책임준공형 관리형토지신탁의 리스크 저감방안에 대한 연구 : 부동산신탁사 중심으로 = A Study on the Risk Reduction Method of Responsible Completion-type Land Trusts - Focusing on Real Estate Trust Companies -

국문 초록 (Abstract)

1991년 부동산투기를 막기 위한 대책일환으로 정부는 부동산을 효율
적으로 개발할 수 있도록 부동산신탁제도 도입을 하였으며, 외환위기
이후 본격적으로 부동산신탁시장이 급성장함에 따라 그동안 부동산 신
탁업계는 전통적인 신탁방식의 차입형(개발형) 토지신탁, 관리형 토지신
탁, 담보 및 처분, 관리신탁 상품을 통해 2017년까지 지속적으로 성장
해 왔다. 하지만 2018년 당시 지방중심으로 부동산 경기둔화가 본격화
되면서 신규 수주가 감소세로 돌아섰고 더불어 11곳이었던 부동산신탁
업계가 증권지주계열 부동산신탁사 3곳이 추가 진입하면서 수주경쟁이
심화되어 수익성이 저하됨에 따라 신규시장 개척 및 신탁상품 개발이
절실해졌다. 한편, 부동산개발사업의 주된 자금조달방법으로 프로젝트
파이낸싱(Project-Financing)기법을 주로 활용했는데 이는 차주인 시행사
가 개발 사업에 소요되는 자금을 자기자본만으로 조달할 경우, 막대한
자본이 필요할 뿐만 아니라 손실위험이 분산되지 않자 이를 해결하고자
금융기관으로부터 PF대출을 통해 부동산개발사업을 추진하였다. 또한 대출금융기관은 사업대상 토지와 시공사의 신용보강(연대 보증 또는 채무인수)을 담보로 PF대출을 실행하였으나, 2017년 이후 지방 부동산 경
기 침체로 인해 부동산개발사업의 PF대출부실화 가능성이 높아짐에 따
라 과거 시공사의 신용에만 의존한 PF대출방식에서 탈피하여 사업 참
여자들을 활용해 사업의 리스크를 분산할 수 있는 방안을 고심하게 되
었다. 이러한 상황은 수익성 제고를 위한 틈새시장 개척이 필요했던 신
탁사와 PF대출리스크를 낮추기 위한 대안이 필요한 금융기관의 니즈에
적합한 신탁상품을 출현하게 되었는데 그것이 바로 책임준공형 관리형
토지신탁(또는 ‘책임준공형 토지신탁’이라 함.)이었다. 특히 저금리 기조
와 수도권지역 대출규제의 풍선효과로 인한 지방부동산경기 회복과 코
로나19 확산대응을 위한 유동성 공급으로 자금이 국내 부동산으로 집
중된 상황에서 PF대출을 위한 신탁사의 신용공여는 부동산 PF대출의
새로운 기법으로 인식되었고 대출금융기관은 최근까지도 중·소규모 부
동산개발사업 PF대출시 활발하게 이용되었다.
하지만, 2022년 중반이후 급격한 금리인상 및 전 세계 인플레이션 영
향으로 부동산 경기가 급격히 경색되면서 PF대출은 적색신호가 들어왔
고 책임준공형 토지신탁을 통한 PF대출사업장 역시 언제 터질지 모르
는 뇌관으로 급부상하게 되었다. 따라서 본 연구에서는 그동안 신탁사
가 책임준공형 토지신탁을 통한 개발사업에서 발생할 수 있는 신탁사의
리스크를 고찰하고 사업사례를 통해 발생한 문제점과 향후 발생할 수
있는 잠재적 리스크에 대해 실증적으로 분석한 후 이를 저감 또는 개
선할 수 있는 방안을 찾고자 하며 이러한 연구가 부동산신탁사가 향후
안정적인 수익을 창출할 수 있는데 기여할 수 있기를 기대해 본다.

