2006Π06ꆡퟜ뗚338웚짌튵퇐뺿ꆡCOMMERCIALRESEARCH컄헂뇠뫅:1001-148X(2006)06-0163-03횤좯춶믹뷰맜샭럑폃뗄쪵횤럖컶돂죽쎷(뮪뚫붻춨듳톧뺭볃맜샭톧풺,붭컷쓏닽ꆡ330013)햪튪:닉폃뛠풪쿟탔믘맩랽램,틔2000-2003쓪컒맺틑랢탐믹뷰캪퇐뺿뛔쿳,뛔쓪뛈믹뷰맜샭럑폃폫믹뷰튵벨ꆢ맦쒣횮볤뗄맘쾵뷸탐쇋쪵횤럖컶ꆣ뷡맻뇭쏷:믹뷰튵벨ꆢ맦쒣퓚2000쓪뫍2001쓪쫇펰쿬믹뷰맜샭럑뗄훷튪틲쯘;떫ퟔ듓2002쓪횤볠믡좫쏦춣횹쳡좡튵벨놨돪횮뫳,믹뷰튵벨뛔맜샭럑폃뗄펰쿬늻퓙쿔훸,짵훁돶쿖쇋믹뷰쫕틦쾵쫽캪뢺뗄맖쿖쿳ꆣ퓚듋믹뒡짏,쳡돶쇋뛔컒맺믹뷰맜샭럑폃룄룯뗄벸뗣붨틩ꆣ맘볼듊:횤좯춶믹뷰;믹뷰맜샭럑폃;쪵횤럖컶훐춼럖샠뫅:F830191ꆡꆡꆡꆡ컄쿗뇪쪶싫:APositiveAnalysisonManagementFeeofInvestmentFundCHENSan2mei(EconomicsandManagementSchool,EastChinaJiaoTongUniversity,Nanchang,Jiangxi330013,China)Abstract:Thestudyisbasedonthedataofissuedfundscollectedfrom2000to20031Multiplelinearregressionmethodisusedtoanalyzetherelevanceamongannualfundmanagementfee,fundperformanceandscale1Thefindingsshowthatfundperformanceandscalearemainfactorsofinfluencingfundmanagementfeein2000and2001;SincetheSecuritiesSupervisoryCommissionsstoppedpickinguptheperformanceremunerationforallfundsin2002,theinfluencesbetweenfundperformanceandfundmanagementfeewerenotapparent;Evenitpresentsastrangephenomenonthatthecoefficienceofthefundincomeisnegative1Keywords:securitiesinvestmentfund;fundmanagementfee;positiveanalysisꆡꆡ듓쫀뷧룷맺뗄랢햹뺭퇩살뾴,춶믹뷰틑뺭돉캪돪;쇭튻훖죏캪펦룃뛔만뚨럑싊뷸탐룄룯,틽죫튵벨폫놣쿕ꆢ틸탐늢쇐뗄죽듳뷰죚횧훹닺튵횮튻ꆣퟔ놨돪,닉좡만뚨폫뢡뚯쿠뷡뫏뗄냬램ꆣ뇊헟룹뻝믹뷰1997쓪11퓂ꆶ횤좯춶믹뷰맜샭퓝탐냬램ꆷ냤늼틔릫쮾엻슶뗄쓪뛈닆컱놨룦,뛔2000-2003쓪뗄믹뷰살,컒맺횤좯춶믹뷰튵뿬쯙컈뚨랢햹,뷘횹떽쓪뛈맜샭럑폃뷸탐쪵횤럖컶,틔쟳캪틽죫튵벨놨돪벰2004쓪9퓂30죕,맺쓚틑쒼벯췪뇏늢탻룦돉솢뗄믹쫐뎡뮯쫕럑뗄룄룯쮼슷헒떽쫽뻝횧돖ꆣ뷰ퟜ쫽듯떽쇋152횻,웤훐럢뇕쪽믹뷰캪55횻,뾪튻ꆢ쿠맘퇐뺿돉맻믘맋럅쪽믹뷰캪97횻,믹뷰뺻횵ퟜ뛮듯3200뛠틚풪ퟳ맺췢맘폚믹뷰맜샭럑폃뗄쪵횤퇐뺿뇭쏷믹뷰맜샭럑폒ꆣ믹뷰맜샭럑폃쫇믹뷰맜샭죋뗄훷튪쫕죫살풴,뿆폃펦룃폫튵벨놨돪맒릳ꆣHolmstrom1B뫍P1Milgrom톧뗄맜샭럑폃쳡좡랽램뛔믹뷰맜샭죋살쮵쫇튻룶폐킧(1991)뛔믹뷰맜샭럑폃뗄퇐뺿뇭쏷:떱믹뷰뺭샭맜샭뛠뗄벤샸믺훆,쫇믹뷰훎샭뷡릹뗄훘튪쓚죝횮튻ꆣ쒿볒믹뷰쪱,죧맻쒳횻믹뷰뛔믹뷰뺭샭쳡릩뗄벤샸돌뛈뇈잰,맺쓚뗄믹뷰맜샭럑폃뚼쫇뒦퓚퇏룱뗄맜훆횮쿂,웤쯼믹뷰듳,퓲룃믹뷰붫믱좡룼룟뗄쫕틦;쿠랴,죧맻내헕믹뷰뺻횵뗄115%쳡좡,늻맜믹뷰쫇럱펮샻,뚼쒳횻믹뷰퓚룃믹뷰뺭샭맜샭믹뷰훐쯹햼뇈훘뷏킡믲쯼쯹내헕헢튻맦뚨쳡좡럑폃ꆣ퓚헢훖만뚨럑싊뷡릹쿂,평쳡릩뗄벤샸놨돪뷏킡쪱,믹뷰뺭샭뛔룃믹뷰춶죫뗄뺫솦폚룟쫕틦믹뷰쯹쳡맜샭럑짵훁믡뗍폚뗍쫕틦뗄믹믡복짙ꆣRobertHeinKel뫍NealMꆤStoughton(1994)죏캪뷰\[1\],틲듋뛔믹뷰맜샭죋캴웰떽펦폐뗄벤샸뫍돍랣닎뾼늻쫜믹뷰뺭샭뿘훆뗄쫐뎡쫕틦싊뿉틔훆뚨돶폐벤샸ퟷ폃,쟒춶헟튲쓑틔춨맽만뚨럑싊랽낸뛔믹뷰맜샭탔뗄맜샭럑웵풼ꆣ튲뻍쫇쮵,내튵벨놨돪쳡좡맜샭럑쓜죋뗄춶쓜솦뷸탐에뛏ꆣ캪듋,맘폚만뚨럑싊훆뛈뗄릻폐킧뗘벤샸믹뷰맜샭죋ꆣ맺쓚뛔믹뷰맜샭죋놨돪(훷룄룯떱잰쳖싛뇈뷏벤쇒,쒿잰폐솽훖뛔솢뗄맛뗣,튻튪횸뗄쫇믹뷰맜샭럑)뗄퇐뺿웕뇩쫇믹폚샭싛럖컶ꆣ쓟훖횧돖떱잰뗄만뚨럑싊훆뛈,랴뛔뢡뚯틔쳡좡튵벨놨쯕퓆ꆢ키믔뫍컢돥럦샻폃웚좨뚨볛샭싛,죏캪퓚믹뷰맜ꆡ쫕룥죕웚:2004-12-02ퟷ헟볲뷩:돂죽쎷(1974-),얮,붭컷폱즽죋,뮪뚫붻춨듳톧뺭볃맜샭톧풺퇐뺿짺ꆣ퇐뺿랽쿲:닆컱맜샭ꆣ
ꆤ1ꆡ64ꆤ짌튵퇐뺿2006Π06샭럑싊뗄짨볆짏펦룃폫믹뷰튵벨벰쫐뎡쫕틦맒릳ꆣ횣뻪뷰캪퇐뺿퇹놾,내쓪럝붫퇹놾럖돉쯄ퟩ,톡좡뷡맻죧듓캯췐듺샭샭싛뗄뷇뛈,럖컶쇋컒맺믹뷰맜샭죋놨돪믺쿂:뗚튻ퟩ캪2000쓪틑랢탐뗄33횻믹뷰뗄쓪뛈맜샭훆뗄짨볆펦룃퓚만뚨럑싊뗄믹뒡짏틽죫튵벨벤샸,쪹믹럑폃ꆢퟜ닺뫍뺻쫕틦뗄쫽뻝;뗚뛾ퟩ캪2001쓪틑뷰맜샭죋뗄탐캪늻욫샫샻죳ퟮ듳뮯쒿뇪,쪵쿖벤샸쿠랢탐뗄49횻믹뷰뗄쓪뛈맜샭럑폃ꆢퟜ닺뫍뺻쫕틦죝ꆣ쳆폮춨맽뛔2003쓪2퓂뗗틔잰훐맺쓚뗘틑뺭랢탐쒼뗄쫽뻝;뗚죽ퟩ캪2002쓪틑랢탐뗄67횻믹뷰뗄쓪뛈벯뗄18횻뾪럅쪽믹뷰럑싊훆뛈뗄퇐뺿럖컶,죏캪쿖폐맜샭럑폃ꆢퟜ닺뫍뺻쫕틦뗄쫽뻝;뗚쯄ퟩ캪2003뗄만뚨뗄맜샭럑볆쳡쒣쪽?듽룄룯,튪헦헽쳥쿖믹뷰뗄쓪틑랢탐뗄102횻믹뷰뗄쓪뛈맜샭럑폃ꆢퟜ닺뫍뺻뺭펪튵벨폫믹뷰맜샭헟뗄샻틦쾢쾢쿠맘,믹뷰뗄맜샭럑쫕틦뗄쫽뻝ꆣ퓚헢쯄쓪뗄쫽뻝떱훐,2000쓪뗄믹뷰뻍펦룃틀뻝믹뷰NAV(떥캻닺뺻횵)뗄뇤뮯쟩뿶짨훃ꆣ쓪뛈맜샭럑폃냼몬튵벨놨돪,2001쓪늿럖냼몬튵벨뛾ꆢ컒맺믹뷰맜샭럑폃볆쳡쒣쪽뗄샺쪷퇝뇤놨돪,웤쯼솽쓪늻냼삨,붫쯄ퟩ쫽뻝럖뇰ퟷ뛠풪믘맩컒맺믹뷰맜샭럑폃뗄쳡좡랽쪽듳훂뺭샺쇋틔쿂죽럖컶,좻뫳붫믘맩뷡맻뷸탐뇈뷏틔뗃돶뷡싛ꆣ룶뷗뛎:쯄ꆢ쪵횤뷡맻뗚튻뷗뛎:듓1992쓪떽1999쓪6퓂ꆣ헢튻뷗뛎샻폃SPSS1110뷸탐믘맩럖컶,춳볆뷡맻죧쿂:돉솢뗄믹뷰내맜샭뺻닺뗄맦뚨럑싊볆쳡맜샭럑폃,뇭1ꆢ뇭2ꆢ뇭3ꆢ뇭4럖뇰쫇2000쓪ꆢ2001쓪ꆢ럑싊듓115%-215%늻뗈ꋙꆣ2002쓪ꆢ2003쓪룷뇤솿뗄쿠맘쾵쫽뻘헳ꆣ뿉틔뾴돶,뗚뛾뷗뛎:듓1999쓪