평가심의위원회에 의한 비상장주식 평가방법의 적용가능성에 관한 연구

This paper analyzes several problems on the valuation method by the Committee for Valuation of Unlisted Stocks(hereafter 'the Committee valuation method') under the current tax laws. The Committee valuation method has been introduced with the intention of reducing tax burden due to potential overvaluation of unlisted stocks under the supplemental valuation method regulated in tax laws. To be effective, the Committee valuation method needs to have high applicability in practice. However, it has been asserted by practitioners that the applicability of the Committee valuation method remained very limited since the criteria for searching comparable listed companies were too strict. In order to confirm this assertion, 14,144 unlisted corporations located in Seoul area were examined. We find that only 0.57% of them have comparable listed companies which meet all the requirements under the tax laws and regulations. Furthermore, there is still a possibility that the Committee rejects the application even in the case that all the requirements are met. In order to increase applicability of the Committee valuation method, we make the following suggestions. First, the unlisted stocks of the companies other than medium sized corporations should be able to be valued by the Committee. Second, even for medium sized companies, the size requirement should be loosened. Third, in the case that all the requirements are met, the Committee should not make a discretionary decision on the applicability.