동적패널모형을 이용한 수익용 부동산의 임대수익에 미치는 영향에 관한 연구

성주한(Sung, Joo Han) 한국부동산학회 2018 不動産學報 Vol.74 No.-

본 연구는 한국노동연구원의 8차년도(2005년도)부터 18차년도(2015년도)까지의 한국노동패널자료를 이용하 였고, 수익용 부동산 임대수익에 영향을 미치는 요인이 어떤 것인지를 살펴보고자 하였다. 특히, 동적패널모형을 통해 종속변수인 임대수익의 1년 전(t-1)과 2년 전의 변수(t-2)를 통해 과거의 임대수익이 영향을 미치는지를 살펴보고자 하였다. 연구결과를 요약하면 다음과 같다. Arellano-Bond GMM 2단계 추정 중 1년 래그값(t-1)만 포함한 경우와 1년 래그값(t-1)과 2년 래그값(t-2) 모두 포함한 경우 1년 전의 임대수익 래그값(t-1)과 2년 전의 임대수익 래그값 (t-2) 모두 현재의 임대수익에 긍정적인 영향을 주는 것으로 나타났고, 거의 모든 변수들이 수익용 부동산 임대수익에 긍정적인 영향을 주는 것으로 나타났다. 특히, 부채 총액이 정(+)의 효과로 나타난 것은 부채를 빌려 부채 이상의 더 많은 수익률을 높이기 위한 레버리지 정(+)의 효과가 작용하는 것으로서 금융위기 이전에 많이 나타나는 현상이다. 1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to examine what factors affect rental income of real estate using dynamic panel model. (2) RESEARCH METHOD This study employed the Arellano-Bond GMM to achieve the major objectives of this study. (3) RESEARCH FINDINGS The implication of this study is that first, dynamic panel model is presented through panel data. Second, it is a rare study focusing on the individual ability of the landlord, focusing on the fact that the rent income is changed depending on whether the individual has the ability to manage the property for profitability in terms of property management. 2. RESULTS The results of the study are summarized as follows. If both the 1-year lag value(t-1) and the 1-year lag value(t-1) and the 2-year lag value(t-2) are included in the Arellano-Bond GMM 2-step estimation, both the lease profit value of one year ago(t-1) and the lease profit value of two years ago(t-2) are positive, And almost all variables have a positive effect on the rental income of real estate for profit. In particular, the positive effect of the total liabilities is a positive effect of leverage (+) in order to increase the yield more than debt by borrowing debt, which is a phenomenon that occurs before the financial crisis.

경로모형을 이용한 기업형 임대주택 특성이 인지도와 호감도 및 입주의향에 미치는 영향에 관한 연구

성주한(Sung, Joo Han) 한국부동산학회 2018 不動産學報 Vol.72 No.-

기업형 임대주택 특성이 인지도와 호감도 및 입주의향에 미치는 영향에 관한 연구결과를 요약하면 다음과 같다. 첫째, 일반 분양아파트 수준의 품질과 디자인 및 임대인과의 갈등이 상대적으로 없음(시설물 보수, 보증금 반환 등)은 기업형 임대주택의 인지도에 긍정적인 영향을 크게 미치고, 기업형 임대주택의 인지도는 기업형 임대주택의 호감도에 긍정적인 영향을 미치며, 기업형 임대주택의 호감도는 기업형 임대주택의 입주의향에 긍정적인 영향을 미치는 것으로 나타났다. 둘째, 양호한 입지 여건(교통, 주변 환경)은 기업형 임대주택의 호감도를 높임으로서 기업형 임대주택의 입주의향에 긍정적인 영향을 주는 것으로 나타났다. 1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to investigate whether the characteristics of the enterprise rental housing increase the awareness and preference of the enterprise type rental housing and the influence of the awareness and preference on the intention of the enterprise type rental housing Let s take a look. (2) RESEARCH METHOD This study employed the path analysis to achieve the major objectives of this study. (3) RESEARCH FINDINGS The implications of this study are as follows. First, this study shows that the most important influence on the intention to move into an enterprise type rental housing is the preference of the enterprise type rental housing. Second, this study is based on the awareness and preference of the customers who have influence on the intention to move into the enterprise type rental housing. 2. RESULTS The results of this study are summarized as follows. First, the quality and design of the apartment in the general apartment level and the lack of conflict between the landlord and the landlord (facility repair, deposit return, etc.) have a positive effect on the awareness of the enterprise type rental housing, The preference of the enterprise type rental housing has a positive effect on the preference of the enterprise type rental housing. And the preference of the enterprise type rental housing has a positive effect on the intention of moving. Second, good location conditions (traffic and surrounding environment) have a positive effect on the intention to move into the enterprise type rental housing by increasing the preference of the enterprise type rental housing.

