* SO(System
Operator, ۻ) – ̺TV ڿ PP α ̺
. Կ ̺TV ŷ, , ġ , 뿩, ͳ .
) ̺TV, ̺TV , ̺
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* PP(Program
Provider, äλ) – ̺TV α /Ͽ SO ؼ
. Կ , ̺TV ŷ, (α) Ǹ )KMTV, Mnet, CJ Ȩ, LG Ȩ, YTN, Tooniverse,
OCN
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* NO(Network
Operator, ۸ ) – ̺ SO ̺TV ̸ .
Կ ۸ . )KT, Ŀ
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츮 мϷ
ѱTV з PP մϴ. PP ѱTV / α Ͽ ̰ й
̺TV SO SO ̰ KT Ŀ NO ̺ TV ڿ մϴ. ̰ ٷ 츮 ̺TV
Ǵ Դϴ.
PP ̺TV
ڰ ŷ κ SOκ ް α ̿ ַκ Ḧ ϴ. ַ
ŷẸ Ůϴ. SO ڷκ ŷḦ ް, ϴ. ͳ ؼ ͳ ε
Դϴ. NO SOκ ۸ Ḧ Ƽ ϴ.
ѱTV
1999 , 2000 ʿ / ͳ Ͽϴ. ٰ 2000 5 PP(äλ)
ް, ѱŹ ü 2000 9 ̺TV Ͽϴ. 2001 (KDB)äλڷ
Ǿ 2002 3 SkyLife Ͽ ֵ ι ̺TV, , ͳ Դϴ.
ϴ
PPμ ѱTV / α ؼ SO , 밡 α ŷḦ
¶ ˾ νð, ڼ Ʒ ϵ ϰڽϴ.
.
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̺TV 1995 53 SO 29
PP, 2 NO ü ߽ϴ. 1991 ۹ ̺TV SO, PP, NO ϰ
ڰ / سұ ʾҰ 翬 ̺TV 忡 ū ȭ ϴ.
1999 ۹ 2000 3 ۹ ġ鼭 ȯ ũ ٲ ̺TV
ü ϰ Ǿϴ.
2000 ۹ ̺TV ȭδ ũ
ֽϴ.
ù°, RO(Relay Operator, ߰ۻ) SO ȯ
ְ Ǿϴ. RO ̺TV ϱ 츮
ϴ ߰ۻڸ ϴ Դϴ. RO(߰ۻ) SO(ۻ) ȯѴٴ
ſ ū ǹ̸ ϴ. ֳϸ SO ϳ ۿ ϰ ־µ, RO SO ȯϰ
Ǹ 2 SO ǰ, װ ΰ ü ؾ Ѵٴ ϱ Դϴ. ̺TV
ü ̺TV ڰ þν Ȯǰ, PP忡 û ŷ ϰ, ְ
ְ, SO忡 ؿ 忡 ű SO ؾ ϱ ͼ ˴ϴ.
۹ 2001 4 1 SO 33 RO SO ȯϰ,
2002 11 2 SO 9 ߰ ȯν SO μպ ̷ ֽϴ.
°, 2001 äλ(PP) ٲϴ.
㰡/ ؼ ־ äλ ٲ PP ǵ ۹ 5 ̻ ںݰ ,
, ü Ϻ ڴ ֵ ȭν 庮 ϴ.
̰ ̺TV 忡 ū ȭ µ, ȯ PP ڴ
ް þµ SO ִ ä 60 ܷ Ǿ Ƿ (450MHz~750MHz 뿪 ̿ϴ ̺TV
۸ Ư 60 äθ ) SO ڻ α ϱ PP ̷ ǰ, ڿ ä
SO ˴ϴ.
2001 SO ä ǹϰ ̺TV ⺻ ŷ
ϰ SO 52.5%, PP 32.5%, NO 15% еǾ, PP ڰ ä ǹ
ǰ 2002ʹ ̺TV ŷ SO PP ȯǾϴ.
°, ̺TV ڰ / տ ȭǾϴ.
1999 ۹ SO, NO, PP / Ǿ 1999 ۹ 2000 ۹
۹ 8 ǰϿ / ϰ Ǿϴ.
̷ ȭ ̺TV 忡 MSO(Multiple
System Operator, ۻ), MPP(Multiple Program Provider, äλ),
MSP(Multiple System Program provider) Ŵ ڰ ϰ Ǿϴ. MSO SO,
MPP PP ϳ ģ ̰, MSP SO PP ϳ ģ
Դϴ. ̺ TV ̷ Ŵ ߽ Ǿ
ֽϴ.
