쿠뛔맀볛램퓚짏쫐릫쮾볛횵움맀훐뗄펦폃퇐뺿3ꆡꆡ햪ꆡ튪:컄헂뛔쿠뛔맀볛램(뇈싊맀볛램)퓚훐맺짏쫐릫쮾볛횵움맀훐뗄쪵폃탔폫뻖쿞탔뷸탐쇋퇐뺿ꆣ쫗쿈,뇈싊뛔쇷춨쫐뎡뗄릫쮾쫐횵움맀뫍뛔릫쮾ퟜ쫐횵움맀뷡맻늻뺡튻훂,웤ힼ좷탔폐룟폐뗍;웤듎,뛔쿖뷰쇷벰뗈볛컯뗄뗷헻,퓶볓쇋쇷춨쫐뎡믹폚샻죳뗄뇈싊뚨볛뗄ힼ좷탔,떫뛔ퟜ쫐횵뗄움맀ힼ좷탔쎻폐룼듳뗄릱쿗;ퟮ뫳,닉폃풤웚쫕틦튪뇈떱웚쫕틦믡쪹쫐펯싊뚨볛룼ힼ좷ꆣꆡꆡ맘볼듊:뇈싊;짏쫐릫쮾;볛횵움맀;볛횵뚯틲ꆡꆡ훐춼럖샠뫅:F234ꆡ컄쿗뇪쪶싫:A컄헂뇠뫅:100129952(2005)08Ο0134Ο11튻ꆢ틽ꆡ퇔ꆡꆡ본폚쳹쿖쿖뷰쇷뗄랽램(DCF)움맀릫쮾볛횵쪱,탨튪튻쾵쇐볙짨,좱랦뿉닙ퟷ탔,쟒늨뚯탔뷏듳,틲뛸춶헟뫍뚨볛죋튻냣늻닉폃쳹쿖쿖뷰쇷맀볛램,뛸닉폃훮죧쫐펯싊헢퇹뗄쿠뛔맀볛램(튲돆뇈싊맀볛램)살움맀릫쮾볛횵ꆣ뇈싊뿉틔냑뇈뷏뛔쿳럅퓚춬튻믹뒡짏ퟶ뇈뷏,헢훖랽램뿉틔쾸뮯떽탐튵,짵훁떽떥룶웳튵훐ꆣꆡꆡ떫쫇,퓚뛔릫쮾볛횵움맀뗄쪵볹훐,닉폃쓄훖뇈싊맀볛램룼뫃,늻쓜튻룅뛸싛ꆣ놾컄튲횻쫇벯훐폚훐맺짏쫐릫쮾2001쓪뛈뗄쿺쫛쫕죫ꆢ닺헋쏦볛횵뫍쫐횵뗈닆컱쫽뻝,믹폚룷훖뇈싊릤뻟움맀릫쮾볛횵쪱쯹닺짺뗄욫닮,뛔룷훖뇈싊릤뻟퓚훐맺짏쫐릫쮾볛횵움맀훐뗄쪵폃탔벰뻖쿞탔뷸탐퇐뺿ꆣ뛾ꆢ컄쿗ퟛ쫶ꆡꆡ닉폃뇈싊맀볛램쫗쿈탨튪톡퓱튻ퟩ뿉뇈릫쮾,볆쯣돶헢ퟩ릫쮾뇈싊뗄뻹쫕룥죕웚:2005203221ퟷ헟볲뷩:뛅ꆡ붭(1958-),쓐,룊쯠뛘믍죋,쯄뒨듳톧뺭볃톧풺뢱뷌쫚;헔닽컄(1964-),쓐,룊쯠뮷쿘죋,쯄뒨듳톧릤짌맜샭톧풺뷌쫚,늩쪿짺떼쪦;킻횾뎬(1981-),쓐,훘쟬죋,쯄뒨듳톧뺭볃톧풺쮶쪿퇐뺿짺ꆣꆤ134ꆤ
뛅ꆡ붭ꆢ헔닽컄ꆢ킻횾뎬:쿠뛔맀볛램퓚짏쫐릫쮾볛횵움맀훐뗄펦폃퇐뺿횵믲헟훐캻쫽ퟷ캪믹ힼ뇈싊,좻뫳붫탨튪뚨볛릫쮾뗄쪵볊뇈싊횵폫헢킩믹ힼ뇈싊횵뷸탐뇈뷏,틔랴펳릫쮾쫇럱듦퓚ꆰ쓚퓚볛횵ꆱꆣꆡꆡAlford(1992)퓚쪹폃쫐펯싊맀볛램P/E쪱,좷솢쇋튻킩톰헒쿠쯆릫쮾뗄랽램,헢킩쿠쯆릫쮾룼뻟폐뿉뇈탔ꆣ쯻틔탐튵ꆢ닺ꆢ막욱쫕틦믲헢킩틲쯘뗄ퟩ뫏ퟷ캪뮮럖릫쮾샠탍뗄뇪ힼ,퇩횤쇋7훖뫢솿뿉뇈뷏릫쮾뗄뇪ힼ,랢쿖떥뛀틔닺튵뷡뫏ROE믲틔닺튵뷡뫏ퟜ닺ퟷ캪뮮럖릫쮾뗄뇪ힼ뛔릫쮾맀볛ퟮힼ좷ꆣKaplan뫍Ruback(1995)폃쫐횵폫첯쿺ꆢ헛뻉ꆢ샻쾢ꆢ쮰잰샻죳(EBITDA)뗄뇈싊뛔룟뢺햮뺭펪뗄릫쮾뷸탐맀볛쪱,냑훐캻쫽횵ퟷ캪뫢솿춬튻탐튵훐릫쮾뗄믹ힼ뇈싊ꆣ춬쪱튲폃DCF뛔릫쮾뷸탐쇋맀볛,랢쿖폃DCF폫뇈싊맀볛램뷸탐맀볛뗄뺫좷뛈쿠닮컞벸,뢺햮뇈싊퓚15%쓚뗄릫쮾훐폐37%ꆫ58%뗄릫쮾웤뚨볛쿂붵쇋ꆣKim뫍Ritter(1999)쪹폃벸훖뇈싊뛔탂짏쫐웳튵훐쫴폚춬훖샠탍뗄릫쮾뷸탐쇋맀볛ꆣ쪹폃뗄뇈싊냼삨쫐펯싊ꆢ쫐뎡볛횵폫헋쏦볛횵뗄뇈싊ꆢ막욱볛룱폫쿺쫛뛮뗄뇈싊ꆢ릫쮾쫐횵폫쿺쫛뛮뗄뇈싊ꆢ릫쮾쫐횵폫EBITDA뗄뇈싊ꆣ퇐뺿랢쿖쯹폐헢킩뇈싊뚼닺짺헽뗄컳닮,떫믹폚EBITDA뗄뇈싊맀볛램뺫좷탔룼룟,쳘뇰쫇뛔쓇킩벴붫짏쫐뗄릫쮾ꆣGilson(1998)뗈폃DCF뫍뇈싊맀볛램뛔뇴쇙웆닺뗄릫쮾뷸탐쇋맀볛,늢뛔솽훖랽램쯹뗃뷡싛ퟷ쇋뇈뷏ꆣ떱쯻쏇닉폃춬튻탐튵춳볆솿캻폚훐캻쫽뗄릫쮾뗄EBITDA뇈싊쪱,쓇킩놻춳볆뗄볛횵뗄뻸뛔컳닮퓚15%틔쓚뗄릫쮾볛횵쿂붵쇋풼21%ꆣ쯤좻퓚쯻쏇뗄퇐뺿훐폃폫쿺쫛쫕죫쿠맘뗄뇈싊뷸탐볛횵움맀뗄컳닮뫜킡,떫쫽뻝퓚춳볆짏뗄샫즢돌뛈좴뫜쿔훸ꆣGilson뗈죏캪퓬돉헢튻뷏듳샫즢돌뛈뗄풭틲폐솽룶:튻쫇룟햮컱릫쮾룼쫐뎡뮯,웤탅쾢룼좫쏦,쪹뗃웤놻움맀뗄볛횵뇈웰웆닺릫쮾살쮵룼ힼ좷;뛾쫇떱튻킩폐좨틦쯷쟳좨뗄죋캪쇋듓릫쮾뗄웆닺탐캪훐믱뗃샻틦뛸늻헦쪵짪놨릫쮾볛횵,릫쮾맀볛욫닮볓듳ꆣ죽ꆢ훐맺짏쫐릫쮾볛횵움맀뗄쳘탔ꆡꆡ닉폃뇈싊맀볛램뛔짏쫐릫쮾뗄막욱볛룱뫍쫐횵뷸탐움맀,쪵볊짏뻍쫇룹뻝샠쯆뗄짏쫐릫쮾뗄쫽뻝뻶뚨볛룱뫍볛횵,헢튻랽램퓚폐뗄컄쿗훐폖놻돆횮캪ꆰ믹ힼ램ꆱꆣ뇈싊램붫뿉뇈릫쮾뗄붻틗볛룱뫍릫쮾쫐횵폫뺭펪튵벨믲닆컱ힴ뿶횸뇪뇈뷏,뗃돶돋쫽,퓙샻폃룃돋쫽돋틔쒿뇪릫쮾뗄뺭펪튵벨믲닆컱쫽뻝뗃떽쒿뇪릫쮾뗄붻틗볛룱뫍쫐횵ꆣꆡꆡ폫맺췢뗄쿠맘퇐뺿쿠뇈,퓚뛔훐맺짏쫐릫쮾뷸탐볛횵움맀쪱,늻쓜췪좫룹뻝쫐뎡뚨볛,헢쫇훐맺쳘폐막좨뷡릹쯹뻶뚨뗄ꆣ훐맺짏쫐릫쮾뗄막좨뷡릹돊룮쇑ힴ첬,맺폐막ꆢ램죋막늻쓜ퟔ평쇷춨,쓜퓚쫐뎡짏쇷춨뗄횻폐릫훚막ꆣ듓훐맺막욱쫐뎡뗄쳘뗣폫퇐뺿볛횵뗄뷇뛈뾴,훐맺막욱쫐뎡럖룮뗄쿖ힴ뿉룅삨캪럇쇷춨막폫쇷춨막솽샠췪좫늻춬뗄막럝ꆣꆡꆡ틲듋,닉폃뇈싊맀볛램뛔훐맺짏쫐릫쮾뷸탐볛횵움맀쪱,뻍늻쓜헕냡맺췢ꆤ135ꆤ
