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Accordingly, this study analyzed the relationship between the EL amount and various real estate PF factors based on the current status of real estate PF handling by A Bank from 2015 to 2020. Comparing with previous studies that simply analyzed delinquency, provision rate, and loan quality-oriented analysis, or only negative loans without distinction from approved loans, this study selected and analyzed the EL amount, which is considered more in terms of risk management, together with the implementation of Basel III. It was analyzed by selecting it as a variable. Even if the loan was executed after the loan term and repayment method were confirmed at the time of the loan agreement, it was confirmed that the term and repayment method are not risk variables because early loan repayment is made through income from pre-sale. In addition, it was confirmed that PF, which is a special finance sector other than general corporate finance, is considering acquiring collateral for stable receivables bond collection.

최근의 부동산 PF (Project Financing) 구조는 아직까지도 사업의 준공 리스크를 신용도 있 는 시공사에게 전가하는 형태를 다소 보이기는 하지만 금융기관이 시장 위험을 공유하는 비 중소형 프로젝트 파이낸싱 형태로 발전해왔다. 본 연구는 부동산 PF 리스크 인식에 대해 AHP를 이용한 선행연구의 연장선상에서 변 화에 대한 인식을 찾는 데 초점을 두었다. 비소구방식(Non-Recourse) 프로젝트 파이낸싱에 있어 리스크 요인에 대한 연구는 산업 계 및 대규모 국가 프로젝트에서 계속 진행되고 있기에 시장을 주시하고 변화에 대한 연 구를 계속할 필요가 있다. 또한, 비소구방식(Non-Recourse) 프로젝트의 결과는 실제로 적 용될 수 있는 기준을 도출 할 수 있어야하며 연구 방법에 대한 후속 연구가 계속되어야 한다.

Recent real estate PF(Project Financing) structures have evolved into a non-small and medium-sized project financing format that shares market risk, even if the financial institution reverses the project completion risk to the credit construction company. This study focused on finding the perception of change in the extension of the previous research using AHP for real estate PF risk recognition. Non-Recourse As research on risk factors in project finance continues to be carried out by industry players and large-scale national projects, it is necessary to keep an eye on the market and continue research on the changes. In addition, the results of the Non-Recourse project should be able to derive criteria that can be applied in practice, and follow-up studies on research methods should be continued.

In carrying out a project related to the apartment house construction project, except for a certain project subject with sufficient capital, financing is one of the most important factors as the project is carried out with only a small amount of equity capital. In other words, initial investment costs such as licenses and permits are incurred by securing a business site for the construction project, and huge funds must be invested in order to proceed with construction. Therefore, in order to carry out a stable financing plan for a construction project, business operators are using project financing through financial institutions and other institutional financing. In this process, risk management is important for the project to proceed as planned, and types of project risks include implementation risk, construction risk, market risk, and financial risk. From this perspective, in this study, an efficient PF improvement plan for the apartment building construction project was suggested by conducting a theoretical study on PF for the apartment building construction project, conducting an interview with PF related experts, and conducting research and analysis through PF project case evaluation and questionnaire.

