뗚29뻭ꆡ뗚3웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡVol129,No132010쓪ꆡꆡ3퓂ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ벼ꆡ쫵ꆡ뺭ꆡ볃TechnologyEconomꆡꆡicsMar.,2010컒맺짌튵틸탐뺻샻닮뗄펰쿬틲쯘벰럖샠퇐뺿헅,헅ퟚ틦(훘쟬듳톧뺭볃폫릤짌맜샭톧풺,훘쟬400044)햪ꆡ튪:놾컄샻폃컒맺21볒짌튵틸탐1999ꆪ2007쓪뗄쫽뻝,볬퇩쇋컒맺짌튵틸탐뺻샻닮뗄펰쿬틲쯘,늢뻟쳥럖컶쇋맺폐틸탐ꆢ막럝틸탐뫍돇쫐짌튵틸탐뺻샻닮뗄뻶뚨틲쯘ꆣ뷡맻뇭쏷,컒맺짌튵틸탐뺻샻닮뗄펰쿬틲쯘냼삨캥풼럧쿕ꆢ샻싊럧쿕ꆢ쇷뚯탔쮮욽ꆢ럧쿕퇡뛱돌뛈ꆢ낵몬샻쾢횧뢶ꆢ럇샻쾢뒢놸뗄믺믡돉놾ꆢ맜샭훊솿ꆢ쫐뎡럝뛮뫍헾닟틲쯘,2004쓪퇫탐룄룯뛔맺폐틸탐뫍막럝훆틸탐뺻샻닮폐쿔훸펰쿬ꆣퟮ뫳,놾컄헫뛔헾닟ꆢ햽싔뗈랽쏦뛔룷샠짌튵틸탐쳡돶쇋붨틩ꆣ맘볼듊:짌튵틸탐;뺻샻닮;쏦냥쫽뻝;펰쿬틲쯘훐춼럖샠뫅:ꆡꆡ컄쿗뇪쪶싫:Aꆡꆡ컄헂뇠뫅:1002-980X(2010)03-0079-07ꆡꆡ뺻샻닮쫇짌튵틸탐뗄뺻샻쾢쫕죫폫틸탐짺쾢퓚잰헟훐,Angbazo[3]톡퓱1989ꆪ2003쓪쏀맺뗄틸닺횮뇈,랴펳쇋짌튵틸탐뗄샻쾢쫕죫폫샻쾢횧돶ힴ탐쫽뻝뷸탐쇋퇐뺿,뷡맻쿔쪾캥풼럧쿕ꆢ럇샻쾢뒢놸뿶,쫇웤훘튪뗄펯샻살풴ꆣ뛸냩쯦컒맺샻싊쫐뎡뮯뗄믺믡돉놾ꆢ맜샭훊솿뫍놾돤ퟣ탔폫틸탐뺻샻닮룄룯뗄늻뛏짮죫,럖컶퇐뺿짌튵틸탐뺻샻닮뗄펰쿬헽쿠맘,샻싊럧쿕뫍탅폃럧쿕뛔웤튲폐펰쿬ꆣ틲쯘룱췢훘튪ꆣퟔ2002쓪2퓂떽2007쓪12퓂,컒Catao[4]퇐뺿낢룹춢맺쓚틸탐랢쿖,붻틗돉놾ꆢ컊쳢맺뷰죚믺릹죋쏱뇒듦듻뿮믹ힼ샻싊틑뺭짏뗷쇋9뢺햮ꆢ췢믣럧쿕ꆢ쇷뚯탔돉놾폫틸탐샻닮돉헽쿠맘맘듎,웤훐튻쓪웚듻뿮믹ힼ샻싊평%쳡룟떽쾵ꆣ뛸뫳헟뗄퇐뺿훷튪벯훐퓚랢듯맺볒횮볤ꆣ7147%,짏뗷쇋룶냙럖뗣;쇭췢,2004쓪퇫탐Demirguc2KuntꆢHuiaing[5]a폃1988ꆪ1995쓪볤늻탻늼럅뾪듻뿮샻싊짏쿞뫍듦뿮샻싊쿂쿞ꆣ죧듋듳럹춬맺볒뗄쫽뻝붨솢쇋쒣탍,뷡맻뇭쏷췢늿쮰쫕쪹뺻뛈뗄샻싊늨뚯뫍헾닟듫쪩뗄룄룯뛔컒맺짌튵틸탐뗄샻닮싊퓶볓,듦뿮놣쿕훆뛈ꆢ폐킧뗄램싉뮷뺳쪹뺻샻뺻샻닮폐쪲쎴퇹뗄펰쿬,헢쫇놾컄럖컶첽쳖뗄훷튪닮복짙ꆣSaunders뫍Schumach[6]er럖컶쇋1988ꆪ컊쳢ꆣ1995쓪얷훞뫍쏀맺릲614볒틸탐뗄쫽뻝,ퟮ뫳뗃돶틸탐뺻샻닮싊폫놾돤ퟣ탔ꆢ뒢놸뗄믺믡돉놾ꆢ낵몬1ꆡ컄쿗ퟛ쫶샻쾢횧뢶ꆢ샻싊늨뚯ꆢ뷰죚쫐뎡슢뛏돌뛈헽쿠맘ꆣ맺볊짏뛔폚뺻샻닮뗄퇐뺿쫇듓20쫀볍80쓪듺쯦ퟅ샻싊쫐뎡뮯뗄짮죫,맺쓚맘폚틸탐샻닮컊뾪쪼뗄,떽쒿잰캪횹,맘폚뺻샻닮펰쿬틲쯘뗄쿠맘퇐쳢뗄퇐뺿튲훰붥믮풾웰살ꆣ샮돉[11]듓뷰죚톧뗄뷇뺿훷튪폐솽훖샭싛쒣탍:튻샠쫇틔Ho뫍Saun2뛈뷒쪾쇋짌튵틸탐듦듻뿮샻닮ꆢ훐퇫틸탐폫짌튵틸d[1]ers캪듺뇭뗄붻틗짌쒣탍(dealershipmodel),쇭탐샻닮ꆢ맺쓚폫맺볊뷰죚쫐뎡샻닮쫇릹돉컒맺샻닮튻샠쫇틔Wong[2]캪듺뇭릹붨뗄틸탐튵캢맛쒣탍뷡릹뗄죽룶닣듎;훓캰ꆢ짲컅튻[12]죏캪뷰죚짺첬ꆢ뺭(micro2modelofthebankingfirm)ꆣ붻틗짌쒣탍뗄볃훜웚뫍틸탐뺺헹룱뻖뗈틲쯘쫇캬돖틸탐튵뫏샭뺻뫋탄샭쓮쫇붫틸탐쫓캪듻뿮헟폫뷨뿮헟횮볤뗄튻룶샻닮뗄훘튪틲쯘;냗떱캰[13]듓틸탐튵쫐뎡뷡릹뛔샻훐뷩,웤릦쓜쫇짨뚨듻뿮샻싊뫍듦뿮샻싊,틔욽뫢듻닮펰쿬뗄뷇뛈돶랢,쳖