근린재생형 도시재생사업의 민간투자의사결정요인

근린재생형 도시재생사업에서 민간투자의사결정 요인을 분석했다.

The 'Urban Regeneration Special Committee' was established under the 'Special Act on Urban Regeneration Activation and Support' enacted in 2013, and the 'Basic Policy for the Renewal of the National City' was established. The government has been pursuing two types of urban regeneration - economic infrastructure and neighborhood renewal - urban renewal projects. Urban regeneration projects involve various entities such as local residents, merchants, social enterprises, private companies, and public institutions. In addition, huge urban regeneration resources are needed, and civil financing is necessary due to the limitation of the government budget.

In the case of the economy-based urban regeneration project, the urban regeneration project through industrial complex, port, station area maintenance, and complex development requires a large economic impact and a lot of financial resources. Therefore, real estate financing techniques such as Real Estate Investment Trusts(REITs), Real Estate Funds(REF), Tax Increase Financing(TIF), and Project Financing Vehicles(PFV). In this case, the SPC(Special Purpose Company) is established and the project is carried out in the form of a credit grant or a consortium of the construction company.

So far, studies on private financing of urban renewal have been carried out mainly on economic-based urban regeneration projects. However, in the case of neighborhood renewable urban regeneration, the scale of the project is smaller than that of the economy based model. In this regard, the procurement fee for financial companies participating in private financing is low, making private financial intermediation tasks difficult to realize realistically. The purpose of this study is to investigate and analyze the determinants of investment decision making by private investors in the private financing of sustainable urban regeneration.

For the purpose of this research, first of all, the theory of decision making under uncertainty, which is the working principle of private investment, is reviewed, and the concept and characteristics of urban regeneration are summarized. The concept, significance, characteristics, and types of urban regeneration were examined and previous studies were reviewed. For the selection of variables in the research design stage, the leading areas designated by the Ministry of Land, Transport and Transport were analyzed. After that, I have summarized the implications through the case of 11 neighborhood recycling type urban regeneration projects.

In addition, we conducted FGI(Focus Group Interview) analysis for practitioners and experts, and explored various factors. The results of this study are as follows. First, we examine the factors affecting the financing of the urban renewal projects. The empirical analysis is used to explain the competence characteristics of local autonomous entities, such as leadership of local autonomous entities, organizational capacity of local autonomous entities, and commercialization ability of local autonomous entities.

Variables describing property characteristics include accessibility, commercial, residential and residential amenities; The variables that explain the financial characteristics are adopted as return, profitability, and safety. Empirical results show that the leadership of the local governments has the greatest influence on the private financing of the urban regeneration projects in the neighborhood, and the profitability of the businesses is found to be influential. This study investigates the success of the New Urban Regeneration Policy and the Urban Regeneration Project which was promoted from the previous government for the sustainable urban renewal policy.

However, we have not been able to study specific projects or specific areas. The reason for this is that it has not been possible to identify the current status of the urban regeneration projects in the neighborhood, and the characteristics of the projects, the scale of the projects, the scale of the investment, and the procurement methods. Only the influence factors of various private financing were analyzed and only the factors influencing financing of private investors were studied. This is because the projects are still underway in the local government budget and the cooperation of the relevant organizations is insignificant due to internal security reasons.

In addition, the questionnaire is divided into professional investors and individual investors, and general investors who do not take into account the characteristics of investors in the profession are surveyed and analyzed. Therefore, future research should analyze the actual urban renewal type urban regeneration project carefully and study whether to reflect the plan of private business by region or business, distinguish between professional investor and general investor. 2013년에 제정된 ‘도시재생 활성화 및 지원에 관한 특별법’에 의해 ‘도시재생특별위원회’가 구성되고 ‘국가도시재생기본방침’이 수립되면서 도시별 재생전략계획수립 등 사업추진 근간이 마련되었다. 이에 정부는 도시재생의 2가지 유형 사업인 경제기반형과 근린재생형 도시재생사업을 추진해 오고 있다. 도시재생사업은 지역주민, 상인, 사회적 기업, 민간기업, 공공기관 등 다양한 주체가 참여한다.

또한 도시재생을 위해서는 막대한 재원이 필요하며 정부예산의 한계로 민간재원조달이 필요하다. 특히, 경제기반형 도시재생사업의 경우에는 산업단지, 항만, 역세권 정비 및 복합개발 등을 통한 도시재생사업으로 경제적 파급효과가 크고 많은 재원이 필요하다. 따라서 부동산투자회사(REITs: Real Estate Investment Trusts), 부동산 펀드(REF: Real Estate Fund), 조세금융담보(TIF: Tax Increment Financing), 프로젝트금융투자회사(PFV: Project Financing Vehicle) 등의 부동산금융기법이 활용된다. 이 경우, 특수목적법인(SPC: Special Purpose Company)을 설립하고 건설회사의 신용공여나 컨소시엄 형태로 사업이 진행되어 각자 역할분담에 따른 민간재원조달이 용이하다. 지금까지의 도시재생 민간재원조달방안 연구도 경제기반형 도시재생사업 위주로 진행되어 왔다. 그러나 근린재생형 도시재생사업에 있어서는 사업규모가 경제기반형에 비해 소규모이다. 이런 관계로 민간재원조달에 참여하는 금융회사의 조달 수수료가 낮아 민간재원 중개업무가 현실적으로 실현되기 어렵다. 이런 이유로 본 연구는 지속가능한 근린재생형 도시재생사업에 있어 민간재원조달에 필요한 민간투자자의 투자의사결정요인을 연구하고 실증분석 하는 것이다.

이러한 연구목적을 위해 우선 민간투자의 작동원리인 불확실성 하에서의 의사결정이론을 고찰하였다. 그리고 도시재생의 개념과 특성을 정리하고 선행연구 검토와 연구모형 및 연구가설을 설정하였다. 이 과정에서 실무관계자 및 전문가들을 대상으로 FGI(Focus Group Interview)분석을 통한 변수들을 도출하였으며 다각적 요인들에 대한 탐색도 진행되었다. 선정된 변수들은 분석을 위해 조작적 정의와 측정방법을 기술하였다. 또한 국토교통부가 지