.. 1.,., ( Infrastructure).,.,,.,.,.,. 1
,.,.,,,.,..,,.,,,.,.,,. 95 2
..,.,..,.,.,. 2..,,. 3
,,,,. 3. < - 1>.,,,.,.,..,.,. 4
. < - 1> 2 3 4 5 6 5
. 1. (1). (regional development) 1920 1)... (town and country develop -ment). (metropolitan area development),, (inter- state development). (amngement du territore). 1950. 1) Benton Mackaye, The New Exploration : A Philosophy of Regional Planning, Harcourt, Brace and Co., 1928, pp.43 6
. 1960 2). ( 2 ) ( ), 7.., (,, ) 3)...., < - 1>,,,, 4). 2), 1991,,, pp.5 8 3). 4) 97. 7
< - 1>,, (,, ).,, 24 HUB., 4 5 : (1997),. < - 2>, 5), 6),, 4. 97 4 22,. 7) 5),. 6),,,. 90 91, 92.,,, 91. 7) 97. 8
. < - 2> :. :,., : (, ) :, : (1997),,,,,.,.,,,. 9
(2) (public goods)..,,.,,.. < - 1> D+G+F : E+G+F: : (1994),, pp.164,,,,,, 10
.,,.,,,,, ( ), ( ), ( ), (1 3 ), ( ), (, ), ( )., (,,, ), ( ), ( 2 ),,, (, ),,,, ( ). < - 3>,,,,,, (1,3 ),, ( ), ( ),,,,,,,,,, (2 ),, (, ),,,,, (, ), ( ),,,, : (1993),. pp.134 11
.,,,. 2. (1).,,,. < - 4>.,,, 2,,, 4 8). 8) 1997 11 4,504 (67 5,786 ) 16.9%. 12
. 97 11 16.9%.. < - 4> 97 ( ) ( ) (%) 306,508 0.45 261,749 0.13 10,781 0.01 1,701,338 2.51 188,210 0.27 442,218 0.06 332,188 0.49 193,741 0.28 33,252 0.04 51,550 0.07 39,217 0.05 52,589 0.07 100,876 0.14 : (1997), 1997. 1,204,566 1.78 5,142,701 7.60 718,481 1.06 442,994 0.65 217,258 0.32 1,533,363 2.26 6,905 0.01 11,450,485 16.9 67,578,600 100.0 13
, 22,,,,,, 7.. :, (, ) ( ) :,,, :,,,,, : 97 : 10 6,486 ( 21.0%) :,,, '94. :,,,, 14
. :,,,,, 97 : 8 2,882 ( 16.3%) :,, '91,. :,,,,,, : (,, ),, (, ) 97 : 3,840 ( 0.7%) : 91. : 50%,, 19/ 150 : (,,, ),,,, 97 : 3 1,891 ( 6.3%) 15
: '92. :,, 97 : 5 9,260 ( 11.7%) : 1 5,. : :,,,,,, 97 : 1 5 ( 3%) :,,. :,,,,,. : (, ),,,, 97 : 4 852 ( 8.1%) 16
. 33,, 3 9), < - 5>. < - 5> ('97) : : : :,, : 9 2,907 ( 20.1%) : : : ( ) :,,, : 7 5,109 ( 16.3%) : : : :,, : 10 2,920 ( 22.3%) : (1997),, pp 428 429. (1996),, pp 116 121. 9) '97 46 2 20.1%, 16.3%, 22.3% 3 27 58.6%. 17
,, 10)., 11)...,.,,.,.. '97 ( 10) '94,,. 11),,,,,,. 18
. - 6) 10 1,301 4 9,901 (49.3%), 1 7,590 (17.4%), 9,292 (9.2%). 12.6%, 71.9%, 8.8%, 3.3%, 0.8%, 2.4%,. < - 6> ( 97 ) :, % 49,901 49.3 17,590 17.4 8,137 8.0 6,099 6.0 9,292 9.2 4,427 4.4 3,259 3.2 2,596 2.6 101,301 100.0 : + :,. '97 ( - 7), 2,150 (5.8%), 2 8,256 (75.6%), 6,268 (17.0%), 595 (1.6%) 3 7,369., 1,804 (2.9%), 1,000 19
(2.7%), 1 7,048 (45.6%), 1 5,325 (41%), 2,912 (7.8%). < - 7> ( 97 ) :, % 2,150 5.8 1,209 3.2 502 1.3 76 0.2 45 0.1 308 0.8 10 0.02 28,256 75.6 5,984 16.0 7,752 20.7 5,930 15.9 3,813 10.2 4,177 11.2 500 1.3 100 0.3 6,268 17.0 4,000 10.7 590 1.6 20 0.1 520 1.4 1,238 3.3 595 1.6 447 1.2 80 0.2 68 0.2 37,369 100.0 : (1997),. 20
.,, 1, 5,325 2 2,044.,., 10 1,031. ('93 '97) ( - 2), 22.0% 93 11.2% '97 14.2%. < - 2> (SOC) : ( ), 21
(2).,,.,..,, ( - 8). 12) 13) (tax capacity). (intergovernmental fiscal relations), 14), ( ),. 15) 16). 12),,, ( ),, ( ),,,,,,, ( ),, ( ) 13), 14). 15). 16) SOC.,,,, 5. 22
. < - 8> 15 (11, 4 ),, ( ) 13.27% ( 6 ) ( ),,,,, (IBRD, OECF ) ( ) : (1993),, pp.6 7.., IBRD,,..,,. 23
, 17) 6 18) 19),. ( 105, 1,096 ).,,,,. 14. < - 9> 4 7,027, 2 10 ( 7% ).,,,, 20)( 17) 1997 103 6, 97. 18),,,,, 19),,,,. 24
