채권종류의 다양화에 대한 법적 고찰
A Legal study on the diversification of sorts of bonds
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
It is necessary to legally support various demands on investor and issuing company's bonds and enhance protection on investors. To achieve this, it is desirable that the number of hybrid bonds expand continuously in the Capital Market Act and commercial law. This will lay the groundwork for relaxing or abandoning the legislative reservation for securities in the long run, and arrange comprehensive types of bonds. When issuing diverse and complicated hybrid bonds, it is necessary to specify the procedural matters on the exercise of a right of bonds. This prevents confusion for investors regarding claim to the residue when an issuing company of hybrid bonds go bankrupt, since the order of priority is clear. Moreover, in order to specify the conditions of exercise of a right and the issuing condition of hybrid bond, publication of the information on hybrid bonds should be enforced. Through this, the access right for information on hybrid bonds should be improved for the owner and the investor of hybrid bonds. Regarding the sales of hybrid bonds, those that contain investment risk above certain level should be issued in private offering form for QIB(qualified institutional buyer). In addition, it is desirable to recommend general investors to indirectly invest in hybrid bonds through financial instruments issued by qualified institutional buyer. When selling hybrid bonds through public offerings, know-your customers and know-your- securities should be thoroughly explained so that investor can fully comprehend. In order to enhance the liquidity of other hybrid bonds, a specialized place where only hybrid bonds are traded should be organized. Strict financial supervision regarding the issuance and sales of hybrid bond and accurate credit rating on hybrid bonds from credit rating institution are required.
Abstract
It is necessary to legally support various demands on investor and issuing company's bonds and enhance protection on investors. To achieve this, it is desirable that the number of hybrid bonds expand continuously in the Capital Market Act and commercial law. This will lay the groundwork for relaxing or abandoning the legislative reservation for securities in the long run, and arrange comprehensive types of bonds. When issuing diverse and complicated hybrid bonds, it is necessary to specify the procedural matters on the exercise of a right of bonds. This prevents confusion for investors regarding claim to the residue when an issuing company of hybrid bonds go bankrupt, since the order of priority is clear. Moreover, in order to specify the conditions of exercise of a right and the issuing condition of hybrid bond, publication of the information on hybrid bonds should be enforced. Through this, the access right for information on hybrid bonds should be improved for the owner and the investor of hybrid bonds. Regarding the sales of hybrid bonds, those that contain investment risk above certain level should be issued in private offering form for QIB(qualified institutional buyer). In addition, it is desirable to recommend general investors to indirectly invest in hybrid bonds through financial instruments issued by qualified institutional buyer. When selling hybrid bonds through public offerings, know-your customers and know-your- securities should be thoroughly explained so that investor can fully comprehend. In order to enhance the liquidity of other hybrid bonds, a specialized place where only hybrid bonds are traded should be organized. Strict financial supervision regarding the issuance and sales of hybrid bond and accurate credit rating on hybrid bonds from credit rating institution are required.
