{"id":37153,"date":"2025-08-11T13:49:26","date_gmt":"2025-08-11T04:49:26","guid":{"rendered":"https:\/\/www.sanctionlab.com\/?p=37153"},"modified":"2025-08-13T09:56:33","modified_gmt":"2025-08-13T00:56:33","slug":"%ec%bd%94%eb%a6%ac%ec%95%84-%eb%94%94%ec%8a%a4%ec%b9%b4%ec%9a%b4%ed%8a%b8-%ed%95%b4%ec%86%8c%eb%9d%bc%eb%8a%94-%ec%96%91%eb%82%a0%ec%9d%98-%ea%b2%80","status":"publish","type":"post","link":"https:\/\/www.sanctionlab.com\/?p=37153","title":{"rendered":"\ucf54\ub9ac\uc544 \ub514\uc2a4\uce74\uc6b4\ud2b8 \ud574\uc18c\ub77c\ub294 ‘\uc591\ub0a0\uc758 \uac80’"},"content":{"rendered":"

|\u2463\uc2e4\uc801 \ubb34\uad00 \uc120\ubc30\ub2f9 \uc815\ucc45 \uc81c\ub3d9 \uac00\ub2a5\uc131, ‘\ub9c8\ucf13 \ud22c \ub9c8\ucf13’ \ub9ac\uc2a4\ud06c \uac10\uc18c\ub294 \ud76c\uc18c\uc2dd<\/h3>\n

\uc0c1\ubc95\uac1c\uc815\uc548\uc774 \uad6d\ub0b4\uc5d0\uc11c \ud65c\ub3d9\ud558\ub294 \uc0ac\ubaa8\ud380\ub4dc(PEF) \uc6b4\uc6a9\uc0ac\ub4e4\uc5d0 \ubb34\uc870\uac74 ‘\uc88b\ub2e4’, ‘\ub098\uc058\ub2e4’\ub97c \ub17c\ud560 \uc218\ub294 \uc5c6\ub2e4. \uac01 \ud558\uc6b0\uc2a4\ub4e4\ub9c8\ub2e4 \ucde8\ud558\ub294 \ud22c\uc790 \uc804\ub7b5\uc774 \uc0c1\uc774\ud558\uace0 \ucc98\ud55c \uc0c1\ud669\ub3c4 \ub2e4\ub974\uae30 \ub54c\ubb38\uc774\ub2e4. \ud575\uc2ec\uc740 \uc0c1\ubc95\uac1c\uc815\uc548\uc758 \ucde8\uc9c0\uc640 \ud575\uc2ec \ub0b4\uc6a9\uc744 \ud30c\uc545\ud558\uace0 \uac01 \ud558\uc6b0\uc2a4\ubcc4 \ud5a5\ud6c4 \ud22c\uc790 \uc804\ub7b5\uc744 \uc7ac\uc815\ube44\ud558\ub294 \uac83\uc774\ub2e4.<\/p>\n

11\uc77c \uad00\ub828 \uc5c5\uacc4\uc5d0 \ub530\ub974\uba74 \uc9c0\ub09c \ub2ec \uad6d\ud68c \ubcf8\ud68c\uc758\ub97c \ud1b5\uacfc\ud55c \uc0c1\ubc95\uac1c\uc815\uc548\uc758 \uc8fc\uc694 \ub0b4\uc6a9 \uc911 \ud558\ub098\ub294 \uc774\uc0ac\uc758 \ucda9\uc2e4 \uc758\ubb34 \ub300\uc0c1\uc774 ‘\ud68c\uc0ac’\uc5d0\uc11c ‘\ud68c\uc0ac \ubc0f \uc8fc\uc8fc’\ub85c \ud655\ub300\ub410\ub2e4\ub294 \uc810\uc774\ub2e4. \uc774\uc0ac\ub294 \uc9c1\ubb34 \uc218\ud589 \uc2dc ‘\ucd1d \uc8fc\uc8fc’\uc758 \uc774\uc775\uc744 \ubcf4\ud638\ud558\uace0, ‘\uc804\uccb4 \uc8fc\uc8fc’\uc758 \uc774\uc775\uc744 \uacf5\ud3c9\ud558\uac8c \ub300\uc6b0\ud574\uc57c \ud55c\ub2e4\ub294 \uc0c8 \ubb38\uad6c\uac00 \ucd94\uac00\ub410\ub2e4.<\/p>\n

