ꆶ벼쫵뺭볃ꆷ뗚4웚(ퟜ뗚220웚)2006쓪믹폚춶늹뎥뗄뺭펪탔췁뗘뮹풭샻싊쪵볊맀횵쒣탍뢣훝듳톧랿뗘닺퇐뺿쯹ꆡ쿃쏅듳톧뺭볃톧풺뺭볃퇐뺿쯹ꆡ췵쿅훒[햪튪ꆰ]헐엄맒ꆱ쿂뺭펪탔췁뗘돶죃뗗볛움맀뇘탫폃쫕틦볛룱맀볛쮼슷,쫕틦뮹풭램뗄폐쿞쓪뫍컞쿞쓪릫쪽쯹폃뗄뮹풭샻싊쫇늻춬뗄,쪵볊맀볛훐췹췹놻맀볛쪦쏇쯹뫶쫓,듓뛸퓬돉맀볛뷡맻뗄뷏듳컳닮ꆣ놾컄듓쪵볊맀볛뷇뛈,뛔뺭펪탔췁뗘뗄뮹풭샻싊뷸탐짮죫웊컶,럖컶쇋뮹풭샻싊춶늹뎥뗄믹놾릹돉믺샭,늢짮죫퇐뺿쇋춶믘쫕늹뎥뛔쯼뗄ퟷ폃,틔듋릹붨쇋펦폃폚쪵볊맀볛훐뗄뮹풭샻싊쪵폃쒣탍ꆣ[맘붡듊]뺭펪탔췁뗘ꆡ뮹풭샻싊ꆡ춶늹뎥ꆡ춶믘쫕늹뎥튻ꆢ뛔ꆰ헐엄맒ꆱ쿂뺭펪탔췁뗘맀볛뗄죏쪶쯦ퟅ룷뗘짌튵ꆢ싃폎ꆢ폩샖뫍짌욷힡햬뗈룷샠뺭펪탔췁뗘ꆰ헐엄맒ꆱ돶죃뗄짮죫뷸탐,뛔췁뗘맀볛뗄뺫좷뛈뫍맀볛랽램뗄맦랶튪쟳틠풽살풽룟ꆣ컒맺돇쫐췁뗘맀볛퇐뺿쪼폚짏쫀볍80쓪듺훐쒩웚,쿖탐뗄췁뗘맀볛샭싛폫랽램쳥쾵쫇퓚듳솿뷨본맺췢뷏캪돉쫬뗄샭싛폫랽램뗄믹뒡짏붨솢뗄ꆣ뺡맜췁뗘맀볛뗄퇐뺿쮼슷뫜뛠,떫쒿잰퓚쪵볊닙ퟷ훐뗄믹놾맀볛랽램쫇쫕틦뮹풭램ꆢ돉놾뇆뷼램ꆢ쫐뎡뇈뷏램뫍볙짨뾪랢램뗈,뛸룷뗘퓚뻟쳥퓋폃쪱폖엉짺돶훮죧벶닮쫕틦닢쯣램ꆢ춶램ꆢ샻죳램ꆢퟢ뷰냾샫램ꆢ샺쪷뗘볛췆쯣램ꆢ랿컝웵볛닢쯣램ꆢ솪펪솪붨췆쯣램ꆢ뎤웚쟷쫆램ꆢ뇈샽쾵쫽램,뗈뗈ꆣ쪵볊짏,헢쪮쓪살,컒맺췁뗘맀볛뗄쪵볹쫇웰풴폚돇헲췁뗘믹ힼ뗘볛뗄움맀,떱좻,믹ힼ뗘볛쫇춨맽췁뗘뗄믹놾맀볛랽램쟳좡뗄,쿔좻닉폃늻춬뗄맀볛랽램,뗃돶뗄믹ힼ뗘볛뻍폐뫜듳뗄닮뇰,듓샭싛짏쮵,쫕틦뮹풭램움돶뗄볛룱ퟮ룟,돉놾램ퟮ뗍ꆣ컒맺뺭맽돤럖뗄럖컶퇐뺿,럖뇰폚1990쓪ꆢ1993쓪냤늼쇋ꆶ돇쫐췁뗘뚨벶맦돌(쫔탐)ꆷ뫍ꆶ돇쫐췁뗘맀볛맦돌(쫔탐)ꆷ,좷솢쇋ꆰ틔췁뗘럖뗈뚨벶캪믹뒡,췁뗘쫕틦캪틀뻝,췁뗘쫐뎡붻틗볛룱캪닎뾼ꆱ뗄돇쫐벶뇰뗘볛움맀뗄풭퓲뫍랽램쳥쾵,펦룃쮵,솽룶맦돌뛔돇쫐뗘볛뗄맦랶움맀웰쇋붨짨탔ퟷ폃ꆣ떫쯼쏇뇏뺹쫇횸떼탔컄볾,룷뗘평폚뛔맦돌훐뗄믹ힼ뗘볛뫍뗗볛뗄쓚몭뗄죏쪶늻춬,뛔뺭펪탔췁뗘닉좡늻춬뗄맀볛랽램살움맀,폐뗄폃쫐뎡램ꆢ폐뗄폃볙짨뾪랢램,뮹폐뗄폃돉놾뇆뷼램,쳘뇰쫇폃돉놾램쮼슷좷뚨뗄뺭펪탔췁뗘뗄믹ힼ뗘볛,평웤뗃돶뗄췁뗘돶죃뗗볛,평폚첫뗍,웤폫ꆰ헐엄맒ꆱ돶죃쿂ퟮ훕뗄돉붻볛쿠닮솽죽놶틔짏튲뻍늻ퟣ캪웦쇋ꆣ첫뗍뗄돶죃뗗볛,퓚춶뇪헟믲뺺춶죋뫜뛠쟩뿶쿂,평폚뺺헹벤쇒,믡냑볛룱췆룟,짐뿉쏖늹돶죃뗗볛첫뗍뗄좱쿝,떫쳈죴닎폫헟뫜짙믲죋캪뗄틲쯘ퟷ폃쿂(쳘뇰쫇춶뇪,죴퓚죫캧쳵볾쿞훆짏ퟶꆰ쫖뷅ꆱ,믡듳듳복짙닎폫헟),뻍믡쪹ꆰ헐엄맒ꆱ쇷폚탎쪽,쟒틗ퟌ짺뢯냜ꆣ캪듋,뛔폚ꆰ헐엄맒ꆱ쿂뺭펪탔췁뗘뗄볛룱뇘탫내헕췁뗘쫕틦뮹풭램살좷뚨,죴닉폃믹ힼ뗘볛탞헽램,쯹닉폃뗄믹ힼ뗘볛튲펦내맦돌튪쟳,틔ꆰ췁뗘쫕틦캪틀뻝ꆱ,닉폃쫕틦뮹풭램살좷뚨믹ힼ뗘볛,헢튲럻뫏뺭펪탔췁뗘뗄볛룱쫴폚쫕틦볛룱뗄맀볛쮼슷ꆣ쇭튻랽쏦,컞싛뺺헹헟쫇퓚ꆰ헐엄맒ꆱ맽돌훐뛔췁뗘뗄뺺춶,뮹쫇믱뗃췁뗘뫳뷸탐뗖톺듻뿮,쯻쏇뛔췁뗘볛횵뗄죏쪶,뛠냫튲쫇퓚췁뗘맀볛쪦닎폫뗄훇쓒췅닟뮮쿂,듓춶쫕틦뷇뛈,닉폃쫕틦뮹풭램살닢쯣뗄ꆣ좻뛸,쒿잰쪵볊췁뗘맀볛훐,평폚맀볛쪦쏇쪹폃쫕틦뮹풭램릫쪽뗄쫨뫶,뛸췹췹퓚좷뚨뮹풭샻싊쪱뫶싔쇋뛔춶믘쫕뗄늹뎥,퓬돉뮹풭샻싊좷뚨횵욫뗍,뗃돶뗄췁뗘볛룱욫룟,헢퇹,벫틗탎돉뗘닺엝쒭,튲룸뗖톺듻뿮듸살럧쿕ꆣ쿔좻,뛔ꆰ헐엄맒ꆱ쿂뺭펪탔췁뗘볛룱펦닉폃쫕틦뮹풭램맀볛,볈늻뿉뗍맀,튲쓜룟맀ꆣ쫕틦뮹풭램ힼ좷폫럱퓚폚췁뗘캴살쓪뺻쫕틦뫍뮹풭샻싊뗄좷뚨,쳘뇰쫇뮹풭샻싊,붫벫듳뗘펰쿬떽닉폃룃랽램쯹뗃돶움맀뷡싛뗄헦쪵탔뫍뿍맛탔ꆣ캪듋,놾컄뛔뮹풭샻싊벰웤춶믘쫕늹뎥싊뷸탐짮죫뗘첽쳖퇐뺿,춬쪱,룹뻝쿖쪵맀볛뗄쪵볊쟩뿶,붫췁뗘뗄쫕틦램맀볛릫쪽럖캪n탍릫쪽폫럇n탍릫쪽,릹붨쇋펦폃폚n탍릫쪽폫럇n탍릫쪽뗄뮹풭샻싊,늢뗃돶쇋퓚럇n탍릫쪽훐뛔뮹풭샻싊뷸탐춶믘쫕늹뎥뫳,솽릫쪽쫇췪좫튻퇹뗄뷡싛ꆣ뛾ꆢ뺭펪탔췁뗘뮹풭샻싊뗄놾훊ꆢ몬틥폫컳쟸1ꆢ뺭펪탔췁뗘뮹풭샻싊뗄놾훊폫몬틥ꆣ췁뗘맀볛쫕틦뮹풭램,쫇췁뗘움맀죽듳랽램횮튻ꆣ평폚ꆰ헐엄맒ꆱ쿂춶릺싲뗄쫇뺭펪탔췁뗘쪹폃좨,쫇튻훖춶탐캪,틲듋폫웤쮵쫇싲췁뗘쪹폃좨놾짭,뮹늻죧쮵쫇싲룃뺭펪탔췁뗘뗄캴살쫕틦,헢쫇뺭펪탔폃뗘닉폃쫕틦램뮹풭램뗄샭싛믹뗣ꆣ듓쫕틦램튻냣쪽:V=ꇆnꇄA(t1+-ti)훐컒t=1쏇틑뺭뾴떽,췁뗘볛룱V뗈폚췁뗘캴살뒴퓬뗄뺻쫕틦횮뫍,떱좻헢훖쓪뺻쫕틦ꇄAt뗄쿠볓늻쫇볲떥쿠볓,뛸쫇튪샻폃튻룶i뷸탐쳹쿖뫳뗄쿠볓,풭틲뫜볲떥,틲캪컒쏇쫇맀볛췁뗘쪹폃좨뗄쿖퓚볛횵,뛸웤쓪뺻쫕틦뻹캪캴살횵,캴살횵쳹쿖캪쿖퓚횵벴뗈킧횵뗄듳킡좡뻶폚룃쳹쿖싊i,헢룶쳹쿖싊i벴캪췁뗘뗄뮹풭샻싊ꆣ쫕틦뮹풭쫇붫췁뗘캴살쓪뺻쫕틦쿖뷰쇷뮯캪쿖퓚볛횵뗄맽돌,뮹풭샻싊쫇헢튻뮯맽돌뗄냙럖싊ꆣ튻냣쪽폐뛠훖탎쪽,샽죧:(1)컞쿞쓪릫쪽,ꋙ벴쓪뺻쫕틦A쎿쓪늻뇤,쟒돖탸컞쿞쓪,퓲VA=ꆭ.(1);ꋚ쓪뺻i쫕틦훰쓪틔g뗝퓶,쟒돖탸컞쿞쓪쪱,VA=ꆭ.(2);(2)폐쿞쓪릫쪽,쓪뺻쫕틦폐쿞쓪n(1+i)-1n,V=A(i-g)i(1+ni)ꆭ.(3);뗈뗈ꆣ컞싛쓇훖탎쪽,뮹풭샻싊뻹횸릫쪽훐뗄쳹쿖싊iꆣ듓튻냣쪽뿉볻,뮹풭샻싊쫇튻훖춶쫕틦싊,틲캪죎뫎춶폚뺭펪탔췁뗘뗄쫕틦싊튻떩뗍폚뮹풭샻싊,퓲룃춶탐캪뻍늻믡랢짺,쯹틔,쯼놾훊짏쫇뺭펪탔췁뗘뗄ퟮ뗍웚췻춶쫕틦싊,쫇춶헟쯹춶랿뗘닺탐튵늻춬샠탍뺭펪탔췁뗘뗄ퟮ뗍웚췻쫕틦싊믲믹ힼ쫕틦싊,쏀맺틠돆캪ힼ죫쫕틦싊ꆣ뿉틔헢퇹샭뷢뮹풭샻싊,춶ꆤ88ꆤ
ꆶ벼쫵뺭볃ꆷ뗚4웚(ퟜ뗚220웚)2006쓪헟춶릺싲룃뺭펪탔췁뗘뗄쫕틦싊훁짙튪듯떽뮹풭샻싊,럱퓲쯻믡죏캪쿠뛔웤쯻믺믡뛸퇔,뻍쫇뿷쯰뗄ꆣ뮹풭샻싊튻냣폐헢퇹튻킩쳘헷:쯼믡쯦쯹춶뺭펪탔췁뗘뗄뗘뛎ꆢ랢짺쪱볤ꆢ뾪랢뗄컯튵샠탍(뻆뗪ꆢ킴ퟖ슥뗈)뗈뗄늻춬뛸싔쿔늻춬ꆣ죴풤웚캴살뾪랢뗘닺뗄돉놾뷏룟,냼삨죚ꆢ붨짨돉놾뗈,믲믡닺짺룟춨믵엲헍싊,믲룃뺭펪탔췁뗘뗄캴살쓪쫕죫듦퓚뷏듳럧쿕,춶믺탔뷏룟뗈,퓲뮹풭샻싊뻍뷏룟,쿠펦뗄뗘볛뻍뗍ꆣ랴횮틠좻,벴췁뗘캴살쯹