> Ÿ
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[Į] ο ڱ Ѿ ۷ι лڿ ؾ
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(e)
Է : 2018-09-29 18:49:43
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ο ̸¡ , ITϵ , ä ڱ ɰ
۷ι л ȸ åӡ ̵溸 Ŀ
۸ (e) ڣ
Ź ڹ
ٱϿ ް ʽÿ 뺯Ǵ Ʈ л̷п ϰ лڸ ϶ ǹ̷ л ֽ, ä, ε, ǹڻ ڻӸ ƴ϶ ڵǴ , , , л ž Ѵٴ ̴.
Ƿ ϰ Ǵ ͷ Ʈ ۷ι Ʈ Ѵ. , 忡 ֽİ äǽ ϴ 64 Ѵٸ, 64 ֽİ ä ϴ ͷ ϸ鼭, Ʈ ϴ ̴.
̴ ֽİ ä Ӹ ƴϴ. ֽ Ʈ ѱ 迡 ϴ 1.6% ֽ Ʈ ѱ 1.6%, 98.4% ؿֽĿ ؾ Ѵ.
ؿڵ ڴ ֽĽ ۷ι ֽĽ忡 ϴ ߸ŭ л ϴ Ʈ ϴ ̴.
ڰ ڵ鿡 ξ ̷а л ϰ ְ ſ ں帧 庮鵵 ؼҵ ֱ , ڰ鿡 лڸ л 츮 ̶ Ѵ.
ڰ پ ڻ ڱ ڻ꿡 (ڱ: Home Bias Investment) ϰ ֽ, ä, ü ü ڻ 70% ڻ꿡 ϰ ִ 츮 ο 鿡 ̴.
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 | 㰢 б⺸ |
ο ֽƮ ش Ȩ̾
츮 ο ڱڸ ϰ ְ, ڱ ڴ ϰ ֱ 츮 ߴ, ij, ״, 븣(1) ڱڸ ص ϰ ִ°?
|  | ڷ: ݺ, MSCI |
ֽ ڱ Ÿ ̴. ѱ MSCI All Country World(MSCI ACWI: ) ϴ 1.6%ε, ο ü ֽ 51.2% ֽĿ ڱ 49.6%, ̱ ij 53.7%, 3.1%̸ ڱ ֽ 44.2%, 6.2% ̴.

̱ ĶϾư(CalPERs) ij ڱ -9.3% 3.1% Ǵµ, CalPERs 쿡 ̳ʽ(-) ڱ Ʈ ϰ ִ.
(1) Ϲ, GDP ڻ Ը ϴµ, 2017⸻ ѱ(47%), Ϻ(63%), ij(108%), ̱(131%), (121%), ״(194%), 븣̴ ݵ(GPFG) 270%
|  | ڷ: MSCI, ѱ |
ο ֽ Ʈ 46% ̸¡
ο ۵ 1988 30Ⱓ ѱ ֽĽ 1997, 2000, 2008 ͷ 30%̻ ϶ ⸦ ߴ.
̸ IMF Ҹ 1997 ƽþ ̸¡ 츮 ⿴ ȭġ ߱ ȭ ȯ ͷ ѱ常 -30%븦 ߰, ٸ 쿡 ȭ 90%-40% (+)ͷ ߴ.
2008 ̱ Ե ֽĽ忡 , ȭġ ϶ ȭ ϴ 츮 忡 ͷ ϶ Ǵ.
, ο 49.6% ڱ ֽڸ ϰ ְ, 츮 MSCI غ 屸(2) ̸¡ 忡 Ѵ.
ο ֽ Ʈ ֽĽ忡 6% ̸¡ 忡 53% ֽڸ ϴ 47% ̸¡ ( ؼ, ̸¡ 忡 ) ϴ Ʈ ȴ. ᱹ 츮 ݰڵ ̸¡ , ϴ Ȳ óϰ ̴.
(2)MSCI ѱ ̸¡ ϰ, FTSE ѱ Ѵ. , ڰ 80%̻ MSCI ġũ Ѵ.
|  | ڷ: ο, MSCI |
ش ITϵ ɰ
IT ر ǥǴ 2000 ѱ ֽĽ ٸ ֽĽ忡 Ÿ 2000 ̱忡 S&P 500 10% ϶ѵ IT ġģ Nasdaq 39% ϶ .
ѱ ֽĽ ߿ IT ش ұ 43.7% ϶ ߴ.
ѱ ֽĽ IT (MSCIз ѱ IT 42%, IT 18%) ش ο ֽ Ʈ ڱ 50% ̸ ֱ ü ֽ Ʈ IT Ʈ ۿ , 2000 IT ֽ 迡 ִ. Ư, ѱ IT ݵü, IT ϵ ߵ ̴.
, IT ͳ Ʈ ߽ ϰ ֱ ڱ ڷ ITϵ 浵 ο ֽ Ʈ ̷ ־ Ʈ ۿ ̴.
|  | ڷ: ο, MSCI, ѱ |
ѱ ֽĽ ͷ 鼭 Low Quality
ڴ ڽſ ģ Ϳ ȣ ̴. ൿڵ ڽ ̳ ڽ ٸ ̶ 븦 ϱ ڰ ڱ ڸ ϰ ̷ ģԿ 밨 ڱ(Home Bias) ̶ Ѵ.
