민간부동산개발의 사업방식별 자금조달 특성에 관한 연구

손진수(Son Jin Soo),서후석(Suh Hoo Suk) 한국부동산학회 2006 不動産學報 Vol.27 No.-

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study were to review, deduct and compare the financing characteristics of private real estate development. (2) RESEARCH METHOD Conceptual models to financing structure of private real estate development were developed through related literature reviews. Practical models and characteristics were suggested through case studies. (3) RESEARCH RESULTS The result of the study is as follows ; 1) The funding tools of land acquisition cost are constructor"s financing, real estate development trust financing and financial institution"s project financing. Recently the project financing tool has seen increased utilization. 2) However, all three tools are heavily dependent on the credit of construction company. 3) Three tools related in a competing and complementary ways and new variations are appearing in the market. 4) The development in real estate financing has progressed from solely constructor financing -> constructor + developer financing -> constructor + developer + financial institution financing. Further evolution is expected in the form of developer + financial institution financing. 2. RESULTS And the policy issue of the study is as follows : 1) The real estate development finance tools are expected to be more diversified and would raise the need for relevant regulatory developments that would meet the realistic needs of real estate development industry. 2) The real estate development industry, including constructors, developers, real estate investment trusts and financial institutions, need to enhance risk analysis and management capability of real estate development projects.

공공개발사업구조 개선을 위한 부동산금융플랫폼 효과분석 : 리츠설계를 중심으로

장인석(Chang In Seok),신형섭(Shin Hyung Sub),구아라(Gu A Hra) 한국부동산학회 2021 不動産學報 Vol.84 No.-

이 연구는 부동산금융플랫폼의 기능적 장점을 설명하고 공공개발사업의 효율성 제고를 위한 플랫폼 효과를 실증적으로 분석한 것이다. 공공개발사업 플랫폼화는 공공디벨로퍼의 독점적 지위를 완화시킬 수 있는 수단으로 수익과 리스크를 분산시키고 공공디벨로퍼가 부동산시장의 투명성을 선도할 수 있다는 전제에서 출발한다. 연구논리 전개를 위해 공공개발사업플랫폼의 실질적 작동기제는 부동산금융플랫폼 형태인 리츠가 적합함을 가정하고 공공개발사업 실제 유형을 대상으로 부동산금융플랫폼의 적용효과를 분석하였다. 연구결과 부동산금융을 활용한 공공개발사업플랫폼 효과는 다양한 사업참여자 구성을 통해 공공디벨로퍼의 자체재원조달 부담을 완화시키고 참여자간의 합리적인 이익배분이 가능하여 사업의 지속가능성을 높일 수 있는 것으로 나타났다. 이와 같은 결과는 공공개발사업플랫폼 구축은 공공디벨로퍼의 기능을 약화시키는 것이 아니라, 공공디벨로퍼의 사업구성에 선택과 집중을 유도하여 공공디벨로퍼에 의한 공공개발사업의 경쟁력을 확보할 수 있는 것으로 해석이 가능하다. 따라서 공공개발사업 플랫폼화의 적정 가이드라인 제시와 플랫폼화가 가능한 사업대상을 명확히 하는데 활용될 수 있을 것이다. 1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to analyzes empirically the effect of applying the real estate finance platform to public development projects, which focus on the functional advantages of the real estate finance platform. The real estate finance platform is designed to test the feasibility of receiving orders to reduce public finances and improve business inefficiency through analysis. (2) RESEARCH METHOD The results of this research came from the analysis of the research methods on real estate finance platforms and an analysis of their effect on the actual project cost of public development projects. (3) RESEARCH FINDINGS This paper emphasized as follows. First, components of public development project platformization should consist of the value orientation of public development projects, continuous profit creation, and a virtuous cycle structure of projects. Second, this paper is explained that REITs, a real estate financial institution, appropriate for the actual operating mechanism of the public development project platform, and it is possible to improve business efficiency if it is applied to public development projects. Third, The public development project platform is found to be appropriate for business types with profitable in the short term. 2. RESULTS This paper explains that the advantages of the real estate finance platform can contribute to improving the financial inefficiency of public development projects. As a result of the study, it has been found that the use of REITs as a platform for public development projects has ensured diversity of participants and reduced the burden on public finances. It should be noted that the results of this research show that the effect of the public development project platform provide an opportunity to enrich the natural function of a public developer instead of easing the monopoly status of the public. In conclusion, it is possible to make a greater contribution to the development of the real estate industry by separating projects that can be used as a public development platform and projects that should be participated in by period of business through the platform construction.

