항만시설관리권 양도를 통한 비관리청항만공사 수익성 제고에 관한 연구

Abstract

Korean central government has pursued to attract private resources in social overhead capital projects for a long time. In the case of port development, the Ministry of Oceans and Fisheries has utilized Non-administrative Port Construction initiative based on her Port Act, which has efficiently and timely provided much of necessary sea port facilities. However, recently under global economic recession, port private investors were exposed lots of operational risks, which were accelerated with domestic institutional changes. In this context, Non-administrative Port Investors consider transferring their port facility management rights to the third party in order to hedge any bankruptcy risk. The current study deals with the issues related to the port investment risk hedge through the transfer of port facility management right. In detail, this paper attempts to establish a financial feasibility model and estimate proper transfer timings and rate of returns employing a series of sensitive analysis. Our case study presents that the discount rate of the sale of management right exerts a direct impact on transfer timings, for instance, a 10% increase of discount rate requires around 3 year earlier transfer point. This study may provide an useful tool or guideline to both private strategy investors and policy builders in terms of stable, balanced and continuous port development.