yꆡFINANCE&ECONOMYꆡ뷰죚뺭볃춶럧룱튻훂탔뛔믹뷰튵벨뗄펰쿬퇐뺿ꇵ뢶뷰뮨ꆡ헔훐욽ꆡ췴ퟓ컄ꆡꆡ1ꆡ움볛횸뇪뫍움볛쒣탍뗄톡퓱싔뗄움볛ꆣ퓚늻춬뗄믹뷰춶ퟩ뫏돐떣쿠뷼럧쿕뗄쟩뿶쿂,쫕틦싊111ꆡ믹뷰춶럧룱럖컶랽램쓜쪮럖랽뇣뗘룸돶잡떱뗄움볛ꆣ뾼싇떽믹뷰럖뫬뗄쟩뿶,놾컄믹뷰맺췢뛔믹뷰뷸탐춶럧룱럖컶뗄훷튪폐솽훖랽램:믹폚돖닖뗄뗄쫕틦싊톡퓱샛볆뺻횵퓶뎤싊횸뇪ꆣ믹뷰퓚t웚샛볆뺻횵퓶뎤싊뗄럧룱럖컶램(portfolio-basedstyleanalysis)뫍믹폚쫕틦싊뗄럧룱럖볆쯣랽램쫇:컶램(return-basedstyleanalysis)ꆣ믹폚돖닖뗄럧룱럖컶램쫇춨맽Rp=(NVA-NAVttt-1+D)/NAVtt-1(2)쇋뷢믹뷰튻뛎쪱볤쓚퓚쎿튻룶쪱뗣뗄쿪쾸돖막쏷쾸,뷸뛸춳볆돶룃웤훐NAV뫍NAVtt-1캪믹뷰t웚폫t-1웚뗄뺻횵,D캪t웚믹t쪱볤뛎뗄믹뷰춶럧룱쳘헷ꆣ믹폚ퟩ뫏뗄럖컶램뿉틔쳡릩죎튻쪱뗣뷰럖엤뗄뫬샻ꆣ믹뷰춶럧룱뗄탅쾢,듓뛸뿉틔믱횪ퟮ탂뗄ힼ좷믹뷰럖샠ꆣ떫퓚헢21럧쿕뗷헻뫳뗄벨킧움볛훖랽쪽쿂,맘폚ퟩ뫏뗄뻟쳥돉럖뗄탅쾢늻틗믱뗃늢쟒뫜쓑놣돖웤룼뛔폚튻횻믹뷰벨킧뗄움볛,뷶뷶폐뛔웤욽뻹쫕틦싊뗄닢쯣쫇풶탂,틲듋헢훖랽램벴쪹퓚맺췢튲펦폃뗄럇뎣짙,횻쫇퓚튻킩폐쫽뻝풶늻릻뗄,뮹뇘탫ퟛ뫏뾼싇뛔룃믹뷰쫕틦럧쿕듳킡뗄뛈솿ꆣTreynor믱좡폅쫆뗄늿쏅닅싔폐짦벰ꆣ(1965)ꆢSharpe(1966)뫍Jensen(1968)럖뇰쳡돶쇋뫢솿럧쿕뗷Sharpe(1992)쳡돶쇋튻훖틗폚닙ퟷ늢폐뷏잿뷢쫍쓜솦뗄럧룱헻뫳벨킧뗄움볛ꆣ럖컶램-믹폚쫕틦싊뗄럧룱럖컶램ꆣ룃럖컶랽램쫔춼춨맽뛔뇈믹뷰평폚Treynor(1965)뫍Jensen(1968)쳡돶뗄튵벨횸쫽쫇뚼쫇뛔쾵뗄샺쪷쫕틦싊뫍춬웚뗄쿠맘횸쫽뗄쫕틦싊뗄쿠맘돌뛈듓뛸뻶뚨믹뷰춳럧쿕뷸탐뗷헻,벴믹뷰뗄럇쾵춳럧쿕틑춨맽춶ퟩ뫏뎹뗗뗘럖즢뗄샠뇰,헢훖쿠맘돌뛈뗄솿뮯쫇춨맽틔쿂뗄뛾듎맦뮮쪵쿖뗄:뗴,틲듋,룃쒣탍횻랴펳쇋쫕틦싊뫍쾵춳럧쿕틲ퟓ횮볤뗄맘쾵ꆣ죧맻Rp=(b믹뷰늢쎻폐췪좫쿻돽뗴럇쾵춳럧쿕,퓲솽룶횸쫽뿉쓜룸돶듭컳탅쾢ꆣtp1F1t+bp2F2+ꆭ+btpnFn)+ꇃbp1+bp2+ꆭ+bpn=1(1)Sharpe(1966)퓚쫂뫳놾쫐뎡쿟(CML)뗄믹뒡짏췆떼돶튻bp1,bp2,ꆭꇝ0룶춶튵벨횸쫽(틔쿂볲돆캪I(S)),늢샻폃쏀맺1954-1963쓪헢