기업가치평가를 위한 현금흐름할인법과 상증법상 평가방법의 비교 연구

Abstract

The valuation of an enterprise is assessed by several different valuation methods depending on its purpose. Among them, the appraisal by Discounted Cash Discount (DCF) used in the M & A market and the supplementary valuation method used in national tax law are the most frequently used practices. Criticism and improvement opinions of various issue criteria about the supplementary valuation method by national tax law are revealed through many researches and papers. Evaluation by the DCF model also seems not easy to make a professional and objective evaluation. It would be an interesting attempt to compare the DCF model and the statutory valuation based on the same historical data and minimized estimation, we could find more differences between the two methods. Although there are many limitations on the evaluation contents, it is hoped that this first attempt itself should be meaningful, and various and detailed experimental evaluations will be tried in the future to be helpful for the development of a fair value evaluation method.