REITs 관련 법제 개선방안에 관한 연구 : 부동산펀드와의 비교를 중심으로

윤장호 건국대학교 부동산대학원 2009 국내석사

부동산의 증권화 및 유동화를 통한 부동산간접투자시장은 1997년 외환위기로 초래된 대규모의 기업 부도와 부동산 가격의 급락으로 인해 부동산 시장이 침체하고, 이로 인해 기업 및 금융구조조정에 상당한 장애요인이 발생하자 부동산경기 활성화와 이를 통한 구조조정을 촉진하기 위해 도입되었다. 새로운 금융상품으로서의 부동산개발의 전문성 제고, 부동산공급의 확대, 부동산 증권화의 촉진 등 부동산 시장의 선진화, 투명화에 기여 및 자본시장의 활성화를 기대하며 일반투자자들이 참여 가능한 자산유동화 제도로서 「부동산투자회사법」이 2001년 4월 제정되고, 2001년 5월 1차 개정으로 기업이나 금융기관의 구조조정 지원 목적의 CR-REITs를 도입하고 2001년 7월부터 시행되고 있다. 이후 두 차례의 주요 개정을 통해 REITs 제도의 활성화를 꽤하였다. 2004년 10월 4차 개정을 통해서는 명목회사인 위탁관리REITs의 도입과 최저자본금을 250억원으로 완화하고, 2007년 7월 7차 개정을 통해서는 발기설립과 영업인가제를 통해 최저자본금 100억원 완화 등 REITs의 설립절차를 간소화하고 개발전문 REITs 도입을 통해 부동산펀드에 비하여 제한이 많은 개발사업 분야에서도 경쟁력을 확보하고자 하였다. 그럼에도 불구하고 REITs 시장규모는 2003년 10월 뒤늦게 제정된 간접투자자산운용법상의 부동산펀드와 비교하여 미흡한 수준으로 REITs 제도의 한계를 드러내고 있다. 본 연구에서는 REITs 설립, 운영, 해산 및 청산에 이르는 일련의 자산운영 과정에서의 실제 경험을 바탕으로 취합한 것들을 중심으로 법률 개정의 필요성 및 내용을 제시하였으며, REITs 시장 활성화를 위해 REITs의 발전방안을 연구하고, 업계의 의견을 수렴하고 협의할 수 있는 REITs 협회 신설과 REITs 시장을 이끌고 있는 자산관리회사의 자생력 강화방안에 대하여 검토해 보고자 한다. The real estate market became depressed due to the large-scale bankruptcy of firms caused by the exchange crisis in 1997, the sharp drop in the real estate price, which generated considerable impedimental factors. The indirect real estate investment market was introduced to invigorate real estate business and promote structural adjustment or restructuring through the securitization and liquidization of real estate. The「Real Estate Investment Company Act」was enacted in April, 2001 as the asset liquidization system that makes it possible for the general investors to participate, in anticipation that a new financial product would contribute to the advancement and transparency of the real estate market such as the enhancement of speciality in real estate development, expansion of real estate supply, promotion of real estate securitization and the like, and revitalize the capital market. And CR-REITs was introduced for the purpose of supporting the restructuring of firms or financial institutions through its first amendment in May, 2001 and has been enforced since July, 2001. An attempt was made to revitalize the REITs system through two major amendments. Through the fourth amendment in October, 2004, REITs, the nominal company, was introduced and the minimum capital was set to 250,000,000won. In the 7th amendment made in July, 2007, the procedures for incorporation of REITs was simplified such as the easing of the minimum capital to 100,000,000won through the incorporation of the promoter and the business authorization system. Efforts were made to secure competitiveness in the development project field with many restrictions compared to the real estate fund, through the introduction of REITs specializing in development. Nonetheless, the size of the REITs market is insufficient compared to the real estate fund in the Indirect Investment Asset Operation Law enacted in October, 2003 and so demonstrates the limit of the REITs system. This study presented the need to amend the law and its contents with a focus on the matters collected with a focus on actual experiences in a series of asset operation processes ranging from the establishment of REITs to its operation, disorganization and liquidation. And it attempted to investigate the development scheme of REITs through the revitalization of the REITs market and examine the scheme to establish the REITs association that can collect and consult the opinions of the business world and reinforce the self-generating power of the asset management company that can lead the REITs market.

