{"id":4697,"date":"2021-12-23T15:24:01","date_gmt":"2021-12-23T06:24:01","guid":{"rendered":"https:\/\/bcgblog.kr\/?p=4697"},"modified":"2022-01-17T14:36:31","modified_gmt":"2022-01-17T05:36:31","slug":"m-and-a-report-mastering-the-art-of-breaking-up","status":"publish","type":"post","link":"https:\/\/bcgblog.kr\/m-and-a-report-mastering-the-art-of-breaking-up\/","title":{"rendered":"M&#038;A Report : \uae30\uc5c5 \ubd84\ud560\uc758 A to Z \uc815\ubcf5\ud558\uae30"},"content":{"rendered":"<p>2021\ub144 M&amp;A \ubcf4\uace0\uc11c\uc5d0\uc11c\ub294 \uae30\uc5c5 \ubd84\ud560(divestiture)\uc758 \uac00\uce58 \ucc3d\ucd9c \uc7a0\uc7ac\ub825\uacfc \uae30\uc5c5\ub4e4\uc774 \uc774 \ubcf5\uc7a1\ud55c \uac70\ub798 \ube44\uc6a9\uc744 \uad00\ub9ac\ud558\uba74\uc11c \uc218\uc775\uc744 \ud655\ubcf4\ud560 \uc218 \uc788\ub294 \ubc29\ubc95\uc5d0 \ub300\ud574 \uc0b4\ud3b4\ubcf8\ub2e4. \uae30\uc5c5\uc774 \ucf54\ub85c\ub09819 \ud32c\ub370\ubbf9\uc758 \uc601\ud5a5\uc5d0 \ub300\uc751\ud558\ub294 \uacfc\uc815\uc5d0\uc11c \uae30\uc5c5 \ubd84\ud560\uc740 \ud604\uae08\uc744 \uc870\ub2ec\ud558\uace0, \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \ucd5c\uc801\ud654\ud558\uace0, \uadf8 \uc678 \ub2e4\uc591\ud55c \uae30\uc5c5 \ubaa9\ud45c\ub97c \ub2ec\uc131\ud558\uae30 \uc704\ud55c \uc911\uc694\ud55c \ub3c4\uad6c\uac00 \ub418\uace0 \uc788\ub2e4.<\/p>\n<p>\ud5d8\ub09c\ud55c 2020\ub144\uc774 \uc9c0\ub09c \ud6c4, 2021\ub144 M&amp;A \uc2dc\uc7a5\uc740 \ud638\ud669\uc744 \ub204\ub9ac\uace0 \uc788\ub2e4. 2021\ub144 \uc911\ubc18\uae4c\uc9c0 \uac70\ub798 \uac00\uce58\ub294 \ud32c\ub370\ubbf9 \uc774\uc804\uc758 \ub192\uc740 \uc218\uc900\uc73c\ub85c \ub3cc\uc544\uac14\uace0, \uc778\uc218 \ud504\ub9ac\ubbf8\uc5c4\uc740 \uc704\uae30 \uc774\uc804 \uc218\uc900\uc744 \ud68c\ubcf5\ud588\ub2e4. \uc55e\uc73c\ub85c \ud48d\ubd80\ud55c \uc790\ubcf8, \uc720\ub9ac\ud55c \uacbd\uc81c\uc0c1\ud669, \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uad6c\uc870\uc870\uc815, \uc5c5\uacc4 \ubc0f \uc9c0\uc5ed \ud1b5\ud569, \uc9c0\uc18d \uac00\ub2a5\uc131 \ub4f1 \ubb34\uc218\ud788 \ub9ce\uc740 \uc694\uc778\ub4e4\ub85c \uc778\ud574 \uac70\ub798\uac00 \ub354\uc6b1 \ucd09\uc9c4\ub420 \uac83\uc774\ub2e4. \ub9ce\uc740 \uae30\uc5c5\ub4e4\uc774 \uc774\ub7f0 \ud658\uacbd\uc774 \ube44\ud575\uc2ec \ube44\uc988\ub2c8\uc2a4 \ucc98\ubd84\uc758 \uc801\uae30\ub97c \ub9cc\ub4e4\uc5b4 \uc900\ub2e4\uace0 \uc5ec\uae30\uace0 \uc788\ub2e4. \uae30\uc5c5\ub4e4\uc740 \uac00\uce58 \ucc3d\ucd9c\uc758 \ubaa9\ud45c\ub97c \ub2ec\uc131\ud560 \uc218 \uc788\uc744\uae4c? \uc131\uacf5\uc758 \ucd5c\uc801 \uacbd\ub85c\ub294 \ubb34\uc5c7\uc778\uac00? \uc774 \uac19\uc740 \uc9c8\ubb38\ub4e4\uc5d0 \ub300\ud55c \ub2f5\uc744 \ucc3e\uae30 \uc704\ud574, \uc6b0\ub9ac\ub294 1980\ub144 1\uc6d4\ubd80\ud130 2021\ub144 6\uc6d4\uae4c\uc9c0, 84\ub9cc \uac74 \uc774\uc0c1\uc758 \uac70\ub798 \ub0b4\uc6a9\uc774 \ub2f4\uae34 BCG\uc758 M&amp;A \ub370\uc774\ud130\ubca0\uc774\uc2a4\ub97c \ubd84\uc11d\ud588\ub2e4.<\/p>\n<p>\ubd84\uc11d\uc744 \ud1b5\ud55c \uba54\uc138\uc9c0\ub294 \ubd84\uba85\ud588\ub2e4. \uc815\uae30\uc801\uc778 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc7ac\uc870\uc815\uacfc \ube44\ud575\uc2ec\uc790\uc0b0\uc758 \ub9e4\uac01\uc744 \ud1b5\ud574 \uc0c1\ub2f9\ud55c \uc8fc\uc8fc\uac00\uce58 \ucc3d\ucd9c\uc774 \uac00\ub2a5\ud558\ub2e4. \uc2dc\uac04\ub300\uac00 \ub2e4\ub978 \uac00\uce58 \ucc3d\ucd9c\uc758 \ub450 \uac00\uc9c0 \uc9c0\ud45c(\ub9e4\uac01\ubc1c\ud45c\uc77c \uc804\ud6c4\uc758 \ub204\uc801\ucd08\uacfc\uc218\uc775\ub960(CAR: cumulative abnormal returns)\uacfc \ub9e4\uac01 \ud6c4 2\ub144 \ub3d9\uc548\uc758 \uc0c1\ub300\uc801 \ucd1d\uc8fc\uc8fc\uc218\uc775\ub960(RTSR: relative total shareholder returns))\uc740 2016\ub144 \uc774\ud6c4 \ubaa8\ub450 \ud3c9\uade0\uc801\uc73c\ub85c \uac15\ub825\ud55c \uc0c1\uc2b9\uc138\ub97c \ubcf4\uc774\uace0 \uc788\ub2e4.