不動産信託會社의 不實債權 處理에 관한 硏究

Abstract

In 1991 Real Estate Trust Business was introduced in order to settle down the sudden rise of the real estate price in late 1980s and support efficient land use. So Real Estate Trust Business took an import role in real estate market and had grown very rapidly until Korea asked IMF(Internationa1 Monetary Fund) Aid in 1997. The Real Estate Trust Companies began to suffer from serious financial difficulties due to the economic recession since december 1997. It was began with the economic aid of IMF, and their financial difficulties have made some superior businesses to be operated insolvently, accelerated by real estate slump. The difficulties have come from the market-environmental problems by IMF management system and structural ones by current Real Estate development trusts. It made a couple of the real estate trust company go bankrupt and restructured under the government coverage. Although the situation of Real Estate Trust Business is unstable nowadays, the main purpose of Real Estate Trust System can be accomplished when it comes to own and guarantee its specialty and independency. But until now it's hard to find a outstanding change or accomplishment in this business because the Assisting and Restructuring Plan on Real Estate Trust Business has focused on the individual company like a work-out plan. This study suggest to the disposal of insolvent obligation in Real Estate Trust Companies and focusing on undertaking of an actual works of the Real Estate Trust Companies. As the existing papers have researched into the exterior factors like social and institutional problems, this study focuses on the more interior factors derived from a financial supply system and a Real Estate Trust company itself. The Real Estate Trust Companies have its own problems, and first we will analysis exterior problems about the Real Estate Trust Business. There can be four factors for the reasons they are going through these difficulties. First, Real Estate Trust company have expanded their businesses excessively and relied too much on the loans. They are vulnerable from financial strains when market situation goes wrong. Having a small range of funds on hand compared to their business range, and having huge reliance on the loans. Second, they have difficulties of financing. Having lacked of skills for fund raising specifically by the direct financing, trusts companies depend upon very much on the indirect financing : the real estate trust companies, which lack of their own funds, have no other choices but depending on the loans. Third, Real Estate Trust company do not have the proper reimbursement structure with banks, Having the financial risks and inflexibility caused by disharmony between the expiration of fundraising and its operation, trust companies have exposed themselves to the consistent financial shortage and high expenses : it takes 2-3 years for trust companies to operate and make use of the fund in general. However, it is the principle that loans expire 1 year. Fourth, Real Estate Trust companies have some financial risks from borrowed base institution. One insolvent enterprise can affect others because the loaning is organised not by each project but by Real Estate Trust companies. Fifth, there was a scanty of real estate business laws and systems. The Real Estate Trust Business is very specific business and, it was needed to support the real estate business. But, the support of laws and systems were very insufficient. The Real Estate Trust Companies have its own problems, and we will analysis interior problems to improve the Real Estate Trust Business. First, the short term financial supply system has brought the crisis of the Real Estate Trust Business. So the mismatch of the cash flow has brought a liquidity and interest rate risk to those companies and those risky factors were realized as a great loss after IMF financial crisis. Second, the Real Estate Trust companies themselves have brought the crisis. Most companies are owned by public enterprises those were found by government subsidies. It made the companies be lack of professional personnel and managed inefficiently . Furthermore the companies tired to expand business volume comparing their financial ability and the high credit of the Real Estate Trust company that was given by publicity made it possible. As a result the Real Estate Trust company has whole obligation for the all projects, so the risk of each projects can not be separated one by one. Third, the incomplete independency of trusted asset has effected stable management of Real Estate Trust Business. However the trusted real estate asset can have its own independency, financial assets aren't guaranteed independency by law. It made the projects interrupted when they come to meet legal conflicts. As a result of this study, the activation plan has complement for the problems above. The results are as followed. First, Using and Creating various financial supply system can help stable management of the Real Estate Trust companies. As for it project financing, ABS, REITs can be considered as a more improved financial supply system. Project financing can help the company to contact the money market directly in order to use long term debt with low cost. Second, Restructuring Real Estate Trust Business is the basic remedy for a inefficient financial system and management. In details one of the restructuring method is to increase company's capital by way of private side. it can change the corporate governing structure and make the Real Estate Trust companies as a private one. this can help company's management system more competent. Another is to let the financial holding company have the Real Estate Trust companies. It creates synergy effect of finance and real estate business. Besides giving juridical person to trusteed financial account and opening Real Estate Trust Business Market are required. Third, establishing SPC is a one way to protect trusteed assets and have financial service easily. It suggests that the Real Estate Trust companies should put the financial assets on the SPC for the project. Then SPC can protect the trusteed assets completely and project financing can be applied easily. Forth, the change of Real Estate Trust company itself are required. Lots of innovations and reforms like training professional personnel, creating new business plan, apparent management, and professional risk management of each project should be accomplished and executed continuously. Additionally, the real estate companies have to scout a professional mangers, research about an efficient financing program, utilize out-sourcing system for cutting down cost and improving management effects, develop a new trust article, construct a collaborated system with related industries and advertize affirmatively to the government and the nation about the land trust institution. So the real estate companies have to normalize management system of the real estate trust companies and realize the fundamental purpose of introduction of a land trust system by activating a land trust business. In the future, the real estate trust companies try to prevent to make insolvent obligation. The real estate trust companies must analysys accurately in new business, to real estate development trust management successfully.