냪ꗟ꒤ꑳꑪ뻇룪끔뫞뉺곣ꡳ꧒ 뫓ꑨ뷗ꓥ 뻉뇐뇂ꅇ뇧ꥷ볪 돕ꑨ 뫴룴냓ꦱ롧샧ꮬ멁뭐늣띾꽓꧊ 맯롧샧셚껄꒧뱶암 Effects of e-Store Types and Industrial Characteristics on Business Performance 곣ꡳꗍꅇꩌ걆뙨 벶 ꒤뗘ꗁ냪ꑅꑑ꙾ꑃꓫ
꒤굞ꓥ뒣굮 뻇꙾ꯗꅇ 89 뻇듁ꅇ 2 껕끼ꅇ 냪ꗟ꒤ꑳꑪ뻇 ꡴꧒ꅇ 룪끔뫞뉺곣ꡳ꧒ 뷗ꓥꙗ뫙(꒤)ꅇ 뫴룴냓ꦱ롧샧ꮬ멁뭐늣띾꽓꧊맯롧샧셚껄꒧뱶암 뷗ꓥꙗ뫙(굞)ꅇ Effects of e-Store Types and Industrial Characteristics on Business Performance 뻇ꛬ쏾ꝏꅇ 뫓ꑨ 뭹ꓥꝏꅇ ꒤ꓥ 뻇뢹ꅇ 8842621 뒣굮뙽꧱꣏ꗎꅇ 걏 궶볆ꅇ 77 곣ꡳꗍ(꒤)ꥭꅇ ꩌ 곣ꡳꗍ(꒤)ꙗꅇ 걆뙨 곣ꡳꗍ(굞)ꥭꅇ Lin 곣ꡳꗍ(굞)ꙗꅇ Cheng-Yi 뻉뇐뇂(꒤)ꥭꙗꅇ 뇧ꥷ볪 뻉뇐뇂(굞)ꥭꙗꅇ . Liang 쏶쇤꙲(꒤)ꅇ 뫴룴냓ꦱꅂ늣띾꽓꧊ꅂ늣ꭾ꽓꧊ꅂ롧샧셚껄 쏶쇤꙲(굞)ꅇ e-Store, Industrial Characteristics, Product Characteristics, Performance
꒤ꓥ멋굮 ꛛ녱뫴믚뫴룴냓띾꓆삳ꗎꕈ꣓ꅁꗸ띾곝꒤뫴믚뫴룴ꕩꕈ녎ꗸ띾녡Ꙗꗾ뉹ꖫ돵ꅂ궫뻣뻣귓꣑삳쏬ꅂꑪ둔궰ꝃ샧륂ꚨꖻꅂꟖ덴삳ꖫ돵떥쁵뛕ꅁ꿉꿉ꑊ륱ꑬ냓냈ꪺ땯깩ꅁ녡냊ꑆꑕꑀꩩꪺꗸ띾궲ꥒꅁꑪꛛ굞꽓몸ꅂ띌덮ꅁꑰꛜꑀ꿫ꪺ귓ꑈꑵꝀꯇ뎣때ꩫꛛꕾ꧳뫴믚뫴룴ꪺ걹ꛦ궷볩ꅃ땍ꛓ꽵ꖿ샲ꝑꪺꗸ띾ꣃ꒣Ꙩꅁꙝꚹ꙰꛳ꕘꚳ껄ꪺ롧샧볒ꚡꑄꚨ결ꭅ뚷놴끑ꪺ냝썄ꅃ ꖻ곣ꡳ꒧ꗘꪺꙢ곣ꡳ늣ꭾ꽓꧊뭐뫴룴냓ꦱ롧샧셚껄뚡꒧쏶ꭙꅃꗑ꧳꒣Ꙑ늣ꭾ꣣ꚳ꒣Ꙑꪺ룪끔꽓꧊ꅁꙝꚹꙢ뫴룴덯귓룪끔둃엩ꑗ롧샧껉ꕩ꿠라ꚳ꒣Ꙑꪺ롧샧셚껄ꅃꙝꚹꅁꙢꖻ곣ꡳ꒤ꑷ늣ꭾ룪끔꒺뉛ꕛꑗ믹귈쏬룪끔녪ꯗ꣓냏꓀꒣Ꙑ늣ꭾ꽓꧊꒣Ꙑꪺ롧샧볒ꚡꝀ결곣ꡳꪺꕄ굮엜뚵ꅁ끷맯롧샧꒧셚껄볐ꅁꖻ곣ꡳ녎ꕈ냪꒺ꕾ맪믚ꗸ띾꒧끝냈룪껆ꅁ덺륌맪쏒곣ꡳ꣓놴끑꒣Ꙑ롧샧볒ꚡꪺꚨ껄ꅁꕈ꣑뱴냓둍ꡄ돌빁Ꙙꪺ냓ꦱ롧샧볒ꚡꪺ냑ꛒꅃ
ꗘ뿽 닄ꑀ뎹 뫼뷗........................................................................................................................1 닄ꑀ론 굉뒺뭐냊뻷....................................................................................................1 닄ꑇ론 곣ꡳꗘꪺ........................................................................................................3 닄ꑔ론 곣ꡳ걹땻........................................................................................................4 닄ꕼ론 뷗ꓥ걛멣........................................................................................................4 닄ꑇ뎹 ꓥ쑭놴끑................................................................................................................5 닄ꑀ론 뫴룴냓ꦱ곛쏶ꓥ쑭........................................................................................5 닄ꑇ론 뫴룴냓ꦱ롧샧ꮬ멁........................................................................................8 닄ꑔ론 룪끔녪ꯗ꽸끽..............................................................................................10 닄ꕼ론 늣ꭾ꽓꧊꒧곛쏶뉺뷗...................................................................................11 닄꒭론 믹귈쏬쓝꧊..................................................................................................18 닄꒻론 뫴룴냓ꦱ롧샧셚껄......................................................................................19 닄ꑔ뎹 곣ꡳꓨꩫ..............................................................................................................21 닄ꑀ론 곣ꡳ걛멣......................................................................................................21 닄ꑇ론 곣ꡳ엜볆......................................................................................................22 닄ꑔ론 곣ꡳ낲뮡......................................................................................................27 닄ꕼ론 곣ꡳ볋ꖻ뭐룪껆뭠뚰..................................................................................28 닄꒭론 룪껆꓀꩒ꓨꩫ..............................................................................................39 닄ꕼ뎹 떲ꩇ꓀꩒..............................................................................................................40 닄ꑀ론 늣띾꽓꧊꓀꩒..............................................................................................40 닄ꑇ론 엜늧볆꓀꩒..................................................................................................42 닄ꑔ론 뷆끪쉫꓀꩒..................................................................................................49 닄ꕼ론 낲덝샋ꥷ떲ꩇ멋굮......................................................................................55 닄꒭뎹 떲뷗뭐ꯘ쒳..........................................................................................................56 닄ꑀ론 곣ꡳ땯뉻......................................................................................................56 닄ꑇ론 곣ꡳꯘ쒳......................................................................................................58 닄ꑔ론 곣ꡳ궭꣮......................................................................................................59 닄ꕼ론 ꯡ쓲곣ꡳꯘ쒳..............................................................................................60 냑ꛒꓥ쑭............................................................................................................................62 뿽ꑀꅂ늣띾륱ꑬ꓆빁Ꙙꯗ꓀꩒냝ꣷ............................................................................66 뿽ꑇꅂInternet 100 Index ꚨꗷ................................................................................69 뿽ꑔꅂ곣ꡳ볋ꖻꙃꫭ....................................................................................................75 I
ꫭꗘ뿽 ꫭ2-1ꅂ뵵ꑗꗦ꧶쏾ꝏ................................................................................................8 ꫭ2-2ꅂ뫴룴냓ꦱꪺ냓ꭾꮬ멁..................................................................................12 ꫭ2-3ꅂ뱶암늣ꭾ뫴룴띪둍뭐뛇끥ꪺ늣ꭾ꽓꧊......................................................17 ꫭ2-4ꅂ뱶암뫴룴냓ꦱ롧샧셚껄꒧ꙝ꿀..................................................................19 ꫭ3-1ꅂ늣띾륱ꑬ꓆빁Ꙙꯗ뗻꛴뚵ꗘ......................................................................23 ꫭ3-2ꅂInternet 100 Index ꓀쏾..............................................................................29 ꫭ3-3ꅂ뫴룴쏾꓀쏾..............................................................................................29 ꫭ3-4ꅂ과냪륱ꑬ냓냈꒧롧샧ꓨꚡ..........................................................................30 ꫭ3-5ꅂ곣ꡳ볋ꖻꪺ늣띾꽓꧊꓀쏾..........................................................................35 ꫭ3-6ꅂ곣ꡳ볋ꖻꪺ롧샧ꮬ멁..................................................................................36 ꫭ3-7ꅂ곣ꡳ볋ꖻ룪껆..............................................................................................36 ꫭ4-1ꅂ늣띾꽓꧊룪끔녪ꯗ꓀꩒ꫭ..........................................................................41 ꫭ4-2ꅂ롧샧셚껄ꅝEPSꅞ꓀꩒ꫭ...........................................................................42 ꫭ4-3ꅂ롧샧셚껄꒧Levene샋ꥷ............................................................................43 ꫭ4-4ꅂ롧샧셚껄엜늧볆꓀꩒멋굮ꫭ......................................................................43 ꫭ4-5ꅂ꒣Ꙑ늣띾꽓꧊ꪺ롧샧셚껄..........................................................................44 ꫭ4-6ꅂ롧샧셚껄Ꙩ궫ꯡꓱ룻ꫭ..........................................................................44 ꫭ4-7ꅂ뫴룴냓ꦱꮬ멁Ꙩ궫ꯡꓱ룻ꫭ..................................................................45 ꫭ4-8ꅂ쏾ꝏ꓆ꓨꚡ..................................................................................................45 ꫭ4-9ꅂ쏾ꝏ엜볆뮡ꧺ..............................................................................................46 ꫭ4-10ꅂ롧샧셚껄ꅝEPSꅞ꓀꩒ꫭ.........................................................................46 ꫭ4-11ꅂꑔꙝꑬ엜늧볆꓀꩒멋굮ꫭ........................................................................47 ꫭ4-12ꅂ꒣Ꙑ믹귈쏬룪끔녪ꯗꪺ롧샧셚껄............................................................48 ꫭ4-13ꅂ뫴룴냓ꦱꮬ멁Ꙩ궫ꯡꓱ룻ꫭ................................................................48 II
ꫭ4-14ꅂ뗪샀엜볆ꥷ롱............................................................................................49 ꫭ4-15ꅂ끪쉫ꭙ볆ꫭ................................................................................................50 ꫭ4-16ꅂ끪쉫볒ꚡ멋굮............................................................................................51 ꫭ4-17ꅂ끪쉫ꭙ볆t샋ꥷ........................................................................................51 ꫭ4-18ꅂ끪쉫볒ꚡ엣뗛꧊샋ꥷ................................................................................52 ꫭ4-19ꅂ낲뮡샋ꥷ떲ꩇ멋굮....................................................................................55 III
