프로젝트 파이낸스에서 투자은행이 자본조달비용에 미치는 효과

초록

Large-scaled construction projects or energy projects are mostly financed through project financing. The OTC market such as project financing is characterized by severe informational asymmetry, which would incur considerable amount of transactions cost. In order to reduce this informational asymmetry, we need to utilize a reputable match maker conveying trust to both capital provider and user. This paper analyzes the interest spread when top-tier global investment banks participate as lead managers for syndicated loans in project financing. Our analysis shows that the interest rate spread decreases when the market share of lead managers participating in project finance is high. Also, the interest rate spread decreases by 16.13 bps when top-tier lead managers participate and information of business owner’s past OTC bond transactions are revealed. Based on our analysis, we propose that utilizing top-tier investment bankers as match-makers of project financing would be a way of reducing transactions cost of project financing. We also emphasize that the trend of revealing OTC transactions information would enhance the market efficiency in project financing.

키워드