• The Korean Journal of Financial Studies
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• v.12 no.1
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• pp.19-44
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• 2006

프로젝트 파이낸싱은 프로젝트 자체의 사업성과 프로젝트 현금흐름에 근거하여 발생하는 수익을 담보로 사업자금을 차입하고 운영 시 발생하는 수익으로 대출금을 상환하는 재원조달방식이다. 이 금융기법은 주로 광산 및 천연자원개발 사업에서 수 백년동안 이용되어 왔으며, 우리나라의 경우는 대규모 SOC민간투자사업에서 주로 활용하고 있다. 최근 우리나라 SOC민간투자사업에서는 기존에 정부와 민간사업자간에 체결하였던 실시협약 상의 재원조달 구조를 새롭게 변경하거나 유리한 금융기법을 이용하는 사례가 빈번히 나타나고 있다. 본 연구는 우리나라에서 프로젝트 파이낸싱 기법으로 어떻게 SOC민간투자사업에 투자하고 있는 지 분석하고 현황을 파악하였다. 또한 민간투자사업의 자본구조와 Refinancing의 발생사유를 분석하였으며, 광주제2순환도로, 신공항고속도로, 천안논산고속도로 민간투자사업에서 Refinancing 사례도 분석하였다. 그리고, Refinancing에 대한 효과가 어느 정도 인지 측정을 하였다. 결론적으로 Refinancing 효과가 사업에 대한 수익성을 높이는 효과와 부채비율이 높아져 운영위험이 증가하는 것을 실증적으로 보여주었다.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.67-72
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• 2004

최근 건설산업은 공공 및 민간부문의 발주물량 감소가 가시화되고 있으며, 최저가입제에 의한 사업수익율 하락 추세는 향후 건설업 붕괴위기, 건설산업 사양산업화라는 비관적 견해가 떠돌 만큼 건설업 전반이 심각한 위기를 맞고 있다. 정부는 재정 부족으로 인하여 SOC사업의 축소조정이 불가피하지만 국가경제의 악영향 해소와 신속한 경쟁력 회복을 위해 SOC사업에 대한 투자확대와 푹소범위 최소화의 필요성을 인식하고 있으며, 이에 재정부족과 SOC 확충이라는 두가지 문제를 해격하기 위해 민간투자사업이 활성화되고 있는 실정이다. 현재, 정부에 의해 주도되고 있는 민간투자사업의 제도 및 법률의 개정방향은 피간 건설업체가 주도하던 민자사업에 대하여 연기금 및 금융권으로의 전환을 예고하고 있으나, 현실적으로 금융권이 자체적으로 SOC 사업에 대한 투자를 위한 사업 타당성 분석이 어려운 실정이므로 이에 대한 대안으로 SOC 민간투자사업에 대한 노하우를 축적한 건설업체의 SOC 민간투자사업 분야에 아웃소싱 개닐념 도입, 특화하여 효율성을 극대화 시킴으로써 사업의 안정성 확보와 동시에 투자 수익 실현을 통하여 SOC 민간투자 활성화에 견인차 역학을 할 수 있는 전문운영회사의 도입에 대하여 논하고자 한다.

• Korean Journal of Construction Engineering and Management
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• v.5 no.6 s.22
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• pp.179-190
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• 2004

Present private infrastructure investment in SOC investment has increased up to $11\%$ compared to the year 2003 and it is expected to increase in the future. In spite of its rapid increasement we don't have definite standard or system on distinctly presented rate of return for domestic private infrastructure investment yet, and practical and scientific research is not sufficient, compared to its necessity and importance. Hence, in this study we tried to build theories systematically, which are related to rate of return of private infrastructure investment to promote SOC private infrastructure investment to last successfully and present the proper level of rate of return of private infrastructure we investment appropriate in domestic situations through diverse analysis. Therefore, to present reasonable rate of return, we used 5 methods: existing research analysis, case study, financial index analysis, analysis of investors rate of return, and analysis of rate of return in a real estate market. After comparing and analyzing these methods, Ive presented in the end the appropriate level of rate of return of private infrastructure investment, which can be applied in a domestic market.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.404-407
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• 2004

This Research suggested direction of development and analyzed necessity and given condition of CM(Construction Management) operation system of SOC private infrastructure project which is judged to grow up continuously from now on, Direction of development which is suggested in this research is largely there, (1)development of SOC private infrastructure project CM work standard process guide, (2)development of SOC Private Investment project feasibility study Performance standard, (3)checklist of SOC by stages and functionally private investment projects risk. Through this development, later we judge effect not only supply of a model case to artivate CM system but heightening of efficiency in domestic construction industry.

