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자본시장통합법에 기초한 벤처캐피탈의 활성화를 위한 법적 연구

A Research on the Legal Foundation for the Venture Capital Revitalization in the Era of Financial Big Bang

김희철
고려대학교 법학연구원|2007.10|고려법학 (Korea Law Review)|제49호|pp. 683-713

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참고문헌

키워드

자본시장과 금융투자업에 관한 법률자본시장통합법벤처캐피탈자금조달사모투자전문회사Venture CapitalCollective Investment SchemeFinancial Consolidation ActPrivate Equity Fund(PEF)Pooled Fund
주제분류법학

초록

Abstract

Venture capital is a type of private equity fund typically provided by outside investors to new, growth businesses. Generally made as cash in exchange for shares in the investee company, venture capital investments are usually high risk, but high returns. The pooled investment vehicles primarily invest the financial capital of third-party investors in enterprises that are too risky for the standard capital markets or bank loans. Venture capital can also include managerial and technical expertise. Most venture capital comes from a group of wealthy investors, investment banks and other financial institutions that pool such investments or partnerships. This form of raising capital is popular among new companies, or ventures, with limited operating history, who cannot raise funds through a debt issue. The so called Financial Market Consolidation Act covers PEF, and other laws cover the other venture capital funds. The author, emphasizing the PEF as an useful collective investment scheme for venture capital, indicates three main regulatory problems. One is the severe restriction of the choice of the organizational form for PEF. The choice of organizational form for the PEF is a first step in the formation of successful PEFs. For the local PEFs, however, there is only one type of business organization which are available for the investors in South Korea. The author insists that there should be no restriction on domestic PEFs’ choice of business form. Another is numerical restriction of offeree, which is not helpful for the revitalization of PEF. The third is numerical restriction of investor, which are not fit with the private and public offering.

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관련 논문AI추천

자본시장통합법의 도입과 벤처관련법에 관한 연구박정구안암법학회 · 안암법학2007 · 제통권 제24호벤처캐피탈의 規制에 관한 法的 考察정상근한국상사법학회 · 상사법연구2002 · 제21권 제1호벤처기업 M&A의 법률적 관계강희주한국증권법학회 · 증권법연구2003 · 제4권 제2호자본시장 구조개선에 관한 고찰나석진법학연구원 · 성균관법학2004 · 제16권 제1호「벤처기업육성에 관한 특별조치법」의 문제점에 관한 연구김성은, 최종수한국경제통상학회 · 경제연구2001 · 제10권 제2호자본시장기능제고를 위한 증권거래법 개정론이준섭한국경영법률학회 · 경영법률2005 · 제16권 제1호

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