한국 영화산업 투자구조와 수익성 현황 및...

115
한국 영화산업 투자구조와 수익성 현황 및 개선방향 2014.10 중점연구 2014-2

Upload: others

Post on 31-Aug-2019

0 views

Category:

Documents


0 download

TRANSCRIPT

  • 2014.10

    2014-2

  • .

  • CONTENTS

    [ ] 7

    1. 72. 83. 11

    . 15

    . 16

    1. 162. 183. 234. 27

    . 46

    1. 462. 55

    . 57

    1. 572. 62

    . 73

    1. 732. 75

    82

    . 82

    . 85

    1. 852. 953. 1024. 107

  • -1. 2012-2013 7 -2. 9 -3. 10 -4. 12

    -1. 16 -2. 2012-2013 18 -3. 21 -4. 26 -5. 27 -6. 28 -7. 2013 29 -8. 2013 10 10 30 -9. 30 -10. 35 -11. 40 -12. 40 -13. 41 -14. 2014 1 42 -15. 44 -16. 44 -1. 51 -2. 2012 53 -3. 2013 53 -1. 57 -2. 61 -3. 62 -4. 2013 63 -5. 2010~2012 65 -6. 2012 66 -7. 67 -8. 68 -9. 69 -1. 73 -2. 74 -3. 76 -4. 76 -5. 10 79

  • 1. ICT 83 2. 84 3. 85 4. 87 5. 89 6. 91 7. 92 8. 93 9. 95 10. 97 11. 99 12. 100 13. 102 14. 105 15. 107 16. 109 17. 110 18. 112

    -1. 8 -2. 10 -3. 11

    -1. 17 -2. 10 19 -3. 19 -4. 20 -5. 22 -6. 23 -7. 24 -8. 32 -9. 32 -10. 33 -11. 34 -12. 37

  • -13. 38 -14. () () 39 -1. 46 -2. () () 49 -3. () () 54 -1. 59 -2. 64 -3. () () 70 -4. () () 71 -1. 74 -2. 75

    1. 86 2. 88 3. () () 90 4. () () 90 5. 91 6. 92 7. () () 94 8. ICT () () 94 9. 96 10. 98 11. 98 12. 101 13. 102 14. 103 15. 105 16. 106 17. 110 18. 2009 111 19. 112 20. 113

  • _7

    [ ]

    1.

    92, 51

    2013 4.9% 92 GDP 7.7%

    10.5% 51 , 50 0.9%

    (577 ) 1/10, (443 ) 1/9, (362

    ) 1/7, (173 ) 1/5

    -1. 2012-2013 : ,

    2012 2013 2012 2013

    2,110 2,034 -3.6% 245 273 11.4%

    76 76 0.2% 17 18 5.2%

    399 441 10.4% 235 275 17.0%

    975 1,088 11.6% 2,639 2,978 12.8%

    440 484 9.9% 20 37 83.7%

    52 54 3.6% 113 120 6.6%

    1,418 1,478 4.2% 234 242 3.5%

    1,248 1,287 3.1% 97 98 0.5%

    752 821 9.2% 416 449 7.8%

    953 1,049 10.1% 445 460 3.4%

    303 341 12.6% 150 162 8.1%

    8,727 9,153 4.9% 4,612 5,112 10.9%

    :

  • 8_

    (20) > (15) > (13) > (11) , 30 58.3%

    4 8 ( 5.2%), 3,700

    (0.7%)

    -1.

    : : 2013

    2013 , K

    10.6%, 17% 2

    1 9.9%, 83.7% .

    7 , , , , ,

    , , 500 8

    ,

    2.

  • _9

    ,

    10~20%

    , , , / , ,

    -2.

    / , ,

    , , ,

    , , ,

    ( ), , , , ,

    77.6%

    2005 , 2006 ,

    06~13 4,240 51 , 1 204

    /(18.9%)

    , (5.9%), //(3%) 27.8%

    ,

    07~13 6,582 , 77.6%

    22.4% , , ,

    213135213135

    213135

  • 10_

    -3. : ,

    2007 2008 2009 2010 2011 2012 2013

    216 455 556 873 1,520 1,533 1,429 6,582

    25 65 97 150 244 250 241 1,072

    :

    CJ, , (SI) ,

    20~30% , 7~8

    -2.

  • _11

    2013 15.2%

    2008 -43.5% 2012 , 2013 15.2%

    ,

    2008 -43.5% 03 -3.

    : %,

    :

    3.

    , , ,

    ,

  • 12_

    ,

    70%

    ,

    ,

    ,

    (85%) (3%) (12%)

    ,

    57 : 190 : 2013 63 19(30%)

    (7) : 3 40%

    -4. : %

    2002 2003 2004 2005 2006 2007 2008 2009 2010

    75.00 76.00 77.32 78.55 75.42 81.92 87.20 88.13 85.41

    * 13.56 8.27 8.72 4.14 4.15 2.27 1.24 0.86 0.46

    TV* 4.90 3.56 4.77 4.31 8.73 6.55 4.22 2.57 4.76

    (IPTV )

    0.34 0.48 0.28 0.35 1.17 1.30 3.62 4.12 4.34

    3.43 9.67 7.95 12.30 9.01 6.98 2.91 3.17 3.11

    2.77 2.03 0.96 0.35 1.51 0.98 0.81 1.15 1.92

    100 100 100 100 100 100 100 100 100

    : * VHS, DVD , TV , ,

  • .

    .

    .

    .

    .

  • . _15

    .

    ,

    ,

    ,

    ,

    .

    . 2 , 3

    , 4 5

    .

    ,

  • 16_

    2012 2013 2014 2015 2016 20172012-17CAGR

    347 347 347 348 350 351 0.2%

    9 9 9 9 9 9 -0.6%

    50 50 51 52 53 54 1.5%

    63 68 73 78 83 87 6.5%

    1.

    2014 2 4,610 , 5.2%

    2013 2 3,360 5.1% , 2014 2 4,610

    2017 5.2% 2 9630

    , ,

    .

    (34.5%) , 30.2%, 28.6%, 6.7%

    2012~2017 10.1%

    , 6.2%, 4.4%,

    4.2% .

    -1. :

  • . _17

    2012 2013 2014 2015 2016 20172012-17CAGR

    89 90 93 96 100 106 3.6%

    17 18 19 20 21 22 5.0%

    417 435 455 474 496 515 4.3%

    497 522 551 579 612 644 5.3%

    153 161 169 177 187 197 5.2%

    580 635 694 756 818 879 8.7%

    2,222 2,336 2,461 2,588 2,727 2,863 5.2%

    : PWC(2013), EPM(2013), MPAA, The Numbers, IFPI

    2013 , 27.2% 22.3%, 18.6, 14.9%, 6.9%, 3.9%, 2.9%, 2.1%,

    0.8%, 0.4%

    , , ,

    ,

    -1.

    0.4%

    0.8%

    2.1%

    2.9%

    3.9%

    6.9%

    14.9%

    18.6%

    22.3%

    27.2%

    : PWC(2013), EPM(2013), MPAA, The Numbers, IFPI : 2013

  • 18_

    2.

    2013 92, 51

    2013 4.9% 91 5,300

    2013 (GDP) 1,135, 7.7%

    10.8% 51.1 , 50 . 2013 5,596 ,

    0.9%

    1)

    10 , 10 1,

    9 1, 7 1, 5 1

    -2. 2012-2013 : ,

    2012 2013 2012 2013

    2,110 2,034 -3.6% 245 273 11.4%

    76 76 0.2% 17 18 5.2%

    399 441 10.4% 235 275 17.0%

    975 1,088 11.6% 2,639 2,978 12.8%

    440 484 9.9% 20 37 83.7%

    52 54 3.6% 113 120 6.6%

    1,418 1,478 4.2% 234 242 3.5%

    1,248 1,287 3.1% 97 98 0.5%

    752 821 9.2% 416 449 7.8%

    953 1,049 10.1% 445 460 3.4%

    303 341 12.6% 150 162 8.1%

    8,727 9,153 4.9% 4,612 5,112 10.9%

    :

    1) ,

  • . _19

    -2. 10 :

    : ,

    2008 23.4 20 , 2013 51.1 , 2007~2013 17.5%

    .