6퓂떽2001쓪9퓂ꆣ헢튻퓚쯄쓪훐,믹뷰ퟜ닺폫믹뷰쓪뛈맜샭럑폃뻹퓚1%뷗뛎뗄믹뷰뾪쪼퓚맜샭럑폃훐틽죫튵벨놨돪ꆣ듓뗄쮮욽짏쿔훸쿠맘,뛸2000쓪믹뷰뺻쫕틦폫믹뷰쓪2000쓪뾪쪼,뫜뛠믹뷰탞룄쇋믹뷰웵풼,뾪쪼볆쳡뛈맜샭럑폃퓚1%뗄쮮욽짏쿔훸쿠맘,2001쓪믹뷰뺻튵벨놨돪,떽2000쓪쓪뗗,쯹폐뗄탂믹뷰뚼뾪쪼볆쫕틦폫믹뷰쓪뛈맜샭럑폃퓚10%뗄쮮욽짏쿔훸쿠맘,쳡튵벨놨돪ꆣ2002쓪ꆢ2003쓪믹뷰뺻쫕틦폫믹뷰쓪뛈맜샭럑폃뻹뗚죽뷗뛎:듓2001쓪9퓂훁뷱ꆣ2001쓪9퓂27늻듦퓚쿔훸쿠맘맘쾵ꆣ죕,횤볠믡랢늼ꆶ맘폚횤좯춶믹뷰튵벨놨돪폐맘컊뇭12000쓪뇤솿쿠맘쾵쫽쳢뗄춨횪ꆷ,맦뚨ퟔ춨횪랢늼횮죕웰,탂짪쟫짨솢뗄FTANI믹뷰,웤믹뷰웵풼훐늻뗃몬폐쳡좡튵벨놨돪뗄쓚죝,F1100019903331967333틑짨솢뗄믹뷰,웤믹뷰웵풼퓊탭쳡좡튵벨놨돪뗄,뿉Pearson횴탐훁TA19901100019462001쓪뗍,늢틀뻝닆컱믡볆훆뛈뷸탐닆컱뒦Correlation샭ꆣ룹뻝춨횪,믹뷰맜샭럑훐뗄튵벨놨돪퓚NI19671946110002002쓪좫쏦춣횹쳡좡ꆣꆡꆡ힢333:퓚1%뗄쮮욽짏쿔훸쿠맘33;퓚5%뗄쮮욽짏쿔훸헾뢮춣횹믹뷰튵벨놨돪뗄쳡좡훷튪쫇뾼싇쿠맘3;퓚10%뗄쮮욽짏쿔훸쿠맘:(1)쒿잰믹뷰뗄맜샭럑싊뷏룟ꆣ죧쏀맺뗄욽뻹맜샭럑싊풼뇭22001쓪뇤솿쿠맘쾵쫽FTANI113%,뛸컒맺틑듯떽쇋115%,죧맻퓙볓짏튵벨놨돪,맜샭럑싊뿉쓜룟폚2%ꆣ(2)쳡좡튵벨놨돪죝틗F11000178633311993떼훂믹뷰맜샭죋뗄뛌웚탐캪,믹뷰맜샭죋췹췹캪쳡좡PearsonTA1786110001541Correlation튵벨놨돪뛸룊풸쎰룟럧쿕ꆣNI1699154111000죽ꆢ퇐뺿랽램뫍퇹놾톡퓱ꆡꆡ힢333:퓚1%뗄쮮욽짏쿔훸쿠맘33;퓚5%뗄쮮욽짏쿔훸듓샭싛짏붲,믹뷰튵벨풽뫃,맦쒣풽듳,퓲믹뷰쿠맘3;퓚10%뗄쮮욽짏쿔훸쿠맘맜샭럑풽룟ꆣ춬쪱,믹뷰맜샭럑뗄룟뗍뮹폫믹뷰샠뇭32002쓪뇤솿쿠맘쾵쫽뇰ꆢ믹뷰럧쿕돌뛈ꆢ믹뷰튵랢햹폫뺺헹돌뛈틔벰헻룶FTANI뫪맛뺭볃탎쪽뗈틲쯘폐맘ꆣ뇊헟뾼싇떽쫽뻝뿉믱뗃F110001712333-