• 무역상무연구
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• 제61권
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• pp.273-302
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• 2014

Project finance ("PF") is a method of raising long-term debt financing based on lending against the cash flow generated by the project alone. Project finance is a nonrecourse or limited recourse financing structure against the sponsors(or the investors). The debt terms in a project finance are not based on the creditor's credit support or on the value of the assets of the project. Lenders rely on the future cash flow to be generated by the project for debt repayment and interest, rather than the value of the project or the credit ratings of the sponsors. The non-recourse or limited recourse financing usually prompt potential project finance lenders to assess carefully all possible risks that might arise in a project to ensure that those risks are mitigated and controlled. In this respect, project finance is a opposite financing method of corporate finance. Project finance has rapidly grown over the last 20 years due to the worldwide process of privatization of public sector and development of natural resources. Global project finance volume reached the record USD 406.5 billion in 2011. In 2012, however, Global project finance volume dropped 6% to USD 382.3 billion. Infrastructure overtook Energy to lead all sectors with USD 113.6 billion. It is generally recognized that there are more and higher risks in project finance compared with corporate finance. Project finance is exposed to commercial risks as well as political risks. The main commercial risks are completion risks, environmental risks, operating risks, input supply risks, revenue risks, etc, and the main political risks are currency convertibility and transfer risks, expropriation risks, war and civil disturbance risks, risks of breach of government concession agreement, etc. Completion risks include permits risks, risks relating to the EPC Contractor, construction cost overrun, delay in completion, inadequate performance on completion, etc.

• 국제학술발표논문집
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• The 7th International Conference on Construction Engineering and Project Management Summit Forum on Sustainable Construction and Management
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• pp.153-158
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• 2017

Procurement system of public construction projects in Japan is changing with diversity in rapid pace. The quality assurance and risk management of construction projects should be more certain as the projects are turning into larger scale and more complexed. The clients in the public sector will want to make the relation of responsibility among the client, the designer (architects and engineers), and contractor clearer in terms of role and risk. Public-Private Partnership (PPP) is one of the methods for collaboration of the public sector and the private sector in public construction projects where the public utilizes the ability and suggestion of the private. Private Finance Initiative (PFI), Design-Build-Operate (DBO), market testing, designated manager system, outsourcing of tasks in local governments are well-known as examples of PPP in Japan. Indeed, there is an obvious trend that Design-Build (DB) is adopted in public construction projects in many countries including Japan. In this paper, the public construction projects in various procurement systems are surveyed and analyzed. They are not limited within the traditional procurement, Design-bid-Build, a separate order system of design and construction. Design-Build or PFI are adopted. In particular, contract by wide range including maintenance of equipment can be found. On the other hand, modification from originally typical PFI is taking place, such as concept design and project finance are removed from the roles and the tasks of the special purpose company (SPC) in PFI. Standard roles and tasks in a construction project are modeled in this paper.

• 국제학술발표논문집
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• The 4th International Conference on Construction Engineering and Project Management Organized by the University of New South Wales
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• pp.389-394
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• 2011

In many parts of the world, low cost housing used to be built and maintained by the governments, based on designs and detail specifications prepared by the public sector with construction carried out by contractors. Results vary due to differences in design standards, workmanship and property management, depending also on the neighbourhood's care of the estates and their pattern of usage. In the UK, where Private Finance Initiative (PFI) has been used for infrastructure projects, there have been successful cases of city estate being transformed by PFI. These PFI housing schemes involve new-build, refurbishment as well as facility management. Unlike traditional construction, which is based on prescriptive specifications, PFI housing is based on output specifications. A study has been undertaken to compare the two specification approaches as they are applied to housing estate. Results are enlightening and serve as good reference to cities such as Hong Kong SAR and Singapore, where public housing provisions have been a major concern of their citizens as the building stock gets older.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.809-820
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• 2021

