부동산간접투자기관 현황과 활성화 방안

다국어 초록 (Multilingual Abstract)

Since the IMF crisis in 1997, new concepts and alternative policies have been required for trade and use of real estate by going through serious asset deflation. It indicates that the securitization, which is an indirect investment system of real estate, became an essential element as a new financial strategy in order to revitalize real estate market and improve liquidity of real estate in the process of restructuring enterprises and financial agencies. The introduction of 'Real Estate Investment Trusts (REITs)' system is considered as a way to revitalize the market.
For four years after the act of Real Estate Investment Trusts became effective, REITs was applying CR-REITs-centered strategy in the market. As Indirect Investment Asset Management Business Act (IIAMBA) was executed in 2004, the real estate funds that had gentler requirement for establishment and was more convenient to manage asset compared to the existing REITs, was introduced and eventually the real estate funds surpassed the set amount of REITs in two years of its execution in the market.
For this reason, the Ministry of Construction & Transportation revised the act of Real Estate Investment Trusts to revitalize the REITs system not as a measure for restructuring but as a normal way for the market flow. With such revision, the collective management of REITs has introduced and initiated its execution from April 2005. Currently, the REITs is divided into two major systems: REITs that is executed by the act of REITs and real estate funds that is managed by Indirect Investment Asset Management Business Act (IIAMBA).
In this thesis, the structures, the agencies, and the legislative systems of REITs and the real estate funds among the indirect investment systems of real estate will be studied, and it will suggest problems and further plans to revitalize the market by analyzing the current situation of REITs and the real estate products as well as their achievement in the market. Based on these studies, several plans for rapid development of the indirect investment systems of real estate and investment expansion will be addressed. The conclusion is summarized below.
First, the indirect investment systems of real estate is currently causing quite a number of differences such as hosting agencies, the regulation on minimum capital, the form of recruitment, the possibility of loaning and lending, the formation of assets, the tax system and the range of its application, and so on between REITs of ‘the act of REITs’ and real estate funds of ‘Indirect Investment Asset Management Business Act (IIAMBA).’
Second, according to the current situation of indirect investment products of real estate, there are eleven established REITs, ten for CR-REITs, and only one for the collective management of REITs as of March 2006. To speak of real estate funds, the PF type fund takes 68.4%, the actual-purchase type fund takes 16.8%, and the auction type results 14.8% for practical use.
Third, for the achievement of the indirect investment products of real estate, REITs shows higher profit than real estate funds in profitability and for stability, REITs products, which are invested for the stock market, are more stable. Also, the real estate funds are stable than the fixed income funds and for liquidity, REITs and other auction type real estate funds are traded in the stock market, but other real estate funds haven’t traded yet, thus they show insufficient flow in the market.
Fourth, in order to revitalize the indirect investment system of real estate, the Ministry of Construction & Transportation and the Ministry of Finance and Economy should confer with each other to drag deeper understand about dualized systems to encourage the indirect investment market of real estate and to establish a long-term master plan for expansion.
Asset investment company and asset management company should construct an infra of life and property that allows a positive competition and growth in the indirect investment market of real estate.
And last, it is essential to secure real estate that offers an ideal profit even under depletion of the real estate market as well as necessary to construct an infra to build credit to investors.

목차 (Table of Contents)

• 제1장 서 론 1
• 제1절 연구의 배경 및 목적 1
• 제2절 연구의 방법 및 범위 3
• 1. 연구의 방법 3
• 2. 연구의 범위 3
• 제2장 부동산 간접투자 제도의 개관 5
• 제1절 부동산 간접투자의 개념 5
• 1. 직접투자의 정의 5
• 2. 부동산 간접투자 제도의 정의 6
• 3 부동산 간접투자제도 도입과정 9
• 제2절 부동산 증권화 과정 12
• 1. 부동산 증권화의 개념 및 방법 12
• 1) 부동산 증권화의 개념 12
• 2) 부동산 증권화의 방법 13
• 2. 자산담보부증권 (ABS, Asset Backed Securities) 13
• 1) 개요 13
• 2) ABS의 발행 구조 14
• 3) ABS 발행 현황 15
• 3. 주택저당채권담보부증권 16
• 1) 개요 16
• 2) MBS의 발행 구조 17
• 3) MBS 발행 현황 18
• 제3절 부동산 간접투자제도의 주요기관 19
• 1. 부동산 간접투자제도의 법규 및 기관 19
• 2. REITs 24
• 1) REITs의 구조 24
• 2) REITs의 조직 26
• 3) REITs의 설립 27
• 4) REITs의 자산운용 28
• 5) CR-REITs(기업구조조정 부동산투자회사) 31
• 2. 부동산 펀드 33
• 1) 부동산펀드의 구조 33
• 2) 부동산펀드의 조직 34
• 3) 부동산펀드의 설립 35
• 4) 부동산펀드의 자산운용 36
• 5) 사모형 부동산 펀드 37
• 제3장 REITs와 부동산펀드의 운용현황 및 성과분석 39
• 제1절. REITs의 운용현황 및 성과분석 39
• 1. REITs의 운용현황 39
• 1) REITs의 설립현황 39
• 2) 설립구조 40
• 3) 투자대상 부동산 42
• 4) REITs의 실패사례 46
• 2. REITs의 성과분석 46
• 1) 배당수익률 46
• 2) 안정성 49
• 3) 유동성 52
• 제2절 부동산펀드의 운용현황 및 성과분석 54
• 1. 부동산펀드의 운용현황 54
• 1) 부동산펀드 설립현황 54
• 2) 부동산펀드의 운용대상 57
• 2. 부동산 펀드의 성과분석 61
• 1) 운용수익률 61
• 2) 안정성 65
• 3) 유동성 67
• 제4장 부동산간접투자제도의 활성화 방안 69
• 제1절. 부동산간접투자 법제의 문제점 및 활성화방안 69
• 1. 부동산간접투자제도 규제법제의 일원화 69
• 2. 실질 부동산펀드의 법 적용문제 72
• 3. 자기관리 REITs에 대한 세제보완 72
• 4. 투자자 보호장치 73
• 5. 분산투자 75
• 제2절. 부동산 간접투자 기관의 문제점 및 활성화방안 76
• 1 자산운용 전문인력 76
• 2 전문인력의 교육 77
• 제3절 부동산 간접투자 상품의 문제점 및 활성화 방안 79
• 1. 부동산 시장의 침체 79
• 2. 적정투자부동산 확보 82
• 3. 정보인프라구축 82
• 4. 사모펀드 83
• 제6장 결 론 85