不動産 리츠(REITs)의 活性化 方案에 관한 硏究 = Real Estate Investment Trust Securities

다국어 초록 (Multilingual Abstract)

Real Estate Investment Trust Securities
It could have many opportunities to be constituent a lot of economical raises by introducing REIT’s system on July, 2001.
But, REIT's system causes to show the situation of present because there are many problems with system of Government.
In American occasion, the REIT's company has offered higher dividend steadily than general stocks as repeats the years, and offers rise of stock price which is liquidity of Price-Earning Ratio that is in the second place for blue-chip stocks through real estate (properties), plus it is excellent investment service product which is accompanied with stabilities.
In opened stock market, it is recognized by product which has always investment funds in stock market for long few decades.
That is anytime usable to be supplied investment funds.
Financial markets of Korea already have been succeed in gaining of funds(174 billions in 2002) with Real Estate Investment Trusts different from REIT’s.
The bank of Kukmin sold 4 products with 93 billions, the bank of Chohung did a product with 65 billions, and the bank of Hana did 2 product with 16 billions.
These products have been profited from 8.7~12% for expired
1 to 1.5-year, and it shows good alternative to investors who didn’t find in investment market due to low interest and unstability of stock market.
However, it has difficulty of mobility guaranty because REIT’s can’t draw out deposit until expiration of a term.
In the case of our country, is expected that profit of minimum 8 ~ 10% can compete feasible solution with bank saving in investment in real estates.
Considering that 3% of use commission here better, request essential earning rate amounts to 11 ~ 13% getting more.
Then, goods of target real estate that can satisfy request profit of annual 11 ~ 13% is expected by a little thing except real estate (apartment and big building department store for commerce etc.) of decimal of big city such as Seoul.
However, clearly speaking, enforcement of REIT's system has accomplished creation of demand influence that invests into real estate by scientific and reasonable way, and it'll become good plan that can solve the economically problems of country.
It is desirable that minimize of direct intervention under opened market that our country intends after Economic policy is limited than past one.
Specially, economic policy which supplied special part directly is not guarantee of efficiency but hard to execute except extremely exceptional situation.
But, it is necessary to make a competitive economic base for overcome an economic crisis and cement new development motive, and active role of governmental is contributed by reducing errors and costs.
Foreign countries already had trial and error to execute of Real estate indirect investment system.
But it is on operating successfully to settle own country of system now.
Our country also must minimize errors, and successfully settle real estate investment company.
Therefore, hope that it accomplishes restructuring of enterprise and financial agency successfully.
The REIT's has several problems clearly, but there are a lot of advantages.
Both Government and related business organizations will have to try actively so that public investors can invest into REIT's Goods everybody by easily activating this.
If REIT's has been settled effectively in stock market, Real Estate Investment Company System might fix successfully as mutual funds effectively succeeds in popularization in stock market.
To achieve these target, more researches further may have to be achieved about Real estate investment company system.

목차 (Table of Contents)

• 제 1 장 서론 = 1
• 제 1 절 연구의 배경 및 목적 = 1
• 제 2 절 연구의 범위 및 방법 = 3
• 제 2 장 부동산 REIT's에 관한 이론적 고찰 = 4
• 제 1 절 REIT's의 개념과 종류 = 4
• 1. REIT's의 개념 = 4
• 2. REIT's의회사 형태별 종류 = 5
• 3. REIT's제도 도입의 배경 = 5
• 4. REIT's회사의 구조 = 8
• 제 2 절 REIT's회사의 장 · 단점 = 12
• 1. REIT's회사의 형태별 장 · 단점 = 13
• 2. 일반 REIT'회사와 CR REIT's회사의 공통점과 차이점 = 14
• 제 3 절 주요국의 REIT's제도 = 17
• 1. 미국의 REIT's제도 = 17
• 2. 호주의 REIT's제도 = 21
• 3. 일본의 REIT's제도 = 23
• 4. 주요국 REIT's제도의 비교 = 27
• 제 3 장 우리나라 REIT's의 현황과 문제점 = 30
• 제 1 절 우리나라 REIT's의 현황분석 = 30
• 1. 부동산투자회사법 개정내용 = 30
• 2. 국내 부동산투자에 대한 현황과 수익률에 대한 조사 = 34
• 제 2 절 REIT's회사의 여러 가지 문제점 = 40
• 1. 운영상의 문제점 = 40
• 2. 부동산 조사제도의 문제점 = 41
• 3. 투자자 보호의 문제점 = 42
• 4. REIT's시장의 문제점 = 44
• 제 4 장 우리나라 REIT's회사의 활성화 방안 = 46
• 제 1 절 운영상의 활성화 방안 = 46
• 1. 현물출자의 허용 및 차입운용의 부분적 허용 = 46
• 2. 투자자산의 물색 및 수익률제고 = 47
• 3. 자산보관의 위탁문제에 관한 보완책 = 48
• 제 2 절 세제상의 혜택부여방안 = 49
• 1. 자산양도자에 대한 세제혜택 = 49
• 2. 부동산 투자회사에 대한 세제혜택 = 49
• 3. 투자자에 대한 세제혜택 = 52
• 제 3 절 투자자 보호 장치 마련방안 = 52
• 1. 전문인력의 양성방안 = 53
• 2. 부동산 정보체계의 구축 및 평가주체의 공신력 제고 방안 = 55
• 제 4 절 그 외 REIT's제도의 위험요소 및 대응방안 = 60
• 제 5 절 REIT's회사의 활성화를 위한 시사점 = 62
• 제 5 장 결론 = 64
• 참고 문헌 = 70
• 영문요약 = 74