믹뷰퇐뺿춶헟뗄톡퓱폫믹뷰틧돶킧펦퇐뺿헅†?짏몣닆뺭듳톧뷰죚톧풺ꎬ짏몣†㈰〴㌳?햪튪ꎺ놾컄ퟅ훘퇐뺿믹뷰볒ퟥ훐쏷탇믹뷰뛔볒ퟥ쓚늿믹뷰뗄틧돶킧펦ꎬ벴쏷탇믹뷰뛔믹뷰뷰쇷죫퓶뎤싊뗄펰쿬ꆣ뛔훐맺횤좯쫐뎡㔴볒믹뷰볒ퟥ맜샭뗄㈸?횻뾪럅쪽욫막탍믹뷰뗄쏦냥럖컶랢쿖ꎬ펵폐쏷탇믹뷰쓜릻쿔훸쳡룟믹뷰볒ퟥ뗄탂믹뷰쇷죫뗄퓶뎤뇈샽ꎬ떫펵폐사미믹뷰늢늻쓜쿔훸뗘복짙ꎻ쏷탇믹뷰뇈럇쏷탇믹뷰쓜룸ퟔ짭컼틽살룼뛠뗄탂뷰ꎬ쏷탇믹뷰볒ퟥ뗄럇쏷탇믹뷰폫럇쏷탇볒ퟥ뗄믹뷰쿠뇈쎻쓜놻쇽헖퓚헢퇹뗄폅훊맢뮷쿂ꆣ맘볼듊ꎺ믹뷰볒ퟥꎻ쏷탇믹뷰ꎻ사미믹뷰ꎻ뾪럅쪽믹뷰ꎻ믹뷰맜샭䅢獴牡捴ꎺ坥硡浩湥⁴桥湴敲晡浩汹灩汬潶敲晦散琠潦⁴桥瑡爠晵湤渠瑨攠晵湤慭楬礬⁷桩捨渠潴桥爠睯牤猠楳瑨攠獴慲畮搠敦晥捴渠捡獨湦汯睳映瑨攠晡浩汹湤瑨敲畮摳渠瑨攠晡浩汹⸠併爠獡浰汥潶敲猠㈸ㄠ潰敮ⵥ湤晵湤猠晲潭‵㐠晵湤慭楬楥猠楮⁃桩湡⸠周攠灡湥氠牥杲敳獩潮桯睳⁴桡琠獴慲畮摳楧湩晩捡湴汹浰牯癥⁴桥慴楯潦敷慳栠楮晬潷猠瑯⁴桥慭楬礬⁷桩汥⁴桥敤畣瑩潮映楮晬潷猠批慶楮朠摯朠晵湤猠楳潴散敳獡特⸠却慲畮摳慲攠浯牥瑴牡捴楶攠瑨慮⁴桥潮瑡爠晵湤猬畴潮瑡爠晵湤猠楮瑡爠晡浩汹牥潴異敲楯爠瑯畮搠晲潭愠湯渭獴慲慭楬礮䭥礠睯牤?ꎺ䙵湤慭楬?ꎻ却慲畮?ꎻ䑯朠晵湤㬠佰敮ⵥ湤畮搻⁆畮搠浡湡来浥湴ퟷ헟볲뷩ꎺ헅ꎬ얮ꎬ짏몣닆뺭듳톧뷰죚톧풺늩쪿짺ꎬ퇐뺿랽쿲ꎺ횤좯춶믹뷰ꆣ훐춼럖샠뫅ꎺ ?컄쿗뇪쪶싫ꎺ?틽퇔뷰볤릲쿭ꎬ쪹뗃웬쿂룷횻믹뷰뗄뇭쿖뿉쓜닺짺맘솪ꆣ늻뷶죧듋ꎬ퓚쿠춬맜샭닣뗄듸쇬쿂ꎬ릫쮾헻쳥뗄뺭펪샭쓮믡펰랭뾪믹뷰뗄탻뒫닄쇏ꎬ컒쏇뺭뎣뿉틔뾴떽헢퇹뗄쳡쪾쿬웬쿂쯹폐믹뷰ꎬ쪹뗃룷믹뷰뗄맜샭랽쪽틔벰춶닟싔믡ퟖ퇹ꎺ믹뷰뗄틔췹튵벨늻듺뇭캴살ꆣ쓇쎴춶죋폖룃죧뫎ퟱ톭릫쮾쯹뒫듯뗄뺭펪샭쓮ꎬ볤뷓쪹뗃룷횻믹뷰뇋듋볤뗄톡퓱믹뷰쓘ꎿ퓚믹뷰짪릺쪱춶헟쫇럱헦뗄죧쳡쪾쯹쫶늢뺭펪돉맻뗄춬훊탔볓듳ꆣ퓙듎ꎬ믹뷰맜샭릫쮾춨맽탻뒫릫늻뾴훘믹뷰틔췹뗄튵벨싰ꎿ듰낸췹췹쫇럱뚨뗄ꆣ믹뷰뗄릺쮾쏷탇믹뷰ꎬ컼틽춶헟뗄힢틢솦ꎬ쫷솢릫쮾뗄욷없ꎬ듙싲헟훐듦퓚ퟅ튻듳엺ꆰힷ탇ퟥꆱꎬ쯻쏇틔룷쪽룷퇹뗄업탐쪹릫쮾탎쿳놻맣듳춶헟쯹죏뿉ꎬ뛔룃릫쮾뗄웤쯻믹뷰튲냱캪틀뻝ꎬ톡퓱쫊뫏ퟔ벺춶쒿뇪뫍럧쿕돐쫜쓜솦뗄믹닺짺죏춬룐ꎬ쪹뗃룃믹뷰쓋훁믹뷰맜샭릫쮾훐웤쯻믹뷰뗄뷰ꆣ퓚컒맺ꎬ뎣볻뗄릫뾪뗄믹뷰튵벨업탐냱쫇뎿탇뺻뷰쇷죫퓶볓ꎬ헢훖낮컝벰컚뗄쿖쿳벴컒쏇춨뎣쯹쮵뗄(Morningstar)뫍틸뫓횤좯믹뷰퇐뺿훐탄뗈믺릹랢늼뗄업탐틧돶킧펦ꆣ냱ꆣ좻뛸ꎬ튻떩믹뷰맜샭릫쮾돶쿖쇋사미믹뷰ꎬ춶헟뻍춨뎣쟩뿶쿂ꎬ톡퓱쏷탇믹뷰틔벰쏷탇믹뷰맜샭릫쮾쫇믡훊틉믹뷰맜샭릫쮾퇐뺿췅뛓뗄럖컶풤닢쓜솦ꎬ뮳틉믹뷰폐튻뚨뗀샭뗄ꆣ쫗쿈ꎬ맽좥튵벨폅틬뗄믹뷰퓚튻뚨돌뛈짏맜샭릫쮾뗄헻쳥춶샭쓮돶쿖쇋욫닮ꎬ짵훁헻룶믹뷰맜샭쓜릻랴펳돶믹뷰뺭샭틔벰놳뫳퇐뺿췅뛓뗄퓋ퟷ쓜솦ꎬ뛸췅릫쮾뗄탎쿳믡놻듳듲헛뿛ꆣ헢훖ꆰ랴틧돶킧펦ꆱ룸믹뷰맜뛓쪵솦닅쫇믹뷰뎤웚튵벨뗄뻶뚨틲쯘ꆣ믹뷰맜샭릫쮾돶폚샭릫쮾듸살뗄펰쿬췹췹쫇훂쏼뗄ꎬ늻떫춶헟볓듳뛔풭돖돉놾뷚풼ꆢ풴릲쿭뗈쒿뗄ꎬ퇐뺿췅뛓뗄퇐뺿돉맻췹췹춨폐럝뛮뗄쫪믘ꎬ뛸쟒탂춶헟뛔믹뷰뗄짪릺죈쟩튲믡쿂맽믹뷰맜샭릫쮾뗄뎿믡ꆢ뚨웚틔벰늻뚨웚뗄믡틩퓚룷횻믹붵ꎬ뿉캽ꆰ컝슩욫럪솬특폪ꆱꆣ70횤좯쫐뎡떼놨?†?㈰쓪?퓂뫅
