총포괄손익과 당기순이익의 상대적 기업가치 관련성

The purpose of this study is to verify the explanation in evaluating the value relevance of the net income and total comprehensive income stated in the statement of comprehensive income, to verify the additional explanation to other comprehensive income regarding the net income, and to verify the value relevance of the other comprehensive income by using companies listed on the securities market and the KOSDAQ market in the Korea Exchange. An empirical verification model expanded from the Ohlson’s(1995) equity valuation model and the Vuong(1989)’s overlapping model were used to verify the study subjects. The results verified through this study can be summarized as follow： ① In case of securities market, it was found that net income in statement of comprehensive income had the additional explanatory power on the total comprehensive income. ② In case of KOSDAQ market, it was found that there was no significant difference between the net income and total comprehensive income announced in the statement of comprehensive income. ③ In securities market, it was found that other comprehensive income had no additional explanatory power on the net income. ④ In KOSDAQ market, it was found that other comprehensive income had additional explanatory power on the net income. However, in the manufacturing industry, it was found that other comprehensive income had no additional explanatory power on the net income. Based on the findings stated above, main implications of this study could be derived as follows: ① In securities market, it is implicated that the realized net income provide more useful information than total comprehensive income including unrealized other comprehensive income to investor s investment decision.② In explanation about company value, it is implicated that the other comprehensive income has property of unrealized valuation income, and it is not directly related to primary operating activity and investor s investment decision