Holdings Of Equity By Households In
Austria Derived From Register Data –
Compilation And Analytical Use
OECD Working Party on Financial Statistics
Paris, 29.11.-1.12.2010
Based on a paper by Michael Andreasch, Pirmin Fessler and Martin Schürz
Presented by Michael Andreasch (michael.andreasch@oenb.at)
Outline
•
•
•
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Motivation
Data (Data sources), Definitions and Compilation
Results for Individuals
Comparison Survey Data and Register Data
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Work has been elaborated against the background …
• To date, research on household wealth has seldom
focused on households´ business equity holdings
• Micro data allow both the compilation of macro data in
the framework of financial accounts data and the
analysis of distribution of wealth based on equity
holdings
• Find a better understanding on the financial behaviour
of companies determined by holdings of households
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Other Equity H oldings in the Financial W ealth of H ouseholds
in % of GDP; Macro data in the financial accounts and balance sheets.
200
180
160
140
120
100
80
60
40
20
Remaining financial wealth
Quoted shares
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
0
Other Equity excluding investment fund shares
Source: Statistics Austria, OeNB. Households including NPISHs. Other equity comprises holdings in domestic and foreign companies and real estate abroad.
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The Distribution Of (Other) Equity In Austrian Companies
3% of households
own other equity
Other Equity: 6% of
total financial assets
in comparison to:
10-15% hold securities
53% have life insurance contracts
nearly 100% have saving accounts
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in comparison to:
22% are securities
14% are life insurance contracts
44% are saving accounts
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Importance of Equity
• From the perspective of distribution:
Such equity holdings are highly concentrated even
within this group of investor households, who are
characterised by above-average income and wealth
• In view of the tightened refinancing conditions:
A comprehensive grasp on equity proves particularly
relevant
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Equity Holdings In The Financial Accounts Data
Data Sources
Holdings of listed and unlisted shares:
• Securities by securities information system based on
custodian reports of domestic banks and direct reporting
by end-investors (alternatively)
 Other equity holdings (limited liability companies):
• Company Register information on all enterprises including
nominal capital and distribution of holdings of owners as
well as characteristics (like industry, place…)
• Commercial data base on individual capital components
and other important items of the balance sheet
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Compilation
• Linkage of these data sources via the Company
Register number
• Calculation of the nominal to total equity ratio for each
company (even if it is negative)
• Equally distributed among all holders
• For equity stakes that are recorded in the Company
Register only: we use the nominal capital
• For equity that is recorded in the commercial database
only: exclusion from the compilation.
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Data On Equity In Austrian Limited Liability Companies1
Individuals
o 128,353 equity stakes traceable to individuals
o 105,471 persons in the data set
o Average value of equity stakes: EUR 144,722
o Median value of equity stakes: EUR 17,850
1
Data derived from the results of 2005.
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Distribution of Total Equity Stakes of Individuals1
o
o
o
o
We sum up all equity stakes of an individual
Mean: 176,084 Euro ; Median: 19,350 Euro
Around 14% with negative values
Around 5% with values over 500,000 Euro
representing 82% of the total volume
o Around 2,5% with values over 1 Million Euro
o Top Values of more than one billion Euro
1
Data derived from the results of 2005.
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H ouseholds´ Equity Stakes in Limited Liability Companies*
by size of corporations
by type of industry
whole sale
SME
micro
small
medium
sized
large
other 1)
holding
companies /
head offices
real estate
activities
own-account
working
other 1)
Source: OeNB. size: 1) mainly not classified yet, type of industry: 1) remaining 255 different industries. *2008 data due to preliminary results.
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Motivation – In View Of The Ongoing Work Towards HFCS
Ongoing work
Chronology
Survey on
Financial
Household
Wealth 2004
Household
Finance &
Consumption
Survey 2010
Household
Survey on
Housing Wealth
2008
Equity Capital Micro Data
2009
Financial Accounts Data
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Comparison with Survey Data – Descriptives
o
o
o
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Extremely low share of business
equity interests
No precise estimation
possible(n=59)
But how well is distrbution covered
by the few observations resulting
from the survey?
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Thank you for your attention