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</div><p style="text-align: left;"><br></p><p style="text-align: left;"><span style="font-size: 12pt;"><strong><span style="color: rgb(9, 0, 255); background-color: rgb(171, 242, 0);"><br></span></strong></span></p><p style="text-align: left;"><span style="font-size: 12pt;"><strong><span style="color: rgb(9, 0, 255); background-color: rgb(171, 242, 0);">1. 배당성향</span></strong></span><br></p><p style="text-align: left;"><br></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;"><br></span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">배당성향은 당기순이익에 대한 배당액의 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">비율이라고 할 수 있다. 배당지급률 또는</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">사외분배율이라고도 한다.</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">따라서 배당금의 지급능력을 나타내는 지</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">표로서 높을수록 지급비율이 높다고 할 수 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">있다.</span></p><p style="text-align: left; line-height: 1.2;"><span style="font-family: Dotum,돋움,sans-serif;"><br></span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">즉, 배당성향이 높다는 것은 해당 기업이</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">일정기간 동안 영업을 통하여 창출된 순이</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">익의 일부분을 주주들에게 높은 비율로 분</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">배하는 것이라 할 수 있다.</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">어찌보면 주주들의 입장에서는 이익으로 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">인한 일정수준의 투자소득을 올리 수 있기</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">에 더 할 나위가 없을 것이다.</span></p><p style="text-align: left; line-height: 1.2;"><br></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">하지만 배당성향이 높다고 무조건 좋아야</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">할 이유는 없다. 즉, 배당금이 차지하는 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">비율이 높아져 향후 기업의 성장성 투자에</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">대한 재무구조의 악화요인이 되기도 하기 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">때문이다. 따라서 성장성 회사나 업종에 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">속한 회사는 사내유보에 더 집중을 할 수 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">밖에 없기에 배당성향이 낮아지는 경향도 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">있다는 것을 상기 해야 할 것이다.</span></p><p style="text-align: left; line-height: 2;"></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">그럼에도 불구하고 어느 적정수준의 배당</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">성향이 높다면 이는 고배당주로서 시장에</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">서 좋은 평가와 함께 각종 변수로부터 주가 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">회복력이 높다고 할 수 있다.</span></p><p style="text-align: left; line-height: 1.2;"><br></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">배당성향에 대한 산식은 다음과 같다</span></p><p style="text-align: left;"><br></p><p style="text-align: left;"><br></p><p><font color="#000000" face="굴림" size="3">
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</font><table width="273" style="width: 205pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><colgroup><col width="96" style="width: 72pt; mso-width-source: userset; mso-width-alt: 3072;"><colgroup><col width="113" style="width: 85pt; mso-width-source: userset; mso-width-alt: 3616;"><colgroup><col width="64" style="width: 48pt; mso-width-source: userset; mso-width-alt: 2048;"><tbody><tr height="25" style="height: 18.75pt; mso-height-source: userset;"><td width="96" height="50" style="border: 0px black; border-image: none; width: 87px; height: 37.5pt; background-color: transparent;" rowspan="2"><strong><font color="#000000" face="돋움">배당성향<span style="mso-spacerun: yes;"> </span>=</font></strong></td><td width="113" style="border-width: 0px 0px 1pt; border-style: none none solid; border-color: red red windowtext; width: 97px; background-color: transparent;"><p style="text-align: center;"><strong><font color="#ff0000" face="돋움">보통주배당금</font></strong></p></td><td width="64" style="border: 0px windowtext; border-image: none; width: 83px; text-align: center; background-color: transparent;" rowspan="2"><p style="text-align: left;"><strong><font color="#000000" face="돋움"> </font></strong></p></td></tr><tr height="25" style="height: 18.75pt; mso-height-source: userset;"><td height="25" style="border: 0px rgb(68, 114, 196); border-image: none; width: 97px; height: 18.75pt; background-color: transparent;"><p style="text-align: center;"><strong><font color="#4472c4" face="돋움">보통주귀속이익</font></strong></p></td></tr></tbody></table><p><br></p><font color="#000000" face="굴림" size="3">
