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버냉키, '전국 및 지역경제 개괄' 연설문(원문)

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※ 번역할 언어 선택

Chairman Ben S. Bernanke

National and regional economic overview

At the presentation of the Citizen of the Carolinas Award, Charlotte Chamber of Commerce, Charlotte, North Carolina
November 29, 2007

Good evening. I thank the Charlotte Chamber of Commerce for bestowing on me this year’s Citizen of the Carolinas Award. I deeply appreciate the honor, and I am grateful for the opportunity it gives me to speak to you this evening. I am also delighted to be here in Charlotte. My wife Anna and I are looking forward to visiting family and friends during our time here in the Queen City.

The focus of my brief remarks this evening will be the Charlotte region and how the area and the economy have changed since I regularly visited my grandparents here some four-and-a-half decades ago. First, though, I would like to share a few thoughts on the U.S. economy and the considerations that we at the Federal Reserve will be weighing as we prepare for our policy meeting on December 11, less than two weeks from now.

The Federal Open Market Committee (FOMC), the monetary policy making arm of the Federal Reserve System, last met on October 30-31. At that meeting, the Committee cut its target for the federal funds rate, the key policy interest rate, by 25 basis points (1/4 of a percentage point), following a cut of 50 basis points in September. Economic growth in the period leading up to the October meeting had proven quite strong, as confirmed by this morning’s figures on third-quarter gross domestic product (GDP). At its meeting, however, Committee members took the view that tightening credit conditions--the product of ongoing stresses in financial markets--and some intensification of the correction in the housing sector were likely to restrain economic activity going forward. Specifically, growth appeared likely to slow significantly in the fourth quarter from its rapid third-quarter rate and to remain sluggish in early 2008. The Committee expected that economic growth would thereafter gradually return to a pace approaching its long-run trend as the drag from housing subsided and financial conditions improved. Inflation was seen as edging down next year, approaching rates consistent with price stability; however, the Committee remained concerned about the possible effects of higher energy costs and the lower foreign exchange value of the dollar, especially the risk that they might lead to an increase in the public’s long-term inflation expectations.

How has the economic picture changed in the month since that meeting? As is often the case, the incoming economic data have been mixed. In the market for residential real estate, indicators of construction and home sales have continued to be weak. In contrast, the labor market remained solid in October, with some 130,000 new jobs added to private-sector payrolls and the unemployment rate remaining at 4.7 percent. Claims for unemployment insurance have drifted up a bit in recent weeks, although, on average, they have remained at a level consistent with moderate expansion in employment. We will, of course, have the labor market report for November next week, and in the coming days we will continue to draw on anecdotal reports, surveys, and other sources of information about employment and wages. Continued good performance by the labor market is important for maintaining the economic expansion, as growth in earnings helps to underpin household spending.

With respect to household spending, the data received over the past month have been on the soft side. The Committee will have considerable additional information on consumer purchases and sentiment to digest before its next meeting. I expect household income and spending to continue to grow, but the combination of higher gas prices, the weak housing market, tighter credit conditions, and declines in stock prices seem likely to create some headwinds for the consumer in the months ahead.

Core inflation--that is, inflation excluding the relatively more volatile prices of food and energy--has remained moderate. However, the price of crude oil has continued its rise over the past month, a rise that will be reflected in gasoline and heating oil prices and, of course, in the overall inflation rate in the near term. Moreover, increases in food prices and in the prices of some imported goods have the potential to put additional pressures on inflation and inflation expectations. The effectiveness of monetary policy depends critically on maintaining the public’s confidence that inflation will be well controlled. We are accordingly monitoring inflation developments closely.

