韓國 不動産金融의 發展過程과 改善方向에 관한 硏究 = (A) study on Korean financing system of real estate

다국어 초록 (Multilingual Abstract)

We suffered from the financial crisis. Many financial institutes were restructured by government since 1998. An immovable property article for sale to hold the company increased and a shortage credit scale of the financial institute expanded. The price fall of the immovable property became the factor to make the restructuring of the financial institute with the company again.
We introduce the new system for nonfreezing industry and real estate to sell the asset according to the restructuring to blow easily. In addition, the government promoted through the creation of real estate supply and demand. Thanks to Liquidation and securitization, we could improve better cash-flow.
This study looks into the problem with the current situation of the house finance and history of the real estate financing system in korea. We examine the comparison the system of real estate financing to be executing already.
The purpose of this paper is to analyze new financing methods such as asset securitization, mortgage securitization and real estate investment finance and thus to suggest measures to activate the newly introduced real estate finance.
The second chapter next to introduction, explains the conception of real estate financing, the aim and the features of real estate financing. Basic structure and major details and expected effects of real estate finance methods were examined.
The third chapter, the history of real estate and the development of real estate in korea were showed. Especially, the policies which are chosen by korean government were mentioned how effectiveness to the market.
The forth chapter analyzes the present condition of real estate finance market. Loan used to be the only method for real estate finance below new real estate finance methods such as asset securitization, mortgage securitization, real estate investment companies, etc are introduced from 1998. And this chapter contains the operational results, actual effects and current problems of each real estate finance method.
The fifth chapter proposes policy suggestions in the directions of implementing each methods according to market principles, eliminating any obstacles to promote real estate finance with more emphasis on protecting investors and suggesting policy measures to promote real estate finance and improve market conditions.
In conclusion, we can say that indirect investment into real estate may be considered a reliable one and corresponding stable system for domestic real estate market should be developed, considering the ratio of real estate in national economy, it is necessary to prepare and develop a system that my stimulate the demand for rational investment into real estate for boosting up domestic economy.

목차 (Table of Contents)

• 目次 = ⅰ
• 第1章 序論 = 1
• 第1節 硏究의 目的 = 1
• 第2節 硏究의 對象 및 方法 = 2
• 第2章 不動産金融의 理論的 背景 = 3
• 第1節 不動産 金融의 定義 및 特性 = 3
• 1. 不動産 金融의 定義 = 3
• 2. 不動産 金融의 特性 = 5
• 第2節 不動産의 證券化 = 9
• 1. 證券化의 定義 = 9
• 2. 謹券化의 種類 = 10
• 3. 證券化의 利點 = 11
• 第3章 不動産 金融政策의 變遷과 展望 = 14
• 第1節 不動産市場의 動向 및 政策의 推移 = 14
• 1. 不動産政策의 動向 = 14
• 2. 不動産市場의 長期 動向 = 15
• 第2節 住宅金融政策의 變化 = 16
• 1. 旣存의 住宅金融政策 = 16
• 2. 住宅金融 分野의 變化 = 17
• 3. 새로운 不動産金融技法의 導入 = 18
• 第4章 不動産 金融의 現況과 問題點 = 20
• 第1節 外換危機 以前의 不動産 金融 = 20
• 1. 不動産信託과 國民住宅基金 = 20
• 2. 先分讓制度와 商家投資方式 = 30
• 第2節 外換危機 以後 새로운 不動産 金融 = 34
• 1. 資産擔保負證券(ABS) = 34
• 2. 住宅抵當證券(MBS) = 40
• 3. 不動産投資會社(REITs) = 47
• 4. 프로젝트 파이낸싱(Project Financing) = 53
• 第5章 韓國 不動産 金融의 改善方向 = 58
• 第1節 MBS 中心의 住宅金融 活性化 方案 = 58
• 1. 傳貰權 相衝問題 解消와 少額保證制度 導入 = 58
• 2. 所得控除와 稅額控除 擴大 = 58
• 3. 逆바진에 대한 保全 方案 = 59
• 4. 別途의 信用管理機關(Credit Bureau)設置 = 60
• 5. 國民住宅基金과 모기지 론의 差別的 運營 = 60
• 6. 인프라 構築과 專門人力 養成 = 61
• 第2節 韓國型 REITs 中心의 間接投資 活性化 方案 = 61
• 1. 設立資本金 縮小 = 61
• 2. 現物出資 許容 = 62
• 3. 不動産關聯 有價證券 投資 許容 = 62
• 4. 開發事業 投資 擴大와 投資者 保護 = 63
• 5. 名目會社型 一般REITs의 導入 = 63
• 第3節 프로젝트파이낸싱 中心의 開發金融 活性化 方案 = 64
• 1. 收益性에 따른 徹底한 危險管理 = 64
• 2. 過多한 金融 · 保證費用 縮小 = 64
• 3. 後分讓制 導入에 따른 資金調達 役割 = 64
• 第6章 結論 = 66
• 參考文獻 = 69
• ABSTRACT = 72