{"id":183,"date":"2014-04-24T09:59:44","date_gmt":"2014-04-24T00:59:44","guid":{"rendered":"http:\/\/www.fsquare.co.kr\/?p=183"},"modified":"2015-02-18T15:59:27","modified_gmt":"2015-02-18T06:59:27","slug":"%ec%88%98%ec%9d%b5%eb%a5%a0-%ea%b3%84%ec%82%b0-1","status":"publish","type":"post","link":"https:\/\/www.fsquare.co.kr\/?p=183","title":{"rendered":"\uc218\uc775\ub960 \uacc4\uc0b0 – 1"},"content":{"rendered":"

\uae08\uc735\uc790\uc0b0\uc5d0\uc11c \uc218\uc775\ub960\uc740 \uadf8 \uc6a9\ub3c4\uc5d0 \ub530\ub77c \uc11c\ub85c \ub2e4\ub978 \uc758\ubbf8\ub97c \uac00\uc9c4\ub2e4. \uc77c\ubc18\uc801\uc778 \uc758\ubbf8\uc5d0\uc11c\uc758 \uc218\uc775\ub960\uc740 \ud22c\uc785\ud55c \uc790\uc0b0 \ub300\ube44 \ubc1c\uc0dd\ud55c \uc218\uc775\uc744 \uc758\ubbf8\ud558\uc5ec \ud22c\uc790\uc758 \uc218\uc775\uc131\uc744 \uc758\ubbf8\ud55c\ub2e4. \uadf8\ub7ec\ub098 \ub9ce\uc740 \uc885\ub958\uc758 \uc790\uc0b0\uc744 \ud55c\uac00\uc9c0 \uc0c1\ud488\uc73c\ub85c \ub9e4\ub9e4\ud558\uace0 \ud22c\uc790, \ud68c\uc218\ud558\uba70 \ucc28\uc785\uc774\ub098 \ub300\uc5ec \ub4f1\uc744 \ud1b5\ud55c \ub808\ubc84\ub9ac\uc9c0\ub97c \uc77c\uc73c\ud0a4\uace0 \uc9c1\uc811 \ud22c\uc790 \uc0c1\ud488\uc774\ub098 \uac04\uc811\ud22c\uc790(\uc704\ud0c1) \ub4f1 \ub2e4\uc591\ud55c \ud22c\uc790 \uc720\ud615\uc774 \ud63c\uc7ac\ub418\uc5b4 \uc788\ub294 \uacbd\uc6b0 \uc77c\ubc18\uc801\uc778 \uc758\ubbf8\uc758 \uc218\uc775\ub960 \uacc4\uc0b0\uc73c\ub85c\ub294 \uc758\ubbf8\uc0c1\uc758 \ud63c\ub3d9\uacfc \uae08\uc804\uc801\uc778 \ubd88\uc77c\uce58\ub97c \ucd08\ub798\ud560 \uc218 \ub3c4 \uc788\ub2e4.
\n\ub530\ub77c\uc11c \uc218\uc775\ub960\uc744 \uacc4\uc0b0\ud558\ub294 \ubc29\ubc95\uc5d0 \ub300\ud55c \uc815\ud655\ud55c \uc774\ud574 \uc5c6\uc774\ub294 \uae08\uc735\uc0c1\ud488\uc5d0 \ub300\ud55c \uac00\uce58\uce21\uc815\uc774\ub098 \uae08\uc735\uac70\ub798\uc5d0 \ubb38\uc81c\ub97c \uc77c\uc73c\ud0ac \uc218 \uc788\ub2e4.<\/p>\n

