우리나라 리츠제도의 도입배경과 전망에 관한 연구 = Korean Economic Background of the REITs and the Development of the Investment Trusts in Perspective

다국어 초록 (Multilingual Abstract)

The system of Korea Real Estate Investment Trusts(REITs), which is a kind of real estate mutual fund, provides participants with the opportunity that they are able to invest small fund in real estate holdings soundly and easily and distributes fairly the operating returns among the investors.
Also it provides liquidity for the real estate market and uses cash settlement to dispose of the real estate for corporate restructuring efficiently, which occurs between the corporate and the financial institution. After the exchange crisis(1997) the systems of ABS(Asset Backed Securities) and MBS (Mortgage Backed Securities) were introduced by our government, threfore the liquidity and the security of real estate are started.
The Real Estate Invstment Trusts(REITs) were introduced on July in 2001. The REITs will become a chance for the undeveloped real estate market in korea.
One of the most important purpose of the REITs is to improve liquidity and indirect investment in real estate.
But a lot of researchers and experts guess the gloomy future of the REITs system because the real estate market has been depressed and a favorable turn won't be taken easily.
However, REITs investors today have a much wider choice of investment properties than ever before and can choose from some of the most experienced and capable managements that have ever invested in and operated real estate in the United States of America. Similar Institution exist Japan and Australia.
REITs have provided individual investors all over the counry with a way to buy shopping malls and skyscrapers and health care facilities and apartment buildings.
REITs give you the perk of the cash flow that real estate leases provide, but with the benefit of a common stock's liquidity. Equally as important, REITs have access to cpital and can therefore acquire and build additional properties as part of their ongoing real estate business.
Besides that, REITs can add stability to your investment portfolio, because real estate as an asset class has long been perceived as an inflation hedge and therefore adds diversification.
There are many suggestions for the introduction of REITs to be fixed successfully. The proposals are as follows.
First, benefit on the tax exemption has to be given. Particularly the authorities are concerned about the K-REITs than the CR-REITs.
Secondly, the transparency of the accounting management structure also has to be guaranteed.
Thirdly, the proper measures to solve the moral hazard of manager and the agent problems have to be taken.
If these problems are considered carefully, the introduction of REITs supply an opportunity that it is a chance in the real estate market and the financial market.

목차 (Table of Contents)

• 목차
• ABSTRACT = iv
• I. 序論 = 1
• 1.1 硏究의 背景 = 1
• 1.2 硏究의 目的 및 範圍 = 2
• II. 리츠제도의 일반적 槪要와 特性 = 4
• 2.1 리츠의 정의 = 4
• 2.2 리츠의 구조 및 종류 = 10
• 2.3 리츠의 자금 조달 및 운용 = 16
• 2.4 리츠의 가치평가 = 18
• III. 외국의 리츠제도의 現況 및 시사점 = 21
• 3.1 美國의 리츠제도 = 21
• 3.2 濠洲의 부동산신특증권(LPT) = 35
• 3.3 日本의 특정목적회사(SPC) = 41
• 3.4 외국 부동산 투자 신탁제도의 시사점 = 52
• IV. 우리나라 리츠제도의 定着展望 = 53
• 4.1 리츠의 도입배경 = 53
• 4.2 리츠의 도입 현황 = 54
• 4.3 리츠제도 도입의 파급효과 = 70
• 4.4 리츠제도의 정착방안 = 85
• V. 要約 및 結論 = 90
• 參考文獻 = 93