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Abstract ▼ AI-Helper

When unlisted stocks are inherited or donated, the Office of National Tax Administration in Korea should assess their tax basis, because the capital market price of such stocks is uncertain. This study investigates two major research questions First, this study analyzes empirically the problems incl...

When unlisted stocks are inherited or donated, the Office of National Tax Administration in Korea should assess their tax basis, because the capital market price of such stocks is uncertain. This study investigates two major research questions First, this study analyzes empirically the problems included in Article 63 using the initial public offerings’ data. The results are follows：(a) The marginal change in expected residual income and in expected operating residual income ranges from 62% to 67% on average, which is lower than the 100% prescribed in Article 63. (b) The book value on the base of Article 63 is overestimated than that of the accounting data. (c) The book value and earning power on the base of Article 63 correlate almost 100% that is worthless to a person who would like to analyze a firm’s value using two independent variables, while the correlation between the actual stock price and the prior two or three years net income is very low and is not statistically significant. Second, the study tests four residual income valuation models of the O95 model to find out the alternatives of Article 63 using the same data as the first analysis. The results show the results：(a) By comparing with prediction errors, the two valuation models of F95 model provide value estimates no better than that of Article 63, while the two O95 models decrease absolute prediction errors terms to 39.9% or 42% on average from the 84% or 150% that is predicted on the base of Article 63. (b) Of the two O95 models, the model on the assumption that the linear information dynamics (LIM) has non zero constants is relatively superior to O95 model ignoring the other information. (c) The results of the crosssectional linear regressions of the actual price on the coefficients implied by the valuation models show that the O95 model with non zero constant has the best explanatory power of any other model tested in this study.

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