Korean Journal of Construction Engineering and Management (한국건설관리학회논문집)

Korea Institute of Construction Engineering and Management (한국건설관리학회)
권호 표지
DOI QR코드

DOI QR Code

A Study on the Scope of the Recognized Equity Capital of Developer in Real Estate Project Finance Loan Screening

부동산 PF를 위한 시행사의 자본금 인정범위에 관한 연구

  • Lim, Suhong (H Asset Management Co. Ltd.) ;
  • Jang, Hokwan (Department of Real Estate Studies, Konkuk University) ;
  • Lee, Sangyoub (Department of Real Estate Studies, Konkuk University)
  • Received : 2020.09.03
  • Accepted : 2020.09.21
  • Published : 2020.11.30
Download PDF
⟨ Previous Next ⟩

Abstract

This study intends to explore the scope of the recognized equity capital of developer in real estate project finance loan screening. The factors which can be recognized as equity capital are categorized into 24 factors with 3 upper categories and 6 mid categories. In order to develop the importance weight of factors, AHP and Fuzzy methodologies are implemented based on survey analysis by experts in financial institutions. Research findings indicate that the land cost, evacuation cost, and real estate acquisition tax as land-related direct costs, and the design cost, traffic impact assessment cost, underground safety impact assessment cost, boundary surveying cost, and geological survey cost as the construction permit-related costs are higher than any others. On the other hand, the supplementary costs related to the operation of the developer show very low importance weight. Accordingly, the hierarchy of factors for equity capital should be clearly developed in order to minimize any dispute and prevent non-performing loans to real estate project finance.

본 연구는 부동산PF에서 시행사의 자본금으로 인정가능 범위에 대한 분석을 위해 24개의 자본금 항목에 대한 중요도를 도출하였다. AHP와 퍼지 분석결과 토지 관련 직접비용에서 토지비, 명도비, 부동산취득세, 그리고 건축허가 직접비용의 설계비, 교통영향평가비, 지하안전영향평가비, 경계측량비, 지질조사비 등이 높은 중요도를 보여 주된 자본금 항목으로 인지되고 있는 것으로 나타났다. 반면 PM용역비, 사업권양수도비, 예금채권, 부동산중개비, 사무실 운영비, 인건비, 세무회계 용역비 등은 매우 낮은 중요도를 보였는 데 토지 관련 비용인 부동산중개비를 제외하고 모두 시행사 운영과 관련된 것들로 나타났다. 따라서 부동산PF 대출심사 시 시행사의 자본금으로 인정 가능한 주요 항목들은 토지 관련 및 건축 허가 관련 요소이며 낮은 중요도를 보인 시행사 운영 관련 요소에 대해서 사업 관계자간 논란의 최소화와 구체적인 인정기준을 통한 부동산PF 부실대출을 사전적으로 예방하기 위해서 조속히 부동산PF 대출심사에 필요한 시행사의 자본금 항목을 명확하게 규정하는 것이 요구된다.

