{"id":4396,"date":"2026-07-08T05:19:49","date_gmt":"2026-07-07T20:19:49","guid":{"rendered":"https:\/\/atlaw.kr\/kr-blog\/?p=4396"},"modified":"2026-07-08T06:00:03","modified_gmt":"2026-07-07T21:00:03","slug":"venture-refixing-conversion-price-adjustment-kr","status":"publish","type":"post","link":"https:\/\/atlaw.kr\/kr-blog\/venture-refixing-conversion-price-adjustment-kr\/","title":{"rendered":"\ub9ac\ud53d\uc2f1(\uc804\ud658\uac00\uc561 \uc870\uc815) \ud574\uc124 \u2014 \ud480\ub798\uce6b\u00b7\uac00\uc911\ud3c9\uade0\ubd80\ud130 \uc0c1\uc7a5\uc0ac \uaddc\uc81c\uae4c\uc9c0"},"content":{"rendered":"<p><!-- ATLAS_HREFLANG_START -->\n<link rel=\"alternate\" hreflang=\"ko\" href=\"https:\/\/atlaw.kr\/kr-blog\/venture-refixing-conversion-price-adjustment-kr\/\" \/>\n<link rel=\"alternate\" hreflang=\"en\" href=\"https:\/\/atlaw.kr\/en-blog\/venture-refixing-conversion-price-adjustment-south-korea\/\" \/>\n<link rel=\"alternate\" hreflang=\"x-default\" 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\uc5f0\uc218\uad6c\",\"addressRegion\":\"\uc778\ucc9c\uad11\uc5ed\uc2dc\",\"postalCode\":\"22007\",\"addressCountry\":\"KR\"},\"geo\":{\"@type\":\"GeoCoordinates\",\"latitude\":37.399438,\"longitude\":126.629812},\"openingHoursSpecification\":[{\"@type\":\"OpeningHoursSpecification\",\"dayOfWeek\":[\"Monday\",\"Tuesday\",\"Wednesday\",\"Thursday\",\"Friday\"],\"opens\":\"09:00\",\"closes\":\"18:00\"}],\"areaServed\":[{\"@type\":\"Place\",\"name\":\"\ub300\ud55c\ubbfc\uad6d\"},{\"@type\":\"Place\",\"name\":\"\uc778\ucc9c\uad11\uc5ed\uc2dc\"},{\"@type\":\"Place\",\"name\":\"\uc11c\uc6b8\ud2b9\ubcc4\uc2dc\"},{\"@type\":\"Place\",\"name\":\"\uacbd\uae30\ub3c4\"}]}<\/script><!-- ATLAS_SEO_BLOCK_END --><\/p>\n<div class=\"hero\">\n<span class=\"category-tag\">\uae30\uc5c5\uc790\ubb38 \u00b7 \ubca4\ucc98\ud22c\uc790 \u00b7 \uc2ec\ud654<\/span><\/p>\n<div class=\"hero-title\">\ub9ac\ud53d\uc2f1(\uc804\ud658\uac00\uc561 \uc870\uc815)<br \/>\ud574\uc124<\/div>\n<div class=\"hero-meta\">\n<div class=\"hero-info\"><strong>\uae40\ud0dc\uc9c4<\/strong> \u00b7 \ub300\ud45c\ubcc0\ud638\uc0ac, \ubc95\ubb34\ubc95\uc778 \uc544\ud2c0\ub77c\uc2a4<br \/>\ud55c\uad6d\ubca4\ucc98\uce90\ud53c\ud0c8\ud611\ud68c(KVCA) 2026. 4. \uac1c\uc815 \ud45c\uc900\uacc4\uc57d\uc11c \uae30\uc900<\/div>\n<\/div>\n<\/div>\n<div class=\"content\">\n<div class=\"direct-answer\"><strong>\ud575\uc2ec \ub2f5\ubcc0:<\/strong> \ub9ac\ud53d\uc2f1(\uc804\ud658\uac00\uc561 \uc870\uc815)\uc740 \uc804\ud658\uc0ac\ucc44\u00b7\uc804\ud658\uc6b0\uc120\uc8fc\u00b7\uc2e0\uc8fc\uc778\uc218\uad8c\ubd80\uc0ac\ucc44\uc5d0\uc11c <strong>\ucd5c\ucd08 \uc804\ud658\uac00\uc561\uc744 \uc0ac\ud6c4\uc5d0 \ub0ae\ucdb0(\ub610\ub294 \uc62c\ub824) \uc870\uc815<\/strong>\ud558\ub294 \ud22c\uc790\uc790 \ubcf4\ud638 \uc7a5\uce58\uc785\ub2c8\ub2e4. \ud575\uc2ec\uc740 \uc870\uc815 \ubc29\uc2dd\uc73c\ub85c, <strong>\ud480 \ub798\uce6b<\/strong>\uc740 \uc2e0\uaddc \ubc1c\ud589\uac00\ub85c \uadf8\ub300\ub85c \ub0ae\ucd94\uace0 <strong>\uac00\uc911\ud3c9\uade0<\/strong>\uc740 \ubc1c\ud589 \uaddc\ubaa8\ub97c \ubc18\uc601\ud574 \ubd80\ubd84 \uc870\uc815\ud569\ub2c8\ub2e4. \uc0c1\uc7a5\uc0ac\ub294 \ud558\ud5a5 \ud558\ud55c\uc774 \ucd5c\ucd08 \uc804\ud658\uac00\uc561\uc758 70%\ub85c \uc81c\ud55c\ub429\ub2c8\ub2e4.<\/div>\n<div class=\"toc-nav\">\n<p class=\"toc-label\">\ubaa9\ucc28<\/p>\n<ol>\n<li><a href=\"#sec-1\">1. \ub9ac\ud53d\uc2f1(\uc804\ud658\uac00\uc561 \uc870\uc815)\uc774\ub780 \ubb34\uc5c7\uc778\uac00\uc694?<\/a><\/li>\n<li><a href=\"#sec-2\">2. \uc65c \ub450\ub098\uc694? \u2014 \ud22c\uc790\uc790\uc758 \ud558\ubc29 \ubcf4\ud638<\/a><\/li>\n<li><a href=\"#sec-3\">3. \ub9ac\ud53d\uc2f1\uc744 \ucd09\ubc1c\ud558\ub294 \uc0ac\uc720\ub294 \ubb34\uc5c7\uc778\uac00\uc694?<\/a><\/li>\n<li><a href=\"#sec-4\">4. \ud480 \ub798\uce6b\uacfc \uac00\uc911\ud3c9\uade0\uc740 \uc5b4\ub5bb\uac8c \ub2e4\ub978\uac00\uc694?<\/a><\/li>\n<li><a href=\"#sec-5\">5. \uc0c1\uc7a5\uc0ac\uc5d0\ub294 \uc5b4\ub5a4 \uaddc\uc81c\uac00 \uc788\ub098\uc694?<\/a><\/li>\n<li><a href=\"#sec-6\">6. \ud68c\uacc4\uc5d0\ub294 \uc5b4\ub5a4 \uc601\ud5a5\uc774 \uc788\ub098\uc694?<\/a><\/li>\n<li><a href=\"#sec-7\">7. \ucc3d\uc5c5\uc790\u00b7\ud68c\uc0ac\uc758 \ud611\uc0c1 \ud3ec\uc778\ud2b8\ub294?<\/a><\/li>\n<li><a href=\"#sec-dl\">\ud45c\uc900\uacc4\uc57d\uc11c 8\uc885 \ub0b4\ub824\ubc1b\uae30<\/a><\/li>\n<li><a href=\"#sec-faq\">\uc790\uc8fc \ubb3b\ub294 \uc9c8\ubb38<\/a><\/li>\n<\/ol>\n<\/div>\n<p class=\"lead-text\">\ub9ac\ud53d\uc2f1\uc740 \ubca4\ucc98\ud22c\uc790\u00b7\uba54\uc790\ub2cc \uacc4\uc57d\uc5d0\uc11c \uac00\uc7a5 \ubd84\uc7c1\uc774 \uc7a6\uc740 \uc870\ud56d\uc785\ub2c8\ub2e4. \u2018\ub9ac\ud53d\uc2f1\uc774 \uc788\ub2e4\u2019\ubcf4\ub2e4 \u2018\uc5b4\ub5a4 \ubc29\uc2dd\uc774\ub0d0\u2019\uac00 \ud6e8\uc52c \uc911\uc694\ud569\ub2c8\ub2e4.