运用经济附加价值在信用评等之探讨.pdf

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덻ꗒꑪ뻇 끝땼뻇꡴뫓ꑨꙢ슾녍꽚 뫓ꑨ뷗ꓥ 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 䄠却?摹?潦⁁灰汹楮朠䕣?湯浩挠噡汵?⁁摤????(EVA) on Business Credit Rating ꯼뻉뇐뇂ꅇ뿠ꪢ귫돕ꑨ 곣ꡳꗍꅇ뒿둦궻 ꒤뗘ꗁ냪ꑅꑑꕼ꙾ꑃꓫ 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 뭸쇂 띐쇂ꕄꅁꙢ덯ꚸꪺ뷗ꓥꅁ꣏Ꟛ돌ꑪꚬ쎬ꚳꑇꅁꑀ걏녯꣬ꗾ꿠ꪺꑗꯒ꧒뷧ꪺꖭꙷꅁꑇ걏뭻쏑ꑀꛬꙮꛑ깶ꅁꟚꪺ꯼뻉뇐뇂ꇐꇐ뿠ꪢ귫돕ꑨꅁ뿠ꛑ깶걏뇀냊Ꟛ덯ꑀꗷ뷗ꓥꪺ맵ꯡ뇀ꓢꅁꙝ결Ꙣ뻣귓륌땻꒤ꅁ뻺롧꟤ꓥ쑭ꪺꝸ쏸ꅁꯡ꣓뿠ꛑ깶ꓞ뻉Ꟛ뻣귓걛멣ꅁ꒣쉟ꙡ릪쁹Ꟛꅁꑀꪽꕛ뉋Ꟛꭈꓟꅃ뿠ꛑ깶꯼뻉뷗ꓥꯜ쑙싔ꅁ꭯ꑝ곛럭둌궫뻇ꗍꕂꛊ꿫ꪺ솾뗪ꅁ엽Ꟛ꽵ꖿ뭻쏑꒰믲걏ꅵThe taller the bamboo grew, the lower it bent.ꅶꅁ끊ꓟ띐꣘ꅃ 㤲꙾꦳뻺롧써ꖥꅁꗍ늣ꞹꯡ놵뗛굮녡ꑰꯄꅁ뿠ꛑ깶ꑓ릪쁹Ꟛꅵ꣢꫌ꕩꕈꙐ껉뙩ꛦꅶꅁ꧳걏ꙝ뗛ꛑ깶덯땦릪쁹ꅁꡃꓑꝑꗎꑰꯄ뫎쒱껉뚡ꅁꑀ쉉ꑀ멷ꪺ닖뽮끟꣓ꅃ뉻ꙢꟚ걏꽤슾낱셾ꪺꗾ슾뛽뛽ꅁ쇙ꚳ뒣꓉ꛛꑶꪺ뻷라ꅁ띐쒱ꯜ뭘뫖ꅃ?Ꙣ뱦걤뚥걱ꅁ꧓뭘뛀ꧺ늻돕ꑨ꓎뛀ꥷ뮷돕ꑨ맯ꖻ뷗ꓥ꒺깥꧒Ꝁꪺ꯼뻉뭐굱ꖿꅁ끊ꓟꛜ결믊띐ꅁ꣼꽱꡽Ꙩꅃ?ꑝ띐쇂ꕸ왗롧샙띳돸ꪺ뎯ꑰꥪꅁ뒣꣑꧒믝ꪺ룪껆ꅆ띐쇂냪뭹슧꯴냳ꪺꟌꕓꥮꥦ결Ꟛꕎ쎫ꅆ돌ꯡ띐쇂ꕾꑬꝤꑔ냶ꪺꓤ꯹뭐릪쁹ꅁ꣏Ꟛ때ꯡ압꒧뱾ꅁꞹꚨ뷗ꓥꅃ I 덻ꗒꑪ뻇?ⵔ?敳祳⠹?뻇꙾ꯗ??? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 멋굮 ꭈꗎ뗻떥뛇닎ꑗ랧뇄ꗎ끝냈꧊꯼볐꣓뿅뙱ꅁ끝냈꯼볐꣼궭꧳ꅵꑀ꿫꒽뭻라군귬뉺귬ꭨꅶꪺ낲덝뭐궭꣮ꅁ녠때ꩫ꓏삳롧샙뉻맪뭐ꗸ띾꽵맪믹귈ꅃꗑStern Stewart & Co꧒땯깩ꕘ꣓ꪺ롧샙꫾ꕛ믹귈ꅝEVAꅞꅁ뒣귒뉻꫷걹뙱랧꧀ꅁꕂꛒ뱻ꗸ띾꣏ꗎ룪늣ꪺ룪꫷ꚨꖻꅁꑷ뱳꩸륂ꗎ꧳뿅뙱롧뉺ꑈ뭐꒽ꕱ꒧끝냈셚껄ꅁꗎꙢꭈꗎ뗻떥ꑗ삳룓꣣ꚳꑀꥷꪺ럇뵔꧊ꅃꖻ곣ꡳꗘꪺꝙ결놴끑롧샙꫾ꕛ믹귈Ꝁ결ꭈꗎ뗻떥ꪺꕩꛦ꧊ꅃ 곣ꡳ냝썄ꕝꝴꅇꅝꑀꅞEVA뭐ꭈꗎ뗻떥걏ꝟ꣣ꚳ쏶셰꧊ꅈꅝꑇꅞEVA뭐ꭈꗎ뗻떥걏ꝟ꣣ꚳ뵵꧊쏶ꭙꅈ 곣ꡳ뇄ꗎꕸ왗띳돸ꅝTEJꅞ룪껆깷꒧ꑗꖫꅂ쉤꒽ꕱꅝ낣꫷뿄ꅂꭏ쁉띾떥ꅞ꒧끝돸룪껆ꅁꙀ군291깡ꅁ곣ꡳ듁뚡뉛뭜1995꙾ꛜ2003꙾ꅃ궺ꗽꅁ군뫢ꕘꙕ볋ꖻ꒽ꕱ롧샙꫾ꕛ믹귈ꅁꣃ녎꣤뷕뻣결볐럇꓆롧샙꫾ꕛ믹귈ꅝSTDEVAꅞꅁ꣤ꚸꅁ녎룪껆깷ꪺꕸ왗ꗸ띾ꭈꗎ궷쁉꯼볐ꅝTCRIꅞ신롭ꅁꝀ결꓀꩒꒧삳엜볆ꅁ뙩ꛦ곛쏶꓀꩒ꅂ슲돦끪쉫꓀꩒ꅂT샋ꥷꅂ엞뿨끪쉫꓀꩒ꅃ 결쇗ꝋ뒺껰멡걜뱶암룑쓀ꅁ꓀꩒ꪺ룪껆꓀결뒺껰ꑗ꓉듁ꅝ1995-1997꙾ꅞꅂ뒺껰ꑕ럆듁ꅝ2000-2002꙾ꅞꕈ꓎ꑔ꙾늾냊ꖭꞡ볆ꅆ낣ꕈ뻣엩볋ꖻ꒽ꕱ결맯뙈뙩ꛦ꓀꩒ꕾꅁꑝ끷맯냝썄꒽ꕱ뙩ꛦ뷨꓆ꪺ꓀꩒ꅃ맪쏒떲ꩇ땯뉻ꅇ ꑀꅂ₤ꎺ?몮垤즶ꖬ熩캤喷욶ꖬ?ꅁ롧샙꫾ꕛ믹귈뭐ꭈꗎ뗻떥뚡꙳Ꙣꚳ닎군ꑗ엣뗛ꖿ곛쏶ꅃ ꑇꅂ₤ꎺ?몮垤즶ꖬ熩캤喷욶ꖬ?ꅁ롧샙꫾ꕛ믹귈뭐ꭈꗎ뗻떥뚡꙳Ꙣꚳ닎군ꑗ엣뗛ꪺ뵵꧊쏶ꭙꅃ ꑔꅂ₱熰?䒤붥熪몰嶰좪箤삪劵澲?ꅁ꒽ꕱꭈꗎ냝썄땯ꗍ꒧ꭥꑔ꙾ꪺ롧샙꫾ꕛ믹귈ꫭ뉻뒶륍룻깴ꅃ ꖻ곣ꡳ뒣ꕘ꣢쉉ꯘ쒳꙰ꑕꅇ ꑀꅂ?륷듺ꖼ꣓꒤듁ꪺꗸ띾믹귈ꅁ롧샙꫾ꕛ믹귈걏ꑀ귓ꙮꪺ뇂ꭈ냑ꛒ꯼볐ꅁꯘ쒳믈ꛦ녎꣤꿇ꑊꗸ띾ꭈꗎ뗻꛴꯼볐꒧ꑀꅃ ꑇꅂ?ꖼꙃꑊTCRI뗻떥ꛦꙃ꒧꒽샧꣆띾꓎꫷뿄쏒꣩띾떥ꅁ롧샙꫾ꕛ믹귈곛맯걏ꑀ귓꡽ꙮꪺꭈꗎ궷쁉뗻꛴꯼볐ꅃ 쏶쇤꙲ꅇ롧샙꫾ꕛ믹귈ꅂꭈꗎ뗻떥ꅂꕸ왗ꗸ띾ꭈꗎ궷쁉뗻꛴꯼볐 II 덻ꗒꑪ뻇?ⵔ?敳祳⠹?뻇꙾ꯗ??? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 A Study of Applying Economic Value Added (EVA) on Business Credit Rating Abstract A traditional credit rating methodologies is based on information elucidated from financial statements, which are prepared to subject to the Generally Accepted Accounting Principles (GAAP). Due to various assumptions and limitations, financial information underlying on the GAAP may not be able to reflect the real economy and real worth of an enterprise fully. It is needed to adopt alternative method on credit rating. Economic Value Added (EVA) developed by Stern Stewart & Co. has been used wildly as an effective tool for measuring financial performance and allocation of resources to create value for shareholders. EVA claims a general idea of cash flows and includes completely capital cost. It may be a robust index on business credit rating. Applying EVA on business credit rating is the purpose of this study. The questions of this study include: (1) Is there a significant relationship existing between EVA and credit rating? (2) Is the existing relationship a linear relation? An empirical data of Taiwan's stock market (except banking, insurance business) was obtained from Taiwan Economic Journal (TEJ) database. The financial data used for analysis amounted to 291 samples (companies) from 1995 to 2003. Firstly, EVA for each sample companies was counted, and adjusted, by divided by average capital, to an Standardized Economic Value Added (STDEVA). Secondly, Taiwan Credit Rating Index (TCRI), from TEJ databank, was converted. The smaller number will represent a worse condition to accompany with the SEDEVA. Some correlation analysis, regressions, and T-test were conducted. For keeping off effects of economic conditions, all statistical analyses were conducted under three condition: Taiwan's economic boom (from 1995 to 1997) , economic recession (from 2000 to 2002) and a moving average of 3 years. Following results were acquired: 1. Under the economic condition, both of prosperity and depression, there are statistically significant relationship between STDEVA and TCRI existing. 2. Under the economic condition, both of prosperity and depression, there are statistically significant linear relationship between STDEVA and TCRI existing. 3. For companies with worse credit rating tend to have worse EAV in the prior three years among the sample companies. There are two recommendations in this study: 1. EVA can be used to facilitate credit rating, especially for banks to treat enterprises loan case. 2. For most company not include in TCRI system, EVA is a good rating index for measuring their credit. Key wordsꅇEconomic Value AddedꅂCredit RatingꅂTaiwan Corporate Credit Risk Index, TCRI III 덻ꗒꑪ뻇?ⵔ?敳祳⠹?뻇꙾ꯗ??? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꗘ뿽 ꒤ꓥ멋굮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮??䤠굞ꓥ멋굮......................................................................................................................III 맏ꗘ뿽⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮?噉?ꫭꗘ뿽⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮?䥉?닄ꑀ뎹†뫼뷗⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮??닄ꑀ론 곣ꡳ냊뻷....................................................................................................1 닄ꑇ론 곣ꡳꗘꪺ뭐궫굮꧊....................................................................................3 닄ꑔ론 곣ꡳ냝썄....................................................................................................4 닄ꕼ론 곣ꡳ낲뮡....................................................................................................5 닄꒭론 곣ꡳ뵤돲....................................................................................................5 닄꒻론 곣ꡳ걹땻....................................................................................................8 닄ꑃ론 뷗ꓥ걛멣....................................................................................................9 닄ꑇ뎹†ꓥ쑭Ꙟ압⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮?㄰?닄ꑀ론 ꭈꗎ뗻떥띎롱ꅂ멣ꚨ굮꿀꓎뗻떥귬ꭨ..................................................10 닄ꑇ론 TEJꗸ띾ꭈꗎ뗻떥꡴닎..........................................................................15 닄ꑔ론 EVA뉺뷗.................................................................................................21 닄ꕼ론 EVA꙰꛳맯뒣꓉ꭈꗎ뗻떥ꪺꕜ꿠ꝕ꽱.................................................23 닄꒭론 EVA뭐믈ꛦ껖뙕ꡍ떦ꪺ궷쁉꓎ꭈꓟ.....................................................25 닄꒻론 EVA꒧군뫢뭐곹럭앶꽱럇돆뷕뻣뚵ꗘ.................................................26 닄ꑔ뎹†곣ꡳꓨꩫ뭐땻Ꟈ⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮?㌶?닄ꑀ론 곣ꡳ걛멣뭐땻Ꟈ......................................................................................36 닄ꑇ론 곣ꡳꗀ엩뭐볋ꖻ......................................................................................38 닄ꑔ론 룪껆뭠뚰ꑵ꣣뭐ꓨꩫ..............................................................................39 닄ꕼ론 룪껆꓀꩒..................................................................................................44 닄ꕼ뎹†맪쏒떲ꩇ뭐꓀꩒⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮?㐷?닄ꑀ론 볋ꖻ둹굺..................................................................................................47 IV 덻ꗒꑪ뻇?ⵔ?敳祳⠹?뻇꙾ꯗ??? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄ꑇ론 맪쏒떲ꩇ..................................................................................................47 닄ꑔ론 맪쏒떲ꩇ띊뻣..........................................................................................57 닄꒭뎹†곣ꡳ땯뉻ꅂ떲뷗뭐ꯘ쒳⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮⸮?㔹?닄ꑀ론 곣ꡳ셠떲..................................................................................................59 닄ꑇ론 곣ꡳ땯뉻..................................................................................................59 닄ꑔ론 ꯘ쒳..........................................................................................................60 닄ꕼ론 ꯡ쓲곣ꡳ..................................................................................................61 냑ꛒꓥ쑭......................................................................................................................62 ꫾뿽ꑀ ꑪꮬꗸ띾ꭈꗎ뗻떥ꫭ..................................................................................66 ꫾뿽ꑇ ꒤ꑰꗸ띾ꭈꗎ뗻떥ꫭ..................................................................................68 ꫾뿽ꑔ ꫷뿄뻷멣륏꧱ꓱ뉶......................................................................................70 ꫾뿽ꕼ ꖻ냪믈ꛦ룪늣ꭾ뷨닎군..............................................................................71 ꫾뿽꒭ 냪꒺뻇꫌EVA꒧엜볆꓎곣ꡳ떲ꩇꓱ룻....................................................72 ꫾뿽꒻ ꖿ녠꒽ꕱ......................................................................................................79 ꫾뿽ꑃ 늧녠꒽ꕱ......................................................................................................81 ꫾뿽ꑋ 1995-2003꙾ꕸ왗ꕛ앶꫑믹꯼볆ꢫ뛕맏...................................................85 ꫾뿽ꑅ 신롭ꯡTCRI...............................................................................................86 ꫾뿽ꑑ ꗾ엩볋ꖻ꒧EVA.........................................................................................95 ꫾뿽ꑑꑀ ꗾ엩볋ꖻ꒧STDEVA...........................................................................104 ꫾뿽ꑑꑇ ꣌EVA뇆Ꟈꭥ20ꙗ............................................................................112? V 덻ꗒꑪ뻇?ⵔ?敳祳⠹?뻇꙾ꯗ??? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 맏ꗘ뿽 맏1-1 곣ꡳ걹땻.........................................................................................................8 맏2-1 ꗸ띾ꭈꗎ멣ꚨ굮꿀........................................................................................12 맏2-2 쏒꣩ꖫ돵뵵...................................................................................................30 맏3-1 곣ꡳ걛멣........................................................................................................36 맏3-2 곣ꡳ땻Ꟈ........................................................................................................37 VI 덻ꗒꑪ뻇?ⵔ?敳祳⠹?뻇꙾ꯗ??? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫭꗘ뿽 ꫭ2-1 TCRI떥꿅VS. ꧱듚꧓Ꝁꓨꚡ.....................................................................16 ꫭ2-2 궷쁉뗻꛴꒧끝냈ꓱ뉶/앶볆..........................................................................18 ꫭ3-1 땼ꯡ뉢샧띾ꝑ꽱ꅝNOPLATꅞ꒧군뫢........................................................41 ꫭ3-2 ꟫ꑊ룪ꖻꅝICꅞ꒧군뫢................................................................................42 ꫭ3-3 끪쉫꓀꩒군땥ꫭ............................................................................................45 ꫭ4-1 곣ꡳ볋ꖻ볆꓎꣤늣띾꓀ꝇ...........................................................................47 ꫭ4-2 ꗾ엩볋ꖻ뇔굺꧊닎군....................................................................................47 ꫭ4-3 STDEVA뭐TCRI곛쏶꧊꓀꩒....................................................................48 ꫭ4-4 ꖿ녠꒽ꕱSTDEVA1맯TCRI끪쉫꓀꩒.....................................................49 ꫭ4-5 늧녠꒽ꕱSTDEVA2맯TCRI끪쉫꓀꩒.....................................................50 ꫭ4-6 ꑔ꙾늾냊ꖭꞡAVESTDEVA맯TCRI끪쉫꓀꩒.......................................50 ꫭ4-7 뒺껰ꑗ꓉걱STDEVA뭐럭듁꓎ꚸ듁TCRI끪쉫꓀꩒...............................52 ꫭ4-8 뒺껰ꑕ럆걱STDEVA뭐럭듁꓎ꚸ듁TCRI끪쉫꓀꩒...............................54 ꫭ4-9 ꭈꗎ뗻떥쁵ꅂꙈ닕ꓱ룻꓀꩒.......................................................................55 ꫭ4-10 늧녠꒽ꕱ륌ꕨSTDEVA뻺ꕶꓱ룻............................................................56 VII 덻ꗒꑪ뻇?ⵔ?敳祳⠹?뻇꙾ꯗ??? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄ꑀ뎹 뫼뷗 닄ꑀ론 곣ꡳ냊뻷 뉻ꛦ믈ꛦ뿬뉺ꗸ띾ꗓ뙕껗ꗳꅁ뗻꛴ꗸ띾ꭈꗎ꧒꣏ꗎꪺ뇂ꭈ뗻떥ꫭꅝ꫾뿽ꑀꅁ꫾뿽ꑇꅁꅞꅁ결꒤뗘ꗁ냪믈ꛦ냓띾Ꙑ띾꒽라ꗾ냪셰Ꙙ라꧳ꗁ냪76꙾닎ꑀ꣮ꥷꅁ귓ꝏ믈ꛦꙁ꣌꣤띾냈꧊뷨ꅁꛛꛦ꣮ꥷ뗻꛴볐럇ꅃ뗻꛴꒺깥ꅁꕄ굮꣌ꗓ뙕ꗸ띾ꪺꅵ끝냈ꪬꩰꅶꅂꅵ롧샧뫞뉺ꅶꅂꅵ늣띾꽓꧊멛깩뇦ꅶ떥룪껆ꕛꕈ뗻떥ꅃ뗻떥ꫭ꒤ꅁꅵ끝냈ꪬꩰꅶ걏ꗸ띾롧샧ꪺ셚껄꯼볐ꅁꭙ껚뻚끝냈돸ꫭꛓ꣓ꅁ꓀결쁶뛅꿠ꑏꅂ끝냈떲멣ꅂ샲ꝑ꿠ꑏꅂ롧샧껄꿠떥ꕼ귓멣궱ꅁꑑ뚵끝냈ꓱ뉶꓀꩒ꅃꛓ끝냈돸ꫭꪺ꓀꩒ꚳ꣤ꗽꓑꑗꪺ궭꣮ꅁꝙ돸ꫭ뵳뭳ꪺ냲슦ꑄ껚뻚ꅵꑀ꿫꒽뭻라군귬ꭨꅶꅁ꣤낲덝뭐궭꣮ꕩ꿠꣏돸ꫭ꒣꿠몡ꢬ꣏ꗎ꫌Ꙩꓨ믝ꡄꅆꕂ돸ꫭꪺ꽵맪꧊ꅁ걏믈ꛦ뱸ꭈꕄ뫞꓏걍쑙궫ꪺ냝썄ꅃ낣ꑆꅵ끝냈ꪬꩰꅶ걏꣌뻚ꗸ띾ꪺ라군깶쎱쏒ꪺ끝냈돸ꫭ꧎돸땼룪껆꣓뗻떥ꕾꅁꅵ롧샧뫞뉺ꅶꅂꅵ늣띾꽓꧊멛깩뇦ꅶꅁ꣤뗻떥꒺깥때ꯈ왛볆뻚꣓ꓤ뒩뇂ꭈꪺꡍ떦ꅁ덱녠뛈꣑뇂ꭈ냑ꛒꅁꑪꙨꗑ뱸ꭈꑈ귻꣌귓ꑈ녍띾꿀빩꓎롧엧ꩫꭨ꣓ꡍꥷꅁ쏸ꝋꙝ뱸ꭈꑈ귻ꪺꕄ왛Ꝑ쉟꧎꓀꩒꿠ꑏ꒧깴늧ꛓꚳꕘꑊꅃ셼ꑀ뇂ꭈ껗꣒뮡ꧺ꒧ꅇ A꒽ꕱ뇽ꙖT믈ꛦ뙕듚ꅁ룓꒽ꕱ꿂꽱뉶%ꅁ걹냊ꓱ뉶결ꅁT믈ꛦ꧱듚뱸ꭈꑈ귻뭻결A꒽ꕱꪺ끝냈볆꙲꒣ꙮꅁꖼ닅ꙘꙖ룓믈ꛦ셼뛅꒧굮ꡄꅁꙝꚹ꧚떴룓뚵뙕듚ꅆA꒽ꕱ꧳걏뷐뇐라군깶ꅁ뇄ꗎꑕꙃꓨꩫ꣺녯뙕듚ꅇ 65ꡂ왊ꑀꅇ꙳덦ꭤ믹ꕘ냢ꅁ꿂꽱뉶궰ꝃꅁ걹냊ꓱ뉶녎ꝃꅁꗑ 엜ꚨ ꅃ 445-3ꡂ왊ꑇꅇꕈ뉻꫷ꕨ쁶쇙굴뛅ꅁ굴뛅듮ꓖꅁ뉻꫷Ꙑ썂듮ꓖꅁ꙰ ꅁ걹냊ꓱ뉶ꗑ4-3귬꣓ꪺ뒣낪결2ꅃ ꡂ왊ꑔꅇꭄ꒽뙽땯ꛦ꒽ꕱ덂꓀룪늣ꝑ녯ꚸ꙾신룪ꖻ꒽뽮ꅁA꒽ꕱ녎꥔ꥷ룪늣낪믹ꕘ냢떹Ꙑ띾ꅁ꣏뉢ꝑ뒣낪ꅁꙁ낪꾲꫷녎꥔ꥷ룪늣꾲Ꙟ쑾쓲샧띾ꅃ ꗑꑗ꣒곝꣓ꅁꗸ띾꣏ꗎ곕빬뻞셡ꅂ끝냈ꓱ뉶뻞셡ꪺꓨꚡ꣓꣺녯뙕듚ꅁꓱꓱ곒걏ꅃ믈ꛦ녠ꗎ꣓뿅뙱셚껄ꪺ꯼볐ꚳ꿂꽱뉶ꅂꡃ꫑곕빬ꅝearnings per share, EPSꅞꅂ샧띾뉢ꝑ뉶ꅝreturn of sale, ROSꅞꅂ룪늣돸륓뉶ꅝreturn of asset, ROAꅞꅂ꫑ꩆ앶꽱돸륓뉶ꅝreturn of equity, ROEꅞꅂ룪ꖻ돸륓뉶ꅝreturn of capital, ROCꅞ1덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 1꓎샧띾ꚬꑊꚨ꫸뉶떥꯼볐ꅁ꛽걏ꕩ꿠라땯ꗍ덜Ꙩ때ꩫ룑쓀ꪺ놡ꩰꅁ귬ꙝꙢ꧳덜Ꙩ끝냈룪끔곒꣌끝냈라군ꪺ덗ꥷ뵳뭳ꅁꙢ뙩ꛦ셚껄뗻꛴ꑵꝀ껉ꅁ녠뚷꣌꒣Ꙑꪺꪬꩰ꣓뷕뻣ꅁ꛽굮ꑆ룑ꡃ깡꒽ꕱꡃ귓끝냈ꓱ뉶ꪺ꽵ꖿ꒺뉛꒣깥꧶ꅁꕂ뛇닎ꪺ샲ꝑ꯼볐ꦿ늤앶꽱룪꫷ꚨꖻꅁꙢ라군ꪺꭏꙵ귬ꭨꑕꅁꑝ꟡ꚱꑆ꒽ꕱ꽵맪ꪺ돸륓ꅃ 껚뻚ꛦ걆끼꫷뿄뫊럾뫞뉺ꥥ귻라믈ꛦꞽ닎군룪껆ꓱ룻ꅁꗾ엩꫷뿄뻷멣셠엩2륏꧱ꓱ뉶ꗑꗁ냪88꙾꦳ꪺ%ꅝ꫾뿽ꑔꅞꅁꯦ덴썫꓉ꛜ91꙾궺ꥵꪺ돌낪깰결%ꅁꖻ냪믈ꛦꪺ륏꧱ꓱ뉶ꑝ낪륆%ꅝ꫾뿽ꕼꅞꅁ륏꧱셠꫷썂꛴륆1ꗼ1,400Ꙩ믵꒸ꅁ싹싹돐ꑕ뻺ꕶ띳낪ꅁ꙰ꩇꕛ군삳꒩왛맮꧱듚ꅁꖻ냪믈ꛦ뱳롱륏꧱ꓱ뉶낪륆%ꅁꚨ꫸꒧Ꟗ덴ꅁ돐뻺ꕶ낪깰ꅃꛛ91꙾ꯡ륏꧱ꓱ뉶쇶ꚳꑕ궰꒧3뛕ꅁ땍ꛓꗑ꧳ꖻ냪믈ꛦꑪ셼신빐Ꝣ녢ꅁꑝ꣏땼ꭥ솫띬쓲ꝥ쉘ꑪ꒧뛕ꅃꡳ꣤귬ꙝꅁ 1 ???ꅂ???ꅂ???ꅂ???라뛇륆뭾뻉ꪺ끔꺧ꅁ꒣ꝑ꧳꒵ꓩ쑶ꪧ샴맒꒧꧒믝ꅁ뮡ꧺ꙰ꑕ?뫞꫸ꭃꅁ㈰〱⦡????ꡃ꫑곕빬ꅝ???ꅞ?ꚳ꣇꒽ꕱ꒣Ꝁ룪ꖻ꟫룪ꅂ꒣끬ꡄ꫸듁ꗘ볐ꅁꙝ결ꖦ꒣ꝑ꧳땵듁곕빬ꅁꕂ???