부동산 투자,관리위험에 대한 실증분석과 위험관리 방안

부동산 투자·관리 위험 요인을 분석하고 위험관리 방안을 제시했다.

This study presents the major risk factors in the real estate investment and management. We analyze the effect of the systemic risk factors, in particular major macroeconomic variables, on the return on the real estate investment. As previous studies showed, lagged industrial production has a consistent positive effect. Bit inflation, whether it is expector or not, has depressing influence. Furthermore, economic uncertainty measured by the conditional variance form GARCH(1,1) model or risk premium in bond markets has also negative effect on the real estate investment.

In effect, the real estate investment in Korea is insufficient vehicle in hedging against the inflation and the economic uncertainty. This study concludes with a risk-management guideline in the real estate investment and management.