스폰서 소유권이 상장 리츠의 성과에 미치는 영향 = The impact of sponsor ownership on listed REITs performance

다국어 초록 (Multilingual Abstract)

We investigate the effects of sponsor ownership on listed REITs. Many Asian REIT studies are concerned about an agency problem by sponsors. Agency problem incurs several costs, and it reduces the interests of shareholders. If the stock market is rational, it will reflect agency cost to stock price. Therefore, agency problem by sponsor affects stock performance. According to the traditional agency theory, managerial ownership alleviates an agency problem. Our empirical findings suggest a non-linear relationship between sponsor ownership and stock market performance. An increase in sponsor ownership is related to higher performance. However, the opposite effects when its ownership crosses the vertex. This result is consistent in four- stock market performance proxies.

국문 초록 (Abstract)

본 연구는 스폰서 소유권이 상장리츠의 성과에 미치는 영향력을 조사한다. 아시아 리츠는 스폰서 소유권을 특징으로 하는데, 이 구조에 의한 대리인 문제 발생 가능성이 경고되어 왔다. 그러나 스폰서가 리츠에 자산을 공급해 성장을 돕는다는 평가도 공존하며, 관련 선행연구는 스폰서 소유권 관리를 통해 대리인 문제가 완화될 수 있음을 시사한다. 따라서 스폰서 소유권과 리츠 성과와의 관계는 실증연구의 관점에서 조사될 필요가 있다.
일반적으로 활용되는 4개의 자본시장 성과지표를 활용해 스폰서 소유권이 미치는 영향력을 조사한 결과 모든 지표에서 스폰서 소유권이 일정한 수준까지 리츠의 성과에 긍정적이라는 결과가 도출되었다. 나아가 이러한 관계가 스폰서 소유권이 증가함에 따라 체감하고 있음을 보여주었다. 본 연구의 결과는 스폰서 소유권 구조를 활용해 한국 리츠 시장의 활성화를 도모하는 정책 당국과 스폰서 구조를 통해 리츠 산업에 참여하는 기업에게 중요한 참고자료로 활용될 수 있다.

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