ꦿ늤앶꽱룪꫷ꚨꖻꅁꕈ꓎꣼꣬끝냈라군덗뵤ꪺ뱶암ꅃ럭꒽ꕱ륂Ꝁꪺ꟫룪돸륓뉶ꑰ꧳ꕛ앶ꖭꞡ룪꫷ꚨꖻꅁꑪ꧳땼ꯡ굴뛅룪꫷ꚨꖻ껉ꅁ꒽ꕱ롧샧꒴ꕩ뒣낪곕빬ꅁ놩맪뷨ꑗ걏ꭉ뭫꫑ꩆ앶꽱ꅃ???샧띾뉢ꝑ뉶ꅝ???ꅞ????ꭙ삳군냲슦꣮ꅁ꧒군뫢꒧샲ꝑ뉶ꙝ꿀라꣼꣬꒣Ꙑ라군덂뉺ꓨꩫꪺ뱶암ꅁ꙰꟩싂ꅂ앵빐ꅂ꙳덦ꅂ꟥땯굴룼ꅽ瑲?摥?慤楮ꅂ枡덱?룴뛱뛫ꅽ???????⁳???????ꅾ떥ꅁꛓ늧꣤샲ꝑ떲ꩇꅁꭐ꣏롧뉺ꑈꚳ냊뻷ꕨ뻞놱돸ꫭꑗꪺ볆꙲ꅃꙝꚹ???ꭄ쓝뿅뙱샲ꝑ뉶ꪺ꡽ꙮ꯼볐ꅃ???셠룪늣돸륓뉶ꅝ???ꅞ?剏?ꇗ???⁉湣?浥?呯?慬⁁?獥瑳ꅁ셠룪늣돸륓뉶걏ꕈ꧒꣏ꗎꪺ룪늣ꛓꭄꕈ꟫ꑊꪺ룪꫷결냲슦ꅁꕂ꣏ꗎ뉢녢궱믹귈ꅃ꣤꿊쉉결ꅁ꓀ꑬ꓀ꗀꪺ왛꧀꒣ꑀ교ꅁ꓀ꗀ셠룪늣ꕝ걁굴뛅꓎띾ꕄ앶꽱ꅁꛓ꓀ꑬꪺ땼ꯡ뉢ꝑꖼꛒ뱻꣬ꚩ낣꫑ꩆ앶꽱ꪺ룪꫷ꚨꖻꅃꙝꚹꅁ굙룪꫷꣓랽ꕈ앶꽱룪꫷결ꕄ껉ꅁꝑ꺧뙏ꗎ둎ꕩꕈ궰ꝃꅁ???ꪺ꓀ꑬ둎라엜ꑪꅁ뙩ꛓ뒣낪셠룪늣돸륓뉶ꅁ뭾뻉꟫룪ꚨ꫸ꪺꡍ떦ꅃ???꫑ꩆ앶꽱돸륓뉶ꅝ???ꅞ?剏䖡?乥琠䥮?潭?⽔?瑡氠卨慲敨潬?敲ꆦ???煵?瑹ꅁ꫑ꩆ앶꽱돸륓뉶ꕵꛒ뱻꣬띾ꕄ앶꽱ꅁ뫞뉺럭ꞽ결ꑆ뒣낪???ꓱ뉶ꅁꕩ꿠라놵꣼ꕈ굴뛅뿄룪ꪺꚸ꣎ꓨ껗ꅁ꣏꒽ꕱ뱗ꕛ끝냈궷쁉ꅃ 2Ꟛ냪껚뻚끝걆뎡??꙾??ꓫ?ꓩ륻ꖬ꒧ꅵ꒽샧믈ꛦ륏듁꧱듚ꅂ뛊ꚬ듚꓎Ꝣ녢덂뉺뿬ꩫꅁꅶ꧒뿗륏듁꧱듚꯼ꑷꦡ뉍쁶듁ꛓꖼ꣼뉍쁶꒧ꙕ뚵꧱듚꓎꣤ꕌ뇂ꭈ듚뚵ꅃ꧒뫙뛊ꚬ듚ꅁꭙ꯼륏듁꧱듚꧳뉍쁶듁ꦡ몡꒻귓ꓫ꒺꒧ꙕ뚵꧱듚꓎꣤ꕌ뇂ꭈ듚뚵ꅃꑓ꧒뿗Ꝣ녢ꅁꭙ꯼꧱듚ꅝꝴ꣤ꕌ뇂ꭈ띾냈ꅞ롧Ꙗ귉ꭏꓡ꣌ꩫ뙄끬꓎덂꓀뻡ꭏꭾꯡꅁ때ꩫꚬꙞ꒧빬듚ꅁ롧꣌덗ꥷꙃ결띬ꖢ덂뉺꫌ꅃ? 3륏꧱ꓱ결륏꧱맯셠꧱듚꒧ꓱꅁ셠엩륏꧱ꓱ뉶ꗑ??꙾닄?ꥵ돌낪ꪺ????ꉍꅁ닄?ꥵ궰결?????ꅁꑪ둔궰ꝃꑆ???귓ꛊ꓀쉉ꅁ꟯떽둔ꯗ결뻺ꕶ끏뿽ꅁ귬ꙝ결끝걆뎡꫷뿄ꞽ결ꚳ껄궰ꝃ꫷뿄뻷멣꒧륏꧱ꓱ뉶ꅁ꟯떽꫷뿄뻷멣롧샧엩뷨ꅁ꒣쉟ꙡ뇀냊ꙕ뚵궰ꝃ륏듁꧱듚놹걉ꅁꕝ걁ꅇꕈ궰ꝃ샧띾땼꓎궰ꝃ꙳듚럇돆뉶꒧룪꫷ꅁꣳꝕ꓎럾ꭐ꫷뿄뻷멣Ꟗ덴신빐Ꝣ녢ꅆꯘꗟ룪늣뫞뉺꒽ꕱ꓎꒽ꖿ닄ꑔꑈ뻷꣮2덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 껚뻚끝걆뎡맯꒽샧ꛦ깷륏듁꧱듚ꪺꗾ궱샋걤ꅁ땯뉻냝썄꧱듚ꪺ귬ꙝꯜꙨꅁ꣤꒤ꅵ뱸ꭈ룪껆ꖢ맪ꅶꕥꕼꚨꕈꑗꅁ꧒ꕥꓱ뉶돌낪ꅆ꣤ꚸ결ꅵ곰땯ꙝ꿀뻉교ꗸ띾롧샧ꖢ녠ꅶꕥꑇꚨꕼꅃ꣤꒤꒣ꕆ뭐ꗸ띾롧샧뫞뉺꫌ꪺꭾ뱷귓꧊ꕈ꓎ꗸ띾륌ꯗ꟫룪쉘ꕒꛦ결ꚳ쏶ꅁ덱녠꫑ꩆꝑꗎ꒽ꕱꪺ룪꫷뭐ꛛꢭ꫑늼꣬믈ꛦ뷨ꧣꅁꕈ귉꣺ꑪ뙱ꪺ룪꫷ꅁꙁ녎룪꫷ꚨꗟ띳꒽ꕱꅁ꒣ꛒ뱻꫑ꩆ앶꽱ꪺ룪꫷ꚨꖻꅁ륌ꯗ쉘녩꟫룪ꅁ띬깠꣬꣤ꕌ꫑ꩆ뭐꟫룪ꑈꪺꝑ꽱ꅁꙝꛓ늣ꗍ륏듁꧱듚ꪺ궫굮ꙝ꿀ꅃꚹꕾꅁ뫞뉺꫌꾻릢끝냈돸ꫭꅁ꙰뗪ꙃ곕빬ꅂ꒣럭꧎꒣맪ꪺ룪끔뒦앓ꅁ뭾뻉꟫룪ꑪ늳꧎륆꣬Ꙗ믈ꛦ귉듚ꪺꗘꪺꅃꕩꕈꢣ녯ꅁ믈ꛦ꧓Ꝁꗸ띾꧱듚껉ꅁꗸ띾뫞뉺꫌ꪺ룛ꭈꅂ롧샧셚껄ꕈ꓎ꗸ띾ꪺꭈꗎ궷쁉ꅁ맪결뵔ꭏ꧱듚ꭾ뷨ꅂꭏ믙뛅앶ꙷꗾ꓎뫻꯹샲ꝑ꿠ꑏꪺ쏶쇤꧒Ꙣꅃ 덜Ꙩ냪꒺ꕾ곣ꡳꅁꑷ롧쏒맪롧샙꫾ꕛ믹귈ꅝEVAꅞ걏뿅뙱ꗸ띾롧샧셚껄꡽ꙮꪺ꯼볐ꅁꗎꕈ뿅뙱꒽ꕱꙢ걙ꑀ걱듁뚡룪늣꧒돐덹ꪺ롧샙믹귈걏ꝟ낪꧳꣤룪꫷ꚨꖻꪺꑀ뫘녍꫹꟞덎ꅁꑝ걏뫞뉺뭐뗻꛴뻣엩굮꿀ꗍ늣ꑏꪺ룪끔ꅁꖦ녪뷕꧒ꚳꪺ룪꫷뎣ꚳ꣤ꚨꖻ꙳Ꙣꅁꕂ꒣꣼ꑀ꿫꒽뭻라군귬ꭨ궭꣮ꅁꙝꚹꅁꕩꕈ싇ꗑ뷕뻣곹럭앶꽱ꅝEquity Equivalentsꅞ뚵ꗘꅁ껸낣끝냈뭐라군ꑗꪺ꟡ꚱꅁꗧ꿠궰ꝃ롧뉺ꑈ뻞셡곕빬ꪺ꫅뚡ꅝ뫞꫸ꭃꅁ㈰〱ꅞꅃꙝꚹꅁꖻ곣ꡳ륂ꗎ롧샙꫾ꕛ믹귈ꅝEVAꅞꙢꭈꗎ뗻떥ꪺ놴끑ꅁ듁륆꣬꟯떽꣏ꗎ뛇닎꯼볐덹ꚨ꒧꟡ꚱꅁꣳꝕ믈ꛦ뒣낪뇂ꭈꭾ뷨ꅁ뱗녪껖뙕ꡍ떦ꪺꭈꓟꅁ궰ꝃ륏꧱ꓱ뉶ꅃ?닄ꑇ론 곣ꡳꗘꪺ뭐궫굮꧊ ꑀꅂ곣ꡳꗘꪺ ꫸듁ꕈ꣓ꅁꭈꗎ뗻떥곒ꕈ끝냈꧊꯼볐꣓뿅뙱롧샧셚껄ꅁ끝냈ꓱ뉶삳ꗎ꧳꽽늣륷듺ꅂ뛅꣩뗻떥ꅂꖫ돵돸륓ꡍꥷ뭐Ꙙ꣖떥곣ꡳꑗꅁ결곛럭ꚳꗎꪺ꓀꩒ꑵ꣣ꅃꙨ볆곣ꡳꞡ낲덝곣ꡳ엜볆ꩁ녱돦엜뙱꧎Ꙩ엜뙱꒧녠멁꓀끴ꅁ뎯쁁ꟸꅝ1995ꅞ꯼ꕘꅁ덜Ꙩ뻇꫌곣ꡳ꭯샲녯ꅵꑪ뎡꓀끝냈ꓱ뉶ꣃꭄꩁ녱녠멁꓀끴ꅶ꒧떲뷗ꅃKolari-McInish-Saniga(1989)꒧맪쏒떲뷗ꅇ냓띾믈ꛦ꒧끝냈ꓱ뉶ꑪ뎡꓀곒ꭄꩁ녱4녠멁꓀끴ꅁ녪뷕럭ꭄ녠멁꽓꧊꙳Ꙣ껉ꅁ꫷뿄ꕄ뫞뻷쏶꧒ꗎCAMEL뗻떥꡴닎ꅁ ꒧륂Ꝁꅆ뇀냊꫷뿄궫ꯘ냲꫷뻷꣮ꅁ뫻앀꫷뿄꾴Ꟈꅃ꯹쓲덺륌꫷뿄궫ꯘ냲꫷뻷꣮ꅁ뻣륹냝썄냲뱨꫷뿄뻷멣ꅁ꣏롧샧꒣떽꒧냲뱨꫷뿄뻷멣끨ꕘꖫ돵ꅃ 4 CAMELꅇCapitalꅂAssets qualityꅂManagementꅂEarningꅂLiquidity. 3덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꣤꒭뫘셚껄떥꿅ꪺ릺꓀ꓨꚡ녎때ꩫꙁ빁ꗎꅃꛓStern Stewart & Co. ꧒땯깩ꕘ꣓ꪺ롧샙꫾ꕛ믹귈ꑷ뱳꩸륂ꗎ꧳뿅뙱롧뉺ꑈ뭐꒽ꕱ꒧끝냈셚껄ꅁꙝꚹꅁꖻ곣ꡳ녎롧샙꫾ꕛ믹귈삳ꗎꙢꗸ띾ꭈꗎ뗻떥ꑗꅁꭄꭝ궭꧳뛇닎ꪺ끝냈꧊꯼볐ꅁ쒤ꙃ곣ꡳꕄ굮ꗘꪺ꙰ꑕꅇ 1. 놴끑EVA뭐ꭈꗎ뗻떥꒧쏶ꭙꅃ 2. 놴끑EVA뭐냝썄꧱듚꒽ꕱ꒧쏶셰꧊ꅃ 3. 놴끑EVA뗻꛴볒ꚡꝀ결ꙍ뻷륷쒵볒ꚡꅃ ꑇꅂ곣ꡳ궫굮꧊ 5믈ꛦ땯ꗍ륏듁꧱듚ꅁꙖ뛅냈ꑈ뫲셙ꭈꗎ꧎뙩ꛦ뙄끬ꅝꚬꙞ귉듚꧎걏덂꓀뻡ꭏꭾꅞꅁꕩ꿠꣏ꑀ깡꒽ꕱꕛ뉠끝냈뙧신ꝸ쏸ꅁ덂꓀ꯡꪺ돑빬믹귈듮ꓖꅁ꒣ꢬ뉍쁶꣤ꕌ뛅앶꧎꓀겣돑빬룪늣떹꫑ꩆꅂ꒽ꕱ귋뎬ꅂ귻ꑵꖢ띾떥떥냝썄늣ꗍꅁꙝꚹ믈ꛦ굙꿠낵ꙮꗸ띾ꭈꗎ궷쁉뗻꛴ꅁ궰ꝃ냝썄꧱듚ꅁꕩꕈ듮ꓖꗸ띾ꙝꭈꗎ쉘녩덹ꚨ맯롧샙ꚨ꫸ꪺ뷄삻ꅃꭈꗎ뗻떥ꕄ굮ꪺ믹귈Ꙣ꧳궰ꝃ꟫룪ꑈ뭠뚰룪끔ꪺꚨꖻꅂ궰ꝃ뿄룪ꗸ띾룪꫷ꚨꖻꅂ뒣낪꫷뿄뫞뉺껄뉶ꅂ뱗뙩ꖫ돵껄뉶ꕈ꓎ꭐ뙩롧샙땯깩ꅁꗸ띾ꭈꗎ떥꿅ꪺꙮ썡결꟫룪ꑪ늳꓎뿄룪뻷멣꧒쏶ꓟꅆ뗻떥ꪺꗘꪺꑄꙢ맯ꖼ꣓ꪺꭈꗎ녪깺Ꝁ뗻꛴ꅃꑀꖹ꽁꓎ꖼ꣓ꅁ둎닦싷꒣ꑆꕄ왛ꪺ뭻ꪾ뭐Ꝑ쉟ꅁ낣ꑆ끝냈돸ꫭ룪끔ꕾꅁꭄ끝냈룪끔ꖲ뚷싇궫뷨꓆뗻꛴ꅆ뗻떥ꪺꭾ뷨ꅁ삳궫뗸뉻꫷걹뙱ꪺꓴ럇뭐쎭ꥷꅃEVA걏뿅뙱셚껄ꪺꑵ꣣ꅁ슲돦ꪺ뮡둎걏꒽ꕱꪺ뉻꫷곕빬ꚩ낣결늣ꗍ덯꣇곕빬꧒꟫ꑊ룪꫷ꪺꚨꖻꅁ럭꒽ꕱ늣ꗍꪺ뉻꫷곕빬ꑪ꧳룪꫷ꚨꖻꅁꖦ둎돐덹ꑆ롧샙믹귈ꅁꑝ둎걏ꖿꪺEVAꅁ굴ꪺEVAꫭꗜ꒽ꕱꙢ껸꿓꣤룪랽ꅝJoel 떥ꅁ2004ꅁ냓뿙ꓥ쒶ꅞꅃꙝꚹꅁꕈEVAꝀ결믈ꛦ뱸ꭈꗸ띾ꭈꗎ궷쁉뗻꛴꯼볐꒧ꑀꅁꑀꓨ궱ꕩ뿅뙱ꗸ띾ꪺ롧샧셚껄ꅁꑇꓨ궱둸뒤ꝑ꺧ꚬꑊ꣓랽ꪺ뉻꫷걹뙱ꅁ맯뛇닎꥔ꥷꓱ귈ꪺ끝냈ꓱ뉶볆꙲ꪺꭈꗎ뗻꛴ꅁꚳꕛ녪ꪺꝀꗎꅃ 닄ꑔ론€现?? ꑀꅂ곣ꡳꕄ굮냝썄?††ꗸ띾꒧ꭈꗎ궷쁉ꕄ굮꒧뗻꛴굮꿀ꚳꗸ띾엩뷨ꅂꗸ띾ꭥ뒺뭐롧샧궷쁉ꅁ꣤꒤ꗸ띾엩뷨곒녱끝냈꯼볐꓀꩒ꛓ꣓ꅁꗸ띾ꭥ뒺뭐롧샧궷쁉Ꙩꕈ롧엧ꩫꭨ꓎ꑈꑵꝐ 5 뙄끬ꭙ꯼꫷뿄뻷멣결뵔ꭏ뛅앶ꅁ맯ꕄꅂ녱뛅냈ꑈ뒣끟뙄덞꧎셮뷐ꩫ끼맯ꕄꅂ녱뛅냈ꑈ꒧끝늣결ꅵ녪꣮냵ꛦꡄ쁶꒧땻Ꟈꅶꅃ 4덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쉟ꅆꛓ䕖?ꪺ뗻꛴굮꿀ꚳ뙗썂돸륓꓀꩒뭐끝냈ꡍ떦ꭾ뷨꓀꩒ꅁ꣤꒤뙗썂돸륓꓀꩒ꕩꗎꕈ뗻꛴ꗸ띾ꭥ뒺뭐롧샧궷쁉ꅁꛓ끝냈ꡍ떦ꭾ뷨꓀꩒ꕩꗎꕈ뗻꛴ꗸ띾엩뷨꓀꩒ꅁꙝꚹ뇽놴ꡄ䕖?뭐ꭈꗎ뗻떥꣢꫌꒧뚡쏶ꭙꅁ냲꧳곣ꡳꗘꪺ뭐궫굮꧊구ꗍꕈꑕꕄ굮곣ꡳ냝썄ꅇ?ꅩ냝썄ꑀꅪꗸ띾ꭈꗎ궷쁉꯼볐뭐롧샙꫾ꕛ믹귈꒧뚡걏ꝟ꙳Ꙣꚳ걙뫘땻ꯗꪺ곛쏶꧊ꅈ ꅩ냝썄ꑇꅪꗸ띾ꭈꗎ궷쁉꯼볐뭐롧샙꫾ꕛ믹귈걏ꝟꝥ뵵꧊쏶ꭙꅈ ꑇꅂ곣ꡳꚸ굮냝썄 램낷랽ꅝ2003ꅞ곣ꡳ1999꙾ꛜ2001꙾뚡(ꕸ왗ꙡ냏쒻냢ꪫ믹꯼볆곛맯쎭ꥷ)ꅁ곣ꡳ맯뙈ꕄ굮결ꖿ녠꒽ꕱꅁ뇆낣늧녠꒽ꕱꅁꓱ룻ꑗꖫ꒧룪끔륱ꑬ뭳덹띾뭐ꭄ룪끔륱ꑬ뭳덹띾꣢ꑪ뎡꓀ꅃꖻ곣ꡳꟳ뙩ꑀꡂ놴끑EVA걏ꝟ꣼뒺껰ꙝ꿀뱶암ꅈ곣ꡳ걏ꝟꙢ뒺껰ꑗ꓉ꩩ걱뭐뒺껰ꑕ럆ꩩ걱ꅁEVA뭐ꗸ띾ꭈꗎ뗻떥ꪺ쏶ꭙ꙰꛳ꅈꕈ꓎놴끑ꖿ녠꒽ꕱꅂ늧녠꒽ꕱ뭐EVAꪺ곛쏶꧊꙰꛳ꅈꙝꚹ늣ꗍꑔ귓ꚸ굮냝썄꙰ꑕꅇ ꅩ냝썄ꑔꅪꙢ뒺껰ꑗ꓉ꩩ걱ꅁ롧샙꫾ꕛ믹귈뭐ꭈꗎ궷쁉꯼볐ꪺ쏶ꭙ꙰꛳ꅈ ꅩ냝썄ꕼꅪꙢ뒺껰ꑕ럆ꩩ걱ꅁ롧샙꫾ꕛ믹귈뭐ꭈꗎ궷쁉꯼볐ꪺ쏶ꭙ꙰꛳ꅈ ꅩ냝썄꒭ꅪꗸ띾땯ꗍꭈꗎꙍ뻷걏ꝟ녱롧샙꫾ꕛ믹귈ꕩꕈꚳ껄륷쒵ꅁ뒣ꚭ땯뉻냝썄꒽ꕱ? 닄ꕼ론 곣ꡳ낲뮡 ꖻ곣ꡳꚮꙢ놴끑ꭈꗎ뗻떥뭐EVA꒧뚡ꪺ쏶ꭙꅁ륂ꗎꕸ왗롧샙띳돸ꅝTEJꅞ꧒곣땯ꪺꗸ띾ꭈꗎ궷쁉꯼볐ꅝTCRIꅞꅁ껚뻚곣ꡳ냝썄ꅁꯘꗟꕈꑕ낲뮡ꅇ ꅩ낲뮡ꑀꅪꗸ띾ꭈꗎ궷쁉꯼볐뭐롧샙꫾ꕛ믹귈ꚨꖿ곛쏶ꅃ ꅩ낲뮡ꑇꅪꗸ띾ꭈꗎ궷쁉꯼볐뭐롧샙꫾ꕛ믹귈꣣ꚳ뵵꧊쏶ꭙ꙳Ꙣꅃ ꅩ낲뮡ꑔꅪꙢ롧샙뒺껰ꑗ꓉걱ꅁ롧샙꫾ꕛ믹귈낪ꪺ꒽ꕱ꣤ꭈꗎ뗻떥ꑝ룻꣎ꅃ ꅩ낲뮡ꕼꅪꙢ롧샙뒺껰ꑕ럆걱ꅁ롧샙꫾ꕛ믹귈낪ꪺ꒽ꕱ꣤ꭈꗎ뗻떥ꑝ룻꣎ꅃ ꅩ낲뮡꒭ꅪ꒽ꕱ땯ꗍꭈꗎꙍ뻷꙾ꯗ꒧ꭥꑔ꙾ꅁ꣤롧샙꫾ꕛ믹귈곛맯뎣ꓱ룻ꝃꅃ 닄꒭론 곣ꡳ뵤돲 ꑀꅂ곣ꡳ뵤돲덗뵤 ꖻ곣ꡳꙝꚮꙢ놴ꡳ믈ꛦ뇂ꭈꗸ띾ꅁꕈ롧샙꫾ꕛ믹귈(EVA)꣓뿅뙱ꗸ띾꒧ꭈꗎ뗻떥ꪺꕩꛦ꧊꓀꩒ꅁ곣ꡳ뵤돲ꕄ굮ꕈ냪꒺꒧ꑗꖫꅂ쉤꒽ꕱ결맯뙈ꅁꙝꚸ꿅룪5덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 껆꣺녯ꪺꓨꭋ꧊ꅁꕂꕸ왗롧샙띳돸ꅝTEJꅞ꧒꒽ꝇ꒧ꭈꗎ뗻떥ꅝTCRIꅞ룪껆ꥬꛛ1995꙾ꅁꙝꚹ껉뚡뵤돲ꛛ1995꙾ꛜ2003꙾ꅃ곣ꡳ엜볆EVAꕈ띳돸꒽ꝇ꒧끝냈돸ꫭ곛쏶룪끔꣓군뫢ꅁTCRIꗧ꣺ꛛ띳돸뵵ꑗ룪껆깷ꅁ롧신롭ꯡꚨ결곣ꡳ엜볆ꅃ ꑇꅂ곣ꡳ궭꣮ ꅝꑀꅞ€玹䢤Ɬ궨? ꖻ곣ꡳꕄ굮놴끑EVAꝀ결믈ꛦ뇂ꭈꗸ띾꒧ꭈꗎ뗻떥ꪺ륂ꗎꅁ왛맮EVA걏ꝟ빁ꗎ꧳뗻꛴꧱듚ꪺꛒ껖ꑵ꣣ꅁ곣ꡳ맯뙈삳ꕈ믈ꛦꪺ꧱듚ꯈꓡ결ꕄꅁꕈ륆꣬곣6ꡳꪺꗘꪺꅁ꛽ꗑ꧳믈ꛦ맯ꯈꓡꚳ륱뢣덂뉺귓ꑈ룪껆ꭏ앀ꩫꅁ때ꩫ녎ꯈꓡ룪껆뒣꣑Ꝁ결뻇덎곣ꡳ꒧ꗎꅁ맯꧳믈ꛦ맪믚ꪺ꧱듚ꓡꅂ륏꧱ꓡꅂꝢ녢ꓡ룪껆때ꩫ꣺녯ꅁ궱셻곣ꡳ맯뙈꣺녯꒧궭꣮ꅃ ꅝꑇꅞ⃅?욿瘝Ɬ궨? ꖻ곣ꡳ룪껆ꕄ굮녱ꕸ왗롧샙띳돸(TEJ)뵵ꑗ룪껆깷꒤ꅁ뭠뚰ꑗꖫꅂꑗ쉤떥꒽뙽땯ꛦ꒽ꕱ끝냈룪껆깷ꅁ결ꕾ뎡ꚸ꿅룪껆ꅁ맯꧳EVA곹럭앶꽱ꅝEquity Equivalentsꅞ뷕뻣뚵ꗘꅁ녱룪껆깷꒤때ꩫꗾ뎡꣺녯ꅁꗑ꧳ꖻ곣ꡳꭙ쓝ꑪ볋ꖻ꒧맪쏒ꅁ때ꩫ룔빜ꙕ꒽ꕱ꒧꒽뙽뮡ꧺ껑ꅁꙝꚹꙢEVA곹럭앶꽱뷕뻣곬ꗘꑗꅁꭄ끷맯귓껗곣ꡳꅁ때ꩫꑀꑀ결ꗸ띾Ꝁ빁럭꒧뷕뻣ꅃ ꅝꑔꅞ TCRI꫹쉥떥꿅꒧궭꣮ ꕸ왗롧샙띳돸ꅝTEJꅞ꧒군뫢꒧TCRI룪껆ꅁ꣤떥꿅꣼샧ꚬꑪꑰ꒧궭꣮ꅁ꣒꙰ꕈ샧ꚬ꒣꣬5믵꒣ꙃꑊꭥ5떥ꅁ륱ꑬ띾꫹쉥룻낪결10믵ꅁꚳ덗볒꫹쉥꒧궭꣮ꅃ ꑔꅂꝸ쏸Ꝋꩁ ꅝꑀꅞ₥䢥磆垸柀?玳?ꅝTEJꅞ룪껆깷꒤ꅁꑗꖫꅂ쉤꒽ꕱꕎ듀곣ꡳ 7맯뙈ꅆꕈTEJ룪껆깷꒤ꅁꚳ땯ꗍ륈곹ꕘ꣆꒧꒽ꕱꅁꕎ듀냝썄꧱듚ꓡ꒧곣ꡳ맯뙈ꅃ 6결덗뵤륱뢣덂뉺귓ꑈ룪껆ꅁ쇗ꝋꑈ껦앶꣼ꭉ깠ꅁꣃꭐ뙩룪껆Ꙙ뉺ꝑꗎꅁꛦ걆끼라꧳㈰〴꙾?ꓫ?ꓩ덱륌귓ꑈ룪껆ꭏ앀ꩫ꿳껗ꅁ쉘ꑪꭏ앀ꯈ엩ꅁ꒣ꙁꕈ롧륱뢣덂뉺귓ꑈ룪껆결궭ꅁꙐ껉뒶륍꣤빁ꗎꕄ엩ꅁ낣결돦꿂귓ꑈ꧎깡깸겡냊ꗘꪺꛓ뭠뚰ꅂ덂뉺꧎ꝑꗎ귓ꑈ룪껆ꕾꅁ곒믝빁ꗎꖻꩫꅃ맯띎맏샧ꝑꛓ륈ꩫ땳뷦귓ꑈ룪껆ꑝ귗ꖿꕛ궫Ꙅꯗ꓎뭀꫷ꅁꙄ덤ꗑ?꙾ꕛ궫ꛜ?꙾ꅁ뭀꫷ꭨ결???롕꒸ꅃ††?7ꕸ왗롧샙띳돸맯ꗸ띾륈곹ꕘ꣆ꪺꥷ롱ꅇ귋뎬꽽늣ꅂ궫뻣ꅂ룵늼삽ꝉꅂ퍖ꝸꡄ뒩ꅂ놵뫞ꅂCPA맯쑾쓲롧샧낲덝꙳뫃ꅂ뉢귈결굴ꅂꗾ썂ꑕꖫ떥꒧꒽ꕱꅃ 6덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꅝꑇꅞ?EVA곹럭앶꽱뷕뻣뚵ꗘꅁ뛈둎ꕸ왗롧샙띳돸ꅝTEJꅞ뵵ꑗ룪껆깷ꕩ꣺녯꒧끝냈돸ꫭ룪껆뙩ꛦ뷕뻣ꅁ꿷뮡ꧺ꙰ꑕꅇ 1. ꟩싂뙏ꗎ뭐꙳덦뷕뻣ꓨ궱ꅁꙝ결ꡃ깡꒽ꕱꪺ뭻ꙃꓨꚡ꒣뫉곛Ꙑꅁ굙ꭄ결꽓ꥷ꒽ꕱꝀ꓀꩒ꅁ꧎뻖ꚳꕒ꓀룪끔ꅁꭨꑪ뙱ꪺ꟩싂꓎꙳덦뷕뻣ꚳ꟞덎ꑗꪺꝸ쏸ꅃꕂ꣌Stern Stewartꯘ쒳뇄ꗎ쁶뛅냲꫷ꩫ뒣ꙃ꟩싂ꅁꗑ꧳때ꩫ꣺녯ꙕ꒽ꕱꡃ떧룪늣뚵ꗘꅂ꫷썂꓎뙽ꥬ꣏ꗎ꙾ꯗ뭐꣏ꗎ꙾궭ꅁꙝꚹ때ꩫ냵ꛦꅃ 2. 냓앁앵뒣꓎귻ꑵ끖뵭뙏ꪺ뷕뻣ꅁꙝ꒽뙽끝냈돸ꫭ꒤ꖼꙃꗜ닖군냓앁앵뒣뚵ꗘꅁ귬ꥬ냓앁썂ꯗ꓏뇀꒣꧶ꅁꙝꚹꗧꚳ꟞덎ꑗꪺꝸ쏸ꅁ귻ꑵ끖뵭뙏ꗎꗧꖼꙢ끝돸꒤돦뽗ꙃꗜꅁ걇ꖼ꒩뷕뻣ꅃ 3. 샧띾꾲룮ꅁ껚뻚Youngꅝ1999ꅞ뒣ꕘꅁ맯ꑪꙨ볆꒽ꕱꛓꢥꅁ샧띾꾲룮ꅂ꟩싂ꅂLIFO꙳덦럇돆ꚹꑔ귓곬ꗘꅁ꣤뷕뻣맯EVAꪺ쏤믚껄ꩇꣃ꒣ꑪꅁ꭯ꦹꦹ뱗ꕛꑆ군뫢ꑗꪺ쏸ꯗꅁꙝꚹꖼ꒩뷕뻣ꅃ 4. 뉺뷗ꑗꅁ곣땯ꅂ뇀빐뭐뱳ꝩ뙏ꗎ꒧룪ꖻ꓆앵빐ꅁ삳꣌꣤ꓤꕘ꧒늣ꗍꪺ껄꽱꙾궭뗸결때꟎룪늣꒩ꕈ앵뒣ꅁ꛽ꗑ꧳때ꩫꑀꑀꑆ룑ꡃ깡꒽ꕱꡃ떧곣땯꓎뇀빐뙏ꗎꪺꗎ덾꓎껄꽱꙾궭ꅁꙝꚹ껚뻚ꓥ쑭꒤뻇꫌ꪺ곣ꡳꅁ꣤껄꽱꓎꧳ꑕ듁ꅁ맯곣땯꓎뇀빐뙏ꗎꝀ꣢듁앵뒣ꞹ늦ꅃ ꅝꑔꅞꕈ볐럇꓆롧샙꫾ꕛ믹귈ꅝSTDEVAꅞꅁꝋ낣덗볒ꑪꑰ꒣Ꙑ꒧떴맯귈ꓱ룻ꅁ룑ꡍTCRI덗볒꫹쉥꒧궭꣮ꅃ 7덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄꒻론 곣ꡳ걹땻 뵔ꗟ곣ꡳꓨꙖ ꓥ쑭Ꙟ압 룪껆뭠뚰뭐뻣뉺? 군뫢볋ꖻ꒽ꕱ꒧TCRIꭈꗎ뗻떥 EVA뭐STDEVA? 닎군볒ꚡ꓀꩒? 맪쏒떲ꩇ꓀꩒ 떲뷗뭐ꯘ쒳 맏1-1 곣ꡳ걹땻 8덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄ꑃ론 뷗ꓥ걛멣 ꖻ곣ꡳ꒺깥Ꙁ꓀결꒭뎹ꅁꙕ뎹꒺깥뫵굮뮡ꧺ꙰ꑕꅇ 닄ꑀ뎹 뫼뷗 룔굺곣ꡳ냊뻷ꅂ곣ꡳꗘꪺ뭐궫굮꧊ꅂ곣ꡳ냝썄ꅝꕄ굮냝썄ꅂꚸ냝썄ꅞꅂ곣ꡳ낲뮡ꅂ곣ꡳ뵤돲ꅝ곣ꡳ뵤돲덗뵤ꅂ곣ꡳ궭꣮ꅂꝸ쏸Ꝋꩁꅞꅂ곣ꡳ걹땻꓎걛멣떥Ꙁꑃ론ꅃ 닄ꑇ뎹 ꓥ쑭Ꙟ압 뮡ꧺꭈꗎ뗻떥꒺깥꓎띎롱ꅂTEJꗸ띾ꭈꗎ뗻떥꡴닎꒺깥ꅂEVA뉺뷗ꅂEVA꙰꛳맯뒣꓉ꭈꗎ뗻떥ꪺꕜ꿠ꝕ꽱ꅂEVA뭐믈ꛦ껖뙕ꡍ떦ꪺ궷쁉꓎ꭈꓟꅁꕈ꓎EVA곛쏶ꓥ쑭놴끑떥ꅃ 닄ꑔ뎹 곣ꡳꓨꩫ뭐땻Ꟈ ꣌ꕸ왗롧샙띳돸ꑗꖫ쉤꒽ꕱꅁ곣ꡳ듁뚡ꛛ1995꙾ꛜ2003꙾ꅁꑅ꙾뚡꒽ꕱ꒧EVA뭐ꭈꗎ뗻떥꒧쏶ꭙꅆ왛듺ꑷ땯ꗍ륈곹꣆ꗳ꒧꒽ꕱEVA뭐ꭈꗎ뗻떥꒧쏶ꭙꅆꓱ룻륌ꕨ꫑믹ꑗ꓉ꩩ걱듁뚡꒧EVA귈ꅂ꫑믹ꑕ뙞ꩩ걱듁뚡꒧EVA귈ꅁ꓀ꝏ뭐ꭈꗎ뗻떥꒧쏶셰꧊ꅆꙁ둎EVA맯ꕈꯡ꙾ꯗꗸ띾ꪺꭈꗎ뗻떥쏶ꭙꅁ땯뉻EVA꣣ꚳ쒵끔껄ꩇꅃ 닄ꕼ뎹₹튵늪䞻傤삪? 뮡ꧺ맪쏒떲ꩇꅂ맪쏒꓀꩒꓎떲ꩇ띊뻣ꅃ 닄꒭뎹€玵澲管䊵늽ힻ傫?? ꕝꝴ곣ꡳ셠떲ꅂ곣ꡳ땯뉻ꅂꯘ쒳ꕈ꓎뒣꣑ꯡ쓲곣ꡳ꫌꒧냑ꛒꅃ 9덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄ꑇ뎹 ꓥ쑭Ꙟ압 닄ꑀ론 ꭈꗎ뗻떥띎롱ꅂ멣ꚨ굮꿀꓎뗻떥귬ꭨ ꑀꅂꭈꗎ뗻떥꒧띎롱 ꭈꗎ뗻떥ꪺꥷ롱결ꅇ맯뛅냈ꑈ둎걙ꑀ꽓ꥷ뛅냈꒧ꭈꗎ궷쁉ꕛꕈ뗻꛴ꅁꣃꕘ꣣떥꿅꒧띎ꢣꅃ꣤꒺뉛결뗻꛴뛅냈ꑈ꣌뛅냈꧒ꥷ꒧뇸ꗳꅁ빁껉ꙡꓤꕉꝑ꺧꓎쁶쇙ꖻ꫷ꪺ꿠ꑏ꓎띎쑀ꅝ쁸뭔ꅁ1999ꅞꅃꗧꝙ맯꣤쁶뛅꿠ꑏ뙩ꛦ뗻ꓱꅁ꣤ꕝ걁ꅇ ꅝꑀꅞ땯ꛦ엩뗻떥(Issuer Rating)ꅇꝙ맯ꑀ귓ꗸ띾ꛓꢥꅁ꣤뻣엩ꪺ쁶뛅꿠ꑏꅁ뭐냪꒺꣤ꕌ뛅냈ꑈ곛ꓱ룻ꪺꯈ왛뗻꛴ꅃ ꅝꑇꅞ뛅냈땯ꛦ뗻떥(Issue Rating)ꅇ맯꽓ꥷ뛅냈ꛓꢥꅁ뗻꛴뛅냈ꑈ꣌곹럇껉쇙ꖻꕉ꺧ꪺ꿠ꑏꅁꕈ꓎ꚹ뛅냈꧒뒣꣑ꪺꭏ믙꧊ꅃ 둎믈ꛦꛓꢥꅁꭈꗎ뗻떥ꭙ꯼륂ꗎ닎군ꓨꩫ꧎꟞덎ꅁ샀ꥷ뗻떥떥 꿅꧎뗻꓀볐럇ꅁ녎ꙕ뚵뱶암ꭈꗎ꒧쓝꧊꒩ꕈ볆뙱꓆ꅁꕈ녯꓀꧎떥꿅ꪺ낪ꝃ꣓ꫭꗜꭈꗎꭾ뷨꓎ꭈꗎ궷쁉ꪺꓨꩫꅃꭈꗎ뗻떥ꪺ떲ꩇꅁꕩ꣑싧ꥷ뇂ꭈ궫쉉ꅁ뙕듚쁵ꗽꚸꟇ꒧냑ꛒꅁꕈ꓎꧱듚믈ꛦ꣌떥꿅꒧꒣Ꙑ꒩ꕈ굱ꥷ꒣Ꙑ꒧ꭈꗎ썂ꯗ궭꣮뭐뇸ꗳꅆꭈꗎ뗻떥꒧떲ꩇꗧꕩꗎꕈ뿅뙱꧱듚궷쁉꒧낪ꝃꅁ꣓ꡍꥷ꧱듚꒧ꝑ뉶ꅃ ꑇꅂꗸ띾ꭈꗎ멣ꚨ굮꿀 ꫷뿄뻷멣결끬ꡄꝑ볭랥ꑪ꓆뭐궷쁉랥ꑰ꓆ꅁ꧱듚믝귝압ꙷꗾ꧊ꅂ걹냊꧊ꅂꚬ꽱꧊ꅂꚨ꫸꧊뭐꒽꽱꧊귬ꭨꅃꑀ꿫꫷뿄뻷멣뇂ꭈ뗻꛴굮꿀ꚳꑇꅇꑀ결꟫ꑊ굮꿀ꅝInputꅞꅁ꙰ꯈꓡ룪끔뷕걤ꚨꖻꅁꚬꙞ꧱듚ꚨꖻꅂ덦맴껉뚡ꚨꖻꅆꑇ결늣ꕘ굮꿀ꅝOutputꅞꅁ꙰륷듁ꚬ꽱뭐Ꝣ녢ꓱ뉶 (뱂꫷뗘ꅁ2001)ꅃ뗻뙱압ꯈꭈꗎ믹귈ꪺ멣ꚨ굮꿀ꅁꑀ꿫ꛓꢥꅁꕈ2Fꅝꕾ뎡굮꿀뭐꒺뎡굮꿀ꅞꅂ3Fꅝ롧샙굮꿀ꅂ끝냈굮꿀ꅂ뫞뉺굮꿀ꅞꅂ5Cꅝꭾ껦ꅂ꿠ꑏꅂ룪ꖻꅂ뻡ꭏꭾꅂꗸ띾놡맒ꅞ꓎5Pꅝ귉듚ꓡꅂ룪꫷ꗎ덾ꅂ쇙듚꣓랽ꅂ뛅앶ꭏ믙ꅂꗸ띾뮷뒺ꅞ떥귬ꭨꅁ뻚ꕈ륷꛴뇂ꭈ껉ꪺꅵ냲ꖻ궷쁉ꅶ뭐ꅵ륷듁꧒녯ꝑ꽱ꅶꅁꗘꪺ결궰ꝃ꫷뿄뻷멣Ꝣ녢ꪺ궷쁉ꅃ꣤곛꒬쏶ꭙ꙰맏2-1꧒ꗜꅃ ꑔꅂꗸ띾ꭈꗎ뗻떥귬ꭨ ꭈꗎ뗻떥ꭙ륂ꗎ닎군ꓨꩫꅁ굱ꥷ뇂ꭈꯈꓡꭈꗎ뗻떥꧎뗻꓀ꫭ꓎ ꡂ왊ꅁ꯶ꯈꓡꙕ뚵쓝꧊꒩ꕈ뗻떥꧎뗻꓀ꅁꕈ녯꓀꧎뗻떥꒧낪ꝃꅁ뒣꣑뇂ꭈ꫷뿄뻷멣뱦껖꒧냑ꛒꅁꑝꝀ결깴ꝏ꧱듚ꝑ뉶꒧빁ꗎ럇쎷ꅃꗸ띾ꭈꗎ뗻떥귬ꭨ뮡ꧺ꙰10덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꑕꅇ ꅝꑀꅞ꒭C귬ꭨ ꫷뿄뻷멣ꚬ꽱ꪺꕄ굮꣓랽결뇂ꭈ룪늣ꪺꝑ꺧ꚬꑊꅁ뇂ꭈ띾냈ꪺ낷ꗾ뭐ꝟꅁ뛕ꖲ뱶암꫷뿄뻷멣ꪺ곕빬뭐룪ꖻꅃ뛇닎ꑗꅁ뙕듚ꓡꭈꗎ뗻꛴Ꙩ뇄ꗎ5C귬ꭨꅁ룻뗛궫ꅵꪫ꧊꒧끬ꡄꅶꅝ뱂꫷뗘ꅁ2001ꅞꅁ꿷꓀굺꙰ꑕꅇ 1. ꭾ껦ꅝCharacterꅞꅇ꯼뙕듚꫌ꪺ륄뱷ꓴ럇ꅁ꙰귓꧊ꅂ뇐꡼ꅂꗍ겡 ꓨꚡꅂ깡깸굉뒺ꅂꫀ라쏶ꭙ떥ꅃꕈꗸ띾ꛓꢥꅁ꙰믢뻉뚥뱨ꅂ띆뎡ꅂ귻ꑵ꒧굴덤꓎뿄겢뭐ꝟꅁꞡꢬꕈ뱶암ꗸ띾땯깩꒧볧ꑏꅁ굴덤ꑈꪺꭾ껦걏뱶암귉듚ꓡꭈꗎꪺ럭땍ꙝ꿀ꅁ쓝꧳륄뱷궷쁉ꅝmoral riskꅞꅃ 2. 꿠ꑏꅝCapacityꅞꅇ꯼뇂ꭈ맯뙈ꪺ롧샧샲ꝑ꿠ꑏꅁꗸ띾ꪺ늣빐볧ꑏꅂ굴덤ꑈꪺ뫞뉺꓎꧝깩띾냈ꪺ꿠ꑏꅁ쓝꧳냓띾궷쁉ꅝbusiness riskꅞꅃ 3. 룪ꖻꅝCapitalꅞꅇ꯼뇂ꭈ맯뙈ꪺ쁶뛅꿠ꑏ꓎꟫룪끝ꑏꅁꗸ띾ꭈꗎꙮ썡녠쁈ꅵ룪늣믹귈ꅶꪺ쎭ꥷ꧊꓎걹냊땻ꯗꛓ엜ꅁ꧒ꕈ룪ꖻ쓝꧳끝늣궷쁉ꅝproperty riskꅞꅃ 4. 뻡ꭏꭾꅝCollateralꅞꅇ결믈ꛦ뇂ꭈ돌냲ꖻ꒧ꭏ믙ꅁ꙰쏒꣩ꅂ냊늣ꅂ꒣냊늣ꅂ규돦떥ꅃ 5. 롧샧샴맒ꅝCondition of Businessꅞꅇ롧샧샴맒걏꯼ꗸ띾ꕾꙢꪺ롧샙ꙝ꿀ꅁ굙ꗸ띾꧒덂ꪺ샴맒ꭥ뒺둤왛ꅁꭨ룻꒣꧶샲교낪ꪺ뗻떥ꅆ꓏꒧ꅁꗸ띾ꭥ뒺볖왛ꅁꭨꭈꗎ뗻떥룻꣎ꅃ 11덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꭈꗎ굮꿀 ꅝCredit Factorꅞ ꕾ뎡굮꿀 ꒺뎡굮꿀…………………..2F ꅝExternal Factorꅞ ꅝInternal Factorꅞ 롧샙굮꿀 끝냈굮꿀 뫞뉺굮꿀……...3F ꅝEconomic Factorꅞ (Financial Factor) ꅝManagement Factorꅞ 귓ꑈ굮꿀 롧샧샴맒 뻡ꭏꭾ 룪ꖻ 꿠ꑏ ꭾ껦...5C ꅝCondition of ꅝCollateralꅞ ꅝCapitalꅞ ꅝCapacityꅞ ꅝCharacterꅞ Businessꅞ 롧샙뒺껰 뻡ꭏꭾ꒧뫘쏾 끝냈ꪬꩰ 뇐꡼땻ꯗ 뱩ꛦ뛅냈 늣띾샴맒 뻡ꭏꭾ꒧믹귈 롧샧뫞뉺 ꒧룛띎 쑶ꪧ꿠ꑏ 뻡ꭏꭾ꒧꧊뷨 ꟫ 롧 ꭈ 삳엜꿠ꑏ ꫀ라궷뗻 띾곉ꙡꛬ 뻡ꭏꭾ꒧엜뉻꧊ 룪 샧 ꗎ 녍띾ꪾ쏑 덤ꗴ띐 ꗍ늣꟞덎 뻡ꭏꭾ꒧ꕩ빡꧊ ꓀ ꓀ ꓀ 냓띾롧엧 ꒽ꖭꦹ꣓ ꩒ ꩒ ꩒ ꒧띎쑀 귉ꓡ깩뇦 뛅앶ꭏ믙 쇙듚꣓랽 룪꫷ꗎ덾 귉듚ꓡ...5P ꅝPerspectiveꅞ ꅝProtectionꅞ ꅝPaymentꅞ ꅝPurposeꅞ ꅝPeopleꅞ 맏2-1ꗸ띾ꭈꗎ멣ꚨ굮꿀 룪껆꣓랽ꅇ녩ꟓꙖꅝ1996ꅞꅁꅵ삳ꗎ볒뵫뉺뷗꧳꒤ꑰꗸ띾ꭈꗎ뗻떥ꫭ꟯떽ꯘꗟ꒧곣ꡳꅶꅁꅃ 12덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 과냪ꭈꗎ뷕걤ꑈꣳ라ꅝNational Association of Creditmenꅞꅁ녎덯 5CꝀ쉫쏾ꅁ뭻결ꭾ껦뭐꿠ꑏꥍ귓ꑈꚳ쏶ꅁ뫙결ꑈꪺꙝ꿀ꅝPersonal Factorꅞ꧎뫞뉺ꪺꙝ꿀ꅝManagement Factorꅞꅆ룪ꖻ꓎뻡ꭏꭾꭨ결뙕듚ꓡ꒧끝냈ꪬꩰꅁꙝꚹꙘ뫙결끝냈굮꿀ꅝFinancial Factorꅞꅆꗸ띾ꪬꩰꭨ뫙결롧샙굮꿀ꅝEconomic Factorꅞꅃꙝꚹꅁ녱ꕴꑀꢤꯗꛓꢥꅁꭈꗎꪺ굮꿀ꇐ뫞뉺ꅂ끝냈ꅂ롧샙ꑔꑪ굮꿀ꅁꙘ뫙결3Fꅃ굙ꙁꕈ뗻꛴ꙝ꿀꣼뙕듚ꓡ꒺ꕾꙢꪺ뱶암쉫쏾ꅁꕩ녎뫞뉺굮꿀꓎끝냈굮꿀쉫결뭐뙕듚ꓡꚳ쏶꒧꒺Ꙣꙝ꿀ꅝInternal Factorꅞꅁꕈ꓎뙕듚ꓡ때ꩫ놱꣮ꪺ롧샙ꙝ꿀ꅁ쉫결ꕾꙢꙝ꿀ꅝExternal Factorꅞꅁ꒺Ꙣ꓎ꕾꙢꙝ꿀ꅁꙘ뫙결2Fꅃ ꅝꑇꅞ꒭P귬ꭨ 뛇닎ꑗꅁ꫷뿄뻷멣맯뙕듚ꓡꭈꗎ뗻꛴Ꙩ뇄ꗎ5C귬ꭨꅁ쁈뗛늣띾샴맒ꪺꟖ덴엜꓆ꅁ꒽ꕱ롧샧ꮬ멁ꪺ꟯엜ꅁ뇂ꭈ맯뙈ꪺ덗볒ꓩ꽱썥ꑪꅁ샧띾뚵ꗘ꓎룪꫷ꗎ덾ꓩ쇍Ꙩ꒸꓆ꅁ늣띾떲멣꟯엜ꅁꑪꮬ꟫룪군땥뽅뱗ꅁ꒤꫸듁뿄룪믝ꡄ뱗ꕛꅃꙝꛓ뛇닎ꪺ5C뇂ꭈ귬ꭨ덶몥결5P귬ꭨ꧒꣺ꕎꅁ둎뉺뷗뭐맪냈ꪺ꓀꩒꒺깥꙰ꑕꅇ 1. 뙕듚ꓡꅝPeopleꅞꅇ믈ꛦ뱸뇂ꭈꑈ귻맯뙕듚ꓡꪺ뗻꛴ꅁ둎뙕듚ꓡꪺ덤ꗴꅂ롧샧ꚨ껄꓎꣤뭐믈ꛦꦹ꣓놡꟎ꑔ굮꿀ꅁ꣓셁룑뙕듚ꓡꪺ꧓뻡뉻ꩰꅂ롧샧꿠ꑏ꓎꧓뿕뱩곹놡꟎ꅃ ꅝ1ꅞ₳撥䞭璳撤䢪몫纼瞡䊸柀窩삡䊺?窭잡䊪삷粦憦캹䲥梫䢥캤캯?땼곶뿽ꅃ뙕듚ꓡ꒽ꕱ돐ꗟ꧎꙳쓲듁뚡ꅂ꒽ꕱꗸ띾ꓥ꓆꓎띾곉ꙡꛬꅂ꒽ꕱ꙳쓲듁뚡ꚳ때꟯닕ꅈ꟯닕귬ꙝ결꛳ꅈ뱶암땻ꯗ결꛳ꅈ걏ꝟꗑꕾꛦꑈ꣺녯롧샧앶ꅈ꒽ꕱ굴덤ꑈ꓎궫굮띆뎡뻇뻺ꅂꦾ룛ꯗꅂ뙽돐볧ꑏꅂ맯뒺껰엜꓆삳엜꿠ꑏ떥ꅃ꒽ꕱ닕슴ꮬ멁꓎꫑ꩆ떲멣ꅂ꫑ꩆ뚡쏶ꭙꅂ쏶ꭙꗸ띾땯깩볧ꑏꅃꛦ띾ꭥ뒺ꅂ늣ꭾꗍꥒ뙧듁ꅂ늣ꭾ늣빐놡꟎ꅂ늣ꭾ돐띳꿠ꑏꅂ늣ꭾ떲멣꓎ꖫ돵꛻ꚳ뉶ꅂ쑶ꪧꑏ떥ꅃ ꅝ2ꅞ₸柀ꢮ쒡? A. 롧샧셚껄ꅇ뗻꛴꒺깥꙰샧띾썂뱗듮놡꟎ꅂ샲ꝑ꿠ꑏꅂ꫑ꩆ앶꽱돸륓뉶ꅂ룪늣돸륓뉶ꅂ곕빬ꭾ뷨ꭙ꣓ꛛ둠샴꧊ꚬꑊ꧎엜뷦룪늣꧎꟫룪꫑늼ꛓ꣓ꅈ B. 뫞뉺셚껄ꅇ뗻꛴ꪺ꒺깥ꚳ뉻꫷걹뙱ꪺ놱뫞ꅂ걹냊ꓱ뉶뭐덴냊ꓱ뉶ꪺ깴뙚ꅂ꙳덦뭐꙳껆뫞뉺ꪺꪬꩰꅂ룪늣덝돆ꝑꗎ뉶ꅂ끝냈떲멣ꅂ끝냈멢뇬ꅂꚳꝟꭉꗇ뒼뱺끝늣꧎뛉빐놡꟎ꅈ돒룪쏶ꭙꅂ귻ꑵ걹냊뉶ꅂ샴ꭏ띎쏑ꅂꚳ때볧Ꙣ꒽깠꣆ꗳ떥ꅃ 13덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 C. ꣤ꕌ룪늣륂ꗎ놡꟎ꅇ꙰꟫룪걏ꝟ끴Ꙙꖻ띾꧎걏낾싷ꖻ띾ꅈ쏶ꭙꑈꗦ꧶꙰꛳ꅈ ꅝ3ꅞ뙕듚ꓡ뭐믈ꛦꦹ꣓놡꟎ꅇ꙰뙕듚ꓡ꧒꧓뿕꣆뚵ꪺ뱩곹놡꟎ꅂꚳ때끨늼ꅂ륏듁꧎륈굉룛ꭈꛓ꽁덞ꪺ곶뿽ꅈ걏ꝟꕄ냊뒣꣑뱸ꭈ룪껆ꅈ끝냈돸ꫭꪺ꽵맪꧊꙰꛳ꅈ맯롧샧ꪺ궫ꑪ엜냊ꚳ때ꕄ냊ꝩꪾ뇂ꭈ믈ꛦꅁꕈ뫉뙕듚ꑈ삳뫉ꪺ롱냈ꅈ 2. 룪꫷ꗎ덾ꅝPurposeꅞꅇ덱녠룪꫷ꗎ덾꒣ꕾꕇ꣺녯룪늣ꅂ쁶쇙싂ꚳ굴뛅꓎ꕈ뙕듚ꕎ듀뱗룪ꅃ꿷꓀굺꙰ꑕꅇ ꅝ1ꅞ룪꫷ꗎ덾ꗎꕈ꣺녯룪늣ꅇ결돌꣎룪꫷륂ꗎꅁ꒺깥ꕝ걁쇊뙒꣣ꚳꥵ론꧊걹냊룪늣ꅝ꙰꙳덦뙧신꫷ꅞꅁ쇊뙒ꭄꥵ론꧊ꪺ걹냊룪늣ꅝ꙰롧녠꧊뙧신꫷ꅞꅁ꧎뱗롭꥔ꥷ룪늣ꅝ꙰뻷뺹덝돆떥ꅞꅃ ꅝ2ꅞ룪꫷ꗎ덾ꗎꕈ쁶쇙싂ꚳ굴뛅ꅇꚹ뫘룪꫷륂ꗎꓨꚡ꒣꣎ꅁꝙ쓝꧳”ꕈ뛅빩뛅”ꅃ ꅝ3ꅞ룪꫷ꗎ덾ꗎꕈ듀ꕎ뱗룪ꅇꚹ결돌깴꒧룪꫷륂ꗎꅁꝙꕈ뙕듚ꕎ듀뱗룪ꛦ결ꅃ 3. 쇙듚꣓랽ꅝPaymentꅞꅇ쇙듚꣓랽걏믈ꛦ뇂ꭈ뛅앶뵔ꭏꪺ닄ꑀ륄ꢾ뵵ꅁ녱쇙듚끝랽꓎쇙듚껉뻷꣢ꓨ궱뗻꛴ꗸ띾꿠ꝟ빁껉늣ꗍꙘ뉺ꪺ뉻꫷ꅁ꓀굺꙰ꑕꅇ ꅝ1ꅞ쇙듚끝랽ꅇ꯼뙕듚ꓡ뻖ꚳꕒꢬ쇙듚꣓랽ꪺꙘ뉺룪늣ꅁ꙰ꙝꗦ꧶ꛦ결뵔맪꣺녯ꪺ삳ꚬ늼뻚ꅂꝀ결샧륂뙧신걹덱꧒믝ꛓ꣺녯ꪺ빐덦ꅂ뛅앶ꅂ곕빬ꅂ뱗룪ꅂ꣤ꕌ땵듁룪늣엜뉻ꅂꕘꑦꧣ뛗ꚩ쁶ꅂꦡ듁떲뛗쁶쇙떥ꅃ놩뙕듚ꓡ꒧뙕듚ꗎ덾뭐쇙듚꣓랽ꚳ녋꓁곛쏶ꅁ믈ꛦ믝둸뒤ꑕꙃ귬ꭨ뗻꛴뙕듚ꓡ쇙듚끝랽ꪺꙘ뉺꧊ꅃ A. 땵듁ꗎ덾꒧귉듚녯ꕈ땵듁룪꫷ꕒ럭쇙듚끝랽ꅆꕈ꒤꫸듁룪꫷ ꕒ럭땵듁ꗎ덾귉듚꒧쇙듚끝랽ꅁꭨ쓝룻꣎ꪺ쇙듚ꓨꚡꅃ B. ꒤꫸듁ꗎ덾꒧귉듚ꭨꕈ꒤꫸듁룪꫷ꕒ럭쇙듚끝랽ꅆꕈ땵듁룪꫷ꕒ럭꒤꫸듁ꗎ덾귉듚꒧쇙듚끝랽ꅁꭨ쓝룻깴ꪺ쇙듚ꓨꚡꅃ ꅝ2ꅞ쇙듚껉뻷ꅇ뙕듚ꓡ꧳뙕듚ꮴ곹꣬듁껉ꅁ셡ꚳꙘ뉺ꪺ쇙듚끝랽ꅁ꛽꒣꿠빁껉녎룪늣신뒫ꚨ뉻꫷ꅁꗎꕈ뉍쁶뛅냈ꅁꣃ꒣ꕎꫭ룓뙕듚ꓡ꣣ꚳ꽵ꖿꪺ쇙듚꿠ꑏꅁꑀꖹ믈ꛦ쑙껦냵ꛦ뛅앶ꚬꙞꛦ냊ꅁ뙕듚ꓡ꺣ꚳ땯ꗍ뛂꙲귋뎬ꪺ궷쁉ꅃꙝꚹꅁ결뵔ꭏ뙕듚ꓡꪺ쇙듚끝랽꿠빁껉신뒫ꚨ결뉻꫷ꅁ믈ꛦ삳둸뒤꣤뉻꫷걹뙱ꅃ 4. 뛅앶ꭏ믙ꅝProtectionꅞꅇ믈ꛦ결ꢾꓮ꧎궰ꝃ뙕듚ꓡꙝ결쇙듚꣓랽꒣꿠맪뉻ꅁ14덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꙝꛓ덹ꚨꪺ뇂ꭈ띬ꖢꅁ덝군ꑆ닄ꑇ륄ꢾ뵵ꅁꝙ뛅앶ꭏ믙ꅃ뛅앶ꭏ믙ꕩ꓀결꒺뎡ꭏ믙꓎ꕾ뎡ꭏ믙ꅁ꒺뎡ꭏ믙ꭙ꯼믈ꛦ뭐뙕듚ꓡ꒧ꪽ놵ꪺ뛅앶뛅냈쏶ꭙꅁꕝ걁꡽ꙮꪺ끝냈ꓱ뉶ꅂ뻡ꭏꭾ꒧Ꙙꩫ꧊ꅂꞹ뻣꧊ꅂꕩ빡꧊뭐ꖫ돵꧊ꅁꕈ꓎꧱듚ꮴ곹궭꣮뇸ꗳ떥ꅆꛓꕾ뎡ꭏ믙ꑄ꯼ꗑ닄ꑔ꫌꧓뻡뙕듚ꓡ맯믈ꛦꪺꭈꗎ덤ꗴꅁ믈ꛦ믝뗻꛴ꭏ쏒ꑈꅂ굉껑ꑈ꓎꧓뿕ꑈꪺ뱩곹ꭏ쏒놡꟎ꅁ꧎꫑ꩆꦹ꣓ꅂ쏶ꭙꗸ띾맔듚떥뛅앶뚶ꛬ꒧꓁떲꧎꧓뿕떥녱쓝뛅앶쏶ꭙ꒧뵔ꭏꅃ 5. 뙕듚ꑈ깩뇦ꅝPerspectiveꅞꅇꗧ뫙결뇂ꭈ덺뗸꧎ꗸ띾뮷뒺ꅁꕝ걁뙕듚ꓡ꧒쓝늣띾꒧땯깩ꭥ뒺꓎Ꙣ늣띾꒤꧒쓝ꙡꛬꅃꗧꝙ뿅뙱ꗸ띾ꖼ꣓ꪺ땯깩ꅁ륷꛴꓎깩뇦뇂ꭈ꒧냲ꖻ궷쁉뭐꧒녯ꝑ꽱ꅃ 닄ꑇ론 TEJꗸ띾ꭈꗎ뗻떥꡴닎 ꕸ왗롧샙띳돸ꅝTaiwan Economic Journal, TEJꅞꚨꗟ꧳1990꙾4ꓫꅁ녍꫹뒣꣑뗽꣩꫷뿄ꖫ돵냲ꖻ꓀꩒꧒믝꒧룪끔ꅁ롧륌녍띾ꪺ륌쉯뻣뉺꓎샋엧땻Ꟈꅁ산ꝕ꟫룪ꑈꝀꚨ꟫룪ꡍ떦ꅃꗑ꧳ꕸ왗ꗸ띾Ꙗ믈ꛦ뙕듚ꓱ궫뮷낪륌꒽ꕱ뛅ꅁ꫷뿄띾걏돌ꑪꪺꭈꗎ룪끔믝ꡄ꫌ꅁ뙕듚ꗸ띾ꪺ엜냊꧊ꑪꅁ뒣낪ꑆꭈꗎ룪끔ꪺ믝ꡄꅇ껉껄ꥍ쁗뉶ꅁꙐ껉뱗ꕛꑆꭈꗎ룪끔꒧믝ꡄ뙱ꅃꛓ냪꒺ꭈꗎ뗻떥꒽ꕱ뛈ꚳ꒤뗘ꭈ뗻ꅁ꒤뗘ꭈ뗻꧒뒣꣑ꪺꭈꗎ룪끔뵤돲Ꙩꕢ뚰꒤꧳꫷뿄쏒꣩띾ꅁꑀ꿫늣띾꒧뗻떥랥꿊ꅁꑓ꫷뿄뻷멣ꙝ쑶ꪧ꫌ꕛꙨꅁ꿠뒣꣑낪ꭾ뷨ꭈꗎ룪끔꒧ꑈꓢ룻꿊ꅁꭈꗎ룪끔꒧꣑떹뙱ꅂ뷨뭐믝ꡄꚳ뙚싷ꅃꙝꛓꛛ1991꙾ꅁTEJ둎뙽ꥬ곣땯ꑀ깍뗻꛴ꗸ띾ꭈꗎ궷쁉ꪺ꯼볐뫙결TCRIꅝTaiwan Corporate Credit Risk Index, TCRIꅞꅃ ꭈꗎ뗻떥꡴닎ꇐꗸ띾ꭈꗎ궷쁉꯼볐ꅝTCRIꅞ뗻떥땻Ꟈ뇄ꗎꅵꕢ녍깡Ꝑ쉟ꅶ8꒧땻Ꟈꅁ뉛뭜뵤돲ꚳ꒽뙽땯ꛦ꒽ꕱ곹2,400빬깡ꕈ꓎꒽ꕱ뛅땯ꛦꕄ엩ꅁ꣌꒽뙽9룪껆뗻꛴ꭈꗎ궷쁉ꅝ뇆낣꫷뿄ꅂ뗽꣩ꅂ꟫룪ꅂ둃엩떥늣띾ꅞꅃ 8ꓚ뛫몸믈ꛦ뫊뉺ꥥ귻라ꅝBasel Committee on Banding Supervision; BBC ꅞ꧳2001꙾1ꓫ꧒Ꝁ ꪺ믈ꛦ꒺뎡뗻떥꣮ꯗ뷕걤꒤ꅁ녎믈ꛦ꒺ꯘꪺ뗻떥땻Ꟈ쉫꿇ꚨꑔ쏾ꅇꅝ뎯둦곂ꅂ뾽둦꒸ꅁ2004ꅞ ꅝ1ꅞ닎군볒ꚡ꒧땻ꟇꅝStatistical-based processesꅞꇐ꿂ꗎ룪껆깷꓎닎군볆뙱볒ꚡꅃ ꅝ2ꅞꕢ녍깡Ꝑ쉟땻ꟇꅝConstrained expert judgment-based processesꅞꇐꕈ볆뙱볒ꚡ결꦳ꅁꙁꕈꑈ결Ꝑ쉟Ꝁꚳ궭ꯗ꒧귗ꖿꅃ ꅝ3ꅞ녍깡Ꝑ쉟땻ꟇꅝExpert judgment-based processesꅞꇐ꿂꣌녍깡Ꝑ쉟ꅁ볆뙱볒ꚡꕩꚳꕩ때ꅁ굙ꚳ볆뙱볒ꚡꅁꭨ낾싷땻ꯗ때궭꣮ꅃ 9뗻떥뵤돲뇆낣꫷뿄ꅝꝴ믈ꛦꅂ꾲룮ꅂ늣맘쁉ꅞꅂ뗽꣩ꅂ꟫룪ꅝꝴ돐꟫ꅂ꟫ꭈꅞꅂ둃엩떥늣띾꒧ 귬ꙝ결ꅇTCRIꕈ끝돸결냲럇ꅁ뭻결ꭥ굺늣띾ꪺ끝돸룻ꕩ꿠ꖢ꽵꧎꒣ꦵ쓲ꅃꅝ뎯둦곂ꅂ뾽둦꒸ꅁ 15덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꑀꅂTCRI떥꿅띎롱꓎꧱듚띦끴ꅇꅝ뎯둦곂ꅂ뾽둦꒸ꅁ2004ꅞ TCRI떥꿅ꕎ뢹꓀1-9떥ꅁ닄1떥쁵꧳닄2떥ꅁ닄2떥쁵꧳닄3떥ꅁꕈꚹ쏾뇀ꅁꙀ꓀ꕘ9귓ꅵ냲ꖻ떥꿅ꅶꅁ165꓀ꕈꑕ결9떥ꅁ760꓀ꕈꑗ결1떥ꅁ꣤뚡ꕈ85꓀결ꑀ꿅뙚ꕈꫭ2-1ꫭꗜꅇ ꫭ2-1 TCRI떥꿅vs. ꧱듚꧓Ꝁꓨꚡ ꅩ궷쁉ꝏꅪ ꅩ뫮Ꙙ뗻꓀ꅪꅩTCRIꅪ ꅩ꧱듚ꝏꅪ 1 760 2 ꝃꯗ궷쁉 675 Cash flow lending 3 ꅝꭈꗎ꧱듚ꅞ 590 4 505 5 Cash flow lending/ ꒤ꯗ궷쁉 420 Assets lending 6 ꅝꭄꭈꗎ꧱듚ꅞ 335 7 250 Assets lending 낪ꯗ궷쁉 8 ꅝ룪늣꧱듚ꅞꅝ럭ꅞ 165 9 2004ꅞ ꅝ1ꅞꖢ꽵ꅇ끝돸ꖼ둎늣띾궫ꑪ듮띬ꅂ꧎볧Ꙣ띬ꖢ꧒뱗ꕛꪺ굴뛅Ꝁ빁럭꛴ꙃꅃ띎ꝙꅁꑀ볋뎣걏ꗑ라군깶쎱땯ꅵ때ꭏ꽤띎ꢣꅶꪺ끝돸ꅁ꣤ꅵ꒽꒹ꫭ륆ꅶ땻ꯗꅁꕩ꿠ꙝꛦ띾ꝏꚳ엣뗛깴늧ꅃꙨꕢ걏꣼궭꧳ꩫ덗ꅂ띾꫌ꓟ멁꧎라군깶ꪺ걤껖꿠ꑏꅝ꧎띎쑀ꅞꅃ꣒꙰ꅁ믈ꛦꅂ꾲룮띾ꪺ돆ꧨꝢ녢뗻꛴ꅁ꫱꙾꣓볆ꛊ믵꒸ꪺꝢ녢신빐ꅁ꓏걍ꪺ걏ꕈꭥ꙾ꯗꝢ녢ꓖ뒣ꅂ돆ꧨꝢ녢ꝃ꛴ꅂ뉢귈뗪ꙃꅃ늣맘쁉띾91꙾룉뒣ꝑ깴띬ꖢꅁꝙꖼ뒣ꢬꝑ깴띬ꖢꅂ뗪ꙃ뉢귈ꅃ ꅝ2ꅞ끝돸ꪺ꯹쓲ꑏ룻깴ꅇ꟫룪띾ꅂ꣩냓ꛛ샧뎡꓎꧓빐뎡ꅁ꧒뒤ꚳꪺ꫷뿄룪늣ꖫ믹ꩩ냊룻ꑪꅁ륌ꕨꪺ샲ꝑꓴ럇ꅁ꒣ꑀꥷ꿠궫뉻ꅆ뛇닎돐꟫띾꧒꯹ꚳꪺꙨ결ꫬ돐뚥걱꒧꒽ꕱꅁꕩ꿠땯깩결ꧺ걐ꑝꕩ꿠ꓔ꟩ꅃ띎ꝙꅁꑀ볋ꪺ녢궱믹귈ꅁꖼ꣓샲ꝑ꓎꙳쓲ꑏꕩ꿠꣢랥꓆ꅃ 16덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 1. ꭥ4떥꒽ꕱꙨꕢ걏샲ꝑꅁ끝냈떲멣쎭낷ꅁ뫻꯹꒤낪ꯗ걹냊꧊ꅁ맯꒣뒺껰꒧Ƛ삣ꑏ룻낪ꅃꙃ결ꝃ궷쁉ꅁ쇙듚꣓랽곝궫샧륂뉻꫷걹ꑊꅁ놵꫱꧳ꭈꗎ꧱듚ꪺ맯뙈ꅃ 2. 5-6꿅쓝꒤ꯗ궷쁉ꅁ끝냈떲멣쇶뫢쎭꛽샲ꝑ룻깴꧎꒣쎭ꅁ꧎샲ꝑꙮ꛽끝냈떲멣룻깴ꅁ맯Ƛ꒣뒺껰삣ꑏ늤뮹꧳ꭥ4떥ꅁꭨ걏ꭄꢬ썂ꧨꧣ뙕듚ꪺ꧓Ꝁ맯뙈ꅃ 3. 7떥ꕈꯡꙨꕢ걏녠꙾솫띬ꅁ쇶꣢ꖭꅁ꛽라군룪끔ꭾ뷨깴ꅁ꧎끝냈떲멣꿜깺ꅁ걹냊꧊랥깴꫌ꅃꙃ결낪궷쁉ꅂ낪끝냈삣ꑏꅁ꧱듚꫌삳꣺녯뙗귈낪걹냊꧊뻡ꭏꭾ꧎ꭈꗎꙮꪺꭏ쏒ꑈꅃ ꑇꅂTCRIꗸ띾ꭈꗎ궷쁉ꑔꚨꙝ ꗸ띾ꭈꗎ궷쁉ꡍꥷ꧳ꅇꗸ띾엩뷨ꅂ샧륂ꭥ뒺ꅂ롧샧꫌꒧궷쁉낾ꙮ 엩뷨 라군꓀꩒/ꑈꑵ룑얪 ꭥ뒺 ꑈꑵꝐ쉟 ꎻ샲ꝑꭾ뷨?ꎻ귬껆ꅂ늣ꭾ꣑믝엜꓆? ꎻ뭳땻꟞덎 ꎻ끝냈멢뇬ꭾ뷨? ꎻ룪늣낪ꝃ꛴? ꎻ늧녠끔뢹 ꗸ띾ꭈꗎ 엩뷨 끝돸꓀꩒ 궷쁉 롧샧뱨궷쁉/룪늣ꭏꗾ꿠ꑏ ꑈꑵ룑얪 ꆯ끔뢹ꅇꭄ뉺꧊ꙡ쉘ꑪ멢뇬ꅝEVA vs. DEꅞꅂꭄ녠쓲띬꽱걏ꕄ굮ꪺ샲ꝑ꣓랽ꅂ 뒫ꓢ롧샧/롧뉺ꑈꟳ뒫쁗꒴ꅂ꫑늼ꪣꝀ/깷싃꫑ꅝ뱳덝꟫룪꒽ꕱꅞꅂ Ꝺ뽮꒣냊늣 ꆯ₭즴?첦玫? 10ꑔꅂTCRI뗻떥땻Ꟈ TCRI뗻떥땻Ꟈ꓀결ꑔꡂ왊ꅇ ꡂ왊Iꅇ뫮Ꙙ뗻꓀ꆮ냲ꖻ떥꿅 ㄮ₥䢦墨횳낥䒡䆫䒦墨횬낻늡䌠㈮₱???귓끝냈ꓱ뉶⾼욭죂ꮨ쎥寅皦ꢤ䂺墵ﮤ삡䌠 10룪껆꣓랽ꅇꕸ왗롧샙띳돸TEJ룪껆깷ꅃ 17덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ㌮₨첺墵ﮤ삡䆰쾤사??떥ꅁꝙ결냲ꖻ떥꿅ꅁ꙰ꑕꫭ㈭?꧒ꗜꅇ?ꫭ2-2 궷쁉뗻꛴꒧끝냈ꓱ뉶/앶볆 신뒫꓀앶볆궷쁉뗻꛴ꙝ꿀 ꕎꫭ꧊끝냈ꓱ뉶 끝냈ꓱ뉶꒽ꚡ 볆?S⤠(W)jij1.뉢귈돸륓뉶ROE 녠쓲꧊뉢ꝑ/ꖭꞡ뉢귈 1/9 2.