부동산 담보부 부실채권 투자의사결정기준에 관한 연구

This study aims to identify the decision making factors for financial institution to invest the asset-backed non-performing loans and develop the importance weight level of identified factors by implementing the Analytic Hierarchy Process methodology. This study also presents the basic information for the efficient disposal of NPL from the financial institution's perspectives. Research findings indicate that the NPL investors make an investment decision by the consideration of the external investment environment rather than the individual characteristics of the NPL asset or secured real estate. Equity investors(ie, investment capital mainly raised by equity), who have higher required rate of return, consider the environment of capital raising to be important other than the loan investors(ie, investment capital mainly raised by loans) did. The foreign investors are inclined to take priority over the profitability of the asset and consider the environment of capital raising to be important. As a future research, an empirical analysis of the case of NPL investments is advised.