2006쓪4퓂뗚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡApr.,200620뻭뗚4웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ뮪ꆡ뚫ꆡ뺭ꆡ볃ꆡ맜ꆡ샭EastChinaEconomicManagemꆡ,ꇱ뷰죚맜샭훆뛈뮷뺳ꆢ훆뛈뒴탂폫틸탐놾뷡릹폅뮯쒿뇪뗋톧훔(뎤즳샭릤듳톧,뫾쓏ꆡ뎤즳ꆡ410077)[햪튪]틸탐놾뷡릹폅뮯쒿뇪쫇틸탐놾샭싛탨튪첽쳖뗄훘튪컊쳢ꆣ듓헾뢮맘폚짌튵틸탐룄룯뗄쒿뇪돶랢,컒맺짌튵틸탐뗄놾뷡릹폅뮯펦헫뛔맬쪱웚뗄훆뛈뮷뺳,틔훆뛈뒴탂캪훘뗣좷솢죽듳쒿뇪,벴낲좫뺭펪쒿뇪ꆢ맺폐놾쿠뛔뿘막쿂뗄훎샭폅뮯쒿뇪뫍믹폚뺭볃놾뗄볛횵ퟮ듳뮯쒿뇪ꆣ[맘볼듊]틸탐캣믺뒫좾;틸탐훎샭;훆뛈뒴탂;뺭볃놾[훐춼럖샠뫅]F40617ꆡꆡꆡ[컄쿗뇪쪶싫]Aꆡꆡꆡ[컄헂뇠뫅]1007ꆪ5097(2006)04ꆪ0137ꆪ05InstitutionEnvironment,InstitutionInnovationandtheOptionalGoalofBankCapitalStructureDENGXue2zhong(ChangshaUniversityofScienceandTechnology,Changsha410077,China)Abstract:,theoptimizationofcapitalstructureforcommercialbankinChinashouldestablishthreegreatestgoalstoimplementinstitutioninnovation,namelythesafegoal,:bankcrisiscontagion;bankgovernance;institutioninnovation;economiccapitalꆡꆡ퓚뺺헹뫍놾쫐뎡뗄췆뚯쿂,쿖듺짌튵틸탐룼볓컒맺짌튵틸탐폫쿖듺짌튵틸탐뗄뻠샫뷏풶ꆣ훁폚죧뫎웕뇩뗘닉폃막럝릫쮾훆뛈뗄랽쪽뷸탐훘ퟩ,늢춨맽춨맽놾뷡릹뗄폅뮯룄룯,쪹횮뷓뷼쿖듺짌튵틸탐뗄놾뷡릹맜샭,쪵쿖틸탐볛횵뗄ퟮ듳뮯ꆣ쒿뇪,듦퓚솽훖늻춬뗄닙ퟷ쒣쪽:amond뫍(1999)횸돶,틸탐붨솢튻훖쫇ꆰ틔폅뮯닺뷡릹캪쒿뇪뗄훆뛈엉ꆱ,쯻쏇놾뷡릹뚯믺쫇틔웤랢럅뗄듻뿮캪믹뒡,쪵쿖ퟮ듳뮯죏캪,힢늻뿉쓜룄짆맺폐틸탐뗄놾뷡릹,맺폐틸죚쫽솿;ퟮ폅틸탐놾뷡릹틀삵폚뺺헹뮷뺳ꆢ뿉틔탐놾뷡릹쫇맺볒짹폾폫뻓쏱듦뿮뗄튻훖솪쏋,떥랽믱뗃뗄쿮쒿뫍돵쪼뷰,쫇틸탐퓚쇷뚯탔뒴퓬ꆢ풤웚쏦춨맽힢ힷ쟳놾돤ퟣ싊쫇쎻폐죎뫎틢틥뗄(헅뷜,뗄캣믺돉놾뫍뷨뿮죋믘놨횮볤죽훖쓜솦뗄뻹뫢;틸탐1998)ꆣ평폚룄룯뗄돵쪼훆뛈쳵볾늻춬,맺폐틸탐뗄쫐놾뷡릹뻟폐훁짙죽룶킧펦,벴펰쿬틸탐낲좫ꆢ틸탐뎡뮯룄룯펦틔짧믡쿖쪵뗄뷰죚탨쟳믹뒡,튪닉좡닮뇰뗄뗍돉놾퓙죚쓜솦틔벰듓뷨뿮죋훐믱뗃믘놨ꆣ짌튵탔룄룯듫쪩,틔듯떽쿖듺짌튵틸탐뗄쒿뇪(슽샚,틸탐뗄놾맜샭폐쓚췢솽막뚯솦:튻쫇볠맜믺릹뛔2004)ꆣ놾돤ퟣ싊뗄맦뚨,웤뚯믺쫇좷놣틸탐낲좫쯹탨튪뗄ퟮ쇭튻훖쫇ꆰ틔벼쫵듯뇪캪쒿뇪뗄벼쫵엉ꆱ,뻟쳥폐뗍놾솿튪쟳;뛾쫇틸탐뗄놾엤훃뿉틔펰쿬틸탐뗄솽룶럖횧:튻횧쫇쓚늿닺좨뷡릹싛(쇵캰ꆢ믆맰쳯,벨킧,폐킧뗄놾엤훃폐샻폚틸탐놾뷡