不動産投資會社의 活性化를 위한 制度的 硏究

부동산투자회사(REITs) 활성화를 위한 제도 개선방안을 연구했다.

A Study on Statutory Reforms Activating Real Estate Investment Trusts Korea adopted REITs (real estate investment trusts) in 1997, after the IMF financial crisis for political purpose helping stagnant economic recovery. Since July, 2001, after adopting real estate investment company, the government has tried to reflect demands of market or prevent side effects of the system through no more than a series of revision of law and improvement of a system. In spite of these efforts, REITs of Korea has not been vitalized fully compared with the one of the major advanced countries such as the US etc.

It is the stage that is already 14 years after REITs was adopted to consider for taking off, and it depends on promoting mature market environment. Real estate investment company is the corporation, indirect real estate investment institute that invests and manages on real estate raising funds from many investors and give the profit back to investors and it is a means of investment that is subject to the "real estate investment corporation act".

As it is mentioned at the purposes of "real estate investment corporation act", the essential distinction of real estate investment company is giving a lot of opportunities of investment to people, seeking for stable profit structure and getting benefits of tax. For these characteristics, the problems of Korea's real estate investment corporation are as follow. First, there are many process restrictions related to establishment and organization of corporation like business licensing of real estate investment corporation. Second, these restrictions infringe on freedom during the work proceedings such as detail asset management after establishing real estate investment company.

Third, ignoring the characteristic as indirect investment institution, there is a problem to hinder the system vitalization due to difference and complexity between rules of tax laws and not giving tax benefits to self-administrated real estate investment company by making a mockery of a trial. Forth, real estate investment corporation act of Korea is lack of unity from the side of overall legal system. Fifth, real estate investment company relatively was treated unfairly owing to restrictions of legal form compared with other real estate indirect investment institutes, and it infringes market's autonomy.

Sixth, monitoring and supervisory function of ministry of land, infrastructure and transport and financial services commission having ministry of land, infrastructure and transport, business licensed department and supervisory function are overlapping, and there is a problem about protecting the investor like offering information such as notifying data in respect of investors. Last, it is unsupported by the circumstances like infrastructure regarding to real estate investment company. Likewise, I, the writer suggests detail improvement plans about the problems mentioned above with 7 points of real estate investment company.

First, in regard to establishment and organization of corporation like business consent of real estate investment company etc., it rejects conformity on establishment method of companies, and it needs to remove the controls of entry steps such as improving the process of business licensing or switching the system to registration system. Second, autonomy of working process, work commitment and asset portfolio like asset management of real estate investment company needs to be expanded.

Third, double taxation between asset possessor, real estate investment company and investor needs to be adjusted with the clear characteristic as an indirect investment organization, and complex overhaul of the tax system such as improving conflict between regulations of taxation and unclear articles is necessary. Fourth, it is necessary to be under the laws of indirect investment organization related to real estate investment company that is enforcing with the institutional base by each law or each article.

Fifth, diverse organization forms needs to be accepted except company type like other real estate indirect investment organizations by solving formal discrimination according to the restriction of legal form of real estate investment company. Sixth, investors protective function needs to be expanded through improvement of a system for securing effectiveness of data notifying and information offering about investors related to data notifying etc., and clarifying department of management and supervisory institution.

Last, it needs to be supported by circumstances for large scale of REITs establishment through role expansion of REITs association and infra advancement of real estate investment company etc. I would love to support advancement of REITs with improvement plans by dealing with problems about system and other problems that current real estate investment company system faced like this. Moreover, for meeting purpose of introduction of "real estate investment corporation act", it demands interest of a person in charge of its affairs, government and a law-making organ in each related field. 부동산투자회사의 활성화를 위한 제도적 연구 우리나라의 경우, REITs제도는 1997년 IMF 외환위기 이후 침체된 경기회복을 위한 정책적 목적을 위해 도입되었다.

정부는 2001년 7월 부동산투자회사 제도가 처음 도입된 이후, 정부는 현재까지 수차례에 걸친 법률 개정과 제도개선을 통하여 시장의 요구사항을 반영하거나 제도의 부작용을 방지하고자 노력하였다. 이와 같은 노력에도 불구하고 우리나라의 REITs제도는 미국 등 주요 선진국과 비교하여 보면 아직까지 충분히 활성화 되고 있지 않은 것이 사실이다. REITs제도가 도입된 지 14년이 지나고 있는 현 시점은 한 단계 재도약을 위하여 고민하여야 할 단계이다. 그것은 성숙된 시장환경 조성에 달려있다. 부동산투자회사는 다수의 투자자로부터 자금을 모아 부동산에 투자·운용하고 그 수익을 투자자에게 돌려주는 부동산간접투자기구인 주식회사로서「부동산투자회사법」의 적용을 받는 투자수단을 말한다. 부동산투자회사의 본질적인 특징은「부동산투자회사법」의 목적에서도 밝히고 있는 바와 같이 일반국민에게 다양한 투자기회를 제공하고, 안정적인 수익구조를 추구하며, 그리고 세제상 혜택이 주어진다는 것이다. 이와 같은 특징을 감안하여 우리나라 부동산투자회사제도의 문제점을 살펴보면 다음과 같다. 첫째, 부동산투자회사의 영업인가 등 회사설립 및 구성과 관련하여 절차적 규제가 너무 많이 존재하고 있다. 둘째, 이러한 규제가 부동산투자회사의 설립 이후 구체적인 자산운용 등 업무진행과정에서 자율성을 지나치게 침해하고 있다.

셋째, 간접투자기관인 도관체로서의 성격을 도외시하고, 형식적인 판단으로 자기관리 부동산투자회사에 세제혜택을 주지 않는 점과 세법의 각 규정간의 차이와 복잡성 때문에 제도 활성화를 저해하는 문제가 있다. 넷째, 우리나라「부동산투자회사법」은 종합적인 법체계 측면에서 통