轉換社債에 관한 法的硏究 : 社債權者保護를 中心으로 = (A) legal study on the convertible bond

다국어 초록 (Multilingual Abstract)

Convertible debentures combine features of both debt and equity in a single, hybrid security. Debentures are generally unsecured, long term notes issued pursuant to a trust indenture. A conversion feature of a debt security usually grants the security holder with the option of converting it into some other security of the issuing corporation.
Issuing convertible bonds in the way of private subscription may be harmful to the shareholders. The main purposes of this dissertation are to examine cases which have raised social attention especially in view of agency problem and to analyze the actual motives of private offering of convertible bonds. This thesis presents the problems caused by current system, and suggests some measures to reform legal system to prevent the expedient issue of convertible bonds and to make the convertible bonds market function properly. The suggestion can be a better way to protect the shareholders against unfair issue in the way of private subscription in chapter Ⅳ and to protect holders of convertible debentures in chapteⅤ. Directors, officers and controlling shareholders have been found to owe a fiduciary obligation to their corporation and shareholders.
A fiduciary duty is generally thought to mean a duty of the finest loyalty. The fiduciary duties of directors usually encompass a duty of loyalty and a duty of care. This dissertation will discuss many cases, explore the relevant corporate principles and background cases, and conclude not to extend the protection of fiduciary duties to holders of convertible debentures. To protect holders of convertible debentures is important, so there has been discussed the ways that debenture holders join compulsory insurance or can elect directors. The plausibility of applying this discussion to our situation is also examined.
In the U. S. the contract under which convertible debentures are generally issued is called the trust indenture and regulated by Trust Indenture Act of 1939. And the Act requires all corporate bonds and other debt securities to be issued subject to indenture agreements and comply with certain indenture provisions approved by the SEC.