\ub610 \ud558\ub098\uc758 \ud575\uc2ec \uc694\uc18c\ub294 \uac10\uc0ac\uc704\uc6d0\ud68c \uc704\uc6d0 \uc120\ucd9c \uc2dc \ucd5c\ub300\uc8fc\uc8fc\ub294 \ud2b9\uc218\uad00\uacc4\uc778\uacfc \ud569\uc0b0\ud574 \ud589\uc0ac\ud560 \uc218 \uc788\ub294 \uc758\uacb0\uad8c\uc774 3%\ub85c \uc81c\ud55c\ub41c\ub2e4\ub294 \uc810\uc774\ub2e4. \uae30\uc874\uc5d0\ub294 ‘\uae30\ud0c0\ube44\uc0c1\ubb34\uc774\uc0ac’\uc778 \uac10\uc0ac\uc704\uc6d0\ud68c \uc704\uc6d0 \uc120\ucd9c \uc2dc\uc5d0\ub9cc \uc801\uc6a9\ub410\ub358 \uaddc\uc81c\uac00 \uc774\uc81c\ub294 ‘\ubaa8\ub4e0’ \uac10\uc0ac\uc704\uc6d0\ud68c \uc704\uc6d0 \uc120\ucd9c \uc2dc \uc801\uc6a9\ub418\ub3c4\ub85d \ubcc0\uacbd\ub410\ub2e4.<\/p>\n

\ucde8\uc9c0\ub294 \ucf54\ub9ac\uc544 \ub514\uc2a4\uce74\uc6b4\ud2b8 \ud574\uc18c\ub2e4. \uadf8\uac04 \uc5c5\uacc4\ub294 \uae30\uc5c5\uc758 \uc9c0\ubc30\uc8fc\uc8fc\uac00 \ud2b9\uc815 \uacbd\uc601 \ud310\ub2e8\uc744 \ud568\uc5d0 \uc788\uc5b4\uc11c \uc8fc\uc8fc\uc77c\ubc18\uc758 \uc774\ud574\uad00\uacc4\ub294 \ud6c4\uc21c\uc704\ub85c \ub450\uace0 \uc9c0\ubc30\uc8fc\uc8fc\uc758 \ub4dd\uc2e4\ub9cc \uc911\uc2dc\ud574\uc654\ub358 \uc810\uc744 \ucf54\ub9ac\uc544 \ub514\uc2a4\uce74\uc6b4\ud2b8\uc758 \uc694\uc778\uc73c\ub85c \ubd24\ub2e4. \uc608\ucee8\ub300 \uc778\uc801\u00b7\ubb3c\uc801 \ubd84\ud560, \uae30\uc5c5 \uac04 \ud569\ubcd1, \uadf8 \uacfc\uc815\uc5d0\uc11c \ud0c4\uc0dd\ud558\ub294 \uc790\uc0ac\uc8fc \ub9c8\ubc95, \uc720\uc0c1\uc99d\uc790 \ub4f1\uc774 \ubaa8\ub450 \ud3ec\ud568\ub41c\ub2e4.<\/p>\n

\u25c7\uc2e4\uc801 \ubb34\uad00 \uace0\ubc30\ub2f9 \uc815\ucc45 ‘\uc81c\ub3d9’ \uac00\ub2a5\uc131<\/strong><\/p>\n

