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A Study on the Risk Measurement and Determining Optimal Capital Structure of Project Financing on the Housing Market

이경민 1 Ahn, Ji-Ha 2 Jung, Chang-Mu 2

1서울대학교 건설환경공학부
2서울대학교

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ABSTRACT

This study aims to empirically analyze the ripple effect of the project financing (PF) on private apartment housing to measure its risk, and present the optimal capital structure of project for sufficient absorb of the risk through simulation analysis. The result of empirical analysis showed that the increase of hosing PF project scale in certain region has positive effect on systematic risk of the region’s housing market, and the increase of construction company’s PF payment guarantee ratio has positive effect on systematic risk of company’s stock value. The result of simulation analysis showed that PF project requires 13% level of the ratio of owner’s equity on the standard of risk, and 23% level of the ratio of owner’s equity on the standard of profitability.

Citation status

* References for papers published after 2022 are currently being built.