., ) 21). 245 13 9,840 6 6,738 48%. 4 245 60%. < - 10> ( ) ( '95) : 66,738 (100%) 3,061 (4.6%) 7,526 (11.3%) 145 (0.2%) 2,128 (3.2%) 2,592 (3.9%) 11,021 (16.5%) 40,245 (60.3%) 139,840 (100%) 18,095 (12.9%) 15,659 (11.2%) 260 (0.2%) 4,395 (3.1%) 4,807 (3.4%) 12,639 (9.0%) 83,986 (60.1%) : (1996), 9 1,980 8 459 87% 5 6,404 70.1%. 20),,, 4. 21),,,,,,, 8. 25
< - 11> ( ) ( '95) : 80,459 6,696 1,047 3,234 11,244 1,484 130 56,404 (100.0%) (8.3%) (1.3%) 91,980 6,973 1,159 (100.0%) (7.6%) (1.3%) : (1996), (4.0%) 3,459 (3.8%) (14.0%) 11,848 (12.9%) (1.8%) 1,944 (2.1%) (0.2%) 144 (0.2%) (70.1%) 66,453 (72.5%) '95 6 6,738 8 459 14 7,197. ('91 '95) ( - 3), ( ),. 91 21 8,500 12 4,600 57% '95 36 6,640 40.1% 14 7,200. 13.8%, 4.3%. 26
. < - 3> : 92 91 93. : ( ),.,. 27
(3).,.., 3, 3 ( - 4),. < - 4> 28
.. 22) 23). < - 12>.. 1968 93 3 3,589. < - 12> 34 12 4 9 2 9 94 5 4, (, ),, 6 13 (, ) 12, 13 22) 23) 29
< - 12> 16 2, 31 1 53 2,, 6 4 36 5, 5, 22 13 9 27 : (1995a), pp.108,, < -13> (1968 ) ( ) 6 1,321,, 12 8,244, 52 15,394 4 4,719 ICD 16 3,200 3 891 93 33,589 - : (1995b),pp. 64. 30
... ( 2, 79 ). 3 24) ( - 14). < - 15> 15 7.,,,,. < - 14> :, (1997), pp.11 1/ 2. 1/ 2. 24) 3,. 31
< - 15> ( ) ( ) ( ) :, (1997), pp.11 5, 3 1996 8 8 25). 3 1994 ( ) 9 10 26) 3.,.. 25) (92.12), (93.1), (93.2), (93.12), (95.7), (95.7), (96.2) (, (1997), pp.28) 26) (94.4), (94.4), (94.11), (95.3), (95.3), (95.6), (95.6), (96.2), (96.3), (96.2) (, (1997), pp.29). 32
.. 27) (SOC). 80 '94 8.. 1 28) 29). 1 2 30). 94 25, 26 27).,. 28) 1,,,,,,,,,,, 12. 29) 1,,,,,,,,, 11. 30),,,,,,,,,,,,,,,,,,,, 21. 33
5,500 7 ( 5 ). < - 16>,, 2 1 3,. < - 16> - '95 - - - / - - - '96 2 1 / - / - I.C - : (1997),, pp.9. 34
. 3. (1).,.,. 31). < - 17> 2. < -17> : % 14.3 8.84 7.72 :,,,. : (1995),.. 31),,,,,. 35
, GNP ( - 18),. < - 18> GNP : % 1967-79.2 32.8 59.6 113.0 1977 27.9 - - - - 1982-76.5 54.0 80.0 113.8 1987 41.8 73.4 60.8 91.4-1993 48.1* - - - - * : 1993, (1996) : (1992),, (1996)., (,, 1996) ( - 19) 70%.,,,.,. 36
. < - 19> : % 1970 71.9 65.8 11.2 12.6 45.0 51.5 1980 68.4 65.5 29.3 25.2 78.7 70.4 1990 69.2 62.0 29.1 25.4 83.1 72.6 1993 71.1 61.3 30.1 25.7 85.7 74.5 :, (1996)...,,.,,..., < - 20>, 245 60% 147 37
20% 49 32). < - 20> 245 15 72 83 65 147 19 81 18 - (60%) (26%) (87%) (28%) 49 2 47 - - (20%) (3%) (51%) : (1997),,.,,.. (2) 94. 32) (1997),, pp.47 38
. 1997 2001 4 70 80 33) ( - 21), SOC. SOC '97 5% '98 GNP 5% 6% '99 1%, 2000 GNP 1 1.5%. < - 21> SOC 1996 1997 1998 1999 GNP 3,640 4,058 4,458 5,005 SOC (GNP ) (GNP ) 134 (3.7%) 10 (0.3%) :,. 182 (4.5%) 32 (0.8%) 222 (5.0%) 35 (0.8%) : 270 (5.4%) 40 (0.8%) '96 '99 11 7 2000 5., '95 '96 2 25 26 5,500 34).,,, 33) (1992),, KDI. 1997 2001 73.5, (1996) 81. 34) '95 12 13 7,867, '96 13 12 7,689. 39
.,.,.,.,. 40
.. 3.,,,. 1. 3 5) ( 1). (project financing), (project company) ( )., (corporate financing), (sponsor),,. (, 1995, 11). 35) Chance(1994), (1995a), (1995b), (1995), (1997), (1997). 41
. 36) 13 1856, 1920 1930 37)., 1960 1970. 38),. 1980., 39). 36) (1994), (1995), (1996), (1997), (1987). 37).,., (, 1995, 33). 38) 1972... 39).., ( ). 42
.,,, SOC,., 1990 SOC, SOC., 1995. 1995,..,. (non or limited-recourse financing).,. (non-recourse financing). 43
(limited-recourse financing). (off-balance sheet financing), (off-balance sheet financing). (risk allocation).,,.,.,,,.,..,., 44
..,. (sponsor) :,. :.,. :,.,.,,,. 45
:,. (lender) :,,.,. :,,.,,,. (asymmetric information) :.,,, 46
.. :,, SOC,.,. :,.. :.,,,,. : 47
