프로젝트 파이낸스의 수익성 제고 방안에 관한 연구

This study refer that risk have an effect on profitability of enterprise for project finance and that raise efficiency of project finance. These enterprises is related to life of people, thus success of them is important in national benefit and people life. The definition of project financing is non-recourse financing based on the merit of a project rather than on the credit of the project sponsor. Therefore, the credit appraisal is based on the underlying cash flow from the revenue producing contracts of the project, independent of the project sponsor. The project sponsor has no direct legal obligation to repay the debt of project financing loan or to make interest payments if the cash flows prove inadequate, because the loan of project financing is non-recourse. The characteristic of project finance in comparison with general enterprise finance creates the cash flow in security for the recourse right of principal and interest for the future. As infrastructure projects are expended and huge project in private industries are developed in order to improve the social life for people, enterprises in various fields including the construction, house-development field as well as financing institutions are required to use a new financing method such as project finance to manage complicated and various risks efficiently and minimize the expense to raise a huge amount of funds for a construction project. the project sponsors can be exempt from additional liabilities even though the project goes into bankruptcy. Project financing has expanded to not only SOC but also ordinary housing facilities and buildings. Project finance as a means of financing large-scale risky projects is based not on sponsor's credit or security but on cash flow for the project. Thus, sponsor, investors and concerned parties share costs and risk through diverse contracts and agreements. When project financing is introduced, the profit can be big, but there are a lot of risk factor s of project . Risk factor s are incompletion, suspension, cost over- run, delay, technical matters, and if there is not proper countermeasures, lot s of loss can go on. Project financing has numerous potential risks in its process. Countermeasures for hedging of risk are EPC contract, take-or-pay-contract, effect of insurance (CAR, ALOP, TPL, CECR, etc) and guarantee of government. For successful project financing, it is pre-requisite to thoroughly analyze the feasibility of projects and design precise financial plans. In addition, the important conditions for successful project financing may be supplier's and operator's rich experiences and sincerity, project manager's apparent authorization and high credit. In addition to, application of REIT'S·ABS, reformation of taxation system and the banking Act.