룶쒣탍볙짨늻춬믹뷰쫕틦훐뗄럇틲쯘늿럖ep쫇늻쿠맘뗄ꆣ쪽볤34횻뾪럅쪽믹뷰뗄쓪쫕틦싊뷸탐쇋쪵횤ꆣSharpe횸쫽뗄몬틥쫇t(1)훐Rp뇭쪾t쪱웚춶ퟩ뫏(믹뷰)P뗄믘놨싊,F퓲캪뗚i훖쎿떥캻ퟜ럧쿕뗄럧쿕닺뗄뎬뛮쫕틦,벴Sharpe횸쫽춬쪱뾼싇쇋쾵tit럧룱횸쫽t쪱웚뗄쫕틦싊;닎쫽뇭쪾믹뷰뛔뗚n훖횸쫽뗄쿠뛔쿠맘춳럧쿕뫍럇쾵춳럧쿕ꆣ틲듋,Sharpe횸쫽뮹쓜릻랴펳믹뷰뺭샭럖즢돌뛈;풼쫸쳵볾1뇭쪾헢n훖횸쫽쿠뛔폚믹뷰쯹튪춶뗄횤좯샠뇰뫍붵뗍럇쾵춳럧쿕뗄쓜솦ꆣ평폚컒맺횤좯쫐뎡랢햹쪱볤맽뛌,맺쓚쫇췪놸뗄;쳵볾2쫇튪쮵쏷횤좯쫐뎡늻퓊탭싴뿕ꆣ헦헽횵뗃춶뗄짏쫐릫쮾쫽솿폐쿞ꆣ튵벨헦쪵뿉탅ꆢ탐튵뫍웳튵놾112ꆡ믹뷰춶럧룱튻훂탔뗄뚨틥뫍뛈솿짭펵폐튻뚨퓶뎤탔ꆢ막놾맦쒣릻듳막볛뇈뷏뫏샭뗄막욱,솽룶쫐뎡믹뷰춶럧룱뗄튻훂탔쫇횸믹뷰쯹돖폐뗄ퟩ뫏폫웤럧룱믹ힼퟩ볓웰살뷶튻솽냙횻,믹뷰뗄쫽솿삩헅폖뇈뷏톸쯙,헢뻍탎돉쇋믹뷰뫏놣돖튻훂탔뗄돌뛈ꆣ쯹캽럧룱믹ힼퟩ뫏,쫇횸믹뷰퓚튻뛎쪱볤쓚톡막뗄ꆰ퇲좺킧펦ꆱ,돶쿖듳솿붻닦돖막,믹뷰럖즢춶뗄폅쫆늻욽뻹돖폐뗄ퟩ뫏,튪쟳룃ퟩ뫏쫕틦뺡뿉쓜뢴훆룃믹뷰뗄쫕틦ꆣ평폚쓜릻뫜뫃뗄랢믓,럇쾵춳럧쿕늢캴쓜췪좫쿻돽ꆣ틲듋,놾컄닉폃놾컄뛔믹뷰춶럧룱뗄럖컶쫇샻폃믹폚쫕틦싊뗄럧룱럖컶랽램,틲Sharpe횸쫽살뫢솿뺭럧쿕뗷헻뫳뗄믹뷰튵벨ꆣ듋뇊헟닉폃Keith뫍Harlow(2002)췆볶뗄솽훖뫢솿춶럧룱튻훂2ꆡ퇹놾뫍쫽뻝탔뗄랽램ꆣ쫗쿈,뚨틥211ꆡ퇹놾벯벰퇹놾쟸볤톡좡놾컄틔뮦짮솽쫐2003쓪12퓂31틔잰틑뺭짏쫐뗄쯹폐욫막탍뾪)R2Var(ei=1-(2)럅쪽믹뷰캪퇐뺿뛔쿳,헻쳥퇐뺿훜웚쫇2004쓪1퓂1죕훁2005쓪Var(R)i12퓂31죕ꆣ횮쯹틔죧듋톡퓱퇹놾쟸볤,쫇틲캪믹폚쫕틦싊뗄럧룱듓잰쏦뛔릫쪽(1)뗄샭뷢쟥돾뗄횪뗀,춳볆솿1-R2듺뇭폫럖컶램뛔쪵횤뗄튪쟳뫜룟,럖컶뗄쪱볤뿧뛈맽뛌믲맽뎤뚼믡펰쿬럖럧룱믹ힼ쫕틦뇤뚯컞맘뗄믹뷰쫕틦뇤뚯늿럖,튲뻍쫇쮵,횻튪쯹톡컶뗄뺫뛈ꆣ맺췢톧헟퇐뺿뇭쏷,퇹놾쟸볤톡퓱20ꆫ36룶퓂뗄쫕틦뗄럧룱믹ힼ틲쯘쓜뫜뫃뗄듺뇭믹뷰쏦쇙뗄럧룱닺헻쳥,쓇쎴룃쒣싊쫽뻝쪱,룃랽램펦폃뗄ힼ좷탔뇈뷏룟,틲듋뇊헟닉폃솽쓪뗄쫽뻝탍늻쓜뷢쫍뗄믹뷰쫕틦늿럖튻뚨폫럇럧룱틲쯘쿠맘,랴맽살폫럧룱럻뫏튪쟳ꆣ퓚듋웚볤,컒맺횤좯쫐뎡뒦폚돖탸뗍쏔뗄ힴ첬,믹뷰춶닺엤훃쿠맘뗄쫕틦늿럖뻍뿉틔ퟷ캪닢뛈믹뷰춶럧룱튻훂탔돌뛈럧룱뗄튻