不動産 開發事業에 있어서 프로젝트 파이낸싱 活性化 方案에 관한 硏究 = Research on the implementation of the project financing regarding real estate development business

다국어 초록 (Multilingual Abstract)

The purpose of this research is to devise the implementation of project financing in the Korean real estate market and to understand the nature of the project financing by the analysis of the international and internal market. It helps to define the problems and alternative resolutions to the Korean real estate development business to derive the solutions to implement the project financing in real estate market. The followings are summaries of the prime research results and implications.
First of all, even though regulatory rules such as bans on inbound foreign currency and collateral-based financing in banking industry, it is safe to judge that there is a possibility to implement project financing in the Korean real estate development business.
The reason is that, above all, given the characteristic of the real estate development business that needs a long term fund, it is difficult to keep the old financing method that large investor takes all risks to pay back. Project Financing will bring the better solution to distribute the risk among investors or participants in their interests.
In addition, financial institutions are trying to introduce the new financing method that loan the money judging from project feasibility out of old method of loaning.
Second of all, other fields to make the best use of project financing in real estate development business is as follows ① a project that stabilize the future cash flow by introducing the financing structure into long term contract with customers, ② a project that results synergy effect by compounding subsidiary business that proceeds the stabilized profits, ③ a project that allocate the high risk following high return among investors in their interests optimally.
Third of all, the method to make use of project financing in real estate development business ① to vary financing sources, behind the domestic financial institution's custom to lend syndicated loan, to make the best use of foreign fund from international market within the current regulatory rules, ② vary participants in the consortium from construction industry to specialized financial institution, long term investors, institutional investors, ③ Introduce dividend rate limit as a risk allocation method to eliminate recourse demands,, Intensify preliminary insurance in contract, Intensify the payment of consigned account.
To activate the project financing in the Korean real estate development market, it requires a variety of financing sources that development and finance are specially consolidated. Project financing is an absolute answer to solve the problem. It is likely that the important thing is how to distribute the risks in markets and design profit structure that guarantee the profits to all the investors.
On this matter, project financing is the process to derive the best finance packages in the matter of financial engineering through optimal risk distribution. However more importantly, it is how to make up the strategic financial packages between investors finally.

목차 (Table of Contents)

• 目次
• 第1章 序論 = 1
• 第1節 硏究의 目的 및 必要性 = 1
• 第2節 硏究의 範圍 및 方法 = 2
• 第2章 프로젝트 파이낸싱에 관한 理論的 背景 = 4
• 第1節 프로젝트 파이낸싱의 槪要 = 4
• 1. 프로젝트 파이낸싱의 槪念 = 4
• 2. 프로젝트 파이낸싱의 기본구조 = 4
• 3. 프로젝트 파이낸싱과 銀行貸出의 차이 비교 = 9
• 第2節 프로젝트 파이낸싱의 特徵 = 10
• 1. 프로젝트 파이낸싱의 主要 特徵 = 10
• 2. 프로젝트 파이낸싱의 長短點 = 12
• 3. 프로젝트 파이낸싱의 사업방식 = 12
• 4. 프로젝트 파이낸싱 관련 주요 危險및 위험이전 方案 = 14
• 第3節 外國의 프로젝트 파이낸싱 制度 = 17
• 1. 외국의 사례개관 = 17
• 2. 주요 海外事例 分析및 시사점 = 19
• 第3章 우리나라 프로젝트 파이낸싱의 現況分析 = 27
• 第1節 槪要 = 27
• 第2節 프로젝트 파이낸싱 關聯法律 및 制度分析 = 28
• 1. 사업시행관련제도 = 28
• 2. 支援 및 規制制度 = 30
• 3. 프로젝트금융투자회사(PFV; Project Financing Vehicle)법(案)) = 36
• 4. 法制分析의 종합 = 38
• 第3節 우리 나라의 프로젝트 파이낸싱 活用實態 및 事例分析 = 39
• 1. 우리나라의 프로젝트 파이낸싱 활용실태 = 39
• 2. 우리나라의 프로젝트 파이낸싱 사례분석 = 41
• 第4章 우리나라 프로젝트 파이낸싱의 問題點 및 改善方案 = 57
• 第1節 우리나라 프로젝트 파이낸싱의 問題點 = 57
• 1. 資金調達의 限界 = 57
• 2. 金融市場의 制度·官行상 問題點 = 60
• 3. 社會的 여건의 제약 = 61
• 第2節 프로젝트 파이낸싱 改善方案 = 62
• 1. 外貨資金 導入의 擴大 = 62
• 2. 國內 資金調達源의 多樣化 = 63
• 3. 專門的인 프로젝트 이해당사자의 참여 = 66
• 4. 不動産 開發價値의 評價·保證機關 育成 = 67
• 5. 銀行 不動産 信託制度의 整備 = 67
• 第5章 結論 = 70
• 參考文獻 = 72
• ABSTRACT = 76
• 부록 = 78