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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
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The purpose of this study is to analyze the credit risk factors of the real estate project finance loans(REPFLs) backed by non-investment grade construction companies' guarantees and compare the result with those of previous studies on REPFLs thus seek any missing credit risk factors in literature. Research data come from the listed REPFLs in 4 major commercial banks at the end of May, 2009. From the raw, our study screened 275 loans guaranteed by the non-investment grade construction companies with the credit ratings of BBB- and lower. The analytical results from Model 1, concerning the ex-ante project information before the first draw-down, show that interest rates on the signing dates, a proxy variable measuring the capital market condition, and construction firms' credit ratings are the most significant credit risk factors. REPFLs for residential complex development seem more riskier than those for other use ones: the study reasoned that it is all because of higher leverage ratios for the former. Also, we find that the loan guarantees by these risky companies are less credible to hedge the credit risk of REPFLS than those by the investment-grade corporations. Through Model 2, regarding the ex-post loan information after the first drawdown, the delay of project schedule, the rapid and severe financial unstability of construction firms and borrowers' breach of loan agreement are the main factors to threat the loan safety. We suggest that developers' more equity contribution on project as well as lenders' more careful corporate analysis on construction firms with efficient force maseure in the event of default are very beneficial ways to hedge the credit risk of REPFLs in the domestic financing system.
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참고문헌 (17)
참고문헌 신청
Angoua, P / 2008 / Project Risk Choices under Privately Guaranteed Debt Financing / The Quarterly Review of Economics and Finance 48 (1) : 123 ~ 152
Clair, R.T / 1992 / Loan Growth and Loan Quality : Some Preliminary Evidence from Texas Banks / Economic Review of Federal Reserve Bank of Dallas 3Q : 9 ~ 22
Foos, D / 2009 / Loan Growth and Riskiness of Banks
Jime' nez, G / 2006 / Credit Cycles, Credit Risk, and Prudential Regulation / International Journal of Central Banking 2 (2) : 65 ~ 98
Keeton, W.R / 1999 / Does Faster Loan Growth Lead to Higher Loan Losses / Economic Review of Federal Reserve Bank of Kansas City 84 (2) : 57 ~ 75
Clair, R.T / 1992 / Loan Growth and Loan Quality : Some Preliminary Evidence from Texas Banks / Economic Review of Federal Reserve Bank of Dallas 3Q : 9 ~ 22
Foos, D / 2009 / Loan Growth and Riskiness of Banks
Jime' nez, G / 2006 / Credit Cycles, Credit Risk, and Prudential Regulation / International Journal of Central Banking 2 (2) : 65 ~ 98
Keeton, W.R / 1999 / Does Faster Loan Growth Lead to Higher Loan Losses / Economic Review of Federal Reserve Bank of Kansas City 84 (2) : 57 ~ 75
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