In the States, the trust indenture is a contract between an issuer of bonds and the bondholder stating the time period for repayment, amount of interest paid, if the bond is convertible (and if so, at what price or what ratio), and the amount of money that is to be repaid. It is also referred to as a deed or agreement. Usually the trust indenture is entered into between a trustee and the issuing corporation. The trust indenture specifies the rights and obligations of the debenture holders and the issuing corporation and usually delineates the terms of the securities. The indenture trustee has the responsibility of safeguarding the interests of the debenture holders. The transaction is subject to the provisions of the Trust Indenture Act. Chapter Ⅴ addresses the system of the indenture trustee in the U. S. and Japan. With the comparisons, this dissertation suggests alternatives for current Korean trust and debenture issuing systems.

목차 (Table of Contents)

• 目次 = ⅰ
• 第1章 序論 = 1
• 第1節 硏究目的 = 1
• 第2節 硏究範圍 = 2
• 第2章 轉換社債의 槪念 = 5
• 第1節 意義 = 5
• Ⅰ. 意義 = 5
• Ⅱ. 法律的 性質 = 6
• Ⅲ. 他證券과의 比較 = 7
• 1. 新株引受權附社債와의 比較 = 7
• 2. 交換社債와의 比較 = 8
• Ⅳ. 經濟的機能 = 9
• 1. 發行會社의 立場 = 9
• 2. 轉換社債權者의 立場 = 10
• 3. 發行會社 株主의 立場 = 10
• 第2節 轉換社債制度의 發達과 轉換社債法 = 11
• Ⅰ. 外國의 轉換社債 制度의 發達 = 11
• 1. 美國 = 11
• 2. 英國 = 14
• 3. 獨逸 = 15
• 4. 日本 = 16
• Ⅱ. 우리나라의 轉換社債制度의 發達 = 18
• 第3章 轉換社債의 發行과 轉換 = 22
• 第1節 轉換社債의 發行 = 22
• Ⅰ. 序 = 22
• Ⅱ. 轉換社債의 發行決定 = 28
• Ⅲ. 未發行授權株式의 留保 = 30
• Ⅳ. 發行事項 = 31
• 1. 轉換社債의 總額 = 31
• 2. 轉換條件 = 32
• 3. 轉換으로 發行할 株式의 內容 = 37
• 4. 轉換請求期間 = 38
• 5. 株主에게 轉換社債引受權을 주는 趣旨 및 金額 = 39
• 6. 株主外의 者에게 轉換社債를 發行하는 것과 金額 = 40
• Ⅴ. 發行節次 = 40
• 1. 序說 = 40
• 2. 株主配定에 의한 發行 = 41
• 3. 株主外의 第3者에게 發行하는 경우 = 42
• Ⅵ. 轉換社債의 登記 = 45
• 1. 登記制度의 趣旨 = 45
• 2. 轉換社債發行의 登記 = 45
• 3. 轉換社債에 관한 變更登記 = 46
• 第2節 轉換社債의 轉換 = 46
• Ⅰ. 序說 = 46
• 1. 轉換權의 意義와 法律的性質 = 46
• 2. 轉換에 의한 新株發行의 法律的構成 = 47
• 3. 轉換權의 保護 = 48
• 4. 轉換權의 消滅(合倂의 경우) = 48
• Ⅱ. 轉換의 請求 = 50
• 1. 轉換請求의 節次 = 51
• 2. 轉換請求의 時期 = 51
• Ⅲ. 轉換의 效果 = 52
• 1. 轉換의 效力發生時期 = 52
• 2. 轉換의 效力 = 52
• 3. 轉換에 의한 資本增加 = 54
• Ⅳ. 轉換의 登記 = 55
• 第3節 轉換社債의 價格決定 = 55
• Ⅰ. 轉換社債의 價値 = 55
• 1. 社債價値(Straight Debt Value) = 55
• 2. 轉換價値(Conversion Value) = 55
• 3. 轉換社債의 價格 = 56
• Ⅱ. 轉換社債의 價格決定 = 57
• 1. 轉換社債 價格決定要因 = 57
• 2. 轉換社債의 價格決定 = 59
• Ⅲ. 轉換社債 價格指標 = 59
• 第4節 轉換社債의 流通 = 62
• Ⅰ. 上場制度 = 63
• 1. 上場類型 = 63
• 2. 轉換社債의 上場審査 = 64
• 3. 上場管理 = 65
• Ⅱ. 賣買去來制度 = 67
• 1. 賣買去來의 受託 = 67
• 2. 市場區分및 開閉 = 67
• 3. 賣買去來의 種類 = 67
• 4. 呼價 및 賣買數量單位 = 68