The incoming data on economic activity and prices will help to shape the Committee’s outlook for the economy; however, the outlook has also been importantly affected over the past month by renewed turbulence in financial markets, which has partially reversed the improvement that occurred in September and October. Investors have focused on continued credit losses and write-downs across a number of financial institutions, prompted in many cases by credit-rating agencies’ downgrades of securities backed by residential mortgages. The fresh wave of investor concern has contributed in recent weeks to a decline in equity values, a widening of risk spreads for many credit products (not only those related to housing), and increased short-term funding pressures. These developments have resulted in a further tightening in financial conditions, which has the potential to impose additional restraint on activity in housing markets and in other credit-sensitive sectors. Needless to say, the Federal Reserve is following the evolution of financial conditions carefully, with particular attention to the question of how strains in financial markets might affect the broader economy.

In sum, as I have indicated, we will be receiving a good deal of relevant information in the coming days. In making its policy decision, the Committee will have to judge whether the outlook for the economy or the balance of risks has shifted materially. In doing so, we will take full account of the implications for the outlook of both the incoming economic data and the ongoing developments in the financial markets.

Economic forecasting is always difficult, but the current stresses in financial markets make the uncertainty surrounding the outlook even greater than usual. We at the Federal Reserve will have to remain exceptionally alert and flexible as we continue to assess how best to promote sustainable economic growth and price stability in the United States.

Charlotte and the Carolinas: Personal Connections
I’d like now to speak a bit about Charlotte and the region from a personal as well as an economic perspective. My family has a long connection with Charlotte. My maternal grandparents, originally immigrants from Eastern Europe, moved here from Connecticut when my mother was a teenager, and she finished high school here. My parents met while attending different campuses of the University of North Carolina--my father at UNC-Chapel Hill, my mother at UNC-Greensboro (then a women’s college). I was raised from early childhood in the small town of Dillon, South Carolina, about two hours from here. My family settled in Dillon because my paternal grandfather bought a drug store there in 1941, and my father and his brother followed in his footsteps as town pharmacists. In Dillon, a town that was always very short of the more regular kind of doctor, my father and uncle were popularly known as Dr. Phil and Dr. Mort, and the prescriptions they dispensed were often accompanied by their free advice on maintaining good health.

I often visited my maternal grandparents’ home on Cumberland Avenue in Charlotte, sometimes with my parents and sometimes on my own, and I have many fond memories of those visits. A short walk from their home was a park where my grandfather often took me to feed the ducks that lived on a lake there. The name of that spot--Freedom Park--was sufficiently like my grandparents’ surname--Friedman--for me as a small child to conclude that it was actually called Friedman Park. I was suitably impressed by the honor the city authorities had apparently given my grandparents. Grandpa Friedman taught me to play chess when I was five or six; he let me win at first, but after a few years I was no longer a pushover, and the games became very, very serious. Grandma Friedman was a wonderful cook, and if you dig deep enough into the archives of the Charlotte Observer, you will find a large photo of a much younger me under the headline, “Ben Loves Grandma’s Blintzes,” together with her recipe for that dish. Unfortunately, my grandmother died when I was thirteen, and when my grandfather came to live with us in Dillon, the regular trips to Charlotte ended. I am pleased to say, though, that my connection to this city has since been re-established, as my parents have retired to Charlotte, and my brother (a lawyer in town) and his family live here, too. So I still feel like an honorary Charlottean as well as a Carolinian.

In my periodic visits to the Carolinas, I have been enormously impressed by the social and economic changes that have emerged in what has aptly been called the New South. This transformation has not been easy. In Dillon in the 1960s, I attended a segregated public school; but I did have African-American friends, and one of them was instrumental in persuading me to attend Harvard University--a critical step, as it turned out, in my life and career. Now, in Dillon, Charlotte, and elsewhere in the Carolinas, I see increasing cooperation among people of different races and backgrounds to achieve common civic and economic goals.

The Transformation of the Economy in the Carolinas
Economically speaking, Carolinians have faced the same challenge confronting many other parts of the country, that is, to replace jobs lost in old-line manufacturing industries by creating jobs in services such as health care and hospitality while simultaneously adapting to globalization and advancing technology. Here as elsewhere, the Carolinas have met this challenge through education and by building on regional strengths. As I’ve stressed on previous occasions, the quality of the workforce is the single most important factor in an economy’s success. In a rapidly changing world, economically valuable skills can be maintained only through learning that extends beyond traditional schooling to encompass training and re-training well into the middle years of life.