<\/p>\n<p class=\"context-text\">\uc804\ud658\uc0ac\ucc44(CB)\u00b7\uc804\ud658\uc6b0\uc120\uc8fc(CPS\u00b7RCPS)\u00b7\uc2e0\uc8fc\uc778\uc218\uad8c\ubd80\uc0ac\ucc44(BW)\uc5d0\ub294 \ub300\ubd80\ubd84 \ub9ac\ud53d\uc2f1 \uc870\ud56d\uc774 \ub4e4\uc5b4\uac11\ub2c8\ub2e4. \uc774 \uc870\ud56d \ud558\ub098\uac00 \ucc3d\uc5c5\uc790\uc758 \uc9c0\ubd84 \ud76c\uc11d \ud3ed, \ud68c\uc0ac\uc758 \uc790\uae08 \ubd80\ub2f4, \uc2ec\uc9c0\uc5b4 \uc7ac\ubb34\uc81c\ud45c\uc758 \uc190\uc775\uae4c\uc9c0 \uc88c\uc6b0\ud569\ub2c8\ub2e4. \uc774 \uae00\uc740 \uc55e\uc120 \uc2dc\ub9ac\uc988\uc5d0\uc11c \uc9e7\uac8c \ub2e4\ub8ec \ub9ac\ud53d\uc2f1\uc744 \ubc29\uc2dd\u00b7\uacc4\uc0b0\u00b7\uaddc\uc81c\u00b7\ud68c\uacc4\uae4c\uc9c0 \ud55c\uc790\ub9ac\uc5d0\uc11c \uc815\ub9ac\ud55c \uc2ec\ud654\ud3b8\uc785\ub2c8\ub2e4.<\/p>\n<div class=\"series-box\">\n<div class=\"s-label\">\ubca4\ucc98\ud22c\uc790 \ud45c\uc900\uacc4\uc57d\uc11c \uc2dc\ub9ac\uc988<\/div>\n<ol>\n<li><a href=\"https:\/\/atlaw.kr\/kr-blog\/venture-standard-contract-2026-changes-kr\/\">2026\ub144 \uac1c\uc815, \ubb34\uc5c7\uc774 \ubc14\ub00c\uc5c8\ub098<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/kr-blog\/venture-cps-agreement-guide-kr\/\">\uc804\ud658\uc6b0\uc120\uc8fc(CPS) \ud22c\uc790\u00b7\uc8fc\uc8fc\uac04\uacc4\uc57d\uc11c \ud574\uc124<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/kr-blog\/venture-rcps-agreement-guide-kr\/\">\uc0c1\ud658\uc804\ud658\uc6b0\uc120\uc8fc(RCPS) \ud22c\uc790\u00b7\uc8fc\uc8fc\uac04\uacc4\uc57d\uc11c \ud574\uc124<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/kr-blog\/venture-common-stock-agreement-guide-kr\/\">\ubcf4\ud1b5\uc8fc \ud22c\uc790\u00b7\uc8fc\uc8fc\uac04\uacc4\uc57d\uc11c \ud574\uc124<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/kr-blog\/venture-cb-agreement-guide-kr\/\">\uc804\ud658\uc0ac\ucc44(CB) \ud22c\uc790\uacc4\uc57d\uc11c \ud574\uc124<\/a><\/li>\n<li><a href=\"https:\/\/atlaw.kr\/kr-blog\/venture-bw-agreement-guide-kr\/\">\uc2e0\uc8fc\uc778\uc218\uad8c\ubd80\uc0ac\ucc44(BW) \ud22c\uc790\uacc4\uc57d\uc11c \ud574\uc124<\/a><\/li>\n<li class=\"cur\">[\uc2ec\ud654] \ub9ac\ud53d\uc2f1(\uc804\ud658\uac00\uc561 \uc870\uc815) \ud574\uc124 (\ud604\uc7ac \uae00)<\/li>\n<\/ol>\n<\/div>\n<p><\/p>\n<h2 id=\"sec-1\">1. \ub9ac\ud53d\uc2f1(\uc804\ud658\uac00\uc561 \uc870\uc815)\uc774\ub780 \ubb34\uc5c7\uc778\uac00\uc694?<\/h2>\n<div style=\"position:relative;width:100%;padding-top:56.25%;margin:28px 0 36px;background:#0d0d0d;border-radius:12px;overflow:hidden;\"><iframe src=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-4396-ch01.html\" style=\"position:absolute;top:0;left:0;width:100%;height:100%;border:0;\" allowfullscreen allow=\"fullscreen\" loading=\"lazy\"><\/iframe><\/div>\n<p>\ub9ac\ud53d\uc2f1(refixing)\uc740 \uc804\ud658\uc0ac\ucc44\u00b7\uc804\ud658\uc6b0\uc120\uc8fc\u00b7\uc2e0\uc8fc\uc778\uc218\uad8c\ubd80\uc0ac\ucc44\uc5d0\uc11c <strong>\ucd5c\ucd08\uc5d0 \uc815\ud55c \uc804\ud658\uac00\uc561(\ub610\ub294 \uc2e0\uc8fc\uc778\uc218\uad8c \ud589\uc0ac\uac00\uc561)\uc744 \uc77c\uc815 \uc0ac\uc720\uac00 \uc0dd\uae30\uba74 \uc0ac\ud6c4\uc5d0 \uc870\uc815<\/strong>\ud558\ub294 \uc870\ud56d\uc785\ub2c8\ub2e4. \u2018\uace0\uc815\ud588\ub358 \uac00\uaca9\uc744 \ub2e4\uc2dc \uace0\uc815\ud55c\ub2e4\u2019\ub294 \ub73b\uc73c\ub85c, \uc601\ubbf8\uad8c\uc758 \ud76c\uc11d\ubc29\uc9c0 \uc870\uc815(anti-dilution adjustment)\uc5d0 \ud574\ub2f9\ud569\ub2c8\ub2e4.<\/p>\n<p>\ud575\uc2ec\uc740 \uac04\ub2e8\ud569\ub2c8\ub2e4. <strong>\uc804\ud658\uc73c\ub85c \ubc1b\ub294 \uc8fc\uc2dd \uc218 = \ud22c\uc790\uc6d0\uae08 \u00f7 \uc804\ud658\uac00\uc561<\/strong>\uc774\ubbc0\ub85c, \uc804\ud658\uac00\uc561\uc774 \ub0b4\ub824\uac00\uba74 \uac19\uc740 \ud22c\uc790\uae08\uc73c\ub85c \ub354 \ub9ce\uc740 \uc8fc\uc2dd\uc744 \ubc1b\uc2b5\ub2c8\ub2e4. \uadf8\ub9cc\ud07c \uae30\uc874 \uc8fc\uc8fc, \ud2b9\ud788 \ucc3d\uc5c5\uc790\uc758 \uc9c0\ubd84\uc740 \ub354 \ud76c\uc11d\ub429\ub2c8\ub2e4.<\/p>\n<p><\/p>\n<h2 id=\"sec-2\">2. \uc65c \ub450\ub098\uc694? \u2014 \ud22c\uc790\uc790\uc758 \ud558\ubc29 \ubcf4\ud638<\/h2>\n<div style=\"position:relative;width:100%;padding-top:56.25%;margin:28px 0 36px;background:#0d0d0d;border-radius:12px;overflow:hidden;\"><iframe src=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-4396-ch02.html\" style=\"position:absolute;top:0;left:0;width:100%;height:100%;border:0;\" allowfullscreen allow=\"fullscreen\" loading=\"lazy\"><\/iframe><\/div>\n<p>\ub9ac\ud53d\uc2f1\uc740 \ucca0\uc800\ud788 \ud22c\uc790\uc790\ub97c \ubcf4\ud638\ud558\ub294 \uc7a5\uce58\ub85c, \ub450 \uac00\uc9c0 \uc704\ud5d8\uc744 \ubc29\uc5b4\ud569\ub2c8\ub2e4.<\/p>\n<ul>\n<li><strong>\ub2e4\uc6b4\ub77c\uc6b4\ub4dc \uc704\ud5d8<\/strong> \u2014 \ub2e4\uc74c \ud22c\uc790\uac00 \ub0b4 \uc804\ud658\uac00\uc561\ubcf4\ub2e4 \ub0ae\uc740 \uac00\uaca9\uc5d0 \uc774\ub8e8\uc5b4\uc9c0\uba74 \ub098\ub294 \ube44\uc2f8\uac8c \uc0b0 \uc148\uc774 \ub429\ub2c8\ub2e4. \ub9ac\ud53d\uc2f1\uc774 \uc774 \uc190\ud574\ub97c \ubcf4\uc804\ud569\ub2c8\ub2e4.