싛쇋틸탐튵뗄샻싊쫐뎡뮯컊뿮탨쟳뫍듦뿮릩룸뗄늻뛔돆ꆣ뛸틸탐튵캢맛쒣탍퓲쳢;맹ꆢ헅솢맢ꆢ맹즭쇖[14]죏캪컒맺틸탐튵듦듻샻붫틸탐럅퓚튻룶뺲첬뗄뮷뺳훐,틸탐퓚웤훐ퟷ캪훐싊벰샻닮폫뷰뗄릩쟳ힴ뿶ꆢ춨믵엲헍싊ꆢ뷰죚짮뮯뷩믺릹쪹뗃듦뿮릩룸뫍듻뿮탨쟳듯떽쫐뎡돶쟥ꆣ돌뛈ꆢ틸탐뺭펪ힴ뿶뗈뗄쿠맘탔캢죵,듦듻샻싊벰샻맘폚뺻샻닮펰쿬틲쯘뗄쪵횤퇐뺿훷튪럖캪뛔떥닮뚨볛뫏샭탔뷏뗍;훜뾪맺ꆢ샮쳎ꆢ뫎탋잿[15]춨맽쪵룶맺볒뗄퇐뺿뫍뛔튻쾵쇐맺볒뷸탐뇈뷏퇐뺿솽훖ꆣ횤럖컶죏캪뻶뚨뺻샻닮뗄틲쯘냼삨쫐뎡뺺헹뷡릹ꆢ쫕룥죕웚:2009-12-24ퟷ헟볲뷩:헅(1986ꆪ),얮,훘쟬죋,훘쟬듳톧뺭볃폫릤짌맜샭톧풺쮶쪿퇐뺿짺,퇐뺿랽쿲:뷰죚럧쿕맜샭;헅ퟚ틦(1964ꆪ),쓐,맳훝죋,훘쟬듳톧뺭볃폫릤짌맜샭톧풺뷌쫚,늩쪿짺떼쪦,퇐뺿랽쿲:릫쮾훎샭ꆢ뷰죚럧쿕맜샭,훐맺벼쫵뺭볃퇐뺿믡믡풱뗇볇뫅:I030000020Sꆣ79
벼쫵뺭볃ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ뗚29뻭ꆡ뗚3웚욽뻹퓋펪돉놾ꆢ럧쿕퇡뛱돌뛈ꆢ듻뿮뇈싊ꆢ붻틗맦쒣ꆢ2004쓪10퓂29죕,훐맺죋쏱틸탐럅뾪뷰죚믺릹듦틾몬샻쾢횧뢶ꆢ맜샭킧싊틔벰닺맦쒣뗈ꆣ뛸맺쓚뿮샻싊쿂쿞뫍듻뿮샻싊짏쿞,짌튵틸탐ퟔ훷뚨볛좨맘폚뺻샻닮뗄럖샠탍퇐뺿퓲뷏짙ꆣ뷸튻늽삩듳,헢퓚컒맺샻싊쫐뎡뮯룄룯맽돌훐뻟폐샯돌놮뗄틢틥ꆣ틲듋,놾컄톡퓱2004쓪ퟷ캪쪱볤탩2ꆡ샭싛쒣탍폫퇐뺿랽램쓢뇤솿볓죫쒣탍,틔듋럖컶쫇럱뿉틔퓚퇐뺿훐뫶싔ꆡ믹놾펰쿬틲쯘럖컶뫪맛틲쯘뗄펰쿬ꆣ퓚Ho뫍S[1]aunders뗄붻틗짌쒣탍믹뒡짏,평듋,컒맺짌튵틸탐뺻샻닮평쿂쪽뻶뚨:Angbazo[3]붫탅폃럧쿕뫍샻싊럧쿕틽죫쒣탍,뷸튻NIM=F(캥풼럧쿕,샻싊럧쿕,럧쿕퇡뛱뛈,낵늽퇐뺿쇋짌튵틸탐뺻샻닮뗄뻶뚨,춨맽짨뚨ퟮ폅닮몬샻쾢횧뢶,맜샭훊솿,럇샻쾢뒢놸뗄믺믡돉놾,쇷볛틔ힷ쟳킧폃ퟮ듳뮯뗄랽쪽,뺭맽튻쾵쇐릫쪽췆떼뚯탔럧쿕,쫐뎡럝뛮,뫪맛틲쯘)ꆣ뫳뗃돶ퟮ폅샻닮3S캪ퟛ짏쯹쫶,놾컄쯹톡폃횸뇪벰폫뺻샻닮뗄풤웚:쿠맘탔볻뇭1ꆣ3S=ꛁU’(W)ꛂ-4Uꇤ(W[(Q+2Lꛈ2)(L)+2Qꛒ2(C))뇭1ꆡ쪵횤쒣탍뇤솿톡좡벰볆쯣릫쪽+2(C0-Q)ꛒ(CL)]ꆣ(1)쪽(1)훐:ꛁ/ꛂ듺뇭럧쿕훐탔샻닮,쯼쯦ퟅ슢뛏뇤솿볆쯣릫쪽횸뇪풤웚쿠맘탔돌뛈뗄볓짮뛸퓶듳;ꛒ2(L)뇭쪾탅폃럧쿕;ꛒ2뺻샻닮뺻샻쾢쫕죫/펯샻닺NIM(C)듺뇭믵뇒쫐뎡샻싊뗄늨뚯;ꛒ쇷뚯탔쮮욽쇷뚯닺/쇷뚯뢺햮LIQ뢺(CL)뇭쪾탅폃럧쿕뫍샻싊캥풼럧쿕뺻뫋쿺뛮/듻뿮DR헽럧쿕뗄붻뮥ퟷ폃ꆣ헢쮵쏷,틸탐뗄ퟮ폅샻닮훷튪평놾ힴ뿶좨틦/닺RISKAVER헽틸탐맜샭헟뗄럧쿕퇡뛱돌뛈ꆢ듻뿮뗄캥풼럧쿕ꆢ믵뇒낵몬샻쾢횧뢶(럇샻쾢횧돶ꆪ럇샻쾢쫐뎡샻싊럧쿕뗈펰쿬틲ퟓ뻶뚨ꆣ퓚헢룶쒣탍훐,ퟮ쫕죫)/펯샻닺IMPLICIT헽맜샭훊솿펯샻닺/닺MGMT헽폅샻닮웤쪵쫇뒿샻닮,뛸HO뫍S[1]aundersꆢMcS2럇샻쾢뒢놸뗄hane뫍Sharp[7]eꆢAngbazo[3]뚼죏캪짌튵틸탐뺻샻믺믡돉놾럇샻쾢뒢놸/닺NIBR헽닮쫇뒿샻닮3S뫍쒳킩틸탐쳘뚨틲쯘뗄몯쫽샻싊럧쿕듦뿮샻싊뇤뚯IR헽,벴:쫐뎡럝뛮듻뿮/룷틸탐듻뿮ퟜ뛮MS뢺NIMit=F3(Sit(ꆤ),Xit,ꛅit)(2)쪽(2)훐:몯쫽3Sit(ꆤ)쫇쪽(1)쯹쮵뗄ퟮ폅뒿쪱볤탩쓢뇤솿짨뚨tꇜ2004,DUMMY=0;DUMMYt>2004,DUMMY=1샻닮ꆡꆡ힢:펯샻닺횸틸탐닺돽뷉듦닆헾탔듦뿮(컞쾢늿럖)ꆢ만뚨,쯼쫇틸탐럧쿕욫뫃ꆢ캥풼럧쿕뫍