부동산 개발금융 리스크 관리방안에 관한 연구

A Study on Real Estate Development Finance Risk Management Plan: Focusing on PFV

This study was to offer a combined risk management method between a real estate development and its financing risk as these days a real estate development and its financing are integrated each other. Also this study was meaningful to get various opinions of feedback about the PFV(Project Financing Vehicle) system from the experts engaged in the real estate market at a time when the PFV system is about to sunset by December 31, 2022. Among the 3 risks, the real estate development risk, the financing risk and the PFV system risk, the operational risk of PFV system was the most important, and the financing risk followed. Comparatively the real estate development risk was low. The return allocation was most important among the PFV operational risks. This was because the PFV system was to save corporates’ income tax and a stable return allocation to all participants was important. The expert group research showed the PFV system was inevitable. Also it showed that the legislation for the system and its administration were required for stable operations.