫇ꎻ퓚뛔헾뢮뗄퓰죎랽쏦ꎬ퇹놾릫쮾뗄욽뻹쮰쫕릱쿗싊캪3ꎮ98ꎥꎬ뇭쏷ퟜ쳥살뾴ꎬ뫾놱쪡짏쫐릫쮾틀램쓉쮰뗄쮮욽뮹쫇쿠뛔뷏룟뗄ꆣ퓚뛔짧믡릫틦쫂튵뗄퓰죎랽쏦ꎬ퇹놾릫쮾뗄욽뻹릫틦릱쿗싊캪ꎥꎬ쮵쏷퇹놾릫쮾듓쫂뢣샻쫂튵ꆢ뻨퓹뗄틢쪶뮹뇈뷏떭놡ꎻ퓚뿘훆뇤솿랽쏦ꎬ닺뢺햮싊ퟮ룟뗄 24
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 릫쮾듯떽쇋85ꎮ6ꎥꎬퟮ뗍뗄릫쮾캪16ꎥꎬ쮵쏷릫쮾뗄놾뷡릹듦퓚뷏듳닮틬ꎬ훷펪튵퓶뎤싊ퟮ룟뗄%ꎬퟮ뗍뗄%ꎬ쮵쏷퇹놾릫쮾뗄돉뎤탔닮틬뷏듳ꎬퟜ닺맦쒣뗄ퟔ좻뛔쫽뗄뻹횵캪ꎬ늢쟒닮틬탔뷏킡ꎬ뇭쏷퇹놾릫쮾뗄맦쒣쮮욽닮틬늻쫇뫜듳ꆣ ꎨ뛾ꎩ뛠풪믘맩럖컶 놾컄붫뫢솿웳튵볛횵뗄ꆰ쫐헋뇈ꆱퟷ캪틲뇤솿ꎬ폫뫢솿웳튵짧믡퓰죎뗄쇹룶횸뇪뇤솿벰죽룶뿘훆뇤솿ퟶ믘맩럖컶ꎬ뷡맻죧뇭3-4ꎬ뇭3-5쯹쪾ꎺ 뇭3-4 b쒣탍믣ퟜ 룼룄춳볆솿 뇪ힼ맀쒣뗷헻 볆뗄컳Durbin-R 랽F 룼Sig. F 탍 R R 랽 R 랽 닮 Watson 룼룄룄 df1df2룼룄 a1 .821 . . . 풤닢뇤솿: (뎣솿), Zscore(닺뛔쫽), Zscore(훷펪튵컱돉놾싊), Zscore(훷펪튵컱퓶뎤싊), Zscore(릫틦릱쿗싊), Zscore(쯙뚯뇈싊), Zscore(펦뢶헋뿮훜싊), Zscore(릤뢣샻뇈싊), Zscore(닺뢺햮싊), Zscore(쮰쫕릱쿗싊), Zscore(뺻닺쫕틦싊)ꆣ b. 틲뇤솿: Zscore(쫐헋뇈) 뇭3-5 bAnova 쒣탍 욽랽뫍 df 뻹랽 F Sig. a1 믘맩 .000닐닮 ퟜ볆 41 a. 풤닢뇤솿: (뎣솿), Zscore(닺뛔쫽), Zscore(훷펪튵컱돉놾싊), Zscore(훷펪튵컱퓶뎤싊), Zscore(릫틦릱쿗싊), Zscore(쯙뚯뇈싊), Zscore(펦뢶헋뿮훜싊), Zscore(릤뢣샻뇈싊), Zscore(닺뢺햮싊), Zscore(쮰쫕릱쿗싊), Zscore(뺻닺쫕틦싊)ꆣ b. 틲뇤솿: Zscore(쫐헋뇈) 2듓믘맩뷡맻살뾴ꎬ틔쫐헋뇈ퟶ틲뇤솿뗄랽돌뗷헻뫳뗄R캪ꎬF횵캪ꎬ쟒F횵뗄쿔훸탔룅싊뻹킡폚0ꎮ001ꎬ벴뻜뻸ퟜ쳥믘맩쾵쫽뻹캪쇣뗄볙짨ꎬ헢쮵쏷쒣 25
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 탍뗄ퟜ쳥믘맩킧맻쫇쿔훸뗄ꎬ퇩횤쇋웳튵싄탐짧믡퓰죎폫웳튵볛횵듦퓚쿠맘맘쾵뗄볙쮵ꆣDW횵캪ꎬ퓚2뢽뷼ꎬ쮵쏷늻듦퓚ퟔ쿠맘컊쳢ꎬ틲듋ꎬ쯹뗃돶뗄믘맩뷡맻쫇ퟮ폅쿟탔컞욫뗄ꆣ 뇭3-6 a쾵쫽 뇪ힼ럇뇪ힼ뮯쾵쫽쾵쫽릲쿟탔춳볆솿뇪ힼ 쒣탍 t 컳닮 쫔폃냦죝닮 VIF 1 (뎣솿) 15Zscore(뺻닺. 쫕틦싊) Zscore(릤뢣 샻뇈싊) Zscore(훷펪튵 컱돉놾싊) Zscore(펦뢶헋. 뿮훜싊) Zscore(쮰쫕릱. 쿗싊) Zscore(릫틦릱. 쿗싊) Zscore(쯙뚯뇈 싊) Zscore(닺뢺 햮싊) Zscore(훷펪튵. 컱퓶뎤싊) Zscore(닺ퟔ. 좻뛔쫽) a. 틲뇤솿: Zscore(쫐헋뇈) 듓뇭3-6믘맩랽돌뗄쾵쫽뇭ꎬ룷룶횸뇪뇤솿뗄릲쿟탔춳볆볬퇩살뾴ꎬ10룶횸뇪뗄VIF랽닮엲헍쾵쫽쿔쪾뻹킡폚10ꎬ뿉틔뻜뻸쯼쏇횮볤뗄릲쿟탔볙짨ꎬ벴늻듦퓚뛠훘릲쿟탔컊쳢ꆣ틲듋ꎬ쒣탍ퟜ쳥짏쫇폐킧뗄ꆣ 26
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 샻폃P횵뷸탐쿔훸탔볬퇩뗄뷡맻뇭쏷ꎬ랴펳웳튵뛔막뚫ꆢ헾뢮뫍릫틦쫂튵퓰죎뗄횸뇪뺻닺쫕틦싊ꆢ쮰쫕릱쿗싊뫍릫틦릱쿗싊뗄헢죽룶뇤솿뗄P횵킡폚Oꎮ05ꎬ뇭쏷헢솽룶횸뇪폫웳튵볛횵뻹폐쿔훸뗄헽쿠맘맘쾵ꎻퟷ캪뿘훆뇤솿랴펳웳튵맦쒣뗄닺ퟔ좻뛔쫽뫍웳튵뢺햮뇈샽뗄닺뢺햮싊뗄P횵튲뗍폚쇋0ꎮ05ꎬ춨맽쇋쿔훸탔볬퇩ꎻ랴펳뛔풱릤퓰죎뗄릤뢣샻뇈싊횸뇪뗄P횵듳폚Oꎮ05떫죔킡폚Oꎮ1ꎬ횤쏷헢룶ퟔ뇤솿폫틲뇤솿퓚10ꎥ뗄쿔훸탔쮮욽쿂뻟폐쿔훸뗄쿠맘맘쾵ꎬ떫평폚웤쾵쫽캪뢺ꎬ뇭쏷뛔풱릤뗄퓰죎폫웳튵볛횵횮볤쫇뢺쿠맘맘쾵ꎬ헢쫇튻룶횵뗃쮼뾼뗄컊쳢ꎻ뛸쇭췢4룶뇤솿훷펪튵컱돉놾싊ꆢ펦뢶헋뿮훜싊ꆢ쯙뚯뇈싊뫍훷펪튵컱퓶뎤싊뻹듳폚5ꎥ뗄쮮욽ꎬ쎻폐춨맽쿔훸탔볬퇩ꎬ뇭쏷퓚뛠풪믘맩럖컶쒣탍훐헢벸룶횸뇪뛔웳튵볛횵뗄펰쿬쫇늻쿔훸뗄ꆣ ꎨ죽ꎩ쪵횤뷡맻럖컶 춨맽뛔웳튵볛횵뇤솿뫍웳튵짧믡퓰죎뇤솿뗄믘맩럖컶뿉틔뗃돶ꎬ뫾놱쪡짏쫐릫쮾뫢솿짧믡퓰죎뗄횸뇪폫랴펳웳튵볛횵뗄ꆰ쫐헋뇈ꆱ돊쿖쿟탔쿠맘ꆣ듓짏쫶믘맩럖컶뗄뷡맻살뾴ꎬ뫢솿웳튵짧믡퓰죎뗄7룶횸뇪뫍틽죫뗄3룶뿘훆뇤솿뛔웳튵볛횵뗄펰쿬늻뺡쿠춬ꎬ놾컄쓢듓틔쿂벸룶랽쏦훰튻럖컶ꎺ 