재무관리(개정판 3판)
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PART 01 재무관리 개요
Chapter 01 재무관리의 개요 ···················································································· 4
section 1 기업 ······································································································· 4
1. 개요 ······································································································ 4
2. 이해상충과 기업지배구조 ····································································· 6
3. 환경 ㆍ 사회 ㆍ 지배구조(ESG) 요인 ·························································· 7
section 2 재무경영자 및 재무관리의 목표 ······················································ 12
1. 재무경영자 ·························································································· 12
2. 재무관리의 목표 ················································································· 13
연습 문제 ············································································································ 16
연습문제 해답 ······································································································· 17
Chapter 02 재무제표 분석 ····················································································· 18
section 1 재무제표 ······························································································ 18
section 2 재무비율 분석 ···················································································· 23
1. 수익성 분석 ························································································ 24
(1) 총자산이익률 _ 24 (2) 자기자본순이익률 _ 25
(3) 매출액순이익률 _ 27
2. 성장성 분석 ························································································ 28
(1) 매출액증가율 _ 28 (2) 총자산증가율 _ 28
(3) 순이익증가율 _ 29
3. 활동성 분석 ························································································ 29
(1) 매출채권회전율 _ 29 (2) 재고자산회전율 _ 30
(3) 유형자산회전율 _ 31 (4) 총자산회전율 _ 32
4. 유동성 분석 ························································································ 33
(1) 유동비율 _ 33 (2) 당좌비율 _ 33
(3) 순운전자본구성비율 _ 34
section 2 주식가치평가 ······················································································ 78
1. 배당할인모형 ······················································································· 78
(1) 항상성장모형 _ 80 (2) 제로성장모형 _ 82
(3) 2단계배당할인모형 _ 83 (4) 주가와 성장기회 _ 84
2. EVA모형 ····························································································· 86
연습문제 ············································································································ 90
연습문제 해답 ······································································································· 92
PART 03 투자의사결정
Chapter 05 자본예산: 투자결정기준 ······································································ 96
section 1 자본예산의 개요 ················································································ 96
section 2 투자결정기준 ······················································································ 97
1. 순현가(NPV)법 ···················································································· 97
(1) 순현가(NPV)법의 개념 _ 97
(2) 순현가(NPV)법의 평가기준 _ 100
(3) 순현가(NPV)법의 특징 _ 101
2. 내부수익률(IRR)법 ············································································· 101
(1) 내부수익률(IRR)법의 개념 _ 101
(2) 내부수익률(IRR)법의 평가기준 _ 102
(3) 내부수익률(IRR)법의 장점 _ 104
(4) 내부수익률(IRR)법의 문제점 _ 104
3. 수익성지수(PI)법 ················································································ 109
(1) 수익성지수(PI)법의 개념 _ 109
(2) 수익성지수(PI)법의 평가기준 _ 109
(3) 수익성지수(PI)법의 장점 _ 110
(4) 수익성지수(PI)법의 문제점 _ 110
4. 회수기간법 ························································································ 112
(1) 회수기간법의 개념 _ 112 (2) 회수기간법의 평가기준 _ 112
(3) 회수기간법의 장점 및 문제점 _ 113
5. 평균회계이익률(AAR)법 ···································································· 113
(1) 평균회계이익률(AAR)법의 개념 _ 113
(2) 평균회계이익률(AAR)법의 평가기준 _ 114
(3) 평균회계이익률(AAR)법의 장점 및 문제점 _ 115
연습문제 ·········································································································· 117
연습문제 해답 ····································································································· 120
Chapter 06 자본예산: 투자의사결정 ···································································· 122
1. 현금흐름 추정 시 고려사항 ····························································· 122
(1) 감가상각비 _ 122
(2) 이자비용과 배당금 등 금융비용 _ 123
(3) 매몰비용 _ 123 (4) 기회비용 _ 123
(5) 잠식비용 _ 124 (6) 자본적 지출 _ 124
(7) 법인세 절세효과 _ 124 (8) 순운전자본 _ 125
2. 현금흐름의 추정 ··············································································· 125
(1) 최초 투자 시의 현금흐름 _ 126
(2) 투자기간 중의 현금흐름 _ 126
(3) 투자종료 시점의 현금흐름 _ 127
section 2 투자기간이 다른 경우의 자본예산 ················································· 129
1. 반복투자가 불가능한 투자안 ···························································· 129
2. 반복투자가 가능한 투자안 ······························································· 130
(1) 최소공배수 접근법 _ 130
(2) 연간등가가치 접근법 _ 132
section 3 자본제약하의 자본예산 ···································································· 134
