不動産投資信託(REITs)制度의 導入과 展望에 관한 硏究

다국어 초록 (Multilingual Abstract)

Real Estate Investment Trusts System(REITs), which is a kind of real estate mutual fund, means a system which collects capital from lots of investors to invest directly the capital or pays the investors uniformly dividends of a profit earned from investment of the capital to real estate related loan, house mortgage securities, etc. REITs is an epoch-making system in that gives small investors an opportunity for real estate investment through making a share of real estate small, thereby enabling reconsideration of its liquidity, one of biggest problems in real estate and REITs is an important method as an alternative in resolving financial crisis or restructuring problem. REITs makes it possible to make a share of real estate securities by small unit and list them on the stock market, circulate the same, thereby enabling reconsideration of its liquidity. Therefore, at the time of financial crisis and restructuring, REITs converts insolvent bonds or real estates owned by enterprises and financial institutions into securities, thereby making sale of the properties easy. REITs, one of these financial goods, is scheduled to be introduced to our country.
As restructuring of financial institutions and enterprises is performed seriously since IMF economic crisis in December 1997, disposal of real estate related insolvent bonds owned by financial institutions and real estates owned by enterprises has emerged as main agenda. To overcome this crisis government came to discuss seriously on introduction of converting real estate into securities utilizing new financial method.
In the first place, to cut off connection mechanism of complex economic depression since IMF economic crisis, government got to introduce a system of making real estate securities such as ABS, MBS as one of stabilizing devices for real estate market. But those systems had limitations in resolving urgent problems on the hand. In the long run, Law on Company of Investing Real Estate which has been discussed in the meantime, has been established as of April 2001 and subordinate regulations are expected to be legislated, which shows introduction of REITs into our country is near at hand. REITs which is scheduled to be put in force in July 2001, is expected to have enormous effect on domestic real estate market as suggested by cases in developed countries such as U.S., Japan, Australia, etc.
When this system is introduced, our country can complete advancement of real estate market and property liquidation system. This system would not only help activate depressed real estate market of our country and accelerate restructuring of enterprises but also operate as a new reformation system which provides small investors with investment opportunities for real estates. Therefore, when REITs is introduced to our country, although being different from REITs of U.S. more or less, the meaning of systematization of REITs would be great.
In relation to this matter, this treatise has reviewed REITs already utilized successfully as useful real estate investment method in developed countries such as U.S., Australia, etc., and analyzed suggestion points in respective case. As REITs is scheduled to be performed without reservation in the second half of 2001 after going through legislation at the National Assembly, this treatise has its aim to review main contents and problems appeared on Law on Company of Investing Real Estate which has been established currently to suggest good introduction method and development direction of REITs, and to study activation method of REITs, thereby supporting early settlement and activation of REITs in our domestic market. Although many factors exist in early and successful settlement of REITs, at first a method of suppressing speculation in real estate should be prepared, secondlytaxation system support is necessary, thirdly protection of investors is required by making information public, fourthly a method of resolving moral relaxation in viewpoint of an agent is necessary, finally information infrastmcture construction should be prepared urgently. When above mentioned problems are resolved, introduction of REITs would provide great vital power in real estate market and capital market in our country.

목차 (Table of Contents)

• 目次 = ⅰ
• 第1章 序論 = 1
• 第1節 硏究의 背景 = 1
• 第2節 硏究의 範圍 및 方法 = 3
• 第2章 不動産投資信託(REITs)의 理論的 考察 = 5
• 第1節 不動塵 證券化의 意義 = 5
• 1. 不動庫 證券化의 槪念 = 5
• 2. 不動塵 流動化의 方式 = 7
• 3. 不動慶 證券化의 構造와 過程 = 8
• 4. 우리나라의 不動産 證券化制度 現況 = 9
• 第2節 不動産投資信託(REITs)의 槪要 = 15
• 1. REITs의 槪念 = 15
• 2. REITs의 資格要件 = 18
• 3. REITs의 類型 = 21
• 4. REITs의 一般的 構造 = 24
• 5. REITs의 資金調達과 運營 = 28
• 第3節 不動産投資信託(REITs)의 資産價直 評價基準 = 29
• 1. REITs의 價直測定 指標와 要素 = 30
• 2. REITs의 資廣價直 評價基準 = 34
• 第3章 外國의 不動産投資信託(REITs) 制度 = 38
• 第1節 美國의 REITs(Real Estate Investment Trusts) = 38
• 1. 導入背景 및 發展過程 = 38
• 2. REITs의 運營構造 = 39
• 3. REITs의 特徵 = 43
• 第2節 호주의 LPT(Listed Property Trust) = 45
• 1. 導入背景 및 發展過程 = 45
• 2. LPT의 運營構造 = 46
• 3. LPT의 特徵 = 48
• 第3節 日本의 SPC(Special Purpose Company) = 51
• 1. 導入背景 및 發展過程 = 51
• 2. SPC의 運營構造 = 53
• 3. SPC의 特徵 = 56
• 第4節 外國의 不動廣投資信託 制度의 示唆點 = 61
• 第4章 不動産投資信託(REITs)制度의 導入 背景과 活性化 方案 = 63
• 第1節 不動産投資信託(REITs)制度의 導入 背景 = 63
• 1. 不動産投資信託(REITs) 市場 展望 = 63
• 2. 不動産隻投資信託(REITs)制度의 導入 背景 = 65
• 第2節 不動産投資會社法案의 主要 內容 및 問題點 = 68
• 1. 王要內容 = 68
• 2. 運營構造 = 72
• 3. 問題點 = 74
• 第3節 不動産授資信託(REITs)制度의 活性化 方案 = 80
• 1. 不動産 投機 柳制 方案 마련 = 80
• 2. 租脫制度의 支援 = 81
• 3. 情報의 公開 = 82
• 4. 道德的 解弛 解消 方案 = 84
• 5. 情報인프라 構築 = 86
• 6. 收益要件(income tests)의 규정화 = 87
• 第4節 不動産授資信託(REITs) 導入에 따른 影響 = 88
• 1. 不動産市場 = 88
• 2. 金融市場 = 90
• 第5章 結論 = 93
• 〈參考文獻〉 = 95
• ABSTRACT = 98