2_2_ _ _ p65

Transcription

1 ｨｰｨｪｨｨｨｺ 0503ｨ ｨ ｨｺｨｮ : ﾁ ｨｰｨ ｨｰｨｹ02 ｨ ｨｪｨ 05ｨｨ04ｨｨ08ｨｮ06ｨｰ ｨｪ0609ｨｪ0402 ｨｰ020608ｨｨｨｨ, 04ｨ ｨｰ08ｨ 00ｨｨ09ｨ 06ｨｴｨｨ ｨｰｨｨｨｬｨ 05ｨｹｨｪ0609ｨｰｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｰ05ｨｨ ﾂｨｨ02 06ｨｰ ｨｮｨｴｨｨ01 ｨｨ ｨ ｨｪｨｨｨｦ 09 08ｨ ｨｬｨｺｨ 01 08ｨ ｨ 06ｨｰ04 ｨ ｨｺ0202ｨｪｨｰｨｨ08ｨｮ02ｨｰ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｪｨ ｨｨ00ｨｨ ﾂｨｪ0401 ﾂ ﾂ0209ｨｺｨｨ01 ｨ ｨｺｨｰｨｨ09ｨ 01, ｨｨ0008ｨ 06ｨｴｨｨ ｨ 0605ｨｹ03ｨｮ ｨｹ ｨｬ02ｨｪｨｪ06ｨｬ ｨ ｨｨ04ｨｪ ｨｬｨｮ05ｨｨ080609ｨ ｨｪ04 ｨｪ ｨ 01ｨ - ﾂｨｨ ｨ 0409ｨｨｨｰｨｨ06 ｨｰ020608ｨｨｨｨ 09 08ｨ ｨｬｨｺｨ 01 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｬ06ｨｦ ｨ 0502ｨｬ ｨｪｨｨ ｨ 08ｨ ｨｺｨｰ0208ｨｪ06ｨｦ ｨ 02ｨｪｨｪ0609ｨｰｨｹ ｨｨｨｦ09ｨｺ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨｨｺｨｨ ｨｰ ｨｨｨｪｨ ｨｬｨｨ ﾂｨｪ04ｨｦ ｨｰ02ｨｬ07 08ｨ 0409ｨｨｨｰｨｨ07 ｨ ｨｨ04ｨｪ0209ｨ, ﾂｨｰ06, ﾂ ｨｹ, 04ｨ 01ｨ 02ｨｰ ｨｺｨｨ02 ｨｰ0802ｨ 0609ｨ ｨｪｨｨ07 ｨｺ ｨｬｨｨ080609ｨ ｨｪｨｨ06 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0906ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ , ｨ 0605ｨｹ ｨｺ0605ｨｨ ﾂ0209ｨｰ ｨｰｨ ｨｰ06 ﾂｨｪ06 ｨｺ08ｨｮ07ｨｪ0401 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ 09ｨｰｨ 09ｨｨｨｰ ｨｦ ｨｹ06 ｨｬｨ ｨｺ09ｨｨｨｬｨｨ04ｨ 02ｨｨ06 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ ｨ ｨｨ04ｨｪ0209ｨ. 0308ｨｨ 05ｨｰ06ｨｬ 0601ｨｪｨｨｨｬ ｨｨ04 ｨｪｨ ｨｨｨ ｨｪｨ ﾂｨｨｨｬ ﾂｨ ｨｨ07ｨｪｨｨ07 ｨｪｨ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｰ ｨｨ09ｨｺ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, ｨ ｨｰｨ ｨｺ ｨｪｨｨ ｨｰｨｨｨｬｨ 05ｨｹｨｪ06ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｰ , ｨｬｨｪ0600ｨｨ ｨｪｨｨ02 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｰ ｨｪｨ 0708ｨ ｨｪｨｪｨｮ ｨｨｨｰｨｨｨｺｨｮ ｨｪｨｨ ｨｦ 0708ｨｨ090502ｨｺｨ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ, 05ｨｨｨ 06 09ｨｰ0802ｨｬ0709ｨｹ 0708ｨｨ ﾂｨｹ ｨｨｨｪ090209ｨｰ ｨｪｨｨ07 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨ01 04ｨ 01ｨ ﾂ, 05ｨｨｨ ｨｹ06 00ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｮ ｨ ｨ 09ｨｰ0902ｨｪｨｪｨｨｨｺｨ ｨｬｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 06ｨｰｨｨ 04ｨ 01ｨ ﾂｨｨ ｨｰ0209ｨｪ ｨ ｨｪ ｨ ｨｪｨｨ02ｨｬ ｨｨ ｨ ｨｪｨｨ02ｨｬ ﾂｨｪ06ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ0609ｨｰｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 0102ｨｬｨ ｨ 03ｨｪ04ｨｬ ｨｰｨ ｨｺ ｨｰ0907 ｨｰ06ｨｰ 00ｨ ｨｺｨｰ, ﾂｨｰ06 09 ｨｮ ｨｨ0701 ｨ ｨｮ08ｨｪ ｨ 0409ｨｨｨｰｨｨ07 ｨｬｨ ｨ ｨｨ04ｨｪ0209ｨ ｨｨｨｪｨｨｨｬｨ ｨｰ0205ｨｨ ｨｮｨｰ ｨ ｨｺｨｰｨｨ09ｨｪ04ｨｦ 0706ｨｨ09ｨｺ 07ｨ 08ｨｰｨｪ ｨｬ0209ｨｰｨｪ06ｨｦ 0802ｨ 05ｨｨ04ｨ 02ｨｨｨｨ 08ｨ 0408ｨ ｨ 06ｨｰｨ ｨｪｨｪ0401 ｨｨ0102ｨｦ. 0308ｨｨ ﾂ02ｨｪｨｨ02 ｨｰｨ ｨｺｨｨ01 07ｨ 08ｨｰｨｪ ｨｪ ｨｬ0603ｨｪ06 ｨ ｨｪｨｪ ｨ 0609ｨｪ0609ｨ ｨｪｨｨ07 09ｨｺ05ｨ 01ｨ ｨｺｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｺｨｰｨ ｨｬ0209ｨｰｨｪ04ｨｦ ｨ ｨｨ04ｨｪ0209 ｨｨ 01ｨ 05ｨｹｨｪ02ｨｦ ｨ ｨｪｨｨ ｨｪ0203ｨｪ ｨｰ06ｨｺ ｨｮ ﾂｨ 02 ｨｮ ｨｪ06ｨｦ 0802ｨ 05ｨｨ04ｨ 02ｨｨｨｨ. 06ｨｪ04ｨｬｨｨ ｨ ｨｬｨｨ, ｨｪｨｨ02 04ｨ 01ｨ ﾂ, ｨｨ00ｨ 02ｨｬ0401 ｨ ｨｨ04ｨｪ020906ｨｬ 09 ｨｪｨ 09ｨｰ0607ｨｴ ｨｬ07, ｨｰ0802ｨ ｨｮ02ｨｰ ﾂ02ｨｰｨｺ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨｪ0609ｨｪ0401 ｨｺ06ｨｪ ｨｨｨｦ ｨｰ080602ｨｪｨｨ ｨｰｨｨｨｬｨ 05ｨｹｨｪ06ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｺ06ｨｬ07ｨ ｨ ｨｺｨｮ050209,

2 13ｨｪｨｨｨｨ 1. 08ｨｪｨ 05ｨｨ ｨｪ0609ｨｪ ｨ ｨｺ06ｨｪ06ｨｬ0208ｨｪ0609ｨｰ02ｨｦ 05ｨｰ06ｨｦ ｨｬ02ｨｰｨｪ06ｨｦ 06ｨ 05ｨ 09ｨｰｨｨ ｨｬ060302ｨｰ 0706ｨｬ06 ﾂｨｹ 08ｨｮｨｺ ｨｨｨｰ ｨｨ05ｨｨ 0906ｨ 09ｨｰ0902ｨｪｨｪｨｨｨｺｨｮ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 06ｨ 0609ｨｪ0609ｨ ｨｪｨｪ ｨｦｨｰｨｨ ｨｺ ｨ ｨｪｨｨ06 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ ｨｨ 09ｨｰｨ ｨ ｨｨ05ｨｹｨｪ ｨ ｨｨ04ｨｪ0209ｨ, ｨｨｨｬ0206ｨｴ ｨｺｨｮ06 ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨ ｨｪｨ 09ｨｰ0607ｨｴ02ｨｦ 09ｨｰｨ ｨｰｨｹ ｨ 00ｨ 06ｨｰ ｨｨ09ｨ ｨｪｨｨ02 ｨｨ ｨｺ05ｨ 0909ｨｨ00ｨｨｨｺｨ 02ｨｨ07 ｨｪｨ ｨｨｨ ｨ 03ｨｪ ｨｺ ｨ 0502ｨｬｨ ｨｬ ｨｬｨｨ080609ｨ ｨｪｨｨ07 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨ ｨｰｨ ｨｺ0302 ｨ ｨｪｨ 05ｨｨ04ｨｨ08ｨｮ02ｨｰ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｨ01 ｨｨ ｨｹ040609ｨ ｨｪｨｨ ｨｬ02ｨｪｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺｨｨ01 ｨｮ ｨｨ ﾂ02ｨｬ 0708ｨｨ09ｨｰｨｮ07ｨｨｨｰｨｹ ｨｺ ｨ ｨｪｨ 05ｨｨ04ｨｮ ｨｬ02ｨｪｨｪ0401 ｨｺ06ｨｪ ｨｨｨｦ ｨｬｨｨ080609ｨ ｨｪｨｨ ｨｰｨｨｨｬｨ 05ｨｹｨｪ06ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ, 0908ｨ 04ｨｮ 0106ｨｰ ｨｹ ｨ 04 06ｨ 08ｨ ｨｰｨｨｨｰｨｹ 09ｨｪｨｨｨｬｨ ｨｪｨｨ02 ﾂｨｨｨｰｨ ｨｰ ｨｪｨ ｨｪ02ｨｺ06ｨｰ0608ｨｮ ｨｪ06ｨ 06ｨｺ0609ｨｰｨｹ03 09ｨｮｨｴ0209ｨｰ09ｨｮ06ｨｴ02ｨｦ 06ｨ ｨｴ020708ｨｨｨｪ07ｨｰ06ｨｦ ｨｨｨｪｨｰ ｨｰｨ 02ｨｨｨｨ 0706ｨｪ07ｨｰｨｨ ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｰ06ｨｬ, ﾂｨｰ06 06ｨｪ06 ｨｰ08ｨ 01ｨｨ02ｨｨ06ｨｪｨｪ06 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｰ ｨｨ03ｨｹ ｨｨ02ｨｨｨｦ ｨｰｨｪ060302ｨｪｨｨ ｨ 09ｨｰ0902ｨｪｨｪ ｨｨ 04ｨ 02ｨｬｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｪｨｨ ｨｨｨｬ02ｨｪｨｪ06 ｨｰｨ ｨｺ ｨｪｨｨｨｬｨ ｨｪｨｨ07 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨ 0405ｨｨ 04ｨ ｨｪ ｨｨ ｨｬ ｨｨ ｨｨ05ｨｹ07ｨｪｨｨ 09 ｨｨ01 04ｨｪｨ ｨｬ02ｨｪｨｨｨｰ06ｨｦ ｨｰ ｨｬ02, ｨｮｨｰ ｨ 06ｨｴ02ｨｦ, ﾂｨｰ06 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｪ02 04ｨ 09ｨｨ09ｨｨｨｰ 06ｨｰ ｨｰｨｪ060302ｨｪｨｨ07 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨ 02ｨｬｨｪ ｨｨ 0906ｨ 09ｨｰ0902ｨｪｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ [000601ｨｨ05ｨｹ07ｨｪｨｨ, 00ｨｨ , 1999]. 0809ｨｰ ｨｺｨ 04ｨ 05ｨｨ, ﾂｨｰ ｨｨ 0906ｨ ｨｪｨｨｨｨ ｨｰｨ ｨｰ06 ﾂｨｪ ｨｰｨｺｨｨ ｨｺ ｨｪ ｨｪ06 ｨ 04ｨｰｨｹ 09ｨｨ09ｨｰ02ｨｬｨ ｨｰｨｨ ﾂ0209ｨｺｨｨ01 08ｨ ｨｪｨｨｨｦ 09 09ｨｰ08ｨｮｨｺｨｰｨｮ0802 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｬ020301ｨｮ 08ｨ 0405ｨｨ ﾂｨｪ04ｨｬｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨ07ｨｬｨｨ ｨｮ02ｨｰ ｨｪｨ 0706ｨｬｨｪｨｨｨｰｨｹ, ﾂｨｰ ｨｺｨｨ, ｨ ｨｪｨｨ ﾂｨｨ09ｨ 06ｨｴｨｨ ｨｦ09ｨｰ09ｨｨ07 ｨｰ ｨｬ04, ｨｨ09ｨｹ ｨｪ04ｨｬｨｨ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨ 05ｨｹｨｪ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ ｨｰ08ｨ ｨｪ09ｨｰ09ｨ, ﾂｨｰ ｨｬｨｪ060006ｨｬ ｨｨ ｨｨ ｨ 05ｨｹｨｪ02ｨｦ03ｨｨ01 ｨｨ ｨ ｨｪｨｨｨｦ. 0308ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪｨｨ ｨｰ080602ｨｪ ｨｦ ｨｬ02: ｨｨ ｨ ｨｰ0205ｨｨ 06ｨｰｨｺｨ ｨ 05ｨｨ09ｨｹ 06ｨｰ ｨｰ0201 ｨｨ05ｨｨ ｨｨｨｪ ｨｺ ｨｰ ｨｬ04 ｨｨ ｨ ｨｺ0202ｨｪｨｰｨｨ080609ｨ 05ｨｨ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｪｨ 0607ｨｰｨｨｨｬｨ 05ｨｹｨｪ06ｨｬ ｨｰｨｪ060302ｨｪｨｨｨｨ 0906ｨ 09ｨｰ0902ｨｪｨｪ0401 ｨｨ 04ｨ 02ｨｬｨｪ ｨｰ09 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, 0609ｨｰｨ 09ｨ 0709ｨｹ 0708ｨｨ 05ｨｰ06ｨｬ 09 08ｨ ｨｬｨｺｨ ｨｪｨｪ ｨｨ05ｨｹ07ｨｪｨｨ ｨｨ 00ｨｨ ｨｬ ｨ ｨｺ ｨｨｨｪｨｰ ｨｰｨ 02ｨｨｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ. 