위험-수익 원칙에 기반한 도시재생사업의 재무적 전략

Financial Strategy for Urban Regeneration Project based on Risk-Reward Principle: Focused on Cases of USA and Japan

Recently, the need for urban regeneration projects has emerged in many cities in Korea due to the decline of urban functions, and related research has been on the rise. But, research relevant to how to finance those projects is very rare. As urban regeneration projects are large in scale and involve many interested parties, it is important to raise capital properly considering the level of risk for successful project. In light of this, a successful urban regeneration project requires discussion of various forms of development financing techniques, along with the way of finance based on the risk-return principle that project participants seek adequate returns to meet the level of risk, based on their financial characteristics, revenue structure and full understanding of the project s capital procurement. Therefore, the purpose of this paper is to analyze examples of financing techniques such as tranche-financing based on the risk-reward principle with the financial characteristics of the project and the revenue structure and mezzanine-financing deriven from the urban renewal fund, thereby considering the advanced techniques and financial strategies of development financing for urban regeneration projects and obtaining relevant implications.