11 Part6 . 재무관리 Week 경영학배움터 (THE FUTURE OF BUSINESS) 6인공역 2판

Presentation on theme: "11 Part6 . 재무관리 Week 경영학배움터 (THE FUTURE OF BUSINESS) 6인공역 2판"— Presentation transcript:

1 11 Part6 . 재무관리 Week 경영학배움터 (THE FUTURE OF BUSINESS) 6인공역 2판
Ch15. 화폐와 금융기관 Ch16. 재무관리와 증권시장 Week 11 경영학배움터 (THE FUTURE OF BUSINESS) 6인공역 2판

2 화폐의 특징 1 희소성 [Scarcity] 지속성 [Durability] 이동성 [Portability]
Chapter 15 화폐의 특징 1 희소성 [Scarcity] 지속성 [Durability] 이동성 [Portability] The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. 분할성 [Divisibility] Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

3 화폐의 기능 1 거래수단 화폐의 기능 가치기준 가치의 저장수단 Chapter 15
The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

4 연방준비제도(중앙은행)의 활동 2 수표청산의 용이화 Economic Growth 현금통화의 배분 신용규칙의 제정
Chapter 15 연방준비제도(중앙은행)의 활동 2 Price Stability Full Employment Economic Growth 통화정책의 수행 신용규칙의 제정 현금통화의 배분 수표청산의 용이화 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

5 연방준비제도 [The Federal Reserve System]
Chapter 15 연방준비제도 [The Federal Reserve System] 2 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Exhibit 15.1 Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

6 (Reserve Requirement) (Open Market Operation)
Chapter 15 연방준비제도 2 연방준비제도가 사용하는 도구 할인율 (Discount Rate) 지불준비금에 대한 요구 (Reserve Requirement) 공개시장조작 (Open Market Operation) The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

7 연방준비제도 2 할인율 지준에 대한 요구 공개시장조작 연방지준이 회원 은행들에게 대출해주는 금리 은행이 보유해야 할 현금의 양
Chapter 15 연방준비제도 2 할인율 지준에 대한 요구 공개시장조작 연방지준이 회원 은행들에게 대출해주는 금리 은행이 보유해야 할 현금의 양 미국 국채의 매입 또는 매각 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

8 금융중개 [Financial Intermediation]
Chapter 15 금융중개 [Financial Intermediation] 3 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

9 금융기관 [Financial Institutions]
Chapter 15 금융기관 [Financial Institutions] 3 수신기관 비수신기관 상업은행 저축기관 신용협동조합 보험회사 연금 증권회사 파이낸스회사 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

10 은행예금의 보장 [Insuring Bank Deposits]
Chapter 15 은행예금의 보장 [Insuring Bank Deposits] 4 전국신용조합주식보험기구 저축조합보험기구 (SAIF) 은행보험기구 (BIF) 연방예금보험공사 (FDIC) The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

11 FDIC의 역할 4 연방은행예금보험공사 (FDIC) 6개 지역사무소와 현장 사무소에 5,200명 직원
Chapter 15 FDIC의 역할 4 연방은행예금보험공사 (FDIC) 6개 지역사무소와 현장 사무소에 5,200명 직원 5,300개의 은행과 저축은행을 감시감독 3조 달러 이상의 예금을 보호 실패금융기관의 예금과 대출을 다른 금융기관에 매도 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

12 FDIC에 의한 강제집행 4 은행이 문제가 있을 경우 FDIC의 조치 은행에 대출 흡수합병 권고
Chapter 15 FDIC에 의한 강제집행 4 은행이 문제가 있을 경우 FDIC의 조치 은행에 대출 흡수합병 권고 경영층의 교체나 새로운 경영방식을 요구 은행으로부터 대출자산을 매입 추가자기자본을 제공 10만 달러 이상의 예금을 포함한 모든 예금에 대해 보장 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

13 국제은행 [International Banking]
Chapter 15 국제은행 [International Banking] 5 국제은행의 역할 무역과 관계된 서비스 제공 차입금 공급 글로벌 현금관리 서비스를 제공 현금흐름 관리를 도움 지불효율성을 향상 운영위험에 대한 노출을 줄임 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

14 국제은행 5 국제적 확장의 어려움 자국은행이 덜 규제를 받음 정부가 자국은행을 외국은행과의 경쟁으로부터 보호
Chapter 15 국제은행 5 국제적 확장의 어려움 자국은행이 덜 규제를 받음 정부가 자국은행을 외국은행과의 경쟁으로부터 보호 정치적이고 경제적인 불확실성으로 인한 높은 위험의 모험사업 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

