ꆶ맜샭쫀뷧짌튵틸탐횤좯뗖톺죚튵컱뗄랢햹폫훐맺뷰죚쳥훆뗄햽싔탔톡퓱ꇵ냍쫯쯉뷼웚,횤좯릫쮾쿲짌튵틸탐틔횤좯훊톺(냼삨막욱뫍햮좯)짪쟫듻뿮뗄죚랽쪽붫훰늽췆맣ꆣ뛔폚짌튵틸탐살쮵,헢쫇튻쿮뻟폐튻뚨럧쿕ꆢ춬쪱폖뻟폐맣삫삩햹뿕볤뗄죚튵컱ꆣ룼폐볛횵뗄쫇,헢틢캶ퟅ컒맺뗄뷰죚쳥훆헽퓚듓뒫춳뗄럖튵뺭펪쳥훆훰늽쿲뫏튵뺭펪쳥훆ꆣ펦룃쮵,헢쫇컒맺뷰죚쳥훆뗄햽싔탔톡퓱ꆣ듓샭싛뷇뛈뾴,퓚쫐뎡훷쳥뻟폐뷏잿럧쿕뿘훆쓜솦뗄쳵볾쿂,평폚뷰죚쫐뎡뻟폐쓚퓚뗄튻쳥뮯뗄튪쟳,붵뗍짧믡뷰퓚늻춬쇬폲뗄뮻돉놾,춨맽횤좯훊톺듻뿮뗈탎쪽붨솢믵뇒쫐뎡뫍놾쫐뎡횮볤뗄릵춨쟾뗀,쓜릻쳡룟뷰죚쫐뎡뗄뺺헹돌뛈뫍짧믡뷰뗄퓋폃킧싊,쓜릻쮳펦짧믡뷰뗄쓚퓚튪쟳ꆣ틲뛸헢훖짌튵틸탐뫍춶틸탐튵컱뗄죚뫏쟷쫆뻟폐샭싛뫍쿖쪵뗄쮫훘뫏샭탔ꆣ놾컄쓢듓맺쓚췢뗄랢햹쟷쫆럖컶헢튻튵컱뗄샺쪷뷸돌,늢듓떱잰짌튵틸탐닺뢺햮맜샭뫍럧쿕맜샭뗄뷇뛈뛔횤좯훊톺죚튵컱뗄랢햹뷸탐뛠뷇뛈뗄럖컶,늢뷒쪾떱잰틔횤좯훊톺죚캪웵믺췆뷸컒맺뷰죚쳥훆듓럖튵뺭펪쿲뫏튵뺭펪뮻뗄뇘좻탔ꆣ(튻)횤좯훊톺죚튵컱뗄뾪햹벰웤쯹쳥쿖뗄컒맺뷰죚쳥훆듓럖튵뺭펪쿲뫏튵뺭펪뗄뮻뷸돌,쫊펦쇋좫쟲뫏튵뺭펪뗄뷰죚쳥훆랢햹쟷쫆1999쓪11퓂4죕,쏀맺맺믡춨맽쇋뷰죚룄룯램낸,럏횹쇋쪵쪩66쓪뗄ꆶ룱삭쮿ꆪꆪꆪ쮹뗚룱뛻램낸ꆷ,헢뇭쏷뷰죚뫏튵뺭펪쳥훆틑뺭돉캪좫쟲뮯뗄랢햹뎱쇷ꆣ쫂쪵짏,듓80쓪듺틔살,쯦ퟅ좫쟲뷰죚쫐뎡튻쳥뮯쟷쫆뗄퓶잿,좫쟲틸탐튵뺺헹죕틦벤쇒,뷰죚뒴탂닣돶늻쟮,짌튵틸탐폫춶틸탐튵컱퓚뷰죚뒴탂훐쿠뮥째춸,틸탐튵폫횤좯튵ꆢ뒫춳뗄짌튵틸탐듦듻뿮튵컱폫춶틸탐튵뗄횤좯튵컱횮볤뗄뷧쿞훰붥쒣뫽ꆣ쯦ퟅ뺭볃뷰죚뮷뺳뗄퇝뇤,럖튵쒣쪽헽퓚훰늽즥쪧웤듦퓚뗄쿖쪵뫏샭탔ꆣ듓쏀맺뗄쟩뿶뾴,평폚쫐뎡뺺헹죕쟷벤쇒,쏀맺틸탐튵퓚뷰죚튵훐햼폐뗄럝뛮늻뛏쿂붵,춶틸탐ꆢ춶믹뷰뫍룷샠웤쯻럇뷰죚믺릹퓚뷰죚쫐뎡짏뾪쪼햼뻝훷떼뗘캻,럇샻쾢쫕죫돉캪짌튵틸탐탂퓶샻죳뗄훘튪살풴,늢퓚좫늿쫕죫훐햼뻝풽살풽훘튪뗄뗘캻ꆣ횤좯쫐뎡뗄랢햹,튻랽쏦뛔틸탐튵탎돉뷰럖쇷뗄톹솦(벴ꆰ췑쎽ꆱ),쇭튻랽쏦튲뛔틸탐-143-
MANAGEMENTWORLD튵탎돉폅훊뿍뮧쇷쪧뗄톹솦,벴탅뫃뗄뿍뮧욾틲듋,듓맺볊랶캧쓚뗄랢햹쟷쫆뾴,쯦ퟅ뷰죚뷨ퟔ짭탅폾,춨맽횤좯튵뗄횧돖횱뷓퓚횤좯쫐뎡튵뺺헹뗄볓뻧ꆢ틸탐튵폫횤좯튵뗄쿠뮥째춸뫍헾돯,틸탐튵퓲놻웈쏦뛔탅폾뷏닮뗄뿍뮧좺ꆣ폚뢮럖튵맜훆뗄럅쯉,짌튵틸탐폫춶틸탐튵컱뗄쫇,쏀맺틸탐튵캪쇋붵뗍돉놾ꆢ쳡룟쫕틦,닉좡볦죚뫏쟷쫆틑뺭돉캪튻훖쫀뷧탔뗄뎱쇷ꆣ컒맺떱잰늢뫍뷰죚뒴탂쫖뛎쿲횤좯튵째춸ꆣ헾뢮캪쇋쳡룟뾪햹뗄횤좯훊톺죚튵컱,붨솢쇋짌튵틸탐폫춶놾맺틸탐퓚맺볊뷰죚쫐뎡짏뗄뺺헹솦,튲쒬탭짵틸탐횮볤헽뎣뗄릵춨쟾뗀,쮳펦쇋쫀뷧뷰죚쳥훁맄샸헢훖째춸ꆣ1984쓪쏀맺솪냮듦뿮놣쿕릫쮾훆뗄랢햹쟷쫆ꆣ닃뚨9300볒훝힢닡뗄믺릹(듳늿럖쫇럇솪뒢돉풱(뛾)뾪햹횤좯훊톺죚쫇컒맺뷰죚랢햹뗄쓚뗄킡틸탐)뿉틔뷸죫횤좯탐튵;1991쓪쏀맺닆헾늿퓚튪쟳냤랢쇋ꆶ1991쓪솪냮듦뿮놣쿕릫쮾룄룯쳵샽ꆷ,퓊1.컒맺붨솢뗄럖튵뺭펪쳥훆쫇쳘뚨랢햹뷗탭쒳킩틸탐틔뗈폚웤놾100%뗄쫽솿믱뗃뫍돖뛎뗄닺컯폐웕춨벰폅쿈막욱ꆣ틲듋,떽1999쓪11퓂4죕쏀맺평폚뷰죚믺릹좱랦ퟔ컒풼쫸믺훆ꆢ뷰죚볠맜맺믡헽쪽엺ힼ럏횹쿳헷럖튵뺭펪쳥훆뗄ꆶ룱삭쮿늿쏅튲뷏캪좱랦볠맜뺭퇩뗈뛠랽쏦뗄풭틲,룄룯ꆪꆪꆪ쮹뗚룱뛻램낸ꆷ,뿉틔쮵쫇쏀맺뷰죚쳥훆캪쇋뾪럅틔살,퓚컒맺뷰죚쫐뎡뗄랢햹맽돌훐,퓸뺭돶쫊펦탂뗄뺭볃뷰죚뮷뺳쯹ퟷ돶뗄ퟔ좻뗷헻ꆣ쿖쇋뇈뷏퇏훘뗄뷰죚믺릹솪쫖뎴ퟷ뗈쿖쿳,늢퓚죕놾듓80쓪듺훐웚웰,뾪쪼퇐뺿늢훰늽쪵쪩늻춬뗘쟸ꆢ늻춬돌뛈짏틽랢쇋뷰죚믬싒ꆣ폚쫇,맺뛔럖튵쒣쪽뗄룄룯ꆣ쫗쿈돶첨뗄ꆶ뷰죚룄룯램ꆷힼ컱풺퓚1993쓪12퓂25죕냤늼뗄ꆶ맘폚뷰죚쳥훆룄탭늻춬탐튵뗄뷰죚믺릹틔ퟓ릫쮾랽쪽쪵탐뿧탐튵룯뗄뻶뚨ꆷ훐,쏷좷쇋뛔틸탐튵ꆢ횤좯튵ꆢ탅췐튵뫍볦펪,늢퓚퓰죎ퟔ뢺뗄잰쳡쿂,퓊탭뷰죚믺릹톡퓱놣쿕튵쪵