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A Study on the Reasonable Rate of Return for the Korean PPI Projects : An Investigation of Transportation Projects
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도로부문 민간투자사업의 적정 수익률에 대한 연구

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Type
Academic journal
Author
Ji Eun Choi (한국개발연구원) Tong Kyu Park (한양대학교)
Journal
The Seoul Institute Seoul Studies Vol.14 No.4
Published
2013.12
Pages
203 - 222 (20page)

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A Study on the Reasonable Rate of Return for the Korean PPI Projects : An Investigation of Transportation Projects
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Abstract· Keywords

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The objective of this study is to examine the methodology for the reasonable rate of return considering the characteristics of the domestic PPI road projects and to find a way to lower the rate of return. To derive the reasonable rate of return, the model of the adjusted cost of capital and the CAPM model are employed and it is compared to the actual rate of return and the weigted average cost of capital(WACC) for the PPI projects. The result shows that the projects initiated before 2005 that involve MRG had excessive earnings whereas the projects after 2005 without MRG had the actual returns lower than the reasonable returns. However, the PPI projects still seem to be profitable considering the cost of capital. In addition, it turns out that the recent social issue of “the excess return in the PPI projects” should be applied to the PPI projects with MRG at the earlier stage because the projects thereafter have generated the rate of return less than the reasonable level.

Contents

요약
ABSTRACT
Ⅰ. 서론
Ⅱ. 선행연구 검토 및 이론적 고찰
Ⅲ. 적정 수익률 및 가중평균자본비용의 도출과 분석
Ⅳ. 결론
참고문헌

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UCI(KEPA) : I410-ECN-0101-2015-350-001126925