기업이 투자부동산을 취득하는 동기는 무엇인가?: 비제조기업을 대상으로

[Purpose]There are several hypotheses about the motives of a company to acquire real estate. Based on KIFRS, companies report their property separately into owner－occupied property and investment property. The purpose of this study is to find out and understand why companies are increasing their acquisition and holding of investment property by empirically analyzing this trend of increase in investment property based on the hypothesis of the motive for property acquisition. [Methodology]For non－manufacturing companies listed from 2011 to 2020, a difference analysis on hypothetical variables between companies that own investment property and those that do not are conducted. Next, we examine the relationship of influence on the investment property owned by the company through regression analysis for companies that own investment property. [Findings]Of the variables related to ownership structure, except for the hypothesis related to the foreign shareholder’s share, most of the hypotheses about the major shareholder’s share and free cash flow were rejected and showed no consistent results. [Implications]It was confirmed that the major shareholder’s holdings had a positive (＋) effect or had no effect on the acquisition of investment real estate. the major shareholder’ role is not properly performed and other real property acquisition theories did not apply to investment proeprty.