뗃쫕죫룼캪좷뚨,믲쎻폐쏷쿔뗄춨믵엲헍ꆢ뾪랢돉놾뗍뗈,벴춶럧쿕뗍,퓲뮹풭샻싊뻍뷏뗍,뗘볛뻍룟ꆣ2ꆢ뛔뮹풭샻싊듦퓚뗄컳쟸ꆣ폐킩맀볛쪦뛔뮹풭샻싊뗄몬틥폫놾훊뮹듦퓚죏쪶짏뗄컳쟸,퓚쪵볊맀볛훐,뛔뮹풭샻싊뗄좷뚨뷏캪늻맦랶,웤ퟮ킡횵(내틸탐듦뿮샻싊)폫ퟮ듳횵쿠닮탼쫢,짵훁뷶냑쯼ퟷ캪뗷헻맀볛횵뗄릤뻟,퇏훘펰쿬쫕틦램뗄쪹폃킧맻ꆣ훷튪폐죧쿂벸뗣컳쟸:(1)컳틔캪폃폚컞쿞쓪릫쪽뫍폐쿞쓪릫쪽뗄뮹풭샻싊쫇튻퇹뗄,쪵볊짏솽헟쿠닮쇋춶믘쫕늹뎥싊,뫳쏦믡쳖싛듋컊쳢ꆣ(2)톡좡컞럧쿕샻싊죧틸탐듦뿮샻싊떱ퟷ뮹풭샻싊ꆣ뮹풭샻싊뺡맜쫇뺭펪탔췁뗘뗄ퟮ뗍웚췻쫕틦싊,떫쯼냼몬뗘닺탐튵컞램폃ퟩ뫏춶살쿻돽뗄쾵춳탔럧쿕,틲듋,늻뿉톡좡컞럧쿕샻싊ꆣ(3)탭뛠맀볛쪦컳붫맀볛뛔쿳췁뗘뗄쪵볊쫕틦싊떱ퟷ뮹풭샻싊,뗃돶맀볛뛔쿳쪵볊쫕틦싊뗍,뮹풭샻싊틠뗍뗄듭컳뷡싛ꆣ틲캪춶쒳뿩췁뗘뗄쪵볊쫕틦싊폐뿉쓜캪뢺뗄,떫헢늢늻틢캶ퟅ뮹풭샻싊틠캪뢺ꆣ뮹풭샻싊펦쫇뗘닺탐튵훐뻸듳뛠쫽춶헟쯹죏춬뗄믹ힼ쫕틦싊믲ퟮ뗍웚췻쫕틦싊,쫇뿍맛듦퓚뗄,뛸늻쫇쪵볊쫕틦싊,늻쫇룶낸췁뗘뗄쫕틦싊,헢뻍죧춬쿮쒿움맀훐뗄탐튵믹ힼ쫕틦싊뫍룶낸쿮쒿뗄쓚늿쫕틦싊튻퇹ꆣ(4)틔캪룟럧쿕뚨믡듸살룟쫕틦,죏캪뗘닺뾪랢뗄쳢닄뛠,췁뗘볛횵펦룟,듓뛸뗃돶뮹풭샻싊뗍뗄듭컳뷡싛ꆣ뮹풭샻싊쫇튪쳥쿖럧쿕뗄늹뎥,쳘뇰쫇늻뿉쿻돽뗄럧쿕,늻춬폃춾췁뗘쏦쇙뗄럧쿕늻춬,췁뗘볛횵튲늻춬,죴맀볛뛔쿳췁뗘웤폃춾쯹뒦뗄탐튵럧쿕뷏룟,퓲뮹풭샻싊튲펦룃룟뛸늻쫇뗍,헢쫇틲캪룟럧쿕,룟쫕틦,듓뛸쪹춶헟웚췻뗄쫕틦싊튲쳡룟뗄풵맊ꆣ듓릫쪽뷇뛈뾴,룟뗄뮹풭샻싊,쪹맀볛뛔쿳쿖횵붵뗍,쮵쏷쿖퓚뗍춶죫,붫살룟믘놨,쫊뫏룟럧쿕탐튵뗄쳘헷ꆣ(5)맂솢뗘뾴듽뮹풭샻싊,듓뛸삩듳췁뗘캴살뺻쫕틦뗄볆쯣랶캧ꆣ캴살뺻쫕틦펦횸췁뗘ퟔ짭닺짺뗄뿍맛뺻쫕틦,냼삨솽늿럖:튻늿럖쫇돖폐웚쓚뗄쓪뛈뺻ퟢ뷰쫕틦,쇭튻늿럖쫇뗘닺돶쫛쪱뗄뺻쫛쫕틦ꆣ튻킩맀볛쪦냑뮹풭샻싊폫뺻쫕틦췑샫뾪,붫늻쫇췁뗘닺짺뗄쫕틦죧랿컝랽쏦뗄뺭펪쫕틦튲볆죫떽췁뗘뺻쫕틦훐,헢쫆뇘믡탎돉췁뗘맀볛엝쒭ꆣ죽ꆢ뺭펪탔췁뗘뮹풭샻싊뗄펰쿬틲쯘폫좷뚨풭퓲ꆰ헐엄맒ꆱ쿂뾪랢짌춶릺싲뺭펪탔췁뗘,웤뫋탄컊쳢쪵볊짏쫇쫕틦폫럧쿕컊쳢,틲듋,퓚럖컶뺭펪탔췁뗘뮹풭샻싊뗄펰쿬틲쯘폫좷뚨풭퓲쪱,훷튪튲뻍캧죆헢솽뗣햹뾪첽쳖:1ꆢ뺭펪탔췁뗘뮹풭샻싊뗄펰쿬틲쯘:ꋅ쟸폲틲쯘ꆣ쯹캽쟸폲틲쯘쫇횸쒳뺭펪탔뗘닺쯹뒦뗄쟸폲뮷뺳뛔웤춶쫕틦닺짺뗄펰쿬ꆣ뗘닺뗄캻훃쫇만뚨탔뗄,튻냣뛸퇔,뺭볃랢듯뗘쟸뺭펪탔뗘닺캴살뗄뒿쫕틦폫뮹풭샻싊뻹튪뇈늻랢듯뗘쟸뗄살뗃룟ꆣꋆ쪱볤틲쯘ꆣ뗘닺맀볛탫틀뻝맀볛쪱뗣풭퓲,평폚탭뛠쫐뎡틲쯘뫍쿠맘쳵볾믡쯦쪱볤뛸돊볤킪탔톭뮷랴뢴뇤뮯,틲듋,퓚좷뚨뮹풭샻싊쪱,탫뾼싇쪱볤틲쯘뗄펰쿬,뻟쳥뛸퇔,뻍쫇춨믵엲헍싊뫍퓚늻춬쪱볤뛎듦듻뿮샻싊뇤뮯뗄펰쿬,볓쾢믡쪹뮹풭샻싊쳡룟ꆣꋇ쫐뎡틲쯘ꆣ죴쫐뎡훐탨쟳잿폚릩룸,풤웚뺭펪탔췁뗘캴살믡듸살뷏룟뗄믘놨,춶럧쿕뗍,퓲뮹풭샻싊뗍ꆣꋈ짧믡뺭볃폫헾닟틲쯘ꆣ짧믡뺭볃틲쯘훷튪횸헾훎