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An Explorative Study on a Desirable Guarantee Examination System for Mutual Benefit Organizations in the Construction Business Sector

  • Korea Real Estate Review
  • 2020, 30(2), pp.43-56
  • DOI : 10.35136/krer.30.2.4
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Received : March 27, 2020
  • Accepted : June 12, 2020
  • Published : June 30, 2020

Kim, Jeong Ju 1

1한국건설산업연구원

Accredited

ABSTRACT

The purpose of this study is to explore a desirable guarantee examination system for mutual benefit organizations in the construction business sector by developing new examination items and evaluating their relevance. With the market volatility and the policy environment expanding, the role of mutual benefit organizations in the South Korean construction industry to supplement the financial market and system needs to be emphasized. Guarantee is an important form of finance service provided by mutual benefit organizations, and this study explores the desirable form of examination system for them. AHP (analytical hierarchical process) was used to derive weights for the newly constructed examination items through survey data collected from the skilled inspectors in a mutual benefit organization. The calculated weights were applied to 500 companies to which guarantee issuances had already been made. Two examination points from the current and new examination systems were compared and evaluated by misclassification ratio. In this study, the new examination system was found to be more effective in discriminating between guarantees with a high default probability and guarantees without. This study confirms the possibility of enhancing the examination system in mutual benefit organizations by developing new examination items and applying a more scientific evaluation method to them.

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