샻싊럧쿕뗈뗄몯쫽ꆣXit쫇평펰쿬뺻샻닮뗄튻킩쳘뚨틲쯘릹돉뗄튻닺ꆢ퓚붨릤돌ꆢ웤쯻펦폃뿮ꆢ뿢듦쿖뷰횮췢,랲쓜믱뗃췢늿샻쾢쫕죫뗄닺ꆣ룶쿲솿,Angbazo[3]죏캪웤훷튪냼삨놾ힴ뿶ꆢ쇷뚯탔럧쿕ꆢ낵몬샻쾢횧뢶ꆢ럇샻쾢뒢놸ꆢ맜샭훊솿뫍럖ꆡ쒣탍짨뚨벰쫽뻝살풴횧믺릹쿞훆ꆣ컳닮쿮ꛅit냼삨쇋뛔룹뻝짏쫶맘폚펰쿬틲쯘뗄럖컶,캪쇋퇐뺿쫐뎡NIM폐펰쿬뗄웤쯻쫐뎡틲쯘뫍헾닟쿞훆뗈ꆣ듋쒣탍붫탅폃럧쿕뫍샻럝뛮ꆢ샻싊럧쿕뛔NIM뗄펰쿬,놾컄틔뺻샻닮NIM싊럧쿕틽죫쒣탍,늢쟒랢쿖쇋솽헟뛔뺻샻닮폐쿔훸캪틲뇤솿,틔뇭1훐웤쯻횸뇪캪ퟔ뇤솿,붨솢죧쿂쒣펰쿬탍:,벫듳뗘랢햹쇋뺻샻닮랽쏦뗄샭싛퇐뺿ꆣ평폚놾컄쯹톡퇹놾퓚맺쓚뚼폐럖횧믺릹,컞램NIMit=ꛁ0+ꛁ1ꇁLIQit+ꛁ2ꇁDRit+ꛁ3ꇁ뷸탐뇈뷏,뛸맺폐틸탐폫막럝훆틸탐맦쒣닮뻠쏷쿔RISKAVERit+ꛁ4ꇁIMPLICITit+ꛁ5ꇁMGMTit+,ꛁ6ꇁNIBRit+ꛁ7IRit+ꛁ8MSit+ꛁ9DUMMY+ꛅit폐뿉쓜믡뛔뺻샻닮퓬돉펰쿬,틲듋놾컄뎢쫔닉폃쫐(3)뎡럝뛮횸뇪듺쳦럖횧믺릹쿞훆횸뇪,랴펳짌튵틸탐쒣탍(3)훐,i뇭쪾틸탐퇹놾쫽,t뇭쪾쓪럝,ꛅit뗄뺭볃맦쒣폫랢햹ힴ뿶뛔뺻샻닮뗄펰쿬ꆣ캪컳닮쿮ꆣ쇭췢,샻싊럧쿕랴펦쇋틸탐뗄뚨볛폫떽웚춷듧쇭췢,놾컄쯹폐쫽뻝살ퟔ폚훐맺뷰죚쓪본뫍컊쳢,Flannery뫍Jam[9]esꆢAngbazo[3]뚼닉폃뛌웚Bankscope쫽뻝뿢훐1999ꆪ2007쓪21볒짌튵틸탐뺻닺/헋쏦좨틦뺻횵살랴펳ꆣ놾컄룹뻝컒맺뷰죚뗄쫽뻝,웤훐냼삨4볒맺폐짌튵틸탐ꆢ10볒막럝훆쫐뎡뗄쪵볊쟩뿶,뷨본JoaquinMaudo[8]s뗄랽램,짌튵틸탐뫍7볒돇쫐짌튵틸탐ꆣ톡폃튻쓪뚨웚듦뿮샻싊뗄늨뚯살랴펳틸탐쯹쏦쇙뗄샻싊럧쿕ꆣ3ꆡ좫퇹놾짌튵틸탐뺻샻닮뻶뚨틲쯘ퟮ뫳,캪쇋럖컶헾닟틲쯘뗈쫇럱뛔뺻샻닮뻟폐쪵횤럖컶쿔훸펰쿬,놾컄뎢쫔퓚쒣탍훐볓죫쪱볤탩쓢뇤솿ꆣꆡ퇹놾쫽뻝뗄쏨쫶탔춳볆80
ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ헅뗈:컒맺짌튵틸탐뺻샻닮뗄펰쿬틲쯘벰럖샠퇐뺿ꆡꆡ쫗쿈뛔퇹놾쫽뻝뷸탐쏨쫶탔춳볆,뻟쳥뷡맻볻놸뗄믺믡돉놾랽쏦뚼폫막럝훆짌튵틸탐폐쯹닮뻠,뇭2ꆢ춼1뫍춼2ꆣ떫맺폐틸탐뗄쫐뎡럝뛮풶풶뎬맽쇋웤쯻솽샠짌튵틸룹뻝뇭1뗄쏨쫶탔춳볆,좫퇹놾짌튵틸탐뗄뺻탐,막럝훆짌튵틸탐뗄쫐뎡럝뛮뻓폚뗚뛾,돇쫐짌튵샻닮뻹횵캪;웤훐,맺폐짌튵틸탐뺻샻닮뻹횵틸탐쯹햼럝뛮ퟮ뗍ꆣ쇭췢,막럝훆짌튵틸탐쏦쇙뗄캪,훐킡막럝훆짌튵틸탐뺻샻닮뻹횵캪,캥풼럧쿕쿠뛔ퟮ룟,뛸돇쫐짌튵틸탐뗄놾ힴ뿶ퟮ돇쫐짌튵틸탐뺻샻닮뻹횵캪ꆣ뿉볻,컒맺막병,맜샭훊솿횸뇪닮뻠뫜킡ꆣ쇭췢,평춼1맛달럝훆짌튵틸탐쿠뛔살쮵뻟폐ퟮ룟뗄뺻샻닮,맺폐틸1999ꆪ2007쓪뗄뺻샻닮뻹횵뿉틔랢쿖,뷼쓪살컒맺탐뺻샻닮짵훁뗍폚돇쫐짌튵틸탐ꆣ평춼2뿉횪,컒짌튵틸탐뗄욽뻹뺻샻닮돊쿖돶ꆰUꆱ탎뇤뮯쟷쫆,늢맺맺폐짌튵틸탐퓚맜샭훊솿ꆢ쇷뚯탔틔벰럇샻쾢뒢퓚2007쓪듯떽ퟮ듳횵ꆣ뇭2ꆡ컒맺짌튵틸탐뺻샻닮펰쿬틲쯘뗄쏨쫶탔춳볆횸뇪뺻샻닮쇷뚯탔캥풼럧쿕놾ힴ뿶낵몬샻쾢횧뢶맜샭훊솿럇샻쾢뒢놸믺믡돉놾샻싊럧쿕쫐뎡럝뛮뻹횵뇪ힼ닮맺폐틸탐뻹횵막럝틸탐뻹횵돇쫐짌튵틸탐뻹횵쒣탍뮹쫇쯦믺킧펦쒣탍ꆣ룹뻝Hausman볬퇩뗄뷡맻좷뚨닉폃만뚨킧펦쒣탍ꆣ쇭평폚만뚨킧펦쒣탍훐뿉쓜듦퓚틬랽닮뫍ퟔ쿠맘컊쳢뛸돶쿖맀볆욫컳,퓋폃뿉탐맣틥ퟮ킡뛾돋램맀볆(feasiblegeneralizedzedleast2squaresmodels,FGLS)뻀헽,ퟮ훕믘맩뷡맻볻뇭3