부동산투자회사의 상품 유형별 동시투자 결정요인 연구

A Study on the Determinants of Simultaneous Investment by Type of Products based on the REITs

After enactment of ｢Real Estate Investment Company Act｣ in 2001, this research investigated the REITs data using financial statements focused on C.R REITs and managed REITs from 2002 to 2015, excepted selfmanaged REITs of the insufficient sample size. It divided product types that were office and nonoffice, considering characteristics of investment product in REITs market based on review of theory and reference about REITs. It empirically analyzed determinants of simultaneous investment by products focused on significant variables of internal and financial characteristics of REITs, through reference review. Therefore, the determinants of simultaneous investment of nonoffice have more valuable financial sector in the largest shareholder and over 100 billion won in total asset, have higher total debt ratio and surplus of return on equity, the investors are more likely to select simultaneous investment. The determinants of simultaneous investment of office have higher managed REITs, more valuable over 100 billion won in total asset, have higher total debt ratio and dividend rate, the investors is more likely to select simultaneous investment.