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영업권 가치평가론: 이론과 실무
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영업권 가치평가론: 이론과 실무

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  • 나무미디어
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  • 2019-09-10 출간
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  • 490페이지
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  • 173 X 245 X 33 mm /1018g
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  • ISBN 9791186756157
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1장 무형자산과 영업권의 중요성
1. 무형자산의 정의와 특성 ·································································································· 17
1.1 무형자산의 중요성 _ 17 1.2 무형자산의 정의 _ 18
1.3 무형자산의 특성 _ 19
2. 영업권의 정의와 특성 ······································································································ 24
2.1 영업권의 정의 _ 24 2.2 사업결합과 영업권의 정의 _ 26
2.3 영업권의 구성요소 _ 28 2.4 영업권의 특성 _ 29
2.5 계속기업가치 _ 31 2.6 영업권의 양도성 _ 34
2.7 영업권의 지속성 _ 34
3. 영업권의 경제학적 개념 ·································································································· 36
4. 영업권의 회계학적 개념 ·································································································· 36
4.1 초과이익 개념 excess earnings concept _ 37
4.2 잔여가치 개념 residual value concept _ 37
4.3 시스템결합 개념 system value concept _ 38
5. 영업권의 평가목적과 근거 ······························································································· 39
5.1 영업권의 평가목적 _ 39 5.2 영업권평가의 법적 근거 _ 41
6. IFRS 의 영향 ···················································································································· 43
7. IVS 의 영향 ······················································································································ 45
7.1 IVSC 의 연혁 _ 45 7.2 국제평가기준의 개요 _ 46
7.3 국제평가기준과 무형자산평가 _ 47
8. 전문가 윤리 ······················································································································ 48
8.1 직업윤리의 의의와 중요성 _ 48 8.2 직업윤리의 변화 _ 48
2장 영업권 평가와 기업가치 평가
1. 영업권 평가와 기업가치 평가 ························································································· 53
1.1 기업가치의 구성 _ 54 1.2 영업권 가치와 수익성 _ 57
2. 자본비용의 측정 ··········································································································· 59
2.1 자기자본비용 _ 61 2.2 타인자본비용 _ 68
2.3 자본비용과 WACC _ 70
3. 자산별 요구수익률 ········································································································· 72
4. 영업권과 무형자산의 관계 ····························································································· 78
4.1 영업권과 기업가치 _ 78 4.2 영업권과 상표권 _ 80
4.3 영업권과 권리금 _ 81
■Valuation Issues: 무형자산‘진행중인 연구개발비’IPR&D _ 82
- 4 -
3장 영업권의 평가기준과 절차
1. 영업권의 평가원리 ········································································································· 87
1.1 가치의 3 면성 _ 87 1.2 잔여가치의 원리 _ 88
1.3 무형자산의 다양한 평가방법 _ 92
2. 가치전제와 가치기준 ······································································································ 94
2.1 가치전제 premises of value _ 94 2.2 가치기준 bases of value _ 96
3. 영업권의 평가기준 ··········································································································· 98
3.1 국제평가기준 IVS _ 98 3.2 감정평가실무기준 _ 122
3.3 상속세 및 증여세법 _ 125 3.4 토지보상법 _ 126
4. 영업권의 평가절차 ········································································································· 128
4.1 기본적 사항의 식별 및 확정 _ 129 4.2 처리계획의 수립 _ 132
4.3 자료수집 및 기본분석 _ 132 4.4 재무자료의 분석과 조정 _ 134
4.5 매출액 및 성장률의 추정 _ 137 4.6 평가기법의 적용 _ 144
4.7 시산가치 조정 및 평가가액의 결정 _ 145
4.8 감정평가서의 작성 _ 146
4장 영업권 평가의 소득접근법
1. 소득접근법의 개요 ········································································································· 151
2. 소득접근법의 기초 ········································································································· 153
2.1 잔여가치와 소득접근법 _ 153 2.2 자산유형별 수익률 _ 154
2.3 유형자산 수익률 _ 158 2.4 무형자산 수익률 _ 159
2.5 수익의 지속기간 _ 161
3. 잔여법 residual from business enterprise method ······································································· 164
3.1 개요 _ 164 3.2 적용절차 _ 168
3.3 예제 _ 169
4. 다기간초과이익법 MPEEM ······························································································· 172
4.1 개요 _ 172 4.2 적용대상 _ 174
4.3 적용절차 _ 177 4.4 예제 _ 179
4.5 잔여법과의 차이분석 _ 186
5. 단기간초과이익법 SPEEM ································································································· 188
5.1 개요 _ 188 5.2 적용절차 _ 189
5.3 예제 _ 191
6. 초과이익환원법 CEEM ····································································································· 194
6.1 개요 _ 194 6.2 다기간초과이익법과의 비교 _ 197
6.3 초과이익 지속기간과 환원율 _ 98 6.4 정상이익률의 산정 _ 199
6.5 적용절차 _ 200
6.6 초과이익환원법의 적용조건 및 한계 _ 201
6.7 예제 _ 202
- 5 -
5장 영업권의 다양한 평가방법과 이슈
1. 시장접근법 ······················································································································ 209
2. 비용접근법 ···················································································································· 211
3. 매수가격배분법 PPA method ······························································································· 214
3.1 기본개념과 목적 _ 214 3.2 무형자산의 식별 _ 216
3.3 영업권의 가치 _ 217
4. 상각절세효과 TAB ··········································································································· 220
5. 세법상의 보충적 방식 ···································································································· 221
