ð œí ð ñ M1100 æ M1200 ø M1300 M1400 M1500 M1600 M1700 Ž M1800 M1900 M2000 ñ M2100 M2200 Ð M2300 ˆ M2500 þ M2600 M2700 M2900 M9900 К

œ œã ðœèòœëðš Š«ñ íœ ÐŠ í«œðš ý «œá ³ œë ð Î ë ª Þž š««œñ Ÿõ œ Œ ã ù Ð ÍðÞ ë Ð ë Î ë ˆ ³ œšë ë Î ˆ³œŠë ³Ð ³«³ ë ñë «Œ ˆë ÍÞ«œÎˆ È«œÈ ë œ³þ «œë ð Èœð 88 89 90 91 ³ 14 29 42 77 162 19.04 28 21 20 37 106 12.46 ñ 129 242 105 107 583 68.51 171 292 167 221 851 100.00 ³ 20.09 34.31 19.62 25.97 100.00 28

ð œí ð ñ M1100 æ M1200 ø M1300 M1400 M1500 M1600 M1700 Ž M1800 M1900 M2000 ñ M2100 M2200 Ð M2300 ˆ M2500 þ M2600 M2700 M2900 M9900 К 0.57 3 0.37 2.06 3 1 0.57 1 0.37 1 2.06 3 2.86 10 1.87 5 10.28 15 3 4.19 7 2.74 12 15.07 22 4 4.76 1 3.11 20 17.13 25 1 0.95 3 0.62 1 3.43 5 6 7.61 4 4.98 30 27.40 40 0.76 2 0.50 2 2.74 4 0.38 2 0.25 0 1.37 2 2.09 5 1.37 6 7.54 11 1 0.76 2 0.50 1 2.74 4 0.00 0.00 0 0.00 0 140 124.88 38 81.71 478 449.41 656 1 1.33 1 0.87 5 4.80 7 2.86 12 1.87 3 10.28 15 0.19 0.12 1 0.69 1 1 2.09 8 1.37 2 7.54 11 4 5.14 7 3.36 16 18.50 27 162 106 583 851 ò œ ðš ³Þ«œ 29

Òëã Ð Š«ñ ë ˆëí³ë ëˆ œ ëý ô ð Î ˆ ˆùŽŽ ñã Þ Ø ØØ ð Š Ð Š± ñ Growth 31.18 9.69 34.6 Ln Sales 14.84 16.21 13.9 Intangible 2.09 1.39 2.99 Leverage 0.70 0.75 0.76 162 106 583 ð Š Ð ç Š± ²Ø õ Š± ªñí«œ È ë ³ ö ë öœ ñíš á¾µ ö ñœè Š áý ö ñíˆ í í ëÿ œ ëýšœ Ø Øä ««Ø Šâ œèšâ Ø Š±ëÝä œèë žøš ØØ 30

ð Š ù Ý Š± Øã Growth Intangible Leverage Ln(Sales) ò ð ð ñ ð ñ ðþ«œ ð ð 31

ð Š ù Ý Š± Øã Growth Intangible Leverage Ln(Sales) ò ð ð ñ ð ñ ðþ«œ ð ð 32

ð Š Ðù Ъñ¾ «Š±Ð Ø ã ÏÐ ñ ð ñëªø РЪñ ¹ ð Ý ë«š ªñªñ ˆá ãœè ö á ã œè ÐãÌŠð ý Ì Š ãö ë ë ñ Ъñ ¹ ð ñ Ý ë«š ³ ªñ ¹ áñ ãœè Š ã± ë í² «ã Ð öˆáñ ã œè Š ÐãÌŠð ý Ì Š ã ë ë ñ Ъñ ¹ ð ñ Ý ë «Š ³ ªñ ¹ áñ ã ± 33

í² «ãð öˆáñ ã ñ ë ˆíªœ³ «ÐãÌŠð ãð ý Ì Š ðö Š Ðù Ъñ¾ «Š±ÐØ ãþîž Ø æš ³Ð ëã¹ Ø ã Ø Î áœëý Ð Ý«œ ë³á ÃëãŒþ ä Logistic Regressionä œè ñ ª Ï ª ª ä ð Ý (1999~2002) Growth Intangible Leverage Ln(Sales) Growth 1 0.016929-0.008028-0.083020 Intangible 0.016929 1 0.094855-0.297528 Leverage -0.008028 0.094855 1-0.024141 Ln(Sales) -0.083020-0.297528-0.024141 1 ð ÏϪ Ýã ÝÌŠ Š«Ýë 34

