부동산개발신탁수익권의 유동화 방안 - 부동산신탁회사의 인식조사를 중심으로

A Study of Securitization of Beneficiary Right in Real Estate Development Trust -Focused on Survey of Understanding of Real Estate Trust Companies-

&nbsp;&nbsp;1. CONTENTS<BR>&nbsp;&nbsp;(1) RESEARCH OBJECTIVES<BR>Through the survey of the perception of the employees working in real estate trust companies about the securitization of the beneficiary certificates for real estate development trust, this study aims to identify the causes that prevent the beneficiary certificates for real estate development trust from being securitized, the necessary steps needed for securitization, and the influences of the securitization on the real estate trust companies.<BR>&nbsp;&nbsp;(2) RESEARCH METHOD<BR>&nbsp;&nbsp;This study was carried out by survey and statistical methods. The survey was conducted on the workers currently taking charge of the real estate development trust (including the real estate development trust for management) and on the workers who had experiences in the development trust department but currently managing tasks other than real estate development projects in nine different real estate trust companies in Korea. Total 370 people were surveyed from May 22nd, 2008 to June 10th, 2008. Total 290 surveys were distributed and then 209 surveys were collected. The sampling error at the 95% significance level is ±4.48.<BR>&nbsp;&nbsp;(3) RESEARCH FINDINGS<BR>&nbsp;&nbsp;The study showed that the reasons why the beneficiary certificates for real estate development trust are not securitized are the followings: first, there is no market formed for circulating the certificates (34.4%), second, there is consideration that they cannot be a fundamental asset for securitization (30.3%), third, they are not regarded as valuable securities (19.5%).<BR>&nbsp;&nbsp;The necessary steps to securitize the beneficiary certificates for real estate development trust have been discovered : first, the credit enhancement to protect the investors (35.2%), second, the formation of market in which the certificates can be circulated (28.0%), and third, the legal establishment that the certificates are indeed valuable securities (28.0%).<BR>&nbsp;&nbsp;2. RESULTS<BR>&nbsp;&nbsp;When the beneficiary certificates for real estate development trust are securitized, their effect on the real estate development trust companies were shown to "increase the number of trust operations and sales volume by the real estate development trust method" through demonstrative analysis.