구조화금융과 특수목적기구

박훤일 동의대학교 경제경영전략연구소 2003 經濟經營硏究 Vol.1 No.1

Structured finance means any transaction that makes use of a special purpose vehicle (SPV). "SPV" is a term widely used in corporate restructuring in the aftermath of the foreign exchange crisis in 1997. Take an example of asset-backed securitization (ABS). An originator selects a pool of assets and conveys it to an SPV, Then the SPV floats the securities in the capital market, whose debt service will be secured by the cash flows from the underlying assets. In this transaction, the SPV is a paper company for the purpose of "bankruptcy remoteness". In the United States, a trust, partnership or corporation is used as the vehicle. In Korea, this kind of paper company was usually regarded as illegal. But the situation has dramatically changed after the so-called IMF crisis. We witnessed the mushrooming of a variety of SPVs in the process of corporate restructuring. Mutual funds, corporate restructuring company (CRC), corporate restructuring vehicle (CRV), real estate investment trusts (REITs) are examples among others. However, the discovery that Enron Corporation created many special purpose entities (SPEs) to hide assets and debt form the general investing public gave rise to a distorted view of the uses and legitimacy of structured finance, The general perception was that structured finance and SPEs serve no real economic purpose but were used to mislead the investors. But structured finance has been a sound risk management tool, dating back to the early 1970s. Mortgage-backed securities (MBS), asset-backed securities (ABS), a project company in the non- or limited recourse financing and a special purpose subsidiary for the purpose of risk management are products of structured finance. The Sarbanes-Oxley Act instructed the Securities and Exchange Commission (SEC) to tighten the disclosure requirements of off-balance-sheet transactions and to produce a report on the activities and regulations of SPEs. Structured finance has unparalleled merits as a financial scheme like transparent transactions and inherent checks and balances protecting the interest of all parties involved, from seller to investor.

선박금융과 도산절연에 관한 소고 - 법인격 부인론을 중심으로 -

강인원 법무부 2019 선진상사법률연구 Vol.- No.87

Structured Finance as a financial method of obtaining ships in our shipping business does play an important role through establishing a separate Special Purpose Company and remoting bankruptcy risk of shipping company from SPC, and providing an opportunity of a better financial condition to such a shipping company relying upon a good security package. Recently, we faces a possibility that several shipping company and ship building company enter into an insolvency proceeding, and the question arises whether an initially intended bankruptcy remoteness could be implemented well. Korean Court made an important decision that creditors against SPC in Structured Finance should be protected in compulsory auction procedure apart from the insolvency proceeding of Hanjin Shipping Co., Ltd. However, bankruptcy remoteness will be an issue continuously in insolvency proceeding of Shipbuilding company and shipping company, so it is not too much to say that bankruptcy remoteness is worth of a deep consideration. Shipping company would purchase ships through Structured Finance and make an effort to create a profit, and SPC is very much related to such a shipping company in terms of issuing stocks, signing a charter contract, and making a payment of charter hire and existing a purchasing option of ships once such charter hire payment obligation is done. Such a relationship is sufficient to invoke an issue of piercing the corporate veil and substantive consolidation issue in insolvency proceeding. Here, I’d like to emphasize that the issue of piercing the corporate veil and substantive consolidation issue should not be incorporated to Structured Finance, in terms of that relevant parties initially intended a bankruptcy remoteness as a basic purpose in Structured Finance. In order words, Structured Finance should be recognized as a limitation or marginal boundary of the piercing the corporate veil and substantive consolidation in an insolvency proceeding. 우리 해운업계에서 선박 조달의 수단으로 활용되는 선박금융은 별도의 SPC라는 법인격을 활용하여 SPC에게 대출을 일으킴으로써 해운사의 신용리스크와 해당 대출을 절연시키고 해운사의 도산시에도 채권자에게 담보권 실행을 보장하는 대신 신용도가 좋지 못한 해운사에게 SPC의 우량한 담보구조에 기대어 보다 유리한 조건으로 자금을 조달할 수 있게 하는 역할을 해 왔다. 최근 선박 및 해운경기 침체에 따라 해운사, 조선사의 도산절차 진입이 가시화되면서 선박금융이 당초 의도하였던 도산절연이 그대로 구현될 수 있는지가 문제되었는데, 한진해운 사례에서 법원은 선박금융 관련 당사자의 신뢰 및 선박 시장의 법적 안정성을 중요하시는 결정을 내렸다. 그러나 조선 및 해운사에 대한 도산절차 개시 및 선박금융 관련 도산절연의 문제는 계속 제기될 수밖에 없을 것으로 보이는바, 선박금융과 도산절연의 문제는 고민할 만한 가치가 있다. 선박금융을 통해 선박을 조달한 뒤 해당 선박의 운용을 통해 영업이익을 창출하는 해운사와 선박금융을 위해 설립된 특수목적법인(Special Purpose Company)는 법인격은 별도이나 선박금융 구조에 따른 주식 발행, 용선계약, 용선료 지급, 용선료 완납을 전제로 한 선박취득조건 등 여러 가지 면에서 연결되어 있다. 이는 기업집단의 도산문제를 논하면서 흔히 거론되는 법인격부인론 및 도산절차에서의 실체적 병합의 인정여부에 대한 문제제기를 일으키기에 충분하다. 본 고에서는 선박금융에서의 실질적 차주로서의 해운사 및 명목상 차주인 SPC의 관계가 일반적인 기업집단에서의 도산절차와는 달리 해당 거래에 참여하는 당사자들 간에 도산절연을 주 목적으로 합의하였다는 점에 착안하여 적어도 선박금융에서는 이들 논의가 적용되지 않는 것이 타당하다는 시각을 논증하였다. 선박금융이 도산절차에서의 법인격부인론 및 실체적 병합이론의 한계로서 인식되어야 한다는 점을 재차 강조하고자 한다.

