공모형 부동산펀드의 성과결정요인에 관한 연구

공모형 부동산펀드의 수익률과 성과결정요인을 분석했다.

There are few studies on characteristics of real estate fund, even though market size of Korean real estate funds is larger than REITs market because of short history of real estate fund. This study analyzes the return of public offering real estate fund by using real data for the first time in Korea. The monthly declared real estate funds during the period of June 2004∼May 2009 were selected for this study. We found out that the performance of public offering PF type real estate fund has positive relationship with the fee of that and that of public offering Buy-lease type real estate fund has negative relationship with the fee of that.

Additionally, we found out that the performance of public offering real estate fund has negative relationship with the size of that and that tends to have positive relationship with extended period of the operation and expansion of marketing channel of fund.