不動産 證券化 制度 定着 方案에 관한 硏究 = (A) study on the establishment of systems for securitization of real estate

다국어 초록 (Multilingual Abstract)

Securitization of real estate, an innovative and developed financial technology to raise money from the primary market by issuing real estate backed securities, is a system that aims for a combination of real estate, which is substantial fixed assets, and securities, which are intangible assets.
In addition, securitization of real estate provides good opportunities for development of the outdated domestic real estate and financial markets, activation of real estate related finance, transparency of the real estate market, and enhancement of the functions of the market. Positive effects, such as smooth progress in the restructuring of corporations and the financial sector, leveling-up of the financial system, and enhancement of the credit creation ability of individuals and corporations, are expected through securitization of real estate.
This study aims to investigate efficient ways for stabilization of the securitization of real estate. Following the first introductory chapter, the second chapter explains the concepts and types of securtization and expected effects.
The third chapter focuses on the establishment of methods of securitization of real estate that are most suitable for the Korean market by investigating and analyzing the general theories related to securitization of real estate through study of the systems in the USA, Japan, and Australia that improve liquidity.
In addition, the fourth chapter presents various problems and schemes for the establishment of securitization of real estate. The fourth chapter especially presents the most recently debated subjects, such as improvement of the liquidity of trusted real estate as a method for the introductory system of securitization of real estate and the introduction of unit trusts backed by real estate as a method for the early stabilization of securitization of real estate.
It is shown that the prerequisites for the early stabilization and activation of securitization of real estate are as below:
1) The government shall establish systems that ensure fairness in areas such as fund raising and provision of investment method in order to minimize side-effects and maximize efficiency. The government shall endeavor to provide financial and tax assistance, and it shall use innovation and make every effort for thorough supervision and management.
2) The real estate industry shall develop a reasonable and objective evaluation method and system for fair asset valuation, which is regarded as the most important point in the introductory stage. In addition, the real estate industry shall make clear public notices to all market participants and set up a database of all creditable information in advance.
In conclusion, continuous research on the introduction of securtization of real estate that is most suitable for Korea and the creation of a strategic environment by the government are desperately required for the development of a harmonious combination of the real estate and financial markets.

목차 (Table of Contents)

• 目次 = ⅰ
• 제1장. 序論 = 1
• 第1節 硏究의 目的 = 1
• 第2節 硏究의 範圍와 方法 = 2
• 제2장. 不動産 證券化의 一般的 考察 = 4
• 제1절 不動産 證券化의 槪要 = 4
• 1. 不動産 證券化의 槪念 = 4
• 2. 不動産 證券化의 意義 = 6
• 3. 不動産 證券化의 構造 = 7
• 제2절 不動産 證券化의 過程 및 類型 = 14
• 1. 不動奎 證券化의 過程 = 14
• 2. 不動産 證券化의 類型 = 16
• 제3절 不動産 證券化의 期待 效果 = 20
• 1. 不動産과 資車市場에 미치는 效果 = 20
• 2. 不動産 證券化過程 참여자에게 미치는 效果 = 23
• 제3장. 各國의 不動産 證券化 動向 = 26
• 제1절 韓國 = 26
• 1. 不動産問題 해결을 위해 不動産 證券化 必要性 擡頭 = 27
• 2. 不動産信託 및 銀行信託 = 29
• 3. 債券型 動産 間接投資商品 = 32
• 4. 민간펀드형 不動産投資信託 = 35
• 5. 住宅抵當債權 流動化制度 = 36
• 제2절 美國 = 38
• 1. 美國의 不動産 證券化 展開過程 = 38
• 2. Mortgage 의 證券化 (MBS: 住宅低當債權 擔保附 證券) = 42
• 3. MLP(Master Limited Partnership) = 50
• 4. 不動産投資信託 (REITs:Real Estate Investment Trust) = 51
• 제3절 日本 = 65
• 1. 日本의 不動産 證券化 展開過程 = 65
• 2. SPC법 이전의 不動産 證券化 制度 = 69
• 3. 特殊目的會社(SPC:Special Purpose Company) = 73
• 제4절 滾洲 = 79
• 1. 濠洲의 不動産 證券化 展開過程 = 79
• 2. 上場 不動産 信託證券(LPT:Listed Property Trusts)) = 80
• 제5절 外國의 不動産 證券化 示唆點 = 83
• 제4장. 不動産 證券化制度 定着을 위한 方案 및 課題 = 85
• 제1절 不動産 證券化制度 定着 方案 = 85
• 1. 不動産投資信託(REITs)制度의 導入 = 85
• 2. 住宅抵當債權 流動化 制度의 早期 定着 = 91
• 3. 不動産信託 信託資産의 流動化 = 94
• 제2절 不動産 證券化制度 定着을 위한 課題 = 98
• 1. 政府의 役割 强化 = 98
• 2. 全體 經濟構造의 改善 = 101
• 3. 不動産 證券化市場의 基礎與件 强化 = 102
• 제5장. 結論 = 108
• 參考文獻 = 111
• ABSTRACT = 115