PE\ub294 \uc2b9\uacc4 \ub4f1 \ud754\ud788 \uc7ac\ubc8c\ub4e4\uc774 \ud558\ub294 ‘\ubd80\uc758 \uc601\uc18d’\uc744 \uc704\ud574 \uc6c0\uc9c1\uc774\uc9c0 \uc54a\ub294\ub2e4. \ub2e4\ub9cc PE\ub3c4 \uc8fc\uc8fc\uc77c\ubc18\ubcf4\ub2e4 PE \uc2a4\uc2a4\ub85c\uc758 \uc774\uc775\uc744 \uc704\ud574 \ud589\ub3d9\ud558\ub294 \uacbd\uc6b0\ub3c4 \uc788\ub2e4. \ub300\ud45c\uc801\uc73c\ub85c \uc0c1\uc7a5\uc0ac \uc778\uc218 \ud6c4 \uc2e4\uc801 \ucd94\uc774\uc5d0 \uc0c1\uad00 \uc5c6\uc774 \ud22c\uc790\uae08 \ud68c\uc218\ub97c \uc704\ud574 \uacfc\ub3c4\ud55c \ubc30\ub2f9\uc744 \ud558\ub294 \uacbd\uc6b0\ub2e4.<\/p>\n

\ubc30\ub2f9\uc740 \uc8fc\uc8fc \ud658\uc6d0\uc758 \ub300\ud45c \uc218\ub2e8\uc774\uc9c0\ub9cc ‘\uc808\ub300 \uc120’\uc73c\ub85c \uce58\ubd80\ud560 \uc218\ub9cc\uc740 \uc5c6\ub2e4. \ubbf8\ub798 \ubd88\ud655\uc2e4\uc131\uc744 \ub300\ube44\ud574 \ud68c\uc0ac \uc804\ubc18\uc801\uc778 \uc7ac\ubb34\uad6c\uc870\ub97c \uc0dd\uac01\ud558\uac70\ub098 \ud5a5\ud6c4 \uc2dc\uc124\ud22c\uc790 \ub4f1\uc744 \uace0\ub824\ud558\uba74 \uc624\ud788\ub824 \ubc30\ub2f9\uc740 \uc8fc\uc8fc\uc77c\ubc18\uc758 \ub3c5\uc774 \ub418\ub294 \uacbd\uc6b0\ub3c4 \uc788\ub2e4.<\/p>\n

\uc0c1\ubc95\uac1c\uc815\uc548 \ub3c4\uc785 \uc774\ud6c4\uc5d0\ub294 PE\ub4e4\uc774 \uc774\uc804\ucc98\ub7fc \uacfc\ub3c4\ud55c \ubc30\ub2f9\uc744 \ud1b5\ud574 \ud22c\uc790\uae08\uc744 \uc870\uae30\uc5d0 \ud68c\uc218\ud558\ub294 \uc804\ub7b5\uc774 \uc904\uc5b4\ub4e4 \uac83\uc774\ub77c\ub294 \ubd84\uc11d\uc774 \ub098\uc628\ub2e4. M&A \uc5c5\uacc4 \uad00\uacc4\uc790\ub294 “PE\uac00 \ud2b9\uc815 \ud68c\uc0ac\ub97c \uc778\uc218\ud588\ub294\ub370 \uc2e4\uc801\uc774 \uc545\ud654\ud560 \uacbd\uc6b0 \ubc30\ub2f9\uc744 \ud655\ub300\ud558\uae30 \ud798\ub4e0 \uba85\ubd84\uc774 \uc0dd\uae34 \uac83”\uc774\ub77c\uace0 \ub9d0\ud588\ub2e4.<\/p>\n

