주식회사 순환출자금지에 관한 최근 입법논의

Abstract

This paper deals Cross participation and Circular participation of company Ltd., so-called enterprise(Chaebol). Circular participation occurs because of the 'Chaebol' ownership structual, where the control power makes heavy investment on the highest-ranking company in the chain, which function as the holding company within the Chaebol structure. Circular participation is a form of mutual equity by three or more companies, through purchase of shares or subscription of new shares. The Circular participation can be seen as a form of ownership structure where the controller of Chaebol seeks to expand its control over the affiliated companies. Actually, it is problem of corporate law. But in Korea, it hat mainly been seen as a Chaebol governance problem related to Korean Fair Trade Act. The regulatory scope of the prohibition of new circulation participation in Korea is very significant. Law amendment on circular participation in Fair Trade Act been voted in the National Assembly 0n December 31. 2013. Reviewing Amendment of Fair Trading Act, this article explains details of the benefits and lack of revision. Although we introduced Regulation of circulation participation, there are no discussion about Introduction of multiple voting stock, stocks with limited voting rights, the class with eliminating or restraining voting rights, the class stock of refusal rights and the class stock of electing rights and golden share. With the increasing needs to various methods to raise finance in corporate practice, we have to discuss about introduction various types of stocks in Korea Commercial Code(KCC).