2006쓪뗚1웚맣컷짧믡뿆톧,2006(ퟜ뗚127웚)GUANGXISOCIALSCIENCES(Cumulatively,)쿖듺뷰죚훐뷩샭싛훐뗄돉놾컊쳢샮ꆡ퇦ꆡ돂ꆡ퇒(훐맺죋쏱듳톧짌톧풺,놱뺩ꆡ100872)[햪튪]ꆡ폫쿖듺웳튵샭싛욽탐랢햹뗄쿖듺뷰죚훐뷩샭싛퇐뺿뗄믹놾컊쳢쫇:뷰죚훐뷩믺릹캪쪲쎴믡듦퓚?ퟮ돵뗄쿠맘샭싛죏캪뷰죚훐뷩믺릹듦퓚뗄룹놾풭틲쫇뷚풼붻틗돉놾,뫳살뗄쿠맘샭싛뛔붻틗돉놾뷸탐쇋쾸뮯,붨솢쇋믹폚탅쾢돉놾ꆢ닎폫돉놾뗄쿖듺뷰죚훐뷩샭싛ꆣ듋췢,믹폚쏦ퟓ돉놾,돶쿖쇋맬뺭볃훐뗄뷰죚훐뷩샭싛ꆣ[맘볼듊]ꆡ뷰죚훐뷩ꆡ붻틗돉놾ꆡ탅쾢돉놾ꆡ닎폫돉놾ꆡ쏦ퟓ돉놾[훐춼럖샠뫅]ꆡF830ꆡ[컄쿗뇪쪶싫]ꆡAꆡ[컄헂뇠뫅]ꆡ1004-6917(2006)01-0041-04Ξꆡꆡ뛔뇈뷰죚훐뷩샭싛폫웳튵샭싛뗄랢햹,뿉틔랢쿖솽헟믹틗돉놾폃폚뷢쫍뷰죚훐뷩믺릹듦퓚뗄뇘튪탔뗄,쫇룱샻뫍키,놾짏돊욽탐맘쾵,헢쫇틲캪뷰죚훐뷩믺릹놾짭뻍쫇튻훖쳘쫢쯻쏇죏캪평폚붻틗돉놾뗄듦퓚,뷰죚훐뷩믺릹뿉틔춨맽럖릤뗄웳튵ꆣ내헕퇮킡뾭뗄맛뗣ꆰ:죧맻컒쏇붫웳튵샭싛퇏룱뚨틥뫍뇪ힼ뮯닺욷믱뗃맦쒣뺭볃ꆣ퓚헢튻랽쏦ퟮ훘튪뗄튻룶맛뗣캪튻쏅뷢쫍웳튵캪쪲쎴믡돶쿖ꆢ웳튵쓚늿ퟩ횯뗄뺭볃톧틢틥쫇평놾쮹뛙뫍쪷쏜쮹쳡돶뗄,쯻쏇죏캪,볈좻뷰죚훐뷩믺릹쫇뗄톧컊,퓲탂맅뗤훷틥뗄웳튵샭싛늻쫇웳튵샭싛,뛸횻쫇짺닺웳튵,뻍펦룃폃캢맛뺭볃톧뗄릤뻟살럖컶,평폚뷰죚훐뷩믺릹샭싛,헦헽뗄웳튵샭싛뿉쮵쫇평뿆쮹1937쓪뗄뺭뗤컄쿗쯹쫗뗄닺욷쫇쳘쫢뗄뷰죚닺욷,틲뛸늻쓜폃탂맅뗤뺭볃톧뗄짺닺뒴ꆣꆱ죧맻쮵뿆쮹랢햹뗄붨솢퓚늻췪좫탅쾢뫍붻틗돉놾믹뒡짏샭싛폨틔뷢쫍,붻틗돉놾쫇뷢쫍뷰죚훐뷩믺릹듦퓚풭틲뗄헽뗄웳튵웵풼샭싛뾪뒴쇋쿖듺웳튵샭싛,쓇쎴,폫쿖듺웳튵샭싛좷춾뺶ꆣ쯻쏇횸돶,쪵볊짏뷰죚훐뷩뗄놾훊뻍쫇ꆰ:복짙붻틗쿠뛔펦뗄붨솢퓚늻췪좫탅쾢뫍붻틗돉놾믹뒡짏뗄뷰죚훐뷩샭돉놾,쳡룟떱웚쿻럑믲헟뿧웚쿻럑뻶닟뗄킧싊ꆱꆣ쯻쏇죏캪,싛퓲릹돉쇋쿖듺뷰죚훐뷩샭싛ꆣ붻틗돉놾믡펰쿬춶헟뗄춶ퟩ뫏,평폚룟낺뗄붻틗돉놾,뻸쿖듺뷰죚훐뷩샭싛퇐뺿뗄튻룶믹놾컊쳢쫇:뷰죚훐뷩믺듳뛠쫽뗄볒춥늻뿉쓜뷸탐럖즢뮯춶ꆣ춬쪱,평폚뷰죚닺욷릹캪쪲쎴믡듦퓚?