상속세 및 증여세법상 비상장주식 평가방법의 적정성에 관한 연구

Abstract

The purpose of this paper is to examine the appropriateness of the complementary valuation method in the Inheritance Tax and Gift Tax Act and to provide suggestions for improvement. For the empirical analyses, this study used samples of KOSPI market, KOSDAQ market, and OTC market from 1984 to 2017 using stock price data and corporate financial data. The results of the analysis are as follows: First, the results show that there is a difference in the degree of divergence between the complementary value and the stock price among stock markets, sizes of companies, types of businesses and ROE levels. Second, the effect of the net profit value and the net asset value on share price is different among stock markets, sizes of companies, types of businesses, and ROE levels. Based on the results of this study, I suggest as follows: First, small firms need to be provided a special act that guarantees complementary values are to be evaluated with only the net asset value. Second, taxpayers' options need to be expanded. Third, complementary valuation methods should be subdivided considering the size and industry of the firm. I suggest that it applies a different net profit and loss ratio in calculating the complementary value. This study has analyzed the period of 34 years and confirmed that the limitation of the uniform standard of the complementary valuation method is not limited to a particular year. The problem of overvaluation or underestimation of complementary valuation may be only the difference in the timing of research whether the stock market is in recession or boom. The differentiation of this study is that it raises the necessity of subdivision of complementary valuation methods by considering the characteristics of individual firms in calculating the complementary values and the practical policy proposals.