不動産 開發事業에 있어서 프로젝트 파이낸싱 活性化 方案에 관한 硏究

부동산 개발사업의 프로젝트 파이낸싱 활성화 방안을 연구했다.

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.