리츠의 자본구조에 영향을 미치는 요인에 관한 실증연구

An Empirical Study on the Determinants of the Capital Structure for REITs

1.CONTENTS (1) RESEARCH OBJECTIVES Capital structure determinants have been debated for many years and still represent one of the main unsolved issues in corporate finanace. Unlike public firms in other sectors, REITs have unique regulatory environment such as lack of internal free cash flow, tax exempt status and focusing underlying asset in real estate. Goal in this paper is to find out main determinants of capital structure for REITs. (2) RESEARCH METHOD This empirical analysis is based on data from SNL financial Data Source. Dataset comprises 98 equity REITs during 2001-2005. This empirical analysis is carried out in order to find out determinants of capital structure by selecting financial variables such as ratio related with leverage. Results of this empirical work is carried out by using Multiple Regression Analysis. (3) RESEARCH FINDINGS In the results of this empirical analysis, REITs follow pecking order theory of financing. 2. RESULTS The results of this study, more growing firms have higher leverage ratios, more profitable firms have less levered and more large size of firms have less levered. And also underlying asset types of REITs affect leverage ratios since liquidating value of real estate sectors.