탐럖튵맜샭,1995쓪춨맽뗄ꆶ짌튵틸탐ퟔ벺뗄튵컱랶캧ꆣ퓚1994쓪뾪쪼퓊탭틸탐춨맽뢽램ꆷ뛔듋ퟷ쇋뷸튻늽뗄쏷좷ꆣ1997쓪6퓂,캪틖훆횤쫴릫쮾닎폫횤좯냼쿺튵컱ꆣ1997쓪5퓂,캪쇋듓룹좯쫐뎡뗄춶믺웸럕,훐맺죋쏱틸탐잿뗷ꆰ뷻횹틸탐놾짏듌벤뫍헼뻈퓚ꆰ엝쒭뺭볃ꆱ웆쏰뫳뗄쓠헓훐헵뷰캥맦쇷죫막쫐ꆱꆣ펦룃쮵,퓚떱쪱쳵볾쿂톡퓱퓺뗄죕놾뷰죚튵,떱뻖춨맽쇋좫쏦뷸탐뷰죚쳥훆럖튵맜샭쳥훆쫇폐뇘좻탔뗄;퓚떱쪱뗄뺭볃뮷뺳룄룯뗄램낸,잿뗷듳솦랢햹놾쫐뎡뫍횱뷓죚ꆣ쿂,헢훖쳥훆폐킧뗘럀랶쇋뷰죚럧쿕,듲믷쇋막쫐80쓪듺틔잰,펢맺뷻횹놾맺틸탐튵뷩죫횤좯뗄맽뛈춶믺,놣횤쇋뷰죚쫐뎡뗄붡뾵욽컈랢햹ꆣ튵,펢맺뗄횤좯붻틗쯹뗄훷튪닎볓헟쫇훐킡탍횤2.떱잰뾪햹횤좯훊톺죚뗄쳵볾틑뺭믹놾좯릫쮾ꆣ80쓪듺뫳,쏦뛔쫀뷧뷰죚쇬폲뗄벤쇒뺺뻟놸헹,펢맺풽살풽룐떽ퟔ벺틔훐킡횤좯릫쮾캪훷솦ퟝ맛맺볊틸탐튵폫횤좯튵뗄뮥뚯샺돌,캪쇋뗄횤좯붻틗쯹쓑틔폫쏀맺ꆢ죕놾뗈틔듳횤좯릫쮾듙뷸틸탐튵뫍횤좯튵뗄킭뗷퓋탐,펦떱뻟놸틔쿂ퟷ캪횧훹뗄횤좯붻틗쯹뫍컷얷듳슽틔틸탐튵캪훷벸룶랽쏦뗄쳵볾ꆣ랴맛컒맺떱잰뗄뺭볃뷰죚랢햹쳥뗄횤좯붻틗쯹쿠뾹뫢,캪듋,1986쓪,펢맺헾뢮ힴ뿶,펦룃쮵,떱잰컒맺췆뷸뫏튵뺭펪뗄쳵볾틑뺭탻늼틸탐튵뿉틔횱뷓뷸죫횤좯붻틗쯹뷸탐붻틗,믹놾뻟놸,횤좯훊톺죚튵컱뗄뾪햹퓲캪럖튵뺭듓뛸듲뾪쇋펢맺틸탐튵폫횤좯튵죚뫏랢햹뗄듳펪쿲뫏튵뺭펪쳥훆뗄뮻싵돶쇋뗚튻늽ꆣ쏅ꆣ듋뻙늻뷶듙돉펢맺맺췁짏뗄짌튵틸탐뷸죫춶(1)쳘뚨뗄뷰죚랢햹뷗뛎뻶뚨쇋틸탐튵뫍횤틸탐쇬폲,뛸쟒룼훷튪뗘,듙돉쇋쏀맺ꆢ죕놾뗄좯튵뗄뮥뚯쒣쪽벰웤랢햹쟷쫆ꆣ쫗쿈,쫇쳘뚨뗄짌튵틸탐펿죫쇋펢맺횤좯쫐뎡;쒿잰,펢맺뷸튻늽뺭볃랢햹뷗뛎뗄펰쿬;웤듎,쫇틔틸탐쳥쾵캪훷떼췆탐좫쓜볠맜,잿뗷뛔짌튵틸탐ꆢ횤좯튵컱뗈뗄좫뗄볤뷓죚랽쪽퓚뫪맛뷰죚퓋웸훐뗄쿠뛔뗘캻벰쏦럧쿕맜샭,폐킧쫊펦쇋뫏튵뺭펪쳥훆뗄튪쟳ꆣ웤뇤뮯쟷쫆;뗚죽,쫇횤좯쫐뎡뗄맦쒣벰웤뛔쪵볊-144-
ꆶ맜샭쫀뷧ꆷ뺭볃퓋탐뗄펰쿬쓜솦ꆣ듓쫀뷧랶캧쓚살뾴,퓚30컒맺풭살뗄럖튵쳥훆탎돉돥믷ꆣ듓쪵볊쟩뿶뾴,쓪듺횮잰,룷맺뚼쫇닉좡쇋틸탐튵폫횤좯튵죚뫏퓚뷰죚쫐뎡튻쳥뮯쟷쫆뗄췆뚯쿂,룷맺캪쇋퓶잿뗄쒣쪽,ퟮ훷튪뗄풭틲뻍쫇퓚떱쪱뗄뺭볃랢햹뷗놾맺뷰죚쳥쾵뗄맺볊뺺헹솦,쳡룟풴뗄엤훃킧뛎,볤뷓죚랽쪽틀좻햼뻝ퟅ뻸뛔뗄춳훎뗘캻,뛸싊,럗럗럅쯉뷰죚맜훆,뷰죚뒴탂늻뛏펿쿖,틸탐틔막욱ꆢ햮좯랢탐캪듺뇭뗄횱뷓죚쪮럖폐쿞,틸튵뫍횤좯튵듓럖튵훰붥ퟟ쿲죚뫏돉캪뷼쓪살맺볊탐튵뫍횤좯튵뗄죚뫏,쓜릻놣돖뛾헟횮볤뗄킭뗷뷰죚튵뗄튻룶훘튪쟷쫆ꆣ쯦ퟅ컒맺볓죫ꆰ쫀쎳ꆱ뗄퓋탐ꆣ뗂맺ퟔ쪼훁뷱닉좡죚뫏쒣쪽,폫웤짌튵틸뷸돌볓뿬,맺췢쪵탐뫏튵뺭펪뗄뷰죚믺릹뷏횮럖탐쳥쾵펰쿬솦뷏듳ꆢ놾맺횤좯쫐뎡맦쒣뷏킡쫇늻튵뺭펪쳥훆쿂뗄컒맺뷰죚믺릹룼쓜릻캪뿍뮧쳡릩컞맘쾵뗄ꆣ듓컒맺떱잰뗄쟩뿶뾴,뺡맜짌튵틸탐좫랽캻뗄뷰죚럾컱,퓚뷰죚쫐뎡룼뻟폐뺺헹솦ꆣ틀좻퓚짧믡죚믮뚯훐햼뻝훷떼뗘캻,떫쫇짧믡틲듋,벰쪱붫컒맺뗄뷰죚쳥훆듓럖튵뺭펪쿲뫏뷰뗄췑쎽쟷쫆좴풽살풽톸쏍,횤좯쫐뎡뗄삩헅튵뺭펪,튲쫇컒맺뷰죚쫐뎡퓚볓죫ꆰ쫀쎳ꆱ뗄맽돌쯙뛈볓뿬,횤좯쫐뎡늨뚯뛔컒맺뺭볃퓋탐뗄펰쿬훐쯹뇘좻튪ퟷ돶뗄뗷헻ꆣ솦퓚늻뛏삩듳ꆣ(5)춨맽횤좯훊톺죚뗈랽쪽,붨솢짌튵틸탐(2)뫪맛뷰죚볠뿘쳥쾵뛔뷰죚럧쿕뗄럀랶뫍뫍춶틸탐횮볤뗄릵춨쟾뗀,튲쫇떱잰횤좯쫐뎡뮯뷢쓜솦훐뷩펰쿬떽틸탐튵폫횤좯튵뗄뮥뚯맘랢햹뫍짌튵틸탐튵컱췘햹뗄쓚퓚튪쟳ꆣ뷼10쓪살쾵ꆣ쏀맺30쓪듺뺭볃듳캣믺뗄놬랢,돽틸탐튵폫뗄뺭퇩뇭쏷,횤좯쫐뎡뗄돖탸ꆢ붡뾵랢햹뛔폚컒맺횤좯튵맽뛈죚뫏풭틲췢,뷰죚램맦늻췪짆뫍볠뚽뺭볃랢햹뫍맺폐웳튵룄룯폐ퟅ쪮럖훘튪뗄ퟷ폃ꆣ믺릹볠맜늻솦쫇튻룶훘튪풭틲ꆣ펢맺퓚80쓪듺뛔횤좯릫쮾쫇컒맺횤좯쫐뎡훷튪뗄믺릹춶헟,떫틸탐튵뷩죫횤좯튵뷻쇮뗄뷢돽뫍쏀맺ꆢ죕놾퓚90평폚뛠훖풭틲,웤죚컊쳢쎻폐쓜릻뗃떽췗짆뗄쓪듺틔살뛔틸탐튵ꆢ횤좯튵뮥쿠째춸뗄횧돖만좻뷢뻶,횤좯릫쮾뗄죚쟾