부동산투자회사법에 의한 REITs의 기간별 최적 수익률 결정모형에 관한 연구 - 기업구조조정부동산투자회사를 중심으로 -

A Study on the Periodic Optimal Investment Returns Decision Model for the REITs in the Act of Real Estate Investment Trusts - Focused on the REITs for Corporate Restructuring Purposes -

The purpose of this study is to analyze the adequacy of estimated returns on investment presented by five Real Estate Investment Trusts (REITs), which have emerged based on the Act of Real Estate Investment Trusts since 2002, by identifying their total investment amounts and total financing amounts, respectively. After examining the adequacy of estimated returns, the study provides the methods that they can provide their periodic optimal dividend yield rates at the time of REITs' establishment and offer the highest average dividend yield rates within their operating periods, with the intention to harmonize the interests between investors and management fund managers. This study employs both empirical and positive methodologies, and the size of the entire indirect real estate market that is to be built in the future is calculated through the analysis of the size and characteristics of each product issued in the past. In addition, the results of public offerings by REITs issuance and financing volume are analyzed. Particularly, this study builds and analyzes a scenario for the establishment of an optimal REITs, by combining the different factors that affect REITs' periodic dividend yield and average dividend yield during their operating period.