투자권유준칙 상의 투자자 위험수용성향 평가척도의 검토

초록

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.

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