데이터 센터 REITs 상품에 대한 개인 투자자의 선호 요인 분석 : 대체투자 관점에서

개인 투자자의 데이터센터 리츠 상품 선호 요인을 분석했다.

In this study, the relative importance of the preferred factors of data center REITs products recognized by individual investors through conjoint analysis was investigated. The relative importance of all individual investors and REITs investment experience was investigated. The analysis results are as follows. First of all, in this study, as a result of analyzing the relative importance of the preference factors for data center REITs products recognized by all individual investors, dividend yield was the most important factor. All individual investors value the dividend yield (quarterly) of 4-6%, and the relative importance of this item reached 36.465%.

The next important factor is the investment method, which tends to prefer ETF investment with a relative importance of 28.654%. Third, the REIT type was recognized as important at 21.875%, and it was found that they preferred consignment management REITs. On the other hand, the location of the data center was considered relatively insignificant, and although the location of the metropolitan area was preferred, it was analyzed that it was less important than other investment factors. Next, individual investors without REITs investment experience showed the highest importance at 34.335%, and their preference for ETF investment was remarkable.

While they perceived the data center location as relatively important, all individual investors rated it as less important than the REIT type. In addition, individual investors with one to three REITs investment experiences showed the same preference as all individual investors, and the dividend yield was the highest at 37.315%. Investment methods and REITs types were also recognized as important factors, especially preferred consignment management REITs. In addition, individual investors with more than four REITs investment experiences showed the same pattern as all individual investors, and the dividend yield was the highest at 40.568%.

They also preferred ETF investment and regarded consignment management REITs as important. The location of the data center was still recognized as a relatively insignificant factor. Overall, dividend yield was the most important factor in all investment experience groups, and ETF investment and consignment management REITs tended to be preferred. The location of the data center was valued at relatively low importance. The results clearly demonstrate the primary factors influencing individual investors' preferences for data center REITs products and investment decisions.

First, the fact that investors value dividend yield the most suggests that it is essential to provide stable and attractive returns when designing REITs products. This indicates that investors value stability, and it is important to maintain a continuous dividend policy in terms of management. Second, the investment preference in the form of ETFs reflects that investors value ease of management and risk distribution. Therefore, it will be a way to attract investors' attention by focusing on developing ETF products, gaining investor trust by providing education and information on them, and providing REITs products in ETF form or providing related information.

Third, the high preference for consignment management REITs shows trust in professional management companies. This suggests that managers should focus on forming a team with expertise and building trust relationships with investors to maximize investment performance. Fourth, the fact that the location of the data center is evaluated with a relatively low importance means that investors are more focused on profitability. Therefore, managers need a strategy to discover not only location but also profitable investment opportunities and communicate them effectively. Finally, a differentiated approach according to investment experience is important.

Less experienced investors need to provide education and information on REITs products, and more experienced investors need to expand diversity by providing customized products or services. These implications are expected to be important guidelines for establishing investment and management strategies. (2) Analysis of the importance of optimal combination of investment factors In this study, the optimal combination of investment factors was analyzed.

As a result, the optimal combination of data center REITs favored by all individual investors is a product with a dividend yield of 4-6%, an ETF-type investment method, consignment management REITs operation, and a data center location centered on the metropolitan area, and this combination was found to provide the highest utility (0.365).

In addition, as a result of analyzing the optimal combination according to the REITs investment experience, it was confirmed that individual investors without REITs investment experience, investors with 13 times of experience, and investors with more than 4 times of experience all prefer a dividend yield of 4-6%, ETF investment method, consignment management REITs operation, and products located in the metropolitan area. This is the same result as the optimal combination favored by all individual investors. However, there was a difference in the optimal combination utility value for each group.

The optimal combination utility for individual investors without investment experience was the lowest at 0.427, while that for individual investors with one to three investment experiences was 0.658, and that for investors with four or more experiences was 0.653. This means that investment experience has an important influence on the utility felt in the optimal combination of individual investors, and the more experienced investors are, the more likely they are to feel the utility of the optimal combination. In addition, the more investment experience is gained, the clearer the combination preferred by investors and the higher the understanding of it.

In other words, individual investors with investment experience feel higher satisfacti