뷰죚랢햹ꆢ풤쯣죭풼쫸폫웳튵춶3훬뫬뻼ꆡ뫎쿍뷜ꆡ돂탅풪(짏몣닆뺭듳톧믡볆폫닆컱퇐뺿풺ꆡ200433)ꆾ햪튪ꆿ놾컄샻폃짏쫐릫쮾뗄쫽뻝,쪵횤볬퇩쇋퓚컒맺탍뺭볃뗄쳘쫢훆뛈놳뺰쿂,뷰죚랢햹듙뷸뺭볃퓶뎤뗄캢맛뒫떼믺훆쫇럱듦퓚늢랢믓ퟷ폃틔벰펰쿬헢훖ퟷ폃랢믓뗄훆뛈탔틲쯘ꆣ퇐뺿뷡맻랢쿖뷰죚랢햹쮮욽뗄쳡룟쓜릻복쟡웳튵뗄죚풼쫸,붵뗍웳튵춶뛔쓚늿쿖뷰쇷뗄틀삵탔ꆣ떫쫇,풤쯣죭풼쫸뗄듦퓚얤쟺쇋맺폐웳튵쏦쇙뗄헦쪵뗄죚풼쫸,쪹뗃웤춶뛔쓚늿쿖뷰쇷뗄틀삵돌뛈튪쏷쿔뗍폚쏱펪웳튵,늢쟒헢훖죭풼쫸뗄듦퓚뮹복죵쇋뷰죚랢햹뛔맺폐웳튵쯹듸살뗄믽벫ퟷ폃,닺짺쇋ꆰ슩돶ꆱ킧펦ꆣ놾컄뗄웴쪾캪:퓚컒맺탍뺭볃뗄쳘쫢훆뛈놳뺰쿂,죧맻튪헦헽뗘복쟡웳튵뗄죚풼쫸,붵뗍쫐뎡붻틗뗄돉놾,듙뷸뺭볃뗄랢햹,뇘탫듓쳡룟뷰죚랢햹쮮욽뫍펲뮯풤쯣풼쫸춬쪱죫쫖ꆣꆾ맘볼듊ꆿ뷰죚랢햹ꆡ풤쯣죭풼쫸ꆡ죚풼쫸ꆡ웳튵춶튻ꆢ퇐뺿컊쳢뗄쳡돶ퟔ룄룯뾪럅틔살,컒맺뗄뷰죚쫐뎡폐쇋뷏듳뗄랢햹,떫쫇룷뗘쟸뗄랢햹쮮욽좴돊쿖돶뷏듳뗄닮뻠ꆣ듓랮룙뫍췵킡슳(2004)뇠훆뗄훐맺룷뗘쟸쫐뎡뮯횸쫽뿉틔랢쿖,뗘쟸횮볤뗄뷰죚튵쫐뎡뮯돌뛈ꆢ뷰죚튵뺺헹돌뛈틔벰탅듻뷰럖엤뗄쫐뎡뮯돌뛈뚼듦퓚ퟅ뫜듳뗄닮틬,헢킩뚼쮵쏷쒿잰컒맺룷뗘쟸뷰죚튵뗄랢햹뮹뒦폚튻룶닎닮늻웫뗄쮮욽ꆣ헢퇹뗄뷰죚뮷뺳좴캪볬퇩컒맺뷰죚랢햹뫍뺭볃퓶뎤횮볤뗄맘쾵쳡릩쇋쓑뗃뗄믺믡,늢쟒틑폐튻킩톧헟퓚헢랽쏦뷸탐쇋튻킩폐틦뗄첽쯷ꆣ좻뛸,맺쓚뗄퇐뺿늢쎻폐좡뗃튻훂뗄뷡싛ꆣ샽죧,훜솢뫍췵ퟓ쏷(2002)랢쿖컒맺뗘쟸볤뷰죚랢햹쮮욽뗄늻욽뫢믡펰쿬떽뺭볃뗄랢햹,뷰죚풽랢듯뗄뗘쟸뺭볃랢햹튲풽뿬,뛸슬럥뫍튦퇳(2004)뗄퇐뺿좴랢쿖뷰죚랢햹뛔뺭볃퓶뎤늢쎻폐쿔훸뗄펰쿬ꆣ횮쯹틔뗃돶듳쿠뺶춥뗄퇐뺿뷡싛,컒쏇죏캪맘볼뗄풭틲퓚폚헢킩컄쿗뻹뷶뷶뾼달뷰죚랢햹뫍뺭볃퓶뎤솽헟뗄ퟜ쳥쿠맘탔놾짭,뛸쎻폐듓캢맛뗄쫓뷇뷒쪾닺짺헢훖펰쿬뗄뒫떼춾뺶뫍믺훆ꆣRajan뫍Zingales(1998)틔벰Love(2001)뛔룃샠퇐뺿뗄랽램쳡돶쇋엺움,쯻쏇죏캪듓뫪맛뺭볃닣쏦뾼달뷰죚랢햹퓚뺭볃퓶뎤훐뗄ퟷ폃볈늻쓜폐킧뗘뷢뻶뷰죚랢햹폫뺭볃퓶뎤횮볤뗄틲맻떹훃맘쾵,튲늻쓜짮죫쇋뷢뷰죚랢햹듙뷸뺭볃퓶뎤뗄캢맛믺샭ꆣ쯻쏇쳡돶,뷰죚쫐뎡듙뷸뺭볃퓶뎤뗄뒫떼믺훆퓚폚튻룶랢듯뗄뷰죚쫐뎡쓜릻붵뗍웳튵쏦쇙뗄죚풼쫸,복쟡웳튵뗄죚톹솦,붵뗍쫐뎡붻틗뗄돉놾,쳡룟춶뗄킧싊,듓뛸췆뚯뺭볃뗄랢햹ꆣ퓚컒맺,평폚뷰죚랢햹쓜럱듙뷸뺭볃퓶뎤짐컞뚨싛,틲듋컒쏇룼펦룃ퟅ솦폚퇐뺿뷰죚랢햹뗄헢훖뒫떼믺훆쫇럱듦퓚늢랢믓ퟷ폃,헢붫폐훺폚컒쏇듓캢맛뗄뷇뛈캪컒맺뷰죚랢햹뫍뺭볃퓶뎤횮볤뗄맘쾵쳡릩횤뻝,뛸헢튲헽릹돉쇋놾컄뗄뗚튻룶퇐뺿뚯믺ꆣ쿠펦뗘,컒쏇튪퇐뺿뗄뗚튻룶컊쳢뻍쫇뷰죚랢햹쮮욽뗄쳡룟쓜럱붵뗍웳튵뗄죚풼쫸늢뷸뛸펰쿬웳튵뗄춶탐캪ꆣ횵뗃맘힢뗄쫇,퓚컒맺헢퇹튻룶탍뺭볃뗄맺볒,돽쇋룷뗘쟸뷰죚랢햹늻욽뫢뿉쓜믡펰쿬웳튵뗄춶탐캪췢,풤쯣죭풼쫸컊쳢뗄듦퓚춬퇹튲뿉쓜믡룄뇤웳튵뗄죚풼쫸늢뷸뛸랴펳떽춶탐캪짏ꆣ쇖틣럲뗈(2004)죏캪훐맺룄룯뾪럅20쓪3놾컄뗃떽짏몣닆뺭듳톧믡볆폫닆컱퇐뺿풺훺,늢쟒쫇짏몣쫐짧뿆맦뮮튻냣뿎쳢ꆶ뿘훆좨낲업ꆢ웳튵춶폫풴엤훃킧싊ꆷ(엺ힼ뫅:2005BJB011)뗄뷗뛎탔돉맻ꆣ컒쏇룐킻짏몣닆뺭듳톧믡볆폫닆컱퇐뺿풺톧쫵쳖싛냠뗄룷캻닎폫헟쳡돶뗄놦맳붨틩ꆣ64' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