샧띾ꝑ꽱뉶OPꉍ 샧띾ꝑ꽱/샧띾ꚬꑊ 1/9 샲ꝑ꿠ꑏ 3.셠룪늣돸륓뉶ROA녠쓲꧊땼ꯡ꺧ꭥ뉢ꝑ 1/9 /ꖭꞡ룪늣 4.덴냊ꓱ뉶ACID 덴냊룪늣/걹냊굴뛅 1/9 걹냊꧊뭐쁶뛅꿠1/9 5.ꝑ꺧ꓤꕘ뉶INT% ꝑ꺧ꓤꕘ/샧띾ꚬꑊ ꑏ ꅝꝴ룪ꖻ꓆ꝑ꺧ꓤꕘꅞ 6.귉듚꣌꙳ꯗDE ꫸땵듁귉듚셠썂/뉢귈 1/9 ꚬ듚ꓫ볆TNAR 1/2ꅝ샧띾ꚬꑊ.5/9 /ꖭꞡ삳ꚬ녢 0ꗸ띾겡냊ꑏ 듚ꅞ ꅝ껄뉶ꅞ 냢덦ꓫ볆TNIVT 1/2ꅝ샧띾ꚨꖻ/ꖭꞡ꙳덦ꅞ 샧띾ꚬꑊREV 샧띾ꚬꑊ 1/9 덗볒 셠룪늣TA 셠룪늣ꅝꕈ3궿샧ꚬ결궭ꅞ1/9 뫮Ꙙ뗻꓀ ꕛ앶9/9 (SCR)=ꍕ((S*W)*9 SCR iijji ꡂ왊IIꅇ꫹쉥떥꿅 ㄮ₥䢳垼튧䂬낪蓼攠††††††?11덗볒꫹쉥ꅇ샧ꚬ꒣꣬5믵꒣ꙃꑊꭥ5떥ꅁ륱ꑬ띾꫹쉥룻낪결10믵ꅃ 샧ꚬ꒣꣬10믵꒣ꙃꑊꭥ4떥ꅁ륱ꑬ띾꫹쉥결20믵ꅃ 샧ꚬ꒣꣬30믵꒣ꙃꑊꭥ3떥ꅆ륱ꑬ띾꫹쉥결40믵ꅃ 샧ꚬ꒣꣬100믵꒣ꙃꑊꭥ2떥ꅃ 샧ꚬ꒣꣬200믵꒣ꙃꑊꭥ1떥ꅃ 2.₥䢰嶰좴掤욪겪炡킰嶰죀ꎤ侫ﲼ?APLꝀ결꫹쉥 끝냈삣꯼볐APLꅇ A(Assets Management)ꅇ꫱듁꒧ꚬ녢꓎깷꙳ꕨ꓆신ꧺ엣ꭋ멃ꅁ뙽ꥬ뽮삣룪 ꅝ룪꫷걹냴뛫꧎낲띾셚ꅞꅃ P(Profitability)ꅇ덳쓲ꑔ듁꟫룪껄꽱꒣맼ꅁ샲ꝑꥼ때ꩫꓤ삳귉듚ꝑ꺧 ꅝROAꇕ귉듚ꝑ뉶ꇕꝑ꺧ꓤꕘ뉶ꅞꅃ L(Liquidity)ꅇ땵듁룪꫷뫲ꭎꇐ룪꫷꿊ꑦꅂ귉듚썂ꯗꝩ뽫ꅁꭈꗎ쉘녩ꝸ쏸ꅃ 11셠룪늣꓎셠샧ꚬꞡ뷕뻣결??꙾??ꓫ꒧ꪫ믹ꓴ럇ꅃ 18덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 3.₥䢪蓼断힥뾰뮵ꖯ얡䆦펱澪蓼斵ꖯ얡? ꡂ왊IIIꅇꑈꑵ룑얪 ꕛꑗ라군꓀꩒ꅂ꫅떡듁룪끔ꅂ늣띾ꭥ뒺꓎롧샧궷쁉ꅂ낾ꙮ떥ꭄ뙱꓆ꙝ꿀ꅁ롧ꗑTEJꝐ쉟ꅂ뷕뻣ꙁ귗ꖿ꫹쉥떥꿅ꅁꡍꥷTCRI떥꿅ꅃ 1. 끝돸/꡴닎ꖻ땍궭꣮ꇐꇐcoverageꅂtime lag ꆮ historical data ꆸ뻺ꕶꖼꖲ궫뉻륌ꕨ ꆸ꫅떡듁띳룪끔ꅇꭥ뒺꓏신ꅂ롧샧뱨엜냊 ꆸ돸ꝩ듁뚡뉛뭜꒣ꢬ ꆸ돸ꝩ귓엩뉛뭜꒣ꢬ 2. 라군볆꙲꛴군ꖢ럭/Ꝁ낲 ꆸꝃ꛴귉듚꣌꙳ꯗ(DE)ꅇꕝ걁깷싃꫑ꅂ쇴싃귉듚ꅁ귉듚ꭏ쏒ꅂꙨ궫셼뛅ꅂꝃ꛴끨ꗰ꫷굴뛅ꅂ낪꛴곕빬떥ꅃ?ꆸ뗪ꙃ룪늣ꅇ꙰Ꝣ녢ꪺ뛅앶뵔ꭏꅂ귉ꓤ꓎꣤ꕌ삳ꚬ듚떥뛅앶뵔ꭏꅂ꫸듁꟫룪꒧믹귈꓎꣤뛅앶뵔ꭏꅂꭏ쏒굴뛅걏ꝟ라덹ꚨ룪늣꒧듮띬떥ꅃ 3. 늣띾ꭥ뒺 ꆸꓨꙖ꧊ ꆸ늣띾ꙡꛬ 4. 롧샧꫌ꪺ궷쁉낾ꙮ/떦늤꧇늧 ꆸ뫞뉺뚥뱨ꪺ롧샧엞뿨꧇늧ꅁ낪셼뛅땯뉻꫷꫑ꝑꅂ뙒깷싃꫑ꅃ ꆸ꟫룪때껄꽱ꅁ꧎EVAꑀꪽ결굴볆ꅁ꛽쇙꯹쓲ꑪ쉘녩ꅃ ꆸ녱꣆륌Ꙩꭄꖻ띾겡냊ꅂ꧎꽁꒣ꙗ앁꣆뚵ꅃ ꆸ롧샧뱨꒣쎭ꅇ쁗뒫뢳꣆꫸ꅂ셠롧뉺ꅂ끝냈롧뉺ꅝꗴ듁꒣꓎ꑇ꙾꫌ꅞꅃ 12ꕼꅂTCRI끝냈꯼볐뭐왛맮볋ꖻ ꅝꑀꅞ끝냈꯼볐ꪺ뿯ꗎ 131. 귧낣ꅵ궷쁉ꅶꥍꅵꚨ꫸ꑏꅶꪺ끝냈꯼볐ꉷꉷꝙ꧒뿗ꪺꅵꭥ뒺륂륄ꅶꥍꅵ롧샧궷쁉ꅶ꓎ꅵ라군ꭾ뷨꓀꩒ꅶꅃ귬ꙝ걏ꅇꭥ뒺뉯꽁ꖼ꣓꧊ꅁꭄ끝돸꧒꫸ꅆꛓ궷쁉ꥍ라군ꭾ뷨ꭨꭄꑀꅂꑇ볆꙲ꕩ뵔뭻ꅁ쇙ꚳ뿠꣤ꕌ룪끔꒧꛵쏒ꥍ녍ꑈ룑얪ꅃ 12룪껆꣓랽ꅇꕸ왗롧샙띳돸ꅁ뫴꾸ꅇ ꅁTCRI끝냈엩뷨꒧꓀꩒ꓨꩫ──끝돸꓀꩒ꅃ 19덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 2. ꑧꙡꪺ뱗귈ꑏꙢ1993꙾ꯡ둎ꧺ뵔궰ꝃꅁꙁꕛꑗ룪껆깷ꥼ때ꩫ뒣꣑ꕩꗎꪺꖫ귈ꅁ녢궱믹귈ꪺꕩꓱ룻꧊곆ꝃꅁꙝꚹ꣺껸룓쏾끝냈꯼볐ꅃ 3. ꦿ뗸뉻꫷걹뙱꒧룪끔ꅁ꽓ꝏ걏샧띾겡냊꒧뉻꫷걹뙱(CFO)ꅃꕄꙝ걏CFOꪺꫭ뉻뫮Ꙙꑆꑔ쏾꒣Ꙑꪺ꣆ꗳꅇ샲ꝑꅂ룪늣륂ꗎ껄뉶ꅂꕈ꓎샧륂덗볒꟯엜ꅃCFO낪꒣꿠ꪽ놵쉫ꙝ꧳ꗴꑀ뫘꿠ꑏꉷꉷ꦳꣬걏샲ꝑꑪꑾ뒣낪CFOꅈ쇙걏쑙놱깷꙳ꅂꕛ뫲뛊ꚬꑾ뒣낪CFOꅈ꧎꫌껚ꖻ걏ꙝꚬ셙샧띾덗볒ꅁ꒣ꗎꙁ뙩덦ꅁꡓꚳ띳녢듚ꑾ뒣낪ꑆCFOꅈ뒫ꢥ꒧ꅁ때ꩫ맯CFOꪺꖿ굴Ꙗꅂꑪꑰꅁꪽ놵Ꝁꕘ뇀뷗ꅃ ꅝꑇꅞ끝냈꯼볐꓀끴꒧왛맮볋ꖻ 왛맮뵤돲ꛛ1988-1997꙾뚡ꪺ꧒ꚳ꒽뙽땯ꛦ꒽ꕱꅁꕝꝴꑗꖫ꓎ꖼꑗꖫ꒽ꕱꅁ꛽뇆낣ꑕꙃ늣띾꓎꒽ꕱꅇ 1. ꫷뿄쏒꣩띾ꅇꕝ걁믈ꛦꅂ꾲룮ꅂꭏ쁉ꅂ쏒꣩ꅂ듁덦ꅂ꟫룪떥덯꣇늣띾ꞡꙝ꣤꯹ꚳ떴ꑪꙨ볆결꫷뿄룪늣꓎꫷뿄굴뛅ꅁ엜냊꧊ꓓ낪ꅁ꒣꿠꣌ꑀ꿫늣띾ꪺꓨꚡ꣓뗻꛴꣤ꭈꗎ궷쁉ꅁ걇뇆낣꒣ꙃꑊTCRI뗻떥맯뙈ꅃ 2. 둃엩ꅂꯘ롧ꅂ압냝ꅂ덮엩ꅂꕘꪩ떥뢣ꑏ녋뚰ꛦ띾ꅇ맯덯쏾꒽ꕱꅁ궷쁉Ꙩꕢꡍꥷ꧳ꗸ띾꒺ꓖ볆쏶쇤ꚨ귻(key man)ꅁ끝냈룪껆꿠뒣꣑ꪺ룪끔ꚳ궭ꅁ걇뇆낣꒣ꙃꑊTCRI뗻떥맯뙈ꅃ 3. 끝냈ꙍ뻷꒽ꕱꅇꗘꭥ결ꗾ썂ꗦ돎꫑ꅂ꧎뫞뉺꫑늼꫌ꅂ뒿ꑗꖫꑓꑕꖫ꫌ꅃ 4. ꒽샧꣆띾ꅇꙝ꒽샧꣆띾굴ꚳ걆떦꧊ꗴ냈ꅁ꣤샧띾ꗘ볐ꅂ롧샧ꡍ떦꒣Ꙑ꧳ꑀ꿫ꗁ샧꣆띾ꅆ꧒ꕈꕩ꿠솫꣬뉢귈결굴쇙쑾쓲ꅂꑝꕩ꿠ꙝ걆떦썢쉟ꛓꚳ볉ꝑꅂ꧎뙗꿅ꚨ꫸결ꑪ꧇썾ꅁ꒣ꕩꕈ녠뉺ꯗ꒧ꅃ걇꒣ꙃꙢ왛맮뵤돲꒺ꅁ꛽꒴걏TCRIꪺ뗻떥맯뙈ꅃ ꚹꕾ쇙뇆낣ꑕꙃꪬꩰ꒧꙾ꯗ룪껆ꅇ 1. 끝냈ꙍ뻷꙾ꯗꅘꅘ꫑ꩆ앶꽱결굴볆ꅃ 2. 끝냈ꙍ뻷꙾ꯗꅘꅘ꒽ꕱ룵늼럭꙾꓎ꕈꯡꅃ 13끝냈꯼볐귓볆ꗑ1991꙾ꪩꪺ20귓듮결1999꙾ꪩꪺ10귓ꅃꕄ굮귬ꙝ걏ꅁ럭꧒ꗎꪺ끝냈엜볆륌Ꙩꅁ꣤앶궫둎꓀뒲ꅁ뻉교떥꿅엜냊걏ꗑꑀ냯ꑰꑰꪺ꓀뚵엜냊멣ꚨꅁ때ꩫ뵔뭻쏶쇤꧒Ꙣꅁ꒣꿠ꅵ뭅땊ꅶꙢ낻맮룑쓀ꑗꅁ룻꒣꿠둸뒤궫쉉ꅃ 20덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 3. ꭄꖿ녠샧띾꙾ꯗꅘꅘ꒽ꕱ둘ꕇ때샧띾ꅁꝙ샧띾썂꒣꓎1,000롕꒸ꅃ 4. ꭄꖿ녠샧띾꙾ꯗꅘꅘ꒽ꕱ샧띾랥쓪ꅁ샧ꚬ결굴볆 5. ꗁ샧꓆럭꙾꓎꒧ꭥꅁ꒣ꝴ꒤뿻ꅃꙝ꒤뿻Ꙣꗁ샧꓆꒧ꭥꑷ궱셻곛럭ꪺ쑶ꪧꅂꕂ걆떦꧊ꑺ륷룻ꓖꅁ꣤샧륂ꗘ볐뭐ꑀ꿫ꗁ샧꒽ꕱ쏾꛼ꅁ걇꒣뚷뇆낣ꅃ 6. ꒽ꕱ귨ꚨꗟꪺꭥꑔ꙾ꅁꝙ뇆낣뙽돐듁ꅃ 닄ꑔ론?EVA뉺뷗 ꑀꅂEVA꒧띎롱? 롧샙꫾ꕛ믹귈ꅝEconomic Value Added, EVA®ꅞ랧꧀ꪺ끟랽곆ꚭꅁHamiltonꅝ1777ꅞꝙ뒣ꕘꑀꗸ띾굙굮돐덹끝둉ꅁ꣤돸륓뉶ꖲ뚷굮뙗륌굴뛅꓎앶꽱ꪺ룪꫷ꚨꖻꅃSolomonsꅝ1965ꅞꯘ쒳ꕈ돑빬ꝑ볭ꅝResidual Income, RIꅞꪺ왛꧀Ꝁ결ꗸ띾뗻꛴셚껄ꪺ럇ꭨꅃꪽ꣬돌꫱Stern Stewart & Co.궺ꗽ녎돑빬ꝑ볭ꪺ왛꧀꣌뻚끝냈롧샙ꪺ뉺뷗귗굱뢨맪ꅁꣃ녎Economic Value Added ꅝEVAꅞꪺꙗ뫙뗹ꕕ땮끏14ꅝꓽ껵꧷ꅂ뱂맅뚲ꅁ 2000ꅞꅃEVA뉺뷗뭐Alfred Marshallꅝ1890ꅞꪺ돑빬ꝑ볭ꅁ15꓎Miller & Modiglianiꅝ1961ꅞꪺMM뉺뷗랧꧀곒곛꛼ꅁ꣤ꥷ롱ꭙ뿅뙱꒽ꕱꙢ걙ꑀ걱듁뚡꧒돐덹ꪺ롧샙믹귈ꅁ걏ꝟ낪꧳꣤꧒ꗎ룪늣꒧룪꫷ꚨꖻꪺ셚껄뫞뉺꯼볐ꅝ뫞꫸ꭃꅁ2001ꅞꅃ녪뷕꒽ꕱꪺ샧띾ꝑ꽱ꖲ뚷뙗륌꣤룪꫷ꚨꖻꅝꕝ걁굴뛅꓎앶 14돑빬ꝑ볭ꅝ剥?楤?慬⁉湣?浥Ⱐꅁ剉ꗑꅞ䅬晲?搠䵡牳?慬??꧳????뒣ꕘꪺ돑빬ꝑ볭ꅝ?敳楤畡??䥮捯浥ꅞꅁ걏ꝑ꽱듮ꕨ꟫룪꒧ꖲ굮돸륓ꅁꗧꝙꗸ띾샧띾ꝑ꽱뙗륌룪꫷ꚨꖻꪺ뎡꓀ꅃ副湡汤⁗⸠䡩汴潮ꅝ?㤹?ꅞꥷ롱ꅇ剉?䥮癥獴浥?琠䍥湴?犡?猠?偲?晩璡?ꅝ?湶䍥??獴瑥??敮ꆦ琠?⁉湶?獴???䍡灩瑡?₡턠䥭?畴?搠?湴?牥獴⁒ꅃ慴R?I걏ꅞꙐ껉ꛒ뱻ꑆ샲ꝑꅂ룪꫷ꚨꖻ꓎꟫ꑊ룪ꖻꪺ꯼볐ꅃ ?15ꕈEVAꅝEconomic Value Addedꅞ왛꧀결냲슦ꪺ뗻믹볒ꚡꅇ Iꇑ(ROICꇐWACC)ꇑTNOPLATꗸ띾믹귈ꇗꗘꭥ꟫ꑊ룪ꖻꇏ ꇏ WACCWACC×(1ꇏWACC)NOPLAT꣤꒤ ꕎꫭꗸ띾륳ꚨ꫸ꑕꅁ뉻ꚳ꟫ꑊ룪ꖻ꧒늣ꗍꪺꖼ꣓곕빬ꪺ뉻귈ꥍꅆ WACCIꇑ(ROICꇐWACC)ꇑT ꕎꫭꗸ띾ꖼ꣓ꚨ꫸뻷라ꪺ뉻귈ꥍꅆ WACC×(1ꇏWACC) Iꕎꫭꗸ띾ꖼ꣓띳뱗꟫룪ꓤꕘꪺ뉻귈ꥍꅆ Tꕎꫭꗸ띾쇈꣺뙗썂돸륓뉶ꪺ꙾궭ꅁꚹ꙾궭띕꫸ꅁꗸ띾믹귈ꑝ띕낪ꅃ ꑗꚡꫭꗜꅁꙢꗸ띾쇈꣺뙗썂돸륓뉶ꭥ뒣ꑕꅁꗸ띾ꚨ꫸꧒녡꣓ꪺꗸ띾믹귈ꗧ녎뱗ꕛꅆ꓏꒧ꅁꙢ뙗썂돸륓뉶떥꧳0꧎ꑰ꧳0ꪺ놡ꩰꑕꅁꗸ띾ꚨ꫸꒣뛈꒣꿠녡꣓ꗸ띾믹귈ꪺ뱗ꕛꅁ곆ꛜꚨ꫸띕낪ꅁꗸ띾믹귈띕ꝃꅃ 21덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 꽱ꅞꅁꑾ꿠몡ꢬ꫑ꩆ꧒꟫룪ꪺꗸ띾궷쁉ꅃ냟ꚳ뙗륌꣤룪꫷ꚨꖻꅁ꒽ꕱꑾ꿠닖뽮끝둉ꅁ돐덹Ꙙ뉺ꪺ돸륓ꅃEVA꒣뛈걏끝냈셚껄ꪺ꯼볐ꅁꙐ껉ꑝ걏ꗸ띾꒺뎡뫞뉺ꪺ뿅뙱꯼볐ꅁ뒣꣑뽅쁹뮤ꙝꅁꭐ꣏뫞뉺꫌ꡍ떦셚껄뙗뙖ꖲ굮ꪺ돸륓ꅃEVA꿠ꚳ꡴닎ꪺꣳꝕ꒽ꕱ덝ꗟꗘ볐ꅂ뗻꛴떦늤꒧ꕩꛦ꧊ꅂꚳ껄뉶ꙡ끴롭룪ꖻꣃ뿅뙱뭐꟯떽꒽ꕱ셚껄ꅃ EVA ꪺ왛꧀ꑗ뭐돑빬꧒녯ꅝRIꅞ곛꛼꒧덂Ꙣ꧳ꅁꙐ껉ꛒ뱻굴뛅ꪺ룪꫷ꚨꖻꕈ꓎룪늣굴뛅ꫭ꒤때ꩫ엣뉻ꪺ앶꽱룪꫷ꚨꖻꅁꛓ꒣Ꙑ꒧덂Ꙣ꧳뷕뻣ꑆ뇄ꗎꑀ꿫꒽뭻라군귬ꭨ꧒덹ꚨꪺ믹귈꟡ꚱꅁ꣏ꗸ띾ꪺ믹귈ꟳ쇍꫱꧳롧샙믹귈ꅃꗑ꧳ꑀ꿫라군귬ꭨ때ꩫ꽵맪꓏걍롧샙뉻맪ꅁ뻉교ꗸ띾꒺뎡꒣럭ꪺ룪랽끴롭ꅁ꧒ꕈ롧샙꫾ꕛ믹귈ꪺꙮ덂걏ꅁꖦ녎라군룪끔신꓆결롧샙뉻맪ꅃ뫞뉺뻇ꖨ삼Peter Drucker꯼ꕘꅁꙢꗘꭥꙕ뫘뿅뙱뻣엩ꗍ늣굮꿀ꪺꓨꩫ꒤ꅁ롧샙꫾ꕛ믹귈돌결궫굮ꅆꗸ띾꣌럓라군곕빬ꖿ녠ꙡꙢ쎺땼ꅁ맪믚ꑗꅁꙢꗸ띾ꪺ샲ꝑ쇙ꡓꚳ뙗ꕘ꣤룪꫷ꚨꖻ꒧ꭥꅁꖦꪺ롧샧맪믚ꑗ걏솫띬ꪺꅃ뛇닎ꪺ라군ꝑ볭ꅁ군뫢껉쇶ꚩ낣뛅냈ꝑ꺧뙏ꗎꅁ꛽ꞹꗾ꒣군뫢꫑앶룪ꖻꅝequity capitalꅞꪺꚨꖻꅁ꧎걏뎡꫹ꪺ롧뉺ꑈꕵꙢꕇ샧띾ꝑ볭ꅁ샧띾ꝑ볭ꖼ녎뛅냈ꝑ꺧뙏ꗎꚩ낣ꅁꙝꚹꡓꚳ꽵ꖿꪺ꓏삳꽵맪ꪺꗸ띾믹귈ꅝAl Ehrbar, 2000, 뛀ꥷ뮷쒶ꅞꅃ셼ꑚ룪ꖻꞡꚳ꣤믹귈ꅁꝙꭋ걏ꛛꚳ룪꫷ꅁ꒴ꚳ꣤ꝑ꺧꒧뻷라ꚨꖻꅁꙝꚹꅁ꫑앶룪ꖻꚨꖻꪺ덝뫢뭐듮낣둎엣녯곛럭궫굮ꑆꅃ ꑇꅂ EVA꒧꒺뉛 롧샙꫾ꕛ믹귈ꅁꙢ롧샙뻇ꑗ뫙꒧결롧샙ꝑ볭ꅝeconomic profitꅞ꧎롧샙꾲ꅝeconomic rentꅞꅁ꣤꒽ꚡ꙰ꑕꅇ 16EVAꇗNOPLATꇐWACC ꇑ 듁ꫬ꟫ꑊ룪ꖻ ꅝꚡ2-1ꅞ ꣤꒤ꅁNOPLA咡?Net Operating Profits Less Adjusted Taxesꅞꕎꫭ땼ꯡ뉢샧띾ꝑ볭ꅁ뗻믹껉ꗑ꧳ꖻ띾뭐띾ꕾꪺ샲ꝑ맪뉻꒧꒣뵔ꥷ꧊ꅁ냲꧳궷쁉ꙝ꿀ꪺꛒ뙱ꅁ 16 EVAꇗꅝROICꇐWACCꅞꇑ 듁ꫬ꟫ꑊ룪ꖻꅝꝤ뇒믊ꅁ2000ꅞ ꣤꒤ROICꕎꫭ꟫ꑊ룪ꖻ돸륓뉶ꅝReturn on Invested CapitalꅞꅁROICꇐWACCꕎꫭꗸ띾ꡃ꟫룪1꒸ꡃ꙾쇈꣺ꪺ꫷썂ꅁꗧꝙ뙗썂돸륓뉶ꅃꗸ띾ꪺ꟫ꑊ룪ꖻ궼ꕈ뙗썂돸륓뉶ꕎꫭꗸ띾Ꙣꚩ낣룪꫷ꚨꖻꯡꡃ꙾꧒썂ꕾ쇈꣺ꪺ뙗썂ꝑ볭ꅃ ꑓROICꇗNOPLAT/꟫ꑊ룪ꖻ 걇ꕩ녎???꒽ꚡ뱧ꚨꅇ?EVAꇗNOPLATꇐWACCꇑ듁ꫬ꟫ꑊ룪ꖻ 22덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 NOPLAT꒣ꝴ띾ꕾ띬꽱꓎꣤땼굴껄ꩇꅃ덯료ꪺ뉢썂ꅝNetꅞꕎꫭꪺ걏ꚩ낣ꙕ뫘라군ꪺ낾깴ꅝaccounting distortionsꅞꯡꪺ뉢썂ꅁ귬ꙝ걏ꪽ놵뇄ꗎ라군ꑗꪺ뉢ꝑ볆꙲ꅁ라ꝃ꛴꽵맪ꪺ롧샙ꝑ꽱ꅁꚳ꣇삳뗸결룪늣ꪺ뚵ꗘꅁ라군ꑗ녎꒧Ꝁ결뙏ꗎ덂뉺ꅁꙝꚹꝃ꛴ꑆ라군뉢ꝑꅝJoel떥, 2004, 냓뿙ꓥ쒶ꅞꅃ WACCꅝWeighted Average Cost of Capitalꅞꕎꫭꕛ앶ꖭꞡ룪꫷ꚨꖻꅁ낲덝룪꫷ꅝ뻷뺹ꅂ륱뢣ꅂ꙳덦ꅂ덝걉ꅞꖻꢭꑝꚳꚨꖻꫡ뙏ꅁ덯쏾ꚨꖻ쏶ꭙ뗛뒣꣑룪꫷ꪺ꫑ꩆ뭐뛅앶ꑈ쑀띎꧓꣼궷쁉ꪺꑪꑰꅁ걇ꑝ뫙결굮ꡄꪺ돸륓뉶ꅝRequired Rate of Returnꅞꅁꕎꫭ맯꫑ꩆ뭐뛅앶ꑈ꧒꧓뻡ꪺ궷쁉ꪺ룉쁶ꅃꙝꚹ쁈꒣Ꙑꪺ늣띾ꅂ꒣Ꙑꪺ꒽ꕱꅂ곆ꛜ꒽ꕱ꒤꒣Ꙑꪺ꟫룪껗ꛓꚳ꧒꒣ꙐꅝJoel떥, 2004, 냓뿙ꓥ쒶ꅞꅃ ꗸ띾꟫ꑊ룪ꖻꕩꕈꙁ꟫룪뉶ꅝReinvestment Rateꅞꫭꗜꅁꙁ꟫룪뉶꯼ꗸ띾ꡃ꙾쇈꣺ꪺ뿺ꅝ꯼뉻꫷걹뙱ꅁꛓꭄ라군곕빬ꅞꅁꚳꛊ꓀꒧둘ꗎ꧳꟫룪ꓤꕘꅝ꙰뉢샧륂룪꫷ꅂ꥔ꥷ덝돆ꟳ띳ꅂ꣤ꕌ룪늣띳쇊떥ꅞꅃ뙗썂돸륓뉶띕낪ꪺꗸ띾ꅁ꙰뫻꯹낪ꪺꙁ꟫룪뉶ꅁꭨ꧒돐덹ꪺꗸ띾믹귈ꟳ낪ꅆ꓏꒧ꅁ꯹쓲Ꙩ꙾ꪺꝃ꟫ꑊ룪ꖻ돸륓뉶ꅁ꙰ꩇꗸ띾꒴뇄낪ꪺꙁ꟫룪뉶떦늤ꅁ쇶꿠꣏ꖼ꣓곕빬ꚨ꫸ꅁ꛽ꗸ띾ꪺ믹귈걏꒣뱗꓏듮ꪺꅁꕎꫭ룪랽ꪺꝑꗎ걏때껄뉶ꪺꅂ뿹뭾ꪺꅃ 닄ꕼ론 EVA꙰꛳맯뒣꓉ꭈꗎ뗻떥ꪺꕜ꿠ꝕ꽱 롧샙꫾ꕛ믹귈꒤ꪺ룪꫷ꚨꖻꅁ둎걏롧샙뻇깡꧒뮡ꪺ뻷라ꚨꖻꅝopportunity costꅞꅃ룪꫷ꚨꖻ꣣엩ꪺꝥ뉻ꅁ랽ꛛ꧳Adam Smithꪺ냲ꖻ왛꧀ꅁꝙꗸ띾ꖲ뚷꿠냷결꣤꧒꟫룪ꪺ룪ꖻꅁ돐덹ꕘ꣣ꚳ쑶ꪧꑏꪺ돸륓ꅃꗸ띾룪꫷ꚨꖻ둎걏ꖲ굮ꪺ돸륓뉶ꅁꙐ껉빁ꗎ꧳꫑앶뭐뛅앶ꅃꗧꝙ꫑ꩆ귌맯꧳ꕌ귌ꭟ쁉꟫ꑊꪺ룪꫷ꅁ냭꯹ꛜꓖ굮녯꣬ꑀ귓놵꣼ꪺ돸륓뉶ꅁ꧱듚믈ꛦ꧒굮ꡄꝑ꺧떹ꕉꅁ꧒ꕈꅁ롧샙꫾ꕛ믹귈걏꫑ꩆ뿅뙱ꝑ볭ꪺꓨꚡꅝAl Ehrbar, 2000, 뛀ꥷ뮷쒶ꅞꅁ꧱듚믈ꛦ뿅뙱ꚬꑊꪺ꣓랽ꅃ 뗻떥ꑄ걏ꑀ귓꫸듁꧊ꪺꛒ뙱ꅁꭄ뛈둎끝냈돸ꫭꪺ꓀꩒뭐샋뗸ꅁ뗻떥꫌ꟳ삳쏶ꓟꗸ띾ꪺꅵꖼ꣓땯깩ꅶꅁꕈ듁ꫭ륆ꖿ뵔ꪺꭥ스꧊ꅃꗸ띾ꪺꅵꖼ꣓땯깩ꅶꅁꕩꕈ녱ꗸ띾롧샧많뚤ꅂꖼ꣓쁶뛅꿠ꑏ꓎ꗸ띾깩뇦꣓뗻꛴ꅆ녱롧샧많뚤ꪺ뫞뉺ꭾ뷨뗻꛴ꅁ꿠ꟳꑆ룑믈ꛦ꧱듚껗ꗳꪺꙷꗾ꧊ꅝ뛀뱷뗏ꅁ1998ꅞꅁꖼ꣓쁶뛅꿠ꑏꕩꗑꗸ띾걏ꝟꚳ뙗썂돸륓꣓뗻꛴ꅁꗸ띾ꖼ꣓깩뇦꓀꩒ꕩꕈꗸ띾뗻믹ꕎ꒧ꅁꛓ꫑ꩆ앶꽱ꅝequityꅞ믹귈ꅁ둎걏ꗸ띾뗻믹ꪺ껖ꓟꅁꙝꚹꖻ곣ꡳ뭻결ꕈꑕꕼ귓뉺ꗑꅁꕩ꣏EVA맯뒣꓉ꭈꗎ뗻떥ꪺꕜ꿠늣ꗍꝕ꽱ꅁ꿷꓀굺꙰ꑕꅇ 23덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꑀꅂꛒ뱻앶꽱ꚨꖻ 냪꒺땯ꗍ냝썄꧱듚ꪺ놡꟎ꅁ덜Ꙩꙝ결룳띾Ꙩꢤ꓆롧샧꧎걏ꖻ띾륌ꯗ쉘녩ꅃ뻇꫌ꩌꭔꙎꅝ2002ꅞ곣ꡳ땯뉻ꅁ륌ꯗ꟫룪쉘ꕒꛦ결ꅁ쑙궫ꙡ꣏꒽ꕱ땯ꗍ끝냈ꙍ뻷ꅃStern Steward & Co. 뭻결뛇닎라군녎꫑ꩆ앶꽱뗸결ꝋ뙏ꪺ룪꫷ꅁꙝꛓꖼ녎꫑ꩆ앶꽱룪꫷ꚨꖻꛛ돑빬ꝑ볭꧎땼ꯡ뉢ꝑꚩ낣ꅁꡓꚳꛒ뱻꧒ꚳ룪꫷꣓랽ꪺꖲ굮돸륓ꅁ꒽ꕱ룪랽꒣럭끴롭ꅁꕈ교땯ꗍ끝냈ꝸ쏸ꅝAl Ehrbar, 2000, 뛀ꥷ뮷쒶ꅞꅃ ꛓEVAꙐ껉ꛒ뱻굴뛅뭐앶꽱ꪺ룪꫷ꚨꖻꅁ꿠꽵ꖿꪺ샋뗸룪꫷ꚨꖻꪺ궫굮꧊ꅃ ꑇꅂ궰ꝃ라군꟡ꚱ ꗑ꧳ꗘꭥꭈꗎ뗻떥꧒꣏ꗎꪺ끝냈돸ꫭꅁ꣼궭꧳ꅵꑀ꿫꒽뭻라군귬ꭨꅶꪺ뵳뭳ꅁꛓꑀ꿫꒽뭻라군귬ꭨꪺ낲덝뭐궭꣮ꅁ녠녠때ꩫ꓏삳롧샙뉻맪꓎ꗸ띾꽵맪믹귈ꅁ라군곕빬꣼꣬꟡ꚱꅃꚹꕾꅁ끝냈돸ꫭ꓀꩒꧒꣏ꗎꪺ볒ꮬ룑쓀ꑏꗧ낾ꝃꅁ귬ꙝꕩ꿠걏ꖼ꿠둸뒤꧒ꚳ꟱쏶ꪺ엜볆ꅁ꧎꫌엜볆뿅뙱낾깴꧒교ꅝꩌꚳꟓꅁ2001ꅞꅁꕈꛜ꧳롧뉺ꑈꕩꕈ뻞놱끝냈ꓱ뉶ꪺ볆꙲ꅃꙝꚹꅁStern Stewart & Co. 결룑ꡍꑀ꿫꒽뭻라군귬ꭨ꒧ꗸ띾믹귈뭐꽵맪믹귈꒧뚡ꪺ깴뙚ꅁ뒣ꕘ164뚵뷕뻣뚵ꗘꅃ꣒꙰ꅁ녎꣣ꚳꖼ꣓껄꽱ꪺꓤꕘꅁ꙰곣땯꓎뱳ꝩ뙏ꗎ떥뷕뻣결룪늣ꑊ녢ꅆ맯꧳꣏ꗎꪽ뵵ꩫ꓎ꕛ덴꟩싂ꩫꚭ듁ꝃ꛴ꝑ볭ꅁꛓꯡ듁낪꛴ꝑ볭ꪺ뉻뙈ꅁꯘ쒳뇄ꅵ쁶뛅냲꫷ꩫꅶ꣓듮ꓖ꟡ꚱ떥떥ꅃ ꑔꅂ귒뻉뉻꫷걹뙱왛꧀ Stern Stewart & Co. 뒣귒뉻꫷걹뙱랧꧀ꅁꕄ녩뉻꫷냲슦ꅁꛓꭄ라군삳군냲슦ꅁ뷕뻣ꭄ뉻꫷ꓤꕘ곬ꗘꅁ꙰럇돆뚵ꗘꅁꕈ꓏걍꽵맪ꪺꝑ볭ꪬꩰꅁꑝꙘꕇ뗻믹ꗸ띾ꖼ꣓쁶쇙ꖻ꫷꓎ꝑ꺧꿠ꑏ꒧맪ꩰꅃ ꕼꅂ뒣꣑ꑀ귓돦ꑀꪺ뿅뙱꯼볐 ꗑ꧳ꗘꭥ꧒꣏ꗎꪺꭈꗎ뗻떥꡴닎ꇐTCRIꇐ뇄ꗎꪺ걏뫮Ꙙꙕ뫘끝냈꯼볐ꅁ꒩ꕈꕛ앶뗻꓀ꅁ꧒ꕈꙕ엜볆ꪺ뱶암ꓨꙖꅁ뙖ꑪ뙖ꙮꅂ꧎뙖ꑰ뙖ꙮꅁ녯롧륌뉍랡Ꝑ쉟ꅆ꙰CFOꪺꖿ굴Ꙗ띎롱꒣ꧺꅁ때ꩫꧺ뵔쉫ꙝ껉ꅁ둎때ꩫꝀ결ꑀ뚵ꛦ냊ꓨꙖꪺ17꯼볐ꅃꙁ꫌ꅁ끝냈돸ꫭꪺꥷ뙱꓀꩒ꅁ쇴ꝴ뗛라군ꭾ뷨ꪺ냝썄ꅁ꙰꙳덦뭐삳ꚬ녢듚ꅁ낪ꪺ꙳덦뭐삳ꚬ녢듚ꅁ꣏걹냊ꓱ뉶뒣낪ꅁ꛽꣤맪걏룪꫷ꚨꖻꪺ뱗ꕛꅁꗸ띾롧샙꫾ꕛ믹귈ꪺ듮ꓖꅁEVA꟤ꕘꗸ띾Ꙣꚨꖻꕈ꓎꣏ꗎ룪ꖻ덯꣢ꓨ궱꧒덹ꚨꪺ 17 ꕸ왗롧샙띳돸뫴꾸ꅇꅁTCRI끝냈엩뷨꒧꓀꩒ꓨꩫꉷꉷ끝돸꓀꩒ꅃ 24덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 껶뙏ꅃꙝꚹEVA뒣꣑ꑀ귓돦ꑀꪺꗸ띾믹귈뿅뙱꯼볐ꅁ곛늧꧳ꕈꦹꅁ꒣Ꙑ늣띾꧎꒣Ꙑꪺ끝냈뫞뉺ꅁꙢ뗻떥ꑗꅁꕩ꿠굮꣏ꗎ꒣Ꙑꪺ끝냈꯼볐꣓뿅뙱ꅁꓓ륌꧳뷆싸ꅁꑓ뱸ꭈꑈ귻ꕩ꿠맯ꛦ띾꽓꧊ꑝ꒣보노ꅁꕂEVAꪺ귈띕낪띕ꙮꅁ룑ꡍ꣏ꗎ끝냈ꓱ뉶ꓓ낪꧎ꓓꝃ뎣꒣ꯪ럭ꪺꝸ쉚ꅃ ꒭ꅂꑆ룑ꗸ띾ꖿ뵔ꪺ샧륂ꡍ떦 EVA꒣뛈걏뿅뙱셚껄ꪺꓨꩫꅁꙐ껉ꕩꕈ셁룑꒽ꕱꚳ때ꖿ뵔ꪺ샧륂ꡍ떦ꅃStern Stewart & Co.녪뷕굮뿅뙱EVAꅁꕩꕈ녱ꑔ귓ꓨꙖ뗛ꓢꅇ닄ꑀꅂꗸ띾걏ꝟ뿯뻜꟫ꑊ룪ꖻ돸륓뉶낪꧳룪꫷ꚨꖻꪺ띳꟫룪껗ꅝROICꇖWACCꅞꅆ닄ꑇꅂ뿅뙱ꗸ띾걏ꝟꙢ귬ꚳ룪늣꒣엜냊ꑕꅁ뒣꓉룪늣껄뉶ꅁ뱗ꕛROICꅆ닄ꑔꅂ걏ꝟ듮ꓖꑰ꧳룪꫷ꚨꖻꪺ꟫룪ꅁꕩ꣌ꚹ꣓셁룑ꗸ띾걏ꝟꚳꖿ뵔ꪺ샧륂ꡍ떦ꅃ 닄꒭론 EVA뭐믈ꛦ껖뙕ꡍ떦ꪺ궷쁉꓎ꭈꓟ 뻣엩롧샙꣓곝ꅁꭈꗎꗦ꧶ꕩꕈꭐ꣏끝덦돒냈ꚳ껄ꪺ륂ꗎꅁ꣫뽅롧샙ꪺꚨ꫸ꅆ둎ꗸ띾ꛓꢥꅁꗸ띾ꕩꕈ싇ꗑꭈꗎꗦ꧶꣓뒣낪끝냈멢뇬ꅁ쉘ꑪ롧샧덗볒ꅁ돐덹ꝑ볭ꅁ땍ꛓꑝ구ꗍ뱸ꭈꅂ뇂ꭈꅂ뛅앶뵔ꭏꅂ뛅듚ꚬꙞ떥뷆싸ꪺ냝썄ꅃ꒣럭ꪺꭈꗎ쉘녩꧎뇂ꭈꡍ떦뿹뭾ꅁ꧒뻉교ꪺ뛅앶때ꩫꚬꙞꅁ쑙궫꫌라뱶암꫷뿄땯깩뭐꾴ꟇꅃꙢ믈ꛦ뇂ꭈꡍ떦륌땻꒤ꅁ믈ꛦ결ꑆ뗻꛴뇂ꭈꡍ떦볧Ꙣꪺ돸륓뭐궷쁉ꅁꖲ뚷맯ꗸ띾ꪺ롧샧뭐끝냈ꪬꩰꕛꕈꑆ룑꓎꓀꩒ꅁꗸ띾끝냈ꪬꩰꪺꙮ썡ꅁ라뱶암믈ꛦꪺ뇂ꭈꡍ떦ꅃꛓ끝냈돸ꫭꪺꕾ뎡꣏ꗎ꫌ꅁ롧녠땯ꗍ룪끔꒣맯뫙ꪺ놡ꩰꅁ롧샙뻇깡ꑝ믢꺩꣬귓ꑈ꧒꿠뻖ꚳꪺ룪끔ꚳ꣤궭꣮ꅁꛓꕂ덯뚵궭꣮맯꧳곣ꡳ롧샙ꛦ결걏꒣깥ꦿ늤ꪺꅝThakor, 1991ꅞꅁꙢꟚ냪맪냈ꑗꅁꭜ껼땞ꅝ1993ꅞ뭐뛀뱷뗏ꅝ1993ꅞꞡ땯뉻ꅁ냪꒺룪꫷뿄덱ꖫ돵꒤ꅁ귉뙕싹ꓨ꙳Ꙣ쑙궫ꪺ룪끔꒣맯뫙ꅁꛓ럭믈ꛦ때ꩫꞹꗾ냏륪뙕듚꫌ꮬ멁ꅝ궷쁉꽓꧊ꅂ꿠ꑏꅂꝖꑏꓴ럇…떥ꅞ껉ꅁꙝꛓꙢ뙕듚륌땻꒤뒣낪ꝑ뉶ꅁꛓ뻉교끦뿯뻜꓎륄뱷궷쁉ꪺ꙳Ꙣꅁ꣒꙰꧱듚떹꒣빁럭ꪺ뙕듚ꓡꅁꙝꚹ늣ꗍ꧱듚ꡍ떦ꪺ궷쁉ꅁꭤ듮껖뙕ꪺꭈꓟꅃ Ꝥ뇒믊ꅝ2000ꅞ꯼ꕘꅁEVA꒣꛽걏ꙮꪺ롧샧셚껄꯼볐ꅁ쇙ꕩꕈ덺륌끝냈ꡍ떦ꭾ뷨꓀꩒꟤ꕘꙮꪺ뫞뉺꫌ꅃ럭ꗸ띾꟫ꑊ룪꫷륂ꗎ꧒늣ꗍꪺ돸륓뉶ꑪ꧳룪꫷ꚨꖻꅁꫭꗜꚳꖿꪺ뙗썂돸륓뉶ꅁ덺륌뙗썂돸륓뉶꓀꩒ꅁꕩ땯뉻ꙮꪺꛦ띾ꅃꙝꚹꅁꖻ곣ꡳ뭻결ꕈEVAꕩꕈ덺륌꫑ꩆ앶꽱룪꫷ꚨꖻꪺ덝뫢ꅁꚩ낣룪꫷ꚨꖻꯡꪺ곕빬ꅁꡄ뫢ꗸ띾꽵ꖿꪺ믹귈ꅁ꣓듮ꓖꕾ뎡꣏ꗎ꫌ꪺ룪끔꒣맯뫙ꅆ덺륌뙗썂돸륓뉶꓀꩒ꅁ꟤꣬ꙮꪺ꧱듚볐ꪺꅁ꣓뱗녪껖뙕ꡍ떦ꪺꭈꓟꅁꕂ냟ꚳ쇈꣺ꖿꪺ뙗썂돸륓25덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 뉶ꪺꗸ띾ꅁ쑾쓲롧샧믹귈ꑾ라뙗륌룪늣덂꓀믹귈ꅃꙝꚹEVAꕩꕈꣳꝕ뇂ꭈ꫌궰ꝃ룪끔꒣맯뫙ꓞ끟ꪺ껖뙕궷쁉ꅁꣃꕂ덺륌ꕈꑕ뙗썂돸륓뉶꓀꩒뭐ꙁ꟫룪뉶냏꓀ꕼ쏾꧱듚볐ꪺꅁ꣓ꕛ녪껖뙕ꡍ떦ꪺꭈꓟꅁ꿷뮡ꧺ꙰ꑕꅇ ꑀꅂꖿꪺ뙗썂돸륓뉶/낪ꙁ꟫룪뉶 럭ꗸ띾샲꣺뙗썂ꪺ돸륓뉶ꅁꑓ뇄꣺낪ꙁ꟫룪뉶떦늤ꅁꚹ뫘ꗸ띾샲ꝑ꿠ꑏ꣎ꅁꗸ띾믹귈낪ꅁꕩꕈꝀ결꫸듁뇂ꭈꪺ볐ꪺꅃ ꑇꅂꖿꪺ뙗썂돸륓뉶/ꝃꙁ꟫룪뉶 ꗑ꧳ROIC꓏걍ꪺ걏륌ꕨꪺ셚껄ꅁꛓꙁ꟫룪뉶꓏걍ꪺ걏롧샧꫌맯ꖼ꣓볖왛꧎둤왛ꪺꓟ멁ꅁ럭꣢꫌꒣ꑀ교껉ꅁ꧱듚ꑈ귻Ꝁ뇂ꭈꡍ떦껉둎늣ꗍ룪끔꒣맯뫙ꑕꪺ뭻ꪾ깴늧ꪺꝸ쉚ꅃ꟫룪ꓤꕘꪺꚨ꓀ꕝ걁ꑆ뉢샧륂룪꫷ꅂ꥔ꥷ룪늣ꅂ꣤ꕌ룪늣ꑔꑪ쏾ꅁ뉢샧륂룪꫷ꙁ꟫룪뉶ꪺ뱗ꕛꅁ룻ꕩ꿠꓏걍ꪺ걏라군곕빬ꭾ뷨ꪺ둣꓆ꅁꛓ꒣걏꓏걍뫞뉺꫌맯ꖼ꣓ꪺ볖왛ꅆ곛맯ꙡꅁ꥔ꥷ룪늣ꪺꙁ꟫룪뉶꒧뱗듮ꅁ룻꿠ꖿ뵔꓏걍롧샧꫌맯ꖼ꣓볖왛꧎둤왛ꪺ륷듁ꅁ걇뇂ꭈ뗻꛴껉ꕩ꣌ꚹꕛꕈ꓀뿫ꅃ ꑔꅂ굴ꪺ뙗썂돸륓뉶/낪ꙁ꟫룪뉶 륌낪ꪺꙁ꟫룪뉶띎ꣽ낪ꪺ뿄룪삣ꑏꅁ럭뙗썂돸륓뉶결굴ꅁꗸ띾ꑓ뇄꣺뿹뭾ꪺꚨ꫸떦늤ꅁꚹ뫘ꗸ띾궱셻룻ꑪꪺꭈꗎ궷쁉ꅁ뇂ꭈ뗻꛴껉삳Ꙩꕛꛒ뱻ꅃ ꕼꅂ굴ꪺ뙗썂돸륓뉶/ꝃꙁ꟫룪뉶 †뫞뉺꫌ꚳꖿ뵔ꪺ꟫룪떦늤ꅁꚹ뫘ꗸ띾꒴ꕩ돐덹ꗸ띾믹귈ꅃ럭ꑀ깡꒽ꕱ곕빬ꚨ꫸뉶낪ꅁ꒣ꑀꥷ둎걏ꙮ꒽ꕱꅁꙝ결꙰ꩇ꒽ꕱꪺ뙗썂돸륓뉶결굴ꅁ꛽꒴ꚳꯜ낪ꪺꙁ꟫룪뉶ꅁꭨꚹ껉곕빬꒴라뱗ꕛꅁ꧒ꕈ뇂ꭈ뗻꛴껉굮ꑰꓟ곕빬ꚨ꫸ꪺ낲뙈ꅃ 닄꒻론 EVA꒧군뫢뭐곹럭앶꽱럇돆뷕뻣뚵ꗘ ꑀꅂEVA꒧군뫢 Copeland, Koller & Murrin (1990)뒣ꕘꅁ뗻꛴ꗸ띾믹귈ꪺ왛꧀ꕈ뉻꫷걹뙱뗻믹ꩫꅁꕩꕈ뗻꛴ꗸ띾ꗎ꣓ꓤꕉꖻ꫷ꅂꝑ꺧ꅂꓤꕉ꫑ꝑꕈ꓎뙒Ꙟ꫑ꗷꪺ꿠ꑏꅁEVAꪺ왛꧀닅Ꙙ뉻꫷걹뙱ꪺ왛꧀ꅁ군뫢EVAꝙ녎삳군냲슦신결뉻꫷냲슦ꅃ껚뻚Stern Stewart & Co. 맯EVAꪺꥷ롱ꅇEVA걏ꑀꗸ띾땼ꯡꪺ뉢샧륂꧒녯ꅝNet Operating Income After Taxesꅞꥍ앶꽱꓎굴뛅꒧룪꫷ꚨꖻꅝCost of Capital of Both Equity and Debtꅞꪺ깴썂ꅃ뫮Ꙙ냪꒺뻇꫌곛쏶꒧곣ꡳꅝ꫾뿽꒭ꅞꅁ띊뻣EVA꒧군뫢꒺깥꓎뷕뻣뚵ꗘ꙰ꑕꅇ ꅝꑀꅞNOPLATꅝNet Operating Profits Less Adjusted Taxesꅞ 26덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 땼ꯡ뉢샧띾ꝑ꽱ꇗ꺧ꭥ땼ꭥ곕빬ꅝEBITꅞꇐ꺧ꭥ땼ꭥ곕빬땼썂ꇏ뮼ꦵ땼굴엜냊볆 꺧ꭥ땼ꭥ곕빬ꅝEBITꅞꇐ꺧ꭥ땼ꭥ곕빬땼썂ꅁ결Ꙣꡓꚳ셼뛅롧샧놡ꩰꑕꪺ뉢ꝑꅁꗽ꟢뿄룪ꡍ떦꧒덹ꚨꪺ뱶암뇆낣ꅁꗧꝙ낲덝ꗸ띾ꞹꗾꡓꚳ맯ꕾ셼뛅ꅁꞹꗾꕈ띾ꕄ앶꽱뿄룪ꅁꛓ뿄룪ꡍ떦꧒덹ꚨꪺ뱶암Ꙣ군뫢룪꫷ꚨꖻ껉ꙁ덂뉺(ꓽ껵꧷ꅂ뱂맅뚲ꅁ2000)ꅃꕴꕾꅁEVA꯼돦꿂ꗑ꒽ꕱ샧륂결꒽ꕱ돐덹ꚬ꽱ꪺ뎡꓀ꅁ ꧒ꕈNOPLAT꒣ꕝ걁ꭄ샧띾ꝑ꽱뭐ꭄ녠띬꽱ꅃ 1. 꺧ꭥ땼ꭥ곕빬ꅝEBITꅞꕎꫭ꒽ꕱꙢ럭듁ꗑꖻ띾꧒샲녯ꪺꖼ듮ꝑ꺧ꭥ꒧땼ꭥ샧띾ꝑ꽱ꅃ 빐덦ꚬꑊ ꇐ빐덦ꚨꖻ ꇐ빐뫞뙏ꗎ ꇐ꟩싂꓎앵빐ꅝ때꟎룪늣앵빐ꅁ꒣ꕝꝴ냓앁앵빐ꅞ ꇏ꣤ꕌꚬꑊꅝꝑ꺧ꚬꑊ낣ꕾꅞ ꇐ꣤ꕌ뙏ꗎꅝꝑ꺧뙏ꗎ낣ꕾꅞ ꇗ꺧ꭥ땼ꭥ곕빬ꅝEBITꅞ 2. 꺧ꭥ땼ꭥ곕빬땼썂ꅝTax on EBITꅞ결ꖻ띾샧띾ꝑ꽱ꪺ셠땼썂ꅃ ꧒녯땼뙏ꗎ ꇏꝑ꺧뙏ꗎ땼곞 ꇐꝑ꺧ꚬꑊ꒧땼굴 ꇓ ꭄ샧띾ꝑ녯뭐띬ꖢ꒧땼썂 ꇗEBITꪺ꧒녯땼 3. 뮼ꦵ땼굴엜냊볆ꅝChange in Deferred Taxesꅞ결꒽ꕱꪺ뮼ꦵ꧒녯땼ꭥꯡ듁엜냊볆ꅁꗑ꧳ꭥ뚵2ꪺ땼썂결라군냲슦ꑕꪺ땼굴ꅁꣃꭄ맪믚ꪺ뉻꫷땼굴ꅁꙢ뿅뙱EVA껉ꅁꑄ걏ꕈ뉻꫷냲슦결ꛒ뙱ꅁ녎삳군냲슦신결뉻꫷냲슦ꅁꝙ녎라군꧒녯뭐뷒땼꧒녯꧒늣ꗍ꧒녯땼ꪺ깴늧꒩ꕈ뷕뻣ꅁꕈ녯ꕘꗸ띾ꪺ뉻꫷땼굴ꅃ ꅝꑇꅞ꟫ꑊ룪ꖻꅝInvested Capitalꅞ ꒽ꕱꙢꖻ띾샧륂ꑗ꧒꟫ꑊꪺ룪ꖻ셠썂ꅁꕝ걁ꅇ럭꙾ꯗ뉢샧륂룪꫷ꅂ꥔ꥷ룪늣뉢썂꓎꣤ꕌ룪늣뉢썂ꅃ 1. 뉢샧륂룪꫷ꅇROICꪺꗘꪺꙢ뿅뙱샧륂껄꽱ꅁ걇걹냊룪늣꒣ꕝ걁뉺끝꧊뷨ꪺ땵듁ꚳ믹쏒꣩ꅁ걹냊굴뛅꒣ꕝ걁뉺끝꧊뷨ꪺꕉ꺧굴뛅ꅃꙝꚹꅁ뉢샧륂룪꫷ꇗ샧륂ꗎ덾ꪺ걹냊룪늣ꇐ꒣ꕉ꺧ꪺ걹냊굴뛅ꅁ녎꒣ꕉ꺧ꪺ걹냊굴뛅ꛛ룪늣꒤ꚩ낣ꅁꕈꡄꕘ샧륂룪ꖻꅁꑄ걏냲꧳EVAꗟ돵뭻결ꅁ룪ꖻꪺ꣺녯뭐삳ꗎ삳ꚳꝑ27덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 꺧ꚨꖻ꧎뻷라ꚨꖻꅁꛓ꣓ꛛ때꺧땵듁굴뛅ꪺ룪꫷ꚨꖻ때뻷라ꚨꖻꅁ걇삳꒩뇆낣ꅃ 2. ꥔ꥷ룪늣뉢썂ꅇ결꒽ꕱ꥔ꥷ룪늣ꪺ뉢녢궱믹귈ꅁꝙ ꥔ꥷ룪늣뉢썂ꇗ꥔ꥷ룪늣ꇐ닖군꟩싂 3. ꣤ꕌ룪늣뉢썂ꅇ ꣤ꕌ룪늣뉢썂ꇗꗑ샧띾겡냊꧒늣ꗍꪺ꣤ꕌ룪늣ꇐ꣤ꕌ굴뛅 ꒣ꕝ걁띾ꕾ꟫룪ꪺ꫸듁꟫룪뎡꓀ꅁ뛈꯼ꖻ띾뎡ꗷꅃ뉺ꗑ걏ꅁꩶ뉺꡽ꙮꅂꖿ녠샧륂꒧꒽ꕱꅁ롧샧많뚤ꕈ꫑ꩆꥍꝑ꽱쏶ꭙꑈꪺꝑ꽱결꣌쉫ꅁ꣓ꛒ뙱ꚳ때ꖲ굮뙩ꛦ꫸듁꟫룪ꅁ롧샧많뚤덱녠ꕈꖻ띾결궫ꅁ꒣쑀뮴꽁ꑊ궯ꗍ믢냬ꅁ꧎덝끝냈놱꫑ꑬ꒽ꕱ꣓꧔뙽끝냈멢뇬뻔뵵ꅁ꽁ꑊ끝냈낪궷쁉ꅃꙝꚹꅁꙮꪺ꒽ꕱꅵ꫸듁꟫룪ꅶ꛻룪늣셠썂ꪺꓱ꣒덱녠꒣낪ꅁꕂ꫸듁ꙷꥷꅃ곛맯ꪺꅁ냝썄꒽ꕱꪺ꫸듁꟫룪ꪺ꫷썂뭐ꓱ꣒ꕩ꿠꫸듁뾱뗈ꅁ신꟫룪꣆띾ꪺ쏶ꭙꗸ띾뫴룴뫸녋ꅁ룪꫷덱룴뷆싸ꅁ맯룪꫷꣑떹꫌룻때ꙷꗾ띐ꅃꙝꚹ군뫢EVA껉ꅁ녎꫸듁꟫룪귧낣꒣군ꅃ 군뫢EVA껉ꅁ꣏ꗎ듁ꫬ꟫ꑊ룪ꖻꪺ뉺ꗑ걏ꅁꚬ꽱ꥍꚨꖻ뎣걏걹뙱ꪺ왛꧀ꅁPꇐPt0꧒ꕈ돸륓뉶Rꇗ ꅁPꇗcapitalꅁ t00P0PꇗcapitalꇏNOPLATꅁ꧒ꕈ t0capital+NOPLATꇐcapital00NOPLATRꇗ ꇗ ꇗROIC(녩꿀륡ꅁ1999ꅞꅃ tcapitalcapital00ꅝꑔꅞWACCꅝꕛ앶ꖭꞡ룪꫷ꚨꖻꅞ ꕛ앶ꖭꞡ룪꫷ꚨꖻ꯼앶꽱꓎굴뛅꒧룪꫷ꚨꖻ꣢뫘ꚨꗷꪺꕛ앶ꖭꞡꅁ꒽ꚡ꙰ꑕꅇ DS WACCꇗKꅝ1ꇐTꅞꅅ ꇏ Kꅅ ꅝꚡ2-2ꅞ DCSD+SD+SDꅇ굴뛅셠썂ꅝ꒣ꝴ꒣군꺧꒧걹냊굴뛅ꅞ Sꅇ꫑ꩆ앶꽱셠썂 Kꅇꖭꞡ굴뛅룪꫷ꚨꖻꇗꝑ꺧ꓤꕘ/군꺧굴뛅 DKꅇ꫑ꩆ앶꽱룪꫷ꚨꖻꅁꑀ꿫곣ꡳꕈ룪ꖻ룪늣ꥷ믹볒ꚡꅝCapital Asset Pricing SModel, CAPMꅞ꣓군뫢ꅁ꣌뻚룓뉺뷗ꅁ결ꑀ룪늣ꪺ믹껦궷쁉ꭙꕈ꣤때ꩫꙨꢤ꓆ꪺ엜늧볆(nondiversifiable variance)꣓뿅뙱ꅁꕂ꣤륷듁돸륓뭐ꚹ궷쁉ꚳ쏶ꅃꛓꚹꑀ때ꩫꙨꢤ꓆ꪺ궷쁉ꭙꕈ꣤ꢩꕌꭙ볆(beta)꣓뿅뙱ꅝ녩ꓥ볝ꅁ1999ꅞꅁ꒽ꚡ꙰ꑕꅇ 28덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 E(R)ꇗRꇏꍝꆯ(E(R)-R) ꅝꚡ2-3ꅞ fmf1. Rꅇ때궷쁉ꝑ뉶ꅁꝙ꒣꧓뻡ꗴ꛳궷쁉ꑕ꒧돸륓ꅃꝤ뇒믊ꅝ2000ꅞ꯼ꕘ꟫룪ꑈFꙢꓱ룻꟫룪볐ꪺ껉ꅁꛒ뙱ꪺ걏꫸듁때궷쁉꧊룪늣ꅁꛓꭄ땵듁꟫룪ꑵ꣣ꅁꕄ녩R삳꯼꫸듁ꝑ뉶ꅁ꣒꙰30꙾듁꒽뛅듞ꝑ뉶ꅃ냪ꕾ뻇꫌Brigham and GapenskiFꅝ1993ꅞ뇀싋ꕈ20꙾듁걆ꦲ꒽뛅ꅂCopeland, Koller & Murrinꅝ1994ꅞꭨ뇀싋ꕈ10꙾듁꒽뛅꣓뿅뙱때궷쁉ꝑ뉶ꅃ냪꒺뻇꫌곣ꡳ꟫룪돸륓뉶꓎Ꝁ결뿅뙱셚껄껉꯼볐ꅁꛒ뱻걹냊꧊꓎륈곹궷쁉ꪺ싹궫ꛒ뱻ꑕꅁ곒ꕈ땵듁믈ꛦꥷ꙳ꝑ뉶꧎땵듁냓띾ꖻ늼ꝑ뉶듀ꕎ때궷쁉ꝑ뉶ꅁꙝ냪꒺꫸듁걆ꦲ꒽뛅걹냊꧊ꝃꅁ냪ꑈ닟멄ꕈꥷ듁꙳듚룻Ꙩꅁꕂ뭻결땵듁궷쁉룻꫸듁ꝃꅃ 2. E(R)-Rꅇ뻣엩쏒꣩ꖫ돵곛맯꧳때궷쁉ꝑ뉶ꪺ돸륓뙋ꓴ(risk premium)ꅁꗧꝙmf18ꖫ돵궷쁉랸륓꧎ꖫ돵궷쁉뙋ꓴꅁꕎꫭꙨ뱗ꕛꑀ돦ꛬ궷쁉꧒굮ꡄ꒧썂ꕾ돸륓ꅃ꫸듁ꛓꢥꅁ궷쁉랸륓삳결ꖿ볆ꅁ땵듁ꭨ꒣쎭ꥷꅃ덱녠E(R)ꕈ볋ꖻ냏뚡m꒧ꕛ앶꫑믹꯼볆ꖭꞡ돸륓뉶꣓ꫭꗜꅆꛓ돸륓꯼볆ꇐꕝꝴ룪ꖻ뱗귈꓎뉻꫷꫑ꝑ19ꙁ꟫룪ꅁꕛ앶꫑믹꯼볆ꇐ뛈ꕝꝴ룪ꖻ뱗귈(뇤꒤Ꟃꅂꚶꑪ꒤ꅁ2000)ꅁRoger G. ClarkeꥍMeir Statmanꅝ1999ꅞ곣ꡳ땯뉻Ꙣ군뫢돸륓뉶껉ꅁ꙰ꩇꦿ늤ꑆ뉻꫷꫑ꝑꪺꙁ꟫룪ꚬ꽱ꅁꕩ꿠라쑙궫ꝃ꛴꟫룪돸륓뉶ꅃ 3. ꍝꅇꙢ룪ꖻ룪늣ꥷ믹볒ꚡ꒤궷쁉뿅뙱돦ꛬβꅁꟚ귌뫙꣤결ꖫ돵궷쁉ꅁꗧꝙ뿅i뙱꒽ꕱ궷쁉곛맯꧳ꖫ돵궷쁉ꪺꑀ뫘꯼볐ꅁꍝ귈띕낪ꅁꫭꗜ꡴닎꧊궷쁉땻ꯗ띕σim낪ꅁ곛맯ꙡꅁ꟫룪ꑈ굮ꡄꪺ돸륓뉶띕낪ꅁꭨWACCꑝ띕낪ꅃ꣤꒽ꚡ결ꅁ2σm꣤결룓룪늣I꒧돸륓뉶뭐ꖫ돵돸륓뉶꒧Ꙁ엜볆σꅁ낣ꕈꖫ돵돸륓뉶ꪺ엜늧im볆ꅃ럭꟫룪ꑈ녎꣤끝둉꓀뒲꟫룪Ꙣ덜Ꙩ룪늣껉ꅁ귓ꝏ룪늣ꪺ궷쁉라엜녯뙖꣓ 18꒣Ꙑ룪늣ꚳ꒣Ꙑ궷쁉뭐돸륓ꅁ꒣Ꙑ냪깡쏒꣩ꚳ꒣Ꙑꪺ궷쁉뭐돸륓ꅁꑀ꿫ꛓꢥꅁ낪돸륓롧녠꛱쁈뗛낪궷쁉꙳Ꙣꅁꙝꚹ맯꧳낪궷쁉ꪺ꟫룪ꅁꑀ꿫굮ꡄꪺ돸륓?????????⁒??????ꑝꓱ룻낪ꅃ쒴꙰뮡꟫룪때궷쁉ꪺ뛅꣩ꅁ낲덝ꖭꞡ돸륓걏?ꉈꅁꢺ믲꟫룪꫑늼ꪺꖭꞡ돸륓꧎굮ꡄ돸륓ꕩ꿠결??ꉈꅁꙝꚹ덯꣢꫌ꪺ깴뙚?ꉈ⠱?ꉈ?㞢?⦴?ꕩꕈ뗸결걏ꑀ뫘궷쁉랸륓꧎궷쁉뙋ꓴꅝ?楳?⁐??浩ꅃ畭ꙝꅞꚹ궷쁉랸륓둎걏꟫룪꫌꧓뻡궷쁉꧒굮ꡄꪺ썂ꕾ돸륓ꅃ쒴꙰뮡꟫룪ꑪꮬ꫑늼ꪺ궷쁉랸륓곛맯꧳꟫룪ꑰꮬ꫑늼ꪺ궷쁉랸륓둎꣓녯ꓱ룻ꑰꅁꙝ결ꑪꮬ꫑늼ꪺ궷쁉곛맯꧳ꑰꮬ꫑늼ꑀ꿫꣓녯ꑰꅃ 19군뫢ꛛ????꙾ꑀꓫ꦳끟ꅁ꧳ꡃꓫ꦳꣌ꖫ귈ꓱ궫뷕뻣꫑ꖫ꟫룪닕Ꙙꅁꢴ????꙾ꑅꓫ꦳ꓮꪺ돸륓꯼볆ꅁ뒫뫢ꚨ둘꛳ꖭꞡ꙾돸륓뉶ꅁ돸륓꯼볆결?????ꉍꅁꛓ뛈군뫢룪ꖻ꯼볆ꪺꕛ앶꫑믹꯼볆결?????ꉍꅁ덑ꝃ꛴ꅃ 29덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 뙖꒣궫굮ꅁꛓ꟫룪ꑈ꧒궱셻ꪺ셠궷쁉라엜ꚨ룪늣ꦼꚹ뚡Ꙁ엜볆ꅃβ뿅뙱귓ꝏi2룪늣ꥍꖫ돵꒧Ꙁ엜놡꟎ꅁꣃꕈꖫ돵닕Ꙙ돸륓뉶꒧엜늧볆(σ)뙩ꛦ볐럇꓆ꅃꙢmꚹ덝ꥷꑕꅁꖫ돵닕Ꙙ꒧ꖫ돵궷쁉(β)결1ꅃ맏2-2ꫭꗜꅇ m E(R) p E(R)−R mf R f 0 β=1 β mi맏2-2 쏒꣩ꖫ돵뵵 쏒꣩ꖫ돵뵵꧒둹굺ꑀ룪늣ꪺ굮ꡄ돸륓뉶(Required Rate of Return)떥꧳때궷쁉룪늣돸륓뉶ꅁꕛꑗ궷쁉뙋ꓴ(Risk Premium)ꅃꙢꖿ녠ꪬꩰꑕꅁ꟫룪ꑈ맯ꖫ돵꟫룪닕Ꙙ꧒굮ꡄ꒧돸륓뉶낪꧳때궷쁉ꝑ뉶ꅁꙝꚹꖫ돵궷쁉뙋ꓴ녎라ꑪ꧳륳ꅃꙝꚹ럭룪늣궷쁉뙖낪껉ꅁ꟫룪ꑈ꧒굮ꡄ꒧돸륓뉶뙖낪ꅃ럭룪늣꒧ꖫ돵궷쁉βꑪ꧳1i껉ꅁꚹ룪늣꒧ꖫ돵궷쁉ꓱꖫ돵ꖭꞡꖫ돵궷쁉ꓴ럇낪ꅁꙝꚹ꣤꧒굮ꡄ꒧돸륓뉶낪꧳ꖫ돵닕Ꙙ꒧굮ꡄ돸륓뉶E(R)ꅆ곛Ꙑꪺꅁ럭룪늣꒧ꖫ돵궷쁉βꑰ꧳꧳1껉ꅁmiꚹ룪늣꒧ꖫ돵궷쁉ꓱꖫ돵ꖭꞡꖫ돵궷쁉ꓴ럇ꝃꅁꙝꚹ꣤꧒굮ꡄ꒧돸륓뉶ꝃ꧳ꖫ돵닕Ꙙ꒧굮ꡄ돸륓뉶E(R)ꅃ mꑇꅂ곹럭앶꽱ꅝEquity Equivalentsꅞ뷕뻣뚵ꗘ꓎뷕뻣뉺ꗑ꓀굺꙰ꑕꅇ ꗑ꧳ꑀ꿫꒽뭻라군귬ꭨ걏결꒽ꕱ꧒ꚳꪺꝑ깠쏶ꭙꑈꛓ덝군ꅁ롧샙꫾ꕛ믹귈ꪺꕘ땯쉉ꭨ걏ꗸ띾믹귈뿅뙱ꅂ꒽ꕱ꒺뎡ꡍ떦ꅂ셚껄뿅뙱ꕈ꓎뇆낣ꕎ뉺쏶ꭙ뚡ꪺꝑ깠뷄곰ꅁꙝꚹꅁ라군녢궱볆꙲롧륌곹럭앶꽱ꪺ뷕뻣ꯡꅁꑾ걏롧샙녢궱믹귈ꅃStern Steward & Co.결EVAꙃꕘ164뚵라군뷕뻣뚵ꗘꅁꡃꑀ깡꒽ꕱ삳뷕뻣ꪺ라군뚵ꗘ뗸꣤꒽ꕱꪺ귓ꝏꪬꩰꛓꥷꅁꣃꕂꑪ뎡꓀ꪺ뷕뻣믝굮꒽ꕱ랥결닓론ꪺ룪끔ꅁꙝꚹꅁStern Steward & Co. Ꙣ꣤ꡃ꙾땯ꖬꪺ롧샙꫾ꕛ믹귈뇆ꛦ멝꒤ꅁꕵ결꧒ꚳ꣼뗻ꪺ꒽ꕱ뙩ꛦ곹12뚵ꪺ라군뷕뻣ꅃStewartꯘ쒳ꕩ꣌ꕼ귓볐럇꣓Ꝑ쉟걏ꝟ믝굮뷕뻣ꅇꅝꓽ껵꧷ꅂ뱂맅뚲ꅁ2000ꅞꅃ 30덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꅝꑀꅞ맯돌ꯡ굮뫢ꕘꪺ롧샙꫾ꕛ믹귈볆꙲뱶암ꪺꑪꑰꅁꝙꖲ뚷닅Ꙙ궫굮꧊귬ꭨꅃ ꅝꑇꅞ뫞뉺ꑈ귻걏ꝟꕩꕈ뱶암꣬떲ꩇꅁꝙꖲ뚷닅Ꙙ꒤ꗟ꧊ꅃ ꅝꑔꅞ맪믚군뫢ꪺꑈ귻걏ꝟ꿠냷ꑆ룑ꅁꝙꖲ뚷닅Ꙙꑆ룑꧊ꅃ ꅝꕼꅞ걏ꝟꕩꕈ뭠뚰꣬믝굮ꪺꯈ왛룪껆ꅁꝙꖲ뚷걏ꯈ왛ꕂꕩ꣺녯ꪺꅃ ꕈꑕꙃ셼둘뚵궫굮뷕뻣뚵ꗘ꓎뷕뻣귬ꙝꅇ 1. 