The study aimed to investigate the impact of sectoral bank credit facilities provided by commercial banks on the non-oil economic growth in Saudi Arabia. Bank credit facilities are given for nine economic sectors: agriculture, manufacturing, mining, electricity and water, health services, construction, wholesale and retail trade, transportation and communications, services, and finance sector. The study employs annual data from 1970 to 2019. The study employs the Autoregressive Distributed Lag (ARDL) approach to identify the long-run and short-run dynamics relationships among the variables. The main results reveal that the overall impact of total bank credit has a significant and positive effect on non-oil economic growth in KSA. The results revealed that the effect of bank credit on the non-oil GDP growth in the short and long run was uneven. The study finds that all sectors have a positive and significant impact in the long run, except for the agricultural and mining sectors. Likewise, all sectors have a positive and significant impact in the short run, except for construction, finance, services, and transportation & communications. As a result, bank credit facilities in different sectors have played an important role in enhancing the non-oil economic growth in the KSA.

• 대한교통학회:학술대회논문집
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• 대한교통학회 1998년도 Proceedings The 4th International Transport Symposium
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• pp.71-76
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• 1998

The construction of the Shanghai International Shipping Center is a prerequisite for building Shanghai into an international center of economy, finance and trade. Shanghai has excellent conditions for becoming an international shipping center, and, under the leadership of the national government, Shanghai is advancing towards this goal for the next century.

• 한국건설관리학회논문집
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• 제8권5호
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• pp.152-160
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• 2007

최근 정부는 사회간접자본 시설확충사업을 시행함에 있어 민간투자 유치를 통한 재원확보에 매우 적극적이다. 그러나 민간투자자들이 민자사업에 적극적이지 못하게 하는 원인 중 하나는 사업의 추진과정에서 발생 가능한 다양한 위험에 대한 지식이 부족하다는 점이다. 본 연구는 국내 엔지니어링 전문회사인 A사가 민자사업 사업관리 주 계약자로 활동하기 위한 준비업무로서 잠재적 투자자에게 제출할 위험관리계획서의 일부로 수행되었으며, 기존 위험요인 체크리스트의 한계를 극복하고 A사의 요구사항들을 만족시키는 새로운 개념의 민자사업 위험요인사전을 개발하였다. 민자사업 위험요인사전은 위험요인을 3차원적으로 분류하고, 영향도와 대응전략을 서술식 및 복수항목으로 표현하며, 대응주체를 명시한 단순화된 일람표임에도 불구하고, 이를 개발하는 과정에서 단순화된 일람표를 뛰어넘는 많은 직 간접적 성과를 이루었다는 것에 큰 의미가 있다고 하겠다.

• 한국건축시공학회지
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• 제24권1호
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• pp.157-168
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• 2024

최근 국내 건축현장에서 붕괴사고가 계속해서 발생하고 있어 시공 및 자재 품질 점검과 관리에 대한 공사감리의 중요성이 증가하고 있다. 현행 제도 및 기준에 의하면, 공사감리 업무는 주요 책임이 있는 감리자가 건축현장에서 진행되고 있는 시공 품질, 자재 품질, 재시공 이력 등이 상세하게 기술하여 공사감리보고서를 작성한다. 이러한 문서는 대표적인 비정형데이터로 건축현장에서 생성되고 있는 데이터의 80%의 비중을 차지하고 있으며, 건축현장의 품질정보가 상세하게 기록되어있다. 본 연구에 건축현장에서 발생하고 있는 공사감리보고서를 텍스트마이닝으로 전처리 후 감성사전을 구축하여 품질성과 수준을 평가하고 계량화할 수 있는 SL-QPA 모델을 제안하였다. 모델에서 산정된 성과 점수와 법적 기준에 의한 지표와의 피어슨 상관관계 분석하고, 상관계수에 대한 일원분산분석 결과는 통계적으로 유의미하였다. 제안된 SL-QPA 모델은 현행 건축현장 품질성과 진단에 상호 보완적으로 활용될 수 있고, 공사단계에서 연속적으로 생성되는 비정형데이터를 활용하여 점검 및 관리 활동의 적시성을 향상시킬 것으로 기대된다.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.275-283
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• 2021