연습문제 ·········································································································· 137
연습문제 해답 ····································································································· 140
Chapter 07 불확실성하의 투자결정 ······································································ 142
section 1 기대수익률과 위험 ··········································································· 142
1. 개별자산의 기대수익률과 위험 ························································ 142
(1) 개별자산의 기대수익률 _ 142 (2) 개별자산의 위험 _ 143
2. 포트폴리오의 기대수익률과 위험 ····················································· 144
(1) 포트폴리오의 기대수익률 _ 144(2) 포트폴리오의 위험 _ 145
(3) 위험자산의 투자기회집합 _ 148
3. 체계적 위험의 측정 ·········································································· 153
(1) 개별자산의 체계적 위험 _ 153
(2) 포트폴리오의 체계적 위험 _ 154
section 2 자본자산가격결정모형(CAPM) ························································ 154
section 3 위험투자안 평가 ··············································································· 159
1. 균형기대수익률 ················································································· 159
2. 위험투자안 평가 ··············································································· 161
3. 실물옵션을 이용한 투자안 분석 ······················································ 162
(1) 실물옵션의 개요 _ 162
(2) 실물옵션을 이용한 자본예산 _ 164
APPENDIX 1: 통계공식 ···················································································· 168
APPENDIX 2: 공분산 ························································································ 170
연습문제 ·········································································································· 173
연습문제 해답 ····································································································· 176
Chapter 08 손익분기점 및 레버리지 분석 ··························································· 178
section 1 손익분기점 분석 ··············································································· 178
section 2 레버리지 분석 ·················································································· 181
1. 영업레버리지 ····················································································· 181
2. 재무레버리지 ····················································································· 184
3. 결합레버리지 ····················································································· 185
연습문제 ·········································································································· 190
연습문제 해답 ····································································································· 193
PART 04 자본구조와 배당정책
Chapter 09 자본비용 ···························································································· 198
section 1 자기자본비용 ···················································································· 198
1. 증권시장선 ························································································ 198
2. 배당할인모형 ····················································································· 199
3. 우선주의 자본비용 ············································································ 200
section 2 타인자본비용 ···················································································· 201
section 3 가중평균자본비용 ············································································· 204
1. 가중평균자본비용의 개념 ································································· 204
2. 가중평균자본비용과 투자안의 자본비용 ·········································· 205
section 4 발행비용 ···························································································· 206
1. 자본비용에서 조정하는 방법 ···························································· 206
2. 현금흐름에서 조정하는 방법 ···························································· 207
연습문제 ·········································································································· 211
연습문제 해답 ····································································································· 212
Chapter 10 자본구조이론 ····················································································· 213
section 1 전통적 접근법 ·················································································· 213
section 2 MM(1958)의 자본구조이론: 무관련이론 ······································· 215
1. 명제 Ⅰ ····························································································· 215
2. 명제 Ⅱ ····························································································· 219
3. 명제 Ⅲ ····························································································· 220
section 2 MM(1963)의 자본구조이론: 수정이론 ·········································· 223
1. 명제 Ⅰ ····························································································· 223
2. 명제 Ⅱ ····························································································· 224
3. 명제 Ⅲ ····························································································· 225
section 3 MM(1958, 1963)과 CAPM(1964)의 결합 ···································· 227
