CEO經營能力對董事會與小股東間代理問題影響之研究

୯ҥᆵ᡼εᏢᆅ౛Ꮲଣ଄୍ߎᑼࣴز܌

ᅺγፕЎ

Department of Finance College of Management

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DFP ࿶ᔼૈΚჹဠ٣཮ᆶλިܿ໔ж౛ୢᚒቹៜ ϐࣴز!

Does Managerial Ability Affect the Agency Cost between Boards and Minority Equity Holders?!

໳ᗶ० Hong-Fei, Huang

ࡰᏤ௲௤Ǻᄃࠍᑫ റγ Advisor: Hsien-Hsing, Liao, Ph.D.

ύ๮҇୯΋႟ΟԃϤД June, 2014

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ࣴز ز ز܌ ܌ ܌ ܌

ᄔ ᄔा!

ဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒ!)Cpbse!up!njopsjuz!frvjuz!ipmefst*ӧЎ

᝘ύϿԖගϷǴҁጇፕЎ௖૸ DFP ޑ࿶ᔼૈΚǴࢂցૈቹៜဠ٣཮໒ନ DFP ޑঁ

ΓԋҁǶҁЎஒϩձ٬Ҕ Efnfskjbo!)3123*ύ՗ीޑ DFP ૈΚࡰ኱ NB.Tdpsf Ϸ Difo-!Mjbp-!Difo!)XQ*ύа Ubzmps!)3121*ޑኳࠠࣁ୷ᘵԶ೛ीрޑဠ٣཮ঁ

Γԋҁޑࡰ኱ Dqfst ٰ຾Չჴ᛾ࣴزǶ่݀ᡉҢǴૈΚၨଯޑ DFP Ϸ DFP ዴჴ཮

೷ԋ׳ᝄख़ޑж౛ୢᚒǴ٬ளϦљ߄౜όӳਔၨᜤ໒ନځ DFPǶӕਔǴҁጇࣴز ΨࡰрǴDFP ૈΚޑݢ୏܄ஒቹៜဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒǴݢ୏܄ଯޑ DFP ஒ٬ж౛ୢᚒᝄख़ำࡋΠफ़Ƕ!

ᜢᗖӷ;ж౛ୢᚒǹλިܿ<ဠ٣཮<DFP ࿶ᔼૈΚ!!

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z!ipipipipmemefsefsfst*t*t*t ӧЎӧЎӧЎЎ ٣཮཮཮໒ନ໒ନ໒ନ໒ନ DFDFFPPPPޑঁޑঁޑঁঁ

ࡰ኱NBNBNB...TdTdTdpspspsfffϷϷϷ

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BCTUSBDU!

This study explores the relation between the managerial ability and the agency problems between boards and minority equity holders (later denoted as B-E agency problem) by employing CEO turnover data in the past 20 years. We employ Demerjian (2012) to estimate CEO ability and Chen, Liao, Chen (2012) to estimate the cost of B- E agency problem.The empirical results of this study show that, CEO’s ability significantly affects the firm’s B-E agency problem. The higher a firm's CEO's ability, the more serious the firm's B-E agency problem. Furthermore, we find that the instability in a firm's CEOs’ ability also significantly affect the firm's B-E agency problem.

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Nbobhfsjbm!bcjmjuz!

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*The author appreciate professor Hsien-hsing Liao and Tsung-kang Chen for providing the research idea and their co-work in the development of the thesis, including the research framework, research hypotheses, methodology, data, the analyses of the research results, and the final version of this thesis.!

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ᄔा...ii

ABSTRACT... iii

კ߄...v

I. ᙁϟ ...6

II. Ў᝘ӣ៝ ...8

III. ଷᇥ ...11

IV. ၗ਑ϷࣴزБݤ ...12

A. ဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒ:Cpers...12

B. CEO ૈΚޑж౛ᡂኧ:MA-Score ...13

C. ௓ڋᡂኧᙁϟ ...14

V. ௶ॊ಍ीໆϷჴ᛾่݀ ...16

A. ௶ॊ಍ीໆ ...16

B. ဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒᆶ CEO ૈΚ ...17

C. ဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒᆶ CEO ૈΚݢ୏܄ ...18

VI. ่ፕ. ...19

ୖԵၗ਑...21 ...iiiiii .

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...iiiiiii ...vvvv ...666

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߄΋ǵCpers ኬҁϩѲ ...26

߄ΒǵЬाᡂኧ௶ॊ಍ीໆ...27

߄ΟǵӚᡂኧჹ Cpers ൂ଑ᘜ่݀ ...28

߄ѤǵMA-Score ჹ Cpers ޑ଑ᘜϩ݋(уΕ௓ڋᡂኧ)...29

߄ϖǵMA-Score ჹ Cpers ޑ଑ᘜϩ݋(ϩౢ཰ǵค௓ڋᡂኧ)...30

߄ϤǵMA-Score ჹ Cpers ޑ଑ᘜϩ݋(ϩౢ཰ǵԖ௓ڋᡂኧ)...31

߄ΎǵCEO ૈΚݢ୏ࡋჹ Cpers ଑ᘜ่݀ ...32

߄ΖǵCEO ૈΚݢ୏ࡋჹ Cpers ଑ᘜ่݀(௓ڋ MA-Score)...33 ...2626266 ...222777

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ж౛ୢᚒ΋ޔࢂϦљݯ౛ሦୱ္΋ߐख़ाޑፐᚒǴځύх֖೚ӭதـޑ૸ፕǴ ٯӵᆅ౛ቫᆶިܿϐ໔ޑж౛ୢᚒ)Nbobhfnfou.Frvjuz! bhfodz! qspcmfn*Ϸ๱

Ӝޑި໸ж౛ୢᚒ)Efcu.Frvjuz!bhfodz!qspcmfn*Ǵဠ٣཮ᆶλިܿ໔ޑж౛ୢ

ᚒ)Cpbse.Njopsjuz!frvjuz!ipmefst!bhfodz!qspcmfn*߾ၨϿ೏ගϷǶՠဠ٣཮

ӧϦљݯ౛ύתᄽΑ࣬྽ख़ाޑဌՅǴ੝ձӧ 3119 ߎᑼ॥ኪϷ 3121 ኻ໸Ӓᐒϐ ࡕǴѱ൑ཀ᛽ډǴऩဠ٣཮ᒧ᏷ DFP ޑБԄ٠όࢂаλިܿճ੻଺ᓬӃǴԶࢂԖ ځдঁΓճ੻࣬ᜢޑԵໆǴ٬ဠ٣཮຾Զᒧ᏷࣬ჹό፾Һޑ DFPǴ߾ӧӒᐒวғ ਔஒёૈᏤठϦљᝄख़ޑᔼၮୢᚒǴᏤठ೭٤คݤୖᆶϦљ࿶ᔼ฼ౣ૸ፕޑλި

ܿճ੻ڙཞǶவҁЎჴ᛾ٰ่࣮݀ǴૈΚၨ٫ޑ DFP ஒ٬ဠ٣཮ޑঁΓԋҁ΢ϲǴ ҭջǴӧϦљ߄౜ό٫ਔό৒ܰҥջ໒ନ DFPǶӕਔǴж౛ୢᚒၨλޑဠ٣཮߾

ख़ຎިሽǴ໼ӛܭᒧ᏷ૈΚᡂϯၨεޑ DFPǴ຾Զၲԋ׳ଯޑިሽǶ!

ӧ Ubzmps!)3121*ޑࣴزύǴբޣࡌҥΑᝄᙣޑኳࠠǴٰှញࣁϙሶဠ٣཮

ᗲϿ໒ନ DFPǴUbzmps ᇡࣁǴဠ٣཮ޑঁΓԋҁёаϩࣁٿᗺǴಃ΋ᗺࢂဠ٣཮

໒ନ DFP ཮ॄᏼӭϿᚐѦޑঁΓԋҁǴಃΒᗺࢂဠ٣཮ԖӭᜢЈλިܿճ੻ǶԶ ᒿࡕӧ Difo-!Mjbp-!Difo!)XQ*ޑࣴزύǴ߾຾΋؁ޑਥᏵ၀ኳࠠԶ௢ᏤрΑж ߄ဠ٣཮໒ନ DFP ೷ԋޑঁΓԋҁޑࡰ኱ DqfstǴ٠࿶җჴ᛾ࣴز᛾ჴǴ၀ࡰ኱

ᆶϦљޑߞҔ॥ᓀԖᡉ๱ޑᜢ߯Ƕ!

ќ΋Бय़ǴӵՖᑽໆ DFP ૈΚΨࢂ໺಍Ϧљݯ౛ࣴزύ࣬྽ख़ाޑ΋ᕉǴᜢ

߯ډϦљޑᕮਏǵ׫ၗᒧ᏷ǵౢૈճҔǴࣗԿ DFP ޑᖒၗӝऊ่ᄬࣴزǴ೿ࢂа ӵՖᑽໆ DFP ૈΚ଺ࣁځ૸ፕਡЈǶၸѐᜢܭ DFP ૈΚޑ૸ፕǴӭаᐕў౦தൔ ၿǵDFP ᖒၗǵ൞ᡏᚼӀࡋǵ௲ػНྗǵᆅ౛ޣڰۓਏ݀)Nbofshfs.Gjy!Fggfdu*!