    -3. :

    :

  • 20_

    22.2% , 16.1%, 14.1%, 11.9%, 11.5%, 9.0%

    5.3%, 4.8%, 3.7% ,

    1%

    58.4% , 9.0%, 8.8%, 5.4% .

    10 , 30

    .

    2013 , K 10.6%, 17% , 2

    1 9.9%,

    83.7% .

    7 , , , , ,

    , , 500 8

    ,

    -4.

    : : 2013

  • . _21

    -3.

    ()

    ()

    ( )

    ( )

    (%)

    ()

    ()

    ()

    26,702 198,262 2,110 877 41.57 245 314 69 8,856 10,161 76 31 41.38 17 5 12

    37,116 78,402 399 166 41.65 235 13 222

    16,189 95,051 975 457 46.84 2,639 179 2,460

    2,630 30,857 440 166 37.71 20 59 39 341 4,503 52 22 42.23 113 6 106

    945 40,774 1,418 512 36.13 234 136 98

    5,804 36,424 1,248 465 37.27 97 780 682 1,992 26,897 752 314 41.82 416 179 237

    9,696 69,961 953 392 41.09 445 1 444

    1,316 20,145 303 120 39.64 150 0 149

    111,587 611,437 8,727 3,523 40.37 4,612 1,674 2,938

    : : 2012

    111,587, 611,437 (3,602,000) 3.1%, (1,857)

    3.3%

    (7.7%) ,

    , 1 5.5

    37,116, (26,702), (16,189), (9,696)

    198,262 , 95,051, 78,402,

    69,961 , , , ,

  • 22_

    -5.

    : : 2012

    / , , .

    ,

    2).

    ,

    , ,

    ,

    ,

    2) , . , . , .

  • . _23

    6.1%,

    , , .

    , .

    ,

    ,

    .

    -6.

    : 2013

    3.

    , (Corporate Finance)

    (Project Finance) .

  • 24_

    -7.

    (Loan), (Debt Finance), /(Equity Finance) ,

    .

    , , ,

    .

    ,

    ,

    ,

    .

    / ,

    IPO()

  • . _25

    ,

    .

    2006 , (SPC)

    , ,

    (Special Purpose Company),

    , ,

    2013 7 , , , 107

    , .

    , .

    ,

    (Gap Financing) . 20%

    .

  • 26_

    1) (soft

    money), 2) (Pre sale), 3) , 4)

    4

    ,

    . ,

    .

    -4.

    1. . 10%

    2. 30%

    3. 30%

    4. , 10%

    5. . 20%

    ,

    .

    , ,

    , . ,

    . ,

    ,

    70% ,

    .

  • . _27

    -5.

    1. / / 25%

    2. 5%

    3. 5%

    4. ( + ) 36%

    71%

    , , , ,

    .

    , 3.

    4.

    .

    2014 , 25.3% 3,846

    2013 1 3,845 35.2%

    4,878 .

    22.5% 3,118 , 20.6% 2,856

    .

    3 1 , 3

    2 // .

  • 28_

    -6. : , %

    2012 2013 2014()

    3,511 28.5 4,878 35.2 4,408 29.0

    3,427 27.8 3,118 22.5 3,222 21.2

    1,052 8.5 1,463 10.6 2,234 14.7

    3,478 28.2 2,856 20.6 3,846 25.3

    / 234 1.9 597 4.3 410 2.7

    / 103 0.8 241 1.8 410 2.7

    317 2.6 496 3.6 228 1.5

    211 1.7 196 1.4 182 1.2

    12,333 100.0 13,845 100.0 15,200 100.0

    :

    7.6%p , 5.3%

    .

    ,

    , .

    * () : (09) 159 (10) 185 (11) 209 (12) 246 (13) 259

    2014 1 5,200 29% 4,408 , 25.3% 3,836

    1,000 ,

    770 2,234 .

    /, .

  • . _29

    -7. 2013 :

    (General Partner)

    ()

    ()

    1 KOREA CJ 1/7 225 140

    2 IBK- 1/28 200 108

    3 KT-CKP 6/17 151 -

    4 1 7/16 50 -

    5 1 9/6 150 100

    6 IBK-KTB KTB 9/6 200 120

    7 CJ 9/9 265 -

    8 KT- 9/9 320 -

    9 CL 9/16 210 120

    10 1 12/16 200 140

    11 4 12/16 155 100

    11 2,126* 828

    *: / .

    2013 49 11, 193.3

    / 34 , 3,

    1 .

    , 7 , , , CJ 2013

    213 1

    161 2, 149 3,

    118 4, 106 5

    CJ LB 10 5

    6 , CJ 41%, LB

    18%

  • 30_

    ,

    ()

    2013 1 5,374, 2014 1 7

    , , /, , , , .

    -9.

    -8. 2013 10 10 :

    VC VC

    1 908.2 CJ 213

    2 610.8 161

    3 557.6 149

    4 538.4 118

    5 CJ 518.3 106

    6 LB 499.2 102

    7 495.1 LB 90

    8 490.6 84

    9 476.5 67

    10 463.2 67

    10 (A) 5,557.8 10 (A) 1,157

    (B) 13,845.0 (B) 2,856

    (A/B) 40.1% (A/B) 40.5%

    :

  • . _31

    5

    (, , )

    ,

    ( )

    /

    ,

    , , , ,

    , ,

    , , LLC

    , , , , KIF

    , (KVF),

    2013 * 431, 10 4,070, ** 1 1,417 11

    .

    * , (KVF) ,

    ** ()

  • 32_

    -8.

    326

    396411

    430 423400

    350333 336

    366393

    417 412431

    147 145128 117 105 102 104 101 97 100 103 105 105 101

    0

    100

    200

    300

    400

    500

    00 01 02 03 04 05 06 07 08 09 10 11 12 13

    :

    2013 ( KVF) 24,183(171 ), 6,242(136 )

    .

    40~70 , 2013 49 .

    2013 1 5,374

    2014 11% 1 7,000

    -9. : ,

    6 ,2 90 7 ,08 6 6 ,4 5 0

    9 ,45 4 8 ,6 17

    11 ,2 7 9 9 ,7 51

    1 4,20 9 15 ,8 9 9

    22 ,8 65

    7 ,7 27

    15 ,3 7 4 17 ,0 00

    6040 3 9

    46 48

    6 751

    74 6 7 6 7

    414 9

    -

    5 ,0 00

    10 ,0 00

    15 ,0 00

    20 ,0 00

    25 ,0 00

    02 03 04 05 06 07 08 09 1 0 11 12 1 3 1 4

    :

  • . _33

    , 2013 (, ) 41.7% , (, , ) 16.6%,

    14.8%, 14.3%, 9.2%

    4,115(26.8%), 2,080

    (13.5%) .

    2014 42.9% , (9.2%16.9%) , (16.6%10.3%), (14.3%9.4%) .

    ,

    .

    -10.

    , 41.7%

    , 16.6%

    , 14.8%

    , 14.3%

    , 9.2%

    , 2.0%,

    1.0% , 0.4%

    : 2013

    2009 191 2013 314

    2013 49 6.6 47.5

    .

  • 34_

    , (KVF),

    .

    1986 , (7 ),

    , .

    2000 ,

    2002 15.6 2013 47.5 3

    .

    -11. :

    6,1 77 6,3 06 6,0 44 7,5 73 7,3 33

    9,917

    7,247 8,671

    10 ,910 12 ,608 12 ,333

    13 ,845 15 ,200

    -

    3,00 0

    6,00 0

    9,00 0

    12,000

    15,000

    18,000

    02 03 04 05 06 07 08 09 10 11 12 13 14

    :

    2013 1 3,845, 2014 10% 1 5,200

    2012 ,

    .

  • . _35

    - - - (LLC)-

    - - PEF - , , , , *

    - (LLC)*

    - 49 , GP 1% , 30, 5

    ( ), CB/BW , ( ),

    () ,

    3 40%

    1997 ,

    .

    .

    .

    1997 , ,

    , ,

    .

    ,

    , . ,

    , (),

    ()

    -10.

  • 36_

    - , CB/BW

    - -

    - , CB/BW

    - -

    - ,

    - *

    - (7 ) 3 40%

    15

    *:

    ?