릹뗄폅뮯,2002)죏캪,틸탐놾돤ퟣ싊뗄쪵훊쫇닺좨뷡릹뗄떥믱좡ퟮ듳볛횵(ChrisMatten,2000)ꆣ튻컊쳢,횻폐뷸탐쪵훊탔뗄닺좨뷡릹뗷헻,닅쓜탎돉맘폚컒맺짌튵틸탐뗄룄룯쒿뇪,퓧퓚1979쓪뗋킡붡좫뗄쓚늿훎샭뷡릹뫍폐킧뗄쓚늿풼쫸믺훆;쇭튻횧욽뻍쳡돶ꆰ뇘탫냑틸탐헦헽냬돉틸탐ꆱꆣ컂볒놦ퟜ샭퓚쫇놾뷰뗄벼쫵늹돤싛,벴춨맽ꆰ럖ퟓ닟싔ꆱ(늹돤솽믡볇헟헐듽믡짏퇔떽:ꆰ컒쏇좷솢쇋튻룶쏷좷뗄쒿놾)뫍ꆰ럖쒸닟싔ꆱ(뿘훆럧쿕좨훘닺)뗄퓋폃쪹짌뇪,튪쪹맺폐짌튵틸탐ퟟ쫐뎡뮯뗄뗀슷,췆뷸닺좨훆튵틸탐뗄놾돤ퟣ싊떽듯8%뗄맺볊튪쟳ꆣ뛈룄룯,췆뷸릫쮾훎샭뷡릹뗄룄룯,헦헽냑맺폐짌튵좻뛸,헢킩퇐뺿늢쎻폐듓헾뢮뗄튪쟳뫍짌튵틸탐틸탐뇤돉쿖듺뗄짌튵틸탐ꆣꆱ폫헾뢮쳡돶뗄쒿뇪쿠뇈,ퟔ짭랢햹뗄쓚퓚맦싉쳡돶럻뫏컒맺훆뛈뮷뺳뗄뻟쳥폅[쫕룥죕웚]ꆡ2005ꆪ11ꆪ18[ퟷ헟볲뷩]ꆡ뗋톧훔(1966ꆪ),쓐,뢱뷌쫚,늩쪿짺,퇐뺿랽쿲:닆컱폫뷰죚ꆣꆪ137ꆪ' 1994-2006 China Academic Journal Electronic Publishing House. All rights reserved.
뮯쒿뇪ꆣꆰ훆뛈엉ꆱ쯤좻뷒쪾쇋놾뷡릹컊쳢뗄쳥훆풭쒳볒틸탐탅쾢뗄쇋뷢횻쓜살ퟔ틸탐릫늼뗄쫽뻝,ꛄ쫇뛔틲,떫뫶쫓쇋틸탐튵룄룯뗄웈쟐탔폫웤훆뛈뮷뺳붨짨틸탐튵탅쾢쳹쮮뗄욽뻹맀볆,ꛄꇊ(0,1)뗄쫽횵ꆣ퓚뗄뎤웚탔;ꆰ벼쫵엉ꆱ맛뗣퓲뇭쿖돶뛔놾뷡릹폅뮯컊릫훚풤웚튻뚨뗄쟩뿶쿂,틸탐폐뚯솦뷸튻늽럛쫎닆컱쳢뗄뛌웚탔ꆢ벼쫵탔뫍릦샻탔ꆣ믹폚듋,컒맺짌튵틸탅쾢,틔믱뗃릫훚뛔웤컈붡뺭펪뗄탅폾ꆣ쯹틔,퓚ퟔ탐뗄놾뷡릹폅뮯쒿뇪,펦룹뻝헾뢮쳡돶뗄룄룯쒿뇪ꆢ풸탔탅쾢엻슶훐,쎿볒틸탐뚼뿉틔탻늼ퟔ벺쫇컈붡뺭틸탐튵ퟔ짭뗄쳘뗣뫍맬쪱웚틸탐쏦쇙뗄훆뛈뮷뺳살펪탍틸탐,헢훖탅쾢뛔틸탐쎻폐풼쫸ퟷ폃;뻍듦뿮죋ퟛ뫏뾼달ꆣ뛸퇔,헢퇹뗄탅쾢엻슶튲쎻폐쪵볊틢틥,튲뻍늻쓜웚튻ꆢ낲좫뫍컈붡뺭펪쒿뇪췻틸탐뗄ퟔ풸탔탅쾢엻슶뿉틔붵뗍틸탐폫듦뿮죋횮볤틸탐뷰죚믺릹볈쫇춶죚뗄훐뷩,폖쫇뷰죚럧쿕뗄탅쾢늻뛔돆돌뛈,틲뛸틸탐튵뗄뗀뗂럧쿕뇈튻냣웳뗄뻛뫏뗘,틲뛸컒맺짌튵틸탐놾뷡릹폅뮯뗄쫗튪쒿튵믡룼볓퇏훘ꆣ뇪쫇쪵쿖컈붡뺭펪ꆣ헢쫇틲캪:31틸탐캣믺뗄뒫좾탔뫍뻞듳뗄짧믡돉놾ꆣ틸탐11틸탐막뚫폫듦뿮헟횮볤뗄샻틦돥춻ꆣ쿖듺틸튵뻟폐뫜듳뗄췢늿탔,튻랽쏦,틸탐ퟷ캪릤짌웳튵췢탐튻냣뚼쫇틔폐쿞퓰죎릫쮾뗄탎쪽붨솢뗄,틸탐뫍듦풴죚뗄훷튪살풴,쫇뺭볃퓶뎤뗄뚯솦ꆣ샽죧,퓚뿮헟횮볤뗄돥춻뇈럇틸탐웳튵뗄막뚫뫍햮좨죋횮볤뗄놾쫐뎡랢듯ꆢ횱뷓죚햼훷튪뗘캻뗄쏀맺,퓚릤짌웳돥춻룼볓퇏훘ꆣ튵뗄췢풴죚ퟜ뛮훐,틸탐듻뿮죔햼떽쇋6119%,헽(1)틸탐뗄ퟔ폐놾뫜짙,웤닺뢺햮뇈싊풶풶뎣쓪럝훐춨맽틸탐듻뿮돯벯뗄뷰뇈춨맽막욱쯹돯벯룟폚럇뷰죚웳튵ꆣ튻냣살쮵,ퟮ컈붡뗄틸탐,웤ퟔ폐뗄뷰뛠25놶;췢풴죚뗄쮳탲틀듎캪듻뿮ꆢ짌튵탅놾햼ퟜ닺뗄뇈샽튲횻퓚10%ퟳ폒,내ꆶ냍죻뛻킭폃뫍햮좯(뢻삼뿋쇖ꆤ났싗ꆢ뗀룱삭쮹ꆤ룇뛻,2002)ꆣ틩ꆷ뗄튪쟳,짏쫶뇈샽듯떽8%뻍쯣뫏샭,웤훐뫋탄퓚랢햹훐맺볒,틸탐듻뿮룼쫇ퟮ훷튪뗄죚살풴ꆣ캬놾햼ퟜ닺뗄뇈싊횻탨315%ꆫ415%ꆣ쿠뇈횮쿂,튻뮤튻룶컈붡뛸룟킧뗄틸탐쳥쾵,웤훘튪탔늻횻쫇틸탐냣뗄럇뷰죚웳튵뗄막좨놾,틖믲ퟔ폐놾햼ퟜ닺쾵춳놾짭,룼쳥쿖퓚컈뚨뗄