RISS 검색 - 국내학술지논문 상세보기

다국어 초록 (Multilingual Abstract)

Because the increment, which was evaluated by a supplemental valuation method for unlisted stocks, is the crucial element that dominates the size in tax burden, it has been raised many questions about how properly the actual value in true stocks can be appraised. And aiming to defuse this, regulations related to inheritance and gift tax has been revised over several times in the meantime, but it is a real situation that the argument surrounding the valuation on properly stock value is still being continued.
Accordingly, the purpose of this study is to seek for the institutionally improvement plan for the problem about a supplemental valuation method of unlisted stocks, which is now being enforced.

First, because the past actual results fail to normally reflect the future value, in a bid to reduce a predictive error in future profitability, it needs to be expanded the weighted average of the times in the presently net profit or loss value from 3 years to 5 years, and to be presented the extra standard that is able to appraise the future profit value with the past business showings in the long term. And contingent profit and loss (special profit and loss), which is the unusual item exceptionally occurring in the specific year, needs to be excluded in case of calculating net profit or loss value.

Second, by selecting the normal corporation appropriate for small-medium companies, through dividing by scale and by business category, with data in the report of corporate tax for listed companies or corporations listed to association, and by calculating net profit or loss, and then by reversely operating the capitalization rate with the stock price of the chosen companies, it is seen to be needed to seek for a plan to notify by scale and business category every one year in terms of the capitalization rate, which was proportionally increased by additionally considering a point that the unlisted companies are generally more inferior than sovereign listed companies, in terms of a risk factor in companies.

Third, in applying a premium rate to the maximum stockholders, under the situation of being insufficient in the logical basis of the size in a premium rate, it is seen to be more rational in differentially applying a premium rate by further segmenting the stock-holding rate by stage, other than uniformly applying by dividing into two stages with whether or not being more than 50% of ownership.

Fourth, it is thought to be required to get rid of contradiction that the company, which did not suffer loss actually, is appraised more lowly than the company with deficit, by allowing the value per one stock to be appraised with the value that discounted a certain rate from net-asset value in case the value in net profit or loss is less than “0,” and by allowing the value per one stock to be appraised only with net-asset value in the section that the net profit or loss value is more than “0”～less than net-asset value.

Fifth, it needs to be presented the guideline that can block the voluntary intervention when Credit Rating Agencies appraise the estimated profit by correspondingly applying provisions for duties of undertaking marketable securities, and to be arranged the rules that can restrain Credit Rating Agencies in case of evaluating by violating this, thus it is thought to need to be protected the right of taxation by intercepting voluntary intervention of them, and to be arranged the independent regulation for calculation of the estimated profit in the long term.

Sixth, under the current system that is appraising the value per one stock with the weighted average value in the net-asset value and the net profit or loss value, the franchise value, which corresponds to the excessive profitability, is already included in the net profit or loss value, thus aiming to avoid the problem of overlapping calculation, it needs not to be included the franchise value, which corresponds to excessive profitability, in the process of calculating the net-asset value.

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