뺭볃컈뚨ힴ뿶뫍짧믡훎낲돌뛈ꆣ튻냣뛸퇔,튻룶헾훎뺭볃늻컈뚨뗄맺볒믲뗘닺쯹뒦뗘쟸뺭뎣랢짺랸ퟯ낸볾뗄,웤춶럧쿕룟,뮹풭샻싊튲룟;쇭췢,뛔폚폐쫜헾닟탔펰쿬뗄뺭펪탔뗘닺,웤뮹풭샻싊탫ퟶ쿠펦뗷헻,틔쳞돽헾닟틲쯘뗄펰쿬ꆣꋉ폃춾늻춬뗄췁뗘ꆣ죧붫췁뗘뾪랢폃ퟷ뻆뗪ꆢ짌뎡ꆢ킴ퟖ슥ꆢ짌욷힡햬ꆢ웤쯻싃폎폃랿뗈,웤쫕틦폫럧쿕쫇늻춬뗄,튻냣짌뎡뫍뻆뗪뗄쫕틦폫뮹풭샻싊뻹뷏룟ꆣꋊ뺭펪탔췁뗘뗄캻훃ꆣ뗘뛎캻훃뛔뺭펪탔췁뗘뗄쫕틦펰쿬럇뎣듳,춬뗈쳵볾쿂,캻훃폅뗄뗘닺,뺭펪럧쿕쿠뛔뷏뗍,뮹풭샻싊튲뗍ꆣꋋ췁뗘ퟢ쇞쪱볤뎤뛌ꆣ뎤웚ퟢ쇞쿠뛔뛌웚ퟢ쇞쫕죫룼컈뚨,뮹풭샻싊뻍뗍ꆣ2ꆢ뺭펪탔췁뗘뮹풭샻싊좷뚨펦ퟱ톭뗄풭퓲:(1)쫕틦뛮뗄훖샠폫뮹풭샻싊볆쯣뿚뺶튻훂뗄풭퓲ꆣ쫕틦쫇횸맀볛뛔쿳뺭펪탔췁뗘퓚캴살쪣폠쪹폃쓪쿞쓚뗄쓪뒿쫕틦,듓뺲첬뷇뛈뾴,쯼쫇뺭펪탔췁뗘뗄쯹뗃쮰뫳샻죳;듓뚯첬뷇뛈뾴,쯼쫇뺭펪췁뗘뗄뺻쫕틦,뿉폃쪣폠램믲냾샫램살쟳좡ꆣ폃뮹풭샻싊헛쿖쟳좡췁뗘볛룱쪱쯹뛔펦뗄펦쫇뺻쫕틦쿖뷰쇷ꆣ(2)뿍맛탔풭퓲ꆣ컒쏇횪뗀쫕틦뮹풭램훐췁뗘뺻쫕틦뗄쟳좡횵쫇뿍맛뺻쫕틦뛸럇쪵볊뺻쫕틦,폫듋쿠뛔펦뗄뮹풭샻싊뗄좷뚨횵튲쫇뿍맛뗄,뛸럇쪵볊뗄춶쫕틦싊,럱퓲튻뿩캻훃뫜뫃ꆢ붻춨뇣샻뗄췁뗘,틲뾪랢뺭펪늻짆,뛸퓬돉뿷쯰,웤춶쫕틦싊캪뢺쫽,헢늢늻틢캶헢뿩췁뗘볛횵캪뢺ꆣ(3)뿉닙ퟷ탔풭퓲ꆣ뿉닙ퟷ탔풭퓲쫇횸뮹풭샻싊뗄톡좡뫍볆쯣튪쟐뫏쪵볊,뻟폐뷏뫃뗄뿉닙ퟷ탔,쓜캪죋쏇쯹뷓쫜늢ퟔ뻵뗘퓚맀볛쪵볹훐볓틔샻폃ꆣ쯄ꆢ믹폚춶늹뎥뗄뺭펪탔췁뗘뮹풭샻싊쪵볊맀볛쒣탍퇐뺿뺭펪탔췁뗘쫕틦뮹풭램컞쿞쓪릫쪽쫇헚폐쿞쓪릫쪽떱nꇺꇞ뫳뗃돶뗄,탭뛠맀볛쪦퓚쪵볊맀볛쪱,뷏짙뾼싇릫쪽훐평폚쓪쿞n컞쟮듳뫳뛔뮹풭샻싊뗄펰쿬,퓚쳖싛듋펰쿬횮잰,컒쏇쫗쿈럖컶뮹풭샻싊뗄춶늹뎥볜릹ꆣ1ꆢ뺭펪탔췁뗘뮹풭샻싊춶늹뎥믺샭ꆣ평폚뾪랢짌춶쫜죃뗄뺭펪탔췁뗘쪹폃좨,웤탐캪쫴폚춶,뛸럇쿻럑,틲듋,뺭펪탔췁뗘뗄뮹풭샻싊ퟷ캪춶쫕틦싊,웤평죧쿂죽쿮믹놾뗄춶늹뎥릹돉:(1)퇓웚쿻럑늹뎥i1ꆣ뾪랢짌쫜떽춶뗄컼틽뛸쫜죃쇋뺭펪탔췁뗘,늢캪듋퇓웚쇋쿻럑,틲듋룃춶쫕틦싊뿏뚨뿉틔믱뗃퇓웚쿻럑뗄늹뎥,럱퓲쯻쓾풸쿻럑,튲늻춶,벴쪹룃춶쎻폐죎뫎럧쿕,헢룶뛔퇓웚쿻럑뗄늹뎥튲쫇뇘탫뗄ꆣ퇓웚쿻럑늹뎥튻뚨돌뛈짏튲쳥쿖춶헟뗄쪵볊쫕틦ꆣꆤ89ꆤ
ꆶ벼쫵뺭볃ꆷ뗚4웚(ퟜ뗚220웚)2006쓪(2)춨믵엲헍늹뎥i2ꆣ18쓪잰,톧짺뮨2쎫잮뿉틔퓚듳톧쪳쳃싲떽튻뿩죢업,쿖퓚튪뮨풪잮,춨헍싊10놶뮹늻횹ꆣ뛠쫽춶헟풤웚쯻쏇춶릺싲뗄뺭펪탔췁뗘,듓췁뗘짏뗄뾪랢컯쯹믘쫕뗄캴살쓪뺭펪쫕틦뇈떱잰쓜싲뗄뚫컷튪짙(뾼싇쫕틦싊쪱,쫛뾪랢컯죃뇰죋뺭펪쫇튻룶뗀샭),틲듋,탨튪뷸탐춨믵엲헍늹뎥ꆣ틲캪볈좻쓜컼틽쯻춶,쮵쏷쫕틦싊뿉믱듋늹뎥ꆣ춨뎣뿉틔폃뻟폐룟뛈쇷뚯탔뛸폖컞럧쿕뗄뎤웚맺햮샻싊Rf살ퟷ캪퇓웚쿻럑늹뎥뫍춨믵엲헍뗄늹뎥,맺햮샻싊쳥쿖춨믵엲헍뗄펰쿬,벴i1+i2=Rifꋛ럧쿕늹뎥i3ꆣ늻쿱맺햮,뗘닺춶듦퓚탐튵뺭펪럧쿕,틲듋튪쟳뇈컞럧쿕샻싊룼룟뗄샻싊ퟷ캪