시장 및 기업규모위험 프리미엄 측정 및 적용실태에 관한 연구

This study investigates the measurement status of the market risk premium (MRP) and size risk premium (SRP), which are reflected in the discount rate in valuation practice, through a survey method. Specifically, the purpose of the study is to investigate the source of information on the application of MRP and SRP, the level of application, difficulties encountered when applying, and the level of use of information provided by the Korea Institute of Certified Public Accountants (KICPA) and etc. As a result of the analysis, there were significant differences in the measurement status of MRP and SRP by type of accounting firm and valuation purpose. In addition, the overall evaluation and satisfaction level of the MRP guidance and SRP research materials by KICPA in 2022 were reletively high, and these results were prominent in non-big 4 accounting firms that perform deal work. This suggests that relatively small and medium-sized accounting firms benefit greatly from the provision of independent measurements of MRP and SRP of KICPA. This study has the contribution to improve the understanding of capital market participants such as companies and external auditors regarding valuation practices by presenting in detail the status of MRP and SRP measurement, and to report the usefulness of data presented by KICPA.