새로운 不動産金融制度下의 企業의 不動産 戰略에 관한 硏究 : 不動産流動化制度를 中心으로

다국어 초록 (Multilingual Abstract)

In the present, the fundamental drivers of grobal economic system can be summarized through concepts : globalization, securitization, competition, and volatility & responsiveness. Among these concepts, the most important driver concerning the real estate market is the concept of securitization. In real estate financial scheme, this concept is realized by means of ABS, MBS, CMBS and REITs.

The domestic real estate market is not exception to these trends. As a result, domestic real estate market is facing wave of rapid changes. This change means that the real estate market in Korea is transformed to the US style that result in shift of paradigm on real estate from owning for capital gain to utilizing for steady income gain.
Additionally, In the process of attracting foreign capital toward domestic real estate market under the IMF financial crisis, the systematic gab between foreign financial analysis system and domestic financial system was found. Hence, during this period, advanced real estate financial systems have been introduced into the domestic market. The corporations classified into a list of unsound corporations who are desperate, to liquidate holding real estate have taken favorable interests in a new real estate management method on real estate securitization system.

With these trends, the ABS and MBS system have introduced and widely utilized. The REITs system is investigated to be introduced in 2001 and new real estate dealing skills, for example Sale & Leaseback, are currentiy empolyed in selling and buying process. Also for smooth operation of the mortgage backed securities system, new various domains of real estate business such as asset management, property management, transactional services, financial advisory service, project financing and remodelling, have been appeared.

But an important point is that these mortgage backed securities systems are commonly discussed on the basis of profit analysis in the real estate investment and accordingly the system in which corporations want to accelerate profit is an important and essential strategy.
Accordingly, in the future, the corporations have to take every interests in accelerating profits from investment in real estate to cope with environmental changes of the real estate market. To accomplish this purpose, they have to take interests in such a value chain as asset management, property management and facility management and they have to make efforts in systemization of these managementets. Additionally from reconstruction and redevelopment of buildings, they have to divert interests in remodeling business in the building market, so that they can previously occupy the real estate market which would be enlarged in the coming times. Also to activate the mortgage backed securities system, they have to abandon excessive fondness in obtaining real estate and supply profitable real estate into the market boldly. Like this they must have a mind of re-investment in other beneficiary business in which they can gain added values.

In order to fixate REITs system to be developed in proper manner in domestic real estate market, the real estate industries should learn lessons from the past where the existing real estate trust corporations enlarged their business scope imprudently and they could not help bankruptcy.
In other word, to prevent investor's loss in imprudent real estate funding, systematic instruments, professional organizations and preparedness for moral hazard have to be in place prior to introduction. Especially in the case of corporation established by investment in kind, an intentional abusive evaluation of prices of real estate has to be prevented.

목차 (Table of Contents)

• 第1章 序論 = 1
• 第1節 硏究의 目的 = 1
• 第2節 硏究의 方法 및 節次 = 3
• 1. 硏究의 方法 = 3
• 2. 硏究의 節次 = 4
• 第2章 不動産金融制度에 대한 理論的 考察 = 5
• 第1節 IMF 經濟危機以前의 不動産金融制度 = 5
• 1. 槪要 = 5
• 2. 制度圈 不動産金融의 現況 및 問題點 = 6
• 가. 不動産信託社 = 6
• 나. 國民住宅基金 = 10
• 3. 非制度圈 不動産金融의 現況 및 問題點 = 13
• 가. APT 先分讓制度 = 13
• 나. 商街 投資方式 = 15
• 4. 旣存 不動産金融制度의 改善方向 = 17
• 第2節 새로운 不動産金融制度에 대한 考察 및 國內 導入 實態 = 19
• 1. 槪要 = 19
• 2. ABS/MBS = 20
• 가. 槪念 = 20
• 나. 關聯 法制度 = 22
• 다. 導入 現況 = 26
• 리. 外國 制度 Benchmarking = 27
• 3. REITs = 29
• 가. 槪念 = 29
• 나. 關聯 法制度 및 導入 推進 現況 = 34
• 다. 外國 制度 Benchmarking = 40
• 4. Sale & Lease Back = 47
• 가. 槪念 = 47
• 나. 有用性 = 47
• 第3章 새로운 不動産金融制度下의 企業의 活用方案 = 49
• 第1節 槪要 = 49
• 第2節 不動産 保有企業의 活用方案 = 50
• 1. ABS 活用方案 = 50
• 2. REITs 活用方案 = 55
• 3. Sales & Lease Back 活用方案 = 59
• 第3節 不動産 開發企業의 活用方案 = 59
• 1. ABS 活用方案 = 68
• 2. REITs 活用方案 = 74
• 第4章 새로운 不動産金融制度下의 企業의 對應戰略 = 76
• 第1節 槪要 = 76
• 第2節 不動産 保有企業의 對應戰略 = 77
• 1. 槪要 = 77
• 2. 不動産 Value Chain 再構築 및 AMC 設立 = 77
• 3. 保有不動産에 對한 收益價値 提高 = 83
• 4. REITs' IPO 事前 準備 및 REITs 市場 先占 = 86
• 第3節 不動産 開發企業의 對應戰略 = 89
• 1. 迅速한 ABS 發行을 通한 不動産流動化 經驗 蓄積 = 89
• 2. 開發型 REITs를 通한 實在 開發事業 推進 = 90
• 3. 建物 Remodeling Know-how 蓄積 및 市場 進出 = 91
• 第5章 結論 = 94
• 參考文獻 = 98
• ABSTRACT = 100