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영국에서 소유와 지배의 분리과정

The Separation of Ownership and Control of Corporations in the United Kingdom

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주제분류경제학

초록

‘소유와 지배의 분리’는 주로 전문경영인 체제의 확립이나 주주와 경영자 사이의 이해상충이라는 측면에서 이해되고 있다. 그러나 Berle and Means(1932) 는, 소유가 분산된 상태에서 기업 지배자가 주식회사 제도의 법적 장치들을 통해 지배 레버리지를 높여 비교적 소수의 지분으로 기업의 핵심적인 의사결정을 행하게 됨으로써 사회의 재산을 소수가 지배하게 된 새로운 시대에 대한 대책 마련을 촉구하기 위해 이 개념을 제안했다. 이 논문은 Berle and Means(1932)의 개념을 복원시키는 관점에서 영국에서 소유와 지배의 분리과정을 재검토함으로써 다음과 같은 결과를 얻는다. 첫째, 영국에서 소유와 지배의 분리에 대한 이제까지의 논의는 소유와 지배의 괴리를 발생시키는 법적 장치들을고려하지 않음으로써 소유의 분산과 지배의 분산을 동일시하였음을 확인한다. 둘째, 차등의결권과 상장방식을 고려하면 영국에서 소유와 지배의 분리과정에 대한 새로운 설명이 가능함을 확인한다. 셋째, 이제까지의 지배적인 인식과 달리 영국 국내에서도 1950년 이전에 지주회사를 통한 피라미드식 기업집단이발달하였을 가능성을 보여주는 증거들을 제시한다. 미국에서 소유와 지배의 분리에 대한 연구[김정욱・박경로(2015)]와 함께 이 논문은, 소유와 지배의 분리에대한 Berle and Means(1932)의 시각을 복원하는 것이 중요함을 보여준다.

Abstract

The “separation of ownership and control” has been largely interpreted as the “separation of ownership and management.” However, the real intention of Berle and Means (1932) behind the phrase was to warn about the birth of the modern corporation wherein the controllers’ fiduciary duties to the owners of firms are hard to be performed. In this study, we examine the separation of ownership and control in the United Kingdom through Berle and Means (1932)’s perspective. First, we review the recent literature on U.K. corporations and demonstrate that most studies have neglected the mechanism of the control leverage. Second, by considering voting rules and flotation methods, we suggest a new interpretation of the process of share ownership diffusion. Third, we provide initial evidence that indicates the possibility of a substantial development of pyramidal business groups based on holding companies within the U.K. before 1950, which is rarely discussed in the extant literature.

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