럧쿕늹뎥,뛾헟뗄닮뛮벴캪럧쿕틧볛ꆣ럧쿕늹뎥뻟쳥쳥쿖퓚릺싲솦럧쿕늹뎥ꆢ뺭펪맜샭뢺떣늹뎥ꆢ닆컱럧쿕늹뎥벰좱랦쇷뚯탔늹뎥뗈ꆣ웤훐릺싲솦럧쿕횸뗍맀춨믵엲헍싊뗄럧쿕,벴캴살춨믵엲헍싊뿉쓜룟폚틑볆죫뗄i2ꆣ뺭펪맜샭뢺떣횸춶헟뛔췁뗘닺뗄뺭펪맜샭뢶돶,헢냼삨췁뗘뾪랢뺭펪뫍룷훖쳵뿮뗄짨뚨ꆢퟢ뷰뗄좷뚨뫍쫕좡ꆢ톰헒잱퓚ퟢ쇞뿍뮧ꆢ쪱뿌맘힢췁뗘벰웤뾪랢컯닺틔뇦뇰웤쫇럱뮹쓜컼틽ퟢ뮧틔벰엤훃뫏쫊뗄ퟢ뮧ퟩ뫏,틔뇜쏢ퟢ뮧볤벤쇒뺺헹뛸퓬돉솽냜뻣짋,듓뛸놣횤컈뚨뗄ퟢ뷰쫕죫,뗈뗈ꆣ틲듋,췁뗘벰웤짏뾪랢컯뗈닺뺭펪맜샭ퟷ캪튻훖뢺떣,탫뛔춶헟뷸탐튻뚨늹뎥ꆣ닆컱럧쿕횸췁뗘벰웤뾪랢컯닺뗄뺻펪튵쫕죫컞램쟥뎥햮컱뗄뿉쓜탔,헢쫇헫뛔늿럖춶뷰춨맽뻙햮뛸살뗄ꆣ좱랦쇷뚯탔럧쿕횸컞램쪵쿖뿬쯙뇤쿖믲캪쇋뿬쯙돶쫛뛸뛔볛룱듳듲헛뿛뗄럧쿕,뗘닺쫇좱랦쇷뚯탔럧쿕룟뗄닺ꆣ럧쿕늹뎥뺿뺹펦룃폐뛠듳,헢쫇룷맺톧헟튻횱헹싛늻택뗄컊쳢ꆣ쏀맺춨뎣닉폃ꛂ[E(Rm)-Rfꆽퟷ캪럧쿕쫕틦늹뎥ꛂ,횸맀볛뛔쿳뗘닺늻뿉럖즢럧쿕뗄뇪ힼ뮯솿뛈쾵쫽,뿉폃샺쪷쫽뻝춨맽믘맩랽돌쟳돶ꆣE(Rm)횸뗘닺쫐뎡웚췻쫕틦싊,Rf횸컞럧쿕쫕틦싊ꆣ퓚맺쓚춨뎣폃럧쿕뗷헻횵램살좷뚨,컞싛퓵퇹좷뚨,폐튻뗣뫜쏷좷,벴럧쿕풽룟,럧쿕늹뎥싊뻍풽룟,뮹풭샻싊튲뻍풽룟ꆣ죧짏,뺭펪탔췁뗘뮹풭샻싊춶늹뎥평죽쿮믹놾릹붨뛸돉:i=i1+i2+i3=Rf+i32ꆢ컒맺뺭펪탔췁뗘뮹풭샻싊폫춶믘쫕늹뎥뗄쪵횤탔럖컶ퟔ1988쓪훐맺쿜램뫍췁뗘맜샭램뷸탐탞룄,퓊탭췁뗘쪹폃좨틀램돶죃죃틔살,훁뷱틑맽16쓪,내짌튵탔폃뗘쓪쿞40쓪볆,폐킩뺭펪탔췁뗘뷶쪣폠24쓪ퟳ폒,죴뾼싇돇쫐닰잨룄퓬뫍쿮쒿뺭펪훜웚,쒳킩뺭펪탔뗘닺쫕틦쓪쿞믡룼뛌ꆣ틲듋컒쏇뇘탫힢틢평듋듸살뗄폐쿞쓪뫍컞쿞쓪릫쪽훐뮹풭샻싊뗄닮뇰ꆣ컒쏇쿈살뾴릫쪽VA=폫V=A(1+ni)-1쟸뇰,뛾헟뗄닮뇰죧쿂:ii(1+ni)평V=A(1+ni)-1n쪽,뿉뗃A=Vi+Vi=Vi[i+](3)i(1+i)(1+n(1+ni)-1i)-1뇈뷏VA=쪽,쿔좻폐쿞쓪뇈컞쿞쓪뛠쇋ii(1+n,죴맀볛쪱컞싛쓪쿞뎤뛌,뚼폃컞쿞쓪릫쪽,믡쪹뮹i)-1풭샻싊짙쇋i쿮ꆣ뷸튻늽럖컶:(3)쪽훐Vꆤi쫇춶헟춶죫췁뗘놾V뫳뗄쓪춶믘놨,뛸Vꆤ(1+ni)-1i(1+n퓲쫇쓪춶믘쫕,틲캪떱췁뗘쪹폃좨헢튻컞탎닺뗄쓪첯쿺뛮캪Vꆤii)-1(1+n쪱,내헛쿖싊i헛쯣i)-1떽웚쿞쒩뗄F횵붫뗈폚V,벴F=쓪첯쿺뛮ꇁ(1+ni)-1=Vꆤi+ni)-1=Vꆣ헢쮵쏷룕뫃n쓪뫳믘쫕풭춶릺싲췁i(1+nꇁ(1i)-1i뗘뗄볛횵Vꆣ쿔좻,릫쪽(3)냼몬쇋쓪춶믘놨폫쓪춶믘쫕솽늿럖,벴췁뗘쓪뺻쫕틦A=쓪춶믘놨+쓪춶믘쫕ꆣ뛸컞쿞쓪릫쪽퓚nꇺꇞ뗄쳵볾쿂,ퟔ좻쪹쎿쓪뗄춶믘쫕Vꆤi(1+n쟷폚0,릫쪽뷶쳥쿖춶믘놨A=Vꆤiꆣi)-1틲듋,헫뛔뺭펪탔췁뗘돶죃뗄쓪쿞쫇폐쿞쓪뗄헢튻쫂쪵,죴폃컞쿞쓪릫쪽VA=살움맀췁뗘,퓲탫퓚뮹i풭샻싊i훐뛔춶믘쫕뷸탐늹뎥,럱퓲믡퓬돉컳닮,늹뎥싊캪i,틔쪹솽쪽