section 4 최적자본구조 가능성에 대한 이론 ················································· 233
1. 파산비용과 최적자본구조 ································································· 233
2. 대리인비용과 최적자본구조 ······························································ 234
(1) 자기자본 대리인비용 _ 235 (2) 타인자본 대리인비용 _ 235
(3) 대리인비용과 최적자본구조 _ 236
3. 우선순위이론 ····················································································· 237
연습문제 ·········································································································· 239
연습문제 해답 ····································································································· 242
Chapter 11 배당정책 ···························································································· 245
section 1 배당측정지표와 배당절차 ································································ 245
1. 배당측정지표 ····················································································· 245
2. 배당절차 ···························································································· 246
section 2 배당정책과 기업가치 ······································································· 248
1. 배당정책의 무관련성: MM이론(1961) ············································· 249
2. 고객효과 ···························································································· 251
3. 자가배당 ···························································································· 252
4. 정보효과 ···························································································· 252
5. 고배당정책 선호 요인 ······································································ 253
(1) 현재소득에 대한 선호 _ 253 (2) 대리인 비용의 감소 _ 253
6. 저배당정책 선호 요인 ······································································ 254
(1) 세금 _ 254 (2) 발행비용 _ 255
section 3 유사배당 ···························································································· 257
1. 자사주매입 ························································································ 257
2. 주식배당 ···························································································· 259
3. 주식분할 ···························································································· 260
연습문제 ·········································································································· 263
연습문제 해답 ····································································································· 265
PART 05 재무관리의 기타 주제
Chapter 12 인수합병 ···························································································· 270
section 1 인수합병의 개요 ··············································································· 270
1. 인수합병의 개념 ··············································································· 270
2. 인수합병의 이득과 비용 ··································································· 271
(1) 인수합병의 이득 _ 271
(2) 현금으로 지불한 인수합병의 비용 _ 271
(3) 주식으로 지불한 인수합병의 비용 _ 272
section 2 인수합병의 공격전략과 방어전략 ··················································· 273
1. 인수합병의 공격전략 ········································································ 273
(1) 주식매집 _ 273 (2) 백지위임장경쟁 _ 274
(3) 주식공개매입 _ 274
2. 인수합병의 방어전략 ········································································ 275
(1) 정관개정을 통한 방어전략 _ 275
(2) 재무구조조정을 통한 방어전략 _ 276
(3) 사업구조조정을 통한 방어전략 _ 276
(4) 기타 인수합병 방어전략 _ 277
연습문제 ·········································································································· 282
연습문제 해답 ····································································································· 284
Chapter 13 파생상품: 선물 ·················································································· 286
section 1 선물의 개요 ······················································································ 286
1. 선물의 개념 ······················································································ 286
2. 선물의 기능 ······················································································ 289
(1) 가격예시 _ 289 (2) 헷징 _ 289
(3) 투기 _ 290
3. 선물의 종류 ······················································································ 290
section 2 KOSPI200선물 ················································································· 292
1. KOSPI200선물의 개요 ······································································ 292
2. 증거금과 일일정산 ············································································ 295
section 3 KOSPI200선물의 가격결정 ····························································· 300
1. KOSPI200선물 이론가격 ·································································· 300
2. KOSPI200선물 차익거래전략 ··························································· 302
(1) 매수차익거래전략 _ 303 (2) 매도차익거래전략 _ 304
section 4 KOSPI200선물 헷지전략 ································································· 307
1. 헷지전략의 개요 ··············································································· 307
2. 헷지계약수 ························································································ 308
