지분법손익의 가치관련성과 피투자회사의 지분율과의 관계

Under the equity method, the investor recognizes its proportionate share of the net income from the investee over which the investor exercises significant influence. Admitting that the equity method is acceptable for controlled investments, this study questions the validity of the equity method for the significant influence investments that the investor does not secure controlling interest and builds a hypothesis that the stock market response to the equity method income from the controlled investments is different from the one from the non-controlled significant influence investments. For a sample of 1,712(1,333) listed companies during the period 2005-2009, we investigates whether or not the value relevance of the equity method income for stock prices(stock returns) is associated with the percentage of the investor’s ownership interest in the investee and find that the equity method income(changes of the equity method income) is more greatly reflected on stock prices(stock returns) for the companies whose percentage of weighted average ownership interest in the investees is over 50%. This result indicates that investors in the stock market do not respond to the equity method income uniformly, but respond to the equity method income for the controlled investments differently from the equity method income for the non-controlled significant influence investments.