훂탔퓚쫐뎡ퟟ뗍뗄쟩뿶쿂뛔믹뷰벨킧뗄펰쿬죧뫎쫇놾컄뗄횸뇪ꆣR2풽듳,믹뷰춶럧룱튻훂탔돌뛈풽룟,랴횮풽뗍ꆣ뗄훷튪맘힢뗣ꆣ쇭췢,룹뻝놾컄뛔춶럧룱뗄뚨틥벰뮮럖,믹뷰뗄닢뛈믹뷰춶럧룱튻훂탔돌뛈뗄뗚뛾룶횸뇪쫇믹뷰쿠뛔폚럧룱춶럧룱ퟮ훕좡뻶폚믹뷰쯹춶막욱뗄럧룱닺샠뇰,벴펦틔훷튪믹ힼퟩ뫏뗄룺ퟙ컳닮TEꆣ쫗쿈뚨틥ꚤ=R-Rjtb,횸뗚t웚믹뷰쫕틦t춶폚막욱닺뗄믹뷰캪퇐뺿뛔쿳,틲듋쳞돽쇋햮좯탍믹뷰ꆢ믵뇒뫍럧룱믹ힼ쫕틦횮닮,웤훐,R횸믹뷰j퓚뗚t웚뗄쫕틦,Rb횸뛔jtt쫐뎡탍믹뷰벰틔햮좯뫍믵뇒닺춶캪훷뗄쯹캽놣놾탍믹뷰,ퟮ훕펦럧룱믹ힼퟩ뫏퓚뗚t웚뗄쫕틦ꆣ뛸쫕틦룺ퟙ컳닮폃ꚤ뗄뇪ힼ닮살뾪럅쪽믹뷰뗄퇹놾훐릲냼삨쇋40횻욫막탍믹뷰,훷튪냼삨막욱탍뇭쪾,뮻쯣캪쓪뛈룺ퟙ컳닮퓲캪TE=ꛒꚤP,웤훐P캪튻쓪쯹몬뗄믹뷰ꆢ믬뫏탍믹뷰틔벰횸쫽탍믹뷰ꆣ쫕틦웚볤ꆣ틲듋룺ퟙ컳닮TE풽킡뇭쏷믹뷰춶럧룱튻훂탔돌뛈풽212ꆡ럧룱횸쫽뗄톡좡룟ꆣ튪놣횤믹폚쫕틦싊뗄럧룱럖컶랽램펦폃뗄ힼ좷탔,ퟮ맘볼뗄틲113ꆡ믹뷰벨킧뗄닢뛈쯘쫇럧룱믹ힼ뗄톡좡ꆣ놾컄뗄컄쿗믘맋늿럖쳡맽,룃랽램튪쟳럧룱놾컄쓢듓믹뷰뗄욽뻹쫕틦싊뫍럧쿕뗷헻뫳뗄벨킧솽랽쏦살뫢솿믹ힼ뇘탫뻟폐뮥돢탔ꆢ췪놸탔틔벰늻춬뗄럧룱쫕틦쳘헷ꆣ평폚훐맺믹뷰뗄튵벨ힴ뿶ꆣ맦뚨믹뷰춶폚맺햮뗄뇈싊늻뗍폚믹뷰닺뺻횵뗄20%,틲듋럧룱11믹뷰쫕틦싊횸쫽훐펦폐맺햮횸쫽ꆣ뾼싇떽뷼솽쓪막욱쫐뎡돖탸ퟟ뗍,믹뷰뛔웤쫕틦싊쫇튻훖ퟮ횱맛뫍볲떥뗄튵벨뛈솿랽램,쯼쫇퓚늻뾼싇돐쯻샠탍뗄햮좯죧웳햮ꆢ뿉햮붻틗믮풾,캪놣횤럧룱닺뗄췪놸떣럧쿕듳킡뗄잰쳡쿂뛔믹뷰퓚쒳튻쳘뚨쪱웚쓚뗄튵벨룸돶횱맛ꆢ듖탔,뇊헟쫗쿈톡좡쇋훐탅듳엌볛횵ꆢ듳엌돉뎤ꆢ훐엌볛횵ꆢ훐엌돉138
ꆡ샭싛첽쳖뎤ꆢ킡엌볛횵ꆢ킡엌돉뎤ꆢ훐탅맺햮ꆢ웳햮틔벰햮좫볛릲9훖횸뫏럡컈뚨0171281106E-0301001011523010760247쫽ꆣ놾컄ퟮ훕쯹톡좡뗄럧룱닺횸쫽냼삨죧쿂쇹훖:듳엌볛횵ꆢ듳엌돉뎤ꆢ킡엌볛횵ꆢ킡엌돉뎤ꆢ훐탅맺햮틔벰햮좫볛횸쫽,웤쿠뎤돇뻃뫣욽뫢0173221133E-0301000346906010300784맘탔뫍뇪ힼ닮죧뇭1쯹쪾ꆣ뷰펥폅톡017291117E-03-01001343445010431083뇭쓏랽컈붡돉뎤0176548125E-04010007467470101068491ꆡ놾컄톡좡뗄럧룱닺횸쫽뗄쿠맘쾵쫽믹ힼ듳엌듳엌킡엌킡엌맺햮햮열뮪탐튵돉뎤018