現行 REITs制度의 問題點 및 改善方案에 관한 硏究 = (A) Study on the Issue & Improvement of Real Estate Investment Trust System

다국어 초록 (Multilingual Abstract)

The REITs are real estate investment demands that are more scientific and more reasonable. In the market, a reasonable demander can make a supplier reasonable as well, and the market where supplier and demander think and behave rationally can be more easily stabilized.
For the successful implementation of the REITs system, efforts to tackle defects in the system should be necessary, in addition to full support from the government.
First, the reason that government limited investment in kind as an activating plan is because the total assets can be elvaluated high excessively. But government needs to consider introduce the U.S. UpREITs or DownREITs gradually to activate the REITs system and make the maximum of investment earnings.
Second, as a plan for training specialized expects government shoud endow the investment analysis institution with the public confidence and CCIM is needed to develop the REITs system. If the institution for real estate investment analyst is hard to introduce confidence right now, government can use to give the license to real estate identifier who is trained from govern educational institution during a regular term.
Third, government should introduce the institution on taxation and prevent general investment companies from groaning under heavy burden taxtation to make a valance with indirect properties. And the tax rate need to reduce at the leveal of CR-REITs.
Forth, the the most important thing for the activation of the REITs system is construction and opening of information infra SUCS as real eastate investment index as soon as possible. Because the lack of public confidence about REITs properties make investor' interest be reduced their concerns about the REIYs, we expect the activation of the REITs system.
Fifth, a wide range of protective devices is needed to attract as many investors as possible. Measures to protect investors may include the disclosure of information on REITs, the prevention of REITs' moral hazard and the strengthening of supervision.
Lastly, the entrustment of investment assets should be taken into consideration. According to the Real Estate Investment Trust (REIT) Act, investment assets should be entrusted to a specific institution. This is intended to prevent asset mismanagement or illegal practices by the management of REITs, thereby protecting investors. From the financial point of view, regulations on escrow account seem necessary in order to complement the existing investor protection system. In this light, compulsory provisions that expressly state the use of escrow account at the time of real estate acquisition should be promptly laid down.
As above, the REITs system has both merits and demerits. In order to galvanize the sys tem, therefore, the government and relevant authorities or industries should make all-out efforts, such as the development of REITs products easily available to ordinary investors, the securing of tax sources through the enhancement of transparency in asset management, etc. Without these efforts, no satisfactory results--whether they are social or economic--would be gained from the implementation of the REITs system.

목차 (Table of Contents)

• 목차 = ⅰ
• 第1章 序論 = 1
• 第1節 硏究의 背景 및 目的 = 1
• 第2節 硏究의 範圍 및 方法 = 3
• 第2章 REITs制度의 理論的 考察 = 5
• 第1節 REITs制度의 槪念·機能 및 效果 = 5
• 1. REITs制度의 槪念 = 5
• 2. REITs制度의 機能 = 6
• 3. REITs 制度의 效果 = 8
• 第3節 REITs의 分類 = 11
• 1. 投資對象에 따른 分類 = 11
• 2. 投資對象 制限 與否에 따른 分類 = 12
• 3. 借入(Leverage)活用 與否에 따른 分類 = 12
• 4. 存續期限 與否에 따른 分類 = 13
• 5. 還買與否에 따른 分類 = 13
• 第3章 外國 不動産投資會社制度의 檢討 = 15
• 第1節 美國의 REITs 制度 = 15
• 1. 發展過程 = 15
• 2. 美國 不動産投資會社(REIT's) 現況 = 16
• 第2節 日本의 不動産投資會社制度(SPC,J-REIT's) = 17
• 1. 發展過程 = 17
• 2. 日本 不動産投資會社(J-REIT/s) 現況 = 20
• 第3節 濠淵의 上場不動産信託證券制度 (LPT) = 21
• 1. 發展過程 = 21
• 2. 濠洲 上場不動産信託證券(LPT) 現況 = 23
• 第4節 外國 不動産 投資會社制度의 比較 = 24
• 第5節 外國 不動産投資會社制度의 比較에 따른 示唆點 = 25
• 1. 各國의 導入背景과 政策的 配慮 = 25
• 2. 美國의 REITs産業의 成功秘結 = 26
• 第4章 우리나라 REITs制度의 檢討 = 27
• 第1節 導入背景 및 導入過程 = 27
• 1. 導入背景 = 27
• 2. 導入過程 = 28
• 第2節 不動産金融制度의 內容 및 比較 = 30
• 1. 不動産金錢信託 = 30
• 2. 資産流動化證券 (ABS : Asset Backed Securities) = 34
• 3. 住宅抵當債券 (MBS : Mortgage Backed Securities) = 34
• 4. 不動産間接商品의 比較 = 36
• 第3節 REITs法의 內容 考察 = 37
• 1. 總則 = 37
• 2. 不動産投資會社의 設立 및 機關 = 39
• 3. 不動産投資會社의 株式과 株主 = 44
• 4. 資産의 投資·運用 = 47
• 5. 不動産投資諮問會社 (법 제23조, 영 제15조∼17조) = 55
• 6. 資産保管의 委託 = 56
• 7. 其他 = 57
• 8. 企業構造調整 不動産投資會社 = 58
• 9. 一般 REITs와 CR-REITs의 比較 = 64
• 10. 우리나라 不動産投資會社制度와 外國制度 比較 = 65
• 제4절 우리나라 REITs制度의 現況 = 66
• 1. 不動産投資會社 = 66
• 2. 不動産投資會社法 改定方向 = 67
• 3. 企業構造調整 不動産投資會社 = 69
• 4. 不動産投資諮問會社 = 73
• 5. 資産管理會社 = 73
• 6. CR-REITs, 일반 REITs와 定期預金과의 收益率比較 = 75
• 第5章 現行 REITs制度의 問題點 및 改善方案 = 79
• 第1節 現行 REITs制度의 問題點 = 79
• 1. 運營上의 問題點 = 79
• 2. 專門 人力의 不足 = 80
• 3. 稅制惠擇上의 問題點 = 81
• 4. 情報인프라 不足 및 資産評價 主體의 公信力 不足 = 83
• 5. 投資者의 損失發生 憂慮 = 84
• 6. 資産保管의 委託問題 = 84
• 제2절 現行 REITs制度의 改善方案 = 85
• 1. 運營上 活性化 方案 = 85
• 2. 專門 人力의 養成方案 = 89
• 3. 稅制上의 惠擇賦與 = 92
• 4. 不動産 情報體系 구축 및 評價主體의 公信力 提高 = 96
• 5. 投資者 保護裝置 마련 = 100
• 6. 資産保管의 委託問題에 관한 補完策 = 102
• 第6章 結論 = 103
• 參考文獻 = 106
• ABSTRACT = 110