不動産 投資信託制度의 改善에 관한 硏究 = (A) study on the systematic improvement of real estate investment trusts in Korea

다국어 초록 (Multilingual Abstract)

The real estate investment trust system is designed to determine the conditions for establishment of real estate investment companies, operation of real estate investment companies’ assets and protection of investors, and thereby, expand the opportunities for ordinary people to invest in real estates, reinvigorate sound investments in real estates and therewith, contribute to development of nation’s economy.
In Korea, however, since the IMF bailout program in late 1997, financial institutions and companies began to be restructured on a full Scale, and thereby, non-performing credits backed by real estates and the real estates possessed by financial institution posed a serious problem for nation’s economy. In order to overcome such a crisis, the government began to discuss introduction of a bonded real estate system using a new financial technique, and soon, introduced the system hurriedly without no preparation. Thus, our real estate investment trust system was dualized into trust-type(contract-type) system specified by Trust Business Code and company-type System specified by Real Estate Investment Company Code, and as a result, various problems have arisen with regard to establishment and operation of the system.
Under such circumstances, this study was aimed at analyzing the problems of trust- type and company-type real estate investment trust systems and explore the ways to solve them to reinvigorate the real estate investment trust system. To this end, advanced nations’ cases were reviewed in comparison with our conditions regarding real estate investment trust system and real estate financial markets. The results of this study can be summarized as follows;
First, since our real estate investment trust system seems to be inefficient terms of investors’ protection and efficient asset operation, the reform measures are put forwards.
Second, since our real estate trust system is focused on profitability, allowing for development of real estates and therefore, it is less stable, it is necessary to arrange indirect regulations to ensure long-term investments as well as profitability and stability.
Third, since the current real estate investment trust system was hurried introduced under the urgent crisis of IMF bailout program, its infrastructure is very poor. In order to solve such problems, it is essential to arrange some criteria for small investors’ investments, improve information services to them, foster professional asset managers, and construct a reliable infrastructure and develop real estate appraisal techniques and thereby, ensure stable and well-planned investments in real estates.
Fourth, it is deemed desirable to unify the current dual real estate investment trust system and thereby, operate it in a balanced way.
Lastly, in order to protect numerous investors, it is required to recruit experienced and professional managers who will be able to operate the investment fund safely and divide the profits among investors. Of course, a business and social atmosphere should be created to prevent their moral hazard.

목차 (Table of Contents)

• 目次 = ⅰ
• 第1章 序論 = 1
• 第1節 硏究의 目的 = 1
• 第2節 硏究의 範圍와 方法 = 3
• 1. 硏究의 範圍 = 3
• 2. 硏究의 方法 = 4
• 第2章 不動産投資信託制度의 基雜理誥 = 6
• 第1節 不動産投資信託制度의 槪念 = 6
• 1. 意義 = 6
• 2. 不動産投資信託制度 導入背景 = 8
• 第2節 不動産投資信託의 拷造와 資格要件 = 9
• 1. 리츠의 基本構造 = 9
• 2. 리츠의 資格要件 = 12
• 第3章 外國의 不動産投資信託制度 = 14
• 第1節 미국의 不動産投資信託(REITs)制度 = 14
• 1. 美國리츠의 現況 = 14
• 2. 導入背景 및 發展過程 = 15
• 3. 리츠의 運營構造 및 特微 = 17
• 第2節 濠洲의 不動産會社證券(LPT) = 22
• 1. 導入背景과 發展過程 = 22
• 2. LPT의 運營構造 및 特徵 = 23
• 第3節 日本의 SPC 및 J-REITs = 24
• 1. 導入背景 및 發展過程 = 24
• 2. SPC의 運營構造 및 特徵 = 28
• 第4章 우리나라 不動産投資信託制度 = 34
• 第1節 不動産投資信託 實態 = 34
• 1. 리츠의 導入經緯 = 34
• 2. 旣存 不動産投資信託制度의 限界 = 36
• 第2節 不動産投資信託制度의 內容分析 = 38
• 1. 信託型 = 38
• 2. 會社型 = 39
• 第3節 不動産金融市場 運用實態 = 52
• 1. 資産流動化(ABS) 市場 = 52
• 2. 住宅 抵當債權 流動化(MBS) 市場 = 55
• 3. 不動産投資信託(REITs) 市場 = 57
• 第5章 우리나라 不動産投資信託制度의 問題點 및 改善方案 = 65
• 第1節 信託型 不動産投資信託制度의 問題點 = 65
• 1. 制度的 問題點 = 65
• 2. 運營의 問題點 = 66
• 第2節 會社型 不動産投資信託制度의 問題點 = 67
• 1. 會社의 設立 및 運營의 問題點 = 67
• 2. 租稅 및 會計의 問題點 = 82
• 3. 淸報公示의 問題點 = 90
• 4. 企業構造調整 不動産投資會社 問題點 = 93
• 第3節 信託型 不動産投資信託制度의 改善方案 = 96
• 1. 制度的인 改善方案 = 96
• 2. 運營의 改善方案 = 97
• 第4節 會社型 不動産投資信託制度의 改善方案 = 98
• 1. 會社設立과 運營의 改善方案 = 98
• 2. 租稅 및 會計 改善方案 = 106
• 3. 情報公示 改善方案 = 109
• 4. 企業構造調整 不動産投資社會 改善方案 = 110
• 第6章 結論 = 112
• 參考文獻 = 115
• ABSTRACT = 122