살,캪펲뮯맺폐웳튵풤쯣풼쫸ꆢ룄짆맺폐웳튵뺭펪튵벨,틑뺭뷸탐쇋튻쾵쇐뗄룄룯,췆탐쇋돐냼훆ꆢ막럝훆ꆢ쿖듺웳튵훆뛈틔벰뛔짏쫐릫쮾뷸탐뗄룷훖훆뛈짨볆,웤쒿뗄뚼쫇캪쇋펲뮯맺폐웳튵뗄풤쯣풼쫸ꆣ떫쫇,죭풼쫸뗄컊쳢죔좻듦퓚,웤풭틲퓚폚맺폐웳튵뗄풤쯣죭풼쫸쓚짺폚헾닟탔뢺떣,짏쫶룄룯쎻폐쿻돽헾닟탔뢺떣,쯹틔헢킩룄룯횻쫇훎뇪뛸럇훎놾횮닟ꆣ냍쫯쯉뗈(2005)죏캪1998쓪훁뷱,틸탐쳥쾵뷸탐쇋뒹횱뮯뗄맜샭쳥훆룄룯,춬쪱헾웳럖뾪뗄솦뛈볓듳,떫뗘랽GDP횸뇪죔쫇뗘랽헾뢮헾벨ퟮ훘튪뗄뾼뫋횸뇪ꆣ퓚헢훖쟩뿶쿂,뗘랽헾뢮훰늽럅웺횱뷓듓맺폐틸탐쳥쾵헹뛡풴,뛸캪춨맽킭훺ꆢퟝ죝믲쒬탭쾽쟸쓚웳튵뗄ꆰ쳓ꆢ럏ꆢ햮ꆱ탐캪뗈살볤뷓헹뛡맺폐짌튵틸탐뗄뷰죚풴ꆣ헢킩퇐뺿뚼뇭쏷풤쯣죭풼쫸퓚맺폐웳튵훐죔좻쫇쿠떱웕뇩뗄쿖쿳ꆣ뛸컒맺뗄쏱펪웳튵뺡맜뫜듳튻늿럖췑첥폚쿧헲웳튵믲평맺폐웳튵쏱펪뮯뛸살,폫헾뢮늿쏅뫍맺폐틸탐럖횧믺릹튲폐ퟅ잧쮿췲싆뗄맘쾵,쯻쏇튲폐믱뗃헾뢮풮훺뗄뿉쓜탔,좻뛸,튻냣살쮵쏱펪웳튵쎻폐쿱맺폐웳튵쓇퇹믱뗃헾뢮풮훺뗄풤웚ꆣ헽죧쳯샻믔(2005)쯹횸돶뗄쓇퇹,벴쪹늻쓜룹뻝맺폐뫍쏱펪뗄탔훊살에뛏풤쯣풼쫸뗄죭펲탔훊,닺좨뗄낲업튲횱뷓펰쿬풤쯣죭풼쫸뗄잿죵돌뛈ꆣ헢훖풤웚짏뗄닮뇰믡쪹뗃풤쯣죭풼쫸컊쳢뛔솽샠웳튵뗄죚풼쫸뷸뛸웳튵뗄춶탐캪닺짺늻춬뗄펰쿬ꆣ맺폐웳튵뗄죭풼쫸풤웚믡퓚튻뚨돌뛈짏얤쟺웤쏦쇙뗄헦쪵뗄죚풼쫸,듓뛸붵뗍춶뛔쓚늿쿖뷰쇷솿뗄틀삵탔,뛸쏱펪웳튵평폚늻듦퓚헢훖풤웚,틲듋웤춶탐캪늢늻믡쫜떽펰쿬ꆣ짏쫶닮틬뗄듦퓚뿉쓜쫇짏컄쯹쳡떽뗄퓚컒맺뷰죚랢햹듙뷸뺭볃퓶뎤뗄ퟷ폃늢늻쏷쿔뗄튻룶훘튪풭틲ꆣ평폚죭풼쫸뗄풤웚틑뺭퓚튻뚨돌뛈짏얤쟺쇋맺폐웳튵뗄죚풼쫸틔벰뷸튻늽뗄춶탐캪,헢킩웳튵뗄춶탐캪뛔뷰죚랢햹붵뗍죚풼쫸쯹듸살뗄믽벫킧맻뗄랴펦늢늻쏴룐ꆣ뛸쏱펪웳튵평폚늻듦퓚헢훖죭풼쫸풤웚,웤춶탐캪쫜떽뗄평뷰죚랢햹쯹듸살뗄죚풼쫸쿂붵쯹닺짺뗄펰쿬뻍뷏듳ꆣ퓚컒맺헢퇹튻룶맺폐뺭볃햼뻝훷떼뗘캻뗄뺭볃쳥훐,죭풼쫸뗄듦퓚뻍뿉쓜믡복죵뷰죚랢햹뛔뺭볃퓶뎤뗄듙뷸ퟷ폃,듓뛸쪹뗃떱퇐뺿퇹놾ꆢ뾼달웚볤틔벰뷰죚랢햹돌뛈뗄닢솿횸뇪뗈퓚늻춬뗄퇐뺿훐폐쯹쟸뇰쪱,믡뗃돶맘폚뷰죚랢햹뫍뺭볃퓶뎤맘쾵뗄뷘좻늻춬뗄뷡싛ꆣ헢뻍쪹뗃컒쏇듓캢맛뗄쫓뷇볬퇩뷰죚랢햹듙뷸뺭볃퓶뎤뗄뒫떼믺훆퓚컒맺쫇럱듦퓚늢랢믓ퟷ폃쪱,뇘탫춬쪱뾼싇풤쯣죭풼쫸뗄펰쿬ꆣ쿖퓚틑폐튻킩컄쿗듓뫪맛뗄뷇뛈살첽쳖죭풼쫸뛔웳튵춶탐캪뗄펰쿬,떫듓캢맛뗄웳튵닣쏦쪵횤볬퇩풤쯣죭풼쫸뛔웳튵죚풼쫸뫍춶탐캪펰쿬뗄퇐뺿짐늻뛠볻,폈웤쫇평폚풤쯣죭풼쫸뫢솿짏뗄삧쓑,쪹뗃퇐뺿웳튵늻춬뗄죭풼쫸풤웚돌뛈뛔웤춶탐캪뗄펰쿬뗄컄쿗룼쫇쿊볻,뛸놾컄튪뾼달뗄뗚뛾룶컊쳢뗄뻍쫇쾣췻듓풤쯣죭풼쫸떽웳튵뗄죚풼쫸퓙떽춶탐캪헢튻뒫떼솴죫쫖,퇐뺿죭풼쫸뛔웳튵춶틔벰뛔뷰죚랢햹듸살뗄믽벫ퟷ폃뗄펰쿬ꆣ뷡뫏잰쫶맘폚뷰죚랢햹ꆢ풤쯣죭풼쫸ꆢ죚풼쫸뫍웳튵뗄춶탐캪맘쾵뗄쿠맘컄쿗뫍컒맺탍뺭볃뗄쳘쫢훆뛈놳뺰,컒쏇뿉틔냑놾컄튪뾼달뗄솽룶컊쳢볲떥뗘폃춼1살쏨쫶:춼1ꆡ퇐뺿쮼슷럖컶춼뛾ꆢ컄쿗믘맋폫움싛(튻)죚풼쫸폫웳튵춶뛔쓚늿쿖뷰쇷뗄틀삵탔뺭뗤뗄닆컱샭싛,죧Modigliani뫍Miller(1958),죏캪퓚튻룶췪쏀뗄놾쫐뎡샯,웳튵뗄췢늿놾뫍쓚늿놾쫇뿉틔췪좫쳦듺뗄,틲듋웳튵뗄춶탐캪늢늻믡쫜떽릫쮾닆컱ힴ뿶뗄펰쿬,뛸횻폫웳튵뗄춶탨쟳폐맘ꆣ떫쫇룃샭싛퓚폃살65' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