임분구조 조정에 의한 평창지역 천연 활엽수림의 이단림 조성 방안

성주한 ( Joo Han Sung ),이영근 ( Young Geun Lee ),박고은 ( Ko Eun Park ),신만용 ( Man Yong Shin ) 한국산림과학회 2015 한국산림과학회지 Vol.104 No.3

This study was conducted to provide a method of establishing two-storied forests by the adjustment of stand structures in natural deciduous forests of Pyeongchang area. Three permanent sampling plots of 0.09 ha were established in study site and some tree variables were measured in each sampling plot before the treatment of two-storied system. Stand attributes and stand structures before treatment were estimated based on the data measured in sampling plots. The results indicate that the current stand status is different from typical stand structures of two-storied forests. A simulation technique was applied to predict stand attributes and stand structures after the treatment of two-storied system. Results suggest that significant time is required to accomplish target stand structures even after applying the treatment of two-storied system. Number of trees in the upper canopy class after treatment was predicted to be 170 trees/ha, which adequately meets the target of two-storied forests. It was predicted, however, that the lower canopy class trees has much less trees compared with the typical stand structures of two-storied forests. This problem could be solved with ingrowth of infant trees over time or by under-planting of tolerant species. It is confirmed that the target growing stock volumes of the upper canopy class should be approximately 150 m3/ha considering stand status after treatment. It is predicted that twenty years of conversion period is required to accomplish this goal. The changes in stand structures over time should be assessed based on stand inventory carried out every five years, and additional treatments for inducing two-storied forests should be applied if necessary.

지역 주택시장의 변화에 관한 연구

성주한(Sung, Joo Han),정삼석(Chung, Sam Seok),정상철(Jeong, Sang Cheol) 한국부동산학회 2018 不動産學報 Vol.74 No.-

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to investigate the factors influencing the change of Local housing market through the dynamic comparison between Changwon and Seoul. (2) RESEARCH METHOD This study employed the Vector Error Correction Model to achieve the major objectives of this study. (3) RESEARCH FINDINGS The implication of this study is that it is meaningful to compare the housing market of Seoul and Changwon with the opposite housing market. The housing market in Seoul began to decline in 2011, and recently housing prices have risen steadily since 2017 and 2018. Since the merger of Changwon, Masan, Changwon and Jinhae, housing prices have risen sharply. Recently, housing prices have fallen the most in the country from 2016 to 2018, so it would be worth comparing the two areas. 2. RESULTS The results of this study are as follows. The price change rate of Seoul apartment is the most influential variable in Seoul apartment sale price, followed by the change rate of Seoul unsold housing . Since the financial crisis, the Seoul apartment market has not been affected by the fundamentals, and the effects of unsold housing and chonsei prices have become more important than the effects of macroeconomic variables. On the other hand, the most influential variable on the sale price of apartment in Changwon City is Gyeongnam Housing Construction(completed), followed by chonsei price change rate of Changwon apartment. In other words, the Housing Construction(completed) of the apartment in Changwon City is the biggest impact, and the sales price of the apartment in Changwon City is falling when the construction of the house is increased. 본 연구의 목적은 서울시와 통합창원시의 동태적 비교를 통해 지역 주택시장의 변화에 영향을 미치는 요인이 어떠한 것이고, 영향력은 어떠한지 알아보는데 있다고 하겠다. 연구결과의 요약으로는 서울시 아파트 매매가격에 가장 큰 영향을 주는 변수는 서울 아파트 전세가격 변화율이고, 그 다음이 서울 미분양 변화율인 것으로 나타났다. 금융위기 이후 서울 아파트 매매시장은 펀더멘탈(fundamental)의 영향을 받지 않는 것으로 거시경제변수에 의한 영향보다는 미분양, 전세가격의 영향이 더 중요하게 부각되었다. 반면, 통합창원시 아파트 매매가격에 가장 큰 영향을 미치는 변수는 경남 주택건설실적(준공)이고, 그 다음으로는 창원 아파트 전세가격 변화율인 것으로 나타났다. 즉, 통합창원시 아파트 매매가격에 준공시의 주택건설실적이 가장 큰 영향을 미치는 것으로, 주택건설실적이 증가할 경우 통합창원시 아파트 매매가격이 하락하는 것을 알 수 있다.

