포트폴리오 투자관점에서의 보증금 투자비중에 관한 연구 - 서울 상가 임대시장을 중심으로 -

다국어 초록 (Multilingual Abstract)

A profit on operating security deposit in the real estate rental market involves a considerable controversy because of the interest-seeking hypothesis and the leverage effect hypothesis. Also the security deposit is operated by diversified investment such as interest rates and the leveraged finance from a different perspective. The purpose of this study is to attempt to test the relationship between the amounts of security deposit and the expected price rise rate in order to see if the lessor is utilizing the security deposit for leverage purpose. Empirical analysis show that it can not find the explicit evidence that the security deposit is utilized for leverage purpose in the retail rental market. Consequently the characteristics of security deposit are explained by risk premium such as the non-payment of monthly rent and the tenant's credit.

목차 (Table of Contents)

• ABSTRACT
• Ⅰ. 서론
• Ⅱ. 보증금의 기회비용에 관한 이론적 고찰
• 1. 보증금의 기회비용에 관한 이론적 개념
• 2. 보증금의 기회비용과 관련한 선행연구
• Ⅲ. 분석배경 및 분석모형
• Ⅳ. 포트폴리오 투자관점에서 상가 보증금 투자비중 분석
• 1. 분석자료 및 기초통계량
• 2. 시뮬레이션 분석결과
• Ⅴ. 결론 및 시사점
• 참고문헌