곣땯뙏ꗎ 뉺뷗ꑗꅁ곣땯뙏ꗎꕩ꿠Ꙣꖼ꣓ꑀꥷ듁뚡꒺라맯꒽ꕱ늣ꗍ롧샙껄꽱ꅁ굙꒣맯곣땯뙏ꗎ룪ꖻ꓆ꅁꭨ뫞뉺꫌굙ꕵ압땵듁꒺띬꽱ꫭꑗꪺ곕빬ꚨ꫸ꅁ꧳걏뛉Ꙗ듮ꓖ곣땯ꪺꓤꕘꅁꭨ꫸듁ꑕ꣓ꅁ곣땯꧒녡꣓ꪺꝑ꽱꭯때ꩫ맪뉻ꅁ뛋깠꒽ꕱꖼ꣓ꪺꚨ꫸ꅃHirschey (1982)꓎Hischey and Weygandt (1985)곒뒣ꕘꅁ럭듁곣땯맯꒽ꕱꖫ돵믹귈ꪺ뱶암ꑪ꧳1ꅁꝙ꒽ꕱ럭듁ꪺ곣땯뙏ꗎ낣ꑆ럭듁ꪺ믹귈돐덹ꕈꕾꅁ꒴라맯꒽ꕱꖼ꣓믹귈ꚳ뱶암ꅃChauvin and Hirschey (1993)ꑝ꯼ꕘꅁ곣땯뙏ꗎ뭐꒽ꕱ믹귈뚡ꚳ엣뗛ꪺꖿ곛쏶ꅁꣃꕩ녎ꖦ뗸결꫸듁꟫룪ꅃSougiannis (1994)곣ꡳ뒣ꕘ럭듁꓎ꭥ듁ꪺ곣땯뙏ꗎ곒ꚳ돐덹곕빬ꪺ껄ꩇꅁ꒽ꕱ믹귈낣ꑆ뭐럭듁곣땯뙏ꗎ쏶ꭙ녋꓁ꕾꅁꭥꑀ듁ꪺ곣땯뙏ꗎꑝꚳ엣뗛꒧뱶암ꅃꙝꚹ뫮ꑗ뻇꫌곣ꡳ떲ꩇꅁ뭻결꒽ꕱꖫ돵믹귈꣼럭듁꓎ꭥꑀ듁곣땯뙏ꗎꪺꓤꕘ뱶암ꅁ녎곣땯뙏ꗎ뗸결때꟎룪늣ꅁ룪ꖻ꓆ꣃ낵앵빐ꅃ 2. 뇀빐뙏ꗎ 뇀빐뙏ꗎ꯶꧊뷨ꕩ꓀ꚨꑔ쏾ꅁꝙ라ꪽ놵꣫뽅빐덦ꚬꑊꪺ뇀빐뙏ꗎꅂ쁈빐덦Ꙑꓱ꣒엜냊ꪺ뇀빐뙏ꗎꅂꥷ썂ꪺ뇀빐뙏ꗎꅃꭄ꧒ꚳꪺ뙏ꗎ맯돐덹ꖼ꣓롧샙믹귈ꚳꪽ놵끞쑭ꅁ꛽ꕈ닄ꑀ뎡ꗷ꧒꛻ꓱ꣒돌ꑪꅁꑓ돸ꫭ뵳ꙃꓨꚡ때ꩫ꓀뿫ꕘ꣓ꅁꙝꚹ뻇꫌녎꧒ꚳꪺ뇀빐뙏ꗎ곒뗸결ꕩ돐덹ꖼ꣓롧샙믹귈ꪺ룪늣ꅝ녩꿀륡ꅁ1998ꅞꅃ뇀빐뙏ꗎ뭐곣땯뙏ꗎꙢꚹꪺ뱶암걏곛Ꙑꪺꅁ뉺뷗ꑗꡃꑀ떧뇀빐뙏ꗎ삳ꕈ꣤볐ꪺꪺ꙳쓲듁뚡Ꝁ앵빐ꅃꙝꚹ녎뇀빐뙏ꗎ뭐곣땯뙏ꗎꑀ볋ꅁ룪ꖻ꓆ꣃ낵앵빐ꅃ 3. 뱳ꝩ뙏 Ꙣ라군덂뉺ꑗꅁ뱳ꝩ뙏뭐뇀빐뙏ꗎꑀ볋Ꙣ땯ꗍ꙾ꯗꚩ낣ꅁ낲덝뱳ꝩꪺ껄꽱뛈꧳럭꙾ꅁ꛽Ꙣꯘꗟꭾ땐꟎뙈ꓨ궱ꅁ뱳ꝩ뭐뇀빐ꪺꫡ뙏녠ꚳ꫸뮷ꪺ뱶암ꅁ뉺뷗ꑗꅁ덯꣇ꚨꖻ삳꒩ꕈ룪ꖻ꓆ꅁꕂꙢꚳ껄듁궭꒺덶꙾신ꚨ뙏ꗎꅃ 4. 귻ꑵ끖뵭뙏ꗎ ꗸ띾결둸뒤ꖼ꣓ꑈꑏ꟞꿠믝ꡄꪺ엜꓆ꅁ덺륌뱗뙩Ꙣ슾귻ꑵꑵꝀꪾ31덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 꿠ꅁ뒣꓉귻ꑵ꿀뷨ꅂ꟯떽ꑵꝀ껄뉶ꅁ뱗뙩귻ꑵ끞쑭ꯗꕈ꓎ꗸ띾뻣엩ꗍ늣ꑏꅁ뒣ꩀ늣띾쑶ꪧ꿠ꑏꅃꕈꕸ뽮륱결꣒ꅁ2004꙾귻ꑵ끖뵭뙏ꗎꑇꑤꕼꛊ꒻ꑑ롕꒸ꅁꡃꛬ귻ꑵꖭꞡ끖뵭뙏ꗎꕼꑤ꒸ꅁꗸ띾ꓩ꽱ꙡ궫뗸귻ꑵ믹귈ꪺ뒣ꩀꅁ쁵ꡱꪺ귻ꑵꕩꕈ결꒽ꕱ돐덹ꕘꟳꙨꪺ롧샙ꝑ볭ꅁꙝꚹ끖뵭귻ꑵꪺ뙏ꗎꓤꕘꅁ삳룓꒩ꕈ룪ꖻ꓆ꅃ 5. 냓앁앵뒣 냓앁ꪺ믹귈꛴군ꅁ결꒽ꕱꪺ셠ꖫ귈뭐뉢룪늣셠썂ꅝ룪늣듮ꕨ굴뛅ꯡꪺ빬썂ꅞ꒧깴썂ꅃ냓앁걏ꗸ띾쇈꣺뙗썂ꝑ볭ꪺ꿠ꑏꅃ늣ꗍ냓앁ꪺ귬ꙝꅁ걏ꙝꗸ띾롧샧뫞뉺꡽ꙮꅁ늣ꭾꭾ뷨쁵꡽떥ꅁ뭐ꗸ띾ꖻꢭ녋꒣ꕩ꓀ꅃ냓앁앵뒣뭐룪늣꟩싂꧊뷨꒣Ꙑꅁ굙꒽ꕱ샧륂놡ꩰ꡽ꙮꅁ꟎뙈낷ꗾꅁ꒽ꕱ냓앁ꪺ롧샙믹귈ꕩ꿠뭐ꓩ귑뱗ꅁ뭐룪늣롧샙껄꿠덶ꓩ셙듮멉땍꒣Ꙑꅁ냓앁앵빐ꣃ때맪믚ꑗꪺ뉻꫷ꓤꕘꅁꕂ땼ꩫ꒣꒩뭻ꥷꅁ꧒ꕈ군뫢EVA껉ꅁ뚷녎냓앁앵빐뙏ꗎꕛꙞNOPLATꅁꕂ닖군앵빐ꑝ뚷ꕛꙞ꟫ꑊ룪ꖻꅁꕈ꓏걍꽵맪ꪺ믹귈ꅃ 6. ꕈꯡ뙩ꗽꕘꩫ군믹꒧꙳덦 ꕈꯡ뙩ꗽꕘꩫꅝLIFOꅞ군믹ꪺ듁ꖽ꙳덦ꅁꞡ결ꚭ듁쇊ꑊꪺꚨꖻꅁꙢꪫ믹ꑗ몦듁뚡ꅁ라뻉교듁ꖽ꙳덦믹귈ꝃ꧳궫롭ꚨꖻꅁ꣏녯꙳덦믹귈ꝃ꛴ꅆ꓏꒧ꅁꪫ믹ꑕ뙞듁뚡ꅁꭨ라낪꛴꙳덦믹귈ꅃꙝꚹ군뫢EVA껉ꅁꖼ꿠ꟳ꽵맪ꪺ꓏걍꙳덦믹귈ꅁꖲ뚷녎ꅵꯡ뙩ꗽꕘꅶ신결ꅵꗽ뙩ꗽꕘꅶꅁ꣏꙳덦믹귈놵꫱ꖫ귈ꅃꛓꯡ뙩ꗽꕘ꙳덦럇돆ꅝLIFO Reserveꅞ걏LIFO뭐FIFO꒧깴늧ꅁ꧒ꕈꖲ뚷녎ꅵꯡ뙩ꗽꕘ꙳덦럇돆ꅶ꧎ꅵ꙳덦돆ꧨ뙞믹띬ꖢꅶꕛꙞ꟫ꑊ룪ꖻꅁꙐ껉NOPLATꗧ뚷뷕뻣ꯡ뙩ꗽꕘ꙳덦럇돆꒧뱗듮볆ꅁ녎꙳덦군믹ꗑLIFO신결FIFOꅃ 7. 뮼ꦵ꧒녯땼 뮼ꦵ꧒녯땼걏볈껉꧊깴늧꧒뻉교ꅁꛓ볈껉꧊깴늧걏꯼꧒녯땼ꩫ맯걙꣇ꚬꑊ뭐뙏ꗎ뭻ꙃ껉쉉꒧덗ꥷ뭐라군럇ꭨ꒧덗ꥷ꒣ꑀ교ꅁꛓ뻉교뷒땼꧒녯뭐땼ꭥ라군뉢ꝑ꒧깴늧ꅁꚹ쏾깴늧녎꧳ꖼ꣓녢ꙃ룪늣Ꙟꚬ꧎굴뛅뉍쁶껉늣ꗍ삳뷒땼꫷썂꧎ꕩ듮낣꫷썂끪신ꅁꛓ녎귬깴늧ꞹꗾ껸낣ꅃ굙ꕈ꥔ꥷ룪늣꟩싂ꛓꢥꅁ낲덝돸땼껉뇄ꗎꥷ뉶뮼듮ꩫꅁꛓ끝냈돸ꫭꑗ뇄ꪽ뵵ꩫꅁ녎ꙝ결꟩싂뙏ꗎ앵뒣꒣ꙐꅁꛓꙢ꣏ꗎꫬ듁늣ꗍ삳뷒땼꫷썂ꅁ꣏ꗎꯡ듁늣ꗍꕩ듮낣꫷썂ꅃ땍ꛓꅁ꾸Ꙣꗃ쓲롧샧ꪺꗟ돵꣓곝ꅁ낲덝꒽ꕱꡃ꙾ꞡ쇊뙩띳룪늣ꅁꕂ띳싂룪늣꒣쉟ꗦ듀ꅁ뮼ꦵ꧒녯땼굴뛅뫻꯹Ꙣꞡ뿅ꪺꪬ멁ꅁ꟎Ꙑ꒽ꕱꪺꕩ륂ꗎ룪ꖻꅁꑝ둎걏곹럭앶꽱ꅃ꧒ꕈꅁ군뫢EVA32덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 껉ꅁ뮼ꦵ꧒녯땼굴뛅꒴ꭏ꽤Ꙣ녢ꑗꅁ뗸결륂ꗎ룪ꖻꪺꑀ뎡꓀ꅁꛓ럭듁뱗ꕛꅝ꧎듮ꓖꅞ꒧뮼ꦵ꧒녯땼굴뛅ꅁ꒣삳럭Ꝁ뙏ꗎ곬ꗘꅁ뱶암곕빬ꅁ삳ꛛNOPLAT꒤ꕛꙞꅝ꧎듮낣ꅞꅃ 8. 샧띾꾲룮 20 꾲룮뫘쏾꓀결룪ꖻ꾲룮뭐샧띾꾲룮ꅁ꒣닅Ꙙ룪ꖻ꾲룮볐럇ꪺ뫙결샧띾꾲룮ꅃ뇄ꗎ룪늣굴뛅ꫭꕾ뿄룪ꪺ샧띾꾲룮ꓨꚡꅁ꣤ꖭꞡ꓆ꥷ썂꾲꫷쎺꿇ꓨꚡꅁꕈ뙏ꗎ덂뉺ꅁ꣏룪늣돸륓뉶ꅂ꟫룪돸륓뉶떥끝냈꯼볐ꅁꙢ롧뉺ꑈꪺ놱꣮뵤돲꒺ꅃ군뫢EVA껉ꅁ굙꒣녎꣤ꕝꝴꙢ꟫ꑊ룪ꖻ꒤ꅁꭨ롧뉺ꑈ녎뛉Ꙗ꧳꾲룮룪늣ꛓ꒣쇊롭띳룪늣ꅁꕈ궰ꝃ꟫ꑊ룪ꖻꅁ뱗ꕛEVAꅁ꛽맪믚ꑗꖦ꭯걏륂ꗎ룪ꖻꪺꑀ뎡꓀ꅁꑝꕩ뗸결굴뛅ꪺ꣓랽ꅃ걇Stern Stewart & Co.ꯘ쒳녎샧띾꾲룮룪늣룪ꖻ꓆꣖ꑊ꟫ꑊ룪ꖻꅁꕂ꣤ꝑ꺧뙏ꗎ뎡꓀ꗧ녎뷕뻣NOPLATꅃ 9. Ꙣꯘꑵ땻 ꑀ꿫꒽뭻라군귬ꭨ녎Ꙣꯘꑵ땻ꙃꑊ룪늣ꅁ땍맪믚ꑗꖦꥼꖼꖿꚡ꟫ꑊ샧륂ꅁꣃꖼ늣ꗍꝑ볭ꅁ꧒ꕈ군뫢EVA껉ꅁ녎ꖦ뇆낣꧳룪늣꒧ꕾꅁꪽ꣬덯뚵꟫룪늣ꗍꝑ볭껉ꙁ신ꑊEVA꒧군뫢ꅃ 10. 썡녢뙏ꗎ ꑀ꿫꒽뭻라군귬ꭨ맯꧳썡녢ꪺ뭻ꥷꭙ뇄ꗎ돆ꧨꩫꅁꗧꝙꙢ빐덦땯ꗍ꙾ꯗꅁ꛴군꣤꧒늣ꗍ꒧삳ꚬ녢듚ꕩ꿠땯ꗍ꒧ꧨ녢꫷썂ꅁ륷ꗽꑊ녢ꅁꣃ덺륌돆ꧨ썡녢듮ꓖ삳ꚬ녢듚뉢엜뉻믹귈ꅃ꧒ꕈ썡녢ꪺ뭻ꙃꭙ롧꛴군ꅁꣃꖼ꽵ꖿ땯ꗍꅁ걊ꡓꚳ덹ꚨ뉻꫷ꪺ걹ꕘꅁꕂꖼ맪믚듮띬삳ꚬ녢듚꫷썂뭐띬꽱ꅃꙝꚹ군뫢EVA껉ꅁ결ꟳ꿠꽵맪꓏걍꣤믹귈ꅁꖲ뚷녎썡녢뙏ꗎꕛꙞNOPLATꅁ돆ꧨ썡녢ꕛꙞ꟫ꑊ룪ꖻꅃ 11. ꣤ꕌ뙏ꗎ ꣒꙰ꅇ늣ꭾ뫻귗뙏ꗎꅂꭏ꥔뙏ꗎ떥ꅁ덯꣇뙏ꗎ꒣ꑀꥷ라덹ꚨ맪믚ꪺ뉻꫷걹ꕘꅁꛓꚹ쏾곬ꗘ꭯걏롧뉺ꑈ뻞셡곕빬ꪺꙮꙡꓨꅁꙝꚹ녎삳군냲슦신결뉻꫷냲슦ꅁ맪믚땯ꗍ껉ꙁꚩ낣ꅃ 12. 낱띾뎡꫹떥꣤ꕌ꽓껭뚵ꗘ ꗑ꧳EVAꭙ냲꧳ꗸ띾ꗃ쓲롧샧꒧귬ꭨꑕ뿅뙱ꅁ꧒ꕈNOPLATꭙ결쑾쓲샧 20닅Ꙙꕈꑕ뇸ꗳ꫌Ꙣ라군ꑗ뗸결룪ꖻ꾲룮덂뉺ꅇ???꾲룮듁몡ꅁ꾲룮볐ꪺꪫ때뇸ꗳ늾신꧓꾲ꑈꅆ
???꾲룮듁몡ꅁ꧓꾲ꑈ녯ꕈ쁵둦꧓쇊앶쇊ꑊ꾲룮볐ꪺꪫꅆ???₯?룮듁뚡꫸륌꾲룮볐ꪺꪫ륷꛴돑빬?롧샙굀ꗎ꙾궭꒧‷㔠ꉈ₡??㐩꧒ꚳꓤꕉ꒧꾲룮듚뚵꒧뉻귈ꑪ꧳떥꧳꾲룮볐ꪺꪫꚨꖻ꒧㤰┠33덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 띾뎡꫹땼ꯡ뉢ꝑꅁꣃ꒣ꕝ걁낱띾뎡꫹띬꽱ꅂꭄ녠띬꽱꓎라군귬ꭨ엜냊닖군뱶암볆떥뚵ꗘꅃꙝꚹ군뫢EVA껉ꅁ뚷녎낱띾뎡꫹띬꽱뇆낣ꙢNOPLAT꒧ꕾꅁꕂ낱띾뎡꫹룪늣뭐굴뛅ꑝꑀ꣖녱룪ꖻ꒤ꚩ낣ꅁꭄ녠띬꽱떥ꗧꙐꅃ 13. ꟩싂 껚뻚ꑀ꿫꒽뭻라군귬ꭨꅁ꟩싂늣ꗍꪺ귬ꙝꕄ굮뭻결룪늣덝돆ꪺ껄ꗎꅁ쁈껉뚡롧륌ꛓ덶몥껸ꖢꅆꗧꝙꅁꗴ꛳룪늣덝돆곒ꚳ꣤꣏ꗎ꙾궭ꅃꙢEVA볒ꚡꪺ뉻꫷냲슦ꑕꅁ꟩싂쇶땍걏ꭄ뉻꫷ꓤꕘꅁ꛽굙꒣뒣ꙃ꟩싂ꅁꭨ룪늣녎ꢳ덴뾱뗈ꅁ덯뭐룪늣덝돆쁈껉뚡덶꙾꿓띬ꪺ맪믚ꪬꩰꣃ꒣곛닅ꅁꕂ굙꒽ꕱ덶꙾ꡏ뒫싂ꚳ덝돆ꅁ꛽꒴녎덯꣇ꑷ돠ꖢ롧샙껄꽱ꪺ룪늣군ꑊ꟫ꑊ룪ꖻ꒤ꅁꭨ꟫ꑊ룪ꖻ뛕ꖲ쁈껉뚡롧륌ꕵ뱗꒣듮ꅁꛓꝃ꛴뇟듁ꪺEVAꅃ냲꧳ꕈꑗ귬ꙝꅁꙢEVA볒ꚡꪺ뉻꫷냲슦ꑕꅁ꟩싂꒴믝뒣ꙃꕈ닅Ꙙ뉻ꪬꅃ ꑪꙨ볆꒽ꕱ곒뇄ꗎꪽ뵵ꩫ꧎ꕛ덴꟩싂ꩫ뒣ꙃ꟩싂ꅁ꛽ꚹꑇꩫ라ꝃ꛴ꚭ듁ꪺ꽵ꖿ꒺뎡돸륓뉶ꅁꛓꙢꯡ듁꭯ꑓ늣ꗍ낪꛴ꪺ놡꟎ꅁ꣏EVA덹ꚨ꟡ꚱꅃꚹꕾꅁ맯롧녠꟫룪꧳띳ꗍ늣덝돆뭐꒣꟫룪띳ꗍ늣덝돆ꪺ꒽ꕱꛓꢥꅁꕈEVA뗻믹ꭥ꫌룻꒣꒽ꖭꅁꙝ결띳덝돆ꪺ쇊ꑊ삳ꚳꝕ꧳돐덹ꖼ꣓ꪺ롧샙껄꽱ꅁ꣏ꖼ꣓ꪺEVA뱗ꕛꅆ곛맯ꙡꅁ꒣꟫룪띳덝돆ꪺ꒽ꕱꅁ꣤싂ꚳ덝돆냲꧳꟩싂ꪺꙝ꿀ꅁ믹귈녎ꓱ띳덝돆ꝃ띇ꅁ꣏꟫ꑊ룪ꖻ엣녯룻ꓖꅁꛓ꣏ꗘꭥꪺEVAꕩ꿠낪꧳꟫룪띳덝돆ꪺ꒽ꕱꅃꕈEVA볒ꚡ뿅뙱ꑕꪺꗸ띾믹귈ꭋ꒣럇뵔ꅃ 21 걇Stern Stewart & Co.ꯘ쒳군뫢EVA껉ꅁ돌ꙮ뇄ꗎꅵ쁶뛅냲꫷ꩫꅶꅝSinking-Fund Depreciationꅞ뒣ꙃ꟩싂ꅁ꣏띳덝돆ꚭ듁ꪺ꟩싂꫷썂궰ꝃꅁꛓ뇟듁ꢳ덴뱗ꕛꅁꕈ쇗ꝋꚭ듁ꝃ꛴EVAꅁꛓ뇟듁낪꛴ꪺ뉻뙈ꅃ덯뫘랧꧀쏾꛼ꕈ꙾꫷쁶쇙ꖻꝑꥍꪺ뙕듚ꅁ꣬뙕듚돌ꯡꑀ듁껉ꅁ귨ꙮ쇙뉍ꖻ꫷뎡ꗷꅆꛓꗎꙢEVA껉ꅁ22ꕩꕈ꓏걍ꡃ꙾뉻꫷걹ꑊꪺ꽵맪꒺뎡돸륓뉶ꅁꕈ닅Ꙙꅵ껄꽱뭐ꚨꖻ끴Ꙙ귬ꭨꅶꅝ쎹 21쁶뛅냲꫷ꩫ›₥?盁?欬₨䎦纴ꎦ玤䂩瞧싃??₦ﶦ릧싃䊫욧冥宺?꺧?₥?ꝙꡃ꙾꟩싂썂곛Ꙑ?₦ﶥ宺?ꝑ꺧???22Ꙣ꥔ꥷ뉻꫷걹ꑊ놡꟎ꑕꅁ낲덝룪늣믹귈ꉃ?????ꅝꑤ꒸ꅁꅞ꽵맪꒺뎡돸륓뉶??ꉍꅁ돌ꝃ굮ꡄ돸륓뉶????ꇗ??ꉍꅁ꓀꒭꙾앵빐ꅁꡃ꙾ꕈ꥔ꥷꖻꝑꥍ앵빐ꅁꭨ앵빐놡꟎꙰ꑕꅇ??ㄬ〰ァ?ꍕ?₡??ꇗ?????ꅝ걤꙾꫷뉻귈ꫭꅁꝑ뉶??ꉍꅂ?꙾ꅁꡃ듁ꉃ?ꪺ꙾꫷뉻귈결⠱⬱〥?㌮㜹〷?㞡??†††?†?†?†?†?†?††34덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 뒰뇓ꅁ2002ꅞꅃ 14. 땵듁쏒꣩꟫룪 땵듁쏒꣩꟫룪ꕎꫭ꒽ꕱ뉻꫷땵듁꒣ꖭ뿅ꅁꝑꗎ뚢빬룪꫷녱꣆땵듁꧊뙒뷦ꅁꭄ꿇ꑊ꒽ꕱ샧륂ꡍ떦ꅝ램낷랽ꅁ2003ꅞꅁꙝꚹꖲ뚷녎땵듁쏒꣩꟫룪ꗑ꟫ꑊ룪ꖻ꒤ꚩ낣ꅁꣃ녎땵듁쏒꣩꟫룪ꝑ띬ꅁ녱NOPLAT꒤듮ꕨ꧎ꕛꙞꅃ 15. ꭄ롧녠뚵ꗘ ꕈ뙽땯ꛛ땍룪랽ꪺ늣띾결꣒ꅁ덯쏾꒽ꕱꑪ뎡꓀뎣걏ꕈ놴냉ꚨꕜꩫꝀ결ꚨꖻꪺꑊ녢냲슦ꅁ뻉교녢궱ꑗꚳꝃ꛴꟫ꑊꚨꖻꅁ낪꛴ꑆ돸륓ꪺ놡꟎ꅃ꛽ꙝ결ꡃꑀ귓놴냉ꪺꚨꕜ뎣믝롧ꗑ륌ꕨꪺꖢ뇑꧒닖뽮ꛓꚨꅁꙝꚹ맯꧳놴냉꒣ꚨꕜꪺꚨꖻ둎꙰Ꙑ곣땯뙏ꗎꑀ볋ꅁꗧ뚷룪ꖻ꓆ꅁꑝ둎걏뇄ꗎꗾ뎡ꚨꖻꩫꅃNOPLAT뚷ꕛꙞ럭듁놴냉ꖢ뇑ꪺꚨꖻꅁ꟫ꑊ룪ꖻꓨ궱ꭨ뚷ꕛꙞꡃ듁놴냉ꖢ뇑ꪺꚨꖻꅃꗧꝙꅁ녎ꭄ롧녠ꝑ꽱녱NOPLAT꒤ꚩ낣ꅁ녎ꭄ롧녠띬ꖢꕛꛜNOPLATꅁ꟫ꑊ룪ꖻ듮ꕨ땼ꯡ닖군ꭄ롧녠ꝑ녯ꅁꕛꙞ땼ꯡ닖군ꭄ롧녠띬ꖢꅃ 16. ꙕ뚵럇돆 ꕝ걁삳ꚬ녢듚돆ꧨꝢ녢ꅂ뛊ꚬ듚돆ꧨꝢ녢ꅂ꣤ꕌ삳ꚬ녢듚돆ꧨꝢ녢ꅂ꙳덦돆ꧨ뙞믹띬ꖢꅂ땵듁꟫룪돆ꧨ뙞믹떥ꅃꗑ꧳덯꣇륷ꢾ꧊ꪺ럇돆때ꩫ꽵맪꓏삳뉻꫷걹냊ꪺ놡꟎ꅁ굙덯꣇곬ꗘ결꒽ꕱ샧륂ꚳ쏶ꪺ롧녠뚵ꗘꅁꭨꖲ뚷ꕛꕈ뷕뻣ꅁ녎닖군럇돆뗸결곹럭앶꽱ꕛꑊ꟫ꑊ룪ꖻꅁꛓꡃ듁ꪺ럇돆뱗뙱ꕛꙞNOPLATꅃ †††?†?†?†?†?†?††††?†쁶뛅냲꫷꟩싂ꩫꑕ꒧???†?†?†?돦†ꛬꅇ?ꑤ†꒸??†?뉢녢궱믹귈₨?꙾뉻꫷걹ꑊ?꟩싂?꽵맪꟫ꑊ룪ꖻ?䕖䄠剏䥃?ㄬ〰〮?〠㈶㌮㠰?ㄶ㌮㠰?㄰〮〰?〠㄰ꉍ?㠳㘮㈰′㘳?㠰ㄸ〮ㄸ㠳⸶㈠〠㄰ꉍ?㘵㘮〲′㘳?㠰ㄹ㠮㈰?㘵⸶〠〠㄰ꉍ㐵㜮㠲′㘳?㠰㈱㠮〲㐵⸷㠠〠㄰ꉍ?㈳㤮㠰′㘳?㠰㈳㤮㠰?㈴⸰〠〠㄰ꉍ?35덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄ꑔ뎹 곣ꡳꓨꩫ뭐땻Ꟈ 닄ꑀ론 곣ꡳ걛멣뭐땻Ꟈ ꖻ곣ꡳꕄ굮놴끑롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧륂ꗎꅁ놴끑ꕈ롧샙꫾ꕛ믹귈Ꝁ결ꭈꗎ뗻떥꯼볐ꪺꕩꛦ꧊ꅁꕈ꣑꫷뿄돦ꛬ뙩ꛦꭈꗎ뗻떥꒧냑ꛒꅃꙝꚹꅁꖻ곣ꡳ녱ꗸ띾ꪺ맪뗽룪껆ꉷ롧샙꫾ꕛ믹귈뭐ꭈꗎ뗻떥ꉷ덺륌끪쉫ꅂꓱ룻꓀꩒ꅁ놴끑꣢꫌꒧뚡ꪺ꙳Ꙣ쏶ꭙꅆ결ꡄ꓀꩒쑙싔ꅁꣃ녱롧샙셣멡뭐롧샙끉끨듁ꅂꖿ녠꒽ꕱ뭐늧녠꒽ꕱ떥꒣Ꙑꢤꯗꕨ놴끑ꅃ ꑀꅂ곣ꡳ걛멣꙰ꑕꅇ ꗾ뎡볋ꖻ 곝뻣엩놡ꩰ 볋ꖻ듁뚡 곛쏶 곛맯볋ꖻꅝEVA낪ꅂꝃꅞ ꗾ뎡볋ꖻ 놴끑쏶ꭙꪺꓨꙖ 볋ꖻ듁뚡 곛맯듁뚡ꅝ롧샙뒺껰ꙮꅂ썡ꅞ 뵵꧊쏶ꭙ 뵵꧊쏶ꭙ 곛맯볋ꖻꅝTCRI낪ꅂꝃꅞ 뿯뻜볋ꖻꅝ늧녠꒽ꕱꅞ 놴끑쏶ꭙꪺ뉠ꯗ ꭥ듁ꪺEVA ꭥ둘듁ꪺEVA 뽗ꗟ볋ꖻt샋ꥷ 뇆Ꟈꅝ뷨ꪺ꓀꩒ꅞ 맏3-1곣ꡳ걛멣 룪껆꣓랽ꅇꖻ곣ꡳ뻣뉺 36덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꑇꅂ곣ꡳ땻Ꟈ 볋ꖻ뿯꣺ 엜볆뮡ꧺ 곣ꡳ낲뮡덝군 ꙝ엜볆덝군ꛛ엜볆덝군 볒ꮬ덝군 맪쏒꓀꩒ 뇔굺꧊닎군뙱꓀꩒곛쏶꧊꓀꩒끪쉫볒ꮬ꓀꩒ ꓱ룻꓀꩒ ꖭꞡ볆ear볒ꮬ Pearson꓀꩒Lin ꒤ꛬ볆샋ꥷ? ? ? ꣌ꖿ녠꒽ꕱ뭐꣌룳듁뚡ꪺ엜TCRI쁵Ꙉ닕ꓱ룻 ꗾ뎡볋ꖻ 볆냏꓀ 늧녠꒽ꕱ냏꓀늧녠꒽ꕱꪺ륌ꕨ ? EVA뻺ꕶꓱ룻 맪쏒떲ꩇ 맏3-2곣ꡳ땻Ꟈ 룪껆꣓랽ꅇꖻ곣ꡳ뻣뉺 37덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄ꑇ론 곣ꡳꗀ엩뭐볋ꖻ ꑀꅂ뿯볋맯뙈 ꅝꑀꅞ₥ﺳꆼ쮥뮡䞱쒥磆垸柀?玳?ꅝTEJꅞꑗꖫꅂꑗ쉤꒽ꕱꅁ낣꫷뿄ꅂ쏒꣩ꅂꭏ쁉ꅂ꟫룪ꅂ둃엩떥늣띾ꕾꅁꙀ291깡ꅃ ꅝꑇꅞ₥뾱悤붥?ꅇꙢꖻ곣ꡳ듁뚡꒺때땯ꗍ륌끝냈ꙍ뻷꒧ꖿ녠꒽ꕱꙀ225깡ꅝ꫾뿽꒻ꅞꅃ 23ꅝꑔꅞ₲Ʇ悤붥?ꅇꕈꕸ왗롧샙띳돸맯ꗸ띾륈곹ꕘ꣆ꪺꥷ롱ꅇ귋뎬꽽늣ꅂ궫뻣ꅂ룵늼삽ꝉꅂ퍖ꝸꡄ뒩ꅂ놵뫞ꅂCPA맯쑾쓲롧샧낲덝꙳뫃ꅂ뉢귈결굴ꅂꗾ썂ꑕꖫ떥꒧꒽ꕱꅁ늧녠꒽ꕱꙀ66깡ꅝ꫾뿽ꑃꅞꅃ ꑇꅂ볋ꖻ뿯ꗎ듁뚡?결쓄ꧺ꒽ꕱꪺ롧샙꫾ꕛ믹귈ꅝEVAꅞ뭐꣤ꭈꗎ뗻떥꯼볐ꅝTCRIꅞ꒧뚡꣣ꚳ쏶ꭙ꙳Ꙣꅁꖻ곣ꡳ듁뚡ꗽ뿯ꥷꑀ걱뫮Ꙙ왛맮듁뚡ꅁ뙩ꛦ꓀꩒ꅆꣃꙢꚹ왛맮듁뚡꒺뿯뻜꣢귓롧샙멡걜뚥걱ꅁꝀ뙩ꑀꡂ샋듺ꅁꕈꡄ꓀꩒떲ꩇꚳꟳ낪ꪺꭈꯗ뭐껄ꯗꅃ ꅝꑀꅞ뫮Ꙙ왛맮듁ꉷ1995ꛜ2003꙾ꅝ꫾뿽ꑋꅞ ꚹ듁뚡ꪺ뿯뻜ꛒ뙱ꙝ꿀ꚳꑇꅁ꣤ꑀꅁꕈ꿠냷ꕝꝴꕸ왗롧샙멡걜꒣Ꙑꪺ듁뚡ꅆ꣤ꑇꅁ끴Ꙙꕸ왗롧샙띳돸룪껆깷뒣꣑ꪺ룪껆ꕩ녯꧊ꅃ ꅝꑇꅞꕸ왗꫑믹ꑗ뒭뚥걱ꇐ1995ꛜ1997꙾ Ꙣꚹꑔ꙾뚡ꅁꕸ왗꫑믹꯼볆뷄꽽롕쉉ꕈꑗ(10,116)ꅃꙢ1995꙾ꕈꭥꪺꯜ꫸ꑀ걱듁뚡ꅁꟚ냪꫷뿄뻷멣ꪺ륏꧱ꓱꝃ꧳%ꅁꣃ뫻꯹뵷멃ꪺ뱗ꕛ둔ꯗꅃ꛽꣼꣬1995꙾궸뱵ꙍ뻷ꪺ뱶암ꅁ럭껉꫑믹꯼볆궫껀4,500쉉ꅁ꫑늼ꖫ귈꣓꣬ꑆ띳ꝃ쉉ꅃ꛽룓듁뚡Ꟛ냪낪곬꟞늣띾뙽ꥬꭟꕘ쁙ꅁꣃ깩뙽녪ꑪꝬ꫷껄삳ꅁ륱ꑬ띾녡냊ꑆꕸ왗롧샙땯깩ꪺꕴꑀ멡뒺ꅁ1997꙾ꕸ왗꫑믹꯼볆Ꙣ썫롕쉉ꕈꑗꅃꅝ쇩ꭔꓥꅂ뎯둦곂ꅁ2001ꅞ ꅝꑔꅞꕸ왗꫑믹ꑕ럆뚥걱ꉷ2000ꛜ2002꙾ ꚹꑔ꙾듁뚡ꅁ꫑믹꯼볆ꗑ롕쉉ꑕ뙞ꛜ2002꙾ꪺ3,000Ꙩ쉉ꅃꑇꑑꕀ곶ꖽꪺ둘꙾ꅁ럭껉과냪롧샙곛럭셣멡ꅁ룪끔곬꟞(IT)늣띾꭫뾳ꅁꙁꕛꑗꑤ셈꙾(Y2K)껄삳ꅁ룪끔늣ꭾ믝ꡄ멚꧴ꅁ꣏ꕸ왗곬꟞늣띾낪덴ꚨ꫸ꅁ2000꙾ꫬ꫑믹꯼볆곰꽽롕쉉ꅃ땍ꛓꅁ덯귓멡뒺ꕵ땵볈낱꽤ꅁꚹ껉끟ꅁ꣼꣬ꩆ꭮꣈꫷뿄ꙍ뻷 23ꕸ왗롧샙띳돸뎯ꑰꥪ뒣꣑????ꪺ슲꒶??????????ꇐꆨ???ꗸ띾뗻떥꡴닎ꅇ????뮡ꧺꆨꅃ?38덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 24ꪺ뱶암껄삳ꅁꕈ꓎과냪롧샙Ꙣ쉘녩ꑑ꙾꒧ꯡ뙽ꥬ끉끨ꅁ뫴룴꩷ꩪ꽽럀ꅁꟚ냪룪끔곬꟞늣ꭾ뒺껰궫껀ꅁ뙩ꕘꑦꕘ뉻ꑇꛬ볆꙲굴ꚨ꫸ꅃꟚ냪ꕘꑦ끉끨ꅁ덦맴ꗧ꣼뱶암ꛓ뙓귈ꅁ꧐ꙡ늣뭐뛇닎늣띾뒺껰꯹쓲ꑕ뙞ꅁ꫷뿄뻷멣륏꧱ꓱ뉶ꧺ엣ꑗ꓉ꅃ롧샙ꚨ꫸돐ꑕ1974꙾닄ꑀꚸ꿠랽ꙍ뻷ꕈ꣓ꪺ띳ꝃꅁ엣ꗜ롧샙뙩ꑊꗾ궱끉끨듁ꅝ쇩ꭔꓥꅂ뎯둦곂ꅁ2001ꅞꅃ 닄ꑔ론 룪껆뭠뚰ꑵ꣣뭐ꓨꩫ ꖻ곣ꡳ룪껆ꕄ굮녱ꕸ왗롧샙띳돸ꅝTEJꅞ뵵ꑗ룪껆깷꒤ꅁ쉞꣺ꑗꖫꅂꑗ쉤ꅂ꒽뙽땯ꛦ꒽ꕱ끝롧룪껆깷ꅁ결ꕾ뎡ꚸ꿅룪껆ꅃ뿯ꥷ291깡꒽ꕱꪺ끝돸룪껆ꅁꕈꚹ룪껆Ꝁ결곣ꡳ꓀꩒ꪺ냲ꖻ룪껆ꅁꣃ뙩ꑀꡂ롧륌군뫢꧎신뒫ꚨ결꓀꩒꧒믝꒧룪껆ꅇꭈꗎ뗻떥ꅂ롧샙꫾ꕛ믹귈ꅃ ꑀꅂ₼쮥뮤붥熰嶳? 볋ꖻ뭠뚰ꕄ굮ꕈꕸ왗롧샙띳돸끝냈돸ꫭ룪껆깷ꅁꑗꖫꅂ쉤꒽ꕱ룪늣굴뛅ꫭꅂ띬꽱ꫭꅂ뉻꫷걹뙱ꫭꅂ샧띾뙏ꗎꕈ꓎룉ꕒ뚵ꗘ떥ꅁꝀ결EVA군뫢ꪺ냲슦ꅃꙕ볋ꖻ꒽ꕱ끝돸룪껆듁뚡ꛛ1995ꛜ2003꙾ꅁ결ꑆꛒ뱻룪껆ꪺꥐꦵ꧊꓎ꝑ꧳ꓱ룻꓀꩒ꅁꑀꓨ궱덜Ꙩ룪끔륱ꑬ띾때ꩫ몡ꢬꖻ곣ꡳ꒧곣ꡳ듁궭ꅁꕴꑀꓨ궱궷쁉ꭙ볆ꅝꍝꅞꅁ뇄ꓫ돸륓덝ꥷ결12듁ꅁꙝꚹ꒣ꢬ곣ꡳ듁궭ꅂ때ꍝ귈꧎ꍝ귈꒣ꢬ12듁ꪺ꒽ꕱꅁ곒꒩ꕈ귧낣ꅃ ꑇꅂꭈꗎ뗻떥ꅝTCRIꅞ꒧꣺녯뭐신롭 ꅝꑀꅞꕸ왗롧샙띳돸룪껆깷룪껆꒧꣺녯 25ꕸ왗롧샙띳돸(TEJ)ꛛ1991꙾뙽ꥬ곣땯ꕸ왗ꗸ띾ꭈꗎ궷쁉꯼볐꡴닎 24ꛛꗁ냪????꙾?ꓫꙢ껵냪썺땯ꩆ꣈꫷뿄ꙍ뻷ꅁ????꙾?ꅂ?ꓫꑓ쑾쓲붯ꦵꅁꕀ곉ꑗꪺ뙽땯꒤냪깡꓎띳뾳ꑵ띾꓆냪깡때꒣ꙝ꫷뿄궷볉ꪺꭉ얧ꛓ뭘꣼꒣Ꙑ땻ꯗꪺꡡ쏸ꅃ????꙾뙽ꥬ냪꒺놵덳땯ꗍ둘덜궫ꑪ꫷뿄뻷멣ꪺ롧샧ꙍ뻷ꅃ꙰꒤ꖡ늼꣩ꅂꞻ뫖늼꣩ꅂꕸ꒤ꗸ믈ꅂ꩸꣈믈ꛦꅂ꒤뾳믈ꛦꅂꕸ뙽쇊ꙡ맺껗떥꣆ꗳꅁꦯ걆ꦲ덂롭녯ꥹꅁꣃꖼ땯ꗍ덳샴궷볉ꅃ?25ꕸ왗롧샙띳돸ꅝ呡楷?渠䕣?湯浩挠?潵?湡氬⁔?䪡庳嶥??ㄹ㤰꙾?ꓫ?ꓩꅁꛛ?‹‹‱꙾뙽ꥬ곣땯?⁃⁒⁉?꡴닎ꅝ呡楷慮?䍯?灯?慴?⁃牥?楴?剩?欠䥮摥砠ꕸ왗ꗸ띾ꭈꗎ궷ꅁ쁉롧꯼Ꙩ볐ꅞ꙾귗ꖿꯡ꧳?‹??‹꙾ꖿꚡꑗꖫꅁꣃ꧳?‰??′꙾꓎???‰″꙾띊뻣ꗸ띾ꭈꗎ궷쁉곛쏶룪끔ꕘꪩ닄ꑀ듁꓎닄ꑇ듁ꅵ???ꭈꗎ궷쁉뗻꛴녍ꕚꅶꅁꕄ냊뗻꛴꓎돸뻉꒽뙽땯ꛦ꒽ꕱꭈꗎ뗻떥꓎꣤ꕌ곛쏶룪끔ꅁ꣑꫷뿄녱띾ꑈ귻맯ꗸ띾뇂ꭈ궷쁉뗻꛴꓎ꑀ꿫뻇덎곣ꡳ꣏ꗎꅃ?⁃??⁉ꭈꗎ궷쁉꯼볐ꭙ꣌럓ꑕꙃꑔ귓ꡂ왊ꡍꥷꅇꗽꗑ끝냈룪껆녯ꕘꅩ냲ꖻ떥꿅ꅪꇷꙁ꣌궷쁉ꥍ덗볒꫹쉥귗ꖿ냲ꖻ떥꿅ꅁ녯ꕘꅩ꫹쉥떥꿅ꅪꇷ돌ꯡꙁ둎ꭄ뙱꓆ꙝ꿀귗ꖿ꫹쉥떥꿅ꅁꛓ녯ꕘ???ꪺꭈꗎ궷쁉꯼볐ꅩ????ꅪꅃꅝꓞꛛ뗘믈ꓞꗎ????ꭈꗎ뗻떥슲꒶ꅁ뗘놱ꓫꕚ???????듁ꅁꑋꓫ뢹ꅃꅞ?39덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꅝTaiwan Corporate Credit Risk Index, TCRIꅞꅁ롧Ꙩ꙾귗ꖿꯡ꧳1999꙾ꖿꚡꑗꖫꅁ녎ꭈꗎ뗻떥꓀결10꿅ꅝ1ꅂ2ꅂ3ꅂꅂꅂ9ꅂ10ꅞꅃ꣤꒤ꅁ1-4ꝙ결ꝃꯗ궷쁉꿅ꅁ5-6결꒤ꯗ궷쁉꿅ꅁ7-9결낪ꯗ궷쁉꿅ꅁ10ꅝꕎꫭDefaultꅞꫭꗜꑷ땯ꗍ끝냈ꙍ뻷ꅃ덑뗻떥ꪺ꿅볆뙖ꑰꕎꫭꭈꗎ뙖ꙮꅃ ꅝꑇꅞ룪껆신롭 ꗑ꧳ꚹ삳엜볆ꅝTCRIꅁ띕ꑰ꫌띕꣎ꅞ뭐ꛛ엜볆ꅝEVAꅁ띕ꑪ꫌ꫭꗜ띕꣎ꅞ꙳Ꙣ뗛곛꓏ꓨꙖꪺ쏶ꭙꅁ결꣏뭐ꖻ곣ꡳ꣏ꗎEVA귈ꑪꑰꚳ곛ꙐꓨꙖꅝꝙEVA귈띕ꑪ꫌ꅁ꣤궷쁉꧊곛맯룻ꝃꅞꅁ걇녎ꕸ왗롧샙띳돸꧒뒣꣑꒧TCRI떥꿅신롭결9-1꿅ꅁ꣤꒤ꅁ9결궷쁉꧊돌ꝃ닕롳ꅁ꣌ꚸ뇆ꙃꅁ0ꕎꫭ땯ꗍ륈곹꒧꒽ꕱꅃ ꑔꅂ롧샙꫾ꕛ믹귈ꅝEconomic Value-Added, EVA®)꒧군뫢 ꅝꑀꅞ끝냈돸ꫭ룪껆꒧꣺녯 1. ꕸ왗롧샙띳돸ꅝTEJꅞꑗꖫꅂꑗ쉤꒽뙽땯ꛦ꒽ꕱ끝냈룪껆깷꒤ꅁ룪늣굴뛅ꫭꅂ띬꽱ꫭꅂ뉻꫷걹뙱ꫭꅂ샧띾뙏ꗎꅂ룉ꕒ뚵ꗘꅁꕈ꓎꒤ꖡ믈ꛦ롧뉺냪깷꒧뵵ꑗ룪껆깷ꅁ꣺녯군뫢EVA꒧곛쏶라군곬ꗘꅃ 2. 닅Ꙙꖻ곣ꡳ듁궭꓎ꖻ곣ꡳ꧒군뫢꒧EVAꙕ뚵곣ꡳ엜볆ꅁ꧒믝꒧끝냈룪껆곒결믴ꗾ꫌ꅁꡃ꙾ꪺ왛맮볋ꖻ곛Ꙑꅁꕈꝑ낵ꓱ룻ꅃ 3. EVA뷕뻣곬ꗘꪺ꣺녯궭꣮ꅇ ꅝ1ꅞ꟩싂뙏ꗎ뭐꙳덦ꙕ꒽ꕱꪺ뭻ꙃꓨꚡ꒣Ꙑꅁ꒣ꙃ결뷕뻣뚵ꗘꅃ ꅝ2ꅞ냓앁앵뒣꓎귻ꑵ끖뵭뙏ꖼ꒩뷕뻣ꅃ ꅝ3ꅞ때ꩫ꣺녯샧띾꾲룮곬ꗘꅁꙝꚹꖼ꒩뷕뻣ꅃ ꅝ4ꅞ곣땯ꅂ뇀빐뭐뱳ꝩ뙏ꗎ룪ꖻ꓆앵빐ꅁꕈ꣢듁앵뒣ꞹ늦ꅃ ꅝꑇꅞEVA꒧군뫢 1. 땼ꯡ뉢샧띾ꝑ꽱ꅝNet Operating Profits Less Adjusted Taxes, NOPLATꅞ군뫢꙰ꫭ3-1ꅃ 40덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫭ3-1 땼ꯡ뉢샧띾ꝑ꽱ꅝNOPLATꅞ꒧군뫢 꺧ꭥ땼ꭥ곕빬ꅝEBITꅞ 듮ꅇEBIT땼굴 ꧒녯땼뙏ꗎ ꇏꝑ꺧뙏ꗎ땼곞 ꇐꝑ꺧ꚬꑊ땼굴 ꇏ띾ꕾ띬ꖢ땼곞 ꇐ띾ꕾꝑ녯땼굴 EBIT땼굴 꺧ꭥ땼ꯡ곕빬ꅝEBIATꅞ ꕛꅝ듮ꅞꅇ곹럭앶꽱럇돆뷕뻣 ½ꖻ듁곣땯ꅂ뇀빐꓎뱳ꝩ뙏ꗎ ꅝ½ꭥ듁곣땯ꅂ뇀빐꓎뱳ꝩ뙏ꗎꅞ 뮼ꦵ꧒녯땼엜냊볆 Ꝣ녢 땵듁꟫룪띬ꅝ꽱ꅞ ꙕ뚵럇돆ꡃ듁뱗뙱ꅝꝴ삳ꚬ녢듚돆ꧨꝢ녢ꅂ뛊ꚬ듚돆ꧨꝢ녢ꅂ꣤ꕌ삳ꚬ듚ꅂ돆ꧨꝢ녢ꅂ꙳덦돆ꧨ뙞믹띬ꖢꅂ땵듁꟫룪돆ꧨ뙞믹띬ꖢꅞ ꇗ뷕뻣ꯡ땼ꯡ뉢샧띾ꝑ꽱 룪껆꣓랽ꅇꖻ곣ꡳ뻣뉺 41덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 2. ꟫ꑊ룪ꖻꅝInvested Capital, ICꅞ꒧군뫢 ꫭ3-2 ꟫ꑊ룪ꖻꅝICꅞ꒧군뫢 샧륂걹냊룪늣 걹냊룪늣 듮ꅇ뮼ꦵ꧒녯땼룪늣-걹냊 땵듁꟫룪 ꒣ꕉ꺧걹냊굴뛅(걹냊굴뛅ꇐꕉ꺧굴뛅ꇐ꣤ꕌ걹냊굴뛅ꇐ꣤ꕌ삳ꕉ듚) 샧륂룪꫷ 뉢꥔ꥷ룪늣ꅝꚩ낣닖군꟩싂ꅞ 뉢꣤ꕌ룪늣(ꚩ낣꣤ꕌ굴뛅ꅂ뮼ꦵ꧒녯땼룪늣-ꭄ걹냊) 뷕뻣ꭥ꟫ꑊ룪ꖻ ꕛꅝ듮ꅞꅇ곹럭앶꽱럇돆뷕뻣 ½ꖻ듁곣땯ꅂ뇀빐꓎뱳ꝩ뙏ꗎ ½ꑗ듁곣땯ꅂ뇀빐꓎뱳ꝩ뙏ꗎ 닖군ꙕ뚵럇돆ꅝꝴ삳ꚬ녢듚돆ꧨꝢ녢ꅂ뛊ꚬ듚돆ꧨꝢ녢ꅂ꣤ꕌ 삳ꚬ듚돆ꧨꝢ녢ꅂ꙳덦돆ꧨ뙞믹띬ꖢꅂ땵듁꟫룪돆ꧨ뙞믹띬ꖢꅞ (Ꙣꯘꑵ땻) 뷕뻣ꯡ꟫ꑊ룪ꖻ 룪껆꣓랽ꅇꖻ곣ꡳ뻣뉺 3. ꕛ앶ꖭꞡ룪꫷ꚨꖻꅝWACCꅞ꒧군뫢 ꕛ앶ꖭꞡ룪꫷ꚨꖻ꒧ꡍꥷꭙ뇄ꗎꕈꑕ꒽ꚡꅇ DS+EEWACCꇗKꅝ1ꇐTꅞꅅ ꇏ Kꅅ ꅝꚡ3-2ꅞ DCSD+S+EED+S+EE꣤꒤ꅁDꅇ군꺧걹냊굴뛅ꇏ꫸듁굴뛅ꇐ뮼ꦵ꧒녯땼 Sꅇ꫑ꩆ앶꽱녢궱믹귈 EEꅇ곹럭앶꽱럇돆 2627Kꅇꝑ꺧ꓤꕘ/ꅝ삳군꺧걹냊굴뛅ꇏ꫸듁굴뛅ꇐ뮼ꦵ꧒녯땼ꅞ D 26⃀뎭?꺧걹냊굴뛅ꇗ냓띾ꖻ늼ꇏ꧓ꝉ뛗늼ꇏ땵듁귉듚ꇏꑀ꙾꒺꣬듁꒧꫸듁굴뛅?27 뮼ꦵ꧒녯땼귬ꙃꙢ꫸듁굴뛅뚵ꑕꅁ꛽ꙝ뗸결곹럭앶꽱럇돆곬ꗘꅁ걇ꛛ꫸듁굴뛅꒤ꚩ낣ꅁꕈ쇗ꝋ궫뷆군뫢ꅃ?42덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 KꅇRꇏꍝꅝRꇐRꅞ SFimFꅝ1ꅞRꅇ때궷쁉ꝑ뉶ꅝRisk free interestꅞ꒧꣺녯 Fꕈ81-92꙾듁뚡꒤ꖡ믈ꛦ땯ꛦ182ꓑ듁ꖭꞡ냪깷꣩ꝑ뉶% ꕎ듀ꅝ81ꅂ87꓎91꙾때땯ꛦ182ꓑ듁ꅁ꓀ꝏꕈ91ꅂ140꓎273ꓑ듁ꕎ듀ꅞꅃ ꅝ2ꅞRꅇꖫ돵돸륓뉶ꅝRate of market returnꅞ꒧꣺녯 mꖫ돵돸륓뉶ꗎ76-92꙾ꕸ왗꫑믹ꕛ앶꯼볆둘꛳ꖭꞡ꙾돸륓뉶ꉍꕎꑊꅃ ꅝ3ꅞꍝꅇ궷쁉ꭙ볆꒧꣺녯 Cov(R,R)itMt ꍝꇗ iVar(R)MtRꅇꖫ돵꟫룪닕ꙘꙢ닄tꓩꪺ돸륓뉶ꅁ Mt Rꅇ귓ꝏ쏒꣩Ꙣ닄tꓩꪺ돸륓뉶ꅁ it꓀ꑬ결닄i뫘쏒꣩뭐ꖫ돵꟫룪닕Ꙙ뚡ꪺꙀ엜볆ꅁ ꓀ꗀ결ꖫ돵꟫룪닕Ꙙꪺ엜늧볆ꅃ ꕈꕸ왗롧샙띳돸룪껆깷꒧ꍝ귈ꪺ군뫢ꅁꭙꕈꕛ앶꫑믹꯼볆ꓩꅝ뙧ꅂꓫꅞ돸륓뉶Ꝁ결ꛛ엜볆ꅁꕈ귓꫑ꓩꅝ뙧ꅂꓫꅞ돸륓뉶결삳엜볆ꅁ뇄끪쉫꓀꩒ꡄ꣤뇗뉶ꛓ녯ꅃꖻ곣ꡳꙝꕈ꙾돸륓뉶군뫢ꖫ돵돸륓ꅁꙝꚹꍝ귈꣺ꓫ룪껆12듁ꅃ 4. 롧샙꫾ꕛ믹귈ꅝEVAꅞ꒽ꚡꅇ EVA귈꣏ꗎꕸ왗롧샙띳돸ꪺ룪껆깷꒧꒽ꕱ끝냈룪껆ꅁ뇄ꗎꕈꑕ꒽ꚡ군뫢녯ꕘꅇ EVAꇗ NOPLATꇐWACCꇑ IC ꅝꚡ3-1ꅞ t tt t-1 5. EVAꪺ볐럇꓆ ꗑ꧳EVA걏샲ꝑꪺ꫷썂ꅁ녎쁈ꗸ띾ꪺ덗볒ꑪꑰꛓꚳ꒣Ꙑꅁ굙ꕈꚹ떴맯귈Ꝁ결ꓱ맯ꪺ냲슦ꅁ녎라덹ꚨ랥ꑪꪺ낾뭾ꅁꙝꚹꅁ믝녎ꚹ떴맯귈신꓆결꣣ꚳ닎ꑀ꧊뷨ꪺ볐럇귈ꅁ뫙결볐럇꓆EVAꅝStandardized EVA, STDEVAꅞꅁꕈꭋ껸낣꒽ꕱ덗볒꧒덹ꚨꪺ낾뭾ꅃ꣤군뫢꒽ꚡ결ꅇ STDEVAꇗEVA/듁ꫬ셠꟫ꑊ룪ꖻ ꅝꚡ3-2ꅞ 43덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄ꕼ론 룪껆꓀꩒ ꑀꅂ뇔굺꧊닎군 궺ꗽ군뫢EVAꅁꡄ녯STDEVAꅁ왛맮ꙕ롳닕볋ꖻ꓎ꗾ뎡볋ꖻꅁꡄ녯곣ꡳ듁뚡꒺ꪺ돌ꑰ귈ꅂ돌ꑪ귈ꅂꖭꞡ볆꓎볐럇깴떥냲ꖻ룪껆ꅃ ꑇꅂ곛쏶꧊꓀꩒ 곛쏶꓀꩒(Correlation)ꅁ왛맮ꙕ꙾ꪺSTDEVA뭐TCRI꒧뚡ꪺ곛쏶땻ꯗꑪꑰꅁ굙STDEVA뭐TCRI꒧뚡꙳Ꙣ뗛ꖿꪺ곛쏶꧊ꅁꭨꕈSTDEVA꣓륷듺TCRI꣣ꚳꑀꥷꪺꕩꭈꯗꅃ ꑔꅂ끪쉫꓀꩒ ꅝꑀꅞꝑꗎ슲돦끪쉫꓀꩒ꅁ왛맮ꡃ꙾ꖿ녠꒽ꕱꅂ늧녠꒽ꕱ꒧STDEVA맯 TCRIꪺ룑쓀꿠ꑏꅁ꣢꫌꒧뚡걏ꝟ꣣ꚳ뵵꧊쏶ꭙꅆ왛맮ꑔ꙾ꪺSTDEVA늾냊ꖭꞡ맯TCRI걏ꝟ꣣ꚳ륷듺믹귈ꅁ뇄ꑔ꙾늾냊ꖭꞡꪺ뉺ꗑꑄꙝ돦ꑀ꙾ꯗꕩ꿠덹ꚨꕄ왛Ꝑ쉟ꅁꑀ깡꒽ꕱꕩ꿠돦ꑀ꙾ꪺ엜냊ꭄ녠ꑪꅁ걇뇄ꑔ꙾늾냊ꖭꞡꕩ쇗ꝋ꧒ꡄ떲ꩇ깴늧ꓓꑪꅁ룻꣣ꯈ왛꧊ꅃ ꅝꑇꅞꕈꗸ띾ꭈꗎ궷쁉꯼볐ꅝTCRIꅞ결ꙝ엜볆ꅁ STDEVA결ꛛ엜볆ꅁ뙩ꛦ슲돦끪쉫꓀꩒ꅁ낣ꑆ뙩ꛦ럭듁ꪺꅝꕈꕸ왗롧샙띳돸꒽ꝇꪺ꙾ꯗꅞ끪쉫꓀꩒ꕾꅁꙐ껉ꑝꕈ럭듁ꪺTCRI뭐ꭥ듁ꪺSTDEVA뙩ꛦ끪쉫꓀꩒ꅁꕄ굮ꛒ뱻ꪺꙝ꿀결ꅇ 281. TEJ꒽ꝇTCRI껉뚡ꚳ껉뚡뿰ꦵꪺ냝썄ꅁꕂ 2. 믈ꛦ꧱듚꒧ꡍꥷ뭐ꝟꅁꕄ굮ꛒ뙱걏꧱듚ꕘꕨꯡ궱셻ꪺ궷쁉ꅃ 뒫ꢥ꒧ꅁ굙STDEVA걏ꙮꪺ꯼볐ꅁꕈ2004꙾ꪺSTDEVAꝀ결꧱듚냑ꛒ꯼볐ꅁꢺ뙕듚꒽ꕱ2005ꅂ2006꙾ꪺTCRI삳룓꒣라엜깴ꅝ꓀ꝏ걏ꕈ2004ꅂ2005꙾ꪺ끝냈룪껆ꡍꥷꪺꅞꅃ 끪쉫꓀꩒녎ꕈ5ꉈꪺ엣뗛꧊ꓴ럇샋ꥷꅁ왛맮꣢꫌ꪺ뵵꧊쏶ꭙ걏ꝟ륆엣뗛ꓴ2럇ꅆ땍ꯡ뙩ꑀꡂꕈR샋뗸꣤빁Ꙙꯗꅝgoodness of fitꅞꅁꣃꕈt-value꣓뿅뙱ꛛ엜볆ꪺꕩꭈꯗꅃ 28 ꕸ왗롧샙띳돸????ꪺ꙾룪껆걏ꗎ럭꙾ꯗꪺ끝냈돸ꫭ룪끔ꕨ군뫢냲ꖻ꓀볆ꅃ꙰ꗁ냪㈰〴꙾ꪺ룪껆굮떥꣬????꙾?ꓫꕘꑆꕨ꙾ꯗꪺ끝냈꙾돸ꫭꯡꅁꑾ라Ꙣ?ꓫꗷ뻣뉺끝냈룪껆ꅁꣃ꧳?ꓫꗷ뙩ꛦ뗻떥ꯡ꒽ꖬꅃ뒫ꢥ꒧ꅁ꒵꙾?ꓫ꒽ꖬꪺ????걏껚뻚ꕨ꙾ꪺ끝돸룪껆군뫢ꛓ녯ꅃꅝ뷐뇐ꕸ왗롧샙띳돸뎯ꑰꥪꅞ? 44덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 끪쉫꓀꩒Ꙁ믝뙩ꛦꕈꑕꫭ3-3둘닕ꪺ샋ꥷꅇ ꫭ3-3 끪쉫꓀꩒군땥ꫭ 엜볆 ꗾ뎡볋ꖻA늧녠꒽ꕱꑔ꙾ EVA ꖿ녠꒽ꕱ늾냊ꗾ뎡볋ꖻ STDEV꙾ꯗ ꖭꞡ 1995 1995 R1 R2 R3 R4 뒺19951996R5껰ꑗ1996 1996 R1 R2 R3 R4 ꓉19961997R5걱1997 1997 R1 R2 R3 R4 19971998R5 1998 1998 R1 R2 R3 1999 1999 R1 R2 R3 2000 2000 R1 R2 R3 R6 뒺20002001R7껰ꑕ2001 2001 R1 R2 R3 R6 럆20012002R7걱2002 2002 R1 R2 R3 R6 20022003R7 2003 2003 R1 R2 R3 ꕼꅂꓱ룻꓀꩒ 녱롧샙뒺껰멡걜ꪺꢤꯗ뿅뙱ꅁꥼ때ꩫ곝ꕘ꒽ꕱꪺEVA낪ꝃ뭐TCRI꒧뚡ꪺ쏶ꭙꪺ녪ꯗꅃ뇄ꗎꓱ룻꓀꩒ꪺꓨꚡꅁ뙩ꑀꡂ꓀꩒ꅇ ꅝꑀꅞꭈꗎ뗻떥쁵ꅂꙈ닕ꓱ룻 ꕈꛛ엜볆결냲슦ꅁ뿯꣺볋ꖻ꒽ꕱ꒤ꭈꗎ뗻떥룻꣎ꅝTCRI룻낪꫌ꅞꪺ50깡꒽ꕱ뭐룻깴ꪺ50깡꒽ꕱꅁꓱ룻꣤STDEVAꅁꕈ뽗ꗟ볋ꖻt-test샋ꥷꅁ왛맮꣢닕ꪺꖭꞡ볆걏ꝟ꣣ꚳ닎군ꑗ엣뗛꧊깴늧ꅃ ꅝꑇꅞ늧녠꒽ꕱꪺ륌ꕨEVA뻺ꕶꓱ룻 녱ꕴꑀꢤꯗ꣓곝ꅁ굙EVAꕩ륷듺꒽ꕱꪺꭈꗎ뗻떥ꅁꭨ녱늧녠꒽ꕱ땯ꗍꪺ럭꙾ꯗꅁ꓏뇀Ꙟꕨ2-3꙾ꅁ꣤EVA걏ꝟ곛맯꣤ꕌ꒽ꕱꛓꢥꅁꓱ룻낾ꝃꅃꚹ뎡꓀ꪺꓱ룻녎뇄ꗎ뷨꓆ꪺ꓀꩒ꅃ 뇄ꗎ뷨꓆꓀꩒뮡ꧺ꙰ꑕꅇ 45덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 1. 귬ꙝꅇꕈꕸ왗롧샙띳돸ꙕ꙾ꗸ띾땯ꗍ륈곹꫌ꅁꝀ결늧녠꒽ꕱ꒧볋ꖻꅁꙝ띳돸룪껆귧낣ꗘꭥ꒴ꚳ끝냈ꙍ뻷꒧꒽ꕱꅁꙝꚹꙕ꙾ꯗ늧녠꒽ꕱ볋ꖻ볆꒣ꢬ결닎군뿅뙱ꅁꙝꚹ뇄ꗎ뷨꓆꓀꩒ꅃ 2. Ꝁꩫꅇ녱STDEVAꪺ뇆Ꟈ꣓곝ꅁ녎ꙕ볋ꖻ꒽ꕱꪺꅝꭥ1ꅂ2ꅂ3꙾ꅞSTDEVA뇆Ꟈꅁ곝늧녠꒽ꕱꪺSTDEVA걏ꝟꙢꯡ25ꉈ꒧꒤ꅃ 3. 굙ꑪ뎡꓀ꪺ늧녠꒽ꕱꅝꡃ꙾ꪺ늧녠꒽ꕱꅂ덳쓲둘꙾ꪺ늧녠꒽ꕱꅞꞡꝥ곛Ꙑꪺ놡꟎ꅁꭨꕩꕈ룑쓀결ꅇ땯ꗍ늧녠ꪺ꒽ꕱꅁ꣤ꭥ둘꙾꒧STDEVAꫭ뉻뒶륍룻깴ꅃ 46덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄ꕼ뎹 맪쏒떲ꩇ뭐꓀꩒ 닄ꑀ론 볋ꖻ둹굺 ꖻ곣ꡳꕄ굮ꕈ1995ꛜ2003꙾뚡꒧ꑗꖫꅂ쉤꒽ꕱ결곣ꡳ맯뙈ꅁ늣띾ꝏ꙰ꑕꫭ4-1ꅁꙀ군291깡ꅁ꣤꒤ꖿ녠볋ꖻ꒽ꕱꙀ군225깡ꅁ늧녠볋ꖻ꒽ꕱꙀꚳ66깡ꅃ ꫭ4-1 곣ꡳ볋ꖻ볆꓎꣤늣띾꓀ꝇ ꕎ뢹ꭥ2뵘 늣띾 볋ꖻ볆ꕎ뢹ꭥ2뵘 늣띾 볋ꖻ볆 11 ꓴꩤ8 21 뻳붦뷼굌8 12 궹ꭾ20 22 륂뿩ꑵ꣣3 7 13 뛬붦1 23ꅂ24ꅂ53ꅂ61 륱ꑬ룪끔47 14 꾼슴ꑈ엖뫻40 25 샧ꯘ17 15 뻷륱10 26ꅂ56 꿨륂13 16 륱뵵륱왬12 27 왛ꗺ5 17 ꓆뻇20 29 ꛊ덦9 18ꅂ48 곁볾뎳늡8 87 뫞뉺꫑늼5 22 19 덹꿈7 89ꅂ99 ꣤ꕌ 0 20 뿻앋꫷쓝2 Ꙙ군291 닄ꑇ론 맪쏒떲ꩇ ꑀꅂ뇔굺꧊닎군꓀꩒ 롧륌룪껆뭠뚰뭐뻣뉺ꅁ녎ꗾ엩볋ꖻ꒽ꕱ291깡ꅁꙀ군2,549떧룪껆ꅁꕈꑕTCRI엜볆ꞡ결신롭ꯡ꒧TCRIꅝ꫾뿽ꑅꅞꅁꗧꝙ뗻떥꓀결9-1꿅ꅁ신롭ꯡ꒧떥꿅낪꫌ꅝ꣒꙰9꿅ꅞ결ꭈꗎ뗻떥꣎꫌ꅁ떥꿅ꝃ꫌ꅝ꣒꙰1꿅ꅞ결ꭈꗎ뗻떥깴꫌ꅁ0ꕎꫭꕸ왗롧샙띳돸ꥷ롱땯ꗍ륈곹ꕘ꣆꒧꒽ꕱꅃ엜볆EVAꅝ꫾뿽ꑑꅞ꓎STDEVAꅝ꫾뿽ꑑꑀꅞꅁ껚뻚닄ꑔ뎹꒧군뫢ꓨꚡꅁ떲ꩇ엣ꗜꕸ왗ꑗꖫꅂ쉤꒽ꕱ꒧EVA뭐STDEVAꝥ뉻굴귈꫌꛻ꑪ뎡꓀ꅁꖿ귈꫌룻ꓖꅁꖭꞡ귈결굴귈ꅁꑕꫭ4-2결뇔굺꧊닎군꓀꩒ꅃ ꫭ4-2 ꗾ엩볋ꖻ뇔굺꧊닎군 엜볆 볋ꖻ볆 돌ꑰ귈 돌ꑪ귈 ꖭꞡ귈 볐럇깴 EVA(ꑤ꒸)?2532 -21,352,25048,294,339-95,455 2,187,474STDEVA2532 TCRI 2532 덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꑇꅂ곛쏶꧊꓀꩒ ꅩ낲뮡ꑀꅪꗸ띾ꭈꗎ궷쁉꯼볐ꅝTCRIꅞ뭐롧샙꫾ꕛ믹귈ꅝSTDEVAꅞꝥꖿ곛쏶ꅃ ꝑꗎꗖ몸듋ꅝPearsonꅞ곛쏶ꭙ볆꓀꩒ꅁ꓀ꝏ왛맮STDEVA뭐TCRIꅝꫭ4-3ꅞꙕ꙾꒧뚡ꪺ곛쏶꧊꓎꣤쏶ꭙ녪ꯗꅁ떲ꩇ엣ꗜꅁꛛ1995ꛜ2003꙾ꪺSTDEVA곒뭐TCRI꒧뚡꙳Ꙣ뗛ꖿꪺ곛쏶ꅁꕂꗾ뎡ꞡ륆ꉈꪺ엣뗛ꓴ럇ꅃ ꫭ4-3 STDEVA뭐TCRI곛쏶꧊꓀꩒ 볋ꖻ볆 ꗖ몸듋곛쏶ꭙ볆 STDEVA-TCRI ꙾ꯗ Pearson Correlation (**)1996280 (**)1997 (**) (**)1999290 (**)2000 (**) (**)2002284 (**)2003 (**) **ꫭꗜ륆꣬꒧엣뗛ꓴ럇 ꑔꅂ끪쉫꓀꩒—뫮Ꙙ왛맮듁 ꅩ낲뮡ꑇꅪꗸ띾ꭈꗎ궷쁉꯼볐ꅝTCRIꅞ뭐롧샙꫾ꕛ믹귈ꅝSTDEVAꅞ꣣ꚳ뵵꧊쏶ꭙ꙳Ꙣꅃ ꓀ꝏ둎ꖿ녠꒽ꕱꅂ늧녠꒽ꕱꕈ꓎ꑔ꙾늾냊ꖭꞡ꒧STDEVA뭐TCRI끪쉫꓀꩒ꅃ ꅝꑀꅞꖿ녠꒽ꕱꕈꕸ왗롧샙띳돸룪껆깷꒤ꛛ1995꙾ꛜ2003꙾뚡ꖼ땯ꗍ끝냈ꙍ뻷꒧꒽ꕱꅁꕈꖿ녠꒽ꕱ볐럇꓆롧샙꫾ꕛ믹귈ꅝSTDEVA1ꅞ결ꛛ엜볆ꅁTCRI결삳엜볆ꅁ뇄끪쉫꓀꩒ꅁ떲ꩇ꙰ꫭ4-4꧒ꗜꅁ멉뙚뚵꒧닎군뙱결ꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕꝥ뉻닎군ꑗꪺ엣뗛ꅝp=ꅞꅁꗧꝙ맯ꖿ녠꒽ꕱꛓꢥꅁꚳꖿꪺSTDEVAꅃ꣤뇗뉶뚵꒧닎군뙱결ꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕꝥ뉻닎군ꑗꪺ엣뗛ꅝp=ꅞꅁ엣ꗜꖿ녠꒽ꕱ꒧STDEVA1뭐TCRI꒧뚡꙳Ꙣ뗛닎군ꑗꪺ엣뗛뵵꧊쏶ꭙꅃ 껚뻚ꑗ굺꓀꩒ꅁ샲녯끪쉫볒ꮬ띊뻣꙰ꑕꅇ TCRIꇗꇏꆯSTDEVA1 48덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 2ꚹ끪쉫볒ꮬꪺ룑쓀꿠ꑏꅁ꣤Ꝑꥷꭙ볆(R)결ꅁꅝFꇗꅞꅁ엣ꗜꙢꖿ녠꒽ꕱ꒤ꅁ곹ꚳ32ꉈꭈꗎ뗻떥ꪺ엜꓆ꅁ걏ꕩꕈꗑ볐럇꓆롧샙꫾ꕛ믹귈ꪺ엜꓆꣓룑쓀ꪺꅃ꣢꫌꒧뚡뵵꧊쏶ꭙꪺ꙳Ꙣꅁ닅Ꙙ낲뮡ꑇꅃ ꫭ4-4 ꖿ녠꒽ꕱSTDEVA1맯TCRI끪쉫꓀꩒ ꖼ볐럇꓆ꭙ볆B볐럇꓆ꭙ볆볒ꚡ 볐럇뭾t 엣뗛꧊ ꒧꛴군귈 Beta꓀끴 멉뙚뚵 STDEVA1 2 2 Pearson곛쏶0 ꅝꑇꅞ늧녠꒽ꕱꕈꕸ왗롧샙띳돸룪껆깷꒤ꛛ1995꙾ꛜ2003꙾뚡ꑷ롧땯ꗍ륌륈곹꣆ꗳ꫌결맯뙈ꅁ놴끑꣤STDEVAꓴ럇ꪺ엜꓆ꅃꙝ늧녠꒽ꕱꪺꭈꗎ뗻떥결룻깴ꪺꑀ롳ꅁ굙STDEVA뭐ꭈꗎ뗻떥꒧뚡꙳Ꙣ쏶ꭙꅁ늧녠꒽ꕱꪺSTDEVAꫭ뉻룻깴ꑝ걏ꕩꕈ륷듁ꪺꅃ ꕈꕸ왗롧샙띳돸ꪺ룪껆결볋ꖻꅁꅝ녱1995꙾ꛜ2003꙾뚡ꅞꙀꚳ223귓볋ꖻꅁꕈ늧녠꒽ꕱ꒧볐럇꓆롧샙꫾ꕛ믹귈(STDEVA2)결ꛛ엜볆ꅁTCRI결삳엜볆ꅁ끪쉫꓀꩒떲ꩇꅁt귈ꪺ멉뙚뚵결ꅁ뇗뉶뚵결ꅁtꇖ3ꝥ뉻닎군ꑗꪺ엣뗛ꓴ럇ꅁ꛴군귈멉뙚뚵ꅁ뇗뉶뚵ꅁꙢ5ꉍꪺ엣뗛ꓴ럇ꑕꅁꝥ닎군ꑗꪺ2엣뗛쏶ꭙꅁꙝꚹ꣢꫌ꚳ엣뗛ꪺ뵵꧊쏶ꭙꅃꝐꥷꭙ볆(R)결ꅁF귈결ꅁsig. =ꅁ륆ꪺ엣뗛ꓴ럇ꅁ엣ꗜꙢ늧녠꒽ꕱ꒤ꅁꚳ%ꪺꭈꗎ뗻떥ꪺ엜꓆ꕩꗑ볐럇꓆롧샙꫾ꕛ믹귈ꕛꕈ룑쓀ꪺꅁ꣢꫌뵵꧊쏶ꭙ꙳Ꙣꅁ닅Ꙙ낲뮡ꑇꅃ끪쉫볒ꮬ띊뻣꙰ꑕꫭ4-5ꅇ TCRIꇗꇏꆯSTDEVA2 ??? 49덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫭ4-5 늧녠꒽ꕱSTDEVA2맯TCRI끪쉫꓀꩒ ꖼ볐럇꓆ꭙ볆?볐럇꓆ꭙ볆볒ꚡ?볐럇뭾琠엣뗛꧊?꒧꛴군귈?䉥瑡꓀끴?멉뙚뚵? 協䑅噁㈠ ㈠ ?㈠䅤樭? 䘠 䐭圠 健慲獯?곛쏶? ꅝꑔꅞꕈꗾ엩볋ꖻꑔ꙾늾냊ꖭꞡꪺ볐럇꓆롧샙꫾ꕛ믹귈 (AVESTDEVA)결ꛛ엜볆ꅁTCRI결삳엜볆ꅁ뇄끪쉫꓀꩒ꅁ떲ꩇ꙰ꑕ ꫭ4-6엣ꗜꅁ멉뙚뚵꒧닎군뙱결ꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕꝥ뉻닎 군ꑗꪺ엣뗛깴늧ꅝp=ꅞꅁ뇗뉶뚵꒧닎군뙱결ꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕꝥ뉻닎군ꑗꪺ엣뗛깴늧ꅝp=ꅞꅁ엣ꗜAVESTDEVA뭐TCRI꒧뚡꙳Ꙣ뗛닎군ꑗꪺ엣뗛뵵꧊쏶ꭙꅃ 껚뻚ꑗ굺꓀꩒ꅁ샲녯끪쉫볒ꮬ띊뻣꙰ꑕꅇ TCRIꇗꇏꆯAVESTDEVA 2ꚹ끪쉫볒ꮬꪺ룑쓀꿠ꑏꅁ꣤Ꝑꥷꭙ볆(R)결ꅁꅝFꇗꅞꅁ엣ꗜ곹ꚳ43ꉈꪺꭈꗎ뗻떥엜꓆걏ꕩꕈꗎꑔ꙾늾냊ꖭꞡꪺSTDEVA엜꓆꣓룑쓀ꪺꅁ꣤룑쓀ꑏꟳ쁵꧳돦ꑀ꙾ꯗSTDEVA뭐TCRIꪺ룑쓀꿠ꑏꅆꙝꚹꅁꕈꑔ꙾늾냊ꖭꞡSTDEVA꣓륷듺TCRI삳꣣ꚳꑀꥷꪺꕩꭈꯗꅃ ꫭ4-6 ꑔ꙾늾냊ꖭꞡAVESTDEVA맯TCRI끪쉫꓀꩒ ꖼ볐럇꓆ꭙ볆B볐럇꓆ꭙ볆볒ꚡ 볐럇뭾t 엣뗛꧊ ꒧꛴군귈 Beta꓀끴 멉뙚뚵 AVESTDEVA 2 2 Pearson곛쏶 50덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꕼꅂ끪쉫꓀꩒—ꕸ왗꫑믹ꑗ뒭뚥걱 ꅩ낲뮡ꑔꅪꙢ롧샙뒺껰ꑗ꓉걱ꅁ롧샙꫾ꕛ믹귈낪ꪺ꒽ꕱ꣤ꭈꗎ뗻떥ꑝ룻꣎ꅃ 뇄꫑믹ꑗ꓉걱ꪺ1995-1997꙾ꑔ꙾듁뚡ꅁ끪쉫꓀꩒떲ꩇ꙰ꫭ4-7꧒ꗜꅇ 1. 뒺껰ꑗ꓉걱럭듁STDEVA 뭐럭듁TCRI쏶ꭙꅇ tt럭듁STDEVA결ꛛ엜볆ꅁ럭듁TCRI결삳엜볆ꅁꑔ꙾ꪺ멉뙚뚵꒧닎군뙱ttꞡ결5ꕈꑗꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕꝥ뉻닎군ꑗꪺ엣뗛ꅝp=ꅞꅁ꣤뇗뉶뚵꒧닎군뙱ꑔ꙾꓀ꝏ결ꅂꅂꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕ곒ꝥ뉻닎군ꑗꪺ엣뗛ꅝp=ꅞꅁ엣ꗜꙢ뒺껰ꑗ꓉걱ꅁꗸ띾꒧럭듁STDEVA뭐럭듁TCRI꒧tt뚡꙳Ꙣ뗛닎군ꑗꪺ엣뗛뵵꧊쏶ꭙꅃ 껚뻚ꑗ굺꓀꩒ꅁ뒺껰ꑗ꓉걱ꑔ꙾럭듁STDEVA뭐럭듁TCRIꪺ끪쉫볒ꮬtt띊뻣꙰ꑕꅇ TCRIꇗꇏ * STDEVA19951995 TCRIꇗꇏ* STDEVA19961996 TCRIꇗꇏ* STDEVA19971997 끪쉫볒ꮬ꒤ꅁTCRI꒶꧳0-9꒧뚡ꅁ뙗륌ꚹ뵤돲꒧TCRI쇶꒣꙳Ꙣꅁ꛽꣤뵵꧊쏶2ꭙ걏꙳Ꙣꪺꅃ끪쉫볒ꮬꪺ룑쓀꿠ꑏꅁ꣤Ꝑꥷꭙ볆(R)꓀ꝏ결ꅂꅂꅁꅝF꓀ꝏ결ꅂꅂꅞꅁ엣ꗜꙢ뒺껰ꑗ꓉듁뚡ꅁ곹ꚳ26ꉈꇐ37ꉍ럭듁TCRIꪺ엜꓆ꅁ걏ꕩꕈꗑ럭듁STDEVAꪺ엜꓆꣓룑쓀ꪺꅃ꣢꫌꒧뚡뵵꧊쏶ꭙꪺ꙳Ꙣꅁꗧ닅Ꙙ뒺껰ꑗ꓉뚥걱ꅁ낪롧샙꫾ꕛ믹귈ꪺ꒽ꕱ꣤ꭈꗎ뗻떥ꑝ룻꣎ꪺ곣ꡳ낲덝ꅃ 2. 뒺껰ꑗ꓉걱럭듁STDEVA뭐ꚸ듁TCRIꇏꪺ쏶ꭙꅇ tt1Ꙑ볋ꪺꕈ럭듁STDEVA결ꛛ엜볆ꅁꚸ듁ꪺTCRIꇏ결삳엜볆ꅁ멉뙚뚵꓀ꝏtt1결ꅂꅂꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕꝥ뉻닎군ꑗꪺ엣뗛ꅝp=ꅞꅁ꣤뇗뉶뚵꒧닎군뙱꓀ꝏ결ꅂꅂꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕꑝꝥ뉻닎군ꑗꪺ엣뗛깴늧ꅝp=ꅞꅁ엣ꗜꙢ뒺껰ꑗ꓉걱ꅁꗸ띾꒧럭듁STDEVA뭐ꚸ듁tTCRIꇏ꒧뚡꙳Ꙣ뗛닎군ꑗꪺ엣뗛뵵꧊쏶ꭙꅃ t1껚뻚ꑗ굺꓀꩒ꅁ뒺껰ꑗ꓉걱ꑔ꙾럭듁STDEVA뭐ꚸ듁TCRIꇏꪺ끪쉫볒ꮬtt1띊뻣꙰ꑕꅇ TCRIꇗꇏ* STDEVA19961995 TCRIꇗꇏ* STDEVA19971996 51덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 TCRIꇗꇏ* STDEVA19981997 ꫭ4-7 뒺껰ꑗ꓉걱STDEVA뭐럭듁꓎ꚸ듁TCRI끪쉫꓀꩒ ꖼ볐럇꓆볐럇꓆ꭙ엜볆 ꭙ볆B꒧볐럇뭾 볆Beta꓀t 엣뗛꧊ ꛴군귈 끴 멉뙚뚵 1995 1995 멉뙚뚵 1996 1995 멉뙚뚵 1996 1996 멉뙚뚵 1997 1996 멉뙚뚵 1997 1997 멉뙚뚵 1998 1997 볒ꚡ 끪쉫꙾ꯗ STDEVA 1995 1995 1996 1996 1997 1997 TCRI 1995199619961997199719982 0. 327 2 F D-W Pearson 2끪쉫볒ꮬꪺ룑쓀꿠ꑏꅁ꣤Ꝑꥷꭙ볆(R)꓀ꝏ결ꅂ0. 327ꅂꅁꅝF꓀ꝏ결ꅂꅂꅞꅁ엣ꗜꙢ뒺껰ꑗ꓉듁뚡ꅁ곹ꚳ21ꉈꇐ32ꉍꚸ듁TCRIꪺ엜꓆ꅁ걏ꕩꕈꗑ럭듁STDEVAꪺ엜꓆꣓룑쓀ꪺꅃꚹꛒ뙱결TEJ꒽ꝇꭈꗎ뗻떥ꚳ껉뚡뢨ꯡꅁꙝꚹꛒ뱻STDEVA맯럭듁꓎ꚸ듁TCRIꪺ뱶암ꅁ맪쏒떲ꩇ엣ꗜꅁSTDEVA맯꣢듁TCRIꪺ뱶암곛럭ꅁꚸ듁ꪺ뱶암땹ꝃ꧳럭듁ꅁ꛽꣢꫌꒧뚡ꗧ꙳Ꙣ뵵꧊쏶ꭙꅁꗧꝙꕩꕈꗎSTDEVAꪺ엜꓆꣓룑쓀꣢듁ꪺꭈꗎ뗻떥ꪺ엜꓆ꅃ ꒭ꅂ끪쉫꓀꩒—ꕸ왗꫑믹ꑕ럆뚥걱 ꅩ낲뮡ꕼꅪꙢ롧샙뒺껰ꑕ럆걱ꅁ롧샙꫾ꕛ믹귈낪ꪺ꒽ꕱ꣤ꭈꗎ뗻떥ꑝ룻꣎ꅃ 뇄꫑믹ꑕ뙞걱ꪺ2000-2002꙾ꑔ꙾듁뚡ꅁ끪쉫꓀꩒떲ꩇ꙰ꫭ4-8꧒ꗜꅇ 52덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 1. 뒺껰ꑕ럆걱럭듁STDEVA 뭐럭듁TCRI쏶ꭙꅇ tt럭듁STDEVA결ꛛ엜볆ꅁ럭듁TCRI결삳엜볆ꅁꑔ꙾ꪺ멉뙚뚵꒧닎군뙱결ꅂꅂꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕꝥ뉻닎군ꑗꪺ엣뗛ꅝp=ꅞꅁ꣤뇗뉶뚵꒧닎군뙱ꑔ꙾꓀ꝏ결ꅂꅂꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕ곒ꝥ뉻닎군ꑗꪺ엣뗛ꅝp=ꅞꅁ엣ꗜꙢ뒺껰ꑕ럆걱ꅁꗸ띾꒧럭듁STDEVA뭐럭듁TCRItt꒧뚡꙳Ꙣ뗛닎군ꑗꪺ엣뗛뵵꧊쏶ꭙꅃ 껚뻚ꑗ굺꓀꩒ꅁ뒺껰ꑕ럆걱ꑔ꙾럭듁STDEVA뭐럭듁TCRIꪺ끪쉫볒ꮬ띊tt뻣꙰ꑕꅇ TCRIꇗꇏ * STDEVA20002000 TCRIꇗꇏ * STDEVA20012001 TCRIꇗꇏ * STDEVA20022002 2끪쉫볒ꮬꪺ룑쓀꿠ꑏꅁ꣤Ꝑꥷꭙ볆(R)꓀ꝏ결ꅂꅂꅁꅝF꓀ꝏ결ꅂꅂꅞꅁ엣ꗜꙢ뒺껰ꑕ럆듁뚡ꅁ곹ꚳ16ꉈꇐ28ꉍ럭듁TCRIꪺ엜꓆ꅁ걏ꕩꕈꗑ럭듁STDEVAꪺ엜꓆꣓룑쓀ꪺꅁ꣢꫌꒧뚡ꑝ꙳Ꙣ뵵꧊쏶ꭙꅃ 2. 뒺껰ꑕ럆걱럭듁STDEVA뭐ꚸ듁TCRIꇏꪺ쏶ꭙꅇ tt1Ꙑ볋ꪺꕈ럭듁STDEVA결ꛛ엜볆ꅁꚸ듁ꪺTCRIꇏ결삳엜볆ꅁ멉뙚뚵꓀ꝏtt1결ꅂꅂꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕꝥ뉻닎군ꑗꪺ엣뗛ꅝp=ꅞꅁ꣤뇗뉶뚵꒧닎군뙱꓀ꝏ결ꅂꅂꅁꙢ5ꉈꪺ엣뗛ꓴ럇ꑕꑝꝥ뉻닎군ꑗꪺ엣뗛(p=)ꅁ엣ꗜꙢ뒺껰ꑕ럆걱ꅁꗸ띾럭듁STDEVA뭐ꚸ듁TCRIꇏtt1꒧뚡꙳Ꙣ뗛닎군ꑗꪺ엣뗛뵵꧊쏶ꭙꅃ 껚뻚ꑗ굺꓀꩒ꅁ뒺껰ꑕ럆걱ꑔ꙾럭듁STDEVA뭐ꚸ듁TCRIꇏꪺ끪쉫볒ꮬtt1띊뻣꙰ꑕꅇ TCRIꇗꇏ * STDEVA20012000 TCRIꇗꇏ * STDEVA20022001 TCRIꇗꇏ * STDEVA20032002 2끪쉫볒ꮬꪺ룑쓀꿠ꑏꅁ꣤Ꝑꥷꭙ볆(R)꓀ꝏ결ꅂꅂꅁꅝF꓀ꝏ결ꅂꅂꅞꅁ엣ꗜꙢ뒺껰ꑕ럆듁뚡ꅁ곹ꚳ15ꉈꇐ25ꉍꚸ듁TCRIꪺ엜꓆ꅁ걏ꕩꕈꗑ럭듁STDEVAꪺ엜꓆꣓룑쓀ꪺꅃꙢ뒺껰ꑕ럆걱ꅁ럭듁STDEVA맯꣢듁ꪺTCRIꪺ룑쓀ꑏꗧ곛럭ꅁ꒴꙳Ꙣ뵵꧊쏶ꭙꅁ놩룑쓀ꑏꝃ꧳뒺껰ꑗ꓉걱ꅃ 53덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫭ4-8 뒺껰ꑕ럆걱STDEVA뭐럭듁꓎ꚸ듁TCRI끪쉫꓀꩒ ꖼ볐럇꓆볐럇꓆ꭙ엜볆 ꭙ볆B꒧꛴볐럇뭾 볆Beta꓀t 엣뗛꧊ 군귈 끴 멉뙚뚵 2000 2000 멉뙚뚵 2001 2000 멉뙚뚵 2001 2001 멉뙚뚵 2002 2001 멉뙚뚵 2002 2002 멉뙚뚵 2003 2002 끪쉫꙾ꯗ 볒ꮬ STDEVA 2000 2000 2001 2001 2002 2002 TCRI 2000 2001 2001 2002 2002 2003 2 2 F D-W Pearson ꒻ꅂꓱ룻꓀꩒ ꅩ낲뮡꒭ꅪ꒽ꕱ땯ꗍꭈꗎꙍ뻷꙾ꯗ꒧ꭥꑔ꙾ꅁ꣤롧샙꫾ꕛ믹귈곛맯뎣ꓱ룻ꝃꅃ ꅝꑀꅞꭈꗎ뗻떥쁵ꅂꙈ닕ꓱ룻 ꕈ뽗ꗟ볋ꖻt-test샋ꥷ떲ꩇꅁSTDEVA낪ꪺ꒽ꕱꅝgroup 1ꅞꅁꚳ룻꣎ꪺꭈꗎ떥꿅ꪺꫭ뉻ꅁ곛맯ꪺSTDEVAꝃꪺ꒽ꕱꅝgroup 3ꅞ꣤ꭈꗎ떥꿅ꑝ곛맯룻깴ꅆꕈ1995꙾결꣒ꅁꫭ4-9꒤ꅁTCRI꣢닕ꪺꖭꞡ볆걏( Vs. ) ꅁꕂt귈ꇗꅝꑪ꧳2ꅞꅁsig.(2-tailed) =ꅁ륆꣬엣뗛ꓴ럇5ꉈꅁ싹Ꟁ(2-tailed)샋ꥷ결ꉈꅁꫭꗜ꣢닕ꖭꞡ볆ꪺ깴늧( - ꇗ)륆꣬닎군ꑗ엣뗛ꪺ깴늧ꅆꙝꚹꅁꕈ1995꙾ꪺ룪껆땯뉻ꅁ꣢닕ꖭꞡ볆ꪺ깴늧ꑷ륆꣬닎군ꑗꪺꧺ엣깴늧ꅃ곛Ꙑꙡꅁ꣤ꕌ꙾ꯗSTDEVA낪ꪺꑀ닕꒽ꕱ뭐ꝃꪺꑀ닕꒽ꕱꅁ꣢닕ꪺꖭꞡ볆ꑝ뎣꣣ꚳ닎군ꑗ엣뗛꧊깴늧ꅃꙝꚹꅁ닅Ꙙ륷듁ꪺꅇSTDEVA낪ꪺ닕ꝏꅁ곛맯꣤ꭈꗎ뗻떥ꪺꖭ54덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꞡ볆ꑝ룻낪ꅁꝙSTDEVA뭐TCRI꣣ꚳꙝꩇ쏶ꭙꅁ꧒ꕈꅁꕩꕈꗎSTDEVA꣓륷듺TCRIꅃ ꫭ㐭㤠₫䢥캵﮵ꗀ疡䊦䢲햤ﮤ삪删 볒 TCRI ꚡ STDEVA닕ꝏ F t 엣뗛꧊꙾ ꖭꞡ볆 ꯗ 1* 1995 3** 1 1996 3 1 1997 3 1 1998 3 1 1999 3 1 2000 3 1 2001 3 1 2002 3 1 2003 3 *Ꙣ셠볋ꖻ볆꣌럓STDEVA뇆Ꟈ룻쁵ꪺ50깡 **Ꙣ셠볋ꖻ볆꣌럓STDEVA뇆Ꟈ룻깴ꪺ50깡 ꅝꑇꅞ늧녠꒽ꕱꪺ륌ꕨSTDEVA뻺ꕶꓱ룻 ꗑꑕꫭ4-10늧녠꒽ꕱ륌ꕨSTDEVA뻺ꕶꓱ룻ꫭ꒤ꅁ땯ꗍꙍ뻷ꪺ꒽ꕱꙢ1998꙾ꚳ4깡ꅁ1999꙾12깡ꅁ2000꙾19깡ꅁ20001꙾32깡ꅁ2002꙾10깡ꅁ2003꙾ꚳ9깡ꅁ쇶ꡃ꙾땯ꗍ늧녠꒧볋ꖻ볆룻ꓖꅁ꛽꒴ꕩ곝ꕘꛛ1998꙾끟ꛜ2003꙾ꓮ꒻꙾뚡ꅁ땯ꗍꙍ뻷ꪺ꒽ꕱ꣤STDEVA뇆ꟇꙢꯡ25%ꅝ꣌럓STDEVAꪺꑪꑰ뇆ꙃꅞꪺꓱ뉶곛맯ꯜ낪ꅃꕈ2000꙾결꣒ꅁ땯ꗍ늧녠꒧19깡꒤ꅁ꣤럭꙾ꯗSTDEVA55덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 뇆ꟇꙢ셠볋ꖻ볆꒧ꯡ25%꫌ꚳ10깡ꅁ꛻셠깡볆ꪺ53%ꅆꙢꭥꑀ꙾ꯗꅝ1999꙾ꅞ덯19깡늧녠꒽ꕱ꒧STDEVA뇆ꟇꙢ셠볋ꖻ볆ꯡ25%꫌ꚳ6깡ꅁ꛻셠깡볆ꪺ32%ꅆꭥ닄ꑇ꙾ꅝ1998꙾ꅞSTDEVA뇆ꟇꙢ셠볋ꖻ볆ꯡ25%꫌ꚳ8깡ꅁ꛻셠깡볆ꪺ42%ꅆꭥ닄ꑔ꙾ꅝ1997꙾ꅞSTDEVA뇆ꟇꙢ셠볋ꖻ볆ꯡ25%꫌ꚳ6깡ꅁ꛻셠깡볆ꪺ32%ꅃ꣤ꕌꙕ꙾ꑝ엣ꗜ땯ꗍ늧녠ꪺ꒽ꕱꅁ꣤럭꙾꓎ꭥꑔ꙾꒧STDEVAꫭ뉻뎣뒶륍룻깴ꅁꕂꚳ덶꙾ꝥ뉻뮼뱗ꪺ쇍뛕ꅃ ꫭ4-10 늧녠꒽ꕱ륌ꕨSTDEVA뻺ꕶꓱ룻 ††††††††₵澥춲Ʇ悦纫?1998 1999 ㈰〰?2001 2002 2003STDEVA 늧녠깡볆 ꯡ25%깡볆(%)* 4 12 19 32 10 9 1 ? 1995 (25%)? ? ? ? 1 2 ? ㄹ㤶?(25%)(17%)? ? ? 2 3 6 ? 1997 (50%)(25%)(32%)? ? 2 6 8 13 ? 1998 (50%)(50%)(42%)(41%) 7 6 18 4 1999 ? †⠵㠥⤠(32%)(56%) (40%) 10 17 7 4 2000 ? ? (53%)(53%) (70%) (44%)13 3 4 2001 ? ? ? (41%) (30%) (44%)7 6 2002 ? ? ? (70%) (67%)6 2003 ? ? ? ? ? (67%)*ꙕ꙾ꪺSTDEVA뇆ꟇꙢꗾ뎡볋ꖻ꒤ꙃ결룻깴ꪺ25%꒧꒽ꕱ 56덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄ꑔ론 맪쏒떲ꩇ띊뻣 ꑀꅂ곛쏶꧊꓀꩒ ꛛ1995ꛜ2003꙾ꅁꙕ꙾ꪺEVA꓎STDEVA뭐TCRI꒧뚡곒꙳Ꙣ뗛ꖿꪺ곛쏶ꅁꗾ뎡ꞡ륆ꉈꪺ엣뗛ꓴ럇ꅃ닅Ꙙ낲뮡ꑀꅇꗸ띾ꭈꗎ궷쁉꯼볐뭐롧샙꫾ꕛ믹귈ꝥꖿ곛쏶ꅃ ꑇꅂ끪쉫꓀꩒—뫮Ꙙ왛맮듁 뫮Ꙙ왛맮1995-2003꙾뚡ꅁꕈ볐럇꓆롧샙꫾ꕛ믹귈ꅝSTDEVA1ꅞ결ꛛ엜볆ꅁTCRI결삳엜볆ꅁ궺ꗽ끪쉫꓀꩒ꚹ듁뚡꒺ꖼ땯ꗍ륌끝냈ꙍ뻷꒧ꖿ녠꒽ꕱꅁ떲ꩇt2귈ꇖ3ꅁ꛴군귈멉뙚뚵뭐뇗뉶뚵ꞡꙢ5%ꪺ엣뗛ꓴ럇ꑕꝥ닎군ꑗ꒧엣뗛깴늧ꅆRꚳ32ꉈꭈꗎ뗻떥ꪺ엜꓆ꕩꗑ볐럇꓆롧샙꫾ꕛ믹귈ꪺ엜꓆꣓룑쓀ꅁ엣ꗜꖿ녠꒽ꕱ꒧STDEVA뭐TCRI꒧뚡꙳Ꙣ엣뗛뵵꧊쏶ꭙꅃ ꙁ끪쉫꓀꩒곣ꡳ듁뚡꒺뒿땯ꗍ륈곹꣆ꗳ꒧늧녠꒽ꕱꅁ떲ꩇ엣ꗜ늧녠꒽ꕱꪺt귈ꇖ3ꅁt귈뭐꛴군귈뎣ꝃ꧳ꖿ녠꒽ꕱꅁ꛽Ꙣ5%ꪺ뉻엣뗛꧊ꓴ럇ꑕ꒴ꝥ닎군ꑗ2꒧엣뗛ꓴ럇ꅁ꣢꫌꒧뚡ꗧ꙳Ꙣ뵵꧊쏶ꭙꅆRꫭꗜ곹ꚳ21ꉈꅁ룑쓀ꑏ룻ꖿ녠꒽ꕱꝃꅃ ꕈꗾ엩볋ꖻꑔ꙾늾냊ꖭꞡSTDEVA결ꛛ엜볆ꅁTCRI결삳엜볆ꅁ끪쉫꓀꩒2떲ꩇ엣ꗜ꣢꫌꒧뚡ꑝ꙳Ꙣ뗛닎군ꑗꪺ엣뗛뵵꧊쏶ꭙꅃR결ꅁ꣤룑쓀ꑏ룻쁵꧳돦ꑀ꙾ꯗSTDEVA맯TCRIꪺ룑쓀ꑏꅃꕈꕸ뽮륱결꣒ꅁꙢꖻ곣ꡳꛛ1995ꛜ2000꙾EVAꪺ뇆Ꟈ곒ꙗꙃꭥꗙꅝ꫾뿽ꑑꑇꅞꅁꛜ2001꙾EVA곰궰결-6,437,302ꑤ꒸ꅁ2002꙾5,129,846ꑤ꒸ꅁ2003꙾26,458,687ꑤ꒸ꅁꙁꯗ꥾ꭡꅁ꣤뭐ꕢ뻉엩늣띾Ꙣ2001꙾끉끨32%ꯡ뙽ꥬ둟땤ꪺꪬꩰꑀ교ꅃꙝꕢ뻉엩ꕎꑵ늣띾ꚳ뒺껰둠샴ꪺ꽓꧊ꅁ곝돦ꑀ꙾ꯗꭨꝥ뉻꒣쎭ꥷꪬ멁ꅁꙝꚹꕈꑔ꙾늾냊ꖭꞡꪺROIC뭐WACC꧒ꡄ녯ꪺEVAꅁ룻꿠둸뒤ꗸ띾꽵맪ꪺ샲ꝑ꿠ꑏ뭐꓏걍롧샧꫌ꪺ돌빁룪ꖻ떲멣ꅃ뫮ꑗ꧒굺ꅁꖿ녠꒽ꕱ뭐늧녠꒽ꕱ곒닅Ꙙ낲뮡ꑇꅇꗸ띾궷쁉꯼볐뭐롧샙꫾ꕛ믹귈꣣ꚳ뵵꧊쏶ꭙ꙳Ꙣꅁꕈꑔ꙾늾냊ꖭꞡSTDEVA꣓륷듺TCRI룻꣣ꚳꑀꥷꪺꕩꭈꯗꅃ ꑔꅂ끪쉫꓀꩒—ꕸ왗꫑믹ꑗ뒭뚥걱 뇄ꕸ왗꫑믹ꑗ뒭뚥걱ꪺ1995-1997ꑔ꙾듁뚡ꅁꕈSTDEVA결ꛛ엜볆ꅁ꓀ꝏꕈ럭듁TCRI뭐ꚸ듁TCRI결삳엜볆ꅁ뙩ꛦ꣢듁ꪺ끪쉫ꅁ떲ꩇ엣ꗜ꣢듁ꪺ엣뗛2꧊ꓴ럇뎣륆ꪺ엣뗛깴늧ꅁt귈ꯜꑪꅁꫭꗜ엣뗛꧊ꯜꙮꅁR결21ꉍ-37ꉍꅁ57덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 STDEVA맯꣢듁TCRIꪺ뱶암곛럭ꅁꚸ듁ꪺ뱶암땹ꝃ꧳럭듁ꅁ꛽꣢듁STDEVA뭐TCRI곒꙳Ꙣ뵵꧊쏶ꭙꅁꗧꝙꕩꕈꗎSTDEVAꪺ엜꓆꣓룑쓀꣢듁ꪺꭈꗎ뗻떥ꪺ엜꓆ꅃ닅Ꙙ낲뮡ꑔꅇꙢ뒺껰ꑗ꓉걱ꅁ롧샙꫾ꕛ믹귈낪ꪺ꒽ꕱ꣤ꭈꗎ뗻떥ꑝ룻꣎ꅃ ꕼꅂ끪쉫꓀꩒—ꕸ왗꫑믹ꑕ럆뚥걱 뇄꫑믹ꑕ뙞걱ꪺ2000-2002꙾ꑔ꙾듁뚡ꅁꙐ볋끪쉫STDEVA뭐럭듁TCRI2꓎ꚸ듁TCRI꒧쏶ꭙꅁ끪쉫떲ꩇ엣ꗜꅁ꣢듁ꑀ볋뎣륆꣬ꪺ엣뗛ꓴ럇ꅆRꙢ15%-28%꒧뚡ꅁ끪쉫볒ꮬꪺ룑쓀꿠ꑏꅁ룻ꝃ꧳뒺껰ꑗ꓉걱ꅁ꛽Ꙣ뒺껰ꑕ럆걱ꅁ꣢듁꒧STDEVA뭐TCRI꒴꙳Ꙣ뵵꧊쏶ꭙꅁꗧ닅Ꙙ낲뮡ꕼꅇꙢ뒺껰ꑕ럆걱ꅁ롧샙꫾ꕛ믹귈낪ꪺ꒽ꕱ꣤ꭈꗎ뗻떥ꑝ룻꣎ꅃ ꒭ꅂꓱ룻꓀꩒ 낲덝롧샙꫾ꕛ믹귈ꕩꕈ륷듺ꭈꗎ뗻떥ꅁ궺ꗽ꯶STDEVA뇆Ꟈꅁ뿯ꗎSTDEVAꫭ뉻돌ꙮ뭐돌깴ꪺ50깡ꅝ꓀ꝏ꛻ꗾ뎡볋ꖻ25%ꅞꅁꓱ룻STDEVA돌ꙮꪺ50깡ꅝgroup 1ꅞ뭐돌깴ꪺ50깡ꅝgroup 3ꅞ꒧TCRIꅁ굙STDEVA뭐TCRI뵵꧊쏶ꭙ꙳Ꙣꅁꭨgroup 1뭐group 3ꪺTCRIꚳꯜꑪ깴ꝏꅃꕈ뽗ꗟ볋ꖻt-test샋ꥷ떲ꩇꅁ꣢닕ꖭꞡ볆Ꙣꙕ꙾뎣륆꣬ꪺ엣뗛꧊깴늧ꅁ엣ꗜSTDEVA낪ꪺ꒽ꕱꅁꚳ룻꣎ꪺꭈꗎ떥꿅ꪺꫭ뉻ꅁ곛맯ꪺSTDEVAꝃꪺ꒽ꕱ꣤ꭈꗎ떥꿅ꑝ곛맯룻깴ꅃ꣤ꚸꅁ녱ꑷ땯ꗍꭈꗎꙍ뻷꒧늧녠꒽ꕱꅁ꓏뇀륌ꕨꑔ꙾STDEVAꪺꫭ뉻ꅁ뇄ꗎ뷨꓆꓀꩒ꅃ떲ꩇ엣ꗜꅁ늧녠꒽ꕱ녱땯ꗍ늧녠럭꙾ꛜ땯ꗍ늧녠ꭥꑔ꙾꒧STDEVAꫭ뉻ꞡ뒶륍룻깴ꅁꓱ룻땯ꗍ늧녠ꪺꭥꑔ꙾ꅁSTDEVA뇆ꟇꙢꗾ뎡볋ꖻ깡볆꒧ꯡ25%꫌ꚳ덶꙾ꝥ뉻뮼뱗쇍뛕ꅁꙝꚹꗽꭥꪺ낲덝ꚨꗟꅁꕂ닅Ꙙ낲뮡꒭ꅇ꒽ꕱ땯ꗍꭈꗎꙍ뻷꙾ꯗ꒧ꭥꑔ꙾ꅁ꣤롧샙꫾ꕛ믹귈곛맯뎣ꓱ룻ꝃꅃ 58덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 닄꒭뎹 곣ꡳ땯뉻ꅂ떲뷗뭐ꯘ쒳 닄ꑀ론 곣ꡳ셠떲 ꖻ곣ꡳ녱놴끑롧샙꫾ꕛ믹귈ꪺ뉺뷗뭐꽓꧊ꅁ띎쏑ꗘꭥ뿅뙱라군곕빬ꪺ꟡ꚱꅁꡍꥷ곣ꡳEVA륂ꗎꙢꗸ띾ꭈꗎ뗻떥ꑗꅁꝀ결뇂ꭈ냑ꛒ꯼볐꒧ꑀꅃ녱ꗸ띾걏ꝟ돐덹롧샙꫾ꕛ믹귈ꢤꯗ꣓뿅뙱ꗸ띾ꪺꭈꗎ궷쁉땻ꯗꅁꕈ롧샙왛쉉꣓곝ꗸ띾ꪺ샲ꝑ꿠ꑏꅁꕈ꓎륷듺ꖼ꣓꒤듁ꪺꗸ띾믹귈ꅃꙢ맪쏒곣ꡳꓨ궱ꅁꕈ1995-2003꙾Ꝁ결곣ꡳ듁뚡ꅁ맯럓ꚹ듁뚡ꑗꖫꅂ쉤꒽ꕱꙀ군291깡ꅁꖿ녠볋ꖻ결Ꙣ곣ꡳ듁뚡꒺때땯ꗍ끝냈ꙍ뻷꫌ꅁ군225깡ꅁ늧녠볋ꖻ결Ꙣ곣ꡳ듁뚡꒺뒿땯ꗍ륈곹꣆ꗳ꫌ꅁ군66깡ꅃ궺ꗽꅁ놴끑EVA뭐ꗸ띾ꭈꗎ궷쁉꯼볐꣢꫌ꪺ곛쏶녪ꯗꅁ뙩ꛓꓱ룻ꖿ녠꒽ꕱ뭐늧녠꒽ꕱ꒧EVA뭐ꗸ띾궷쁉꯼볐걏ꝟ곒ꝥ뵵꧊곛쏶ꅆ꣤ꚸꅁꓱ룻EVAꙢ뒺껰셣멡껉듁뭐뒺껰뾽뇸껉듁ꪺꫭ뉻ꅁ듺룕Ꙣ뒺껰둠샴ꑕ꒧EVA뭐TCRI꒧뚡걏ꝟ꒴ꚳꖿꙖ쏶ꭙꅆ돌ꯡꅁ샋ꥷ낪ꅂꝃ닕ꪺEVA꧒ꝥ뉻ꪺTCRI걏ꝟꑝꚳ쁵ꅂꙈꪺ엣뗛깴늧ꅁꙁ녱뻺ꕶEVA뷨꓆꓀꩒늧녠꒽ꕱꅁꕈ엧쏒EVAꕩꕈꚳ껄ꪺ륷쒵ꭈꗎꙍ뻷꒽ꕱꅃ 닄ꑇ론? 곣ꡳ땯뉻 ꖻ곣ꡳꕄ굮놴끑롧샙꫾ꕛ믹귈륂ꗎꙢꗸ띾ꭈꗎ뗻떥ꪺ놴끑ꅁ껚뻚맪쏒곣ꡳ녯꣬ꕈꑕ떲뷗ꅇ ꑀꅂ롧샙꫾ꕛ믹귈뭐ꗸ띾ꭈꗎ궷쁉꯼볐ꚳ엣뗛ꪺꖿ곛쏶 ꛒ뱻ꗸ띾덗볒ꑪꑰꪺ볐럇꓆롧샙꫾ꕛ믹귈ꅝSTDEVAꅞꅁ뭐ꗸ띾ꭈꗎ궷쁉꯼볐꒧곛쏶ꭙ볆Ꙣ1995-2003꙾뚡곹ꚳ40%-60%ꅁꕂꗾ뎡ꞡ륆ꉈꪺ엣뗛ꓴ럇ꅁꫭꗜ꣢꫌꣣ꚳ엣뗛ꪺꖿ곛쏶ꅃꗧꝙ럭EVA뙖ꑪꅁ룓꒽ꕱꪺTCRIꪺ뗻떥ꑝ뙖꣎ꅃ ꑇꅂꗸ띾ꭈꗎ궷쁉꯼볐ꅝTCRIꅞ뭐롧샙꫾ꕛ믹귈꙳Ꙣꚳ뵵꧊쏶ꭙ ꅝꑀꅞꖿ녠꒽ꕱ꒧STDEVA뭐TCRI꒧뚡꙳Ꙣ뗛닎군ꑗꪺ엣뗛뵵꧊쏶ꭙꅁ결ꖿꪺ곛쏶ꅁꝙ낪롧샙꫾ꕛ믹귈ꪺ꒽ꕱꅁ꣤ꭈꗎ뗻떥ꑝ룻꣎ꅃ ꅝꑇꅞ늧녠꒽ꕱ결땯ꗍ륌륈곹꣆ꗳꪺ꒽ꕱꅁ꣤ꭈꗎ뗻떥결룻깴ꪺꑀ롳ꅁꝙ늧녠꒽ꕱꪺ롧샙꫾ꕛ믹귈ꑝ곛맯룻ꝃꅁꕎꫭ늧녠꒽ꕱꪺSTDEVA뭐TCRI꒧뚡ꑝ꙳Ꙣ닎군ꑗꪺ엣뗛뵵꧊쏶ꭙꅃ ꅝꑔꅞꕈꑔ꙾늾냊ꖭꞡSTDEVA듺룕뭐TCRIꪺ쏶ꭙꅁ떲ꩇ엣ꗜꑔ꙾늾냊59덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꖭꞡSTDEVA룻돦ꑀ꙾ꯗꪺSTDEVA뭐TCRI쏶ꭙꟳ엣뗛ꅁꫭꗜꅁꙢ돦ꑀ꙾ꯗ꒤ꗸ띾ꕩ꿠ꚳ꽓껭ꪬꩰ뻉교룓꙾ꯗꪺEVA엜냊둔ꯗꑪꅁꗎꑔ꙾늾냊ꖭꞡ듺룕룻결ꯈ왛ꅃ ꑔꅂ뒺껰셣멡꒣뱶암롧샙꫾ꕛ믹귈뭐ꗸ띾ꭈꗎ뗻떥ꪺ쏶ꭙ 곣ꡳ뒺껰ꑗ꓉걱ꅁSTDEVA뱶암꣢듁ꪺTCRIꅁ맪쏒땯뉻ꅁSTDEVA뭐럭듁ꪺTCRIꕈ꓎뭐ꚸ듁TCRI곒ꚳ낪ꯗꪺ곛쏶ꅁSTDEVA룑쓀럭듁뭐ꚸ듁TCRIꪺ빁Ꙙꯗꯜ곛꫱ꅆꙝꚹꅁꕈꖻ곣ꡳ땯뉻ꅁ믈ꛦ꧓Ꝁ꒤듁꧱듚ꅁSTDEVAꢬꕈ결ꙮꪺ냑ꛒ꯼볐ꅃ ꕼꅂ뒺껰뾽뇸꒣뱶암롧샙꫾ꕛ믹귈뭐ꗸ띾ꭈꗎ뗻떥ꪺ쏶ꭙ 곣ꡳ뒺껰ꑕ럆걱ꅁꖿꪺSTDEVA꒧볋ꖻ꒽ꕱ깡볆ꧺ엣듮ꓖꅁꓗꕈ2001꙾롧샙돌결멇뽆ꅁ꫷뿄뻷멣ꪺ륏꧱ꓱ뉶ꑝ륆꣬돌낪ꅁSTDEVA맯ꭥꯡ꣢듁ꪺTCRI룑쓀ꑏ곛럭ꅁ뒺껰ꑕ럆걱ꝃ꧳ꑗ꓉걱ꪺ룑쓀ꑏꅁ꛽STDEVA뭐TCRI꒴ꚳ엣뗛ꪺ뵵꧊쏶ꭙꅁꙝꚹꅁꙢ뒺껰뾽뇸듁뚡ꅁ믈ꛦ맯ꗸ띾꒧ꭈꗎ뗻떥ꅁ낣ꑆꛒ뱻롧샙꫾ꕛ믹귈ꕾꅁꕩ녱ꗘꭥꗸ띾엩뷨ꅂ귬ꥬ꫑ꩆꪺꕘ룪꓎륌ꕨ샧륂꧒닖뽮ꪺꚨꩇꅁꝀ결뗻꛴ꗸ띾꧓꣼뒺껰꿠ꑏ꒧굮꿀ꅃ ꒭ꅂꗸ띾땯ꗍꭈꗎꙍ뻷녱롧샙꫾ꕛ믹귈ꕩꕈ녯꣬륷쒵ꅁ뒣ꚭ땯뉻냝썄꒽ꕱꅁ륆꣬ꚳ껄ꪺ륷쒵 궺ꗽ샋ꥷ낪ꅂꝃ닕ꪺSTDEVA꧒ꝥ뉻ꪺTCRIꑝꚳ쁵ꅂꙈꪺ엣뗛깴늧ꅁ닅Ꙙ륷듁ꪺSTDEVA낪ꪺ닕ꝏꅁ곛맯ꪺꭈꗎ뗻떥ꪺ떥꿅ꑝ룻낪ꅁꝙSTDEVA뭐TCRI꣣ꚳꙝꩇ쏶ꭙꅁꕩꕈꗎSTDEVA꣓륷듺TCRIꅃꙁ녱뻺ꕶEVA뷨꓆꓀꩒늧녠꒽ꕱꅁꙢ땯ꗍ늧녠럭꙾ꯗꅁSTDEVA뇆ꟇꙢꗾ엩볋ꖻ볆꒧ꯡ25%꫌ꅁ꛻ꕢ볆ꕈꑗꅆꙢ늧녠땯ꗍꭥꑀ꙾ꯗꅁ늧녠볋ꖻꪺSTDEVA뇆ꟇꙢꗾ엩볋ꖻ볆꒧ꯡ25%꫌ꅁꑝꙨ놵꫱ꕢ볆ꅆꙐ볋왛맮STDEVAꪺ뇆ꟇꙢꯡ25%ꪺ늧녠꒽ꕱ깡볆ꅁꙢ늧녠땯ꗍ꙾ꯗꭥꑇ꙾꫌낪꧳ꭥꑔ꙾꫌ꅁ쇶땍ꡃ꙾늧녠ꪺ볋ꖻ볆꒣Ꙩꅁ꛽ꕈ땯ꗍꓱ꣒꣓곝ꅁ꒴ꕩ왛걤ꕘ땯ꗍ늧녠ꪺ꒽ꕱꅁ꣤ꭥꑔ꙾꒧STDEVAꫭ뉻뒶륍룻깴ꅁꕩꕈ엧쏒STDEVAꕩꕈꚳ껄ꪺ륷쒵ꭈꗎꙍ뻷꒽ꕱꅃ 닄ꑔ론 ꯘ쒳 ꖻ곣ꡳ륂ꗎ롧샙꫾ꕛ믹귈Ꙣꗸ띾ꭈꗎ뗻떥ꅁꕈ냪꒺믈ꛦ꧓Ꝁꗸ띾꧱듚띾냈결꣒ꅁꗸ띾ꦹꦹ걏롧샙돐덹꒧ꗽ쇍ꅁꗑ꧳Ꙣ2000꙾ꕸ왗롧샙뙩ꑊꗾ궱끉끨듁ꯡꅁ믈ꛦ띾꫌꣼뻡ꭏꭾ믹귈ꑕ뙞ꅁ쑙궫꣼돐ꅁꙝꚹ듮ꓖ맯ꗸ띾Ꝁ뻡ꭏ꧱듚ꅁꟳ60덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꕛ꣌뿠끝냈돸ꫭꅆꙝꚹꅁ뗻꛴ꗸ띾ꭈꗎ궷쁉ꅁ롧샙꫾ꕛ믹귈때늧걏ꟳ돓ꑀ쑷ꅃ걇ꚹꅁꯘ쒳믈ꛦ맯ꗸ띾뱸ꭈ껉ꅁ녎롧샙꫾ꕛ믹귈꿇ꑊꗸ띾ꭈꗎ뗻꛴꯼볐꒧ꑀꅃꑓ꙰꒽샧꣆띾꓎꫷뿄쏒꣩띾떥ꅁ때ꙃꑊTCRI뗻떥꒧ꛦꙃ꫌ꅁEVA곛맯걏ꑀ귓ꯜꙮꪺꭈꗎ궷쁉뗻꛴꯼볐ꅃ 닄ꕼ론 ꯡ쓲곣ꡳ ꑀꅂꖻ곣ꡳꙝ때ꩫ꣺녯믈ꛦ꒺뎡꽵ꖿ땯ꗍꝢ녢꓎륏듁꧱듚ꪺ껗꣒ꅁ꣺ꛓꕎ꒧ꪺ걏ꕸ왗롧샙띳돸꧒땯ꝇꪺ끝냈ꙍ뻷꒽ꕱꅁꚳ곣ꡳꑗ볋ꖻ꣺녯ꝸ쏸꒧꿊뻑ꅁ곟ꯡ쓲곣ꡳꅁ녯꫷뿄곉궫뗸ꅁ뒣꣑쑟뙑룪끔ꅁ꣺녯꽵맪꧱듚룪껆ꅁ꓀ꝏ둎ꗸ띾뙕듚꒧ꖿ녠ꓡꅂ륏듁ꓡ꓎Ꝣ녢ꓡꅁ곣ꡳꙢ꧱듚껉쉉ꑗꅁꗎ롧샙꫾ꕛ믹귈꒩ꕈ뗻꛴뙕꧱뭐ꝟꅁ뭐맪믚ꪺ꧱듚떲ꩇꓱ룻ꅁ곝떲ꩇ걏ꝟꚳ깴늧ꅃ ꑇꅂꖻ곣ꡳꑷ롧놴끑EVA뭐TCRIꪺ쏶덳꧊ꅁ덯료꣼꣮꧳TCRIꪺ꣮굱륌땻ꅁꕈ꓎볋ꖻ꒽ꕱꪺ꽓꧊ꅝꞡ결ꑗꖫꅂꑗ쉤ꅞꅁ뎣걏륆꣬롧샙덗볒ꪺꗸ띾ꅁ꛽뚷뿄룪뙕듚ꪺꗸ띾덗볒꺣ꞡꭄ꣣ꚳꚹ덗볒ꅁEVA걏ꝟ라꣼꣬ꗸ띾덗볒ꪺ뱶암ꅁ굙걏ꅁꭨꖻ곣ꡳꪺ떲뷗걏ꝟ쇙꿠꙳Ꙣꅝꝙ맯ꑀ꿫ꪺ꒤ꑰꗸ띾꒧ꭈꗎ뗻뙱ꅞꅁꚳ믝뙩ꑀꡂ놴끑꒧ꖲ굮ꅃ ꑔꅂEVA걏ꝟ라꣼덱덦뾱뗈꒧뱶암ꅁꑝꚳ뻇꫌뒣ꕘ쏾꛼ꪺ곝ꩫꅁꙢ뙩ꑀꡂꪺ곣ꡳ꒤ꅁꕩꕈ꟢EVA뙩ꛦ덱덦뾱뗈ꪺ뷕뻣ꅁꕈꭋ껸낣ꑺ쉚ꙝ꿀ꅁꑝ귈녯뙩ꑀꡂ곣ꡳꅃ 61덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 냑ꛒꓥ쑭 ꑀꅂ꒤ꓥ뎡꓀ 1. ꓽꭈ돓ꅝ2001ꅞꅁꅵ뻣Ꙙ꓀꩒뱨꿅땻Ꟈ뭐쏾꾫롧뫴룴꒧ꭈꗎ뗻꓀볒ꮬꅶꅁ뮲꒯ꑪ뻇룪끔뫞뉺뻇꡴뫓ꑨ뷗ꓥꅃ 2. ꓽ껵꧷ꅂ뱂맅뚲ꅝ2000ꅞꅁꅵ롧샙꫾ꕛ믹귈ꅝEVA®ꅞꪺ띎롱뭐믹귈ꅶꅁ꒤뗘뫞뉺뗻뷗ꅝNov.ꅞꅁ, , ꇣ31ꅃ 3. ꚿ둦쓥ꅝ2000ꅞꅁꅵ냓띾믈ꛦ맯ꗸ띾뇂ꭈꡍ떦ꛒ뙱ꙝ꿀뭐뇂ꭈꭾ뷨꒧쏶ꭙꅶꅁ쁒ꥹꑪ뻇ꗸ띾뫞뉺곣ꡳ꧒뫓ꑨ뷗ꓥꅃ 4. Ꟶ꒸듉ꅂꩌꚳꟓꅂꓽꗺ뗘ꅂ뾽ꑬ뷋ꅂꓽ둀ꅝ2001ꅞꅁꅭ끝냈돸ꫭ꓀꩒ꅮꅁꕸꕟꅇ꫅꒤ꑪ뻇ꅃ 5. ꥵꦵꖭ쒶ꅝ2001ꅞꅁꅭInformation Technology for Managementꅮꅁꅝ귬뗛ꅇTurban, McLean and Wetherbeꅞꅁ뒼돓ꓥ꓆ꅁꅃ 6. ꩌꭔꙎꅝ2002ꅞꅁꅵ믈ꛦ맯ꗸ띾뇂ꭈ늣ꗍ륏듁꧱듚꒧뭻ꪾꙝ꿀꓀꩒ꅶꅁ냪ꗟ꒤ꑳꑪ뻇끝냈뫞뉺뻇꡴뫓ꑨ뷗ꓥꅃ 7. Ꝥ뇒믊ꅝ2000ꅞꅁꅭꗸ띾뗻믹─귓껗맪쏒꓀꩒ꅮꅁ뒼돓ꓥ꓆ꅃ 8. Ꝥ뱺깓(2002)ꅁꅵ롧샙꫾ꕛ믹귈ꅂ곕빬뭐꫑늼돸륓꟱쏶꧊꒧맪쏒곣ꡳꅶꅁ냪ꗟ꒤ꑳꑪ뻇끝냈뫞뉺곣ꡳ꧒뫓ꑨ뷗ꓥꅃ 9. ꭜ껼땞ꅝ1992ꅞꅁꅵꢾꓮ끦뿯뻜땯ꗍꪺꖻ냪믈ꛦ꧱듚ꮴ곹볒ꚡꇐ띳믈뙽꧱덝ꗟꭥ꒧놡ꩰꅶꅁ뫞뉺뗻뷗ꅁ닄12ꣷꅃ 10. 뎯쁁ꟸꅝ1995ꅞꅁꅵ믈ꛦ뇂ꭈꯈꓡ꒧궷쁉뗻꛴ꇐ끝냈ꓱ뉶곣ꡳꅶꅁ끝많ꩫꑈ꫷뿄셰Ꙙ뱸ꭈ꒤ꓟꅃ 11. 뎯쁁ꟸꅝ1996ꅞꅁꅵ믈ꛦ뇂ꭈꯈꓡ꒧뫂뿯ꅇ뱨꿅꓀꩒ꩫꪺ삳ꗎ뭐ꓱ룻ꅶꅁꕸꑪ뫞뉺뷗쉏7ꅝ2ꅞꅁ8ꓫꅃ 12. 뎯쁁ꟸꅝ1997ꅞꅁꅵ믈ꛦꛗꭈꯈꓡ꒧ꭈꗎ뗻떥뭐볒ꚡꓱ룻ꅶꅁ뮲꒯뫞뉺뗻뷗ꅁ닄ꕼꣷ닄ꑀ듁ꅁ3ꓫꅁ-172ꅃ 13. 뎯과ꞻꅝ2001ꅞꅁꅵEVA뭐ꗸ띾ꖫ돵ꙡꛬ쏶셰꧊꒧곣ꡳꇐꕈ룪끔륱ꑬ띾결꣒ꅶꅁ냪ꗟꕸ왗ꑪ뻇라군곣ꡳ꧒뫓ꑨ뷗ꓥꅃ 14. 뎯쁁ꟸꅂ뎢뫑뚳ꅝ2002ꅞꅁꅵ롧샙꫾ꕛ믹귈꿠ꝟꚳ껄뒣ꩀ냝썄꧱듚ꯈꓡ꒧ꣳ냓꿠ꑏꅶꅁꕸ왗꫷뿄끝냈ꥵꕚꅁ닄ꑔ뿨닄ꑔ듁ꅃ 62덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 15. 뎯맚꿸ꅝ2002ꅞꅁꅵꗑ롧샙꫾ꕛ믹귈ꅝEVAꅞ샋뗸늣띾뚡믹귈았냊ꙝꑬ꒧깴늧꧊ꅶꅁ냪ꗟ걆ꩶꑪ뻇라군뻇꡴뫓ꑨ뷗ꓥꅃ 16. 뎯둦곂ꅂ뾽둦꒸(2004)ꅁꅵTCRIꥷꛬꅂ뵤돲꓎땻Ꟈ랧굺ꅶꅁ덦맴왛듺뭐ꭈꗎ뗻떥ꅁ닄46듁ꅁ2004꙾3ꓫꅁ-37ꅃ 17. 뎢띱ꥍꅝ2002ꅞꅁꅵ냓띾믈ꛦ뇂ꭈ뗻떥꒧곣ꡳꇐ쏾꾫롧볒뵫뉺뷗꒧삳ꗎꅶꅁ쁒ꥹꑪ뻇라군뻇꡴뫓ꑨ뷗ꓥꅃ 18. 뇤꒤Ꟃꅂꚶꑪ꒤ꅝ2000ꅞꅁꅵꕸ왗꫑ꖫ돸륓꯼볆ꇐ뷕뻣ꕈ꫑믹꯼볆뿅뙱꫑ꖫ돸륓뉶꓎끝둉꒧깴뭾ꅶꅁ늣띾꫷뿄ꅁ닄111듁ꅁ-75ꅃ 19. 덜ꑄꑏꅝ2001ꅞꅁꅵꕸ왗ꕢ뻉엩늣띾롧샙꫾ꕛ믹귈꒧곣ꡳꅶꅁ냪ꗟꕸ왗곬꟞ꑪ뻇뫞뉺곣ꡳ꧒뫓ꑨ뷗ꓥꅃ 20. 냓뿙ꓥ쒶(2004)ꅁꅭEVAꗸ띾롧샙꫾ꕛ믹귈ꙁ뒣ꩀꅮꅁꅝ귬뗛ꅇStern, J. M., J. S. Shiely and I. Ross, 2004ꅞꅁꕸꕟꅇ뇶ꩌꓥ꓆꣆띾ꚳ궭꒽ꕱꅃ 21. 뛀뗏뱷ꅝ1998ꅞꅁꅭꗸ띾끝냈꓀꩒ꇐꗸ띾믹귈ꪺ돐덹꓎뗻꛴ꅮꅁ뗘껵ꓥ꓆꣆띾ꅃ 22. 뛀꙰둦ꅝ1999ꅞꅁꅵꗸ띾믹귈돐덹겡냊ꮬ멁ꅂ끝냈걆떦뭐롧샙꫾ꕛ믹귈쏶ꭙ꒧곣ꡳꇐꕈꕸ왗룪끔륱ꑬ늣띾결꣒ꅶꅁ냪ꗟꗦ덱ꑪ뻇곬꟞뫞뉺곣ꡳ꧒뫓ꑨ뷗ꓥꅃ 23. 뛀ꥷ뮷쒶ꅝ2000ꅞꅁꅭ롧샙꫾ꕛ믹귈EVAꑊ꫹ꗾ껑ꅮꅁꅝ귬뗛ꅇEhrbar, A. 1998, EVA: The Real Key to Creating Wealthꅞꅁꕸꕟꅇ냓ꥐꅃ 24. 럅ꓥ멾ꅝ2001ꅞꅁꅵEVA뭐MVAꝀ결꟫룪닕Ꙙ뫞뉺꣌뻚ꪺ셚껄ꫭ뉻ꇐꕈꕸ왗ꗾ엩ꑗꖫ꒽ꕱ결꣒ꅶꅁ냪ꗟ걆ꩶꑪ뻇끝냈뫞뉺뻇꡴뫓ꑨ뷗ꓥꅃ 25. 녩ꟓꙖꅝ1996ꅞꅁꅵ삳ꗎ볒뵫뉺뷗꧳꒤ꑰꗸ띾ꭈꗎ뗻떥ꫭ꟯떽ꯘꗟ꒧곣ꡳꅶꅁ롱ꙵꑪ뻇뫞뉺곬뻇곣ꡳ꧒뫓ꑨ뷗ꓥꅃ 26. 녩꿕뮨ꅝ1998ꅞꅁꅵ롧샙꫾ꕛ믹귈룪끔꒺뉛꒧곣ꡳꇐꕈꕸ왗ꑗꖫ꒽ꕱ결꣒ꅶꅁ냪ꗟꗦ덱ꑪ뻇곬꟞뫞뉺곣ꡳ꧒뫓ꑨ뷗ꓥꅃ 27. 녩꿀륡ꅝ1999ꅞꅁꅵ꒽ꕱ뗻믹띳쇍뛕ꇐEVAꙢꕸ왗삳ꗎꪺꕩꛦ꧊ꅶꅁ냪ꗟ꒤ꖡꑪ뻇끝냈뫞뉺곣ꡳ꧒뫓ꑨ뷗ꓥꅃ 28. 녩ꓥ볝ꅝ1999ꅞꅁꅵ꒤ꅂ과꣢냪ꫬꚸ꒽뙽빐냢ꚳ믹쏒꣩꧓빐믹껦굱ꥷꓨꩫ꒧ꓱ룻ꅶꅁ쏒ꗦ룪껆ꅁ닄441듁ꅃ 29. 녩걋ꖻꅝ2000ꅞꅁꅵ믈ꛦ뇂ꭈ뗻꛴뭐ꭾ뷨뫞뉺꒧곣ꡳꅶꅁ롱ꙵꑪ뻇뫞뉺곬뻇곣ꡳ꧒뫓ꑨ뷗ꓥꅃ 30. 녩돓걋ꅝ2001ꅞꅁꅵ볒뵫쏾꾫롧Ꙣ믈ꛦ뇂ꭈꡍ떦꒧삳ꗎꅶꅁ듂뚧곬꟞ꑪ뻇끝냈63덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫷뿄꡴뫓ꑨ뷗ꓥꅃ 31. 램낷랽ꅝ2003ꅞꅁꅵꭈꗎ뗻떥뭐ꗸ띾믹귈쏶ꭙ꒧곣ꡳꅶꅁ냪ꗟ꒤ꖿꑪ뻇ꗸ띾뫞뉺곣ꡳ꧒뫓ꑨ뷗ꓥꅃ 32. 