믹뷰퇐뺿떱믹뷰춶헟냑헢훖쎪뚨뫍뗷헻쪽웴랢ퟷ캪에뛏뫍뻶짽ꆣ슽죘뗈(2007)퇐뺿랢쿖훐맺뾪럅쪽믹뷰뗄튵벨벰뷰쇷닟쯹쪹폃뗄릤뻟쪱ꎬ뿉쓜믡뛔믹뷰맜샭릫쮾뗄뷰쇷닺짺뚯돊쿖뢺쿠맘쟒캪낼탎ꎬ쏦쇙쫪믘톹솦뷏듳뗄쫇튵벨솼뫃펰쿬ꆣ뛸폫돉쫬쫐뎡뾪럅쪽믹뷰뗄뇭쿖늻춬ꎬ컒맺뾪럅쪽뗄믹뷰ꆣ믹뷰뗄튵벨벰뷰쇷뚯돊쿖뢺쿠맘쟒캪낼탎ꆣ쓇쎴컒맺쏷뛾ꆢ믹뷰뗄틧돶킧펦탇믹뷰룸믹뷰맜샭릫쮾듸살뗄뷰쇷죫쫇럱튲늻춬폚맺췢쯦ퟅ믹뷰튵뗄랢햹? 틔벰톧쫵퇐뺿뗄짮뮯ꎬ죋쏇랢쿖믹뗄퇐뺿ꎬ뇭쿖돶쳘쫢뗄틧돶킧펦쓘ꎿ놾컄붫ퟅ훘퇐뺿쏷탇뷰뗄뷰쇷늻뷶뷶쫜떽ퟔ짭쫕틦뗄펰쿬ꎬ뛸쟒뮹쫜떽믹뷰믹뷰뛔믹뷰탂뷰쇷죫뗄펰쿬ꎬ헢늻뷶냼삨볒ퟥ닣쏦뗄탂볒ퟥ웤쯻믹뷰쫕틦뗄펰쿬ꆣ뷰ꎬ뛸쟒뮹냼몬볒ퟥ쓚웤쯻믹뷰뗄탂뷰ꆣ컄헂붫쫗쿈1.튵벨뗄틧돶킧펦쪶뇰쏷탇믹뷰틔벰펵폐쏷탇믹뷰뗄믹뷰맜샭릫쮾ꎬ늢쟒퓚퓚뛔믹뷰틧돶킧펦뗄퇐뺿훐ꎬퟮ쫜맘힢뗄쫇믹뷰뗄튵볦맋웤쯻펰쿬춶헟믹뷰짪릺뗄틲쯘뗄믹뒡짏ꎬ뾼달쏷탇벨뛔춬튻볒ퟥ훐웤쯻믹뷰뷰쇷뗄펰쿬ꎬ벴튵벨뗄틧돶킧믹뷰볒ퟥ뗄뺻뷰쇷죫퓶뎤쟩뿶ꆣ펦ꆣ컄쿗ퟛ쫶Massa(1998)죏캪믹뷰훖샠뫍쫽솿뗄퓶볓캪믹뷰뗄틧돶킧펦쳡릩쇋튻룶쳘뚨뗄캢맛믹뒡ꎬ쪹뗃튻횻믹뷰뗄쫕틦쓜훆퓬쏷탇믹뷰놳뫳틾님뗄믹놾풭샭퓚폚ꎺ믹뷰캴살릻펰쿬떽춬튻룶볒ퟥ쓚뗄웤쯻믹뷰ꆣ뷰쇷폫맽좥튵벨횮볤듦퓚ퟅ춹탔맘쾵ꆣퟷ캪믹뷰맜샭릫폎훇쿍(2003)틔첨췥쫐뎡1998쓪1퓂훁2000쓪10퓂뗄믹쮾ꎬ볙짨듦퓚ퟅ솽훖뿉릩톡퓱뗄닟싔ꎺ엠퇸튻횻쏷탇믹뷰뷰캪퇐뺿뛔쿳ꎬ랢쿖믹뷰벨킧뛔폚믹뷰쇷솿뻟폐업벷킧뫍퓬돉튻횻사미믹뷰ꎬ믲헟춬쪱펵폐솽횻욽펹뗄믹뷰ꆣ뺭맻ꎬ벴믹뷰뗄쇷솿믡틲캪웤볒ퟥ뗄웤쯻믹뷰벨킧뇭쿖늻뫃맽튻뛎쪱볤틔뫳ꎬ믹뷰맜샭릫쮾믡랢쿖잰튻훖닟싔믡쪹믹뛸퓶볓ꎬ믲틲춬볒ퟥ뗄웤쯻믹뷰벨킧뇭쿖폅틬뛸복짙ꆣ뷰맜샭릫쮾맜샭뗄닺ퟜ뛮듳폚뫳튻훖쟩뿶ꆣMassa(2003)Ivkovic(2003)랢쿖헻룶믹뷰볒ퟥ뗄튵벨폫맦쒣뛔웬쿂믹뷸튻늽횤쪵쇋헢튻쿖쿳ꎬ쯻쏇뗄퇐뺿죏캪믹뷰춶헟쫗쿈뷰튵벨폐쿔훸뗄틧돶킧펦ꆣ떫쫇볒ퟥ훐룶뇰튵벨폅탣뗄믹톡퓱튻볒믹뷰릫쮾ꎬ좻뫳퓙듓훐톡퓱믹뷰ꆣ뷰뛔웤쯻믹뷰뗄뷰쇷죫늻듦퓚쿔훸펰쿬ꎬ믹뷰횮볤쎻폐튻ꆢ뷰쇷폫믹뷰튵벨뗄맘쾵(Performance-Flow쿔훸뗄틧돶킧펦ꆣRelationship, PFR)Nanda(2004)퇐뺿쇋쏀맺1992ꆫ1998쓪볤믹뷰볒ퟥ훐Spitz(1970)쫇ퟮ퓧뾪쪼퇐뺿PFR뗄컄헂ꎬ쯻랢쿖1960ꆫ막욱탍쏷탇믹뷰뗄쫕틦뛔웤쯻믹뷰쿖뷰쇷뗄펰쿬ꎬ뇭쏷1967쓪볤쏀맺20횻릲춬믹뷰뗄튵벨뫍뷰뺻쇷죫ꎬ퓚볓죫쏷탇믹뷰듙쪹룼뛠뗄뷰쇷죫믹뷰ퟔ짭뫍춬튻볒ퟥ훐뗄뿉횧엤쫕죫뇤솿뫳ꎬ믡돊쿖헽쿠맘맘쾵ꆣ쯦ퟅ퇐뺿뗄짮웤쯻믹뷰ꆣ듋췢ꎬ쯻쏇뗄퇐뺿뮹랢쿖춶룟늨뚯탔뗄믹죫ꎬPFR뗄럇뛔돆탔훰붥쿔쿖ꎬ벴뛔폚튵벨뫃뗄믹뷰뷰뗄뷰볒ퟥ룼쟣쿲폚훆퓬쏷탇믹뷰ꎬ뛸쯼쏇잡뫃폖쫇쓇킩튵쇷죫뇈샽듳폚튵벨닮뗄믹뷰뷰쇷돶뗄뇈샽ꆣSirri(1998)춨벨쿠뛔뷏닮뗄믹뷰볒ퟥꆣ폫듋춬쪱쓇킩튵벨닮뗄믹뷰뛔맽뛔1971ꆫ1990쓪볤쏀맺막욱탍뾪럅쪽믹뷰뗄닺맦쒣뇤뚯볒ퟥ웤쯻믹뷰믲헻룶볒ퟥ뗄뷰쇷폐뢺쿲펰쿬떫쫇헢훖뷸탐럖컶ꎬ랢쿖믹뷰닺뗄퓶뎤싊폫믹뷰샺쪷튵벨업쏻돊펰쿬늻쿔훸ꆣ헽쿠맘ꎬ뷰믡쿲튵벨뇭쿖폅탣뗄믹뷰뻛벯ꎻ듋췢ꎬ잰튻Khorana(2007)럖컶쇋쏀맺1979ꆫ1998쓪믹뷰쫐뎡뗄돥춻웚쫕틦업쏻뾿잰뗄믹뷰쿂튻웚믱뗃뗄춶헟뺻쇷죫뷰믡쫇죧뫎펰쿬믹뷰볒ퟥ뗄쫐뎡뺺헹뫍춶헟뗄탐캪ꎬ랢쿖볒폐듳럹퓶뎤ꎬ떫잰튻웚업쏻뾿뫳뗄믹뷰쿂튻웚뷰쇷돶좴ퟥ훐듦퓚튻횻쏷탇믹뷰믡뛔헻룶믹뷰볒ퟥ뗄쫐뎡럝뛮닺짺늻쫇뫜쏷쿔ꆣ쿔훸쟒캪헽쿲뗄틧돶킧펦ꎬ떱볒ퟥ쒳룶샠탍뗄믹뷰튵벨폅폫랢듯맺볒뾪럅쪽믹뷰뗄뇭쿖늻춬ꎬ컒맺뾪럅쪽믹뷰틬쪱ꎬ웤쯻샠탍믹뷰뗄쫐뎡럝뛮튲믡쯦횮짏짽ꎬ헢뿉쓜쫇뗄뺻쫪믘싊폫쫕틦싊횮볤폐뷏쏷쿔뗄춬쿲뇤뚯쟷쫆ꆣ샮폫춶헟쯑톰돉놾뗄복짙폐맘ꆣ(2004)뛔2003쓪컒맺17횻뾪럅쪽믹뷰뗄뺻쫪믘뇈싊뫍뺻횵퓶2.믹뷰볒ퟥ쫐뎡뻶닟뗄틧돶킧펦뎤싊뷸탐쇋럖컶ꎬ랢쿖믹뷰뺻횵퓶뎤싊짏짽ꎬ쫪믘싊튲짏Zhao(2004)뛔1992ꆫ2001쓪볤쏀맺뾪럅쪽믹뷰뗄퇐뺿랢횤좯쫐뎡떼놨†?㈰쓪?퓂뫅71
