델파이분석을 통한 부동산개발사업 프로젝트 파이낸싱의 리스크 요인에 관한 연구

• 영문명: A Study on the Risk Factors of Real Estate Project Financing - Focused on the Delphi Method -
• 발행기관: 한국부동산학회
• 저자명: 이봉철(Lee, Bong Cheol) 엄수원(Eum, Soo Won)
• 간행물 정보: 『부동산학보』不動産學報 第51輯, 73~87쪽, 전체 15쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2012.12.31

영문 초록

1. CONTENTS (1) RESEARCH OBJECTIVES Real estate project financing of Korea has rapidly grown in a booming stage of construction industry. However, rapid growth of project financing not being accompanied by development of feasibility study or institutional supports have caused negative effects such as reckless loan and insolvent lenders. The objectives of this study are to analyze risk factors of project financing in real estate development. (2) RESEARCH METHOD This study try to deduce consensual opinions of professional group on risk factors of each participant of project financing, controversial points and development strategies of project financing in Korea. I conducted Delphi method by professional group in order to make sense of consensus about risk factors of project financing in Korea. (3) RESEARCH FINDINGS In the result of this study, the largest issues on project financing are a weak fund-raising ability and professionalism of real estate developer and disproportion in risk sharing. 2. RESULTS The risk factors included as follows; assessment to business partners including developers and constructors, feasibility study, loan withdrawal plan, procedural risks such as land security or administrative procedure, and marketability issues. Professionals who participated in delphi survey picked “marketability issues” as the most important risk factor which could bea risk factor of project financing. In conclusion, various problems were derived from degeneration of financing structure in which financing decisions were determined by not profitability but constructor’s credit. This study suggested that legal and institutional supports were needed to follow the basic concept of project financing such as the establishment of agency for objective profitability assessment and to create virtuous circle of project financing for real estate development.

목차

ABSTRACT

Ⅰ. 서언

Ⅱ. 프로젝트 파이낸싱 리스크의 이론적 고찰

Ⅲ. 프로젝트 파이낸싱의 리스크 요인에 대한 실증분석

Ⅳ. 결언 및 시사점

參考文獻

키워드

프로젝트 파이낸싱 부동산 개발사업 위험요인 델파이분석 실증분석 project financing real estate development risk factors delphi survey empirical analysis