부동산펀드의 수익극대화를 위한 프로젝트 파이낸싱의 법제도적 개선방안

강정규 ( Kang Jeong Gyu ),이장우 ( Lee Jang Woo ) 한국부동산학회 2004 不動産學報 Vol.22 No.-

1. CONTENTS (1) RESEARCH OBJECTIVES Real estate development in Korea had suffered a setback due to reduced real estate transactions and difficulty in finding the source of financing caused by a fall in real estate prices since the national liquidity crisis resulting in an IMF bailout. However, such a trend was reversed lately, as the pump-priming measures were taken on a national level to cope with the slowdown, resulting in a steady increase in such areas as construction orders, construction permits and the number of housing actually constructed. (2) RESEARCH METHOD Literature study and Case approach (3) RESEARCH RESULTS Recent advances in real estate development, however, were not made ideally, reaping the harvest intended in the first place in terms of overall efficiency including economical efficiency. Major reasons behind such a failure of real estate development included excessive costs of financing caused by the lack of the developer's own funds, inappropriate market survey, insufficient marketing efforts, poor marketability, bad pricing, poor design quality, lack of professionalism and inadequate conditions of location. It is safe to say that securing the stable source of financing, among others, is indispensable to the success of the real estate development project. 2. RESULT Real estate-backed securities system was recently introduced in earnest, and a case study conducted in this study indicated that 'Project Financing' can be the most positive method of securing financing stability. As the patterns in the real estate environment rapidly changed, real estate market switched to customer-oriented market from the supplier-oriented one. It is therefore necessary not to overlook the importance of securing financing stability to reduce or avoid the risks involved in real estate development projects.

