상법개정안상 자기주식 및 주식소각 제도의 검토
Stock Repurchase and Cancellation of Shares Under 2008 Revision Draft to the Korean Commercial Code
0
조회
0
다운로드
21
인용
0
참고문헌
키워드
초록
This article reviews legal issues related to stock repurchase and cancellation of shares under 2008 revision draft to the Korean Commercial Code(KCC) which is currently referred to the Korean National Assembly. The revision draft of the KCC deregulates the stock repurchase mechanism by liberalizing the repurchase of its own stock by the corporation. The draft also eradicates the cancellation of shares through the profit and integrates it into stock repurchase system. However, the revision draft of the KCC does not stipulate specific method of stock repurchase. Since the KCC regulates listed and unlisted corporations simultaneously, the KCC needs to provide various methods of stock repurchase including the stock purchase by shareholder agreement or the repurchase via private transactions. Regarding the sale of treasury stock the KCC does not prescribe the requirements and relevant procedures of the sale of treasury stock except the disposition period. With a view to enhancing the flexibility of equity financing and maintaining the equity ratios of existing shareholders, the sale of treasury stock must be conducted on equal basis per share. Also this article discusses the cancellation of shares mainly focusing on the revision draft to the KCC. According the revision draft there is no regulation to limit the number of shares which can be repurchased for the cancellation purposes. Without the limitation, theoretically 100% cancellation may be allowed and it has the same effect as corporate dissolution. This article suggests to put the ceiling on the number of cancelled shares. However, in the case of 100% reduction of stated capital and offering new stocks for subscription at the same time, 100% reduction needs to be allowed.
Abstract
This article reviews legal issues related to stock repurchase and cancellation of shares under 2008 revision draft to the Korean Commercial Code(KCC) which is currently referred to the Korean National Assembly. The revision draft of the KCC deregulates the stock repurchase mechanism by liberalizing the repurchase of its own stock by the corporation. The draft also eradicates the cancellation of shares through the profit and integrates it into stock repurchase system. However, the revision draft of the KCC does not stipulate specific method of stock repurchase. Since the KCC regulates listed and unlisted corporations simultaneously, the KCC needs to provide various methods of stock repurchase including the stock purchase by shareholder agreement or the repurchase via private transactions. Regarding the sale of treasury stock the KCC does not prescribe the requirements and relevant procedures of the sale of treasury stock except the disposition period. With a view to enhancing the flexibility of equity financing and maintaining the equity ratios of existing shareholders, the sale of treasury stock must be conducted on equal basis per share. Also this article discusses the cancellation of shares mainly focusing on the revision draft to the KCC. According the revision draft there is no regulation to limit the number of shares which can be repurchased for the cancellation purposes. Without the limitation, theoretically 100% cancellation may be allowed and it has the same effect as corporate dissolution. This article suggests to put the ceiling on the number of cancelled shares. However, in the case of 100% reduction of stated capital and offering new stocks for subscription at the same time, 100% reduction needs to be allowed.
참고문헌 (55)
- 상법 일부개정법률안(정부제출) 검토보고, "국회 법제사법위원회", ~ (2007)
- 상법 일부개정법률안 검토보고, "국회 법제사법위원회", ~ (2008)
- 권기범, "현대회사법론 제3판" (2010), 삼영사
- 김건식, "21세기 회사법 개정의 논리" (2007), 소화
- 김병연, "자기주식의 처분 및 활용방안" (2005), 한국상장회사협의회
- 김순석, "주요국 회사법" (2009), 전국경제인연합회
- 김홍식, "M&A 개론" (2009), 박영사
- 이범찬, "자기주식취득규제에 관한 연구" (1993), 한국상장회사협의회
- 이철송, "회사법강의 제18판" (2010), 박영사
- 최준선, "회사법강의 제5판" (2010), 삼영사
- 최준선, "회사법 개정방향에 관한 연구" (2004), 한국상장회사협의회
- 江頭憲治郞, "株式會社法· 有限會社法 第4版" (2005), 有斐閣
- 江頭憲治郞, "株式會社法 第3版" (2009), 有斐閣
- 江頭憲治郞, "改正會社法セミナー 株式編" (2005), 有斐閣
- 關西法律特許事務所, "詳解新會社法の理論と實務" (2006), (株)民事法硏究會
- 大隅健一郞, "會社法論· 中 第3版" (1992), 有斐閣
- 鈴木竹雄, "改正株式會社法解說" (1950), 日本評論社
- 鈴木竹雄, "會社法 第3版" (1994), 有斐閣
- 森本滋, "比較會社法硏究" (2003), 商事法務
- 森本滋, "自己株式の取得規制", 金融法務事情, (1813) (2007)
- 上柳克郞, "新版注釋會社法(3)" (1986), 有斐閣
- 相澤哲, "一問一答新會社法" (2005), 商事法務
- 相澤哲, "論点解說新· 會社法" (2006), 商事法務
- 神田秀樹, "新しい株式制度" (2002), 有斐閣
- 神田秀樹, "會社法 第11版" (2009), 弘文堂
- 龍田節, "會社法大要" (2007), 有斐閣
- 伊藤雄司, (2009), 商事法務
- 伊藤靖史, "逐條解說會社法 第2卷 株式· 1" (2008), 中央經濟社
- Richard A. Booth, "Financing the Corporation" (2005), Supp.