‘3% \ub8f0’\uc740 \uc2e4\uc81c\ub85c \uc9c0\ubc30\uc8fc\uc8fc\uc758 \ud589\ubcf4\uc5d0 \uc81c\ud55c\uc744 \ub458 \uc218 \uc788\ub294 \ud575\uc2ec \uc7a5\uce58\uac00 \ub420 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4. \uc18c\uc218 \uc9c0\ubd84\uc744 \ubcf4\uc720\ud55c \uc8fc\uc8fc\ub4e4\uc774 \uac10\uc0ac\uc704\uc6d0\uc744 \uc120\ucd9c\ud560 \uacbd\uc6b0 \ud574\ub2f9 \uac10\uc0ac\uc704\uc6d0\uc774 \uace0\ubc30\ub2f9 \uc815\ucc45\uc758 \uc801\uc815\uc131\uc744 \uac10\uc2dc\ud560 \uc218 \uc788\uac8c \ub41c\ub2e4.<\/p>\n

M&A \uc5c5\uacc4 \uad00\uacc4\uc790\ub294 “\uace0\ubc30\ub2f9\uc73c\ub85c \uc120\uc81c\uc801 \ud68c\uc218\uc5d0 \ub098\uc11c\ub824\ub358 PE\ub4e4\uc740 \uc774\uc81c \uc804\uccb4 \uc8fc\uc8fc \uc774\uc775\uc744 \uace0\ub824\ud55c \ubc30\ub2f9 \uc815\ucc45\uc744 \uc218\ub9bd\ud574\uc57c \ud560 \uc758\ubb34\uac00 \uc0dd\uacbc\ub2e4”\uba74\uc11c “\ub3c5\ub9bd\uc801\uc778 \uac10\uc0ac\uc704\uc6d0\uc758 \uacac\uc81c \ud558\uc5d0\uc11c \ubc30\ub2f9\uc744 \uacb0\uc815\ud558\uace0, \uacfc\ub3c4\ud55c \uc790\uc0b0 \ub9e4\uac01\uc744 \ud1b5\ud55c \ubc30\ub2f9\uc5d0 \ub300\ud55c \ubc95\uc801 \ucc45\uc784\uc744 \ubd80\ub2f4\ud558\uac8c \ub3fc \uc55e\uc73c\ub85c \ub354 \uc2e0\uc911\ud55c \uc758\uc0ac\uacb0\uc815\uc774 \ud544\uc694\ud574\uc9c8 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4”\uace0 \ub9d0\ud588\ub2e4.<\/p>\n

\u25c7\uc88b\uc740 \uc810\uc740 \uc5c6\ub098\u2026\uc8fc\uac00 \uc0c1\uc2b9\u2192MTM \ub9ac\uc2a4\ud06c \uac10\uc18c \ub300\ud45c\uc801<\/strong><\/p>\n

\ubd88\ub9ac\ud55c \uc694\uc18c\ub9cc \uc788\ub294 \uac83\uc740 \uc544\ub2c8\ub2e4. \uc0c1\ubc95\uac1c\uc815\uc548\uc73c\ub85c \ucf54\ub9ac\uc544 \ub514\uc2a4\uce74\uc6b4\ud2b8\uac00 \ud574\uc18c\ub3fc PE\ub4e4\uc774 \ubcf4\uc720\ud55c \uc0c1\uc7a5\uc0ac \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uae30\uc5c5\ub4e4\uc758 \uc8fc\uac00\uac00 \uc0c1\uc2b9\ud560 \uacbd\uc6b0 PE\ub4e4\uc758 \uc0c1\uc7a5\uc0ac \ud22c\uc790\uc5d0 \ub300\ud55c \ubd88\ud655\uc2e4\uc131\uc774 \uc77c\uc815 \ubd80\ubd84 \ud574\uc18c\ub41c\ub2e4. \ud754\ud788 \uac70\ub860\ub418\ub294 ‘MTM(Market to Market) \ub9ac\uc2a4\ud06c’\uc758 \ucd95\uc18c\ub2e4.<\/p>\n

