Korean Journal of Construction Engineering and Management (한국건설관리학회논문집)

Korea Institute of Construction Engineering and Management (한국건설관리학회)
권호 표지
DOI QR코드

DOI QR Code

Default Risk Mitigation Effect of Financial Structure and Characteristic in BOT Project Finance

BOT 프로젝트 파이낸스의 금융구조 및 특성의 채무불이행 위험완화 효과

  • 전재범 (프라임금융자산연구소) ;
  • 이재수 (서울시정개발연구원 도시기반연구본부) ;
  • 이삼수 (LH 토지주택연구원)
  • Received : 2010.10.22
  • Accepted : 2011.01.31
  • Published : 2011.03.31
Download PDF
⟨ Previous Next ⟩

Abstract

One of the advantages of BOT PF(Project Finance) is the government can be protected from risks involved in projects as the private finances, builds, and operates relevant projects. Moreover, the private may avoid outstanding responsibility in case of default thanks to BOT PF's unique financial structure and characteristics. However, despite increasing attention on risk mitigation effect of financial structure and characteristic of BOT PF to default risk with emerging controversies of capital crunch, introduction of IFRS, and contingent liabilities, valuation of default risk mitigation effect caused by financial structure and characteristics of BOT PF still seems sophisticated due to uncertain cash flows, complexly layered contracts, and their interaction. So, this paper is to show the theoretical frame to assess the default risk mitigation effect of financial structure and characteristic of BOT PF with option pricing and related financial economic theories and to provide some meaningful implications. Finally, this research shows that the financial structure and characteristics of BOT PF help mitigate the default risk and default risk mitigation effect increases as change of relevant variables on financial feasibility gets the BOT project less financially feasible.

BOT(Build-Operate-Transfer) 프로젝트 파이낸스(PF: Project Finance)는 민간이 자본조달, 건설, 그리고 운영을 맡고 운영수입에서 투자비와 수익을 회수하므로 사업의 위험으로부터 정부를 보호하며 사업자도 특수목적회사를 설립하고 부외 및 비소구 금융을 통해 자본을 조달하기 때문에 채무불이행의 책임으로부터 보호되는 특징을 지닌다. 이와 함께 BOT PF 사업의 금융구조와 특성에 의한 채무불이행위험 완화는 금융시장 경색, 새로운 국제회계기준(IFRS) 도입, 그리고 건설사의 우발채무 등과 맞물려 그 중요성이 부각되고 있으나 현금흐름의 불확실성과 여러 계약조항들이 유발하는 비대칭수익으로 인해 전통 금융 경제이론에 기반한 평가가 어려웠다. 그러므로 본 연구는 BOT PF 고유의 금융구조와 특성에 의한 채무불이행위험 완화효과의 평가를 위해 옵션가격결정 및 관련 금융 경제이론을 토대로 이론모델을 구성하고 사례를 분석함으로써 BOT 사업의 위험관리를 위한 이론적인 틀을 제시하고자 한다. 연구결과에 의하면 BOT 사업의 금융구조 및 특성이 사업자의 채무불이행위험을 완화시키며 특히 관련변수들이 수익성을 악화시키는 방향으로 변화할 때 그 효과가 증가함을 알 수 있었다.

