세법상 비상장주식 평가문제와 그 대안

Valuing unlisted stocks is not only a tax issue but also the issue related to other rules such as corporate law and criminal law. That’s why valuing stocks has often been a central legal issue. Nonetheless, previous studies put an overly excessive amount of importance on the valuation in light of econometrics. In spite of the remarkable achievement of recent financial asset pricing theories, there are many questions about whether we can take the result from financial theories as a legally justified conclusion. It’s mainly because the estimates reported by each litigant shows such a big difference that the court could hardly trust those kind of results in handling legal judgment. To solve this problem more properly, this paper did research in the following order and proposed a new approach. Firstly, this paper analysed valuation issue in terms of both theoretical and legal viewpoint including precedents of supreme court. Secondly, this paper tried to figure out the potentially main reason to make the problem worse. Thirdly, this paper carried out comparative analyses on U.S. and Japan. Fourthly, this paper suggested several legal alternatives and discussed the merits and demerits on each legal alternative.