ꆣ뇭3ꆡ좫퇹놾틸탐쒣탍맀볆횸뇪쒣탍1쒣탍2쒣탍3쒣탍()()()()춼()()()()1ꆡ1999ꆪ2007쓪욽뻹뺻샻닮뗄뇤뮯쟷쫆()()()()()()()()()()()()()()()()()()()()()()()춼()()2ꆡ맺폐ꆢ막럝ꆢ돇쫐짌튵틸탐뗄쿠맘횸뇪욽뻹횵뇈뷏()ꆡ좫퇹놾틸탐뺻샻닮펰쿬틲쯘쪵횤뷡맻F춳볆솿놾컄쫗쿈뛔좫퇹놾틸탐쫽뻝뷸탐럖컶ꆣ틲캪놾N189189189189컄퓋폃뗄쫇쏦냥쫽뻝럖컶쒣탍,쯹틔쫗쿈탨튪춨맽ꆡꆡ힢ꆰ:3ꆱꆰꆢ33ꆱꆰꆢ333ꆱ럖뇰듺뇭퓚10%ꆢ5%ꆢ1%뗄쮮욽쿂춳볆쿔훸ꆣHausman볬퇩살럖뇰에뚨쒣탍펦룃톡폃만뚨킧펦81
벼쫵뺭볃ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ뗚29뻭ꆡ뗚3웚ꆡꆡ쫗쿈,평쒣탍1뿉틔뾴돶,돽쇋쇷뚯탔ꆢ럇샻쾢폚샺쪷냼뢤훘ꆢ닺훊솿뗍ꆢ맜샭늻짆,떼훂믱샻쓜뒢놸뗄믺믡돉놾폫풤웚볙뚨늻튻훂틔췢,쯹폐뇤솿솦닮,헢럻뫏Flannery[9]뗄뷡싛ꆣ놾컄죏캪,헽쫇틔뛔뺻샻닮뗄펰쿬뚼폫풤웚볙짨튻훂ꆣ놾컄톡좡뗄럇짏솽룶풭틲쪹뗃컒맺짌튵틸탐뗄쫐뎡럝뛮횸뇪폫뺻샻쾢뒢놸뗄믺믡돉놾횸뇪폫Angbazo[3]톡좡뗄횸뇪샻닮돉뢺쿠맘맘쾵ꆣ쇭췢,뇈뷏쒣탍2뫍쒣탍3뗄튻훂,떫ퟮ훕뷡맻폫웤늻춬,폫훜뫨캰뗈[18]뗄퇐뺿뷡맻,볓죫쫐뎡럝뛮뇤솿뫳,쒣탍쓢뫏뛈듓쳡뷡맻튻훂ꆣ내헕Angbazo뗄맛뗣,럇샻쾢뒢놸뗄믺룟떽,헢쮵쏷쫐뎡럝뛮횸뇪튲쫇펰쿬뺻샻닮믡돉놾뛔뺻샻닮뗄펰쿬캪헽,헢뇭쏷럇샻쾢뒢놸쎻뗄튻룶훘튪틲쯘,늻뿉뫶싔ꆣ폐뛔뺻샻쾢쫕죫탎돉쿻벫뗄뒢놸뢺떣,뛸내헕맺쓚쫐뎡럝뛮틲쯘늻뷶듺뇭쇋틸탐맦쒣,뮹듺뇭ퟅ쒳킩톧헟뗄맛뗣,믺믡돉놾쫇횸틸탐돖폐뗄럇샻쾢틸탐뗄랢햹ힴ뿶폫뺭펪쮮욽ꆣ틸탐뗄랢햹ힴ뿶풽닺늻닺짺샻쾢쫕죫,떫샻쾢횧돶헕뎣랢짺,뛔틸탐뫃,뺭펪쮮욽풽룟,틸탐쓜뗃떽뗄뺻샻닮붫믡풽룟ꆣ뛸퇔,돖폐풽뛠,믺믡돉놾풽듳,헢붫뛔틸탐뺻샻쾢틸탐맦쒣폫틸탐랢햹ힴ뿶솽룶틲ퟓ뛔뺻샻닮퓬돉쇋쫕죫퓬돉뢺쏦뗄펰쿬[18]ꆣ틲듋,맘폚믺믡돉놾뗄뷡췪좫쿠랴뗄펰쿬,뛸ퟮ훕뷡맻쿔쪾틸탐뗄쫐뎡럝뛮맻쯤좻폫풤웚볙짨늻튻훂,떫죔뻟폐뫏샭탔,뿉쓜쫇폫뺻샻닮돉뢺쿠맘맘쾵ꆣ헢쮵쏷,맦쒣뛔뺻샻닮뗄틲캪틸탐놣쇴쇋맽뛠뗄쿖뷰닺ꆣ뛸쇷뚯탔횸뇪폫펰쿬뎬맽쇋틸탐뗄랢햹ힴ뿶뛔웤뗄펰쿬,짌튵틸탐뺻샻닮뗄풤웚쿠맘탔캪뢺,믘맩뷡맻좴캪헽,뇭쏷쇷튪쳡룟뺻샻닮,뻍뇘탫힢틢놣돖쫊뛈맦쒣,늻펦쎤쒿뚯탔쮮욽풽뗍뗄틸탐쎻폐뗃떽쿠펦뗄룟럧쿕틧볛,삩헅ꆣ뺻샻닮랴뛸풽킡ꆣ뷡뫏컒맺틸탐튵뗄쪵볊쟩뿶,놾ퟮ뫳,평쒣탍4뿉횪,DUMMY폫뺻샻닮퓚1%컄췆닢웤풭틲뿉쓜폐솽랽쏦:웤튻,컒맺짌튵틸탐쇷쮮욽짏춳볆쿔훸캪헽,쒣탍쓢뫏뛈캪,헢쮵쏷뚯탔쮮욽늢쎻폐퓚튻뚨돌뛈짏헦쪵랴펳쇷뚯탔럧2004쓪뗄헾닟뇤뚯뛔뺻샻닮폐쿔훸펰쿬,헢튲뇭쏷쿕,룹뻝훜뫨캰[18]뗄춳볆럖컶,쇷뚯닺/쇷뚯뢺햮늻춬쓪뛈뗄룷훖뫪맛뺭볃틲쯘뛔틸탐뺻샻닮뿉쓜폐뷏룟,떫쪵볊짏튲뿉쓜듦퓚뷏룟뗄쇷뚯탔럧쿕;웤뇈뷏듳뗄펰쿬,퓚럖컶쪱ퟮ뫃퓚쎿튻쓪뚼볓죫튻룶뛾,1999ꆪ2007쓪컒맺듳늿럖쪱볤뒦폚샻싊짏짽뷗탩쓢뇤솿,틔뿘훆뫍쿻돽헾닟틲쯘뛔뺻샻닮뗄펰쿬ꆣ뛎,퇫탐뛠듎뗷헻듦듻뿮샻싊,웤훐듻뿮샻싊듓쇭췢평폚DUMMY쾵쫽캪헽,쮵쏷2004쓪룄룯뫳2002쓪2퓂뗄%쳡룟떽쇋2007쓪12퓂뗄7.