부동산 개발사업의 프로젝트 파이낸싱에 관한 연구 : 주택건설 사업을 중심으로 = A study on the project financing about developing of real estate : focused on the housing construction

다국어 초록 (Multilingual Abstract)

The government accepted the existed housing construction business as a way of solving an imbalance in the supply and demand of the housing market. But, the improvement of the system is required, and both the housing market and the finance market are facing a rapid environmental change after the foreign currency crisis.
In the past, a loan on real estate from banking facilities was strictly restricted because of real estate speculations, but it became possible because of revised regulations about using credit of banking facilities. Moreover, the housing market in which supplies had been shortened for two years after the foreign currency crisis because of the decrease of a new investment and the restriction of a loan to an insolvent company, was risen up as the object of a capital investment.
The supply and demand of the finance market for real estate development business is built up and loan goods which introduced characteristics of the project financing into the real estate development business are being sold.
But there are a lot of problems with conflicts due to occupational cases because customs of the real estate developing business are very different from those of credit of banking facilities.
In this study, It is examined the methods that will activate the project financing of the real estate developing business with the improvement of the present project financing through the analysis of theoretical and systematic backgrounds, present conditions and problems of the project financing in the real estate developing business.
Followings are the contents of this report.
In chapter 2, The definition of the project financing, backgrounds and characteristics of it, the relationship between the project financing and the business finance, strength and weakness of the project financing, the risk analysis in the project financing and conditions of it, and the process that the project financing is approved.
In chapter 3, The present conditions and problems of analysis factors of the project financing in the real estate developing business.
In chapter 4, The improved ways of the present project financing, the legislation of PFV(Project Financing Vehicle) company, and methods of permitting the trust investment company of a real estate to deal with specific monetary trust goods.
In chapter 5, The summary of the contents about this study and the expected effects.
To activate of the project financing about developing of real estate program including the improvement plan of existing project financing, It is examined the concept of project financing, the characteristic and background of its market formation, the type of it, the developing financing of America, the comparison of it with business financing, the strength and weakness of it, the conditions of it, risking elements and the analysis of economic validity, etc.
It is activated to participate housing construction business of trust through the certification of payment, the reasonable improvement of business evaluation, the reduction of corporation tax, the legislation about PFV company's extent of responsibility, the establishment of law about project financing business in the existence term of PFV company and flexible application of fund scale, the activation of housing construction business through the reduction of preparation cost by the trust investment company, etc.

목차 (Table of Contents)

• 목차
• 제1장 서론 = 1
• 제1절 연구 목적 = 1
• 제2절 연구 범위 = 2
• 제3절 선행 연구의 검토 = 3
• 제2장 이론적·제도적 배경 및 분석의 틀 = 4
• 제1절 프로젝트 파이낸싱의 이론적·제도적 배경 = 4
• 1. 정의 = 4
• 2. 시장형성의 배경 = 5
• 3. 조건 = 8
• 4. 프로젝트 파이낸싱의 유형 = 11
• 5. 미국의 개발금융제도 = 19
• 제2절 프로젝트 파이낸싱과 기업금융 = 24
• 1. 비교 = 24
• 2. 프로젝트 파이낸싱의 장점 = 26
• 3. 프로젝트 파이낸싱의 단점 = 28
• 제3절 분석의 틀 = 29
• 1. 분석 틀의 구성 = 29
• 2. 분석 요소의 정의 = 31
• 제3장 위험 요소 및 사업 타당성 분석 = 33
• 제1절 프로젝트 파이낸싱의 위험 요소 분석 = 33
• 1. 상업적 위험 = 33
• 2. 정치적 위험 = 34
• 3. 불가항력적 위험 = 34
• 제2절 프로젝트 파이낸싱의 사업 타당성 분석 = 34
• 1. 사전조사 = 35
• 2. 리스크 분석 = 36
• 3. 현금흐름 분석 = 41
• 4. 경제성 분석 = 45
• 5. 민감도 분석 = 46
• 제4장 문제점 및 활성화 방안 = 48
• 제1절 프로젝트 파이낸싱의 현황 = 48
• 1. 실적 현황 = 48
• 2. 수익성 현황 = 50
• 제2절 프로젝트 파이낸싱의 문제점 = 52
• 1. 일률적 부채비율 기준 적용 = 52
• 2. 소구방식의 은행대출 = 53
• 3. 책임준공 조건에 대한 보완 = 54
• 4. 전문성의 부족 = 54
• 5. 이중과세의 문제 = 56
• 제3절 프로젝트 파이낸싱의 활성화 방안 = 57
• 1. 기존 프로젝트 파이낸싱 제도의 개선 = 58
• 2. 부동산 투자회사법 개정을 통한 간접투자시장의 활성화 = 66
• 3. 부동산 신탁회사에 특정금전신탁 상품 인가 = 73
• 제5장 결론 = 77
• 제1절 연구 결과의 요약 = 77
• 제2절 정책 제언 = 79
• 참고문헌 = 80
• ABSTRACT = 84