맏ꗘ뿽 맏1-1ꅂ곣ꡳ걹땻........................................................................................................4 맏2-1ꅂ뫴룴냓ꦱꮬ멁................................................................................................9 맏2-2ꅂ룪끔녪ꯗ꽸끽..............................................................................................10 맏2-3ꅂ늣ꭾ맪엩꓆뭐껸뙏뱴냓꒬냊땻ꯗ맏..................................................14 맏3-1ꅂ곣ꡳ걛멣......................................................................................................21 맏3-2ꅂ늣띾꽓꧊꓀쏾걤룟땥궱..............................................................................33 맏3-3ꅂ늼룪끔걤룟땥궱.......................................................34 맏4-1ꅂ늣띾꽓꧊룪끔녪ꯗ꓀꩒맏..........................................................................41 IV
닄ꑀ뎹 뫼뷗 닄ꑀ론 굉뒺뭐냊뻷 IDC(International Data Corp.)꒽ꝇ뷕걤돸ꝩꕘꅁꗑ꧳ꗾ뉹뫴룴꣏ꗎꑈꑦꟖ덴ꚨꅁ륷꛴Ꙣ2005꙾녎륆꣬ꑑ믵ꑈꅁ곹ꗾ뉹셠ꑈꑦꪺ15ꉈꅁꦡ껉ꗾ뉹륱ꑬ냓냈ꗦ꧶썂ꅁꑝꕩ뇦녱2000꙾ꪺ3540믵과꒸ꅁꕈ70ꉈꪺ뷆Ꙙ꙾ꚨ뉶뱗ꛜ5ꗼ과꒸ꅃIDCꑝꫭꗜꙢ2000꣬2005꙾꒧뚡ꅁ륱ꑬ냓냈ꚨ돌Ꟗꪺ꣢귓ꙡ냏결ꓓꙡ냏뭐ꛨ볚ꅁꛜ꧳ꗘꭥꗾ뉹륱ꑬ냓냈썂46ꉈꪺ과냪ꅁꦡ껉ꓱ꣒녎ꑕ럆ꛜ36ꉈꅃ Ꙣ뫴룴늣띾늱ꛦꪺ과냪ꓨ궱ꅁ과냪냓냈뎡꒽ꝇꪺ볆뻚엣ꗜꅁ2001꙾닄ꑀꥵ뫴룴륳냢썂ꑕ럆ꉈꛜ믵과꒸ꅁ꒴룻ꕨ꙾Ꙑ듁뱗33ꉈꅁꕂ걏ꛛ1999꙾뷕걤ꕈ꣓궺ꚸꕘ뉻룻ꑗꑀꥵꑕ럆ꪺ돸ꝩꅃ뺨뫞꙰ꚹꅁ꓀꩒깶뭻결과냪륱ꑬ냓냈빐냢썂ꪺꑕ럆ꕵ걏볈껉ꪺ뉻뙈ꅁ륷껆ꖼ꣓꒴녎ꕈ쎭낷ꪺ덴ꯗꚨꅃJupiter Media Matrix꒽ꕱ륷꛴ꅁ2001꙾과냪륱ꑬ냓냈빐냢썂녎륆꣬340믵과꒸ꅁ2005꙾껉ꭨ녎륆꣬1040믵과꒸ꅃꅝ녩곮녤ꅁ2001ꅞ ꛓꙢꕸ왗ꓨ궱ꅁ껚뻚룪떦라MIC꧳2001꙾2ꓫ15ꓩ맯ꕾ땯ꝇ2000꙾ꕸ왗B2C륱ꑬ냓냈ꗦ꧶썂닎군볆뻚룪껆ꅁ뻣엩ꛓꢥ2000꙾ꕸ왗뫴룴쇊ꪫꖫ돵덗볒곹결띳ꕸ맴믵꒸ꅁ뭐1999꙾뫴룴쇊ꪫ썂믵꒸곛ꓱ룻ꅁꚨꑆ곹궿ꅃ쇶땍2000꙾ꗾ뉹뫴룴ꑪ뙞ꅁꕸ왗ꗧꙨ꧒꣼꣬뱶암ꅁꗑ꧳뱥쁗늣띾녡냊ꑗ뫴ꑈꑦꪺ뱗ꕛ떥ꙝ꿀꣫뽅ꅁMIC륷꛴ꕸ왗뫴룴쇊ꪫꖫ돵꣬2003꙾덗볒녎륆꣬띳ꕸ맴믵꒸ꅁꓱ2000꙾ꚨ궿ꅃꕴꕾꅁ껚뻚굞냪곣ꡳ돦ꛬTaylor Nelson Sofres (TNS) 맯ꕸ왗B2C륱ꑬ냓냈ꖫ돵꧒낵ꪺ곣ꡳ뷕걤ꕘꅁꕸ왗꒵꙾ꪺꑗ뫴쇊ꪫꑈ볆ꑷ뙗륌50롕ꑈꅁꓱꕨ꙾22롕ꑈ뱗ꕛꑀ궿ꕈꑗꅁꚹꕾꅁ뵵ꑗꖭꞡ쇊ꪫ썂ꑝ룻ꦹ꙾뒣덜Ꙩꅁꕒꗷ엣ꗜꕸ왗B2C륱ꑬ냓냈ꖫ돵ꪺ볶떸땯깩뭐ꗁ늳맯뫴룴ꪺ낪놵꣼땻ꯗꅃꅝ뎯ꕀ륂ꅁ2001ꅞ ꛓ2000꙾륌ꯡꅁꗑ꧳롧샙뒺껰꒣꙰ꕈꦹꅁꖫ돵ꑗ맯뫴룴꒽ꕱꪺ뗻믹꿉꿉왛ꅁ띌덮셠뗴Bill Gates뭻결뫴룴ꖫ돵Ꙣ띾뫆ꡧ띭뙩ꅁ꒣놤ꫡ뙏ꖨ썂ꛦ빐뭐뱳ꝩꚨꖻꝬꓞ압ꯈ꒧ꯡꅁ뉻ꙢꑷꙞ쉫냲ꖻ궱뙩ꑊ뉺꧊뚥걱ꅃꕌ녎뫴룴꒽ꕱ땯깩ꪺ뻺ꕶ꓀결ꑔ귓뚥걱ꅇ닄ꑀ뚥 1
걱곹걏Ꙣ1995-1998꙾ꅁ띾쏶ꓟꪺꕄ굮걏Ꙣ뫴룴ꑗ꣣ꚳꑀ깵꒧ꙡꅁꣃꕂ끬시ꑗꛛꑶ뫴꾸ꪺꑈ볆ꅆ닄ꑇ뚥걱걏덯꣢ꅂꑔ꙾뚡ꅁ띾ꩠ궫ꪺ걏뫴룴ꗦ꧶ꪺ샧띾썂ꅁ덜Ꙩꑈ둎뫢걏녯쓫겹듁샲ꝑꑝꙢ꧒꒣놤ꅆ돌띳ꪺ뚥걱ꭨ걏신ꛓꩠ띎ꑀ꿫ꗸ띾돌ꩠ궫ꪺ샲ꝑꅃꅝ과셰ꫀꅁ2000ꅞ 껚뻚과냪꒽ꕱꪺ볆뻚ꕘꅁꛜ2000꙾11ꓫ꒤ꚯ과냪ꑷꚳ131깡뫴룴꒽ꕱ귋뎬ꅁꛓꕂ덴ꯗ꒴Ꙣ꯹쓲뒣낪럭꒤ꅁꛓꙢ귋뎬ꪺ뫴룴꒽ꕱ꒤ꅁꚳ57ꉈ결륱ꑬ냓냈꒽ꕱꅁ24ꉈ결뫴룴꒺깥뒣꣑ꅁ10ꉈ결뫴궶ꩁ냈띾ꅁ꣤빬ꪺ9ꉈ결뫴룴냲슦ꯘ덝꒽ꕱꅃꙢ덯131깡귋뎬꒽ꕱ꒤ꅁ롧샧ꋐꊱꋑꑆꙨ볆ꅁꙀꚳ99깡ꅁꋐꊱꋐꪺ뱴냓ꑆ26깡ꅁ꣤빬ꭨ결ꋐꊱꋐꊱꋑꪺ띾ꅃ낣ꑆ귋뎬ꪺ꒽ꕱꕾꅁꥼꚳ꫱ꑀ롕깡ꕈꑗꪺ뫴룴꒽ꕱꙢ룪뫲셙ꪺ놡ꩰꑕ덑쇊꣖ꅃꅝ퉜ꟓ뮨ꅁ2001ꅞ 굞냪뗛ꙗꪺꅭ롧샙뻇ꑈꅮ싸뭸뭻결ꅁ뫴룴ꑪ뙞ꪺ뇐끖엽ꕀꑈ뭻뉍뫴룴꒽ꕱꪺꗘꪺ뭐ꑀ꿫ꗸ띾Ꙑ볋뎣걏굮샲ꝑꅁ뗻꛴뗪샀ꪺ뫴룴꒽ꕱ뭐맪엩ꪺ뛇닎꒽ꕱ걏곛Ꙑꪺ볐럇ꅁꅵ뫴룴ꪺꗺ샴ꑷ롧꒣ꙁꅁ뉻Ꙣ냟ꚳꝑ볭걏ꓽꅃꅶ과냪낪늱룪믈ꛦ걷꓀꩒깶압볖돇ꅝꅞ꓀꩒ꅁ뉻Ꙣ뿯뻜뫴룴꒽ꕱꪺ궫쉉ꙢP2Pꅝpath to profitabilityꅁ샲ꝑ덾깼ꅞꅁꕝ걁꒽ꕱ띾셚ꙮꅂ뉍랡뽗꽓ꪺ냓띾볒ꚡꅂꕩ빡ꪺ롧샧많뚤ꅂ쎭ꥷꪺ끝냈뫞뉺떥ꅃꅝ걸빟ꙴꅁ2000ꅞ ꗑꕈꑗ뫴룴ꖫ돵ꪺ땯깩ꕈ맯뫴룴꒽ꕱ롧샧ꑗꪺ왛쉉뫴믚뫴룴꧒쒭ꝴꪺ롧샙맪ꑏ쇶땍엥ꑈꅁ걏맯륱ꑬ냓냈ꪺ롧샧ꓨꚡ꿊ꕆꙀ쏑ꅁꚳꪺ쇶꣺녯ꗽ쁵뛕셮ꙗꑪ뺸ꅁ걏덳꙾솫띬ꅁ꙰ꅁꚳꪺꭨ걏뛇닎덱룴뭐뫴룴냓ꦱꪺ떲럹ꅁ꙰N2K뭐CDNOWꪺꙘ꣖ꅁꟳꚳ덜Ꙩ꒽ꕱ꿂뫩ꕵ걏쁈뗛뫴룴궷볩룲뙩ꅁꣃꖼ뭻꽵ꯤꛒ륌꙰꛳륂ꗎ룪끔곬ꑾ꿠결꒽ꕱ녡꣓돌ꑪꪺ껄꽱ꅃꙝꚹꖻ곣ꡳ뇽놴끑뫴룴냓ꦱ꒣Ꙑ롧샧ꮬ멁ꪺ셚껄깴늧ꅁꟆ뇦꿠결덯ꑷꑊꝙ녎ꑊ뻔ꞽꪺ뱴냓뒣꣑ꑀ귓Ꝑ쉟ꪺ뻚Ꝁ결ꗸ띾ꡍ떦ꪺ럇ꭨꅁ듁뇦꿠엽덯뱴냓맯ꛛꑶꪺ늣띾꦳꣬삳룓Ꙣ륱ꑬ냓냈ꪺ뭒ꕸꑗ면꛳뫘ꢤꛢꅁ꿠냷샲녯Ꙩꓖꝑ꽱꿠ꚳ꧒ꝕ꽱ꅃ 2
닄ꑇ론 곣ꡳꗘꪺ ꗘꭥꚳ쏶늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁꒧ꓥ쑭곛럭꓀ꅁꚳ쏶롧샧ꚨ뇑꒧ꙝ꿀곣ꡳꭨ꒣Ꙩꅃꙝꚹꑆ룑늣띾꽓꧊꿠ꝟ뭐뫴룴꽓꧊띦끴녯ꥹ걏롧샧ꚨꕜ뭐ꝟꪺ쏶쇤ꅁꑓꙝꗘꭥ덜Ꙩ뫴룴냓ꦱ꒴덂꧳솫띬ꪺꪬ멁꒤ꅁ걏ꝟꚳꕩ꿠걏ꙝ결롧샧ꮬ멁ꪺ꒣럭꧒덹ꚨꅁꙝꚹ믝굮맯덯귓뎡ꗷ낵뉠ꑊꪺ곣ꡳꅃ 쇶땍덜Ꙩꪺ곣ꡳ뎣ꧺ뵔ꪺꕘ륱ꑬ냓ꦱꪺ덝군믝ꡄꅁꣃ뒣ꕘ늣ꭾ룪끔꒺뉛뙖낪ꪺ늣띾뙖빁Ꙙꯘ롭뫴룴냓ꦱꅁ걏꒽ꕱ꦳꣬삳룓꙰꛳Ꝑ쉟늣ꭾꪺ룪끔꒺뉛ꅂ꧒덂ꪺ늣띾룪끔녪ꯗ꙰꛳ꅁ걏ꝟꚳꑀ귓럇ꭨꕩꕈ엽늣띾꣓둠ꅃꛓꕂ뵵ꑗ롧샧ꕝꝴ꒣Ꙑꪺ볒ꚡꅁ룪끔꒺뉛땻ꯗ꒣Ꙑ걏ꝟ띎ꣽ뗛삳룓ꕈ꒣Ꙑꪺ멁꣓롧샧ꅁꚹ껉ꑓ굮ꕈ꒰믲볐럇꣓ꡍꥷꕘ돌빁ꪺ뫴룴냓ꦱ롧샧ꮬ멁ꅈ덯쒳썄뎣ꥼꖼꚳꑈ낵뉠ꑊꪺ곣ꡳ놴끑ꅃ ꖻ곣ꡳꕈ늣ꭾ룪끔꒺뉛ꕛꑗ뭐뻣엩롧샧겡냊ꚳ쏶ꪺ믹귈쏬룪끔녪ꯗꝀ결곣ꡳꪺꕄ뙢ꅁ뮲ꕈ냪ꕾꙕ늣띾꒣Ꙑ롧샧ꮬ멁꒧롧샧셚껄ꅁ듁뇦꿠ꕘ꛳뫘늣띾빁Ꙙ귾뫘롧샧떦늤ꪺ볒ꚡ꣓ꅃ 3
닄ꑔ론 곣ꡳ걹땻 ꖻ곣ꡳꕄ굮걏ꕈ늣ꭾ룪끔꒺뉛뭐믹귈쏬룪끔녪ꯗ꣓놴꿁늣띾꽓꧊ꅂ뫴룴냓ꦱꮬ멁뭐롧샧셚껄꒧뚡ꪺ쏶ꭙꅁꙝꚹ곣ꡳꡂ왊꙰ꑕꅇ ꯘ멣?던뷍? 뿅뙱볐녍깡띎ꢣ? 뙩ꛦ?벶뱧?뻣뉺?뭠뚰룪껆꓀꩒?곣ꡳ돸ꝩ?? 늣띾꽓꧊쏾ꝏ?ꚸ꿅룪껆? 맏1-1ꅂ곣ꡳ걹땻 닄ꕼ론 뷗ꓥ걛멣 ꖻ곣ꡳꙀ꓀꒭뎹ꅁ닄ꑀ뎹꒧꒺깥ꕝ걁곣ꡳ굉뒺뭐냊뻷ꅂ곣ꡳꗘꪺꅁꕈ뮡ꧺꖻ곣ꡳ꧒뇽놴끑뭐룑ꡍꪺ냝썄ꅁꕈ꣤궫굮꧊ꅃ 닄ꑇ뎹뙩ꛦ뭐ꖻ곣ꡳ곛쏶ꓥ쑭꒧놴끑ꅁꕝ걁뫴룴냓ꦱꅂ롧샧ꮬ멁ꅂ룪끔녪ꯗ꽸끽ꅂ늣ꭾ꽓꧊ꅂ믹귈쏬뉺뷗롧샧셚껄곛쏶곣ꡳꅁꕈ뵔ꗟꖻ곣ꡳ걛멣꒧ꓥ쑭냲슦ꅃ 닄ꑔ뎹뮡ꧺꖻ곣ꡳ꒧곣ꡳꓨꩫꅁꕝ걁곣ꡳ걛멣ꅂ끷맯곣ꡳ엜볆낵뻞Ꝁꮬꥷ롱ꅂ뮡ꧺ곣ꡳ엜볆ꪺ뿅뙱ꓨꚡꅆꣃ뒣ꕘ곣ꡳ낲뮡ꅁ뮡ꧺꖻ곣ꡳ껚뻚ꓥ쑭놴끑꧒뒣ꕘ뇽엧쏒ꪺ낲뮡ꅆ룪껆뭠뚰ꓨꩫꅁ뮡ꧺꖻ곣ꡳ꙰꛳꣺녯곣ꡳ볋ꖻꪺ룪껆ꅃ 닄ꕼ뎹뮡ꧺ볋ꖻ룪껆ꪺ냲ꖻ꽓꧊ꅁ룪껆덂뉺ꓨꚡ꧒뇄ꗎꪺ꓀꩒ꓨꩫꅁꣃ맯곣ꡳ낲뮡뙩ꛦ샋엧ꅃ 닄꒭뎹뫮Ꙙꖻ곣ꡳꪺ떲ꩇ뒣ꕘ곣ꡳ땯뉻뭐ꯘ쒳ꅁ뮡ꧺ곣ꡳ궭꣮ꅁꣃ맯ꯡ쓲곛쏶곣ꡳ뒣ꕘꯘ쒳ꅃ 4
닄ꑇ뎹 ꓥ쑭놴끑 닄ꑀ론 뫴룴냓ꦱ곛쏶ꓥ쑭 ꛛ녱뫴믚뫴룴뾳끟ꣃ냓띾꓆ꯡꅁꭋ덹ꚨꑀ륱ꑬ냓냈ꪺ볶볩ꅁꗑ꧳뫴룴ꪺ뷑Ꙩ꽓꧊뭐뛇닎ꗸ띾롧샧ꓨꚡꚳ꧒깴늧ꅁꑝꚳ덜Ꙩ띳뾳ꪺ뫴룴냓ꦱꮬ멁곛쑾ꕘ뉻ꅃ왛맮ꖫ돵ꑗ뫴룴꒽ꕱꪺ샧륂ꫭ뉻ꅁꣃ꒣걏ꡃꑀ깡꒽ꕱꝑꗎ뫴룴냓ꦱ뎣꿠냷샲ꝑꅁꚳ덜Ꙩ뗛ꙗ뫴룴곛쏶꒽ꕱ솫띬덳덳ꅁ뻉교ꗸ띾Ꙙ꣖곆귋뎬ꑝꑪꚳꑈꙢꅃ ꙝꚹꖻ곣ꡳ뇽놴끑꒣Ꙑ늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁맯ꗸ띾뇄ꗎ뫴룴냓ꦱ꒧롧샧셚껄덹ꚨꪺ뱶암ꅁꖻ론ꭋ끷맯뫴룴냓ꦱ곛쏶곣ꡳ낵놴끑ꅁꣃ녱ꗦ꧶ꚨꖻ뉺뷗ꪺ왛쉉놴끑뱶암뫴룴냓ꦱ롧샧ꪺꙝ꿀ꅃ ꑀꅂ륱ꑬ냓냈슲꒶ 륱ꑬ냓냈(Electronic Commerce)걏덺륌륱뢣뭐룪끔뫴룴꣓륆꣬ꗦ뒫냓ꭾꚳ쏶룪끔ꞹꚨ냓ꭾꗦ꧶ꪺ겡냊ꅃ껚뻚Zwass(1996)맯륱ꑬ냓냈꧒ꑕꪺꥷ롱ꅇꅵ꣏ꗎ덱끔뫴룴꣓녱냓띾룪끔꓀ꅂ뫻꯹냓띾쏶ꭙꅁꕈ뙩ꛦ냓띾ꗦ꧶겡냊ꅶꅁꙕ뫘삳ꗎ뫴룴곬꣓녱냓띾겡냊ꪺꛦ결ꅁꞡꕩ뗸결륱ꑬ냓냈ꅃꕩꢣ륱ꑬ냓냈ꪺ뉛뭜뵤돲ꭄ녠뱳꩸ꅁ녱ꗸ띾뭐ꗸ띾뚡ꪺ륱ꑬ룪껆ꗦ뒫(EDI)ꅂꝑꗎ뫴룴뙩ꛦ냓ꭾ뵵ꑗꗦ꧶ꅂꩁ냈룪끔덣냢ꅁ꣬걆ꦲꪺ룪끔냲슦ꯘ덝떥쒳썄ꅁꞡꙢ륱ꑬ냓냈ꪺ곣ꡳ뵤돲꒧꒺ꅃ 과냪륱ꑬ냓냈ꗕꗖ껑꒤녎륱ꑬ냓냈랧꓀결꣢ꑪ쏾ꅇ 1. ꗸ띾뭐ꗸ띾꒧뚡ꪺ륱ꑬ냓냈ꅝBusiness to Businessꅞ ꗸ띾뭐ꗸ띾꒧뚡ꪺ륱ꑬ냓냈걏ꗸ띾꒧뚡ꝑꗎ륱뢣곬ꥍ뫴룴꧒녱ꪺ냓띾겡냊ꅁ꣤궫쉉Ꙣ녪뷕ꗸ띾뚡ꪺ뻣Ꙙ륂Ꝁꅃ꙰ꅇ륱ꑬ룪껆ꗦ뒫(Electronic Data Interchange; EDI)ꅂ껉쉉빐냢꡴닎(POS; Point of Sale)ꅂꟖ덴Ꙟ삳(Quick Response; QRꅁ뫙결Efficient Customer Response; ECR)ꅁꕈ뒣ꩀ롧샧셚껄ꅃ 5
2. ꗸ띾뭐껸뙏꒧뚡ꪺ륱ꑬ냓냈ꅝBusiness to Customerꅞ ꗸ띾뭐껸뙏꒧뚡ꪺ륱ꑬ냓냈ꕄ굮걏ꕈ냓띾뫴꾸결ꕄꅁ껸뙏ꝑꗎ뫴룴샲녯ꗸ띾곛쏶ꪺ룪끔ꕈ꣤꧒뒣꣑꒧늣ꭾꩁ냈ꅁꗸ띾ꝑꗎ뫴룴때뮷ꖱꦡ꒧꽓꧊ꕈ깩꣤ꛦ빐뵤돲ꅁꣃꕂꕩ덺륌뵵ꑗ뛇뮼룪끔ꩁ냈ꕈ론곙ꗦ꧶ꚨꖻꅃ ꑇꅂ뫴룴냓ꦱ ꅵ뫴룴냓ꦱꅶ덱녠ꑝ뫙Ꝁꅵ륱ꑬ냓ꦱꅶꅂꅵ륱ꑬ냓돵ꅶꅵ뗪샀냓ꦱꅝvirtual storeꅞꅶꅁ꣤띎롱걏ꯘꗟꙢ뫴룴ꑗꪺ뗪샀냓ꦱꅁꛓ껸뙏ꕩꙢ깡꒤덺륌뫴룴덳뵵꣓뿯쇊냓ꦱꪺ덦ꭾꩁ냈ꅃꛓ뫴룴냓ꦱ꧒덣뷦ꪺ늣ꭾ꒧ꮬ뿽뱶릳ꕈꙨ둃엩ꪺꓨꚡꅁ덺륌ꗾ뉹룪끔뫴ꅝWorld Wide Webꅞꝥ뉻Ꙣ껸뙏ꪺ륱뢣땥궱ꅝYesilꅁ1997ꅞꅃ 껚뻚롧샙뎡냓띾ꕱ꧒ꪺ뫴룴냓ꦱꅁ뱳롱ꪺꥷ롱걏Ꙣ뫴믚뫴룴ꑗ뒣꣑냓ꭾꩁ냈ꅁꣃ뒣꣑굱쇊ꗎꪺꅵꫭ돦ꅶꅝFill-out Formsꅞꅁꕩꕈ놵꣼껸뙏ꪽ놵ꅵ뵵ꑗ굱쇊ꅶꅝOn-line Take outꅞꪺ뫴꾸ꅃ굙걏뛈ꚳ뱳ꝩꅂ걏믝덺륌륱룜ꅂ뛇꽵ꅂ릺벷떥꣤ꕌꓨꚡꑾꕩꕈ굱쇊냓ꭾꩁ냈ꪺ뫴꾸ꅁ둎꒣ꙃꑊꛒ뱻ꅃꛓ쑙껦ꥷ롱ꪺ뫴룴냓ꦱꭨ걏녱쉳쓽ꅂ굱쇊ꅂꕉ듚ꅂꚩ녢떥꧒ꚳꗦ꧶걹땻뎣Ꙣ뫴룴ꑗꞹꚨꪺꅁꑾꕩꕈ뫙결륱ꑬ냓ꦱꅝ롧샙뎡냓띾ꕱꅁ1997ꅞꅃ ꖻ곣ꡳꕄ굮Ꙣ놴끑꒣Ꙑ늣띾뇄ꗎ꒣Ꙑ롧샧ꮬ멁땯깩뫴룴냓ꦱꪺ셚껄ꅁꖲ뚷ꛒ뱻ꙕ뫘ꕩ꿠ꪺ롧샧ꮬ멁ꅁꙝꚹꖻ곣ꡳ녎뫴룴냓ꦱꥷ롱결ꅇꗴ꛳ꚳ꣏ꗎ뫴믚뫴룴뒣꣑ꗸ띾룪끔룪랽떹껸뙏ꪺ꒽ꕱꅁꛜ꧳ꪫ걹ꓨ궱ꭨ껚뻚꣤늣ꭾꩁ냈ꪺ꽓꧊ꅁ롧ꗑ맪ꪫ녈끥걏뵵ꑗ뛇뮼ꪺꓨꚡ뙩ꛦ곒ꕩꅃ 뫴룴냓ꦱ꧳뫴믚뫴룴꒤꧒뒣꣑꒧냓ꭾꅁ낣ꑆ뛇닎ꪺ냓ꭾ꒧ꕾꅁ쁈뗛덎ꪺ땯깩뭐롧샧ꪺꖩꯤꅁ띳ꮬ멁ꪺꩁ냈ꗧ꒣쉟ꪺ구ꗍꅃ땍ꛓ궱맯덯꒣Ꙑꪺ늣ꭾꩁ냈ꅁ삳룓꙰꛳꣓덗릺뫴룴냓ꦱꪺ롧샧ꓨꚡꥏꅈBrockꅝ1997ꅞ뒣ꕘꪺꑑ귓뗻꛴뫴꾸껄꽱ꪺꡂ왊꒤ꅁ닄ꑀ쉉ꝙ걏뉍랡ꪺꥷ롱뫴꾸ꪺꗘꪺꅁ녪뷕뫴꾸ꚨꗟꖲ뚷굱ꥷꧺ뵔ꪺꗘ볐ꅃꛓ룪떦라ꖫ돵놡돸꒤ꓟ롧뉺ꓽ럧꒧ꅝ1997ꅞꑝꕘꙢ뫴룴ꑗ뙽ꦱ롧샧삳ꩠ띎꡴닎ꛛꛦꯘ롭싇ꗑ뫴룴냓돵ꪺꛒ뙱ꅂꑈ뻷꒶궱ꖲ뚷꣣돆뿋Ꙙꑏꅂ뫴룴ꛦ빐ꕈꝬꓞ압ꯈꅁ쇙ꚳꯡ롭Ꝁ띾덂뉺꒤ꅁ뻣귓ꪫ걹끴끥ꪺꓨꚡ떥ꅁ덯뎣걏ꖲ뚷ꛒ뙱ꪺ궫쉉ꅃ굮뵔맪ꑆ룑롧샧ꗘ볐ꅁ둎굮ꗽꑆ룑ꖻꢭ 6
늣ꭾꪺ쓝꧊뭐뻣엩믹귈쏬ꪺ륂Ꝁꓨꚡ걏ꝟ꿠뭐뫴믚뫴룴ꪺ꽓꧊곛뻣Ꙙꅁꓨ꿠ꡍꥷ빁럭ꪺ뫴룴냓ꦱꮬ멁ꅁꕈ듁꿠땯뒧돌ꑪꪺ껄꽱ꅃ ꑔꅂ뇄ꗎ뫴룴냓ꦱ뱶암ꙝ꿀 ꗑ꧳ꖻ곣ꡳ뇽놴끑꒣Ꙑ늣띾꽓꧊뇄ꛦ꒣Ꙑ뫴룴냓ꦱꮬ멁껉롧샧셚껄ꪺ뱶암ꅁꙝꚹꗽ맯늣띾꽓꧊뱶암뇄ꗎ뫴룴냓ꦱꪺꙝ꿀ꕛꕈ놴끑ꅃ 뛀쁁늻(1998)Ꙣ꣤맯꧳껸뙏뿯뻜뫴룴쇊ꪫꪺ롧샙꓀꩒곣ꡳ꒤ꅁ뻣뉺ꗘꭥ곛쏶ꓥ쑭ꪺ끑뷗꒺깥ꅁ녎륱ꑬ냓냈빐냢덱룴뿯뻜ꪺ귬ꙝ쉫쏾결냓ꭾ빁Ꙙ뷗ꅂ둃엩싗둉뷗ꗦ꧶ꚨꖻ뉺뷗떥ꑔ뫘뷗쉉ꅃ꯹냓ꭾ빁Ꙙ뷗ꪺ뻇ꅁꕄ굮ꭙꕈ뫴룴꣏ꗎ꽓꧊ꅂ냓ꭾ룪끔믝ꡄ땻ꯗꅁ냓ꭾ볆ꛬ꓆꽓꧊결껖ꓟꅁ놴끑ꢺ뫘쏾ꪺ냓ꭾ빁Ꙙ덺륌뫴룴띪둍뭐뛇끥ꅆ둃엩싗둉뉺뷗뭻결꒣Ꙑ룪끔싗둉땻ꯗꪺ덱룴빁Ꙙ꒣Ꙑ룪끔믝ꡄ땻ꯗꪺ늣ꭾꅁꕩꕈꗎ꣓륷듺뭐룑쓀껸뙏ꪺ빐냢덱룴뿯뻜ꛦ결ꅆꗦ꧶ꚨꖻ뉺뷗걏ꕈꗦ꧶Ꝁ결꓀꩒ꪺ맯뙈ꅁ싇ꗑ놴끑걙ꑀꗦ꧶뇄ꗎ꒣Ꙑꗦ꧶ꓨꚡ꧒늣ꗍꪺꗦ꧶ꚨꖻ낪ꝃꅁ꣓ꡍꥷ룓ꗦ꧶ꪺ돌빁럭ꗦ꧶ꓨꚡꅃ 껚뻚냓ꭾ빁Ꙙ뷗ꪺ왛쉉ꅁ냓ꭾꪺ볆ꛬ꓆땻ꯗ룪끔믝ꡄ땻ꯗ낪ꪺ늣ꭾ빁Ꙙ꧳뫴룴ꑗ뙩ꛦꗦ꧶(Schwartz,1997,;Whinston, ., 1997,,2)ꅃꛓSchwartz(1997)ꟳꝑꗎ냓ꭾ룪끔녪ꯗ꽸끽꣓Ꝁ뙩ꑀꡂ뇀뷗ꅁ뭻결쇊뙒룪끔꿊ꕆꪺ냓ꭾ꒣믝굮ꓓꙨꪺ룪끔덂뉺겡냊ꅁꙝꚹ꒣빁ꙘꙢ뫴믚뫴룴ꑗ빐냢ꅁ곛맯ꙡꅁ룪끔싗둉ꪺ냓ꭾ랥빁ꙘꙢ뫴룴ꑗ뙩ꛦꗦ꧶ꅁꙝ결뫴믚뫴룴뒣꣑ꙮꪺ룪끔샲녯ꮬ멁ꓱ룻뻷꣮ꅃ ꛓꗦ꧶ꚨꖻ뉺뷗ꕄ굮ꛒ뱻ꪺ걏ꗸ띾ꗦ꧶껉꧒늣ꗍꗦ꧶ꪺꚨꖻꅁꗑ꧳뇄ꛦ뫴룴냓ꦱ뵵ꑗꗦ꧶ꕩ꣏믹귈쏬꒤걙걹땻ꪺꚨꖻ궰ꝃꅁ롧ꗑ룪끔곬ꪺ뻣Ꙙꕛ덴믹귈쏬걹땻ꪺ덴ꯗꅁꙝꚹ뻣엩ꪺꗦ꧶ꚨꖻ라궰ꝃꅁꛓꗸ띾ꑝ라ꙝꛓ뒣낪ꚬ꽱ꅁꗑꚹꕩꪾ늣띾믹귈쏬걹땻ꪺ꽓꧊굙걏꿠뭐뫴룴꽓꧊꒬곛끴Ꙙꅁꗸ띾ꭋꕩꕈ론곙ꚨꖻ뒣낪롧샧셚껄ꅃ 7
닄ꑇ론 뫴룴냓ꦱ롧샧ꮬ멁 ꗸ띾뇄ꛦ뫴룴냓ꦱ럓꒣Ꙑꪺ롧샧ꮬ멁라뻉교믹귈쏬걹땻ꚳ꧒엜ꅁ껚뻚ꗦ꧶ꚨꖻ뉺뷗ꪺ왛쉉ꅁ믹귈쏬걹땻엜ꑝ라맯ꗦ꧶걹땻뭐ꗦ꧶ꚨꖻ덹ꚨ뱶암ꅁꙝꚹ굙걏뇄ꛦ빁럭ꪺ뫴룴냓ꦱꮬ멁ꅁ꣏믹귈쏬걹땻뭐뫴룴냓ꦱ꽓꧊끴Ꙙ녯럭ꭨꕩꕈ궰ꝃꗦ꧶ꚨꖻꅂ셙땵ꗦ꧶걹땻ꅃꗑꚹꕩꪾ뫴룴냓ꦱ꒣Ꙑꪺꮬ멁라맯롧샧셚껄덹ꚨ뱶암ꅁꕈꑕꭋ끷맯ꑀ꿫냓띾뫴꾸ꪺꙕ뫘ꮬ멁놴끑ꅃ 뻚뉻ꚳꓥ쑭맯꧳뫴꾸ꕜ꿠ꪺ놴끑ꅝꩌ듂뷥ꅁ1995ꅆ빇ꝧꞻꅁ1997ꅞꅁꑪ교ꕩ녎냓띾뫴꾸꓀결ꑕꙃꑔ귓꒣Ꙑꮬ멁ꅁꕂꙕ뫘ꮬ멁ꕩ꿠Ꙑ껉꙳Ꙣꅃ 1. ꒽ꕱꅂ늣ꭾꛦ빐겡냊꒶닐ꅁꕈ뒣낪ꗸ띾뙈늣ꭾ뇀뱳ꅃ 2. 뒣꣑압ꯈꩁ냈룪끔띪둍ꅃ 3. 뒣꣑뵵ꑗꗦ꧶ꩁ냈ꅃ 뫴룴냓ꦱꕩꕈꚳ덜Ꙩ꒣Ꙑꪺ롧샧ꮬ멁ꅁꗑ꿂뫩낵뫴궶꣓뱳ꝩ꒽ꕱꪺ늣ꭾ뙈뇀뱳ꅁ꣬ꪽ놵Ꙣ뵵ꑗ굱쇊ꅂꕉ듚뭐꣺덦ꪺ볒ꚡꅃ녩닐뺱ꅂ뒿뉑깰ꅝ1997ꅞ둎녎롧샧뵵ꑗꗦ꧶ꪺ뱨꿅ꅁ뻚걹뭐ꪫ걹ꪺꝙ껉꧊꓀결ꕼ쏾ꅁ꙰ꑕꫭꅃ덯ꕼ뫘겡냊Ꙣꖻ곣ꡳ꒤뎣쓝꧳뵵ꑗꗦ꧶ꪺ뵤돲ꅃ ꫭ2-1ꅂ뵵ꑗꗦ꧶쏾ꝏ ꪫ걹 뵵ꑗ ꭄ뵵ꑗ 걹 뵵ꑗ 뵵ꑗꝙ껉ꩁ냈 뵵ꑗ쇊ꪫ ꭄ뵵ꑗ 뵵ꑗꩁ냈 뵵ꑗ굱쇊 룪껆꣓랽ꅇ녩닐뺱ꅂ뒿뉑깰ꅝ1997ꅞ ꕈꦹꅁꙢ뛇닎ꖫ돵ꑗ껸뙏ꖲ뚷ꛛꛦꗑ뱳ꝩꑗ냓깡떥꣓랽ꚬ뚰ꚳ쏶늣ꭾ덗껦ꅂꭾ뷨ꅂ믹껦떥룪끔ꅁ떥ꕌ귌쒱녯ꙁ쑾쓲ꚬ뚰룪끔꒣라ꙁꚳꗴ꛳껄꽱껉ꅁ둎라낱ꓮꚬ뚰ꅁꣃ뙩ꛦ룪껆꓀꩒ꕈꡍꥷꕨ귾료쇊뙒ꅁ쇊뙒ꯡꕩ꿠뿋ꛛ녡Ꙟꑝꕩ꿠덺륌꣑빐뫴룴륂Ꙟꅃ Trader and Shawꅝ1997ꅞ꣢ꛬ뻇ꙁ놴끑륱ꑬꖫ돵맯꧳뛇닎늣띾떲멣ꪺ뷄삻껉ꅁ뻚꣤맯압ꯈꗦ꧶걹땻ꪺ뷄삻땻ꯗ꒣ꙐꅁꙀ꓀결꣢귓뚥걱ꅃ 8
Ꙣ륱ꑬꖫ돵꒶ꑊ꒧ꯡꅁ닄ꑀ뚥걱걏ꖫ돵뻷꣮ꅝmarket mechanismꅞ볆ꛬ꓆ꅁ돌ꕄ굮걏궰ꝃ압ꯈꙢ띪둍늣ꭾ곛쏶룪끔껉꧒ꕉꕘꪺ껉뚡ꅂꑈꑏꅂ뿺떥ꚨꖻꅁꚹꕾ쇙ꕩꕈ룻ꝃꪺ믹껦꣓쇊ꪫꅁꙝꚹ꒤뚡냓ꕩ꿠라ꗑ믹귈쏬꒤껸ꖢꅁ곛룻꧳뛇닎ꖫ돵ꛓꢥꅁꟳ꿠뫻꯹꣤profit marginꅃ닄ꑇ뚥걱ꭨ걏늣ꭾꖻꢭꥍ덱룴뎣볆ꛬ꓆ꅁ꙰륱ꑬ싸뭸ꅂ돸꿈ꅂ껑ꅂ궵볖ꅂ륱뱶떥ꅁꕌ엽뙒뷦싹ꓨꑊꪺ겡냊ꅁ꙰ꛦ빐ꅂ굱돦덂뉺땻Ꟈꅂ덱룴ꅂꕉ듚곆ꛜ늣ꭾꪺ곣땯뎣ꕩꕈꙢ뵵ꑗꞹꚨꅃꕈ뱳롱ꪺꥷ롱ꛓꢥꅁ덯꣢뚥걱뎣걏뫴룴냓ꦱꪺ뵤쎥ꅁꙝꚹꖻ곣ꡳ녎ꕈꖫ돵뻷꣮볆ꛬ꓆ꪺꚳ때꣓뭐맪엩냓ꦱ낵꓀뎥ꅃ 뻣ꙘꕈꑗꙨꛬ뻇꒧곣ꡳꅁꙁꕛꑗ껉뚡뫴꾸왛맮꧒녯ꅁ륅녎Ꙣ뫴믚뫴룴꒤ꅁꙕ뫘늣띾롧샧ꪺ볒ꚡ뻚뵵ꑗꕜ꿠ꅂ맪엩냓ꦱ꣢귓멣궱꓀결ꕈꑕ둘뫘롧샧ꮬ멁ꅁ꙰ꑕ맏ꅃ ??뵵ꑗꕜ꿠???때?룪끔?ꗦ꧶?????뛇?때?꿂뫴꾸ꗦ꧶ꮬ?닎??ꦱ??궱?ꚳ?꿂뛇닎롧샧ꮬ?룪끔뒣꣑ꮬ?뉖Ꙙꗦ꧶ꮬ??맏2-1ꅂ뫴룴냓ꦱꮬ멁 룪껆꣓랽ꅇꖻ곣ꡳ뻣뉺 (1) 꿂뛇닎롧샧ꮬꅇꕵꚳ맪엩냓ꦱꅁꕈ뛇닎ꪺꛦ빐ꅂ뙒뷦ꓨꚡ뙩ꛦꅁ룪끔곬ꪺ삳ꗎꙢꚹ쏾ꮬꪺ늣띾ꞹꗾ땯뒧꒣ꑆꝀꗎꅃ압ꯈꕩ꿠덺륌뛇닎ꪺ뱳ꝩ덱룴샲녯룪끔ꅁ쇊ꪫ껉굮뿋ꛛ꣬맪엩ꦱ궱꒤걄뿯ꅂꕉ듚ꣃ꣺덦떥ꅃ (2) 룪끔뒣꣑ꮬꅇꭨ걏Ꙣꚳ맪엩냓ꦱꪺ놡ꩰꑕꅁ륂ꗎ륱ꑬꖫ돵낵꒽ꕱ뭐늣ꭾꪺꭐ빐뭐뇀뱳ꅁ뫴꾸ꑗꣃ꒣뒣꣑뵵ꑗ굱쇊ꪺꕜ꿠ꑝ꒣뙩ꛦ뵵ꑗꕉ듚ꪺ냊Ꝁꅃ (3) 뉖Ꙙꗦ꧶ꮬꅇ뛇닎냓ꦱ뭐뫴룴냓ꦱꙐ껉륂Ꝁꪺ롧샧멁ꅃ룪끔곬꒧꧳ꚹ뫘냓ꦱ걏ꑀ뫘ꛦ빐덱룴ꪺꦵꅂ쉘깩ꅃ뛇닎냓ꦱ뭐뫴룴냓ꦱ꣢곛뮲곛ꚨꅁꥬ꿠땯뒧 9
