노후 산업단지 재생을 위한 금융지원 방안

노후 산업단지 재생사업에 필요한 공공 금융지원 방안을 제시했다.

This article explores a way to provide financial support with public funds considering the public nature of industrial complexes, while having the projects carried out by the private sector. Based on a review of cases in and outside of South Korea and consideration of the features characterizing industrial complex regeneration projects, this article proposes a way to form a fund of funds with public funds, while ensuring objectivity, transparency, and autonomy in terms of implementation of the projects to be invested in.

Financial supports from the government for industrial complex regeneration should target multiple projects, and designed to generate a virtuous cycle of the funds so as to ensure continuous support. In addition, the autonomy of the private sector should be guaranteed, while harmonizing private interests with public interests considering the public nature of industrial complexes. The public sector and the private sector should also prevent moral hazards in the private sector by also sharing risks.

A comprehensive review of cases in and outside of South Korea and the goals of industrial complex regeneration shows that the fund of fund structure is the most feasible alternative for financial supports from the government. Long-term financing and a virtuous cycle of funds can be achieved by using funds formed with public funds to provide financial supports to project financing vehicles (PFVs) and real estate investment trusts (REITs) established for project implementation, and using the profits from such support to provide cross-support to projects with low profitability.