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Korean J Financ Stud > Volume 48(2); 2019 > Article
Korean Journal of Financial Studies 2019;48(2):181-214.
DOI: https://doi.org/10.26845/KJFS.2019.04.48.2.181    Published online April 30, 2019.
Post-Construction Sales System and Financing Alternatives for Housing : An Analysis on the Crowdfunding
Yun Ko, Karam Kim, Doojin Ryu
후분양제와 주택금융 대안
고윤, 김가람, 류두진
성균관대학교
Abstract
Change in the housing sale system have become apparent, as the Ministry of Land, Infrastructure, and Transport has announced a roadmap for a post-construction sales system of housing. Furthermore, if the post-construction sales system of housing is implemented, small and medium construction companies with poor asset sizes owing to a credit crunch will need to withdraw from the market. Alternatives to existing financial institutions are necessary to support small and medium construction firms, which are perceived to be leading the consumer-oriented multi-product small production trend, a source of employment. This study examines the domestic status of crowdfunding and whether lending-based crowdfunding can serve as an alternative to real estate financing. However, a domestic lending-based crowdfunding platform is urgently needed to protect investors and prepare sustainable growth measures in this market, as information asymmetries between investors and borrowers are causing a series of investor losses. Accordingly, this study presents regulatory measures to minimize investor losses on lending-based crowdfunding to provide incentives for loan screening and monitoring and shows that regulatory measures can provide financing opportunities for small and medium construction firms through economic model analysis.
Key Words: 규제,대출형 크라우드펀딩,정보비대칭,주택 후분양제,중소건설사,Information Asymmetry,Lending-Based Crowdfunding,Post-Construction Sales System of Housing,Regulation,Small and Medium-Sized Construction Companies
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