ꟳꑪꪺ롧샙껄꽱ꅃ (4) 꿂뫴꾸ꗦ꧶ꮬꅇꡓꚳ뛇닎ꪺ맪엩냓ꦱꅁ걏Ꙣ륱ꑬꖫ돵ꑗ륂Ꝁꅁ뒣꣑꒽ꕱꅂ늣ꭾꅂ믹껦ꅂꛦ빐겡냊떥곛쏶끔꺧ꅁꣃꕂꚳ뒣꣑뵵ꑗ굱덦ꅂꕉ듚ꪺ뻷꣮ꅃ걏덦ꪫꪺ륂끥ꭨꕩ꿠걏뵵ꑗ덺륌뛇닎뙬녈ꓨꚡꅃ 닄ꑔ론 룪끔녪ꯗ꽸끽 Schwartꅝz1997ꅞ뻚Porter and Milleꅝr1985ꅞ꧒뒣ꕘ꒧냓ꭾ룪끔녪ꯗ꽸끽ꅝinformation intensity matrixꅞ꓀쏾꣓뇀뷗뫴믚뫴룴ꑗꪺ빐냢놡ꩰꅁ뭻결꒣믝굮ꓓꙨ룪끔덂뉺겡냊ꅂ쇊뙒껉꒣믝굮샲녯ꓓꙨ룪끔ꪺ냓ꭾꅁ꒣빁ꙘꙢ뫴믚뫴룴ꑗ빐냢ꅁ곛맯ꙡꅁ맯꧳룪끔ꝴ뙱싗둉ꪺ냓ꭾꛓꢥꅁꙢ뫴룴ꑗꕩꕈ낵ꙮꪺ룪끔ꚬ뚰ꅁꙝꚹ빁ꙘꙢ륱ꑬ냓냈ꪺ빐냢덱룴ꑗ땯깩ꅃ Porter and Millerꅝ1985ꅞꪺ냓ꭾ룪끔녪ꯗ꽸끽ꪺ꣢귓멣궱결ꅵ늣ꭾꪺ룪끔꒺뉛ꅶꅵ덂뉺땻Ꟈꪺ룪끔녪ꯗꅶꅁ늣ꭾꪺ룪끔꒺뉛Ꙣ꧳뿅뙱늣ꭾꖻꢭꕝꝴ룪끔ꪺ낪ꝃ땻ꯗꅁꛓ덂뉺땻Ꟈꪺ룪끔녪ꯗꕄ굮걏ꓞꗎ믹귈쏬ꪺ랧꧀ꅁ뿅뙱룪끔Ꙣꗸ띾걹땻ꪺ녪ꯗꅃꛓꚹ볒ꚡꕩ뿅뙱Ꙣ꒣Ꙑ늣띾떲멣ꑕꅁ룪끔곬Ꙣꗸ띾ꙕ믹귈겡냊꒤ꪺ꣏ꗎ땻ꯗꅁꕈ늣ꭾ꒺뉛ꪺ룪끔낪ꝃꅁ뙩ꛓ뗻꛴ꗸ띾륂ꗎ룪끔곬ꕩ샲녯ꪺ떦늤ꝑ꽱낪ꝃꅁꕈ산ꝕꗸ띾맯룪끔곬ꪺꥷꛬꅃ ??늣ꭾ룪끔꒺뉛???ꝃ?낪??낪??믈ꛦ띾?믹귈쏬?럒ꩯ띾?돸띾?룪끔녪ꯗ?꿨띾?????ꓴꩤ띾?볶뵵ꩁ냈?ꝃ???맏2-2ꅂ룪끔녪ꯗ꽸끽 룪껆꣓랽ꅇPorter and Miller, 1985 냪ꕾ뻇Palmer&Griffithꅝ1998ꅞꙢ꣤ꚳ쏶뫴꾸덝군ꪺ곣ꡳ꒤땯뉻ꅁ덂뉺땻Ꟈꪺ룪끔녪ꯗꅝ믹귈쏬ꅞ뭐뵵ꑗꗦ꧶ꪺ곛쏶꧊ꓱ늣ꭾ룪끔녪ꯗꟳ낪ꅁꣃ껚뻚뫴룴냓ꦱꙢ룪끔녪 10
ꯗ꽸끽꒤꒣Ꙑꪺꥷꛬꅁ뒣꣑뫴꾸덝군뫴룴ꛦ빐ꪺ떦늤꧊ꯘ쒳ꅃ늣ꭾꖻꢭꪺ룪끔녪ꯗ띕낪ꅁꭨ늣ꭾ띕빁Ꙙ꧳뫴궶ꑗꝥ뉻ꅁꛓ믹귈쏬ꪺ녪ꯗꅁꕩꕈ늣ꭾꪺ뛇뮼ꅂꗦ꧶륌땻ꅂꛦ빐냢ꯡꩁ냈떥꣓뿅뙱ꅃ 닄ꕼ론 늣ꭾ꽓꧊꒧곛쏶뉺뷗 륱ꑬ냓냈ꕄ굮걏덺륌뫴룴곬꣓뙩ꛦ냓띾겡냊ꅁ걏ꣃ꒣걏꧒ꚳꪺ늣ꭾ뎣빁ꙘꙢ뫴룴ꑗ덣냢ꅁꙢꗘꭥꪺ륱ꑬ냓냈ꖫ돵ꑗꅁꚳꪺ롧샧ꮬ멁걏뛇닎띾냈ꪺꦵꅁꚳꪺꭨ걏녍녱륱ꑬ냓ꦱꅁꙢ덯쑶ꪧ뽅꽐ꪺ쑶돵ꑗꚳꚨꚳ뇑ꅁ엽ꑈꓟ꒤꒣ꝋ뫃뚳ꕅ뉻ꅁ걏ꝟ꒣Ꙑꪺ늣띾꽓ꛢꚳ꣤꒣Ꙑꪺ롧샧떦늤ꥏꅈPhilip Kotlerꅝ1999ꅞ녎늣ꭾ왛꧀냏꓀ꚨꑔ귓뱨ꚸꅇ (1).껖ꓟ늣ꭾꅇ걏돌냲ꖻꪺ뱨ꚸꅁꭙ늣ꭾ뒣꣑꒧냲ꖻ껄꽱ꅁꝙ쇊뙒ꅵ꽵ꖿꅶ뙒꣬ꪺ늣ꭾꅁ꙰Ꝏ뚼걏뉍뉄룑듷ꅁꡔꢮ걏ꢭ꓀ꙡꛬꪺ뙈뱸ꅃ (2).ꚡ늣ꭾꅇ걏껖ꓟ늣ꭾꪺꕾꕝ룋ꅁ결ꑀꚳ맪엩ꪺ뒣꣑ꅁ압ꯈ뙒꣬ꪺ맪엩ꩁ냈ꅁꚹꕝ걁늣ꭾ꽓꧊ꅁꕝ룋ꅂꭾ땐ꅂꚡ볋ꅂꭾ뚵떥ꅁ꙰Ꝏ뚼ꅂꡔꢮꖻꢭ걏ꑀꚡ늣ꭾꅃ (3).ꓞꗓ늣ꭾꅇ쇊뙒꧒샲녯꒧뻣엩ꅁꚹꑄ걏쁈ꚡ늣ꭾ꧒뒣꣑꒧ꩁ냈ꅂꭏ쏒떥ꅁ꙰맪엩ꪺꚡ늣ꭾꇐꅁꓞꗓ늣ꭾꕝ걁ꚳ뻞Ꝁ뮡ꧺꅂꭏ쏒ꅂ륳닕ꗳꪺ뫻귗떥ꅁ곆ꕩꦵꛜ끝냈꒧뙕듚ꅂ빲빰끖뵭떥ꅃ 륌ꕨꓥ쑭녎늣ꭾ꽓꧊럓덜Ꙩ럇ꭨꕛꕈ뮡ꧺꅁꕝ걁ꅇ볆ꛬ꓆땻ꯗꅂ늣ꭾ쓝꧊ꅂ맪엩꓆뭐덗껦꓆땻ꯗꅂ늣ꭾ궷쁉ꅂ늣ꭾꚡ꽓꧊뭐늣ꭾ믝ꡄ꽓꧊떥ꅁꕈꑕ꒶닐덯럇ꭨꅃ ꑀꅂ볆ꛬ꓆땻ꯗ Whinston떥ꑈꅝ1997, ,2ꅞ뭻결냓ꭾ걏ꝟ꣣ꚳ볆ꛬ꓆꽓꧊ꅁ걏뱶암룓냓ꭾ걏ꝟ빁Ꙙ꧳륱ꑬ냓냈ꑗ빐냢ꪺ궫굮ꙝ꿀ꅁꙝ결ꕩ볆ꛬ꓆ꪺ냓ꭾꩁ냈ꓱ꒣꧶볆ꛬ꓆ꪺ냓ꭾꟳꚳꝑ꧳Ꙣ뫴믚뫴룴ꑗ뙩ꛦ빐냢ꅃ굙ꕈ냓ꭾꖻꢭꪺ볆ꛬ꓆땻ꯗꅂ냓ꭾ덂뉺륌땻ꪺ볆ꛬ꓆땻ꯗꅁꕈ냑뭐냓ꭾ빐냢ꢤꛢꪺ볆ꛬ꓆땻ꯗ결ꑔ귓멣궱ꅁꕩꕈꯘ멣ꕘ륱ꑬ냓냈ꪺ믢냬걛멣 11
ꅝelectronic commerce areasꅞꅃ륱ꑬ냓냈ꪺ껖ꓟꅁ꒣뷗걏냓ꭾꅂ륌땻빐냢ꢤꛢꑔꓨ궱ꅁꞡꑷ볆ꛬ꓆ꅆꛓ꣤ꕌ냏냬ꭨ쓝꧳뛇닎뭐륱ꑬ냓냈ꪺ뉖Ꙙꮬ멁ꅝconventional electronic commerceꅞꅁ꣤꒤ꛜꓖꚳꑀ귓ꕈꑗꪺ볆ꛬ꓆멣궱ꅁ걇ꗧꕩꕝꝴ꧳륱ꑬ냓냈ꪺ뵤돲꒧꒺ꅆꛜ꧳ꑔ귓멣궱ꞡꖼ꿠볆ꛬ꓆ꪺ냏냬ꅁ꒴결뛇닎ꪺꗦ꧶볒ꚡꅃ꧒ꕈꕩꕈ땯뉻굙ꗑ냓ꭾꖻꢭꪺ볆ꛬ꓆땻ꯗꅂ냓ꭾ덂뉺륌땻ꪺ볆ꛬ꓆땻ꯗꅁꕈ냑뭐냓ꭾ빐냢ꢤꛢꪺ볆ꛬ꓆땻ꯗꑔ귓멣궱꣓곝ꝙꕩꕈ땯뉻꧒ꚳ늣ꭾꙢ륱ꑬ냓냈ꪺ믢냬ꑗꅁꕩ꿠라ꚳ꿂륱ꑬ냓냈ꅂ뉖Ꙙꮬꥍ뛇닎ꪺ롧샧ꮬ멁ꑔ뫘ꅃ ꑇꅂ늣ꭾ쓝꧊ Yesilꅝ1997ꅞ뭻결뫴룴냓ꦱ꒧냓ꭾꮬ멁ꅁ낣ꑆ맪엩냓ꭾ꒧ꕾꅁ쇙ꕩꕝ걁룪끔뭐덮엩냓ꭾꅃꛓꓽ럧꒧ꅝ1996ꅞꭨ땯뉻뫴룴냓ꦱꪺꚬꑊ꣓랽ꣃꭄꕵ끷맯껸뙏ꅁꑝꕩꕈ걏꣓ꛛ뱴냓ꪺ뱳ꝩꚬꑊꅂ꾲ꚬꑊ뭐ꚬꑊꅃ닸ꡋ걶ꅝ1997ꅞ껚뻚Yesilꪺ곣ꡳ뻣뉺ꕘꚳ쏶뫴룴냓ꦱꪺ냓ꭾꮬ멁ꅁ꙰ꑕꫭ꧒ꗜꅃ ꫭ2-2ꅂ뫴룴냓ꦱꪺ냓ꭾꮬ멁 냓ꭾ멁 빐냢ꚡ 덣뷦냓ꭾ 맪엩냓ꭾ ꑀ꿫꧊냓ꭾ ꗁꗍꗎꭾꅝ궹ꭾꅂꛧꩁꅞ 륱뢣덮엩 깍룋덮엩 껸뙏꧊륱ꑬ냓ꭾ 룪끔뒣꣑ 룪껆깷샋꿁 륱ꑬ띳뭄 룪끔뭐둃엩냓곣ꡳ돸ꝩ ꭾ 덮엩땻ꚡ 륱뢣륃삸 ꓶꭺ덮엩 삳ꗎ덮엩 ꒬냊ꚡꩁ냈 뵵ꑗ륱뢣륃삸 뿔룟ꩁ냈 ꩫꯟꅂ싥쏄뿔냓 ꩁ냈꧊냓ꭾ놡돸빐냢 ꩫꯟꅂ싥뻇룪껆걤룟 ꖫ뿄ꛦ놡꓀꩒ 륷곹굱늼ꩁ냈 꿨굱ꛬ 껈쁝ꅂ뚺ꦱ꒧륷곹 쇊늼 룪껆꣓랽ꅇ닸ꡋ걶ꅝ1997ꅞ 12
Nelsonꅝ1970ꅞꝑꗎ늣ꭾ쓝꧊꣓맯늣ꭾꕛꕈ꓀쏾ꅁ껚뻚꣤꓀쏾ꪺ멣궱ꅁ늣ꭾꕩꕈ꓀결꣢뫘쓝꧊ꅁ꓀ꝏ결띪둍쓝꧊ꅝsearch qualityꅞ뭐롧엧쓝꧊ꅝexperience qualityꅞꅆ쓝꧳띪둍쓝꧊ꪺ늣ꭾꪺ걏껸뙏Ꙣ쇊뙒ꕈꭥ믝굮덺륌룪끔ꪺ띪둍ꅂ덂뉺ꅁ꿠맯늣ꭾꭾ뷨ꚳꑀꥷ땻ꯗꪺꑆ룑ꅁ뙩ꛓꕩꕈ낵ꕘ빁럭Ꝑ쉟ꪺ늣ꭾꅁ꣒꙰ꛧꩁꅂ꽝쑟ꅂ깡꣣떥ꅆꛓ쓝꧳롧엧쓝꧊ꪺ늣ꭾꭨ걏껸뙏ꦹꦹꖲ뚷Ꙣ꣏ꗎ륌룓늣ꭾ꒧ꯡꅁꑾ꿠맯늣ꭾꭾ뷨낵ꕘ빁럭Ꝑ쉟ꪺ늣ꭾꅁ꣒꙰쁜왕ꪺꩁ냈ꅂ껈륃늣ꭾ떥ꅃDarby & Karniꅝ1973ꅞꭨꙢNelsonꅝ1970ꅞꪺ곣ꡳ냲슦ꑗ뙩ꑀꡂ뒣ꕘ닄ꑔ뫘늣ꭾ쓝꧊ꅁꝙ결ꭈꗴ쓝꧊ꅝcredence qualityꅞꅁ쓝꧳ꭈꗴ쓝꧊ꪺ늣ꭾꪺ걏ꝙ꣏껸뙏Ꙣ꣏ꗎ륌늣ꭾ꒧ꯡꑝ때ꩫ맯늣ꭾꭾ뷨낵ꕘ빁럭Ꝑ쉟ꪺ늣ꭾꅁꚹ쏾늣ꭾꕝ걁싥샸ꩁ냈ꅂꚳ뻷궹ꪫ떥ꅃꑪ뎡꓀ꪺ냓ꭾ걏쓝꧳띪둍쓝꧊ꅁꛓꑪ뎡꓀ꪺꩁ냈걏쓝꧳롧엧쓝꧊ꅃ 쓝꧳꒣Ꙑ쓝꧊ꪺ늣ꭾꕎꫭ껸뙏맯꒣Ꙑꪺ늣ꭾꚳ꒣Ꙑ뱨ꚸꪺ늣ꭾ룪끔믝ꡄꅁꛓ꒣Ꙑꪺꛦ빐둃엩Ꙣ뒣꣑늣ꭾ곛쏶룪끔껉꙳Ꙣ뗛꒣Ꙑꪺ궭꣮ꅁꙝꚹ늣ꭾ꧒뚷뒣꣑떹껸뙏ꪺ늣ꭾ곛쏶룪끔걏ꝟ꿠냷Ꙣ뫴믚뫴룴ꑗ빁럭ꪺꝥ뉻ꅁꕂ깥꧶결껸뙏꧒놵꣼ꅁ맯뫴믚뫴룴ꛦ빐걏ꑀ귓귈녯궫뗸ꪺ뷒썄ꅃ ꕈꦹꙢ뛇닎덱룴꒤껸뙏ꑪꙨ걏뇄ꗎ뉻돵뗻꛴뭐쇊뙒ꪺꓨꚡꅁꙝꚹꕩꕈꗟ꣨맯늣ꭾ낵ꕘ룻럇뵔ꪺ뗻꛴ꅃꛓꗘꭥꙢ뫴믚뫴룴ꛦ빐ꑗꅁꗑ꧳뫴믚뫴룴쇊ꪫꖻꢭ꧒꣣ꚳꪺ뮷뫝굱쇊꽓꧊ꅁꙢꕛꑗ꣼궭꧳덎ꑗꪺ냝썄ꅁ껸뙏Ꙣ늣ꭾꪺ뗻꛴ꑗ라ꓱ룻ꝸ쏸ꅁꙝꚹ롧엧쓝꧊Ꙣꗘꭥꪺ뫴믚뫴룴ꛦ빐ꑗ꧒면ꪺꢤꛢ뮷ꓱ뛇닎껸뙏볒ꚡ꒤꣓녯궫굮ꅃꙝꚹ뒣낪늣ꭾꪺ띪둍쓝꧊ꭾ뷨꣏껸뙏ꭋ꧳뗻꛴ꅁ녎ꚳꝕ꧳궰ꝃ껸뙏꧒ꪾ쒱ꪺ궷쁉ꣃꯘꗟꙮꪺ늣ꭾ뙈ꅁ뙩ꛓ륆꣬뒣낪늣ꭾ빐냢뙱ꪺꗘꪺꅃ ꑔꅂ맪엩꓆뭐덗껦꓆땻ꯗ Vandermerwe & Chadwick꧳1991꙾Ꙣ놴끑ꩁ냈띾ꪺ냪믚꓆땯깩ꪺ곣ꡳ꒤ꅁꕈ늣ꭾ맪엩꓆땻ꯗꕈ껸뙏뭐뱴냓ꪺ꒬냊땻ꯗ결곣ꡳꪺ멣궱ꅁ삳ꗎ꧳뫴믚뫴룴ꛦ빐늣ꭾꪺ꓀쏾걛멣ꑗ땯뉻ꑝꚳꯜꙮꪺ껄ꩇꅁ맯꧳뫴믚뫴룴ꛦ빐ꖼ꣓ꪺ늣ꭾ땯깩뒣꣑ꑆꑀ귓빁럭ꪺ곣ꡳ냲슦ꅁꖻ꓀쏾걛멣꙰맏2-3ꅃ 13
ꝃ?卥捴潲‱?卥捴潲′?ꅕ?냪꒺뙬녈?압냝?늣?ꭏ쁉?ꭾ?뇐?맪?卥捴潲″?卥捴潲‴?엩?껈쁝?믈ꛦ?꓆?꿨덦륂?꿨ꯈ륂?땻?卥捴潲‵?卥捴潲‶?ꯗ?륱뢣땷엩?쉁ꫡ?ꅕ?냛ꓹ?ꛊ덦ꩁ릢?낪?껑쑹??ꝃ?ꇐ?껸뙏뭐뱴냓꒬냊땻ꯗ?ꇐ†낪?맏2-3ꅂ늣ꭾ맪엩꓆뭐껸뙏뱴냓꒬냊땻ꯗ맏 룪껆꣓랽ꅇVandermerwe & Chadwickꅝ1991ꅞ 왛맮ꗘꭥ뫴룴쇊ꪫꑗ꣼앷ꫯꪺ늣ꭾꅁ땯뉻ꑷ덗껦꓆ꪺ맪엩늣ꭾꑪꙨ볆ꅁꡳ꣤귬ꙝꕩ꿠걏ꙝ결ꅁ껸뙏ꓱ룻깥꧶롧ꗑꙕ뫘둃엩뫞륄샲ꪾ덗껦꓆늣ꭾꪺ끔꺧ꅁꓗ꣤걏늣ꭾꪺ꒺뎡쓝꧊ꅃ늣ꭾ끔꺧ꕩ꓀결꒺뎡쓝꧊ꥍꕾ뎡쓝꧊꣢뫘ꅁ꒺뎡쓝꧊ꕝ걁ꕜ꿠ꅂꚡ볋떥ꅁꪺ걏늣ꭾꪺ맪엩뎡꓀ꅆꛓꕾ뎡쓝꧊ꭨ걏꒣쓝꧳늣ꭾ맪엩ꪺ뎡꓀ꕝ걁ꭾ땐ꅂ믹껦떥ꅁꑀ꿫꣓뮡늣ꭾꪺ꒺뎡쓝꧊Ꙣ꽵ꖿ껸뙏늣ꭾꕈꭥ꒣꧶Ꝑꝏꅁ걏Ꙩꓖꕩꕈ롧ꗑ껸뙏ꑦ롏ꛓ뒦앓ꅃꙢ뫴룴쇊ꪫꑗꝥ뉻ꪺꙨ걏늣ꭾꪺꕾ뎡쓝꧊ꅁ늣ꭾꪺ꒺뎡쓝꧊ꟳꕛ꒣꧶Ꝑꝏꅁꛓ덗껦꓆ꪺ늣ꭾ꒺뎡쓝꧊룻결ꑀ교ꅁꙝꚹꗘꭥꪺ뫴룴쇊ꪫ껸뙏ꑪꙨ뛉Ꙗ꧳싇ꗑꙕ뫘둃엩뫞륄띪둍늣ꭾꪺ꒺뎡쓝꧊ꅁꛓꙢ뫴룴ꑗ뗻ꓱ쏾ꪺ늣ꭾ껉Ꙩ걏Ꙣ곛꒺뎡쓝꧊ꪺ냲슦ꑗꅁꓱ룻늣ꭾꪺꕾ뎡쓝꧊ꅃꛓ럭늣ꭾꪺ꒺뎡쓝꧊꒣꧶뗻꛴껉ꅁ껸뙏ꭨ뛉Ꙗꕈꕾ뎡쓝꧊Ꝁ결뗻믹늣ꭾꪺ볐럇ꅃ ꕼꅂ늣ꭾꪺ궷쁉 ꑀ꿫꣓뮡껸뙏뛉Ꙗ꧳쇊뙒궷쁉룻ꝃꪺ늣ꭾꅁ걏ꑝꚳꑀ돟앷ꭟ쁉ꅂ끬ꡄ띳꥟뭐꣫뽅ꪺ껸뙏꙳Ꙣꅃꛓꭥ굺쏶꧳늣ꭾ꽓꧊ꪺ뉺뷗꒤ꅁ궷쁉ꑝ뎣면뗛궫굮ꪺꢤꛢꅁSmithꅝ1990ꅞꪺ곣ꡳꕘꅁ궷쁉꒣걏ꕵ걏믹껦ꪺ꣧볆ꅁꛓ걏늣ꭾꖻꢭꕈ늣ꭾ꣏ꗎ놡맒ꪺ꣧ 14
볆ꅆꛓ껸뙏맯꧳낪궷쁉ꪺ늣ꭾꑝꧪ꯹뗛ꓱ룻써뫃ꪺ멁ꯗꅃꙝꚹ궷쁉땻ꯗ꒣Ꙑꪺ늣ꭾꅁ맯꧳껸뙏ꪺ쇊뙒띎쑀꙳Ꙣꑀꥷ땻ꯗꪺ뱶암ꅃ 껸뙏Ꙣ껸뙏꒣Ꙑ늣ꭾ껉라ꪾ쒱꒣Ꙑ땻ꯗꪺ궷쁉ꅁ궷쁉ꪺ땻ꯗ라쁈늣ꭾꪺ뫘쏾뭐껸뙏ꛓꚳ꧒꒣ꙐꅝTurley and LeBlanc 1993ꅞꅃ ꙢCunninghamꅝ1967ꅞꪺ곣ꡳ꒤녎껸뙏꧒ꪾ쒱ꪺ늣ꭾ궷쁉꓀결꣢귓멣궱ꕛꕈ놴끑ꅁ꓀ꝏ결ꅇ (1).늣ꭾꭾ뷨ꪺꭥꕩ뵔ꥷ꧊ꅝChanceꅞꅇꪺ걏럭껸뙏럇돆쇊뙒늣ꭾ껉ꅁ걏ꝟ꿠뵔ꥷ꧒뿯뻜ꪺ늣ꭾꪺꫭ뉻라ꕏꑈ몡띎ꅃ (2).늣ꭾ굴궱떲ꩇꪺ궫굮꧊ꅝDangerꅞꅇꪺ걏럭껸뙏꧒쇊뙒ꪺ늣ꭾꕏꑈ쒱녯꒣몡띎껉ꅁ맯껸뙏ꛓꢥ덯ꗳ놡ꪺ쑙궫땻ꯗꅃ DashꅂSchiffman뭐Berensonꅝ1976ꅞꪺ곣ꡳ꒤뇄ꗎꑗ굺ꪺꥷ롱ꕈ뿅뙱늣ꭾ궷쁉ꅁ떲ꩇ땯뉻껸뙏라뿯뻜꒣Ꙑꪺ쇊ꪫꙡ쉉ꕨ쇊뙒꒣Ꙑ궷쁉땻ꯗꪺ늣ꭾꅃꕈ꣤곣ꡳ결꣒ꅁ껸뙏Ꙣ쇊뙒궷쁉땻ꯗ룻낪ꪺ늣ꭾ껉ꦹꦹ라뿯뻜ꛊ덦꒽ꕱꅁꛓ꣬ꑀ꿫ꪺꑰ냓ꦱꕨ쇊뙒궷쁉룻ꝃꪺ늣ꭾꅃꙝꚹ늣ꭾ궷쁉낪ꝃꅁꑝ라뱶암꣤Ꙣ뫴룴ꑗ빐냢놡ꩰꅃ ꒭ꅂ늣ꭾꚡ꽓꧊ 붲ꫯ롴ꅝ1997ꅞ냑ꛒ륌ꕨꚳ쏶늣ꭾ꽓꧊ꪺ꓀쏾ꅁꙁꯤꛒꥍInternetꖻ뷨ꑗꪺ곛쏶꧊ꅁꣃꛒ뙱ꕵ녱ꯈ왛ꢤꯗ꣓Ꝑ쉟ꛓ꒣ꕄ왛뭻ꥷꯡꅁ녱꣢귓ꓨꙖ꣓뇔굺늣ꭾ꧒꣣ꚳꪺ꽓꧊ꅁꅝ1ꅞ늣ꭾꚡ꽓꧊ꅆꅝ2ꅞ늣ꭾ믝ꡄ꽓꧊ꅁ싇ꕈ꣏늣ꭾ꒧뚡ꪺ꧊뷨낵ꑀ귓룻뉍랡ꪺ곉ꥷꅃꛓ늣ꭾꚡ꽓꧊뭐늣ꭾ믝ꡄ꽓꧊ꅁ꣤꧒놴끑ꪺ걏늣ꭾ꒺뉛뭐뫴룴ꑗ껸뙏믝ꡄ꽓꧊ꪺ뿅뙱ꅁꙝꚹꖻ곣ꡳ녎꣤ꙃ결늣ꭾ꽓꧊꒤ꪺ꣢ꑪ뿅뙱ꙝ꿀ꅁꕈꑕꭋꗽ맯ꙕ뚵꽓꧊꒧ꖻ뷨ꕛꕈꥷ롱ꅃ ꧒뿗늣ꭾꚡ꽓꧊ꅁ걏둎늣ꭾꖻꢭ꙳Ꙣ꒧ꫭ뉻ꚡꛓꢥꅁ냲ꖻꑗ꣤걏ꝟ꣣맪엩ꛓ녎꣤냏꓀결맪엩꧊ꭄ맪엩꧊ꅁꛓꭄ맪엩늣ꭾꭨ라ꕝꝴ뿔룟ꩁ냈꧊ꅂ돒냈ꩁ냈꧊ꅂꕩ볆ꛬ꓆늣ꭾꅁꕈꑕ녎ꗽ둎ꕈꑗ꧒뒣꒧꽓꧊ꕛꕈ뇔굺ꅇ (1).맪엩꧊ꅇ늣ꭾ꣣ꚳ맪엩ꅁꙢ늣ꭾ륂끥륌땻꒤ꅁ믝ꕈ뙬녈ꅂ덦륂떥맪엩끴끥ꑵ꣣꣓ꞹꚨꅁ때ꩫꪽ놵롧ꗑ뫴믚뫴룴꣓뛇뮼ꅃ 15
(2).뿔룟ꩁ냈꧊ꅇꚹ쏾ꩁ냈꙰뿄ꩁ냈ꅂꑵ냓ꩁ냈ꅂꓟ뉺뿔냓ꅂꗲ꒶ꩁ냈떥ꅁ꣤끷맯껸뙏ꪺ믝ꡄ꧒궱셻ꪺ냝썄ꅁ뒣꣑ꙕ뫘뿔룟ꩁ냈ꅁꛓꑪ뎡꓀ꪺꩁ냈걏ꕈ꒬냊ꪺꓨꚡ꣓뙩ꛦꅃ (3).돒냈ꩁ냈꧊ꅇꙢꚹ띾결압ꯈ뒣꣑ꚳꪺ돒냈ꅁ꙰싥샸ꅂ뉺빶ꅂ과깥떥ꞡ쓝꒧ꅁ싇ꕈ뭐때ꪺꩁ냈ꮬ멁꣓낵냏륪ꅃ (4).ꕩ볆ꛬ꓆늣ꭾꅇꙢꚹ걏늣ꭾꕩꕈꕈ볆ꛬ꓆ꪺꓨꚡꝥ뉻ꅁꕝ걁륱ꑬ껑ꅂ륱ꑬ돸ꅂ륱ꑬ싸뭸ꅂ륱뢣덮엩ꅂ륱ꑬ룪껆깷떥ꞡ쓝꒧ꅁꚹ쏾냓ꭾꕩ덺륌뫴룴꣑껸뙏ꑕ룼꣏ꗎꅁꛓ뫴룴ꪺ뵤돲때뮷ꖱꦡꅁ꣤ꛦ빐ꪺ맯뙈녎ꕩ륍ꗾꕀ곉ꅃ ꒻ꅂ늣ꭾ믝ꡄ꽓꧊ 붲ꫯ롴ꅝ1997ꅞ뒣ꕘꪺ늣ꭾ믝ꡄ꽓꧊ꅁꑄ걏ꑀ꿫ꛓꢥ압ꯈ맯룓늣ꭾ꒧믝ꡄ꧒궫뗸ꪺ꽓꧊ꅁ꣤꒤ꕝ걁ꙡ냬꧊ꅂ걹ꛦ꧊ꅂ빁Ꙙ꧊ꅂ믹귈꧊ꅂꭋꝑ꧊ꅁꕈ띳쉁꧊ꅁꕈꑕ녎ꥷ롱ꙕ뚵꽓꧊ꣃ뇔굺꒧ꅃ ⠱?ꙡ냬꧊ꅇ쇶땍뫴룴ꪺꕀ곉때뮷ꖱꦡꅁ뉻맪꒤라ꙝꙡ쉉ꅂ뙚싷떥ꙝ꿀ꛓꚳ꧒깴늧ꅁꙝꚹ껸뙏맯늣ꭾꪺ믝ꡄꭋ라ꚳꙡ냬꧊ꪺꛒ뙱ꅃ?⠲?걹ꛦ꧊ꅇ걹ꛦ뭐껉ꥼ걏ꑀ뫘ꫀ라뉻뙈ꅁꚹ뫘뉻뙈맯껉뚡ꪺꗽꯡꭄ녠뇓띐ꅁꙝꚹ늣ꭾ뇀뎯ꕘ띳ꪺ덴ꯗ걏ꯜ궫굮ꪺ늣ꭾ덝군뭐뇀뱳ꛒ뙱ꅃ?⠳?빁Ꙙ꧊ꅇꪺ걏걏ꝟ닅Ꙙ압ꯈꖻꢭꪺ꽓꧊믝ꡄꅁ꙰ꛧꩁꅂ빣ꑬꅂ꽝쑟ꅂ늴쏨ꅁꕈ꧐ꯎꡔꢮ떥ꞡ쓝꒧ꅃ?⠴?믹귈꧊ꅇꕈ낪믹ꪺ냓ꭾꛓꢥꅁ쇶땍믹귈ꪺ뿅뙱라뉯꽁꣬ꕄ왛띎쏑ꪺꝐ쉟ꅁꡃ귓ꑈ맯믹귈ꪺ왛꧀꒣Ꙑꅃ?⠵?ꭋꝑ꧊ꅇ늣ꭾ꣺녯ꪺꭋꝑ땻ꯗꑝ걏ꑀ귓늣ꭾ꽓꧊ꪺ궫굮ꛒ뙱ꅁ꙰ꭋꝑ냓ꦱꭋ걏녍덣냢꣣ꚳꭋꝑ꧊쁵뛕ꪺ늣ꭾꅃ?⠶?띳쉁꧊ꅇ맯꧳걙늣ꭾ띳쉁꧊걏ꑀ귓ꕄ굮ꪺꛒ뙱ꙝ꿀ꅁ꙰ꗍ쉁궹ꭾꅂꫡꕣ떥ꅃ굙걏Ꙣ껉뚡ꑗꚳ꧒ꦵ뭾ꅁꭋꕩ꿠ꖢꕨ귬ꚳꪺ믹귈ꅃ? 16
ꝅ냪뫻ꅝ1997ꅞꙢ꣤늣ꭾ꽓꧊맯뫴믚뫴룴쇊ꪫ띎쑀ꪺ곣ꡳ꒤땯뉻ꅁ늣ꭾ꽓꧊꒤ꕵꚳꆧ늣ꭾ꓀쏾ꆨꕈꆧ굴궱떲ꩇꪺ궫굮꧊ꆨ꒣엣뗛ꕾꅁ껸뙏맯꧳ꭾ뷨ꭥꕩ뵔ꥷ꧊룻낪ꅂ믹껦꒤떥ꅂ맪엩꓆땻ꯗ꒤떥ꪺ늣ꭾ룻낪ꪺ쇊뙒띎쑀ꅁꣃꕈ띪둍쓝꧊뭐롧엧쓝꧊결궫ꅃ ꖻ곣ꡳ뻣뉺ꕈꑗꚳ쏶늣ꭾ꽓꧊ꪺꓥ쑭ꯡꅁꙃꕘ냓ꭾ걏ꝟ빁Ꙙ덺륌뫴룴띪둍뭐뛇끥ꪺ늣ꭾ꽓꧊꙰ꑕꫭꅇ ꫭ2-3ꅂ뱶암늣ꭾ뫴룴띪둍뭐뛇끥ꪺ늣ꭾ꽓꧊ 늣ꭾ꽓꧊쏾ꝏ?닓뚵?꣓랽?늣ꭾ왛꧀?껖ꓟ늣ꭾ?偨楬楰⁋潴?汥?ꚡ늣ꭾ?ꓞꗓ늣ꭾ?늣ꭾ쓝꧊?띪둍쓝꧊?乥汳潮ꅝㄹ㜰ꅞ?롧엧쓝꧊?늣ꭾ맪엩꓆뭐껸뙏뱴맪엩꓆땻ꯗ?噡湤敲浥牷攠慮搠䍨慤睩捫냓꒬냊땻ꯗ?덗껦꓆땻ꯗ?ꅝㄹ㤱ꅞ?껸뙏뱴냓꒬냊땻ꯗ?늣ꭾ궷쁉?늣ꭾꭾ뷨ꪺꭥꕩ뵔ꥷ꧊?䍵湮楮杨慭ꅝㄹ㘷ꅞ?呵牬敹湤⁌敂污ꅝ湣ㄹ㤳ꅞ?늣ꭾꚡ꽓꧊?맪엩꧊?뿠궻뗢ꅂ붲ꫯ롴ꅝㄹ㤷ꅞ?ꕩ볆ꛬ꓆늣ꭾ?룪끔ꩁ냈꧊?돒냈ꩁ냈꧊?늣ꭾ믝ꡄ꽓꧊?ꙡ냬꧊ꅂꭋꝑ꧊?뿠궻뗢ꅂ붲ꫯ롴ꅝㄹ㤷ꅞ?띳쉁꧊ꅂ걹ꛦ꧊?믹귈꧊ꅂ빁Ꙙ꧊?룪껆꣓랽ꅇꖻ곣ꡳ뻣뉺 17
닄꒭론 믹귈쏬쓝꧊ 낣ꑆ늣ꭾ꽓꧊ꕈꕾꅁ믹귈쏬ꪺ룪끔꒺뉛ꗧ라뱶암꣬롧샧떦늤ꅁ덯료꧒뒣꣬ꪺ믹귈ꅁ걏ꕈ꒽ꕱꪺ셠ꚬꑊ꣓뿅뙱ꅃPorterꅝ1985ꅞ뒣ꕘꗸ띾믹귈쏬ꪺ왛꧀ꅁ믹귈쏬걏ꗑ믹귈겡냊ꅝvalue activitiesꅞ뭐ꝑ볭ꅝmarginꅞ꣢ꑪ뎡꓀닕Ꙙꛓꚨꅃ꣤꒤ꅁ믹귈겡냊걏꒽ꕱ꧒냵ꛦ꒧ꙕ뫘꒣Ꙑꪺ맪엩덎겡냊ꅁꛓꝑ볭ꭨ걏꒽ꕱ셠믹귈듮ꕨ냵ꛦ믹귈겡냊꒧ꚨꖻꛓ녯ꅃ ꒽ꕱꪺ믹귈겡냊뚷륂ꗎꟷ껆ꅂꑈꑏ룪랽걙곬ꕈ냵ꛦ꣤ꖻꢭꪺꕜ꿠ꅃꙕ뫘믹귈겡냊ꖲ뚷꣏ꗎ룪끔늣ꗍ룪끔ꅁꙝꚹ꒽ꕱ륂ꗎ룪끔곬ꪺ뻷라둎꿠녱ꚹ덂뗛ꓢꛒ뱻ꅃꙁꅁ믹귈겡냊ꑓꕩ냏꓀결냲ꖻ겡냊ꓤ뒩겡냊꣢뎡꓀ꅁꭥꕝ걁늣ꭾ맪믚ꗍ늣ꅂ빐냢ꅂ륂끥냢ꯡꩁ냈떥겡냊ꅁꯡꭨꕝꝴꙕ뫘ꓤ뒩냲ꖻ겡냊ꪺꕜ꿠ꅃ ꛓꑀ귓ꗸ띾ꪺ믹귈쏬Ꙑ껉라ꥍ꣑삳냓ꅂ덱룴ꥍ압ꯈꪺ믹귈쏬곛덳ꅁꙝꚹ멣ꚨꑀ귓늣띾ꪺ믹귈쏬ꅃꗑ꧳ꡃ귓늣띾ꪺ꽓꧊꒣Ꙑꅁ믹귈쏬꒤ꪺꙕ뚵겡냊ꪺ꧊뷨ꑝ꒣곛ꙐꅁꙢ뇄ꗎ뫴룴냓ꦱꓨꚡ롧샧껉라꣏믹귈쏬걹땻꒤ꪺꚨꖻ엜ꅁ껚뻚ꗦ꧶ꚨꖻ뉺뷗ꪺ왛쉉ꅁꗸ띾ꙕ뚵믹귈겡냊ꚨꖻꪺ엜라뱶암샲ꝑꫭ뉻ꅁꙝꚹ믹귈쏬쓝꧊라뱶암ꗸ띾뇄ꗎ뫴룴냓ꦱ껉ꪺ롧샧셚껄ꅃ Liang and Kuꅝ1999ꅞ뒣ꕘ뫴룴냓ꦱ꒧늣ꭾ쓝꧊뭐믹귈쏬겡냊꒧룪끔녪ꯗꪺ뗻꓀럇ꭨ꒤ꅁꕈ맯믹귈쏬꒤ꪺꡃ뚵겡냊ꕈ룪끔녪ꯗ꣓ꛒ뙱ꅁ덯뚵ꗘ꙰ꑕꅇ 1. 쇊뙒껉뚷뭠뚰ꯜꙨ룪끔ꅃ 2. ꗦ꧶륌땻ꕩꕈꛛ냊꓆ꪺ땻ꯗꅃ 3. ꗦ꧶륌땻믝굮룻Ꙩꡂ왊ꅃ 4. ꒺뎡뫞뉺Ꝁ띾ꪺ뷆싸땻ꯗꅃ 5. 늣ꭾ뇄뵵ꑗ뛇뮼ꪺꕩ꿠꧊ꅃ 6. 늣ꭾ뇄뵵ꑗꭐ빐ꪺ룪끔믝ꡄꅃ 7. 냢ꯡꩁ냈ꪺ룪끔믝ꡄ뙱ꅃ 18
닄꒻론 뫴룴냓ꦱ롧샧셚껄 ꑀꅂ뱶암롧샧셚껄ꪺꙝ꿀 ꗑ꧳뫴룴냓ꦱ뙩ꑊꪺ덎믙쎪룻ꝃꅁꕵ굮꿠냷ꚳꢬ냷ꕂꓖ뙱ꪺ룪ꑈꑏꝙꕩꯘ롭ꅁ꧒ꕈꙢ뫴믚뫴룴ꑗꪺ뫴룴냓ꦱꭋ꙰ꭂꯡ걋떫ꪺ땯깩ꅃ쇶땍뫴룴냓ꦱꙢꯘ롭ꑗꣃ꒣ꝸ쏸ꅁ걏굮꿠냷Ꝭꓞꅂ샲녯꽤ꛭꯈꓡ꒣걏ꑀꗳ깥꧶ꪺꑵꝀꅃꙝꚹꅁ뒣꣑ꟳꙨꩁ냈ꟳꙷꗾꪺꗦ꧶샴맒ꪺ뫴룴냓ꦱꑾ꿠Ꙣ뽅꽐ꪺ쑶ꪧ꒤꙳겡ꣃ샲ꝑꅃꅝGina and Bob 1997ꅞ 땍ꛓꅁꗑ꧳ꗘꭥ쇊ꪫꙷꗾꪺ뻷꣮ꥼꖼꚨ보ꅂ냢ꯡꩁ냈꒣ꞹ떽ꅂ껸뙏맯뫴믚뫴룴껸뙏ꛦ결ꭈꓟ꒣ꢬꅂ륱ꑬ냓냈ꩫꕏ꒣ꥐꗾꕈ뛇닎쇊ꪫ닟멄쏸ꕈ엜떥ꙝ꿀ꅁ덜Ꙩ껸뙏맯뫴룴쇊ꪫ뇄꣺왛뇦ꪺ멁ꯗꅃ껚뻚eMarketerꪺ돸ꝩ엣ꗜꅁꑷꚳ뙗륌34%ꪺ뫴룴꣏ꗎ뒿꣼꣬쇴ꡰꙷꗾ꒣ꩫꗷꑬ꒧뫊뗸ꅆꛓ꛴군ꖭꞡꡃ떧뙂쑆ꪺꗦ꧶썂결과600꒸ꅝ륱ꑬ냓냈껉돸2001ꅞꅁ덯뫘놡ꟳ걏꣏녯덜Ꙩ껸뙏뇦꒧ꡂꅁ교꣏륱ꑬ냓냈쏸ꕈ뇀깩ꅃ 굊냪럧ꅝ2000ꅞꙢ꣤뫴룴냓ꦱ롧샧셚껄뗻꛴ꡍ떦꡴닎꒧곣ꡳ꒤ꅁ쉫꿇ꕘ뱶암뫴룴냓ꦱ롧샧셚껄ꪺꙝ꿀꙰ꑕꫭ꧒ꗜꅃ ꫭ2-4ꅂ뱶암뫴룴냓ꦱ롧샧셚껄꒧ꙝ꿀 곛쏶ꓥ쑭?Ꝥ뭆믊ꅁ곶ꓥ뎹ꅂ쇂ꧺꞻꅁ녩냪ꦾꅂ썃ꞻꚰꅂ呲潹Ⱐ䝩湡Ⱐ䉯戬??ㄹ㤷?뿠ꓥ뻰ꅁㄹ㤸?ꑂ꧓ꅁꓨ꒧ꗺꅁ䵩捨慥氬?ㄹ㤷?뱶암ꙝ꿀?ㄹ???ㄹ㤹?ㄹ㤹?ㄹ㤷?ꓨꭋ띪둍?ꆷ??ꆷ??ꆷ???깔볖몡ꢬ?ꆷ???????룪끔몡ꢬꅝꚬ뚰냓놡ꅞ?ꆷ??ꆷ?ꆷ?ꆷ???믹껦ꝃ띇??ꆷ??ꆷ?ꆷ?ꆷ??뱵꧊믹껦????ꆷ??ꆷ??Ꟗ덴끴끥???ꆷ?ꆷ????굱쇊ꭋꝑ????ꆷ?ꆷ???ꙷꗾꓤꕉ????ꆷ????ꯈꓡꩁ냈???ꆷ?ꆷ?ꆷ???ꭾ땐뙈ꅝꗸ띾뙈ꅞ??ꆷ?ꆷ?ꆷ????ꝃ끴빐ꚨꖻ??ꆷ?????ꆷ? 19