<\/p>\n<p>\ud558\uc9c0\ub9cc, \ud3c9\uade0\uac12 \ub4a4\uc5d0\ub294 \uc2e4\uc801\uacfc \uc218\uc775\uc758 \ud070 \ud3b8\ucc28\uac00 \uac10\ucdb0\uc838 \uc788\ub2e4. \uc77c\ub840\ub85c, CAR\uc740 \ubaa8\ub4e0 \uc0b0\uc5c5\uc5d0\uc11c \ud50c\ub7ec\uc2a4\uc774\uc9c0\ub9cc, \uc774\ub3d9\ud1b5\uc2e0\uae30\uc5c5\uc758 \uacbd\uc6b0 \uac70\uc758 0\uc5d0\uc11c \ubbf8\ub514\uc5b4 \ubc0f \uc5d4\ud130\ud14c\uc778\uba3c\ud2b8 \uae30\uc5c5\uc758 \uacbd\uc6b0 1% \uc774\uc0c1\uc5d0 \uc774\ub974\uae30\uae4c\uc9c0 \uadf8 \uaca9\ucc28\uac00 \ub9e4\uc6b0 \ud06c\uac8c \ub098\ud0c0\ub09c\ub2e4. \uc774\uc640\ub294 \ub300\uc870\uc801\uc73c\ub85c RTSR\uc740 \ucca8\ub2e8\uae30\uc220, \ubcf4\uac74\uc758\ub8cc, \uc18c\ube44\uc790\uc0c1\ud488 \ub4f1 \uba87\uba87 \uc0b0\uc5c5\uc5d0\uc11c \ub9c8\uc774\ub108\uc2a4\uc774\ub2e4. RTSR\uc774 \uac00\uc7a5 \ub192\uc740 \uc0b0\uc5c5\uc740 \uc5d0\ub108\uc9c0 \ubc0f \uc804\ub825\uacfc \uc774\ub3d9\ud1b5\uc2e0 \ub4f1 \uc720\ud2f8\ub9ac\ud2f0\uc640 \uae08\uc735\uc5c5\uc774\ub2e4. \ub610 \ub2e4\ub978 \uc608\ub85c, \ubd84\uc0ac(spinoff)\uc758 2\ub144 RTSR \uc911\uac04\uac12\uc740 0\uc5d0 \uac00\uae5d\uc9c0\ub9cc, \ucd5c\uc0c1\uc704 \uc0ac\ubd84\uc704 \uae30\uc5c5\ub4e4\uc740 50%\uac00 \ub118\ub294 \uad04\ubaa9\ud560 \ub9cc\ud55c RTSR\ub97c \ucc3d\ucd9c\ud558\uae30\ub3c4 \ud55c\ub2e4.<\/p>\n<p>\uc774 \uc2e4\uc801 \uaca9\ucc28\uc5d0\uc11c \uc88b\uc740 \ucabd\uc774 \ub418\uae30 \uc704\ud574, \ub9e4\ub3c4\uc790\ub294 \ub9e4\uac01 \ub300\uc0c1, \uc2dc\uae30, \ubc29\ubc95\uc5d0 \ub300\ud574 \uc2ec\uc0ac\uc219\uace0\ud558\ub294 \uac83\uc5d0\uc11c\ubd80\ud130 \uc790\uc0b0\uc744 \uc900\ube44\ud558\uace0 \uc2e4\ud589\ud558\ub294 \uc900\ube44 \ubc0f \ub9e4\uac01 \uc804 \uacfc\uc815\uc744 \ucc98\uc74c\ubd80\ud130 \ub05d\uae4c\uc9c0 \ub300\ube44\ud574\uc57c \ud55c\ub2e4. \uc774 \uc900\ube44 \uacfc\uc815\uc758 \ud575\uc2ec\uc694\uc18c\ub294 \ub9e4\uac01\ub41c \uc0ac\uc5c5\uc744 \uce74\ube0c\uc544\uc6c3(carve-out), \uc989 \ubaa8\ud68c\uc0ac\uacfc \uc6b4\uc601 \ubc0f \uc7ac\uc815\uc0c1\uc73c\ub85c \ubd84\ub9ac\ud558\ub294 \uac83\uc774\ub2e4. \uc774 \uacfc\uc815\uc5d0\ub294 \uc88c\ucd08 \ube44\uc6a9(stranded costs) \ucd5c\uc18c\ud654\ub97c \ucd08\uae30\uc5d0 \uc2dc\uc791\ud558\ub294 \uac83\uc774 \ud3ec\ud568\ub41c\ub2e4. \ubcf8 \ubcf4\uace0\uc11c\uc758 \ub9c8\uc9c0\ub9c9 \ubd80\ubd84\uc5d0\uc11c\ub294 \uce74\ube0c\uc544\uc6c3\uc758 \ubcf5\uc7a1\uc131\uacfc \ubaa9\ud45c\ud55c \uac00\uce58\ub97c \uc2e4\ud604\ud558\uae30 \uc704\ud55c \ud575\uc2ec \uc131\uacf5 \uc694\uc778\ub4e4\uc744 \uc0b4\ud3b4\ubcf8\ub2e4.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>2020\ub144 \ud5d8\ub09c\ud588\ub358 M&amp;A \uc2dc\uc7a5<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<ul>\n<li>2019\ub144\uc5d0 \ube44\ud574 2020\ub144 \uac70\ub798 \uac00\uce58\uc640 \uac70\ub798 \uac74\uc218\ub294 \uac01\uac01 13.2%, 8.3% \ud558\ub77d\ud588\ub2e4.<\/li>\n<li>\uac70\ub798 \uac74\uc218\ub294 \ubaa8\ub4e0 \uc9c0\uc5ed\uc5d0\uc11c \uac10\uc18c\ud588\uc9c0\ub9cc, \uac70\ub798 \uac00\uce58\ub294 \uc720\ub7fd(2019\ub144\uc758 \ub0ae\uc740 \uac70\ub798 \uac00\uce58 \ubc18\uc601\ud574)\uc744 \uc81c\uc678\ud55c \ubaa8\ub4e0 \uc9c0\uc5ed\uc5d0\uc11c \ud558\ub77d\ud588\ub2e4. \uac70\ub798\ub7c9\uc740 2020\ub144 \uc0c1\ubc18\uae30 \uac70\uc758 \ubaa8\ub4e0 \ubd80\ubb38\uc5d0\uc11c \ud558\ub77d\ud588\uc9c0\ub9cc \ud558\ubc18\uae30\uc5d0\ub294 \ud06c\uac8c \uc99d\uac00\ud588\ub2e4.<\/li>\n<li>\uae30\uc220 \ubc0f \ubcf4\uac74\uc758\ub8cc \ubd80\ubb38\uc758 \uba54\uac00\ub51c(\uaddc\ubaa8\uac00 100\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc778 \uac70\ub798)\uc740 2020\ub144 \ud558\ubc18\uae30\uc758 \uac70\ub798\uac00\uce58 \uc0c1\uc2b9\uc138\ub97c \uc8fc\ub3c4\ud588\ub2e4. 2020\ub144 \ud55c \ud574\ub3d9\uc548, \uae30\uc220, \ubbf8\ub514\uc5b4, \uc774\ub3d9\ud1b5\uc2e0 \ubd80\ubb38\uacfc \ubcf4\uac74\uc758\ub8cc \ubd80\ubb38\uc774 \uc0c1\uc704 5\ub300 \uac70\ub798\ub97c \ubaa8\ub450 \ucc28\uc9c0\ud588\ub2e4.