부동산투자회사제도(REITs)와 가치평가 합리화에 관한 연구-상업용 부동산 투자지표를 중심으로-

The Study of REITs(Real Estate Investment and Trust Securities) and Rationalization of Valuation-With Commercial Real Estate Investment Index-

1. CONTENTS (1) RESEARCH OBECTIVES Considering the characteristic of REITs that invest to commercial real estate, it needs to improve the index reflected the accurate value of commercial real estate. In this study, hence, it will be discussed about proper valuation of commercial real estate in order to evaluate the REIT sexactly and possibility of applications of index. (2) RESEARCH METHOD Literature Review & Hedonic Function (3) RESEARCH RESULTS Contrary to the expectations of REITs, there are some negative stuff against developing real estate market. Because of the lack of earning rate index, it is getting late to extend the market. 2. RESULTS Considering the fact that those variables affect te value of REITs assets. It is possible to evaluate the REITs with Hedonic Pricing Model by finding out the variables, which effect on the valuation. It could be possible to make. Through the result of Hedonic Pricing Model, it could be possible to make rent index and rate of return index of commercial real estate. 3. KEY WORDS REITs, Commercial Real Estate, Hedonic Pricing Model, Investment Index