How Digital Finance is Reshaping Consumption patterns in China : An Empirical Analysis based on Structural Equation Model

Cheng, Xiaojun,Li, Xinwei 부산대학교 중국전략연구소(구 부산대학교 중국연구소) 2024 Journal of China Studies Vol.27 No.4

Digital finance is increasingly acknowledged for spurring consumer demand and facilitating shared prosperity among diverse groups. Nevertheless, there is still a conspicuous research void regarding its impact on young and middle-aged populations, who constitute the core consumers in the current digital economy. To fill this gap, this paper attempts to conduct an empirical test based on the survey data on digital finance usage and consumption status among young and middle-aged people in Zhejiang Province, a major province in the digital economy. It comprehensively employs methods such as structural equation modeling, mediation effect testing, and multi-group analysis to investigate the influence relationship and internal mechanism of digital finance on the consumption behavior of young and middle-aged groups. Additionally, this study explores the mediating role of emerging consumption concepts in shaping these effects. The research findings disclose four key points: (1) Digital payment, credit, insurance, and investment have significantly promoted the consumption of young and middle-aged people, especially digital credit, which has optimized the consumption structure. (2) Different consumption paradigms mediate the influence of digital finance on consumption behavior, such as the latte consumption concept, excessive consumption concept, and intelligent consumption concept. (3) Digital payment and credit mainly enhance the consumption level of the young, while investment and insurance have a greater impact on the middle-aged group. (4) Digital finance has a more significant impact on consumption in rural and less economically developed areas, especially digital credit. The research of this paper enriches the theoretical research on digital finance and consumption behavior and provides theoretical basis and policy suggestions for the optimization and upgrading of China's consumption structure as well as the formulation and improvement of consumption policies.

Analysis of the Mediating Effect and Spatial Heterogeneity of Digital Finance Empowering Carbon Emission Reduction