캪쇋뷢쫍헢튻컊쳢,쿖듺뷰죚훐뷩샭싛퓚뗄붻틗탨튪뢴퓓뗄웵풼ꆢ쏅뗄횪쪶ꆢ돤럖뗄탅쾢,틲뛸붻틗늻췪좫탅쾢ꆢ탅쾢늻뛔돆뫍붻틗돉놾럖컶랶쪽믹뒡짏,듓늻춬돉놾럇뎣룟,뛸뷰죚훐뷩믺릹퓚잩뚩웵풼ꆢ믱뗃탅쾢랽쏦폐뇈뷇뛈뷸탐쇋싛횤ꆣ평폚뷰죚훐뷩믺릹뗄훖샠뫍릦쓜럇뎣뢴뷏폅쫆ꆣ쯻쏇뮹죏캪,뷰죚훐뷩믺릹쳡릩뗄닺욷ꆢ닺욷뗄냼ힰ퓓,틲뛸쿖듺뷰죚훐뷩샭싛튲쇷엉럗돊ꆢ맛뗣룷틬ꆣ뇊헟죏뫍ퟩ뫏,틔훁뷰죚훐뷩믺릹뗄ퟩ횯탎쪽,믡쯦ퟅ벼쫵쮮욽뫍춶캪,퓚럗랱뢴퓓뗄쿖듺뷰죚훐뷩샭싛놳뫳,맡뒩ퟅ튻룶늻뇤뗄헟뗄탨쟳뛸룄뇤ꆣ헢욪싛컄ퟮ훘튪뗄릱쿗쫇횸돶쇋캴살뷰훷쳢:뷚풼돉놾ꆣ놾컄붫캧죆늻춬뗄돉놾룅쓮,뛔럡뢻뛠닊뗄죚훐뷩샭싛뗄랢햹랽쿲,뷒쪾늻춬훖샠붻틗돉놾횮볤뗄맘쾵,쿖듺뷰죚훐뷩샭싛뷸탐햹뾪ꆣ틔벰늻춬훖샠뷰죚훐뷩믺릹뫍닺욷뗄맘쾵ꆣ웤뫳뷰죚훐뷩샭튻ꆢ붻틗돉놾폫뷰죚훐뷩믺릹뗄웵풼탔훊싛랢햹뗄쪵볹튲뇭쏷,헢튻풤닢쫇뫜폐풶볻뗄ꆣ뿆쮹훸쏻뗄싛컄ꆶ웳튵뗄탔훊ꆷ놻죏캪쫇쿖듺웳튵샭싛뗄뛾ꆢ탅쾢돉놾폫틸탐샠뷰죚훐뷩믺릹뾪즽횮ퟷꆣ퓚뿆쮹뾴살,웳튵놾훊짏쫇튻ퟩ뎤웚뗄늻췪좫웵횮뫳퇐뺿뷰죚훐뷩컊쳢뗄뺭볃톧볒죏쪶떽,뷰죚닺욷쫐풼,쫇뛔쫐뎡훐튻쾵쇐뛌웚웵풼뗄쳦듺,뛸헢훖쳦듺횮쯹틔믡뎡폫웕춨닺욷쫐뎡횮볤듦퓚ퟅ훘듳뗄닮틬,뷰죚닺욷쫐뎡뗄랢짺,쫇틲캪샻폃쫐뎡볛룱믺훆쫇폐돉놾뗄,벴붻틗돉놾뗄듦튻룶훘튪쳘뗣뻍쫇폐ퟅ뫜룟뗄탅쾢돉놾ꆣ쯹캽탅쾢돉놾,쫇퓚쫇웳튵듦퓚뗄룹놾풭틲ꆣ횸평폚늻췪좫탅쾢뫍탅쾢늻뛔돆,탅쾢뗄닺짺뫍믱뗃뗄돉놾ꆣ틔짏퇐뺿돉맻랴펳떽뷰죚쇬폲,뻍쫇냑쎿튻훖뷰죚횤좯낢싞죏캪탅쾢돉놾폫튻냣짌욷돉놾쿠뇈,뻟폐쯄룶훷튪뗄쳘뚼쫓캪튻훖좨솦웵풼,뷰죚훐뷩믺릹뗄놾훊튲쫇튻ퟩ뎤웚뗄뗣:뗚튻,죋솦춶죫(훷튪쫇쪱볤돉놾)튲쫇튻훖탅쾢돉놾;뗚늻췪좫웵풼,뷚풼붻틗돉놾쫇웤듦퓚뗄룹놾풭틲ꆣ쫗쿈붫붻뛾,탅쾢돉놾늿럖쫇놾,늢쟒쫇늻뿉쓦뗄;뗚죽,탅쾢돉놾퓚Ξ[쫕룥죕웚]2005-07-11[ퟷ헟볲뷩]샮ꆡ퇦(1956-),얮,놱뺩죋,훐맺죋쏱듳톧짌톧풺뷌쫚,늩쪿짺떼쪦;돂ꆡ퇒(1974-),얮,즽뚫쟠떺죋,훐맺죋쏱듳톧짌톧풺2003벶늩쪿퇐뺿짺ꆣ41' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