North Carolina offers a good example of these trends. In the past decade, the state has lost about one-third of the manufacturing jobs it had at the beginning of the decade--a loss of about 250,000 jobs. About 60 percent of the losses occurred in the textile and apparel industries. In the textile mills in particular, employment across the state is down two-thirds from the level of ten years ago. In the furniture industry, which accounts for the largest share of the remaining job losses in North Carolina manufacturing, employment in the state has dropped from 82,000 in 1999 to less than 51,000. The Charlotte area itself has experienced a number of plant closings, including the 2003 shutdown of the Pillowtex plant in nearby Kannapolis.

There is, of course, another side to the coin of economic change here. Despite losing an average of 25,000 manufacturing jobs each year over the past decade, North Carolina has managed a net increase of 44,000 jobs per year in total nonfarm employment over the same period. Those two numbers together imply that, on average, North Carolina has enjoyed an annual net gain of 69,000 nonmanufacturing jobs. The largest net increases have been in education and health care, professional and business services, and the leisure and hospitality sector. Thus, like many other vibrant regions of the country, the Charlotte area has grown by developing a high-productivity service economy.

Indeed, what happened to the former Pillowtex site itself is a good metaphor for the transformation under way in the region. Though the loss of manufacturing jobs is painful, the ongoing development of the Pillowtex site as the North Carolina Research Campus illustrates this region’s ability to shift resources from industries that are shrinking to those that are expanding The North Carolina Research Campus is a public-private, 350-acre life sciences hub near Charlotte that includes partnerships with Duke University, the University of North Carolina, the North Carolina Community College System, and other institutions of higher education. This is one high-profile example, but the transformation has also been happening in less dramatic fashion through the development of hundreds of smaller businesses throughout the region.

Even within the manufacturing sector, a number of firms--typically smaller operations with relatively few employees--have begun to exploit nontraditional niches. Some recent examples of emerging industrial operations across the state include primary metal manufacturing, machinery production, and the manufacture of nonwoven fabrics (Employment Security Commission of North Carolina, 2007). That last category includes a remarkably wide variety of engineered fabrics, ranging from those used to make doctors’ and nurses’ operating-room garb to some used in roofing materials; those products are especially interesting because they represent a small but fast-growing segment of specialty textiles within the broader textile industry.

The transformation of this region has been aided by its reputation as a desirable location in which to live and work. Census data and statistics from interstate moving companies indicate a heavy flow of people moving into Charlotte from other states, including large numbers of educated workers. Overall, the area has gained an average of 39,000 net new residents every year since 1997. (You probably feel that you see all those people every day in traffic.) Without a doubt, Charlotte’s status as one of the preeminent financial centers of the country lies behind much of the inflow.

Importance of Charlotte as a Financial Services Center
Charlotte’s roots as a financial center stretch back two centuries. From 1800 to 1848, the city was the center of U.S. gold production, and a branch of the U.S. Mint operated here from 1837 to 1913. More recently, North Carolina’s legal framework has been important to the growth of the banking system. Because the state had long allowed in-state branch banking, homegrown banks here had a head start when interstate banking became possible--first regionally, in the mid-1980s, and then nationally with the 1994 passage of the Riegle-Neal Interstate Banking and Branching Efficiency Act (Hills, 2007).

North Carolina’s early adoption of branch banking is a good example of a “first mover” gaining a strategic advantage. The banking statutes allowed banks in North Carolina to become larger than their counterparts in other states and helped them develop expertise in running larger branch networks. The result has been a rapid increase in the size of banks located in the state: In 1970, only three banks from the entire South, including two from North Carolina, were among the fifty largest U.S. banks ranked by assets, today, three of the top ten U.S. banks are headquartered in Charlotte alone (Hills, 2007).