뗀늻릻뎩춨ꆣ뛸듓짌튵쫇폫좫쟲뷰죚쫐뎡튻쳥뮯폐맘,떫룼훘튪뗄쫇헢틸탐뗄뷇뛈뾴,평폚떱잰뗄폐킧듻뿮늻ퟣ,뛸횤좯킩맺볒뗄볠맜램맦뫍볠맜믺릹퓚샺뺭냫룶쫀볍뗄쫐뎡퓶뎤톸쯙,틲뛸짌튵틸탐틔쿠뛔뇈뷏낲좫뗄랢햹뫳,쯼쏇뗄췪짆돌뛈뫍퓋ퟷ킧싊뚼폐쇋뎤ퟣ랽쪽뷩죫횤좯쫐뎡,튲쓜릻캪짌튵틸탐쳡릩탂뗄뗄뷸늽ꆣ뗂맺쒣쪽퓚뗂맺놾췁뗄뎤웚헽뎣퓋탐,튵컱퓶뎤뿕볤ꆣ퓚뫜듳돌뛈짏뿉틔쮵쫇틲캪웤뻟폐뗂맺솪냮틸탐(죽)떱잰횤좯훊톺죚튵컱훐뗄럧쿕맜샭헢퇹튻룶폐좨췾ꆢ폐킧싊뗄볠맜믺릹캪믹뒡ꆣ듓횤좯훊톺죚뿉틔뮮럖캪막욱훊톺죚뫍햮컒맺떱잰뗄쟩뿶뾴,쯦ퟅꆶ짌튵틸탐램ꆷꆢꆶ횤좯좯훊톺죚ꆣ듓튵컱닙ퟷ뷇뛈살뾴,햮좯훊톺죚램ꆷꆢꆶ훐퇫틸탐램ꆷ뗈훘튪램싉뗄쿠볌돶첨,뷰죚뗄럧쿕쿠뛔튪킡ꆣ뛔폚맺햮뫍탅폾솼뫃뗄헾닟볠맜늿쏅뗄볠맜쓜솦폐쯹쳡룟ꆣ탔뷰죚믺릹햮좯,웤훊톺뗄헛뿛싊뿉틔닎헕횤좯(3)듓캢맛뷇뛈뾴,틸탐튵뫍횤좯튵쫇럱헦헽붻틗쯹쎿룶벾뛈뛔맺햮믘릺튵컱쯹훆뚨뗄헛뿛뇪돉캪뻟폐뷏잿럧쿕풼쫸쓜솦뗄쫐뎡훷쳥,퓚뫜듳ힼ;뛔폚웳튵햮좯,퓲훷튪펦떱닎뾼웤탅폃뗈벶뫍돌뛈짏믡펰쿬떽횤좯튵폫틸탐튵랢햹쒣쪽뗄톡쫐뎡ퟟ쫆뗈ꆣ틲듋,놾컄훘뗣첽쳖막욱훊톺죚퓱ꆣ듓컷랽맺볒뗄쪵볹뾴,틸탐튵뫍횤좯튵듓17훐뗄럧쿕럀랶ꆣ쫀볍돶쿖틔살,뺭맽뷼죽룶쫀볍뗄랢햹,웤뛔럧쿕횤좯훊톺듻뿮폫짌튵틸탐웤쯻듻뿮뗄룹놾탔뗄럀랶훆뛈틑뺭붨솢늢죕쟷췪짆ꆣ뿉틔쮵,횤좯쟸뇰퓚폚,웤톺욷뗄볛횵쫇틔늻뛏뇤뮯뗄쫐뎡볛튵폫틸탐튵ퟔ짭맜샭뗄볓잿캪웤튵컱죚뫏뫳뗄킭룱캪뫢솿돟뛈뗄,헢뻍틔캪ퟅ룃샠듻뿮튪쏦쇙평뗷퓋탐웰떽쇋훘튪뗄놣횤ퟷ폃ꆣ폚톺욷쫐뎡볛룱늨뚯뛸룸듻뿮듸살캥풼쯰쪧뗄뿉(4)볓죫ꆰ쫀쎳ꆱ뫳,뫏튵뺭펪뗄쳥훆뇘좻믡뛔쓜탔,틲듋짌튵틸탐뛔횤좯릫쮾뾪햹횤좯훊톺듻-145-
MANAGEMENTWORLD뿮뗄맘볼컊쳢쫇죧뫎폐킧맜샭룃샠듻뿮쯹퓌몭뗄욱훊톺듻뿮횮뫳,죔튪쪵쪱볠뿘막욱(ퟩ뫏)톺욷쫐뎡럧쿕ꆣ퓚뻟쳥듻뿮닙ퟷ훐,뛔쫐뎡럧쿕뗄맜뗄쫐뎡볛룱ퟟ쫆,벴쯹캽뗄ꆰ뚢쫐ꆱ(Markto샭훷튪쳥쿖퓚럧쿕쪶뇰뫍럧쿕늹뎥뗈벸룶랽쏦ꆣMarket),떱볛룱뗸웆튻뚨쿞뛈듓뛸퓬돉막욱(ퟩ1.횤좯훊톺죚훐뗄럧쿕뫢솿뫏)톺욷뗄쫐뎡볛횵퓢쫜훘듳쯰쪧쪱,뻍튪뷸탐풤(1)횤좯톺욷뗄톡퓱믺훆ꋙꆣ쒿잰뮦짮솽쫐짏뺯,듓뛸쳡탑룷쿠맘늿쏅닉좡쿠펦듫쪩ꆣ쫐릫쮾폢900뛠볒,튻볒횤좯릫쮾쯹돖막욱뗄훖죧뫎뫋뚨폃ퟷ뗖톺욷뗄폐볛횤좯뗄볛횵,쫇샠튲쪮럖랱뛠,헢뻍탨튪짌튵틸탐쫂잰폐튻쳗뿆튻룶맘볼탔뗄뮷뷚ꆣ붫폐볛횤좯뗄릺죫돉놾볛ꆢ톧퇏뷷뗄횤좯럖샠움벶쳥쾵,듓횤좯릫쮾훐쯹돖벴쪱쫐볛뗈ퟷ캪볆쯣뗄틀뻝뚼폐튻뚨뗄뗀샭,떫뗄룷훖횤좯훐헧톡돶럧쿕ퟮ킡뗄횤좯(ퟩ뫏)ퟷ캪쫇퓚쪵쪩맽돌훐튲럖뇰듦퓚튻뚨뗄늻좷뚨탔ꆣ쒿톺욷,믲헟뛔횤좯릫쮾쳡릩뗄톺욷횤좯(ퟩ뫏)룸잰,뿉릩톡퓱뛸뗄랽낸폐뛠훖:폨럖샠움벶,틔퓚쿂쏦쳡떽뗄럧쿕늹뎥맽돌훐뛔뗚튻,내헕폐볛횤좯뗄뺻닺횵믲욱쏦볛횵웤닉좡늻춬뗄듫쪩,죧뛔폚벶뇰뷏뗍뗄횤좯(ퟩퟷ캪뫢솿뗄뇪ힼꆣ뻟쳥뗄볛횵뿉틔내헕폐볛횤좯뫏)톺욷붵뗍훊톺헛뿛싊ꆢ볓듳듻뿮샻싊훐뗄쫐뎡뗄뺻닺횵(막욱)믲욱쏦볛횵(햮좯)뗄튻뚨냙럖럧쿕틧볛ꆢ퓶볓놣횤뷰뛮뛈뗈ꆣ뇈살볆쯣(튻냣뗍폚뺻닺횵믲욱쏦볛횵)ꆣ떱떱좻,평폚막욱놾짭뗄틗뇤탔뫍뢴퓓탔,막욱좻,평폚막욱뗄뺻닺횵늻쫇튻돉늻뇤뗄,틲듋뛔움벶늻죧햮좯움벶뫍믺릹움벶쓇쎴돉쫬뫍ힼ좷,폚쓇킩웚쿞뷏뎤뗄폐볛횤좯뗖톺듻뿮욷훖,뇘탫떫쫇ퟷ캪움벶쇬폲뗄튻샠탂탋튵컱쯼틑틽웰폐맘룹뻝짏쫐릫쮾뗄뇤뮯쟩뿶뷸탐튻뚨뗄뗷헻,틔럀뷰죚믺릹뗄돤럖훘쫓,늢캪짦벰막욱쫐뎡럧쿕닢랶럧쿕ꆣ솿뫍맜샭뗄뷰죚튵컱쳡릩뗚튻쫖훘튪뗄솿뮯뗚뛾,폃틔잰튻뚨뗄붻틗죕뗄뻹볛볆쯣ꆣ쇏ꆣ쒿잰듓ퟮ캪횱맛뗄뷇뛈뾴,짌튵틸탐뿉틔듳뗚죽,틔쫐펯싊맀횵ꆣ벴내헕훊톺막욱뗄쎿훂좷뚨뿉릩톡퓱뗄훊톺막욱뗄폅쿈쮳탲,벴짏쫐막쫕틦싊돋틔쫐펯싊살맀쯣웤볛횵,웤쓑뗣쫇쫕쇷춨막ꇺ엤막ꇺ짏쫐릫쮾램죋막ꇺB막(럇짏틦싊뫍쫐펯싊뗄좷뚨ꆣ틲캪쎿막쫕틦싊뫍쫐펯싊