    2005

    (), (), (), (), (),

    (), ()

    .

    ,

  • . _37

    -12.

    , , , , , ,

    .

    ,

    ,

    / 1/2

    ,

    3~4 .

    5~7 30 , , , R&D, ,

    .

  • 38_

    70% .

    2004 4.2 2013

    9.4 2.2

    9.4 6.8

    70%

    2013 8.4 3.1

    2013 289, 8 4,108, 26.5% 2 2,301

    2013 32 , 1 1,356

    2012 67%

    2013 3,697 3.1

    -13. : ,

    6,754 6,082

    8,738

    5,140

    12,338 11,676 15,206

    6,818

    11,356

    1,831 1,494 2,476 1,730 3,751

    2,130 2,526 2,666 3,697

    24 26

    3 226

    48

    3734

    30 32

    46 48

    6 7

    51

    74

    67 67

    41

    49

    0

    10

    20

    30

    40

    50

    60

    70

    80

    0

    5,000

    10,000

    15,000

    20,000

    25,000

    30,000

    35,000

    40,000

    2005 2006 2007 2008 2009 2010 2011 2012 2013

    : :

  • . _39

    , (, , /, ) 47.1% , 26.5% ,

    (, , ) 14.1%, GP( ) 12.3%

    47.1% , 30.5% , / 29.1% 2, ,

    25.1% 12.6%

    -14. () ()

    :

    2013 81% ,

    2013 49, 32

    .

    2013 1 3,845 1 1,193 81%

    2013 8% ,

    12%

    10%

    14% ,

  • 40_

    ,

    .

    . 2013 26(2012 21

    ), 5,771 , 7,156 1.24

    .

    -11.

    26 5,771 7,156 1.24

    : , : 2013 10

    2012

    16 4,112 1,328 - - -

    7 770 700 - - -

    3 625 368 - - -

    3 1,211 220 - - -

    18.9% 1

    2013 32 23 , 4, 2, , 1 .

    4 1 765 , 150 915 .

    6.7%, 1.3% 8%

    -12. : ,

  • . _41

    2012 1 100 50 - - -

    30 6,818 2,666 - - -

    2013

    23 8,481 2,406 14 7,025 900

    2 430 411 1 100 89

    4 765 480 1 1,053 400

    1 530 100 1 170 100

    1 150 100 - - -

    1 1,000 200 - - -

    32 11,356 3,697 17 8,348 1,489

    2013 2012

    1 / 18.9% 18.6%

    2 / 10.2% 6.4%

    3 10.2% 8.9%

    : (2013 12 )

    2013 , / 18.9% , / 10.2% /

    .

    / 18.9%, 5.9%, // 3% 28%

    .

    2013 20.6%

    .

    3 1 , , ,

    3 2 /

    .

    -13.

  • 42_

    2013 2012

    4 , 8.4% 3.9%

    5 6.3% 5.8%

    6 / 6.1% 9.2%

    7 5.9% 8.3%

    8 5.5% 6.6%

    9 4.0% 1.1%

    10 // 3.0% 3.9%

    21.5% 27.3%

    100% 100%

    A/B 500 750

    LP 280 700

    60 100

    :

    2014, 2,000 170 1,000

    2014 5,470 1 6,700 , 70%

    2 , 2014 2,145 4160 .

    2014 , 965 2

    (250 / 125), (250 /

    150 ) , (200 / 140 ),

    (300 / 150 ) ,

    (1 )

    -14. 2014 1

  • . _43

    100 200

    25 40

    80 200

    120 200

    1,165 2,190

    150 250

    125 250

    275 500

    100 300

    (//) 285 500

    220 500

    505 1,000

    (/12 ) 100 170

    2,145 4,160

    :

    7 9 , 2

    50%

    .

    100 170 , 2 1

    :

    70% .

    2004 4.2 2013 9.4

    2.2

    9.4 6.8

    70%

  • 44_

    , ,

    ,

    2006 2013 , 3,920 , 320 4,240 , 51,

    1 204

    2.4 200% .

    -15. :

    2006 2007 2008 2009 2010 2011 2012 2013

    500 1,000 - 1,200 - 520 400 300 3,920

    - - - - 110 60 50 100 320

    :

    ,

    .

    2007 2013

    6,582 ,

    77.6% .

    -16. : ,

    2007 2008 2009 2010 2011 2012 2013

    215 455 556 873 1,520 1,533 1,429 6,582 3,920

    25 65 97 150 244 250 241 1,072 320

    :

  • . _45

    ,

    ,

    2013 1 , 485%

  • 46_

    .

    ,

    .

    1.

    / , / .

    , , , 4 , 5

    , 2013 1 2, 9 10

    3.8 .

    -1.

  • . _47

    . 1990 :

    1990

    , , , , , ,

    .

    ,

    .

    200~500

    .

    80 UIP

    . 1990~IMF :

    1990 , , SK

    ,

    ,

    .

    1990 5~6 ,

    3~4 15~20 ,

    100 1993 60 .

  • 48_

    TV , TV , 1997 IMF

    . 1998~2004 :

    IMF , .

    2

    .

    ,

    , 1998 , 2000

    IT IPO()

    , IPO

    5~7 .

    ,

    .

    (FI; Financial Investor)

    (1999),

    JSA(2000), (2001)

  • . _49

    2001 41.46%

    (SI; Strategic Investor)

    .

    ,

    ,

    CJ

    TV

    ,

    CJ

    -2. () () :

    : :

  • 50_

    . 2004~2011 :

    2004 ,

    MK, FnH,

    , KT, SKT IHQ, FnH

    ,

    .

    (2003), (2004), (2005), (2006) ,

    2001 25.5 2006 40.2 ,

    2001 65 2006 110

    2 3

    2008 -43.5%

    ,

    2006~2008 ,

    ,

    .

    ,

  • . _51

    ,

    .

    , ,

    , ,

    .

    .

    TV 2004

    2002

    13.56% (VHS, DVD) 2011 0.27% ,

    .

    -1. : %

    2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    75.00 76.00 77.32 78.55 75.42 81.92 87.20 88.13 85.41 88.16 85.13

    * 13.56 8.27 8.72 4.14 4.15 2.27 1.24 0.86 0.46 0.27 0.15

    TV* 4.90 3.56 4.77 4.31 8.73 6.55 4.22 2.57 4.76 1.90 0.55

    (IPTV )

    0.34 0.48 0.28 0.35 1.17 1.30 3.62 4.12 4.34 7.14 10.58

    3.43 9.67 7.95 12.30 9.01 6.98 2.91 3.17 3.11 1.56 3.14

    2.77 2.03 0.96 0.35 1.51 0.98 0.81 1.15 1.92 0.97 0.45

    100 100 100 100 100 100 100 100 100 100 100

    : * VHS, DVD , TV , ,

  • 52_

    , 2002 2006 , 2005

    12.3% 2011 1.56%

    2002 ,

    2005 1155(7 ) 2006 467(4

    ) , 2007 .

    2007

    . 2012

    2012 1 6 13.3% , 2013 15.2%

    2012 (2012), , (2012) 1 ,

    (2012), (2012) 4 8

    2013 7 (2013) 1 , (2013), (2013) 9

    , (2013), (2013) 10 4

    CJ E&M, , ,

    (NEW) 4

    4 , ,

    CJ

  • . _53

    1 936.6 11.4% 12,983,178

    2 , 889.0 10.8% 12,319,390

    3 465.9 5.6% 6,654,390

    4 346.1 4.2% 4,909,937

    5 : 365.4 4.4% 4,719,872

    6 342.2 4.1% 4,598,583

    7 321.8 3.9% 4,515,833

    8 302.2 3.7% 4,110,645

    9 301.3 3.7% 4,057,546

    10 258.8 3.1% 3,450,941

    20~30% 7~8

    -2. 2012 : ,

    :

    -3. 2013 : ,

    1 7 914.3 10.1% 12,811,206

    2 670.1 7.4% 9,349,991

    3 660.1 7.3% 9,134,586

    4 523.5 5.8% 7,166,199

    5 487.0 5.4% 6,959,083

    6 409.5 4.5% 5,687,052

    7 396.0 4.4% 5,604,104

    8 398.7 4.4% 5,583,596

    9 393.8 4.4% 5,508,017

    10 348.8 3.9% 4,682,492

    :

  • 54_

    .