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>2021\ub144 M&amp;A \uc2dc\uc7a5 \ud638\ud669<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<ul>\n<li>\uc62c\ud574 \uc0c1\ubc18\uae30 \uac70\ub798 \uac00\uce58\ub294 2020\ub144 \ud558\ubc18\uae30\ubcf4\ub2e4 22% \ub354 \ub192\uc558\uace0 \uc791\ub144 \uc0c1\ubc18\uae30\uc640 \ube44\uad50\ud558\uba74 \ub180\ub78d\uac8c\ub3c4 136%\ub098 \ub192\uc558\ub2e4. \uac70\ub798\ub7c9\uc740 2020\ub144 \ud558\ubc18\uae30\uc5d0 \ube44\ud574 6% \uc0c1\uc2b9\ud588\uc73c\uba70, \uc0c1\ubc18\uae30\ubcf4\ub2e4\ub294 32% \ub192\uc558\ub2e4.<\/li>\n<li>\ubd81\ubbf8\uc5d0\uc11c, \uac70\ub798 \uac00\uce58\ub294 2021\ub144 \uc0c1\ubc18\uae30\uc5d0 2020\ub144 \ud558\ubc18\uae30\uc640 \ube44\uad50\ud574 35.0% \uc0c1\uc2b9\ud574 \uc5ed\ub300\ucd5c\uace0 \uc218\uc900\uc744 \uae30\ub85d\ud588\ub2e4. \uc774\uc640\ub294 \ub300\uc870\uc801\uc73c\ub85c, \uac70\ub798 \uac00\uce58\ub294 \uc720\ub7fd\uc5d0\uc11c \ub2e8\uc9c0 4.7% \uc131\uc7a5\ud588\uc73c\uba70, \uc911\uad6d\uc5d0\uc11c\ub294 46.0% \ud558\ub77d\ud588\ub2e4. 2021\ub144 \uc0c1\ubc18\uae30 \uac70\ub798\ub7c9\uc740 \ub300\ubd80\ubd84\uc758 \uc9c0\uc5ed\uc5d0\uc11c 2020\ub144 \ud558\ubc18\uae30\uc640 \ube44\uad50\ud574 \uac15\ud55c \uc0c1\uc2b9\uc138\ub97c \ubcf4\uc600\ub2e4<\/li>\n<li>2021\ub144 9\uc6d4 \uc911\uc21c\uae4c\uc9c0 \uac00\uc7a5 \uac15\ub825\ud55c \uac70\ub798\ud750\ub984\uc744 \ubcf4\uc778 \uc138 \ubd80\ubb38\uc740 \ubbf8\ub514\uc5b4 \ubc0f \uc5d4\ud130\ud14c\uc778\uba3c\ud2b8, \uc0b0\uc5c5\uc7ac, \uc5d0\ub108\uc9c0 \ubc0f \uc720\ud2f8\ub9ac\ud2f0\uc600\ub2e4.<\/li>\n<li>9\uc6d4 \ub9d0 \uae30\uc900, 2021\ub144\uc5d0 38\uac74\uc758 \uba54\uac00\ub51c\uc774 \uc2e4\ud589\ub410\ub294\ub370, \uadf8 \uc911 24\uac74\uc774 \uc0c1\ubc18\uae30\uc5d0 \ubc1c\ud45c\ub410\ub2e4. \uc774\uc5d0 \ube44\ud574 2020\ub144 \ud55c \ud574 \ub3d9\uc548 \uba54\uac00\ub51c\uc740 26\uac74\uc5d0 \ubd88\uacfc\ud588\ub2e4.<\/li>\n<li>\uc5f0\ucd08\uc640 \ub300\ube44\ud574 \uc808\ub300\uc218\uce58\ub85c\ub3c4, \ub2e4\uc218\uc9c0\ubd84 \uad00\ub828 \uac70\ub798 \ub300\ube44\ub85c\ub3c4 \uc18c\uc218\uc9c0\ubd84 \uad00\ub828 \uac70\ub798\uac00 \ub9ce\uc774 \ubc1c\uc0dd\ud558\uace0 \uc788\ub2e4.<\/li>\n<li>PE(private equity)\uc640 VC(venture capital) \ud22c\uc790\ub294 \uae30\uc5c5\ub4e4\uc774 \ub300\ub7c9\uc758 \ub4dc\ub77c\uc774\ud30c\uc6b0\ub354(dry powder)\uc758 \ud22c\uc790\ub97c \ucd94\uc9c4\ud558\uba74\uc11c \ud32c\ub370\ubbf9\uc73c\ub85c \uc778\ud55c \uce68\uccb4\uc5d0\uc11c \ube60\ub974\uac8c \ud68c\ubcf5\ud588\ub2e4. PE\uae30\uc5c5\ub4e4 \uc5ed\uc2dc \uae30\uc5c5\ub9e4\uac01, \ud2b9\ud788 \ub3c5\ub9bd \ube44\uc988\ub2c8\uc2a4\ub85c\uc11c \uac00\uce58 \ucc3d\ucd9c \uc7a0\uc7ac\ub825\uc774 \ud070 \uc790\uc0b0\uc744 \uc778\uc218\ud558\ub294\ub370 \ud070 \uad00\uc2ec\uc744 \ubcf4\uc600\ub2e4.<\/li>\n<li>2021\ub144 \uac70\ub798\ubc1c\ud45c\uc77c \uc804\ud6c4 \ub9e4\ub3c4\uc790\uc758 CAR\uc740 \uc911\uac04\uac12 0.7%\ub85c \uce58\uc19f\uc558\ub2e4. \ub9e4\uc218\uc790\uc758 \uacbd\uc6b0 2020\ub144\uc5d0\ub294 CAR\uc774 \ub9c8\uc774\ub108\uc2a4\uc600\uc73c\ub098 2021\ub144 \uc0c1\ubc18\uae30 \uc911\uac04\uac12 0.2%\ub85c \uc0c1\ud5a5 \uc870\uc815\ub410\ub2e4.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>\uae0d\uc815\uc801\uc778 M&amp;A \uc804\ub9dd\uc744 \uc554\uc2dc\ud558\ub294 \ub3d9\ud5a5\ub4e4<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<ul>\n<li>\uc5b5\ub20c\ub9b0 \uc218\uc694\uc640 \uac1c\uc778\uacfc \uae30\uc5c5\uc5d0 \ub300\ud55c \uc815\ubd80 \uc9c0\uc6d0 \ub4f1 \ub2e4\uc591\ud55c \uc694\uc778\ub4e4\uc758 \uacb0\uacfc\ub85c \uacbd\uc81c\ud65c\ub3d9\uc774 \uc804\ubc18\uc801\uc73c\ub85c \uc0c1\uc2b9\ud568\uc5d0 \ub530\ub77c M&amp;A \ud65c\ub3d9\uc774 \ub354\uc6b1 \ucd09\uc9c4\ub420 \uac83\uc774\ub2e4.