사회적 금융 전문 거래시장 활성화를 위한 사회적 금융 전문 증권거래소 설립 검토

Abstract

In the face of structural problems caused by employment insecurity and social polarization around the world, solving social problems is no longer a task for the government, but for all companies and financial institutions to work together. To solve this problem, the social economy and social finance began to attract attention as solutions to a sustainable society. Social finance is the finance that companies pursuing social values pursue both social and financial returns at the same time. Recently, Korea has expanded its quantitative supply in the public sector and financial institutions, starting with the "Social Economy Revitalization Plan" in 2017 and holding the "Social Finance Council" of the Financial Services Commission, but this could decrease at any time if the policy stance changes. Therefore, it is necessary to establish an autonomous and self-sustaining social financial market by providing a transaction market where private investors can directly invest to social value companies. To do this, the establishment of a stock exchange was considered as a means of securing opportunities for financing through the capital market, away from dependence on bank loans and policy funds. In addition a plan to establish a financing market for social value companies by utilizing the existing capital market, the KONEX market, was reviewed. First of all, when a new social finance specialized stock exchange is established, stocks are traded in the social value company specialized market, allowing investors to more efficiently select investment targets. Accordingly, social value companies will strengthen their transparency and accountability to receive funds in the market, thereby improving the sustainability of the social finance specialized market. However, under the Capital Markets and Financial Investment Services Act, it is not reasonable to establish a new exchange in consideration of social benefits, as the minimum capital of the exchange is as expensive and time-consuming as more than 100 billion won. So it would be more efficient to utilize the KONEX market established to support the growth of small and medium-sized enterprises and to establish a virtuous cycle of venture capital. For this purpose, the scope of listing in the KONEX market should be expanded to social value companies such as Village Enterprises and Self-supporting Companies in addition to social enterprises under the Social Enterprise Promotion Act. Furthermore, it is necessary to prepare a transaction market where social value companies can directly receive funds by preparing requirements for designated consultants specializing in social value companies and providing tax-free benefits to investors.