상가 임대시장의 보증금에 내재된 리스크 프리미엄에 관한 연구

The monthly rent with security deposit of the retail rental market makes up the majority of rental contract types, while the Chonsei of the housing rental market accounts for a large proportion of rental contract types. Also comparing with the office rental market which has a standard lease contract structure, the retail rental market has a variety of the distribution in the monthly rent with variable deposit(MRVD). The security deposit of retail is inferred to be effected by the different rental mechanism. The purpose of this study aims at analysing the leaseholder's investment behavior on a variety of factors which affect the security deposit of retail. The analysis data of this study is the case of rental contracts on the retail which is located in the 4 major sub-market of Seoul. The analytical method applied in this study is the regression analysis for testing the risk premium affecting the security deposit. This study analyzes the relationship between the required rate of return and the security deposit to property value ratio. Empirical analysis shows that the security deposit to property value ratio has a positive and statistically significant effect with the nonlinear relationship on the required rate of return. However it can not find the explicit evidence that the leverage risk premium on the security deposit exists in the retail rental market. The required rate of return has a risk premium in the low range of the security deposit to monthly rent ratio.