{"id":7984,"date":"2025-12-16T11:36:59","date_gmt":"2025-12-16T03:36:59","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=7984"},"modified":"2025-12-16T11:37:04","modified_gmt":"2025-12-16T03:37:04","slug":"%e6%9d%a0%e6%9d%86%e4%ba%a4%e6%98%93%e7%9a%84%e9%a3%8e%e9%99%a9%e6%9c%ac%e8%b4%a8%e4%b8%8e%e8%b5%84%e6%9c%ac%e8%84%86%e5%bc%b1%e6%80%a7","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/ko\/\uc544\uce74\uc774\ube0c\/7984","title":{"rendered":"\ub808\ubc84\ub9ac\uc9c0 \uac70\ub798\uc758 \uc704\ud5d8 \uc131\uaca9\uacfc \uc790\ubcf8 \ucde8\uc57d\uc131"},"content":{"rendered":"<p class=\"translation-block\">\ucc28\uc561\uac70\ub798\uacc4\uc57d(CFD) \ubc0f \ub9c8\uc9c4 \uc678\ud658\uacfc \uac19\uc740 \ub808\ubc84\ub9ac\uc9c0 \ud30c\uc0dd\uc0c1\ud488\uc758 \uad11\ubc94\uc704\ud55c \uc778\uae30\ub85c \uc778\ud574 \uac1c\uc778 \ud22c\uc790\uc790\ub294 \uc801\uc740 \uc790\ubcf8\uc73c\ub85c \uae00\ub85c\ubc8c \uc790\uc0b0 \uac00\uaca9 \ubcc0\ub3d9\uc5d0 \ucc38\uc5ec\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ub808\ubc84\ub9ac\uc9c0\ub294 \uc218\uc775 \uc7a0\uc7ac\ub825\uc744 \ud655\ub300\ud558\ub294 \ub3d9\uc2dc\uc5d0 \uc704\ud5d8\uc758 \ubcf8\uc9c8\ub3c4 \uadfc\ubcf8\uc801\uc73c\ub85c \ubcc0\ud654\uc2dc\ud0b5\ub2c8\ub2e4. \uc190\uc2e4 \uaddc\ubaa8\ub97c \uc99d\uac00\uc2dc\ud0ac \ubfd0\ub9cc \uc544\ub2c8\ub77c <strong>\ube44\uc120\ud615 \uc704\ud5d8<\/strong> \ubc0f <strong>\uacbd\ub85c \uc758\uc874\uc131 \ud6a8\uacfc<\/strong>\ub97c \ub3c4\uc785\ud558\uc5ec \uac70\ub798 \uacb0\uacfc\uac00 \uc7a5\uae30\uc801\uc778 \ubc29\ud5a5 \ud310\ub2e8\uc774 \uc544\ub2cc \ub2e8\uae30 \uac00\uaca9 \uada4\uc801\uc5d0 \ub9e4\uc6b0 \ubbfc\uac10\ud558\uac8c \ub429\ub2c8\ub2e4. \uc774 \uba54\ucee4\ub2c8\uc998\uc744 \uc774\ud574\ud558\ub294 \uac83\uc740 \ud569\ub9ac\uc801\uc778 \ucc38\uc5ec\ub97c \uc704\ud55c \uc804\uc81c\uc870\uac74\uc785\ub2c8\ub2e4.<\/p>\n<p>1. \ub808\ubc84\ub9ac\uc9c0\ub294 \"\ubb34\ub8cc \uc99d\ud3ed\uae30\"\uac00 \uc544\ub2c8\ub77c \uc704\ud5d8 \uac00\uaca9 \uc870\uc815 \ub3c4\uad6c\uc785\ub2c8\ub2e4.