상속세및증여세법과 Ohlson모형에 의한 비상장주식의 평가 = Evaluation for Unlisted Stocks based on the Ohlson Model and Inheritance and Gift Tax Act

다국어 초록 (Multilingual Abstract)

Under the Inheritance and Gift Tax Act, unlisted stocks are valuated by supplementary valuation method. According to considerable research, the valuation method under the Inheritance Tax and Gift Tax Act fails to reflect the intrinsic value of corporations.
In this regards, this study proposes a valuation method for unlisted stocks by taking the following inquiries into consideration. The study examines whether the valuation method for unlisted stocks under the current laws could be rational estimates by comparing the results by the valuation method for unlisted stocks and the listed stocks；whether the valuation by the Ohlson model, which is referred to as the method for equity valuation by a number of studies, reflects the value by the equity valuation method for listed stocks.
This study shows the results from the valuation method under the Inheritance Tax and Gift Tax Act and the valuation method for unlisted stocks are significantly different；the valuation by the Ohlson model represents the valuation by the Inheritance Tax and Gift Tax Act.
The significance of this study is to propose a valuation method reflecting the intrinsic value of corporations comparing empirical analysis of valuation methods for unlisted stocks.

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