Keywords

References

  1. An, K., Cho, Y., and Lee, S. (2014). "An Analysis on the Investment Determinants for Insovent housing Development Projects." Korean Journal of Construction Engineering and Management, KICEM, 15(2), pp. 112-121. https://doi.org/10.6106/KJCEM.2014.15.2.112
  2. Ahn, S. (2020). "Changes in IB Profit Structure of Securities and Its Implications." Bi-Weekly Hana Financial Focus, KEBHana HANAIF, 10(1), pp. 14-15.
  3. Cho, J. (2015). "Theory of Real Estate Academy." KonKuk University Press.
  4. Choi, S., and Kim, K. (2020). "Korean Federation of Community Credit(KFCC) Cooperative that has grown in size using non-taxation...'Second Savings Bank crisis' is concern when insolvency occurs." Maeil Business News, (Mar. 15, 2020).
  5. Financial Supervisory Service (FSS) (2009). "Insurance Company Real Estate PF Loan Risk Management Model Standard"
  6. Financial Supervisory Service (FSS) (2010). "Mutual Savings Bank PF Loan Risk Management Model Standard"
  7. Financial Supervisory Service (FSS) (2018). "A Guide to Inspection of Savings Banks."
  8. Ha, J., Jeong, M., and Lee, S. (2015). "An analysis on the Investment Determinants for Urban Business Hotel Development." Korean Journal of Construction Engineering and Management, KICEM, (16)4, pp. 107-117. https://doi.org/10.6106/KJCEM.2015.16.4.107
  9. Han, S. (2015). "The Validity of the Feigned Paid-In and its Criminal Responsibility -Based on the Legal Characteristic of Capital System and the Benefit and Protection of the Law-" Business Law Review, KBLA, 29(1), pp. 161-204.
  10. Kim, C., Lee, J., and Lee, S. (2019). "Determinants for Shared Workspace Selection by User Attributes in Seoul." Journal of Housing and Urban Finance, Korea Housing & Urban Guarantee Corporation, 29(4), pp. 109-133.
  11. Kim, J., and Sakong, D.C. (2009). "A study on the Credit Risk of Real Estate Development Project Finance Loans." Journal of Korea Planning Association, KPA, 44(5), pp. 175-191.
  12. Kim, J., and Lee, S. (2006). "Evaluation of Risk Level in Real Estate Development Project based on Risk Factor Identification." Housing Studies Review, KAHPS, 14(1), pp. 85-114.
  13. Kim, Y., Kam, H., and Shin, Y. (2019). "Essence Financial Management." Uwonbooks.
  14. Koh, S., and Ryu, G. (2009). "Analysis on the Importance of Real Estate Project Financing Risks from the Angle of Financial Institutions." Journal of the Korea Real Estate Analysis Association, KREAA, 15(1), pp. 155-173.
  15. Korea Federation of Savings Banks (2015). "Credit Service Standard Regulation."
  16. Korean Federation of Community Credit Cooperative (2020). "Credit Service Manual."
  17. Kwon, J., Lee, J., and Lee, S. (2020). "A Study on the Investment Determinants for Residential Real Estate Development by Investor Perspectives." Korean Journal of Construction Engineering and Management, KICEM (21)5, pp. 29-37.
  18. Lee, C., and Kim, S. (2009). "Analyzing Risk Factors of the Real Estate Project Financial." Journal of the Architectural Institute of Korea Structure & Construction, AIK, 25(2), pp. 159-166.
  19. Lee, H., Shin, J., and Park, S. (2011). "A study on Improvement Plans for Project Financing by the Change of Real Estate Market." Journal of the Korean urban management Association, KRUMA, 24(1), pp. 107-123.
  20. Lee, S., and Park, K. (2016). "Desirable inprovement direction of capital ratio regulation on the PPP Projects." The Korean Journal of Financial Law, KFLA, 13(3), pp. 239-272.
  21. Lim, S. (2019). "Gyeonggi-do Gwangju-si Shinhyun iljigu Apartment Case-Reviewing a Difficult Problem of Apartment Development Project-" 2019 Real Estate Development Case Studies, Konkuk University Press, pp. 13-40.
  22. Park, C. (2011). "A study on the Capital Regime of Corporation." Business Law Review, KBLA, 25(1), pp. 181-214.
  23. Park, H., and Lee, S. (2017). "Analysis of Leasing Decision Determinants by the Store Size and LendLease Perspectives for Mix-Used Shopping Mall Development." Korean Journal of Construction Engineering and Management, KICEM, (18)2, pp. 49-57. https://doi.org/10.6106/KJCEM.2017.18.2.049
  24. Pedrycz, W., and Gomide, F. (1998). "An Introduction to Fuzzy Sets: Analysis and Design." MIT Press.
  25. Saaty, T.L. (1980). "The Analytic Hierarchy Process." New York; McGraw Hill.
  26. Son, J., and Lee, S. (2011). "Change and Development Directions of Developer for Risk Reduction of Real Estate Development Business." Korea Real Estate Academy Review, KREA, 44(-), pp. 167-183.
  27. Sugeno, M. (1974). "Theory of fuzzy integrals and its applications." Ph.D thesis, Tokyo Institute of technology. Japan.
  28. Yang, D.S., and Seo, S.H. (2007). "What are the Issues to revise the Capital System in Korean Corporation." Business Law Review, KBLA, 21(3), pp. 157-184.
  29. Zadeh, L.A. (1965). "Fuzzy sets." Information and control, New York: Academic Press, 8(3), pp. 338-353. https://doi.org/10.1016/S0019-9958(65)90241-X
  30. Zadeh, L.A. (1971). "Similarity relations and fuzzy orderings." Information sciences, Elsevier Science Inc., 3(2), pp. 177-200. https://doi.org/10.1016/S0020-0255(71)80005-1