ù ªñ ý ð ã ùšœèš œ Ðã ðþ ð ãð ô Z P, Intercept (α ) 10.61809 1.697012 6.256930 *0.0000 ªñ, Growth ( β 1 ) 0.059519 0.194659 0.305706 0.7598, LnSales ( β 2 ) -0.624804 0.105769-5.907267 *0.0000 ªñ, Intangible ( β 3 ) 0.033819 0.036698 0.921548 0.3568 ý, Leverage ( β 4 ) -0.628170 0.256594-2.448108 **0.0144 S.E. of regression 0.446559 Akaike 1.191385 Log Likelihood -154.6456 Hannan-Quinn criterion 1.218294 Restr. Log likelihood -179.8694 McFadden R-squared 0.140234 162 268 106 ð ð Z i = α + β 1 Growth + β 2 LnSales + β 3 InTangible + β 4 Leverage ã Ð ªñðªñí œè í œè ¾ ðªñˆí œ È í œè Š 35

Њªñ¾Þ ðëªñðìš¹ ë ë á í ÈÐ ô á ÉŒ ùð ò ãë ɳó á ë Š ÐÐùÐ ÃŽ³ÐëŒþþ È Ý ëøù Ì ÃÈÐ ë ô šœùë œèù«ë ý ùë Ø ñ ð ñ ã ùšœèš ñ œð ã ðþ ã ªñ ðªñí œè Š ˆí œè Š ¾ ðªñ í œ È Š í œè Š Њªñ¾Þ ðëªñ¹ë 36

ë öš ÝñëÌòë ð ñ ãð ñ ô Z P, Intercept (α ) -9.082617 1.197182-7.586665 *0.0000 ªñ, Growth ( β 1 ) -0.488020 0.240585-2.028473 **0.0425, LnSales ( β 2 ) 0.578686 0.080181 7.217205 *0.0000 ªñ, Intangible ( β 3 ) -0.083902 0.035739-2.347614 **0.0189 ý, Leverage ( β 4 ) -0.094097 0.084533-1.113142 0.2656 S.E. of regression 0.387588 Akaike 0.927114 Log Likelihood -340.3501 Hannan-Quinn criterion 0.939049 Restr. Log likelihood -390.1275 McFadden R-squared 0.127593 162 745 ñ 583 ð ð α + β 1 Growth + β 2 LnSales + β 3 InTangible + β Leverage á ªñ¾ˆí Z i = 4 ãðèð ô ± í² «ãð³ðë Œþþ È šœèë œèù«ë ý ùë Ø 37

ñ ð ñ ãð ñ ô Z P, Intercept (α ) -17.71529 1.582298-11.50564 *0.0000 ªñ, Growth ( β 1 ) -0.309287 0.202859-1.660119 0.1322, LnSales ( β 2 ) 1.078370 0.101705 10.86956 *0.0000 ªñ, Intangible ( β 3 ) -0.029592 0.091646 0.756650 0.5028 ý, Leverage ( β 4 ) 0.037252 0.076749 0.361330 0.6073 S.E. of regression 0.291744 Akaike 0.591006 Log Likelihood -198.6017 Hannan-Quinn criterion 0.603738 Restr. Log likelihood -295.8036 McFadden R-squared 0.328603 106 689 ñ 583 ð α + β 1 Growth + β 2 LnSales + β 3 InTangible + β Leverage ð ñ ã ù Z i = 4 ŠœÈŠ ñ œðã ðþ œèì ñï ² ë³èëã ªñ³í ñï ˆí ñï ¾ˆí ñï ˆí ñï 38

³ œùš ë ªñ¾Þ ðë ªñ ¹ ªñ ãìš ³Œ ªñ¾ˆí ãð þè±ë ˆ Ð ô Îëñ³µë Έ «ë ä ãáð 39

ð Èãð vs vs vs ñ ñ, Intercept (α ) 10.62-9.08-17.72 *(0.0000) *(0.0000) *(0.0000) ªñ, Growth ( β 1 ) 0.06-0.49-0.31 (0.7598) **(0.0425) (0.1322), LnSales ( β 2 ) -0.62 0.58 1.08 ªñ, Intangible ( β 3 ) ý, Leverage ( β 4 ) *(0.0000) *(0.0000) *(0.0000) 0.03-0.08-0.03 (0.3568) **(0.0189) (0.5028) -0.63-0.09 0.04 **(0.0144) (0.2656) (0.6073) Log Likelihood -154.6456-340.3501-198.6017 Akaike 1.191385 0.92711 0.591006 McFadden R-squared 0.140234 0.127593 0.328603 Note: 1. ð ð ð Z i = α + β 1 Growth+ β 2 LnSales+ β 3 InTangible+ β 4 Leverage 40

ù ªñ ý œëšèˆ«ë á ù ŠœÈ È؈ òˆ š ë ù ëš ÌØ õ ý ð ã ùšœèš œ Ðã ðþ ã Ð ªñðªñ³í œè Š í œè ¾ ðªñ í œ È Š í œè ˆë Њªñ «ÐÌŠ¹ ë ¾Þ ðëªñ ë 41