    .

    , , ,

    ,

    , , , ,

    -3. () ():

    :

  • . _55

    .

    2012 2013 1 1,460, 1 2730

    1 , 58.8%, 59.7% 60%

    2.

    ,

    , , ,

    , ,

    .

    ,

    2003 5~6 99%

    100% .

    , (SPC)

    .

  • 56_

    ,

    A B

    , 2006

    (, SPC)

    ,

    ,

    .

    , , ,

    5~2 ,

    2~3,

    HQ

    , ,

    , CJ,

    (2013), (2013),

    2(2013) .

    ,

  • . _57

    1.

    :

    1990 , 1990

    , , .

    , ,

    -1.

    (Strategic Investor: SI)

    (Financial Investor: FI)

    , ,

    , ,,

    , , ,

    ,

    ,

    -

    - ,

    -

    ()-

    ( )-

    -

  • 58_

    (SI) , ,

    CJ E&M(CGV), (), (

    *)

    .

    * 2007 ,

    (NEW) ,

    3

    .

    2008 NEW 2013 , , , ,

    1990 2000 , , , , ,

    .

    2000

    ,

    .

    ,

    ,

    , , .

    , ,

  • . _59

    :

    CJ, , (SI) ,

    20~30% , 7~8

    -1.

    : P&A

    P&A (Print and Advertisement: )

    , , , ,

    , , ,

    P&A , ,

    40%

    P&A : 39.1%(09)42.8%(10)39.2%(11)44.7%(12)

  • 60_

    P&A P&A

    P&A , P&A

    P&A

    .

    P&A

    P&A

    .

    , 2000 , 2000

    .

    :

    ,

    2

    ( )

    .

  • . _61

    - ,

    D

    - - -

    D+5 -

    D+10- - , , - ,

    (Due Diligence)

    ~D+20

    - - - -

    ~D+30 - : ,

    ~D+35 - , ,

    1 D+40- - -

    D+50 -

    D+60 -

    -

    -2.

    : (2012. 2)

    , ,

    , ,

  • 62_

    (%)

    2012 2011 2010

    3.6% 4.3% 3.7%, , ,

    24.2% 25.1% 28.0% ,

    9.0% 7.6% 8.6% , ,

    11.1% 15.2% 10.7% , , ,

    6.1% 7.0% 4.3% , , , ,

    1.2% 1.5% 1.7% -

    0.04% 0.1% 0.17% -

    55.3% 60.8% 57.2%

    P&A

    P&A 27.9% 27.6% 30.3% ,

    13.0% 10.2% 10.5%,

    3.8% 1.4% 2.0% , ,

    44.7% 39.2% 42.8%

    100% 100% 100%

    2.

    P&A 40% 25%

    , 2012 55.3%, P&A 44.7% P&A

    P&A : 39.1%(09)42.8%(10)39.2%(11)44.7%(12)

    -3.

    :

    (3.6%), (24.2%), (9.0%), (11.1%), (6.1%), (1.2%), (0.04%)

  • . _63

    P&A , P&A(27.9%) , ,

    (13.0%), , , (3.8%)

    .

    P&A ,

    P&A

    : 6.35%(08)9.93%(09)10.51%(10)10.24%(11)13.01%(12)

    P&A 27.9% , 24.2%, 13%

    2013 15.2%

    2013 182 3,894.8 , 1 21.4

    -4. 2013

    182

    - 21.4

    ()* 63

    - (A) 57.4

    - (B) 66.1

    - (B-A) 8.7

    - 15.2%

    - (BEP) 19(30.2%)

    - 100% 8 (12.7%)

    * 10 100 .

    :

  • 64_

    ,

    10 100

    .

    2013 63, 57.4, 66.1, 8.7, 15.2%

    63 30.2% 19,

    100% 12.7% 8

    2012 30%

    2002 2005 2012 13.3%

    -2. : %

    -8.9% -8.1%-6.2%

    7.9%

    -24.5%

    -40.5%-43.5%

    -13.1%-11.0%-14.7%

    13.3% 15.2%

    -50.0%

    -40.0%

    -30.0%

    -20.0%

    -10.0%

    0.0%

    10.0%

    20.0%

    2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    : : 10 , 100

  • . _65

    -5. 2010~2012 :

    2010 2011 2012 2010 2011 2012 2010 2011 2012

    *()

    60-

    65-

    70-

    18(30.0%)

    15(23.1%)

    23(32.9%)

    42(70.0%)

    50(76.9%)

    47(67.1%)

    43.9 45.2 62.6 92.7 124.4 139.2 23.0 21.5 25.2

    49.3 53.0 55.3 61.7 67.6 72.9 44.0 48.7 46.7

    - 28.2 32.2 30.6 28.8 32.7 33.5 28.0 32.1 29.1

    - P&A ( )

    21.1(42.8%)

    20.8(39.2%)

    24.7(44.7%)

    33.0(53.4%)

    34.9(51.7%)

    39.4(54.0%)

    16.1(36.5%)

    16.6(34.0%)

    17.6(37.6%)

    -5.4 -7.8 7.3 31 56.8 66.3 -21 -27.2 -21.5

    -11.0% -14.7% 13.3% 50.1% 84.0% 91.1% -47.7% -55.9% -46.1%

    * 10 100 (2012 174 104 )

    :

    2010~2012 , 30%

    2010 60 18(30.0%), 2011 65 15(23.1%), 2012

    70 23(32.9%), 2013 63 11(30.2%)

    .

    30%

    2010 50.1%, 2011 84.0%, 2012

    91.1% .

    2010 -47.7%, 2011 -55.9%,

    2012 -46.1% .

    1.4~1.6 .

    2010 2011

    1.4 , 2012 1.6 .

  • 66_

    P&A 30% , 50%, P&A

    .

    P&A 2010 53.4%, 2011 51.7%, 2012

    54.0% P&A 2010 36.5%, 2011

    34.0%, 2012 37.6%

    33.5 ,

    29.1 4.4 , P&A

    21.8 2~2.2 .

    3 30% ,

    1.4~1.6 60~70 , P&A 2~2.2 30~40

    .

    80 44.7%

    , 2012 10 6(8.6%), 10~80 57

    (81.4%), 80 10% 7 .

    -6. 2012 :

    ( 10 )

    (10~80 )

    (80 )

    () 6 (8.6%) 57 (81.4%) 7 (10%)

    22 52 88

    6.5 49.7 142.1

    3.0 51.4 205.6

    -3.6 1.6 63.5

    -54.7% 3.3% 44.7%

    :

  • . _67

    80 44.7% .

    10 -54.7%, 10~80

    3.3% , 80

    44.7%

    3%

    10% 45:55

    50:50,

    60:40

    , 2013 55:45(:)

    -7.

    45:55

    (+RS)

    IPTV, , VOD

    DVD, VHS,

    TV , DMB, ,

    , Overage( )

    PPL, OST, /KTX,

    (3%), (10%) 55% , 10~13% .

    .

    85% , .

  • 68_

    2002 75% 2012

    85.1%

    , DVD/VHS , TV, , IPTV, , VOD , TV ,

    DMB, , .

    PPL , OST , KTX

    -8. : %

    2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

    75.00 76.00 77.32 78.55 75.42 81.92 87.20 88.13 85.41 88.16 85.13

    * 13.56 8.27 8.72 4.14 4.15 2.27 1.24 0.86 0.46 0.27 0.15

    TV* 4.90 3.56 4.77 4.31 8.73 6.55 4.22 2.57 4.76 1.90 0.55

    (IPTV )

    0.34 0.48 0.28 0.35 1.17 1.30 3.62 4.12 4.34 7.14 10.58

    3.43 9.67 7.95 12.30 9.01 6.98 2.91 3.17 3.11 1.56 3.14

    2.77 2.03 0.96 0.35 1.51 0.98 0.81 1.15 1.92 0.97 0.45

    100 100 100 100 100 100 100 100 100 100 100

    : * VHS, DVD , TV , ,

    2012 85.1% , 10.6%, 3.1% TV , ,

    DVD/VHS 1%

    2002 13.6%

    2012 0.15% ,

    10.6%

    ,

    .