฻฻଺ࣁځж౛ᡂኧǶՠӧ Efnfskjbo!)3123*ύǴբޣᇡࣁǴၸѐ٬Ҕޑ೭٤ж

౛ᡂኧǴ٣ჴ΢೿཮ᡉ๱ޑ೏ DFP ૈΚаѦޑӢનቹៜǴٯӵ൞ᡏᚼӀࡋǴکϦ љޑೕኳ൩Ԗᡉ๱ޑᜢ߯Ǵ౦தൔၿ߾தᆶ၀ౢ཰ғᄊ܈྽ਔޑඳ਻࣬ᜢǴԶᆅ

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֖೚ӭ೚ӭ೚ӭӭதـதـதــޑ૸ޑ૸ޑ૸ޑ ፕፕፕǴ z!qsqsq pcpcpcpcmfmfmfn*n*n*Ϸ๱Ϸ๱Ϸ๱Ϸ๱

ިܿ໔ޑ໔ޑ໔ޑж౛ж౛ж౛ୢ

౛ޣڰۓਏ݀ᗨฅ׳уௗ߈ DFP ૈΚǴՠࠅѝ፾ҔܭၨϿޑϦљǴӢࣁѸ໪ाԖ ၀ DFP ၸѐޑइᒵǴԶคݤൂᐱ൩྽ਔޑϦљᔼၮᕮਏٰղᘐǶ!

ܭ ࢂ Efnfskjbo ೛ ी р ΋ ᅿ ӄ ཥ ޑ ᑽ ໆ ࡰ ኱ ٠ ஒ ځ ᆀ ࣁ Nbobhfsjbm!

Bcmjmjuz!Tdpsf!)ௗΠٰஒᙁᆀࣁ NB.Tdpsf*ǴдӕਔԵቾϦљ࣬ჹܭӕౢ཰ځ дϦљ߄౜Ǵу΢ӭ໨ૈౢғᕇճޑԋҁǴхࡴӸ೤ԋҁǵڰۓၗౢǵࣴวԋҁǵ ค׎ၗౢ฻฻ǴၮҔၗ਑х๎ϩ݋ݤ)Ebub!Fowfmpqf!Bobmztjt*ीᆉрϦљޑ࿶

ᔼਏ౗Ǵ٠௢ᆉр DFP ჴሞ΢ჹϦљޑቹៜǶEfnfskjbo! ٠٬Ҕ NB.Tdpsf ຾Չ ӭ໨ࣴزǴว౜ NB.Tdpsf ᆶᆅ౛ޣڰۓਏ݀ǵࣦᎩࠔ፦ϷϦљ׳ඤ DFP ϐࡕޑ ᕮਏԖᡉ๱ޑ҅࣬ᜢǴԶک࠹Ѳ׳ඤ DFP ϐࡕϦљިሽޑᡂϯև౜ॄ࣬ᜢǴ!

!ҁፕЎ௦Ҕ 2::1 Կ 3121 ԃऍ୯΢ѱϦљޑ଄୍ൔ߄Ϸ DFP ໒ନइᒵǴӅ ڗள 33525 ฽ԖਏኬҁǴ٠٬Ҕ Difo-!Mjbp-!Difo!)XQ*ޑࣴزύගϷᆶ Dqfst

࣬ᜢޑᡂኧǴхࡴϦљ੝ቻࡰ኱ǺϦљೕኳ)GTJ[F*ǵϦљԃស)Gbhf*ǵౢ཰໣

ύࡋࡰ኱)IIJ*<ဠ٣཮੝ቻࡰ኱;ᐱҥဠ٣Кٯ)JCS*ǵԆ࿛ဠ٣Кٯ!)CV*-!ဠ ٣ ཮ ࡭ ި К ٯ ! )PXO* ǵ ဠ ٣ ཮ Γ ኧ )CTJ[F* ǹ ᆅ ౛ ޣ ੝ ቻ ࡰ ኱ Ǻ DFP Һ ය!

)DFP`UFO*ǵDFP ࣬ჹൔၿ! )DQT*Ϸ DFP ᚈख़܄)EVBM*Ǵനࡕӆу΢ၗౢൔၿ౗

)SPB*ǴӅ 22 ໨ᡂኧ଺ࣁҁԛࣴزޑ௓ڋᡂኧǶ!

ௗΠٰҁЎஒϩࣁ൳ঁ೽ϩϟಏ;ಃΒകךॺஒ຾ՉЎ᝘ӣ៝Ǵӣ៝کҁࣴ

ز࣬ᜢޑፕЎǴϷၸѐЎകύჹဠ٣཮ᆶλިܿ໔ж౛ୢᚒޑ࣮ݤǴϷдॺࣴز ޑԋ݀ǶಃΟകךॺஒᇥܴҁጇፕЎЬाޑଷ೛ǶಃѤകךॺஒᇥܴҁጇፕЎ٬

Ҕޑၗ਑ϷࣴزБݤǶಃϖക߾ࢂϟಏӚᡂኧޑ௶ॊ಍ीໆϷҁፕЎޑჴ᛾่݀Ƕ

ಃϤക߾ࣁ᏾ጇፕЎޑ่ፕǶ!

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љǴӢӢӢࣁѸࣁѸࣁѸѸ໪ा໪ा໪ा໪ाԖԖԖ Ƕ

ᆀ ᆀ

ᆀࣁࣁࣁ NbNbNbobobobhfhfhfsjsjsjbmbmbmm!

࣬ჹჹჹܭӕܭӕܭӕౢ཰ౢ཰ౢ཰ځځځ

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ΒǵЎ᝘ӣ៝!

ҁࢤךॺஒᙁൂϟಏ൳ጇၸѐᏢޣޑࣴزǴЬाᜢܭဠ٣཮ᆶλިܿ໔ޑж

౛ୢᚒϷ DFP ૈΚǶ!

໺಍΢Ǵဠ٣཮೏ᇡࣁࢂᅱ࿎Ϧљ DFP ܈ගٮϦљᔼၮБӛޑفՅǴߥៈ܌

Ԗިܿޑ៾੻Ǵՠၸѐ೚ӭޑࣴز೿ᡉҢǴဠ٣཮کλިܿ໔Ԗܴᡉޑж౛ୢᚒǶ Ԑӧ Evoo!)2:98*൩ӧ Gpsuvof ᚇᇞ΢ޑЎകύࡰрǴဠ٣཮ததؒԖᅰډдॺ ޑೢҺǴ٠௢୏ᐱҥဠ٣ڋࡋޑౢғǴҗԜךॺёаޕၰǴဠ٣཮ᆶλިܿ໔ޑ ж౛ୢᚒዴჴࢂॶள೏૸ፕޑ᝼ᚒǶ!

Ubzmps ܭ 3121 ޑЎകύࡌҥΑኳࠠǴ٠೛ीрΑԖਏঁΓ໒ନԋҁ )fggfdujwf!qfstpobm!dptu*ٰှញဠ٣཮ᗲϿ໒ନ DFP ޑচӢǴځύхࡴဠ٣

཮ԖӭӧЯިܿ៾੻Ϸ໒ନ DFP ཮೷ԋӭϿঁΓሡॄᏼޑԋҁǴᒿࡕǴӧ Difo-!

Mjbp-!Difo!)XQ*ύ߾ଷ೛ Ubzmps ޑኳࠠࣁ Psotufjo.Vimfocfdl ၸำǴ௢Ꮴр Αж߄ԖਏঁΓ໒ନԋҁޑࡰ኱ DqfstǴ٠ว౜Α၀ᡂኧᆶϦљߞҔ॥ᓀԖᡉ๱

ޑᜢ߯Ǵӕਔᡍ᛾Α೚ӭၸѐЎ᝘ύᜢܭဠ٣཮ᆶλިܿ໔ж౛ୢᚒޑ౒ෳǶ!

ӧ Gjdi! boe! Tijwfbtboj! )3117*ޑࣴزύᇡࣁǴဠ٣཮ԋ঩ޑԆ࿛ำࡋஒ ቹៜᅱᆅޑࠔ፦Ǵ຾Զ೷ԋѱॶޑΠफ़Ǵ٠ЪǴӧ DFP ᎁᄖඤਔǴϦљᕮਏό཮

Ԗε൯ݢ୏ǶԆ࿛ޑဠ٣ёૈ཮೷ԋдॺคݤ୺ՉдॺޑᙍೢǴ೷ԋঁΓԖਏ໒ ନԋҁ΢ϲǶќ΋ঁቹៜঁΓԖਏ໒ନԋҁޑচӢёૈࢂٰԾ DFP ӧϦљϣޑӦ ՏǴऩ DFP ӧϦљϣ೽Ԗֹ᏾ޑࢴسǴ߾໒ନ DFP ёૈஒ೷ԋ׳εޑԋҁǴӧ Mjv!boe!Kjsbqpso!)3121*ޑЎകύǴբޣ٬ҔΑ DFP ᆶᖒၗ߻ϖଯޑԋ঩ޑК ٯ)DFP!Qbz!Tmjdf*଺ࣁ DFP ӧϦљϣ೽ቹៜΚޑж౛ᡂኧǴ٠ว౜၀ᡂኧᆶϦ љޑߞҔ॥ᓀ࣬ᜢǶԶӧ Ifsnbmjo!boe!Xfjtcbdi!)2::9*ޑፕЎύ߾ᇡࣁǴDFP ޑቹៜΚᆶځҺය࣬ᜢ)DFP!Ufovsf*ǴຫߏޑҺයஒ٬ DFP ӧϦљቹៜΚᡂεǴ

຾Զ٬ဠ٣཮ᜤаஒځ໒ନǶќѦǴӧ Gjolfmtufjo! boe! E(bwfoj! )2::5*ύ߾

а DFP ࢂցঋҺဠ٣ߏ଺ࣁ DFP ቹៜΚޑж౛ᡂኧǴᇡࣁ DFP ঋҺဠ٣ߏஒफ़ե

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཮ᆶλᆶλᆶλλިܿިܿިܿܿ໔ޑ໔ޑ໔ޑ໔ жжж

ӛޑفՅՅՅǴߥǴߥǴߥៈ܌ៈៈ܌

ဠ٣཮ᅱ࿎ DFP ޑૈΚǴ٬ DFP ቹៜΚ΢ϲǶ!

