부동산투자회사(REITs)의 發展方案에 관한 硏究

다국어 초록 (Multilingual Abstract)

Government used to have a real estate policy to restrain speculation, but its been changed to support real estate market in order to archive a structure regulation and business recovery. Furthermore, there was a launch of the Real Estate Investment Company Act on July 1st of 2001, which means we started the era of real estate indirect investment.
The Real Estate Investment Company Act is based on the REIT Act in the states. However, it was modified in regard to economic situations in Korea when it was launched. The purpose of the Real Estate Investment Company Act is to archive the liquidity of real estate investment, which is the reason why their structure is a company. It also has a regulation not to have unqualified real estate companies in a market. Other regulations are that a company cannot invest high risk properties more than a certain percentage so that company can be stable and there is a disposition prohibition in fixed period in order to prevent speculation.
Te Real Estate Investment Company Act have a special case that CR-REIT doesnt have to pay a certain tax. Consequently, a lot of companies preparing for REIT tend to turn to CR-REIT. However, it cannot be permanent because CR-REIT is based on the solution to the financial crisis. It is necessary to activate REITs for the successful establishment of the Real Estate Investment Company Act.
First, from the perspective of the management, it is recommended to introduce the UPREITs or DOWNREITs in the states in order to activate the system and maximize the internal rate of return. It is because that government thinks if investment in kind is admitted, there will be an over estimation of an asset value, which is not true. According to the Real Estate Investment Company Act, company cannot invest more than 30 percentage of its capital in new development, but company cannot have a reasonable rate of return under this regulation because real estate price is too expensive if only they can get a rent. If government considers about the leverage effect of real estate investment, they should permit the borrowing operating.
Second, it is necessary to give out the market data based on real estate rate of return under the public confidence power so that we can have a lot of professionals in a real estate market. The license of analyzing the real estate investment is also necessary to activate the Real Estate Investment Company Act. We also need people having a international mind and a developed method of appraising.
Third, the perspective of taxation support has to be changed. Under the current tax Act, the real estate investment company can only have a sunset clause according to Restriction of Tax Reduction and Exemption Act. However, the real estate investment company is the paper company to make an indirect investment in real estate. We should think about the reduction, not taxation support. The Real Estate Investment Company should pay tax except the 50% of the amount of net-investment which is considered to be a reserve fund. However, dividend should be also excluded because economic substance of the REIT is the paper company.
Fourth, the real estate information net work system should be launched. it is recommendable to make a joint investment because real estate institutes are not qualified. It is also necessary to make expense-income data which is the base of analyzing the real estate rate of return. We have made those information because we have to prepare for the housing problems and increasing price of land. There should be the effectiveness and feasibility of the produced information and index.
The REITs is not just for structure regulation. It can provide an opportunity to people to invest large-scale properties and make a securitization so that our market can be liquid. We should have a perspective that It is a kind of a long term reformation method. We should think about the time we tried to introduce the Real Estate Investment Company Act and make a successful establishment of the real estate investment company.

목차 (Table of Contents)

• 목차
• 제I장 서론 = 1
• 제1절 연구의 목적 = 1
• 제2절 연구의 범위 및 방법 = 2
• 제II장 부동산투자회사(REITs)의 고찰 = 4
• 제1절 부동산 증권화의 개요 = 4
• 1. 부동산 증권화의 개요 = 4
• 2. 부동산 증권화의 유형 = 7
• 3. 부동산 증권화의 의의 = 10
• 제2절 REITs 의 개요 = 13
• 1. REITs 의 개념 = 13
• 2. REITs의 유형 = 14
• 3. REITs 의 구조 = 16
• 제3절 해외 REITs 의 운용사례 = 19
• 1. 미국의 부동산 투자신탁제도(REITs) = 19
• 2. 호주의 부동산투자신탁증권 (LPT) = 30
• 3. 일본의 특정목적회사(SPC) = 35
• 4. 영국의 부동산신탁 = 37
• 5. 정책적 시사점 = 38
• 제III장 부동산투자회사(REITs)의 국내도입현황 = 40
• 제1절 부동산투자회사법의 주요내용 = 40
• 1. 부동산투자회사의 설립 = 40
• 2. 부동산투자회사의 주식 발행 = 42
• 3. 부동산투자회사의 자산운용기준 = 44
• 4. CRV(Corporate Restructuring Vehicle)의 특례 = 48
• 제2절 부동산투자회사와 유사제도의 비교 = 49
• 1. 뮤추얼펀드와의 비교 = 49
• 2. 계약형 부동산투자신탁과의 비교 = 51
• 제3절 국내 부동산투자회사 설립현황 = 53
• 1. 부동산투자회사 = 53
• 2. 기업구조조정 부동산투자회사 = 55
• 3. 부동산투자자문회사 = 58
• 4. 자산관리회사 = 60
• 5. CR-리츠의 주가 및 변동률 현황 = 60
• 제IV장 부동산투자회사(REITs)의문제점 및 활성화 방안 = 66
• 제1절 운영상의 문제점 및 활성화방안 = 66
• 1. 운영상의 문제점 = 66
• 2. 현물출자 및 차입운영의 부분적 허용 = 67
• 3. 개발사업의 확대 및 수익률제고 = 69
• 4. 투자자산의 물색 및 수익률 제고 = 71
• 제2절 전문인력의 부족 및 양성방안 = 72
• 1. 전문인력의 부족 및 도덕적 해이 = 72
• 2. 전문인력의 체계적 양성 = 74
• 제3절 조세제도의 문제점 및 혜택부여 = 78
• 1. 조세제도의 문제점 = 78
• 2. 과세제도의 개선방향 = 80
• 제4절 정보인프라의 부족 및 구축방안 = 84
• 1. 한국 부동산 정보 현황 = 84
• 2. 부동산 정보체계의 구축 = 89
• 제V장 결론 = 94
• 참고문헌 = 97
• ABSTRACT = 100