우리나라 선박투자회사의 성과에 관한 연구

Abstract

The shipping industry is highly capital intensive because of the price of the ships is very high, thus requiring substantial amount of capital investment. It is also a sector where international competition is very fierce.

The shipping industry requires large scale of capital commitment. On the other it is very stable and ships which are assets secured by financed capital are characterized by high level of marketability. Accordingly financing funds from others is easy and actually level of dependence upon other's capital is relatively high. For this reason, for the operation of the shipping industry which is capital intensive, securing capital is the most essential factor.

Accordingly in order to maintain the shipping industry and pursue continuous growth, it is necessary not only to satisfy the desire of shippers in a changing business environment, but also required to heighten competitiveness among shipping firms. To this end securing funds is considered essential more than anything else.

Ship Investment Company Law has introduced systems of mutual funds dedicated to ships as seen in advanced maritime transportation such as the K/G Fund of Germany and the K/S Fund of Norway. With the introduction of this system if ship investment funds are revitalized through direct participation by ordinary investors then it will be possible to transform the shipping industry from a private industry dominated by certain individuals to a public industry which is participated and monitored by people.

The Ship Investment Company System in our country will invigorate shipping finance of domestic shipping companies which sustained reduction of aggregateness tonnage since the foreign exchange crisis in 1997. It will become a foundation for our country as we move the forward as a center for shipping finance in Northeast Asia in the 21st century. Additionally it will work as a catalyst for transforming the shipping industry from a technology and capital intensive industry to a knowledge and information oriented industry.

With such facts, we attempted to analyse the results of investments by individual ship investment companies in our country which are operating under ship investment company systems recently. Through this study it will be possible to find out the status of investments by ship investment companies in the shipping finance field through looking at the overall status of operations and transaction of such companies and by examining there structure, contents of specific financing of fund, firms targeted for such investments and there rate of dividend profitability. Based on such status of the investment we carried out analysis of investment result of ship investment company by means of Market Adjusted Rate of Return Method for measurement of short-term record since the date of listing of individual ship investment company incorporated in our country.

This kind of study is believed to be helpful not only in finding out achievements of the shipping investment company, whose systems were introduced to Korea in 2002, but also for drawing out helpful information in order to develop this system in the future.