기타포괄손익의 기업가치 관련성에 관한 연구－금융 및 보험업을 중심으로－

Abstract

The purpose of this study is to verify the correlation between the equity values of those financial and insurance companies listed on Korea Exchange and their other comprehensive incomes(losses). An empirical verification model expanded from the Ohlson’s equity valuation model(1995) was used as verification models for this study. The results verified through this study can be summarized as follows: ①The empirical verification model expanded from the Ohlson model found no significant difference between net income and total comprehensive income recorded on statement of comprehensive income in terms of their correlation with equity value. ②With certain industrial factors controlled, the empirical verification model expanded from the Ohlson model found no significant difference between net income and total comprehensive income recorded on statement of comprehensive income. ③The other comprehensive income was turned out to have additional explanatory power on the net income in explaining equity value. ④Available-for-sale financial asset valuation gain(loss), cash flow hedging derivatives valuation gain(loss), and defined benefit plan actuarial gain(loss) among the other comprehensive income items reported in the statement of comprehensive income were found to make positively significant effect on the evaluation of equity value. In addition, the following items in other comprehensive income were found to have positive or negative effects on equity value, but not significant at 0.1 level: Overseas business translation gain(loss), special accounts' other comprehensive income(loss), other items of other comprehensive income[asset revaluation gain(loss), Share of other comprehensive income of associates and joint ventures accounted for using equity method], and so on.