주택리츠 자산규모의 재무 및 사업특성 분석

주택 리츠의 자산규모와 재무·사업 특성 간 관계를 분석했다.

This study is based on a sample of 108 residential REITs that are actually operating based on the 2018 Financial Statements published in the REITs Information System. The asset size of individual residentail REITs is selected as the dependent variable, and multiple linear regression analysis is used to determine the effect of the independent variable. The explanatory variables used in the study are classified based on financial and business characteristics.

The independent variables belonging to die explanatory characteristics are composed of company return, debt ratio, and public investor ratio, and the independent variables belonging to the financial characteristics are private asset management, trust ranking, number of households, apartment type, development type, metropolitan area, and construction firms ranking. In terms of financial characteristics, the company's return, debt ratio, and public investment ratio have significant results. As asset size increases, operating costs increase and company yields decrease. This indicates that the asset size of residential REITs does not achieve optimal quantitative growth to see economies of scale.

The debt ratio and public investment ratio showed a positive relationship with the dependent variable, indicating that residential REITs are making full use of leverage in their business, but the policy tendency is still strong due to the high dependency on public funds. In business characteristics, there are significant results in trust ranking, number of households, apartment type, and construction firms ranking. There is a positive relationship between trust ranking and explanatory variables, which suggests that higher asset management companies are more efficient in asset management as their businesses grow larger.

The relationship between the number of households and the apartment type is positive with explanatory variables. This suggests that consumer preferences for apartments in large complex are reflected in the residential REITs asset size. However, there was a negative relationship between construction firms ranking and explanatory variables, which reflects the fact that mid-range builders are actively participating in the rental residential business than the top 10 companies. This study suggests a desirable quantitative growth model of the growing residential REITs and contributes to enhancing the efficiency of asset management.