,. :,.,,.,.,,., < - 1>. < - 1> 48
. < - 1>., SOC, : (1994), (1997), (1997). (2), < - 1>. ( ) ( - 1 a), ( - 1 b)..,,, ( ). 49
< - 1> : (a) (b), < - 2>.,,,,.,,.,.. 50
. < - 2> : EPC (escrow) < - 2> ( ).. 51
(3). (Project Company / Special Purpose Vehicle) 40), (partnership)..,,, 3.. (proje ct spons or) (project sponsor).,....,,,. 40) (Project Company) (Special Purpose Vehicle). 52
.,,., (Infrastrucrure fund). (host government),,. 10 20%.,,.. (proje ct borrowe r),.,,., (Trustee Borrowering Vehicle, TBV ). TBV, TBV TBV,,. TBV,,. 53
. (proje ct lender),.,. (commercial bank).,,, (, 1997, 10) (syndication). < - 2> Arranger Manager Agent Engeering Bank Security Trustee : Chance(1994)., (Arranger)., Arranger., 1., Arranger Agent.. 54
.,, < - 2>. (Export Credit Agency).,,.,.,,.,. (International Agency)., (co-financing).,. 55
World Bank, World Bank IFC(International Finance Corporation), ADB, EBRD, OECF.,,..,.,..,.. (off - taker) (off-taker).,,.. 56
.,.. (ope ration and maintenanc e ) ( ). ( ). ( ),. ( ).. (ho st c ountry ),,.,.,,,,,. BOT, (concession agreement). 57
. (Financial Adviser),,...,...,.., ( ).. ( ) 58
.,,. (4 ). (syndicated loan), (syndication). < - 3>. < - 3> General Syndication Club Deal Cross Syndication (lead manager),,... Club Deal, General Syndication : (1995a), (1994).,,. 59
,, (co-financing). (TBV)., TBV., TBV TBV. TBV, TBV.. (Bond).. :. :. 60
., ( BBB ),.,.... SEC( ) Rule 144a (, 1997, 35).. (Me zzanine Loan / Me zzanine Capital),, (Mezzanine Loan / Mezzanine Capital).,,,,,.. (subordinated loan) :.., 61
,.,,., ( ). : :, :. (le as e ).. :,,,,.. 62
..,,.,. (5 ). (Non - re c ourse Financ ing ).,,,.. BOT (Build- Ope rate - Transfer) BOT ( ) (Build) (Operate) (Transfer).. 63
,, SOC.,. < - 4> BOT B O O T (Build- Own-Operate- Transfer) B O O (Build- Own-Operate) B T O (Build-Transfer-Operate) B L T (Build- Lease-Transfer) D B F T (Design- Build-Finance- Operate) B B O (Buy-Build-Operate) LBO (Lease- Build-Operate) (Concessions), BOT.,.. SOC. 3.,..,. BOT,. : (1995a), (1995a), (1997). 64
. BOT. (concession agreement)., BOT, < - 4>.. (Production Payme nt).,. ( ) (offtake agreement). (6),..,.. : 65
,. :,,. :,.... : (,, ). : 66
.. ( ) :,,.. :,. :,.. (Politcal risk or c ountry risk),,.,,.. :,,,,, ( ),. 67
:,,. :,,. :,.. SOC :, SOC. (force majeure risk) : (, ),. (7)., 68
....,.,. ( ). EPC (Engineering, Procurement and Construction) :,,,, (Fixed Price and Lump- sum Turn-key Contract)., EPC(Engineering, Procurement and Construction). (long-term supply agreement) :. put- or- pay agreement.. put- or-pay agreement :,. 69
(long-term Operating and Management Agreement) :,.. (long-term feedback supply agreement) : ( ), (off-taker). < - 5>.. < - 5> T ak e - or - pay contract Take- and- pay contract T h r o u g h p u t agreement T o l l i n g agreement : Chance(1994).... ( )..,.,. 70
..,.. (completion guarantee) : 41),...,. (Working capital maintenance / Cash deficiency agreement) : DSCR(Debt Service Coverage Ratio), ( ).. 4 1),. 71
.. (concession agreement) : (BOT ).. :,,,,,.,,. :,,,,,,,. :,... 72
.,, 42),.,,,,. MIGA(Multilateral Investment Guarantee Agency).. (Escrow a/c) : (Escrow a/c).,, (Off- shore Escrow a/c). :, ( )., (swap), (interest cap). :,. 42) (Property Insurance), (Consequintial Insurance), (Liability Insurance). 73