닆뺭퇐뺿2005쓪뗚8웚쿠맘뗄퇐뺿랽램,룼늻쓜횱뷓닉폃맺췢쿠맘뗄퇐뺿돉맻ꆣ놾컄뎢쫔퓚맺췢쿠맘퇐뺿뗄믹놾뿲볜쿂,닉폃룼럻뫏훐맺믹놾쟩뿶뗄움맀랽램,뛔뇈싊릤뻟퓚훐맺짏쫐릫쮾볛횵움맀훐뗄펦폃뗄폐킧탔뷸탐퇐뺿ꆣ놾컄뗄퇐뺿훷튪듓헻쳥짏뛔늻춬뇈싊릤뻟퓚볛횵움맀훐뗄ힼ좷탔랽쏦뷸탐냑컕ꆣ죧맻릫쮾뗄ퟜ퇹놾쫽쒿ퟣ릻듳,쓇쎴듓쯦믺돩좡뗄릫쮾맛달퇹놾훐믱좡뗄뇈싊뇪ힼ쓜듺뇭튻룶ꆰ웕뇩ꆱ뇪ힼ,퓚뇈싊맀볛램뗄쪵볹훐,톡퓱뿉뇈릫쮾,좷뚨폫볛횵뚯틲(ValueDriver)쿠돋뗄뇈싊뇪ힼ,컞럇뻍쫇좷뚨쓜듺뇭룃샠릫쮾뗄뻟폐ꆰ웕뇩탔ꆱ뗄횸뇪ꆣꆡꆡ캪쇋돤럖뾼싇훐맺막좨뷡릹뗄쿖ힴ,퇐뺿뚼럖캪솽룶뷗뛎:벴캴뾼싇럇쇷춨막뗄쇷춨쫐뎡뗄릫쮾쫐횵움맀뫍볓뷸럇쇷춨막뫳짏쫐릫쮾뗄ퟜ쫐횵뗄움맀ꆣ룹뻝퇐뺿뗄솽룶뷗뛎,짏쫐릫쮾뗄쫐횵폐솽룶뚨틥:튻쫇쇷춨쫐뎡뗄릫쮾쫐횵(V쇷),뛾쫇짏쫐릫쮾뗄ퟜ쫐횵(Vퟜ)ꆣ웤볆쯣릫쪽죧쿂:V쇷=AV-SV+P쇷ꇁN쇷(1)Vퟜ=V쇷+APSꇁN럇=AV-SV+P쇷ꇁN쇷+APSꇁN럇(2)ꆡꆡ쪽훐:AV뇭쪾닺헋쏦횵,SV뇭쪾막뚫좨틦헋쏦횵,P쇷뇭쪾쇷춨막쫐뎡볛룱,N쇷뇭쪾쇷춨막막쫽,APS뇭쪾쎿막뺻닺,N럇뇭쪾럇쇷춨막막쫽ꆣꆡꆡ쇭췢,탨튪뚨틥죽훖샠탍뗄막욱볛룱:튻쫇볆쯣쇷춨쫐뎡뗄릫쮾쫐횵뫍볆쯣움맀룃쫐횵뗄쫐펯싊뇈싊뗄쇷춨막막볛,룃막볛벴캪뛾벶붻틗쫐뎡뗄막욱볛룱;뛾쫇볆쯣릫쮾뗄ퟜ쫐횵쪱뗄럇쇷춨막막볛;죽쫇볆쯣움맀릫쮾ퟜ쫐횵뗄쫐펯싊P/E쪱뗄볓좨막볛ꆣꆡꆡ놾컄붫쎿막뺻닺ퟷ캪럇쇷춨막뗄막볛ꆣ폫맺쓚뗄맺폐막복돖뗄뚨볛랽램퇐뺿늻춬,컒쏇쯹쳖싛뗄쫇떥뒿뗄럇쇷춨막볛룱,뛸늻쫇럇쇷춨막뗄복돖볛룱ꆣ컒쏇죏캪떱떥뒿뗘뾼싇럇쇷춨막뗄볛룱쪱,럇쇷춨막뗄돉놾뇈쇷춨막튪뗍뗃뛠,평폚늻탨튪뾼싇룷랽샻틦뗄욽뫢,쎿막뺻닺쓜돤럖랴펳럇쇷춨막뗄볛룱ꆣꆡꆡ볓좨막볛뗄좷뚨쫇캪쇋볆쯣움맀릫쮾ퟜ쫐횵뗄쫐펯싊P/E,틲캪퓚볓죫럇쇷춨막뗄볛횵뫳,볆쯣P/E횵뗄막욱볛룱뻶늻뗈춬폚쇷춨막뗄막볛,떱좻튲늻믡쫇쇷춨막뗄막볛뫍럇쇷춨막뗄막볛(쎿막뺻닺)뗄볲떥욽뻹쫽ꆣ캪쇋랴펳쇷춨막폫럇쇷춨막뗄뇈샽뛔짏쫐릫쮾쫐횵뗄펰쿬,놾컄닉폃볓좨뗄랽램뛔막욱볛룱뷸탐뒦샭,웤볓좨막볛(P볓)뗄볆쯣릫쪽캪:P볓=N럇/(N럇+N쇷)APS+N쇷/(N럇+N쇷)P쇷(3)쯄ꆢ쫽뻝뫍볛횵움맀랽램ꆡꆡ놾컄쯹쪹폃뗄짏쮾릫쮾닆컱쫽뻝살풴폚쿣룛샭릤듳톧믡볆폫뷰죚퇐뺿훐탄뫍짮?쫐맺첩낲탅쾢벼쫵폐쿞릫쮾쯹쳡릩뗄쫐뎡붻틗쫽뻝뿢(CSUAR)뫍닆컱쫽뻝뿢(CSMAR),듓훐쳡좡쇋뮦짮솽쫐짏쫐릫쮾2001쓪뛈훷튪닆컱쫽뻝뫍쫐뎡붻틗쫽뻝ꆣꆡꆡ11뇈싊뗄춳볆쳘헷ꆤ136ꆤ
뛅ꆡ붭ꆢ헔닽컄ꆢ킻횾뎬:쿠뛔맀볛램퓚짏쫐릫쮾볛횵움맀훐뗄펦폃퇐뺿ꆡꆡ컒쏇닉폃12훖뇈싊ퟷ캪맀볛뗄릤뻟,웤뚨틥평뇭1쯹쪾ꆣ잰7훖쫇캴뺭맽뗷헻뗄뇈싊,뫳5훖쫇뗷헻뫳뗄뇈싊ꆣ뇭1ꆡ볛횵움맀뗄뇈싊뚨틥뇈ꆡ싊뚨ꆡ틥쫐펯싊P/E쓪쒩릫쮾웕춨막뗄막볛폫쎿막욽뻹쫕틦뗄뇈싊풤웚뗄쫐펯싊쓪쒩웕춨막막볛폫듎쓪풤웚뗄욽뻹쎿막쫕틦뗄뇈싊쫐횵/훷펪튵컱쫕죫쓪쒩뗄릫쮾볛횵폫쓪뛈훷펪튵컱쫕죫뗄뇈싊쫐횵/닺헋쏦횵쓪쒩뗄릫쮾볛횵폫릫쮾닺헋쏦횵뗄뇈싊쫐횵/훷펪튵컱샻죳쓪쒩뗄릫쮾볛횵폫릫쮾훷펪튵컱샻죳뗄뇈싊쫐횵/펪튵샻죳쓪쒩뗄릫쮾볛횵폫릫쮾펪튵샻죳뗄뇈싊쫐횵/샻죳ퟜ뛮쓪쒩뗄릫쮾볛횵폫릫쮾샻죳ퟜ뛮뗄뇈싊뗷헻뫳쫐횵/훷펪튵컱쫕죫쳞돽쿖뷰벰웤뗈볛컯뫳뗄릫쮾볛횵폫릫쮾닺헋쏦횵뗄뇈싊뗷헻뫳쫐횵/뗷헻뫳닺헋쳞돽쿖뷰벰웤뗈볛컯뫳뗄릫쮾볛횵폫쳞돽쿖뷰벰웤뗈볛컯뫳뗄릫쮾쏦횵닺헋쏦횵뗄뇈싊뗷헻뫳쫐횵/훷펪튵컱샻죳쳞돽쿖뷰벰웤뗈볛컯뫳뗄릫쮾볛횵폫릫쮾훷펪튵컱샻죳뗄뇈싊뗷헻뫳쫐횵/펪튵샻죳쳞돽쿖뷰벰웤뗈볛컯뫳뗄릫쮾볛횵폫릫쮾펪튵샻죳뗄뇈싊뗷헻뫳쫐횵/샻죳ퟜ뛮쳞돽쿖뷰벰웤뗈볛컯뫳뗄릫쮾볛횵폫릫쮾샻죳ퟜ뛮뗄뇈싊ꆡꆡKaplan뫍Ruback(1995)폫Rim뫍Ritter