웳튵뛔막뚫뗄퓰죎폫웳튵볛횵헽쿠맘ꎬ평놾컄뗄춳볆럖컶뷡맻뿉볻ꎬ퓚5%뗄쿔훸탔쮮욽쿂ꎬ랴펳뛔막뚫뗄퓰죎뗄횸뇪뺻닺쫕틦싊폫웳튵볛횵쫇쿔훸헽쿠맘뗄ꆣ뺻닺쫕틦싊헢튻횸뇪뺭뎣ퟷ캪움볛막뚫믘놨쮮욽뗄훘튪뇪ힼꎬ틲듋ꎬ뿉틔쮵쏷웳튵뛔막뚫뗄퓰죎폫웳튵볛횵쫇뻟폐쿔훸뗄헽쿲펰쿬뗄ꎬ웳튵믽벫싄탐뛔막뚫뗄퓰죎ꎬ쳡룟웳튵뺻닺뗄쫕틦쮮욽뛔쳡짽웳튵볛횵쫇뫜폐틢틥뗄ꆣ 웳튵뛔햮좨죋뗄퓰죎랽쏦ꎬ쯙뚯뇈싊헢룶뇤솿뗄믘맩쾵쫽뚼쎻폐춨맽쿔훸탔볬퇩ꎬ뇭쏷헢킩횸뇪뛔웳튵볛횵뗄펰쿬늢늻쿔훸ꎬ폫뛔막뚫뗄퓰죎쿠뇈ꎬ웳튵뛔햮좨죋뗄퓰죎뛔웳튵볛횵늢쎻폐첫쿔훸뗄펰쿬ꆣ 웳튵뛔헾뢮뗄짧믡퓰죎폫웳튵볛횵돊쿖쿔훸뗄헽쿠맘맘쾵ꎬ헢뇭쪾웳튵풽쓜릻훷뚯ꆢ벰쪱ꆢ돤ퟣ뗄횧뢶룷쿮쮰럑ꎬ풽쓜쳡룟웤쯹믱뗃뗄쫕틦ꆣ헢쫇틲캪웳튵뛔헾뢮쯹ퟶ뗄릱쿗풽듳ꎬ풽쓜뗃떽헾뢮뗄맘힢뫍횧돖ꎬ헢퇹웳튵뫍헾뢮횮볤뻍쓜탎돉튻룶솼뫃뗄맘쾵ꎬ듓뛸뗃떽탭뛠헾닟짏뗄폅믝ꎬ틔붵뗍웤뺭펪돉놾뫍헾훎돉놾ꎬ복짙헾뢮맜훆뗄뿉쓜탔ꎬ살헹좡뇈뷏솼뫃뗄뺭펪뮷뺳ꎬ뷸뛸뿉틔쳡짽웳튵볛횵ꆣ 27
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 웳튵뛔짧믡릫틦쫂튵뗄짧믡퓰죎폫웳튵볛횵튲돊쿖쿔훸뗄헽쿠맘맘쾵ꎬ뇭쏷웳튵뗄릫틦릱쿗싊풽듳ꎬ웤웳튵볛횵튲풽룟ꎬ튲뇭쏷뫾놱쪡짏쫐릫쮾뛔짧믡릫틦쫂튵틑뺭풽살풽훘쫓ꎬ늢믽벫뗄춶짭폚짧믡릫틦쫂튵믮뚯훐ꆣ믽벫싄탐뛔짧믡릫훚뫍릫틦쫂튵뗄퓰죎ꎬ튻랽쏦쫇돶폚믘놨짧믡뗄틢쪶ꎬ틲캪웳튵쫇짧믡뗄쾸냻ꎬ퓚짧믡헢룶듳뮷뺳훐짺듦폫랢햹ꎬ쇭튻랽쏦ꎬ횧돖듈짆쫂튵ꎬ뻨훺릫틦믮뚯믡틽웰쎽쳥뗄맘힢ꎬ뛔웳튵뷸탐듳솿뗄헽쏦놨뗀ꎬ늻뷶퓚튻뚨돌뛈짏쓜싺ퟣ쳡짽웳튵짧믡탎쿳뫍횪쏻뛈ꆢ웘맢뛈뗄튪쟳ꎬ뛸쟒뮹뿉쓜믡복짙웳튵맣룦럑폃뗄횧돶ꎬ죃짧믡릫훚춨맽웤쯻룼맣랺뗄춾뺶쇋뷢떽릫쮾ꎬ듓뛸캪릫쮾듸살듳솿뗄뿍뮧ꎬ뷸뛸쳡룟쇋웳튵뗄볛횵ꆣ 웳튵뛔릩펦짌뗄짧믡퓰죎폫웳튵볛횵퓚춳볆짏늻돊쿖쿔훸뗄쿠맘맘쾵ꎬ뇭쏷쿖뷗뛎웳튵싄탐뛔릩펦짌짧믡퓰죎뗄뛠짙늢늻믡쿔훸펰쿬웳튵뗄볛횵ꎬ떫릩펦짌ퟷ캪웳튵헽뎣짺닺뺭펪뗄훘튪뫏ퟷ믯냩ꎬ돽쇋웤ퟔ짭뗄컈뚨랢햹췢ꎬ웳튵돐떣뛔릩펦짌뗄퓰죎ꎬ헕맋릩펦짌뗄샻틦ꎬ폫릩펦짌놣돖솼뫃뗄햽싔뫏ퟷ맘쾵ꎬ뛔웳튵ퟔ짭뗄랢햹튲쫇뻟폐훘튪틢틥뗄ꆣ 웳튵뛔뿍뮧뗄짧믡퓰죎폫웳튵볛횵돊쿖뢺쿠맘맘쾵ꎬ쯤좻쿠맘탔늻릻쿔훸ꎬ쎻폐춨맽P횵뗄볬퇩ꎬ떫솽헟뗄뢺쿠맘맘쾵죔쫇떱잰횵뗃짮죫쮼뾼뗄튻룶뿎쳢ꆣ뿍뮧ퟷ캪웳튵믱좡쫕죫뗄튻룶훷튪풴ꎬ쫇웳튵믱뗃뺭볃킧틦뗄훘튪살풴ꆣ떫쫇ꎬ쪵횤뷡맻좴뇭쏷웳튵싄탐뛔뿍뮧뗄퓰죎ꎬ헕맋뿍뮧뗄샻틦믡붵뗍웳튵뗄볛횵ꎬ헢쫇쪲쎴풭틲쓘ꎿ뇊헟듓틔쿂솽룶뷇뛈뷸탐럖컶ꎺ뗚튻ꎬ죧맻뿍뮧닺듺뇭뗄쫇웳튵쓜릻믱뗃뗄쿖퓚뫍캴살뿍뮧뗄쿻럑쓜솦ꎬ뿍뮧뢺햮듺뇭뗄쫇웳튵탨튪춶죫폚뿍뮧짭짏뗄쯹폐럑폃폫쿠맘횧돶ꎬ뿍뮧쯹폐헟좨틦벴웳튵좨틦뗄늿럖듺뇭뗄뻍쫇헦헽뗄웳튵볛횵ꆣ쯦ퟅ컒맺뿍뮧ꎨ쿻럑헟ꎩ뛔ퟔ벺좨틦뗄캬뮤틢쪶풽살풽룟ꎬ웳튵뛔뿍뮧샻틦뗄틾탔햼폃늻믡펰쿬뿍뮧뛔웳튵뗄훒돏뛈ꎬ뮹뿉틔쳡룟웳튵뗄볛횵ꆣ뗚뛾ꎬ놾컄쪹폃훷펪튵돉놾싊뫢솿웳튵뛔뿍뮧뗄퓰죎ꎬ훷펪튵컱돉놾싊뇭쪾뗄쫇웳튵룸뿍뮧뗄죃샻뗄돌뛈ꎬ룸뿍뮧죃샻맽뛠ꎬ퓚튻뚨돌뛈짏뗄좷믡퓬돉웳튵볛횵뗄쿂붵ꎬ놾컄쪹폃듋횸뇪훷튪쿫쮵쏷웳튵뛔뿍뮧뗄샻틦헕맋뿉틔쪹웤폫웳튵놣돖솼뫃뗄맘쾵ꎬ듓뛸룸웳튵듸살돖탸뺭볃볛횵ꎬ떫뷡맻뇭쏷룃횸뇪퓚뫢솿웳튵뛔뿍뮧뗄퓰죎쪱폐튻뚨뗄뻖쿞탔ꎬ헢튲캪뷱뫳뗄퇐뺿쳡릩탂뗄쮼뾼랽쿲ꆣ 웳튵뛔풱릤뗄퓰죎퓚10ꎥ뗄쿔훸탔쮮욽쿂뻟폐쿔훸뗄뢺쿠맘맘쾵ꎬ헢튲쫇틽랢짮쮼뗄컊쳢ꆣ풱릤ퟷ캪웳튵뗄훘튪놾횮튻ꎬ쫇웳튵랢햹뗄횧독솦솿ꆣ웳튵싄 28
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 탐뛔풱릤뗄짧믡퓰죎ꎬ죧놣뮤풱릤뗄짺쏼낲좫ꎬ좷놣풱릤뗄킽돪듽폶ꎬ쳡릩솼뫃뗄릤ퟷ뮷뺳뗈ꎬ쓜릻쳡룟쯻쏇뛔웳튵뗄훒돏뛈뫍쿲탄솦ꎬퟔ뻵ꆢ믽벫ꆢ얬솦뗄캪웳튵릤ퟷꎬ쿔훸쳡룟릤ퟷ킧싊늢쓜늻뛏벤랢돶ퟔ벺ퟮ듳뗄잱쓜ꎬ캪웳튵뗄뿉돖탸랢햹뒴퓬ퟮ듳볛횵ꆣ떫듓쫽뻝뷡맻살뾴ꎬ웳튵싄탐뛔풱릤뗄퓰죎ꎬ헕맋풱릤뗄샻틦믡쿷죵웳튵뗄볛횵ꆣ헢폫컒쏇뗄짨쿫놳뗀뛸돛ꎬ죧뫎살뾴듽헢훖뷡맻? 컒쏇뿉틔냑헢훖쿖쿳럅떽컒맺쳘쫢뗄뺭볃뫍짧믡놳뺰쿂살샭뷢ꎺ평폚퇹놾짏쫐릫쮾듳늿럖쫇평맺폐웳튵룄훆뛸살ꎬ뛸맺폐웳튵샯듦퓚ퟅ맽뛠뗄죟풱뫍믹닣릤죋ꎬ풱릤뗄뢣샻듽폶뗈횧돶퓚웳튵뗄짺닺뺭펪훐믡돉캪맽훘뗄짧믡뢺떣ꎬ헢훖뢺떣쫆뇘믡듳듳볓듳웳튵뗄뺭펪돉놾ꎬ뷸뛸붵뗍쇋웳튵뗄볛횵ꆣ떫쯦ퟅ듋컊쳢뗄늻뛏룄짆ꎬ웳튵뇘탫죏쪶떽죋솦풴헢쿮놦맳풴뗄훘튪탔ꎬ뿉틔춨맽짽횰볓킽ꆢ막좨벤샸뗈튻쾵쇐맄샸듫쪩룄짆풱릤듽폶ꎬ벤샸풱릤캪웳튵뒴퓬룼뛠뗄볛횵ꆣ쓇쎴퓚틔뫳뗄퇐뺿훐ꎬ컒쏇뻍쓜춨맽쫽뻝뾴떽웳튵뛔풱릤뗄퓰죎쓜릻펰쿬늢쟒쳡짽웳튵볛횵ꆣ 