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</font><table width="238" style="width: 238px; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><colgroup><col width="31" style="width: 23pt; mso-width-source: userset; mso-width-alt: 992;"><colgroup><col width="152" style="width: 114pt; mso-width-source: userset; mso-width-alt: 4864;"><colgroup><col width="50" style="width: 38pt; mso-width-source: userset; mso-width-alt: 1600;"><tbody><tr height="25" style="height: 18.75pt; mso-height-source: userset;"><td width="31" height="50" style="border: 0px black; border-image: none; width: 63px; height: 37.5pt; background-color: transparent;" rowspan="2"><p style="text-align: center;"><strong><font color="#000000" face="돋움"> =</font></strong></p></td><td width="152" style="border-width: 0px 0px 1pt; border-style: none none solid; border-color: red red windowtext; width: 158px; background-color: transparent;"><p style="text-align: center;"><strong><font color="#ff0000" face="돋움">보통주배당금</font></strong></p></td><td width="50" style="border: 0px windowtext; border-image: none; width: 50px; background-color: transparent;" rowspan="2"><p style="text-align: center;"><strong><font color="#000000" face="돋움"> *<span style="mso-spacerun: yes;"> </span>100</font></strong></p></td></tr><tr height="25" style="height: 18.75pt; mso-height-source: userset;"><td height="25" style="border: 0px rgb(68, 114, 196); border-image: none; width: 158px; height: 18.75pt; background-color: transparent;"><p style="text-align: center;"><strong><font color="#4472c4" face="돋움">순이익-우선주배당금</font></strong></p></td></tr></tbody></table><p style="text-align: left;"><br></p><p style="text-align: left;"></p><p style="text-align: left;"><br></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">다음은 배당성향과 내부유보율의 관계를 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">나타낸 것</span><span style="font-family: Dotum,돋움,sans-serif;">이다.</span></p><p style="line-height: 1.2;"><br></p><p style="line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">순이익 = 배당금 + 내부유보금 에서 </span><span style="font-family: Dotum,돋움,sans-serif;">양변을 </span></p><p style="line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">순이익으로 나누면 다음과</span><span style="font-family: Dotum,돋움,sans-serif;"> 같다.</span></p><p><br></p><font color="#000000" face="굴림" size="3">
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width: 17pt; background-color: transparent;" rowspan="2"><p style="text-align: center;"><strong><font color="#000000" face="돋움">=</font></strong></p></td><td width="54" style="border-width: 0px 0px 1pt; border-style: none none solid; border-color: red red windowtext; width: 41pt; background-color: transparent;"><p style="text-align: center;"><strong><font color="#ff0000" face="돋움">배당금</font></strong></p></td><td width="31" style="border: 0px black; border-image: none; width: 23pt; background-color: transparent;" rowspan="2"><p style="text-align: center;"><strong><font color="#000000" face="돋움">+</font></strong></p></td><td width="54" style="border-width: 0px 0px 1pt; border-style: none none solid; border-color: red red windowtext; width: 41pt; background-color: transparent;"><p style="text-align: center;"><strong><font color="#ff0000" face="돋움">유보금</font></strong></p></td></tr><tr height="22" style="height: 16.5pt;"><td height="22" style="border: 0px blue; border-image: none; height: 16.5pt; background-color: transparent;"><p style="text-align: center;"><strong><font color="#0000ff" face="돋움">순이익</font></strong></p></td><td style="border: 0px blue; border-image: none; background-color: transparent;"><p style="text-align: center;"><strong><font color="#0000ff" face="돋움">순이익</font></strong></p></td><td style="border: 0px blue; border-image: none; background-color: transparent;"><p style="text-align: center;"><strong><font color="#0000ff" face="돋움">순이익</font></strong></p></td></tr></tbody></table><p style="line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;"><br></span></p><p style="line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">따라서<strong> <span style="color: rgb(255, 0, 221);">1 = 배당성향 + 내부유보율</span></strong><span style="color: rgb(255, 0, 221);"> </span>이 </span></p><p style="line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">된다. </span><span style="font-family: Dotum,돋움,sans-serif;">즉, 배당성향이 40%이면 내부유보율</span></p><p style="line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">은 60%</span><span style="font-family: Dotum,돋움,sans-serif;">가 된다.