00 ｨｪｨ 09ｨｰ0607ｨｴ02ｨｦ 08ｨ ｨ 06ｨｰ02, ｨｪｨ ｨｰｨｨ09, ｨ 00ｨ 02ｨｰ0907 ｨｪ0209ｨｺ0605ｨｹｨｺ06 08ｨ 0903ｨｨ08ｨｨｨｰｨｹ 0706ｨｪ07ｨｰｨｨ02 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ 0706ｨｪｨｨｨｬｨ ｨｰｨｹ ｨｪ02ｨｦ ｨｪ02 ｨｰ0605ｨｹｨｺ06 04ｨｪｨ ﾂ02ｨｪｨｨ02 00ｨｨｨｪｨ ｨｪ ﾂｨ 00ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｪ06 ｨｨ 08ｨ ｨｪｨｨ ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ (ｨ ｨｺ02ｨｨ06ｨｪ0208ｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ) ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ ｨ 09ｨｰ0902ｨｪｨｪｨｨｨｺ0609 (ownership structure) ｨ ｨｬｨｺｨ 01 ｨｰｨ ｨｺ ｨ 0903ｨｨ0802ｨｪｨｪ ｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 08ｨ ｨｺ0605ｨｺ ｨｦ 09ｨｰｨ ｨｰｨｹ02 [0209ｨｺ0605ｨｺ0609, 2001] 09ｨｰｨ 09ｨｨｨｰ ｨｨ07ｨｪｨｨｨｨ ｨｦ ﾂｨ 09ｨｰｨｨ ｨ ｨ 05ｨ ｨｪ09ｨ 00ｨｨ08ｨｬ04 ｪ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨ ｨｺｨｰｨｨ ｪ ｨｪｨ 0708ｨ 09ｨｮ06 ﾂｨ 09ｨｰｨｹ ｨ ｨ 05ｨ ｨｪ09ｨ ｪ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ 07ｨ 0909ｨｨ090609, ｨｺ06ｨｰ0608ｨ ｨｪ ｨｬ02ｨｪｨｪ06 09ｨｺ0506 ﾂｨ 02ｨｰ ｨ 07 ｨｺｨ ｨｺ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｺｨ 07ｨｨｨｰｨ 05ｨ, ｨｰｨ ｨｺ ｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ 0708ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ. 2 01ｨ 0708ｨｨｨｬ0208, ｨｦ05ｨｨ ｨｨ ｨ ｨｦ [090802ｨｦ05ｨｨ, 00ｨ ｨｦ020809, 1997, ] 0706ｨｪｨｨｨｬｨ 06ｨｰ ｨｰ08ｨｮｨｺｨｰｨｮ0806ｨｦ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｺ06ｨｬｨ ｨｨｨｪｨ 02ｨｨ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ 00 00ｨｨ08ｨｬ04: 06ｨ 04ｨｺｨｪ060902ｨｪｨｪ0402 ｨｨ 0708ｨｨ09ｨｨ050200ｨｨ080609ｨ ｨｪｨｪ0402 ｨ ｨｺ02ｨｨｨｨ, ｨ ｨ ｨｪｨｺ060909ｨｺｨｨ02 ｨｺ080201ｨｨｨｰ04, 08ｨ 0405ｨｨ ﾂｨｪ ｨｨ ｨ 05ｨｨ00ｨ 02ｨｨｨｦ ｨｨ ｨｨ 05ｨｰ06ｨｬ 09ｨｪｨｮｨｰ08ｨｨ 0706ｨｪ07ｨｰｨｨ07 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｪ02 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｰ ｨ ｨｪｨｨ ｨｪｨｪ0401 ｨ ｨｮｨｬｨ ｨｨ 09ｨｰ02ｨｦｨｺ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 86

3 1309ｨｬｨ ｨｰ08ｨｨ09ｨ 02ｨｰ ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨｮ ﾂｨ 09ｨｰｨｨ07 09 ｨｪ02ｨｦ 08ｨ 0405ｨｨ ﾂｨｪ ｨｰ02ｨｦｨｺ , ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ｨｺ06ｨｬ07ｨ ｨｪｨｨ ｨｨ ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09 (ｨｪｨ 0708ｨｨｨｬ0208, 06ｨ 05ｨｨ00ｨ 02ｨｨｨｨ, 04ｨ ｨｦｨｬ04, ｨｪｨ ｨｺ080201ｨｨｨｰ04 ｨｨ ｨｰ. 01.) ｨｨ 09ｨｺ05ｨ ｨ ｨｰｨｹ 0906ｨ 09ｨｰ0902ｨｪｨｪ ｨｪｨｹ00ｨｨ 09 09ｨｨ0102 ｨ ｨｺ02ｨｨ06ｨｪ0208ｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ (ｨｪｨ 0708ｨｨｨｬ0208, 06ｨ 04ｨｺｨｪ060902ｨｪｨｪ0402 ｨｨ 0708ｨｨ09ｨｨ050200ｨｨ080609ｨ ｨｪｨｪ0402 ｨ ｨｺ02ｨｨｨｨ). 0308ｨｨ 05ｨｰ06ｨｬ 08ｨ 0405ｨｨ ﾂｨ 06ｨｰ ｨ ｨｲ02ｨｬ ｨｨ ｨｮ ｨｨ07 09ｨｺ05ｨ 01ｨ ｨｺｨ ｨｰ02ｨｦｨｺ ｨ 09 ｨｺｨ 07ｨｨｨｰｨ 05 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 00ｨ 03ｨｪ0609ｨｰｨｹ ｨｨ ｨｪ0609ｨｨ04ｨｪｨ ｨｰｨ ｨｺ ｨ ｨｰｨ ｨｺ ｨ ｨｪ04 09 ｨｰ02ｨｬ, ﾂｨｰ06 08ｨ 0408ｨ ｨ 06ｨｰｨ ｨｪｨｪ0402 ｨｪｨ 01ｨ ｨｪｨｪ04ｨｦ ｨｬ06ｨｬ02ｨｪｨｰ ｨｰ020608ｨｨｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ, 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 07, ｨｺｨ ｨｺ ｨｮ0302 ｨ ｨｰｨｬ02 ﾂ02ｨｪ06, 0607ｨｰｨｨｨｬｨ 05ｨｹｨｪ ｨｰｨｪ060302ｨｪｨｨ ｨ 09ｨｰ0902ｨｪｨｪ0401 ｨｨ 04ｨ 02ｨｬｨｪ ｨｰ09, 0708ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ 0609ｨｰｨ ｨｰ 09ｨｪ ｨｪｨｨ ｨｰｨｨｨｬｨ 05ｨｹｨｪ0609ｨｰｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨ ｨｺ06ｨｬ070502ｨｺ09ｨｪ ｨｴ02ｨｪｨｨ ｨ 0502ｨｬ ｨ 00ｨ 02ｨｰ ｨ 08ｨ ｨｰｨｨｨｰｨｹ0907 ｨｺ 09ｨｮｨｴ0209ｨｰ09ｨｮ06ｨｴｨｨｨｬ ｨｰ020608ｨｨ07ｨｬ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ 08ｨ 0406ｨ 08ｨ ｨｰｨｹ ｨｰ06ｨｬ, ﾂｨｰ ｨ 00ｨ 02ｨｰ ｨｺ05ｨ 0909ｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｺ 0706ｨｪｨｨｨｬｨ ｨｪｨｨ ｨ ｨｨ ｨｺ0506 ﾂ ｨｨ ｨ ｨｰ020502ｨｦ, 09ｨｪ020903ｨｨ01 ｨｪｨ ｨｨｨ 0605ｨｹ03ｨｨｨｦ 09ｨｺ05ｨ ｨ 0409ｨｨｨｰｨｨ02 01ｨ ｨｪｨｪ06ｨｦ ｨ 0502ｨｬｨ ｨｰｨｨｨｺｨｨ, ｨｪ0206ｨ ｨｨｨｬ ｨｨｨｰｨｹ, 0706ｨｬｨｨｨｬ ｨｨ ｨ ｨｨ ｨｨ05ｨｹ07ｨｪｨｨ, ｨｬ0902ｨｰ02ｨ, ｨｪ0902ｨｪｨ, ｨｬｨ ｨｪｨ, ｨ 08ｨｰｨ ｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ06ｨｬ ｨｨ01 ｨｨ ｨ ｨｪｨｨｨｦ 09ｨｰｨ ｨｪｨｨ02 ｨｪｨ ｨ 0608ｨ 00ｨ ｨｺｨｰ , ｨｬ06 ｨｨ05ｨｨ ｨｺ ｨｪｨｪ ｨｨ0706ｨｴｨｨ01 ｨｪｨ ｨｰｨｪ060302ｨｪｨｨ ｨ 09ｨｰ0902ｨｪｨｪ ｨｨ 04ｨ 02ｨｬｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ 09 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ. 0805ｨ 0909ｨｨ00ｨｨ02ｨｨ08ｨｮ02ｨｬ ｨｨ ｨｪｨ 0708ｨ ｨｪｨｪ0609ｨｰｨｨ ｨｦ09ｨｰ09ｨｨ07 ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｨ0103 ｨｺ ｨ 02ｨｨｨｦ ｨｨ ｨｰｨｨｨｬ ｨｺ08ｨ ｨｰｨｺ ｨｨ00ｨｨｨｺｨｮ ｨｨ ｨｦ09ｨｰ09ｨｨ , ｨ 05ｨｨ ﾂｨｨ02 01ｨ ｨｪｨｪ ｨ ｨｺｨｰ ｨ 09ｨｰ09ｨｮ02ｨｰ ｨｰｨｮ ｨｨ 04ｨ 02ｨｬｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ 09 06ｨ ｨｴ02ｨｬ 06ｨ ｨｲ02ｨｬ02 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｺｨ ﾂ0209ｨｰ ｨｪ ｨｨ ｨ ｨｺｨｰ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ 00ｨｨ08ｨｬ04, ｨ ｨｪ ｨｨ07ｨｰｨｹ ｨｪｨ ｨｰｨｪ060302ｨｪｨｨ02 04ｨ 02ｨｬｨｪ0401 ｨｨ 0906ｨ 09ｨｰ0902ｨｪｨｪ ｨｰ09, ｨ ｨｪ ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬ04ｨｦ ｨｪｨ ｨｦ ｨｴｨｨｨｰ, ｨｪｨｨｨｺｨ 06ｨｴｨｨｨｦ 09 08ｨ ｨｪｨｨｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｮ ﾂｨ 02 04ｨ ｨｺ06ｨｪ0601ｨ ｨｰ0205ｨｹｨｪ06 08ｨ ｨｪｨｪ06ｨｦ ｨｬ0603ｨｪ0609ｨｰｨｨ 0904 ﾂｨｨｨｰｨ ｨｰｨｹ ｨｨ04 ｨｪｨ ｨ 05ｨ 00ｨ 02ｨｬ06ｨｦ ｨ ｨ ｨｪｨｰ ｨｺ080201ｨｨｨｰｨ ｨｬ. 06ｨｰ ｨｪ07ｨｰｨｨ ｨ ｨｪ06 09ｨ ｨｬｨｨｨｬｨｨ 0609ｨｪ ｨｪｨｨｨｺｨ ｨｬｨｨ ｨｦ ｨｺ06ｨｪ ｨｨｨｨ ｪ ｨｨ05ｨｹ07ｨｪｨｨ ｨｨ 00ｨｨ ｨｬ ｪ 09 09ｨｰｨ ｨｰｨｹ02 00Taxes and the Cost of Capital03 [Modigliani, Miller, 1963] ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ 09 ｨｨ01 ｨｨ010202ｨｦ 00ｨｨ08ｨｬ04 ｨｬ0600ｨｮｨｰ ｨｮ090205ｨｨ ﾂｨｨ09ｨ ｨｰｨｹ ｨｦ ﾂｨｨ09ｨｰ04ｨｦ 0102ｨｪ0203ｨｪ04ｨｦ 0706ｨｰ06ｨｺ, 00ｨｨｨｪｨ ｨｪ09ｨｨ08ｨｮ0709ｨｹ 09 ｨ 0605ｨｹ0302ｨｦ 09ｨｰ020702ｨｪｨｨ 04ｨ 09 ﾂ02ｨｰ ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09, ｨ ｨｪ ｨ 09ｨｰ0902ｨｪｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ ﾂ02ｨｪｨｨ ｨｨ 04ｨ 02ｨｬｨｪ ｨｰ09 ｨｮｨｬ02ｨｪｨｹ03ｨ 02ｨｰ 0802ｨ 05ｨｹｨｪｨｮ ｨｪｨ ｨｮ06 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｨ ｨｮ090205ｨｨ ﾂｨｨ09ｨ 02ｨｰ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 05ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｬｨ ｨｺ09ｨｨｨｬｨｨ04ｨｨ08ｨｮ02ｨｰ ｨｨ 100%-ｨｬ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨｨｨ 04ｨ 09 ﾂ02ｨｰ ｨ. 00ｨｬ0209ｨｰ02 09 ｨｰ02ｨｬ ｨｪ ｨ 02ｨｰ 0906ｨｬｨｪ02ｨｪｨｨ07 ｨｰ06ｨｰ 00ｨ ｨｺｨｰ, ﾂｨｰ ｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｪ02ｨｰ 00ｨｨ08ｨｬ, 00ｨｨｨｪｨ ｨｪ09ｨｨ08ｨｮ02ｨｬ0401 ｨｰ0605ｨｹｨｺ06 04ｨ 09 ﾂ02ｨｰ 04ｨ 02ｨｬｨｪ ｨｰ09, 01ｨ ｨｨ 09ｨ ｨｬｨ ｨ ｨｬｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 09ｨｮｨｴ0209ｨｰ090609ｨ 05ｨ 04ｨ ｨｪｨｨ07 ｨｪｨ ｨ 87