1053탔ꆢ맺쓚췢뗄퇐뺿돉맻틔벰쒿잰뗄쫕럑쒣쪽,뇊헟훷Pearson튪퇐뺿믹뷰쓪뛈맜샭럑폃폫믹뷰튵벨ꆢ맦쒣횮볤뗄맘TA171211000-1018Correlation쾵NI-1193-101811000,늢춨맽뛔쯼쏇횮볤맘쾵뗄춳볆럖컶살볬퇩쓪뛈믹뷰맜샭럑쫇럱틔벰퓚뛠듳돌뛈짏뿉틔폃믹뷰튵벨뫍믹ꆡꆡ힢333:퓚1%뗄쮮욽짏쿔훸쿠맘33;퓚5%뗄쮮욽짏쿔훸뷰맦쒣살뷢쫍ꆣ쿠맘3;퓚10%뗄쮮욽짏쿔훸쿠맘쒣탍닉폃뛠풪믘맩랽돌,짨볆죧쿂뇭42003쓪뇤솿쿠맘쾵쫽:F=FTANIa+ꛂ1TA+ꛂ2NI+ꛅ웤훐,F캪믹뷰쓪뛈맜샭럑폃,TA캪믹뷰ퟜF1100017633331059닺Pearson(듺뇭믹뷰맦쒣),NI캪믹뷰뺻쫕틦(듺뇭믹뷰튵TA1763110001107Correlation벨),ꛅ캪쯦믺죅뚯쿮ꆣNI1059110711000퇐뺿톡퓱2000-2003쓪뛈퓚http:ΠΠwww12ꆡꆡ힢333:퓚1%뗄쮮욽짏쿔훸쿠맘33;퓚5%뗄쮮욽짏쿔훸cninfo1com1cnΠ(뻞뎱톶췸)릫늼쓪뛈닆컱놨룦뗄믹쿠맘3;퓚10%뗄쮮욽짏쿔훸쿠맘
ퟜ뗚338웚돂죽쎷:횤좯춶믹뷰맜샭럑폃뗄쪵횤럖컶ꆤ1ꆡ65ꆤ뇭5쒣탍뛠풪믘맩뷡맻Model뇤솿풤웚럻뫅2000쓪2001쓪닎쫽맀볆tVIF닎쫽맀볆tVIF(Constant)-453668-8123414175711705TA+0100913169133371570010096126033311413NI+0101761987333715700105311204311413RSquare=01989RSquare=01724AdjustedRSquare=01981AdjustedRSquare=01712ꆡꆡ힢333:퓚1%뗄쮮욽짏쿔훸쿠맘33;퓚5%뗄쮮욽짏쿔훸쿠맘3;퓚10%뗄쮮욽짏쿔훸쿠맘뇭6쒣탍뛠풪믘맩뷡맻Model뇤솿풤웚럻뫅2002쓪2003쓪닎쫽맀볆tVIF닎쫽맀볆tVIF(Constant)412236411734414175711586TA+010098135933311000101011185633311012NI+-01026-015271100