<\/p>\n<p class=\"translation-block\">\uc790\ubcf8 \uad6c\uc870 \uc774\ub860\uc758 \uad00\uc810\uc5d0\uc11c \ubcfc \ub54c, \ub808\ubc84\ub9ac\uc9c0\ub97c \uc0ac\uc6a9\ud558\ub294 \uac83\uc740 \uc790\uae30 \uc790\ubcf8\uc744 \uae30\ubc18\uc73c\ub85c \"\ubd80\ucc44 \uc870\ub2ec\"\uc744 \uc911\ucca9\ud558\ub294 \uac83\uacfc \uac19\uc2b5\ub2c8\ub2e4. Modigliani-Miller \uc815\ub9ac(\uc138\uae08\uc774 \uc5c6\ub294 \uc870\uac74\uc5d0\uc11c)\uc5d0 \ub530\ub974\uba74 \uae30\uc5c5 \uac00\uce58\ub294 \uc790\ubcf8 \uad6c\uc870\uc640 \uc544\ubb34\ub7f0 \uad00\ub828\uc774 \uc5c6\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ud30c\uc0b0 \ube44\uc6a9\uacfc \uc815\ubcf4 \ube44\ub300\uce6d\uc774 \uc788\ub294 \uc2e4\uc81c \uc2dc\uc7a5\uc5d0\uc11c\ub294 <strong>\ub192\uc740 \ub808\ubc84\ub9ac\uc9c0\ub85c \uc778\ud574 \uc7ac\uc815\uc801 \ucde8\uc57d\uc131\uc774 \ud06c\uac8c \uc99d\uac00\ud569\ub2c8\ub2e4<\/strong>. \uc774 \ub17c\ub9ac\ub294 \uac1c\uc778 \uac70\ub798 \uacc4\uc88c\uc5d0\ub3c4 \uc801\uc6a9\ub429\ub2c8\ub2e4.<\/p>\n<p class=\"translation-block\">\uc0ac\uc6a9\uc790\uac00 1:30 \ub808\ubc84\ub9ac\uc9c0\ub85c \ub9e4\uc218 \ud3ec\uc9c0\uc158\uc744 \ubcf4\uc720\ud558\ub294 \uacbd\uc6b0 \uc2e4\uc81c \uc704\ud5d8 \ub178\ucd9c\uc740 \uc6d0\uae08\uc758 30\ubc30\uc785\ub2c8\ub2e4. \uc774\ub294 <strong>\uae30\ubcf8 \uc790\uc0b0\uc774 \uc804\uccb4 \uc6d0\uae08\uc744 \uc7a0\uc2dd\ud558\ub824\uba74 \uc57d 3.3%\uc758 \uc5ed\ubc29\ud5a5 \uc6c0\uc9c1\uc784\ub9cc \ud544\uc694\ud558\ub2e4\ub294 \uc758\ubbf8\uc785\ub2c8\ub2e4<\/strong>. \ub354 \uc911\uc694\ud55c \uac83\uc740 \uac15\uc81c \uccad\uc0b0 \uba54\ucee4\ub2c8\uc998\uc758 \uc874\uc7ac\ub85c \uc778\ud574 \uc190\uc2e4\uc774 \uc120\ud615\uc801\uc73c\ub85c \ub204\uc801\ub418\uc9c0 \uc54a\uace0 \ub9c8\uc9c4 \uc784\uacc4\uac12\uc5d0 \ub3c4\ub2ec\ud558\uba74 \uc989\uc2dc 0\uc73c\ub85c \ub3cc\uc544\uac00 \uc804\ud615\uc801\uc778 \"\ud14c\uc77c \ub9ac\uc2a4\ud06c\" \uae30\ub2a5\uc744 \ud615\uc131\ud55c\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4.<\/p>\n<p>2. \uacbd\ub85c \uc758\uc874\uc131: \"\uc62c\ubc14\ub978 \ubc29\ud5a5\"\uc774 \uc5ec\uc804\ud788 \uccad\uc0b0\uc744 \uc720\ubc1c\ud560 \uc218 \uc788\ub294 \uc774\uc720<\/p>\n<p class=\"translation-block\">\uc804\ud1b5\uc801\uc778 \ud22c\uc790\uc5d0\uc11c\ub294 \ud310\ub2e8\uc774 \ub9de\uc558\uc9c0\ub9cc \ub2e8\uae30 \ub418\ub3cc\ub9bc\uc774 \ubc1c\uc0dd\ud55c \uacbd\uc6b0 \ud3c9\uade0\uc774 \ub3cc\uc544\uc62c \ub54c\uae4c\uc9c0 \ubcf4\uc720\ud558\uc5ec \uc190\uc2e4\uc744 \ubcf5\uad6c\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ub808\ubc84\ub9ac\uc9c0 \uac70\ub798\uc5d0\uc11c <strong>\ucd5c\uc885 \uacb0\uacfc\ub294 \uac00\uaca9 \uc2e4\ud604 \uacbd\ub85c\uc5d0 \ud06c\uac8c \uc758\uc874\ud569\ub2c8\ub2e4<\/strong>(\uacbd\ub85c \uc885\uc18d\uc131). \uc7a5\uae30\uc801\uc778 \ucd94\uc138\uac00 \uc608\uc0c1\ub300\ub85c \uc804\uac1c\ub418\ub354\ub77c\ub3c4 \ubcc0\ub3d9\uc774 \uc2ec\ud558\uac70\ub098 \uc720\ub3d9\uc131\uc774 \uace0\uac08\ub418\ub294 \uacbd\uc6b0 \ucd94\uc138\uac00 \uad6c\uccb4\ud654\ub418\uae30 \uc804\uc5d0 \uacc4\uc88c\uac00 \uccad\uc0b0\ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p class=\"translation-block\">\uc608\ub97c \ub4e4\uc5b4, 2020\ub144 \ub9c8\uc774\ub108\uc2a4 \uc6d0\uc720 \uac00\uaca9 \uc0ac\ud0dc\uc5d0\uc11c WTI\ub97c \ub9e4\uc218\ud55c \ub2e4\uc218\uc758 \ub9c8\uc9c4 \uacc4\uc815\uc740 \uac00\uaca9\uc774 \uc7a0\uc2dc 0 \uc544\ub798\ub85c \ub5a8\uc5b4\uc9c4 \ud6c4 \ud3ec\uc9c0\uc158\uc744 \uccad\uc0b0\ud574\uc57c \ud588\uc2b5\ub2c8\ub2e4. \uba70\uce60 \ud6c4 \uac00\uaca9\uc774 \ube60\ub974\uac8c \ud50c\ub7ec\uc2a4 \uac12\uc73c\ub85c \ubc18\ub4f1\ud588\uc9c0\ub9cc \uc0ac\uc6a9\uc790\ub294 \ud6c4\uc18d \ud68c\ubcf5\uc5d0 \ucc38\uc5ec\ud560 \uc218 \uc5c6\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ub808\ubc84\ub9ac\uc9c0 \uac70\ub798\uc758 \ud575\uc2ec \uc5ed\uc124\uc744 \ub4dc\ub7ec\ub0c5\ub2c8\ub2e4. <strong>\uc2b9\ub960 \ubc0f \uc190\uc775 \ube44\uc728 \uc678\uc5d0\ub3c4 \uc0dd\uc874 \uc2dc\uac04\uc740 \ub3c5\ub9bd\uc801\uc778 \uc704\ud5d8 \uc694\uc18c\uac00 \ub429\ub2c8\ub2e4<\/strong>.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"1266\" height=\"844\" class=\"wp-image-7986\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/yuan-5.jpeg\" alt=\"\u653f\u5e9c\u519b\u4e8b\u56fd\u9632\u6280\u672f\u62bd\u8c61\u80cc\u666f\uff0c\u5e26\u6709\u7f8e\u5143\u949e\u7968\u5377\u7684\u76f4\u5347\u673a\uff0c\u73b0\u4ee3\u519b\u4e8b\u884c\u52a8\u6210\u672c\u6982\u5ff5\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/yuan-5.jpeg 1266w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/yuan-5-300x200.jpeg 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/yuan-5-1024x683.jpeg 1024w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/yuan-5-768x512.jpeg 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/yuan-5-18x12.jpeg 