<\/li>\n<li><strong>\uc8fc\uac00 \ud558\ub77d \uc704\ud5d8(\uc0c1\uc7a5\uc0ac)<\/strong> \u2014 \uc0c1\uc7a5\uc0ac CB\u00b7BW\ub294 \uc8fc\uac00\uac00 \uc804\ud658\uac00\uc561 \uc544\ub798\ub85c \ub5a8\uc5b4\uc9c0\uba74 \uc804\ud658\uc774 \ubb34\uc758\ubbf8\ud574\uc9c0\ubbc0\ub85c, \uc2dc\uac00\uc5d0 \ub9de\ucdb0 \uc804\ud658\uac00\uc561\uc744 \ub0ae\ucda5\ub2c8\ub2e4.<\/li>\n<\/ul>\n<p><\/p>\n<h2 id=\"sec-3\">3. \ub9ac\ud53d\uc2f1\uc744 \ucd09\ubc1c\ud558\ub294 \uc0ac\uc720\ub294 \ubb34\uc5c7\uc778\uac00\uc694?<\/h2>\n<div style=\"position:relative;width:100%;padding-top:56.25%;margin:28px 0 36px;background:#0d0d0d;border-radius:12px;overflow:hidden;\"><iframe src=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-4396-ch03.html\" style=\"position:absolute;top:0;left:0;width:100%;height:100%;border:0;\" allowfullscreen allow=\"fullscreen\" loading=\"lazy\"><\/iframe><\/div>\n<table>\n<thead>\n<tr>\n<th>\ud2b8\ub9ac\uac70 \uc720\ud615<\/th>\n<th>\ub0b4\uc6a9<\/th>\n<th>\uc8fc\ub85c \ub098\ud0c0\ub098\ub294 \uacf3<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\ub2e4\uc6b4\ub77c\uc6b4\ub4dc(\ud76c\uc11d)<\/td>\n<td>\ud6c4\uc18d \ud22c\uc790\uac00 \uae30\uc874 \uc804\ud658\uac00\uc561\ubcf4\ub2e4 \ub0ae\uc740 \uac00\uaca9\uc5d0 \uc774\ub8e8\uc5b4\uc9d0<\/td>\n<td>\ube44\uc0c1\uc7a5 \ubca4\ucc98<\/td>\n<\/tr>\n<tr>\n<td>\uc2dc\uac00 \ud558\ub77d<\/td>\n<td>\uc0c1\uc7a5 \uc8fc\uac00 \ud558\ub77d \u2192 \uc2dc\uac00 \uae30\uc900 \uc804\ud658\uac00\uc561 \ud558\ud5a5<\/td>\n<td>\uc0c1\uc7a5\uc0ac CB\u00b7BW<\/td>\n<\/tr>\n<tr>\n<td>\uc790\ubcf8\uac70\ub798<\/td>\n<td>\ubb34\uc0c1\uc99d\uc790, \uc8fc\uc2dd\ubd84\ud560, \uc8fc\uc2dd\ubc30\ub2f9, \uc2dc\uac00 \ubbf8\ub9cc \uc720\uc0c1\uc99d\uc790 \ub4f1<\/td>\n<td>\uacf5\ud1b5<\/td>\n<\/tr>\n<tr>\n<td>\uc8fc\uac00 \uc0c1\uc2b9(\uc0c1\ud5a5 \ub9ac\ud53d\uc2f1)<\/td>\n<td>\ud558\ud5a5\ud588\ub358 \uc804\ud658\uac00\uc561\uc744 \uc8fc\uac00 \ud68c\ubcf5 \uc2dc \ub2e4\uc2dc \uc0c1\ud5a5<\/td>\n<td>\uc0c1\uc7a5 \uc0ac\ubaa8 CB(2021\ub144 \uc774\ud6c4 \uc758\ubb34)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><\/p>\n<h2 id=\"sec-4\">4. \ud480 \ub798\uce6b\uacfc \uac00\uc911\ud3c9\uade0\uc740 \uc5b4\ub5bb\uac8c \ub2e4\ub978\uac00\uc694?<\/h2>\n<div style=\"position:relative;width:100%;padding-top:56.25%;margin:28px 0 36px;background:#0d0d0d;border-radius:12px;overflow:hidden;\"><iframe src=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-4396-ch04.html\" style=\"position:absolute;top:0;left:0;width:100%;height:100%;border:0;\" allowfullscreen allow=\"fullscreen\" loading=\"lazy\"><\/iframe><\/div>\n<p>\ub2e4\uc6b4\ub77c\uc6b4\ub4dc \ub9ac\ud53d\uc2f1\uc740 \uc870\uc815 \uac15\ub3c4\uc5d0 \ub530\ub77c \ub450 \ubc29\uc2dd\uc73c\ub85c \ub098\ub269\ub2c8\ub2e4. \uc774\uac83\uc774 \ud611\uc0c1\uc758 \ud575\uc2ec\uc785\ub2c8\ub2e4.<\/p>\n<h3>\u2460 \ud480 \ub798\uce6b(Full Ratchet) \u2014 \uae30\uc874 \ud22c\uc790\uc790\uc5d0\uac8c \uac00\uc7a5 \uc720\ub9ac<\/h3>\n<p>\uc2e0\uaddc \ubc1c\ud589\uac00\ub85c \uc804\ud658\uac00\uc561\uc744 \uadf8\ub300\ub85c \ub04c\uc5b4\ub0b4\ub9bd\ub2c8\ub2e4. \uc2e0\uaddc \ubc1c\ud589 \uaddc\ubaa8\uac00 \uc544\ubb34\ub9ac \uc791\uc544\ub3c4 \ucd5c\uc800\uac00\uc5d0 \ub9de\ucd94\ubbc0\ub85c <strong>\ucc3d\uc5c5\uc790\uc640 \ub9ac\ud53d\uc2f1 \ubcf4\ud638\uac00 \uc5c6\ub294 \ub2e4\ub978 \uae30\uc874 \uc8fc\uc8fc(\ucd08\uae30 \ud22c\uc790\uc790\u00b7\uc784\uc9c1\uc6d0 \uc2a4\ud1a1\uc635\uc158 \ud3ec\ud568)\uc5d0\uac8c \uac00\uc7a5 \ubd88\ub9ac<\/strong>\ud558\uba70, \ubca4\ucc98 \uc2e4\ubb34\uc5d0\uc11c\ub294 \ud53c\ud558\ub294 \uac83\uc774 \uc6d0\uce59\uc785\ub2c8\ub2e4.<\/p>\n<h3>\u2461 \uac00\uc911\ud3c9\uade0(Weighted Average) \u2014 \uc2e4\ubb34 \ud45c\uc900<\/h3>\n<p>\uc2e0\uaddc \ubc1c\ud589 <strong>\uaddc\ubaa8(\uc8fc\uc2dd \uc218)\ub97c \ubc18\uc601<\/strong>\ud574 \ubd80\ubd84\uc801\uc73c\ub85c\ub9cc \uc870\uc815\ud569\ub2c8\ub2e4. \uc18c\ub7c9 \ubc1c\ud589\uc774\uba74 \uc870\uc815\ud3ed\ub3c4 \uc791\uc2b5\ub2c8\ub2e4. \ubd84\ubaa8\uc5d0 \uc2a4\ud1a1\uc635\uc158\u00b7\uc6cc\ub7f0\ud2b8 \ub4f1 \uc644\uc804\ud76c\uc11d \ubb3c\ub7c9\uae4c\uc9c0 \ub123\ub294 <strong>\uad11\ubc94\uc704 \uae30\uc900(broad-based)<\/strong>\uc740 \uc870\uc815\ud3ed\uc774 \uc791\uc544 \ucc3d\uc5c5\uc790\uc5d0 \uc720\ub9ac\ud558\uace0, \ubc1c\ud589\uc8fc\uc2dd\ub9cc \ub123\ub294 <strong>\ud611\uc18c \uae30\uc900(narrow-based)<\/strong>\uc740 \uc870\uc815\ud3ed\uc774 \ucee4 \ud22c\uc790\uc790\uc5d0 \uc720\ub9ac\ud569\ub2c8\ub2e4.