어업피해 손실보상시의 할인율에 관한 연구

Abstract

A Study on Discount Rate in Compensation for Damage of Fishery

Department of Aquaculture Ryeo-Geon, Lee Directed by Professor Jae-Yoon, Jo

On the coast of our country is being actively progressed the port development project, the coastal reclamation project, and the development in several kinds of seaside industrial complex, as part of the public project. In the process of being enforced this public project, it is being happened the reduction in fishermen's profits caused by destruction of eco-system and the reduction in the fisheries resource. The principle of Article 23, Clause 3 of the Constitution is what the special sacrifice, which was applied to an individual by the public need like the public project, is certainly compensated fairly by the law. It is not exceptional even in the loss of the fisheries damages. Even in the fisheries field based on the provisions of this constitution, the individual laws were enacted the law pertinent to acquiring and compensating the land for the public project(hereunder called ‘the Land Compensation Act’), the law of Rural Improvement Projects, the law pertinent to industrial location and development, and the law pertinent to managing and reclaiming of Public Surface of the Water. Thus, there is the provision of compensation along with the infringement of fishermen's property rights. In light of the land compensation act that has the position of general law in the compensation of loss, the calculation of compensation amount for the fisheries damage is subjected to being based on the attached form 4 of 「Enforcement Ordinance of Fisheries Law」. Given being cancelled the chartered fisheries or being not allowed the extension of the expiration date, the compensation amount is subject to being calculated by applying annual interest(12%). At this time, the annual interest on the Enforcement Ordinance of Fisheries Law had been used the interest rate on fixed deposits with 1-year expiration and then is reaching now after being fixed to 12% in the revised enforcement ordinance in 1996. The annual rate is the one of making the future cash flow to be the present price as a concept of discount rate, and is being always changed in the relationship of mutually substituting and competing with inter-bank rate. Even in the situation that the inter-bank rate was lowered recently to about 4~5%, which is approximately 10~12% in 1996, owing to a change in the market situation, the annual rate, which is applied given calculating the compensation amount, fails to properly reflect a change in market situation because of being fixed literally to 12%. Due to this, it is the real situation of failing to satisfy the demand for fair compensation for the infringement of fishermen's property rights. The application of appropriate discount rate in line with a change in market situation will promote appropriateness of assessment on compensation of the loss on fisheries damage, and will be consequently valid in light of the purport of the constitution, which prescribed the fair compensation. Methods of calculating discount rate include element composition method, CAPM(Capital Asset Pricing Model), and investor survey method. Among these things, the element composition method calculates by adding risk premium rate to the non-risk rate, thereby having logical validity. However, the component of risk premium rate or the premium rate on this is influenced by an individual's subjectivity. Thus, the limitation of application can be said to be followed in public assessment, not private assessment. Accordingly, it examines about the adoption of the discount-rate calculation method by CAPM and about the adoption of the discount-rate calculation method by the investor survey method. As CAPM is a theory that tacitly supposed the perfect competition, it is unreasonable to be applied to every case, but has character of investment asset as a part of the whole market economy in case of fishery. Thus, it is understood as the compositional part of market portfolio, thereby being judged to be available for adopting CAPM to the calculation of discount rate in fishery itself. As a result of actually analyzing the rate of profit in market portfolio by using the private total capital profit rate, which was estimated in Jang Byeong-cheol(2010)'s research, and the rate of profit in fishery by using data of fishery management survey in the national statistical office, it was estimated to be 6.43%. Considering a risk according to the non-systematic risk and to the long-term prediction without being considered in CAPM, it is estimated to be about 8%. This shows considerable difference from annual rate 12% in the attached form 4 of the Enforcement Ordinance of current Fisheries Law. The investor survey method is the one of estimating discount rate by surveying the expected returns targeting potential investors on the investment asset. However, in case of fishery, there will be few number of potential investors unlike the general investment asset. It will be difficult even to find out potential investors. Therefore, it will need to be applied with a method of surveying the expected returns targeting actual investors. In case of fishery right, the transfer is possible under the certain requirements. The establishment of mortgage and the auction are possible. In case of the licensed fisheries, the transfer of a fishing boat is possible, thereby being dealt. Given calculating the standard value of the fishery right computed for tax imposition on the local tax law, the local self-government is subject to surveying a price of dealing with fishery right. Thus, a survey of investor's expected returns will be possible by capturing the real transaction. Still, the expected returns at this time are estimated to be likely a little higher than the potential investor's expected returns. In reality, the application seems to be likely to be necessarily made in the dimension of examining and mutually supplementing appropriateness of mutually discount rate, rather than using the estimated discount rate independently by CAPM or investor survey method. In case of CAPM, a risk is objectified in the relationship between risk and profit rate. However, it is followed by the unreality of perfect competition, non-systematic risk, or risk of long-term prediction. In case of the investor survey method, a survey on the expected returns on a number of potential investors needs to be performed. However, in case of fishery, a number of potential investors are difficult to be found in reality. The expected returns, which were surveyed targeting real investors, have possibility of being a little higher than the theoretical level. Thus, it is judged to be likely to be valid to apply by taking an average of the estimated discount rate by both methods. In case of discount rate, it is always being changed by coping with a change in market situation, thereby being unable to apply the fixed discount rate. Mutual risk is different even from the index of profit rate in market such as the fixed-deposit interest rate or the profit rate of Treasury Agencies Bonds. Thus, there is a problem of being unable to immediately apply these market profit-rate indexes. Therefore, to estimate the appropriate discount rate and apply this through every survey, the provision of the law seems to be likely to be necessarily revised to the direction that the minister of The Ministry for Food, Agriculture, Forestry and Fisheries gives notice separately of the discount rate in the attached form 4 for the Enforcement Ordinance of Fisheries Law. Frequency of a notification is judged to be likely appropriate for a plan of regularly giving notice with 1-year cycle in order to prevent inefficiency and confusion caused by the too frequent survey notification and to exclude possibility of likely leading to a result, which fails to cope with a change in market situation due to too loose notification. The objective of researching into this discount rate is just for the fair compensation, which was clarified in the introduction. This study is desired to become a foundation available for securing fishermen's property right and devoting to fishery.