뺭볃퓶뎤;쇭튻랽쏦틸탐뗄뇈샽퓚30%ꆫ50%횮볤,폐뗄짵훁룟듯50%틔짏ꆣ쪧냜폖뻟폐뫜뿬뗄뒫좾탔뫍뫜룟뗄짧믡돉놾,떱떥룶틸탐튵뷏룟뗄룜룋뇈싊뷸튻늽붵뗍쇋쎰쿕쪧냜뗄쯰쪧,뒢뮧뗄샭탔탐캪뇤캪돃ퟅ틸탐뮹폐횧뢶쓜솦쪱쟀쿈듓뛸뷸튻늽듌벤쇋틸탐막뚫뗄럧쿕탐캪ꆣ쳡뿮쪱,뷰죚믺릹뻍놻웈쟥뎥웤캴떽웚뗄닺,늢쏉(2)럇틸탐웳튵뛔햮좨죋뷰뗄쪹폃춨뎣뻟폐춶쫜쯰쪧ꆣPark(1992)횸돶,틸탐벷쳡횮쯹틔뻟폐뒫탔훊,웤퓚톡퓱춶폚웳튵햮좨쪱,틑뾼싇쇋쿠맘좾탔,쫇틲캪릫훚뛔틸탐좱랦탅탄,훂쪹듦뿮죋뛔늻럧쿕ꆣ폫럇틸탐웳튵쿠뇈,틸탐뗄듦뿮헟퓚톡퓱틸탐춬샠탍뗄틸탐늻쓜뷸탐쟸럖,뛔쯼쏇맀볆뗄럧쿕룅싊듦뿮쪱,쫗튪뗄뾼싇틲쯘쫇뷰뗄쇷뚯탔뫍낲좫탔,쫇쿠춬뗄,헢퇹,쓇킩닺훊솿뫃뗄틸탐뻍믡쫜떽쓇펮샻탔쫇ퟮ뫳뾼싇뗄틲쯘ꆣ튻냣쟩뿶쿂,듦뿮헟,폈킩닆컱뷡릹든죵뗄춶믺탔틸탐뗄잣솬,탎돉틸탐캣믺웤쫇킡뛮듦뿮헟뒦폚탄샭죵쫆뫍쳦듺죵쫆,평폚펵폐뗄뒫좾탔ꆣ틸탐쪧냜뗄뒫좾탔벫틗룸뺭볃ꆢ뷰죚훈탲뗄닆뢻쫽솿폐쿞,킡뛮듦뿮헟뗄닺튻냣돊쿖돶뷡릹듸살뷡릹탔뗄웆뮵,짵훁틽랢헻룶짧믡뗄쾵춳탔캣믺ꆣ떥튻ꆢ좱랦뿉쳦듺탔뗄쳘헷,쯻쏇뗄뒢탮탐캪쫇튻훖뛔틸탐캣믺뗄짧믡돉놾,Hoggarth(2002)뗈뗄뺭퇩퇐캪펦뢶늻쪱횮탨뗄잿훆뒢탮탐캪ꆣ틲뛸틸탐뗄막뚫뫍뺿뇭쏷,틸탐캣믺놬랢뫳훘ퟩ뷰죚늿쏅뗄돉놾쿠떱룟듦뿮헟횮볤뗄럧쿕첬뛈닮틬뇈럇틸탐웳튵뗄막뚫뫍햮낺,폐킩맺볒햼떽GDP뗄50%틔짏ꆣ좨죋횮볤뗄럧쿕첬뛈닮틬튪듳,틢캶ퟅ틸탐뗄막뚫뫍틲듋,틸탐튵벫틗닺짺뺭펪럧쿕듳ꆢ뗀뗂럧쿕듳듦뿮헟횮볤뗄샻틦돥춻룼볓벤쇒ꆣ뫍짧믡캣몦럧쿕ꆣ퓚컒맺뺭볃맬쪱웚,췢늿훆뛈뮷(3)평폚볠뚽돉놾뫍틸탐폫듦뿮헟횮볤뗄탅쾢늻뺳늻돉쫬,뿍맛짏듦퓚ퟅ램훆늻붡좫ꆢ맦헂훆뛈늻췪뛔돆,짌튵틸탐펪퓋훐막뚫폫듦뿮죋벤쇒뗄샻틦돥춻짆ꆢ짧믡탅폃믺훆놡죵뗈컊쳢,쪹틸탐튵뗄럧쿕룼볓뫜쓑춨맽듦뿮죋뗄볠뚽살뮺뷢,튻랽쏦,틸탐뗄떥룶춻돶,헢뻍뻶뚨쇋짌튵틸탐놾뷡릹폅뮯뇘탫캬돖컈듦뿮죋뗄듦뿮럝뛮횻햼틸탐듦뿮ퟜ뛮뗄벫킡뇈샽,쎿붡뺭펪쒿뇪ꆣ룶뒢뮧뚼폐ꆰ듮뇣뎵ꆱ뗄탄샭;벴쪹듦뿮죋폐볠뚽뗄뛾ꆢ맺폐놾쿠뛔뿘막쿂뗄훎샭폅뮯쒿뇪뚯믺,튲믡틲튵횪쪶늻ퟣ닺짺뗄룟돉놾뛸컞램쪵쪩ꆣ쿖듺쫐뎡뺭볃쳵볾쿂,틸탐릫쮾ퟩ횯뷸탐뿆톧맜21틸탐뗄ퟔ풸탔탅쾢엻슶듦퓚쳡릩탩볙탅쾢뗄샭ꆢ룟킧퓋ퟷ뗄풭뚯솦퓚폚쓚늿붨솢폐킧뗄좨솦훆뫢벤샸ꆣ듓룹놾짏쮵,틸탐뷸탐ퟔ풸탔뗄탅쾢엻슶쫇ퟔ뫍벤샸풼쫸믺훆,뛸솼뫃뗄릫쮾훎샭헽쫇좷놣틸탐샻짭뗄펯샻뫍낲좫뗄탨튪,캪쇋쪵쿖헢룶쒿뗄,틸탐퓚틦쿠맘헟(stakeholders,뻟쳥냼삨막뚫ꆢ룟맜닣ꆢ듦탅쾢엻슶훐죝틗돶쿖Akerlof럖컶뗄쓦쿲톡퓱컊쳢,죧뿮죋ꆢ풱릤ꆢ짧믡릫훚뗈)샻틦뻹뫢뗄훆뛈낲업,쯼맻릫훚쇋뷢떽틸탐ퟔ풸탔탅쾢엻슶훐듦퓚늿럖탩볙탅쫇틸탐솼뫃퓋ퟷ뫍뿆톧맜샭뗄믹뒡,쫇쪵쿖틸탐컈붡쾢,늢죏캪욽뻹뗄탩볙쳹쮮캪ꛄ;룃탩볙쳹쮮쫇릫훚뛔뺭펪뫍볛횵ퟮ듳뮯쒿뇪뗄훆뛈놣헏ꆣ뺭맽20뛠쓪뗄룄탅쾢헦쪵탔뗄튻훖풤웚,ꛄ풽듳,쮵쏷릫훚죏캪뗄탩볙룯,컒맺짌튵틸탐뗄뺭펪쮮욽폐쇋튻뚨뗄쳡룟;떫잰탅쾢풽뛠ꆣ볙뚨틸탐릫늼뗄쫕틦쫇R,릫훚퓲죏캪쪵튻뷗뛎뗄룄룯훷튪퓚쫡샭쓚췢늿맘쾵ꆢ틽뷸쿈뷸맜샭볊뗄쫕틦쫇R(1-ꛄ);볙뚨틸탐릫늼뗄늻솼닺쫇A벼쫵틔벰뒦훃늻솼닺뗄벼쫵닣쏦짏뷸탐,늢쎻폐뒥,쓇쎴릫훚믡죏캪쪵볊뗄늻솼닺쫇A릫훚뛔벰틸탐훎샭훆뛈헢튻짮닣듎컊쳢ꆣ튪듓룹놾짏뷸탐훆1-ꛄꆣ죧맻뛈뒴탂,뇘탫춨맽놾뷡릹폅뮯,붨솢웰틔맺폐놾ꆪ138ꆪ' 1994-2006 China Academic Journal Electronic Publishing House. All rights reserved.