믹뷰퇐뺿쿖ꎬ폅훊믹뷰뛔춶헟뗄맘뇕늢늻쫇럀횹믹뷰뇤뗃맦쒣뫜벨ꆢ쎽쳥웘맢쫂볾ꆢ펪쿺럑싊뗈펰쿬ꆣ떫퇐뺿뷡맻늢럇췪듳쓑틔맜샭ꎬ뛸쫇평폚틧돶킧펦뗄듦퓚ꆣ춨맽믹뷰뗄맘좫튻훂ꎬ늿럖퇐뺿뇭쏷믹뷰틧돶킧펦늻쿔훸믲늻컈붡ꎬ톧뇕ꎬ믹뷰볒ퟥ룸돶믹뷰튵벨폅틬뗄탅뫅틔컼틽쫐뎡춶헟헟쏇죏캪뿉쓜쫇뛔쏷탇믹뷰뚨틥뗄늻춬ꆢ튵벨뛈솿랽램뗄뗄힢틢ꎬ듓뛸컼틽뷰춶폚볒ퟥ쓚뗄웤쯻믹뷰ꆣ쫂쪵뇭늻춬뗈풭틲퓬돉뗄ꆣ쏷믹뷰뗄맘뇕닟싔훁짙퓚뛌쪱볤쓚쓜퓶볓볒ퟥ훐웤쯻믹뷰4.맺쓚틑폐퇐뺿뗄쿖뷰쇷ꆣ맺쓚톧헟뛔폚믹뷰뗄틧돶킧펦퇐뺿뗄컄쿗쿠뛔뷏짙ꆣHuij(2006)퇐뺿쇋1992ꆫ2003쓪볤쏀맺막욱탍믹뷰쫐뎡헅뺼(2005)틔2002ꆫ2005쓪뗄28볒릫쮾캪퇐뺿뛔쿳ꎬ뷡맻퇐펪쿺뗄틧돶킧펦ꎬ뇭쏷룟펪쿺횧돶뗄믹뷰쓜릻닺짺틧돶킧뺿뇭쏷춬튻릫쮾웬쿂웤쯻믹뷰뗄뇭쿖튲믡펰쿬춶헟뗄춶펦ꎬ퓶볓믹뷰볒ퟥ쓚뗍펪쿺횧돶믹뷰뗄쿖뷰쇷죫ꆣ뻶뚨ꎺ뾪럅쪽믹뷰뗄쇷솿믡틲춬릫쮾웤쯻믹뷰떱웚벨킧Warner(2006)퇐뺿쇋1994ꆫ2001쓪볒ퟥ뗄뷡릹뛔믹뷰춶늻병뛸복짙ꎬ튲믡틲릫쮾웤쯻믹뷰잰튻웚벨킧뷏뫃뛸퓶톯뫏풼뇤뮯뗄펰쿬틔벰뫏풼뇤뮯뗄풭틲ꎬ뇭쏷믹뷰뗄볓ꎻ떱튻볒믹뷰릫쮾뗄웤쯻믹뷰뗄떱웚쇷솿뇭쿖뷏듳쪱ꎬ톯럑뛔춬볒ퟥ웤쯻믹뷰뻟폐틧돶킧펦ꎬ벴튵벨폅틬뗄믹룃믹뷰뗄떱웚쇷솿랴뛸믡틲듋복짙ꆣ뷰ꎬ뇈죧쏷탇믹뷰뛔볒ퟥ웤쯻믹뷰뗄톯럑폐틧돶킧펦ꎬ평폚컒맺뾪럅쪽믹뷰뗄튵벨폫뷰쇷뗄맘쾵늻춬폚돉쪹뗃볒ퟥ훐웤쯻믹뷰뗄럑싊짏짽ꆣ쫬쫐뎡ꎬ헢뇭쏷훐맺쫐뎡짏뿉쓜튲듦퓚ퟅ폫맺췢늻튻훂뗄Khorana(2007)뗄퇐뺿뇭쏷늻쓜횤쏷듦퓚펪쿺뫍럖쿺돉믹뷰틧돶킧펦ꆣ떫맺쓚쿖듦뗄헢욪맘폚믹뷰뗄틧돶뫍업벷놾훐뗄틧돶킧펦ꆣ킧펦뗄컄헂ꎬ늢늻쫇닉폃뗄맺췢춨폃뗄뛔폚쏷탇믹뷰뫍사3.믹뷰웘맢쫂볾뗄틧돶킧펦미믹뷰뗄뚨틥냬램ꎬ쫇틔춬튻볒믹뷰맜샭릫쮾돽쒳횻믹뷰Sirri(1998)퓚뾼싇쫇럱듦퓚떱튻횻믹뷰뇭쿖폅틬쪱ꎬ춶틔췢웤쯻믹뷰뗄벨킧업쏻뷸탐뗄ꆣ쟸뇰폚맺쓚쿖폐퇐뺿ꎬ헟춨맽쎽쳥뗄놨뗀떼훂믹뷰볒ퟥ훐막욱믹뷰뗄뷰쇷퓶놾컄룸돶틔죽틲쯘쒣탍쫕틦캪뿌뮭뗄쏷탇믹뷰뫍사미믹볓뗄쟩뿶ꎬ쯻죏캪헢쫇틲캪믹뷰볒ퟥ뗄쏻돆믡폫믹뷰뗄쏻뷰ꎬ퓙뻝듋볆쯣돶쏷탇믹뷰뫍사미믹뷰뛔믹뷰맜샭릫쮾돆튻웰돶쿖퓚쎽쳥뗄놨뗀훐ꆣ폚쫇쯻쏇퓋폃1971쓪12퓂훁뷰쇷퓶뎤뗄펰쿬ꆣ1990쓪12퓂뗄뾪럅쪽막욱탍믹뷰쫽뻝뷸탐퇐뺿ꎬ쪵횤뷡맻훐폐튻킩믘맩뗄쾵쫽캪헽쟒쿔훸ꎬ떫랢쿖퇐뺿뷡싛믡쯦ퟅ샭싛쒣탍폫쫽뻝쏨쫶쏷탇믹뷰뗄뚨틥늻춬뛸늻춬ꆣ튻ꆢ퇹놾쮵쏷폎훇쿍(2003)뗄퇐뺿뮹볬퇩쇋믹뷰뗄쎽쳥웘맢싊뛔춬튻놾컄뗄퇹놾쟸볤캪2004쓪3퓂2훁2008쓪12퓂ꎬ뫏볆20룶볒ퟥ웤쯻믹뷰뗄틧돶킧펦ꎬ뇭쏷믹뷰뗄뷰쇷솿믡틲춬튻벾뛈ꆣ퇐뺿뛔쿳캪훐맺횤좯쫐뎡54볒믹뷰맜샭릫쮾맜샭뗄볒ퟥ웤쯻믹뷰뗄쎽쳥웘맢욵싊퓶룟ꆢ뒫듯뗄탅쾢풽뫃뛸퓶?281횻뾪럅쪽욫막탍믹뷰 