듮ꓖ덱룴뿠꧊??ꆷ????ꆷ?ꆷ?맪엩끴빐???????ꆷ?ꪫ걹ꓤ뒩???????ꆷ?㈴ꑰ껉ꛦ빐??ꆷ?ꆷ?????늣ꭾ볆ꛬ꓆??????ꆷ??볐럇닎ꑀ??ꆷ????ꆷ??껸뙏껸뙏닟멄??ꆷ????ꆷ??룪껆꣓랽ꅇ굊냪럧ꅝ2000ꅞ Ꙣ덯ꓥ쑭꒤ꅁ쇶땍뒣ꕘ덜Ꙩ뱶암뫴룴냓ꦱ롧샧셚껄ꪺꙝ꿀ꅁꣃꖼ뒣ꕘ꣣엩빁ꗎ꧳뫴룴냓ꦱꪺ롧샧셚껄뿅뙱볒ꚡꅃ ꑇꅂ셚껄뗻꛴ꓨꩫ ꗘꭥꚳ쏶롧샧셚껄뫞뉺ꪺ곣ꡳꕈꓥ쑭ꕄ굮ꕝ걁끝냈왛쉉ꛒ뙱ꪺ룪돸륓뉶ꩫꅝROIꅞꅝChristopher 1992, Kaplan 1984ꅞꅂ늣ꕘ뭐ꑊꓱ룻ꪺꗍ늣ꑏ볐뿅뙱ꩫꅝProductive index measurementꅞꅝ롧샙뎡냓띾ꕱ 1996, Caplice 1994ꅞꅁ녱신뒫륌땻ꢤꯗ꧒뒣ꕘꪺꑊ늣ꕘ볒ꚡꅝinput-output modelꅞꅝVan, et al. 1985ꅞꅁꕈ낾Ꙗꗸ띾떦늤ꪺ뫞뉺뻉Ꙗꓨꩫ뭐볆뻇볒ꚡꪺ볆뙱꓆ꓨꩫꅁ꣒꙰볒샀ꩫꅂ볆뻇덗릺Ꙟ쉫꓀꩒떥떥ꅃꅝSterling and Lambert 1985ꅞꅃ ꗸ띾ꪺ샲ꝑ꿠ꑏ걏덜Ꙩ걆떦뭐ꡍ떦ꪺ떲ꩇꅁ샲ꝑ꿠ꑏꓱ뉶꿠냷엣ꗜꅇ걹냊꧊ꅂ룪늣뫞뉺ꅂ뭐굴뛅뫞뉺맯샧륂떲ꩇꪺ뫮Ꙙ뱶암ꅃꖻ곣ꡳ녎라뇄꣺끝냈왛쉉ꪺ볒ꚡ꣓Ꝁ결뿅뙱뫴룴냓ꦱ롧샧셚껄ꪺ볐럇ꅁꣃꕂꛒ뱻룪돸륓뉶ꅝROIꅞꅂꡃꚬ꽱ꅝEPSꅞ떥맪뷨ꑗꪺ셚껄볐Ꝁ결뗻꛴ꪺ럇ꭨꅃꗑ꧳믹ꕩ꿠ꗑ꧳ꖫ돵ꪺꪣꝀ룪ꑈ륌ꯗ듁뇦늣ꗍ볉몦ꅁꑝ라ꙝ결ꑪ샴맒ꪺꙝ꿀ꑀ뫛룁ꪺꓟ멁늣ꗍ볉뙞ꪺ떲ꩇꅁ룻때ꩫ삳맪믚ꑗ뫴룴냓ꦱꪺ롧샧셚껄ꅁꙝꚹ꒣뇄ꗎꝀ결뿅뙱롧샧셚껄ꪺ럇ꭨꅃ 20
닄ꑔ뎹 곣ꡳꓨꩫ 닄ꑀ론 곣ꡳ걛멣 껚뻚ꓥ쑭놴끑ꪺ뉺뷗뻣뉺ꅁꖻ곣ꡳꕄ굮걏놴끑뫴룴냓ꦱ롧샧ꮬ멁뭐늣띾꽓꧊맯ꗸ띾롧샧셚껄ꪺ뱶암ꅁ덺륌늣ꭾ룪끔꒺뉛ꅂ믹귈쏬룪끔녪ꯗ뭐뫴룴냓ꦱꪺꮬ멁ꑔ귓멣궱꣓꓀꩒맯꒽ꕱ롧샧셚껄ꪺ뱶암ꅃꙝꚹꕄ굮놴끑엜뚵결늣띾꽓꧊ꅂ뫴룴냓ꦱꮬ멁뭐롧샧셚껄뚡ꪺ쏶ꭙꅁꛓ늣띾꽓꧊ꭨꗑ늣ꭾ룪끔꒺뉛ꥍ믹귈쏬룪끔녪ꯗ꣢귓엜뚵꧒ꡍꥷꅁꙝꚹ쉫꿇ꕘ맏3-1ꪺ곣ꡳ걛멣ꅃ 늣ꭾ룪끔꒺뉛? 늣띾꽓꧊? 믹귈쏬룪끔녪ꯗ?뫴룴냓ꦱ롧샧셚껄? 뫴룴냓ꦱ? ꮬ멁 맏3-1ꅂ곣ꡳ걛멣 껚뻚곣ꡳ걛멣ꖻ곣ꡳꪺꛛ엜볆결늣띾꽓꧊뫴룴냓ꦱꮬ멁ꅁ꣤꒤늣띾꽓꧊ꕝꝴꑆ늣ꭾꪺ룪끔녪ꯗꥍ믹귈쏬겡냊ꪺ룪끔녪ꯗ꣢뎡ꗷꅁ덯꣢귓ꛛ엜볆ꪺ뿅뙱냑ꛒ뇧ꥷ볪뭐압ꥹ뿾ꅝ2001ꅞꙢꅵ늣띾륱ꑬ꓆빁Ꙙꯗ꓀꩒ꅶ꒤뒣ꕘ뿅뙱늣띾걏ꝟ빁Ꙙ륱ꑬ꓆ꪺ냝ꣷꅝꢣ뿽ꑀꅞꅁ룓곣ꡳꑄ껚뻚ꗦ꧶ꚨꖻ뉺뷗꒤ꪺ룪늣녍쓝꧊뭐꒣뵔꧊ꑇ뚵꽓뱸쓝꧊ꅁꕈ냓ꭾ믹귈쏬겡냊ꕩ볆꓆땻ꯗꪺ곛쏶ꓥ쑭ꅁ쉫꿇ꕘ뿅뙱늣띾륱ꑬ꓆ꪺ뗻꛴뚵ꗘꅁ롧ꗑ녍깡엧쏒ꯡ녯ꕘꅁꕩꗎꕈ뿅뙱ꖻ곣ꡳ꒤꒧늣ꭾ룪끔녪ꯗ뭐믹귈쏬겡냊룪끔녪ꯗ꣢귓ꛛ엜볆ꅆꛓ뫴룴냓ꦱꮬ멁걏럓ꓥ쑭쉫꿇뻣뉺ꕘꪺꑔ뫘롧샧ꮬ멁Ꝁ결ꚹ뚵ꛛ엜볆ꅁ꓀ꝏ녎롧샧ꮬ멁꓀결ꅇ룪끔뒣꣑ꮬꅂ뉖Ꙙꗦ꧶ꮬ꿂뫴꾸ꗦ꧶ꮬꅃ ꛓ삳엜볆결뫴꾸ꪺ롧샧셚껄ꅁꙢꖻ곣ꡳ꒤ꪺ롧샧셚껄ꭨꕈ끝냈ꓨ궱ꪺ왛쉉낵결ꕄ굮ꪺꛒ뙱ꙝ꿀ꅁꙐ껉ꩠ궫Ꙣ샲ꝑꪺꫭ뉻ꅁꙝꚹ뇄ꗎꡃꚬ꽱ꅝEPSꅞꝀ결ꕄ굮ꪺ삳엜볆ꅃ 21
닄ꑇ론 곣ꡳ엜볆 ꖻ론꒧ꗘꪺꙢ꧳녎ꖻ곣ꡳ걛멣꒤꧒ꗜ꒧곣ꡳ엜볆ꕛꕈꧺ뵔ꥷ롱ꅁꣃ뮡ꧺꙕ귓곣ꡳ엜볆ꪺ뿅뙱ꓨꚡꅁꗧꝙ걏맯ꖻ곣ꡳ꒧ꛛ엜볆삳엜볆꒩ꕈ뻞Ꝁ꓆ꅁꑝ맯ꖻ곣ꡳꪺ뵤돲꒺깥ꕛꕈ곉ꥷꅃ ꖻ곣ꡳꚳ쏶엜볆ꪺ뻞Ꝁꮬꥷ롱꓀ꝏ뇔굺꙰ꑕꅇ ꑀꅂꛛ엜볆 1. 늣띾꽓꧊ꅇ 껚뻚ꓥ쑭놴끑꒤뻣뉺땯뉻ꅁꗑꗦ꧶ꚨꖻ뉺뷗ꪺ왛쉉꓀꩒ꗸ띾믹귈쏬걹땻꒤ꪺꚨꖻꅁꗸ띾Ꙣ궱셻꣢귓ꕈꑗꕩꛦꓨ껗껉ꅁꖲ라뇄ꗎꗦ꧶ꚨꖻ룻ꝃꪺꓨꚡ뙩ꛦꅃ굙뇄ꛦ뫴룴냓ꦱ꿠꣏룓늣띾ꪺ걹땻슲꓆걏엣뗛궰ꝃꗦ꧶ꚨꖻꅁꭨ라꣏늣띾ꪺ껄뉶껄꿠뒣낪ꅁ늣띾ꕩꙝꚹꛓ뱗ꕛꚬ꽱ꅁꙝꚹꖻ곣ꡳ뭻결늣띾믹귈쏬ꪺ꽓꧊맯롧샧셚껄라늣ꗍ뱶암ꅃꛓꕈ늣ꭾꪺ꽓꧊꣓꓀꩒ꅁ껚뻚Liang and Huang(1998)곣ꡳ껸뙏맯꒭뫘꒣Ꙑ꽓꧊꒧냓ꭾꙢ뫴룴ꑗ꒧쇊뙒띎쑀ꅁ떲ꩇ엣ꗜ껸뙏맯뫴룴ꑗꗦ꧶ꚨꖻ룻ꝃꪺ냓ꭾꚳ룻낪ꪺ쇊뙒띎쑀ꅁ껸뙏맯룓쏾냓ꭾ쇊뙒띎쑀룻낪ꭨ라뒣낪꣤빐냢셚껄ꅁꙝꚹꖻ곣ꡳ뭻결냓ꭾꪺ꽓꧊ꗧ라맯뫴룴냓ꦱꪺ롧샧셚껄덹ꚨ뱶암ꅃ ꗑꕈꑗ꒧뇀뷗ꕩꪾꅁ늣띾꽓꧊라맯꣤뇄ꗎ뫴룴냓ꦱ껉ꪺ롧샧셚껄덹ꚨ뱶암ꅁꛓ늣띾걏ꝟ빁Ꙙ뇄ꗎ뫴룴냓ꦱꑓꕩ꓀결꣢귓멣궱ꇐ늣ꭾ룪끔꒺뉛믹귈쏬룪끔녪ꯗꕛꕈ놴끑ꅁꙝꚹꙢꖻ곣ꡳ꒤늣띾꽓꧊ꕈ꣢뫘ꓨꚡꕛꕈ뿅뙱ꅇ I. 늣띾꽓꧊쏾ꝏ꓀쏾ꓨꚡ ꗑ꧳귓ꝏ늣띾ꪺ늣ꭾ꽓꧊뭐믹귈쏬걹땻곒라맯뇄ꗎ뫴룴냓ꦱꪺ롧샧셚껄늣ꗍ뱶암ꅁꙝꚹ늣띾꽓꧊결뱶암뫴룴냓ꦱ롧샧셚껄ꪺꑀ귓궫굮ꛛ엜볆ꅁꖻ곣ꡳ녎늣띾럓꣤늣띾꽓꧊ꪺ꒣Ꙑꅁ쉫꿇뻣뉺ꕩ뇄ꗎ뫴룴냓ꦱꝀ결꣤롧샧ꓨꚡꪺ늣띾쏾ꝏꅁꕈ늣ꭾꅂꩁ냈걹땻ꪺ깴늧ꕛꕈ꓀쏾ꅁ꓀꩒꒣Ꙑ늣띾꽓꧊뇄ꗎ꒣Ꙑ뫴룴냓ꦱꮬ멁껉맯롧샧셚껄덹ꚨꪺ뱶암ꅃ 22
II. 룪끔녪ꯗ꽸끽뿅뙱ꓨꚡ 낣ꑆ럓꽓꧊녎늣띾꓀ꚨ꒣Ꙑ쏾ꝏ꒧ꕾꅁ껚뻚Porter and Millerꅝ1985ꅞ뒣ꕘꪺ냓ꭾ룪끔녪ꯗ꽸끽꣓맯늣띾걏ꝟ빁ꙘꙢ뫴믚뫴룴ꑗ빐냢낵꓀꩒ꅁ꣤뉺뷗ꪺ꣢귓멣궱결ꅵ늣ꭾꪺ룪끔꒺뉛ꅶꅵ믹귈쏬ꪺ룪끔녪ꯗꅶꅁ덯꣢귓ꕎꫭ늣띾꽓꧊ꪺ엜볆ꗧ꿠뿅뙱늣띾뇄ꗎ뫴룴냓ꦱ롧샧ꪺ롧샧셚껄ꅃ ꖻ곣ꡳ뇄ꗎ뇧ꥷ볪뭐압ꥹ뿾ꅝ2001ꅞꙢꅵ늣띾륱ꑬ꓆빁Ꙙꯗ꓀꩒ꅶ꒤뗻꛴늣띾륱ꑬ꓆빁Ꙙꯗ꧒꣏ꗎꪺ냝ꣷꅁꚹ냝ꣷꕈꗦ꧶ꚨꖻꪺ왛쉉결냲슦ꅁ땯깩ꚨꑀ귓ꙮꪺ녍깡냝ꣷꅁꕩꕈ맯늣ꭾ룪끔꒺뉛믹귈쏬ꪺ룪끔녪ꯗ꣢귓엜볆ꕛꕈ뙱꓆ꅁꕈꭋ낵뙩ꑀꡂ꒧꓀꩒ꅃ룓냝ꣷꪺ땯깩걏뻚ꗦ꧶ꚨꖻ뉺뷗꒤ꪺ룪늣녍쓝꧊뭐꒣뵔꧊ꑇ뚵꽓뱸쓝꧊ꅁꕈ냓ꭾ믹귈쏬겡냊ꕩ볆꓆땻ꯗꪺ곛쏶ꓥ쑭ꅁ쉫꿇ꕘ뿅뙱늣띾륱ꑬ꓆ꪺ뗻꛴뚵ꗘꅁꣃ냑ꛒꑔꛬ륱ꑬ냓냈ꓨ궱녍깡ꅝꑇꛬ곬ꑪ뻇뇐깶ꑀꛬ룪뫞돕ꑨ꽚뻇ꗍꅞꪺ띎ꢣꯡ귗ꖿꛓ녯ꕘꅁ냝ꣷ꒺뗻꛴ꪺ뚵ꗘ꙰ꑕꅇ ꫭ3-1ꅂ늣띾륱ꑬ꓆빁Ꙙꯗ뗻꛴뚵ꗘ 1-1 늣ꭾꪺꕩ볆ꛬ꓆땻ꯗ 1-2 늣ꭾ꣏ꗎ믝굮ꪺ룪끔뙱 1-3 늣ꭾꪺ볐럇꓆땻ꯗ(맪엩늣ꭾ) 1.늣ꭾꪺ룪끔녪ꯗ 1-4 늣ꭾ믝굮ꯈ뭳꓆ꪺ땻ꯗ(볆ꛬ냓ꭾ) 1-5 늣ꭾꕜ꿠뭐ꚡꕩ꓀싷땻ꯗ 1-6 늣ꭾ쓝꧊ꪺ뷆싸ꯗ 2-1 Ꝁ띾ꕩ볆꓆땻ꯗ 2-2 걹땻꒤ꙕ뚵Ꝁ띾ꪺ늧뷨꧊ 2-3 Ꝁ띾ꪺ껉껄꧊ 2-4 Ꝁ띾볆뙱ꪺꙨ맨 2.믹귈쏬겡냊ꪺ룪끔녪ꯗ 2-5 Ꝁ띾ꣳ뷕ꪺ뷆싸ꯗ 2-6 Ꝁ띾ꪺ엜냊쁗뉶 2-7 Ꝁ띾ꪺ꽓껭꧊땻ꯗ 2-8 Ꝁ띾뉛뭜ꪺꙡ뉺냏냬뱳꩸땻ꯗ 2-9 Ꝁ띾믝굮꽓껭덝돆ꪺ땻ꯗ 룪껆꣓랽ꅇ뇧ꥷ볪ꅂ압ꥹ뿾ꅝ2001ꅞ 23
ꖻ곣ꡳ껚뻚ꚹ냝ꣷ맯늣ꭾ룪끔꒺뉛믹귈쏬걹땻룪끔녪ꯗꕛꕈ뿅뙱ꅁ꣤꒤늣ꭾ룪끔녪ꯗ꓀결늣ꭾ걏ꝟꕩ볆ꛬ꓆ꅂ늣ꭾ룪끔뷆싸ꯗ꣢귓멣궱ꅆ믹귈쏬룪끔녪ꯗꭨ걏ꕈ믹귈쏬꓀꩒결냲슦ꅁ꓀꩒늣ꭾꗍ늣륌땻꒤ꙕ뚥걱ꪺꕛ믹귈ꅁꙝꚹꕝ걁Ꝁ띾ꪺ궫굮꧊ꅂ룪끔뷆싸ꯗꅂꕩe꓆땻ꯗ떥ꑔ귓ꑬ멣궱뙩ꛦ꓀꩒ꅃ ꕈꑕꭋ맯덯꣢귓엜볆ꪺ뻞Ꝁꮬꥷ롱ꕛꕈ뮡ꧺꅇ 1. 늣ꭾ룪끔녪ꯗꅇ 늣ꭾꪺ룪끔녪ꯗ닓꓀결늣ꭾ볆ꛬ꓆땻ꯗ늣ꭾꪺ룪끔뷆싸ꯗ꣢귓멣궱ꕛꕈ놴끑ꅇ (1) 늣ꭾ볆ꛬ꓆땻ꯗ 늣ꭾꪺ볆ꛬ꓆땻ꯗ걏뻚룓ꛦ띾늣ꕘ꒧늣ꭾꩁ냈걏ꝟ꿠롧ꗑ볆ꛬꪺꓨꚡ뛇끥걏ꭏ꙳꣓뿅뙱ꅃ(1-1) 굙늣ꭾꩁ냈꿠냷볆ꛬ꓆ꅁꫭꗜ룓늣ꭾ꣣ꚳ뛇뮼덴ꯗꟖꅂ쁸꙳깥꧶ꅂ뷆뭳꣏ꗎ곒꒣라띬썡떥꽓꧊ꅁ걇ꚹ꽓꧊맯꧳늣ꭾꪺ룪끔녪ꯗ낪ꝃꚳ곛럭땻ꯗꪺ뱶암ꑏꅃ (2) 늣ꭾ룪끔뷆싸ꯗ 늣ꭾꪺ룪끔뷆싸ꯗ걏껚뻚룓ꛦ띾늣ꕘ꒧늣ꭾꩁ냈ꅁꙢ꣏ꗎꕜ꿠ꑗ뻣엩ꪺ뷆싸ꯗꛓꥷꅁ곛쏶ꙝ꿀뮡ꧺ꙰ꑕꅇ n ꣏ꗎꚹ늣ꭾ껉걏ꝟ믝굮룔닓빜얪늣ꭾ뮡ꧺ껑ꯡꑾ꿠꣏ꗎꅈ럭꣏ꗎ늣ꭾ륊꣬냝썄껉걏ꝟ믝굮룟냝녍띾ꑈ귻ꑾ꿠룑ꡍ냝썄ꅃ(1-2) n 늣ꭾ걏ꝟ결볐럇꓆ꪺ덗껦ꅁ걏ꕩꯈ뭳꓆ꥷ뭳ꪺ늣ꭾꅈ(1-3) (1-4) n 늣ꭾꪺꕜ꿠걏ꝟ꒣꣼늣ꭾꚡꪺ뱶암ꅈ(1-5) n 쇊뙒늣ꭾ걏ꝟ믝굮ꩁ냈ꑈ귻꒶닐ꅁꑾ꿠ꑆ룑늣ꭾꪺ꧊꿠ꅂ덗껦ꅈ(1-6) 2. 믹귈쏬룪끔녪ꯗꅇ 낣ꑆ늣ꭾꖻꢭꪺ쓝꧊ꕾꅁ믹귈쏬걹땻ꑝ걏ꑀ귓늣띾꽓꧊꒤ꖲ뚷끑뷗ꪺ멣궱ꅁꕝ걁걹땻ꪺꕩ볆ꛬ꓆땻ꯗ뭐걹땻꒤ꪺ룪끔뷆싸ꯗꅇ n e꓆ꯡ걏ꝟꕩ슲꓆귬ꚳ걹땻ꅁꛓꕂ궰ꝃꚨꖻꅈ(2-1) n ꚹ걹땻꒤ꙕ뚵Ꝁ띾ꪺ곛늧땻ꯗ걏ꝟꯜ낪ꅈ(2-2) 24
n ꚹ걹땻ꪺꝀ띾ꞹꚨ걏ꝟ꣣ꚳ껉껄꧊ꅈ(2-3) n ꚹ걹땻ꗦ꧶맯뙈뿯뻜ꪺꙨ맨ꅈ(2-4) n ꞹꚨꚹ뚵걹땻걏ꝟ믝굮ꯜꙨꪺꣳ뷕ꑵꝀꅈ(2-5) n ꚹ걹땻ꗦ꧶ꪺ쁗뉶걏ꝟꯜꙨꅁꕂ롧녠엜뒫ꅈ(2-6) n ꚹ걹땻ꪺꝀ띾륌땻걏ꝟꚳ꽓껭ꪺꝀ띾땻Ꟈꅈ(2-7) n ꚹ걹땻ꪺꝀ띾걏ꝟ꽁뱳꩸ꪺꙡ뉺냏냬ꅈ(2-8) n ꞹꚨꚹ뚵걹땻걏ꝟ믝굮꽓껭ꪺ덝돆ꕛꕈ끴Ꙙꅈ(2-9) ꧒뿗ꗸ띾걹땻ꅁꑀ꿫ꪺ걏ꗸ띾녱뙩덦ꅂꗍ늣뭳덹ꅂ꣬ꕘ덦륂끥냢ꯡꩁ냈ꑀ덳ꛪꪺ겡냊ꅁꛓ덯겡냊ꕩꗎꗸ띾ꪺ믹귈쏬꣓ꫭꗜꅃꙢ뗻꛴ꗸ띾ꪺ믹귈쏬걹땻룪끔녪ꯗ껉ꅁꕩꕈ꓀ꚨ뇄쇊ꅂꗍ늣ꅂꪫ걹끴끥ꅂ빐냢곣땯떥꒭귓멣궱꣓ꕛꕈ뗻꛴ꅆꛓ쁈뗛늣띾ꪺ꒣Ꙑꅁꡃ귓늣띾돐덹믹귈ꪺꓨꚡꑝ꒣곛ꙐꅁꙝꚹꙢ믹귈쏬ꪺ걹땻ꑗ라ꚳ꧒깴늧ꅃ 룓냝ꣷ뇄ꗎLikert꒭쉉ꓘꯗ뙩ꛦ뿅뙱ꅁ낣ꑆ(2-9)결믝굮꽓껭덝돆땻ꯗ띕낪ꅁ꓀볆띕ꝃꕾꅁ꣤ꖦ뚵ꗘ뎣걏땻ꯗ띕낪ꅁ룪끔녪ꯗ꓀볆띕낪ꅃ 2. 뫴룴냓ꦱꮬ멁ꅇ ꖻ곣ꡳꚳ쏶뫴룴냓ꦱꮬ멁꒧꓀쏾ꅁꗑꓥ쑭놴끑꒤ꪺ뻣뉺ꯡ꧒녯ꅁ뻚뵵ꑗꗦ꧶ꖫ돵뻷꣮볆ꛬ꓆꣢귓멣궱꣓꓀꩒ꅁꙝ꿂뛇닎ꮬ멁꒽ꕱꪺ롧샧ꑗꞹꗾ꒣꽁뫴룴뎡꓀ꅁ걇녎ꚹ뚵뇆낣꧳곣ꡳ뵤돲꒧ꕾꅃꗑꚹꖻ곣ꡳ녎뫴룴냓ꦱ롧샧ꮬ멁냏꓀결ꑔ귓ꮬ멁ꅇ룪끔뒣꣑ꮬꅂ뉖Ꙙꗦ꧶ꮬꅂ꿂뫴꾸ꗦ꧶ꮬꅃ ꚹ곣ꡳ엜볆ꭨ럓맪엩ꛜ뗪샀ꪺ땻ꯗ꒣Ꙑꥷ롱결룪끔뒣꣑ꮬꅝꕎ뢹1ꅞꅂ뉖Ꙙꗦ꧶ꮬꅝꕎ뢹2ꅞ꿂뫴꾸ꗦ꧶ꮬꅝꕎ뢹3ꅞꅃ뙩ꛦ꓀쏾껉뻚ꪺꓨꩫ걏녱뫴룴ꑗꚬ뚰룪껆ꅂ꒽ꕱ냲ꖻ룪껆맯뫴꾸ꪺ왛맮ꑔꓨ궱꣓뙩ꛦꅁ럓꒽ꕱ뇄ꗎꪺ롧샧ꮬ멁꒣Ꙑꛓ녎꣤꓀쉫꣤꧒쓝ꮬ멁꒤ꅁ뙩ꛦ꓀쏾ꪺꝐ쉟ꓨꚡ뮡ꧺ꙰ꑕꅇ (1) 룪끔뒣꣑ꮬꅇ꒽ꕱ뫴꾸ꑗꪺ꒺깥ꕄ굮걏Ꙣ꒶닐ꗸ띾ꥍꗸ띾ꪺ냓ꭾꅁꣃꟆ뇦싇ꚹꯘꗟꗸ띾ꪺ뙈ꅁ꣤ꗘꪺ걏ꥍ껸뙏ꯘꗟꙮꪺ쏶ꭙꅁꣃ뒣꣑곛쏶룪끔엽껸뙏ꟳ셁룑ꗸ띾뭐ꗸ띾ꪺ늣ꭾꅁ뛈뒣꣑ꓖ덜ꪺꯈꓡꩁ냈ꅁꡓ 25
ꚳ뵵ꑗ껉ꪺ압ꯈꓤ뒩ꅁ맯뫴룴ꛦ빐뵵ꑗꗦ꧶ꪺ꽁ꑊ룻ꓖꅃ (2) 뉖Ꙙꗦ꧶ꮬꅇ귬ꚳꪺ맪엩꒽ꕱꙢ뫴룴ꑗ뙽덝뫴꾸ꕈ뒣꣑뵵ꑗꗦ꧶ꅂ뵵ꑗꛦ빐압ꯈꩁ냈ꅁ압ꯈꕩꕈꙢ뫴꾸ꑗꗦ꧶룓꒽ꕱꪺ늣ꭾꗦ꧶ꅁ걏뒣꣑ꑪ뙱ꪺꯈꩁ룪끔ꅁ꣏압ꯈꕩꕈꙢ뫴꾸ꑗ녯꣬룓꒽ꕱꪺ냢ꯡꩁ냈ꅃ (3) 꿂뫴꾸ꗦ꧶ꮬꅇ룓꒽ꕱꕄ굮ꪺ롧샧ꓨꚡꕈ뫴믚뫴룴결ꕄꅁ맪엩꧒ꪺꓱ꣒룻ꝃ뛈뛈ꕵ걏ꖲ굮ꪺ뎡ꗷꅁꕄ굮뒣꣑뵵ꑗꪺ늣ꭾꩁ냈ꅁ샲ꝑꕄ굮꣓ꛛ뱳ꝩꅂ늣ꭾꩁ냈꧒늣ꗍꪺꚬ꽱ꅁ꙰뒣꣑뵵ꑗꭴ룟ꩁ냈ꅃ ꑇꅂ삳엜볆 1. 롧샧셚껄ꅇ ꖻ곣ꡳ꒧ꗘꪺꝙꙢ꧳곣ꡳꙕ뫘ꛦ띾Ꙣ뫴룴ꑗ맪ꛦꗦ꧶륌땻뭐ꝟ맯꧳롧샧셚껄걏ꝟꚳ뱶암ꅁꚳ얲꧳걙꒽ꕱ꒧룪돸륓뉶ꅝROIꅞ꒧룪껆꒣ꞹ뻣ꅁ꧒ꕈꙢꚹꕈ꒽ꕱꪺꡃ곕빬ꅝEPSꅞ꣓뿅뙱꒽ꕱꪺ롧샧셚껄ꫭ뉻ꅁꝀ결ꖻ곣ꡳꪺ삳엜볆ꅃ 26
닄ꑔ론 곣ꡳ낲뮡 껚뻚곣ꡳ걛멣꧒ꗜꅁꖻ곣ꡳꗘꪺꙢ꧳놴끑뫴룴냓ꦱꮬ멁뭐늣ꭾ꽓꧊맯롧샧셚껄ꪺ뱶암ꅁ꣤꒤늣ꭾ꽓꧊ꗑ늣ꭾꪺ룪끔꒺뉛믹귈쏬걹땻룪끔녪ꯗ꧒닕ꚨꅁ곣ꡳ꒤ꭋ맯ꚹꑔ귓엜볆맯뫴룴냓ꦱ롧샧셚껄ꪺ뱶암ꕛꕈ꓀꩒ꅁꣃ껚뻚ꓥ쑭놴끑ꪺ떲ꩇꙃꕘꖻ곣ꡳ꒤꧒뇽놴끑ꪺ뗪때낲뮡꙰ꑕꅇ H1ꅇ꒣Ꙑ늣띾꽓꧊맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 H2ꅇ꒣Ꙑ뫴룴냓ꦱꮬ멁맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 H3ꅇ늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 H4ꅇ늣ꭾ룪끔꒺뉛ꪺ낪ꝃ맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 H5ꅇ믹귈쏬걹땻룪끔녪ꯗꪺ낪ꝃ맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 H6ꅇ늣ꭾ룪끔꒺뉛뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 H7ꅇ믹귈쏬걹땻룪끔녪ꯗ뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 27
닄ꕼ론 곣ꡳ볋ꖻ뭐룪껆뭠뚰 ꑀꅂ늣띾뿯뻜 ꖻ곣ꡳ결ꡄꕘ늣띾꽓꧊곛쏶ꪺ뿅뙱엜볆ꅁꙝ꒣Ꙑ늣띾ꕩ꿠ꚳ꒣Ꙑꪺ뱶암ꅁꙝꚹ뚷뷕걤꒣Ꙑ늣띾ꅃ궺ꗽ맯곣ꡳ맯뙈Ꝁ늣띾꽓꧊쏾ꝏꪺ꓀쏾ꅁ녎늣띾꽓꧊곛ꪺ꒽ꕱ쉫꧳Ꙑꑀ늣띾쏾ꝏꅁꕈꭋ맯ꙕ귓늣띾ꝏ뙩ꛦ늣ꭾ룪끔꒺뉛믹귈쏬걹땻ꪺ룪끔녪ꯗ꓀꩒ꅃꙝꚹꙢ맯뫴룴냓ꦱ뙩ꛦ뿯뻜껉ꅁꖻ곣ꡳꗑ꣢귓ꡂ왊쉫꿇뻣뉺ꕘꙢ뫴믚뫴룴ꑗ롧샧ꪺ늣띾ꅁ녎곣ꡳ맯뙈빁럭ꪺ꓀쏾ꕈꭋ뙩ꛦ꓀꩒ꅃ ꡂ왊ꑀꅂ?냑ꛒ뉻ꚳ꓀쏾룪껆 Ꙣ둍늣띾꓀쏾껉ꅁ궺ꗽ맯ꗘꭥꑷꚳꪺꓥ쑭곛쏶뫴꾸꒤ꑷꚳꪺ늣띾꽓꧊쏾ꝏꝀ룪껆ꚬ뚰ꅁ맯ꗘꭥꪺꑷꚳꪺ꓀쏾ꓨꚡꚳꑪ랧ꪺꑆ룑ꅁꣃꓱ룻ꙕ뫘늣띾꓀쏾ꪺ꓀쏾ꓨꚡꝐ쉟꓀쏾ꓨꚡ걏ꝟ닅Ꙙꖻ곣ꡳ걛멣ꪺ믝ꡄꅃ 뻣뉺ꕘ뉻ꚳꪺ룪껆꒤ꪺ늣띾꓀쏾ꓨꚡꅁꕄ굮냑ꛒꪺ꓀쏾ꓨꚡ룪껆꣓랽꓀ꝏ걏ꅇUSA Today Internet 100 IndexꅂPC home 과냪ꖫ뫴룴쏾램ꖿꞻꅝ2000ꅞ뒣ꕘꪺ과냪륱ꑬ냓냈롧샧볒ꚡꅁꕈꑕꙃꕘ덯ꑔ뫘냑ꛒ늣띾꓀쏾ꓨꚡꅁ (1) USA TODAY Internet 100 Index USA TODAY 뫴꾸Tech Investor꒤끷맯과냪ꖫ뫴룴뻣뉺ꕘInternet 100 Indexꅁ룓볆꒺ꕝꝴꑆ꣢ꑪ쏾볆E-Business50 Index뭐E-Comsumer50 Indexꅁ꒺ꙕꚳ50귓ꙕ쓝꣤꓀쏾ꪺ뫴룴꒽ꕱꅃ ꙢInternet 100 Index꒤셠Ꙁꚳꑃ뫘뫴룴롧샙꒤ꪺ늣띾ꅁꕈꑃ귓micro-index꣓ꕎꫭꅁE-business50뭐E-Consumer50꓀ꝏꕝꝴꑔ뫘ꕼ뫘ꅁꡃ뫘micro-index꒺ꕝꝴꙕ귓Ꙣ룓늣띾꒤꣣ꚳꕎꫭ꧊ꪺ꒽ꕱꅁ덯꒽ꕱꪺ믹ꕛ앶군뫢녯꣬micro-indexꅁꣃꗑꙕmicro-index닕ꚨInternet 100 Indexꅃꖻ곣ꡳꕄ굮ꝙ걏냑ꛒ덯ꑃ뫘micro-indexꪺ늣띾꓀쏾ꓨꚡꅁꣃꕈ꣤볋ꖻ결곣ꡳ볋ꖻꪺꕄ굮냑ꛒ뻚ꅃ 28
ꫭ3-2ꅂInternet 100 Index ꓀쏾 E-Business 50 e-Infrastructure: Data, Voice, video camera, Web hosts, hardware supplier e-SERVICES/SOLUTIONS: Consultants, software/applications, back office services e-ADVERTISING/MARKETING/MEDIA E-Consumer 50 e-RETAIL: Consumer products and services e-FINANCE: Banks, brokers and credit companies e-NEW MEDIA: Advertising/subscription-supported communities e-ACCESS PROVIDERS: Toll-supported access providers 룪껆꣓랽ꅇ (2) PCHOMEꖫ룪꒧뫴룴쏾 ꕴꕾ냪꒺ꪾꙗ뫴꾸ꅵ뫴룴깡깸PChomeꅶꖫ룪ꪺ꒺깥꒤ꗧꚳ맯과냪ꖫꪺ뫴룴쏾뙩ꛦ꓀쏾ꅁ꣤셠Ꙁꙃꕘꑆ12귓꓀쏾ꅃꙢ낣ꕨꑆꑀ귓뭐맪믚꒽ꕱ때쏶ꪺ뫴룴볆ꮬ늼ꪺ꓀쏾꒧ꯡꅁꑕꫭꙃꕘ뭐뫴믚뫴룴곛쏶ꪺ꒽ꕱ셠Ꙁ꓀결11귓쏾ꮬꪺ늣띾ꅃ ꫭ3-3ꅂ뫴룴쏾꓀쏾 뫴룴쏾꓀쏾 ꒽ꕱ볆뙱 ꑊꑦ뫴꾸 5깡 뫴룴ꫀ냏꒺깥 4깡 뫴룴돐 2깡 끝냈ꩁ냈 5깡 뫴룴륳냢냓 4깡 륱ꑬ냓냈 12깡 29
뫴룴뱳ꝩ냓 2깡 뫴룴덴뉶쁗뱥띾 8깡 룣룟뭐덝군ꙷꗾ뭻쏒 4깡 ꛦ냊덱끔덎 4깡 걷뫴룴 7깡 룪껆꣓랽ꅇPC home과냪ꖫ뫴룴쏾 (3) 과냪륱ꑬ냓냈꒧롧샧볒ꚡ 램ꖿꞻꅝ2000ꅞꙢꅵ륱ꑬ냓냈꒧롧샧떦늤ꅶꑀ껑꒤왛맮ꗘꭥ과냪ꖫ돵꒤ꪺ륱ꑬ냓냈뫴꾸ꅁ뻣뉺ꕘ과냪륱ꑬ냓냈ꪺ꒻뫘롧샧ꓨꚡꅃ ꫭ3-4ꅂ과냪륱ꑬ냓냈꒧롧샧ꓨꚡ 롧샧ꓨꚡ 뫴꾸셼꣒ 녍띾륳냢 CDNowꅂExpedia 쇊ꪫ냓돵 AltaVistaꅂAmazon ꧧ뷦뫴꾸 eBay ꝋ뙏뫴꾸 MP3ꅂDownload(cnet) 셰럹ꑊꑦ뫴꾸 Appio 뱳ꝩ셰럹뫴꾸 DoubleClick 룪껆꣓랽ꅇ륱ꑬ냓냈꒧롧샧떦늤ꅝ2000ꅞ ꡂ왊ꑇꅂ?럓룪끔꽸끽꓀꩒뻣뉺 곣ꡳ냑ꛒꑗꑀꡂ왊뻣뉺ꕘꪺ뫴믚뫴룴ꑗ녠ꢣꪺ늣띾ꅁꣃ럓늣ꭾ뭐믹귈쏬걹땻ꪺ룪끔녪ꯗ꒣Ꙑꕛꕈ꓀꩒ꅁ녎뫴믚뫴룴ꑗ롧샧뫴룴냓ꦱꪺ늣띾럓꣤꽓꧊꒣Ꙑ꓀결꒻뫘ꅁ꓀ꝏ걏ꅇ룪끔ꩁ냈뒣꣑ꅂꛦ빐뱳ꝩ띾ꅂ쏒꣩ꗲ꒶냓ꅂ믈ꛦ띾ꅂ륳냢띾ꥍ깍룋덮엩꣑삳냓ꅃꕈꑕ끷맯늣ꭾ쓝꧊믹귈쏬쓝꧊꣢귓왛쉉꓀ꝏ맯덯꒻뫘늣띾ꪺ꽓꧊뮡ꧺ꙰ꑕꅇ 30
(1) 룪끔ꩁ냈뒣꣑ ꚹ뫘ꛦ띾걏뒣꣑ꙕ뫘ꩁ냈룪끔떹껸뙏ꑪ늳ꅁꕄ굮믹귈겡냊걏ꚬ뚰ꅂ닕슴ꅂ뵳뿨룪끔ꣃꕈ빁럭ꓨꚡꝥ뉻ꅁ꣤ꝑ볭ꑪꙨ꣓ꛛ꧳뱳ꝩꪺꚬꑊ룪끔ꩁ냈ꪺꚬ뙏ꅃ (2) ꛦ빐뱳ꝩ띾 뱳ꝩꭐ빐걏ꑀ꿫ꗸ띾뙩ꛦ늣ꭾꛦ빐뱗ꕛꪾꙗꯗꪺꕄ굮ꓨꚡꅁꙢ뫴믚뫴룴뾳끟ꯡ뒶륍덑뗸결ꑀ귓띳뾳ꪺ뱳ꝩ둃엩ꅁꙝꚹ뫴룴뱳ꝩꪺ볆뙱뭐덎ꟳ걏꙰ꭂꯡ걋떫꿫꒣쉟뱗ꕛꅁꛓ늣ꗍꑆ녍뒣꣑뫴룴뱳ꝩꩁ냈ꪺ꒽ꕱꅃ ꚹ쏾띾걏ꕈ녍띾덎꣓뒣꣑뫴룴뱳ꝩꪺꩁ냈떹ꚳ믝ꡄꪺꗸ띾ꯈꓡꅁꕄ굮겡냊Ꙣ둍뫴룴뱳ꝩꕚ땮ꪺ뫴꾸ꅁꙝꚹ뱳ꝩ끴끥ꓨ궱ꚳ룻ꑪꪺꓱ궫ꅁꙐ껉ꑝꩠ궫ꙕ뫘뫴룴뱳ꝩ덎ꪺ곣땯ꅂ룪껆깷ꛦ빐ꖫ돵ꛦ빐곣ꡳ떥ꅃ (3) 쏒꣩ꗲ꒶냓 쏒꣩ꗲ꒶냓ꪺꕄ굮ꩁ냈걏뒣꣑ꯈꓡꑕ돦뙒뷦늼ꅂ냲ꅂ뛅꣩떥ꚳ믹쏒꣩ꪺ뿄ꩁ냈ꅃꕄ굮겡냊걏뒣꣑ꑕ돦ꩁ냈ꣃ녱꒤쇈꣺ꅁꕴꕾꥼ믝뒣꣑ꯈꓡ뿄ꩁ냈ꯈꓡ끝냈ꅂ뿄ꖫ돵곛쏶룪끔ꅃ (4) 믈ꛦ띾 뫴룴믈ꛦ걏녎ꑀ꿫믈ꛦ뒣꣑ꪺꩁ냈신늾ꛜ뫴룴ꑗ뙩ꛦꗦ꧶ꅁꗑ꧳뿄ꗦ꧶ꪺ볆ꛬ꓆땻ꯗ랥낪ꅁ덜Ꙩ믈ꛦ뎣뒣꣑ꑆꯈꓡꕩꕈꙢ뵵ꑗ뙩ꛦꗦ꧶ꅂ신녢ꥍ걤룟떥ꩁ냈ꅃꛓꑝꚳꑀ꿂뫩ꪺ뫴룴믈ꛦꅁ덯믈ꛦ뛈ꚳ뗪샀ꪺ뫴룴믈ꛦꛓꡓꚳ맪엩ꪺ롧샧뻚쉉뒣꣑맪엩ꩁ냈ꅃ ꚹꛦ띾뒣꣑ꪺꩁ냈걏꙳뒣듚ꅂ뙕듚신녢떥ꗦ꧶ꕜ꿠ꅁꩁ냈ꪺ뒣꣑ꭨꕩ덺륌뫴룴ꪺꓨꚡ뙩ꛦꅁꕂ맯꧳ꯈꓡꩁ냈곛럭궫뗸ꅁꕴꕾꗑ꧳뿄곛쏶ꩁ냈믝낪ꯗꙷꗾ꧊ꅁꙝꚹꑝ믝굮뙩ꛦ뫴룴ꙷꗾ꧊꒺뎡놱뫞ꑗꪺ곣땯ꅃ (5) 륳냢띾 녎맪엩냓ꭾꩁ냈덺륌뫴궶ꪺ깩ꗜꅁꣃ뒣꣑뵵ꑗꪺ굱덦뻷꣮ꅁ엽압ꯈꕩꕈ롧ꗑ뫴룴뙩ꛦ뵵ꑗꑕ돦ꕉ듚ꪺꕜ꿠ꅃ 륳냢띾덱녠걏뒣꣑냓ꭾꪺ깩ꗜ뒣꣑압ꯈ띪둍꧒믝냓ꭾꪺꕜ꿠ꅁ늣ꭾꭨ걏ꙕ 31
