earticle

영어

This study examined construction companies and analyzed the restrictions in securitizing the beneficiary right, the required conditions for securitization, and the effects of securitizing beneficiary right in real estate development trust on the construction companies. As a result, the reasons for the beneficiary right unable to be securitized are first, that there was no tradable market being formed (33.5%), second, that many people are ignorant about the plans to make the securitization of beneficiary right (31.8%), and third, that the beneficiary right cannot become the basic assets for securitization (20.5%). It is discovered that the required conditions to make the beneficiary right to become liquid is first, the formation of market to trade the beneficiary right (34.8%), second, the clear legal establishment of marketable security (25.0%), and third, the installation of the credit enhancing devices (19.7%). In addition, as for the effects of the securitization of the beneficiary right on the construction companies, the study showed that there were positive effects such as more opportunities to participate in construction, the lowering of the construction unit cost, the increase in the securitization, and the reduction of the debt burden. Therefore, it is expected that the securitization of beneficiary right in real estate development trust will sufficiently carry out its function as a new way to supply capital in order to solve the securitization problems currently suffered by the construction market as well as construction companies.