3. 매도헷지 ···························································································· 309
4. 매수헷지 ···························································································· 309
연습문제 ·········································································································· 311
연습문제 해답 ····································································································· 313
Chapter 14 파생상품: 옵션 ·················································································· 314
section 1 옵션 ··································································································· 314
1. 옵션의 개념 ······················································································ 314
2. 옵션의 분류 ······················································································ 316
2. KOSPI200옵션의 개요 ······································································ 317
section 2 옵션거래전략 ···················································································· 320
1. 단순거래전략 ····················································································· 321
(1) 콜옵션 매수 _ 322 (2) 콜옵션 매도 _ 323
(3) 풋옵션 매수 _ 325 (4) 풋옵션 매도 _ 326
4. 헷지거래전략 ····················································································· 328
(1) 커버드콜 _ 328 (2) 방어적 풋 _ 330
5. 풋-콜등가정리 ·················································································· 331
section 3 옵션가격결정모형 ············································································· 333
1. 이항옵션가격결정모형(BOPM) ·························································· 333
(1) 콜옵션의 경우 _ 333 (2) 풋옵션의 경우 _ 337
2. 블랙-숄즈옵션가격결정모형(BSOPM) ··············································· 339
APPENDIX: 추적포트폴리오를 이용한 BOPM 도출 ······································ 345
1. 콜옵션 ······························································································· 345
2. 풋옵션 ······························································································· 346
연습문제 ·········································································································· 349
연습문제 해답 ····································································································· 351
Chapter 15 국제재무관리 ····················································································· 353
section 1 환율과 외환시장 ··············································································· 353
1. 환율 ··································································································· 353
2. 현물환시장 ························································································ 354
3. 선물환시장 ························································································ 355
(1) 일반선물환거래 _ 355
(2) 차액결제선물환(NDF
Chapter 01 재무관리의 개요 ···················································································· 4
section 1 기업 ······································································································· 4
1. 개요 ······································································································ 4
2. 이해상충과 기업지배구조 ····································································· 6
3. 환경 ㆍ 사회 ㆍ 지배구조(ESG) 요인 ·························································· 7
section 2 재무경영자 및 재무관리의 목표 ······················································ 12
1. 재무경영자 ·························································································· 12
2. 재무관리의 목표 ················································································· 13
연습 문제 ············································································································ 16
연습문제 해답 ······································································································· 17
Chapter 02 재무제표 분석 ····················································································· 18
section 1 재무제표 ······························································································ 18
section 2 재무비율 분석 ···················································································· 23
1. 수익성 분석 ························································································ 24
(1) 총자산이익률 _ 24 (2) 자기자본순이익률 _ 25
(3) 매출액순이익률 _ 27
2. 성장성 분석 ························································································ 28
(1) 매출액증가율 _ 28 (2) 총자산증가율 _ 28
(3) 순이익증가율 _ 29
3. 활동성 분석 ························································································ 29
(1) 매출채권회전율 _ 29 (2) 재고자산회전율 _ 30
(3) 유형자산회전율 _ 31 (4) 총자산회전율 _ 32
4. 유동성 분석 ························································································ 33
(1) 유동비율 _ 33 (2) 당좌비율 _ 33
(3) 순운전자본구성비율 _ 34
section 2 주식가치평가 ······················································································ 78
1. 배당할인모형 ······················································································· 78
(1) 항상성장모형 _ 80 (2) 제로성장모형 _ 82
(3) 2단계배당할인모형 _ 83 (4) 주가와 성장기회 _ 84