뫘륳냢냓ꭾꅁ꙰껑쑹ꅂ궵볖ꅂ늼꣩ꩁ냈떥ꅁꛓꚹꛦ띾ꕄ굮ꪺ걏롧샧겡냊냓ꭾꪺ뮼끥ꩁ냈ꅂ빐냢ꩁ냈ꅂ꙳덦뫞뉺ꯈꓡꩁ냈떥ꅃ (6) 깍룋덮엩꣑삳냓 덱녠걏끷맯ꖫ돵ꑗ걙뫘믝ꡄꅁꗑ꣣ꚳ믢냬ꪾ쏑롧엧ꪺ덮엩뙽땯많뚤덺륌쑙싔ꪺ덮엩뙽땯걹땻ꞹꚨꪺ깍룋덮엩ꅃꚹ쏾덮엩덱녠꣣ꚳ뽗ꗟꞹ뻣ꪺꕜ꿠ꕈ덂뉺압ꯈ꧒믝ꪺ냈꧊믝ꡄꅁꙝꚹꕩꕈꕝ룋ꓨꚡ빐냢ꅁꕩꙢ맪엩덱룴ꑗ덣냢ꅁꕴꕾꗑ꧳뫴믚뫴룴ꪺ뒶륍뵵ꑗꕉ듚뻷꣮ꪺꚨ보ꅁꑝꕩꕈꙢ뫴룴ꑗ뛇뮼늣ꭾꩁ냈ꅁ압ꯈꕩꪽ놵Ꙣ뵵ꑗꞹꚨꕉ듚ꅃ ꚹꛦ띾ꪺ늣ꭾ걏뙽땯ꞹꚨꪺ덮엩늣ꭾꅁ덱녠ꕈ깍룋덮엩ꪺꮬꚡꕝ룋롧ꗑ맪엩뵵ꑗꓨꚡ빐냢ꅃꕄ굮겡냊걏곣땯덮엩ꕝ룋ꪺ륌땻ꅁ끴끥ꕩ덺륌맪엩뵵ꑗ꣢뫘ꓨꚡ뙩ꛦꅁꙐ볋ꑝꩠ궫ꯈꓡꩁ냈ꅁꕩ덺륌볆ꛬ꓆ꓨꚡ뙩ꛦꪺ땻ꯗ룻낪ꅃ 롧륌ꕈꑗ꣢귓ꡂ왊ꪺ륌땻ꅁ맯늣띾ꝏ뙩ꛦ왛맮ꅂ뻣뉺꓀꩒ꯡꅁꖻ곣ꡳ쉫꿇ꕘ꒻귓꧒뇽꓀꩒ꪺ늣띾쏾ꝏꅃ결ꑆ맯ꙕ늣띾ꪺ롧샧셚껄뙩ꛦ곣ꡳꅁꙝꚹꖲ뚷뭠뚰ꙕ늣띾ꪺ볋ꖻ꒽ꕱ룪껆ꅁꕈꑕꭋ뙩ꛦ볋ꖻꪺ뿯뻜ꅃ ꑇꅂ볋ꖻ뿯뻜 ꑀ꿫ꖼꑗꖫ꒽ꕱꣃꡓꚳ꒽뙽꣤꒺뎡룪껆ꅁꑝ둎때ꩫ녱끝냈돸ꫭꪺ룪껆녯ꪾ꣤꒽ꕱ샧륂ꪬꩰ롧샧셚껄ꅆꛓꑗꖫ꒽ꕱ냲꧳ꞹꗾ뒦앓ꅝFull Disclosureꅞꪺ귬ꭨꖲ뚷꒽뙽꣤ꙕ뚵ꓥꗳꕈ럇뵔ꙡ걍ꗸ띾롧샧ꪺ맪믚놡ꩰꅁꕈꭋ엽룪ꑈ꿠냷샋뗸룪껆ꕈ샲녯ꕒꢬꪺ룪끔뿯뻜룪볐ꪺꅃꗎ뗘몸뗳덎뭹꣓뮡ꅇꅵ둎걏굮녱ꑀ귓ꯊ뎬ꅂꭏ앀쑙녋ꪺꡰꑈꗸ띾꧱Ꙣꑀ뚡곁볾ꯎ꒺ꅁ엽ꑈ귌녱ꕼꓨ꒣Ꙑꢤꯗ꣓왛맮녺ꅂ샋걤녺ꅁ꣏녺귬늦앓ꅁꡓꚳ떷뉀ꪺ쇴녋꧊ꅃꅶ덯ꑝ둎걏SECꅝ과냪쏒꣩ꗦ꧶ꥥ귻라ꅞ맯꧳ꑗꖫ꒽ꕱ꧒굮ꡄꪺꅝ껦ꩌ쏒꣩ꅁ2001ꅞꅁ꣤꒤ꕝ걁꒽ꕱ냲ꖻ룪껆ꅂ뢳뫊꯹끝냈돸ꫭ떥ꅃꗑ꧳ꖻ곣ꡳ믝굮꒽ꕱꪺ끝냈룪껆ꕈ꣑삳엜볆ꪺ뿅뙱ꅁꙝꚹ곣ꡳ맯뙈궭ꥷꙢ꒽뙽ꑗꖫ꒽ꕱꪺ뵤돲ꅃ ꕴꕾꅁꙝ결룪끔곬뭐뫴룴늣띾ꪺ땯깩뭐뒶땻ꯗꕈ과냪ꖫ돵룻낪ꅁꕂꚳ룻Ꙩꪺ볋 32
ꖻ꒽ꕱꕈ꣑곣ꡳꧢ볋ꅁꙝꚹꖻ곣ꡳ룪껆ꚬ뚰ꪺ맯뙈ꕄ굮ꕈ꣢귓ꗾ냪꧊ꪺꗦ꧶꧒ꅁꑝ둎걏ꙢNYSEꅝ꿃곹늼ꗦ꧶꧒ꅞ뭐AMEXꅝ과냪쏒꣩ꗦ꧶꧒ꅞꑗꖫꕈꙢNasdaqꅝꗾ냪쏒꣩냓꒽라ꛛ냊돸믹꡴닎ꅞ놾땐ꪺ꒽ꕱ결맯뙈ꅃꗑ꧳덯꒽ꕱ꒽ꝇꪺ룪껆뎣ꕩꕈꙢ뉺끝뫴꾸ꑗ롧ꗑ걤룟샲녯ꅁ곣ꡳꝙ걏ꝑꗎꚹ뫞륄꣺녯끝냈룪껆ꕈ뙩ꛦꖻ곣ꡳꪺ룪껆뭠뚰뎡꓀ꅃ ꖻ곣ꡳ뇄ꗎꪺ볋ꖻꕄ굮ꕈUSA 뫴꾸ꪺUSA TODAY Internet 100 Indeꅝx뿽ꑇꅞ꒤ꕝꝴꪺꑀꛊ깡꒽ꕱ결ꕄ굮냑ꛒꪺ볋ꖻꅁ맯덯꒽ꕱ뽺뿯ꕘ빁Ꙙꖻ곣ꡳꪺ볋ꖻꅃꕈꖻ곣ꡳ뻣뉺ꕘꪺ꒻뫘늣띾꓀쏾맯덯꒽ꕱ쉫쏾ꅁꕨ낣ꑆ꒣닅Ꙙꖻ곣ꡳ맯뙈ꪺ볋ꖻꅃ꣤꒤걙꓀쏾ꪺ볋ꖻ볆낾ꓖꅁꗑ꧳뫴궶꒤ꚳ맯과냪ꑗꖫ꒽ꕱ낵ꛦ띾꓀쏾ꪺ룪껆ꅝ맏3-2ꅞꅁꙝꚹ뿯뻜Ꙣ꣤꧒쓝꓀쏾꒤낵쁈뻷ꧢ볋ꅁꕈ룉ꖻ곣ꡳ늣띾꓀쏾꒤꒣ꢬ꒧볋ꖻ볆ꅃ 맏3-2ꅂ늣띾꽓꧊꓀쏾걤룟땥궱 룪껆꣓랽ꅇ ꑔꅂ룪껆뭠뚰 ꖻ곣ꡳ뙩ꛦ룪껆ꚬ뚰ꪺ꣓랽ꕄ굮걏ꅁ걏ꑀ뒣꣑뵵ꑗ뿄룪끔뭐띳뭄ꪺꩁ냈뒣꣑ꅁ꣤ꕄ굮ꩆ꒧ꑀ걏CBSꅝ귴귛ꓱ륱뗸뫴ꅞꅁ꣤룪끔꒺ 33
깥뱳결뿄띾덜Ꙩ꒽ꕱ뇄ꗎꅁꕝ걁쏒꣩ꗲ꒶띾ꅂ끝냈뿄띾뭐띳뭄띾떥ꅃ꣤뫴꾸ꕩ뒣꣑꣏ꗎ걤룟ꑗꖫ꒽ꕱ냲ꖻ룪껆ꅁꖻ곣ꡳꗑꚹ샲녯볋ꖻ꒽ꕱ곛쏶룪껆ꕈ꣑룪껆꓀꩒꒧ꗎꅃ ꚬ뚰ꪺ룪껆ꕝ걁꒽ꕱ룪끔뎡ꗷꇐ꒽ꕱꚨꗟ룪껆ꅂ샧띾뚵ꗘꅂ샲ꝑ꣓랽ꅆ롧샧셚껄뎡ꗷꇐ룪늣돸륓뉶ꅝROAꅞꅂꩆ앶꽱돸륓뉶ꅝROEꅞꅂ룪돸륓뉶ꅝROIꅞꕈꡃ곕빬ꅝEPSꅞ떥ꅁꕈꑗ곛쏶룪껆곒걏꙾ꯗ룪껆ꅁ녱2000꙾1ꓫ1ꓩꛜ2000꙾12ꓫ31ꓩ결ꓮꅃ 맏3-3ꅂ늼룪끔걤룟땥궱 룪껆꣓랽ꅇ 34
럓ꙕ귓늣띾꓀쏾뙩ꛦ룪껆ꪺ뭠뚰꒧ꯡꅁꖻ곣ꡳ뭠뚰꣬꒧볋ꖻ볆귬ꚳ85떧룪껆ꅁ롧륌룪껆꓀꩒ꪺ륌땻ꣃ왛맮룪껆꓀ꖬ놡ꯡꅁꝒ낣랥뫝ꪺ볋ꖻ룪껆ꅁ돌ꯡꚳ껄ꪺ룪껆ꙀꚳꙀꚳ80떧ꅁ꙰ꖻ론돌ꯡ꒧ꫭ3-7꧒ꗜꅃꗑ꧳뵧둔궭꣮꒽ꕱ뫴Ᵹ때ꩫꞹꗾꙃꕘꅁ뛈ꙃꕘ꒽ꕱꙗ뫙ꅂ늼ꕎ뢹ꅂ늣띾꓀쏾ꅂ롧샧ꮬ멁ꡃ곕빬ꅝEPSꅞꅁꞹ뻣룪껆ꙃ꧳뿽ꑔꅃ ꚳ껄볋ꖻ꒤셠Ꙁꕝꝴꑆ꒻뫘늣띾쏾ꝏꅁ꓀ꝏ걏룪끔뒣꣑띾12깡ꅂ뱳ꝩ띾17깡ꅂ쏒꣩ꗲ꒶띾15깡ꅂ믈ꛦ띾7깡ꅂ륳냢띾17깡깍룋덮엩띾12깡ꅝꫭ3-5ꅞꅃ꣤꒤믈ꛦ띾ꙝ결ꑀ꿫믈ꛦꪺ롧샧띾냈뷆싸ꅁ꽁덜Ꙩ뿄ꪺ띾냈Ꙣ꒺ꅁ꣤롧샧셚껄룻쏸ꕈꖻ곣ꡳ걛멣ꪺ왛쉉ꕛꕈ뿅뙱ꅁ닅Ꙙꖻ곣ꡳ뵤돲ꪺ볋ꖻ곛맯룻ꓖꅁꙝꚹꙢ믈ꛦ띾ꪺ볋ꖻ볆낾ꓖꅃ ꫭ3-5ꅂ곣ꡳ볋ꖻꪺ늣띾꽓꧊꓀쏾 늣띾꽓꧊꓀쏾 볋ꖻ볆 볋ꖻꛊ꓀ꓱ 룪끔뒣꣑띾 12 15% 뱳ꝩ띾 17 % 쏒꣩ꗲ꒶띾 15 % 믈ꛦ띾 7 % 륳냢띾 17 % 깍룋덮엩띾 12 % 셠군 80 % ꛓꕈꖻ곣ꡳ쉫꿇꒧뫴룴냓ꦱꮬ멁ꭨꙀꕩ꓀ꚨꑔ쏾ꅁꕈ꒧냏꓀곣ꡳ볋ꖻ룪껆ꅁ꓀ꝏ걏룪끔뒣꣑ꮬ18깡ꅂ뉖Ꙙꗦ꧶ꮬ24깡ꅂ꿂뫴꾸ꗦ꧶ꮬ38깡ꅝꫭ3-6ꅞꅃꙝ결ꖻ곣ꡳꪺ볋ꖻ걏ꕈInternet 100 Indexꪺꚨꗷ꒽ꕱ결ꕄꅁ꧒ꕈ꿂뫴꾸ꗦ꧶ꮬꪺ볋ꖻ룻Ꙩꅆꕴꕾ꣢뫘롧샧ꮬ멁ꗑ꧳볋ꖻ볆룻ꓖꅁ곣ꡳ녱뫴꾸꒤꒧늣띾쏾ꝏ꒤ꕈ쁈뻷ꧢ볋ꓨꚡ둍닅Ꙙꖻ곣ꡳꪺ볋ꖻꅁꣃ뺨ꕩ꿠뭠뚰룪껆ꕈ꣑꓀꩒꒧ꗎꅃ 35
ꫭ3-6ꅂ곣ꡳ볋ꖻꪺ롧샧ꮬ멁 롧샧ꮬ멁 볋ꖻ볆 볋ꖻꛊ꓀ꓱ 룪끔뒣꣑ꮬ 18 % 뉖Ꙙꗦ꧶ꮬ 24 % 꿂뫴꾸ꗦ꧶ꮬ 38 % 셠군 80 % ꫭ3-7ꅂ곣ꡳ볋ꖻ룪껆 뵳뢹 ꒽ ꕱ ꙗ 뫙 늼ꕎ뢹 늣띾 롧샧ꮬ멁 EPS 1Cnet CNET 1룪끔뒣꣑ 3 EBAY 1룪끔뒣꣑ 3 Online, Inc EDGR 1룪끔뒣꣑ 3 HOMS 1룪끔뒣꣑ 3 Ltd. HOTJ 1룪끔뒣꣑ 3 MKTW 1룪끔뒣꣑ 3 MLTX 1룪끔뒣꣑ 3 Inc. MPPP 1룪끔뒣꣑ 3 Corporation NTRCD 1룪끔뒣꣑ 3 USA SPLN 1룪끔뒣꣑ 3 TSCM 1룪끔뒣꣑ 3 ! YHOO 1룪끔뒣꣑ 3 DCLK 2뫴룴뱳ꝩ 3 INSP 2뫴룴뱳ꝩ 2 Advertising Co. LAMR 2뫴룴뱳ꝩ 1 Media Inc. MMPT 2뫴룴뱳ꝩ 1 NTRT 2뫴룴뱳ꝩ 3 Video Image, Inc. PVII 2뫴룴뱳ꝩ 2 VERT 2뫴룴뱳ꝩ 2 Impact DIGI 2뫴룴뱳ꝩ 2 Group Inc CBLT 2뫴룴뱳ꝩ 2 Inc APTM 2뫴룴뱳ꝩ 3 -LO Industries Inc HMK 2뫴룴뱳ꝩ 3 36
24Promotions Com Inc PRMO 2뫴룴뱳ꝩ 3 Groupe . PUB 2뫴룴뱳ꝩ 1 A Inc AVEA 2뫴룴뱳ꝩ 3 Free Inc BFRE 2뫴룴뱳ꝩ 1 Inc LFMN 2뫴룴뱳ꝩ 2 Inc VCLK 2뫴룴뱳ꝩ 3 AMTD 3쏒꣩ꗲ꒶ 3 *Trade ET 3쏒꣩ꗲ꒶ 3 Mason Inc. LM 3쏒꣩ꗲ꒶ 2 Trading Group Inc NITE 3쏒꣩ꗲ꒶ 1 Schwab SCH 3쏒꣩ꗲ꒶ 2 Waterhouse Securities 35Inc. TWE 3쏒꣩ꗲ꒶ 3 Oxford Holdings Inc JBOH 3쏒꣩ꗲ꒶ 2 Finl Corp SF 3쏒꣩ꗲ꒶ 2 Anthony Sutro TA 3쏒꣩ꗲ꒶ 2 Group Inc HOEN 3쏒꣩ꗲ꒶ 1 Securities Group SWS 3쏒꣩ꗲ꒶ 1 James Financial, 41Inc RJF 3쏒꣩ꗲ꒶ 2 Group Inc New JEF 3쏒꣩ꗲ꒶ 2 Berman Inc NEU 3쏒꣩ꗲ꒶ 2 John Nuveen Company JNC 3쏒꣩ꗲ꒶ 2 Bank NDE 4뫴룴믈ꛦ 3 NTBK 4뫴룴믈ꛦ 3 047NextCard NXCD 4뫴룴믈ꛦ 3 Capital Group WITC 4뫴룴믈ꛦ 1 Commerce Finl CorpNCBC 4뫴룴믈ꛦ 1 Trail Finl Corp OTFC 4뫴룴믈ꛦ 1 Bk Greece S A NBG 4뫴룴믈ꛦ 1 ABTL 5뫴룴륳냢 3 Online ALOY 5뫴룴륳냢 3 AMZN 5뫴룴륳냢 3 -A-Million, Inc. BAMM 5뫴룴륳냢 2 BNBN 5뫴룴륳냢 2 -Contacts CTAC 5뫴룴륳냢 2 37
Inc. DSCM 5뫴룴륳냢 3 EGGS 5뫴룴륳냢 3 EXPE 5뫴룴륳냢 3 ., Inc IPET 5뫴룴륳냢 3 Depot, Inc. ODP 5뫴룴륳냢 2 PCLN 5뫴룴륳냢 3 Reservations Network ROOM 5뫴룴륳냢 3 At Home, Inc. SATH 5뫴룴륳냢 3 STMP 5뫴룴륳냢 3 TMCS 5뫴룴륳냢 3 TVLY 5뫴룴륳냢 3 Software, Inc. BMC 6덮엩꣑삳 1 Systems Design Corp. HSDC 6덮엩꣑삳 1 IWOV 6덮엩꣑삳 2 MACR 6덮엩꣑삳 2 Corporation MAPS 6덮엩꣑삳 1 MCAF 6덮엩꣑삳 2 Dynamics, Inc. MDII 6덮엩꣑삳 1 Associates NETA 6덮엩꣑삳 2 RNWK 6덮엩꣑삳 2 Group, Inc. TRAD 6덮엩꣑삳 1 Technology, Inc. VITR 6덮엩꣑삳 1 , Inc. VRTY 6덮엩꣑삳 1 룪껆꣓랽ꅇꖻ곣ꡳ뻣뉺 38
닄꒭론 룪껆꓀꩒ꓨꩫ ꖻ곣ꡳ꧒ꗎꕈ꓀꩒ꪺ룪껆ꕄ굮걏ꗑ녍깡던뷍녯ꕘꙕ늣띾꒧늣ꭾ룪끔꒺뉛ꅂ믹귈쏬룪끔녪ꯗꙕ곣ꡳ볋ꖻꪺ뫴룴냓ꦱꮬ멁뭐롧샧셚껄ꅃꝑꗎSPSS 결닎군꓀꩒덮엩ꅁ꣏ꗎꪺ닎군ꑵ꣣꙰ꑕꅇ 1. 뇔굺닎군 ꖻ곣ꡳ녎끷맯ꙕ곣ꡳ뚵ꗘ뇄꣺뇔굺닎군뇔굺ꅁ싇ꗑꙕ곣ꡳ뚵ꗘꪺꖭꞡ볆ꅂ볐럇깴ꛊ꓀ꓱ떥볆귈꣓룑쓀볋ꖻ맪믚ꪺ놡ꅃ 2. 엜늧볆꓀꩒ꅝANOVAꅞ 엜늧볆꓀꩒걏ꝑꗎ볋ꖻ룪껆꣓ꓱ룻굙ꑺ꒣Ꙑꪺ맪엧엜볆ꓴ럇ꅁꕈ샋ꥷ꒣Ꙑꪺ맪엧엜볆ꓴ럇걏ꝟ뻉교꒣Ꙑꪺ떲ꩇꅃ결ꑆ셁룑꒣Ꙑ뫴룴꣏ꗎ뚰롳뚡맯꧳뫴룴겡냊귓ꑈ룪껆뚵ꪺ궫뗸땻ꯗ걏ꝟꚳ깴늧ꅃꖻ곣ꡳ녎늣ꭾ룪끔녪ꯗ믹귈쏬룪끔녪ꯗ꣤낪ꝃꙕ꓀ꚨ꣢롳ꅁꕛꑗ뫴룴냓ꦱꮬ멁ꪺ엜뚵ꅁꕈꑔꙝꑬ엜늧볆꓀꩒ꅝthree-way ANOVAꅞ꣓샋ꥷꚹꑔ뫘ꙝ꿀ꅝfactorꅞꪺ꒣Ꙑꓴ럇ꅝtreatmentꅞ맯롧샧셚껄걏ꝟꚳ뱶암ꅁꕈ꣤ꗦ꒬Ꝁꗎ맯롧샧셚껄걏ꝟꚳ뱶암ꅃ 3. 뎷뙏Ꙩ궫ꓱ룻ꩫꅝScheffe Methodꅞꅇ 굙엜늧볆꓀꩒꒤땯뉻ꚳ걙ꙝ꿀꣣ꚳ엣뗛꧊ꅁꭨ쑾쓲ꕈ뎷뙏ꅝScheffeꅞꙨ궫ꓱ룻ꩫ뙩ꛦꯡ샋ꥷꅁꕈꕘ엣뗛뱶암ꪺ꣓랽ꅃ 4. 뷆끪쉫ꅝMultiple Regressionꅁꑓ뫙ꅵꙨ꒸끪쉫ꅶꅞ 뷆끪쉫꓀꩒쓝꧳돦럇ꭨ엜볆ꪺ곛ꓨꩫꅁ꣤ꗘꪺꙢꑆ룑ꯘꗟꑀ귓군뙱ꓘꯗ꒧럇ꭨ엜볆ꅝYꅞ뭐ꑀ닕군뙱ꓘꯗ꒧륷듺엜볆ꅝXiꅞ뚡ꪺ쏶ꭙꅃꖻ곣ꡳ꒧뫴룴냓ꦱꮬ멁엜뚵결ꙗꗘꓘꯗꅝnominal scaleꅞꅁꙝꚹꝑꗎ뗪엜볆뷆끪쉫볒ꚡ꣓덂뉺ꅝ뛀ꭔ굞ꅁ2000ꅞꅃꖻ곣ꡳꝑꗎ뷆끪쉫꓀꩒뇽ꑆ룑끪쉫볒ꮬ맯볋ꖻ룪껆ꪺ룑쓀꿠ꑏꅁꕈꙕꛛ엜볆맯삳엜볆꒧뱶암땻ꯗꅃ 39
닄ꕼ뎹 떲ꩇ꓀꩒ 롧륌맪쏒곣ꡳ뭠뚰볋ꖻ꒽ꕱ끝냈돸ꫭ뭐믹볆떥ꚸ꿅룪껆ꯡꅁꙁꕛꑗ녍깡ꩫ맯꧒ꚳ늣띾꓀쏾둎꣤늣ꭾ룪끔꒺뉛뭐믹귈쏬룪끔녪ꯗ꣓뗻꓀ꅁ꧒녯룪껆녎뙩ꛦ닎군샋ꥷ떥꓀꩒ꅁ둍ꚳ엣뗛뱶암꒧ꙝ꿀ꅃ ꖻ곣ꡳ꧒녯꒧볋ꖻ룪껆ꗽ신뒫ꚨMS Excel 2000껦ꚡꅁꣃꕛꕈ뻣뉺꓀쏾ꯡꕈ닎군깍룋덮엩SPSS for Windows낵결룪껆닎군꓀꩒ꪺꑵ꣣ꅁ끷맯ꖻ곣ꡳ룪껆ꚬ뚰뚥걱뻚꒻뫘늣띾쉫쏾꧒녯ꪺ볋ꖻꙀ80떧룪껆ꅁ뙩ꛦ룪껆ꪺ꓀꩒뭐룑쓀ꅃ 닄ꑀ론 늣띾꽓꧊꓀꩒ ꖻ곣ꡳꝑꗎꅵ늣띾륱ꑬ꓆빁Ꙙꯗ냝ꣷꅶ맯ꭥꑀ뎹꒤쉫꿇ꕘꪺ꒻뫘늣띾꒧꽓꧊ꕛꕈ뿅뙱ꅁ냝ꣷ뛱뱧ꪺꓨꚡ껚뻚ꅵ늣띾륱ꑬ꓆빁Ꙙꯗ꓀꩒ꅶ꒤뭻결ꕩꕈ뇄꣺녍깡던뷍ꩫ뱷몸ꭄ(Delphi)ꩫ뙩ꛦ냝ꣷꪺ뛱떪ꅃ뇄ꗎ녍깡던뷍ꩫꪺ쁵쉉Ꙣ꧳ꙕ녍깡ꕩꕈ뙩ꛦꗦ걹끑뷗ꅁ뙩ꛓ녯ꕘꯈ왛ꪺ뗻꛴꓀볆ꅁ꿊쉉걏룻꧶꣼꣬롳엩꒤믢뻉ꪺ띎ꢣ꧒뱶암ꅃ뱷몸ꭄꩫ귬ꖻꗎ꧳곬륷듺ꅁꙢ맪걉ꪺ륌땻꒤ꖲ뚷굮뇄ꗎ냎ꙗꪺꓨꚡ싐뙩ꛦ띎ꢣꪺꗦ걹ꅁꪽ꣬샲녯룻ꑀ교ꪺ띎ꢣ결ꓮꅁꕩ쇗ꝋ귓ꝏ띎ꢣ꣼꣬띎ꢣ믢덓ꪺ뱶암ꅁ꿊쉉걏뙩ꛦꪺ껉뚡룻ꅃ ꖻ곣ꡳ뿯뻜ꪺꓨꚡ걏뚰엩던뷍ꪺꓨꚡꅁ껉뚡ꑗ꓀결꣢ꚸ뙩ꛦꡃꚸꕼ귓ꑰ껉ꅁ쇜뚰꒤ꑳꑪ뻇룪뫞꧒돕뫓ꑨ꽚ꙀꑋꛬꙐ뻇뙩ꛦ끑뷗ꅁ끷맯꒻뫘늣띾뙩ꛦ냝ꣷꪺ뛱뱧ꅁ맯냝ꣷ꒤ꪺ냝썄뒣ꕘ띎ꢣꙀꙐ끑뷗ꅃ꣤꒤꒣꿠뻣Ꙙ띎ꢣꪺ뚵ꗘ곣ꡳꑀꑀꕛꕈ볐끏ꅁ뷐끑뷗꿠ꯤꛒ덯뚵ꗘꪺ냝썄ꅁ꣢ꓑꯡꙁ뚰Ꙙ곛Ꙑꪺ끑뷗맯덯뚵ꗘ뙩ꛦ끑뷗ꅁ끷맯덯냝썄뒣ꕘ띳ꪺ곝ꩫꅁ곣ꡳꙁ맯덯띎ꢣꕛꕈ뻣Ꙙꅁ녯ꕘ돌ꯡ뗻꓀ꪺ떲ꩇꅝꫭ4-1ꅞꅁꣃꕈ늣ꭾ룪끔녪ꯗ결뻮뙢ꅂ믹귈쏬룪끔녪ꯗ결셡뙢ꅁꕈ덯꣢귓멣궱쎸뭳ꚨ늣띾룪끔녪ꯗ꓀꩒맏ꅝ맏4-1ꅞꅃꗑ꧳ꖻ냝ꣷ뇄ꗎꪺ걏녍깡껄ꯗꕂ꒣걏ꑪ뙱냝ꣷꅁꙝꚹ꒣ꛒ뱻ꭈ껄ꯗꪺ냝썄ꅃ 40
ꫭ4-1ꅂ늣띾꽓꧊룪끔녪ꯗ꓀꩒ꫭ 늣띾꽓꧊늣ꭾ룪믹귈쏬룪끔녪ꯗ ꓀쏾 끔녪ꯗ ꣑삳/뇄쇊 ꗍ늣/닕룋 끴끥/규쁸 빐냢/ꯈꩁ 곣땯 ꖭꞡ 룪끔뒣꣑ 뫴룴뱳ꝩ * 쏒꣩ꗲ꒶ * 믈ꛦ띾 * * * 륳냢띾 * 깍룋덮엩 * 룪껆꣓랽ꅇꖻ곣ꡳꅝ*ꫭꗜ룓뚵걹땻ꪺꙢ룓늣띾꒤ꓱ궫랥ꝃꅁ걇꒣꒩군뫢ꅞ 늣띾꽓꧊룪끔녪ꯗ꓀꩒맏㔮〰㐮〰룪끔ꩁ냈뒣꣑㌮〰뫴룴뱳ꝩ㈮〰쏒꣩ꗲ꒶ㄮ〰뫴룴믈ꛦ뫴룴륳냢띾ㄮ〰㈮〰㌮〰㐮〰㔮〰깍룋덮엩늣ꭾ룪끔녪ꯗ 맏4-1ꅂ늣띾꽓꧊룪끔녪ꯗ꓀꩒맏 룪껆꣓랽ꅇꖻ곣ꡳ ꗑꚹ녯ꕘ꒻뫘늣띾꓀쏾룪끔녪ꯗ뿅뙱꓀볆ꅁꙝ결Ꙑꑀ늣띾꒤늣띾ꪺ꽓꧊ꕝ걁늣ꭾ룪끔녪ꯗ믹귈쏬걹땻룪끔녪ꯗ곒결쏾ꅁ걇ꖻ곣ꡳꗎꕈꝀ결ꙕ귓늣띾꓀쏾꒤곣ꡳ볋ꖻꪺ늣띾꽓꧊뗻꓀ꅃ왛맮꓀꩒맏4-1꒤ꪺ늣띾룪끔녪ꯗ꽓꧊ꕩ땯뉻ꅁ늣ꭾ룪끔녪ꯗ멣궱꒤ꕵꚳ륳냢띾ꪺ녪ꯗ낾ꝃꅁꕩ꿠ꗑ꧳룓늣띾늣ꭾ쓝꧳볆ꛬ꓆땻ꯗ룻낪ꪺꙝ꿀꧒뱶암ꅃ 41 믹귈쏬룪끔녪ꯗ
닄ꑇ론 엜늧볆꓀꩒ ANOVA걏ꗎ꣓꓀꩒ꑀ귓ꕈꑗꪺ쏾ꝏꛛ엜볆꧒ꚨꪺ꒣Ꙑ롳엩Ꙣ걙ꑀ귓군뙱ꪺ삳엜볆ꑗꪺ깴늧ꅃꙢꚹꅁ곣ꡳꪺ삳엜볆결꒽ꕱ롧샧셚껄ꅁꛛ엜볆걏늣띾꽓꧊뫴룴냓ꦱꮬ멁ꅁ꣤꒤늣띾꽓꧊ꑓꕩ뇄ꗎ늣ꭾ룪끔꒺뉛믹귈쏬룪끔녪ꯗ꣢뫘엜볆ꕛꕈ뿅뙱ꅃꙝꚹꖻ곣ꡳꝑꗎANOVA꣓꓀ꝏ맯꣢뫘뿅뙱볒ꚡꕛꕈ엧쏒ꅁꣃ맯ꡃꑀ뫘ꛛ엜볆낵샋ꥷꅁ꓀꩒ꡃꑀ뫘ꛛ엜볆꒤꒣Ꙑꪺ쏾ꝏ꣤ꗦ꒬Ꝁꗎ맯꧳꒽ꕱ꒧롧샧셚껄걏ꝟꚳ깴늧ꅁꕈ엧쏒곣ꡳ낲뮡걏ꝟꚨꗟꅃ ꑀꅂ늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁맯롧샧셚껄꒧뱶암 껚뻚닄ꑔ뎹꒧곣ꡳ걛멣ꅁ놴끑롧샧셚껄걏ꝟ꣼꣬늣띾꽓꧊뫴룴냓ꦱꮬ멁ꪺ뱶암ꛓ라덹ꚨ깴늧ꅁꕈꑕ뙩ꛦ늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁걏ꝟ라뱶암롧샧셚껄꒧샋ꥷ ꫭ4-2ꅂ롧샧셚껄ꅝEPSꅞ꓀꩒ꫭ 룪끔뒣꣑ꮬ 뉖Ꙙꗦ꧶ꮬ 꿂뫴꾸ꗦ꧶ꮬ 룪끔뒣꣑띾 a a () 뱳ꝩ띾 () () (.498) 쏒꣩ꗲ꒶띾 (.401) () (.361) 믈ꛦ띾.282 a (.558) () 륳냢띾 a (.831) () 깍룋덮엩띾.150 a (.635) (.569) aꕎꫭ닓껦꒤ꡓꚳ왛맮귈ꅃ 뗹ꅇ볆귈결ꡃ곕빬ꅝEPSꅞꅆ꣤빬걁뢹꒤결볐럇깴ꅃ Ꙣ뙩ꛦANOVA꓀꩒꒧ꭥꅁꗽꛦꕈLevene샋ꥷꅁꕈ뵔ꥷ엜늧볆걏ꝟ곛떥ꅃ꙰ꫭ4-3땯뉻P귈륆꣬엣뗛ꓴ럇ꅁꫭꗜ엜늧볆ꣃ꒣곛떥ꅁꙝꚹꙢ뙩ꛦANOVA꒧ꭥ뚷ꗽ롧륌볐럇꓆ꪺ냊Ꝁꅃ 42
ꫭ4-3ꅂ롧샧셚껄꒧Levene샋ꥷ F귈 ꛛꗑꯗ1 ꛛꗑꯗ2 Sig. 12 67 .002*** *P<; **P<; ***P< 롧륌샋엧꒧ꯡꅁ맯롧샧셚껄ꚳ엣뗛뱶암ꪺꛛ엜볆ꚳꅇ늣띾꽓꧊ꕈ늣띾꽓꧊ꥍ뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎꅁꗑꚹ녯ꪾꅇ n ꒣Ꙑ늣띾꽓꧊맯롧샧셚껄ꚳ엣뗛깴늧 ꒣Ꙑꪺ늣띾꽓꧊라덹ꚨꗸ띾뇄ꗎ뫴룴냓ꦱꪺ롧샧셚껄덹ꚨ깴늧ꅁꚹ떲ꩇ떴곣ꡳ낲뮡H1ꅁ뭐ꖻ곣ꡳꗑꗦ꧶ꚨꖻ뉺뷗ꪺ왛쉉뇀뷗ꕘꪺ떲ꩇ꒬곛닅Ꙙꅃ n ꒣Ꙑ뫴룴냓ꦱꮬ멁맯롧샧셚껄ꡓꚳ깴늧 ꓀꩒뫴룴냓ꦱꮬ멁맯꧳롧샧셚껄ꡓꚳ깴늧ꪺ귬ꙝꅁꕩ꿠걏ꗑ꧳꓀쏾ꑗ꒣냷룔닓ꅁꕈ교때ꩫꧺ뵔냏꓀ꕘ롧샧셚껄ꪺ낪ꝃꅃ n 늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ맯롧샧셚껄ꚳ엣뗛깴늧 ꗸ띾ꙝ꣤늣띾꽓꧊ꚳ꧒깴늧ꅁ뻉교뇄ꗎ꒣Ꙑ뫴룴냓ꦱꮬ멁ꕈ롧샧뫴룴냓ꦱ껉라맯꣤롧샧셚껄덹ꚨ뱶암ꅁꗑꚹ떲ꩇꕩ떴곣ꡳ낲뮡H3ꅃ ꫭ4-4ꅂ롧샧셚껄엜늧볆꓀꩒멋굮ꫭ 엜늧꣓랽 ꖭꓨꥍ ꛛꗑꯗ ꞡꓨꥍ F Sig. Industry .000*** Types .295 Industry * Types .040** 뭾깴 셠ꥍ 뗹ꅇIndustryꕎꫭ늣띾꽓꧊ꅆTypesꕎꫭ뫴룴냓ꦱꮬ멁 *P<; **P<; ***P< ꯡ샋ꥷꅝPost Hoc Testsꅞ (1) 롧샧셚껄 ꗑ엜늧볆꓀꩒샋ꥷ꒧떲ꩇꅁ궺ꗽ맯꒣Ꙑ늣띾꽓꧊ꪺ롧샧셚껄ꅁ뙩ꛦ뇔굺닎군꙰ꫭ4-5ꅃ 43
