부동산 간접투자 상품에 관한 연구 = A Study on the Indirect Investment Products in Real Estate

다국어 초록 (Multilingual Abstract)

ABSTRACT
A Study on the Indirect Investment Products in Real Estate

Since IMF (International Monetary Fund) loan(1997), with the introduction of advanced financial system, various financial products have been developed and sold in Korea. Furthermore, with the establishment of Act on indirect investment asset operation business in 2004, various indirect investment products that was developed for investing not only in stocks but also in real assets, overseas market, and etc are selling, which invited general investors from the time of mere “savings” to the new era of operating their assets with the general idea of “investment”.
The investment in real estate that had been regarded, for quite some time, to be possible only by direct investment requiring large scale of funds is now possible indirectly, too and, what is more, it also provides great portfolio effect comparing other subjects of investment. Consequently, we may well say the activation of indirect investment products is necessary for the sake of the portfolio effect and the development of indirect investment products in real estate sure enough.
This study was conducted and discussed on the assumption that the activation of indirect investment products in real estate would surely bring the insurance of transparency in domestic real estate market and portfolio effect to the investors.
Begins with observing the concept of real estate finance and the types of investment products in real estate this study is followed by the analysis of the investment value through the verification of portfolio effect, the present state of domestic indirect investment in real estate and, by conducting close examination of relate laws. In addition, this study prospects the future of indirect investment products in real estate and suggests its revitalization plan through the examination of instances in other countries.

목차 (Table of Contents)

• 제1장 서론 = 1
• 제1절 연구의 배경과 목적 = 1
• 제2절 논문의 구성 = 3
• 제2장 부동산금융의 이론적 배경 = 4
• 제1절 부동산금융의 개념 = 5
• 제2절 부동산금융의 체계 = 6
• 제3절 부동산금융의 기능 = 7
• 제4절 부동산의 증권화와 간접투자 = 8
• 제3장 부동산 금융의 투자형태별 제도 = 10
• 제1절 지분투자형 부동산금융 = 10
• 1. 프로젝트 파이낸싱 = 10
• 제2절 간접투자형 부동산금융 = 17
• 1. 부동산투자회사(REITs) = 17
• 2. 부동산펀드 = 26
• 제3절 유가증권형 부동산금융 = 31
• 1. 자산유동화증권(ABS) = 31
• 2. 주택저당증권(MBS) = 40
• 제4장 우리나라의 부동산 간접투자 금융상품 현황 = 48
• 제1절 부동산투자회사(REITs) = 48
• 1. 국내 부동산투자회사의 현황 = 48
• 2. 부동산투자회사의 운영사례 = 50
• 제2절 부동산펀드 = 57
• 1. 국내 부동산펀드 현황 = 57
• 2. 부동산펀드의 설정사례 = 59
• 제3절 부동산 간접투자 금융상품 관련 법률 검토 = 62
• 1. 부동산투자회사법 = 62
• 2. 간접투자자산운용업법 = 67
• 제4절 국내 부동산 간접투자 시장 분석 및 예상 = 71
• 제5장 외국의 부동산 간접투자 = 75
• 제1절 미국의 부동산 간접투자 시장 = 75
• 제2절 호주의 LPT 시장 = 80
• 제3절 일본의 J-REITs 시장 = 83
• 제4절 외국 사례의 시사점 = 86
• 제6장 부동산 간접투자 상품의 전망 및 활성화 방안 = 87
• 제7장 결론 및 한계점 = 90