투자권유준칙 상의 투자자 위험수용성향 평가척도의 검토
Testing the Reliability and Validity of the Financial Risk Tolerance Scale of the Investment Advice Guideline
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본 연구는 투자권유준칙에 규정된 위험수용성향 측정 평가척도의 하위차원을 파악하고 척도의 신뢰도와 타당도를 검토한 결과 다음과 같은 결과가 도출되었다. 첫째, 평가척도의 요인분석 결과 재무능력과 소득능력의 두 개의 요인으로 구분되었다. 둘째, 평가척도의 신뢰도 계수는 0.47로서 낮은 수준이나 재무능력 요인의 신뢰도계수는 0.61로 높다. 셋째, 평가척도는 투자자의 위험선호도 및 위험자산 투자경험 보다 위험수용수준을 높게 측정하는 경향이 있으며, 위험추구성향 4단계와 5단계를 효과적으로 구분하지 못했다. 넷째, 소득능력 요인은 위험선호도와 투자경험과 유의한 관계가 나타나지 않아서 위험수용성향 척도로서 타당성을 확보하지 못한 반면, 재무능력 요인은 위험선호도 및 투자경험과 유의한 관계가 나타나 타당성이 있다. 따라서 투자경험, 투자지식, 투자비중, 손실감내수준의 4문항 척도(재무능력요인)는 신뢰도와 타당성이 있는 것으로 보이며, 향후 심리적인 성향을 파악하는 문항이 추가될 필요가 있음을 제언하였다.
Abstract
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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