데이터 센터 REITs 상품에 대한 개인 투자자의 선호 요인 분석 : 대체투자 관점에서|RISS 상세보기

다국어 초록 (Multilingual Abstract)

In this study, the relative importance of the preferred factors of data center REITs products recognized by individual investors through conjoint analysis was investigated. The relative importance of all individual investors and REITs investment experience was investigated. The analysis results are as follows.
First of all, in this study, as a result of analyzing the relative importance of the preference factors for data center REITs products recognized by all individual investors, dividend yield was the most important factor. All individual investors value the dividend yield (quarterly) of 4-6%, and the relative importance of this item reached 36.465%. The next important factor is the investment method, which tends to prefer ETF investment with a relative importance of 28.654%. Third, the REIT type was recognized as important at 21.875%, and it was found that they preferred consignment management REITs. On the other hand, the location of the data center was considered relatively insignificant, and although the location of the metropolitan area was preferred, it was analyzed that it was less important than other investment factors.
Next, individual investors without REITs investment experience showed the highest importance at 34.335%, and their preference for ETF investment was remarkable. While they perceived the data center location as relatively important, all individual investors rated it as less important than the REIT type.
In addition, individual investors with one to three REITs investment experiences showed the same preference as all individual investors, and the dividend yield was the highest at 37.315%. Investment methods and REITs types were also recognized as important factors, especially preferred consignment management REITs. In addition, individual investors with more than four REITs investment experiences showed the same pattern as all individual investors, and the dividend yield was the highest at 40.568%. They also preferred ETF investment and regarded consignment management REITs as important. The location of the data center was still recognized as a relatively insignificant factor.
Overall, dividend yield was the most important factor in all investment experience groups, and ETF investment and consignment management REITs tended to be preferred. The location of the data center was valued at relatively low importance.
The results clearly demonstrate the primary factors influencing individual investors' preferences for data center REITs products and investment decisions.
First, the fact that investors value dividend yield the most suggests that it is essential to provide stable and attractive returns when designing REITs products. This indicates that investors value stability, and it is important to maintain a continuous dividend policy in terms of management.
Second, the investment preference in the form of ETFs reflects that investors value ease of management and risk distribution. Therefore, it will be a way to attract investors' attention by focusing on developing ETF products, gaining investor trust by providing education and information on them, and providing REITs products in ETF form or providing related information.
Third, the high preference for consignment management REITs shows trust in professional management companies. This suggests that managers should focus on forming a team with expertise and building trust relationships with investors to maximize investment performance.
Fourth, the fact that the location of the data center is evaluated with a relatively low importance means that investors are more focused on profitability. Therefore, managers need a strategy to discover not only location but also profitable investment opportunities and communicate them effectively.
Finally, a differentiated approach according to investment experience is important. Less experienced investors need to provide education and information on REITs products, and more experienced investors need to expand diversity by providing customized products or services. These implications are expected to be important guidelines for establishing investment and management strategies.

(2) Analysis of the importance of optimal combination of investment factors

In this study, the optimal combination of investment factors was analyzed. As a result, the optimal combination of data center REITs favored by all individual investors is a product with a dividend yield of 4-6%, an ETF-type investment method, consignment management REITs operation, and a data center location centered on the metropolitan area, and this combination was found to provide the highest utility (0.365). In addition, as a result of analyzing the optimal combination according to the REITs investment experience, it was confirmed that individual investors without REITs investment experience, investors with 13 times of experience, and investors with more than 4 times of experience all prefer a dividend yield of 4-6%, ETF investment method, consignment management REITs operation, and products located in the metropolitan area. This is the same result as the optimal combination favored by all individual investors.
However, there was a difference in the optimal combination utility value for each group. The optimal combination utility for individual investors without investment experience was the lowest at 0.427, while that for individual investors with one to three investment experiences was 0.658, and that for investors with four or more experiences was 0.653.
This means that investment experience has an important influence on the utility felt in the optimal combination of individual investors, and the more experienced investors are, the more likely they are to feel the utility of the optimal combination. In addition, the more investment experience is gained, the clearer the combination preferred by investors and the higher the understanding of it. In other words, individual investors with investment experience feel higher satisfaction with certain attributes or combinations, which can be attributed to their ability to understand and analyze the market. As a result, investors without investment experience have relatively low utility due to low awareness of the optimal combination, and those with experience experience experience higher utility, showing that their preferred investment products or strategies are more effective.
Although this study was conducted according to the purpose, it has some limitations, so I would like to mention this.
First, this study was conducted based on previous studies to understand the investment preference factors and the level of each factor of data center REITs products through conjoint analysis. In conjoint analysis, factors and levels can be determined through various methods such as exploration of prior studies, expert interviews, and consumer interviews, but this study determined the factors only through prior studies. Therefore, although factors were set through studies related to investment factors of data center REITs products, there are expected to be sufficient other factors that were not presented in this study. In future studies, it is necessary to select factors through interviews with experts and investors. In addition, an in-depth expert review should be conducted to secure objectivity and reliability in determining factors and levels.
Second, I would like to point out as a limitation that the number of samples of the investors who participated in this study is not large. In the conjoint analysis, a sample of about 100 people was used because it was possible to analyze more than 100 people, but it is necessary to secure more samples in order to secure the reliability of the analysis. In future studies, it is judged that it will be a meaningful analysis to secure more samples and compare them with the results of this study.