Globalization has greatly contributed to an increased need for improvement of human capital, and particularly in the development of the real estate and construction sector. Since the political and economic reforms in 1986, Vietnam has experienced a strong economic performance. The real estate and construction sector is one of the fastest growing industries in Vietnam, accounting for approximately 7.6% of GDP in Vietnam. The aim of this study is to identify critical factors influencing the satisfaction of employees to their working place. The sample data collected was from 265 employees, managers and staff in real estate and construction companies in Vietnam. After revising the missing data, and the errors, 240 valid respondents are selected. In addition, the analysis also employs SPSS software by discussing descriptive statistics, Cronbach's alpha test, exploratory factor analysis (EFA), and regression analysis. Our empirical findings show that a company offering greater wages can positively affect the satisfaction of employees to their working place in the real estate and construction sector. In addition, a firm with a superior working relationship and working environment has a positive and statistically significant impact on the satisfaction of employees to their working place.

• 한국건설관리학회논문집
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• 제23권6호
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• pp.65-75
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• 2022

성과측정은 체계적인 관리와 개선을 위한 중요한 활동이다. 건설산업에서도 성과측정을 위한 지표 개발 등의 다양한 연구가 꾸준히 진행되어왔다. 하지만 성과측정을 위한 데이터 수집에 큰 노력이 필요하여 실제로 성과측정이 수행되는 경우는 적었다. 특히 제도를 통해 건설 프로젝트 데이터를 수집해 온 우리나라 공공부문과 달리 민간부문에서는 프로젝트의 성과를 파악할 수 있는 데이터가 전무한 실정이다. 한편, 우리나라는 건설공사 감리를 통해 건축현장 시공단계에서의 품질, 안전 등을 총체적으로 확인하는 제도를 갖추고 있다. 감리 과정에서 건축현장의 성과를 파악할 수 있는 중요 데이터가 생성되고 감리보고서는 「건축법」에 따라 제출이 의무화되어 있다. 본 연구는 민간 건축현장의 성과측정을 위해 감리보고서의 데이터를 활용하고자 한다. 선행연구와 감리보고서를 분석하여 예비성과지표를 선별하고 전문가 인터뷰를 통해 건축현장의 6가지 성과영역과 15개 성과지표를 도출하였다. 다음으로 전문가 설문조사를 실시하여 성과지표의 데이터 수집 가능성을 검증하였고, 성과영역 및 성과지표의 중요도를 도출하였다. 감리보고서 데이터를 기반으로 도출된 본 연구의 성과지표는 앞으로 민간 건축부문의 성과측정의 실효성을 높일 것으로 기대된다.

• Safety and Health at Work
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• 제14권4호
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• pp.415-424
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• 2023

Background: Occupational safety & health management (OSH) has garnered greater attention for its significance in promoting corporate sustainability for organizations in recent decades. The construction industry, in particular, is a major contributor to Malaysia's thirst for corporate sustainability in order to provide long-term support for the country. Thus, the main tenet of this study is to examine the mediating effect of employee affective commitment on the relationship between OSH and corporate sustainability. Methods: A questionnaire was administered to 273 full-time employees of listed construction companies in Malaysia. Smart PLS software version 3 was used to test the proposed model and hypotheses. Both the measurement model and the structural model were evaluated. Results: According to the findings, OSH and its dimensions are positively related to employee affective commitment. Employee affective commitment, on the other hand, has been found to be significantly related to corporate sustainability and its dimensions: economic, social, and environmental sustainability. Apart from this, the prominent results reveal that employee affective commitment partially mediates the relationship between OSH and corporate sustainability and its dimensions: economic, social, and environmental sustainability. Conclusion: This empirical finding adds to the existing literature in explaining how OSH and affective commitment led to corporate sustainability. Several implications are offered to various stakeholders, such as construction companies, policymakers, and relevant regulators.