제3판 2025.03.20

중판발행 2024.08.20

제2판 2022.03.10

초판 2016.02.25

머리말

재무관리는 기업가치 극대화를 목표로 기업이 어떻게 자금을 조달하고 어디에 투자할지를 다루는 학문이다. 기업은 기업가치 극대화를 달성하기 위해서 주식과 채권을 발행하여 적절한 자금을 조달해야 하고 또한 기업의 가치를 증가시키는 좋은 투자안을 채택해야 한다. 본서는 이와 같은 자금조달의사결정과 투자의사결정에 대한 이해를 도모하기 위하여 크게 다섯 개의 주제로 구성하여 되도록 알기 쉬운 문장과 사례들을 통해 직관적으로 설명하고자 노력하였다. 다섯 개의 주제는 재무관리 개요, 가치평가, 투자의사결정, 자본구조와 배당정책, 재무관리의 기타주제로 구성하였다.

제1편 재무관리 개요에서는 재무관리의 목표인 기업가치 극대화와 기업가치에 영향을 주는 것으로 보이는 환경?사회?지배구조(ESG) 요인 등에 대해서 다룬 후, 영업의사결정, 투자의사결정, 재무의사결정 등의 기업정책의 효율성을 평가할 수 있는 다양한 재무비율에 대해서 설명한다.

제2편 가치평가에서는 재무관리자의 의사결정에 필요한 기본 개념인 화폐의 시간가치에 대해서 다룬 후, 재무의사결정에서의 중요한 자기자본 조달 수단인 주식의 가치평가방법과 타인자본 조달 수단인 채권의 가치평가방법에 대해서 설명한다.

제3편 투자의사결정에서는 기업이 투자안을 평가할 때 사용하는 순현가법, 내부수익률법 등의 다양한 투자결정기준과 투자의사결정이 어떻게 이루어지는지에 대해서 단계별로 설명한 후, 투자안의 할인율로 적용할 수 있는 자본자산가격결정모형(CAPM)과 투자의사결정에 유연성을 반영시킬 수 있는 실물옵션에 대해서 알아본다. 또한 판매량에 따른 이익의 변동을 분석하는 손익분기점 분석과 레버리지 분석에 대해서도 다룬다.

제4편 자본구조와 배당정책에서는 주주와 채권자가 기업에 자금을 공급하는 대가로 요구하는 자기자본비용과 타인자본비용에 대해서 살펴본 후, 자기자본과 타인자본을 어떠한 비율로 구성할 때 기업가치가 극대화되는지에 대해서 자본구조이론을 통해 알아보고, 배당정책이 기업가치에 미치는 영향에 대해서 설명한다.

제5편 재무관리의 기타 주제에서는 인수합병, 파생상품, 국제재무관리와 관련되는 여러 이슈들을 다룬다. 우선 인수합병의 이득과 비용을 분석하는 방법과 함께 인수합병기업의 공격전략과 인수합병대상기업의 방어전략에 대해서 살펴본다. 또한 위험관리 수단으로 활용되는 파생상품인 선물과 옵션에 대해서 학습한다. 끝으로 환율의 물가 및 이자율과의 관계와 환위험 헷지전략 및 해외 투자안의 평가방법에 대해서 설명한다.

본서는 재무이론을 처음 접하는 대학의 학부 학생들을 위한 강의교재로 적합하며, 독자들이 많은 예제와 연습문제를 풀고 각 장마다 제공된 관련 주제에 관한 시사 뉴스를 읽음으로써 현실적인 재무 이슈와 연계하여 복잡한 기업재무이론을 쉽게 이해하고 경영인이 갖추어야 할 필수 재무지식을 자연스럽게 습득할 수 있을 것으로 확신한다.

끝으로 사랑하는 가족들의 성원에 항상 감사하며, 박영사의 안종만 회장, 안상준 대표, 조성호 이사, 전채린 차장, 조영은 대리 및 임직원 여러분에게 감사의 뜻을 표한다.

