不動産投資會社(REITs)의 改善 및 活性化 方案 = (A) Study on the Activation Strategy of REITs System

다국어 초록 (Multilingual Abstract)

The situation of the domestic real estate market has a lot of change comparing with the beginning of the discussion on the introduction to the REITS system. The crisis for foreign exchange make the open market interest rate raised up to more than 20%, but now the real interest rate is decreased at minus level so that the person who makes a living with the interest income is in a difficult situation, While the introduction to the REITS system is discussed, the companies and investors ready for the REITS system expected the high earning rate because of the longing and the excessive expectation for the myth of real estate prices before nineties.
As they grasp the information about the REITS system and the situation of money market in these days, they tend to change their aims at steady earning of reasonable level. And the company investors who had interest with the general REITs for the benefit free of tax turns their interest at the restructural REITs. Any partial efforts can not make a successful settlement of REITs system.
The companies who prepared the REITs should make use of with a quiet attitude and the responsibility, and the personal investors should understand the character of REITs exactly and invest their money and also the government needs to supply various institutional and politic aids to settle the REITs system as well.
Therefore, treatise that see settles REITs system at early time and there is the purpose to grope activation way.
Use way of REITs system and system and improvement way for croaker fixing and activation of REITS system are as following.
First, because REITs activation is urgent to rescue introduction meaning of REITs system, must give corporate tax exemption benefit such as CR-REITs about 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 infor and development businessman etc. with other investments in real estates means that can back creation and this of stable profit through special real estate opreation ability improvement.
Forth, 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.
As examine in strangeness, must try activery in government, connection institution, related business circles so that can become fast corporate restructuring and investment opportunity extension about investing public and transparent economy use etc. inflecting well REIT's

목차 (Table of Contents)

• 목차
• 제1장 序論 = 1
• 제1절 硏究의 目的 및 必要性 = 1
• 제2절 硏究의 範圍 및 方法 = 3
• 제2장 不動産投資會社(REITS)의 一般的 考察 = 5
• 제1절 不動産投資會社의 槪要 = 5
• 1. 부동산투자회사의 의의 및 도입목적 = 5
• 2. 부동산투자회사의 시행 경과 = 7
• 제2절 不勳産投貸會社의 構造 및 特徵 = 9
• 1. 不動産投資會社의 구조 = 9
• 2. 不動産投資會社의 特徵 = 11
• 제3절 不動産投資會社의 장ㆍ단점 = 12
• 1. 不動産投資會社의 장점 = 12
• 2. 부등산투자회사의 단점 = 15
• 제3장 不動産投資會社의 制度 및 運營實態 分析 = 17
• 제1절 不動産投資會社의 制度的 實態 = 17
• 1. 일반 리츠(부동산투자회사) = 18
• 2. CR리츠(기업구조조정부동산투자회사) = 23
• 제2절 不動産投資會社의 운영상 실태 = 27
• 1. 리츠시장의 현황 = 27
• 2. 리츠시장의 전망 = 30
• 제3절 제외국의 제도 및 운영상 실태 = 34
• 1. 미국의 부동산투자회사(REITs) = 34
• 2. 호주의 LPT = 40
• 3. 일본의 SPC = 46
• 4. 각국 리츠제도의 시사점 = 53
• 제4장 不動産投資會社의 개선 및 活性化 방안 = 56
• 제1절 不動産投資會社의 問題點 = 56
• 1. 制度에 대한 인지도 부족 = 56
• 2. 제도의 과도한 제약 = 57
• 3. 투자운용의 不透明性 = 58
• 제2절 不動産投資會社의 개설방안 = 59
• 1. 리츠의 안정적 수익 강조 = 59
• 2. CR리츠와 일반리츠의 형평성 고려 = 61
• 3. 상장주식의 공정한 평가 및 道德的解弛 防止 = 62
• 4. 자산운용전문인력 양성하여 公信力 提高 = 63
• 5. 私設類似機關의 난립 단속 = 64
• 제3절 부동산투자회사의 活性化 방안 = 64
• 1. 일반리츠 이중과세문제 해결 = 64
• 2. 投資者 보호 장치의 강화 = 67
• 3. 전략적 리츠 운영 = 71
• 4. 리츠설립을 유인 할 수 있는 법적 배려 = 76
• 5. 制度 緩和 = 79
• 6. 개발형 리츠 도입 고려 = 82
• 제5장 結論 = 84
• 參考文獻 = 86
• ABSTRACT = 89