부동산 개발사업의 위험관리 방안 연구 : 부동산 개발금융을 중심으로 = A Study on Method of Risk-Hedge of Real Estate Development : Focused on Real Estate Development Financing

국문 초록 (Abstract)

영문초록 : Major in Real Estate Construction & DevelopmentGraduate School of Real EstateKon Kuk UniversityIn the environment that the risk related to real estate development financing inevitably expands, it is desperately necessary to diagnose the risk factor of development financing in the real estate development project before and after it and probe the risk management scheme to manage it. For this reason, this study attempted to elicit diverse risk management schemes through previous studies in theoretical terms, develop and extend this theoretically and test in what form the risk management schemes of development financing were implemented in the actual development project, thereby constructing the theoretical foundation for development financing to apply to the real estate development project. This study attempted to classify the type of risk in development financing into the developer risk, the construction risk, the market risk and the financing risk. It addressed the risk management scheme through the introduction of a new system and the concrete and representative risk management scheme applicable to the development project field. It was found that the takeover and assignment of the project and the project right could become the scheme for management of the developer risk. In the construction risk, the accountable building completion system of the construction company efficiently controls the risk in actuality, and the market risk can be complemented by the covered compensation through the specially designed sales loss insurance. The principal and interest payment guarantee of the developer is universal as the scheme for managing the financing risk. Diverse development financing techniques can be said to be a kind of tailored-financing oriented towards customization by means of the peculiar structure in accordance with the bargaining power of the participating parties as well as the characteristics of each development site. It would be an exaggeration to say that there are not many “programmed” risk management schemes. So far as there is the moral hazard of the participating parties, even if there is such a tailored risk management scheme, the moral hazard of the developer can determine success or failure of the project and incapacitate the risk management scheme. This study could achieve its fruition by ascertaining that the extreme change of the development environment or the instability of the market environment or all kinds of regulations can make this risk management scheme meaningless