택지개발사업에서의 프로젝트 파이낸싱 활용방안에 관한 연구 : 한국토지공사를 중심으로

다국어 초록 (Multilingual Abstract)

The funding of the Korea Land Corporation is very greatly influenced by the conditions of the real estate market. When the real estate is in a bullish period, land sale becomes a major source of fund, thereby being able to reduce the debt ratio and enabling the business to be operated stably. But because land is not sold in the period of real estate depression, the source of fund can not but to be depended on for funds. This raises financial costs and in turn raise land cost, which results in the cyclical problem of difficulty in sale. Accordingly, the Korea Land Corporation has issued the land profit-linked bond and ABS since the IMF-supported regime in Korea and resolved this problem temporarily, but they have the limitation.
Accordingly, the Korea Land Corporation needs the diverse sources of funds to develop as ongoing concern and especially will need the method of development financing combining development with finance. Project financing must be one of the methods to resolve this problem. The problem is how the risk is diversified to the risky real estate development project and how to have the profit structure that can guarantee profits to all of investors. There are diverse cases that funds have been raised for the SOC project through financing. There is no case of the PF real estate development project for share investment of combined public and private sectors like the development project for station trading area of Yongin and Jukjeon in the land development project district. It is necessary to take careful measures at the stages of establishing the project company and promoting the business in the future because such a project is in its infancy. For project financing to be activated as real estate development financing with the development project district, endless development will continue in the direction that all of the participants in project financing can benefit from development.
In this study, project financing is confirmed as the source and technique of new funding of the Korea Land Corporation, but the study on their detailed test by project department is still insufficient. Future research will have to be continued concerning the kind, size, aviodance plan and profit structure of risks when development is carried forward with in the project financing method within the housing land development district. And to make practical use of project financing as the new project method, the Korea Land Corporation must take an active part in the enactment of the project financing venture business(PFV) law and must make efforts to activate the project financing(PF) through the revision of employee education and internal regulations concerning the understanding of the need for PF-based project within the corporation.

목차 (Table of Contents)

• 목차 = ⅰ
• 第1章 序論 = 1
• 第1節 硏究의 背景 및 目的 = 1
• 第2節 硏究의 範圍와 方法 = 4
• 第2章 프로젝트 파이낸싱의 이론적 고찰 = 6
• 第1節 Project Financing의 개념 = 6
• 1. Project Financing의 정의 = 6
• 2. 프로젝트 파이낸싱의 특징 = 7
• 3. 프로젝트 파이낸싱의 구조 = 11
• 第2節 Project Financing의 이해당사자 = 12
• 1. Project 추진 당사자 = 12
• 2. 프로젝트 금융공여 및 위험경감 당사자 = 13
• 3. 프로젝트 建設關聯 當事者 = 16
• 4. 프로젝트 운영관련 당사자 = 18
• 5. 프로젝트관련 기타 전문가 = 19
• 第3節 프로젝트 파이낸싱의 절차 및 자금구조 = 19
• 1. 프로젝트 파이낸싱의 절차 = 19
• 2. 프로젝트 파이낸성의 자금구조 = 22
• 第4節 PF기법의 사업타당성 분석 = 26
• 1. 사업타당성 분석 = 26
• 2. 經濟的 事業妥當性 分析 및 限界點 = 43
• 第5節 프로젝트 파이낸싱의 危險과 危險移轉 = 43
• 1. 프로젝트 危險의 種類 = 43
• 2. Project Financing에 있어서의 危險移轉 = 47
• 第3章 택지개발사업 자금조달방안 = 51
• 第1節 자금조달방법 및 장단점 = 51
• 第2節 자금조달방법의 우선순위 = 55
• 第3節 자금조달상의 문제점 = 56
• 第4節 문제해결 대안으로서의 PF = 57
• 第4章 용인죽전 역세권개발사업 사례연구 = 60
• 第1節 PF를 도입하게 된 배경 = 60
• 第2節 사업성분석 = 65
• 第3節 PF 사업추진의 기대효과 = 70
• 第5章 택지개발사업에서의 PF 활성화 = 74
• 第1節 프로젝트 파이낸싱 활성화 필요성 = 74
• 第2節 활성화에 따른 제약사항 및 개선방안 = 77
• 第3節 프로젝트 파이낸싱 활성화를 위한 제안 = 79
• 第6章 결론 = 81
• 參考文獻 = 83
• ABSTRACT = 85