「不動産投資會社法」 施行에 관한 問題點 및 定着化 方案에 대한 硏究 = (A)study on the problem about enforcement and the methods of settling the law of real estate investment trusts

다국어 초록 (Multilingual Abstract)

IMF foreign exchange crisis affected much economy environment. Specially, charge rate is raised by IMF foreign exchange crisis and real estate price falls rapidly and real estate market got stagnant. As a result, many corporations were fallen in failure crisis.
Therefore, corporation should sell real estate possessing for this restructuring need for crisis conquest. But, there were many difficulties effectively to bank real estate in situation that purchasing power of real estate is disappeared.
So, Real Estate Investment Trust Act was made for activation of corporate restructuring and investment activation for small-scale investor's real estate, and this law was enforced since July 1, 2001.
Before enforce, Real Estate Investment Trust Act gathered expectation to accomplish much changes in each field. Suspected investment opportunity offer to small-scale investor, change of composition and so on of efficient portfolio to reform of real estate market, and to be scientific.
But, Real Estate Investment Trust Act enforced on July 1, 2001 but interest of related business circles was not so high in spite of many expectations.
These must improve subsequent problem for settlement of this system by problem that appear in enforcement of now degree.
First, there is problem of this heavy tax. Divided REITs drawing by general REITs and CR-REITs according to Real Estate Investment Trust Act that is enforced at July 2001, and duplex CR-REITs gave tax favor but general REITs did not give tax favor.
Because the result investor imposes corporate tax and income tax doubly about income that is equal, become an issue.
Second, investment target who continuous and stable earning rate security must consist but is such for fixing of Investment Trust Act actually enquire easy.
Therefore, need efficient Asset Management(AM), tax favor, development work deregulation etc. for this.
Third, need investor protector.
Because similar real estate investment trust floats after Real Estate Investment Trust Act's enforcement, because investors' damage is worried, and uses weakness of system abnormal transaction of real estate investment trust because is worried also governmental interest need.
Fourth, need professional human strength upbringing.
Specially, necessity of property use specialist and investment consulting manpower is high.
Fifth, problem is indicated on judiciary.
Current Real Estate Investment Trust Act is inconsistent because have dual system of General REITs and CR-REITs.
And is indicated to problem for Settlement of system about real estate investment trust's lowest capital regulation.
The United States of America that Real Estate Investment Company Act is activated most for Settlement period within 30 years consume.
Therefore, must do incessant effort for settlement of this system and areas and correction about problem of such system are going to become Real Estate Investment Trust Act fundamental of settlement.

목차 (Table of Contents)

• 목차
• 제1장 서론 = 1
• 제1절 연구의 목적 = 1
• 제2절 연구의 방법 및 범위 = 3
• 제2장 부동산투자회사 제도 개념 및「부동산투자회사법」내용 고찰 = 4
• 제1절 부동산투자회사(REITs)제도의 개념 = 4
• 1. 부동산투자회사(REITs)의 정의 = 4
• 2. REITs의 기본구조 = 5
• 3. REITs 의 종류와 특징 = 7
• 제2절 우리 나라「부동산투자회사법」고찰 = 10
• 1. 도입배경 및 도입과정 = 10
• 2. 주요 내용 = 12
• 제3장 외국의 부동산투자회사제도 = 28
• 제1절 미국의 부동산투자회사 (REITs)제도 = 28
• 1. 도입배경 및 발전과정 = 28
• 2. 미국 REITs의 일반구조 = 30
• 3. 미국 REITs의 자격요건(미국 REITs와 세금) = 32
• 4. 미국 REITs의 동향 = 35
• 5. 우리 나라 REITs와 미국 REITs의 비교 = 36
• 제2절 호주의 부동산신탁증권(LPT: Listed Property Trust) = 38
• 1. 도입배경 및 발전과정 = 38
• 2. LPT의 운영구조 = 39
• 3. LPT와 세금 = 41
• 4. LPT의 시장현황 = 42
• 5. LPT와 우리 나라 REITs와의 비교 = 43
• 제3절. 일본의 SPC = 44
• 1. SPC (Special Purpose Company)의 도입과정 = 44
• 2. SPC의 운영구조 = 45
• 3. SPC와 세법 = 47
• 4. 일본 SPC의 시장현황 = 48
• 5.한국과 일본의 SPC의 비교 = 50
• 제4장 제도시행에 따른 기대효과 및 제도도입 후 현황 = 52
• 제1절 제도도입에 따른 기대효과 = 52
• 1. 부동산 산업구조의 변화 = 52
• 2. 제도도입에 따른 각 부분의 기대효과 = 55
• 제2절 제도 도입 후 현황 = 61
• 1. 일반 REITs 의 업계현황 = 61
• 2. CR REITs 의 업계현황 = 62
• 제5장 부동산투자회사법 시행의 문제점 및 정착화 방안 = 64
• 제1절 부동산투자회사법 시행의 문제점 = 64
• 1. 이중과세의 문제점 = 64
• 2. REITs의 수익률 확보의 문제점 = 65
• 3. 투자자 보호장치의 문제점 = 70
• 4. 정보 인프라 구축에 따른 문제점 = 71
• 5. 전문인력 부족에 따른 문제점 = 75
• 6. 법률구조상의 문제점 = 75
• 제2절 제도의 정착화를 위한 방안 = 77
• 1. 이중과세에 대한 방안 = 77
• 2. REITs의 투자수익 확보를 위한 방안 = 78
• 3. 투자자보호에 대한 방안 = 83
• 4. 정보 인프라구축을 위한 방안 = 84
• 5. 전문인력 부족에 관한 방안 = 86
• 6. 법률 구조적 문제점에 대한 방안 = 87
• 제6장 결론 = 89
• 參考文獻 = 93
• ABSTRACT = 97