2025년 2월

이재하?한덕희

이재하

서울대학교 공과대학 전자공학과 공학사

서울대학교 대학원 전자공학과 공학석사

인디애나대학교 경영대학 경영학석사

인디애나대학교 대학원 경영학박사

인디애나대학교 조교수

오클라호마대학교 석좌교수

한국파생상품학회 회장 / 한국재무관리학회 부회장

한국재무학회 상임이사 / 한국증권학회 이사

한국금융학회 이사 / 한국경영학회 이사

교보생명 사외이사 겸 리스크관리위원회 위원장

한국거래소 지수운영위원회 위원장

금융위원회․예금보험공사․자산관리공사 자산매각심의위원회 위원

공인회계사 출제위원

국민연금 연구심의위원회 위원

사학연금 자금운영위원회 위원

대교문화재단 이사

교보증권 사외이사 겸 위험관리위원회 위원장

KB증권 사외이사 겸 리스크관리위원회 위원장

Brown University EMSTL Advisory Committee Member

EDHEC Business School International Advisory Board Member

Journal of Financial Research Associate Editor

FMA Best Paper Award in Futures and Options on Futures

AIMR Graham and Dodd Scroll Award

ANBAR Citation of Highest Quality Rating Award

한국재무관리학회 최우수 논문상

성균관대학교 SKK GSB 원장

현 성균관대학교 SKK GSB 명예교수

저서 및 주요논문

핵심재무관리 - The Core of Corporate Finance (2020)

핵심투자론 - The Core of Investments (1판: 2014, 2판: 2018, 3판: 2021)

핵심파생상품론 - The Core of Derivatives (2021)

새내기를 위한 금융 – Understanding Finance (1판: 2018, 2판: 2021, 3판: 2025)

재무관리 – Essentials of Corporate Finance (1판: 2016, 2판: 2022, 3판: 2025)

투자론 – Essentials of Investments (1판: 2015, 2판: 2023)

How Markets Process Information: News Releases and Volatility

Volatility in Wheat Spot and Futures Markets, 1950–1993: Government Farm Programs, Seasonality, and

Causality

Who Trades Futures and How: Evidence from the Heating Oil Futures Market

The Short–Run Dynamics of the Price Adjustment to New Information

The Creation and Resolution of Market Uncertainty: The Impact of Information Releases on Implied

Volatility

The Intraday Ex Post and Ex Ante Profitability of Index Arbitrage

A Transactions Data Analysis of Arbitrage between Index Options and Index Futures

Intraday Volatility in Interest Rate and Foreign Exchange Spot and Futures Markets

Time Varying Term Premium in T–Bill Futures Rate and the Expectations Hypothesis

Embedded Options and Interest Rate Risk for Insurance Companies, Banks, and Other Financial

Institutions

Intraday Volatility in Interest Rate and Foreign Exchange Markets: ARCH, Announcement, and Seasonality

Effects

KOSPI200 선물과 옵션간의 일중 사전적 차익거래 수익성 및 선종결전략

KOSPI200 선물을 이용한 포트폴리오 보험전략

원/달러 역내현물환 시장과 역외NDF시장간의 인과관계

상장지수펀드(ETF) 차익거래전략

KOSPI200 옵션시장에서의 변동성지수 산출 및 분석 등 Journal of Finance, Journal of Financial and

Quantitative

Analysis, Journal of Business, Journal of Futures Markets, 증권학회지, 선물연구, 재무관리연구 외 다수

