리츠 공모상장 결정요인의 특성 분석에 관한 연구 - 재무적 요인, 고유특성 및 기업지배구조를 중심으로 -

리츠의 공모·상장 여부를 결정하는 재무 요인과 기업지배구조를 분석한다.

The purpose of this study is to find out what has influenced the determinants of REITs listing and unlisted. To do this, we conducted an empirical analysis by using the Linear Probability Model(LPM) by establishing variables related to investment factors, external factors, and governance, which are inherent characteristics of REITs, along with legal and statistical analysis of financial statements and financial quantitative analysis. The results of the analysis are as follows. First, in the quantitative analysis of financial factors, the financial indicators of listed REITs were much better than those of unlisted REITs, indicating that most REITs with excellent financial status were listed.

And among the 27 items of variables, 16 items were statistically significant in the results of empirical analysis of investment factors, external factors, and governance. As the three null hypotheses were rejected, it was analyzed that financial factors, investment factors, external factors, and dominant variables had influence on the listing decision.