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- 저자 : 천도정(Do Jeong Chen) (검색결과 1 건)
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정부기관의 직접투자사업과 임대형민간투자사업(BTL) 간 투자효율성에 대한 연구
임태균(Tae Kyun Lim),천도정(Do Jeong Chen),한규식(Gyu Sik Han) 한국경영학회 2018 經營學硏究 Vol.47 No.3
This study compares the management cost and the management cost recovery rate including the acquisition cost and the operation cost by dividing the projects of Government Agencies into the direct investment projects and the build-transfer-lease(hereinafter BTL) projects. And then, this study analyzes which projects are more efficient investment between the direct investment projects and BTLs. The private investment law for social infrastructures was enacted for the purpose of contributing to the national economy development by expanding and operating creative and efficient infrastructures through promotion of private investment in social infrastructures. However, the BTL projects, introduced (to S. Korea) in 2015, are not different in economic reality from financial leases because government agencies pay rents and operating expenses to the private sector in exchange for the acquisition and operation of social infrastructures, and take all investment risks resulting from wrong demand forecasts etc. Therefore, if the rents and operating expenses to be paid by a government agency oo acquire and operate a social infrastructure through a BTL project is higher than the interest expenses that the government agency bears to acquire and operate the assets by directly borrowing investment amount, there is no reason to choose BTL in terms of investment efficiency. In this research, using the management costs of two dormitories acquired by “A” National University through direct investment and the rents and operating expenses paid by a government agency for two dormitories acquired by BTL projects from 2009 to 2012, we compared management cost and management cost recovery rate. The rents and operating expenses to be paid by the government agency during the 20 years of BTL term, are about 250% of the construction costs in the first BTL project, about 245% in the second BTL project, and about 248% in overall. In addition, the management costs was ￦1,210,034 per person accommodated in direct investment projects by the government, but ￦2,000,547 and ￦2,580 317 in the first and the second BTL projects respectively. Therefore, the management costs were 65.3% higher in the first BTL project and 113.2% in the second BTL than those in the direct investment project. The result was similar when the actual management cost per capita personnel was used because it was 64.4% and 92.9% higher in the first and the second BTL project respectively, than the direct investment project of the government agency. We analyzed whether the costs were recovered by the management cost income as much as the management costs increased by BTL projects. The results show that only 79.7%, 60.0%, and 50.6% of the costs were recovered by the management cost income in the direct investment, the first BTL and the second BTL projects respectively. In the case of acquiring and operating social infrastructures through the BTL projects, it is obvious that the management costs would be higher than those in the direct investment projects because BTL providers should be given appropriate profit. But there is no reason for a government agency to choose a BTL project because the costs are not recovered by the management cost income as much as the management costs increased by BTL projects. Nevertheless, the reason why government agencies continue to acquire and operate social infrastructures through BTL projects is that the BTL projects have the advantage of administrative convenience that they can be flexibly operated without restriction of the rigid budgeting or execution procedure in the operation of government finances. This study reports that direct investment projects of the government agency are investment plans more efficient than BTL projects. This report makes government agencies choose direct investment projects over BTL projects when they acquire and operate social infrastructures, and reduces the tax burden of the people through effective fiscal expendit
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