포이즌 필의 도입에 따른 상법개정안에 관한 고찰
Proposed Amendments to the Korean Commercial Code Corresponding to the Poison Pill Legislation
1
조회
0
다운로드
10
인용
0
참고문헌
키워드
초록
After the IMF crisis, Korean companies playing pivotal roles in national security and economy became subject to hostile M&A takeoversas a result of the elimination of many protective mechanisms of management rights, such as the mandatory bidding system and lifting the restrictions of stock ownership by foreigners, for attracting foreign investment and corporate restructuring. Recently, in improving the legal system for doing business, the Ministry of Justice has pushed ahead in introducing protection mechanism of management rights and proposing revisions to the Korean Commercial Code in order to address the threat of hostile M&A takeover of domestic companies with foreign capital. In particular, a controversial matter with respect to such protective mechanism is the poison pill. The poison pill is an effective means to easily defend management rights by management personnel facing an imminent loss in management rights due to a hostile M&A takeover. Due to globalization, Korean businesses are eager for a competitive means of raising funds, rather than a share scheme. Under these circumstances,diversifying the class of shares, includingthe poison pill, is a useful means of accomplishing various goals of the management, such as raising funds for a company, maintaining management rights and expanding business scope. In this thesis, I will review the concept, trends and uses of the poison pill system, study the proposed amendment to the Korean Commercial Code, and then discuss the main issues and the argument for and against the introduction of the poison pill.
Abstract
After the IMF crisis, Korean companies playing pivotal roles in national security and economy became subject to hostile M&A takeoversas a result of the elimination of many protective mechanisms of management rights, such as the mandatory bidding system and lifting the restrictions of stock ownership by foreigners, for attracting foreign investment and corporate restructuring. Recently, in improving the legal system for doing business, the Ministry of Justice has pushed ahead in introducing protection mechanism of management rights and proposing revisions to the Korean Commercial Code in order to address the threat of hostile M&A takeover of domestic companies with foreign capital. In particular, a controversial matter with respect to such protective mechanism is the poison pill. The poison pill is an effective means to easily defend management rights by management personnel facing an imminent loss in management rights due to a hostile M&A takeover. Due to globalization, Korean businesses are eager for a competitive means of raising funds, rather than a share scheme. Under these circumstances,diversifying the class of shares, includingthe poison pill, is a useful means of accomplishing various goals of the management, such as raising funds for a company, maintaining management rights and expanding business scope. In this thesis, I will review the concept, trends and uses of the poison pill system, study the proposed amendment to the Korean Commercial Code, and then discuss the main issues and the argument for and against the introduction of the poison pill.
참고문헌 (22)
- 정찬형, "상법강의(상)(제12판)" (2009), 박영사
- 최완진, "상법학강의" (2009), 법문사
- 권재열, "포이즌 필의 導入에 관한 硏究", 중앙법학, 9(1), pp.293~312 (2007), 중앙법학회
- 권종호, "적대적 M&A와 회사법개정", 기업법연구, 20(3), pp.67~94 (2006), 한국기업법학회
- 권종호, "현행법상 M&A활성화의 법적 장애와 국내기업역차별제도", 비교사법, 12(3), pp.363~397 (2005), 한국비교사법학회
- 권종호, "적대적 M&A 에 대한 방어수단의 국제비교와 시사점", 기업법연구, 20(1), pp.95~122 (2006), 한국기업법학회
- 김재형, "미국의 posion pill에 관한 동향", 기업법연구, 20(1), pp.123~148 (2006), 한국기업법학회
- 김태진, "미국 법제하에서의 적대적 M&A 방어방법의 한국 법제하에서의 활용가능성", 증권법연구, 8(2), pp.309~341 (2007), 한국증권법학회
- 김 화 진, "M&A 법제의 현황과 과제", 저스티스, (101), pp.5~18 (2007), 한국법학원
- 김화진, "글로벌 M&A 시장 동향과 경영권 방어", 상장협연구, (53) (2006), 한국상장회사협의회
- 송옥렬, "포이즌필의 導入에 따른 法政策的 爭點", 상사법연구, 27(2), pp.79~122 (2008), 한국상사법학회
- 이영철, "포이즌필과 주주평등의 원칙", 기업법연구, 23(3), pp.191~224 (2009), 한국기업법학회
- 전삼현, "M&A관련 독약처방(Poison Pill)에 관한 소고", 법학논총, 19, pp.161~187 (2008), 법학연구소
- 정규, "적대적 M&A와 그 방어책에 관한 연구 — 주식관련 포이즌 필의 도입과 관련하여 —", 법과정책연구, 8(1), pp.213~230 (2008), 한국법정책학회
- 정대, "敵對的 M&A에 대한 對象會社의 防禦行爲의 適法性 判斷基準에 관한 考察", 기업법연구, 20(2), pp.181~258 (2006), 한국기업법학회
- 정쾌영, "포이즌 필의 導入에 관한 立法論的 考察", 기업법연구, 20(2), pp.157~180 (2006), 한국기업법학회
- 최승재, "한국판 ‘엑슨-플로리어법’제정에 대한 연구 - 입법론을 중심으로", 증권법연구, 7(2), pp.311~363 (2006), 한국증권법학회
- 법무부, , 상법 개정 공청회 자료 (2009)
- Jeffrey N. Gordon, "What Enron Means for the Management and Control of the Modern Business Corporation: Some Initial Reflections", University of Chicago Law Review, 69 (2002)
- John C. Coates, "Takeover Defenses in the Shadow of the Pill: A critique of the Scientific Evidence", Texas Law Review, 79, pp.271~ (2000)
- Lucian Arye Bebchuk, "The Case Against Board Veto in Corporate takeovers", University of Chicago Law Review, 69, pp.973~ (2002)
- Robert W. Hamilton, "Case and Materials on Corporations 8th Ed" (2003)