不動産投資信託制度의 導入과 展望에 관한 硏究 = (A) study on the introduction and prospect of reits in Korea

다국어 초록 (Multilingual Abstract)

The Real Estate Investment Trusts(REITS) in Korea is meaningful that it would contribute to overcome the situation of the devaluation of assets price occurred due to economic crisis of IMF, and accelerate the restructuring of firms and financial institutes, moreover, completes the securitization of real estate which was introduced in 1988.
The securitization of Korea's real estate is now at the fixed stage as Korea Land Corporation and private firms have already introduced the ABS with enactment of ABS law, and the housing financial company was founded in charge of government by the proclamation of MBS company law on September 1999. However, it was not positively significant, because it was to accelerate transactions of ABS and MBS or securitization of housing finance. Owing to many problems to securitize ABS and MBS exist in Korea, these methods of real estate finance has limit to successfully overcome current economic difficulties and to have global competitiveness, along with the advancement of real estate investment.
This study emphasizes needs of REITS to be implanted in Korea, and states the policy implications from analysis on the REITS of US and France, LPT of Australia, SPC of Japan. In this study, we propose that both type of company like the REITS of US and type of trust like LPT of Australia need to be introduced, based on the survey of REITS in Korea.
It needs to clarify the institutional concepts of REITS, to prepare rules of real estate investment and its organization to protect investors including protection of moral hazards. To accelerate early REITS in Korea, it is necessary to exempt and lessen corporate tax and properties tax in relation to holdings and transactions of real estate. To enact REITS in Korea, both a special law of real estate investment company as type of company and real estate trust law as other type of trust were recommended.
When REITS is introduced, some people worry about the increase of real estate price, but it would not be serious to be considered. It seems that the price of real estate would be stable in the long run, if REITS is introduced, such that it would not be increased like the period of 1970s to 1980s when real estate price was sharply changed due to real estate market and financial market which was once divided.
In addition, the implementation of REITS in Korea would contribute to the effective schemes of acceleration of the restructuring of firms and financial institutes as well as the advanced financial market to be efficiently connected with real estate market through the securitization of real estate of REITS.
And this would provide the significant foundations to fairly distribute properties income with the chance of small amount of indirect real estate investment as well as to compose the portfolios of real estate products, and also accelerate the foreign investment into the Korean real estate market and increase of governmental tax-receipts as the information system is advanced so that any data of real estate can be clearly informed.

목차 (Table of Contents)

• 目次 = 1
• Ⅰ. 硏究의 目的과 方法 = 5
• 1. 硏究의 背景 및 必要性 = 5
• 2. 硏究의 範圍와 方法 = 8
• Ⅱ. 不動産投資信託制度 事例 = 9
• 1. 美國의 不動産投資會社(REITs) = 9
• 2. 濠洲 LPT = 28
• 3. 日本의 SPC = 35
• 4. 유럽의 不動産投資信託制度 = 48
• Ⅳ. 不動産投資信託制度 導入時 主要사항 檢討 = 52
• 1. 法的性格 및 根據 = 52
• 2. 投資對象과 業務範圍 = 53
• 3. 稅金 檢討 = 57
• 4. 情報公示 = 59
• 5. 會社形態 = 60
• Ⅴ. 不動産投資信託制度 導入 方案 = 64
• 1. 「증권투자회사법」 改正을 통한 도입 방안 = 64
• 2. 「信託法」 改正을 통한 도입 방안 = 65
• 3. 流動化專門會社를 이용한 도입방안 = 68
• 4. 特別法에 의한 도입 방안 = 69
• Ⅵ. 不動産投資信託制度 導入에 따른 效果와 向後展望 = 69
• 1. 導入效果 = 69
• 2. 制度導入에 따른 展望 = 72
• Ⅶ. 結論 = 76
• 附錄 = 78
• 1. 부동산투자회사법(안) = 78
• 2. 부동산투자신탁업법(안) = 98
• 參考文獻 = 112
• Abstract = 114