주거용 부동산 운영수익 결정요인에 관한 연구 = (A) study on the determinant factors of operation returns of real estate for residence
This study tries to provide analysis which shows how the rates of return on multi-family or so called "one-room" housing can be examined by the data of "one-room" district in Gumi city. Owing to trends of increasing nuclear family and single household the "one-room" residences have been recently recognized at the same time as the representative rental housing, which serve one of the most widespread investment markets in real estate.
While most of the existing studies on multi-family or "one-room" have focused of the resident satisfaction and the improvement of residential space, this study gives the financial analysis in the viewpoint of investors.
The data consist of total 200 one-rooms which are located in In-Dong, Gumi-City and Joong-Ree SuckJuck-Eup, ChilGok-Gun, North GyungSang-Providence. Four business earnings and expenses(Potential Gross Income(PGI)), (Effective Gross Income(EGI)), (Net Operating Income(NOI)), (Before-Tax Cash Flow(BTCF)) and two earning ratios(Return On Assets(ROA)), (Equity Dividend Rate(EDR)) are nominated as dependent variables. Constructive condition, housing structure, investment expense, financial assistance, location condition, etc. are designated as independent variables. We apply Multiple regression analyses, employing SPSSWIN 14.0.
The results are as follows.
First, durable years by the completion year of a construction work of a one-room affect negatively business earnings and expenses. If durable years of a one-room as a resident real estate are older, resident functions will be lower. However, newly-constructed housing would provide better resident spaces in terms of options and functions, which leads to a higher occupancy rate and a higher business earnings and expenses.
Second, a site space is significantly related to a floor space index and the number of a parking car, etc. The bigger a site space is, the larger business earnings and expenses are. In case of districts of samples which belong to the first-class general resident areas, if lawfully tolerable extents are applied maximally, business earnings and expenses will be higher. In case of the number of a parking car, tenants prefer a one-room with spacious parking lots in the choice of a one-room because a one-room area faces parking problems. In this case, an occupancy rate will be higher and business earnings and expenses will be higher. The fact that a floor space index is high means that total building costs increase and the average expenses of a site purchase by a building space decrease. Consequently the amount of investment will be lower. If a floor space index is higher in the given site space, it is necessary to occupy more rental spaces to lower a floor space index and to heighten earnings.
Third, the price of land of official notice has been significantly related to business earnings and expenses of a one-room. Although the price of land of official notice was significantly related to purchase expenses of real estate, a higher price of land of official notice does not directly mean purchase expenses of real estate. When calculating the price of land of official notice, the surroundings such as geographical position and configuration, adjacent road, configuration of real estate, floating rate of the price of land, etc are considered. For a site in which the price of land of official notice is relatively higher, surroundings are recognized as a good real estate, which leads to a higher occupancy rate and a higher monthly rent. Therefore, the price of land of official notice has a positive relationship with business earnings and expenses. An occupancy rate as a critical factor affecting business earnings and expenses was significant in all the models. A lower occupancy rate indicates a lower business earnings and expenses.
Fourth, loan ratio, default ratio, debt coverage ratio among financial characteristics provide diverse results in each model of business earnings and expenses. Loan ratio is significant in all models of business earnings and expenses except the model of net operating income. Default ratio is significantly related to only before-tax cash flow. Debt coverage ratio is significant in other models of business earnings and expenses.
Fifth, regression analyses on earning ratio based on business earnings and expenses occurred in real estate show that the total number of house maximizing the total earnings and potential gross income are significant in the model of return on assets. A lone rate and default on an obligation are significant. In the model of equity dividend rate, finance-related ratio except physical characteristics of a one-room is significant.
Business earnings and expenses being compared with earning ratio models, four models provide similar results in the model of business earnings and expenses whereas return on assets and equity dividend rate present different results in the model of earning ratio. Why different results were presented in the model of earning ratio, can be presumed that return on assets as an independent variable is added to the equity dividend rate model. Physical characteristics of a one-room and financial factors are significant in the model of business earnings and expenses, while ratio-related factors are significant in the model of earning ratio.