쟳좡뗄V쿠튻훂ꆣ퓚쏀(1+ni)-1맺,폐뗄폃횱쿟램첯쿺싊R1=살늹뎥,뺡맜볲떥,떫늻릻뺫좷ꆣ샽죧,볙뚨쒳쫕틦탔뗘닺벰쯹퓚탐튵폐맘쫽n뻝죧뇭1,웤훐죽쿮믹놾늹뎥볙뚨캪10%:릫쪽폫쪣폠쪹폃쓪쿞A(1+i)n-1Ai(1+i)nV=ii뗄늹뎥릹돉n=40쓪25쓪10쓪n=40쓪25쓪10쓪i1+i2+i310%10%10%10%10%10%춶%%%믘쫕(1+i)n-1늹뎥0001싊%4%10%R1nꆤ90ꆤ
ꆶ벼쫵뺭볃ꆷ뗚4웚(ퟜ뗚220웚)2006쓪뮹풭샻싊6%%%10%10%10%(i1+i2+i3)%14%20%췁뗘볛룱ꆡꆡ뿉볻,뾼싇춶믘쫕늹뎥싊i뫳,컞싛뺭펪탔췁뗘쪣폠쪹폃쓪쿞뎤뛌,폐쿞쓪릫쪽폫컞쿞쓪릫쪽(1+ni)-1쟳췁뗘볛룱뗄뷡맻쫇튻퇹뗄ꆣ뇭훐떱쪣폠쓪쿞캪25쓪쪱,맀볛횵펦캪,퓚쿖쪵맀볛훐죴폃릫쪽V=A,쟒뮹풭샻싊늻뾼싇춶믘쫕늹뎥(R1=0),맀볛뷡맻좴캪V=10A,룟맀%ꆣ떱n=10쪱,뇈헦쪵횵룟맀쇋%,쿠떱뺪죋ꆣ쮵쏷뮹풭샻싊폫춶믘쫕폐뫜듳맘쾵,쪵볊맀볛훐,탨쳘뇰힢틢,늻뿉뫶싔늻볆ꆣ뇭훐뿉볻,죴폃R=1/nퟷ늹뎥싊퓲믡뗍맀뗘볛뫜뛠ꆣ틲듋쪵볊맀볛훐,쳘뇰쫇폃폚뗖톺듻뿮,뛔폚뺭펪탔췁뗘맀볛닉폃컞쿞쓪릫쪽쪱,튪뷸탐춶믘쫕늹뎥,럱퓲뻍믡듸살맀볛뗄뗘닺엝쒭ꆣ3ꆢ룷훖컞쿞쓪쟩뿶쿂뮹풭샻싊훐춶믘쫕늹뎥싊뗄쪵볊맀볛쒣탍평폚쪵볊맀볛뺭펪탔췁뗘쪱,맀볛쪦쏇뎣틔캪췁뗘쪹폃쓪쿞뫜뎤,뫜ퟔ좻뗘쪹폃컞쿞쓪릫쪽,뛸쎻폐뾼싇웤뛔뮹풭샻싊퓬돉뗄펰쿬ꆣ캪듋탫좷뚨룷훖쟩뿶쿂컞쿞쓪릫쪽뗄춶믘쫕늹뎥싊,틔뇣쪵볊맀볛훐쪹폃ꆣ컞쿞쓪릫쪽튻냣폐쯄룶,돽쇋잰쫶뗄솽룶벴,ꋙ뺻쓪횵캪뎣쫽AꆣVA=ꆭꆭ.(1);ꋚi>g,뗚1쓪뺻쓪횵i캪A1,틔뫳내뇈싊g퓶복ꆣVA1=ꆭꆭ.(2);뮹폐:ꋛ뺻쓪횵1훁t쓪쎿쓪캪ꇄAꆡm,t쓪뫳만뚨캪AꆣV=ꇆt(i-g)m=1ꇄAꆡmAm+ꆭꆭ(4);ꋜ뺻쓪횵내쫽뛮G퓶복ꆣVA1G=+2(5)+t(1+i)i(1i)ii짏쫶g폫G뿉헽뿉뢺,헽캪뗝퓶,뢺캪뗝복,헫뛔듋쯄룶릫쪽,컒쏇럖뇰쳖싛쯼쏇뗄춶믘쫕늹뎥싊:ꋙ평잰쫶,릫쪽(1)뗄춶믘쫕늹뎥싊캪i:6)(1+n(i)-1ꋚ뛔폚릫쪽(2),쿈뾼싇뺻쓪횵내g뗝퓶뗄,웤풭쪼릫쪽믲n탍릫쪽캪:VA11+gnn(1+i)=[1-],뿉캪:A+1=V(i-g)(i-g)1i(1+nn,i)-(1+g)벴ꆡA+gn)1=V(i-g)+V(1(i-g)(1+ni)-(1+gn(7))평폚A1=쓪춶믘놨+쓪춶믘쫕,짨A1=A(1)+A(2),A(1)=V(i-g)쫇컞쿞쓪릫쪽(2),잰쫶틲nꇺꇞퟷ폃,쓪춶믘쫕뷼쯆캪0,틲듋A(1)뷶쳥쿖쓪춶믘놨,냼몬g뗄릱쿗ꆣ평듋뿉볻,A(2)캪쓪춶믘쫕,평(7)쪽,뇈뷏A(1)=V(i-g)뫳,퓲:A(2)=V(1+gn)(i-g)-n(8)(1+i)(1+g)틲듋,평릫쪽(8)돽틔V뫳,뗃돶컞쿞쓪릫쪽(2)뗄춶믘쫕늹뎥싊캪(1+gn):ꆡ(i-g))(1+-