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A Study on the Profitability of REITs : Focused on the Superior Shareholders and Syndicate Composition Analysis
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부동산투자회사(REITs)의 수익성에 관한 연구 : 우량주주, 신디케이트 구성 분석을 중심으로

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Type
Academic journal
Author
Lee Kyoungwoo (한양대학교) Park Byeongtae (한양대학교) Changha Jin (한양대학교)
Journal
Korea Real Estate Analysts Association(Kreaa) 부동산학연구 부동산학연구 제26권 제3호 KCI Accredited Journals
Published
2020.1
Pages
19 - 44 (26page)

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A Study on the Profitability of REITs : Focused on the Superior Shareholders and Syndicate Composition Analysis
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Abstract· Keywords

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This study examines the relationship between profitability of REITs and investors’ characteristics in both equity and debt investors. We classify the characteristics of both equity and debt investors such as soundness of major shareholder of REITs and number of debt investors as syndicate loans embedded into REITs. We obtain the accounting information from the REITs annual report from 1st Q of 2010 to 4th Q of 2017 and adopt POLS(Pooled Ordinary Least Square), Bootstrap method, and Probit model to identify the effect of investor’s characteristics on the profitability of REITs. We extend our model into Bootstrap method which iteratively resample a dataset with replacement to improve our model accuracy. We find that there is positive relation between profitability of REITs and credit rating of equity investor in which highly rated equity investor shows a better profitability. Also, there is less likely to form a syndincate loan when the REITs has a highly rated equity investor as a major shareholder. We also find that there is a high chance to form a syndicate loan for Office and Hotel REITs compared to other types of REITs. This results indicate that highly ranked investor does have an ability to access better information on property investment and this results in better investment performance. Furthermore, fewer profitability REITs mostly consist of syndicate loans to diversify the potential risk embedded in REITs.
#리츠 #우량주주 #신디케이트론 #부동산투자 #수익성

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References (31)

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김관영 / 2007 / 부동산투자회사의 수익-위험 특성에 관한 연구 / 부동산학연구 13(2):5~20 dbpia 김상석 / 2017 / 리츠투자 수익률 분석을 통한 제도개선방안 연구 / 한국지역개발학회지 29(4):111~134 dbpia 김상진 / 2016 / K-REITs(부동산투자회사)의 투자 유형별 특성 분석 / 한국산학기술학회논문지 17(11):66~79 dbpia 김윤환 / 2017 / 청·장년층에 대한 군복무의 임금효과 / 응용경제 19(4):131~167 dbpia 김준형 / 2018 / 리츠 참여자의 중복적 지위가 자본구조에 미치는 영향 / 감정평가학논집 17(2):127~152 dbpia

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