주거용 부동산 운영수익 결정요인에 관한 연구 = (A) study on the determinant factors of operation returns of real estate for residence

다국어 초록 (Multilingual Abstract)

This study tries to provide analysis which shows how the rates of return on multi-family or so called "one-room" housing can be examined by the data of "one-room" district in Gumi city. Owing to trends of increasing nuclear family and single household the "one-room" residences have been recently recognized at the same time as the representative rental housing, which serve one of the most widespread investment markets in real estate.
While most of the existing studies on multi-family or "one-room" have focused of the resident satisfaction and the improvement of residential space, this study gives the financial analysis in the viewpoint of investors.
The data consist of total 200 one-rooms which are located in In-Dong, Gumi-City and Joong-Ree SuckJuck-Eup, ChilGok-Gun, North GyungSang-Providence. Four business earnings and expenses(Potential Gross Income(PGI)), (Effective Gross Income(EGI)), (Net Operating Income(NOI)), (Before-Tax Cash Flow(BTCF)) and two earning ratios(Return On Assets(ROA)), (Equity Dividend Rate(EDR)) are nominated as dependent variables. Constructive condition, housing structure, investment expense, financial assistance, location condition, etc. are designated as independent variables. We apply Multiple regression analyses, employing SPSSWIN 14.0.
The results are as follows.
First, durable years by the completion year of a construction work of a one-room affect negatively business earnings and expenses. If durable years of a one-room as a resident real estate are older, resident functions will be lower. However, newly-constructed housing would provide better resident spaces in terms of options and functions, which leads to a higher occupancy rate and a higher business earnings and expenses.
Second, a site space is significantly related to a floor space index and the number of a parking car, etc. The bigger a site space is, the larger business earnings and expenses are. In case of districts of samples which belong to the first-class general resident areas, if lawfully tolerable extents are applied maximally, business earnings and expenses will be higher. In case of the number of a parking car, tenants prefer a one-room with spacious parking lots in the choice of a one-room because a one-room area faces parking problems. In this case, an occupancy rate will be higher and business earnings and expenses will be higher. The fact that a floor space index is high means that total building costs increase and the average expenses of a site purchase by a building space decrease. Consequently the amount of investment will be lower. If a floor space index is higher in the given site space, it is necessary to occupy more rental spaces to lower a floor space index and to heighten earnings.
Third, the price of land of official notice has been significantly related to business earnings and expenses of a one-room. Although the price of land of official notice was significantly related to purchase expenses of real estate, a higher price of land of official notice does not directly mean purchase expenses of real estate. When calculating the price of land of official notice, the surroundings such as geographical position and configuration, adjacent road, configuration of real estate, floating rate of the price of land, etc are considered. For a site in which the price of land of official notice is relatively higher, surroundings are recognized as a good real estate, which leads to a higher occupancy rate and a higher monthly rent. Therefore, the price of land of official notice has a positive relationship with business earnings and expenses. An occupancy rate as a critical factor affecting business earnings and expenses was significant in all the models. A lower occupancy rate indicates a lower business earnings and expenses.
Fourth, loan ratio, default ratio, debt coverage ratio among financial characteristics provide diverse results in each model of business earnings and expenses. Loan ratio is significant in all models of business earnings and expenses except the model of net operating income. Default ratio is significantly related to only before-tax cash flow. Debt coverage ratio is significant in other models of business earnings and expenses.
Fifth, regression analyses on earning ratio based on business earnings and expenses occurred in real estate show that the total number of house maximizing the total earnings and potential gross income are significant in the model of return on assets. A lone rate and default on an obligation are significant. In the model of equity dividend rate, finance-related ratio except physical characteristics of a one-room is significant.
Business earnings and expenses being compared with earning ratio models, four models provide similar results in the model of business earnings and expenses whereas return on assets and equity dividend rate present different results in the model of earning ratio. Why different results were presented in the model of earning ratio, can be presumed that return on assets as an independent variable is added to the equity dividend rate model. Physical characteristics of a one-room and financial factors are significant in the model of business earnings and expenses, while ratio-related factors are significant in the model of earning ratio.
This study has an implication in analyzing factors affecting business earnings and expenses and earning ratio of a one-room as a resident real estate which have not been dealt with in the existing earning ratio-related research. But this study has a limit of generalizing results for it is conducted with only two samples of InDong GuMi City and JoongRee ChilGok Gun. Along with extension of research districts, if after-taxes cash flow that was not conducted due to improbability of accurate data collection are analyzed, future research will improve the results of this study.

목차 (Table of Contents)

• Ⅰ. 서론 = 1
• 제1절 문제의 제기와 연구배경 = 1
• 제2절 연구의 목적 및 내용 = 3
• 제3절 연구의 방법과 흐름 = 4
• Ⅱ. 이론적 배경 = 6
• 제1절 다가구주택과 원룸주택 = 6
• 1. 다가구 주택에 대한 일반적 고찰 = 6
• 2. 원룸주택 = 10
• 3. 다가구주택과 원룸에 관한 선행 연구 = 17
• 제2절 부동산 투자수익률에 관한 이론 = 22
• 1. 부동산투자와 임대차 = 22
• 2. 현금수지와 수익률 분석방법 = 25
• 3. 부동산투자 위험의 측정과 레버리지 = 42
• 4. 부동산 투자 수익률과 오피스텔에 관한 선행 연구 = 44
• 제3절 전세와 보증부 월세 = 50
• 1. 전세와 보증부 월세의 개념과 관계 = 50
• 2. 전세환산이자율 = 52
• 3. 전세 및 보증부월세 시장에 관한 선행연구 = 54
• Ⅲ. 분석모형과 방법 = 62
• 제1절 헤도닉 가격결정모형 = 62
• 제2절 변수 설정 = 67
• 1. 종속변수의 설정 = 67
• 2. 독립변수의 설정 = 68
• 3. 기타 변수 = 72
• 제3절 연구모형 = 74
• Ⅳ. 구미지역원룸운영 실증분석 = 75
• 제1절 대상지 개요 = 75
• 1. 조사대상과 선정 = 75
• 2. 표본선정 및 조사 기간 = 76
• 3. 자료수집 = 76
• 제2절 표본의 특성 = 76
• 1. 건축여건 = 76
• 2. 가구구성 = 79
• 3. 투자비용 = 80
• 4. 금융조달 = 81
• 5. 입지여건 = 82
• 6. 기타변수 = 83
• 제3절 원룸주택 수익률에 영향을 미치는 요인 = 87
• 1. 기술통계량 = 87
• 2. 회귀분석 결과 = 89
• 3. 회귀분석 결과 요약 = 106
• 제4절 원룸주택의 어림셈법, 비율분석법, 레버리지 실증분석 = 110
• 1. 어림셈법에 의한 투자분석 = 110
• 2. 비율분석법에 의한 투자분석 = 111
• 3. 레버리지 효과 실증분석 = 112
• Ⅴ. 결론 = 113
• 제1절 연구의 요약 = 113
• 제2절 연구의 한계 및 향후 연구과제 = 114
• 참고문헌 = 116
• (Abstract) = 124
• 부록 1. 원룸 조사표 = 127