상속세법상 비상장주식 평가모형의 적정성과 개선방안에 관한 연구

This paper is to identify through empirical study whether the valuation method for unlisted stocks in the inheritance tax law is proper or not, and to examine the alternative valuation models which reflect the fair value of their intrinsic value. To perform this empirical study, first, this study assumed unlisted stocks as listed stocks since unlisted stocks are not transacted and are not estimated as the proper market value of their intrinsic value. According to this assumption, this study selected 2,576 manufacturing listed samples for the 7-year period from 1999 to 2005, and analyzed the propriety of the current and alternative valuation models which are called the residual income valuation model(hereafter, is called RIVM) and the Price-Earnings Ratio Model (hereafter, is called PERM) or Price-Book value Ratio Model(hereafter, is called PBRM). This analysis techniques of the paper are mean-difference test which is called t-test and regression analysis model. This paper is to suggest the model of mixing the current valuation method and the PERM. The model is suggested by this paper is better than the current valuation method in the inheritance tax law. In conclusion, suggested model can be applied as a valuation tool if its model is modified sufficiently to maintain legal stability and equitability.