* [ֿ MSO, MSP,
MPP Ȳ]
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. Michael Porter м
)
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ѱTV α ü ϰ,
α ۿ ʿ η° ü ϰ ֱ ʿ ϴ. ٸ 鿩
濵ؾ ϴ ȭ, ȭ, , äΰ ٸ . ٸ
ۿ ־ ֵ Ұ ۰, ڿ̱ η Ȯ ߿ϴٰ ֽϴ.
ü Ѵٴ ϸ ڻ簡 濵ϴ ۱
ִٴ Դϴ. ̳ ͳ ٸ ü ؼ ƹ ʽϴ. ݸ鿡
̾߱ ȭ/ȭ// äε ڷκ DZ ΰ 鿩 ٸ ü
ξ մϴ. ̷ α ڻ簡 ϰ ִ η Ȱؼ Ѵٴ ū ˴ϴ.
ð ġ ʴ ȭ/ȭ/ α
ѱTV ׳ ׳ Ȳ ϴ α Ϸ縸 ġ Ȯ پٴ ˾Ƶ ʿ䰡 ֽϴ.
۰ ̺TV ϸ
ϰ ۽忡 ü ϰ, װ پ ü Ǹ ִٴ ͱ 鿡 ū ˴ϴ.
)
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⼭ ڸ ù°, ̺TV
SO ѱ(Skylife), °, ѱTV Ḧ ְ ϴ / ̷
캸 մϴ.
̷ ڸ зϴ ûڿԴ
ϸ鼭 ٸ δ ֵ鿡 Ǹϴ ߺǰ(Joint Product) Ư ϰ
ֱ Դϴ. , SO SkyLife ѱTVκ α Ͽ ûڿ ϰ, ִ ѰTVκ ڻ
ûڿ ϴ θ ϱ Դϴ.
A. SO SkyLife
ȵ 2001 PP ȯϰ Ǹ鼭 庮
ϴ. PP þ PP 200 Ѵ ݸ鿡 SO ִ ä 60 ۿ DZ , ڻ ä
Ȯϱ PP ϰ Ǿ, ڿ ä SO PP , ¸鿡
Ǿϴ. ű 2002 SO ̺TV ŷ й谡 ȯǸ鼭 PP Ȳ óϰ
Ǿϴ.
/ ο鼭 ̺TV MSO,
MPP, MSP Ŵ ߽ ǰ ִ Դϴ. ̰ ̺TV ڰ ﱸ ū ȭ Խϴ. MSO
SO ѵ ϰ Ϸ ϰ, MPP ڻ äε ϳ Ϸ
PP, SO ϰ ˴ϴ.
PP Ե ڻ α ־ ŷ ŵ ְ,
SO αִ α 濵 ϸ ̺ TV ڰ Ͽ ٰ ǹǷ ( , ¹̵ OCN, Ϲ,
°ӳ ̺TV ´ٰ ϸ ̺ TV ٰ ϴ ̴ϴ) MSO, MPP 䱸ϴ ǵ ϱ
˴ϴ. ̷ MSP ٸ SO PP ˴ϴ.
̷ Ȳ ѱTV غ, SO
PP ġµٰ, Ŵ ߽ Ǿ
ִ Ȳ̱ MPP MSP PP ѱTV Ȯ ۾ƺԴϴ.
, ü PP 200 Ѱ Ⱑ ä 60ۿ DZ
ܼ ϸ SO ä Ȯϱ 3 1 Ѵ ؾ ϴ , δ 200 Ѵ PP Ը Ͽ
ִ ɷ PP ̰, ѱTV 忡 SO ä ȮϷ /
о ٸ PP ̰ Ǵµ, о ϰTV ϰ ״ PP
ʽϴ. (, ѱTV 77 SO ǿ ο ä Ȯ ֽϴ)
SO Ŵ
̶ ̷ ȭ ѱTV ġ , MPP, MSP߿ ѱTV ä ϴ
, ڰ ﵵ ʱ μ ̷ ȭ ġ ũ ʴٰ ֽϴ.
ٸ, ѱTV PPμ
MPP MSP ȭ ä Ȯ ȭ
DZ ʿ䰡 Դϴ.
2001, 2002 RO
SO ȯ SO 2002 3 SkyLife ѱTV ȿ
ݴϴ.
ϴ ؿԴ SO ٸ SO ϰ ǰ, SkyLife Ͽ SO ̸鼭 ƹ
PP ̾ϳ ٴ ˴ϴ.
ѱTV 2001 (KDB)äλڷ
Ǿ 2002 3SkyLife Ͽµ, ϴ ѱTV 忡 Ȱ ̴
ʰ ִ ó ϳ Ӹ ƴ϶ û ְ Ǿϴ.