:. / :,. 2. ( 1).., < - 6>., 94 96 2. (loan) 70 80%, (bond) 10 20%,.,. 74
. < - 6> : (%) 1994 1995 1996 13,675 (77.4) 23,326 (86.0) 42,830 (89.9) 3,989 (22.6) 3,788 (14.0) 4,791 (10.1) 17,664 (100) 27,114 (100) 47,621 (100) : (1997).. < - 7>.,,,.,. < - 7> : (%) 1995 1996 1996 5,191 (22.3) 13,192 (30.8) 2,163 (45.1) 5,969 (25.6) 15,626 (36.5) 1,230 (25.7) 7,621 (32.7) 8,917 (20.8) 1,398 (29.2) 65 ( 0.3) - - 4,060 (17.4) 4,395 (10.3) - 420 ( 1.8) 700 ( 1.6) - 23,326 (100) 42,830 (100) 42,830 (100) : (1997). 75
,,,,,,,,,,,.,, SOC,.. < - 8>. < - 8>,..,,..,,,,.,.. 76
. < - 8> : (%) 1995 1996 1996 8,742 (37.5) 15,668 (36.6) 2,595 (54.2) 5,492 (23.5) 13,296 (31.0) - 1,992 ( 8.5) 4,241 ( 9.9) 791 (16.5) 2,399 (10.3) 3,417 ( 8.0) - 923 ( 4.0) 2,695 ( 6.3) 1,405 (29.3) 1,490 ( 6.4) 1,964 ( 4.6) - 1,137 ( 4.9) 1,234 ( 2.9) - 734 ( 3.1) 290 ( 0.7) - 417 ( 1.8) 25 ( 0.1) - 23, 326 (100) 42,830 (100) 4,791 (100) : (1997). (2) 43) 40,. < - 9>. 43) Euromoney(1996), IFR(1997), (1995a),, (1996), (1994). 77
< -9> Shajiao C 3 (WHC) APSTAR Pagbilao Pilipinas Shell Coco 2 Thappline TA 200 Star Paiton Paiton Musi Pulp Kuala Lumpur Selangor LNG Plant Hub Ras Laffan LNG Ravva 78
. < -9> / Birecik 1 Izmit Manah Euro-Expressway M5 Greenfield Pulp OPI Sestao Gazprom Super Metanol Samalayuca Prince Edward Island M2 Lihir Gold Limited 79
, 24, 9, 4, 3. 12, 9, 3, 5, 8, 3.. < - 10>., 2,000, 1 16 40%. 12.,. < - 10> 2,000 2,000 1 : (%) 1 4 (11.1) 16 (44.4) 16 (44.4) 36 (100), 2,000,. 80
.. / < - 11>. < - 11>, 20 30% 70 80%..,, SOC, 44), 45) 40%., Lihir Gold Limited 60%.,,. < - 11> : (%) 20% 20% 30% 40% 30% 50% 40% 50% 7 (21.9) 16 (50.0) 5 (15.6) 3 (9.4) 1 (3.1) 32 (100), SOC., 46). 44) Sestao (44%). 45) Ravva (45%). 46), Birecik (15%), Izmit (15%), Shajiao C (19%). 81
. < - 12>.,, ( ),,. < - 12> : (%) * ** 29 (72.5) 19 (47.5) 24 (60.0) 12 (30.0) 12 (30.0) 7 (17.5) 14 (35.0) 8 (20.0) 12 (30.0) 9 (22.5) 6 (15.0) 2 ( 5.0) 7 (17.5) 1 ( 2.5) 2 ( 5.0) 7 (17.5) - 1 ( 2.5) 14 (35.0) 3 ( 7.5) 5 (12.5) 11 (27.5) - 3 ( 7.5) 5 (12.5) - 3 ( 7.5) 1 ( 2.5) 4 (10.0) - 15 (37.5) 8 (20.0) 6 (15.0) 5 (12.5) 8 (20.0) ( ) 40 (100) : *. **. 2 ( 5.0) - 6 (15.0) 82
. 70% 29. 45%.,..,.,,.. 47) 35%. SOC., SOC.. 7 18%.. 10%. Sestao 1. 47) Musi Pulp. 83
48), 49). IFC, ADB 50) 5., 10%. 14 35%. 51), 52), 53). 54) 3., 3 4. 55), 56). 1 57). 48),. 49), 2, Pilipinas Shell, Euro- Expressway. 50), Musi Pulp, Pilipinas Shell, Manah. 51), Samalayuca. 52), Paiton, Paiton. 53), Manah, Lihir Gold Limited. 54) Kuala Lumpur, M2,. 55), LNG,. 56) Musi Pulp. 57) Musi Pulp. 84
. 15 38%, 8.,.,,., 59). 58), 50% 60), 61), 62).. < - 13>. < - 13>,. 87%, 63%, 36%.. 58), Ravva,. 59), Izmit. 60), Shajiao C, Ras Laffan LNG. 61),. 62), Euro- Expressway. 85
56%.,. ( ) 41%, 20%.,. < - 13> : (%) * ** 34 (87.2) 22 (56.4) 24 (61.5) 14 (35.9) 16 (41.0) 6 (15.4) 16 (41.0) 8 (20.5) 13 (33.3) 3 ( 7.7) 4 (10.3) - 2 ( 5.1) - 8 (20.5) 4 (10.3) 7 (17.9) 2 ( 5.1) ( ) 39 (100) : *. **. 86
.,,. IFC, ADB 33%. 1 63). 10%,,. 8 20%, 4. 64), 65). 4, 66), 67). 68) 7., 69) 8 63) M5 95% EBRD. 64), Ras Laffan LNG. 65), Prince Edward Island. 66), Hub. 67),. 68), LNG, Super Metanol. 69) Shajiao C, Greenfield Pulp. 87
. ( )70), 7 1), 72).. < - 14>. < - 14> BOT ( ) 23 66%, 12 34%. 1. < - 14> : (%) BOT BOT BOO BOOT BTO BLT 12 (34.3) 1 (2.9) 13 (37.1) 6 (17.1) 1 (2.9) 1 (2.9) 1 (2.9) 1 (2.9) 35 (100), BOT BOT 37%, BOT BOO 6, BOOT, BTO, BLT, 1. BOT,,, SOC. BOT 73) 70),, Greenfield Pulp. 71), Pagbilao, Hub. 72), Shajiao C, LNG. 73), Birecik, Pagbilao. 88
