인프라 투자의 가치평가모형 고찰*

Abstract

We review valuation models for public infrastructure investment. Since 1995, in Korea, public infrastructure projects have been systematically inviting private capital from public markets. Moreover, we can see various investment vehicles through which individual investors can participate in infrastructure investments. An advance of valuation methodologies for infrastructure projects has become more critical. The goal of our paper is as follows. First, we study social valuation approaches for infrastructure investments from the perspective of public finance. Second, we investigate project valuation approaches by studying previous studies that take account of individual risks and market risks. Documenting studies on valuation models for public infrastructure investments, we suggest some implications on investment policies and valuation methodologies. With more advanced investment models and information, moreover, investors are more likely to participate in social infrastructure investment projects.