This study has an implication in analyzing factors affecting business earnings and expenses and earning ratio of a one-room as a resident real estate which have not been dealt with in the existing earning ratio-related research. But this study has a limit of generalizing results for it is conducted with only two samples of InDong GuMi City and JoongRee ChilGok Gun. Along with extension of research districts, if after-taxes cash flow that was not conducted due to improbability of accurate data collection are analyzed, future research will improve the results of this study.
서지정보 내보내기(Export)
닫기소장기관 정보
닫기권호소장정보
닫기오류접수
닫기오류 접수 확인
닫기음성서비스 신청
닫기음성서비스 신청 확인
닫기이용약관
닫기학술연구정보서비스 이용약관 (2017년 1월 1일 ~ 현재 적용)
학술연구정보서비스(이하 RISS)는 정보주체의 자유와 권리 보호를 위해 「개인정보 보호법」 및 관계 법령이 정한 바를 준수하여, 적법하게 개인정보를 처리하고 안전하게 관리하고 있습니다. 이에 「개인정보 보호법」 제30조에 따라 정보주체에게 개인정보 처리에 관한 절차 및 기준을 안내하고, 이와 관련한 고충을 신속하고 원활하게 처리할 수 있도록 하기 위하여 다음과 같이 개인정보 처리방침을 수립·공개합니다.
주요 개인정보 처리 표시(라벨링)
목 차
3년
또는 회원탈퇴시까지5년
(「전자상거래 등에서의 소비자보호에 관한3년
(「전자상거래 등에서의 소비자보호에 관한2년
이상(개인정보보호위원회 : 개인정보의 안전성 확보조치 기준)개인정보파일의 명칭 | 운영근거 / 처리목적 | 개인정보파일에 기록되는 개인정보의 항목 | 보유기간 | |
---|---|---|---|---|
학술연구정보서비스 이용자 가입정보 파일 | 한국교육학술정보원법 | 필수 | ID, 비밀번호, 성명, 생년월일, 신분(직업구분), 이메일, 소속분야, 웹진메일 수신동의 여부 | 3년 또는 탈퇴시 |
선택 | 소속기관명, 소속도서관명, 학과/부서명, 학번/직원번호, 휴대전화, 주소 |
구분 | 담당자 | 연락처 |
---|---|---|
KERIS 개인정보 보호책임자 | 정보보호본부 김태우 | - 이메일 : lsy@keris.or.kr - 전화번호 : 053-714-0439 - 팩스번호 : 053-714-0195 |
KERIS 개인정보 보호담당자 | 개인정보보호부 이상엽 | |
RISS 개인정보 보호책임자 | 대학학술본부 장금연 | - 이메일 : giltizen@keris.or.kr - 전화번호 : 053-714-0149 - 팩스번호 : 053-714-0194 |
RISS 개인정보 보호담당자 | 학술진흥부 길원진 |
자동로그아웃 안내
닫기인증오류 안내
닫기귀하께서는 휴면계정 전환 후 1년동안 회원정보 수집 및 이용에 대한
재동의를 하지 않으신 관계로 개인정보가 삭제되었습니다.
(참조 : RISS 이용약관 및 개인정보처리방침)
신규회원으로 가입하여 이용 부탁 드리며, 추가 문의는 고객센터로 연락 바랍니다.
- 기존 아이디 재사용 불가
휴면계정 안내
RISS는 [표준개인정보 보호지침]에 따라 2년을 주기로 개인정보 수집·이용에 관하여 (재)동의를 받고 있으며, (재)동의를 하지 않을 경우, 휴면계정으로 전환됩니다.
(※ 휴면계정은 원문이용 및 복사/대출 서비스를 이용할 수 없습니다.)
휴면계정으로 전환된 후 1년간 회원정보 수집·이용에 대한 재동의를 하지 않을 경우, RISS에서 자동탈퇴 및 개인정보가 삭제처리 됩니다.
고객센터 1599-3122
ARS번호+1번(회원가입 및 정보수정)