전체기사 최신뉴스 GAM
KYD 디데이
홈 마켓

속보

더보기

[해외] 자넷 옐렌 샌프란시스코 연준총재, "미국경제전망" 연설(원문)

기사입력 :

최종수정 :

※ 본문 글자 크기 조정

  • 더 작게
  • 작게
  • 보통
  • 크게
  • 더 크게

※ 번역할 언어 선택

President's SpeechSpeech to a Community Outreach LuncheonBoise, IdahoBy Janet L. Yellen, President and CEO of the Federal Reserve Bank of San FranciscoFor delivery September 7, 2006 – 12:40 PM Mountain Time, 2:40 PM EasternProspects for the U.S. EconomyGood afternoon. I'm delighted to be with you today. I'd like to start by saying how much I appreciate the very warm welcome we've received here, especially from many of our past and present Directors. They have done a great job of arranging for us to see some of the highlights of your beautiful city. High on the list, of course, was the Basque Museum, which reflects the many cultural and economic contributions Basque immigrants and their descendants have made to this area and, indeed, to the nation. Unfortunately, that tour was scheduled during our Board meeting, so I had to miss it. My envy was soothed a bit, though, because I was able to attend a special presentation and demonstration of the research being done at the Center for Ecohydraulic Research at the Idaho Water Center, clearly a worldclass scientific research facility. So, all in all, I have to agree with what Money Magazine had to say recently about Boise: It definitely deserves its ranking among the top ten "Best Places to Live" in the country.Although I obviously get a lot of personal pleasure out of traveling around the District to places like Boise, I'm also here for important official reasons. One of the great strengths of the Federal Reserve is its connection to the citizenry of the country. In this respect, the twelve Reserve Banks play a particularly important role. Through our directors, our advisory councils, and through meetings like this one, we can get some insight into the public's viewpoint on issues that are vital to the conduct of monetary policy—issues like labor market conditions, expectations about inflation, and industry-specific developments, to name just a few. So I'm very much looking forward to the question and answer session that will follow my remarks, because I'm sure that I'm going to learn from you as much as you're going to learn from me!My remarks today will focus on conditions in the U.S. economy and their implications for monetary policy. But before I begin, let me note that my comments represent my own views and not necessarily those of my colleagues in the Federal Reserve System.The last time I spoke publicly was a little more than a month ago. Since then, something unusual happened. After raising short-term interest rates at every one of its 17 meetings beginning in June 2004, the Federal Open Market Committee decided not to tighten the stance of monetary policy at its last meeting, which was last month. As a matter of fact, the August meeting was the first since I became President of the Federal Reserve Bank of San Francisco that the Committee didn't raise rates. The August pause may seem a bit puzzling to some, since we had some rather bad news on inflation for several months in a row. Today, I'd like to focus my remarks on why I think the pause was a good idea, and, of course, in following that theme, I'll need to get into the prospects for the U.S. economy.I'll start with a quick review of recent developments. The U.S. economy has suffered some significant shocks in the past couple of years: in particular, a sustained surge in energy prices and the devastation from the twin hurricanes just over a year ago. Despite these challenges, the economy grew at a solid clip, averaging just over 3¼ percent for the past two years.This pace of growth is moderately above current estimates of the growth rate that is sustainable in the long run, and it has lasted long enough to eliminate much of the slack in labor and product markets that was apparent a year ago. Over that time, both the rate of unused capacity in the industrial sector and the civilian unemployment rate have fallen noticeably. Indeed, the unemployment rate dropped by about three-fourths of a percentage point, coming in at 4¾ percent in August. This rate is actually a little bit lower than conventional estimates of so-called "full employment," and therefore suggests that there may be some tightness in labor markets.Turning to inflation, the recent news, as I said, hasn't been what I'd like to see. Headline inflation, as measured by the personal consumption expenditures price index, showed an increase of three and a half percent over the twelve months ending in July. While this is an important and comprehensive index of changes in the cost of living, the Committee also focuses on a different measure—the core number, which excludes the volatile food and energy components—because it is a better indicator of underlying trends in inflation. This measure rose at an uncomfortably high rate of nearly 2½ percent over the past year. Although it is encouraging that the rate has edged down recently, it has remained a bit above my "comfort zone"—a range between one and two percent that I consider an appropriate long-run inflation objective for the Fed.With labor and product markets close to full utilization and inflation above the comfort zone, one of the key questions for policy is whether economic growth will proceed at a moderate enough rate, and stay there long enough, to avoid a sustained buildup of inflationary pressures. And that is my next topic.Prospects for Economic ActivityRecent data suggest that the needed slowdown is indeed underway. After hitting a rapid 5½ percent pace in the first quarter, real GDP growth slowed in the second quarter to a