2000-7 2000. 8.
21. (fu sion).,,, (kisu). 21 (sp eed & relationship ).,.,,,.,. (Rupp ert Mu rdoch),,,,,,,
. 21..,...,.,. 2000 3,..,.
,.. 2 0 0 0 8
1., IR,,. 2.,,
3., (),,,.,
. 1. 3 1. 3 2. 14. 20 1. 20 2. 22 3. 27. 41 1. 41 2. 48 3. 58. 67 [ 1] 71 [ 2] 74 [ 3] 75 76
< 1> E&Y : 24 < 2> (KC Scoreboard) 25 < 3> IBS 29 < 4> 31 < 5> ICA 34 < 6> 36 < 7> ic 37 < 8> 44 < 9> 45 < 10> 50 < 11> 59 < 12> 62 < 13> 64 < 14> 65 < 15> 68
< 1> (convergence) 5 <2> (valu e sch em e) 6 <3> 7 <4> 10 <5> (valu e platform ) 12 <6> 16 <7> : 17 <8> 18 <9> 21 <10> 28 <11> 29 <12> 33 <13> ICA 33 <14>, 38 <15> 39 <16> 41 <17> 42 <18> 43 <19> 49
1.,,..,,,.. (M &A),,..., (w h at gets m easured gets m an aged and im proved)...,,.,
2,..,...,... 3.,.,..
3. 1.. (Chandler),,, 1)., (d ecision-m akin g) (p artnership). (co-op etition) 2).. 3, (one-stop service),.,, 3) 1) Maital(2000), pp.426-427. 2), (co-opetetion)(compete) (cooperate). Nalebuff & Brandenburger(1996), p.17.
4..,. 21 4).. (value)' ' (valere)'.,. (valor)'. (evaluation)' (value)... (< 1> ),.. 5). 3),, SK, 5 8. (www.mk.co.kr). 4) (1998). 5) (1998), p.146.
5.... < 1> (converge nce) (Skandia) 6). (fed erative organization) 7). 1990,,,. <2>, 8). 6) Skandia Assurance and Financial Services(AFS), Skandia Liv, Skandia Asset management, SkandiaBanken, Sinser, Lifeline. 7) Edvinsson & Malone(1998), pp.64-65. 8)
< 2> (value scheme) : (www.skandia.com / capital/ idx_ic.htm)., 95%, 25%~34% 9)..., (equity),.. Edvinsson & Malone(1998), p.57, pp.208-210, pp.228-229. 9). Barton & Park(2000),, 5, 1, 2. (2000).
7 (m arket valu e),. 10), 50%, 11), 30%. < 3> 12) : MEAN (, 1999). : Twynstra Gudde.,. (valu e-based m an agem ent), (activity-based costing), (balanced score card) 10) Sveiby(1999), p.21. : Morgan & Stanley. 11) Zwell & Ressler(2000). 12).
8, (<3> )..... (the law of large num bers). 13).,,, 14).? (m easurem ent). (Leonard Savage). 250 10 4 15).. 13) (1991), pp.171-175., Edvinsson & Malone(1998), pp.194-195. 14) Pulic, A.(2000). 15) (Moore, P. G.) 10,,, ~,,,,,,,. Maital(2000), pp.363-364.
9.,, 16). 17)... (< 4> ) 18).. 1998 9 (Internation al Accounting Stand ard Com m ittee, IASC) (intangible assets). 16) Edvinsson & Malone(1998), pp.65-66. 17) (1999). 18). 3.98, 2.78 1.11, 4.40, 2.801.60.,,,, (IT). (www.mk.co.kr), ". 2000.5.9.
10 < 4> 19),,. (1) 19) Pw C(2000)(1999). (2000).
11 (identifiable), (2), (3). 20) IASC,.., 21). 1999 80 22).., 300 23).,. 24).,. (M &A). 20) IAS 38. 21) MEAN (1999), KPMG, p.18. 22) The 3rd International Conference on the Management of Intellectu al Capital 23) Bornemann(1999), p.12. 24) Leadbeater(1999), pp.12-13.
12,,. < 5> (value platform) : Edvinsson & Malone(1998), p.164., (intertw ined). 25)., (<5> )., 26)., 25) MEAN (1999), PwC, p.14. 26) Edvinsson & Malone(1998), pp.164-165.
