부동산 포트폴리오의 스타일분석에 관한 연구 - 규모 및 가치성장 인자의 유용성 -

The style analysis plays an important role in the fund industry, providing useful methods of understanding and evaluating a large number of funds. In real estate market, however, the study on style analysis remains at the beginning stage compared to securities market. And moreover, it’s difficult to find out any previous study on the subject in Korea. This study conducts a test on the usefulness of style analysis on the office market in Seoul using size and value-growth factors model, a model based on the studies of Marcato(2004) and Fuerst and Marcato(2009). They chose the capital value of real estate as the size factor and the equivalent yield as the value-growth factor. This study accepted the two factors and added two more variables, the income to capital return ratio as the value-growth factor and rent to maintenance fee ratio as additional factor. The empirical result suggests that the size and value-growth factors are significant as style factors and the income to capital return ratio is more appropriate as the value-growth factor than equivalent yield. But the additional factor, the rent to maintenance fee ratio, turned out to be not sufficiently significant. This result shows the usefulness of the style analysis on the office market in Seoul using size and value-growth factors model.