rate of just under 3 percent. In looking ahead to the rest of the year, I see factors working both to support economic activity and to restrain it somewhat. Taken together, these lead me to expect that we'll probably see growth that is healthy, but somewhat below the rate that is sustainable in the long run.The factors working to support growth include ongoing strength in business demand, fueling relatively rapid growth in spending on nonresidential structures as well as in business investment in equipment and software. This sector, of course, includes high-tech industries, which are important to Boise. To the extent that business investments in computer equipment continue to grow, this will help sustain your area's rapid economic expansion, which has been propelled in part by the success of local high-tech companies in recent years.As for factors that could restrain the nation's growth, one immediately thinks of energy prices, which have surged over the past couple of years. This increase has been due to developments on both the demand and the supply sides of the market. Demand for energy has been quite strong, not only from industrial economies, but also from emerging markets, most notably, China. On the supply side, there are reports of limited capacity to expand production, not to mention extraordinary events that threaten to restrict supply, like disruptions in the Middle East.It appears that the resulting higher energy prices have restrained consumer spending, even while offsets from job gains, as well as growth in wages and wealth have kept it rising overall. Of course, further increases in energy prices could imply some additional restraint. However, futures markets expect energy prices to stabilize around current levels. If they do, then the restraint we've felt this year should evaporate over 2007, and that could actually contribute to a pickup in growth next year. But that's a very big "if." The fact is that futures markets haven't done such a hot job at predicting where these prices are headed. Ever since energy prices started to rise in 2004, futures markets have usually predicted a relatively flat path going forward. When oil was $30 a barrel, they implied the price would flatten out. At $40 a barrel, they implied the price would flatten out. At $50 a barrel—well, you get the picture. And here we are with oil fluctuating around $70 a barrel. So energy prices are a bit of a wildcard.Another factor restraining growth is the rise in interest rates over the past couple of years as the Fed has removed monetary policy accommodation. Since this process began in mid-2004, short- and intermediate-term interest rates are up substantially. Long-term rates present a more mixed picture, with some—such as mortgage rates—up slightly, and others down slightly. The overall effect of these rate changes should be to reduce demand, particularly in interest-sensitive sectors, such as autos, consumer durables, and housing.Indeed, we already have seen clear evidence of cooling in the housing sector. Nationally, housing permits are down noticeably—by more than 20 percent—from a year ago. In addition, inventories of unsold houses are up significantly, sales of new and existing homes are off their peaks, and surveys of homebuyers and builders are showing much more pessimistic attitudes. Even in a market that has been as hot as Boise's, some recent evidence points to cooling in the pace of home sales and residential construction activity.The national data on residential investment reflect all of these developments and enter directly into the calculation of real GDP growth. After adjusting for inflation, (real) residential investment dropped at nearly a 10 percent annual rate in the second quarter following two small declines in the prior two quarters.The effects of the housing slowdown go beyond their direct contribution to GDP. In particular, what happens to house prices could have important effects on consumer spending, which is a very big part of the economy—roughly 70 percent. As we all know, the pace of house-price appreciation has definitely moderated, after rising at heart-stopping rates in recent years. And there are signs that it may continue. For example, rents are finally moving up more vigorously after a long period of stagnation. This may reflect, in part, expectations that house-price appreciation will continue to slow, as landlords raise rents to try to maintain the total rate of return on rental properties and as those in the market for housing grow more inclined to rent than to buy.Slower increases in house prices could weaken consumer spending in a couple of ways. Both of them have to do with what I'm going to call the "piggy bank" phenomenon. To be honest, I've stolen this term from some news stories I've seen, but I think the crime is worth it because the description is apt. Back when house prices were rising so fast, people saw that more and more equity was being built up in their house values; in other words, they saw their houses as piggy banks that got fuller and fuller, faster and faster, by just sitting there. Insofar as the piggybank of house value makes up a good chunk of many households' portfolios, they might well have felt that they could afford to spend pretty freely. In economic terms, this is called the "wealth effect." A second factor stimulating spending relates to the ease with which households can now pull money out of the piggy bank. With home equity loans, refinancings, and so on, the piggy bank is now pretty simple to access. So it's no surprise that homeowners seized the opportunity and drew some of the money out to support their spending. Now, with the pace of house-price