쿠뛔뿘막캪믹뒡뗄막좨뷡릹ꆣ죚틀삵폚맺볊뷰죚뮷뺳,쳘뇰쫇듳막뚫틸탐쯹퓚맺뗄11맺폐놾쿠뛔뿘막쫇짌튵틸탐막좨놾뷡릹뺭볃ힴ뿶뗄뇤뮯ꆣ틲듋,맺폐믲맺폐뿘막짌튵틸탐퓚퇝뷸뗄맦싉뻶뚨뗄ꆣ짌튵틸탐닺좨훆뛈랢햹뗄샺쪷쫇훰늽쪵쿖닺좨뷡릹뛠풪뮯뗄룄룯맽돌훐,캪쇋뇜쏢돶평떥튻닺좨탎쪽쿲뛠풪닺좨탎쪽뗄랢햹맽돌ꆣ듓쫀뷧쿖맺폐닺뗄쇷쪧틔벰맺볒뗄닆뢻쿲짙쫽짧믡쳘좨뷗랶캧살뾴,훷튪폐솽쳵퇝뷸슷쿟:튻쫇평떥튻쮽죋닺닣벯훐뗄쿖쿳틔벰맽뛈틀삵췢맺놾뗄뫳맻,뇘탫좷좨훆뛈쿲뛠풪램죋닺좨훆뛈퇝뇤;뛾쫇평떥튻맺폐닺솢맺폐놾뛔놾맺틸탐튵뗄뿘훆쓜솦ꆣ헢퇹,퓚틸탐좨훆뛈쿲뛠풪램죋닺좨훆뛈퇝뇤ꆣ튵좫쏦뾪럅뗄탎쫆쿂,춨맽맺폐놾쿠뛔뿘훆쿂뗄막(1)떥튻뗄쮽폐닺좨쿲뛠풪뮯뗄램죋닺좨훆뛈퇝좨뷡릹짨볆,탎돉막뚫횮볤뗄뫏ퟷ폫훆뫢믺훆,듯떽뷸ꆣ퓚짌튵틸탐랢햹뗄퓧웚뷗뛎,쮽죋닺좨쫇훷튪탎췪짆훎샭뷡릹뗄쒿뇪,붨솢쫐뎡뮯뗄놾뷡릹맜샭믺쪽,틸탐뗄쯹폐좨뫍뺭펪좨쫇춳튻뗄,틸탐뗄뺭펪헟훆ꆣ늢늻좱랦쓚퓚뗄뚯솦믺훆ꆣ쯦ퟅ놾훷틥짺닺랽쪽뗄21맺폐놾쿠뛔뿘막쫇컒맺닺좨훆뛈뇤잨뗄뿍좷솢뫍랢햹,릤튵놾벱뻧삩헅,튪쟳뷰죚놾뗄맦맛뷸돌쯹뻶뚨뗄ꆣ컒맺뺭볃쳥훆붥뷸맬뗄쳘뗣뻶뚨쒣풽살풽듳ꆣ퓚뷰죚쇬폲,놾훷틥뗄랢햹뇭쿖캪뛔쇋맺폐놾쿠뛔뿘막뗄룱뻖붫퓚틸탐튵뎤웚듦퓚ꆣ뗍샻싊놾뗄잿쇒튪쟳,틔럾컱쿻럑캪훷뗄뒫춳룟샻(1)맺폐놾뻸뛔뿘막늻쓜뷢뻶틸탐훎샭컊쳢ꆣ듻탅듻탎쪽톸쯙쿲틔럾컱짺닺캪훷뗄놾훷틥탅듻탎컒맺틸탐튵룄룯쫇튪붨솢쿖듺짌튵틸탐훆뛈,웤ퟮ훷쪽뇤ꆣퟷ캪탅듻탎쪽퓘쳥뗄뷰죚웳튵쯦ퟅ쿖듺릤짌튪뗄닺좨쳘헷쫇닺좨뗄뛠풪뮯뫍뛀솢ꆣ죧맻맺볒쪵탐웳튵뗄랢햹,듓닺좨훆뛈떽ퟩ횯맦쒣랢짺쇋쿠펦뗄뇤뻸뛔뿘막,닺좨뗄샻틦폫퓰죎뻍뫜쓑폫램죋믲룶죋맒뮯ꆣ막럝훆짌튵틸탐뗄닺짺뫍랢햹쫊펦쇋릤튵뮯듳짺릳,짌튵틸탐뗄죭풼쫸컊쳢늻뿉쓜뗃떽뷢뻶,닺좨뗄닺뛔죚춨뻞뛮짺닺탔뷰뗄탨쟳,떥튻쮽죋닺좨쿲훆뫢믺훆뫍샻틦풼쫸믺훆뻍컞램닺짺늢랢믓ퟷ폃,틸뛠풪닺좨뷡릹뗄막럝훆탎쪽ꆣ막럝훆탎쪽춻웆쇋쮽죋탐튲뻍뫜쓑듓헾뢮탐헾룉풤뗄쫸뢿쿂뷢췑돶살;늢쟒,놾뛔틸탐맦쒣삩헅뗄훆풼,캪췘햹틸탐뗄맦쒣쳡릩퓚맺폐놾뻸뛔뿘훆쿂,틸탐뗄뚭쫂믡뻍늻쓜탎돉헦쇋잰쳡쳵볾;춬쪱,쯹폐좨폫뺭펪좨뗄럖샫튲듸살쇋헽틢틥짏뗄ꆢ쓜릻뛀솢랢믓ퟷ폃믺릹,듓뛸틸탐뗄쫐쿠펦뗄듺샭돉놾폫훎샭컊쳢ꆣ퓚맺볊랶캧쓚,틔막좨뎡즸톡뫍벤샸풼쫸믺훆늻믡랢짺놾훊짏뗄뇤뮯,틸탐뛠풪뮯캪믹뒡뗄막럝릫쮾틑돉캪쿖듺짌튵틸탐훷튪뗄쓚늿뗄훎샭뷡릹폫헦헽뗄쿖듺짌튵틸탐뗄훎샭뷡릹횻ퟩ횯탎쪽ꆣ룹뻝펢맺ꆶ틸탐볒ꆷ뗄업쏻,좫쟲1000볒쓜쫇ꆰ쎲뫏짱샫ꆱꆣ컒맺맺폐웳튵룄훆뗄쪵볹틑뺭뇭듳틸탐믹놾짏뚼쫇막럝훆틸탐,업쏻잰50캻뗄틸탐쏷,떱맺볒햼폐맺폐웳튵캩튻믲뻸듳늿럖막럝쪱,튪훐,돽컒맺맺폐짌튵틸탐췢,웤폠좫늿뚼쫇막럝훆틸폐킧뗘쪵쿖헾웳럖뾪쫇늻뿉쓜뗄ꆣ맢듳틸탐뗄컊쳢퓙탐뫍짏쫐릫쮾ꆣ짌튵틸탐닉폃막럝릫쮾탎쪽,맘볼퓚튻듎뇭쏷맺폐놾뻸뛔뿘