부동산 프로젝트 파이낸싱의 문제점과 제도개선을 통한 활성화 방안연구

신경희 ( Shin Kyoung-hee ) 건국대학교 법학연구소 2015 일감부동산법학 Vol.11 No.-

부동산 PF 대출 받는 기업의 자산이나 신용이 아닌, 프로젝트에서 발생하는 수익성과 사업에서 유입될 현금을 담보로 필요한 자금을 대출해주는 금융기법을 말한다. 국내의 부동산 PF는 미래의 현금흐름만을 상환재원으로 자금을 제공하지 않고, 시공사의 신용보강을 추가하여 자금을 지원하는 형태로 변형되어 발전하였다. 부동산 시장의 성장과 활성화에 주도적인 역할을 한 효율적인 금융기법임에도 불구하고, 부동산 PF는 금융기관의 연체율 상승의 주범으로 전락하며 저축은행의 파산, 시공사의 부도 등 여러 가지 문제점을 표출하였다. 결국 부동산 PF의 급속한 축소는 장기적으로 부동산 수급 불균형과 부동산 가격의 상승, 건설사의 부실 등으로 이어져 경제 전반에 걸친 악영향을 미쳤다. 이것은 무리한 프로젝트의 계획과 진행, 금융기관의 과도한 수익추구를 목적으로 한 PF의 확대, 자본력이 부족한 시행사의 사업성 검증 시스템의 부족, 법제도상의 문제점 등이 원인으로 판단된다. 고비용을 필요로 하는 부동산 개발에서 효용성 있는 자금동원 수단이 될 수 있는 부동산 PF의 문제점을 개선하고 활성화하기 위해 부동산 PF 정책의 전반적인 재검토를 시작으로 프로젝트 사업성 평가에 대한 전문적 시스템의 구축, 시공사에 집중되어 있는 리스크의 분담, 부동산개발전문 PF 보증기관의 설립, 부동산개발업 관련 법의 개선 등을 통한 구조개선을 통한 활성화 방안을 연구해 본다. Due to the sluggish stock market after IMF financial crisis, the project financing` s dimension increased sharply thanks to the coincidence in interests of banking entities wanting to sell high-interest loan products and construction companies that needed large loans. However, after 2008, the long-term stagnation of real estate and the aggravation of constructors` financial structures caused weakness of many real estate PFs and it was led to the financial authorities` tougher restrictions and the financing entities` limitation of new loans to real estate PFs. As the real estate development business itself is extremely complex, time consuming, and full of risks and uncertainties, there exist significant amount of problems in funding through project financing. Especially, our country` s PF, different from the theoretical PFs, demands excessive guarantees, including constructors` joint and several liability on guarantee or debt acquisition, at the same time of the agencies, which participate in the project, lacking of professionalism. In the case of our country, the enforcement agencies lack professionalism as developing entities with poor funds, which makes delay and interruption of the business inevitable, when problems occur during the business proceeding course, and increases the probability of the enforcement agencies going bankrupt. As the real estate PF`s risks are being concentrated on the constructors instead of being dispersed to enforcement agencies or financing entities, the financial institutions are funding based on the constructors` credit ratings rather than the feasibility and cash fluidity of the project itself. In order to improve these problematic situations, we suggested the following measures. In accordance with the original purpose, internal organizations should be prepared in order to enable loans after evaluating the corresponding project` s feasibility, and the legalization is necessary to get external professional organs` opinions and evaluations by all means. And a quick restructuring and resuming of the interrupted or delayed companies` businesses are necessary by installing a PF business adjustment tool. Also by systematically upbringing professional evaluation organs that can evaluate real estate development businesses with objective perspectives, fair evaluations should be available.

부동산 개발사업에서 프로젝트 금융의 활용 특성과 대출조건 영향 요인 분석

박원석 대한국토·도시계획학회 2005 國土計劃 Vol.40 No.6

This paper aims at examining the current status and characteristics of project financing, and analyzing the factors influencing the financial conditions in the real estate development projects. The main results of this paper are as follows. First, project finance are activated in real estate development projects since 2001. Especially, residence development projects occupied 80% among the real estate development projects. Although real estate development project financing market is growing as a niche financial market, the true project financing market is not yet embedded, because most of project financing didn't use bankruptcy remote. Second, the main factors influencing the finance conditions, such as loan scale, duration, and excess return, are the type of the real estate development projects, the insurance of construction companies, the condition of interest rate. Therefore, financial companies mainly used the insurance of construction companies and variable interest rate as risk management techniques.

부동산 개발사업의 기획업무에 관한 연구 - 건축물 개발사업의 기획업무를 중심으로

김소연(Kim So Yon),박영기(Park Young Ki) 한국부동산학회 2007 不動産學報 Vol.30 No.-

  1. CONTENTS<BR>  (1) RESEARCH OBJECTIVES<BR>  This study is aimed to define and establish a concept of real estate development planning.<BR>  (2) RESEARCH METHODS<BR>  To achieve the research objectives, this study reviews and analyzes the books, dissertations about the real estate development. And investigates the consulting reports and the project profile of the property development project.<BR>  (3) RESEARCH RESULTS<BR>  The results of this study are as follows, Define the real estate development planning and propose the process and the work scope of the real estate planning.<BR>  2. RESULTS<BR>  The main purpose of this study is to define and establish a real estate development planning. Based on the literature and project status review, this study establish a project planning process and the work scope. The results of the study will be useful for real estate development project planning.