뿘훆뇤솿훐랴펳웳튵맦쒣뗄닺ퟔ좻뛔쫽폫웳튵볛횵퓚1%뗄춳볆쮮욽짏쿔훸헽쿠맘ꎬ쮵쏷릫쮾맦쒣풽듳ꎬ웳튵볛횵풽룟ꎻ랴펳닆컱룜룋뗄닺뢺햮싊횸뇪폫웳튵볛횵퓚1%뗄춳볆쮮욽짏쿔훸뢺쿠맘ꎬ뇭쏷웳튵뗄뢺햮풽뛠ꎬ웳튵볛횵풽뗍ꎬ뇭쏷웳튵뗄뢺햮늻쓜맽룟ꎬ틔쏢퓬돉웳튵늻쓜내쪱횧뢶샻쾢뫍맩뮹떽웚햮컱뗄럧쿕ꎬ펰쿬웳튵뗄탅폾ꎻ뛸랴펳웳튵돉뎤탔뗄훷펪튵컱퓶뎤싊횸뇪뛔웳튵볛횵쎻폐쿔훸뗄펰쿬ꆣ 쯄ꆢ킡뷡 샻폃쪵횤랽램퇐뺿웳튵짧믡퓰죎폫웳튵볛횵맘쾵뗄훷튪쒿뗄퓚폚횤쏷웳튵짧믡퓰죎폫웳튵볛횵뻟폐쿔훸뗄쿠맘맘쾵ꎬ웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퓚샭싛폫쪵볹짏뚼쫇튻룶쟐쪵뿉탐뗄쒿뇪ꎬ튲쫇컒맺닆컱맜샭쒿뇪뗄샭탔톡퓱폫ퟮ병톡퓱ꆣ 듓쪵횤뷡맻살뾴ꎬ웳튵짧믡퓰죎폫웳튵볛횵뻟폐쿔훸뗄헽쿠맘맘쾵ꎬ뇭쏷싄탐웳튵짧믡퓰죎쫇뿉틔쳡짽웳튵볛횵뗄ꎬ뛔폚쿖듺웳튵살쮵ꎬ웳튵짧믡퓰죎틑늻퓙쫇튻룶뿉폐뿉컞뗄뢽쫴욷ꎬ뛸쫇튻훖뿉돖탸퓶뎤뗄볛횵맛쓮ꎬ쫇웳튵햽싔뗄폐믺ퟩ돉늿럖ꎬ쫇퓶볓웳튵뺭볃샻틦뗄폐샻쳵볾ꆣ쓇쫇틲캪ꎬ싄탐웳튵짧믡퓰죎쯤좻뛌웚쓚죵뮯쇋웳튵뗄돉놾폅쫆ꎬ떫듓햽싔뗄뷇뛈뾴ꎬ뿉틔쪹웳튵퓚벤쇒뗄쫐뎡뺺헹훐붨솢웰탂뗄룼룟쮮욽뗄닮틬뮯뺺헹폅쫆ꎬ쳡짽웳튵뗄뎤웚뺺헹솦ꎬ듓뛸놣 29
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 헏웳튵뗄돖탸ꆢ컈뚨랢햹ꆣ 쯦ퟅ뺭볃짧믡뗄뿬쯙랢햹ꎬ죋쏱짺믮쮮욽뗄늻뛏쳡룟ꎬ짧믡뫍킳럕캧뗄죕틦얨쇒ꎬ웳튵싄탐짧믡퓰죎붫믡뫍웳튵뗄펯샻탔튻퇹돉캪웳튵듦퓚뫍랢햹뗄믹놾튪쟳ꎬ짧믡볛횵폫웳튵볛횵뗄뒴퓬붫ퟮ훕돉캪웳튵닆컱맜샭뗄릲춬쒿뇪ꆣ틲듋ꎬ놾컄쳡돶뗄웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪쫇뷴룺짧믡랢햹뗄늽랥뗄ꎬ쓜릻쪵쿖웳튵샻틦폫짧믡샻틦뗄쮫펮ꎬ쫇뻟폐쿖쪵탔뫍잰햰탔뗄쒿뇪ꆣ 떫쫇ꎬ놾쪵횤퇐뺿튲뻟폐튻뚨뗄뻖쿞탔ꎬ평폚웳튵볛횵폫짧믡퓰죎뫢솿횸뇪뗄헹틩탔벰퇐뺿랽램뗄쿞훆탔쪹놾컄뗄쪵횤퇐뺿훷튪횤쏷뗄쫇믽벫싄탐웳튵짧믡퓰죎쫇쓜릻펰쿬늢쟒쳡짽웳튵볛횵뗄ꎬ떫쫇웳튵볛횵쫇죧뫎랴맽살펰쿬웳튵짧믡퓰죎뗄ꎬ놾컄늢캴룸돶폐솦뗄쫽뻝럖컶ꆣ본폚웳튵볛횵폫웳튵짧믡퓰죎킭춬맘쾵뗄퇐뺿짐뒦폚돵벶뷗뛎ꎬ놾컄뗄쪵횤퇐뺿캪솽헟킭춬맘쾵뗄퇐뺿뷶뷶쳡릩쇋튻룶첽쯷뗄랽쿲ꎬ헢튲쫇놾컄탨튪뷸튻늽퇐뺿뗄랽쿲ꆣ 30
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 뗚쯄헂 웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪쓚죝 놾컄듓샭싛폫쪵횤뷇뛈닻쫶쇋웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪뗄뫏샭탔뫍뿉닙ퟷ탔ꆣ놾뷚붫듓킭춬쒿뇪뗄쓚몭뫍틢틥ꆢ샭닆뮷뺳뫍쫊폃랶캧ꆢ펦폃볛횵죽룶랽쏦뷩짜룃쒿뇪ꆣ 튻ꆢ킭춬쒿뇪뗄쓚몭뫍틢틥 웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪튪쟳웳튵퓚튻뚨뮷뺳쿂ꎬ춨맽ퟩ횯닆컱믮뚯ꎬ뒦샭닆컱맘쾵쪵쿖웳튵뺭볃볛횵폫짧믡볛횵뗄킭춬킧펦ꎬ듙뷸웳튵뺭볃ꆢ짧믡뗄뿉돖탸탔킭뗷랢햹ꎬ듯떽볈쓜싺ퟣ짧믡룷랽샻틦뗄탨튪ꎬ폖쓜캪웳튵뒴퓬ퟮ듳볛횵뗄쒿뗄ꆣ킭춬믹뒡뗄닆컱맜샭쒿뇪폐샻폚퓶잿웳튵뗄짧믡퓰죎틢쪶ꎬ쫷솢틔죋캪놾뗄죋놾맜샭샭쓮ꎻ폐샻폚놣뮤뮷뺳ꆢ뷚풼풴ꎬ듙뷸뺭볃ꆢ짧믡뗄뿉돖탸랢햹ꎻ폐샻폚웳튵뺭볃킧틦뫍짧믡킧틦뗄릲춬쳡짽ꎬ캪웳튵뫍짧믡릲춬뒴퓬닆뢻ꆣ 뛾ꆢ킭춬쒿뇪뗄샭닆뮷뺳뫍쫊폃랶캧 닆컱맜샭뗄쒿뇪ퟷ캪닆컱맜샭쳥쾵뗄튻늿럖뇘좻튪쫜떽샭닆뮷뺳뗄훆풼ꆣ튪쪵쿖웳튵닆컱맜샭뗄쒿뇪늢쪹웤퓚쪵볊릤ퟷ훐랢믓ퟷ폃ꎬ뇘탫튪뻟놸쿠쫊펦뗄샭닆뮷뺳ꆣ쯦ퟅ룷맺뺭볃뗄뿬쯙랢햹ꎬ뮷뺳컊쳢ꆢ쪳욷낲좫컊쳢죕틦춹쿔ꎬ뮷뺳컛좾ꆢ짺첬웆뮵뫍쪳욷낲좫쫂맊돉캪훆풼뺭볃뿉돖탸랢햹뗄욿뺱ꆣ틔킧싊캪훐탄ꆢ뛔킧싊뗄맽럖잿뗷ꎬ죝틗떼훂릫욽뗄즥쪧ꎬ폕랢짧믡뗄늻컈뚨틲쯘ꆣ퓚컒맺뎫떼뫍킳짧믡뗄듳놳뺰쿂ꎬ뿉돖탸랢햹햽싔붫ퟷ캪컒맺짧믡뺭볃랢햹뗄믹놾햽싔ꆣ캪듋ꎬ닆컱맜샭튲튪쿠펦뇤캪뿉돖탸랢햹뗄킭춬쒿뇪ꆣ퓚릹붨뫍킳짧믡ꆢ뒴퓬뫍킳뺭볃뗄샭쓮쿂ꎬ놾ퟅ뿉돖탸랢햹풭퓲뫍샻틦볦맋풭퓲ꎬ컄놾쳡돶뗄웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪럻뫏웳튵떱잰쏦쇙뗄췢늿뮷뺳ꆣ룃쒿뇪쫊폃폚힢훘뎤웚랢햹뫍햽싔맦뮮뗄듳훐탍웳튵ꎬ쳘뇰쫊폃폚쪳욷볓릤튵ꎬ쫜뮷뺳컊쳢삧죅뗄웳튵뗈ꆣ 죽ꆢ킭춬쒿뇪뗄펦폃볛횵 틔웳튵볛횵폫짧믡볛횵킭춬캪뫋탄뗄닆컱맜샭샭쓮짨볆폐킧뗄웳튵훎샭믺 31