뗄뺻샻닮쏷쿔뇈룄룯잰튪룟ꆣ47%ꆣ퓚듋웚볤쓚,쇷뚯탔쮮욽풽룟,뇭쏷틸탐풽쓜ퟛ짏쯹쫶,놾컄죏캪컒맺짌튵틸탐뺻샻닮뗄펰춨맽벰쪱뗷짽뷨듻샻싊퓶볓샻쾢쫕죫,듓뛸쳡룟뺻쿬틲쯘냼삨캥풼럧쿕ꆢ쇷뚯탔쮮욽ꆢ럧쿕퇡뛱돌뛈ꆢ샻닮ꆣ낵몬샻쾢횧뢶ꆢ럇샻쾢뒢놸뗄믺믡돉놾ꆢ맜샭훊솿ꆢ평쒣탍2뿉횪,볓죫샻싊럧쿕횸뇪뫳,쒣탍뗄샻싊럧쿕ꆢ쫐뎡럝뛮틔벰뫪맛틲쯘ꆣR2횵듓쳡룟훁,쟒샻싊럧쿕폫뺻샻닮퓚1%쮮욽짏춳볆쿔훸캪헽,헢폫풤웚볙뚨튻훂ꆣ4ꆡ틸탐뺻샻닮뻶뚨틲쯘뗄럖샠탍퇐뺿헢쫇틲캪샻싊럧쿕붵뗍,붫믡떼훂샻싊럧쿕틧볛쯦ꆡꆡ평쫽뻝쏨쫶탔춳볆뿉횪,컒맺늻춬샠탍뗄짌튵횮쿂붵,듓뛸쪹뺻샻닮복짙ꆣ샻싊럧쿕쎿쳡룟튻룶틸탐룷랽쏦닮뻠쏷쿔,헻쳥랢햹ힴ뿶늻욽뫢ꆣ맺폐떥캻,뺻샻닮붫쳡룟룶떥캻ꆣ틲듋,샻싊럧쿕틸탐맦쒣ퟮ듳쟒햼폐ퟮ듳뗄쫐뎡럝뛮,막럝훆짌튵퓚쒣탍훐뻟폐뷢쫍쓜솦,컒맺짌튵틸탐뺻샻닮쫜믹틸탐듎횮ꆣ룹뻝ퟮ탂놨뗀횸돶,2009쓪6퓂뗗,훐ힼ샻싊늨뚯펰쿬쿔훸,샻싊럧쿕좷쪵쫇뺻샻닮뗄훘맺릤짌틸탐쫐횵맦쒣틔2570틚쏀풪룟뻓좫쟲짌튵튪펰쿬틲쯘횮튻ꆣ놾컄톡퓱퓚샭싛쒣탍훐냼몬헢튻틸탐냱쫗,훐맺붨짨틸탐뫍훐맺틸탐럖쇐뗚뛾ꆢ죽뇤솿쫇뫏샭뗄,헢랴펳돶컒맺퓚샻싊쫐뎡뮯룄룯뷸캻,컒맺맺폐틸탐뗄맦쒣뿉볻튻냟[19]ꆣ쇭췢퓚웤쯻돌훐뗄쳘쫢쟩뿶ꆣ룷룶횸뇪랽쏦,늻춬샠탍뗄틸탐룷폐쳘뗣,죧돇쫐짌춬샭,평쒣탍3뿉횪,쫐뎡럝뛮횸뇪폫뺻샻닮퓚튵틸탐뗄놾ힴ뿶ퟮ병,캥풼럧쿕ퟮ뗍;뛸맺폐짌튵5%쮮욽짏춳볆쿔훸캪뢺,웤풭틲폫컒맺틸탐튵뗄쪵틸탐쇷뚯탔뫍럇샻쾢뒢놸뗄믺믡돉놾ퟮ뗍;막럝훆볊쟩뿶쏜쟐쿠맘ꆣ튻랽쏦,햼쇬쫐뎡럝뛮듳뗄틸탐짌튵틸탐뗄쇷뚯탔뫍맜샭훊솿ퟮ룟,놾ힴ뿶ퟮ닮ꆣ튻냣맦쒣튲뷏듳,평폚맦쒣늻뺭볃뗄듦퓚,틸탐닺틲듋튪춻웆컒맺틸탐튵랢햹삧뺳,듓룹놾룄짆컒맺맦쒣뗄삩듳믡퓬돉욽뻹돉놾뗄짏짽,듓뛸쪹틸탐뺻틸탐튵뗄뺻샻닮ힴ뿶,뻍뇘탫폐헫뛔탔뗄쇋뷢컒맺샻닮쿂붵ꆣ쇭튻랽쏦,맺폐틸탐햼뻝쇋듳늿럖쫐뎡,룷훖샠탍짌튵틸탐뗄늻ퟣ횮뒦,늢뷸탐쿠펦룄룯ꆣ쯤좻훐킡막럝훆짌튵틸탐헽퓚훰늽랢햹,떫뛌웚쓚캪쇋럖컶퇐뺿컒맺늻춬샠탍짌튵틸탐뗄뺻샻닮죔붫캬돖헢튻쿖ힴꆣ폚쫇쫐뎡럝뛮듳뗄맺폐틸탐평펰쿬틲쯘쫇럱폐쯹쟸뇰,놾컄퓚잰쏦뷡싛뗄믹뒡짏82
ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ헅뗈:컒맺짌튵틸탐뺻샻닮뗄펰쿬틲쯘벰럖샠퇐뺿ꆡꆡ볌탸톡폃풭쒣탍,뷸탐럖샠탍퇐뺿ꆣ쫗쿈튪뷸탐만샻닮뗄쿠맘쾵쫽캪,웤릱쿗뛈쎻폐막럝틸탐뚨킧펦쒣탍뫍쯦믺킧펦쒣탍뗄톡퓱,뷡맻뇭쏷듋뒦뫍돇쫐짌튵틸탐룟,헢쮵쏷맺폐짌튵틸탐뛔샻싊럧펦톡퓱만뚨킧펦쒣탍ꆣ춬퇹캪뷢뻶틬랽닮벰ퟔ쿠맘쿕뗄랴펦쇩쏴뛈쿠뛔뷏죵ꆣ컊쳢,헢샯퓋폃FGLS랽램뷸탐뻀헽,ퟮ훕믘맩뷡맻2)막럝훆짌튵틸탐뗄쇷뚯탔횸뇪ꆢ낵몬샻쾢횧볻뇭4ꆣ뢶ꆢ맜샭훊솿ꆢ샻싊럧쿕폫뺻샻닮뗄쿠맘쾵쫽럖뇰캪뇭4ꆡ늻춬샠탍뗄짌튵틸탐쒣탍맀볆ꆢꆢꆢ,쟒춳볆쿔훸,뛔막럝틸탐뺻샻닮릱쿗ퟮ듳뗄쫇낵몬샻쾢횧뢶,떫웤릱쿗돌횸뇪맺폐짌튵막럝짌튵돇쫐짌튵틸탐쒣탍틸탐쒣탍틸탐쒣탍뛈쎻폐돇쫐짌튵틸탐룟ꆣ럇샻쾢뒢놸뗄믺믡돉놾폫뺻샻닮뗄쿠맘쾵쫽캪,늢퓚1%쮮욽짏폫()()()웤춳볆쿔훸ꆣ헢룶뷡맻폫웤쯻솽샠틸탐늻춬,떫폫()()(1좫퇹놾틸탐뷡맻튻훂ꆣ헢뇭쏷막럝훆짌튵틸탐뗄럇.292)샻쾢뒢놸뛔뺻샻쾢쫕죫퓬돉쇋쿻벫뗄뒢놸뢺떣ꆣR()()()쪱볤탩쓢뇤솿DUMMY폫뺻샻닮뗄쿠맘쾵쫽캪,쮵쏷2004쓪룄룯뛔막럝훆짌튵틸탐뗄펰()()()쿬뇈웤쯻솽샠틸탐뚼튪듳,뛸쟒춨맽2004쓪룄룯,IMPLICIT()()()막럝훆짌튵틸탐뗄뺻샻닮퓚춬뗈쮮욽짏폐쯹쳡짽ꆣ)룹뻝돇쫐짌튵틸탐뗄믘맩뷡맻,뷶폐낵몬샻()()()쾢횧뢶ꆢ맜샭훊솿ꆢ샻싊럧쿕뛔돇쫐짌튵틸탐뗄뺻샻NIBR()()()닮펰쿬쿔훸ꆣ웤훐잰솽쿮뛔뺻샻닮뗄릱쿗럖뇰캪ꆢ,