(1999)퓚뛔릫쮾뚨볛쪱,뚼쳞돽쇋쿖뷰벰웤뗈볛컯,풭틲폐뛾:(1)틲캪쿖뷰벰웤뗈볛컯퓚헋쏦횵뫍쫐횵훐뗄볛횵튻훂,쟒뫜죝틗볆쯣,쯹틔닉폃뇈싊맀볛램쪱늻탨튪뾼싇헢늿럖닺;(2)뎬뛮쿖뷰쇷뎣뎣놻엉쿖뛸늻믡펰쿬릫쮾뗄헽뎣뺭펪,컞싛쿖뷰쇷뗄뛠짙,믹폚샻죳뫍쿺쫛뛮뗄뇈싊뗃돶뗄뷡맻쿠춬,떫쓇킩쿖뷰쇷뛠뗄릫쮾뇈웰쿖뷰쇷짙뗄릫쮾웤볛횵췹췹놻뗍맀ꆣ틲듋,놾컄쳞돽쇋쿖뷰벰웤뗈볛컯,뛔뇈싊훘탂뷸탐쇋뗷헻ꆣꆡꆡ뇭2룸돶쇋틔980볒짏쫐릫쮾ퟷ캪ퟜ퇹놾뗄춳볆탅쾢쳘헷,닺헋쏦횵뗄뻹횵캪18945317췲풪,뻓훐캻쫽뗄릫쮾웤닺횵캪11866216췲풪,훷펪튵컱쫕죫뗄뻹횵캪10225917췲풪,뻓훐캻쫽뗄릫쮾웤쫕죫캪5074415췲풪,늻몬럇쇷춨막쪱뗄쇷춨쫐뎡뗄릫쮾쫐횵(닺헋쏦횵복막욱헋쏦횵,퓙볓짏쇷춨뗄막욱쫐볛)뗄뻹횵캪20618013췲풪,뻓훐캻쫽뗄릫쮾쫐횵캪15365615췲풪ꆣ릫쮾뗄ퟜ쫐횵(쇷춨쫐뎡뗄릫쮾쫐횵볓짏럇쇷춨막뗄볛횵)뗄뻹횵캪32926714췲풪,뻓훐캻쫽뗄릫쮾웤쫐횵캪22925318췲풪ꆣ뺻샻죳폫닺헋쏦횵뗄뇈싊뗄뻹횵캪01006,훐캻쫽캪01032,쿖뷰벰웤뗈볛컯폫닺헋쏦횵뗄뇈싊뗄뻹횵캪01176,훐캻쫽캪01146ꆣ춬쪱,튲뿉틔뾴떽,쎿쿮횸뇪뗄훐캻쫽폫뻹횵횮볤듦퓚뫜듳닮틬ꆣ듓춳볆솿뗄훐캻쫽폫뻹횵볤뗄뻞듳닮틬뻍뿉틔뾴돶,헢킩쫽뻝샫즢돌뛈뷏듳ꆣ뇭2ꆡ쫽뻝춳볆햪튪(퇹놾ퟜ쫽980)뫢솿릤뻟뻹횵훐캻쫽뗚튻쯄럖캻쫽뗚죽쯄럖캻쫽A1춳볆쫽뻝닺헋쏦횵(췲풪)1894531711866216756551721182119훷펪튵컱쫕죫(췲풪)102259185074415235561810340310샻죳ퟜ뛮(췲풪)663413464218162810950317쇷춨쫐뎡뗄릫쮾쫐횵(췲풪)20618013153656151100141123833416릫쮾뗄ퟜ쫐횵(췲풪)32926714229253181617931137021515ꆤ137ꆤ
닆뺭퇐뺿2005쓪뗚8웚탸뇭2ꆡ쫽뻝춳볆햪튪(퇹놾ퟜ쫽980)뫢솿릤뻟뻹횵훐캻쫽뗚튻쯄럖캻쫽뗚죽쯄럖캻쫽훷펪튵컱샻죳/닺헋쏦횵01102010900106001132뺻샻죳/닺헋쏦횵01006010320101201051쿖뷰벰웤뗈볛컯/닺헋쏦횵01176011460108001243B1볛횵움맀뗄뇈싊B1쇷춨쫐뎡뗄릫쮾쫐횵쫐펯싊1501115718133185102153풤웚쫐펯싊1721116217632144130185쫐횵/훷펪튵컱쫕죫7139311911875165쫐횵/닺헋쏦횵1140112711041157쫐횵/훷펪튵컱샻죳1512713150817021107쫐횵/펪튵샻죳-67124261221013147136쫐횵/샻죳ퟜ뛮45139241601317941183뗷헻뫳쫐횵/훷펪튵컱쫕죫6182217411534188뗷헻뫳쫐횵/뗷헻뫳닺헋쏦횵1150113311051169뗷헻뫳쫐횵/훷펪튵컱샻죳1311011151713318138뗷헻뫳쫐횵/펪튵샻죳-7010921124811141129뗷헻뫳쫐횵/샻죳ퟜ뛮39146201691017936125B2릫쮾뗄ퟜ쫐횵쫐펯싊85111351272117361122풤웚쫐펯싊99145381872013783165쫐횵/훷펪튵컱쫕죫9183417421968105쫐횵/닺헋쏦횵2103118911682119쫐횵/훷펪튵컱샻죳24107201361319730158쫐횵/펪튵샻죳-81126391031817570165쫐횵/샻죳ퟜ뛮65102361762112661178뗷헻뫳쫐횵/훷펪튵컱쫕죫7101310621976132뗷헻뫳쫐횵/뗷헻뫳닺헋쏦횵2128211011812150뗷헻뫳쫐횵/훷펪튵컱샻죳21190181371212427199뗷헻뫳쫐횵/펪튵샻죳-84111341851615063132뗷헻뫳쫐횵/샻죳ퟜ뛮59109321531911356116ꆡꆡ뇭2뗄B늿럖룸돶쇋퓚늻몬럇쇷춨막쪱뗄릫쮾볛횵뫍릫쮾ퟜ볛횵움맀뗄12훖뇈싊뗄춳볆뷡맻ꆣ(1)퓚늻몬럇쇷춨막쪱뗄쇷춨쫐뎡릫쮾볛횵뗄움맀뇈싊훐,떱웚쫐펯싊뗄뻹횵캪150111,훐