SO SkyLife ûڸ ϴ ̴ SO 鿡 ѱTV PP
Ǿϴ.
Դٰ ° ַ α ŷ п
ε, PPʹ ѱTV ⱸ 2004 ݱ 43.7%,
24.7%, α ŷ 8.3%, ͳ 8.2%, Ÿ δ 15.1% ٺȭǾ,
ŷ ϴ 10% ̸ ° ʴٰ ֽϴ.
B. /
ѱTV մϴ. ϴ ֿ ϴ ° ְ,
ϴ ° ִµ ѱTV 쿡 κ Ʒ ǥ ַ 縦
̷ ֽϴ.
|
|
(ó : ѱTV
ǽŰ(2004.6.14))
̺TV ۺ ûڰ 翬 /翡 ̳ üμ ۿ
ٴ ƴմϴ. , ̺TV Ϲ ٸ ü ϰ, ۺ /Ŀ
ѵٰ, ٵ ̺TV α ûڸ ϴ - (broadcasting) ƴ - (narrowcasting)
ü̱ ǥ Һڸ Ÿ ִٴ ϴ.
/̶ о߰ ִ о߰ ƴϱ
û ƴ 帣μ Ȯϰ, Դٰ оߴ ֵ ûڰ 3-40 ҵ ִ ŷ ̱
ѱTV ġϴµ Ȯϰ ִٰ ֽϴ.
) ڰ
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2001 3 PP ȯ , , α
ִ 帣 迭 PP ϸ鼭 Ҽ 帣 / о Ʒ ǥ Ϸ
϶Ͽϴ. ( ð TV û Ưä û
ϴ , TV Ưä û ϴ û
ణ ٸ Դϴ. ѱTV ֿ û
ϴ)
/ о PP ѱTV, ϰTV, e-tomato TV ̷
3 ˴ϴ. ٸ PP߿ / о α Ϻ ϴ PP ֱ , о߰ ״ ġ ʱ
̷ ڷ ﱸ ص ϴ. e-tomato TV SO ä Ȯ ѵٰ,
SkyLife ۵ ʾƼ ũ ʰ, δ ѱTV ϰTV / о߸ ϰ ֽϴ.
PP ȯ /
о ϶Ͽ ѱTV ϶Ͽ, ä Ǿִ Ȳ ̺TV Ŵ
Ǿ ִ εٰ, / оߴ ٸ о߿ ȭ ƴ 帣̱ 帣 ü
Ȯϰ, 庮 Ƽ ä ɼ ʱ ߰ ϶ ɼ ʴٰ ϰڽϴ.
|
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(ó : ѱTV
ǽŰ(2004.6.14))
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) ű |
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2001 ĺ PP ȯǾ, Ȩΰ о PP
DZ ؼ ȸ ƾ մϴ. (۹ 9 5 : ۯä·ۯ
Ǵ ۯ ϰ ϴ ۯ忡 Ͽ Ѵ. ٸ, ̳ Գ Ǵ ǰҰ
Ǹſ ڦ ϴ ۯä ϰ ϴ ۯ Ѵ. < 2004.3.22>) ̷ о߿ ƹ ֵ ϸ ûڵ ū ظ
ֱ Դϴ.
, ѱTV ü ִ ϰTV YTN ,
ϴ äλ ݸ, ѱTV ƴ о
ϴ äλڷ, ο ü ѱTVó о
ϴ ڷ ؼ 忡 Ѵٰ ϸ, ǹ̰ ٰ ֽϴ.
ϴ ȸ θ ű θ غ, / PP Ǵ 庮 Ѵٴ ֽϴ. / α
ۿ ü ŷ ߿ϰ Ȯ ϱ Դϴ.
о߿ ü ŷ ſ ߿մϴ. ŷ ħ ʰ ִ ۻڰ DZ ʰ, ûڵ Դϴ. Դٰ Ź/۾
ѷ մϴ. Ź/۾ ̹ ְ, ϰ ִ ߺؼ
ִ ڿ ȿ ̶ 鿡 ξ ġ ˴ϴ. Ź/۾ ƹ ȸ簡 PP ϴ ں Ź/ۻ縦 ̹ ϴ ȸ簡
PP ϴ ں ϴ. ϰ ִ η° ڿ Ͽ ȿ ֱ
Դϴ.
, ϰ ϴ Ѱܷ Ź糪 Ϻ簡 ְ Ѱܷ21̳
ְ ϱ ؼ ڰ 20 ʿϴٰ ġ, ϰ ʰ ְ û ڰ
ʿ Դϴ. ̷ Ź/ ƴ ٸ ڰ پ ٴ ϱ Դϴ.
