涓婂競鍏徃鑲″埄鍒嗛厤闂鍒嗘瀽鍙婂缓璁?/p>
(1)
鑲″埄鐞嗚鐮旂┒鍦ㄨタ鏂瑰凡杈炬暟鍗佸勾锛?/p>
鏃╁湪
1938
骞村▉寤夋柉
(Williams
锛?/p>
1938)
灏辨彮寮�浜嗚偂鍒╃悊璁虹爺绌剁殑搴忓箷锛?/p>
1956
骞?/p>
鏋楃壒绾?/p>
(Lintner
锛?/p>
1956)
瀵硅偂鍒╃悊璁鸿繘琛屼簡寮�鍒涙�х殑鐮旂┒锛?/p>
1961
骞寸編鍥界粡娴庡
瀹惰帿杩牸鍒╁畨灏?/p>
(Modigliani )
鍜岃储鍔″瀹剁背鍕?/p>
(Miller
锛?/p>
1961)
鎻愬嚭浜嗚憲鍚嶇殑
鈥滆偂鍒╂棤鍏宠鈥濄�傚湪姝ゅ熀纭�涓婏紝瑗挎柟璐㈠姟瀛︾晫灞曞紑浜嗗鑲″埄鐞嗚鐨勬繁鍏ョ爺绌讹紝
缁忚繃鍑犲崄骞寸殑鍙戝睍锛岃タ鏂硅偂鍒╃悊璁哄凡缁忓湪涓嶅悓瑙掑害寰楀埌浜嗗緢澶у彂灞曪紝绉疮浜嗗ぇ
閲忔垚鏋滐紝褰㈡垚浜嗗寘鎷墿浣欒偂鍒╃悊璁恒�佸鎴锋晥搴旂悊璁恒�佷俊鍙疯偂鍒╃悊璁哄拰浠ｇ悊鑲″埄
鐞嗚鍦ㄥ唴鐨勭幇浠ｈ偂鍒╃悊璁哄娲俱�備絾鏄繖浜涘娲剧殑鐮旂┒灏氭湭杈炬垚鍏辫瘑锛岃澶氭柟闈?/p>
鐢氳嚦浜掔浉鐭涚浘銆傚洜姝わ紝璐硅垗鈥㈠竷鑾卞厠(Fischer鈥lack锛?/p>
1976)
灏嗚偂鍒╂斂绛栬涓?/p>
鈥滆偂鍒╀箣璋溾�濓紝甯冪憺鍒╁拰杩堣�舵柉
(Brealey&Myers
锛?/p>
1987)
绛夊皢鑲″埄鏀跨瓥鍒椾负鍏徃
璐㈠姟鐨勫崄澶ч毦棰樹箣涓�銆?/p>
?
锛屼笉鍒嗛厤鐨勬瘮渚嬪ぇ骞呭害涓嬮檷銆備粠骞村害涔嬮棿鐪嬶紝涓婂競鍏徃鐨勮偂鍒╂斂绛栧彉鍖栦篃杈冨ぇ
(
瑙佽〃
2)
銆?/p>
1999
骞翠笌
1998
骞寸浉姣旓紝娌競鏈?/p>
59.3%
鐨勪笂甯傚叕鍙歌偂鍒╂暟閲忓彂鐢熷彉
鍖栵紝
47.9%
涓婂競鍏徃鐨勮偂鍒╁舰寮忓彂鐢熷彉鍖栵紱娣卞競鏈?/p>
56.0%
鐨勪笂甯傚叕鍙哥殑鑲″埄鏁伴噺
鍙戠敓鍙樺寲锛?/p>
45.7%
鐨勪笂甯傚叕鍙哥殑鑲″埄褰㈠紡鍙戠敓鍙樺寲銆傝繖浜涙暟鎹〃鏄庯紝鎴戝浗涓婂競鍏?/p>
鍙哥殑鑲″埄鏀跨瓥鐨勬敼鍙樿繃浜庨绻併�侀殢鎰忋�佽偂鍒╂斂绛栦弗閲嶇己涔忚繛缁�у拰绋冲畾鎬с�?/p>
?? 2
锛庨偟姝ｆ灄锛屾灄浜戝垰
.
涓浗涓婂競鍏徃鑲″埄鏀跨瓥鐮旂┒
[J].
閲戣瀺瑙傚療
.2004,3:147-
154.