캻쫽캪57181,뛸풤웚쫐펯싊뗄뻹횵캪172111,훐캻쫽캪62176,믹폚닺헋쏦횵뫍훷펪튵컱쫕죫뗄뇈싊뗄뻹횵뫍훐캻쫽뷏킡,쫐횵/훷펪튵컱쫕죫뗄뻹횵캪7139,쫐횵/닺헋쏦횵뗄뻹횵캪114ꆣ뛸쿖뷰벰웤뗈볛컯뗷헻뫳뗄쫽뻝폫뗷헻잰뗄쫽뻝쿠뇈,폐뷏캪쏷쿔뗄닮틬,평폚쳞돽쇋쫐횵뗄튻늿럖,뇈싊횵웕뇩붵뗍쇋ꆣ(2)퓚릫쮾뗄ퟜ볛횵뗄움맀뇈싊훐,떱웚쫐펯싊뻹횵캪85111,훐캻쫽캪35127,뛸풤웚쫐펯싊뻹횵캪99145,훐캻쫽캪38187,믹폚닺헋쏦횵뫍훷펪튵컱쫕죫뗄뇈싊뻹횵뫍훐캻쫽뷏킡ꆣ평폚릫쮾뗄ퟜ쫐횵훐볓죫쇋럇쇷춨막뗄볛횵,쯹틔뻍웤룷쿮뇈싊ퟜ쳥살붲뇈늻몬럇쇷춨막쪱뗄쇷춨쫐뎡뗄릫쮾볛횵뇈싊횵듳ꆣ듓ퟜ쳥춳볆쫽뻝럖컶,뻸듳뛠쫽뇈싊뗄뻹횵뚼뇈훐캻쫽듳,폐뗄뇈싊뗄뻹횵뇈훐캻쫽듳뫜뛠,죧늻몬럇쇷춨막쪱뗄쇷춨쫐뎡뗄릫쮾볛횵움맀훐,쫐펯싊뗄뻹횵캪150111,뛸훐캻쫽캪57181,쫐횵/훷펪튵컱쫕죫뗄뻹횵캪7139,뛸훐캻쫽캪3119,퓚릫쮾ퟜ볛횵움맀뇈싊훐,헢튻쿖쿳튲뫜쏷쿔ꆣ헢쮵쏷컒쏇뗄퇹놾쫽뻝퓚춳볆ꆤ138ꆤ
뛅ꆡ붭ꆢ헔닽컄ꆢ킻횾뎬:쿠뛔맀볛램퓚짏쫐릫쮾볛횵움맀훐뗄펦폃퇐뺿짏뗄욵쫽럖늼늢늻쏷쿔뗘럾듓헽첬럖늼,뛸쫇쿲폒쟣킱ꆣꆡꆡ듓뾼싇럇쇷춨막볛횵잰뫳뗄춳볆뷡맻훐뿉틔랢쿖:(1)뾼싇쇋럇쇷춨막뗄볛횵뫳,쫐펯싊뗄횵쿔훸붵뗍쇋,틲캪퓚볆쯣쫐펯싊쪱,쪹폃뗄늻퓙쫇쇷춨막뗄막볛,뛸쫇볓좨막볛ꆣ쇷춨막뗄막볛쫇춶헟뛔릫쮾캴살쫕틦뗄풤웚,쯤좻쓜쳥쿖돶쫐뎡뚨볛뗄뫏샭탔,떫쫇,럇쇷춨막뗄뗍돉놾늢캴뾼싇뷸좥ꆣ(2)뾼싇쇋럇쇷춨막뗄볛횵뫳,틔쫐횵캪놻돽쫽뗄뇈싊횵쿠펦뗄퓶듳쇋ꆣ(3)듓뇭2뗄B늿럖뗄춳볆쫽뻝훐뿉틔랢쿖,퓚쳞돽쿖뷰벰웤뗈볛컯뫳,쿠펦뗄뇈싊횵복킡쇋,떫볓죫럇쇷춨막뗄볛횵뫳,뗷헻뫳뗄뇈싊횵웕뇩퓶듳ꆣ(4)뇭2뗄B늿럖훐,쫐횵/펪튵샻죳뗄뇈싊횵컞싛쫇뗷헻잰뮹쫇뗷헻뫳뚼캪뢺쫽,헢튲쮵쏷2001쓪뛈탭뛠짏쫐릫쮾쫇뿷쯰뗄,믲헟훁짙웤펪튵샻죳쫇뢺쫽ꆣꆡꆡ21뿉뇈릫쮾뗄쪶뇰벰볛횵움맀랽램ꆡꆡ춨맽뛔톡퓱춬샠탍뗄릫쮾쯹닺짺뗄펰쿬럖컶,Alford랢쿖뛔살ퟔ춬튻탐튵뗄샠쯆릫쮾뷸탐뚨볛쪱,닉폃P/E닺짺뗄컳닮ퟮ킡ꆣ캪쇋쪹볆쯣컳닮듯떽ퟮ킡,놾컄튲내탐튵럖샠뇪ힼSIC뛔뻟폐뿉뾿쫽뻝뗄릫쮾ꋙ뷸탐럖샠ꆣ놾컄폃죽캻쫽뗄SIC뇠싫뛔쯹폐뗄릫쮾뷸탐쇋럖샠,죧맻쒳튻럖샠훐릫쮾뗄퇹놾쫽첫짙,퓲붫룃럖샠삩햹떽솽캻쫽뗄SIC뇠싫탐튵,죧맻폐뇘튪,뿉뷸튻늽삩햹떽내튻캻쫽뗄SIC뇠싫뗄탐튵ꆣꆡꆡ룹뻝릫쮾닆컱쫽뻝뗄쳘뗣,놾컄훷튪틔춳볆솿뗄훐볤횵뗄뇈싊뛔릫쮾뷸탐뚨볛,쫐펯싊뫍풤웚쫐펯싊폃폚뫢솿릫쮾웕춨막뗄볛횵,웤쯻뇈싊폃폚뫢솿릫쮾뗄볛횵ꆣ떱뛔쿖뷰벰웤뗈볛컯뷸탐뗷헻뫳,닺짺뗄릫쮾볛횵뻍틔뺻쿖뷰쇷뗄탎쪽뇭쪾,캪쇋뫢솿랴펳릫쮾볛횵뗄뇈싊볤뗄뿉뇈탔,퓚볆쯣릫쮾볛횵쪱,컒쏇뾼싇쇋쿖뷰벰웤뗈볛컯ꆣ닎뾼Kaplan뫍Ruback벰KimꆢRitter뫍Gilson뗈죋뗄ퟶ램,놾컄틔릫쮾쪵볊뗄뇈싊횵폫춨맽뿉뇈릫쮾볆쯣뗄믹ힼ뇈싊횮짌뗄ퟔ좻뛔쫽ퟷ캪뫢솿뚨볛컳닮ꋚ뗄틀뻝ꆣ컥ꆢ볛횵움맀뷡맻럖컶ꆡꆡ뇭3뫍뇭4뗄A늿럖럖뇰룸돶쇋뛔늻몬럇쇷춨막쪱뗄쇷춨쫐뎡릫쮾볛횵뫍릫쮾ퟜ볛횵뗄헻룶퇹놾뚨볛컳닮뗄춳볆탅쾢,뻹횵뫍훐캻쫽뗄춳볆탅쾢쿔쪾웤맀볛뗄욫샫돌뛈(쇣뇭쪾쎻폐욫닮),훐캻쫽쿔쪾돶뛔헻룶퇹놾뛸퇔룷훖뇈싊닺짺뗄욫닮뚼뫜킡,폐뗄벸뫵캪쇣ꆣ뻹횵퓲쿔쪾돶쯹폐뗄뇈싊닺짺헽뢺컳닮뗄쟩뿶듳쳥쿠춬,늢쟒욫닮뗄돌뛈뷏듳ꆣ놾컄붫냑훘뗣벯훐퓚뻹횵짏,냑쯼ퟷ캪뫢솿컳닮뗄뇪ힼꆣꆡꆡ웤쯻뗄춳볆탅쾢쏨쫶쇋뚨볛컳닮뗄럖늼랶캧,춬퇹뿉ퟷ캪뫢솿뚨볛ힼ좷탔뗄닎뾼ꆣ뻹횵폫훐캻쫽뗄뻸뛔컳닮ꆢ뻸뛔컳닮킡폚15%뗄퇹놾닺짺뗄욫닮뫍춳볆솿퓚뗚튻쯄럖캻쫽뫍뗚죽쯄럖캻쫽짏닺짺뗄욫닮,뚼돊쿖돶쿠쯆뗄탅쾢ꆣ뛔폚뻸뛔컳닮킡폚15%뗄퇹놾뗄뇈샽ꋛ뛸퇔,죧맻룃뇈샽뗄쫽횵풽듳,뻍ꆤ139ꆤ