13..,., (philosophy). 27), 28) 29).... 27) (1994), PP.142-146. 28). 29) The Centre for European Policy Studies 1997 1995 (market-to-book-ratios). 149%202%, 194%296%.
14 2.. 30)....,.. (intellectu al p otential) 31)..,,. (capitalized exp enditures) 32). 30) MEAN (1999) KPMG, E&Y, Pw C. 31) Schneider(1998). 32). MEAN (1999), Pw C, p.13. : Stewart, T. A., Intellectual Capital: The New Wealth of Organizations, Doubleday/ Currency, NewYork, 1997.
15 (retrosp ective),, (cash valu e of future cash flow ) (econ om ic valu e) (prosp ective).? 33), (historical costs)..,....,.,,.. 33) MEAN (1999), KPMG, p.8.
16 34).,, 35) 36),. < 6> : Kaplan & N orton (1999a), p.177.. 34) Kaplan & N orton(1999), pp.246-247. 35) Fitzgerald et al(1998), pp.159-162, (2000), pp.19-21. 36) (1999), pp.257-259.
17. 1990. (Kaplan)(N orton), 1992 (H BR) (<6> ).,,,,, 37). < 7> : : Edivinsson & Malone(1998), p.83., (www.skandia.com)., 37) Kaplan & N orton(2000), pp.29-31., H arvard Bu siness Review (1992).
18. (<7> ) 38). < 8> : (2000). : Olve(1998). (AEGON ), (CIGN A) 39),, ( ),. 38) (2000), 2/ 3. Leadbeater(1999), p.23. 39) CIGNA ACE limited, CIGNA ACE America.
19 40) (<8> ) (N avigator). 40) Edvinsson & Malone(1998), p.58.
20. 1. 1980. 1986 (Sveiby), 1987 (stock evalu ation m od el), 41). 1988 (Konrad), 42). 1992.,. 1993(Tjän esteforbund et) 43) 44), 1990 O ECD, EU. <9>. 41) Business Journal(http:/ / www.et.se). 42) WM-Data, Skandia AFS, KREAB. [1]. 43). [1]. 44) PLS Consult, Consultus, Skandia, WM-data, [1].
21 < 9> (1990) (1992) (Sveiby, 1986) Konard (1988) ICD OECD / EU (Sveiby, 1987) Konard (WM -data ) Tjäneste forbun det (1993) 1986 1988 1991 1993 1994 1996 : Sveiby(www.sveiby.com.au/ Comp aniestolearnfrom.html).,.
22,,. 2.. (MCM; ma rket ca pita lization method), 1987.., 45),. M CM,,, MCM 46). M CM 45) (ROIC)- { = {[ROICi - ROICavg]}/ WACC}, i, avg -.,. (1999), p.581. (2000), p.30, 78.. 46) Mintz(1999).
23, (em bedd ed valu e) 47),.,.. MCM 48) (M CM). ( ), (filtering m ethod) 49).,, (bottom line) 50). (E&Y) (FV; fair valu e) 51). MCM. 47) MEAN(1999), E&Y. 48) MEAN(1999), PwC, p.15. 49) Edvinsson & Malone(1998), p.72. 50) Edvinsson & Malone(1998), pp.61-63.
24,,, (< 1> ). (goodw ill) 52). < 1> E&Y : (Appraisal Value by actuary) ( ) ( ) - - DB, ( ) D E A (B) C (F) G :.. (Lev)(know ledge cap ital scoreboard) (< 2> )., (com prehensive valu e), 51) MEAN(1999), E&Y, p.9. 52) MEAN(1999), E&Y, pp.12-15. [2].
25 (m arket p erform ance).,, 53). < 2> (KC Scoreboard) = [- ] / 3, 3, 10.5% 27 (10 ), (2.5 ) 20, (Pu lic) (VAIC) 54) (Strassm ann) (MVA) 55). VAIC, 53) Mintz(1999). 54) Pulic(2000). 55) Strassm ann(1998).
26,., VAIC. VAIC 56). 1/ 3,.,, 57).. VAIC MVA,.,, 56) VAIC,, VAIC. 57) (SG&A),, (MVA). Strassmann(1998).
