초록 열기/닫기 버튼
본 연구에서는 가계의 주식보유 비중이 국가간에 차이가 나는 요인을 패널회귀분석을 통해 알아보았다. 이를 위해 OECD 20개국의 금융자산 관련 거시총량 자료를 활용하였는데, 주요 설명변수로는 가계 포트폴리오 이론 및 가계 서베이 자료의 특징적 현상들에서 제안된 것을 이용하였다. 실증분석 결과 주식의 초과수익률이 높거나 금융자산 축적 정도가 높은 국가일수록 가계 총금융자산 중 직간접 주식보유 비중이 높았다. 고령 인구의 비중이 높은 국가일수록 가계의 주식보유 비중이 낮았던 반면, 소득의 안정성이 높은 국가일수록 가계 주식보유 비중이 높았다. 금융의 효율성 및 기업의 투명성도 가계의 주식보유 비중에 유의한 양의 효과를 미쳤다. 거시총량 자료를 이용한 실증분석 결과 대체로 가계 포트폴리오 이론이 잘 설명되는 것으로 나타났다.
In this paper, we identify the factors that cause the differences across 20 OECD countries in the share of stockholdings out of total household financial assets. It is hard to find appropriate theoretical or empirical literatures that explain the differences in the share of stockholdings across countries. Thus, we use the variables suggested by both the household portfolio theory and the household surrey data as the explanatory variables. Using the annual panel data of 20 OECD countries between 1995 and 2001, we conduct both descriptive statistical analysis and panel regression. The main findings are as follows. First, the excess return on equity is one of the most important factors that explain the differences in the share of stockholdings across countries. The higher the excess return is in a country, the higher is the share of stockholdings. Second, a country with higher level of household financial asset accumulation has a higher share of stockholdings. According to the panel regression analysis, the statistical significance of the level of household financial asset accumulation is fairly high. Third, in terms of demographic structure, the higher the proportion of the retired population is, the lower the share of stockholdings. This result coincides with the findings of the existing literatures that used household survey data, which shows that stock market participation rate is significantly lower in the retired population group. Fourth, a country with higher income stability has a higher share of stockholdings. Fifth, a country with more transparent financial and corporate sectors having well organized institutional investors, transparency on insider trading, and a good protection scheme on shareholder rights has also higher share of stockholdings. Overall results of this paper are consistent with the traditional theory of households portfolio.
키워드열기/닫기 버튼
household portfolio, stock holding ratio, financial transparency