닆뺭퇐뺿2005쓪뗚8웚틢캶ퟅ룃뇈싊릤뻟폃폚볛횵움맀뗄ힼ좷탔풽룟ꆣ헢퇹뗄춳볆뷡맻뿉틔폫Ka2plan뫍Rubacl벰KimꆢRitter뫍Glsen뗈죋뗄퇐뺿돉맻쿠뇈뷏ꆣ뇭3ꆡ쇷춨쫐뎡뗄릫쮾쫐횵맛달퇹놾뗄뚨볛컳닮ꋜ막욱볛룱뚨볛뗷헻잰뫳쫐횵뚨볛뫢솿릤뻟쫐펯싊풤웚쫐횵/훷펪쫐횵/닺쫐횵/훷펪쫐횵/펪튵쫐횵/샻죳쫐펯싊튵컱쫕죫헋쏦횵튵컱샻죳샻죳ퟜ뛮뻹횵ꆡ01163-0116501665-0113401065-01125-01099(-01236)(-01153)(01381)(-01455)(01089)훐캻쫽-0126501270-01351ꆡ-01587ꆡ0169601079-11148(-01154)(01222)(01068)(01408)(01066)뻹횵뗄뻸뛔컳닮01177011520194511874010670111701094A1(01210)(01142)(01464)(11634)(01093)쯹훐캻쫽뗄뻸뛔ꆡ0123201310012960144411005폐컳닮0108201683(01143)(01249)(01066)(01504)(01068)뗄뻸뛔컳닮킡폚15%0113701148011390114701141릫뗄퇹놾뇈샽0113001128(01147)(01149)(01147)(01151)(01150)쮾뗚튻쯄럖캻쫽11918110573102101543116611195321572(11042)(11013)(21391)(01792)(01466)뗚죽쯄럖캻쫽-1114101196-01752-1101001138-01320-11059(01296)(-01551)(-01330)(-11074)(-11604)맛달퇹놾쫽ꆡꆡ582ꆡ540ꆡ577ꆡ546ꆡ568616ꆡ626ꆡ(543)ꆡ(536)ꆡ(545)ꆡ(530)ꆡ(532)뻹횵-01642-01128-01039ꆡ0114101057-01090-01170(-01637)(-01123)(01501)(-01540)(01094)훐캻쫽ꆡ01028ꆡ01181ꆡ01078-11476-01231-0149001174(-01460)(-01275)(-01532)(-01061)(-01476)B1뺻뻹횵뗄뻸뛔컳닮01474011200103821151010590108601157(01471)(샻01116)(01651)(11583)(01099)죳훐캻쫽뗄뻸뛔0102901199010810177201206캪ꆡ컳닮0138701190(01369)(01241)(01412)(01059)(01379)헽뻸뛔컳닮킡폚15%0107101072010730106901070뗄퇹놾뇈샽0106601067뗄(01068)(01071)(01073)(01071)(01073)릫쮾뗚튻쯄럖캻쫽01971016151123051028119692111831613(11481)(11347)(01131)(21589)(71831)뗚죽쯄럖캻쫽-01843-01001-11199-01869-01632-01367-01705(-11300)(01393)(-01044)(-11444)(-01173)맛달퇹놾쫽453443437466455484480(473)(452)(436)(449)(440)ꆡꆡ힢:삨뫅쓚뗄쫽횵럖뇰캪룷횸뇪뗷헻뫳뗄쫽횵(쿂뇭춬)ꆣꆡꆡ11늻몬럇쇷춨막쪱뗄릫쮾볛횵움맀ꆡꆡ쯤좻횱뷓뛔닉폃막욱볛횵뚨볛뗄뇈싊뫍닉폃릫쮾쫐횵뚨볛뗄뇈싊뷸탐뛔뇈쫇늻컈췗뗄,떫붫A늿럖쳡릩뗄헢솽랽쏦뗄늿럖쫽뻝뷸탐뇈뷏튲쓜쮵쏷튻킩컊쳢ꆣ(1)뻸뛔컳닮킡폚15%뗄퇹놾뇈샽뗄쫽뻝쿔쪾:떱웚쫐펯싊뗄횵쫇0113,뇈풤웚쫐펯싊뗄01128튪듳,쮵쏷풤웚쫐펯싊뗄뚨볛룼ힼ좷ꆣ헢튻뷡맻폫Kim뫍Ritter뗄뷡싛쫇튻훂뗄ꆣ(2)뗷헻뫳뗄뷡맻폫뗷헻잰뗄뷡맻쿠뇈,쎻폐죎뫎맦싉뿉톭ꆣ뮻뻤뮰쮵,쿖뷰쇷벰웤뗈볛컯뗄뗷헻뛔뚨볛컳닮뗄펰쿬쫇늻좷뚨뗄,폐뗄뇈싊횵복킡,폐뗄뇈싊횵퓶듳,쟒럻뫅뗄뇤뮯튲쓑틔냑컕,퓚쫽횵짏튲쿠닮뫜듳ꆣ(3)ퟛ뫏뇭3A늿럖뗄뷡맻뗃떽:믹폚닺헋쏦횵뫍샻죳ퟜ뛮뗄뇈싊ힼ좷탔뷏룟,뛸믹폚펪튵샻죳뗄뇈싊ힼ좷탔ퟮ뗍ꆣꆤ140ꆤ
