교환옵션을 이용한 개인사업자의 법인전환 가치평가와 시사점 에 관한 연구: 새로운 모형구축 및 실증분석
Valuation of Corporate Conversion of Sole Proprietorship Using Exchange Option and Its Implications: New Model Building and Empirical Analysis
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Purpose - The main purpose of this study is to develop a new valuation model using an exchange option and to derive managerial implications for the corporate conversion of sole proprietorship. Design/methodology/approach - This study collects relevant corporate and income tax rates for the periods from year 2011 to 2023 and from year 2008 to 2022, respectively, from National Tax System and DART system of Financial Supervisory Service. The Regression analysis and Monte Carlo simulation are hired to analyze the data. Findings - First, our model indicates that the optimal income level at which a sole proprietorship should convert into a corporation is approximately 40 million won, notably lower than 100 million won suggested by previous studies. Second, the conversion probability is estimated to range from 47% to 84%, depending upon the conversion period, which is consistent with real conversion data. Third, the conversion option value is inversely proportional to the dividend payouts and salaries provided to the proprietors after conversion , indicating that the post-conversion dividend and salary levels are important factors in the conversion decision. Research implications or Originality - Overall, all these results demonstrate that our new model can effectively inform decisions regarding corporate conversion. Moreover, they provide valuable insights for investors and proprietors by offering essential information on the firm valuation of sole proprietorships and the optimal conversion timing, respectively
Abstract
Purpose - The main purpose of this study is to develop a new valuation model using an exchange option and to derive managerial implications for the corporate conversion of sole proprietorship. Design/methodology/approach - This study collects relevant corporate and income tax rates for the periods from year 2011 to 2023 and from year 2008 to 2022, respectively, from National Tax System and DART system of Financial Supervisory Service. The Regression analysis and Monte Carlo simulation are hired to analyze the data. Findings - First, our model indicates that the optimal income level at which a sole proprietorship should convert into a corporation is approximately 40 million won, notably lower than 100 million won suggested by previous studies. Second, the conversion probability is estimated to range from 47% to 84%, depending upon the conversion period, which is consistent with real conversion data. Third, the conversion option value is inversely proportional to the dividend payouts and salaries provided to the proprietors after conversion , indicating that the post-conversion dividend and salary levels are important factors in the conversion decision. Research implications or Originality - Overall, all these results demonstrate that our new model can effectively inform decisions regarding corporate conversion. Moreover, they provide valuable insights for investors and proprietors by offering essential information on the firm valuation of sole proprietorships and the optimal conversion timing, respectively