27,. (relevance). (m etrics).. 3.. (IBS ; Invis ible Ba la nce Sheet) 58) 1988 IBS. (individu al capital), (structural capital) (<10> ). (kn ow - h ow ),, 58) Elisabet Annell, Siv Axelsson, Per-Magnus Emilsson, H ans Karlsson, Karl Erik Sveiby, Carl Johan Wangerud, Stig Vikstro 7, 1987 11 12 "Konrad day.
28. < 10> : Konrad Group (1988), p.20,,,. (revenu e p eop le) 59).,,,,,.,,,, (< 11> ). (p ersonnel), (problem -solving ability), (cu stom er cap ital).. 59),,.
29... < 11> : Konrad Group (1988), p.37 < 3> IBS / / / / / / / / / / /
30 < 11>,,,..,,.. IBS < 3>.. 60) IBS.,,.,. 61),,. (loyalty),., 60) http : / / www.sveiby.com.au/ intangass/ companymonitor. html Sveiby(1999), 13.. 61), (technical skills), (experience), (values judgement), (social netw ork, ) 5.
31,..,.,,.,,.. < 4> / : Sveiby(1999), pp.312-317. IT,,,, (< 4> ).,.
32 1... (ICA) (DTIDC) 1997, (Intellectu al Cap ital Accounts: Rep orting and m anaging intellectu al capital). 62) 10 63). ICA,,, IT,. ICA,,, (<12> ) 64).,.,,. (IT), R&D,. 62). "The Holistic Accounts"(Rambøll), "The Quality Accounts/ The Ethical Accounts"(Sparekassen Nordjylland), "The Complete Balance Sheet"(Consultu s), "Navigator"(Skandia), "Hum an Resource Accounts"(SCAA, ABB, Telia). 63) PLS Consult, Ramnøll, Skandia, Consultus, Telia, ABB, Sparekassen, The Swedish Civil Aviation Administration, Sp arbanken Sverrige, WM-data. 64) Barsky(2000).
33 < 12> : Barsky(2000). <13> ICA,,,, : DTIDC(1997), p.14. (w hat there is), (w hat is d one) (w h at h app en s) (<13> ) 65). 65) PwC (1) What is there / (2) What has been invested / (3) Which objectives have been achieved3. MEAN(1999), Pw C, p.18.
34,,,,., IT,. ( ) < 5> ICA () (), ( : ( :, ( :,,, ) ) ) ( : ( : ( :,,, ) ) ) IT( :, ) IT IT ( : PC ) IT( : ) IT ( : ( : ( : IT,,,, IT) ) ) : DTIDC(1997), pp.69-74. ICA. 10 ICA,.. < 5> ICA.
35. IBS, (Skandia Bu siness N avigator)(<7>, <8> )..,,,,, (hu m an cap ital) (structural capital).,,,.,,,,.,. 1994(20), (18), (18), (13)., 66). < 6> (SkandiaLink) 67) 1997 68). 66) (1999).. 67). 68) [1].
36 < 6> 3 / IT/ / Fund sw itches(internet) : http :/ / www.skandia-afs.com.,,, 21. 27, 31, 61,.. (C), (%)(i) (< 7> ). 2
37. < 7> ic (C) ""(i,%) - - - - - - - - - - - - - / - - / - (=1- ) - / i * C 2 75%(= / ) 1.5 : Edvinsson & Malone(1998), pp.206-210...,., (), (<14> ). (<4> ). (leadin g in dicators) (p erform ance drivers), (lagging in dicatirs). ( ) 69)
38.,. < 14>, : Kaplan & N orton (1999)..,. 2~5,.. 69) Germain(2000).. Kaplan & N orton(2000), pp.244.
39 < 15> : Kaplan & N orton (2000), p.260. <15>.
40 factors of success)., (critical 1), 2),, 3), 4).,.,,., (RO IC) (EVA)., 70).,. 70),,, 2000..
41. 1...,. (<16>). <16> (Skyrm e) 71). 1... 2... 3.,. 71) Skyrme(1999).
42, 72). 4..,,. 5...... (com p any-sp ecific). <17>. (<2> ), 72) " 1", " 2 4 ".