  • . _69

    2011 , 2010

    ,

    3~5 10

    VOD 2010 6:4 5:5

    : VOD 7:3,

    2005

    MG( : ) (Overage)

    , MG

    -9. 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    ()*

    31.0 58.3 76.0 24.5 24.4 21.0 14.1 13.6 15.8 20.2 37.1

    - 31.0 58.3 76.0 24.5 12.3 20.5 13.9 13.2 14.8 14.2 34.2

    - (OVERAGE)

    - - - - 12.1 0.5 0.2 0.4 1.0 6.0 2.9

    107.2% 88.1% 30.4%-67.7

    %-0.5%

    -13.8%

    -32.9%

    -3.8% 16.5% 27.5% 83.7%

    ()**

    164 194 202 208 321 361 251 276 366 331 403

    ()***

    188.9 300.4 376.2 117.9 38.3 56.9 55.5 47.7 40.5 42.8 84.8

    * = + (Overage)** (Overage) , 30 1 1 *** = /:

  • 70_

    MG ,

    MG

    2006 MG

    , 2007

    , 2005 7,600 2010 1,360

    2013 83.7% 3,710

    2013 18,839 2% 2012(3.14%)

    .

    -3. () () : (), ()

    :

    2005 (), (), (), (), ()

  • . _71

    , 2005 79%

    .

    2009~2010 , 2013 403, 3,710

    2013

    ,

    .

    2~3% ,

    -4. () ():

    :

  • 72_

    2013 1 2,729 59.7% , 1 4.12 2

    (3.88), 3 (3.75), 4 (3.44) 1

    ,

    37.1 68%( 25.6)

    ,

    .

  • . _73

    1.

    ,

    10~20%

    , , , / , ,

    -1.

    / , ,

    , , ,

    , , ,

    ( ), , , , ,

    77.6%

    2005 , 2006 ,

    06~13 4,240 51 , 1 204

  • 74_

    /(18.9%)

    , (5.9%), //(3%) 27.8%

    ,

    07~13 6,582 , 77.6%

    22.4% , , ,

    -2. : ,

    2007 2008 2009 2010 2011 2012 2013

    216 455 556 873 1,520 1,533 1,429 6,582

    25 65 97 150 244 250 241 1,072

    :

    CJ, , (SI) ,

    20~30% , 7~8

    -1.

  • . _75

    2013 15.2%

    2008 -43.5% 2012 , 2013 15.2%

    ,

    -2. : %,

    :

    2.

    2006

    ,

  • 76_

    2006 500 2013 , 4,240 ,

    51 1 204

    2.4 , 240%

    -3. :

    2006 2007 2008 2009 2010 2011 2012 2013 2014

    500 1000 - 1200 - 520 400 300 275 4195

    - - - - 110 60 50 100 100 420

    2013 6,582,

    77.6%

    2013 1,429, 241

    .

    -4. : ,

    2007 2008 2009 2010 2011 2012 2013

    216 455 556 873 1,520 1,533 1,429 6,582

    25 65 97 150 244 250 241 1,072

    ,

    ,

  • . _77

    ,

    6,582 70% CJ

    E&M, ,

    ,

    9 1 2

    1 , 2

    ,

    100% ,

    .

    , ,

  • 78_

    70%

    , ,

    , , , ,

    ,

    CJ E&M,

    ,

    .

    2012

    (IPO) (M&A) ,

    10 200~300% 3~4

    300% 7

  • . _79

    1 7 13.01.23 357 61 485.0% 35

    2 12.10.31 214 57 272.4% 23

    3 12.09.03 346 97 258.2% 26

    4 13.08.04 151 45 237.7% 34

    5 12.03.22 124 43 190.1% 26

    6 12.05.17 131 47 177.0% 35

    7 13.06.05 193 75 157.3% 35

    8 13.07.25 345 147 135.1% 70

    9 13.07.03 151 65 132.5% 41

    10 12.02.22 148 68 118.5% 23

    , 200% 3

    , 2013

    63 19(30%) .

    2013 7 1,280 2013

    1 , 1

    309% .

    -5. 10 :

    (3%), (10%) 45%,

    55% , 10~13%

    7 , ,

    3 .

    57 190

    190 20

    , .

  • 80_

    1 40%

    5 20% 1

    , 500~700

    300 1

    37.1 68%( 25.6)

    ,

    ,

    ,

    ,

    , TV

    3 , ,

    53

    ( 1)

  • . _81

    1. (2009), , ,

    2. (2014), , ,

    3. 9 (2014), (www.thebell.co.kr)

    4. (2004), ,

    5. (2014), , ,

    6. (2014), ,

    7. (2014), 2012

    8. (2014), 2013

    9. (2014), 2013

    10. (2010), ,

    11. , (2008), ,

    12. (2014), 2014 , ,

    13. 4/4

    13. (2013), 2014

    14. (2012), ,

  • 82_

    .

    , , , ICT

    ,

    , ,

    .

    1995-2000-2005-2009 2005-2009

    1995, 2000, 2005 28, 78, 168, 350

    3), 2009 28, 78,

    168, 403 .

    3) 2005 .

  • _83

    ( 168 )

    1995~2005 2009

    ICT

    099 097

    100 098

    101 099

    102 100

    103 101

    104 102

    105 103

    106 104

    ICT

    142 141

    142

    , ICT

    .

    , ICT

    , , , , 168 (160),

    (161), (162) (051)

    1995 2005 2005 , 2009 , ICT , ICT

    .

    168 .

    1. ICT

  • 84_

    ( 168 )

    1995~2005 2009

    ICT

    143 143

    153 153

    051 051

    160 160

    161 161

    162 162

    (28)

    (4)

    (9)

    (168 )

    1995~2005 2009

    01 001~017 001~018

    02

    03

    018~098 019~096

    04

    05

    06 *

    07

    08

    09

    10 1

    11

    12 ICT 099~106 097~104

    13 107~110 105~108

    14 111~113 109~111

    15 114 112

    16 115~120 113~118

    ICT, ICT, , .

    2.

  • _85

    (28)

    (4)

    (9)

    (168 )

    1995~2005 2009

    17 ,

    121~130 119~128

    18

    19

    131~141 129~14020

    21

    22 ICT 142~143 141~143

    23 144~152 144~152

    24 ICT 153 153

    25 154~159 154~159

    26

    27 160~162 160~162

    28 163~168 163~168

    1995 2000 2005 2009

    44.11 44.69 45.96 46.10

    ICT 2.66 4.94 7.92 10.83

    0.41 1.17 1.80 2.47

    0.58 0.40 0.50 0.47

    * (051) 4 , 9

    .

    1.

    1.79%

    2009 1.79% , ICT 3.48%

    3. : %

  • 86_

    1995 2000 2005 2009

    0.29 0.92 1.99 2.55

    3.56 3.88 5.12 4.34

    0.89 1.11 1.12 1.47

    37.00 34.75 31.81 29.47

    37.85 42.32 42.28 43.14

    ICT 1.24 2.76 3.41 3.48

    0.73 1.73 2.05 2.06

    0.17 0.23 0.32 0.30

    0.34 0.80 1.03 1.11

    1.69 1.69 1.86 1.79

    34.91 37.87 37.01 37.87

    1. : %

    2009 46.1%, 43.1%

    ICT 1995 2.65% 5 2009 10.8% , 1995

    1.69%

  • _87

    1995-2000 2000-2005 2005-2009

    4.89 5.26 3.12

    ICT 16.04 13.31 9.73

    24.76 12.58 9.80

    -1.65 8.60 1.82

    26.75 19.16 8.22

    6.18 9.72 -0.30

    8.69 4.94 8.81

    3.57 3.23 1.49

    6.63 4.75 3.47

    ICT 19.57 8.48 3.48

    20.75 7.78 3.09

    9.54 10.80 2.18

    21.05 9.25 4.59

    4.58 6.53 2.20

    6.09 4.36 3.53

    5.90 4.43 3.02

    ICT 1995 2.9%, 2000 4.5%, 2005 5.3%, 2009 5.3%

    1995 7.8%, 2000 10.5%,

    2005 12.5%, 2009 12.2% 10%

    2005~2009 2.2%

    1995~2000 2.2% 3.02%

    1995~2000 (5.90%)

    4.6% 2000~2005 (4.43%) 6.5%

    , 2005~2009 (3.02%) 2.2%

    4. : %,

  • 88_

    .