̷ 鿡 ᱹ ѱTV ڴ Ź/ۻ
ۿ ϴ. ں ִ MBC, KBS, SBS 3糪 , ߾ Ź
MBC Economy, Business PP Ͽ 忡 پٸ ѱTV ϰTV ū Ÿ ֽϴ.
, ̾߱ߵ о PP DZ ؼ ȸ
ƾ ϴµٰ, Ź Ż – ۻ - ϴ äλ
ϴ Ǿ ֽϴ. (۹ 8 3 : 2 Юҿ ұϰ
װŷѹ 22ȣ ڻѾ ɷ ϴ ؿ شϴ ܿ ϴ ȸ(
""̶ Ѵ) 迭ȸ(Ưڸ Ѵ) Ǵ Ѣڪȿ ڤ̳ £ѹ
( ""̶ Ѵ) 濵ϴ (μ Ѵ) Ĺۻ Ǵ
ϴ äλ ⿵ϰų Ǵ . < 2002.12.18,
2003.5.29, 2004.3.22>)
ȭ 뼼 ص Ź/ۻ ȭ ü پ缺 ġ Ϳ ū ϸ ̷
Ź/ۻ簡 о߿ Ͽ ѱTV ڷ ɼ ʴٰ մϴ.
, ٰ ص Ź/ۻ 忡 ѱTV
ϰTV ϰ ִ ״ ŷ ʱ о߿ پ Ȯ ϴ.
Ź/۾ ü
ѱTV ϰTV ƴ (Specialist)Դϴ. KBS, MBC, SBS ä
о߿ ְ(α Ÿ ijؼ ϴ ̳ ߰ DZ µ ڱ ʿմϴ), ٵ
帣̱ Ը Ŀ Ŷ Ǵ߱ Դϴ. ̷ Ŵ ڵ KBS-Drama,
MBC-ESPN, SBS-Golf ̰ αִ ä ʽϴ.
IMFķ ǰ, ֱ
ż ũ , ڵDZ ӵǴ Ӽ , ȭŭ α⸦ ű ũ
ʴٰ ֽϴ.
) üǰ
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ѰTV üǰδ ̳ ϰ Ź, Ź,
edaily stockdaily ͳ Ź, paxnet, thinkpool Ʈ Դϴ.
, Ź Ź ٷ ϱ żϰ , ̳
Ѱ ϴµ ѱTV Ѱ谡 ֽϴ.
edaily stockdaily, paxnet, thinkpool ͳ ü 鿡 ϵǾ, ѱTV
Ǽ ü ŷ 鿡 ̰ ̶
ϴ ֽϴ.
.
ֱ ̺TV
ȯ溯ȭ ѱTV ϰ ۿ , / о PP ϴ 庮 ϰ, о߿ ѱTV
ͱ Ȯϰ ֱ ѱTV ƴ ڷμ Ⱓ ӵ Դϴ.
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2. 繫 м
1) Ϲ м
. ڻ ȭ
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ѱTV( ѰTV) â ݱ ڻ Ͼ
ȭ 캼 ʿ䰡 ֽϴ. м ǻ ڻ ǥ а ڻ/ڻ ʰ ݼڻ/ڻ
Ͽϴ. (⼭ ݼ ڻ [ڻ – ä], ڻ [ä + ڻ] մϴ)
)
2000 ſ ̹ϴ ڻ 2001 ڱ Ŀ Դϴ. 99, 2000 2.17%,
2.38% 2%뿡 ӹ ڻ 2001 ڱ 28.86% Ͽ 2004 9 28.25% ̸ ֽϴ.
ڻ
[ä + ڻ] Ͽ ǰ Ĵ ۾ Ư ڻ ٴ ϸ ⼭ ڻ = ä̶ ص մϴ. ( ǥ
2002 ѰTV ڻ 0Դϴ)
̰ ϴ
ٴ 2000 ʴٰ 2001 ū ߴٴ Դϴ. ѰTV 99 8 ؼ
2000 ū ڸ ٰ 2000 9 ̺TV ι ̵غ ˵ ν Ͽ
2001 μ ȯ ϴµ, ̰ 츮 2001 ū ó ڻ ް ̾
ֽϴ.
) ι°
ڻ Դϴ. 1999 36.04% 2000 43.36% þ 2001
ū ð, ϱ ϸ鼭 پ ؼ 2004 9 5.95% ϴ ̰ ֽϴ. ̰
ϴ ⺻ ߾ ķδ / ְ ǰ, ø ߰ Ը ڸ ʿ䰡 ۾
– α ۾ Ư¡ ְ ִٰ ֽϴ.
