금융기관 관점에서 본 부동산 프로젝트 파이낸싱 리스크 항목의 중요도 분석

Abstract

This study analyzes risk factors contained in real estate project financing through considering literatures and conducting expert interviews and surveys on real estate development projects and classifies the risk factors. Moreover, it figures out the importance of the risk factors using AHP method and suggests the weight of each evaluation item. Although previous researches have analyzed project financing risk factors from the real estate developer’s standpoint, this article concentrates on empirical analysis of real estate project financing risks considered in the actual spots of financial institutions and analyzes the importance of risk items from the viewpoint of the institutions. According to the result of the analysis, among the project financing risks, bond compensation risk was shown as the biggest factor, and the next important factors were financial risk, market risk, constructor risk, and project risk in order. Operator risk was turned out to be the least important factor from the comparison. This study result shows that each participant recognizes the related risk factors differently even for the identical real estate project financing. It is expected that this research will be used as data for examiner’s critical decision-making when project financing risks are evaluated or examined in a financial institution.