43, (<17> ).. 1).,,, (<18> ). <18> : Ahonen (2000), p.3. EVA ROE.,, 1 1 73) 73).,.
44 2 74). 21., " " " ". " ", " ". " " " ".. (qu antitative indicator), (qu alitative in dicator),,., 12 (< 8> ). < 8> 1 2 1 2 1 2 1 2 1 2 1 2. 74) 1 (direct indicator) 2(indirect indicator).
45,,,., 1 2 (< 9> ).,,. < 9> : 1, 2 : 1, 2 /,, ( ), (), (). (equ al interval),. (zero) 75). (absolute zero) (n atural zero, ),, 75), A100B 200, "B A 2", "BA".
46. (am ou nt), (num ber), (ratio), (prop ortion).,.. 2).. (m easurable), (valid), (reliable), (simple), (exclusive), (exhau stive), (robust), (consistent), (low cost), (prom pt).,., " "..,...
47 (statistical error)..,. (p atent), (brand), (R&D) 76),. 77).,,..,......,. 76) Deng, et al.(1998), R&D Lev & Sougiannis(1996), Barth, et al.(1998).. 77) Canibano, L., et al.(1999).
48...,,....,.,.,.,.. 2..
49.,, (<19> ). < 19> : EVA ROE : : : IT
50. 8, 12, 9, 12(< 10> ). < 10> 1 2 1 2 1 2 1 IT 2 ( ) IT 1 2 1 ( ) 2,,. (CAM EL). (Caniban o)
51... 1),. 2) 78).. 3). 4), 78). WM-data 7 10%,.
52. 5).. 6),. 7),,. 8).. 1). 79)
53,. 2).,. 3). 80). 4)..,,,. 5).. 79),. 80).
54. 81), 82). 6).. 7) IT IT. IT IT. ITIT. 8)., S&P 83), Moody' s, AM Best 84). 9) ( ) 81) 1994 AFS 12. 82),,,,, (DTIDC, p.70). 83) 4BPI. (http :/ / mk.insunet.co.kr). 84) 19992A-(Excellent). (http :/ / mk.insunet.co.kr)
55,,.... 85). 10)... 11) IT ITIT.. IT IT. 12) 86). 85) (, ),. 86) = 1 -
56.. 1)..,,. 2),. 3).. 87), 88). 4) ( ). 87),,,. 88),,,,.
57.,. 5) (cross selling), (up selling).,. 6),,. 89),.. 7) 90)., 89) Call Center. 90) 3 ( ), (), ( ), (Malcolm Boldrige),, AS. (1996).
58 91). 8)..,. 9) 1, 1 3, 3..,. 3.. ([1] ).. 91),,, (DTIDC, p.71).
59..... 8 (< 11> ). < 11> (#) (#) (#) ( ) ( ) IT (%) (,%) (%) : #,, %. < 11> 8 11 92) FY' 99 (1999.4. 2000.3.), 2000.3.31. 92),,,,,,,,,, 11.
60. 1) 2000. 3. 31.. 2).. 93). 3).. 4) 94).. 93),,. 94),,,,,.
61 5) IT IT., IT.,,,,. 6) 95).,. 7). 96).. = + 8). 1,000 97). 95). 96) = () ()
62,., 98), 99) 2s 100) ( ) (< 12 >). < 12> () x -s< < x +s () 0.514 0.643 1.164 ( 497) 1.019 (1673) 9 (-0.697) 8 (-0.274) IT 0.321 0.363 0.398 0.849 0.127 0.535 0.304 ( 284) 0.585 ( 291) 0.557 ( 397) 1.710 (1413) 0.124 ( 145) 0.389 (1050) 8 ( 2.419) 5 (-1.636) 7 (-0.998) 10 (2.751) 10 (3.884) 9 (2.997) : 1. ( ) 101). 2. ( )(kurtosis) 102). 97) 1999. 98),. /. 7 (1998), p.23. 99) = (Q3 - Q1)/ Q2 100) ( x - s, x + s). 101) = / 102) (normal distribution).. s.
63 < 12>,,.,,, 2s.. 11. (outlier),.,,, 103)....,,,. = n ( n + 1) ( x i - x ( n - 1)( n - 2)( n - 3) i s ) 4-3( n - 1) 2 ( n - 2)( n - 3 ) 103).
