不動産 펀드의 活性化 方案에 관한 硏究 = A Study on the Activation of Real Estate Fund

다국어 초록 (Multilingual Abstract)

In January, 2004, a new law titled "Indirect Investors' Asset Operation Law" was enacted by incorporating the provisions about asset operation dispersed in "Stock Investment & Trust Law", "Stock Investment Firm Law", "Trust Law" and "Insurance Law". This new law adopts an advanced principle of regulations, while providing for diverse funds for asset operation businesses, to create a new opportunity for asset investments.
Such indirect investment funds encompass diverse funds including stock funds, derivative commodities and real asset funds, and among them, the real estate funds invested in real estates attract investors most. As the real estate fund system has been introduced by "Indirect Invested Assets Operation Law", various real estate funds are being actively operated including "MAPS Frontier Real Estate Fund" and "Rich Daddy All Sky Real Estate Trust", and thus, the conventional REITs has come to be recognized as its competitor. Now, the real estate indirect investment markets are bisected into corporate type REITs and contract type real estate funds.
In such circumstances, this study was aimed at comparatively analyzing REITs and real estate funds and reviewing the US cases of real estate funds to gain insights into indirect real estate investments and address the problems and suggest their solutions.
The results of this study can be summarized as follows;
First, it was found that our domestic real estate indirect investment markets had some structural problems making it difficult to locate the proper real estates for commodity structuring. In order to solve such problems, it is necessary to make use of financial institutions' fund management systems and real estate trust systems to develop the real estates with the project loans separate from developers and with the development risks shared among participants, while locating profitable real estates through an organistic linkage between real estate indirect investment trust funds and real estate investor firms.
Second, in order to operate the real estate funds effectively and make correct investment judgements, some objective criteria should be set to have the fund operation and investment judgement based on various real estate indices and research data. Just as relevant associations or research special institutes prepare various indices based on the raw data served by relevant organizations and publish them periodically, our Chamber of Commerce and Industry or Appraisal Board is requested to play a leading role in establish the criteria and network for a precise collection of raw data. If research data can be regularly produced by real estate investment consulting organizations and its appraisal institute combined, real estate indices will be more precise.
Third, lack of professionalism must be a core problem in the real estate indirect investment markets. In case of REITs asset management firms specialized in rental real estate investments, such teams as Portfolio Management, Property Management, Risk Management and the like are organized under department of asset management are operating the assets in a professional way by recruiting the professionals of each discipline, and in case of real estate investment trust funds specialized in fiancing the real estate development projects, even real estate managements are interlinked effectively with the real estate developments.
Fourth, in order to attract the investors in real estate indirect investment commodities, an optimal rate of profits must be a key, and it is much affected by such incentives as tax reductions or exemptions. However, because it is still at its earlier stage, our domestic real estate indirect investment markets are regulated more than supported by incentives in fear of a confused market order. Considering that real estate indirect investments serve to form a sound real estate investment market, it is urgent to expand the real estate indirect investment markets and to do so, it is essential to give positive tax incentives to the real estate indirect investment commodities.
Lastly, what is most important to activate the real estate funds is to timely locate the lucrative real estates which can create proper profits. Thus, in order for the real estate funds to issue the real estate indirect investment bonds continuously and thereby, help activate the real estate indirect investment markets, it is more desirable to locate the real estates ensuring a stable and predictable profit rather than risky but highly profitable ones and thus, assure investors of some optimal profit rate.

목차 (Table of Contents)

• 제1장 서론
• 제1절 연구의 배경과 목적 = 1
• 제2절 연구의 범위 및 방법 = 2
• 제2장 부동산 펀드에 대한 이론적 고찰
• 제1절 부동산 간접투자제도 = 4
• 1. 부동산 간접투자의 정의 = 4
• 2. 부동산 간접투자 시장의 발전단계 = 5
• 3. 부동산 간접투자제도의 비교 = 8
• 제2절 부동산 펀드의 개요 = 11
• 1. 부동산 펀드의 도입 배경 = 11
• 2. 부동산 펀드의 개념 = 14
• 3. 부동산 펀드의 구조 = 16
• 4. 부동산 펀드의 수익구조 및 위험 = 20
• 5. 공모펀드와 사모펀드 = 23
• 제3절 부동산 투자신탁과 리츠(REITs) = 24
• 1. 부동산 투자신탁 = 24
• 2. 리츠(REITs) = 28
• 제3장 부동산 펀드의 실태분석
• 제1절 미국의 부동산 펀드 시장 = 31
• 1. 미국 부동산 투자 시장 규모 = 31
• 2. 수익률 및 실적 = 32
• 3. 자산포트폴리오 전략 = 35
• 4. 미국 REITs의 자산관리체계 변화 = 37
• 5. 미국 펀드시장이 주는 시사점 = 40
• 제2절 우리나라 부동산 펀드의 현황 = 41
• 1. 부동산 펀드의 상품의 분류 = 41
• 2. 부동산 펀드의 설정사례 = 44
• 3. 부동산 펀드의 자산운용사항 = 51
• 4. 부동산 펀드와 리츠(REITs)의 비교 = 53
• 제3절 부동산 투자회사의 현황 = 56
• 제4장 부동산 펀드의 문제점 및 활성화 방안
• 제1절 부동산 펀드의 문제점 = 62
• 1. 관련규제법규 = 62
• 2. 등기 및 세제 관련한 문제점 = 62
• 3. 자산운용관련 전문성 부재 = 63
• 4. 리스크 관리에 대한 문제 = 64
• 제2절 부동산 펀드의 전망 = 65
• 1. 시장규모의 전망 = 67
• 2. 시장참가자들의 전망 = 69
• 3. 시장의 변화 가능성 = 71
• 제3절 부동산 펀드의 활성화 방안 = 72
• 1. 간접투자법으로의 일원화 = 72
• 2. 세제지원 필요 = 73
• 3. 전문인력 확보 = 73
• 4. 리스크 관리의 개선 = 74
• 제5장 결론 = 83
• 참고문헌 = 85
• ABSTRACT = 88