) °
ݼ ڻ 2001 ̴ٰ 2001 þ ִ ֽϴ. ̰ ѱTV ȯ
̴ κ ݼ ڻ · ϰ ִٴ ϴµ, κп ؼ Ʒ 帧
ȭ κп ڼ ϵ ϰڽϴ.
. ں ȭ
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δ ѰTV ں ȭ 캸 մϴ. ô
ٿ ä ڱ ں ū ϰ ֽϴ. â 99 7.17% ä(=ä/ڱں) 2004 9
18.70% ϱ , ̰͵ ȣ ġεٰ ä 鿩ٺ ä , ǰ äε ⼭
ڸ ϴ Ա Ȱ ϴ ä κԴϴ. ܱɷ Ǵϴ º(=ڻ/ä)
2004 9 561.13% ѰTV 繫 ưưϴٰ ֽϴ.
. ͷ ȭ
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δ ѰTV ͷ ȭ 캸 ϰڽϴ. ڰ ⼭ ξ 1999 â ̷ 2
ū ڸ ̴ 2001 ڷ ȯߴٴ Դϴ. ̰ ȵ 2000 ̺TV
ι ū ߱ Դϴ.
ô ó ȸ 99, 2000 ū ڸ , 2001 ȯ ķδ ͷ 35% 50%̷
ũ پö, ͷ, ͷ, ͷ Ͽ 2004 9 ͷ 18.97% մϴ.
â
99 ͷ –1500%
2004 9 ͷ 20% ѽϴ. 2001 ͷ ͷ, ͷ ġ ū
ȭϰ ִ ̷ , ڼ ƴ ֵ ι Ϳ ϰ ְ,
ٰ ֽϴ.
. ڻ ͷ ȭ
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̹ âĺ 2003 ڻ ͷ ȭ 캸 ϰڽϴ. ROA(Return On Asset),
ROE(Return On Equity) ڻ꿵ͷ, ڱںͷ
ϴµ ôٽ 2000 ķ ǥ ũ Ͽ 2003 ROA, ROE
22.33%, 21.14% ġ ϰ ֽϴ.
ROE ´° Ÿ ǥ
ڿ ־ ߿ ǥ̱ ROE ͷ, ڻȸ, ڻ/ڱں Ҹ ROE
Ȯ ˾ƺڽϴ.
ø ڻ/ڱں ġ 1.072 ְġ 1.347 ϸϰ ݸ, ڻȸ ġ 0.008 ְġ
1.109, ͷ ġ –843.90% ְġ 14.64% ũ
ȮϽ ֽϴ. ̰ ROE ä (ڻ/ڱں )ٴ ڻ Ȱ뵵 (ڻȸ
) (ͷ ) ũ ϰ ִ Դϴ.
츮 ̰ ѱTV Ͼ ȭ 캽ν 캸Ҵ ѱTV ڻ/ں ȭ /ڻ ͷ ȭ͵
¹ ְ, ѱTV 2001 ũ Ǿ ֽϴ.
. 帧 ȭ
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ѱTV
2004 9 帧 ȭԴϴ. 2004 ü ʾƼ 3б ݿϿ Ͻñ ٶϴ.
Ͱ
帧 ȭ 캸ڽϴ. 2001 +
ȯϿ, 帧 2002 + ȯϿϴ. 2001 ȯ
״ 帧 ̾ ȮϽ ֽϴ.
繫帧
2001 +̴ 繫帧 2002 - ȯϿٰ 2004 ٽ + ȯϿ
ֽϴ. 2001 繫帧 + ӵǴ ι ս ٱ , , ä ܺο ڱ ġϿ ̰, 2002 - ȯϿ 繫帧 2004 ٽ + ȯϿ ڽ (2004 7
30) ֽĺл Ű ֽİ ǽ߱ Դϴ.
帧 2002 ū -帧 ̰ ִµ, 帧ǥ 캸 帧 üڱݾ ̹ϰ, κ ݾ ܱ
ܱǰ ܱ 濡 ̰ ֽϴ. κ ü
ؾ ϴ , ̷ ִٴ / η ߽ ѱTV ִ ̰, ̰
ó ִ ٴ ̹Ƿ ڿԴ Ŀٶ ˴ϴ.
̷ 帧 ȭ 캽ν
츮 ѱTV ȯ ι ̰, ںι Ϻθ ü ϰ, ܱǰ,
ܱǰ ݼ ڻ ϴµ ִٴ ֽϴ. ̷ ڱ ܱ Ѵٴ Ҹ ó
ã ߴٴ ̹Ƿ, 츮 ڷμ ѱTV ϴ ֽ ʿ䰡 ֽϴ.
