벤처기업의 비상장주식 평가방법에 관한 연구

This study focuses on finding a more appropriate valuation methods of venture firms by analyzing non-listed firms valuation method suggested in a written opinion of practice by the Financial Supervisory Service and classifying non-listed firms into two groups : venture firms and non-venture firms during 2004~2006 with 3,464 firms/year listed in the Korean Stock Exchange market and KOSDAQ market. Our main results are as follows : First, we divided our sample firms into non-venture firms and venture firms and examined absolute error ratios by each valuation method. The results show that the sequence of absolute error ratios is DCF(discounted cash flow method), RIV(residual income valuation model) and PFM(proxy firm valuation method), which indicates that the most appropriate valuation method of venture firms is PFM. Second, Frequency analysis also indicates that the weight of absolute error ratios under 0.5 shows the same sequence of each valuation method as the absolute error ratios analysis, which assures the most appropriate valuation method on venture firms is PFM. The contribution of this study is to show that PFM(proxy firm valuation method) is a more appropriate valuation method than other valuation methods such as DCF and RIV in case of venture firms when we have to choose a more suitable valuation method among valuation methods suggested in a written opinion of practice by the Financial Supervisory Service.