- 국중권, "적대적 M&A 방어법제에 관한 연구", 박사, pp.2006
- 권기범, "주식소각에 의한 자본감소 소고. in: 상법연구의 향기(정희철 교수 정년 20년 기념)" (2004)
- 권재열, "현행 상법상 주식소각제도의 문제점과 개선방안. in: 한국기업의 위기와 법적 대응방안", 한국상사법학회 2010년 하계학술대회 (2010), 한국상사법학회
- 권종호, "2001년 개정상법 및 증권거래법상의 주식소각제도. in: 현대상사법논집(우계 강희갑 박사 화갑기념)" (2001), 한국상사법학회
- 자기주식의 이익소각제도에 대한 몇가지 시사점, "비교사법", 2001, ~, pp.한국비교사법학회
- 김순석, "미국의 배당규제와 자기주식 제도", 비교사법, 13(2), pp.251~283 (2006), 한국비교사법학회
- 노혁준, "자기주식과 기업의 합병, 분할", 증권법연구, 9(2), pp.117~153 (2008), 한국증권법학회
- 송종준, "자기주식의 처분절차규제에 관한 소고, 법률신문 제3504호 (2006. 11. 9), 13면", ~ (2006)
- 신우진, "경영권 방어를 위한 자기주식의 제3자에 대한 처분의 법적 문제점", 기업법연구, 21(4), pp.139~176 (2007), 한국기업법학회
- 염춘필, "자본감소절차 및 등기실무에서 발생하는 제문제－사례별 실무내용 소개와 검토의견을 중심으로－", 법무사저널 (2008), 서울지방법무사협회
- 옥무석, "자기주식의 이익소각제도에 대한 몇가지 시사점", 비교사법, 8(2) (2001)
- 왕순모, "일본 상법의 최근 개정동향－일본의 ‘금고주 해금 등에 관한 상법개정’과 우리 법에의 시사－", 법조, (548) (2002), 법조협회
- 윤영신, "EU 회사법상 자본제도에 관한 제2지침 개정 동향", BFL, (13) (2005), 서울대학교 금융법센터
- 이범찬, "자기주식취득의 규제에 관한 몇 가지 문제. in: 현대상사법의 제문제(일석박상조교수화갑기념)" (1998), 한올출판사
- 이철송, "불공정한 자기주식거래의 효력 - 주식평등의 원칙과 관련하여", 증권법연구, 7(2), pp.1~25 (2006), 한국증권법학회
- 藤田友敬, "自己株式の法的地位, 商事法への提言－落合誠一先生還曆記念" (2004), 商事法務
- "商事法務", 2001, ~
- 森本滋, "自己株式取得規制の改正―平成13年6月商法改正の評價", 金融法務事情, (1643) (2002)
- 相澤哲, "株式(株式會社による自己の株式の取得), 立法擔當者による新· 會社法の解說", 別冊商事法務, (295) (2006)
- 相澤哲, "株式會社の計算等", 商事法務, (1746) (2005)
- 矢沢惇, "株式の消却ー特に償還株式について, 松本先生古稀記念企業法の諸問題" (1981), 有斐閣
- 原田炅治, "自己株式の取得規制等の見直しに係る商法改正の解說", 商事法務, (1607) (2001), ,
- ―米國の關係規制からの示唆―, "商事法務", 2001, ~
- Eugene F. Fama, "Disappearing Dividends:Changing Firm Characteristics or Lower Propensity to Pay?", J. Fin. Econ., 60(3) (2001)
- David Ikenberry, "Stock Repurchases in Canada: Performance and Strategic Trading", J. Fin. Econ., 55(2373) (2000)
- Ok-rial Song, "Hidden Social Costs of Open Market Share Repurchases", J. Corp. L., 27(425) (2002)