샮ꆡ퇦ꆡ돂ꆡ퇒/ꆡ쿖듺뷰죚훐뷩샭싛훐뗄돉놾컊쳢늻춬쇬폲뫍맽돌훐룷늻쿠춬;뗚쯄,탅쾢돉놾폫쪹폃뗄맦쒣컞릻춨맽럖즢뮯춶뗖쿻쯹폐뗄럇쾵춳럧쿕),쓜릻쪵쿖캯췐볠맘ꆣ평틔짏럖컶뿉틔뾴돶,탅쾢돉놾뻟폐쿔훸뗄맦쒣뺭볃쳘뚽뗄쮫뇟햮컱웵풼죔좻쫇ퟮ폅뗄웵풼탎쪽,듓뛸횤쏷쇋퓚듺뗣,뷰죚훐뷩믺릹퓚붵뗍탅쾢돉놾랽쏦뻟폐뇈뷏폅쫆,틲듋,샭죋폐쿞뗄뺭볃샯뷰죚훐뷩믺릹듦퓚뗄뇘튪탔ꆣ듳솿뗄컄헂뫍훸ퟷ뚼쫇듓복짙탅쾢돉놾뷇뛈살싛횤뷰죚훐뷩죽ꆢ닎폫돉놾폫럇틸탐샠뷰죚훐뷩믺릹믺릹뗄듦퓚ꆣ틔짏믹폚탅쾢돉놾뗄쿖듺뷰죚훐뷩샭싛뷏뫃뗘뷢쫍쇋뒫1.쓦쿲톡퓱폫탅쾢닺짺쒣탍ꆣ샻삼뫍냝뛻ퟮ퓧쳡돶뷨뿮춳뗄틸탐샠뷰죚훐뷩믺릹,떫쫇ퟔ20쫀볍70쓪듺틔살,뷰죚죋뛔춶쿮쒿펵폐쮽죋탅쾢,듻뿮죋튪믱뗃헦쪵뗄탅쾢탨튪뒴탂뫍탅쾢벼쫵룯쏼쪹뷰죚훐뷩믺릹랢짺쇋뻞듳뗄뇤뮯,쏦뢶돶룟낺뗄돉놾,짵훁룹놾뻍쫇늻뿉쓜뗄,틲듋,뷰죚쫐뎡짏뛔쿖쪵뺭볃훐훖샠뫍릦쓜죕틦뢴퓓뗄뷰죚훐뷩믺릹,뷶뷶믹듦퓚퇏훘뗄쓦쿲톡퓱컊쳢ꆣ쯤좻탅쾢뗄쯑톰뫍톡퓱뻟폐맦쒣폚복짙솽훖돉놾뗄뷢쫍쿔좻좱랦쮵럾솦ꆣ헽죧붨솢퓚뷚풼붻뺭볃쳘뗣,떫쫇탅쾢닺욷뗄솽룶쳘탔떼훂튵쯑톰늢쿺쫛탅틗돉놾짏뗄웳튵샭싛늻뛏퓢떽훚뛠톧헟뗄엺에튻퇹,났싗뫍쾢뗄훐뷩믺릹늻뿉쓜듦퓚:튻룶쫇탅쾢뗄폃탔컊쳢,탅쾢뻟즣쳘쒪싞뛔쿖폐뗄뷰죚훐뷩샭싛뷸탐쇋엺움,쳡돶쇋믹폚닎폐릫릲닺욷뗄쫴탔,탅쾢릺싲헟뿉틔퓚늻펰쿬ퟔ벺쪹폃뗄쟩폫돉놾뗄탂샭싛ꆣ쯻쏇죏캪,뷼쓪살뷰죚쾵춳랢짺쇋뻧쇒뗄뿶쿂붫탅쾢룸쯻죋;쇭튻룶쫇탅쾢뗄뿉탅탔컊쳢,퓚믱뗃탅뇤뮯,탅쾢벼쫵룯쏼복짙쇋붻틗돉놾뫍탅쾢돉놾,뒫춳틸탐샠쾢횮잰컞램횪뗀탅쾢뗄훊솿,틲듋,탅쾢뗄쫐뎡볛룱횻쓜랴펳뷰죚훐뷩믺릹뗄훘튪탔폐쯹쿂붵,떫쫇뷰죚훐뷩믺릹헻쳥뗄탅쾢뗄욽뻹훊솿ꆣ샻삼뫍냝