• Proceedings of the Conference
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• 2006.05a
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• pp.43-52
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• 2006

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.1D
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• pp.107-117
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• 2008

Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2000.05a
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• pp.425-463
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• 2000

본 연구에서는 3단계에 걸쳐 투자하고 있는 초고속 국가망사업에 대해서 과연 사회적으로 경제성을 갖고 있는지 여부를 분석해 보았다. 이를 위하여 첫째, 산업연관모형을 이용하여 초고속 국가망 사업에 투입한 투자액이 유발시킨 부가가치 창출효과와 고용창출효과를 계산하였다. 다음으로 초고속 국가망 사업으로부터 파생되는 초고속 국가망의 기본서비스 수요를 예측하는 방법론을 제시하였다. 셋째, 초고속 국가망으로부터 파생되는 기본서비스 수요 창출로 인하여 향후 2010년까지 얼마만큼의 새로운 부가가치가 창출되고, 새로운 고용이 얼마만큼 창출되는지 여부를 산업연관모형을 통하여 분석하였다. 마지막으로 초고속 국가망 사업에 투자한 총금액에 대비하여 이를 통하여 얻어지는 부가가치창출효과, 고용창출효과 및 수요창출효과 등을 감안하여 과연 초고속 국가망 사업이 얼마만큼 사회적으로 경제성을 지니고 있는지를 계산해 보고자 하였다. 초고속 국가망 사업을 통한 직접적인 유발효과와 부가적인 효과를 모두를 고려하였을 때 예상되는 순수익의 투자수익율은 5439.2%로서 투자액의 54배의 사회적 수익성을 창출한다고 본다. 다음으로 부가가치유발액, 매출이익에 새로운 고용유발로 인한 소득증가분을 감안하여 사회적 수익을 계산하고, 이에 근거하여 경제성 분석을 하면 21,493.3.%와 같이 215배의 사회적 수익성이 창출된다고 계산되어진다. 따라서 간단하게 이익률법에 근거한 초고속국가망 사업에 대한 사회적 편익과 비용에 근거한 경제성 분석을 하면 초고속 국가망 사업은 투자액의 무려 215배의 사회적 편익을 제공하는 것으로 나타났다.

• The Magazine for Energy Service Companies
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• s.28
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• pp.22-25
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• 2004

㈜코엔텍은 울산지역을 대표하는 산업폐기물 처리업체다. 이 사업장은 지난 2002년 소각폐열을 재활용해 남아도는 스팀을 인근 업체에 공급함으로써 수익을 벌어들이는 특수한 형태의 ESCO사업을 실시했다. 스팀공급사업을 통해 한해 벌어들이는 순수입이 약 16억원에 이른다. 이같은 사업의 시행이 가능했던 것은 지자체의 적극적인 지원과 코엔텍의 확고한 시행의지, 그리고 SK의 축적된 기술노하우가 결합했기 때문으로 풀이되고 있다.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2007.11a
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• pp.54-59
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• 2007

Recently, Apartment Reconstruction Projects are performing only with the basis of profitability without establishing either certain criteria or standard guideline. In addition, the profitability information contained in a disposal plan tends to be considered as a fixed value, and it is frequently changeable because reconstruction projects have such a long time to complete and many participants with respective interests. As mentioned above, the new approach needs to be developed which covers the limitation of the unvaried one. Consequently, this study focuses on the probability approach considering not only variances that affect the profit, but the relationship between profit and risk, and then is modeling. This study is anticipated to improve the reliability and accuracy of expected value as well as apply to the decision making criteria quantitively about potentially hidden risks in that projects.

• Korean Journal of Construction Engineering and Management
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• v.13 no.2
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• pp.102-109
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• 2012

One of key success factors in PPI(Public Private Investment) is the structure of risk sharing between the public and the private, and the determination mechanism of fair return to private participants relative to the risk that private participants undertake. In Korea, two basic types of PPI exist. One is BTO and the other is BTL. In BTO, most risks are taken by the private whereas the opposite is the case in BTL. No intermediate form exists. As a result, BTO type projects had difficulty in attracting private participants because of the excessive risks. In this study, one intermediate form is studied where demand risk is shared between the public and the private. In the setting where the public authority takes all the project revenues and then pays ladder type payments to private participants depending upon the level of project revenues, appropriate level of fixed payments is endogenously derived using the real option pricing model. From the fixed payments, expected investment returns are calculated based upon a certain distributional assumption. The results of this study is expected to help introducing diverse forms of PPI in Korea.

• Korean Journal of Construction Engineering and Management
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• v.7 no.5
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• pp.167-176
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• 2006

It was found that Korean Standard of Estimate which has been used as the only basis of cost estimate of public construction projects had some side effects such as jerry-build construction and over-estimation because it failed to reflect the current price and the state-of-the-art construction methods in a changing construction environment. Therefore, the government decided to gradually introduce historical construction cost into cost estimate of public construction projects from 2004. This paper presents analytic criteria and a process model for deducing more current and reasonable historical construction cost for contract items from not only previous contract prices but also all of the other bid prices that were not contracted. The procedure of estimating actual unit cost proposed in this paper focuses on the removal of abnormal values including strategically too low or high prices and the time correction. In addition, basic research is conducted for the correction of actual unit cost through the analysis of fluctuation of bid price depending on bidding types and rates of successful bid. It is anticipated that the effective use of the proposed process model for estimating actual unit cost would make the cost estimation more current and reasonable.

• Korean Journal of Construction Engineering and Management
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• v.13 no.5
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• pp.53-63
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• 2012

Korean Public-Private Partnership, mainly implemented using BTO (Build-Transfer-Operate) and BTL (Build-Transfer-Lease) methods, has contributed in increasing benefits of the people by providing the needed public services in a timely and efficient manner. It has also induced flexible national fiscal management. However, in addition to the repeal of the Minimum Revenue Guarantee (MRG) program in 2009, changes in business environment including recent financial crisis aggravated financial situation in pursing PPPs, resulting in significant contraction of BTO projects. Therefore, the new methods are to be suggested and applied to overcome this situation. This paper seeks to find ways to apply "Mixed Model," characterized as the compound of BTO and BTL, two different implementation methods of PPPs, as an enhanced burden-sharing mechanism.

• Journal of the Korea Society of Computer and Information
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• v.5 no.3
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• pp.159-170
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• 2000

This Study is object to find the problems related to the profit-oriented public projects carried out by Kyonggi province and to suggest policy alternative to the local governments. The problems in the profit-oriented public projects are (1) the selection of areas, (2) the planning stage, (3) the management of the projects. The alternative suggestions to improve these problems are (1) the projects which are lack of public interest should be carried out by the private sector, (2) the projects with intense competition in the market should not be promoted as the profit-oriented public projects, (3) the projects in which institutional or natural hindrances are in the entry of private sectors should be carried out as the profit-oriented public projects, (4) the related system and enhancing the flexibility of applying the system, and enhancing the abilities of management mind of the local officials.

• Proceedings of the KIEE Conference
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• 2015.07a
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• pp.495-498
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• 2015

이 논문에서는 사회적 이슈가 되었던 밀양지역 송전선로 건설 반대지역에서 주민과의 상생을 목적으로 하는 수익공유형 태양광 발전사업의 추진배경, 목적, 사업의 개요, 기대 효과 등을 분석하였다.