M9870217

()() ()()() T () ()

/ /

12

TEJ

200220065;20 1-1- 3 / 2 /1 - 2-1-

()

- Jenson & Meckling(1976)

- Jiambalvo et al.(2002)order backlog

- Gompers et al.(2003)

()

- (2001) (2004)

- (2002)

- Fama(1980) Fama and Jensen (1983) Weisbach(1988)

() (Cash Flow Rights)

- La Porta et al.(2002)

- (2002)(2002)( )

- Jesen & Mecling, 1976 (Entrenchment Effect)

/ /

-

- -

-

-

(2005)

-

-

- / - ---/- / - -log / ABS(lag )-

(Multiple Regression Analysis) - - - () () ()

-

-

-

() (ROA)_1.233% _1.44%

()_ (BOH)_21.028%

T

10% T

(Pearson)

(ROA)

(ROAt+1)

(ROAt+1)

()()(P 0.63)(P 0.22)

*