PBR ȿ - "ڴ ص 3 "
Fama French ȿ 尡 뺧 1992 ' Ⱦܸ м'̶ ȿ 尡 ϴ ؼ縦 Ѵ. 1970 ȿ 尡 20 ɼ ΰ ȴ. PBR ϴ ͺ Ȯ ִٴ ߴ. PBR 10 Ʈ Ͽ 1963 7 1990 12 ڼͷ ڼ PBR Ʈ Ͽ.
PBR Ʈ 1.65% ϴ ݸ ְ PBR Ʈ 0.72% Ͽ 2 ̻ ͷ ̰ Ѵ. ͷ ȯϸ PBR 21.7% , ְ PBR 9% Ѵ.
ָ ̸Ӵ ڹ ̾ ڱ ϴ ùķ̼ õϿ. 1970 12 31Ϻ 1983 12 31ϱ 13 ִ ڻ ġ 66%Ͽ ŷǴ ֽĿ Ͽ ų üϴ Ʈ غ ռ 29.4%, ռͷ 11.5% 18%̻ ʰ Ͽ.
PBR ̿ ǹ̴ ΰ?
PER PBR ְ 繫ǥ Ÿ ǥ̴. PER ְ EPS(ִ) , PBR ְ BPS(ִڻ) Ÿ. EPS Ͱ꼭 ؼ BPS ǥ ؼ ȴ. ᱹ PER Ͱ꼭 PBR ǥ ؼ ϴ.
⼭ 츮 ǥ Ͱ꼭 ǹ̸ غ ʿ䰡 ִ.
ǥ Ͱ꼭 ū ȸ̿ڿ ϴµ ִ. ȸ̿ Ư ڿ ġ ǹѴ. ġ ̷ â 帧 簡ġ ǥǴµ ̷ â 帧 ϱ ؼ ٷ ǥ Ͱ꼭 ʿϴ.
ǥ Ͱ꼭 Ÿ. ǥ ? 츮 ε ̾߱ϴ 찡 . ̷ ݿ ǥ Ͱ꼭̴.
ǥ 츮 (ȸδ ڻ) ǥϸ Ͱ꼭 츮 (ȸδ ) Ÿ. ᱹ ̷ ڰ Ǵϱ ؼ ִ.
PBR ᱹ ڿ ϶ ̴. ؼ ؼ 2002 ִڻ 9400 ȸϴ ݸ 2003 11 ְ 2200 ȵȴ. PBR 0.23̴.
ؼ ڻ걸 ַ ǹ(100) (700) ֽ(250) Ǿ ũ. ٽ ؼ PBR 0.23̶ ǹ̴ ΰġ 77% ε ݿ ŷ ǹѴ. ؼ ΰġ 940¥ ǹ ֽĽ忡 220£ 77% ε ݿ ŷ ǹѴ.
PBR ڿ ؾ
ù° ڻ ̴. ؼ ǹ̳ Ǿ â ó鿡 ַ Ǿ ִ. ̶ ڻ â ڻ ̸ ڻ ٰ ִ. ڻ ڹ ̾ ó ڻ̳ ڻ꿡 ڻ̴. ѱ Ȳ ε ڻ̴.
° Ͱ ̴. ڻ갡ġ ְ ڻ ͱ ϴ 찡 . ᱹ ƹ ڶ ϴ ڴ ڻ 鼭 Ȱ ؾ ϰ ̷ ΰġ 尡ġ Ǵ ڸϴ. ̷ Ȳ Ȯϰ ̷ ΰġ(EVA) ̴.
ڴ ص 3 ٴ Ӵ ִ. ȯ ε žȸ Ǽȸ ڻ ǻ Ͼ带 ϰ ִ.
ڿ ִ. ߽ Ʈ ߽ ̴. ߽ ڸ ȣϴ Ʈ Z 츦 ִ. ڻ߽ ڸ ȣϴ ̳ ؼ 츦 ִ. ǥ ڻ߽ ڴ ڹ ̶̾ ִ. ڻ߽ ڿ ߽ ڷ ȯ ߴٰ ִ.
ֽڸ Ȥ ȥ ϱ Ѵ. , ƴϸ ̷ ˸Ǵ 谡 ȥ ΰ. ̴. ٸ ô볪 Ȳ Ѵ. ڿ ȥϷ .
̹
( 4)