4 13ｨｪｨ 0708ｨｨｨ 0405ｨｹ ｨｮ06ｨｴｨｨ ｨｰｨｨ0502ｨｰｨｨ ｨｨ05ｨｨ09ｨｹ ｨｰ ｨｰｨｨ ﾂ0209ｨｺｨｨ02 ｨｨ ｨ ｨｪｨｨ07, ｨｨ0903ｨｨ02 00ｨ ｨｺｨｰ060804, 0102ｨｦ09ｨｰ09ｨｮ06ｨｴｨｨ02 ｨｪｨ ｨｪ ｨｪｨｪ06ｨｬ 0804ｨｪｨｺ02 ｨｺｨ 07ｨｨｨｰｨ 05ｨ, ｨｺ06ｨｰ ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 09ｨｪｨｨ03ｨ 06ｨｰ ｨ 02ｨｬｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｰ060006, ｨｬｨｪ0600ｨｨ02 ｨ 09ｨｰ ｨ 0609ｨｪ ｨ 05ｨｨ 0607ｨｰｨｨｨｬｨ 05ｨｹｨｪｨｮ06 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｺｨ 07ｨｨｨｰｨ 05ｨ, 06ｨｰ05ｨｨ ﾂｨ 06ｨｴｨｮ ｨｰ 100%-ｨｦ ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨｪ06ｨｦ ｨｨ04 ｨｰ020608ｨｨｨｦ, 06ｨ ｨｲ0709ｨｪ0706ｨｴ02ｨｦ ｨｪｨｨ090205ｨｨ080609ｨ ｨｪｨｨ02 ｨｪｨ ｨｨ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨｨｨ ﾂｨ 00ｨ, ｨｰ0907 ｨｰ020608ｨｨ07 ｨｺ06ｨｬ070806ｨｬｨｨ0909ｨ. 02ｨｪｨ ｨｨｨｰ 06 ｨｰ06ｨｬ, ﾂｨｰ06 00ｨｨ08ｨｬｨ ｨ ｨｮ0102ｨｰ ｨｮ090205ｨｨ ﾂｨｨ09ｨ ｨｰｨｹ 06ｨ ｨｲ02ｨｬ ｨ 0106 ｨｰ , 0706ｨｺｨ ｨｹｨｪｨ 07 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ, ｨ 09ｨ 02ｨｬｨ 07 04ｨ 09 ﾂ02ｨｰ ｨｰｨ ｨｪｨ ｨｴｨｨｨｰｨ, ｨｪ02 ｨ ｨｮ0102ｨｰ ｨｺ06ｨｬ0702ｨｪ09ｨｨ080609ｨ ｨｪｨ ｨｰ06ｨｬ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ ｨｬ0603ｨｪ ｨｨｨｪｨ ｨｪ ｨ ｨｰ08ｨｮ01ｨｪ02ｨｪｨｨｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ04-04ｨ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ07 06ｨ ｨｲ02ｨｬｨ ｨ. 08ｨ ｨｺｨｰ060804, 09ｨｺ0506 ﾂ02ｨｪｨｪ ｨｨｨｪｨ ｨｪ ｨ ｨｰ08ｨｮ01ｨｪ02ｨｪｨｨ07, ｨ ｨｮ01ｨｮｨｰ 08ｨ 0909ｨｬ06ｨｰ0802ｨｪ04 01ｨ , ｨｹ ｨｬ ｨｮ09ｨｺｨ 02ｨｬ, ﾂｨｰ06 06ｨｪｨｨ 09ｨｮｨｴ0209ｨｰ09ｨｮ06ｨｰ ｨｨ 0905ｨｨ0706ｨｰ ｨｪｨ 09ｨｪｨｨ0302ｨｪｨｨ ｨｪ06 ﾂｨｪ06ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ 00ｨｨ08ｨｬ ｨｨ07 ｨｺ06ｨｬ070806ｨｬｨｨ0909ｨ ｨ 00ｨ 02ｨｰ, ﾂｨｰ06 00ｨｨ08ｨｬｨ ｨ ｨｪｨ ｨｹ040609ｨ ｨｰｨｹ0907 ｨｪｨ ｨｬｨｨ ｨｨｨｬｨｮｨｴ0209ｨｰ09ｨ ｨｬｨｨ, ｨｨ ｨｬ0603ｨｪ0402 ｨｨ ｨｺｨｨ 00ｨｨｨｪｨ ｨｪ ｨ ｨｰ08ｨｮ01ｨｪ02ｨｪｨｨｨｦ ｨｰｨ ｨｰ06 ﾂｨｪ06 ｨｪｨｨ04ｨｺｨｨ. 0602ｨｬ ｨｪ02 ｨｬ02ｨｪ ｨ ｨｪｨｪ04ｨｦ 00ｨ ｨｺｨｰ ｨ 02ｨｰ ｨｬｨｪ0600ｨｨ01 08ｨ ｨ 06ｨｰｨ ｨｪｨｰ ｨｪ04ｨｬ 09 05ｨｰ06ｨｦ ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨｨｨｰ ｨｨ ｨ ｨｪｨｨ ｨｬｨ [Graham, 2000], 0706ｨｺｨ ｨ 06ｨｴ0202, ﾂｨｰ06 ｨ 0605ｨｹ03ｨｨ02, 0708ｨｨｨ 0405ｨｹｨｪ0402, 05ｨｨｨｺ09ｨｨ01ｨｪ0402 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨｨｬ0206ｨｰ 06 ﾂ02ｨｪｨｹ ｨｺ06ｨｪ ｨ ｨｰｨｨ09ｨｪ04ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｨ ｨｨ08ｨ 0709ｨｹ ｨｪｨ ｨ ｨｪｨｪ0402, ｨｬ0603ｨｪ06 09 ｨｮ ｨｪｨｪ0609ｨｰｨｹ ｨｨｨｰｨｹ 06 ｨｰ06ｨｬ, ﾂｨｰ ｨｪ ｨｨ08ｨｬｨ ｨｬ060005ｨ ｨ ｨｮ090205ｨｨ ﾂｨｨｨｰｨｹ 06ｨ ｨｲ02ｨｬ ｨ, 0609ｨｰｨ 09ｨ 0709ｨｹ 0708ｨｨ 05ｨｰ06ｨｬ ｨｺ06ｨｪ ｨ ｨｰｨｨ09ｨｪ06ｨｦ ｨｬ [Graham, 2000, p. 1934] ｨｪｨｨ09ｨ 02ｨｰ ｨｬ0603ｨｪ04ｨｦ ｨｰ ｨｺｨ 07ｨｨｨｰｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ 09 01ｨ ｨｪｨｪ06ｨｬ 0905ｨｮ ﾂｨ 02 ｨｪｨ 7,5%, ﾂｨｰ ｨｰ ﾂ02ｨｪｨｹ ｨｬ06ｨｦ ｨｨ ﾂｨｨｨｪ06ｨｦ. 0602ｨｬ ｨｪ02 ｨｬ02ｨｪ0202, ｨｮ07 ｨｰ020608ｨｨｨｨ ｨｺ06ｨｬ070806ｨｬｨｨ0909ｨ, ｨｬ0603ｨｪ ｨｨｨｰｨｹ 02ｨｴ02 00ｨ ｨｺｨｰ060804, ｨｺ06ｨｰ ｨｪ ｨｨｨｰ0205ｨｹｨｪ ｨｨ07ｨｰｨｹ ｨｪｨ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｨ0103 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｪｨ 0708ｨｨｨｬ ｨｰ020702ｨｪｨｹ 05ｨｨｨｺ09ｨｨ01ｨｪ0609ｨｰｨｨ ｨ ｨｺｨｰｨｨ ｨｨ05ｨｹ07ｨｬ0906ｨｪ [07ｨｨ05ｨｹ07ｨｬ0906ｨｪ, 1996] ｨｦ 08ｨ ｨ 06ｨｰ ｨ ｨｪ ｨ ｨｪｨ 05ｨｨ04ｨｨ080609ｨ ｨｨ07ｨｪｨｨ02 09ｨｰ020702ｨｪｨｨ ｨｬ02ｨｴｨ 02ｨｬ0609ｨｰｨｨ ｨ ｨｺｨｰｨｨ ｨｪｨ ｨｰｨｪ060302ｨｪｨｨ ｨｦ 04ｨ 02ｨｬｨｪ ｨｨ 0906ｨ 09ｨｰ0902ｨｪｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ. 0809ｨｰ ｨｨ010601ｨｨｨｰ ｨｺ ｨｮ ｨｨｨｰ0205ｨｹｨｪ06ｨｦ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ, ｨ 0909ｨｮ030102ｨｪｨｨｨｦ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨｨ ｨｺ ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 08ｨｨ08ｨｬｨ, 06ｨ 05ｨ 01ｨ 06ｨｴｨ ｨｪ0609ｨｰｨｹ ｨｬ02ｨｴｨ 02ｨｬ04ｨｬｨｨ ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ, ｨｪ ｨｪｨ 09ｨｰ0605ｨｹ 09ｨｨ05ｨｹｨｪ06ｨｬｨｮ 09ｨｪｨｨ0302ｨｪｨｨ06 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ ｨｮ ﾂｨ ｨｪｨｨ ｨｮ0804 ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨ ｨ 09ｨｪ02ｨｪｨｨ06 09 ｨｺ06ｨｬ07ｨ ｨｪｨｨ02ｨｦ, ｨｨｨｬ0206ｨｴ02ｨｦ ｨｦ 0906ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｪ ｨｬ02ｨｴｨ 02ｨｬ0402, ｨｨ00ｨｨ ﾂｨｪ0402 ｨ ｨｺｨｰｨｨ ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ06, ｨｮ 0202 ｨｺ080201ｨｨｨｰ ｨｨｨｰ0907 ｨ 0605ｨｹ ｨ ｨｪ ｨ 05ｨｨ04ｨ 02ｨｨｨｨ ｨｨｨｬｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ 09ｨ ｨｪｨ ｨｮ ﾂ02ｨｪｨｨ ｨｪ ｨ ｨｺｨ 07 ｨｺ06ｨｬ07ｨ ｨｪｨｨ ｨｨ ﾂｨｨ01 08ｨ 09ｨｪ0401 ｨ ｨｮ0102ｨｰ ｨｨｨｬ02ｨｰｨｹ ｨ 0605ｨｹ03ｨｮ ｨ 02ｨｬｨｪ ｨｰ ｨｰ08ｨｮｨｺｨｰｨｮ0802 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｬ02ｨｴｨ 02ｨｬ0609ｨｰｨｹ06 ｨ ｨｺｨｰｨｨ ｨｨ05ｨｹ07ｨｬ0906ｨｪ 0706ｨｪｨｨｨｬｨ 02ｨｰ 09ｨｰ020702ｨｪｨｹ ｨｨ00ｨｨ ﾂｨｪ0609ｨｰｨｨ ｨｬ0209ｨｰ ｨｪｨｨ07 ｨ ｨｺｨｰｨｨ09ｨ [07ｨｨ05ｨｹ07ｨｬ0906ｨｪ, 1996]. 88

5 ｨｮ ﾂｨ ｨｨ ｨｨｨｪ090209ｨｰ ｨｪｨ 0804ｨｪｨｺ02 ｨｪ02 ｨｬ0600ｨｮｨｰ ｨ 0102ｨｺ09ｨ ｨｰｨｪ ｨｪｨｨｨｰｨｹ ｨｮ ｨｪｨｹ ｨｺ080201ｨｨｨｰ ｨ ｨｪ0609ｨｰｨｨ 04ｨ 02ｨｬｨｴｨｨｨｺｨ, ｨｰ06 00ｨｨ08ｨｬ ｨｺｨｨｨｬ ｨｮ080609ｨｪ02ｨｬ ｨｺ080201ｨｨｨｰ ｨ ｨｪ0609ｨｰｨｨ 0904ｨｪｨｮ030102ｨｪ ｨｨｨｪｨｨｨｬｨ ｨｰｨｹ ｨｪｨｪ ｨｦ09ｨｰ09ｨｨ07, ｨｺ06ｨｰ ｨ 0405ｨｨ ｨ ｨｰｨ ｨｰ06 ﾂｨｪ06 04ｨ ｨｰ08ｨ ｨｰｨｪ ｨｨ01 04ｨ 02ｨｬｨｴｨｨｨｺ ｨ 0405ｨｨ ﾂｨｪ0402 ｨｨ ｨ ｨｰ0205ｨｨ [Myers, Majluf, 1984; Ross, 1977] 09ｨｰ0806ｨｨ05ｨｨ ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬ ｨｨ00ｨｪｨ 05ｨｹｨｪ0402 ｨｬ ｨｨ, 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 06ｨｴｨｨ02 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｺｨ 07ｨｨｨｰｨ 05ｨ (01ｨｨ09ｨｨ0102ｨｪ01ｨｪ ｨ ｨｰ04, ｨ ｨｺ02ｨｨｨｦ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 09 08ｨｮｨｺｨ 01 ｨｬ02ｨｪ020103ｨｬ02ｨｪｨｰｨ ) 09 ｨｺｨ ﾂ0209ｨｰ ｨｰ09ｨ ｨ ﾂｨｨ ｨｰ ｨｪ ｨｨ00ｨｪｨ ｨｨｨｪ090209ｨｰ0608ｨ ｨｬ. 06ｨｰｨｨ 09ｨｨ00ｨｪｨ ｨｨ0409ｨ ｨｪ ｨｨ0102ｨｰ0205ｨｹ09ｨｰ090609ｨ ｨｰｨｹ ｨ ｨｪ0609ｨｰｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 08ｨ 0909 ﾂｨｨｨｰｨ ｨｰｨｹ ｨ ｨｬ 09 ｨｺ080201ｨｨｨｰ0608ｨ ｨｬｨｨ: 00ｨｨ08ｨｬ04, 08ｨ ｨ 00ｨ 06ｨｴｨｨ02 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ04ｨｬ 06ｨ ｨｲ02ｨｬ06ｨｬ 04ｨ 02ｨｬｨｪ ｨｰ09, ｨｮ ｨｪ ｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｰ0607ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ ｨｨ ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨ 06ｨｰ ｨｨ02 ｨｨｨｪ090209ｨｰ ｨ ｨｪ02ｨｺ06ｨｰ ｨｪｨｺｨ ｨｪｨｨｨｬ ｨｨ04 09ｨ 08ｨｨｨ ｨｪｨｰ ｨｰ ｨｪ ｨｨ00ｨｪｨ 05ｨ ｨｨｨｪ090209ｨｰ ｨｰ0907 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ 00ｨｨ08ｨｬ04 09 ｨ 0805ｨｪ01 ｨｨ ｨｮｨｰｨ 02ｨｨ06. 02ｨ 05ｨｰ06ｨｬ ｨｮ0706ｨｬｨｨｨｪｨ 02ｨｰ ｨｨ ｨ ｨｪｨｨ0701 [Klein, Leffner, 1981; Shapiro, 1983] ｨｬ06ｨｰ0807 ｨｪｨ ｨｰ06 ﾂｨｰ06 05ｨｰｨｨ ｨ ｨｺｨｰｨｨ ｨｰ ｨｨ00ｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ ｨｨ ｨｪ02ｨｬｨ ｨｰ0208ｨｨｨ 05ｨｹｨｪ04ｨｬｨｨ, 06ｨｪｨｨ ｨｨ0008ｨ 06ｨｰ ｨｹ 04ｨ ｨ ｨｺ080201ｨｨｨｰ , ｨｰｨ ｨｺ ｨｺｨ ｨｺ ｨｮｨｰｨ 02ｨｨ07 00ｨｨ08ｨｬ ｨｹ0204ｨｪ ｨｰ08ｨ 01ｨ 02ｨｰ, ｨｨ 06ｨｪｨ ｨｪ02 09ｨｬ060302ｨｰ ｨ ﾂｨｨ09ｨ ｨｰｨｹ ｨｪｨｰ ｨｺ080201ｨｨｨｰｨ ｨｬ. 08ｨｨ08ｨｬｨ, 0601ｨｪｨ ｨｨｨｪ090209ｨｰｨｨ080609ｨ ｨｨｨｬ07, ｨ ｨ ｨｪｨｪｨｮ ｨｮｨｰｨ 02ｨｨ06, 0904ｨｪｨｮ030102ｨｪｨ ｨｰ0607ｨｪｨｪ ｨｨ09ｨ ｨｰｨｹ 04ｨ 09 ﾂ02ｨｰ ｨｪ ｨｪｨｨｨｦ. 