시장변화에 따른 부동산PF 개선방안 연구

이현석(Lee Hyun-Seok),신종칠(Shin Jong-Chil),박성균(Park Sung-Kyun) 한국도시행정학회 2011 도시 행정 학보 Vol.24 No.1

This paper aims at exploring improvement plans for project financing by real estate market changes. There have been many studies about problems and plans for improvement of real estate project financing in Korea. The plans suggested by the previous studies have been criticized because they are so vague and general. The understanding of characteristics in real estate development and finance is essential to overcome the limit of the previous studies. This study analyzes characteristics and structure in real estate development and finance. From the in-depth study on structure, participants, and finance in real estate development, this study suggest more concrete and feasible plans to apply to real estate financing considering real estate market changes. The plans include 1) the promotion of sustainable developers using partnership, 2) restructuring developers by public funding, 3) the diversification of financial source for development by equity investors, 4) the decrease of land price burden in the early stage using UPREITs concept, 5) the establishment of accurate credit information and feasibility study system about real estate development projects.

무상귀속과 기부채납 간 비교를 통한 취득세 개선에 관한 소고

김황규,박훈 한국지방세학회 2023 지방세논집 Vol.10 No.2

The project implementer of the real estate development project is obligated to create public facilities or maintenance infrastructure once the project is approved. The public facilities or maintenance infrastructure created are attributed to the state or local governments through Gratuitous Contribution or Donation Acceptance. While Gratuitous Contribution is compulsory in accordance with the legal regulations of each development project, Donation Acceptance is a legal act and is made according to the donor's expression of intention to donate and accept payment. Therefore, there is a difference between these two from a legal perspective. Until 2015, no acquisition tax was imposed on real estate acquired from a Gratuitous Contribution or Donation Acceptance under the Local Tax and thus, there was no need to distinguish between Gratuitous Contribution and Donation Acceptance. However, due to the tax revision in 2016, the “real estate” and infrastructure received for free of charge as "opposite benefits" of Gratuitous Contribution or Donation Acceptance and free use rights received by Donation Acceptance have been excluded from the acquisition tax exemption. As a result, since the acquisition tax payment amount may be incurred, it is necessary to distinguish the two. However, in order to distinguish the two, it is necessary to clearly interpret the definition of "opposite benefits" in the law. Specifically, it is a question of whether something can be interpreted as "counter benefit" when receiving something in return for Gratuitous Contribution or Donation Acceptance. In addition, when 'real estate' is received, it may be a question of how to distinguish between non-taxable real estate and reduced real estate. When examining the meaning of the opposite benefit, it is necessary to determine whether the opposite benefit exists in transactions with substantial and economic consideration under the tax law, not limited to bilateral contracts under the jurisdiction. As for Gratuitous Contribution, even if there is a real estate which a project operator received free of charge