• Land and Housing Review
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• v.11 no.1
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• pp.49-57
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• 2020

본 연구는 기업의 투자효율성이 투자부동산 비중에 미치는 영향을 살펴보았다. 경영자의 사적이익 추구현상과 대리인비용이 클수록 나타나는 과잉투자성향이 기업의 투자부동산 비중을 증가시키는지 분석하였다. 이를 위해 2007년부터 2018년까지 유가증권시장과 코스닥시장의 5,781개의 기업-연도를 대상으로 분석하였으며 투자효율성은 McNichols and Stubben(2008)의 연구방법론으로 측정하였다. 분석결과는 다음과 같다. 첫째, 투자 비효율성이 커질수록 기업의 투자부동산 비중이 증가하는 것으로 나타났다. 이는 투자 비효율성이 높을수록 나타나는 대리인비용과 경영자의 제국건설성향이 투자부동산 비중과 유의한 관련성을 갖는다는 것을 의미한다. 둘째, 유가증권시장과 코스닥시장으로 구분하여 분석한 결과에서는 코스닥시장에서 유의성을 확인할 수 없었다. 즉, 투자 비효율성이 커질수록 나타나는 투자부동산의 비중은 유가증권시장에서 관찰되었다. 셋째, 투자 비효율성을 과잉투자와 과소투자로 구분하여 분석한 결과에서는 과잉투자성향이 증가할수록 투자부동산의 비중이 증가하였으나 과소투자와는 관련성이 나타나지 않았다. 이상의 연구결과는 그 간의 선행연구에서 주로 투자부동산과 기업 가치의 관련성에 초점을 맞추었던 반면, 대리인비용과 투자부동산 비중 간의 실증적 증거가 부족한 가운데 추가적인 학문적, 실무적 시사점을 갖는다.

• Journal of Digital Convergence
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• v.15 no.11
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• pp.113-120
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• 2017

The purpose of this study is to analyze how the relative proportion of retention between real estate for business and investment real estate among the real estate held by corporations has been changed after and before the Financial Crisis as well as whether there has been any difference between KOSPI and KOSDAQ listed companies in terms of their share of the real estate. The increasing pattern of real estate owned by KOSDAQ were similar to the KOSPI companies except for investment properties during the Financial Crisis. The proportion of real estate owned by KOSPI had been lower than that of KOSDAQ companies in both investment and business real estate before the Financial Crisis. However, during the period of the Financial Crisis, the proportion of real estate for business held by KOSPI firms was higher than that of KOSDAQ firms. Furthermore, the portion of investment of real estate owned by KOSPI has remained higher than that of KOSDAQ after the Financial Crisis period and the recent period. Based on the results of this analysis, how the relevance of the change of portion between real estate for business and investment real estate affects management performance will be figured out in the future studies.

• KOREAN POULTRY JOURNAL
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• v.42 no.10
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• pp.152-153
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• 2010

그동안 국민들의 재테크 수단으로 부동산이 많은 각광을 받아 왔다. 하지만 소액의 자본으로 부동산 투자를 생각하는 사람은 그리 많지 않다. 그 이유는 여러 가지가 있겠지만 부동산 투자에는 금융자산보다 세금, 부동산수수료, 전문가비용 등의 거래비용이 훨씬 많이 들어가기 때문이다. 또한, 이러한 거래 비용 중에서 가장 큰 비중을 차지하는 것이 세금이다. 모든 자산의 재투자 수익률이 비슷해지고 있는 시점에 세금에 대한 이해 없이 부동산 투자를 하려는 것은 '밑 빠진 독에 물 붓기'가 될 수 있다. 이번호부터 8회에 걸쳐 일반인들이 가장 궁금해 하는 부동산 관련 세금에 대해 알아보겠다.

• Korean Journal of Construction Engineering and Management
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• v.16 no.6
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• pp.144-155
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• 2015

This paper is to understand investment's efficiency and performance of commercial real estate assets diversified by use and district. To do so, this paper divides two different commercial real estate markets(office build market and retail real estate market) in Seoul city by district into "GBD(Gangnam Business District), YBD(Yeouido Business District), and CBD(Central Business District)" and "GBD(Gangnam Business District), SBD(Shinchon Business District), and CBD(Central Business District)" respectively, configures these districts each other to structure portfolios as its portion varies based on Markowitz's Mean-Variance principle, and looks at risk-return relationship of portfolios to find out efficiency, performance, and optimal investment chosen based upon Sharpe's Performance Index. As a result, the portfolio configured by "10 to 30% of office building asset at CBD" and "70 to 90% of retail real estate asset at CBD" is shown to be the most optimal, suggesting the highest quarterly Sharpe's performance index of 2.7118~2.7776 with quarterly rate of return of 1.826%~1.838% and quarterly standard deviation of 0.573~0.589. Furthermore, it is obvious that diversified portfolio configured by use(office-retail) shows better investment performance than that by district with same type of asset(office-office or retail-retail). Finally, results driven from this research will play an important role to stimulate real estate and construction markets through enlarging ideas as to diversified investment by use and district on real estate indirect investment products.