확언은 행정이 스스로 장래 어떤 활동에 대해 작위나 부작위의 의사표시를 한 것을 일컫는다. 즉, 행정의 자기의무화이자 개별·구체적인 자기구속을 의 미한다. 확언의 대상 가운데 행정행위에 국한한 것이 확약이다. 다시 말해 확약은 일정한 행정행위의 장래의 발급이나 불발급에 관한 확언이다. 양자의 구별은 강조되어야 한다. 왜냐하면 이들의 독립된 법적 행위로 여 기면 특히 확약에 대해 행정행위처럼 법적 구속력을 인정하면, 확약에 대해 서는 행정행위와 같은 권리구제를 도모할 수 있기 때문이다. 확언·확약이 특별한 공법적 작용형식인지 여부가 다투어지는데, 특히 행정 행위의 발급 여부와 관련이 있는 확약의 법적 성질이 문제된다. 법원은 ‘어업면허우선순위결정’을 확약으로 보아 강학상의 ‘확약’의 존재를 인정하되, 그 행정처분성을 처분성을 부인하였지만 판례의 입장과는 달리 먼 저 확약의 구속력은 인정되어야 한다고 본다. 확약과 다른 행위를 구별할 필요가 있다. 견해표명은 원칙적으로 비구속성 을 지닌다는 점에서, 확약과는 구별된다. 단계적 행정행위 가운데 부분적 행 정행위에 속하는 사전(예비)결정의 경우에는 전체 사업안의 잠정적, 긍정적 전체판단이 그것의 발급요건이 아니며, 설령 발급요건이라 하더라도 결코 본 허가에 관한 추단적 확약이 수반되지 않는다. 반면 확약은 본처분의 전체 요 건에 관한 긍정적인 판단을 전제로 한, 본처분에 대한 약속이다. 따라서 사 전결정과는 달리, 확약은 신뢰보호를 수반한다. 나아가 신뢰보호의 차원에서 확약은 신뢰보호를 주장할 수 없는 잠정적 행정행위와도 구별된다. 행정상 확약은 국민의 편의를 위하여 행해지는 것으로서 헌법상 신뢰보호 의 원칙을 배경으로 행정상 확약이 있을 경우 그 본 행위 역시 특별한 사정 변경이 없는 한 이행된다는 점에서 본행위에 대한 법적 근거로서도 행정상 확약을 행할 근거로 보아도 법치국가원리상 무방한 것으로 생각된다. 다만 확약으로 인하여 제3자의 권리가 실질적으로 침해될 가능성이 크다는 점에서 확약의 시점에 효과적인 권리구제수단을 강구하는 것이 필요하다고 본다. 확약의 효과는 행정의 자기구속이다. 그리고 그 자기구속은 재량준칙에서 의 일반·추상적 자기구속과는 달리 개별·구체적 자기구속이고, 평등원칙이 아 닌 신뢰보호원칙에 그 근거를 들 수 있다. 당연히 확약한 대로 이행되지 않 은 때, 그리고 확약을 취소나 철회하였을 때는 신뢰보호의 차원에서 문제가 된다. 그런데 여기서 유의할 점이 있다. 비록 확약이 신뢰조성의 출발점이긴 해도, 수익적 행정행위가 행해졌는데 그것이 폐지(취소나 철회) 되었을 때의 상황과는 엄연히 다르다. 약속은 사실 약속위반을 안고 있다. 따라서 사실적· 법률적 상태가 변경되었을 때 특별한 별도의 행위(철회) 없이 그 효력이 소 멸하는 실효제도는 확약의 본질상 당연하다. 이점에서 확약은 보통의 행정행 위와 구별된다. 이 글에서는 행정상의 확약에 관한 독일과 우리나라의 법리적 고찰과 판례 를 통해 확약과 확언의 구별필요성, 확약의 발전, 다른 행위유형과의 구별, 확약의 요건과 효과 및 권리구제에 대한 이론적 검토를 바탕으로 확약과 영 미법상 MOU(양해각서)와의 구별 및 확약과 프로젝트 파이낸싱의 관계에 대해 살펴본다.

A definite statement is called what the public administration itself expressed the opinion unnaturally or unintentionally about any future activity. In other words, it implies the self-obligation and the individual·specific self-commitment of the administration. What is limited to the administrative act among the subjects of a definite statement is commitment. That is to say, the commitment is a definite statement on future issuance or non-issuance of a certain administrative act. The distinction of both sides needs to be emphasized. That is because of being able to promote relief of right like the administrative act as for the commitment given regarding these things as the independent legal act, namely, given recognizing the legal binding force like administrative act especially as for the commitment. The court denied its administrative disposability with recognizing the existence of 'commitment' in light of the education by regarding ‘fishing license priority decision’ as commitment. But unlike the position of a precedent, the binding force of the commitment needs to be considered to be first recognized. The commitment in light of the administration is what is performed for the people's convenience. In that its principal act is also implemented unless there is a change in special situation when there is administrative commitment by constitutionally having the principle of protection of confidence as the background, it is thought to be all right in light of the principle of constitutional state even if considering it as a ground of performing the administrative commitment as a legal ground on the main act. Still, in that there is big possibility that the third party's right might be substantially violated due to the commitment, it is considered that there is a need to devise an effective means of administrative remedy at the point of the commitment. The effect of commitment is the Principal of the Administrative Self-commitment. And the self-commitment is the individual·specific self-commitment unlike the general·abstract self-commitment in the discretion directive and can be taken its ground in the principle of protection of confidence, not in the principle of equality. It naturally becomes a problem in the dimension of protection of confidence when not fulfilling as committed and when cancelling or withdrawing commitment. And there is what will need to be noted here. The beneficial administrative act was carried out even if the commitment is the starting point of forming confidence. It is obviously different from when it was abolished(cancelled or withdrawn). A promise is containing violation of promise in fact. Accordingly, the effective system that its validity ceases to exist without special act(withdrawal) when the realistic·legal status was changed is natural in light of the essence of commitment. In this regard, the commitment is distinguished from the commonly administrative act. This writing examined about the necessity of distinguishing between commitment and definite statement, the development in commitment, the differentiation from other act types, and the requirements, effect & relief of right on commitment through a juridical consideration and a precedent in Germany and our country pertinent to the administrative commitment.

