국내 리츠의 자본구조 특성 분석 = Analysis of Capital Structure Characteristics on Korean REITs

다국어 초록 (Multilingual Abstract)

Since the introduction of REITs in Korea, the market has been expanding due to continuous improvement of the system. In major government policy areas such as urban regeneration and rental housing, REITs is attracting attention as an important means of raising capital. Therefore, it is an important issue to analyze the basic attributes of REITs based on the characteristics of Korean REITs’capital structure. This study has established data from 2010 to 2016, when Korean REITs' asset diversification and volume increase are noticeable. Using empirical data to analyze the factors affecting the debt ratio by financial factors, general characteristics, and macroeconomic variables. As a result of the empirical analysis of the capital structure of Korean REITs is as follows.
First, the debt ratio increased as the size of REITs increased, and decreased as profitability and growth increased As Korean REITs operates mostly in private and non-permanent forms, it provides only a small number of investors with profitable and growth-secured assets. Therefore, it can be interpreted that the attractiveness of using external loan is reduced Second, the self-managed, office-type REITs has less debt use than the other REITs. On the other hand, REITs with residential-type and two or more assets increased their debt ratios. These results are due to the characteristics of lending institutions. In other words, self-managed REITs are accompanied by high risks associated with development projects, and there is a liquidity risk in the office. Third, Korean REITs were significantly affected by general economy. As a result, it showed positive(+) relationship with general economy. Although REITs have two characteristics of real estate and financial investment products, they are more sensitive to the general economy than the real estate economy.
In conclusion, Korean REITs have inherent characteristics, rather than traditional capital structure theory. This study will be used as a study to predict the capital structure of the Korean REITs industry, which is a means of raising the capital of the national policy and activating the public REITs.