不動産投資會社의 活性化 方案에 관한 硏究 = (A)vitality plan for real estate investment trusts

다국어 초록 (Multilingual Abstract)

After the 1997 financial crisis, Korean government had to vitalize the real estate market and to heighten the real estate's fluidity during the restructuring of the corporate and financial sectors. To achieve this, it was necessary to promote a new financial technique in the form of a securities environment for the indirect investment of real estate. Setting real estate or development businesses as foundations, securities were issued to vitalize the market by improving the real estate's low fluidity which is considered to be the major disadvantage.
After 1998, the Real Estate Investment Funds were introduced to the banks. Although Asset Backed Securities (ABS) and Mortgage Backed Securities (MBS) and others were introduced to vitalize properties, there was a limit to the overall real estate's fluidity.
Accordingly, Korean government offered new commodities for the capital market to assist the national economy and the problems of real estate in a realistic method. To reduce risks, the government also introduced the REITs, the system's foundation in the United States, which has been in effect since July of 2001. By issuing stocks, the REITs, as a form of an indirect investment, applies all the funds raised from many investors to investments in real estate and its application. The dividends gained from these investments (income from real estate rentals, developmental income, revenues from sales and aquisition) are distributed to the investors.
The Korean REITs are divided into two parts : the general REITs which allow unlimited investment in all sectors of real estate ; and Corporate Restructuring (CR) REITs which limit investments of real estate from the restructuring of corporations. The general REITs have a strong characteristics as an indirect investment agency by investing in real estate by funds from the many investors. The CR REITs, on the other hand, have a different nature to the two systems in that it offers support to the corporate's restructuring by allowing the purchase of corporate real estate.
After the implementation of the REITs, the establishment of CR REITs has been active with seven companies as of September, 2003. Among them, six companies have been listed on the stock exchange and new companies are being pursued. There has not been any establishments of the general REITs. Compared to the CR REITs, the general REITs have failed in public participation due to problems with establishment, property operations, and the tax system. The general REITs fail to enact laws for increasing the opportunities of ordinary citizens to invest in real estate and laws for the real estate investment firms to make sound and increased investments.
The Real Estate Investment Trusts system was launched in 1997 to supply fluidity for the disposal of real estate during the financial crisis. Recently, together with fluidity, in the aspect of leading a sound investment by absorbing the circulating capital, vitality is necessary more than ever.
Accordingly, the purpose of this thesis is to analyze the problems of the current REITs system and to sublate the current system which leans only on establishment of CR REITs. This thesis also attempts to offer an improved plan for the vitality of the general REITs by improving the balance of the REITs system. Also, through the vitality of the REITs, this thesis provides assistance for the greater opportunities for many ordinary citizens to invest in real estate and, through sound investments, improve the domestic economy by creating profits.
This thesis consists of six chapters. The importance of each chapter are discussed in the following.
First, the abstract provides the purpose, method and scope of the study.
Second, this thesis will determine the introduction and the different types of indirect investments in real estate. After analyzing the concept and present conditions of the REITs, the thesis will examine the proceeding researches related to the foreign REITs system and Korean REITs system.
Third, by distinguishing the general REITs and CR REITs of the Korean REITs system, this thesis will compare them and analyze the establishment cases. It will also determine the current point of the general REITs reasons for the establishment failures and results of the establishment cases.
Fourth, examinations will be done on the investment elements of the REITs and, also, the Korean and foreign REITs systems will be compared.
This thesis will select and analyze the variable of vitality related to the REITs that are deduced from the establishment cases of the Korean REITs. Also, analysis of the actual conditions of the REITs will be made by taking surveys from groups of REITs experts.
Fifth, from the bases of the data collected from the actual condition analysis, this thesis will evaluate and offer methods of establishment, property operations, tax systems, and others for the vitality of the REITs.
Finally, a summary of the reasons will be presented and provide limits and future studies of this research.
The following is the main proposals for the vitality of the REITs systems.
First, for a successful REITs system, not only should the CR REITs, which applies to the real estate from restructuring of corporations, but, also, the general REITs, which invests in real estate, must be vitalized.
Second, for the vitality of the general REITs, there must be alleviations and improvements in the establishment system, property operation system, and others. There must also be a measure taken for establishment capital amount, company establishment methods, company establishment forms, development businesses, loans, and so on.
Third, in relation to the tax system, the tax system of the general REITs should be the same as that of the CR REITs. Especially, as seen from foreign systems, the REITs should be conceived as investment's conduit and grants for the exemptions of corporation tax should be provided.