11\uc77c \ud604\uc7ac \uc815\uce58\uad8c\uc5d0\uc11c \ub17c\uc758 \uc911\uc778 \uc0ac\uc548\uc778 ‘\uc790\uc0ac\uc8fc \uc758\ubb34 \uc18c\uac01’\ub3c4 \ucd94\ud6c4 \ud604\uc2e4\ud654\ud560 \uacbd\uc6b0 PE \uc785\uc7a5\uc5d0\uc11c\ub294 \uad00\ub828 \ub9ac\uc2a4\ud06c\ub3c4 \uc0ac\ub77c\uc9c4\ub2e4. \uc608\ucee8\ub300 \uc5b4\ub5a4 PE\uac00 \uc0c1\uc7a5\uc0ac \ud22c\uc790\ub97c \uc6d0\ud558\ub294\ub370 \ud574\ub2f9 \uc0c1\uc7a5\uc0ac\uac00 \uc790\uc0ac\uc8fc\ub97c \ub300\ub7c9\uc73c\ub85c \ubcf4\uc720\ud558\uace0 \uc788\uc744 \uacbd\uc6b0, \uae30\uc874\uc5d0\ub294 \uc624\ubc84\ud589 \uc774\uc288 \ud639\uc740 ‘\uc790\uc0ac\uc8fc \ub9c8\ubc95’ \ub4f1 \uac01\uc885 \ub9ac\uc2a4\ud06c\ub97c \ub5a0\uc548\uc544\uc57c \ud588\ub2e4. \ub2e4\ub9cc \uc758\ubb34 \uc18c\uac01 \uc81c\ub3c4\uac00 \ub3c4\uc785\ub418\uba74 \ubd88\ud655\uc2e4\uc131\uc744 \uac77\uc5b4\ub0b8 \ucc44 \ud22c\uc790\ud65c\ub3d9\uc5d0 \ub098\uc124 \uc218 \uc788\ub2e4.<\/p>\n

\ub610 \ubc14\uc774\uc544\uc6c3 \ub51c\uc774 \uc544\ub2cc \uc18c\uc218 \uc9c0\ubd84 \ud22c\uc790\ub97c \uace0\ub824\ud558\ub294 PE \uc785\uc7a5\uc5d0\uc11c\ub3c4 \uae30\uc874 \ub300\ube44 \uc120\ud0dd\uc9c0\uac00 \ub113\uc5b4\uc9c8 \uc218 \uc788\ub2e4. \ud68c\uc0ac\uc758 \uc774\uc0ac\ub4e4\uc740 \uc774\uc81c \uc0c1\ubc95\uac1c\uc815\uc548\uc758 \ucde8\uc9c0\uc5d0 \ub530\ub77c \uc9c0\ubc30\uc8fc\uc8fc\uac00 \uc544\ub2cc \uc18c\uc218 \uc9c0\ubd84\uc744 \ud22c\uc790\ud55c PE\ub4e4\uc758 \uc774\ud574\uad00\uacc4\ub3c4 \ubaa8\ub450 \uace0\ub824\ud574\uc57c \ud558\uae30 \ub54c\ubb38\uc774\ub2e4.<\/p>\n

M&A \uc5c5\uacc4 \uad00\uacc4\uc790\ub294 “\uc790\ubcf8\uc2dc\uc7a5\uc5d0\uc11c \ucf54\ub9ac\uc544 \ub514\uc2a4\uce74\uc6b4\ud2b8 \uc694\uc18c\uac00 \ud574\uc18c\ub418\ub294 \uac83\uc5d0 \ub354\ubd88\uc5b4 ‘\uc778\uac8c\uc774\uc9c0\uba3c\ud2b8(\uc8fc\uc8fc\ud611\ub825\uc8fc\uc758) \ud380\ub4dc’ \ub4f1 \uc561\ud2f0\ube44\uc2a4\ud2b8 \ud380\ub4dc\ub4e4 \uc785\uc7a5\uc5d0\uc11c\ub294 \ud68c\uc0ac\uc5d0 \uc5ec\ub7ec\ubaa8\ub85c \uc694\uad6c\ud560 \uc218 \uc788\ub294 \uac83\ub4e4\uc774 \ub9ce\uc544\uc9c8 \uac83”\uc774\ub77c\uace0 \ub9d0\ud588\ub2e4.<\/p>\n