appreciation slowing, of course, the piggy bank is not getting so full so fast anymore, which may weaken the growth in consumer spending. While it's likely that the slowdown in the housing sector will have only moderating effects on economic activity and will continue to unfold in an orderly way, I should note that we can't ignore the risk that a more unpleasant scenario might develop. In particular, we have heard a lot in recent years about the possibility that there is a house-price "bubble," implying that prices got out of line with the fundamental value of houses and that the current softening could be just the beginning of a steep fall. While I doubt that we'll see anything like a "popping of the bubble"—in part because I'm not convinced there is a bubble, at least on a national level—it is a risk we have to watch out for.Another risk has to do with household saving behavior. In the U.S., the personal saving rate has been declining for more than a decade. During the 1980s, it averaged 9 percent. This July, it was all the way down to minus 1 percent. Frankly, it's hard to see how it could go much lower. So the risk is that a sustained rise could occur, which would put a real crimp in consumer spending and therefore in overall economic activity. Though there's some uncertainty about why the saving rate has fallen into negative territory, I strongly suspect that part of it is related to the growth in consumer wealth over the last several years both through rising housing values and through rising stock values. Therefore, the more recent softening in both of those sources of wealth may provide a bit more impetus for a reversal in the saving trend; in other words, it is conceivable that people will shift gears and try to build up savings the old-fashioned way, by spending less. Whatever its source, the very low—in fact, negative—saving rate represents a downside risk for the economy, with the chance of sizeable drop-off in consumer spending likely to be bigger than a surge in spending.Prospects for InflationThis brings me to the outlook for inflation. As I've indicated, core consumer inflation has been a bit above my comfort zone recently. Therefore, in keeping with the Committee's responsibilities for promoting price stability for the nation, I believe it is critical that inflation trend in a downward direction over the medium term. Indeed, my expectation is that this is the most likely outcome.That said, I must admit that I'm also less sanguine than I was a month ago about one particular factor in the inflation process—namely, labor compensation. This factor is a major component of business costs and can therefore affect the prices that firms charge for their products. A month ago it appeared that compensation was growing quite modestly. Moreover, for nonfarm businesses, markups of product prices over costs have been near historic highs, which means that businesses have had room to absorb higher costs rather than passing them on to their customers. These two developments together gave me considerable comfort in thinking about the inflation outlook. However, recently revised information on compensation per hour suggests that wages and benefits are growing rapidly. This blurs the picture considerably, since another measure, the Employment Cost Index, shows only moderate growth. Of course, we also look for information about labor markets from people around the District. Here in Idaho, our contacts tell us that they have noticed shortages of skilled workers, and they also are seeing increasing difficulties recruiting unskilled workers, all of which has put strong upward pressure on wages in the state. While reports like these do heighten my sense of concern, I still draw some comfort from the fact that markups remain very high. So, even with more cost pressures, firms would have the room to absorb the increases without fully passing them on into their prices if competitive conditions in product markets induced them to do so.Beyond this, I would point to several factors that could make inflationary pressures recede. The first factor I want to discuss is a somewhat technical point. Try to bear with me on this, because it does matter. In statistical analyses of inflation, the data historically have exhibited persistence. This basically means that, when you're forecasting inflation, it works pretty well to assume that the rate in the future will be the same as it is today. The implication of persistence is frankly worrisome: Since inflation is too high today, persistence implies it could stay too high for an extended period.However, recent research at the Federal Reserve Bank of San Francisco has shed new light on this issue.1 It finds less evidence of persistence during the past ten years. That is, rather than sticking at a certain rate, inflation has tended to revert to its long-run average, which, over that period, is within my comfort zone. Admittedly, the past ten years constitute a relatively small sample from which to draw definitive conclusions. Nonetheless, this evidence is important because, if it holds up, it implies that inflation may move down from its elevated level faster than many forecasters expect.Interestingly, this apparent decline in the persistence of core inflation has occurred at roughly the same time that long-run inflation expectations appear to have become well anchored. The behavior of long-run inflation expectations can serve as a kind of proxy for the Fed's credibility as an inflation-fighter. For example, in the face of the large energy price increases we've seen in recent years, this credibility shows up in the stability of survey and market measures of inflation expectations covering