프로젝트 파이낸싱 활성화를 위한 제도 개선에 관한 연구 : 주택개발 사업에 있어서 프로젝트 파이낸싱 기법에 관한 연구를 중심으로

주택개발사업의 프로젝트 파이낸싱 활성화를 위한 제도 개선을 연구했다.

In the past, during the period of rapid development in the Korean domestic industry, the real estate development project was able to supply needed funds with relative ease through pre-sale systems and corporate financing. The Korean government announced to change the pre-sale system into post-sale system in 2004. After the policy change, a project financing system, which is a developed funding system focusing on cash flow from project itself, was introduced into the real estate development field. The Korean government also adopted laws about ABS, MBS and REITs for the purpose of introducing advanced system such as the MBS, the PFV, and the REITs in the Korean domestic market.

At this study, I want to show how to promote project financing in the real estate development project. This study consists of five chapters as follows: In the first chapter of this study, I describe the purpose and scope of the study. The second chapter of this study introduces theories of the project financing. In the third chapter, I describe newly introduced investment systems such as asset backed securities (ABS), real estate fund (REF) and project financial vehicle (PFV).

Those improvements in the field of law and system resulted in revitalization of the project financing system in the real estate development field and simultaneously made the real estate market open to the financial market. In the fourth chapter, I analyze project financing cases in the real estate development project and review the problems and applicability of project financing in the real estate development project. In the final chapter, I summarize this study, make a suggestion for the revitalization of the project financing system, and describe the limitation this study may have.

While suggesting the possible method of strengthening the role of financial investor, I propose that a PFV system be supported by legislative efforts for the purpose of providing financing and tax benefit such as exemption of double taxation currently imposed on SPV (special purpose vehicle). And the revision of the corporation tax law and the income tax law is also needed. I recommend establishing special mezzanine investment funds and guarantor institutions for mezzanine financing to make a soft landing for the post-sale system.