한국의 시장위험 프리미엄에 관한 설문연구

This study estimates Korea’s Market Risk Premium (MRP) as of early 2025. It surveys capital market participants, including valuation experts, corporate practitioners, investors, and financial analysts. The study presents detailed findings on MRP usage practices, including the expected appropriate MRP level for Korea in 2025. The survey results indicate that Korea’s appropriate MRP level as of early 2025 is a point estimate of 8.34% and an average range estimate of 8.39%. These figures are higher than previous studies. This increase is attributed to respondents factoring in heightened domestic political and economic uncertainty after the end of 2024, as well as global factors such as the tariff war following the U.S. presidential election. Furthermore, most respondents indicated an upward trend in MRP compared to past and future projections, suggesting that Korea’s MRP is expected to remain elevated. Meanwhile, among groups with varying levels of experience in using valuation reports, and in samples from academia and research institutions, the average appropriate MRP was slightly lower at around 7%, indicating differences across respondent groups. This study contributes by providing an updated estimate of Korea’s appropriate MRP for 2025 and various forecasts. Furthermore, this study suggests that capital market participants’ high expectations for MRP may lead to high volatility in assets and liabilities subject to fair value assessment in the future, which may provide policy implications to supervisory authorities.