뫞꫸ꭃꅝ2001ꅞꅁꅵ롧샙꫾ꕛ믹귈EVA뿅뙱닕슴셚껄ꅶꅁ꒤뗘꟞덎싸뭸ꅹ뫴룴륱ꑬ껑ꅺ(뫴Ᵹꅇhttp:// )ꅁ닄52듁ꅃ 33. 뱂꫷뗘ꅝ2001ꅞꅁꅭ꫷뿄뻷멣뫞뉺ꅮꅁꙎꗐꕘꪩꫀꅃ 34. 쇂ꓥ냭ꅝ2002ꅞꅁꅵ믈ꛦꗸ띾꫷뿄뇂ꭈꡍ떦Ꙩ럇ꭨ뗻꛴볒ꮬ꒧곣ꡳꅶꅁ듂뚧곬꟞ꑪ뻇끝냈꫷뿄꡴뫓ꑨ뷗ꓥꅃ 35. 쇩ꭔꓥꅂ뎯둦곂(2001)ꅁꅵ꫷뿄뻷멣륏꧱냝썄놴끑ꅶꅁ덦맴왛듺뭐ꭈꗎ뗻떥ꅁ닄31듁ꅁ2001꙾9ꓫꅁ궶27-28ꅃ 36. 쁸뭔ꅝ1999ꅞꅁꅵ맯땯깩ꭈꗎ뗻떥삳ꚳꪺ멁ꯗ뭐낵ꩫꅶꅁ롧샙놡뛕멛뗻뷗ꥵꕚꅁ닄꒭ꣷ닄ꑀ듁ꅁ6ꓫꅃ 37. 쎹뒰뇓ꅝ2002ꅞꅁꅵEVAꅇꝀ결셚껄뿅뙱꯼볐꒧귓껗꓀꩒ꅶꅁ냪ꗟ꒤ꖡꑪ뻇끝냈꫷뿄곣ꡳ꧒뫓ꑨ뷗ꓥꅃ ꑇꅂ굞ꓥ뎡꓀ 1. 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(1999), Some reflection on accounting adjustments and economic value added, Journal of Financial Statement Analysis (Winter), -19. 65덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽ꑀ ꑪꮬꗸ띾ꭈꗎ뗻떥ꫭ ††뇂ꭈꗸ띾ꭈꗎ뗻떥ꫭ††††?†?†?†?†?†꙾ꯗ₦纫휠ꕄ뚵₤삶딠뗻꓀볐럇?ꓱ뉶뗻꓀ꓱ뉶뗻꓀?꓀ꆼ???ꕈꑗ?†?′꓀ꆼ?㤥ⴳ㔥?덴냊룪늣덴냊룪늣ꇗ†쁶?꓀ꆼ??┭?㔥?†?‱꓀ꆼ?㐥ꕈꑕ?걹냊굴뛅뛅?꓀ꆼ??┭?〥?†??꿠ꑏ?꓀ꆼ????ꕈꑗ†?′꓀ꆼ?㤥ⴶ〥?걹냊룪늣걹냊ꓱ뉶?†?꓀ꆼ??㤥?ㄲ?┠?‱꓀ꆼ?㤥ꕈꑕ?걹냊굴뛅?꓀ꆼ??㤥?㤰┠†???꓀ꆼ????ꕈꑕ†?′꓀ꆼ?〱┭㐰?┠굴뛅셠썂굴뛅ꓱ뉶?†?꓀ꆼ??ㄥ?㈰?┠?‱꓀ꆼ?〱?ꕈꑗ?끝뉢귈냈?꓀ꆼ??ㄥ?㌰?┠†??떲멣??꓀ꆼ???ꕈꑕ?†?′꓀ꆼ?㌱┭ㄸ?┠꥔ꥷ꫸듁빁Ꙙ뉶???꓀ꆼ??┭?〰?†?‱꓀ꆼ?㠱?ꕈꑗ?꥔ꥷ룪늣ꇏ꫸듁꟫룪†?††?†뉢귈ꇏ꫸듁굴뛅?꓀ꆼ??ㄥ?ㄳ?┠†??ꑀ?꓀ꆼ??ꕈꑕ††?′꓀ꆼ?⸱┭㘥?ꅂ끝냈뙏ꗎ끝끝냈뙏ꗎ뉶?†?꓀ꆼ??ㄥ?㌥?†?‱꓀ꆼ?⸱?ꕈꑗ?샧띾ꚬꑊ냈ꪬ?꓀ꆼ??ㄥ?㔥?†??샲ꩰꝑ?꓀ꆼ??ꕈꑗ††?′꓀ꆼ?⸹┭〥?꒭꿠땼ꭥ뉢ꝑ땼ꭥ뉢ꝑ뉶?†ꑏ?꓀ꆼ??㤥?㔥?†?‱꓀ꆼ굴볆?샧띾ꚬꑊ?꓀ꆼ??㤥?㈥?†???꓀ꆼ???ꕈꑗ?†?′꓀ꆼ?┭〥?땼ꭥ뉢ꝑ?꓀ꆼ??⸹?ⴱ?┠?‱꓀ꆼ굴볆?뉢귈꿂꽱뉶?†뉢귈?꓀ꆼ??㤥?㔮?┠†???꓀ꆼ?ꚸꕈꑗ†?†?꓀ꆼ?⸹ꚸⴲ??ꚸ?샧띾ꚨꖻ꙳덦뙧신뉶?†?꓀ꆼ?⸹ꚸ?㐮?ꚸ†?꓀ꆼ?⸹ꚸꕈꑕ?꙳덦?꓀ꆼ???ꚸ??ꚸ?†??롧?꓀ꆼ?ꚸꕈꑗ†?†??꓀ꆼ???ꚸ????ꚸ?샧삳ꚬ녢듚뙧신뉶??껄샧띾ꚬꑊ?꓀ꆼ?⸹ꚸ?㐮?ꚸ†?꓀ꆼ?⸹ꚸꕈꑕ?꿠†삳ꚬ듚뚵?꓀ꆼ???ꚸ????ꚸ?†???꓀ꆼ???ꚸꕈꑗ?†?꓀ꆼ????ꚸ?????ꚸ?샧띾ꚬꑊ셠룪늣뙧신뉶?†?꓀ꆼ????ꚸ??ꚸ†?꓀ꆼ〮㔹ꚸꕈꑕ?셠룪늣?꓀ꆼ????ꚸ????ꚸ?†??ꑀꅂꑰ군????????66덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ????????????????? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑀ†ꑪꮬꗸ띾ꭈꗎ뗻떥ꫭ†?†?†?꓀ꆼꭈ뗻꡽ꙮ†?†?꓀ꆼ뒿ꚳ끨늼곶뿽??꓀ꆼꭈ뗻ꥼ꣎†?†?꓀ꆼꭈ뗻꒣꡽?굴덤ꑈꑀ꿫ꭈ뗻??꓀ꆼ때꒣꡽ꭈ뗻??꓀ꆼ뒿ꚳ끨늼뗹빐곶뿽?†???꓀ꆼ꫑늼ꑗꖫ꒽ꕱ??꓀ꆼ꫑늼ꑗ쉤꒽ꕱ?꒽ꕱ닕슴ꮬ멁??꓀ꆼ꫑늼꒽뙽땯ꛦ꒽ꕱ??꓀ꆼ꫑ꗷꚳ궭꒽ꕱ??꓀ꆼ꣤ꕌ꒽ꕱ닕슴?†???꓀ꆼ닕슴ꕜ꿠낷ꗾ?†??ꑇꅂ?꓀ꆼ닕슴ꕜ꿠꡽ꙮ?†??꒺뎡닕슴ꕜ꿠?롧?꓀ꆼ닕슴ꕜ꿠ꥼ꣎?†??샧뫞?꓀ꆼ닕슴ꕜ꿠ꖭꖭ?†??뉺ꑔ?꓀ꆼ늣빐끴Ꙙ꡽ꙮ?늣빐끴Ꙙ놡꟎??꓀ꆼ늣빐끴Ꙙꥼ꣎??꓀ꆼ늣빐끴Ꙙꚳꯝꕛ녪?†???꓀ꆼꚳꖿ궱껄ꩇ?꣼신꟫룪꣆띾꒧뱶암??꓀ꆼ뱶암꒣ꑪ꧎때신꟫룪꣆띾??꓀ꆼꕩ꿠덹ꚨ굴궱꒣ꝑ뱶암?†???꓀ꆼꦹ꣓놡꟎곆꣎??꓀ꆼꦹ꣓놡꟎꡽ꙮ??꓀ꆼꦹ꣓놡꟎ꖭꖭ?믈ꛦꦹ꣓ꭈꗎ놡꟎??꓀ꆼ때꒣꡽곶뿽??꓀ꆼ뒿ꚳ끨늼뗹빐곶뿽??꓀ꆼꚳ끨늼륏듁곶뿽?†??ꑇꅂ†?₤?†?₭?†?†????꓀ꆼ셼ꢬ뮴궫ꙡꛬ?꧒덂띾곉ꙡꛬ??꓀ꆼꥼ꣣ꙡꛬ?ꑔꅂ?꓀ꆼꙡꛬꖭꖭ?†??늣띾?꓀ꆼ낪ꝑ볭꒧늣ꭾ?꽓늣ꭾꖫ돵꧊??꓀ꆼ늣ꭾꥼ꣣ꖫ돵꧊?꧊멛?꓀ꆼ꛻ꚳ뉶ꝃ?쑶ꪧ뽅꽐?†??깩뇦?꓀ꆼ믡꣣땯깩꧊?†?″꓀ꆼ늤꣣땯깩꧊?ꗸ띾땯깩볧ꑏ?ꑇ?꓀ꆼꥼ꣣땯깩꧊?†???꓀ꆼꭥ덾곝ꙮ†?†?″꓀ꆼꝥ뉻끉끨?ꖼ꣓ꑀ꙾꒺ꛦ띾뒺껰??꓀ꆼ뫻꯹뉻ꪬ?†??ꑔꅂ†?₤?†?₭??ꑀꅂꑇꅂꑔꅂ†₱漠₤쀠₦堠₭瀠 67덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ??????????????? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽ꑇ†꒤ꑰꗸ띾ꭈꗎ뗻떥ꫭ?ꖻꫭ빁ꗎ꧳Ꙙꕇ꒤ꑰꗸ띾ꭈꗎꭏ쏒냲꫷꧒굱볐럇꒧꒤ꑰꗸ띾 ꙾ꯗ₦纫휠ꕄ뚵₤삶딠뗻꓀볐럇?ꓱ뉶뗻꓀ꓱ뉶뗻꓀덴냊룪늣?꓀ꆼ???ꕈꑗ?†?†?꓀ꆼ㐹┭㈵┠쁶덴냊룪늣ꇗ†뛅걹냊굴뛅††?꓀ꆼ??┭?〥?†?†?꓀ꆼ㈴?ꕈꑕ?꿠ꑏ걹냊룪늣?꓀ꆼ????ꕈꑗ†?†?꓀ꆼ㤹┭㔰┠걹냊ꓱ뉶ꇗ†걹냊굴뛅?꓀ꆼ??㤥?㄰?┠?†?꓀ꆼ㐹?ꕈꑕ?††굴뛅셠썂?꓀ꆼ????ꕈꑕ†?†?꓀ꆼ㈵ㄥⴴ?〥?끝굴뛅ꓱ뉶ꇗ†뉢귈††냈?꓀ꆼ??ㄥ?㈵?┠?†?꓀ꆼ㐰ㄥꕈꑗ?ꑀ떲ꅂ꥔ꥷ꫸듁빁Ꙙ뉶ꇗ†??멣?꓀ꆼ???ꕈꑕ?†?†?꓀ꆼㄳㄥⴱ?〥?끝꥔ꥷ룪늣ꇏ꫸듁꟫룪냈††?†?†?†??뉢귈ꇏ꫸듁굴뛅††ꪬ?꓀ꆼ??┭?㌰?†?†?꓀ꆼㄸㄥꕈꑗ?ꩰ끝냈뙏ꗎ?꓀ꆼ????ꕈꑕ†?†?꓀ꆼ㐥ⴵ⸹┠ꕼ끝냈뙏ꗎ뉶ꇗ†샧띾ꚬꑊ††?꓀ꆼ??ⴳ?㤥?†?†?꓀ꆼ㘥ꕈꑗ??꓀ꆼ??ꕈꑗ††?†?꓀ꆼㄥꕈꑕ?샲땼ꭥ뉢ꝑꝑ땼ꭥ뉢ꝑ뉶ꇗ†?꓀ꆼ??ⴶ?㤥?†?†?꓀ꆼ굴볆?꿠샧띾ꚬꑊꑏ††?꓀ꆼ??ㄥ?㌮?┠?꓀ꆼ??⸵?ꕈꑗ††?꓀ꆼ㈮㐥ꕈꑕ?땼ꭥ뉢ꝑ뉢귈꿂꽱뉶ꇗ†?꓀ꆼ??㔥?ㄲ?㐥†‰꓀ꆼ굴볆?뉢귈?꓀ꆼ??㔥?㜮?┠††?꓀ꆼ?ꚸꕈꑗ?샧띾ꚨꖻ?꓀ꆼ?ꚸ????ꚸ?꙳덦뙧신뉶ꇗ†꙳덦?꓀ꆼ?⸱ꚸ?㈮?ꚸ⢩?때꙳덦??††?꓀ꆼ?ꚸꕈꑕ??꓀ꆼ?ꚸꕈꑗ?롧샧샧띾ꚬꑊ?꓀ꆼ?ꚸ????ꚸ?껄?삳ꚬ녢듚뙧신뉶ꇗ†삳ꚬ듚뚵꿠?꓀ꆼ?⸱ꚸ?㌮?ꚸ⢩?때삳ꚬ듚뚵??††?꓀ꆼ?ꚸꕈꑕ??꓀ꆼ???ꚸꕈꑗ?샧띾ꚬꑊ?꓀ꆼ???ꚸ????ꚸ?셠룪늣뙧신뉶ꇗ†셠룪늣?꓀ꆼ???ꚸ?‰??ꚸ??꓀ꆼ???ꚸꕈꑕ?††ꑀ??†?ꑰ?†?군???????68덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ????????????????? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑇ†꒤ꑰꗸ띾ꭈꗎ뗻떥ꫭ?닊ꑀꖻꭈꗎ뗻떥ꫭ뛈꣑꒺뎡뇂ꭈ뎡꫹꧓낵뇂ꭈ껗ꥷ믹꒧냑ꛒ??꓀ꆼꭈ뗻꡽ꙮ†?†?꓀ꆼꭈ뗻ꥼꕩ?굴덤ꑈꑀ꿫ꭈ뗻?††?꓀ꆼꭈ뗻ꥼꙮ†?†?꓀ꆼ때꒣꡽ꭈ뗻??꓀ꆼ롧샧룓ꗸ띾??꙾ꕈꑗ롧엧??꓀ꆼ롧샧룓ꗸ띾?꙾ꕈꑗ롧엧?굴덤ꑈ롧엧??꓀ꆼ롧샧룓ꗸ띾?꙾ꕈꑗ롧엧?††?꓀ꆼ롧샧룓ꗸ띾?꙾ꕈꑕ롧엧??꓀ꆼ꫑ꩆ??ꑈꕈꑗ꧎깡뇚꫑ꗷꕥ???ꕈꑕ??꓀ꆼ꫑ꩆ??ꑈꕈꑗ꧎깡뇚꫑ꗷꕥ???ꕈꑕ?꫑ꩆ닕ꚨꮬ멁??꓀ꆼ꫑ꩆ??ꑈꕈꑕ꧎깡뇚꫑ꗷꕥ???ꕈꑗ?††ꑇ?ꅂ롧?꓀ꆼ???ꕈꑗ?샧?꓀ꆼ???ꕈꑗꖼ몡????뫞꫱ꑔ꙾샧띾썂ꖭꞡꚨ꫸?뉺?꓀ꆼ??ꕈꑗꖼ몡㄰┠ꕼ††?꓀ꆼ??ꕈꑕ?굴ꚨ꫸결????꓀ꆼ꫱ꑔ꙾ꡃ꙾ꞡ뿬뉺뱗룪?꫱ꑔ꙾룪ꖻ썂뱗ꕛ놡꟎??꓀ꆼ꫱ꑔ꙾꒤ꚳꑇ꙾뿬뉺뱗룪?††?꓀ꆼ꫱ꑔ꙾꒤ꚳꑀ꙾뿬뉺뱗룪???꓀ꆼꦹ꣓놡꟎곆꣎??꓀ꆼꦹ꣓놡꟎꡽ꙮ??꓀ꆼꦹ꣓놡꟎ꖭꖭ?믈ꛦꦹ꣓ꭈꗎ놡꟎??꓀ꆼ때꒣꡽곶뿽??꓀ꆼ뒿ꚳ끨늼뗹빐곶뿽??꓀ꆼꚳ끨늼륏듁곶뿽?††ꑇ??†?ꑰ?†?군?†?††?꓀ꆼ덝돆띳뽯꟞덎쁵꡽?덝돆꓎꟞덎??꓀ꆼ덝돆뒶덱꟞덎ꥼ꣎?††?꓀ꆼ덝돆슲궮꟞덎ꥼꕩ?ꑔꅂ?꓀ꆼ꥾믢뻉ꙡꛬ?†?††늣띾늣ꭾꖫ돵꧊??꓀ꆼ꒤떥ꙡꛬ?꽓††?꓀ꆼ꒤떥ꕈꑕ?꧊멛?꓀ꆼꑑꢬ뻡ꭏ†?†?††깩뇦뒣꣑뻡ꭏ꿠ꑏ??꓀ꆼ뎡ꗷ뻡ꭏ?ꑇ††?꓀ꆼ때뻡ꭏ??꓀ꆼꭥ덾곝ꙮ†?†?††ꖼ꣓ꑀ꙾꒺ꛦ띾뒺껰??꓀ꆼ뫻꯹뉻ꪬ?††?꓀ꆼꝥ뉻끉끨?ꑔꅂ†?₤?†?₭??ꑀꅂꑇꅂꑔꅂ†₱??₤?†Ꙙ?₭?? 69덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ??????????????? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽ꑔ ꫷뿄뻷멣륏꧱ꓱ뉶 돦ꛬꅇꉈ ꖻ냪믈ꛦ ꗁ ₰? ?? ? 셠엩ꕾ냪믈ꛦ(ꝴꭈ끕꟫? 륏꧱ꑰ군 ꭈꗎꙘꝀ륁ꅂ몮라Ꙣ뗘꓀ꛦꖻ냪믈ꛦ룪꒽ꕱ) ꓱ뉶 ꫀ ꭈꗎ뎡꙾ ꓫ ꦳ 84꙾12ꓫ 85꙾12ꓫ 86꙾12ꓫ 87꙾12ꓫ 88꙾12ꓫ 89꙾12ꓫ 90꙾ ? ? ? ? ? 9ꓫ 12ꓫ 91꙾ ? ? ? ? 3ꓫ 6ꓫ 9ꓫ 12ꓫ 92꙾ ? ? ? ? ? ? 3ꓫ 6ꓫ 9ꓫ 12ꓫ 93꙾ 3ꓫ 6ꓫ 9ꓫ 12ꓫ 룪껆꣓랽ꅇꛦ걆끼꫷뿄뫊럾뫞뉺ꥥ귻라믈ꛦꞽꅵ믈ꛦꛊ쑟뵣뫴꾸ꅶꅁꖻ곣ꡳ뻣뉺ꅃ 70덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽ꕼ ꖻ냪믈ꛦ룪늣ꭾ뷨닎군 돦ꛬꅇ믵꒸ 90꙾1291꙾391꙾691꙾991꙾1292꙾392꙾0692꙾0992꙾1293꙾393꙾693꙾993꙾12? ꓫ ꓫ ꓫ ꓫ ꓫ ꓫ ꓫ ꓫ ꓫ ꓫ ꓫ ꓫ ꓫ ㄮ륏듁꧱듚?10,870 11,476 10,569 9,988 8,644 8,549 8,087 8,016 6,306 6,093 5,356 5,049 4,327 ㈮셠꧱듚⢩?璶쪦갩?145,274 142,809 141,298 140,296 141,307 139,983 142,320 142,736 145,632 147,250 151,115 152,374 155,583 ㌮륏꧱ꓱ뉶? % % % % % % % % % % % % % 㐮삳꒩왛맮꧱듚†?5,503 5,289 4,683 4,275 3,868 3,494 3,253 3,212 2,552 2,323 2,049 1,840 1,580 㔮삳꒩왛맮꧱듚ꕥ셠꧱듚ꓱ뉶? % % % % % % % % % % % % % 㘮륏듁꧱듚꓎삳꒩왛맮꧱듚ꕥ셠꧱듚ꓱ뉶? % % % % % % % % % % % % % 룪껆꣓랽ꅇꛦ걆끼꫷뿄뫊럾뫞뉺ꥥ귻라믈ꛦꞽꅵ믈ꛦꛊ쑟뵣뫴꾸ꅶ 71덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽꒭ 냪꒺뻇꫌EVA꒧엜볆꓎곣ꡳ떲ꩇꓱ룻 뻇꫌NOPLATWACCInvested Capital 곣ꡳ떲ꩇ 녩꿕뮨 땼ꯡ샧륂ꝑ볭/셠꟫ꑊWꇑRꅝ1-Tꅞ+WꇑR군꺧굴뛅ꇏ셠앶꽱ꇏꕈ1993-1997꙾ꕸ왗쏒꣩ꖫ돵86깡ꑗꖫ꒽ꕱꅁ녎볋ꖻddee 1(1998ꅞ 룪ꖻ T:꧒녯땼뉶 곹럭앶꽱럇돆 ꣌꒽ꕱ덗볒ꅂ늣띾ꝏꅂꍝ귈ꑪꑰ꓀쏾ꅁ놴끑꒽ꕱꪺ셚1W:군꺧굴뛅/셠꟫ꑊ룪ꖻ뮼ꦵ꧒녯땼럇돆ꇏ껄뿅뙱꯼볐녱꣓ꛛ샧륂뉻꫷ꅝCFOꅞꅁ롧삳군뚵ꗘ뷕뻣dW:(셠앶꽱ꇏ곹럭앶꽱럇R&D뙏ꗎꇏ돆ꧨ썡녢ꛜ땼ꯡ곕빬ꅝEarningsꅞꅁꙁ롧ꗑꛛꚳ룪꫷ꚨꖻ뷕뻣ꛜe돆)/셠꟫ꑊ룪ꖻ ꇏ냓앁닖군앵빐썂ꇏ돑빬ꝑ볭ꅝRIꅞꅁ돌ꯡꙁ롧ꗑ곹럭앶꽱뷕뻣ꛜEVAꅁR:ꝑ꺧뙏ꗎ/군꺧굴뛅 ꙳덦ꯡ뙩ꗽꕘ럇돆 ꒤뚡ꪺ엜꓆걏ꝟ꣣ꚳ룪끔꒺뉛ꅃ맪쏒떲ꩇꅇ dR:ꍝꇑ궷쁉뙋ꓴꇏ때궷쁉1.끪쉫볒ꚡ뎡꓀ꅁRI맯Ꙑ듁꫑믹돸륓ꪺ룑쓀꿠ꑏ돌eiꝑ뉶 낪ꅁ꣤ꚸ꣌Ꟈ결EVAꅂEarningsꅂCFOꅃ ꍝ롧ꗑꅵꖫ돵볒ꚡꅶꡄ녯2.꣌꒽ꕱ덗볒냏ꝏꅁ맪쏒떲ꩇ결ꑪ꒽ꕱ닕ꪺEVA쁵꧳i꣤ꕌ끝냈꯼볐엜볆ꅃ 3.꣌꡴닎궷쁉귈냏ꝏꅁ떲ꩇ엣ꗜ낪궷쁉닕ꝏꪺEVA쁵꧳꣤ꕌ라군꯼볐ꅃ 녩꿀륡 (샧띾ꝑ꽱+삳꒩룪ꖻRꇑ(Solvency ratio)+RꇑTotal assets+삳꒩룪꓀ꝏꕈ륱ꑬ띾ꅂ뿻앋띾ꅂ궹ꭾ띾떥ꅁꕈ늣띾ꝏ꓎껉쉉EDt-111(1998) ꓆ꪺ뙏ꗎ)ꇑ(1-Tax (1-Solvency ratio)ꇑ(1-t) ꖻ꓆ꪺ뙏ꗎꇐꝏꅁ꓀ꝏꝑꗎEVAꥍMVA놴끑뭐꫑믹ꪺ쏶ꭙꅁꕈ꓎2rate) ꣤꒤ꅁNon-interest bearing 뛇닎끝냈셚껄꯼볐ꅝROAꅂROE떥ꅞꅁꓱ룻뭐꫑믹꒧2 1삳ꚬ녢듚돆ꧨꝢ녢ꡃliabilitiesSolvency ratio: Capital꒤곛쏶꧊ꅁ곣ꡳ떲ꩇ엣ꗜꅇ 1삳ꚬ녢듚돆ꧨꝢ녢+듁뱗뙱+꙳덦돆ꧨ뙞띾ꕄ앶꽱꧒꛻ꪺꓱ꣒ꝙ 1. ꒣뷗Ꙣꗴꑀ늣띾ꅁ륌ꕨꙨ듁EVA맯럭듁ꖫ돵꫾ꕛ꙳덦돆ꧨ뙞믹띬ꖢ+믹띬ꖢꡃ듁뱗뙱+땵Total Equity/Total Capital믹귈ꪺ룑쓀꿠ꑏ곒ꧺ엣룻EPS맯ꖫ돵꫾ꕛ믹귈룑땵듁꟫룪돆ꧨ뙞믹띬듁꟫룪돆ꧨ뙞믹ꡃ듁R:ꝑ꺧ꓤꕘ/(삳ꕉ꺧ꪺD쓀꿠ꑏ낪ꅁꫭꗜ꒽ꕱ뉻Ꙣꪺꖫ돵꫾ꕛ믹귈걏꓏걍1ꖢ+뮼ꦵ꧒녯땼+뉢곣뱗뙱+뮼ꦵ꧒녯땼ꡃ걹냊굴뛅+꫸듁굴뛅-꒽ꕱ륌ꕨ꫸듁ꪺ롧샙믹귈ꅁꛓꭄꡃ꫑곕빬ꅃ 땯뙏ꗎ+뉢뇀빐뙏ꗎ 듁뱗뙱ꇐ1/2(ꭥ듁곣뮼ꦵ꧒녯땼) 2. ꒣뷗Ꙣꗴꑀ늣띾ꅁ륌ꕨꙨ듁EVA맯럭듁MVAꪺ2삳ꕉ녢듚꓎늼뻚ꅂ삳땯뙏ꗎꇏꭥ듁앵빐뙏R=R+(R-R)ꍝEFMFi 룑쓀꿠ꑏ곒ꛜꓖ쁵꧳꧎떥꧳RI맯MVAꪺ룑쓀꿠ꕉ뙏ꗎꅂ륷ꚬ듚뚵ꅂ꣤ꗎ)ꇏ1/2ꅝꖻ듁곣땯뙏 R:ꕸ믈ꑔ귓ꓫ듁ꥷ꙳Fꑏꅁꫭꗜ꒽ꕱ뉻Ꙣꪺꖫ돵믹귈걏꓏삳꒽ꕱ륌ꕨꪺꕌ삳ꕉ듚ꅂ삳ꕉ꧒녯ꗎꇏꖻ듁앵빐뙏ꗎꅞ ꝑ뉶롧샙믹귈ꅁꛓꭄ라군믹귈ꅃ72덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꗎꇏꖻ듁앵빐뙏ꗎꅞ ꝑ뉶 땼ꅂ꣤ꕌ걹냊굴뛅떥ꅃ 롧샙믹귈ꅁꛓꭄ라군믹귈ꅃ 2.맪뷨땼뉶ꅁ뇄ꩌ맘ꑳ R:볋ꖻ냏뚡꒧ꕛ앶꫑ 3. 럭띕ꕒ꓀ꝑꗎ륌ꕨ룪끔껉ꅁ꒽ꕱ럭듁ꪺꖫ돵꫾ꕛM(1997)곣ꡳ떲ꩇ믹꯼볆늾냊ꖭꞡ돸륓뉶믹귈둎꿠띕꽵맪ꪺꝥ뉻ꅁꫭꗜ꟫룪ꑈ곝ꪺ걏꒽ꕱ% 결% 륌ꕨ꫸듁ꕈ꣓꧒돐덹ꪺ믹귈ꅁꛓꭄ땵듁꒺ꪺ믹귈2 ꍝ=ꍭ/ꍭ돐덹ꅁꚹ떲ꩇꖿꙮꕩ쇗ꝋ롧뉺ꑈ결ꑆꛛꝑ뛈Ꝁ땵ii•• ꍭ결닄I뫘쏒꣩뭐ꖫ돵듁Ꝗꑏ맯꫑ꩆ꧒덹ꚨꪺ띬깠ꅃ i•꟫룪닕Ꙙ뚡ꪺꙀ엜볆 4. 럭듁룪끔맯럭듁ꖫ돵꫾ꕛ믹귈ꪺ륷듺꿠ꑏ곒뮷룻2 ꍭ결ꖫ돵꟫룪닕Ꙙꪺ륌ꕨ룪끔꓎끝듺룪껆맯ꖫ돵꫾ꕛ믹귈ꪺ륷듺꿠ꑏ•엜늧볆 깴ꅁ꒽ꕱ륌ꕨ꫸듁ꪺ롧샧ꚨꩇ꧎ꖼ꣓ꪺ뮷뒺ꑾ걏1땵듁귉듚+삳ꕉ냓띾ꖻ늼뱶암꒽ꕱ믹귈ꪺ궫굮ꙝ꿀ꅃ /꧓ꝉ뛗늼+ꑀ꙾꒺꣬듁ꪺ꫸듁굴뛅 뛀꙰둦 ꕄ굮놴끑ꕸ왗룪끔륱ꑬ늣띾꓀ꑗꅂ꒤ꅂꑕ듥ꅁꙕ뱴냓(1999ꅞ Ꙣ끝냈걆떦ꪺ륂ꗎꑗ걏ꝟꚳ깴늧ꅁꕈ꓎ꗸ띾Ꙣ꒣Ꙑꪺ늣띾냏걱ꅁ꣤롧샙꫾ꕛ믹귈걏ꝟ꒣Ꙑꅃ곣ꡳ떲ꩇ엣ꗜꅁꗸ띾믹귈돐덹겡냊ꮬ멁꟫룪걆떦ꪺꡍꥷꅁ꣣ꚳ엣뗛ꪺ뱶암ꅁꑗ듥뱴냓꥔ꥷ룪늣꟫룪ꓱ궫ꑪ꧳꒤ꅂꑕ듥뱴냓ꅃ뿄룪ꡍ떦꓎꫑ꝑ걆떦곒ꡓꚳ엣뗛ꪺ깴늧ꅃ꟫룪걆떦꒤꟫룪돸륓뉶맯EVAꚳ엣뗛뱶암ꅁ꫑ꝑ걆떦맯EVAꗧꚳ엣뗛꒧뱶암ꅁꛓ뿄룪ꡍ떦ꭨ맯EVA룻때엣뗛꒧뱶암ꅃ 1뎯과ꞻ 땼ꭥ샧띾ꝑ꽱ꅝ1ꇐ맪앶꽱룪꫷ꚨꖻ뉶ꇑꅝ앶꽱듁ꫬ꟫ꑊ룪ꖻ=듁ꫬꕈ86-88꙾뚡ꅁ룪끔륱ꑬ띾결곣ꡳ맯뙈ꅁ놴끑ꗸ띾ꖫ(2001ꅞ 뷨땼뉶ꅞꇏ꧒녯땼뙏/앶꽱ꇏ굴뛅ꅞꇏ굴뛅룪꫷앶꽱꓎굴뛅셠썂+뮼돵ꙡꛬꪺ꒣Ꙑ맯EVA꒧뱶암ꅃ곣ꡳ떲ꩇ엣ꗜꅁꙡꛬ엜2ꗎꇐꖻ듁ꓤꕉ꧒녯땼ꚨꖻ뉶ꇑꅝ굴뛅/앶꽱ꇏ굴ꦵ꧒녯땼+1/2곣ꡳ땯볆뭐EVA꒧뚡꣣ꚳ엣뗛쏶ꭙꅁꖫ돵ꕥꚳ꯼볆ꅂꓲꝑ뉶ꇏ1/2ꅝꖻ듁곣땯ꅂꛦ뛅ꅞ 깩뙏ꗎ+1/2ꭥ듁곣ꡳ뭐NOPLAT뚡꒧곛쏶꧊ꑪ꧳Capital Cost뚡꒧곛쏶1.빐뙏ꗎꅞꇐ1/2(ꑗ듁곣E(R)=R+ꍝ*[(R)-R] 땯깩뙏ꗎ+1/2ꛦ빐뙏꧊ꅁꙝꚹ룻꧶덺륌NOPLAT뱶암EVA귈ꅃ녍ꝑ앶ꅂifi mf73덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 땯ꅂꛦ빐뙏ꗎ)ꇏ돆ꧨRꅇ86-88꙾ꕸ믈ꑀ꙾ꥷ꙳ꗎ+1/2ꭥ듁ꛦ빐뙏ꗎ룪늣셠썂뭐NOPLAT꓎Capital Cost뚡꒧곛쏶ꭙ볆깴f썡녢ꡃ듁뱗뙱 ꝑ뉶ꪺꖭꞡ귈ꅃ +돆ꧨ썡녢-땵듁꟫룪-띎룻ꑪꅁꕂꞡ뭐Capital Cost룻결곛쏶ꅁ룻꧶덺륌Rꅇ86-88꙾ꕛ앶꫑믹꯼Ꙣꯘꑵ땻-때꺧땵듁굴Capital Cost뱶암EVAꅃ m볆돸륓ꪺꖭꞡ귈ꅃ 뛅 ꍝ:ꕈꖫ돵볒ꮬꅝR=ꍜ+iitiꍝR+ꍠꅞ꛴군ꅁ꣺귓ꝏimtit꒽ꕱꡃ꙾뙗륌30귓볋ꖻ쉉ꪺ뙧돸륓ꅁ뭐ꕛ앶꫑믹꯼볆뙧돸륓끪쉫ꅃ 2.ꚳ껄ꝑ뉶ꇑ(1-맪뷨땼뉶)ꅁ꣤꒤ꚳ껄ꝑ뉶꣺ꛛTEJ룪껆깷꒧”ꚳ꺧굴뛅ꝑ뉶”ꅃ 1럅ꓥ멾 (EBIT+삳룪ꖻ꓆뙏ꗎRꇑ(1-T)ꇑ(1-(E+EE)/IC) 군꺧굴뛅ꇏ꫑ꩆ앶꽱놴끑80-89꙾뚡ꕸ왗ꑗꖫ꒽ꕱꅁEVA꯼볐삳ꗎꙢ냪꒺D122 (2001) )ꇑ(1-Tax rate) +Rꇑ(E+EE)/IC ꇏ곹럭앶꽱럇돆쏒꣩ꖫ돵ꪺ셚껄ꫭ뉻ꅁꙐ껉꟤ꕘ꣏ꗎ룓꯼볐ꪺ돌꣎껉(럭듁곣땯뙏ꗎ+R:군꺧굴뛅룪꫷ꚨꖻ 냓띾ꖻ늼+땵듁귉+뻷꓎돌꣎꟫룪ꡍ떦ꅃ곣ꡳ엣ꗜꅁEVA맯MVAꪺ룑쓀Dꭥꑀ듁곣땯뙏ꗎ+럭=ꝑ꺧뙏ꗎ/(삳군꺧걹냊ꑀ꙾꒺꣬듁꫸듁굴뛅꿠ꑏꝃꅁ꛽86꙾ꕈꯡ듁뚡꒧EVA/Cap맯MVA/Cap듁뇀빐뙏ꗎ+ꭥꑀ듁굴뛅+꫸듁굴뛅-뮼ꦵ꧒녯+꫸듁굴뛅ꇐ뮼ꦵ꧒ꪺ룑쓀꿠ꑏꅁꕈ꓎꣤곛쏶엜볆뎣룻86꙾ꕈꭥ듁뚡결뇀빐뙏ꗎ)+삳ꚬ녢듚땼) 녯땼 낪ꅃꕈꭥꑀꥵEVA결뇆ꟇꅁEVA돌낪ꪺꑀ닕ꅁ꣤꟫2.돆ꧨꝢ녢럭듁뱗뙱+R=R+ꍝꇑ(R-R) 럭듁뮼ꦵ꧒녯땼ꇏ룪돸륓뉶돌꣎ꅃꕂ뇄ꗎEVA결뿯꫑꯼볐ꪺ돌빁꯹ꚳ듁EFiMF뛊ꚬ듚돆ꧨꝢ녢럭듁R:ꑔ귓ꓫꖭꞡ냓띾ꖻ(럭듁곣땯뙏ꗎꇏ뚡결ꑀ꙾ꅃ F뱗뙱+꣤ꕌ삳ꚬ녢듚늼ꝑ뉶 ꭥꑀ듁곣땯뙏ꗎ +럭2돆ꧨꝢ녢럭듁뱗뙱+ꍝ:ꍭ/ꍭ듁뇀빐뙏ꗎ+ꭥꑀ듁iimm ꙳덦돆ꧨ뙞믹띬ꖢ럭R:85꙾닄3ꥵ-89꙾닄뇀빐뙏ꗎ)ꇏ삳ꚬ녢듚M듁뱗뙱+땵듁꟫룪돆3ꥵꕛ앶꫑믹꯼볆 ꒧돆ꧨꝢ녢ꇏ뛊ꚬ듚돆ꧨ띬ꖢ럭듁뱗뙱+꫸둘꛳ꖭꞡ돸륓뉶 ꧨꝢ녢ꇏ꣤ꕌ삳ꚬ듚74덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 듁꟫룪돆ꧨ띬ꖢ럭듁E:귬ꥬ꫑ꩆ앶꽱 돆ꧨꝢ녢ꇏ꙳덦돆ꧨ뱗뙱+뮼ꦵ꧒녯땼럭EE:곹럭앶꽱럇돆 뙞믹띬ꖢꇏ땵듁꟫룪듁뱗뙱 IC:꟫ꑊ룪ꖻꅁꕝ걁군꺧굴돆ꧨ뙞믹띬ꖢꇏ꫸듁2.뇄ꩌ맘ꑳ(1997)ꅁ 뛅+귬ꥬ꫑ꩆ앶꽱+곹럭꟫룪돆ꧨ뙞믹띬ꖢ ꕈ%꣺ꕎ 앶꽱럇돆 덜ꑄꗟ EBITꅝ1ꇐtax rateꅞꇏR:뇄ꕸ믈77-89꙾꒧ꑔ귓셠룪늣ꇐꭄ군꺧굴뛅ꕈ85-89꙾뚡ꕸ왗ꑗꖫ꒽ꕱꅁꕢ뻉엩띾결곣ꡳ맯뙈ꅁF1 (2001ꅞ ꍇEquity Equivalents ꓫ듁ꥷ듁꙳듚꙾ꝑ뉶ꖭꞡꇏ곹럭앶꽱럇돆ꕈ뛇닎셚껄뗻꛴꯼볐ꅝEPSꅂROAꅂROEꅞꕛꑊEVA1Reserves 귈ꅁ뒫뫢ꥵꖭꞡꝑ뉶 곣땯뙏ꗎ+뇀빐뙏ꗎ엜볆ꯡ맯ꖫ돵꫾ꕛ믹귈ꪺ룑쓀꿠ꑏ뒣꓉꒣ꓖꅁ맪뗽떲R:ꕸ왗쏒ꗦ꧒77-89꙾+뮼ꦵ꧒녯땼+꫸ꅂ땵ꩇ엣ꗜꅁEVAꓱ뛇닎셚껄뗻꛴꯼볐ꟳ꿠꓏삳ꕢ뻉엩띾Mꕛ앶꫑믹꯼볆ꓫ돸륓뉶꒧듁꟫룪돆ꧨ뙞믹띬ꖢ꒧롧샧셚껄ꅃ뻇꫌뭻결삳ꕈEVA꣺ꕎ뉻ꛦ라군ꑗ녠꣏ꖭꞡ귈뒫뫢결ꥵ돸륓뉶꒧+삳ꚬ녢듚돆ꧨꝢ녢+ꗎꪺ셚껄뗻꛴ꓨꩫꅁꕈ꒧Ꝁ결꒽ꕱꖼ꣓떦늤덗릺ꅂ룪ꖭꞡ귈ꅃ ꙳덦돆ꧨ뙞믹띬ꖢ 랽끴롭ꅂꗘ볐덝ꥷꅂ셚껄뿅뙱뭐뷠뭀꒧ꑀ귓Ꙙ뉺꓎꒽R-R:% ꅝ곣땯ꅂ뇀빐뙏ꗎ꓀꒭ꖭꪺ냲슦ꅁ꣓산ꝕ꒽ꕱꚨ꫸ꅁ돐덹꫑ꩆ끝둉ꅃ MFW:셠앶꽱ꖫ믹/(셠앶 E꙾앵빐ꅞ 꽱ꖫ믹+군꺧굴뛅녢 궱믹귈) W:군꺧굴뛅녢궱믹귈D/(셠앶꽱ꖫ믹+군꺧굴뛅녢궱믹귈) 쎹뒰뇓 둎EVAꪺꓤ꯹꫌뭐꓏맯꫌ꪺꓥ쑭Ꝁ룔닓ꪺ놴끑뭐뻣(2002ꅞ 뉺ꅁꣃ둎맪ꛦꖢ뇑ꪺ귓껗ꅁꕈ맪ꙡ놴던ꓨꚡꅁ끑뷗EVA냵ꛦꑗꪺ냝썄뭐궭꣮ꅃ떲ꩇ땯뉻EVA덝군쇶ꚳꑰ럥늫ꅁ꛽ꗸ띾뿹뭾ꪺ냵ꛦꅁꑾ걏뻉교EVA꣏ꗎ때껄ꪺ귬ꙝꅃꗑ꧳EVA꒴걏녱라군돸ꫭ볆꙲뷕뻣ꛓ꣓ꅁ롧뉺ꑈ굮돐덹EVA꒴ꕩ덺륌곕빬뻞셡꣓륆ꚨꅁꙝꚹ굮ꞹꗾ꣌빡EVAꅁ뒬뇳꣤ꕌ꯼볐ꅁ뻇꫌뭻결걏꒣Ꙙꥹꪺ75덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 Ꝁꩫꅃ Ꝥ뱺깓 뷕뻣ꓨꩫꅇ 굴뛅룪꫷ꚨꖻ:쉞꣺TEJ뷕뻣ꓨꩫꅇ 곣ꡳ83꙾12ꓫꛜ90꙾9ꓫꅁ군93깡ꑗꖫ꒽ꕱꅁꕈ(2002) +럭듁곣땯뙏ꗎ*2/3 ꒧ꚳ꺧굴뛅ꝑ뉶 +럭듁곣땯뙏ꗎ*2/3 샧륂ꩫꡄ뫢꣤EVAꅁ곣ꡳEVAꙐꙖ뱶암꣤꫑늼돸륓-ꭥ꣢듁곣땯뙏ꗎ*1/3 앶꽱룪꫷ꚨꖻ: +ꭥ듁곣땯뙏ꗎ*1/3 뉶ꅁꚹꕾEVA셚껄꯼볐뭐꫑믹돸륓뚡때믢ꗽꝀꗎꅁꗧ-낱띬뎡꫹띬꽱 R=ꍜ+ꍝR+ꍠꡄ녯ß -낱띬뎡꫹띬꽱 ꝙEVA때륷듺꫑믹꒧ꕜ꿠ꅃ iiimi+럭듁꧒녯땼뙏ꗎ 앶꽱룪꫷ꚨꖻ+돆ꧨꝢ녢 땼E(Re)=R+ß(R-R) -ꖻ듁ꓤꕉ꒧꧒녯 -땵듁꟫룪 tfmfR:꣺ꕸ믈ꅂꙘ깷ꅂꑀ+ꖻ듁돆ꧨꝢ녢 f-Ꙣꯘꑵ땻 믈ꅂ뗘믈ꅂ맼믈ꅁꑀ꙾-ꭥ듁돆ꧨꝢ녢 듁ꥷ꙳ꝑ뉶ꖭꞡ귈 WACC=(1-t)KꇑD/(D+E) d+KꇑE/(D+E) eD:굴뛅셠썂ꇐ꒣ꕉ꺧땵듁굴뛅+샧띾꾲룮룪ꖻ꓆ E:꫑ꩆ앶꽱녢궱믹귈+LIFO Reserve +R&D뙏ꗎ룪ꖻ꓆+ꛦ빐뙏ꗎ룪ꖻ꓆ꇐꙢꯘꑵ땻 뎯맚꿸(귬EBITꇏ삳꒩룪ꖻRꇑꅝ1ꇐTꅞꇑW+RꇑW셠룪ꖻꇗ셠룪늣ꇐꭄ곣ꡳ뛇닎늣띾뭐낪곬꟞늣띾뚡믹귈았냊ꙝꑬ꒧깴늧ꅁDDEE11(2002ꅞ ꓆뙏ꗎ)ꇑꅝ1ꇐTax Rꅝ앶꽱룪꫷ꚨꖻ뉶ꅞꇗꕉ꺧굴뛅ꇏ곹럭앶꽱ꕈ믹귈냊ꙝ결끝냈꧊엜볆ꅁ뒼뱺룪ꖻ꯼볐Ꝁ결ꭄ끝냈E2 Rateꅞ 꽓ꝏ꫑룪꫷ꚨꖻꇏ뒶덱꫑럇돆꧊엜볆ꅁ떲ꩇ결꒣뷗걏뛇닎늣띾꓎낪곬꟞늣띾ꅁ꣤믹ꇐ1/2(ꭥ듁곣땯뙏ꗎ룪꫷ꚨꖻꇏꭏ꽤곕빬룪꫷삳ꕉ녢듚꓎늼뻚ꇏ삳귈냊ꙝ뎣뭐EVAꚳ엣뗛쏶ꭙꅁꕂꑇ늣띾ꪺ룪ꖻꓤꕘ곒ꇏꭥ듁앵빐뙏ꗎ)ꇏꚨꖻꅁ룓곣ꡳ뇄꽱ꖻꓱꅝꡃꕉ뙏ꗎꇏ륷ꚬ듚뚵ꇏ결믹귈돐덹꒧ꡍꥷꙝ꿀ꅃꑇ늣띾믹귈냊ꙝ맯ꗸ띾믹귈1/2ꅝꖻ듁곣땯뙏ꗎꇏ꫑곕빬/ꖫ믹ꅞꝀ결앶꽱룪꣤ꕌ삳ꕉ듚ꇏ삳ꕉ꧒ꪺ룑쓀꿠ꑏ뎣룻뒼뱺룪ꖻ낪ꅃ ꖻ듁앵빐뙏ꗎꅞꇏ땵꫷ꚨꖻ꒧듀ꕎ엜볆ꅃ 녯땼ꇏ꣤ꕌ걹냊굴뛅 2.듁꟫룪돆ꧨ뙞믹띬ꖢT=ꖻ듁ꓤꕉ꧒녯땼/땼ꭥ1/2(ꖻ듁곣땯뙏ꗎꇏ76덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꡃ듁뱗뙱ꇏ삳ꚬ녢듚뉢ꝑ ꖻ듁앵빐뙏ꗎ)ꇏ땵듁돆ꧨꝢ녢ꡃ듁뱗뙱ꇏ꟫룪돆ꧨ뙞믹띬ꖢꇏ꙳덦돆ꧨ뙞믹띬ꖢꡃ삳ꚬ녢듚돆ꧨꝢ녢ꇏ듁뱗뙱ꇏ뮼ꦵ꧒녯땼꙳덦돆ꧨ뙞믹띬ꖢꇏꡃ듁뱗뙱 뮼ꦵ꧒녯땼 뎯쁁ꟸ 뷕뻣ꓨꩫ: ꣺ꛛ뷕뻣꙾ꯗTEJ룪껆깷뷕뻣ꓨꩫ: ꕈ81-90꙾결곣ꡳ듁뚡ꅁ껚뻚ꕸ왗롧샙띳돸ꅁ늣(2002) +럭듁곣땯뙏ꗎ*2/3 곛Ꙑ늣띾꒧ꖭꞡ룪꫷ꚨ +럭듁곣땯뙏ꗎ*2/3 띾꓎룪ꖻ덗볒ꅁ꓀뱨쁈뻷ꧢ꣺냝썄꧱듚꒽ꕱ뭐ꖿ녠꒽ -ꭥꑇꭥ곣땯뙏ꗎ*1/3 ꖻ뉶 -ꭥꑀ듁곣땯뙏ꗎ*1/3 ꕱꅁ엧쏒꣢꫌Ꙣ뛇닎셚껄꯼볐ꅂ롧샙꫾ꕛ믹귈ꅁꕈ꓎ +럭듁뱳ꝩ뙏ꗎ*2/3 +럭듁뱳ꝩ뙏ꗎ*2/3 룪늣덗볒ꅂꖼ꣓꟫룪뻷라뭐ꗸ띾궷쁉떥곛쏶엜볆ꪺ룑-ꭥꑇ듁뱳ꝩ뙏ꗎ*1/3 -ꭥꑀ듁뱳ꝩ뙏ꗎ*1/3 쓀꿠ꑏꅃ떲ꩇ엣ꗜꅁ뛇닎셚껄꯼볐ꅂ롧샙꫾ꕛ믹귈ꅂ+럭듁꧒녯땼뙏ꗎ +뮼ꦵ꧒녯땼굴뛅 ꗸ띾궷쁉꓎룪늣덗볒떥ꅁꣳ냓ꥍ룑꒽ꕱꞡ룻ꭄꣳ냓ꥍ-럭듁ꓤꕉ꧒녯땼 -땵듁쏒꣩꟫룪 룑꒽ꕱ결꣎ꅃ놩곣ꡳ땯깩뙏ꗎ꛻빐덦뉢썂ꓱ뉶ꚹ뚵ꅁ+땵듁꟫룪돆ꧨ뙞믹+땵듁꟫룪돆ꧨ뙞믹ꭄꣳ냓ꥍ룑꒽ꕱ엣뗛낪꧳ꣳ냓ꥍ룑꒽ꕱꅁ엣ꗜꭄꣳ냓뱗뙱 띬ꖢ ꥍ룑꒽ꕱꓱꣳ냓ꥍ룑꒽ꕱꟳ궫뗸곣ꡳ땯깩롧뙏ꪺ꟫+삳ꚬ녢듚돆ꧨ썡녢+삳ꚬ녢듚돆ꧨ썡녢 룪ꅁ꧎ꚳꕩ꿠걏ꭄꣳ냓ꥍ룑꒽ꕱꚹ뚵ꓱ뉶ꪺ꓀ꗀꅝ빐뱗뙱 +꙳덦돆ꧨ뙞믹띬ꖢ 덦뉢썂ꅞ낾ꝃ꧒교ꅃ +꙳덦돆ꧨ뙞믹띬ꖢ-Ꙣꯘꑵ땻 믈ꛦ궱맯냝썄꧱듚ꯈꓡꅁ뇄ꣳ냓ꥍ룑ꅁ꣼꣬뛇닎뱗뙱 +샧띾꾲룮룪ꖻ꓆ 셚껄꯼볐뱶암꫌ꚳ궭ꅁ뭐귉듚꒽ꕱꪺ롧샙꫾ꕛ믹귈ꅂ -샧띾꾲룮룪ꖻ꓆꒧ꝑ룪늣덗볒ꅂꖼ꣓꟫룪뻷라뭐ꗸ띾궷쁉ꚳ엣뗛곛쏶ꅃ맪* 꺧뙏ꗎ쏒곣ꡳ땯뉻ꅁ럭냝썄꧱듚꒽ꕱꚳ룻꣎ꪺ롧샙꫾ꕛ믹*샧띾꾲룮ꕈꑔ꙾ꅂ꟩귈ꅂ낾낪ꪺ룪늣덗볒뭐꟫룪뻷라ꅁꕈ꓎꒣낪ꪺꗸ띾궷뉻뉶ꅂ10%ꕛꕈ룪ꖻ쁉껉ꅁ뛅앶믈ꛦ라뛉Ꙗ뿯뻜룻꣣떽띎ꪺꣳ냓ꥍ룑ꅃ ꓆ꅁꝑ꺧뙏ꗎꕈ샧띾 룪늣*10%군뫢램낷랽 샧띾ꝑ꽱+꣤ꕌꚬꑊ-Rꇑ(1-T)ꇑW+RꇑW 셠룪늣-땵듁ꭄ군꺧굴ꕈ1999-2001꙾ꑔ꙾뚡ꅁꕸ왗쏒꣩ꖫ돵ꑗꖫ꒧룪끔륱DDEE(2003) ꝑ꺧ꚬꑊ-꣤ꕌ뙏ꗎ+R:R+ꍝꇑꅝR-Rꅞ 뛅(걹냊굴뛅-땵듁귉ꑬ뭳덹띾꓎ꭄ룪끔륱ꑬ뭳덹띾결곣ꡳ맯뙈ꅁ뇆낣끝냈EFMF77덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꝑ꺧뙏ꗎ-(꧒녯땼뙏R:ꕸ믈ꑀ꙾듁ꥷ꙳ꝑ뉶 듚-삳ꕉ냓띾ꖻ늼-믈ꝸ쏸ꅂꗾ썂ꗦ돎꫑ꅂꑷꑕꖫ꓎ꑗ쉤신ꑗꖫ떥ꙃ결늧녠Fꗎ+ꝑ꺧뙏ꗎ땼곞-ꝑR:1999-2000꙾꒧ꕛ앶꫑ꛦ덺ꓤ-ꑀ꙾꒺꣬듁꫸꒽ꕱꅃꕈꭈꗎ뗻떥결ꛛ엜볆ꅁꗸ띾믹귈ꅝEVAꅞ결삳M꺧ꚬꑊ꒧땼굴+ꭄ샧믹꯼볆ꓫ돸륓뉶꒧ꖭꞡ귈듁귉듚)-ꭄ샧띾걹냊엜볆ꅁ덺륌끪쉫볒ꮬ놴끑ꭈꗎ뗻떥뭐ꗸ띾믹귈꒧쏶띾띬ꖢ꒧땼곞-ꭄ샧띾ꍝ:ꗑTEJ꣺녯ꅝꕈꕛ앶꫑룪늣(ꝴ걹냊ꅂꭄ걹냊)-ꭙꅃ곣ꡳ떲ꩇ엣ꗜꅁ룪끔륱ꑬ뭳덹띾Ꙣꭈꗎ궷쁉끝냈ꝑ녯꒧땼굴+뮼ꦵ꧒믹꯼볆ꓫ돸륓뉶결ꛛ엜뮼ꦵ꧒녯땼룪늣(ꝴ걹ꓱ뉶ꇐ끝냈셚껄ꅂꗸ띾ꭈꗎ궷쁉꯼볐ꇐꭈꗎ떥꿅ꅂ롧녯땼룪늣뱗ꕛ썂-뮼ꦵ볆ꅁꙕ볋ꖻ꒽ꕱ꫑믹ꓫ돸냊ꅂꭄ걹냊)-Ꙣꯘꑵ땻샙꫾ꕛ믹귈꓎믹귈냊ꙝ떥ꓨ궱ꅁ곒쁵꧳ꭄ룪끔륱ꑬ뭳꧒녯땼룪늣듮ꓖ썂+륓뉶결꣌엜볆ꅁ끪쉫ꓨ땻-땵듁꟫룪+돆ꧨꝢ녢+덹띾ꅁꙝꚹ뭻결륱ꑬ뭳덹띾꫑믹ꛛ삳낪꧳ꭄ룪끔륱ꑬ뮼ꦵ꧒녯땼굴뛅듮ꓖꚡ꣺녯ꍝꭙ볆꛴군귈ꅃꅞ돆ꧨ꙳덦뙞믹띬ꖢ+뭳덹띾ꅃꕂꗸ띾궷쁉ꪺ끝냈ꓱ뉶엜볆ꅂꭈꗎ뗻떥떥꿅썂-뮼ꦵ꧒녯땼굴뛅뱗닖군냓앁앵빐+닖군곒뭐롧샙꫾ꕛ믹귈꣣ꚳ엣뗛꧊곛쏶ꅃ ꕛ썂)+냓앁앵빐+럭꙾ꖼ앵빐꒧곣ꡳ땯깩 ꯗ곣ꡳ땯깩뙏ꅂꛦ빐뙏ꅂꛦ빐뙏ꅃ 1뙏+돆ꧨꝢ녢뱗ꕛ-돆ꧨꝢ녢듮ꓖ+ꭏ쏒뙏ꗎ+ꖼ맪뉻꧎ꑷ맪뉻뙞믹띬ꖢ-ꖼ맪뉻/ꑷ맪뉻ꝑ꽱/꫑ꝑꚬꑊ+꙳덦뙞믹띬ꖢ+뮼ꦵ굴뛅뱗ꕛꅝ듮ꓖꅞ+라군걆떦꟯엜뱶암볆ꅃ 1꓀꒭꙾앵빐 78덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽꒻ ꖿ녠꒽ꕱ Ꟈ뢹₤붥熥亸?Ꟈ뢹₤붥熥亸?Ꟈ뢹꒽ꕱꕎ뢹Ꟈ뢹꒽ꕱꕎ뢹?ㄠㄱ〱?㌱‱㌱㈠㘱?ㄴ㔳‹ㄠㄷ㄰?㈠ㄱ〲?㌲‱㌱㌠㘲?ㄴ㔴‹㈠ㄷㄱ?㌠ㄱ〳?㌳‱㌱㔠㘳?ㄴ㔵‹㌠ㄷㄲ?㐠ㄱ〴?㌴‱㌱㘠㘴?ㄴ㔶‹㐠ㄷㄳ?㔠ㄱ〸?㌵‱㌱㤠㘵?ㄴ㔷‹㔠ㄷㄴ?㘠ㄱ〹?㌶‱㌲㘠㘶?ㄴ㔹‹㘠ㄷㄵ?㜠ㄱ㄰?㌷‱㐰㈠㘷?ㄴ㘰‹㜠ㄷㄶ?㠠ㄲ〱?㌸‱㐰㤠㘸?ㄵ〳‹㠠ㄷㄷ?㤠ㄲ〷?㌹‱㐱〠㘹?ㄵ〴‹㤠ㄷ㈰?㄰‱㈱〠㐰‱㐱㌠㜰?ㄵ〷?㄰〠ㄷ㈱?ㄱ‱㈱㌠㐱‱㐱㘠㜱?ㄵㄲ?㄰ㄠㄷ㈴?ㄲ‱㈱㔠㐲‱㐱㜠㜲?ㄵㄳ?㄰㈠ㄷ㌱?ㄳ‱㈱㘠㐳‱㐱㠠㜳?ㄵㄴ?㄰㌠ㄸ〲?ㄴ‱㈱㜠㐴‱㐱㤠㜴?ㄵㄵ?㄰㐠ㄸ〹?ㄵ‱㈱㠠㐵‱㐲㌠㜵?ㄵㄶ?㄰㔠ㄸ㄰?ㄶ‱㈱㤠㐶‱㐳㈠㜶?ㄵㄷ?㄰㘠ㄹ〲?ㄷ‱㈲〠㐷‱㐳㐠㜷?ㄶ〳?㄰㜠ㄹ〳?ㄸ‱㈲㜠㐸‱㐳㔠㜸?ㄶ〴?㄰㠠ㄹ〴?ㄹ‱㈲㤠㐹‱㐳㘠㜹?ㄶ〵?㄰㤠ㄹ〵?㈰‱㈳ㄠ㔰‱㐳㜠㠰?ㄶ〶?ㄱ〠ㄹ〷?㈱‱㈳㔠㔱‱㐳㤠㠱?ㄶ〸?ㄱㄠㄹ〹?㈲‱㌰ㄠ㔲‱㐴〠㠲?ㄶ〹?ㄱ㈠㈰〲?㈳‱㌰㌠㔳‱㐴㌠㠳?ㄶㄱ?ㄱ㌠㈰〶?㈴‱㌰㐠㔴‱㐴㐠㠴?ㄶㄲ?ㄱ㐠㈰〸?㈵‱㌰㔠㔵‱㐴㔠㠵?ㄶㄴ?ㄱ㔠㈰〹?㈶‱㌰㜠㔶‱㐴㘠㠶?ㄷ〱?ㄱ㘠㈰㄰?㈷‱㌰㠠㔷‱㐴㜠㠷?ㄷ〲?ㄱ㜠㈰ㄲ?㈸‱㌰㤠㔸‱㐴㤠㠸?ㄷ〴?ㄱ㠠㈰ㄳ?㈹‱㌱〠㔹‱㐵ㄠ㠹?ㄷ〸?ㄱ㤠㈰ㄵ?㌰‱㌱ㄠ㘰‱㐵㈠㤰?ㄷ〹?ㄲ〠㈰ㄷ? 79덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽꒻ ꖿ녠꒽ꕱ Ꟈ뢹₤붥熥亸?Ꟈ뢹₤붥熥亸?Ꟈ뢹꒽ꕱꕎ뢹Ꟈ뢹꒽ꕱꕎ뢹?ㄲㄠ㈰㈲?ㄵㄠ㈳㈷‱㠱?㈶〳′ㄱ‹㤰㜠ㄲ㈠㈰㈷?ㄵ㈠㈳㈹‱㠲?㈶〵′ㄲ‹㤰㠠ㄲ㌠㈰㈹?ㄵ㌠㈳㌰‱㠳?㈶〶′ㄳ‹㤱〠ㄲ㐠㈰㌲?ㄵ㐠㈳㌲‱㠴?㈶〷′ㄴ‹㤱㈠ㄲ㔠㈱〲?ㄵ㔠㈳㌳‱㠵?㈶〸′ㄵ‹㤱㐠ㄲ㘠㈱〳?ㄵ㘠㈳㌵‱㠶?㈶〹′ㄶ‹㤱㔠ㄲ㜠㈱〴?ㄵ㜠㈳㌶‱㠷?㈶㄰′ㄷ‹㤱㜠ㄲ㠠㈱〵?ㄵ㠠㈳㌷‱㠸?㈶ㄱ′ㄸ‹㤱㠠ㄲ㤠㈱〶?ㄵ㤠㈳㌸‱㠹?㈶ㄲ′ㄹ‹㤱㤠ㄳ〠㈱〷?ㄶ〠㈳㐰‱㤰?㈶ㄴ′㈰‹㤲ㄠㄳㄠ㈱〸?ㄶㄠ㈳㐱‱㤱?㈷〱′㈱‹㤲㐠ㄳ㈠㈲〱?ㄶ㈠㈳㐳‱㤲?㈷〲′㈲‹㤲㔠ㄳ㌠㈲〴?ㄶ㌠㈳㐴‱㤳?㈷〴′㈳‹㤲㤠ㄳ㐠㈳〱?ㄶ㐠㈳㐵‱㤴?㈷〵′㈴‹㤳㌠ㄳ㔠㈳〲?ㄶ㔠㈳㐷‱㤵?㈷〶′㈵‹㤴㔠ㄳ㘠㈳〳?ㄶ㘠㈳㜱‱㤶?㈹〱???ㄳ㜠㈳〵?ㄶ㜠㈳㜳‱㤷?㈹〳???ㄳ㠠㈳〸?ㄶ㠠㈳㜴‱㤸?㈹〵???ㄳ㤠㈳ㄱ?ㄶ㤠㈴ㄱ‱㤹?㈹〶???ㄴ〠㈳ㄲ?ㄷ〠㈴㘲′〰?㈹〸???ㄴㄠ㈳ㄳ?ㄷㄠ㈵〱′〱?㈹ㄵ???ㄴ㈠㈳ㄴ?ㄷ㈠㈵〹′〲?㔳〱???ㄴ㌠㈳ㄵ?ㄷ㌠㈵ㄱ′〳?㔳〲???ㄴ㐠㈳ㄶ?ㄷ㐠㈵ㄴ′〴?㔳〴???ㄴ㔠㈳ㄷ?ㄷ㔠㈵ㄶ′〵?㔶〱???ㄴ㘠㈳ㄹ?ㄷ㘠㈵㈰′〶?㘱㤱???ㄴ㜠㈳㈱?ㄷ㜠㈵㈳′〷?㠹〵???ㄴ㠠㈳㈳?ㄷ㠠㈵㈴′〸?㤹〲???ㄴ㤠㈳㈴?ㄷ㤠㈵㈶′〹?㤹〴???ㄵ〠㈳㈵?ㄸ〠㈶〱′㄰?