• Korean Journal of Construction Engineering and Management
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• v.8 no.5
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• pp.92-100
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• 2007

PFI(Private Finance Initiative) Project is carried to expand infrastructure effectively through participation of private investment. From the year 2005, the range is expanded not only industrial infrastructure such as made road, harbors and so on but living infrastructure such as school facilities, environmental facilities. For this reason BTL(Build-Transfer-Lease) system is mainly used in new private finance initiative project but in existing private finance initiative project BTO(Build-Transfer-Operate) system was used. BTL system is operated to judge fitness of private investment and classified into quantitative VFM(Value for Money) and qualitative VFM. In this research the estimation item of qualitative VFM which is hard to deduce the effect is created and after surveying of questionnaire in target of experts, relative importance and weight is established with AHP(Analytic Hierarchy Process). By estimating efficiency and benefit of quantitative VFM and qualitative VFM aspect effectively it is expected to support a rational making decision for operating BTL.

• Journal of Korean Society of Transportation
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• v.34 no.5
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• pp.421-436
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• 2016

Public-Private-Partnerships tend to be committed high project development cost and recover the cost through future revenue during the operation period. In general, long-term concession can bring on more revenue to private investors, but short-term concession less revenue due to the short recovering opportunities. The concession period is usually determined by government in advance or by the private sectors's proposal although it is a very crucial factor for the PPPs. Accurate traffic forecasting should be most important in planing and evaluating the operation period in that the forecasted traffic determines the project revenue with user fees in PPPs. In this regards, governments and the private investors are required to consider the traffic forecast risk when determining concession period. This study proposed a model for the optimal concession period in the PPPs transportation projects. Monte Carlo simulation was performed to find out the optimal concession period while traffic forecast uncertainty is considered as a project risk under the expected return of the private sector. The simulation results showed that the optimal concession periods are 17 years and 21 years at 5.5% and 7% discount level, respectively. This study result can be applied for the private investors and/or any other concerned decision makers for PPPs projects to set up a more resonable concession period.

• 한국도로학회지:도로
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• v.9 no.4
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• pp.36-44
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• 2007

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2008.11a
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• pp.471-474
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• 2008

The range of PFI project has been expanded from Road facilities, Hobor facilities to Education facilities, Military residence facilities since 2005. Especially, The dormitory project that one of the most lucrative facilities among education facilities was progressing but it has many problems with introducing PFI project. This object of research is deriving problems by introducing PFI project and solving problems by consulting with experts. The results of research have had problems that increasing rental fee, difficulty of retrieving the investment and shortage of government supports. The solutions concerning the problems are using organization, introducing various programs and relieving regulation of government. This paper was made by consulting with experts and is expecting to use the basic data when comparing and analyzing the cases used PFI.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.378-383
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• 2006

This study presents the results from an investigation into ABS to revitalize small and medium construction enterprises, and to analyze merits and demerits of ABS introduction using sensitivity analysis some realistic cases. According to some available procedures, this study suggests ABS introduction structure of new education facilities construction in BTL projects of two different types. In order to analyze the effectiveness of introduction, a model was built as new education facilities construction in this paper. In addition, this study tried to put a figure on finance interest changes by analyzing changes for earning rates and money that payed by the government. Moreover, this study also presents merits and demerits of ABS introduction.

• Transportation Technology and Policy
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• v.2 no.2
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• pp.161-180
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• 2005

• KSCE Journal of Civil and Environmental Engineering Research
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• v.31 no.1D
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• pp.119-126
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• 2011

High-speed railway raises global interests with the growing concerns on the green development and the green energy. However, since most of the infrastructure investment of Korea was focused on the highway projects for last forty years, the investment on the railway has been limited around 40~50% of that of the highway projects. In addition, due to the world economy crisis and unsatisfactory support of existing policy for the private investment project, the private investment is given a small deal of weight on the social overhead capital investment. Meanwhile, despite the world high-speed railway market is growing rapidly and the Korean contractors have won the international construction contracts over 70 billion USD, past records of railway projects are very rare. Therefore, it is required to develop strategies for encouraging private investment in the domestic market to achieve efficient high-speed railway development and for advancing into foreign high-speed railway market. This study carried out data collection and market analysis for both domestic and foreign market respectively. Through a structured questionnaire survey and expert interviews, contractors' perceptions on the high-speed railway market and needs for the government support are collected. Summary of strategies drawn from this study are as follows: 1) carrying out BTL high-speed railway projects and revising related policies; 2) upwarding incentive level for the private pre-investment projects considering the contractors' credit rating; 3) carrying out Honam-Jeju submarine railway project; 4) establishing a efficient consortium model for foreign market; 5) improving the capacity of the Korea Railway Association that support Korean contractors' foreign advancement; and 6) expand the budget for Global Infra-fund.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.1
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• pp.523-529
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• 2017

This study analyzed the financial information between 2011 and 2014 comparing management performance and utilization of capital and human resources between private non-profit general hospitals and regional public hospitals operated as general hospitals. The purpose of this study was to enhance the productivity for financial independence of regional public hospitals. Comparison analysis variables were value added to the total assets, value added to the productive activity tangible fixed assets, value added to personnel expenses, ratio of value added, and operating margin to revenues. According to the analysis results, regional public hospitals showed lower investment efficiency indicator and higher ratio of value added, as well as significantly lower operating margin-to-revenues compared with private non-profit general hospitals. Moreover, the effect of investment efficiency indicators on operating margin-to-revenues was value added to the productive activity of tangible fixed assets and value added to personnel expenses in regional public hospitals; the value added to personnel expenses in private non-profit general hospitals had a significant effect on the operating margin-to-revenues, the effect of value added to personnel expenses was the greatest. Therefore, it is necessary to asset utilization to the revenue and propriety of human resources to personnel expenses in regional public hospitals.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.123-130
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• 2006

Recently, Korean government promotes BTL(Build-Transfer-Lease) for their public construction project to apply private sector's experience and finance initiatives. Many of public buildings and civil infrastructure projects were planned to be delivered by BTL and it helps to continue public projects under tight budget conditions. Since the characteristics of BTL projects, creative ideas for the project function, performance and its LCC (Life Cycle Cost) become more important than usual public work project. This paper introduces the systematic "VE job Plan" application techniques for BTL project and shows the process. This study shows the application of "VE job Plan" for BTL project to help decision making and value improvement. Also, Project cost was estimated by LCC (Life Cycle Cost) analysis. Technical "FAST diagram"was developed and used to find major functions of the project. So, it helps to improve performance of functions and make creative ideas. FAST diagram also help to find relationships between functions and cost. A case study (Daegu Art Gallery BTL Project) was conducted using proposed "VE job Plan. Study demonstrates how value management helps save money and increase functional performance. Researcher found that project can save cost and improve performance of functions significantly by using appropriate VE analysis process at appropriate time.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.58-63
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• 2006

In the recent years, the government pay more interested in BTL projects, this led to rapid growth of BTL projects. But the project stakeholder has encountered with some problems during initial phase. As a result, a distinct need has emerged for analysis of risk factors for BTL projects. Based on real cases, this study resulted in risk factors influencing every phases and grouped risk factors into each phase. In addition, this study also perform sensitivity analysis in order to know how risk factors affect to BTL projects. Moreover, the result of this study can be used as a tools for anyone who study or encounter the same problems in the future. The paper can be used as standards for risk assignment that occur between competent authorities and private enterprises.