A Legal Study on the Method of Determination of the Sales Price of the Shares with the Restriction on Transfer

2019 Fiscal Year Final Research Report

• Project/Area Number: 17K03474
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Civil law
• Research Institution: Keio University
• Principal Investigator: Kubota Yasuhiko 慶應義塾大学, 法務研究科(三田), 教授 (30298096)
• Co-Investigator(Kenkyū-buntansha): 湯原 心一 成蹊大学, 法学部, 准教授 (00755738)
• Project Period (FY): 2017-04-01 – 2020-03-31
• Keywords: 株式評価 / 譲渡制限株式の売買価格 / DCF法

Outline of Final Research Achievements

The main purpose of this study is to examine how the fact-finding courts should determine the sales price of the shares with the restriction on transfer and choose the valuation methods therefor, taking into account the finance theory and the comparative legal doctrines. The results of our study are summarized as follows. (1) The DCF (discounted cash flow) method should be the primary method for valuation because the DCF method is theoretically most reliable given the sufficient data for calculation is available. (2) Minority discount should not be allowed because it would distort the incentive of controlling shareholders. (3) Illiquidity discount may be allowed because it would not distort the incentive of controlling shareholders, while it does distort the incentive of minority shareholders and encourage them to exercise their right to withdraw from the firm if not allowed.

Free Research Field

会社法

Academic Significance and Societal Importance of the Research Achievements

本研究で検討したのは、いわゆる規範的株式価値評価である。規範的株式価値評価というとき、伝統的に重視されてきたのは、株主間の公正な利害調整であった。本研究では、それを敷衍し、株主（支配株主や少数株主）のインセンティブの歪みを生じさせないという観点を重視しながら、どのように株主間の利害調整を図るべきかを検討した。このような研究は、従来、ほとんど行われてこなかったものであり、その学術的意義・社会的意義は小さくないと考えられる。