한덕희

성균관대학교 경상대학 회계학과 경영학사

성균관대학교 대학원 경영학과 경영학석사

성균관대학교 대학원 경영학과 경영학박사

인디애나대학교 Visiting Scholar

한국금융공학회 상임이사 / 한국재무관리학회 상임이사 / 한국기업경영학회 이사

한국전문경영인학회 이사 / 한국파생상품학회 이사 / 한국재무관리학회 학술위원

국민연금공단 국민연금연구원 부연구위원

한국예탁결제원 자산운용인프라 자문위원회 위원

한국주택금융공사 자금운용성과평가위원회 평가위원

한국자산관리공사 공매 자문위원

LH한국토지주택공사 제15/16기 기술심사평가위원

LG연암학원 투자자문 심의위원

한국철도공사 사업개발분야 전문심의평가위원

부산도시공사 경영자문위원회 위원

부산항만공사 기술자문위원회 제7기 위원

부산문화재단 기본재산운용관리위원회 위원

부산광역시 성과평가위원회 위원

부산광역시 출자․출연기관 경영평가단 평가위원

부산광역시 공사․공단(이)사장 평가단 평가위원

부산광역시 정책연구용역심의위원회 제8/9기 위원

거제시 출자․출연기관 운영심의위원회 위원

5급/7급/9급 국가공무원 면접문제 선정위원

제33회 공인노무사 1차시험 출제위원

2016년/2018년/2019년 Marquis Who’s Who 등재

동아대학교 교육혁신원 교육성과관리센터장

동아대학교 사회과학대학 부학장

동아대학교 경영대학원 부원장

동아대학교 금융학과 학과장

현 동아대학교 금융학과 교수 / 대학원 부동산금융학과 책임교수

저서 및 주요논문

핵심재무관리-The Core of Corporate Finance (2020)

핵심투자론-The Core of Investments (1판: 2014, 2판: 2018, 3판: 2021)

핵심파생상품론-The Core of Derivatives (2021)

새내기를 위한 금융-Understanding Finance (1판: 2018, 2판: 2021, 3판: 2025)

재무관리-Essentials of Corporate Finance (1판: 2016, 2판: 2022, 3판: 2025)

투자론-Essentials of Investments (1판: 2015, 2판:2023)

국채선물을 이용한 헤지전략

국채선물을 이용한 차익거래전략

KOSPI200 옵션시장에서의 박스스프레드 차익거래 수익성

KOSPI200 옵션과 상장지수펀드 간의 일중 차익거래 수익성

차익거래 수익성 분석을 통한 스타지수선물 및 현물시장 효율성

KOSPI200 현물 및 옵션시장에서의 수익률과 거래량 간의 선도-지연관계

국채현․선물시장에서의 장․단기 가격발견 효율성 분석

금현․선물시장과 달러현․선물시장 간의 장․단기영향 분석

통화현․선물시장 간의 정보전달 분석

금융시장과 실물경제 간의 파급효과: 주식, 채권, 유가, BDI를 대상으로

사회책임투자의 가격예시에 관한 연구

1980–2004년 동안의 증시부양정책 및 증시규제정책의 실효성

부동산정책, 부동산시장, 주식시장 간의 인과성 연구

부동산정책 발표에 대한 주식시장의 반응에 관한 연구

디지털자산 시장에서의 가격발견효과

경제심리가 부동산직․간접시장에 미치는 단기적 영향에 관한 연구 등 금융공학연구, 기업경영연구,

산업경제연구, 선물연구, 증권학회지, 재무관리연구, 주택도시금융연구 외 다수.

PART 01 재무관리 개요

Chapter 01 재무관리의 개요 ···················································································· 4

section 1 기업 ······································································································· 4

1. 개요 ······································································································ 4

2. 이해상충과 기업지배구조 ····································································· 6

3. 환경 ․ 사회 ․ 지배구조(ESG) 요인 ·························································· 7

section 2 재무경영자 및 재무관리의 목표 ······················································ 12

1. 재무경영자 ·························································································· 12

2. 재무관리의 목표 ················································································· 13

연습 문제 ············································································································ 16

연습문제 해답 ······································································································· 17

Chapter 02 재무제표 분석 ····················································································· 18

section 1 재무제표 ······························································································ 18

section 2 재무비율 분석 ···················································································· 23

1. 수익성 분석 ························································································ 24

(1) 총자산이익률 _ 24 (2) 자기자본순이익률 _ 25

(3) 매출액순이익률 _ 27

2. 성장성 분석 ························································································ 28

(1) 매출액증가율 _ 28 (2) 총자산증가율 _ 28

(3) 순이익증가율 _ 29

3. 활동성 분석 ························································································ 29

(1) 매출채권회전율 _ 29 (2) 재고자산회전율 _ 30

(3) 유형자산회전율 _ 31 (4) 총자산회전율 _ 32

4. 유동성 분석 ························································································ 33

(1) 유동비율 _ 33 (2) 당좌비율 _ 33

(3) 순운전자본구성비율 _ 34

section 2 주식가치평가 ······················································································ 78

