{"id":73570,"date":"2025-10-09T01:34:25","date_gmt":"2025-10-08T16:34:25","guid":{"rendered":"https:\/\/monolith.law\/ko\/?p=73570"},"modified":"2025-10-10T18:04:36","modified_gmt":"2025-10-10T09:04:36","slug":"debt-equity-swap-japan","status":"publish","type":"post","link":"https:\/\/monolith.law\/ko\/general-corporate\/debt-equity-swap-japan","title":{"rendered":"\uc77c\ubcf8 \ud68c\uc0ac\ubc95\uc5d0\uc11c\uc758 \ub370\ud2b8 \uc5d0\ud034\ud2f0 \uc2a4\uc651(DES) \uc2e4\ubb34 \ud574\uc124"},"content":{"rendered":"\n<p>\ub370\ud2b8 \uc5d0\ud034\ud2f0 \uc2a4\uc651(Debt-Equity Swap, \uc774\ud558 &#8216;DES&#8217;)\uc740 \uae30\uc5c5\uc774 \uc7ac\ubb34 \uccb4\uc9c8\uc744 \uac1c\uc120\ud558\uace0 \uacbd\uc601 \uc7ac\uac74\uc744 \ub3c4\ubaa8\ud558\uae30 \uc704\ud55c \uac15\ub825\ud55c \ubc29\ubc95\uc785\ub2c8\ub2e4. \uc774 \uac70\ub798\ub294 \uae30\uc5c5\uc774 \ubd80\ub2f4\ud558\ub294 \ubd80\ucc44(Debt)\ub97c \ud574\ub2f9 \uae30\uc5c5\uc758 \uc790\ubcf8(Equity)\uc778 \uc8fc\uc2dd\uc73c\ub85c \uad50\ud658(Swap)\ud558\ub294 \uac83\uc744 \ub9d0\ud569\ub2c8\ub2e4. \uad6c\uccb4\uc801\uc73c\ub85c\ub294, \ud68c\uc0ac\uc5d0 \ub300\ud55c \uae08\uc804 \ucc44\uad8c\uc744 \uac00\uc9c4 \ucc44\uad8c\uc790\uac00 \uadf8 \ucc44\uad8c\uc744 \ud68c\uc0ac\uc5d0 \ucd9c\uc790\ud558\uace0, \ub300\uac00\ub85c \ud68c\uc0ac\uc758 \uc8fc\uc2dd\uc744 \ubc1b\ub294 \ud615\ud0dc\ub85c \uc9c4\ud589\ub429\ub2c8\ub2e4. \uc774 \ubc29\ubc95\uc740 \uacfc\ub3c4\ud55c \ubd80\ucc44\uc5d0 \uc2dc\ub2ec\ub9ac\ub294 \uae30\uc5c5\uc758 \uc7ac\ubb34 \uc0c1\ud0dc\ub97c \uadf9\uc801\uc73c\ub85c \uac1c\uc120\ud560 \uac00\ub2a5\uc131\uc744 \ub0b4\ud3ec\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \ubd80\ucc44\ub97c \uc904\uc774\uace0 \uc790\uae30\uc790\ubcf8\uc744 \uc99d\uac15\ud568\uc73c\ub85c\uc368 \ubd80\ucc44 \ucd08\uacfc \uc0c1\ud0dc\ub97c \ud574\uc18c\ud558\uace0, \uae08\uc735 \uae30\uad00\uc774\ub098 \uac70\ub798\ucc98\ub85c\ubd80\ud130\uc758 \uc2e0\uc6a9\ub825\uc744 \ud68c\ubcf5\ud560 \uc218 \uc788\uc744 \uac83\uc73c\ub85c \uae30\ub300\ub429\ub2c8\ub2e4. \ub610\ud55c, M&amp;A\ub098 \uc0ac\uc5c5 \uc2b9\uacc4\uc758 \ub9e5\ub77d\uc5d0\uc11c\ub3c4, \uc2b9\uacc4\ud558\ub294 \uae30\uc5c5\uc758 \ubd80\ucc44\ub97c \uc815\ub9ac\ud558\uace0 \ud6c4\uacc4\uc790\uc758 \ubd80\ub2f4\uc744 \uacbd\uac10\ud558\uae30 \uc704\ud574 \ud65c\uc6a9\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098, \uadf8 \uac15\ub825\ud55c \ud6a8\uacfc\uc758 \uc774\uba74\uc5d0\ub294 \uc77c\ubcf8\uc758 \ud68c\uc0ac\ubc95 \ubc0f \uc138\ubc95\uc774 \uc815\ud558\ub294 \ubcf5\uc7a1\ud55c \uaddc\uc81c\uac00 \uc874\uc7ac\ud569\ub2c8\ub2e4. \ubc95\uc801\uc73c\ub85c DES\ub294 &#8216;\ud604\ubb3c \ucd9c\uc790&#8217;\ub77c\ub294 \ud2b9\uc218\ud55c \ud615\ud0dc\uc758 \uc99d\uc790\ub85c \ucde8\uae09\ub418\ubbc0\ub85c, \uadf8 \uc2e4\ud589\uc5d0\ub294 \uc5c4\uaca9\ud55c \uc808\ucc28\uac00 \uc694\uad6c\ub429\ub2c8\ub2e4. \ubcf8\ubb38\uc5d0\uc11c\ub294 \uc774 DES\uc758 \ubc95\uc801 \uc131\uaca9, \uacbd\uc601\uc0c1\uc758 \uc774\uc810\uacfc \ub9ac\uc2a4\ud06c, \uad6c\uccb4\uc801\uc778 \ubc95\uc801 \uc808\ucc28, \uadf8\ub9ac\uace0 \uc2e4\ubb34\uc0c1 \ud2b9\ud788 \uc8fc\uc758\ud574\uc57c \ud560 \uc810\uc5d0 \ub300\ud574 \uc77c\ubcf8\uc758 \ubc95\ub839\uc744 \uadfc\uac70\ub85c \uc790\uc138\ud788 \uc124\uba85\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/ko\/general-corporate\/debt-equity-swap-japan\/#%EB%8D%B0%ED%8A%B8_%EC%97%90%ED%80%B4%ED%8B%B0_%EC%8A%A4%EC%99%91DES_%EA%B0%9C%EC%9A%94_%EB%B0%8F_%EA%B7%B8_%EB%B2%95%EC%A0%81_%EC%84%B1%EA%B2%A8\" title=\"\ub370\ud2b8 \uc5d0\ud034\ud2f0 \uc2a4\uc651(DES) \uac1c\uc694 \ubc0f \uadf8 \ubc95\uc801 \uc131\uaca8\">\ub370\ud2b8 \uc5d0\ud034\ud2f0 \uc2a4\uc651(DES) \uac1c\uc694 \ubc0f \uadf8 \ubc95\uc801 \uc131\uaca8<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/ko\/general-corporate\/debt-equity-swap-japan\/#DES%EA%B0%80_%EA%B0%80%EC%A0%B8%EC%98%A4%EB%8A%94_%EA%B2%BD%EC%98%81%EC%83%81%EC%9D%98_%EC%9D%B4%EC%A0%90%EA%B3%BC_%EC%9E%A0%EC%9E%AC%EC%A0%81_%EB%A6%AC%EC%8A%A4%ED%81%AC\" title=\"DES\uac00 \uac00\uc838\uc624\ub294 \uacbd\uc601\uc0c1\uc758 \uc774\uc810\uacfc \uc7a0\uc7ac\uc801 \ub9ac\uc2a4\ud06c\">DES\uac00 \uac00\uc838\uc624\ub294 \uacbd\uc601\uc0c1\uc758 \uc774\uc810\uacfc \uc7a0\uc7ac\uc801 \ub9ac\uc2a4\ud06c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/ko\/general-corporate\/debt-equity-swap-japan\/#%EC%9D%BC%EB%B3%B8_%ED%9A%8C%EC%82%AC%EB%B2%95%EC%97%90_%EB%94%B0%EB%A5%B8_DESDebt_Equity_Swap_%EC%8B%A4%ED%96%89_%EC%A0%88%EC%B0%A8\" title=\"\uc77c\ubcf8 \ud68c\uc0ac\ubc95\uc5d0 \ub530\ub978 DES(Debt Equity Swap) \uc2e4\ud589 \uc808\ucc28\">\uc77c\ubcf8 \ud68c\uc0ac\ubc95\uc5d0 \ub530\ub978 DES(Debt Equity Swap) \uc2e4\ud589 \uc808\ucc28<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/ko\/general-corporate\/debt-equity-swap-japan\/#DES_%EC%8B%9C%ED%96%89_%EC%8B%9C_%EC%A3%BC%EC%9D%98%ED%95%B4%EC%95%BC_%ED%95%A0_%EC%A4%91%EB%8C%80%ED%95%9C_%EB%B2%95%EC%A0%81%C2%B7%EC%84%B8%EB%AC%B4%EC%A0%81_%EC%82%AC%ED%95%AD\" title=\"DES \uc2dc\ud589 \uc2dc \uc8fc\uc758\ud574\uc57c \ud560 \uc911\ub300\ud55c \ubc95\uc801\u00b7\uc138\ubb34\uc801 \uc0ac\ud56d\">DES \uc2dc\ud589 \uc2dc \uc8fc\uc758\ud574\uc57c \ud560 \uc911\ub300\ud55c \ubc95\uc801\u00b7\uc138\ubb34\uc801 \uc0ac\ud56d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/ko\/general-corporate\/debt-equity-swap-japan\/#%EC%9D%BC%EB%B3%B8%EC%9D%98_%ED%8C%90%EB%A1%80%EB%A1%9C_%EB%B0%B0%EC%9A%B0%EB%8A%94_DES_%EB%A6%AC%EC%8A%A4%ED%81%AC_%EC%A0%84%EB%AC%B8%EA%B0%80%EC%9D%98_%EC%84%A4%EB%AA%85_%EC%9D%98%EB%AC%B4%EA%B0%80_%EB%AC%B8%EC%A0%9C%EB%90%9C_%EC%82%AC%EB%A1%80\" title=\"\uc77c\ubcf8\uc758 \ud310\ub840\ub85c \ubc30\uc6b0\ub294 DES \ub9ac\uc2a4\ud06c: \uc804\ubb38\uac00\uc758 \uc124\uba85 \uc758\ubb34\uac00 \ubb38\uc81c\ub41c \uc0ac\ub840\">\uc77c\ubcf8\uc758 \ud310\ub840\ub85c \ubc30\uc6b0\ub294 DES \ub9ac\uc2a4\ud06c: \uc804\ubb38\uac00\uc758 \uc124\uba85 \uc758\ubb34\uac00 \ubb38\uc81c\ub41c \uc0ac\ub840<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/ko\/general-corporate\/debt-equity-swap-japan\/#%EB%98%90_%EB%8B%A4%EB%A5%B8_%EB%B0%A9%EB%B2%95_%E2%80%98%EA%B0%80%EC%83%81_DES%E2%80%99%EC%99%80%EC%9D%98_%EB%B9%84%EA%B5%90\" title=\"\ub610 \ub2e4\ub978 \ubc29\ubc95: &#8216;\uac00\uc0c1 DES&#8217;\uc640\uc758 \ube44\uad50\">\ub610 \ub2e4\ub978 \ubc29\ubc95: &#8216;\uac00\uc0c1 DES&#8217;\uc640\uc758 \ube44\uad50<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/ko\/general-corporate\/debt-equity-swap-japan\/#%EC%9A%94%EC%95%BD\" title=\"\uc694\uc57d\">\uc694\uc57d<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EB%8D%B0%ED%8A%B8_%EC%97%90%ED%80%B4%ED%8B%B0_%EC%8A%A4%EC%99%91DES_%EA%B0%9C%EC%9A%94_%EB%B0%8F_%EA%B7%B8_%EB%B2%95%EC%A0%81_%EC%84%B1%EA%B2%A8\"><\/span>\ub370\ud2b8 \uc5d0\ud034\ud2f0 \uc2a4\uc651(DES) \uac1c\uc694 \ubc0f \uadf8 \ubc95\uc801 \uc131\uaca8<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\ub370\ud2b8 \uc5d0\ud034\ud2f0 \uc2a4\uc651(DES)\uc744 \uc774\ud574\ud558\ub294 \ub370 \uc788\uc5b4 \uac00\uc7a5 \uc911\uc694\ud55c \uc810\uc740, \uc774\uac83\uc774 \uc77c\ubcf8\uc758 \ud68c\uc0ac\ubc95\uc0c1 &#8216;\ud604\ubb3c\ucd9c\uc790&#8217;\uc758 \uc77c\uc885\uc73c\ub85c \uc704\uce58\uc9c0\uc5b4\uc838 \uc788\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4. \uc8fc\uc2dd\uc744 \uc778\uc218\ud558\ub294 \uc790\ub294 \ubcf4\ud1b5 \ud68c\uc0ac\uc5d0 \ub300\ud574 \uae08\uc804\uc744 \ub0a9\uc785\ud558\uc9c0\ub9cc, \uc77c\ubcf8\uc758 \ud68c\uc0ac\ubc95 \uc81c199\uc870 \uc81c1\ud56d \uc81c3\ud638\ub294 \uae08\uc804 \uc774\uc678\uc758 \uc7ac\uc0b0\uc744 \ucd9c\uc790 \ubaa9\uc801\uc73c\ub85c \ud558\ub294 \uac83\uc744 \ud5c8\uc6a9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774 \uae08\uc804 \uc774\uc678\uc758 \uc7ac\uc0b0\uc5d0 \uc758\ud55c \ucd9c\uc790\uac00 &#8216;\ud604\ubb3c\ucd9c\uc790&#8217;\uc785\ub2c8\ub2e4. DES \uac70\ub798\uc5d0\uc11c \ucc44\uad8c\uc790\ub294 \ud68c\uc0ac\uc5d0 \ub300\ud574 \ud604\uae08\uc774 \uc544\ub2cc, \uc790\uc2e0\uc774 \ubcf4\uc720\ud55c &#8216;\ud68c\uc0ac\uc5d0 \ub300\ud55c \uae08\uc804\ucc44\uad8c&#8217; \uadf8 \uc790\uccb4\ub97c \ucd9c\uc790\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774 \uac70\ub798\uc758 \uacb0\uacfc\ub85c \ud68c\uc0ac\ub294 \ucd9c\uc790\ub41c \uae08\uc804\ucc44\uad8c\uc744 \ucde8\ub4dd\ud569\ub2c8\ub2e4. \uc989, \ud68c\uc0ac\ub294 \uc790\uc2e0\uc5d0 \ub300\ud55c \ucc44\ubb34\uc758 \ucc44\uad8c\uc790\uac00 \ub418\ub294 \uac83\uc785\ub2c8\ub2e4. \uc774\uc640 \uac19\uc774 \ucc44\uad8c\uacfc \ucc44\ubb34\uac00 \ub3d9\uc77c\ud55c \uc8fc\uccb4\uc5d0 \uadc0\uc18d\ub420 \uacbd\uc6b0, \ud574\ub2f9 \ucc44\uad8c\uacfc \ucc44\ubb34\ub294 \uc18c\uba78\ud569\ub2c8\ub2e4. \uc774 \ubc95\uc801 \ud6a8\uacfc\ub294 \uc77c\ubcf8\uc758 \ubbfc\ubc95 \uc81c520\uc870 \ubcf8\ubb38\uc5d0 \uc815\ud574\uc9c4 &#8216;\ud63c\ub3d9&#8217;\uc758 \uc6d0\uce59\uc5d0 \uc758\ud55c \uac83\uc785\ub2c8\ub2e4. \uacb0\uacfc\uc801\uc73c\ub85c, \ud68c\uc0ac\ub294 \uc8fc\uc2dd\uc744 \ubc1c\ud589\ud558\uc5ec \uc790\ubcf8\uc744 \uc99d\uac15\ud558\ub294 \ub3d9\uc2dc\uc5d0, \ud574\ub2f9 \ubd80\ucc44\ub97c \uc18c\uba78\uc2dc\ud0ac \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\uc640 \uac19\uc774, DES\uac00 \ubc95\uc801\uc73c\ub85c \ud604\ubb3c\ucd9c\uc790\ub85c \uad6c\uc131\ub41c\ub2e4\ub294 \uc0ac\uc2e4\uc740 \ub2e8\uc21c\ud55c \uae30\uc220\uc801 \ubd84\ub958\ub97c \ub118\uc5b4\uc11c\ub294 \uc758\ubbf8\ub97c \uac00\uc9d1\ub2c8\ub2e4. \uc77c\ubcf8\uc758 \ud68c\uc0ac\ubc95\uc740 \ud604\ubb3c\ucd9c\uc790\uc5d0 \ub300\ud574 \uc5c4\uaca9\ud55c \uaddc\uc81c\ub97c \uc124\uc815\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uac00\uce58 \uc5c6\ub294 \uc790\uc0b0\uc774\ub098 \uacfc\ub300\ud3c9\uac00\ub41c \uc790\uc0b0\uc774 \ucd9c\uc790\ub418\uc5b4 \ud68c\uc0ac\uc758 \uc790\ubcf8\uc774 \uc2e4\uc9c8\uc801\uc73c\ub85c \ud6fc\uc190\ub418\uace0, \ub2e4\ub978 \uc8fc\uc8fc\ub098 \ud68c\uc0ac\uc758 \ucc44\uad8c\uc790\uac00 \ubd88\uc774\uc775\uc744 \uc785\ub294 \uac83\uc744 \ubc29\uc9c0\ud558\uae30 \uc704\ud568\uc785\ub2c8\ub2e4. \ub530\ub77c\uc11c, DES\ub97c \uc2e4\ud589\ud560 \ub54c\ub294 \uc774 \ud604\ubb3c\ucd9c\uc790\uc5d0 \uad00\ud55c \uc77c\ub828\uc758 \ubc95\uc801 \uc808\ucc28\ub97c \uc815\ud655\ud788 \uc900\uc218\ud558\ub294 \uac83\uc774 \ud544\uc218\uc801\uc774\uba70, \uc774 \ubc95\uc801 \uc131\uaca9\uc744 \uc774\ud574\ud558\ub294 \uac83\uc774 DES\uc5d0 \uad00\ud55c \ubaa8\ub4e0 \uc808\ucc28\uc640 \ub9ac\uc2a4\ud06c\ub97c \ud30c\uc545\ud558\ub294 \ucd9c\ubc1c\uc810\uc774 \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"DES%EA%B0%80_%EA%B0%80%EC%A0%B8%EC%98%A4%EB%8A%94_%EA%B2%BD%EC%98%81%EC%83%81%EC%9D%98_%EC%9D%B4%EC%A0%90%EA%B3%BC_%EC%9E%A0%EC%9E%AC%EC%A0%81_%EB%A6%AC%EC%8A%A4%ED%81%AC\"><\/span>DES\uac00 \uac00\uc838\uc624\ub294 \uacbd\uc601\uc0c1\uc758 \uc774\uc810\uacfc \uc7a0\uc7ac\uc801 \ub9ac\uc2a4\ud06c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>DES\ub294 \ucc44\ubb34\uc790\uc778 \ud68c\uc0ac\uc640 \ucc44\uad8c\uc790 \uc591\uce21\uc5d0\uac8c \uc911\uc694\ud55c \uacbd\uc601 \ud310\ub2e8\uc744 \uc218\ubc18\ud558\ub294 \uc804\ub7b5\uc801 \uc120\ud0dd\uc785\ub2c8\ub2e4. \uadf8 \uc774\uc810\uacfc \ub9ac\uc2a4\ud06c\ub97c \uc2e0\uc911\ud558\uac8c \ube44\uad50 \uac80\ud1a0\ud560 \ud544\uc694\uac00 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uba3c\uc800, \ucc44\ubb34\uc790\uc778 \ud68c\uc0ac \uce21\uc758 \uad00\uc810\uc5d0\uc11c \ubcfc \ub54c, \uac00\uc7a5 \ud070 \uc774\uc810\uc740 \uc7ac\ubb34 \uac74\uc804\uc131\uc758 \uadfc\ubcf8\uc801\uc778 \uac1c\uc120\uc785\ub2c8\ub2e4. \ucc28\uc785\uae08\uc774 \uc790\ubcf8\uc73c\ub85c \uc804\ud658\ub418\uba74\uc11c \ub300\ucc28\ub300\uc870\ud45c \uc0c1\uc758 \ubd80\ucc44\uac00 \uac10\uc18c\ud558\uace0 \uc21c\uc790\uc0b0\uc774 \uc99d\uac00\ud569\ub2c8\ub2e4. \uc774\ub97c \ud1b5\ud574 \uc790\uae30\uc790\ubcf8\ube44\uc728\uc774 \ud5a5\uc0c1\ub418\uace0, \ubd80\ucc44 \ucd08\uacfc \uc0c1\ud0dc\uc5d0\uc11c \ubc97\uc5b4\ub0a0 \uc218 \uc788\uac8c \ub429\ub2c8\ub2e4. \ub300\uc678\uc801\uc778 \uc2e0\uc6a9\ub825\uc774 \ud68c\ubcf5\ub418\uba74, \uae08\uc735\uae30\uad00\uc73c\ub85c\ubd80\ud130\uc758 \uc0c8\ub85c\uc6b4 \ub300\ucd9c\uc774\ub098 \uac70\ub798\ucc98\uc640\uc758 \uad00\uacc4 \uac1c\uc120\ub3c4 \uae30\ub300\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ub610\ud55c, \ucc28\uc785\uae08\uc758 \uc0c1\ud658\uacfc \uc774\uc790 \uc9c0\uae09\uc774 \ud544\uc694 \uc5c6\uc5b4\uc9c0\ubbc0\ub85c, \ud604\uae08 \ud750\ub984\uc774 \ud06c\uac8c \uac1c\uc120\ub418\uc5b4 \uadf8 \uc790\uae08\uc744 \uc0ac\uc5c5\uc758 \uc7ac\uac74\uc774\ub098 \uc131\uc7a5 \ud22c\uc790\uc5d0 \ud560\ub2f9\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ubc18\uba74, \ud68c\uc0ac \uce21\uc5d0\ub294 \ubb34\uc2dc\ud560 \uc218 \uc5c6\ub294 \ub9ac\uc2a4\ud06c\ub3c4 \uc874\uc7ac\ud569\ub2c8\ub2e4. \uac00\uc7a5 \ud070 \ub9ac\uc2a4\ud06c\ub294 \uacbd\uc601\uad8c\uc758 \ud76c\uc11d\uc785\ub2c8\ub2e4. \uc774\uc804\uc5d0 \ub2e8\uc21c\ud55c \ucc44\uad8c\uc790\uc600\ub358 \uae08\uc735\uae30\uad00 \ub4f1\uc774 \uc8fc\uc8fc\uac00 \ub418\uc5b4 \uc758\uacb0\uad8c\uc744 \ud589\uc0ac\ud558\uace0, \uacbd\uc601\uc5d0 \uc9c1\uc811\uc801\uc778 \uc601\ud5a5\ub825\uc744 \uac00\uc9c0\uac8c \ub429\ub2c8\ub2e4. \uc774\ub85c \uc778\ud574 \uae30\uc874 \uc8fc\uc8fc\uc758 \uc9c0\ubc30\ub825\uc774 \uc800\ud558\ub418\uace0, \uacbd\uc601\uc758 \uc790\uc720\ub3c4\uac00 \uc81c\uc57d\ub420 \uac00\ub2a5\uc131\uc774 \uc788\uc2b5\ub2c8\ub2e4. \ub610\ud55c, \uc774\uc790 \uc9c0\uae09\uc740 \uc5c6\uc5b4\uc9c0\uc9c0\ub9cc, \uc2e4\uc801\uc774 \ud68c\ubcf5\ub420 \uacbd\uc6b0 \uc0c8\ub85c\uc6b4 \uc8fc\uc8fc\uc5d0\uac8c \ubc30\ub2f9\uc744 \uc9c0\uae09\ud574\uc57c \ud558\ub294 \ubd80\ub2f4\uc774 \uc0dd\uae38 \uc218\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. \ub354\uc6b0\uc774, \uc99d\uc790\ub85c \uc778\ud574 \uc790\ubcf8\uae08\uc774 1\uc5b5 \uc5d4\uc744 \ucd08\uacfc\ud560 \uacbd\uc6b0, \uc138\ubc95\uc0c1 \uc911\uc18c\uae30\uc5c5\uc744 \uc704\ud55c \uc6b0\ub300 \uc870\uce58\ub97c \ubc1b\uc744 \uc218 \uc5c6\uac8c \ub418\ub294 \uc138\ubb34\uc0c1\uc758 \ub2e8\uc810\ub3c4 \uace0\ub824\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub2e4\uc74c\uc73c\ub85c, \ucc44\uad8c\uc790 \uce21\uc758 \uad00\uc810\uc5d0\uc11c \ubcfc \ub54c, DES\ub294 \uacbd\uc601 \ud30c\uc0b0 \uc9c1\uc804\uc758 \uae30\uc5c5\uc5d0 \ub300\ud55c \ucc44\uad8c\uc744 \ud68c\uc218\ud558\uae30 \uc704\ud55c \ud604\uc2e4\uc801\uc778 \uc120\ud0dd\uc774 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ucc44\uad8c \ud3ec\uae30\ub97c \ud558\uba74 \uadf8 \ucc44\uad8c\uc740 \uc644\uc804\ud788 \uc0c1\uc2e4\ub418\uc9c0\ub9cc, DES\ub97c \ud1b5\ud574 \uc8fc\uc2dd\uc744 \ucde8\ub4dd\ud558\uba74 \ubbf8\ub798\uc758 \uc0c1\uc2b9 \uac00\ub2a5\uc131\uc744 \ub178\ub9b4 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud68c\uc0ac\uc758 \uc7ac\uac74\uc774 \uc131\uacf5\ud558\uba74, \ubcf4\uc720 \uc8fc\uc2dd\uc758 \uac00\uce58\uac00 \uc0c1\uc2b9\ud558\uace0, \uc8fc\uc2dd \ub9e4\uac01\uc744 \ud1b5\ud55c \uc790\ubcf8 \uc774\ub4dd\uc774\ub098 \ubc30\ub2f9 \uc218\uc785\uc744 \ud1b5\ud574 \ucc98\uc74c\uc758 \ucc44\uad8c\uc561\uc744 \ucd08\uacfc\ud558\ub294 \ub9ac\ud134\uc744 \uc5bb\uc744 \uc218\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. \ub610\ud55c, \uc8fc\uc8fc\ub85c\uc11c \uacbd\uc601\uc5d0 \uad00\uc5ec\ud568\uc73c\ub85c\uc368, \uc7ac\uac74 \uacfc\uc815\uc744 \uac10\ub3c5\ud558\uace0, \uc790\uc2e0\uc758 \ud22c\uc790 \uac00\uce58\ub97c \ucd5c\ub300\ud654\ud558\uae30 \uc704\ud574 \uc801\uadf9\uc801\uc73c\ub85c \ub178\ub825\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub7ec\ub098, \ucc44\uad8c\uc790\uc5d0\uac8c\ub3c4 \ub9ac\uc2a4\ud06c\ub294 \uc911\ub300\ud569\ub2c8\ub2e4. \uac00\uc7a5 \ud070 \ub9ac\uc2a4\ud06c\ub294 \ubc95\uc801\uc778 \uccad\uad6c\uad8c\uc758 \uc21c\uc704\uac00 \ud6c4\uc21c\uc704\uac00 \ub418\ub294 \uac83\uc785\ub2c8\ub2e4. \ub300\ucd9c\uae08\uacfc \uac19\uc774 \ud68c\uc0ac\uc758 \uc790\uc0b0\uc5d0 \ub300\ud574 \uc6b0\uc120\uc801\uc778 \ubcc0\uc81c \uc21c\uc704\ub97c \uac00\uc9c4 \ucc44\uad8c\uc774 \uc8fc\uc2dd\uc774\ub77c\ub294 \uac00\uc7a5 \ud6c4\uc21c\uc704\uc758 \uccad\uad6c\uad8c\uc73c\ub85c \ubc14\ub01d\ub2c8\ub2e4. \ub9cc\uc57d \ud68c\uc0ac\uac00 \uc7ac\uac74\uc5d0 \uc2e4\ud328\ud558\uace0 \uccad\uc0b0\ub41c\ub2e4\uba74, \uc8fc\uc2dd\uc758 \uac00\uce58\ub294 \uc81c\ub85c\uac00 \ub418\uace0, \ud22c\uc790\ub97c \ud68c\uc218\ud558\ub294 \uac83\uc740 \ub9e4\uc6b0 \uc5b4\ub824\uc6cc\uc9d1\ub2c8\ub2e4. \ub610\ud55c, \uacc4\uc57d\uc0c1\uc758 \uc774\uc790 \uc218\uc785\ub3c4 \uc0c1\uc2e4\ub429\ub2c8\ub2e4. \ub354\uc6b1\uc774, \ub300\uc0c1 \uae30\uc5c5\uc774 \ube44\uacf5\uac1c \ud68c\uc0ac\uc778 \uacbd\uc6b0, \ucde8\ub4dd\ud55c \uc8fc\uc2dd\uc5d0\ub294 \uc2dc\uc7a5\uc131\uc774 \uc5c6\uc5b4 \ub9e4\uac01\ud558\uc5ec \ud604\uae08\ud654\ud558\ub294 \uac83\uc774 \ub9e4\uc6b0 \uc5b4\ub824\uc6b4 \uc720\ub3d9\uc131 \ubb38\uc81c\ub3c4 \uc548\uace0 \uc788\uac8c \ub429\ub2c8\ub2e4. \ubcf8\uc9c8\uc801\uc73c\ub85c, DES\ub294 \ucc44\uad8c\uc790\uac00 &#8216;\uc218\ube44&#8217;\uc758 \ub0ae\uc740 \ub9ac\uc2a4\ud06c\u00b7\ub0ae\uc740 \ub9ac\ud134\uc758 \uc785\uc7a5\uc5d0\uc11c &#8216;\uacf5\uaca9&#8217;\uc758 \ub192\uc740 \ub9ac\uc2a4\ud06c\u00b7\ub192\uc740 \ub9ac\ud134\uc758 \uc785\uc7a5\uc73c\ub85c, \uadf8 \ud22c\uc790 \uc2a4\ud0e0\uc2a4\ub97c \uadfc\ubcf8\uc801\uc73c\ub85c \uc804\ud658\uc2dc\ud0a4\ub294 \uac70\ub798\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%9D%BC%EB%B3%B8_%ED%9A%8C%EC%82%AC%EB%B2%95%EC%97%90_%EB%94%B0%EB%A5%B8_DESDebt_Equity_Swap_%EC%8B%A4%ED%96%89_%EC%A0%88%EC%B0%A8\"><\/span>\uc77c\ubcf8 \ud68c\uc0ac\ubc95\uc5d0 \ub530\ub978 DES(Debt Equity Swap) \uc2e4\ud589 \uc808\ucc28<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>DES\ub294 \uc2e4\ubb3c\ucd9c\uc790\uc774\uae30 \ub54c\ubb38\uc5d0, \uc6d0\uce59\uc801\uc73c\ub85c \uc77c\ubcf8 \ud68c\uc0ac\ubc95\uc774 \uc815\ud558\ub294 \uc5c4\uaca9\ud55c \uc808\ucc28\ub97c \ub530\ub77c\uc57c \ud569\ub2c8\ub2e4. \uadf8 \ud575\uc2ec\uc5d0\ub294 \ubc95\uc6d0\uc774 \uc120\uc784\ud558\ub294 \uac80\uc0ac\uc5ed\uc5d0 \uc758\ud55c \uc870\uc0ac\uc81c\ub3c4\uac00 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc77c\ubcf8 \ud68c\uc0ac\ubc95 \uc81c207\uc870 \uc81c1\ud56d\uc740 \uc2e4\ubb3c\ucd9c\uc790\uac00 \uc774\ub8e8\uc5b4\uc9c8 \uacbd\uc6b0, \ud68c\uc0ac\ub294 \ubc95\uc6d0\uc5d0 \ub300\ud574 \uac80\uc0ac\uc5ed\uc758 \uc120\uc784\uc744 \uc2e0\uccad\ud558\uace0, \ucd9c\uc790\ub418\ub294 \uc7ac\uc0b0\uc758 \uac00\uc561\uc774 \uc801\uc808\ud55c\uc9c0 \uc5ec\ubd80\ub97c \uc870\uc0ac\ud558\ub3c4\ub85d \ud574\uc57c \ud55c\ub2e4\uace0 \uaddc\uc815\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774 \uc808\ucc28\ub294 \uc2e4\ubb3c\ucd9c\uc790 \uc7ac\uc0b0\uc758 \uacfc\ub300\ud3c9\uac00\ub97c \ubc29\uc9c0\ud558\uace0, \ud68c\uc0ac\uc758 \uc790\ubcf8\uc758 \ucda9\uc2e4\uc744 \ud655\ubcf4\ud558\uae30 \uc704\ud55c \uc911\uc694\ud55c \uc81c\ub3c4\uc774\uc9c0\ub9cc, \uc2dc\uac04\uacfc \ube44\uc6a9\uc774 \ub9ce\uc774 \ub4e4\uc5b4 \uc2e4\ubb34\uc0c1 \ud070 \ubd80\ub2f4\uc774 \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub7ec\ub098 \uc77c\ubcf8 \ud68c\uc0ac\ubc95\uc740 \uc774 \uc6d0\uce59\uc5d0 \ub300\ud55c \uc911\uc694\ud55c \uc608\uc678\ub97c \uc124\uc815\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc77c\ubcf8 \ud68c\uc0ac\ubc95 \uc81c207\uc870 \uc81c9\ud56d\uc740 \ud2b9\uc815 \uc870\uac74 \ud558\uc5d0\uc11c \uac80\uc0ac\uc5ed\uc758 \uc870\uc0ac\ub97c \ubd88\ud544\uc694\ub85c \ud558\ub294 \ub2e4\uc218\uc758 \uacbd\uc6b0\ub97c \uc5f4\uac70\ud558\uace0 \uc788\uc73c\uba70, DES\uc758 \uc2e4\ud589\uc744 \ud604\uc2e4\uc801\uc778 \uac83\uc73c\ub85c \ub9cc\ub4e4\uace0 \uc788\ub294 \uac83\uc740 \ubc14\ub85c \uc774 \uc608\uc678\uaddc\uc815\uc785\ub2c8\ub2e4. DES\uc640 \uac00\uc7a5 \uad00\ub828\uc774 \uae4a\uc740 \uac83\uc740 \ub3d9\uc870 \ub3d9\ud56d \uc81c5\ud638\uc758 \uaddc\uc815\uc785\ub2c8\ub2e4. \uc774 \uaddc\uc815\uc5d0 \ub530\ub974\uba74, \ucd9c\uc790\ub418\ub294 \uc7ac\uc0b0\uc774 &#8216;\uc8fc\uc2dd\ud68c\uc0ac\uc5d0 \ub300\ud55c \uae08\uc804\ucc44\uad8c&#8217;\uc774\uba70, \uc544\ub798\uc758 \ub450 \uac00\uc9c0 \uc694\uac74\uc744 \ucda9\uc871\ud558\ub294 \uacbd\uc6b0\uc5d0\ub294 \uac80\uc0ac\uc5ed\uc758 \uc870\uc0ac\uac00 \ubd88\ud544\uc694\ud558\uac8c \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<ol start=\"1\">\n<li>\ud574\ub2f9 \uae08\uc804\ucc44\uad8c\uc758 \ubcc0\uc81c\uae30\uac00 \ub3c4\ub798\ud558\uace0 \uc788\ub294 \uac83.