우리나라의 개인 펀드 투자 정체 원인

초록

This study examines why individual investors’ holding of mutual funds has fallen substantially in Korea, despite the overall growth of the domestic fund market. Using international panel data, it confirms that Korea’s low rate of individual fund ownership is largely attributable to a country specific factor not captured by conventional explanatory variables, rather than to demand-side factors for funds or not fully fledged capital market. Furthermore, by combining the panel analysis results with the ratings of Morningstar Global Investor Experiences Reports or the scores from Edelman trust barometer, the study reveals that the low rate of individual fund ownership in Korea is significantly related to low trust in asset management companies, and that this issue cannot be resolved merely through superficial institutional reforms. While the limitations of the data call for caution against over-interpreting the findings, the study’s significance lies in highlighting that restoring trust in asset management companies may be an effective means of encouraging greater individual investment in funds.

키워드