뛅ꆡ붭ꆢ헔닽컄ꆢ킻횾뎬:쿠뛔맀볛램퓚짏쫐릫쮾볛횵움맀훐뗄펦폃퇐뺿ꆡꆡ뇭3훐B늿럖뗄쫽뻝쫇쳞돽쓇킩뺻샻죳캪뢺뗄릫쮾뫳뗄춳볆뷡맻,틲캪뺻샻죳캪뢺뗄릫쮾쎿막쫕틦캪뢺,웤쫐펯싊쫇쎻폐틢틥뗄,헢킩쫽뻝뿉쓜펰쿬믹폚샻죳뗄뇈싊뚨볛뗄ힼ좷탔,뇈뷏A늿럖뫍B늿럖랢쿖,뷡맻폫짨쿫잡잡쿠랴,쳞돽뺻샻죳캪뢺뗄릫쮾뫳,돽믹폚닺헋쏦횵뫍훷펪튵컱샻죳뗄뇈싊뗄ힼ좷탔폐쯹쳡룟췢,웤쯻뇈싊뚨볛뗄ힼ좷탔뚼듳럹쿂붵,냼삨떱웚폫풤웚쫐펯싊춬퇹죧듋ꆣꆡꆡ21냼몬럇쇷춨막뗄릫쮾볛횵움맀ꆡꆡ쯤좻릫쮾ퟜ볛횵뗄움맀폫쇷춨쫐뎡릫쮾볛횵뗄움맀랽램쫇튻훂뗄,떫뗃떽뗄뷡싛좴늢늻튻훂ꆣ(1)뻹횵컳닮뗄쫽뻝쿔쪾:떱웚쫐펯싊뗄컳닮횵쫇01115,뇈풤웚쫐펯싊뗄컳닮횵-01058튪듳,쮵쏷풤웚쫐펯싊뗄뚨볛룼ힼ좷ꆣ(2)뗷헻뫳뗄뇈싊폫뗷헻잰쿠뇈,믹폚샻죳뗄죽룶뇈싊뗄움맀ힼ좷탔쿔훸뗘쳡룟쇋,웤훐쫐횵/샻죳ퟜ뛮뗄움맀ힼ좷탔뗄쳡룟ퟮ캪쏷쿔,웤횵듓0119붵훁01029ꆣ볓죫쇋럇쇷춨막뗄볛횵뫳,룷룶샻죳횸뇪뻍랴펳쇋릫쮾헦쪵뗄쫕틦ힴ뿶,뛸늻쫇뻖쿞폚뛔릫쮾늿럖볛횵펯샻쓜솦뗄랴펳ꆣ샻죳쫇쿖뷰쇷뗄훘튪뇭쿖,뗷헻뫳뗄뇈싊잡잡뻍쫇릫쮾펯샻쓜솦뗄뇭쿖,웤뛔릫쮾볛횵움맀뗄ힼ좷탔뻍폐쯹쳡룟ꆣ(3)평ퟛ뫏뇭4훐A늿럖뗄뷡맻뗃떽:믹폚훷펪튵컱쫕죫뫍샻죳ퟜ뛮뗄뇈싊ힼ좷탔뷏룟,뛸믹폚훷펪튵컱샻죳뫍펪튵샻죳뗄뇈싊ힼ좷탔ퟮ뗍ꆣꆡꆡ뇭4훐B늿럖뗄쫽뻝춬퇹쫇쳞돽쓇킩뺻샻죳캪뢺뗄릫쮾뫳뗄춳볆뷡맻,웤뷡싛폫퓚쇷춨쫐뎡릫쮾볛횵움맀뗄럖컶훐뗃떽뗄뷡맻쫇튻훂뗄,벴쳞돽뺻샻죳캪뢺뗄릫쮾퇹놾뫳,룷뇈싊움맀뗄ힼ좷탔늻쫇쳡룟,뛸쫇듳럹쿂붵쇋ꆣꆡꆡ31뛔뇈럖컶ꆡꆡ춨맽뇭3뫍뇭4뗄쫽뻝뇈뷏,뿉틔뗃돶틔쿂벸룶훘튪뗄뷡싛:(1)듓ퟜ쳥뇭4ꆡ릫쮾뗄ퟜ쫐횵맛달퇹놾뗄뚨볛컳닮ꋝ막욱볛룱뚨볛뗷헻잰뫳쫐횵뚨볛뫢솿릤뻟쫐펯싊풤웚쫐횵/훷펪쫐횵/닺쫐횵/훷펪쫐횵/펪튵쫐횵/샻죳쫐펯싊튵컱쫕죫헋쏦횵튵컱샻죳샻죳ퟜ뛮뻹횵-01109-0111601188019200119001115-01058(11743)(-01159)(01034)(01025)(01029)훐캻쫽-01209ꆡꆡ0125201156-11035ꆡ-013251127301726(21071)(-01042)(01517)(01196)(-01781)뻹횵뗄뻸뛔컳닮01103011090120711509012100112201057A1(41715)(01147)(01034)(21026)(01030)쯹훐캻쫽뗄뻸뛔0118901286011680164501277폐컳닮2157311067(61935)(01041)(01677)(21216)(01542)뗄뻸뛔컳닮킡폚15%0116601171011640117101171릫뗄퇹놾뇈샽0115501157(01166)(01183)(01170)(01172)(01201)쮾뗚튻쯄럖캻쫽215421109281574016621419521173431088(21002)(11029)(01561)(11292)(91226)뗚죽쯄럖캻쫽-01466-0107911938-0125611986-11023-01182(01539)(-01353)(-01601)(-01167)(01261)맛달퇹놾쫽577561586563561620611(578)(524)(565)(558)(478)ꆤ141ꆤ
닆뺭퇐뺿2005쓪뗚8웚탸뇭4ꆡ릫쮾뗄ퟜ쫐횵맛달퇹놾뗄뚨볛컳닮막욱볛룱뚨볛뗷헻잰뫳쫐횵뚨볛뫢솿릤뻟쫐펯싊풤웚쫐횵/훷펪쫐횵/닺쫐횵/훷펪쫐횵/펪튵쫐횵/샻죳쫐펯싊튵컱쫕죫헋쏦횵튵컱샻죳샻죳ퟜ뛮뻹횵-01470ꆡ-01095ꆡ01335ꆡ012430107001271-01296(11655)(-01107)(-01150)(-01240)(01108)훐캻쫽-11302ꆡ01072-0114211391010112128001884(-01107)(-01245)(-11132)(21111)(01193)B1뺻뻹횵뗄뻸뛔컳닮01375010910139821275010730131101257(41232)(샻01101)(01140)(11787)(01114)죳훐캻쫽뗄뻸뛔0172801075011323102001011컳닮8177511420캪(01102)(01217)(01678)(71254)(01213)헽뻸뛔컳닮킡폚15%0107301074010740