부동산뮤추얼펀드(REITs) 제도의 도입에 관한 연구

국내 부동산뮤추얼펀드 제도 도입에 필요한 요건을 검토했다.

Three factors such as liquidity improvement, resolution of asymmetric information and moral hazard should be considered for the introduction of REITS in Korea. First of all, for the improvement of liquidity, there are six factors which should be taken into consideration: 1) exclusion of dual corporate taxes, 2) decrease in taxes related to real estate investment, 3) providing institutional investors with I incentives for participation, 4) temporary decrease in transaction fees, 5) alleviation of requirements for the listing on exchange, 6) improvements of market makers' role.

Second, for the resolution of asymmetric information, there are five factors which should be taken into consideration: 1) introduction of mortgage-type and closed REITS rather than equity-type and open REITS, 2) transparency of accounting and corporate control, 3) enforcement of information disclosure, 4) development of real estate appraisal technique, 5) rearing of corporate analysts.

Last, for the solution of moral hazard and agency problems, there are five factors which should be taken into consideration: 1) admission of specific business areas alone, 2) allowance for REITS' management of real estate, 3) introduction of supervisor executive system, 4) admission of M&A among REITS, 5) enforcement of the monitoring for REITS managers.