샻싊럧쿕폫뺻샻닮쿠맘쾵쫽캪IR()()()01269ꆣ헢쮵쏷,낵몬샻쾢횧뢶뛔돇쫐짌튵틸탐뺻샻(닮뗄릱쿗뛈ퟮ듳,늢쟒웤릱쿗뛈튲튪룟폚쇭췢솽샠)()()틸탐ꆣ웤듎,돇쫐짌튵틸탐쫜샻싊늨뚯펰쿬쿠뷏웤Y()()()쯻솽샠틸탐살쮵,룼틗쫜떽샻싊뇤뚯뗄펰쿬ꆣ쇭췢,뗷헻횵뗃힢틢뗄쫇,쪱볤탩쓢뇤솿DUMMY뛔돇쫐짌튵춳볆솿틸탐뺻샻닮펰쿬늻쿔훸,헢쮵쏷2004쓪룄룯뛔돇쫐.899맛달퇹놾쫽369063짌튵틸탐뺻샻닮살쮵늢쎻폐듸살쪵훊탔뗄룄짆폫쳡ꆡꆡ힢ꆰ:3ꆱꆢꆰ33ꆱꆢꆰ333ꆱ럖뇰듺뇭퓚10%ꆢ5%뫍1%쮮욽쿂룟,웤풭틲뿉쓜쫇돇쫐짌튵틸탐맦쒣킡,쫐뎡럝뛮춳볆쿔훸ꆣ뗍,튵컱솿뷏킡,2004쓪룄룯솦뛈뛔웤살쮵뮹늻릻ꆣꆡꆡ1)뛔맺폐틸탐살쮵,횻폐낵몬샻쾢횧뢶ꆢ샻싊럧듓럖컶뷡맻살뾴,쫐뎡럝뛮횸뇪뛔룷훖샠탍짌쿕뫍DUMMY폫뺻샻닮춳볆쿔훸,웤폠뗄횸뇪폫뺻튵틸탐뗄뺻샻닮펰쿬뻹쿔훸캪뢺,돶쿖듋뷡맻뗄풭샻닮춳볆늻쿔훸ꆣ돶쿖듋쟩뿶뗄풭틲뿉쓜쫇:튻랽틲뿉쓜쫇룷훖샠탍짌튵틸탐쫐뎡럝뛮횸뇪닮뻠뷏쏦맺폐틸탐쫽뻝퇹놾솿킡,춳볆뷡맻뿉쓜돶쿖컳닮;듳,죧맺폐틸탐폫돇쫐짌튵틸탐,틲듋퓚럖컶맽돌훐쇭튻랽쏦,맺폐틸탐쫜헾닟틲쯘펰쿬룼짮,퓚럧쿕맜뿉쓜틲쫽뻝컊쳢돶쿖컳닮ꆣ샭랽쏦늻릻쇩믮믽벫,쓚늿맜샭벰뿘훆훆뛈늻릻쇩믮ꆣ쇭췢,쇷뚯탔뛔뺻샻닮뗄펰쿬캪뢺,헢쮵쏷쯤좻5ꆡ붨틩퇫탐뛠듎뗷룟듦듻뿮샻싊,떫맺폐틸탐늢쎻폐쫜듋룹뻝퇐뺿뷡맻,놾컄듓틔쿂랽쏦뛔컒맺짌튵틸펰쿬ꆣ맺폐틸탐쇷뚯탔쮮욽뷏뗍,퓚듋웚볤,벴쪹컒탐쳡돶붨틩ꆣ맺뒦폚샻싊짏짽뷗뛎,맺폐틸탐튲캴뇘뿉틔벰쪱뗷1)헾닟랽쏦ꆣ짽뷨듻샻싊퓶볓샻쾢쫕죫,듓뛸쳡룟뺻샻닮ꆣ틲듋,헾뢮뛔짌튵틸탐뗄볠맜뿉틔듓듙뷸웤복짙돉놾웤뷡맻럻뫏Angbazo[3]뗄샭싛풤웚,벴쇷뚯탔풽뗍폫럑폃뗄뷇뛈ퟅ쫖,죧춨맽훆뚨쳵컄살쳡룟틸탐풱뗄짌튵틸탐뗃떽쇋룟뗄럧쿕틧볛,뺻샻닮풽룟ꆣ릤뗄릤ퟷ킧싊,듙쪹틸탐볓잿쓚늿볠뿘ꆢ복짙닙ퟷ쯰맺폐틸탐뗄낵몬샻쾢횧뢶폫뺻샻닮뗄쿠맘쾵쫽쪧;뚽듙짌튵틸탐볓잿돉놾맜샭늢붵뗍틾몬샻쾢횧캪,쿠뛔막럝틸탐뫍돇쫐짌튵틸탐튪뗍,헢쫇뢶;믽벫췆뷸샻싊쫐뎡뮯룄룯;뺡뿬췪짆룶죋헷탅쾵평폚맺폐틸탐쏦쇙뗄쫐뎡뺺헹킡,훐볤튵컱늻랢듯,춳,붨솢붡좫뗄램싉ꆢ램맦틔좷놣틸탐튵붡뾵랢햹;샻쾢쫕죫햼뻝쇋ퟜ쫕죫뗄듳늿럖ꆣ뛸샻싊럧쿕폫뺻틽죫틸탐튵뺺헹믺훆,퓶잿탐튵뺺헹ꆣ83
벼쫵뺭볃ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ뗚29뻭ꆡ뗚3웚2)틸탐헻쳥랽쏦ꆣfaultrisk,interestrateriskandoff2balancesheetbanking펦얬솦쳡룟틸탐ퟔ훷뚨볛쓜솦,볓뿬뛠퇹뮯튵[J].JournalofBankingandFinance,1997,21:55287.컱랢햹[4]ꆡ,뇤뺭펪샭쓮ꆣ폐볆뮮뗘뷸탐닺뗄폐킧맜샭,퓚놣돖쇷뚯탔쪱볦맋펯샻탔,붵뗍믺믡돉놾conomy:Argentinain1990s[Z].IMFWorkingPaper,;WP98/90,1998.뿘훆뫏쫊뗄ힼ놸뷰쮮욽;늻맽럖ힷ쟳춨맽볦늢뫍쫕[5]ꆡDEMIRGUC2KUNTA,릺뗄랽쪽삩듳맦쒣,뛸쫇튪믽벫뗘쳡룟닺훊솿commercialbankinterestmarginsandprofitability:some,붵뗍늻솼듻뿮뇈싊ꆣinternationalevidence[J].WorldBankEconomicReview,1999,13(2):)헫뛔맺폐틸탐ꆣ뿉틔틽죫췢늿춶헟,캪틸탐쓚늿힢죫탂쿊톪[6]ꆡSAUNDERSA,:aninternationalstudy[J].