막쿂뗄훎샭뷡릹뻟폐뫜쓑뿋폚쯼캪틸탐붨솢쯹폐좨ꆢ뺭펪좨뫍볠뚽좨뛀솢퓋ퟷꆢ럾뗄뇗뛋ꆣ폐킧훆뫢헢튻뿆톧뗄훎샭믺훆뗬뚨쇋솼뫃뗄ퟩ횯뿲볜ꆣ(2)닺좨뷡릹맽폚럖즢튲늻쓜뷢뻶틸탐훎샭컊쳢ꆣ퓚쪵탐막럝훆훎샭뫍놾쫐뎡퓋ퟷ뗄쳵볾쿂,듳뛠쫽막좨벯훐듦퓚튻뚨뗄컊쳢,떫췪짆뗄틸탐릫쮾훎샭늻맺볊쿈뷸틸탐뷨훺ퟔ컒풼쫸ꆢ췢늿볠맜뫍쫐뎡볠뚽늻쫇볲떥뗄막좨럖즢뮯ꆣ럖즢탍막좨뷡릹뗄쳘뗣쫇막뚫뛏췪짆훎샭믺훆,쳡룟쓚늿맜샭뫍럧쿕뿘훆쮮욽,듓쫽솿뷏뛠,막좨럖늼럖즢,떥룶막뚫뗄ퟷ폃폐쿞ꆣ막뛸쪵쿖틸탐볛횵ퟮ듳뮯ꆣ뚫웕뇩듦퓚ꆰ듮뇣뎵ꆱ뗄뚯믺,늻풸뢶돶돉놾볠뚽뺭(2)떥튻뗄맺폐닺좨쿲뛠풪뮯뗄램죋닺좨훆뛈퇝펪헟,쯹틔쓚늿막뚫뛔뺭펪헟뗄풼쫸럇뎣폐쿞;평폚뷸ꆣ퓚잰쯕솪ꆢ뚫얷맺볒틔벰룄룯잰뗄훐맺,볆뮮뺭닺욷뗄춬훊탔뫍뿘훆좨틆뗄뻞듳붻틗돉놾,틸탐췢볃쳥훆뻶뚨쇋틸탐뗄닺좨쳘헷쫇떥튻맺폐닺좨훆뛈낲늿훎샭믺훆뗄풼쫸킧폃튲쫇폐쿞뗄,늢쟒웤ퟷ폃뗄랢업,틸탐뗄훎샭쫇춨맽맺볒탐헾횸쇮살췪돉뗄ꆣ떥튻믓퓲좡뻶폚틸탐쯹뒦뗄놾쫐뎡뮷뺳ꆣ퓚놾쫐뎡뇈맺폐닺좨훆뛈탎쪽퓚뷰죚쇬폲튲춬퇹뇭쿖돶쇋뗍킧싊뷏랢듯,탅쾢엻슶헦쪵ꆢ벰쪱,막좨쇷뚯탔뷏잿뗄쟩뗄쳘헷ꆣ쯦ퟅ뺭볃맬,헢킩맺볒럗럗춨맽맺폐짌튵뿶쿂,럖즢뗄막뚫뿉틔뛔틸탐뺭펪헟쪩볓톹솦;퓚컒틸탐뗄닺좨훆뛈룄룯살첽쯷쳡룟틸탐쳥쾵퓋ퟷ킧싊뗄맺놾쫐뎡뮹늻랢듯뗄쟩뿶쿂,막뚫춨맽쫐뎡뛔틸탐폐킧랽램,떥튻맺폐닺좨훆뛈훰늽쿲쇋뛠풪닺좨뷡뺭펪헟쪵쪩볠뚽폐튻뚨뗄삧쓑,뷡맻뇘좻쫇쓚늿볠뚽릹탎쪽ꆣ퓚닺좨뛠풪뮯뗄룄룯맽돌훐,맬뺭볃맺볒뫍췢늿볠뚽춬쪱좱랦ꆣ듓좫쟲랶캧뾴,틸탐뗄닺좨뷡튲쿠펦돶쿖쇋튻킩컊쳢ꆣ퓚뛭싞쮹탎돉쇋뻞탍뷰죚릤릹늢늻쫴폚럖즢탍,룹뻝Laporta뗈(2000)뗄퇐뺿,튵벯췅,짙쫽뷰죚맑춷춨맽닙ퟝ헢킩뷰죚릤튵벯췅뷸헾뢮펵폐틸탐뗄쿠뛔뿘막좨쫇쿠떱웕뇩뗄,퓚탭뛠맺뛸뿘훆쇋맺볒뗄뺭볃쏼싶,맺쏱쫕죫럖엤퇏훘쪧뫢,볒뗄틸탐췪돉쮽폐뮯횮뫳뗄1995쓪,쫀뷧욽뻹뗄헾뢮짧믡닆뢻쿲짙쫽쳘좨뷗닣믽뻛,뛸맺볒벰짧믡릫훚샻뛔틸탐뗄쯹폐좨뇈훘죔캪4116%(훐횵캪3314%),틦쫜떽쇋쯰몦ꆣ퓚맺볒뺭볃늻컈뚨뗄쟩뿶쿂,듳솿뗄업돽잰짧믡훷틥맺볒,뮹듯3815%ꆣ뷰죚놾놻폃폚뷰죚춶믺믮뚯뛸췑샫쇋쪵훊뺭볃뗄퓋(3)맺폐놾쿠뛔뿘막뿉틔퓚좷놣틸탐쾵춳컈붡탐,듓뛸뷸튻늽볓뻧쇋뺭볃ꆢ뷰죚쳥쾵뗄늻컈뚨ꆣ뚫뗄쳵볾쿂릹붨폐킧뗄틸탐훎샭뷡릹ꆣ룹뻝탂훆뛈뺭볃얷맺볒맽뛠뗘틀삵폚췢맺놾뗄ퟷ폃,용죧퓚탙퇀샻,톧뗄맛뗣,훆뛈뇤잨횼퓚톰쟳튻룶룼폐샻폚쳡룟뺭볃췢돉캪탭뛠풭맺폐틸탐뗄뿘막막뚫,쪹뗃헢킩뷰죚벨킧뗄벤샸믺훆ꆣ훆뛈뇤잨쫇붥뷸탔뗄,웤쳘헷뿉틔믺릹뗄뿘훆좨췢틆ꆣ헢퇹뗄틸탐쳥쾵뇘좻퓬돉놾맺뷰룅삨캪슷뺶틀삵뫍늻뛏뒴탂;쿖폐뗄훆뛈뷡릹늻뷶펰ꆪ139ꆪ' 1994-2006 China Academic Journal Electronic Publishing House. All rights reserved.
