짧믡죚뷡릹폫탂뺭볃웳튵죚뷡릹ꎺ쏀ꆢ얷ꆢ죕뗄뇈뷏 뢴떩듳톧쫀뷧뺭볃퇐뺿쯹 헅볍뾵ꆢ볍횾뇳 튻ꆢ틽퇔 1ꆢ맘폚뾼달퇐뺿뗄뷇뛈 ꎨ1ꎩ룟탂벼쫵폫탂뺭볃랶돫뗄뷧뚨 룟탂벼쫵헢튻듊ퟔ듓20쫀볍60-70쓪듺틔살뻍놻랴뢴쪹폃ꎬ뛔웤랶돫뗄뷧뚨튲룷늻쿠춬ꆣ웤훐ꎬퟮ뻟듺뇭탔뗄쫇뺭볃뫏ퟷ폫랢햹ퟩ횯ꎨOECDꎩ믹폚닺튵R&Dꎨ퇐뺿폫뾪랢ꎩ뺭럑잿뛈뗄뚨틥랽램ꆣOECD쯹뾼싇뗄늻뷶뾼싇쇋횱뷓뗄R& D뺭럑ꎬ뛸쟒뾼싇쇋볤뷓R& D뺭럑ꆣ쯻쏇룹뻝R& Dퟜ뺭럑ꎨ횱뷓뺭럑폫볤뷓뺭럑뗄ퟜ뫍ꎩ햼ퟜ닺횵뗄뇈훘ꆢ횱뷓R& D뺭럑햼ퟜ닺횵뗄뇈훘뫍횱뷓R & D뺭럑햼퓶볓횵뇈훘죽쿮횸뇪쏷쿔룟폚웤쯻탐튵뗄쓇킩닺튵뚨틥캪룟탂벼쫵닺튵ꆣ뺡맜웤쯻튻킩횸뇪튲폫벼쫵쮮욽룟뛈쿠맘ꎬ죧뿆퇐죋풱햼ퟜ풱릤쫽뗄뇈샽뗈ꎬ떫헢킩횸뇪쓚몭맽폚뿭랺뛸쟒좱짙뿉뇈탔ꎬ쯹틔컒쏇죏캪OECD뗄뚨틥쿠뛔뛸퇔뷏캪뿆톧ꆣ 20쫀볍훐웚틔살ꎬ죋샠짧믡뷸죫쇋뗚죽듎벼쫵룯쏼쪱웚ꎬ탅쾢벼쫵돉캪헢튻듎벼쫵룯쏼뗄뇪횾ꎬ퓚쏀맺ꎬ헢튻룯쏼쿠뛔뛸퇔뷸탐뗃ퟮ짮죫ꆢ튲ퟮ맣랺ꆣ틲듋ꎬ놾컄붫ퟅ훘듓탅쾢벼쫵ꆢ춨톶벼쫵뗈룟탂벼쫵닺튵ꎨInformation, Communication Technologyꎩퟷ캪탂뺭볃웳튵1뗄뗤탍듺뇭ꎬ틔쏀맺캪닎헕ꆰ믹ힼꆱꎬ살뾼달탂뺭볃늿쏅뗄뛔췢죚벰웤뷡릹퓚쏀맺ꆢ죕놾뫍얷훞뗄뇭쿖ꆣ ꎨ2ꎩ춶죚벰웤뷡릹 춶죚뷡릹ꎬ쪵훊짏쫇짧믡뷰쇷훐뗄뷰릩룸ꎨ춶ꎩ폫뷰탨쟳ꎨ죚ꎩ헢솽룶뛔솢뗄랽쏦ꆣ컞싛쫇뺭평믺릹쎽뷩뗄볤뷓죚뮹쫇춨맽쫐뎡붻틗뗄횱뷓죚ꎬ뫋탄맘쾵뚼쫇ퟜ솿릩쟳맘쾵ꎬ뛸헢튻맘쾵쿠펦뻶뚨쇋뷰릩쟳뗄볛룱쮮욽벰웤늨뚯ꎬ춬쪱튲뻶뚨쇋뷰죚쫐뎡믺릹뗄듦퓚뿉쓜ꆢ듦퓚뿕볤ꆢ듦퓚뗘캻ꆣ쫂쪵짏ꎬ춶뫍죚ꎬ훁짙퓚ퟜ솿짏ꎬ펦떱쫇ꆰ뷼뫵ꆱ쿠뗈뗄ꎬꆰ뷼뫵ꆱ놳뫳뗄닮틬ꎬ쪵볊짏뻍쫇뷰릩쟳믲춶ꆢ죚뮻훐뗄붻틗돉놾믲훐뷩쎽뷩돉놾ꎬ뮻뻤뮰쮵ꎬ춶 = 죚 + 붻틗믲훐뷩돉놾ꆣ틲듋ꎬ뾼달춶죚뗄뷡릹컊쳢ꎬ컒쏇죏캪ꎬ퓚ퟜ솿뗄뷡릹뾼달짏ꎬ벴뿉틔듓춶뗄뷇뛈좥퇐뺿ꎬ튲뿉틔듓죚뗄랶캧좥첽뺿ꆣ본폚춶훷쳥뗄쿠뛔룼럖즢ꎬ쫽뻝쇏살풴뗄룼쓑폚믱좡ꎬ컒쏇퓚헢샯뗄퇐뺿붫훷튪닠훘퓚죚뗄랽쏦ꎬ뺡맜퓚뛔탂뺭볃뮷뺳쿂춶죚뷡릹뗄뾼달퇐뺿컒쏇튲믡볦맋떽튻룶컊쳢뗄솽룶랽쏦ꆣ 2ꆢ퇐뺿틢틥 ꎨ1ꎩ퇐뺿룟탂벼쫵웳튵죚컊쳢뗄틢틥 죚쫇죎뫎닺튵뗃틔랢햹뗄잰쳡ꎬ뛔룟탂벼쫵닺튵뛸퇔룼쫇헢퇹ꆣ폫뒫춳웳튵쿠뇈ꎬ룟탂벼쫵닺튵뛔ퟔ좻풴뗄틀삵돌뛈뷏뗍ꎬ떫쫇뛔뷰춶죫솿뗄틀삵돌뛈뷏룟ꆣ듓벼쫵쏈톿떽ퟮ훕쪵쿖닺튵뮯ꎬ뚼쫇틔춶죫듳솿뷰캪쿈떼ꆣ룟탂벼쫵웳튵뗄랢햹늻뷶탨튪뷰뗄힢죫ꎬ웤웳튵훎샭뷡릹뗄췪짆폫훎샭쮮욽뗄쳡룟ꎬ뚼샫늻뾪탂춶헟뗄뷸죫ꆣ 듓쇭튻랽쏦살붲ꎬ룟탂벼쫵뗄랢햹뻟폐뫜듳뗄럧쿕ꆣ쫗쿈ꎬ룟탂벼쫵춶뻟폐춻돶뗄럧 1평폚룷맺춳볆뿚뺶뗄늻튻ꎬ놾컄쇏살풴룷틬ꎬ늿럖춼뇭훐탂뺭볃늿쏅뗄뚨틥닉폃뗄쫇뗧탅ꆢ쎽쳥ꆢ뿆벼ꎨ쯵킴캪TMT, Telecommunication, Media & Technologyꎩ뚨틥랽쪽ꎬ짙쫽춼뇭훐짵훁붫짺컯뿆벼뗈쇐죫웤훐ꎬ떫뚼뷸탐쇋쮵쏷ꎬ쯹틔늢늻펰쿬놾컄뗄퇐뺿맽돌폫뷡싛ꆣ
쿕탔ꎬ쪧냜싊뎣뎣듯떽튻냫틔짏ꆣ웤듎ꎬ룟탂벼쫵닺튵퓚춶죫뗄ퟮ돵뷗뛎횻쫇뺻춶죫ꎬ횻폐뺭맽돖탸듳솿뗄춶죫횮뫳닅믡폐닺돶ꎬ헢훖쫕틦맽돌뗄퇏훘훍뫳ꎬ룼쫇볓뻧쇋춶럧쿕ꆣ평폚룟탂벼쫵웳튵듳뛠쫇튻킩훐킡웳튵ꎬ탅쾢늻뛔돆쟩뿶뇈뷏퇏훘ꎬ헢볈냼삨쇋춶탨쟳폫죚탨쟳뗄늻뛔돆ꎬ튲냼삨쇋쿮쒿쓚죝뗄럧쿕탅쾢폫쫕틦탅쾢뗄늻뛔돆ꆣ 퇐뺿룟탂벼쫵웳튵뗄죚컊쳢ꎬ뿉틔캪룟탂벼쫵닺튵뗄랢햹뒴퓬튻룶솼뫃뗄뷰죚뮷뺳ꎬ춬쪱폐킧맦뇜룟탂벼쫵닺튵쯹듸살뗄뷰죚럧쿕ꆣꆰ죧맻쓜퓋폃폐킧냬램뛔뒴탂맽돌뷸탐죚ꎬ늢뷸뛸돶쿖뛔놾릹돉맽돌폖듙뷸ퟷ폃뗄뷰죚뒴탂ꎬ뺭볃랢햹맽돌훐쫽솿뫍훊솿뗄뇤뮯믡풽살풽쿔훸ꆣ쳘뇰쫇ꎬ죧맻튪쪹탂뗄놾믵컯쳥쿖탂벼쫵ꎬ죧맻탂닺욷튪쟳짺닺ퟷ훘듳룄뇤ꎬꎬ2퓲컞싛쫇뺭볃럖컶뮹쫇뺭볃헾닟ꎬ뚼뇘탫냑춶맽돌ퟷ캪맘힢뗄훐탄ꆣꆱ뿉볻ꎬ퇐뺿룟탂벼쫵웳튵뗄죚컊쳢뻟폐뫜잿뗄쪵볹틢틥ꆣ ꎨ2ꎩ탂뺭볃늿쏅춶죚퇐뺿틢틥 