2. EVA모형 ····························································································· 86
연습문제 ············································································································ 90
연습문제 해답 ······································································································· 92
PART 03 투자의사결정
Chapter 05 자본예산: 투자결정기준 ······································································ 96
section 1 자본예산의 개요 ················································································ 96
section 2 투자결정기준 ······················································································ 97
1. 순현가(NPV)법 ···················································································· 97
(1) 순현가(NPV)법의 개념 _ 97
(2) 순현가(NPV)법의 평가기준 _ 100
(3) 순현가(NPV)법의 특징 _ 101
2. 내부수익률(IRR)법 ············································································· 101
(1) 내부수익률(IRR)법의 개념 _ 101
(2) 내부수익률(IRR)법의 평가기준 _ 102
(3) 내부수익률(IRR)법의 장점 _ 104
(4) 내부수익률(IRR)법의 문제점 _ 104
3. 수익성지수(PI)법 ················································································ 109
(1) 수익성지수(PI)법의 개념 _ 109
(2) 수익성지수(PI)법의 평가기준 _ 109
(3) 수익성지수(PI)법의 장점 _ 110
(4) 수익성지수(PI)법의 문제점 _ 110
4. 회수기간법 ························································································ 112
(1) 회수기간법의 개념 _ 112 (2) 회수기간법의 평가기준 _ 112
(3) 회수기간법의 장점 및 문제점 _ 113
5. 평균회계이익률(AAR)법 ···································································· 113
(1) 평균회계이익률(AAR)법의 개념 _ 113
(2) 평균회계이익률(AAR)법의 평가기준 _ 114
(3) 평균회계이익률(AAR)법의 장점 및 문제점 _ 115
연습문제 ·········································································································· 117
연습문제 해답 ····································································································· 120
Chapter 06 자본예산: 투자의사결정 ···································································· 122
1. 현금흐름 추정 시 고려사항 ····························································· 122
(1) 감가상각비 _ 122
(2) 이자비용과 배당금 등 금융비용 _ 123
(3) 매몰비용 _ 123 (4) 기회비용 _ 123
(5) 잠식비용 _ 124 (6) 자본적 지출 _ 124
(7) 법인세 절세효과 _ 124 (8) 순운전자본 _ 125
2. 현금흐름의 추정 ··············································································· 125
(1) 최초 투자 시의 현금흐름 _ 126
(2) 투자기간 중의 현금흐름 _ 126
(3) 투자종료 시점의 현금흐름 _ 127
section 2 투자기간이 다른 경우의 자본예산 ················································· 129
1. 반복투자가 불가능한 투자안 ···························································· 129
2. 반복투자가 가능한 투자안 ······························································· 130
(1) 최소공배수 접근법 _ 130
(2) 연간등가가치 접근법 _ 132
section 3 자본제약하의 자본예산 ···································································· 134
연습문제 ·········································································································· 137
연습문제 해답 ····································································································· 140
Chapter 07 불확실성하의 투자결정 ······································································ 142
section 1 기대수익률과 위험 ··········································································· 142
1. 개별자산의 기대수익률과 위험 ························································ 142
(1) 개별자산의 기대수익률 _ 142 (2) 개별자산의 위험 _ 143
2. 포트폴리오의 기대수익률과 위험 ····················································· 144
(1) 포트폴리오의 기대수익률 _ 144(2) 포트폴리오의 위험 _ 145
(3) 위험자산의 투자기회집합 _ 148
3. 체계적 위험의 측정 ·········································································· 153
(1) 개별자산의 체계적 위험 _ 153
(2) 포트폴리오의 체계적 위험 _ 154
section 2 자본자산가격결정모형(CAPM) ························································ 154
section 3 위험투자안 평가 ··············································································· 159
1. 균형기대수익률 ················································································· 159
2. 위험투자안 평가 ··············································································· 161
3. 실물옵션을 이용한 투자안 분석 ······················································ 162
(1) 실물옵션의 개요 _ 162
(2) 실물옵션을 이용한 자본예산 _ 164
APPENDIX 1: 통계공식 ···················································································· 168
APPENDIX 2: 공분산 ························································································ 170
연습문제 ·········································································································· 173
연습문제 해답 ····································································································· 176
Chapter 08 손익분기점 및 레버리지 분석 ··························································· 178
section 1 손익분기점 분석 ··············································································· 178
section 2 레버리지 분석 ·················································································· 181
1. 영업레버리지 ····················································································· 181
2. 재무레버리지 ····················································································· 184
3. 결합레버리지 ····················································································· 185
