현물배당의 활용 가능성 및 한계와 개선방안

Abstract

A company may pay dividends within the limit of the value of net assets stated on the balance sheets after deducting ①The amount of capital, ② The total amount of the capital reserve and the earned surplus reserve accumulated until the pertinent period for the settlement of accounts of the company, ③The amount to be accumulated for the pertinent period for the settlement of accounts of the company and ④Unrealized profits determined by Presidential Decree. Under the Commercial Code amended in 2011, A company may determine in its articles of incorporation that it may pay dividends with assets other than money. In Commercial Code amended in 2011, the dividend in kind was introduced for the varieties of the company's financial management. And a company make use of the dividend in kind for actual corporate division(spin-off) by establishing a new subsidiary and by distributing the subsidiary’s shares to parent company's shareholders, that is to say the dividend in kind. However after the amendment of Commercial Code, the dividend in kind has been achieved only one case. In this article, I would like to explore the possibilities and limitations of the dividend in kind in aspect of a corporate restructuring and a financial management. And then, I would try to examine the Japan's Corporate Act and the Corporate Tax Act. We has much to learn from Japan's case. In Japan, it was introduced eligible dividend in kind by amending the Corporate Tax Act. Lastly, I would like to suggest the improvement to vitalize the use of dividend in kind for corporate restructuring and corporate’s financial management.