<\/li>\n\n\n\n<li>\ud574\ub2f9 \uae08\uc804\ucc44\uad8c\uc5d0 \ub300\ud574 \uc815\ud574\uc9c4 \ucd9c\uc790\uac00\uc561\uc774, \ud574\ub2f9 \uae08\uc804\ucc44\uad8c\uc5d0 \uad00\ub828\ub41c \ubd80\ucc44\uc758 \uc7a5\ubd80\uac00\uc561\uc744 \ucd08\uacfc\ud558\uc9c0 \uc54a\ub294 \uac83.<\/li>\n<\/ol>\n\n\n\n<p>\uc774 \uaddc\uc815\uc740 DES\ub97c \uc6d0\ud65c\ud558\uac8c \ud558\uae30 \uc704\ud574 \ub9c8\ub828\ub41c \uac83\uc73c\ub85c \ubcfc \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud68c\uc0ac \uc790\uccb4\uc758 \ubd80\ucc44\ub97c \uc2e4\ubb3c\ucd9c\uc790\ud558\ub294 \uacbd\uc6b0, \uadf8 \uac00\uc561\uc740 \ud68c\uc0ac\uc758 \uc7a5\ubd80\uc5d0 \uc758\ud574 \uac1d\uad00\uc801\uc73c\ub85c \ud655\uc778\ud560 \uc218 \uc788\uae30 \ub54c\ubb38\uc5d0 \uacfc\ub300\ud3c9\uac00\uc758 \ub9ac\uc2a4\ud06c\uac00 \ub0ae\uace0, \uac80\uc0ac\uc5ed\uc5d0 \uc758\ud55c \uc870\uc0ac\uc758 \ud544\uc694\uc131\uc774 \uc801\ub2e4\uace0 \ud310\ub2e8\ub418\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \ub610\ud55c, \uc2e4\ubb34\uc0c1\uc73c\ub85c \ub300\uc0c1\uc774 \ub418\ub294 \ucc44\uad8c\uc758 \ubcc0\uc81c\uae30\uac00 \uc544\uc9c1 \ub3c4\ub798\ud558\uc9c0 \uc54a\uc740 \uacbd\uc6b0\uc5d0\ub294, \ucc44\ubb34\uc790\uc778 \ud68c\uc0ac\uac00 &#8216;\uae30\ud55c\uc758 \uc774\uc775\uc744 \ud3ec\uae30&#8217;\ud55c\ub2e4\ub294 \uc758\uc0ac\ud45c\uc2dc\ub97c \ud568\uc73c\ub85c\uc368 \uc778\uc704\uc801\uc73c\ub85c \ubcc0\uc81c\uae30\ub97c \ub3c4\ub798\uc2dc\ud0a4\uace0, \uc774 \uc694\uac74\uc744 \ucda9\uc871\uc2dc\ud0a4\ub294 \ubc29\ubc95\uc774 \ub110\ub9ac \uc0ac\uc6a9\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ub7ec\ud55c \uaddc\uc815\uc744 \ubc14\ud0d5\uc73c\ub85c \ud55c DES\uc758 \uc77c\ubc18\uc801\uc778 \uc808\ucc28\uc758 \ud750\ub984\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4. \uba3c\uc800, \ud68c\uc0ac\uc640 \ucc44\uad8c\uc790 \uac04\uc5d0 DES\uc758 \uc2e4\ud589\uc5d0 \ub300\ud574 \ud569\uc758\ud569\ub2c8\ub2e4. \ub2e4\uc74c\uc73c\ub85c, \ud68c\uc0ac\uc758 \uc774\uc0ac\ud68c\uc5d0\uc11c \ubaa8\uc9d1\uc8fc\uc2dd\uc758 \ubc1c\ud589\uc5d0 \uad00\ud55c \uc0ac\ud56d\uc744 \uacb0\uc758\ud558\uace0, \uc8fc\uc8fc\ucd1d\ud68c\uc5d0\uc11c \ud2b9\ubcc4\uacb0\uc758(\uc6d0\uce59\uc801\uc73c\ub85c, \uc758\uacb0\uad8c\uc744 \ud589\uc0ac\ud560 \uc218 \uc788\ub294 \uc8fc\uc8fc\uc758 \uc758\uacb0\uad8c\uc758 \uacfc\ubc18\uc218\ub97c \uac00\uc9c4 \uc8fc\uc8fc\uac00 \ucd9c\uc11d\ud558\uace0, \ucd9c\uc11d\ud55c \ud574\ub2f9 \uc8fc\uc8fc\uc758 \uc758\uacb0\uad8c\uc758 3\ubd84\uc758 2 \uc774\uc0c1\uc758 \ub2e4\uc218\uc5d0 \uc758\ud55c \uc2b9\uc778)\ub97c \uc5bb\uc2b5\ub2c8\ub2e4. \uc2b9\uc778 \ud6c4, \ucc44\uad8c\uc790\ub294 \uc8fc\uc2dd\uc778\uc218\uc758 \uc2e0\uccad\uc744 \ud558\uace0, \ud68c\uc0ac\ub294 \uc8fc\uc2dd\uc758 \ubc30\uc815\uc744 \ud569\ub2c8\ub2e4. \uadf8\ub9ac\uace0, \ud6a8\ub825\ubc1c\uc0dd\uc77c\ub85c\ubd80\ud130 2\uc8fc \uc774\ub0b4\uc5d0, \ubc95\ubb34\uad6d\uc5d0 \ubcc0\uacbd\ub4f1\uae30\ub97c \uc2e0\uccad\ud569\ub2c8\ub2e4. \uc774\ub54c, \ub4f1\uae30\uc2e0\uccad\uc11c\uc5d0 \ub354\ud574, \uc8fc\uc8fc\ucd1d\ud68c\uc758\uc0ac\ub85d, \uc8fc\uc8fc\ub9ac\uc2a4\ud2b8, \uc8fc\uc2dd\uc2e0\uccad\uc99d, \uadf8\ub9ac\uace0 \ucd9c\uc790\uc758 \ub300\uc0c1\uc774 \ub41c \uae08\uc804\ucc44\uad8c\uc758 \uc874\uc7ac\uc640 \uac00\uc561\uc744 \uc99d\uba85\ud558\uae30 \uc704\ud55c \ud68c\uc0ac\uc758 \ud68c\uacc4\uc7a5\ubd80\uc758 \uc0ac\ubcf8 \ub4f1\uc744 \ucca8\ubd80\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"DES_%EC%8B%9C%ED%96%89_%EC%8B%9C_%EC%A3%BC%EC%9D%98%ED%95%B4%EC%95%BC_%ED%95%A0_%EC%A4%91%EB%8C%80%ED%95%9C_%EB%B2%95%EC%A0%81%C2%B7%EC%84%B8%EB%AC%B4%EC%A0%81_%EC%82%AC%ED%95%AD\"><\/span>DES \uc2dc\ud589 \uc2dc \uc8fc\uc758\ud574\uc57c \ud560 \uc911\ub300\ud55c \ubc95\uc801\u00b7\uc138\ubb34\uc801 \uc0ac\ud56d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>DES(Debt Equity Swap)\ub294 \ud6a8\uacfc\uc801\uc778 \uc7ac\ubb34 \uac1c\uc120 \ubc29\ubc95\uc774\uc9c0\ub9cc, \uc2e4\ud589 \uc2dc \uc911\ub300\ud55c \ubc95\uc801 \ub9ac\uc2a4\ud06c\uc640 \uc138\ubb34 \ub9ac\uc2a4\ud06c\ub97c \uc218\ubc18\ud569\ub2c8\ub2e4. \uc774\ub97c \uac04\uacfc\ud558\uba74 \uc608\uc0c1\uce58 \ubabb\ud55c \uc190\uc2e4\uc774\ub098 \ucc45\uc784\uc744 \uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud2b9\ud788 \uc8fc\uc758\ud574\uc57c \ud560 \ubc95\uc801 \ub9ac\uc2a4\ud06c\ub294 &#8216;\uac00\uaca9 \ubcf4\ucda9 \ucc45\uc784&#8217;\uc785\ub2c8\ub2e4. \uc774\ub294 \ud604\ubb3c \ucd9c\uc790\ub41c \uc7ac\uc0b0\uc758 \uac00\uce58\uac00 \ud68c\uc0ac\uac00 \uc815\ud55c \ucd9c\uc790\uc561\uc5d0 \ud604\uc800\ud788 \ubbf8\ub2ec\ud560 \uacbd\uc6b0, \uad00\uacc4\uc790\uac00 \uadf8 \ubbf8\ub2ec\uc561\uc744 \ud68c\uc0ac\uc5d0 \ub300\ud574 \uc9c0\ubd88\ud560 \uc758\ubb34\ub97c \uc9c0\ub294 \uac83\uc744 \ub9d0\ud569\ub2c8\ub2e4. \uc77c\ubcf8\uc758 \ud68c\uc0ac\ubc95 \uc81c212\uc870 \ubc0f \uc81c213\uc870\ub294 \uc774\ub7ec\ud55c \uacbd\uc6b0\uc5d0 \ud604\ubb3c \ucd9c\uc790\uc790(DES\uc758 \uacbd\uc6b0 \ucc44\uad8c\uc790)\ub098, \uadf8 \ubaa8\uc9d1\uc5d0 \uad00\ud55c \uc9c1\ubb34\ub97c \uc218\ud589\ud55c \uc774\uc0ac \ub4f1\uc774 \uc5f0\ub300\ud558\uc5ec \ubbf8\ub2ec\uc561\uc744 \ubcf4\ucda9\ud560 \ucc45\uc784\uc744 \uc9c4\ub2e4\uace0 \uaddc\uc815\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uac80\uc0ac\uc5ed\uc758 \uc870\uc0ac\uac00 \uba74\uc81c\ub418\ub294 \uacbd\uc6b0\ub77c \ud560\uc9c0\ub77c\ub3c4, \ucd9c\uc790\ub418\ub294 \ucc44\uad8c\uc758 \uac00\uce58 \ud3c9\uac00\uac00 \ubd80\uc801\uc808\ud588\ub2e4\uace0 \uc0ac\ud6c4\uc801\uc73c\ub85c \ud310\ub2e8\ub420 \uacbd\uc6b0, \uc774 \ucc45\uc784\uc744 \ucd94\uad81\ub2f9\ud560 \ub9ac\uc2a4\ud06c\ub294 \ub0a8\uc544 \uc788\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c, \ucd9c\uc790 \ub300\uc0c1\uc758 \ucc44\uad8c\uc774 \ubc95\uc801\uc73c\ub85c \uc720\ud6a8\ud558\uba70, \uadf8 \uc7a5\ubd80 \uac00\uc561\uc5d0 \uc0c1\uc751\ud558\ub294 \uc2e4\uc9c8\uc801\uc778 \uac00\uce58\uac00 \uc788\ub294\uc9c0 \ud655\uc778\ud558\ub294 \uac83\uc774 \ub9e4\uc6b0 \uc911\uc694\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud558\uc9c0\ub9cc, \uc2e4\ubb34\uc0c1 \ub354 \uc2ec\uac01\ud55c \ubb38\uc81c\uac00 \ub418\ub294 \uac83\uc740 \uc138\ubb34\uc0c1\uc758 \ub9ac\uc2a4\ud06c, \uc989 &#8216;\ucc44\ubb34 \uc18c\uba78 \uc774\uc775&#8217;\uc5d0 \ub300\ud55c \uacfc\uc138\uc785\ub2c8\ub2e4. \uc138\ubc95\uc758 \uad00\uc810\uc5d0\uc11c\ub294, \ud68c\uc0ac\uac00 \ucc44\ubb34\uc758 \uba74\uc81c\ub97c \ubc1b\uc740 \uacbd\uc6b0, \uadf8 \uba74\uc81c\ub41c \uae08\uc561\uc740 \ud68c\uc0ac\uc758 \uc774\uc775(\uc775\uae08)\uc73c\ub85c \uac04\uc8fc\ub418\uc5b4 \ubc95\uc778\uc138\uc758 \uacfc\uc138 \ub300\uc0c1\uc774 \ub429\ub2c8\ub2e4. DES\uc758 \ub9e5\ub77d\uc5d0\uc11c\ub294, \uc18c\uba78\ud558\ub294 \ucc44\ubb34\uc758 \uc7a5\ubd80 \uac00\uc561\uc5d0 \ub300\ud574 \ubc1c\ud589\ud558\ub294 \uc8fc\uc2dd\uc758 \uc2dc\uac00\uac00 \ub0ae\uc744 \uacbd\uc6b0, \uadf8 \ucc28\uc561\uc774 &#8216;\ucc44\ubb34 \uc18c\uba78 \uc774\uc775&#8217;\uc73c\ub85c \uc778\uc2dd\ub418\uc5b4 \uacfc\uc138\ub420 \uac00\ub2a5\uc131\uc774 \uc788\uc2b5\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, 1\uc5b5 \uc5d4\uc758 \ucc28\uc785\uae08\uc744 \uc18c\uba78\uc2dc\ud0a4\uae30 \uc704\ud574 \uc2dc\uac00 5\ucc9c\ub9cc \uc5d4\uc758 \uc8fc\uc2dd\uc744 \ubc1c\ud589\ud55c \uacbd\uc6b0, \ucc28\uc561\uc758 5\ucc9c\ub9cc \uc5d4\uc774 \ucc44\ubb34 \uc18c\uba78 \uc774\uc775\uc73c\ub85c\uc11c \uacfc\uc138 \ub300\uc0c1\uc774 \ub420 \ub9ac\uc2a4\ud06c\uac00 \uc788\uc2b5\ub2c8\ub2e4. \uc7ac\ubb34 \uac1c\uc120\uc744 \uc704\ud574 DES\ub97c \uc2dc\ud589\ud588\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \ub9ce\uc740 \ub0a9\uc138 \uc790\uae08\uc774 \ud544\uc694\ud558\uac8c \ub418\uc5b4, \uc624\ud788\ub824 \uc790\uae08 \uc870\ub2ec\uc744 \uc545\ud654\uc2dc\ud0a4\ub294 \uc0c1\ud669\uc740 \ubc18\ub4dc\uc2dc \ud53c\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%9D%BC%EB%B3%B8%EC%9D%98_%ED%8C%90%EB%A1%80%EB%A1%9C_%EB%B0%B0%EC%9A%B0%EB%8A%94_DES_%EB%A6%AC%EC%8A%A4%ED%81%AC_%EC%A0%84%EB%AC%B8%EA%B0%80%EC%9D%98_%EC%84%A4%EB%AA%85_%EC%9D%98%EB%AC%B4%EA%B0%80_%EB%AC%B8%EC%A0%9C%EB%90%9C_%EC%82%AC%EB%A1%80\"><\/span>\uc77c\ubcf8\uc758 \ud310\ub840\ub85c \ubc30\uc6b0\ub294 DES \ub9ac\uc2a4\ud06c: \uc804\ubb38\uac00\uc758 \uc124\uba85 \uc758\ubb34\uac00 \ubb38\uc81c\ub41c \uc0ac\ub840<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>DES(Debt-Equity Swap)\uc640 \uad00\ub828\ub41c \uc138\ubb34 \ub9ac\uc2a4\ud06c\uc758 \uc911\ub300\uc131\uc740 \uc2e4\uc81c \ud310\ub840\uc5d0\uc11c\ub3c4 \uba85\ubc31\ud569\ub2c8\ub2e4. \ud2b9\ud788 \uc8fc\ubaa9\ud574\uc57c \ud560 \uac83\uc740 \uc804\ubb38\uac00\uc778 \uc138\ubb34\uc0ac\uc758 \uc124\uba85 \uc758\ubb34 \uc704\ubc18\uc744 \uc5c4\uaca9\ud558\uac8c \ub530\uc9c4 2016\ub144 5\uc6d4 30\uc77c \ub3c4\ucfc4\uc9c0\ubc29\uc7ac\ud310\uc18c \ud310\uacb0\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774 \uc0ac\uac74\uc5d0\uc11c\ub294 \uc5b4\ub290 \uc138\ubb34\uc0ac\ubc95\uc778\uc774 \uc790\ubb38\uc744 \ub9e1\uc740 \uae30\uc5c5\uc5d0 \ub300\ud574 \uc624\ub108\uc758 \uc0c1\uc18d\uc138 \ub300\ucc45\uc73c\ub85c DES\ub97c \uc2e4\ud589\ud560 \uac83\uc744 \uc81c\uc548\ud588\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uadf8 \uacfc\uc815\uc5d0\uc11c DES \uc2e4\ud589\uc73c\ub85c \uc778\ud574 \ud68c\uc0ac \uce21\uc5d0 \ub9c9\ub300\ud55c \ubd80\ucc44 \uc18c\uba78 \uc774\uc775\uc774 \ubc1c\uc0dd\ud558\uace0, \uc57d 3\uc5b5 \uc5d4\uc758 \ubc95\uc778\uc138\uac00 \ubd80\uacfc\ub420 \uc218 \uc788\ub294 \uc911\ub300\ud55c \ub9ac\uc2a4\ud06c\uc5d0 \ub300\ud574 \ucda9\ubd84\ud55c \uc124\uba85\uc744 \ud558\uc9c0 \uc54a\uc558\uc2b5\ub2c8\ub2e4. \uacb0\uacfc\uc801\uc73c\ub85c DES\ub97c \uc2e4\ud589\ud55c \ud68c\uc0ac\ub294 \uc608\uc0c1\uce58 \ubabb\ud55c \uac70\uc561\uc758 \uc138\uae08\uc744 \ub0a9\ubd80\ud574\uc57c \ud588\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc7ac\ud310\uc18c\ub294 \uc138\ubb34\uc0ac\ubc95\uc778\uc758 \ucc45\uc784\uc744 \uc804\uba74\uc801\uc73c\ub85c \uc778\uc815\ud558\uace0, \ud68c\uc0ac\uac00 \uc785\uc740 \uc190\ud574 \uc804\uc561\uc744 \ubc30\uc0c1\ud558\ub77c\uace0 \uba85\ub839\ud588\uc2b5\ub2c8\ub2e4. \ud310\uacb0\uc5d0\uc11c \uc7ac\ud310\uc18c\ub294 DES\uc5d0 \ub530\ub978 \ubd80\ucc44 \uc18c\uba78 \uc774\uc775\uc758 \uacfc\uc138 \ub9ac\uc2a4\ud06c\ub294 \uc138\ubb34 \uc804\ubb38\uac00\uc5d0\uac8c \uc0c1\uc2dd\uc5d0 \uc18d\ud558\ub294 \uc0ac\ud56d\uc774\uc5c8\ub2e4\uace0 \uc9c0\uc801\ud588\uc2b5\ub2c8\ub2e4. \uadf8 \uc704\uc5d0 \uc804\ubb38\uac00\ub85c\uc11c \uc870\uc5b8\uc744 \ud558\ub294 \uc774\uc0c1, \uc774\ub7ec\ud55c \uc911\ub300\ud55c \ub9ac\uc2a4\ud06c\uc5d0 \ub300\ud574 \uace0\uac1d\uc774 \uc774\ud574\ud560 \uc218 \uc788\ub3c4\ub85d \uad6c\uccb4\uc801\uc774\uace0 \ucda9\ubd84\ud788 \uc124\uba85\ud560 \uc758\ubb34\uac00 \uc788\uc5c8\uc73c\uba70, \uc774\ub97c \uc18c\ud640\ud788 \ud55c \uac83\uc740 \uc804\ubb38\uac00\ub85c\uc11c\uc758 \uc8fc\uc758 \uc758\ubb34 \uc704\ubc18\uc774\ub77c\uace0 \uacb0\ub860\uc9c0\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774 \ud310\ub840\ub294 DES\uac00 \ub2e8\uc21c\ud55c \ud68c\uc0ac\ubc95\uc0c1\uc758 \uc808\ucc28\ub860\uc73c\ub85c\ub9cc \ub05d\ub098\uc9c0 \uc54a\ub294\ub2e4\ub294 \uac83\uc744 \ubd84\uba85\ud788 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \ubc95\uc801\uc73c\ub85c \uc644\ubcbd\ud55c \uc808\ucc28\ub85c DES\ub97c \uc2e4\ud589\ud588\ub2e4 \ud558\ub354\ub77c\ub3c4, \uc138\ubb34\uc0c1\uc758 \uc601\ud5a5\uc744 \ubb34\uc2dc\ud55c\ub2e4\uba74 \uacbd\uc601\uc5d0 \ud30c\uad34\uc801\uc778 \ud0c0\uaca9\uc744 \uc785\ud790 \uc218 \uc788\uc2b5\ub2c8\ub2e4. DES\uc758 \uacc4\ud68d \ubc0f \uc2e4\ud589\uc5d0\ub294 \ud68c\uc0ac\ubc95\uacfc \uc138\ubc95\uc758 \uc591 \ubd84\uc57c\uc5d0 \uac78\uce5c \ud1b5\ud569\uc801\uc778 \uc9c0\uc2dd\uc774 \ud544\uc218\uc801\uc774\uba70, \uc804\ubb38\uac00\uc5d0\uac8c\ub294 \ub9e4\uc6b0 \ub192\uc740 \uc8fc\uc758 \uc758\ubb34\uac00 \uc694\uad6c\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EB%98%90_%EB%8B%A4%EB%A5%B8_%EB%B0%A9%EB%B2%95_%E2%80%98%EA%B0%80%EC%83%81_DES%E2%80%99%EC%99%80%EC%9D%98_%EB%B9%84%EA%B5%90\"><\/span>\ub610 \ub2e4\ub978 \ubc29\ubc95: &#8216;\uac00\uc0c1 DES&#8217;\uc640\uc758 \ube44\uad50<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\uc2e4\ubb3c\ucd9c\uc790\ud615 DES(Debt Equity Swap)\uc640 \uad00\ub828\ub41c \ubd80\ucc44\uc18c\uba78\uc774\uc775\uc5d0 \ub300\ud55c \uacfc\uc138 \uc704\ud5d8\uc744 \ud53c\ud558\uae30 \uc704\ud574, \uc2e4\ubb34\uc5d0\uc11c\ub294 &#8216;\uac00\uc0c1 DES&#8217;\ub77c \ubd88\ub9ac\ub294 \ubc29\ubc95\uc774 \uc0ac\uc6a9\ub418\uae30\ub3c4 \ud569\ub2c8\ub2e4. \uc774\ub294 \uc2e4\ubb3c\ucd9c\uc790\ud615 DES\uc640 \uacbd\uc81c\uc801 \uc2e4\uc9c8\uc740 \uac19\uc73c\uba74\uc11c\ub3c4, \ubc95\uc801 \ud615\uc2dd\uc744 \ubcc0\uacbd\ud568\uc73c\ub85c\uc368 \ub2e4\ub978 \uc138\ubb34\uc0c1\uc758 \ud6a8\uacfc\ub97c \ub178\ub9ac\ub294 \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uac00\uc0c1 DES\ub294 \ub2e4\uc74c\uc758 \ub450 \uac70\ub798\ub97c \uc5f0\uc18d\ud574\uc11c \uc9c4\ud589\ud568\uc73c\ub85c\uc368 \uad6c\uc131\ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<ol start=\"1\">\n<li>\uba3c\uc800, \ucc44\uad8c\uc790\uac00 \ud68c\uc0ac\uc5d0 \ub300\ud574 \uc77c\ubc18\uc801\uc778 \uc81c3\uc790 \ubc30\uc815 \uc99d\uc790\uc640 \uac19\uc774 &#8216;\uae08\uc804&#8217;\uc744 \ucd9c\uc790\ud558\uace0, \uadf8 \ub300\uac00\ub85c \uc8fc\uc2dd\uc758 \uad50\ubd80\ub97c \ubc1b\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n<li>\ub2e4\uc74c\uc73c\ub85c, \ud68c\uc0ac\ub294 \uadf8 \ub0a9\uc785\ub41c \uae08\uc804\uc744 \uc0ac\uc6a9\ud558\uc5ec \ud574\ub2f9 \ucc44\uad8c\uc790\uc5d0 \ub300\ud55c \ubd80\ucc44\ub97c &#8216;\ubcc0\uc81c&#8217;\ud569\ub2c8\ub2e4.<\/li>\n<\/ol>\n\n\n\n<p>\uc774 \ubc29\ubc95\uc5d0\uc11c\ub294 \ubd80\ucc44\uac00 \uc2e4\ubb3c\ucd9c\uc790\uc5d0 \uc758\ud55c &#8216;\ud63c\ub3d9&#8217;\uc774 \uc544\ub2cc, \uae08\uc804\uc5d0 \uc758\ud55c &#8216;\ubcc0\uc81c&#8217;\ub85c \uc778\ud574 \uc18c\uba78\ud569\ub2c8\ub2e4. \uae08\uc804\uc758 \ub0a9\uc785\uc5d0 \uc758\ud55c \uc99d\uc790\uc640 \uae08\uc804\uc5d0 \uc758\ud55c \ubd80\ucc44\uc758 \ubcc0\uc81c\ub294 \uac01\uac01 \ub3c5\ub9bd\ub41c \uac70\ub798\ub85c \uad6c\uc131\ub418\uae30 \ub54c\ubb38\uc5d0, \uc6d0\uce59\uc801\uc73c\ub85c \ud68c\uc0ac\uc5d0 \ubd80\ucc44\uc18c\uba78\uc774\uc775\uc774 \ubc1c\uc0dd\ud558\uc9c0 \uc54a\uc73c\uba70, \uacfc\uc138 \uc704\ud5d8\uc744 \ud68c\ud53c\ud560 \uc218 \uc788\ub2e4\uace0 \uc5ec\uaca8\uc9d1\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub7ec\ub098, \uac00\uc0c1 DES\uc5d0\ub3c4 \ub9ac\uc2a4\ud06c\ub294 \uc874\uc7ac\ud569\ub2c8\ub2e4. \uc138\ubb34 \ub2f9\uad6d\uc774 \uc774 \uc77c\ub828\uc758 \uac70\ub798\ub97c \uc2e4\uc9c8\uc801\uc73c\ub85c \uc77c\uccb4\uc758 \uac83\uc73c\ub85c \uac04\uc8fc\ud558\uace0, \uadf8 \ubaa9\uc801\uc774 \uc624\ub85c\uc9c0 \uc138\ubd80\ub2f4\uc758 \uacbd\uac10\uc5d0 \uc788\ub2e4\uace0 \ud310\ub2e8\ud560 \uacbd\uc6b0, \uc774\ub97c &#8216;\uc870\uc138 \ud68c\ud53c \ud589\uc704&#8217;\ub85c\uc11c \ubd80\uc778\ud558\uace0, \uc2e4\ubb3c\ucd9c\uc790\ud615 DES\uc640 \ub3d9\uc77c\ud558\uac8c \uacfc\uc138\ub97c \uc9c4\ud589\ud560 \uac00\ub2a5\uc131\uc774 \uc9c0\uc801\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc544\ub798\uc5d0 \uc2e4\ubb3c\ucd9c\uc790\ud615 DES\uc640 \uac00\uc0c1 DES\uc758 \uc8fc\uc694 \ucc28\uc774\uc810\uc744 \ud45c\ub85c \uc815\ub9ac\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><td>\ube44\uad50 \ud56d\ubaa9<\/td><td>\uc2e4\ubb3c\ucd9c\uc790\ud615 DES<\/td><td>\uac00\uc0c1 DES<\/td><\/tr><\/thead><tbody><tr><td>\ubc95\uc801 \uad6c\uc131<\/td><td>\ucc44\uad8c\uc758 \uc2e4\ubb3c\ucd9c\uc790<\/td><td>\uae08\uc804\ucd9c\uc790\uc640 \ubd80\ucc44\ubcc0\uc81c\uc758 \uc870\ud569<\/td><\/tr><tr><td>\ubd80\ucc44\uc18c\uba78\uc758 \uc774\uc720<\/td><td>\ud63c\ub3d9<\/td><td>\ubcc0\uc81c<\/td><\/tr><tr><td>\ud68c\uc0ac\ubc95\uc0c1\uc758 \uc808\ucc28<\/td><td>\uc2e4\ubb3c\ucd9c\uc790\uc758 \uc808\ucc28<\/td><td>\uae08\uc804\ucd9c\uc790\uc758 \uc808\ucc28<\/td><\/tr><tr><td>\ubd80\ucc44\uc18c\uba78\uc774\uc775 \uacfc\uc138 \uc704\ud5d8<\/td><td>\uc788\uc74c<\/td><td>\uc6d0\uce59\uc801\uc73c\ub85c \uc5c6\uc74c(\ub2e8, \uc870\uc138 \ud68c\ud53c\ub85c \uc778\uc815\ub420 \ub9ac\uc2a4\ud06c \uc788\uc74c)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\uc5b4\ub290 \ubc29\ubc95\uc744 \uc120\ud0dd\ud560\uc9c0\ub294 \uacfc\uc138 \uc704\ud5d8, \uc808\ucc28\uc758 \uba85\ud655\uc131, \uadf8\ub9ac\uace0 \ub2f9\uad6d\uc73c\ub85c\ubd80\ud130 \uc870\uc138 \ud68c\ud53c\ub85c \uc778\uc815\ub420 \uac00\ub2a5\uc131 \ub4f1\uc744 \uc885\ud569\uc801\uc73c\ub85c \uace0\ub824\ud55c, \uace0\ub3c4\uc758 \uc804\ub7b5\uc801 \ud310\ub2e8\uc774 \uc694\uad6c\ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%9A%94%EC%95%BD\"><\/span>\uc694\uc57d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\ub370\ud2b8 \uc5d0\ud034\ud2f0 \uc2a4\uc651\uc740 \uae30\uc5c5\uc758 \uc7ac\ubb34 \uad6c\uc870\ub97c \uac74\uc804\ud558\uac8c \ud558\uace0 \uc7ac\uc0dd\uc744 \uac00\ub2a5\ud558\uac8c \ud558\ub294 \ub9e4\uc6b0 \ud6a8\uacfc\uc801\uc778 \uc218\ub2e8\uc785\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uadf8 \uc2e4\ud589\uc740 \uc608\ub9ac\ud55c \uce7c\ub0a0\uc744 \ub2e4\ub8e8\ub294 \uac83\uacfc \uac19\uc544, \uc77c\ubcf8\uc758 \ud68c\uc0ac\ubc95\uc774 \uc815\ud558\ub294 \ud604\ubb3c\ucd9c\uc790 \uc808\ucc28\ub97c \uc815\ud655\ud788 \uc900\uc218\ud558\ub294 \uac83\uc740 \ubb3c\ub860, \ucc44\ubb34 \uc18c\uba78 \uc774\uc775\uc774\ub77c\ub294 \uc911\ub300\ud55c \uc138\ubb34 \ub9ac\uc2a4\ud06c\ub97c \uc5b4\ub5bb\uac8c \uad00\ub9ac\ud558\ub294\uc9c0\uac00 \uc131\ud328\ub97c \uac00\ub974\ub294 \uc5f4\uc1e0\uac00 \ub429\ub2c8\ub2e4. \ud604\ubb3c\ucd9c\uc790\ud615 DES\uc640 \uac00\uc7a5 DES \uc911 \uc5b4\ub290 \uac83\uc744 \uc120\ud0dd\ud560\uc9c0\ub97c \ud3ec\ud568\ud558\uc5ec, \uadf8 \uc801\uc6a9\uc5d0\ub294 \ubc95\ub960\uacfc \uc138\ubb34 \uc591\uba74\uc5d0 \uac78\uce5c \uae4a\uc740 \uc9c0\uc2dd\uacfc \uc2e0\uc911\ud55c \uacc4\ud68d\uc774 \ud544\uc218\uc801\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ubaa8\ub178\ub9ac\uc2a4 \ubc95\ub960 \uc0ac\ubb34\uc18c\ub294 \uad6d\ub0b4\uc678 \ub2e4\uc591\ud55c \ud074\ub77c\uc774\uc5b8\ud2b8\uc5d0\uac8c \ub370\ud2b8 \uc5d0\ud034\ud2f0 \uc2a4\uc651 \uc2e4\ud589\uacfc \uad00\ub828\ub41c \ud48d\ubd80\ud55c \uc870\uc5b8 \uc2e4\uc801\uc744 \uac00\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc800\ud76c \uc0ac\ubb34\uc18c \ud300\uc5d0\ub294 \uc678\uad6d\uc758 \ubcc0\ud638\uc0ac \uc790\uaca9\uc744 \uac00\uc9c4 \uc601\uc5b4 \uc704\ud0c1\uc790\uac00 \uc5ec\ub7ff \uc18c\uc18d\ub418\uc5b4 \uc788\uc5b4, \uad6d\uc81c\uc801\uc778 \uc0ac\uac74\uc5d0\ub3c4 \ub300\uc751 \uac00\ub2a5\ud569\ub2c8\ub2e4. \uc77c\ubcf8 \ud68c\uc0ac\ubc95\uc5d0 \uc900\uac70\ud55c \uac70\ub798\uc758 \uad6c\uc131\uc774\ub098 \uc808\ucc28\uc758 \uc2e4\ud589 \uc9c0\uc6d0\uc5d0\uc11c\ubd80\ud130, \uad00\ub828\ub41c \uc138\ubb34\u00b7\ubc95\ub960 \ub9ac\uc2a4\ud06c\uc758 \uc2dd\ubcc4\uacfc \uacbd\uac10\ucc45 \uc81c\uc548\uc5d0 \uc774\ub974\uae30\uae4c\uc9c0, \ud3ec\uad04\uc801\uc778 \uc9c0\uc6d0\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4. \uc774\ub7ec\ud55c \ubcf5\uc7a1\ud55c \uc7ac\ubb34 \uc804\ub7b5\uc744 \uc548\uc804\ud558\uace0 \ud6a8\uacfc\uc801\uc73c\ub85c \ud65c\uc6a9\ud558\uae30 \uc704\ud574, \uc800\ud76c\uc758 \uc804\ubb38 \uc9c0\uc2dd\uc744 \ud65c\uc6a9\ud574 \ubcf4\uc2dc\uae30 \ubc14\ub78d\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ub370\ud2b8 \uc5d0\ud034\ud2f0 \uc2a4\uc651(Debt-Equity Swap, \uc774\ud558 &#8216;DES&#8217;)\uc740 \uae30\uc5c5\uc774 \uc7ac\ubb34 \uccb4\uc9c8\uc744 \uac1c\uc120\ud558\uace0 \uacbd\uc601 \uc7ac\uac74\uc744 \ub3c4\ubaa8\ud558\uae30 \uc704\ud55c \uac15\ub825\ud55c \ubc29\ubc95\uc785\ub2c8\ub2e4. \uc774 \uac70\ub798\ub294 \uae30\uc5c5\uc774 \ubd80\ub2f4\ud558\ub294 \ubd80\ucc44(Debt)\ub97c \ud574\ub2f9 \uae30\uc5c5\uc758 \uc790\ubcf8(Equity)\uc778 \uc8fc\uc2dd\uc73c\ub85c \uad50\ud658(Swap)\ud558\ub294 \uac83\uc744 \ub9d0\ud569\ub2c8\ub2e4. \uad6c\uccb4\uc801\uc73c\ub85c\ub294, \ud68c\uc0ac\uc5d0 \ub300\ud55c \uae08\uc804 \ucc44\uad8c\uc744 \uac00\uc9c4 \ucc44\uad8c\uc790\uac00 \uadf8 \ucc44\uad8c\uc744 \ud68c\uc0ac 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