• Korean Journal of Construction Engineering and Management
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• v.14 no.3
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• pp.167-175
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• 2013

In 2005, the government introduced BTL(Build-Transfer-Lease) projects as one of the methods of private investment in infrastructure. In a BTL project, a private company builds a public facility and leases it to the government to withdraw its invested capital. But there appear several problems with it due to a short period of preparation and lack of experiences. Specifically, private companies that plan to participate in this project have to take a risk since serious problems are likely to take place because of unrealistic estimation of construction costs, etc., and they finally avoid participating in this project. A case study was made over advanced countries, Japan and the United Kingdom, to find out how to resolve the problems, and rational 7 improvement method were presented from a perspective of Special Purpose Company (SPC), which could be accepted by both of SPC and government agencies. The findings of the study are expected to provide workable solutions to BTL projects from a standpoint of private companies to facilitate the rational improvement of BTL projects, and this study is ultimately expected to stimulate the active participation of SPC to make a contribution to the vitalization of domestic BTL projects.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.13-19
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• 2004

In most PFI(Private Finance Initiative) projects in Korea, the project management are in charge of the Special Purpose Company(SPC) established for carrying out the project. This paper is a case study about an owner CM executed by the organizations and staffs of SPC itself. : Seoulbeltway (Ilsan $\~$ Toegaewon) Private Investment Project. In time management area, the SfC was the leader of project management throughout the life circle - plan, design, permit, construction, operation and maintenance - beyond the schedule manager's role. In cost management area, the methods of reducing the total costs by VE, new technologies, etc. has been needed assuming the construction risks were subject to SPC.

• IE interfaces
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• v.16 no.spc
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• pp.1-6
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• 2003

This study deals with the problem of selecting 6 sigma projects. Traditionally, such selection was based on CTQ (critical to quality) or COPQ (cost of poor quality) derived within business units. Since the objective of 6 sigma is to achieve business goals in a short period, 6 sigma projects should be selected and carried out in coincidence with the whole company's strategies. This paper proposes two methods of selecting 6 sigma projects: one is to identify CTQ's by analyzing the company's BSC's (balanced score card) and then deploying them into subunits of the company and the other is to identify those projects with large hidden COPQ or cost of waste by applying value stream analysis and process model simulation to derive process cost models.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.35 no.2
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• pp.471-480
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• 2015

The market of public-private partnership (PPP) projects has reduced from 9.4 trillion won in 2007 to 4.5 trillion won in 2012. However, the need of PPP projects is brought up by a massive down scale of government financial business. Previous studies regarding PPP projects mostly evaluate profitability from the financial perspective or analyze risk factors as a whole. Although PPP projects generally have complex structure involving diverse stakeholders, such as contractor, financial investor, and special purpose company (SPC) operators, existing studies have rarely considered the different viewpoints of PPP project stakeholders. Therefore, purpose of this study is to develop a structural equation model (SEM) considering the diverse stakeholders of PPP projects. To this end, the authors first reviewed the organizational structure of PPP projects. Next, the identification of the factors affecting project profitability are done via comprehensive literature reviews. After that, we conducted in-depth interviews and questionnaire surveys to reflect stakeholders' perspectives (contractors, financial investors, and SPC operators). As a result, a SEM model is developed to analyze direct and indirect effect on the PPP project performances. Finally, using the analysis results, relevant implications and directions for improvements are discussed. The prediction of the business performance of contractor, financial investor, and SPC operator is expect to be possible through the model developed and supports the strategy deduction that is appropriate for the participants.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.46 no.spc
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• pp.19-30
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• 2023

Recently, the government has provided support such as entering new markets, expanding sales channels, and supporting manpower, not just in the form of funding, to efficiently and effectively support limited national resources to improve corporate performance. In this study, we tried to find out the effect of government support for companies that have benefited from the Excellent Technology Research Center Project (ATC Project) and the World Class 300 project using propensity score matching. As a result of the analysis, the effect of government support for the ATC project became visible after the appointment period, while the effect of the World Class 300 project was insignificant. This means that when the size of the company is small, the effect of government support is more pronounced. This suggests that in order to maximize the effectiveness of government support, appropriate national policy interventions such as government innovation funding are needed when the size of the company is small. In this study, differences in the timing, performance indicators, and company size of policy support effects were found in the growth stage of a company from a mid- to long-term time series perspective, suggesting that support policies based on this need to be adjusted and redesigned.

