우리나라의 해외부동산 직접투자의 결정요인에 관한 연구

The following patterns can be confirmed when analyzing investments made by Korean companies and individuals in overseas real estate. First, Korean investors give great consideration to the rate of return when making direct investments in overseas real estate. Major determining factors in their overseas real estate investments are socio-economic stability, portfolio perspectives of financial and property assets, and the exchange rate. Second, economic motives are given priority over non-economic motives when Korean investors make direct investments in overseas real estate. This means that direct investment in overseas real estate is motivated by the possibility of economic gain, whereas non-economic motives, such as using the property as a place of residence, are less important. Thirdly, the more income investors have, or the more funds investors hold, the greater are their motives for overseas direct investment. These motives can be categorized into economic and non-economic motives. A surplus of investment funds was statistically significant as an economic motive for overseas investment. Factors inside a company, such as a preference among top management for overseas investment, and protection of family interests among individual investors were statistically significant as non-economic factors. Investors' academic backgrounds, gender, and age were, however, all statistically insignificant in this study.