중국금융업의 기타포괄손익 가치관련성

This paper investigates the value relevance of other comprehensive income in financial sector. In January 2007, China published comprehensive income and other comprehensive income items for the first time. The enterprises accounting standards no. 3 was published in 2009 which is the “other comprehensive items” and “comprehensive income amount” items were listed in income statement. In this paper, we build price model, based on the data of financial statements (from 2007 to 2012) under the new accounting standards from the companies which are listed in Shanghai and Shenzhen stock exchange financial shares. In order to verify the relative value relevance of other comprehensive income we do some research and get the following conclusions：First, other comprehensive income is significantly positive(＋) value relevance with stock price. Second, foreign currency translation gain and loss [FORE/S] and available for sale financial assets at fair value changes[ASFC/S] are significantly positive(＋) value relevance with stock price. Third, foreign currency translation gain and loss [FORE/S] is negatively(－) value relevance with stock returns. This is because the Chinese financial sector was seriously affected by financial crisis in 2007 and 2008. So, based on the data of financial statements (from 2009 to 2012) foreign currency translation gain and loss is significantly positive(＋) value relevance with stock returns. Therefore, other comprehensive income affects stock prices, and other comprehensive income disclosures are appropriate.