고려아 ( Li-ya Gao ),손양 ( Yang Sun ) 한중사회과학학회 2024 한중사회과학연구 Vol.22 No.1

In the context of high-quality economic development in China, how to reduce carbon emissions has become a major issue for the industrial sector. The rapid development of digital finance can effectively solve problems such as financial exclusion, information asymmetry, and efficient allocation of financial resources, thereby providing the possibility of reducing carbon emissions for industrial sectors from the perspectives of products, services, and technology. However, the conclusion on whether digital finance can effectively promote carbon emission reduction is still in a vague stage, and the mechanism of action and transmission path between the two systems have not been uniformly defined. Therefore, it is necessary to study the impact of digital finance on carbon emissions and the transmission channels through which digital finance promotes carbon reduction. This article uses panel data from 31 regions in China, and uses a bidirectional fixed effects model and an intermediary effects model to examine the impact of digital finance on carbon reduction. It analyzes the ways in which digital finance promotes carbon reduction effects and constructs a spatial heterogeneity analysis model based on differences in economic development levels. Research has found that digital finance can effectively reduce carbon emissions. This result indicates that digital finance, through its strong financial inclusiveness and digital attributes, has expanded corporate financing channels, improved industrial technological innovation, optimized resource allocation, and reflected carbon reduction effects. Of course, the carbon reduction effect of digital financial products and services can also be reflected. This conclusion validates the hypothesis that digital finance can promote carbon reduction effects. Secondly, although digital finance can promote green technology innovation and industrial structure upgrading, industrial structure upgrading is an effective transmission path for digital finance to promote carbon reduction, while green technology innovation is not significant. This indicates that although digital finance can invest high-quality resources into green technological innovation in industries, due to the lag of technological innovation, it is temporarily unable to exert its economies of scale in a short period of time. Further research shows that the impact of digital finance development on carbon emission reduction is diverse depending on the level of regional economic development. Among them, the impact of digital finance development on promoting carbon emission reduction in economically developed areas is smaller than that in underdeveloped areas, while the carbon emission reduction effect in impoverished areas is more significant. This indicates that in the process of promoting carbon emission effects, underdeveloped regions will have a greater need for the construction and development of digital finance, while economically developed regions need to accelerate the innovation process of digital finance. Of course, with the rapid deepening of digital finance, the increase in total investment of working capital in the market will also bring certain risks. Therefore, enterprises need to prevent the occurrence of such risks. But after adding control variables, the development of digital finance in the western region’s carbon reduction effect changed from negative to positive, but it was not significant at the 10% significance level. This indicates that in economically underdeveloped areas, there may be other factors that have a more significant impact on carbon reduction than digital finance.

프로젝트 파이낸스와 구조화금융

진홍기(HongKi Jin) 한국비교사법학회 2012 비교사법 Vol.19 No.2

In the Project Finance (“PF”), it is ordinary that the sponsors establish legally distinct economic entities(project company: “PC”), in order to develop, manage, and finance the project. A PC borrows money on ‘a limited or non-recourse’ basis from the banks on the condition that they rely on the cash flow of the project rather than on the assets or general credit of the sponsors for the loan repayment. However, the domestic PF in a field of real estate development highly relies on the credit and capacity of construction companies, placing all the risks arising out of the project on the sponsors. From an international perspective, the enactment of a special Act (such as ‘Project Finance Company Act’) is recommendable and necessary in order to increase basic standards and requirements for the domestic PF to match the international standards. On the other hand, a loan from a bank and a receivable from a construction company arising out of PF, can be ‘structured’ to raise funds from its assets. In a securitization process, a form of Structured Finance(“SF”), a company deconstructs itself by separating certain types of liquid assets, and use these assets to raise funds in the capital markets. One of the main objectives of the Asset-Backed Securitization Act(“ABS” Act) was to introduce ABS to the domestic economy swiftly. Nonetheless, it could be argued that the Act has not fully corresponded to our legal system, due to its origin (U.S.). There are several legal issues surrounding ABS and, the most important one must be the legal aspect with regard to the ‘true sale’ of the assets (receivables). The ‘true sale’ has been designed to prevent the assets (obligations) transferred to the special purpose vehicle (hereinafter “SPV”), from the bankruptcy of the transferor, which is considered a sale of the obligation, despite the fact that the transferor, after the transfer, went into the bankruptcy. As for ‘sale asset-backed securitization transactions’ in the ABS, as stated in article 13 of the Act, there should be some conditions and requirements to be satisfied. However, its requisites are so obscure that a related party would be confused hence had limited its transaction. In this regard, the amendment of the ABS Act is strongly recommended in order to strengthen the progressive ABS markets in Korea. A derivatives transaction, an another form of SF, is a bilateral contract or payments exchange agreement, value of which is derived from the value of an underlying asset, underlying reference rate or index. With the enactment of Capital Market and Financial Investment Business Act(“CMFIB” Act), the foundation of derivatives transactions in Korea has been established. Specifically, the article 3 (2) of CMFIB classifies the ‘financial investment instruments’ under paragraph (1) into “Securities” and “Derivatives”. Generally speaking, the credit derivatives enable an investor to receive a return, which is calculated by reference to the credit performance of a specified entity (“the reference entity”). Needless to say, the most common Credit Derivatives Transactions are Credit Default Swaps (“CDS”), Credit-Linked Notes (“CLN”), Collateralized Debt Obligations(“CDO”), and synthetic CDO. It should be noted that as derivatives markets have rapidly grown since the last decade, some relevant legal and economical issues have emerged accordingly. Many people believe that derivative instruments are complex, opaque, difficult to manage, and more risky than other traditional financial products. As a result, the sub-prime crisis in the U.S. had turned the world economy into turmoil. Therefore, the U.S. as well as EU had to enact various statutes to supervise and control the derivative transactions in order to protect the consumers. Following such a move, Korea also has stepped in regulating the derivative transactions from a customer’s perspective.

