선박금융의 불확실성과 최적자산배분

Uncertainty and Optimal Distribution of Asset in Ship Finance

This paper presents the simple economic model designed to explain why ship finance is relatively more fluctuated than other finance. It shows that the compensation rate of risk plays a major role in determining the amount of ship finance. When economy is in boom, ship companies increase more investment in shipbuilding than other industry because compensation rate of risk gets higher. While economy slows down, it works the other way. And the estimation model which may measure the relative riskiness in the ship companies is also derived from the original model by modifying the equation through classification of the observable variables and the unobservable ones.