크라우드 펀딩방식을 활용한 부동산 프로젝트 파이낸싱의 투자의사 예측과 활성화 방안

크라우드펀딩을 활용한 부동산 프로젝트 파이낸싱의 투자와 활성화 방안을 연구한다.

Amid the acceleration of the fourth industrial revolution around the world, fintech, which was created by the convergence of ICT and the financial industry, is drawing attention as an innovative financial service. Crowdfunding, a field of fintech, is spreading to various economic activities by raising funds for various purposes through the Internet, and is actively integrated with real estate investment, It is expected that it will be timely and useful at this point to explore the possibility of applying real estate project financing using the crowdfunding method to domestic activation and propose measures to improve the legal and institutional system.

Accordingly, this study aims to explore the diversity of financing for real estate project financing using the crowdfunding method and finally derive and present measures necessary to revitalize it in Korea. In order to achieve this research purpose, three main research problems were set. First, major domestic regulations are reviewed, focusing on securities type and loan type crowdfunding, and major foreign legislation is compared and reviewed. Second, the investor protection device is reviewed by considering the problems of the real estate crowdfunding business model.

Third, we looked at what empirical evidence can be used to revitalize real estate project financing using the crowdfunding method in Korea. A total of four-stage research models were designed to empirically study these research problems. In the first stage, prior studies by crowdfunding or project financing were examined as a methodology for literature research to extract characteristic factors of real estate project financing, and regression analysis was conducted in the second stage to identify determinants that significantly affect investment participation.

In the third stage, the characteristic factors of real estate project financing were divided into general investors and real estate experts groups, and the differences in perception of importance between groups were compared and reviewed. In the fourth stage, the results of the analysis up to the third stage were combined to derive a final plan to revitalize real estate project financing using crowdfunding, and further investigation was conducted on the expert group using AHP and Delphi techniques. The analysis results are as follows.

First, it was confirmed that there was a significant difference in the average perception of the four real estate PF characteristic factors between general investors and real estate sector experts. Second, it was found that general investors' perception of real estate PF characteristic factors had a positive (+) effect on investment participation intention, and real estate experts' perception of real estate PF characteristic factors had a positive (+) effect on investment participation intention.

Third, through importance analysis, each priority was calculated and compared to see if there was a difference in perception of real estate PF characteristic factors between groups of general investors and real estate experts, and there were differences in priority in the remaining four characteristic factors except for the importance of PF business characteristics.

Fourth, as a result of collecting and analyzing data from another group of experts in the real estate field using the AHP technique, the characteristic factors with relatively high weights among the characteristic factors of real estate PF were identified as platform characteristic factors and platform operation characteristic factors.

Transparency was the highest in the order of fairness, funding delinquency rate, funding success rate, and funding interest rate in the results of calculating and analyzing the overall weight of 20 sub-variables of real estate PF characteristic factors Fifth, a total of six activation measures were finally identified using the Delphi technique, including "PF Bridge Loan" and "Industrial Real Estate Development PF Fund" as subcategories of PF business applicable products. Based on the above analysis results, the practical and policy implications of this study are as follows.

First, it is first necessary to provide various investment-related information so that the characteristics and operation characteristics of the platform itself can be closely grasped. Second, it is necessary to develop products linked to PF funds such as PF bridging loans and industrial real estate development as products that can be applied to PF projects in practice. Third, the need for standardization of work is strongly requested, especially the establishment of standard guidelines for credit screening standards. Fourth, as a policy measure.

In order to form a foundation for enhancing the reliability and transparency of the platform, it is proposed to introduce a professional certificate system for platform executives and employees and a system that grants certificates after the opening of compulsory education. It also proposes to push for an amendment of related laws to enable crowdfunding to invest in PFV business methods, along with administrative measures excluding the interest cap rate applied to the Interest Limitation Act on the Loan Business. 전 세계적으로 4차 산업혁명이 가속화되는 가운데 ICT와 금융 산업의 융합으로 탄생한 핀테크는 혁신적인 금융서비스로 주목받고 있다. 핀테크의 한 분야인 크라우드 펀딩은 인터넷을 통해 다양한 목적으로 다수의 개인들이 자금을 모으는 방식으로, 다양한 경제 활동 영역으로 확산되고 있으며, 부동산 투자와도 활발히 접목되고 있다.

크라우드 펀딩방식을 활용한 부동산 프로젝트 파이낸싱의 국내 활성화 적용 가능성을 타진하고, 법 제도적 개선 방안을 제안하는 것은 현 시점에서 시의적절하고 유용할 것으로 기대된다. 이에 따라 본 연구는 크라우드 펀딩방식을 활용한 부동산 프로젝트 파이낸싱의 재원 조달의 다양성을 모색하고, 이를 국내에 활성화시키기 위해 필요한 방안을 최종적으로 도출해 제시하는 데 목적을 갖고 있다. 이러한 연구 목적을 달성하기 위해 3가지의 주된 연구 문제를 설정하였다. 첫째, 증권형과 대출형 크라우드 펀딩을 중심으로 국내의 주요 규제내용을 고찰하고, 주요 외국의 법제를 비교 검토한다. 둘째, 부동산 크라우드 펀딩 사업 모형이 갖고 있는 문제점을 고찰하여 투자자 보호 장치에 대해 검토한다. 셋째, 크라우드 펀딩방식을 활용한 부동산 프로젝트 파이낸싱을 국내에 활성화시키기 위해 어떤 실증적 근거를 활용할 수 있는지 살펴보았다. 이러한 연구문제를 실증적으로 연구하기 위해 총 4단계 연구모형을 설계하였다. 1단계에서는 부동산 프로젝트 파이낸싱의 특징적 요인을 추출하기 위한 문헌연구의 방법론으로 크라우드펀딩과 프로젝트 파이낸싱 관련 선행연구를 살펴보고, 2단계에서는 투자 의사에 유의미한 영향을 미치는 결정요인