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NTIS 바로가기한국건설관리학회논문집 = Korean journal of construction engineering and management, v.19 no.2, 2018년, pp.25 - 37
주창환 (서울대학교 건축학과) , 권병기 (서울대학교 건축학과) , 이현수 (서울대학교 건축학과) , 박문서
In recent times, private sector allocates the risk between private sector investors in terms of equity transaction and agreement transaction. The additional risk-allocation have made the cash flows of private sector investors fluctuated and some of the PPP projects delayed. Therefore, analyzing the ...
핵심어 | 질문 | 논문에서 추출한 답변 |
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민간투자사업의 성공여부를 파악하기 위해 중요한 요소는? | 민간투자사업의 성공여부를 확인하기 위해서는 프로젝트의 주체인 SPC (Special Purpose Company)가 해당 사업을 통해 건설 및 운영기간 동안 적절한 수익을 얻었는지 여부가 중요한 요소이다(Yu, 2013). 그러나 민간투자자의 사업성여부를 파악하기 위해서는 SPC를 구성하고 있는 건설사, 금융기관, 운영회사 등의 관점에서 해당 프로젝트를 통해 알맞은 수익을 얻고 있는지 파악하는 것이 중요하다. 따라서 본 연구는 민간투자자 사이에서 발생하는 리스크 재분담가 사업성에 미치는 영향을 분석하기 위해, 민간투자자의 관점에서 연구를 진행하였다. | |
리스크 재분담으로 인한 부정적 영향은? | 리스크 재분담은 민간투자자의 현금흐름에 추가적인 변동성을 야기하며, 민간부문의 투자결정에 있어 제약요인1)이 되고 있다(Park, 2015). 따라서 민간투자자 간 리스크 재분담으로 인해 변동하는 사업성을 평가하고, 이를 통해 민간의 참여를 유도하기 위한 개선방안이 필요하다. | |
기존의 사업성 평가모델의 문제점은? | 그러나 기존의 사업성 평가모델은 SPC (Special Purpose Company)의 현금흐름을 중심으로 프로젝트를 평가하고, 민간투자자의 현금흐름에 영향을 주고 있는 지분거래와 약정거래를 반영하지 않고 있다. 이로 인해, 민간투자자 간 리스크 재분담에 따른 사업성의 변동을 분석하기에 충분하지 않다. 따라서 본 연구는 민간투자자 관점의 현금흐름이 지분거래와 약정거래로부터 받는 영향을 재무적으로 분석하고자 한다. |
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