This study analyzed the case of mezzanine financing in urban regeneration projects in Japan, it was to present the application of mezzanine financing as one of the new financing plans to suit the situation of the urban regeneration of Korea. For these reasons, this is to suggest the application and method of Mezzanine by investigating Mezzanine's application and urban regeneration fund's role on the basis of urban regeneration projects such as Roppongi Hills, Akihabara UDX project, Minami-Aoyama 1 Chome among diverse cases applied with the mezzanine financing in Japan. Thus, we need and use financing techniques depending on policies for the public like urban generation fund in Japan to apply the mezzanine financing in urban regeneration after its feature should adapt efficiently to our market.

본 연구는 ‘도시 재생’등 부동산 개발 사업에서 다양한 자금 조달 방식을 모색해온 선진국 일본의 사례를 통해 도시 재생 사업에서 PF를 통한 자금 구성 및 투자 형태, 사업 참여자, 리스크의 분산 등을 연구하는데 있다.또한 기존의 자금 조달 방식의 개선을 유도하며 지속적이며 항구적인 변화를 통해서 안정적인 자금 조달 구조로 이끄는데 기초적인 연구로써 활용하는데 그 목적이 있다. 일본의 경우 우리나라보다 먼저 부동산 버블과 자산 가치의 폭락을 경험함으로써 불황의 시기에 자산의 운용과 자금의 조달 등에 대한 다양한 연구가 진행 되어 왔으며, 특히 해당 사업의 리스크관리 면에서 우리나라보다 전문적인 면이 있으며, 사업성 검토 분야에서 또한 신중하다고 할 수 있다. 부동산 프로젝트 파이낸싱은 기존의 건축사업에서 이루어지던 건축주 위주의 자금 조달과 건설이 아닌 금융, 정부, 시공사, 시행사 등 다양한 주체가 투자에 의해서 결합하는 사업인 만큼 이러한 주체들을 효과적으로 결합하고 운용하기 위한 다양한 연구가 필요하다.

This study investigates into funding and cash flows and distribution of risk through PF projects in large scale urban multi-purpose projects in recent Japan that has searched for various funding systems in the project of developing real estate like UR. It has been studied a variety of research about funding system and use of assets in recession because it had experienced a sudden fall of asset and the bubble of real estate prior to Korea. It is more technical than Korea on dealing with risk in pertinent business and more cautious on reviewing the potential of business and has a major features in joint venture system to accumulate cash or distribute risk, combinations between direct and indirect finance, involving government or public organizations like UR and so on.

대규모 사회간접자본 시설에 대한 투자에 대한 재원조달방안인 프로젝트 파이낸 싱(project financing) 기법의 하나인 BTO(Build-Transfer-Operate)방식을 활용하여 많은 민자사업이 추진되었다. 그러나 실제 활용된 기법은 ‘BTO + 최소수익보장’ 방식 의 민간투자방식이었다. 이 ‘BTO + 최소수익보장’ 방식은 관련자에게 왜곡된 유인을 제공하여 실물부문의 비효율성 - 과다한 수요예측과 그에 따르는 재정의 낭비 등의 문제점 - 을 유발하였다. 이러한 문제점에 대하여 경제적인 분석을 통하여 개선방안 을 제시한다.