탂뺭볃뗄룅쓮벰웤뷧뚨웰폚짏쫀볍뻅쪮쓪듺훐웚벰뫳웚ꆣ쯦ퟅ쏀맺탂탋룟벼쫵닺튵ꎬ벴3쯹캽뗄ꆰ탂뺭볃ꆱ엝쒭뗄웆쏰ꎬ좫쟲쿠맘뗄닺튵돌뛈늻춬뚼쫜떽쇋돥믷ꎬ틔훂뛔폚ꆰ탂뺭볃ꆱ컊쳢뗄퇐뺿뫃쿳돉캪쇋ꆰ맽좥쪽ꆱꆣ컒쏇죏캪ꎬ뛔탂뺭볃뗄춶죚뷡릹ꆢ쳘뇰쫇웤뇤뚯뗄퇐뺿횻쫇뛔뺭볃헻쳥훐쒳튻믮풾쟒돤싺믺믡뗄쳘쫢릹돉뗄퇐뺿ꎬ쯼놾짭ꆢ냼삨퇐뺿뾼달뫳쯹뗃돶뗄튻킩뷡싛캴뇘뛔짧믡뺭볃헻쳥ꆢ뛔짧믡뷰뗄쇷뚯엤훃룱뻖ꆢ뛔헻룶짧믡훷쇷탔뗄춶죚뷡릹뻟폐웕뇩탔틢틥ꆣ떫쫇ꎬ컒쏇펦떱죏쪶떽ꎬ짧믡뷰죚믮뚯ꎬퟷ캪짧믡뺭볃믮뚯퓋탐뗄맘볼훐탄쯹퓚ꎬ쫂쪵짏욽뻹뛸퇔튻횱쫇쇬쿈폚웤쯻뺭볃늿럖뗄ꆣ틲듋ퟷ캪룼캪춻잰뗄탂뺭볃뮷뺳쿂뗄춶죚뷡릹뗄뇤뚯ꆢ뒴탂ꎬ뛔웤뾼달퇐뺿컞틉폐ퟅ뎬잰탔틢틥ꆣ 뛾ꆢ 죚톡퓱ꎺ샭싛볲뷩 웳튵죚쫇쿖듺웳튵뺭펪뻶닟뗄훘튪쓚죝횮튻ꆣ쯼늻뷶뛔웳튵뗄돯돉놾폐뻶뚨탔ퟷ폃ꎬ뛸쟒횱뷓뻶뚨쇋웳튵뗄춶쪱볤ꆢ춶맦쒣폫춶랽쿲ꆣ웳튵뗄죚뻶닟폫춶뻶닟쿠뮥펰쿬ꎬ릲춬뻶뚨쇋웳튵뗄캴살랢햹ꆣ웳튵룶쳥뗄죚뻶닟ퟷ캪뷰탨쟳튻랽ꎬ뛔뫪맛뷰죚뷡릹뗄탎돉웰ퟅ훘튪ퟷ폃ꆣ뿉볻ꎬ컞싛듓뫪맛뛸퇔ꎬ뮹쫇듓캢맛뛸퇔ꎬ웳튵죚샭싛뗄퇐뺿뚼뻟폐훘튪뗄틢틥ꆣ 웳튵죚샭싛퇐뺿뗄훷튪쫇솽훖믹놾뗄죚랽쪽ꆪꆪ막좨죚폫햮컱죚ꆪꆪ뗄폅탲톡퓱컊쳢ꆣ쿂쏦컒쏇뻍살볲튪믘맋튻쿂웳튵죚샭싛뗄랢햹샺돌ꆣ 죚샭싛뗄퇐뺿웰풴폚쾣뿋쮹1946쓪뗄ꆶ볛횵폫놾ꆷ튻쫩ꆣ퓧웚죚샭싛믹놾뿉럖캪틔쿂죽훖맛뗣ꎺ뺻쫕틦샭싛ꆢ뺻펪튵쫕죫샭싛폫헛훔샭싛ꆣ뺻쫕틦샭싛볙뚨웳튵뗄뷰살풴늻쫜쿞훆ꎬ솽훖랽쪽뗄죚돉놾놣돖늻뇤ꆣ평폚햮좨죋폐폅쿈쟳뎥좨ꎬ럧쿕쿠뛔뷏뗍ꎬ햮컱죚돉놾튻냣튪뗍폚막좨죚돉놾ꆣ틲듋ꎬ죧맻웳튵햮컱죚뇈샽풽듳ꎬ닆컱룜룋풽룟ꎬ웳튵놾볓좨돉놾뻍풽뗍ꎬ웳튵볛횵뻍믡풽룟ꆣ틲듋ꎬ뺻쫕틦샭싛죏캪웳튵펦룃뺡뿉쓜뗄쪹폃햮컱죚쫖뛎ꎬ틔쳡룟웳튵볛횵ꆣ뺻펪튵쫕죫샭싛죏캪ꎺ뺡맜햮컱죚돉놾늻뇤ꎬ떫쯦ퟅ햮컱죚뗄뇈샽퓶듳ꎬ막뚫쏦쇙뗄럧쿕튲퓚퓶듳ꎬ뛸웳튵놾볓좨돉놾늻뇤ꎬ틲듋ꎬ웳튵볛횵폫죚뻶닟컞맘ꆣ헛훔맛뗣퓲뻓폚솽헟횮볤ꎬ죏캪ꎺ쯦ퟅ햮컱죚뇈샽뗄쳡룟ꎬ웳튵쏦쇙뗄럧쿕늻뛏퓶듳ꎬ햮좨죋쯹튪쟳뗄놨돪싊튲믡풽룟ꆣ떱닆컱룜룋듯떽튻뚨돌뛈쪱ꎬ막뚫좨틦뗄놨돪싊튲믡쳡룟ꎬ틲듋ꎬ햮컱퓶볓뛔웳튵볛횵쳡룟쫇폐샻뗄ꎬ떫뇘탫쫊뛈ꆣ퓚ퟮ폅놾뷡 2 닎볻얷훞춶틸탐ꎺꆶ뒴탂ꆤ벼쫵폫뷰죚ꆷ뗚6튳ꎬ뛎폀뿭틫ꎬ놱뺩ꎺ훐맺짳볆돶냦짧1993쓪ꎬ틽ퟔ룰붨탂훸ꆶ훐맺룟벼쫵닺튵죚ꆷ훐맺볆뮮돶냦짧2002쓪 3 컒쏇죏캪듓퇏룱뗄틢틥짏쮵ꎬ쯹캽엝쒭뗄웆쏰쪵훊쫇쿠맘늿쏅퓶뎤틲뎬쯙뛸떼훂뗄풴엤훃ꆢ쳘뇰쫇튪쯘풴ퟩ뫏엤훃쪧뗷뫳돶쿖뗄튻훖듳럹뛈뗷헻ꎬ벴뎬뎣틽랢뎬뗷ꆣ
릹뗣짏ꎬ막좨죚폫햮컱죚뗄뇟볊돉놾펦룃쿠뗈ꆣ퓚퓧웚죚샭싛훐ꎬ헛훔샭싛뇈뷏뷓뷼쿖쪵쟩뿶ꎬ떫쫇훷튪쫇믹폚뺭퇩에뛏ꎬ뛸럇퇏쏜뗄췆샭ꎬ쇮죋쓑틔탅럾ꆣ 쒪뗏룱샻낲쓡뫍쏗샕1958쓪퓚뺻펪튵쫕죫샭싛짏쳡돶쇋훸쏻뗄M-M뚨샭ꎬ뗬뚨쇋쿖듺죚샭싛뗄믹쪯ꆣ쯻쏇춨맽퇏룱뗄쫽톧췆떼ꎬ횤쏷쇋퓚튻뚨뗄볙짨쳵볾쿂ꎬ웳튵볛횵폫쯻쏇쯹닉폃뗄죚랽쪽컞맘ꆣ평폚룃뚨샭볙짨쳵볾맽폚랱뛠ꎬ쎻폐뾼싇웳튵뫍룶죋쯹뗃쮰ꆢ웳튵웆닺럧쿕ꆢ놾쫐뎡뗄늻췪짆뗈틲쯘ꎬ웤뷡싛퓚쿖쪵짺믮훐폶떽쇋뷏듳뗄쳴햽ꆣ캪듋ꎬ쒪뗏룱샻낲쓡뫍쏗샕1962쓪폖뛔룃샭싛뷸탐쇋탞헽ꎬ붫릫쮾쯹뗃쮰쓉죫쇋뾼싇랶캧ꆣ평폚웳튵햮컱죚쯹닺짺뗄샻쾢뿉틔볆죫돉놾뛸쏢붻쯹뗃쮰ꎬ뛸샻죳폫막쾢탨튪뷉쓉웳튵쯹뗃쮰ꎬ틲듋M-M탞헽뚨샭죏캪ꎺ햮컱죚믡틲캪샻쾢쏢쮰뛸퓶뷸웳튵뗄볛횵ꎬ웳튵뢺햮싊풽룟풽뫃ꎬ웳튵펦룃뺡뿉쓜쪹폃햮컱죚ꆣ쯻쏇퓚1977쓪폖붫룶죋쯹뗃쮰쓉죫쇋쒣탍횮훐ꎬ뷡맻랢쿖ꎺ룶죋쯹뗃쮰뗄듦퓚ꎬ믡늿럖뗖쿻쯹뗃쮰뗄뷚쮰샻틦ꎬ떫뢺햮뗄뷚쮰ퟷ폃죔좻듦퓚ꎬ뷡싛죔좻죏캪웳튵뗄뢺햮싊풽룟풽뫃ꎬ햮컱죚랽쪽죔좻폅폚막좨죚랽쪽ꆣ 20쫀볍70쓪듺닺짺쇋튻훖탂뗄죚샭싛ꆪꆪ좨뫢샭싛ꆣ좨뫢샭싛죏캪ꎬ쯦ퟅ웳튵햮컱풽살풽듳ꎬ웳튵웆닺뗄뿉쓜탔늻뛏쳡룟ꎬ죚럑폃퓶볓풽살풽뛠ꎬ웳튵뗄듺샭돉놾튲풽살풽룟ꎬ틲듋ퟮ폅죚뷡릹좡뻶폚쏢쮰쫕틦폫돉놾ꎨ냼삨닆컱캣믺돉놾ꆢ듺샭돉놾ꎩ횮볤뗄뻹뫢ꎬ떫룃싖죔좻붫햮컱죚럅퓚폅쿈캻훃짏ꆣ좨뫢샭싛좱쿝퓚폚ꎺ닆컱캣믺돉놾폫듺샭돉놾뫜쓑솿뮯ꎬ틲듋뫜쓑퓚쿖쪵쫀뷧훐펦폃ꆣ떫좨뫢샭싛뗚튻듎퓚샭싛짏쏷좷쇋펰쿬죚뻶닟뗄솽룶틲쯘ꎬ죔쫇폐웤볛횵뗄ꆣ 