가계의 적립식펀드와 거치식펀드 투자 행동 = Dollar Cost Averaging and Lump Sum Investment in Mutual Funds by Households

국문 초록 (Abstract)

본 연구는 2007년 한국투자자교육재단에서 실시한 [제1차 펀드투자자조사]를 이용하여 적립식으로 매월 일정 금액을 투자하는 투자자들이 거치식으로 투자하는 투자자들과 어떻게 다른지를 살펴보았다. 또한 적립식으로 투자하는 사람들이 안정적으로 투자하는지 혹은 공격적으로 투자하는지에 대하여 인구통계적, 사회경제적, 심리적 요인을 중심으로 분석하였다. 분석결과 적립식투자자들은 거치식투자자들과 인구통계적, 사회경제적으로 다른 특성을 보여 주었으며 적립식투자자 중에서 안정적으로 투자하는 경우와 공격적으로 투자하는 경우는 심리적으로 다른 특성을 나타냈다. 특히, 연령이 낮을수록, 여성인 경우, 총자산이 적은 경우 거치식보다는 적립식으로 투자할 확률이 높았으며, 적립식 투자자 중에서 위험수용성향이 낮은 경우와 소득 전망이 긍정적인 경우는 안정적으로 투자할 확률이 높았다.

다국어 초록 (Multilingual Abstract)

Mutual fund is one of the most popular investment vehicles in Korea. So far, research on mutual fund investment has been mainly conducted at macro level with macro data on market trends, national accounts, and industry outlook. Not many research has dealt with mutual fund investment decision making at individual or household level. The purpose of this research is to examine household mutual fund investment behavior using the [2007 Investor Survey] conducted by Korea Investors Education Foundation. Especially, this research compares those who invest in mutual funds by Dollar Cost Averaging (DCA) method and those who utilize Lump Sum (LS) method. In addition, this research compares conservative investors and aggressive investors among the DCA investors. The results showed that the DCA investors have different demographic, socioeconomic, and psychographic characteristics from the LS investors. Those who younger tend to invest in mutual funds with DCA methods while those who older tend to use LS method. Those who has higher levels of household assets tend to use LS method. Among psychographic characteristics, investment horizon, expectations on future income, and money attitudes were different between DCA investors and LS investors. The results from the logistic regression showed those who are younger, female, have jobs, and have lower levels of household assets were more likely to be DCA investors than LS investors when other factors are equal. Among the DCA investors, conservative investors have different psychographic characteristics from aggressive investors. Especially the financial risk tolerance level were different between the two groups. Conservative investors have lower levels of financial risk tolerance than aggressive investors. The results from this research could provide practical implications for financial professionals.