부동산 간접투자 수익률에 영향을 미치는 요인 연구 - 부동산펀드를 중심으로 -

It has been more than 8 years since the REF(real-estate fund) was first introduced in 2004. the REF grows year by year. However, there has been no proper information on the basis of which one could tell what elements contribute to the forming of REF yield and whether REF yield is predictable. This study has been analyzed the sources of REF yield fluctuations by using the VAR model, and has verified how important the market basis value has become by analyzing the impulse responses and variance decompositions. The suggestion that are made from this sdudy are as follows: It could be confirmed that REF yields are positively influenced(+) by HPCI(Housing purchase price composite indices), CD91(Certificate of deposit yield), KOSPI(The Korea Composite Stock Price Index), EFNAV(Realestatefund net assets value ), whereas negatively influenced(-) by CPI(Consumer price index), EX(Exchange rate).