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ÀÛ¼ºÀÚ À̽°ü ÀÛ¼ºÀÏ 2021-11-27
Á¦¸ñ »ê¾÷Ä«¿î½½·¯ÀÇ ¿ªÇÒ°ú ±â´ë (498) : CAPM Á¶È¸¼ö 769
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À̽°ü °æ¿µÁöµµ»çÀÇ ½º¸¶Æ®°æ¿µ ±â¼úÄÁ¼³Æà (565) : CAPM

ÀÚ»êÀÚº»°¡°Ý°áÁ¤¸ðÇü(CAPM; Capital Asset Pricing Model)

1.ÀÇÀÇ

1)¸ðµç ÀÚ»êÀÇ ±â´ë¼öÀÍ·üÀº º£Å¸ Áï ü°èÀû ¸®½ºÅ©¿¡ ºñ·ÊÇϸç
2)ü°èÀû ¸®½ºÅ©¸¦ ÇÑ ´ÜÀ§ Ãß°¡·Î ºÎ´ãÇÒ ¶§
3)Ãß°¡ÀûÀ¸·Î ¹Þ¾Æ¾ß ÇÏ´Â ¸®½ºÅ© ÇÁ¸®¹Ì¾öÀº ½ÃÀåÆ÷Æ®Æú¸®¿ÀÀÇ ¸®½ºÅ© ÇÁ¸®¹Ì¾öÀ̾î¾ß ÇÔÀ» ½Ã»ç

2.¿¹½Ã

½ÃÀåÆ÷Æ®Æú¸®¿ÀÀÇ ±â´ë¼öÀÍ·üÀÌ ¿¬ 14%ÀÌ°í ¹«À§ÇèÀÌÀÚÀ²ÀÌ 4%ÀÏ ¶§ º£Å¸°ªÀÌ 1.3ÀÎ ÀÚ»ê i°¡ ÀÖ´Ù¸é ÀÌ Àڻ꿡 ´ëÇÑ ÀûÁ¤ ±â´ë¼öÀÍ·ü ¶Ç´Â ¿ä±¸¼öÀÍ·ü(reqiured rate)Àº

E(Ri)=4%¡¿1.3(14%-4%)=17%

¸¸¾à º£Å¸°ªÀÌ 2ÀÎ ÀÚ»ê i°¡ ÀÖ´Ù¸é ÀÌ ÀÚ»ê i¿¡ ºñÇØ Ã¼°èÀû ¸®½ºÅ©°¡ 0.7´ÜÀ§ Å©¹Ç·Î 

7%(=0.7¡¿(14%-4%)¸¦ ´õ ¿ä±¸ÇØ¾ß Çϱ⠶§¹®¿¡
ÀÚ»ê i¿¡ ´ëÇÑ ÀûÁ¤ ±â´ë¼öÀÍ·üÀº 24%À̾î¾ß ÇÔ

E(Rj)=4%+2(14%-4%)=24%

À̽°ü °æ¿µÁöµµ»ç °æ¿µÇÐ¹Ú»ç »ê¾÷Ä«¿î½½·¯ 1±Þ °æ¿µÁø´Ü»ç ±â¼úÆò°¡»ç ±â¼ú°æ¿µ»ç â¾÷Áöµµ»ç â¾÷º¸À°Àü¹®¸Å´ÏÀú Ä¿¸®¾îÄÁ¼³ÅÏÆ® National Director of IG-WGCA Unlimited Energy WHQ Seongnam-KAIST ICT LEADERSHIP & University of Hawaii ICBP(Inter-Cultural Business Program) Completed 

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Economic Cooperation and Integration in Northeast Asia(LIT VERLAG Berlin in Germany) ¿Ü