ꆣ믹뷰쿠맘쫽뻝뻹좡ퟔ폚WIND(췲볓ꎬ떫쫇헢튻틧돶킧펦늢늻믡솢벴돶쿖ꎬ뛸쫇튪뺭맽튻ꆢ뗂)쫽뻝뿢ꎬ훐탅뇪웕횸쫽살풴폚훐탅뇪웕횸쫽럾컱췸햾ꆣ솽룶퓂횮뫳닅닺짺펰쿬ꆣ헢샯틾몬ퟅ춶죋뛔폚쎽쳥쯹뒫퓚맺췢뗄믹뷰닺튵훐ꎬ튻룶볒ퟥ웬쿂췹췹폐짏냙횻믹듯뗄톶쾢늢럇솢벴뷓쫜ꎬ뛸믡뺭맽튻뛎쪱볤뗄좷죏ꆣ뷰ꎬ틲듋믹뷰볒ퟥ폫믹뷰맜샭릫쮾뗄룅쓮늢늻췪좫뗈춬ꆣChoi(2006)폃1994ꆫ2004쓪믹뷰뷰쇷쫽뻝볬퇩쇋쫐뎡맺쓚믹뷰쿠뇈횮쿂돉솢쪱볤뷏뛌ꎬ튻냣튻볒믹뷰맜샭릫쮾뛔폚믹뷰돳컅뗄랴펳ꎬ랢쿖돳컅늻떫뛔랢짺돳컅뗄믹뷰놾ퟮ뛠횻맜샭벸횻믹뷰ꎬ컞싛듓쫽솿짏뮹쫇맦쒣짏뚼컞램폫짭닺짺펰쿬ꎬ뛸쟒튲믡펰쿬떽춬튻볒ퟥ뗄웤쯻믹뷰ꆣ쯻쏇맺췢믹뷰볒ퟥ쿠쏀ꎬ틲듋놾컄뚨틥훁짙펵폐솽횻뾪럅쪽뗄퇐뺿뇭쏷랢짺돳컅뗄믹뷰ퟔ짭믡폐쿔훸뗄뷰쇷돶ꎬ춬욫막탍믹뷰뗄믹뷰맜샭릫쮾캪믹뷰볒ퟥꆣ튻볒ퟥ뗄웤쯻믹뷰튲폐쿔훸뗄뷰쇷돶ꎬ떫쇷돶뗄맦쒣킡닉폃헢퇹뗄ힼ퓲쫇믹폚죧쿂벸뗣뾼싇ꎺ폚잰헟ꆣ1.평폚믹뷰춶샠탍뗄닮틬ꎬ믹뷰맜샭릫쮾퇐뺿돉맻뗄퓚틑폐뗄맺췢퇐뺿훐ꎬ뛠쫽쪵횤뷡맻뇭쏷믹뷰듦퓚틧릲쿭탔뻍폐듽짌좶ꎬ틲듋퇐뺿쿠춬믲샠쯆춶샠탍뗄믹뷰돶킧펦ꎬ믹뷰뗄뷰쇷죫믡쫜떽춬튻볒ퟥ웤쯻믹뷰뗄튵뻟폐튻뚨뗄쪵횤틢틥ꆣ72횤좯쫐뎡떼놨?†?㈰쓪?퓂뫅
믹뷰퇐뺿2.컒맺믹뷰쫐뎡욫막탍믹뷰햼뻝뻸뛔폅쫆ꎬ뷘횹2008쓪룹뻝쎿벾뛈돵뗄TNA횵뛔탂뷰쇷뷸탐뇪ힼ뮯뗃돶쒩풼햼뾪럅쪽믹뷰ퟜ쫽뗄68%ꆣ뷰쇷뗄퓶뎤싊ꎺ3.뇪ힼ뗄Fama-French죽틲쯘쒣탍횻쫊폃폚막욱샠탍믹뷰뗄튵벨움볛ꎬ뛸뛔폚웤쯻샠탍믹뷰뗄움맀좴늻쫊폃ꆣ(5)4.쒿잰맺쓚믹뷰맜샭릫쮾맜샭뗄뾪럅쪽욫막탍믹뷰킡폚뛔믹뷰볒ퟥf뛸퇔ꎬ볒ퟥ뗄뺻뷰쇷죫뫍뺻뷰쇷죫뗄뗈폚4횻뗄뻍폐33볒ꎬ퓙볓짏폐킩믹뷰쫇퓚2007쓪뫳닅탂돉퓶뎤싊럖뇰캪ꎺ솢뗄ꎬ죧맻퓚믹뷰볒ퟥ뗄뚨틥쪱냑헢튻쫽솿삩듳ꎬ뿉쓜믡(6)퓬돉믹뷰볒ퟥ쫽솿뗄벱뻧복짙ꎬퟮ훕떼훂쪵횤늻쿔훸믲쪵횤퇐뺿뷡맻늻뻟폐쮵럾솦ꆣ(7)뛾ꆢ샭싛쒣탍쫗쿈뛔쎿횻뾪럅쪽욫막탍믹뷰톡폃ퟮ뻟듺뇭탔뗄Fama컒쏇닉폃믹뷰볤쫕틦뗄뇪ힼ닮살뫢솿믹뷰볒ퟥ쯹닉폃& French(1993)죽틲쯘쒣탍살뫢솿웤죽틲쯘뗷헻쫕틦ꆣ룃쒣뗄닟싔ꆣ뗚t룶벾뛈믹뷰볒ퟥf뗄믹뷰볤죽틲쯘뗷헻쫕틦뗄뇪탍쫇퓚CAPM쒣탍뗄믹뒡짏ꎬ붫킡엌막폫듳엌막뗄쫕틦닮ힼ닮캪ꎺ(SMB)ꆢ룟쫐뺻싊폫뗍쫐뺻싊막욱뗄쫕틦닮(HML)틽죫벨킧(8)움맀쒣탍ꆣ뻟쳥랽돌죧쿂ꎺ(1)웤훐ꎬꆪꛁft쫇횸뗚t룶벾뛈믹뷰볒ퟥf쯹폐욫막탍돉풱믹웤훐R?it쫇횸뗚t룶벾뛈믹뷰i뗄쫕틦 ꎻRFt듺뇭뗚t룶벾뛈뷰뗄죽틲쯘뗷헻쫕틦뗄욽뻹횵ꆣ쪱뗄죋쏱뇒틸탐믮웚듦뿮믹ힼ샻싊ꎻRmt쫇뗚t룶벾뛈뗄쫐뎡믹뷰볒ퟥ뗄뮻쫖싊ꆢ맜샭럑싊튲쫇룹뻝쎿횻믹뷰뗄쫕틦ꎬ컒쏇톡폃훐탅뇪웕A막ퟛ뫏횸쫽쫕틦듺쳦? ꎬRAMFtTNA횵뷸탐볓좨욽뻹뫳볆쯣뗃돶뗄ꆣꎽRmtꎭRFt뫢솿뗄쫇뗚t룶벾뛈쫐뎡뗄뎬뛮쫕틦ꎻSMBt캪뗚t컒쏇뛔퇹놾훐뗄쎿룶벾뛈볆쯣믹뷰맽좥튻룶벾뛈뗄룶벾뛈훐탅뇪웕킡엌횸쫽쫕틦폫훐탅뇪웕100횸쫽쫕틦뗄닮죽틲쯘쒣탍뗄욽뻹뗷헻쫕틦ꆣ컒쏇뮹탨튪뚨틥쏷탇믹뷰횵? ꎻHMLtꎽ1/2(훐탅킡엌볛횵횸쫽쫕틦ꎭ훐탅듳엌볛횵횸뫍사미믹뷰ꎬ놾컄닎뾼Nanda(2004)뗄랽램뚨틥ꆣ룹뻝믹쫽쫕틦) tꎭ1/2(훐탅킡엌돉뎤횸쫽쫕틦ꎭ훐탅듳엌돉뎤횸쫽뷰벾뛈욽뻹쫕틦업탐ꎬ죧맻룃횻믹뷰뒦폚잰5%(뫳5%)ꎬ쫕틦)tꎻꛁt캪쒣탍뗄뎬뛮쫕틦쿮ꎻꛂ캪뛔펦룷뷢쫍뇤솿뗄쓇쎴떱벾룃횻믹뷰놻죏뚨캪쏷탇믹뷰(사미믹뷰)ꆣ죧맻믹쾵쫽ꆣ뷰볒ퟥ펵폐훁짙튻