믹폚짏쫶샭싛뗄좱쿝ꎬ쎷튮쮹뗈톧헟1984쓪쳡돶쇋ꆰ늻뛔돆탅쾢샭싛ꆱꆣ헢훖샭싛죏캪ꎺ췢늿죚돉놾돽쇋컒쏇춨뎣뾼싇뗄돉놾횮췢ꎬ뮹튪뾼싇탂랢탐횤좯놻뗍맀뗄돉놾ꎬ헢퇹뗄뮰ꎬ웳튵퓚뷸탐죚뻶닟쪱ꎬ믡쫗쿈뾼싇쓚늿뷰ꎬ햮컱죚튲믡폅폚막좨죚ꎬ횻폐헢퇹ꎬ웳튵닅쓜뇜쏢늻뇘튪뗄탂랢탐횤좯놻뗍맀뗄돉놾ꆣ헢튻샭싛뗄믹놾뗣폐죽룶ꎺ ꎨ1ꎩ 웳튵믡뷟솦뇜쏢춨맽랢탐웕춨막믲웤쯻럧쿕횤좯살좡뗃뛔춶쿮쒿뗄죚ꎻ ꎨ2ꎩ 캪쪹쓚늿죚쓜싺ퟣ듯떽헽뎣좨틦춶쫕틦싊뗄춶탨튪ꎬ웳튵뇘좻튪좷뚨튻룶쒿뇪막샻뇈싊ꎻ ꎨ3ꎩ 퓚싺ퟣ낲좫뗄잰쳡쿂ꎬ웳튵닅믡볆뮮춨맽췢늿죚틔뷢뻶늿럖뷰탨튪ꎬ뛸쟒믡듓랢탐럧쿕뷏뗍뗄횤좯뾪쪼ꆣ헢퇹ꎬ룃샭싛뻍뷢쫍쟥돾쇋폅탲죚샭싛뗄솽룶훐탄쮼쿫ꎺ욫뫃쓚늿죚ꎻ죧맻탨튪췢늿죚ꎬ퓲욫뫃햮컱죚ꆣ헢튻샭싛뗃떽쇋첩쳘싼뫍캬쮹죻뛻쮹ꎨTitman & Wessels, 1988ꎩ뗄볬퇩ꎬ볤뷓횤쏷쇋웤헽좷탔ꆣ ퟛ짏쯹쫶ꎬ쿖폐죚샭싛죏캪ꎺ웳튵뗄ퟮ폅죚뻶닟쫇뚯첬뗄ꎬ펦룃룹뻝웳튵뻟쳥쟩뿶살ퟷ돶에뛏폫뻶닟ꆣ춨뎣쟩뿶쿂ꎬ웳튵뗄죚듦퓚폅탲맘쾵ꎬ벴쓚늿죚폅쿈폚췢늿죚ꎬ뛸췢늿죚훐햮컱죚폖폅쿈폚막좨죚ꆣ 죽ꆢ짧믡죚뷡릹ꎺ쏀ꆢ얷ꆢ죕뗄뇈뷏 퓚짌욷뺭볃뗄쫽잧쓪랢햹훐ꎬ죚튲춬퇹냩쯦쇋벸뫵쿠춬뗄샺쪷뷸돌ꆣ떫듓쿖듺쫐뎡뺭볃뗄뷇뛈살뾴ꎬ쿖듺뗄짧믡죚랽쪽좴훷튪쫇뷼튻ꆢ뛾냙쓪뗄쫂쟩ꎬ튲뻍쫇쿖듺뷰죚쫐뎡쳥쾵쪵쿖웤릹퓬뗄샺쪷쪱웚ꆣ컒쏇쿖퓚쯹쮵뗄쯹캽죚랽쪽벰웤뷡릹ꎬ쫇퓚뒫춳뺭볃퓋탐쒣쪽쿂뷸탐뗄뾼달ꎬ웤뗤탍쳘헷뻍쫇뷼ꆢ쿖듺릤튵룯쏼랢햹뷸돌훐헻룶짧믡ꆢ쳘뇰쫇룶죋ꆢ웳튵ꆢ믺릹춨맽횱뷓죚ꎨ뷰죚쫐뎡쟾뗀ꎩ뫍볤뷓죚ꎨ훐뷩믺릹쟾뗀ꎩ쯹탎돉뗄죚뫍춶뷡릹ꎬ믲햮좨폫햮컱뷡릹ꆣ죧맻컒쏇튻뚨튪붫짏쫀볍뻅쪮쓪듺틔살ꆰ탂뺭볃ꆱ퓚짧믡춶죚뷡릹짏
뗄튻쾵쇐뇤뮯럖뷧돶튻훖짧믡춶죚뗄탂뷡릹ꎬ쓇쎴횱뷓죚폫볤뷓죚ꆢ냼삨웤랽쪽뷡릹뻍룃퓚듋놻뷧뚨캪뒫춳죚ꆣ떫퓚듋ꎬ컒쏇붫훷튪쳖싛ꆰ탂뺭볃ꆱ뮷뺳쿂뗄죚뷡릹뇤뮯컊쳢ꎬ떫ퟷ캪믹뒡ꎬ컒쏇폐뇘튪뛔쯹캽뗄뒫춳죚쒣쪽벰웤랽쪽뷡릹뷸탐뷏쾵춳뗄믘맋뾼달ꎬퟷ폃뻍쫇춨맽폫ꆰ탂뺭볃ꆱ죚랽쪽뷡릹뗄뇈뷏ꎬ헒톰돶쪵쪵퓚퓚뗄뇤뮯뒴탂쯹퓚ꆣ 볤뷓죚ꎬ벴훷튪틔틸탐탅듻죚캪훷떼뗄웳튵죚랽쪽ꎬ훁뷱죔좻쫇좫쟲뻓폚횧엤탔뗘캻뗄짧믡죚쟾뗀ꎬ늢죔좻퓚쿖듺짧믡뗄뷰쇷훐웰ퟅ뫋탄뗄ퟷ폃ꆣ쫂쪵짏ꎬ룹뻝늻췪좫탅쾢뫍캯췐듺샭샭싛ꎬ틸탐뗄훷튪릦쓜쫇붫럇쇷뚯닺뮻캪쇷뚯뢺햮,춨맽캪듺샭죋쳡릩쮽죋탅쾢살뛔쇷뚯탔럧쿕뷸탐놣쿕 (Diamond and Dybvig,1983)ꎬ춬쪱춨맽뿘훆뷨랽돉놾살쪹뷨듻쮫랽볤뗄듺샭돉놾ퟮ킡뮯 (Diamond,1984)ꆣ맘폚틸탐튵릦쓜뗄훸쏻싛컄쫇ꆶ틸탐튵폐뫎늻춬ꆷ(Fama,1985)ꆣ룃싛컄뗄튻룶훸쏻뗄맛뗣뻍쫇ꎬ평폚틸탐뻟폐샻폃쓚늿탅쾢쳡릩햮컱뗄뎬벶쓜솦 ,쯹틔틸탐튵뷏횮놾쫐뎡뻟폐뇈뷏폅쫆ꆣ헢킩폅쫆뗄뇭쿖뫍ퟷ폃훁짙컒쏇죏캪폐틔쿂벸룶랽쏦ꎺ 1ꆢ볤뷓죚뻓훷떼뗘캻ꆣ뺡맜ퟷ캪볤뷓죚훷튪훐뷩믺릹뗄짌튵틸탐뗄뗘캻퓚듳뛠쫽맺볒뷔돊쿔훸쿂붵쟷쫆ꎬ떫틔탅듻ꆢ폈웤쫇뺭틸탐쪵쿖뗄탅듻죚컞틉죔좻쫇훷떼탔랽쪽ꆣ퓚뫅돆놾쫐뎡ퟮ랢듯ꆢ횱뷓죚ퟮ믮풾뗄쏀맺ꎬ쫂쪵짏틸탐탅듻뮹쫇뇈훘뻸뛔뒦폚폅쫆뗘캻뗄죚랽쪽ꎬ볻춼1ꆣ뛸퓚쇭췢튻킩맺볒ꎬ냼삨틸탐샺살ퟷ캪짧믡뷰쇷뚯훐쫠뗄얷훞ꎬ춬퇹뇭쏷쇋틔틸탐탅듻캪훷떼뗄웳튵죚뷡릹ꎨ춼2ꎩꆣ %%%%듻뿮랢탐햮좯랢탐막욱웤쯻 춼1 쏀맺럇뷰죚웳튵ꆢ믺릹췢풴죚랽쪽뗄럖늼뷡릹 쇏살풴ꎺColin Mayer, “Financial Systems, Corporate Finance, and Economic Development,” in Asymmetric Information, Corporate Finance and Investment, ed. R. Glenn Hubbard (Chicago: University of Chicago Press, 1990), .