<\/p>\n<h3>\ub9ac\ud53d\uc2f1\uc774 \ubc1c\ub3d9\ub418\uba74 \ub204\uac00 \uc6c3\uace0 \ub204\uac00 \uc6b0\ub098<\/h3>\n<p>\ub9ac\ud53d\uc2f1\uc740 <strong>\uadf8 \uc870\ud56d\uc744 \uac00\uc9c4 \ud22c\uc790\uc790<\/strong>\ub97c \ubcf4\ud638\ud558\ub294 \uc7a5\uce58\uc785\ub2c8\ub2e4. \ub2e4\uc6b4\ub77c\uc6b4\ub4dc\uac00 \ub098\uba74 \uadf8 \ud22c\uc790\uc790\uc758 \uc804\ud658\uac00\uc561\uc774 \ub0b4\ub824\uac00 \uc804\ud658 \uc2dc \ub354 \ub9ce\uc740 \uc8fc\uc2dd\uc744 \ubc1b\uace0, \uc2e0\uc8fc\ub97c \uc0c8\ub85c \ucc0d\ub294 \uac8c \uc544\ub2c8\ub77c \uac19\uc740 \ud68c\uc0ac \uc9c0\ubd84\uc744 \ub098\ub220 \uac16\ub294 \uac83\uc774\ubbc0\ub85c \uadf8\ub9cc\ud07c \ub098\uba38\uc9c0 \uc0ac\ub78c\ub4e4\uc758 \uc9c0\ubd84\uc774 \ud76c\uc11d\ub429\ub2c8\ub2e4.<\/p>\n<table>\n<thead>\n<tr>\n<th>\uad6c\ubd84<\/th>\n<th>\ub2e4\uc6b4\ub77c\uc6b4\ub4dc \ub9ac\ud53d\uc2f1\uc774 \ubc1c\ub3d9\ub418\uba74<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\ub9ac\ud53d\uc2f1 \uc870\ud56d\uc744 \uac00\uc9c4 (\uae30\uc874) \ud22c\uc790\uc790<\/td>\n<td>\uc804\ud658\uac00\uc561 \ud558\ub77d \u2192 \ub354 \ub9ce\uc740 \uc8fc\uc2dd \ud655\ubcf4 <strong>(\uc774\ub4dd)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\ucc3d\uc5c5\uc790\u00b7\uacbd\uc601\uc9c4(\ubcf4\ud1b5\uc8fc)<\/td>\n<td>\uc9c0\ubd84 \ud76c\uc11d <strong>(\ubd88\ub9ac)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\ub9ac\ud53d\uc2f1\uc774 \uc5c6\ub294 \ub2e4\ub978 \uae30\uc874 \uc8fc\uc8fc\u00b7\uc784\uc9c1\uc6d0(\uc2a4\ud1a1\uc635\uc158)<\/td>\n<td>\uc9c0\ubd84 \ud76c\uc11d <strong>(\ubd88\ub9ac)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\uc774\ubc88 \ub77c\uc6b4\ub4dc \uc2e0\uaddc \ud22c\uc790\uc790<\/td>\n<td>\uc774\ubbf8 \ub0ae\uc740 \uac00\uaca9\uc5d0 \ucc38\uc5ec (\uc601\ud5a5 \uc5c6\uc74c)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\uac19\uc740 \ub2e4\uc6b4\ub77c\uc6b4\ub4dc\ub77c\ub3c4 \ubc29\uc2dd\uc5d0 \ub530\ub77c \uacb0\uacfc\uac00 \ud06c\uac8c \ub2ec\ub77c\uc9d1\ub2c8\ub2e4. <strong>\uc804\uc81c: \uae30\uc874 \uc804\ud658\uac00\uc561 10,000\uc6d0 \/ \ubc1c\ud589 \uc804 \uc8fc\uc2dd 100,000\uc8fc \/ \uc2e0\uaddc \ubc1c\ud589\uac00 5,000\uc6d0\uc5d0 20,000\uc8fc \ubc1c\ud589(\uc870\ub2ec 1\uc5b5\uc6d0)<\/strong><\/p>\n<table>\n<thead>\n<tr>\n<th>\ubc29\uc2dd<\/th>\n<th>\uacc4\uc0b0<\/th>\n<th>\uc870\uc815 \ud6c4 \uc804\ud658\uac00\uc561<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\uc870\uc815 \uc5c6\uc74c<\/td>\n<td>\u2014<\/td>\n<td>10,000\uc6d0<\/td>\n<\/tr>\n<tr>\n<td>\uac00\uc911\ud3c9\uade0<\/td>\n<td>10,000 \u00d7 (100,000 + 10,000) \u00f7 (100,000 + 20,000)<\/td>\n<td>\uc57d 9,167\uc6d0<\/td>\n<\/tr>\n<tr>\n<td>\ud480 \ub798\uce6b<\/td>\n<td>\uc2e0\uaddc \ubc1c\ud589\uac00 \uadf8\ub300\ub85c<\/td>\n<td>5,000\uc6d0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>\uc774 \uacc4\uc0b0\uc2dd\uc740 \uc65c \uc774\ub807\uac8c \ub098\uc62c\uae4c?<\/h3>\n<p>\uac00\uc911\ud3c9\uade0\uc758 \ud575\uc2ec\uc740 \ud55c \ubb38\uc7a5\uc785\ub2c8\ub2e4. <strong>\u2018\ud68c\uc0ac \uc8fc\uc2dd \uc804\uccb4\uc758 \ud3c9\uade0 \ubab8\uac12\u2019\uc73c\ub85c \uc804\ud658\uac00\uc561\uc744 \ub2e4\uc2dc \ub9de\ucd98\ub2e4.<\/strong><\/p>\n<p>\uc6b0\ub9ac \uc608\uc2dc\uc5d0\ub294 \ub450 \uc885\ub958\uc758 \uc8fc\uc2dd\uc774 \uc11e\uc5ec \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<ul>\n<li>\uae30\uc874 \uc8fc\uc2dd 100,000\uc8fc \u2014 \ud55c \uc8fc\uc5d0 10,000\uc6d0\uc9dc\ub9ac<\/li>\n<li>\uc2e0\uaddc \uc8fc\uc2dd 20,000\uc8fc \u2014 \ud55c \uc8fc\uc5d0 5,000\uc6d0\uc9dc\ub9ac<\/li>\n<\/ul>\n<p>\uc774 12\ub9cc \uc8fc\uc758 \ud3c9\uade0 \uac00\uaca9\uc744 \ub0b4\ubcf4\uba74, (100,000\uc8fc \u00d7 10,000\uc6d0) + (20,000\uc8fc \u00d7 5,000\uc6d0) = 10\uc5b5 + 1\uc5b5 = <strong>11\uc5b5\uc6d0<\/strong>\uc774\uace0, 11\uc5b5\uc6d0 \u00f7 120,000\uc8fc = <strong>\uc57d 9,167\uc6d0<\/strong>\uc785\ub2c8\ub2e4. \uac12\uc2fc \uc8fc\uc2dd\uc774 \uc11e\uc5ec \ub4e4\uc5b4\uc624\uba74\uc11c \ud68c\uc0ac \uc8fc\uc2dd \ud55c \uc8fc\uc758 \u2018\ud3c9\uade0 \ubab8\uac12\u2019\uc774 10,000\uc6d0\uc5d0\uc11c 9,167\uc6d0\uc73c\ub85c \ub0b4\ub824\uac14\uace0, \uc804\ud658\uac00\uc561\ub3c4 \ub531 \uadf8\ub9cc\ud07c \ub0b4\ub824\uc90d\ub2c8\ub2e4. \uc774\uac83\uc774 \uac00\uc911\ud3c9\uade0\uc785\ub2c8\ub2e4.<\/p>\n<p>\uad50\uacfc\uc11c\uc5d0 \ub098\uc624\ub294 \uacf5\uc2dd <code>\uae30\uc874 \uc804\ud658\uac00 \u00d7 (A+B) \u00f7 (A+C)<\/code>\ub3c4 \uacb0\uad6d \uac19\uc740 \uacc4\uc0b0\uc73c\ub85c, \uc2e0\uaddc \ubc1c\ud589\uac00\ub97c \uc9c1\uc811 \uc4f0\ub294 \ub300\uc2e0 \u2018\uc774 1\uc5b5\uc6d0\uc744 \uc6d0\ub798 \uac00\uaca9(10,000\uc6d0)\uc5d0 \ubc1b\uc558\ub2e4\uba74 \uba87 \uc8fc\uc600\uc744\uae4c(=10,000\uc8fc, \uacf5\uc2dd\uc758 B)\u2019\ub85c \ubc14\uafd4 \ub123\uc5c8\uc744 \ubfd0 \uacb0\uacfc\ub294 \ub611\uac19\uc774 9,167\uc6d0\uc785\ub2c8\ub2e4.<\/p>\n<p><strong>\uc65c \uc774 \ubc29\uc2dd\uc774 \uacf5\uc815\ud560\uae4c\uc694?