공정거래법상 출자총액제한제도와 그 문제점

Abstract

"Ceiling on Total Equity Investment" regulates that any company belonging to a designated enterprise group, whose Total Amount amount of assets is over 6 trillion Won, shall be prohibited from acquiring or owning stocks of another domestic companies in excess of a quart of its net asset. This rule was enacted on December, 1986 under the "Amended Monopoly Regulation and Fair Trade Act" in order to restraint indiscreet expansion of affiliate companies, reinforce core capability, prohibit companies from accumulating fake capital through circular holdings of equity among affiliate companies, prevent simultaneously insolvent situation in the whole affiliate companies and constraint controlling shareholder's gaining of unjust private interest by distorting the shareholding system. Presently, the abolition of Ceiling on Total Equity Investment is desirable because the regulation lacks justification in terms of legal purpose, and many other methods look more practical to obtain its objective. According to legal perspective, Ceiling on Total Equity Investment is very problematic from the viewpoint of equality among companies and excessive regulatory measures. Furthermore, this regulation exists only in Korea. Korean companies might get unduly discriminatory treatment against foreign companies by the regulation.