우리나라 감정평가 기준상 소득접근법의 문제점과 개선방안에 관한 연구

Abstract

Now the real estate market is ruled by the economic principle, the recognition on the real estate is changing from owning to utilizing, and the focus of the market is changing from supplier to user. The appraisal and valuation industry during this change procedure of market needs a new establishment of the concept about the real estate value meeting the demand of the user-oriented market and foreign investors, the necessity about the income approaching way which was not treated significantly in practical valuation is getting higher, the efforts to set the ethics of appraisal and valuation, the practical standard of appraisal and valuation and so forth to an international standard are being progressed, the real estate valuation way newly introduced is connected to the security power of real estate which is the trend focusing on the stability and the fluidity rather than on the profit rate, the asset fluidity system is introduced as an alternative which is able to raise the short dating of the funds management and the fluidity of real estate according to focusing on the fluidity, and on the basis of it asset backed securities(ABS) and mortgage backed securities(MBS) are published , the real estate indirect investment like the introduction of REITs is being activated. This real estate market begins to be opened to foreigners with the new trend of changes, and it changed from the price environment of the prime cost-oriented to the price structure of cash flow oriented, it is necessary to approach schematically rather than to invest into a new market. In this domestic and foreign environments it is required to promote a unification of conceptual approach of valuation industry for the problems and improvement plan of income approaching way, and it is also required to suggest a new alternative for the theory of the way. Therefore, this research looked around the problems and improvement plan of income approaching way As seen from the above problems, the real estate market of our nation is not fully matured to introduce the income approaching way. But, considering the theoretical merit and realistic necessity of the income approaching way, we can't postpone the introduction of the income approaching way any longer. However we should make it to be used more efficiently in practice by correcting some problems before the introduction. Some alternative plans are as follows. Firstly, the unity of terms should be premised. In this time when the valuation theory and the techniques are developing rapidly, the academic world and the industry stick to limited terms used in the related laws, and until now they have never formally considered the problems of the properness and unity of terms. This attitude has the problems that it makes it difficult to confront with a new term generated from the changing valuation techniques and the theory. The reasons why this problems occur are that it was left unused for several decades owing to the stiffness of law though the real estate valuation related law which is descriptive has been changed gradually according as the new valuation theory and the techniques develop, and another big reason is that the valuation theory of our nation is excessively dependent only on Japan the development degree of which is much falling behind the Western. Secondly, in deciding the exchange rate of interest applied when applying direct exchange law, the trading price, the profit, the cost data of the similar case in market should be obtained for the market outflow law, but the appliance is not easy for the data securing is not easy for the time being as seen from the atmosphere of domestic real estate market avoiding the opening of data to the public. In addition, as the domestic real estate investors do not invest with considering the exchange rate of interest of real estate, the investigation of investors is premature to our reality, and in case of preparing a law the appliance is also not easy for there are lots of cases in which the subjectivity of valuation agent can be intervened. Thus, in case of direct exchange law it is difficult to determine the exchange rate of interest, and it is hard to be trusted entirely though it is determined. Thirdly, the problems of data collecting and the problems of exchange rate of interest which is the most big barrier to the introduction of the income approaching way should be solved somewhat, the problems of assurance should be treated reasonably. In addition, the problem of generating differences with the price by the existing method when applying the income approaching way will be gradually solved in the future with the bubble of real estate market of our nation being removed. When these problems will be solved, the data of the trading price, the profit, the cost of the real estate for profit within the valuation industry will be accumulated, the most atmosphere avoiding the opening of data even in the real estate industry will be relaxed by valuing with the introduction of the income approaching way. In addition, when the know-how about the real estate market analysis will be grossly accumulated by analyzing the real estate market with an interest in the income approaching way by the valuation agent will be a proper time to actively introduce the income approaching way. In this time as the income approaching way will be a main steam, our valuation industry should have a continuous interest in the income approaching way.