Զӧ Mbvy!)3119*!boe!Hvp!)3121*ЎകύǴբޣவќ΋ঁय़ӛࡰрǴऩૈ

ቚуဠ٣཮ύᐱҥဠ٣ޑৢԛǴ߾ஒᡉ๱ޑቹៜဠ٣཮ޑᅱᆅૈΚǴ٠٬Ϧљ߄

౜ගϲǴԖѦ೽ᅱᆅޑ௃ݩΠǴဠ٣཮ёૈΨஒ׳๱ख़ܭλިܿ៾੻Ǵֹԋဠ٣

཮ࡽԖᙍೢǶӧ Eftfoefs!)311:*ύǴ߾ගрΑǴဠ٣཮ԋ঩࡭ިКٯஒᡉ๱ቹ ៜဠ٣཮ޑ่ᄬǴԶ׳ଯޑ࡭ިΨёૈ٬ဠ٣཮ԋ঩׳уख़ຎλިܿ៾੻Ƕ!

Զவౢ཰ޑفࡋٰ࣮ǴHjspve!boe!Nvfmmfs!)3122*!ύගрΑǴऩϦљೀܭ ᝡݾၨեޑᕉნύǴ߾Ϧљݯ౛ૈΚஒᡉ๱ޑගϲϦљޑᕇճǴ܌аёа௢ፕǴ ӧၨᝡݾޑౢ཰ύǴϦљݯ౛ૈΚၨόڙख़ຎǴ຾Զ٬ဠ٣཮फ़ե୺Չځᙍೢޑ ཀᜫǶ!

DFP ૈΚ೽ϩǴӧ Efnfskjbo!)3123*ύǴբޣᇡࣁǴၸѐ٬Ҕޑж౛ᡂኧǴ ٯӵᐕў౦தൔၿǵDFP ᖒၗǵ൞ᡏᚼӀࡋǵ௲ػНྗǵᆅ౛ޣڰۓਏ݀

)Nbofshfs.Gjy!Fggfdu*!฻฻Ǵ٣ჴ΢೿཮ᡉ๱ޑ೏ DFP ૈΚаѦޑӢનቹៜǴ ٯӵ൞ᡏᚼӀࡋǴکϦљޑೕኳ൩Ԗᡉ๱ޑᜢ߯Ǵ౦தൔၿ߾தᆶ၀ౢ཰ғᄊ܈

྽ਔޑඳ਻࣬ᜢǴԶᆅ౛ޣڰۓਏ݀ᗨฅ׳уௗ߈ DFP ૈΚǴՠࠅѝ፾ҔܭၨϿ ޑϦљǴӢࣁѸ໪ाԖ၀ DFP ၸѐޑइᒵǴԶคݤൂᐱ൩྽ਔޑϦљᔼၮᕮਏٰ

ղᘐǶ!

Efnfskjbo ӕਔΨჹܭၸѐᑽໆϦљᕮਏޑж౛ᡂኧགډόᅈǴӵިሽԋߏ

܈ޣၗౢൔၿ౗)SPB*Ǵдᇡࣁ೭٤ᡂኧԖϼӭޑѦӧӢનቹៜǴᖐٯٰᇥǴၨ

εޑϦљёૈჹځ΢ΠෞԖ׳மޑ᝼ሽૈΚǴ٬ள DFP ૈᇸ᚞ڗளၨ٫ޑᕇճ߄

౜Ƕܭࢂ Efnfskjbo ၮҔၗ਑х๎ϩ݋ݤ)Ebub!Fowfmpqf!Bobmztjt*ीᆉрཥޑ Ϧљ࿶ᔼਏ౗ࡰ኱ Gjsn!FggjdjfodzǴдᇡࣁϦљᔼၮਏ౗ࡰޑࢂϦљஒၗྍᙯ ϯࣁᔼԏޑૈΚǴ܌адஒᎍ೤ԋҁ)DpHT*ǵቶ֋຤Ҕ)TH'B*ǵృڰۓၗౢ)Ofu!

QQ'F*ǵృચၛԋҁ)Ofu!Pqfsbujoh!Mfbtf*ǵࣴว຤Ҕ)S'E*ǵ୘៉)Hppexjmm*

Ϸځдค׎ၗౢ)Puifs!Joubohjcmf!Bttfu*уΕԵໆǴ௖૸ϦљӧၮҔ೭٤ၗྍ

य़ӛ य़ӛ

य़ӛӛࡰрࡰрࡰрǴऩǴऩǴऩૈૈૈ

ૈ

ૈ

ૈΚǴΚǴΚǴ٠٬٠٬٠٬٠ ϦљϦљϦљϦ ߄߄߄߄

ܿ៾੻੻੻ǴֹǴֹǴֹԋဠԋဠԋဠ٣٣٣

ࡕࢂցԖਏޑቚуځᔼԏ)Tbmft*Ǵ଺ࣁղᘐϦљᔼၮਏ౗ޑ٩ᏵǶ!

Efnfskjbo! ᒿࡕஒϦљ࿶ᔼਏ౗ࡰ኱ჹӭ໨ၸѐЎ᝘ύᇡࣁᡉ๱ቹៜϦљ ਏ౗ޑӢન຾Չ଑ᘜǴхࡴၗౢᕴᚐ)Upbubm!Bttfu*ǵѱэ౗)Nbslfu!Tibsf*ǵ Ծҗ౜ߎࢬࡰ኱)Gsff!Dbti!Gmpx!Joejdbups*ǵϦљԃស)Gjsn!Bhf*ǵ཰୍໣ύ ࡋ )Cvtjoftt! Tfhnfou! Dpodfousbujpo* ǵ Ѧ ༊ ፓ ᏾ ࡰ ኱ )Gpsfjho! Dvssfodz!

Joejdbups*Ǵ٠ஒഭᎩคݤှញޑ೽ϩᆀࣁ DFP ޑૈΚ NB.TdpsfǴ٠຾Չӭ໨

ࣴزǴว౜ NB.Tdpsf ᆶᆅ౛ޣڰۓਏ݀ǵࣦᎩࠔ፦ϷϦљ׳ඤ DFP ϐࡕޑᕮਏ Ԗᡉ๱ޑ҅࣬ᜢǴԶک࠹Ѳ׳ඤ DFP ϐࡕϦљިሽޑᡂϯև౜ॄ࣬ᜢǶ!

!

!

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!

ᏵǶǶǶ ࣁᡉ ࣁᡉ

ࣁᡉᡉ๱ቹ๱ቹ๱ቹៜϦៜϦៜϦៜ љљљ N

N

Nbsbsbslflflflfuu!u!TiTiTibsbsbsf*f*f*ǵǵ Bhf*f*f*ǵ཰ǵ཰ǵ཰୍໣୍໣୍໣ύύύ

Ο

Οǵଷᇥ!

ҁࢤஒϟಏҁࣴزޑЬाଷᇥϷ௢ፕǴЬᚒൎᙅӧၸѐЎ᝘ύဠ٣཮ᆶλި

ܿж౛ୢᚒޑёૈԋӢǴϷ DFP ૈΚӧ೭ځύתᄽޑفՅǶ!

!

ଷᇥ΋ǵDFP ૈΚᆶဠ٣཮ᆶλިܿ໔ж౛ୢᚒޑᜢ߯!

ӧ Ubzmps)3121*ޑЎകύࡰрǴԖਏঁΓ໒ନԋҁ)fggfdujwf! qfstpobm!

uvsopwfs!dptu*ࣁဠ٣཮ϐ܌аࡐϿ໒ନ DFP ޑЬाচӢǴ٠ӢԜ೷ԋΑϦљሽ ॶޑཞѨǶԶҁЎᇡࣁ DFP ૈΚஒᡉ๱ޑቹៜဠ٣཮ޑ،฼Ǵऩဠ٣཮ᆶλިܿ

໔ޑճ੻΋ठǴջж౛ୢᚒၨեǴ߾ဠ٣཮ᔈᒧ᏷ૈΚၨமޑ DFPǴΨ൩ࢂǴDqfst ஒᆶ NB.Tdpsf և౜ϸӛᜢ߯ǶՠӕਔԖќѦ΋ᅿёૈ܄ǴջૈΚၨமޑ DFP ё

ૈ཮р౜ၸࡋԾߞޑ౜ຝǴ٠Ъᡣဠ٣཮ӧϦљ߄౜ၨৡਔǴӢځၸѐᕮਏၨ٫

Զ ᜤ а ஒ ځ ໒ ନ Ǵ ຾ Զ ೷ ԋ Ϧ љ ሽ ॶ ׳ ຾ ΋ ؁ ޑ ໾ ্ Ǵ ӧ ! Nbmnfoejfs-!

Ubuf)3116*ޑЎകύΨ૸ፕډǴၸࡋԾߞޑ DFP Ԗܴᡉၸࡋ׫ၗޑ౜ຝǴ೭ᅿ௃

ݩΠǴDqfst ஒᆶ NB.Tdpsf և౜҅ӛᜢ߯Ƕ!

!

ଷᇥΒǵDFP ૈΚޑݢ୏ࡋکဠ٣཮ᆶλިܿ໔ж౛ୢᚒޑᜢ߯!

ऩ DFP ޑૈΚݢ୏܄ၨεǴёૈж߄ځࣁᑈཱུ໒วཥ฼ౣǴ܈ޣࢂ҅ӧ჋၂

຾Չϣ೽ׯॠޑ DFPǴҞ኱٠ߚᛙۓ࿶ᔼࡽԖ٣཰Ǵ೭ᅿ௃ݩΠǴऩϦљ߄౜ό

٫ёૈ൩ޔௗж߄฼ౣБӛрΑୢᚒ܈ׯॠѨ௳Ǵဠ٣཮ӧ೭ᅿ௃ݩΠஒ׳৒ܰ

Ԗ౛җ໒ନ DFPǴफ़եဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒǴҭջǴDqfst ஒᆶ NB.Tdpsf ޑΒ໘୏ৡև౜ϸӛᜢ߯Ƕ!

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!

!

!

᝘

᝘

᝘ύဠύဠύဠဠ٣཮٣཮٣཮཮ᆶλᆶλᆶλᆶ ިިި

Ѥ

Ѥǵၗ਑ᆶࣴزБݤ!

