부동산 투자자의 선호특성이 투자성과 및 만족도에 미치는 영향

다국어 초록 (Multilingual Abstract)

This study is a descriptive survey study using a self-reported survey
method to find out how real estate investment preference
characteristics affect investment satisfaction by mediating investment
performance, and to find out the difference between the impact of sales
and rental income on investment preference returns. The data
collection of this study was conducted from August 1 to August 31,
2021 for those with real estate investment experience residing in Busan,
Gyeongnam. 102 responses were collected by the electronic survey
method, and 409 responses were collected by the face-to-face survey
method, for a total of 511 responses, and finally 490 valid
questionnaires were used as statistical analysis data. The collected data
was coded and analyzed using the SPSS statistics version 23.0 package
for windows and AMOS 25.0.
The results of the research hypothesis test are as follows.
First, the real estate investment preference characteristics were
grouped into 5 factors: profitability, safety, legal regulations, location
characteristics, and facility characteristics through exploratory factor
analysis and affirmative factor analysis.
Second, endogenous variables were grouped into 3 factors:
investment performance, satisfaction, and re-investment intent through
exploratory factor analysis and affirmative factor analysis.
Third, after analyzing the hypothesis that real estate investment
preference characteristics will affect investment performance,
profitability, legal regulations, location characteristics, and facility
characteristics affected investment performance. Safety did not have a
statistically significant impact on investment performance.
Fourth, the analysis of the hypothesis that real estate investment
performance will affect investment satisfaction showed that investment
performance had a statistically significant impact on both satisfaction
and re-investment intention.
Fifth, the hypothesis that there will be a difference in the impact of
real estate investment preference characteristics on investment
satisfaction by mediating investment performance according to sales
arbitrage preference and rental profit preference confirmed that there
is a partial difference.

국문 초록 (Abstract)

본 연구는 부동산 투자선호특성이 투자성과를 매개하여 투자만족에 어떠
한 영향을 미치는 영향을 알아보고, 투자선호 수익에 있어 매매차익과 임대
수익에 따른 영향의 차이를 조사하기 위해 자가 보고식(self-response) 설문
조사방법을 활용한 서술적 조사이다.
본 연구의 자료수집은 2021년 8월 1일부터 8월 31일까지 부산, 경남에 거
주하는 부동산에 대한 투자경험이 있는 자를 표본 대상으로 하였다.
설문조사는 부산광역시와 경상남도에 주거지가 있는 대상 사람들 중 부동
산 투자경험이 있는 사람을 대상으로 구글설문지를 이용한 전자설문조사방
법과 설문지를 직접 배포하여 회수하는 대면설문조사방법을 병행하여 실시
하였다. 전자설문조사방법으로 102명의 응답이 수집되었고, 대면설문조사방
법으로 409명의 응답이 수집되어, 총 511명의 응답지가 회수되었으나 설문
을 끝까지 완료하지 않거나 혹은 불성실한 21부를 제외하고 최종적으로 490
부의 유효설문지를 통계분석 자료로 이용하였다.
수집된 자료는 코딩과정을 거쳐 IBM SPSS statistics version 23.0 for
windows 와 AMOS 25.0을 이용하여 분석하였다.
연구가설의 검증(test)을 통한 분석의 결과는 아래와 같다.
첫째, 외생변수인 부동산 투자선호특성은 탐색적 요인분석과 확인적 요인
분석을 통해 수익성, 안전성, 법적규제, 입지특성, 시설특성의 5개 요인으로
묶였다.
둘째, 회귀분석의 내생변수는 탐색적 요인분석과 함께 확인적 요인분석을
통해 투자성과, 만족도, 재투자의도의 3개 요인으로 묶였다.
셋째, 부동산 투자선호특성이 투자성과에 영향을 줄 것이라는 연구가설을
검증한 결과 수익성, 법적규제, 입지특성, 시설특성은 투자성과에 영향을 미
쳤다. 안전성은 투자성과에 통계적으로 유의한 영향을 미치지 않았다.
넷째, 부동산 투자성과는 투자만족에 영향을 줄 것이라는 연구가설을 검
증한 결과 투자성과는 만족도와 재투자의도에 모두 통계적으로 유의한 영향
을 미쳤다.
다섯째, 매매차익 선호와 임대수익 선호에 따라 부동산 투자선호특성이
투자성과를 매개하여 투자만족에 주는 영향의 정도가 차별적일 것이라는 연
구가설을 검증한 결과, 부분적으로 차이를 나타내었다.

