부동산투자회사제도의 성공적 도입방안에 관한 연구 : 부동산투자회사법(안)을 중심으로

부동산투자회사 제도의 도입 방안을 관련 법안 중심으로 연구했다.

The Ministry of Construction and Transportation enacted legislation of real estate investment company law in order to put the system of real estate investment company, that is, the real estate indirect investment law on July 14, 2000. This is a completion of the policy for real estate securitization, following ABS(Asset Backed Securities) system by the asset liquidization law in 1998 and the MBS(Mortgage Backed Securities) system by the residence mortgage bond liquidization company law in 1999.

The real estate investment company means the corporation which is entrusted with money by many investors, put the money in the real estate-related loan, and allot the profits from the real estate to the investors. This took REITs(Real Estate Investment Trusts) of USA of a model, since the REITs system of USA has more than 40 year history. However, there have been lots of trials and errors until the system can be established completely. Therefore, the purposes of this study are to reduce the number of the real estate investment companies trials and errors in the law-effective phases and to present the policy direction to enforce this system successfully.

The major problems and the improvement plans of the legislated real estate investment company law are as follows; First, the form of the real estate investment company follows the corporation pattern, that is, the joint-stock corporation pattern, at present, but it will be more advantageous to enforce the trust pattern REITs system simultaneously to ensure the demand class in the early stage. Secondly, the assets are directly managed by their owners as a rule, but it will be necessary to entrust them to professional organizations according to the owners intention for security in asset management. Third, the income conditions need to be regulated strictly.

The fourth is the necessity of a neutral outside auditing law, which leaves the real estate investment companies audit in charge of certified public accountants who are under the command of the accounting corporation. The role of taxes is absolutely important in order to activate the real estate investment companies. Particularly in Korea, the realty-acquisi tion tax and realty-transfer tax are so heavy that without reduction and exemption of taxes, the real estate investment companies earning rate is inevitably low. Therefore, it is necessary to reduce and exempt from taxes when the immovables are taken possession of, maintained, and handed over.

Furthermore, the corporation tax must be exempted to avoid double taxation of the corporation tax and the dividend income tax. Another means for activating the real estate investment companies is to clear up their management so as to protect investors assets. In order to make sure of this clarity, first of all, the public announcement rule must be enacted strictly. Next, the board of directors disciplines must be strengthened to prevent the management of company from moral slackness. And the government should strengthen both the beforehand and the ex-post facto supervision over financial competent institutions.

In advance, yes or no on the public confidence of the information announced by REITs on IPO(Initial Public Offer) should be superintended, and after the fact, success or failure in keeping sound finance management should be superintended. In addition, pseudo-fund jumbling needs to be checked by discriminating between the officially recognized fund and the unofficial pseudo-fund. The final means for activating the real estate investment companies is to establish the correlated infra structure.

For this expedient, some policies should be thoughtfully considered, which make clear of the public announcement standard of immovable property-related information on REITs IPO, and encourage the immovable estate information service companies to be established, which collect and announce various immovables-related information. The reliable organizations that develop the real estate investment-related various guidelines must be brought up as well, and on the basis of this material, some policies that appraise the values of immovables and immovable estate investment companies need to be established.

Finally, it is necessary to ensure the professional and high-quality human resources of the real estate investment companies. For this purpose, the educational institutions should be improved without delay, which systematically bring up the professional real estate-related manpower, financial assets-related professional manpower, and facility management-related professional human resources.