한국 프로젝트 파이낸스의 건설회사 지급보증에 대한 실증분석

Abstract

In Korea, develop companies in SPV(Special Purpose Vehicle), which are actual investors, have very poor financial structure, while construction companies have relatively sound financial structure. This is why banks require a construction company to make guarantee in project financing. In this way, Korean banks may be able to remove project risk substantially, but, construction companies, as subcontractors, have to bear burden of a project failure. The objective of this research is to conduct an empirical analysis on the value of construction company’s guarantee in project finance, using real option theory, in order to identify problems of guarantee contract and offer suggestions. To this end, the research analyzed value of guarantee for bank loans in housing complex projects, using Binomial Lattice Model among real option methods. The evaluation of guarantee contract based on real option method showed that the value was approximately KRW 800 million. By using payment guarantee as a buffer, the bank can restore the entire project loan in amount of KRW 120,693,000,000 regardless of the project result. And yet, the bank does not bear any obligation for the KRW 800 million, the sum of guarantee. This project finance structure is at odds with the market logic. It is quite unfair and disadvantageous for construction companies, and thus needs to be addressed.