One of the key advantages of Charlotte and other metropolitan centers in North Carolina has been the ability to attract and retain educated workers: Among adults aged 25 or older, 31 percent in metro centers hold at least a bachelor’s degree, versus 17 percent in rural areas (U.S. Census Bureau, 2006). In some cases, growing urban areas like Charlotte are the beneficiaries of a positive dynamic: The city’s modern, service-oriented economy attracts skilled and educated workers; the presence of a skilled workforce attracts new firms to the area and also promotes the development of amenities such as high-end restaurants and cultural activities; these opportunities and amenities then attract additional highly skilled workers.

The Challenge of Education in North Carolina
Cities like Charlotte will probably continue to attract highly educated and skilled workers from other areas of the country, but improving the skills of local workers--especially those displaced by industries in decline--remains critical for both urban and rural areas in the state. Four-year institutions play an important role in meeting that challenge, but they are not the sole means for developing workforce skills. For example, in the 2004-05 school year, the North Carolina Community College System served nearly 780,000 students in fifty-eight institutions. The average community college student in the state is thirty years old and likely working while attending school (North Carolina Community College System, 2006). Because they offer education closely tailored to employer demands in the local workplace, community colleges in North Carolina, as elsewhere, play an essential role in training and retraining workers. Moreover, they do so at a relatively low cost. In general, we must move beyond the view that education is something that takes place only in K-through-12 schools and four-year colleges, as important as those are. Education and skills must be provided flexibly and to people of any age.

I will close my comments on education with a pitch for financial literacy. In today’s complex financial marketplace, a basic understanding of financial tools and markets and an appreciation of the need to budget, save, invest, and borrow wisely are critical to the financial health of every individual. The Federal Reserve is advancing financial literacy locally through the Charlotte Branch of the Federal Reserve Bank of Richmond. The Branch has active partnerships with organizations involved in financial literacy and economic education, including among others Jump$tart, Junior Achievement, LifeSmarts, Communities in Schools, the North Carolina Council on Economic Education, and the North Carolina Bankers Association. In short, advancing financial literacy is a high priority at the Federal Reserve.

Conclusion
I’d like to conclude by again expressing my gratitude to the Charlotte Chamber of Commerce for honoring me with its Citizen of the Carolinas Award. I am indeed proud to consider myself a citizen of the Carolinas and of the region. Thank you very much.


References
Employment Security Commission of North Carolina (2007). “Employment and Wages by Industry, 1990 to Most Recent,” Leaving the Board www.ncesc.com/lmi/industry/industrymain.asp.

Hills, Thomas D. (2007). “The Rise of Southern Banking and the Disparities among the States following the Southeastern Regional Banking Compact (225 KB PDF),” Leaving the Board Balance Sheet, vol. 11, pp. 57-104, http://studentorgs.law.unc.edu/ncbank/balancesheet.

North Carolina Community College System (2006). “Get the Facts,” Leaving the Board press release, July 3, www.ncccs.cc.nc.us/News_Releases/GetTheFacts.htm.

U.S. Census Bureau (2006). “2005 American Community Survey,” www.census.gov/acs Leaving the Board.