한국 리츠의 배당수익률 결정요인에 관한 연구

정산하 건국대학교 대학원 2023 국내석사

한국 리츠의 배당수익률에 영향을 미치는 요소를 실증분석 하였다. 종속변수인 배당수익률은 당기 누적 배당수익률을 이용하였고 결산시기별 투자보고서를 수집하여 독립변수를 설정했다. 리츠마다 다른 결산시기를 반영하기 위해 당기 누적 임대수익과 임대비용을 월단위 수익과 비용으로 산출하였다. 분석결과, 운용회사에 따른 배당수익률에 대한 차이는 유의하지 않았으나 부동산 특성에 따른 수익이 회사의 배당수익률에 영향을 미치는 것을 확인할 수 있었다. 운용기간이 길수록 배당수익률이 높고, 자기자본비율이 낮을수록 배당수익률이 높아지는 것으로 나타났다. 상장한 리츠가 비상장 리츠에 비해 배당수익률이 높은 것으로 나타났다. 영업비용이 클수록 배당수익률이 커지는 것으로 나타났는데, 이는 규모가 큰 자산일수록 투자자들이 안정적으로 투자하기 때문으로 분석된다. 투자자산인 물류센터가 오피스보다 배당수익률이 높은 것으로 분석되었다. 우리나라 리츠시장의 규모는 78조원으로 점점 커지는 추세이다. 하지만 미국, 일본과 같은 해외리츠에 비해 우리나라의 시장규모는 매우 작은 편이다. 선행연구에서는 우리나라의 리츠 규제로 인해 시장규모가 작은 것으로 판단하였는데, 본 연구의 분석 결과 상장리츠의 배당수익률이 더 높은 것으로 분석되어 상장 후 리츠의 유동성 확보가 좀 더 원활해졌음으로 예상한다. 리츠는 일반 국민이 부동산에 투자할 수 있는 기회를 확대하기 위한 목적으로 도입되었다. 앞으로 우리나라 리츠시장이 개인의 투자 기회로 확대되고 개인이 리츠의 기본적 내용을 통해 투자 의사결정을 판단하는데 기여를 할 수 있다는 점에서 이번 연구는 의미가 있다고 할 수 있다. The factors affecting the dividend yield of Korean REITs were empirically analyzed. The dividend yield, a dependent variable, used the cumulative dividend yield for the current period, and independent variables were set by collecting investment reports by settlement period. Cumulative rental income and rental expenses for the current period were calculated as monthly income and expenses to reflect different settlement periods for each REITs. As a result of the analysis, the difference in dividend yield by management company was not significant, but it was confirmed that the return according to the characteristics of real estate affects the company's dividend yield. The longer the management period, the higher the dividend yield, and the lower the equity ratio, the higher the dividend yield. Listed REITs have higher dividend yields than unlisted REITs. It was found that the higher the operating cost, the higher the dividend yield, which is analyzed to be because investors invest more stably in larger assets. It was analyzed that the distribution center, an investment asset, has a higher dividend yield than office. The size of Korea's REITs market is increasing to 78 trillion won. However, the market size of Korea is very small compared to overseas REITs such as the United States and Japan. In previous studies, the market size was judged to be small due to the regulation of REITs in Korea, and as a result of this study, the dividend yield of listed REITs was analyzed to be higher, and it is expected that securing liquidity of REITs after listing became smoother. REITs were introduced for expanding the opportunity to expand the opportunity to invest in real estate.In the future, this study that Korea REITs market can contribute to individual investment decisions through the basic contents of REITs market can contribute to determine investment decisions through the basic contents of REITs.