ҁകஒϟಏҁጇፕЎ٬Ҕޑၗ਑ϷࣴزБݤǴಃ΋ࢤךॺஒᙁൂᇥܴ Difo-!

Mjbp-! Difo! )3123*ύӵՖၮҔ Ubzmps! )3121*ޑኳٰࠠ՗ीဠ٣཮Ϸλިܿ໔ ж౛ୢᚒޑࡰ኱ DqfstǴಃΒࢤ߾ϟಏ Efnfskjbo!)3123*ύගрޑ DFP ૈΚࡰ኱

NB.Tdpsf ޑीᆉБݤǴಃΟࢤ߾཮ϟಏҁࣴزύ଑ᘜϩ݋܌٬Ҕޑ௓ڋᡂኧǴ ջ Ubzmps)3121*ک Difo-!Mjbp-!Difo!)XQ*ύගрޑёૈቹៜж౛ୢᚒޑᡂኧǶ!

B/ ဠ٣཮ᆶλިܿ໔ж౛ୢᚒޑж౛ᡂኧ;!Dqfst!

ӧ Ubzmps!)3121*ޑኳࠠύǴဠ٣཮Ԗᒧ᏷ࢂց໒ନ DFP ޑ៾ճ;!

)݀_௧ א ݂݅ݎ݁ܥܧܱǡ ݇݁݁݌ܥܧܱ*!

ԶԵໆޑӢનࣁঁΓճ੻)_௧ሻനεϯ;!!

0

max

s

U E ^ª _«

E u

^º _»

¬ ¦ ¼

!!!!!!!!!!!!!!!!!!!!!!)2*!

ځύǴ

E

ݑ_௧ൌ ߢܤ_௧ൣݒ_௧൅ ݕ_௧െ ͳ_{ሺ௧௨௥௡೟ሻ}ܿ^{ሺ௙௜௥௠௦ሻ}൧ െ ͳ_{ሺ௧௨௥௡೟ሻ}ܤ_௧ܿ^{ሺ௣௘௥௦ሻ}!!!!!!!!!!)3*!

ൌ ߢሼܤ_௧ሾݒ_௧൅ ݕ_௧െ ͳ_{ሺ௧௨௥௡೟ሻ}ܿ^{ሺ௙௜௥௠௦ሻ}ሿ െ ͳ_{ሺ௧௨௥௡೟ሻ}ܤ_௧^{௖ሺ೛೐ೝೞሻ}_఑ ! ! !!)4*!

B

v

y

߾ࣁϦљҁيޑ߄౜ǴԶ

1

turnt ߾ࢂж߄ DFP ࢂցӧ྽යᎁډᄖඤޑᡂኧǴऩځ

฻ܭ 2 ߾ж߄྽ය DFP ᎁډ໒ନǴ

c

ި៾ሽॶཞѨǴܿ^{ሺ௣௘௥௦ሻ}!߾ࢂဠ٣཮ԋ঩໒ନ DFP ܌ሡॄᏼޑঁΓԋҁǴ!ߢ!߾ࢂ

଺ࣁဠ٣཮ԖӭӧЯިܿ៾੻ޑ߯ኧǴऩ!ߢ!ຫଯ߾ж߄ဠ٣཮ຫᜢЈިܿ៾੻Ƕ

ځύ^{௖ሺ೛೐ೝೞሻ}

఑ ೏ Ubzmps ᆀࣁࢂԖਏঁΓ໒ନԋҁ)fggfdujwf! qfstpobm! uvsopwfs!

dptu*ǴΨ൩ࢂҁԛፕЎࣴزޑЬाᡂኧ DqfstǶ!

ӧ Difo-! Mjbp-! Difo! )3123*ύǴଷ೛೭ঁኳࠠࣁ Psotufjo.Vimfocfdl ၸ ஒ

ஒ

ஒᙁൂᙁൂᙁൂൂᇥܴᇥܴᇥܴܴDiDiDifoffo--- ဠ٣٣٣཮Ϸ཮Ϸ཮ϷϷλިλިλިܿ໔ܿ໔ܿ໔ܿ໔ рޑ DFPPPૈΚૈΚૈ ࡰࡰࡰ኱

ำǴ٠٬Ҕനεёૈ୔໔՗ीݤٰ՗ी၀ୖኧǴനࡕளډ؂΋໔Ϧљܭ؂ঁᢀჸ ԃࡋޑԖਏঁΓ໒ନԋҁǴբࣁҁԛࣴزޑᔈᡂኧǶ!!

! C

C/ DFP ૈΚޑж౛ᡂኧ;!NB.Tdpsf!

ӧ Efnfskjbo! )3123*ޑЎകύǴ೛ीр΋ᅿӄཥޑᑽໆࡰ኱٠ஒځᆀࣁ Nbobhfsjbm! Bcmjmjuz! Tdpsf Ǵ д Ӄ ၮ Ҕ ၗ ਑ х ๎ ϩ ݋ ݤ )Ebub! Fowfmpqf!

Bobmztjt*ीᆉрϦљޑ࿶ᔼਏ౗Ǵӧѐନ௞ၸѐЎ᝘ύගϷ཮ቹៜϦљ࿶ᔼਏ

౗ޑӢનǴٯӵǴനಖഭΠޑූৡ໨ջࣁϦљ DFP ޑૈΚǶၗ਑х๎ϩ݋ݤޑཷ

ۺҗ DibsoftǵDppqfsǵSipeft!ܭ 2:89 ԃ܌ගрǴࢂࡰӧᄬࡌғౢڄኧϐၸำ ύǴ܌Ԗޑ׫Εၗ਑)Efdjtjpo.Nbljoh! Vojut*Ǵ֡೏х๎)fowfmpqf*ܭғౢڄ ኧϐΠԶளӜǶڀᡏբݤࣁǴ२Ӄᒧрᒡрᡂኧ z ϷᒡΕᡂኧ yǴ٠ቪԋΠӈԄ η;!

ܧ݂݂݅ܿ݅݁݊ܿݕ ൌ ^σ_σ^{౩౟సభ୳}_୴^౟୷౟ౡ

౟୶_౟ౡ

ౣౠసభ ǡ  ൌ ͳǡ ǥ ǡ !!!!!!!!!!!!!!)5*!

ځύ o ࣁ܌Ԗ׫Εၗ਑ޑኧໆǴаҁЎࣁٯǴo ջࣁ၀ౢ཰܌ԖϦљӚԃࡋ

ၗ਑ǶௗΠٰࡌҥӧനεϯӕౢ཰Ϧљਏ౗ޑҞ኱΢Ǵ؃р၀ౢ཰Ӛᡂኧ߯ኧ vǵ w Ǵ ന ࡕ ж ӣ ၀ Ϧ љ ၗ ਑ Ǵ ؃ ள ၀ Ϧ љ ჴ ሞ ࿶ ᔼ ਏ ౗ Gjsn! Fggjdjfodz Ƕ Efnfskjbo)3123*ύᕴӅ٬ҔΑ΋ঁᒡрᡂኧ;ᔼԏ)Tbmft*ǴϷΎঁᒡΕᡂኧ;ᎍ

೤ԋҁ)DpHT*ǵቶ֋຤Ҕ)TH'B*ǵృڰۓၗౢ)Ofu! QQ'F*ǵృચၛԋҁ)Ofu!

Pqfsbujoh! Mfbtf*ǵࣴว຤Ҕ)S'E*ǵ୘៉)Hppexjmm*Ϸځдค׎ၗౢ)Puifs!

Joubohjcmf!Bttfu*Ƕ!

ௗΠٰǴEfnfskjbo)3123*ஒၸѐЎ᝘ύᇡࣁЬाቹៜϦљ࿶ᔼਏ౗ޑӢન ѐନǴхࡴၗౢᕴᚐ)Upbubm!Bttfu*ǵѱэ౗)Nbslfu!Tibsf*ǵԾҗ౜ߎࢬࡰ኱

)Gsff! Dbti! Gmpx! Joejdbups*ǵϦљԃស)Gjsn! Bhf*ǵ཰୍໣ύࡋ)Cvtjoftt!

Tfhnfou! Dpodfousbujpo*ǵѦ༊ፓ᏾ࡰ኱)Gpsfjho! Dvssfodz! Joejdbups*Ϸԃ ࡋǴനࡕளډޑ଑ᘜූৡ໨Ǵջࣁ NB.TdpsfǶ!

໔ϦϦљܭљܭљܭ؂ঁ؂ঁ؂ঁ؂ঁᢀჸᢀჸᢀჸᢀ

ҁԛࣴز٬ҔΑ 2::2 Կ 3121 ޑϦљၗ਑Ǵ٠ਥᏵ TJD ጓዸஒ܌Ԗౢ཰ϩࣁ 21 ಔǴ຾ՉϦљ࿶ᔼਏ౗Ϸ NB.Tdpsf ޑीᆉǶ!

! D

D/ ௓ڋᡂኧᙁϟ!

2/!!DFP Һය!DFP!Ufovsf!!

Ubzmps)3121*ޑЎകύࡰрǴDFP Һයޑߏࡋஒᡉ๱ቚуϦљޑж౛ୢᚒǴ ҁЎ٬Ҕޑ DFP Һයၗ਑ڗԾ DPNQVTUBU ၗ਑৤Ǵᙖҗᢀჸԃࡋ෧ѐ DFP ൩ᙍԃ ࡋ؃рǴၗ਑ጄൎࣁ 2::3 Կ 3121 ԃǶ!

3/!!ᐱҥဠ٣Кٯ!Joefqfoefou!Cpbse!Sbujp!)JCS*!

