Earticle

초록

영어

This study aims to investigate the effect of Sale and Leaseback(SLB) agreements on price differentials between SLB and non-SLB transactions. Under SLB agreements, corporations simultaneously sign the lease agreements for properties being sold.. Previous studies found that Firms agree to SLB for various reasons, such as taxation, accounting, and finance; finance was the largest driving force of all. Studies have also depicted a positive correlation of the SLB announcements to the stock market, such news producing positive returns to the shareholders. Not much studies, however, have been conducted on the impact of SLB on transaction prices. Using a set of data on SLB transactions, this study examines the price impact on commercial property transactions in Seoul's office market. Out of 656 transactions overall, we have selected 551 for sufficient analysis. Among them, 74 cases were SLB transactions, representing 13.4% of the sample. Multi-variate regression results reveal that transactions structured as SLB occured at lower prices than non-SLB transactions when all other conditions were equal. Specifically, the correlation coefficient of SLB dummy variable was -0.13, indicating that SLB transactions occurred at a discounted price of 12.2%. Further studies are required to better understand the determinants of price differentials in SLB transactions.

목차

Abstract
 1. 서론
 2. 이론 및 선행연구
 3. 사례 분석
  3.1. 분석 방법
  3.2. 분석 Data
  3.3. 분석 Model
 4. 분석 결과
 5. 결론
 주
 참고문헌

키워드

저자

• 인채권 [ Lyn, Chai-Kwon | 본학회 정회원 한양대학교 도시공학과 박사 과정 ] 주저자
• 여홍구 [ Yuh, Hong-Koo | 본학회 정회원 한양대학교 도시공학과 명예교수 ] 교신저자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국지역개발학회지 [Journal of the Korean Regional Development Association]

• 간기

  연5회

• pISSN

  1225-9055

• 수록기간

  1989~2026

• 등재여부

  KCI 등재

• 십진분류

  KDC 322 DDC 330