부동산 간접투자상품의 설립구조 및 향후 발전방향에 관한 연구 : 자본시장통합법을 중심으로

부동산 간접투자상품의 설립구조와 발전 방향을 연구했다.

ABSTRACT A Study on the Real estate Indirect Investment Products Founding Structure and Hereafter Course of Development Min Kyu Park Major in Real Estate Sung Kyun Kwan University Graduate School of Business Administration There are over KRW 450Trill.(USD 450Bill.) of circulating capital nation wide, but cause of low interest rate and other reasons, investors can't find right place to invest their capital. Due to the problem, Government enactments indirect asset investment law from restrictions. at October 2003, which was the part of supporting real estate business.

There are several indirect investment goods, Asset Backed Securities(ABS), Mortgage Backed Securities(MBS), unspecific trust fund by financial agency to invest real estate, with vulture fund from corporation restructure and land profit connection bond from Korea Land Corporation, and REITs ivestment program based on laws of America Real Estate Investment Trust(REITs). Indirect real estate investment organization's management has purpose on supervising asset management company and protecting indirect investors. Asset management company's investment property has restrictions.

To make up this weak point, recently government enactments indirect asset investment law from restrictions, to be competitive in international market Expectation of the law will be affective around 2008. As the act of 'integrated law of capital market is which all laws that related with capital market to form as a law, to improve market flow and intensification of investors protection. First, introduction of regulations by functions is required.

It would re-sort financial investment industry, financial goods and investors individually with economic circumstance and regulate financial functions equally which have similar economic actual circumstances without distinction of financial institute which treats the financial goods. Second, it should be changed to comprehensive regulation system. It is planning to expend the range of protecting investors and financial goods which is treated by investment company by defining the idea of financial investment goods abstractly. Third, it is also under planning to expend the work scope by allowing it to combine the management of another business.

As the act of 'integrated law of capital market' will be executed, it is expected that it would bring direct and indirect changes to accomplishment of administration in aspect of selling and operating investment goods. Also it is expected that market strength of loaning business, the trust business, personal financing, foreign exchange market and derivative market might be weakened in overall. In addition, security business and futures market are forecasted to be diversified in work scope. In the short term, security company might expend their business with personal financing, and wholesale financing for the mid term.

It is also likely that the market would be changed to be energetic with entry of special foreign companies and new asset management company. This study has the purpose on reviewing the act of 'integrated law of capital market' and suggesting counterplan by analyzing and estimating the changes before it is executed.