사회간접자본시설 건설프로젝트를 위한 부동산금융기법 통합적용에 관한 연구

Abstract

On Nov. 22, 1997 Korean government officially requested a relief loan from IMF due to decrease of the sovereign credit rating by six level. From that point, the paradigm in Korean economy has been changed dynamically. Interest rate such as private bond rate has been decreased dramatically(maturity 3 years, 11.76% → 24.31% → 4.92%). Therefore, the change of IRR(interior rate of return) in real estate shifted the way of investment. It changed the paradigm of Real Estate investment behavior. Although SOC has been invested steadily, it wasn't strong enough compare to developed countries. Consequently, it increased the distribution cost and the bipolarization in the various fields. Seoul is unbalanced compare to other provinces. Income level is so different between social stratums. Furthennore, irregularly high level of land speculation compare to GDP and a large scale of floating money pulled down Korean economic condition. Aspect of Real estate financial system also changed. Portfolio investment is mainly mentioned and it is expanded to liquidation of asset, CR-REITs(Corporate Restructuring Real Estate Investment Trusts), establishment of indirect capital application act and financing project method. It is one of govemment's effort absorb floating money to investment. Supplier finance related to construction industry was 76.9 trillion Won(77 bil. dollar) in 2003. Portfolio investment including ABS is 44.2 trillion Won and indirect finance is 25.2 trillion won. Total circulation of money is 67.7 trillion Won and it possessed 87.9% of supplier finance. The form of portfolio investment is ABS, MBS, REITs, banking account of real estate investment trust, CRC, and etc. And Project Financing is form of vast investment of SOC. This dissertation shows theories of the portfolio investment financing and techniques. Also it will deal with the operating problem and find out the solution. Moreover, theory of PF including BTL type will concern. In Korea, the Act on Private Investment in Social Overhead Capital Facilities came into force as from April 1, 1999. The newly amended Infrastructure Law has introduced a BTL approach in building up infrastructure in Korea. In fact, the BTL scheme is very useful for Korean contractors to provide sac facilities. In conclusion part of the thesis, "The Han River- W orId Cup Bridge Project(arbitrary name)" will be designed in order to demonstrate a sac work. The bridge connects from Yangpyung at midstream to Kimpo at the down stream of the Han River 43km long. First level is for a drive way and second level is for pedestrian and civilian facilities. Monorail can be included due to feasibility study. If it occurs cash-flow in the above project with private-initiated infrastructure financing sac fund, the project is feasible. The sac fund can be gathered by REITs, PEF(private equity funds) and BTL method of project financing. A Real Estate Project Financing system mainly aims at increasing the efficiency of sac in contrast to a real estate construction system. Therefore, the thesis will prove test the developing an integrated real estate financing techniques for the sac project. Using the expected return in the sac work, induction of PF including a form of liquidation of Asset can be concerned. Using the project, efficiency in logistic, decreasing environmental pollutes and balancing land development can be expected. Furthermore, national image can be increased by the project such as successful holding of WorId Cup 2002. It can be symbol of Korea as a modem structure and used social facility for Seoul citizen's healthy life.