K－IFRS 도입 이후 연결영업이익과 별도 영업이익의 상대적 가치관련성

The purpose of this study is to verify ① Difference in relevance of operating value between loan-loss reserve adjusted net income of consolidated financial statements and operating profit ② Difference in relevance of operating value between loan-loss reserve adjusted net income of separate financial statements and operating profit after introduction of K-IFRS duty on financial insurance enterprises listed on the stock exchange. In order to verify the purpose of this study, an enlarged and guided verification model of Ohlson(1995)’s equity valuation model was utilized. Difference in explanatory power was verified using Non-nested model of Vuong(1989) and Overlapping model. Estimation of regression model was analyzed on enterprises satisfying the sample selection standards of this study among financial insurance enterprises listed on the stock exchange from Dec 31, 2013 to 2015. The result of analysis is as follows: (1) Loan-loss reserve adjusted net income of consolidated financial statements explains enterprise value better than that operating profit. (2) Difference in relevance of operating value between loan-loss reserve adjusted net income of separate financial statements and operating profit. (1) ‘Both loan-loss reserve adjusted net income of consolidated financial statements and separate financial statements explain enterprise value better than that operating profit’ means that loan-loss reserve adjusted net income is more useful than operating profit when investors, creditors and other interest parties make decision on accounting information. (2) ‘Both loan-loss reserve adjusted net income of consolidated financial statements and separate financial statements explain enterprise value better than that operating profit’ means that International Accounting Standards Board changed accumulation standards for reserve for bad debts from ‘occurring damage cost model’ to ‘expecting damage cost model’, Korea Accounting Standards Board accepted the result and accounting system should be changed by providing rational empirical evidence starting 2018.