ᐱ ҥ ဠ ٣ К ٯ ी ᆉ Б Ԅ ࣁ ᐱ ҥ ဠ ٣ ৢ ԛ ନ а ᕴ ৢ ԛ Ǵ ၗ ਑ ٰ ྍ ࣁ SjtlNfusjdt ၗ਑৤Ƕӧ Difo-!Mjbp-!Difo!)XQ*ޑࣴزύᡍ᛾ΑǴ၀ࡰ኱ᆶϦ љᐕўѳ֡ж౛ԋҁԖᡉ๱ᜢ߯Ƕၗ਑ጄൎࣁ 2::7 Կ 3121 ԃǶ!

4/!!DFP ᖒၗ໣ύࡋ DFP!qbz!tmjdf!)DQT*!

ӧ Cfcdivl!fu!bm/!)3122*!ޑࣴزύǴ೛ीрΑ DFP ᖒၗ໣ύࡋࡰ኱ DQTǴ ࣁ DFP ᖒၗନа DFP ϷϦљନ DFP Ѧᖒၗ߻ѤӜޑ঩πޑᕴᖒၗǴх֖ڰۓᖒၗ

ϷϩआǴж߄Ϧљ٩ᒘ DFP ޑำࡋǴၗ਑ٰྍࣁ DPNQVTUBUǴၗ਑ጄൎࣁ 2::9 ԃ Կ 3121 ԃǶ!

5/!!DFP ঋҺဠ٣ߏ!DFP!Evbmjuz!

ऩ DFP Ϸဠ٣ߏࣁӕ΋ΓǴ߾Ԝᡂኧࣁ 2Ǵऩց߾ࣁ 1Ǵၗ਑ጄൎࣁ 2::7 Կ 3121Ƕ!!

6/!!Ԇ࿛ဠ٣Кٯ Cvtz!Cpbse!Sbujp!)CV*!

Ԇ࿛ဠ٣ޑۓကࣁǴӧΟৎа΢ޑϦљᏼҺဠ٣ޑဠ٣ǴஒԆ࿛ဠ٣ޑৢԛ ନаᕴৢԛջளԆ࿛ဠ٣КٯǶӧ೭ᅿ௃ݩΠҗܭဠ٣ၸܭԆ࿛ǴёૈԖ౧ܭᅱ ᆅޑ௃ݩวғǶၗ਑ٰྍࣁ SjtlNfusjdtǴၗ਑ጄൎࣁ 3111 ԃԿ 3121 ԃǶ!

7/!!ဠ٣཮ᕴৢԛ Cpbse!Tj{f!)CTJ[F*!

ዸஒ܌ஒ܌ஒ܌ԖౢԖౢԖౢౢ཰ϩ཰ϩ཰ϩ཰ϩࣁࣁࣁ

!ӧ Fjtfocfsh!fu!bm/!)2::9*!ޑࣴزύࡰрǴဠ٣཮ᕴৢԛᆶϦљᕇճૈ

ΚԖᡉ๱ޑ࣬ᜢǶဠ٣཮ԋ঩ቚуёૈஒуமဠ٣཮ჹϦљᅱᆅޑமࡋǴᗉխ DFP ௦ڗ॥ᓀၸଯޑ฼ౣǶၗ਑ٰྍࣁ SjtlNfusjdt ၗ਑৤Ǵၗ਑ጄൎࣁ 2::7 Կ 3121 ԃǶ!!

8/!!ᇲ޹ၲᅟȋᇲ׆ୗࡰኧ Ifsgjoebim.Ijstdinbo!Joefy!)IIJ*!

IIJ ࢂ๱Ӝޑѱ൑໣ύࡋࡰ኱Ǵᑽໆ၀ౢ཰ޑᚰᘐำࡋǶӧ Hjspve! boe!

Nvfmmfsȷt!)3122*!ޑЎകύǴ၀բޣᇡࣁǴౢ཰ޑ໣ύำࡋஒکဠ٣཮ᆶλި

ܿ໔ޑж౛ୢᚒև౜ॄӛ࣬ᜢǶ!

9/!!Ϧљԃស Gjsn!Bhf!)Gbhf*!

Ϧљԃសҗᢀჸԃࡋ෧ѐϦљബҥԃࡋᕇளǴၗ਑ٰྍࣁ DPNQVTUBU Ϸ DSTQǶ ϦљബҥຫΦǴϣ೽ಔᙃၸܭᛙۓǴёૈஒ٬ဠ٣཮౧ܭᅱᆅǴӧ Difo-!Mjbp-!

Difo! )3123*ޑࣴزύᡍ᛾ΑǴϦљԃសᆶဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒԖᡉ๱

҅࣬ᜢǶ!

!:/!Ϧљೕኳ!Gjsn!tj{f!)GTJ[F*!

Ϧљೕኳၗ਑ڗԾ! DPNQVTUBUǴࣁᕴၗౢڗԾฅჹኧࡕޑ่݀ǴUbzmps!

)3121*ޑЎകύᇡࣁǴຫεޑϦљǴဠ٣ஒԖၨλޑঁΓԋҁǶၗ਑ጄൎࣁ 2::2 Կ 3121 ԃ!

21/!ဠ٣཮࡭ިКٯ!Cpbsetȷ!Tupdl!Pxofstijq!)PXO*!!

ဠ٣཮ԋ঩࡭ިၗ਑ڗԾ SjtlNfusjdtǴஒځନаᕴިኧ)ڗԾ DPNQVTUBU*

ջளဠ٣཮࡭ިКٯǶਥᏵ Ubzmps! )3121*! ޑЎകǴဠ٣࡭ިКٯஒቹៜဠ٣ ӧЯިሽޑำࡋǴஒᆶж౛ୢᚒև౜ॄӛ࣬ᜢǶ!

22/ၗౢൔၿ౗!SPB!

ၗౢൔၿ౗ၗ਑ڗԾ DPNQVTUBUǴӧ Difo-!Mjbp-!Difo!)XQ*ޑЎകύࣁ՗

ीж౛ୢᚒᡂኧ Dqfst ύख़ाޑ΋ᕉǶҁԛፕЎύว౜ځᆶж౛ୢᚒᝄख़܄Ԗᡉ

๱ޑ࣬ᜢǶၗ਑ጄൎࣁ 2::2 Կ 3121 ԃǶ!

ԛᆶ ԛᆶ

ԛᆶϦљϦљϦљљᕇճᕇճᕇճᕇճૈૈૈ ᆅ

ᆅ

ᆅޑமޑமޑޑமࡋǴࡋǴࡋǴᗉխᗉխᗉխխ

਑

਑

਑ጄൎጄൎጄൎൎࣁࣁࣁ2:2:2:::7:77ԿԿԿԿ

ϖ

ϖǵ௶ॊ಍ीໆϷჴ᛾่݀!

ҁࢤஒϟಏӚᡂኧޑ௶ॊ಍ीໆаϷ߻ॊଷᇥޑჴ᛾่݀Ƕ!

B/ ௶ॊ಍ीໆ!

߄΋ύࣁᔈᡂኧ Dqfst ޑӚԃࡋၗ਑ኬҁኧǴ఼ᇂጄൎவ 2::2 ԃԿ 3121 ԃ

Ӆ 33525 ฽ኬҁǶ߄ύᡉҢрǴԖຬၸ 96&ޑဠ٣཮ኬҁԖ҅ޑԖਏঁΓԋҁǴ

ᡉҢε೽ϩޑဠ٣཮ዴჴԖঁΓ໒ନԋҁǴԶԖ 25&Ѱѓޑဠ٣཮኷ܭ໒ନ DFPǴ

ёૈޑচӢࣁ೭٤ဠ٣཮׆ఈϦљૈԖ܌ׯᡂǶ

[Insert Table 1 here]

߄Βࣁҁࣴزύ܌٬ҔޑӚঁᡂኧ௶ॊ಍ीໆǴB ೽ϩࣁҁԛࣴزޑᔈᡂኧǴ ջဠ٣཮Ϸλިܿ໔ж౛ୢᚒޑж౛ᡂኧ DqfstǴவ߄Βύёа࣮рǴѳٰ֡ᇥǴ ဠ٣཮ዴჴၨ໼ӛό໒ନ DFPǶC ೽ϩ߾ࣁҁԛࣴز٬Ҕޑ DFP ૈΚж౛ᡂኧ NB.

TdpsfǴќѦ NB.Sbol ߾ࢂஒӕԃࡋӕౢ཰໔ӚϦљޑ DFP ૈΚ຾Չ 21 ฻ҽޑ௨

ׇǴӕኬբࣁ DFP ૈΚޑж౛ᡂኧǶD ೽ϩ߾ࣁҁԛࣴزЬा௓ڋᡂኧǴх֖ DFP Һය)DFP`ufo*ǵᐱҥဠ٣Кٯ)JCS*ǵDFP ᖒၗ໣ύࡋ)DQT*ǵDFP ࢂցঋҺဠ٣ ߏ)Evbmjuz*ǵԆ࿛ဠ٣Кٯ)CvtzCpbse*ǵဠ٣཮ᕴৢԛ)C.Tj{f*ǵѱ൑໣ύࡋ )IIJ*ǵϦљԃស)GjsnBhf*ǵϦљೕኳ)GjsnTj{f*ǵဠ٣཮࡭ިКٯ)Pxofstijq*

Ϸၗౢൔၿ౗)SPB*ǶE ೽ϩ߾х֖ଷᇥΒ٬Ҕޑ NB.Tdpsf ᡂϯ౗ǴࣁၸѐΟԃ NB.Tdpsf ޑ Β ໘ ୏ ৡ Ǵ а Ϸ ௢ ᆉ NB.Tdpsf ਔ ٬ Ҕ ޑ Ϧ љ ࿶ ᔼ ਏ ౗ )Gjsn!

Fggjdjfodz*Ƕ!

[Insert Table 2 here]

Ƕ Ƕ

C

C/ ဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒᆶ DFP ૈΚ!

ҁࢤஒ૸ፕҁࣴزനЬाޑჴ᛾่݀Ǵဠ٣཮ᆶλިܿϐ໔ޑж౛ୢᚒک DFP ૈΚޑᜢ߯Ƕך٬ҔΠӈӣᘜԄ຾Չϩ݋Ƕ!

