Դϴ. ̷ Ẽ ͽϴ.
Less is more̸, 2004-12-27
μպ(M&A) 巯 , ȸ ڷ ̷ο ȸ ϰ ֽϴ. ۿ ϰ , (economic goodwill) ȸ (accounting goodwill) ̰ ڿ ĥ ô.
(Goodwill)
̶ ĺҰ ڻ, ٸ ȸ纸 â ִ ɷ ڻ ľ Դϴ. 巯 μպ Դϴ. , ϴ ȸ ġ ȭϰ ĺϴ ϱ 繫ǥ Ȯ ϴ.
, μպ ȸ Ÿ Ǵ ϰ ˾ ô.
Aȸ簡 Bȸ縦 μպմϴ. Bȸ縦 ְ ұ? ֽڿ ְ ϴ Ͱ ̷ 100% (Ǵ 濵 Ȯ ִ ) ְ ΰ Դϴ. ̰ ִٸ 濵ǿ ̾ ΰ , ȸ 10ָ , 10% Ǵ 100% ġ ٸ ϴ.
ȸ縦 ġϴ ֽϴ. ϰԴ Ͻ 迡 ȸ ִ ֽϴ. ٸ ȸ簡 10迡 ȸ ִٸ, ȸ Ϳ 10 ؼ ٴ Դϴ. PER ̿ ְ , ̼ شմϴ. ϱ ȸ ̶ '' ڸ ġ Ѵٴ Ͻ ġ ݿϱ ư ֽϴ.
ٸ δ DCF ֽϴ. 簡ġ ߴ ó Ͻ ӱⰣ â 帧 簡ġ ȯؼ ϴ Դϴ. 帧̶ ǻ ڸ Ѵٴ ִ ̷ 帧 ġ ִٴ ϴ ƴٴ 鿡 ȮǼ ֽϴ.
, ġ Ȯ ȮεǴ ڻ ̼ ֽϴ. ڻ 忡 Ȯε ֱ ξ Ȯ մϴ. 쵵 Ͻ ġ ΰġ 찡 ΰġ 尡ġ ϰ ū 찡 ƴ϶ ΰġ Ͻ ϴ ϴ.
̻ ֽϴٸ, μȸ簡 μȸ縦 ̼ ߵ ΰġ ̻ ְ νؾ ϴ° ϴ. ȸδ ĺ ڻ(-ä) ġ Ѱ κ ̶ ڻ , ٸ ڻó ̸ ˴ϴ. ڼ ˾ ô.
ż(purchase method) vs Ǯ(equity pooling method)
μպ ȸ ũ ֽϴ. ϳ μȸ ڻ ä, ں μϴ ȸ ڻ, ä, ں ״ ܼ ջϴ Ǯ(equity pooling method)Դϴ. ٸ ϳ, μȸ縦 ٸ Ϲ ڻ ϴ Ͱ , ü μ ȸ ڻ , ڻ ̻ ż(purchase method) ֽϴ.
̱ ż Ǯ ϴ 缭 ϸ ˴ϴٸ 츮 κ ż մϴ. , ̱ μϴ ȸ 濵ڴ Ǯ ȣϴ 巯 ϴ. ̰ ż պ ȸ ֱ ˴ϴ. ڻ ̻ ְ ż ϵǾ ϰ, ļ Ǹ鼭 ؼ ߰ ˴ϴ. ż , ڻ ΰġ ū ϵʿ Ŀ ֽϴ. Ƿ 濵ڴ պ ū ִ Ǯ ȣ ִ Դϴ. , ڴ ȸ ó ִ ״ ϴ. Hong, Kaplan, Mandelker 1978 ǥ ż ȸ簡 Ǯ ȸ纸 պ ְ Ÿ Դϴ.
· ż Ǵ (negative goodwill; badwill) Ÿ ǰ ̰ λ ڿ ǻ Ÿ ũ ֽϴ. , ȸ ǰ ݴ ֱ Դϴ. ȸδ Ǿ ߴµ δ Ͻ 帧 â ɷ Ŀ Դϴ. ڸ, ڿ ؼ, ̶ մϴ.
(Economic Goodwill)
ȸδ ٸ ڻó 뿬(Ȯ) ° ű Ǿ ϴٸ δ ʰͷ ð Ŀ 찡 ϴ.
̰Ϳ 1983 ִ Ʈ ũŰ μ See's Candies ʸ 鼭, ȸ ǰ ִ, ̸ í ִ ȸ ̾ ְ ص ū Ǵ ְ ϰ ֽϴ.
ũ ȸ Ĩ ƽ(Blue Chip Stamps) 1972 ĵ 2500 մϴ. ĵ ڻ ΰġ 800 Ұ߽ϴ. ΰġ 800 Ұ ȸ縦 ΰġ 3 ̻ ְ ? ĵ 200 ߽ϴ. , ROE 200/800 = 25% ߴ Դϴ. ó ٸ ִ ʰͷ ־ 12 ̻, ΰġ ̻ Ǿ Դϴ. ĵ μ Ĩ ƽ, ĵ ڻ, ä, Ÿ ڻ ģ 800 ʰؼ 1700 ǥ ڻ ų 425,000 40 ˴ϴ.
1700 ߴ ̳ , ڻó ð ġ ϶ϰ ɱ? , ڻ갡ġ Ҹ ݿϱ ų Ͻ ǻ ݿ Դϴ.
ĵ ڻ âߴ ٽ 漺 â ִ ʴ ɷ¿ ־ϴ. ĵ þ, ĵ Ŀ ̰, 귣, ݰɷ ˴ϴ. , ð 带 ġ پ ƴ϶ ݴ ġ Ŀ ִ Դϴ.
Less is More!