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국문 초록 (Abstract)

본 연구의 목적은 대체투자로서 데이터 센터 리츠 상품에 대한 개인 투자자의 선호 요인을 분석하는 것이다. 이를 위해 첫째, 개인 투자자들이 선호하는 데이터 센터 리츠 상품 요인의 상대적 중요도를 알아볼 것이다. 둘째, 개인 투자자의 투자 경력에 따른 데이터 센터 리츠 상품 요인의 상대적 중요도를 파악할 것이다. 셋째, 투자 요인의 상대적 중요도를 기초로 개인 투자자들이 가장 선호하는 투자요인의 최적 조합에 대해 파악한다. 본 연구는 총 105명 투자자들을 표본으로 선정하여 컨조인트 분석을 활용하였다. 연구결과는 다음과 같다. 본 연구에서는 투자요인으로 배당수익률(분기별), 투자방법, 리츠 유형, 데이터 센터 입지를 제시하였으며, 요인의 값을 의미하는 수준에서는 배당수익률(분기별)은 1∼3%, 4∼6%를 설정하였고, 투자방법의 수준으로는 ETF투자, 직접(개별)투자를 설정하였고, 리츠 유형의 수준으로는 자기관리 리츠, 위탁관리 리츠, 데이터 센터 입지 수준으로는 수도권 중심(통신 데이터 수요 중심), 지방 중심(정부 정책, 데이터센터 대형화)을 설정하였다. 이를 바탕으로 컨조인트 분석을 실시한 결과, 첫째, 전체 개인 투자자들은 데이터 센터 리츠 상품에 투자하는 과정에서 배당 수익률(분기별)이 특히, 4~6% 수준의 배당 수익률(분기별)을 중요하게 여기고 있으며 다음으로 투자방법, 특히 ETF 투자 배당수익률(분기별), 리츠 유형, 특히 위탁관리 리츠(전문 운용사 위탁)를 선호하는 것으로 나타났으며, 데이터 센터의 입지는 상대적으로 중요하게 여기지 않았다. 둘째, 경험에 따른 개인투자자의 투자는 4~6% 수준 배당 수익률(분기별), 특히 ETF 투자를 선호하며 데이터 센터 입지, 위탁관리 리츠(전문 운용사 위탁) 순으로 중요도를 인식하였다. 다음 대상으로 리츠 투자경험이 1~3회 이하, 4회 이상인 개인투자자들은 전체 투자자들과 동일한 순으로 상대적 중요도를 부였다. 상대적 중요도 분석 다음으로 투자 선호요인의 최적 조합을 살펴본 결과, 전체 투자자, 경험에 따른 투자자 모두 4~6%수준의 배당수익률 ETF투자 위탁관리 리츠수도권 중심 입지를 선호하였다.

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본 연구의 목적은 대체투자로서 데이터 센터 리츠 상품에 대한 개인 투자자의 선호 요인을 분석하는 것이다. 이를 위해 첫째, 개인 투자자들이 선호하는 데이터 센터 리츠 상품 요인의 상대...

목차 (Table of Contents)