the period five-to-ten years ahead. This may not be a coincidence. Research suggests that if a central bank's commitment to price stability has gained credibility with the public, then the persistence observed in the inflation data will tend to be dampened.I would like to stress that our Bank's recent research on persistence concerns simple correlations in the inflation data that can be used for forecasting only, and it does not necessarily inform us about how policy decisions affect the economy or about the best course for policy. In other words, low persistence is no reason for the Fed to rest on its laurels of credibility. Rather, credibility is something that neither I—nor my colleagues—take for granted for a moment. We know full well that maintaining credibility requires that we act when necessary to keep inflation under control.Another reason to expect inflationary pressures to lessen has to do with energy prices and what is called "passthrough." Even though higher energy prices do not seem to have boosted long-term inflation expectations, the energy shock may have been passed through to recent results for core inflation itself. This might seem surprising, since core inflation excludes energy prices. But even so, it is possible that higher energy prices have passed through into the prices of core goods that use energy as an input to production—airfares are a good example. Now it's true that recent research suggests that the extent of passthrough for any given rise in energy prices has been lower in the past twenty-five years than it was back in the 1970s. However, it seems likely that energy passthrough probably has played at least some role in recent core inflation movements. In this case, if energy prices level out, as expected by futures markets, this upward pressure on core inflation is likely to dissipate at some point, and this would help on the inflation front.Finally, as I've explained, the economy appears to have entered a period of slightly below-trend growth. If it continues, as I think is likely, it would tend to moderate any underlying inflationary pressures over time. This factor, together with the others I've discussed, provides reason to think that the most likely outcome is that inflation will move gradually lower. However, I am keenly aware that this pattern has yet to show up in the data. The inflation outlook remains highly uncertain, and until we actually see inflation begin to slow down, I will be focused on the notable upside risks in the outlook.Policy issuesThis leads me to the concluding topic in my presentation today—monetary policy. As you know, in August the FOMC decided not to raise the funds rate for the first time in more than two years. I think this was the prudent course of action that properly balances the dual mandate given to the Fed by Congress—to foster price stability and maximum sustainable employment.Given that inflation is outside of my comfort zone, why do I think it makes sense to pause? In these circumstances, it might be thought that policy should continue to tighten until the inflation data move back to a rate consistent with price stability. But I would argue that a gradual approach is likely to be better because there is a need to incorporate lags between policy actions and effects on the economy. We don't know what the lags are with precision, but we still need to do the best we can to take them into account. We simply don't get the necessary feedback on the effects of our policy actions for a long time. So if we kept automatically raising rates until we saw inflation start to respond, we most likely would have gone too far, which would unnecessarily endanger the economic expansion. Instead we need to be forward-looking.And, by a variety of measures, it appears that the current stance of policy will move inflation gradually back to the comfort zone while giving due consideration to the risks to economic activity. By a variety measures, I'm referring to my forecast that I have outlined today, as well as the recommendations from commonly used monetary policy rules that are used to gauge the stance of policy. Taken as a whole, these rules indicate that the funds rate is currently within the range that appears appropriate, given the current condition of the labor market and the position of inflation relative to my comfort zone.However, since all such approaches are inherently imprecise, policy must be responsive to the data as it emerges. The advantage of pausing is that it allows us more time to observe the data. When I say that policy should be responsive to the data, I mean that any additional firming should depend on how emerging developments affect the economic outlook. And when I say data, I don't just mean data on inflation, output, and employment. I also mean data on factors that might affect those variables in the future—such as energy prices, the dollar, the stock market, long-term interest rates, housing prices and inflation expectations.The bottom line is this. With inflation too high, policy must have a bias toward further firming. However, our past actions have already put a lot of firming in the pipeline. With the lags in policy we haven't yet seen the full effect of our past actions. These will unfold gradually over time. By pausing, we allowed ourselves more time to observe the data and more time to gauge how much, if any, additional firming is needed to pursue our dual mandate.Thank you for having me today, and I will be pleased to address your questions.# # #1. John C. Williams, "The Phillips Curve in an Era of Well-Anchored Inflation Expectations," unpublished paperhttp://www.frbsf.org/economics/economists/staff.php?jwilliams.