06ｨ ｨｺ, 0804ｨｪ06ｨｺ ｨｬ060302ｨｰ ｨｨｨｪｨｰ ｨｰｨｨ080609ｨ ｨｰｨｹ 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ ｨｪｨｨ0302ｨｪｨｨ02 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨｺ05ｨ ｨｬｨｮ ｨｺｨ ｨｺ ｨｰ0609ｨｺｨｮ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｺ ｨ 0409ｨｰ0806ｨｬｨｮ 0009ｨ 0608ｨｮ ｨｮ080603ｨ 0703 ｨｨ ｨｮ ｨｪｨｺｨ. 06ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｰ0607ｨｪｨｪｨ ｨｺｨ ｨｮｨｰｨ 02ｨｨｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｬ060302ｨｰ 0905ｨｮ03ｨｨｨｰｨｹ ｨｺ080201ｨｨｨｰ ｨｪ02ｨｺｨｨｨｬ 00ｨ 08ｨ ｨｪｨｰ06ｨｬ ｨｰ060006, ﾂｨｰ06 00ｨｨ08ｨｬ04 ｨ ｨｮ01ｨｮｨｰ 00ｨ ｨｨ09ｨｪ ｨｰｨｨ 0902ｨ 07 ｨｪｨ ｨｬ 0804ｨｪｨｺ ｨｮ05ｨｹｨｰｨ ｨｰ02 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｰｨ ｨｺｨｨ01 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ ｨｰ020702ｨｪｨｪ06 09ｨｪｨｨ03ｨ 02ｨｰ ｨｨ 09 05ｨｰｨｨｨｬ ｨｬ0603ｨｪ ｨｨｨｰｨｹ, ﾂｨｰ06 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｨ0103 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｪｨ ｨｨｨｰ0907 ｨｰｨ ｨｺ ｨｬ06ｨｦ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ 06ｨｰ 0202 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨｮｨｰｨ 02ｨｨ06ｨｪｨｪ ｨ ｨｺｨｰｨｨ ｨｨ 0108ｨｮ00ｨｨ01 00ｨ ｨｺｨｰ , ｨｨｨｰ0205ｨｹｨｪ ｨｨ0706ｨｴｨｨ01 ｨｪｨ ｨｦ 0804 ﾂｨ 00 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｬ0603ｨｪ06 06ｨｰｨｬ02ｨｰｨｨｨｰｨｹ 06ｨｰ08ｨ ｨ 02ｨｪｨｪ0609ｨｰｨｨ, ｨｺ06ｨｰ060804ｨｬ ｨｮ ｨｪ06 04ｨｪｨ - ﾂｨｨｨｰ0205ｨｹｨｪ ｨｪｨｨｨｬｨ ｨｪｨｨ ｨ ｨ 06ｨｰｨ ｨｺ06ｨｰｨｰｨ [Scott, 1980]. 08ｨｨ08ｨｬ ｨｮ05ｨｨ08ｨｮ02ｨｬ ｨｰ08ｨ , ｨｺ 0708ｨｨｨｬ0208ｨｮ, ｨｨｨｬ0206ｨｰ ｨ ｨｰｨ ｨ ｨｨ05ｨｹｨｪ ｨｪ0203ｨｪ ｨｰ06ｨｺｨｨ ｨｨ, ｨ ｨｰ0205ｨｹｨｪ06, ｨｬ02ｨｪｨｹ03ｨｨ02 08ｨｨ09ｨｺｨｨ 00ｨｨｨｪｨ ｨｪ ｨ ｨｰ08ｨｮ01ｨｪ02ｨｪｨｨｨｦ. 00 ｨｰｨ ｨｺｨｨ01 06ｨｰ08ｨ ｨｨ08ｨｬ ｨｪ04 08ｨ ｨ 00ｨ ｨｰｨｹ ｨ ｨｺｨｨｨｬ ｨｮ080609ｨｪ02ｨｬ ﾂｨ 00ｨ ｨ 09ｨｪ02ｨｪｨｨ ｨｮ00ｨｨｨｬｨｨ 06ｨｰ08ｨ ｨｬｨｨ , ｯ08ｨｪ ｨｨ ｨ 04ｨｮ05ｨｨ ｨｬ ｨｨ ｨ ｨｪｨｨｨｨ [DeAngelo, Masulis, 1980] ｨ ｨｪｨ 05ｨｨ04ｨｨ080609ｨ 05ｨｨ 08ｨ 0405ｨｨ ﾂｨｪ0402 ｨｪｨ ｨｨｨｬｨｮｨｴ0209ｨｰ09ｨ, ｨｪｨｨｨｺｨ 06ｨｴｨｨ ｨｨｨｪ090209ｨｰｨｨ080609ｨ ｨｪｨｨ07, ｨｪ06 ｨｪ ｨ ｨｪｨｪ ｨｬｨｨ 06ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09ｨ ｨｬｨｨ 89

6 13(ｨｺ ｨｪｨｨｨｬ ｨｰ ｨｪ ｨｨｨｬ02ｨｪｨｨｨｬ ｨｰ0208ｨｬｨｨｨｪ 00ｨｪｨ ｨｦ ｨｴｨｨｨｰ03) ｨｰ06ｨｬ, ﾂｨｰ06 00ｨｨ08ｨｬ04, ｨｨｨｬ0206ｨｴｨｨ02 ｨｪ02ｨ 0605ｨｹ03ｨｨ ｨｨｨ 0405ｨｨ ﾂ02ｨｰｨ ｨｪｨｰ0609 ｨｨ ｨｪｨ ｨｨ05ｨｨ 08ｨ ｨ 06ｨｰｨ 06ｨｴｨｨ02 09 ｨｮｨ 04ｨｰ06ｨｺ, ｨｪ02 ｨｬ0600ｨｮｨｰ ｨｪ0609ｨｰｨｹ ｨｹ040609ｨ ｨｰｨｹ ｨ ｨｬｨｨ 00ｨｪｨ ｨｴｨｨｨｰｨ 03 04ｨ 09 ﾂ02ｨｰ 0907ｨｨ09ｨ ｨｪｨｨ07 ｨｪｨ 04ｨ ｨｰ08ｨ ｨｰ ｨｪｨｰｨｪ ｨ ｨｰ020302ｨｦ ｨｦ 04ｨ ｨｴｨｨｨｰ04 06ｨｰ ｨｪｨ ｨｪｨｨ ｨｬ0600ｨｮｨｰ 0708ｨｨｨｬ02ｨｪ07ｨｰｨｹ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ0402 ｨｪｨ ｨｺ080201ｨｨｨｰ04, ｨｮ09ｨｺ060802ｨｪｨｪ0402 ｨｬ02ｨｰ ｨ ｨｬ0608ｨｰｨｨ04ｨ 02ｨｨｨｨ, ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ 09 ｨｪ02ｨｬｨ ｨｰ0208ｨｨｨ 05ｨｹｨｪ0402 ｨ ｨｺｨｰｨｨ0904, ｨｺ06ｨｰ ｨｬ0603ｨｪ ｨｨ090409ｨ ｨｰｨｹ 09 ｨｰ02 ﾂ02ｨｪｨｨ ｨ ｨｰ06ｨｬ, ﾂｨｰ06 ｨｪｨ ｨ ｨｺ06ｨｪ0601ｨ ｨｰ0205ｨｹ09ｨｰ0906 ｨｪ02ｨｺ06ｨｰ ｨｰ08ｨ ｨｪ ｨｮ09ｨｺｨ 02ｨｰ ｨｪｨ ｨ ｨ 0502ｨｪｨｨ ｨｨ 0609ｨｮｨｴ0209ｨｰ090502ｨｪｨｨｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ ｨ ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｰ06ｨｬ 0302 ｨｺ06ｨｪｨｰ02ｨｺ09ｨｰ02 ｨｬ0603ｨｪ06 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ 08ｨ ｨｪｨ 0802ｨｺ05ｨ ｨｬｨｮ, ｨｪｨ ｨｮ ﾂｨｪ06-ｨｨ ｨ ｨｰ0205ｨｹ09ｨｺｨｨ02 ｨｨ ｨｰｨｪ06-ｨｺ06ｨｪ09ｨｰ08ｨｮｨｺｨｰ060809ｨｺｨｨ02 08ｨ ｨ 06ｨｰ04. 06ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｨｨｬ0206ｨｴｨｨ ｨｺｨｮ ｨｰｨｪ0609ｨｰｨｹ 09ｨｰ0605ｨｺｨｪ060902ｨｪｨｨ ｨｨｨｪｨ ｨｪ ｨｬｨｨ ｨｰ08ｨｮ01ｨｪ0609ｨｰ07ｨｬｨｨ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ, ｨｪ04 ｨｨｨｬ02ｨｰｨｹ ｨｬ02ｨｪｨｹ ｨ ｨｦｨｬ ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨ 09ｨｪ02ｨｪｨｨ06 09 ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｬｨｨ 0708ｨｨｨ 0405ｨｹｨｪ04ｨｬｨｨ 00ｨｨ08ｨｬｨ ｨｬｨｨ, ｨｺ06ｨｰ ｨｪｨｰｨｪ ｨ ｨｰ0203ｨｨ ｨｰ ｨ 03ｨｪ04ｨｬ 00ｨ ｨｺｨｰ060806ｨｬ ｨｪｨ ｨｦ 04ｨ ｨｴｨｨｨｰ ｨｬｨｪｨｨｨｬ, ﾂｨｰ ｨｪ06ｨｦ ｨｨ04 ｨｰ020608ｨｨｨｦ, 06ｨ ｨｲ0709ｨｪ0706ｨｴ02ｨｦ ｨｮ ｨｪｨｹ ﾂｨ 00ｨ, ｨｰ0907 ｨｰ020608ｨｨ07 ｨｺ06ｨｬ070806ｨｬｨｨ0909ｨ, ｨｰｨｪ060907ｨｴｨ ｨｰ ｨｨ ｨｹ040609ｨ ｨｪｨｨ07 ｨｪｨ ｨｴｨｨｨｰｨ ｨｬ0603ｨｪ04ｨｬｨｨ 00ｨｨｨｪｨ ｨｪ ｨｬｨｨ 04ｨ ｨｰ08ｨｮ01ｨｪ02ｨｪｨｨ07ｨｬｨｨ ｨｪｨｨ ｨｰ0907 ｨｺ ｨｪｨｨｨｺｨｪ060902ｨｪｨｨ06 ｨｨ ｨｺ ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨ ｨｨ05ｨｨ ｨ ｨｪｨｨ04ｨ 02ｨｨｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨ ｨｰｨ ｨｺ0302 ｨｪ02ｨｺ06ｨｰ ｨ 0002ｨｪ09ｨｰｨｺｨｨ01 ｨｨ ｨｺ ｨｰ ｨｬ0603ｨｪ ｨｨｨｪｨ ｨｪ ｨ ｨｰ08ｨｮ01ｨｪ02ｨｪｨｨｨｦ 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪ06 ｨｺ ｨｨ08ｨｮ02ｨｰ 09 ｨｮ080609ｨｪ02ｨｬ 00ｨｨｨｪｨ ｨｪ ｨｨ0103ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ: ﾂ02ｨｬ ｨ 0605ｨｹ ｨｰｨｪ0609ｨｰｨｹ ｨｨ ｨｪｨｨｨｺｨｪ060902ｨｪｨｨ07, ｨｰ02ｨｬ ｨｬ02ｨｪｨｹ0302 ｨｺ080201ｨｨｨｰ ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｰ02ｨｬ ｨｪｨｰｨｪ ｨｰｨ 09ｨｺｨｨ ｨｪｨ ｨｺ080201ｨｨｨｰ04 ｨｨ ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨｪｨｨ0302 ｨｮ ｨｪｨｹ ｨ. 0201ｨｪｨｨｨｬ ｨｨ04 00ｨ ｨｺｨｰ , 0905ｨｨ0706ｨｴｨｨ01 ｨｪｨ ｨｰ 00ｨｨｨｪｨ ｨｪ ｨ ｨｰ08ｨｮ0102ｨｪｨｨｨｦ, ｨｰ ｨｺｨ ｨ ｨｰｨｨ05ｨｹｨｪ0609ｨｰｨｹ 0708ｨｨｨ ｨｦ ｨ ｨｰｨｨ05ｨｹｨｪ0609ｨｰｨｹ 0708ｨｨｨ ｨｦ ｨｰｨｮ07ｨ 02ｨｰ ｨｺ ｨｪｨｪ06ｨｦ ｨｪｨｺ06ｨｦ ｨｨ09ｨｺｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨ ｨｰ0205ｨｹｨｪ06, ｨ 09ｨｰ09ｨｮ02ｨｰ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨ ｨｰｨｪ0609ｨｰｨｨ ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨ, ﾂｨｰ06 09ｨｪｨｨ03ｨ 02ｨｰ ｨｮ ｨｪｨｹ ｨｨ07 ｨｺ080201ｨｨｨｰ ｨｨ ｨ 02ｨｰ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ 09ｨｪ0203ｨｪｨｨ01 04ｨ ｨｦｨｬ ｨ ｨｪｨｰ ｨｪ06 06ｨｰｨｬ02ｨｰｨｨｨｰｨｹ, ﾂｨｰ ｨ ｨｰｨｨ05ｨｹｨｪ0609ｨｰｨｹ 0708ｨｨｨ 0405ｨｨ ｨｰｨ ｨｺ0302 ｨｮｨｬ02ｨｪｨｹ03ｨ 02ｨｰ ｨｰｨｪ0609ｨｰｨｹ ｨｰ ｨ ｨｺｨｰｨ, ﾂｨｰ06 ｨｺ06ｨｬ07ｨ ｨｪｨｨ07 09ｨｬ060302ｨｰ ｨｹ040609ｨ ｨｰｨｹ ｨ ｨｬｨｨ 06ｨｰ ｨｪｨ ｨｴｨｨｨｰｨ ｨｮ05ｨｹｨｰｨ ｨｰ02 ﾂ02ｨｬ ｨ ｨｰｨｨ05ｨｹｨｪ0609ｨｰｨｹ 0708ｨｨｨ 0405ｨｨ, ｨｰ02ｨｬ ｨｪｨｨ0302 ｨｮ ｨｪｨｹ ﾂｨ 00ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 01ｨ 05ｨｨ ﾂｨｨ02 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪ06ｨｦ 0708ｨｨｨ 0405ｨｨ ｨｮ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨｨｬ0202ｨｰ ｨｰｨ ｨｺ ｨｨ07ｨｪｨｨ ｨｨ00ｨｨ ﾂｨｪ0609ｨｰｨｹ ｨ ｨｺｨｰｨｨ090609, ﾂ ｨｹ, ｨｰ0907 ｨｺ08ｨ 02ｨｮ000605ｨｹｨｪ04ｨｬ 0706ｨｪ07ｨｰｨｨ02ｨｬ 09 08ｨ ｨ 06ｨｰｨ 01 ｨｬｨｪ0600ｨｨ01 ｨｨ ｨ ｨｰ020502ｨｦ, 04ｨ ｨｪｨｨｨｬｨ 06ｨｴｨｨ ｨ ｨｬｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ. 00 ﾂｨ 09ｨｰｨｪ0609ｨｰｨｨ, 07ｨｨ05ｨｹ07ｨｬ0906ｨｪ [Williamson, 1988] ﾂ0208ｨｺｨｨ09ｨ 02ｨｰ, ﾂｨｰ ｨｨ ﾂｨｨ01 08ｨ 09ｨｪ0401 ｨｮ ｨｨ0701 ｨ ｨｺ02ｨｨ06ｨｪ0208ｨｪ04ｨｦ ｨｺｨ 07ｨｨｨｰｨ ｨｨ ｨｮ090205ｨｨ ﾂ02ｨｪｨｨｨｨ ｨｨ00ｨｨ ﾂｨｪ0609ｨｰｨｨ ｨ ｨｺｨｰｨｨ ｨｰ0907 ｨ ﾂｨｰｨｨｨｰ0205ｨｹｨｪ06ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ0806ｨｦ ｨｮ0708ｨ ｨｪｨｨ07. 06ｨ ｨｺｨ 07 00ｨｨ08ｨｬｨ ｨｮ ﾂｨ 02 ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨ ｨｨ05ｨｨ 05ｨｨｨｺ09ｨｨ01ｨ 02ｨｨｨｨ ｨｰ ｨｰ ｨ 0605ｨｹ ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ, ｨｰ02ｨｬ 09ｨ ｨｬ04ｨｬ ｨ ｨｪｨｨ ﾂｨｨ09ｨ ｨｨｨｬｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨ 0906 ｨｺ080201ｨｨｨｰ0608ｨ ｨｪｨ 90