‘Build-Transfer-Operate(BTO)', one variation of project financing, has been widely used to finance the infrastructure projects. To induce private participation in the infrastructure projects with low (or even negative) rate of returns, BTO arrangements were supplemented with ‘minimum rate of return guarantee' by the government. This ‘BTO with minimum rate of return guarantee' caused much economic inefficiencies-overestimation of the demands and resulting waste of tax money-due to the perverse incentives inherent in the arrangements. This paper analyzes the BTO arrangement using simple economic models and suggests some measures to mitigates the inefficiencies.

본 논문은 정부 R&D정책과 첨단중소벤처기업 성장의 핵심과제인 기술의 시장경쟁력 제고를 위해 R&D단계에 시장금융을 유인하는 신 기술벤처금융 모델을 개발하는데 목표가 있다. 우선 R&D 자금은 기술개발금융의 특수성 때문에 정부의 정책자금에 주로 의존해 왔지만 기술의 상용화 성과에 한계를 보이며 R&D단계에 시장중심의 기술개발자금 유인수요가 증가하고 있다. 그러나 자금공급 측면에서 시장금융의 주체인 벤처캐피털은 모험적 투자자이지만 기업의 실체가 형성되지 못한 R&D단계에 투자자금을 공급하는 것은 투자의 집행과 수익 실현과정에 존재하는 높은 불확실성으로 인해 큰 한계를 보이고 있다. 본 논문은 대덕R&D특구 사례연구를 통해 R&D단계에서 나타나고 있는 시장중심 기술개발자금 수급의 불일치를 효과적으로 보완하며 R&D단계에 시장금융을 유인할 수 있는 정책방안을 모색하는데 초점을 두었다. 이를 위해, 본 연구는 크게 세 가지의 분석을 수행하였다. 첫째 본 연구는 R&D단계에 형성되는 기술금융의 특성에 대한 이론적 고찰을 통해 R&D 정책금융의 당위성과 이의 한계를 지적하는 논거를 제시하였다. 둘째 본 연구는 대덕R&D특구 사례연구를 통해 R&D단계 시장금융에 대한 수요급증과 공급유인급감 간의 편차를 분석하였다. 넷째 본 논문은 현재 대덕R&D특구지역에 존재하는 기술금융 한계를 극복하고 보다 많은 시장자금을 R&D단계에 유입시킬 수 있는 신 기술벤처금융기법을 모델링 하였다. 특히, 본 논문은 장외주식시장인 프리보드(Free Board)를 연계한 SWORD(Stock Warrant Off-Balance-Sheet R&D Financing) R&D 프로젝트 파이넨싱(Project Financing)모델을 대덕R&D특구에 적용할 새로운 기술벤처금융모델로 제시하였다.

This paper is targeting on developing new technology venture financing model of attracting market fund such as venture capital money into R&D stage in order to enhance its' market competitiveness which is key problem set of government R&D and high-tech firm's growth. There is a fat chance of failing market in technology venture financing due to a innate characters of technology itself such as the problem of information asymmetry and intangible asset. Hence government has initiated R&D financing in R&D stage in the center of basic research. However, government R&D financing tend to lead a big failure of inducing commercialized performance of technology because of market-alienated policy paradigm. Throughout the application of Daeduck R&D Special Zone, government have tried a new challenge of transforming the paradigm of government R&D from government-led to market-led to enhance market performance of R&D. Daeduck R&D Special Zone raise strong demand of attracting venture capital investment into R&D stage. However, considering the status and pattern of venture capital investment in Korea, drawing venture capital investment into R&D stage is next to impossible issue unless two issues; risk neutralization and early exit mechanism are resolved.This paper suggest SWORD R&D project financing model to come up with resolving the two issues of Daeduck R&D Special Zone, encouraging Free Board(OTCBB in Korea) to participate a deal.

After foreign exchange and financial crisis of 1988, housing construction has been shrinked for lack of funds which is caused by housing builders' poor credit. Bank loans and fund raising in stock or bond markets have been interruptted. If the many profitable housing projects are not carried out for lack of funds, it is enormous social loss. But to use financing method which is based on the earning power of profitable projects, not that of housing builders, can break this bottleneck. This study proposes Project Financing and ABS(Asset Based Securities).