㤹〵??? 80덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽ꑃ 늧녠꒽ꕱ ꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꟇ뢹 곣ꡳ늧녠꙾ꯗ ꒽ꕱꕎ뢹ꑀ ꑀ ꑇ ꑇ ꑔ ꑔ ꙍ뻷땯ꗍꓩ 1 2000 1107 2000/8/1622000-200112032000/7/252002/7/5 2000/7/24 3 1995-1997 1204 1995/1 1997/10 4200312122003/9/8 5 2001 1224 2001/9/6 2001/5/17 62000-200112252000/9/112001/6/4 2000/8/47 1998-1999 1228 1999/9/8 2000/6/5 1998/11/18 81995-1997,200113061995/11997/7 2001/119 2001 1314 2001/4/16 102001-200214072002/5/7 2001/5/2211 2001 1408 2001/4/2 1220011414 2001/12/713 2001 1438 2001/11/7 2001/6/30 1420001441 2000/3/2815 1999 1442 1999/2/2 162001-200214502002/5/9 2002/7/2 2001/8/2417 2001-2002 1458 2002/5/7 2001/6/30 18 2000-2003 1462 2001/5/242001/12/202003/5/8 2003/9/8 2000/7/11 81덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑃ†늧녠꒽ꕱ?ꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꟇ뢹 곣ꡳ늧녠꙾ꯗ ꒽ꕱꕎ뢹ꑀ ꑀ ꑇ ꑇ ꑔ ꑔ ꙍ뻷땯ꗍꓩ 19 1999 1506 1999/1/16 20 1999-2001 1601 1999/2/241999/8/92001/10/19 2001/10/31 2001/10/17 21 2002 1602 2003/5/8 2002/9/6 22 2001-2002 1613 2002/1/72002/6/62002/9/10 2001/9/30 23 2000 1707 2000/10/26 24 2001 1718 2001/4/24 25 1999 1722 1999/10/13 26 2002-2003 1805 2003/6/20 2002/6/2 27 2000 1806 2000/4/19 28 2002 1807 2002/1/102002/12/23 2002/1/8 29 1999-2003 1808 1999/9/82003/5/8 1999/5/24 30 1995-1997 1906 1983/7/131997/8/19 31 2001 2007 2001/7/5 32 2001-2002 2014 2001/11/302001/12/142002/1/8 2002/1/162002/3/292002/4/242001/7/5 33 1999-2000 2020 1999/1/23 34 2001 2023 2001/7/5 35 2001 2024 2001/11/132002/6/28 2001/11/9 36 2001-2002 2025 2002/1/102002/6/11 2001/10/24 82덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑃ 늧녠꒽ꕱ ꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꟇ뢹 곣ꡳ늧녠꙾ꯗ ꒽ꕱꕎ뢹ꙍ뻷땯ꗍꓩ ꑀ ꑀ ꑇ ꑇ ꑔ ꑔ 37 2000 2028 2000/10/31 381995-1997,2000 21011995/9/251997/3/8 2000/9/639 2000 2206 2000/5/31 402000-200323182003/7/7 2001/9/2841 2001-2003 2326 2001/12/252002/4/192002/5/7 2003/5/8 2001/12/21 4219982328 1998/11/943 1998 2331 1998/10/20 44 2003 2342 2003/5/5 2003/5/122003/6/26 2003/4/18 452000-200323482002/5/72003/4/1 2000/9/746 1999-2000 2504 1999/6 2000/1 4719992505 1999/3/20 48 2001-2003 2506 2003/5/8 2001/10/164920002515 2000/12/15 50 2002 2525 2002/9/10 2002/9/65120002527 2000/12/27 52 2000-2003 2528 2003/5/8 2000/4/28532001-200325402003/4/24 2001/5/25 54 2000 2613 2000/11/783덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑃ 늧녠꒽ꕱ ꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꗾ썂ꗦ돎ꓩ꯬둟ꑗꖫꓩꟇ뢹 곣ꡳ늧녠꙾ꯗ ꒽ꕱꕎ뢹ꙍ뻷땯ꗍꓩ ꑀ ꑀ ꑇ ꑇ ꑔ ꑔ 55 1995-2001 2902 1983/4/201996/9/102001/11/7 2000/11/29 5620012904 2001/6/3057 2003 2913 2003/9/2 582001-200248012002/9/6 2001/9/1859 1998 8705 1998/9/26 60199987081999/2/6 1999/12/1 1999/1/2061 2001 8722 2001/11/12002/1/17 2001/10/26 62 1999-2002 8724 1999/9/8 1999/10/72001/5/8 2002/9/16 1999/9/4 631999-200287252001/5/82002/11/8 1999/9/2864 2000-2003 9906 2001/11/72003/9/8 2000/10/27 6519999911 1999/1/2666 2001 9922 2001/9/6 2001/9/6 84덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽ꑋ†1995-2003꙾ꕸ왗ꕛ앶꫑믹꯼볆ꢫ뛕맏???룪껆꣓랽ꅇꕸ왗롧샙띳돸뵵ꑗ룪껆깷? 85덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽ꑅ†신롭ꯡTCRI? ꙾ꯗ 신롭ꯡTCRI ꫑늼ꕎ뢹 1995 1996 1997199819992000200120022003 ㄱ〱?㜠㜠㘠㘠㘠㔠㐠㐠㔠ㄱ〲?㜠㜠㜠㜠㘠㘠㘠㘠7 ㄱ〳?㐠㐠㌠㌠㈠㈠㈠㌠㔠ㄱ〴?㔠㔠㐠㔠㔠㐠㌠㐠㔠ꆯ?ㄱ〷?㘠㘠㘠㌠㌠?〠〠〠ㄱ〸?㐠㐠㐠㐠㌠㈠㈠㈠㈠ㄱ〹‷?㜠㘠㘠㔠㐠㔠㘠7 ㄱ㄰?㜠㜠㔠㔠㔠㐠㌠㐠㐠ㄲ〱?㘠㘠㘠㈠ㄠㄠㄠ㌠㐠ㄲ〳?㔠㔠㔠㌠㌠〠〠〠㈠ㄲ〴?ⴸ㤠ⴸ㤠㌠㈠㈠㈠㈠㈠㈠ㄲ〷?㐠㐠㌠㈠ㄠㄠㄠㄠ〠ㄲ㄰?㜠㘠㘠㘠㘠㘠㘠㘠㔠ㄲㄲ?㐠㌠㌠ㄠㄠㄠㄠㄠ〠ㄲㄳ?㔠㔠㔠㔠㔠㌠㌠㌠㌠ㄲㄵ?㘠㔠㔠㔠㔠㔠㔠㔠㔠ㄲㄶ?㠠㠠㠠㠠㠠㜠㜠㜠㜠ㄲㄷ?㔠㔠㔠㐠㌠㈠㈠㌠㐠ㄲㄸ?㘠㔠㔠㔠㔠㔠㐠㐠㐠ㄲㄹ?㜠㔠㔠㐠㐠㐠㐠㐠㐠ㄲ㈰?㔠㔠㔠㔠㔠㐠㐠㐠㐠ㄲ㈴?㘠㌠㌠ㄠㄠ〠〠〠〠ㄲ㈵?㘠㔠㔠㌠㌠〠㌠㌠㌠ㄲ㈷?ⴸ㤠㤠㤠㜠㘠㘠㘠㘠㔠ㄲ㈸?㠠㐠㈠〠〠〠〠ㄠ㄰?ㄲ㈹?㐠㐠㌠㔠㔠㔠㔠㔠㔠ㄲ㌱?㘠㘠㜠㘠㘠㘠㔠㔠㐠ㄲ㌵?㐠㐠㐠㐠㐠㐠㔠ⴸ?㔠ㄳ〱?㤠㤠㠠㠠㠠㠠㜠㜠㜠ㄳ〳?㠠㠠㠠㜠㜠㜠㜠㜠㜠ㄳ〴?㠠㠠㠠㘠㘠㔠㔠㔠㔠ㄳ〵?㔠㔠㔠㔠㔠㐠㐠㐠㐠ㄳ〶?ⴸ㤠ㄠㄠㄠㄠㄠㄠㄠㄠㄳ〷?㈠㔠㔠㐠㐠㐠㐠㔠㔠ㄳ〸?㠠㠠㠠㜠㜠㘠㔠㔠㘠ㄳ〹?㔠㔠㔠㔠㔠㔠㔠㔠㔠86덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑅ†신롭ꯡTCRI †††₦纫휠?신롭ꯡTCRI?꫑늼ꕎ뢹††ㄹ㤵‱㤹㘠ㄹ㤷ㄹ㤸ㄹ㤹㈰〰㈰〱㈰〲㈰〳?ㄳ㄰?㜠㜠㔠㐠㘠㘠㔠㔠㔠ㄳㄱ?㠠㠠㠠㘠㘠㘠㘠㘠㜠ㄳㄲ?㠠㠠㔠㌠㐠㐠㈠㌠㈠ㄳㄳ?㜠㜠㜠㐠㐠㐠㐠㔠㔠ㄳㄴ?㜠㜠㘠㌠㌠㌠〠〠〠ㄳㄵ?㘠㘠㘠㘠㔠㔠㔠㐠㐠ㄳㄶ?㌠㌠㌠㌠㌠㈠㈠㈠㈠ㄳㄹ?㔠㔠㔠㔠㐠㐠㔠㘠㜠ㄳ㈶?㜠㜠㜠㜠㜠㜠㜠㜠㜠ㄴ〲?㜠㜠㜠㜠㜠㜠㜠㜠㜠ㄴ〷?㜠㜠㜠㐠㌠〠〠〠〠ㄴ〸?㐠㌠㌠㌠㌠〠〠〠〠ㄴ〹?㠠㜠㜠㔠㔠㔠㔠㔠㔠ㄴ㄰?㔠㔠㔠㐠㐠㐠㐠㐠㐠ㄴㄳ?㌠㔠㔠㐠㌠㈠㈠㌠㌠ㄴㄴ?㌠㌠㌠㌠㌠㈠㈠㈠㈠ㄴㄶ?㈠㈠㈠㌠㌠ㄠㄠ㈠㈠ㄴㄷ?㐠㐠㐠㐠㐠㌠㌠㌠㌠ㄴㄸ?㜠㜠㜠㌠㌠㌠㌠㌠㌠ㄴㄹ?㈠㈠㈠㈠㈠㈠㈠㈠㈠ㄴ㈳?㐠㔠㔠㐠㐠㐠㔠㐠㐠ㄴ㌲?㈠㈠㈠ㄠㄠㄠㄠㄠㄠㄴ㌴?㜠㜠㜠㜠㜠㜠㜠㜠㜠ㄴ㌵?㔠㔠㔠㌠㌠㌠㌠㌠㌠ㄴ㌶?㈠㈠㈠㈠㈠ㄠㄠ㌠㌠ㄴ㌷?㔠㔠㔠㌠㌠㌠㈠㈠㈠ㄴ㌸?㐠㐠㐠㈠㈠ㄠ〠〠〠ㄴ㌹?㌠㐠㐠㌠㐠㐠㐠㐠㐠ㄴ㐰?㜠㜠㜠㔠㔠㔠㔠㔠㔠ㄴ㐱?㐠㈠㈠㈠〠〠〠〠〠ㄴ㐲?㈠㈠㌠〠〠〠〠〠〠ㄴ㐳?㐠㐠㐠㌠㌠㈠㈠ㄠㄠㄴ㐴?㠠㜠㜠㔠㔠㐠㐠㐠㐠ㄴ㐵?㜠㜠㜠㔠㔠㐠㐠㐠㐠ㄴ㐶?㌠㌠㌠㌠㌠㌠㌠㌠㌠ㄴ㐷?㘠㘠㘠㘠㔠㐠㐠㐠㐠87덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑅ†신롭ꯡTCRI ꙾ꯗ 신롭ꯡTCRI ꫑늼ꕎ뢹 1995 1996 1997199819992000200120022003 ㄴ㐹?㘠㘠㘠㘠㐠㌠㌠㌠㌠ㄴ㔰?㔠㘠㘠㐠㌠〠〠〠〠ㄴ㔱?㜠㜠㠠㠠㠠㠠㠠㠠㠠ㄴ㔲?㜠㜠㜠㔠㔠㐠㐠㐠㐠ㄴ㔳?㌠㌠㌠㌠㈠ㄠ㈠㈠㈠ㄴ㔴?㔠㔠㔠㔠㐠㐠㐠㐠㐠ㄴ㔵?㠠㠠㠠㘠㘠㐠ⴸ?㔠㔠ㄴ㔶?㌠㌠㌠㌠㈠ㄠㄠㄠㄠㄴ㔷?㔠㔠㔠㈠㈠㈠㈠㈠㌠ㄴ㔸?㌠㌠㌠㈠㈠ㄠ〠〠〠ㄴ㔹?㜠㜠㜠㔠㔠㔠㐠㐠㐠ㄴ㘰?㜠㜠㜠㜠㔠㔠㐠㐠㌠ㄴ㘲?㔠㔠㌠㈠㈠〠〠〠〠ㄵ〳?㠠㠠㠠㘠㘠㘠㘠㘠㘠ㄵ〴?㠠㠠㠠㠠㠠㜠㘠㘠㘠ㄵ〶?㔠㔠㔠ㄠㄠㄠㄠㄠㄠㄵ〷?㤠㤠㤠㜠㜠㘠㘠㘠㘠ㄵㄲ?㐠㐠㐠㌠㌠㌠㌠㌠㐠ㄵㄳ?㌠㌠㌠㌠㌠㌠㌠㐠㔠ㄵㄴ?㐠㐠㐠㐠㔠㔠㔠㐠㐠ㄵㄵ?㔠㔠㜠㜠㘠㔠㐠ⴸ?㔠ㄵㄶ?㜠㜠㜠㌠㈠㈠㈠ㄠㄠㄵㄷ?㤠㤠㤠㘠㘠㐠㐠㐠㐠ㄶ〱?㔠㔠㌠〠ㄠㄠ〠ㄠㄠㄶ〲?㐠㐠㐠㐠㐠㐠㐠〠ⴸ㤠ㄶ〳?㐠㐠㐠ㄠㄠㄠㄠ㈠㈠ㄶ〴?㜠㜠㔠㔠㔠㔠㔠㔠㘠ㄶ〵?㜠㜠㜠㔠㔠㔠㔠㔠㘠ㄶ〶?㐠㐠㐠㈠㈠㈠㈠ㄠ㈠ㄶ〸?㠠㠠㠠㜠㜠㔠㔠㘠㘠ㄶ〹?㔠㔠㔠㔠㔠㔠㐠㔠㔠ㄶㄱ?㤠㤠㤠㘠㘠㘠㔠㔠㔠ㄶㄲ?㜠㠠㠠㔠㔠㔠㐠㔠㔠ㄶㄳ?㔠㐠㔠㐠㌠㌠〠〠〠ㄶㄴ?㜠㜠㜠㔠㔠㔠㔠㔠㔠ㄷ〱?㌠ㄠㄠ㈠㈠㈠㈠㈠㈠88덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑅ†신롭ꯡTCRI †††₦纫휠?신롭ꯡTCRI?꫑늼ꕎ뢹††ㄹ㤵‱㤹㘠ㄹ㤷ㄹ㤸ㄹ㤹㈰〰㈰〱㈰〲㈰〳?ㄷ〲?㈠㈠㈠㈠ㄠㄠ㈠㈠㌠ㄷ〴?㠠㠠㠠㘠㘠㘠㘠㘠㘠ㄷ〷?㔠㔠㔠㈠㈠㈠㈠㌠㌠ㄷ〸?㔠㔠㔠㐠㌠㐠㐠㌠㐠ㄷ〹?㜠㜠㜠㔠㔠㔠㘠㘠㘠ㄷ㄰?㜠㜠㜠㘠㘠㘠㘠㘠㜠ㄷㄱ?㔠㘠㘠㘠㔠㔠㔠㔠㔠ㄷㄲ?㔠㔠㔠㔠㐠㐠㐠㐠㔠ㄷㄳ?㔠㔠㔠㔠㔠㔠㔠㔠㔠ㄷㄴ?㜠㜠㠠㜠㘠㘠㘠ⴸ?㘠ㄷㄵ?㘠㘠㘠㐠㐠㐠㐠㐠㐠ㄷㄶ?㠠㠠㠠㘠㘠㘠㘠㘠㘠ㄷㄷ?㘠㘠㘠㜠㜠㔠㔠㘠㘠ㄷㄸ?㔠㔠㔠㈠㈠〠〠〠㐠ㄷ㈰?㘠㘠㘠㔠㔠㔠㔠㔠㔠ㄷ㈱?㜠㘠㘠ㄠ㌠㌠㌠㌠㌠ㄷ㈲?ⴸ㤠ⴸ㤠ⴸ?ⴸ?㔠㔠㔠㔠㔠ㄷ㈴?㘠㘠㘠㌠㌠㌠㐠㔠㔠ㄷ㌱?㌠㐠㐠㐠㐠㐠㐠㐠㐠ㄸ〲?㤠㤠㤠㠠㠠㠠㠠㠠㠠ㄸ〵?㌠㈠㈠ㄠㄠㄠ〠〠〠ㄸ〶?㜠㜠㔠㔠㌠ㄠㄠㄠ㈠ㄸ〷?㌠㈠㈠㈠㈠ㄠ〠〠〠ㄸ〸?㈠㈠㈠〠〠〠〠〠ⴸ㤠ㄸ〹?㔠㔠㔠㈠㌠㌠㌠㌠㌠ㄸ㄰?㘠㘠㐠㌠㌠㌠㌠㌠㌠ㄹ〲?㔠㐠㐠㈠㈠㈠㈠㈠㌠ㄹ〳?㐠㐠㐠㌠㌠㌠㌠㌠㌠ㄹ〴?㘠㘠㘠㘠㘠㘠㘠㘠㘠ㄹ〵?㜠㔠㔠㔠㘠㘠㘠㘠㘠ㄹ〶?ⴸ㤠㌠㌠㌠㌠㌠㌠㌠㐠ㄹ〷?㘠㘠㘠㔠㔠㘠㘠㘠㘠ㄹ〹?㔠㔠㔠㌠㐠㐠㐠㐠㐠㈰〲?㤠㤠㤠㤠㤠㠠㠠㠠㤠㈰〶?㘠㘠㘠㔠㌠㌠㌠㐠㐠㈰〷?㌠㌠㌠㈠㈠ㄠ〠〠〠89덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑅ†신롭ꯡTCRI ꙾ꯗ 신롭ꯡTCRI ꫑늼ꕎ뢹 1995 1996 1997199819992000200120022003 ㈰〸?㌠㌠㌠㈠㈠ㄠㄠㄠ㈠㈰〹?㜠㜠㜠㔠㔠㔠㔠㔠㔠㈰㄰?㘠㘠㘠㔠㔠㔠㔠㘠㘠㈰ㄲ?㐠㐠㐠㐠㌠㈠㈠㈠㌠㈰ㄳ?㐠㐠㐠㔠㔠㔠㔠㐠㐠㈰ㄴ?㈠㈠㈠㈠㈠㈠〠〠ⴸ㤠㈰ㄵ?㘠㘠㘠㐠㔠㔠㔠㘠㘠㈰ㄷ?㔠㔠㐠㈠㌠㌠㌠㐠㐠㈰㈰?㘠㘠㐠㌠㌠㌠㌠㌠㌠㈰㈲?㔠㔠㐠㌠ㄠㄠㄠ㈠㐠㈰㈳?㜠㔠㔠㘠㘠㔠〠㌠㔠㈰㈴?㐠㐠㈠ㄠㄠㄠ〠〠〠㈰㈵?㜠㘠㐠㐠㐠㌠〠〠㌠㈰㈷?㐠㐠㐠㌠㐠㌠㌠㌠㌠㈰㈸?㌠㌠㌠㈠ㄠ〠〠〠〠㈰㈹?㠠㠠㠠㜠㜠㜠㘠㜠㜠㈰㌲?㘠㐠㐠㌠㔠㔠㐠㔠㔠㈱〱?ⴸ㤠㔠㔠㌠㌠〠〠〠㈠㈱〲?㘠㘠㘠㐠㌠㌠㐠㔠㘠㈱〳?㤠㤠㤠㔠㔠㐠㐠㐠㘠㈱〴?㠠㠠㠠㔠㐠㐠㐠㐠㐠㈱〵?㜠㜠㜠㜠㜠㜠㜠㠠㠠㈱〶?㐠㔠㔠㘠㔠㔠㔠㘠㘠㈱〷?㐠㐠㐠㌠㌠㈠㈠㌠㌠㈱〸?㐠㐠㔠㘠㘠㘠㘠㘠㘠㈲〱?㘠㜠㠠㠠㠠㠠㠠㠠㠠㈲〴?㠠㠠㠠㠠㠠㠠㠠㤠㠠㈲〶?㤠㤠㠠㠠㔠㔠㌠㌠㔠㈳〱?㤠㤠㜠㐠㔠㔠㘠㘠㘠㈳〲?ㄠㄠ㈠㈠㐠㐠㌠㈠㈠㈳〳?㤠㤠㤠㜠㠠㠠㠠㠠㠠㈳〵?㜠㠠㠠㌠㈠㈠㈠㌠㌠㈳〸?㤠㤠㤠㤠㤠㤠㤠㤠㤠㈳ㄱ?㤠㤠㤠㠠㠠㠠㜠㜠㜠㈳ㄲ?㜠㜠㜠㜠㘠㘠㘠㘠㘠㈳ㄳ?㤠㤠㤠㤠㠠㠠㜠㘠㔠 90덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑅ†신롭ꯡTCRI ꙾ꯗ 신롭ꯡTCRI ꫑늼ꕎ뢹 1995 1996 1997199819992000200120022003 ㈳ㄴ?㘠㔠㌠㐠㔠㔠㔠㐠㔠㈳ㄵ?㘠㘠㘠㜠㜠㜠㘠㘠㘠㈳ㄶ?㤠㤠㤠㜠㘠㘠㘠㘠㘠㈳ㄷ?㤠㤠㤠㤠㤠㤠㤠㤠㤠㈳ㄸ?㐠㔠㔠㐠㌠㈠〠〠〠㈳ㄹ?㜠㠠㠠㔠㔠㔠㔠㔠ⴸ㤠㈳㈱?㔠㔠㔠㔠㔠㔠㔠㔠㔠㈳㈳?㔠㘠㜠㘠㜠㜠㜠㘠㘠㈳㈴?㠠㠠㠠㤠㤠㤠㤠㤠㤠㈳㈵?㤠㤠㤠㠠㠠㠠㜠㜠㜠㈳㈶?㔠㔠㘠㌠㈠ㄠ〠〠〠㈳㈷?㤠㤠㤠㜠㜠㜠㜠㔠㔠㈳㈸?㐠㈠㐠ㄠ㐠㐠㔠㔠㔠㈳㈹?㠠㠠㠠㔠㔠㐠㌠㌠〠㈳㌰?㤠㤠㤠㤠㤠㤠㤠㤠㤠㈳㌱?㐠㈠㈠ㄠ㐠㔠㔠㔠㔠㈳㌲?㜠㜠㜠㜠㜠㜠㜠㜠㜠㈳㌳?㔠㌠㔠㔠㔠㔠㔠㐠㌠㈳㌵?㜠㌠㌠ㄠㄠ㈠ㄠㄠ〠㈳㌶?㠠㠠㠠㔠㔠㔠㔠㔠㔠㈳㌷?㤠㤠㠠㔠㘠㘠㘠㐠㐠㈳㌸?㤠㤠㤠㘠㐠㔠㘠㘠㘠㈳㐰?㐠㐠㘠㘠㘠㘠㔠㐠㐠㈳㐱?㔠ㄠ㈠㈠㌠㌠㌠㌠㐠㈳㐲?㤠㜠㔠㈠㌠㌠㌠〠㈠㈳㐳?㘠㘠㘠㜠㜠㜠㜠ⴸ?㘠㈳㐴?㤠㜠㘠㘠ⴸ?㜠㘠㘠㘠㈳㐵?㠠㠠㠠㔠㔠㔠㜠㜠㘠㈳㐷?㘠㠠㠠㠠㠠㠠㠠㠠㠠㈳㐸?㜠㠠㐠㌠㌠㈠ㄠㄠⴸ㤠㈳㜱?㠠㠠㜠㜠㜠㜠㘠㔠㔠㈳㜳?㐠㔠㘠㘠㘠㔠㐠㐠㐠㈳㜴?㐠㔠㔠㔠㔠㔠㔠㔠㔠㈴ㄱ?㤠㤠㤠㤠㤠㠠㠠㠠㠠㈴㘲?㘠㘠㘠㔠㔠㔠㔠㔠㔠㈵〱?㜠㜠㜠㜠㜠㜠㘠㘠㘠 91덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑅ†신롭ꯡTCRI ꙾ꯗ 신롭ꯡTCRI ꫑늼ꕎ뢹 1995 1996 1997199819992000200120022003 ㈵〴?㘠㘠㘠㔠㐠㐠㌠㌠㐠㈵〵?ㄠ㘠㘠〠〠〠〠〠〠㈵〶?㘠㔠㌠㌠㌠ㄠ〠〠〠㈵〹?ㄠㄠㄠㄠㄠㄠㄠㄠㄠ㈵ㄱ?㐠㐠㐠㌠㈠㈠㈠㈠㈠㈵ㄴ?㐠㌠㌠㌠ㄠㄠㄠㄠ㈠㈵ㄵ?㘠㘠㘠㐠㐠㌠㌠㈠㈠㈵ㄶ?㔠㔠㌠㌠㌠㌠㌠㌠㌠㈵㈰?㔠㐠㐠㐠㐠㐠㌠㌠㌠㈵㈳?㤠㤠㤠㘠㐠㔠㔠㔠㔠㈵㈴?ㄠㄠㄠㄠㄠㄠㄠㄠㄠ㈵㈵?㐠㐠㌠ㄠㄠㄠㄠㄠ〠㈵㈶?㘠㔠㔠㐠㐠㌠㌠㐠㐠㈵㈷?㌠㈠㈠ㄠㄠㄠㄠㄠㄠ㈵㈸?㈠㈠㈠㈠〠〠〠〠〠㈵㐰?㘠㌠㈠ㄠㄠ〠〠〠〠㈶〱?㔠㔠㌠㈠ㄠㄠㄠㄠㄠ㈶〳?㜠㜠㜠㔠㔠㔠㔠㐠㔠㈶〵?㘠㔠㌠㌠㈠㈠㌠㌠㐠㈶〶?㘠㘠㘠㐠㌠㐠㐠㐠㘠㈶〷?㘠㘠㘠㘠㘠㔠㔠㔠㔠㈶〸?㠠㠠㠠㘠㘠㔠㔠㐠㐠㈶〹?㘠㘠㘠㔠㔠㔠㔠㘠㜠㈶㄰?㘠㘠㔠㐠㐠㐠㐠㐠㐠㈶ㄱ?㘠㘠㔠㐠㐠㐠㌠㌠㌠㈶ㄲ?㘠㘠㘠㘠㔠㔠㔠㔠㘠㈶ㄳ?㜠㘠㘠㐠ㄠㄠㄠㄠ㈠㈶ㄴ?㘠㘠㐠㈠ㄠㄠㄠⴸ?㌠㈷〱?㘠㘠㘠㘠㘠㘠㘠㘠㔠㈷〲?㘠㘠㐠ㄠㄠㄠㄠㄠㄠ㈷〴?㘠㘠㘠㐠㐠㌠㈠㈠㈠㈷〵?㜠㠠㠠㘠㔠㌠㌠㌠㌠㈷〶?㘠㘠㘠㘠㘠㘠㘠㘠㔠㈹〱?㐠㐠㔠㔠㔠㔠㔠㔠㔠㈹〲?㠠㐠㐠㐠㈠〠〠〠〠㈹〳?㘠㘠㘠㜠㜠㘠㘠㘠㘠 92덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑅ†신롭ꯡTCRI ꙾ꯗ 신롭ꯡTCRI ꫑늼ꕎ뢹 1995 1996 1997199819992000200120022003 ㈹〴?㈠㌠㌠㌠㌠㌠ㄠㄠㄠ㈹〵?㘠㘠㘠㘠㘠㘠㘠㘠㘠㈹〶?㘠㜠㜠㘠㘠㔠㔠㘠㘠㈹〸?㘠㘠㘠㜠㜠㜠㜠㜠㘠㈹ㄳ?㈠㌠㌠㈠㈠㈠ㄠㄠㄠ㈹ㄵ?㐠㐠㘠㐠㈠ㄠㄠㄠ㌠㐸〱?ㄠㄠㄠㄠㄠㄠⴸ?ⴸ?〠㔳〱?㔠㔠㔠㈠㈠㈠㈠㈠㈠㔳〲?㈠㈠㐠㌠㌠㌠㌠㌠㌠㔳〴?㘠㘠㘠㔠㔠㘠㔠㔠㔠㔶〱?㔠㔠㔠㈠ㄠㄠㄠㄠ㈠㘱㤱?ㄠㄠ㈠ㄠㄠ㌠㌠㐠㔠㠷〵?㤠㘠㌠〠〠〠〠〠㌠㠷〸?㌠㌠㌠〠〠〠〠〠ⴸ㤠㠷㈲?ㄠㄠㄠㄠㄠㄠ〠〠ⴸ㤠㠷㈴?㘠㐠㌠㌠ㄠ〠〠〠ⴸ㤠㠷㈵?㔠㔠㔠ㄠ〠〠〠〠〠㠹〵?㐠㐠㐠㐠㐠㌠㌠ⴸ?㌠㤹〲?㜠㔠㔠㈠ㄠㄠㄠㄠ〠㤹〴?㠠㠠㠠㠠㠠㜠㜠㠠㠠㤹〵?㜠㜠㜠㔠㘠㘠㘠㘠㘠㤹〶?㐠㈠㈠ㄠㄠ〠〠〠〠㤹〷?㐠㐠㐠㌠㌠㌠㌠㌠㐠㤹〸?㜠㜠㜠㘠㘠㘠㘠㘠㔠㤹㄰?㠠㠠㠠㜠㜠㜠㠠㠠㠠㤹ㄱ?㌠㔠㘠㐠ㄠㄠㄠㄠ㈠㤹ㄲ?㔠㔠㔠㔠㐠㐠㐠㐠㌠㤹ㄴ?㌠㌠㈠㔠㔠㔠㌠㐠㔠㤹ㄵ?㈠㈠㈠㔠㔠㔠㘠㘠㜠㤹ㄷ?㤠㤠㤠㤠㤠㠠㠠㠠㠠㤹ㄸ?㤠㤠㤠㘠㘠㘠㘠㘠㘠㤹ㄹ?㔠㘠㘠㔠㔠㔠㔠㔠㔠㤹㈱?㜠㜠㜠㘠㘠㘠㘠㘠㜠㤹㈲?㐠㐠㔠㐠ㄠㄠ〠〠〠㤹㈴?㔠㔠㘠㜠㜠㜠㜠㘠㘠㤹㈵?㤠㤠㤠㘠㘠㘠㘠㘠㘠 93덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑅ†신롭ꯡTCRI ꙾ꯗ 신롭ꯡTCRI ꫑늼ꕎ뢹 1995 1996 1997199819992000200120022003 㤹㈹?㐠㐠㐠㐠㐠㌠㌠㌠㌠㤹㌳?㜠㜠㠠㠠㠠㜠㜠㜠㜠㤹㐵?ㄠㄠㄠ㌠ㄠㄠ㈠㈠ⴸ㤠*-89ꕎꫭ귬ꥬ룪껆꫅ꗕꅁ롧신뒫ꯡꪺ떲ꩇꅁꝀ룪껆닎군껉꒩ꕈ귧낣ꅃ 94덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽ꑑ†ꗾ엩볋ꖻ꒧EVA 돦ꛬꅇꑤ꒸?꙾ꯗ EVA ꫑늼ꕎ뢹 1995199619971998 1101 938,887 431,339 108,630 - 250,654 1102 2,475,264 2,224,568 1,786,809 1,147,718 1103 130,685 - 380,647 151,852 1,101,314 1104 203,658 - 40,560 - 115,152 - 60,299 1107 - 393,149 - 780,589 - 481,922 808,012 1108 8,480 243,798 - 41,278 219,326 1109 181,410 235,533 - 14,561 48,875 1110 42,838 167,555 - 102,151 - 335,610 1201 - 334,880 443,267 - 431,731 - 1,017,644 1203 - 103,078 - 140,100 145,486 - 342,868 1204 - - - - 36,215 1207 - 389,256 - 59,766 - 65,382 - 876,911 1210 91,951 15,828 118,860 316,895 1212 - 98,818 10,850 - 122,137 - 347,460 1213 - 42,950 - 11,805 - 39,199 - 57,318 1215 - 23,115 232,172 17,819 - 51,199 1216 395,929 1,622,132 1,488,296 195,128 1217 72,055 218,797 205,572 410,122 1218 - 228,541 - 24,562 - 35,959 - 417,265 1219 - 39,854 - 3,228 - 137,148 - 544,917 1220 - 171,031 - 42,237 15,906 - 67,869 1224 3,565 - 210,101 - 144,880 - 174,891 1225 5,467 52,675 - 8,524 - 186,333 1227 114,959 107,384 517,538 13,213 1228 23,456 190,191 - 288,652 - 418,675 1229 43,202 - 85,028 - 345,217 - 342,346 1231 - 214,854 53,945 61,844 1235 - 2,827 - 18,270 10,316 - 20,922 1301 3,301,939 3,555,865 3,242,870 2,947,425 1303 6,429,436 7,487,312 7,049,262 4,662,623 1304 - 253,429 382,275 525,177 - 103,415 1305 - 289,356 - 267,822 - 319,913 - 547,580 1306 - - - 139,455 - 129,479 1307 - 469,122 - 72,272 - 81,349 - 321,828 1308 73,568 338,521 197,656 4,498 1309 - 103,028 - 265,672 - 148,688 - 82,163 95덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑ†ꗾ엩볋ꖻ꒧EVA 돦ꛬꅇꑤ꒸?꙾ꯗ EVA ꫑늼ꕎ뢹 1995 1996 1997 1998 1310 882,922 - 247,805 - 173,038 - 432,364 1311 307,157 563,942 161,389 - 207,829 1312 598,335 - 175,902 - 365,328 - 481,553 1313 553,522 368,099 - 421,981 - 580,673 1314 543,949 - 1,190,693 215,824 - 159,015 1315 - 136,303 - 203,191 - 266,805 - 58,750 1316 - 79,728 - 267,886 - 130,268 - 214,836 1319 47,044 63,933 - 79,966 118,701 1326 2,605,104 727,631 2,303,835 5,190,332 1402 783,829 - 1,775,707 - 1,606,550 - 1,020,625 1407 1,364,413 - 1,445,497 - 355,722 - 3,383,762 1408 - 1,273,303 - 1,568,556 - 1,270,054 - 1,870,746 1409 2,055,883 - 1,855,683 - 1,226,221 - 1,815,879 1410 - 150,036 - 124,964 - 48,577 - 94,824 1413 129,653 - 404,851 - 205,298 - 474,422 1414 158,404 - 497,239 - 464,687 - 821,201 1416 - 329,064 - 387,381 - 104,376 - 847,957 1417 - 184,257 - 117,007 - 91,756 - 102,778 1418 - 79,570 - 452,978 - 55,277 - 135,767 1419 - 225,104 - 313,273 - 234,337 - 406,546 1423 - 220,162 - 287,321 - 38,769 - 461,742 1432 - 201,658 - 301,676 134,490 - 24,687 1434 - 12,779 638,930 629,381 112,677 1435 - 85,773 - 160,329 - 36,903 - 34,814 1436 22,582 - 276,743 - 194,333 - 99,354 1437 - 221,187 - 159,064 - 63,414 - 215,724 1438 - 121,144 - 89,243 - 89,880 - 128,524 1439 - 197,532 - 46,024 - 62,461 - 283,667 1440 1,594,335 - 987,303 - 723,481 - 1,548,423 1441 - 276,797 - 455,373 - 215,155 - 136,852 1442 - 19,623 - 19,839 294,617 3,272 1443 18,002 - 510,334 - 294,073 - 318,998 1444 - 3,242 - 255,828 402,115 - 162,679 1445 65,017 72,226 127,120 114,017 1446 - 340,586 - 478,065 - 28,200 136,653 1447 - 153,648 25,653 193,368 - 138,558 96덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑ†ꗾ엩볋ꖻ꒧EVA 돦ꛬꅇꑤ꒸?꙾ꯗ EVA ꫑늼ꕎ뢹 1995 1996 1997 1998 1449 - 137,482 68,945 197,574 391,850 1450 - 84,428 36,569 145,813 - 34,985 1451 102,784 401,872 236,172 567,521 1452 - 7,482 123,004 62,349 - 4,465 1453 - 101,670 - 195,715 - 100,588 - 85,876 1454 - 36,990 - 5,428 57,523 64,889 1455 - 52,719 174,543 - 11,725 127,260 1456 - 613,893 - 732,156 - 332,914 - 371,122 1457 94,722 89,567 48,850 26,329 1458 - 292,405 - 480,768 - 561,566 61,009 1459 - 134,285 25,636 - 130,085 - 238,801 1460 - 339,054 488,384 428,491 1462 1,840,483 - 1,197,161 - 835,578 - 2,899,961 1503 292,897 525,398 117,867 - 19,650 1504 660,273 1,372,222 - 69,870 56,341 1506 - 35,380 12,817 - 12,263 180,370 1507 981,333 274,969 79,422 188,655 1512 - 100,222 22,180 - 165,385 - 110,103 1513 - 6,037,617 312,209 - 145,234 - 571,658 1514 8,830 77,153 - 75,371 - 36,464 1515 - - 4,929 11,712 473,435 1516 - 23,167 - 51,719 - 123,896 1517 - 179,016 153,361 338,176 1601 - 129,846 - 5,478 - 250,480 - 1,057,231 1602 - 1,047,699 - 1,279,074 - 1,828,596 - 3,678,831 1603 - 48,359 - 34,710 143,148 - 79,308 1604 57,914 - 388,216 - 523,169 177,286 1605 934,390 - 302,335 - 33,945 142,051 1606 - 425,532 - 299,704 - 666,713 - 1,312,897 1608 61,672 - 105,807 110,690 406,572 1609 - 187,505 5,070 - 137,046 - 335,662 1611 5,114 261,368 11,184 - 322,834 1612 26,796 136,840 142,333 - 16,088 1613 - - 209,704 - 23,201 158,794 1614 - 803,052 - 299,534 - 610,274 1701 - 40,528 5,481 - 314,444 - 512,547 97덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑ†ꗾ엩볋ꖻ꒧EVA 돦ꛬꅇꑤ꒸?