due to the abolition of the purpose from the administrative agency, it cannot be regarded as an opposite benefit. This interpretation is consistent with the Supreme Court's judgment that public facilities acquired by the project operator due to the abolition of the purpose are free succession acquisition because there is no consideration exchanged between Gratuitous Contribution and the free transfer. Therefore, real estate acquired on the condition of Gratuitous Contribution should be interpreted as being non-taxable, not subject to reduction or exemption. On the other hand, Donation Acceptance is considered to be in a practical and economic compensation relationship under the tax law if the right to use is acquired free of charge in return even if it takes the legal form of a judicial gift contract. Therefore, if a free use right is provided in exchange for Donation Acceptance, the free use right is an opposite benefit to Donation Acceptance. However, since acquisition tax is difficult to see as a development profit recovery system, it is desirable to reorganize the development profit recovery system such as development charges if the purpose is to limit development profits because there is a counter benefit. In addition, Donation Acceptance is a system that can expand necessary infrastructure even if the state does not directly invest in infrastructure, so it is necessary to provide benefits to revitalize projects where Donation Acceptance is made. For real estate acquired under the condition of Donation Acceptance, legislative amendments such as returning the acquisition tax to non-taxable are required. In other words, the conclusion of the paper is that real estate acquired on the condition of Gratuitous Contribution is not subject to acquisition tax from an interpretive point of view, and the acquisition tax on real estate acquired on the cond... 부동산개발사업의 사업시행자는 사업시행인가 시 공공시설 또는 정비기반시설을 조성할 의무를 부여받는다. 조성한 공공시설 또는 정비기반시설은 국가 또는 지방자치단체에 무상으로 귀속되거나 기부채납된다. 무상귀속은 각 개발사업의 법률 규정에 의하여 강제적으로 이루어지는 것인 반면, 기부채납은 법률 행위에 의한 것으로서 증여자의 기부의 의사표시와 채납이라는 승낙의 의사표시에 따라 이루어지는 것이므로, 양자 간 법률상 차이가 있다. 과거 지방세법에서는 귀속 또는 기부채납을 조건으로 취득하는 부동산에 대하여 취득세를 부과하지 아니하는 것으로 규정하여, 그동안 양자를 구분할 필요성이 크지 않았다. 그러나 2016. 1. 1.부터 귀속 또는 기부채납을 조건으로 부동산 및 사회기반시설을 취득한 자가 귀속 또는 기부채납의 ‘반대급부’로 ‘부동산’ 및 사회기반시설을 무상으로 양여받거나, 기부채납 대상물의 무상사용권을 제공받는 경우 등을 취득세 비과세대상에서 제외하고 지방세특례제한법상 감면 대상으로 규정하였다. 따라서 취득세 납부세액이 발생하는 현행 법령의 경우에는 양자를 구분할 필요성이 있다. 하지만 양자를 구분하기 위해서는 법문상 ‘반대급부’가 무엇을 의미하는지 해석을 필요로 한다. 구체적으로 무상귀속 또는 기부채납의 대가로 무언가를 받았을 때 그 무언가를 ‘반대급부’로 해석할 수 있는지 문제된다, 또한 ‘부동산’을 받은 경우 비과세되는 부동산과 감면되는 부동산을 어떻게 구분하여야 하는지가 문제될 수 있다. 반대급부의 의미를 검토하였을 때, 반대급부라 함은 사법상 쌍무계약에 한정하지 아니하고 세법상 실질적・경제적 대가관계가 있는 거래에서 그 존재 여부를 파악하여야 한다. 따라서 무상귀속에 대해서는 사업시행자가 행정청으로부터 용도 폐지되어 무상으로 양도받는 부동산이 있더라도 이를 반대급부로 볼 수 없다. 이러한 해석은 무상귀속과 무상양도 간 대가성이 없으므로 용도 폐지되어 사업시행자가 취득하는 공공시설이 무상승계취득에 해당한다는 대법원의 판단과 일관성이 있다. 결국 무상귀속을 조건으로 취득하는 부동산은 감면 대상이 아닌 비과세 대상에 해당하는 것으로 해석하여야 한다. 반면 기부채납은 사법상 증여계약의 법률형식을 취하더라도 그 대가로 무상사용권을 취득한다면, 이러한 거래는 세법상 실질적・경제적 대가관계에 있다고 보고 있다. 따라서 기부채납의 대가로 무상사용권을 제공받았다면 그 무상사용권은 기부채납 부동산의 반대급부이다. 그러나 취득세는 개발이익환수제도로 보기 어려우므로 반대급부가 있다는 이유로 개발이익을 제한하고자 하는 목적이라면 개발부담금 등 개발이익환수제도를 정비하는 것이 바람직하다. 뿐만 아니라 기부채납은 국가 등이 직접 기반시설 등에 투자하지 않더라도 필요한 기반시설을 확충할 수 있는 제도이므로 기부채납이 이루어지는 사업이 활성화되도록 혜택을 부여할 필요성이 있다. 따라서 기부채납을 조건으로 취득하는 부동산에 대해서는 취득세를 다시 비과세 대상으로 환원하는 등의 입법 개정이 필요하다. 다시 말해 논문의 결론은 무상귀속을 조건으로 취득하는 부동산의 경우 반대급부라는 단어가 성립하지 않음을 전제로 해석론적 관점에서 취득세 비과세 대상임을 주장하고, 기부채납을 조건으로 취득하는 부동산의 경...

