民資誘致를 통한 효율적 港灣財源 調達 方案에 관한 연구

Abstract

Nowadays Asia has reorganized to the center of trade due to the globalization of the world economy and continuous growth of Asia economy. According to the emergence of Northeast Asia as the logistic center of the world, major ports in Asia including the Port of Hong Kong, the Port of Singapore, the Port of Kobe, the Port of Kaohsiung, etc. are exerting all effort to establish themselves as the hub port by expanding port facilities and establishing large-scale logistics center.

However, Korea's port facilities are capable of handing only 88% of total cargo traffic in 1999. This has resulted in inefficient handling of export-import cargo as well as an increase in logistics costs. Considering the forecast of cargo volume in the year 2011, which is expected to increase by three times compared with the current volume, therefore it is required that the existing ports as well as a new port are developed.

At present, there is much difficulty for the government to secure the entire necessary funds to develop ports. Following this, government want the private capital inducement but there are many problems in raising the financial resources by private capital inducement to raise fund used in the port.

This study suggest the policy of effectively raising through private capital inducement for the port construction.

The first, as the method of effectively raising the capital for the port construction, we can be able to increase the developing fund of the port through the bond. That is to say, we can increase the finance of the port construction to use the bond in the domestic and international bond market.

And we should relax the regulation of issuing bonds, expand the chance of issuing bonds and diversify the bond term.

The second, Project financing is the financial technology whose repayment and loan are entirely depending upon the cash flows from the project. The project financing is considered as the way for financing huge a source of funds to construct port.

Thus, direct investment by the private should be transferred to the indirect investment and the government must guarantee the project yield of revenue to use project financing as the resource of finance in port.

In addition, although port facilities are single and big, project financing is used the port construction as to separate the several projects.

The third, we have to induce the investment by foreigners. But the inducement of investment by foreigners is rare in the part of port construction. Because Korea keep low sovereign rating and yield of revenue in investment is low to compare with the other countries. Thus we effort to improve sovereign rating. And we maintain the consistent policy and make the effective investment environment to induce the investment by foreigners.

As a conclusion, each financial resource is composed as the most suitable portfolio to use the financial resource of port construction, because the financial resource of port should not be supplied by one way. And we are suggested to relax the regulations that are barrier of private capital and participation in the construction of the port. Government simplify the complex permission process of construction for the effective inducement of the private capital.