2014, Vol.24, No.3

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

pISSN : 2092-5395 / eISSN : 2733-8339
https://journal.kci.go.kr/krer

In this study, we estimate the market value and net valuation G/L (gains and losses) of land owned by listed firms on KRX based on annual GALP (Government-Announced Land Price) and then analyze effects of valuation G/L on stock price. Moreover, we examine the rate of GALP over land market value and analyze relationship between asset re-valuation G/L and stock price through method of multi regression analysis. Analysis results show that land valuation G/L have positive (+) effect on stock price during the period 2004~2007 before Global Financial Crisis which broke in 2008, however it changed to negative (-) after the Crisis and its effect was not so big. Asset re-valuation G/L has positive (+) relationship with stock price during the period 2008~ 2010. In case we maintain asset re-valuation G/L from the re-valuation year until 2010 instead of turning the G/L into book value in the years next to re-valuation year, the relation of the year 2010 turned negative (-). Book value per share (BPS) of prior term (t-1) and net income (EPS) show positive (+) effects on stock price at any time. BPS affects more on stock price in total amount, however, EPS coefficient is bigger than BPS’s, which means that investors weigh the cashflow-in originated from EPS higher than BPS, the holding asset.

There are considerable confusions in appraisal service field because it is ambiguity of concepts of “a basis of value” and “other values except market value” in 「The Rules on Appraisal Practice」. The purpose of this study is to review these problems and to find a solution. There are some profitable suggestions are as follows; First, “a basis of value” is a statement of the fundamental measurement assumptions of a valuation. so “a basis of value” should be translated into “Gachikijune(가치기준)” instead of “Kijunegachi(기준가치)” by Korean. Second, Investment value, Fair Value and Special Value should be introduced into 「The Rules on Appraisal Practice」 as other values except market value terminologically for internationalization of korean appraisal system. Third, a basis of value is one thing and the purpose of appraisal and appraisal conditions are another. Therefore the purpose of appraisal and appraisal conditions don‘t have effect on a basis of value. Fourth, Market value, Investment value, Fair Value and Special Value are only examples on appraisal rules. so appraisers should make a concept of some values by themselves when they need some values that are not prescribed on appraisal rules.

This paper aims at analyzing the characteristics of real estate asset management strategies, and examining factors influencing them. Under these research purpose, questionnaire survey is done and binary logistic regression model is used as a research method. The main results of this study are as follows. Firstly, questionnaire survey results show that respondents prefer expansion of real estate strategy as total asset allocation strategy, and prefer high risk-high return strategy, expansion of local region strategy, expansion of profitable real estate strategy, and diversification strategy of regions and sectors as real estate asset management strategy. Secondly, results of binomial logistic regression analysis show that age, gender, marriage status, household income, main income type, wealth and characteristics of holding real estate are factors influencing each real estate asset management strategies. Especially, age, gender, and household income are key factors influencing a number of real estate asset management strategies.