    , ,

    2. : %

    , ICT ICT

    , .

    2

    , 2000 76.6% 75% ,

    25%

    2009 44%

    56% , .

  • _89

    ,

    .

    () (=)

    ,

    .

    (=) = +

    100 , 100

    ,

    .

    1995 2000 2005 2009 1995 2000 2005 2009

    73.1 76.6 74.7 75.4 26.9 23.4 25.3 24.6

    ICT 107.7 91.7 75.4 73.5 -7.7 8.3 24.6 26.5

    82.0 81.6 80.0 77.6 18.0 18.4 20.0 22.4

    57.9 55.9 71.9 86.3 42.1 44.1 28.1 13.7

    70.1 74.6 73.8 75.2 29.9 25.4 26.2 24.8

    5. : %

  • 90_

    1995 2000 2005 2009 1995 2000 2005 2009

    42.0 40.2 43.1 44.0 58.0 59.8 56.9 56.0

    ICT 37.4 44.6 51.0 51.2 62.6 55.4 49.0 48.8

    47.8 50.8 49.6 46.3 52.2 49.2 50.4 53.7

    41.9 39.4 42.0 43.2 58.1 60.6 58.0 56.8

    : (+)

    3. () () : %

    4. () () : %

  • _91

    ,

    53.7% (56.0%) (24.6%), ICT (26.5%), ICT(48.8%) .

    ICT

    .

    6, 5. : %

    1995 2000 2005 2009

    72.9 71.3 71.1 69.2

    ICT 66.5 61.0 56.5 55.3

    86.1 90.5 88.8 88.1

    70.4 76.9 64.1 66.4

    72.1 70.7 72.0 71.5

    87.7 87.6 89.5 88.8

    ICT 85.1 91.2 87.0 84.7

    93.6 94.6 95.4 94.4

    87.4 86.9 89.4 88.9

    .

    69.2%, ICT 55.3%, 88.1%

    94.4%

    (88.8%)

  • 92_

    3.8%

    , 3.8%

    34.6%, 6.6%

    .

    2000 6.8% .

    7, 6. : %

    1995 2000 2005 2009

    19.3 26.3 30.4 34.6

    ICT 43.4 49.4 61.4 60.9

    21.0 29.8 36.0 33.9

    67.7 102.2 85.2 84.5

    16.3 20.2 19.9 22.5

    6.4 7.8 6.1 6.6

    ICT 2.7 1.9 1.9 2.8

    5.9 6.8 3.8 3.8

    6.6 8.3 6.6 7.1

    .

    , (= = + = + )

  • _93

    1995 2000 2005 2009 1995 2000 2005 2009

    17.8 17.3 18.2 19.2 19.8 22.0 21.6 23.2

    ICT 20.8 24.9 23.1 24.3 36.1 35.7 32.8 32.9

    6.0 3.9 4.9 6.5 11.4 7.7 9.0 9.2

    15.1 18.8 5.4 9.3 17.1 12.9 25.8 29.0

    18.6 17.3 19.2 19.3 19.5 21.9 20.7 21.4

    20~25% , 5%

    ,

    .

    2009 5.8% 2005 9.9%

    19.2% , 5.3%

    2.6% , 23.2%, 4.9% .

    ICT , ,

    1995 5.6% 2009

    7.9%

    8. : %

  • 94_

    1995 2000 2005 2009 1995 2000 2005 2009

    5.6 5.2 5.2 5.3 5.2 5.0 4.5 4.9

    ICT 9.8 4.8 3.8 3.7 5.6 3.9 6.6 7.9

    5.7 6.9 9.9 5.8 3.0 2.7 2.3 2.6

    5.4 5.1 5.1 5.4 5.3 5.2 4.4 4.8

    7. () () : %

    8. ICT () () : %

  • _95

    1995 2000 2005 2009

    2.02 2.06 2.03 2.00

    ICT 2.38 2.05 1.78 1.74

    2.18 1.59 1.40 1.37

    2.

    1.79

    .

    2, 1

    2 ,

    .

    ,

    .

    , ,

    2000 2.06 2009 2.00 ,

    2000 1.62 2009 1.70

    2009 1.79 1.70 2.00

    , (1.37)

    ICT (1.74) (2.52), (2.13)

    9.

  • 96_

    1995 2000 2005 2009

    2.49 2.44 1.91 1.76

    2.45 1.99 1.94 1.72

    2.50 2.65 2.61 2.52

    1.76 1.81 1.89 2.13

    1.94 2.00 2.03 2.04

    1.66 1.62 1.69 1.70

    ICT 1.55 1.68 1.78 1.75

    1.51 1.71 1.81 1.77

    1.63 1.87 2.00 1.90

    1.70 1.59 1.70 1.69

    1.81 1.86 1.86 1.79

    1.65 1.60 1.68 1.70

    9.

    ICT

    .

  • _97

    2009 43, 1.8%

    2009 (2,405) 46.1% 1,109 , 43.1% 1,038

    , .

    2009 43 1.8% ICT(10.8%), ICT(3.5%) .

    ,

    (%): (95)1.7%(00)1.7%(05)1.9%(09)1.8%

    10. () (%)

    1995 2000 2005 2009 1995 2000 2005 2009

    525.2 699.3 950.9 1108.9 44.1 44.7 46.0 46.1

    ICT 31.7 77.4 163.7 260.5 2.7 4.9 7.9 10.8

    4.8 18.3 37.2 59.4 0.4 1.2 1.8 2.5

    6.9 6.3 10.3 11.2 0.6 0.4 0.5 0.5

    3.5 14.4 41.3 61.3 0.3 0.9 2.0 2.5

    42.4 60.7 105.9 104.3 3.6 3.9 5.1 4.3

    10.5 17.4 23.2 35.4 0.9 1.1 1.1 1.5

    440.6 543.8 658.0 708.7 37.0 34.8 31.8 29.5

    450.7 662.3 874.8 1037.5 37.8 42.3 42.3 43.1

    ICT 14.8 43.2 70.5 83.6 1.2 2.8 3.4 3.5

    8.7 27.1 42.5 49.5 0.7 1.7 2.1 2.1

    2.1 3.6 6.6 7.3 0.2 0.2 0.3 0.3

    4.0 12.6 21.4 26.8 0.3 0.8 1.0 1.1

    20.2 26.4 38.6 43.0 1.7 1.7 1.9 1.8

    415.7 592.6 765.7 910.9 34.9 37.9 37.0 37.9

    1,190.8 1,564.8 2,068.8 2,405.2 100.0 100.0 100.0 100.0

  • 98_

    10. :

    2009 37%

    , , 1 ,

    .

    2009 46%, 17.1%, 36.9% , > >

    .

    11.

    46.0%

    46.5%

    48.8%

    47.6%

    17.1%

    20.7%

    21.4%

    31.0%

    36.9%

    32.9%

    29.7%

    21.4%

    0% 20% 40% 60% 80% 100%

    2009

    2005

    2000

    1995

  • _99

    1995 2000 2005 2009 1995 2000 2005 2009 1995 2000 2005 2009

    204.2 240.4 277.5 305.6 144.9 133.3 171.5 146.6 176.1 325.6 502.0 656.7

    ICT 5.9 12.3 20.7 27.9 7.6 14.9 15.9 26.3 18.1 50.2 127.1 206.3

    0.1 0.5 0.8 0.9 0.1 0.6 0.7 2.8 4.6 17.2 35.8 55.7

    1.9 1.2 3.3 5.1 1.0 1.0 2.0 2.3 4.0 4.1 4.9 3.8

    0.7 3.4 6.7 10.3 1.7 5.3 4.3 5.1 1.1 5.7 30.3 45.9

    11.6 13.9 23.5 25.1 17.3 18.7 19.8 21.6 13.4 28.1 62.6 57.5

    0.4 0.8 0.7 0.8 2.6 -2.3 1.4 1.7 7.5 18.9 21.1 32.9

    184.2 211.9 234.5 256.1 118.8 104.6 136.1 99.5 137.5 227.3 287.4 353.2

    318.3 470.6 626.3 740.2 68.1 75.2 97.8 99.6 64.3 116.5 150.7 197.7

    ICT 9.1 26.0 43.0 49.5 3.8 12.1 19.4 22.4 1.9 5.2 8.1 11.7

    6.0 20.6 33.3 37.4 1.3 2.6 3.5 4.1 1.4 3.8 5.7 7.9

    1995 47.6%, 31%, 21.4% ,

    .