[관련키워드]

[뉴스핌 베스트 기사]

사진
신임 법무장관에 민변 출신 이용철 '성남라인' [서울=뉴스핌] 박찬제 기자 = 이재명 대통령은 6일 새 법무부 장관에 이용철(66·순창) 현 방위사업청장, 국세청장에 안덕수(55·부산) 서울지방국세청장을 후보로 지명했다. 청와대 새 정무수석으로는 최인호(60·창녕) 더불어민주당 재선 의원 출신인 주택도시보증공사 사장을 임명했다. 임광현 대통령 비서실장은 이날 오후 청와대 춘추관에서 인사 발표 브리핑을 했다. 임 실장은 "국민의 목소리를 더 많이 듣고 소통하겠다는 의지이며 국민 삶 속에 정책 변화와 효능감이 체감될 수 있도록 하는 데 중점을 뒀다"고 이번 인사 방향을 설명했다. 임 실장은 이 법무장관 후보에 대해 "민주사회를 위한 변호사 모임 출신으로 인권 보호와 민주 가치 증진에 힘써 온 변호사"라며 "참여정부 민정수석실 민정2비서관과 법무비서관을 역임하며 반부패와 제도개혁을 주도한 바 있다"고 소개했다. 임 실장은 "법조인이면서도 구조개혁 등 다양한 행정 경험을 갖춘 만큼 새로운 형사사법 체계를 안착시키고 누구도 소외되거나 억울한 일을 겪지 않는 법무 행정을 할 것으로 기대된다"고 이번 인선 배경을 설명했다. 임 실장은 이 후보가 과거 대장동 사건에 연루됐다는 언론 질문에 "그 부분은 검증 때 감안됐고 자세한 건 국회 인사청문회 때 본인이 소명할 걸로 기대한다"며 "적임자를 뽑기 위해 다양한 많은 분에 대한 검증이 있었다"고 밝혔다.  안 국세청장 후보에 대해 임 실장은 "국세청 1조사국장과 징세법무국장, 납세자보호담당관 등 주요 보직을 두루 거친 세무 행정 전문가"라며 소개했다. 임 실장은 "성실하게 세금을 내는 국민이 손해 보지 않도록 악의적 탈세와 숨긴 재산은 끝까지 추적해 조세 정의를 실현할 것으로 기대한다"고 인선 이유를 설명했다. 최 정무수석 내정자에 대해 임 실장은 "부산 지역 재선 국회의원 출신으로 민주당 최고위원과 수석대변인을 역임하며 소통과 통합의 가치를 실천해 온 정치인"이라고 소개했다. 임 실장은 "우리 사회의 통합과 성장을 위해 더 낮은 자세로 여야, 국민과 소통하며 국민이 하나 되는 정치를 뒷받침할 것으로 기대한다"고 인선 배경을 설명했다.  임 실장은 "청와대 내부 인사는 검토가 되는 대로 업무의 연속성과 개혁 성과, 국민 체감을 위해서 필요한 경우에는 적당한 시점에 인사를 하도록 하겠다"고 밝혔다. pcjay@newspim.com 2026-11-06 15:53
사진
