• Korean Journal of Construction Engineering and Management
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• v.5 no.4 s.20
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• pp.97-106
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• 2004

Credit evaluation by domestic financial institutions on Korean construction companies has had many problems with its tools and criteria ignoring the industrial characteristics. This study develops the DCiF(discounted cash inflow) model as a solution and discusses its usage in construction financing. It also examines the significance of the DCiF indices through regressions and statistical comparison with the other credit evaluation estimates. The results show its clear significance and consistent fitness. Based on the empirical results, implications and methodology are provided for the effective use of the indices in credit evaluation on the construction companies.

• Korean Journal of Construction Engineering and Management
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• v.13 no.6
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• pp.107-120
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• 2012

This study is conducted so as to understand actual condition of financial difficulties confronted by construction companies in the recession of real estate market which has been continued since the financial crisis started from USA in the second half of 2008, and provide fundamental data for the establishment of policy direction. Compared with this actual condition survey with a 2008 investigation, it seems that the practice of financial institutions or credit evaluation relating parts among sections, which were pointed as problems in such investigation, are resolved to some extent. It seems that there are many causes to aggravate financial conditions as pointed at this time and such causes are related to self-problems, which are inherent to the construction business, such as the smooth settlement of construction payment, the securement of new construction projects, the limitation according to the risk inherent to the construction business, and the industry vision, etc.

• Korean Journal of Construction Engineering and Management
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• v.16 no.6
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• pp.84-91
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• 2015

Project Financing (PF) is a financing method, executed based upon the projected profitability from a project itself instead of relying on the credit rating of project sponsors or any type of collateral. However, most financial institutions of Korea lacks the long term profitability assessment capability, and they prefer to acquire credit reinforcement from the construction companies in the form of the guarantor or debt argument commitments. As a result, PF contingent liabilities as an indirect debt, are burdened to the construction companies. Even though the PF contingent liabilities are not supposed to be part of the financial statements, they became a mandatory disclosure items since 2009. In this study, PF contingent liabilities were studied to indicate how they were correlated with construction firms' financial ratios. Construction firms were grouped by their credit rating and each group was compared in order to analyze PF contingent liabilities' impact on the financial condition of the company in terms of liquidity, liability, and stability.

• Korean Journal of Construction Engineering and Management
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• v.21 no.5
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• pp.64-73
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• 2020

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.

• 월간 기계설비
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• s.262
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• pp.48-52
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• 2012

기획재정부와 행정안전부는 계약 예규를 개정하고 지난 4월 2일부터 시행에 들어갔다. 기획재정부는 이번 계약예규 개정을 통해 등록기간 3년 미만 업체가 공동수급제에 참여할 경우 만점기준을 완화했고, 1억 이상 3억 미만 전문공사의 경우 만점기준이 발주금액에 대한 '3년 실적의 1/2배 이상'에서 '평가면제'로, 3억 이상 50억 미만 전문공사의 경우 '3년 실적의 2배 이상'에서 '1/2배 이상'으로 평가방법을 완화했다. 또한 발주기관에서 공공공사 예정가격을 산정할 경우 반드시 최신 표준품셈을 사용하도록 의무화했으며, 적정 노무비 보장 심사 강화 방안으로, 최저가낙찰제 공사에서 업체가 제출한 노무비가 발주기관에서 산정한 노무비의 80% 미만일 경우 탈락된다. 기획재정부는 이번 개정으로 시공경험이 부족하지만 기술력 등이 우수한 신설 중소 업체가 공공공사에 참여할 수 있는 기회가 늘어날 것으로 기대하고 있으며, 최저가낙찰 시 과다한 노무비 삭감 등으로 인한 건설 근로자 소득감소 및 내국인 건설업 기피 등을 막을 수 있을 것으로 기대하고 있다. 한편 행정안전부는 이번 계약예규 개정을 통해 지방자치단체 입찰 및 계약관련 예규를 현행 11개에서 2개로 통합했고, 지자체가 발주하는 50억원 이상~100억원 미만의 공사의 경우 참가자격 적격심사 항목 중 자산회전율 평가를 삭제했으며, 신용평가 등급을 완화해 지방 중소기업들의 입찰 참가 기회를 확대하기로 했다.

• 월간 기계설비
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• no.9 s.218
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• pp.43-50
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• 2008

고도로 발전하고 있는 건설산업과 소비자의 요구가 점차 세분화 되면서 객관적인 평가기능을 갖추고 있는 품질경영시스템이 지난 1992년부터 건설업계에 도입됨에 따라 건설업계는 시공의 표준화가 정착되어 가는 중이다. 최근에는 환경 및 안전.보건에 대한 관심이 높아지면서 건설업계는 환경.안전보건경영시스템 획득으로 기업경영의 우수성을 객관적으로 인증 받는 추세이다. 설비건설업계의 경우 환경경영시스템(ISO 14001)을 인증 받은 업체가 36개사, 안전보건경영시스템(K-OHSMS 18001)은 2개사, 안전경영시스템(KOSHA 18001, 건설업)은 3개사가 인증을 받는 등 아직 초기단계에 있으나 점차 확대될 전망이다. 환경.안전보건경영시스템을 인증 받을 경우 금융기관의 기술신용평가시 가산점 부여, 시공능력평가시 가산점 부여, 기술비 세액공제, 인증획득 자금지원, 융자신청시 가산점 부여, 기업실무자 교육비지원 등의 혜택이 주어지나, 무엇보다도 지속적인 관리로 업무의 질적 향상과 체계적인 관리를 통해 한 단계 업그레이드 가능한 것을 장점으로 꼽을 수 있다. 본지는 환경·안전보건경영시스템 인증 절차 및 인증시 효과에 대해 알아본다.