횻쏷탇믹뷰(사미믹뷰)ꎬ쓇쎴룃믹뷰맜뚨틥뗚t룶벾뛈믹뷰i뗄죽틲쯘뗷헻쫕틦캪ꎺ샭릫쮾튲뻍놻죏뚨캪쏷탇믹뷰맜샭릫쮾(사미믹뷰맜샭릫(2)쮾)ꎻ럱퓲믹뷰맜샭릫쮾뻍쫇럇쏷탇믹뷰맜샭릫쮾(럇사미뚨틥뗚t룶벾뛈믹뷰볒ퟥf뗄죽틲쯘뗷헻쫕틦ꛁft캪볒ퟥf믹뷰맜샭릫쮾)ꆣ훐쯹폐믹뷰뗄죽틲쯘뗷헻쫕틦뗄볓좨욽뻹횵ꎺ듋췢퓚컈뚨탔볬퇩랽쏦ꎬ놾컄뮹닉폃떥틲쯘뗷헻쫕틦쒣탍좥뫢솿믹뷰뗄쫕틦ꆣ(3)죽ꆢ쫽뻝쏨쫶탔춳볆뇭1룸돶쇋놾컄쯹뚨틥뗄믹뷰볒ퟥꎬ벴훁짙펵폐솽횻뾪웤훐TNA쫇뗚?t룶벾뛈믹뷰i뗄뺻횵ퟜ뛮 ꎬn캪믹뷰볒ퟥ럅쪽욫막탍믹뷰뗄믹뷰맜샭릫쮾쓪쒩룷쫽횵뗄쏨쫶탔춳f뗄쯹폐욫막탍돉풱믹뷰뗄쫽쒿ꆣ볆ꆣ믹뷰볒ퟥ뗄쫽쒿듓2004쓪쓪쒩뗄22볒퓶볓떽2008쓪쪱뗄뛔폚믹뷰볒ퟥ뗄쎿횻돉풱믹뷰ꎬ뷰뺻쇷죫뚨틥캪쳞54볒ꆣ욽뻹쎿룶믹뷰볒ퟥ맜샭뗄뾪럅쪽욫막탍믹뷰쫽2004돽믹뷰쫕틦펰쿬뗄뺻횵ퟜ뛮뗄뇤뮯ꎬ쓇쎴뗚t룶벾뛈믹뷰i뗄쓪뷶캪횻ꎬ떽쇋2008쓪12퓂ꎬ헢튻쫽횵듯떽쇋ꆣ믹뺻쿖뷰쇷캪ꎺ뷰볒ퟥ욽뻹맜샭뗄뺻닺ퟜ뛮듓ퟮ돵뗄틚풪떽듯2007(4)쓪ퟮ룟럥쪱뗄틚풪ꎬ퓶뎤뎬맽9놶ꎻ벴쪹평폚컒맺횤좯쫐뎡떼놨†?㈰쓪?퓂뫅73
믹뷰퇐뺿막욱쫐뎡뗄듳럹쯵쮮ꎬ2008쓪12퓂ꎬ믹뷰볒ퟥ맜샭뗄뺻뻹믹뷰횻쫽돽쇋룶뇰쓪럝틔췢뚼듳폚뇭1훐뛔폚쯹폐믹뷰볒닺뛮튲폐틚풪ꆣ퇐뺿쟸볤훐쎿쓪뗄뮻쫖싊뻹캬돖퓚ퟥ헢튻쫽뻝뗄춳볆솿ꆣ뇈죧2008쓪쒩ꎬ쏷탇믹뷰볒ퟥ욽뻹1ꆫ3횮볤ꎬ쿠뇈맺췢믹뷰킡폚100%뗄뮻쫖싊ꎬ컒맺믹뷰뮻맜샭ퟅ횻믹뷰ꎬ듳폚좫퇹놾훐뗄횻ꆣ헢뿉쓜뇭쏷쓇닖쿠뛔뮹쫇뇈뷏욵랱뗄ꆣ뇭1뗄ퟮ뫳솽쇐룸돶쇋죽틲쯘뗷헻킩듳맦쒣뗄믹뷰맜샭릫쮾룼쟣쿲폚훆퓬쏷탇믹뷰ꆣ쫕틦뫍믹뷰죽틲쯘뗷헻쫕틦뗄뇪ힼ닮ꆣ퓚2006쓪뫍2007쓪죽틲쯘뗷헻쫕틦캪뢺ꎬ웤쯻3쓪룃횵캪헽ꆣퟜ뗄뛸퇔ꎬ죽틲쯘쪵횤뷡맻폫럖컶뗷헻쫕틦뗄뇪ힼ닮폐훰쓪퓶볓뗄쟷쫆ꎬ폈웤퓚2008쓪쒩ꎬ쿂튻늽컒쏇붫볬퇩쏷탇믹뷰뺿뺹쓜룸볒ퟥ듸살쪲쎴ꎬ헢튻쫽횵룟듯%ꆣ쫇럱듦퓚볒ퟥ쓚늿뗄ꆰ틧돶킧펦ꆱꎬ벴쏷탇믹뷰뛔믹뷰틔짏쫽뻝돤럖쮵쏷ꎬ컒맺믹뷰튵폈웤쫇뾪럅쪽믹뷰뷰쇷죫퓶뎤싊뗄펰쿬ꎬ헢늻뷶냼삨볒ퟥ닣쏦뗄탂뷰ꎬ뛸튵ꎬ컞싛쫇쫽솿뮹쫇훊솿짏뚼폐쇋량쯙뗄랢햹ꆣ퓚헢훖탎쟒뮹냼몬볒ퟥ쓚웤쯻믹뷰뗄탂뷰ꆣ쫆쿂ꎬ컒쏇뗄퇐뺿죧맻뷶뷶뻖쿞퓚떥횻믹뷰닣쏦짏쫇풶풶튻ꆢ쏷탇믹뷰뛔볒ퟥ탂뷰쇷죫퓶뎤뇈싊뗄펰쿬늻릻뗄ꎬ폈웤쫇퓚믹뷰볒ퟥ뗄믹뷰볤듦퓚쿔훸뗄틧돶킧펦캪쇋볬퇩쏷탇믹뷰볒ퟥ뗄뺻뷰쇷죫쟩뿶ꎬ퓚뿘훆샺쪱헢퇹뗄퇐뺿뻍쿔뗃쿠탎볻ꎬ믹뷰볒ퟥ뗄돶쿖펦떱틽웰쪷쫕틦ꆢ볒ퟥ맦쒣뗈쿠맘뇤솿뫳ꎬ컒쏇붫쏷탇볒ퟥ폫럇쏷컒쏇ퟣ릻뗄훘쫓ꎬ믹뷰볒ퟥ뗄듦퓚퓚헻쳥짏틑뺭뻟놸쇋뛔탇볒ퟥ뗄탂뷰퓶뎤뇈샽뷸탐쇋뇈뷏ꎬ늢붨솢쇋틔쿂쏦냥믹뷰튵벨닺짺훘튪펰쿬뗄쓜솦ꆣ쫽뻝(Panel Data)쒣탍ꎺ캪쇋뛔쏷탇믹뷰뫍쏷탇믹뷰맜샭릫쮾폐뷸튻늽뗄쇋뷢ꎬ컒쏇뷸탐쇋퇹놾웚쓚쏷탇믹뷰쫽뻝뷸탐춳볆ꆣ듓뇭2훐컒쏇뿉틔뾴돶쏷탇믹뷰뗄쫽솿듓2004쓪쒩뗄2횻퓶볓떽2008쓪12퓂뗄13횻ꎬ헢훷튪쫇평퇹놾맦쒣뗄삩듳틽웰뗄ꆣ쏷탇(9)믹뷰뗄쎿벾뛈죽틲쯘뗷헻쫕틦뻹캪헽ꎬ쟒뚼퓚7%틔짏ꎻ뛸사미믹뷰뗄쎿벾뛈죽틲쯘뗷헻쫕틦뻹캪뢺ꎬ뫍뇭1쿠뇈ꎬ쏷탇믹뷰뗄죽틲쯘뗷헻쫕틦듳ꎬ사미믹뷰뗄죽틲쯘뗷헻쫕틦웤훐ꎬf듺뇭믹뷰볒ퟥꎬt듺뇭벾뛈ꎬꛁf볬퇩뗄쫇믹뷰쿠뛔튪킡ꆣ듋췢ꎬ펵폐쏷탇믹뷰뫍사미믹뷰뗄믹뷰볒ퟥ욽볒ퟥ뗄만뚨킧펦ꆣpast performamce쫇맽좥3룶퓂볒ퟥ욽뻹뗄74횤좯쫐뎡떼놨?†?㈰쓪?퓂뫅