107601073뗄퇹놾뇈샽0106901071뗄(01074)(01074)(01076)(01069)(01076)릫쮾뗚튻쯄럖캻쫽210280191311631315063613541140231194(71956)(11029)(11066)(21328)(31867)뗚죽쯄럖캻쫽-01207ꆡ01006ꆡ01169-01345-11195-0168201151(01966)(01022)(-11053)(-01975)(-01845)맛달퇹놾쫽453446448437450479464(446)(446)(433)(480)(432)짏뾴,뇭4뗄뇈싊컳닮횵뇈뇭3뗄뇈싊컳닮횵튪킡,뛸뻸뛔컳닮킡폚15%뗄퇹놾뇈샽튪뇈뇭3뗄듳,헢쮵쏷퓋폃룷훖뇈싊뛔릫쮾ퟜ볛횵뷸탐움맀뇈떥뒿뗘뷶뛔횻몬쇷춨막뗄릫쮾볛횵뷸탐움맀룼ힼ좷ꆣ(2)뾼싇럇쇷춨막뗄볛횵뫳,믹폚펪튵샻죳뫍샻죳ퟜ뛮뗄뇈싊움맀ힼ좷탔붵뗍쇋,웤훐,쫐횵/펪튵샻죳뗄컳닮횵듓-01134쳡룟떽0192,뛸쫐횵/샻죳ퟜ뛮뗄컳닮횵듓01065쳡룟떽0119ꆣ(3)떱뾼싇쇋럇쇷춨막뗄볛횵뫳,뗷헻뫳뗄뇈싊뗄움맀ힼ좷탔폐쯹쳡룟,웤훐,믹폚샻죳뗄뇈싊움맀뗄ힼ좷탔쳡룟뗃뷏캪쏷쿔ꆣ(4)뾼싇쇋럇쇷춨막뗄볛횵뫳,막욱볛룱뚨볛뗄ힼ좷탔쿔훸쳡룟쇋ꆣ막욱볛룱좡뻶폚릫쮾뗄펯샻쓜솦,평폚쇷춨막컞램랴펳릫쮾췪헻뗄뺭펪ힴ뿶,닉폃뇈싊램뛔쇷춨막뗄볛룱뷸탐뚨볛쪱,틲쇷춨막뗄뇈샽뗄닮틬,벴쪹뿉뇈릫쮾폫쒿뇪릫쮾뻟폐쿠춬뗄볛횵뚯틲,튲뫜쓑움맀쇷춨막뗄쫐뎡볛룱ꆣ떱뾼싇럇쇷춨막뗄볛횵뫳,뛔볓좨막볛뗄움맀쫂쪵짏쫇랴펳릫쮾헻쳥뗄춶볛횵,듋쪱,쒿뇪릫쮾뫍뿉뇈릫쮾퓚뺭펪럧쿕ꆢ샻죳쫕틦짏뗄샠쯆뫍닮틬탔닅쓜랴펳떽볓좨막볛짏ꆣ쇹ꆢ뷡ꆡ싛ꆡꆡ놾컄붫벸훖뇈싊릤뻟뛔릫쮾볛횵움맀뗄ힼ좷탔뷸탐쇋뇈뷏,쳖싛쇋폃뇈싊움맀훐맺짏쫐릫쮾볛횵뗄쪵폃탔벰뻖쿞탔ꆣ퓚샻폃뇈싊릤뻟뛔뮦짮솽쫐A막짏쫐릫쮾뗄ퟶ뚨볛럖컶뫳,컒쏇횤쪵쇋튻킩뺭펪맜샭헟뫍톧쫵퇐뺿헟쯹룐탋좤뗄뷡싛ꆣꆡꆡ11튻냣살쮵,쯹폐뇈싊릤뻟쯹닺짺컳닮뗄헽뢺쫇늻쏷좷뗄,떫쫇폃뻹횵뫢솿욫닮뇈폃훐캻쫽뫢솿욫닮튪ힼ좷뗃뛠ꆣꆡꆡ21뇈싊뛔늻몬럇쇷춨막뗄릫쮾볛횵뗄움맀뷡맻뫍뛔냼몬럇쇷춨막뗄릫쮾볛횵뗄움맀뷡맻늻췪좫튻훂ꆣ퓚냼몬럇쇷춨막뗄릫쮾볛횵움맀훐,믹폚ꆤ142ꆤ
뛅ꆡ붭ꆢ헔닽컄ꆢ킻횾뎬:쿠뛔맀볛램퓚짏쫐릫쮾볛횵움맀훐뗄펦폃퇐뺿닺헋쏦횵뫍샻죳ퟜ뛮뗄뇈싊ힼ좷탔뷏룟,뛸믹폚펪튵샻죳뗄뇈싊ힼ좷탔ퟮ뗍ꆣ뛸퓚냼몬럇쇷춨막뗄릫쮾ퟜ볛횵뗄움맀훐,믹폚훷펪튵컱쫕죫뫍샻죳ퟜ뛮뗄뇈싊ힼ좷탔뷏룟,뛸믹폚훷펪튵컱샻죳뫍펪튵샻죳뗄뇈싊ힼ좷탔ퟮ뗍ꆣꆡꆡ31믹폚릫쮾쿖뷰쇷벰웤뗈볛컯뗄뗷헻,쳡룟쇋늻몬럇쇷춨막뗄릫쮾볛횵움맀훐믹폚샻죳뗄뇈싊뚨볛뗄ힼ좷탔,떫뛔폚냼몬럇쇷춨막쪱뗄릫쮾ퟜ볛횵움맀뗄ힼ좷탔쎻폐뛠듳룄짆ꆣꆡꆡ41닉폃풤웚쫕틦튪뇈떱웚쫕틦뿉틔쪹쫐펯싊뗄뚨볛룼ힼ좷;뺻샻죳뗄헽뢺늻믡펰쿬믹폚쫕죫뫍샻죳뗄뇈싊릤뻟뚨볛뗄ힼ좷탔ꆣ3놾컄쫇뷌폽늿늩쪿뗣믹뷰쿮쒿ꆶ뿇풴릫쮾볛횵움볛뗄샭싛ꆢ랽램벰럇뛔돆쳵볾쿂뗄늩?뚨볛쒣탍ꆷ(20020610053)뗄퇐뺿돉맻횮튻ꆣ힢쫍:ꋙ뻟폐뿉뾿쫽뻝뗄릫쮾쫇횸냑쫽뻝뿢훐폐닆컱쫽뻝틅슩뗄릫쮾쳞돽뫳쪣폠뗄릫쮾,뇣폚룷훖뇈싊릤뻟뗄볆쯣뫍뇈뷏ꆣꋚ볆쯣뚨볛컳닮뗄릫쪽캪:E=ln(R/B),E뇭쪾뚨볛컳닮,R뇭쪾릫쮾뗄쪵볊뇈싊횵,B뇭쪾춨맽뿉뇈릫쮾볆쯣뗄믹ힼ뇈싊횵ꆣE=0뇭쪾뚨볛컞컳닮,E>0뇭쪾뛔룃릫쮾뗄볛횵움맀욫룟,E<0뇭쪾뛔룃릫쮾뗄볛횵움맀욫뗍ꆣꋛ뻸뛔컳닮킡폚15%뗄퇹놾뇈샽뗄볆쯣랽램볻힢쫍ꋜꆣꋜ퓚ퟜ퇹놾뗄뚨볛컳닮뇭(뇭3)훐,폐8룶횵탨튪춳볆뫍볆쯣:뻹횵ꆪꆪꆪ뻹횵컳닮ꆢ훐캻쫽ꆪꆪꆪ훐횵컳닮ꆢ뻹횵뗄뻸뛔컳닮ꆪꆪꆪ뻹횵뻸뛔컳닮ꆢ훐캻쫽뗄뻸뛔컳닮ꆪꆪꆪ훐횵뻸뛔컳닮ꆢ뻸뛔컳닮킡폚15%뗄퇹놾뇈샽ꆪꆪꆪ뻸뛔컳닮킡폚15%뗄퇹놾퓚맛달퇹놾훐뗄뇈샽ꆢ뗚튻쯄럖캻쫽ꆪꆪꆪ퇹놾춳볆솿짽탲업쇐퓚25%캻훃짏뗄횵뗄컳닮ꆢ뗚죽쯄럖캻쫽ꆪꆪꆪ퇹놾춳볆솿짽탲업쇐퓚75%캻훃짏뗄횵뗄컳닮ꆢ맛달퇹놾쫽ꆪꆪꆪ퇹놾맛닢쫽ꆢ퓚ퟜ퇹놾(980볒뮦짮A막짏쫐릫쮾)훐쯦믺돩좡맛달퇹놾,춳볆웤맛달퇹놾쫽ꆣ붫맛달퇹놾내짽탲업쇐,춳볆돶웤뻹횵ꆢ훐캻쫽,퇹놾춳볆솿짽탲업쇐퓚25%뫍75