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'바이백 약발' 하루 만에 주춤 [서울=뉴스핌] 고인원 기자= 미국 국채 수익률이 20일(현지시간) 전날의 급락분 일부를 되돌리며 다시 상승했고, 미 달러화도 장 초반 약세에서 벗어나 소폭 반등했다. 미 재무부가 장기 국채시장 안정을 위해 바이백(환매) 규모를 최소 두 배로 확대하고 추가 확대 가능성까지 시사했지만, 시장에서는 미국의 재정적자와 인플레이션에 대한 우려를 해소하기에는 역부족이라는 평가가 나왔다. 특히 국제유가 상승이 인플레이션 압력을 다시 높일 수 있다는 경계감이 국채 수익률을 끌어올렸다. 미국의 국가부채가 사상 처음 40조달러를 넘어선 가운데 재무부가 장기금리 상승을 억제할 경우 재정 건전성에 대한 시장의 우려가 국채 대신 달러화 약세로 나타날 수 있다는 지적도 제기됐다. 이날 벤치마크인 미국 10년물 국채 수익률은 4.5bp(1bp=0.01%포인트) 상승한 4.698%를 기록했다. 30년물 수익률은 4.4bp 오른 5.238%, 미 연방준비제도(Fed·연준)의 통화정책 전망에 민감한 2년물 수익률은 0.9bp 상승한 4.188%를 나타냈다.  미 달러화.[사진=로이터 뉴스핌] 앞서 미 재무부는 전날 10~30년 만기 장기 국채의 유동성을 지원하기 위한 바이백 규모를 회당 최소 40억달러로 두 배 확대하겠다고 밝혔다. 미국의 재정적자 확대에 대한 우려로 장기 국채 수익률이 급등하자 시장 안정에 나선 것이다. 발표 직후 10년물과 20년물, 30년물 국채 수익률은 큰 폭으로 하락했고 글로벌 국채 매도세도 진정됐다. 그러나 하루 만에 국채 수익률이 다시 상승하면서 재무부 조치의 효과가 지속될지를 둘러싼 의문이 커졌다. 스콧 베선트 미 재무장관은 이날 CNBC와의 인터뷰에서 정부의 국채 바이백 규모가 당초 발표한 40억달러보다 더 커질 수 있다며 추가 확대 가능성을 시사했다. 그는 "국채 수익률이 기초 펀더멘털을 반영하지 않고 있다"고 말했다. 그러나 시장 반응은 제한적이었다. 매뉴라이프 인베스트먼트 매니지먼트의 미국 금리·모기지 거래 책임자인 마이클 로리지오는 베선트 장관의 발언보다는 국제유가 상승이 이날 국채 수익률 반등에 더 큰 영향을 미쳤을 가능성이 있다고 분석했다. 유가 상승이 인플레이션 압력을 높이면 연준이 더욱 매파적인 통화정책을 펼칠 수 있다는 우려가 커지기 때문이다. 도널드 트럼프 미국 대통령이 이란을 지원하는 국가를 상대로 "경제 전쟁(economic warfare)"에 나설 수 있다고 경고한 것도 시장의 인플레이션 우려를 자극했다. 미국과 이스라엘이 지난 2월 시작한 이란과의 전쟁으로 원유 공급망이 충격을 받은 가운데 국제유가 상승이 물가를 다시 밀어 올릴 수 있다는 우려가 이어지고 있다. 물가에 대한 시장의 기대도 높아졌다. 미국 5년물 물가연동국채(TIPS)의 기대인플레이션율은 전날 2.289%에서 2.338%로 상승했다. 10년물 TIPS 기대인플레이션율도 2.345%를 기록해 시장이 향후 10년간 미국의 물가상승률을 연평균 약 2.3%로 예상하고 있음을 보여줬다. 이날 실시된 90억달러 규모의 30년 만기 TIPS 입찰에서는 응찰률이 2.8배를 기록해 최근 추세와 비슷한 수준의 수요가 확인됐다. 미 노동부가 발표한 주간 신규 실업수당 청구 건수는 20만건을 소폭 웃돌며 시장 예상에 부합했다. 외환시장에서도 재무부의 바이백 정책을 둘러싼 평가가 이어졌다. 