1

[ ]

86~89(3 ) : (85 , // ), ( ) (, , ex 4 ///)

89~92( ) : (3 ), (: 89/12/12 , 90/04/01 4 ) (90/10/10 , ?) 92~94( PER/PBR ) : (,,), (92/01/03 10% ), (PER, PBR ) 94~95( )

96~98(IMF )

98~99(I )

00~01(IT )

01~03(9.11 )

03~05( ROE )

05~07( )

07~08( )

09~10( )

1986~1989
3

85 // 88

88

, , 4 ///)

1989~1991

3 () IPO 891212 900401 4

901010

1992~1994
PER/PBR

3(//)

920103 10%

92 PER : SKT, , BYC, , 93 PBR : (25 ), (23 ) ( )

1995~1998
IMF

96 , 96 237 96 , , , , , 97 7 (98 667),

97 10 , 800 2000 IMF 30%

97 10

1998~1999

(800 1300) 98 (200P 1000P)

, ( ), : IT & , () 6 760 Ex) , ,

2000~2001
IT

IT & (2925P 500P) IMF 9.11

(2% 9 70), ,

2001~2003
9.11

2002 ( ) ( 50%)

2005~2007
BRICS

, , ,

2007

: 2005 (), (-2 11)

2007~2008

5000P, 500P , 4,

2009~2010

& ,

( ) /// IQ 80 .

2011 ~

2011: + 2012: + +

2013: + + +

1 -

2000200120022003200420052006200720082009201020112012(E)2013(E)2442873043524204895496417068129321026112793102

2 ()