부동산간접투자 시장 활성화 방안에 관한 연구 = (A) Study on the activation scheme of the indirect investment market in real estate

다국어 초록 (Multilingual Abstract)

Since the foreign exchange crisis of 1997, the indirect real estate investment system of which we drive an introduction as an promotion of company restructure has had an innovational effect on a domestic real estate market by offering an opportunity of real estate investment by small scale and contributing to specializing in and guaranteeing transparency of the real estate market. However, it is expected that we still have to undergo trial and error for the indirect real estate investment system just introduced to be established in market when the basis of system application such as asset management capability, support by a tax system, Index which works as a foundation of investment judgement is not sufficiently prepared. But after the enforcement of the indirect real estate investment system, even the early stage of some commodity showing in the market, there showed already some problems. So the trial to solve such problem is needed and the effort to benchmark several points appeared in USA, Australia and Japan which have adapted the indirect real estate investment system earlier to Korea and conducted that system successfully. For example, how to compose the indirect real estate investment commodity which appeals to the consumer, how to analyze the proper value of the indirect real estate investment system to give dividend to stockholders, how to evaluate the value of the business of the real estate business in loaning. There are so many things should be adopted and put in korea to practical use. Therefore there are needs to look over the system of the indirect real estate investment system and the real estate investment fund by the law of the indirect investment asset application and the condition of the market in Korea and foreign countries about the REITS by the law of the firm which invest in the real estate which adopted in Korea. Comparing to the system of the indirect real estate investment in foreign countries and the indirect real estate investment commodities which have appeared before, we deduce some plans to activate in Korean indirect real estate investment market below.
The first, there is problem to find the proper real estate to be a part of the indirect real estate investment commodity in Korea.
In order not to make that happen, there should be needed the lending system not to the company but to the business project, the risk management of the real estate investment which share the risk between the partner, the confirmation of profitable real estate by jointing the lending indirect real estate investment fund and the leasing real estate investment company through the banking organ's fund managing system and the real estate trust system.
The Second, to settle the indirect real estate investment commodities in the market, confirming proper profitability is needed. But the domestic real estate lease market have some problems owing to preselling system before completing the construction. So, to confirm the profitability the lease market should be restructured as monthly rent system and the way to exam the value of lucrative real estate should be transformed to the way of earning reduction.
The third, for the working asset and investment conclusion of the indirect investment organization in real estate, the objective standard that is in charge of the part is needed. But there is problem that the entry-level rent index is only announced due to poor raw data. Therefore it is needed to make the standard and network that can collect correct raw data. And produce repeatedly periodic research data. Then we can ensure the exactitude of the index in real estate.
The fourth, the specificity of asset management is the core of a question with the indirect investment market in real estate. But the asset management market in the country has a hard time to build an organization due to deficiency of the specificity and the experts are not enough due to the shortage of an educational system and chance of practical affairs training. For the building an organization, the asset management company makes Portfolio Management, Property Management, Risk Management teams in the asset management post and arranges the experts the posts. and REITs fund includes the function of management.
The fifth, the suitable earning rate is a key point to secure investors of the indirect investment commodity in real estate. The benefit of a tax system is important for that. But there is not benefit but restriction in the early years of the indirect investment market in real estate in the interior of a country. Therefore it's need to support a tax system for sound investment market in real estate.
The sixth, there is placed limit upon the safe commodity in the early years of the indirect investment market in real estate in the interior of a country. But the various commodities are need to be produced like safety, benefit, growth, high risk high return models. For gathering investors with the indirect investment market in real estate. For that, the development of an analysis technique with real estate is needed. And REITs fund is need to diversify investment field such as MBS, CMBS. In addition to the loan of development works in real estate.

목차 (Table of Contents)

• 목차
• 제1장 서론 = 9
• 제1절 연구의 배경 및 목적 = 9
• 제2절 연구의 범위와 방법 = 10
• 1. 연구의 범위 = 10
• 2. 연구의 방법 = 11
• 제2장 부동산간접투자에 대한 이론적 고찰 = 13
• 제1절 선행연구의 검토 = 13
• 제2절 부동산금융과 부동산간접투자 = 16
• 1. 부동산금융의 개념 = 16
• 2. 부동산금융상품의 종류 = 17
• 3. 부동산금융의 한 부분으로서의 부동산간접투자 = 22
• 제3절 부동산간접투자의 개념과 유형 = 22
• 1. 부동산간접투자의 개념 = 22
• 2. 부동산간접투자의 유형 = 23
• 3. 우리나라 부동산간접투자의 실태 = 28
• 제3장 간접투자 제도 및 시장분석 = 36
• 제1절 간접투자 제도 분석 = 36
• 1. 부동산 투자회사법 = 36
• 2. 간접투자자산운용업법 = 39
• 3. 기타 부동산 간접투자 관련법 = 39
• 제2절 간접투자시장 현황분석 = 40
• 1. 상품의 유형 및 운영실태 = 40
• 2. 부동산간접투자 시장의 환경변화 = 46
• 제3절 부동산간접투자시장 사례분석 = 48
• 1. CR REITS 설립사례 = 48
• 2. 부동산간접투자기구 설정 사례 = 53
• 제4장 외국의 부동산간접투자시장 현황분석 = 62
• 제1절 미국 = 62
• 1. 부동산시장 현황 = 62
• 2. 미국 REITs 시장현황 = 63
• 3. 미국 부동산펀드들의 자산포트폴리오 현황 = 67
• 제2절 일본 = 69
• 1. 일본 J-REITs제도 = 69
• 2. J-REITs 세제혜택 = 69
• 3. J-REITs 운용현황 = 69
• 4. J-REITs 주가지수 추이와 경영실적 = 71
• 5. J-REITs의 투자자 구성 = 72
• 제3절 국내 부동산간접투자시장과의 차이 및 시사점 = 73
• 1. 다양한 상품구성 = 73
• 2. 자산관리의 전문화 = 73
• 제5장 부동산간접투자시장의 장애요인 및 활성화 방안 = 74
• 제1절 부동산간접투자시장의 장애요인 = 74
• 1. 운용 및 투자대상 자산의 제한 = 74
• 2. 리스크관리의 한계 = 75
• 3. 단순대출구조 = 77
• 제2절 활성화 방안 = 78
• 1. 운용및투자대상확대 = 78
• 2. 리스크관리 개선 = 80
• 3. 대출구조의 다양화 = 89
• 제6장 결론 = 91
• 참고문헌 = 94
• ABSTRACT = 96