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차등의결권 제도의 안착과제와 해외사례 분석

A Study on Settlement tasks of Dual Class Voting System and Overseas Cases

박정미|송치승
신용보증기금 (Korea Credit Guarantee Fund)|2022.09|중소기업금융연구 (Journal of SME Finance)|제42권 제3호|pp. 69-107|DOI 10.33219/jsmef.2022.42.3.003

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참고문헌

키워드

기업지배구조M&ACorporate Governance차등의결권 주식Dual Class Shares

초록

우리나라는 문 정부 출범 후 차등의결권 도입에 대한 논의가 급물살을 타고 있으며, 현 정부 역시차등의결권 도입의지를 밝힌 바 있다. 차등의결권 주식의 허용여부를 두고 찬반양론이 제기되고 있다. 본 연구는 차등의결권을 국내에 도입하려는 현 시점에 차등의결권 도입에 대한 찬･반 의견들을검토하고, 차등의결권 제도의 안착과제들을 분석하였다. 그리고 차등의결권 제도를 우선 도입한 해외국가들의 현황을 살펴보고, 그것을 도입한 기업들의 도입성과들을 분석하였다. 분석결과 M&A 활성화, 벤처생태계 선순환체계 구축, 그리고 기업의 지배구조는 아직 불완전한 상태이며, 앞서 도입한국가들의 차등의결권 도입이 부정적이었다는 연구결과들이 대다수이다. 차등의결권 법안 처리를 앞두고 있는 현 시점에서 본 연구는 다음과 같은 제안을 하고자 한다. 첫째, M&A 활성화, 벤처생태계 선순환 구축, 그리고 기업 지배구조의 개선 등은 차등의결권 선결과제일 뿐만 아니라 안착과제로서 차등의결권 도입여부와 관계없이 우리 경제 발전을 위해서는 절실히요구된다는 것이다. 따라서 우리는 차등의결권 제도의 안착을 위한 과제로써 이들을 함께 고려해야한다는 것이다. 둘째, 차등의결권을 도입한 해외국가들의 사례를 기반으로 차등의결권을 도입하였을때 발생할 문제점들을 미연에 방지하기 위하여 여러 분야에서 지혜를 모아야 할 것이다. 셋째, 비록경영권의 위협 없이 원활한 자금조달차원에서 도입의 필요성을 인정한다 하더라도 실제 차등의결권을 도입한 해당기업의 가치가 훼손된다면 차등의결권 도입에 따른 기대효과들을 창출하지 못할 수도있다. 이에 차등의결권 제도 안착과 함께 진행되어야 할 여러 과제들에 대한 심도 있는 논의와 이에대한 대안 마련을 정책당국자들에게 제언하는 바이다.

Abstract

In Korea, since the inauguration of the Moon’s government, discussions on the introduction of dual-class voting rights have been on the rise, and the current government has also expressed its willingness to introduce dual-class voting rights. Pros and cons are being raised over whether dual-class stocks are allowed. This study reviews the arguments for and against the introduction of dual-class voting rights in Korea and analyzes the settlement tasks of the dual class voting system. And the study examines the current status of overseas countries that have introduced the dual-class voting system and analyzes the results of the introduction of companies that have introduced it. As results of the analysis, M&A activation, establishment of a virtuous cycle system of venture ecosystems, and corporate governance are still incomplete in Korea. In addition, most of the research results show that the introduction of dual-class voting rights in the preceding introduction countries is negative. At this point when the dual-class voting rights bill is about to be processed, this study intends to make the following suggestions. First, activation of M&A, the establishment of a virtuous cycle in the venture ecosystem, and the improvement of corporate governance are not only prerequisites but also settlement tasks for dual-class voting rights, urgently required for the development of the Korean economy regardless of their introduction. Therefore, these tasks should be considered with the introduction of dual-class voting rights. Second, based on the cases of foreign countries that introduced dual-class voting rights, we should gather wisdom in various fields to prevent problems in introducing dual-class voting rights in Korea. Third, even if the necessity of introduction dual-class voting rights is recognized at the level of smooth financing without the threat of management rights, the expected effects of the introduction of dual-class voting rights may not be created if the value of the company that introduced dual-class voting rights is damaged. Therefore, through this study, we hope that capital markets and policy officials will discuss in depth the tasks presented here to settle the differential voting system, and we look forward to preparing alternatives to these.

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