전날 바이백 확대 발표 직후 급락했던 달러화는 이날 장 초반 하락분을 만회하고 소폭 상승했다. 엔화와 유로화 등 주요 6개 통화 대비 달러화 가치를 나타내는 달러인덱스는 0.06% 상승한 98.89를 기록했다. 유로화는 0.01% 하락한 1.1676달러에 거래됐다. 유로화는 장중 한때 1.171달러까지 올라 5월 14일 이후 최고치를 기록했다. 엔화는 달러 대비 0.6% 하락한 달러당 159.12엔을 나타냈다. 달러/원 환율은 한국 시간 21일 오전 7시 기준 전장 대비 6.92% 하락한 1394.80원에 거래됐다. 시장에서는 재무부가 장기 국채 수익률 상승을 억제할 경우 미국의 재정 악화에 대한 우려가 달러화 약세로 옮겨갈 수 있다는 분석이 나온다. 장기금리가 재정적자 확대를 충분히 반영하지 못한다면 달러화 가치가 하락하면서 시장의 조정이 이뤄질 수 있다는 것이다. 이 같은 움직임은 시장에서 이른바 '통화가치 희석 거래(debasement trade)'로 불린다. 정부 부채 확대와 통화가치 하락에 대비해 투자자들이 금이나 비트코인 등 대체 가치저장 수단으로 이동하는 거래를 의미한다. CIBC 캐피털마켓의 세라 잉 외환전략 책임자는 "이는 베선트 장관이 시장을 시험하고 시장이 이에 맞서고 있는 것"이라며 "앞으로 이런 발표가 더 나올 수 있지만 적어도 현재로서는 시장이 이를 그다지 신뢰하는 것 같지 않다"고 말했다.   시장에서는 연준의 향후 금리 경로에도 관심이 집중되고 있다. 전날 공개된 7월 연방공개시장위원회(FOMC) 의사록에서는 인플레이션에 대한 연준 내부의 우려가 한층 커진 것으로 나타났다. '여러' 정책위원들이 금리 인상에 나설 준비가 돼 있었으며 '많은' 위원들은 인플레이션이 연준의 목표인 2%를 향해 둔화하지 않을 경우 금리를 올릴 필요가 있다고 판단했다. 금리선물 시장은 현재 연준이 9월 기준금리를 인상할 가능성을 약 35% 반영하고 있으며, 12월까지 한 차례 이상 금리가 인상될 가능성은 67%로 보고 있다. 투자자들은 이달 말 잭슨홀 심포지엄에서 예정된 케빈 워시 연준 의장의 연설에서 향후 통화정책에 대한 추가 단서가 나올지 주목하고 있다. 암호화폐 시장에서는 비트코인이 5% 상승한 7만2524.54달러까지 오르며 6월 1일 이후 최고치를 기록했다. 재정적자 확대와 통화가치 희석에 대한 우려가 이어지는 가운데 대체 가치저장 수단에 대한 수요가 다시 부각됐다. koinwon@newspim.com 2026-08-21 07:08
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'동전주 상폐' 중견기업들 비상 [서울=뉴스핌] 이석훈 기자 = 동전주 퇴출 우려가 현실화하면서 중견기업 오너들이 주가와 시가총액 방어에 안간힘을 쓰고 있다. 주주환원 확대는 물론 유상증자와 주식병합 등 다양한 수단을 동원해 주가 부양과 상장 유지에 나서는 모습이다. 하지만 전문가들은 주식병합 등 단순한 주당 가격 인상만으로는 상장폐지 위험을 근본적으로 해소하기 어렵다고 지적한다. 결국 실적 개선을 통한 기업가치 제고와 시가총액 확대가 뒤따르지 않으면 상장 유지 요건을 충족하기 어려울 수 있다는 분석이다. ◆ 상폐 위기 몰린 중견기업, 주식병합·자사주 매입으로 전방위 방어 21일 업계에 따르면 거래소의 상장 유지 요건 강화로 퇴출 위기에 몰린 중견기업들이 주식병합과 주주환원 등 주가 방어책 마련에 사활을 걸고 있다. 