\uc77c\ubc18\uc801\uc778 \uc218\uc775\ub960<\/strong>
\n1. \ub2e8\uc21c\uc218\uc775\ub960
\n1\uc6d4 1\uc77c \uc218\uc775\ub960 \uc5f0 25%\uc778 \uc815\uae30\uc608\uae08\uc5d0 1600\uc6d0\uc744 \uac00\uc785\ud558\uba74 \uadf8 \ud574 12\uc6d4 31\uc77c\uc5d0 \uc5bc\ub9c8\ub97c \ucc3e\uac8c\ub420\uae4c? \uacc4\uc0b0\uc740 1600\u00d7(1+0.25)=2000\uc6d0 \uc5ec\uae30\uc11c \uc774\uc790\uc18c\ub4dd\uc138\ub97c \ub5bc\uace0 \ubc1b\uac8c\ub41c\ub2e4. \uac70\uafb8\ub85c 1\uc6d4 1\uc77c\uc5d0 1600\uc6d0\uc744 \ud22c\uc790\ud558\uc5ec 1\ub144\ub9cc\uc5d0 400\uc6d0\uc758 \uc774\uc790(\ub610\ub294 \uc18c\ub4dd)\uc744 \uc5bb\uc5c8\ub2e4\uba74 (2000-1600)\/1600=0.25(25%), 2000\/1600-1=0.25(25%)\ub85c \uacc4\uc0b0\ub41c\ub2e4.
\n\uc774\uc81c 1\ub144 \ub3d9\uc548 \uc544\ubb34\ub54c\ub098 \ub3c8\uc774 \uc0dd\uae38\ub54c\ub9c8\ub2e4(500\uc6d0, 700\uc6d0, 300\uc6d0, 100\uc6d0) \ub3c8\uc744 \ud22c\uc790\ud574\uc11c \uc5f0\ub9d0\uc5d0 \ub3c8\uc774 2000\uc6d0\uc774 \ub418\uc5c8\ub2e4\uba74 \uc5b4\ub5bb\uac8c \uacc4\uac04\ud558\uba74 \ub420\uae4c? \uac04\ub2e8\ud55c \ubc29\ubc95\uc744 \uc0dd\uac01\ud558\uba74 \uac01 \ud22c\uc790\uae08\uc744 \ub2e4 \ub354\ud558\uace0 \uc218\uc775\uae08\uacfc \ube44\uad50\ud558\ub294 \ubc29\ubc95\uc774\ub2e4.
\n2000\/(500+700+300+100)-1=0.25=25%
\n\ub450 \uacc4\uc0b0\uc740 \ub3d9\uc77c\ud55c \uacb0\uacfc\ub4e4\uc744 \ubcf4\uc5ec\uc8fc\uc9c0\ub9cc \uc218\uc775\uc131\uc774 \ub354 \uc88b\uc740 \ucabd\uc740 \uc5b4\ub290 \ucabd\uc77c\uae4c? \ud6c4\uc790\uc758 \uacbd\uc6b0\uac00 \uc774\ub860\uc801\uc73c\ub85c\ub294 \ub354 \uc88b\uc740 \ud22c\uc790\ub97c \ubcf4\uc5ec\uc8fc\uc9c0\ub9cc \ud604\uc2e4\uc801\uc73c\ub85c\ub294 \uaf2d \uadf8\ub807\uc9c0 \uc54a\ub2e4.
\n\uc804\uc790\uc758 \uacbd\uc6b0\uc5d0 \ud22c\uc790\ud560 \uacbd\uc6b0 \uc5f0\ucd08\uc5d0 1600\uc6d0\uc744 \ud22c\uc785\ud558\uc5ec \ucd94\uac00\uc801\uc778 \ud22c\uc785\uc774 \ubd88\uac00\ub2a5\ud558\uc9c0\ub9cc \ud6c4\uc790\uc758 \uacbd\uc6b0 \uc5f0\ucd08\uc5d0 \uc774\ubbf8 1600\uc6d0\uc744 \uac00\uc9c4 \ud22c\uc790\uc790\ub294 500\uc6d0\ub9cc \ud22c\uc790\ud558\uace0 \ub2e4\uc74c \ud22c\uc790\ud560 \ub54c\uae4c\uc9c0(700\uc6d0\uc744 \ud22c\uc785\ud560 \ub54c\uae4c\uc9c0) 1100\uc6d0\uc744 \ub2e4\ub978\ub370 \ud22c\uc790\ud558\uc5ec \ucd94\uac00 \uc218\uc785\uc744 \uc62c\ub9b4\uc218 \uc788\ub2e4. \uadf8\ub7ec\ubbc0\ub85c \ub2f9\uc5f0\ud788 \ud6c4\uc790\uc758 \uacbd\uc6b0\uac00 \ub354 \uc88b\uc740 \ud22c\uc790\uc774\ub2e4.<\/p>\n

