양수회사 및 외부평가법인의 특성이 비상장주식 가치평가에 미치는 영향: DCF법을 중심으로

[Purpose]The purpose of this study is to investigate the effect of the asset size of the acquiring company, whether to be delisted or not and the size of the accounting firm on the tendency to overestimate and to confirm the difference in the degree to which the tendency to overestimate is reflected in the discount rate when evaluating unlisted stocks using the DCF method. [Methodology]This study was conducted as a case analysis to compare the case of the acquiring company with large assets and with small assets and an empirical analysis to compare differences in two groups according to the asset size of the acquiring company, whether to be delisted or not and the size of the accounting firm, using 403 cases disclosed from 2010 to May 2022. [Findings]Empirical analysis showed that the acquiring company with large assets had a lower tendency to overestimate the value of unlisted stocks using the DCF method than the acquiring companies with small assets, and the acquiring company with large assets reflected the effects of overestimation when applying the discount rate. This means that the acquiring companies with small assets acquire the unlisted stocks with a higher tendency to overestimate than the acquiring companies with larger assets and they pay a relatively high amount because they do not fully reflect the effects of over－estimation on the discount rate. This study analyzed whether there is a difference in the tendency of over－estimation of delisted acquiring companies compared to those maintained when evaluating the unlisted stocks, but there was no significant difference. This study confirmed that non－Big4 had a higher tendency to overestimate than Big4 and did not sufficiently reflect the tendency of over－estimation in the discount rate, so non－Big4 overestimated the unlisted stocks. [Policy Implications]This study shows the following implications. First, it analyzes the external valuation reports to be attached to the transfer transaction subject to disclosure and provides useful information on how the valuation of unlisted stocks is being conducted in practice. Second, it provides useful guidelines when preparing external valuation reports or when supervising by supervisory agencies, by presenting statistical values of estimates when evaluating unlisted stocks. Third, it provides useful information to investors by presenting guidelines for investors who have invested in the company that made stock acquisition transactions to analyze publicly disclosed data.