(M9870111)

()

1.

2. 20042006474

3. ()

4. (105%)

() 1.

2.

3.

H1 H2 H3 H4

()

LISREL(LISREL / )

LISREL(2/df)()

(Goodness-of-fit indexGFI)GFI0-11

(Root Mean Square ResidualRMR)

(Normal fit indexNFI)0-11

=(+x)/

()(Performance)-

(ROA)

(EPS)

(ROE)ROE=/

(Return)Equity=(-)/

Q(Tobins Q)Tobins Q=(()+)/

()(Directors Control) -

1(Boards Size) Company DB

2(Independent Direct)(TEJ)=/

3(CEO/Chairman)10

4(Board Holdings)

()(Blockholders Control) -

1(Number)TEJ Company DB

2(Holdings)TEJ Company DB

()(Institutionals Investor) -

1Active=(++)

2Passive(TEJ)=(++)

()(Investment opportunity) -

1(MB Ratio)= =()

2(MKTBKASS)MKTBKASS=(*+)

()(SIZE) -

1(Net Sale)(TEJ)(SIZE)=ln()

2(Total Asset) (SIZE)=ln()

20042006(Pearson) 9415933.54%28.69%13.71%0.63%

$ 1,647,764$13,671,211 0.0860930.14186849 ()0.3120.4636 2.283.176

(EPS)1.7401474 2.74486052

ROE 0.060764 0.25180251

0.17950470.50649425

2.18974255.73773007

()

Pearson

0.3670.01

0.0960.1

-0.160.01

MKT0.4140.3810.01

EPSROEQ0.4720.4310.3960.01

(2)

(Pearson)0.8

17%83%60%40%

1151206.28p0.0010.48(GFI) 0.81(R2)0.81NFI0.8181%(RMR)RMR0.094

(1)0.190.01

(2)0.685%

(3)-0.25

(4)-0.440.05

(1)

(2)

(3)10%

(4)

P.40

P.40 P.41 P.43 p.40~p.44

P.43

P.44 P.45 p44

P.50

P.50

Pearson * p.60p.63