ðù ãð ô Z P, Intercept (α ) 10.88724 2.022314 5.383557 *0.0000 ªñ, Growth ( β 1 ) -0.219306 0.201557-1.088057 0.2766, LnAssets ( β 2 ) -0.838825 0.266090-3.152409 *0.0016, LnSales ( β 3) 0.120578 0.271952 0.443381 0.6575 ªñ, Intangible ( β 4 ) -1.459350 0.606510-2.406143 **0.0161 ý, Leverage ( β 5 ) -0.148918 0.272334-0.546823 0.5845, Industry ( β 6 ) 2.313929 0.356876 6.483849 *0.0000 S.E. of regression 0.377515 Akaike 0.931607 Log Likelihood -117.8353 Hannan-Quinn criterion 0.969279 Restr. Log likelihood -179.8694 McFadden R-squared 0.344884 162 268 106 ð ð Z i = α + β 1 Growth + β 2 LnAssets + β 3 LnSales + β 4 InTangible + β 5 Leverage + β 6 Industry œùšªñˆë Š ã œè ëìš Ð ô Ÿõ¾ë ÑØë ŸõóëÑØ Á áë ë áªñ ë Òý³ Î Š ³Ðë Œþþ È šœùë œèù«ë ý ù ë ù 0.140234Í 42

ñ ðù ñ ãð ô Z P, Intercept (α ) -10.00947 1.281116-7.813089 *0.0000 ªñ, Growth ( β 1 ) -0.088466 0.156354-0.565809 0.5715, LnAssets ( β 2 ) 0.500168 0.151984 3.290923 *0.0010, LnSales ( β 3) 0.097879 0.155172 0.630777 0.5282 ªñ, Intangible ( β 4 ) -1.355383 0.785786-1.724876 ***0.0845 ý, Leverage ( β 5 ) -0.019559 0.084947-0.230246 0.8179, Industry ( β 6 ) 0.227672 0.274436 0.829600 0.4068 S.E. of regression 0.386328 Akaike 0.925020 Log Likelihood -337.5699 Hannan-Quinn criterion 0.941728 Restr. Log likelihood -390.1275 McFadden R-squared 0.134719 162 745 ñ 583 ð ð Z i = α + β 1 Growth + β 2 LnAssets + β 3 LnSales + β 4 InTangible + β 5 Leverage + β 6 Industry ð ñ ã ùšœèš ñ œð ã ðþ ã ªñ ðªñí œè Š ˆí œè Š ¾ ðªñ í œ È Š í œè Š 43

ˆ ñë ³ÐãÌŠ Њ¾Þ ðëªñë Þ ðë ë «ëöš Ýñë Ìòë šœèë œèù«ë ý ù ë ù Í ñ ðù ñ ãð ô Z P, Intercept (α ) -17.67897 1.734514-10.19246 *0.0000 ªñ, Growth ( β 1 ) 0.014727 0.061048 0.241232 0.8094, LnAssets ( β 2 ) 0.928087 0.202375 4.585977 *0.0000, LnSales ( β 3) 0.200968 0.226645 0.886710 0.3752 ªñ, Intangible β ) 0.069713 0.064587 1.079380 0.2804 ( 4 ý, Leverage ( β 5 ) -0.008136 0.055947-0.145424 0.8844, Industry ( β 6 ) -2.109623 0.312115-6.759125 *0.0000 S.E. of regression 0.252604 Akaike 0.473235 Log Likelihood -156.0296 Hannan-Quinn criterion 0.491060 Restr. Log likelihood -295.8036 McFadden R-squared 0.472523 ñ 583 689 106 ð Z i = α + β 1 Growth + β 2 LnAssets + β 3 LnSales + β 4 InTangible + β 5 Leverage + β 6 Industry 44

ð ñ ã ù ŠœÈŠ ñ œðã ðþ ù ñï ² ë³èëã ªñí ñï ˆí ñï ¾ˆí ñï í ñï ˆ ñï ñ ³ œùš ¹ë ªñ¾ Þ ðëªñ «¹ šœèë œèù«ë ý ù ë ù 0.328603Í ù ä ãáð 45

ð Èãðù vs vs vs ñ ñ, Intercept (α ) ªñ, Growth ( β 1 ), LnAssets ( β 2 ), LnSales ( β 3 ) ¾, Intangible ( β 4 ), Leverage(β 5, Industry ( β 6 ) 10.89-10.00-17.68 *(0.0000) *(0.0000) *(0.0000) -0.22-0.099 0.01 (0.2766) (0.5715) (0.8094) -0.84 0.50 0.93 *(0.0016) *(0.0010) *(0.0000) 0.12 0.10 0.20 (0.6575) (0.5282) (0.3752) -1.46-1.36 0.07 **(0.0161) ***(0.0845) (0.2804) -0.15-0.02-0.01 (0.5845) (0.8179) (0.8844) 2.31 0.22-2.11 *(0.0000) (0.4068) *(0.0000) Log Likelihood -117.8353-337.5699-156.0296 Akaike 0.931607 0.925020 0.473235 McFadden R-squared 0.344884 0.134719 0.472523 Note: 1. ð ð ð ð 2. Z i = α + β 1 Growth + β 2 LnAssets + β 3 LnSales + β 4 InTangible + β 5 Leverage + β 6 Industry 46