쿬훆뛈룯탂뗄탎첬,뛸쟒뮹펰쿬뒴탂퓍쓰뗄쪱볤(듷뿮죋횮볤뗄탅쾢늻뛔돆탔떼훂틸탐뗄탅듻닺ퟩ뫏럧캬쮹ꆢ억쮹,1994)ꆣ컒맺짌튵틸탐훎샭믺훆뗄뇤잨,쿕쓑폚놻쫐뎡쪶뇰;뛾쫇평폚뷰죚뒴탂틔벰죕틦퓶뎤뻍쫇튪늻뛏뗘뿋럾죋뗄폐쿞샭탔뫍풭폐뗄훆뛈뿲볜쫸뗄퇜짺뷰죚릤뻟붻틗쪹틸탐뇤뗃룼볓늻춸쏷ꆣ틲뛸퓚뢿,퓚뇜쏢돶쿖뷰죚쳥쾵뗄쾵춳탔럧쿕,쪵쿖틸탐쳥뿍맛짏,놾쫐뎡좱랦폐맘틸탐헦쪵뗄펯샻잰뺰뫍닆쾵킧싊폫컈뚨뗄욽뫢맽돌훐,붨솢튻훖탂뗄훎샭믺훆컱ힴ뿶ꆣ퓚헢훖쟩뿶쿂,쫐뎡뫍춶헟횻쓜춨맽틸탐듺쳦풭폐뗄믺훆,헢룶맽돌뗄쪵훊쫇쳥훆늻뛏뒴탂폫뗄뺭펪탐캪살췆닢웤뺭펪튵벨뫍잱퓚뗄쫐뎡볛횵,틸탂쳥훆뷡릹훰붥믽샛뗄맽돌ꆣ떫쫇,훆뛈뇤잨뻟폐슷탐뗄놾뻶닟탐캪뻍쫇쿲췢뷧뒫뗝쓚늿탅쾢뗄튻훖탅뺶틀삵탔,벴퓚훆뛈뇤잨뗄맽돌훐훆뛈튻떩뷸죫쳘뚨뫅릤뻟(싞쮹,1989)ꆣ떫쫇,탅뫅랢쯍쫇폐돉놾풼쫸뗄슷뺶,쾵춳뗄췢늿탔ꆢퟩ횯뗄톧쾰맽돌뫍샺쪷탎돉뗄,튻룶뺭펪솼뫃뗄틸탐춨맽퓶볓룜룋뇈싊랢돶룟훊뗄맛쓮뇣믡잿뮯헢튻슷뺶,쪹훆뛈뇤잨뒦폚ꆰ쯸뚨ힴ솿탅뫅뗄돉놾튪듳듳뗍폚튻룶럧쿕탔틸탐ꆣ틸탐뫍쫐첬ꆱꆣ맺폐놾쿠뛔뿘막뿉틔닺짺죧쿂킧펦:튻쫇퓚놣뎡늩?뗄뷡맻뻍닺짺쇋튻룶탅뫅뻹뫢:쓇킩웚췻캴살횤헻룶틸탐쳥쾵컈뚨뗄쟩뿶쿂,뿋럾헾뢮훷떼탍닺좨쫕틦뾴뫃뗄틸탐믡돖폐뷏뗍뗄놾(싞쮹,1989)ꆣ쇭훆뛈뇤잨훐벯훐탍막좨뷡릹뛔훎샭믺훆뒴탂뗄ꆰ쯸뚨췢,평폚막좨죚돉놾룟폚햮좨죚돉놾,틸탐튻냣ힴ첬ꆱ,쪹췢뫍쏱펪놾퓚ힷ쟳뒴탂ퟢ뷰뗄폕훂쿂,믡톡퓱햮컱폅폚막좨뗄죚ꆰ폅쿈쮳탲ꆱꆣ쯹틔,퓚늻솪뫏웰살췆뚯틸탐훎샭훆뛈뗄뒴탂;뛾쫇맺폐놾퓚뛔돆탅쾢쳵볾쿂,틸탐웕뇩뻟폐햮컱죚뗄욫뫃,쟷틸탐훐뒦폚쿠뛔뿘막뗘캻늻뷶늻믡쿷죵릫폐훆뗄훷쳥쿲돖폐뷏뗍뗄놾뇈싊ꆣ뗘캻,뮹뿉틔랢믓ꆰ룜룋킧펦ꆱ,삩듳맺폐놾뛔짧믡(3)막뚫뫍햮좨죋횮볤뗄듺샭돉놾ꆣ퓚틸탐뺭펪놾횧엤뗄랶캧뫍쫽솿,퓶잿맺볒뛔뷰죚뗄뿘훆솦;훐,막뚫뇈햮좨죋펵폐탅쾢폅쫆ꆣ퓚폐쿞퓰죎뗄잰쳡죽쫇뻟폐솼뫃뺭펪벨킧뗄맺볊듳틸탐닎막맺폐짌튵틸쿂,뺡맜춶폚뗍럧쿕닺룼폐샻폚햮좨죋,떫틸탐탐,폐샻폚맺쓚짌튵틸탐컼쫕맺볊틸탐튵쿈뷸뗄맜샭뗄쯹폐헟튻냣믡톡퓱맽뛈럧쿕춶믲춶믺,죧맻춶뺭퇩,볓뿬틸탐맺볊뮯뷸돌ꆣ믲춶믺돉릦,막뚫붫럖쿭듳늿럖쫕틦,죧맻쪧냜,냑죽ꆢ틔뺭볃놾캪믹뒡뗄볛횵ퟮ듳뮯쒿뇪쯰쪧췆쿲훚뛠햮좨죋;뛸쟒풽쫇닆컱캣믺뗄틸탐,풽뺭볃놾(EconomicCapital)폖돆캪럧쿕놾폐뚯믺닉좡훮죧쎰쿕뺭펪믲퇚룇닆컱헦쪵ힴ뿶뗈탐캪ꆣ(RiskCapital),쫇평짌튵틸탐춨맽튵컱움맀뛸닺짺뗄헢퇹,햮좨죋믡캪막뚫뗄뗀뗂럧쿕튪쟳룼룟뗄샻싊ퟷ엤훃룸닺믲쒳쿮튵컱폃살복뮺럧쿕돥믷뗄놾,쯼캪늹뎥,듓뛸퓶볓쇋틸탐뗄돯돉놾ꆣ죧맻틸탐놣돖쫇틸탐뾪햹튵컱쪱쏦쇙뗄럧쿕ퟜ솿쯹쪵볊탨튪뗄놾ꆣ뷏룟뗄놾뇈싊,쪹햮좨죋쿠탅막뚫뫍햮좨죋뗄샻틦20쫀볍90쓪듺틔살,맺볊짌튵틸탐붫볛횵ퟮ듳뮯ퟷ캪쫇쏜쟐쿠맘뗄,믡듸살죚돉놾뗄쿂붵,뛔틸탐쫇폐뺭펪쒿뇪,훷튪뗄움볛횸뇪쫇뺭볃퓶볓횵(EVA)ꆢ쫐샻뗄ꆣ캪쇋복쟡듺샭돉놾,틸탐놻웈돖폐뷏룟뗄놾뎡퓶볓횵(MVA)뫍막뚫퓶볓횵(SVA)ꆣ쫊펦틸탐튵뇈싊,쿲쫐뎡랢돶틸탐컈붡돌뛈뫍폫햮좨죋샻틦튻훂좫쏦뾪럅뗄튪쟳,퓚놾돤ퟣ싊볠맜쿂,컒맺짌튵틸탔뗄믽벫탅뫅,햮좨죋뫍막뚫횮볤뗄캯췐ꆪ듺샭컊쳢탐튪좷솢틔뺭볃놾캪믹뒡뗄볛횵ퟮ듳뮯쒿뇪ꆣ쯦ퟅ틸탐놾뇈싊뗄쳡룟뛸뗃떽뮺뷢,벴틸탐쯹폐헟11뺭볃놾뻶닟뗄훷튪펰쿬틲쯘ꆣ퓚쫐뎡뗄ퟷ뫍햮좨죋횮볤뗄ꆰ듺샭죋돥춻ꆱ폖듙쪹틸탐쳡룟놾폃쿂,죧맻틸탐뗄놾솿폫쫐뎡뻶뚨뗄럧쿕놾튪쟳뇈싊ꆣ쿠욫샫,벴돖폐맽뗍믲맽룟뗄놾쮮욽뚼믡붵뗍틸탐21틸탐볛횵ퟮ듳뮯뗄샭싛쒣탍ꆣ룹뻝틸탐뺭볃뗄볛횵ꆣ퓚틸탐뗄뺭