공간시장과 자본시장의 연결관계를 고려한 부동산시장 구조분석 = An Analysis of Real Estate Market , Structure Considering Interrelationship between Space and Capital Markets

다국어 초록 (Multilingual Abstract)

Much of research on real estate markets has focused either on space market or capital market. In fact, these two markets are highly interrelated: fundamental connections exist between the space market which determines rent and the capital market which determines asset price. However, there has been little research about this linkage, especially within a single metropolitan area. The purpose of this research is to identify the relationship and to explain the spatial rent and price variation within a metropolitan area, with using observable rent data unlike most previous studies that suffer from limitation of using rent proxies. The research explores the existence of the linkage, and the variation of rents and asset prices. This research recognizes the distinction between use decisions made in the space market and investment decisions made in the capital market. This research clarifies which factors affect rents and asset prices separately, and estimates the rents and prices simultaneously. The two-stage least squares method is applied to avoid a simultaneous-equations bias problem. The empirical results strongly support the hypothesis for the existence of the linkage. The results also show that rents are substantially determined by use decisions, whereas asset prices are determined by investment decisions. These results suggest that an understanding of underlying market structure contributes to conclusive findings.