<\/li>\n<li>M&amp;A \uc2dc\uc7a5\uc758 \uc218\uc694 \uce21\uba74\uc5d0\uc11c\ub294 \uc790\ubcf8\uc774 \ub118\uccd0\ub09c\ub2e4. PE\uc640 VC \uae30\uc5c5\ub4e4\uc774 \uae30\ub85d\uc801\uc778 \uc218\uc900\uc758 \ub4dc\ub77c\uc774 \ud30c\uc6b0\ub354\ub97c \ubcf4\uc720\ud558\uace0 \uc788\uc744 \ubfd0 \uc544\ub2c8\ub77c, \ub9ce\uc740 \uae30\uc5c5\ub4e4\uc774 \ud604\uae08\uc744 \ub300\ub7c9 \ubcf4\uc720\ud558\uace0 \uc788\ub2e4. \ub610\ud55c \uc790\ubcf8\uc774 \ud48d\ubd80\ud55c \ub9ce\uc740 \u2018SPAC(special purpose acquisition companies: \uae30\uc5c5\uc778\uc218\ubaa9\uc801\ud68c\uc0ac)\u2019\ub4e4\uc740 \uc55e\uc73c\ub85c 12~18\uac1c\uc6d4 \uac04 \ud53c\uc778\uc218 \uae30\uc5c5(target)\uc744 \ubb3c\uc0c9\ud560 \uac83\uc774\ub2e4.<\/li>\n<li>\uc7a5\uae30\uc801\uc73c\ub85c, \ud32c\ub370\ubbf9\uc73c\ub85c \ud0c0\uaca9\uc744 \ubc1b\uc740 \uae30\uc5c5\ub4e4\uc740 \ub192\uc740 \ubd80\ucc44\ubd80\ub2f4\uc744 \ud574\uacb0\ud558\uae30 \uc704\ud574 \ub9e4\uac01\uc744 \ud1b5\ud574 \ud604\uae08\uc744 \uc870\ub2ec\ud560 \uac83\uc774\ub2e4. \ub610\ud55c, \uc138\uc728\uc778\uc0c1\uc774 \ud604\uc2e4\ud654\ub41c\ub2e4\uba74, \uae30\uc5c5\ub4e4\uc758 \uc790\uc0b0\ubd84\ud560 \uacb0\uc815\uc774 \uac00\uc18d\ud654\ub420 \uc218 \uc788\ub2e4.<\/li>\n<li>\ucca0\uac15\uacfc \uac19\uc740 \uc77c\ubd80 \uc0b0\uc5c5\uc5d0\uc11c\ub294 \uae30\uc5c5\ub4e4\uc774 \uacfc\uc789\uc0dd\uc0b0 \uac10\uc18c \ubc0f \ud1b5\ud569\uc744 \uc704\ud574 \uacc4\uc18d\ud574\uc11c M&amp;A\ub97c \ud65c\uc6a9\ud560 \uac83\uc774\ub2e4. \ub610 \uc5b4\ub5a4 \uacbd\uc6b0\uc5d0\ub294, M&amp;A\uac00 \ubaa8\ube4c\ub9ac\ud2f0\uc640 \uae30\uc220\uacfc \uac19\uc740 \uc0b0\uc5c5\ubd80\ubb38\uc758 \uc735\ud569\ubb38\uc81c\ub97c \ud574\uacb0\ud558\ub294 \uc720\uc6a9\ud55c \ub3c4\uad6c\uac00 \ub420 \uc218 \uc788\ub2e4.<\/li>\n<li>\uc138\uacc4\uc801\uc778 \ud639\uc740 \uc9c0\uc5ed\uc801\uc778 \uaddc\ubaa8\uc758 \ud544\uc694\uc5d0 \uc758\ud574 \ubc18\ub3c4\uccb4\uc640 \ubbf8\ub514\uc5b4\uc640 \uac19\uc740 \uc0b0\uc5c5\uc5d0\uc11c\ub294 \uad6d\uc81c M&amp;A\uac00 \ucd94\uc9c4\ub418\ub294 \ud55c\ud3b8, \uc790\ub3d9\ucc28\uc640 \uac19\uc740 \uc0b0\uc5c5\uc740 \uad6d\uc81c \uacf5\uae09\ub9dd \uad6c\ucd95\uc744 \uc704\ud574 \uc778\uc218\uc5d0 \uad00\uc2ec\uc744 \ubcf4\uc77c \uac83\uc774\ub2e4.<\/li>\n<li>\uc5d0\ub108\uc9c0\uc640 \uc11d\uc720 \ubc0f \uac00\uc2a4 \ubd80\ubb38\uc758 \uae30\uc5c5\ub4e4\uc740 \uc778\uc218\uc640 \ub9e4\uac01\uc744 \uc774\uc6a9\ud574 \uc9c0\uc18d\uac00\ub2a5\uc131 \uad00\uc810\uc5d0\uc11c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc758 \ub9e4\ub825\uc744 \uc0c1\uc2b9\uc2dc\ud0a4\ub824\uace0 \ud560 \uac00\ub2a5\uc131\uc774 \ub192\ub2e4.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h5><strong><span style=\"font-size: 14pt;\">\uc774\ub7f0 \uc0c1\ud669\uc5d0\uc11c, \uae30\uc5c5\ub4e4\uc740 \uacc4\uc18d\ud574\uc11c \uc0ac\uc5c5\uc744 \ub9e4\uac01\ud574 \uc804\ub7b5\uc801 \ubaa9\ud45c\ub97c \ub2ec\uc131\ud558\uace0\uc790 \ud560 \uac83\uc774\ub2e4. \ub9e4\uac01\uc740 \ud06c\uac8c \uc138 \uc720\ud615\uc73c\ub85c \uad6c\ubd84\ub41c\ub2e4.<\/span><\/strong><\/h5>\n<ul>\n<li>\uc9c1\uc811\ub9e4\uac01(trade sales)\uc740 \uae30\uc5c5 \uc18c\uc720\uc8fc\ub098 \uae08\uc735\ud22c\uc790\uc790\uac00 \uc218\uc758\uacc4\uc57d\uc758 \ud615\ud0dc\ub85c \uae30\uc5c5(\uce74\ube0c\uc544\uc6c3 \ube44\uc988\ub2c8\uc2a4 \ud3ec\ud568)\uc744 \ub9e4\uac01\ud558\ub294 \ud615\ud0dc\ub85c \ucd5c\uadfc 2017\ub144\uc5d0 \uc57d 1\ub9cc 5000\uac74\uc758 \uac70\ub798\uac00 \uc774\ub8e8\uc5b4\uc9c0\uba70 \uc815\uc810\uc744 \ucc0d\uc5c8\ub2e4.<\/li>\n<li>\uc790\ud68c\uc0ac IPO\ub294 \uae30\uc5c5\uc774\ub098 \uae08\uc735\uc18c\uc720\uc8fc\uac00 \ubcf4\uc720\ud55c \uc790\ud68c\uc0ac\ub97c \uc0c1\uc7a5\ud558\ub294 \uac83\uc73c\ub85c, 2020\ub144 600\uac74 \uc774\uc0c1\uc758 IPO\uac00 1500\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc758 \ucd1d \uc218\uc775\ub960\uc744 \ucc3d\ucd9c\ud558\uba70 \uc5ed\ub300\ucd5c\uace0 \uc218\uc900\uc744 \uae30\ub85d\ud588\ub2e4.