공모형 PF사업에서 토지가격평가비중이 사업자 선정에 미치는 영향에 관한 연구

Abstract

Real estate is an important economic goods. It provides fundamental lots for people's lives. However, land owners in Korea could not satisfy fully their desire to possess lands with traditionally limited land resources. Therefore It has caused several problems by incomplete separation between the ownership and use of real estate in Korea. With MB's inauguration in 2008, real-estate market in Korea expected further steps for improvement. However it faces difficulty due to global economic crisis and domestic regulation on real-estate. Nevertheless Public-Private Partnership Project Financing Business(project financing of competition) is on the increase a year. According to CERIK(Construction & Economy Research Institute of Korea) and construction companies, the number of works by Public-Private Partnership Project Financing Business will be over 30 in 2008's and 2009's and the amount will be nearly 50,000 billion won. Last year when Public-Private Partnership Project Financing Business was in earnest, the scale of construction projects was approximately 52 trillion won. It means Korea's real estate markets inaugurate the era of the Public-Private Partnership Project Financing Business worth of 100 trillion won. Since Korea Land Corporation introduced this kind of Business 2001, many local governments and public corporations such as Korea National Housing Corporation, SH Corporation and Gyeonggi Urban Innovation Corporation take Public-Private Partnership Project Financing Business. The Business was usually driven mainly by builders that aim at the quantity superiority of construction and on the way occurred various problems like sale-centered business structure and the difficulty in calculating appropriate cost of construction. In spite of that, it is on the increase a year. However, Public-Private Partnership Project Financing Business has a few disadvantage as below. First, there may be difficulty in planning development program in case of the divided sales of business lot from housing development district. Secondly, the difficulty in attracting core facilities may interfere with desirable development of the city. Thirdly, the undevelopement for business lots after move-in may give inconvenience to tenants. Besides these things as above, the foremost problem of the Business is that the selection of construction company depends on the offer of the low price of land, not on the feasibility of the project plan. Hence this paper proposes an alternative for reasonable price assessment through analyzing the effects that the methods and the weights of price assessment have on the selection of constructor. This paper presents background, object, structure and methods of the study in the chapter 1(introduction) and studies a decision theory of land price, a definition of Public-Private Partnership Project Financing Business and the theory of Project Financing in chapter 2. It analyzes the factors that affect the selection of constructors by inquiring the cases and examples of the Business in chapter 3. It examines the weight of land price assessment and the selection of constructors and then analyzes the effects that land price has on the selection of constructors through screening the result of selection deliberate in chapter 4. Then finally it studies the effects that the weight of land price assessment in has on the selection of constructors as for the Business through searching several theories and cases in chapter 5. There were limit to a case study because deliberate results of Public-Private Partnership Project Financing Business is not open and not available. However this study shows with the analysis of structure of land price assessment that the weight of land price assessment and the decision of basic score can affect substantially the selection of constructors. Even though Public-Private Partnership Project Financing Business is thrown back by global economic crisis recently in 2008, it will come to life and is expected to create various and positive effects in case of the decrease of PF interest by government's deregulation of real-estate and financial sector's supports. In addition, the fund-raising methods for the business of real-estate development will possibly improve more if the unified law of capital market goes into effect for coming Feb. 2009, and financial market is carried out reform, and financial and construction businesses improve their organic relationship. The public sector is expected to lead various development idea through public offering and to create synerge effects by combining the reliability of public sector and the efficiency of private sector. For that, it is necessary to consider the vitalization of business district and city development plan when taking steps of Public-Private Partnership Project Financing Business and also it is reasonable to improve management methods to achieve some publicities of the Project and lower the weight of land price assessment to hinder the vitalization of local economy due to the increase of land price and sales price when constructors are selected. Therefore the public sector should play a role for public and local interests before getting short term interest. Then the public sector should try to achieve proper aims through improving public offer guidance and the selection methods of private constructors with the base of preliminary market research for demand and supply. In addition, it should keep its supports so that project plan of the selected private constructor can be achieved well in accordance with public purpose.