연기금 대체투자 수단으로서 선박금융의 활용방안에 대한 연구

Ship Finance as an Alternative Investment Asset for Pension Funds

As the scale of pension funds rapidly increases, active discussions on alternative investment have emerged. This study analyzes the necessity of investment expansion of ship finance in alternative investment portfolios, through comparing risk-return relationships among traditional assets(e.g., stocks and bonds), ship investment companies(SIC), and real estate investment trusts(REITs). Moreover, we consider how to expand ship finance investment for pension funds with the cooperation of public ship finance companies. The results demonstrate that SIC record better risk-return characteristics compared to the KOSPI and real estate investment trusts(REITs). Therefore, it is necessary for pension funds to increase the proportion of ship finance as an alternative investment asset. This study contributes to the literature in terms of suggesting to pension funds to discover new alternative investment vehicles by considering diversification effects and improving returns. Lastly, the study provides implications for satisfying the needs of pension funds and those of the shipping industry simultaneously