Project financing is known as a device to activate housing construction loan. But when the construction is interrupted because of the bankruptcy of the developer or contractor in a project where the houses under construction are pre selled, the loan credit becomes subordinated. That's because when the developer would pre sell houses, he has to buy a security which guarantees the safety of advance payment of consumers, and when the construction is interrupted. the guarantor doesn't secure the priority order of loan credit because of the cost overrun to carry out the guarantee. So the lenders are very reluctant to participate. As a method to solve the problem, this paper presents a surety bond which guarantees the completion of construction within the limit of contracted construction cost. Because the completion is done within the cost limit, loan credit holds prior order.

본 논문은 2008년 노인수발보험제도의 도입을 앞두고 적절한 관리운영체계 모형을 모색하는 것을 목적으로 한다. 노인수발보장의 관리운영체계는 재정운영체계와 서비스체계로 대별될 수 있다. 본 논문에서는 재정운영체계와 서비스체계가 각각 중앙관리방식인지 혹은 지역관리방식인지에 따른 결합방식에 따라 세 개의 이념적 모형을 도출하였다. 관리운영체계 모형의 첫 번째 선택대안은 재정운영체계 및 서비스체계가 모두 중앙관리방식인 경우이고, 두 번째 선택대안은 재정운영체계 및 서비스체계가 모두 지역관리방식인 경우이며, 세 번째 선택대안은 재정운영체계는 중앙관리방식이고 서비스체계는 지역관리방식인 경우이다.한림대학교와 삼육대학교는 2005년 11월부터 2006년 3월까지 5개월간 서울, 경기도, 강원도 지역의 5개 노인복지서비스 기관을 거점으로 지역사회 중심형 노인수발서비스 케어매니지먼트 시범사업을 수행하였다. 그 결과, 우리는 관리운영체계 모형 중 중앙관리방식의 재정운영체계와 지역관리방식의 서비스체계가 결합된 세 번째 선택대안이 한국의 노인수발보장제도의 가장 적절한 관리운영체계 모형이라는 결론에 도달하였다. 왜냐하면, 세 번째 대안이 다양한 서비스의 통합적 제공, 서비스의 접근성, 지역사회자원 활용 및 연계성, 예방적 효과, 장기적인 비용절감 등의 측면에서 다른 선택대안들보다 우수한 대안으로 보여지기 때문이다. 그럼에도 불구하고, 케어매니지먼트를 공식화(제도화)할 것인지의 여부, 누가 케어매니지먼트의 주체가 되어야 할 것인지, 케어매니지먼트와 관련하여 공공기관과 민간기관간의 역할분담 등 여전히 중요한 쟁점들이 많이 남아있다.

The Models on Financing and Service Administration System of Long-Term Care：the Demonstration Project of Care Management based on Community

The latest construction industry status shows a downward trend. Construction companies are positively promoting public-private partnership project financing business(project financing of competition) to overcome the current situation. Public-private partnership project financing business is expected to obtain synergy effects by combining the experience of institutions from residential land development and the experience of private institutions from construction experience Thus it carries the advantage of uniting the public nature of public institutions and the technological capability and the capital strength of private institutions which maximizes the value of the business. However, there are some difficulties. The purpose of this study is to research the problems of construction companies on promoting public-private partnership project financing and find a solution to them. As for the difficulties of public-private partnership project financing business, firstly, the public nature of public institutions are becoming more commercialized and secondly, there are no standardized confederacy basis in the process of selection a business proprietor, so every project offers different standards and conditions. Thirdly, when selecting a business proprietor the construction company that offers the highest land price is picked. Eventually, construction companies compete to pose higher price and it only results in rising land price. Other than that, various problems, such as increase in working expenses and qualification limit for participating enterprise according to public institutions, are being discovered. As a solution to these problems, there is a need to set a standardized selection base, and give more points to development course, development idea and such rather than land price so that even if their capital strenth is weak, small and middle businesses with good initiatives can participate more and also, we can present diversification of business models as a solution

The present study aimed to identify the risk factors in the operation of small- and medium-sized construction project financing (PF) development projects, and further to evaluate their relative importance. A careful literature review along with Delphi study leaded to the design of four major criteria of risk factors including ‘financial risk’, ‘business feasibility risk’, ‘construction and operational risk’, and ‘stakeholder risk’. In addition, a total of twelve indexes were identified. A survey was administered to 100 experts to collect pairwise comparison data. The collected data were analyzed using the Analytic Hierarchy Process (AHP). Results indicate that ‘business feasibility risk’ emerged as the most important criteria among four risk criterion. Furthermore, ‘funding risk’, ‘failure in location/commercial area analysis’, ‘contractor insolvency and project suspension’, and ‘conflict with local community/public agencies’ were found to be the most important index within each respective risk criteria. Our findings of the current work also show that ‘failure in location/commercial area analysis’, ‘increase in project costs’, ‘funding risk’, and ‘demand forecasting error’ were ranked as the important index for careful consideration in practice.

