파생상품 평가손익의 가치 관련성

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.