부동산 개발 사업시 프로젝트금융 적용방안에 관한 연구

Abstract

This is a paper that is about general academic examination of Project Financing and that is researched the case of real estate development state and real estate financial trend. In the past, real estate finance was main stream in domestic real estate development market was not project financial which is supplied the money on the basis of future of the business of individual business, but the thing is sent from business finance was almost all. This is because money supply for the business was easy and the money was spent in addition was sent from financial facility with Temporary bridge finance and because the business of selling in lots has a character that a period of collection for the money took relatively short time. However, there are some more developed action in real estate development financial lately with ABS, MBS, REITs and introduction of project financial technique. With above passage, application of the project financing in the real estate development is the project financing that uses trust cash fund first, combining plan between the project financing and ABS secondly, a plan for installing project company in third, a plan for using long-term lease contract at the end. However, the application of the project financing in the real estate development business can apply for in a different way according to business circumstance and condition and a custom, a given condition of the financial market. That means the way of application of the project financing could be different from by analysis of profitability, risk management and a feature of each individual business of the real estate development project.. If we look at the example of the project financing that has been made, in condition of the domestic financing, it is difficult the way of performing project by the limited recourse or non-recourse with the installation of project company that is the biggest feature of the project financing to apply to. Therefore, to set the project financial investment company law needs to install the special purpose company which is essential for the project financing in construction business. However, the project financial investment company law is basically focus on promoting the investment for the project of banking group, so it needs complement enactment putting first construction company because it is not included that tax cut, deregulation or agenda of permission that is required in process of promoting of the business. And the biggest feature of the project financing technique as a way of money supply in each plan is management and dispersion of the risk among the people concerned that is involved in the project and money supply that is on basis of project validity about individual real estate development business. In promoting the project, economic project validity analysis will be increased if the thinking about the project financing will be high from planning step of the project. And fair risk dispersion, proper management plan among the people concerned shows a general possibility that not only the major construction company but the minor construction company that is not powerful financially, has low risk or has no power on mortgage can promote the development business. This paper is for activation of the real estate development business through the domestic case that the project. financing is applied to. It is thought that the project financing technique application as a way of money supply can create smooth cash flow and activity for the real estate development as a way of solving financial cost charge of the development company. In the future, it is thought that the direction of studying the project financing will have to develop insurance merchandize for the risk management as well as real estate market index about outlook of the business and financial index that can easily estimate the risk and the content of the business and the design of original, flexible financial engineering as a way of diverse expired money supply and diverse supply of a source of revenue.