REITs의 조기정착 방안에 관한 연구 : 부동산투자회사법과 조세제도를 중심으로

안기효 건국대학교 행정대학원 2001 국내석사

This research analyzes about Act of Real Estate Investment Trusts (REITs) and Taxes system for system fixing early stage ahead of enforcement of REITs system. REITs Act examines thoroughly substance of these law to tell enactment as was enforced and investigated about problem and improvement way, and raised necessity of taxes exemption laying stress on actuality example. Problem of REITs Act and improvement way are as following. First, need introduction of guarantee insurance system temporarily at system enforcement early for investor protection. Second, it is problem of property storage trust when buy and sell. Because amount of money that REITs deals is big, need Escrow Account's introduction in dimension that protect this. Third, it is qualification essential factor problem of property use professional human strength. Ability that this must equip and not to taking a serious view simple career by property professional manpower, that equip ability of regional analysis, market analysis, right analysis, development·management, sale in lots, financing, insurance connection analysis and so on is important. therefore, need introduction of investments in real estates analyst (CCIM) systems. In these situation, REITs is judged must satisfy following condition to settle properly. First, it may say as most urgent business that preoccupy high yield goods or possess ability that can cultivate high yield goods. Second, tax system support that considers present real estate market situation may have to be. Effect of resource taxes benefit was expose by order of effect of corporate tax exemption> local taxes of acquisition step> exemption effect of special value-added tax> possession phases this local taxes exemption effect. Therefore, must apply equally about real estate investment trust as except dividend total amount in corporate tax taxable when apportion more than 90% of profit available for dividend about corporation streamlining real estate investment trust. Also, taxes of real estate investment trust's acquisition step may have to be total amount exemption benefit in point that is investment conduct such as corporation restructuring real estate investment trust. Special addition tax be 50% exemption that know will be setting possibly now, and may become big help in real estate investment trust's operation if tax cut of possession step consists. Third, need connection Infra construction of that distinguish stock index of real estate investment trust share from general stock index. When there are real estate connection various statistics and accuracy of information, real estate value and investment trust's assessment, accuracy of real estate business estimation and public trust rising, real estate market may become transparency. It will be difficult that possess all above these condition at early of REITs system, but REITs market which invent stable high yield in our country like other advanced nation when face by carriage that prepare one by one is going to form. Also, as enforcing real estate Investment trusts Act July 2001, research that supplement lacking part, and see in dimension that grope way to minimize possible trial and error was achieved.

K-REITs주가지수 및 수익률에 관한 연구

김은실 건국대학교 대학원 2012 국내석사

간접투자제도인 REITs의 도입으로 부동산투자의 방법이 다양화되고 있다. 또한 자본시장통합법에서 파생상품의 투자범위를 포괄적으로 변경하여 주식과 채권 이외의 REITs의 주식과 같은 실물에 투자하는 간접투자상품을 이용한 파생상품 개발도 가능하게 되었다. REITs가 우리나라에 소개된지 10년이 지났으며, 최근 부동산 투자의 새로운 투자수단으로 급속히 성장하고 있다. 하지만, 시장을 투명하게 설명해 줄 수 있는 지표의 부족으로 제도에 대한 시장의 신뢰가 부족하여 REITs라는 훌륭한 제도가 충분히 기능을 발휘하지 못하고 있는 것이 현실이다. 이에 본 연구에서는 주가지수와 같은 방법은로 우리나라 REITs시장의 지수를 구축하여 월별 수익률을 추정했다. 아직 전체 시장의 규모가 크지 않아 REITs의 상장과 폐쇄로 지수의 변동성이 높아 t 검정을 통하여 REITs의 상장에 따른 지수 변동성을 설명하였다. 또한, Value at Risk 측정을 통하여 우리나라 REITs 투자를 통한 위험을 측정하였다. 아직 우리나라 전체 REITs의 규모가 작아 한 개의 REITs의 영향성이 크며, 외국과 같은 일반적인 간접투자제도의 성격보다는 기업구조조정 REITs 와 최근의 개발REITs로 주로 이루어져 있어 일관성 있는 지수가 구축되지 못한 한계점이 있었다.