쫐릫쮾막퓝늻ퟶ)ꆣ쪵볊짏,짌튵틸탐튲뿉틔틔듋늻쓜뷶뷶퓋폃샺쪷뗄쫽뻝,뮹펦룃냼몬뛔캴살펯캪웵믺,뷸튻늽톧쾰뫍퓋폃맺볊럧쿕맜샭뗄잰퇘샻쓜솦뗄풤닢ꆣ벼쫵,늢뷡뫏훐맺횤좯쫐뎡뗄쪵볊ힴ뿶,뷸탐룼뺫컒쏇쟣쿲폚죏캪,틔쫐뎡볛룱캪풭쪼풤뺯탅좷룼뿆톧뗄췪짆ꆣ쾢쫤죫뗄ퟷ램룼볓폐샻폚잿뮯뛔쫐뎡럧쿕뗄맜돽쇋샻폃막욱럖샠움벶쳥쾵뛔톺욷막욱뗄훖샭ꆣ춬쪱횵뗃횸돶뗄쫇,뛔톺욷막욱(ퟩ뫏)듻뿮샠뷸탐헧톡횮췢,뮹뿉샻폃쿖듺횤좯ퟩ뫏샭싛톡웚쿞쓚볛룱뇤뚯쟷쫆뗄풤닢,뛔샺쪷볛룱ퟷ볲떥퓱뮥늹뗄죴룉훖룶막ퟩ돉막욱ퟩ뫏ꆣ룹뻝쿖듺횤쯣쫵욽뻹쪵훊짏죏캪듋잰튻뚨뗄붻틗쪱볤쓚뗄볛좯ퟩ뫏샭싛,튻뚨뗄룶막평폚볛룱ퟟ쫆뮥쿠듦퓚룱폫떱죕뗄볛룱뛔쏷쳬볛룱ퟟ쫆뗄펰쿬솦뚼쫇쿠쒳훖쿠뛔뗄컈뚨탔,틲듋춨맽뫏샭엤훃룶막횮볤춬뗄,헢쿔좻쫇듖닚뗄ꆣ캪쇋퓶볓풤닢뺫뛈,훁짙뗄돖폐뇈샽뻍뿉틔폐킧쿻돽막욱ퟩ뫏헻쳥볛룱뗄펦룃닉폃틆뚯욽뻹쿟뗈벼쫵횸뇪,믲헟닉폃늨뚯탔,듓뛸붵뗍쫐뎡럧쿕ꆣ틲듋,샭싛짏컒쏇뮹Brown욽뮬뗈쫽톧랽램,짵훁붨솢쪱볤탲쇐럖컶뿉틔뾪랢믹폚틔짏샭싛뗄ퟔ뚯톡퓱쾵춳,뛔룶막뗈룼캪뺫좷뗄풤닢쒣탍,틔벰닉폃쒿잰맺볊쇷탐뇈샽뷸탐뫏샭엤훃,듓뛸뛔짌튵틸탐돖폐뗄막욱뗄VaR(ValueatRisk)닢솿뇪ힼꆣ평폚헢킩쒣(ퟩ뫏)톺욷뷸탐폅뮯ꆣ탍춨춨뚼쫇평볆쯣믺살퓋탐,틲뛸쿠펦뗄뗧쓔벼(2)막욱(ퟩ뫏)톺욷뚯첬맀횵믺훆뗄붨솢폫쫵횧돖튲쿠떱훘튪ꆣ짌튵틸탐뗄쫐뎡럧쿕풤뺯쳥쾵뗄췪짆ꆣ퓚탰ퟷ막쇭췢,뛔톺욷막욱(ퟩ뫏)쫐뎡럧쿕뗄풤뺯,돽-146-
ꆶ맜샭쫀뷧ꆷ쇋틔짏뗄볛룱ퟟ쫆횮췢,쇭튻훘튪맘힢횸뇪뻍쫇룃룸폨늻춬뗄헛뿛ꆣ뛔폚막욱훊톺뛸퇔,폅훊뗄샺쪷짏룃막욱(ퟩ뫏)쫐뎡볛룱뗄늨뚯탔쇷춨막뗄헛뿛싊펦룃짔뗍,뛸엤막ꆢ맺볒막ꆢ램(Volatility)ꆣ쿔뛸틗볻,쯤좻쒳튻막욱(ퟩ뫏)뗄죋막뗈뗄헛뿛싊펦룃튪룟튻킩,웤뻟쳥뗄헛뿛쮮볛룱ퟟ쫆쫇쿲짏뗄,떫웤늨뚯돌뛈뫜룟,벴웤볛룱욽펦룃퓚ퟛ뫏닢쯣럧쿕뫍쫕틦쮮욽뗄믹뒡짏뷸튻컈뚨탔뫜닮,뇭쿖캪듳웰듳실,헢쮵쏷룃막욱(ퟩ늽폨틔좷뚨ꆣ뫏)뗄쫐뎡럧쿕튲쫇뷏듳뗄ꆣ뛔폚늨뚯탔뗄닢솿(2)퓚듻뿮뚨볛훐볓쫕뫏샭뗄쫐뎡럧쿕틧퓚쫽톧짏,튻훖쫇닙ퟷ뷏캪볲떥뗄랽닮볛ꆣ듻뿮샻싊쫇듻뿮뷰뗄볛룱,쯹폐돉놾뫍럧(Variance),쇭튻훖퓲쫇샻폃탂탋뗄ARCHퟥ쒣쿕뚼튪퓚듻뿮샻싊훐뗃떽늹뎥,떫웕춨듻뿮훐튻탍닢솿웤뚯첬뗄쪱뇤틬랽닮ꆣ뛾헟뗄쟸뇰뿉틔볲냣횻탨튪뾼싇뷰돯벯돉놾ꆢ퓋펪돉놾럖첯ꆢ탅폃떥샭뷢캪:잰헟랽닮샠쯆폚볲떥쯣쫵욽뻹,뛸뫳헟럧쿕틧볛ꆢ웚쿞뷡릹틧볛뗈틲쯘,뛸막욱훊톺듻뿮틬랽닮퓲룼쿱뻟폐풤닢틢캶뗄볓좨욽뻹/욽뮬ꆣ퓲뮹튪퓚듋믹뒡짏뛔쯹쳘폐뗄쫐뎡럧쿕좷뚨웤쿠떱볛룱ퟟ쫆뫍늨뚯탔뎬맽튻뚨뗄쇙뷧횵쪱,펦뗄쫐뎡럧쿕틧볛늿럖ꆣ쒿잰살뾴,폐볛횤좯뗖뻍믡벤믮풤뺯믺훆,쳡탑폐맘늿쏅닉좡쿠펦뗄럧톺듻뿮뗄샻싊,뿉틔닎헕틸탐샻싊믲맺햮믘릺샻쿕럀랶믲뿘훆듫쪩,볛룱폐쇋뛔맘폚틔짏쒣탍뗄싊살좷뚨,춬쪱펦룃룹뻝횤좯릫쮾뗄탅뛈ꆢ닺뿉닙ퟷ탔,웤훐ퟮ캪훘튪뗄튻쿮믺훆뻍쫇샠쯆폚뢺햮싊ꆢ럧쿕뿘훆쓜솦뗈쟩뿶ퟷ튻뚨럹뛈뗄뗷헻,웚믵붻틗붨솢뛾벶놣횤뷰훆뛈ꆣ틔짏쯹쫶뗄풤뺯뷸탐튻뚨랶캧쓚뗄뢡뚯ꆣ믺훆뗄듳훂쇷돌죧쿂춼쯹쪾:떫쫇죧맻짨뚨쇋뿉뾿뗄헛뿛훆뛈,쓜릻놣횤톺욷뗄쫐뎡볛횵쪱뿌듳폚듻뿮놾뷰,퓲듻뿮뚨볛쯣쫵욽뻹ꆢ훐튲뿉늻쳥쿖쫐뎡럧쿕틧볛늿럖,틲캪뛾헟뗄쪵ꇺ틆뚯욽뻹ꆢꇺ볛룱ퟟ쫆뛾벶놣횤톺욷쪱볤탲쇐ꆢ(풤닢훊뚼쫇뛔쫐뎡럧쿕뗄늹뎥,솽훖믺훆퓚뻟쳥닙ퟷ)뷡맻뷰훆뛈쫐뎡V훐쫇뮥늹뗄ꆣar뗈ꇽꇼ볛룱쫇럱뎬맽3.듓닺뢺햮맜샭뷇뛈뾼달횤좯훊톺죚뗄샺쇙뷧횵Yesꇺ훐뗄럧쿕쪷쫽ꇼꇽ(1)짌튵틸탐펦떱듓ퟜ솿짏뛔횤좯훊톺죚뻝ꇺ쯣쫵랽닮ꆢꇺ늨뚯돌뛈웴뚯웤쯻뷸탐뿘훆ꆣ횤좯뗖톺듻뿮뗄뎥뮹쓜솦튪쫜떽릫쮾쪱뇤틬랽닮뗈닢솿뷡맻쿠맘믺훆놾뷰듳킡ꆢ뺻닺뢺햮싊룟뗍틔벰탅뛈쟩뿶뗈틲쯘뗄훆풼,틲듋,짌튵틸탐펦떱퓚퇏룱톡퓱횤좯2.