프로젝트 파이낸싱 감정평가와 금융적 방법의 적용 검토

Abstract

Project financing has been used for real estate development including apartment complex projects as well as long-term infrastructure and industrial projects. Real estate project sites for project financing usually have been appraised based on development approach and government announced land price (GALP). Final value has been determined by reconciliating indicative values of each method. Of the two methods, development approach has played the more important, giving an appraiser guide to appropriateness of value by GALP. By the development approach, a kind of DCF approach, the land value is appraised by deducting the present value of development expenses (cash outflow) from the present value of expected total sales revenues (cash inflow). However, DCF analysis including development approach doesn't consider the uncertainty of future cash flow enough. Appraisals for PF have been done by development approach (a kind of DCF approach) with critical weaknesses. In other words, development approach doesn't consider the uncertainty of future cash flow enough, and sometimes are likely to generate too optimistic results. There may be financial methods, such as real options approach and dynamic discounted cash flow (DDCF) that can be introduced in appraising real estate assets. Financial methods such as DDCF(Dynamic Discounted Cash Flow) and real options approach should be introduced for appraisal businesses to overcome development approach's weaknesses. Financial methods such as DDCF and real options may be applied to appraisal of business value including venture business, reconstruction apartment premium value, M&A of businesses, decision of investment timing, intangible assets and office building etc.