부동산 PF(Project Finance)대출의 금융조건 결정요인에 관한 연구

The purpose of this study is to examine 241 outstanding real estate project finance loans(REPFLs) booked in 4 Korean commercial banks and identify the market and/or project-specific risk factors to influence the terms and conditions of REPFLs. Dependants include the main loan terms, i.e. loan amount and maturity, as well as the borrowing costs, i.e. credit spread over CD(Certificate of Deposit), upfront loan fee and effective borrowing cost(so-called all-in cost). Among the market factors, we find that the fixed interest rate and the CPI(Consumer Price Index) change rate(year-on-year) are significant to impact on the shorter maturity, smaller loan amount and more expensive borrowing costs. Also, we have the evidence that the project-specific risk factors are more influential to the costs than to the terms. Though, the importance of credit ratings of construction companies to guarantee the borrowers' loan repayment cannot be overestimated even in the maturity and loan amount: since they are the most significant and dominant credit risk factors in the domestic real estate development financing system, according to the findings by earlier studies.