ꫭ4-5ꅂ꒣Ꙑ늣띾꽓꧊ꪺ롧샧셚껄 늣띾꽓꧊꓀쏾 볋ꖻ볆 ꖭꞡ볆 볐럇깴 1.룪끔뒣꣑띾 .뱳ꝩ띾 .쏒꣩ꗲ꒶띾 .믈ꛦ띾 .륳냢띾 .깍룋덮엩띾 셠ꥍ 뙩ꑀꡂ뙩ꛦꯡ샋ꥷꅁ곣ꡳ땯뉻ꕈꗘꭥꛓꢥ꒣Ꙑꪺ늣띾Ꙣ뇄ꗎ뫴룴냓ꦱꪺ롧샧셚껄ꑗꅁꅵ룪끔뒣꣑띾ꇕ쏒꣩ꗲ꒶띾ꅂ믈ꛦ띾ꅂ깍룋덮엩띾ꅶꕈꅵ쏒꣩ꗲ꒶띾ꇖ룪끔뒣꣑띾ꅂ뱳ꝩ띾ꅂ륳냢띾ꅶꙢ닎군ꑗ륆엣뗛ꓴ럇ꅁ덯꣢귓땯뉻ꕩꕈ뒣꣑띾Ꙣꛒ뱻뇄ꗎ뫴룴냓ꦱꓨꚡ롧샧껉ꅁ꿠냷ꗽꝐ쉟ꛛꢭꪺ늣띾꽓꧊걏ꝟ꿠냷ꙝ결뇄ꗎ뫴룴냓ꦱꛓ샲교룻낪ꪺ롧샧셚껄ꅃ ꫭ4-6ꅂ롧샧셚껄Ꙩ궫ꯡꓱ룻ꫭ Mean 늣띾꓀쏾(I-J) Difference (I-J) Sig. 쏒꣩ꗲ꒶띾–룪끔뒣꣑띾 .000*** 믈ꛦ띾–룪끔뒣꣑띾 .010** 깍룋덮엩띾–룪끔뒣꣑띾 .005*** 쏒꣩ꗲ꒶띾–뱳ꝩ띾 .000*** 쏒꣩ꗲ꒶띾–륳냢띾 .000*** *P<; **P<; ***P< (2) 늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁ꗦ꒬Ꝁꗎ ꗑ꧳엜늧볆꓀꩒떲ꩇꅁ땯뉻늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎꅁ맯꧳뫴룴냓ꦱꪺ롧샧셚껄ꗧꚳ엣뗛뱶암ꅁꙝꚹ끷맯늣띾꽓꧊뙩ꛦ돦꿂ꕄ굮껄ꩇꪺ샋ꥷꅁ땯뉻ꚳ꣢귓늣띾꒤ꪺ뫴룴냓ꦱꮬ멁라맯롧샧셚껄덹ꚨ엣뗛뱶암ꅁ꓀ꝏ걏쏒꣩ꗲ꒶띾ꅝF귈결ꅁP귈결<ꅞ륳냢띾ꅝF귈결ꅁP귈결<ꅞꅁꙝꚹ맯덯꣢귓늣띾뙩ꛦ뫴룴냓ꦱꮬ멁맯롧샧셚껄ꪺꯡ샋ꥷꅁ녎엣뗛꒧샋ꥷ떲ꩇꙃꕘ꙰ꫭ4-7ꅃ 44
ꫭ4-7ꅂ뫴룴냓ꦱꮬ멁Ꙩ궫ꯡꓱ룻ꫭ 늣띾꓀쏾 뫴룴냓ꦱꮬ멁Mean (I-J) Difference (I-J) Sig. 쏒꣩ꗲ꒶띾 뉖Ꙙꗦ꧶ꮬ – 꿂뫴꾸ꗦ꧶ꮬ .046** 륳냢띾 뉖Ꙙꗦ꧶ꮬ – 꿂뫴꾸ꗦ꧶ꮬ .036** *P<; **P<; ***P< ꗑꕈꑗ떲ꩇꕩꕈ녯ꪾꅁꙢ쏒꣩ꗲ꒶띾뭐륳냢띾덯꣢귓늣띾꒤ꅁꙢ뇄ꗎ뫴룴냓ꦱ껉ꪺꮬ멁ꅁ굙ꕈ뉖Ꙙꗦ꧶ꮬꓨꚡ결꒧ꅁ라룻뇄ꗎ꿂뫩뫴룴ꗦ꧶ꮬꪺ꒽ꕱ늣ꗍ룻낪ꪺ롧샧셚껄ꅃꚹ곣ꡳ떲ꩇ뭐ꗘꭥꖫ돵ꑗꪺ뉻뙈꒣뿑ꛓꙘꅁ덜Ꙩ꿂뫩뫴룴꒽ꕱ꿉꿉뭐맪엩띾Ꙙ꣖ꅁ걏귬ꖻꪺ맪엩띾뇄ꛦ륱ꑬ냓냈ꕈ뱗ꕛꛦ빐덱룴ꅁ덯뫘뗪맪Ꙙ꣖ꇐꑝ둎걏뉖Ꙙꗦ꧶ꮬꪺ롧샧ꓨꚡꕩ꿠걏ꗘꭥ륱ꑬ냓냈ꖫ돵꒤꿠냷샲녯룻낪샲ꝑꪺꓨꚡꅃ ꑇꅂ늣ꭾ룪끔꒺뉛ꅂ믹귈쏬룪끔녪ꯗ뫴룴냓ꦱꮬ멁맯롧샧셚껄ꪺ뱶암 곣ꡳ걛멣꒤ꪺꛛ엜볆늣띾꽓꧊ꅁꖻ곣ꡳ껚뻚뇧ꥷ볪ꅂ압ꥹ뿾ꅝ2001ꅞ뒣ꕘꪺ륱ꑬ꓆빁Ꙙꯗ꓀꩒걛멣ꅁꕩꝑꗎ늣ꭾ룪끔꒺뉛믹귈쏬룪끔녪ꯗ꣢귓엜볆ꕛꕈ뿅뙱ꅁꗑ꧳늣ꭾ룪끔꒺뉛믹귈쏬룪끔녪ꯗ걏군뙱ꓘꯗꪺ엜볆ꅁ결ꑆ녎꣤쏾ꝏ꓆ꕈ꣑엜늧볆꓀꩒ꅁ곣ꡳ녎꣢뫘쓝꧊럓낪ꝃꪺ땻ꯗ결귬ꭨꙕ냏꓀땻꣢롳늣띾ꅁ꓀쏾ꓨꚡ꙰ꑕꫭꅇ ꫭ4-8ꅂ쏾ꝏ꓆ꓨꚡ ꛛ엜볆 ꓴ럇 볋ꖻ볆 뮡ꧺ 늣ꭾ룪끔꒺뉛 ꝃ 17 륳냢띾() 룪끔뒣꣑()ꅂ뱳ꝩ띾()ꅂ쏒꣩ꗲ꒶()ꅂ낪 63 믈ꛦ띾() ꅂ깍룋덮엩() 믹귈쏬룪끔녪ꯗ ꝃ 46 룪끔뒣꣑()ꅂ뱳ꝩ띾()ꅂ륳냢띾() 낪 34 쏒꣩ꗲ꒶()ꅂ믈ꛦ띾()ꅂ깍룋덮엩() 뗹ꅇ뿅뙱엜볆ꑪ꧳4결낪ꅆ꣤빬ꭨ결ꝃꅃ 45
꓀ꝏ녎늣ꭾ룪끔꒺뉛뭐믹귈쏬룪끔녪ꯗ꣢귓ꛛ엜볆ꕈ결냲럇ꅁ녎곣ꡳ볋ꖻꙕ꓀ꚨ꣢귓ꓴ럇꒧ꯡꅁꕛꑗ귬ꗽꪺ뫴룴냓ꦱꮬ멁ꯡꅁ셠Ꙁꚳꑔ귓ꙗꗘꓘꯗꛛ엜볆ꅁ꣤뮡ꧺ꙰ꑕꫭꅃ ꫭ4-9ꅂ쏾ꝏ엜볆뮡ꧺ ꛛ엜볆 ꓴ럇 뮡ꧺ 늣ꭾ룪끔꒺뉛 2 (1)늣ꭾ룪끔꒺뉛ꝃꅂ(2)늣ꭾ룪끔꒺뉛낪 믹귈쏬룪끔녪ꯗ 2 (1)믹귈쏬룪끔녪ꯗꝃꅂ(2)믹귈쏬룪끔녪ꯗ낪 뫴룴냓ꦱꮬ멁 3 (1)룪끔뒣꣑ꮬꅂ(2)뉖Ꙙꗦ꧶ꮬꅂ(3)꿂뫴꾸ꗦ꧶ꮬ 결ꑆ룑ꚹꑔ귓ꥷ롱꒧쏾ꝏ엜볆맯늣ꭾ룪끔꒺뉛ꅂ믹귈쏬룪끔녪ꯗ뫴룴냓ꦱꮬ멁맯롧샧셚껄꒧뱶암ꅁꕈꑔꙝꑬ엜늧볆꓀꩒샋ꥷ꒧ꅃꕈꑕꗽ뙩ꛦꚹꑔ귓엜볆맯롧샧셚껄꓀꩒꒧뇔굺닎군ꅃ ꫭ4-10ꅂ롧샧셚껄ꅝEPSꅞ꓀꩒ꫭ 늣ꭾ룪끔꒺뉛 ꝃ 낪 룪끔뒣꣑ꮬ 뉖Ꙙꗦ꧶ꮬ 꿂뫴룴ꗦ꧶ 룪끔뒣꣑ꮬ 뉖Ꙙꗦ꧶ꮬ 꿂뫴룴ꗦ꧶ 믹귈쏬낪.3857 .9386 a a a(.6517) () (.9457) 룪끔녪ꯗ ꝃ a (.8306) () () () () aꕎꫭ닓껦꒤ꡓꚳ왛맮귈ꅃ 뗹ꅇ볆귈결ꡃ곕빬ꅝEPSꅞꅆ꣤빬걁뢹꒤결볐럇깴ꅃ ꑕꑀꡂꙁꕈ늣ꭾ룪끔꒺뉛ꅂ믹귈쏬룪끔녪ꯗ뫴룴냓ꦱꮬ멁맯롧샧셚껄꒧뱶암뙩ꛦ엜늧볆꓀꩒껉ꅁ결ꑆ룑ꛛ엜볆뚡걏ꝟ라ꦼꚹ뱶암ꅁꑝ둎걏ꙕꙝꑬ뚡걏ꝟꚳꗦ꒬Ꝁꗎꅃꗽꝑꗎꑔꙝꑬ엜늧볆꓀꩒ꅝ3-way ANOVAꅞ샋엧ꅃꝑꗎ닎군덮엩군뫢꒧ꯡꅁꑔꙝꑬ엜늧볆꓀꩒멋굮꙰ꫭ4-11꧒ꗜꅇ 46
ꫭ4-11ꅂꑔꙝꑬ엜늧볆꓀꩒멋굮ꫭ 엜늧꣓랽 ꖭꓨꥍ ꛛꗑꯗ ꖭꓨꥍ F Sig. Product .089Chain .000***Types .036**Product * Types .029**Chain * Types .600뭾깴 셠ꥍ 뗹ꅇProductꕎꫭ늣ꭾ룪끔꒺뉛ꅆChainꕎꫭ믹귈쏬룪끔녪ꯗꅆTypesꕎꫭ뫴룴냓ꦱꮬ멁 *P<; **P<; ***P< ꗑꫭ4-11꒤ꕩ땯뉻ꅁꙢꍜ=ꪺ엣뗛ꓴ럇꒧ꑕꅁ믹귈쏬룪끔녪ꯗꅂ뫴룴냓ꦱꮬ멁늣ꭾ룪끔꒺뉛뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎꞡ륆꣬엣뗛ꓴ럇ꅁꗑꚹ녯꣬ꕈꑕ떲ꩇꅇ n ꒣Ꙑ늣ꭾ룪끔꒺뉛맯뫴룴꒽ꕱ롧샧셚껄ꡓꚳ깴늧 n ꒣Ꙑ믹귈쏬걹땻룪끔녪ꯗ맯뫴룴꒽ꕱ롧샧셚껄뱶암ꚳ깴늧 ꗑ샋ꥷ떲ꩇꕩ떴곣ꡳ낲뮡H5ꅁ귌ꕩ뇀뷗ꗑ꧳믹귈쏬룪끔녪ꯗ꒣Ꙑ덹ꚨꝑꗎ뫴룴냓ꦱ껉ꗦ꧶ꚨꖻꪺ깴늧ꅁꙝꛓ덹ꚨ롧샧셚껄ꪺ깴늧ꅃ n 늣ꭾ룪끔꒺뉛뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ맯롧샧셚껄뱶암ꚳ깴늧 ꚹ떲ꩇ떴ꑆ곣ꡳ낲뮡H6ꅁꗑ꧳늣ꭾ꽓꧊ꪺ꒣Ꙑ덹ꚨꝑꗎ뫴룴냓ꦱꓨꚡ롧샧껉라덹ꚨ롧샧셚껄ꪺ깴늧ꅃ n 믹귈쏬걹땻룪끔녪ꯗ뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ맯롧샧셚껄꒧뱶암ꡓꚳ깴늧 ꯡ샋ꥷꅝPost Hoc Testsꅞ (1) 믹귈쏬룪끔녪ꯗ ꗑꕈꑗꑔꙝꑬ엜늧볆꓀꩒꒧샋ꥷ떲ꩇꅁ결뙩ꑀꡂꑆ룑꣤꒤꒧깴늧ꅁ귌ꙁꝑꗎꯡ샋ꥷ믹귈쏬룪끔녪ꯗ맯롧샧셚껄ꪺ뱶암깴늧ꅃꗑ꧳ꚹ엜볆ꕵꚳ꣢귓ꓴ럇ꅁꙝꚹꪽ놵ꓱ룻꣤ꖭꞡ볆ꅃꗑꫭ4-12꒧ꓱ룻ꕩꕈ땯뉻믹귈쏬룪끔녪ꯗ룻낪룻ꝃ꣤롧샧셚껄룻ꙮꅃ 47
ꫭ4-12ꅂ꒣Ꙑ믹귈쏬룪끔녪ꯗꪺ롧샧셚껄 믹귈쏬룪끔녪ꯗ ꖭꞡ볆 볐럇깴 볋ꖻ볆 ꝃ 46 낪 .5406 34 뻣뉺ꕈꑗ떲ꩇ땯뉻ꅁꖻ곣ꡳꗎ늣ꭾ룪끔꒺뉛믹귈쏬룪끔녪ꯗꕈ뿅뙱늣띾꽓꧊엜볆ꅁ꣤꒤늣ꭾ룪끔꒺뉛낪뇄ꗎ뫴룴냓ꦱ꒧롧샧셚껄ꖭꞡ볆쇶룻룪끔꒺뉛ꝃ꣓녯낪ꅁꣃꖼ륆꒧엣뗛ꓴ럇ꅝP귈 = * > ꅞꅆꛓ믹귈쏬룪끔녪ꯗ맯롧샧셚껄뱶암ꪺ깴늧ꭄ녠엣뗛ꅝP귈 = *** > ꅞꅁ엣ꗜ믹귈쏬룪끔녪ꯗ낪룻ꝃꙢ뇄ꗎ뫴룴냓ꦱ껉ꚳ룻ꙮꪺ롧샧셚껄ꅃꚹ쉉땯뉻뭐Palmerꅝ1998ꅞꙢꚳ쏶뫴꾸덝군곣ꡳ꒤뒣ꕘꪺ왛쉉ꑀ교ꅁ꣤뭻결덂뉺땻Ꟈꪺ룪끔녪ꯗ뭐뵵ꑗꗦ꧶ꪺ곛쏶꧊ꓱ늣ꭾ룪끔녪ꯗꟳ낪ꅃ (2) 늣ꭾ룪끔꒺뉛뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ 엜늧볆꓀꩒샋ꥷ떲ꩇ꒤ꅁꕴꑀ귓땯뉻걏늣ꭾ룪끔꒺뉛뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ맯롧샧셚껄ꪺ뱶암ꚳ꧒깴늧ꅁꙝꚹ끷맯룪끔꒺뉛뙩ꛦ돦꿂ꕄ굮껄ꩇ샋ꥷꅁꕈꑆ룑늣ꭾ룪끔꒺뉛낪ꝃ땻ꯗ꒤꒣Ꙑ뫴룴냓ꦱꮬ멁뻉교롧샧셚껄ꪺ깴늧ꅃ떲ꩇ땯뉻늣ꭾ룪끔꒺뉛낪ꝃ꣢뫘쏾ꝏ꒤뫴룴냓ꦱꮬ멁뎣륆꣬엣뗛ꓴ럇ꅁꙝꚹ꓀ꝏ뙩ꛦꯡꓱ룻ꕈꕘ깴늧ꅃꗑꫭ4-13녯ꪾ꒣뫞Ꙣ늣ꭾ룪끔꒺뉛낪ꝃꪺ꓀쏾꒤ꅁ곒ꕩ녯꣬ꅵ뉖Ꙙꗦ꧶ꮬꇖ꿂뫴룴ꗦ꧶ꮬꅶꪺ떲ꩇꅃꙝꚹꗸ띾Ꙣꛒ뱻뇄ꗎ뫴룴냓ꦱ껉돌ꙮꑷ롧ꚳ맪엩냓ꦱꪺ롧샧ꅁ맯맪엩냓ꦱꪺ롧샧ꓨꚡꑷꚳ뉠ꑊꑆ룑ꅁꙁ뇄ꛦ뫴룴냓ꦱꕈ뮲ꝕ롧샧ꅆ굙ꖻꢭ걏꿂뫴룴롧샧ꪺ꒽ꕱꭨ삳뽮랥둍ꡄ뭐꣤ꕌ맪엩꒽ꕱ덱룴떲럹ꅁ걏ꛛꑶ뙽땯맪엩덱룴ꅃ ꫭ4-13ꅂ뫴룴냓ꦱꮬ멁Ꙩ궫ꯡꓱ룻ꫭ 늣ꭾ룪끔꒺뉛 뫴룴냓ꦱꮬ멁Mean (I-J) Difference (I-J) Sig. ꝃ 뉖Ꙙꗦ꧶ꮬ – 꿂뫴꾸ꗦ꧶ꮬ .036** 낪 뉖Ꙙꗦ꧶ꮬ – 꿂뫴꾸ꗦ꧶ꮬ .029** *P<; **P<; ***P< 48
닄ꑔ론 뷆끪쉫꓀꩒ ꗑ꧳ꖻ곣ꡳ낣ꑆ놴끑ꙕ곣ꡳꛛ엜볆맯삳엜볆ꪺ뱶암꒧ꕾꅁꣃꟆ뇦꿠냷롧ꗑ닎군ꓨꩫꕘ곣ꡳ걛멣꒤ꛛ엜볆맯삳엜볆ꪺ끪쉫륷듺볒ꮬꅁ꓀꩒볒ꮬ룑쓀꿠ꑏꙕꛛ엜볆맯삳엜볆꒧뱶암땻ꯗꅁꙝꚹꝑꗎ뷆끪쉫볒ꚡ놴끑ꛛ엜볆맯삳엜볆꒧뱶암ꅃ ꑀꅂ끪쉫볒ꮬꯘꗟ 럓ꖻ곣ꡳ걛멣ꅁ끪쉫볒ꚡ꒧삳엜볆결롧샧셚껄ꅝYꅞꅁꛓꛛ엜볆결늣ꭾ룪끔꒺뉛ꅝX1ꅞꅂ믹귈쏬룪끔녪ꯗꅝX2ꅞ뫴룴냓ꦱꮬ멁ꅃ꣤꒤뫴룴냓ꦱꮬ멁결ꙗꗘꓘꯗ엜볆ꅁꙝꚹꝑꗎ뗪엜볆ꅝdummy variableꅞꕛꕈ신뒫ꅃ뗪샀엜볆ꕈꅵ0ꅶꅂꅵ1ꅶꓨꚡꫭꗜꅁ엜볆ꪺ볆뙱결ꓴ럇볆듮ꑀꅁ뫴룴냓ꦱꮬ멁Ꙁꚳꑔ귓ꓴ럇ꅁꙝꚹꕈ꣢귓뗪샀엜볆ꅝX3ꅂX4ꅞꫭꗜ꙰ꫭ4-14ꅃ ꫭ4-14ꅂ뗪샀엜볆ꥷ롱 때맪엩냓ꦱ ꚳ뫴룴ꗦ꧶ 뗪샀엜볆 뗪샀엜볆1 뗪샀엜볆2 뫴룴냓ꦱꮬ멁X3 X4 룪끔뒣꣑ꮬ 0 0 뉖Ꙙꗦ꧶ꮬ 0 1 꿂뫴꾸ꗦ꧶ꮬ 1 1 뮡ꧺꅇ1ꫭꗜ걏ꅆ0ꫭꗜꝟ ꗑꕈꑗ뻉ꕘꖻ곣ꡳ꒧끪쉫볒ꚡ꙰ꑕꅇ Y = ꍜ + ꍝ1X1 + ꍝ2X2 + ꍝ3X3 + ꍝ4X4 + ꍠ ꣤꛴군끪쉫꣧볆결ꅇ Yˆ=a+b1X1+b2X2+b3X3+b4X4 49
ꑇꅂ끪쉫볒ꮬ뇀꛴ Ꙣ뷆끪쉫꓀꩒꒤ꅁ녪궢뿩ꑊꩫꅝEnter Methodꅞꝙ걏ꑀ꿫꧒뫙ꪺ뷆끪쉫꓀꩒ꩫꅃ덯걏ꑀ뫘녪궢꒶ꑊꚡꪺ뷆끪쉫꓀꩒ꅁ녪궢꧒ꚳ엜뚵ꚳ뚶Ꟈ뙩ꑊ끪쉫ꓨ땻ꚡꅃꙢ곣ꡳ덝군꒤ꅁ꙰ꩇ곣ꡳꗽꯘꗟ곣ꡳ걛멣ꅁ뇽껚뻚ꚹ걛멣ꕈ뷆끪쉫ꓨꩫ뙩ꛦ룪껆꓀꩒ꅁꭨ삳룓꣏ꗎ녪궢뿩ꑊꩫ룻결빁ꥹꅝꝤꧺ뚩ꅁ2000ꅞꅃ ꖻ곣ꡳ뇽ꝑꗎ끪쉫륷듺볒ꚡ놴끑곣ꡳ걛멣꒤ꛛ엜볆맯삳엜볆ꪺ룑쓀꿠ꑏꅁꣃꑆ룑ꙕꛛ엜볆맯삳엜볆ꪺ뱶암ꅁꙝꚹ뇄ꗎ녪궢뿩ꑊꩫ뙩ꛦ끪쉫꓀꩒ꅁ녯ꕘ끪쉫ꭙ볆꓀꩒ꫭ꙰ꑕꫭ꧒ꗜꅇ ꫭ4-15ꅂ끪쉫ꭙ볆ꫭ ꖼ볐럇꓆ 볐럇꓆ 끪쉫ꭙ볆 끪쉫ꭙ볆T Sig. Ꙁ뵵꧊꓀꩒ Model B Std. Error Beta 깥ꯗ VIF 녠볆(a) *** 늣ꭾ룪끔꒺뉛(b1) ** .믹귈쏬룪끔녪ꯗ(b2) *** .뗪샀엜볆1(b3) ** .뗪샀엜볆2(b4) . .*P<; **P<; ***P< 룪껆꣓랽ꅇꖻ곣ꡳ ꗑꑗꫭ4-15꒤끪쉫ꭙ볆꒧꓀꩒떲ꩇꕩ녯ꪾꅁ돌꣎끪쉫볒ꮬ결 Y = + ()X1 + ()X2 + ()X3 + (.796)X4 볐럇꓆끪쉫ꓨ땻ꚡ결ꅇ Y = ()X1 + (.872)X2 + ()X3 + (.152)X4 롧ꗑ볐럇꓆끪쉫ꓨ땻ꚡꕩꪾꅁꖻ곣ꡳ볋ꖻ꒤뫴룴냓ꦱ꒧롧샧셚껄ꕩꗑꑕꚡ꛴군ꕘꅇ 롧샧셚껄 = ()ꇑ늣ꭾ룪끔꒺뉛 + (.872)ꇑ믹귈쏬룪끔녪ꯗ + ()ꇑ때맪엩냓ꦱ + (.152)ꇑꚳ뫴룴ꗦ꧶ 50
ꑔꅂ끪쉫볒ꮬ룑쓀ꑏ ꚹ볒ꚡ뿩ꑊ닎군덮엩꒤뙩ꛦ군뫢ꅁ녯ꕘ끪쉫볒ꮬ꒧껄ꑏ꙰ꫭ4-16ꅁꕩ땯뉻ꖻ끪쉫볒ꮬꪺ뷆Ꝑꥷꭙ볆ꅝR2ꅞ결 .358ꅁꛓ뷕뻣ꯡ꒧R2결 .324ꅁꗑꚹ녯ꪾꚹ끪쉫볒ꮬ맯볋ꖻꪺ룑쓀ꑏ륆ꉍꅝAdjusted R2ꅞꅃ ꫭ4-16ꅂ끪쉫볒ꚡ멋굮 R R2 Adjusted R2 ꛴군볐럇뭾 Durbin-Watson Ꙩ꒸곛쏶ꭙ볆뷆Ꝑꥷꭙ볆 뷕뻣ꯡR2 .599 .358 .324 룪껆꣓랽ꅇꖻ곣ꡳ ꕼꅂ엣뗛꧊샋ꥷ (1) t샋ꥷ ꕈt샋ꥷ끪쉫볒ꚡ꒤꒧ꙕꛛ엜볆뭐롧샧셚껄ꅝYꅞ꒧곛쏶꧊ꅁ꣤꒤녠볆뚵ꅝaꅞꅂ늣ꭾ룪끔꒺뉛ꅝb1ꅞꅂ믹귈쏬룪끔녪ꯗꅝb2ꅞ뗪샀엜볆1ꅝb3ꅞ곒륆엣뗛ꓴ럇ꅁ엣ꗜ뭐롧샧셚껄곒ꚳ엣뗛곛쏶ꅆꕵꚳ뗪샀엜볆2ꅝb4ꅞꖼ륆엣뗛ꓴ럇ꅁ뭐롧샧셚껄때엣뗛곛쏶꧊ꅃꗑ꧳뗪샀엜볆곒걏ꗑ뫴룴냓ꦱꮬ멁꒤늣ꗍꕘ꣓ꅁꙝꚹ곣ꡳ꒤꒣녎꣤녱끪쉫볒ꮬ꒤ꕨ낣ꅃ ꫭ4-17ꅂ끪쉫ꭙ볆t샋ꥷ ꖼ볐럇꓆ 볐럇꓆ 끪쉫ꭙ볆 끪쉫ꭙ볆T Sig. Model B Std. Error Beta 녠볆(a) *** 늣ꭾ룪끔꒺뉛(b1) ** 믹귈쏬룪끔녪ꯗ(b2) *** 뗪샀엜볆1(b3) ** 뗪샀엜볆2(b4) . *P<; **P<; ***P< 룪껆꣓랽ꅇꖻ곣ꡳ 51
(2) F샋ꥷ ꕴꕾ껚뻚ꫭ4-18꒧떲ꩇꅁ끪쉫볒ꚡ꒧F귈결ꅁ엣뗛꧊결 .001ꅁ엣ꗜꖻ끪쉫볒ꮬ꣣ꚳ엣뗛ꪺ닎군쏶ꭙ꙳Ꙣꅁꖻ곣ꡳ꒧ꛛ엜볆ꕩꕈꗎ끪쉫쏶ꭙ룑쓀삳엜볆ꪺ떲ꩇꅃ ꫭꗜ곣ꡳꛛ엜볆ꇐ늣ꭾ룪끔꒺뉛ꅂ믹귈쏬룪끔녪ꯗ뫴룴냓ꦱꮬ멁맯꧳삳엜볆ꇐ롧샧셚껄ꚳ닎군ꑗꪽ뵵끪쉫쏶ꭙ꙳Ꙣꅁꙝꚹꕩꗎꚹꑔ귓ꛛ엜볆맯뇄ꗎ뫴룴냓ꦱ꒧롧샧셚껄ꕛꕈ륷듺ꅃ ꫭ4-18ꅂ끪쉫볒ꚡ엣뗛꧊샋ꥷ 엜늧꣓랽ꖭꓨꥍ ꛛꗑꯗ ꞡꓨꥍ F Sig. 끪쉫 *** 득깴 셠ꥍ *P<; **P<; ***P< 룪껆꣓랽ꅇꖻ곣ꡳ ꒭ꅂꛛ곛쏶뭐뷆Ꙁ뵵꧊ (1) ꛛ곛쏶샋ꥷ ꛛ곛쏶ꅝautocorrelationꅞꭙꙕꛛ엜볆꒧꡴ꙃ왛맮귈뚡꣣ꚳ걙뫘땻ꯗ꒧ꪽ뵵쏶ꭙꅁ곛쏶ꭙ볆꒣결륳ꅁꛛ곛쏶뉻뙈ꪺ땯ꗍ녎뻉교꛴군륷듺ꪺ껄뉶궰ꝃꅃꛛ엜볆걏ꝟꚳꛛ곛쏶뉻뙈ꅁꑀ꿫ꕩ녱뭾깴귈ꪺ꓀ꖬ놡왛맮녯ꪾꅁꗧ녠ꝑꗎꟹ뮫ꇐꗋ꽓ꗍ샋ꥷꅝDurbin-Watson testꅞꅃ 맪냈ꑗꅁꟹ뮫ꇐꗋ꽓ꗍ닎군귈ꅝDWꅞ굙꒶꧳ꛜ꒧뚡ꫭꗜꛛ곛쏶뉻뙈꒣엣뗛ꅃꖻ끪쉫볒ꮬ꒧DW귈결 ꅁ엣ꗜꣃꡓꚳ낪ꯗꛛ곛쏶뉻뙈땯ꗍꅃ (2) 뷆Ꙁ뵵꧊뉻뙈 Ꙣ뷆끪쉫꓀꩒꒤ꖲ뚷ꩠ띎끪쉫볒ꚡꅵꙀ뵵꧊ꅶꅝcollinarityꅞ냝썄ꅁ꧒뿗Ꙁ뵵꧊ꪺ걏ꗑ꧳ꛛ엜뚵뚡뵵꧊곛쏶ꪺ땻ꯗꓓ낪ꅁ낪ꯗꪺ뷆Ꙁ뵵꧊녎꣏ꙕꛛ엜뚵꒧끪쉫ꭙ볆볐럇깴ꪺ꛴군귈엜ꑪꅁꙢ맯끪쉫ꭙ볆낵t샋ꥷ껉깥꧶놵꣼뗪때낲덝ꅃ 52
굙볒ꚡ꒤ꚳ쑙궫ꪺꙀ뵵꧊꙳Ꙣꅁꭨ볒ꚡ꒧냑볆둎때ꩫꖿ뵔ꪺ꛴군ꕘ꣓ꅃ Ꙁ뵵꧊ꪺ땻ꯗꕩꗎ깥귈ꅝtoleranceꅞ꣓Ꝑꥷꅁ깥귈걏1듮ꕨ걙ꑀ엜볆ꪺ엜늧볆덑꣤ꕌꛛ엜뚵룑쓀ꪺꓱ꣒ꅃ깥귈꒶꧳0뭐1꒧뚡ꅁ꣤귈띕ꑪꅁꫭꗜꙀ뵵꧊띕ꑰꅆ꣤귈띕ꑰꅁꫭꗜꙀ뵵꧊ꪺ땻ꯗ띕ꑪꅃꙀ뵵꧊ꪺ땻ꯗꗧꕩꗎ엜늧볆뾱뗈ꙝ꿀ꅝvariance inflation factorꅁ슲뫙VIFꅞ꣓꛴군ꅃVIF걏깥귈ꪺ귋볆ꅁꝙVIF = 1ꉁ깥귈ꅁ꣤귈띕ꑪꅁꫭꗜꙀ뵵꧊띕ꑪꅃ뛀ꭔ굞ꅝ2001ꅞꕘꅁ맪냈ꑗꅁ굙VIFꇕ10ꭨ덑뭻결걏ꕩ놵꣼ꪺ땻ꯗꅃ ꖻ곣ꡳ꒤뇄ꗎVIFꪺ볆귈맯ꛛ엜뚵ꪺꙀ뵵꧊땻ꯗꕛꕈ뗻꛴ꅁ껚뻚ꫭ4-15꒤ꙕꛛ엜뚵ꪺVIF귈ꅇ늣ꭾ룪끔꒺뉛ꅝVIF = ꅞꅂ믹귈쏬룪끔녪ꯗꅝVIF = ꅞꅂ뗪샀엜볆1ꅝVIF = ꅞꅂ뗪샀엜볆2ꅝVIF = ꅞꅁꙕꛛ엜뚵ꪺVIF귈곒ꑰ꧳10ꅁꫭꗜꖻ끪쉫볒ꚡꪺꙀ뵵꧊땻ꯗꙢꕩ덑놵꣼ꪺ뵤돲ꅃ ꒻ꅂ끪쉫볒ꚡ룑쓀뭐끑뷗 껚뻚돌꣎끪쉫볒ꚡꅇ Y = + ()X1 + ()X2 + ()X3 + (.796)X4 Y ꅇ 뫴룴냓ꦱ롧샧셚껄 X1 ꅇ 늣ꭾ룪끔꒺뉛 X2 ꅇ 믹귈쏬룪끔녪ꯗ X3 ꅇ 맪엩냓ꦱꚳ때ꅝ0결ꚳꅆ1결때ꅞ X4 ꅇ 뫴룴ꗦ꧶ꚳ때ꅝ0결때ꅆ1결ꚳꅞ ꗑꕈꑗꪺ끪쉫꓀꩒ꅁ귌ꕩꕈ뇀뷗뫴룴냓ꦱꪺ롧샧셚껄ꅁꕩꗑꅵ늣ꭾ룪끔꒺뉛ꅂ믹귈쏬룪끔녪ꯗꅂ맪엩냓ꦱꚳ때ꅂ뫴룴ꗦ꧶ꚳ때ꅶ꣓륷듺ꅁꗑ꧳셠엩룑쓀꿠ꑏ뛈륆ꉍꅁ끪쉫볒ꮬꪺ륷듺꧊낾ꝃꅃ귬ꙝꕩ꿠걏롧샧셚껄뉯꽁덜Ꙩ닕슴뱨궱ꪺ곛쏶ꙝ꿀ꅁ걏덜Ꙩꡍ떦ꅂ걆떦뻉교ꪺ떲ꩇꅁꕂ뉯꽁꣬ꫀ라ꅂ곬ꅂ롧샙떥샴맒ꙝ꿀ꅁ깥꧶꣼꣬ꕾ꣓ꙝ꿀ꪺ뱶 53
암ꅃ뇽뒣낪륷듺꿠ꑏꅁꕩ꿠굮ꙁ뙩ꑀꡂꝀꓥ쑭놴끑ꅁ꣬꣤ꕌꟳꙨꪺ럇ꭨ엜볆ꅃꙁꗑ꧳곣ꡳꪺ껉뚡ꑈꑏꪺ궭꣮ꅁꖻ냝ꣷꪺꚳ껄볋ꖻ뛈ꚳ80귓ꅁ굙걏꿠뱗ꕛꚳ껄볋ꖻ볆삳룓라뒣ꩀ룑쓀꿠ꑏꅃ 54
닄ꕼ론 낲덝샋ꥷ떲ꩇ멋굮 롧ꗑ닄ꑀ론꣬닄ꑔ론ꪺ룪껆꓀꩒ꅁꖻ론껚뻚닄ꑔ뎹뒣ꕘꪺ곣ꡳ낲뮡ꅁ녎샋ꥷ떲ꩇ띊셠뻣뉺꙰ꫭ4-19꧒ꗜꅃ ꫭ4-19ꅂ낲뮡샋ꥷ떲ꩇ멋굮 곣ꡳ낲뮡 ꒺ 깥 엣뗛뭐ꝟ H1 ꒣Ꙑ늣띾꽓꧊맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 ꆯ H2 ꒣Ꙑ뫴룴냓ꦱꮬ멁맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ맯롧샧셚껄ꪺ뱶암ꡓH3 ꆯ ꚳ깴늧 H4 늣ꭾ룪끔꒺뉛ꪺ낪ꝃ맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 H5 믹귈쏬걹땻룪끔녪ꯗꪺ낪ꝃ맯롧샧셚껄ꪺ뱶암ꡓꚳ깴늧 ꆯ 늣ꭾ룪끔꒺뉛뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ맯롧샧셚껄ꪺ뱶H6 ꆯ 암ꡓꚳ깴늧 믹귈쏬걹땻룪끔녪ꯗ뭐뫴룴냓ꦱꮬ멁ꪺꗦ꒬Ꝁꗎ맯롧샧셚H7 껄ꪺ뱶암ꡓꚳ깴늧 55
닄꒭뎹 떲뷗뭐ꯘ쒳 녱륱ꑬ냓냈뒶ꕈ꣓뫴룴냓ꦱꪺ롧샧셚껄둎ꚨ결덜Ꙩꑈꪧ쒳ꪺ쒳썄ꅁꛓ꒣Ꙑꪺ늣띾꽓꧊뭐꒣Ꙑꪺ뫴룴냓ꦱꮬ멁꙰꛳맯ꗸ띾롧샧셚껄늣ꗍ뱶암ꟳ걏ꑀ귓귈녯놴끑ꪺ냝썄ꅃꖻ곣ꡳ끷맯과냪ꙡ냏꒧뫴룴냓ꦱꅁꗑ뉺끝뫴꾸꒤ꚬ뚰꣤끝냈룪껆ꚳ쏶롧샧셚껄뎡ꗷꅁꕈ맪쏒곣ꡳ롧륌꓀꩒ꯡ땯뉻ꅁ땯뉻늣띾ꪺ믹귈쏬걹땻룪끔녪ꯗ낪ꪺ늣띾꒧롧샧셚껄룻낪ꅁꙝꚹ늣띾꒧믹귈쏬걹땻룪끔녪ꯗꕩꝀ결걏ꝟ뇄ꗎ뫴룴냓ꦱꪺ궫굮냑ꛒꙝ꿀ꅃꕴꕾꅁ낣ꑆ늣띾꽓꧊ꪺꙝ꿀꒧ꕾꅁ뫴룴냓ꦱꮬ멁ꑝ걏ꑀ귓뱶암ꙝ꿀ꅁ꒣Ꙑꪺꮬ멁ꗧ라뻉교롧샧셚껄ꪺ쁵Ꙉꅃ ꖻ곣ꡳꕄ굮걏ꙝ삳ꗘꭥꗾ뉹뫴믚뫴룴붴꭫땯깩ꅁ꣤꒤ꓗꕈInternetꪺ땯랽ꙡ과냪결돌ꅁꙝꚹ덜Ꙩ뛇닎늣띾걏곝꒤덯뛴냓뻷때궭ꪺꖫ돵꒧맚띑깡ꅁ꿉꿉벯꺱삿둸듁뇦덺륌륱ꑬ냓냈꣓뫻꯹귬ꖻꪺ쑶ꪧ쁵뛕걏돐덹냓띾꥟식ꚨ결ꕴꑀ귓Jeff Bezosꅃꙝꚹꖻ곣ꡳ꒧ꕄ굮ꑵꝀꑄ둎ꗘꭥꑷ롧륂Ꝁꪺ뫴룴냓ꦱꅁꕈ꣤늣ꭾ룪끔꒺뉛뭐뻣엩믹귈쏬겡냊룪끔녪ꯗꪺ꽓꧊뭐뫴룴냓ꦱꮬ멁ꅁ끷맯꣤롧샧셚껄ꪺꫭ뉻ꕛꕈ꓀꩒ꅁ놴끑꣤꒬곛뱶암ꪺ쏶ꭙꕈꯘꗟꚳꗎ꒧뉺뷗ꅃ곣ꡳ꧒녯꒧떲ꩇꕩ꣑냪꒺ꗸ띾Ꙣ뻉ꑊ륱ꑬ냓냈껉ꅁꕩꕈ꓀꩒ꖻꢭꪺ늣띾꽓꧊꣣ꚳꪺ쁵Ꙉ뛕ꅁ땍ꯡ뿯뻜빁럭ꪺ뫴룴냓ꦱꮬ멁꓁ꑊ믢냬ꅁ걏꿠ꙝꚹ땯깩꣤ꕌꕩꛦꪺ늣ꭾꩁ냈ꅁꕈ뒣냪띾땯깩륱ꑬ냓냈껉ꪺ쑶ꪧꑏꅁꣃ엽뻣엩륱ꑬ냓냈곛쏶겡냊ꞡ뿅땯깩ꅂ곛뮲곛ꚨꅃ 닄ꑀ론 곣ꡳ땯뉻 ꖻ론껚뻚닄ꕼ뎹룪껆꓀꩒녯ꕘ꒧떲ꩇꅁ뒣ꕘꖻ곣ꡳ둘쉉곣ꡳ땯뉻꙰ꑕꅇ ꑀꅂ뉻뚥걱ꙕ늣띾뇄ꛦ뫴룴냓ꦱ꒧롧샧셚껄꒣Ꙑ ꗑ꧳ꗸ띾ꖻꢭ꧒쓝ꪺ늣띾꽓꧊꒣Ꙑꅁ덹ꚨ뇄ꗎ뫴룴냓ꦱ껉ꪺꗦ꧶ꚨꖻꑝꚳ꧒깴늧ꅁꗧ라뱶암꣤Ꙣ뇄ꗎ뫴룴냓ꦱ껉ꪺ롧샧셚껄ꫭ뉻ꅁꖻ곣ꡳ끷맯꒻뫘늣띾꓀쏾꒧롧샧셚껄ꕛ 56
