교환옵션을 이용한 개인사업자의 법인전환 가치평가와 시사점 에 관한 연구: 새로운 모형구축 및 실증분석

• 영문명: Valuation of Corporate Conversion of Sole Proprietorship Using Exchange Option and Its Implications: New Model Building and Empirical Analysis
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 손재호(Jaeho Sohn) 원재환(Chaehwan Won)
• 간행물 정보: 『아태비즈니스연구』제16권 제1호, 303~333쪽, 전체 31쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2025.03.31

국문 초록

Purpose - The main purpose of this study is to develop a new valuation model using an exchange option and to derive managerial implications for the corporate conversion of sole proprietorship. Design/methodology/approach - This study collects relevant corporate and income tax rates for the periods from year 2011 to 2023 and from year 2008 to 2022, respectively, from National Tax System and DART system of Financial Supervisory Service. The Regression analysis and Monte Carlo simulation are hired to analyze the data. Findings - First, our model indicates that the optimal income level at which a sole proprietorship should convert into a corporation is approximately 40 million won, notably lower than 100 million won suggested by previous studies. Second, the conversion probability is estimated to range from 47% to 84%, depending upon the conversion period, which is consistent with real conversion data. Third, the conversion option value is inversely proportional to the dividend payouts and salaries provided to the proprietors after conversion , indicating that the post-conversion dividend and salary levels are important factors in the conversion decision. Research implications or Originality - Overall, all these results demonstrate that our new model can effectively inform decisions regarding corporate conversion. Moreover, they provide valuable insights for investors and proprietors by offering essential information on the firm valuation of sole proprietorships and the optimal conversion timing, respectively

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 연구방법론

Ⅳ. 실증분석 결과

Ⅴ. 결과 및 시사점

References

키워드

Corporate Conversion General Wiener Process Margrabe’s Option Monte Carlo Simulation Ornstein-Uhlenbeck Process