不動産 投資信託制度의 改善에 관한 硏究

부동산 투자신탁제도의 개선 방안을 연구했다.

The real estate investment trust system is designed to determine the conditions for establishment of real estate investment companies, operation of real estate investment companies’ assets and protection of investors, and thereby, expand the opportunities for ordinary people to invest in real estates, reinvigorate sound investments in real estates and therewith, contribute to development of nation’s economy.

In Korea, however, since the IMF bailout program in late 1997, financial institutions and companies began to be restructured on a full Scale, and thereby, non-performing credits backed by real estates and the real estates possessed by financial institution posed a serious problem for nation’s economy. In order to overcome such a crisis, the government began to discuss introduction of a bonded real estate system using a new financial technique, and soon, introduced the system hurriedly without no preparation.

Thus, our real estate investment trust system was dualized into trust-type(contract-type) system specified by Trust Business Code and company-type System specified by Real Estate Investment Company Code, and as a result, various problems have arisen with regard to establishment and operation of the system. Under such circumstances, this study was aimed at analyzing the problems of trust- type and company-type real estate investment trust systems and explore the ways to solve them to reinvigorate the real estate investment trust system.

To this end, advanced nations’ cases were reviewed in comparison with our conditions regarding real estate investment trust system and real estate financial markets. The results of this study can be summarized as follows; First, since our real estate investment trust system seems to be inefficient terms of investors’ protection and efficient asset operation, the reform measures are put forwards. Second, since our real estate trust system is focused on profitability, allowing for development of real estates and therefore, it is less stable, it is necessary to arrange indirect regulations to ensure long-term investments as well as profitability and stability.

Third, since the current real estate investment trust system was hurried introduced under the urgent crisis of IMF bailout program, its infrastructure is very poor. In order to solve such problems, it is essential to arrange some criteria for small investors’ investments, improve information services to them, foster professional asset managers, and construct a reliable infrastructure and develop real estate appraisal techniques and thereby, ensure stable and well-planned investments in real estates. Fourth, it is deemed desirable to unify the current dual real estate investment trust system and thereby, operate it in a balanced way.

Lastly, in order to protect numerous investors, it is required to recruit experienced and professional managers who will be able to operate the investment fund safely and divide the profits among investors. Of course, a business and social atmosphere should be created to prevent their moral hazard.