• Proceedings of the KAIS Fall Conference
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• 2009.12a
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• pp.398-401
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• 2009

민간 주도형 사회간접자본 (social overhead capital :SOC) 사업은 BOT(build-operate-transfer)를 비롯하여 대상 프로젝트의 정부 정책 등의 여러 환경의 변경에 따라 다양하게 변형되어 적용되어 BTL(build-lease-transfer), BOO (build-own-operate)등의 여러 기법들을 사용된다. 민간 SOC 사업은 프로 젝트의 규모와 장기에 걸친 공사의 불확실성 때문에 프로젝트의 경제성 분석을 하는 것은 복잡하다. 일반적으로 사용하고 있는 현금흐름 할인모형(discount cash flow model; DCF)은 미래의 불확실성 변수들을 적절히 반영하지 못한다는 한계점을 가지고 있지만 현실적으로 많이 쓰이고 있는 방식이다. 본 논문은 옵션기반모형에 근거한, BOT-옵션가치평가(BOT-OV)모형을 국내 민간 SOC 사업의 경제성 분석을 위해 적용한다. BOT-OV모형을 적용하는 것이 기존 순현재가치(net present value; NPV)방식을 통하여 프로젝트 가치 평가 할 때보다 더 정밀한 경제적 타당성 평가를 할 수 있다는 것을 확인하여 기존의 NPV 평가방식의 방법을 대체할 수 있는 가능성을 확인하는데 의의가 있다고 할 수 있다.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2008.11a
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• pp.38-43
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• 2008

The purpose of this study is to secure reasonable transportation infrastructure stock for enhancing national competitiveness in Korea. National competitiveness may be defined as a country's overall capacity to create the most effective social structure, institutions and policies that allow her company within the national boundary to be more competitive in the world market. If Korea's transportation infrastructure stock is not sufficient and a connection among transportation facilities is not efficient, we should pay the social and economic cost. As a result, we worry that national competitiveness may drop. Some methods to maintain or to increase the national investment for transportation infrastructure that are suggested from this study are as follows: Firstly, we need to operate the Spcial Account for Traffic Facilities. Secondly, the investment should be focused on the facilities and districts in needs. Thirdly, PFI (private finance initiative) policy should be aimed at investing for the highly economic-valued projects.

• Korean Journal of Construction Engineering and Management
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• v.12 no.2
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• pp.32-40
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• 2011

The PPPs(public private partnerships) which was introduced in the later part of the 1990s has grown since 2005, with the beginning of BTL(Build Transfer Lease) type which retrieves the investment by receiving the lease payment from the government. As application areas and scale of the PPPs have been further expanded, it is expected the demand on special purpose facilities will be increased. We do know only successful foreign practices of the PPPs but have rarely consider the failure cases. Therefore, this paper derives implications by analyzing the case of National physical laboratory project which is known as a typical failure case of UK's PFI. We find that from the perspective of governance, the reasons leading to the failure of business are an insufficient of technical rationality, unsettled social relationships and inefficient risk management. Based on the case study, this study shows how to improve management system for special purpose PPPs business in Korea.

• Journal of the Korea Institute of Building Construction
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• v.11 no.1
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• pp.19-27
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• 2011

The capital of investment of SOC projects is too large to be taken charge of a country. The government introduces the private investment like a BTL project because of the limited national resources. However, even the company which wants order constructions, do not consider the fundamentals such as accurate estimation, capability of construction company and construction period. The purpose of the research is to suggest the basic influential factors for obtaining a BTL project and offers the concludes for the successful operation after the contract. The result of the research is followed. 54 effect successful factors are compressed into 11 principle factors by analysis on those 54 factors, CSFs of BTL business are constructed. Regression analysis is induced by variable of primary success factors and success degree, and derives the influence degree of effect successful factors in business. Regression analysis that is mentioned above showed considerable issues from importance of primary factors, prime cost fluctuation factors and comparison of management-level. So this study could suggest the effective operate plan of BTL business.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.11 no.4
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• pp.1442-1448
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• 2010

The evaluation of the financial viability of a privatized infrastructure project is complex because of the uncertainties involved due to the project's scale, long concession period and complexity. Use the BOT option valuation(BOT-OV) model, for evaluating the financial analysis of a privatized infrastructure project. This sophisticated for financial evaluation compared with a traditional NPV analysis.