2. \ud3c9\uc794\uc218\uc775\ub960
\n\ud3c9\uc794\uc218\uc775\ub960\uc740 \ud3c9\uc794 \uc989 \ud3c9\uade0\uc794\uc561\uc5d0 \ub300\ud55c \uc218\uc775\ub960\uc744 \uce21\uc815\ud55c\ub2e4. \ud3c9\uade0 \uc794\uc561\uc774\ub77c \ud568\uc740 \uc5ec\ub7ec\uac00\uc9c0\uac00 \uc788\uaca0\uc9c0\ub9cc \ub300\ud45c\uc801\uc778 \uacbd\uc6b0\ub294 \ub2e4\uc74c\uc758 \ub450\uac00\uc9c0\ub85c \uc815\ub9ac\ud560 \uc218 \uc788\ub2e4.<\/p>\n

\uc218\uc775\uae08 \/ (( \uae30\ucd08\uae08\uc561 + \uae30\ub9d0\uae08\uc561) \/2) = 400 \/ (( 500 + 1600 ) \/2) = 0.42 = 42%<\/p>\n

\uadf8\ub7f0\ub370 \uaf2d \ucd5c\ucd08 \ud22c\uc790\uae08\uc561\uacfc \ucd5c\uc885 \ud3c9\uac00\uae08\uc561\uc758 \ud3c9\uade0\uc774 \uc801\uc808\ud558\uc9c0 \uc54a\uc744 \uc218 \uc788\uc73c\ubbc0\ub85c \uc774\ub97c \uc77c\ubcc4\ub85c \ub098\ub20c \uc218 \ub3c4 \uc788\ub2e4.<\/p>\n

\uc218\uc775\uae08 \/ (\uc77c\ubcc4\ud22c\uc790\uae08\uc561\uc758 \ud569\uacc4\/ \ud22c\uc790\uae30\uac04 ) = \uc218\uc775\uae08 \/ \ud3c9\uade0\uc77c\ubcc4\ud22c\uc790\uae08\uc561<\/p>\n

\uac01\uac01\uc758 \uacbd\uc6b0 \uc218\uc775\ub960\uc740 \ubaa8\ub450 \ub2e4\ub978 \uacb0\uacfc\ub97c \ubcf4\uc5ec\uc900\ub2e4.<\/p>\n

\uc2dc\uac04\uac00\uc911\uc218\uc775\ub960<\/strong>
\n\uc2dc\uac04\uac00\uc911 \uc218\uc775\ub960\uc740 \uc77c\ubcc4 \uc218\uc775\ub960\uc744 \ud22c\uc790\uae08\uc774\ub098 \uc218\uc775\uae08\uc5d0 \ub300\ud55c \uc77c\ubcc4 \uac00\uc911\uce58\ub97c \ub450\uc9c0\uc54a\uace0 \ub3d9\uc77c\ud55c \ube44\uc911\uc758 \uc218\uc775\ub960\uc744 \uac00\uc911\ud558\ub294 \ubc29\uc2dd\uc774\ub2e4. \uc989, \uc77c\uc815\ud55c \uc8fc\uae30\ub3d9\uc548\uc758 \uc218\uc775\ub960\uc744 \uce21\uc815\ud558\uc5ec \uc774\ub97c \uc5f0\uc18d\ud558\uc5ec \uc5f0\uacb0(\uac00\uc911)\ud558\uc5ec \uc218\uc775\ub960\uc744 \uacc4\uc0b0\ud558\ub294 \ubc29\uc2dd\uc774\ub2e4.<\/p>\n

(1+R1)\u00d7(1+R2)\u00d7(1+R3)\u00d7\u2026(1+Rn) – 1<\/p>\n

\uc774 \ubc29\uc2dd\uc740 \ud22c\uc790\uae08\uc774 \ud06c\uace0 \uc791\uc740 \uac83\uacfc \uc0c1\uad00\uc5c6\uc774 \ub9e4 \uae30\uac04(\uc8fc\ub85c \uc77c\ubcc4)\uc758 \uc218\uc775\ub960\uc744 \uac00\uc911\ud558\uc5ec \uce21\uc815\ud558\ub294 \ubc29\uc2dd\uc73c\ub85c \uac1c\uc778\uc801\uc778 \ud22c\uc790 \uc218\uc775\ub960, \uc989 \uc218\uc775 \uae08\uc561\uc758 \uc720\ubd88\ub9ac(\uae08\uc561\uc774 \ud074 \ub54c \uc218\uc775\ub960\uc774 \uc88b\uc744 \uc218\ub3c4 \uc788\uace0 \uae08\uc561\uc774 \uc801\uc744 \ub54c \uc218\uc775\ub960\uc774 \uc88b\uc744 \uc218\ub3c4 \uc788\ub2e4)\ub97c \ub5a0\ub098 \ud22c\uc790\uae08\uc561\uacfc \uc0c1\uad00\uc5c6\uc774 \uc218\uc775\ub960 \uc790\uccb4\ub97c \ub530\uc9c0\ub294 \ubc29\ubc95\uc73c\ub85c \ud380\ub4dc\ub9e4\ub2c8\uc800\uc758 \ub2a5\ub825\uc744 \uce21\uc815\ud558\uae30\uc704\ud574 \uc0ac\uc6a9\ud55c\ub2e4(\ub2f9\uc5f0\ud788 \ud380\ub4dc\uc758 \uc218\uc775\ub960\uc5d0\ub3c4 \uc0ac\uc6a9\ud558\uba70 \uc77c\ubc18\uc801\uc778 \uae08\uc735\uad8c\uc758 \uc218\uc775\ub960\uc5d0 \ubaa8\ub450 \uc0ac\uc6a9\ud55c\ub2e4).<\/p>\n

