공공리츠 상장 활성화에 관한 연구 = A study on the revitalization of public REITs listing

국문 초록 (Abstract)

우리나라 정부는 2001년부터 부동산투자회사법을 제정하여 건전한 부동산 시장을 만들기 위해 노력하고 있지만, 아직 그 실현 방법인 리츠 상장은 미비한 상태이다.
정부는 리츠의 규모를 확대하기 위해 2013년부터 임대주택에 대한 투자를 공공기관도 할 수 있도록 공공리츠를 제도화 하였다. 2019년부터는 각종 세제 혜택의 부여 효과로 대기업을 중심으로 한 리츠 상장이 늘어, 2018년까지는 4개였던 상장리츠가 2021년 상반기에는 13개로 증가하였다.
부동산관련 공기업(한국토지주택공사, 지방도시개발공사, 주택도시보증공사 등)이 리츠의 출자자로 참여하면서 위탁관리리츠로 운영하고 있는 공공리츠가 전체 리츠자산의 34%를 차지하고 있지만, 이들은 사모리츠로 공공리츠에 투자한 기관이 자금을 회수하기 위해서는 배당금 수령이나 청산을 해야 하는 등 한계가 있다. 한편, 공공리츠가 아직 상장되지 않아 금융시장을 통한 자금 회수가 이루어지지 않을 뿐 아니라, 일반투자자가 접근하기에도 아직 어려운 실정이다.
공공리츠가 상장된다면 일반국민들이 쉽게 투자할 수 있을 뿐만 아니라, 중위험 중수익을 실현할 수 있는 투자처로 인식되어 시장 참여자들의 다양한 포트폴리오 구성도 가능할 것으로 기대된다. 또한 공공기관들도 금융시장을 통한 자금회수가 가능해져 부동산 가격안정과 기간산업에 대한 투자가 원활화 될 수 있을 것으로 본다.
앞선 선행연구들은 리츠 활성화, 수익성 및 상장방안에 관한 내용으로 일반리츠를 대상으로 연구되어 공공리츠의 상장에 대한 연구가 미비한 상황이다. 따라서 본 연구는 공공리츠 상장 활성화와 개선요인을 연구하여 그 방향을 제시하고자 하였다.
이를 위해 본 연구는 리츠에 대한 이론적 고찰과 전문가그룹을 중심으로 한 설문 자료를 수집하고 분석을 통해 국내 자본시장에서 공공리츠 상장 활성화에 대한 개선 요인을 도출하고자 하였다. 연구 설계는 공공리츠와 관련된 전문가들을 대상으로 인터뷰를 통한 예비조사를 통해 FGI(Focosed Group Interview; 전문가 집단 인터뷰)설문을 완성하였고, 이를
바탕으로 한 AHP(Analytic Hierarchy Process; 계층적 의사결정방법) 분석을 시행하였다. 그리고 설문에 대한 정규성 검정과 요인별 비모수 상관분석을 진행하였다.
선행연구와 FGI 설문을 통해 제시된 요인들을 실증 분석한 결과에 따르면 공공리츠 상장 개선요인 지표로는 상장규제, 규모확대, 세제 혜택 부여(수익성)의 세 가지로 정리할 수 있다. 먼저, 리츠 상장 활성화를 위한 상장규제에 대해서는 매출액 기준완화, 소유한도 완화, 공모주식 한도 완화가 필요한 것으로 나타났다. 둘째, 리츠의 규모 확대는 제도적으로 모자리츠 확대, 리츠 M&A 확대, 업리츠 확대를 통해 이룰 수 있는 것으로 보였다. 마지막으로 공공리츠가 현재 가지고 있는 수익성 확보를 위해서는 세제혜택인 법인세 감면, 배당·양도소득세 등의 소득세 감면과 지방세 감
면이 필요하다고 볼 수 있다.
AHP분석 결과 상위요인 중에서는 세 가지 요인 중 ‘세제혜택’이 가장 중요도가 높은 것으로 나타났으며, 하위요인 아홉 가지 중에서는 ‘지방세 감면’이 가장 중요도가 높은 것으로 나타났다. 이는 정부의 직접적인 세제혜택의 제도개선이 필요함을 보여주고 있다고 할 수 있다. 각 하위요인별 분석에서는 먼저, 상장규제 요인에서는 공공리츠가 투자하고 있는 다수의 임대주택리츠의 상장을 용이하기 위해서는 매출액 기준 완화가 중요한 요인으로 나타났다. 소유한도 완화와 공모주 한도 완화가 매출액 기준 완화의 중요도보다 조금 낮게 나타난 것은 공공리츠가 사모리츠의 형태로 운영되는 제도적 한계가
존재함을 보여 준다고 할 수 있다.
규모확대 요인에서는 연기금이나 공기업이 앵커리츠의 역할을 수행하면서 앵커리츠를 모(母)리츠로 한 다양한 리츠를 파생시킨 자(子)리츠의 활성화 필요성을 보여주고 있다. 세제혜택 요인에서는 공공리츠가 장기간 운영되는 과정에서 수익성을 확보하고 적정 배당률을 달성하기 위해서는 취득세, 재산세 등의 지방세 감면이 지속해서 필요함을 시사하고 있다고 볼 수 있을 것이다. 본 연구는 공공리츠의 인식을 제고하여 공공리츠 상장을 통한 자본시장과의 긴밀한 연계로 실물자산의 금융화와 부동자산의 유동화를 통해 부동산 시장의 안정화를 도모하는데 기여하고자 한다. 공공리츠에 대한 일반투자자들의 접근성을 용이하게 하여 투자기회를 제공하므로써 건전한 부동산투자기회를 확대하는데도 도움을 주고자 하였다. 또한, 실물 부동산 시장의 왜곡현상을 완화하여 국가경제 발전의 토대를 마련하는 데 있어 정책적 시사점을 도출하고자 연구하였다.

