• Korea Real Estate Review
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• v.27 no.3
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• pp.23-40
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• 2017

This study examined the motive and incentive for the disposal and purchase of corporate real estate assets based on the various firm characteristics. It was empirically found that firms with a higher leverage ratio, lower cash holdings, and lower sales growth are more likely to dispose of their real estate assets. This implies that financial constraints, internal reserves, and growth opportunities are important factors affecting the corporate decisions regarding the disposal of real estate assets. Meanwhile, it was found that firms with a lower leverage ratio have a higher probability of purchasing real estate assets, suggesting that a stable financial structure enables firms to acquire more of such assets. Using the transaction amount of corporate real estate assets, consistent results were found. While varied opinions on the utilization of corporate real estate assets have been raised, this study broadened the understanding of such by performing rigorous analyses. The result of this study would have practical implications in terms of the introduction of regulations or the establishment of business strategies related to corporate real estate assets.

• Journal of Digital Convergence
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• v.16 no.9
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• pp.125-132
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• 2018

Despite the fact that corporate real estate ratio accounts for a considerable proportion of the assets, such researches and studies are lacking and there is not enough such policies to utilize real estate more effectively in Korea. In particular, after IFRS adoption, the owner and manager needs to utilize corporate real estate assets as the assets are revalued. In this study, we analyzed the relationship between corporate governance, corporate real estate holding policies and firm value based on financial data from 2010 to 2016. As a result of regression analysis, this study showed that more Dictatorship Portfolio, the higher proportion of corporate real estate holdings. Next, the higher proportion of corporate real estate holdings, the lower the firm value. This study suggests that corporate real estate is recognized an important factor and should have proper holding ratio. I will continue my research to show that the corporate holding policies are an important asset impact by verifying the mediating effect between corporate governance and firm value in the future.

• 주택과사람들
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• s.224
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• pp.78-79
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• 2008

기업체 파산의 증가로 상가, 오피스, 호텔 등 상업용 부동산의 가치가 떨어지고 있다. 반면 현금 자산의 여유가 있는 투자자들은 은행에 압류당하는 상업용 부동산을 매입해 향후 자산 가치의 상승을 엿볼 수 있는 좋은 기회가 될 것으로 보인다.

• The Journal of the Korea Contents Association
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• v.21 no.2
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• pp.548-561
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• 2021

Manufacturing is a pillar industry for national economic growth. Analyzing the internal problems of manufacturing enterprises can solve the difficulties faced by manufacturing enterprises and improve the overall performance of manufacturing enterprises.This study selected 1,546 listed manufacturing companies in Shenzhen and Shanghai stock markets from 2009 to 2015, and empirically analyzed the relationship between fixed assets and corporate performance by using the fixed effect model and the two-way fixed effect model.The study finds 1) the scale of fixed assets has a negative effect on corporate performance. 2) the quality of fixed assets has a weak positive relationship with fixed assets. 3) the growth rate of fixed assets impacts corporate performance positively.

• Journal of the Economic Geographical Society of Korea
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• v.6 no.1
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• pp.211-231
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• 2003

In this study, first, current state and future prospects of indirect real estate investment systems after foreign exchange crisis are analyzed, and second, policy alternatives for activating indirect real estate investment markets are examined. After foreign exchange crisis, various indirect real estate investment systems, such as REITs, ABS and CRC, were introduced. Present market size of indirect real estate investment is not larger than expected. The reasons are the problems of incomplete system on the one hand, and real estate market conditions on the other hand. But long term prospects of indirect real estate investment markets may not be pessimistic. Considering the positive effects of indirect real estate investment systems to the real estate and financial markets, policy supports for activating indirect real estate investment market may be needed. The representative alternatives are reconciliation and integration of indirect real estate investment systems, upgrading the infrastructure of real estate industry, and activating the networks between indirect real estate investment markets and related markets such as financial makets, capital markets, restructuring markets.

