후분양제와 주택금융 대안: 크라우드펀딩을 중심으로

Change in the housing sale system have become apparent, as the Ministry of Land, Infrastructure, and Transport has announced a roadmap for a post-construction sales system of housing. Furthermore, if the post-construction sales system of housing is implemented, small and medium construction companies with poor asset sizes owing to a credit crunch will need to withdraw from the market. Alternatives to existing financial institutions are necessary to support small and medium construction firms, which are perceived to be leading the consumer-oriented multi-product small production trend, a source of employment. This study examines the domestic status of crowdfunding and whether lending-based crowdfunding can serve as an alternative to real estate financing. However, a domestic lending-based crowdfunding platform is urgently needed to protect investors and prepare sustainable growth measures in this market, as information asymmetries between investors and borrowers are causing a series of investor losses. Accordingly, this study presents regulatory measures to minimize investor losses on lending-based crowdfunding to provide incentives for loan screening and monitoring and shows that regulatory measures can provide financing opportunities for small and medium construction firms through economic model analysis.