• The Journal of the Korea Contents Association
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• v.14 no.2
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• pp.172-180
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• 2014

The purpose of this study is to examine how the Munjeonsa(SPC) has influenced the way terrestrial broadcasting networks produce drama. The study has three research objectives. First, this study investigates why the networks use SPC for drama production. Second, the study examines the features in the process of the setup and operation of SPC. Third, the study identifies the impacts of SPC on networks' drama production. This study analyzes which was produced by KBS SPC. The results of this study are as follows. First, networks introduce SPC to procure an enormous production costs and to manage the production system transparently and efficiently. Second, the feature of networks' SPC(KGCS SPC) is that it has a unique dual structure with main and project SPC. Third, SPC influences drama production system in various ways; revitalization of external investment, accounting transparency, growing of network's planning dramas, securing intellectual properties and revenue diversification.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.486-489
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• 2004

To enlarge the international competition and construction productivity, the domestic construction market attracts the private capital and expands the facility of :iocial Overhead Capital(SOC). However, the application of the business system used at the public project didn't utilize the effect of social overhead capital. It caused problems that parties' business was inefficient and their allotment of the risk was inadequate. This paper presents the course to reorganize the business system which the coincides with the origin aim of the SOC. For the reformation of the supervisor's work scope and business system and the government's overall project management, in other words, this paper proposes the professional organization to replace the superintendence and the formation of optimal business system. This paper confirms the privity of contract among parties of SOC project and parties' work scope and system between relative laws and concession agreement that government made a contract with Special purpose Company (SPC).

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.273-302
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• 2014

Project finance ("PF") is a method of raising long-term debt financing based on lending against the cash flow generated by the project alone. Project finance is a nonrecourse or limited recourse financing structure against the sponsors(or the investors). The debt terms in a project finance are not based on the creditor's credit support or on the value of the assets of the project. Lenders rely on the future cash flow to be generated by the project for debt repayment and interest, rather than the value of the project or the credit ratings of the sponsors. The non-recourse or limited recourse financing usually prompt potential project finance lenders to assess carefully all possible risks that might arise in a project to ensure that those risks are mitigated and controlled. In this respect, project finance is a opposite financing method of corporate finance. Project finance has rapidly grown over the last 20 years due to the worldwide process of privatization of public sector and development of natural resources. Global project finance volume reached the record USD 406.5 billion in 2011. In 2012, however, Global project finance volume dropped 6% to USD 382.3 billion. Infrastructure overtook Energy to lead all sectors with USD 113.6 billion. It is generally recognized that there are more and higher risks in project finance compared with corporate finance. Project finance is exposed to commercial risks as well as political risks. The main commercial risks are completion risks, environmental risks, operating risks, input supply risks, revenue risks, etc, and the main political risks are currency convertibility and transfer risks, expropriation risks, war and civil disturbance risks, risks of breach of government concession agreement, etc. Completion risks include permits risks, risks relating to the EPC Contractor, construction cost overrun, delay in completion, inadequate performance on completion, etc.

• International conference on construction engineering and project management
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• 2017.10a
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• pp.153-158
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• 2017

Procurement system of public construction projects in Japan is changing with diversity in rapid pace. The quality assurance and risk management of construction projects should be more certain as the projects are turning into larger scale and more complexed. The clients in the public sector will want to make the relation of responsibility among the client, the designer (architects and engineers), and contractor clearer in terms of role and risk. Public-Private Partnership (PPP) is one of the methods for collaboration of the public sector and the private sector in public construction projects where the public utilizes the ability and suggestion of the private. Private Finance Initiative (PFI), Design-Build-Operate (DBO), market testing, designated manager system, outsourcing of tasks in local governments are well-known as examples of PPP in Japan. Indeed, there is an obvious trend that Design-Build (DB) is adopted in public construction projects in many countries including Japan. In this paper, the public construction projects in various procurement systems are surveyed and analyzed. They are not limited within the traditional procurement, Design-bid-Build, a separate order system of design and construction. Design-Build or PFI are adopted. In particular, contract by wide range including maintenance of equipment can be found. On the other hand, modification from originally typical PFI is taking place, such as concept design and project finance are removed from the roles and the tasks of the special purpose company (SPC) in PFI. Standard roles and tasks in a construction project are modeled in this paper.

• Korean Journal of Construction Engineering and Management
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• v.8 no.3
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• pp.116-124
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• 2007

It is Increasing that requirements of social infrastructure which includes educational, welfare, cultural facilities for public. Government introduced BTI(Build-Transfer-Lease) as a PFI(Private Financial Initiative) system. This research is about BTL projects in small public educational facilities. Some problems when BTL system is applied to small public educational facilities are identified, and the reason of those problems are examined. This research proposes alternatives in a institutional way and it proposes improvements in contractual structure of consortium when BTL system is applied. Based on reasonable system, it promotes creativeness and effectiveness of a project, and it makes local minor construction companies participate in BTL project without difficulties as mentioned.