다국어 초록 (Multilingual Abstract)

Korea has been trying to create a healthy real estate ecosystem by enacting the
Real Estate Investment Company Act since 2001, but the listing of REITs as a
method of realization is still not sufficient enough.
In order to expand REITs, the government has instituted public REITs so that
public institutions can invest in rental housing from 2013. Since 2019, due to the
effect of various tax benefits, the number of REITs listed has increased mainly
centered around large corporations, and the number of listed REITs increased from
four in 2018 to thirteen in the first half of 2021.
Although public REITs account for 34% of the entire REITs assets, there still are
limitations like the case that institutions which invested through private REITs have
to take a step of dividend or liquidation in order to generate a return on
investment. On the other hand, because public REITs have not gone public yet, it
is not possible to recover funds through financial markets, and it is still difficult
for general investors to approach.
If public REITs go public, it is expected that not only the general public can
easily invest, but also it will be recognized as an investment destination that can
realize middle-risk middle-income, and it will be possible to let market participants
organize various portfolios. In addition, public institutions would be able to recover
funds through financial markets, which will enable real estate stabilization and
smooth performance in investment in key industry.
However, while previous studies have been conducted mostly on such contents
as market vitalization, profitability and listing of private REITs, hardly has research
on the listing of public REITs been made. Therefore, this study tried to suggest the
direction of public REITs listing by studying market activation and its improvement
factors.
For this purpose, this study aims to draw improvement factors for public REITs
listing in the domestic capital market through theoretical consideration of REITs by
collecting questionnaire data focusing on expert group and analyzing it.
The research design was completed by conducting a preliminary survey through
the interview with experts related to public REITs, and the analysis of AHP(Analytic
Hierarchy Process; Hierarchy Process) was conducted based on the FGI (Focus
Group Interview) questionnaire. And normality test and nonparametric correlation
analysis by factor were conducted for the questionnaire.
Groups of experts for the survey consisted of public institution workers who run
public REITs, researchers of the associations that study REITs, and experts from
financial institutions or accounting firms that list and trade REITs.
Some improvement factors for stock listing of public REITs were derived based
on the contents of FGI. As for the improvement factors, the relative importance
between the evaluation items of each hierarchy was identified by measuring the
priority and weight of each hierarchy consisting of the top factors (Level 1) and
the bottom factors (Level 2) through AHP analysis.
According to the results of empirical analysis of the factors presented through
previous studies and FGI surveys, the improvement factors of public REITs can be
summarized into three indicators: stock listing regulation(requirements), expansion of
REITs scale, and tax benefits (profitability). First, as an aspect of stock listing
regulation, it was found that deregulation on sales standards, ownership restrictions,
and limit on shares of public offering is needed to activate the initial public
offering of public REITs. Second, the expansion of the REITs scale could be
achieved through institutional scale-up of master-feeder REITs, expansion of the
REITs M&A, and expansion of the REITs. Finally, in order to secure the
profitability of public REITs, it is necessary to reduce the reduction and exemption
of local tax along with those of income tax such as corporate tax reduction,
dividend tax, and transfer income tax.
As a result of AHP analysis, 'tax benefits' were shown to be the most important
among the three top factors, and 'local tax reduction' was the most important
among the nine bottom factors. This shows that the government needs to improve
the system of direct tax benefits.
In the analysis of each bottom factor, to begin with, deregulation of sales
standards turns out to be an important element in order to facilitate the stock
listing of a large number of rental housing REITs invested by public REITs in
terms of stock listing regulation. The fact that the mitigation of ownership limit
and public offering limit are slightly lower than the importance of deregulation of
sales standard shows that there is an institutional limit in which public REITs
operate in the form of private REITs.
n the factor of scale-up, it shows the necessity of expanding various feeder
REITs derived from anchor REITs as master REITs which are composed of pension
funds or public corporations.
In the tax benefit factor, it can be said that local tax reduction such as
acquisition tax and property tax is necessary to secure profitability and achieve the
appropriate dividend rate in the process of long-term operation of public REITs.
This study aimed to raise the awareness of public REITs and contribute to the
stabilization of the real estate market through the financialization of real assets
and the securitization of fixed property through the close connection with the
capital market through the stock listing of public REITs. This study also intended to
help expand sound real estate investment opportunities by facilitating general
investors' accessibility to public REITs and providing investment opportunities. In
addition, this study examined the listing of public REITs in order to draw policy
implications in laying the foundations for national economic development by easing
distortions in the real estate market.

