DOI QR코드

DOI QR Code

중소형증권사 Project-Financing 우발채무 확대에 따른 금융감독원 관리방안에 관한 연구

Study on Management Plan of the Financial Supervisory Service According to Increase of Risk of Household Debts

  • 이윤홍 (세종대학교 산업대학원 부동산학과)
  • Lee, YunHong (Department of Real Estate at Industry, Sejong University)
  • 투고 : 2018.03.24
  • 심사 : 2018.06.08
  • 발행 : 2018.07.31

초록

2018년 부동산시장은 정부의 강력한 부동산규제에 따라 거래가 거의 이루어지지 않고 있고, 미국의 기준금리 인상에 따른 대출금리 상승으로 하락국면으로 접어들 가능성이 높다. 대형건설사는 주요 매출수익은 해외플랜트와 민간개발사업 으로 나누어지는데, 해외플랜트사업은 예상치 못한 설계변경 및 공기지연으로 대규모 손실이 나타나 신용등급이 하락되는 어려움을 겪었다. 민간개발사업의 경우도 부동산시장이 하락국면으로 접어들고 있어 전체적인 사업리스크가 상승하고 있다. 중소형증권사의 경우 증권영업의 적자로 인해 수익을 만회하고자 PF시장에 적극적으로 참여하여 단기간에 많은 영업이익을 시현하였지만, 현재는 서울을 제외한 지역은 분양이 쉽지 않고, 대형건설사 재무상태도 양호하지 않아 기 취급된 PF유동화증권이 우발채무가 발생하면 유동성 위기에 직면할 수 있다. 예전의 저축은행 사태를 경험하였듯이 금융감독원의 선제적인 관리방안과 감독방향을 제시하여 위기를 극복해야 할 것이다.

In 2018, the real estate markets have hardly been transacted according to the government's tight regulations of real estates, and have the high possibility to reach a low hit due to the hike of loan interest rates following the U. S rise of base money rate. The key profits for the large construction companies mainly come from the overseas plant projects and the domestic non-governmental construction projects. They suffered a lot such as the lowering of their credit ratings due to the large losses caused by the frquent design changes and work delay. Even in the domestic non-governmental construction projects, the general business risks are on the rise due to the property marketing moving over to the decreasing phase. The small and medium sized security companies has realized a lot of operaring profits as they participated in the PF market to make up for the losses in the securities trading business. But, now as the housing market is not so good around the nation except Seoul and the financial states of large construction companies are not good enough, they can face the liquidity crisis if there happens the problems in the PF backed securities which they have handled. As Korean economy experienced the crisis in the savings banks before, it is recommended that Financial Supervisory Service proposes the preemptive control method and supervision direction to overcome the crisis.

키워드

참고문헌

  1. Credit rating agency (Korea Credit Rating Corporation${\cdot}$Korea Enterprise Assessment${\cdot}$Nice Credit rating) Annual construction company and brokerage firm Corporate bond${\cdot}$CP Credit rating data.
  2. Choi, E. Y., and Ko, S. S. (2009). "The Effect of Actualization of Project Finance Contingent Liabilities on Construction Firms." Journal of the Korean Association for Housing Policy Studies, 17(2). pp. 75-94.
  3. Choi, E. Y. (2009). "Three Essays on PF Contingent Liability and Value of Construction Firm, A Ph.D on floating students." Studies at Konkuk University.
  4. Dart (Financial Supervisory Service Electronic disclosure system), (http://dart.fss.or.kr).
  5. Financial Services Commission (2017). "Enforcement Decree of the Capital Markets Act Press releaPress release relating to the designation of a general investment business operator and authorization of short-term financing business se."
  6. Financial Services Commission (2017). "Financial Market Act Enforcement Decree Press Data."
  7. Hong, J. P. (2017). "NICE Credit rating, Analysis of the direction of credit rating securities companies following expansion of interest risk and deepened enlargement."
  8. New York Office of International Financial Center (2018). "An Evaluation Report on the Outlook of Global Economy and the Result of Employment Indicator."
  9. Jun, J. B. (2016). "Impact of Capital Structure on Construction Firms, Contingent Liability in Real Estate Project Finance." Journal of Korea Planning Association, 48(6). pp. 181-198.
  10. Korean Construction Association (2017). "Year Priority of construction company credit rating." (http://www.cak.or.kr).
  11. Kim, N. H., Kim, H. J., and Choi, J. H. (2015). "Effects of the contingent liabilities caused by project financing on financial status of the Korean construction firms." Korean Journal of Construction Engineering and Management, KICEM, 16(6). pp. 84-91. https://doi.org/10.6106/KJCEM.2015.16.6.084
  12. Ko, S. S., and Choi, E. Y. (2008). "A Study on the Measurement of Contingent Liability of Construction Companies and Their Corporate Values." The Korea Spatial Planning Review, 59, pp. 189-202. https://doi.org/10.15793/kspr.2008.59..009
  13. Lee, Y. H. (2018). "A Study on the Effect and Improvement Direction of the Credit Rating of Large Construction Firms by the Reinforced Real Estate Regulations and the Raising of the Base Rate." Korean Journal of Construction Engineering and Management, KICEM, 19(1), pp. 90-102.
  14. Lee, Y. H. (2018). "Study on Management Plan of the Financial Supervisory Service According to Increase of Risk of Household Debts." Korean Journal of Construction Engineering and Management, KICEM, 19(2), pp. 96-106.
  15. Ministry of Land, Infrastructure and Transport (2017). "Plan to stabilize housing market through protection of actual demand and containing a short-term speculation demand."
  16. Moon, T. K. (2010). "The 3 C's in the Risk Analysis of Real Estate Development Financing, A Ph.D on floating students." Kangwon National University.
  17. Park, K. S., and Ahn, N. Y. (2016). "Appraisal method of securities business, Korea Enterprise Assessment."
  18. The Bank of Korea (2017). "Economic outlook report."