오피스 자본환원율과 투자심리의 관계에 대한 연구

초록

From the viewpoint of behavioral finance, it can be judged that the domestic real estate market is equipped with conditions that can form mispricing. Therefore, this study seeks to examine the impact of investment sentiment on the office market, which has not been discussed before. The capitalization rate (Cap rate) is used as an indicator of the situation in the office real estate market and as an investment indicator for investor decision making. In addition, psychological decomposition method which divides psychological index announced by the Bank of Korea into rational psychological and irrational psychological psychology was performed. An OLS analysis using psychological and macroeconomic indicators defined rational psychological estimates of estimates from macroeconomic indicators, and residuals that macroeconomic indicators could not explain. Finally, in this study, we analyze VECM (Vector Error Correction Model) to analyze the dynamic relationship between Cap rate, rational psychological and irrational psychology. The results of this study showed that CSI and ESI had significant effects on cap rate and psychological effect of cap rate on all three indicators.

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