This dissertation is assumed to continuously occur adjustment cost on present investment. So, I derived from time-nonseparable production-based CAPM and tested the performance of model through data. I also compared time-nonseparable production-based CAPM with time-separable production-based CAPM and CCAPM, CAPM through testifying the performance of model. At the part of applied application, I estimated time-nonseparable PCAPM-betas. The data of Korea consists of 320 listed companies on Korea Stock Exchange (KOSPI) from first quarter 1987 to first quarter 2002. This data also is categorized by scale and industries. Additionally, I estimated time-nonseparable PCAPM-betas through 500 listed companies of New York Stock Exchange (NYSE) from first quarter 1973 to first quarter 2002. I observed the statistical significance of 230 firms by 320 companies in Korea. After that, I compared time-nonseparable PCAPM-betas by firms with time-separable production-based CAPM-betas and CCAPM-betas, CAPM-betas through individual firms. At empirical test, I found that estimated parameter of adjustment cost on time-nonseparable production-based CAPM by scale and industries in Korea had positive value and statistical significance, Moreover, this approach proved to resolve the underestimation of adjustment cost on time-separable production-based CAPM by scale and industries. I also found that the time-nonseparable PCAPM performed better than time-separable production-based CAPM and CCAPM, CAPM. The result from U.S data proved to have similarity to that of Korea. Specifically, I found that time-nonseparable PCAPM-betas by firms performed better than CAPM-betas on individual firms in Korea.

I. 서론
 II. 주요국의 통상정책과 FTA추이
 III. FTA 체결의 경제적 효과
 IV. 요약 및 결론
 參考文獻
 附錄
 ABSTRACT

• 김종권 | Kim, Jongkwon