7 ｨｮ ﾂ02ｨｪｨｨ ｨｪ ｨ ｨｰ0205ｨｹｨｪ06, ｨｬ0603ｨｪ06 ｨｺ06ｨｪ09ｨｰｨ ｨｰｨｨ080609ｨ ｨｰｨｹ ｨｪｨ 05ｨｨ ﾂｨｨ02 06ｨ 08ｨ ｨｰｨｪ06ｨｦ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ ｨｬ020301ｨｮ 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｨ010302ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ07ｨｬｨｨ 09 ｨｪ02ｨｬｨ ｨｰ0208ｨｨｨ 05ｨｹｨｪ ｨｨｨ 05ｨｨ04ｨｨ080609ｨ ｨｪｨｪ0402 ｨ ｨｺｨｰｨｨ0904 ( ｨｰｨｨ ｨｪ0609ｨｰｨｹ 0905ｨｨ07ｨｪｨｨ ｨｬ02ｨｴｨ 02ｨｬ0609ｨｰｨｨ ｨ ｨｺｨｰｨｨ090609). 07ｨｨ05ｨｹ07ｨｬ0906ｨｪ [Williamson, 1988] ｨｮ0006ｨｦ ｨｦ 08ｨ ｨ 06ｨｰ ｨ ﾂ0208ｨｺｨｪｨｮ05, ﾂｨｰ ｨ ｨｰ020702ｨｪｨｨ ｨｨ00ｨｨ ﾂｨｪ0609ｨｰｨｨ ｨ ｨｺｨｰｨｨ09ｨ ｨｰ ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨｨｬ 0904ｨ ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 06ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｺ0605ｨｹｨｺｨｮ 0904ｨ 0608 ｨｰｨｨ ｨ ｨｺｨｰｨｨ ｨｰｨｮ07ｨ 02ｨｰ ｨｰｨ 09ｨｪ06ｨｦ ﾂｨ 09ｨｰｨｹ06 09ｨｰ08ｨ ｨｰ0200ｨｨｨｨ ｨ ｨｨ04ｨｪ0209ｨ, ｨｰ06 06 ﾂ0209ｨｨ01ｨｪｨ 0904ｨ ｨｨｨｬ ｨｹ ｨｬ020301ｨｮ 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｨ010302ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ ｨｰ08ｨ ｨｰ0200ｨｨ02ｨｦ. 00ｨｪ0600ｨｨ02 ｨｨ ｨ ｨｰ0205ｨｨ (ｨｪｨ 0708.: [Bredly et al., 1984; Graham, 2000; Frank, Goyal, 2004]), 01ｨ 08ｨ ｨｺｨｰ0208ｨｨ04ｨｮ06ｨｰ ｨｪｨ 05ｨｨ ﾂｨｨ ｨｨ00ｨｨ ﾂｨｪ0401 ｨ ｨｺｨｰｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 04ｨ 09 ﾂ02ｨｰ ｨｨ04ｨｬ020802ｨｪｨｨ07 06ｨ ｨｲ02ｨｬｨ 08ｨ ｨｪｨ 0802ｨｺ05ｨ ｨｬｨｮ, ｨｨ ｨ ｨｪｨｨ07 ｨｨ 08ｨ 0408ｨ ｨ 06ｨｰｨｺｨｨ, ｨ ｨｰｨ ｨｺ0302 ｨｪｨ 05ｨｨ ﾂｨｨ07 ｨｪｨ ｨ ｨ 05ｨ ｨｪ0902 ｨｪ02ｨｬｨ ｨｰ0208ｨｨｨ 05ｨｹｨｪ0401 ｨ ｨｺｨｰｨｨ ｨｨｨｰｨｬｨ ｨｪ [Titman, 1984] 06ｨｰｨｬ02 ﾂｨ 02ｨｰ 0904ｨ ｨｨｨｬ ｨｹ ｨｬ020301ｨｮ ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ0609ｨｰｨｹ ｨｮｨｺｨｰｨ ｨｨ05ｨｨ 06ｨｰ08ｨ 0905ｨｨ ｨｨ ｨｮ080609ｨｪ02ｨｬ ﾂｨ 00ｨ ｨｨ 00ｨｨ08ｨｬｨ, ｨｮ09ｨｺｨ 06ｨｴｨ 07 ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ04ｨｦ ｨｮｨｺｨｰ, 05ｨｨｨｺ09ｨｨ01ｨｨ08ｨｮ02ｨｰ0907, ｨｰ06 05ｨｰ ﾂ02ｨｰ 04ｨ 0906ｨ 06ｨｦ, , ｨｰ ｨｨ ｨｺ ｨｰ0802ｨ ｨｨｨｰ020502ｨｦ ｨｮｨｺ02ｨｨｨｨ 00ｨｨ08ｨｬ04, ｨｰｨ ｨｺ ｨｺｨ ｨｺ ｨｨ09ｨｪｨ ｨｺｨ ｨｰ0907 ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ06ｨｦ ｨ ｨｪｨｪ06ｨｦ ｨｮｨｺ02ｨｨｨｨ, ｨｰ , ｨｪｨｨｨｺｨｪ060902ｨｪｨｨ02 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ, 0708ｨｨ ｨｺ06ｨｰ060806ｨｦ 08ｨ ｨ 06ｨｰｨｪｨｨｨｺｨｨ 00ｨｨ08ｨｬ04 ｨｨ ｨｰｨ 09ｨｴｨｨｨｺｨｨ 09ｨｨ05ｨｹｨｪ ｨｰ08ｨ 01ｨ 06ｨｰ 06ｨｰ ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ04-04ｨ 06ｨ 05ｨ 01ｨ ｨｪｨｨ ｨｨ00ｨｨ ﾂｨｪ04ｨｬｨｨ 06ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ06 01ｨ ｨｪｨｪ ｨｮｨｺｨｰｨ ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ. 06ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｺ06ｨｬ07ｨ ｨｪｨｨ07, ｨｮ09ｨｺｨ 06ｨｴｨ 07 ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ04ｨｦ ｨｮｨｺｨｰ, ｨｨ05ｨｨ 08ｨ ｨ 06ｨｰｨ 06ｨｴｨ ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ06ｨｦ 06ｨｰ08ｨ 0905ｨｨ ｨｪｨ, ｨｨｨｬ02ｨｰｨｹ ｨｺｨ ｨｺ ｨｬ0603ｨｪ06 ｨｬ02ｨｪｨｹ ｨ, ﾂｨｰ06ｨ ｨｺ08ｨ ｨｰｨｨｨｰｨｹ ｨｰｨｪ0609ｨｰｨｹ ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 08ｨ ｨｺ ｨ ｨｰｨｬ02 ﾂ02ｨｪ , 09 ｨｨ ｨｺｨｨ 00ｨｨｨｪｨ ｨｪ ｨ ｨｰ08ｨｮ01ｨｪ02ｨｪｨｨｨｦ ｨｪ02ｨｺ06ｨｰ ｨ 09ｨｰ (ｨｪｨ 0708.: [090802ｨｦ05ｨｨ, 00ｨ ｨｦ020809, 1997, ; Myers, 2001, ]) 09ｨｺ0506- ﾂｨ 06ｨｰ ｨｨ ｨ 0002ｨｪｨｰ09ｨｺｨｨ02 ｨｨ ｨｺｨｨ. 0209ｨｰｨ ｨｪ0609ｨｨｨｬ ｨ ｨｪ0202 ｨｪｨ 0905ｨｨ07ｨｪｨｨｨｨ ｨ 0002ｨｪｨｰ09ｨｺｨｨ01 ｨｨ ｨｺ. 0201ｨｨｨｪ ｨｨ ｨｮｨｴｨｨ01 ｨｨ ｨ ｨｰ020502ｨｦ ｨｰｨｨｨｬｨ 05ｨｹｨｪ0609ｨｰｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ 00ｨ ｨｦ [Myers, 1984] ｨ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｮ ｨｨ ｨｺｨ ｨｬ, ｨｪｨｨｨｺｨ 06ｨｴｨｨｨｬ ｨｨ04-04ｨ 08ｨ 04ｨｪ060005ｨ 09ｨｨｨｦ ｨｬ020301ｨｮ ｨ ｨｺ02ｨｨ06ｨｪ0208ｨ ｨｬｨｨ ｨｨ ｨｺ080201ｨｨｨｰ0608ｨ ｨｬｨｨ. 0806ｨｪ0005ｨｨｨｺｨｰ ｨｰ ｨｰ06ｨｬ, ﾂｨｰ06 ｨ ｨｺ02ｨｨ06ｨｪ ｨｰ0802ｨｬ07ｨｰ ｨ 05ｨｨ040609ｨ ｨｰｨｹ ｨｨｨｪ090209ｨｰｨｨ02ｨｨ06ｨｪｨｪ ｨｺｨｰ04 09 ｨ ｨｺｨｨｨｬ ｨｬ ｨｨ, ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ06, 09 ｨ ｨｺｨｨｨｬ 08ｨｨ09ｨｺ06ｨｬ, ﾂ02ｨｬ ﾂ05ｨｨ ｨ 04 ｨｺ080201ｨｨｨｰ060804, 04ｨ ｨｨｨｪｨｰ ｨ ｨｪｨｪ ｨ ｨｰ ｨｨ ｨｪｨｨｨｦ. 06ｨｰｨ ｨ 0502ｨｬｨ ｨｮ ﾂｨｨ05ｨ ｨｪｨ 0409ｨ ｨｪｨｨ ｨ ｨｬ02ｨｴ02ｨｪｨｨ02 ｨ ｨｺｨｰｨｨ (asset substitution problem) ｨｮｨｴ0209ｨｰ090609ｨ ｨｪｨｨ02, ｨｪｨ ｨｮ ｨ 0502ｨｬ06ｨｦ ｨｨｨｪ090209ｨｰｨｨ080609ｨ ｨｪｨｨ07, 0708ｨｨ090601ｨｨｨｰ ｨｺ ｨｰ06ｨｬｨｮ, ﾂｨｰ ｨｨｨ 0405ｨｹｨｪ ｨｺｨｰ0609 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ 06ｨｰｨｺ0506ｨｪ02ｨｪ. 00ｨ ｨｦ ｨｨ01 ｨｨ ｨ ｨｪｨｨ ﾂ0208ｨｺｨｨ09ｨ 02ｨｰ, ﾂｨｰ06 05ｨｰｨｨ ｨ 0502ｨｬ ｨ 02ｨｪｨｪ06 ｨ ｨｺｨｰｨｮｨ 05ｨｹｨｪ ｨｰ0201 ｨ ｨｺｨｰｨｨ090609, ｨｺ06ｨｰ ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 0802ｨ 05ｨｨ040609ｨ ｨｰｨｹ 08ｨ 0405ｨｨ ﾂｨｪ ｨｬ0603ｨｪ0609ｨｰｨｨ ｨｰｨ 09 ｨ ｨｮ01ｨｮｨｴ02ｨｬ. 06ｨｪ04ｨｬｨｨ ｨ ｨｬｨｨ, ﾂ02ｨｬ ｨ 0605ｨｹ0302 ｨｺ06ｨｬ07ｨ ｨｪｨｨ07 ｨｨｨｪ090209ｨｰｨｨ08ｨｮ02ｨｰ 09 ｨｰｨ ｨｺｨｨ02 ｨ ｨｺｨｰｨｨ0904, ｨｰ02ｨｬ ｨ ｨｪｨ 09ｨｰ ｨｪｨｪ06 ｨ ｨｮ01ｨｮｨｰ 06ｨｰｨｪ0609ｨｨｨｰｨｹ0907 ｨｺ080201ｨｨｨｰ ｨｺ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ 00ｨｨ08ｨｬ04, ｨｰ02ｨｬ ｨｬ02ｨｪｨｹ0302 ｨ ｨｮ0102ｨｰ ｨｨ ﾂｨｨｨｪｨ ｨ 02ｨｬｨｪ ｨｰ ｨｰ08ｨｮｨｺｨｰｨｮ0802 ｨｺｨ 07ｨｨｨｰｨ 05ｨ. 91

8 ｨｪ0902ｨｪ ｨｨ ｨｺ05ｨｨｨｪ ｨｰｨ ｨｰｨｹ02 [Jensen, Meckling, 1976], ｨｰｨｨ090302ｨｦ ｨ 0002ｨｪｨｰ09ｨｺｨｨ01 ｨｨ ｨｺ, 0609ｨｰｨ ｨｪｨ 0905ｨｨ09ｨ 05ｨｨ09ｨｹ ｨｪｨ 0108ｨｮ0006ｨｦ 09ｨｰ060806ｨｪ02 ｨ 0002ｨｪｨｰ09ｨｺｨｨ01 06ｨｰｨｪ060302ｨｪｨｨｨｦ ｪ 08ｨ ｨ ｨ ｨｪｨｪ0609ｨｰｨｨ ｨｨｨｪｨｰ ｨ ｨｺ02ｨｨ06ｨｪ ｨｨ ｨｬ02ｨｪ ﾁ02ｨｬ ｨｬ02ｨｪｨｹ ｨ 0102ｨｪｨｨ07 ｨ ｨｺ02ｨｨｨｦ ｨｮ ｨｬ02ｨｪ ｨ, 08ｨ 0909ｨｮ0301ｨ 05ｨｨ 06ｨｪｨｨ, ｨｰ02ｨｬ ｨ 0605ｨｹ ｨｪ 09ｨｰ0802ｨｬｨｨｨｰ ｨｰ0802ｨ 0507ｨｰｨｹ 08ｨ 0405ｨｨ ﾂｨｪ0401 ｨ 05ｨ 00 04ｨ 09 ﾂ02ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ, ｨｰ0902ｨｰ09ｨｰ0902ｨｪｨｪ06, 09ｨｪ0203ｨｪｨｨ01 ｨ ｨｺ02ｨｨ06ｨｪ ｨ 0409ｨｨ09ｨ 07 01ｨ ｨｪｨｪｨｮ06 ｨｺ06ｨｪ ｨｨ06, ｨｪ0902ｨｪ, ｨｬｨ ｨｪ ｨｨ ｨ 08ｨｰ ｨｨ01 01ｨ 05ｨｹｨｪ02ｨｦ03ｨｨ01 ｨｨ ｨ ｨｪｨｨ0701, ｨ ｨｪｨｪ ｨ 0502ｨｬ06ｨｦ ｨｬｨｨｨｪｨｨｨｬｨｨ04ｨ 02ｨｨｨｨ ｨ 0002ｨｪｨｰ09ｨｺｨｨ01 ｨｨ ｨｺ [Grossman, Hart, 1982; Jensen, 1986], ｨｮｨｰ ｨ 06ｨｰ, ﾂｨｰ ﾂｨ 09ｨｰｨｨ ﾂｨｪ ｨｪｨｨ ｨｬ0603ｨｪ06 04ｨ 09 ﾂ02ｨｰ 04ｨ 02ｨｬｨｪ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, ｨｺ06ｨｰ ｨ ｨｪｨｨ ﾂｨｨ09ｨ 02ｨｰ ｨｬｨ 0903ｨｰｨ ｨ ｨｮ0706ｨｰ0802ｨ 0502ｨｪｨｨｨｦ03 ｨｬ02ｨｪ ｨ ｨｹ0306ｨｦ 09ｨｪ0203ｨｪｨｨｨｦ ｨｮ09ｨｨ05ｨｨ09ｨ 02ｨｰ ｨｰｨｪ0609ｨｰｨｹ ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨ ｨｰ0205ｨｹｨｪ06, ｨｮ090205ｨｨ ﾂｨｨ09ｨ 02ｨｰ ｨｨ09ｨｺ ｨｬ02ｨｪ ｨ ｨｺｨ ｨｺ ｨｮ0708ｨ ｨｪ02ｨ 0706ｨｰ020807ｨｰｨｹ 08ｨ ｨ 06ｨｰｨｮ ｨｨ ｨｨ ｨｰｨｨｨｰｨｹ ｨｮｨｰｨ 02ｨｨ ｨｮｨｰ ｨｪｨｨ ｨｪ0902ｨｪｨ, 0609ｨｪ0609ｨｪ06ｨｦ 01ｨ 08ｨ ｨｺｨｰ0208ｨｨ09ｨｰｨｨｨｺ06ｨｦ 00ｨｨ08ｨｬ, ｨｺ06ｨｰ060804ｨｬ ｨｪ06 ｨｨ ｨｹ040609ｨ ｨｰｨｹ ｨｮ06 ｨｪｨ 0008ｨｮ04ｨｺｨｮ ｨｨ0902ｨｨ0705ｨｨｨｪｨｨ080609ｨ ｨｪｨｨ ｨｪｨｨ07 ｨｬ02ｨｪ , ｨｰ ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ ｨｪｨｨ ｨｪ0203ｨｪ ｨｰ06ｨｺ ｨｨ08ｨｬ04 ｨｪｨ ｨｬ0603ｨｪ0609ｨｰ07ｨｬｨｨ ｨｨ ｨｰｨ [Balakrishnan, Fox, 1993; Lang, Ofek, 1996]. 06ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, 09ｨｮｨｴ0209ｨｰ090609ｨ ｨｪｨｨ02 ｨ 0002ｨｪｨｰ09ｨｺ06ｨｦ ｨ 0502ｨｬ ｨ 02ｨｨ01 ｨｨ070609ｨｰｨ (ｨｺ080201ｨｨｨｰ ｪ ｨ ｨｺ02ｨｨ06ｨｪ020804, ｨｬ02ｨｪ ｪ ｨ ｨｺ02ｨｨ06ｨｪ020804) 0708ｨｨ090601ｨｨｨｰ ｨｺ 06ｨ 08ｨ ｨｰｨｪ06ｨｦ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ ｨｬ020301ｨｮ 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｨ010302ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ ｨｬ0603ｨｪ0609ｨｰ07ｨｬｨｨ ｨｰｨ. 0201ｨｪ06ｨｦ ｨｨ04 ｨｰ020608ｨｨｨｦ, 06ｨ ｨｲ0709ｨｪ0706ｨｴｨｨ ｨｨ07ｨｪｨｨ02 ｨ 0909ｨｨｨｬ02ｨｰ08ｨｨｨｨ ｨｨｨｪ000608ｨｬｨ 02ｨｨｨｨ ｨｪｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｺｨ 07ｨｨｨｰｨ 05ｨ, ｨｰ0907 ｨｰｨ ｨｺ ｨｪｨ ｨ 02ｨｬｨ 07 ｨｰ020608ｨｨ07 ｨｨ0208ｨ 0801ｨｨｨｦ (pecking order theory), 08ｨ 0408ｨ ｨ 06ｨｰｨ ｨｪｨｪｨ ｨｰｨ ｨｰｨｹ ｨ ｨｦ020809ｨ ｨｨ ｨｦ05ｨ 00ｨ [Myers, 1984; Myers, Majluf, 1984]. 0207ｨｨ08ｨ 0709ｨｹ ｨｪｨ ｨｺ, 0609ｨｪ0609ｨｪｨ 07 ｨｨ04 ｨｺ06ｨｰ ｨｰ06ｨｨｨｰ 09 ｨｰ06ｨｬ, ﾂｨｰ06 00ｨｨ08ｨｬ ﾂｨｨｨｰｨ 06ｨｰ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07, ｨｰ060806ｨｪｨｪｨｨｨｺｨｨ ｨ 06ｨｰ 04ｨ ｨｺ0506 ﾂ02ｨｪｨｨ02 06 ｨｰ06ｨｬ, ﾂｨｰ ｨｺｨ ｨｨｨ 0405ｨｹｨｪ0609ｨｰｨｹ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｰ ｨｺ ｨ ｨｪｨｨ04ｨｺ06ｨｬｨｮ ｨｺ ｨｨ02ｨｨ02ｨｪｨｰｨｮ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 (09 05ｨｰ06ｨｬ 0905ｨｮ ﾂｨ 02 ｨｮ 00ｨｨ08ｨｬ ｨｰｨ ｨｰ06 ﾂｨｪ06 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ ｨｮ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ ｨｨ01 ｨｺｨ 07ｨｨｨｰｨ ｨｪｨｨｨｦ). 06ｨｰ06ｨｰ ｨｪ0609ｨｰｨｹ ｨｰｨｨ ﾂｨｨｨｰ 04ｨ ｨｺ0506 ﾂ02ｨｪｨｨ07ｨｬ ｨｰ020608ｨｨｨｨ ｨｺ06ｨｬ070806ｨｬｨｨ0909ｨ, ｨ 00ｨ 06ｨｴ02ｨｦ, ﾂｨｰ06 ｨｮ 00ｨｨ08ｨｬ04 09ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ ｨｪ02ｨｺｨｨｨｦ 08ｨ 0909 ﾂｨｨｨｰｨ ｨｪｨｪ04ｨｦ 0607ｨｰｨｨｨｬｨ 05ｨｹｨｪ04ｨｦ ｨｮ ｨｪｨｹ ｨ, ｨｺ ｨｺ06ｨｰ060806ｨｬｨｮ 06ｨｪｨ ｨｰ0607ｨｪｨｪ06 09ｨｰ0802ｨｬｨｨｨｰ ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ 09 04ｨ ｨｺ06ｨｪ06ｨｬ0208ｨｪ0609ｨｰ07ｨｬｨｨ, ｨｺ06ｨｰ ｨｮ09ｨｰｨ ｨｪｨ 0905ｨｨ09ｨ 02ｨｰ 05ｨｰｨ ｨｺ06ｨｪ ｨｨ07, 00ｨｨ08ｨｬ ｨｺｨｨｨｬｨｨ 0708ｨｨｨ ｨｬｨｨ ｨｨ 0908ｨ 09ｨｪｨｨｨｰ0205ｨｹｨｪ06 ｨｪｨｨ04ｨｺ06ｨｦ ｨｰｨｪ0609ｨｰｨｹ06 ｨ ｨ ｨｪｨｺ0806ｨｰ09ｨｰ09ｨ ｨｪ04 ｨｨｨｬ02ｨｰｨｹ ｨｰｨ ｨｰ06 ﾂｨｪ ｨｺｨｨｨｦ ｨｮ ｨｪｨｹ ｨ ｨｬｨ ｨｺ09ｨｨｨｬｨｨ04ｨ 02ｨｨｨｨ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｮ00ｨｨ02 ｨｨ ｨ ｨｰ0205ｨｨ [Sharpe, Nguyen, 1995; Frank, Goyal, 2004] 06ｨｰｨｬ02 ﾂｨ 06ｨｰ, ﾂｨｰ06 00ｨｨ08ｨｬｨ, ｨｪ ｨ ｨｰ07ｨｴｨ 07 01ｨｨ09ｨｨ0102ｨｪ0104 ｨ ｨｺ02ｨｨ06ｨｪ0208ｨ ｨｬ, 06ｨ 05ｨ 01ｨ 02ｨｰ ｨ 0605ｨｹ0302ｨｦ ｨｨｨｪ000608ｨｬｨ 02ｨｨ06ｨｪｨｪ06ｨｦ ｨ 0909ｨｨｨｬ02ｨｰ08ｨｨ02ｨｦ ｨｨ, ｨ ｨｰ0205ｨｹｨｪ06, ｨ 0605ｨｹ ﾂｨｨｨｰｨ 02ｨｰ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｰｨｹ ｨ 09 ﾂ02ｨｰ ｨ, ｨ ｨｪ02 04ｨ 09 ﾂ02ｨｰ ｨ ｨｺ02ｨｨ06ｨｪ0208ｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ. 92

9 ﾁ ﾁ ｨｨ 08ｨ ｨ 06ｨｰ, ｨｺ06ｨｪ0202ｨｪｨｰ08ｨｨ08ｨｮ06ｨｴｨｨ ｨｪｨｨｨｬｨ ｨｪｨｨ02 ｨｪｨ ﾂｨｨ090502ｨｪｨｪ ｨ ｨｺｨｰ0608ｨ 01, ｨ 02ｨｪｨｪ ｨｺ ｨｰ0907 ｨｨ ｨ ｨｪｨｨ02, ｨｪｨｪ0602 ｨｮ ﾂ02ｨｪ04ｨｬｨｨ ｨｨ, ｨ ｨｬ ｨｨ ｨｨｨｬ06ｨｬ [Bredly, Jarrell, Kim, 1984]. 0809ｨｰ ｨｬ07ｨｨ08ｨｨ ﾂ0209ｨｺｨｨ ｨ ｨ ｨｨ08ｨｮ06ｨｰ ｨｰ ｨｰｨｨ ﾂ0209ｨｺｨｨ ｨ ｨｨｨｬ ｨｨ ｨｬ020301ｨｮ 00ｨｨｨｪｨ ｨｪ ｨｬｨｨ 00ｨ ｨｺｨｰ0608ｨ ｨｬｨｨ ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｨ010302ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ﾂ ｨｹ, ｨ 05ｨ ｨｺ08ｨｨ03ｨｪｨ ｨｪ ｨｨ ｨｺ09 [Balakrishnan, Fox, 1993] ｨｰ 0904ｨ ｨｨｨｬ ｨｨ ｨｪ02 ｨｰ0605ｨｹｨｺ06 00ｨｨｨｪｨ ｨｪ , ｨｪ06 ｨｨ 09ｨｰ08ｨ ｨｰ0200ｨｨ ﾂ0209ｨｺｨｨ01 00ｨ ｨｺｨｰ , 0905ｨｨ0706ｨｴｨｨ01 ｨｪｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｺｨ 07ｨｨｨｰｨ 05ｨ. 0308ｨｨ 05ｨｰ06ｨｬ 09 ｨｺｨ ﾂ0209ｨｰ ｨｪ ｨ ｨｪｨ 05ｨｨ04ｨ 06ｨｪｨｨ 0904ｨ ｨｨ08ｨ 06ｨｰ 00ｨｨ08ｨｬ04, 0102ｨｦ09ｨｰ09ｨｮ06ｨｴｨｨ ｨｪ06ｨｦ 06ｨｰ08ｨ 0905ｨｨ, ｨｰｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ ｨｪｨｨ090205ｨｨ08ｨｮ07 00ｨ ｨｺｨｰ ｨｰ08ｨ ｨｦ 01ｨｨ ｨｨ00ｨｨｨｺｨ 02ｨｨｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ, 04ｨｪｨ ﾂｨｨｨｰ0205ｨｹｨｪ06 ｨｨ09ｨｺｨ 03ｨ 06ｨｴｨｨｨｦ 0905ｨｨ07ｨｪｨｨ02 07ｨ 08ｨ ｨｬ02ｨｰ ｨｪｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｺｨ 07ｨｨｨｰｨ 05ｨ. 01ｨｨ ｨ 00ｨ 02ｨｰ ｨ 06ｨ ｨｴ02ｨｪｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｰｨｪ0609ｨｨｨｰ0205ｨｹｨｪ ｨ ｨｨｨｬ ｨｨ ｨｪｨｪ ｨ ｨｺｨｰ ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｨ0103ｨ, ｨｮ ﾂ02ｨｪｨｪ ｨ 0604ｨｪｨ ﾂ02ｨｪｨｪ ｨｨ 0108ｨｮ00ｨｨ01 ｨｨ ｨ ｨｪｨｨ ｬ ｨ 09ｨｪ06 09ｨ 05ｨ ｨｺ08ｨｨ03ｨｪｨ ｨｪｨｮ, ｨ ｨｰｨ ｨｺ ｨｨ ｨｨ ｨ 09ｨｰ0608ｨ ｨｬ [Balakrishnan, Fox, 1993; Bredly, Jarrell, Kim, 1984], 0904ｨ ｨｨｨｬ ｨｹ ｨｬ020301ｨｮ ｨ ｨｰｨｨ05ｨｹｨｪ0609ｨｰｨｹ ｨｨｨ 0405ｨｨ ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｨ010302ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 09ｨｰｨ ｨｰｨｨ09ｨｰｨｨ ﾂ0209ｨｺｨｨ 04ｨｪｨ ﾂｨｨｨｬｨ ｨｨ 01ｨ 08ｨ ｨｺｨｰ0208ｨｨ04ｨｮ02ｨｰ ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪ06ｨｦ ｨｺ ｨｨ02ｨｦ. 7ｬ4 00 ｨｨ ｨ ｨｪｨｨｨｨ ｨｨ ｨ 09ｨｰ0608ｨ ｨｬｨｨ [Bredly, Jarrell, Kim, 1984] 0904ｨ ｨｨｨｬ ｨｹ ｨｬ020301ｨｮ ｨ ｨｬ0608ｨｰｨｨ04ｨ 02ｨｨ02ｨｦ (ｨｺｨ ｨｺ ｨｪｨ ｨｨｨ ｨｪｨ ﾂｨｨｨｬ04ｨｬ 09ｨｮｨ 09ｨｰｨｨｨｰｨｮｨｰ06ｨｬ ｨｪｨ ｨｴｨｨｨｰｨ ) ｨｨ 00ｨｨｨｪｨ ｨｪ ｨｬ ｨｨ010302ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 06ｨｺｨ 04ｨ 05ｨ 09ｨｹ 09ｨｰｨ ｨｰｨｨ09ｨｰｨｨ ﾂ0209ｨｺｨｨ 04ｨｪｨ ﾂｨｨｨｬ06ｨｦ ｨｨ, ｨｺｨｨ ｨｰ ｨｰｨｨ ﾂ0209ｨｺｨｨｨｬ ｨ ｨｬ, ｨｨｨｰ0205ｨｹｨｪ06ｨｦ. 0201ｨｪ06 ｨｨ ｨｬ0603ｨｪ ｨ ｨｲ0709ｨｪ02ｨｪｨｨｨｦ 05ｨｰ ｨ 09ｨｰ0607ｨｰ0205ｨｹ09ｨｰ09ｨ ｨｰ06ｨｨｨｰ 09 ｨｰ06ｨｬ, ﾂｨｰ06 ｨ ｨｬ0608ｨｰｨｨ04ｨ 02ｨｨ ｨｰ ｨｰ08ｨ 0302ｨｪｨｨ02ｨｬ ｨ ｨｺｨｰｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ (ｨｰｨ ｨｺｨｨ01, ｨｺｨ ｨｺ ｨｪ020109ｨｨ03ｨｨｨｬ0609ｨｰｨｹ ｨｨ 06ｨ 0608ｨｮ010609ｨ ｨｪｨｨ02), ｨｺ06ｨｰ ｨｬ0600ｨｮｨｰ 0905ｨｮ03ｨｨｨｰｨｹ 06ｨ ﾂ02ｨｪｨｨ02ｨｬ ｨ 0405ｨｨ ﾂｨｪ0401 ｨｺ080201ｨｨｨｰ ｨｰ06ｨｬ 0905ｨｮ ﾂｨ 02 06ｨｰｨｪ060302ｨｪｨｨ02 ｨ ｨｬ0608ｨｰｨｨ04ｨ 02ｨｨｨｨ ｨｺ 06ｨ ｨｴ02ｨｦ 09ｨｮｨｬｨｬ02 ｨ ｨｺｨｰｨｨ ｨｬ0603ｨｪ06 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ ｨｺｨ ｨｺ 09ｨｰ020702ｨｪｨｹ ｨｬ02ｨｴｨ 02ｨｬ0609ｨｰｨｨ03 (redeployable) ｨ ｨｺｨｰｨｨ ｨｨ08ｨｬ04, ｨｨ 09 ﾂ02ｨｬ ｨｪ02 06ｨ 0609ｨｪ0609ｨ ｨｪｨｪ ｨｨ01ｨ ｨｰｨｹ ｨｪｨｨ ｨｬ06ｨｦ 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｨ. 04ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 07 ｨ ｨｬ0608ｨｰｨｨ04ｨ 02ｨｨ06 09 ｨｰｨ ｨｺ06ｨｬ ｨｺ06ｨｪｨｰ02ｨｺ09ｨｰ02, ｨｺ ｨ ｨｪｨ ｨｨ ﾂｨｪ04ｨｬ 04ｨ ｨｺ0506 ﾂ02ｨｪｨｨ07ｨｬ 0708ｨｨ0305ｨｨ 09ｨ 05ｨ ｨｺ08ｨｨ03ｨｪｨ ｨｪ ｨｨ 0806ｨｺ09 [Balakrishnan, Fox, 1993], ｨ ｨｰｨ ｨｺ ｨ ｨｪｨｺ ｨｨ 0106ｨｦ0705 [Frank, Goyal, 2004]. 7ｬ ｨ 09ｨｪ06 08ｨ ｨ 06ｨｰ02 [Bredly, Jarrell, Kim, 1984], ｨ ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｪｨ 0802ｨｺ05ｨ ｨｬｨｮ ｨｨ ｨｨ ｨ ｨｪｨｨ07, ｨｺ06ｨｰ060804ｨｦ ｨｬ0603ｨｪ06 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ ｨｰｨｹ 09 ｨｺｨ ﾂ0209ｨｰ ｨ ｨｺｨｰ0608ｨ ｨｪ ｨｪｨ ｨｴｨｨｨｰｨ, 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪ ｨｨ0702ｨｰ ｨｪｨ 5 08ｨｨｨｪｨ ｨｪ ｨｦ ｨｨ0103 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 09 ｨｨ ｨ ｨｪｨｨｨｨ [Bredly, Jarrell, Kim, 1984] ｨｨ04ｨｬ ｨｺｨ ｨｺ 06ｨｰｨｪ060302ｨｪｨｨ02 ｨ ｨ 05ｨ ｨｪ ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ ﾂｨｪ ｨ 0704ｨ ｨｰ0205ｨｹ09ｨｰ09 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｺ ｨｪ06 ﾂｨｪ06ｨｦ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ. 93