1. 배당할인모형 ······················································································· 78

(1) 항상성장모형 _ 80 (2) 제로성장모형 _ 82

(3) 2단계배당할인모형 _ 83 (4) 주가와 성장기회 _ 84

2. EVA모형 ····························································································· 86

연습문제 ············································································································ 90

연습문제 해답 ······································································································· 92

PART 03 투자의사결정

Chapter 05 자본예산: 투자결정기준 ······································································ 96

section 1 자본예산의 개요 ················································································ 96

section 2 투자결정기준 ······················································································ 97

1. 순현가(NPV)법 ···················································································· 97

(1) 순현가(NPV)법의 개념 _ 97

(2) 순현가(NPV)법의 평가기준 _ 100

(3) 순현가(NPV)법의 특징 _ 101

2. 내부수익률(IRR)법 ············································································· 101

(1) 내부수익률(IRR)법의 개념 _ 101

(2) 내부수익률(IRR)법의 평가기준 _ 102

(3) 내부수익률(IRR)법의 장점 _ 104

(4) 내부수익률(IRR)법의 문제점 _ 104

3. 수익성지수(PI)법 ················································································ 109

(1) 수익성지수(PI)법의 개념 _ 109

(2) 수익성지수(PI)법의 평가기준 _ 109

(3) 수익성지수(PI)법의 장점 _ 110

(4) 수익성지수(PI)법의 문제점 _ 110

4. 회수기간법 ························································································ 112

(1) 회수기간법의 개념 _ 112 (2) 회수기간법의 평가기준 _ 112

(3) 회수기간법의 장점 및 문제점 _ 113

5. 평균회계이익률(AAR)법 ···································································· 113

(1) 평균회계이익률(AAR)법의 개념 _ 113

(2) 평균회계이익률(AAR)법의 평가기준 _ 114

(3) 평균회계이익률(AAR)법의 장점 및 문제점 _ 115

연습문제 ·········································································································· 117

연습문제 해답 ····································································································· 120

Chapter 06 자본예산: 투자의사결정 ···································································· 122

1. 현금흐름 추정 시 고려사항 ····························································· 122

(1) 감가상각비 _ 122

(2) 이자비용과 배당금 등 금융비용 _ 123

(3) 매몰비용 _ 123 (4) 기회비용 _ 123

(5) 잠식비용 _ 124 (6) 자본적 지출 _ 124

(7) 법인세 절세효과 _ 124 (8) 순운전자본 _ 125

2. 현금흐름의 추정 ··············································································· 125

(1) 최초 투자 시의 현금흐름 _ 126

(2) 투자기간 중의 현금흐름 _ 126

(3) 투자종료 시점의 현금흐름 _ 127

section 2 투자기간이 다른 경우의 자본예산 ················································· 129

1. 반복투자가 불가능한 투자안 ···························································· 129

2. 반복투자가 가능한 투자안 ······························································· 130

(1) 최소공배수 접근법 _ 130

(2) 연간등가가치 접근법 _ 132

section 3 자본제약하의 자본예산 ···································································· 134

연습문제 ·········································································································· 137

연습문제 해답 ····································································································· 140

Chapter 07 불확실성하의 투자결정 ······································································ 142

section 1 기대수익률과 위험 ··········································································· 142

1. 개별자산의 기대수익률과 위험 ························································ 142

(1) 개별자산의 기대수익률 _ 142 (2) 개별자산의 위험 _ 143

2. 포트폴리오의 기대수익률과 위험 ····················································· 144

(1) 포트폴리오의 기대수익률 _ 144(2) 포트폴리오의 위험 _ 145

(3) 위험자산의 투자기회집합 _ 148

3. 체계적 위험의 측정 ·········································································· 153

(1) 개별자산의 체계적 위험 _ 153

(2) 포트폴리오의 체계적 위험 _ 154

section 2 자본자산가격결정모형(CAPM) ························································ 154

section 3 위험투자안 평가 ··············································································· 159

1. 균형기대수익률 ················································································· 159

2. 위험투자안 평가 ··············································································· 161

