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? (3)?? (2004), 1998 2003 6 41, 6.84 ( ) ( ), 6,, 97, 16, 2004 8 (2004) 2003 :,,, :?,? 1? 2004~2007? 1 2004~2007, : PANEL A 2003 ;,, 2003, ; 1 200378 200378, 9 2004 2005 2006 2007 PANEL A: 01 75 837 159 581 135 571 210 965 204 416 177 633 1 165 552 22 499 21 196 270 008 357 710 417 186 266 525 1 201 092 11 314 577 53 74 522 307 69 110, 6 856 493 997 7 363 1 065 2 480 51 052 PANEL B: 234! 01!" 13 309 19 509 15 084 17 984 12 068 16 161 144 498 PANEL C: 5%& 01 #$%&" 9 299 10 501 8 706 13 370 10 116 10 673 98 485, PANEL D: (6! 01 (" 5 389 7 012 7 012 7 012 7 483 7 130 60 852 PANEL E: ) 01, ) * 50 973 0 0 0 0 0 254 867 ) 9 075 0.5 0 0 0 0.13 45 376 PANEL F: -. / 01 +, 56 254 66 904 11 354 8 307 17 303 25 967 441 392-142-
( ) 2008 10 4 17.76, 2003 7.58 2,2003 26.65, 2003, 1 2.7 10 2007 9.85,, 2001 ;2002,, 2004~2007, 2003 3.21 471152 5.07 58% 27191, 66% 4.7 3%, 36,, PANEL D 2003,,, 2003 2003 2003, 5389 7130 1.13 0.69 ;2003 307 2003, PANEL E, 2480, 6, 2003 PANEL B ;2003,,, 2004 4992, 90% 70% 90%, 2003 1 PANEL F 1.33, 4.41 2004 2007 1.62, 15% ; 2007 6 2003 5.63,2003 2.6, 14.45 21% 80%, PANEL C 44, 2003-143-
, 2003 10.65 77%,, 2003 0.35,, 0.42, 1.2 ( ),4 23.97, 8 1999~2003 2007 12 0.05 2003,, 2004 2007 2005 2006 2003,4 4 3, 2, 2003, 2 ;, 2003,, 11% 2003 7 ( ) 2 2003& 2003& ) ( 2004 2005 2006 2007 68.40 82.80 79.13 117.01 146.89 106.46 0.99 0.31 0.29 0.43 0.39 0.35 1.44 0.30 0.46 0.49 0.44 0.42 5.24 2.42 2.71 3.05 2.52 2.68 18.29 12.61 10.75 14.17 16.52 13.51 0.05 0.00 0.10 0.06 0.00 0.04! "!#$ 10 1 10%4 0.6! "!#$,, 3 1999~2007 1999 2000 2001 2002 2003 2004 2005 2006 2007, : ( ); ; (, ); 000858 1.35 1.60 0.93 0.54 0.52 0.31 0.29 0.43 0.39 1.87 2.70 1.23 0.93 0.77 0.30 0.46 0.49 0.44 0.00 0.00 0.13 0.00 0.39 0.00 0.34 0.14 0.00 600519 1.31 1.37 1.94 2.09 2.37 1.64 3.00 0.17 1.58 3.11 2.48 3.59 2.24 1.85 0.46 0.15 0.15 0.24 0.13 0.43 0.28 000568 0.26 0.34 0.17 0.10 0.05 0.05 0.05 0.39 0.88 0.21 0.06 0.36-0.05 0.13 0.27 0.27 0.41 1.41 1.79 0.00 1.44 1.53 1.21 0.74 0.73 0.91 0.64!" 0.45 0.39 0.32 0.16 0.01 0.13 0.09 0.19 N/A 0.36 0.21 0.27 0.34 0.36 0.32 0.37 0.40 N/A 0.38 0.25 0.46 0.27 0.31 0.32 0.30 0.38 N/A :*,CSMAR 2007-144-,,,
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30 (27) :,2007,2008 5 22~24 (49) :, (28) :,2007 2,,2003 3 (50) :, (29) :,,,1979 7 20 1986 21 (51) :,,2007 (30) : 4,,1981 3 (52) :, (31) :,,2000 11,1982 6 (53) :, (32) :,,2007 1 31,2008 3 (54) :,, (33) :, 2004 2 20,1988 21 (55) :?, (34) :,,2003 8,2006 11 8 15 (56) : : (35) :,,2002,2003 9 (57) :, (36) :,,1981 2,2007 5 28 (58) : (37) :?,,,1995 326 2006 11 2 (59) : (38) :,2002,,1988 12 295 (60) :,, (39) : : 1988 12,2006 (61) : 10 (40) :,2005 165,,2006 6 (62) :, (41) :,,2007 1,1993 11 (63) : (42) :,,,2000,1980 8 8 (43) : (64),,,2007 2,2003 7 8 (44) :, (65) : 9,2005 10,2004 171 (45) :,, (66) :, 2003 10,1986 233~234 (46) :,, 2003 6 30 (67) :, (47) :,,l988 6,1997 2 (68) :, (48) :,,2006 2 150, Silanes and Andrei Shleifer, 2000, Tunneling, American Economic,2006 8 Review, 90, 22~27. (11)Dyck, A., N. Volchkova and L. Zingales, 2006, The (15)La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Corporate Governance Role of the Media: Evidence from Russia, Shleifer and Robert W. Vishny, 1997, Legal Determinants of NBER Working paper. (12)Jensen, M. C., 1993, The Modern Industrial Revolution, Exist, and the Failure of Internal Control Systems, Journal of Finance, 3(July),831~880. (13)Joe, Jennifer R., 2003, Why Press Coverage of a Client External Finance, Journal of Finance, (52),1131~1150. (16)La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny, 1998, Law and Finance, Journal of Political Economy, 106,1113~1155. (17)Morck, R. K., 2000, Concentrated Corporate Ownership, Influences the Audit Opinion, Journal of Accounting Research, University of Chicago Press. 41, 109~133. (18)Shleifer, A., and R. W., Vishny, 1997, A Survey of (14)Johnson, Simon, Rafael La Porta, Florencio Lopez-De- Corporate Governance, Journal of Finance, 52, 737~783. -164-