10 137ｬ4 7ｬ4 7ｬ4 7ｬ4 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｨ0103 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ﾂｨｰ ｨｪ ｨ 09ｨｮ02ｨｰ ｨｰ ｨｰｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ 0904ｨｺ05ｨ 01ｨｺｨ ｨｬｨｨ ｨｨ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｮ ﾂｨｨ05ｨｨ ｨｪ00 ｨｨ ｨ 05ｨｨ04 [Long, Malitz, 1985a; 1985b], ｨｨｨｰｨｬｨ ｨｪ ｨｨ [Titman, Wessels, 1988], ｨｦ0904 ｨｨ ｨｮ [Caves, Pugel, 1985], ｨ ｨｰｨ ｨｺ ｨｪ09 [Spence, 1985] ｨｨ07 ｨ 0002ｨｪｨｰ09ｨｺｨｨ01 ｨｨ ｨｺ 0909ｨｨ0102ｨｰ0205ｨｹ09ｨｰ09ｨｮ02ｨｰ 06 ｨｰ06ｨｬ, ﾂｨｰ ｨｪｨ 09ｨｮｨｴ0209ｨｰ090609ｨ ｨｰｨｹ 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪｨ ｨｹ ｨｬ020301ｨｮ ｨｬ0603ｨｪ0609ｨｰ07ｨｬｨｨ ｨｰｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ ｨｨｨｪｨ ｨｪ ｨｬ ｨｨ010302ｨｬ, ﾂｨｰ06 ｨｨ ｨ ｨｬ06ｨｪ09ｨｰ08ｨｨ080609ｨ ｨｪ ｨ 0405ｨｨ ﾂｨｪ ｨｬ07ｨｨ08ｨｨ ﾂ0209ｨｺｨｨ01 ｨｨ ｨ ｨｪｨｨ0701 [Long, Malitz, 1985a; Balakrishnan, Fox, 1993; Barclay, Smith, Watts, 1995; Barclay, Smith, 1999]. 04ｨ 0409ｨｨ09ｨ 07 ｨｰ02ｨｬｨ ｨｰｨｨｨｺｨｮ ｨｬ020306ｨｰ08ｨ ｨ 02ｨｪｨｪ0609ｨｰ02ｨｦ, ｨｨ ｨ 09ｨｰ0608ｨ ｨｬｨｨ [Bredly, Jarrell, Kim, 1984] 06ｨ ｨｪｨ 08ｨｮ03ｨｨ05 ｨｪ02ｨ 0605ｨｹ030602, ｨｪ ｨｰｨ ｨｺｨｨ 09ｨｰｨ ｨｰｨｨ09ｨｰｨｨ ﾂ0209ｨｺｨｨ 04ｨｪｨ ﾂｨｨｨｬ ｨｨ07ｨｪｨｨ02 06ｨｰ08ｨ ｨ 02ｨｪｨｪ0609ｨｰ02ｨｦ ｨｪｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ ｨｺｨ 07ｨｨｨｰｨ 05ｨ. 09ｨ 05ｨ ｨｺ08ｨｨ03ｨｪｨ ｨｪ ｨｨ 0806ｨｺ09 [Balakrishnan, Fox, 1993] 06ｨｰｨｬ02ｨｰｨｨ05ｨｨ 09ｨｮｨｴ0209ｨｰ0902ｨｪｨｪ06 ｨｬ02ｨｪｨｹ03ｨｮ ｨｹ ｨｬ020306ｨｰ08ｨ ｨ 0405ｨｨ ﾂｨｨｨｦ ｨ ｨｰｨｨｨｬｨ 05ｨｹｨｪ06ｨｦ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨ 09ｨｪ02ｨｪｨｨ ｨｮ00ｨｨｨｬｨｨ 00ｨ ｨｺｨｰ0608ｨ ｨｬｨｨ, 0905ｨｨ0706ｨｴｨｨｨｬｨｨ ｨｪｨ 04ｨｪｨ ﾂ02ｨｪｨｨ ｨｨ0103ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 0308ｨ ｨｺｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｨ ｨ ｨｰ0205ｨｨ ｨｨ01 08ｨ ｨ 06ｨｰｨ 01 06ｨｰｨｬ02 ﾂｨ 06ｨｰ 04ｨｪｨ ﾂｨｨｨｬ0609ｨｰｨｹ ｨｨ00ｨｨｨｺｨｨ ｨ ｨｺｨｰｨｨ ｨｨ 0904ｨ ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07. 01ｨ 0708ｨｨｨｬ0208, ｨｨ050906ｨｪ ｨｨ ｨ ｨｪ00 [Wilson, Zhang, 2000] ｨｨ ｨｨｨｪｨｰ ｨｪ0602 ｨｨ ｨ ｨｪｨｨ02, ｨｺｨ ﾂ0209ｨｰ0902 ｨｨ04ｨｬ0208ｨｨｨｰ ｨｨ00ｨｨ ﾂｨｪ0609ｨｰｨｨ ｨ ｨｺｨｰｨｨ ｨ 08ｨ 05ｨｨ 06ｨ ｨｲ02ｨｬ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ 09 ｨｰ0201ｨｪ ｨｨｨｨ ｨｨ ｨｰ09ｨ ｨｮｨｪｨｨｨｺｨ 05ｨｹｨｪ ｨｮｨｺｨｰｨ. 02ｨｪｨｨ ｨｰ ｨｨ05ｨｨ, ﾂｨｰ06 ｨｰｨ ｨｺｨｨ02 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ 00ｨｨｨｪｨ ｨｪ09ｨｨ08ｨｮ06ｨｰ0907 ｨ 0605ｨｹ ｨ 09 ﾂ02ｨｰ 0906ｨ 09ｨｰ0902ｨｪｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ, ｨｰ. 02. ｨｨｨｬ0206ｨｰ 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪｨｮ06 ｨｺ ｨｨ ｨｨｨｪｨ ｨｪ ｨｬ ｨｨ010302ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨ 00ｨｨ08ｨｬｨ ｨｨ08ｨｮ02ｨｰ ｨｪｨ ｨｺ06ｨｺ06ｨｪｨｺｨｮ0802ｨｪｨｰｨｪ ｨｪｨｺｨ ｨｰｨ ｨｪ01ｨ 08ｨｰｨｪ04ｨｬｨｨ ｨｮｨｺｨｰｨ ｨｬｨｨ (commodity market), ｨｰ06 09ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ ｨｰ02ｨｪ0102ｨｪ02ｨｨ ｨ 0608ｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07. 09ｨ 05ｨ ｨｺ08ｨｨ03ｨｪｨ ｨｪ ｨｨ 0806ｨｺ09 [Balakrishnan, Fox, 1993] 06ｨｰｨｬ02 ﾂｨ 06ｨｰ 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪｨｮ ｨ ｨｨｨｬ ｨｹ ｨｬ020301ｨｮ ｨｨ00ｨｨ ﾂｨｪ0609ｨｰｨｹ06 ｨ ｨｺｨｰｨｨ090609, ｨ 0302ｨｪｨｪ ｨｨ ｨ ｨｪｨ ｨｨ ｨ ｨｪｨｨ07 ｨｨ 08ｨ 0408ｨ ｨ 06ｨｰｨｺｨｨ, ｨｨ ｨｨ010302ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 0308ｨｨ 05ｨｰ06ｨｬ 06ｨｪｨｨ ｨｮｨｺｨ ｨ 06ｨｰ ｨｪｨ 04ｨｪｨ ﾂｨｨｨｬ0609ｨｰｨｹ 08ｨ 0405ｨｨ ﾂｨｨ07 ｨｬ020301ｨｮ ｨｨ00ｨｨ ﾂｨｪ04ｨｬｨｨ ｨｪ02ｨｬｨ ｨｰ0208ｨｨｨ 05ｨｹｨｪ04ｨｬｨｨ ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ ｨｨ ｨｺ060802ｨ 05ｨｨ04ｨｮ02ｨｬ04ｨｬｨｨ ｨ ｨｺｨｰｨｨ09ｨ ｨｬｨｨ. 01ｨ 0708ｨｨｨｬ0208, ｨｮ09ｨｰ06ｨｦ ﾂｨｨ0904ｨｦ ｨ 0805ｨｪ01 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨｺ ｨ ｨｪ, ｨｨ, ｨ ｨｰ0205ｨｹｨｪ06, ｨｬ0603ｨｪｨ ｨｨｨｰ0205ｨｹｨｪｨ ｨｹ ｨｬ020301ｨｮ 08ｨ ｨ ｨｬｨｨ ｨｪｨ 0802ｨｺ05ｨ ｨｬｨｮ ｨｨ ｨｨ010302ｨｬ, ｨｪ0209ｨｬ06ｨｰ0807 ｨｪｨ ｨｪ02ｨｬｨ ｨｰ0208ｨｨｨ 05ｨｹｨｪｨｮ ｨｪ0609ｨｮ ｨ ｨｺｨｰｨｨ09ｨ. 06ｨ ｨｺｨｨ , ﾂ ｨｹ, ｨｪ ｨ 09ｨｮ06ｨｰ ｨｰ ｨｰｨｨ ﾂ0209ｨｺｨｨｨｬｨｨ ｨｮ05ｨｹｨｰｨ ｨｰｨ ｨｬｨｨ, ｨｮ ﾂ02ｨｪｨｪ04ｨｬｨｨ 08ｨ ｨｪ ｨｪ0600ｨｨ02 ｨｨ ｨ ｨｰ0205ｨｨ 05ｨｬ07ｨｨ08ｨｨ ﾂ0209ｨｺｨｨ ｨｨ 0708ｨ 09ｨｨ05ｨｹｨｪ0609ｨｰｨｹ ｨｰ020608ｨｨｨｨ ｨｺ06ｨｬ070806ｨｬｨｨ0909ｨ ｨｨ ｨｰ020608ｨｨｨｨ ｨｨ0208ｨ 0801ｨｨｨｦ ｨｬ06ｨｰ0807 ｨｪｨ 04ｨ ｨｺ0506 ﾂ02-94

11 13ｨｪｨｨ02 ｨｰ020608ｨｨｨｨ ｨｺ06ｨｬ070806ｨｬｨｨ , ｨｪｨ 0708ｨ ｨｺｨｰｨｨｨｺ ｨｨｨ 0405ｨｹｨｪ0402 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨｨｬ0206ｨｰ ｨｰｨ ｨｰ06 ﾂｨｪ06 ｨｪｨｨ04ｨｺｨｨｨｦ 00ｨｨｨｪｨ ｨｪ ｨｦ ｨｨ0103 [Graham, 2000; Wald, 1999] ｨｰ060006, 01ｨ ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ 06ｨｰ08ｨｨ02ｨ ｨｰ0205ｨｹｨｪｨ 07 ｨｺ ｨｨ07 ｨｬ020301ｨｮ ｨｺ ｨｨ02ｨｨ02ｨｪｨｰ06ｨｬ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 ｨｨ 0708ｨｨｨ 0405ｨｹｨｪ0609ｨｰｨｹ06 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｦ [Rajan, 1995] ｨｨ07 ｨｨ0208ｨ 0801ｨｨｨｦ, ｨｪｨ ｨｰｨｨ09, ｨｰ 06ｨ ｨｲ0709ｨｪｨｨｨｰｨｹ, 0706 ﾂ02ｨｬｨｮ ｨ ｨｨｨ 0405ｨｹｨｪ0402 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨｨｬ0206ｨｰ ｨｪｨｨ04ｨｺｨｨｨｦ ｨｮ ｨｪｨｹ ｨ : ｨｰｨ ｨｺｨｨ02 00ｨｨ08ｨｬ04 08ｨ ｨ 00ｨ 06ｨｰ ｨ 0605ｨｹ03ｨｨｨｬｨｨ ｨｬ0603ｨｪ0609ｨｰ07ｨｬｨｨ ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ06 ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｦ 04ｨ 09 ﾂ02ｨｰ 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ01 ｨｨ09ｨｰ06 ﾂｨｪｨｨｨｺ ｨ 0405ｨｨ ﾂｨｪ ｨｬ07ｨｨ08ｨｨ ﾂ0209ｨｺｨｨ ｨｺｨｨ ｨｰ020608ｨｨｨｨ ｨｬ06ｨｪ09ｨｰ08ｨｨ080609ｨ 05ｨｨ 0708ｨ 09ｨｨ05ｨｹｨｪ0609ｨｰｨｹ [Chen, Lensink, Sterken, 1998; Drobetz, Fix, 2003; Nishioka, Baba, 2004; Shyam-Sunder, Myers, 1999]. 