개정상법상 소수주주축출제도에 관한 연구
A Study on the Squeeze-out System of the Korean Revised Commercial Law
0
조회
0
다운로드
13
인용
0
참고문헌
키워드
초록
It is a significant event to the existing basic principle of the corporate law that Korean revised corporate law of 2012 will introduce the new compulsory acquisition or squeeze-out. This system is modeled on the cash-out merger of the United States and the compulsory acquisition of Germany. Such a move requires a policy shift that corresponds to a more modern vision of financial markets in which minority shareholders are protected not by an inalienable right to remain as shareholders, but rather by a right to receive fair value in exchange for their shares. Compulsory acquisition has both the positive aspect and the negative aspect. The former is that senses of loss of minority shareholders expelled against their will could frustrate the minority shareholders’ will to participate in the economic activities through the corporate system. In order to protect the minority shareholders’ expectations, first of all, the fair transaction of compulsory acquisition and the fair price given to minority shareholders should be secured. For this purpose, the entire fairness test of the United States and the European method of procuring the fairness in the compulsory acquisition can be referred to. Essentially in Korean legal system, however, fundamental reexamin- ation about the relationship of the controlling shareholders and the minority shareholders is necessary. For that, the concept of fiduciary duty approved in many advanced countries should be introduced to the Korean corporate law in the near future.
Abstract
It is a significant event to the existing basic principle of the corporate law that Korean revised corporate law of 2012 will introduce the new compulsory acquisition or squeeze-out. This system is modeled on the cash-out merger of the United States and the compulsory acquisition of Germany. Such a move requires a policy shift that corresponds to a more modern vision of financial markets in which minority shareholders are protected not by an inalienable right to remain as shareholders, but rather by a right to receive fair value in exchange for their shares. Compulsory acquisition has both the positive aspect and the negative aspect. The former is that senses of loss of minority shareholders expelled against their will could frustrate the minority shareholders’ will to participate in the economic activities through the corporate system. In order to protect the minority shareholders’ expectations, first of all, the fair transaction of compulsory acquisition and the fair price given to minority shareholders should be secured. For this purpose, the entire fairness test of the United States and the European method of procuring the fairness in the compulsory acquisition can be referred to. Essentially in Korean legal system, however, fundamental reexamin- ation about the relationship of the controlling shareholders and the minority shareholders is necessary. For that, the concept of fiduciary duty approved in many advanced countries should be introduced to the Korean corporate law in the near future.
참고문헌 (37)
- 김건식, "자본시장법 2판" (2010), 두성사
- 김학성, "헌법학원론" (2011), 박영사
- 김성호, "독일 주식법상의 소수주주축출제도와 그 시사점", 상사법연구, 24(3), pp.83~112 (2005), 한국상사법학회