<\/li>\n<li>\ubd84\uc0ac(spinoff)\ub294 \uae30\uc5c5\uc18c\uc720\uc8fc\uac00 \uc790\ud68c\uc0ac\uc758 \ubcc4\ub3c4\uc8fc\uc2dd\uc744 \uae30\uc874\uc8fc\uc8fc\ub4e4\uc5d0\uac8c \ubc1c\ud589\ud558\ub294 \ubc29\uc2dd\uc73c\ub85c 2011\ub144 \uc57d 150\uac74\uc5d0 \ub2ec\ud574 \uc815\uc810\uc744 \ucc0d\uc5c8\uc73c\uba70 2020\ub144\uc5d0\ub294 100\uac74\uc73c\ub85c \uac70\ub798\ub7c9\uc774 \ud558\ub77d\ud588\ub2e4.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h5><strong><span style=\"font-size: 14pt;\">\uae30\uc5c5\ub4e4\uc740 \ub2e4\uc591\ud55c \ubaa9\ud45c\uc758 \ucd94\uc9c4\uc744 \uc704\ud574 \ub9e4\uac01\uc744 \uc774\uc6a9\ud55c\ub2e4. <\/span><\/strong><\/h5>\n<ul>\n<li>\uae30\uc5c5 \uc18c\uc720\uc8fc \uc785\uc7a5\uc5d0\uc11c \uac00\uc7a5 \uc911\uc694\ud55c \ubaa9\uc801\uc740 \ud575\uc2ec \ube44\uc988\ub2c8\uc2a4\uc5d0 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uc9d1\uc911\ud558\ub294 \uac83\uc774\ub2e4. \uae30\uacc4\uc9c0\ub2a5 \u2018\uac80\uc0c9\ub3c4\uad6c\u2019\uc778 \ud034\ub4dc(Quid)\ub97c \uc774\uc6a9\ud574 2000\uac1c \uc774\uc0c1\uc758 \ub274\uc2a4\uae30\uc0ac \ubc0f \uae30\ud0c0 \ucd9c\ud310\ubb3c\uc744 \ubd84\uc11d\ud55c \uacb0\uacfc \u2018\ud575\uc2ec\uc5d0 \uc9d1\uc911\u2019\ud558\ub294 \uac83\uc774 \uc6b0\ub9ac\uac00 \ube44\uad50\ud55c \ub450 \uac1c\ub144\ub3c4 2015\ub144\uacfc 2020\ub144\uc5d0 \uae30\uc5c5\ub9e4\uac01\uacfc \uad00\ub828\ud574 \uac00\uc7a5 \ube48\ubc88\ud558\uac8c \ub4f1\uc7a5\ud558\ub294 \uc8fc\uc81c\uc784\uc744 \ubc1c\uacac\ud588\ub2e4.<\/li>\n<li>\ub610 \ud558\ub098 \ud2b9\ud788 \uacbd\uae30\ud558\ub77d\uae30\uc5d0 \uc790\uc8fc \ub4f1\uc7a5\ud558\ub294 \ub3d9\uae30\ub294 \ud604\uae08\uc870\ub2ec\uc774\ub2e4. \ucd9c\ud310\ubb3c\uc5d0 \ub300\ud55c \ud034\ub4dc \ubd84\uc11d\uc5d0 \ub530\ub974\uba74, \ub9ce\uc740 \uae30\uc5c5\ub4e4\uc774 2020\ub144 \ud604\uae08\uc774 \uc99d\ubc1c\ud558\uace0 \ubd80\ucc44 \uc218\uc900\uc774 \ub208\ub369\uc774\ucc98\ub7fc \ubd88\uc5b4\ub098\uc790, \u2018\ubd80\ucc44\ub97c \uc0ad\uac10\u2019\ud558\uac70\ub098, \u2018\ubd80\ucc44\uc555\ubc15\u2019\uc5d0 \ub300\uc751\ud558\uac70\ub098, \u2018\uc7ac\ubb34\uc801 \uc720\uc5f0\uc131\u2019\uc744 \uac1c\uc120\ud574\uc57c \ud588\ub2e4.<\/li>\n<li>\uc790\uc0b0 \ud639\uc740 \uc0c1\ud669\uc758 \uc2ec\uac01\uc131\uc5d0 \ub530\ub77c, \ub9e4\uac01\uc744 \ud1b5\ud55c \ud604\uae08 \ucc3d\ucd9c \uac00\ub2a5\uc131\uc870\ucc28 \uc5c6\uc744 \uc218\ub3c4 \uc788\ub2e4. \uadf8\ub7f0 \uacbd\uc6b0, \uc790\uc0b0 \ub9e4\uac01\uc758 \uc8fc\ub41c \ub3d9\uae30\ub294 \ubbf8\ub798 \ud604\uae08\uc720\ucd9c\uc758 \ud544\uc694\uc131\uc744 \ud53c\ud558\ub294 \uac83\uc774\ub2e4.<\/li>\n<li>\uac00\uce58\uc2e4\ud604 \uc5ed\uc2dc \ud604\uae08\uc5d0 \uc911\uc810\uc744 \uc900 \ub3d9\uae30\uc774\uc9c0\ub9cc, \uc880 \ub354 \uae0d\uc815\uc801\uc778 \uc758\ubbf8\ub97c \uc9c0\ub2cc\ub2e4. \uc5b4\ub5a4 \uacbd\uc6b0\uc5d0\ub294, \ub9ce\uc740 \uc591\uc758 \ud604\uae08\uc744 \ud655\ubcf4\ud560 \uc218 \uc788\ub294 \uae30\ud68c\uac00 \uc18c\uc720\uc8fc\ub4e4\uc774 \uac70\uc758 \ud655\uc2e4\ud788 \ud575\uc2ec\uc0ac\uc5c5\uc778 \uac83\uc744 \ub9e4\uac01\ud558\ub3c4\ub85d \uc720\ub3c4\ud558\uae30\ub3c4 \ud588\ub2e4.<\/li>\n<li>\ub2e4\ub978 \ub3d9\uae30\ub4e4\ub85c\ub294 \uc138\uae08\ud6a8\uacfc, \uac15\ud654\ub41c \uaddc\uc81c\ubd80\ub2f4, \ud639\uc740 \uac00\uc871\uc18c\uc720\uae30\uc5c5\uc758 \uc2b9\uacc4 \ub4f1\uc774 \uc788\ub2e4.<\/li>\n<li>\ud589\ub3d9\uc8fc\uc758 \uc8fc\uc8fc\ub4e4\uc774\ub098 \ucc38\uc5ec\uc801\uc778 \uc8fc\uc8fc\ub4e4\uc740 \uc804\ub7b5\uc801 \ubaa9\ud45c\ub97c \ud558\ub098 \uc774\uc0c1 \ucd94\uc9c4\ud558\uae30 \uc704\ud574, \ud2b9\ud788 \ud2b9\uc815 \ube44\uc988\ub2c8\uc2a4\uc5d0 \uc9d1\uc911\ud558\uac70\ub098 \ubcf5\ud569\uae30\uc5c5 \ud560\uc778\uc744 \ud53c\ud558\uae30 \uc704\ud574, \uae30\uc5c5\uc758 \ub9e4\uac01 \uc2e4\ud589\uc744 \uc694\uad6c\ud560 \uc218\ub3c4 \uc788\ub2e4.