연습문제 ·········································································································· 190
연습문제 해답 ····································································································· 193
PART 04 자본구조와 배당정책
Chapter 09 자본비용 ···························································································· 198
section 1 자기자본비용 ···················································································· 198
1. 증권시장선 ························································································ 198
2. 배당할인모형 ····················································································· 199
3. 우선주의 자본비용 ············································································ 200
section 2 타인자본비용 ···················································································· 201
section 3 가중평균자본비용 ············································································· 204
1. 가중평균자본비용의 개념 ································································· 204
2. 가중평균자본비용과 투자안의 자본비용 ·········································· 205
section 4 발행비용 ···························································································· 206
1. 자본비용에서 조정하는 방법 ···························································· 206
2. 현금흐름에서 조정하는 방법 ···························································· 207
연습문제 ·········································································································· 211
연습문제 해답 ····································································································· 212
Chapter 10 자본구조이론 ····················································································· 213
section 1 전통적 접근법 ·················································································· 213
section 2 MM(1958)의 자본구조이론: 무관련이론 ······································· 215
1. 명제 Ⅰ ····························································································· 215
2. 명제 Ⅱ ····························································································· 219
3. 명제 Ⅲ ····························································································· 220
section 2 MM(1963)의 자본구조이론: 수정이론 ·········································· 223
1. 명제 Ⅰ ····························································································· 223
2. 명제 Ⅱ ····························································································· 224
3. 명제 Ⅲ ····························································································· 225
section 3 MM(1958, 1963)과 CAPM(1964)의 결합 ···································· 227
section 4 최적자본구조 가능성에 대한 이론 ················································· 233
1. 파산비용과 최적자본구조 ································································· 233
2. 대리인비용과 최적자본구조 ······························································ 234
(1) 자기자본 대리인비용 _ 235 (2) 타인자본 대리인비용 _ 235
(3) 대리인비용과 최적자본구조 _ 236
3. 우선순위이론 ····················································································· 237
연습문제 ·········································································································· 239
연습문제 해답 ····································································································· 242
Chapter 11 배당정책 ···························································································· 245
section 1 배당측정지표와 배당절차 ································································ 245
1. 배당측정지표 ····················································································· 245
2. 배당절차 ···························································································· 246
section 2 배당정책과 기업가치 ······································································· 248
1. 배당정책의 무관련성: MM이론(1961) ············································· 249
2. 고객효과 ···························································································· 251
3. 자가배당 ···························································································· 252
4. 정보효과 ···························································································· 252
5. 고배당정책 선호 요인 ······································································ 253
(1) 현재소득에 대한 선호 _ 253 (2) 대리인 비용의 감소 _ 253
6. 저배당정책 선호 요인 ······································································ 254
(1) 세금 _ 254 (2) 발행비용 _ 255
section 3 유사배당 ···························································································· 257
1. 자사주매입 ························································································ 257
2. 주식배당 ···························································································· 259
3. 주식분할 ···························································································· 260
연습문제 ·········································································································· 263
