부동산 개발신탁 수익권의 유동화 가능성 = The Feasibility on the Securitization of Beneficiary Right in Real Estate Development Trust Focused on the Survey of Understanding of Development Companies

다국어 초록 (Multilingual Abstract)

The purpose of this study is to examine the feasibility of the securitization of beneficiary right. For this, the attitude survey has been conducted for those who were in charge of real estate evelopment projects in related companies. From the survey, it has been analyzed because beneficiary rights are not effective unless development companies register through trust system. In other words, development companies are in the significant position for trust and securitization. The survey has been conducted through questionnaire.
As a result of the study, it has been clear that a beneficiary right was characteristics of bonds in legal perspective, and that it could be transferred and therefore securitized. Besides, it has been proposed to revise the current related laws.
In addition, the reasons that it is difficult to securitize beneficiary right are the followings: First, no market exists for circulation. Second, the lack of recognition for the securitization of beneficiary certificate spreads. Finally, many people allege that the securitization of beneficiary certificates cannot be basic assets for securitization.
Regarding the feasibility of securitization of beneficiary right and essential matters for the purpose of this study, the following are concluded : First, it would be necessary to form the market, in which q beneficiary right could be distributed. Second, it would be needed to establish legal grounds for securities. Third, most of all, it would be required to set up a credit reinforcement system for the protection of investors.
Based on the results of this study, the securitization of beneficiary right could enhance the potentials to raise more capital for development companies and to increase stable funding to the whole real estate market. It would be required to improve the system for the securitization of beneficiary right and would be inevitable for the securitization of beneficiary right to arrange concrete and practical plans.

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