不動産信託業의 運營實態와 發展方案에 관한 硏究 = (A) study on the business state & developments real estate trust business

다국어 초록 (Multilingual Abstract)

The securitization of Korea's real estate is now at the fixed stage as Korea Land Corporation and private firms have already introduced the ABS with enactment of ABS law, and the housing financial company was founded in charge of government by the proclamation of MBS company law on September 1999. However, it was not positively significant, because it was to accelerate transactions of ABS and MBS or securitization of housing finance. Owing to many problems to securitize ABS and MBS exist in Korea, these methods of real estate finance has limit to successfully overcome current economic difficulties and to have global competitiveness, along with the advancement of real estate investment.
Although the situation of Real Estate Trust Business is unstable nowadays, the main purpose of Real Estate Trust System can be accomplished when it cones to own and guarantee its specialty and independency. But until now it's hard to find a outstanding change or accomplishment in this business because the Assisting and Restructuring Plan on Real Estate Trust Business has focused on the individual company like a work-out plan.
This study is to suggest the activation plan of Real Estate Trust Business which is based on considerate analysis of the present business conditions. The activation plan tells the problems of the present Real Estate Trust Business System and their recovery plans for meeting its own purpose and a fine circulation of Real Estate Trust Business. Those are inferred from the numerical data to extract more confident result.
As the existing papers have researched into the exterior factors like social and institutional problems, this study focuses on the more interior factors derived from a financial supply system and a Real Estate Trust company itself.
The main factors which brought the present crisis and problems are as followed.
First, the short term financial supply system has brought the crisis of the Real Estate Trust Business. However the real estate development takes 2 or 3 years, the Real Estate Trust companies have loaned the money that was supposed to be paid within 1 year. So the mismatch of the cash flow has brought a liquidity and interest rate risk to those companies and those risky factors were realized as a great loss after IMF financial crisis.
Second, the Real Estate Trust companies themselves have brought the crisis. Most companies are owned by public enterprises those were found by government subsidies. It made the companies be lack of professional personnel and managed inefficiently. Furthermore the companies tired to expand business volume comparing their financial ability and the high credit of Real Estate Trust company that was given by publicity made it possible. As a result the Real Estate Trust company has whole obligation for the all projects, so the risk of each projects can not be separated one by one.
Third, the incomplete independency of trusted asset has effected stable management of Real Estate Trust Business. However the trusted real estate asset can have its own independency, financial assets aren't guaranteed independency by law. It made the projects interrupted when they come to meet legal conflicts.
As a result of this study, the activation plan has complement for the problems above.
The results are as followed.
First, Using and Creating various financial supply system can help stable management of the Real Estate Trust company. As for it project financing, ABS, REITs can be considered as a more improved financial supply system. Project- financing can help the company to contact the money market directly in order to use long term debt with low cost.
Second, Restructuring Real Estate Trust Business is the basic remedy for a inefficient financial system and management. In details one of the restructuring method is to increase company's capital by way of private side. it can change the corporate governing structure and make the Real Estate Trust company as a private one. this can help company's management system more competent. Another is to let the financial holding company have the Real Estate Trust companies. It creates synergy effect of finance and real estate business. Besides giving juridical person to trusteed financial account and opening Real Estate Trust Business Market are required.
Third, establishing SPC is a one way to protect trusteed assets and have financial service easily. It suggests that Real Estate Trust company should put the financial assets on the SPC for the project. Then SPC can protect the trusteed assets completely and project financing can be applied easily.
Forth, the change of Real Estate Trust company itself are required. Lots of innovations and reforms like training professional personnel, creating new business plan, apparent management, and professional risk management of each project should be accomplished and executed continuously. As performing the development plan above Real Estate Trust Business should be reborn and meet its purpose.

목차 (Table of Contents)

• 目次
• 第Ⅰ章 序論 = 1
• 제1절 硏究의 目的 = 1
• 제2절 硏究의 範圍와 方法 = 2
• 第Ⅱ章 不動産信託에 대한 理論的 背景 = 3
• 第1節 不動産信託의 特徵과 役割 = 3
• 1. 不動産信託의 槪念 및 特徵 = 3
• 2. 不動産信託의 機能과 役割 = 6
• 3. 不動産信託과 名義信託 比較 = 9
• 第2節 不動産信託의 理論과 制度 = 11
• 1. 不動産信託의 關聯 法理 = 11
• 2. 不動産信託의 法的 構成 = 13
• 3. 不動産信託의 法制 = 25
• 제3절 外國의 不動産信託制度 = 26
• 1. 美國 = 26
• 2. 日本 = 29
• 第3章 不動産信託會社의 運營實態와 評價 = 32
• 제1절 不動産信託會社 槪要 및 現況 = 32
• 1. 不動産信託制度의 導入背景 및 經濟的 機能 = 32
• 2. 不動産信託會社 現況 = 34
• 3. 不動産信託會社의 經營實積 및 財務現況 = 35
• 제2절 不動産信託業의 類型과 事業現況 = 40
• 1. 不動産信託의 業務類型 = 40
• 2. 不動産信託의 事業 主要現況 = 48
• 3. 不動産信託社의 土地信託 事業 現況 및 特性 = 48
• 4. 不動産信託社의 會計構造 = 51
• 제3절 不動産信託業界의 功過評價 = 51
• 1. 順機能 側面 = 52
• 2. 逆機能 側面 = 53
• 第4章 不動産信託業의 發善方案 = 54
• 第1節 不動産信託業의 問題點 = 54
• 1. 經營上의 問題默 = 54
• 2. 法制度上의 問題點 = 55
• 제2절 不動産信託業의 改善方案 = 57
• 1. 資金調達方法의 多樣化 = 57
• 2. 事業運營上의 透明性 提高 = 58
• 3. 不動産信託業 關聯 法制度의 整備 = 60
• 第5章 結論 = 61
• ABSTRACT = 67