{"id":197,"date":"2008-10-29T16:37:49","date_gmt":"2008-10-29T07:37:49","guid":{"rendered":"http:\/\/lawlec.korea.ac.kr\/?p=197"},"modified":"2008-10-29T16:37:49","modified_gmt":"2008-10-29T07:37:49","slug":"%eb%af%bc%eb%b2%95%ec%82%ac%eb%a1%80%ec%97%b0%ec%8a%b5-2008115","status":"publish","type":"post","link":"https:\/\/lawlec.korea.ac.kr\/?p=197","title":{"rendered":"\ubbfc\ubc95\uc0ac\ub840\uc5f0\uc2b5 2008.11.5"},"content":{"rendered":"<p><strong>\uc9c8\ubb381.<\/strong><\/p>\n<p>\ud638\uc548\uc2e4\uc5c5\uc740 \ud0c0\uc774\uac7024\uc2dc \ub77c\ub294 \ube0c\ub79c\ub4dc\ub85c \uc57d 100\uc5ec\uac1c\uc758 \ud3b8\uc758\uc810\uc744 \uc6b4\uc601\ud558\ub294 \uac70\uc0b0\uc2e4\uc5c5\uc73c\ub85c\ubd80\ud130 \ud0c0\uc774\uac7024\uc2dc \uc601\uc5c5 \uc804\ubd80\ub97c \uc778\uc218\ud558\uae30\ub85c \ud558\uace0, \uac70\uc0b0\uc2e4\uc5c5\uacfc \uc778\uc218\ub300\uae08 \ud611\uc0c1\uc744 \uc9c4\ud589\ud558\uc600\ub2e4. \ud638\uc548\uc2e4\uc5c5\uc740 \uae30\uc5c5\uc758 \uc778\uc218, \ud569\ubcd1\uc5d0 \uacbd\ud5d8\uc774 \ub9ce\uc558\uc73c\uba70, \ud0c0\uc774\uac7024\uc2dc \uc778\uc218\uc758 \uacbd\uc6b0 \ub300\uae08 \uc0b0\uc815\uc740 \uac70\uc0b0\uc2e4\uc5c5\uc774 \uc81c\uacf5\ud558\ub294 \ucd5c\uadfc 3\ub144\uac04\uc758 \uc7ac\ubb34\uc7ac\ud45c\uc5d0 \ub098\ud0c0\ub098\ub294 \uc6b4\uc601\uc790\uae08 \ud750\ub984\uc5d0 \uae30\ucd08\ud558\uc5ec \uadf8 \uae30\uc5c5\uc758 \uac00\uce58\ub97c \ud3c9\uac00\ud558\ub294 \uac83\uc774 \uc801\uc808\ud558\ub2e4\uace0 \ub0b4\ubd80\uc801\uc73c\ub85c \ud310\ub2e8\ud558\uc600\ub2e4.<\/p>\n<p>\uc6b4\uc601\uc790\uae08 \ud750\ub984(operational cash flow)\uc740 \uc774\uc790, \uc870\uc138, \uac10\uac00\uc0c1\uac01 \uc804 \uc218\uc775(Earnings Before Interest, Taxes, Depreciation and Amortization; <a href=\"http:\/\/www.investorwords.com\/1632\/EBITDA.html\">EBITDA<\/a>)\uc744 \ub9d0\ud558\uba70, \uae30\uc5c5\uc758 \uac70\ub798 \uac00\uce58 \ud3c9\uac00\uc5d0 \uc0ac\uc6a9\ub418\ub294 \uc5ec\ub7ec \ud3c9\uac00\ubc29\ubc95 \uc911 \ud558\ub098\uc774\ub2e4. \ud1b5\uc0c1 \uc774 \uc6b4\uc601\uc790\uae08 \ud750\ub984\uc5d0 \uc77c\uc815\ud55c \ubc30\uc218\ub97c \uacf1\ud558\uc5ec \uae30\uc5c5\uc758 \uac00\uce58\ub97c \uc0b0\uc815\ud558\uac8c \ub418\ub294\ub370, \uc774 \ubc30\uc218(EBITDA multiple)\ub294 \uc720\uc0ac\ud55c \uae30\uc5c5\uc758 \uc778\uc218 \uac70\ub798\uac00 \uc788\uc740 \uacbd\uc6b0\ub77c\uba74, \uadf8 \uae30\uc5c5\uc758 \uc778\uc218 \uac00\uce58\ub97c \uace0\ub824\ud558\uc5ec \uadf8\uc5d0 \uc0c1\uc751\ud558\ub294 \uc801\uc815\ud55c \ubc30\uc218\ub97c \uc120\ud0dd\ud558\uac8c\ub418\uace0, \uc720\uc0ac\ud55c \uae30\uc5c5 \uc778\uc218 \uc0ac\ub840\uac00 \uc5c6\ub294 \uacbd\uc6b0, \ud574\ub2f9 \uae30\uc5c5\uc758 \uc790\uc0b0 \uaddc\ubaa8, \uc0ac\uc5c5 \uc804\ub9dd, \uc7ac\ubb34 \uc0c1\ud669, \ud3c9\ud310 \ub4f1\uc744 \uc885\ud569\uc801\uc73c\ub85c \uace0\ub824\ud558\uc5ec \uc801\uc808\ud55c \ubc30\uc218\ub97c \uc120\ud0dd\ud558\uac8c \ub418\uba70, \uacb0\uad6d\uc740 \uc8fc\uad00\uc801\uc778 \ud3c9\uac00\ubc29\ubc95\uc77c \uc218 \ubc16\uc5d0 \uc5c6\uace0 \uae30\uc5c5 \ub9e4\ub3c4\uc778\uacfc \ub9e4\uc218\uc778 \uac04\uc758 \ud611\uc0c1\uc5d0 \ub530\ub77c \ucd5c\uc885 \uc778\uc218 \uac00\uaca9\uc774 \uacb0\uc815\ub41c\ub2e4.<\/p>\n<p>\uac70\uc0b0\uc2e4\uc5c5\uc774 \uc81c\uacf5\ud55c \uc7ac\ubb34 \uc81c\ud45c \uc0c1\uc758 \uc6b4\uc601\uc790\uae08 \ud750\ub984\uc740 80\uc5b5\uc6d0\uc774\uace0, \ud638\uc548 \uc2e4\uc5c5\uacfc \uac70\uc0b0\uc2e4\uc5c5\uc740 \uc5ec\ub7ec\ucc28\ub840\uc5d0 \uac78\uce5c \uc778\uc218\uac00\uaca9 \ud611\uc0c1\uc758 \uacb0\uacfc, <strong>\ud638\uc548\uc2e4\uc5c5<\/strong>\uc740 EBITDA \ubc30\uc218\ub97c 10\uc73c\ub85c \uc815\ud558\uc5ec, 800\uc5b5\uc6d0\uc5d0 \ud0c0\uc774\uac7024\uc2dc \uc601\uc5c5 \uc804\ubd80\ub97c \uc778\uc218\ud558\uae30\ub85c \uc81c\uc548\ud558\uc5ec \uac70\ub798\uac00 \uc131\uc0ac\ub418\uc5c8\ub2e4.<\/p>\n<p>\ud638\uc548\uc2e4\uc5c5\uc740 \ud0c0\uc774\uac7024\uc2dc\ub97c \uc778\uc218\ud55c \ub2e4\uc74c, \uadf8 \uc7ac\ubb34 \uc81c\ud45c\uc5d0 \ub300\ud558\uc5ec \uc880\ub354 \uc815\ud655\ud788 \uc810\uac80\ud55c \uacb0\uacfc, \uac70\uc0b0\uc2e4\uc5c5\uc774 \uc81c\uacf5\ud55c \uc7ac\ubb34\uc81c\ud45c\ub294 \ud68c\uacc4 \uae30\uc900\uc744 \uc5b4\uae30\uace0 \uc218\uc785 \ub4f1\uc758 \ud56d\ubaa9\uc744 \uacfc\ub2e4 \uacc4\uc0b0\ud558\uc600\ub2e4\ub294 \uc810, \uadf8 \uacb0\uacfc \uc2e4\uc81c\ub85c \uc6b4\uc601\uc790\uae08 \ud750\ub984\uc740 70\uc5b5\uc6d0\uc5d0 \ubd88\uacfc\ud55c \uac83\uc73c\ub85c \ub4dc\ub7ec\ub0ac\ub2e4. \uc774\uc5d0 \ud638\uc548\uc2e4\uc5c5\uc740 \uac70\uc0b0\uc2e4\uc5c5\uc744 \uc0c1\ub300\ub85c \uc778\uc218\ub300\uae08 \ucc28\uc561 100\uc5b5\uc6d0\uc744 \uc190\ud574\ubc30\uc0c1\uc73c\ub85c \uad6c\ud558\ub294 \uc18c\uc1a1\uc744 \uc81c\uae30\ud558\uc600\ub2e4.<\/p>\n<p>\uc774\uc5d0 \ub300\ud558\uc5ec \uac70\uc0b0\uc2e4\uc5c5\uc740 \uc7ac\ubb34\uc81c\ud45c\uac00 \ubd80\uc815\ud655 \ud568\uc740 \uc778\uc815\ud558\uc600\uc73c\ub098, \ubc30\uc0c1 \uc561\uc740 \uacfc\ub2e4 \uacc4\uc0b0\ub41c 10\uc5b5\uc6d0\uc5d0 \ud55c\uc815\ub418\uc5b4\uc57c \ud55c\ub2e4\uace0 \uc8fc\uc7a5\ud558\uba70, \uae30\uc5c5 \uac00\uce58 \uc0b0\uc815 \ubc29\ubc95\uc740 \ub2e4\uc591\ud55c \ubc14, \ud638\uc548\uc2e4\uc5c5\uc774 EBITDA \ubc30\uc218 \ubc29\ubc95\uc73c\ub85c \uc774 \uc0ac\uac74 \uae30\uc5c5\uc758 \uc778\uc218\uac00\uaca9\uc744 \uc0b0\uc815\ud558\uc600\ub294\uc9c0 \uc5ec\ubd80\ub294 \uc790\uc2e0\uc774 \uc54c\uc9c0 \ubabb\ud558\uc600\uace0, \uc790\uc2e0\uc740 \ucd5c\uc885 \uc778\uc218\uac00\uaca9\ub9cc\uc774 \uad00\uc2ec\uc0ac\uc600\uc9c0, \uadf8 \uac00\uaca9\uc774 \uc5b4\ub5bb\uac8c \uc0b0\uc815\ub418\uc5c8\ub294\uc9c0\ub294 \uad00\uc2ec\uc744 \uac00\uc9c8 \uc774\uc720\ub3c4 \uc5c6\uc744 \ubfd0 \uc544\ub2c8\ub77c, \uc778\uc218\uac00\uaca9\uc774\ub098 \uc190\ud574\ubc30\uc0c1\uc561\uc744 EBITDA \ubc30\uc218\uc5d0 \ub530\ub77c \uacc4\uc0b0\ud558\uaca0\ub2e4\ub294 \ub2f9\uc0ac\uc790 \uac04\uc758 \uc57d\uc815\ub3c4 \uc5c6\uc5c8\ub2e4\uace0 \uc8fc\uc7a5\ud55c\ub2e4.<\/p>\n<p>\uc190\ud574\ubc30\uc0c1\uc561 \uc0b0\uc815\uc758 \ubc29\ubc95\uc740?<\/p>\n<p><strong>\uc9c8\ubb382.<\/strong><br \/>\n'\uac11'\uc740 \uc2dc\uc7a5 \uac00\uaca9 10\ub9cc\uc6d0\uc778 \ubb3c\ud488\uc744 '\uc744'\ub85c\ubd80\ud130 20\ub9cc\uc6d0\uc5d0 \uad6c\uc785\ud558\uc600\ub2e4. \uadf8 \ubb3c\uac74\uc5d0 \ud558\uc790\uac00 \ubc1c\uacac\ub418\uc5c8\ub294\ub370, \uadf8 \ud558\uc790\ub294 \uc774 \ubb3c\uac74\uc758 \uac00\uce58\ub97c \uc57d 10% \uac10\uc18c\ud558\ub294 \uc131\uaca9\uc758 \ud558\uc790\uc774\ub2e4. \uc774 \uacbd\uc6b0 \uac11\uc774 \uc190\ud574\ubc30\uc0c1\uc73c\ub85c \uad6c\ud560 \uc218 \uc788\ub294 \uc561\uc218\ub294?<\/p>\n<p>'\uac11'\uc740 \uc774\ub7f0 \uacbd\uc6b0 \ub9e4\ub9e4\uacc4\uc57d\uc744 \ud574\uc81c\ud560 \uc218 \uc788\uc744\uae4c?<\/p>\n<p><strong>\uc9c8\ubb383<\/strong><\/p>\n<p>'\ubcd1'\uc740 \uc2dc\uc7a5 \uac00\uaca9 10\ub9cc\uc6d0\uc778 \ubb3c\ud488\uc744 '\uc815'\uc73c\ub85c\ubd80\ud130 5\ub9cc\uc6d0\uc5d0 \uad6c\uc785\ud558\uc600\ub2e4. \uadf8\ub7ec\ub098 \uadf8 \ubb3c\uac74\uc758 \uac00\uce58\ub97c \uc57d 10% \uac10\uc18c\ud558\ub294 \ud558\uc790\uac00 \ubc1c\uacac\ub41c \uacbd\uc6b0, '\ubcd1'\uc774 '\uc815'\uc73c\ub85c\ubd80\ud130 \uad6c\ud560 \uc218 \uc788\ub294 \uc190\ud574\ubc30\uc0c1\uc758 \uc561\uc218\ub294?<\/p>\n<p>\ucc38\uc870\ud310\ub840<\/p>\n<p>2003\uac00\ud5691176<br \/>\n64\ub2e41007<br \/>\n82\ub0983485<\/p>\n<p>\ucc38\uc870\ub17c\ubb38<\/p>\n<p>\ubc15\ub3d9\uc9c4, '<a href=\"http:\/\/lawlec.korea.ac.kr\/park_dong_jin.pdf\">\uc190\ud574\ubc30\uc0c1\uc758 \ubc94\uc704<\/a>', \uc2e0\uc138\uae30\uc758 \ubbfc\uc0ac\ubc95 \uacfc\uc81c<br \/>\n\uc591\uc0bc\uc2b9, '<a href=\"http:\/\/lawlec.korea.ac.kr\/yang_sam_seung.pdf\">\ud1b5\uc0c1\uc190\ud574\uc640 \ud2b9\ubcc4\uc190\ud574<\/a>', \ubbfc\uc0ac\ud310\ub840 \uc5f0\uad6c<br \/>\n\uc774\uc6a9\uc778, '<a href=\"http:\/\/lawlec.korea.ac.kr\/lee_yong_in.pdf\">\ubbfc\ubc95 \uc81c393\uc870\uc640 \ubd88\ubc95\ud589\uc704\ubc95\uc5d0\uc11c\uc758 \uc608\uacac \uac00\ub2a5\uc131<\/a>', \uc7ac\uc0b0\ubc95 \uc5f0\uad6c \uc81c23\uad8c(2007)<br \/>\n\uc870\uaddc\ucc3d, '<a href=\"http:\/\/lawlec.korea.ac.kr\/cho_gyu_chang.pdf\">\ubbfc\ubc95 \uc81c393\uc870 2\ud56d\uc758 \"\ud2b9\ubcc4\ud55c \uc0ac\uc815\"\uc758 \ud574\uc11d<\/a>', \uc0ac\ubc95\ud589\uc815 \uc81c321\ud638(1987)<\/p>\n<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-bottom-left\"><a href=\"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fposts%2F197&print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\" ><\/a><a href=\"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fposts%2F197&print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\" ><img decoding=\"async\" src=\"https:\/\/lawlec.korea.ac.kr\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>\uc9c8\ubb381. \ud638\uc548\uc2e4\uc5c5\uc740 \ud0c0\uc774\uac7024\uc2dc \ub77c\ub294 \ube0c\ub79c\ub4dc\ub85c \uc57d 100\uc5ec\uac1c\uc758 \ud3b8\uc758\uc810\uc744 \uc6b4\uc601\ud558\ub294 \uac70\uc0b0\uc2e4\uc5c5\uc73c\ub85c\ubd80\ud130 \ud0c0\uc774\uac7024\uc2dc \uc601\uc5c5 \uc804\ubd80\ub97c \uc778\uc218\ud558\uae30\ub85c \ud558\uace0, \uac70\uc0b0\uc2e4\uc5c5\uacfc \uc778\uc218\ub300\uae08 \ud611\uc0c1\uc744 \uc9c4\ud589\ud558\uc600\ub2e4. \ud638\uc548\uc2e4\uc5c5\uc740 \uae30\uc5c5\uc758 \uc778\uc218, \ud569\ubcd1\uc5d0 \uacbd\ud5d8\uc774 \ub9ce\uc558\uc73c\uba70, \ud0c0\uc774\uac7024\uc2dc \uc778\uc218\uc758 \uacbd\uc6b0 \ub300\uae08 \uc0b0\uc815\uc740 \uac70\uc0b0\uc2e4\uc5c5\uc774 \uc81c\uacf5\ud558\ub294 \ucd5c\uadfc 3\ub144\uac04\uc758 \uc7ac\ubb34\uc7ac\ud45c\uc5d0 \ub098\ud0c0\ub098\ub294 \uc6b4\uc601\uc790\uae08 \ud750\ub984\uc5d0 \uae30\ucd08\ud558\uc5ec \uadf8 \uae30\uc5c5\uc758 \uac00\uce58\ub97c \ud3c9\uac00\ud558\ub294 \uac83\uc774 \uc801\uc808\ud558\ub2e4\uace0 \ub0b4\ubd80\uc801\uc73c\ub85c \ud310\ub2e8\ud558\uc600\ub2e4. \uc6b4\uc601\uc790\uae08 \ud750\ub984(operational cash flow)\uc740 \uc774\uc790, \uc870\uc138, \uac10\uac00\uc0c1\uac01 \uc804 <a href=\"https:\/\/lawlec.korea.ac.kr\/?p=197\" class=\"more-link\">...continue reading<span class=\"screen-reader-text\"> \"\ubbfc\ubc95\uc0ac\ub840\uc5f0\uc2b5 2008.11.5\"<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-197","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"h-entry","8":"hentry","9":"h-as-article"},"_links":{"self":[{"href":"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=\/wp\/v2\/posts\/197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=197"}],"version-history":[{"count":0,"href":"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=\/wp\/v2\/posts\/197\/revisions"}],"wp:attachment":[{"href":"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lawlec.korea.ac.kr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}