%%%%%%%%틸탐듻뿮햮좯막욱웤쯻쏀맺펢맺램맺뗂맺죕놾볓쓃듳 춼2 랢듯6맺뗄짧믡죚뷡릹뇈뷏 쇏살풴ꎺColin Mayer, “Financial Systems, Corporate Finance, and Economic Development.” In Asymmetric Information, Corporate Finance, and Investment, ed. R. Glenn Hubbard (Chicago: University of Chicago Press1990), p. 312. 42ꆢ짧믡뷰쇷뚯ꆢ엤훃훐틸탐췘햹솦뛈뗄복죵ꆣ쿖듺틢틥짏뗄짌튵틸탐쫗쿈쫇듓얷훞떮짺뗄ꎬ쯹틔퓚얷훞ꎬ횱떽쒿잰ꎬ뺡맜뒫춳뗄짌튵틸탐웕뇩틑뺭쪵쿖뛠퇹뮯ퟛ뫏뺭펪뗄쒣쪽뮻ꎬ떫웤뫋탄뗘캻늻뷶캴쫜떽쪵훊탔쳴햽ꎬ뛸쟒쯦ퟅ웤쿲놾쫐뎡벰탂탍훐볤튵컱뗄좫랽캻췘햹ꎬ랴뛸쫐뎡뗘캻룼뗃떽쇋늻춬돌뛈뗄볓잿ꆣ떫쫇ꎬ쿠뛔웤쯻럇틸탐뷰죚믺릹뛸퇔ꎬ짌튵틸탐뗄랢햹쫆춷좷쪵틑뺭풶늻죧퓸뺭믔믍뗄쓇쫽냙쓪ꆣ퓚ꆶ닆뢻ꆷ퓓횾릫늼뗄쫀뷧500잿웳튵훐ꎬ틸탐뗄쫽솿튻횱퓚10볒틔쓚엇뮲ꎨ볻뇭1ꎩꆣ2001쓪뷸죫500잿뗄짌튵틸탐쫽솿룼쫇쿂붵떽쇋횻폐6볒ꆣ떫횵뗃힢틢뗄쫇폐3볒뷸죫ퟛ뫏업쏻잰20쏻ꎬ떫쓇쫇쏀맺뗄짌튵5틸탐ꎬ벴쏀맺뮨웬벯췅ꆢ쏀맺쏀훞틸탐뫍쒦룹듳춨틸탐ꆣ쯹틔ꎬ컒쏇뿉틔뿏뚨ꎬ틸탐ꎬ컞싛쫇퓚뒫춳뗄짌튵틸탐틢틥짏ꎬ뮹쫇퓚뿧튵뺭펪뗄ퟛ뫏틸탐믹뒡짏ꎬ틸탐좷쪵죔좻쫇짧믡뷰쇷엤훃뗄뫋탄쯹퓚ꎬ퓚뫅돆뺭평놾쫐뎡쪵쪩횱뷓죚ퟮ랢듯뗄쏀맺ꎬ튲죔좻쫇죧듋ꆣ떫6퓚ퟷ캪쿖듺틸탐랢풴뗘뗄얷훞ꎬ훁짙틸탐튵틑뺭쿠뛔실뫳폚좫쟲틸탐튵뗄랢햹ꆣ 뇭1 1996-2001쓪ꆶ닆뢻ꆷ500잿훐뷰죚튵릫쮾쫽솿뗄뇤뚯 탐튵 1996 1997 1998 1999 2000 2001 놣쿕 11 12 16 16 15 10 짌튵틸탐 7 10 9 8 10 6 횤좯ꎨ춶틸탐ꎩ 0 1 2 2 2 3 웤쯻뷰죚웳튵 0 1 2 2 7 4 뷰죚샠릫쮾킡볆 18 24 29 28 34 23 쇏살풴ꎺꆶ닆뢻ꆷ퓓횾2002쓪룷웚ꆣ 3ꆢ틸탐죔좻쫇쿖듺뷰죚쫐뎡뗄훷떼ꆣ돽펢맺ꆢ뫉삼췢ꎬ얷훞막욱쫐뎡폫쏀맺ꆢ죕놾쿠 4 틔쿂횱뷓볲돆캪짌튵틸탐ꆣ 5 쫂쪵짏잰20볒ퟮ듳릫쮾훐뗄뛾볒춶틸탐쒦룹쮹첹샻ꆪꆪ쳭믛ꆢ룟쪢튲춬퇹쫇살ퟔ폚쏀맺뗄릫쮾ꆣ 6 컒쏇죏캪ꎬꆰ탂뺭볃ꆱ늢럇짧믡뺭볃뗄훷쳥ꎬ돤웤솿횻쫇웤훐뗄튻늿럖ꎬ틲듋퓚탂뺭볃쇬폲뗄짧믡죚뷡릹훐ꎬ죧맻틸탐뗄훷떼탔ퟷ폃뺭맽컒쏇뫳쏦뗄퇐뺿뾼달뇭쏷늻듦퓚믲틑뺭듳듳쿷죵ꎬ쓇늢늻쮵쏷틸탐퓚헻룶짧믡죚뷡릹훐뗄훷떼탔뗘캻뗄즥쪧ꆣ
뇈쿠뛔쿔뗃늻랢듯ꆣ퓚쏀맺ꎬ쮽죋ꆢ럇틸탐뷰죚믺릹ꎨ릲춬믹뷰ꆢ춶틸탐ꆢ퇸샏믹뷰ꎩ뗈펵폐뻞뛮뗄막욱춶ꎬ뛸퓚얷훞ꎬ막욱쫐뎡뗄훘튪탔퓲쿔뗃뷏캪폐쿞ꎬ쿠뇈뛸퇔ꎬ죋쏇룼욫낮쫕틦쿠뛔만뚨뗄햮좯ꆣ 뇈횮얷훞횤좯쫐뎡뗄쿠뛔늻랢듯ꎬ웤틸탐튵좴퓚얷훞뷰죚쳥쾵훐죔좻햼뻝ퟅ횧엤탔뗘캻ꎬ폈웤쫇얷훞듳슽맺볒ꎬ웤뷰죚쾵춳쫇틔틸탐캪훷떼뗄ꆣ컒쏇쮵틸탐퓚뷰죚쾵춳훐햼횧엤탔뗘캻ꎬ쫇횸틸탐퓚컼쫕듦뿮ꆢ럖엤놾ꆢ볠뚽뢺햮릫쮾뗄뺭샭뗄춶뻶닟틔벰쳡릩럧쿕맜샭릤뻟랽쏦랢믓쇋ퟮ훷튪뗄ퟷ폃ꆣ퓚쇭튻킩맺볒ꎬ죧펢맺뫍쏀맺ꎬ웤뷰죚쾵춳퓲쫇틔쫐뎡캪훷떼뗄ꎬ벴횤좯쫐뎡퓚듙쪹짧믡뒢탮쿲웳튵ꆢ볓잿릫쮾뿘훆틔벰붵뗍럧쿕랽쏦랢믓쇋훁짙7뫍틸탐춬뗈훘튪뗄ퟷ폃ꆣ 뫢솿튻맺믲튻뗘쟸뗄막욱쫐뎡ꆢ햮좯쫐뎡ꆢ틸탐퓚웤뷰죚쾵춳훐쯹햼뗘캻뗄튻룶볲떥랽램쫇뾴룷룶늿쏅쾵춳쯹뿘훆뗄뷰죚닺뇈샽ꆣ듓뇭2살뾴ꎬ1999쓪뗗얷풪쟸틸탐듻뿮햼GDP뗄뇈샽듯떽100%ꎬ쫇쏀맺헢튻뇈샽뗄2놶ꎬ폫죕놾뗄뇈샽쿠뷼ꆣ듓막욱쫐뎡쫐횵햼GDP뗄뇈훘살뾴ꎬ떽1999쓪뗗ꎬ퓚얷풪쟸ꎬ막욱쫐횵햼GDP뗄뇈훘캪%ꎬ뛸쏀맺뫍죕놾퓲럖뇰캪%뫍%ꎬ얷훞막욱쫐횵햼GDP뗄뇈훘풶풶뗍폚쏀맺뫍죕놾ꎨ볻춼2ꎩꆣ1999쓪6퓂ꎬ얷풪쟸ꆢ쏀맺ꆢ죕놾햮좯쫐뎡쫐횵햼GDP뗄뇈샽럖뇰캪%ꆢ%뫍%ꎬ뿉틔뾴떽얷훞햮좯쫐뎡쫐횵햼GDP뗄뇈샽튲쏷쿔뗍폚쏀맺뫍죕놾ꆣ 뇭2 쏀맺짌튵틸탐튵뗄쫐뎡벯훐ꎨ1998쓪9퓂ꎩ 닺맦쒣 틸탐쫽솿 햼틸탐ퟜ쫽뇈샽 햼좫탐튵닺뇈샽 2500췲쏀풪틔쿂 2500-5000췲쏀풪볤 1990 췲-1틚쏀풪볤 1틚-5틚쏀풪볤 2650 틚-10틚쏀풪볤 10틚-100틚쏀풪볤 319 틚쏀풪틔짏 뫏볆 8910 100100쇏살풴ꎺ솪냮뒢탮놣쿕릫쮾ꎬ1998쓪틸탐튵춳볆릫놨ꆣ 뇭3 1998쓪쏀맺ퟮ듳10볒틸탐 틸탐쏻돆 닺ꎨ10틚쏀풪ꎩ 퓚좫늿짌튵틸탐닺훐햼뇈 1 Citybank, New York % 2 The Chase Manhattan Bank, New York % 3 Nationsbank, Charlotte, NC % 4 Bank of America National Trust and Savings %Association, San Francisco 5 First Union National Bank, Charlotte, NC % 6 Mogan Guaranty Trust Company, New York % 7 Bankers Trust Co., New York % 7 떱컒쏇쮵펢쏀틔뷰죚쫐뎡햼훷떼뗘캻ꎬ뻍믺릹뗄죚뷡릹살뾼달ꎬ훷튪뮹쫇웳튵랢탐햮좯햼뻝쿠떱뇈훘ꆣ폫탭뛠죋뗄듭뻵늻춬ꎬ쫂쪵짏펢쏀웳튵퓚막좨쫐뎡짏뗄죚솿퓚헢솽룶맺볒짧믡죚ퟜ솿훐뗄뇈훘쫇쿠떱뗍뗄ꎬ샽죧쏀맺퓚3%틔쿂ꆣ닎볻Frederic S. Mishkin and Stanley G. Eakins, Financial Markets and Institutions, Addison-Wesley 2000.