• Land and Housing Review
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• v.14 no.4
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• pp.63-76
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• 2023

Investors should understand and actively consider factors like location, future value, policies, pricing, market trends, and their income, as these elements can shift with changing local, social, economic, and policy environments. This study seeks to clarify the impact of investment factors on the performance and reinvestment intentions of Sejong City investors by surveying those who have invested in real estate. This study employs a structural equation model with confirmatory factor analysis, focusing on four aspects: value, economic and policy, psychological, and financial. We find that the investment value factor has the largest impact on investment performance, indicating that investors prioritize the investment value of real estate in Sejong City. In addition, factors increasing asset value and expected satisfaction were significant, indicating that real estate investment in Sejong City yields high returns and investor satisfaction. with a positive outlook for future reinvestment.

• Informatization Policy
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• v.24 no.4
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• pp.44-67
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• 2017

Commercial properties are gaining importance in the national economy, drawing more and more interests from agencies and individuals. Therefore, objective and accurate investment information needs to be supplied in order to support rational decision making and market transparency. To contribute to guiding the Korean commercial property market to become as transparent and competitive as the markets of developed countries, this study aims to seek for ways to establish a Korean commercial property information framework. As part of the activities to achieve the goal, the Korean commercial property market information was first evaluated in terms of data collection, production and operation. Then, US NCREIF, which is operated by the private sector, and Singapore's URA, managed by the public sector, were considered as the examples of well-managed foreign commercial property market information frameworks. Efficient management of the system requires establishing a monitoring scheme, and users' accessibility and information availability will be enhanced through phased expansion of the information.

• 월간 기계설비
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• no.12 s.185
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• pp.31-44
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• 2005

12월 6일 현재 해외건설 수주가 100억불을 넘어섰다. 올들어 해외건설 수주가 활발해지는 현상은 건설업계의 새로운 돌파구 마련을 위한 청신호로 받아들일 수 있다. 우리 경제는 땅값과 집값의 급격한 상승으로 한바탕 홍역을 치르고 있는 상황이고 이에 대응해 정부는 부동산에 관한한 초강경 대책으로 일관하고 있다. 때문에 부동산경기는 얼어붙기 시작했고 건설경기가 급격히 냉각될 조짐을 보이고 있다. 여기에다 정부는 SOC(사회간접자본)투자보다는 복지부문 투자를 늘려 건설업체들의 입지는 더욱 좁아지고 있다. 경제성장에서 차지하는 건설산업의 비중을 감안할 때 건설업계가 침체의 늪으로 빠져 버리면 경제성장이 둔화될 수 밖에 없고 그런 만 큼 우리 경제는 선진국의 문턱에서 다시 좌절의 쓴 맛을 볼 수도 있다는 우려가 제기되고 있다. 그런데 중동을 비롯한 아시아 지역에서 해외건설경기가 붐이 일어나고 있다. 따라서 우리 설비건설업계도 건설경기 침체 타개책의 일환으로 해외공사에 눈을 돌려 볼 만하다. 다음은 해외건설경기 현황과 이에 따른 우리 회원사들의 해외건설 수주현황을 알아본다.

• Korea Real Estate Review
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• v.24 no.1
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• pp.53-62
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• 2014

A test on the significance of style factors which were revealed to be significant in U.S. and U.K. literature is conducted in this study using appraisal-based returns of offices in Korea. Region, size (appraisal value), value-growth propensity (yield gain gap) and leasing conditions (the number of tenants, the length of average leased period and the proportion of key tenant) are included in the analysis model as style factors. The empirical result suggests that firstly core region and large size are significant but they increase risk as well as return contrary to general belief, secondly value propensity significantly decreases risk as well as return as it does in U.S. and U.K., finally the number of tenants among leasing conditions decreases risk as well as return but the length of average leased period and the proportion of key tenant are not significant.

• Journal of the Economic Geographical Society of Korea
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• v.15 no.4
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• pp.534-549
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• 2012

This study analyzed the effects of housing wealth on the balance accounts of elderly households with an age of over 60 facing the asset decumulation period, capitalizing upon an ordered logit model for the 2011 household finance survey data. Out of some variables representing personal and social characteristics, the age and waged worker variables had a positive effect, but the number of household, low education level, living in the apartment and capital region variables negatively affected the balance accounts of elderly households. Some variables reflecting economic wealth and financial strategies such as the attitude of risk-taking, ordinary income and the ratio of financial assets had a positive impact, but other variables such as DSR did a negative one on the balance accounts of the elderly households. The ownership of housing wealth variable positively, but the ratio of housing assets variable negatively affected the balance accounts of the elderly households, which could be derived from the duality of housing as both consumption goods and assets. However, the ownership of other real estates and the ratio of them in the total assets variables had a negative impact on the balance accounts of the elderly households. Furthermore, since the financial asset-debt ratio worsened the balance accounts of the elderly households with both housing and other real estates, it is implied that the purchase of real estates with excessive bank loans could make them dangerous.

• Journal of the Economic Geographical Society of Korea
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• v.14 no.2
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• pp.157-175
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• 2011

This paper aims to analyze the characteristics of healthcare REITs' performance and operation, and to examine their use for activating the silver industries in Korea. The results of this study are as follows. First, according to the results of analyzing healthcare REITs' performance, healthcare REITs outperformed average REITs and extended investment proportion compared to total REITs after 2007. This outperforming came from not only rapid growth of silver industries, but also REITs strategy using the structure of sale-and-leaseback and triple-net lease. Second, healthcare REITs use selection and concentration strategy in terms of asset sector, but use portfolio diversification strategy in terms of investment region. Third, according to the analysis results, healthcare REITs are to be useful for activating the silver industries in Korea. In this context, major implications are presented to use healthcare REITs effectively.