2) м
⼭
ѱTV 繫Ȳ м м 캸 ϰڽϴ. δ ѱTV Բ /PP ϰ ִ
ϰTV(MBN), ѱTV , о߿ ִ YTN ̾ҽϴ.
.
)
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2004
9 ڱں 84.25%, ä 18.70% 繫 ϰ ֽϴ. ä ߿ ڸ ؾ ϴ
Ա 20% 濵̶ ɸ Դϴ.
ٸ
ū µ º 2001, 2002 ķ ٽ ũ ϴ ̰ ֽϴ. ̰ ڻ
ȭ 帧 ȭ ̹ 캸ҵ ȯ ݼ ڻ ·
ϰ ֱ Դϴ. 20% ̸ , ڻ꿡 ä ں ں
ϴ 60% Ѿ ǥ ִ ȲԴϴ.
)
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2004
9 ѱTV ϰTV, YTN Դϴ. к 帮, ϰTV ڱں 90% ʰ, ä
10% ̸ٰ , º 1000% 繫 鿡 ѱTV YTN ũ ռ ֽϴ. ڻ
ϱ ؼ ڱ ߴ Ÿִ , ѱTV 19.66%, 19.46% ϰTV
ġ ְ , 鿡 ϰTV ġ ѱTV ġ ũ ռ ֽϴ.
,
ϰTV ѱTV ġ ְ ִٴ ѱTV 繫 鿡 ϴٴ
ƴմϴ. ϰTVٴ , ѱTV ä 20%̸ º 500%̻, Ϲ ٸ ſ
ϰ ֽϴ.
. ͼ )
ͷ
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2004 9 ͷ Դϴ. ѱTV ϰTV,
YTN ġ ̰ ֽϴ. ͷ ġ ռ, Ư ͷ, ͷ, ͷ ̸ ̰
ֽϴ.
ϰTV 鿡 ѱTV ռ 鿡 ٰ ־
ݸ, ͼ 鿡 ϰTV ε ε ϴٰ ϴ. ͷ 2.63%, ͷ 5.18%
ٰ ġԴϴ.
ݸ鿡 ѱTV ͷ, ͷ 21%, 18.97% / 鿡 ͼ ̰ ֽϴ.
) ڻ
ͷ
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2003 ڻ ͷ Դϴ. 2004
ġ Ȯ Ǿ ֱ 2003 ġ ϴ Ͻñ ٶϴ.
ڿ ־
߿ ǥ ִ ROA, ROE ѱTV 20% Ѵ ݸ鿡 ϰTV 1% Դϴ. 캸 ͷ
3.38% ϰ ٰ, ڻ Ȱ뵵 Ÿ ڻ ȸ 0.50ȸ ѱTV 1.10ȸ Դϴ.
̰
20% Ѿ ѱTV ROE ڿ ŷԴϴ. ѱTV 20% ROE Ⱓ ִİ
ڿԴ Դϴ.
. Ȱ
) Ȱ
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ڻȸ, ڱںȸ, ڻ ȸ ϰ ֽϴ. Ư
2001 ϸ ڻ ȸ ū ϰ ִµ, ȵ ̰ / η ߽ Ǵ
ѱTV Ư Ѵٰ ֽϴ.
ٸ, ä ȸ 2000 11.24 2003 3.71 µ, ̰ ä ӵ ӵ
ٴ Դϴ. ڷ Ͽ ä ȸ ǰ ִ ƴѰ?ϴ
DZ κԴϴ.
̰
ۻ Ư Ȱ ִ ٸ
ڼ ϵ ϰڽϴ.
) Ȱ
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2003⸻ Ȱ Դϴ. ѱTV ǥ
ֽϴ. ڻȸ̳ ڱںȸ 2 ̻ ġ Ÿ ֽϴ.
, ߴ äȸ ؼ ѱTV ڻ ǽŰ(2004.06.14) Ʒ ڷḦ 帮ڽϴ. ( δ YTN 2003 äȸ
3.14 µ, Ʒ ǥ 3.47 ֽϴ. ̰ Ƹ ̿ Դϴ.)
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(ó : ѱTV
ǽŰ(2004.6.14))
ǥ ø ѱTV äȸ ϰTV(MBN) YTNٴ ݸ SBSٴ ֽϴ. , ̺TV
PP 췮 ä ִ ۻ SBS 2002, 2003 äȸ 4.49ȸ, 4.14ȸ
ū ̸ ʰ ִٴ ʿ䰡 ֽϴ.
̷ äȸ
ѱTV ǽŰ ְ Ǵ
, ѱTV äȸ ̰, ä
ȸ õ ʴٰ ֽϴ.