8 Wells Fargo Bank, National Association, San % Francisco 9 KeyBank National Association, Cleveland, Ohio % 10 Fleet National Bank, Providence, RI % 뫏볆쇏살풴ꎺFrederic S. Mishkin and Stanley G. Eakins, Financial Markets and Institutions, Addison-Wesley 2000(Third Edition) . 쯦ퟅ1999쓪얷풪뗄떮짺ꎬ쳘뇰쫇2002쓪뗄좫쏦뷸죫쇷춨ꎬ얷풪쟸쫐뎡ꆢ냼삨뷰죚쫐뎡뗄튻쳥뮯뷸돌퓚쏷쿔볓뿬ꎬ웤훐펰쿬ퟮ듳ꆢ튻쳥뮯뷸돌ퟮ쿔훸뗄훷튪벯훐퓚놾쫐뎡훐뗄뎡쓚붻틗쫐뎡쇬폲ꎬ웤횱뷓뇭쿖뻍쫇랢짺퓚얷풪쟸쓋훁얷쏋랶캧뗄붻틗쯹횮볤뷏듳럹뛈뗄볦늢ꆢ쫕릺ꆢ훘ퟩ믮뚯ꆣ쓇쎴ꎬ퓚틸탐튵쫐뎡ꎬ헢훖튻쳥뮯뗄뷸돌폐럱뿉쓜펰쿬떽얷쏋틸탐튵뗄쫐뎡뷡릹벰웤퓚좫쟲틸탐튵훐뗄뗘캻쓘ꎿ헢헽쫇컒쏇쫔춼퓚놾컄훐볓틔쳖싛뗄쓚죝ꆣ 퓚얷훞뷰죚쫐뎡ꎬ틸탐튵샺살햼뻝ퟅ뻙ퟣ쟡훘뗄뗘캻ꆣ폫쏀맺늻춬ꎬ얷훞듳뛠쫽맺볒뗄뷰죚쫐뎡뷡릹쫇틔틸탐캪훐뷩훷쳥뗄볤뷓죚캪훷떼뗄ꎨ볻춼1ꎩꆣ20쫀볍90쓪듺틔살ꎬ볠맜뗄럅쯉ꆢ벼쫵뗄랢햹ꆢ뺭볃뷰죚좫쟲뮯틔벰얷풪춳튻뷸돌뗄볓뿬ꎬ볓쯙쇋얷훞뷰죚쳥쾵뷡릹뗄훘ퟩꆣ헢킩틲쯘뛔얷훞틸탐튵뗄돥믷폈캪쏷쿔ꎬ듓뛸쪹뗃얷훞틸탐튵돊쿖돶탭뛠탂뗄쳘탔ꎬ뻟쳥훷튪뇭쿖퓚틔쿂벸룶랽쏦ꎺ 춼3 얷ꆢ쏀ꆢ죕맺쓚막욱놾쫐횵햼GDP뇈샽 쇏살풴 FIBV and ECB Calculations. Market Capitalization in the United States: NYSE and Nasdaq; Japan: Tokyo; Euro Area and other EU Countries: Sum of Market Capitalization in the Respective Countries as reported by FIBV. 뿉볻ꎬ얷훞뫍쏀맺쿠뇈ꎬ얷훞뻟폐쿠떱랢듯뗄틸탐늿쏅뫍쿠뛔뷏늻랢듯뗄햮좯뫍막욱쫐뎡ꎬ쏀맺뗄쟩뿶퓲룕뫃쿠랴ꆣ퓬돉헢룶쿖쿳뗄풭틲훷튪퓚폚얷쏀솽뗘볠맜뗄늻춬ꆢ얷훞뗄좫쓜틸탐훆뛈틔벰쏀맺1933쓪ꆶ룱삭쮹-쮹뗙룱뛻램ꆷ좷솢뗄럖튵뺭펪훆뛈ꆣ 쇭췢ꎬ얷훞샺살폐힢훘뒢탮뗄쾰맟ꎬ뒢탮싊튻횱뷏룟ꆣ샽죧1996쓪ꎬ얷훞볒춥뗄뺻뒢탮싊햼GDP뗄6%ꎬ뛸쏀맺뷓뷼폚0ꆣ늢쟒ꎬ얷훞볒춥붫듳늿럖뒢탮듦럅폚틸탐ꎬ믲폃폚릺싲햮좯ꎬ쟒훷튪쫇럧쿕뛈뷏뗍뗄맺햮ꆣ폫횮쿠뇈ꎬ쏀맺볒춥퓲훷튪뷸탐횤좯춶ꎨ믲횱뷓믲춨맽뮥훺믹뷰뫍퇸샏믹뷰틔볤뷓랽쪽뷸탐춶ꎩꆣ
뇭4 얷쏀죕뷰죚쳥쾵뇈뷏 얷풪쟸 쏀맺 죕놾 쫽솿 ꎨ떥캻ꎺ틚얷풪ꎩ 47 522 47 428 44 675 틸탐듦뿮 햼GDP뇈샽ꎨ떥캻ꎺ%ꎩ 쫽솿 ꎨ떥캻ꎺ틚얷풪ꎩ 61 361 41 548 42 808 틸탐듻뿮 햼GDP뇈샽ꎨ떥캻ꎺ%ꎩ 쫽솿 ꎨ떥캻ꎺ틚얷풪ꎩ 54 227 141 408 50 611 캴뎥뢶맺쓚햮좯 햼GDP뇈샽ꎨ떥캻ꎺ%ꎩ 웤훐ꎺ 쫽솿 ꎨ떥캻ꎺ틚얷풪ꎩ 2 023 24 938 5 834 릫쮾햮 뷰죚믺릹햮 쫽솿 ꎨ떥캻ꎺ틚얷풪ꎩ 18 915 39 001 7 537 릫릲늿쏅햮 쫽솿 ꎨ떥캻ꎺ틚얷풪ꎩ 33 290 77 468 37 239 쫽솿 ꎨ떥캻ꎺ틚얷풪ꎩ 43 460 138 611 62 758 막욱쫐뎡쫐횵 햼GDP뇈샽ꎨ떥캻ꎺ%ꎩ 놸힢ꎺ1ꎩ돽막욱쫐횵쫇1999쓪10퓂럝뗄쫽뻝췢ꎬ웤폠쫽뻝뻹캪1999쓪6퓂럝쫽뻝ꆣ 2ꎩ쇏살풴ꎺ틽폚Agnes Belaisch, Joaquim Levy and Angel Ubide [2001], “Euro-Area Banking at the Crossroads”, IMF 쯄ꆢ탂뺭볃웳튵죚뷡릹ꎺ훷튪쳘뗣 1ꆢ룟탂벼쫵웳튵늿쏅뗄죚뷡릹 뛔죚헟뛸퇔ꎬ막좨죚폫햮컱죚뫎헟캪폅ꎿ헢샯컒쏇늻럁쿈살뾼달솽훖죚랽쪽퓚춶죋뗄쫕틦ힴ뿶폫럧쿕럖늼짏뗄닮틬ꆣ퓚햮컱죚쟩뿶쿂ꎬ죧맻웳튵뺭펪돉릦ꎬ햮좨죋뗄쫕틦뷶쿞폚듻뿮뛮폫쯹쫕좡뗄샻쾢ꎬ뛸웳튵죧맻뺭펪쪧냜ꎬ햮좨죋뫜쓑뇜쏢쯰쪧ꆣ뛸퓚막좨죚뗄쟩뿶쿂,춶헟뗄쫕틦폫웳튵뗄뺭펪쾢쾢쿠맘,만좻웳튵쪧냜룅싊뫜듳,떫쫇죧맻웳튵돉릦뗄뮰,웤쫕틦튲뫜듳ꆣ춼4햮좯춶헟쫕틦몯쫽돊낼몯쫽ꎬ뛸막좨춶헟쫕틦몯쫽돊춹몯쫽벴랴펳쇋헢훖닮틬ꆣ 50햮좨춶헟뗄쫕틦쫕틦40막좨춶헟뗄쫕틦302010릫쮾샻죳0102030405060 춼4 막좨죚폫햮컱죚쟩뿶쿂춶헟뗄닮틬쫕틦 헢훖늻춬죚랽쪽틽웰뗄컊쳢뛔쓇킩룟탂벼쫵웳튵룼쫇쳡돶쇋쳴햽ꆣ낢싞뫜퓧뻍힢틢
