2009, Vol.63, No.

The Korea Spatial Planning Review 2023 KCI Impact Factor : 1.2

pISSN : 1229-8638
https://journal.kci.go.kr/krihs

Limited public funds for infrastructures have the government consider joining the private in a BOT project finance scheme. Generally, the BOT projects entail lots of managerial flexibilities that may induce the radical change of project's cash flows, an asymmetric payoff, when facing on the uncertainties comes from the BOT project finance's unique characteristics. Among various managerial flexibilities occur in the BOT projects, the revenue cap agreement is frequently used to protect the government from the private's revenue exploitation. However, its impact on the project value is not well understood because the popular capital budgeting theory, NPV(Net Present Value) analysis, is limited to assess the contingency of this agreement. The purpose of this paper is to develop the numerical model to better assess the impact of the revenue cap agreement on the project value with the concept of the option pricing theory and to suggest a theoretical framework in quantitatively evaluating this agreement. The approach applied in this paper is justified with the hypothetical BOT toll case to show its applicability and some meaningful conclusions are drawn from. The results by the option pricing concept are scrutinized over those by NPV analysis and, finally, the revenue cap value appears significant relative to the project value.

Urban regeneration projects are done as a way of property-led development, therefore many original residents are forced to move to other area and the rate of resettlements is very low. This study purposes to explore the difference of social capital between the original residents and newcomer in urban regeneration projects area Social capital is composed of trust, participation, networks, and sense of community. Study area is Gileum newtown and the data collected from survey for the residents, Gileum new town is where new town project is done fastly, therefore it is possible to measure social capital among the different group of residents. The degree of trust and participation is high in newcomer group, however the degree of sense of community is high in original residents group. This result reflect the characteristics of social economic status of newcomer and original residents. A key conclusion is that to strengthen resettlement of original residents, strategy of strengthening the social capital of residents is needed.

Recently, Gim and Kim(2008b) verified that there is no consecutive connection between the output requirements matrix for final demand and the total output and that there are some limits to counting the economic impacts of the initial change of output. Therefore, we newly developed the Output-Output(OO) model and compiled the Output-Output table to solve the consecutive connection and overestimation problems naturally on the basis of the output requirements matrix for output . Based on the results and research findings in the literature of Output-Output Economics, the specific objectives of this paper can be summarized as follows. (1) We perform a comparative analysis between the IO and OO models in structure and characteristics to choose the best fitting model which coincide with the research themes. (2) We compute good indicators of growth(or impact) potential by sectors through interindustry multiplier and linkage effects originally developed by the author in the raw data of 2007 Output-Output Tables. The major findings from the empirical analysis are followed below. The growth potential sectors, which account for the top 30% of the standard normal distribution(SND), judged by sectoral multipliers for output, employment and income are petroleum and coal products, basic metals, and transport equipment, etc. in the IO model. As for the OO model, the only high growth potential sector, which account for the top 10% of the SND, is petroleum and coal products sector.