ϴ. ĵ 1983 ̸, 1100 net operating asset 2700 âմϴ. 1995 ܿ 500 net operating asset 5000 ϴ. , ð Ӹ ƴ϶ ڻ꿡 ϴ پ Դϴ. Ŀ .
ȸ GAAP(ȸ) Ǿ ϴ. λ ϵǰ ִ ġ 簡ġ Դϴ.
ִ κ ⼭Դϴ.
, ĵ Ȱ 200 ִ ȸε ΰġ 1800 ' ĵ' ȸ簡 ִٰ ô. ĵ ΰ ݿ ŷǾ ĵ ̾ Դϴ. ֳϸ ROE 200/1800 = 11% Ұؼ ٸ Ͻ ʰͷ ٰ ֱ Դϴ. Ƹ, ؾ ΰġ , 1800 ŷ Դϴ. ĵ ΰġ 3谡 Ѵ 2500 ġ ִµ .
̻ ?
ؼ Ȱ ȸ ΰġ ȸ簡 ΰ ŷ ? Ŵ ϰ ִ ϱ?
ʽϴ. "Less is more." Ǵ, ÷̼ 2 ô.
Ը Ŀ ÷̼ Ǹ鼭 ǰ 2 , ĵ ĵ ϱ ؼ 400 ־ մϴ. ̰ ٸ ǰ øν ֽϴ. , 400 ؼ, ڻ꿡 ڵǴ 200 2 Ŀ Ѵٴ ֽϴ. 忡 ڻ̳ ä ϴ 2 Դϴ. ʰ ̳ , , ǹ ں 뵵 õõ 2迡 Դϴ. Ǵ 2谡 þ 400 , ROE ϰ ִ Դϴ.
ٷ ⼭ ڻ ϰ â ִ ĵ ȸ 巯 մϴ. 400 ϱ , ĵ 800 ϸ ˴ϴ. ݸ鿡 ĵ 1800 ؾ մϴ. ÷̼ 2迡 ̸, ĵ ΰġ 1600 ų 400 ̰ ִ Ͻ ǰ, ĵ ΰġ 3600 400 ̴ Ͻ ˴ϴ.
, ĵ ʰͷ ΰ 迡 ŷǰ ̹Ƿ 5000 ġ ǰ, ĵ ΰ ŷǰ ̹Ƿ 3600 ŷ Դϴ. ĵ ΰ 800 ؼ (5000-2500)= 2500 ŭ 尡ġ Ŀ Դϴ. , ĵ ڵ 1 3 Ŀ 3 ˴ϴ. ̿ , ĵ 1800 ؼ (3600-1800)=1800 ŭ ġ ĿǷ, ᱹ 1 ־ θ 1 Ǿ ˴ϴ. 2 ĵ 1 3 , ĵ 1 ״ 1 ǵ ִ Դϴ.
í(franchise) ִ Ѵ
Ƿ, ũ âϴ ں ϴ, ROE Ͻ ݿ ŷǴ Ǵ Դϴ. ̶ ڻ ϸ âǴ ξ ġ ū Դϴ. װ Ͻ ÷̼ κ ξ Ӹ ƴ϶ ڻ꿡 ԵǴ ݰɷ , ÷̼ ΰϸ ũ ֱ Դϴ.
̷ Ͻ, νϴ ġ ΰ ִ 귣 Ͻ ' í' þ ̷ ̾߸ ֻ ó Ҵ Դϴ.
ó
http://www.emh.co.kr/xhtml/economic_goodwill_franchise.html
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ణ б ϴٸ,
ʰͷ̶ ġ ʾƾ ְڱ.
' ں ϰ Ͻ'Դϴ.
ROE 20% ROE 10% ̴ 100 ROE 20%ھ 10% ھ ι質 شٴ ̰̾߱.. Ͻ ø ؼ Ϻ ͷ .. ̷ ̾߱.
Դٰ ݵ ڸ ؾ ϱ ڸ ְ ô̳ ϴ. ͷ ںȿ ں ȸⰣ ˴ϴ. Ŭ ª ̶ 忡 Ǵ ӵ ô .
ͷ ڸ øų ϸ û ġ þڱ.
ڻ갡ġ | 5% λ ڻ갡ġ | ÷̼ 4% ڱݾ | ROE 20% | ROE 10% | |
1 | 100000 | 1000 | 20000 | 10000 | |
2 | 101004 | 95953.8 | 1004 | 20200.8 | 10100.4 |
3 | 102012 | 96911.4 | 1008 | 20402.4 | 10201.2 |
4 | 103024 | 97872.8 | 1012 | 20604.8 | 10302.4 |
5 | 104040 | 98838 | 1016 | 20808 | 10404 |
6 | 105060 | 99807 | 1020 | 21012 | 10506 |
7 | 106084 | 100779.8 | 1024 | 21216.8 | 10608.4 |
8 | 107112 | 101756.4 | 1028 | 21422.4 | 10711.2 |
9 | 108144 | 102736.8 | 1032 | 21628.8 | 10814.4 |
10 | 109180 | 103721 | 1036 | 21836 | 10918 |
ں ̾Ƴ ..
ϴٰ Ӹ ϰ ƽϴ.
SDI ROE ڱġ 20% Ǵ Ȯ ϴ
س ƴƴ ִ Դϴ.
̸ ڽϴ. ¼ ڽϴ. ˻غ µ...
¿찣 Ʈ ۵ Ϸ ϰ - Ư .- ̷ ̸濵 ϴ.
ι ִ Ƽ ̿ ۵鵵 ٰ ð ϴ.
̱ ĵ ʹ ϴ.
å ȸ簡 ȭ ִ.
ϴ. ΰ..
̱ο ȾƼ ȳ ϴ. ^^;