비상장 종류주식 평가규정 도입 필요성에 관한 연구

Abstract

In the case of stocks traded on the KOSPI or KOSDAQ market, there is an objectively verifiable transaction value, but in the case of unlisted stocks that are not marketable, the property value is mostly determined by a supplementary valuation method under the Inheritance Tax and Gift Tax Act.
 The revision of the Commercial Act made it possible to issue various classes of shares, but there is no explicit regulation on how these classes of shares should be valuated. In addition, in a situation where the admini- strative interpretation to valuate the stock at an appropriate price according to the individual characteristics of the classes of shares and the admini- strative interpretation to valuate it according to the supplementary valuation method for common stocks are mixed, the valuation was made considering the individual characteristics of the classes of shares, but this was not recognized It is also a created situation.
 Gift tax is levied if dividends are received on unequal conditions in proportion to shares held by the person, so gift tax cannot be levied if dividends are made to owners of classes shares that have superior conditions than common stocks. Therefore, if classes of shares with superior conditions than common stocks for dividends of profits are valuated at the same value as common stocks, excessive dividend can be used as a means of indirect gift or indirect transfer of wealth.
 Therefore, unlisted stock valuation regulations should be classified into valuation regulations for common stocks and classes of shares, and a certain amount calculated in consideration of the characteristics of classes of shares superior to common stocks should be added to the value evaluated based on classes of shares.
 In addition, in the case of classes of shares that do not have voting rights but have conversion rights, legislative improvement should be made to evaluate the common stock by adding the amount calculated in consider- ation of the characteristics of the classes of shares to the valuation of common stocks.