횤좯훊톺죚튵컱훐뗄럧쿕늹뎥릫쮾뗄믹뒡짏,뫏샭좷뚨횤좯훊톺죚뗄ퟜ맦(1)헛뿛싊뗄짨훃ꆣ짨볆뫏샭뗄헛뿛싊훷튪쒣ꆣ뾼싇떽쒿잰닆컱쟩뿶릫뾪뮯돌뛈늻룟ꆢ횤좯쫇믹폚틔쿂솽룶랽쏦뗄뾼싇:뗚튻,횤좯쫐뎡뗄늨릫쮾닆컱ힴ뿶춸쏷돌뛈폅쿈뗈쪵볊ힴ뿶,헢튻틲뚯튪쟳붨솢뫏샭뗄헛뿛싊,듓뛸캪짌튵틸탐뗄듻쯘룼쫇펦룃폨틔퇏쏜볠닢,늢벰쪱폨틔뗷헻ꆣ뿮럧쿕쳡릩늹뎥믺훆;뗚뛾,횤좯릫쮾틔횤좯캪훊(2)짌튵틸탐펦룃맘힢횤좯훊톺죚훐뗄벯톺쿲틸탐죚쪵볊짏듦퓚튻훖탅폃럅듳뗄믺훆,훐뛈뫍듻뿮뷡릹컊쳢ꆣ캪쇋놣횤듻뿮튻뚨뗄럖즢벴횤좯릫쮾뿉틔톭뮷퓋폃막욱쿲틸탐죚,뷸뛸뛈,짌튵틸탐펦룃맘힢횤좯훊톺죚뗄벯훐뛈컊폃탂퓶뷰릺싲막욱볌탸뷸탐죚ꆣ틲듋,짨볆쳢,웤훐훷튪펦룃뾼싇:뗚튻,춬튻볒릫쮾쯹폐욷쫊떱뗄헛뿛싊뿉틔뇜쏢틸탐뷰맽럖쿝죫떽췆뚯훖뗄폐볛횤좯(냼삨막욱ꆢ햮좯ꆢ뿉뮻햮좯뗈)횤좯쫐뎡엝쒭뗄뛱탔톭뮷훐ꆣ쯹햼뗄뇈훘늻뗃뎬맽튻뚨뗄쿞뛮;뗚뛾,뾼싇떽횤튻냣살쮵,뛔폚늻춬쇷뚯탔ꆢ늨뚯탔뗄횤좯펦좯쫐뎡돶쫛뗈쪵볊ힴ뿶,횤좯릫쮾폃폚뗖톺뗄쒳-147-
MANAGEMENTWORLD튻훖폐볛횤좯뗄쫽솿튲늻뗃뎬맽릫쮾랢탐퓚췢뗄쪵쿖뷰죚닺뗄풴붻뮻ꆣ쯹폐횤좯뗄튻뚨뇈샽;뗚죽,퓚짌튵틸탐ퟷ훊톺뗄샭싛뷧뛔뫏튵뺭펪쳥훆폫럖튵뺭펪쳥훆뾴램죎뫎튻볒짏쫐릫쮾뗄쇷춨막,늻뗃뎬맽룃릫쮾짏뗄럖웧,훷튪벯훐퓚럧쿕ꆢ탅쾢뫍킧싊뗈랽쏦ꆣ듓쫐쇷춨막뗄튻뚨뇈샽;뗚쯄,틔춬튻짏쫐릫쮾뗄막횤좯훊톺죚뾪햹뗄쪵볊쟩뿶뾴,헢킩쇬폲뗄헹욱훊톺퓚튻볒짌튵틸탐좡뗃뗄듻뿮늻쓜뎬맽짌튵싛틀좻폐훘튪뗄닎뾼볛횵ꆣ틸탐놾뷰뗄튻뚨뇈샽ꆣ(1)퓚럧쿕랽쏦,럖튵뺭펪쳥훆헟죏캪,짌튵(3)짌튵틸탐펦떱뫏샭좷뚨횤좯훊톺죚뗄틸탐뗄뷰훷튪살풴폚듦뿮죋,놣횤웤뷰뗄낲웚쿞뷡릹ꆣ듓짌튵틸탐뺭펪뗄ퟜ쳥쟩뿶뾴,뗖톺좫탔ꆢ쇷뚯탔쫇웤닺퓋폃뗄쫗튪튪쟳,죧짌튵틸듻뿮뗄웚쿞뚼쫇뇈뷏뎤뗄;떫쫇,횤좯뗖톺듻뿮뗄탐캪쇋ힷ쟳룟샻죳뷩죫떽춶틸탐튵컱훐,뻍죝웚쿞튪룹뻝쪵볊쟩뿶뷸탐뗷헻ꆣ뛔폚죚쓜솦틗붫뿍뮧뗄뛌웚뒢탮뷰폃폚뎤웚뗄횤좯춶,잿ꆢ뾹럧쿕쓜솦잿뗄횤좯릫쮾,웤횤좯뗖톺듻뿮튵돐떣맽룟뗄럧쿕,죧뺭펪믱샻맩틸탐ퟔ짭펵폐,뛸컱뗄웚쿞짨볆뿉틔짔뎤튻킩,럱퓲뻍펦떱틔뛌웚죧뺭펪쪧냜퓲튪평뒢뮧ꆢ듦뿮놣쿕릫쮾뫍헾뢮뗈죚캪훷ꆣ춬쪱,늻춬뗄훊톺욷훖튲쫇펰쿬죚돐떣훷튪뫳맻ꆣ짌튵틸탐퓚횤좯춶훐뗄헢훖럧웚쿞뗄훷튪틲쯘,틲뛸짌튵틸탐뿉틔룹뻝늻춬샠쿕폫쫕틦뗄늻뛔돆탔뻍뿉쓜떼훂틸탐붫듳솿뷰뇰뗄폐볛횤좯,뿉틔짨볆늻춬뗄웚쿞욷훖,죧맺햮폃폚횤좯튵컱,뷡맻튻랽쏦떼훂벱탨뷰뗄닺튵뗖톺듻뿮뗄웚쿞뻍뿉틔뎤튻킩,막욱뗖톺듻뿮뗄늿쏅뗃늻떽듻뿮,쇭튻랽쏦떼훂횤좯쫐뎡퓚틸탐웚쿞퓲뿉틔쿠뛔뛌튻킩ꆣ뻞뛮뷰횧돖쿂돶쿖탩볙랱죙뫍ꆰ엝쒭뺭볃ꆱꆣ(4)짌튵틸탐뿉틔돤럖퓋폃쯹훊톺뗄횤좯뷸뫏튵뺭펪쳥훆싛죏캪,뗚튻,틸탐닎폫횤좯쫐탐뷰죚뒴탂쯦ퟅ짌튵틸탐돖폐뗄횤좯훊톺맦쒣뗄뎡,늢늻튻뚨냩쯦ퟅ룟럧쿕,헢쫇평폚틸탐뺭펪럧삩듳,퓚뷰죚쫐뎡랢햹떽튻뚨맦쒣뗄쳵볾쿂,뿉틔쿕뗄룟뗍훷튪뻶뚨폚틸탐놾짭뗄맜샭쮮욽,뛸늻뾼싇틔뗖톺뗄폐볛횤좯캪닺믹뒡,뷸탐닺뗄쫇웤닎폫뗄튵컱쇬폲,죧뗂맺틸탐튵튻횱닎폫횤횤좯뮯,듓뛸쪹짌튵틸탐엌믮닺,쇩믮뗘뷸탐좯튵컱,떫뗂맺틸탐튵떹뇕뗄쫽솿튻횱뗍폚튻뛈닺뢺햮맜샭뷇뛈ꆣ볡돖럖튵뺭펪쳥훆뗄쏀맺뫍죕놾뗄틸탐튵;뗚뛾,(쯄)듓횤좯훊톺죚튵컱뗄랢햹,랴쮼뫏튵횱뷓뷰죚뿬쯙랢햹떼훂뗄ꆰ췑쎽ꆱ듳럹뛈붵뗍쇋틸뺭펪쳥훆폫럖튵뺭펪쳥훆뗄톡퓱폫햽싔탔뮻탐뗄펯샻뿕볤,죧벱탨뷻횹틸탐뷸죫횤좯쫐뎡,짌1.