뛻릹붨쇋튻룶탅뫅뒫뗝쒣탍,횤ퟷ폃늻쫇쿂붵뛸쫇짏짽쇋ꆣ뷰죚훐뷩믮뚯퓚맽좥뗄30쓪훐쏷뷰죚훐뷩믺릹뿉틔춨맽랢탐횤좯ꆢ릹붨ퟔ벺뗄춶ퟩ뫏뷢ퟮ훘튪뗄뇤뮯쫇럧쿕맜샭릦쓜뗄볓잿,뒫춳뗄믹폚붻틗돉놾뻶틔짏솽룶컊쳢,듓뛸뷚풼탅쾢돉놾ꆣ뫍탅쾢돉놾뗄뷰죚훐뷩샭싛뛔듋컞램ퟷ돶쇮죋탅럾뗄뷢쫍ꆣ퓚샻삼뫍냝뛻횮뫳,돶쿖쇋듳솿듓탅쾢닺짺뷇뛈뷢쫍뷰쯻쏇쇐뻙쇋듳솿뗄쫽뻝횤쏷뒫춳뷰죚훐뷩믺릹뗄횰쓜랢짺쇋죚훐뷩믺릹뗄컄헂뫍훸ퟷ,놻맣랺틽폃뗄폐뾲놴뛻뫍뿋삭뾼,뫜듳뗄뇤뮯,럧쿕맜샭틑뺭돉캪뷰죚훐뷩믺릹뗄뫋탄횰쓜ꆣ틔벰늩틁뗂뫍웕샗쮹뿆쳘ꆣ뾲놴뛻뫍뿋삭뾼뗄쒣탍횤쏷,죧뛸풭폐뗄럧쿕맜샭샭싛뫶싔쇋뛔럧쿕뷸탐뿘훆뫍맜샭쫇탨튪맻늻쓜닺짺헽좷뗄탅쾢붫믡쪹탅쾢닺짺헟뗄ퟔ폐뷰쏦쇙럧돉놾뗄,냼삨횱뷓뗄붻틗돉놾뫍볤뷓뗄듺샭돉놾,헽쫇평폚뷸쿕,헢뻍뿉틔쿻돽탅쾢뗄폃탔뫍뿉탅탔컊쳢ꆣ늩틁뗂뫍웕탐럧쿕맜샭쫇폐돉놾뗄,닅폐쇋뛔럧쿕맜샭럾컱뗄탨쟳ꆣ뷰샗쮹뿆쳘짨볆쇋튻룶믹폚쓦쿲톡퓱뗄뷰죚훐뷩쒣탍,퓚쯻쏇죚훐뷩믺릹뿉틔춨맽뇪ힼ뮯웵풼ꆢ럖즢뮯춶뗖쿻듳늿럖뗄뗄쒣탍훐,뷰죚훐뷩믺릹놻쫓캪튻쾵쇐듺샭죋뗄솪쏋,럖쿭춶럇쾵춳럧쿕,쪣쿂뗄쾵춳럧쿕뫍늿럖럇쾵춳럧쿕뿉틔춨맽뛔ퟩ뫏뗄쫕틦,틔붵뗍탅쾢움맀뗄돉놾ꆣ돥놣횵뗈믮뚯뗖쿻ꆣ뛔폚쓇킩뷰죚훐뷩믺릹쎻폐맜샭럧쿕뗄2.뗀뗂럧쿕폫캯췐볠뚽쒣탍ꆣ뗚튻룶듓뗀뗂럧쿕뷇뛈퇐뇈뷏폅쫆뗄뷰죚닺,뿉틔춨맽뗴웚ꆢ뢡뚯샻싊듻뿮뫍릺싲놣뺿뷰죚훐뷩컊쳢뗄쫇듷쏉뗂ꆣ듷쏉뗂죏캪평폚캴살뗄늻좷뚨쿕붫럧쿕틆룸웤쯻뗄쫐뎡닎폫헟,떫쫇뮹폐튻킩뷰죚닺탔,웵풼쫇늻췪좫뗄,뷢뻶뗀뗂럧쿕컊쳢볈뿉틔춨맽벤샸,튲뗄쾵춳럧쿕쫇뷰죚훐뷩믺릹뇘탫컼쫕뗄ꆣ춨맽럧쿕맜샭쳡릩뿉틔춨맽볠뚽,솽헟뚼쫇폐돉놾뗄,떫뫳헟뿉쓜룼폐킧ꆣ듻뿮쫕틦컈뚨뗄뷰죚닺욷,듓뛸복짙닎폫돉놾ꆢ쳡릩퓶횵럾컱,돉죋캯췐뛀솢뗄뗚죽랽(뷰죚훐뷩믺릹)뛔뷨뿮죋뷸탐볠뚽,뿉캪뷰죚훐뷩믺릹뗄뫋탄뺺헹솦ꆣ틔뷢뻶듮뇣뎵뫍훘뢴볠뚽뗄컊쳢,듓뛸뷚풼볠뚽돉놾ꆣ떫쫇,닎폫돉놾쫇났싗뫍즣쳘쒪싞쳡돶뗄샭싛뗄뫋탄룅쓮,샭뷰죚훐뷩믺릹듺뇭훚뛠듻뿮죋뛔뷨뿮죋뷸탐볠뚽,쮭폖살볠뷢헢튻룅쓮뛔샭뷢쯻쏇뗄맛뗣훁맘훘튪ꆣ뷰죚쫐뎡짏폐솽훖뚽뷰죚훐뷩믺릹?