상업용 부동산 시장에서 체계적 위험이 자본환원율에 미치는 영향

• 영문명: The Impact of Systematic Risk on Capitalization Rate at Commercial Real Estate Market
• 발행기관: 한국지역개발학회
• 저자명: 박종권(Park, Jong-Kwon) 전재범(Jun, Jae-Bum)
• 간행물 정보: 『한국지역개발학회 세미나 논문집』2016년 춘계학술대회 발표집, 413~428쪽, 전체 16쪽
• 주제분류: 사회과학 > 지역학
• 파일형태: PDF
• 발행일자: 2016.05.30

영문 초록

This paper is to understand the impact of systematic risk on capitalization rate at office building market and retail real estate market in Seoul and to see if CAPM(Capital Asset Pricing Model) is applicable. For this, this paper considers eight different office building and retail real estate markets in Seoul city area, called GBD, YBD, CBD, and Other Business District, and GBD, SBD, CBD, and Other Business District, to find out ifthere is any positive-linearity between systematic risk and capitalization rate for each business district not. Then, this paper tries to verify applicability of CAPM to four office building markets and four retail real estate markets with Black, Jensen, and Scholes(1972) s statistical methodology. At last, the result shows that there is positive linearity between systematic risk and capitalization rate in GBD(office building market), GBD(retail real estate market), and other business district(retail real estate market). However, CAPM is not applicable in all office building and retail real estate markets in Seoul.

목차

1. 서 론

2. 이론적 고찰

3. 이론적 고찰

4. 실증분석

5. 결론 및 시사점

키워드

상업용 부동산 시장(Commercial Real Estate Market) 체계적 위험(Systematic Risk) 자본환원율(Capitalization Rate) 자본자산가격결정모형(Capital Assets Pricing Model)