떽쇋뒴탂웳튵뗄죚탨쟳컊쳢ꆣ쯻퓚1962쓪뗄싛컄Economic welfare and the allocation of resources for invention훐뻍쳡떽쇋뒴탂웳튵퓚죚훐쯹쏦쇙뗄삧뺳ꆣ쯻죏캪ꎬ죚랽쪽닮틬헽쫇쫐뎡늻췪짆쯹떼훂뗄ꎬ쟒펦룃춨맽헾뢮룉풤살뷢뻶ꆣMoore 뫍Garnsey (1992)ꆢMatthews(1994) 뫍Storey and Tether (1996)튲랢쿖룟탂벼쫵웳튵쏦쇙뗄탅쾢늻뛔돆튪뇈뒫춳웳튵듳뗃뛠ꆣ춬쪱쯻쏇뚼죏캪ꎬ뒴탂탍뗄룟뿆벼웳튵ꎬ폈웤퓚웤랢햹퓧웚ꎬ평폚좱랦뇘튪뗄뗖톺욷폫뺭펪ힴ뿶볍슼ꎬ췹췹컞램뷸탐돉릦폐킧뗄햮컱죚ꆣPhilpott (1994튲)죏캪ꎬ룟탂벼쫵웳튵늻쓜춨맽쳡릩뗖톺욷살쿻돽잱퓚뗄뗀뗂럧쿕ꎬ틲듋ꎬ햮컱죚짏쏷쿔듦퓚ퟅ뗄삧쓑떼훂쇋룟탂벼쫵웳튵횻쓜듓막좨죚짏좥톰쟳돶슷ꎬ컒쏇붫룟탂벼쫵웳튵뗄헢훖놻웈뗄죚쟣쿲돆횮캪ꆰ막좨죚욫뫃ꆱꆣ 릫쮾죚뷡릹뗄톡퓱쫇믹폚캯췐듺샭샭싛ꎨJensen 뫍 Meckling, 1976)ꎺ웳튵뺭펪헟ퟷ캪듺샭랽ꎬ뛔탐튵쟩뿶폫놾릫쮾잰뺰뗈훮뛠랽쏦펵폐뇈췢늿춶헟ꎨ캯췐랽ꎩ룼뛠뗄탅쾢ꎬ듓뛸탎돉탅쾢늻뛔돆ꆣ헢훖컊쳢뛔폚탂뺭볃늿쏅룼캪퇏훘ꆣ 틲듋ꎬ탂뺭볃늿쏅퓚췢풴죚짏쫜떽뫜뛠쿞훆ꎬ헢쪹뗃쯼쏇퓚뒴튵돵웚훷튪틀삵볒춥ꆢ엳폑폫쳬쪹뷰ꎨBusiness angelꎩ뗄횧돖폫릫쮾쓚늿뗄ퟔ컒믽샛ꆣ 쯦ퟅ릫쮾튵컱뗄늻뛏랢햹ꎬ죚탨쟳풽살풽잿쇒ꎬ췢풴죚훰붥퓶뛠ꎬ헢쪱뗄막좨죚욫뫃쿠떱쏷쿔ꎬ떫릫쒼횤좯뗄룟뛮돐쿺럑폃폫톯럑폃쪹뗃훐킡웳튵췻뛸좴늽ꆣ춬쪱ꎬ막욱쫐뎡짏퇏룱뗄짏쫐쳵볾튲늻쫊틋폚튻볒좱랦맦쒣폫뺭펪튵벨볍슼뗄릫쮾좥죚ꆣ틲듋ꎬ쯻쏇훷튪춨맽쮽쒼횤좯ꎬ폈웤쫇럧쿕놾살뷸탐돯ꆣ럧쿕놾볒춨뎣뇈틸탐뗈햮좨헟뻟폐횪쪶폅쫆ꎬ헢늻뷶쳥쿖퓚뛔쿠맘벼쫵랽쏦뗄쇋뷢ꎬ뛸쟒쳥쿖퓚뛔닺욷쫐뎡쟩뿶폫쿮쒿횴탐뗄냑컕폫샭뷢짏ꆣ춬쪱쯻쏇펵폐룼뛠뗄냬램ꎬ죧춨맽믬뫏횤좯살쿻돽탅쾢늻뛔돆쯹뿉쓜퓬돉뗄컊쳢ꆣ폐쇋믬뫏횤좯ꎬ죧맻릫쮾뺭펪늻병ꎬ럧쿕놾볒뻍믡뛔웤좫쏦뷓맜ꎬ죧맻릫쮾뺭펪짐뿉ꎬ럧쿕놾볒뻍늻믡뛔릫쮾뺭펪쪩볓맽뛠뿘훆ꎬ죧맻릫쮾뺭펪튵벨폅틬ꎬ럧쿕놾릫쮾퓲횻믡놣쇴뛔쿖뷰쇷뗄뿘훆ꆣ 죧맻틀삵폚햮컱죚뗄뮰ꎬ틸탐쫔춼춨맽룟샻싊럖쿭웳튵뺭펪돉맻틔늹뎥쯼쯹돐떣뗄룟럧쿕ꎬ뷡맻ꎬ퓚죚헟폫햮좨헟횮볤틽랢샻틦돥춻뗄뿉쓜탔뻍듳듳퓶볓쇋ꎺ떱웳튵햮컱죚뇈샽뷏룟뗄쪱뫲ꎬ웳튵춨뎣믡늻쫊떱뗘뷸탐룟럧쿕뗄춶ꎬ죧맻춶쪧냜ꎬ햮좨죋돐떣럧쿕ꎻ뛸죧맻춶돉릦ꎬ웳튵퓚뎥뮹햮컱벰샻쾢뗄춬쪱ꎬ뮹뿉믱뗃쫕틦ꎬ벴럧쿕폫춶쫕틦뗄럇뛔돆엤훃떼훂웳튵뗄럇뗀뗂탔죚탐캪ꆣ 쯦ퟅ릫쮾뺭펪튵벨뗄늻뛏룄짆ꎬ릫쮾ퟮ훕쟳훺폚릫쒼횤좯랢탐ꎬ샽죧햮좯폫막욱죚ꆣ헢쪱뗄룟탂벼쫵웳튵뗄죚쒣쪽폫뒫춳웳튵퓲늻뛏쟷춬ꎬ풽살풽럻뫏뒫춳웳튵죚샭싛뗄에뛏ꆣ헢훷튪쫇틲캪ퟔ짭훊뗄뇤뮯ꆣ쫗쿈ꎬ뺡맜컞탎닺죔햼뻝훘튪뗘캻ꎬ떫쫇춶헟틑뺭뿉틔믹폚틑폐쿺쫛튵벨뛔웤볛횵ퟷ돶움맀ꆣ웤듎ꎬ쯦ퟅ웳튵뺭펪뗄돖탸ꎬ폐탎닺뗄믽샛늻뛏퓶볓ꆣ뗚죽ꎬ웳튵맦쒣뗄삩듳튻냣믡듸살춸쏷뛈뗄쳡룟ꎬ횤좯럖컶볒폫움벶믺릹뗄닎폫믡복킡탅쾢뗄늻뛔돆돌뛈ꎬ룟뛮뗄횤좯돐쿺폫톯럑폃튲늻퓙돉캪헏낭ꆣ 2ꆢ탂뺭볃닺튵쳘헷뻶뚨죚랽쪽톡퓱 닺튵늿쏅쓋훁폚룶뇰웳튵뗄죚톡퓱뚼쫇믹폚웤놾짭뗄닺튵쳘헷ꎬ냼삨닺뷡릹ꆢ춶샠탍ꆢ돉놾뷡릹ꆢ펯샻랽쪽폫쮮욽ꆢ럧쿕샠탍폫돌뛈ꆢ웳튵춸쏷돌뛈뗈ꎬ틲듋ꎬ컒쏇쫗쿈살8럖컶튻쿂룟탂벼쫵닺튵뗄닺튵쳘헷ꆣ컒쏇훷튪듓닺ꆪ럧쿕쳘헷ꎬ쫕틦ꆪ럧쿕쳘헷솽랽쏦 8룟탂벼쫵닺튵늿쏅놾짭냼삨벸룶닺튵ꎬ헢킩닺튵쯤좻뻟폐뫜뛠릲춬뗣ꎬ떫닮틬튲쿠떱쏷쿔ꆣ뇈죧뗧탅퓋펪짌뛠쫇듳릫쮾ꎬ쿖뷰쇷ힴ뿶솼뫃ꎬ폫뇰뗄탂뺭볃늿쏅듳늻쿠춬ꆣ뇰뗄닺튵횮볤ꎬ튲폐튻뚨닮틬ꆣ죧IT뫍볆쯣믺죭볾튵ꎬ뾪랢돉놾쿠뛔뷏킡ꎬ쫐뎡춶럅뿬ꎬ럧쿕튲킡ꎬ뛸튽튩뿆톧폫짺컯뿆벼닺튵퇐랢훜웚쿠뛔뫄쪱뎤뗃뛠ꎬ뾪랢돉놾뫜듳ꆣ뻟쳥떽웳튵뗄늻춬랢햹뷗뛎ꎬ웳튵뗄훊튲듦퓚뫜듳닮뇰ꆣ헢킩컊쳢붫퓚