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BSIZE

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E E

E E

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11 10

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7

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வ߄ 4 ޑಃ΋ঁኳࠠύךॺёа࣮рǴ!Dqfst аϷ NB`Tdpsf Ԗᡉ๱ޑ҅࣬

ᜢ)u>24/53-q.wbmvf=1/12*ǴЪ؂ൂՏ NB`Tdpsf ޑᡂ୏Ǵஒ٬ Dqfst ΢ϲ 1/1346

ൂՏǴж߄ჴ᛾่݀Ѝ࡭ಃΒᅿ௢ፕǴҭջǴૈΚၨ٫ޑ୺Չߏёૈ৒ܰౢғၸ ࡋԾߞޑ௃ݩǴ຾Զ௦ڗ࣬ჹଯ॥ᓀޑ฼ౣǴ٬Ϧљሽॶౢғၨεޑݢ୏Ǵ຾Զ

೷ԋၨεޑ DqfstǶ!

[Insert Table 3 here]

Զ߄ 5 ޑಃ΋ঁኳࠠ߾ᡉҢрǴջ٬ӧ௓ڋځдᡂኧޑ௃ݩΠǴDqfst ᆶ NB!

Tdpsf ٩ฅࢂև౜ᡉ๱҅࣬ᜢޑᜢ߯)u>7/56-q=1/12*ǴЪှញૈΚᆶؒуΕ NB`Tdpsf ޑኳࠠѤКၨǴவ 4/:1&΢ϲԿ 5/54&ǴӕਔΨᓬܭуΕϦљਏ౗ޑኳ

ࠠΟ)5/27&*Ƕ೭ঁ่݀སҢΑǴᏱԖၨமૈΚޑ୺ՉߏǴዴჴёૈӢၸࡋԾߞ Զ໼ӛ௦ڗ॥ᓀၨଯޑ฼ౣǴ٬ளϦљሽॶౢғၨεޑݢ୏Ǵ೷ԋ୺Չߏ೏໒ନ

߻ࡕޑިሽԖၨᡉ๱ޑৡ౦ǴԶૈΚၨமӕਔΨ٬ဠ٣཮ᜤаӧځ߄౜ό٫ޑਔ

ংஒځ໒ନǴനಖ೷ԋၨεޑ DqfstǶ!

ନԜϐѦǴа NB.Tdpsf!Sbol ٰ຾Չჴ᛾ϩ݋ҭளډᜪ՟ޑ่݀ǴЍ࡭ଷ

ᇥޑಃΒ໨௢ፕǶ!

[Insert Table 4 here]

Զ߄ϖ೽ϩ߾ࢂϩౢ཰ࡕǴNB.Tdpsf ჹ Dqfst ӧ௓ڋԃࡋޑ௃ݩΠǴ຾Չ

ൂ଑ᘜޑ่݀Ƕౢ཰ϩᜪ٩Ᏽࣁ TJD ጓዸޑ߻ٿዸǴ121: ࣁၭ݅ᅕށ཰Ǵ2125 ࣁ᝜཰Ǵ2628 ࣁࡌᑐ཰Ǵ314: ࣁᇙ೷཰Ǵ515: ࣁၮᒡǵҬ೯ǵϷНႝǴ6162

໔ ໔

໔ޑжޑжޑޑж౛ୢ౛ୢ౛ୢୢᚒکᚒکᚒک

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L EEE₆

ࣁץว཰Ǵ636: ࣁ႟୧཰Ǵ7178 ࣁߎᑼǵߥᓀϷό୏ౢǴ819: ࣁ୍ܺ཰Ǵ :2:: ࣁࡹ۬೽ߐϷځдՉ཰Ƕவ߄ύёа࣮рǴନΑ᝜཰ǵࡌᑐ཰Ϸߎᑼ཰ѦǴ NB.Tdpsf ֡Ԗᡉ๱ޑှញΚǴ੝ձӧၭ݅ᅕށǵץว཰Ϸ୍ܺ཰ሦୱޑϦљǴ Dqfst ஒڙډ NB`Tdpsf ܴᡉޑቹៜǴаץว཰ࣁٯ)߯ኧࣁ 1/3787*Ǵ΋ৎ Dqfst ӧύ໔ॶޑϦљǴNB`Tdpsf ໻ሡᡂ୏όډ 1/6 ঁ኱ྗৡջё٬ Dqfst Πफ़Կॄ

ॶǴж߄೭٤ౢ཰ဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒڙډ DFP ૈΚᡉ๱ޑቹៜǶԶ߄ Ϥ߾ࣁуΕ௓ڋᡂኧޑ่݀Ǵନ೽ϩဂಔӢኬҁኧΠफ़ၸӭᏤठόᡉ๱ѦǴεठ

΢ᆶচӃ่ፕ࣬ӕǶ!

[Insert Table 5 here]

[Insert Table 6 here]

! D

D/ ဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒᆶ DFP ૈΚݢ୏܄!

ҁࢤஒ૸ፕҁࣴزಃΒ໨ჴ᛾่݀Ǵဠ٣཮ᆶλިܿϐ໔ޑж౛ୢᚒک DFP

ૈΚݢ୏܄ޑᜢ߯Ƕך٬ҔΠӈӣᘜԄ຾Չϩ݋Ƕ!

!

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7

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!

ځύǴNB`Wbs ࣁၸѐΟԃ NB.Tdpsf ޑΒ໘୏ৡǴ଺ࣁ DFP ૈΚݢ୏ࡋޑж

౛ᡂኧǶவ߄ 8 ޑኳࠠ΋ύךॺёа࣮рǴDqfst аϷ NB`Wbs Ԗᡉ๱ޑ҅࣬ᜢ )u>.7/:9-q=1/12*ǴЪ؂ᡂ୏΋ൂՏޑ NB`Wbs ஒ٬ Dqfst Πफ़ 1/257 ঁൂՏǴ ж߄ჴ᛾่݀ךॺޑ௢ፕǴҭջǴDFP ޑૈΚݢ୏܄ၨεǴёૈж߄ځࣁᑈཱུ໒ วཥ฼ౣǴ܈ޣࢂ҅ӧ჋၂຾Չϣ೽ׯॠޑ DFPǴҞ኱٠ߚᛙۓ࿶ᔼࡽԖ٣཰Ǵ ऩϦљ߄౜ό٫ёૈ൩ޔௗж߄฼ౣБӛрΑୢᚒ܈ׯॠѨ௳Ǵဠ٣཮ӧ೭ᅿ௃

ݩΠஒ׳৒ܰԖ౛җ໒ନ DFPǶջ٬ӧ௓ڋځдᡂኧޑ௃ݩΠǴDqfst ᆶ NB`Wbs 1999::: ࣁܺࣁܺࣁ୍ܺܺ཰୍཰୍཰୍཰ǴǴǴ ᑐ

ᑐ཰Ϸ཰Ϸ཰ϷϷߎᑼߎᑼߎᑼ཰Ѧ཰Ѧ཰ѦǴ

୍཰཰཰ሦୱሦୱሦୱሦୱޑϦޑϦޑϦϦљǴљǴљǴ 787***Ǵ΋Ǵ΋Ǵ΋ৎৎৎDqDqDqfsfsfsttt

٩ฅࢂև౜ᡉ๱҅࣬ᜢޑᜢ߯Ǵ߄Ζύ߾௓ڋΑ DFP ૈΚ NB.Tdpsf ޑቹៜǴϝ ฅЍ࡭Ӄ߻ޑଷᇥǶ!

[Insert Table 7 here]

[Insert Table 8 here]

dpsssfffޑቹޑቹޑቹቹៜǴៜǴៜǴៜ ϝϝϝ

Ϥ

Ϥǵ่ፕ

ҁጇፕЎගٮΑ΋٤᛾ᏵǴ࿶җ 2::2 Կ 3121 ԃය໔ǴӅ 33525 ฽Ϧљԃࡋ

଄୍ၗ਑Ϸ DFP ໒ନइᒵ᛾ჴΑဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒᆶ DFP ޑૈΚڀ Ԗᡉ๱ޑ҅࣬ᜢǴЪ၀่݀ӧ௓ڋΑځд໺಍΢ᇡࣁቹៜ၀ж౛ୢᚒޑᡂኧϐࡕ ϝฅᡉ๱ǴᡉҢ DFP ޑૈΚዴჴૈ٬ဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒᡂள׳уᝄ ख़ǶёૈޑচӢࣁǴԖၨଯૈΚޑ DFPǴёૈԖၸࡋԾߞޑ౜ຝǴ຾Զ௦ڗ॥ᓀ

׳ଯޑ࿶ᔼ฼ౣǴ೷ԋϦљሽॶཞѨǴЪӧϦљިሽ߄౜ό٫ޑਔংǴဠ٣཮Ӣ ځᔼၮਏ౗ؼӳϷၸѐޑ߄౜Զคݤᇸܰஒځ໒ନǴ೷ԋဠ٣཮ޑԖਏঁΓ໒ନ ԋҁ΢ϲǴౢғᆶဠ٣཮،฼ᆶλިܿයࡑό΋ठޑ௃ݩǶ!

ќѦǴךॺΨ࿶җᆅ౛ი໗ૈΚݢ୏ࡋޑࣴزύว౜Ǵဠ٣཮ᆶλިܿ໔ޑ ж౛ୢᚒᆶ DFP ޑૈΚݢ୏ࡋԖᡉ๱ޑ҅࣬ᜢǴж߄ჴ᛾่݀Ѝ࡭ךॺޑ௢ፕǴ ҭջǴDFP ޑૈΚݢ୏܄ၨεǴёૈж߄ځࣁᑈཱུ໒วཥ฼ౣǴ܈ޣࢂ҅ӧ჋၂

຾Չϣ೽ׯॠޑ DFPǴԜਔऩϦљިሽ߄౜ό٫ёૈ൩ޔௗж߄฼ౣБӛрΑୢ

ᚒ܈ׯॠѨ௳Ǵဠ٣཮ӧ೭ᅿ௃ݩΠஒ׳৒ܰԖ౛җ໒ନ DFPǶջ٬ӧ௓ڋځд ᡂኧޑ௃ݩΠǴဠ٣཮ᆶλިܿ໔ޑж౛ୢᚒᆶ DFP ޑૈΚݢ୏ࡋ٩ฅࢂև౜ᡉ

๱҅࣬ᜢޑᜢ߯Ƕ!

