부동산 개발사업에서 신탁제도가 수분양자의 구매인식에 미치는 영향에 관한 연구

부동산 개발사업에서 신탁제도가 수분양자 인식에 미치는 영향을 분석했다.

There are currently 11 real estate investment trusts(hereupon referred to as REIT) in the domestic market. However since "the Financial Investment Services and Capital Market Act" started to be in force in 2009, big financial investment companies with abundant capital could enter trust business market where the limits on business types and entry barriers were abolished. As a result, REITs are facing competitions in undeveloped trust sectors not only among themselves but more severely with big financial investment companies. Therefore, REITs should establish stable profit inflows by preparing distinguished trust instruments in order to compete with big financial investment companies.

The trust instruments in development work, where REITs have a dominant position against financial investment companies, are expected to be the biggest profit inflow and the main service sector for REITs in the end. This study examines development work and trust instruments for such sector, and the effects which the beneficial characteristics of real estate trust system and trust system have on vendees' propensity to make a purchase; because the outcome of development work is eventually based on the marketability.

The spatial scope of this study covers the professions in the real estate market in Busan including financial institutions, construction companies, developers, distribution agencies and real estate agencies. and the period of surveys is from August 26th, 2011 to October 5th, 2011. First, the advantages of trust system are found to be stability, credibility, business convenience and professionalism. The considerations for using real estate trust system are prioritized as stability, credibility, professionalism and business convenience in order. The preferences toward trust system are ranked as land trust, land management trust, fund management agent business.

Stability is perceived as the advantage for land trust and credibility is chosen so for land management trust and land management trust and fund management agent business. Second, it is examined wether the recognitions of the advantages of these types of real estate system show any difference by type. Stability and business convenience show significant difference among different types of trust system, but not such significant difference has been found in credibility and professionalism.

Third, as a result of examining the differences in vendees' propensity to make a purchase by the advantages of trust system types, stability, credibility, professionalism and business convenience show gaps according to the vendees' priorities. Fourth, when it comes to trust system types, land trust, land management trust, fund management agent business have an effect on vendees' propensity to make a purchase as in order, but these effects are found not to be statistically significant.

Lastly, the limits of this study are; first, various types of properties in trust system are ignored because the variables of the advantages in trust fund are randomly suggested by the researcher, not chosen by those questioned. Second, the variables suggested as the beneficial characteristics are only analysed to find out how they work on the vendees' propensity to make a purchase by the status of their preferences so there happens no objective analysis on how the variables directly influence to the vendees. In addition, in the analysis on how real estate trust system influences the propensity to make a purchase, only trust fund system is suggested as a variable.

Therefore, there is a limit to make a conclusion that the system has a positive influence on the vendees' propensity to make a purchase in the whole development work using trust system. For future studies, there should be systemic researches with those limits supplemented, and an objective conclusion on vendees' propensity to make a purchase should be drawn by comparing cases of trust system and general developers.