연습문제 해답 ····································································································· 265
PART 05 재무관리의 기타 주제
Chapter 12 인수합병 ···························································································· 270
section 1 인수합병의 개요 ··············································································· 270
1. 인수합병의 개념 ··············································································· 270
2. 인수합병의 이득과 비용 ··································································· 271
(1) 인수합병의 이득 _ 271
(2) 현금으로 지불한 인수합병의 비용 _ 271
(3) 주식으로 지불한 인수합병의 비용 _ 272
section 2 인수합병의 공격전략과 방어전략 ··················································· 273
1. 인수합병의 공격전략 ········································································ 273
(1) 주식매집 _ 273 (2) 백지위임장경쟁 _ 274
(3) 주식공개매입 _ 274
2. 인수합병의 방어전략 ········································································ 275
(1) 정관개정을 통한 방어전략 _ 275
(2) 재무구조조정을 통한 방어전략 _ 276
(3) 사업구조조정을 통한 방어전략 _ 276
(4) 기타 인수합병 방어전략 _ 277
연습문제 ·········································································································· 282
연습문제 해답 ····································································································· 284
Chapter 13 파생상품: 선물 ·················································································· 286
section 1 선물의 개요 ······················································································ 286
1. 선물의 개념 ······················································································ 286
2. 선물의 기능 ······················································································ 289
(1) 가격예시 _ 289 (2) 헷징 _ 289
(3) 투기 _ 290
3. 선물의 종류 ······················································································ 290
section 2 KOSPI200선물 ················································································· 292
1. KOSPI200선물의 개요 ······································································ 292
2. 증거금과 일일정산 ············································································ 295
section 3 KOSPI200선물의 가격결정 ····························································· 300
1. KOSPI200선물 이론가격 ·································································· 300
2. KOSPI200선물 차익거래전략 ··························································· 302
(1) 매수차익거래전략 _ 303 (2) 매도차익거래전략 _ 304
section 4 KOSPI200선물 헷지전략 ································································· 307
1. 헷지전략의 개요 ··············································································· 307
2. 헷지계약수 ························································································ 308
3. 매도헷지 ···························································································· 309
4. 매수헷지 ···························································································· 309
연습문제 ·········································································································· 311
연습문제 해답 ····································································································· 313
Chapter 14 파생상품: 옵션 ·················································································· 314
section 1 옵션 ··································································································· 314
1. 옵션의 개념 ······················································································ 314
2. 옵션의 분류 ······················································································ 316
2. KOSPI200옵션의 개요 ······································································ 317
section 2 옵션거래전략 ···················································································· 320
1. 단순거래전략 ····················································································· 321
(1) 콜옵션 매수 _ 322 (2) 콜옵션 매도 _ 323
(3) 풋옵션 매수 _ 325 (4) 풋옵션 매도 _ 326
4. 헷지거래전략 ····················································································· 328
(1) 커버드콜 _ 328 (2) 방어적 풋 _ 330
5. 풋-콜등가정리 ·················································································· 331
section 3 옵션가격결정모형 ············································································· 333
1. 이항옵션가격결정모형(BOPM) ·························································· 333
(1) 콜옵션의 경우 _ 333 (2) 풋옵션의 경우 _ 337
2. 블랙-숄즈옵션가격결정모형(BSOPM) ··············································· 339
APPENDIX: 추적포트폴리오를 이용한 BOPM 도출 ······································ 345
1. 콜옵션 ······························································································· 345
2. 풋옵션 ······························································································· 346
연습문제 ·········································································································· 349
연습문제 해답 ····································································································· 351
Chapter 15 국제재무관리 ····················································································· 353
