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미국 회사법 시장 체계에 관한 연구－ 州 회사법 시장의 독점적 경쟁시장화와 자유주의적 회사법 형성의 관점에서

A Study on the United States’ Corporate Law Market System

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안암법학회 (Anam Law Association)|2010.01|안암법학 (Anam Law Review)|제31호|pp. 221-250|DOI 10.22822/alr..31.201001.221

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키워드

미국 회사법U.S. Corporate LawIncorporation독점적 경쟁시장Race to the TopRace to the Bottom회사의 설립미국 회사법 시장델라웨어 주 회사법미국 모범회사법최고를 향한 경쟁최악을 향한 경쟁회사 법인세자유주의적 회사법U.S. Corporate Law MarketDelaware Corporation LawMBCAMonopolistic Competitive MarketAnnual Franchise TaxLiberal Corporate Law

초록

Contrary to popular belief, all the corporations of a country are not competitive when the country has a competitive corporate law. In this paper, however, I try to highlight the advantages of a competitive U.S. corporate law market system because I believe that it helps U.S. cor- porations conduct business. We study the corporate laws of the so-called developed countries even though its corporate laws are not always competitive, and investigate how its provisions can benefit Korean corporations. Each of the 50 states in the United States has different corporate laws. In addition, every corporation can select incorporating states regardless of where the business is based. Traditionally, many scholars have regarded the characteristics of the U.S. corporate law competition system among states as “the corporate law market.” Scholarly opinions on this topic can be categorized into “race to the top” and “race to the bottom.”In my opinion, first, the U.S. corporate law market has been maintained as “a monopolistic competitive market that aims to create a perfectly competitive market.” Second, “liberal” corporate laws have been consistently implemented in the United States. These characteristics may have implications for a future model of Korean Commercial Law. Several rules of the U.S. corporate law have been incorporated into the Korean Commercial Law. However, further research needs to be conducted to identify ways to reduce the limitations of the U.S. corporate law and magnify its advantages to suit the Korean context.

Abstract

Contrary to popular belief, all the corporations of a country are not competitive when the country has a competitive corporate law. In this paper, however, I try to highlight the advantages of a competitive U.S. corporate law market system because I believe that it helps U.S. cor- porations conduct business. We study the corporate laws of the so-called developed countries even though its corporate laws are not always competitive, and investigate how its provisions can benefit Korean corporations. Each of the 50 states in the United States has different corporate laws. In addition, every corporation can select incorporating states regardless of where the business is based. Traditionally, many scholars have regarded the characteristics of the U.S. corporate law competition system among states as “the corporate law market.” Scholarly opinions on this topic can be categorized into “race to the top” and “race to the bottom.”In my opinion, first, the U.S. corporate law market has been maintained as “a monopolistic competitive market that aims to create a perfectly competitive market.” Second, “liberal” corporate laws have been consistently implemented in the United States. These characteristics may have implications for a future model of Korean Commercial Law. Several rules of the U.S. corporate law have been incorporated into the Korean Commercial Law. However, further research needs to be conducted to identify ways to reduce the limitations of the U.S. corporate law and magnify its advantages to suit the Korean context.

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