부동산개발비용 투자결정요인에 관한 연구: 개발전문 자기관리형 REITs를 중심으로

The staff of self-managed REITs perceives the risk and return from the perspectives of real estate market factor, financial market factor and REITs capital structure at the phase of investment decision making. This study investigates the effects of these risk and return on investment decision making. The data for this study are collected through the survey of self-managed REITs located in Seoul Metropolitan Area. Reliability analysis, factor analysis and path analysis are used to analyze investment decisions. The findings of this study are as follows. First, real estates market factor, financial market factor and REITs capital structure have positive effects on the return perception. Secondly, real estate market factor, financial market factor and REITs capital structure have separate effects on the risk perception. Thirdly, the return perception has a positive effect on investment decision making, but the risk perception doesn't have any effect. Fourthly, real estate market factor has a positive effect on investment decision making, but REITs capital structure has a negative effect on investment decision making.