듓횤좯훊톺죚뾴틸탐쳥훆뗄헹싛튵틸탐붫믡평폚쫐뎡죕쟷캮쯵뛸쿝죫삧뺳,틸탐컞싛쫇뫎훖뷰죚믮뚯,웤룹놾탔뗄횰쓜,펦룃뷩죫횤좯쫐뎡폐샻폚틸탐뗄뛠풪뮯뺭펪ꆣ쫇듙뷸뒢탮쿲춶뗄뮯,튲뻍쫇춨맽튻쾵쇐뗄(2)퓚탅쾢랽쏦,뷰죚쫐뎡짏뗄뷨듻쮫랽펵폐뷰죚훐뷩,냑펮폠늿쏅뗄뷰떼쿲뷰뛌좱늿쏅,늻춬뗄탅쾢,웕뇩듦퓚ퟅ탅쾢늻뛔돆뗄컊쳢ꆣ짌듙뷸놾뗄탎돉뫍풴엤훃뗄폅뮯ꆣ듓헢룶틢틥튵틸탐ퟷ캪듻뿮랽,쿫ퟮ듳돌뛈뗘쇋뷢뷨뿮랽뗄짏뿉틔쮵,뷰죚훆뛈뗄ퟮ캪맘볼뗄릦쓜,뻍쫇냑뒢쟩뿶,틔뺡뿉쓜뗘믘뇜럧쿕;뛸뷨뿮랽퓲뺡뿉쓜쳡탮훷쳥뫍춶훷쳥퓚뷰릩쟳짏뗄닮뇰(죧웚쿞ꆢ릩폐샻폚ퟔ벺뗄탅쾢,틔뇣듙돉뛔ퟔ벺폐샻뗄탅럧쿕ꆢ쫕틦뗈랽쏦뗄닮틬),뚼춨맽쫐뎡뮯뗄쫖뛎쾢ꆣ헢훖탅쾢릩탨쎬뛜뻍쪹뗃짌튵틸탐뒦폚탅쾢폨틔쏖뫏,쪵쿖뒢탮쿲춶뗄ퟮ병뮯ꆣ퓚쳘뚨늻뛔돆뗄뮷뺳훐ꆣ죧맻붫짌튵틸탐뫍춶틸탐튵뗄뺭볃쳵볾쿂,튻룶폐킧뗄뒢탮ꆪ춶뮯믺훆,컱죚뫏,퓲틸탐뿉틔캪뿍뮧쳡릩좫쏦뗄듦듻뿮ꆢ횤펦룃퓊탭늻춬뗄뺭볃훷쳥(뒢탮헟뫍춶헟)믹폚좯춶뗈튵컱,듓뛸쓜릻좫쏦뗘냑컕뿍뮧뗄닆컱ꆢퟔ짭뗄뺭볃샭탔,퓚쿖폐뗄죚뷡릹뫍뺭볃훷쳥탅폾ힴ뿶,복짙탅쾢뗄늻뛔돆탔,퓶볓듻뿮뫍춶ퟔ평톡퓱뗄믹뒡짏,룹뻝럧쿕뫍쫕틦뛔돆뗄풭퓲,돉릦뗄뿉쓜탔ꆣ폐죋죏캪,죕놾ꆢ몫맺뗄훷냬틸탐-148-
ꆶ맜샭쫀뷧ꆷ쳥훆뿉틔뷢뻶탅쾢뗄늻뛔돆컊쳢,떫쫇헢튻훆뛈쓚늿믺릹횮볤뗄튵컱붻닦뫍폫췢늿벯췅횮볤쿠뮥죝틗떼훂웳튵폫훷냬틸탐횮볤맽럖뷴쏜뗄맘쾵,돖막,듳듳붵뗍쇋럾컱돉놾,쳡룟쇋럾컱뗄킧싊ꆣ웳튵뗄떹뇕죝틗떼훂틸탐뗄뻞듳럧쿕,퓚뺭볃뿬쳘뇰쫇헫뛔훐킡뿍뮧쪱,돉놾뗄붵뗍쟩뿶룼캪쏷쯙퓶뎤쪱웚,훷냬틸탐쳥훆뿉틔뮺뷢웳튵뗄뷰쿔ꆣ샽죧,좫쓜틸탐퓚쏦뛔뿍뮧쪱,뿉틔틀뾿웤뿘쎬뛜,떫퓚쫐뎡뺭볃쟷폚돉쫬ꆢ쫐뎡뺺헹죕쟷벤쇒막믲좫펵폐춶틸탐ꆢ뗖톺틸탐ꆢ놣쿕릫쮾ꆢ쪱,웳튵뺭펪뗄늻좷뚨탔짏짽,웆닺싊퓶볓,훷냬닺맜샭릫쮾틔벰톯릫쮾,틔틸탐캪튻룶뒰뿚,쿲틸탐쳥훆뗄좱쿝뻍믡쿔쪾돶살ꆣ뿍뮧쳡릩냼삨듦듻뿮ꆢ춶ꆢ랢햮ꆢ닺맜샭ꆢ(3)퓚킧싊랽쏦,럖튵뺭펪쳥훆싛죏캪,횤좯톯ꆢ뗧ퟓ럾컱ꆢ뗖톺ꆢ놣쿕뗈쓚죝뗄튻쳵쇺뗄뫳쿟튵폫틸탐튵뗄튵뮯럖릤폐샻폚쳡룟킧싊ꆣ뫏튵럾컱ꆣ틔뛔췢쎳틗탐튵뗄뿍뮧캪샽,뿍뮧뗄뷰죚뺭펪쳥훆싛헟죏캪,럖릤쫇쫐뎡퓋탐뗄뷡맻뛸늻럾컱탨쟳쫇뛠풪뮯뗄,샽죧냼삨쎳틗뷡쯣ꆢ쎳틗듦쫇돵쪼ힴ첬,폐킧뗄럖릤쫇쫐뎡춨맽뺺헹탎돉뗄,듻뿮ꆢ랢햮ꆢ췢믣ꆢ춶톯ꆢ뗖톺ꆢ놣쿕뗈뛠훖튵잿훆탔뗄럖릤횻쓜쯰몦킧싊;춬쪱,헽떱뺺헹훐ퟔ컱탨쟳ꆣ퓚뫏튵뺭펪쳥훆쿂,뿍뮧횻탨튪쏦뛔틸좻닺짺뗄슢뛏폐웤뺭볃짏뗄뫏샭탔,뇭쏷쇋맦쒣탐헢튻룶뒰뿚,뻍뿉틔믱뗃틸탐벯췅쓚늿뗄튻쳵뺭볃뗄쓚퓚튪쟳ꆣ쇺뗄뫳쿟럾컱ꆣ컞싛쫇헫뛔릫쮾뿍뮧뮹쫇룶죋뿍2.뫏튵뺭펪쳥훆캪쪲쎴믡돉캪맺볊뮯뗄랢뮧,틸탐벯췅틀뾿웤쓚늿뗄튵컱췸싧쳥쾵,뿉틔짨햹쟷쫆:듓짌튵틸탐뺭펪뷇뛈뗄뾼달볆돶싺ퟣ늻춬뿍뮧늻춬탨쟳뗄뷰죚닺욷ퟩ뫏,랢듓맺볊뺭퇩뾴,뫏튵뺭펪쳥훆쿂뗄좫쓜틸탐믓ퟜ쳥폅쫆,붵뗍럾컱돉놾,캪뿍뮧쳡릩돤럖뗄뇣퓚뺭펪랢햹훐뻟폐죧쿂뗄폅쫆:샻뫍좫랽캻뷰죚럾컱ꆣ폫듋춬쪱,평폚웤튵컱욷(1)퓶잿쇋짌튵틸탐뛔뷰죚쫐뎡뇤뮯뗄쫊훖뛠퇹,좫쓜틸탐늻뇘퓚튻뚨뗄뮷뺳톹솦쿂,쿲펦ꆣ듓튵컱뾪랢뾴,좫쓜틸탐뗄뛠풪뮯뺭펪캪틸튵뗄뷰죚믺릹쓇퇹,퓚늻쫊떱뗄쪱볤믲틔늻쫊떱탐뗄뷰죚닺욷뒴붨쇋잱퓚뗄뻞듳뗄랢햹뿕볤,듓뗄볛룱쳡릩쒳킩뷰죚럾컱ꆣ뛸벫듳뗘퓶잿쇋짌튵틸탐뛔뷰죚쫐뎡뇤뮯뗄쫊펦(3)춨맽막좨듺샭붨솢컈뚨ꆢ폅훊뗄믹놾뿍뮧탔ꆣ샽죧70쓪듺쪱,붨훾죚뗄탨쟳쪮럖췺쪢,뛸좺ꆣ평폚좫쓜틸탐뿉틔돖폐럇틸탐늿쏅뗄룷샠폐붨훾죚튻횱쫇튵뗄붨훾죚릫쮾뗄튵컱ꆣ캪볛횤좯틔벰ퟷ캪막뚫듺샭믺릹듺샭탐쪹막뚫좨쇋췘햹틸탐뗄튵컱랶캧뫍랽뇣뿍뮧,늢붫폐뗖톺솦,틲듋뗂맺뗄좫쓜틸탐뫍릫쮾뿍뮧횮볤웕뇩붨욷뗄뎤웚듻뿮ퟷ캪ퟔ짭뗄뷰죚닺욷,뗂맺뗄죽볒솢쇋뷴쏜돖뻃뗄솪쾵ꆣ쫗쿈,헢훖솪쾵폐훺폚틸듳틸탐럖뇰쫕릺쇋튻킩뗖톺틸탐믲퓶볓쇋뛔뗖톺탐믱뗃컈뚨뗄뿍뮧좺,돤럖쇋뷢웤뿍뮧,듓뛸쪵쿖틸탐뗄뿘막좨ꆣ80쓪듺쒩웚,죽볒듳틸탐폖붫헦헽뗄럧쿕뿘훆ꆣ웤듎,평폚틸탐뛔폚웳튵뻟폐죋쫙놣쿕폫뒫춳틸탐튵컱뷡뫏,뒴솢쇋ꆰ뷰죚헻쳥돤럖뗄죏쪶,틲듋,떱웳튵뒦폚맘볼쪱웚쪱,틸탐럾컱ꆱ(ALL-FINANZ)뗄룅쓮ꆣ90쓪듺틔살,쯦뿉틔캪웳튵쳡릩횧돖,틔냯훺웳튵뛈맽쓑맘ꆣ뗚ퟅ톯럾컱탨쟳뗄짏짽,죽볒듳틸탐폖춨맽쫕릺죽,퓚럇틸탐늿쏅ퟩ붨릫쮾쪱,좫쓜틸탐돖폐튻뚨톯릫쮾뫍돤쪵럖탐톯솦솿살췘햹쇋헢튻튵뗄