부실채권의 담보가치와 시장가치의 격차율: 이론과 실제 = A Study on the Relationship Between Collateral Value of Non.Performing Loan: Theory and E Vmapliureic a&l Tmeasrtket

다국어 초록 (Multilingual Abstract)

The Valuation of Non.Performing Loan has been one of the most critical appraisal issues since the 1997 financial crisis in Korea. It is mainly attributable to the lack of established appraisal rules or practices applicable for the valuation of Non.Performing Loan. Thus, this research, firstly, reviews and explores differences between the types of appraised value including the ‘Market Value’ and ‘Collateral Value.’ The Uniform Standards of Professional Appraisal Practice require that a written statement of the defined value to be developed must be included in every appraisal report. It is the appraiser’s responsibility to ensure that the purpose of the appraisal is consistent with and appropriate for its intended use. Secondly, this paper discusses the major factors of the value difference between the market value and the collateral value in light of the ‘Theory of the Multiple.Value Concept.’ Thirdly, the research examined the methodology and appraisal subjects of the NPL Valuation assignments in view of its discretionary nature. Finally, the empirical test was conducted to analyze the value difference between the market value and the collateral value with appraised values appraised by certifies appraisers using KAPA Database System.