조선후기 왕실재정의 구조와 규모 : 1860년대 1司4宮의 재정수입을 중심으로

조영준 서울대학교 규장각한국학연구원 2009 한국문화 Vol.47 No.-

The main purpose of this paper is both to reconstruct the structure of Royal finance in the late Chosŏn dynasty and to estimate its volume. The starting point of analysis is Ilsasagung(一司四宮) in 1860s. Ilsasagung were the main Royal family houses (and also procurement agencies) such as Naesusa(內需司), Myŏngryegung(明禮宮), Sujingung(壽進宮), Ŏŭigung(於義宮) and Yongdonggung(龍洞宮). The operation of these institutions was composed of both the income of collecting taxes or rents from peasants or producers and the expenditure to Seoul merchants in order to procure items. The main source of Royal family’s income was Kungbangjŏn(宮房田) which consisted of paddy fields, dry fields, forests, grasslands and so on. The income from Kungbangjŏn ranged from (commodity) money to several goods including local products. From the result of analysis, we could find that the ratio of money over commodities in Royal finance was higher than that in ‘public’ (government) finance. This shows the ‘private’ aspect of Royal finance. Moreover, subsidies from other financial agencies were larger than the own income of Royal families. We could interpret this as not ‘self-supporting’ finance of Royal family. In addition, Royal finance’s share of the whole public (dynasty) finance is not very big. However, the volatility of Royal finance tells us that its procurement system was the key (or ‘marginal’) element to identify the economic system of the late Chosŏn dynasty whereas the official tribute system(貢物制度) was rather fixed in the long run.

지방재정 연구동향과 과제: 국내외 비교를 통한 구조적 토픽모형과 내용분석

정일환 ( Chung Il Hwan ),서은혜 ( Seo Eunhye ) 한국행정학회 2024 한국행정학보 Vol.58 No.5

Local public finance has long been an important topic in public administration research, with its significance growing as the proportion of local finance within the public sector continues to increase. However, there remains a lack of systematic analysis of local public finance research with a focus on comparing domestic and international research. This study explores the theoretical development and current position of local public finance research in Korea by using structural topic modeling and content analysis in the area of fiscal federalism, local fiscal adjustment systems, and local fiscal management. Our findings suggest future directions for local public finance research as follows. Firstly, it is necessary to conduct local finance research that enhances relevance within the Korean context. Secondly, more studies are needed on the mechanisms of various theoretical and normative models in local finance. Thirdly, studies on setting goals, addressing conflicts, and balancing the values pursued by local public finance are required, because local finance systems seek various administrative values. Lastly, ensuring the validity of empirical model specifications and addressing issues of endogeneity are critical in local finance research. This study suggests that future research should focus on methodological approaches, such as quasi-experimental designs, to address these challenges.