-0104-0135011012RSquare=01560RSquare=01583AdjustedRSquare=01548AdjustedRSquare=01575ꆡꆡ힢3333:퓚1%뗄쮮욽짏쿔훸쿠맘3;퓚5%뗄쮮욽짏쿔훸쿠맘3;퓚10%뗄쮮욽짏쿔훸쿠맘ꆡꆡ뇭5ꆢ뇭6쫇샻폃쒣탍뷸탐뛠풪믘맩럖컶뗄뷡맻ꆣ놣횤믹뷰맜샭죋내헕쯹맜샭뗄믹뷰닺뺻횵믱뗃튻뚨뗄믹뛠훘릲쿟탔헯뛏뇭쏷쒣탍믘맩뷡맻뇭쏷,룷뇤솿맀볆횵놾쫕죫,쿞훆믹뷰맜샭죋캪ힷ쟳룟튵벨뛸뫶쫓믹뷰닺뗄뗄랽닮엲헍틲ퟓ(VIF)뻹퓚10횮쿂,쮵쏷ퟔ뇤솿볤늻컈붡돉뎤,폐샻폚뿘훆믹뷰닺뗄럧쿕쮮욽;쇭튻랽쏦,듦퓚펰쿬쾵쫽맀볆횵뗄뛠훘릲쿟탔컊쳢ꆣ쯄쓪훐믹뷰ퟜ평폚믹뷰맜샭죋뗄놨돪폫믹뷰뎬맽듳엌뗄뎬뛮샻죳맒릳,닺뇤솿뻹쿔훸펰쿬믹뷰쓪뛈맜샭럑폃,쮵쏷믹뷰맦쒣뿉틔벤샸믹뷰맜샭죋좥ힷ쟳믹뷰쫕틦뗄ퟮ듳뮯ꆣ쫇펰쿬맜샭럑폃뗄훷튪틲쯘ꆣ믹뷰뺻쫕틦2000쓪퓚1%21볓잿뛔믹뷰맜샭죋뗄춶탐캪뗄볠맜ꆣ2001쓪횤뗄쮮욽짏쿔훸,2001쓪퓚10%뗄쮮욽짏쿔훸,뛸떽쇋볠믡춣횹튵벨놨돪쳡좡뗄쇭튻뾼싇뻍쫇,튵벨놨돪죝틗2002쓪뫍2003쓪퓲늻쿔훸,쮵쏷믹뷰쫕틦퓚2000쫇펰틽랢믹뷰맜샭죋뗄뛌웚탐캪,폕쪹믹뷰맜샭죋ힷ쟳룟럧쿬믹뷰럑폃뗄훷튪틲쯘,듓2001쓪횤볠믡춣횹볆쳡튵벨쿕,헢튲쫇탭뛠죋랴뛔쳡좡튵벨놨돪뗄튻룶훷튪샭평ꆣ놨돪틔뫳,퓲믹뷰쫕틦폫맜샭럑폃뗄쿠맘탔늻쿔훸,짵쪵훊짏,헢뿉틔춨맽볓잿ꆢ췪짆횤좯춶믹뷰훎샭뗄훆훁2002쓪ꆢ2003쓪뗄믹뷰쫕틦뗄쾵쫽돶쿖쇋뢺쫽,폫풤뛈낲업살뛴훆ꆣ뇈죧쮵뿉틔춨맽돤럖랢믓믹뷰맜샭릫쮾웚럻뫅쿠랴,헢쮵쏷믹뷰튵벨뫃랴뛸쎻폐듸살맜샭럑뗄뚭쫂믡훐뛀솢뚭쫂뗄솦솿뫍ퟷ폃,췪짆탅쾢엻슶훆뛈,짏짽ꆣ춬쪱,2000쓪쫽뻝뗄쓢뫏뷡맻럇뎣폐킧(뗷헻쓢쓚늿뿘훆훆뛈틔벰볓잿믹뷰췐맜죋볠뚽춶퓋ퟷ뗄ퟷ뫏폅뛈R2캪01981),뛸2001쓪캪01712,2002쓪캪폃,췪짆횤좯춶믹뷰튵벨움볛쳥쾵뗈뗈ꆣ01545,2003쓪캪01578,쓢뫏킧맻훰쓪쿂붵(2003쓪뇈힢쫍:2002쓪짔캢뫃튻뗣뗣)ꆣꋙꆡ2002쓪짏냫쓪,20틚럝뛮뗄럢뇕쪽믹뷰훐,믹뷰컥ꆢ뷡싛폫벸뗣붨틩탋뮪뇭쿖ퟮ병,뺻횵퓶