section 1 환율과 외환시장 ··············································································· 353
1. 환율 ··································································································· 353
2. 현물환시장 ························································································ 354
3. 선물환시장 ························································································ 355
(1) 일반선물환거래 _ 355
(2) 차액결제선물환(NDF
저자
저자
이재하
서울대학교 공과대학 전자공학과 공학사
서울대학교 대학원 전자공학과 공학석사
인디애나대학교 경영대학 경영학석사
인디애나대학교 대학원 경영학박사
인디애나대학교 조교수
오클라호마대학교 석좌교수
한국파생상품학회 회장 / 한국재무관리학회 부회장
한국재무학회 상임이사 / 한국증권학회 이사
한국금융학회 이사 / 한국경영학회 이사
교보생명 사외이사 겸 리스크관리위원회 위원장
한국거래소 지수운영위원회 위원장
금융위원회ㆍ예금보험공사ㆍ자산관리공사 자산매각심의위원회 위원
공인회계사 출제위원
국민연금 연구심의위원회 위원
사학연금 자금운영위원회 위원
대교문화재단 이사
교보증권 사외이사 겸 위험관리위원회 위원장
KB증권 사외이사 겸 리스크관리위원회 위원장
Brown University EMSTL Advisory Committee Member
EDHEC Business School International Advisory Board Member
Journal of Financial Research Associate Editor
FMA Best Paper Award in Futures and Options on Futures
AIMR Graham and Dodd Scroll Award
ANBAR Citation of Highest Quality Rating Award
한국재무관리학회 최우수 논문상
성균관대학교 SKK GSB 원장
현 성균관대학교 SKK GSB 명예교수
저서 및 주요논문
핵심재무관리 - The Core of Corporate Finance (2020)
핵심투자론 - The Core of Investments (1판: 2014, 2판: 2018, 3판: 2021)
핵심파생상품론 - The Core of Derivatives (2021)
새내기를 위한 금융 - Understanding Finance (1판: 2018, 2판: 2021, 3판: 2025)
재무관리 - Essentials of Corporate Finance (1판: 2016, 2판: 2022, 3판: 2025)
투자론 - Essentials of Investments (1판: 2015, 2판: 2023)
How Markets Process Information: News Releases and Volatility
Volatility in Wheat Spot and Futures Markets, 1950-1993: Government Farm Programs, Seasonality, and
Causality
Who Trades Futures and How: Evidence from the Heating Oil Futures Market
The Short-Run Dynamics of the Price Adjustment to New Information
The Creation and Resolution of Market Uncertainty: The Impact of Information Releases on Implied
Volatility
The Intraday Ex Post and Ex Ante Profitability of Index Arbitrage
A Transactions Data Analysis of Arbitrage between Index Options and Index Futures
Intraday Volatility in Interest Rate and Foreign Exchange Spot and Futures Markets
Time Varying Term Premium in T-Bill Futures Rate and the Expectations Hypothesis
Embedded Options and Interest Rate Risk for Insurance Companies, Banks, and Other Financial
Institutions
Intraday Volatility in Interest Rate and Foreign Exchange Markets: ARCH, Announcement, and Seasonality
Effects
KOSPI200 선물과 옵션간의 일중 사전적 차익거래 수익성 및 선종결전략
KOSPI200 선물을 이용한 포트폴리오 보험전략
원/달러 역내현물환 시장과 역외NDF시장간의 인과관계
상장지수펀드(ETF) 차익거래전략
KOSPI200 옵션시장에서의 변동성지수 산출 및 분석 등 Journal of Finance, Journal of Financial and
Quantitative
Analysis, Journal of Business, Journal of Futures Markets, 증권학회지, 선물연구, 재무관리연구 외 다수
서울대학교 대학원 전자공학과 공학석사
인디애나대학교 경영대학 경영학석사
인디애나대학교 대학원 경영학박사
인디애나대학교 조교수
오클라호마대학교 석좌교수
한국파생상품학회 회장 / 한국재무관리학회 부회장
한국재무학회 상임이사 / 한국증권학회 이사
한국금융학회 이사 / 한국경영학회 이사
교보생명 사외이사 겸 리스크관리위원회 위원장
한국거래소 지수운영위원회 위원장
금융위원회ㆍ예금보험공사ㆍ자산관리공사 자산매각심의위원회 위원
공인회계사 출제위원
국민연금 연구심의위원회 위원
사학연금 자금운영위원회 위원
대교문화재단 이사
교보증권 사외이사 겸 위험관리위원회 위원장
KB증권 사외이사 겸 리스크관리위원회 위원장
Brown University EMSTL Advisory Committee Member
EDHEC Business School International Advisory Board Member
Journal of Financial Research Associate Editor
FMA Best Paper Award in Futures and Options on Futures
AIMR Graham and Dodd Scroll Award
ANBAR Citation of Highest Quality Rating Award
한국재무관리학회 최우수 논문상
성균관대학교 SKK GSB 원장
현 성균관대학교 SKK GSB 명예교수
저서 및 주요논문
핵심재무관리 - The Core of Corporate Finance (2020)
핵심투자론 - The Core of Investments (1판: 2014, 2판: 2018, 3판: 2021)
핵심파생상품론 - The Core of Derivatives (2021)
새내기를 위한 금융 - Understanding Finance (1판: 2018, 2판: 2021, 3판: 2025)
재무관리 - Essentials of Corporate Finance (1판: 2016, 2판: 2022, 3판: 2025)
투자론 - Essentials of Investments (1판: 2015, 2판: 2023)
How Markets Process Information: News Releases and Volatility
Volatility in Wheat Spot and Futures Markets, 1950-1993: Government Farm Programs, Seasonality, and
Causality
Who Trades Futures and How: Evidence from the Heating Oil Futures Market
The Short-Run Dynamics of the Price Adjustment to New Information
The Creation and Resolution of Market Uncertainty: The Impact of Information Releases on Implied
Volatility
The Intraday Ex Post and Ex Ante Profitability of Index Arbitrage
A Transactions Data Analysis of Arbitrage between Index Options and Index Futures
Intraday Volatility in Interest Rate and Foreign Exchange Spot and Futures Markets
Time Varying Term Premium in T-Bill Futures Rate and the Expectations Hypothesis
Embedded Options and Interest Rate Risk for Insurance Companies, Banks, and Other Financial
Institutions
Intraday Volatility in Interest Rate and Foreign Exchange Markets: ARCH, Announcement, and Seasonality
Effects
KOSPI200 선물과 옵션간의 일중 사전적 차익거래 수익성 및 선종결전략
KOSPI200 선물을 이용한 포트폴리오 보험전략
원/달러 역내현물환 시장과 역외NDF시장간의 인과관계
상장지수펀드(ETF) 차익거래전략
KOSPI200 옵션시장에서의 변동성지수 산출 및 분석 등 Journal of Finance, Journal of Financial and
Quantitative
Analysis, Journal of Business, Journal of Futures Markets, 증권학회지, 선물연구, 재무관리연구 외 다수
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