現行 商法에 비추어 본 株主의 新株引受權 制度의 當爲性에 관한 考察
Revisiting the Role of Shareholders' Pre-Emptive Right in Korean Commercial Law and Practice
0
조회
0
다운로드
7
인용
0
참고문헌
키워드
초록
Financial Supervisory Service of Korea said early in 2010 that many listed companies have no or weak limitation in their corporate charter on the issuing new shares without respecting existing shareholders' pre-emptive right. It is the rule of corporation law that a company proposing to issue new shares shall not issue them to any person unless it has first offered to each existing shareholder a proportion of those shares which is equal to his existing proportion of his aggregate share holdings. The divergence of corporate practice from corporation law principle makes us to ask a question: which is a better choice, to amend corporation law principle or to improve corporate practice? This paper attempts to explore the benefit of shareholders to be protected by pre-emptive right and compare pros and cons of pre-emptive right with those of alternative legal scheme to protect shareholders' benefit in korean legal circumstances.
Abstract
Financial Supervisory Service of Korea said early in 2010 that many listed companies have no or weak limitation in their corporate charter on the issuing new shares without respecting existing shareholders' pre-emptive right. It is the rule of corporation law that a company proposing to issue new shares shall not issue them to any person unless it has first offered to each existing shareholder a proportion of those shares which is equal to his existing proportion of his aggregate share holdings. The divergence of corporate practice from corporation law principle makes us to ask a question: which is a better choice, to amend corporation law principle or to improve corporate practice? This paper attempts to explore the benefit of shareholders to be protected by pre-emptive right and compare pros and cons of pre-emptive right with those of alternative legal scheme to protect shareholders' benefit in korean legal circumstances.
참고문헌 (26)
- 곽윤직, "「채권총론」(신정수정판)" (2001), 박영사
- 이철송, "회사법강의" (2009), 박영사
- 정찬형, "상법강의(상)" (2009), 박영사
- 최기원, "상법학신론(상)" (2009), 박영사
- 이시윤, "「신민사소송법」(4판)" (2008), 박영사
- 호문혁, "「민사소송법」(6판)" (2008), 법문사
- 신은영, "경영권 방어 목적의 제3자배정 신주발행", 판례연구, 23(1) (2009), 서울지방변호사회
- 이동승, "상법 제418조와 신주인수권배제", 경영법률 (1999)
- 이준섭, "주주의 신주인수권 배제", 상사법연구, 13 (1994), 한국상사법학회
- P. L. Davies, "「Principles of Modern Company Law」(7th ed.)" (2003), Sweet & Maxwell
- W. M. Fletcher, "Fletcher Cyclopedia of the Law of Corporations", ~ (2010)
- Mayson, French & Ryan, "「Company Law」(26th ed.)" (2009), Oxford
- R. Marsch-Barner, "Handbuch börsennotierte AG" (2005), Otto Schmidt
- Uwe Hüffer, "「Aktiengesetz」(8. Auflage.)" (2008), Beck C. H.
- M&A判例の分析と展開, "野村修也", 經濟法令硏究會, ~ (2007)
- A. H. Frey, "Shareholders' Pre-Emptive Rights", Yale Law Journal, 563 (1929)
- H. S. Drinker, "The Preemptive Right of Shareholders to Subscribe to New Shares", Harvard Law Review, 43, pp.586~ (1930)
- Victor Morawetz, "The Preemptive Right of Shareholders", Harvard Law Review, 42, pp.186~ (1928)
- Tilman Bezzenberger, "Das Bezugsrecht der Aktionäre und sein Ausschluss. in: Zeitschrift für Wirtschaftsrecht" (2002), RWS Verkag
- M. Schlitt, "Alte und neue Fragen im Zusammenhang mit 10%-Kapitalerhöhungen. in: Aktiengesellschaft(AG)" (2005), Otto Schmidt
- Frank Rodloff, "Zum Kontrollmaßstab des Bezugsrechtsausschlusses. in: 「Zeitschrift für Wirtschaftsrecht」(ZIP)", pp.1076~ (2003), RWS Verkag
- 二上季代司, "第三者割当增資の規制に關する英米の事例", 証硏レポート, (1648) (2008), 日本証券経濟硏究所
- Paul Myners, "The Impact of Shareholders' Pre-Emption Rights on a Public Company's Ability to Raise New Capital: An Invitation to Comment from Paul Myners", ~ (2004)
- Paul Myners, "Pre-Emption Rights: Final Report A Study by Paul Myners into the Impact of Shareholders' Pre-Emption Rights on a Public Company's Ability to Raise New Capital", ~ (2005)
- "Disapplying Pre-emption Rights, A Statement of Principles"[URL]
- 安心して投資できる市場環境等の整備に向けて, "東京證券取引所", 東京證券取引所上場制度整備懇談會, ~ (2009)