REITs의 投資事例에 관한 硏究 : 海外 事例를 中心으로

이덕행 건국대학교 행정대학원 2001 국내석사

Necessity of REITs introduction was brought through various kinds path, and is ahead of REITs enforcement July 2001 to part of security stifling sensation in the chest of real estate in our country since IMF. When REITs is utilizing successfully by useful real estate investment vehicle already in the main country such as the United States of America, and sees foreign example, it is safe that REITs investment invests to REITs that lease profit occupies most of anticipation income. As see Australia's LPT or Japan and American REITs drawing, there was advantage that do real estate transaction scale to enlargement scale and range of capital market because drive peoples' investment participation and can raise efficiency of real estate market that normalize real estate transaction at the same time that plan redistribution of wealth through this, and connect real estate market with capital market through REITs because reduce the money. Have subsequent big subject that must solve for REITs of cage relationship croaker fixing with example of REITs system that examine before. First, we must prepare lucency hollow of a grain mortar of REITs. Profit did not occur properly in real estate that is applying United States of America REITs that is advanced nation of REITs because REITs management is not transparent until the mid-80s, and are connected finally by insolvent of REITs and great enterprise insolvency and investors should recede big damage. Developed compensation system etc. about reinforcement and management of after this watch function. Effort to heighten this lucency is not achieved through governmental interference, and the companies, which do not get trust, appears in drastic market basic that is abandoned from investor. Our REITs is that security of thorough lucency becomes basis ago REITs since early. Second, it is logical value estimation for REITs investment target real estate and construction of objective earning rate analysis data. As examine in front, earning rate that the REITs Company presents must be objective and correct basis. Our actualities are opaque, and elusive even year real estate markings price and rent of real estate. If correct data for earning rate analysis is not backed, Korean REITs cannot but be been by bubble and investor's damage, fall of system. Third, need suitable and accommodating operation two of taxes policy for activation of our REITs system. Australia LPT as well as American REITs that examine before could know that cause huge effect in earning rate by bold tax exemption about lawful use and heavy tax about unlawfulness use managing strictly of application tax rates about investment target. That is, is acting as element that affect important investor's earning rate because using tax exemption article of REITs actively in advanced nation. This believes that act big role in Korean REITs system fixing. Therefore, active and elastic use for these taxes policy plain may become big variable in early fixing of REITs. Fourth, it is real estate administration's specialization. Success secret of American REITs and Australia's LPT is possible in real estate administration's specialization before. REITs are complicated goods that require knowledge and administration technology that put together real estate and banking, security. Therefore, all bank; securities firm, law firm, property proprietary company etc. as well as real estate companies are participated. Specially, superior portfolio management specialist's necessity is serious at process that operates REITs. Specialist positivist for this is required urgently. Capital market promises extension stability of capital market through logical composition and so on of investment port folio, and support corporation's restructuring settling REITs system fast in our country by above-mentioned problematic solution, and at the same time, real estate market to do reform and logical real estate utilization may pull efficiency of state economy because can be achieved.

REITs 制度의 活性化 方案에 關한 考察

유미숙 建國大學校 不動産大學院 2001 국내석사

Solved asset deflation shortly after foreign exchange crisis and introduce REITs system by one of expedient to promote restructuring of corporation and financial institution. Legal ready readied by enforcement of real estate Investment Company Act July 2001. This was thing to sell real estate for restructuring smoothly that REITs is circulated to capital market making value of real estate into security, introduce investment opportunity offer about small investor and reform of real estate market REITs by purpose. Domestic real estate investment market could expect effect of scientific computation of real estate price and latency rising and so on of real estate connection information REITs' property rating and going public process met regular portfolio investment age herewith. Possibility that investment capital that do not find befit investment target by the low interest of long term and security market stagnation recently is flowed in REITs market rose. But, can know that many efforts of REITs connection subjects are required with systematic repletion for croaker fixing and activation of REITs system when examine development process of United States of America REITs system that more than 40 years is cost. Therefore, treatise that see settles REITs system at early time and there is the purpose to grope activation way. Because grasp general concept for REITs islands for this and look for suggestion point through ancient temple for representative United States of America REITs islands for (Chapter 2), comparison with activated abroad REITs system and ancient temple and analyze (Chapter 3), introduction early contents of our country REITs system that is and characteristic, present condition and view, (Chapter 4), investigated about way for croaker fixing and activation of REITs system in our country (Chapter 5). Use way of REITs system and system improvement way for croaker fixing and activation of REITs system are as following. First, because K-REITs' activation is urgent to rescue introduction meaning of REITs system, must give corporate tax exemption benefit such as CR-REITs about K-REITs and secure return on investment of schedule. Second, must construct trust for real estate investment trust through reinforcement of investor canister that solidify latency security through information public notification, construction of suitable control structure and watch and superintendence. Third, specialization of real estate operation for greatest anger of REITs value must consist by link construction of REITs connection infra and development businessman, CRC etc. with other investments in real estates means that can back creation and this of stable profit through special real estate operation ability improvement. Finally, must mitigate activation restriction regulation by repletion of public notification and so on about financial integrity with superintendence of debt ratio about public trust upgrade of estimation and real estate investment trust do real estate surrounding through application of profit reductionism about investment in kind prohibition regulation and borrowing restrictive regulations etc. that restrict activation of REITs system.