목차 (Table of Contents)

• 제1장 서론 ····································································································1
• 제1절 연구의 배경 및 목적 ························································································1
• 1. 연구의 배경 ········································································································1
• 2. 연구의 목적 ········································································································3
• 제2절 연구의 범위, 방법 및 구성 ··············································································4
• 1. 연구의 범위 ········································································································4
• 2. 연구의 방법 ········································································································5
• 3. 연구의 구성 ········································································································5
• 제2장 공공리츠의 이론적 고찰 ·····································································7
• 제1절 리츠 ···················································································································7
• 1. 리츠 개념 ············································································································7
• 2. 리츠 도입 배경 ·································································································12
• 3. 리츠 규모 ··········································································································12
• 4. 해외 리츠 ··········································································································18
• 제2절 리츠 관련 법령 등 검토 ··············································································23
• 1. 제·개정 연혁 ···································································································23
• 2. 리츠 상장 요건 ·································································································28
• 3. 리츠관련 조세 ···································································································29
• 4. 리츠 상장 저해요인 ··························································································32
• 제3절 공공리츠 ··········································································································34
• 1. 공공리츠 개념 ···································································································34
• 2. 공공리츠 정책방향 ····························································································39
• 제4절 선행연구 고찰 ·································································································43
• 1. 리츠 활성화 방안에 관한 선행연구 ·································································43
• 2. 리츠 수익성 및 상장 방안에 관한 선행연구 ··················································47
• 3. 선행연구와의 차별성 ························································································50
• 제3장 공공리츠 상장 방안에 대한 연구설계 ············································52
• 제1절 연구모형 및 가설 ···························································································52
• 1. 연구모형 ············································································································52
• 2. 상장 활성화 요인 도출 ·····················································································53
• 3. 가설 설정 ··········································································································55
• 제2절 표본 구성 및 분석방법 ··················································································56
• 1. 표본 구성 ··········································································································56
• 2. FGI ·····················································································································58
• 3. AHP ···················································································································60
• 제4장 공공리츠 상장 방안에 대한 실증분석 ············································63
• 제1절 FGI를 통한 실증분석 ······················································································63
• 1. 전문가 인구특성 및 투자특성 ··········································································63
• 2. 공공리츠 상장관련 인식 ···················································································66
• 3. 공공리츠 상장을 위한 요인 ·············································································67
• 4. 주요 변수 비모수적 평균비교 ··········································································69
• 5. 공공리츠 상장방안 비모수 상관분석 ·······························································73
• 제2절 AHP를 통한 실증분석 ····················································································76
• 1. 공공리츠 상장방안 상대적 중요도 분석 ·························································76
• 2. 공공리츠 상장방안 절대적 중요도 분석 ·························································79
• 제3절 실증분석 결과 요약 및 시사점 ·····································································80
• 1. 분석결과 ············································································································80
• 2. 시사점 ················································································································84
• 제5장 결론 ···································································································87
• 제1절 연구 결과의 요약 ···························································································87
• 제2절 향후 연구과제 ·································································································90
• 참고문헌 ····················································································································91
• 부 록 ····················································································································95
• Abstract ····················································································································111

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