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3. ġ м
ġ, ֽ ġ ϴ پ ֽϴ. ⼭ ̴ ְ(Price
Multiple) 帧(Discounted Cash Flow) ѱTV ġ ڼͷ غڽϴ.
1) ְ (Price Multiple)
.
)
ѱTV ROE
5Ⱓ 20% ϰ, ʴ´ٰ ϸ( 100%), = ROE * Ŀ 20% ˴ϴ.
=> = 20%
) PER ֱ ѱTV PER 8 12̸ ֽϴ.
PER ġ 8, ְġ 12 ϰڽϴ. =>
PER ġ = 8 , PER ְġ = 12
) ִ ڻ(BPS) ѱTV 뺸ֽļ 2,300,000 Դϴ.
ο 簡 ȮǽõǴ Źɼ 48,000 ְ Ƿ ̰ ֽ ȯȴٴ Ͽ 2004 9 ִ
ڻ ϸ 10,849.83Դϴ. => ִ ڻ(BPS) = 10,849.83
) ż
ó ѱTV мغƾ߰ڴٰ
ص ְ 16,000 µ, ϼǾ 20,000 ܷ ְ
ȲԴϴ. ܱⰣ PER 10 ְ ö ְ ϱ δ㽺 ݴ, ϴ ִ
20,000 Ѵٰ ϰڽϴ. => ż = 20,000
) Ÿ
ǰŷ => 0.3%, ŷ => 0.025%
.
ѱTV ROE 20%, 20%, 2004 ִ ڻ 10,849.83 ϸ 5Ⱓ ִڻ(BPS) ִ(EPS)
ȭ Ʒ ǥ ϴ.
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2009 ִ 5.399.57 8, ְ 12 PER ϸ
2009 ְ 43,196.55, ְ 64,794.82 ֽϴ. ֽ ִ 20,000 ٴ Ͽ
ŷݰ Ḧ ݿϿ ϸ 16.57%, ְ 26.41% ͷ ֽϴ.
PER (ROE) ȭ ͷ Ʒ ǥ ؼ ȮϽ ֽϴ.
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1) 帧 (Discounted Cash Flow)
.
) 1ܰ 5Ⱓ 翡 ROE 20%, 20% ϰڽϴ.
=> 1ܰ = 20%
) 2ܰ 5Ⱓ 20% 1ܰ Ŀ
3% Ѵٰ ϰڽϴ. => 2ܰ = 3%
) ̷ 帧 簡ġ ȯ ̴
15% ϰڽϴ. => = 15%
) ż 20,000 ϰڽϴ.
) ִ (EPS) 2004 9 ִ ڻ ϸ
10,849.83̰ ROE 20% ϸ 2,169.97 ִ ֽϴ. => ִ (EPS) = 2,169.97
) ִ 帧(CF/S)
ġм ٽ ư 帧 Ȯ س
Դϴ. ̴ ǥ ִ (EPS) ݺ
ں ʱ Ȯ 帧 سµ Ѱ谡 ֽϴ. ġм
ؼ EPS EBITDA, FCF 帧 µ, ⼭ 帧 + ݺ( ) – ں
Ͽ ϰڽϴ.
ο
ɼ ȴٴ Ͽ 2004 9 ִ 帧(CF/S) ϸ
1,923.05 ɴϴ. => ִ 帧(CF/S) = 1,923.05
.
ѱTV ROE 20%, 1ܰ 20%, 2004 ִ 帧 1,923.05, ִ 2,169.97 ϸ 5Ⱓ ִ 帧(CF/S) ִ (EPS)
ȭ Ʒ ǥ ϴ.
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ġ 15% Ͽ ϰ, ѱTV 2009 ĺ 3% Ѵٴ Ͽ
ġ ٽ 15% Ͽ Ͽ ϸ ִ 帧 ִ 簡ġ 28,946.04, 32,662.65
ֽϴ. ֽ ִ 20,000 ߴٴ Ͽ , ϸ 30.91%,
38.77% ֽϴ.
2ܰ ȭ Ʒ ǥ ؼ ȮϽ ֽϴ.
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1)
ϰԳ ѱTV ֽİġ غҽϴ. ֱ ְ 帧
ǵ 20000 ְ ϱ δ㽺 ֱ , Ȳ ְ ִ 18000 Ͽ 缭
ִٸ ѱTV ھ ̶ մϴ.
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Ѱ~
̷ ɷ
'' ̷ ۼϼ̳ ñ^^
(ʹ ż ̴ϴ,,̰ Ʈ ø װ,,)
̷ Ͻô ϼ غ û ۿ .