믹뷰퇐뺿뇭3뗄뷡맻쿔쪾ꎬ컞싛톡폃쓄훖튵벨닢솿ꎬ쏷탇믹뷰볒ퟥ뗄쾵쫽뻹캪헽쟒춳볆쿔훸ꎬ뇭쏷펵폐튻횻쏷탇믹뷰쪹뗃헻룶믹뷰볒ퟥ뗄뺻쿖뷰쇷퓶볓ꆣ뇈죧쮵퓚죽틲쯘쏷탇쇐ꎬ쿠뛔쓇킩쎻폐쏷탇믹뷰뗄볒ퟥꎬ쏷탇믹뷰볒ퟥ쎿룶벾뛈쿖뷰쇷퓶뎤싊욽뻹믡퓶볓15%ꎬ내쓪볆쯣헢튻쫽횵뗄펰쿬듯떽놶ꆣ죧맻톡폃떥틲쯘쒣탍ퟷ캪쫕틦뗄뫢솿쪱ꎬ룃쫽뻝횵쿠닮늻듳ꎬ춬퇹쿔훸ꎬ횻쫇싔킡폚죽틲쯘쒣탍훐뗄춳볆솿ꆣ헢뻍뇭쏷쏷탇믹뷰뛔볒ퟥ닣쏦짏닺짺쇋틧돶킧펦ꆣ퓚듋믹뒡짏컒쏇뮹퇐뺿쇋펵폐사미믹뷰뛔볒ퟥ뗄펰쿬ꆣ죧맻펵폐튻횻사미믹뷰뛔볒ퟥ닺짺뢺쿲뗄틧돶킧펦ꎬ쓇쎴믹뷰볒ퟥ뗄맜샭헟뻍늻믡닉쓉헢훖볈펵폐쏷탇믹뷰폖펵폐사미믹뷰뗄춶닟싔ꆣ뇭3뗄뷡맻뇭쏷ꎬ퓚죽틲쯘튵벨닢솿쿂뺡맜사미믹뷰볒ퟥ뗄쾵쫽캪헽ꎬ떫늻쿔훸ꎬ뛸쟒헢튻쾵쫽뇈쏷탇믹뷰볒ퟥ뗄쾵쫽튪킡뗃뛠ꎻ퓚떥틲쯘튵벨닢솿쿂ꎬ사미믹뷰볒ퟥ뗄쾵쫽캪뢺ꎬ떫죔늻쿔훸ꎬ뛸쟒헢튻쾵쫽튲뇈쏷탇믹뷰볒ퟥ뗄쾵쫽튪킡ꆣ뇭3훐뮹뇭쏷볒ퟥ뗄뺻쿖뷰쇷뗄퓶뎤싊폫샺쪷쫕틦ꆢ볒ퟥ맦쒣뫍맜샭럑싊뢺쿠맘ꎬ폫뮻쫖싊헽쿠맘ꆣ럧쿕뗷헻쫕틦ꎻnumber of funds쫇믹뷰볒ퟥ맜샭뗄뾪럅쪽욫뛾ꆢ쏷탇믹뷰뛔볒ퟥ훐웤쯻믹뷰탂뷰쇷죫퓶뎤뇈싊막탍믹뷰쫽쒿뗄뛔쫽ꎻfamily size쫇쎿횻믹뷰뗄TNA폫볒ퟥ뗄펰쿬TNA훐쫽뇈횵뗄뛔쫽ꎻ웤쯻뇤솿뗄뚨틥죧잰컄튻훂ꆣ짏쫶퇐뺿뇭쏷ꎬ쏷탇믹뷰쪹뗃헻룶믹뷰볒ퟥ뗄뺻쿖뷰뛔쫽뻝뷸탐Hausman(믴쮹싼)볬퇩ꎬ쮵쏷풭볙짨H0(닐닮쇷퓶뎤싊짏짽ꎬ쓇쎴펵폐쏷탇믹뷰쫇럱믡쪹뗃춬튻믹뷰볒쿮폫뷢쫍뇤솿늻쿠맘)늻돉솢ꎬ늻쫊폃쯦믺볬퇩쒣탍ꎬ쯹틔ퟥ뗄웤쯻믹뷰뗄짪릺뛮퓶볓쓘ꎿ틧돶킧펦믡떼훂쏷탇볒ퟥ놾컄폃만뚨킧펦쒣탍ꆣ뗄럇쏷탇믹뷰뇈럇쏷탇볒ퟥ뗄샠쯆믹뷰닺짺룼뛠뗄탂뷰횤좯쫐뎡떼놨†?㈰쓪?퓂뫅75
믹뷰퇐뺿춶헟톡퓱릺싲믹뷰튲듦퓚ꆰힷ탇ꆱ탐캪ꆣ†††††††††††††††††††††††††††††††††††?놾†뾯†쇏†쫒†††††††††††††††††††††††††††?퓶뎤싊ꎻ쇭튻랽쏦ꎬ죧맻쇷죫쏷탇믹뷰뗄뷰쇷쫇춬튻볒뚨ꆣdog fund dummy뫍dog family dummy뗄뚨틥랽램샠쯆폚starퟥ웤쯻믹뷰뗄쿖뷰쇷뗄틆ꎬ쓇쎴쏷탇믹뷰볒ퟥ뗄럇쏷탇fund dummy뫍star family dummy뗄뚨틥랽램ꆣ믹뷰뗄탂뷰뗄퓶뎤싊믡복짙ꆣ뇭4훐룸돶쇋믘맩뗄뷡맻ꆣ퓚죽틲쯘쏷탇쇐ꎬ쏷탇믹뷰캪쇋퇐뺿헢퇹뗄틧돶킧펦ꎬ컒쏇닉폃죧쿂뗄만뚨킧펦뗄쾵쫽캪헽쟒퓚10%쮮욽쿂쿔훸ꎬ쏷탇믹뷰탂뷰쇷죫뗄퓶쏦냥믘맩쒣탍퇐뺿믹뷰닣쏦뗄탅쾢ꎺ뎤싊뇈럇쏷탇믹뷰쎿룶벾뛈뛠45%ퟳ폒ꎻ뛸퓚떥틲쯘쏷탇쇐ꎬ쏷탇믹뷰뗄쾵쫽캪헽쟒퓚5%쮮욽쿂쿔훸ꆣ떫쫇믘맩뷡맻뮹뇭쏷ퟷ캪쏷탇믹뷰볒ퟥ훐뗄럇쏷탇믹뷰ꎬ쯻쏇늢늻쓜쿭쫜헢훖쏷탇믹뷰뗄틧돶킧펦ꆣ뇭4훐사미믹뷰맜샭릫쮾쾵쫽캪(10)뢺뷏킡쟒늻쿔훸ꎬ뇭쏷사미믹뷰맜샭릫쮾뚼늻믡룸믹뷰뗄뷰쇷듸살뢺쿲뗄ꆰ틧돶킧펦ꆱ뗄펰쿬ꆣ뛸뇭4훐사미믹뷰뗄쾵쫽뻹캪헽ꎬ떱쪹폃떥틲쯘쒣탍쪱쾵쫽퓚1%쮮욽쿂쿔훸ꎬ폐톧헟횸돶헢뿉쓜쫇믹뷰벴쪹쒳쓪뗄쫕틦뷏닮ꎬ춶헟튲믡맩웤훐ꎬi듺뇭쒳횻믹뷰ꎬt쫇횸벾뛈ꎬꛁi뫢솿뗄쫇만뚨킧뷡캪얼뛻뗄퓋웸늻뫃쯹훂ꎬ늢늻믡펰쿬뛔룃믹뷰뗄춶뛮ꆣ펦뗄횵ꆣpast performamce쫇맽좥3룶퓂뗄믹뷰욽뻹럧쿕뗷헻쫕틦ꆣfamily size쫇믹뷰뗄닺뺻횵폫믹뷰닺뺻횵훐쫽뇈뷡싛횵뗄뛔쫽ꆣ뮻쫖싊뫍맜샭럑싊뻹캪믹뷰춳볆솿ꆣ웤쯻뗄4룶놾컄ퟅ훘퇐뺿쇋믹뷰볒ퟥ뗄뷡릹뛔믹뷰뷰쇷퓶뎤뗄펰뇤솿뻹캪퇆뇤솿ꆣ죧맻믹뷰놾짭쫇쏷탇믹뷰ꎬ퓲star fund쿬ꎬ퓚뛔2004쓪3퓂훁2008쓪12퓂볤훐맺횤좯쫐뎡54볒믹뷰맜dummy캪1ꎻ죧맻믹뷰놾짭늢늻쫇쏷탇믹뷰떫쫇쯼쫴폚쏷탇샭릫쮾맜샭뗄281횻뾪럅쪽욫막탍믹뷰뗄틧돶킧펦퇐뺿뫳랢믹뷰맜샭릫쮾퓲star family dummy캪1ꆣ쎿룶벾뛈쏷탇믹뷰뫍쿖ꎺ쏷탇믹뷰볒ퟥ춨맽맽좥3룶퓂뗄럧쿕뗷헻쫕틦뗄업쏻살좷1.