부동산 개발사업에 있어서 프로젝트 파이낸싱 활용방안에 관한 연구 : 미니 지방산업단지 개발사업을 중심으로

미니 지방산업단지 개발사업의 프로젝트 파이낸싱 활용 방안을 연구했다.

The market of real estate of Korea has been in recession since 1997. Many construction companies had gone bankrupt because they could have not overcome the crisis of liquidity due to the crisis of foreign exchange in 1997. Lots of benefits about systems and taxes were given by the government of Korea, because it was necessary to recover the economic status of the recessed market of real estate since the crisis of foreign exchange. In addition, it was shown many changes at the market of real estate bringing in the developed financial technique of foreign countries in various ways.

The developed techniques of real estate such as project financing, MBS, ABS, REIT'S were brought in Korea and the examples of the practical uses have increased. One of these was the appearing of the professional enforcement business. This was different from that a large construction company used to manage all things such as enforcement, construction and financing. In other words, this appearing of the professional enforcement companies caused the division of enforcement and construction However the excessive boom of real estate was caused by that. So the government of Korea has brought up many regulations to make the market of real estate stable.

The project financing has been more important, as it has the low rate of self financing and high independence about banking facilities loaning in the market of real estate.

Banking facilities has lots of safety systems which are a mortgage offer and the responsibility construction of construction companies and joint liability on guarantee, the personal guarantee of the CEO of construction companies, management disposal trust and establishing the right of pledge about a beneficiary certificate as the first, and the bank's possession of the discount disposition about principal and interest nonredemption after the completion of the construction work to avoid risk, even though the project financing is supposed to give a loan being based on the value of business of an applicable project.

Therefore, it is mentioned in this thesis the theory of the project financing and the problems of the project financing in the development of real estate, the analysis of examples applied to the project financing. There is also some suggestions about improvement plans and alternative plans. It is said that most of the business of real estate development involves a long term and a large scale of requirement money. It means this business is exposed in huge risk from the beginning to the end.

In addition, the analyzation of the value of business about projects doesn't have standardized ideas and analysis tools, even though the analysis of business value of a projet should be done based on the analysis from professionals and authentic data. So, the analyzation of the value of business about projects has been done according to the flow of cash and the financial analysis simply based on the presumption of the rate of presumptive sale without the analysis of the demand tendency of purchasers and a scientific analysis and prediction about purchasing power measurement.

It also is shown that banking facilities do not have enough the analysis know-how about the value of business, because they have insufficient project analysts and less experience in the field. Banking facilities pass the buck to other participants properly to bring back principle and interest on a loan to avoid these problems. Therefore, banking facilities need to have the structure reformation about risk bearing such as the adjustment of funds collection ranking of project financing, the advanced redemption of financing funds and not asking interest payment guarantees of operations.

It would be better to use both the original project financing and the modified project financing which complements a business loan. When bank ing facilities avoid risk and promote projects, it can help banking facilities to invite superior renters and to conclude a lease contract. So it is the way to use the project financing in a mortgage of a long term lease contract to get new fixers and people for installment sale.

At last, it is also important to raise a completion of a construction work guarantee system that is guarantee organizations guarantee the completion of the real estate development of the operation, and revitalization of project loan guarantee that is guarantee organizations guarantee the payment of loan principal and interest within limits of security money when it is impossible that loan principal and interest is not paid on time, for price for instalment sale isn't brought back due to the bankruptcy of operation about banking facilities giving funds at a project. And it would be necessary to think of a risk management system of banking facilities.

부동산 시장은 1997년 외환위기로 유동성 위기를 극복하지 못한 많은 건설사가 파산하게 되었으며 외환위기 이후 침체된 부동산시장 경기회복을 위해 정부는 제도 및 세제 등 많은 혜택을 주게 되었다. 또한, 이와는 별도로 외국의 선진 금융기법이 다양한 형태로 도입되게 되어 부동산 시장환경에도 많은 변화가 생겼다. 해외의 선진화된 부동산기법인 프로젝트 파이낸싱, MBS, ABS, REIT's등이 국내에 도입되었으며 그 활용사례도 계속해서 증가하고 있다. 그 중 하나로 대형건설 업체가 시행, 시공, 금융 등을 모두 처리하는 시스템에서 사업시행을 전문으로 하는 전문 시행사가 등장하게 되어 시행과 시공을 분업화 시키는 계기가 되었다. 그러나 이러한 변화는 다시 부동산 시장 과열이라는 현상으로 나타났고 다시금 정부는 부동산 안정이라는 목표하에 많은 규제책을 내놓고 있는 실정이다. 이러한 부동산시장의 환경에서 자기자금 조달비중이 작고 금융기관 차입에 대한 의존도가 높은 프로젝트 파이낸싱은 부동산 개발사업에 있어 점점 더 중요해지고 있다.

그러나 프로젝트 파이낸싱이라는 의미 자체가 해당 프로젝트의 사업성에 근거를 두고 자금 대출이 진행되어야 함에도 불구하고, 금융권 입장에서 리스크 회피를 위해 사업성보다는 담보제공이나 시공사의 책임준공 및 연대보증은 물론 시행사 대표이사의 개인입보, 사업부지 관리처분신탁 및 수익증권 1순의 질권 설정, 준공 후 원리금 미상환시 할인처분권을 은행이 갖는 등 여러 형태의 안전장치를 하고 있다. 이에 본 연구에서는 프로젝트 파이낸싱에 대한 이론적인 고찰과 함께 부동산 개발사업에 있어서 프로젝트 파이낸싱의 제반 문제점과 프로젝트 파이낸싱이 적용된 사례를 분석함으로써 그 개선방안과 대안을 다음과 같이 정리해본다. 부동산 개발 사업은 대부분이 장기적이고 소요자금도 대규모이므로 그 초기단계에서부터 마지막 단계에 이르기 까지 고도의 리스크와 어려움에 노출되어 있다. 또한 프로젝트의 사업성 분석은 프로젝트 전문가의 분석과 실증인 자료에 근거해서 작성되어야 하지만, 현재의 사업성 분석은 정형화된 개념과 분석도구가 정립되어 있지 않아, 구매자의 수요특성 파악과 구매력 측정에 대한 과학적인 분석 및 예측 없이 단순히 추정분양률 가정에 근거한 현금흐름과 재무 분석 위주로 운영되고 있는 것이 현실이다. 또한 금융기관의 프로젝트 분석 전문가들의 미비와 경험부족으로 인하여 금융기관의 사업성 분석 노하우가 부족하다. 이를 회피하고자 금융기관은 대출