튺,쪵쪩닺좨룄퓬뫍훎샭뷡릹훘릹;솦쟳튵컱뗄뛠풪JournalofInternationalMoneyandFinance,2000,19:뮯랢햹8132832.,춨맽쳡룟훐볤튵컱뇈샽살퓶볓럇샻쾢쫕죫;훘쫓럧쿕맜샭,붨솢췪짆뗄럧쿕뿘훆훆뛈,볓잿쓚늿[7]ꆡMCSHANERW,맜샭ꆣ쇭췢tionanalysisofthedeterminantsofAustraliantrading,튪힢훘톰쟳탂뗄샻죳퓶뎤뗣,삩듳튵컱랶캧,쳡룟훐볤튵컱쫕죫뗈룷훖럇샻쾢쫕죫ꆣbankloan2depositinterestmargins:196221981[J].JournalofBankingandFinance,1985,9:)뛔폚막럝훆짌튵틸탐ꆣ[8]ꆡMAUDOSJ,튻랽쏦펦닉좡듫쪩훷뚯믽벫뗘릮만떱잰뗄쫐뎡terestmargininthebankingsectorsoftheEuropeanU2뗘캻nion[J].Journalofbanking&finance,2004,28:22592,ퟟ닺뛠풪뮯ꆢ튵컱킧틦뮯ꆢ럧쿕럖즢뮯ꆢ샻죳ퟮ듳뮯뗄뗀슷ꆣ쇭튻랽쏦2281.,믽벫랢햹뛔쫖뗄뿕냗뗣폫놡죵뗣,랢믓ퟔ짭폅쫆죧럾컱뫍튵컱뛠풪뮯랽쏦[9]ꆡ,bankprofitability:anempiricalevidence[J].JournalofFi2뚨캻폚쟸폲뺭볃,힢훘쳘즫폫튵컱뒴탂,훘쫓ꆰ훊ꆱ뗄nancialandQuantitativeAnalysis,1981,16(4):5812600.좡쪤뛸럇ꆰ솿ꆱꆣ[10]ꆡ[J].JournalofBankingandFinance,5)돇쫐짌튵틸탐ꆣ돇쫐짌튵틸탐쫇컒맺틸탐쳥쾵훐ퟮ뻟짺믺뫍믮1989,13:7972810.솦뗄좺쳥횮튻,뷼쓪살랢햹쯙뛈뷏뿬,떫뮹쫇듦퓚ퟅ[11]ꆡ샮돉.샻닮퇝뷸ꆢ샻닮닣듎폫컒맺샻닮뷡릹럖컶[J].뷰죚싛첳,2004(6):9215.탭뛠컊쳢ꆣ룹뻝놾컄럖컶뷡맻,돇쫐짌튵틸탐뇘탨[12]ꆡ훓캰,짲컅튻.틸탐튵뺻샻닮뗄맺볊뇈뷏벰뛔훐맺뗄쪵횤훘쫓쳡룟쫐뎡럝뛮,떫헢늢늻쫇튻뎯튻쾦뻍쓜쪵쿖럖컶[J].맜샭쫀뷧,2006(9):26232.뗄[13]ꆡ냗떱캰.훐맺틸탐튵샻닮쮮욽뗄쫐뎡뷡릹틲쯘폫샻싊쫐,탨튪뎤웚뗄랢햹폫볡돖,쟐컰벱폚쟳돉,틲캪믺릹삩헅맽뿬,잱퓚뗄럧쿕쫇늻뿉뫶쫓뗄ꆣ틲듋,돇쫐뎡뮯룄룯[J].짏몣뷰죚,2007(2):20223.짌튵틸탐펦냑컕뫃믺믡,틀췐헾뢮럶돖뗄믺폶,솢ퟣ[14]ꆡ맹,헅솢맢,맹즭쇖.컒맺짌튵틸탐듦듻뿮샻닮뫏샭탔뗄쪵횤럖컶[J].짏몣뷰죚,2007(3):72274.쟸폲삩헅,뿉볌탸믽벫틽뷸뺳췢햽싔춶헟,췪짆릫[15]ꆡ훜뾪맺,샮쳎,뫎탋잿.쪲쎴뻶뚨쇋훐맺짌튵틸탐뗄뺻샻쮾훎샭닮[J].뺭볃퇐뺿,2008(8):65276.,붨솢뎤킧뗄놾늹돤믺훆뫍럧쿕맜샭훆뛈,퓶잿뗖폹췢늿틲쯘돥믷뗄쓜솦ꆣ[16]ꆡ쒲쓏,훜뫃컄.훐맺짌튵틸탐뗄샻닮벰웤펰쿬틲쯘[J].뷰죚싛첳,2007(8):42246.닎뾼컄쿗[17]ꆡ헅샶뮪.컒맺짌튵틸탐뺻샻닮뻶뚨틲쯘뗄쪵횤퇐뺿[J].짏몣뷰죚,2007(5):21225.[1]ꆡHOT,[18]ꆡ훜뫨캰,몫훒캰,헅죘.훐맺짌튵틸탐뺻샻닮싊펰쿬틲쯘margins:Theoryandempiricalevidence[J].JournalofFi2퇐뺿ꆪꆪꆪ믹폚1999ꆪ2006쓪뗄뺭퇩횤뻝[J].뷰죚퇐뺿,nancialandQuantitativeAnalysis,1981,16:(4):69284.[2]ꆡ[19]ꆡ훐맺죽듳틸탐쫐횵맦쒣캻쇐좫쟲죽볗[EB/OL].[2009undercreditandinterestraterisks[J].JournalofBanking-07-19]
ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ헅뗈:컒맺짌튵틸탐뺻샻닮뗄펰쿬틲쯘벰럖샠퇐뺿ꆡꆡResearchonDeterminantsofNetInterestMarginofChineseCommercialBanksandTheirClassificationZhangYuanyuan,ZhangZongyi(SchoolofEconomicsandBusinessAdministration,ChongqingUniversity,Chongqing400044,China)Abstract:Byusingthepaneldatapublishedby21commercialbanksduringtheperiodof1999to2007,thispaperempiricallystudiesthedeter2minantsofnetinterestmarginofChinesecommercialbanks,andanalyzesthedeterminantofnetinterestmarginofstate2ownedcommercialbanks,,liquidity,interestrisk,degreeofriskaversion,implicitinterestpayment,opportunitycostofbanknon2interestreserve,managerialefficiency,marketshareofbankandpolicydeterminant,,somepolicyimplicationsareproposedforstate2ownedcommercialbanks,:commercialbank;netinterestmargin;paneldata;determinant(짏뷓뗚59튳)ꆡꆡ[2]ꆡ돶냦짧,2002:662102.[J].JournalofBusiness,1956(7):962108.[4]ꆡ훐뮪죋쏱릲뫍맺짌컱늿.2007쓪뛈훐맺뛔췢횱뷓춶춳[3]ꆡ췵쮳쇖.췢짌춶웳튵죃뚨볛퇐뺿[M].짏몣:뢴떩듳톧볆릫놨[DB/OL][2007208214].’sBilateralTransfer2pricingTaxAvoidanceUnderCentralizedModelChenQingping(SchoolofInternationalEconomics&Trade,AnhuiUniversityofFinanceandTrade,BengbuAnhui233041,China)Abstract:Thispaperdiscussesthesystemofmulti2nationalenterprise’s(MNE’s)bilateraltransfer2pricingtaxavoidanceundercentralizedmodelandtaxdepartments’,,:transfer2pricing;regulartaxavoidance;reversedtaxavoidance;bilateraltaxavoidance;taxauthority85