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/yuan-5-900x600.jpeg 900w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/yuan-5-600x400.jpeg 600w\" sizes=\"(max-width: 1266px) 100vw, 1266px\" \/><\/p>\n<p>3. \ubcc0\ub3d9\uc131 \uc2a4\ub9c8\uc77c \uc564 \ud14c\uc77c \ub9ac\uc2a4\ud06c \uac00\uaca9 \ucc45\uc815 \uc2e4\ud328<\/p>\n<p class=\"translation-block\">\uc635\uc158 \uc2dc\uc7a5\uc5d0\uc11c \"\ubcc0\ub3d9\uc131 \ubbf8\uc18c\" \ud604\uc0c1\uc740 \uadf9\ub2e8\uc801\uc778 \ud558\ub77d(\uc67c\ucabd \uaf2c\ub9ac)\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \ub0b4\uc7ac \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4\uc774 \ubaa8\ub378 \uac00\uc815\ubcf4\ub2e4 \ud6e8\uc52c \ub192\ub2e4\ub294 \uac83\uc744 \ub098\ud0c0\ub0c5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ub300\ubd80\ubd84\uc758 \uc18c\ub9e4 \ub808\ubc84\ub9ac\uc9c0 \uc0c1\ud488\uc740 <strong>\ud14c\uc77c \ub9ac\uc2a4\ud06c\uc5d0 \ub300\ud574 \uba85\uc2dc\uc801\uc73c\ub85c \uac00\uaca9\uc744 \ucc45\uc815\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4<\/strong>. \uc77c\ubc18\uc801\uc778 \uc2dc\uc7a5 \uc0c1\ud669\uc5d0\uc11c\ub294 \uc2a4\ud504\ub808\ub4dc\uc640 \ucde8\uae09 \uc218\uc218\ub8cc\uac00 \uc800\ub834\ud574 \ubcf4\uc77c \uc218 \uc788\uc9c0\ub9cc \ube14\ub799 \uc2a4\uc644 \uc774\ubca4\ud2b8 \uc911\uc5d0\ub294 \uc2ac\ub9ac\ud53c\uc9c0, \uc9c0\uc5f0, \uc720\ub3d9\uc131 \ubd80\uc871\uacfc \uac19\uc740 \uc228\uaca8\uc9c4 \ube44\uc6a9\uc774 \uae09\uaca9\ud558\uac8c \uc99d\uac00\ud558\uc5ec \uc2e4\uc81c \uac70\ub798 \ube44\uc6a9\uc774 \uc608\uc0c1\uc744 \ud6e8\uc52c \ucd08\uacfc\ud558\uac8c \ub429\ub2c8\ub2e4.<\/p>\n<p class=\"translation-block\">\ub354\uc6b1 \ub180\ub77c\uc6b4 \uc810\uc740 <strong>\uc5ed\uc0ac\uc801 \ubcc0\ub3d9\uc131\uc73c\ub85c\ub294 \ubbf8\ub798\uc758 \uadf9\ub2e8\uc801\uc778 \uc0ac\uac74\uc744 \uc644\uc804\ud788 \uc608\uce21\ud560 \uc218 \uc5c6\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4<\/strong>. GARCH\uc640 \uac19\uc740 \ubaa8\ub378\uc740 \ud074\ub7ec\uc2a4\ud130\ub41c \ubcc0\ub3d9\uc744 \ud3ec\ucc29\ud558\ub294 \ub370\ub294 \ub2a5\uc219\ud558\uc9c0\ub9cc \uad6c\uc870\uc801 \uc911\ub2e8(\uc608: \uc9c0\uc815\ud559\uc801 \uac08\ub4f1 \ubc0f \uc815\ucc45 \ubcc0\uacbd)\uc5d0 \ub300\ud574 \uacbd\uace0\ud558\uae30\ub294 \uc5b4\ub835\uc2b5\ub2c8\ub2e4. \uc0ac\uc6a9\uc790\uac00 \"\uacfc\uac70 \ucd5c\ub300 \ud558\ub77d\ud3ed\"\uc744 \uae30\uc900\uc73c\ub85c \uc190\uc808\ub9e4\ub97c \uc124\uc815\ud558\uba74 \uc2e4\uc81c \uc704\ud5d8 \ub178\ucd9c\uc744 \uacfc\uc18c\ud3c9\uac00\ud558\uae30 \uc27d\uc2b5\ub2c8\ub2e4.