\ud558\uc9c0\ub9cc \uac1c\uc778\uc758 \uc785\uc7a5\uc5d0\uc11c\ub294 \uc774 \uc218\uc775\ub960\uc774 \ud604\uc2e4\uc131\uc774 \uc5c6\uc744 \uc218 \uc788\ub2e4. \uc804\uccb4 \uae30\uac04\ub3d9\uc548 \uc2dc\uac04\uac00\uc911\uc218\uc775\ub960\uc740 10%\uc774\ub098 \ub0b4\uac00 \ub3c8\uc744 5000\uc6d0 \ud22c\uc790\ud55c \uae30\uac04 \ub3d9\uc548\uc5d0\ub294 \uc218\uc775\ub960\uc774 \uc88b\uc558\uace0(30%\uc815\ub3c4?) 20000\uc6d0 \ud22c\uc790\ud588\uc744 \ub54c\ub294 \ud615\ud3b8\uc5c6\ub294 \uc218\uc775\ub960(-20%\uc815\ub3c4)\uc744 \uae30\ub85d\ud558\uc5ec \uacb0\uacfc\uc801\uc73c\ub85c\ub294 \uc6d0\uae08\uc744 \uc190\uc2e4\ubcf4\uace0 \uc788\ub2e4\uba74 \ub204\uac00 \uc774\ub7f0 \ud22c\uc790\uac00 \uc218\uc775\uc131\uc774 \uc88b\ub2e4\uace0 \ud558\uaca0\ub294\uac00?(\uacf5\uc2dc \uc218\uc775\ub960 10%, \uac1c\uc778 \uc218\uc775\ub960 -8%)<\/p>\n

\uc774\ub7f0 \uacbd\uc6b0 \uac1c\uc778\uc758 \uc2e4\uc9c8\uc801\uc778 \ud22c\uc790\uae08\uc561\uacfc \uc218\uc775\uc744 \uace0\ub824\ud55c \uc218\uc775\ub960\uc744 \uacc4\uc0b0\ud558\uace0 \uc2f6\uc744 \uac83\uc774\ub2e4. \uc774 \ub54c \uc0ac\uc6a9\ud558\ub294 \uc218\uc775\ub960\uc774 \uae08\uc561\uac00\uc911\uc218\uc775\ub960\uc774\ub2e4.<\/p>\n

