OHLSON:

: MA1A0104 MA1A0206

Ohlson1995

Ohlson

1997

OECD1999corporate governance

Easton1985

Ohlson1995

=+

Ohlson1995

Ohlson

Amir and Lev1996

OECD

Agrawal1990

Oswald and Jahera1991

Morck, Shleifer, and Vishny1988

Morck, Shleifer, and Vishny1988

5~25 5 25

79

1 (Oswald and Jahera,1991)

2 (Agrawal,1990)

3 (Morck, Shleifer, and Vishny,1988)

4 (Edwards and Weichenrierer, 2001)

5 (79)

-1998 2001

76304

-

TEJ

-

()()

-

5

-

-///1 0

-Ohlson1995MV = a0 + a1BV + a2EPS + aiCGFi

MV BV EPS CGFi

-88Ohlson1995

-

()

-Theil1971

1 304

67.1049.003.83632.0064.0117.5716.581.0661.136.961.601.56-12.2114.262.9022.6522.405.1259.0010.602.251.670.0016.702.200.260.240.001.000.2218.3516.412.1757.8210.11/0.580.620.031.000.290.450.400.022.210.290.310.000.001.000.460.580.080.0022.941.74

2 304*10%**5%***1%

/10.65***10.73***0.74***1 0.090.030.071 0.080.17***0.13**-0.55***1 -0.12**-0.17***-0.13**-0.020.001 -0.01-0.04-0.030.75***-0.27***-0.091/ 0.060.020.09-0.24***0.04-0.01-0.54***1-0.15***-0.23***-0.22***-0.19***0.13**-0.18***0.12**-0.30***10.12**-0.04-0.05-0.05-0.10-0.02-0.060.080.051-0.02-0.02-0.070.01-0.11-0.070.09-0.09-0.010.14**1

3 304*10%**5%***1%R2

t?-14.81 -0.84 +2.39 4.48 ***+11.95 9.55 ***+0.61 1.31 +0.48 0.33 +1.81 0.16 +-0.30 -0.64 /+0.31 0.03 --0.32 -0.06 ?21.35 4.02 ***+0.31 0.22 R20.59ADJ. R20.57

4

(%)(%)12.284 28.552 28.552 21.451 18.133 46.685 31.201 15.015 61.700

5

0.8720.7550.6230.3780.2670.0570.8450.742/0.6750.3940.6750.2530.5400.0470.4390.069

6

(%)11. 2. -0.926088-0.842247 2.28428.55221.-0.8033791.45146.68531.0.7281841.20161.700

7 112; 32*10%**5%***1% R2F

1 2 3 ttt7.2860.88967.10218.297***7.1150.8772.3184.430***2.3134.465***11.9349.508***12.0919.681***1-0.281-0.0761.9650.8092-5.308-1.445-0.855-0.3503-4.559-1.241-7.250-2.981***R2 0.5580.0120.572ADJ. R2 0.5550.0020.564F 189.7201.21179.503

8

8332.0644%100.000%2.58593%13.6268%: 12345/ 678

9

dfpLambda00.418 0.175 84.000 24.000 0.000 0.755 10.248 0.061 27.000 14.000 0.022 0.915 20.160 0.026 8.000 6.000 0.022 0.974

10 yy*1=-0.133+0.814+0.3412y*2=-1.496+0.363+0.722y*3=-0.065-1.246+1.492

, , Y1*Y2*Y3*Y1*Y2*Y3*-0.133 -1.496 -0.065 0.6456 -0.7348 0.2079 0.814 0.363 -1.246 0.9794 -0.0790 -0.1859 0.342 0.722 1.492 0.8460 -0.0980 0.5240

11 x

, , X1*X2*X3*X1*X2*X3* 0.719 -0.755 0.517 0.0983 -0.2797 0.3786 0.754 -0.231 0.076 0.4165 0.1591 -0.1528 -0.545 0.048 0.219 -0.3921 0.0817 0.1717 -0.537 0.378 0.228 -0.0963 -0.0970 0.0605 /-0.244 0.007 0.954 /0.0986 -0.0558 0.6594 -0.639 -0.139 0.218 -0.5720 -0.0340 -0.1728 -0.038 -0.933 -0.175 -0.1526 -0.9100 -0.1867 -0.029 -0.038 -0.326 -0.0911 -0.1171 -0.4306

11 xx*1=0.7189+0.754-0.545-0.537-0.244/-0.639-0.038-0.029x*1()x*1

12 x,y

(), (), 0.089 0.016 0.697 0.122 0.121 0.007 0.185 0.011 0.111 0.003 0.118 0.003

1

8

THE END