REITs의 소유구조가 기업가치에 미치는 영향에 대한 실증연구
An Empirical Study on the Ownership Structure of REITs and the Effect of Firm Value
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REITs는 소유구조 및 잉여현금의 흐름에서 일반기업과는 차별화된 경영형태를 보이고 있다. 최근 국내 REITs 관련법의 개정으로 소유구조에 대한 제약조건이 완화됨에 따라 기업가치의 극대화를 위한 효율적인 경영자 지분의 규모에 대한 관심이 확대되었으나 미국시장을 중심으로 한 선행연구들은 상반된 결과를 제시하고 있어 본 주제에 대한 보다 진지한 연구가 필요한 실정이다. 따라서 본 연구는 미국 REITs의 최신자료를 분석함으로써 과거대비 변화된 REITs의 소유구조가 경영효율성의 측면에서 기업가치에 어떠한 영향을 미치는지 고찰해 볼 수 있었다. 분석결과 경영자와 내부주주의 지분증가에 따른 이해일치설과 안주가설의 상반된 이론 중 현대의 REITs는 경영자의 안주가설에 의한 해석이 가장 적합하다는 결과를 얻었다. 아울러 본 연구는 첫째, 경영자의 안주가 발생하는 분기점을 추정하였고 둘째, 경영자의 안주가 어떠한 요인에 의하여 기업 가치에 부정적 영향을 미치는지 살펴보았다. 결론적으로 본 연구의 결과는 우리나라 REITs의 개정된 1인 지분소유한도가 기업가치 제고에는 부정적 영향을 미칠 수 있음을 보여주고 있다.
Abstract
>REITs shows the form of business management differentiated from the general firm in terms of the ownership structure and surplus cash flow. With the recent amendment of the domestic law related to REITs, the restriction for the ownership structure have eased and accordingly an interest in the efficient level of management ownership for the maximization of the firm value has expanded. But previous studies revolving around the US REITs market have presented the opposed results, so more sincere studies on this subject are needed. Therefore, this study attempted to investigate what effect the changed ownership structure would have on the firm value in terms of management efficiency compared to the past by analysing the recent data of REITs in the US. As a result, it was found that it was most appropriate to interpret the current REITs by management entrenchment hypothesis of both the convergence of interest hypothesis and the entrenchment hypothesis related to the increase of the shares of CEO and inside shareholder. In addition, this study first estimated the threshold where management entrenchment occurred. Second, it attempted to investigate what factor of management entrenchment had a negative effect on the firm value. In conclusion, it was found that the maximum limit of ownership ratio per a shareholder amended in relation to Korean REITs could have a negative effect on the increase of the firm value.
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