한진칼 최대주주 오른 호반건설…항공업 진출? [서울=뉴스핌] 송현도 기자 = 호반그룹이 조원태 한진그룹 회장 측을 0.11%p(포인트) 차로 제치고 한진칼 최대주주(지분율 20.69%)에 오르면서 호반건설의 지분 매입 의도에 관심이 집중되고 있다. 단순 투자라는 공식 입장과 달리, 건설업 불황 속 한진칼 지분이 그룹의 재무적 가치를 뒷받침하는 핵심 자산으로 자리 잡은 데다 과거 금호산업 인수전부터 이어진 항공업 진출 구상에도 다시 힘이 실릴 수 있기 때문이다. ◆ 분양 반토막·PF 대위변제 덮은 6152억 평가차익… 호반의 '손익 방어막' [AI그래픽=송현도 기자] 6일 건설업계 등에 따르면 호반건설이 주택·건설 경기 침체 속에서도 수천억원을 투입해 한진칼 지분을 확보한 배경에는 재무적 실익이 자리 잡고 있다는 분석이 나온다. 한진칼 주가 상승에 따른 대규모 평가이익이 건설업 불황으로 악화한 그룹의 실적을 보완하는 역할을 하고 있다는 것이다. 호반건설의 2025년 연결감사보고서에 따르면 지난해 연결 매출액은 1조2326억원, 영업이익은 1361억원으로 전년(매출 2조3706억원, 영업이익 2716억원) 대비 각각 절반 수준으로 줄었다. 주력 사업인 분양수익이 1조1476억원에서 2531억원으로 급감한 영향이 컸다. 영업활동 현금흐름도 4728억원 적자로 돌아섰다. 부동산 프로젝트파이낸싱(PF) 보증 의무에 따라 4395억원을 대위변제하면서 2381억원의 기타대손상각비를 인식하는 등 재무 부담도 커졌다. 올해 2월에는 대위변제에 따른 구상채권과 상계하는 방식으로 대구 황금동 주상복합 용지를 2750억원에 취득하기도 했다. 이 같은 본업 부진을 상쇄한 것은 한진칼 지분에서 발생한 평가이익이다. 취득원가가 6966억원인 한진칼 지분의 장부가액은 지난해 말 1조5544억원으로 늘었다. 호반건설은 이를 통해 한 해 동안 6152억원의 금융자산 평가이익을 인식했다. 영업이익이 큰 폭으로 감소했음에도 당기순이익은 4752억원으로 전년(2657억원)보다 78.8% 증가했다. 100% 자회사인 호반호텔앤리조트도 비슷한 구조다. 본업 영업이익은 182억원에 그쳤지만, 보유 중인 한진칼 주식(장부가액 5902억원)에서 2267억원의 평가이익이 발생하면서 당기순이익 1872억원을 기록했다. 호반호텔앤리조트는 이를 바탕으로 모회사 호반건설에 1000억원의 현금배당을 결의하며 자금 공급 역할도 했다. 결국 한진칼 지분은 호반그룹의 실적 방어와 현금 확보에 기여하는 핵심 자산으로 자리 잡았다. 향후 경영권 분쟁 가능성이 이어지면서 한진칼 주가가 추가 상승할 경우 평가이익 확대는 물론 그룹의 순이익과 배당 여력에도 긍정적인 영향을 미칠 수 있다.  ◆ '집중투표제' 무기 쥔 호반… 이사회 진입 시 한진 경영권 영향 호반이 내년 3월 정기주총에서 이사회 진입에 성공할 경우, 단순 주주를 넘어 한진그룹 지배구조 전반에 영향력을 행사하게 된다. 한진칼 반기보고서에 따르면 한진칼은 올해 3월 정기주총에서 상법 개정에 맞춰 정관 제30조의 '집중투표제 배제 조항'을 삭제했다. 