본 연구는 성남시 지방정부가 주택재개발사업구역에 대하여 TIF 재원을 제공하는 경우 주택재개발사업의 사업성 개선효과를 분석하였다. 주택재개발사업 TID 구역내에서 발생하는 거래세 및 보유세에 대한 시뮬레이션 분석을 통해 전국의 주택가격상승률 10년 평균치(3.26%)와 경기도의 주택가격상승률 7년 평균치(1.17%)를 기준으로 TIF 재원조달금액을 산출하였다. 사례지역의 TIF 재원을 산출한 결과, 거래세와 보유세를 합산하여 지원하는 경우, 정비기반시설비용 652억원 중 265억원(39%～41%)까지 지원이 가능한 것으로 추정되었다. 사업성 개선효과는 조성원가의 3.11%～3.28%, 매출액의 2.93%～3.03% 수준으로 사업성이 개선되었다. 또한 비례율 개선효과의 경우 약 7.61%～7.86%까지 상승하였다. 또한 본 연구에서는 경기도 성남시 일부 TID 구역을 대상으로 거래세와 보유세를 포함하여 TIF 재원조달금액을 산출하였지만 경기도 각 시·군 및 경제기반형 도시재생사업지구에서도 해당 사업지역에 산출기준을 적용하여 TIF 재원조달 가능성을 사전에 검토해 볼 수 있는 계기가 될 수 있다. 따라서 TIF 제도 도입은 도시재생사업 활성화에 중요한 역할을 한다고 볼 수 있으며 전국의 지방정부에서는 정비기반시설이 노후화되어 도시 및 주거환경을 개선하고자 하는 경우 TIF 제도의 적극적인 도입을 검토할 필요성이 있다.

This study analyzed the feasibility improvement of housing redevelopment projects if Seongnam local government provides TIF funds for housing redevelopment areas. In addition, a simulation analysis was conducted for the property tax and transaction tax occurring within the TID zone. In this study, according to specific scenarios analyzed the effect TIF financing conditions were separated TIF period of 20 years and 25 years. And house price inflation increased by 2%p(3.64%~7.64%), increased property tax rate doubled(0.153%~0.306%), the discount rate is calculated by applying the tax increase to 2.5% and 1.5%. We analyzed the effect of maintenance and support infrastructure installation costs(65,155 million won) in terms of contribution to stability and change variables. This study analyzed the effect of TIF financing, depending on house price inflation and property tax rate and the discount rate fluctuation changes as a variable. The result is an inverse relationship between the discount rate and house price growth and the TIF period, and property taxes were established 24 kinds of variations, depending on the variable conditions change in scenario 1 to 4 scenarios. And TIF support effect was analyzed by 23~63%, according to the scenario.

Tax Increment Financing (TIF) is the process of raising funds through the increase of taxes in future business areas. The local government treasury department finance is built by the increase of future tax revenue due to the real estate price rise in the urban regeneration area, TIF has been used in the US especially today. Because urban regeneration projects can be said to be achieved not only during the project period but also after the end of the project period, in order to finance the local taxation as a collateral, it is necessary to induce the interest of the local residents to be in charge of business management. In this study, We found the possibility of provision for urban regeneration total costs, which are essential for the sustainability and continuity of urban regeneration areas, through the financial simulation for the case region. As compared with urban regeneartion, in the extensive rebuilding apartment houses and residential area redevelopment process, it is difficult for the stakeholder to bear urban regeneration costs additionally, due to the huge land development land and financial donation. This research result will motivate the Tax Increment Financing to proceed smoothly during the urban regeneration project period longer than we expect.