!

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౛ୢᚒޑᡂޑᡂޑᡂኧϐኧϐኧϐࡕࡕ

ୖ

ୖԵၗ਑!

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m PPerererfofoformrmrmananana cececeǺǺǺ

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–444444.4.4

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߄΋/!Dqfst!ኬҁϩѲ!

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Dqfst ၗ਑఼ᇂவ 2::2 Կ 3121 ԃ 33-525 ฽Ϧљԃࡋၗ਑Ǵ߄΋և౜ΑӚԃࡋޑኬҁኧ!

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Year/cpers cpers<0 cpers>0 Total

IJĺĺIJġ IJijĵġ Ĺĵijġ ĺķķġ

IJĺĺijġ IJĴĵġ ĹĺĴġ IJıijĸġ

IJĺĺĴġ IJĶĸġ ĺĵĶġ IJIJıijġ

IJĺĺĵġ IJķĴġ ĺĹIJġ IJIJĵĵġ

IJĺĺĶġ IJĸIJġ IJıijıġ IJIJĺIJġ

IJĺĺķġ IJĹķġ IJıĹijġ IJijķĹġ

IJĺĺĸġ IJĹĹġ IJıĸķġ IJijķĵġ

IJĺĺĹġ IJĺıġ IJıķĸġ IJijĶĸġ

IJĺĺĺġ IJĺĶġ IJıķĹġ IJijķĴġ

ijıııġ IJĺijġ IJıĶĵġ IJijĵķġ

ijııIJġ IJĹijġ IJıĴĺġ IJijijIJġ

ijııijġ IJĸĵġ IJıijķġ IJijııġ

ijııĴġ IJķĺġ IJııĶġ IJIJĸĵġ

ijııĵġ IJķĵġ ĺĹĴġ IJIJĵĸġ

ijııĶġ IJĶĴġ ĺĶĶġ IJIJıĹġ

ijııķġ IJĴIJġ ĺijķġ IJıĶĸġ

ijııĸġ IJijijġ ĹĹijġ IJııĵġ

ijııĹġ IJIJĸġ ĹĶĵġ ĺĸIJġ

ijııĺġ IJıijġ ĹĴĵġ ĺĴķġ

ijıIJıġ ĺIJġ ĸĸĸġ ĹķĹġ

ŕŰŵŢŭġ ĴIJıĶġ IJĺĴıĺġ ijijĵIJĵġ

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ҁኧ ҁኧ ҁኧ

߄

߄Βǵ!Ьाᡂኧޑ௶ॊ಍ीໆ!

!

Π߄և౜рҁࣴزύ܌٬ҔޑӚঁᡂኧޑѳ֡ኧǵύ໔ॶǵ኱ྗৡǵᡂ౦ኧǵനλॶǵനεॶϷኬҁ ኧǴB ೽ϩࣁҁԛࣴزޑᔈᡂኧǴջဠ٣཮Ϸλިܿ໔ж౛ୢᚒޑж౛ᡂኧ DqfstǴC ೽ϩ߾ࣁҁԛࣴز

٬Ҕޑ DFP ૈΚж౛ᡂኧ NB.TdpsfǴќѦ NB.Sbol ߾ࢂஒӕԃࡋӕౢ཰໔ӚϦљޑ DFP ૈΚ຾Չ 21 ฻ҽ ޑ௨ׇǴӕኬբࣁ DFP ૈΚޑж౛ᡂኧǶD ೽ϩ߾ࣁҁԛࣴزЬा௓ڋᡂኧǴх֖ DFP Һය)DFP`ufo*ǵ ᐱҥဠ٣Кٯ)JCS*ǵDFP ᖒၗ໣ύࡋ)DQT*ǵDFP ࢂցঋҺဠ٣ߏ)Evbmjuz*ǵԆ࿛ဠ٣Кٯ

)CvtzCpbse*ǵဠ٣཮ᕴৢԛ)C.Tj{f*ǵѱ൑໣ύࡋ)IIJ*ǵϦљԃស)GjsnBhf*ǵϦљೕኳ)GjsnTj{f*ǵ ဠ٣཮࡭ިКٯ)Pxofstijq*Ϸၗౢൔၿ౗)SPB*ǶE ೽ϩ߾х֖ଷᇥΒ٬Ҕޑ NB.Tdpsf ᡂϯ౗Ǵࣁၸѐ Οԃ NB.Tdpsf ޑΒ໘୏ৡǴаϷ௢ᆉ NB.Tdpsf ਔ٬ҔޑϦљ࿶ᔼਏ౗)Gjsn!Fggjdjfodz*Ƕ!

ᡂኧ! ѳ֡ኧ! ύ໔ॶ! ኱ྗৡ! നλॶ! നεॶ! ኬҁኧ!

B/ဠ٣཮ᆶλިܿ໔ж౛ୢᚒж౛ᡂኧ! ! ! ! ! ! !

Dqfst! 1/1789! 1/1279! 1/3734! .21/4541! 7/466:! 33525!

C/DFP ૈΚж౛ᡂኧ! ! ! ! !

NB.Tdpsf! 1/1232! 1/112:! 1/247:! .1/544:! 1/63:3! 33525!

NB.Sbol! 1/69:6! 1/7! 1/3797! 1/2! 2! 33525!

D/௓ڋᡂኧ! ! ! ! ! !

DFP`Ufo! 8/1739! 6! 7/99:2! 1! 66/143:! 29185!

JCS! 1/29:5! 1/2649! 1/2228! 1! 2! ::2:!

DQT! 8/1739! 6! 7/99:2! 1! 66/143:! 29185!

Evbmjuz! 1/2314! 1! 1/4364! 1! 2! ::2:!

CvtzCpbse! 1/3424! 1/3! 1/2934! 1! 2! 8861!

C.Tj{f! :/3287! :! 3/5889! 2! 37! ::2:!

IIJ! 1/3392! 1/2844! 1/293:! 1! 2! 31413!

GjsnBhf! 35/3289! 31/3769! 27/5735! 1/6974! 71/6563! 33525!

GjsnTj{f! :/1418! :/13:4! 1/8979! 5/3899! 22/7396! 32217!

Pxofstijq! 1/1823! 1/1334! 1/3267! 1! 25/:661! :941!

SPB! 1/1336! 1/15::! 1/4284! .25/8718! 35/1:31! 33523!

E/ځдᡂኧ! ! ! ! ! !

NB.Wbs! 1/115:! 1/1122! 1/1234! 1/1111! 1/3429! 2:429!

Gjsn!Fgg! 1/8416! 1/9! 1/3438! 1/2! 2! 33525!

നλ

നλλॶǵॶǵॶǵǵനεനεനεॶϷॶϷϷኬҁኬҁኬҁҁ C

C

C೽ϩ೽ϩ೽ϩϩ߾ࣁ߾ࣁࣁҁԛҁԛҁԛԛࣴزࣴزࣴز DF

DF

DFPPૈૈΚૈΚૈΚ຾Չ຾Չ຾ՉՉ212121฻ҽ฻ҽ฻ҽ F

FPPPҺයҺයҺයය)D)D)DFPFPF `u`uufffo***ǵǵ ဠ٣К٣К٣Кٯٯٯ

љೕೕೕኳኳኳ)G)G)GjsjsnTnTj{j{f*f*f ǵǵ psf ᡂϯϯ౗Ǵ౗Ǵ౗Ǵࣁၸࣁၸၸѐѐѐ

߄

߄ΟǵӚᡂኧჹ Cpers ൂ଑ᘜ่݀

Π߄ࣁӚᡂኧჹ Cpers ӧ௓ڋԃࡋϷౢ཰ޑ௃ݩΠǴ຾Չൂ଑ᘜޑ่݀Ǵ಄ဦ*ǵ**ǵ***

ϩձж߄ 10%ǵ5%Ϸ 1% ᡉ๱Ƕ

Variables Single Regression

/Models (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

Constant -0.110*** -0.162*** -0.220*** -0.057 -0.034 -0.015 -0.031 -0.076 -0.125** -0.010 -0.153*** -0.515*** -0.031 -0.090***

(-4.08) (-5.97) (-8.07) (-1.6) (-0.66) (-0.26) (-0.6) (-1.15) (-2.32) (-0.31) (-5.6) (-14.58) (-0.6) (-3.4) MA_Score 0.1720***

(13.42)

MA_Rank 0.0907***

(13.92)

Firm Eff. 0.1507***

(20.11)

CEO_TEN 0.0002

(0.89)

IBR 0.0165

(0.7)

CPS -

0.023***

(-2.72)

DUAL -0.003

(-0.41)

BU 0.0014

(0.09)

BSIZE 0.0045***

(4.31)

HHI 0.0075

(0.7)

Fage 0.0009***

(8.74)

FSIZE 0.0429***

(17.9)

OWN -0.002

(-0.19)

ROA 0.1757***

(32.47) Fix Effect-

Year Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

Fix Effect-

Industry Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

Observations 22414 22414 22414 18074 9919 8770 9919 7750 9919 20302 22414 21106 9830 22412 adj-R² 0.0151 0.0157 0.0248 0.0079 0.0152 0.0173 0.0152 0.0189 0.0170 0.0078 0.0105 0.0221 0.0145 0.0554

Ǵ಄ဦ಄ဦ಄ဦဦ**ǵǵǵ****ǵǵ********

(11))) (1(1(12)2)2) (13)

߄

߄ѤǵуΕ௓ڋᡂኧޑ଑ᘜϩ݋

Π߄ࣁӚᡂኧჹ Dqfst ӧ௓ڋԃࡋϷౢ཰ޑ௃ݩΠǴуΕ௓ڋᡂኧ຾Չൂ଑ᘜޑ่݀Ǵ಄ဦ+ǵ++ǵ +++ϩձж߄ 21&ǵ6&Ϸ 2&!ᡉ๱Ƕ!

