Earticle

초록

영어

Since the Asian financial crisis, the advance of real estate development financing, such as the introduction of asset-securitization and fund investment vehicle, has provided the benign environment where financial investors can actively participate. Despite this development, construction companies still bear the final responsibility by providing payment guarantee for project finance loan of developers. The research of this paper shows that currently, the most critical factors of local real estate financing are payment guarantee by construction companies and collateral value. However, in the near future, it is anticipated that project profits, developers’ financial health, and business capability would be the most important part. This study also shows that financial investors are expected to play the most significant roles in the real estate development finance. But they are facing realistic problems such as their internal risk-averse attitude and external legal barriers caused by investment restrictions and asset soundness that should be met by them. Therefore, it is argued that the current practice of project finance should be changed so that financial investors participate in development projects based on project profits instead of depending on contractors’ guarantee.

목차

Abstract :
 1. 서론
 2. 재무적 투자자에 대한 이론적 고찰
  2.1 재무적 투자자에 대한 개념
  2.2 재무적 투자자의 유형
  2 .3 재무적 투자자의 역할
  2.4 선행연구 검토
 3. 부동산개발금융에서 재무적 투자자의 참여실태 및 진입 제한요인 분석
  3.1 설문조사 개요
  3.2 재무적 투자자의 부동산개발금융 참여실태와 전망
  3.3 부동산개발금융에서 재무적 투자자의 진입 제한 요인 분석
 4. 결론
 참고문헌

키워드

저자

• 박종덕 [ Park. Jong-Duck | 단국대학교 대학원 도시계획 잊 부동산학과 박사과정 ] 주저자
• 김호철 [ Kim. Ho-Cheol | 단국대학교 도시계획 부동산학부 교수 ] 교신저자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국지역개발학회지 [Journal of the Korean Regional Development Association]

• 간기

  연5회

• pISSN

  1225-9055

• 수록기간

  1989~2026

• 등재여부

  KCI 등재

• 십진분류

  KDC 322 DDC 330