.. BOO, BOOT 74).. < - 15>..,,. < - 15> 18 12 9 5 4 2 2 :.,,.,. 74), Paiton, Paiton, Coco. 89
,,.. < - 16>..,,. < - 16> : 19 7 15 6 ( ) 12 6 9 4 9 3 7 3 7 1,. ( ) ( ).,,. 90
.,, 2, 3., 4,, 75) 76).,,,,,,., BOT 77), 78).,.,,,,. 75), Selnaor. 76), Star. 77), Pagbilao. 78), Samalayuca. 91
(3) -,.,,., 3 79).. Hub Hub 18.. Xenel Industy, National Power, Hubco. (WAPCA) 30 BOO 79) Hub, Prince Edward Island, Greenfield Pulp. 92
..,, USAID,,.,,.,., < - 3>.. < - 3> 93
: (Implementation Agreement) Hubco.. ( ) - - WAPDA( ) - PSO( ) -,. (Special Temporary Funding) :. (SBP) : Hubco Hubco. PSO( ) : Hubco 30, ( ).. PSO. 94
. WAPDA( ) : Hubco 30, 15%.. WAPDA...,,, (Euromoney, 1996).. Princ e Edw ard Island 1873 Prince Edward Island. 4,200, 95
. 1980 Northumberland Prince Edward Island, 6 1993, 35 BOT.. SIC Engineering & Constructors, Morrison Knudsen GTM Entrepose. Straits Crossing Development INC. 30%..., New Brunswick, Prince Edward Island.. (TBV) Straits Crossing Finance INC. 35 4,190, 96
... Northum -berland. Straits Crossing Finance INC. 6 6,100 - (federal subsidy backed bond). Moody & Standard, 6 4. 2 3 80 90% (revenue bond).., 75%..,. New Brunswick, Straits Crossing Finance INC. 100%, (tax- exempt conduit) 97
., 3. New Brunswick Prince Edward Island.., 2., BOT.,,,,.. Gre enfie ld Pulp, 2 98
.., La Compagnie Greenfield S. A..,. < - 17>, 2.5% 5.,. < - 17> : (%) 5 ( 2.5) 7.6 ( 3.0) 23 (11.4) 30 (14.9) 0.4 ( 0.2) 5 ( 2.5) 130 (64.7) 201 (100) 99
, 7,600.,. EU,. 2%..,.,.. 100
.. 1. ( ). 80),.,. 95 81) 670 70% 470 4. 80).,. 81). 1995 6, 4, 9, 10, 6, 6 31,. 101
., 2, 4 82).,,.83),,,,.,,. 2.., 84). 82),, 2 1. 83), 1996 5 8. 84),.. 102
.,. (1).. < - 1> 4. 3. (RFP : Request for Proposal). < - 1> 1 2 3 4 ( ) ( ) ( ) 103
) 2, ) 2 2, ) 85) ( 5 )., 2. 5, 3 ( 10 ). ( 8 2 ). ( ). 86). : 1 BTO, 2 BOO 1 2, < - 1>., 1 85) ( ),, 15.( 6 ) 86) (1996), 104
. BTO(Build-Transfer-Operate) 12. 1 11 87). 2 1 BOO(Build-Own-Operate) 21. < - 1> 1 ( 2 2 ) 2 ( 2 3 ) : BTO BOO. 87),,,,,,,,,,. 105
.,,, 88). ( ) 10%.89) 1 ( ), ( ) 50 90). ( ) ( 23 ). 20 30. 88). n i = 0 C C i ( 1 + r) i + CR = N i = n + 1 OR i - OC i ( 1 + r) i + N i = 0 A N R i ( 1 + r) i, CCi : i CR :,,,,, 10% ORi : i OCi : i ANRi : I 89) 8.86%, - 6.81%, 2 7.91%, 8.46%. 90), 50. 106
. ( 28 1 ). ( 28 2 ).. ( ) ( ) ( 3 ) ( 2 8, 12, 32 ).,, 91) 92). ( 48 ).. 2 2 50% 91). 92) '95 46.5% 22.7% 11.6%. 107
( 44 ). < - 2> 1 2 :. ( ) 50%,. 34%. 5%. (2) < - 2> 3. (project company), (project sponsor) (project company) 108
., (project sponsor) (project company) (project lender). < - 2>. (A),,,, 4.,,.. - 109
( 15 ). 2, ( 18 ).,, ( 19 )., ( 17 2 ). ( 17 3 )., ( 17 5 ). 110
. 1 ), ), ), ( 45, 33 ). ( 29 ).,,,,, 93),, 1 ( 24 ).,. 93) ( ) ( 1997-16 ) 111
1, 3 ( 23 ). 94) : 28%, 25%. : 1 2 15% ( 25 ). : ( 43 2). 94) ( ), 1997-16) 112
. 50% ( 64 ). 95) 1 10%, (, ) 10%, 1. ( 0.4%) 5 ( 138 ),. : 1 100%, 2 50%,, 2 50% ( 49, 52 2). 95), 113
: 1 50%, 2,, 50% ( 49, 40 3, 57 ). : 1, 2 100% ( 49, 19 3 ). : ( 50 ).. :. 1 ( 50, 13 2, 17 )., < - 3>. 114
. < - 3> 1 2 100% 50% 50%, 50% 50%,, 100% 100%, :. (B),,,,,.. 96) 25% ( 10 1 ). 1 96) 1 30. 115
