건설프로젝트파이낸스 리스크 연구－자금조달 단계를 중심으로－

The conflict of interest and the imbalance of information between the project company and the financial institutions are the biggest challenge in making decisions for the construction project finance. Accordingly, the importance of a systematic analysis on the risk that can communicate between the stakeholder has become a prominent figure and started the risk research. This study has observed the effect of risks that our construction industry has faced has on the finance decision making from different aspects and the purpose is to contribute so the risk does not apply as fear in the construction financing any longer. This study predicted that the project finance will play an important role in developing our construction industry which is in a comparative advantage stance compared to other leading countries. If the construction fees are obtained in a project finance way, then the risk that will have on the project finance decision making has been divided into business risk, market risk, company risk, and finance risk. Therefore from the practical point of view, the amount of effect the risk that exist between the project company and the financial institute at the financing stage has at the project finance decision making has been validated through the covariance structural equation. According to the proof analysis results all the risks had a (－) effect on the profit and the profit had a (＋) effect on the project finance decision making. And the amount direct effect this risk has on the project finance decision making showed in the order of market risk, finance risk, company risk, and business risk. In the results that synthesized all the causalities the risk affects the project finance decision making, it showed in the order of finance risk, company risk, market risk, and industry risk. This project has demonstrated that in the project finance decision making, the cash flow related risk has more effect compared to any other risks derived from the economic environment.