Analysis on liquidity support policy of unsold new houses through utilization of CR-REITs

다국어 초록 (Multilingual Abstract)

Unsold new houses have increased before the financial crisis, and have steadily accumulated since domestic diffusion ratio of house exceeded 100%. From a long term point of view, it is important to liquidate unsold new houses and raise funds from the capital market till the housing market recovers because the accumulation of unsold new houses is a financial burden to the construction company and for that reason, the housing policies to support the liquidity of unsold new houses must be consistently available means. Therefore, the purpose of this study is to analyze the effectiveness of the government’s policy to support the liquidity of unsold new houses using CR-REITs from among these policies with system dynamics. Using the system dynamics model, this study finds the significance and limitation of the policy to liquidate unsold new houses using CR-REITs and suggests the measures to improve the policy.

목차 (Table of Contents)

• Chapter 1 Introduction 1
• 1.1 Research Background and Objective 1
• 1.2 Research Scope and Method 3
• Chapter 2 Preliminary Study 5
• 2.1 Current State and Problem of Unsold New Houses 5
• 2.2 Policies to Liquidate Unsold New Houses 10
• 2.3 Literature Review 14
• 2.4 System Dynamics 16
• 2.5 Summary 18
• Chapter 3 Policy Model Development 19
• 3.1 Stock and Flow Model 19
• 3.2 Construction Company’s Liquidity Model 21
• 3.3 Structure of CR-REITs 29
• 3.4 Policy Model Using CR-REITs 31
• 3.5 Summary 39
• Chapter 4 Policy Analysis 40
• 4.1 Positive Effect of Policy 40
• 4.2 Negative Effect of Policy 44
• 4.3 Alternative Policy 46
• 4.4 Summary 49
• Chapter 5 Conclusions 50
• 5.1 Results and Discussions 50
• 5.2 Contributions and Future Researches 52
• Reference 53
• Abstract (Korean) 58