6. 개별물건기준 원칙과 영업권 평가 ················································································ 224
7. 개인영업권과 기업영업권 ······························································································ 227
8. 시장성할인 ······················································································································ 231
9. 소수지분할인 ·················································································································· 238
6장 영업권 평가사례
1. 회사 및 평가개요 ··········································································································· 249
1.1 평가목적 _ 249 1.2 기준가치 _ 249
1.3 기준시점 및 조사평가기간 _ 250 1.4 평가대상 _ 250
1.5 초과이익의 발생요소 _ 250 1.6 평가방법 _ 251
1.7 일반가정 및 제약조건 _ 252
2. 거시경제 및 산업환경 분석 ·························································································· 253
2.1 국내경제 현황과 전망 _ 253 2.2 세계경제 현황과 전망 _ 255
3. 기업분석 ······················································································································· 257
4. 기업가치의 산정 ············································································································· 257
4.1 기본가정 _ 258 4.2 평가절차 _ 259
5. 영업권의 가치평가 ········································································································· 266
5.1 잔여법 _ 266 5.2 다기간초과이익법 MPEEM _ 269
5.3 초과이익환원법(IVS 기준) _ 276 5.4 단기간초과이익법 SPEEM _ 279
5.5 시산조정 및 평가가액의 결정 _ 282
■Valuation Issues 영업가치와 비영업가치의 평가 _ 284
7장 사업결합과 영업권의 평가
1. 사업결합시 무형자산의 인식과 평가 ············································································ 287
1.1 무형자산의 인식 _ 287 1.2 무형자산 평가기법 _ 289
1.3 무형자산 평가상 유의점 _ 291
- 6 -
2. 매수가격배분법 PPA method ···························································································· 295
2.1 매수가격배분의 목적 _ 295 2.2 영업권 구성요소와 배분 _ 297
2.3 매수가격배분법의 적용 절차 _ 298 2.4 무형자산 및 영업권의 평가 _ 300
3. 매수가격배분법 PPA method 에 의한 평가사례 ································································ 316
3.1 개요 _ 316 3.2 경영실적 및 재무상태 _ 317
3.3 추정 현금흐름 및 기업가치의 평가 _ 319
3.4 식별가능 무형자산의 평가 _ 321 3.5 영업권의 가치 _ 335
3.6 무형자산 평가결과와 WARA 의 적정성 _ 337
■Valuation Issues 회계상 영업권은 세법상 영업권과 다르다”_ 339
8장 영업권의 손상평가
1. 영업권 배분과 손상평가의 목적 ················································································· 343
2. 현금창출단위 CGU 의 결정 ······························································································ 345
3. 손상징후 impairment triggering event ······················································································· 346
4. 손상검사 impairment test ··································································································· 347
5. 손상평가 measurement of impairment ····················································································· 349
5.1 손상평가 진행절차 _ 349 5.2 장부가액의 산정 _ 351
5.3 순공정가치의 산정 _ 352 5.4 사용가치의 산정 _ 353
9장 상가권리금의 평가
1.「상가임대차보호법」과 권리금의 평가 ·········································································· 359
2. 권리금의 구성요소 ········································································································· 360
2.1 지역권리금(바닥권리금) _ 360 2.2 영업권리금 _ 361
2.3 시설권리금 _ 362 2.4 이익권리금 _ 362
3. 권리금의 발생원인 ········································································································· 363
3.1 수요공급의 원리 _ 363 3.2 창업비용의 회수 _ 363
3.3 이미 지급한 권리금의 회수 _ 363 3.4 심리적 요소 _ 364
3.5 세금탈루 및 임대인의 선호 _ 364 3.6 법령상 임차료의 제한 _ 364
3.7 인허가 요건의 강화 _ 365
4. 권리금의 평가절차 ········································································································· 365
4.1 기본적 사항의 확정 _ 365 4.2 처리계획의 수립 _ 366
4.3 대상물건의 확인 _ 366 4.4 자료수집 및 정리 _ 366
4.5 자료검토 및 가치형성요인 분석 _ 366
4.6 감정평가방법의 선정 및 적용 _ 367
4.7 감정평가액의 결정 및 표시 _ 367
5. 영업권과 권리금 평가방법의 비교 ················································································ 368
5.1 영업권의 수익환원법 평가 _ 369
- 7 -
5.2 권리금(무형재산)의 수익환원법 평가 _ 371
6. 개별평가법 ······················································································································ 372
6.1 수익환원법에 의한 무형재산 평가 _ 372
6.2 무형재산의 원가법 평가 _ 3766.3 유형재산의 평가 _ 377
7. 일괄평가법 ······················································································································ 378
7.1 거래사례비교법 _ 378 7.2 수익환원법 _ 379
7.3 기타 평가방법 _ 379
8. 권리금 평가의 문제점 ···································································································· 381
10장 상가권리금의 평가사례
1. 평가대상 및 평가개요 ···································································································· 387
1.1 평가목적 _ 388 1.2 기준시점 _ 388
1.3 평가근거 및 기준가치 _ 388 1.4 평가방법 및 전제조건 _ 388
2. 대상물건의 개요 ··········································································································· 389
2.1 대상부동산 _ 389 2.2 유형재산 _ 390
3. 권리금 구성요소 및 감정평가방법의 적용 ··································································· 390
3.1 권리금 구성요소 _ 390 3.2 권리금의 감정평가방법 _ 391
4. 개별평가법의 적용 ········································································································· 392
4.1 무형재산의 평가 _ 392 4.2 유형재산의 평가 _ 401
4.3 개별평가법에 의한 시산가액 _ 402
5. 일괄평가법의 적용 ········································································································· 402
6. 최종평가액의 결정 ········································································································· 406
부록
1. 감정평가에 관한 규칙 _ 410
2. 감정평가실무기준(무형자산관련) _ 417
3. IVS(국제감정평가기준) _ 424
4. ASA 기업가치평가기준

참고문헌 _ 472
찾아보기 _ 481
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