부동산 개발사업의 위험 회피를 위한 PFV(Project Finance Vehicle)의 역할과 개선방안에 관한 연구

The PFV(Project Finance Vehicle) system, enforced since 2004 to solve the double taxation problem between a SPC(Special Purpose Company) and its shareholders, has shown a desirable performance regarding tax benefits both for PPP(Public-Private Partnership) and private development projects. Besides, we have the evidence of PFV's contribution to reducing project risks through conservative market studies, active pre-sales and/or master leases of commercial real estates to property investors, efficient risk diversifications among project participants, e.g. governments and/or government-sponsored firms, construction companies, financial institutions, hotel franchises, mall managers and other strategic investors. Reducing project risks, in turn, lets lenders assure of a PFV's loan repayment. Though, it leaves some institutional supports to attract more development projects into the system: first, the cap on financial institution's direct investment on PFV and the qualification of their indirect investment, e.g. a private equity fund, need to be released. Second, on behalf of small and medium-sized projects, the minimum requirement of a PFV's equity is necessary to lower from the current level of five billion won. Also, public sector is required to change its practices to select a winning consortium by outbidding land prices and attracting foreign direct investment, which make many negative side-effects on project feasibility.