리츠 참여자의 중복적 지위가 자본구조에 미치는 영향 = A Study on the Effects of REITs Participant’s Dual-Holders on Capital Structure

다국어 초록 (Multilingual Abstract)

Each participant in the REITs forms an dual-holders status in addition to its original status in order to maximize profit through negotiating power enhancement. This study examines the effect of the dual-holders status of participants on the capital structure of REITs, which is observed in the Korean REITs developed by the private model. In addition, we examine financial factors that affect debt ratio based on traditional capital structure theory. The dual-holders status of the participants includes simultaneous investment which make loans and equity investment, strategic tenants who invest in equity along with leases, re-engagement in leasing and equity investment after asset sale, and equity investment by asset management companies.
The results obtained through empirical analysis are as follows. First, the size factor of the Korean REITs supported the trade-off theory and the profitability factor supported the pecking order theory. Second, when institutional investors acted as largest shareholder of REITs, debt ratio decreased. Third, the presence of simultaneous investors reduced use of debt, but the presence of strategic tenants increased debt use. In the future, the Korean REITs market is expected not only to appear large-sized and listed REITs but also to be used for government policies. This study would provide implications for participants including asset managers in order to activate the Korean REITs market.

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