비상장주식 평가방법의 적정성에 대한 고찰

The valuation method of unlisted stocks under the Inheritance and Gift Tax Law is the supplementary valuation method which uses weighted average method of net asset and net income. The results of this study are as follows; First, all the estimated stock price of the supplementary valuation method, the Appraisal Council valuation method and the peer-group-based valuation method are overestimated. Second, there is no statistical difference between prediction error of estimated stock price by the supplementary valuation method and those by the Appraisal Council valuation method. Third, prediction error of estimated stock price by the supplementary valuation method and those by the peer-group-based valuation method can evaluate more closely to the real value of unlisted stocks than the supplementary valuation method under the complementary valuation method Inheritance and Gift Tax Law. Finally, prediction error of estimated stock price by the Appraisal Council valuation method and those by the peer-group-based valuation method show statistically significant difference, so that estimates by both methods are different. This study shows that the estimated stock price of the Appraisal Council valuation method is close to the estimates by the supplementary valuation method rather than the estimates by the peer-group-based valuation method, which are close to the real value of the firm rather than the estimates by the supplementary valuation method. Therefore, it should be examined that the Appraisal Council valuation method reflects the peer-group-based valuation method for the revision of the related regulation.