조기청산권을 지닌 리츠의 가치평가에 관한 연구

• 영문명: A Study on Valuing REITs with Early Settlement Right
• 발행기관: 한국지역개발학회
• 저자명: 최진하(Choi, Jin Ha) 전재범(Jun, Jae Bum)
• 간행물 정보: 『한국지역개발학회지』제31권 제2호, 139~166쪽, 전체 28쪽
• 주제분류: 사회과학 > 지역개발
• 파일형태: PDF
• 발행일자: 2019.06.30

영문 초록

REITs(Real Estate Investment Trusts) have been witnessing a steady growth for the past 17 years since they were introduced in Korea in 2001. However, in reality, the individual investor has limited opportunities to invest in REITs for various reasons, including excessively stringent regulations and lack of investment-related information due to non-uniform accounting standards. The fact that the capital can be withdrawn only at maturity also discourages investments, increasing concerns over potential capital recovery. Moreover, the growth rate of the REIT industry in Korea has been relatively lower than in other countries. This is because most AMCs(Asset Management Companies) that act as the actual operators of REITs are small in their size, given that one company has only one underlying asset. To resolve these issues, this study seeks to structure financial model by modifying theories relevant to financial economics and option pricing. This, in turn, allows early settlement valuation to alleviate the risk of capital recovery. This model facilitates AMCs to allow individual investors to decide capital recovery time and provide them with the value-related information.

목차

1. 서 론

2. 선행연구 고찰

3. 조기청산권을 지닌 리츠의 가치평가 모형

4. 사례분석

5. 결 론

키워드

리츠(REITs) 실물옵션이론(Real Option Theory) 조기청산(Early Settlement) 조건부 청구(Contingent Claim) 이항옵션가격결정모형(Binomial Option Pricing Model) 자본회수시점(Capital Recovery Time)