지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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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.
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참고문헌 (20)
참고문헌 신청
Angbazo, Lazarus A / 1998 / Credit Spreads in the Market for Highly Leveraged Transaction Loans / Journal of Banking and Finance 22 (10) : 1249 ~ 1282
Angoua, Paul / 2008 / Project Risk Choices under Privately Guaranteed Debt Financing / The Quarterly Review of Economics and Finance 48 (1) : 123 ~ 152
Carey, Mark / 2007 / Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle / The Journal of Finance 62 (6) : 2969 ~ 3007
Clair, Robert T / 1992 / Economic Review of Federal Reserve Bank of Dallas 3Q : 9 ~ 22
Dennis, Steven A / 2000 / Syndicated Loans / Journal of Financial Intermediation 9 (4) : 404 ~ 426
Angoua, Paul / 2008 / Project Risk Choices under Privately Guaranteed Debt Financing / The Quarterly Review of Economics and Finance 48 (1) : 123 ~ 152
Carey, Mark / 2007 / Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle / The Journal of Finance 62 (6) : 2969 ~ 3007
Clair, Robert T / 1992 / Economic Review of Federal Reserve Bank of Dallas 3Q : 9 ~ 22
Dennis, Steven A / 2000 / Syndicated Loans / Journal of Financial Intermediation 9 (4) : 404 ~ 426
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