i)(1+gn(9)샽죧,볙뚨뮹풭샻싊뗄죽쿮믹놾늹뎥캪10%,g캪4%,떱췁뗘쪣폠쪹폃쓪쿞n캪40ꆢ25ꆢ10쓪쪱,평(9)쪽뗃춶믘쫕늹뎥싊럖뇰캪%;%;%ꆣ볓짏죽쿮믹놾릹돉뫳,뮹풭샻싊쿠펦캪%;%;%ꆣ평릫쪽(2)뗃V럖뇰캪;;,폫평웤풭쪼릫쪽V=쟳돶뗄뷡맻튻훂,쮵쏷(9)쪽쫇헽좷뗄ꆣ죴릫쪽(2)뮹풭샻싊늻뾼싇춶믘쫕늹뎥싊,퓲맀볛횵캪V=,떱n=25쓪쪱뇈웤뺫좷횵룟맀쇋%ꆣ뛔폚릫쪽(9),떱g=0쪱,퓲뇤캪(6)쪽,쮵쏷(6)쪽쫇쯼뗄튻룶쳘샽,틲듋컒쏇뿉뗃돶컞쿞쓪릫쪽(1)ꆢ(2)뗄튻룶ퟛ뫏춶믘쫕늹뎥싊R1뗄쪵폃쒣탍캪:iꆡꆡꆡꆡg=0(1+ni)-1(1+gn)(i-g)gꇙ0,뺻쓪횵훰쓪내뇈싊g뗝퓶R1=(1+-ꆣ퓲컞쿞쓪릫쪽(1)뫍(2)뗄뮹풭샻싊i)(1+gni>g,)ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ캪(Rf+i3+R1)ꆣ(1-gn)(i+g)0,뺻쓪횵내뇈싊g뗝복ꆣ(1+-i)(1-gnꆡgꇙ)ꋛ.릫쪽(4)훐뮹풭샻싊뗄춶믘쫕늹뎥싊볙짨캪R2,평폚늹뎥뫳,컞쿞쓪폫폐쿞쓪릫쪽뫣뗈,퓲폐뗈쪽(10),웤훐쪽ퟓ뗄폒뇟캪릫쪽(4)쿠뛔펦뗄폐쿞쓪릫쪽,쪽훐i캪뮹풭샻싊죽쿮믹놾늹뎥:ꇆtAmAtAm=ꇆA1[1-0)m=1(1+i+R+2)(1+R2)(1+i+Rt2)m=1(1+m+ti)i(1+i)(1+n](1-ti)ꇄꇄ쿔좻tAꆡm,평듋쪽볆쯣R2뇈뷏쓑,틲듋,쿈붫릫쪽(4)V=ꇆA뇤뮯캪(V=ꇆtAꆡm+(1mt=1(1+m+i)i(1+i)m=1(1+mi)ꆤ91ꆤ
ꆶ벼쫵뺭볃ꆷ뗚4웚(ퟜ뗚220웚)2006쓪+tAi)=,룃쪽ퟳ뇟쿠떱폚췁뗘퓚t쓪쒩뗄볛횵Vꇤ,벴폐VꇤA=,평릫쪽(1)뿉뗃,t쓪틔뫳뗄쓪춶믘쫕늹ii뎥싊캪i,떱t뫜킡쪱,+n뿉ퟷ캪R2뗄뷼쯆횵,퓲R-t2ꇖi,쪵볊맀볛훐캪쇋쓜ힼ좷맀볆t(1(1+n-i)-1i)-1ꇄAꆡm,t튻냣횻폐튻뛾쓪,틲캪쪱볤첫뎤,퓲컞램좷뚨횵ꇄAꆡmꆣꋜ춬샭,컞쿞쓪릫쪽(5)쿠펦뗄춶믘쫕늹뎥싊볙짨캪R3,퓲폐:A1GA1G1Gn+2=(+2)[1-n]-n(11)i+R3(i+R3)ii(1+i)i(1+i)뗈쪽폒뇟뗄폐쿞쓪릫쪽캪:ꆡꆡVA1G1Gn=(+2)[1-ii(1+n]-ni)i(1+i)벴ꆡꆡA1G+i+R3(i+R2=V,폐A(ii+R3)+G=V2(i+R3)3)햹뾪뫏늢뫳캪:ꆡꆡVR23+(2iV-A1)R3+2(iV-A1i-G)=0웤뷢캪:ꆡꆡ-(2iV-A)Rtꇀ(2iV2-A1)-4V2(iV-A1i-G)3=2V,AR1A13좡헽횵,뮯헻뫳뗃돶:ꆡR3=+2G(+2V2V)V-i볙짨뗚튻쓪뺻쫕틦햼췁뗘쿖볛뗄뇈싊캪A1a=V,벴캪뗚튻쓪웚췻쫕틦싊;뺻쓪횵훰쓪뗝퓶쫽뛮햼췁뗘쿖볛뗄뇈싊캪Gb=V,벴캪훰쓪퓶볓뗄웚췻쫕틦싊ꆣ듺죫뫳폐2R3aa=++b-iꆣ쪵볊맀볛쪱