3. 실물옵션을 이용한 투자안 분석 ······················································ 162

(1) 실물옵션의 개요 _ 162

(2) 실물옵션을 이용한 자본예산 _ 164

APPENDIX 1: 통계공식 ···················································································· 168

APPENDIX 2: 공분산 ························································································ 170

연습문제 ·········································································································· 173

연습문제 해답 ····································································································· 176

Chapter 08 손익분기점 및 레버리지 분석 ··························································· 178

section 1 손익분기점 분석 ··············································································· 178

section 2 레버리지 분석 ·················································································· 181

1. 영업레버리지 ····················································································· 181

2. 재무레버리지 ····················································································· 184

3. 결합레버리지 ····················································································· 185

연습문제 ·········································································································· 190

연습문제 해답 ····································································································· 193

PART 04 자본구조와 배당정책

Chapter 09 자본비용 ···························································································· 198

section 1 자기자본비용 ···················································································· 198

1. 증권시장선 ························································································ 198

2. 배당할인모형 ····················································································· 199

3. 우선주의 자본비용 ············································································ 200

section 2 타인자본비용 ···················································································· 201

section 3 가중평균자본비용 ············································································· 204

1. 가중평균자본비용의 개념 ································································· 204

2. 가중평균자본비용과 투자안의 자본비용 ·········································· 205

section 4 발행비용 ···························································································· 206

1. 자본비용에서 조정하는 방법 ···························································· 206

2. 현금흐름에서 조정하는 방법 ···························································· 207

연습문제 ·········································································································· 211

연습문제 해답 ····································································································· 212

Chapter 10 자본구조이론 ····················································································· 213

section 1 전통적 접근법 ·················································································· 213

section 2 MM(1958)의 자본구조이론: 무관련이론 ······································· 215

1. 명제 Ⅰ ····························································································· 215

2. 명제 Ⅱ ····························································································· 219

3. 명제 Ⅲ ····························································································· 220

section 2 MM(1963)의 자본구조이론: 수정이론 ·········································· 223

1. 명제 Ⅰ ····························································································· 223

2. 명제 Ⅱ ····························································································· 224

3. 명제 Ⅲ ····························································································· 225

section 3 MM(1958, 1963)과 CAPM(1964)의 결합 ···································· 227

section 4 최적자본구조 가능성에 대한 이론 ················································· 233

1. 파산비용과 최적자본구조 ································································· 233

2. 대리인비용과 최적자본구조 ······························································ 234

(1) 자기자본 대리인비용 _ 235 (2) 타인자본 대리인비용 _ 235

(3) 대리인비용과 최적자본구조 _ 236

3. 우선순위이론 ····················································································· 237

연습문제 ·········································································································· 239

연습문제 해답 ····································································································· 242

Chapter 11 배당정책 ···························································································· 245

section 1 배당측정지표와 배당절차 ································································ 245

1. 배당측정지표 ····················································································· 245

2. 배당절차 ···························································································· 246

section 2 배당정책과 기업가치 ······································································· 248

1. 배당정책의 무관련성: MM이론(1961) ············································· 249

2. 고객효과 ···························································································· 251

3. 자가배당 ···························································································· 252

4. 정보효과 ···························································································· 252

5. 고배당정책 선호 요인 ······································································ 253

(1) 현재소득에 대한 선호 _ 253 (2) 대리인 비용의 감소 _ 253

6. 저배당정책 선호 요인 ······································································ 254

(1) 세금 _ 254 (2) 발행비용 _ 255

section 3 유사배당 ···························································································· 257

1. 자사주매입 ························································································ 257

2. 주식배당 ···························································································· 259

3. 주식분할 ···························································································· 260

연습문제 ·········································································································· 263

연습문제 해답 ····································································································· 265

PART 05 재무관리의 기타 주제

Chapter 12 인수합병 ···························································································· 270

section 1 인수합병의 개요 ··············································································· 270

1. 인수합병의 개념 ··············································································· 270

2. 인수합병의 이득과 비용 ··································································· 271

(1) 인수합병의 이득 _ 271

(2) 현금으로 지불한 인수합병의 비용 _ 271

(3) 주식으로 지불한 인수합병의 비용 _ 272

section 2 인수합병의 공격전략과 방어전략 ··················································· 273