Keywords

References

  1. 고성수, 최은영 (2008). "건설사 우발채무의 측정과 기업가치에 관한 연구." 국토연구, 통권 제 59권, 국토연구원, pp. 189-202.
  2. 전재범(2009a). "도시개발사업의자본조달방안: 메자닌파이낸싱을 활용한 일본 Akihabara의 UDX 프로젝트." 건설경제, 통권 제 60권, 국토연구원, pp. 97-106
  3. 전재범 (2009b). "도시재생사업에서의 파이낸싱기법: 프로젝트 파이낸스와 조세담보금융(TIF : Tax Incremental Financing)." 한국토지공사 발표자료.
  4. Aghion, P. and Bolton, P. (1992). "An incomplete contracts approach to financial contracting." Review of Economic Studies, 59, pp. 473-494. https://doi.org/10.2307/2297860
  5. Benoit, P. (1996). "Project Finance at the World Bank: An Overview of Policies and Instruments." World Bank, Technical Paper 312.
  6. Black, F. and Scholes, M. (1973). "The pricing of options and corporate liabilities." Journal of Political Economy, 81, pp. 637-654. https://doi.org/10.1086/260062
  7. Booth, L., et al. (2001). "Capital structures in developing countries." Journal of Finance, 56, pp. 87-130. https://doi.org/10.1111/0022-1082.00320
  8. Bradley, M., Jarrell, G., and Kim, E.H. (1984). "On the existence of an optimal capital structure: theory and evidence." Journal of Finance, 39, pp. 857-878. https://doi.org/10.1111/j.1540-6261.1984.tb03680.x
  9. Brigham, E. F. and Houston, J. F. (2004). Fundamentals of Financial Management, 10th ed., Thomson South-Western, O.H.
  10. Byoun, S., Kim, J., and Yoo, S. S. (2010). "Leverage and Risk: Evidence from Project-Specific Capital Structure." 2010 FMA Annual Meeting.
  11. Chemmanur, T., and John, K. (1996). "Optimal incorporation, structure of debt contracts, and limited-recourse project financing." Journal of Financial Intermediation, 5, pp. 372-408. https://doi.org/10.1006/jfin.1996.0021
  12. Copeland, T. E. and Antikarov, V. (2001). Real Options: A Practitioner's Guide, Texere LLC., N.Y.
  13. Dewatripont, M. and Tirole, J. (1994). "A theory of debt and equity: diversity of securities and managershareholder congruence." Quarterly Journal of Economics, 109, pp. 1027-1054. https://doi.org/10.2307/2118355
  14. Dias Jr. A. and Ioannou, P. G. (1995). "Debt capacity and optimal capital structure for privately financed infrastructure projects." Journal of Construction Engineering and Management, 121, pp. 404-414. https://doi.org/10.1061/(ASCE)0733-9364(1995)121:4(404)
  15. Esty, B. (2002). "Returns on project-financed investments: evolution and managerial implications." Journal of Applied Corporate Finance, 15, pp. 71-86. https://doi.org/10.1111/j.1745-6622.2002.tb00342.x
  16. Froot, K., Scharfstein, D. and Stein, J. (1993). "Risk management: coordinating corporate investment and financing policies." Journal of Finance, 48, pp. 1629-1658. https://doi.org/10.1111/j.1540-6261.1993.tb05123.x
  17. Huang, R. (2009). "Creditor control of free cash flow." Federal Reserve Bank of Philadelphia and Wharton Financial Institutions Center, Working Paper.
  18. Hull, J. (1997). Options, Futures, and Other Derivatives, 3rd ed., Prentice Hall, N.J.
  19. Kleimeier, S. and Megginson, W. (2000). "Are project finance loans different from other syndicated credits?" Journal of Applied Corporate Finance, 12, pp. 75-87.
  20. Leland, H. (2007). "Financial synergies and the optimal scope of the firm: implications for mergers, spinoffs, and structured finance." Journal of Finance, 62, pp. 765-807. https://doi.org/10.1111/j.1540-6261.2007.01223.x
  21. Long, M. and Malitz, I. (1985). "The investment-financing nexus: some empirical evidence." Midland Corporate Finance Journal, 3, pp. 53-59.
  22. Merna, T. and Dubey, R. (1998). Financial Engineering in the Procurement of Projects, Asia Law & Practice Publishing Ltd., Hong Kong.
  23. Modigliani, F. and Miller, M. (1958). "The cost of capital, corporation finance, and the theory of investment." The American Economic Review, 48, pp. 261-297.
  24. Mody, A. and Patro, D. (1995). "Methods of loan guarantee valuation and accounting CSF Discussion." World Bank, Paper No. 116.
  25. Nevitt, P. and Fabozzi, F. (2000). Project Financing, 7th ed., Euromoney Books, London, U.K.
  26. Parsons, C. and Titman, S. (2008). "Empirical capital structure: a review." Foundation and Trends in Finance, 3, pp. 1-93.
  27. Petersen, M. and Thiagarajan, R. (2000). "Risk management and hedging with and without derivatives." Financial Management, Winter, pp. 5-30.
  28. Shah, S. and Thakor, A. (1987). "Optimal capital structure and project financing." Journal of Economic Theory, 42, pp. 209-243. https://doi.org/10.1016/0022-0531(87)90086-X
  29. Subramanian, K., Tung F., and Wang, X. (2008). "Law, agency costs and project finance." Emory University, Working Paper.
  30. Titman, S. and Wessels, R. (1988). "The determinants of capital structure choice." Journal of Finance, 43, pp. 1-19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
  31. Toy,N., et al. (1974). "A comparative international study of growth, profitability and risk as determinants of corporate debt ratios in the manufacturing sector." Journal of Financial and Quantitative Analysis, 9, pp. 875-886. https://doi.org/10.2307/2329684
  32. Wald, J. (1999). "How firm characteristics affect capital structure: an international comparison." Journal of Financial Research, 22, pp. 161-187. https://doi.org/10.1111/j.1475-6803.1999.tb00721.x

Cited by

  1. Impact of Interest and FX Rate on Breach of DSCR in Project Finance vol.6, pp.4, 2017, https://doi.org/10.4018/IJSDA.2017100105