476151E-04-717271E-05-01028412횸쫽볛횵돉뎤볛횵돉뎤횸쫽좫볛뇪ힼ닮웕쳬쫕틦0175719185E-0401000443667-01023571듳엌볛횵101061355놦펯뫨샻쫕틦0184178181E-04-01000835326010502868듳엌돉뎤헐짌막욱믹뷰01829116E-0401000316816-01004778019135101057602헐짌욽뫢믹뷰0176238155E-040100049969-01062545킡엌볛횵01833901782101077463놦뾵쿻럑욷017715181E-0401001793247010112096킡엌돉뎤01838201817019188101079139놦뾵쇩믮엤훃0181917163E-0401001342545-01024065맺햮횸쫽뗂쪢컈붡0189933151E-04-01000348518-01046245011122012399-010295-010034101015467뺰쮳폅톡막욱016964185E-0401001173446-01026859햮좫볛013597014083013813013962-011453101068449뺰쮳뚯솦욽뫢0154363160E-0401000750623-01050411ꆡꆡ듓뇭1뿉틔뾴돶,헢쇹훖럧룱닺횸쫽듓ퟜ쳥짏살뾴,쿠맘쾵몣뢻춨뺫톡0179872153E-0401001264671-01057436쫽뇈뷏뗍,뛸쟒룷횸쫽뗄뇪ힼ닮튲룷늻쿠춬,듓뛸놣횤쇋놾컄럧룱췲볒1800198531169E-04-01001280056-01076061럖컶랽램뗄뿉폃탔ꆣ맣랢뻛뢻0156879132E-0501001986329-01084886쇭췢,퓚볆쯣Sharpe횸쫽뗄쪱뫲컞럧쿕쫕틦싊rf폃짌튵틸탐튻쓪웚뚨웚듦뿮샻싊듺쳦ꆣ평폚퓚퇹놾퇐뺿웚볤,룃샻싊랢짺쇋뇤ꆡꆡ평뇭2뿉틔뾴돶,믹뷰캬돖춶럧룱튻훂탔뗄돌뛈룷늻쿠춬ꆣR2욽뮯뻹횵캪017677,ퟮ듳횵룟듯019853,ퟮ킡횵뷶캪015436ꆣ폈웤횵뗃힢틢뗄,벴듓2005쓪10퓂29죕웰,쓪샻싊평1198%쳡룟떽2125%,틲듋놾컄내쟸볤뿧뛈쿈볆쯣볓좨욽뻹쓪샻싊퓙뮻쯣캪훜샻싊,뿉뗃쫇,놾컄쯹뾼싇뗄4횻횸쫽탍믹뷰R2횵뻹퓚95%틔짏,웤훐췲볒180뺹컞럧쿕훜쫕틦싊캪좻룟듯98153%,헢뇭쏷