<\/p>\n<p>4. \ud589\ub3d9 \uae08\uc735 \uad00\uc810: \ub808\ubc84\ub9ac\uc9c0\uac00 \uc704\ud5d8 \uc778\uc2dd\uc744 \uc65c\uace1\ud558\ub294 \ubc29\uc2dd<\/p>\n<p>\uc2ec\ub9ac\ud559 \uc5f0\uad6c\uc5d0 \ub530\ub974\uba74 \ub808\ubc84\ub9ac\uc9c0\ub294 \uc778\uac04\uc758 \uc704\ud5d8 \ud310\ub2e8\uc744 \uccb4\uacc4\uc801\uc73c\ub85c \uc65c\uace1\ud569\ub2c8\ub2e4.<\/p>\n<p class=\"translation-block\"><strong>\uc815\uc2e0\uc801 \uacc4\uc815 \uaca9\ub9ac<\/strong>: \"\ub9c8\uc9c4\"\uc744 \"\uc783\uc744 \uc218 \uc788\ub294 \uc791\uc740 \ub3c8\"\uc73c\ub85c \ucde8\uae09\ud558\uace0 \uadf8\uac83\uc774 \ub098\ud0c0\ub0b4\ub294 \ubaa8\ub4e0 \uc790\ubcf8 \ub178\ucd9c\uc744 \ubb34\uc2dc\ud569\ub2c8\ub2e4. <strong>\ub3c4\ubc15\uafbc\uc758 \uc624\ub958 \uac15\ud654<\/strong>: \uc5f0\uc18d\uc801\uc73c\ub85c \uc791\uc740 \uc2b9\ub9ac\ub97c \uac70\ub454 \ud6c4 \ud1b5\uc81c\ub825\uc744 \uacfc\ub300\ud3c9\uac00\ud558\uace0, \uc810\ucc28\uc801\uc73c\ub85c \ud3ec\uc9c0\uc158\uc744 \ub298\ub9ac\uba70, \uacb0\uad6d \ud070 \uc190\uc2e4\ub85c \uc778\ud574 \uc804\uccb4 \uc774\uc775\uc774 \uc5ed\uc804\ub429\ub2c8\ub2e4. <strong>\uc989\uac01\uc801 \ud53c\ub4dc\ubc31 \uc120\ud638<\/strong>: \ub808\ubc84\ub9ac\uc9c0\ub85c \uc778\ud55c \ube60\ub978 \uc190\uc775 \ud53c\ub4dc\ubc31\uc740 \ub1cc\uc758 \ubcf4\uc0c1 \ud68c\ub85c\ub97c \ud65c\uc131\ud654\ud558\uc5ec \uace0\ube48\ub3c4 \uac70\ub798\ub97c \ucd09\uc9c4\ud558\uace0 \uc190\uc2e4\uc744 \uc545\ud654\uc2dc\ud0b5\ub2c8\ub2e4.<\/p>\n<p>Odean(1998)\uc774 \uc81c\uc548\ud55c \"\ucc98\ubd84 \ud6a8\uacfc\"\ub294 \ub808\ubc84\ub9ac\uc9c0 \ud658\uacbd\uc5d0\uc11c \ud2b9\ud788 \uc911\uc694\ud569\ub2c8\ub2e4. \uc0ac\uc6a9\uc790\ub294 \uc218\uc775\uc131 \uc788\ub294 \ud3ec\uc9c0\uc158\uc744 \uc870\uae30\uc5d0 \ud310\ub9e4\ud558\ub294 \uacbd\ud5a5\uc774 \uc788\uc9c0\ub9cc \uc190\uc2e4 \uc2e4\ud604\uc744 \ud53c\ud558\uae30 \uc704\ud574 \uc624\ub7ab\ub3d9\uc548 \uc190\uc2e4 \ud3ec\uc9c0\uc158\uc744 \uc720\uc9c0\ud558\uc5ec \uc704\ud5d8 \ubd84\uc0b0\uc744 \ub354\uc6b1 \uc545\ud654\uc2dc\ud0b5\ub2c8\ub2e4.