64 (< 13> ). (rank).,. < 13> + +,, : Skyrme(1999). (non-p aram etric statistical m ethod) (Sp earm an) 104). 11 8 105) 106). ROE 107). FY' 99. < 14>. 108) 5% 104) (2000). 105) 8. 106) [3]. 107). 108) (H0) "x y ", (, test statistic). x i, y i, i = 1, 2,, n.
65 109),. < 14> A B C D E F G H I J K 1 2 3 4 5 6 7 8 9 10 11 3 1 5 2 6 4 7 8 10 9 11,., (< 13> ),,,,,,... = 1 - n 6 (x i - y i ) 2 i = 1 n ( n 2-1) 109) =0.909, 5% >0.623 (n=11).
66.,.,.
67..,,..,,,.... (internal control tool),.., (com p anysp ecific m odel)...
68,.,..,,., (< 15> ). < 15>, : MEAN (1999), Pw C, p.12.,..
69,..,.,..., (notes),. (IT).,,., (goal con gru ence)
70., 110)...,..,.,,.,. 110) Kaplan & N orton(2000), pp.262-265.
71 [ 1] 1) (Position/ present) (Development) (Stability/ risk) 3 / / 5 ( ) PC IT R&D/ IT/ 2) WM-d ata : IT,. 1999 1998 1997 1996 1995 (1) 7.689 6,843 6.068 5,463 4.769 4,275 3.840 3,390 2.545 2,315 (%) 35 13 36 12 37 13 37 12 36 10 / (1) SEK 000s / (1) SEK 000s 1,859 767 2,266 786 1,860 737 1,680 665 1,408 648 Academic(%) Secondary(%) 50 44 49 45 55 39 58 55 49 43
72 3) 1997 1996 1995 1994 (MSEK) (MSEK) (MSEK) 4,052 293 14,163 2,413 179 9,202 2,087 176 5,699 1,874 132 3,670 (%) 219,380 2.8 182,900 1.7 153,100 1.5 115,000 1.0 ( =100) (%) 3 (%) 63-92 84 45 426 73 92 48 493 73 88 51 534 74 62 / (%) IT/ (%) 3.3 36.0 4.1 26.3 5.0 27.1 4.5 28.0 / Fund switches/ Telelink(%) Fu nd switches/ Internet(%) 3,482 42 23 4,064 50-3,180 40-2,253 22 -
73 4) (Celem i) :,. 1998 1997 1996 1998 1997 1996 1998 1997 1996 / / / 8% 59% 22% 70% 50% 46% 51% 49% R&D/ 12% 42% / 49% 71% 7% 42% 44% 70% 5% 34% 8.3 59% 8% 67% 8.2 65% 49% 68% 7.0 46% 61% 66% (TSEK) 306 269 245 (TSEK) 25% 6774 25% 8478 16% 12246 802 (TSEK) 641 (TSEK) 759 625 713 617 5 5.18 66% 33% - 54% 40% - 46% 34% 13% 2.6 41% 0% 2.0 53% 0% 1.9 64% 4.62 13% 3.3 37-6% 2.8 36-19% 2.7 35
74 [ 2] 111) 111) MEAN (1999), E&Y, pp.12-15.
[ 3] IT A B C 2 1 5 1 3 6 3 1 5 6 4 3 1 7 6 3 1 5 7 1.5 11 8 2 3 31.0 20.5 44.0 D E F 3 6 4 2 9 5 2 6 4 5 7 1 3 8 2 2 6 4 6 8 5 4 1 8 27.0 51.0 33.0 G H I 8 10 9 7 4 8 8 10 9 2 8 9 9 5 11 8 10 9 3 4 9 8 5 10 53.0 56.0 74.0 J K 7 11 10 11 7 11 11 10 10 4 7 11 1.5 10 6 11 59.5 79.0 75
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< > () () (e-m ail: d slee@kidi.or.kr) () ( ) (e-m ail: h aeskim @kidi.or.kr) 2000-7 2000 8 35-4 368-4000 ( ) 2275-6200 ISBN 89-88001-51-6 93320 10,000