• Korean Journal of Construction Engineering and Management
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• v.7 no.4 s.32
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• pp.118-125
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• 2006

The Korean government is encouraging positively PIP(private infrastructure project) to relieve financial burden and get the facilities in time. The portion of the PIP has grown rapidly into 15% of the whole SOC(Social Overhead Capital) projects. It is estimated that the growth will continue for the present. However, there are still rising problems on efficiency of the project and productivity, properness of the project scale are pointed against surprising growth. In this study, we analyze underlying problems of private infrastructure investment project and suggest CM Models to relieve the problems. To verify the validity of the suggested models, a survey has been conducted through questionnaires and analyzed the taste of the stakeholder. The owner-support Model is chosen as the practical model to apply in time. By applying the suggested model to PIP, it is possible to enhance the efficiency and productivity of the project.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2007.11a
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• pp.599-602
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• 2007

To enhance the competition of National power, the investment of SOC is an essential factor for infrastructure construction. The capital for SOC is so gigantic and the national finance is limited, engagement of various subject is necessary. So, Government is promoting the private sector to invest capital in SOC development. Nevertheless the increasement of SOC investment, various problems were issued in selection & operation of BTL. Therefore, to raise the probability of success for BTL project, escalation, unification and specialization of BTL affairs, BTL selection process were suggested in this study.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.30 no.6D
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• pp.655-662
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• 2010

As the national competitive power indicator, the infrastructures have been constructed with government's SOC budgets. However, even SOC budget is decreased, Public-Private Partnership Project (PPP project) has been introduced to solve demands on extending infrastructures, and among PPP projects, road projects take high portions. This study analyzes the operation & management item of financial model which is connected to the O&M cost and project proposal of previously proposed road project and analyzes the Korea Expressway Co.,'s project cost items and O&M tasks to reflect the characteristics of road projects. Based on results, this study suggests necessity of the O&M cost breakdown structure and the cost calculation standard on each cost item. Also, for the existing task execution tools, O&M cost calculation tool and finance analysis task tool will be integrated, and the system is suggested web-based system. Thus, it is expected that it contributes to the securing overall business values on PPP project and expending profit-base infrastructures.

• Korean Journal of Construction Engineering and Management
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• v.1 no.4 s.4
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• pp.67-73
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• 2000

For the successful performance of a private infrastructure project, an effective project financing is indispensable through various domestic/overseas sources. This study explains the concept of the private infrastructure development and investigates its current status in Korea. In addition, the details of the changed environment for the project finance under the newly enacted 'Private Investment Act' are compared in an analytical manner to those under the previous law. Finally, it discusses the problems that still remain and recommends the remedies available for the better financing environment.

• The Journal of the Korea institute of electronic communication sciences
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• v.8 no.5
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• pp.679-686
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• 2013

Private investment business, government, the introduction of private capital and technology, and private sewage that due to the mutual benefit monetize using a stable government's public goods is still active. Internationally in the 1980s, the 1990s, the case of Korea, the social infrastructure, such as roads, ports, airports, business increased. This study is part of the overall consideration of the Act on Private Participation of private investment projects and improve on the points at issue by deriving the direction you want to achieve the purposes of the Act on Private Participation "that contribute to the national economy and promote private investment.

• Korean Journal of Construction Engineering and Management
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• v.13 no.5
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• pp.53-63
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• 2012

Korean Public-Private Partnership, mainly implemented using BTO (Build-Transfer-Operate) and BTL (Build-Transfer-Lease) methods, has contributed in increasing benefits of the people by providing the needed public services in a timely and efficient manner. It has also induced flexible national fiscal management. However, in addition to the repeal of the Minimum Revenue Guarantee (MRG) program in 2009, changes in business environment including recent financial crisis aggravated financial situation in pursing PPPs, resulting in significant contraction of BTO projects. Therefore, the new methods are to be suggested and applied to overcome this situation. This paper seeks to find ways to apply "Mixed Model," characterized as the compound of BTO and BTL, two different implementation methods of PPPs, as an enhanced burden-sharing mechanism.