부동산투자회사의 자금조달의 문제와 금융기법에 관한 소고

REITs의 자금조달 문제와 금융기법을 검토했다.

This study examines problems in financing for K-REITs which means the law for K-REITs prohibits financing for the purpose of investment. It is big barrier for structuring REITs. One of the reason to use debt is that the investor may not have enough equity capital to buy the real estate. On the other hand, the investor may have for using debt to realize the potential benefit associated with financial leverage. Financial leverage is very important in real estate investment. The paper explains why investors use debt and how investors expect leverage effect practically.

The paper also explains that if the law permit borrowing anyway for investment, there are various possible financing ways using direct or indirect(securitize) for debt and equity. And relatively it is very helpful both financial and real estate market.