貯水池事業의 投資效率 分析

A Study on Capital Efficiency in Investment for Reservoir

A. The purpose of this study is to analyze the internal rate of return on investment in reservoirs by district, to find out strategic factors affecting the regional differences in reservoir investment, to present the scientific methodology and approach for the efficiency of reservoir investment project, and to develop the rational guidelines and the measures for the comprehensive reservoir investment. B. The research has been carried out by the following steps. ⅰ) 10 reservoir districts were selected under a consideration of the different scale and the regional distribution. ⅱ) In estimating the benefit and the cost of reservoir, two area were selected; the one was benefited area and the other was non-benefited area. All data collected at the nonbenefited area here represents the data before the irrigation. ⅲ) The methodology and the formula employed in estimating the rate of return is presented in page 8. Some major findings of this study are as follows. 1. There is wide variation in the internal rate of return on investment in reservoirs among districts. The range in the internal rate of return on investment was from a minimum of 1.5% to a maximum of 27.5%. 2. Some major findings of the study on relationship between the internal rate of return and those factors as follows; increase in yield per tanbo, construction cost per chungbo, yield per tanbo before irrigation, construction period, different size of benefited area, regional difference of farm management conditions, or the depleted value by constructing reservoir land lost to production are as follows. ⅰ) There is a relationship between the internal rate of return on investment and the increase in yield as measured by difference of yield between before and after irrigation. In districts of less than 0.7 suk per tanbo increase in yield the estimated rate of return on investment was only 4.6% while in districts in the ranges from 0.7 suk to 1.0 suk and more than 1.0 suk increase in yield, the estimated return was at the level of 9.2% and 14.8%. Therefore, high or low level of increase in yield influenced the rate of return on investment. ⅱ) There is a relationship between the rate of return on investment and construction cost per chungbo. Districts in which construction cost per chungbo was less than 400 thousand won had the high level of estimated rate of return on investment of 16.08% while districts in the ranges from 400 thousand to 700 thousand and more than 700 thousand won construction cost per chungbo had low estimated rates of return on investment of 5.6% and 4.67%. ⅲ) Districts in which the yield was less than 2.6 suk per tanbo before irrigation had the low level of estimated rate of return on investment of 8.03% while districts in the ranges from 2.6 suk to 2.8 suk and more than 2.8 suk had high level estimated of 10.0% and 11.0% respectively. ⅳ) There is a relationship between rate of return on investment and large or small size of benefited area. In the range between 1,000 and 2,000 chungbo of benefited area, the rate of return on investment was estimated at the high level of 18.25% while in the range less than 1,000 chungbo of benefited area the estimated rate of return on investment was only 7.52%. Therefore, large size of benefited area was associated with high estimated rate of return on investment while small size of benefited area was associated with low rate of return on investment. ⅴ) When we concentrate on relationship between construction period and the rate of return on investment, the estimated rate of return on investment where the construction period was less than 5 years was at the high level of 23.0% while where the construction period was more than 9 years the estimate was at the low level of 6.25%. This indicates that long-period construction districts had lower rate of return on investment than short-period construction districts. ⅵ) In investigating the difference between regional charactor and rate of re