부동산PF 리스크 요소별 중요도 평가

• 영문명: Assessment of the Relative Importance of Risk Factors in Real Estate Project Financing
• 발행기관: 한국주거환경학회
• 저자명: 김동익(Dong Ik KIM) 김재태(Jae Tae KIM)
• 간행물 정보: 『주거환경(한국주거환경학회논문집)』제23권 제2호 (통권 제68호), 73~89쪽, 전체 17쪽
• 주제분류: 사회과학 > 지역개발
• 파일형태: PDF
• 발행일자: 2025.06.30

국문 초록

This study investigates the relative importance of risk factors in real estate project financing (PF) using the Analytic Hierarchy Process (AHP). Amid heightened uncertainty in Korea’s PF market—driven by prolonged high interest rates, liquidity constraints, and weakened market confidence—there is an urgent need to identify and prioritize risk elements in a structured manner. The study classifies PF risks into six categories: market risk, project risk, financial risk, developer risk, contractor risk, and credit protection risk, encompassing 24 detailed sub-factors. A survey was conducted with industry experts, including stakeholders from financial institutions, developers, and construction firms. The AHP analysis shows that market and project risks are considered most critical, with site acquisition, regulatory approval, and presale rates emerging as key determinants of project viability. The findings also reveal significant perception gaps among stakeholder groups, reflecting their differing legal, financial, and operational exposures within the PF structure. These results underscore the necessity of establishing a standardized, data-driven risk assessment framework and suggest directions for improving PF credit evaluation models, contractual structures, and regulatory oversight.

목차

Ⅰ. 서 론

Ⅱ. PF현황과 선행연구

Ⅲ. 연구방법

Ⅳ. 실증 분석

Ⅴ. 결 론

참고문헌

키워드

프로젝트 파이낸싱 리스크 중요도 계층분석적 의사결정 Project Financing Risk Factors Analytic Hierarchy Process (AHP)