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h5><strong><span style=\"font-size: 14pt;\">\ub9e4\uac01\uc740 \ud3c9\uade0\uc801\uc73c\ub85c \ub9e4\ub3c4\uae30\uc5c5\uc758 \uc8fc\uc8fc\ub4e4\uc5d0\uac8c \uac00\uce58\ub97c \ucc3d\ucd9c\ud55c\ub2e4<\/span><\/strong><\/h5>\n<ul>\n<li>\ub2e8\uae30 CAR\uc740 2016\ub144 0.23%\uc758 \uc800\uc810\uc5d0\uc11c 2021\ub144 \uc0c1\ubc18\uae30 0.74%\ub85c \uae09\ub4f1\ud588\ub2e4.<\/li>\n<li>2\ub144 \uc0c1\ub300\uc801 RTSR\uc740 2014\ub144 \ubc1c\ud45c\ub41c \uac70\ub798\uc5d0 \ub300\ud574 1.5%\uc5d0\uc11c 2019\ub144 \ubc1c\ud45c\ub41c \uac70\ub798\uc758 \uacbd\uc6b0 4%\ub85c \uc0c1\uc2b9\ud588\ub2e4.<\/li>\n<li>\ucca8\ub2e8\uae30\uc220\uacfc \ubbf8\ub514\uc5b4 \ubc0f \uc5d4\ud130\ud14c\uc778\uba3c\ud2b8\uc640 \uac19\uc740 \ud654\ub824\ud55c \uc0b0\uc5c5\uc5d0\uc11c\ub294 CAR\uc740 \ub192\uc9c0\ub9cc RTSR\uc740 \ub0ae\uac70\ub098 \uc2ec\uc9c0\uc5b4 \ub9c8\uc774\ub108\uc2a4\uc778 \ubc18\uba74, \ubcf4\ub2e4 \uc548\uc815\ub41c \uc0b0\uc5c5\uc5d0\uc11c\ub294 \uadf8 \uad00\uacc4\uac00 \ubc18\ub300\uc774\ub2e4. \uc5b4\ub5a4 \uacbd\uc6b0\uc5d0\ub294 \ucd08\uae30\uc5d0\ub294 \ud22c\uc790\uc790\uac00 \uae30\uc5c5\uc758 \u2018\uc9c0\ubc29\u2019 \uc81c\uac70\ub97c \uc751\uc6d0\ud558\uc9c0\ub9cc, \uc774\ud6c4\uc5d0 \uc774 \ub9e4\uac01\uc774 \uac00\uce58 \ucc3d\ucd9c \u2018\uadfc\uc721\u2019\uc744 \uc81c\uac70\ud558\ub294 \uac83\uc774\ub77c\uace0 \uc0dd\uac01\ud558\ub294 \uac83\ucc98\ub7fc \ubcf4\uc778\ub2e4.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h5><strong><span style=\"font-size: 14pt;\">\ub9e4\uac01 \ub300\uc0c1, \uc2dc\uae30, \ubc29\ubc95\uc5d0 \ub300\ud55c \uc62c\ubc14\ub978 \uacb0\uc815\uc740 \uc218\uc775\ub960 \ud5a5\uc0c1\uc744 \ucd09\uc9c4\ud55c\ub2e4<\/span><\/strong><\/h5>\n<ul>\n<li>\ube44\ud575\uc2ec \uc790\uc0b0 \uadf8\ub9ac\uace0\/\ud639\uc740 \ubd80\uc2e4\uc790\uc0b0\uc744 \ub9e4\ub3c4\ud558\ub294 \uac83\uc774 \uac00\uc7a5 \ud070 RTSR\uc744 \ucc3d\ucd9c\ud55c\ub2e4. \uc774 \uac19\uc740 \ub9e4\uac01\uc744 \ud1b5\ud574 \ud604\uae08\uc744 \ud655\ubcf4\ud558\uace0, \ubcf5\uc7a1\uc131\uc744 \uc904\uc774\uba70, \uc131\uc7a5\uacfc \ub9c8\uc9c4 \ud504\ub85c\ud544\uc744 \uac1c\uc120\uc2dc\ud0ac \uc218 \uc788\ub2e4.<\/li>\n<li>\uc2dc\uc7a5 \uc0c1\ud669\uc774 \uc88b\uc544 \ub354 \ub098\uc740 \uacbd\uc81c\uc804\ub9dd\uc774 \ucd09\uc9c4\ub418\uace0,\uc774\ub85c\uc778\ud574 \ub9e4\ub3c4\uc790\uc758 \ud611\uc0c1\ub825\uc774 \ub354 \ud074 \ub54c \ub9e4\uac01\uc744 \ud1b5\ud574 \ub192\uc740 \uc218\uc775\ub960\uc744 \uae30\ub300\ud560 \uc218 \uc788\ub2e4. \ub610\ud55c \ud22c\uc790\uc790\ub4e4\uc740 \ub9e4\ub3c4\uae30\uc5c5\uc774 \ud604\uae08\uc744 \uc62c\ubc14\ub974\uac8c \uc0ac\uc6a9\ud558\uae30\ub97c \ubc14\ub77c\uae30 \ub54c\ubb38\uc5d0, RTSR\uc740 \uae30\uc5c5\uc758 \ubd80\ucc44 \uc218\uc900\uc5d0 \ub530\ub77c \uc99d\uac00\ud568\uc774 \ud655\uc778\ub410\ub2e4.<\/li>\n<li>2\ub144 RTSR \uae30\uc900\uc73c\ub85c\ub294, \ubd84\uc0ac\uac00 \uac00\uc7a5 \ub9e4\ub825\uc801\uc778 \ucd9c\uad6c \uc804\ub7b5\uc774\uba70 \uadf8 \ub4a4\ub97c \uc9c1\uc811\ub9e4\uac01\uacfc IPO\uac00 \uc787\uace0 \uc788\ub2e4. \ubd84\uc0ac\ub294 \ubcf5\uc7a1\ud558\uace0, \ubcf8\uc9c8\uc801\uc73c\ub85c \ub9ac\uc2a4\ud06c\uac00 \ub192\uae30 \ub54c\ubb38\uc5d0 \uc758\uc0ac\uacb0\uc815\uc790\ub4e4\uc740 \uc774 \uac70\ub798\ub97c \ub9e4\uc6b0 \uce58\ubc00\ud558\uac8c \uac80\ud1a0\ud55c\ub2e4. \ub530\ub77c\uc11c, \uc2e4\ud589\ub41c\ub2e4\uba74 \uc131\uacf5\uac00\ub2a5\uc131\uc740 \ub354 \ub192\uc544\uc9c4\ub2e4. \uae30\uc5c5 \ub9e4\uc218\uc790\uc5d0\uac8c \uc9c1\uc811\ub9e4\uac01\ud558\ub294 \ubc29\uc2dd\uc740 \uae08\uc735 \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \ub9e4\uac01\ud558\ub294 \uac83\ubcf4\ub2e4 \uc218\uc775\ub960\uc774 \ub354 \ub192\uc740\ub370 \uadf8 \uc774\uc720\ub294 \uae30\uc5c5 \ub9e4\uc218\uc790\ub4e4\uc740 \uc2dc\ub108\uc9c0\ud6a8\uacfc\uc5d0 \ub300\ud574 \ube44\uc6a9\uc744 \uc9c0\ubd88\ud560 \uc758\uc0ac\uac00 \ub354 \ud06c\uae30 \ub54c\ubb38\uc774\ub2e4.