<\/strong> \uc2e0\uaddc \ubc1c\ud589\uc774 \ud68c\uc0ac \uc804\uccb4\uc5d0 \ube44\ud574 \uc18c\ub7c9\uc774\uba74 \ud3c9\uade0\uc774 \uac70\uc758 \uc6c0\uc9c1\uc774\uc9c0 \uc54a\uc544 \uc870\uc815\ud3ed\ub3c4 \uc791\uace0, \ub300\ub7c9\uc774\uba74 \ud3c9\uade0\uc774 \ud06c\uac8c \ub0b4\ub824\uac00 \uc870\uc815\ud3ed\ub3c4 \ucee4\uc9d1\ub2c8\ub2e4. \uc989 \u2018\uc774\ubc88 \ub2e4\uc6b4\ub77c\uc6b4\ub4dc\uac00 \ud68c\uc0ac \uaddc\ubaa8\uc5d0 \ube44\ud574 \uc5bc\ub9c8\ub098 \ud070 \ucda9\uaca9\uc774\uc5c8\ub294\uc9c0\u2019\ub97c \ubc18\uc601\ud569\ub2c8\ub2e4. \ubc18\uba74 \ud480 \ub798\uce6b\uc740 \uc774 \ud3c9\uade0\uc744 \uc544\uc608 \ub0b4\uc9c0 \uc54a\uace0, \uc2e0\uaddc \ubc1c\ud589\uc774 \ub2e8 1\uc8fc\ub77c\ub3c4 \uadf8 \ucd5c\uc800\uac00(5,000\uc6d0)\uc5d0 \uc804\ud658\uac00\uc561\uc744 \uadf8\ub300\ub85c \ub9de\ucdb0\ubc84\ub9bd\ub2c8\ub2e4. \uadf8\ub798\uc11c \uaddc\ubaa8\ub97c \ubb34\uc2dc\ud55c \ucc44 \ubb34\uc870\uac74 \ucd5c\ub300\ud3ed\uc73c\ub85c \uae4e\uc774\uba70, \uae30\uc874 \ud22c\uc790\uc790\uc5d0\uac8c \uac00\uc7a5 \uc720\ub9ac\ud55c \ubc29\uc2dd\uc774 \ub418\ub294 \uac83\uc785\ub2c8\ub2e4.<\/p>\n<p>\uac00\uc911\ud3c9\uade0\uc740 \uc804\ud658\uac00\uc561\uc774 8%\uac00\ub7c9\ub9cc \ub0b4\ub824\uac00\uc9c0\ub9cc, \ud480 \ub798\uce6b\uc740 \uc808\ubc18\uc73c\ub85c \ub5a8\uc5b4\uc838 \ud22c\uc790\uc790\uac00 \ub450 \ubc30 \uac00\uae4c\uc6b4 \uc8fc\uc2dd\uc744 \ubc1b\uac8c \ub429\ub2c8\ub2e4. \u2018\ub9ac\ud53d\uc2f1\uc774 \uc788\ub2e4\u2019\ubcf4\ub2e4 \u2018\uc5b4\ub5a4 \ubc29\uc2dd\uc774\ub0d0\u2019\uac00 \ud6e8\uc52c \uc911\uc694\ud55c \uc774\uc720\uc785\ub2c8\ub2e4.<\/p>\n<p><\/p>\n<h2 id=\"sec-5\">5. \uc0c1\uc7a5\uc0ac\uc5d0\ub294 \uc5b4\ub5a4 \uaddc\uc81c\uac00 \uc788\ub098\uc694?<\/h2>\n<div style=\"position:relative;width:100%;padding-top:56.25%;margin:28px 0 36px;background:#0d0d0d;border-radius:12px;overflow:hidden;\"><iframe src=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-4396-ch05.html\" style=\"position:absolute;top:0;left:0;width:100%;height:100%;border:0;\" allowfullscreen allow=\"fullscreen\" loading=\"lazy\"><\/iframe><\/div>\n<p>\ube44\uc0c1\uc7a5 \ubca4\ucc98\ub294 \uacc4\uc57d\uc790\uc720\ub85c \uc790\uc720\ub86d\uac8c \uc815\ud558\uc9c0\ub9cc, \uc0c1\uc7a5\uc0ac CB\u00b7BW\ub294 \u300c\uc99d\uad8c\uc758 \ubc1c\ud589 \ubc0f \uacf5\uc2dc \ub4f1\uc5d0 \uad00\ud55c \uaddc\uc815\u300d\uc758 \uaddc\uc81c\ub97c \ubc1b\uc2b5\ub2c8\ub2e4.<\/p>\n<ul>\n<li><strong>\ud558\ud5a5 \ud558\ud55c<\/strong> \u2014 \uc804\ud658\uac00\uc561 \ud558\ud5a5 \uc870\uc815\uc758 \ud558\ud55c\uc740 \uc6d0\uce59\uc801\uc73c\ub85c <strong>\ucd5c\ucd08 \uc804\ud658\uac00\uc561\uc758 70%<\/strong>\uc785\ub2c8\ub2e4. \uadf8 \uc544\ub798\ub85c \ub0b4\ub9ac\ub824\uba74 \uc815\uad00 \uadfc\uac70 \ub610\ub294 \uc8fc\uc8fc\ucd1d\ud68c \ud2b9\ubcc4\uacb0\uc758\uac00 \ud544\uc694\ud569\ub2c8\ub2e4.<\/li>\n<li><strong>\uc0c1\ud5a5 \ub9ac\ud53d\uc2f1 \uc758\ubb34(2021. 12. \uc2dc\ud589)<\/strong> \u2014 \uacfc\uac70 \uc0ac\ubaa8 CB\uc5d0\uc11c \uc8fc\uac00\uac00 \ud558\ub77d\ud558\uba74 \uc804\ud658\uac00\uc561\uc744 \ub0ae\ucd94\uace0, \uc8fc\uac00\uac00 \ud68c\ubcf5\ub3fc\ub3c4 \uadf8\ub300\ub85c \ub450\uc5b4 \ud2b9\uc815 \ud22c\uc790\uc790\uac00 \uc800\uac00\uc5d0 \ub300\ub7c9 \uc8fc\uc2dd\uc744 \ucde8\ub4dd\ud558\ub294 \ud3b8\ubc95\uc774 \ubb38\uc81c\ub410\uc2b5\ub2c8\ub2e4. \uc774\ub97c \ub9c9\uae30 \uc704\ud574, \uc2dc\uac00 \ud558\ub77d\uc73c\ub85c \ud558\ud5a5 \uc870\uc815\ud588\uc73c\uba74 <strong>\uc8fc\uac00 \ud68c\ubcf5 \uc2dc \ucd5c\ucd08 \uc804\ud658\uac00\uc561 \ud55c\ub3c4 \ub0b4\uc5d0\uc11c \ub2e4\uc2dc \uc0c1\ud5a5 \uc870\uc815<\/strong>\ud558\ub3c4\ub85d \uc758\ubb34\ud654\ud588\uc2b5\ub2c8\ub2e4(\uc0ac\ubaa8 \ubc1c\ud589 \ub300\uc0c1, \uacf5\ubaa8\ub294 \uc81c\uc678). \uac19\uc740 \uac1c\uc815\uc5d0\uc11c \ucf5c\uc635\uc158 \uaddc\uc81c\ub3c4 \ub3c4\uc785\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/li>\n<\/ul>\n<p><\/p>\n<h2 id=\"sec-6\">6. \ud68c\uacc4\uc5d0\ub294 \uc5b4\ub5a4 \uc601\ud5a5\uc774 \uc788\ub098\uc694?<\/h2>\n<div style=\"position:relative;width:100%;padding-top:56.25%;margin:28px 0 36px;background:#0d0d0d;border-radius:12px;overflow:hidden;\"><iframe src=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-4396-ch06.html\" style=\"position:absolute;top:0;left:0;width:100%;height:100%;border:0;\" allowfullscreen allow=\"fullscreen\" loading=\"lazy\"><\/iframe><\/div>\n<p>\ub9ac\ud53d\uc2f1\uc740 \ud68c\uacc4\ucc98\ub9ac\uc5d0\ub3c4 \uc601\ud5a5\uc744 \uc904 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud55c\uad6d\ucc44\ud0dd\uad6d\uc81c\ud68c\uacc4\uae30\uc900(K-IFRS)\uc5d0\uc11c \uc804\ud658\uad8c\uc774 \uc790\ubcf8\uc73c\ub85c \uc778\uc815\ub418\ub824\uba74 <strong>\u2018\ud655\uc815 \uc218\ub7c9\uc758 \uc8fc\uc2dd\uc744 \ud655\uc815 \uae08\uc561\uacfc \uad50\ud658(fixed-for-fixed)\u2019<\/strong> \uc694\uac74\uc744 \ucda9\uc871\ud574\uc57c \ud558\ub294\ub370, \ub9ac\ud53d\uc2f1\uc740 \uc804\ud658\uac00\uc561(=\uc8fc\uc2dd \uc218)\uc774 \ubcc0\ub3d9\ud558\ubbc0\ub85c \uc774 \uc694\uac74\uc744 \ucda9\uc871\ud558\uc9c0 \ubabb\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uadf8 \uacbd\uc6b0 \uc804\ud658\uad8c\uc774 \uc790\ubcf8\uc774 \uc544\ub2c8\ub77c <strong>\ud30c\uc0dd\uc0c1\ud488\ubd80\ucc44<\/strong>\ub85c \ubd84\ub958\ub418\uc5b4, \ub9e4 \uacb0\uc0b0\uae30 \uacf5\uc815\uac00\uce58\ub85c \ud3c9\uac00\ud558\uace0 \uadf8 \ubcc0\ub3d9\uc744 \uc190\uc775\uc73c\ub85c \uc778\uc2dd\ud558\uac8c \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub54c \uc5ed\uc124\uc801\uc73c\ub85c \uc8fc\uac00\uac00 \uc624\ub974\uba74 \ubd80\ucc44 \ud3c9\uac00\uc561\uc774 \ucee4\uc838 \ud68c\uacc4\uc0c1 \uc190\uc2e4\ub85c \ub098\ud0c0\ub098\uae30\ub3c4 \ud569\ub2c8\ub2e4. \uc2e4\uc81c \ucc98\ub9ac \uc5ec\ubd80\ub294 \uc870\uac74\uacfc \uae30\uc900 \uc801\uc6a9\uc5d0 \ub530\ub77c \ub2ec\ub77c\uc9c0\ubbc0\ub85c \uac10\uc0ac\uc778\uacfc\uc758 \uc0ac\uc804 \ud655\uc778\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.<\/p>\n<p><\/p>\n<h2 id=\"sec-7\">7. \ucc3d\uc5c5\uc790\u00b7\ud68c\uc0ac\uc758 \ud611\uc0c1 \ud3ec\uc778\ud2b8\ub294?<\/h2>\n<div style=\"position:relative;width:100%;padding-top:56.25%;margin:28px 0 36px;background:#0d0d0d;border-radius:12px;overflow:hidden;\"><iframe src=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-4396-ch07.html\" style=\"position:absolute;top:0;left:0;width:100%;height:100%;border:0;\" allowfullscreen allow=\"fullscreen\" loading=\"lazy\"><\/iframe><\/div>\n<p>\uc11c\uba85 \uc804 \ubc18\ub4dc\uc2dc \uc9da\uc5b4\uc57c \ud560 \uac83\ub4e4\uc785\ub2c8\ub2e4.<\/p>\n<ul>\n<li><strong>\ud480 \ub798\uce6b\uc740 \ubc30\uc81c\ud558\uace0 \uac00\uc911\ud3c9\uade0(\uac00\ub2a5\ud558\uba74 broad-based)\uc73c\ub85c<\/strong><\/li>\n<li><strong>\ud558\ud55c(floor) \uc124\uc815<\/strong> \u2014 \ubb34\ud55c\uc815 \ub0b4\ub824\uac00\uc9c0 \uc54a\ub3c4\ub85d \ubc14\ub2e5 \uac00\uaca9\uc744 \ub460<\/li>\n<li><strong>\uc801\uc6a9 \uc81c\uc678(carve-out)<\/strong> \u2014 \uc2a4\ud1a1\uc635\uc158 \ud480, \uc804\ub7b5\uc801 \uc81c\ud734\u00b7M&#038;A\uc6a9 \ubc1c\ud589 \ub4f1\uc740 \ud2b8\ub9ac\uac70\uc5d0\uc11c \uc81c\uc678<\/li>\n<li><strong>\uc801\uc6a9 \uae30\uac04 \ud55c\uc815<\/strong> \u2014 \ub9ac\ud53d\uc2f1 \uc720\ud6a8\uae30\uac04\uc744 \ub450\uc5b4 \ubb34\uae30\ud55c \ub178\ucd9c \ubc29\uc9c0<\/li>\n<li><strong>\uc5f0\ub300\ucc45\uc784\uacfc\uc758 \uacb0\ud569 \ud655\uc778<\/strong> \ubc0f <strong>\ud68c\uacc4 \uc601\ud5a5(\ud30c\uc0dd\uc0c1\ud488\ubd80\ucc44) \uc0ac\uc804 \uac80\ud1a0<\/strong><\/li>\n<\/ul>\n<p>\uc815\ub9ac\ud558\uba74, \ub9ac\ud53d\uc2f1\uc740 \u2018\ud22c\uc790\uc790\uc758 \ud558\ubc29\uc744 \ucc3d\uc5c5\uc790\uc758 \uc9c0\ubd84\uc73c\ub85c \uba54\uc6b0\ub294 \uc7a5\uce58\u2019\uc774\uace0, \uadf8 \uac15\ub3c4\ub294 \ubc29\uc2dd(\ud480 \ub798\uce6b vs \uac00\uc911\ud3c9\uade0)\u00b7\uae30\uc900(broad vs narrow)\u00b7\ud558\ud55c\u00b7\uc81c\uc678\uc870\ud56d\uc5d0\uc11c \uacb0\uc815\ub429\ub2c8\ub2e4. \ubc95\ubb34\ubc95\uc778 \uc544\ud2c0\ub77c\uc2a4\ub294 \ub9ac\ud53d\uc2f1 \uc870\ud56d\uc758 \ubc29\uc2dd\uacfc \ubc94\uc704\ub97c \uc870\ud56d\ubcc4\ub85c \uac80\ud1a0\ud574 \uc9c0\ubd84 \uc601\ud5a5\uacfc \ud611\uc0c1 \uc804\ub7b5\uc744 \ud568\uaed8 \uc815\ub9ac\ud558\ub294 \uc790\ubb38\uc744 \uc218\ud589\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<div class=\"dl-wrap\" id=\"sec-dl\">\n<div class=\"dl-head\">\n<div class=\"dl-t\">2026 \uac1c\uc815 \ubca4\ucc98\ud22c\uc790 \ud45c\uc900\uacc4\uc57d\uc11c \ub0b4\ub824\ubc1b\uae30<\/div>\n<div class=\"dl-s\">\ucd9c\ucc98: \ud55c\uad6d\ubca4\ucc98\uce90\ud53c\ud0c8\ud611\ud68c(KVCA) 2026. 4. \uac1c\uc815 \ud45c\uc900\uacc4\uc57d\uc11c \u00b7 \ubb38\uc11c(.docx) \ud615\uc2dd<\/div>\n<\/div>\n<div class=\"dl-list\">\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">\uc804\ud658\uc6b0\uc120\uc8fc\uc2dd \ud22c\uc790\uacc4\uc57d\uc11c (SPA, \ubd84\ub9ac\ud615)<\/div>\n<div class=\"dl-sub\">\uc804\ud658\uc6b0\uc120\uc8fc(CPS) \ud22c\uc790 \uc2e4\ud589\uc6a9<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-cps-investment-agreement.docx\" download=\"\uc804\ud658\uc6b0\uc120\uc8fc\uc2dd \ud22c\uc790\uacc4\uc57d\uc11c(2026 KVCA \ubd84\ub9ac\ud615).docx\">\ub0b4\ub824\ubc1b\uae30<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">\uc804\ud658\uc6b0\uc120\uc8fc \uc8fc\uc8fc\uac04\uacc4\uc57d\uc11c (SHA, \ubd84\ub9ac\ud615)<\/div>\n<div class=\"dl-sub\">\uc804\ud658\uc6b0\uc120\uc8fc(CPS) \uc8fc\uc8fc \uad00\uacc4\uc6a9<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-cps-shareholders-agreement.docx\" download=\"\uc804\ud658\uc6b0\uc120\uc8fc \uc8fc\uc8fc\uac04\uacc4\uc57d\uc11c(2026 KVCA \ubd84\ub9ac\ud615).docx\">\ub0b4\ub824\ubc1b\uae30<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">\uc0c1\ud658\uc804\ud658\uc6b0\uc120\uc8fc\uc2dd \ud22c\uc790\uacc4\uc57d\uc11c (SPA, \ubd84\ub9ac\ud615)<\/div>\n<div class=\"dl-sub\">\uc0c1\ud658\uc804\ud658\uc6b0\uc120\uc8fc(RCPS) \ud22c\uc790 \uc2e4\ud589\uc6a9<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-rcps-investment-agreement.docx\" download=\"\uc0c1\ud658\uc804\ud658\uc6b0\uc120\uc8fc\uc2dd \ud22c\uc790\uacc4\uc57d\uc11c(2026 KVCA \ubd84\ub9ac\ud615).docx\">\ub0b4\ub824\ubc1b\uae30<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">\uc0c1\ud658\uc804\ud658\uc6b0\uc120\uc8fc \uc8fc\uc8fc\uac04\uacc4\uc57d\uc11c (SHA, \ubd84\ub9ac\ud615)<\/div>\n<div class=\"dl-sub\">\uc0c1\ud658\uc804\ud658\uc6b0\uc120\uc8fc(RCPS) \uc8fc\uc8fc \uad00\uacc4\uc6a9<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-rcps-shareholders-agreement.docx\" download=\"\uc0c1\ud658\uc804\ud658\uc6b0\uc120\uc8fc \uc8fc\uc8fc\uac04\uacc4\uc57d\uc11c(2026 KVCA \ubd84\ub9ac\ud615).docx\">\ub0b4\ub824\ubc1b\uae30<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">\ubcf4\ud1b5\uc8fc\uc2dd \ud22c\uc790\uacc4\uc57d\uc11c (SPA, \ubd84\ub9ac\ud615)<\/div>\n<div class=\"dl-sub\">\ubcf4\ud1b5\uc8fc \ud22c\uc790 \uc2e4\ud589\uc6a9<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-common-stock-investment-agreement.docx\" download=\"\ubcf4\ud1b5\uc8fc\uc2dd \ud22c\uc790\uacc4\uc57d\uc11c(2026 KVCA \ubd84\ub9ac\ud615).docx\">\ub0b4\ub824\ubc1b\uae30<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">\ubcf4\ud1b5\uc8fc\uc2dd \uc8fc\uc8fc\uac04\uacc4\uc57d\uc11c (SHA, \ubd84\ub9ac\ud615)<\/div>\n<div class=\"dl-sub\">\ubcf4\ud1b5\uc8fc \uc8fc\uc8fc \uad00\uacc4\uc6a9<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-common-stock-shareholders-agreement.docx\" download=\"\ubcf4\ud1b5\uc8fc\uc2dd \uc8fc\uc8fc\uac04\uacc4\uc57d\uc11c(2026 KVCA \ubd84\ub9ac\ud615).docx\">\ub0b4\ub824\ubc1b\uae30<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">\uc804\ud658\uc0ac\ucc44(CB) \ud22c\uc790\uacc4\uc57d\uc11c<\/div>\n<div class=\"dl-sub\">\uc8fc\uc2dd \uc804\ud658\uad8c\ubd80 \uc0ac\ucc44 \ud22c\uc790\uc6a9<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-cb-investment-agreement.docx\" download=\"\uc804\ud658\uc0ac\ucc44(CB) \ud22c\uc790\uacc4\uc57d\uc11c(2026 KVCA).docx\">\ub0b4\ub824\ubc1b\uae30<\/a><\/div>\n<div class=\"dl-item\">\n<div class=\"dl-ic\">DOCX<\/div>\n<div class=\"dl-meta\">\n<div class=\"dl-name\">\uc2e0\uc8fc\uc778\uc218\uad8c\ubd80\uc0ac\ucc44(BW) \ud22c\uc790\uacc4\uc57d\uc11c<\/div>\n<div class=\"dl-sub\">\uc2e0\uc8fc\uc778\uc218\uad8c\ubd80 \uc0ac\ucc44 \ud22c\uc790\uc6a9<\/div>\n<\/div>\n<p><a class=\"dl-btn\" href=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-bw-investment-agreement.docx\" download=\"\uc2e0\uc8fc\uc778\uc218\uad8c\ubd80\uc0ac\ucc44(BW) \ud22c\uc790\uacc4\uc57d\uc11c(2026 KVCA).docx\">\ub0b4\ub824\ubc1b\uae30<\/a><\/div>\n<\/div>\n<p class=\"dl-note\">\ubcf8 \ud30c\uc77c\uc740 \ud55c\uad6d\ubca4\ucc98\uce90\ud53c\ud0c8\ud611\ud68c(KVCA)\uac00 \ubc30\ud3ec\ud558\ub294 2026. 4. \uac1c\uc815 \ud45c\uc900\uacc4\uc57d\uc11c \uc11c\uc2dd\uc785\ub2c8\ub2e4. \uc2e4\uc81c \uacc4\uc57d \uccb4\uacb0 \uc2dc\uc5d0\ub294 \uac1c\ubcc4 \ub51c\uc758 \uc0ac\uc815\uc5d0 \ub9de\ucd98 \uac80\ud1a0\u00b7\uc218\uc815\uc774 \ud544\uc694\ud558\uba70, \ubcf8 \uc790\ub8cc\ub294 \ucc38\uace0 \ubaa9\uc801\uc758 \uc11c\uc2dd \uc81c\uacf5\uc73c\ub85c \ud2b9\uc815 \uc0ac\uc548\uc5d0 \ub300\ud55c \ubc95\ub960\uc790\ubb38\uc744 \ub300\uccb4\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4.<\/p>\n<\/div>\n<p><\/p>\n<h2 id=\"sec-faq\">\uc790\uc8fc \ubb3b\ub294 \uc9c8\ubb38<\/h2>\n<div style=\"position:relative;width:100%;padding-top:56.25%;margin:28px 0 36px;background:#0d0d0d;border-radius:12px;overflow:hidden;\"><iframe src=\"https:\/\/atlaw.kr\/kr-blog\/wp-content\/uploads\/sites\/2\/2026\/07\/atlas-4396-chfaq.html\" style=\"position:absolute;top:0;left:0;width:100%;height:100%;border:0;\" allowfullscreen allow=\"fullscreen\" loading=\"lazy\"><\/iframe><\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. \ub9ac\ud53d\uc2f1\uc774 \uc788\uc73c\uba74 \ubb34\uc870\uac74 \ucc3d\uc5c5\uc790\uc5d0\uac8c \ubd88\ub9ac\ud55c\uac00\uc694?<\/p>\n<p>A. \ub9ac\ud53d\uc2f1\uc740 \ud22c\uc790\uc790 \ubcf4\ud638 \uc7a5\uce58\uc5ec\uc11c \uae30\ubcf8\uc801\uc73c\ub85c \ucc3d\uc5c5\uc790 \uc9c0\ubd84 \ud76c\uc11d\uc744 \ud0a4\uc6c1\ub2c8\ub2e4. \ub2e4\ub9cc \uc870\uc815 \ubc29\uc2dd(\ud480 \ub798\uce6b \ub300\uc2e0 \uac00\uc911\ud3c9\uade0), \ud558\ud55c \uc124\uc815, \uc801\uc6a9 \uc81c\uc678 \uc870\ud56d \ub4f1\uc73c\ub85c \ubd80\ub2f4\uc744 \uc904\uc77c \uc218 \uc788\uc5b4 \ud611\uc0c1\uc774 \uc911\uc694\ud569\ub2c8\ub2e4.<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. \ud480 \ub798\uce6b\uacfc \uac00\uc911\ud3c9\uade0 \uc911 \ubb34\uc5c7\uc774 \ud45c\uc900\uc778\uac00\uc694?<\/p>\n<p>A. \ubca4\ucc98 \uc2e4\ubb34\uc5d0\uc11c\ub294 \uac00\uc911\ud3c9\uade0\uc774 \ud45c\uc900\uc774\uba70, \ud480 \ub798\uce6b\uc740 \ucc3d\uc5c5\uc790\uc5d0\uac8c \uac00\uc7a5 \ubd88\ub9ac\ud574 \ud53c\ud558\ub294 \uac83\uc774 \uc6d0\uce59\uc785\ub2c8\ub2e4. \uac00\uc911\ud3c9\uade0 \uc911\uc5d0\uc11c\ub3c4 \uad11\ubc94\uc704 \uae30\uc900(broad-based)\uc774 \ucc3d\uc5c5\uc790\uc5d0\uac8c \uc720\ub9ac\ud569\ub2c8\ub2e4.