4횻횸쫽탍믹뷰퓚쪵볊퓋ퟷ맽돌퇏룱룺ퟙ웤럧룱01041%ꆣ3ꆡ쪵횤퇐뺿뷡맻믹ힼퟩ뫏,춶럧룱튻훂탔돌뛈뇈뷏룟,헢폫횸쫽탍믹뷰뗄퓋ퟷ쳘헷쫇쿠뷨훺럻뗄,춬쪱튲횤쏷쇋놾컄톡좡랽램뗄뫏샭탔틔벰퇐뺿뷡맻뗄뿉탅뛈ꆣ뇊Matlab615죭볾,샻폃믹폚쫕틦싊뗄럧룱럖컶랽램,놾컄뿉틔뗃떽믹뷰쪵볊춶럧룱,틔벰뛈솿믹뷰춶럧룱튻훂탔뗄횸헟내믹뷰캬돖춶럧룱튻훂탔돌뛈뗄룟뗍,붫헢40횻믹뷰럖캪솽ퟩ,늢뇪ꆣ춬쪱,퓋폃럖뇰뇈뷏솽ퟩ믹뷰뗄튵벨ힴ뿶ꆣExcel춳볆죭볾뛔뫢솿믹뷰튵벨뗄쿠맘횸뇪뷸탐볆쯣,쪵횤뷡맻죧뇭2쯹쪾ꆣ311ꆡ내R2럖ퟩ뇈뷏믹뷰튵벨뇭쫗쿈,내뛈솿춶럧룱튻훂탔뗄뗚튻룶횸뇪R2럖ퟩꆣ평폚R2풽2ꆡ춶럧룱튻훂탔폫튵벨뇭쿖쟩뿶듳,믹뷰캬돖춶럧룱튻훂탔뗄돌뛈풽룟ꆣ틲듋뛔40횻믹뷰내R2횵뷸믹뷰볲돆R-SquareTE훜욽뻹쫕틦싊sharpe횸쫽탐짽탲업쇐,잰20횻믹뷰캪뗚튻ퟩ,뫳20횻믹뷰캪뗚뛾ퟩ,쿔좻,뗚뛾ퟩ뮪쿄돉뎤018191110E-03-5178265E-05010244543믹뷰캬돖춶럧룱튻훂탔뗄돌뛈룟폚뗚튻ퟩꆣ럖뇰뾼달솽ퟩ믹뷰뗄튵벨뮪쿄믘놨0166272154E-0301000682808010749136쟩뿶,죧뇭3쯹쪾ꆣ맺첩뷰펥퓶뎤01722132E-0301000558948010990194뇭3ꆡ튵벨뇭쿖뇈뷏럖컶:내R2럖ퟩ맺첩뷰쇺뺫톡0172152148E-030100071183201068632뮪낲뒴탂튵벨뇭쿖욽뻹쫕틦싊Sharpe횸쫽0173571192E-0301000536164010294547욽뻹횵ퟮ듳횵ퟮ킡횵욽뻹횵ퟮ듳횵ퟮ킡횵뮪낲1800195631125E-03-01000748237010145247늩쪱볛횵퓶뎤뗚튻ퟩ010008520100271-0100134010229710111634-0109230193812144E-03-01000202304011163445늩쪱풣뢻0197911182E-03-010013621301006295뗚뛾ퟩ010001650100179-0100136-01010950107602-010849볎쪵돉뎤쫕틦0167691139E-0301000537146010524014ꆡꆡ평뇭3뿉틔뾴돶,컞싛쫇닉폃믹놾쫕틦싊횸뇪,뮹쫇뺭럧쿕뗷헻뫳뗄볎쪵퓶뎤믹뷰0159951173E-0301002331671010380861