부동산신탁업이 금융시장 및 주택시장 안정에 미치는 영향에 관한 연구 (A Study on the Effect of Real Estate Trust on Financial Market and Housing Market)

서지정보

· 발행기관 : 한국기업경영학회
· 수록지 정보 : 기업경영연구 / 19권 / 2호 / 213 ~ 235페이지
· 저자명 : 백재승, 윤동진, 양진용

초록

본 연구는 신탁업이 최근 금융시장 및 부동산시장의 침체에 대한 해결책의 하나로 활발하게 논의되고 있는 것을 배경으로 신탁업이 이들 시장의 안정과 발전에 기여할 수 있는 방안을 실제 부동산 개발사례와 실증연구를 통해 살펴보았다. 이를 위해 주택건설에 부동산신탁회사(토지신탁회사)가 사업주체로 개입한 사업과 개입하지 않은 사업 중 어떤 것이 안정적인 사업수행을 하였는지의 여부와 주식시장에 미친 영향을 살펴봄으로써 신탁업이 부동산시장 안정 및 금융시장 안정에 도움이 되는지를 실증분석 하였다. 2008년 글로벌 금융위기 이후 신탁업이 시공회사와 금융기관에게 안정적인 사업진행 방식으로 각광받고 있으나 실제 주택사업 및 이후 금융시장에 어느 정도 안정성에 기여하고 있는지 객관적으로 분석한 자료는 전무한실정이다. 연구결과 부동산신탁의 특성상 고유의 계정과 분리하여 진행하는 독립된 성격의 토지신탁은 기타 사업에 비해 사업의 안정적인 진행 및 준공에 대하여 긍정적인 결과를 가져왔다. 또한 신탁을 통한 부동산 사업이 금융시장 안정에도 일조를 한 것으로 나타났다. 본 연구는 부동산 PF 사업진행시 토지신탁 상품은사고율을 줄여줄 수 있으며, 사고 시에도 금융․건설․기타 관련 경제시장에 상대적으로 더 안정적임을 실증적인 분석을 통하여 입증하였다. 이와 같은 연구결과는 향후 부동산시장 및 금융시장 활성화를 위하여 시사점을 주고 있으며, 부동산신탁을 연구하는 학자․실무자들에게 좋은 자료로 이용될 수 있을 것이다

영어초록

In light of the recent interest in the trust business as a potential solution for the depressed real estate market, we examine how the trust business could contribute to stability and development of the real estate market by implementing real estate development case studies and empirical research. To do this we investigate housing construction projects to see whether construction projects in charge by real estate trust companies had better stability in the construction process, and empirically analyzed whether the trust business helped to stabilize the real estate market and relieved stress in the financial markets. The trust business has received attention from construction companies and financial companies since the 2008global financial crisis as a means to enhance the stability of a building project, but there is no objective analysis on how it contributes to the stability of the project. As shown in the research, the purpose of reviewing the real estate trust sector impact on the stability of the financial market and real estate market is that real estate market’s stability influences the output of a construction company and cash flow, and accordingly can have a significant relationship with the wealth of investors participating in the stock market. For this reason, the economical purpose that the real estate trust possesses from the both market was highlighted by investigating the price index of the related financial market when real estate business is not in progress as planned and common features of an accidental company where contractors went bankrupt, a stock value of the accidental company.
Moreover, the frequency of business approach of land trust in case of progressing real estate business due to requests from contractors and financial institutions is increasing gradually, and accordingly, the necessity of a stable business progress certification of land trust is rising. There has been a rapid improvement in a short time since real estate trust system is adopted in 1991 until 1997. Currently, trust companies are competing with stock firms and Asset management firms, which are financial investment firms by the same law, having the Trust Business Act, the Securities and Exchange Act and the Indirect Investment Asset Management Business Act merged into The Financial Investment Services and Capital Markets Act. However, although Asset Management Association, Stock Business Association, Futures Trading Association and Trust Business Association are integrated and attached to Financial Investment Association as the Capital Markets Act became effective, due to the fact that there is still no public obligation regarding real estate development, it is difficult to gain objective resources about housing development business.
Resources needed for the research are based on that Korea Housing Guarantee issued a certification regarding housing business for 4 years, from 2007 to 2010, and total 2,193 housing business is chosen as samples. Also, for the stock market data and contractor’s financial status, resource from Korea Enterprise Data is used. In comparison with the existing research addressing the stability by referring the real estate trust to a single independent factor, but also based on theory. This research shows that the influence of housing market's risk on financial market is usually significant, and that there is a correlation of a strike due to contractors’ kick-out problem and saving bank’s PF loan problem, which were big issues recently. Also, a need of consideration of cash flow of the implementor who works on housing business as one of the prevention to real estate accidents, is a remarkable result from the research. This suggests the fact that the use of land trust while progressing a housing business is better for stability improvement of comprehensive housing market and financial market. Also, recently increasing real estate trusts’ upward market share and increase in business consignment can be a realistic basis of it. It can be said that theoretical concept that when progressing a business with a trust, trust firms can take an inspector role that inspects for a stable construction and conducts construction costs through clear funds execution, is verified via positive analysis. As a result, we find that the real estate trust, given its independent characteristics as a separate account, brought positive results to stability of the building process compared to other businesses. We suggest that the land trust could reduce accident rates in real estate PF projects and may also add to the stability in financial, construction and other markets even in the case of an accident. The results of this research give implications for potential stimulation of property market and financial market in the future, and may also be used as a good source of information for scholars and researchers studying real estate trust.

참고자료

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