ٸ, ֱ Ⱓ ־ ġ ȭ ̻ ؾ ۿ Ȯ ϰڽϴ. 04 Ѱ踦 ΰ ϱ
ϳ ʱ ڱ ܿ â Űܿ 뷫 찡 ƴұ մϴ.
̰ ? ϳ 𰡸 ȸ ϰ ִµ Դϴ.
¶ мԴϴ Ѻκе սϴ
ѰͿ쿡 ٰ Ѱ ¾Ѿ ( ƴϾ) վϴ ⺻м Ŀ иø ٰ
µ ̷ Ǹ Ʈ մٴ
¶ Ѷ ŷ ̶ а ѽϴ ε Ѻٽϴ ڴ ѺĿ ٽ غԴϴ
- Բ
Ī ѹٸ ڽϴ.^^ Ʈ ƴϰ. ׳ θ ؼ ߿ ݵ带 ϰ , ݵ带 Ϸ ٵ мϴ ɷ ʿ״ϱ ο ƮԴϴ. ϴ ߿ '˱ ƴ϶ ν ˰ ȴ' ִµ, Ʈ 鼭 θ ϰ Ǵ...^^ ּż մϴ^^
- ڴԲ
Īֽð ּż մϴ. ^^ ѱTV 04 Ѱ踦 ̴ ƴѰ ϴ ߴµ, ٸ غ ̷ 鵵 ִ ϴ.
04 Ȳ Ⱑ Ҵµ , ȣ ̶ , Ǿ DMB (̹ K-DMB, DMB DMB Դϴ) ڻ ϰ ȴٸ Ϳ Ŀ ˴ϴ. DMB ȣ Ȯ , DMB , ѱTV DMB ٰ ؼ Ӱ ϴ ƴ϶ ̺TV SkyLife ״ ִ One Source, Multi Use ϱ ū ں ο Ϳ Ȯϰ ȴٰ մϴ.( Ϳ ũⰡ Ȯմϴ.)
'ȭ' ϽǶ '' ''̶ ñմϴ. ϱ ѱTV ̴ٰ ϻ ̶ ʴ ϴ Ƶ鿴ϴ. ϳ ſ ؼ , Ȯ ¿ 帮 ɸ , ʱ ֽø ϰ ɽ 帮...
... ϳ , ʱ ڱ ߴٰ ϴ Ƹ ͳ µ ϴ. ѱTV 𰡸 ϴ ü ƴ϶ ϴ ü̱ ڿ ϴ. ں ʱ ۿ ʿ Ʃ ߸ ķδ , ۰ ڰ ٽ ˴ϴ. ̷ ۾ü ϴ ں ʰ ƿ´ٰ ϱ Դϴ. ѱTV ʱ ڸ ´ ڰ ߴٱ ٴ Ը , ˵ ؼ ƴѰ մϴ.
ó ѱTV YTN̳ ִ MBN ͼ 鿡 ū ̸ Դϴ. ٰ ߰ ϴ ƴ϶ ROE 20 ġ Ǿϴ. ϳ ſ ؼ ϳ ڸ ͼ , ϳ Ű ѱTV ϱ ٸ ͼ ٸ ؼ ʳ ϴ ϴ. Ͻ 𰡵 ѱTV 10600̾µ ó ӹٰ 18000 ܿ ̰ ֽϴ.
Ȯ ϰ ڽϴ. ϳ ſ ...Ф ƹư ɰּż մϴ. ^^
Ʈ ̶ϴ.
³ ߰ ϴµ ʰڳ...ϴ
, ϳ ̰ Ʈ Դϴ. Ѱ... ñ...( ɽ ϴ.)
roe 20 Ѵ´ٴ Ǹ , ñ ̱ ݿ ұϰ Ŀ roe 20̶ ִ ġ ο ϴ ̴ϴ.
Բ ȲŻ ü ִ ߰ھ ó Ȯ ͽ ּ̽ϴ...... μ κ ġϰ ؾ κ̶ ϴ.
ٽѹ 帳ϴ. ູϼ
- ļԲ
Ͻ ̸ ּҷ ½ϴ. ּż Դϴ. ^^
-ڴԲ
. ڴ. ̽ʴϴ. 5 Ŀ 20 ROE ִĴ ϰ ִ κԴϴ. Ȯ , 簡 ª ̵ ȯ ϴٺ Ȯ ϴ. ϽŴ ȣ DMBδ Ȳ ٰ մϴ. ΰ ʿ ϴ.
ֽô ؾ߰ڴٴ ½ . ^^ ɰּż մϴ. ٹ~~^^
ӿ ϼ̴ ѱTV
ѰͿ αⰡ . ϰTV иµ.
ó. ڼ غڽϴ.