부동산개발 프로젝트의 전략적 제휴에 있어서 협력과 기회주의의 선행요인과 결과 - 건설업자의 관점 -

유동근,차애영,이용기 한국전략마케팅학회 2011 마케팅논집 Vol.19 No.4

전략적 제휴는 둘 이상의 파트너가 협력하는 것으로 성공할 경우, 혼자서는 달성할 수 없는 큰 성과를 거두게 된다. 그러나 많은 전략적 제휴 성과에 대한 연구에서 보듯이 전략적 제휴를 정상적으로 종료하여 성과를 달성하는 것이 매우 어렵다. 이러한 상황은 특히, 자산의 특이성이 크고, 사업기간이 최소 3년 이상 소요되는 부동산(공동주택)개발 사업의 경우에 더욱 두드러질 것이므로 전략적인 제휴 운영이 필요하다. 더욱이 부동산(공동주택) 개발 사업의 실패는 사업당사자 뿐만 아니라 기관협력자는 물론 수(受)분양자에게 까지도 피해를 입히기 때문에 더욱 심각하지만 부동산(공동주택) 개발 사업에서의 전략적 제휴는 아직까지 그 가치와 중요성이 제대로 인식되어 있지 않다. 따라서 본 연구는 전략적 제휴 연구를 바탕으로 부동산(공동주택) 개발의 전략적 제휴에서 협력과 기회주의에 영향을 미치는 선행요인과 결과요인간의 관계를 분석하여 부동산(공동주택) 개발 제휴로 제휴를 좀 더 안정적으로 운영하여 부동산 시장을 보다 안정화시키는 데 기여하고자 하였다. 분석 결과, 부동산(공동주택) 개발 사업은 파트너의 기회주의 행동에 대한 위험을 많이 느끼고 있으며, 유형적 요인 즉, 능력 신뢰, 구조적 통제, 제휴특유투자보다 무형적 요인인 선의 신뢰, 사회적 통제, 상호보완성이 제휴성과에 더 중요한 영향을 미치는 것으로 나타났다. This study is to examine the effect of trust, control, mutual complementarity and joint partnership experience on cooperation, opportunism, and performance in strategic alliance of real estate development project, and how cooperation and opportunism play mediating roles between trust, control, resource complementarity, joint partnership experience, and performance. For these purposes the authors developed a structural model which consists of several constructs. In this model, trust consist of benevolence and competence, control consist of social control and structural control, mutual complementarity consist of complementary and alliance-specific investments and joint partnership experience consist of conflict resolution and communication were proposed to affect cooperation and opportunism, and ultimately increase performance. The model proposed that cooperation and opportunism would improve performance. Thus, cooperation and opportunism were proposed as core mediators between trust, control, mutual complementarity, and joint partnership experience, and project performance. The data were collected from 188 constructors of real estate development and were analyzed using frequence, reliability analysis, and confirmatory factor analysis, correlation analysis, and path analysis with SPSS 14.0 and AMOS 18.0. To test unidimensionality and nomological validity of the measures of each construct we employed scale refinement procedure. The results of reliability test with Cronbach's α's and confirmatory factor analyses warranted unidimensionality of the measures for each construct. In addition, nomological validity of the measures was warranted from the result of correlation analysis. The data were analyzed with path analysis. The result of the overall model analysis appeared as follows: χ² = 54.10 df = 12, p = 0.00, GFI = 0.95, AGFI = 0.78, CFI = 0.96, NFI = 0.95, RMSEA = 0.14, RMR = 0.07. Since the result of the overall model analysis demonstrated a good fit, we could further analyze our data. The results of this study are as followings: First, trust, mutual complementarity, and joint partnership experience have significant and positive effect on cooperation and control has significant and negative effect on cooperation from the perspective of both constructor and developer. The result of path analysis on conductor was totally consistent with the result of path analysis on both conductor and developer, While in the result of path analysis on developer, mutual complementarity has no significant effect on cooperation, which is not consistent with the result of path analysis on both conductor and developer. Second, in the result of path analysis on both conductor and developer, trust and control have no significant effect on opportunism. Mutual complementarity has significant and positive effect on opportunism. Oppositely, joint partnership experience has significance and negative effect on opportunism. In the result of path analysis on conductor, trust, control and joint partnership experience have no significant effect on opportunism and mutual complementarity has significant and positive effect on opportunism. In the result of path analysis on developer, all of the four factors consist of trust, control, mutual complementarity and joint partnership experience have no significant effect on opportunism. Third, cooperation has significant and positive effect on opportunism from the perspective of both conductor and developer. Fourth, cooperation has significant and positive effect on performance from both conductor’s and developer's perspectives. Meanwhile, opportunism has an insignificant effect on performance in both conductor and developer's perspectives. Theoretical and managerial implications are as follows: First, the result has shown that trust, mutual complementarity, and joint partnership experience have significant and positive effect on cooperation. Oppositely, control has significant and negative effect on cooperation from both conductor’s and developer's perspectives. This tells us that strong control mechanism that may reduce cooperation are not accepted, which has showed different features of strategic alliance in real estate development. In strategic alliance of real estate development project between conductor and developer, many risks exist because the ownership of developer may be misused or abused and co-payment may be difficult to manage. While trust in both real estate and fund management and strong safety devices can reduce anxiety and give alliance members reliability to work together. Second, Mutual complementarity has significant and positive effect on opportunism. This is because that the asset specific of geographic and locational real estate is high and Developer’s mutual complementarity is finished early in a condition that implementation of the JVs(join venture) is uncertain. According to the research result, opportunism is very sensitive in strategic alliance of real estate development project. Therefore, the methods of controlling opportunism should be employed in order to achieve more successful strategic alliances. Consequently, the failure of development project will cause the loss of the people for condominium sales, which has been considered as a big problem in a country. So the guarantee to apartment purchasers must been accomplished and all of the participators should take their responsibilities for strategic alliance of real estate development project.

