• The Korean Journal of Financial Management
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• v.10 no.2
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• pp.53-81
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• 1993

본고에서는 부동산 가격의 상승과 기업가치의 관제를 이론적으로 규명하고 그에 관한 실증분석의 결과를 제시한다. 우선 이론적인 분석에서는 거품가격의 형성에 의하여 야기되는 부동산 가격상승 기대는 기업의 미래 성장기회에 대한 가치손실을 야기하므로 부동산 가격상승 기대에 따른 기업가치의 변화는 기업의 보유 부동산 가치의 상승에 미치지 못할 것으로 분석하였다. 또한 이러한 성장기회의 가치 상실은 부채에 의한 자금조달이 높을수록 더욱 커질 것으로 분석되었다. 이에 대한 실증분석의 결과, 우선 87-91년의 연도별 횡단면 분석에서는 기업의 부동산 보유 비율이 주식수익률에 큰 영향을 미치지 않는 것으로 나타났다. 그러나 부채비율의 과다에 따라 표본을 분류하여 분석을 하였을 때에는 고부채 기업일수록 부동산 보유 변수에 대한 회귀제수가 전반적으로 낮게 나타나 부채사용이 높을수록 성장기회 가치상실이 클 것이라는 이론적인 가설을 지지하였다. 이러한 결과는 기업의 규모별 분석에서는 관찰되지 않았다. 따라서 주식수익률의 부동산 보유 효과는 규모별 효과에 비하여 부채비율별 효과가 좀 더 뚜렷한 효과로 간주되었다.

• 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.

• 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.

• The Journal of Information Technology
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• v.6 no.3
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• pp.53-64
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• 2003

The purpose of this study is to examine the valuation models and valuation factors for the valuation of real estates. In Korea, the weak market conditions prevented investors from the sound investing the real estates. To develop the real estate investment market, we need the information of sale prices, volume, vacancy rates, and regulatory policies to the various types, and areas of the real estates. In addition, we have to develop the indirect investing methods such as REITs.

• Land and Housing Review
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• v.14 no.4
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• pp.63-76
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• 2023

Investors should understand and actively consider factors like location, future value, policies, pricing, market trends, and their income, as these elements can shift with changing local, social, economic, and policy environments. This study seeks to clarify the impact of investment factors on the performance and reinvestment intentions of Sejong City investors by surveying those who have invested in real estate. This study employs a structural equation model with confirmatory factor analysis, focusing on four aspects: value, economic and policy, psychological, and financial. We find that the investment value factor has the largest impact on investment performance, indicating that investors prioritize the investment value of real estate in Sejong City. In addition, factors increasing asset value and expected satisfaction were significant, indicating that real estate investment in Sejong City yields high returns and investor satisfaction. with a positive outlook for future reinvestment.

• Korean Journal of Construction Engineering and Management
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• v.23 no.3
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• pp.74-82
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• 2022

With the introduction of proptech, this study aims to find out the changes and necessity of introducing blockchain technology, one of the most popular technologies, in real estate electronic transactions. In addition, it is intended to develop evaluation indicators that classify newly created values within real estate electronic transactions and calculate the relative importance of each value area through technology application. To this end, the value that can be created when applying blockchain technology to real estate electronic transactions was classified according to the hierarchy, and considering that the evaluation criteria are complex and the importance can be measured differently depending on various factors, an analysis was conducted according to the AHP method for experts in practical and academic fields. As a result of the analysis, general value showed the highest importance in the first dimension, and digitalization of real estate information showed the highest importance in the second dimension.

• 주택과사람들
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• s.198
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• pp.42-47
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• 2006

세계 최대 국제부동산박람회인 미핌(MIPIM)을 주관하는 프랑스의 Reed MIDEM이 아시아 최초로 홍콩에서 부동산 박람회 MIPIM Asia를 개최했다. 일찌감치 아시아 부동산 시장의 잠재 가치를 알고 있는 23개국 부동산 업체가 100여 개 프로젝트를 들고 홍콩으로 몰려들었다. 화려하게 막을 올린 홍콩의‘MIPIM 박람회’에 소개된 개발 프로젝트와 알찬 세미나 내용을 꼼꼼히 살펴본다.

• Knowledge Management Research
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• v.22 no.1
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• pp.105-120
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• 2021

Recently, there has been a dramatic change in real estate markets with the development of information technology. The word, Proptech, is defined as the real estate transaction innovation motivated by various types of information technology including artificial intelligence, sensing technology and big data. The objective of this study is to provide a value-creation framework for Proptech business based on the understanding of how and what types of values are created and shared, which gives organization to develop strategies and business models. And a new classification scheme of Proptech business is also suggested based on the recognition of created values along the development of Proptech business. Then, the proposed matrix is applied to derive the business value such as intangibility value, relational value and enhancement value with the case analysis on the each components of Proptech business.

• Korean Journal of Construction Engineering and Management
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• v.16 no.5
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• pp.114-122
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• 2015

Real estate development requires significant amount of capital investment. The project duration has been increased according to its enlarged size. For this reason, cost overrun and time delay are important risk factors that should be managed properly. As a method to hedge the risk, varoius real option methods have been presented. However, conventional project value assesment methods such as NPV(Net Present Value) have weakness to support decision making by reflecting dynamic situations in terms of variation of cost and time. Furthermore, the decision making process is serious of actions rather than discrete event. The purpose of this paper is to present a multiple real option valuation method to overcome the deterministic aspect of real option presented in previous research and practice. The method is developed as following: firstly, to select the model that can be applied in the real estate development project through a survey from previous literature on real options analysis; secondly, to apply data from office development case in order to verify the model by applying conventional real option and multiple real option valuation. According to analysis result, multiple real option provides enhanced values comparing to NPV and single real option.

• 주택과사람들
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• s.204
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• pp.74-77
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• 2007

올해 들어 부동산 시장이 분양가 상한제, DTI 제한 등 각종 부동산 규제로 인해 좀처럼 풀리지 않고 있다. 실질적인 거래량뿐 아니라 민간주택 공급조차 작년에 비해 1/3가량 급감한 실정이다. 4855대 1의 청약 경쟁률을 기록한 오피스텔의 사례를 통해 요즘 새로운 투자 대안으로 떠오른 오피스텔의 가치를 논해보자.