PF사업에 있어 Risk에 관한 연구

Project Finance generally means the method of finance where non - or limited recourse loans are made directly to a special purpose vehicle and lenders rely on the cash flow of the project for repayment of the debt, and security for the debt is primarily limited to the project assets and future revenue stream and the debt can therefore be off-balance sheet for the shareholders. Because a project finance is either nonrecourse, or of limited recourse, to the project sponsor, financial responsibility for the various risks in the project finance must be allocated to parties that will assume recourse liability and that possess adequate credit to accept the risk allocated. In order to be allocated properly, we first should verify which risks exist regarding project finance. The major risks are as follows: development, completion, supply, market, operational, equity, legal, political, interest-rate, credit, environmental and foreign-exchange risk. As civilizations are developed, it is expected that the demand for the infrastructure such as roads and railways would be increased. In this regard, due to lack of government budget, the effort for inducing private money to be invested to the infrastructure would be much made. Thus, it is anticipated that a project finance should be much used for the construction of infrastructure. However, we shall keep in mind that a project finance business which fails in verifying, evaluating and allocating the risks reasonably would not succeed. In respect of a market risk, it would be highly problematic that evaluating agencies which shall evaluate objectively have been tending to exaggerate the market needs in response to the request of a client in order to earn the evaluation fee from the client. To solve this issue, it would be strongly suggested that the evaluating agencies shall be selected not by a client but by a third party not entangled with the client in interests, especially in the field of infrastructure project finance. On the other hand, in order to make a private investor accelerate in participating in a project finance, we should try to find the new methods which could provide the investor with a reasonable return. In conclusion, in order to succeed in making a project finance flourishing in our country, it would be essential that the fare evaluation and allocation of risks in a project finance should be implemented based upon the past experiences, and the new creative systems regarding the objective evaluation and allocation should be introduced as soon as possible.