1. 인수합병의 공격전략 ········································································ 273

(1) 주식매집 _ 273 (2) 백지위임장경쟁 _ 274

(3) 주식공개매입 _ 274

2. 인수합병의 방어전략 ········································································ 275

(1) 정관개정을 통한 방어전략 _ 275

(2) 재무구조조정을 통한 방어전략 _ 276

(3) 사업구조조정을 통한 방어전략 _ 276

(4) 기타 인수합병 방어전략 _ 277

연습문제 ·········································································································· 282

연습문제 해답 ····································································································· 284

Chapter 13 파생상품: 선물 ·················································································· 286

section 1 선물의 개요 ······················································································ 286

1. 선물의 개념 ······················································································ 286

2. 선물의 기능 ······················································································ 289

(1) 가격예시 _ 289 (2) 헷징 _ 289

(3) 투기 _ 290

3. 선물의 종류 ······················································································ 290

section 2 KOSPI200선물 ················································································· 292

1. KOSPI200선물의 개요 ······································································ 292

2. 증거금과 일일정산 ············································································ 295

section 3 KOSPI200선물의 가격결정 ····························································· 300

1. KOSPI200선물 이론가격 ·································································· 300

2. KOSPI200선물 차익거래전략 ··························································· 302

(1) 매수차익거래전략 _ 303 (2) 매도차익거래전략 _ 304

section 4 KOSPI200선물 헷지전략 ································································· 307

1. 헷지전략의 개요 ··············································································· 307

2. 헷지계약수 ························································································ 308

3. 매도헷지 ···························································································· 309

4. 매수헷지 ···························································································· 309

연습문제 ·········································································································· 311

연습문제 해답 ····································································································· 313

Chapter 14 파생상품: 옵션 ·················································································· 314

section 1 옵션 ··································································································· 314

1. 옵션의 개념 ······················································································ 314

2. 옵션의 분류 ······················································································ 316

2. KOSPI200옵션의 개요 ······································································ 317

section 2 옵션거래전략 ···················································································· 320

1. 단순거래전략 ····················································································· 321

(1) 콜옵션 매수 _ 322 (2) 콜옵션 매도 _ 323

(3) 풋옵션 매수 _ 325 (4) 풋옵션 매도 _ 326

4. 헷지거래전략 ····················································································· 328

(1) 커버드콜 _ 328 (2) 방어적 풋 _ 330

5. 풋-콜등가정리 ·················································································· 331

section 3 옵션가격결정모형 ············································································· 333

1. 이항옵션가격결정모형(BOPM) ·························································· 333

(1) 콜옵션의 경우 _ 333 (2) 풋옵션의 경우 _ 337

2. 블랙-숄즈옵션가격결정모형(BSOPM) ··············································· 339

APPENDIX: 추적포트폴리오를 이용한 BOPM 도출 ······································ 345

1. 콜옵션 ······························································································· 345

2. 풋옵션 ······························································································· 346

연습문제 ·········································································································· 349

연습문제 해답 ····································································································· 351

Chapter 15 국제재무관리 ····················································································· 353

section 1 환율과 외환시장 ··············································································· 353

1. 환율 ··································································································· 353

2. 현물환시장 ························································································ 354

3. 선물환시장 ························································································ 355

(1) 일반선물환거래 _ 355

(2) 차액결제선물환(NDF)거래 _ 356

section 2 구매력평가이론 ················································································· 357

1. 절대적 구매력평가이론 ····································································· 357

2. 상대적 구매력평가이론 ····································································· 358

section 3 이자율과 환율 ·················································································· 359

1. 피셔효과 ···························································································· 359

2. 국제피셔효과 ····················································································· 360

3. 이자율평가이론 ················································································· 362

section 4 환위험 헷지 ······················································································ 366

1. 선물환시장을 이용한 헷지 ······························································· 366

2. 단기금융시장을 이용한 헷지 ···························································· 366

section 5 환위험과 국제투자결정 ···································································· 368

연습문제 ·········································································································· 371

연습문제 해답 ····································································································· 373

찾아보기 ·········································································································· 375