REITs 도입방안에 관한 연구 = (A) Study on the method for introduction of REITs

다국어 초록 (Multilingual Abstract)

The introduction of the institution of real estate investment company means the completion of a series of the real estate stock institution formed in 1998.
Because these system are based on the disposal of real estate and the rehabilitation, they are unsuitable to the system for the real estate investors.
It is impossible to hope that these system can rehabilitate the real estate investment in the case of the intension of many difficulties in the stockation of real estate.
It needs to introduce investment means whit which are solve many works and invest to the new real estate bond commodity.
The bond of this investment means is generalized in the capital market is REIT in America.
Its changed form is LPT in Australia, Trust investment means, and is SPC in Japan, a legal person.
The real estate trust company allowed in korea have its limits.
This read estate trust don't sufficiently have the capitalist market principle which the real estate investment company have to have with its publicity. and as it has not secured its own speciality in the course of development, the real estate investment system is required that has the dynamic and flexible management organization with which can carry out the real estate investment of the high risk and high return.
The issue of a small sum investment bond, the protection of investor and the imposition of a fax system benefit were suggested as the major institutional factors of this investment means.
The real estate trust is a stock company b the special law in its lawful character, differing from the established companies related to a bond and the investment companies.
A difference between it and trust system doesn't mean that it doesn't need the trusty real estate investment system.
As the real estate trust base on 「Trust Law」exists, and as these trust companies make the real estate development, it is impossible to introduce a bill comprehending them.
But it can be realized by the floating way of a benefit bond of the real estate trust company through the revision of the existing trusty laws concerned.
The function of the real estate trust or the real estate investment trust in bank as the investment system is the content of institutional improvement not must be achieved in the case of the introduction of the real estate investment company.
The REITs system provides the new money means for the development of real estate.
It can be used as an effective rehabilitation measure of the real estate demand just as the money of many a small-sum investor and institution investor is used into the money for the real estate development.
And the REITs system supply a way for the solution of the great gulf between rich and poor as a result of the sudden rise of the real estate prices, which korea had experienced in the past, and the promotion of the real estate sale being owned by companies due to stagnation in the real estate market. Most of all, the REITs system will be used as a way of disposing many real estate which firms and finance institution sold off in the structural reform.
In conclusion, the introduction of the real estate investment company has the social meaning that it rehabilitates investment in real estate and spread the real estate investment into many a small-sum investors, not a few man of properly. And it will promote the advanced real estate investment customs that opaquely have been ever carried out.
That is to say, it will convert the real estate investment into investment into benficial assets by the advanced management, not a speculative action for capital return.

목차 (Table of Contents)

• 目次 = ⅰ
• 제1장. 서론 = 1
• 제1절. 연구의 목적 = 1
• 제2절. 연구의 범위 및 방법 = 3
• 제2장. REITs의 이론적 고찰 = 4
• 제1절. REITs의 의의 = 4
• 1. REITs의 정의 = 4
• 2. REITs 도입의 필요성 = 5
• 3. REITs의 자격요건 = 8
• 제2절. REITs의 종류 = 9
• 1. 투자대상에 따른 분류 = 9
• 2. 기한한정여부에 따른 분류 = 1O
• 3. 환매 가부에 따른 분류 = 11
• 4. 지분의 추가발행 여부에 따른 분류 = 12
• 5. 투자 부동산의 종류에 따른 분류 = 13
• 6. 투자대상 지역에 따른 분류 = 13
• 제3절. REITs의 특징 = 13
• 1. REITs 제도의 특징 = 13
• 2. REITs의 자금조달과 운용의 특징 = 15
• 3. REITs의 稅制上의 특징 = 15
• 4. 금융상품으로서의 REITs의 특징 = 16
• 제4절. REITs 회사와 타회사 상호비교 = 16
• 1. 증권투자회사와의 비교 = 16
• 2. 부동산신탁사와의 비교 = 19
• 제3장. 미국 REITs 발전과정과 실태 = 21
• 제1절. 미국의 REITs 발전과정 = 21
• 1. REITs의 역사 = 21
• 2. 조직과 구조 = 25
• 3. REITs의 자금조달 = 27
• 4. 투자자 보호장치 = 35
• 5. REITs에 대한 세제 = 36
• 제2절. 미국 REITs가 주는 시사점 = 44
• 제4장. 우리나라 REITs의 실태 = 47
• 제1절. 우리나라 REITs 제도·업계 개괄 = 47
• 제2절. REITs의 추진 형태 = 50
• 1. 개발형 REITs의 변형과 한국의 현실 = 51
• 2. 미국의 개발형 REITs = 51
• 3. 개발형 REITs의 한국에의 적용 = 54
• 제5장. REITs 제도 도입의 타당성 분석 = 55
• 제1절. REITs 제도 도입의 필요성 = 55
• 제2절. REITs 도입에 따른 쟁점들 = 57
• 1. 법률적 측면 = 57
• 2. 운영적 측면 = 68
• 3. 자격요건적 측면 = 70
• 4. 부작용 발생방지를 위한 보완장치 = 71
• 제3절. REITs의 도입방안 = 71
• 1. 기본 방향 = 71
• 2. 법률적 측면의 도입방안의 비교와 선택 = 74
• 3. 부동산 투자회사 제도관련 기관의 구축과 육성 = 78
• 4. 조직에 관한 사항 = 82
• 5. 세제 = 83
• 6. 투자자 보호와 도덕적 해이의 방지 = 90
• 제4절. REITs 도입에 따른 기대효과 = 92
• 1. 시장규모의 추정 = 92
• 2. 기대효과 = 93
• 제6장. 결론 = 99
• ABSTRACT = 104