뎤싊캪715%;믹뷰몺쪢뇭쇩믮뗄믹뷰맜샭럑쒣쪽펦룃냼삨믹놾맜샭럑뫍튵쿖ퟮ닮,뺻퓶뎤싊캪-112%,떫뻍맜샭럑뛸퇔,몺벨놨돪솽늿럖ꆣ쒿잰횤좯춶믹뷰뗄맜샭럑내헕믹뷰쪢믹뷰짏냫쓪쳡좡쇋1420췲풪,탋뮪믹뷰좴횻뺻횵뗄115%쳡좡,늻맜믹뷰쫇럱펮샻,뚼틀헕헢튻쳡좡쇋풼1384췲풪ꆣ랽램쳡좡럑폃ꆣ틲듋,컞쫓튵벨뫃뮵,믹뷰맜샭죋뚼닎뾼컄쿗:쓜몵샔놣쫕,좡뗃컈뚨뗄쫕틦,헢훖ퟶ램쓑틔뎤웚믱\[1\]ꆡ쓟쯕퓆,키믔,컢돥럦1횤좯춶믹뷰뗄맜샭럑뗃춶죋뗄탅죎ꆣ뫢솿믹뷰릫쮾쫇럱췪좫싄탐쇋캯췐싊짨볆퇐뺿\[J\1]쾵춳릤돌샭싛폫쪵볹,2004,뗄쫂컯,뇘탫늿럖뗘냼몬춶뷡맻뗄뫃뮵,쒿잰췪좫(1):25-291늻맋믹뷰튵벨뗄쫕럑쒣쪽쫇늻뫏샭뗄ꆣ틲뛸뇊헟뻍컒\[2\]ꆡ쳆폮1훐맺쓚뗘뾪럅쪽횤좯춶믹뷰뗄럑싊훆맺믹뷰맜샭럑폃쳡좡랽램붨틩죧쿂:뛈컊쳢\[J\1]맜샭뿆톧,2003,(4):55-58111퓚붵뗍만뚨맜샭럑싊뗄믹뒡짏,틽죫튵벨놨돪쳡\[3\]ꆡ횣뻪1컒맺믹뷰맜샭죋뗄놨돪믺훆짨볆컊쳢좡랽쪽,벴만뚨폫뢡뚯쿠뷡뫏뗄랽쪽ꆣ2001쓪횤볠믡춣횹\[J\1]쿖듺맜샭뿆톧,2002,(12):52-541튵벨놨돪쳡좡웤훐뗄튻룶뾼싇뻍쫇컒맺뗄맜샭럑틑뺭뷏\[4\]ꆡHolmstrom1B,P1Milgrom,Multi-taskPrincipalAgent룟,헢췪좫뿉틔춨맽붵뗍만뚨럑싊살뷢뻶ꆣ퓚맺췢믹뷰맜Analyses,JournalofLaw,EconomicsandOrganiza2샭럑뗄짨볆짏,만뚨럑싊쿠떱뗍,짵훁돶쿖뿷쯰쪱늻볆쳡tion,1991,(24):61-871믹뷰맜샭럑,믹뷰맜샭죋훷튪틀뾿튵벨놨돪살믱샻ꆣ뾼싇\[5\]ꆡRobertHeinkel,NealMꆤStoughton,TheDynamicsof떽맺쓚쒿잰쟩뿶,믹뷰맜샭럑뿉틔내믹뷰닺뺻횵뗄쒳튻PortfolioManagementContracts,ReviewofFinancial뷏뗍뗄냙럖뇈(죧1%)캪믹쫽쳡좡,춬쪱쎿쓪룹뻝믹뷰Studies,1994,19(4):233-2561쿠뛔폚춬튻쪱웚뗄듳엌뇭쿖쳡좡튵벨놨돪ꆣ헢튻랽쏦뿉틔(퓰죎뇠벭:헅쫧솫)
