不動産投資信託(REITs)制度의 效果的인 導入方案에 관한 硏究

부동산투자신탁 제도의 효과적인 국내 도입 방안을 검토했다.

It is being thought that the background of regular discussion for the introduction of the domestically new real estate financial systems like ABS, MBS and REITs has been under the biggest influence of the assets deflation caused from post-IMF chaos. In order to block the link to combined depression after the IMF's managing system, the government had come to introduce the real estate stock system and liquidization system as one of stable measures.

Real estate investment trust system, particularly, initiated to build up the bill set to be enforced in the year 2001 is about to bring an enormous effect on the real estate market nationally when practicing the comparative analyzing to the cases of the US., Australia and Japan. REITs is a great product to allow the opportunity for small time investors to participate in big scale real estate investment but the problems such as price increase and speculation on real estate, lack of producing cost in manufacturing sector, shortage of professional personnel institution and investors' loss rising up and finally worries over excessive heat of early market would arise in introducing the system.

The methods to minimize the problems and effectively introduce the REITs system is as, The first, to strengthen the protective tool for investors and to minimize the side effects expected from introducing the system. By strengthening the authorities of general meeting of shareholders and committee for investors to securely invest, it is to protect the right and interest of small amount shareholders and to minimize the expected side effects, gradual and conservative introduction of the system and gradual inducement of being activated later on is advised.

Secondly, within the range of not infringing the security of management of real estate company, to permit the development business to a certain extent. Even if the law is enacted, it would have to be operated without a hitch by enacting the regulations Korean-wise. Thirdly, the atmosphere for the right function of the real estate stock market is necessary and the government must establish fairly and clearly the applying rules within the real estate finance market. Considering that the real estate finance market is the currently new one, in early days, active taxation support is requested.

And to promote the atmosphere of the economical subject and object in possible kind of diversity who can act in the real estate finance market. And finally, to encourage the REITs system in the nation, introducing the UP REITs and to training to develop the professional real estate investment company personnel is indispensable. Besides, appropriate supplementary plans to cultivate the real estate related business along with associated systems improvement should be followed. Hopefully, there would be continual study on taxation support and the volition to early settlement of the government to introduce the system suitable to our conditions to which one desperately request.

The REITs system promotes in the long run the structure adjustment and enlightens the capital market and simultaneously bring advancement to the real estate market to greatly contribute to uplift the efficiency of the nation's economy as we would all wish to be accomplished.