</span></p><p style="line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;"><br></span></p><p style="line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">다음은 배당성향에 영향을 미치는 요인에</span></p><p style="line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">대해 정리해 보았다.</span> </p><p style="text-align: left;"><br></p><table width="245" class="txc-table" style="border: currentColor; border-image: none; width: 245px; height: 125px; font-family: gulim; font-size: 13.33px; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td style="border: 1px solid rgb(204, 204, 204); border-image: none; width: 350px; height: 24px; background-color: rgb(178, 204, 255);"><p style="text-align: center;"><span style="font-family: Dotum,돋움,sans-serif;"><strong><span style="font-family: Dotum,돋움,sans-serif;">낮은 배당성향</span></strong></span><br></p></td><td style="width: 350px; height: 24px; border-top-color: rgb(204, 204, 204); border-right-color: rgb(204, 204, 204); border-bottom-color: rgb(204, 204, 204); border-top-width: 1px; border-right-width: 1px; border-bottom-width: 1px; border-top-style: solid; border-right-style: solid; border-bottom-style: solid; background-color: rgb(178, 204, 255);"><p style="text-align: center;"><span style="font-family: Dotum,돋움,sans-serif;"><strong><span style="font-family: Dotum,돋움,sans-serif;">높은 배당성향</span></strong></span><br></p></td></tr><tr><td style="width: 350px; height: 24px; border-right-color: rgb(204, 204, 204); border-bottom-color: rgb(204, 204, 204); border-left-color: rgb(204, 204, 204); border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;"><p style="text-align: center;"><span style="font-family: Dotum,돋움,sans-serif;">투자자금 필요</span></p><p style="text-align: center;"><span style="font-family: Dotum,돋움,sans-serif;">(성장기업)</span><br></p></td><td style="width: 350px; height: 24px; border-right-color: rgb(204, 204, 204); border-bottom-color: rgb(204, 204, 204); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid;"><p style="text-align: center;"><span style="font-family: Dotum,돋움,sans-serif;">성숙단계 진입</span></p><p style="text-align: center;"><span style="font-family: Dotum,돋움,sans-serif;">(투자자금 불필요)</span><br></p></td></tr><tr><td style="width: 350px; height: 24px; border-right-color: rgb(204, 204, 204); border-bottom-color: rgb(204, 204, 204); border-left-color: rgb(204, 204, 204); border-right-width: 1px; border-bottom-width: 1px; border-left-width: 1px; border-right-style: solid; border-bottom-style: solid; border-left-style: solid;"><p style="text-align: center;"><span style="font-family: Dotum,돋움,sans-serif;">운전자본 필요</span></p><p style="text-align: center;"><span style="font-family: Dotum,돋움,sans-serif;">(영업손실 발생)</span><br></p></td><td style="width: 350px; height: 24px; border-right-color: rgb(204, 204, 204); border-bottom-color: rgb(204, 204, 204); border-right-width: 1px; border-bottom-width: 1px; border-right-style: solid; border-bottom-style: solid;"><p style="text-align: center;"><span style="font-family: Dotum,돋움,sans-serif;">성장률 둔화</span><br></p></td></tr></tbody></table><p style="text-align: left;"><br></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">지나친 배당성향은 오히려 독이 될 수도 있</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">다</span><span style="font-family: Dotum,돋움,sans-serif;">는 것을 염두에 두고 과연 해당기업이 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">향후에</span><span style="font-family: Dotum,돋움,sans-serif;">도</span><span style="font-family: Dotum,돋움,sans-serif;"> 지속적인 성장과 더불어 배당에 </span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">무리가 없</span><span style="font-family: Dotum,돋움,sans-serif;">는지 꼼꼼히 잘 살펴봐야 할 것이</span></p><p style="text-align: left; line-height: 2;"><span style="font-family: Dotum,돋움,sans-serif;">다.</span><br></p><p style="text-align: left;"><br></p><p style="text-align: left;"><a class="tx-link" href="https://www.youtube.com/user/www2788cokr" target="_blank"><img width="294" class="txc-image" id="A_27798439588709C640FC74" style="clear: none; float: none;" src="https://t1.daumcdn.net/cfile/cafe/27798439588709C640" border="0" vspace="1" hspace="1" data-filename="돈-걱정없는-노후를-위하여.jpg" exif="{}" actualwidth="294" id="A_27798439588709C640FC74"/></a><br></p>
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카페 게시글
[기법] 기본적,기술적
[기본적 분석] 30. 배당성향
리더맨
추천 0
조회 263
17.07.12 22:38
댓글 5
다음검색
첫댓글 배당성향
배당성향은 당기순이익에 대한 배당액의 비율이라고 할 수 있다. 배당지급률 또는 사외분배율 이라고도 한다.
따라서 배당금의 지급능력을 나타내는 지표로서 높을수록 지급비율이 높다고 할 수 있다. 감사드립니다.
감사합니다.
배당성향과 기업의 성장성
배당성향은 당기순이익에 대한 배당액의 비율을 말한다.
단 지나친 배당성향은 독이 될 수 있다.
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