패널데이터를 이용한 금융위기 이전과 이후 수익용 부동산의 임대수익 영향요인에 관한 연구

성주한(Sung Joo Han),정삼석(Chung Sam Seok),정상철(Jeong Sang Cheol) 한국부동산학회 2017 不動産學報 Vol.71 No.-

금융위기 이전과 이후를 비교하면, 금융위기 이전에는 경제적 특성에서 부채 총액에서 임대수익에 정(+)의 효과가 나타난 것은 부채를 빌려 부채 이상의 더 많은 수익률을 높이기 위한 정(+)의 레버리지 효과가 작용하는 것으로 생각되고, 금융위기 이후의 부채 총액에서 임대수익에 부(-)의 효과가 나타난 것은 금융위기 이후 부동산 경기가 좋지 않아 부채를 빌려서 투자하더라도 그 만큼의 임대수익으로 연결되지 않아 정(+)의 레버리지 효과가 나타나지 않은 것으로 파악된다. 금융위기 이후는 이전과 금융위기 이전과 비교할 경우 관계적 특성에서도 약간의 차이가 난다. 금융위기 이전에는 개인적인 여가활동과 현재 건강이 좋을 경우 임대수익에도 긍정적으로 작동하는 반면, 금융위기 이후 주거환경과 사회경제적 지위가 높은 경우가 관계적인 면에서 좋기 때문에, 그것에 의해 임대수익에도 좋은 것으로 파악되었다. 1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to investigate the effects of population and social, regional, economic, and relational characteristics on rental income for the factors affecting rent income of real estate for profit. (2) RESEARCH METHOD This study employed the random effect model through the housman test to achieve the major objectives of this study. (3) RESEARCH FINDINGS The implications of this study are as follows. First, in the study on the factors affecting rental income before and after of the financial crisis, the factors affecting the rental income are not the physical characteristics, This research is based on the perspective of individual suppliers. It is a highly scarce study of population and social characteristics, regional characteristics, economic characteristics, and relational characteristics. Second, the results show that the leverage effect is positive (+) before the financial crisis, while the leverage effect does not have a leverage effect after the financial crisis. Third, there is no case in which panel analysis is performed using panel data so as to examine rental income of real estate for profitability. 2. RESULTS The results of this study are summarized as follows. The positive effect of leverage on the total liabilities in the economic characteristics before the financial crisis seems to be due to the positive leverage effect in order to increase the yield more than debt by borrowing the debt. The negative effect of lease income on the total debt after the financial crisis is because the real estate market is not good after the financial crisis, so even if the debt is borrowed, Respectively. After the financial crisis, there is a slight difference in relational characteristics when compared with before and before the financial crisis. It is also good for rental profits because it is good for the relationship between private leisure activity and current lease income before the financial crisis, while the residential environment and socioeconomic status after the financial crisis is good.