<\/p>\n<p>\uacb0\ub860: \ub808\ubc84\ub9ac\uc9c0\uc758 \ubcf8\uc9c8\uc740 \uc2dc\uac04\uacfc \ubcc0\ub3d9\uc131\uc758 \ub300\uc751\ubb3c\uc774\ub2e4<\/p>\n<p class=\"translation-block\">\ub808\ubc84\ub9ac\uc9c0 \uac70\ub798\ub97c \uc0ac\uc6a9\ud558\ub294 \uac83\uc740 \ubcf8\uc9c8\uc801\uc73c\ub85c <strong>\ubcc0\ub3d9\uc131\uacfc \uc2dc\uac04 \uc548\uc815\uc131\uc744 \ub2e8\ucd95<\/strong>\ud558\ub294 \uac83\uc785\ub2c8\ub2e4. \uc2dc\uc7a5\uc774 \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ub418\ub294 \ud55c \uc0ac\uc6a9\uc790\ub294 \"\ud655\uc2e4\ud55c\" \uc218\uc775\uc744 \uc5bb\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \uc77c\ub2e8 \ubcc0\ub3d9\uc131\uc774 \uae09\uc99d\ud558\uac70\ub098 \uae09\ub4f1\ud558\uba74 \uc190\uc2e4\uc774 \ubd88\uade0\ud615\uc801\uc73c\ub85c \uc99d\ud3ed\ub429\ub2c8\ub2e4. \ub530\ub77c\uc11c \uc9c0\uc18d \uac00\ub2a5\ud55c \ucc38\uc5ec\uc758 \ud575\uc2ec\uc740 \uc608\uce21 \ubc29\ud5a5\uc774 \uc544\ub2c8\ub77c \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\"\uc704\ud5d8 \ud310\ub9e4\uc790\"\ub85c\uc11c\uc758 \uadc0\ud558\uc758 \uc785\uc7a5\uc744 \uc778\uc815\ud558\uc2ed\uc2dc\uc624. \ub2e8\uc77c \ub178\ucd9c\uc744 \uc5c4\uaca9\ud788 \uc81c\ud55c\ud558\uace0 \uc5ec\ub7ec \uc2dc\ud589\ucc29\uc624\uc5d0 \ub300\ube44\ud574 \uc790\ubcf8\uc744 \ubcf4\uc720\ud569\ub2c8\ub2e4. \"\ub300\ubd80\ubd84\uc758 \uc2dc\uac04\uc744 \uac70\ub798\ud558\uc9c0 \uc54a\ub294 \uac83\"\uc774 \u200b\u200b\ud45c\uc900\uc774\ub77c\ub294 \uac83\uc744 \ubc1b\uc544\ub4e4\uc774\uc2ed\uc2dc\uc624.<\/p>\n<p class=\"translation-block\">Wmax\ub294 \ud56d\uc0c1 \ub2e4\uc74c\uacfc \uac19\uc774 \uac15\uc870\ud588\uc2b5\ub2c8\ub2e4. <strong>\uc704\ud5d8 \uc0dd\uc131 \uba54\ucee4\ub2c8\uc998\uc744 \uc774\ud574\ud558\ub294 \uac83\uc774 \uc218\uc775\uc744 \ucd94\uad6c\ud558\ub294 \uac83\ubcf4\ub2e4 \ub354 \uadfc\ubcf8\uc801\uc785\ub2c8\ub2e4<\/strong>. \ub808\ubc84\ub9ac\uc9c0\uc758 \ucde8\uc57d\uc131\uc5d0 \ub300\ud55c \uc874\uc911\uc744 \ud655\ub9bd\ud574\uc57c\ub9cc \uc18c\ub9e4 \uac70\ub798\uc790\uac00 \ubcf5\uc7a1\ud55c \uc2dc\uc7a5\uc5d0\uc11c \uc9c4\uc815\uc73c\ub85c \ubc1c\ud310\uc744 \ub9c8\ub828\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>","protected":false},"excerpt":{"rendered":"<p>\ub808\ubc84\ub9ac\uc9c0 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