주택시장과 주식시장의 동적 네트워크 구조 비교

A Comparison of the Dynamic Topological Structure between the Housing Market and the Equity Market -Focused on Assets with Large Market Capitalization-

본 연구는 최소신장트리(minimal spanning tree)기법을 활용하여 2004년 1월~2014.6월 기간 동안 주택시장과 주식시장의 동학적 위상학적 구조를 비교한다. 분석결과 시간의 흐름과 시장상황의 변화에 따라 상관성 구조도 변화하는데, 무엇보다 '상관성 붕괴' 현상이 대세 하락시에 나타나는 주식시장과는 달리 아파트시장에서는 대세 상승기에 상대적으로 강하게 나타나고 있다. 이는 아파트와 주식시장이라는 두 자산시장의 차이를 드러내고 있는데, 특히 주식과 달리 아파트가 하방경직성 내지 중위험-중수익 투자 속성을 가지고 있는 것에 기인하는 것으로 볼 수 있다.

1. CONTENTS (1) RESEARCH OBJECTIVES This paper compares the dynamic topological structure between the apartment market and the equity market to understand clearly the characteristics of correlation in apartment market. (2) RESEARCH METHOD The method of minimal spanning tree was applied to analyze the topological structure of the apartment market and the equity market. Statistical programs of "R" and UCINET were used in the analysis. (3) RESEARCH FINDINGS The research finds that correlation structure changes along with time flow and market condition. It is during the period of housing boom when the phenomenon of correlation breakdown is observed in case of apartment market. However, when it comes to the equity market, it is during the market collapse period that the same phenomenon is observed. This is the major difference between the apartment market and the equity market. 2. RESULTS The findings could be attributed to the fact that the apartment market has the investment properties of downward rigidity or middle risk-middle return. The reason can be understood in following aspects. Firstly in terms of exchange value, apartment market lacks liquidity when price collapses. Secondly in terms of utility value, apartments possess real-asset characteristics. Thirdly in psychological aspect, apartments are perceived as a safe asset.