볃놾뻶닟훐,횱뷓뗄펰쿬틲쯘놾뻶닟뗄펰쿬틲쯘,뿉틔듓MM샭싛떼돶틸탐볛횵폐쮰뢺폫웆닺돉놾ꆢ탅쾢늻뛔돆ꆢ붻틗돉놾뫍볠맜뗈ꆣퟮ듳뮯쒣탍ꆣ뾼싇쮰쫕웁뇎뗄ퟷ폃,죧맻틔B뇭쪾햮(1)뺭볃놾뻶닟쫇퓚웆닺돉놾뫍쮰뢺맦뇜횮볤컱,틔T뇭쪾쮰싊,틔r뇭쪾햮컱뗄샻싊,퓲쎿웚틲뷸탐좨뫢ꆣ틸탐퓚놾뻶닟훐,평폚샻쾢횧뢶쫇퓚뷉샻쾢럑폃Bꇁr뗄횧돶뛸뷚쪡뗄쯹뗃쮰캪TꇁBꇁrꆣ붫쓉쯹뗃쮰잰뷸탐뗄,뿉틔뗖복쮰쫕,뛸막쾢뫍뫬샻퓲룷웚뷚쪡뗄쯹뗃쮰헛캪쿖횵,뻍뗃떽틲햮컱뗄듦퓚뛸늻뻟폐뗖쮰뗄ퟷ폃,쯹틔뷏뛠뗘틔햮컱죚좡듺막욱뷚쪡뗄쯹뗃쮰쿖횵캪BꇁrꇁT/r,벴캪TꇁB,TꇁB뻍죚뿉틔복짙뛔헾뢮뗄횧뢶,뛸붫웤룸춶헟,틲쫇쮰쫕웁뇎뗄쿖횵ꆣ틲듋룹뻝탞룄뫳뗄MM샭싛뿉횪:뛸붵뗍쮰뢺뗄벤샸쪹틸탐쟷쿲췪좫햮컱죚,틔뇣복떱듦퓚쮰쫕쪱,틸탐뗄쫐뎡볛횵VL,쫇쎻폐뢺햮쪱틸짙쮰뢺늢냑쫕틦틆룸춶죋,퓶볓틸탐뗄쫐뎡볛횵ꆣ탐막럝뗄쫐뎡볛횵VU폫틸탐햮컱늿럖쮰쫕복쏢뷰뛮떫쯦ퟅ룜룋뇈싊뗄퓶볓,튲퓶듳쇋틸탐닆컱삧뺳뗄룅TB횮뫍,벴VL=VU+TBꆣ평룃릫쪽뿉횪,듦퓚쮰쫕싊뫍틸탐뗄웚췻웆닺돉놾ꆣ헢훖웆닺돉놾뗄듦퓚,폖웁뇎ퟷ폃쪱,틸탐뗄쫐뎡볛횵VL믡쯦ퟅ햮컱뛮B뗄퓶틖훆쇋틸탐맽뛈뢺햮,붵뗍놾쮮욽뗄벤샸;퓚ퟮ폅볓(믲놾솿뗄복짙)뛸퓶볓,틲듋틸탐뿉틔춨맽쳡뗄놾뇈싊뒦,틸탐퓶볓뢺햮쯹듸살뗄쮰쫕맦뇜킧펦룟뢺햮싊(B/V)믲붵뗍놾뇈싊(K/V)뗄냬램퓶볓잡뫃놻웆닺돉놾짏짽뗄늻샻펰쿬쯹뗖쿻ꆣ틸탐뗄뺭볃틸탐뗄쫐뎡볛횵ꆣ헢튲뻍틢캶ퟅ틸탐뿉틔춨맽ퟮ듳쿞놾뻍쫇틸탐맦뇜쮰뢺벤샸뫍웆닺돉놾쿠뮥ퟷ폃뗄뻹뛈뗘뛔췢뷨뿮살쪹틸탐뗄쫐뎡볛횵ퟮ듳뮯ꆣ죧춼1쯹뫢ꆣ쪾,횱쿟AB뇭쪾퓚늻뾼싇웤쯻돉놾(죧웆닺돉놾)뗄(2)늻뛔돆탅쾢뫍붻틗돉놾쫇펰쿬틸탐뺭볃놾쟩뿶쿂,틸탐뗄볛횵(VL)붫쯦ퟅ뢺햮싊(B/V)뗄뻶닟뗄훘튪틲쯘ꆣ헽죧잰쏦쯹럖컶뗄,틸탐뺭펪탅쾢퓶듳뛸퓶볓ꆣ떫쫇,퓚쫐뎡틲쯘뗄ퟷ폃쿂,틸탐뗄뺭뗄늻춸쏷탔훷튪살풴폚솽룶랽쏦:튻쫇평폚틸탐폫뷨펪헟늻뿉쓜컞쿞뛈뗘틀뾿퓶볓뛔췢뢺햮살퓶볓틸탐뗄ꆪ140ꆪ' 1994-2006 China Academic Journal Electronic Publishing House. All rights reserved.
쫐뎡볛횵ꆣ틲캪,뢺햮싊뗄쳡룟믡퓶볓틸탐뗄럧쿕돉ퟣ싊늻뗍폚8%뗄풼쫸쿂,ퟮ폅놾뇈싊뻶닟뿉틔럖캪놾,듓뛸복짙틸탐뗄쫐뎡볛횵ꆣ틲듋,붫쮰쫕뗄웁뇎솽훖쟩뿶:ퟷ폃뫍럧쿕돉놾뷡뫏퓚튻웰뾼싇틸탐뗄쫐뎡볛횵,폖믡뗃떽튻쳵탂뗄쟺쿟ACꆣ헢쪱,틸탐뗄쫐뎡볛횵뇭쪾캪:VL=VU+TB-FPV(웤훐FPV뇭쪾풤웚럧쿕돉놾뗄쿖횵)ꆣ퓚춼1훐,쯦ퟅ뢺햮싊뗄늻뛏쳡룟,벴놾뷡릹훐햮컱쯹햼뗄뇈훘늻뛏퓶볓뛸놾뇈싊뗄늻뛏붵뗍,쟺쿟AC돊쿖돶쿈짏짽,뫳쿂붵뗄쟷쫆ꆣ헢쫇틲캪퓚뢺햮싊쳡룟뗄돵웚,풤웚웆닺뗄뿉쓜탔늻듳,듋쪱냼삨웆닺돉놾퓚쓚뗄럧쿕돉놾뷏킡,헢쪱쮰쫕웁뇎쫕틦풶듳폚럧쿕돉놾,쪹(TB-FPV)뇭쿖캪헽횵,듓뛸쪹틸탐뗄볛횵쯦ퟅ햮컱뗄퓶볓뛸퓶듳ꆣ떱뢺햮싊퓶볓떽튻뚨뗣쪱,벴뗣(B3/V),듋쪱뗄놾뷡릹듯떽ퟮ폅뮯,뛸틸탐볛횵V3튲쿠펦듯떽ퟮ듳횵ꆣ듋뫳,죴퓙퓶볓뢺햮뛮,뻍믡쪹럧쿕돉놾뗄퓶볓쯙뛈뎬맽쮰쫕웁뇎뗄쫕틦뗄퓶볓쯙뛈,쪹(TB-FPV)뇭쿖캪뢺횵,듓뛸쪹틸탐뗄볛횵쯦ퟅ햮컱뗄퓶볓뛸붵뗍ꆣ쯹틔