會社型과 契約型(信託型) 不動産投資信託(REITs)의 投資選好度에 관한 硏究 : 說問調査 分析을 中心으로

다국어 초록 (Multilingual Abstract)

The purpose of this study was to analyze, through a questionnaire survey, investors' preferences of REITs-which will be introduced on a full scale beginning from late 2001-and contract-based (trust type) REITs-which is being operated-and thereby, assess the commodity value of "Bigman Real Estate Investment Trust" being sold currently by Kukmin Bank, and thereupon, suggests the ways to improve their marketing. The study was focused on investors' preferences of investment points in each case of company type and contract (trust) type REITs.
For this purpose, domestic and foreign literature was extensively reviewed to compare the financial investment trust system with REITs, examine the trust accounts and mutual fund systems being operated by domestic banks according to "Trust Business Code", and therewith, assess the contract (trust) type REITs system being operated within the current financial investment trust mechanism as well as the company type REITs which will soon be introduced. In order to present desirable commodities each of company type and contract type REITs, literature review, case studies, interviews with experts and questionnaire survey were conducted in parallel. The collected data were analyzed statistically and quantitatively to be tested for their validity against the results of preceding studies. The results of this study can be summarized as follows;
First, the theoretical background of our financial investment trust system was reviewed centering around bank trust account and mutual fund systems, while company type REITs similar to mutual fund system was examined in terms of organization, operation, asset management and tax incentives. In addition, the possible problems of bank trust account and mutual fund systems were addressed to emphasize the necessity of REITs system.
Second, focused on structures and characteristics of REITs, differences between company and contract (trust) type REITs were featured against bank trust account or mutual fund system, and in particular, the main contents of the so-called "Real Estate Investment Company Act" to be deliberated at the regular meeting of National Assembly this year were analyzed in comparison with foreign acts to address the possible problems of REITs. On the other hand, the results of a research conducted by Korea Construction Industry Research Institute were reviewed to find the ways to invigorate the contract (trust) type REITs system based on "Trust Business Code" and thereby, suggest some policy implications for contract (trust) type REITs system, while comparing the advantages and disadvantages each of company and contract (trust) type REITs.
Third, the results of the questionnaire survey were analyzed against the results of preceding studies to examine general investors' preferences of financial commodities, and thereupon, assess the "Bigman REITs" developed and marketed by Kukmin Bank, and thereby, suggest the desirable real estate investment trust commodity model.
In conclusion, the results of this study suggest that in order to invigorate the company type REITs-which will be introduced next year -as well as the current contract type REITs in a longer term, it will be necessary to develop some optimal commodities compromising the advantages of the two commodities and thereby, satisfying investors.

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 範圍 = 3
• 第 2 章 金融投資信託의 理論的 背景 = 5
• 第 1 節 銀行의 信託計定 = 5
• 1. 信託의 槪念 및 種類 = 5
• 2. 銀行의 金錢信託 商品 = 8
• 3. 銀行의 財産信託 商品 = 9
• 4. 銀行의 金錢信託 開發 事例 = 10
• 第 2 節 證券投資信託 制度 = 17
• 1. 證券投資信託 制度의 槪念 및 種類 = 17
• 2. 契約型 證券投資信託 = 19
• 3. 證券投資會社(뮤추얼펀드) = 23
• 第 3 節 銀行의 信託計定과 證券投資信託 制度의 限界 = 31
• 1. 銀行의 金錢信託을 活用하는 方案과 限界 = 31
• 2. 證券投資會社法을 活用하는 方案과 限界 = 32
• 第 3 章 不動産投資信託(REITs)의 構造와 特徵 = 34
• 第 1 節 不動産投資信託(REITs)의 構造 = 34
• 1. 不動産投資信託(REITs)의 意義 = 34
• 2. 不動産投資信託(REITs)의 基本構造 = 36
• 3. 不動産投資會社(案)의 主要 內容 = 37
• 4. 契約型(trust type) 不動産投資信託(REITs)의 主要 內容 = 48
• 第 2 節 會社型과 契約型의 特徵 및 長·短點 比較 = 52
• 1. 會社型과 契約型 不動産投資信託(REITs)의 特徵 = 52
• 2. 會社型과 契約型 不動産投資信託(REITs)의 長·短點 比較 = 55
• 第 4 章 不動産投資信託의 投資選好度 設問調査 = 58
• 第 1 節 設問調査의 基礎資料 = 58
• 1. 設問調査의 槪要 = 58
• 2. 標本의 全體的인 特性 = 59
• 3. 分析結果 = 62
• 4. 本 設問의 限界 = 94
• 第 2 節 韓國建設産業硏究院의 硏究結果 紹介 = 95
• 1. 一般投資者의 需要 性向 = 95
• 第 3 節 設問分析을 通한 投資選好度 分析 = 101
• 1. 一般的인 財産構成實態를 通한 投資選好度 = 101
• 2. 不動産投資實態를 通한 投資選好度 = 101
• 3. 不動産間接投資商品을 通한 投資選好度 = 102
• 第 4 節 會社型과 契約型의 바람직한 投資商品 提高 = 103
• 1. 國民銀行의 빅맨不動産投資信託 商品에 對한 商品性 = 103
• 2. 會社型과 契約型의 바람직한 投資商品 = 105
• 第 5 章 結論 = 107
• 參考文獻 = 110
• ABSTRACT = 115
• 附錄 = 118