투자권유준칙 상의 투자자 위험수용성향 평가척도의 검토 = Testing the Reliability and Validity of the Financial Risk Tolerance Scale of the Investment Advice Guideline

다국어 초록 (Multilingual Abstract)

This study examined the reliability and validity of the risk tolerance scale suggested by the Standardized Guidelines for the Professional Investment Advice which is effectively used in the financial institutions in Korea in the process of professional financial advice to financial consumers. Data from the 300 Korean adults whose age was between 20s and 50s were used for the analysis. The major results were as follows: First, the factor analysis on the risk tolerance scale identified the two dimensions of the risk tolerance, which were financial capability and earnings capacity. Second, the overall reliability of the risk tolerance scale was low (Cronbach α=0.47) as indicated by the Cronbach α value which was estimated by 0.47. The reliability of the financial capability sub-dimension was higher than the reliability of the whole scale, of which the Cronbach α was estimated by 0.61. Third, the results of the validity tests indicated that the financial risk tolerance scale overestimated the level of financial risk tolerance compared to the risk aversion rate and to the level of investment experience on the risky assets. Moreover the financial risk tolerance scale did not discerned the higher levels of risk tolerance by failing to distinguish between the level 4 and the level 5. However financial capability sub- dimension demonstrated a significant association with the risk aversion rate and the level of investment experience on risky assets. These results suggested that, first, excluding the earnings capacity and adding the psychological aspects of the financial risk tolerance could improve the validity and reliability of the scale; and second, earnings capacity needs to be treated as the financial risk acceptance capability rather than financial risk tolerance.

참고문헌 (Reference)

1 한국금융투자협회, "투자권유준칙"

2 정순희, "재무위험수용성향과 위험자산보유율관련변수에관한연구" 4 (4): 1-20, 2011

3 한국FPSP, "재무설계원론" 한국FPSP 2011

4 허경옥, "소비자의 위험감수도와 현상유지도가 재무정보탐색, 가계재무관리행동 및 경제생활만족도에 미치는 영향" 한국FP학회 6 (6): 1-25, 2013

5 장연주, "금융소비자의 재무위험감수성향 영향요인 연구" 5 (5): 35-65, 2012

6 허경옥, "가계투자에서의 위험감수성향 판별변수조사 및 위험감수성향에 따른 가계재무관리 특성 분석" 5 (5): 133-159, 2012

7 FINRA(Financial Industry Regulatory Authority), "Suitability: What Investors Need to Know"

8 SAS Institute Inc., "SAS/STAT User’s Guide Version 6, Fourth Edition, Volumn 2" SAS Institute Inc 1989

9 Injodey, J. I., "Risk Tolerance of Investors : Developing a Psychometric Tool" 2 (2): 57-73, 2011

10 Cordell, D. M, "Risk Tolerance in Two Dimensions" 15 (15): 30-36, 2002

11 Roszkowski, M. J., "Risk Perception and Risk Tolerance Changes Attributable to the 2008 Economic Crisis: A Subtle but Critical Difference" 2010 (2010): 42-53, 2010

12 OECD NIFE, "Measuring Financial Literacy:Questionnaire and Guidance Notes for Conducting an Internationally Comparable Survey of Financial Literacy" OECD 2011

13 Roszkowski, M. J., "Intraperson consistency in financial risk tolerance assessment : Temporal stability, relationship to total score, and effect on criterion-related validity" 24 (24): 455-467, 2009

14 Grable, J., "Financial risk tolerance revisited : the development of a risk assessment instrument" 16 : 163-181, 1999

15 Roszkowski, M. J., "Estimating Risk Tolerance : The Degree of Accuracy and the Paramorphic Representations of the Estimate" 16 (16): 29-47, 2005

16 Bodie, Z., "Essentials of Investments" McGrow Hill International Edition 2007

17 Grable, J. E., "Environmental and Biopsychosocial Factors Associated with Financial Risk Tolerance" 15 (15): 73-82, 2004

18 Lee, P, "Does Your Risk Tolerance Match Your Risk Capacity? What Is the Difference?"

19 Corter, J. E., "Do investment risk tolerance attitudes predict portfolio risk?" 2 (2): 369-381, 2006

20 European Credit Research Institute, "Consumer Financial Capability : Empowering European Consumers" European Credit Research Institute 2006

21 Farrelly, G., "Assessing Risk Tolerance Levels : A Prerequisite to Personalizing and Managing Portfolios" 45 (45): 14-16, 1989

22 Faff, Robert W., "An Empirical Investigation of Personal Financial Risk Tolerance" 13 : 57-78, 2004