부동산투자회사의 스폰서 지분율과 유동성 마찰

This study analyzed the impact of sponsor ownership on liquidity friction based on Stoll’s theory, which divides liquidity friction into real friction and information. In partcular, the possibility of information friction can be an important basis for establishing related policies because it suggests that sponsors might use asymmetric information to cause agency problems. The analysis showed that sponsor ownership could affect both real friction which is the actual resources consumed in transactions and information friction caused by informed traders. Informational friction due to sponsors implies the need for improvement in governance structure and monitoring to suppress the potential exploitation of asymmetric information by sponsors and ensure transparent disclosure of real estate investment trusts (REITs)’ information to all market participants. On the basis of the result this study proposed the necessity of policy development to establish and improve superior corporate governance in the Korean REIT industry, which is growing around sponsor structures, to enhance management monitoring, to support for the publication of sustainability reports, to constructa REIT-special Environmental, Social, Governance (ESG) rating model and to disclose the rating.