기업형 임대주택 리츠의 주식 종류별 수익률 결정요인 : 뉴스테이 사업으로부터의 증거 = Determinants of Returns by Stock Type in Enterprise-Led Rental Housing REITs: Evidence from New-Stay Projects in South Korea

다국어 초록 (Multilingual Abstract)

This study empirically analyzes the factors influencing the rates of return by stock type in enterprise-led rental housing REITs. The South Korean government introduced the New Stay REIT program to enhance housing stability and expand private-sector participation. However, previous studies have not sufficiently reflected the structural characteristics of the system, particularly the heterogeneity in return structures across different stock types. Accordingly, this study examines 79 New Stay REITs approved as of the end of 2021, using the returns of overall shareholders, preferred stocks, and common stocks as dependent variables. The independent variables include business characteristics (metropolitan area location, public land bidding, construction type, and capital gain ratio) and financial characteristics (total project cost, private interest rate, and lease period). The results show that the capital gain ratio has a significantly positive effect across all models, while the private interest rate has a significantly negative effect on the returns of overall shareholders and common stocks. Construction-type projects significantly reduce common stock returns, whereas public land bidding positively affects only common stocks. These findings suggest that risk–return structures differ across stock types. To promote the sustainable development of enterprise-led rental housing REITs, investment structures should be redesigned according to investors’ risk preferences and investment horizons, financing costs should be reduced, and capital gain analyses should be refined to enhance investment efficiency.