옵션이론을 통한 리츠의 가치평가

옵션이론을 활용해 리츠의 가치를 평가했다.

Real estate investment trusts(REITs) have been witnessing a steady growth for the past 16 years since they were introduced in korea in 2001. However, in reality, the individual investor has limited opportunities to invest in REITs for various reasons, including excessively stringent regulations and lack of investment-related information due to non-uniform accounting standards. The fact that the capital can be withdrawn only at maturity also discourages investments, increasing concerns over potential capital recovery. Moreover, the growth rate of the REIT industry in Korea has been relatively lower than in other countries.

This is because most AMC(Asset Management Companies)that act as the actual operators of REITs are small in their size, given that one company has only one underlying asset. To resolve these issues, this study seeks to structure financial model by modifying theories relevant to financial economics and option pricing. This, in turn, allows premature liquidation valuation alleviate the risk of capital recovery. This model facilitates AMCs to allow individual investors to decide capital recovery time and provide them with value-related information.