뷢쫍쿖쪵쪱좴폶떽쇋벫듳뗄삧쓑,평폚쿖쪵쫀뷧훐늢늻듦퓚헦헽틢틥짏뗄췪쏀뗄놾쫐뎡,탅쾢늻뛔돆컊쳢뫍듺샭컊쳢뚼쪹뗃췢늿죚뗄돉놾튪룟폚쓚늿놾뗄돉놾,솽헟늢늻듦퓚췪좫뗄쳦듺탔,웳튵쯹뒦뗄닆컱ힴ뿶ퟜ쫇퓚뫜듳돌뛈짏펰쿬웤춶탐캪ꆣGreenwaldꆢStigliz뫍Weiss(1984),Myers뫍Majluf(1984)틔벰Myers(1984)ퟮ쿈냑탅쾢늻뛔돆뗄컊쳢틽죫떽놾쫐뎡뗄퇐뺿훐,붨솢쇋늻췪쏀쫐뎡쿂뗄죚폅탲샭싛(peckingordertheory),쯻쏇죏캪쓚췢늿죚돉놾뗄닮틬,벴웳튵쏦쇙뗄죚풼쫸뗄돌뛈,폫탅쾢늻뛔돆뗄돌뛈헽쿠맘ꆣ뛸Bernanke뫍Gertler(1989,1990)틔벰Gertler(1992)폖뷸튻늽횸돶,퓚튻룶늻췪쏀뗄놾쫐뎡샯,돽쇋탅쾢늻뛔돆뗄컊쳢췢,듺샭컊쳢춬퇹튲믡쪹뗃췢늿죚뗄돉놾룟폚쓚늿죚뗄돉놾,늢쟒평폚헢훖죚풼쫸뗄듦퓚,웳튵뗄춶탐캪늻뷶좡뻶폚춶탨쟳,튲믡쫜떽쯹펵폐뗄쓚늿놾뗄펰쿬ꆣ캪쇋럖컶죚풼쫸뛔웳튵춶탐캪뗄펰쿬,FazzariꆢHubbard뫍Petersen(1988)(틔쿂볲돆FHP)폃럖샠볬퇩뗄랽램,싊쿈뾼달쇋늻춬죚풼쫸쿂뗄웳튵훐춶뫍쓚늿쿖뷰쇷솿뗄맘쾵ꆣ쯻쏇내헕웳튵죚풼쫸돌뛈뗄듳킡붫퇹놾릫쮾럖돉죽ퟩ,춨맽뇈뷏룷ퟩ릫쮾뗄춶2쓚늿쿖뷰쇷쏴룐탔뫳랢쿖,퓚늻췪쏀뗄놾쫐뎡샯,죚풼쫸뗄듦퓚쪹뗃웳튵뗄춶뫍쓚늿쿖뷰쇷폐ퟅ쿔훸뗄헽쿠맘맘쾵,뛸쟒헢훖쿠맘탔쯦ퟅ죚풼쫸돌뛈뗄볓훘뛸퓶볓ꆣ쯦뫳뗄튻킩퇐뺿,죧Hoshi뗈(1991)ꆢWhited뗈(1992)튲닉폃늻춬뗄퇹놾믲랽램뛔헢튻컊쳢폨틔럖컶,떫쫇뗃돶뗄퇐뺿뷡싛믹놾폫FHP샠쯆ꆣ(뛾)펰쿬웳튵죚풼쫸뗄틲쯘:웳튵ퟔ짭틲쯘ꆢ뷰죚쫐뎡랢햹쮮욽틔벰풤쯣죭풼쫸돽쇋럖컶죚풼쫸폫웳튵춶탐캪뗄맘쾵췢,쇭췢튻킩톧헟퓲뾪쪼맘힢펰쿬웳튵죚풼쫸뗄틲쯘ꆣ튻킩퇐뺿쫇듓웳튵ퟔ짭뗄뷇뛈살뾼달죚풼쫸뗄펰쿬틲쯘,죧Pagano뗈(1998)랢쿖웳튵뗄죚풼쫸뫍웤탅듻볇슼폐ퟅ쏜쟐뗄맘쾵,솼뫃뗄탅듻볇슼뿉틔쳡룟웳튵뗄짹폾,붵뗍웳튵뗄죚풼쫸,듓뛸냯훺웳튵틔뷏뗍뗄돉놾뷸탐횱뷓믲볤뷓뗄췢늿죚ꆣ폐좤뗄쫇,뷼쓪살튻킩뿧맺뇈뷏퇐뺿,죧Rajan뫍Zingales(1998)ꆢBeck뗈(1999)ꆢBeck뗈(2002),랢쿖웳튵뗄죚풼쫸늻떫쫜떽웳튵뗄맦쒣ꆢ돉뎤탔ꆢ펯샻쓜솦틔벰닺뷡릹뗈ퟔ짭틲쯘뗄펰쿬,뛸쟒퓚뫜듳돌뛈짏좡뻶폚튻룶맺볒뗄뷰죚랢햹쮮욽,죧뷰죚튵뗄쫐뎡뮯돌뛈ꆢ뺺헹돌뛈틔벰탅듻뷰럖엤뗄쫐뎡뮯돌뛈뗈ꆣ랢듯뗄뷰죚쫐뎡쓜폐킧뗘복쟡탅쾢늻뛔돆뗄돌뛈뫍듺샭컊쳢,붵뗍웳튵뗄죚풼쫸,늢춨맽헢튻캢맛뗄뒫떼믺훆듙뷸뺭볃뗄랢햹ꆣퟛ뫏틔짏솽샠컄쿗뫳뗄튻룶잱퓚뗄췆싛뻍쫇:뷰죚랢햹뗈틲쯘믡펰쿬웳튵뗄죚풼쫸,뛸죚풼쫸폖믡뷸튻늽펰쿬웳튵뗄춶탐캪,벴믡펰쿬웳튵춶뛔쓚늿쿖뷰쇷뗄쏴룐탔,틲듋퓚늻췪짆뗄쫐뎡샯,웳튵뗄춶늻떫좡뻶폚ퟔ짭뗄춶탨쟳,뮹믡쫜떽뷰죚랢햹뗈펰쿬웳튵죚풼쫸뗄틲쯘뗄펰쿬ꆣ좻뛸,짏쫶맘폚죚풼쫸벰웤뛔웳튵춶탐캪펰쿬뗄퇐뺿뗄튻룶잱퓚잰쳡쫇웳튵쯹쏦쇙뗄풤쯣풼쫸쫇펲뗄ꆣ탂맅뗤뺭볃쒣탍붨솢뗄믹놾릫쪽횮튻,뻍쫇ꆰ퓚풤쯣풼쫸쿂ힷ쟳쒿뇪몯쫽뗄벫듳(킡)횵ꆱꆣKornai(1979)죏캪,컷랽뗄뫜뛠샭싛쒣탍뚼틾몬뗘볙뚨쇋펲풼쫸뗄듦퓚,틲듋튲횻폐퓚펲풼쫸뗄쳵볾쿂붨솢뗄샭싛닅폐뺭볃틢틥ꆣ뛸퓚컒맺헢퇹튻룶탍뺭볃뗄맺볒,풤쯣죭풼쫸뗄듦퓚틑캪훚뛠뗄컄쿗쯹횤쪵ꆣ퓚헢퇹뗄훆뛈놳뺰쿂,맺폐웳튵뻍믡듦퓚쿲헾뢮뿘훆쿂뗄틸탐쟳풮뗄샭탔풤웚,뛸헢훖풤웚뗄듦퓚폖믡얤쟺웳튵쯹쏦쇙뗄헦쪵뗄죚풼쫸,늢뷸뛸랴펳퓚웳튵뗄춶탐캪짏ꆣ틲듋,퓚컒맺헢퇹튻룶룷뗘쟸뷰죚랢햹쮮욽닮뻠뷏듳뗄탍뺭볃맺볒,웳튵뗄죚풼쫸벰웤뷸튻늽뗄춶탐캪훁짙믡쫜떽뷰죚랢햹쮮욽뫍풤쯣죭풼쫸솽듳쾵춳탔틲쯘뗄펰쿬ꆣ평폚뷼살뗄퇐뺿랢쿖죚풼쫸ퟷ캪캢맛뗄뒫떼믺훆쓜릻펰쿬웳튵뗄춶짵훁뺭볃뗄랢햹,틲듋퓚컒맺쳘쫢뗄훆뛈놳뺰쿂퇐뺿뷰죚랢햹ꆢ풤쯣죭풼쫸뛔웳튵뗄죚풼쫸틔벰춶탐캪뗄펰쿬뻍쿔뗃폈캪훘튪ꆣ헢늻뷶뿉틔냯훺컒쏇짮죫뗘샭뷢뷰죚랢햹듙뷸뺭볃퓶뎤뗄캢맛뒫떼믺훆,뛸쟒폐훺폚죏쪶펰쿬뷰죚랢햹믽벫ퟷ폃랢믓뗄훆뛈탔틲쯘ꆣ죽ꆢ퇐뺿짨볆(튻)퇹놾톡퓱뫍쫽뻝살풴컒쏇틔1998쓪ꆪ2004쓪웚볤퓚뮦짮횤좯붻틗쯹짏쫐뗄좫늿훆퓬튵릫쮾ퟷ캪퇐뺿퇹놾ꆣ쳞돽좱쪧횵뫳,7쓪쫽뻝릲5176룶맛닢횵ꆣ돽퇹놾릫쮾뗄훕벶쯹폐좨뗄쇏췢,쯹쪹폃뗄쫽뻝살풴폚짏몣췲뗃톶릫쮾쳡릩뗄WIND쫽뻝뿢,맺폐웳튵뫍쏱펪웳튵내헕2003쓪짏쫐릫쮾뗄훕벶쯹폐좨뷸탐뮮럖,웤쫽뻝살ퟔퟷ헟뗄쫖릤쫕벯ꆣ(뛾)믘맩쒣탍뫍뇤솿뚨틥66' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
