| 요약2 |
The main purpose of this study is to verify the feasibility and usefulness of capital supply plans for real estate development trust with the beneficiary right certificate of real estate development trust. In order to do this, I collected the information on 226 different real estate development trust projects from 2000 to the third quarter of 2007, from 5 real estate trust companies out of 6 real estate trust companies in South Korea, and analyzed the comparison between the practical use and the trend of issue of beneficiary right certificate of real estate development trust and the amount of orders received, the construction expenses, the trend of issue of asset backed securitization. In the study, I found out that a practical use of the beneficiary right certificate of real estate development trust was minimum and the purpose of the certificate was mainly to hold or establish the right of pledge though the size of the issuance of the beneficiary right certificate of real estate development trust grows gradually. In addition, I discovered that the beneficiary right certificate of real estate development trust has the following feasibilities despite of the unpractical use of the beneficiary right certificate of real estate development trust for direct capital supply plans. First, the beneficiary right certificate of real estate development trust has been used for collateral for credit on construction expenses, collateral for join liability on guarantee, collateral for loan credit to financial institutions and construction companies. Second, the beneficiary right certificate of real estate development trust can get capital supply which covers around 8% ~ 9% of domestic private construction projects if the certificate of real estate development trust can be used for capital supply. Third, more real estate projects are qualified for investment to increase credit if the beneficiary right certificate of real estate development trust is used to get capital supply plans after the securitization of the certificate as the credit rate of construction companies, which join real estate development projects after the year, 2005, has been improved to BBB(-), A3 or above.Fourth, the capital supply with the securitization of the beneficiary right certificate of real estate development trust is feasible after case studies of the securitization of credit loan, corporate sale bond, and stocks and bonds. |