부동산PF를 위한 자산유동화증권(ABS) 투자자 특성분석

Analysis of Investor Characteristics of Asset Securities (ABS) for Real Estate PF

When problems arose with traditional financing vehicles, a new financing product named asset securitization was introduced. In order to ensure sustainable financing through asset securitization, it is necessary to understand the characteristics of investors in asset-backed securities market and design asset-backed securities that meet their needs and protect its investors. To this end, this study investigated and empirically analyzed the characteristics of investors through a expert group interview method targeting professionals working in investment institutions such as banks and savings banks, in addition to asset managers and securities companies with experience in designing or selling asset-backed securities. According to the empirical analysis results, it was found that institutional investors > individual investors > companies based on commercial law in this order put emphasis on recovering original investment We conjecture that due to the fiduciary obligation of the institutional investors such as pension funds and financial companies, they should manage the assets of their customers in a fiduciary manner. Through empirical analysis, the study identified the need for asset-backed securities designs that meet the needs of investors who prefer different conditions and protect investors.