우리나라 가계의 자산보유 특성과 결정요인: 주식 직접투자 결정을 중심으로

초록

This paper investigates the characteristics of household portfolio and the determinants of equity holdings in Korea using the data from the 2006 Household Asset Survey. Estimation of the Heckman's sample selection model reveals that the probability of holding equities declines significantly in households over age 65, whereas there is hardly any age difference in the conditional share of equities in household portfolio. Such a finding implies that the decline in the average share of equities in the portfolio of the elderly household group occurs because the proportion of households that do not invest in equities at all increases in this age group. Contrary to the age effect, education has significant positive effects on both of the probability of holding equities and the share of equities in total financial wealth.

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