證券型 不動産 投資商品 活性化 方案에 관한 硏究 = A Study on Ways to Promote Security Real Estate Investment Products

다국어 초록 (Multilingual Abstract)

After the 1997 Asian financial crisis, the Korean government enacted a law on asset securitization in 1988 to help companies and financial institutions to raise funds smoothly and the Mortgage-Backed Bond Securitization Company Act in 1999 to expand the basis of housing finance. Besides, it adopted the Real Estate Investment Company Act in 2001 to increase opportunities for the public to invest in real estate and to promote healthy investment culture. Furthermore, in 2003 Law on Business of Operating Indirect Investment Assets was passed to encourage indirect investment.
Nevertheless, the security investment products introduced to secure liquidity and stabilize the real estate market are not performing well due to legal and institutional problems and unfavorable internal and external market conditions.
The reason for the poor performance is primarily because the public are not well aware of security real estate investment products, though each of the products has its own characteristics. But, the government is also hugely responsible because it has failed to attain the purpose of the real estate securitization system by resorting to temporary real estate policies.
This thesis examined the theological background of security real estate investment products and investigated the structure and characteristics of the products after classifying them into bond and security. Besides, the thesis analyzed leading nations' security real estate investment company systems and their managements such as the US's and Japan's real estate indirect investment systems and Australia's listed property trust (LPT). It also analyzed suggestions on Korea's real estate investment system.
And then, it discussed in detail the present conditions and problems of Korea's security real estate investment products and made suggestions to promote the investment products.
The study can be summarized as follows. Bond real estate investment products such as asset-backed securities (ABS) and mortgage-backed securities (MBS) are well their way of being major funding sources with more than 20 trillion won, though large portions of the products have been purchased by only some institutional investors. As noted earlier, in order to activate ABS and MBS market, efforts should be made to improve private placements of ABS, the evaluation of subordinated bonds, market Infrastructure, limitations of management, and primary and secondary markets. Besides, the government also needs to provide policy support such as the expansion of the range of asset securitization and participation, the simplification of procedures through the improvement of securitization related systems and the utilization of securitization system as a funding source for firms' equipment investment.
As far as security real estate investment products such as real estate investment trusts (REITs) or real estate funds are concerned, it is premature to say anything about them because they appeared on the market just several years ago. However, the growth into the 15 trillion-won market in just three to five years after its appearance is very encouraging. For further growth of REITs, the government is required to provide institutional support to resolve problems with minimum capital, stock ownership limitation, the establishment of a company, financial information and evaluation, limitation on real estate development business, tax system, and the worker's morality and ability to manage assets.
In addition, with regard to real estate fund consistent improvements should be made in the following areas to facilitate real estate fund: the improvement and management of similar laws, the expansion of investments, building fund related infrastructure, the diversification of product structure, and professional product management.
Although it is unlikely that Koreans' preference for direct investment in real estate changes in a short period, they are showing increasing interest in indirect investment in real estate as financial market is getting globalize and financial products diversified. In order to create healthy investment culture and stabilize real estate market, various kinds of regulations on security real estate investment products should be lightened. In addition, the government needs to show its strong will to promote security real estate investment products. When the government's willingness is reflected in the market, Korea will be able to become a financial herb as one of leading financial countries.

목차 (Table of Contents)

• 제1장 서론 = 1
• 제1절 연구의 목적 = 1
• 제2절 연구의 범위 및 방법 = 3
• 제2장 증권형 부동산투자상품에 관한 이론적 배경 = 4
• 제1절 부동산투자 일반이론 = 4
• 1. 부동산 일반이론 = 4
• 2. 부동산 투자와 위험분석 = 5
• 제2절 증권형 부동산 투자상품에 대한 시장접근 = 11
• 1. 도입배경 = 11
• 2. 자산유동화 및 증권화 = 13
• 제3절 증권형 부동산 투자상품의 유형 = 18
• 1. 채권형 부동산 투자상품 = 18
• 2. 주식형 부동산 투자상품 = 26
• 제4절 주요국의 증권형 부동산 투자상품 제도 = 38
• 1. 미국의 부동산투자상품제도 = 38
• 2. 일본의 부동산투자상품 제도 = 43
• 3. 호주의 상장부동산신탁증권(LPT)제도 = 47
• 4. 외국의 제도를 통한 시사점 = 49
• 제3장 증권형 부동산 투자상품의 현황과 문제점 = 51
• 제1절 증권형 부동산 투자상품 현황 = 51
• 1. 자산유동화증권 = 51
• 2. 주택저당채권 = 54
• 3. 부동산투자회사(REITs) = 56
• 4. 부동산펀드 = 60
• 제2절 증권형 부동산 투자상품 문제점 = 67
• 1. 자산유동화증권 = 67
• 2. 주택저당채권 = 71
• 3. 부동산투자회사 = 76
• 4. 부동산펀드 = 83
• 제4장 증권형 부동산 투자상품 활성화 방안 = 89
• 제1절 자산유동화증권 활성화 방안 = 89
• 1. 운영제도의 보완 = 89
• 2. 발행 및 유통시장의 개선 = 91
• 3. 시장인프라 구축 = 93
• 제2절 주택저당채권 활성화 방안 = 95
• 1. 법ㆍ제도적 활성화 방안 = 95
• 2. 운용의 개선 = 96
• 3. 시장측면에서의 활성화 방안 = 98
• 제3절 부동산투자회사 활성화 방안 = 100
• 1. 경영적 측면 = 100
• 2. 부동산시장 및 운용의 개선 = 101
• 3. 금융정보 및 평가의 개선 = 103
• 4. 과세제도의 개선 = 105
• 제4절 부동산 펀드 활성화 방안 = 106
• 1. 제도의 개선 = 106
• 2. 부동산시장 측면에서의 활성화 방안 = 107
• 3. 정책적 측면에서의 활성화 방안 = 109
• 제5장 결론 = 112
• 참고문헌 = 115
• Abstract = 121