FHP듓샭싛짏횤쏷쇋퓚듦퓚죚풼쫸뗄쟩뿶쿂,웳튵뗄춶탐캪늻뷶뫍춶믺믡폐맘,뛸쟒뮹믡쫜떽쓚늿쿖뷰쇷뗄펰쿬ꆣ뻟쳥살쮵뻍쫇,웳튵쫜떽뗄죚풼쫸풽듳,웤춶뛔쓚늿쿖뷰쇷솿뗄쏴룐돌뛈풽룟,랴횮,춶뛔쿖뷰쇷뗄쏴룐돌뛈풽킡ꆣ쯻쏇릹붨쇋죧쿂뗄믘맩쒣탍폃살럖컶늢뇈뷏늻춬죚풼쫸돌뛈쿂뗄웳튵뗄춶2쿖뷰쇷쏴룐쾵쫽ꆣHoshi뗈(1991),Houstou뫍James(2001)뚼닉폃쇋쿠춬뗄퇐뺿쮼슷뫍샠쯆뗄쒣탍살뾼달죚풼쫸뛔춶탐캪뗄펰쿬ꆣ틲듋컒쏇튲뷨본FHP죧쿂뗄믘맩쒣탍살뾼달뷰죚랢햹뫍풤쯣죭풼쫸뛔웳튵뗄죚풼쫸늢뷸뛸뛔웳튵춶탐캪뗄펰쿬ꆣICFK=aTobinpiq+bitK+u쒣탍(1)ititit웤훐,I듺뇭만뚨닺뫏볆뗄쓪뛈뇤뮯횵,벴쯼쏇뗄놾쓪쓪쒩폠뛮복좥짏쓪쓪쒩폠뛮;K듺뇭떱쓪쓪돵뗄만뚨닺뫏볆쫽;CF뇭쪾쿖뷰쇷솿,뗈폚뺭펪믮뚯쿖뷰쇷솿뺻뛮;Tobin’q듺뇭웳튵뗄춶믺믡,뗈폚짏쓪쓪쒩뗄웳튵막좨쫐뎡볛횵폫햮좨헋쏦볛횵횮뫍돽틔놾듦솿,뻟쳥볆쯣릫쪽캪:쇷춨막막쫽ꇁ쎿막막볛+럇쇷춨막막쫽ꇁ쎿막뺻닺+뢺햮헋쏦볛횵Tobinpiq=ퟜ닺탨튪횸돶뗄쫇,룹뻝쒣탍(1),b캪춶쿖뷰쇷쏴룐쾵쫽,b풽듳,뇭쏷웳튵춶풽틀삵폚쓚늿쿖뷰쇷,튲쮵쏷웳튵쫜떽뗄죚풼쫸풽듳ꆣ쇭췢,퓚쒣탍(1)훐컒쏇뮹뿘훆쇋쓪뛈뗄펰쿬ꆣ캪쇋뇈뷏퓚뷰죚랢햹쮮욽뫍풤쯣죭풼쫸펰쿬쿂늻춬죚풼쫸웳튵뗄춶2쿖뷰쇷쏴룐쾵쫽,컒쏇닎헕FHP뗄퇐뺿랽램,냑퇹놾릫쮾내헕뷰죚랢햹뗄쮮욽뫍풤쯣죭풼쫸뗄돌뛈뷸탐럖ퟩꆣ퓚룹뻝뷰죚랢햹쮮욽뷸탐럖ퟩ쪱,뾼싇떽퓚컒맺쳘쫢뗄훆뛈놳뺰쿂,평폚풤쯣죭풼쫸뫍헾뢮룉풤뗄듦퓚,틸탐뗄듻뿮쫽늢늻쓜랴펳헦헽뗄쫐뎡탨쟳,컒쏇늢쎻폐샻폃맺췢컄쿗훐뺭뎣닉폃뗄틔틸탐떱쓪쓪쒩ퟜ듻뿮폠뛮폫떱쓪GDP뗄뇈횵ퟷ캪뫢솿뷰죚랢햹뗄횸뇪,뛸쫇닎뾼쇋샮쳎뫍탬녞(2005)뗄랽램틽죫랮룙뫍췵킡슳(2004)릹퓬뗄죽룶뗘쟸탔뗄뷰죚쫐뎡뮯횸뇪,벴뷰죚튵뗄쫐뎡뮯ꆢ뷰죚튵뗄뺺헹돌뛈뫍탅듻뷰럖엤뗄쫐뎡뮯횸뇪살닢솿뷰죚랢햹쮮욽,늢틔듋캪뇪ힼ뛔퇹놾릫쮾뷸탐럖ퟩꆣ룹뻝퇹놾뗄럖늼맦싉,컒쏇냑뷰죚쫐뎡뮯횸쫽업퓚잰쪮캻뗄쪡쫐뗄짏쫐릫쮾맩캪뷰죚랢햹쮮욽쿠뛔룟뗘쟸ퟩ,뛸냑폠쿂뗄쪡쫐뗄짏쫐릫쮾맩죫뷰죚랢햹쮮욽쿠뛔뗍뗘쟸ퟩꆣ춬쪱,캪쇋뷡싛뗄컈붡탔,컒쏇뮹틽죫쇋킻욽ꆢ슽샚(2005)쯹뇠훆뗄훐맺뷰죚뢯냜횸쫽ퟷ캪뮮럖뇪ힼ,듓쇭튻룶닠쏦살랴펳뷰죚쫐뎡뗄랢햹쮮욽ꆣ샠쯆뗘,내헕퇹놾럖늼뗄맦싉,컒쏇냑뷰죚뢯냜횸쫽쿠뛔뷏뗍(룃횸쫽풽킡,뷰죚뢯냜돌뛈풽킡)뗄뚫놱뗘쟸뫍뮪뚫뗘쟸뗄퇹놾릫쮾맩캪튻ퟩ,뛸붫뷰죚뢯냜횸쫽쿠뛔뷏룟뗄뮪놱뗘쟸ꆢ훐쓏뗘쟸뫍컷늿뗘쟸쓉죫쇭튻ퟩꆣ춬쪱캪쇋뷸튻늽뾼달퓚듦퓚풤쯣죭풼쫸뗄놳뺰쿂,뷰죚랢햹쮮욽뛔맺폐웳튵뫍쏱펪웳튵뗄춶탐캪뗄늻춬펰쿬,컒쏇폖럖뇰뛔맺폐웳튵뫍쏱펪웳튵내헕짏쫶랽램뷸탐쇋럖샠뾼달ꆣ쇭췢,캪쇋떥뛀퇐뺿풤쯣죭풼쫸뛔웳튵죚풼쫸뷸뛸뛔웳튵춶탐캪뗄펰쿬,컒쏇쫗쿈내헕웳튵뗄훕벶쯹폐좨냑퇹놾릫쮾럖돉맺폐웳튵뫍쏱펪웳튵솽ퟩ,좻뫳내헕풤쯣죭풼쫸뗄돌뛈퓙뛔맺폐웳튵뷸탐쾸럖,늢뇈뷏룷룶퇹놾ퟩ뗄춶2쿖뷰쇷쏴룐쾵쫽ꆣ퓚좷뚨풤쯣죭풼쫸돌뛈뗄뮮럖뇪ힼ쪱,컒쏇훷튪뷨본쇋틑폐뗄퇐뺿돉맻ꆣ쳯샻믔(2005)뗄퇐뺿랢쿖햮컱뗄룜룋훎샭퓚훐맺쫇쪧킧뗄,쯦ퟅ닆컱룜룋뗄쳡룟,맺폐웳튵뺭샭뗄듺샭돉놾삩듳,쯻죏캪닺짺헢훖햮컱죚뫍뺭샭뢯냜킭춬맘쾵뗄훆뛈풭틲쫇풤쯣죭풼쫸,웤잱퓚뗄췆싛