목차 (Table of Contents)

• Ⅰ. 서론 ································································································································ 1
• 1. 연구의 배경 및 목적 ···································································································· 1
• 2. 연구방법과 연구구성 ···································································································· 4
• 1) 연구방법 ······················································································································ 4
• 2) 연구구성 ···················································································································· 9
• Ⅱ. 이론적 배경 및 선행연구 ························································································ 12
• 1. 부동산의 환경변화 ···································································································· 12
• 1) 우리나라의 부동산 현황 ························································································ 12
• 2) 우리나라의 부동산 변화 추이 ·············································································· 15
• 2. 부동산의 투자행동 ···································································································· 24
• 1) 부동산의 투자행동 ·································································································· 24
• 2) 부동산 의 투자 결정요인 ···················································································· 27
• 3) 매매차익과 임대수익 ···························································································· 33
• 3. 부동산의 투자선호 특성 ···························································································· 35
• 1) 수익성 ······················································································································· 36
• 2) 안전성 ······················································································································· 37
• 3) 법적규제 ··················································································································· 38
• 4) 입지특성 ················································································································· 39
• 5) 시설특성 ··················································································································· 41
• 4. 투자성과 ······················································································································· 42
• 1) 투자성과 ················································································································· 42
• 5. 투자만족 ······················································································································· 43
• 1) 만족도 ······················································································································· 43
• 2) 재투자의도 ················································································································ 47
• 6. 선행연구 ······················································································································· 49
• 1) 부동산의 투자선호 특성과 투자성과 간의 관계 ··············································· 49
• 2) 부동산의 투자선호 특성과 투자만족 간의 관계 ··············································· 53
• 3) 투자성과와 투자만족 간의 관계 ·········································································· 58
• III. 연구설계 ······················································································································ 64
• 1. 연구 모형 ····················································································································· 64
• 2. 연구 가설 ····················································································································· 65
• 1) 부동산 투자선호특성과 투자성과 ········································································· 65
• 2) 투자성과와 투자만족 ···························································································· 65
• 3) 매매차익 선호와 임대수익 선호에 따른 차이 ··················································· 66
• 3. 조사의 설계 ·················································································································· 67
• 4. 연구 도구 ····················································································································· 68
• 1) 부동산 투자선호특성 ······························································································ 68
• 2) 부동산 투자성과 ······································································································ 68
• 3) 부동산 투자만족 ······································································································ 69
• 5. 자료 분석 방법 ············································································································ 69
• IV. 실증분석결과 ·············································································································· 71
• 1. 연구대상자의 일반적 특성 ························································································ 71
• 2. 가설검증을 위한 예비분석 ························································································ 73
• 1) 주요변수의 기술적 통계 분석 ·············································································· 73
• 2) 측정도구의 탐색적 요인분석 ················································································ 75
• 3) 측정도구의 확인적 요인분석과 타당성, 신뢰도 검사 ······································ 78
• 3. 경로분석 가설검증 ······································································································ 86
• 1) 연구 모형의 적합도 분석 ······················································································ 86
• 2) 가설검증 및 분석결과 ···························································································· 87
• 4. 매매차익 선호와 임대수익 선호에 따른 차이 ····················································· 92
• 1) 연구 모형의 적합도 분석 ······················································································ 92
• 2) 다중 집단분석 결과 ································································································ 92
• Ⅴ. 결론 ···························································································································· 97
• 1. 연구결과의 요약 ·········································································································· 97
• 2. 연구결과의 시사점 ······································································································ 98
• 3. 연구의 한계점 및 향후 연구방향 ·········································································· 100
• <참고문헌> ······················································································································ 101
• Abstract ·························································································································· 107
• <부록> ······························································································································ 109

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