ٶ ̷п ڻ Ƽ ڻ ͷ () ڻ ͷ Ǵϴµ, ѱ ֽĽ 30Ⱓ ȯͷ 7%, ٸ 9-12% ͷ ϰ ͷ ߴ.
, ġ ͷ 鿡 ٸ 忡 ̴. , ѱ ֽĽ , ͷ ϰ ϸ, ٸ ֽĽ忡 ϰ Ƽ ̰( 30Ⱓ ѱ ͷ 0.27(3) ٸ 忡 ),
ο ռ ó ģ Ϳ 븦 ڱ ϰ ִ ƴѰ ǽ ʿ䰡 ִ. Ȥڴ Ŵ ̰, ? ϴ ĥ ִ.
, ڵ ѱ ֽĽ ͷ ϱ ٶ. , ϰ ̹ ѱ ɰ ߱ , ̰, ȸ åڡ ̽ ѱֽĽ ͷ ǽɽ.
(3) 30 ѱ ֽĽ ͷ 0.27 ͷ 1% δؼ, 0.27% ͷ ٴ ǹ.
ο ä ڱ
ڻ Ź ۷ι ڻ带 ϴ Ŵ ڻ ϴ 鿡, ڱ ڸ ϴİ ϸ, ù° ڱ ̶ ڱ ÷̼ ϱ , ° ä(ȸ迡 , Ȥ ̷ ݰڰ ݾ ä ν) ڱȭ Ǿֱ ̶ .
, ڵ ڱ(Home bias) ؼ ÷̼ǹ ̵溸 ۷ι лڸ ũٴ ŵ ϰ ְ, ռ 鿡 ̹ ص ڱ ڸ ٿ ֱ ÷̼ǡ, ä Ұ ִٰ Ѵ.
ݵ äڻ꿡 ڱ Ÿ ִ. ä ڴ ռ ֽڻ ʹ κ ڱڸ ϰ ִµ, ̴ Income ڻ ڱä ÷̼ ϰ ִ ̴.
, ݵ Һڰ ڱ Һ ϱ , ڱ ÷̼ ϱ κ ڱڰ ʿϴ.
, ݵ ̷ ڱ ÷̼ ϱ ε, ȸں üڻ äڻ Ϻθ ڱڻ꿡 Ѵ.
, ݵ οó ֽڻ 50%, äڻ 90% ڱ ڸ ϴ ãƺ .
۷ι л ȸ åӡ ̵溸 Ŀ
־ ̷ ĸ å ̳ ݵ , ġ ͷ Ǿ Ѵ.
, ̳ ݵ ִ ۷ι л̷ ϰ ְ, ڱ(Home Bias)ڸ ̷ ϰ ִ.
븣 ݵ GPFG ڱ ְ, ڱ ڿ , ڱ ڸ ϰ ʰ, ijٿ ״ ݵ ̷ ü ڻ 10~20% ڱ , ڱ κ ڱ ڻ ͷ ȣϱ Ʈ ϰ ִ.
, ο ش ڱ ڸ , 츮 ĸ IT ѱ ɰ ִ. , ο ֽ 'ȸå(4)' ϸ ذ ó ̾߱ϰ ִ.
, Ʃ ڵ塯 ȸ 鿡 ߿ ̰, 츮ȸ ȸ å ȭ Ե ںǡ ƴ϶ ֱ ںǡ Ǿٸ, ο ͷ ̰ 츮 ̴.
, ο ͷ ͷ ϴµ ־ ߿ Ҵ ϸ, ð , ͷ ڻ ΰ ϸ ð ڱ ڷκ ѱ ITϵ ؼ ̴. ȸ ڴ.
Į Ⱓ, κ ٸ ݿ ݱ 0.9% ͷ 桯, Ʃ ڵ ͷ ١, ͷ 縦 ϸ鼭 ϴ.
п ϴ ο åڵ鿡 ٽ ѹ ϰ ʹ. ù°, ο 5~15 ͷ ٸ ݰ ̴.
°, ڻ鿡 ο 1~2 ͷ ڻ ڸ û ȸ ġ ִ.
°, ο ͷ ־ ۷ι лڷκ ð ȸ åڷκ ̵ ¹ٲپ ȴٴ ̴(ο ȸå ϱ ڱڸ ϴ ).
(4) ȸå(Environment •Social •Governance Investment): ڽ, 繫 Ӹ ƴ϶ ̻ȭź ⷮ ȯ ҳ 豸ó 繫 ϴ ڸ Ѵٴ ǹ̷ ο Ʃ ڵ ǥ .
(e) (editor@mdtoday.co.kr)
ũ 彺! ũ ڿܼ Ѵٰ?
<ǰ ̴ ѹα ǥ Ƿ, ǰ Ź , >
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