꙾ꯗ EVA ꫑늼ꕎ뢹 1995 1996 1997 1998 1702 - 161,487 106,250 - 22,149 - 61,040 1704 108,669 169,535 89,843 - 159,282 1707 - 109,308 76,931 - 44,074 - 213,934 1708 - 217,850 13,798 - 111,888 - 199,667 1709 37,625 - 43,448 57,745 21,390 1710 294,116 79,149 152,099 403 1711 - 51,958 76,473 366,562 64,269 1712 - 141,068 - 64,062 - 21,464 794,468 1713 - 108,886 - 7,637 - 86,926 - 141,050 1714 - 34,472 1,202 106,032 168,772 1715 39,282 91,380 - 148,992 - 301,369 1716 445,426 340,742 296,218 330,029 1717 58,950 696,646 467,658 374,774 1718 - 135,364 - 893,354 - 145,238 - 280,847 1720 - 177,179 60,957 24,817 1721 - - 19,506 - 179,880 1722 - - - - 2,485,773 1724 - 63,002 2,255 - 37,325 1731 14,603 77,369 63,433 - 30,465 1802 1,552,152 1,574,267 1,202,509 653,819 1805 - 91,102 - 488,700 - 278,940 - 215,499 1806 421,268 235,334 15,959 268,136 1807 - 232,647 - 572,440 - 325,830 - 445,631 1808 - 140,044 - 168,992 - 239,029 - 276,311 1809 - - - 20,158 6,591 1810 161,828 429,045 - 228,964 - 659,461 1902 791,687 - 783,309 - 438,782 - 962,732 1903 - 385,126 - 232,391 - 185,586 - 384,857 1904 368,870 56,909 - 743,725 - 755,569 1905 709,903 - 1,208,557 - 681,102 - 935,275 1906 - 57,240 - 338,710 40,375 - 196,283 1907 170,248 - 278,495 - 380,339 - 1,837,426 1909 - 103,134 - 68,464 - 183,601 - 631,396 2002 3,845,666 8,955,552 9,005,639 4,306,428 2006 - 949,999 - 1,203,224 - 106,141 - 589,570 2007 - 125,070 - 470,755 - 653,876 - 220,145 98덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑ†ꗾ엩볋ꖻ꒧EVA 돦ꛬꅇꑤ꒸?꙾ꯗ EVA ꫑늼ꕎ뢹 1995 1996 1997 1998 2008 - 455,933 - 506,173 - 327,504 - 551,470 2009 - 146,457 - 280,572 - 71,745 - 43,274 2010 119,889 - 383,649 - 315,635 - 105,560 2012 - 115,241 - 114,640 - 117,576 - 51,184 2013 - 111,455 95,066 14,323 12,413 2014 - 280,679 328,154 300,185 - 1,330,426 2015 749,373 - 72,152 - 17,227 - 973,423 2017 - 2,718 13,144 - 2,828 - 589,201 2020 49,382 10,229 - 6,350 - 247,176 2022 - - 1,117 - 57,358 - 204,007 2023 - 181,723 629,419 840,693 2024 - - 153,032 - 19,531 - 441,308 2025 - - - 142,625 - 202,217 2027 - - - 50,234 - 180,175 2028 - - - 292,246 - 180,769 2029 - - 71,509 - 204,846 2032 - - - 77,080 - 106,339 2101 - 360,551 74,331 191,015 - 234,121 2102 - 223,939 62,012 - 76,012 - 73,207 2103 1,220,048 801,469 326,901 444,736 2104 316,099 314,689 277,477 289,335 2105 157,169 326,619 - 109,296 90,615 2106 - 132,573 - 42,988 - 90,886 14,926 2107 - 233,930 - 80,306 186,571 63,616 2108 - 22,913 - 93,966 - 102,932 - 9,425 2201 - 2,026,879 - 176,459 2,240,895 2,227,154 2204 1,524,281 1,083,961 1,907,805 2,201,109 2206 - - - 361,436 345,861 2301 - 747,275 - 413,265 - 2,002,369 2302 178,134 - 356,383 - 80,956 61,272 2303 10,764,989 3,745,708 - 623,213 - 5,749,830 2305 15,523 504,427 235,927 - 88,515 2308 412,581 403,729 294,383 122,220 2311 1,499,917 1,254,382 3,246,309 251,324 2312 - 262,482 - 86,783 - 157,948 312,691 2313 859,518 894,471 1,327,426 2,266,144 99덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑ†ꗾ엩볋ꖻ꒧EVA 돦ꛬꅇꑤ꒸?꙾ꯗ EVA ꫑늼ꕎ뢹 1995 1996 1997 1998 2314 - 284,817 - 275,885 - 223,063 - 551,247 2315 - 452,444 - 229,714 334,375 538,562 2316 479,243 387,590 99,220 660,289 2317 1,042,870 1,569,932 1,432,060 4,057,033 2318 18,025 113,668 - 22,667 - 229,879 2319 847,690 116,031 97,636 - 2,154,320 2321 - 116,773 14,878 91,549 161,952 2323 85,614 174,676 130,872 1,597,315 2324 - 326,576 918,408 1,066,470 2,333,927 2325 730,974 707,924 888,078 285,254 2326 97,346 387,459 487,095 56,928 2327 498,478 292,214 144,112 - 168,882 2328 6,579 - 6,973 310,203 - 104,834 2329 262,217 528,691 - 181,993 - 525,063 2330 12,669,524 14,710,250 13,327,222 5,494,077 2331 - 156,094 - 471,420 - 641,167 - 1,345,730 2332 192,142 400,052 298,662 462,843 2333 - 41,086 - 255,263 - 375,730 95,455 2335 - 29,188 - 207,294 - 358,068 - 498,572 2336 98,613 440,995 180,690 528,584 2337 - 2,773,750 350,645 - 3,253,574 2338 - 327,953 294,969 - 25,648 2340 - 37,665 - 43,791 206,023 2341 - - 226,365 - 94,097 - 845,249 2342 - 1,451,884 - 2,783,408 - 4,425,196 2343 - 24,104 377,168 227,553 364,697 2344 - 847,152 - 2,184,700 - 3,624,545 2345 - 428,272 349,605 - 190,616 2347 - 551,342 378,252 661,046 2348 - 897,360 778,233 - 880,518 2371 - 120,851 2,245,145 - 2,462,135 - 4,705,589 2373 43,134 21,890 399,632 422,371 2374 58,992 223,774 - 13,510 - 205,285 2411 247,870 212,215 561,286 653,070 2462 8,007 29,354 5,987 - 8,534 2501 - 726,602 - 588,885 - 509,794 - 355,583 100덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑ†ꗾ엩볋ꖻ꒧EVA 돦ꛬꅇꑤ꒸?꙾ꯗ EVA ꫑늼ꕎ뢹 1995 1996 1997 1998 2504 - 497,634 - 407,680 - 366,129 - 581,288 2505 142,630 627,803 900,246 - 1,362,769 2506 - 562,776 - 1,488,784 - 1,023,386 - 1,597,235 2509 - 185,689 - 43,625 - 115,411 - 219,618 2511 - 823,333 2,229 4,158 55,704 2514 - 172,511 - 242,266 - 28,610 - 23,383 2515 49,126 - 965,393 - 3,120,847 - 3,618,700 2516 - 176,651 - 158,538 - 485,513 - 181,532 2520 192 75,112 92,132 400,271 2523 242,376 1,041 61,813 249,804 2524 - 285,513 - 178,606 - 63,920 - 106,828 2525 - 135,197 407,669 - 271,182 - 1,485,465 2526 - 50,661 - 293,666 - 452,768 - 922,094 2527 - - 1,106,815 - 898,415 - 1,014,064 2528 - 11,080 - 174,706 408,272 2540 72,319 - 237,927 - 102,192 - 55,545 2601 - 137,620 - 125,259 - 203,779 - 383,137 2603 1,641,916 911,019 - 418,369 - 2,251,488 2605 - 85,889 - 129,046 - 378,460 - 343,528 2606 236,538 - 115,283 64,610 - 137,407 2607 - 23,732 17,402 95,223 52,029 2608 29,491 193,366 - 56,805 23,811 2609 815,196 - 82,207 - 2,757,752 - 3,566,684 2610 - 2,211,176 943,610 - 593,672 -12,881,812 2611 - 15,076 - 55,416 - 9,687 144,001 2612 65,807 7,186 17,427 26,804 2613 - 36,065 - 165,632 - 229,279 - 268,500 2614 - 153,186 458,964 314,979 2701 - 33,708 - 71,890 5,194 - 25,518 2702 - 24,627 - 55,945 - 15,244 - 29,825 2704 - 394,075 - 305,059 - 445,990 - 599,717 2705 - 155,810 82,406 36,808 56,027 2706 27,081 73,914 63,186 170,937 2901 - 109,359 - 26,721 - 51,721 - 84,117 2902 127,306 23,485 - 115,800 - 179,717 2903 380,641 539,802 320,281 - 262,266 101덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑ†ꗾ엩볋ꖻ꒧EVA 돦ꛬꅇꑤ꒸?꙾ꯗ EVA ꫑늼ꕎ뢹 1995 1996 1997 1998 2904 - 42,747 44,934 - 56,201 - 49,736 2905 197,283 37,601 96,035 - 86,265 2906 163,072 2,654 127,342 - 120,008 2908 - 129,647 - 114,890 - 265,867 133,462 2913 - 340,080 - 1,073,035 - 825,176 - 1,340,056 2915 - 163,014 227,672 404,615 659,720 4801 - 27,029 - 30,499 - 46,349 - 27,226 5301 8,285 18,370 - 63,305 43,087 5302 - 81,506 - 48,424 200,572 - 100,978 5304 88,821 185,883 - 278,964 38,793 5601 - 53,761 - 105,147 - 64,574 - 135,952 6191 - 78,664 - 170,634 - 80,686 - 142,796 8705 224,360 366,506 77,680 436,932 8708 - 263,070 - 388,201 - 188,481 - 1,524,913 8722 - 81,913 - 108,718 - 328,422 - 224,165 8724 - 51,838 103,408 - 369,291 - 852,883 8725 - 228,577 244,901 - 469,964 8905 - 31,398 116,468 - 32,652 9902 46,797 - 87,708 303,693 81,017 9904 111,191 348,085 788,786 332,539 9905 119,837 - 26,748 - 129,619 183,413 9906 - 414,218 - 654,765 - 444,146 - 599,218 9907 479,255 281,754 - 96,607 - 669,257 9908 - 249,211 - 113,197 - 100,679 - 206,104 9910 129,655 224,630 153,667 72,582 9911 - 91,050 - 63,698 - 14,498 256,885 9912 - 168,502 - 47,912 - 119,497 - 34,705 9914 - 40,009 55,431 - 32,589 320,507 9915 - 453,435 23,750 - 223,515 - 141,619 9917 343,204 499,887 512,078 680,560 9918 84,771 141,367 - 84,879 96,294 9919 54,923 153,526 34,733 - 100,432 9921 177,096 128,902 - 37,724 347,339 9922 - 85,554 152,421 12,786 - 115,754 9924 - 6,550 42,762 43,319 9925 - 269,590 256,677 266,835 102덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑ†ꗾ엩볋ꖻ꒧EVA 돦ꛬꅇꑤ꒸?꙾ꯗ EVA ꫑늼ꕎ뢹 1995 1996 1997 1998 9929 21,360 44,481 31,799 84,008 9933 115,585 - 109,181 93,033 604,797 9945 - 372,004 - 476,084 - 220,426 - 154,789 ?103덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽ꑑꑀ†ꗾ엩볋ꖻ꒧STDEVA? ꙾ꯗ STDEVA ꫑늼ꕎ뢹 1995 1996 19971998199920002001 2002 20031101 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑꑀ†ꗾ엩볋ꖻ꒧STDEVA? ꙾ꯗ STDEVA ꫑늼ꕎ뢹 1995 1996 19971998199920002001 2002 20031311 덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑꑀ†ꗾ엩볋ꖻ꒧STDEVA ꙾ꯗ STDEVA ꫑늼ꕎ뢹 1995 1996 19971998199920002001 2002 20031452 ? ? 1603 덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑꑀ†ꗾ엩볋ꖻ꒧STDEVA ꙾ꯗ STDEVA ꫑늼ꕎ뢹 1995 1996 19971998199920002001 2002 20031709 ? 덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑꑀ†ꗾ엩볋ꖻ꒧STDEVA ꙾ꯗ STDEVA ꫑늼ꕎ뢹 1995 1996 19971998199920002001 2002 20032014 덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑꑀ†ꗾ엩볋ꖻ꒧STDEVA ꙾ꯗ STDEVA ꫑늼ꕎ뢹 1995 1996 199719981999200020012002 2003 2321 2323 2324 2325 2326 2327 2328 2329 2330 2331 2332 2333 2335 2336 2337 2338 2340 2341 2342 2343 2344 2345 2347 2348 2371 2373 2374 2411 2462 2501 2504 2505 2506 2509 2511 2514 2515 109덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑꑀ†ꗾ엩볋ꖻ꒧STDEVA ꙾ꯗ STDEVA ꫑늼ꕎ뢹 1995 1996 199719981999200020012002 2003 2516 덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑꑀ†ꗾ엩볋ꖻ꒧STDEVA? ꙾ꯗ STDEVA ꫑늼ꕎ뢹 1995 1996 199719981999200020012002 2003 4801 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 ꫾뿽ꑑꑇ ꣌EVA뇆Ꟈꭥ20ꙗ 199519961997뇆Ꟈ ꒽ꕱꕎ뢹ꕎ뢹ꕱꕎ뢹 EVA뇆Ꟈ꒽ꕱ EVA뇆Ꟈ꒽ EVA 1 2330 12,669,52412330 14,710,250 12330 13,327,222 2 2303 10,764,989 22002 8,955,552 22002 9,005,639 3 1303 6,429,436 31303 7,487,312 31303 7,049,262 4 2002 3,845,666 42303 3,745,708 42311 3,246,309 5 1301 3,301,939 51301 3,555,865 51301 3,242,870 6 1326 2,605,104 62337 2,773,750 61326 2,303,835 7 1102 2,475,264 72371 2,245,145 72201 2,240,895 8 1409 2,055,883 81102 2,224,568 82204 1,907,805 9 1462 1,840,483 91216 1,622,132 91102 1,786,809 10 2603 1,641,916 101802 1,574,267 101216 1,488,296 11 1440 1,594,335 112317 1,569,932 112317 1,432,060 12 1802 1,552,1521223421,451,8841223131,327,426 13 22041,524,2811315041,372,2221318021,202,509 14 2311 1,499,917 142311 1,254,382 1423241,066,470 15 1407 1,364,413 152204 1,083,961 152505 900,246 16 2103 1,220,048 162610 943,610 162325 888,078 17 2317 1,042,870 172324 918,408 179904 788,786 18 1507 981,333 182603 911,019 182348 778,233 19 1101 938,887 192348 897,360 192023 629,419 20 1605 934,390 202313 894,471 201434 629,381 112덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑꑇ ꣌EVA뇆Ꟈꭥ20ꙗ 19981999 2000 뇆Ꟈ꒽ꕱꕎ뢹 뇆Ꟈ꒽ꕱꕎ뢹 뇆Ꟈ꒽ꕱꕎ뢹 EVA EVA EVA 2330 2330 2330 1 5,494,077 1 19,581,975 1 48,294,339 1326 1107 2303 2 5,190,332 2 17,822,268 2 36,048,574 1303 2002 2337 3 4,662,623 3 7,139,392 3 9,057,575 2002 1301 2002 4 4,306,428 4 5,225,676 4 8,042,818 2317 1303 2317 5 4,057,033 5 5,222,753 5 6,102,226 1301 2323 1303 6 2,947,425 6 4,565,789 6 5,679,284 2324 2311 1301 7 2,333,927 7 3,706,595 7 4,796,604 2313 1326 2311 8 2,266,144 8 3,285,454 8 4,412,232 2201 2317 2324 9 2,227,154 9 2,971,722 9 4,131,839 2204 2324 1802 10 2,201,109 10 2,614,645 10 3,492,275 2323 2201 8708 11 1,597,315 11 909,641 11 2,065,985 1102 2303 2313 12 1,147,718 12 877,664 12 1,990,349 1103 1451 1326 13 1,101,314 13 863,118 13 1,865,558 2023 2411 2327 14 840,69314811,358 14 1,865,061 1107 9904 2325 15 808,012 15 780,349 15 1,736,038 1712 2347 9904 16 794,468 16 745,192 16 1,699,335 9917 1102 2308 17 680,560 17 730,005 17 1,448,546 2347 1717 1451 18 661,046 18 645,086 18 1,210,885 2316 2312 2204 19 660,289 19 602,403 19 1,161,145 2915 1434 2301 20 659,720 20 599,719 20 1,160,316 113덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 쓲꫾뿽ꑑꑇ ꣌EVA뇆Ꟈꭥ20ꙗ 20012002 2003 뇆Ꟈ꒽ꕱꕎ뢹 뇆Ꟈ꒽ꕱꕎ뢹 뇆Ꟈ꒽ꕱꕎ뢹 EVA EVA EVA 1303 2317 2330 1 11,894,659 1 6,812,576 1 26,458,687 2317 2324 2002 2 5,744,480 2 5,385,304 2 20,950,299 2324 2330 1326 3 2,775,697 3 5,129,846 3 10,270,841 1301 1326 2317 4 2,218,034 4 5,076,772 4 9,564,344 2331 2002 1303 5 1,810,425 5 4,671,950 5 9,203,925 2327 2204 1301 6 1,547,899 6 3,397,955 6 7,678,707 2345 2331 2324 7 1,539,766 7 3,323,071 7 5,241,463 2204 1301 2323 8 1,437,304 8 3,233,255 8 3,215,822 2308 1102 2301 9 789,458 9 1,246,494 9 2,923,306 9917 9904 2204 10 748,663 10 1,124,815 10 2,359,612 9904 2308 2311 11 709,157 11 1,094,013 11 2,301,022 1451 2201 2609 12 630,141 12 1,076,003 12 2,164,287 2332 2347 1402 13 596,571 13 976,366 13 1,448,628 1434 2105 2308 14 587,884 14 952,588 14 1,323,694 9933 1451 1102 15 545,293 15 901,637 15 1,179,142 1712 2014 2201 16 466,354 16 869,918 16 1,072,816 9915 9925 2105 17 422,050 17 720,770 17 1,035,437 2338 2332 1451 18 405,699 18 718,436 18 908,193 1326 9917 9915 19 370,369 19 690,682 19 873,389 2323 9915 2614 20 364,768 20 689,039 20 872,340 114덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ? 륂ꗎ롧샙꫾ꕛ믹귈Ꙣꭈꗎ뗻떥꒧놴끑 115덻ꗒꑪ뻇攭周?獹?ꅝ??뻇꙾ꯗꅞ?