琛?/p>
2 1998
涓?/p>
1999
涓ゅ勾鐩告瘮娌繁涓ゅ競涓婂競鍏徃鑲″埄鍒嗛厤鍙樺姩琛?/p>
甯傚満
鏁伴噺涓嶅彉
鏁伴噺澧炲姞
鏁伴噺鍑忓皯
褰㈠紡涓嶅彉
褰㈠紡鍙樺寲
瀹?/p>
%
瀹?/p>
%
瀹?/p>
%
瀹?/p>
%
瀹?/p>
%
娌競
175 40.7 113 26.3 142 33.0 224 52.1 206 47.9
娣卞競
185 44.0 93 22 142 33.9 228 54.3 192 45.7
鏁版嵁鏉ユ簮
:1.
鍥芥嘲瀹変俊鎭妧鏈湁闄愬叕鍙搞�婁腑鍥戒笂甯傚叕鍙哥孩鍒╁垎閰嶇爺绌舵暟鎹簱銆嬶紱
?? 2
锛庨偟姝ｆ灄锛屾灄浜戝垰
.
涓浗涓婂競鍏徃鑲″埄鏀跨瓥鐮旂┒
[J].
閲戣瀺瑙傚療
.2004,3:147-
154.
?? 2
銆佽偂鍒╁垎閰嶅線寰�浼撮殢鐫�閰嶈偂锛岃浆澧炶祫鏈瓑鑲℃湰鎵╁紶琛屼负銆傛垜鍥藉ぇ閮ㄥ垎涓婂競
鍏徃璧勯噾绱у紶锛屽洜姝や笉娲剧幇鐨勫叕鍙歌緝澶氾紝浣嗗湪
2000
骞存淳鐜伴�佽偂鐨勫叕鍙告瘮渚嬫湁鎵�
鍥炲崌涔嬪悗鍑犲勾鍛堢ǔ瀹氱姸鎬併�傛牴鎹瘉鐩戜細瀵瑰叕鍙搁厤鑲＄殑鏈夊叧瑙勫畾锛屼笂甯傚叕鍙歌鑾?/p>
寰楅厤鑲¤祫鏍硷紝鍑�璧勪骇鏀剁泭鐜囧繀椤昏繛缁笁骞磋秴杩?/p>
10%
锛屼竴浜涘噣璧勪骇鏁伴杈冮珮鐨勫叕
鍙镐负杈惧埌閰嶈偂鐨勭洰鐨勶紝閲囧彇浜嗗彂鏀剧幇閲戣偂鍒╀互闄嶄綆鍑�璧勪骇棰濓紝浠庤�岀浉搴旀彁楂樺噣
璧勪骇鏀剁泭鐜囩殑鍔炴硶銆?/p>
?? 3
銆佷笂甯傚叕鍙稿瓨鍦ㄤ笉鍒嗛厤鎴栧皯鍒嗛厤鑲″埄鐨勭幇璞°�傛垜鍥戒笂甯傚叕鍙镐腑锛屼笉鍒嗛厤鎴?/p>
灏戝垎閰嶈偂鍒╃殑鍏徃閫愬勾澧炲锛屾殏涓嶅垎閰嶇幇璞℃湁閫愬勾鎵╁ぇ鐨勮秼鍔匡紝涓嶅垎閰嶄笂甯傚叕
鍙稿崰鍏ㄩ儴涓婂競鍏徃鐨勬瘮渚嬪憟閫愬勾澧炲姞銆傛嵁缁熻
1994-2003
骞?/p>
9
骞翠腑锛屼笉鍒嗛厤鑲?/p>
鍒╃殑鍏徃鍗犱笂甯傚叕鍙告瘮渚嬪垎鍒负
7.12%, 19.45%, 34.88%, 53.53%, 58.59%,
62.48%, 35.52%
銆?/p>
39.89%, 46.3%
锛?/p>
46%(
鍏蜂綋鎯呭喌瑙佽〃
1)
锛屼笉鍒嗛厤鐨勭姸鍐靛緢涓?/p>
閲嶏紝瀵逛簬涓嶅垎閰嶈偂鍒╃殑鍘熷洜锛岃澶氬叕鍙告湭鍋氬嚭鍏蜂綋瑙ｉ噴銆傝�屼笖鍦?/p>
1997,1998
骞?/p>
搴︿笉鍒嗛厤鑲″埄鐨?/p>
397
瀹躲�?/p>
480
瀹跺叕鍙镐腑鍒嗗埆鏈?/p>
243,265
瀹剁殑姣忚偂鏀剁泭澶т簬
0.2
鍏冿紝鍗虫湁涓�鍗婄殑鍏徃鏈夌泩鍒╀絾涓嶅彂鏀捐偂鍒┿�?/p>