리츠의 자본구조에 영향을 미치는 요인에 관한 실증연구

• 영문명: An Empirical Study on the Determinants of the Capital Structure for REITs
• 발행기관: 한국부동산학회
• 저자명: 정완성(Jung, Wan Sung)
• 간행물 정보: 『부동산학보』不動産學報 第38輯, 54~72쪽, 전체 19쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2009.08.30

영문 초록

1.CONTENTS (1) RESEARCH OBJECTIVES Capital structure determinants have been debated for many years and still represent one of the main unsolved issues in corporate finanace. Unlike public firms in other sectors, REITs have unique regulatory environment such as lack of internal free cash flow, tax exempt status and focusing underlying asset in real estate. Goal in this paper is to find out main determinants of capital structure for REITs. (2) RESEARCH METHOD This empirical analysis is based on data from SNL financial Data Source. Dataset comprises 98 equity REITs during 2001-2005. This empirical analysis is carried out in order to find out determinants of capital structure by selecting financial variables such as ratio related with leverage. Results of this empirical work is carried out by using Multiple Regression Analysis. (3) RESEARCH FINDINGS In the results of this empirical analysis, REITs follow pecking order theory of financing. 2. RESULTS The results of this study, more growing firms have higher leverage ratios, more profitable firms have less levered and more large size of firms have less levered. And also underlying asset types of REITs affect leverage ratios since liquidating value of real estate sectors.

목차

Ⅰ. 서론

Ⅱ. 국내리츠의 자본구조

Ⅲ. 자본구조의 이론적 고찰

Ⅳ. 연구의 방법

Ⅴ. 실증분석결과

Ⅵ 결론 및 시사점

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키워드

REITs Capital structure Trade-off theory Pecking order theory