집중투표제란 주주총회에서 2명 이상의 이사를 선임할 때, 주주가 1주당 선임할 이사의 수만큼 의결권을 부여받고 이를 특정 후보 1명에게 몰아주거나 나누어 투표할 수 있는 제도로, 내년 3월 주총이 한진칼에 집중투표제가 의무 적용되는 첫 무대가 된다. 내년 3월 20일 임기가 만료되는 사외이사는 배성례(ESG경영위원회·보상위원회 위원장), 송백훈(분리선출 감사위원 겸 감사위원장), 홍동표(감사위원 겸 독립이사후보추천위원장) 위원 등 3명이다. 특히나 분리선출 감사위원 표결에서는 최대주주와 특수관계인의 의결권을 합산 3%로 제한하는 강화된 '3% 룰'이 적용된다. 오는 12월 31일 주주명부 폐쇄일 기준 최대주주가 되는 쪽이 의결권에서 불리해지는 구조다. 조원태 회장이 예고대로 12월 중 지분 0.49%를 추가 매수해 최대주주를 탈환하면 조 회장 측 전체 의결권은 3%로 묶이는 반면, 2대 주주가 되는 호반 측은 계열사별로 나눠 총 6.32%를 행사할 수 있다. 호반 입장에서는 감사위원 표결의 실리를 챙기기 위해 연말까지 조 회장의 최대주주 복귀를 용인할 가능성도 거론된다. 일반 사외이사 선임에서도 호반이 주총 6주 전(내년 2월 중순)까지 보유 목적을 경영참여로 바꾼 뒤 집중투표제를 신청해 특정 후보에게 표를 몰아주면 이사회 진입 가능성이 높아진다. 호반 측 인사가 이사회와 감사위원회에 1석이라도 진입하면 상법상 회계장부 열람권과 주요 안건 의결권을 바탕으로 대한항공·아시아나항공 통합 자금 지원, 자회사 부동산 매각, 배당 정책 등에 관여할 수 있다. 나아가 호반호텔앤리조트(리솜리조트)와 한진칼 산하 호텔·관광 계열사(칼호텔네트워크, 한진트래블) 간의 사업 시너지나 자산 매각 협상을 요구할 기반도 확보하게 된다. 반면 한진칼은 지난해 8월 보유 자사주 44만44주(0.66%)를 사내근로복지기금에 전량 출연해 현재 방어에 쓸 수 있는 보통주 자사주가 3주뿐이다. 올해 1월 자회사 칼호텔네트워크가 그랜드하얏트인천 웨스트타워를 2100억원에 매각해 한진칼 본사 현금성자산(단기금융상품 포함 3201억원)은 늘어났지만, 회사 자금으로 자사주를 사들여 방어에 나설 수는 없어 조 회장 개인과 우호 세력의 자금 부담이 커지는 상황이다. ◆ 금호산업 인수전부터 이어진 항공업 진출 시도… 산은 지분 매각이 승부처 재계와 투자은행(IB) 업계에서는 호반의 목표가 단순 차익 실현을 넘어 한진그룹 경영권 인수에 맞춰져 있다는 시각이 나온다. 김상열 호반그룹 창업주는 지난 2015년 아시아나항공의 모회사였던 금호산업 인수전에 단독 응찰하며 항공업 진출을 시도한 바 있다. 당시 채권단과의 가격 이견으로 무산됐지만, 이후 리솜리조트와 퍼시픽랜드를 인수해 레저 사업을 확장했고 2022년 사모펀드 KCGI로부터 한진칼 지분을 사들이며 항공·레저 수직계열화를 추진했다. 주택 사업에 편중된 그룹의 포트폴리오를 바꿀 카드로 한진칼을 낙점했다는 평가다. 