( ) 20 97)( 47, 10 2 ). ( 5 ). 98). 99). (, ). ( 30 ) 100% ( 10 2 2 ) 97) 10. 98) 15%. 99) 2, CD',. 116
.. (C),,,,,,,,,.,. 100) - : 1 - :, - : 12 15%, 1 ( 46, 19, )., '96 11, < - 4>. 100) ( ) ( 1997-16 ) 117
< - 4> 1 5 20%, 1, 20% 5 $(97 ) 5 1 :5 $. 1 : 1 $,,, Libor+ 1% - Libor+ 1% : (1996.12),.,., 1 5 20%. SOC,. 20% ( 27 ). 118
. 15% ( 27, 7 )., 97 8 1 101) 45% 102). 1 2. ( - 5),. SOC. 10 1) 97 7 10. 102) 3 (2000 7 31 ). 119
< - 5> 80%, 70% 45% 60% 35%, 25% 35% 70% 40% : (1997),. 3. (1) 97 8 < - 6> 4., 4 3, 1. 120
. < - 6> (A) (B) (C) B/A C/A 670 200 30 470 70 4 :, 17,342 4,342 25 13,000 75 18 2 1 2,149 543 25.3 1,350 62.8 - (256) (11.9) 575 115 20 460 80 - (B), 4, 2, 3,. (2) ( ) 103), 104). 103),. 104),,. 121
, 3.,..,. 1 :,. 1999 3 1 1993 12 2 3 1994 6 8. 1994 11 ( ) 1995 122
. 1995 3 6. 1995 7 24 14 105) 3 5,,,. ( ), 1995 10 27. 14 106) 1995 11 25. 11 29 12 27. < -7> ( ) 1993. 12. 28 1994. 11. 1995. 3. 06 10. 27 11. 25 11. 29 12. 18 12. 27 1 ( ) ( 1 ) '95. : (1996), 105) 11. 106), 13. 123
- : BTO (Buld-Transfer- Operate),. - : 1995. 11. 29 2000. 11. 28(60 ) - ( ) : 2000. 11. 29 2030. 11. 28(30 ) - : - : 40.2km( 3.7km 1 107) 3.6km ) - : 4.42km, 2 - : - : (11 ),, - 108) : 1 7,342 - : 2,697 110) ( 109) 4,342, 1 3,000 ) - 111) : 11,133 ( : 7,468 ) - (ROE) 112) : 14.30%, 113) : 8.89% - : 4,010 ( - 8) 107). 108) = + + -. 109). 110) 1,301, 1,284, 112. 111),,,,,,,,, 9. 112) = (3 (12.56%))+ (0.5%)+ (1.24%). 113) 124
. < - 8> ( ) : 1995 1996 1997 1998 1999 2000 4,342 400 2,447 1,495 - - - 2,249 256 1,177 816 - - - 1,267 43 769 455 - - - 826 101 501 224 - - - - - - - - - - 13,000 - - 3,006 4,088 2,793 3,124 17,342 400 2,447 4,501 4,077 2,793 3,124 2 : 2 1 1,, /, 6. 2 ( 35.9km) 5 2001. 1 8.61km IC IC 4.3km. '96 2 1 '96 6, 97 7. < -9> ( 2 ) 125
'96. 2.22 6. 5 11.12 '97. 2.17 2.28 6.24 7. '96 2 ( ) - : BTO(Build-Transfer-Operate), - : 1997. 7 2000. 12(42 ) - ( ) : 2001. 1 2028. 12(28 ) - : IC IC - : 4.35km 6 ( 4, 10 ) - : - : 2 (5 ),, - 114) : 2,149 114),,,,,,, ( ), 9 ( ). ('96.6.5). 126
. 115) : 543 (25.3%) : 1,350 (62.8%) : 256 (11.9%) - : 1,315 ( 61.2%) - 116) : 12.6%, : 7.73% - : 770 : -, < - 10> ( 2 ) : 1997 1998 1999 2000 543 120 423 - - 1,606-126 685 795 1,350-126 685 539 256 - - - 256 2,149 120 549 685 795 3 : B, D 17, 2,700, 170 21 '95 12 30 115) ( ). 116) = 3 (12.10%) spread(0.5%) 127
'97 2 21 ( ). B, D 2. < - 11> ( ) 1995. 12. 30 1996. 7. 3 1997. 2. 21 1997. 4. 30 ( ) ( ) - : 1997 11 1999 12 (25 ) - : BTO,. - ( ) B : 2000 2019 (20 ) D : 2000 2011 (12 ) - : - B: 1 (54,300 ), 1 (7,340 ) D: 1 (1,037 ), 1 (244 ), 1 (4,118 ) 128
. - : - : ( ),, - : 617 < - 12> ( ) : B D 115 12 127 460 30 490 575 42 617 - : B 8.46%, D 6.1% - : B 126,098 /, D 110,000 / < - 13> ( ) : B D 1997 1998 1999 115 101 14-460 - 224 236 575 101 238 236 12 1 2 9 30 - - 30 42 1 2 39 617 102 240 275. 129
..,, ( ).. < - 3> (lender) 130
.. (escrow a/c). (project sponsor),.... 117).,,. 2,, 2,,, 3. 117) 3 5. 131
< - 4>. (project sponsor) < - 14>, 3., 2,.,,. 132
. < - 14> ( ) 2 (15.4) (5.3) ( 6.0) (10.5) ( 4.9) ( 5.0) ( 6.9) ( 3.5) ( 3.5) ( 3.5) ( 3.4) ( ) (51.0) (20.0) ( ) (10.0) (10.0) ( ) ( 9.0) (10.0) (43.0) ( 5.0) ( 8.3) ( 2.9) ( 5.3) ( 1.3) ( 1.3) (42.0) : ( ). (, )., 100% (off- taker) 118) 118). 133
., 1..,, < - 15>., 3., 1, 15 16. 1 2, 119).,.. 15 ( 5 ) 1 ( ) + spread spread 1% 1.5% 4 5 119) 1 2,500. 1997 8 1 1. 134
