자본자산가격결정모형을 이용한 임대형 민자사업의 적정 수익률 추정 = Estimation Rate of Return for Private Participation in Infrastructure using CAPM

다국어 초록 (Multilingual Abstract)

Rate of return (ROR) for private participation is determined by a negotiation of government with private participation. Profits and expenses are considered too. That means the interest rate of private participation combines with no-risk interest rate and risk compensation. It do not definitely present in private participation planning. Therefore, this research classified transfer lease and earning transfer presented by Capital asset pricing model (CAPM). The CAPM between risks and earning explain the balance relation. Many investors efficiently dispersed risks on their investment, individual portfolio’s risk and profits. This research estimated private participation’s level of earning rates using CAPM. Especially, risk premium expectation rates of each project were evaluated and presented. The contribution of this research is that it can be used for negotiation processes and making decisions. Also, the process on earning rate is more reasonable and well-organized by using scientific analysis manuals.

참고문헌 (Reference)

1 선우석호, "재무관리" 율곡출판사 2004

2 박영민, "자본자산가격결정모형을 이용한 민간투자사업의 적정 수익률 추정" 부경대학교대학원 2008

3 김권중, "자본비용 및 유효이자율 측정"

4 이원, "베타를 이용한 한국 증권 시장에서의 CAPM 유용성 검증" 서울대학교 대학원 2000

5 건설교통부, "SOC민간투자사업의 CM 운영체계 개발" 건설교통부 2006

6 박민혜, "Estimate of Systematic Risk Interval using Wavelets"