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Variables /Models (1) (2) (3) (4)

Constant -0.3593*** -0.4083*** -0.2921 -0.3622***

(-3.79) (-4.3) (-3.04) (-3.81)

MA_Score 0.1499***

(6.45)

MA_Rank 0.0784***

(6.52)

Firm Eff 0.0800***

(4.6)

CEO_TEN 0.0000 0.0000 0.0000 0.0001

(-0.03) (0.08) (0.06) (0.18)

IBR 0.0664* 0.0626* 0.0683* 0.0774**

(1.78) (1.67) (1.82) (2.07)

CPS -0.0248** -0.0262** -0.0247** -0.0244**

(-2.29) (-2.41) (-2.28) (-2.24)

DUAL -0.0055 -0.0061 -0.0060 -0.0060

(-0.57) (-0.62) (-0.62) (-0.62)

BU -0.0317 -0.0329* -0.0412** -0.0439**

(-1.59) (-1.65) (-2.07) (-2.20)

BSIZE 0.0010 0.0007 0.0006 0.0001

(0.54) (0.38) (0.31) (0.08)

HHI 0.0010 0.0041 0.0034 -0.0014

(0.4) (0.25) (0.21) (-0.09)

Fage 0.0002 0.0002 0.0003 0.0002

(1.03) (1.01) (1.48) (0.90)

FSIZE 0.0271*** 0.0282*** 0.0142* 0.0302***

(4.17) (4.34) (1.93) (4.65)

OWN -0.0162 -0.0173 -0.0127 -0.0167

(-0.74) (-0.79) (-0.58) (-0.76)

ROA 0.1499*** 0.1507*** 0.1567*** 0.1718***

(8.46) (8.4) (8.72) (9.71)

Observations 7325 7325 7325 7325

adj-R² 0.0443 0.0444 0.0416 0.0390

ޑ่่่݀Ǵ݀Ǵ݀ǴǴ಄ဦ಄ဦ಄ဦ++ǵǵ++++++ǵ

(4 (4 ( ))

߄

߄ϖǵϩౢ཰่݀(ค௓ڋᡂኧ)

Π߄ࣁϩౢ཰ࡕǴMA-Score ჹ Cpers ӧ௓ڋԃࡋϷౢ཰ޑ௃ݩΠǴ຾Չൂ଑ᘜޑ่݀Ǵ಄

ဦ*ǵ**ǵ***ϩձж߄ 10%ǵ5%Ϸ 1% ᡉ๱Ƕౢ཰ϩᜪ٩Ᏽࣁ SIC ጓዸޑ߻ٿዸǴ01~09 ࣁၭ

݅ᅕށ཰Ǵ10~14 ࣁ᝜཰Ǵ15~17 ࣁࡌᑐ཰Ǵ20~39 ࣁᇙ೷཰Ǵ40~49 ࣁၮᒡǵҬ೯ǵϷНႝǴ 50~51 ࣁץว཰Ǵ52~59 ࣁ႟୧཰Ǵ60~67 ࣁߎᑼǵߥᓀϷό୏ౢǴ70~89 ࣁ୍ܺ཰Ǵ91~99 ࣁ

ࡹ۬೽ߐϷځдՉ཰Ƕ

! Xjuipvu!Dpouspm!Wbsjbcmf!

Tbnqmft! Dpfggjdjfou! u! O!

Bhsjdvmuvsf! 1/3548+++! )3/:*! 91!

Njof! 1/155! )2/33*! 2263!

Bsdijufduvsf! 1/3849! )2/5:*! 364!

Nbovgbduvsf! 1/2872+++! ):/77*! 23587

Usbotqpsubujpo!! 1/237:+++! )4/79*! 2397!

Xipmftbmf! 1/3787+++! )4/66*! 971!

Sfubjm! 1/2653+++! )4/67*! 35:2!

Gjobodf! 1/275:! )1/94*! 236!

Tfswjdf! 1/3417+++! )8/1:*! 4698!

Puifs! .1/4512+++! ).4/16*! 215!

Upubm! ġ 33525

Չൂ

Չൂൂ଑ᘜ଑ᘜ଑ᘜ଑ᘜޑ่ޑ่ޑ่݀Ǵ݀Ǵ݀Ǵ಄಄಄಄

߻

߻

߻ٿዸٿዸٿዸዸǴǴ010101~0~0~00999ࣁၭࣁၭࣁ ᒡǵ

ᒡǵ

ᒡǵҬҬ೯Ҭ೯Ҭ೯ǵϷǵϷǵϷНႝНႝНႝН ǴǴǴ ࣁ୍ܺܺܺ཰୍཰୍཰཰ǴǴ9111 9~9~9999ࣁࣁࣁ

߄

߄Ϥǵϩౢ཰่݀(уΕ௓ڋᡂኧ)

Π߄ࣁϩౢ཰ࡕǴMA-Score ჹ Cpers ӧ௓ڋԃࡋϷౢ཰ޑ௃ݩΠǴӆуΕ௓ڋᡂኧ຾Չ଑

ᘜϩ݋ޑ่݀Ǵ಄ဦ*ǵ**ǵ***ϩձж߄ 10%ǵ5%Ϸ 1% ᡉ๱Ƕ

! Xjui!Dpouspm!Wbsjbcmf!

Tbnqmft! Dpfggjdjfou! u! O!

Bhsjdvmuvsf! .1/3312! ).1/42*! 28!

Njof! 1/281! )1/42*! 487!

Bsdijufduvsf! 1/3434! )1/78*! 212!

Nbovgbduvsf! 1/2773+++! )6/93*! 542:!

Usbotqpsubujpo!! 1/3744+++! )4/61*! 432!

Xipmftbmf! 1/7892+++! )5/24*! 427!

Sfubjm! 1/1842! )1/:5*! 873!

Gjobodf! .1/1148! ).1/11*! 22!

Tfswjdf! 1/4518+++! )5/95*! 2196!

Puifs! .1/386:! ).1/97*! 28!

Upubm! ġ 8436!

уΕ௓Ε௓Ε௓ڋڋᡂڋᡂڋᡂኧ຾ኧ຾ኧ຾ՉՉՉ଑଑଑଑

߄

߄ΎǵCEO ૈΚݢ୏ࡋჹ Cpers ଑ᘜ่݀

Π߄ࣁ CEO ૈΚݢ୏ࡋ MA_Var ჹ Cpers ӧ௓ڋԃࡋϷౢ཰ޑ௃ݩΠǴ຾Չൂ଑ᘜаϷу Ε௓ڋᡂኧࡕޑ่݀Ǵ಄ဦ*ǵ**ǵ***ϩձж߄ 10%ǵ5%Ϸ 1% ᡉ๱Ƕ

Variables Without Control Variable With Control Variable

/Models (1) (2)

Constant -0.1055*** -0.2214**

(-3.65) (-2.48)

MA_Var -1.0665*** -0.6856***

(-6.98) (-2.78)

CEO_TEN 0.0000

(0.03)

IBR 0.575

(1.63)

CPS -0.0206**

(-2.01)

DUAL -0.0061

(-0.67)

BU -0.0209

(-1.11)

BSIZE 0.0014

(0.81)

HHI 0.0006

(0.04)

Fage 0.0003

(1.48)

FSIZE 0.0133**

(2.17)

OWN -0.0147

(-0.71)

ROA 0.1446***

(8.57)

Fix Effect-Year Yes Yes

Fix Effect-Industry Yes Yes

Observations 19318 7236

adj-R² 0.0111 0.0386

຾

຾

຾ՉൂՉൂՉൂՉൂ଑ᘜ଑ᘜ଑ᘜаϷаϷаϷуууу

ol Variaiaiablblbleee

߄

߄ΖǵCEO ૈΚݢ୏ࡋჹ Cpers ଑ᘜ่݀(௓ڋ MA-Score)

Π߄ࣁ CEO ૈΚݢ୏ࡋ MA_Var ჹ Cpers ӧ௓ڋԃࡋǵౢ཰аϷ CEO ૈΚ MA-Score ޑ

௃ݩΠǴ຾Չൂ଑ᘜаϷуΕ௓ڋᡂኧࡕޑ่݀Ǵ಄ဦ*ǵ**ǵ***ϩձж߄ 10%ǵ5%Ϸ 1% ᡉ

๱Ƕ

Variables Without Control Variable With Control Variable

/Models (1) (2)

Constant -.0912*** -0.2195**

(-3.17) (-2.46)

MA_Var -1.1004*** -0.6759***

(-7.22) (-2.75)

MA_Score 0.1683*** 0.1365***

(12.27) (6.24)

CEO_TEN -0.0001

(-0.16)

IBR 0.0476

(1.35)

CPS -0.0210**

(-2.05)

DUAL -0.0056

(-0.62)

BU -0.0099

(-0.53)

BSIZE 0.0022

(1.28)

HHI 0.0078

(0.50)

Fage 0.0003

(1.58)

FSIZE 0.0105*

(1.71)

OWN -0.0143

(-0.70)

ROA 0.1264

(7.40)

Fix Effect-Year Yes Yes

Fix Effect-Industry Yes Yes

Observations 19318 7236

adj-R² 0.0187 0.0437

ore)

ૈΚ

ૈΚ

ૈΚMMAMAMA---ScScS ororeeeޑޑޑ 10

10%%%%ǵǵ5%5%5%ϷϷϷϷ1%1%1% ᡉᡉᡉ onnntrtrtrololo VVVVararariaiiabllleee

(2)))

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