부동산투자회사의 거래특유자산 개발에 관한 연구 -거래비용이론의 적용을 중심으로-

거래비용이론을 적용해 REITs의 거래특유자산 개발을 분석했다.

This study attempted to develop Transaction Specific Asset in the Real Estate Investment Trusts(:REITs). Since Transaction Specific Asset(TSA) is originated from Transaction Cost Analysis Theory, it has been known as an important variable for trust to corporate. REITs is required to have a special management because it is associated with real estate market and capital market. Therefore this study analyzed TSA with existing literary study in Transaction Cost Analysis Theory. This study has made a statistical analysis with survey questionnaires. Collected data were analyzed via SPSS Windows 10. As a result of factor analyzing TSA is subdivided three dimension.

i.e., human knowledge based asset specificity, managerial(customer, product) asset specificity and internal marketing. the important findings of this study are as follows. after analyzing almost measuring item, relation between independent variable and trust is appeared positive effect, but financial asset speciality in REITs and relative company is appeared negative effect in relation with investor and trust. this is implicated them in that investor is concerned about opportunistic behavior by fund manager with using financial specialty. therefore, REITs should strengthen internal marketing and internal training to prevent from moral hazard.

Accordingly REITs should develop commodities with accumulating 11 peculiar items (assets) in three dimension in information sharing with customer, in understanding customer needs and customer taste change. REITs is required to have a unique and differencial commodity development.