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 훆ꎬ쪹킭춬뗄쮼쿫맡뒩폚웳튵뗄ퟩ횯랽쪽ꆢ뿘훆믺훆ꆢ닆컱믺훆ꆢ램싉훆뛈ꆢ웳튵컄뮯뗈ꆣ듓룃쒿뇪뗄쪵볊쾵춳떼쿲탔살뾴ꎬ평폚쯼ퟮ듳돌뛈뗘듌벤쇋룷쿠맘샻틦훷쳥샭닆뗄믽벫탔뫍킭춬탔ꎬ듓뛸믱뗃쇋닆컱믮뚯뗄맦쒣킧틦ꎻ듓닙ퟷ킧싊살뾴ꎬ룃쒿뇪믡틽떼웳튵붨솢웰죋솦ꆢ닆솦ꆢ컯솦풴쿠뷡뫏뗄닆컱맜샭믺훆ꎬ쪹웳튵퓚웤뺭볃ꆢ짧믡ꆢ뮷뺳뗈룷랽쏦뷸탐펦폐뗄횪쪶춶ꎬ퓶볓ퟔ짭벰짧믡죋솦풴뗄믽샛ꎬ믱좡뿉돖탸탔랢햹뗄횧돖풴ꆣ 웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪뿉틔횸떼웳튵돯듫뷰ꆢ춶쿮쒿ꆢ폐킧쪹폃뫍뫏샭럖엤뷰헢쯄룶랽쏦뗄닆컱맜샭릤ퟷꎬ퓚닆컱맜샭맽돌훐볈놣횤뺭볃샻틦뗄쪵쿖폖튪놣횤짧믡킧틦뗄쪵쿖ꆣ쿂쏦틔뮷뺳컊쳢캪샽뷩짜킭춬쒿뇪퓚웳튵샭닆맽돌훐뗄뻟쳥펦폃ꎺ 퓚붨짨ꆰ솽탍ꆱ짧믡뗄놳뺰쿂ꎬ웳튵훷튪쫇캪쇋뷸탐쟥뷠짺닺뛸돯벯뷰ꎬ틑싄탐웳튵뛔뮷뺳뗄짧믡퓰죎ꎬ뛸쟒퓚죚뗄맽돌훐튪뇜쏢쪹폃늻힢훘짺첬뮷뺳웳튵뗄뷰ꎬ틲듋헢훖돯뇘좻믡쪹웳튵쏦쇙튻뚨뗄삧쓑ꎬ튻랽쏦쫇웳튵뷸탐쟥뷠짺닺쯹퓶볓뗄돉놾ꎬ늻튻뚨쓜룸웳튵듸살춬뇈뗄뺭볃킧틦ꎺ쇭튻랽쏦ꎬ떱잰뷸탐짺닺훐힢훘짺첬뮷뺳컊쳢뗄웳튵죔쫇짙쫽ꆣ틲듋ꎬ헢쿮돯탨튪헾뢮뗄듳솦횧돖ꎬ뛸웳튵ퟔ짭튲튪샻폃뿉돖탸랢햹뗄킭춬햽싔좥컼틽춶헟뗄힢틢ꎬ폐킧돯벯웳튵랢햹쯹탨뷰ꎬ춬쪱웳튵튲탨뾪뒴탂뗄돯쟾뗀뫍랽쪽ꎬ죧폫낲좫ꆢ뮷놣뗄풭쇏짺닺웳튵뚩솢뫏춬ꎬ늻릺싲럇뮷놣웳튵뗄풭쇏ꎬ튲뿉틔닉좡뮹놾쿺쫛랽쪽ꆢ죚ퟢ쇞랽쪽뷸탐돯뗈ꆣ 웳튵뗄뺭볃믮뚯쫇듓춶뾪쪼뗄ꎬ춶쿮쒿뗄퓋ퟷ뻍짦벰떽풴뗄샻폃ꆢ럏컯뗄업럅컊쳢ꆣ쯹틔춶쿮쒿뇘탫폐킧샻폃ퟔ좻풴ꎬ놣뮤훎샭짺첬뮷뺳ꎬ틔붨짨풴뷚풼탍ꆢ뮷뺳폑뫃탍짧믡캪쒿뇪뛸뷸탐춶ꆣ틲듋ꎬ웳튵퓚킭춬쒿뇪뗄틽떼쿂ꎬ펦룃춶폚캴쫜컛좾ꆢ늻몬뚾쯘ꆢ폐틦폚죋쳥붡뾵뫍짺쏼낲좫뗄닺욷ꎬ틔벰쓜ퟶ떽뷚쓜복업ꆢ풴ퟛ뫏샻폃ꆢ쟥뷠짺닺뗈랽쏦뗄웳튵뫍닺튵ꆣ 퓚웳튵뗄펪퓋맜샭랽쏦ꎬ튪ퟶ떽퓚뷰낲업쪱튪뾼싇놣횤늻랢짺뮷뺳컊쳢쯹폃뷰뗄쟩뿶ꆣ죧폐킩웳튵릺훃쇋럀훎컛좾뗄짨놸떫캪쇋뷚쪡짨놸퓋탐훐뗄럑폃ꎬ쪵볊늢쎻폐헦헽쪹폃ꆣ퓚펪퓋맽돌훐훷튪쫇놣횤뫏샭뗷엤뷰ꎬ놣횤뷰쪹폃뗄뚯첬욽뫢ꎬ늻랢짺뛮췢뗄뮷뺳돉놾ꎬ죧틲캥랴쿠맘뮷뺳놣뮤뗄램싉ꆢ램맦뛸쫜떽뗄뒦랣ꎻ웳튵뮷놣탎쿳닮뛸쪧좥쫐뎡햼폐럝뛮떼훂쫕틦복짙뗈ꎻ튪놣횤뷰릩펦돤ퟣꎻ놣횤뷰뗄쪹폃킧싊ꆣ 32
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 퓚웳튵뗄럖엤맜샭짏ꎬ퓚킭춬쒿뇪뗄쟷쫆쿂쫇뛠샻틦훷쳥뗄럖엤ꎬ틲캪웳튵늻뷶뷶쫇캪막뚫럾컱ꎬ뮹튪뛔짧믡룷뷧뗄샻틦쿠맘헟뢺퓰ꎬ웳튵뒦폚짧믡훐짺듦ꆢ랢햹ꎬ튪ퟛ뫏샻폃ퟔ짭풴ꎬ듯떽풴뗄뫏샭엤훃ꎬ듓뛸쪵쿖뺭볃킧틦폫짧믡킧틦뗄릲펮ꆣ 33
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 뗚컥헂 웳튵볛횵뫍짧믡볛횵킭춬닆컱맜샭쒿뇪뗄췆탐믺훆 튪쪹웳튵틔웳튵볛횵폫짧믡볛횵킭춬ퟷ캪닆컱맜샭뗄쒿뇪ꎬ뇘탫붨솢잡떱뗄췆탐믺훆ꎬ췆탐훷쳥냼삨헾뢮ꆢ짧믡뫍웳튵ꎬ듓쒿잰뗄쪵볊쟩뿶살뾴ꎬ죽랽뒦폚쪧뫢ힴ첬ꎺ헾뢮뫍짧믡뻟폐쿠떱뗄훷뚯탔ꎬ쯼쏇튪쟳뫍웚췻웳튵쪵쪩킭춬쒿뇪ꎬ퓚뒴퓬웳튵뺭볃볛횵뗄춬쪱ꎬ싄탐짧믡퓰죎ꎬ뒴퓬짧믡볛횵ꎬ헢퇹뻍냑짧믡퓰죎뗄톹솦뒫뗝떽쇋웳튵ꎬ쪹웳튵ퟔ짭좱랦믽벫탔ꆣ틲듋ꎬ죽헟떥튻쫓뷇뗄췆탐듦퓚쏷쿔좱쿝ꎬ탨튪붨솢죽캻튻쳥뚯첬킭춬뗄뷢뻶쮼슷ꎬ튲뻍쫇듓떥튻쫓뷇쿲캪킭춬쫓뷇ꆣ킭춬쫓뷇뗄쪵훊뻍쫇냑킭춬쒿뇪뗄췆탐쫓캪좫뻖탔뗄짧믡컊쳢ꎬ춨맽웳튵ꆢ헾뢮뫍짧믡뗄뮥뚯폫뫏ퟷꎬ룷ퟔ퓚췆탐맽돌훐ힼ좷뗄뚨캻늢폐쯹ퟷ캪ꎬ듓뛸쪵쿖뫍킳폫릲펮ꆣ쎻폐웳튵ퟔ짭뗄얬솦폫탐뚯ꎬ킭춬뗄닆컱맜샭쒿뇪뻍믡돉캪횽짏첸뇸ꎻ쎻폐헾뢮뗄볠뚽뫍틽떼ꎬ킭춬쒿뇪뗄쪵쿖뻍믡좱랦폐솦놣헏ꎻ쎻폐짧믡뗄믽벫닎폫ꎬ퓲컞램펪퓬쪵쿖킭춬쒿뇪뗄폟싛럕캧ꆣ튪쪵쿖듓떥튻쫓뷇떽킭춬쫓뷇뗄뮻뇘탫ퟶ떽ꎺ 튻ꆢ헾뢮닣쏦 듓헾뢮닣쏦살뾴ꎬ헾뢮쫇짧믡릫릲쫂컱맜샭뗄훷쳥ꎬ쫇쫐뎡뺺헹뮷뺳훐뗄볠뚽헟폫럾컱믺릹ꎬ뇘탫캬뮤짧믡뗄샻틦ꎬ퓋폃폐킧뗄뫪맛뗷뿘쫖뛎믽벫췆탐웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪ꆣ ꎨ튻ꎩ볓잿솢램ꎬ펪퓬램훆뮷뺳 늻뛏췪짆웳튵짧믡퓰죎램싉훆뛈ꎬ룄짆웤횴램킧맻ꎬ믽벫췆뷸짧믡퓰죎램훆뮯ꎬ쪹웳튵짧믡퓰죎맜샭폫맺볊뷓맬ꆣ춨맽맺볒솢램뗄탎쪽ꎬ붨솢맦랶쏷좷뗄웳튵돐떣돐떣짧믡퓰죎뗄폐맘램싉ꆢ램맦풼쫸쳥쾵ꎬ춬쪱뮹튪힢틢쳡룟횴램뫍볠맜뗄쮮욽ꎬ훆뚨뫏샭뗄컊퓰믺훆풤럀웳튵뗄캥맦탐캪ꎬ뛅뻸돶쿖횴램늻퇏ꆢ캥램늻뺿쿖쿳뗄랢짺ꆣ듓뛸ꎬ캪쪵쿖웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪뒴퓬튻룶폅솼뗄램훆뮷뺳ꆣ 34
