REITs(Real Estate Investment Trusts)의 價値評價와 會計情報의 有用性에 관한 연구

리츠의 가치평가와 회계정보의 유용성을 분석했다.

회계시스템이 측정하고 전달하고자 하는 내용은 궁극적으로 기업의 가치평가에 대한 정보이다. 이를 위해 제도적으로 작성되는 기본적인 재무제표인 대차대조표와 손익계산서로부터 도출되는 각종 지표들을 토대로 하여 기업의 가치를 평가한다. 우리나라는 1997년에 발생한 외환위기 이후 경제주체들에 대한 구조조정이 이어지면서 극심한 자산디플레이션을 경험하였다. 이러한 구조조정 과정에서 정부는 국가경제침체와 부동산 가격하락문제를 해결하기 위한 현실적인 방법으로, 부동산을 유동화 하여 자본시장에 새로운 상품을 제공하는 미국의 리츠(Real Estate Investment Trusts ; REITs) 제도를 2001년 7월1일에 도입하게 되었다. 본 연구는 이러한 패러다임의 변화의 흐름에 맞추어 부동산업계, 금융관련 기관 및 투자자들이 필요로 하는 유용한 회계정보를 제공하고자 한다. 하지만 현재 우리나라의 리츠로는 적절한 자료제공이 불가능하므로 우리나라 리츠의 모태인 미국 리츠를 중심으로 세 가지 실증 분석을 하였다. 첫째, 개별 산업 특성에 따라 순이익의 정보 유용성에 차이가 있을 것이라는 Beaver(1996)의 연구를 바탕으로 본 연구에서는 순이익(NI), 영업현금흐름(CFO) 그리고 운영수입(FFO) 등 세 가지 성과측정치의 상대적 정보내용을 비교 분석하였다.

둘째, 리츠가치결정에는 금리변동과 부동산가격변동 정보가 중요한 역할을 하고 있는지를 실증 분석하였다. 셋째, 미국의 리츠를 대상으로 최근 투자활동수준과 경영관리 방식이 순자산 및 회계 이익이 주가배수에 어떤 영향을 미치는지 살펴보았다. 세 가지 연구 결과는 상대적으로 주가와 가치관련성이 높은 성과측정치는 운영수입(FFO)이라는 것을 제시하고 있으며, 비회계정보가 가치평가시에 추가적인 설명력이 있음을 검증하고 있다. 또한 리츠 특성이 주가배수에 영향을 미치고 있음을 제시하고 있다. 연구결과는 회계정보 이용자들에게 유용한 정보를 제공할 것이다. 뿐만 아니라 부동산업계, 금융관련 기관 그리고 투자자들에게는 물론 리츠 제도와 공시요건을 정비해 나가는 규제당국에게도 시사하는 바가 크다 하겠다. What the accounting system is trying to measure and address may be eventually the information about the valuation of corporations.

For this purpose, we usually assess the corporate valuation on the basis of lots of numbers and indices extracted from the balance sheet and profit/loss statement which we legally draw up as basic financial statements. Korea had experienced severe asset deflation during the restructuring on economic subjects after the IMF situation in 1997. While restructuring, as a realistic solution to the national economic recess and real estate deflation, government came to introduce America's REITs(Real Estate Investment Trusts) system in July 1, 2001 which makes a new financial product in capital market issuing the real-estate-backed securities.

To these paradigm changes, this research is trying to provide the useful accounting information needed by investors, real estates industry and financial related institutes. But currently due to the shortage of proper data in Korea, I used the data of America REITs which is the originality of ours to make three empirical analyses. First, on the basis of Beaver's research(1996) predicting the difference in information usefulness of net income according to the individual industry characteristics, I compared and investigated the comparative information contents using the three performance measurements that are NI, CFO, and FFO.

As a result, I found that funds from operations have a higher information content than net income. This means that the performance measurement reflecting the characteristics of REITs industry whose main business target is real estate is more related to stock price in value relevance than net income. In addition, I found the reason that operation income has the relative superiority to net income is because the depreciation cost of real estate and profit(or loss) of real estate disposal have respectively the positive and negative significance in stock price.

And I could find that the depreciation cost of real estate contains more additional information than profit(or loss) of real estate disposal Second, I analyzed the role of interest rate and real estate price in determination of REITs value. The result shows that the explanatory power of in the corporate evaluation increased when the book value and accounting-based valuation model that is consisted of only earnings are added by the information of expected future interest rate changes which are non-financial information or when accounting-based valuation model is added by the information of expected future real estate price changes.

And if we divide the REITs performance into two of earning-reported REITs and loss-reported REITs, it shows that the information of expected future interest rate changes has a stronger incremental explanatory power in the earning-reported REITs, and the expected future real estate price changes has a stronger incremental explanatory power in loss-reported REITs. This means that as the same context of the previous researches of others which showed the book value has more incremental explanatory power in loss companies, we can identify the incremental explanatory power in the information of expected future real estate price changes.

Third, using the America's REITs data, I analyzed the influence of recent investment activity level and management methods on P/E multiplier and P/B multiplier, The result shows that P/E multiplier of REITs is relatively higher whose recent investment activity level is high than that of its activity level is low, and P/B multiplier of REITs is relatively lower whose recent investment activity level is high than that of its activity level is low.

And on analyzing both the self-management REITs that importantly considers CEO's management capability and can afford self management cost and the external management REITs that are not so, it shows that P/E multiplier of self-management REITs is relatively higher than that of the external management REITs, and that P/B multiplier of self-management REITs is relatively lower than that of the external management REITs. From these three research results, they suggest that funds from operation(FFO) has the relatively higher value relevance to the stock price, and that non-financial information has the incremental explanatory power in assessing the value.

Also, they suggest the characteristics of REITs have the influence on P/E or P/B multiplier. This research will surely provide accounting information users with a lot of useful informations. Besides, it suggests a lot of thoughtful meanings to the investors, financial institutes, real estate industry and the government that is responsible for making REITs systems and corporate disclosure conditions.