15 인터넷서비스와 지점서비스(Clicks and Bricks) 모두 전달
Chapter 15 금융기관의 최신동향 6 은행, 증권 및 보험회사의 통합 인터넷서비스와 지점서비스(Clicks and Bricks) 모두 전달 초대형 금융기관의 성장 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

16 금융기관의 최근 동향 6 초대형 금융기관의 성장 대형 흡수합병 초대형 은행 탄생 미국 은행시스템의 강화
Chapter 15 금융기관의 최근 동향 6 초대형 금융기관의 성장 대형 흡수합병 초대형 은행 탄생 미국 은행시스템의 강화 그러나… 소형은행 숫자는 최근 오히려 증가 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

17 금융기관의 최근 동향 6 은행, 증권 및 보험회사의 통합
Chapter 15 금융기관의 최근 동향 6 은행, 증권 및 보험회사의 통합 1999년 그람-리치-블라일리법 (Gramm-Leach-Bliley Act)에 의한 은행서비스의 확장 증권 및 보험상품의 판매 회사채 및 지방채의 인수 상업은행 활동의 확장 보완적 금융 서비스의 제공 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

18 기업의 현금흐름 1 소유자의 투자 차입자금 현금매출 고정자산의 구매 배당의 지급 재고자산의 구매 경비지급 외상매출금의 수금
Chapter 15 기업의 현금흐름 1 소유자의 투자 차입자금 현금매출 고정자산의 구매 배당의 지급 재고자산의 구매 경비지급 외상매출금의 수금 고정자산의 매각 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

19 재무관리자의 책임 1 재무계획수립 주요 활동 투자 (자금의 집행) 자금조달 (자금의 획득) Chapter 15
The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

20 재무관리자의 목표 1 기업가치의 극대화 이익기회 잠재적 손실 Chapter 15
The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

21 위험과 수익 요소 1 시장수요의 변화패턴 이자율 일반 경제상황 시장상황 사회적 이슈 Chapter 15
The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

22 기업은 자금을 어떻게 사용하는가? 2 단기비용 장기지출 현재판매 및 운영비 생산활동 지원 확장, 교체, 장기자산에 투자
Chapter 15 기업은 자금을 어떻게 사용하는가? 2 단기비용 운영비 장기지출 장기자산에 투자 현재판매 및 생산활동 지원 확장, 교체, 신제품 개발 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

23 단기비용 (Short-Term Expenses)
Chapter 15 단기비용 (Short-Term Expenses) 2 유동자산 관리 (Manage Current Assets) 현금관리 (Cash Management) 외상매출금 (Accounts Receivable) 재고자산 (Inventory) The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

24 현금관리 (Cash Management)
Chapter 15 현금관리 (Cash Management) 2 잉여현금 시장성 유가증권 양도성예금증서 재무성어음 기업어음 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

25 현금관리 2 받을 돈은 가급적 빨리 받는다 주요 전략 줄 돈은 가급적 늦게 준다 재고자산에 묶이는 자금을 최소화한다
Chapter 15 현금관리 2 주요 전략 받을 돈은 가급적 빨리 받는다 줄 돈은 가급적 늦게 준다 재고자산에 묶이는 자금을 최소화한다 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

26 장기 지출 (Long-Term Expenditures)
Chapter 15 장기 지출 (Long-Term Expenditures) 2 자본적지출 (Capital Expenditures) 기계류 (Machinery) 건물 (Buildings) 대지 (Land) 장비 (Equipment) 정보시스템 (Information Systems) The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

27 단기자금의 조달 ( Short-Term Financing)
Chapter 15 단기자금의 조달 ( Short-Term Financing) 3 자금 조달 돈을 빌림 (부채) 자기주식을 팖 (자기자본) 이익을 유보함 (이익) The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

28 무담보 단기차입 (Unsecured Short-Term Loans)
Chapter 15 무담보 단기차입 (Unsecured Short-Term Loans) 3 외상거래 (Trade Credit) 판매자가 구매자에게 신용을 주는 것 은행차입 (Bank Loans) 신용한도(line of credit) 회전신용협정(revolving credit agreement) 기업어음 (Commercial Paper) 재무적으로 건전한 기업이 발행하는 무담보 단기부채 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

29 담보부 단기차입 (Secured Short-Term Loans)
Chapter 15 담보부 단기차입 (Secured Short-Term Loans) 3 담보부 차입 (Secured Loans) 차용자가 담보나 보증으로서 특정 자산을 저당물로 맡길 것을 요구 팩토링 (Factoring) 회사가 팩터(상업은행, 상업 금융회사) 에게 외상매출금을 판매하는 것 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

30 Chapter 15 부채와 자기자본 자금조달 4 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

31 부채 자금조달 (Debt Financing)
Chapter 15 부채 자금조달 (Debt Financing) 4 기간대출 (Term Loans) 1년 이상의 기업대출 채권 (Bonds) 기업과 정부의 장기부채(의무) 부동산 저당대출 (Mortgage Loans) 부동산을 담보로 하는 장기대출 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