움맀횸뇪,뗚튻ퟩ믹뷰뗄튵벨뚼뇈뗚뛾ퟩ뗄튵벨뫃,튲뻍쫇쮵,늻뛏뇤뮯볎쪵컈붡0180071135E-0301000612135010299783춶럧룱뗄믹뷰뇈캬돖춶럧룱쿠뛔늻뇤뗄믹뷰튵벨뇭쿖뫃ꆣ뎤쪢돉뎤볛횵0177071140E-0301000793524010074633312ꆡ내TE럖ퟩ뇈뷏믹뷰튵벨듳돉볛횵퓶뎤0184375119E내뛈솿춶럧룱튻훂탔뗄뗚뛾룶횸뇪TE뷸탐럖ퟩꆣ평폚TE뛈솿-0401000599751010149565뗄쫇믹뷰쪵볊ퟩ뫏쿠뛔폚럧룱믹ힼퟩ뫏뗄룺ퟙ컳닮,틲듋TE풽킡,뇭쏷뢻맺뚯첬욽뫢0181431169E-03-8174979E-05-01092341믹뷰춶럧룱튻훂탔풽룟;TE풽뗍,뇭쏷믹뷰풽죝틗룄뇤웤춶럧룱ꆣ틗랽듯욽컈퓶춬퇹내TE뗄듳킡붫40횻믹뷰럖캪솽ퟩ,럖뇰뾼달솽ퟩ뗄튵벨쟩뿶늢뷸뎤016951169E-0301001321028-01003023탐뛔뇈,쿞폚욪럹,룃뇭쪡싔ꆣ컒쏇랢쿖,TE듳뗄튻ퟩ믹뷰튵벨쏷쿔뫃폚틗랽듯닟싔돉TE킡뗄튻ퟩ,튲뻍쫇쮵늻뛏뇤뮯춶럧룱뗄믹뷰튵벨튪뇈캬돖춶럧룱뎤0163721132E-0301001918758010060612쿠뛔늻뇤뗄믹뷰튵벨뫃ꆣ틸뮪폅쫆웳튵0177591136E-03010009919610101832734ꆡ뷡싛틸뫓컈붡0174771172E-03-01001036335-01067916춨맽놾컄뗄쪵횤퇐뺿,컒쏇랢쿖,퓚쫐뎡뒦폚돖탸뗍쏔뗄쟩뿶쿂,늻죚춨탂삶돯0174741180E-0301000581016010201647뛏뇤뮯춶럧룱뗄믹뷰튵벨뇭쿖폅폚놣돖춶럧룱튻훂탔뗄믹뷰튵벨,죚춨짮횤100늢쟒헢훖폅쫆쫇뇈뷏쏷쿔뗄,샻폃솽룶늻춬뗄뫢솿춶럧룱튻훂탔뗄횸횸쫽0195491127E-03-01000653367010016147뇪뗃떽뗄쪵횤뷡맻튲믹놾쿠춬ꆣ평폚뾪럅쪽믹뷰짏쫐쪱볤늻뎤,뾼싇떽죚춨삶돯돉뎤0164355185E믹뷰퇹놾쫽쒿,쎻폐ퟣ릻뗄퇹놾쟸볤뛔쫐뎡뒦폚짏짽뷗뛎뫍쿂붵뷗뛎뗄-040100096246010063948뫏럡돉뎤쟩뿶뷸탐뛔뇈퇐뺿,헢튲캪컒쏇쿂튻늽뗄퇐뺿랽쿲쳡릩쇋쮼슷ꆣ0166541123E-0301002711621010177228뫏럡훜웚(ퟷ헟떥캻:뫾쓏듳톧릤짌맜샭톧풺ꆢ뫾쓏짌톧풺릤짌맜샭쾵)0175278162E-0401000853241010207424139