ꕈ샋ꥷꅁ놴끑늣띾꽓꧊맯꧳뫴룴냓ꦱ롧샧ꑗ셚껄꒧깴늧ꅁ땯뉻ꕈꑕ꣢귓뉻뙈ꅇ 1. 룪끔뒣꣑띾ꇕ쏒꣩ꗲ꒶띾ꅂ믈ꛦ띾ꅂ깍룋덮엩띾ꅃ 2. 쏒꣩ꗲ꒶띾ꇖ룪끔뒣꣑띾ꅂ뱳ꝩ띾ꅂ륳냢띾ꅃ ꗑꕈꑗ꣢귓늣띾덹ꚨ뫴룴냓ꦱ롧샧셚껄깴늧꒧뉻뙈ꕩꕈ쏒맪ꅁ늣띾꽓꧊라덹ꚨꗸ띾뇄ꗎ뫴룴냓ꦱ껉롧샧셚껄ꪺ꒣Ꙑꅃ ꑇꅂ늣띾뇄ꗎ꒣Ꙑ뫴룴냓ꦱꮬ멁덹ꚨ롧샧셚껄ꚳ꧒깴늧 럓늣띾꽓꧊꒣Ꙑ뇄ꛦ빁럭ꪺ뫴룴냓ꦱꮬ멁ꅁ꣏믹귈쏬걹땻뭐뫴룴냓ꦱ꽓꧊끴Ꙙ녯럭ꕩꕈ궰ꝃꗦ꧶ꚨꖻꅂ셙땵ꗦ꧶걹땻ꅃꛓꖻ곣ꡳ꒤ꑝ땯뉻Ꙣ쏒꣩ꗲ꒶띾뭐륳냢띾꣢귓늣띾ꑗꅁ꣤꒤뇄ꗎ뉖Ꙙꗦ꧶ꮬꪺ꒽ꕱ롧샧셚껄엣뗛ꑪ꧳뇄ꗎ꿂뫩뫴룴ꗦ꧶ꮬꪺ꒽ꕱꅃ ꑔꅂ믹귈쏬룪끔녪ꯗ띕낪ꪺ늣띾뇄ꗎ뫴룴냓ꦱꪺ롧샧셚껄띕ꙮ 곣ꡳ꒤볋ꖻ럓믹귈쏬룪끔녪ꯗ꓀ꚨ낪ꝃ꣢닕ꅁꣃ롧륌샋ꥷꯡ땯뉻ꅁ믹귈쏬룪끔녪ꯗ룻낪ꪺ꒽ꕱꙢ뇄ꗎ뫴룴냓ꦱ껉ꪺ셚껄엣뗛ꑪ꧳믹귈쏬룪끔녪ꯗꝃꪺ꒽ꕱꅁꕂ껚뻚끪쉫볒ꚡꪺꭙ볆꓀꩒ꕩꪾꅁ꣤믹귈쏬룪끔녪ꯗ맯롧샧셚껄ꪺ뱶암결ꖿꙖꕂ결엣뗛ꅃꚹ떲ꩇ닅Ꙙ믹귈쏬룪끔녪ꯗ뭐뫴룴냓ꦱ롧샧셚껄ꚳꖿ곛쏶곣ꡳ낲덝ꅁꗑꚹꕩꪾ믹귈쏬룪끔녪ꯗ띕낪ꪺ늣띾ꝑꗎ뫴룴냓ꦱꕩ늣ꗍ띕낪ꪺ롧샧셚껄ꅁꗧꝙꙢꗘꭥꪺꙕ뫘뫴룴냓ꦱ꒤ꅁ뫴룴냓ꦱꪺꝀ띾걹땻빁Ꙙ믹귈쏬걹땻룪끔녪ꯗ낪ꪺ늣띾ꅁ꿠늣ꗍ룻낪ꪺ롧샧셚껄ꅃ ꕼꅂ꒣뷗늣ꭾ룪끔꒺뉛낪ꝃ뇄ꗎ꒣Ꙑ뫴룴냓ꦱꮬ멁곒ꚳ꧒깴늧 곣ꡳ땯뉻껚뻚냓ꭾ빁Ꙙ뷗ꅁ냓ꭾꪺ볆ꛬ꓆땻ꯗ룪끔믝ꡄ땻ꯗ낪ꪺ늣ꭾ빁ꙘꙢ뫴룴ꑗ뙩ꛦꗦ꧶ꅁSchwartzꅝ1997ꅞꑝ뭻결룪끔싗둉ꪺ냓ꭾ빁ꙘꙢ뫴룴ꑗ뙩ꛦꗦ꧶ꅁꕄ굮ꙝ결뫴룴ꑗ룪끔꣺녯깥꧶ꕈꕂ뒣꣑ꙮꓱ룻뻷꣮ꅃ 곣ꡳ꒤땯뉻Ꙣ늣ꭾ룪끔꒺뉛낪ꝃ꣢닕ꪺ늣띾꒤ꅁ곒ꕩ땯뉻꣤뫴룴냓ꦱꮬ멁뇄ꗎ뉖Ꙙꗦ꧶ꮬꪺ꒽ꕱ롧샧셚껄엣뗛ꑪ꧳뇄ꗎ꿂뫩뫴룴ꗦ꧶ꮬꪺ꒽ꕱꅃꗑ꧳꒣뷗늣ꭾ룪끔꒺뉛낪ꝃ곒땯ꗍꙐ볋꒧뉻뙈ꅁꙝꚹꗸ띾Ꙣꛒ뱻뇄ꗎ뫴룴냓ꦱ껉돌ꙮꑷ롧ꚳ맪엩냓ꦱꪺ롧샧ꅁ 57
맯맪엩냓ꦱꪺ롧샧ꓨꚡꑷꚳ뉠ꑊꑆ룑ꅁꙁ뇄ꛦ뫴룴냓ꦱꕈ뮲ꝕ롧샧ꅆ굙ꖻꢭ걏꿂뫴룴롧샧ꪺ꒽ꕱꭨ삳뽮랥둍ꡄ뭐꣤ꕌ맪엩꒽ꕱ덱룴떲럹ꅁ걏ꛛꑶ뙽땯맪엩덱룴ꅃ 닄ꑇ론 곣ꡳꯘ쒳 껚뻚ꖻ곣ꡳ꧒녯꣬ꪺ곣ꡳꚨꩇꅁꙝꚹꖻ곣ꡳ뒣ꕘ맯뻇덎곣ꡳꪺ끞쑭맪냈삳ꗎ꒧ꯘ쒳ꕝ걁ꑕꙃ둘뚵ꅇ 1. ꗸ띾Ꙣꛒ뱻뇄ꗎ뫴룴냓ꦱꮬ멁껉삳ꗽꝐ쉟ꖻꢭ늣띾꽓꧊ꅁꙝ결뉻뚥걱늣띾꽓꧊Ꙣ뇄ꛦ뫴룴냓ꦱ껉ꪺ롧샧셚껄ꚳ꧒깴늧ꅁꙝꚹ삳ꗽꝐ쉟ꖻꢭꪺ늣띾ꗘꭥ뇄ꛦ뫴룴냓ꦱꑗꪺ롧샧셚껄ꅁꙁꡍꥷ걏ꝟ뇄ꗎꅃ 2. 믹귈쏬룪끔녪ꯗ낪ꪺ늣띾ꕩꙢ뇄ꗎ뫴룴냓ꦱ껉샲녯낪ꪺ롧샧셚껄ꅁꙝꚹ빁Ꙙꝑꗎ뫴룴냓ꦱꝀ결띳ꪺꛦ빐덱룴ꅁꗸ띾삳룓뇄ꗎ뫴룴냓ꦱꗦ꧶ꓨꚡꅁ뽮랥뙩굸륱ꑬ냓냈ꖫ돵ꅃ 3. ꗑ꧳ꗸ띾ꪺ돌닗ꗘꪺ걏샲ꝑꅁꙝꚹꙢꗸ띾뇄ꗎ뫴룴냓ꦱ껉ꅁ삳럓ꖻꢭꪺ늣띾꽓꧊꒣Ꙑꛓ뿯뻜빁Ꙙꪺ뫴룴냓ꦱꮬ멁ꅁ굙늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁꒬곛끴Ꙙꅁꭨꗸ띾ꕩ샲녯룻낪ꪺ롧샧셚껄ꅃ껚뻚곣ꡳ땯뉻ꅁꖻ곣ꡳꯘ쒳쏒꣩ꗲ꒶띾륳냢띾삳뇄ꛦ뉖Ꙙꗦ꧶ꪺ롧샧ꮬ멁ꅁꝙ걏맪엩뭐뗪샀ꪺ뫴룴냓ꦱꙐ껉뙩ꛦꅆ굙귬ꖻ꿂뫴룴ꗦ꧶ꮬꪺꗸ띾삳룓뭐꣤ꕌ맪엩냓ꦱꪺ띾ꙘꝀ걏뇄꣺떦늤셰럹ꪺꓨꚡꅁ굙때ꩫ뭐꣤ꕌ띾ꙘꝀꅁꭨꕩꛒ뱻ꛛꛦ뙽맪엩냓ꦱꅁ삳ꕩ꣏롧샧셚껄ꚳ꧒뒣낪ꅃ 4. ꖻ곣ꡳ꒤늣ꭾ룪끔꒺뉛룻낪ꪺ늣띾ꅝ룪끔뒣꣑ꅂ뱳ꝩ띾ꅂ쏒꣩ꗲ꒶ꅂ믈ꛦ띾ꅂ깍룋덮엩ꅞꙢ뫴룴냓ꦱꑗꅁꯘ쒳삳룓뇄ꗎ뉖Ꙙꗦ꧶ꮬꪺꓨꚡ롧샧ꕈ샲녯룻낪ꪺ롧샧셚껄ꅃ 58
닄ꑔ론 곣ꡳ궭꣮ ꖻ곣ꡳ룕맏ꕘ꒣Ꙑ늣띾꽓꧊끴Ꙙ꒣Ꙑ뫴룴냓ꦱꮬ멁맯롧샧셚껄꒧뱶암ꓨꚡꅁꕈ뒣꣑늣띾냑ꛒ꒧꓀꩒볒ꚡꅁꙢ껉뚡ꅂꑈꑏꅂ늣띾롧샙뭐뫴룴샴맒땯깩ꖼ뾲ꚨ보ꪺ뷑Ꙩꙝ꿀뱶암ꑕꅁꖻ곣ꡳ꒴ꚳꕈꑕ둘쉉궭꣮ꅇ ꑀꅂ볋ꖻ룪껆꒣ꢬ ꗑ꧳곣ꡳ껉뚡ꪺ궭꣮ꅁꕂ뫴믚뫴룴결꫱꙾꣓뾳끟꒧룪끔곬ꅁꙝꚹꙢ볋ꖻꪺꚬ뚰ꑗꚳ꒣ꢬ꒧꿊쉉ꅁꑝꗑ꧳볋ꖻ룪껆륌ꓖ덹ꚨ닎군꓀꩒껉ꪺ뭾깴ꅁ꙰ꕈꑇꙝꑬꅂꑔꙝꑬ엜늧볆꓀꩒껉볋ꖻꭋ꒣ꓓꢬ냷ꅁꕂ끪쉫볒ꮬ꒧룑쓀꿠ꑏꑝ낾ꝃꅃ굙꿠냷ꚬ뚰ꟳꙨꪺ볋ꖻꅁꭨ닎군꓀꩒떲ꩇꖲ녎ꟳꞹ뻣ꅁ륷듺꒧럇뵔ꯗꑝ꿠뒣낪ꅃ ꑇꅂ늣띾꓀쏾꒣냷ꞹ뻣 ꖻ곣ꡳ뒣ꕘ꒧늣띾꓀쏾Ꙁꚳ꒻쏾ꅁꕩ꿠ꖼꕝꝴ꧒ꚳ뫴룴냓ꦱꪺ꓀쏾ꅁꕩꕈꙁ롧륌룔닓냏꓀ꡃ뫘늣띾ꪺ꽓꧊ꅁ녎늣띾ꪺꥷ롱ꧺ뵔덗릺ꅁꖲ꿠냷뒣낪곣ꡳ떲ꩇꪺ껄ꯗꅃ ꑔꅂꖼꛒ뱻늣띾꒺ꪺ닕슴ꙝ꿀 쇶땍늣띾꽓꧊라덹ꚨ늣띾뇄뫴룴냓ꦱ껉ꪺ롧샧셚껄ꚳ꧒깴늧ꅁ걏ꑀ귓닕슴꒺ꪺ귓ꝏꙝ꿀ꑝ라뱶암꣤롧샧셚껄ꪺꫭ뉻ꅁꖻ곣ꡳ냲꧳ꑈꑏ뭐껉뚡ꪺ꒣ꢬꅁꕂꗑ꧳곣ꡳꪺ왛쉉꒣Ꙑꅁꣃꖼ맯닕슴꒺뎡ꪺ뱶암ꙝ꿀ꕛꕈ놴끑ꅃ 59
닄ꕼ론 ꯡ쓲곣ꡳꯘ쒳 ꖻ곣ꡳꙢ뙩ꛦ륌땻꒤땯뉻둘쉉ꕩ꣑뙩꒧덂ꅁ뒣꣑ꯡ쓲곣ꡳꕈꑕ둘쉉ꯘ쒳ꅇ ꑀꅂ뭠뚰뻣엩늣띾룪껆 ꖻ곣ꡳ늣띾룪끔녪ꯗ꓀꩒꒤ꅁꑪ뎡꓀늣띾꽓꧊Ꙣ룪끔녪ꯗ꓀꩒꒤ꅝ맏4-1ꅞꓓ륌꧳뚰꒤ꅁꕩ꿠뻉교떲ꩇ꓀꩒ꚳ꧒낾뭾ꅆꕂꖻ곣ꡳꙢꙕ늣띾뇄ꗎ쁈뻷ꧢ볋ꪺꓨꚡ뿯꣺볋ꖻꅁ볋ꖻ볆꒣ꢬꕩ꿠때ꩫꝥ뉻뻣엩늣띾ꪺꪬꩰꅃꙝꚹꕩꙢ룪껆뭠뚰껉뱗ꕛ늣띾ꪺ뱳ꯗꞹ뻣꧊ꅁ뻣뉺ꟳꙨ뇄ꛦ뫴룴냓ꦱ롧샧ꪺ늣띾ꅁ뱗ꕛ늣띾꒤ꪺ볋ꖻ볆ꕈ듮ꓖꧢ볋낾뭾ꅁꣃ늣띾ꪺ뻣엩ꫭ뉻ꕛꕈ꓀꩒ꅃ ꑇꅂ던뷍ꙕ늣띾꒤ꪺ녍깡뻇 ꖻ곣ꡳ늣ꭾ룪끔꒺뉛믹귈쏬룪끔녪ꯗ뗻꓀뇄꣺녍깡던뷍ꩫ뙩ꛦꅁꙝ늣띾꒤ꪺꙕ뚵룔닓걹땻ꪺ맪믚ꪬꩰ꒣뫉곛Ꙑꅁ결ꑆ룑꽵ꖿꪺꪬꩰꅁꕩ끷맯ꡃ귓늣띾둍보ꪾ늣띾ꪬꩰꚳ뉠ꑊ곣ꡳꪺ녍깡뻇ꅁ뙩ꛦꙕ늣띾꽓꧊룪끔녪ꯗꪺ던뷍ꕈ뒣낪ꖿ뵔꧊ꅃ ꑔꅂ닓꓀뫴룴냓ꦱꮬ멁 ꖻ곣ꡳ꒤뫴룴냓ꦱꮬ멁뛈꓀결ꑔ쏾ꅁꙢ맪믚뫴룴냓ꦱ롧샧ꑗꚳ덜Ꙩ롧샧ꪺꓨꚡꅁꚳ띳뾳ꪺꮬ멁Ꙣꖻ곣ꡳ꒣꿇ꑊꛒ뱻ꅁꙝꚹꯘ쒳ꕩꕈ맯꣤롧샧ꑗꪺ깴늧ꕈ꣤ꕌ멣궱ꙁ닓꓀뫴룴냓ꦱ롧샧ꪺꮬ멁ꅁ ꕼꅂꝑꗎ꣤ꕌ끝냈셚껄볐 ꖻ곣ꡳ꒧롧샧셚껄ꕈꡃ곕빬ꅝEPSꅞ뿅뙱ꅁꕩ꿠뻉교ꕈ늣띾꽓꧊뭐뫴룴냓ꦱꮬ멁때ꩫꞹꗾ걍Ꙣ삳엜볆ꇐꡃ곕빬ꅝEPSꅞꑗꅁꙝ결ꗸ띾ꪺꡃ곕빬ꕩ꿠ꙝ결걙ꪬꩰ뻉교깴늧ꅁ꣒꙰띾ꕾꚬ꽱ꅂ덂꓀ꚬ꽱닕슴셚껄떥ꅃ결ꑆ쇗ꝋꙝ결덯ꙝ꿀늣ꗍ뭾깴ꅁꯘ쒳ꕩꕈ맯꣤ꕌ끝냈셚껄볐ꕛꕈ꓀꩒ꅁ꙰샧띾썂ꅂ샲ꝑ뉶ꅂ룪돸륓뉶꣤ꚨ뉶떥ꅁ꙰ 60
ꚹ삳ꕩ녯꣬ꟳ룔닓ꪺ곣ꡳ떲ꩇꅃ 61
냑ꛒꓥ쑭 ꒤ꓥ뎡꓀ꅇ?1. ꝅ냪뫻ꅁ껸뙏꽓꧊뭐늣ꭾ꽓꧊맯뫴믚뫴룴쇊ꪫ띎쑀꒧뱶암ꅁ냪ꗟꚨꕜꑪ뻇ꗦ덱뫞뉺ꅝ곬뻇ꅞ뻇꡴뫓ꑨ뷗ꓥꅁ1996꙾ꅃ 2. Ꝥꧺ뚩ꅝEd.ꅞꅁSPSS닎군삳ꗎ맪냈ꅁꕸꕟꖫꅇ꩑녞ꅁ2000꙾ꅃ 3. ꩌꭔꟐꅁWWW꣏ꗎ뫴룴쇊ꪫꙝ꿀꒧곣ꡳꅁ냪ꗟ걆ꩶꑪ뻇ꗸ띾뫞뉺뻇꡴뫓ꑨ뷗ꓥꅁ1998꙾ꅃ 4. ꩌ듂뷥ꅁ룪끔낪덴꒽룴Ꙣꗸ띾롧샧압ꯈꩁ냈ꑗ꒧삳ꗎ곣ꡳꅁ냪ꗟ꒤ꑳꑪ뻇룪끔뫞뉺곣ꡳ꧒뫓ꑨ뷗ꓥꅁ1995꙾ꅃ 5. 걸빟ꙴꅁ귾뫴룴꒽ꕱ꿠귆꙳ꅈꅁꓑꑕ싸뭸ꅁ2000꙾8ꓫ231듁ꅃ 6. 굊냪럧ꅁ뫴룴냓ꦱ롧샧셚껄뗻꛴ꡍ떦꡴닎꒧곣ꡳꅁꑪ띾ꑪ뻇룪끔뫞뉺뻇꡴뫓ꑨ뷗ꓥꅁ2000꙾ꅃ 7. 끝많ꩫꑈ룪끔ꑵ띾떦뙩라꡴닎ꑵ땻덂뵳뿨ꅁ륱ꑬ냓띾떪ꯈ냝ꅁ닄ꑀꪩꅁꕸꕟꅊ롧샙뎡냓띾ꕱꅁ1997꙾ꅃ 8. 녩굞ꞻꅁ냪꒺뫴룴냓ꦱ롧샧샴맒꒧곣ꡳꅁ뉈ꚿꑪ뻇룪끔뫞뉺뻇꡴뫓ꑨ뷗ꓥꅁ1997꙾ꅃ 9. 녩닐뺱ꅂ뒿뉑깰ꅁ뫴룴뙬쇊뭐뛇닎뙬쇊꒧맪쏒곣ꡳꅁ닄ꑔꦡ냪믚룪끔뫞뉺곣ꡳ멛맪냈곣끑라뷗ꓥ뚰ꅁ1997꙾ꅁ궶250-256ꅃ 10. 뇧ꥷ볪ꅂ압ꥹ뿾ꅁ늣띾륱ꑬ꓆ꪺ빁Ꙙꯗ꓀꩒ꅁ늣띾륱ꑬ꓆냪믚뻇덎곣끑라뷗ꓥ뚰ꅁ2001꙾ꅁ궶1-9ꅃ 11. 닸ꡋ걶ꅁꗸ띾륂ꗎ륱ꑬ냓ꦱ꒧ꡍ떦ꙝ꿀뭐롧샧볒ꚡ곣ꡳꅁ냪ꗟꗦ덱ꑪ뻇뫞뉺곬뻇곣ꡳ꧒뫓ꑨ뷗ꓥꅁ1997꙾ꅃ 12. 뛀ꭔ굞ꅁꙨ엜뙱꓀꩒ꅁꕸꕟꖫꅇ꒤냪롧ꗸ곣ꡳ꧒ꅁ2000꙾ꅃ 13. 뛀쁁늻ꅁ껸뙏뿯뻜뫴룴쇊ꪫꪺ롧샙꓀꩒ꅁ냪ꗟ꒤ꑳꑪ뻇룪끔뫞뉺뻇꡴돕ꑨ뷗ꓥꅁ1998꙾ꅃ 14. 램ꖿꞻꅝEd.ꅞꅁ륱ꑬ냓냈꒧롧샧떦늤ꅁꕸꕟꖫꅇꓥ믭룪끔ꅁ2000꙾ꅃ 15. 붲뉑ꫢꅁ륱ꑬ냓ꦱ맯닕슴떲멣ꗸ띾ꓥ꓆ꪺ뱶암꒧곣ꡳꅁ뉈ꚿꑪ뻇룪끔뫞뉺뻇꡴뫓ꑨ뷗ꓥꅁ2000꙾ꅃ 16. 뿠궻뗢ꅂ붲ꫯ롴ꅁ껸뙏꧊늣ꭾ꽓꧊맯뫴믚뫴룴ꛦ빐겡냊땯깩꧊꒧뱶암ꅁ냪ꗟ꒤ꑳꑪ뻇ꗸ띾뫞뉺뻇꡴뫓ꑨ뷗ꓥꅁ1997꙾ꅃ ? 62
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Journal of Marketing Theory and Practice, Summer 1998, pp. 38-42. 14. Porter, . Competitive Advantage. The Free Press, New York, NY, 1985. 15. Porter, . and Millar, ., "How information gives you competitive advantage," Harvard Business Review, Vol. 85, No. 4, 1985, pp. 149-160. 16. Schwartz, . Webonomics. Broadway Books, New York, NY, 1997. 17. Smith, D. B., "The Economics of Information: An Empirical Approach to Nelson's Search-Experience Framework," Journal of Public Policy and Marketing, Vol. 9, 1990, pp. 111-128. 18. Strader, . and Shaw, . "Characteristics of electronic markets," Decision Support Systems, Vol. 21, 1997, pp. 185-198. 19. Turley, . and LeBlanc, R. P., "An Exploratory Investigation of Consumer Decision Making in the Service Sector," Journal of Services Marketing, Vol. 7, No. 4, 1993, -18. 20. Vendermerwe, S. and Chadwick, M., "The Internationalization of Services," Services Marketing, Prentice-Hall, Inc., 1991, pp. 48-58. 21. Whinston, A. B., Stahl, . and Choi, S. The Economics of Electronic Commerce, Macmillan Technical Publishing, Indiana, 1997. 22. Yesil, M., Creating the Virtual Store, 1th ed, . : John Wiley &Sons, 1997. 23. Zwass, V., "Electronic Commerce: Structures and Issues," International Journal of Electronic Commerce, Vol. 1, No. 1, 1996, -23. 64
냑ꛒ뫴Ᵹꅇ?1. PC home ꖫ룪ꅁ과냪ꖫ뫴룴쏾ꅁ 2. ꅁInternet 100 Indexꅁ 3. ꓽ럧꒧ꅁ륱ꑬ냓냈ꑪꖼ꣓ꅁ륱ꑬ냓냈놡돸꒤ꓟꅁ1997꙾4ꓫꅁ 4. ꓽ럧꒧ꅁ뫴룴ꑗ꙰꛳뙽ꦱꅈꅁ륱ꑬ냓냈놡돸꒤ꓟꅁ1997꙾4ꓫꅁ 5. 과셰ꫀꅁ뫴룴띾ꑷꙞ쉫뉺꧊뚥걱ꅁUDN쇍뛕륷ꢥ냳ꅁ2000꙾5ꓫ26ꓩꅁ 6. 껦ꩌ쏒꣩ꅁꗸ띾꙰꛳Ꙣ과냪쏒꣩ꖫ돵ꑗꖫꅁ 7. 퉜ꟓ뮨ꅁ뫴룴꒽ꕱ귋뎬뗴귻궷볩얧ꕸꋗꋑꋞ띾꣼돐돌궫ꅁCtech곬뫴꾸ꅁ2001꙾1ꓫ4ꓩꅁ 8. 녩곮녤ꅁꗾ뉹륱ꑬ냓냈 2005꙾ꕩ륆5ꗼ과꒸ꅁ꒤껉륱ꑬ돸ꅁ2001꙾5ꓫ28ꓩꅁ 9. 뎯ꕀ륂ꅁ2000꙾ꕸ왗B2C륱ꑬ냓냈ꗦ꧶썂40믵꒸ꅁ뫴믚뫴룴룪끔놡돸꒤ꓟFINDꅁ2001꙾2ꓫ19ꓩꅁ 10. 뛀뱺뚲ꅁꕀ곉륱ꑬ냓냈ꢾ뙂듛닕슴ꚨꗟ뙂듛뫴꾸ꅁ뇀냊뙂듛ꪾ쏑ꅁ륱ꑬ냓냈껉돸땊쉉띳뭄ꅁ2001꙾1ꓫꅁ 11. 뮯냶뗘ꅁ띳ꑀꥵꪺ륱ꑬ냓냈껸뙏돸ꝩꕘ쑬ꅁ륱ꑬ냓냈껉돸땊쉉띳뭄ꅁ1999꙾9ꓫꅁ 65
뿽ꑀꅂ늣띾륱ꑬ꓆빁Ꙙꯗ꓀꩒냝ꣷ 늣띾륱ꑬ꓆빁Ꙙꯗ꓀꩒뗻꛴냝ꣷ 닄ꑀ뎡꓀ꅇ늣ꭾꪺ룪끔녪ꯗ꓀꩒ 늣ꭾꪺ룪끔녪ꯗ멣궱 ꯜꝃ ꝃ ꒤떥 낪 ꯜ낪 1.늣ꭾꪺꕩ볆ꛬ꓆땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 2.늣ꭾ꣏ꗎ믝굮ꪺ룪끔뙱 ꆼ ꆼ ꆼ ꆼ ꆼ 3.늣ꭾꪺ볐럇꓆땻ꯗ(맪엩늣ꭾ) ꆼ ꆼ ꆼ ꆼ ꆼ 늣ꭾ믝굮ꯈ뭳꓆ꪺ땻ꯗ(볆ꛬ냓ꭾ) ꆼ ꆼ ꆼ ꆼ ꆼ 4.늣ꭾꕜ꿠뭐ꚡꕩ꓀싷땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 5.늣ꭾ쓝꧊ꪺ뷆싸ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 닄ꑇ뎡꓀ꅇ믹귈쏬ꪺ룪끔녪ꯗ꓀꩒ ꑀꅂ맯꣑삳냓ꪺ뇄쇊걹땻 ꯜꝃ ꝃ ꒤떥 낪 ꯜ낪 1.뇄쇊겡냊ꕩ볆꓆땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 2.꣑삳냓ꪺ늧뷨꧊ ꆼ ꆼ ꆼ ꆼ ꆼ 3.뇄쇊ꗦ덦ꪺ껉껄꧊ ꆼ ꆼ ꆼ ꆼ ꆼ 4.꣑삳냓ꪺ볆뙱 ꆼ ꆼ ꆼ ꆼ ꆼ 5.꣑삳쏬ꣳ뷕ꪺ뷆싸ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 6.뇄쇊Ꝁ띾ꪺ엜냊쁗뉶 ꆼ ꆼ ꆼ ꆼ ꆼ 7.뇄쇊Ꝁ띾믝굮ꯈ뭳꓆ꪺ땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 8.꣑삳쏬ꕝ걁ꪺꙡ뉺냏냬뱳꩸땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 9.뇄쇊Ꝁ띾믝굮꽓껭덝돆ꪺ땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 66
ꑇꅂꗍ늣/닕룋ꪺ걹땻 ꯜꝃ ꝃ ꒤떥 낪 ꯜ낪 1.ꗍ늣ꇾ닕룋Ꝁ띾ꪺꕩ볆꓆땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 2.걹땻꒤ꙕ뚵Ꝁ띾ꪺ늧뷨꧊ ꆼ ꆼ ꆼ ꆼ ꆼ 3.ꗍ늣ꇾ닕룋Ꝁ띾ꪺ껉껄꧊ ꆼ ꆼ ꆼ ꆼ ꆼ 4.ꗍ늣ꇾ닕룋걹땻꒤ꪺꝀ띾볆뙱 ꆼ ꆼ ꆼ ꆼ ꆼ 5.ꗍ늣ꇾ닕룋Ꝁ띾ꪺꣳ뷕뷆싸ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 6.ꗍ늣뵵ꪺ엜냊쁗뉶 ꆼ ꆼ ꆼ ꆼ ꆼ 7.ꗍ늣뵵ꪺ꽓껭꧊땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 8.ꗍ늣Ꝁ띾뉛뭜ꪺꙡ뉺냏냬뱳꩸땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 9.ꗍ늣ꇾ닕룋Ꝁ띾믝굮꽓껭덝돆ꪺ땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ ꑔꅂ끴끥/규쁸Ꝁ띾ꪺ걹땻 ꯜꝃ ꝃ ꒤떥 낪 ꯜ낪 1.끴끥/규쁸겡냊ꕩ볆꓆땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 2.걹땻꒤ꙕ뚵Ꝁ띾ꪺ늧뷨꧊ ꆼ ꆼ ꆼ ꆼ ꆼ 3.끴끥/규쁸걹땻꒤ꪺ껉껄꧊ ꆼ ꆼ ꆼ ꆼ ꆼ 4.끴끥/규쁸걹땻꒤ꪺꝀ띾볆뙱 ꆼ ꆼ ꆼ ꆼ ꆼ 5.끴끥/규쁸Ꝁ띾ꪺꣳ뷕뷆싸ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 6.끴끥/규쁸Ꝁ띾ꪺ엜냊쁗뉶 ꆼ ꆼ ꆼ ꆼ ꆼ 7.끴끥/규쁸Ꝁ띾ꪺ꽓껭꧊땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 8.끴끥/규쁸Ꝁ띾ꪺ뉛뭜ꪺꙡ뉺냏냬뱳꩸땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 9. 끴끥/규쁸Ꝁ띾ꪺ믝굮꽓껭덝돆ꪺ땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 67