. < - 15> 2 1 3 1,350 (, ) 617 10 (5 ) 2 1 +spread ( 1.5%, 1.15%) 16 (5 ) 1 + spread (1.4%) B : 13 (5 ) D : 10 (5 ) 1 + spread(1.25%) 3 3 3 - - - 256 - - - 15 ( 5 ) 10.5%, - -,,, 3. 135
., < - 16>.., 1 0.3%, 1 0.5%.. < - 16> 0.9 1.55% - 40% - 60% - 1 0.3% - 1 0.5% 2 0.6 1.0% - 50% - 50% 0.5% 0.7% - 50% - 50% 5, 2.. 136
.. (project company),,,.. (, ). 2 300%, 350% B,D 400%. (Debt Service Coverage Ratio), (cash flow). 137
1.2, 1.2. :,. :.. : 120). : 121) 5. 120) ( ). 121). 138
. : (,,,, ). : ( ),.., (Mezzanine Loan/ Mezzanine Capital) 122). : ( 50%). :,,,,. 122). 139
< - 17>. < - 17> (1.2) 2 300%, 350% 300%, 350% B, D 400% :,. (project sponsor),,,. 25% 2 25%, 3 50%. 20 30% 140
. 70 80%,..,. 123) 1.0 124).. 4., (DSCR) 2 1.0, 1.2. 123). 124) DSCR,. 141
(,, ). 2,, B,D'. 8 ( 3 ), 2 7 ( 2 ).,., 2,. < - 18>. 142
. < - 18> 2 B,D DSCR 1.0 1.0 1.2 :,. 8 7 (e scrow a/ c).,,,, 5, < - 5>. < - 5> 143
( ). 2. 11., ( ). ( ), 2 ( ).. 1. 20%. 10%,,,.,,,. 144
. ( ) ( - 19) ( - 20).., Advanced Loss of Profit Business Interruption. < - 19>...,,,,.. 3 3. Advanced Loss of 24 Profit ( ) 145
< - 20 >. 3. Business Interruption.. ( ). ( ). ( ).,. 3. 146
. 3 1 BTO.,,,,. :, 2 ( ) 80%.,..., 2..., 2. : 2 ( ).,. ( 80%), 147
, 3. ( ), ( ).. 2. - ( )., ( ). 2. ( ), 1 ( 0.1%). 148
. ( 10%) ( ). ( ) < - 21>. < - 21> ( ) 2 B,D ( ) :,. 2. 125). 125) 96 2. 149
,,.,. (3),. - BOT (BTO, BOO),, BOT 126). -,. 4 3. 60%,, ( - 22),, 126) 1 BTO, 2 BOO. 150
.. < - 22> (95 99 ) 17 (38.6) 1 ( 2.3) 10 (22.7) 2 ( 4.5) 1 ( 2.3) 1 ( 2.3) 6 (13.6) 1 ( 2.3) 5 (11.4) 44 (100),. 3 10%.,,. -. 3,. 151
,., (holding company). -,., LIBOR.,. 1. -, 152
. (full-recourse financing). -,,..,,. 1 :.. 2 :. 3 :,,,. 153
. 1. 5,. 1,,. (1). ( - 13),.,., ( ). < - 4>,., ( ) 154
.,,., 1, 20% 127),.,.,.,,..,..,. 127) 10%. 155
.,.,.,. (equity) (debt),,.,.,,.,. < - 1>, 95 6, 96 5, 128). 128). 156
., 129). < - 1> 1995 683 5,584 6,267 1996 1,634 3,651 5,286 : (1997),. :,,.,. ( - 13),... < - 2>, 129),, 4,300, 96 8%. 157
95 315, 96 375. < - 2> : 1995 152,478 (48.4) 162,844 (51.6) 315,322 (100) 1996 177,184 (47.2) 198,259 (52.8) 375,443 (100) : (1997),.,.,. < - 3>, ( ) 10% 5.. < - 3> ( ) : 5 5 1995 87,096 (89.6) 10,146 (10.4) 97,242 (100) 1996 101,868 (88.8) 12,837 (11.2) 114,705 (100) : (1997),. < - 4>. 96 83, 54 158
., 64%.,,. < - 4> : 1995 60,736 (72.0) 23,581 (28.0) 84,317 (100) 1996 53,554 (64.2) 29,903 (35.8) 83,457 (100) : (1997),., < - 5>, 96 30, 5 3.6%.. < - 5> : 5 5 1995 22,202 (94.2) 1,379 (5.9) 23,581 (100) 1996 28,835 (96.4) 1,067 (3.6) 29,903 (100) : (1997),.. 159
, LIBOR(London Inter-Bank Offering Rate), LIBOR 5 6%., 1, 1 12%., 6%.,,,.,.,., 4,, 30.. 160
.,,. < - 6>, 96 43%, 80%. < - 6> ( ) : 1995 46,511 (47.8) 1996 49,079 (42.8) 37,049 (38.1) 39,363 (34.3) : (1997), 7,708 (7.9) 8,905 (7.8) 43,023 (44.2) 56,721 (49.4) 97,242 (100) 114,705 (100),,..,,.,.,, 161
.,,.,..,,.., 130).., 130), 1 BTO, 2 BOO,.,.,, ( ), ( ). 162
.,. -,,.,,.,,,..,. 4,.,,,,.,,. 163
,.,,,,.,..,,.,. 131). 131). 164
. 4.,, 132).,.,,.,..,..,,.,. 132). 165
(2). WTO OECD.., < - 7> 2000.,.,.,. < - 7> 2000 : (1997). 5, 166
.., 133),.,. ( ).,,.,.,,,.,, 1 134), 133) (1993),,.. 134),, 1. 167
. 7 135). 4,., 97 6 136).,..,.,., 135) 97 8 5. 136),. 168
..,. ( 2 )..... (3)..,.,. 169
,,,,..,.,,,,.,,.,.,.,, 170
..,.,,., ( )., 2..,..., 137),. 137),. 171
