不動産投資信託(REITs) 評價와 危險 分析을 통한 投資成果에 관한 硏究 : 미국사례를 중심으로

다국어 초록 (Multilingual Abstract)

In the so-called IMF era, this country has suffered an profound economic plight such as foreign exchange crisis, the restructuring of the financial industry and corporations. As well, the government experienced asset deflation introduced the regulations of asset fluidization as the method for the quick improvement of dishonored bond and the alleviation of asset deflation in the process of restructuring. In general, the MBS, ABS system have some problems to fluidize a realestate property because this policy centered on the quick improvement of dishonored bond.
In this vein, the government has made an effort to find new areas and ways to introduce REITs(Real Estate Investment Trusts). With this, the necessity for the introduction of REITs has been proposed through the various channels. At length, the regulations of REITs was enacted on April, 2001. Thereafter, the regulations of K-REITs(Korea Real Estate Investment Trusts) began to be implemented on July, 2001.
Under the circumstances, we can say that this study of REITs is timely and is of vital significance.
This paper was designed to enable investors to make their decision rationally by providing proper informations to the interested, considering our nation' REITs in the early of introduction. As well, this paper aimed at settling REITs successfully by providing some operational methods appropriate to those responsible for the REITs.
For the above purposes, the researcher put into practice the fact-revealing of the United States in advance through the evaluation of REITs and its risk analysis.
This paper was composed of a total of 6 chapters. In chapter 1, the researcher took into account the objectives, the theoretical background. In chapter 2, there examined the concept & structure of REITs and the present conditions in the United States, and after proposed some grounds for the evaluation of REITs and its crisis analysis by considering the actuality of foreign REITs. In the process of improving existing evaluation criteria & method, the researcher, in chapter 3, compared with that of the United States with the aim to examine in detail the achievement of REITs different from general account basis. With this, there took account of evaluation method of foreign credit rating agency by making much of the self-credit evaluation of REITs. In chapter 5, the researcher took into account the change of realestate investment market, the financing of realestate by analyzing various crisis factors regarding the investment sector of REITs, and after compared earning rate with the chief index of investment achievement in the stock market. With this, the researcher looked through investment achievement of the earning rate for dividend by type of investment & property, and took into account its decentralization effect through the correlativity between the crisis decentralization of REITs and other investment sectors.
In chapter 6, the researcher epitomized succinctly a variety of issues stated above. With regard to the evaluation of present REITs and its crisis analysis, it was proposed that this paper needs to introduce the evaluation method of realestate value, the utilization of credit rating of realestate goods, the appreciation of risk factor for REITs and its fact-revealing.
For the evaluation of REITs, the researcher took into account the risk factors for REITs by comparing our nation's REITs with NAREIT. In line with this, there made an analysis of it by the division of a wide range of meanings and a narrow range of meanings at the economic aspect.
On the basis of the above results, it was somewhat helpful to successful introduction of REITs in our nation that so far, this paper looked through the effects of the evaluation of REITs and its risk analysis on investment achievements. On the other hand, there have to find new areas and ways to maximize investors' earning rate through the conversion of the comparison law of transaction cases regarding the evaluation method of realestate into the law of earning reduction, the utilization of credit rating of realestate goods for the sound management of REITs, and the previous appreciation of risk factor for REITs.

목차 (Table of Contents)

• 목차
• 제1장 서론 = 1
• 제1절 연구의 배경 및 목적 = 1
• 제2절 연구의 방법 및 범위 = 2
• 제2장 REITs 제도의 이론적 배경 = 3
• 제1절 REITs의 의의 = 3
• 1. REITs의 개념 = 3
• 2. REITs의 구조 = 4
• 가. UP REITs의 구조 = 4
• 나. DOWN REITs의 구조 = 5
• 다. REITs의 기본구조 = 6
• 3. 유형 및 특징 = 8
• 제2절 REITs 제도의 도입 경과 = 9
• 1. 도입배경 = 9
• 2. 필요성 = 12
• 3. 추진방향 = 15
• 가. REITs의 정의 = 15
• 나. 정책방향 = 15
• 4. 현황 = 17
• 가. 시행여건 = 17
• 나. 제도상 = 19
• 다. 우리나라의 리츠 현황 = 20
• 라. 미국 REITs와의 다른점 = 22
• 5. 해외사례 및 시사점 = 23
• 가. 미국의 REITs = 23
• 나. 호주의 LPT = 26
• 다. 일본의 SPC = 28
• 라. 해외사례의 시사점 = 29
• 제3장 REITs의 평가(신용평가 포함) = 31
• 제1절 REITs 가치평가 = 31
• 1. REITs의 평가기준 = 31
• 가. 운영수입 = 31
• 나. 조정운영수입 = 35
• 다. 배분 가능 현금·펀드 = 36
• 라. 주당배당액 표시 = 38
• 마. P/FFO, P/AFO, P/CAD(FAD) = 39
• 바. 배당수익률과 배당비율 = 40
• 2. REITs의 가치평가 기법 = 41
• 가. 장부가격 = 41
• 나. 순자산가치 = 42
• 다. P/FFO = 44
• 라. 할인율 모형 = 44
• 3. REITs의 가치 분석 방법론 = 45
• 4. 미국 REITs의 평가 방법 = 47
• 5. 한국 REITs의 가치 평가 방법 = 48
• 제2절 REITs의 신용평가 = 49
• 1. 신용평가제도의 중요성 = 49
• 2. 신용평가제도 현황 = 50
• 가. 신용평가의 개념 = 50
• 나. 신용평가의 기능과 역할 = 51
• 3. Moody's가 사용하는 주요 REITs 재무비율 = 52
• 가. 현금흐름 관련비율 = 52
• 나. 수익성 관련비율 = 53
• 다. 유동성 관련비율 = 53
• 라. 자산건전성 관련비율 = 54
• 마. 자본구조 관련비율 = 54
• 4. REITs 평가시 주요 논쟁 사항 = 55
• 5. 미국 신용평가 회사들의 REITs 평가사업 현황 = 56
• 가. 미국의 REITs 산업 현황 = 56
• 나. Moody's 평가방법론 = 57
• 다. Fitch 평가방법론 = 58
• 라. Standard & poor's 평가방법론 = 59
• 6. REITs 제도 도입에 있어서 신용평가의 역할 = 59
• 제4장 REITs 위험 분석 = 61
• 제1절 부동산 위험관리의 필요성 = 61
• 제2절 REITs의 투자현황 = 63
• 1. REITs의 부동산 유형별 투자현황 = 63
• 2. 기관투자자별 REITs 투자현황 = 64
• 3. REITs에 의한 유가증권 발행 추이 = 65
• 4. 부동산 유형별 투자분야 = 66
• 가. 임대주택 = 66
• 나. 소매판매시설 = 67
• 다. 업무용 및 산업용 = 70
• 라. 자기보관 창고 = 73
• 마. 의료시설 = 74
• 바. 호텔 = 75
• 사. 이동식 주택 = 78
• 아. 골프장 운영 = 79
• 제3절 부동산 투자의 위험 = 80
• 1. 부동산시장의 특징 = 80
• 2. 부동산투자 주체별 주요 위험 = 81
• 제4절 REITs 투자 위험요인 = 85
• 1. 광의의 요인 = 85
• 2. 협의의 요인 = 86
• 제5장 REITs의 투자성과 = 90
• 제1절 부동산투자시장의 변화 = 90
• 제2절 부동산증권화 = 91
• 제3절 REITs의 투자성과와 특성 = 94
• 제6장 결론 = 99
• 참고문헌 = 106
• ABSTRACT = 109