• 월간 기계설비
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• no.12 s.221
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• pp.39-43
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• 2008

기획재정부는 최근 중소건설업계의 경영환경 악화에 따른 경영애로를 완화하고 불합리한 제도를 개선하기 위해 국가 계약관련 회계예규를 개정하고 지난 11월 1일부터 시행에 들어갔다. 개정된 회계예규는 원자재 가격급등시 계약금액의 10% 범위 내에서 선금을 추가지급하게 해 이 돈을 자재확보 용도로 우선 사용할 수 있게 했다. 또한 원자재 가격급등으로 인한 계약금액의 조정을 원활하게 하기 위한 기준도 신설했다. 물가변동이 5% 이상물품구매는 10% 이상 상승하는 등 원자재 가격급등시에는 계약일로부터 90일 이내라도 계약금액을 조정할 수 있도록 했다. 현행 원자재 가격급등으로 인한 계약금액 조정은 일반적으로 계약일로부터 90일이 경과하고 물가변동이 3% 증감한 경우 기능하게 돼 있다. 대한설비건설협회는 자재가 급등으로 설비건설업계기 어려움에 처하자 자재가격 급등에 따른 계약금액을 변동시켜 줄 수 있도록 관련법 개정을 요청한 바 있다. 이에 따라 기획재정부기 회계예규 개정에 대한설비건설협회의 의견을 수용, 반영한 것이다. 개정된 회계예규는 또 종합건설업과 전문건설업간 겸업제한 폐지 및 실적인정에 따른 영업기간 인성 규정을 마련, 새로 등록한 업종으로 공공공사 입찰에 참여할 수 있게 해 종합 전문건설업간 상호 진출에 기여토록 했다. 지역중소업체 입찰참여가 쉽도록 1천억원 이상 대형공사(턴키 등) 에서 공동수급체 구성원수를 10 인 이내로 확대하기로 했다. 또한 300억원 미만의 적격심사낙찰제 대상공사 입찰시에 기업의 경영상태 평가는 원칙적으로 1년 이내 기업신용평가등급으로 평가하기로 했다. 이밖에 공동수급체 대표자 또는 수급인이 선금을 수령하고도 정당한 이유없이 공동수급체 구성원 또는 하수급인에게 배분하지 않는 사례를 막기 위해 계약담당공무원이 선금 배분여부를 확인하도록 하고 선금 사용 용도도 명시적으로 규정했다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.8
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• pp.4863-4873
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• 2014

The Korean construction industry has played a major role among all industries despite its relative small ratio of all. The global economic crisis, however, has adversely affected the construction industry. Therefore, the Korean government implemented a corporate restructuring process to ensure the stability of the financial market. The selection standard on workout enterprises by the government is based on two perspectives: (1) external factors, including macroeconomic indices and (2) internal factors, including financial statements of private enterprises. On the other hand, if considering the characteristics of the construction industry, a certain construction company may not be evaluated only by its financial statements. In other words, a valuation process that utilizes the financial statements only can be concluded to be irrational. Accordingly, this study aims to provide the valuation model, which embraces the characteristics of workout firms, and determines their implications. To accomplish this, each enterprise valuation was measured using DCF and Black Scholes models, and by comparing such results with their market value, each enterprise was determined to be either under or over-valued. The results of this study verified that the valuations of 2 workout companies (out of 4) showed a higher value than the market value.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.285-290
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• 2001

There are some of the tools for measuring enterprise and group behavior on construction projects. Of these, performance is vital. But, because of imperfect factors, it came under attack. An enterprise can, however, improve it's problem with performance measurement. For this reason, it is essential tool for achieving objectives of an enterprise. Domestic construction industry must understand that what isn't measured, it not only can't manage it also can't improve. The objective of this study is to investigate the performance measurement tools and items in overseas construction projects(UK, Australia). Based on the data, the study suggests the considerable items, problems and restrictive factors as it is accepted on domestic construction industry.

• Korean Journal of Construction Engineering and Management
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• v.2 no.2 s.6
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• pp.68-80
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• 2001

While opportunities for international construction firms have been growing with globalization, the risk of international construction projects is significantly increasing in severity and complexity. However, the traditional risk management approach in the construction industry has maintained a profit focus. In addition, this approach has not considered the overall risk at the corporate level, but rather has focused only on the risk of individuals at the project level. Corporate risk management should be implemented from the initial stages of new project selection. This paper suggests the Multi-criteria Integrated Systematic Analysis as a strategic decision-making tool for international construction contractors. The model integrates the multi-criteria of risk, return, and efficiency to choose the optimal set of new portfolios at the corporate level. This model also introduces the Value at Risk (VaR) concept to the international construction industry to present the total risk at the corporate level. To validate this model, this paper tested an experimental case study using the historical data of a global general contractor.