不動産信託業 發展方案에 관한 硏究 : 不動産信託業界 現況分析 및 活性化方案을 中心으로 = (A) Study on the Developments Plan of Real Estate Trust Business : Focusing on Present Condition of Real Estate Trust Business Activation Plan

다국어 초록 (Multilingual Abstract)

In 1991 Real Estate Trust Business was introduced in order to settle down the sudden rise of the real estate price in late 1980s and support efficient land use. So Real Estate Trust Business took an import role in real estate market and had grown very rapidly until Korea asked IMF Aid in 1997. It made a couple of the real estate trust company go bankrupt and restructured under the government coverage.
Although the situation of Real Estate Trust Business is unstable nowadays, the main purpose of Real Estate Trust System can be accomplished when it comes to own and guarantee its specialty and independency. But until now it's hard to find a outstanding change or accomplishment in this business because the Assisting and Restructuring Plan on Real Estate Trust Business has focused on the individual company like a work-out plan.
This study is to suggest the activation plan of Real Estate Trust Business which is based on considerate analysis of the present business conditions. The activation plan tells the problems of the present Real Estate Trust Business System and their recovery plans for meeting its own purpose and a fine circulation of Real Estate Trust Business. Those are inferred from the numerical data to extract more confident result.
As the existing papers have researched into the exterior factors like social and institutional problems, this study focuses on the more interior factors derived from a financial supply system and a Real Estate Trust company itself.
The main factors which brought the present crisis and problems are as followed.
First, the short term financial supply system has brought the crisis of the Real Estate Trust Business. However the real estate development takes 2 or 3 years, the Real Estate Trust companies have loaned the money that was supposed to be paid within 1 year. So the mismatch of the cash flow has brought a liquidity and interest rate risk to those companies and those risky factors were realized as a great loss after IMF financial crisis.
Second, the Real Estate Trust companies themselves have brought the crisis. Most companies are owned by public enterprises those were found by government subsidies. It made the companies be lack of professional personnel and managed inefficiently. Furthermore the companies tired to expand business volume comparing their financial ability and the high credit of the Real Estate Trust company that was given by publicity made it possible. As a result the Real Estate Trust company has whole obligation for the all projects, so the risk of each projects can not be separated one by one.
Third, the incomplete independency of trusted asset has effected stable management of Real Estate Trust Business. However the trusted real estate asset can have its own independency, financial assets aren't guaranteed independency by law. It made the projects interrupted when they come to meet legal conflicts.
As a result of this study, the activation plan has complement for the problems above.
The results are as followed.
First, Using and Creating various financial supply system can help stable management of the Real Estate Trust company. As for it project financing, ABS, REITs can be considered as a more improved financial supply system. Project financing can help the company to contact the money market directly in order to use long term debt with low cost.
Second, Restructuring Real Estate Trust Business is the basic remedy for a inefficient financial system and management. In details one of the restructuring method is to increase company's capital by way of private side. it can change the corporate governing structure and make the Real Estate Trust company as a private one. this can help company's management system more competent. Another is to let the financial holding company have the Real Estate Trust companies. It creates synergy effect of finance and real estate business. Besides giving juridical person to trusteed financial account and opening Real Estate Trust Business Market are required.
Third, establishing SPC is a one way to protect trusteed assets and have financial service easily. It suggests that the Real Estate Trust company should put the financial assets on the SPC for the project. Then SPC can protect the trusteed assets completely and project financing can be applied easily.
Forth, the change of Real Estate Trust company itself are required. Lots of innovations and reforms like training professional personnel, creating new business plan, apparent management, and professional risk management of each project should be accomplished and executed continuously.
As performing the development plan above Real Estate Trust Business should be reborn and meet its purpose.

목차 (Table of Contents)

• 목차
• 第1章 序論 = 1
• 第1節 硏究의 目的 = 1
• 第2節 硏究의 方法 및 範圍 = 3
• 第2章 不動産信託에 대한 理論的 考察 = 5
• 第1節 不動産信託의 意義 = 5
• 1. 信託의 槪念 및 類型 = 5
• 2. 信託의 特性과 機能 = 10
• 3. 信託과 다른 財産管理制度 比較 = 18
• 第2節 各國의 不動産信託制度 = 26
• 1. 槪要 = 26
• 2. 各國의 不動産信託制度 = 27
• 第3章 不動産信託業界 現況分析 = 45
• 第1節 不動産信託業界 現況 = 45
• 1. 不動産信託業界 現況 = 45
• 2. 不動産信託業界 功過評價 = 71
• 第2節 不動産信託業界 現況分析 = 74
• 1. 分析의 前提 = 74
• 2. 短期借入構造에 따른 資金調達問題 = 75
• 2. 不動産信託業界 自體要因 = 78
• 3. 信託財産 獨立性 保護問題 = 83
• 第4章 不動産信託業 發展方案 = 85
• 第1節 不動産信託業 發展展望 및 發展方向 = 85
• 1. 不動産信託業 發展展望 = 85
• 2. 不動産信託業 發展方向 = 88
• 第2節 不動産信託業 發展方案 = 91
• 1. 前提 = 91
• 2. 資金調達方法改善 = 91
• 3. 不動産信託業界의 再編과 支配構造改善 = 94
• 4. SPC를 活用한 信託財産保護와 資金調達機能確保 = 98
• 5. 不動産信託業界 自求方案 = 102
• 第5章 結論 = 107
• 參考文獻 = 112
• ABSTRACT = 115