韓國의 Hotel REITs에 關한 硏究 : 信託型 리츠를 中心으로 = (A) Study on the Selection of Hotel REITs Model in Korean Real Estate Market : Focusing on Korean Real Estate Trust Institution

다국어 초록 (Multilingual Abstract)

Hence IMF system, the real estate market in Korea has a falling behind and undeveloped market so that investments has made in a way of speculation and made decisions by senses and the construction industry has had difficulties in mobility crisis in financial system, because the industry has been dependent on short-term loan in a large scale.
Recently, the government and the related industries try to find means of settling this mobility crisis. As a result, they are discussing actively about REITs(Real Estate Investment Trusts) which is one of indirect investment methods in the real estate market.
The indirect investment methods in the real estate market is defined like this : without dealing with asset directly, investors can make decisions to invest money trust both established by real estate corporations which invest in real estate professionally and for investment in real estate. The represented system of indirect investment can be called as REITs. REITs can be classified company typed and trust typed by establishing types.
In this study, because company REITs institution have been discussed already many times and the government(construction ＆ traffic department) recently processing law-making at now, company typed REITs institution is not investigated in this study. Instead, the induction model of trust typed REITs institution and its application which is regarded as an appropriate system which is suitable in Korea is investigated mainly in this study.
A method of this study is as follows.
Firstly the REITs institution, which are operated in advanced countries, are investigated and then the generally present situation of REITs(Real Estate Investment Trusts) in Korea, which is similar to the trust typed REITs, is analyzed. Also the necessity of activation of trust typed REITs is presented and the induction model of the trust typed REITs, which make use of the existing trust institutions operated in Korea, is suggested.
Finally, preconditions, which are needed for activation of the trust typed REITs, presented and an imaginary investment in Hotel REITs, which is regarded to be suitable to domestic economic conditions in Korea as a investment subject of trust typed REITs, is investigated in a profit and loss analysis.
As the essential of this study, the induction of trust typed REITs model is operated as follows.
The company (which is called as "issuer") establishing the trust typed REITs fund take final charges of raising funds and working funds. The related institutions, such as banks, security companies, take charges of marketing, management of general affairs and deposit of asset. Such a balanced system is suggested as a most practical alternative in the existing law concerning trust system(the trust law, the trust business law)
The establishment and management of the trust typed REITs fund has to be made by the company which in the trust business law can operate money trust.
To activate REITs institution, tax exemption. mobility guarantee, improvement of clearness and protection equipment of investors have to be presumed. When the trust typer REITsmodel is induced, these preconditions of the earnest fixation and success of REITs system in Korea can be achieved.

목차 (Table of Contents)

• 目次 = ⅰ
• 第1章 序論 = 1
• 第1節 硏究의 背景과 目的 = 1
• 第2節 硏究의 方法 및 範圍 = 3
• 第2章 리츠와 韓國의 信託制度의 考察 = 5
• 第1節 리츠의 槪念과 種類 = 5
• 第2節 外國의 리츠 制度 = 9
• 1. 美國의 不動産投資會社(REITs) = 9
• 2. 濠洲의 上場 不動産 信託證券(Listed Property Trust ; LPT) = 9
• 3. 日本의 特定目的會社(Special Perpose Company ; SPC) = 10
• 第3節 韓國의 不動産信託 制度 = 12
• 1. 不動産信託制度의 現況 = 13
• 2. 不動産信託制度의 經濟的 效果 = 15
• 3. 不動産信託社의 間題點 = 17
• 第4節 信託型 리츠의 導入展望 = 18
• 1. 不動産投資信託制度가 信託社에 미치는 影響 = 19
• 2. 信託型의 優先 活性化 必要性 = 22
• 第3章 信託型 리츠의 導入模型과 活性化 = 26
• 第1節 導入模型 = 26
• 1. 市場 參加者와 運營構造 = 26
• 2. 不動産投資信託 業務의 흐름 = 28
• 第2節 活性化의 前提 = 31
• 1. 租稅의 減免 = 31
• 2. 流動性의 確保 = 38
• 3. 投資者 保護를 爲한 透明性 提高 方案 = 38
• 第4章 信託型 리츠의 收益性 分析 = 43
• 第1節 호텔事業 適用의 妥當性 = 43
• 1. 投資對象으로서의 호텔 = 43
• 2. 觀光需要의 增大와 政府의 支援 = 44
• 第2節 事例 調査 - 美國의 호텔리츠 = 46
• 1. 美國의 호텔産業 變遷 = 46
• 2. 美國의 호텔産業 分類 = 48
• 3. 호텔리츠의 構造 = 51
• 4. 호텔리츠의 形態 = 56
• 第3節 國內의 호텔産業과 호텔리츠의 適用 = 57
• 1. 國內의 호텔 利用現況 = 57
• 2. 호텔 收入現況 = 65
• 3. 投資對象 호텔 類型의 設定 = 71
• 第4節 投資損益 分析 = 84
• 1. 分析의 틀 = 84
• 2. 호텔 買入에 關한 假定 = 85
• 3. 호텔 賣却에 關한 假定 = 86
• 4. 收入 및 支出部門에 關한 假定 = 87
• 5. 分析結果 = 89
• 第5章 結論 = 92
• 參考文獻 = 95
• ABSTRACT = 100