수심변동성을 고려한 매립면허권 가치평가

Appraisal of Public Water Reclamation Licence Right considering Variability in Water Depth- Focus on Saemangeum Development Project -

The present study selected the Saemangeum development project area as a subject case and appraised the public water reclamation licence right. However, this study attempted an appraisal with market approach instead of cost approach, an appraisal method that is widely used at working level. To this end, the calculation of the future estimated business expense using the water depth of the subject area of the public water reclamation licence right and a regression analysis were conducted and correction value was calculated using the coefficient from the analysis. If the general market approach is applied in the appraisal of the public water reclamation licence right, the value is influenced by the increase of officially assessed reference land price and fluctuation rate of land price in neighboring areas with time. However, the method used in this study has an advantage that an appraisal considering the variability in water depth over time is possible besides above factors. In other words, if water depth varies, the future business expense will vary depending on it, and such variation factors can be taken into consideration during the appraisal. However, this study has a limitation in that it is difficult to generalize the appraisal result because the data used in the analysis was small due to the selection of a specific case.