    46%

    ,

    .

    , 657(59.2%), 306(27.6%), 147(13.2%)

    .

    740(71.3%), 198(19.1%), 100(9.6%)

    70% , 1995

    14.2% 2009 19.1%

    .

    11. :

  • 100_

    1995 2000 2005 2009 1995 2000 2005 2009 1995 2000 2005 2009

    1.3 2.3 4.5 5.2 0.3 0.5 0.8 0.7 0.4 0.8 1.3 1.4

    1.2 2.5 4.3 5.3 2.5 9.0 15.2 18.3 0.3 1.1 2.0 3.2

    15.5 20.6 31.9 35.9 1.8 1.6 2.1 1.8 2.8 4.2 4.6 5.3

    291.7 421.5 550.9 656.2 62.7 63.1 78.0 77.8 61.4 108.0 136.8 177.0

    567.2 764.1 961.3 1107.5 368.9 335.5 427.6 410.9 254.8 465.2 679.9 886.8

    1995 2000 2005 2009 1995 2000 2005 2009 1995 2000 2005 2009

    38.9 34.4 29.2 27.6 27.6 19.1 18.0 13.2 33.5 46.6 52.8 59.2

    ICT 18.7 15.9 12.6 10.7 24.0 19.2 9.7 10.1 57.3 64.9 77.6 79.2

    1.9 2.7 2.0 1.5 2.4 3.2 1.8 4.7 95.7 94.1 96.1 93.8

    27.5 19.1 32.6 45.5 14.6 15.3 19.9 20.8 57.9 65.6 47.5 33.7

    19.2 23.7 16.1 16.8 49.5 36.9 10.4 8.3 31.3 39.4 73.5 74.9

    27.4 22.9 22.2 24.1 40.9 30.8 18.7 20.7 31.7 46.3 59.1 55.2

    4.3 4.7 3.2 2.4 24.5 -13.4 6.1 4.7 71.2 108.6 90.7 92.9

    41.8 39.0 35.6 36.1 27.0 19.2 20.7 14.0 31.2 41.8 43.7 49.8

    70.6 71.1 71.6 71.3 15.1 11.4 11.2 9.6 14.3 17.6 17.2 19.1

    ICT 61.8 60.1 61.0 59.2 25.7 27.9 27.5 26.8 12.5 12.0 11.5 14.0

    68.7 76.2 78.3 74.5 15.0 9.8 8.2 9.0 16.2 14.1 13.5 16.5

    64.2 65.6 68.1 71.1 16.7 12.7 11.6 9.5 19.1 21.7 20.3 19.5

    29.4 19.7 19.9 19.8 62.5 71.2 70.9 68.2 8.2 9.1 9.2 12.0

    77.1 78.1 82.8 83.4 8.9 6.0 5.4 4.3 14.1 15.9 11.8 12.3

    70.2 71.1 71.9 72.0 15.1 10.7 10.2 8.5 14.8 18.2 17.9 19.4

    47.6 48.8 46.5 46.0 31.0 21.4 20.7 17.1 21.4 29.7 32.9 36.9

    12. : %

  • _101

    , 83.4% 12.3%

    2009 43 83.4% 35.9 , 12.3% 5.3

    (71.3%) ,

    (19.1%)

    .

    ICT ,

    (%): (95)14.1%(00)15.9%(05)11.8%(09)12.3%

    (%): (95)14.3%(00)17.6%(05)17.2%(09)19.1%

    12. :

  • 102_

    1995 2000 2005 2009

    0.65 0.61 0.62 0.60

    ICT 0.42 0.45 0.53 0.52

    0.15 0.45 0.52 0.55

    0.50 0.47 0.49 0.49

    13. : %

    3.

    0.89 1.5

    .

    0.6, 1

    0.6

    , .

    1995 0.65 2009 0.6 ,

    0.87 .

    13.

  • _103

    1995 2000 2005 2009

    0.53 0.47 0.51 0.45

    0.68 0.69 0.69 0.69

    0.72 0.74 0.60 0.51

    0.67 0.62 0.64 0.62

    0.87 0.88 0.88 0.87

    ICT 0.89 0.90 0.86 0.85

    0.87 0.90 0.88 0.87

    0.86 0.85 0.88 0.87

    0.93 0.93 0.80 0.79

    0.88 0.87 0.89 0.89

    0.88 0.88 0.88 0.88

    14.

    ICT

    , 3040% .

  • 104_

    0.88~0.89 , (0.87~0.88) (0.60)

    1.5 .

    ICT(0.52) 1.7 , (0.69)

    1.3, (0.51) 1.7

    23.1, 2.4%

    2009 (973) 28% 273 , 59.7% 581 ,

    .

    2009 23.1 2.4% , (23.4), (24.4),

    (23.3) .

    1.8% ,

    2.4% .

    95 2.0% 2009 2.4% ,

    .

    (%): (95)2.0%(00)2.0%(05)2.3%(09)2.4%

    (%): (95)50.7%(00)60.4%(05)58.5%(09)59.7%

    95 52% ,

    2009 53.7%

  • _105

    () (%)

    1995 2000 2005 2009 1995 2000 2005 2009

    141.3 163.3 240.1 272.8 27.4 24.9 28.2 28.0

    ICT -2.4 6.4 40.2 69.1 -0.5 1.0 4.7 7.1

    -1.5 4.0 12.9 23.4 -0.3 0.6 1.5 2.4

    0.3 0.2 1.7 2.6 0.1 0.0 0.2 0.3

    0.0 1.5 7.4 12.7 0.0 0.2 0.9 1.3

    7.6 11.2 21.2 23.3 1.5 1.7 2.5 2.4

    4.4 7.7 6.5 4.8 0.9 1.2 0.8 0.5

    131.7 138.1 172.2 175.5 25.5 21.1 20.2 18.0

    261.2 396.0 498.0 580.9 50.7 60.4 58.5 59.7

    ICT 9.3 24.0 34.5 40.8 1.8 3.7 4.0 4.2

    5.7 14.4 21.1 24.4 1.1 2.2 2.5 2.5

    1.2 1.6 2.8 3.3 0.2 0.2 0.3 0.3

    2.3 7.9 10.6 13.0 0.5 1.2 1.2 1.3

    10.5 13.0 19.4 23.1 2.0 2.0 2.3 2.4

    241.4 359.1 444.0 517.0 46.8 54.8 52.1 53.2

    515.4 655.1 852.0 972.8 100.0 100.0 100.0 100.0

    14.

    15.

  • 106_

    2009 30%

    , , 1 ,

    .

    1995 51.2%, 30.8%, 18% ,

    .

    ( 46%, 17.1%, 36.9%)

    16.

    53.5%

    53.4%

    55.7%

    51.2%

    16.8%

    19.9%

    20.2%

    30.8%

    29.7%

    26.6%

    24.1%

    18.0%

    0% 20% 40% 60% 80% 100%

    2009

    2005

    2000

    1995

    , 2009 162, 75, 36 .

    415, 111, 56

    2009 23.1 19.3, 1, 2.8 .