헢뻍쫇훸쏻뗄ꆰ볠뚽볠뚽헟컊쳢ꆱꆣ듷쏉뗂닎폫헟,튻훖쫇뺭볃톧틢틥짏뗄췪좫닎폫헟,펵폐췪좫탅쾢,쳡돶뗄뷢뻶냬램쫇퓚웵풼훐퓶볓뛔뷰죚훐뷩믺릹뗄ꆰ럇믵뇒쓜릻릹붨ퟔ벺뗄춶ퟩ뫏;쇭튻훖쫇폐쿞닎폫헟,횻폐늻췪좫돍랣ꆱ,죧웆닺ꆢ탅폾쯰쪧뗈ꆣ듷쏉뗂뗄쒣탍횤쏷,횻튪듻뿮죋탅쾢,듳뛠쫽뗄쮽죋늿쏅뚼쫇뷰죚쫐뎡뗄폐쿞닎폫헟ꆣ뷰죚볠뚽뷰죚훐뷩믺릹뗄돉놾뗍폚횱뷓쿲뷨뿮죋뷨뿮뫍횱뷓볠뚽훐뷩듦퓚뗄틢틥뻍쫇캪폐쿞닎폫헟쳡릩럾컱,붵뗍쯻쏇뗄닎뷨뿮죋뗄돉놾횮뫍ꆰ,볠뚽볠뚽헟ꆱ뻍쫇ퟮ폅뗄웵풼,뷰죚훐뷩폫돉놾,쪹쯻쏇쓜릻춨맽뷰죚훐뷩믺릹닎폫떽뷰죚쫐뎡훐ꆣ믺릹뻍폐듦퓚뗄뇘튪ꆣ헢튻뷡싛뗄쇭튻몬틥쫇,뷰죚훐뷩믺틲듋,쯹캽뗄닎폫돉놾,쫇횸톧쾰폐킧샻폃뷰죚쫐뎡,늢쟒죕릹뗄맦쒣늻쓜킡폚쒳튻룶쿂쿞,뻟폐ퟔ좻슢뛏쟣쿲ꆣ뎣닎폫뷰죚쫐뎡뗄돉놾,닎폫돉놾폫룶죋뗄쪱볤볛횵돉헽뇈,췾솮쒷즭뛔듷쏉뗂뗄쒣탍뷸탐쇋탞헽,죏캪퓚웵풼훐짨튲뿉틔럖캪만뚨돉놾뫍뇤뚯돉놾솽늿럖ꆣ났싗뫍즣쳘쒪싞죏볆ꆰ럇믵뇒돍랣ꆱ쳵뿮늻럻뫏쿖쪵ꆣ췾솮쒷즭죏캪,쪵볊짏듻캪,쯦ퟅ탅쾢벼쫵ꆢ춨톶벼쫵뗄랢햹,붻틗돉놾쿂붵쇋,내헕풭뿮죋컞탨뛔뷰죚훐뷩믺릹뷸탐볠뚽,틲캪횻튪뷰죚훐뷩믺릹폐뷰죚훐뷩샭싛뗄싟벭,릲춬믹뷰퓚뻓쏱춶훐쯹햼뗄뇈샽맦쒣ퟣ릻듳,뻍뿉틔춨맽럖즢뮯춶뗖쿻쯹폐뗄럇쾵춳럧쿕,펦룃쿂붵,떫쫇쿖쪵좴잡잡쿠랴,헢쮵쏷복짙닎폫돉놾뛸늻쫇믱뗃컈뚨뗄쫕틦ꆣ뿋삭죸뫍캤삭쏗뛻랢햹쇋췾솮쒷즭뗄쒣붻틗돉놾닅쫇헢샠뷰죚훐뷩믺릹볛횵횮쯹퓚ꆣ탍,횤쏷벴쪹퓚튻룶듺샭죋폐쿞뗄뺭볃샯(뷰죚훐뷩믺릹늻쓜헢욪싛컄랢뇭횮뫳놻뛠듎틽폃,틽웰뫜듳헹싛ꆣ웤뫳,뫉42' 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
맣컷짧믡뿆톧 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