다국어 초록 (Multilingual Abstract)

In 1991, as part of measures to prevent real estate speculation, the
government introduced a real estate trust system to efficiently develop real
estate. As the real estate trust market has grown rapidly since the financial
crisis, the real estate trust industry has continued to grow until 2017 through
traditional trust-type (development) land trusts, managed land trusts, collateral
and disposal, and management trust products. However, as the real estate
economy began to slow down in earnest in 2018, the real estate trust
industry, which was 3 more real estate trust companies affiliated with
securities holding companies, entered, intensifying competition for orders and
lowering profitability.
Meanwhile, the developer raises the required funds through PF loans
because it requires a huge amount of capital to promote the real estate
development project. This is because if the developer raises it directly, it not
only requires huge equity capital, but also the risk of equity capital loss is
not dispersed. In addition, loan financial institutions implemented PF loans
with credit reinforcement (joint guarantee or debt acquisition) of land subject
to the project and construction companies, but since 2017, the default rate of
PF loans for real estate development projects has increased. Therefore, we are
considering ways to disperse business risks by utilizing business participants by breaking away from PF lending methods that relied solely on the trust of
construction companies in the past.
In this situation, the trust product that meets the needs of trust companies
that needed niche market development to improve profitability and financial
institutions that needed alternatives to reduce PF loan risk was a
responsibility completion-type land trust (or "responsible land trust"). In
particular, trust companies' credit offerings for PF loans were recognized as a
new real estate PF technique at a time when funds were concentrated in
domestic real estate due to the recovery of the local real estate economy and
liquidity supply to respond to the spread of COVID-19.
However, as the real estate economy has been sharply strained since
mid-2022 due to rapid interest rate hikes and global inflation, PF loans
through responsible land trusts have also emerged as a detonator. Therefore,
this study aims to find ways to reduce or improve problems and potential
risks that have occurred through business cases by examining the risks of
trust companies in development projects through responsible land trusts.

목차 (Table of Contents)

• 초 록 ··············································································································· ⅰ
• 표 목 차 ··············································································································· ⅶ
• 그림목차 ··············································································································· ⅷ
• 제1장 서 론 ········································································································ 1
• 제1절 연구배경과 목적 ······················································································ 1
• 제2절 연구범위와 방법 ······················································································ 4
• 제3절 선행연구 ··································································································· 6
• 1. 부동산개발사업 및 신탁관련 선행연구 ················································· 6
• 2. 차입형과 관리형 토지신탁관련 선행연구 ··············································· 7
• 3. 부동산신탁사 리스크와 자산 및 재무건전성 관련 선행연구 ··············· 8
• 4. 책임준공형 토지신탁관련 선행연구 ························································· 9
• 5. 차별성 ······································································································· 10
• 제2장 부동산신탁의 이론고찰 및 현황 ······················································· 12
• 제1절 부동산신탁의 구조와 신탁업 현황 ······················································ 12
• 1. 부동산신탁의 구조 이론 ······································································· 12
• 2. 부동산신탁제도의 도입 배경 ································································ 22
• 3. 부동산신탁업 현황 ················································································· 22
• 제2절 부동산신탁업계 현황 ············································································ 23
• 1. 부동산신탁사 수탁고 ············································································· 23
• 2. 부동산신탁사의 수익성 ········································································· 26
• 3. 부동산신탁사의 자산건전성 ·································································· 29
• 4. 부동산신탁사의 재무건전성 ·································································· 31
• 5. 책임준공형 토지신탁의 비중과 현황 ··················································· 32
• 6. 시사점 ····································································································· 36
• 제3장 부동산신탁사의 리스크 유형 및 관리기준 ······································· 38
• 제1절 개 요 ······································································································· 38
• 제2절 유형별 리스크 관리기준 ······································································· 40
• 1. 재무리스크 ······························································································ 40
• 2. 신용리스크 ································································································ 42
• 3. 사업리스크 ································································································ 48
• 제4장 책임준공형 토지신탁의 주요 리스크 및 관리현황 ······················ 52
• 제1절 책임준공형 토지신탁의 주요 리스크 발생 요인 ······························· 52
• 제2절 유형별 예상리스크 시나리오 및 사례 분석 ······································· 55
• 1. 책임준공형 토지신탁사업의 리스크 사례 ············································· 57
• 2. 문제점 ····································································································· 59
• 제5장 책임준공형 토지신탁의 주요 리스크 관리 개선방안 ···················· 63
• 제1절 필수사업비 확보율 개선방안 ······························································· 63
• 1. 필수사업비 확보율 개선방안 ·································································· 64
• 2. 개선효과 ·································································································· 65
• 제2절 신탁계정대 상환순위 개선방안 ······························································ 67
• 1. 신탁계정대의 우선순위 개선방안 ······················································ 67
• 2. 개선효과 ···································································································· 68
• 제3절 시공사 선정기준 및 관리 개선방안 ······················································ 69
• 1. 선정기준 및 관리 개선방안 ·································································· 69
• 2. 개선효과 ·································································································· 73
• 제6장 결 론 ······································································································ 74
• 참고문헌 ··········································································································· 77