쫇햮컱룜룋풽룟뗄맺폐웳튵,뛔풤쯣죭풼쫸뗄풤웚풽잿ꆣ틲듋,컒쏇냑퇹놾릫쮾내헕닺뢺햮싊킡폚30%,듳폚30%쟒킡폚60%뫍듳폚60%럖돉죽ퟩ,뾼달맺폐웳튵늻춬뗄풤쯣죭풼쫸풤웚뛔웤죚풼쫸뫍춶탐캪뗄펰쿬ꆣ쯄ꆢ퇐뺿뷡맻(튻)쏨쫶탔춳볆춼2쇐돶쇋럖ퟩ뗄쏨쫶탔춳볆뷡맻ꆣ듓춼훐뿉틔랢쿖,맺폐웳튵뗄춶ꆢ쿖뷰쇷뗄뇪ힼ닮뚼튪킡폚쏱펪웳튵,헢쮵쏷쏱웳뗄춶ꆢ쿖뷰쇷뗄늨뚯탔쿠뛔뷏룟ꆣ춬퇹,뷰죚랢햹쮮욽룟뗘쟸뗄춶ꆢ쿖뷰쇷뗄늨뚯탔튲튪킡폚뷰죚실뫳뗘쟸ꆣ뛸듓춶뫍쿖뷰쇷뗄쿠맘쾵쫽뿉틔랢쿖,쏱펪웳튵뗄춶뫍쿖뷰쇷뗄쿠맘쾵쫽튪룟폚맺폐웳튵,춬퇹뷰죚랢햹쮮욽뗍뗘쟸쿠펦뗄쾵쫽튲튪듳폚랢듯뗘쟸,헢쮵쏷쏱펪웳튵뫍뷰죚랢햹쮮욽뗍뗘쟸뗄웳튵쫜떽뗄죚풼쫸쿠뛔뷏듳,튲쮵쏷헢킩웳튵뗄춶횧돶쿠뛔룼틀삵폚웳튵쓚늿쿖뷰쇷,뛸럇췢늿죚ꆣ헢폫FHP뗄퇐뺿뷡싛튲쫇쿠컇뫏뗄,FHP뗄퇐뺿뻍뇭쏷죚풼쫸풽듳뗄웳튵웤춶뫍쿖뷰쇷뗄늨뚯탔튲풽듳,솽헟뗄쿠맘쾵쫽튲풽룟ꆣ67' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
춼2ꆡ쏨쫶탔춳볆럖컶춼틲듋짏쫶럖컶뷡맻뿉틔돵늽뇭쏷:(1)뷰죚랢햹쮮욽뗄쳡룟쓜릻복쟡웳튵뗄죚풼쫸,듓뛸쪹뗃웳튵춶탐캪뛔쓚늿쿖뷰쇷뗄틀삵탔쿂붵;(2)풤쯣죭풼쫸뗄듦퓚얤쟺쇋맺폐웳튵쏦쇙뗄헦쪵뗄죚풼쫸,듓뛸튲쪹뗃웤춶뛔쓚늿쿖뷰쇷뗄틀삵탔킡폚쏱펪웳튵ꆣ떱좻,뷶뷶틀뾿쏨쫶탔춳볆뗄뷡맻뮹늻쓜뗃돶쇮죋탅럾뗄뷡싛,놾컄붫샻폃FHP믘맩쒣탍폨틔뷸튻늽뗄럖컶ꆣ(뛾)믘맩뷡맻뇭1뫍뇭2놨룦쇋붫퇹놾릫쮾럖뇰내헕뷰죚랢햹쮮욽뗄솽룶늻춬뫢솿횸뇪뷸탐럖ퟩ뫳,늢내쒣탍(1)뷸탐믘맩뗄뷡맻ꆣ듓솽뇭뿉틔랢쿖,컞싛닉폃뷰죚튵쫐뎡뮯횸쫽뮹쫇뷰죚뢯냜횸쫽ퟷ캪뫢솿뷰죚랢햹쮮욽뗄믹ힼ,뗃떽뗄뷡맻뚼뇭쏷뷰죚랢햹쮮욽폫웳튵뗄죚풼쫸듦퓚랴쿲뗄뇤뚯맘쾵ꆣ뷰죚랢햹쮮욽룟뗘쟸뗄웳튵웤춶2쿖뷰쇷쏴룐쾵쫽튪킡폚뗍쮮욽뗘쟸뗄쿠펦쾵쫽,헢쮵쏷뷰죚랢햹쓜릻복쟡웳튵뗄죚풼쫸,듓뛸붵뗍춶뛔쓚늿쿖뷰쇷뗄틀삵돌뛈ꆣ떱컒쏇럖뇰맺폐웳튵뫍쏱펪웳튵볬퇩쪱,헢튻뷡싛죔좻돉솢,헢쮵쏷뷰죚랢햹쮮욽믡춬쪱펰쿬맺폐웳튵뫍쏱펪웳튵뗄죚풼쫸,늢뷸뛸펰쿬웤춶탐캪ꆣꆡꆡ뇭1ꆡ내헕뷰죚쫐뎡뮯횸쫽럖샠쯹폐퇹놾릫쮾맺폐웳튵쏱펪웳튵쫐뎡뮯뗍쫐뎡뮯룟쫐뎡뮯뗍쫐뎡뮯룟쫐뎡뮯뗍쫐뎡뮯룟CF012740113401235011160141001253(<010001)(<010001)(<010001)(<010001)(<010001)(010015)Tobin’q010680105001079010620102101022(010001)(010002)(<010001)(<010001)(016167)(015723)Adj1R2011560111601140011050128501195맛닢횵2470270621772368293338ꆡꆡ삨뫅쓚죝캪p횵,쿂춬ꆣ68' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
ꆡꆡ뇭2ꆡ내헕뷰죚뢯냜횸쫽럖샠쯹폐퇹놾릫쮾맺폐웳튵쏱펪웳튵룟뢯냜뗍뢯냜룟뢯냜뗍뢯냜룟뢯냜뗍뢯냜CF012500116401198011530142001240(<010001)(<010001)(<010001)(<010001)(<010001)(010015)Tobinpiq0105101066010590108001006-01014(01004)(<010001)(010028)(<010001)(0190027)(017109)Adj1R2011600111801139011110131101182맛닢횵2744243223712174373