REITs 投資意向에 影響을 주는 要因에 관한 硏究-일반리츠 公募의 投資意向을 중심으로-

• 영문명: A Study on the Factors Influencing upon Investment-Intention in REITs-Focused On Investment-Intention Of Initial Public Offering in REITs-
• 발행기관: 한국부동산학회
• 저자명: 신용철(Shin Yong Choel) 홍기용(Hong Ki Yong)
• 간행물 정보: 『부동산학보』부동산학보 제21집, 233~250쪽, 전체 18쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2003.08.01

영문 초록

1. CONTENTS (1) RESEARCH OBJECTIVES IMF foreign exchange crisis affected seriously on economy environment in Korea. Exchange rate was raised and real estate price fell down rapidly and real estate market got stagnant. Therefore, corporations should sell their real estate to overcome sudden srisis in low price. As a result, The government and the related industrios started to try to find means of settling this mobility crisis and enacted some laws, like the ABS MBS law and Special Purpose Company Act, to help liquidity to the Korean real estate industry after the IMF bailout. Subsequently Real Estate Investment Trust (REITs)Act was made for the activation of corporation's restructuring and small-scale investor's investment, and this act has been enforced since July 1. 2001. REITs is essentially a corporation that combines the capital of many investors with all forms of real estate. REITs serves much like a mutual fund for real estate in that retail investors obtain the benefit of a diversified portfolio under professional management. Its stocks are freely traded, often on a major stock exchange. However, in spite of high expectation, there has been no REITs who succeed in its initial public offering so far. REITs is in serious stagnancy currently. On the background of various change in real estate market. This study is to establish a model showing the relationships between principal investment factors and investment intention in REITs. Various critical factors which were judged to influence upon investment intention in REITs were drawn out through the wide investigation of preceding these on REITs. These factors were grouped to the three categories such as recognition, confidence, profitability, Those are confirmed by potential investors through questionnaires to know how much influence each factor has. (2) RESEARCH METHOD AMOS(Analysis of Moment Structure) (3) RESEARCH RESULTS The influence degree on investment intention in REITs is orderly Confidence(0.120), Recognition(0.331), Profitability(0.538), Confidence is most influenced by participation of public corporation. Recognition is most influenced by the satisfaction of advertisement. Profitability is most influenced by the unnecessity of indirection investiment in real estate business upturn. 2. RESULTS First, Confidence is mainly influenced by the factors like participation of public corporation, insurance for a part of amount invested, a substantiality of corporation, absence of investment company, uncertainty for indirection possession of real estate, fame of manager of an enterprise, non-securing of real estate to invest, analogous REITs. Unexpectedly, confidence shows the lowest influence coefficient(0.12) on investment intention in REITs. It is opposed to common idea that confidence is the most important factor. General investors feel not too much uneasy as specialists do regarding confidence. In the result of personal interview. general investors were found to have comparatively high confidence towards REITs for the reason that REITs is approved by government with strict examanation. The major thing investors are interested in was return rate. The most essencial factor to give high confidence to REITs is found to be participation of public corporation such as Korea Land Corporation, Korea National Housing Corporation, Korea Asset Management corporatino and leading financial company. These corporation can enhance the public confidence and clarity of REITs by presenting standard operational model. Second, recognition is influenced by satisfaction of advertisement greater than by comprehension of law. It shows that investors are satisfied with general advertisement not detail understanding of law. In this respect, REITs should be advertised to the wider public much more. As for our country, REITs has been introduced not long enough, less than 2 years, and understanding and recognition of the REITs by our people are insufficient. Accordingly, this

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ABSTRACT

Ⅰ. 서론

Ⅱ. 리츠투자 특성

Ⅲ. 리츠투자 실증분석을 위한 연구설계

Ⅳ. 투자영향요인 실증분석 결과

Ⅴ. 결론

참고문헌