비상장주식 평가시 비교평가법 적용의 한계점

초록

Listed stocks are traded in the stock market and so there is no difficulty in security valuation. On the other hand, for the unlisted stocks which have no market price, there are a lot of difficulties in security valuation and there have been a lot of criticism for the present valuation system. Under the Inheritance and Gift Tax, valuation methods are basically separated into 2 methods, the supplemental method(SM) and the comparative evaluation method(CM). Specially, the comparative evaluation method was introduced in 2005 to overcome the over or under valuation problem of supplemental method on the intrinsic value of unlisted stock. Several requisites are existed for the comparative evaluation method to be applied. The most important two requisites are the net asset requisite and the wide difference requisite. The net asset requisite is that the estimated value of CM is over 70% of the net asset value of the company and the wide difference requisite is that the difference between the estimated value from CM and the estimated value from SM is more than 30% of the estimated value from CM. Prior researches argue the reasonableness of these two requisites. This study investigates the present valuation system for the unlisted stock focusing on the requisites for the comparative evaluation method. The research sample is comprised of Korean unlisted manufacturing companies and the research period is from the year 2004 to year 2006. The result shows that the two requisites for the comparative evaluation method limit the application of method too strictly. Of the two requisites, the wide difference requisite seem to be the more stringent requisite for the comparative evaluation method to be applied.

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