한국 우선주 제도의 문제점과 개선방안

Abstract

In this article, the problems of the current (non-voting common- stock-type, not bond-type) preferred stock system are analyzed, and suggestions for improvement are made. The preferred stock in Korea has difficulties in value measurement, and is vulnerable to unhealthy speculation disturbing stock market. In addition to that, the current preferred stock system is not good enough to protect the preferred stock shareholders or investors. Accordingly it is highly probable in the future that various disputes arise between the preferred stock shareholders and the corporation issuing preferred stock. Suggestions for improvement are as followings. First, it is necessary to adopt the bond-type preferred stock system (being adopted in America) instead of the current non-voting common-stock type preferred stock system in Korea. For this purpose, the new issuance of non- voting preferred stock should be prohibited or at least suppressed to a minimum in the future. Second, for those preferred stock already issued and listed in the stock market, it is necessary to establish more complete and detailed rules and regulations which can protect preferred stock shareholders' interests better.