국내 부동산신탁회사 효율성 및 생산성 개선방안에 관한 연구 = A study on the improvement of efficiency and productivity of Korean real estate trust companies

국문 초록 (Abstract)

국내 부동산신탁 시장은 1991년 부동산신탁제도의 도입 이후 지속적으로 확대되어 왔으며, 향후 대형 부동산사업의 투명성 및 안정성 확보 차원에서 그 활용도는 더욱 증대될 것으로 예측된다. 그러나 부동산신탁회사들의 급격한 양적 성장 이후 수익성이 저하되고 있으며, 전체 기업에 대한 부채 비율이 확대되고 요주의이하 신탁계정대여금 비율이 증가하는 등 재무 건전성 역시 악화되고 있는 추세이다.

따라서 본 연구에서는 다양한 사업수행환경 변화에 따른 국내 부동산신탁업계의 수익성과 안정성 하락 문제 해결을 위해서 관련 기업의 효율성 및 생산성에 대한 우선적 개선이 필요할 것으로 판단하였으며, DEA(Data Envelopment Analysis)와 Malmquist 생산성지수를 활용하여 국내 부동산신탁회사의 효율성과 생산성을 정량적으로 분석하고 이를 바탕으로 시사점 및 개선방안을 제시하였다.

DEA 수행 결과 국내 부동산신탁업의 효율성은 전반적인 감소 추세에 있으며, 향후 주택경기 하락 및 부동산시장 규제 강화 등 위험요인이 확대될 것으로 예측됨에 따라 이에 대한 대응방안이 필요한 것으로 분석되었다. 특히, 국내 부동산신탁회사의 비효율 원인을 분석한 결과 ‘규모비효율’ 비율이 높은 것으로 도출되었으며, 해당 기업들의 경우 투입요소의 적절한 관리 및 과다 투입 지양이 필요할 것으로 판단된다. 따라서 비효율적 기업에 대한 효율성 제고 방안으로 벤치마킹 대상 및 경로를 제시하였으며, 이를 통한 기업별 단･중장기 효율성 제고 전략 수립이 가능할 것으로 사료된다.

Malmquist 생산성지수 분석결과 부동산신탁회사별 TECI(Technical Efficiency Change Index) 및 TCI(Technical Change Index)가 상이한 특성을 보이는 것으로 분석되었다. 이에 본 연구에서는 국내 부동산신탁회사를 TCI 및 TECI 값에 따라 분류하고 기업별 시사점과 생산성 개선방안을 제시하였다.

다국어 초록 (Multilingual Abstract)

The domestic real estate trust market has been steadily expanding since the introduction of the real estate trust law and it is expected that will be further increased in order to secure transparency and stability in large projects. However, after the rapid growth of the real estate trust companies, the debt ratio to the entire corporation has increased and the proportion of loans under the precautionary trust account has increased, thus the financial soundness is deteriorating.

Therefore, in order to solve the problems of stability and profitability of domestic real estate trust industry due to various business environment changes, it is necessary to improve the efficiency and productivity of related companies. In this study, efficiency and productivity of domestic real estate trust companies were measured using DEA (Data Envelopment Analysis) and Malmquist Productivity Index.

As a result of the DEA analysis, the efficiency of the domestic real estate trust industry is on the decline overall, and it is necessary to take into consideration the risk factors such as the housing market downturn and strengthening regulations on the real estate market. In particular, the inefficiency factor of domestic real estate trust companies was analyzed and it was found that the ratio of 'scale inefficiency' was high. it is considered that those companies need proper management of inputs and excessive input. In addition, this study suggests a benchmarking path for efficiency improvement for companies analyzed as inefficient. This can be used to establish a strategy to improve the efficiency of short- and long-term companies.

According to 'The Malmquist Productivity Index' analysis shows that the Technical Efficiency Change Index (TECI) and the Technical Change Index (TCI) have different characteristics by companies. Therefore, this study classifies real estate trust companies according to TCI and TECI values, suggests implications and suggests ways to improve productivity.

목차 (Table of Contents)

• 요약 ··································································································································ⅰ
• 표목차 ······························································································································ⅳ
• 그림목차 ··························································································································ⅴ
• 1. 서 론 ·····························································································································1
• 1.1. 연구의 배경 및 목적 ························································································1
• 1.2. 연구의 범위 및 방법 ························································································3
• 2. 선행연구 분석 ·············································································································5
• 2.1 부동산신탁 관련 선행연구 ···············································································5
• 2.2 DEA 및 Malmquist 생산성지수 분석 관련 선행연구 ·································10
• 3. 이론적 고찰 ···············································································································14
• 3.1 부동산신탁의 정의 및 의의 ···········································································14
• 3.1.1 토지신탁 ··································································································15
• 3.1.2 담보신탁 ··································································································16
• 3.1.3 관리신탁 ··································································································17
• 3.1.4 처분신탁 ··································································································17
• 3.2 국내 부동산신탁 현황 ·····················································································18
• 3.3 분석 모형 선정 ·································································································26
• 3.4 효율성･생산성의 정의 및 분석 모형 ···························································28
• 3.4.1 효율성 및 생산성의 정의 ····································································28
• 3.4.2 DEA(Data Envelopment Analysis) 모형 ·············································29
• 3.4.3 Malmquist 생산성지수 모형 ·································································32
• 4. 조사 및 분석 ·············································································································33
• 4.1 변수선정 및 데이터수집 ·················································································33
• 4.2 정규성 검정 및 상관관계 분석 ·····································································36
• 4.3 DEA(Data Envelopment Analysis) 결과 ·······················································40
• 4.3.1 시사점 및 효율성 개선방안 ································································46
• 4.4 Malmquist 생산성지수 분석결과 ···································································49
• 4.4.1 시사점 및 생산성 개선방안 ································································51
• 4.5 효율성 및 생산성 상관관계 분석 ·································································55
• 5. 결 론 ···························································································································58
• 참고문헌 ··························································································································60
• 영문초록(Abstract) ·········································································································67