재무적 투자자의 부통산 개발금융 참여 실태 및 진입제한 요인 분석

• 영문명: An Analysis of Faclors Dislurbing Ihe Participalion of Financial Inveslors in Real Eslale Developmenl
• 발행기관: 한국지역개발학회
• 저자명: 박종덕(Park. Jong-Duck) 김호철(Kim. Ho-Cheol)
• 간행물 정보: 『한국지역개발학회지』제21권 제1호, 93~112쪽, 전체 20쪽
• 주제분류: 사회과학 > 지역개발
• 파일형태: PDF
• 발행일자: 2009.03.30

영문 초록

Since the Asian financîal crisis, the advance of real estate development financing, such as the introduction of asset- securitization and fund investment vehicle, hasprovided the benign environment where financiaJ investors can actively participate. Despite this development, construction companies still bear the final resp:msibility by prov버mg payment guarantee for pr，이ect finance loan of developers The research of this paper shows that currently, the most criticaJ factors of loc외 real estate financing are payment guarantee by construction companies and collateral value However, in the near future, it is antited that project profits, deveJopers’ financial health, and business capability wo and be the most important part. This study a150 shows that financial investors are exα:x:ted to play the most significant roles in the re estate development finance. But they are facing realistic problems such as their intemal risk-averse attitude and extemal legal barriers caused by investment restrictions and asset soundness that shωld be met by them Therefore, it is argued that the current practice of project finance should be changed 50 that financial investors participate in development projects based on project profits instead of depending on contractors’ guarantee