상속세 및 증여세법상 비상장주식 평가에 관한 연구

Abstract

The unlisted stock usually is valued by the supplementary valuation method, except that it is estimated at the price as a current market value only when there are the examples of proper stock trading. For this reason, to valuate the unlisted stocks, the supplementary valuation method is more popular than the current market valuation method as a basic rule. The supplementary valuation method makes it a rule to judge by a uniform formula to prevent tax evasion by an arbitrary decision of the price. However, it has been criticized continuously to be unreasonable and to overestimate or underestimate the real value, despite that it has changed focusing on using weighted average method of net asset and net income. For the unlisted stock of small and medium sized enterprises inherited or donated, since January 1, 2005, the tax authorities have organized the Appraisal Council under the National Tax Service to evaluate real value of the firm by adjusting various valuation methods for each company on the tax-payer's request. It is desirable that it would not only correct the problems from the uniformity of the supplementary valuation method which might overestimate or underestimate the value of the unlisted stocks of enterprises comparing it's real value, but also it would reflect stock prices of comparable listed firms as one of the best indicator of the current market value. And yet, there is still considerable gap in the results between this system and the comparable price valuation method, for example, the former put a ceiling on the qualification as small and medium-sized firms, etc. To solve these problems, the subjects of valuation by the Appraisal Council should be expand, furthermore, an institutional framework is needed in order to generalize the adoption of the comparable price valuation method.