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논문검색

부동산투자 벤치마크의 적정수익률 설정과 성과평가 연구

원문정보

A Study on the Optimal Return Rate Settings of Real Estate Investment Benchmark and Performance Evaluation

강상선, 전재범

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초록

영어

What is the basis for appraisal of asset management performance? The performance of the investors‘ asset management tends to be evaluated by reviewing whether or not the investing organization's performance for its investment has been more or less reached on purpose-benchmark. Therefore, it is important that the level of purpose-benchmarks should be reasonably determined. In light of this notion, the purpose of this paper is 1) to reasonably determine levels of purpose-benchmark and 2) to show the efficiency of each sub-real estate market by looking at theoretical equilibrium in office building and retail real estate markets in Korea based on the Security Market Line(SML) and Security Characteristics Line(SCL) in Capital Asset Pricing Model(CAPM). And, the results drawn from this paper is that 1) it is proven that purpose-benchmarks driven from SML for office building and retail real estate markets seem useful to show appropriate expected rates of returns for real estate investments in Korea, and 2) markets' efficiencies for office building and retail real estate can be different depending on time and regional characteristics, which implies that investors need carefully elaborate those factors when investing.

목차

Abstract
 1. 서론
  1.2. 연구 범위
 2. 이론적 고찰 및 선행연구 검토
  2.1. 이론적 이해
  2.2. 선행연구 및 연구 차별성
 3. 분석모형 및 자료
  3.1. 연구모델과 분석방법
  3.2. 검증방법 및 분석자료
 4. 분석 결과
  4.1. 증권시장선(SML) 도출
  4.2. 증권특성선(SCL) 도출
 5. 결론 및 시사점
 주
 참고문헌

저자정보

  • 강상선 Kang, Sang Sun. 강원대학교 일반대학원 부동산학과 박사수료, 현)한국지방재정공제회 부장
  • 전재범 Jun, Jae Bum. 강원대학교 일반대학원 부동산학과 조교수

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