2., 2,,,. (1), < - 22>. ( - 8),,,. 10%, 138).,., 138),,,.,. 172
. 139),.,, < - 8>.,. 3.,.,,,,,,. 139),,.,. 173
< - 8> / / / / /. / /, /. ( ). /. /.,, /,, ( ), 174
. ( ) 1, ( ) ( )..,,,..,..,,,..,,,,.,,,. 175
(2).,.,..,.,., 140).,.,,., 140) 3,. 176
...,,..,,,.,,.,,.,, ( ),,,..,.,, 177
.,,,..,, 14 1)., 142).,,.,.,.,, 14 1) 3,. 142),,. 178
.., 143),,..,,.,,,,,.,.,.,.,,,., 143),.,,. 179
,...,.,.,.,..,,,,, BTO 1.,. 180
.... (3) 4,.,.., 1 20%. 97 1,..., (swap) 181
(foward transaction),,., (swap) (foward transaction),,,..., 1.,,.,. 182
..... (4)..,,,.,.,.,,.,. 183
,.,....,,..,,... 184
..,.,.,,.,,...,.,,.. 185
.,. 4 Advanced Loss of Profit Business Interruption.,. (5).,..,, (, 1997)., ( ). 186
., WTO (Agreement on Subsidies and Countervwiling Measures) (specificity).,.,.,,,,. 3,.. 4,..,,.,. 187
,. < - 9>.. < - 9>.,....,. -,., 2, 50%, 1 188
....,,., < - 9>,,..,.,,..,.. 189
,.,.....,.,.,.., 190
...,.,.,.,., 1.. 191
.,,.,.,.,,.,,..,.,., 2 ( ),. 192
.,,.,,. 193
. 1.,,.,.. 144).,.. (1) ( ),.,,. 144) (1995b), (1995), (1995),, (1996), (1997),, (1997), (1995b). 194
.,,.,.. 1 BTO, 2 BOO.,.,,.. 1,.,.,. 195
,,,. (2). 145)..,.,,.., 1.,. 145) 1 20%. 10%. 196
..,.,.,.,....,,. 197
. < - 5>,.,.,..,,,,.,.,,...,. 198
..,. (3), SOC.,, (, 1995b).. ( )., ( ) ( ). 199
,..., 1 BTO. 1,., 1 BOT,..,,.,. (4). 200
., 9).. ( ),., ( ) ( )..,, ( )., ( ) (WACC: weighted average cost of capital).,,.,.,,,. 201
..,.,....,. 2... 202
.,,.,,,.,.,,,,., 203
,,,,,,,,.,, (, ).,,,.,,,.,..,,.. 204
..,. 205
(1) (1996), (1997),. '97. (1994), SOC. (1995), '95,. (1997), 97,. (1995),,. (1995),,,.,, (1994), -,. (1997),,. (1997),, 97., (1996), Case study, 1996 Project Finance Seminar,. (1996), (1997), (1997),..., (1997),,., (1996),,. (1997), (1995a), 1997. SOC. 206
(1995b), (1995c),. (1995d), (1996a), (1996b),. SOC. SOC. SOC. SOC 3 (1994a),,,. (1994b), BOT,, 19 3. (1994c),,, 19 5. (1995a),. (1995b),.,, SOC, (1997), Project Finance,, /. (1994),,. (1994), Project Finance, SOC Project Finance,., (1996),,., (1997),,. 207
(1995),,,. (1997a), BOT,,. (1997b), Project Finance, 97. (1997), Project Finance, 97. (1992), 21., (1989),, (1994),,., (1994),, (1997), Project Financing, 97. (1997),, /. (1991),, (1997),, 97. (1995a),., (1995b),,,. (1993),, 208
(1994),, 94-01,. (1995), 95. (1997), (1997), (1994), Project Finance, SOC Project Finance,. (1995),, (1996), Emerging Economies Country Summary Reports", 1996 Project Finance Seminar,. (1997),,,. (1995), SOC,,. (1996), Project Finance, 1996 Project Finance Seminar,. (1996), (1996), (1996), (1997), SOC. (1997),, 97-1. (1987),. (1994),. (1994), Project Finance, SOC Project Finance,. 209
(1994),, (2) Ainley W. M.(1993), Making BOT Work for a Major Bridge Project, PW Finaning, 93. 11. Asia Law and Practice Publishing Ltd(1996), Project and Infrastructure Finance in Asia, Euromoney. Chance C.(1994), Project Finance, IFR. Donaldson T. H. ed.(1992), Project Lending, Buterworths. IFR, 1997, Project Finance Interantional, various issues. IFR, 1997, Project Finance Interantional Yearbook 1997. Nevitt P. K.(1989), Project Finaning, Euromoney. Rowe M.(1995), Trade and Project Finance in Emerging Markets, Euromoney. World Bank(1994), World Development Report 1994: Infrastructure for Development. (1992),,, vol. 332. (1992),,, vol. 332. (1992), -,, vol. 332. 210