경영권 프리미엄과 소수주주 보호
Control Premiums and Minority Shareholder Protection
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초록
최근 상장사간의 합병으로 인해 경영권 프리미엄, 합병비율의 적정성, 소수주주 보호 문제가 중요한 이슈로 제기되면서, 궁극적으로 한국기업과 자본시장에 대한 불신을 야기할 가능성이 높다. 본 연구는 이러한 논란이 나올 수밖에 없었던 배경에 주목하고, 앞으로 진행될 추가적인 인수․분할․합병 과정에서 반복될 적정성 논란을 불식할 수 있는 실천적 방안을 모색한다. 구체적으로 공개매수제도와 합병비율 산정방식에 대해 검토하고, 개선 방안들을 심층적으로 살펴본다. 본 연구에서 제시된 방안들이 실행될 경우 과다한 경영권 프리미엄이 줄어들고, 소수주주 보호 장치가 강화되어 기업지배구조 개선에 기여할 것으로 기대된다.
Abstract
Issues on excessive control premiums, adequacy of merger ratio determining mechanism and weak minority shareholder protection have been raised from the recent M&A transactions. This study focuses on the background of why such issues emerge and suggests the action plans. More specifically, this study further reviews and discusses various takeover codes and merger ratio determining mechanism reflective of fair market value. I expect that these action plans will contribute to the reduction of excessive control premiums and to the strengthening of minority shareholders protection, which will ultimately lead to the enhancement of corporate governance in Korea.
참고문헌 (17)
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