• 5. 賣買契約締結 = 68
• 6. 賣買去來의 管理 = 68
• Ⅲ. 決濟制度 = 68
• 1. 決濟類型 = 69
• 2. 決濟方法 = 69
• 3. 決濟管理 = 69
• 4. 決濟履行을 위한 規制 = 70
• 5. 對替決濟 = 70
• 第5節 他社株轉換可能債의 法的 檢討 = 70
• Ⅰ. 海外事例의 槪要 = 70
• 1. LYONs = 70
• 2. DECS 및 子會社/母會社株式 轉換社債 = 71
• 3. Covered Warrant = 71
• Ⅱ. 他社株轉換可能債의 長點 = 72
• 1. 他社株式의 安定的 流動化 = 72
• 2. 資金調達手段의 多樣化 = 72
• 3. 會計處理 = 73
• 4. Venture Business에의 投資 = 73
• 5. 海外發行 = 73
• Ⅲ. 他社株轉換可能債의 法律構成 및 法律上問題点 = 74
• 第4章 株主의 保護 = 76
• 第1節 私募轉換社債發行의 濫用 = 76
• Ⅰ. 三星電子 事件 = 76
• Ⅱ. 韓火綜金事件 - 經營權防禦目的 = 78
• Ⅲ. 삼성에버랜드 사건 = 81
• Ⅳ. 上場廢止回避目的 = 82
• 第2節 株主의 轉換社債引受權 = 83
• Ⅰ. 比較法的 檢討 = 84
• 1. 美國 = 84
• 2. 獨逸 = 85
• 3. 日本 = 86
• Ⅱ. 商法上 轉換社債引受權 = 90
• 1. 否定說 = 91
• 2. 肯定說 = 92
• 3. 檢討 = 93
• Ⅲ. 株主의 轉換社債引受權의 意義와 性質 = 94
• 1. 意義 = 94
• 2. 性質 = 94
• Ⅳ. 轉換社債引受權과 株主平等의 原則 = 95
• 1. 序說 = 95
• 2. 例外 = 95
• 第3節 違法ㆍ不公正한 轉換社債發行에 대한 救濟手段 = 97
• Ⅰ. 發行留止請求權(제424조) = 97
• 1. 意義 = 97
• 2. 要件 = 98
• 3. 節次와 方法 = 99
• 4. 效果 = 100
• 5. 罰則과의 關係 = 100
• Ⅱ. 不公正發行價額으로 轉換社債를 引受한 者의 責任 = 101
• 1. 責任要件 = 101
• 2. 責任內容 = 102
• 3. 責任性質 = 102
• Ⅲ. 轉換社債發行 無效의 訴 = 102
• 1. 肯定說 = 103
• 2. 否定說 = 103
• 3. 判例 = 104
• 4. 小結 = 105
• Ⅳ. 理事 또는 業務執行指示者의 責任 = 105
• Ⅴ. 其他手段 = 107
• 第5章 社債權者의 保護 = 108
• 第1節 序論 = 108
• 第2節 契約에 의한 利害調整의 限界 = 109
• Ⅰ. 社債契約에 의한 利害調整 = 109
• 1. 美國 = 110
• 2. 日本 = 114
• 3. 우리나라 = 120
• Ⅱ. 契約에 의한 利害調整의 限界 = 122
• 1. 契約締結時 問題 = 124
• 2. 監視(monitoring)의 問題 = 125
• 3. 再交涉의 問題 = 125
• 4. 小結 = 127
• Ⅲ. 새로운 危險의 出現 = 127
• 第3節 受託制度를 통한 社債權者保護 = 137
• Ⅰ. 美國의 受託制度 = 137
• 1. 信託證書法의 改正 = 139
• 2. 信託證書法의 適用範圍, 申告와 效力發生 = 142
• 3. 受託會社의 資格과 缺格事由 = 144
• 4. 受託會社의 優先的辨濟受領의 禁止 = 153
• 5. 社債權者名薄 等 = 158
• 6. 受託會社의 義務와 免責 = 159
• 7. 支給猶豫ㆍ責任免除ㆍ和解 = 164
• 8. 受託者의 特別權限과 支給代理人의 義務 등 = 168
• Ⅱ. 日本의 受託制度 = 170
• 1. 社債管理會社의 設置强制 = 172
• 2. 社債管理會社의 資格 等 = 175
• 3. 社債管理會社의 權限 = 177
• 4. 社債管理會社의 義務 = 183
• 5. 社債管理會社의 損害賠償責任 = 184
• Ⅲ. 우리나라의 受託制度 = 190
• 1. 社債管理의 基本問題 = 190
• 2. 受託會社의 機能 = 192
• 3. 受託會社의 資格 = 194
• 4. 受託會社의 權限 = 195
• 5. 受託會社의 義務와 責任 = 202
• 6. 受託制度의 改善點 = 203
• 第4節 學說과 判例의 對應 = 204
• Ⅰ. 信認義務擴張論 = 204
• 1. 信認義務擴張論의 意義 = 205
• 2. 信認義務擴張論의 評價 = 207
• 3. 信認義務擴張論에 대한 批判 = 208
• 4. 美國判例 = 211
• 5. 合倂時 轉換義務의 承繼 = 223
• Ⅱ. 現代的 契約解釋法理(modern approach to contract interpretation)의 適用 = 238
• 1. 新古典的契約理論 = 239
• 2. 體系的 保護 = 241
• 3. 市場의 認識 = 242
• Ⅲ. 其他의 對處方法 = 245
• 1. 强制保險 = 246
• 2. 社債權者의 理事選任 = 246
• Ⅳ. 評價 = 247
• Ⅴ. 小結 = 248
• 第6章 結論 = 251
• 參考文獻 = 253
• Abstract = 260