- 金聖虎, "미국 회사법상 ＂소수주주 축출의 정당성＂에 관한 고찰", 기업법연구, 21(4), pp.297~316 (2007), 한국기업법학회
- 김성호, "상법개정시안에서의 소수주주축출(squeeze-out)에 관한 고찰", CG Review, 48 (2010)
- 김재형, "미국에서 합병대가의 유연화와 소수주주축출에 관한 입법의 변천과 법원의 대응", 기업법연구, 18(1), pp.57~74 (2004), 한국기업법학회
- 김화진, "소수주식의 강제매수제도", 서울대학교 법학, 50(1), pp.321~350 (2009), 법학연구소
- 김효신, "소수주주축출제도의 도입방안에 대한 검토", 선진상사법률연구, (50), pp.40~58 (2010), 법무부
- 김홍식, "개정상법상 현금지급합병제도에 관한 연구", 경영법률, 21(4), pp.249~283 (2011), 한국경영법률학회
- 노혁준, "소수주주 축출제도의 도입에 관한 연구 － 도입형태와 가격산정을 중심으로－", 상사법연구, 26(4), pp.231~271 (2008), 한국상사법학회
- 서완석, "상법상의 소수주주 축출제도 -소수주식 강제매수제도와 교부금 합병제도를 중심으로-", 상사법연구, 30(2), pp.385~443 (2011), 한국상사법학회
- 송종준, "폐쇄기업화거래의 공정요건과 소수파주주의 보호", 상사법연구, 19(1) (2000)
- 송종준, "소수주주 강제퇴출법제의 국제적 신조류와 그 입법론적 수용 가능성 -미국,영국,독일법의 비교분석을 중심으로-", 증권법연구, 6(1), pp.1~38 (2005), 한국증권법학회
- 송창현, "소수주주 축출거래의 공정성", 월간중앙 (2009)
- 신석훈, "회사가치평가와 비상장주식의 공정가치", KERI 칼럼 (2011), 한국경제연구원
- 육태우, "주주억압법리에 관한 연구 : 미국의 폐쇄회사를 중심으로", 박사, pp.2006
- 육태우, "공개회사에 있어서 폐쇄기업화거래의 환경 및 규제 － 미국의 연방법 및 주판례법을 중심으로 －", 경영법률, 17(3), pp.107~155 (2007), 한국경영법률학회
- 최민용, "지배주주의 주식매도청구권의 운용과 관련된 몇 가지 제언", 경영법률, 21(4), pp.361~389 (2011), 한국경영법률학회
- 최병규, "독일의 Squeeze-Out제도에 관한 연구", 한독법학, (14) (2003)
- 홍복기, "주주의 충실의무-독일연방최고법원 리노티페판결 (BGHZ 103, 194, vom 1.2.1988)-", 사법행정, (391) (1993), 한국사법행정학회
- Alan R. Palmiter, "Coporations 4th edition" (2003)
- Alexander Khutorsky, "Note, Coming in From the Cold: Reforming Shareholders' Appraisal Rights in Freeze-out Transactions", Colum. Bus. L. Rev, 1997, pp.133~ (1997)
- Arthur M. Borden, "Going Private 1.02, 3.02 (2003); Joshua M. Koenig, a Brief Roadmap to Going Private", Colum. Bus. L. Rev, 2004, pp.505~ (2004)
- Charles M. Nathan, "Current Developments in U.S. Mergers and Acquisitions Law, In PLI's Second Annual Institute on Securities Regulation in Europe" (2002), PLI Corp
- F. Hodge, "O'Neal's Oppression of Minority Shareholders: Protecting Minority Rights in Squeeze Outs and Other Intracorporate Conflicts" (1993)
- Franklin A. Gevurtz, , Corporation Law, 737 (2000)
- Hillman, "The Dissatisfied Participant in the Solvent Business Venture: A Consideration of the Relative Permanence of Partnerships and Close Corporations", MINN. L. REV, 67, pp.1~ (1982)
- James C. Spindler, "How Private is Private Equity, and at What Cost?", U. Chi. L. Rev, 76, pp.311~ (2009)
- Marco Ventoruzzo, "FREEZE-OUTS: TRANSCONTINENTAL ANALYSIS AND REFORM PROPOSALS", Va. J. Int'l L, 50, pp.841~ (2010)
- Meredith M. Brown, "Takeovers: A Strategic Guide to Mergers and Acquisitions", pp.467~ (2001)
- Michael T. Burr, "Going-Private Trend Falls Short of Expectations, Corp. Legal Times, Aug. 3" (2003)
- M. Todd Henderson, "The Going-Private Pheno- menon: Causes and Implications", U. Chi. L. Rev, 76, pp.1~ (2009)
- Richard A. Booth, "Minority Discounts and Control Premiums in Appraisal Proceedings", Bus. Law, 57, pp.127~ (2001)
- Robert B. Thompson, "Exit, Liquidity, and Majority Rule: Appraisal's Role in Corporate Law", Geo. L.J, 84, pp.1~ (1995)
- Robert, C. Art, "Shareholder Rights and Remedies in Close Corporation: Oppression, Fiduciary Duties, and Reasonable Expectations", Iowa J. Corp. L, 28, pp.371~ (2003)
- Steven C. Bahls, "Resolving Shareholder Dissension: Selection of the Appropriate Equitable Remedy", J. Corp. L, 15, pp.285~ (1990)
- Thompson, "Corporate Dissolution and Shareholders' Reasonable Expectations", WASH. U.L.Q, 66, pp.193~ (1988)