( ) 2009 5 * 2004~2006 20 1 1989~2005 28% GDP 65% (2008) 20% 90.31% 2 2005 2 24 3 (1995) ( 2004) (Bian and Soon1997) * (20080440118) (70772084) (70802062) (70532003) - 97 -
Demsetz(1982) Bain ( 5 2005) : 4 6?? ( 2005) 2004~2006 887 (2000) : ; 7 ; ;? (Lenway and Rehbein1991) ( ) ( ) ( 2006) ( 2002) 2008 1-0.692 Bain(1956) 3 : ( 2008) ( Stigler (1968) - 98 - ( 2001) 2003)
( ) 2009 5 2006 1~7 ( 1996; 4967.5 15.2% 2001) 3109.9 806 ( 1997; ( 2007) 2005) ( 2000) 1: (Xin and Pearce1996) (SCP) Bain(1956)? 3 (2006) 10% 7% 4%; Mann (1966) Weiss(1974) Fraumeni Jorgenson(1980) (Grier & Munger1994; Pittman1977) (Schuler2002) - 99 -
8 (PCrate) 2. 2a: ( 50 ) Wind 33 2b: 7) 2004~2006 :(1) ;(2) 1% 99% ; ( 3~6 ) 887 2004 206 2005 329 2006 352 Wind ; CSMAR (Barrier) Wind CSMAR Barrier 1 0; 1. (Barrierrate) Faccio(2006) 3. Betrand 9 :(1) (ROA); (2004) CEO (2) (JROA); (3) (ROE) (2003) Fan (2007) (2008) ( ) (2008) Wind 1~10 : ( ; ( 3) - 100 -
1 4. ( ) 2009 5 ( Logit 2008) : Herfindahl (HI) HI ( 2005) : P i (Shareholder) (Way) (Time) IPO : ; IPO (Leverage) (Lnasset) Faccio (2005) Wank(1995) 1. 2 (Leverage) (Lnasset) 2 (Hillman et al.1999) (Industry) ; (Year) 1 5. 1 2-101 -
19.95% (2008) (2008) 90.31% (PCrate) 17% :*** ** * t 1% 5% 10% (2005) (Barrier) (Shareholder) (Barrier) (Lnasset) ; (Way) (Time) (HI) Herfindahl 0.0291 1 0.7506 31.17% Chung(2004) (2008) 51.99% 20.77 : 37% IPO ; IPO 3. (Barrier) 4 3 28.41% 4 2. 3 Pearson 3 (Barrier) (PCrate) (Barrier) Herfindahl - 102-3 (PCrate) 4 :*** ** * t 1% 5% 10%
T 2.842 ( ) 2009 5 (HI) ( (Leverage) 2005) (Shareholder) (Lnasset) (Way) (Time) 4. (2006) 5 5 (PCrate) Logit (Barrier) Wald 3.918 5% Herfindahl 1 Faccio (2006) (2008) 5 (Shareholder) (Leverage) :*** ** * t 1% 5% 10% (Lnasset) (Way) (Time) 1. (Barrier) 3 6 6 (ROA) 6 (JROA) (ROE) 3 :*** ** * t 1% 5% 10% (ROA) T 3.636 1% ; (JROA) T 2.687 1% ; (ROE) T 2.056 5% - 103 -
7 2. 7 1 2 ROA 3 4 JROA 5 6 ROE 1 3 5 (Barrier) 2 4 6 (Barrierrate) 7 1 3 5 Barrier ROA JROA :*** ** * t 1% 5% 10% ROE 1% 1% 5% 2a 2007 2 4 6 379.07 2 10 Barrierrate ROA JROA ROE 1% 5% 5% 2b ROA JROA ROE ROE Hillman Zardkooki Bierman(1999) ROE ROA JROA IPO (2004) ROE (2006) (2008) - 104 -
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