내년 3월 주총에서는 조 회장 측과 델타항공, 한국산업은행(10.58%) 등 우호 지분이 과반에 육박해 당장 경영권 확보가 쉽지 않다. 한진칼 시가총액이 적정 가치(3조3000억원 추산)를 웃도는 12조3000억원대까지 올라, 장내에서 지분 1%를 추가 확보하는 데 1230억원이 드는 점도 부담이다. 호반건설의 지난해 말 연결 현금 및 단기유동성 금융자산이 1조1916억원 수준이지만, 단기금융부채 역시 1년 새 679억원에서 5172억원으로 늘어 장내 매수를 지속하긴 어렵다. 결국 향후 승부처는 항공 산업 구조 개편이 끝난 뒤 시장에 나올 산업은행의 한진칼 지분 10.58%다. 대한항공은 올해 5월 아시아나항공 흡수합병을 결의한 데 이어 8월 12일 소규모합병 승인 이사회 결의를 완료하며 연말 통합 항공사 출범을 앞두고 있다. 내년 3월 저비용항공사(LCC) 3사 통합까지 마무리되면 산은이 지분을 보유할 정책적 명분은 사라지고 공적자금 회수 절차가 진행된다. 산은은 2020년 11월 체결한 투자합의서에 따라 의무 위반 시 5000억원의 위약벌을 부과할 담보로 조원태 회장의 한진칼 주식 385만8869주(약 5.78%)에 근질권을 설정해 두고 있으며, 유사시 조 회장 지분까지 묶어 제3자에게 팔 수 있는 동반매각요구권과 동반매도참여권을 보유하고 있다. 호반이 20%대 지분을 바탕으로 이사회에 진입해 경영에 관여하다가 향후 산은 지분 10.58% 인수전에 참여해 이를 확보할 경우, 지분율을 31% 이상으로 끌어올릴 수 있다. 건설업계 관계자는 "산은 지분 인수나 경영권 확보가 여의치 않더라도, 과거 대우건설·금호산업 사례에서 보듯 지분 가치를 높인 뒤 조 회장 측 우호 세력에게 경영권 프리미엄을 얹어 블록딜로 넘기는 출구 전략을 택할 수도 있다"고 설명했다. dosong@newspim.com 2026-11-06 15:07
기사 번역
결과물 출력을 준비하고 있어요.
종목 추적기

S&P 500 기업 중 기사 내용이 영향을 줄 종목 추적

결과물 출력을 준비하고 있어요.

긍정 영향 종목

  • Lockheed Martin Corp. Industrials
    우크라이나 안보 지원 강화 기대감으로 방산 수요 증가 직접적. 미·러 긴장 완화 불확실성 속에서도 방위산업 매출 안정성 강화 예상됨.

부정 영향 종목

  • Caterpillar Inc. Industrials
    우크라이나 전쟁 장기화 시 건설 및 중장비 수요 불확실성 직접적. 글로벌 인프라 투자 지연으로 매출 성장 둔화 가능성 있음.
이 내용에 포함된 데이터와 의견은 뉴스핌 AI가 분석한 결과입니다. 정보 제공 목적으로만 작성되었으며, 특정 종목 매매를 권유하지 않습니다. 투자 판단 및 결과에 대한 책임은 투자자 본인에게 있습니다. 주식 투자는 원금 손실 가능성이 있으므로, 투자 전 충분한 조사와 전문가 상담을 권장합니다.
안다쇼핑
Top으로 이동