<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. \uc0c1\uc7a5\uc0ac\ub294 \uc804\ud658\uac00\uc561\uc744 \uc5bc\ub9c8\uae4c\uc9c0 \ub0ae\ucd9c \uc218 \uc788\ub098\uc694?<\/p>\n<p>A. \u300c\uc99d\uad8c\uc758 \ubc1c\ud589 \ubc0f \uacf5\uc2dc \ub4f1\uc5d0 \uad00\ud55c \uaddc\uc815\u300d\uc0c1 \ud558\ud5a5 \uc870\uc815\uc758 \ud558\ud55c\uc740 \uc6d0\uce59\uc801\uc73c\ub85c \ucd5c\ucd08 \uc804\ud658\uac00\uc561\uc758 70%\uc785\ub2c8\ub2e4. \uadf8 \uc544\ub798\ub85c \ub0b4\ub9ac\ub824\uba74 \uc815\uad00 \uadfc\uac70 \ub610\ub294 \uc8fc\uc8fc\ucd1d\ud68c \ud2b9\ubcc4\uacb0\uc758\uac00 \ud544\uc694\ud569\ub2c8\ub2e4.<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. \uc0c1\ud5a5 \ub9ac\ud53d\uc2f1\uc740 \ubb34\uc5c7\uc778\uac00\uc694?<\/p>\n<p>A. \uc2dc\uac00 \ud558\ub77d\uc73c\ub85c \uc804\ud658\uac00\uc561\uc744 \ub0ae\ucd98 \ub4a4 \uc8fc\uac00\uac00 \ud68c\ubcf5\ub418\uba74 \ucd5c\ucd08 \uc804\ud658\uac00\uc561 \ud55c\ub3c4 \ub0b4\uc5d0\uc11c \ub2e4\uc2dc \uc62c\ub9ac\ub3c4\ub85d \ud558\ub294 \uac83\uc785\ub2c8\ub2e4. 2021\ub144 12\uc6d4 \uc2dc\ud589\ub41c \uaddc\uc815 \uac1c\uc815\uc73c\ub85c \uc0ac\ubaa8 \ubc1c\ud589 \uc804\ud658\uc0ac\ucc44 \ub4f1\uc5d0 \uc758\ubb34\ud654\ub418\uc5c8\uc2b5\ub2c8\ub2e4(\uacf5\ubaa8 \uc81c\uc678).<\/p>\n<\/div>\n<div class=\"faq-item\">\n<p class=\"faq-q\">Q. \ub9ac\ud53d\uc2f1\uc774 \ud68c\uacc4\uc5d0 \uc601\ud5a5\uc744 \uc8fc\ub098\uc694?<\/p>\n<p>A. \uc904 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ub9ac\ud53d\uc2f1\uc73c\ub85c \uc804\ud658\uac00\uc561\uc774 \ubcc0\ub3d9\ud558\uba74 K-IFRS\uc758 fixed-for-fixed \uc694\uac74\uc744 \ucda9\uc871\ud558\uc9c0 \ubabb\ud574 \uc804\ud658\uad8c\uc774 \ud30c\uc0dd\uc0c1\ud488\ubd80\ucc44\ub85c \ubd84\ub958\ub418\uace0, \ud3c9\uac00\uc190\uc775\uc774 \ubc1c\uc0dd\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uac10\uc0ac\uc778\uacfc\uc758 \uc0ac\uc804 \ud655\uc778\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.<\/p>\n<\/div>\n<p class=\"closing\">\ub9ac\ud53d\uc2f1 \uc870\ud56d \uac80\ud1a0\u00b7\ud611\uc0c1\uc5d0 \uad00\ud574 \ubc95\ubb34\ubc95\uc778 \uc544\ud2c0\ub77c\uc2a4\uc5d0 \ubb38\uc758\ud558\uc2dc\ub824\uba74 032-864-8300 \ub610\ub294 info@atlaw.kr\ub85c \uc5f0\ub77d \uc8fc\uc2dc\uae30 \ubc14\ub78d\ub2c8\ub2e4.<\/p>\n<div class=\"author-box\">\n  <img decoding=\"async\" class=\"author-avatar\" src=\"https:\/\/atlaw.kr\/wp-content\/uploads\/2022\/12\/\uae40\ud0dc\uc9c4-1.png\" alt=\"\uae40\ud0dc\uc9c4 \ub300\ud45c\ubcc0\ud638\uc0ac \u2014 \ubc95\ubb34\ubc95\uc778 \uc544\ud2c0\ub77c\uc2a4\"><\/p>\n<div class=\"author-text\">\n<div class=\"author-section-label\">\uae00\uc4f4\uc774 \uc18c\uac1c<\/div>\n<div class=\"author-name\">\uae40\ud0dc\uc9c4 | \ub300\ud45c\ubcc0\ud638\uc0ac<\/div>\n<div class=\"author-detail\">\uae30\uc5c5 \uc790\ubb38, \uae30\uc5c5 \ubd84\uc7c1, \uae30\uc5c5 \ud615\uc0ac \uc804\ubb38 \ubcc0\ud638\uc0ac<\/div>\n<div class=\"author-detail\">(\uc804)\uac80\uc0ac | \uc0ac\ubc95\uc5f0\uc218\uc6d0 33\uae30<\/div>\n<div class=\"author-detail\">\uace0\ub824\ub300\ud559\uad50 \ubc95\ud559 \ud559\uc0ac\u00b7\ud615\ubc95 \uc11d\uc0ac, University of California, Davis \ubc95\ud559\uc11d\uc0ac(LL.M.)<\/div>\n<div class=\"author-detail\">\ubc95\ubb34\ubc95\uc778 \uc544\ud2c0\ub77c\uc2a4 | \uc778\ucc9c \uc1a1\ub3c4<\/div>\n<p>    <a class=\"author-link\" href=\"https:\/\/atlaw.kr\" target=\"_blank\" rel=\"noopener noreferrer\">\ubc95\ubb34\ubc95\uc778 \uc544\ud2c0\ub77c\uc2a4 \ud648\ud398\uc774\uc9c0 \ubc14\ub85c\uac00\uae30 \u2192<\/a>\n  <\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\uae30\uc5c5\uc790\ubb38 \u00b7 \ubca4\ucc98\ud22c\uc790 \u00b7 \uc2ec\ud654 \ub9ac\ud53d\uc2f1(\uc804\ud658\uac00\uc561 \uc870\uc815)\ud574\uc124 \uae40\ud0dc\uc9c4 \u00b7 \ub300\ud45c\ubcc0\ud638\uc0ac, \ubc95\ubb34\ubc95\uc778 \uc544\ud2c0\ub77c\uc2a4\ud55c\uad6d\ubca4\ucc98\uce90\ud53c\ud0c8\ud611\ud68c(KVCA) 2026. 4. \uac1c\uc815 \ud45c\uc900\uacc4\uc57d\uc11c \uae30\uc900 \ud575\uc2ec \ub2f5\ubcc0: \ub9ac\ud53d\uc2f1(\uc804\ud658\uac00\uc561 \uc870\uc815)\uc740 \uc804\ud658\uc0ac\ucc44\u00b7\uc804\ud658\uc6b0\uc120\uc8fc\u00b7\uc2e0\uc8fc\uc778\uc218\uad8c\ubd80\uc0ac\ucc44\uc5d0\uc11c \ucd5c\ucd08 \uc804\ud658\uac00\uc561\uc744 \uc0ac\ud6c4\uc5d0 \ub0ae\ucdb0(\ub610\ub294 \uc62c\ub824) \uc870\uc815\ud558\ub294 \ud22c\uc790\uc790 \ubcf4\ud638 \uc7a5\uce58\uc785\ub2c8\ub2e4. \ud575\uc2ec\uc740 \uc870\uc815 \ubc29\uc2dd\uc73c\ub85c, \ud480 \ub798\uce6b\uc740 \uc2e0\uaddc \ubc1c\ud589\uac00\ub85c \uadf8\ub300\ub85c \ub0ae\ucd94\uace0 \uac00\uc911\ud3c9\uade0\uc740 \ubc1c\ud589 \uaddc\ubaa8\ub97c \ubc18\uc601\ud574 \ubd80\ubd84 \uc870\uc815\ud569\ub2c8\ub2e4. \uc0c1\uc7a5\uc0ac\ub294 \ud558\ud5a5 \ud558\ud55c\uc774 \ucd5c\ucd08 \uc804\ud658\uac00\uc561\uc758 70%\ub85c \uc81c\ud55c\ub429\ub2c8\ub2e4. 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