부동산펀드 투자자의 투자성향 - 사회경제적 특성 차이를 중심으로 -

Abstract

The Real estate-fund was introduced in Korea after 'Indirect Investment Asset Management Business Act, 2003' was established. Unlike similar products previously introduced, the real estate -fund carried high expectation to be a good product as it not only offers tax benefits but also is easy to issue. On the contrary to early expectations, however, the sales of real estate-fund products were quite lower than expected, which led the government to develop systematic and legal support system including establishing 'The Financial Investment Services and Capital Markets Act, 2009' in order to vitalize the real estate-funds. Despite these efforts, real estate-fund represented mere 7.25% of all fund products as of the end of December, 2013 with a total establishment amount of \24 trillion 293.7 billion Won. The reasons for the slow sales of real estate -fund include a failure to offer the products accommodating the propensity of investors while its earnings rate was not sufficient enough for those who purchased the products. Consequently, the real estate-fund may reestablish itself as good investment funds if means to objectively categorize and evaluate the propensity of investors are developed to respond to the investors. Thus, this study is designed to analyze socio-economic characteristic differences based on the agreements between cognitive and behavioral investment propensity of real estate-fund investors. As this study is to contribute to policy formation by policy-makers as well as expanding the base of investors, the timeliness of this study is also believed to be appropriate at this point in time.