ꕼꅂ빐냢/ꯈꩁꝀ띾ꪺ걹땻 ꯜꝃ ꝃ ꒤떥 낪 ꯜ낪 1.빐냢/ꯈꩁꝀ띾ꕩ볆꓆땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 2.빐냢/ꯈꩁꝀ띾ꪺ늧뷨꧊ ꆼ ꆼ ꆼ ꆼ ꆼ 3.빐냢/ꯈꩁꝀ띾ꪺ껉껄꧊ ꆼ ꆼ ꆼ ꆼ ꆼ 4.ꯈꓡꪺ볆뙱 ꆼ ꆼ ꆼ ꆼ ꆼ 5.빐냢/ꯈꩁꝀ띾ꪺ뷆싸ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 6.빐냢/ꯈꩁꝀ띾ꪺ엜냊쁗뉶 ꆼ ꆼ ꆼ ꆼ ꆼ 7.ꯈꓡ믝ꡄꪺ꽓껭꧊땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 8.빐냢/ꯈꩁꝀ띾뉛뭜ꪺꙡ뉺냏냬뱳꩸땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 9.뙩ꛦ빐냢/ꯈꩁꝀ띾믝굮꽓껭덝돆ꪺ땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ ꒭ꅂ곣땯Ꝁ띾걹땻 ꯜꝃ ꝃ ꒤떥 낪 ꯜ낪 1.곣땯Ꝁ띾ꕩ볆꓆땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 2.곣땯Ꝁ띾ꪺ늧뷨꧊ ꆼ ꆼ ꆼ ꆼ ꆼ 3.곣땯Ꝁ띾ꪺ껉껄꧊ ꆼ ꆼ ꆼ ꆼ ꆼ 4.곣땯뚵ꗘꪺ볆뙱 ꆼ ꆼ ꆼ ꆼ ꆼ 5.곣땯Ꝁ띾ꣳ뷕ꪺ뷆싸ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 6.곣땯뚵ꗘꪺ엜냊쁗뉶 ꆼ ꆼ ꆼ ꆼ ꆼ 7.곣땯뚵ꗘꪺ꽓껭꧊땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 8.곣땯Ꝁ띾뉛뭜ꪺꙡ뉺냏냬뱳꩸땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 9.뙩ꛦ곣땯Ꝁ띾믝굮꽓껭덝돆ꪺ땻ꯗ ꆼ ꆼ ꆼ ꆼ ꆼ 68
뿽ꑇꅂInternet 100 Index ꚨꗷ USA TODAY Internet 100 Index볆걏ꑀ귓룪ꖻꕛ앶볆ꅁ압ꙗꯤ롱ꚳꑀꛊ깡뫴룴늣띾곛쏶꒽ꕱ군뫢Ꙣ꒺ꅁꕝꝴꑆE-Consumer 50ꥍE-Business 50꣢귓뎡ꗷꅁ꣤꒤ꑓꕝꝴꑆꑃ뫘뫴룴롧샙꒤ꪺ늣띾ꅁꕈꑃ귓micro-index꣓ꕎꫭꅃꚹ볆Ꙣ1999꙾6ꓫ30ꓩꯘꗟꅁꕂ껚뻚늣띾엜냊ꪺ놡ꑀꥵꟳ띳ꑀꚸꅃꅝ룪껆꣓랽ꅇUSA TODAYꅞ e-Consumer 50 Index e-RETAIL: Consumer products and services?Company?Symbol Description 800-Contacts?CTAC ?Net retailer FLWS Net retailer Alloy Online ALOY?Generation Y commerce AMZN?Books, music BNBN?Books Inc. DSCM?Medical products eBay EBAY?Auctions EXPE?Net travel agent Hotel Reservations Network ROOM?Online hotel bookings PCLN?Travel reservations STMP?Online postage Ticketmaster TMCS?Guides, tickets Travelocity TVLY?Online travel 69
e-FINANCE: Banks, brokers and credit companies Ameritrade AMTD?Securities broker Checkfree Holdings CKFR Internet security DLJdirect DIR?Securities broker E*Trade EGRP?Securities broker IndyMac Bank NDE ?Consumer banking Intuit INTU?Financial software NTBK?Consumer banking NextCard NXCD?Consumer credit TD Waterhouse Securities Inc. TWE?Securities broker Charles Schwab SCH?Securities broker Wit Capital Group WITC?Securities broker e-NEW MEDIA: Advertising/subscription-supported communities AOL Time Warner AOL?Media conglomerate AskJeeves ASKJ?Web research Cnet CNET?Technology content GOTO Web portal HOMS?Real estate content Ltd. HOTJ?Job advertising INSP?Advertising MarketWatch MKTW?Financial content MCAF?PC utilities 70
Inc. MPPP?Music content MLTX ?Financial research NBC Internet NBCI?Web content Sportsline USA SPLN?Sports content Terra Networks TRLY ?Web content University of Phoenix-Online UOPX ?Education content Yahoo! YHOO?Web guide e-ACCESS PROVIDERS: Toll-supported access providers Aether Systems AETH?Wireless equipment Earthlink ELNK?Net access Excite@Home ATHM?Net access Juno Online JWEB?Net access Metricom Inc. MCOM?Wireless Net access NetZero NZRO?Net access Prodigy PRGY?Net access RCN RCNC?Net access Research in Motion RIMM ?Wireless Net access Worldgate WGAT?Net access Sources: USA TODAY? 71
e-Business 50 Index e-INFRASTRUCTURE: Data, voice and video carriers, Web hosts, hardware suppliers Company?Symbol?Description? Akamai AKAM?High speed networks Broadcom BRCM?Integrated circuits Ciena CIEN?Telecom equipment Cisco Systems CSCO?Switches, routers Conexant Systems CNXT?Integrated circuits Copper Mtn Networks CMTN?DSL equipment Corning GLW?Fiber-optic equipment Dell Computer DELL?Web hosting, PC manufacturer EMC EMC?Networking Exodus Communications EXDS?Web hosting Extreme Networks EXTR?Networking Foundry Networks FDRY?Network equipment Intel INTC?Computer processors JDS Uniphase JDSU ?Network equipment Juniper Networks JNPR?Switches, routers Level 3 LVLT Telephone-integrated Network Appliance NTAP Networking products 72
Nortel NT?Networking PHCM?Wireless comm. PMC-Sierra PMCS?Network equipment Redback Networks Inc. RBAK?High-speed management Sun Microsystems SUNW?Network equipment Sycamore Networks SCMR?Networking 3Com COMS?Switches, routers e-SERVICES/SOLUTIONS: Consultants, software/applications, back office services Art Technology Group ARTG?Software/apps BEA Systems BEAS Software/aps Broadvision BVSN?Software/apps Checkpoint Software CHKP?Software/apps Checkfree Holdings CKFR?Software/apps CMGI CMGI?Internet network Commerce One CMRC?B2B supply exchange DoubleClick DCLK?Advertising Inktomi INKT?Software/apps Internet Security Systems ISSX?Software/apps Interwoven IWOV?Web content management Macromedia MACR?Software/apps Mercury Interactive MERQ Software/apps 73
NetIQ NTIQ?Software/apps Network Associates NETA?Software/apps NetRatings NTRT?User measurement Oracle ORCL?Software/apps Portal Software PRSF?Software/apps Rambus RMBS?Chip design RealNetworks RNWK?Audio/video RSA Security Inc. RSAS?Software/apps S1 Corp. SONE?Software/apps Tibco Software TIBX?Infrastructure Verisign VRSN?Software/apps Verticalnet VERT?Trade communities Vignette VIGN?Software/apps WebMD HLTH E-Commerce services Sources: USA TODAY? 74
뿽ꑔꅂ곣ꡳ볋ꖻꙃꫭ Company Symbol category b_model EPS url Cnet CNET 1룪끔뒣꣑ 3 :// eBay EBAY 1룪끔뒣꣑ 3 :// EDGAR Online, Inc EDGR 1룪끔뒣꣑ 3 HOMS 1룪끔뒣꣑ 3 -3 Ltd. HOTJ 1룪끔뒣꣑ 3 :// MarketWatch MKTW 1룪끔뒣꣑ 3 :// MLTX 1룪끔뒣꣑ 3 :// Inc. MPPP 1룪끔뒣꣑ 3 :// NetRadio Corporation NTRCD 1룪끔뒣꣑ 3 :// Sportsline USA SPLN 1룪끔뒣꣑ 3 :// TSCM 1룪끔뒣꣑ 3 :// Yahoo! YHOO 1룪끔뒣꣑ 3 :// DoubleClick DCLK 2뫴룴뱳ꝩ 3 :// INSP 2뫴룴뱳ꝩ 2 :// Lamar Advertising Co. LAMR 2뫴룴뱳ꝩ 1 :// Modem Media Inc. MMPT 2뫴룴뱳ꝩ 1 :// NetRatings NTRT 2뫴룴뱳ꝩ 3 Princeton Video Image, Inc. PVII 2뫴룴뱳ꝩ 2 :// Verticalnet VERT 2뫴룴뱳ꝩ 2 :// Impact DIGI 2뫴룴뱳ꝩ 2 Cobalt Group Inc CBLT 2뫴룴뱳ꝩ 2 :// Aptimus Inc APTM 2뫴룴뱳ꝩ 3 :// HA-LO Industries Inc HMK 2뫴룴뱳ꝩ 3 :// Promotions Com Inc PRMO 2뫴룴뱳ꝩ 3 :// Publicis Groupe . PUB 2뫴룴뱳ꝩ 1 :// Avenue A Inc AVEA 2뫴룴뱳ꝩ 3 :// Be Free Inc BFRE 2뫴룴뱳ꝩ 1 :// Lifeminders Inc LFMN 2뫴룴뱳ꝩ 2 :// Valueclick Inc VCLK 2뫴룴뱳ꝩ 3 :// Ameritrade AMTD 3쏒꣩ꗲ꒶ 3 :// 75
E*Trade ET 3쏒꣩ꗲ꒶ 3 :// Legg Mason Inc. LM 3쏒꣩ꗲ꒶ 2 :// Knight Trading Group Inc NITE 3쏒꣩ꗲ꒶ 1 :// Charles Schwab SCH 3쏒꣩ꗲ꒶ 2 :// TD Waterhouse Securities Inc. TWE 3쏒꣩ꗲ꒶ 3 :// JB Oxford Holdings Inc JBOH 3쏒꣩ꗲ꒶ 2 :// Stifel Finl Corp SF 3쏒꣩ꗲ꒶ 2 :// Tucker Anthony Sutro TA 3쏒꣩ꗲ꒶ 2 :// Hoenig Group Inc HOEN 3쏒꣩ꗲ꒶ 1 :// Securities Group SWS 3쏒꣩ꗲ꒶ 1 Raymond James Financial, RJF 3쏒꣩ꗲ꒶ 2 Jefferies Group Inc New JEF 3쏒꣩ꗲ꒶ 2 :// Neuberger Berman Inc NEU 3쏒꣩ꗲ꒶ 2 :// The John Nuveen Company JNC 3쏒꣩ꗲ꒶ 2 :// IndyMac Bank NDE 4뫴룴믈ꛦ 3 :// NTBK 4뫴룴믈ꛦ 3 0 NextCard NXCD 4뫴룴믈ꛦ 3 :// Wit Capital Group WITC 4뫴룴믈ꛦ 1 :// National Commerce Finl Corp NCBC 4뫴룴믈ꛦ 1 :// Oregon Trail Finl Corp OTFC 4뫴룴믈ꛦ 1 :// National Bk Greece S A NBG 4뫴룴믈ꛦ 1 :// Autobytel ABTL 5뫴룴륳냢 3 :// Alloy Online ALOY 5뫴룴륳냢 3 :// AMZN 5뫴룴륳냢 3 :// Books-A-Million, Inc. BAMM 5뫴룴륳냢 2 :// BNBN 5뫴룴륳냢 2 :// 800-Contacts CTAC 5뫴룴륳냢 2 :// Inc. DSCM 5뫴룴륳냢 3 :// EGGS 5뫴룴륳냢 3 :// EXPE 5뫴룴륳냢 3 :// ., Inc IPET 5뫴룴륳냢 3 :// Office Depot, Inc. ODP 5뫴룴륳냢 2 :// 76
PCLN 5뫴룴륳냢 3 :// Hotel Reservations Network ROOM 5뫴룴륳냢 3 :// Shop At Home, Inc. SATH 5뫴룴륳냢 3 :// STMP 5뫴룴륳냢 3 :// Ticketmaster TMCS 5뫴룴륳냢 3 :// Travelocity TVLY 5뫴룴륳냢 3 :// BMC Software, Inc. BMC 6덮엩꣑삳 1 :// Health Systems Design Corporation HSDC 6덮엩꣑삳 1 :// Interwoven IWOV 6덮엩꣑삳 2 Macromedia MACR 6덮엩꣑삳 2 :// MapInfo Corporation MAPS 6덮엩꣑삳 1 MCAF 6덮엩꣑삳 2 :// Mechanical Dynamics, Inc. MDII 6덮엩꣑삳 1 :// Network Associates NETA 6덮엩꣑삳 2 :// RealNetworks RNWK 6덮엩꣑삳 2 :// TradeStation Group, Inc. TRAD 6덮엩꣑삳 1 :// Vitria Technology, Inc. VITR 6덮엩꣑삳 1 :// Verity, Inc. VRTY 6덮엩꣑삳 1 :// 77