자금조달결정, 배당정책 및 소유구조간의 상호관계와 이러한 재무정책들이 기업가치에 미치는 영향

신민식,신찬식,김지영 한국기업경영학회 2009 기업경영연구 Vol.16 No.1

In this paper, we analyse empirically the interrelations among financing decision, dividend policy and ownership structure, and these financial policies' effects on market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Dividend policies and ownership structure both have negative effects on financing decision. Financing have negative effects on dividend policy, and ownership structure have positive effects on dividend policy. Financing decision have negative effects on ownership structure, and dividend policy have positive effects on ownership structure. Accordingly, financing decision, dividend policy, and ownership structure have the significant effects on simultaneous interrelations. In case of robust test using 3SLS, financing decision, dividend policy and ownership structure have the significant effects on simultaneous interrelations. Financing decision, dividend policy, and ownership structure have the significant effects on market value of firms. Accordingly, managers have to considers simultaneous interrelations for financing decision, dividend policy, and ownership structure to improve the market value of firms. Conclusively, managers have to considers simultaneous interrelations for financing decision, dividend policy, and ownership structure, and carry out these financial policies for maximization of value. However, this paper is only early study of the effects of interrelations among financing decision, dividend policy, and ownership structure on market value of firms. It is necessary to expand sample firms and use more elaborate analysis methods. 분석 결과, 배당정책과 소유구조는 자금조달결정에 유의한 음(-)의 영향을 미치는데, 이는 잉여현금흐름이 많은 기업이 대리인비용을 감소시키기 위해 부채를 감소시키고 배당을 증가시키며, 대주주지분율이 높을수록 경영위험 회피성향이 높아지기 때문에 레버리지 비율을 감소시킴을 의미한다. 자금조달결정과 소유구조는 배당정책에 각각 유의한 음(-)과 양(+)의 영향을 미치는데, 이는 잉여현금흐름이 많은 기업은 대리인비용을 줄이기 위해 부채를 감소시키고 배당을 증가시키며, 주주와 경영자간의 대리인 갈등을 완화시키기 위해 배당지급을 증가시킴을 의미한다. 자금조달결정과 배당정책은 소유구조에 각각 유의한 음(-)과 양(+)의 영향을 미치는데, 이는 대주주지분율이 높을수록 경영위험 회피성향이 높아지기 때문에 레버리지 비율을 감소시키며, 주주와 경영자간의 대리인 갈등을 완화시키기 위해 배당지급을 증가시킴을 의미한다. 그리고 재무정책의 구성요소인 자금조달결정, 배당정책 및 소유구조는 기업가치에 각각 유의한 음(-), 양(+) 및 음(-)의 영향을 미친다. 이는 레버리지 비율이 증가하면 자본비용 증가와 경영자의 도덕적 위험에 따른 과도한 레버리지 사용으로 인한 투자위험의 증가로 기업가치가 하락하고, 배당이 증가하면 기업의 미래전망에 관한 신호효과로 작용하여 기업가치가 증가하며, 대주주지분율이 증가할수록 대주주들이 소액주주의 이익을 침해하는 방향으로 사적 이익을 추구할 경우 기업가치가 하락함을 의미한다

The Rise and Development of Internet Finance in China :

