제목 차례

Ⅰ. 서 론 ···············································1

1. 연구의 배경 ·········································1

2. 연구의 목적 및 구성 ··································3

Ⅱ. 부동산투자의 현황 및 수단 ·····························5

1. 국민연금의 부동산투자 ································5

2. 국내 투자부동산 (오피스빌딩) 현황 ·····················1

3. 부동산 간접투자 제도 및 현황 ·························16

3.1 부동산투자회사(REITs) 제도 ························61

3.2 미국의 리츠시장 현황 ·····························19

3.3 한국의 부동산 간접투자 시장 ·······················22

3.4 리츠 제도의 국가 간 비교 ··························27

Ⅲ. 투자성과의 측정(Performance Measurement) ··············03

1. 공정가치 평가의 국제적 기준 ··························30

1.1 IVS(International Valuation Standards) 기준 ···········0·3

1.2 RICS(Royal Institution of Chartered Surveyors) 기준 ···2··3

1.3 Revised GIPS ·····································43

2. 부동산 실물자산의 가치평가 ··························37

2.1 관련 용어 정의 ···································37

2.2 가치평가 방법론 ··································41

3. 부동산 간접운용상품의 가치평가 ·······················43

4. 공정가치 평가 체계 ··································48

4.1 해외사례 ········································48

4.1.1 미국식 체계 ··································49

4.1.2 영국식 체계 ··································53

4.2 공정가치 평가에 관한 정책적 제언 ··················56

Ⅳ. 투자성과의 평가(Performance Evaluation) ·················06

1. 부동산 벤치마크 지수 개요 ···························60

2. 직접투자 벤치마크 지수 ······························62

2.1 감정평가에 기초한 지수 ···························62

2.1.1 NCREIF(National Council of Real Estate Investment

Fiduciaries; 미국) ························26

2.1.2 IPD(Investment Property Databank;영국) ··········4·7

2.2 거래가격에 기초한 지수 ···························83

2.2.1 헤도닉 회귀모형 지수(Hedonic Regression) ········4· 8

2.2.2 반복매매가격 지수(Repeat Sales Price Indexes) ····7· 8

2.3 부동산지수의 평가평활 문제 ························91

3. 간접투자 벤치마크 지수 ······························95

4. 직접투자지수와 간접투자지수의 비교 ···················96

5. 국민연금 부동산투자의 벤치마크 지수 설정 ·············100

5.1 성과평가를 위한 벤치마크 지수의 정의 및 목적 ······ 100

5.2 성과평가를 위한 벤치마크 지수의 요건 ··············103

5.3 유사군 지수(Peer Universe Index) 대 수동적 시장지수

(Passive Market Index) ··················105

5.4 벤치마크 지수와 수익률 비교 시 고려해야 할 요소 ···· 106

5.5 벤치마크 지수 선정시 고려해야 할 요소 ·············108

5.6 벤치마크 지수 선정에 관한 정책적 제언 ·············110

Ⅴ. 결론 및 시사점 ·····································117