펵폐쏷탇믹뷰쓜릻쿔훸퓶볓믹뷰볒ퟥ뗄탂뷰쇷죫뗄76횤좯쫐뎡떼놨?†?㈰쓪?퓂뫅
믹뷰퇐뺿퓶뎤뇈샽ꎬ떫펵폐사미믹뷰늢늻쓜쿔훸뗘복짙믹뷰볒ퟥ뗄펦ꆱ늻듦퓚뗄훷튪풭틲ꆣ탂뷰쇷죫뗄퓶뎤뇈샽ꆣ틲듋ꎬ퓚헢퇹뗄쟩뿶쿂볓잿춶헟놣뮤ꎬ폈웤쫇믹뷰춶2.쏷탇믹뷰뇈럇쏷탇믹뷰쓜룸ퟔ짭컼틽살룼뛠뗄탂헟뗄놣뮤ꎬ뻍뻟폐웈쟐뛸짮풶뗄틢틥ꆣ믹뷰춶헟퓚죫쫐뷰ꆣ쪱룼뛠뗘뾴훘횤좯쫐뎡뗄닆뢻킧펦놾컞뿉뫱럇ꎬ뎡쓚뗄톯3.쏷탇믹뷰볒ퟥ뗄럇쏷탇믹뷰폫럇쏷탇볒ퟥ뗄웤쯻믹뷰죋쪿뫍톯믺릹퓚탻뒫뫍뷢뛁횤좯쫐뎡뗄쳘뗣쪱ꎬ늻쓜횻듓쿠뇈ꎬ늢캴쓜놻쇽헖퓚쏷탇믹뷰뗄ꆰ맢뮷ꆱ쿂ꎬ늻쓜듸살쫐뎡뗄닆뢻퓶횵킧싊짏ퟅ쫖ꎬ펦룼뛠냯훺춶헟뛔횤좯쫐뎡탂뷰뗄쿔훸퓶볓ꆣ뗄튵탔뫍럧쿕탔쳘뗣볓잿샭뷢ꆣ뛔폚믹뷰뗄튵벨늻쓜쎤쒿뛔폚놾컄뗄쪵횤퇐뺿뷡맻ꎬ컒쏇룸돶헢퇹뗄뷢쫍ꎺힷ쟳ꎬ헢퇹뗄죈쟩뿉쓜믡떼훂믹뷰맦쒣뗄맽럖삩듳ꎬ믹뷰맦1.컒맺뗄믹뷰춶헟퓚릺싲믹뷰쪱ꎬ룼뛠뗄쫇횱뷓닎뾼쒣맽듳ퟮ듳뗄컊쳢퓚폚늻릻쇩믮ꎬ컞램벰쪱뇜쏢쫐뎡믲탐튵믹뷰뗄튵벨업쏻ꎬퟶퟮ횱맛뗄에뛏ꎬ쓇킩업쏻뾿잰뗄믹뷰늨뚯듸살뗄럧쿕ꆣ볓짏A막쫐뎡죝솿뇈뷏킡ꎬ폅훊뗄막욱뇈쯻쏇룸폨쿠떱뗄죈쟩ꆣ뷏짙ꎬ믹뷰뺭샭퓚닙ퟷ짏뗄쓑뛈튲뇈뷏듳ꎬ늻쓜내헕믹뷰뺭2.쿠뛔폚맺췢돉쫬쫐뎡뗄춶헟ꎬ컒맺믹뷰춶헟뿉쓜샭뗄풤웚짨쿫좥쪵쿖춶ퟩ뫏ꎬ횻쓜닠훘폚믹뒡엤훃ꎬ뷼쯆늢캴뾼싇떽춬튻믹뷰맜샭릫쮾뗄퇐뺿돉맻뗈릲쿭탔뗄듦횸쫽뮯춶ꎬ듓뛸ퟮ훕펰쿬뗄쫇믹뷰뗄튵벨ꆣ뛸쫜믹뷰튵벨퓚ꎬ헢뿉쓜튲쫇쏷탇믹뷰볒ퟥ훐뗄럇쏷탇믹뷰ꆰ틧돶킧펰쿬ퟮ듳뗄잡뫃폖쫇쓇킩ힷ쟳믹뷰튵벨뗄춶헟ꆣꇶ힢쫍1.쯦ퟅ믹뷰튵뗄랢햹ꎬ믹뷰볒ퟥ쯦횮돶쿖ꎬ튻룶볒ퟥ춬쪱맜샭ퟅ6.훐탅뇪웕100횸쫽냼삨훐맺A막짏쫐릫쮾훐ퟔ평쇷춨쫐횵ퟮ뛠횻믹뷰ꎬ쏀맺1998쓪욽뻹쎿튻룶믹뷰볒ퟥ뻍헆맜ퟅ7횻믹뷰ꆣ듳ꆢ쇷뚯탔ퟮ잿뗄100횻막욱ꎬ틲뛸톡좡웤ퟷ캪듳엌막횸쫽쫕틦횸2.죽틲쯘쒣탍훐쫐뎡쫕틦ꆢSMB뫍HML볆쯣쪱닉폃뗄훐탅뇪웕뇪ꆣ횸쫽쫽뻝뗄믹웚캪2004쓪2퓂27죕ꆣ7.평폚믹뷰뗄뺻횵ퟜ뛮횻퓚훐놨벰쓪놨훐볓틔엻슶ꎬ컞램횱뷓3.욫막탍믹뷰냼삨막욱탍믹뷰벰믬뫏탍믹뷰ꎬ떫늻냼삨횸쫽탍믹믱뗃믹뷰쎿룶벾뛈뺻횵ퟜ뛮쫽뻝ꎬ컒쏇춨맽쎿룶벾뛈믹뷰떥캻닺뷰ꆣ뺻횵폫틑돶쫛뗄믹뷰럝뛮ퟜ쫽뗄돋믽볆쯣뗃돶ꆣ4.놾컄폃믹뷰떥캻뺻횵폫떱웤튵벨럖뫬횮뫍살뫢솿튵벨ꎬ헢쫇평8.믹뷰놨뇭훐뛔뮻쫖싊쿊폐릫늼ꎬ늢늻쫇쯹폐뗄믹뷰맜샭릫쮾폚쫕틦쫇뫢솿믹뷰웚쒩뇈웚돵볛횵뗄퓶뎤쟩뿶ꎬ뛸잰웚럖뫬틑뺭쇷뚼릫늼뮻쫖싊쫽뻝ꎬ틲듋컄훐뗄뮻쫖싊평믹뷰뗄막욱ퟜ싲죫솿뫍ퟜ돶믹뷰ꎬ늻퓙쫴폚믹뷰뗄뺭펪닺ꆣ싴돶솿훐뷏킡헟폫춬웚믹뷰뗄욽뻹막욱닺볆쯣쯹뗃ꆣ5.훐탅A막ퟛ뫏횸쫽뗄퇹놾막캪솽룶붻틗쯹뗄쯹폐A막ꎬ내헕쇷9.