REITs 도입방안에 관한 연구

강래구 建國大學校 行政大學院 2000 국내석사

The introduction of the institution of real estate investment company means the completion of a series of the real estate stock institution formed in 1998. Because these system are based on the disposal of real estate and the rehabilitation, they are unsuitable to the system for the real estate investors. It is impossible to hope that these system can rehabilitate the real estate investment in the case of the intension of many difficulties in the stockation of real estate. It needs to introduce investment means whit which are solve many works and invest to the new real estate bond commodity. The bond of this investment means is generalized in the capital market is REIT in America. Its changed form is LPT in Australia, Trust investment means, and is SPC in Japan, a legal person. The real estate trust company allowed in korea have its limits. This read estate trust don't sufficiently have the capitalist market principle which the real estate investment company have to have with its publicity. and as it has not secured its own speciality in the course of development, the real estate investment system is required that has the dynamic and flexible management organization with which can carry out the real estate investment of the high risk and high return. The issue of a small sum investment bond, the protection of investor and the imposition of a fax system benefit were suggested as the major institutional factors of this investment means. The real estate trust is a stock company b the special law in its lawful character, differing from the established companies related to a bond and the investment companies. A difference between it and trust system doesn't mean that it doesn't need the trusty real estate investment system. As the real estate trust base on 「Trust Law」exists, and as these trust companies make the real estate development, it is impossible to introduce a bill comprehending them. But it can be realized by the floating way of a benefit bond of the real estate trust company through the revision of the existing trusty laws concerned. The function of the real estate trust or the real estate investment trust in bank as the investment system is the content of institutional improvement not must be achieved in the case of the introduction of the real estate investment company. The REITs system provides the new money means for the development of real estate. It can be used as an effective rehabilitation measure of the real estate demand just as the money of many a small-sum investor and institution investor is used into the money for the real estate development. And the REITs system supply a way for the solution of the great gulf between rich and poor as a result of the sudden rise of the real estate prices, which korea had experienced in the past, and the promotion of the real estate sale being owned by companies due to stagnation in the real estate market. Most of all, the REITs system will be used as a way of disposing many real estate which firms and finance institution sold off in the structural reform. In conclusion, the introduction of the real estate investment company has the social meaning that it rehabilitates investment in real estate and spread the real estate investment into many a small-sum investors, not a few man of properly. And it will promote the advanced real estate investment customs that opaquely have been ever carried out. That is to say, it will convert the real estate investment into investment into benficial assets by the advanced management, not a speculative action for capital return.

現行 REITs制度의 問題點 및 改善方案에 관한 硏究

고희언 건국대학교 부동산대학원 2003 국내석사

The REITs are real estate investment demands that are more scientific and more reasonable. In the market, a reasonable demander can make a supplier reasonable as well, and the market where supplier and demander think and behave rationally can be more easily stabilized. For the successful implementation of the REITs system, efforts to tackle defects in the system should be necessary, in addition to full support from the government. First, the reason that government limited investment in kind as an activating plan is because the total assets can be elvaluated high excessively. But government needs to consider introduce the U.S. UpREITs or DownREITs gradually to activate the REITs system and make the maximum of investment earnings. Second, as a plan for training specialized expects government shoud endow the investment analysis institution with the public confidence and CCIM is needed to develop the REITs system. If the institution for real estate investment analyst is hard to introduce confidence right now, government can use to give the license to real estate identifier who is trained from govern educational institution during a regular term. Third, government should introduce the institution on taxation and prevent general investment companies from groaning under heavy burden taxtation to make a valance with indirect properties. And the tax rate need to reduce at the leveal of CR-REITs. Forth, the the most important thing for the activation of the REITs system is construction and opening of information infra SUCS as real eastate investment index as soon as possible. Because the lack of public confidence about REITs properties make investor' interest be reduced their concerns about the REIYs, we expect the activation of the REITs system. Fifth, a wide range of protective devices is needed to attract as many investors as possible. Measures to protect investors may include the disclosure of information on REITs, the prevention of REITs' moral hazard and the strengthening of supervision. Lastly, the entrustment of investment assets should be taken into consideration. According to the Real Estate Investment Trust (REIT) Act, investment assets should be entrusted to a specific institution. This is intended to prevent asset mismanagement or illegal practices by the management of REITs, thereby protecting investors. From the financial point of view, regulations on escrow account seem necessary in order to complement the existing investor protection system. In this light, compulsory provisions that expressly state the use of escrow account at the time of real estate acquisition should be promptly laid down. As above, the REITs system has both merits and demerits. In order to galvanize the sys tem, therefore, the government and relevant authorities or industries should make all-out efforts, such as the development of REITs products easily available to ordinary investors, the securing of tax sources through the enhancement of transparency in asset management, etc. Without these efforts, no satisfactory results--whether they are social or economic--would be gained from the implementation of the REITs system.