샮ꆡ퇦ꆡ돂ꆡ퇒/ꆡ쿖듺뷰죚훐뷩샭싛훐뗄돉놾컊쳢낣룱쳘즭죏캪떱탅쾢폐돉놾쪱,폫룶쳥볤닺좨붻틗폐맘뗄룷tionCostApproachtotheTheoryofFinancialIntermediation.훖탐캪떼훂쇋붻틗돉놾뗄닺짺ꆣ헅컥뎣죏캪붻틗돉놾냼삨쓇JournalofFinance,31,May1976,215-231.킩늻뿉쓜듦퓚폚튻룶뿋슳쯷ꆤ슳뇶톷(떥룶죋)뺭볃훐뗄쯹폐\[5\]Bond,-bankFinancialInte2r돉놾,닺짺뗄풭틲쫇탅쾢늻췪좫뫍ퟮ듳뮯탐캪뗄웕뇩탔,붻틗,,,December돉놾훆풼쇋웵풼뗄톡퓱ꆣ듓틔짏싛쫶뿉틔뾴돶,튻냣죏캪,붻2004,2489-2529.틗돉놾훐냼몬탅쾢돉놾,벴탅쾢돉놾쫇뛔붻틗돉놾뗄쾸뮯ꆣ\[6\]Byod,,닎폫돉놾튲늻쫇튻룶뿆톧뗄ꆢ좷뚨뗄룅쓮,틲듋,ퟔ웤쳡,,No.돶횮돵뻍웄쫜헹틩ꆣ났싗뫍즣쳘쒪싞룸돶쇋닎폫돉놾뗄좷쟐2,-232.뚨틥:쿁틥뗄닎폫돉놾쫇횸죋쏇ퟷ돶뷰죚뻶닟뗄쪱볤돉놾,맣\[7\]Campbell,,틥뗄닎폫돉놾(튲쫇ퟷ헟뗄풭틢)쫇횸맜샭뫍붻틗럧쿕뗄돉duction,MarketSignalingandtheTheroryofFinancialInterme2놾ꆣ쯦ퟅ뷰죚뒴탂뗄짮뮯,뷰죚럧쿕맜샭풽살풽뢴퓓,탨튪,,863-881.튵벼쓜,뷰죚훐뷩믺릹돉캪뷰죚쫐뎡뗄늻췪좫닎폫헟돤떱뷰\[8\]Chan,죚쫐뎡뗄쟅솺ꆣ닎폫돉놾붨솢퓚탂맅뗤샭탔톡퓱볙짨잰쳡mediationinAllocationofVentureCapitalinaMarketwithIm2쿂,쪵볊짏틾몬뗄몬틥쫇,쫐뎡뗄늻췪좫닎폫헟횻튪풸틢뢶돶,,1543-1568ퟣ릻뗄닎폫돉놾뻍뿉틔돉캪쫐뎡뗄췪좫닎폫헟,듓헢튻뷇뛈\[9\]Chant,살쮵,닎폫돉놾횻쫇뛔탅쾢돉놾뗄쾸뮯ꆣ훚쯹훜횪,붻틗돉놾(ed.).CurrentIs2룅쓮틲웤뚨틥쒣뫽ꆢ쓑틔퇩횤뫍볆솿뛸늻뛏쫜떽탭뛠뺭볃톧볒뗄?늡,뛸탅쾢돉놾ꆢ닎폫돉놾뛔붻틗돉놾뷸탐쇋쾸뮯,쪹Ltd.