자기주식 처분과 경영권 방어 (The Sale of Treasury Stocks and Protection of Management Rights)

KDI FOCUS (No. 82, kor.)

9 Pages Posted: 2 May 2017 Last revised: 17 Jul 2017

See all articles by Sung Ick Cho

Sung Ick Cho

Korea Development Institute (KDI)

Date Written: May 1, 2017

Abstract

Korean Abstract: 현재 자기주식은 대기업의 경영권 유지, 방어, 상속 과정에서 핵심적인 역할을 하고 있다. 그러나 자기주식의 처분은 신주 발행과 그 경제적 본질을 같이하기 때문에, 자기주식을 활용한 경영권 방어는 주주평등의 원칙에 위배될 수 있다. 정책적 목적으로 자기주식을 통한 경영권 방어를 허용하더라도 일반주주나 소액주주의 피해를 방지할 방안을 모색할 필요가 있다.

English Abstract: Treasury stocks play a vital role in retaining, protecting and transferring management rights in large enterprises. However, the sale of treasury stocks is essentially identical to the issuance of new shares in economic nature. Therefore, using treasury stocks to protect management rights could obscure the equal treatment of shareholders. Even if such practices are permitted for policy purposes, the government needs to put other measures into place to protect general and minority shareholders from the damages that may arise.

The English version of this paper can be found at http://ssrn.com/abstract=2961563.

Note: Downloadable document is in Korean.

Suggested Citation

Cho, Sung Ick, 자기주식 처분과 경영권 방어 (The Sale of Treasury Stocks and Protection of Management Rights) (May 1, 2017). KDI FOCUS (No. 82, kor.) , Available at SSRN: https://ssrn.com/abstract=2961560

Sung Ick Cho (Contact Author)

Korea Development Institute (KDI) ( email )

263 Namsejong-ro
Sejong-si 30149
Korea, Republic of (South Korea)

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