부동산투자 벤치마크의 적정수익률 설정과 성과평가 연구

• 영문명: A Study on the Optimal Return Rate Settings of Real Estate Investment Benchmark and Performance Evaluation
• 발행기관: 한국지역개발학회
• 저자명: 강상선(Kang Sang Sun) 전재범(Jun Jae Bum)
• 간행물 정보: 『한국지역개발학회지』제30권 제3호, 157~177쪽, 전체 21쪽
• 주제분류: 사회과학 > 지역개발
• 파일형태: PDF
• 발행일자: 2018.09.30

영문 초록

What is the basis for appraisal of asset management performance? The performance of the investors‘ asset management tends to be evaluated by reviewing whether or not the investing organization s performance for its investment has been more or less reached on purpose-benchmark. Therefore, it is important that the level of purpose-benchmarks should be reasonably determined. In light of this notion, the purpose of this paper is 1) to reasonably determine levels of purpose-benchmark and 2) to show the efficiency of each sub-real estate market by looking at theoretical equilibrium in office building and retail real estate markets in Korea based on the Security Market Line(SML) and Security Characteristics Line(SCL) in Capital Asset Pricing Model(CAPM). And, the results drawn from this paper is that 1) it is proven that purpose-benchmarks driven from SML for office building and retail real estate markets seem useful to show appropriate expected rates of returns for real estate investments in Korea, and 2) markets efficiencies for office building and retail real estate can be different depending on time and regional characteristics, which implies that investors need carefully elaborate those factors when investing.

목차

Abstract

1. 서론

2. 이론적 고찰 및 선행연구 검토

3. 분석모형 및 자료

4. 분석 결과

5. 결론 및 시사점

참고문헌

키워드

자산관리 벤치마크 부동산실물투자 자본자산가격결정모델 Asset Management Benchmark Real Estate Investment Market CAPM