참고문헌 (49)
- 권세훈, "조건부 자본의 사례 및 활용전략-역전환채권 구조를 중심으로-" (2010), 자본시장연구원
- 정찬형, "상법강의(상)(제15판)" (2012), 박영사
- 단기금융시장 발전을 위한 단기사채 인프라구축방안 수립 연구, "한국채권연구원", 증권예탁결제원 연구용역보고서, ~ (2008)
- 권기훈, "향익증권", 법학연구, 6 (1997), 경상대학교
- 권영선, "최근 은행 후순위채권 발행동향과 과제", 금융시스템리뷰 (2000), 한국은행
- 금융감독원, "채권형 신종자본증권(Hybrid Tier Ⅰ)의 발행 허용", ~ (2003)
- 김형태, "구조설계채권 현황분석과 활성화 방안", 증권예탁 (2001), 증권예탁원
- 남유선, "企業金融에 있어서의 後順位債(Subordinated Debt)에 관한 연구", 비교사법, 13(1), pp.263~300 (2006), 한국비교사법학회
- 주요국가의 기업규제 개혁번제에 관한 비교법적 연구(Ⅲ)-영국-, "노혁준", 한국법제연구원, ~, pp.비교법제연구 08-2 (2008)
- 문준우, "주식회사의 자금조달에 관한 연구 : 주식과 사채를 중심으로", 박사, pp.2010
- 박세화, "주식회사 자금조달의 활성화를 위한 새로운 주식 제도", 상사법연구, 24(3), pp.183~223 (2005), 한국상사법학회
- 박준, "기업금융활성화와 신종증권에 관한 자본시장법의 개정", 상사판례연구, 24(3), pp.29~93 (2011), 한국상사판례학회
- 이승환, "하이브리드증권 발행에 관한 연구", 비교사법, 16(1), pp.39~74 (2009), 한국비교사법학회
- 이승환, "전환사채의 전환가액에 관한 연구", 법학연구, 19(3), pp.313~334 (2009), 법학연구원
- 윤영신, "법률에 근거규정이 없는 사채의 발행가부", 상사법연구, 22(1), pp.461~493 (2003), 한국상사법학회
- 원용수, "프랑스의 회사법 개정방향과 시사점", 상장협연구, (54) (2006), 한국상장회사협의회
- 주기종, "신주인수권부사채제도의 일고찰", 법학논집 (1993), 청주대 법학연구소
- 조선규, "신종자본증권 Hybrid Tier 1", Stock, (422) (2003), 증권거래소
- 정순섭, "금융회사의 자본규제-조건부자본의 상법상 문제", 한국상사법학회 2010년 추계학술대회 발표자료 (2010)
- 정승화, "자본시장법상 파생결합증권에 관한 법적 소고", 금융법연구, 8(1), pp.415~462 (2011), 한국금융법학회
- 정승화, "혼합증권에 관한 법적 연구", 박사, 법학과, pp.2012
- 정준혁, "프랑스 회사법의 현대화에 관한 연구 : 주식회사의 자금 조달 방법을 중심으로", 석사, pp.2005
- 회사법 개정방향에 관한 연구, "최준선", 한국상장회사협의회, ~ (2004)
- 崔完鎭, "特殊社債에 관한 法的 硏究", 박사, pp.1988
- 최완진, "교환사채에 관한 법적 고찰, In 상사법의 기본과제" (1993), 삼영사
- ABA, "Model Business Corporation Act, 3rd. ed" (1985), Law & Business Inc
- Alan Dignam, "Company Law 5th ed" (2009), Oxford University Press
- Ballantine, "On Corporation" (1946)
- Derek French, "Company Law", Oxford University Press
- Ellis Ferran, "Principles of Corporate Finance Law" (2008), Oxford University Press
- Gerald Spindler, "Kommentar Zum Aktiengesetz(Band 2§§179-410), Műnchen : Verlag C․H․Beck," (2007), Verlag C․H․Beck
- James D. Cox, "Corporations" (2003), Aspen Publishers
- Pierre Vernimmen, "Corporate Finance Theory and Practice" (2005), John Wiley & Sons Ltd
- Reiling Henry B, "Warrants in Bond-Warrant unit : A Survey and Assessment, Machigan Law Review", 70 (1972)
- Ross, Stephen A, "Modern Financial Management 8th ed", pp.2008, McGraw-Hill
- Satyajit Das, "Structured Products & Hybrid Securities" (2001), Wiley & Sons(Asia)Pte. Lte
- Stephen Judge, "Company Law 1st ed" (2008), Oxford University Press
- William J. Carney, "Corporate FinanceᐨPrinciples and Practice" (2005), Foundation Press
- Basel Committee on Banking Regulations and Supervisory Practices, Bank of International Settlement, "International Convergence of Capital Measurement and Capital Standards", ~ (1998)
- 江頭憲治郞, "｢株式會社法(제2판｣" (2008), 有斐閣
- 大西 正一郞, "曾社法大系 2" (2008), 靑林書院
- 伊藤 信雄, "最新ハィブリッド證券の仕組みがよ~くわかる本" (2011), 秀和システム
- 長島, "アドバンス 新会社法" (2006), 商事法務
- 龍田 節, "會社法大要" (2007), 有斐閣
- 江頭憲治郞, "平成一三年通常國會․臨時國會による商法改正につぃて", 商事法務, (1617) (2002)
- 企業会計基準委員会, "会社法による新株予約権及び新株予約権付社債の会計処理に関する実務上取扱い", 実務対応報告, (16) (2005)
- 藤田友敬, "オプションの発行と会社法(下)-新株予約権制度の創設とその問題点-", 商事法務, (1623) (2002)
- 增田政章, "享益證券における投資者保護, In 現代企業と有價證券の法理" (1994)
- JCR, "ハイブリッド證券の資本性の評價について", News Release, ~ (2006)