• Korean Journal of Construction Engineering and Management
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• v.8 no.4
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• pp.73-80
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• 2007

As BTL(Build-Transfer-Lease) private investment business benchmarking PHI(Private Finance Initiative) of USA and Japan is introduces to Korea since 2005, as a part of supplying high leveled public service and early expanding required facilities for SOC, Value for Money on private investment business from treasury investment business at the beginning gets to be needed. Accordingly, this survey has been conducted in order to analyse BTL projects status, propriety of economic analysis method(VFM analysis, calculation of estimated business expenses, valuation of bidding price, etc.) by business advance phases from the viewpoint of person in charge, necessity of improvement and alternative plants. As the result of conducting cross tabulation analysis and correlation analysis by occupational group, BTL project advance phases and alternative plans for improvement, it is necessary ye prepare standardized service level against business expense and basis for calculating and evaluation operation expenses. Based on the necessity of quantitative analysis (LCC analysis) of VFM, standard for calculating management, maintenance and administration expenses is required. In addition, reliable economic valuation system considering domestic BTL environment should be setup, for business efficiency.

• Korean Journal of Construction Engineering and Management
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• v.8 no.5
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• pp.152-160
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• 2007

Recently, the government is very active to secure the financial resources by inducement of the private investment in fulfilling an extension of the SOC facilities. One of the reasons that the private investors hesitate to put money into the private finance projects, however, is the lack of knowledges about various risks to be possibly incurred during the project execution. This research was performed as one of the preparation works in order for a A engineering company to act as a prime contractor of the project management service in the private finance project, and finally developed the risk factor dictionary as a new concept to satisfy the requirement of a A company and overcome a limit of the existing risk checklists. Although the risk factor dictionary looks like the only simplified table to be the risk factors identified in three dimensions, the impacts and response strategies expressed in narrative and multi-items, and the responsible parties indicated, it has great meanings to get a lot of direct and indirect accomplishments over the simplified table during the development process.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.87-91
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• 2006

After reformation of 'the law of private investment on social infrastructure' on January 2005, BTL of educational facilities can improve the education circumstance at early stage, however there are trial and error, problems of execution as well. The key of this problem is not only related to whether BTL project is more reasonable, but it also leads to the proper performance of eligibility analysis on BTL. Therefore, it lead to the proper carryout of eligibility analysis on BTL. In order to promote effective BTL project of educational facilities, this study analyzes problems of existing model and creates the evaluation model for solving this problem. In this study, the evaluation model of investment on BTL has more quick ,accuracy and useful effect than previous one, if it is applied on eligibility stage. Moreover, this method could be applied to public building, SOC facilities effectively based on being modified as each characteristics of structure suitably.

• 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.

• Korean Journal of Construction Engineering and Management
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• v.14 no.3
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• pp.167-175
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• 2013

In 2005, the government introduced BTL(Build-Transfer-Lease) projects as one of the methods of private investment in infrastructure. In a BTL project, a private company builds a public facility and leases it to the government to withdraw its invested capital. But there appear several problems with it due to a short period of preparation and lack of experiences. Specifically, private companies that plan to participate in this project have to take a risk since serious problems are likely to take place because of unrealistic estimation of construction costs, etc., and they finally avoid participating in this project. A case study was made over advanced countries, Japan and the United Kingdom, to find out how to resolve the problems, and rational 7 improvement method were presented from a perspective of Special Purpose Company (SPC), which could be accepted by both of SPC and government agencies. The findings of the study are expected to provide workable solutions to BTL projects from a standpoint of private companies to facilitate the rational improvement of BTL projects, and this study is ultimately expected to stimulate the active participation of SPC to make a contribution to the vitalization of domestic BTL projects.