\/ \ubc15\uae30\uc218 \ub354\ubca8 \uae30\uc790<\/p>\n","protected":false},"excerpt":{"rendered":"

|\u2463\uc2e4\uc801 \ubb34\uad00 \uc120\ubc30\ub2f9 \uc815\ucc45 \uc81c\ub3d9 \uac00\ub2a5\uc131, ‘\ub9c8\ucf13 \ud22c \ub9c8\ucf13’ \ub9ac\uc2a4\ud06c \uac10\uc18c\ub294 \ud76c\uc18c\uc2dd \uc0c1\ubc95\uac1c\uc815\uc548\uc774 \uad6d\ub0b4\uc5d0\uc11c \ud65c\ub3d9\ud558\ub294 \uc0ac\ubaa8\ud380\ub4dc(PEF) \uc6b4\uc6a9\uc0ac\ub4e4\uc5d0 \ubb34\uc870\uac74 ‘\uc88b\ub2e4’, ‘\ub098\uc058\ub2e4’\ub97c \ub17c\ud560 \uc218\ub294 \uc5c6\ub2e4. \uac01 \ud558\uc6b0\uc2a4\ub4e4\ub9c8\ub2e4 \ucde8\ud558\ub294 \ud22c\uc790 \uc804\ub7b5\uc774 \uc0c1\uc774\ud558\uace0 \ucc98\ud55c \uc0c1\ud669\ub3c4 \ub2e4\ub974\uae30 \ub54c\ubb38\uc774\ub2e4. \ud575\uc2ec\uc740 \uc0c1\ubc95\uac1c\uc815\uc548\uc758 \ucde8\uc9c0\uc640 \ud575\uc2ec \ub0b4\uc6a9\uc744 \ud30c\uc545\ud558\uace0 \uac01 \ud558\uc6b0\uc2a4\ubcc4 \ud5a5\ud6c4 \ud22c\uc790 \uc804\ub7b5\uc744 \uc7ac\uc815\ube44\ud558\ub294 \uac83\uc774\ub2e4. 11\uc77c \uad00\ub828 \uc5c5\uacc4\uc5d0 \ub530\ub974\uba74 \uc9c0\ub09c \ub2ec \uad6d\ud68c \ubcf8\ud68c\uc758\ub97c \ud1b5\uacfc\ud55c […]<\/p>\n","protected":false},"author":44,"featured_media":13780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[922,8,611],"tags":[1862,6778,5721,2917,3805,1817],"class_list":{"0":"post-37153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-thebell","8":"category-compliance","9":"category-korea","10":"tag-ma","11":"tag-pe","12":"tag-pef","13":"tag-2917","14":"tag-3805","15":"tag-1817"},"yoast_head":"\n\ucf54\ub9ac\uc544 \ub514\uc2a4\uce74\uc6b4\ud2b8 \ud574\uc18c\ub77c\ub294 '\uc591\ub0a0\uc758 \uac80' SanctionLab<\/title>\n<meta name=\"description\" content=\"\uc0c1\ubc95\uac1c\uc815\uc548\uc774 \uad6d\ub0b4\uc5d0\uc11c \ud65c\ub3d9\ud558\ub294 \uc0ac\ubaa8\ud380\ub4dc(PEF) \uc6b4\uc6a9\uc0ac\ub4e4\uc5d0 \ubb34\uc870\uac74 '\uc88b\ub2e4', '\ub098\uc058\ub2e4'\ub97c \ub17c\ud560 \uc218\ub294 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