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 ꎨ뛾ꎩ볓잿틽떼ꎬ쫷솢킭춬샭쓮 평폚램싉훆뛈놾짭폐늻췪짆ꆢ횴램늻떽캻뗄뻖쿞탔ꎬ퓚힢훘돍뷤뗄춬쪱ꎬ헾뢮뿉틔룼볓힢훘틽떼웳튵쫷솢웳튵볛횵폫짧믡볛횵킭춬뗄쮫펮닆컱맜샭샭쓮ꎬ죃웳튵돤럖죏쪶떽웳튵폫짧믡횮볤뗄쏜쟐맘쾵ꎬ죃웳튵쇋뷢웤ퟔ짭돽쇋뻟폐만폐뗄뺭볃쫴탔뫍샻틦튪쟳췢ꎬ춬쪱튲뻟폐짧믡쫴탔ꎬ늻뷶튪뾼싇웳튵뗄뺭볃샻틦ꎬ뮹튪얬솦듯떽쪹헻룶짧믡뚼믱뗃샻틦ꎬ웳튵볛횵폫짧믡볛횵뗄뒴퓬뚼쫇웳튵뗃틔짺듦랢햹뗄ힷ쟳랽쿲ꆣ헾뢮뿉틔춨맽퇻쟫웳튵볒닎폫엠통ꆢ릲춬첽쳖짧믡퓰죎컊쳢뗈랽쪽틽떼웳튵볒쏇죏쟥짧믡퓰죎쿖ힴꎬ뇤ퟔ짭맛쓮ꎬ듸쇬웳튵훷뚯돐떣짧믡퓰죎ꆣ볓잿뛔ퟔ뻵싄탐웳튵짧믡퓰죎웳튵뗄뗤랶탻뒫ꎬ쪹룼뛠뗄웳튵죏쪶떽싄탐짧믡퓰죎뗄뇘튪탔ꎬ맄샸웳튵붫킭춬샭쓮횲죫웳튵뗄뺭펪햽싔훐ꎬ돉캪웳튵햽싔맦뮮훐뗄횸쏷뗆ꎬ쳡룟웳튵돐떣짧믡퓰죎뗄훷뚯틢쪶뫍ퟔ싉뺫짱ꆣ퓚헾뢮ꆰ뿆톧랢햹맛ꆱ뫍릹붨ꆰ뫍킳짧믡ꆱ뗄틽떼ퟷ폃쿂ꎬ웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪뿉틔쪹웳튵쫷솢뿉돖탸랢햹샭쓮ꎬ얬솦랢햹톭뮷뺭볃ꎬ쪵쿖웳튵폫짧믡뗄뿉돖탸랢햹ꆣ ꎨ죽ꎩ볓잿뾼움ꎬ췪짆붱돍믺훆 폅뮯웳튵싄탐짧믡퓰죎뗄췢늿뮷뺳ꎬ붨솢짧믡퓰죎맜샭움볛쳥쾵ꎬ훆뚩짧믡퓰죎탐캪ힼ퓲뫍뇪ힼꆣ뫢솿튻룶웳튵쫇럱폅탣ꎬ늻뷶튪뾴쯼뗄뺭볃튵벨뫍펯샻쟩뿶ꎬ뮹튪뾴웤짧믡퓰죎돐떣쟩뿶벴퓚풴ꆢ뮷뺳ꆢ죋컄뗈랽쏦쯹ퟶ뗄릱쿗ꆣ틲듋ꎬ헾뢮뿉틔짨솢쳘뚨믺릹ꎬ붨솢쿠펦뗄릤ퟷ킭뗷믺훆ꎬ룸폨튻뚨뗄뺭럑놣헏ꎬ붫웳튵짧믡퓰죎ퟷ캪튻룶훆뛈뮯ꆢ맦랶뮯뗄맜샭쳥쾵살닙ퟷ뫍움볛ꆣ컒맺뿉틔뷨본컷랽랢듯맺볒뗄돉쫬뺭퇩ꎬ훆뚨럻뫏훐맺맺쟩뗄늢폫짧믡퓰죎맺볊뇪ힼ뷓맬뗄웳튵짧믡퓰죎맺쓚움볛횸뇪믲죏횤뇪ힼꆣ춨맽폐킧뾼움ꎬ뿉틔붨솢쫊떱뗄붱돍듫쪩ꎺ퓚붱샸랽쏦ꎬ뿉틔훆뚨틽떼탔뗄쿠맘폅믝헾닟뫍벤샸듫쪩ꎬ맄샸짧믡퓰죎춶ꎬ뛔돐떣짧믡퓰죎뗄웳튵ꎬ룸폨뷰뗄붱샸뫍헾닟뗄폅믝ꆣ헾뢮뿉틔춨맽쮰쫕탅듻폅믝ꆢ늹쳹훺ꆢ쫐뎡믺폶ꆢ춶죚횧돖ꆢ헾뢮뇭헃붱샸뗈듫쪩ꎬ복쟡웳튵돐떣짧믡퓰죎뗄톹솦ꎬ뷢돽웳튵떣탄웤퓬돉돉놾뢺떣뗄뫳맋횮폇ꎻ퓚돍랣랽쏦ꎬ뛔늻쓜춨맽짧믡퓰죎맺쓚뇪ힼ뗄웳튵ꎬ죧닺욷훊솿늻뫏룱ꎬ컛좾뮷뺳퇏훘ꎬ횰릤뗄듽폶뮷뺳벫닮뗈ꎬ퓲뿉닉폃좡쿻쮰쫕폅믝ꆢ볓듳업컛럑ꆢ랣뿮짵훁춣튵ꆢ뗵쿺펪튵 35
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 횴헕뗈돍랣쫖뛎ꆣ ꎨ쯄ꎩ볓잿볠뚽ꎬ릹붨ힼ퓲폫뇪ힼ 볓잿헾뢮늿쏅뗄볠뚽횸떼ꎬ춨맽맺볒쿠맘믺릹뫍퇐뺿믺릹뗈ퟩ횯ꎬ릲춬훆뚨돶쫊뫏컒맺맺쟩뫍늻춬탐튵늻춬맦쒣웳튵뗄짧믡퓰죎놨룦ힼ퓲벰웤횸쓏ꎬ늢럖맦쒣럖탐튵좷뚨뇘탫볇퓘뗄뻟쳥쿮쒿뫍횴탐뇪ힼꎬ탎돉웳튵싄탐짧믡퓰죎ꎬ췪돉짧믡퓰죎놨룦뗄믹ힼ뫍틀뻝ꆣ쇭췢ꎬ튪볓잿뛔웳튵짧믡퓰죎놨룦붨짨릤ퟷ뗄볠뚽뫍횸떼ꎬ맄샸웳튵훰늽췪짆짧믡퓰죎놨룦뗄엻슶ꎬ틽떼짧믡룷뷧믽벫횧돖웳튵짧믡퓰죎놨룦훆뛈뗄붨솢뫍췪짆ꆣ듓뛸캪쪵쿖웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪릹붨쇋볠뚽믺훆ꆣ 뛾ꆢ짧믡닣쏦 듓짧믡닣쏦살뾴ꎬ짧믡튪얬솦펪퓬웳튵볛횵폫짧믡볛횵킭춬닆컱맜샭쒿뇪뗄폟싛뮷뺳ꎬ믽벫췆뚯웳튵볛횵폫짧믡볛횵뗄릲춬뒴퓬ꆣ ꎨ튻ꎩ볓잿폟싛뗄떼쿲ퟷ폃 돤럖죏쪶짧믡릫훚뗄폟싛ퟷ폃ꎬ돤럖랢믓릤믡ꆢ쎽쳥ꆢ쿻럑헟킭믡뗈짧믡ퟩ횯뗄ퟷ폃ꎬ뛔웳튵탎돉뛠닣듎ꆢ뛠쟾뗀뗄탻뒫폫볠뚽쳥쾵ꎬ볓잿헻룶짧믡뛔웳튵싄탐짧믡퓰죎뗄폐킧탻퇯뫍볠뚽ꎬ헢튲쫇웳튵폫짧믡횮볤뗄킭춬뫏ퟷꆣ쿻럑헟뿉틔닉폃춶쯟ꆢ뻙놨뗈뛠훖랽쪽볠뚽웳튵뗄늻램탐캪ꎬ틔캬뮤ퟔ짭뗄좨틦늻쫜떽쟖몦ꎻ릩펦짌뫍뺺헹헟쏇뿉틔닉폃릫욽뺺헹믺훆ꎬ뮥쿠볠뚽ꎻ탂컅쎽쳥뿉틔틔폟싛ꆢ탻뒫뗈쫖뛎틽떼웳튵뗄볛횵맛뫍컄뮯랽쪽ꎬ늢쟒뿉틔춨맽벰쪱웘맢웳튵뗄캥램탐캪ꎬ살맦랶쫜퓰웳튵뗄뺭펪맜샭ꎬ춬쪱튲뿉틔뺯쪾웤쯻웳튵ꎬ듙쪹웤룼뫃뗘싄탐짧믡퓰죎ꆣ뛠랽릲춬얬솦ꎬ캪쪵쿖웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪펪퓬솼뫃뗄폟싛럕캧ꆣ ꎨ뛾ꎩ볓잿짧믡퓰죎놨룦뗄짳볆 튪쪵쿖웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪ꎬ짳볆믺맘돽쇋짳볆웳튵뗄닆컱ힴ뿶뫍뺭펪돉맻췢ꎬ뮹펦룃맘힢웳튵뗄뮷뺳뗀뗂닣쏦뗄붡뾵ꎬ뛔웳튵싄탐짧믡퓰죎뗄쪵볊쟩뿶뷸탐폐킧짳볆ꎬ돶뻟짳볆틢볻ꎬ튪쟳평뛀솢뗄뗚죽랽뛔짧믡퓰 36
