선박금융 의사결정에 대한 분석

Abstract

This paper analyses the cases related to ship finance according to the behavioral finance theories. The backgrounds and reasons for the decisions regarding ship financing are analysed based on the narrative responses and questionnaire responses provided by shipping and ship financing experts. It confirms that the causes and backgrounds of decision-making processes are explicitly explained within behavioural finance theories. In addition, this thesis infers whether the decisions were irrational. In this paper, qualitative case study research is adopted. The backgrounds and reasons for the decisions regarding ship financing at the time of the finance negotiations are analysed based on the narrative responses provided by persons from shipping companies in charge of negotiations with one of the Korean Public Ship Financiers(“KPSF”), and the decision making of shipping companies is analysed and evaluated through the case studies. In addition, the analysis of the questionnaire responses provided by experts from shipping and ship financing industries is conducted according to behavioural finance theories. The theories of behavioural finance used in the analysis and research of this paper are certainty effect, loss aversion, availability heuristic, sunk cost effect, anchoring effect and opportunity cost theory. As a result of the analysis, it is found that the narrative responses and questionnaire responses are clearly explained by the theories of behavioural finance such as certainty effect, loss aversion, sunk cost effect, availability heuristic, anchoring effect and opportunity cost theory, that the behavioural finance theories have effects on the ship financing decisions, that errors related to behavioural finance can result in irrational decisions, and that shipping companies suffered additional losses because of the behavioural finance errors. Shipping companies sometimes make irrational decisions that result in additional losses because of the behavioural finance errors, and the backgrounds and reasons for the decisions are clearly explained by behavioural finance theories. The CEOs, directors and managers of shipping companies, who are in charge of shipping finance, should watch for any behavioural finance errors when making shipping finance decisions.