Korean Journal of Construction Engineering and Management (한국건설관리학회논문집)

Korea Institute of Construction Engineering and Management (한국건설관리학회)
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Study on the Plan for Reduction of Credit Risk of Medium-size Construction Companies Preparing for Restructuring

구조조정에 대비한 중견건설사 신용리스크 저감방안에 관한 연구

  • Lee, YunHong (Korea Electric Power Corporation, Treasury Estate Planning Team)
  • 이윤홍 (한국전력공사 재무처 부동산기획실)
  • Received : 2020.07.28
  • Accepted : 2020.09.14
  • Published : 2020.09.30
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Abstract

The government announced a plan for fund support to the enterprises with high possibility of recovery and early restructuring for the enterprises with low recovery by objectifying credit assessment system. Such announcement of government could be extended to restructuring risk of middle standing enterprises with low financial soundness by establishing the basis to prepare prompt restructuring by reinforcing the basis for restructuring through capital market. This research analyzed financial soundness based on the financial evaluation of bank by selecting 10 middle standing construction companies which focused on housing business in 2019, based on such analysis result, it was confirmed that there was a high possibility of restructuring risk. This research determined that there would be a decrease in growth rate of construction industry on the whole in 2020 due to fall of economic growth rate and reinforced real estate regulation, accordingly, there's a big possibility for middle standing construction companies with paid-in capital ratio due to its low possibility of maintenance of stable credit rating. This research established KCSI assessment model by utilizing the material of a reliable research institute in order for middle standing construction companies to evade restructuring risk, and indicated risk ratio differentiated per each item through a working-level expert survey. Such research result could suggest credit risk reduction method to middle standing construction company management staffs, and prepare a basis to evade restructuring risk.

정부는 신용평가시스템을 객관화하여 회생가능성이 있는 기업은 자금을 지원하고, 회생가능성이 없는 기업은 조기에 구조조정을 추진하는 방안을 발표하였다. 이러한 정부발표는 자본시장을 통한 구조조정의 기반을 강화하여 신속한 구조조정이 이루어질 수 있는 기틀을 마련함으로써 재무건전성이 낮은 중견건설사는 구조조정 위험에 확대될 수 있다. 본 연구는 2019년 기준으로 주택사업에 집중된 10개 중견건설사를 선정하여 은행의 재무심사기법을 통해 재무건전성을 분석하였고, 이러한 분석결과를 통해 구조조정 위험에 노출될 가능성이 높음을 확인할 수 있었다. 2020년에는 경제성장률 하락과 부동산규제 강화로 건설업 성장률이 전반적으로 하락될 것으로 판단되어 자본금 납입비율이 낮은 중견건설사는 안정적인 신용등급을 유지할 가능성이 낮아 구조조정에 포함될 가능성이 높다. 본 연구는 중견건설사가 구조조정 위험에서 벗어날 수 있도록 공신력 있는 연구기관의 자료를 활용하여 KCSI 평가모델을 설정하였고, 실무전문가 설문조사를 통해 각 항목마다 차별화된 위험비율을 나타냈다. 이러한 연구결과는 중견건설사 경영진에게 신용리스크 저감방안을 실천하도록 제언할 수 있었고, 구조조정 위험에 벗어날 수 있는 기틀을 마련하였다.

Keywords

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