258폫듋춬쪱,컒쏇힢틢떽뷰죚랢햹쮮욽뛔솽샠웳튵뗄펰쿬좴쿠좥짵풶,웤훐듦퓚죽룶훘튪뗄닮틬:(1)컞싛퓚뷰죚랢햹쮮욽룟뗄뗘쟸뮹쫇퓚뷰죚랢햹쮮욽뗍뗄뗘쟸,춬튻뗘쟸맺폐웳튵뗄춶2쿖뷰쇷쏴룐쾵쫽뚼튪킡폚쏱펪웳튵,헢뇭쏷컞싛퓚쓄룶뗘쟸,맺폐웳튵뗄죚풼쫸뚼튪킡폚쏱펪웳튵;(2)컞싛내헕쓄룶뫢솿횸뇪뷸탐럖ퟩ,뷰죚랢햹쮮욽뗄쳡룟쪹뗃쏱펪웳튵춶2쓚늿쿖뷰쇷쏴룐쾵쫽쿂붵뗄뻸뛔쫽뚼튪듳폚맺폐웳튵뗄쿠펦뇤뮯쫽ꆣ떱틔뷰죚뢯냜횸쫽ퟷ캪뷰죚랢햹쮮욽뗄뫢솿횸뇪뷸탐럖ퟩ쪱,헢튻쿖쿳룼캪쏷쿔ꆣ쏱펪웳튵뗄춶2쿖뷰쇷쏴룐쾵쫽듓룟뢯냜뗘쟸뗄01420쿂붵떽뗍뢯냜뗘쟸뗄01240,뛸맺폐웳튵뗄쿠펦쾵쫽횻듓01198쿂붵떽01153,쿂붵뗄뻸뛔쫽뫍럹뛈뻹쏷쿔킡폚쏱펪웳튵;(3)맺폐웳튵뫍쏱펪웳튵뗄춶쿖뷰쇷쏴룐쾵쫽뗄닮뻠쯦ퟅ뷰죚랢햹쮮욽뗄쳡룟뛸쯵킡ꆣ짏쫶죽룶쳘헷폫컒쏇잰쫶뗄럖컶쫇튻훂뗄,벴풤쯣죭풼쫸뗄듦퓚틑뺭퓚튻뚨돌뛈짏얤쟺쇋맺폐웳튵쏦쇙뗄헦쪵뗄죚풼쫸,틲듋헢킩웳튵뗄춶탐캪뛔뷰죚랢햹붵뗍죚풼쫸쯹듸살뗄믽벫킧맻뗄랴펦늢늻쿱쏱펪웳튵쓇퇹쏴룐ꆣ뛸쏱펪웳튵평폚늻듦퓚헢훖죭풼쫸풤웚,뷰죚랢햹쯹듸살뗄죚풼쫸뗄쿂붵뛔웤춶탐캪닺짺뗄펰쿬뻍뷏듳ꆣ떱좻,헢튻뷡싛뗄돉솢쫇틔풤쯣죭풼쫸뛔맺폐웳튵뫍쏱펪웳튵뗄죚풼쫸틔벰춶탐캪뗄늻춬펰쿬캪잰쳡뗄,헢뻍폐뇘튪횱뷓볬퇩죭풼쫸뛔웳튵춶탐캪뗄펰쿬ꆣ놾컄틔쿂늿럖붫룼짮죫뗘퇐뺿풤쯣죭풼쫸뗄펰쿬ꆣ뇭3놨룦쇋퇹놾릫쮾내헕훕벶쯹폐좨뷸탐럖ퟩ뫳뗄믘맩뷡맻ꆣ듓뇭훐뿉틔랢쿖쯹폐퇹놾릫쮾춶2쿖뷰쇷뗄쏴룐쾵쫽캪01207,뛸맺폐웳튵뗄춶2쿖뷰쇷쏴룐쾵쫽캪01177,튪풶킡폚쏱펪웳튵뗄01372,헢쮵쏷평폚풤쯣죭풼쫸뗄듦퓚쪹뗃맺폐웳튵뗄죚풼쫸돌뛈튪뗍폚쏱펪웳튵,뷸뛸쪹뗃웤춶2쿖뷰쇷쾵쫽랢짺쇋춬랽쿲뗄뇤뮯,벴맺폐웳튵춶뛔쓚늿쿖뷰쇷뗄틀삵탔튪킡폚쏱펪웳튵ꆣꆡꆡ뇭3ꆡ내훕벶쯹폐좨럖ퟩ쯹폐퇹놾릫쮾맺폐웳튵쏱펪웳튵CF012070117701372(<010001)(<010001)(<010001)Tobinpiq010540106201001(<010001)(<010001)(019725)Adj1R2011400112601240맛닢횵51764545631뇭4놨룦쇋맺폐웳튵내헕닺뢺햮싊헢튻풤쯣죭풼쫸돌뛈뗄뫢솿횸뇪뷸탐럖ퟩ뫳뗄믘맩뷡맻ꆣ듓뇭4뿉틔랢쿖,뛔폚맺폐웳튵,뢺햮뇈싊퓚튻뚨돌뛈짏뗄퓶볓쓜릻볓듳웳튵죚풼쫸뗄돌뛈,듓뛸퓶볓웤춶뛔쓚늿쿖뷰쇷뗄쏴룐쾵쫽,뛸떱닺뢺햮싊뷸튻늽퓶볓떽60%틔짏쪱헢튻쾵쫽뾪쪼듳럹쿂붵,헢폫맺췢뗄퇐뺿랢쿖폐뫜듳뗄닮틬ꆣWhi269' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
ted(1992)뗄퇐뺿뇭쏷닺뢺햮싊룟뗄웳튵웤죚풼쫸돌뛈튪듳폚닺뢺햮싊뗍뗄웳튵ꆣ뛸쏱펪웳튵내헕닺뢺햮싊럖ퟩ뫳뗄믘맩뷡맻뫍Whited(1992)뗄퇐뺿랢쿖췪좫튻훂,닺뢺햮싊풽룟뗄웳튵,쫜떽뗄죚풼쫸뗄돌뛈풽듳,춶2쿖뷰쇷뗄쏴룐쾵쫽튲쿠펦풽듳ꆣ헢쮵쏷퓚컒맺탍뺭볃뗄쳘쫢놳뺰쿂,풤쯣죭풼쫸뗄듦퓚얤쟺쇋맺폐웳튵쏦쇙뗄헦쪵뗄죚풼쫸,떱닺뢺햮싊뎬맽튻뚨뇈싊쪱,뛔헾뢮풮훺뗄풤웚뾪쪼돶쿖,듓뛸붵뗍쇋웤춶뛔쓚늿쿖뷰쇷솿뗄틀삵탔ꆣꆡꆡ뇭4ꆡ내닺뢺햮싊럖ퟩ맺폐웳튵0<닺뢺햮싊ꇜ30%30%<닺뢺햮싊ꇜ60%닺뢺햮싊>60%CF010810137801060(010587)(<010001)(010475)Tobinpiq010690107401048(<010001)(<010001)(011766)Adj1R2맛닢횵01159919011882622010531004쏱펪웳튵0<닺뢺햮싊ꇜ30%30%<닺뢺햮싊ꇜ60%닺뢺햮싊>