살쏨쫶ꆣ ꎨ1ꎩ 룟탂벼쫵늿쏅뗄닺ꆪ럧쿕쳘헷 쫗쿈ꎬ룟탂벼쫵늿쏅컞탎닺뇈샽뷏룟ꆣ쯦ퟅ짧믡뺭볃뗄늻뛏랢햹ꎬ컞탎닺퓚ퟜ닺훐쯹햼뗄뇈샽죕틦쳡룟ꎬ뛔웳튵뺭펪뗄펰쿬죕틦퓶잿ꎬ퓚짧믡짺닺훐뗄뗘캻죕틦훘튪ꆣ뺭볃톧볒놣뛻•룱십뛻횸돶ꎺ쯤좻컒쏇뺭볃믮뚯훐쿻뫄뗄풭닄쇏뗄믹뒡쫽솿늢쎻폐첫듳뇤뮯ꎬ떫쫇컒쏇좴뇈100쓪잰뢻풣뗃뛠ꆣ헢웤훐뗄뢽볓볛횵뻍살풴폚컞탎닺ꆣ쯤좻뒫춳닺튵컞탎닺뗄뇈샽튲퓚늻뛏쳡룟ꎬ떫룟탂벼쫵웳튵뗄컞탎닺뇈샽룼룟ꎬ쯦ퟅ탅쾢벼쫵룯쏼뗄늻뛏랢햹ꎬ헢훖쟷쫆풽살풽쏷쿔ꆣ 듓춼5훐ꎬ컒쏇뿉틔뾴떽듓70쓪듺훐웚떽80쓪듺훐웚ꎬICT늿쏅폫웤쯻늿쏅훐ꎬ컞탎닺쯹햼뇈샽늢늻룟ꎬ뛸쟒쿠떱컈뚨ꆣ듋뫳ꎬ컞싛쫇ICT늿쏅뮹쫇웤쯻늿쏅ꎬ룃뇈샽톸쯙짏짽ꎬ1996쓪룃뇈샽듯떽100%ퟳ폒ꆣ쯦뫳ꎬ탂뺭볃늿쏅뗄컞탎닺폫폐탎닺뗄뇈샽볌탸짏짽ꎬ1998쓪듯떽129%ꎬ뒫춳뺭볃늿쏅퓲뾪쪼쿂붵ꎬ뗸훁77%ꆣ헢퇹ꎬ탂뺭볃늿쏅폫웤쯻뺭볃늿쏅뗄닺뷡릹뾪쪼돶쿖럖뮯ꎬ탂뺭볃늿쏅뗄컞탎닺뇈샽뾪쪼듳듳룟폚뒫춳뺭볃늿쏅ꆣ 춼5 펢맺ICT늿쏅폫웤쯻늿쏅컞탎닺/폐탎닺뗄뇈샽뇈뷏 쇏살풴ꎺBrierley, P G 뫍 A Kearns (2001)ꎺThomson Datastreamꆢ펢룱삼틸탐 평폚컞탎닺뗄맀볛춨뎣쓑폚ힼ좷맀횵ꎬ늢늻쫊틋폚돤떱죚뗄뗖톺욷ꎬ헢뻍쿞훆쇋룟탂벼쫵웳튵샻폃햮컱죚랽쪽뗄뿕볤ꆣ 웤듎ꎬ룟탂벼쫵늿쏅뗄춶만뚨돉놾뗄뇈샽뷏룟ꎬ뇤뚯돉놾뷏킡ꆣ룟탂벼쫵늿쏅퓚돉솢틔뫳뗄쿠떱뎤쪱볤쓚ꎬ췹췹쓑틔쪵쿖쿖뷰쇷뗄욽뫢ꆣ헢뻍뛔웳튵뗄죚쓜솦탎돉쇋퇏뻾뗄뾼퇩ꆣ폫뒫춳웳튵쿠뇈ꎬ룟탂벼쫵웳튵췹췹탨튪룼뛠뗄춶ꎬ헢뿉틔듓쿂쏦벸럹춼뗃떽랴펳ꆣ듓춼6훐튲뿉틔뾴돶ꎬICT늿쏅뗄춶퓶뎤싊튻횱룟폚럇ICT늿쏅ꎬ1999쓪ICT늿쏅캪%ꎬ뛸웤쯻늿쏅캪%ꆣ죧맻컒쏇뾼달춶뛮폫훘훃볛횵뗄뇈샽ꎬ뷡맻퓲룼캪뿉맛ꆣ닮뻠튲룼캪탼쫢ꎺ탂뺭볃늿쏅1999쓪캪%ꎬ뛸뒫춳뺭볃늿쏅캪%ꆣ 쿂튻뷚뷸탐쳖싛ꎬ쿂컄룅삨돶뗄닺튵쳘헷ꎬ횻쫇듳뛠쫽룟탂벼쫵웳튵뗄릲탔ꎬ늢늻쫊폃폚쯹폐웳튵ꎬ춨뎣튲횻쫊폃폚웳튵랢햹뗄퓧웚폫훐웚ꎬ뛔돉쫬웳튵뗄쪵폃탔튲믡듳듳붵뗍ꆣ
춼6 ICT늿쏅폫웤쯻늿쏅춶햼놾듦솿훘볛횵뗄뇈샽 쇏살풴ꎺBrierley, P G 뫍 A Kearns (2001)ꎺThomson Datastreamꆢ펢룱삼틸탐 춼7 ICT늿쏅폫웤쯻늿쏅춶퓶뎤싊뗄뇈뷏 쇏살풴ꎺBrierley, P G 뫍 A Kearns (2001)ꎺThomson Datastreamꆢ펢룱삼틸탐 뗚죽ꎬ룟탂벼쫵웳튵폃짨놸뗄뇈샽룟폚뒫춳웳튵ꆣ룟탂벼쫵웳튵짨놸훐춨폃짨놸뗄뇈샽뫜킡ꎬ듳늿럖짨놸쪱뷶쓜폃폚쳘폐닺튵뗄쳘뚨뮷뷚ꎬ쟥쯣볛횵뇈뷏뗍ꆣ헢퇹ꎬ룟탂벼쫵뗄돁쎻돉놾췹췹룟폚뒫춳닺튵ꎬ헢쳡룟쇋웳튵뗄췋돶헏낭ꎬ퓶듳쇋룟탂벼쫵웳튵쯹쏦쇙뗄럧쿕ꆣ ꎨ2ꎩ 룟탂벼쫵웳튵뗄쫕틦ꆪ럧쿕쳘헷 쫗쿈ꎬ룟탂벼쫵웳튵뗄쫕틦쏦쇙뫜룟뗄벼쫵럧쿕ꆣ헢쫇튻훖맽돌럧쿕ꆣ벼쫵쮮욽맘쾵떽룟탂벼쫵웳튵뗄짺쯀듦췶ꎬ틲듋ꎬ쯻쏇췹췹뛔퇐랢춶죫듳솿뷰ꎬ솦쟳쟀햼벼쫵훆룟뗣ꆣ떫쫇퇐랢뗄돉릦폫럱늻뷶좡뻶폚춶죫ꎬ폐뫜뛠쪱뫲튲폐뫜듳얼좻탔ꆣ뫜뛠죋탎죝룟탂벼쫵웳튵뗄퇐랢릤ퟷ쫇ꆰ뻅쯀튻짺ꆱꆣ 웤듎ꎬ룟탂벼쫵웳튵뗄쫕틦쏦쇙뫜룟뗄쫐뎡럧쿕ꆣ헢쫇튻훖뮷뺳럧쿕ꆣ룟탂벼쫵웳튵뗄닺욷췹췹쫇좫탂뗄ꎬ룹놾쎻폐뺭맽쫐뎡뗄뾼퇩ꎬ튲쎻폐샺쪷쇏뿉릩샻폃ꆣ평폚닺튵쫇좫탂뗄ꎬ돉릦헟뗄닺욷뫜죝틗뇤캪탐튵뇪ힼꎬ볓짏췸싧킧펦뗄ퟷ폃ꎬ룟탂벼쫵닺튵듦퓚쏷쿔뗄ꆰ펮헟춨돔ꆱꎨWinner takes it allꎩ쿖쿳ꆣ헢훖쟩뿶믡튻횱퇓탸ꎬ돽럇쫐뎡랢짺튻듎햸탂뗄벼쫵룯쏼ꆣ떫쫇ꎬ벴쪹랢짺헢훖ꆰ룯쏼ꆱꎬ폎쾷맦퓲늢늻믡뇤뮯ꎬ돤웤솿횻쫇쫐뎡돶쿖튻룶탂뗄ꆰ펮헟ꆱꆣ헢훖쿖쿳뗄듦퓚ꎬ컞틉튲쪹뗃웳튵뗄쪧냜싊듳듳쳡룟ꎬ듳듳쳡룟쇋춶
럧쿕ꆣ떱좻ꎬ죧맻춶돉릦ꎬ웤믱뗃뗄쫕틦튲쿠떱뻞듳ꆣ헢퇹ꎬ뛔탂뺭볃늿쏅뗄춶뻍뇭쿖돶뗤탍뗄ꆰ룟럧쿕ꎬ룟쫕틦ꆱ뗄럧쿕춶쳘뗣ꆣ 헢솽룶쳘뗣쪹뗃탂뺭볃뗄룟럧쿕쪹뗃룟탂벼쫵웳튵짺쏼훜웚뛌폚뒫춳웳튵ꎬ뷸죫췋돶욵랱ꎬ뇭쿖캪뾪냬싊폫맘뇕싊뚼뷏룟ꆣ헢뿉틔듓쿂춼훐죕놾뗄쟩뿶뗃떽랴펳ꆣ 춼8 뛾쪮쫀볍80-90쓪듺죕놾룟탂벼쫵웳튵뾪냬싊폫맘뇕싊뛔뇈 쇏살풴ꎺKenji Fujita and Tomoyuki Matsuno(2001)ꎺ풭죕놾맺볊쎳릤늿ꎨMinistry of International Trade and IndustryꎬMITIꎩꎬ White Paper on Small and Medium-sized Enterprises in Japan 2000. 뗚죽ꎬ룟탂벼쫵웳튵뗄쫕틦쏷쿔훍뫳폚뒫춳웳튵ꆣ룟탂벼쫵웳튵돉뎤뗄퓧웚ꎬ믹놾짏쫇뺻춶ꎬ쫜틦뫜짙ꆣ벴쪹랢햹떽삩헅웚ꎬ쫕틦튲늻ퟣ틔쏖늹웤듳솿춶쯹탨뷰ꆣ횻폐떽쇋웳튵랢햹뗄훐뫳웚ꎬ닅믡캪춶헟듸살듳솿쫕틦ꆣ춶쪱볤폫쫕틦쪱볤뗄럖샫ꎬ튲퓶듳쇋춶헟뗄럧쿕ꆣ 룟탂벼쫵웳튵쳘폐뗄닺ꆪ럧쿕쳘헷폫쫕틦ꆪ럧쿕쳘헷ꎬ볓듳쇋웳튵쯹쏦뛔뗄탅쾢늻뛔돆컊쳢ꆣ볓횮뒴탂웳튵뛠쫇킡웳튵ꎬ뫜쓑퓚쫐뎡짏랢쿖폐맘탅쾢ꎬ헢쪹뗃룟탂벼쫵웳튵죚맽돌훐뗄탅쾢늻뛔돆컊쳢룼볓퇏훘ꆣ쫜튵쿞훆ꎬ돶헟퓚뛔룟탂벼쫵웳튵ퟷ움맀뗄쪱뫲ꎬ탨튪울쟫췢늿볒ꎬퟮ횱뷓뗄뫳맻쫇돉놾뗄짏짽ꆣ폐뫜뛠쪱뫲ꎬ볒뗄움맀뷡맻죔듸폐뫜듳뗄늻좷뚨탔ꆣ 닎뾼컄쿗 Ayrer, B, C Upper and T Werner (2001): “Stock market valuation of old and new economy firms”, Deutsche Bundesbank paper. Antoniewicz, R L (2001): “Financing of publicly-traded ‘new economy’ firms in the United States”, Federal Reserve Board paper.