뗃뷰죚훐뷩샭싛쓜릻룼뫃뗘뷢쫍늻춬훖샠뗄뷰죚훐뷩믺릹ꆣ\[10\]Diamond,뛸쏦ퟓ돉놾횮쯹틔믡랢짺,쫇틲캪탅듻웵풼(뿚춷뗄믲헟,(1984)LI,쫩쏦뗄)뗄탅폃쏴룐탔,튲뻍쫇쮵,듻뿮죋쫇탨튪돐떣럧쿕뗄ꆣ393-414.뿉틔쿫쿳죧맻쎻폐럧쿕,듻뿮죋붫뫜샖틢냑잮뷨룸뷨뿮죋,틲\[11\]Hakenes,캪뿉틔좡샻쾢,뷨뿮죋튲뻍컞쯹캽쏦ퟓ돉놾쇋ꆣ쯤좻닎폫&Finance,28(2004),2399-2426.돉놾뫍쏦ퟓ돉놾뗄닺짺뚼쫇평폚럧쿕,솽헟좴폐놾훊뗄늻춬ꆣ\[12\]Krasa,,쏦ퟓ돉놾쫇붨솢퓚죋뗄폐쿞샭탔볙짨쳵볾쿂,쯹캽폐쿞샭탔,Monitor:AnIncentiveStructureforaFinancialIntermediary.쫇횸평폚죏횪쓜솦늻ퟣ,떼훂떱쫂죋컞램췪좫ힼ좷뗘죏쪶쫀JournalofEconomicTheory,,,June1992,197-뷧,헢틢캶ퟅ떱쫂죋컞싛뢶돶뛠듳뗄닎폫돉놾뚼컞램듯떽튻221.뷗ퟮ폅ꆣ쯤좻쏦ퟓ돉놾뗄룅쓮뮹뫜늻췪짆,좴뿉쓜듺뇭쇋뷰\[13\]Leland,,죚훐뷩샭싛캴살뗄랢햹랽쿲,벴럅웺샭탔죋볙짨,첽쯷뷰죚쫐Asymmetries,FinancialStructure,andFinancialIntermediation.뎡뗄닎폫헟퓚샭탔늻뛔돆뛸럇탅쾢늻뛔돆쳵볾쿂뗄뻶닟탐캪TheJournalofFinance,,,May1977,371-뗄탔훊폫뷡맻ꆣ387.\[14\]Matthews,[닎뾼컄쿗],,953-970.\[1\헅]뷜.맬뺭볃훐뗄뷰죚훐뷩벰웤퇝뷸:튻룶탂뗄뷢\[15\]Scholtens,,쫍뿲볜\[J\]맜.샭쫀뷧,2001,(5).&Fi2\[2\]Allen,,,24(2000),&Finance,21\[16\]Williamson,,Financial(1998),,\[3\]Allen,,,,September1986, 1994-2014 China Academic Journal Electronic Publishing House. All rights reserved.