As a result of analyzing related laws and cases regarding the problems of PF requiring construction companies to guarantee liability for the entire scope of construction, including firefighting facility construction, the law requires repayment ability, and the capital ratio of PF in Korea is 10%. , Since the equity capital ratio of PF in the United States is 30%, it is judged that it is necessary to reduce the dependence of construction companies.

Project Financing(PF) is a financing of particular economic unit in which a lender is satisfied to look initially to the cash flows and earnings of that economic unit as the source of fund from which a loan will be rapid and to the assets of economic unit as collateral for the loan. Project Financing always exists the risk for the future. Because they look at cash flow in the future to invest. In Korea’s misappropriation cases not only direct damages for loss but also they look at risks of damages for loss too. According to these cases, PF can be sufficient to constitute the misappropriation. Recent case of Busan Savings Bank, PF is very bad and government should punish the bank. But PF exists in the law of corporation tax and was recommended as methods in the past. So PF should not be punished by misappropriation directly. Although damage occurs in the PF rather than misappropriation, PF characteristics should be considered. These characteristics were already considered in a recent case. Issues of failed PF are actus reus(voluntary act) and mens rea(guilty mind). Mens rea require that the state prove the defendant’s actual mental state with regard to facts and result. But how can the state prove that? The answer is inference through the dependant’s act. Thus, it is very important to decide what the defendant act is in the PF. I categorized into three, but two important things will be mentioned. There are violations of procedure and judging errors of the risk. A Financial institution’s internal control standards (compliance system) suggest the proper procedure in the PF. Violations of procedure can be found through standard of the PF. If they do not follow these procedures and standards it will be fault procedure of the PF. Even if a banker follows the procedure by the right steps, the judge must be more cautious because of errors of the taking risk. Because PF is high-risk loan. Therefore in this part of the risk management decisions should be considered by the business judgment rule. These days the savings bank’s PF are serious. PF projects without evaluating the value of the SPC and only see the constructor’s credibility. It is financial institution’s mistake without going through proper procedures of the PF. EBRD spends in 2-3 years of the investigation and spends over $1,000,000 to review if business is adequate. In addition, EBRD requires the SPC's own capital ratio of 30-40%. The original PF requires like this long-term and the close inspection. To do this, the independent agencies should assess the objective appraisal. And the compliance system may be reinforced with a crime (business misappropriation) and can be controlled.

부동산 금융은 거시적측면의 위험이 다양하게 존재하고 있으며, 실물경제의 전체적인 영향을 받고 있음을 알 수 있다. 본 연구에서는 부동산 개발 사업에 있어 시행되고 있는 PF사업에 관한 리스크(risk) 요인을 선행연구들을 바탕으로 추출하였으며, 의사결정기법인 AHP(Analytic Hierarchy Process)를 활용하여 PF사업에 관한 리스크 요인을 건설사와 금융기관을 대상으로 탐색해 내고자 한다. 위험요인은 크게 금융 측면, 사업 측면, 시행사 측면, 시공사 측면의 4가지를 중심으로 구성한 후, 하위구성요인은 총 14가지로 구성하여 연구를 실시하였다. 분석결과에 따르면 건설을 맡고 있는 건설사가 PF사업을 진행할 때 가장 중요하게 인식하는 위험요인은 시공사 리스크와 시행사 리스크로 파악되었다. 하지만 금융기관이 PF사업을 진행하기 위해서 가장 중요하게 인식하고 있는 위험요인은 금융리스크와 사업리스크로 파악되었다. 이는 부동산 개발사업을 현장에서 진행하는 건설사와 금융업무를 맡고 있는 금융기관에서의 사업의 특성상 인식하는 위험의 중요도가 상이하다는 것을 의미하며 PF사업에 있어서의 위험에 대한 인식과 그 중요도에서도 차이가 있음을 의미한다.

The real estate financing has so many kinds of risks and it is affected with real economy. This research has find the risk factors of PF(project financing) business with previous research. The object of this research is to compare the weights of real estate PF with analytic hierarchy process. The research considered 4 types of risk, that are financial perspective, business perspective, project owner perspective, and constructor perspective. The result shows that construction companies considered the project owner risk and constructor risk are important factors. And the other side, financial companies considered the financial risk and business risk are important factors. Therefore, we find that the determinants are different by point of view. This paper suggests that the different approach is necessary to improve management performance with the two points of views.