契約型 REITs의 活性化方案에 關한 硏究 : 不動産信託制度의 利用을 中心으로

다국어 초록 (Multilingual Abstract)

In the year of 1997, the real estate market was falling down from the IMF era in the residential, commercial and industrial field. It was arriving in the real estate market deflation because of the banks and companies restructuring and real estate market's oversupply. The Government initialized so the real estate securitization for overcome these real estate crisis. The Parliament tries to enact the REITs and adopt the ABS and MBS. The REITs is high advanced real estate system to operate the real estate system by the accumulating the investors to invest on the real estate investment concernings. It could supply the opportunities to the investors by the real estate liquiditization of cash flow to maximize the real estate investment effect and to make a new concept of portfolio.
The REITs could separate in two concepts as company type and contract type. The company type could be defined that the investors attend in the company as shareholders for having the profit allocation. The contract type could be defined that the investors attend in the real estate investment trust for having the profit allocation in the end of investment trust contract. By the Korean Law, the company type is enacting by the Korean Parliament and the contract type is actually on the investment system in the limit of Korean Trust Company Law. The contract REITs is recently boosting on the market by the several bank operations. But it reveals some limits to realize the REITs system. The reason is the great necessity of professionalism and experiences. We see the real estate trust system for resolving these problems. The real estate trust system has adopted in Korea, in the year of 1991, and accumulated great professionalism and experiences by the real estate property management. In the using of real estate trust system, we could find, in facile, the way for vitalizing the contract type in REITs market in Korea.
This study is focused on the adoptation of contract REITs to the real estate trust system.
First of all, the trust company operates with the banks in the contract type of REITs. The real estate trust company could attend as asset management company and the bank attend as investor on the real estate trust company.
Second of all, the real estate trust company operates directly the contract type of REITs. The real estate trust company could operate the asset management by the investor's cash in this way.
Thirdly, it could be possible by the investor's union. The investors make an union and purchase the properties and the real estate trust company operates the asset management.
The last one is the securitization of the certificate of real estate trust profit. It can be possible that the real estate trust company enroll the investors to operate the real estate trust projects for making the profits by the securitization of the certificate of Real Estate Trust.
In conclusion, the real estate trust company has high qualified professionalism and experiences on the asset management, therefore we need to adopt the real estate trust company on the contract type of REITs to promote the REITs system in Korea.

목차 (Table of Contents)

• 第 1 章 序論 = 1
• 第 1 節 硏究의 背景과 目的 = 1
• 第 2 節 硏究의 方法 및 範圍 = 3
• 第 2 章 REITs에 관한 理論的 考察 = 4
• 第 1 節 REITs의 槪要 = 4
• 1. REITs의 槪念 및 導入背景 = 4
• 2. 外國의 不動産證券化 = 7
• 3. 우리나라에서의 REITs 導入의 必要性 및 導入現況 = 16
• 第 2 節 契約型 REITs의 槪要 = 20
• 1. 契約型 REITs의 意義 및 效用性 = 20
• 2. 契約型 REITs와 會社型 REITS의 比較 = 21
• 3. 契約型 REITs의 우선 活性化 必要性 = 25
• 4. 契約型 REITs의 構造 = 26
• 第 3 章 契約型 REITs 現況과 展望 = 30
• 第 1 節 契約型 REITs의 運營現況 = 30
• 1. 法制度 現況 = 30
• 2. 運營現況 槪要 = 31
• 3. 國民銀行의 運營現況 = 33
• 4. 하나은행의 運營現況 = 35
• 5. 朝興銀行의 運營現況 = 38
• 第 2 節 契約型 REITs 商品의 特性 및 問題點 = 41
• 1. 商品의 特性 = 41
• 2. 商品의 問題點 및 對策 = 43
• 第 3 節 契約型 REITs의 展望 = 45
• 1. 契約型 REITs 導入의 效果 = 45
• 2. 發展可能性 및 展望 = 47
• 第 4 節 活性化의 前提 = 49
• 1. 法制度의 改善 = 49
• 2. 投資者 保護 = 51
• 3. 租稅의 減免 = 55
• 4. 關聯分野의 Infra 構築 = 57
• 5. 기타 活性化 前提事項 = 58
• 第 4 章 不動産信託制度를 이용한 契約型 REITs의 活性化 方案 = 60
• 第 1 節 韓國의 不動産信託 制度의 特徵과 問題點 = 60
• 1. 不動産信託制度의 意義 및 特徵 = 60
• 2. 한국의 不動産信託制度의 現況 및 問題點 = 62
• 3. 不動産信託制度의 機能 = 68
• 4. REITs와 不動産信託制度의 比較 = 69
• 5. REITs가 不動産信託에 미치는 영향 = 71
• 第 2 節 不動産信託制度를 이용한 活性化의 方案 = 73
• 1. 槪要 = 73
• 2. 金融機關과의 共同活用 方案 = 74
• 3. 不動産信託社의 契約型 REITs 運用 = 78
• 4. 投資者組合을 통한 活用方案 = 81
• 5. 信託受益權의 流動化를 통한 活用方案 = 83
• 6. 活性化를 위한 課題 = 86
• 第 5 章 結論 = 93
• 參考文獻 = 96
• ABSTRACT = 99