델파이분석을 통한 부동산개발사업 프로젝트 파이낸싱의 리스크 요인에 관한 연구

A Study on the Risk Factors of Real Estate Project Financing - Focused on the Delphi Method -

1. CONTENTS (1) RESEARCH OBJECTIVES Real estate project financing of Korea has rapidly grown in a booming stage of construction industry. However, rapid growth of project financing not being accompanied by development of feasibility study or institutional supports have caused negative effects such as reckless loan and insolvent lenders. The objectives of this study are to analyze risk factors of project financing in real estate development. (2) RESEARCH METHOD This study try to deduce consensual opinions of professional group on risk factors of each participant of project financing, controversial points and development strategies of project financing in Korea. I conducted Delphi method by professional group in order to make sense of consensus about risk factors of project financing in Korea. (3) RESEARCH FINDINGS In the result of this study, the largest issues on project financing are a weak fund-raising ability and professionalism of real estate developer and disproportion in risk sharing. 2. RESULTS The risk factors included as follows; assessment to business partners including developers and constructors, feasibility study, loan withdrawal plan, procedural risks such as land security or administrative procedure, and marketability issues. Professionals who participated in delphi survey picked “marketability issues” as the most important risk factor which could bea risk factor of project financing. In conclusion, various problems were derived from degeneration of financing structure in which financing decisions were determined by not profitability but constructor’s credit. This study suggested that legal and institutional supports were needed to follow the basic concept of project financing such as the establishment of agency for objective profitability assessment and to create virtuous circle of project financing for real estate development.