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 죎탅쾢뗄헦쪵탔ꆢ뫏램탔ꆢ뿉뇈탔뗈훊솿쳘헷뷸탐움볛뫍본횤ꆣ헢튲쫇췆뷸웳튵짧믡퓰죎놨룦랢햹뗄폐솦듫쪩ꆣ듓쒿잰쟩뿶뾴ꎬ컒맺웳튵뮹뒦폚짧믡퓰죎퇐뺿뗄랢햹뷗뛎ꎬ늻뿉쓜쿱맺췢웳튵쓇퇹듳맦쒣뗄엻슶짧믡퓰죎탅쾢ꎬ떫컒맺웳튵뿉틔퓚뒫춳닆컱놨룦뗄믹뒡짏ꎬ닉폃컄ퟖ쮵쏷ꆢ쫽뻝뇭룱뗈늹돤쇏틔뢽힢뗄탎쪽ꎬ엻슶튻킩믹놾뗄싄탐짧믡퓰죎뗄탅쾢ꎬ늢훰늽붫튪쟳ퟶ엻슶뗄웳튵랶캧삩듳ꆣ튪쪵쿖웳튵짧믡퓰죎짳볆ꎬ뻍뇘탫쿱닆컱놨룦짳볆튻퇹폐뛀솢뗄췢늿짳볆믺릹ꎬ뛸쟒뮹뇘탫엠퇸폅탣뗄짳볆죋풱ꎬ믽벫톧쾰헾뢮돶첨뗄쿠맘웳튵짧믡퓰죎놨룦ힼ퓲벰횸쓏ꎬ틔뻟놸횴튵뗄쯘훊폫쮮욽ꆣ ꎨ죽ꎩ듳솦엠폽뫍랢햹럇헾뢮ퟩ횯 럇헾뢮ퟩ횯ꎨNon-Governmental Organizationsꎬ볲돆NGOꎩ훷튪쫇횸폐ퟩ횯ꆢ폐볍싉뗄쏱볤ퟩ횯ꎬ쓜춨맽쎽쳥탻뒫ꆢퟩ횯벯믡뗈뛠훖춾뺶뚯풱헾뢮뫍짧믡룷뷧솦솿횧돖웤쯹듓쫂뗄릫틦쫂튵ꎬ늢퓚튻뚨돌뛈짏쓜펰쿬헾뢮뗄뻶닟틢쿲뫍짧믡폟싛떼쿲ꆣ럇헾뢮ퟩ횯뿉틔퓚웳튵폫짧믡횮볤붨솢쇩믮뛠퇹뗄릵춨욽첨뫍듨짌믺훆ꎬ듙쪹웳튵폫짧믡횮볤뗄샻틦돥춻뫍쎬뛜퓚릫훚뗄볠뚽쿂룟킧싊뗘뮯뷢ꆣ틲듋ꎬ헾뢮펦횧돖뫍맄샸컒맺럇헾뢮ퟩ횯뗄랢햹ꎬ춨맽폐솦뗄맦랶뫍틽떼쪹웤돤럖랢믓ퟷ폃ꆣ춬쪱ꎬ럇헾뢮ퟩ횯ퟔ짭튲펦늻뛏쳡룟ퟔ컒맜샭쮮욽ꎬ퓚돤럖쇋뷢헾뢮헾닟떼쿲뗄믹뒡짏ꎬ퓚웳튵폫헾뢮횮볤탎돉튻ퟹ쟅솺ꎬ뇜쏢웳튵ꆢ헾뢮ꆢ럇헾뢮ퟩ횯죽헟횮볤뗄쎬뛜돥춻ꎬ늢믽벫훷뚯뗄볓잿폫헾뢮뗄릵춨폫뫏ퟷꎬ돤럖랢믓ퟔ벺퓚짧믡뫍쏱볤뗄릫탅솦뫍펰쿬솦뗈폅쫆ꆣ듋췢ꎬ럇헾뢮ퟩ횯뮹뿉틔춨맽짧믡폟싛볠뚽ꎬ럀횹뫍훆횹짙쫽헾뢮맙풱폫웳튵횮볤뗄쏜쒱릴뷡틔캬뮤짧믡샻틦ꎬ캪췆탐웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪랢믓ퟔ벺뗄ퟷ폃ꆣ ꎨ쯄ꎩ볓잿짧믡퓰죎뷌폽 짧믡룷뷧펦믽벫뎫떼뛔웳튵볒뗄짧믡퓰죎뷌폽ꎬ뇤웳튵볒뛔짧믡퓰죎뗄죏쪶ꆣ횻폐웳튵볒쏇쫗쿈죏쪶떽웳튵볛횵폫짧믡볛횵뗄닆컱맜샭쒿뇪쓜릻욽뫢웳튵볛횵폫짧믡볛횵횮볤뗄쎬뛜ꎬ듓뛸펪퓬뫍킳릲펮뗄뻖쏦ꎬ닅믡듸쇬웳튵믽벫훷뚯뗄쿬펦헾뢮뫍짧믡뗄튪쟳뫍웚췻살싄탐짧믡퓰죎ꎬ뒴퓬짧믡볛횵ꆣ틲듋ꎬ퓚컒맺뗄맜샭뷌폽훐ꎬ펦볓잿웳튵짧믡퓰죎뗄뷌폽ꎬ냑웳튵싗샭ꆢ맜샭뗀뗂믲웤쯻샠쯆뿎돌쇐죫MBA믲EMBA엠퇸랽낸뗄뫋탄뿎돌훐ꎬ춨맽뛔웳튵볒뗄짧믡퓰죎뷌폽죃웳튵 37
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 볒쏇죏쪶떽웳튵뗄랢햹좡뻶폚웳튵쯹뒦뗄ퟛ뫏짧믡뮷뺳훐ꎬ헢훖짧믡뗄듳뮷뺳뻶뚨쇋웳튵뗄짧믡퓰죎쫇늻뿉믘뇜뗄ꎬ뛸쟒풽쫇ힿ풽뛸폅탣뗄웳튵ꎬ쯻쏇뗄릫쮾쪹쏼뫍웳튵컄뮯풽뻟폐잿쇒뗄짧믡퓰죎떼쿲ꎬ틔듋살뎫떼웳튵볒쏇뇤맛쓮ꆢ탞헽탐캪ꎬ톰쟳튻쳵볈늻쯰몦룷랽샻틦쿠맘헟뗄샻틦ꎬ폖뿉틔쳡룟ퟔ짭돖탸뺺헹폅쫆뗄랢햹슷뺶ꎬ쪵쿖웳튵폫짧믡뗄뫍킳폫릲펮ꆣ 죽ꆢ웳튵닣쏦 듓웳튵뗄뷇뛈뾴ꎬ웳튵닆컱맜샭뗄쒿뇪쫇웳튵닆컱믮뚯솼뫃퓋펪뗄떼쿲웷ꎬ웳튵ퟔ짭펦룃튪틔웳튵볛횵폫짧믡볛횵킭춬ퟷ캪닆컱맜샭뗄쒿뇪ꆣ ꎨ튻ꎩ뇤맛쓮ꎬ쫷솢킭춬틢쪶 웳튵ퟔ짭뇘탫돤럖죏쪶떽웳튵쫇짧믡뗄튻럝ퟓꎬ닎폫쇋짧믡풴뗄쪹폃뫍럖엤ꎬ펦룃퓚램싉ꆢ뗀뗂퓊탭뗄잰쳡쿂쳡짽뺭볃볛횵ꎬ컞싛웳튵뗄맦쒣쫇듳쫇킡ꆢ쪵솦쫇룟쫇뗍ꎬ웳튵퓚햼폐풴뒴퓬뺭볃볛횵뗄춬쪱뚼펦룃쫊뛈믘놨짧믡ꎬ캪짧믡뒴퓬볛횵ꎬ헢볈쫇짧믡랢햹뗄탨튪ꎬ튲쫇웳튵ퟔ짭랢햹뗄탨튪ꆣ웳튵횻폐뇤맛쓮ꎬ닅믡틢쪶떽웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪쫇웳튵뗄샭탔톡퓱뫍ퟮ병톡퓱ꆣ ꎨ뛾ꎩ믽벫췆뷸죋탔뮯뗄웳튵컄뮯붨짨 웳튵컄뮯쫇튻룶냼몬쇋샭쿫ꆢ탅쓮ꆢ볛횵맛ꆢ탐캪ힼ퓲뗈쓚죝뗄뢴뫏쳥ꎬ쯼쳥쿖ퟅ웳튵뗄뫋탄볛횵맛ꎬ쫇쪹웳튵쫷솢웳튵볛횵폫짧믡볛횵킭춬틢쪶뗄뇘늻뿉짙뗄틀췐뫍퓘쳥ꆣ웳튵헽좷뗄컄뮯떼쿲폐샻폚붨솢짧믡퓰죎컄뮯ꎬ탎돉웳튵볛횵폫짧믡볛횵킭춬뗄솼뫃럕캧ꎬ듓뛸뛔쓚뿉틔벤랢풱릤뗄뒴퓬솦뫍쳡룟쓽뻛솦ꎬ뛔췢쓜릻퓶잿웳튵탎쿳ꎬ쳡룟쫐뎡뺺헹솦ꆣ틲듋ꎬ웳튵뿉틔돤럖랢믓릤믡뗄ퟷ폃ꎬ놣헏풱릤뗄샍뚯놨돪좨ꎬ죋탔뮯뗄뛔듽횰릤뗄볓냠컊쳢ꎬ룸폨볓냠늹훺ꎬ늢쟒짨볆엠통훆뛈ꎬ쳡룟풱릤뗄쯘훊뫍벼쓜ꎬ퓶뷸쯻쏇뗄퓰죎룐뫍맩쫴룐ꆣ춨맽췆뷸웳튵컄뮯붨짨살엠폽죋탔뮯뗄웳튵컄뮯ꎬ틔쪵쿖웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪ꆣ 38
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 ꎨ죽ꎩ붫싄탐짧믡퓰죎폫웳튵햽싔맜샭쿠뷡뫏 웳튵펦룃듓뎤풶뗄랢햹뷇뛈돶랢ꎬ듓햽싔뗄룟뛈뾴듽짧믡퓰죎뗄돐떣ꎬ훷뚯붫짧믡퓰죎쓉죫웳튵랢햹뗄햽싔맦뮮ꎬ붫짧믡퓰죎뗄믹놾쮼쿫ꆢ랽램폫웳튵뗄뺭펪맜샭폫욷없맜샭쿠뷡뫏ꎬ늢맡뒩폚볛횵솴짏뗄쎿튻뮷뷚ꎬ늢룹뻝쓚췢뮷뺳쫊쪱뗷헻웤짧믡퓰죎햽싔ꎬ쪹웳튵믱뗃돖탸랢햹뗄뺺헹폅쫆ꎬ듯떽돖탸릲춬뒴퓬웳튵볛횵폫짧믡볛횵뗄쒿뗄ꎬ쳡짽웳튵ퟛ뫏뺺헹솦ꎬ쪵쿖웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪ꆣ ꎨ쯄ꎩ붨솢뫍췪짆짧믡퓰죎놨룦뫍엻슶훆뛈 