부동산투자회사의 스폰서 지분율과 유동성 마찰 = Sponsor Ownership and Liquidity Friction on Real Estate Investment Trusts (REITs)

국문 초록 (Abstract)

본 연구는 유동성 마찰을 실질 마찰과 정보 마찰로 구분한 Stoll의 이론에 근거하여 스폰서 지분율이 유동성 마찰에 미치는 영향력을 분석한다. 특히, 정보 마찰의 가능성은 스폰서가 비대칭 정보를 활용해 대리인 문제를 유발함을 시사하기 때문에 관련 정책수립의 중요한 근거가 될 수 있다. 분석결과 스폰서 지분율은 거래를 위해 소비된 실제 자원인 실질 마찰과 정보거래로 유발되는 정보 마찰 모두에 영향을 미치는 것으로 나타났다. 스폰서에 의한 정보 마찰의 발생은 스폰서의 비대칭정보 활용의 가능성을 억제하고 리츠의 정보가 모든 시장참여자에게 투명하게 공개될 수 있도록 지배구조의 개선과 모니터링의 강화가 필요함을 시사한다. 이러한 결과를 바탕으로 본 연구에서는 스폰서 구조를 중심으로 성장하는 한국 리츠 시장에서 우수한 기업지배구조의 확립 및 개선과 경영 모니터링 강화를 위한 정책 마련, 지속가능경영 보고서의 발간지원 및 리츠에 특화된 ESG(Environment, Social, Governance) 등급 산출 모형 구축과 등급 공개가 필요함을 제안한다.

다국어 초록 (Multilingual Abstract)

This study analyzed the impact of sponsor ownership on liquidity friction based on Stoll’s theory, which divides liquidity friction into real friction and information. In partcular, the possibility of information friction can be an important basis for establishing related policies because it suggests that sponsors might use asymmetric information to cause agency problems. The analysis showed that sponsor ownership could affect both real friction which is the actual resources consumed in transactions and information friction caused by informed traders. Informational friction due to sponsors implies the need for improvement in governance structure and monitoring to suppress the potential exploitation of asymmetric information by sponsors and ensure transparent disclosure of real estate investment trusts (REITs)’ information to all market participants. On the basis of the result this study proposed the necessity of policy development to establish and improve superior corporate governance in the Korean REIT industry, which is growing around sponsor structures, to enhance management monitoring, to support for the publication of sustainability reports, to constructa REIT-special Environmental, Social, Governance (ESG) rating model and to disclose the rating.

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