부동산투자신탁(REITs) 투자 활성화 요인에 대한 인식 연구

REITs 투자 활성화 요인에 대한 금융권 종사자의 인식을 조사했다.

영문초록:This study was intended to investigate the investors' understanding of the revitalization factors of investment in real estate investment trusts(REITs). For this purpose, the questionnaire research was conducted for employees in the financial sector selected as the subject of this study. For this reason, it has the clear limitation in clarifying the influencers on the potential investors' intention to invest in REITs. Especially, it was found that the understanding of REITs and the confidence in REITs company were more important than the profitability of REITs in the relationship between the future investment intention and the revitalizing factor of REIT.

This exhibits that the stable and long-term investment culture has taken root in Korean society. Especially, the substandard grades appeared in all the items of measuring the investors' understanding of REITs, which indicates that the publicity campaign and REITs education appropriate to the eye-level of active and general investors are principally required. In Korean society, men tend to have a preference for investment in investment in securities such as stock, bond and the like, while middle-aged women are disposed to show a preference for investment in real estate such as apartment housing and the like.

Investment in a combined form of real estate and stock may not so much bring a synergistic effect, but rather give investors a reverse effect of excluding it for fear of unfamiliar investment. Accordingly, sophisticated publicity, system and educational activity are required to remove these unstable elements. First of all, the work of identifying the group of high possibility to invest in REITs should be preceded, and it is important to identify the medium to provide them with instruction in the REITs system.

If an alternative is presented as part of such a method, representative brokerage media may include asset management specialists in banks and certified real estate brokers in the revitalizing districts of real estate development. Asset management specialists in banks have the advantage of being able to approach the clients of their bank easily, while certified real estate brokers are likely to approach the group of rich housewives aged the 30s - 60s judged as the group of the highest possibility to invest in REITs. But mutual fund commodities developed by REITs and the bank are competitive from a position of the bank.

So the publicity and education of REITs through asset management specialists in banks should have the system to give an incentive to the bank for return. And to attract apartment investment funds into REITs, it is necessary to give an equivalent incentive to certified real estate brokers. It is the size of capital money that is singled out as the most important element of confidence or reliability in the trust in REITs. Accordingly, it is necessary to provide safe investment commodities for institutional investors such as banks, pension fund and insurance companies, and the like and to take the institutional complemental action to enable them to participate in it as promoters.

It was found that the respondents had a higher interest in investment asset portfolios or fluctuation in the price of real property characteristically appearing in survey rather than the problem of lowering the corporation tax thus far known in the issue of profitability though not an significant element. Accordingly, it is urgent to development the real estate pricing model and it is necessary to construct public database on real estate prices and consider the scheme to make it readily accessible to the public at large