\uae08\uc561\uac00\uc911\uc218\uc775\ub960<\/strong>
\n\uae08\uc561\uac00\uc911 \uc218\uc775\ub960\uc744 \uce21\uc815\ud558\ub294 \ubc29\ubc95\uc740 \uba87\uac00\uc9c0\uac00 \uc788\uc744 \uc218 \uc788\uc73c\ub098 \uac00\uc7a5 \ub9ce\uc774 \uc0ac\uc6a9\ub418\ub294 \ubc29\uc2dd\uc73c\ub85c\ub294 IRR(Internal Return Ratio:\ub0b4\ubd80\uc218\uc775\ub960)\uc774 \uc788\ub2e4. IRR\uc740 \ube44\uc815\uae30\uc801\uc778 \ud22c\uc790\uc5d0\uc758\ud55c \uc218\uc775\uae08 \ubc0f \uc790\uae08\ud68c\uc218\ub97c \ubaa8\ub450 \ub9cc\uc871\ud558\ub294 \ud558\ub098\uc758 \uc218\uc775\ub960\uc774\ub2e4. \uc989, \ube44\uc815\uae30\uc801\uc778 \ud22c\uc790\uc640 \ud68c\uc218\uac00 \uc788\ub294 \uacbd\uc6b0 \uac01 \ud22c\uc790\uae08\uc561\uacfc \uc911\uac04\uc790\uae08 \ud68c\uc218 \ubc0f \ucd5c\uc885 \uc790\uae08\ud68c\uc218 \uae08\uc561\uc744 \uc77c\uce58\uc2dc\ud0a4\ub294 \uc218\uc775\ub960\uc774\ub2e4.
\n\uc608\ub97c \ub4e4\uba74 1\uc6d4\ub2ec\uc5d0 \ud380\ub4dc\uc5d0 3000\uc6d0\uc744 \ud22c\uc790\ud558\uace0 6\uc6d4\ub2ec\uc5d0\ub294 4000\uc6d0 12\uc6d4\uc5d0\ub294 2000\uc6d0\uc744 \ud22c\uc790\ud558\uc600\ub2e4\uac00 \uc5f0\ub9d0\uc5d0 \ubaa8\ub450 10,000\uc6d0\uc744 \ud68c\uc218\ud558\uc600\ub2e4\uba74 \ub0b4\ubd80 \uc218\uc775\ub960\uc740 \uc57d 19.37%\uc774\ub2e4.<\/p>\n

3000\u00d7(1+0.1937\u00d712\/12)+4000\u00d7(1+0.1937\u00d76\/12)+2000\u00d7(1+0.1937\u00d71\/12) = 10,000\r\n<\/pre>\n
 <\/p>\n","protected":false},"excerpt":{"rendered":"
\uae08\uc735\uc790\uc0b0\uc5d0\uc11c \uc218\uc775\ub960\uc740 \uadf8 \uc6a9\ub3c4\uc5d0 \ub530\ub77c \uc11c\ub85c \ub2e4\ub978 \uc758\ubbf8\ub97c \uac00\uc9c4\ub2e4. \uc77c\ubc18\uc801\uc778 \uc758\ubbf8\uc5d0\uc11c\uc758 \uc218\uc775\ub960\uc740 \ud22c\uc785\ud55c \uc790\uc0b0 \ub300\ube44 \ubc1c\uc0dd\ud55c \uc218\uc775\uc744 \uc758\ubbf8\ud558\uc5ec \ud22c\uc790\uc758 \uc218\uc775\uc131\uc744 \uc758\ubbf8\ud55c\ub2e4. \uadf8\ub7ec\ub098 \ub9ce\uc740 \uc885\ub958\uc758 \uc790\uc0b0\uc744 \ud55c\uac00\uc9c0 \uc0c1\ud488\uc73c\ub85c \ub9e4\ub9e4\ud558\uace0 \ud22c\uc790, \ud68c\uc218\ud558\uba70 \ucc28\uc785\uc774\ub098 \ub300\uc5ec \ub4f1\uc744 \ud1b5\ud55c \ub808\ubc84\ub9ac\uc9c0\ub97c \uc77c\uc73c\ud0a4\uace0 \uc9c1\uc811 \ud22c\uc790 \uc0c1\ud488\uc774\ub098 \uac04\uc811\ud22c\uc790(\uc704\ud0c1) \ub4f1 \ub2e4\uc591\ud55c \ud22c\uc790 \uc720\ud615\uc774 \ud63c\uc7ac\ub418\uc5b4 \uc788\ub294 \uacbd\uc6b0 \uc77c\ubc18\uc801\uc778 \uc758\ubbf8\uc758 \uc218\uc775\ub960 \uacc4\uc0b0\uc73c\ub85c\ub294 \uc758\ubbf8\uc0c1\uc758 \ud63c\ub3d9\uacfc \uae08\uc804\uc801\uc778 \ubd88\uc77c\uce58\ub97c […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-183","post","type-post","status-publish","format-standard","hentry","category-fund-evaluation"],"_links":{"self":[{"href":"https:\/\/www.fsquare.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fsquare.co.kr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fsquare.co.kr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fsquare.co.kr\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fsquare.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=183"}],"version-history":[{"count":2,"href":"https:\/\/www.fsquare.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/183\/revisions"}],"predecessor-version":[{"id":189,"href":"https:\/\/www.fsquare.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/183\/revisions\/189"}],"wp:attachment":[{"href":"https:\/\/www.fsquare.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fsquare.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fsquare.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}