부동산 PF 금융기간의 신탁사 의존에 관한 연구

Abstract

This study identified differential characteristics from existing real estate PF for land trust sites that are committed to responsibility. In the case of domestic real estate PF, it was confirmed that financial institutions tend to rely on the creditworthiness of construction companies, but if construction companies with low creditworthiness participate, trust companies provide credit, and as a result, the subject of dependence on financial institutions in the real estate PF market is transferred to trust companies. As a variable that can represent the creditworthiness of the trust company, a dummy variable was set based on whether it was a trust company belonging to a bank-affiliated holding company. As a result of an empirical analysis of 349 domestic real estate PF implementation sites from 2020 to 2021, it was found that financial institutions do not look at the creditworthiness of construction companies when executing loans in the real estate PF market. In addition, it was also confirmed that there was a difference in risk perception by trust company, and a differentiated market that was difficult to explain with research on existing real estate PF was confirmed. This study is a timely study that empirically approached and studied the characteristics of the recent market with high growth power called a responsibility-completed land trust, and analyzed the risk recognition factors of trust companies. As a result of the analysis, it was confirmed that the risk perception of financial institutions was transferred from the construction company to the trust company, and there was a difference in risk perception depending on the size of the trust company, and it was demonstrated that risk factors were differentially recognized between trust companies.