최대주주 주식 할증평가제도의 개선방안에 관한 연구：상장주식 실증분석을 중심으로 = A Study on Improvement to the Control Premium for the Largest Shareholder

다국어 초록 (Multilingual Abstract)

The control premium valuation under Article 63 (3) of the Inheritance and Gift Tax Act (“IGTA”) is intended to assess tax on transfer of the largest shareholder’s shareholding. This valuation has been criticized for imposing an excessive burden on taxpayers by applying a uniformly premium on shares transferred with no consideration of company specifics and for undermining the principle of fair taxation. In addition, the level of control premium charge for tax purposes has also constantly been criticized(Jung et al. 2009；Han 2019；Ahn and Hong 2013；Kim 2019).
This study intends to provide meaningful implications of the control premium valuation for tax purposes by analyzing control premium paid compared to the value under the IGTA or share market price at a date when the change of the largest shareholder is disclosed. In this regard, this study analyzes test samples of number and price of shares transferred which give rise to change of the largest shareholder. The test samples are released by KRX disclosure system.
The results of the analysis are as follows. First, the control premium is found to be valued at around 28% to 41% of stock market price on average. Second, we find that more control premium is paid in transactions with transfer of lower shareholding which leads to largest shareholder change. Both of OLS regression and quantile regression reveal that there is a significant negative relation between value of control premium and percentage of shares transferred in change of largest shareholder. Third, we also find that change of largest shareholder in a loss making also creates control premium. This test result is not consistent with the IGTA share valuation methodology which give waiver of control premium on transfer of loss－making firms. Fourth, we fail to find any statistic difference in value of control premium in change of laregest shareholders betwwen SMEs and non SMEs. This is also inconsistent with the IGTA methodology which does not apply control premium on SME controlling share transfer.
These test results imply that the current IGTA share valuation methodology on control premium fails to adequately reflect value of share transferred in change of largest shareholder and fails to support substance over form value. In this regard, it is worthwhile to consider valuation of control premium by considering the economic substance of share transfer, rather than application of uniform control premium in change of largest shareholder.

참고문헌 (Reference)

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