  • _107

    15. :

    1995 2000 2005 2009 1995 2000 2005 2009 1995 2000 2005 2009

    54.9 56.2 70.1 75.2 39.0 31.1 43.3 36.1 47.4 76.1 126.8 161.6

    ICT -0.5 1.0 5.1 7.4 -0.6 1.2 3.9 7.0 -1.4 4.2 31.2 54.7

    0.0 0.1 0.3 0.4 0.0 0.1 0.2 1.1 -1.5 3.7 12.4 22.0

    0.1 0.0 0.6 1.2 0.0 0.0 0.3 0.5 0.2 0.1 0.8 0.9

    0.0 0.4 1.2 2.1 0.0 0.6 0.8 1.1 0.0 0.6 5.4 9.5

    2.1 2.6 4.7 5.6 3.1 3.4 4.0 4.8 2.4 5.2 12.5 12.9

    0.2 0.4 0.2 0.1 1.1 -1.0 0.4 0.2 3.2 8.3 5.9 4.5

    55.1 53.8 61.4 63.4 35.5 26.6 35.6 24.6 41.1 57.7 75.2 87.5

    184.5 281.4 356.5 414.5 39.4 44.9 55.7 55.8 37.3 69.7 85.8 110.7

    ICT 5.7 14.4 21.0 24.1 2.4 6.7 9.5 10.9 1.2 2.9 4.0 5.7

    3.9 11.0 16.5 18.42 0.86 1.41 1.73 2.05 0.92 2.03 2.84 3.94

    0.8 1.1 1.9 2.4 0.2 0.2 0.3 0.3 0.2 0.3 0.6 0.6

    0.7 1.6 2.1 2.6 1.5 5.6 7.5 8.9 0.2 0.7 1.0 1.6

    8.1 10.1 16.1 19.3 0.9 0.8 1.0 1.0 1.5 2.1 2.3 2.8

    169.4 255.4 319.5 372.5 36.4 38.3 45.2 44.1 35.6 65.5 79.3 100.4

    264.1 364.8 455.4 520.5 158.7 132.1 170.0 163.0 92.7 158.2 226.7 289.3

    4.

    , ( 10 )

    .

  • 108_

    ()

    , ()

    ,

    ,

    ,

    .

    ( 10)

    ,

    ,

    10, 7, 10

    10,

    7

    4)

    , ICT 3, ICT 1.7

    .

    2009 9.88, 19.26 2 .

    4) 2005 1995, 2000, 2005, 2009 , , 1995-2000-2005 , 2005 2009 , 2005 2009 .

  • _109

    2005 11.11 2009 9.88 , 19.14 19.16

    18.82 ICT (6.55) 3, ICT (11.35) 1.7 .

    19.26 , 9.88 1.9

    .

    16. : /10

    2005 2009 2005 2009

    11.11 9.88 7.89 7.22

    ICT 9.06 6.55 7.38 5.30

    6.16 4.34 5.36 3.80

    11.06 8.03 9.24 6.86

    8.39 5.77 6.93 4.71

    11.28 10.89 8.87 8.79

    10.24 11.31 8.32 9.17

    11.93 11.42 7.90 7.85

    19.14 19.26 13.37 13.79

    ICT 12.33 11.35 10.17 9.45

    8.48 9.50 7.01 7.33

    11.92 10.93 9.53 8.83

    16.45 14.56 14.22 12.89

    19.45 18.82 13.05 12.56

    19.70 20.01 13.62 14.22

  • 110_

    ()

    2005 2009 2005 2009

    3,173,347 3,250,189 18.0% 16.5%

    ICT 560,089 531,585 3.2% 2.7%

    109,783 105,683 0.6% 0.5%

    45,644 37,022 0.3% 0.2%

    87,482 86,897 0.5% 0.4%

    17.

    , ICT

    2009 19,730,965 16.5% 3,250,189 , 66.4% 13,104,345 .

    2005 17,601,839 18% 3,173,347

    , 62.1% 10,935,985 , 2005

    2005 2009 12.1% 2,129,126 ,

    2005 19.8% 2,168,360 ,

    2.4% 76,842

    17.

  • _111

    ()

    2005 2009 2005 2009

    265,802 279,766 1.5% 1.4%

    95,838 137,205 0.5% 0.7%

    2,251,618 2,301,633 12.8% 11.7%

    10,935,985 13,104,345 62.1% 66.4%

    ICT 370,981 375,899 2.1% 1.9%

    28,734 127,132 0.2% 0.6%

    25,771 26,971 0.1% 0.1%

    218,763 221,797 1.2% 1.1%

    436,168 492,308 2.5% 2.5%

    10,128,836 12,236,138 57.5% 62.0%

    17,601,839 19,730,965 100.0% 100.0%

    18. 2009 :

    2009 2.5% 492,308 ICT(2.7%, 531,585)

    ICT(1.9%, 375,899), (1.4%, 279,766) ,

    (0.7%, 137,250) 3.6

  • 112_

    2005 2009 2005 2009 2005 2009

    29.2 27.6 18.0 13.2 52.8 59.2

    ICT 12.6 10.7 9.7 10.1 77.6 79.2

    2.1 1.5 1.8 4.7 96.2 93.8

    32.6 45.5 19.9 20.8 47.5 33.7

    16.1 16.8 10.4 8.3 73.5 74.9

    ICT 2005 2009 1.3%(4,918) , 2005 12.9%(56,140) ,

    .

    ICT 2005 2009 5%

    .

    , 2009 57.7% , 26.1%, 16.2% .

    2005 24.2% 26.1% ,

    56.8% 57.7% .

    19.

    18. : %

  • _113

    2005 2009 2005 2009 2005 2009

    22.2 24.1 18.7 20.7 59.1 55.2

    3.2 2.4 6.1 4.7 90.7 92.9

    35.6 36.1 20.7 14.0 43.7 49.8

    71.6 71.3 11.2 9.6 17.2 19.1

    ICT 61.0 59.2 27.5 26.8 11.5 14.0

    80.4 74.5 8.1 9.0 11.5 16.5

    68.1 71.1 11.6 9.5 20.3 19.5

    19.9 19.8 70.9 68.2 9.2 12.0

    82.8 83.4 5.4 4.3 11.8 12.3

    71.9 72.0 10.2 8.5 17.9 19.4

    56.8 57.7 19.0 16.2 24.2 26.1

    20. : %

    2005 52.8% 2009 59.2% , 17.2% 19.1%

  • 114_

    2005 2009 71%

    83.4% , 12.3%, 4.3%

    .

    2005 82.8% 83.4%, 11.8%

    12.3% 5.4% 4.3%

    19.1%, ICT 14.0% 12.3%

    .

  • 2014 10

    150-996 38

    /ColorImageDict > /JPEG2000ColorACSImageDict > /JPEG2000ColorImageDict > /AntiAliasGrayImages false /CropGrayImages true /GrayImageMinResolution 300 /GrayImageMinResolutionPolicy /OK /DownsampleGrayImages true /GrayImageDownsampleType /Bicubic /GrayImageResolution 300 /GrayImageDepth -1 /GrayImageMinDownsampleDepth 2 /GrayImageDownsampleThreshold 1.50000 /EncodeGrayImages true /GrayImageFilter /DCTEncode /AutoFilterGrayImages true /GrayImageAutoFilterStrategy /JPEG /GrayACSImageDict > /GrayImageDict > /JPEG2000GrayACSImageDict > /JPEG2000GrayImageDict > /AntiAliasMonoImages false /CropMonoImages true /MonoImageMinResolution 1200 /MonoImageMinResolutionPolicy /OK /DownsampleMonoImages true /MonoImageDownsampleType /Bicubic /MonoImageResolution 1200 /MonoImageDepth -1 /MonoImageDownsampleThreshold 1.50000 /EncodeMonoImages true /MonoImageFilter /CCITTFaxEncode /MonoImageDict > /AllowPSXObjects false /CheckCompliance [ /None ] /PDFX1aCheck false /PDFX3Check false /PDFXCompliantPDFOnly false /PDFXNoTrimBoxError true /PDFXTrimBoxToMediaBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXSetBleedBoxToMediaBox true /PDFXBleedBoxToTrimBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXOutputIntentProfile () /PDFXOutputConditionIdentifier () /PDFXOutputCondition () /PDFXRegistryName () /PDFXTrapped /False /Description > /Namespace [ (Adobe) (Common) (1.0) ] /OtherNamespaces [ > /FormElements false /GenerateStructure true /IncludeBookmarks false /IncludeHyperlinks false /IncludeInteractive false /IncludeLayers false /IncludeProfiles true /MultimediaHandling /UseObjectSettings /Namespace [ (Adobe) (CreativeSuite) (2.0) ] /PDFXOutputIntentProfileSelector /NA /PreserveEditing true /UntaggedCMYKHandling /LeaveUntagged /UntaggedRGBHandling /LeaveUntagged /UseDocumentBleed false >> ]>> setdistillerparams> setpagedevice