상속세 및 증여세법상 비상장주식 평가방법의 타당성 = Is the Valuation Method of Unlisted Common Stock Reasonable in Korean Tax Law?

다국어 초록 (Multilingual Abstract)

The purpose of this study is to investigate whether the valuation of stocks based on the Korean tax law is proper. Specifically, we compared the values of common stocks between the estimated values based on Korean tax law and their market price. We also investigated whether the valuation errors of common stocks were influenced by firm size. Finally, we investigated how much the effects of goodwill are in valuation based on Korean tax law. The results showed that the values based on Korean tax law were overestimated. Specifically, their market prices were 62% of their value measured by net earnings, and 74% of their value measured by net assets on average. And also their values based on Korean tax law are greater than their market price by 55% on average. These mean tax valuation method causes overstimation on average. But the level of overestimation were negatively associated with firm size. For large firms, their values estimated by Korean tax law were smaller than their market price. But for medium and small firms, it was opposite. Finally, the goodwill affect on valuation by 3.5%.<Key words> Unlisted common stock, Firm valuation

참고문헌 (Reference)

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