지급보증이 존재하는 부동산 PF 사업에서 건설사 우발채무의 발생시기 추정

PF scheme has been widely used for its efficiency in dealing with risks and maximizing returns on investment in real estate development. However, since the weight of capital financed by Special Purpose Vehicle to buy land and support early stage of project is relatively low compared to total project cost and most of construction cost is financed from sales income in Korea, success rate of PF is radically low under high level of market uncertainty. For this reason, debt investors in real estate PF have tries to take loan guarantee agreement, which imposes contingent liability on construction firm under uncertain economy condition, from construction firm. In light of this, it seems important to take an effort to estimate occurring time of construction firm's contingent liability in that information taken from this trial can help joining entities in a project including construction firm prepare impending risks but reality is related research just has been focused in understanding and scrutinizing mechanism or quantitative amount of construction firm's contingent liability. Therefore, this paper is to suggest theoretical framework to evaluate occurring time of construction firm's contingent liability based on relevant financial and economic theories in real estate PF with loan guarantee.