주가연계증권(ELS)이용 소비자들의 금융이해력 수준과 투자규모결정에 관한 연구

Abstract

The rate of investment on the Equity Linked Securities(ELS) is consistently increased because of Global financial crisis and interest in alternative investment with high rate of return. This study was to assess the financial situations of ELS investors and to examine the factors associated with the level of financial literacy as well as the investment decision of ELS. ELS investors seems to lack the financial information and knowledge to cope with the possibility of misselling and unfair trade practices on ELS investment. A modified questionnaire has been developed and a convenient sample of 300 of ELS investors is collected from the on-line survey. We find a positive relationship between the low level of holding financial asset and the real estate and high level of financial literacy among ELS beneficiaries. On the other hand, the low level of holding real estate is less likely to have low level of financial literacy among ELS investors excluding beneficiaries. In terms of investment decision of ELS, risk tolerance and the goal of investment are positively associated with amount of ELS investment, whereas low level of financial asset and financial literacy are negatively associated with amount of ELS investments among beneficiaries. However, in general investors except beneficiaries, the riskaverts are less likely to invest in ELS, and the high level of holding financial assets are more likely to invest in ELS. In order to making rational decision in investment, sufficient explain about the financial architecture and notification of investment risk should be enforced before final decision making of complicated financial products.