컄훐쯹횸뗄맜샭럑싊닉폃뗄쫇맜샭럑폃폫닺뺻횵뗄뇈횵ꆣ춨막놾볓좨ꎬ쫇훐맺A막쫐뎡뗄ퟜ쳥ퟟ쫆뇭헷ꆣ닎뾼컄쿗ꎺ[1] Massa Massimo, 2003, How do family strategies affect fundinvestors? [J], Journal of banking and ? When performance-maximization is not the only game in[9] Huij Joop, Verbeek Marno, 2007, Spillover effects of marketingtown [J], Journal of Financial Economics, mutual fund families [J], working paper.[2] Spitz, A Edward, 1970, Mutual fund performance and cash flows[10] Warner, J. B., . Wu, 2006, Why do mutual fund advisory[J], Applies change? Fund versus family influences [J], working paper,[3] Sirri Erik R., Tufano Peter, 1998, Costly search and mutual fundSimon [J], The Journal of Finance.[11] Choi ., M. Kahan,2006, The market penalty for mutual fund[4] Massa Massimo, 1998, Why so many mutual funds? Mutual fundscandals [J], working paper, University of New , market segmentation and financial performance [J], working[12] 샮,폚뷸뷜.뾪럅쪽믹뷰쫪믘믺훆뗄췢늿킧펦[J].닆뺭퇐paper.뺿ꎬ2004,(12).[5] Ivkovic, Z., 2003, Spillovers in mutual fund families: Is blood[13] 슽죘,돂냙훺,탬쇺뇾,킻탂뫱.믹뷰튵벨폫춶헟톡퓱ꆪꆪthicker than water? [J] Working paper.훐맺뾪럅쪽믹뷰튵벨쫪믘틬뎣쿖쿳뗄퇐뺿[J].뺭볃퇐뺿ꎬ2007,[6] Nanda Vikram, Wang Z. Jay, Zheng Lu, 2004, Family values and(6).the star phenomenon: Strategies of mutual fund families [J], The Review[14] 폎훇쿍,퓸췱.릲춬믹뷰횮췢틧폫업벷킧맻[J].닆컱뷰죚톧of Financial Studies.뾯ꎬ2003,(2).[7] Khorana, A., H. Servaes, 2007, Competition and conflicts of[15] 헅뺼.횤좯춶믹뷰틧돶폫업벷킧펦퇐뺿[J].쮶쪿톧캻싛컄ꎬinterest in the . mutual fund industry [J], SSRN working .[8] Zhao Xinge, 2004, Why are some mutual funds closed to new횤좯쫐뎡떼놨†?㈰쓪?퓂뫅77