32 자기자본 자금조달 (Equity Financing)
Chapter 15 자기자본 자금조달 (Equity Financing) 5 벤처캐피탈 우선주 배당 & 유보이익 보통주 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

33 증권 시장 (Securities Markets)
Chapter 15 증권 시장 (Securities Markets) 6 증권 부채 (발행자에 대한 대출) 자기자본 (발행조직에 대한 소유권) 발행시장 유통시장 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

34 증권 시장 6 투자 은행 (Investment Bankers) 주식브로커 (Stockbroker) 기업들이 장기적인
Chapter 15 증권 시장 6 투자 은행 (Investment Bankers) 기업들이 장기적인 자금 조달을 할 수 있도록 도움 주식브로커 (Stockbroker) 고객을 대신해서 증권을 사거나 팔 수 있는 면허를 가지고 있는 사람 (계정 실행자) The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

35 채권 투자 (Investing in Bonds)
Chapter 15 채권 투자 (Investing in Bonds) 6 지방채 (Municipal Bonds) 장기국채 미국 재무부 (U.S. Treasury) 중기국채 단기국채 수입채권 형태 일반채권 형태 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

36 무디스 , 스탠다드 & 푸어스의 채권등급 6 Chapter 15
The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

37 기타 증권 6 뮤추얼 펀드 (Mutual Fund) 선물 계약 (Futures Contracts) 옵션 (Options)
Chapter 15 기타 증권 6 뮤추얼 펀드 (Mutual Fund) 선물 계약 (Futures Contracts) 옵션 (Options) 투자자의 자금을 풀링해서 선택 증권을 구입하는 금융서비스 회사 미래 정해진 날짜에, 합의한 가격으로 일정한 양의 상품이나 금융상품을 사거나 팔아야 하는 법적인 의무 특정기간동안 정해진 가격에 보통주나 기타 금융상품의 일정량을 사고 팔 수 있는 권리가 있는 계약 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

38 증권 거래소 (Securities Exchanges)
Chapter 15 증권 거래소 (Securities Exchanges) 7 증권 시장의 형태 장외 시장 (Over-the-Counter Market) 조직화된 증권 거래소 (Organized Stock Exchanges) The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

39 미국 증권거래소 (U.S. Stock Exchanges)
Chapter 15 미국 증권거래소 (U.S. Stock Exchanges) 7 아메리칸 증권거래소 (AMEX) 뉴욕 증권거래소 (NYSE) The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

40 글로벌 거래와 외국 거래소 7 NYSE NASDAQ London Toronto Montreal Paris Sydney
Chapter 15 글로벌 거래와 외국 거래소 7 NYSE NASDAQ London Toronto Montreal Paris Sydney Zurich Buenos Aires Tokyo Frankfurt Hong Kong Taiwan The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

41 장외시장 (The Over-the-Counter Market)
Chapter 15 장외시장 (The Over-the-Counter Market) 7 장외(OTC)시장 미국 전역의 딜러들이 증권을 거래할 수 있도록 연결하는 통신네트워크 나스닥 (NASDAQ) 세계 최초의 전자 증권 시장, 가장 빠른 속도로 성장하는 증권시장 부문 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

42 증권시장의 규제 7 증권관리 위원회 (Securities and Exchange Commission) 내부자 거래
Chapter 15 증권시장의 규제 7 증권관리 위원회 (Securities and Exchange Commission) 미국은 주정부와 연방정부 모두가 증권시장에 대한 규제를 행함 내부자 거래 (Insider Trading) 증권거래를 통해 이익을 볼 목적으로 일반인들에게 알려지지 않은 정보를 사용 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. 서킷 브레이커 (Circuit Breakers) 시장이 하루에 하락할 수 있는 폭을 제한하기 위해 일정조건 하에서 짧은 기간동안 거래를 중단 Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved

43 재무관리와 증권시장의 최근 동향 8 CFO의 새로운 역할 증권관리위원회의 강화된 역할 2002년의 살베인즈-옥슬리법
Chapter 15 재무관리와 증권시장의 최근 동향 8 CFO의 새로운 역할 증권관리위원회의 강화된 역할 2002년의 살베인즈-옥슬리법 The losses resulting from the bankruptcy of Enron were more than $60 billion. And Enron was just the first in a series of companies whose stories hit the front pages as news of their disregard for accepted accounting procedures became public. Companies such as Adelphia, Qwest, Tyco, WorldCom, and Xerox join Enron in a rogue’s gallery for their financial abuses. Copyright ©2006 by South-Western, a division of Thomson Learning. All rights reserved