공공지원 민간임대 사업 민간주식 유동화의 효용성에 대한 연구

A Study on the Effectiveness of Private Stock Securitization in Public-Supported Private Rental Housing Development

The purpose of this study is to analyze the effectiveness of private equity liquidity in public-supported private rental housing development. For this study, a model of the new capital structure is developed to assess its effectiveness across various scenarios. The results of this study are as follows. First, it was found that the sale conversion price has a strong relationship with all the factors of private investors, such as the purchase price discount rate, the size of the dividend of class shares, the sale conversion price, and the return on private investors. Second, it proved that the major share transfer requirements, which can be a loss risk for private investors, have a direct impact on investment decisions, such as the sale price cap regulation, the right to purchase the tenant, and the credit rating standard of the transferee, which are at issue in the public-supported private rental housing policy. Third, three hypotheses for analyzing the effectiveness of the new private stock securitization structure set for the actual target site were proved as follows. 1) The discount rate of the purchase price has a positive (+) relationship with the return of private investors. 2) The dividend size of class stocks has a negative relationship with the return on common stocks. 3) The conversion price is positively related (+) to the return on class and common stocks.