연구 요약
연구 요지 (AI)
미국 사례를 바탕으로 부동산투자신탁의 위험과 투자성과를 분석했다.
초록
In the so-called IMF era, this country has suffered an profound economic plight such as foreign exchange crisis, the restructuring of the financial industry and corporations. As well, the government experienced asset deflation introduced the regulations of asset fluidization as the method for the quick improvement of dishonored bond and the alleviation of asset deflation in the process of restructuring. In general, the MBS, ABS system have some problems to fluidize a realestate property because this policy centered on the quick improvement of dishonored bond. In this vein, the government has made an effort to find new areas and ways to introduce REITs(Real Estate Investment Trusts).
With this, the necessity for the introduction of REITs has been proposed through the various channels. At length, the regulations of REITs was enacted on April, 2001. Thereafter, the regulations of K-REITs(Korea Real Estate Investment Trusts) began to be implemented on July, 2001. Under the circumstances, we can say that this study of REITs is timely and is of vital significance. This paper was designed to enable investors to make their decision rationally by providing proper informations to the interested, considering our nation' REITs in the early of introduction.
As well, this paper aimed at settling REITs successfully by providing some operational methods appropriate to those responsible for the REITs. For the above purposes, the researcher put into practice the fact-revealing of the United States in advance through the evaluation of REITs and its risk analysis. This paper was composed of a total of 6 chapters. In chapter 1, the researcher took into account the objectives, the theoretical background. In chapter 2, there examined the concept & structure of REITs and the present conditions in the United States, and after proposed some grounds for the evaluation of REITs and its crisis analysis by considering the actuality of foreign REITs.
In the process of improving existing evaluation criteria & method, the researcher, in chapter 3, compared with that of the United States with the aim to examine in detail the achievement of REITs different from general account basis. With this, there took account of evaluation method of foreign credit rating agency by making much of the self-credit evaluation of REITs. In chapter 5, the researcher took into account the change of realestate investment market, the financing of realestate by analyzing various crisis factors regarding the investment sector of REITs, and after compared earning rate with the chief index of investment achievement in the stock market.
With this, the researcher looked through investment achievement of the earning rate for dividend by type of investment & property, and took into account its decentralization effect through the correlativity between the crisis decentralization of REITs and other investment sectors. In chapter 6, the researcher epitomized succinctly a variety of issues stated above. With regard to the evaluation of present REITs and its crisis analysis, it was proposed that this paper needs to introduce the evaluation method of realestate value, the utilization of credit rating of realestate goods, the appreciation of risk factor for REITs and its fact-revealing.
For the evaluation of REITs, the researcher took into account the risk factors for REITs by comparing our nation's REITs with NAREIT. In line with this, there made an analysis of it by the division of a wide range of meanings and a narrow range of meanings at the economic aspect. On the basis of the above results, it was somewhat helpful to successful introduction of REITs in our nation that so far, this paper looked through the effects of the evaluation of REITs and its risk analysis on investment achievements.
On the other hand, there have to find new areas and ways to maximize investors' earning rate through the conversion of the comparison law of transaction cases regarding the evaluation method of realestate into the law of earning reduction, the utilization of credit rating of realestate goods for the sound management of REITs, and the previous appreciation of risk factor for REITs.
발행 정보
2001. 中央大學校 國際經營大學院 국내석사 학위논문