담보부 부실채권(NPL)투자결정에 대한 영향요인 분석 = A Study on the Analysis of Factors Affecting NPL Investment Decisions

다국어 초록 (Multilingual Abstract)

This study is based on the fact that there are no studies suggest concrete decision factors regardless of many changes in investment decision factors that investors think after the amendment of the Lending Law. With the three purposes, the study is to analyze the significance of investment factors that investors must consider when deciding on NPLs.
The methodology of this study can be divided into two. First, in order to analyze the effect of actual NPL auction on the winning bid price, the value of the unsecured bond was designated as a dependent variable and area, use area, and the number of miscarriage as the independent variable, so the multiple regression analysis was conducted to determine the winning bid price. Second, a survey was conducted to determine the impact of the decision on investment in NPLs. The questionnaires was completed and distributed through structured questionnaires through self-reported way for three months from December 2018 to February 2019.
In this study, the attributes of NPL decision factors were divided into investment environment, property, investment corporation, NPL property, and investment method. Each factors were then analyzed if they influence on investment intention and investment recommendation. In addition, the effect of investment intention on investment recommendations was analyzed.
As a result, the hypothesis that “investment environment, property, investment corporation, NPL property, and investment method will affect positively the investment intention” was significant that the property, investment corporation, NPL property, and investment method affected the investment intention.
As for the investment performance on the investment intention, it is assumed that “WOM will lead to investment recommendation, and the investment recommendation will depend on emotional importance”. The effect of NPLs on the investment recommendation was analyzed and, as a result of verification of the hypothesis that investment environment, property, investment corporation, NPL property, and investment method will affect investment recommendation, the result showed that NPL property, and investment method influenced the investment recommendation.
In the analysis of the impact of the investment recommendation on the investment intention, the investment intention affects the investment recommendation of others positively, that the research hypothesis can be adopted.
Second, it was investigated and analyzed the physical characteristics of the auction on determinants of the bid price, which is related to the factor of the NPL investment. And the investment index was proposed which the investor can effectively utilize before making the investment decision. As a result, as the factors influencing the bid price, the number of years of use and the number of miscarriage had negative effects. The greater the number of years of use and the number of miscarriage was made, the greater the effect on the winning bid price. In addition, the more land value, the more positive impact on bid price, and mortgage had positive effect but little influence. The higher the floor, the better, and the higher the appraisal value, the more it helps to win. Taken together, the value of the land is better than the high price of the building, and the older the building, the better the bid price. In addition, as the number of miscarriage increases, prices are lowered, and it is judged that old objects have an effect on the bid price.
The significance of this study is to list variables and to provide value through empirical analysis in order to be attributed to correct facts. However, research limitations exist. First, there is a limit to include specific empirical analysis of the business of collateral NPLs. Second, there was a limit to the objectivity of associating the psychological factors because it was not possible to analyze the correlation between each important variables. Third, although private investors have formed a consortium to establish a lender with the form of a limited liability company, it was not included in the research. Therefore, it is necessary to activate the mortgage exchange to activate the market of the collateral NPLs with sensitivity to the influence of the real estate market, and it is necessary to provide tax benefits and legal support to enable individual investment.

목차 (Table of Contents)

• 제1장 서 론 1
• 제1절 연구의 배경 및 목적 1
• 제2절 연구의 범위 및 방법 5
• 제3절 연구의 구성 및 체계 7
• 제2장 부실채권에 관한 이론적 고찰 9
• 제1절 부실채권 의의 및 특징 9
• 1. 부실채권 의의 9
• 2. 부실채권의 분류와 종류 11
• 3. 일반경매와 부실채권경매의 차이점 16
• 4. 부실채권양도와 피담보채권 20
• 제2절 담보부 부실채권 의의 및 투자회수방식 22
• 1. 담보부 부실채권 의의와 매각특성 22
• 2. 담보부 부실채권의 투자방식 29
• 3. 담보부 부실채권의 회수방식 37
• 제3절 담보부 부실채권 현황 39
• 1. IMF외환위기와 부실채권 인수현황 39
• 2. 국내은행의 부실채권 현황 42
• 3. 외국의 부실채권 사례 48
• 제4절 선행연구 검토 57
• 1. 담보부 부실채권 정책에 관한 연구 57
• 2. 담보부 부실채권 투자결정 영향요인에 관한 연구 64
• 3. 선행연구와의 차별성 70
• 제3장 조사설계 및 모형설정 74
• 제1절 담보부 부실채권 설문구성 및 방법 74
• 1. 설문구성 74
• 2. 조사설계 77
• 3. 분석방법 78
• 제2절 응답자 특성 및 모형 설정 79
• 1. 설문 응답자 기초분석 79
• 2. 설문지 신뢰성 및 타당성 검증 82
• 제3절 담보부 부실채권 투자의향 및 투자권유 가설설정 84
• 1. 연구모형 84
• 2. 연구가설 86
• 제4장 실증분석 89
• 제1절 담보부 부실채권 요인특성에 따른 차이분석 89
• 1. 성별 89
• 2. 연령 90
• 3. 학력 91
• 4. 월평균 소득 91
• 5. 투자경력 92
• 6. 투자기간 93
• 7. 기대수익률 95
• 8. 손절매율 96
• 제2절 담보부 부실채권 결정요인 분석 97
• 1. 투자의향과 투자권유에 관한 다변량 회귀분석 결과 98
• 2. 담보부 부실채권 낙찰가 결정결과 105
• 제3절 담보부 부실채권 구조방정식 분석 108
• 1. 담보부 부실채권 확인적 요인분석 108
• 2. 연구 모델 적합도 분석 110
• 3. 담보부 부실채권의 경로계수 유의성 검정 112
• 제4절 소결 115
• 제5장 결론 118
• 제1절 연구 결과 및 시사점 118
• 제2절 연구 한계와 향후 제언 122

참고문헌 (Reference)

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