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최문수 ( Mun Soo Choi ) 한국재무관리학회 2003 財務管理硏究 Vol.20 No.1
The purpose of this study is to empirically investigate the role of capitalized intangibles such as patents, copy rights and R&D and non-capitalized intangibles such as advertising expenses and labor-related expenses, which are considered to be important to generating future excess profits, on the valuation of IPO shares. This study examines 125 firms which went public during 1992∼1998. The result suggests that advertising expenses do not have significant influence on the offer price and the market price of IPO shares. On the other hand, R&D and labor-related expenses play important role in determining the offer price and the market price of IPO shares. In case of capitalized intangible assets, they are important factors in determining the market price but not the offer price. This study suspects that the Securities and Exchange Law of the Korean Securities Exchange Commission potentially contribute to the result of no effect of capitalized intangibles (except R&D) on the offer price by underwriters. According to the Law, any intangible assets which are considered to be irrelevant to the valuation of IPO shares must be excluded. This is very ambiguous and potentially cause underwriters to exclude any intangibles difficult to measure their value. However the market considers capitalized intangibles to be important, as suggested by the result of this study. To reduce this valuation asymmetry, it is important to reveal detailed information regarding the valuation of assets, in particular, intangible assets to the public.
최문수(Mun-Soo Choi),박종대(Jong-Dae Park) 숭실대학교 사회과학연구소 2007 사회과학논총 Vol.9 No.-
창업투자회사(벤처캐피탈)는 벤처기업 등에의 투자를 위해 창업투자회사 고유의 자금과 창업투자회사가 결성한 조합 출자금을 주된 투자재원으로 삼고 있다. 벤처캐피탈 업계에서는 투자조합을 통한 투자의 비중과 중요성이 확대되고 있는 추세이나 관련 세법이나 회계처리 방법에서는 현실을 제대로 반영하지 못하고 있는 실정이다. 조합이론은 크게 도관이론(導管理論)과 실체이론(實體理論)으로 구분된다. 조합을 독립된 납세주체로 보지 않고 단순한 도관으로 보는 도관이론(conduit theory)과 조합이 독립적인 권리의무의 주체가 될 수 있다고 보는 실체이론(entity theory)이 그것이다. 투자조합은 법률적으로 권리의 주체성이 인정되지 않고 있으며 세무 상으로도 도관이론을 적용하여 과세의 실체가 되지 않는다. 다만 투자조합은 「조세특례제한법」에 따라서 투자조합이 조합원의 출자금으로 투자 또는 운용하여 얻은 소득에 대하여 조합원에게 분배할 때 소득세 또는 법인세를 원천징수하여 신고납부할 의무를 지게 된다. 현행 우리나라 조세법상으로는 조합에 대한 과세근거를 명확하게 규정하고 있는 명문규정이 없는 실정이므로 조합과세에 관한 규정 제정이 필요하다. 조합과세에 관한 규정 제정시 도관이론이 실체이론보다 조합원들에게 세제상 유리하기 때문에 현재의 도관이론을 기본으로 하여야 활 것이다. 실체이론은 이중과세의 문제점이 있기 때문에 조합과세는 기본적으로는 도관이론을 따르되 조합소득의 원천징수나 일정한 조합원과의 거래시 등 실체이론을 필요에 따라 활용하여야 할 것이다. For investing in the venture companies, venture capital corporations use not only their own fund but also investment association fund. In the venture capital industry, the percentage and the importance of the investment through the investment association fund is growing. But presently the related tax law and accounting method do not reflect the actuality. The purpose of this study is to investigate theory and practice regarding the venture capital partnership in the light of current accounting system and taxation. There are in general two theories for the venture capital partnership : conduit theory and entity theory. The conduit theory insists that the partnership is considered as a conduit. and it doesn't have any independent right and duty in the taxation. On the other hand, the entity theory insists that the association has its own right and duty independently in the taxation. The investment association has no any legal right. and no taxation right according to the conduit theory. But exceptionally, the investment association has withholding duty in the taxation according to the related tax law. Namely, the investment association has to withhold the taxes and pay it to the government when the income of the association is divided to the partners of the association. At present, as there is no particular article for the association in the tax law of Korea, it is necessary to enact the provisions for the association taxation.