부실채권(NPL) 매각이 부동산경매 낙찰가에 미치는 영향에 관한 연구 = A study on impact of NPL sale on hammer price of real estate auction

다국어 초록 (Multilingual Abstract)

With an assumption that the NPL (non-performing loan) sale set higher than general real estate auction's hammer prices can be the factor of increasing hammer prices in real estate auction markets, the study identifies problems by testing whether the NPL sale has external effect on the neighboring real estate auction market and attempts to suggest reasonable solution for the problems. In the analysis model, the study analyzes the impact of NPL sale on hammer price rate of real estate in neighboring areas. As control variables, the study used influence factors drawn from previous studies. For analysis method, the study conducted Hedonic Pricing Model which is suitable for estimating real estate prices.
The result of the analysis showed that factors having impact on hammer prices of real estate auctions are 7 variables: hammer prices of auctions in neighboring areas, hammer price rate in neighboring areas after sale, number of failures in bidding, year of construction, area, residential purpose, and factories. Specifically, number of failures in bidding and construction year had negative (-) coefficient values with hammer price rate of neighboring areas in provincial cities. This indicates that higher number of failures in bidding and older buildings showed lower hammer price in real estate auction. Hammer price rate of real estate auction in the neighboring areas showed lower hammer price rate compared to price of real estate by NPL sale. The hammer price rate in provincial cities analyzed to be lower than that of Seoul. On the other hand, hammer price rate of auctions in neighboring areas, residential purpose and factory variables showed positive (+) coefficient values. This indicates that due to NPL sale method, hammer price rate of auctions in neighboring areas increase and that residential purpose real estate and factories have higher hammer price rate than commercial purpose real estate.
Meanwhile, the influence of independent variables on hammer price rate showed that the highest influence was hammer price rate in neighboring areas followed by number of failures in bidding, hammer price rate of auction in neighboring areas after sale, residential purpose real estate, construction year, and factory. That is, as the effect of NPL sale, the hammer price of auction in neighboring areas before sale was relatively lower but after NPL sale, the hammer price rate of auction. This indicates that NPL sale method increases the hammer price of real estate with same quality in the auction market and causes negative external effect in the aspect of price of market balance in real estate auction market. As NPL sale increases hammer price rate of real estate auction market in neighboring areas and decrease profit rate of real estate auction, it can cause loss to investors and can lead to the investors' negative perception about real estate auction market.
In order to prevent the distortion phenomenon in real estate auction market due to NPL sale, the following complementary measures and improvements are required.
First, in order to inhibit a loophole of bidding high price and loaning big contract price, qualification for loan needs to be more strict to a method of loaning adequate amount through practical contract of NPL.
Second, if the taxing authority imposes transfer tax based on NPL contract price instead of the auction's hammer price as the data for imposing tax, NPL sale by Asset Securitization Policy may be free from transfer tax evasion and this could solve the problems of loss by good and innocent investors.
Third, in auctions, it has been conventional to accept change of due payment date for 3 times on creditors' request. However, in the case of NPL, it needs to limit the change to reasons with explicit occasions such as necessary schedule for court order. In this way it would decrease the undesirable practices of postponing for NPL sale and would increase the probability to lead it to the normal auction procedure.

목차 (Table of Contents)

• 제1장 서 론 1
• 제1절 연구의 배경 및 목적 1
• 1. 연구의 배경 1
• 2. 연구의 목적 3
• 제2절 연구의 범위 및 방법 5
• 1. 연구의 범위 5
• 2. 연구의 방법 5
• 제3절 연구의 구성 및 체계 7
• 제2장 이론적 고찰 9
• 제1절 부동산가격 결정이론 9
• 1. 경제적 요인 10
• 2. 사회․행정적 요인 11
• 3. 개별적 특성요인 12
• 제2절 부동산경매 절차 및 낙찰가 결정이론 13
• 1. 부동산경매의 절차 및 특성 15
• 2. 부동산경매 낙찰가 결정이론 19
• 3. 부동산경매와 게임이론 22
• 제3절 선행연구 고찰 및 연구의 차별성 23
• 1. 선행연구 고찰 23
• 2. 연구의 차별성 31
• 제3장 부실채권의 현황 및 매각실태 분석 32
• 제1절 부실채권의 개념 및 현황 32
• 1. 부실채권의 개념 35
• 2. 부실채권의 현황 42
• 3. 국내은행의 대출 및 연체율현황 49
• 제2절 부실채권의 매각방법 및 유동화 52
• 1. 채권매각방식(Loan sale) 54
• 2. 채무인수방식(투자자 낙찰약정) 56
• 3. 정산조건 매각방식 64
• 4. 유입취득 후 재매각방식(Pre sale) 65
• 제3절 부실채권의 매각실태와 부실채권 투자시장 68
• 1. 부실채권 매각실태 68
• 2. 부실채권 투자시장 70
• 3. 경매와 부실채권 투자의 차이점 73
• 제4절 외국의 부실채권처리 사례와 시사점 75
• 1. 미국의 RTC 75
• 2. 일본의 RCC 76
• 3. 중국의 국영 AMC 77
• 4. 멕시코의 FOBAFROA 78
• 5. 태국의 FRA 79
• 6. 외국사례로부터의 시사점 80
• 제4장 부실채권매각에 의한 경매낙찰가율 분석결과 82
• 제1절 연구가설 및 모형 82
• 1. 연구가설 82
• 2. 연구모형 85
• 제2절 변수의 특성 및 상관관계 87
• 1. 기술통계량 87
• 2. 상관관계 88
• 3. T-test 결과 90
• 제3절 NPL매각에 의한 경매낙찰가율 분석결과 91
• 1. 낙찰가율분석에서 회귀분석의 유용성 91
• 2. 낙찰가율 영향요인 분석결과 94
• 제5장 결론 98
• 제1절 연구의 요약 및 시사점 98
• 제2절 연구의 한계 및 향후 연구방향 100
• 참 고 문 헌 101
• ABSTRACT 107
• 부록 110