%캻훃뗄뗚튻쯄럖캻쫽뫍뗚죽쯄럖캻쫽,붫헢킩횵폫뇭2뗄B늿럖뛔펦뗄뻹횵ꆢ훐캻쫽ꆢ뗚튻쯄럖캻쫽ꆢ뗚죽쯄럖캻쫽쿠돽늢좡뻸뛔횵,퓙좡ퟔ좻뛔쫽,믱뗃뗄횵뻍쫇뻹횵ꆢ훐캻쫽ꆢ뗚튻쯄럖캻쫽ꆢ뗚죽쯄럖캻쫽쯹뇭쪾뗄룃뇈싊릤뻟뗄뚨볛컳닮ꆣ뻹횵뗄뻸뛔컳닮폫훐캻쫽뗄뻸뛔컳닮횸맛달퇹놾뗄뻹횵(Mean)뫍훐캻쫽(Median)폫뛔펦뗄룃뇈싊릤뻟뗄ퟜ쳥퇹놾(980)뗄뻹횵뫍훐횵뗄닮,퓙돽틔ퟜ쳥퇹놾뗄뻹횵뫍훐횵ꆣ뻸뛔컳닮킡폚15%뗄퇹놾뇈샽횸맛달퇹놾뗄횵폫룃뇈싊릤뻟ퟜ퇹놾훐뗄훐횵뗄닮,퓙돽틔ퟜ퇹놾훐횵,웤횵킡폚15%뗄퇹놾퓚맛달퇹놾훐뗄뇈샽ꆣꋝ뫢솿릤뻟뗄쿠맘뷢쫍볻뇭3뗄힢쫍ꆣ닎뾼컄쿗:[1]랶,헅쏷짆,쫦붨욽1훐맺횤좯쫐뎡럖룮뗄샭싛폫뛔닟퇐뺿[J]1뺭볃쳥훆룄룯,2003,(5):82ꆫ851[2]슽쏴1웳튵볛횵움맀랽램벰웤퓚컒맺뗄펦폃잰뺰[J]1맺볊뷰죚퇐뺿,2002,(6):19ꆫ221ꆤ143ꆤ
[3]슽폮럥,뫎탱잿1닺훘ퟩ막욱뗄볛횵움맀[J]1뷰죚퇐뺿,1999,(2):48ꆫ511[4]췴컄훒1DCF랽램뗄뻖쿞탔퇐뺿[J]1훐맺죭뿆톧,2002,(2),48ꆫ511[5]헅죋,쇵뫆,뫺쿾뇳1돤럖샻폃믡볆탅쾢뗄웳튵볛횵움맀쒣탍ꆪꆪꆪRIR쒣탍뗄붨솢폫펦폃[J]1닆뺭퇐뺿,2002,(7):68ꆫ741[6]AlfordA1TheeffectofthesetofcomparablefirmsontheaccuracyofthepriceΟearningsvaluationmethod[J]1JournalofAccountingResearch,1992,30(1):94ꆫ1081[7]BergerrPG,EOfek1Diversificationꆯseffectonfirmvalue[J]1JournalofFinancialEco2nomics,1995,37(1):317ꆫ3451[8]CooperMO,Dmitrov,PRRau1ARosecombyanyothername[J]1JournalofFinance,2001,65(2):238ꆫ2881[9]GlisonSC,ESHonchkiss,RSRuback1Valuationofbankruptfirms[J]1ReviewofFi2nancialStudies,2001,13(1):43ꆫ741[10]HotchkissSN,RMMooradian1Acquisitionasameansofrestructuringfirmsinchap2terII[J]1JournalofFinancialIntermediation,1998,43(3):241ꆫ2621[11]KaplanSN,RRuback1Thevaluationofcashflowforecastsanempiricalanalysts[J]1JournalofFinance,1995,50(4):1059ꆫ10931[12]KimM,JRRitter1ValuingIPOs[J]1JournalofFinancialEconomics,1999,53(3):409ꆫ4371TheApplicationofMultiplesinEvaluatingtheListedFirmsDUJiang1,ZHAOChangΟwen2,XIEZhiΟchao1(,SichuanUniversity,Chengdu610064,China;,SichuanUniversity,Chengdu610064,China)ꆡꆡAbstract:,,afteradjustingcompanyꆯscashlevel,theperformanceoftheratiosbasedonprofitsinevaluatingthenegotiablemarketvalueisimproved,buttheperformanceoftheratiosinevaluatingthetotalmarketvalueisnotim2proved.ꆡꆡKeywords:multiples;evaluation;listedfirms;valuedriver
