프로젝트 금융의 안정성 확보 방안에 관한 연구

Abstract

국내에서는 2000년대 부동산경기 활성화에 힘입어 재건축․재개발사업에서 부동산 프로젝트 금융을 활발히 전개하였으나 건설을 둘러싼 환경이 급속도로 변화하고 프로젝트도 대형화․다양화 되는 경향을 보임에 따라 사업에 내재된 리스크요인이 더욱 증가하게 되었다. 이에 PF대주들은 채권자의 지위를 보다 공고히 하기 위해 예상되는 손실에 대한 방어 장치에 관심을 기울여 왔다. 이에 본 연구는 기존 건설사 중심의 신용보강에서 탈피하고 사업참여자들에게 안정적으로 위험을 분배할 수 있는 자본조달방식과 채권보전절차에 관하여 검토함으로써 프로젝트 금융의 안정성 확보방안을 모색하고자 한다.

1. CONTENTS (1) RESEARCH OBJECTIVES Project Finance requires massive amounts of funding and involve high risks. This study investigates the problems of the struture of project finance, it's features of non-recourse or limited recourse and the involving parties. The study will present the efficient solutions of the problems. (2) RESEARCH METHOD The substance of this study is bounded to present and suggest facing problems and efficient ways to remove obstacles by analysing the security of project finance in Korea. Every issue was studied and analyzed through referring to the relevant documents about the structure of the project finance. (3) RESEARCH FINDINGS There are many problems of security system in project finance. So I scrutinized the aspect of the current security system. We have partially similar system like gathered movables transferred security and plant mortgage. But they have their own problems so we need to limit the accompaniment of security. Therefore I sought to the possibility of similar effect like security trustee or security agent, and I found the Act Secularized Bonds' Trust, security trust system using the trustee administrator, and issuing the exchangeable bonds. 2. RESULTS Project Financing means a contract of loans between borrower and debtor for financing as well as includes other commercial transactions accompanying the project. Project Finance requires massive amounts of funding and involve high risks. In order to rehabilitate a domestic PF and level up to an international criteria, a stakeholder must go back to the PF in the true sense and fix the financial systems, which consists of relevant and the development of the capital market for the PF.