부동산투자회사제도 시행에 따른 부동산시장 변화에 관한 연구 = A Study on the Real Estate Market Change by Operating Real Estate Investment Trusts System

국문 초록 (Abstract)

또한 이 제도는 부동산의 금융거래수단으로서의 한계를 극복하여 부동산거래의 수급측면에서 활성화를 촉진시킬 수 있는 가장 효율적인 수단으로 간주된다.
미국의 부동산 투자신탁(REITs)제도는 투기가 아닌 건전한투자문화를ㄹ정착시켰으며,주식의대중화를 통하여 소수의 투기를 차단하고, 정보공시를 통해 시장을 투명화시켰고, 현금흐름을 중심으로 하는 투자와 부동산시장과 금융시장을 결합시켰으며, 부동산업계의 전문화를 달성시켰다.
하지만 미국의 부동산투자신탁제도를 국내에 정착시켜 나가는데 에는 여러 가지 어려움과 시행착오가 많을 것으로 예상되나 이 제도가 다음과 같은 부동산시장에 영향을 미칠 것이다.
첫째, 부동산관련 거래나 취득·처분가격, 임대료, 공실률, 수익성 등의 정보를 공시하도록 의무화함으로써 부동산시장의 불투명성이 상당부분 해소될 것이다.
둘째, 주택·오피스빌딩시장 위주로 되어있는 임대시장이 호텔, 소매시설, 창고, 병원, 산업시설 등의 다양한 용도의 임대시장으로 확대 적용되어 산업 전체의 경쟁력 제고에도 이바지하게 될 것이다.
셋째,부동산투자회사는부동산산업의대형화·투명화, 부동산경영의 선진화를 앞당기고 종합부동산서비스가 가능하게 되어 부동산업의 대외경쟁력을 확보하는 계기가 될 것이다.
넷째, 과거 자본시장의 자본이 6∼8개월 시차를 두고 부동산시장에 몰림으로써 부동산시장에 주기적인 과열현상이 발생하였던 경험에 비추어 부동산투자회사제도 도입은 부동산에 대한 수요기반을 확대함으로써, 다수의 기대가 즉각 부동산시장에 반영되게 되어 장기적인 부동산 가격안정에 크게 기여할 것이다.

다국어 초록 (Multilingual Abstract)

The Korean real estate market has the serious deflation of assets due to the shrinkage of demand for real estate arising from serous recession and tight financial policy, reduction in private investment and real household income in the beginning of the Korean exchange crisis. This was attributed to the failure of real estate financing to be activated such as seuritization, the failure of the financial market to absorb credit crunch due the Korean exchange crisis, which led to the recovery of asset-backed loans, which in turn brought about the asset deflation taking on the character of complex recession.
Therefore, this study was intended to investigate the real estate investment trust(the so-called REIT)system that have been enforced as the useful means for investment in real estate in the US since the 1960 and which can be referred to as the most representative and the first instance of the securitization of real estate. It was focused on changes in the Korean real estate market related to the real estate investment trust system introduced to Korea in July, 2001. Seeing that the main point of policy is the administration of bad loans, Asset-backed securities(ABS) and mortage-backed securities(MBS) system have the limitation of real estate investment trust system provides small-amount investors with an opportunity to invest in real estate as well as has the purpose structural change or restructuring. And it has an effect of expanding the scope and width of the capital market by raising the transparency and efficiency of the real estate market and linking the real estate market with the capital market.
And the real estate investment trust system is thought of as the most efficient means for promoting the activation of real estate transactions in terms of demand and supply by overcoming the limitation as the vehicle for financial transactions of real estate. The American REITS system has made the sound investment, not speculation, culture take root in society, curbed speculation on real estate by the few throught the popularization of stocks, made the market transparent through information disclosure, combined the investment based on cash flow and the real estate market and financial market and achieved the specialization of the real estate business world.
But it is predicted that several difficulties and trial and error will take place in proceeding to make the American REITS system take root in society, but this system will have an effect on the real estate market as follow:
First, it will come to resolve the untransparency of the real estate market by making it obligatory to disclose information on realty-related transactions, acquisition/disposal prices, rents, vacancy, profitability and the like.
Second, it will come to contribute to raising copmetitiveness across the industry by extending the leasing market centered on housing and office buildings to include hotels, retailing establishments, ware housed, industrial facilities and the like.
Third, it will come to provide an opportunity to secure competitiveness in real estate business against foreign countries as the real estate investment company can facilitate the large scale and transparency of real estate business and the advancement in real estate management and provide clients with comprehensive real estate services.
Fourth, the periodical phenomenon of overheating occurred in the real estate market as capital in the capital market in the past was excessively concentrated in the real estate market at the interval of 6 to 18 months. In light of this experience, the introduction of the real estate investment trust system will make a great contribution of the periodical stabilization of real estate prices by expanding the base of demand for real estate and making the expectations of the majority reflected immediately in the real estate market.

목차 (Table of Contents)

• 목차
• 第1章 序論 = 1
• 第1節 硏究의 目的 = 1
• 第2節 硏究의 範圍 및 方法 = 2
• I. 硏究의 範圍 = 2
• II. 硏究의 方法 = 2
• 第2章 不動産投資信託制度의 理論的 考察 = 3
• 第1節 不動産投資信託制度의 槪要 = 3
• I. 意 義 = 3
• II. 導入背景 = 4
• 第2節 不動産投資信託制度의 構造·類型 및 特徵 = 5
• I. 構造 = 5
• II. 類型 및 特徵 = 7
• 第3節 不動産投資信託制度의 構成要件 = 12
• 第4節 不動産投資信託制度의 內·外部組織 = 13
• I. 內部組織 = 14
• II. 外部組織 = 16
• III. 雨傘形組合리츠의 構造 = 17
• 第5節 不動産投資信託制度의 資金調達 및 運用 = 19
• I. 資金의 調達 = 19
• II. 資金의 運用 = 19
• 第6節 不動産投資信託制度의 企業公開 = 20
• I. 企業公開日程 = 21
• II. 企業負擔 = 22
• III. 事業說明書 主要內容 = 22
• 第7節 不動産投資信託制度에 대한 投資情報 = 24
• I. 不動産 投資情報 = 24
• II. 不動産投資信託制度와 投資者 關係 = 27
• 第3章 美國 不動産投資信託制度 = 30
• 第1節 登場背景과 發展過程 = 20
• I. 第1期 誕生과 衰退期 = 30
• II. 第2期 復活과 繫昌期 = 31
• III. 第3期 轉換期 = 32
• 第2節 現況 및 特徵 = 35
• I. 市長規模와 資金調達 및 資金運用 = 35
• II. 特徵 = 41
• 第3節 主要事例 = 43
• I. 아파트투자관리회사(AIMCO) = 43
• II. 사이먼스부동산그룹회사 = 47
• III. 호스트메리어트회사 = 49
• 第4章 우리나라 不動産市場의 展望과 影向 = 52
• 第1節 內容 및 特徵 = 52
• I. 一般不動産投資會社 = 52
• II. 企業構造調整不動産投資會社 = 56
• III. 美國制度와의 差異點 = 58
• 第2節 展望과 影向 = 62
• I. 現況과 展望 = 62
• II. 資本 및 不動産市場의 影向 = 66
• 第3節 制度 活性化로 인한 期待效果 = 71
• I. 事業者 = 71
• II. 投資者 = 74
• III. 企業 = 76
• IV. 政府 = 77
• 第5章 結論 = 78
• 參考文獻 = 81
• I. 國內文獻 = 81
• II. 西歐文獻 = 84
• III. 기타자료 = 88
• ABSTRACT = 89