가구 소득과 포트폴리오가 금융투자 및 부실위험에 미치는 영향 = The Effects of Households' Income and Portfolios on Their Financial Investments and Default Risks in Korea

다국어 초록 (Multilingual Abstract)

This study investigates the effects of households' income, financial portfolios on their financial market investments, income from financial investments and overall household income and the eventual financial default risks of households in Korea with a variety of factors from the database of the Korean Labor & Income Panel Study (KLIPS) from 1996 to 2019, excluding only a very few exorbitant outliers. By applying fixed effects multivariate regression models (FEMM), fixed effects logit regression models (FELM), instrumental variable (IV) models, etc., we have found the following results.
First, the households with their own house and those with primary members with college degrees have a higher proportion of investments in the financial market, while those with higher income volatility also have a higher proportion of investments in the financial market. In addition, based on the results of instrumental variable models for robustness checking, we have found that those with a larger proportion in savings and personal lending, and those with a higher proportion of financial income relative to total household’s income have a higher proportion of investment in financial assets.
Second, the risk of household insolvency increases for those with self-employed businesses. Such risks increase for households with those with more amount invested in their self-employed businesses, a lower share of wage income, real estate income, financial income to total household’s income, and those with lower aggregate income.
Considering that Korean households' financial portfolios are vulnerable to global and/or local financial shocks for those households with a higher portion of their assets in the form of real assets, higher level of debt, and lower financial soundness of self-employed households, domestic and foreign financial shocks can lead to a severe financial crisis. Therefore, the government should come up with fundamental measures to improve households’ debt management and their financial or portfolio structure before implementing the policy of curbing household loans, and educate them accordingly so that their asset portfolio can in effect improve.
While the results of this study convey various important information regarding the financial investment activities of households, not provided by earlier studies, it still has a long way to explore wider and deeper topics in personal finance. In the future studies, governmental policies must be also reflected in the financing and investment activities of individuals and households. Research should consider comprehensively the effects of government policies and household members’ responses toward such changes in the government policies on households’ income, vulnerability and default risks.

목차 (Table of Contents)

• 제1장 서 론 1
• 제2장 금융투자 포트폴리오가 금융소득에 미치는 영향 5
• 제1절 서 론 5
• 제2절 선행연구 8
• 1. 금융자산 포트폴리오 및 금융투자소득 8
• 2. 가구 소득 및 금융투자 10
• 제3절 가설 및 실증분석 모형 12
• 1. 가구의 투자 포트폴리오 모형 12
• 2. 가설 설정 15
• 3. 실증분석 모형 20
• 3.1 금융시장 투자결정 모형 22
• 3.2 금융시장 투자수준 결정 모형 23
• 3.3 금융투자소득 모형 24
• 3.4 금융시장 투자와 금융소득: 2단계 도구변수 모형 25
• 제4절 실증분석 26
• 1. 표본 자료 26
• 2. 기초통계량 27
• 3. 상관관계 분석 30
• 4. 주요 그룹 간 차이 분석 33
• 5. 회귀분석 35
• 5.1 가구주의 학력수준과 포트폴리오가 장기금융시장 투자결정에 미치는 영향 35
• 5.2 가구주의 학력수준과 포트폴리오가 금융자산 투자수준에 미치는 영향 38
• 5.3 가구주의 학력수준과 포트폴리오가 금융투자소득에 미치는 영향 41
• 5.4 도구변수 모형을 이용한 강건성 검증 44
• 제5절 요약 48
• 제3장 가구 소득이 가구 부실위험에 미치는 영향 51
• 제1절 서 론 51
• 제2절 선행연구 54
• 제3절 연구설정 57
• 1. 가설 설정 57
• 2. 변수 정의 61
• 3. 실증분석 모형 65
• 3.1 패널 회귀 분석모형 65
• 3.2 패널 로짓 분석모형 66
• 제4절 실증분석 67
• 1. 표본 자료 67
• 2. 기초통계량 69
• 3. 상관관계 분석 71
• 4. 주요 그룹 간 차이 분석 73
• 5. 회귀분석 75
• 5.1 가구의 원천별 소득 및 변동성이 가구 부실위험에 미치는 영향 75
• 5.2 가구의 원천별 소득 및 변동성이 가구 부실위험 확률에 미치는 영향 79
• 제5절 요약 82
• 제4장 결론 84
• 참고문헌 87
• Abstract 92

참고문헌 (Reference)

1 신한은행, "보통사람 금융생활 보고서", 보통사람 금융생활 보고서, , pp. 1-59, 2022

2 석재은,, "우리나라의 소득분배 현황", 보건복지포럼, , pp. 16-25, 2005

3 박은혜, 정순희, "자산수준별 가계포트폴리오 분석 - 년과 2011년의 비교, Finan cial Planning Review", 제6권 제4호, 2013, pp. 21-43, 2008