지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 저널정보
- 대한국토·도시계획학회 국토계획 國土計劃 第49卷 第3號
- 발행연도
- 2014.6
- 수록면
- 51 - 62 (12page)
- DOI
- 10.17208/jkpa.2014.06.49.3.51
이용수
초록· 키워드
오류제보하기
Security deposit is regarded as one of the most distinctive characteristics of Korean real estate market, because the amount of security deposit compared to that of monthly rent is much larger than those in other countries. In the past, Interest-Seeking Hypothesis which suppose most landlords pursue interest income from security deposit was widely accepted. Recently, however, Leverage Effect Hypothesis which suppose most landlords use security deposit as a way of leverage is prevailing. The long-term gap between conversion rate and market interest rate changed such belief on the function of security deposit.
This study constructs theoretical inference on Interest-Seeking Hypothesis in terms of Portfolio Theory which considers risk as well as return, and explains the behavior of investors who receive security deposit at high conversion rate and reinvest it at low interest rate. Firstly, considering the rent-security effect of security deposit, interest-seeking behavior could maximize the utility of investors who have strong risk-averse tendency. The interest-seeking portfolio is located at the most low risk low return position on the Investment Opportunity Line. Secondly, conversion rate, the opportunity cost of security deposit, is not necessarily equal to reinvestment rate. So capturing the dominant function of security deposit by observing market conversion rate is impossible. Finally, the higher tenant risk and risk-averse tendency of investors are, the more interest-seeking behavior would be pursued.
This study constructs theoretical inference on Interest-Seeking Hypothesis in terms of Portfolio Theory which considers risk as well as return, and explains the behavior of investors who receive security deposit at high conversion rate and reinvest it at low interest rate. Firstly, considering the rent-security effect of security deposit, interest-seeking behavior could maximize the utility of investors who have strong risk-averse tendency. The interest-seeking portfolio is located at the most low risk low return position on the Investment Opportunity Line. Secondly, conversion rate, the opportunity cost of security deposit, is not necessarily equal to reinvestment rate. So capturing the dominant function of security deposit by observing market conversion rate is impossible. Finally, the higher tenant risk and risk-averse tendency of investors are, the more interest-seeking behavior would be pursued.
목차
Abstract
Ⅰ. 서론
Ⅱ. 선행연구
Ⅲ. 레버리지효과와 운용소득효과의 의미
Ⅳ. 운용소득가설의 수익위험구조
Ⅴ. 결론
인용문헌 References
참고문헌 (8)
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