부동산투자회사(REITs)의 수익성에 관한 연구 : 우량주주, 신디케이트 구성 분석을 중심으로

초록

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.

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