기업형 임대주택(뉴스테이)의 주거서비스가 입주의향에 미치는 영향에 관한 연구

성주한(Sung, Joo Han),정상철(Jeong, Sang Cheol) 한국부동산학회 2018 不動産學報 Vol.75 No.-

본 연구의 목적은 일반 서민이 기업형 임대주택을 이용함에 따라 어떠한 주거서비스가 기업형 임대주택의 입주의향에 영향을 미치는지에 대한 연구를 하는데 있다. 본 연구결과를 요약하면 다음과 같다. 첫째, 연령이 적을수록 기업형 임대주택의 입주의향에 긍정적인 영향을 주는 것으로 나타났다. 둘째, 자가가 아닌 임차로 살고 있는 사람은 기업형 임대주택 입주의향에 긍정적인 것으로 파악되었다. 셋째, 희망할 경우 8년까지 장기거주가 가능한 경우와 양호한 입지여건(교통, 주변환경)의 경우에는 기업형 임대주택 입주의향에 긍정적인 것으로 판단되었다. 넷째, 본 논문에서 가장 중요한 보육 돌봄 서비스 연계 지원, 파출부·청소·소독 등 지원 서비스, 휘트니스 센터 및 헬스장이 기업형 임대주택의 입주의향에 긍정적인 것으로 판단된다. 다섯째, 통영의 9개 지역 중에서 용남면과 봉평동이 기업형 임대주택의 입주에 긍정적인 것으로 파악되었다, 그리고 이 두 지역이 다른 지역보다 기업형 임대주택을 건설할 때 의미있는 지역이라고 볼 수 있을 것이다. 1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to investigate what kind of residential services affect the intention to move of the tenant to use the Enterprise Type Rental Housing(New Stay) (2) RESEARCH METHOD This study employed the regression analysis and logistic regression analysis to achieve the major objectives of this study (3) RESEARCH FINDINGS The implications of this study are as follows : First, as the results of this study are examined, it is concluded that the residential service is one of the most important factors in deciding the intention of moving of the enterprise type rental housing. Second, this study has a great implication which is the first empirical analysis paper on the effect of residential service on the intention to move in the enterprise type rental housing. 2. RESULTS The results of this study are as follows : First, the lower age, the more positive effect is on the intention of moving. Second, those who live in a lease, not a ownership, are found to be positive for the intention to move into an enterprise type rental housing. Third, it is considered that the long - term residence permit up to 8 years and the favorable location conditions (traffic and surrounding environment) are positive for the intention to move into an enterprise type rental housing. Fourth, in this paper, it is considered that the most important support services such as support for childcare service, support services such as cleaning and disinfection, fitness center and gym are positive for the intention to move into an enterprise type rental housing. Fifth, Yongnam-myeon and Bongpyeong-dong were found to be positive for the intention to move into an enterprise type rental housing among 9 areas of Tongyoung, and these two areas can be regarded as a meaningful area when constructing an enterprise type rental housing.

염화칼슘 처리가 산벚나무 엽의 엽록소형광반응과 광합성기구에 미치는 영향

성주한 ( Joo Han Sung ),제선미 ( Sun Mi Je ),김선희 ( Sun Hee Kim ),김영걸 ( Young Kul Kim ) 한국산림과학회 2010 한국산림과학회지 Vol.99 No.6

There is a little information on the effect of calcium cloride (CaCl2) which is used as deicing salt in Korea on the physiological responses of the street trees. Prunus sargentii is one of the most widespread tree species of street vegetation in Korea. In this study, the effect of CaCl2 on photosynthetic apparatus such as chlorophyll fluorescence image and light response curve of P. sargentii in relation to their leaf and root collar growth responses were investigated. To study the effect of CaCl2 treatment in the early spring, we irrigated twice in rhizosphere of P. sargentii (3-year-old) planted plastic pots with solution of 0.5%, 1.0%, 3.0% CaCl2 concentration before leaf expansion. Results after treatments, total chlorophyll contents and the chlorophyll a/b, photosynthetic rate, quantum yield, dark respiration decreased with increasing CaCl2 concentration. On the contrary, light compensation point increased with increasing CaCl2 concentration. Through the linear regressions of correlation of photosynthetic rate with photosynthetic parameters (quantum yield, dark respiration and light compensation point), we found a significant relationship (p<0.05) between photosynthetic rate and quantum yield and light compensation point except dark respiration. Calcium cloride (CaCl2) induced inhibition of photochemical efficiency (FV/FM) and non-photochemical quenching (NPQ) were found in treatments of CaCl2, and these reduction rates between control and CaCl2 treatments were drastically showed at 80 days. We suggest that physiological activities are limited from treatment of CaCl2. These reductions of photosynthetic apparatus ability caused eventually the reduction of leaf and diameter at root collar growth.

