CIRJE-J-201 『純利益と包括利益 ――利益属性と有用性の再検討――』
"Net Income vs. Comprehensive Income A Reexamination of Attributes, Relevance, and Price Informativeness"
Author Name 大日方隆(Takashi Obinata)
Date August 2008
Full Paper PDF file (only Japanese version available)
Remarks  Revised in December 2008.
Abstract (Japanese) Abstract (English)

この論文の目的は,純利益と包括利益の有用性を比較することである。SUR(seemingly unrelated regression)分析の結果,以下のことが判明した。持続性は,純利益のほうが高いことも,包括利益のほうが高いこともあり,一方だけが高いとは言えない。適時性は,予想通り,包括利益のほうが優れているものの,保守性にかんしては,有意味な比較はできなかった。価値関連性と株価のinformativenessについては,純利益と包括利益とのあいだに決定的な差異はなく,いずれか一方が優れていると言えるほどの強い証拠は観察されなかった。この実証結果は,業績報告の会計基準設定にたいして重要な貢献をしている。

The purpose of this paper is to compare the usefulness between net income and comprehensive income. The results by SUR (seemingly unrelated regression) show the following evidence. Although net income is more persistent than comprehensive income in one year, the persistence of comprehensive income is higher than net income in another year. We cannot support the claim that one is always more persistent than another. Consistent with prior expectation, comprehensive income is more timely than net income. However, we cannot meaningfully test the effect of conservatism on both income. The value relevance and price informativeness of net income is not significantly different from those of comprehensive income.

We cannot find the strong evidence, which support the insistence that one is superior to another. These empirical results will make a important contribution to the setting of accounting standard for performance reporting.