,뿉틔춨맽쫐24뎡뇈뷏뗄랽쪽맀돶a뫍b,뻍뿉쯣돶R3ꆣ죴뾼싇잰쫶뛔뮹풭샻싊뗄룷훖펰쿬틲쯘,퓲탫뛔웤뷸탐탞헽,볙뚨펰쿬틲쯘ퟛ뫏탞헽쾵쫽캪y,뿉좷뚨퓚컞쿞쓪쿂,컒맺뺭펪탔췁뗘볛룱뮹풭샻싊쪵볊맀볛훐뗄쒣탍캪:i=(i1+i2+i3+R)(t1+y)=(Rf+i3+R)(t1+y),웤훐R(tt=1,2,3)캪춶믘쫕늹뎥싊,퓚폐쿞쓪쿂,퓲늻뾼싇Rtꆣ뷡싛1ꆢ캪뇜쏢ꆰ헐엄맒ꆱ랽쪽쇷폚탎쪽ꆢퟌ짺뢯냜벰룄훆웳튵뗄맺폐닺쇷쪧뗈,뛔뺭펪탔췁뗘돶죃뗗볛뗄좷뚨,뇘탫내헕쫕틦볛룱뗄맀볛쮼슷,닉폃쫕틦뮹풭램살좷뚨,폈웤쫇헐뇪랽쪽ꆣ죴닉폃믹ힼ뗘볛탞헽램,쯹닉폃뗄믹ힼ뗘볛튲펦내맦돌튪쟳,틔ꆰ췁뗘쫕틦캪틀뻝,췁뗘쫐뎡붻틗볛룱캪닎뾼ꆱ뗄풭퓲살좷뚨,늻뿉닉폃돉놾뇆뷼램살좷뚨뺭펪탔췁뗘뗘볛ꆣ2ꆢ캪뇜쏢틲맀볛닺짺뗘닺엝쒭,쪵볊맀볛훐,뛔뺭펪탔췁뗘볛룱움맀,쳘뇰쫇뗖톺듻뿮움맀,쯹닉폃뗄쫕틦램뮹풭샻싊탫내헕쪵볊맀볛쒣탍살좷뚨,벴폐쿞쓪릫쪽뗄뮹풭샻싊캪:i=(i1+i2+i3)(1+y),컞쿞쓪릫쪽튪뾼싇춶믘쫕늹뎥,웤릫쪽캪:i=(i1+i2+i3+R)(t1+y)ꆣ퓚듋,펰쿬틲쯘y뷶웰캢솿뗷뷚ퟷ폃,웤럹뛈늻펦듳폚10%ꆣ[닎뾼컄쿗]1ꆢ닱잿ꆶ,랿뗘닺맀볛샭싛폫랽램ꆷ,훐맺컯볛돶냦짧,2002쓪4퓂2ꆢ췵쿅훒ꆶ,랿뗘닺맀볛놾뮯싊뗄맺쓚췢뇈뷏벰웴쪾ꆷ(J),훐맺닺움맀,2003/013ꆢ췵쿅훒ꆶ,믹폚춶믘쫕늹뎥뗄벼쫵닺움맀헛쿖싊퇐뺿ꆷ(J),훐맺닺움맀,2003/03ꆣ4ꆢCharlesH,MikeEandSusanneE,1994,&Sons,Inc.훐틫놾ꆶ쿖듺늻뚯닺ꆷ(뗚컥냦)훐맺죋쏱듳톧돶냦짧2001쓪ꆣ5ꆢ:AppraisalInstitute,1992.(짏뷓뗚35튳)뚯믺훆죫쫖,살듯떽폐킧뗘쪹폃죋솦놾뗄쒿뇪ꆣ튻냣뗘,죋솦놾뻟폐죽훘틀뢽탔,벴짺쏼틀뢽탔ꆢ맽돌틀뢽탔뫍볛횵틀뢽탔ꆣ평폚죋솦놾횻뿉벤샸뛸늻뿉ꆰ향좡ꆱ,틲듋,놾컄듓죋솦놾뗄죽훘틀뢽탔돶랢,럖컶쇋웳튵퓚죽룶닣쏦뗄풱릤벤샸믺훆,벴훷쳥떼쿲뗄돉풱벤샸믺훆ꆢ맽돌떼쿲뗄돉뎤벤샸믺훆뫍뷡맻떼쿲뗄돉뻍벤샸믺훆ꆣ짏쫶죽룶닣쏦뗄벤샸믺훆럖뇰붨믹폚훷쳥ꆢ맽돌뫍뷡맻죽룶캬뛈,틲뛸뻟폐쿠뛔뛀솢탔뫍췪놸탔ꆣ놾컄쳖싛뗄뷡맻퓚뫜듳돌뛈짏폫떱듺뺭뗤뗄벤샸샭싛쫇쿠컇뫏뗄ꆣ[닎뾼컄쿗]1.쪷뗙컄ꆤ뿋뛻,킽돪폫벤샸[M],믺킵릤튵돶냦짧,2005쓪ꆣ,WhyIncentivePlansCannotWork[J],HarvardBusinessReview,9-10,-633.럑샻뿋쮹ꆤ냍늮,삵쓉ꆤ쪩쳘삭뿋ꆰ,죋솦웳튵ꆱ벨킧뫢솿탂랽램[J],짌튵움싛,2005,6ꆣ,HowWellIsEmployeeOwnershipWorking[J]?HarvardBusinessReview,9-10,,EndogenousTechnologicalChange[J],JournalofPoliticalEconomy,,,-102ꆤ92ꆤ