REITs 制度의 定着化 方案에 대한 硏究

정학수 建國大學校 不動産大學院 2003 국내석사

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.

REITs制度의 發展方案에 관한 硏究 : 現況과 發展課題 中心으로

박기현 檀國大學校 産業經營大學院 2003 국내석사

1998년 IMF 구제금융을 신청한 이후 경제위기를 극복하기 위한 과제 가운데 하나인 부실채권의 신속한 처리와 급격한 자산디플레이션에 따른 複合不況을 막기 위하여 부동산 증권화 제도의 도입을 본격적으로 논의하게 되었는데 企業 및 金融機關의 구조조정을 원활히 하기 위하여 부동산의 유동성을 높일 수 있는 구체적인 방안으로 ABS를 도입하였고 이어 1999년 MBS가 도입됨으로써 기업들에게 많은 자금을 조달하는 제도로 활용되었다. 또한 부동산을 증권화하여 일반 국민들에게 부동산에 투자할 수 있는 기회를 제공하고 기업 및 금융기관의 구조조정을 지원하며 부동산에 대한 건전한 투자를 활성화함으로써 국민경제의 발전에 이바지할 목적으로 2001년 4월 7일 부동산투자회사법을 제정하여 不動産 投資信託(REITs)제도를 도입하였다. 그러나 높은 안정성과 낮은 유동성을 특징으로 하는 부동산을 높은 유동성과 낮은 유동성의 금융시장과 연계시켜 시너지 효과를 극대화함으로써 안정성과 유동성을 동시에 갖춘 투자수단으로 탈바꿈시키기 위하여 시행된 현행 부동산투자회사법은 구조조정리츠에 대한 상대적인 우대와 법안 심의과정에서의 부분적인 수정으로 인한 제도의 체계성 약화 등 실효성이 떨어지는 일부 규제로 인하여 일반리츠제도가 활성화되지 못하고 있다. 일반리츠제도가 활성화되지 못함에 따라 당장 문제가 되는 것은 구조조정리츠의 exit program 부재로 구조조정리츠회사의 存續期間이 끝나는 시점에 유동성 위기가 도래할 수 있다. 즉, 일반리츠제도가 정착되지 못한 상태에서 구조조정리츠회사의 존속기간이 만료되었을 경우 보유하고 있는 부동산을 매각하여야 하는데 매각물건을 매입할 수 있는 수요자가 없으므로 새로운 유동성 위기가 초래될 수 있다는 것이다. 또한 부동산투자회사 제도가 제대로 정착되지 못할 경우 투자자의 실망과 함께 어렵사리 마련한 부동산시장의 先進化 및 高度化의 기회와 우리 나라 부동산시장의 수준을 한 단계 올려놓을 수 있는 기회를 잃게 되는데 이는 국민 경제의 입장에서 상당한 손실이 아닐 수 없으므로 기업구조조정을 성공적으로 이끌어내고 주먹구구식에다 투명하지 못했던 과거 부동산 투자방식을 장기적·안정적으로 透明化·科學化·效率化·健全化시킴으로써 부동산시장이 발전할 수 있는 土臺가 될 수 있도록 REITs제도를 활성화시켜야 한다. 따라서 본 연구에서는 부동산투자회사법 시행에 따른 제도 및 운영의 모순점을 찾아내어서 건전한 투자기회 제공과 국민경제 발전에 貢獻할 수 있는 부동산투자회사(REITs)제도로 발전시키고 활성화하기 위하여 필요한 제도개선 및 운영방안을 구체적으로 제시하겠다. 또한 일반리츠회사 설립인가를 준비하는 회사들이 성실한 자세로 리츠시장에 참여하고 책임감 있는 자산운용으로 높은 투자수익률을 확보할 수 있도록 하는 한편 일반투자자들이 리츠의 특성을 정확하게 이해하고 투자할 수 있도록 하며 어렵게 도입한 제도가 올바르게 정착될 수 있도록 정부는 조세지원 등을 비롯한 정책지원 및 인프라 구축지원을 지속적으로 제공하여야 한다는 논리를 제시하였다.