<\/li>\n<li>\uc0c1\ub300\uc801\uc73c\ub85c \uc790\uc8fc \uc790\uc0b0\uc744 \ub9e4\ub3c4\ud558\ub294 \uae30\uc5c5\ub4e4\uc774 \uacbd\ud5d8\uc774 \ubd80\uc871\ud55c \ub9e4\ub3c4\uae30\uc5c5\ub4e4\uc5d0 \ube44\ud574 RTSR\uc774 \ub354 \ub192\ub2e4.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h5><span style=\"font-size: 14pt;\"><strong>\ubcf5\uc7a1\ud55c \uce74\ube0c\uc544\uc6c3\uc740 \uc790\uc6d0 \uc9d1\uc57d\uc801\uc774\uba70 \ube44\uc6a9\uc774 \ub9ce\uc774 \ub4e0\ub2e4<\/strong><\/span><\/h5>\n<ul>\n<li>\uc131\uacf5\uc801\uc778 \ub9e4\uac01\uc744 \uc704\ud574\uc11c \ub9e4\ub3c4\uc790\ub294 \ud574\ub2f9 \uc0ac\uc5c5\uc744 \ubaa8\ud68c\uc0ac\uc5d0\uc11c \ubd84\ub9ac, \uc989 \uce74\ube0c\uc544\uc6c3\ud558\uae30 \uc704\ud55c \uc900\ube44\ub97c \ud574\uc57c \ud55c\ub2e4.<\/li>\n<li>\ucd5c\uadfc \uba87 \ub144\uac04, 50% \uc774\uc0c1\uc758 \ub300\ud615 \uce74\ube0c\uc544\uc6c3 \uae30\uc5c5\ub4e4\uc774 \ud575\uc2ec\uae30\ub2a5\uacfc \uad00\ub828\ud55c \uacc4\uc57d \ub4f1 \uc804\ud658 \uc11c\ube44\uc2a4\uacc4\uc57d\uc744 \ud1b5\ud574 \uc774\uc804 \ubaa8\ud68c\uc0ac\uc5d0\uac8c \uc9c0\uc6d0\uc744 \uc694\uad6c\ud558\uace0, \uc0dd\uc0b0\ubd80\uc9c0 \ubc0f \uae30\ud0c0 \uc124\ube44\ub97c \uc9c0\uc18d\uc801\uc73c\ub85c \uacf5\uc720\ud588\ub2e4.<\/li>\n<li>\ubcf5\uc7a1\ud55c \uce74\ube0c\uc544\uc6c3\uc5d0\ub294 \ub9ce\uc740 \ub300\ub0b4\uc678 \uc778\ub825\uc774 \ud544\uc694\ud558\uba70 \ub208\uc5d0 \ubcf4\uc774\ub294 \uace0\ubb38 \uc218\uc218\ub8cc \uc678\uc5d0\ub3c4 \ub2e4\uc591\ud55c \ube44\uc6a9\uc774 \uc218\ubc18\ub418\uae30 \ub54c\ubb38\uc5d0, \uae54\ub054\ud55c \ubd84\ub9ac\ub97c \uc2e4\ud589\ud558\ub294 \uac83\uc740 \ub9e4\uc6b0 \uc5b4\ub824\uc6b4 \uc77c\uc774\ub2e4.<\/li>\n<li>\ub204\uc801 \uc77c\ud68c\uc131 \uc804\ud658\uc11c\ube44\uc2a4\ube44\uc6a9\uc740 \ub9e4\uac01\ub41c \uc0ac\uc5c5 \uc218\uc775\uc758 \uc57d 1%\uc5d0\uc11c 5%\uc5d0 \uc774\ub974\uae30\uae4c\uc9c0 \ub2e4\uc591\ud558\ub2e4. \uac70\ub798 \uaddc\ubaa8 \ub300\ube44 \uac00\uc7a5 \ud6a8\uc728\uc801\uc778 \uacbd\uc6b0\uacfc \ube44\uc6a9\uc774 \ub9ce\uc774 \ub4e0 \uacbd\uc6b0 \uac04\uc758 \uaca9\ucc28\uac00 \uc0c1\ub2f9\ud574, \uadf8 \ubc94\uc704\ub294 \uac70\ub798\uac00\uce58\uc758 0.5%\ubbf8\ub9cc\uc5d0\uc11c 15% \uc774\uc0c1\uc774\ub2e4.<\/li>\n<li>\uc88c\ucd08 \ube44\uc6a9\uc740 \ubcf4\ud1b5 \uce74\ube0c\uc544\uc6c3 \uae30\uc5c5 \uc218\uc775\uc758 3%\uc5d0\uc11c 7% \uc815\ub3c4\uc774\ub2e4. \uc774\ub97c \uc81c\uac70\ud558\uac70\ub098 \uc904\uc774\uae30 \uc704\ud574\uc11c\ub294 \uc0c1\ub2f9\ud55c \uad6c\uc870\uc870\uc815 \ub178\ub825\uc774 \ud544\uc694\ud55c \uacbd\uc6b0\uac00 \ub9ce\ub2e4.<\/li>\n<li>\ucd5c\uadfc BCG\uac00 \uc8fc\uc694 M&amp;A \ubc0f \uce74\ube0c\uc544\uc6c3 \uc2e4\ubb34\uc790\ub4e4\uc744 \uc870\uc0ac\ud55c \ubc14\uc5d0 \ub530\ub974\uba74, \uce74\ube0c\uc544\uc6c3\uc774 \uc2e4\ud328\ud558\ub294 3\ub300 \uc694\uc778\uc740 \ubd88\ubd84\uba85\ud55c \uc804\ub7b5\uc801 \uc124\uacc4, \uc5ed\ub7c9\uc81c\ud55c \ubc0f \ud575\uc2ec \uc778\uc7ac \ubd80\uc7ac, \ub9e4\ub3c4\uce21 \uc124\uacc4 \uacc4\ud68d\uacfc \ub9e4\uc218\uce21 \ud1b5\ud569\ud544\uc694\uc131\uc758 \ubd88\uc77c\uce58\uc600\ub2e4.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h5><strong><span style=\"font-size: 14pt;\">\uc131\uacf5\ud558\uae30 \uc704\ud574\uc11c\ub294 \ub2e4\uc591\ud55c \uc758\ubb34\uc0ac\ud56d\uc744 \uc900\uc218\ud574\uc57c \ud55c\ub2e4<\/span><\/strong><\/h5>\n<ul>\n<li>\uac70\ub798 \uc804\uccb4\ub97c \ud1b5\ud574 \ucd5c\ub300\uac00\uce58\ub97c \ucc3d\ucd9c\ud558\ub294 \uac83\uc5d0 \uc9d1\uc911\ud558\ub77c.<\/li>\n<li>\uc138\ubd80\uc0ac\ud56d\uc744 \uac04\uacfc\ud558\uc9c0 \ub9c8\ub77c. 80:20 \uc811\uadfc\ubc95\uc740 \ucda9\ubd84\ud558\uc9c0 \uc54a\uc744 \uc218 \uc788\ub2e4.<\/li>\n<li>\uc778\uc0ac\ubb38\uc81c\uc640 \uc804\ubc18\uc801\uc778 \ubcc0\ud654 \ubc0f \uc18c\ud1b5 \ud504\ub85c\uc138\uc2a4\ub97c \uba74\ubc00\ud788 \uad00\ub9ac\ud558\ub77c.