Jien Chen,Sung-Min Kang(강성민) 중앙대학교 한국전자무역연구소 2016 전자무역연구 Vol.14 No.4

연구목적: 낮은 진입 장벽으로 인하여 초기에 중국에는 많은 인터넷 금융 기관과 품질 수준에 차이가 나는 플랫폼들이 존재하고 있다. 이중 일부 우수한 기업은 산업에대한 벤치마크를 제공한다. 본 논문은 중국 인터넷 금융의 급속한 발전을 살펴보고 그와 관련된 경제적, 사회적 배경을 분석한다. 그리고 중국의 주요 인터넷 금융 개발 방식을 소개하는 차원에서 알리페이의 사례를 제시한다. 결론적으로, 본 논문은 중국 인터넷 금융이 미치는 영향과 그에 대한 잠재적 위험에 대해 구체적인 분석을 수행한다. 논문구성/논리: 제1장 서론에서는 중국 인터넷 금융의 개요를 논의하였다. 제2장에서는 알리페이의 운영 모델을 분석한다. 구체적으로, 이 모델은 개발 측면, 시장 점유율,지불 모드, 경쟁 우위 및 알리페이의 소득 구조를 다룬다. 제3장은 인터넷 금융의 주요한 원인과 영향에 대한 논의를 제공한다. 특히, 현재 개선이 가속화 되고 있는 중국의 금융 시장 구조와 금융 규제 시스템의 재건을 구체적으로 살펴본다. 제4장은 연구의 시사점을 제공한다. 결과: 본 연구는 알리페이를 중심으로 중국의 인터넷 금융의 성장 배경을 분석하는측면에서 의미가 있다. 본 연구는 인터넷 금융의 발전을 통하여 중국의 금융 시장 구조 재건의 가능성을 제안한다. 또한, 본 연구는 재무 리스크와 인터넷 금융 사이의 상 관관계를 보여준다. 독창성/가치: 본 연구는 중국의 인터넷 금융 시장을 분석하고 구체적인 제안을 제공한다. 보다 구체적으로, 본 연구에서는 알리페이의 소득구조를 서비스 혜택, 사전 지불된 통화 기금의 이자, 광고 수입 및 간접 혜택으로 구분한다. 특히, 본 연구는 중국이효율성의 향상, 기술 개발의 연장 및 인터넷 금융의 리스크를 통제하는데 집중할 필요가 있다고 제시한다. Purpose: Low entry barriers in an earlier period have caused a substantial number of Internet finance organizations and platforms of different qualities in China, among which some excellent enterprises have set benchmarks for the industry. This study reviews the rapid development of China s Internet finance and analyzes its related economic and social backgrounds. It then uses Alipay as an example to introduce China s leading Internet finance development mode. Ultimately, this study provides a profound analysis on the impact and potential risks in China’s Internet finance. Composition/Logic: This paper first introduces and discusses an overview of China’s Internet finance. Section 2 analyzes Alipay’s operations model; specifically, the model addresses Alipay’s development aspects, market share, payment modes, competitive advantage, and income structure. Section 3 primarily relates to the influence of Internet finance and its main causes. This section examines the reconstruction of China’s financial market and financial regulation system, which are accelerating improvement in these days. Section 4 provides the study’s implications. Findings: This study is significant as it analyzes the growth and background of China’s Internet finance with a focus on Alipay. The research proposes the possibility of reconstructing China’s financial market structure due to the development of Internet finance. The study also indicates a correlation between financial risk and Internet finance. Originality/Value: The study analyzes China’s Internet financial market and presents concrete suggestions. Specifically, we divide Alipay’s income structure into service benefits, interest of precipitation funds, advertising revenue, and indirect benefits. Further, we present that China must focus on improving efficiency, extending technological development, and focusing on risk control in Internet finance.

한국의 선박금융관련제도의 현황과 과제에 대한 연구

강영기 ( Kang Young-ki ) 제주대학교 법과정책연구원 2017 法과 政策 Vol.23 No.1

Industrial sectors such as shipping, shipbuilding, and steel industry have a fateful communal character that can not but be accompanied by growth and stagnation. If the shipping industry develops, the shipbuilding industry, which has become a contractor, will also be in a boom and the steel industry will naturally increase in demand. To help stabilize the maritime industry, the Korean government provided tax incentives to shipbuilding companies and set up a maritime guarantee fund. This is to achieve a linkage effect, starting with support for the shipping industry. However, what is essential for the development of the linked industries, including the shipping industry, is the relevance to finance. Ship financing is the relationship between shipping industry, shipbuilding and finance. Ship financing is sensitive to fluctuations in the shipping and shipbuilding industries. Shipbuilding orders are declining due to the overall downturn in the global liner shipping market and the global ship financing market is also shrinking. Korea is no exception. However, the importance of ship financing is greater in these times. Shipping and finance are closely related to each other as the financial policy is at the center of the maritime policy in case of the shipping recession. Therefore, looking at the ship finance market trend, the future of the shipping industry and the future of the national economy can be measured. In this paper, firstly, trends of ship financing market in the world and Korea, the process of ship financing in Korea, contents and problems of ship financing system will be examined. The main idea is that Korea needs to revitalize ship financing in order to secure its position as a shipping powerhouse. However, in reality, it is difficult to activate ship financing because the consciousness of the marine industry is very different compared to other shipping powerhouses. In the case of major European countries, which are leading ship financing, the shipping industry is recognized as a national infrastructure industry, and even if there is a high possibility of investment loss, efforts are being made to respond positively to changes in the marine financial market environment surrounding the shipping market. Therefore, if the shipping market recovers, it will have the power to make up for it. In Korea, it seems that policy finance institutions are still in charge of ship finance. However, I believe that if there is an effort to improve the governance structure of maritime companies and to secure transparency in business management, we can speed up the establishment of such recognition.