,뛔춼2ꆡ틸탐놾뇈싊뗄뚯첬뗷헻폚틸탐뗄뺭펪헟뛸퇔,튪쪹틸탐뗄쫐뎡볛횵ퟮ듳,뇘탫좷뚨ퟮ폅뗄뢺햮싊(믲놾뇈싊),벴뢲룇틸탐닺(1)ퟮ폅놾뇈싊R3ꇝ8%,헢쪱틸탐뗄놾뷡럧쿕뗄놾뇈싊ꆣ릹맜샭늻믡쫜떽볠맜떱뻖뗄룉풤,뿉틔퓚쫐뎡솦솿뗄쟽뚯쿂쪵쿖볛횵ퟮ듳뮯ꆣ(2)ퟮ폅놾뇈싊R3<8%,벴뒦폚R1뗄캻훃,헢쪱틸탐뇘탫틔볠맜튪쟳캪믹뗣,닉좡놾뗷헻듫쪩,쪹ퟮ폅놾뇈싊짏짽떽8%틔짏ꆣ훷튪뗄뗷헻랽램냼삨:ꋙ내헕ퟛ뫏놾돉놾ퟮ뗍풭퓲퓶볓놾솿;ꋚ뗷헻럧쿕닺뗄ퟜ솿뫍뷡릹;ꋛ퓶볓놾솿뫍뗷헻럧쿕닺춬쪱뷸탐ꆣ춨맽뗷헻,틸탐뗄볛횵쟺쿟틆뚯떽C2,헢쪱뗄ퟮ폅놾뇈싊짏짽떽8%틔짏뗄뢽뷼ꆣ평폚틸탐탅탄짏짽,풤웚쫕틦쳡룟,듓뛸퓚탂뗄놾뷡릹쿂쪵쿖볛횵ퟮ듳뮯ꆣ[닎뾼컄쿗]춼1ꆡ틸탐볛횵쒣탍\[1\]뗋킡욽컄톡(뗚뛾뻭)\[M\].놱뺩:죋쏱돶냦짧,1994:ퟮ폅놾뇈싊뗄뚯첬뗷헻ꆣ짌튵틸탐뺭펪튪\[2\]쇵ꆡ캰,믆맰쳯.훐맺틸탐튵룄룯뗄닠훘뗣:닺좨뷓쫜볠맜떱뻖쳡돶뗄ퟮ뗍놾튪쟳ꆣ헢룶튪쟳랴펳쇋뷡릹뮹쫇쫐뎡뷡릹\[J\].뺭볃퇐뺿,2002,(8).튻룶틸탐뗄ퟜ쳥럧쿕놩슶,듺뇭볠맜헟ꆢ춶죋ꆢ듦\[3\]슽ꆡ샚,샮쫀뫪.훐퇫-뗘랽-맺폐틸탐-릫훚늩뿮죋벰짧믡릫훚룷랽쏦뗄샻틦,늢늻듺뇭틸탐쯹ힷ쟳?:맺폐뛀짌튵틸탐룄룯뗄믹놾싟벭\[J\].뺭볃퇐뺿,뗄튻룶놾뒢놸쒿뇪2004,(10).,튲늻쓜ퟷ캪틸탐쓚늿럧쿕맜샭뗄튻룶뇪ힼꆣ뛔틸탐살쮵,튪듓ퟮ뗍볠맜놾튪쟳ꆢ\[4\]헅ꆡ뷜.힢폫맺폐틸탐룄룯:튻룶뷰죚헾훎뺭볃낲좫뫍펯샻뗈뛠룶뷇뛈살뾼싇ퟮ폅놾뇈싊,춨맽톧뗄쫓뷇\[J\].뺭볃퇐뺿,2004,(6).놾뇈싊뗷헻\[5\],ATheory,쪵쿖틸탐볛횵뗄ퟮ듳뮯ꆣ틔뫡훡뇭쪾놾뇈싊R,ퟝ훡뇭쪾틸탐볛횵ofBankCapital\[M\].,WorkingPaper,1999:V,8%캪볠맜놾뇈싊,죧춼2쯹쪾ꆣ듓춼훐쟺쿟C1뿉틔뾴돶,떱놾뇈싊뫜뗍쪱,릫훚뗄탅탄늻ퟣ,죚쓜솦뗍,ퟛ뫏놾돉\[6\]HgogarthG.,ReisR.,Saporta,놾뷏룟SystemInstability:SomeEmpiricalEvidence\[J\].Journalof;늢쟒평폚뿷쯰뫍웆닺뗄룅싊뷏듳,쪹뗃틸탐BankingandFinance,2002,26:825-855.뗄뺭펪돉놾뫜룟,틸탐볛횵늻뿉쓜떽듯ퟮ듳뮯ꆣ쯦ퟅ\[7\]Lpaorta,Refael,LopezdeSilanes,Florencio,Shleifer,R뗄쳡룟,틸탐탅폾짏짽,죚쓜솦퓶잿,ퟛ뫏놾\[M\].HarvardUn2i돉놾쿂붵,틸탐볛횵훰붥쳡룟ꆣ떱놾뇈싊R짏짽떽versity,=R3쪱,틸탐볛횵퓶볓떽V=V3ꆣ죧맻R볌탸짏\[8\]:theRelationto짽,틸탐튪돐떣룼듳뗄놾돉놾뫍믺믡돉놾,틸탐볛DepositInsuranceandInformation\[J\].NewYork&London:횵폖뾪쪼쿂붵ꆣ쯹틔3,R캪ퟮ폅놾뇈싊ꆣ퓚놾돤GarlandPublishing,:36-37.[퓰죎뇠벭:헅ꆡ쟠]ꆪ141ꆪ' 1994-2006 China Academic Journal Electronic Publishing House. All rights reserved.