<\/li>\n<li>\uce74\ube0c\uc544\uc6c3 \uacfc\uc815\uc5d0 \uc9d1\uc911\ud560 \ub54c\uc5d0\ub3c4, \ube44\uc988\ub2c8\uc2a4\uac00 \uacc4\uc18d\ud574\uc11c \uc6b4\uc601\ub418\uace0 \ub354\uc6b1 \ubc1c\uc804 \ubc0f \uc131\uc7a5\ud558\ub3c4\ub85d \uc9c0\uc6d0\ud558\ub77c.<\/li>\n<li>\ud504\ub85c\uc81d\ud2b8 \uc870\uc9c1\uc740 \uac04\uc18c\ud558\uc9c0\ub9cc \uc870\uc9c1 \ub0b4\uc5d0\uc11c \ucda9\ubd84\ud55c \uc5f0\uacf5\uc11c\uc5f4\uacfc \uc601\ud5a5\ub825\uc774 \uc788\ub294 \uacbd\ud5d8 \ub9ce\uc740 \uc9c1\uc6d0\ub4e4\ub85c \uad6c\uc131\ub418\ub3c4\ub85d \ud558\ub77c.<\/li>\n<li>\uce74\ube0c\uc544\uc6c3 \uc608\uc0b0\uc744 \uc885\ud569\uc801\uc73c\ub85c \uacc4\ud68d\ud558\uace0 \ud504\ub85c\uc138\uc2a4 \uc804\uccb4\uc5d0 \ub300\ud574 \uc774\ub97c \ucca0\uc800\ud788 \ucd94\uc801 \ubc0f \uad00\ub9ac\ud558\ub77c.<\/li>\n<li>\uc88c\ucd08 \ube44\uc6a9\uc744 \uc870\uae30\uc5d0 \ucca0\uc800\ud788 \ud574\uacb0\ud558\uba70, \uc774 \uacfc\uc815\uc744 \ud1b5\ud574 \ubaa8\ud68c\uc0ac\uc758 \uc6b4\uc601\ubaa8\ub378\uc744 \uc810\uac80\ud558\uace0 \ube44\uc6a9\uad6c\uc870\ub97c \uc7ac\uc124\uc815\ud560 \uc218\ub3c4 \uc788\ub2e4.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.bcg.com\/publications\/2021\/m-and-a-report-mastering-the-art-of-breaking-up\" target=\"_blank\" rel=\"noopener\">\uc6d0\ubb38(\uc601\uc5b4) \ubcf4\ub7ec\uac00\uae30<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/bcgblog.kr\/wp-content\/uploads\/2021\/12\/21.-12-The-2021-MA-Report_TS-Final_211213.pdf\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4115 size-full\" src=\"https:\/\/bcgblog.kr\/wp-content\/uploads\/2021\/05\/\ub808\uc774\uc5b4-1-2-100.jpg\" alt=\"\" width=\"180\" height=\"51\" title=\"\"><\/a><\/p>\n<p><a href=\"\/newsletter\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2753\" src=\"https:\/\/bcgblog.kr\/wp-content\/uploads\/2020\/10\/BCG\ub274\uc2a4\ub808\ud130\uad6c\ub3c5\ud558\uae30\ucd08\ub85d\ubc30\uacbd.png\" alt=\"\ub274\uc2a4\ub808\ud130 \uad6c\ub3c5\ud558\uae30\" width=\"180\" height=\"50\" title=\"\"><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2021\ub144 M&#038;A \ubcf4\uace0\uc11c\uc5d0\uc11c\ub294 \uae30\uc5c5 \ubd84\ud560\uc758 \uac00\uce58 \ucc3d\ucd9c \uc7a0\uc7ac\ub825\uacfc \uc218\uc775\uc744 \ud655\ubcf4\ud560 \uc218 \uc788\ub294 \ubc29\ubc95\uc5d0 \ub300\ud574 \uc0b4\ud3b4\ubcf8\ub2e4. \ucf54\ub85c\ub09819 \ud32c\ub370\ubbf9\uc758 \uc601\ud5a5\uc5d0 \ub300\uc751\ud558\ub294 \uacfc\uc815\uc5d0\uc11c \uae30\uc5c5 \ubd84\ud560\uc740 \ud604\uae08\uc744 \uc870\ub2ec\ud558\uace0, \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \ucd5c\uc801\ud654\ud558\uace0, \uadf8 \uc678 \ub2e4\uc591\ud55c \uae30\uc5c5 \ubaa9\ud45c\ub97c \ub2ec\uc131\ud558\uae30 \uc704\ud55c \uc911\uc694\ud55c \ub3c4\uad6c\uac00 \ub418\uace0 \uc788\ub2e4.<\/p>\n","protected":false},"author":1,"featured_media":4700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[197,172],"tags":[196],"class_list":{"0":"post-4697","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-strategy","8":"category-capability","9":"tag-196"},"_links":{"self":[{"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/posts\/4697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/comments?post=4697"}],"version-history":[{"count":4,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/posts\/4697\/revisions"}],"predecessor-version":[{"id":4834,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/posts\/4697\/revisions\/4834"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/media\/4700"}],"wp:attachment":[{"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/media?parent=4697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/categories?post=4697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bcgblog.kr\/wp-json\/wp\/v2\/tags?post=4697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}