막럝,뿉틔삩듳릫쮾뗄막뚫믹쫽,싺ퟣ릫쮾놾컱ꆣ춨맽헢킩듫쪩,틸탐뻍쓜릻벰쪱룹뻝뷰죚쫐뷰뗄탨쟳;떱릫쮾릫뾪짏쫐뫳,틸탐뿉틔붫돖폐뗄뎡뗄랢햹뫍뇤뮯뗷뷚ퟔ짭뗄뺭펪맜샭믮뚯,놣돖ꆰ횤좯듦뿮ꆱ뮯캪쪵볊뗄뷰쫕틦ꆣ뗚쯄,떱짦ퟣ릻뗄쫐뎡뺺헹솦ꆣ헢퇹,뷰죚쇬폲뗄뷰죚뒴탂벰놾훘ퟩ쪱,쳘뇰쫇릫쮾뗄믺릹탔뫏늢ꆢ볦늢틔늻뛏,좫쓜틸탐뗄튵컱랶캧뻍뿉틔늻뛏삩햹ꆣ벰웆닺뗈닺훘ퟩ쪱,떱막좨뫍햮좨횮볤쿠뮥(2)붵뗍쇋럾컱돉놾,탎돉ꆰ뎬쫐쪽ꆱ뷰죚럾뮯쪱,좫쓜틸탐뻟폐뷏캪폐샻뗄뗘캻ꆣ컱ꆣ듓쳡릩뷰죚럾컱뗄뷇뛈뾴,좫쓜틸탐춨맽웤틲듋,퓚쫊떱뗄뫪맛뺭볃뷰죚뮷뺳쿂,죧맻쓜-149-
MANAGEMENTWORLD릻돤럖랢믓좫쓜틸탐뗄퓋펪폅쫆뗄뮰,좫쓜틸탐틸탐쳥쾵횮볤뗄뒫떼ퟷ폃,쏀맺훆뚨쇋GLASS뻍쓜릻틔웤뛀쳘뗄폅쫆,쳡룟뷰죚쳥쾵뗄헻뫏뛈,ꆪSTEGALL램맦뫍쿞훆뿧훝뺭펪뗄샻싊램낸;놣횤헻룶뷰죚쳥쾵쓋훁뺭볃쳥쾵뗄컈붡탔ꆣ뷸뛸퇔횮,퓚쪯폍캣믺ꆢ햮컱캣믺쓋훁막쫐쿂뮬뷗3.퓚췆뚯뷰죚쳥훆듓럖튵뺭펪쿲뫏튵뺭펪뛎,랢짺캣믺뗄맺볒믹놾짏닉폃뗄뚼쫇럖튵뺭펪뮻뗄뷸돌훐,펦룃쳘뇰맘힢뫏튵뺭펪쳥훆뿉쓜쳥훆쿂뗄럖튵맜샭ꆣ탎돉뗄뢺쏦펰쿬늻맽,평폚좫쓜틸탐뻟폐욽뫢랢햹뗄듻뿮ퟩ떱잰,틔횤좯훊톺죚캪웵믺,컒맺뗄뷰죚쳥뫏,쫕틦뻟폐쿠떱뗄컈뚨탔ꆣ죧퓚80쓪듺뗄햮컱훆듓럖튵뺭펪쿲뫏튵뺭펪뗄뮻펦룃쮵틑뺭뾪쪼캣믺훐,평폚쪵탐럖튵뺭펪쳥훆쿂뗄좫쓜틸탐닉웴뚯ꆣ퓚헢룶맽돌훐,캪쇋놣횤뫏튵뺭펪쳥훆뗄폃쇋닺럖즢뗄뺭펪닟싔,웤맺볊듻뿮퓚헻룶튵붡뾵퓋탐,돤럖맘힢뫏튵뺭펪쳥훆뿉쓜듸살뗄뢺컱훐쯹햼뇈샽쿠뛔뷏뗍,웤쯰쪧쿠뛔뷏킡ꆣ평듋쏦펰쿬쪮럖폐뇘튪ꆣ듓맺볊랶캧쓚뾴,뫏튵뺭펪춬쪱,횤좯쫐뎡뗄룟뛮믘놨틔벰쫖탸럑쫕죫뗄듳쳥훆튲쫜떽튻킩횸퓰,헢훷튪냼삨:럹쳡룟,쪹틸탐뿉틔톸쯙훘ퟩ닺,쏖늹햮컱캣믺(1)뫏튵뺭펪쳥훆뛔폚닺튵랢햹뻟폐맽럖듳훐뗄늿럖쯰쪧;횤좯쫐뎡뫍뷨듻쫐뎡짏뗄뮥늹탔,뗄펰쿬ꆣ좫쓜틸탐춨맽웤돖폐뗄막좨ꆢ춨맽웤ퟷ틔벰샻쾢쫕틦뫍쫖탸럑쫕틦뗄뮥늹탔,쪹뗃좫쓜캪웳튵볠뚽캯풱믡돉풱뗄짭럝틔벰춨맽웤돖폐뗄틸탐퓚쏦뛔튵컱욷훖럧쿕쪱,쓜릻뻟폐뷏듳뗄쇩듺샭춶욱좨뗈,뿉틔뛔쒳킩닺튵쪩볓맽럖뗄펰쿬ꆣ믮탔ꆣ죧80쓪듺쏀맺틸탐쳥쾵훐돶쿖뗄듳맦쒣(2)좫쓜틸탐캪뿍뮧쳡릩춶톯럾컱쪱,뮹ꆰ췑쎽ꆱ쿖쿳틔벰평듋탎돉뗄뛔뷰죚뺭볃쳥쾵뗄돥뿉쓜캪듻뿮튵컱뫍횤좯튵컱듸살튻뚨샻틦돥춻ꆣ믷,퓚뗂맺뗄틸탐쳥쾵훐뻍믹놾짏쎻폐돶쿖맽ꆣ(3)뫏튵뺭펪쳥훆뛔폚럧쿕맜샭뫍쓚늿뿘훆틲듋,떱잰췆뷸횤좯훊톺죚듻뿮,웤쯹뻟폐쳡돶쇋룼룟뗄튪쟳ꆣ샽죧,좫쓜틸탐쫇럱뻟놸ퟣ뗄틢틥풶풶듳폚좯짌죚쟾뗀퓶볓헢튻랽쏦ꆣ펦릻뗄쓚늿뿘훆믺훆,좫쓜틸탐죧뫎뷸탐럧쿕맜샭;룃쮵,헢쫇컒맺뷰죚쳥훆듓럖튵뺭펪뫍뫏튵뺭펪좫쓜틸탐쫇럱믡떼훂헻룶뷰죚쳥쾵쓋훁맺쏱뺭볃뮻뗄웰늽뷗뛎ꆣ컒쏇펦떱퓚돤럖뷨본맺볊뺭퇩럧쿕탔뗄솬쯸랴펳;뫏튵뺭펪쳥훆쿂뗄볠맜쳥쾵뗄믹뒡짏,쮳샻췆뷸헢튻햽싔탔쳥훆뮻;퓚헢룶쫇럱퓋ퟷ솼뫃뗈랽쏦ꆣ맽돌훐,잿뗷짌튵틸탐뫍횤좯릫쮾뗄럧쿕맜샭쿔쿔좻,헢킩틲쯘컞싛쫇퓚떱잰횤좯훊톺죚뗃폈캪훘튪ꆣ튵컱뗄뾪햹,뮹쫇퓚캴살탂뗄룄룯듫쪩뗄췆뷸훐,뚼쫇횵뗃쏜쟐맘힢뗄ꆣ(ퟷ헟떥캻:훐맺틸탐ퟜ탐닺뢺햮맜샭늿;퓰죎뇠벩:붯뚫짺)4.쮳펦맺볊랢햹쟷쫆,듓횤좯훊톺죚웰늽,췆뷸컒맺뷰죚쳥훆평럖튵뺭펪쿲뫏튵뺭펪뗄힢쫍욽컈뮻ꋙ놾늿럖쓚죝닎뾼쇋퇖벽늩쪿뗄틢볻ꆣ듓쫀뷧랶캧쓚살뾴,럖튵뺭펪쳥훆쿲뫏튵뺭닎뾼컄쿗펪쳥훆뗄죚뫏,틔벰뫏튵뺭펪쳥훆뗄늻뛏췪짆,틑(1)냍쫯쯉ꆶ:듓떱잰뗄맺볊뷰죚뮷뺳뾴뛾쪮튻쫀볍맺볊뷰죚볠맜뗄랢햹쟷쫆ꆷꆶ,훐맺뷰죚탎쫆퓂놨ꆷ,1999쓪11퓂ꆣ뺭돉캪쫀뷧탔뗄랢햹쟷쫆ꆣ(2)냍쫯쯉:ꆶ맺볊랶캧쓚틸탐쳥훆뗄톡퓱폫뇤잨ꆷ,ꆶ맺볊뺭듓샺쪷쫂쪵뾴,퓚룷훖뷰죚캣믺쓋훁뺭볃캣볃움싛ꆷ,1998쓪ꆣ믺쪱웚(3)튦컄욽:ꆶ랢햹횤좯뗖톺듻뿮,췘햹좯짌죚쟾뗀ꆷ,ꆶ훐,뫏튵뺭펪쳥훆쿂뗄좫쓜틸탐뛉맽캣믺뗄맺횤좯놨ꆷ,1999쓪ꆣ쓜솦뚼룟폚럖튵뺭펪쳥훆쿂뗄틸탐ꆣ샺쪷뗘뾴(,4)뾵뺲뗈:ꆶ훊톺죚튵컱뗄럧쿕폫럀랶ꆷ,ꆶ훐맺횤좯놨ꆷ,1999쓪11퓂19죕ꆣ30쓪듺뺭볃캣믺쪱,캪쇋뇜쏢캣믺퓚횤좯쫐뎡뫍-150-
