파생상품 평가손익의 가치 관련성

The Value-Relevance of Gains or Losses on the Valuation of Derivatives

This paper shed light on the value-relevance of gains or losses on the valuation of derivatives. Using the Ohlson`s valuation model(1995), we could get some new findings as follows: (1) Gains on valuation using derivatives accounting in income statement have negative price multiples in extended Ohlson`s model. (2) Losses on valuation using derivatives accounting in income statement have non-relevance price multiples in extended Ohlson`s model. (3) Gains on valuation using derivatives accounting in balance sheet have positive price multiples in extended Ohlson`s model. (4) Losses on valuation using derivatives accounting in balance sheet have non-relevance price multiples in extended Ohlson`s model. The results of this study imply the needs of restrict regulation that require public announcement of the important difference between fair value derivatives accounting and cash flow derivatives accounting.