0201ｨｪｨ ｨｺ ｨｨ ｨ 04 06ｨｪｨ 0102ｨｦ09ｨｰ09ｨｨｨｰ0205ｨｹｨｪ ｨ 09ｨｰ08ｨ ｨｰ0200ｨｨ06 00ｨｨｨｪｨ ｨｪ09ｨｨ080609ｨ ｨｪｨｨ07 00ｨｨ08ｨｬ04, ｨｰ06 ｨｪｨ 0804ｨｪｨｺ ｨｨ05ｨｨ09ｨｹ ｨ 04 00ｨｨｨｪｨ ｨｪ ｨｨｨｪ09ｨｰ08ｨｮｨｬ02ｨｪｨｰ04, ｨｴｨｨ02 09ｨｪｨｨ04ｨｨｨｰｨｹ ｨｨ ｨｺｨｨ ｨ 0909ｨｨｨｬ02ｨｰ08ｨｨｨｨ ｨｨｨｪ000608ｨｬｨ 02ｨｨｨｨ. 01ｨ 0708ｨｨｨｬ0208, 00ｨ ｨｦ [Myers, 2001] 09 ｨｺｨ ﾂ0209ｨｰ0902 ｨｰｨ ｨｺ ｨ 00ｨ 02ｨｰ 0006ｨｰ ｨｪｨｪ0402 ｨ ｨｺ02ｨｨｨｨ03, ｨｰｨ ｨｴｨｨ ｨ 06ｨｦ ｨｮ ｨｪｨｪｨｮ06 ｨ ｨｮｨｬｨ 00ｨｮ ｨｪｨｪ04ｨｬ ｨｪ06ｨｬｨｨｨｪｨ 0506ｨｬ, ｨｺ06ｨｰ0608ｨ 07 ﾂ ｨ ｨｬ02ｨｪｨｨ09ｨ 02ｨｰ0907 ｨｪｨ ｨ ｨｺ02ｨｨｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 09 ｨｺ ｨｨ02ｨｨ02ｨｪｨｰ06ｨｬ 00ｨｪ06ｨｬｨｨｨｪｨ 05/09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨ ｨｺ02ｨｨｨｨ ｨｪｨ 01ｨ ｨｰｨｮ ｨ 0302ｨｪｨｨ ｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ, ｨｬｨｪ02ｨｪｨｨ06, 00ｨｨ08ｨｬｨ ｨｨｨｬ0205ｨ ｨ ｨｬ0603ｨｪ0609ｨｰｨｹ ｨｮ09ｨｺｨ ｨｰｨｹ ｨ ｨｺ02ｨｨｨｨ ｨ ｨｨ00ｨｪｨ 05ｨ ｨｨｨｪ090209ｨｰ0608ｨ ｨｬ ｨｮ05ｨｹｨｰｨ ｨｰ ｨｰｨ ｨｪｨｨ07 ｨｰ ｨｰｨｨ ﾂ0209ｨｺｨｨ01 ｨｺ06ｨｪ ｨｨｨｦ ｨｨ 05ｨｬ07ｨｨ08ｨｨ ﾂ0209ｨｺｨｨ01 ｨｨ ｨ ｨｪｨｨｨｦ, ｨｪｨｪ0401 ｨｺ ｨｪｨ 09ｨｰ0607ｨｴ02ｨｬｨｮ ｨｬ06ｨｬ02ｨｪｨｰｨｮ, ｨｰ ｨｨｨｰｨｹ, ﾂｨｰ06 ｨｺ05ｨ 0909ｨｨ ﾂ0209ｨｺｨｨｨｦ ｨｺ ｨｰ08ｨ ｨｺｨｰ0609ｨｺ02 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨｺｨ 07ｨｨｨｰｨ 05ｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 05ｨｨ03ｨｹ 09 ｨｰ06 ﾂｨｺｨｨ ｨｪｨｨ ｨｰｨｪ060302ｨｪｨｨ07 04ｨ 02ｨｬｨｪ0401 ｨｨ 0906ｨ 09ｨｰ0902ｨｪｨｪ ｨｰ09 ｨｪ02 01ｨ 02ｨｰ ｨｨ09 ﾂ ｨ 06ｨｴ ｨｨ 0601ｨｪ0604ｨｪｨ ﾂｨｪ ｨｪｨｨｨｬｨ ｨｪｨｨ07 04ｨ ｨｺ06ｨｪ06ｨｬ0208ｨｪ0609ｨｰ02ｨｦ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｺ ｨ 02ｨｨｨｦ ｨｨ 09 05ｨｰｨｨｨｬ ｨ 05ｨｹｨｪ02ｨｦ ｨ ｨｪｨ 05ｨｨ04ｨ ｨ ｨｮ0102ｨｰ ｨｪ06 06ｨ 08ｨ ｨｰｨｨｨｰｨｹ0907 ｨｺ 08ｨ ｨ 06ｨｰｨ ｨｬ, 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 06ｨｴｨｨｨｬ ｨ 0502ｨｬ04 08ｨ ｨｪｨｨ ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｨ ｨ ｨｺ02ｨｨ06ｨｪ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ 09ｨｨ ｨｨ07ｨｪｨｨ ｨｰ02ｨｦｨｺ ｨ ｨｬｨｺｨ 01 ｨｪ0206ｨｺ05ｨ 0909ｨｨ ﾂ0209ｨｺ ｨ ｨｺ ｨｨｨｪｨｰ ｨｰｨ 02ｨｨｨｨ 00ｨｨ08ｨｬ04 (ｨｨ ﾂ0208ｨｪ ｨｴｨｨｨｺｨ 03) 09ｨｪｨｮｨｰ0802ｨｪｨｪｨｨ02 ｨ ｨｺｨｰ ｨｰ0205ｨｹｨｪ0609ｨｰｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｪ02 08ｨ 0909ｨｬｨ ｨｰ08ｨｨ09ｨ 05ｨｨ09ｨｹ ｨｨ, ｨ ｨｰ0205ｨｹｨｪ06, ｨ ｨｪｨｨ ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ ｨｮ09ｨｰ06ｨｦ ﾂｨｨ090609ｨｰｨｨ ｨ ｨｨ04ｨｪ0209ｨ ｨｪ02 09ｨｰｨ 09ｨｨ05ｨｨ09ｨｹ [Demsetz, 1991] ｨｪ06 ｨ ｨ ｨｨｨｰｨｹ, ﾂｨｰ06 ｨｬ02ｨｪ ｨｰ02ｨｬ ｨｨ05ｨｨ ｨｨｨｪ04ｨｬ 0708ｨｨ ﾂｨｨｨｪｨ ｨｬ ｨｪ02 09ｨｨ0107ｨｰ ｨｨｨｬｨｮｨｴ0209ｨｰ09ｨ ｨｪｨ ｨｴｨｨｨｰ ｨｬｨ ｨｺ09ｨｨｨｬｨｨ04ｨ 02ｨｨｨｨ ｨ 05ｨ ｨｰ0607ｨｪｨｨ07 ｨ ｨｺ02ｨｨ06ｨｪ , ｨｪ ｨｪｨｪ0401 ｨｨ ｨ ｨｪｨｨｨｦ 0706ｨｺｨ ｨ 02ｨｰ, ﾂｨｰ06 06ｨｪｨｨ ｨｰｨ ｨｺｨｨ ｨｮ ﾂｨｨｨｰ0409ｨ 06ｨｰ 00ｨ ｨｺｨｰ0608 ｨｪｨ 05ｨｨ ﾂｨｨ ｨｨ ｨｪｨｨ ｨ 0405ｨｨ ﾂｨｪ0401 ｨｪｨ ｨｨｨｬｨｮｨｴ0209ｨｰ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ [Myers, Dill, Bautista, 1976; MacKie-Mason, 1990]. 95

12 130208ｨｮ00ｨ 07 ｨｰ08ｨ ｨｺｨｰ0609ｨｺｨ 00ｨｨ08ｨｬ04 ｨ 0405ｨ ｨｪｨ 0005ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｰ020608ｨｨ02ｨｦ ｨ ｨｪｨｨ04ｨ 02ｨｨｨｨ03 [09ｨｮ0109ｨ , 08ｨ ｨｰｨｹｨｺｨ 0506, 2005]. ﾁｨ 09ｨｰｨｹ ｨｺ06ｨｪ ｨｨｨｦ, ｨｴｨ 02ｨｬ ｨ ｨｬｨｺｨ 01 01ｨ ｨｪｨｪ06ｨｦ ｨｰ020608ｨｨｨｨ, 08ｨ 0409ｨｨ09ｨ 05ｨ 09ｨｹ 09 08ｨｮ ｨｪ0206ｨｨｨｪ09ｨｰｨｨｨｰｨｮ02ｨｨ06ｨｪｨ 05ｨｹｨｪ06ｨｦ 05ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｰ020608ｨｨｨｨ ｨｨ01 ﾂｨｨ0905ｨｮ 06ｨｰｨｪ060907ｨｰ0907: ｨｰ020608ｨｨ07 ｨｰ08ｨ ｨｪ09ｨ ｨｺ02ｨｨ06ｨｪｨｪ0401 ｨｨ ｨｺ, ｨｰ020608ｨｨ07 ｨ 0002ｨｪｨｰ09ｨｺｨｨ01 06ｨｰｨｪ060302ｨｪｨｨｨｦ, ｨｰ020608ｨｨ ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｮ02ｨｰ ﾂ0208ｨｺｨｪｨｮｨｰｨｹ, ﾂｨｰ06 ｨｨｨｬ02ｨｪｨｪ ｨ ｨｬｨｺｨ 01 05ｨｰｨｨ01 08ｨ 0408ｨ ｨ 06ｨｰ06ｨｺ, ｨｨｨｬ0206ｨｴｨｨ ｨｦ 0609ｨｪ ｨｪ07ｨｰｨｨ07 ｨｺ06ｨｪｨｰ08ｨ ｨｺｨｰｨｪ ｨｰｨｪ060302ｨｪｨｨｨｦ ｨｨ ｨ ｨｪｨｪ ｨｪｨｨｨｬｨｨ ｨｰ08ｨ ｨｪ09ｨ ｨｺ02ｨｨ06ｨｪｨｪ0401 ｨｨ ｨｺ, ｨ 0405ｨｨ ﾂｨ 09ｨｰｨｨ ﾂｨｪ06 04ｨ ｨｰ0806ｨｪｨｮｨｰ ｨｰｨｨｨｬｨ 05ｨｹｨｪ ｨ ｨｪｨｨ ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｨ 09ｨｰ02ｨｦｨｺ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｨ07 ｨｰ08ｨ ｨｪ09ｨ ｨｺ02ｨｨ06ｨｪｨｪ0401 ｨｨ ｨｺ ｨｪ06ｨｬ 09ｨｨ ｨ 00ｨ 02ｨｰ, ﾂｨｰ06 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨ 0708ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｰ0907 ｨｨ ｨｨ04 ｨｺ08ｨｨｨｰ0208ｨｨ07 ｨｬｨｨｨｪｨｨｨｬｨｨ04ｨ 02ｨｨｨｨ ｨｨ ｨｺ ｨｪｨ ｨｰ08ｨ ｨｪ09ｨ ｨｺ02ｨｨｨｨ ｨｨｨｰｨｮｨ 02ｨｨｨｨ, ｨｺ060001ｨ ｨｬｨ ｨｺ09ｨｨｨｬｨ 05ｨｹｨｪｨｮ ｨｪｨｮ 0705ｨ ｨｰｨｨｨｰ 0905ｨ ｨｪｨ ｨｨｨ ｨｨ00ｨｨ ﾂｨｪ ｨ ｨｺｨｰｨｨ09ｨ, ｨｰｨｨ00ｨ 02ｨｰ0907 ｨｬｨｨｨｪｨｨｨｬｨｨ04ｨ 02ｨｨ ｨｰ08ｨ ｨｪ09ｨ ｨｺ02ｨｨ06ｨｪｨｪ0401 ｨｨ ｨｺ, ｨｨ ｨ 09ｨｰ06ｨｬｨ ｨｰｨｨ ﾂ0209ｨｺｨｨ ｨｬｨｨｨｪｨｨｨｬｨｨ04ｨｨ08ｨｮ06ｨｰ ｨ ｨｴｨｨ02 ｨｰ08ｨ ｨｪ09ｨ ｨｺ02ｨｨ06ｨｪｨｪ0402 ｨｨ ｨｺｨｨ 0708ｨｨ 04ｨ ｨｺ0506 ﾂ02ｨｪｨｨｨｨ ｨｺ06ｨｪｨｰ08ｨ ｨｺｨｰｨ (ｨｪ06 ｨｪｨｨｨｺｨ ｨｺ ｨｪ02 ｨｰ08ｨ ｨｪ09ｨ ｨｺ02ｨｨ06ｨｪｨｪ0402 ｨｨ ｨｺｨｨ ｨｺｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺｨ ｨｺｨｨ) ｨｰ0902ｨｰ09ｨｰ09ｨｨｨｨ 09 05ｨｰｨｨｨｬ 0708ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨ ｨｮ0102ｨｰ ｨｪ0609ｨｰｨｹ ｨｨｨｪｨ ｨ ｨｰｨｹ ｨｰ06ｨｬｨｮ 09ｨｰ02ｨｦｨｺ ｨｮ, ﾂｨｹｨｨ ｨｨｨｪ090209ｨｰｨｨ02ｨｨｨｨ 06ｨｺｨ ｨ 06ｨｰ ｨｪｨ ｨｨｨ ｨｪｨ ﾂｨｨｨｬ ｨｨ07ｨｪｨｨ02 ｨｪｨ ｨｮ ﾂｨ 09ｨｰｨｪｨｨｨｺ ｨ ｨｬ02ｨｪｨ. 0308ｨｨ ﾂ02ｨｬ ｨｰｨ ｨｺ ｨ ｨｪｨｨ ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ 09 ﾂｨｨｨｰｨ 02ｨｰ0907 ｨｪｨ ｨｨｨ ｨｮ09ｨｰ06ｨｦ- ﾂｨｨ0904ｨｬ ｨ ｨｪ02ｨｪｨｨ ﾂｨｪ ｨｰｨｪ060302ｨｪｨｨｨｦ ｨｹ ｨ ｨｪｨ 05ｨｨ04ｨｨ08ｨｮ02ｨｬ, ｨｺｨ ｨｺｨｨｨｬ 06ｨ 08ｨ 0406ｨｬ ｨｺ06ｨｪ06ｨｬｨｨ ﾂ0209ｨｺ06ｨｦ ｨｰ020608ｨｨｨｨ ｨ ｨｪｨｨ04ｨ 02ｨｨｨｨ ｨ 02ｨｰ ｨｨ07ｨｪｨｨ07 ｨ 0002ｨｪｨｰ09ｨｺｨｨ01 ｨｨ ｨｺ ｨｪｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ08ｨｮ 0708ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 01ｨ 0706ｨｬｨｪｨｨｨｬ, ﾂｨｰ06 ｨ 0002ｨｪｨｰ09ｨｺｨｨ02 ｨｨ ｨｺｨｨ ｨｪｨｨｨｺｨ 06ｨｰ 09 09ｨｨｨｰｨｮｨ 02ｨｨｨｨ, ｨｺ060001ｨ ｨｺ06ｨｪｨｰ08ｨ ｨｺｨｰ04 ｨｬ020301ｨｮ ｨｪｨ ｨｪｨｨｨｬｨ ｨｰ020502ｨｬ (ｨ ｨｺ02ｨｨ06ｨｪ020806ｨｬ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ) ｨｨ ｨ 0002ｨｪｨｰ06ｨｬ (ｨｬ02ｨｪ ｨｬ) ｨｰ0907 ｨｪ ｨｪ04ｨｬｨｨ, ｨ ｨｨ01 ｨｨ ｨｪ02ｨｪｨｨ02 ｨｪ02 ｨｬ060302ｨｰ ｨ 04ｨｰｨｹ ｨｺ06ｨｪｨｰ080605ｨｨ080609ｨ ｨｪ06 ｨ 0204 ｨｨ ｨｺ ｨｨｨｰｨｮｨ 02ｨｨｨｨ ｨｪ02ｨｨ04ｨｬ02ｨｪｨｪ0609ｨｰｨｨ 09ｨｰ08ｨｮｨｺｨｰｨｮ ｨ ｨ 09ｨｰ0902ｨｪｨｪ0609ｨｰｨｨ ｨｬｨ ｨｺ09ｨｨｨｬｨｨ04ｨ 02ｨｨｨｨ 09ｨｰ06ｨｨｨｬ0609ｨｰｨｨ 00ｨｨ08ｨｬ04 ｨｮ09ｨｨ0502ｨｪｨｨ02 ｨｺ06ｨｪｨｰ ｨ ｨｮ0102ｨｰ ｨｨ ｨｨｨｰｨｹ 0106 ｨｰ , 0706ｨｺｨ 04ｨ ｨｰ08ｨ ｨｰ04 ｨｪｨ ｨｮｨｴ0209ｨｰ090502ｨｪｨｨ02 ｨｪ ｨｰ ｨｰ ｨｮｨｬ02ｨｪｨｹ0302ｨｪｨｨ07 05ｨｨ ﾂｨｪ ｨｰ0802ｨ 0502ｨｪｨｨ07 ｨｬ02ｨｪ ｨｨ07 ｨ 0002ｨｪｨｰ09ｨｺｨｨ01 06ｨｰｨｪ060302ｨｪｨｨｨｦ ｨｨｨｰ 06 ｨｰ06ｨｬ, ﾂｨｰ06 09ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ 04ｨ 09ｨｨ09ｨｨｨｰ 06ｨｰ 09ｨｰ08ｨｮｨｺｨｰｨｮ0804 ｨ ｨｺ02ｨｨ06ｨｪ0208ｨｪ ｨｺｨ 07ｨｨｨｰｨ 05ｨ, ｨ ｨｨｨｬ02ｨｪｨｪ ｨｨ ｨｺ08ｨｮ07ｨｪ ｨ 09ｨｰ0902ｨｪｨｪｨｨｨｺｨ : ﾂ02ｨｬ ｨ 0605ｨｹ ｨｺ08ｨｮ07ｨｪ ｨ ｨｺ02ｨｨ06ｨｪ0208ｨ -ｨｬ02ｨｪ ｨ 09 ｨｺｨ 07ｨｨｨｰｨ 0502 ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ, ｨｰ02ｨｬ ｨｬ02ｨｪ ｨｪ06 02ｨｬｨｮ 06ｨｰ090502ｨｺｨ ｨｰｨｹ ｨｮ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ ｨｪｨ 05ｨｨ ﾂｨｪ ｨｰ0802ｨ 0502ｨｪｨｨ02, ｨｰ02ｨｬ ｨｰ06ｨｨｨｬ0609ｨｰｨｹ ｨｺ06ｨｬ07ｨ ｨｪｨｨｨｨ. 02ｨ ｨｪｨｪｨｮ06 04ｨ 09ｨｨ09ｨｨｨｬ0609ｨｰｨｹ ｨｪｨ ｨ 06ｨｰ 00ｨｨ0706ｨｰ020406ｨｦ 06 ｨｺ06ｨｪ ｨｪ02ｨｨｨｨ ｨｨｨｪｨｰ ｨｪｨ ｨｺ06 09ｨｮｨｴ0209ｨｰ09ｨｮ02ｨｰ ｨｨ ｨｰｨｨ ｨｪｨ 07 00ｨｨ0706ｨｰ0204ｨ ｪ 06ｨ 0006ｨｺ0607ｨ ｨｪｨ ﾂｨ 05ｨｹｨｪｨｨｨｺ06ｨｬ ｨｺ06ｨｪ ｨｨｨｦ, ｨｰ080602ｨｪｨｪ0401 ｨｪｨ 0609ｨｪ ｨｪｨｨ07 09 ｨｺｨ ﾂ0209ｨｰ ｨ 09ｨｪ ｨ ｨｺｨｰｨ 00ｨｨ08ｨｬ04 ｨｺ06ｨｪｨｰ08ｨ ｨｺｨｰｨｪ ｨｰｨｪ060302ｨｪｨｨｨｦ ｨｨ ｨ ｨｪｨｪ ｨｪｨｨｨｬｨｨ ｨｰ08ｨ ｨｪ09ｨ ｨｺ02ｨｨ06ｨｪｨｪ0401 ｨｨ ｨｺ, ｨｬ0603ｨｪ06 09 ﾂｨｨｨｰｨ ｨｰｨｹ ｨｮ04ｨ [0806ｨｮ04, 1992], ｨｰｨ 09ｨｨ ｨｨ08ｨｬｨｮ ｨｺｨ ｨｺ ｨ 05ｨｹｨｰ0208ｨｪｨ ｨｰｨｨ09ｨｪ04ｨｦ 0804ｨｪｨｺｨｮ ｨ ｨ ｨｪｨｨ04ｨ 02ｨｨｨｨ ｨｰ08ｨ ｨｪ09ｨ ｨｺ02ｨｨｨｦ. 96