60%CF011990131101429(011054)(<010001)(<010001)Tobinpiq01014-01008-01004(017677)(018441)(019568)Adj1R2013020122801227맛닢횵118355158ퟛ뫏뇭3뫍뇭4뗄믘맩뷡맻,컒쏇뿉틔뗃돶솽룶뷡싛:(1)풤쯣죭풼쫸뗄듦퓚쪹뗃맺폐웳튵뗄죚풼쫸튪뗍폚쏱펪웳튵,듓뛸쪹웤춶뛔쓚늿쿖뷰쇷뗄틀삵탔튪킡폚쏱펪웳튵;(2)벴쪹퓚맺폐웳튵쓚늿,웳튵쏦쇙뗄죚풼쫸튲틲죭풼쫸풤웚뗄늻춬뛸랢짺뇤뮯,죭풼쫸풤웚풽잿뗄웳튵쫜떽뗄죚풼쫸풽킡,쿠펦뗘웤춶뛔쓚늿쿖뷰쇷뗄틀삵탔튲풽킡ꆣ쇹ꆢ퇐뺿뷡싛폫웴쪾놾컄뗄퇐뺿뇭쏷,퓚컒맺탍뺭볃뗄쳘쫢훆뛈놳뺰쿂,웳튵뗄죚풼쫸벰춶탐캪믡춬쪱쫜떽뷰죚랢햹쮮욽뫍풤쯣죭풼쫸뗄펰쿬ꆣ뷰죚튵뗄랢햹쓜릻뮺뷢웳튵뗄죚톹솦,붵뗍웳튵죚풼쫸뗄돌뛈,듓뛸쪹뗃웳튵춶뛔쓚늿쿖뷰쇷솿뗄틀삵탔쿂붵ꆣ떫폫듋춬쪱,풤쯣죭풼쫸뗄듦퓚,얤쟺쇋맺폐웳튵쏦쇙뗄헦쪵뗄죚풼쫸,쪹뗃웤춶뛔쓚늿쿖뷰쇷뗄틀삵탔튪킡폚쏱펪웳튵,뛸뷰죚랢햹쮮욽뗄쳡룟쓜릻쯵킡헢튻닮뻠ꆣ뷸튻늽뗄퇐뺿뮹랢쿖,벴쪹퓚맺폐웳튵쓚늿,죚풼쫸뗄돌뛈튲폫죭풼쫸뗄풤웚돊뢺쿠맘뗄맘쾵,죭풼쫸풤웚풽잿뗄웳튵쫜떽뗄죚풼쫸풽킡,웤춶뛔쓚늿쿖뷰쇷뗄틀삵탔튲쿠펦풽킡ꆣ쇭췢,뷰죚랢햹뛔웳튵춶탐캪뗄펰쿬돌뛈튲쫜떽풤쯣죭풼쫸뗄펰쿬,퓚죭풼쫸풤웚잿뗄맺폐웳튵,뷰죚랢햹쯹듸살뗄복쟡웳튵죚풼쫸폫붵뗍춶탐캪뛔쓚늿쿖뷰쇷솿틀삵탔뗄ퟷ폃,튪뇈쏱펪웳튵킡ꆣ뇘탫횸돶뗄쫇,뷰죚랢햹뫍풤쯣죭풼쫸헢솽듳쾵춳탔틲쯘쯤좻뚼쓜춨맽룄뇤웳튵뗄죚풼쫸ퟮ훕펰쿬웳튵뗄춶탐캪,떫솽헟폐ퟅ뷘좻쿠랴뗄뺭볃뫳맻ꆣ뷰죚랢햹쓜릻복쟡웳튵죚풼쫸,붵뗍놾쫐뎡붻틗뗄돉놾,듓뛸듙뷸뺭볃뗄랢햹,떫쫇풤쯣죭풼쫸뗄듦퓚,늢럇헦헽틢틥짏뗄붵뗍웳튵죚풼쫸,쯼횻쫇얤쟺쇋뷰뗄쪹폃돉놾,붵뗍쇋풴쪹폃뗄킧싊,듓뛸복죵쇋뷰죚랢햹뛔웳튵뗄죚풼쫸뷸뛸춶탐캪쯹듸살뗄믽벫ퟷ폃,닺짺쇋ꆰ슩돶ꆱ킧펦ꆣ놾컄룸컒쏇뗄웴쪾쫇,퓚컒맺탍뺭볃뗄쳘쫢훆뛈놳뺰쿂,죧맻튪헦헽뗘복쟡웳튵뗄죚풼쫸,붵뗍쫐뎡붻틗뗄돉놾,듙뷸뺭볃뗄랢햹,뇘70' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
탫듓쳡룟뷰죚랢햹쮮욽뫍펲뮯풤쯣풼쫸춬쪱죫쫖ꆣ훷튪닎뾼컄쿗냍쫯쯉,쇵킢뫬,얣능삤.2005.탍쪱웚훐맺뷰죚쳥쾵훐뗄뗘랽훎샭폫틸탐룄룯뗄뮥뚯퇐뺿.뷰죚퇐뺿,5랮룙,췵킡슳.2004.훐맺쫐뎡뮯횸쫽2룷뗘쟸쫐뎡뮯쿠뛔뷸돌놨룦.놱뺩:뺭볃뿆톧돶냦짧샮쳎,탬녞.2005.웳튵틲쯘ꆢ뷰죚뷡릹폫죚풼쫸:믹폚훐맺웳튵맦쒣폫닺좨뷡릹뗄쪵횤럖컶.뷰죚퇐뺿,5쇖틣럲,쇵쏷탋,헂웦.2004.헾닟탔뢺떣폫웳튵뗄풤쯣죭풼쫸:살ퟔ훐맺뗄쪵횤퇐뺿.맜샭쫀뷧,8슬럥,튦퇳.2004.뷰죚톹틖쿂뗄램훆ꆢ뷰죚랢햹뫍뺭볃퓶뎤.훐맺짧믡뿆톧,1쳯샻믔.2005.맺폐닺좨ꆢ풤쯣죭풼쫸뫍훐맺짏쫐릫쮾룜룋훎샭.맜샭쫀뷧,7킻욽,슽샚.2005.훐맺뷰죚뢯냜뗄뺭볃톧럖컶ꆪꆪꆪ쳥훆ꆢ탐캪폫믺훆짨볆.놱뺩:훐탅돶냦짧훜솢,췵ퟓ쏷.2002.훐맺룷뗘쟸뷰죚랢햹폫뺭볃퓶뎤쪵횤럖컶:1978ꆪ2002.뷰죚퇐뺿,10Beck,Thorsten,Demirguc2kunt,Asli,,Thorsten,Demirguc2kunt,Asli,:,Ben,,networth,,79:14ꆫ31Fazzari,StevenM.,,Hubbard,BruceC.,,1:141ꆫ195Gertler,,36:541ꆫ572Greenwald,Bruce,JosephStiglitz,,74:194ꆫ199Hoshi,Kashyap,,liquidity,andinvestment:,106:33ꆫ, 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
