M&A의 法理論과 法規制에 관한 考察
Study on the legal aspect of M&A
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【Abstract】 Study on the legal aspect of M&A Man-Sig Yang Do Korean companies need to protect themselves against takeover? Those who have suggested introducing ways to protect companies against takeover naturally answer yes to the question, but the answer is not always obvious if we take a look at the situations related to the issue objectively. For listed companies in which stocks are widely shared, people might think shareholders meeting can function enough to control CEOs through the rights to elect or dismiss directors. However it actually does not. Under the circumstance, CEOs are likely to put their interests before those of shareholders, which has been dealt with as agency problem between shareholders and CEOs in the theory of corporate finance. The transfer(or any threats of changing) of controlling interest can be a tool to alleviate the agency problem. Each shareholder doesn't have any incentives to solve the agency problem but the problem reflects lower evaluation of stock prices leading to the fast emergence of purchasers. The threats due to the emergence of purchasers control CEOs' seeking for personal interests. Defence measures against takeover can be something inefficient because they can weaken the control system over CEOs by transferring (or any threats of changing) of controlling interest. Even in the U.S where they have a lot of experience in terms of defence measures against takeover and those measures are widely accepted, it's not always clear that they need the measures. 20years have passed since the first defense measure was designed but the debate on the question continues.
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