신탁제도를 활용한 부동산개발금융의 발전방안 연구 : 부동산신탁사의 역할을 중심으로

신탁제도를 활용한 부동산개발금융의 발전 방안을 연구했다.

Introduced in 1991 for stabilizing realty price and increasing effective use of land, the realty trust system has been as a useful tool in real estate development financing. And by enforcement of 'the Capital market and Financial Investment Business Law(Hereinafter referred to as 'Capital market Law')' in Feb. 2009, block was collapsed between six business categories of financial investment company like investment sale, and investment mediation as financial investment business, which one financial company, once it is equipped with a fixed requirement such as capital, can have two businesses for other categories without setting up a separate company.

Thus it became possible for financial companies with rich capital power to advance into trust business, so realty trust market has got into an fierce competitive system. With such change as that financial setting, trust needs have steeply risen in the market, in turn escalated concerns about the trust system, so the trust law without any revised contents since its enactment in 1961 has its enforcement ahead through entire revision procedure in 50 years to reflect the changed economic reality and live up to the commercial trust system focusing global standards.

This study aims at coming up with a developmental direction of real estate development financing using the trust system with many advantages through the status analysis and case analysis of the realty trust and real estate development financing in the introduction background of the realty trust system, and enforcement of the capital market law, and the stream of overall revision of the trust law.

The consequences of the status analysis of realty trust drew out problems that first, the realty trust company is weak in its role function as the key company of realty financial area, and second, it is limited in its trust product structure and service area, and third, the trust system is unsatisfactory in its development through commercial trust.

And those of status analysis to real estate development financing drew up problems that currently most frequently used project financing method does not go with financial company initiating realty development, funding by direct finance, interruption of constructor's payment guarantee, and changing direction of mid and long-term development financing method. Thus the realty trust company perceived the need of the development of new trust products, trust vitalizing for asset fluidity, and evolution to the key entity of realty financial area by expanding the service and role of realty trust company.

The results of case analysis drew up problems that first, the trust products used in the market are limited, second, the trust company can play the role as a project developer and raise fund, but actually, such roles of the trust company have not been vitalized in the market, third, trust method has not been utilized in the market though trust design for various asset fluidity is possible. Thus it was perceived to need the development of trust products, trust company's expansion of service role to function as project developer and fund-raising.

This means that it can be possible through the development of products with various methods to diversify real estate development financing and design developmental structure, trust for asset fluidity, and expansion of service and role of realty trust company. The developmental plans of real estate development financing using the trust system revealed in this study are as follows. First, the development of realty trust products.

It includes product developments that when the financial institution loans and invests, the trust company in an independent status plays a role of project manager using the expertise, experience, execution and construction management ability, making business evaluation and report to the financial institution from an object situation, and reducing project risk, and that it performs selling developing, leasing national and public Estate, and that it is engaged in urban maintenance projects. Second, the trust activation for asset fluidity.

It can be activated in the way of strengthening the function asset fluidity through the trust company, using stratification of trust profitability zone, improving security power, and using method of various trust such as issue principal of fluidity securities, media and security aimed trust. Third, the service and role expansion of the realty trust company.

This needs to develop as a comprehensive realty financial company by equipping with material arrangements and developing indirect investment vehicles, and participating as investor for expanding the trust company's service and trusted Estate as money in many fields of services prescribed at each law like project developers (developers), asset management, asset storage and fluidity specialized institutions. The trust system has merits of widely accepting the reconstructing needs of various and specialized real estate development financing over the society rapidly making changes. And that using trust and realizing various trust functions means the expansion of commercial trust.

This study presented the concrete developmental plan of real estate development financing focusing on the role of the realty trust company engaged in commercial trust services. 부동산신탁제도는 부동산가격 안정과 토지의 효율적인 이용증대를 목적으로 1991년 도입되어 부동산개발금융에 유용한 도구로 활용되어 왔다. 그리고 2009. 2 ‘자본시장과 금융투자업에 관한 법률’(이하 ‘자본시장법’이라 한다)의 시행으로 인하여 금융투자업인 투자매매업, 투자중개업 등 금융투자회사 6개 업종 간에 벽이 허물어져 자본금 등 일정한 요건을 갖추면 하나의 금융회사가 별도의 회사설립 없이 다른 업종에 대해서도 겸업이 가능해졌다. 따라서 풍부한 자본력을 갖춘 금융회사들의 신탁업 진출이 가능해져 부동산신탁시장은 치열한 경쟁체제로 돌입하게 되었다. 이러한 금융환경의 변화와 함께 시장에서 신탁 수요가 급증하면서 신탁제도에 대한 관심이 높아졌고 이에 따라 1961년 제정 이래 내용개정이 전혀 없던 신탁법이 그동안 변화된 경제현실을 반영하고 상사신탁제도 중심의 글로벌스탠더드에 부합하도록 약50여년 만에 전부개정절차를 거쳐 그 시행을 앞두고 있다.

본 연구는 부동산신탁제도의 도입배경 및 자본시장법의 시행, 신탁법 전면개정의 흐름속에 부동산신탁과 부동산개발금융의 현황분석 및 사례분석을 통하여 여러 장점을 가지고 있는 신탁제도를 활용한 부동산개발금융의 발전방안을 제시하는 데 그 목적이 있다. 부동산신탁의 현황분석 결과 첫째, 부동산신탁사가 부동산금융 분야의 중심업체로 역할 기능이 미약하고 둘째,