산업단지 개발사업 참여자의 리스크요인 중요도 인식차이에 관한 연구 : 퍼지 AHP를 이용하여

나용규(Na, Young-kyu),이성근,(Lee, Sung-Gun) 한국부동산정책학회 2016 不動産政策硏究 Vol.17 No.2

In the Korean economy focusing on the manufacturing business, industrial complexes are playing a great role in promoting balanced land development and constant industrial development through smooth supply of industrial locations and rational arrangement of industries. As of the late 2015, a total of 1124 industrial complexes were being developed and operated, and recently 30-60 complexes have been newly designated. The state and local governments developed and supplied industrial complexes until 2000, the former implementing industrial complex development projects through Korea Industrial Complex Corporation (KICOX) or Korea Land & Housing Corporation and the latter through local public ent erprises. Since 2000, Private and Public Collaboration Companies (PPCCs) or special purpose corporations(SPCs)co-established by financial/construction companies and real estate development corporations have also implemented industrial complex development projects. SPCs are raising funds needed for industrial complex development projects mainly through Project Financing (PF). As a large amount of funds is required for industrial complex development projects, it is necessary to thoroughly evaluate and manage risks based on objective standards. However, risks arising from real estate development projectscould vary with the types of development projects such as residential use, working use, or industrial use, and those participating in real estate development projects could differently see the importance of risks depending on their interest, which is why risk evaluation items should be classified in detail and managed based on the types of development projects. Thus, the purpose of this study is to provide evaluation items for objective evaluation of risks related to industrial complex development projects among real estate development projects, analyze perceptional differences in evaluation items targeting civil servants, employees engaged in real estate development corporations, and workers serving in financial institutions, and propose evaluation standards that can be used by real estate development corporations or financial institutions.