상속세및증여세법상 혼성자본증권의 평가에 관한 연구

In 2011, the amendment of the Commercial Code made it possible to issue a class of shares with characteristics of bond, thus improving the effectiveness of hybrid equity securities. The purpose of this research is to analyze the problem of valuation of hybrid equity securities under tax law by deeply examining related regulations and theories, conducting case studies, and to suggest directions for improvement. The Gift Tax law does not have an explicit valuation rule for unlisted hybrid securities. IRS and tax court interpretation is based on the legal form of hybrid equity securities and is evaluated in the same way as the ordinary stocks. However, the features of the preferred stock is to receive a high rate of dividend instead of voting rights. Thus, it is theoretically more appropriate to follow the valuation method of the bond. If conversion rights or redemption rights are granted, it is necessary to evaluate the value of the options. I propose a methodology that can be used to evaluate the hybrid equity securities distinguishing from common stocks, and then allow to use the methods generally accepted in financial practice, such as future dividend discounting or option valuation models. This research is the leading-edge research that deeply analyzed the problems of the valuation for hybrid capital securities under tax law and has contributed to suggest policy points.