資産流動化制度에 관한 硏究 : 리츠제도를 중심으로

자산유동화제도 도입과 부동산 리츠제도의 활용을 연구했다.

Since the foreign crisis in the end of 1997, domestic real estate market in highly depressed state and banking organs with fluidity worsening make the restructuring delayed in a result so the government erected 'The law related to estate liquidating' on September, 1998 and 'The corporation law in liquidating house backed bonds' in 1999 in order to settle the problems in restructuring delay and real estate depression by introducing real estate securities and system as a policy alternative.

In such a context, enforcing the system, 'Asset Backed Securities' made real estate liquidating possible and played a positive role in raising huge funds in the process of restructuring, stabilizing real estate market and activating economy in real estate. But price will continue to be lowered as real estate market goes to high depression. Real estate is weak in exchanging in its quality and deals in huge amount, so domestic companies and common people lack of liquidity couldn't invest on real estate even if profit from investment is promised.

Korean real estate market still has undeveloped market structure as it was without adjusting power to outer environmental change begun in IMF foreign exchange crisis and inner environmental change like the widening in potential investing demand range. Therefore in order to complete the task in enhancing the rapid adjusting power to outer environment following lifting the effectiveness in real estate market, upgrading it to the developed countries' degree and outer environmental change following market opening with the social need's increasement to find out the ways of investing on more developed real estate and increasing value added and its only alternative is to introduce "REITs system".

However, in current situation where REITs sytem is introduced, it stays tuned due to stock market activating. This study, in such a context, aims to firstly present the concept and basic structure in REITs take out implications through analyzing main foreign examples, and secondly look into the motions in introduction, and thirdly analyzing the effect of REITs introduction on real estate and banking industries, and thirdly search for the ways of meeting the policy task, and by companies, considering total situation.