ELS(주가연계증권) 투자행동과 보유유형 분석: 원금보장여부에 따른 보유유형 비교

This study examined the ELS(Equity-Linked Securities) investment behaviors, and compared ELS investors’ socio-economic and financial characteristics by ELS types (principal guaranteed ELS vs. principal non-guaranteed ELS). Also it examined the factors that affect the determination of ELS types. A survey with 336 individuals aged 20 and over was conducted. According to the analyses, it has been found that 336 respondents had a total of 488 ELS, meaning one person has 1.44 ELS on average. Among them, ELS with non-guaranteed principal were 51.4%. Average amount of investment on ELS was 30,240 thousand won and expected rate of return was 15.6% on average. Average investment period was 3.63 years. About 53.3% of respondents had experiences in ELS investment. Respondents’ expected rate of return of ELS was higher than the rate of return they had gotten from previous ELS investments. Respondents showed low level of financial literacy on ELS. According to comparison of ELS types, those who had ELS with non-guaranteed principal had higher expectation on the rate of return, longer period of investment, more experiences on ELS investment, and higher level of financial literacy on ELS, compared to the others. Also, amount of total assets and investment assets was more for principal non-guaranteed ELS investors than the others. Those who had ELS with non-guaranteed principal showed higher level of risk tolerance, and were likely to be in the risk-seeking group. The results of logistic regression showed those who had longer period of investment, higher expectation of rate of return, higher level of risk tolerance were less likely to have ELS with guaranteed principal.