生命保險會社의 不動産信託業 參與方案

Abstract

1997년 현재 不動産信託會社는 대한부동산신탁회사등 4개 신탁회사가 부동산신탁시장에 참여하고 있다. 1996년도 신탁회사의 부동산신탁 총매출액은 1조 9,410억원으로 전년대비 44%의 고속성장을 하고 있다. 그러나 부동산신탁산업은 초기단계에 있으며 1996년 建設工事 受注額 58조 6천억 원에 비하여 신탁매출액은 3.3%에 불과하다. 이러한 성장 초기단계에 있는 부동산신탁시장을 活性化시키기 위해서는 무엇보다도 경영주체인 不動産信託會社의 확대가 필요하다. 더욱이 WTO 체제와 OECD가입에 따른 부동산서비스산업의 對外開放에 따른 外國綜合 不動産會社의 국내진출에 대비하여 國內不動産市場을 保護하고 부동산을 효율적으로 개발·관리·처분할 수 있도록 하여 토지의 最有效使用을 도모하고, 不動産價格의 안정과 국민경제발전에 기여할 수 있도록 부동산신탁회사의 확대가 요구된다. 부동산신탁업에 대한 市場開放은 기존신탁 4社 이외에 경쟁력있는 市中銀行 및 社會保障機能을 수행하는 生命保險會社에 단계적으로 확대개방하고, 장기적으로는 綜合不動産會社 등 민간기업도 신탁시장에 참여할 수 있도록 自由競爭體制의 信託市場 助成이 필요하다. 生命保險會社가 부동산신탁시장에 참여해야 하는 必要性과 妥當性으로는 첫째, 부동산신탁사업에 필요한 事業資金 조달을 위하여 80조이상의 생보자금 중 一部를 이용할 수 있으며 둘째, 30년 이상의 不動産經營노하우를 보유하고 있고 셋째, 해외시장개방에 대비하여 우선 국내시장부터 개방하여 信託市場의 定着과 對外競爭力을 强化시킬 필요성이 있다. 마지막으로 보험산업의 사회보장 기능 분담에 따른 어느정도의 公信力을 갖고 있다는 점과 생보사의 비업무용 부동산 및 고유업무수행에 따른 채권실행 유입부동산에 대한 개발, 일반적인 토지신탁사업, SOC사업, 임대주택사업, 재개발사업, 실버산업 분야의 신탁사업 참여가 현실적으로 필요하기 때문이다. 아울러 生保社의 資産運用 側面에서 살펴보면 1980년 공금리 19.5%일 때 22.6%의 자산운용수익율 최고치를 기록한 이래 1995년 공금리가 7.5~10%로 계속적으로 하락함에 따라 자산운용수익 을도 11.6%로 감소하였고, 향후 公金利 下落에 따라 資産運用收益率도 계속 감소할 것으로 우려된다. 이러한 공금리의 하락은 생보산업의 자산운용에 악영향을 끼쳐 도산의 리스크에 직면할 수도 있다. 이처럼 金利自由化에 의한 保險資産의 收益率低下를 막고 수익의 역마진을 극복하기 위해서 현재의 보험산업의 資産運用構造의 과감한 혁신과 새로운 收益創出의 投資對象을 모색하여 자산운용의 투자리스크를 분산하여야 할 것이다. 이러한 이유로 생보사가 부동산신탁업에 참여할 경우 금리자유화에 따른 보험자산운용 수익율을 改善하여 생보자산을 보다 효율적으로 운용함으로써 보험산업의 공익성 추구와 생보가입자에 대한 사회보장 기능을 분담할 수 있도록 하며, 파생적으로 不動産信託市場을 活性化시킬 수 있도록 政策的인 檢討가 必要한 것이다.|As of 1997, four trust companies such as Korea Real Estate Trust Co., as the real estate trust company, is participating in the Real estate trust market The total amount of real estate trust sales of the these trust companies in 1996 accounted for 194.4 million won, 44% increase in comparison with the precious year. But the real estate trust industry is still at its infancy stage, and the amount of trust sales was no more than 3.3 percent compared to the amount of orders received of construction projects that accounted for 5,860 million won in 1996. In order to activate the real estate trust market that is at an initial stage of growth, the expansion of the real estate trust company, the subject of the business, first of all, is necessary. Moreover, with the incorporation of Korea into the WTO regime and OECD, it is necessary to protect the domestic real estate market in preparation for the entry of the foreign comprehensive real estate company into the Korean market in keeping with the opening of the real estate service industry, to attempt to make the most effective use of land through the efficient development, use and disposal of real estate, and to expand the real estate trust company so that it may contribute to the stabilization of real estate prices and the development of national economy. In keeping with the opening of the Korean market to the real estate trust business, it is necessary to open the real estate trust business to the competitive commercial banks and life insurance companies accomplishing the function of social security other than 4 existing real estate trust companies step by step and to foster the trust market under the free competitive regime in order that private enterprises such as the comprehensive real estate company may participate in the trust market in the long run. The necessity and validity for the life insurance company to enter the real estate trust market is suggested as follows : Firstly, the life insurance company uses a portion of life insurance funds that amount to more than 8 billion won in order to raise the working fund necessary for the real estate trust enterprise. Secondly, the life insurance company is holding the real estate management knowhow accumulated for more than 30 years. Thirdly, in readiness for the opening of the domestic market to foreigners, it is necessary to open the domestic real estate trust market fist of all, to induce the trust market to entrench itself at home, and to strengthen its competitiveness against its foreign competitors. Finally, the life insurance company holds public confidence to an extent due to its accomplishment of social security functions, and thus actually needs to participate in the development of its non-business real estate holdings and real estate obtained through the realization of obligation with the performance, its business proper, general land trust business, SOC business, rent house business, redevelopment business and the trust business in the field of the silver industry. In addition, when the life insurance company was viewed from the aspect of asset operation, its earning rate of asset operation reduce to 16 percent as a public interest rate continued to drop to 7.5-10 percent since it recorded the highest earning rate of asset operation, 22.6 percent, when the public interest rate was 19.5 percent in 1980. It is forecasted that the earning rate of asset operation will continue to reduce with the drop of public interest rates in the future. The drop of these public interest rates will have an adverse effect on the asset operation of the life insurance company which in turn may be confronted with the risk of bankruptcy. In order to prevent the earning rate of the life insurance company from dropping on account of this liberalization of interest rates and overcome the backspread of earnings, the present insurance company will have to diversify the investment risk of asset operation through the bold innovation of its asset operation structure. For this reason, in case the life insurance company participate in the real estate trust business, it will improve the earning rate of insurance assets operation and efficiently operate its assets so as to cope with the liberalization of interest rates. Policy consideration is necessary so that the life insurance company may seek the public interests of the insurance industry and share in the function of social security for the insured and derivatively activate the real estate trust market.