• Korean Journal of Construction Engineering and Management
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• v.11 no.6
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• pp.54-64
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• 2010

A firm decides to go to the project based on its investment analysis. However, the cash flows generated from the real project can not be always coincident with what expected as it follows uncertain behavior and the asymmetric payoff caused by the managerial flexibilities involved in the real asset affects the project value. Amongst various managerial flexibilities entailed in most of the real assets, although investment delay has been known to enhance the project value thanks to its ability to provide new market information to management, the related research to select the time to invest have been just few. Therefore, this research aims to show the theoretical framework to decide when to invest reflecting the behaviors of increasing project value and loss recovery cost due to investment delay with option pricing, related financial economic, and variational theories.

• The Journal of the Korea Contents Association
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• v.9 no.7
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• pp.304-314
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• 2009

A valuation of the most hotels in Korea have been decided by their asset value and influenced by real estate market. On the other hand, most hotels aim to maximize their through generating profit as other enterprise do it. Therefore a valuation of the hotel industry should be decided from calculating in their profit value. This study is tried to find out the relationships of the company value by free cash flow model between accounting index in hotel industry. The results are as follows. First, there is a 25% gap between high level and low level in hotel industry. Second, in the first rate hotels it is meaningful 99% between asset size and liability rate. Third, there is 99% meaningful relationship asset size of the first level and second level hotels and company values.

• Journal of the Economic Geographical Society of Korea
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• v.2 no.1_2
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• pp.63-81
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• 1999

The aims of this study are to analyze the current states and problems of development finance in the regional development projects, and to examine new sources and techniques of development finance for activating regional development projects. Analyzing the current states of development finance in regional development project, the problems such as the poorness of development function, the low accessibility to formal financial market, especially capital market, and the dominant use of corporate financing can be seen. In these context, four alternatives are proposed in order to activate development finance. First alternative is to use the funds which invest the equity of real estate, such as REITs. The second is to activate project financing. The third is to use asset backed securities. The forth is using mezzanine capitals as the means of protecting investors.

• Journal of the Economic Geographical Society of Korea
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• v.22 no.1
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• pp.36-51
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• 2019

The purpose of this study is to elucidate the implications for the effective use of rental housing REITs in Korea by analyzing the characteristics of rental housing REITs in Japan, focusing on the operation and asset management of rental housing REITs. The main results of the study are as follows. In the case of Japan, rental housing REITs are invested and operated by profit-based private companies, and are activated with small rental housing in the city center as a niche market. In particular, it has secured the reliability, expertise and permanence of REITs by utilizing the sponsored REITs structure. This is possible because Japan has infrastructure for the supply and operation of corporate rental housing. Based on these analyses, ways to revitalize private investment, and ways to utilize sponsored REITs to enhance REITs' credibility were derived. for the effective use of domestic rental housing REITs.

• Journal of Labour Economics
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• v.26 no.3
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• pp.149-179
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• 2003

This study is analysing the factors determining individuals' behavior of selecting self-employment not only at the micro-level but also at the macro-level to put a particular emphasis on the financial constraint and unemployment rate representing business cycle. The data used in this study are "Korean Labor and Income Panal Study" of the Korea Labor Institute and "Economically Active Population Survey" of National Statistical Office. The main findings are as follows. First, human capital such as educational attainment and job experience has positive effects on male's selection of self-employment. The effects of job experience, however, changed negative for female's selection of self-employment. Second, real estate is significantly enhancing the selection probabilities of employer selection while the income from financial assets has negative effects. Third, entrepreneurial culture and environment are also raising the self-employment selection probability. Lastly, the regional unemployment rate representing the business cycle has positive effects on the self-employment selection after the financial crisis in 1997 both at the micro and macro level. Moreover, the coefficient of regional unemployment rate has changed positive in the structural model of self-employment selection controlling for selection bias and income opportunities, which means that individual's behavior of self-employment selection is rather complex when accounting for the uncertainties of income opportunities and diverse characteristics of self-employment workforce.