REITs 制度의 定着化 方案에 대한 硏究 = (A) Study on the Methods of Settling the law of Real Estate Investment Trusts

다국어 초록 (Multilingual Abstract)

The situation of the domestic real estate market has a lot of change the comparing with the beginning of the discussion on the introduction on to REITs system.
So, Real Estate Investment Trust Act was made for activation of corporate restructuring and investment activation for small-scale investor's real estate, and this law was enforced since July 1, 2001.
Before enforce, Real Estate Investment Trust Act gathered expectation to accomplish much changes in each field. Suspected investment opportunity offer to small-scale investor, change of composition and so on of efficient portfolio to reform of real estate market, and to be scientific.
But, Real Estate Investment Trust Act enforced on July 1, 2001 but interest of related business circles was not so high in spite of many expectations.
These must improve subsequent problem for settlement of this system by problem that appear in enforcement of now degree.
First, there is problem of this heave tax. Divided REITs drawing by general REITs and CR-REITs according to Real Estate Investment Trust Act that is enforced at July 2001, and duplex CR-REITs gave tax favor but general REITs did not give tax favor.
Because the result investor imposes corporate tax and income tax doubly about income that is equal, become an issue.
Second, investment target who continuous and stable earning rate security must consist but is such for fixing of investment Trust Act actually enquire easy.
Therefore, need efficient Asset Management(AM), tax favor, development work deregulation etc. for this.
Third, need investor protector.
Because similar real estate investment trust floats after Real Estate Investment Trust Act's enforcement, because investors' damage is worried, and uses weakness of system abnormal transaction of real estate investment trust because is worried also governmental interest need.
Fourth, need professional human strength upbringing.
Specially, necessity of property use specialist and investment consulting manpower is high.
Fifth, problem is indicated on judiciary.
Current Real Estate Investment Trust Act is inconsistent because have dual system of General REITs and CR-REITs.
And is indicated to problem for Settlement of system about real estate investment trust's lowest capital regulation.
The United States of America that Real Estate Investment Company Act is activated most for Settlement period within 30 years consume
Therefore, must do incessant effort for settlement of this system and areas and correction about problem of such system are going to become Real Estate Investment Trust Act fundamental of settlement.

목차 (Table of Contents)

• 목차 = ⅰ
• 第1章 序論 = 1
• 第1節 硏究의 目的 = 1
• 第2節 硏究의 範圍 및 方法 = 2
• 第2章 REITs의 理論的 考察 = 4
• 第1節 REITs의 槪念 = 4
• 1. REITs의 意義 = 4
• 2. REITs의 導入 背景 = 6
• 第2節 REITs의 一般 構造 = 7
• 1. REITs의 基本 構造 = 7
• 2. REITs의 構成 要件 = 9
• 第3節 REITs의 類型 및 特徵 = 11
• 1. REITs의 類型 = 11
• 2. REITs의 特徵 = 13
• 第3章 美國 REITs 制度의 考察 = 16
• 第1節 美國 REITs의 歷史 = 16
• 第2節 美國 REITs의 動向 = 20
• 1. 美國 REITs의 市場 規模 = 20
• 2. 美國 REITs의 資金의 調達 = 22
• 3. 美國 REITs의 資金의 運用 = 24
• 4. 美國 REITs의 投資收益率 = 26
• 第3節 美國 REITs의 稅制惠澤 = 28
• 1. 組織에 관한 要件 = 28
• 2. 運營에 관한 要件 = 28
• 3. 組織變更에 관한 要件 = 32
• 第4節 美國 REITs의 投資者 保護 裝置 = 34
• 第4章 우리나라 REITs 制度의 考察 = 36
• 第1節 導入 背景 = 36
• 第2節 우리나라 REITs 制度의 內容 및 特徵 = 39
• 1. K-REITs (不動産投資會社) = 41
• 2. CR-REITs (企業構造調整不動産投資會社) = 46
• 第5章 制度施行에 따른 기대효과 및 制度導入 후 現況 = 50
• 第1節 制度導入에 따른 기대효과 = 50
• 1. 부동산 산업구조의 변화 = 50
• 2. 제도도입에 따른 각 부분의 기대효과 = 52
• 第2節 制度導入 후 現況 = 57
• 1. 일반 REITs의 업계현황 = 57
• 2. CR-REITs의 업계현황 = 58
• 3. CR-REITs의 현황 (2003년 6월 현재) = 58
• 第6章 REITs 제도의 定着化 方案 = 62
• 第1節 運營上 定着化 方案 = 62
• 1. 現物出資의 허용 = 62
• 2. 開發事業의 점진적 확대와 차입운용의 부분적 허용 = 62
• 3. 投資資産의 물색 및 收益率 提高 = 65
• 第2節 전문인력의 양성방안 = 67
• 1. 投資分析士 제도의 도입 = 67
• 2. 부동산관련 자격자의 활용 방안 = 69
• 3. 전문인력의 체계적 양성 = 71
• 第3節 세제상의 혜택부여 = 73
• 1. 法人稅 = 74
• 2. 특별부가세 (2002. 1. 1 폐지) = 76
• 3. 소득세 = 76
• 4. 지방세 = 77
• 第4節 정보인프라의 구축 및 평가 주체의 공신력 제고 = 79
• 1. 정보인프라의 구축 및 부동산관련 정보공개 = 79
• 2. REITs 자산의 적정평가를 위한 평가 주체의 공신력 제고 = 84
• 第7章 結論 = 86
• 참고문헌 = 88
• ABSTRACT = 91