리츠시대의 부동산 투자전략에 관한 연구 = (A) Study on the Investment Strategics of Real Estate in REITs Age

다국어 초록 (Multilingual Abstract)

In order to activate the real estate business under depressed conditions and adjust the insolvent assets of banking organs, the law of REITs has been enacted after many complications.
The REITs system has caused radical changes in the real estate business of our country. This system invests in real estate or real estate-related securities on behalf of customers and pay a dividend thereof to them. As an indirect investment system of an advanced real estate finance, REITs is called a new paradigm of real estate investment.
Since the IMF management program was introduced due to the crisis of exchange in 1997, all the fields of real estate business became stagnant. Therefore it is required to introduce trust investment system, which is in force in some advanced countries such as the United States, for boosting the real estate business. including the construction business.
However, it may raise critical problems to introduce the REITs system in an indiscreet way.
First, it may land the whole market in unstable conditions. The real estate market, especially Korean market, always involves possibility of speculation. A huge fund can purchase the real estate offered by enterprises for restructure, increasing demand followed by the price rising. Eventually, the speculative market will be extended bringing a loss on REITs investors.
To absorb the REITs into a sound market of real estate investment, it is imminent to improve institutional inertia, all the problems to be solved such as tax system, protective devices for investors, role of institutional investors, limitation on loaning, investment in kind and so on.
The support of a tax system is essential for successful operation of real estate investment business. The major purpose of real estate investment business system, in other words, the REITs system is to effectively invest the funds raised from people's small accounts in real estate and distribute the profits incurred among them.
The following aspects shall be considered in case of investing in the REITs.
First it needs to find out which real estate the REITs will invest in. An active participation explanation meeting to offer shares for public subscription is highly recommendable. After visiting the targeted real estate personalty as possible, then a final decision has to be made.
Second, it needs to consider the targeted dividend rate. Generally, the present REITs system gives a higher earning rate than that of a time deposit account of a bank.
Third, it is important to appoint competent projectors and management staff. If the projectors are organized by institutional investors and financial specialists, we can expect that profitability of the REITs will be somewhat guaranteed. However, marginal profits of fluctuations will be hardly gained because it is still at an early stage making stock trade to be relatively little.
Finally, each investor should change his/her recognition of the investment in real estate. Real estate is not a method of speculation anymore, but a sound investment from which profits can be continually and stably created. By entrusting the investment to experts, the risk will be reduced and the profitability maximized. When this atmosphere spreads all over society, real estate investment business will be more invigorated.

목차 (Table of Contents)

• 제1장 서론 = 1
• 제1절 연구의 배경 및 목적 = 1
• 제2절 연구의 범위 및 방법 = 3
• 제2장 리츠의 이론적 고찰 = 3
• 제1절 리츠의 정의 = 3
• 1. 리츠의 정의 = 3
• 2. 리츠의 자격조건 = 7
• 3. 리츠의 종류 = 7
• 제2절 리츠의 도입배경 = 12
• 1. 부동산시장의 활성화 = 12
• 2. 부동산신탁제도의 전반적인 재검토 = 13
• 3. 부동산 투자자의 기회 = 13
• 4. 부동산개발을 위한 새로운 자금조달수단 제공 = 13
• 5. 기타 = 14
• 제3절 리츠 제도의 과제 = 14
• 1. 부동산시장 교란 = 14
• 2. 생산자금의 고갈 초래 = 15
• 3. 전문성 결여 = 15
• 4. 조세제도의 미비 = 16
• 5. 투자 손실발생 가능성 = 17
• 6. 경영진의 도덕적 해이 가능성 = 18
• 제4절 한국형 리츠의 활성화 과제 = 18
• 1. 리츠의 교훈 = 18
• 2. 리츠의 국내 도입 여건 = 20
• 3. 리츠의 도입 방향 = 22
• 4. 리츠 제도 시행에 따른 기대 효과 = 24
• 5. 리츠투자의 성공을 위한 과제 = 30
• 제3장 리츠를 통한 부동산 투자전략 = 34
• 제1절 리츠의 투자분석 = 34
• 1. 수입(income)가치 = 36
• 2. 가치상승 투자자 = 36
• 3. 기타의 투자자 ; 단기차익, 가치 및 저 평가주식 투자 = 37
• 제2절 투자대상 리츠의 분석 = 38
• 1. 투자대상 리츠의 유형 = 38
• 2. 리츠 부동산 유형별 투자현황 = 40
• 제3절 투자대상 리츠의 조건 = 40
• 1. 안정된 대차대조표 = 40
• 2. 운영수입과 배당금의 지속적인 성장 = 44
• 3. 자본조달능력 = 45
• 4. 투자의 안정성 = 45
• 5. 증명된 수익률의 지속적인 유지 = 46
• 6. 우수한 경영진 = 47
• 7. 현금 유보율 = 47
• 8. 경영진의 주식소유와 이해관계 상충 = 49
• 제4절 리츠투자 전략 = 51
• 1. 효율적인 리츠 투자 방법 = 51
• 2. 리츠가 활용할 수 있는 유망사업 = 53
• 3. 리츠투자 사례 = 53
• 제4장 결론 = 76
• 1. 요약 = 76
• 2. 제언 = 78
• <참고문헌> = 80
• ABSTRACT = 83