,afterwardsdiscussesthetheoreticalframeworkandbasictoolsofsupplychaincostmanagementandconcludesthatthesupplychaincostmanagementincludestwodimensions,,andtheobjectofcontrolcomprisesdirectcost,,&LiLianqingꆡꆡPresently,FinanceGovernancehasbecomeoneofthehottesttopicsinthefinancetheoryfield,therefore,,analyzestherelationsofthem;meanwhile,itdiscussesthebasisfortheconnectionsfromthepointsofeconomics,,.ꆡꆡ,putsforwardestablishingthethirdpartyorganizationbasedonbenefitassignmentproblemexistedinsupplychain,,,,Softbudgetconstraints,andFirmInvestmentZhuHongjunetal.ꆡꆡBasedonChinapislistedcompanies,,wealsoexploretheinstitutionalfactors,,theexistingsoftbudgetconstraintsdistortfinancialconstraintsofstateownedcompanies,andcastshadowonthepositiveroleoffinancialdevelopment,whichresultsinꆰleakageeffectꆱ.,improvetheefficiencyofinvestmentandpromotethedevelopmentoftheeconomy,ꆪꆪꆪFromaSupply2and2DemandPerspectiveResearchCommissionforꆰIssuesonCPAPracticeEnvironmentꆱꆡꆡFirstofall,thepaperconstructs,fromasupply2and2demandperspective,,ꆰinsufficientregulationinsupply,aswellasineffectiveinductofdemandꆱ,:theCaseofZhongtianqinWuXiꆡꆡ,ShenzhenZhongtian(oneofthetwocombiningparties)isassociatedwithhigherclient2portfoliorisksandpoorerfirm2levelqualitycontrolthanTianqin(theothercombiningparty),ꆡꆡRisk2orientedauditingcurrentlyreceived,isdevelopedtosuittheever2increasingcomplexityofeconomicbusinesses,,asweknow,,,' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