* Bosomworth, A and S Grittini (2001): “New economy, the equity premium and stock valuation”, European Central Bank paper. Brierley, P G and A Kearns (2001): “The financing patterns of new and old economy firms in the UK”, Bank of England paper.* Bugamelli, M, P Pagano, F Paternò, A F Pozzolo, S Rossi and F Schivardi (2001): “Ingredients for the new economy: How much does finance matter?” Banca d’Italia Temi di Discussione CGFS(2002): “IT innovations and financing patterns:implications for the financial system”, BIS
papers Covitz, D and N Liang (2001): “Recent developments in the private equity market and the role of preferred returns”, Federal Reserve Board paper. Crawford A (2001): “Productivity growth in Canada – stylised facts and research issues.” Bank of Canada paper. Fornari, F and M Pericoli (2001a): “A macro-sector perspective of TMT and traditional stock prices”, Bank of Italy paper. Fornari, F and M Pericoli (2001b): “Characteristics of stock prices in TMT and traditional sectors”, Bank of Italy paper. Fujita, K and T Matsuno (2001): “Financing the ‘new economy’ firms in today’s Japan”, Bank of Japan Working paper.* Houben, A and J Kakes (2001): “Fostering the ‘new economy: The role of financial intermediation”, DeNederlandsche Bank Meb series paper.* Kahn, J, M M McConnell and G Perez-Quiros (2001): “Inventories and the information revolution: implications for output volatility”, Federal Reserve Bank of New York paper.* Liu, Y (2000): “An overview of angel investors in Canada”, Bank of Canada paper.* Lünnemann, P (2001): “Stock market valuation of old and new economy firms,” Bank of Luxembourg Cahier d’études No 2. Mouriaux, F and F Verhille (2000): “The difficulty of pricing ‘new economy’ stocks”, Bank of France paper. Osler, C L (2001): “Corporate governance and the market for corporate control: Lessons from the US”, Federal Reserve Bank of New York paper.* Sanwa Bank Ltd. ꎨ1995ꎩ, Venture Business in Japan: Current State and Promotion Policies, Sanwa Economic Letter, 2, ECB쿠맘릤ퟷ싛컄ꆣ OECD쿠맘릤ퟷ싛컄ꆣ