웳튵튪쪵쿖웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪ꎬ펦룃붫웳튵싄탐짧믡퓰죎뗄ힴ뿶춬닆컱ힴ뿶튻퇹탎돉놨룦뗄탎쪽늢볓틔엻슶ꎬ헢퇹뻍뿉틔붫웳튵짧믡퓰죎뗄샭쓮ꆢ믺훆ꆢ쯹햹뾪뗄믮뚯벰좡뗃뗄돉킧뗈릫늼돶살ꎬ퓶볓웳튵뗄춸쏷뛈ꎬ죃짧믡쇋뷢ꆣ웳튵뿉틔닉폃닆컱벨킧뫍짧믡퓰죎쿠뷡뫏뗄쮫훘볛횵쒣쪽ꎬ붫웳튵뗄뺭볃ힴ뿶춨맽닆컱놨룦탎쪽ꎬ웳튵싄탐짧믡퓰죎뗄ힴ뿶춨맽짧믡퓰죎놨룦탎쪽ꎬ솽쿮놨룦뚼틔춸쏷릫뾪뗄랽쪽뚨웚폫늻뚨웚뗄뛔췢엻슶ꎬ쿲짧믡릫훚룦횪ꎬ쪹쓇킩ퟔ뻵싄탐짧믡퓰죎뗄웳튵쳡짽횪쏻뛈ꎬ펮뗃릫훚뗄탅죎폫횧돖ꆣ ퟜ횮ꎬ퓚컒맺쒿잰뗄짧믡훷틥쫐뎡뺭볃쳥훆쿂ꎬ헾뢮뫍짧믡뇘탫돤럖죏쪶떽쿖뷗뛎컒맺쫐뎡뺭볃훆뛈붨짨뗄늻췪짆탔뫍웳튵짺듦뮷뺳뗄뢴퓓탔ꎬ뾼싇떽웳튵ퟷ캪짧믡뷇즫뗄쳘쫢탔뫍쫐뎡뺺헹뗄잷좱릫욽탔ꎬ늻쓜떥뒿쿲웳튵쳡돶튪쟳뫍웚췻ꎬ냑뒴퓬짧믡볛횵뗄톹솦뒫뗝떽웳튵ꎬ쪹웳튵돉캪쇋룷랽얬솦뗄ퟅ퇛뗣ꎬ헢퇹뗄뮰뫜쓑뗃떽웳튵뗄샭뷢ꆢ엤뫏폫횧돖ꎬ싄탐짧믡퓰죎뗄믽벫탔늻룟ꎬ튲뻍늻믡냑짧믡볛횵뗄뒴퓬ퟷ캪닆컱맜샭뗄쒿뇪살뾼싇ꎬ쓇쎴웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪뻍뫜쓑쪵쿖ꆣ뷶뷶틀뾿웳튵떥랽쏦뗄얬솦늻뿉쓜폐킧췆탐킭춬쒿뇪뗄쪵쿖ꎬ탨튪뗄쫇웳튵ꆢ헾뢮뫍짧믡죽랽뗄릲춬뫏ퟷ폫뮥뚯ꎬ헾뢮뫍짧믡튪믽벫뒴퓬릫욽뗄쫐뎡뺺헹뮷뺳ꎬ돤럖샭뷢웳튵ힷ쟳뺭볃볛횵뗄샻틦튪쟳뫍뒦뺳ꎬ틽떼웳튵뇤맛쓮ꎬ짮뿌죏쪶떽웳튵짧믡볛횵뗄뒴퓬췪좫뿉틔춨맽탅죎믺훆ꆢ짹폾믺훆ꆢ릫욽믺훆뗈뗃떽믘놨ꎬ쳡짽웳튵볛횵ꎬ죃웳튵돤럖랢믓퓚돐떣짧믡퓰죎컊쳢짏뗄훷뚯탔뫍뒴퓬탔ꎬ믽벫쿬펦뫍엤뫏헾뢮뫍짧믡뗄짧믡퓰죎탐뚯ꎬ듓뛸룄뇤웳튵뗄놻뚯뗘캻뫍죽랽쪧뫢첬쫆ꎬ듙쪹죽랽맘쾵뗄뚯첬킭춬ꎬ쪵쿖뫍킳폫릲펮ꆣ횻 39
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 폐웳튵ꆢ헾뢮ꆢ짧믡뗄춨솦뫏ퟷꎬ닅쓜붨솢웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪뗄쟐쪵뿉탐뗄뎤킧췆뷸믺훆ꆣ 40
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 뗚쇹헂 뷡 싛 튻ꆢ퇐뺿뷡싛 뛔폚웳튵닆컱맜샭쒿뇪뗄퇐뺿ꎬ훷튪쫇캪쇋쳡돶웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪쫇놾컄뗄맛뗣ꆣ놾컄쫗쿈뛔맺쓚췢닆컱맜샭쒿뇪뗄퇐뺿쿖ힴퟶ쇋럖컶ꎬ늢볲튪움볛쇋뒫춳닆컱맜샭쒿뇪폫훷쇷닆컱맜샭쒿뇪ꎬ좻뫳쳡돶쇋웳튵볛횵폫짧믡볛횵킭춬쫇웳튵닆컱맜샭쒿뇪뗄샭탔톡퓱ꎬ늢캧죆웳튵볛횵폫짧믡볛횵킭춬맘쾵럖뇰ퟶ쇋샭싛럖컶폫쪵횤퇐뺿ꎬퟮ뫳쳡돶쇋쪵쿖웳튵볛횵폫짧믡볛횵킭춬닆컱맜샭쒿뇪뗄췆뷸믺훆ꆣퟮ훕쒿뗄쫇캪쇋웳튵퓚ힷ쟳뺭볃킧틦뫍싄탐짧믡퓰죎횮볤톰헒떽ퟮ병뗄욽뫢ꎬ죏춬웳튵볛횵폫짧믡볛횵뗄킭춬ꎬ늢틔웳튵볛횵폫짧믡볛횵킭춬ퟷ캪웳튵닆컱맜샭뗄쒿뇪ꎬ놾컄캧죆웳튵볛횵폫짧믡볛횵뗄킭춬맘쾵훷튪뷸탐쇋죧쿂뗄릤ퟷꎺ 뗚튻ꎬ춨맽듳솿컄쿗퓄뛁ꎬ퓚맺쓚췢닆컱맜샭쒿뇪퇐뺿쿖ힴ뗄믹뒡짏뷸탐움볛폫럖컶ꎬ쳡돶뇊헟뗄맛뗣ꆣ늢쟒ꎬ뷩짜쇋웳튵볛횵샭싛ꎬퟜ뷡쇋웳튵볛횵뗄쓚몭ꆢ펰쿬틲쯘뫍움맀랽램ꎻ럖컶쇋웳튵짧믡퓰죎샭싛ꎬ뛔웳튵짧믡퓰죎뗄웰풴폫쓚몭ꆢ쓚죝랶캧뫍쿠맘샭싛뷸탐쇋쫡샭ꎻ뮹뛔킭춬샭싛ퟶ쇋볲떥뷩짜뫍럖컶ꆣ 뗚뛾ꎬ듓킭춬톧뗄뷇뛈럖컶쇋웳튵짧믡퓰죎폫웳튵볛횵횮볤뗄맘쾵ꎬ춨맽웳튵볛횵샭싛ꆢ짧믡퓰죎샭싛ꆢ킭춬샭싛ꎬ뎢쫔쳡돶튻룶웳튵짧믡퓰죎ꆪ웳튵볛횵룅쓮쒣탍ꎬ캪웳튵짧믡퓰죎폫웳튵볛횵뗄킭춬맘쾵뗬뚨튻룶샭싛믹뒡ꆣ 뗚죽ꎬ퓚샭싛럖컶뗄믹뒡짏쳡돶쇋쪵횤퇐뺿뗄퇐뺿짨볆ꎬ헫뛔틑폐웳튵볛횵폫웳튵짧믡퓰죎솿뮯듦퓚뗄컊쳢ꎬ뷨본쿖폐맺쓚췢웳튵볛횵폫웳튵짧믡퓰죎뗄움맀랽램ꎬ좷뚨쇋놾컄뗄퇐뺿짨볆ꆣ 뗚쯄ꎬ놾컄샻폃뫾놱쪡짏쫐릫쮾쫽뻝뛔컒맺웳튵짧믡퓰죎폫웳튵볛횵횮볤뗄맘쾵뷸탐쇋퇐뺿럖컶ꎬ뗃돶틔쿂뷡싛ꎺ듓ퟜ쳥살뾴ꎬ웳튵돐떣짧믡퓰죎폫웳튵볛횵돉쿔훸뗄헽쿠맘맘쾵ꎻ듓뫢솿짧믡퓰죎뗄뻟쳥횸뇪살뾴ꎬ웳튵뛔막뚫ꆢ헾뢮ꆢ릫틦쫂튵돐떣짧믡퓰죎쓜릻쳡짽웳튵볛횵ꎻ웳튵뛔풱릤ꆢ뿍뮧돐떣짧믡퓰죎믡퓚튻뚨돌뛈짏붵뗍웳튵볛횵ꆣ웳튵뛔릩펦짌ꆢ햮좨죋뗄퓰죎폫웳튵볛횵쎻폐쿔훸뗄쿠맘맘쾵ꆣ 뗚컥ꎬ놾컄듓쓚몭뫍틢틥ꆢ샭닆뮷뺳뫍쫊폃랶캧ꆢ펦폃볛횵죽룶랽쏦뷩짜쇋 41
웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪퇐뺿 웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪ꆣ 뗚쇹ꎬ놾컄ퟮ뫳쳡돶쪵쿖웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪뗄췆탐믺훆ꎬ듓웳튵ꆢ헾뢮ꆢ짧믡죽랽릲춬킭ퟷ얬솦ꎬ쪵쿖죽랽뗄뚯첬킭춬ꎬ듓뛸탎돉쟐쪵뿉탐뗄뎤킧췆탐믺훆ꆣ ퟜ뗄살쮵ꎬ맺쓚췢뫜뛠톧헟뚼뛔웳튵닆컱맜샭뗄쒿뇪뷸탐쇋퇐뺿ꎬ틲듋ꎬ놾컄퓚돤럖톧쾰맺쓚췢쿠맘퇐뺿뗄믹뒡짏ꎬ듓웳튵볛횵폫짧믡볛횵뗄킭춬뗄뷇뛈뾪뇙쇋닆컱맜샭쒿뇪퇐뺿뗄탂쫓뷇ꎬ늢뛔웳튵볛횵폫짧믡볛횵뗄킭춬맘쾵뷸탐쇋첽쯷탔뗄퇐뺿ꆣ 뛾ꆢ퇐뺿뗄뒴탂뗣 ꎨ튻ꎩ샭싛퇐뺿랽쏦 놾퇐뺿붫웳튵볛횵뫍짧믡볛횵킭춬ퟷ캪웳튵뗄닆컱맜샭쒿뇪ꎬ쫗듎붫웳튵볛횵폫짧믡볛횵뒴퓬쳡짽떽쇋욽뗈뗄룟뛈ꎬ쫇뛔닆컱떼쿲퇐뺿쇬폲ꆢ퇐뺿쓚죝뫍퇐뺿쫓뷇뗄뒴탂ꎬ늢붫킭춬샭싛펦폃떽닆컱맜샭쒿뇪뗄퇐뺿훐ꎬ쫇킭춬톧펦폃떽맜샭쇬폲뗄튻룶탂뗄뎢쫔ꆣ ꎨ뛾ꎩ쪵횤퇐뺿랽쏦 닆컱맜샭쒿뇪뗄퇐뺿튻횱뒦폚샭싛퇐뺿뷗뛎ꎬ놾퇐뺿퓚쪵횤퇐뺿랽쏦ퟶ쇋튻뚨뗄뒴탂ꆣ 죽ꆢ퇐뺿뗄뻖쿞탔벰폐듽뷸튻늽퇐뺿뗄랽쿲 놾컄춨맽샭싛럖컶뫍쪵횤퇐뺿쳡돶웳튵볛횵폫짧믡볛횵킭춬뗄닆컱맜샭쒿뇪뗄맛뗣ꎬ쫇닆컱떼쿲뗄탂뗄퇐뺿쫓뷇ꎬ뻟폐튻뚨뗄뒴탂탔ꎬ떫퓚웳튵볛횵폫짧믡볛횵킭춬맘쾵뗄쪵횤퇐뺿랽쏦듦퓚튻뚨뗄뻖쿞탔뫍탨튪뷸튻늽퇐뺿뫍췪짆뗄랽쿲ꎺ 뗚튻ꎬ웳튵볛횵뗄뫢솿폫웳튵짧믡퓰죎탅쾢뗄쫽뻝쫕벯랽쏦늻릻좫쏦췪헻ꆣ쪹폃쫐뎡횸뇪뫢솿뗄웳튵볛횵늻쏢듦퓚욬쏦탔ꎬ짧믡퓰죎탅쾢뗄움볛횸뇪평폚뾼싇떽쫽뻝뗄뿉믱뗃탔ꎬ퓲췪좫믹폚짏쫐릫쮾쓪뛈놨룦벰닆컱놨뇭뢽힢훐쯹엻슶뗄쿔탔뗄ꆢ쓜틔믵뇒볆솿뗄쿮쒿ꎬ뛸쒿잰컒맺짏쫐릫쮾닆컱놨룦훷튪랴펳뗄쫇웳튵 42
훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 뗄뺭펪돉맻ꆢ닆컱ힴ뿶뫍쿖뷰쇷솿쟩뿶ꎬ늢늻쓜좫쏦쳥쿖웳튵쯹싄탐뗄짧믡퓰죎탐캪ꎬ폈웤늻냼삨웳튵짧믡퓰죎훐쓇킩틾탔뗄ꆢ쓑틔솿뮯뗄늿럖ꎬ죧웳튵뛔뮷뺳돐떣뗄짧믡퓰죎퓲컞램듓닆컱놨뇭벰뢽힢훐믱좡ꎬ퓬돉쇋웳튵짧믡퓰죎쇬폲뮷뺳늿럖뗄뿕냗ꆣ쇭췢ꎬ놾컄쎻폐쳘뇰맘힢웳튵쫇럱춨맽냫쓪놨ꆢ벾놨믲쇙쪱놨룦뗈늻뚨웚놨룦뗄탎쪽랢늼맽웳튵짧믡퓰죎뗄쿠맘탅쾢ꎬ헢튲퓚튻뚨돌뛈짏떼훂놾퇐뺿쫽뻝랽쏦뗄늻췪헻ꆣ짏쫶랽쏦쫇컒맺톧헟퇐뺿웳튵볛횵폫짧믡퓰죎쿠맘맘쾵쇬폲폐듽짮죫뫍첽쯷뗄랽쏦ꎬ춬쪱ꎬ튲쫇컒맺릫쮾췪짆짧믡퓰죎릫뾪엻슶훆뛈훐횵뗃룄뷸뫍췪짆뗄뗘랽ꆣ 뗚뛾ꎬ웳튵짧믡퓰죎탅쾢뗄쿠맘쫽뻝퇹놾솿쫜떽쇋튻뚨뗄쿞훆ꆣ캪쇋폐헫뛔탔뗄퇐뺿웳튵볛횵폫짧믡볛횵킭춬맘쾵ꎬ놾컄뗄쪵횤퇐뺿톡좡쇋뫾놱쪡짏쫐릫쮾ퟷ캪퇹놾ꎬ떫헢훖톡퓱튲퓚튻뚨돌뛈짏떼훂쇋퇐뺿랶캧뗄쿁햭ꆣ뫾놱쪡짏쫐릫쮾횻쫇뛔뫾놱뗘쟸웳튵닆컱맜샭뗄랢햹쿖ힴ뻟폐듺뇭탔ꎬ붫놾컄뗄퇐뺿뷡맻췆맣떽뫾놱쪡쯹폐웳튵ꎬ벰훐맺쯹폐웳튵랽쏦죔뻟폐튻뚨뗄뻖쿞탔ꆣ틲듋ꎬ퓚웳튵볛횵폫짧믡볛횵킭춬맘쾵뗄뫳탸퇐뺿훐뿉뾼싇삩듳퇹놾죝솿ꎬ톡좡컒맺쯹폐짏쫐릫쮾ퟷ캪퇐뺿뛔쿳ꎬ듓뛸뷸튻늽췚뻲놾뿎쳢퇐뺿퓚좫훐맺뗄랢햹랽쿲ꆣ ퟛ짏쯹쫶ꎬ놾컄퓚맺쓚췢닆컱맜샭쒿뇪틑폐퇐뺿뗄믹뒡짏ꎬ틔탂뗄쫓뷇쳡돶웳튵볛횵폫짧믡볛횵킭춬쫇컒맺닆컱맜샭쒿뇪뗄ퟮ병톡퓱ꎬ늢듓샭싛폫쪵횤솽랽쏦ퟅ훘뷢뛁웳튵짧믡퓰죎폫웳튵볛횵뗄킭춬맘쾵ꆣ놾퇐뺿튲뷶쫇뇊헟훂솦폚붫킭춬샭싛펦폃떽닆컱맜샭쒿뇪퇐뺿쇬폲뗄탂뗄뾪뛋ꆣ쯤좻뇊헟틑뺭뺡솦쪹퇐뺿좡뗃튻뚨돉맻ꎬ떫붫킭춬톧펦폃떽뺭볃맜샭쇬폲컞싛쫇샭싛퇐뺿뮹쫇쪵횤퇐뺿뚼뮹쫇튻룶폐듽랢햹뫍췪짆뗄뿎쳢ꎬ평폚뇊헟뗄닅쫨톧잳뫍퇐뺿쇬폲뗄뢴퓓탔ꎬ훂쪹놾퇐뺿퓚헢튻탂쇬폲뗄첽쯷짐듦퓚ퟅ늻짙죏쪶뫍랽램짏뗄뻖쿞ꎬ폐듽뷸튻늽뗄퇐뺿폫췪짆ꆣ 43
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훐쓏쏱ퟥ듳톧쮶쪿톧캻싛컄 훂 킻 쯦ퟅ뇏튵싛컄뗄췪돉ꎬ컒퓚훐쓏쏱ퟥ듳톧죽쓪퇐뺿짺뗄톧쾰짺믮십짏뻍튪뷡쫸쇋ꆣ퓚헢룶킣풰훐톧쾰ꆢ짺믮ꎬ컒쫕믱쇋탭뛠횪쪶ꎬ폐뫜뛠횵뗃뮳쓮ꎬ튲폐뫜뛠룐킻튪쮵ꆣ뷨듋믺믡ꎬ컒튪쿲쓇킩퓸뺭룸폨컒냯훺뗄죋쏇훂틔헦돏뗄룐킻! 쫗쿈튪룐킻컒뗄떼쪦쯕퇇쏱뢱뷌쫚ꎬ놾싛컄헽쫇퓚쯕샏쪦뗄뺫탄횸떼쿂췪돉뗄ꆣ쯕샏쪦퇏뷷뗄톧쫵첬뛈ꆢ풨늩뗄톧쪶ꆢ튻쮿늻릶뗄뺴튵뺫짱쪹컒쫜틦럋잳ꆣ쎻폐쯕샏쪦뗄횸떼ꎬ헢욪싛컄늻믡쮳샻뗄췪돉ꆣ퓚솽쓪뛠뗄퇐뺿짺톧쾰훐ꎬ쯕샏쪦늻뷶퓚톧쾰짏룸쇋컒뫜뛠횸뗣뫍냯훺ꎬ뛸쟒퓚쮼쿫뫍짺믮짏튲룸폨쇋컒뫜뛠맘뮳뫍횸떼ꎬ뷌믡쇋컒뫜뛠죋짺뗄뗀샭ꎬ죃컒퓚퇐뺿짺웚볤폐쇋럇뎣듳뗄쫕믱ꆣ퓚듋튪쿲쯕샏쪦뇭쪾평훔뗄룐킻뫍뺴틢! 웤듎튪룐킻퇐뺿짺톧쾰맽돌훐쯹폐뷌떼뫍냯훺맽컒뗄샏쪦쏇ꎬ쯻쏇퓚튵뿎돌뗄뷌톧맽돌훐췘뿭쇋컒뗄횪쪶쫓튰ꆢ럡뢻쇋컒뗄횪쪶쳥쾵ꎬ퓚뾪쳢뗄맽돌훐쳡돶쇋놦맳뗄탞룄붨틩ꎬ놣횤쇋싛컄뗄쮳샻췪돉ꆣ ퟮ뫳튪룐킻뗄쫇컒뗄춬톧뫍엳폑쏇ꎬ쯻쏇룸폨쇋컒컞쫽뗄맘뮳폫냯훺ꎬ퓚듋튲튪쿲쯻쏇훂틔돏횿뗄킻틢ꆣ컒붫폀풶늻믡췼볇퓚훐쓏쏱듳뛈맽뗄럡뢻뛠닊뗄톧짺쪱맢ꆣ 47
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