연기금의 대체투자자산 공정가치 평가 연구

Abstract

The nation's pension fund is currently trying to generate a high return on investment by investing heavily in alternative investment assets. Such assets, unlike existing stocks or bonds, are those comprising real estates and the likes that make valuation more challenging. The K-IFRS regards assessing and measuring fair valuation of alternative investments. Assessing fair valuation of alternative investments is a critical factor in measuring the operational returns of each pension. Therefore, the market price of invested assets should be assessed fairly according to reasonable methods. Since assets that are traded on the market all have market prices and are not challenging to evaluate, assets without market prices require fair valuation using alternative valuation techniques. Alternative investments made by pension funds are infrastructure investments, real estate equity investments, and other alternative investment assets. Mainly, the assets requiring evaluations are: listed and unlisted stocks, loan obligations, investments, and others. Fair valuation of these assets requires a long time and proper procedure, but still is prone to different evaluation results depending on the assessor and the evaluation techniques. Thus, the valuation process and methods of alternative investment assets as well as evaluators' reliability are extremely important. Given this situation, this study seeks to review the problems regarding disparities evident in fair valuations of alternative investments made by pension funds and propose a reform plan. In order to pursue fair assessment of the fair value of pension funds’ alternative investments, the law of one price wherein anyone can make the same appraisal must be followed. Furthermore, the reliability and objectivity of the assessment of fair valuation of alternative investment assets should be ensured. Above all else, there should be a verification function for the price suggested as fair value. In order to improve upon the various assessment techniques of fair value evaluation, it seem necessary to not only develop new ways of assessments, but also disclose assessment outcome (valuation amount) of calculated fair value. The study, in light of a stark increase in alternative investments by pension funds, aims to review the problems regarding disparities evident in fair valuations of alternative investments made by pension funds and propose a 연기금의 대체투자자산 공정가치 평가 연구 219 * swlee4356@naver.com reform plan. One can hope that, by considering the proposals addressed through this study, the transparent and trustworthy performance measurement of pension funds’ alternative investments will be made possible through the establishment of fair value evaluation system. Thus, this study’s significance lies in providing new metrics for assessing the fair value of alternative investment assets of pension funds.