염화칼슘 처리가 산딸나무 잎의 광합성 기구, 기공전도도 및 형광이미지 특성에 미치는 영향

성주한 ( Joo Han Sung ),제선미 ( Sun Mi Je ),김선희 ( Sun Hee Kim ),김영걸 ( Young Kul Kim ) 한국농림기상학회 2009 한국농림기상학회지 Vol.11 No.4

아파트 전세가격에 미치는 영향에 관한 연구 : 창원시를 중심으로

성주한(Sung, Joo-Han) 한국부동산정책학회 2020 不動産政策硏究 Vol.21 No.2

The purpose of this study is to influence the chonsei price of an apartment in Changwon City through the core contents of the Changwon City housing market, such as the apartment chonsei price in Changwon City, the apartment sale price in Changwon City, the corporate bond yield (interest rate), the number of population in Changwon City, the housing construction permit in Changwon City, and the volume of apartment transactions in Changwon City. I would like to study and see what factors have the greatest influence. Before 2016, the variable that had the greatest influence on the change rate of chonsei price in Changwon city (GCHACHONSEI) was the rate of change in sales price of apartment in Changwon (GCHASALE), which was found to have a positive effect. And it was found that the change rate of the Changwon housing construction permit (GCHAHC) had a negative (-) effect. The next order was the change rate of unsold apartments in Changwon (GCHUNSOLD), which was found to have a negative (-) effect. In the following order, it was found to have a positive (+) effect as the Changwon Population Change Rate (GCHPOP). On the other hand, after 2016, the variable that has the greatest influence on the change rate of chonsei price in Changwon city (GCHACHONSEI) is the rate of change in the sale price of apartment in Changwon (GCHASALE), which was found to have a positive effect. The next order was the change rate of unsold apartments in Changwon (GCHUNSOLD), which was found to have a negative (-) effect. The next order was the Changwon Population Change Rate (GCHPOP), which was found to have a positive (+) effect. Before 2016, unlike other variables, there was no significant influence, but the continued decrease in the population change rate in Changwon City after 2016 is believed to have lowered the rate of change in apartment jeonse prices in Changwon.

서울과 지방의 아파트 매매가격에 미치는 영향 요인에 관한 연구

성주한(Sung, Joo Han),정상철(Jeong, Sang Cheol) 한국부동산학회 2019 不動産學報 Vol.78 No.-

본 연구의 목적은 서울과 지방 등 지역에 따라 부동산가격이 다르게 움직이고 있는 상황에서 정부가 부동산 가격정책을 어떻게 적용할 것인지에 대해 살펴보고자 한 것이다. 특히, 시도별과 지 역별로 만들어진 패널데이터를 가지고 아파트 매매가격에 영향을 주는 요인들이 어떤 것인지를 살펴보고자 한다. 본 연구결과를 요약하면 다음과 같다. 고정효과모형의 결과로, 아파트전세가격과 인구수의 증가는 아파트매매가격을 상승시킨 것으로 파악되었고, 금리(회사채수익률)의 상승과 아파트 주택인허가실적과 미분양의 증가, 실업률이 높은 경우에는 아파트 매매가격을 하락시킨 것으로 나타났다. 또한 시간특성에서 2011년을 기준변수로 볼 때, 2013년부터 2018년까지 계속 아파트매매가격이 증가한 것으로 파악되었다. 1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to examine how the government will apply the real estate price policy in a situation where real estate prices are moving differently depending on the regions such as Seoul and the provinces. (2) RESEARCH METHOD This study employed the fixed effect model to achieve the major objectives of this study. (3) RESEARCH FINDINGS The implication of this study is that it shows that there is meaning to apply differentiated policy between Seoul and Gyeongnam through the housing market of Seoul and Gyeongnam which are the most opposite and show the current situation of other housing prices. 2. RESULTS We will examine the factors affecting the sale price of apartments with panel data made by provinces and regions. The results of this study are summarized as follows. As a result of the fixed effect model, it was found that apartment rent price and population ncrease led to an increase in the apartment sale price, and when the interest rate (corporate bond yield) rises, the apartment house licensing result and the unsold housing are increased and the unemployment rate is high. In terms of time characteristics, when the year 2011 is taken as a reference variable, it is concluded that the selling price of apartments continued to increase from 2013 to 2018.