공모 리츠 섹터별 수익성 영향요인 분석 : 미국 리츠 시장 중심으로

다국어 초록 (Multilingual Abstract)

The Korean public offering REITs market has been growing due to
government-led revitalization measures since its introduction in 2001.
However, it cannot be said that the qualitative and quantitative level of the
REITs market is not stable yet. In order to continuously develop the public
REITs market, commercialized analysis methodologies for which rate of
return indicators will be used from the investor's point of view of listed
REITs and through what to verify the validity of REITs investment. As a
business entity that plans and operates public REITs, it is necessary to
have a clear conviction and understanding of whether it should be pursued
from these strategies and perspectives.
Hence, the main objective of this study is to think about how to
structure assets from the perspective of business entities participating in
and how to develop REITs products with clear indicators.
The REIT return index can be divided into two concepts: the concept of
cash creation basis to check the operational performance and the concept
to check the value of the underlying assets constituting the REITs. This is
a regression analysis to identify the factors that influence the profitability
indicators of the price-to-earnings operating ratio (P/FFO,  ) and price to
net asset value ratio (P/NAV,  ) as dependent variables, respectively.
In order to specify the explanatory variables that affect this, in order to
specify the factors that can affect the performance of investment
management, it is divided into three categories: ① Efficiency ( ), ②
Stability ( ), and ③ Reliability ( ) to make them independent variables.
As a result of the primary regression analysis, it was found that the
efficiency ( ) variable had a large effect on the operating ratio ( ) of the
stock price and net profit. In the case of the price/net asset value ratio
( ), it was found that stability ( ) and reliability ( ) were affected, but
the overall explanatory power was somewhat weak.
As a result of performing a secondary regression analysis for each
sector corresponding to specialized and mixed types, there was a difference
in the effects of efficiency ( ) and stability ( ) in the case of the
price-net operating profit ratio ( ), and the effect on the mixed type
appeared to be larger. In the case of the price-to-net-asset value ratio
( ), there was a significant difference in reliability ( ), and it was found
that the effect on the specialized type was greater.
This study has a limitation though that the analysis was conducted
using data from the US REITs market due to the lack of data that can be
studied. The main focus of most research is on the investor. Interest and
protection for investors is of course very important. However, it is hoped
that many indicators and related studies that business entities can refer to
and use will be promoted so that they can actively participate in the
market to form a sound capital market.

국문 초록 (Abstract)

한국 공모 리츠 시장을 지속적으로 발전시키기 위해서는 상장된 리츠 수익률 지표를 무엇을 사용할 것인지 등 리츠 투자의 타당성을 검증할 수 있는 명확한 방법론이 필요하다. 따라서 본 연구는 공모 리츠 시장에 참여하는 사업 주체, 즉 운용사의 관점에서 자산을 어떻게 구성해야 할 지, 수익성을 무엇으로 정의하고 이를 관리하기 위해 무엇을 확인해야 하는가에 대해 명확한 지표를 제공하고자 한다.
리츠 수익성 지수는 영업실적을 확인하기 위한 개념인 P/FFO(주식의 PER에 해당)와 리츠를 구성하는 기초자산의 가치를 확인하기 위한 개념인 P/NAV(주식의 PBR에 해당)로 정의했다. 이에 영향을 미치는 설명변수는 ① 효율성, ② 안정성, ③ 신뢰성 측면에서 이를 확인할 수 있는 지표를 설정하여 분석을 수행하고자 한다. 또한 포트폴리오 형태가 단일 자산 기반의 전문형인지, 또는 다양한 자산 기반으로 구성된 혼합형지에 따라 수익성 영향 요인이 동일한지에 대해서도 추가적으로 분석하였다.
본 연구 수행시, 국내는 연구를 위한 데이터 양이 충분하지 않아 미국 리츠 시장의 데이터를 활용하여 분석을 실시하였다. 건전한 자본 시장을 구성할 수 있도록 사업 주체들이 참고 및 활용할 수 있는 지표와 관련 연구가 많이 추진되어 시장에 적극적으로 참여할 수 있도록 도움이 되길 희망한다.