부동산신탁업이 금융시장 및 주택시장 안정에 미치는 영향에 관한 연구

Abstract

In light of the recent interest in the trust business as a potential solution for the depressed real estate market, we examine how the trust business could contribute to stability and development of the real estate market by implementing real estate development case studies and empirical research. To do this we investigate housing construction projects to see whether construction projects in charge by real estate trust companies had better stability in the construction process, and empirically analyzed whether the trust business helped to stabilize the real estate market and relieved stress in the financial markets. The trust business has received attention from construction companies and financial companies since the 2008global financial crisis as a means to enhance the stability of a building project, but there is no objective analysis on how it contributes to the stability of the project. As shown in the research, the purpose of reviewing the real estate trust sector impact on the stability of the financial market and real estate market is that real estate market’s stability influences the output of a construction company and cash flow, and accordingly can have a significant relationship with the wealth of investors participating in the stock market. For this reason, the economical purpose that the real estate trust possesses from the both market was highlighted by investigating the price index of the related financial market when real estate business is not in progress as planned and common features of an accidental company where contractors went bankrupt, a stock value of the accidental company. Moreover, the frequency of business approach of land trust in case of progressing real estate business due to requests from contractors and financial institutions is increasing gradually, and accordingly, the necessity of a stable business progress certification of land trust is rising. There has been a rapid improvement in a short time since real estate trust system is adopted in 1991 until 1997. Currently, trust companies are competing with stock firms and Asset management firms, which are financial investment firms by the same law, having the Trust Business Act, the Securities and Exchange Act and the Indirect Investment Asset Management Business Act merged into The Financial Investment Services and Capital Markets Act. However, although Asset Management Association, Stock Business Association, Futures Trading Association and Trust Business Association are integrated and attached to Financial Investment Association as the Capital Markets Act became effective, due to the fact that there is still no public obligation regarding real estate development, it is difficult to gain objective resources about housing development business. Resources needed for the research are based on that Korea Housing Guarantee issued a certification regarding housing business for 4 years, from 2007 to 2010, and total 2,193 housing business is chosen as samples. Also, for the stock market data and contractor’s financial status, resource from Korea Enterprise Data is used. In comparison with the existing research addressing the stability by referring the real estate trust to a single independent factor, but also based on theory. This research shows that the influence of housing market's risk on financial market is usually significant, and that there is a correlation of a strike due to contractors’ kick-out problem and saving bank’s PF loan problem, which were big issues recently. Also, a need of consideration of cash flow of the implementor who works on housing business as one of the prevention to real estate accidents, is a remarkable result from the research. This suggests the fact that the use of land trust while progressing a housing business is better for stability improvement of comprehensive housing market and financial market. Also, recently increasing real estate trusts’ upward market share and increase in business consignment can be a realistic basis of it. It can be said that theoretical concept that when progressing a business with a trust, trust firms can take an inspector role that inspects for a stable construction and conducts construction costs through clear funds execution, is verified via positive analysis. As a result, we find that the real estate trust, given its independent characteristics as a separate account, brought positive results to stability of the building process compared to other businesses. We suggest that the land trust could reduce accident rates in real estate PF projects and may also add to the stability in financial, construction and other markets even in the case of an accident. The results of this research give implications for potential stimulation of property market and financial market in the future, and may also be used as a good source of information for scholars and researchers studying real estate trust.