선박금융의 리스크 요인과 시장리스크 평가에 관한 연구

A Study on Risk Factors and Market risk valuation of Ship finance - Focused on Ship Investment Company

Korean shipbuilding industry is ranked the top in the world but current situation of our ship finance is unable to supply the enough capital for the shipping companies. To solve this problem, the Government introduced shipping funds through the Ship Investment Company. This system is based on both the K/G Fund of Germany and the K/S Fund of Norway. Shipping companies could raise their money in the form of equity finance and this would improve their weak capital structure which has highly relied on the external debt. This paper attempted to review the ship finance’s risks and analyse to use VaR model market risk of ship funds under the Ship Investment Company in Korea. As a result, there are predevelop- ment risk, operation risk, market risk, political risk and credit risk. We also discussed the beta of market risk is less than 1 that is essential meaning as the defensive stock to diversify investment portfolio.