목차 (Table of Contents)

• 목차 = ⅰ
• Ⅰ. 서론 = 1
• 1. 문제의 제기와 연구의 목적 = 1
• 2. 연구의 방법과 절차 및 범위 = 3
• 1) 연구의 방법과 절차 = 3
• 2) 연구의 범위 = 5
• Ⅱ. 부동산투자회사의 현황과 선행연구 = 6
• 1. 부동산투자회사의 출현과 현황 = 6
• 1) 부동산 직접투자의 한계와 간접투자의 도입 = 6
• 2) 부동산투자회사의 개념과 현황 = 15
• 3) 부동산투자회사의 투자요소와 자산운용 = 33
• 2. 외국의 부동산투자회사 제도 = 39
• 1) 미국의 REITs 제도 = 39
• 2) 일본의 J-REITs 제도 = 45
• 3) 호주의 LPT 제도 = 48
• 4) 싱가포르의 S-REITs 제도 = 49
• 5) 외국의 부동산투자회사 제도 비교와 시사점 = 51
• 3. 부동산투자회사에 관한 선행연구 = 54
• 1) 국내의 선행연구 = 54
• 2) 외국의 선행연구 = 58
• Ⅲ. 한국의 부동산투자회사 설립사례 = 62
• 1. 일반 부동산투자회사의 설립실패사례 = 62
• 1) 에이팩 부동산투자회사 = 62
• 2) 에스알 부동산투자회사 = 66
• 3) 코리아 부동산투자회사 = 68
• 2. 기업구조조정 부동산투자회사의 설립사례 = 72
• 1) 교보-메리츠 퍼스트 기업구조조정 부동산투자회사 = 72
• 2) 코크렙 제1호 기업구조조정 부동산투자회사 = 76
• 3) 코크렙 제2호 기업구조조정 부동산투자회사 = 78
• 4) 리얼티 코리아 제1호 기업구조조정 부동산투자회사 = 81
• 3. 설립사례분석의 시사점 = 83
• 1) 일반 부동산투자회사의 설립실패원인 = 83
• 2) 설립사례분석의 시사점 = 86
• Ⅳ. 부동산투자회사의 실태분석 = 87
• 1. 실태분석모형 = 87
• 1) 부동산투자회사 활성화를 위한 연구모형 = 87
• 2) 변수의 측정 = 89
• 2. 실태분석방법 = 93
• 1) 표본선정 및 자료수집 = 93
• 2) 자료의 분석방법 = 94
• 3. 실태분석결과 및 시사점 = 95
• 1) 실태분석결과 = 95
• 2) 실태분석결과의 요약과 시사점 = 110
• Ⅴ. 부동산투자회사의 활성화 방안 = 113
• 1. 설립제도의 개선방안 = 113
• 2. 자산운용제도의 개선방안 = 115
• 3. 과세제도의 개선방안 = 116
• 1) 부동산투자회사와 관련된 과세제도 = 116
• 2) 부동산투자회사 과세제도의 개선방안 = 135
• 4. 기타 사항 = 141
• Ⅵ. 결론 = 143
• 1. 연구결과의 요약 = 143
• 2. 연구의 한계 및 향후 연구방향 = 145
• 참고문헌 = 146
• Abstract = 153
• 부록 설문지 = 157