그러나 단기적인 가격 인상이라는 임시방편만으로는 한계가 명확한 만큼, 실적 개선과 시가총액 증대가 수반되지 않으면 상장폐지를 면하기 어렵다는 지적이 나온다. [AI 인포그래픽=이석훈 기자] 퇴출 위기에 몰린 기업들이 가장 빠르게 꺼내 든 카드는 주식병합이다. 여러 주식을 하나로 합치면 기업가치나 시가총액 변동 없이 주당 가격을 병합 비율만큼 높일 수 있기 때문이다. 실제로 이번에 관리종목 지정 대상이 된 36개 종목 가운데 15개는 주식병합을 예고했다. 한화투자증권에 의하면 상장폐지 개혁안이 발표된 지난 2월 12일부터 이달 12일까지 추진된 액면병합은 276건으로, 이는 전년 동기 대비 23배 급증한 수준이다. 업계 관계자는 "액면가 500원, 주가 300원인 기업이 액면가를 2000원으로 병합하면 주가가 1200원이 되면서 동전주 요건을 피할 수 있다"며 "정부가 상장폐지 개혁 방안에 동전주 요건을 신설하면서, 이를 피하고자 많은 기업들이 주식병합을 단행하고 있다"고 말했다. 상장유지 시가총액 기준에 대응하기 위한 증자도 주요 수단으로 꼽힌다. 당초 2027년 200억원, 2028년 300억원으로 상향 예정이던 코스닥 시총 기준은 제도 개편에 따라 2026년 7월 200억원, 2027년 1월 300억원으로 가용 시점이 조기 적용됐다. 플레이그램처럼 증자를 통해 자본을 확충하려는 시도가 이어지는 가운데, 조달한 자금이 실제 사업 성과와 현금창출력 개선으로 이어질 수 있는지가 상장 유지의 관건이다. 주주환원 확대 역시 오너들이 선택하는 주요 방어 수단이다. 티쓰리는 오너 일가 주도로 2026년부터 2028년까지 총주주환원율 50%를 목표로 제시하며 자본 효율성 제고를 공식화했다. 자사주 매입과 배당 확대는 주주 가치를 높여 시장의 저평가 인식을 해소하는 데 유용한 카드가 된다. 특히 지배주주가 승계 과정까지 고려해 특정 시기에 자사주 매입과 배당을 집중할 경우, 주가 방어와 지배구조 안정화를 동시에 노린 포석으로 풀이된다. 한 중견기업 관계자는 "상장폐지 기준이 강화되면서 퇴출 위기에 몰린 기업들이 주식병합이나 증자, 자사주 매입 등 활용할 수 있는 방안을 다각도로 동원해 주가와 시가총액 방어에 나서고 있다"고 설명했다. ◆ "주식병합만으론 상폐 못 면해"…체질 개선·실질 대책 시급 문제는 이러한 조치가 실질적인 체질 개선으로 이어지지 않을 때다. 주식병합은 기업가치를 바꾸지 못하고, 증자는 지분 희석과 재무 부담을 키울 수 있다. 배당과 자사주 매입 역시 이익과 현금흐름이 뒷받침되지 않으면 일회성 부양책에 그친다는 한계가 뚜렷하다. 이에 업계에서는 단기적인 주가 부양보다 지속 가능한 수익 구조 확보가 시급하다고 지적한다. 근본적인 원인을 해결하지 않은 채 장부상 자본만 늘리는 조치는 임시방편에 불과한 만큼, 비용 절감과 사업 재편 등 실질적인 체질 개선이 병행돼야 한다는 제언이다. 업계 관계자는 "주식병합을 실시하더라도 시가총액에는 영향을 미치지 않기 때문에 상장폐지에서 자유로울 수 없다"며 "더구나 정부가 일시적 주가 부양을 통해 상폐를 회피할 수 없도록 세부 적용 기준과 시장 감시를 강화한다는 방침이기 때문에 추가적인 대책이 필요한 상황"이라고 말했다. 김대종 세종대학교 경영학부 교수도 "주식 병합만으로는 상폐를 면하기 어렵다는 것은 잘 알려진 사실"이라며 "대주주의 출자나 자사주 매입 및 소각 등을 통해 주식 가치를 올려야 할 것"이라고 설명했다. stpoemseok@newspim.com 2026-08-21 06:00
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