ꆶ맜샭쫀뷧ꆷABSTRACFTSINENGLISHTheDevelopmentofFinancingServicebyCommercialBanks’CollateralTrustBonds,andtheStrategicSelectionofChina’sFinanceSetupbyBaShusongInthenearfuture,thefinancingpatternwillbegraduallydisseminatedthatequityexchangefirmsapplytocommercialbandsforcreditwithcollateralsecurities,,toacommercialband,,inChina’sfinancialsetup,thegradualtransfor2mationofꆰthetraditionaloperationonlybyaspecializedbusinessline"’,inamarketwherethemainbodyhasgreatercapabilityofavoidingrisksandbecausethefinancialmarkethasarequestforinternalintegration,thereductionofconversioncostsofsocialcapitalindif2ferentfields,andthecutting--bycollateralsecuritiesorotherforms--ofachannelbetweenmoneymarketandcapitalmarket,canintensifythecompetitioninthefinancialmarket,increasetheefficiencytoemploysocialfunds,’serviceandinvestmentbanks’,startingfromthetrendbothathomeandabroad,thecourseofhistoryofthisbusinessorservice;toanalyze,frommanyanglessuchastheaspectofcommercialbanks’presentasset-liabilitymanagementandriskmanagement,thedevelopmentoffinancingserviceintheformofcollateralsecurities;andrevealtheinevitablenessofpropelling--withfinancingbycollateralsecuri2tiesasaturningpointatpresent--China’sfinancialmechanismtransmutationofoperationbyꆰasingleline"intooperationbyꆰjointlines".EditorinChief:LiKemuViceChief-Editor:TianYuan,HeShaohua,LuJian&JiangDongshengGeneralEditor:XieYuePresident:GaoYanjingSponsor:DevelopmentResearchCentreoftheStateCouncil,:,Donglou,Beijing,ChinaTel:6222223562265760MANAGEMENTWORLDOriginalName:ADMINISTRATIVEWORLD-219-
