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기업집단내 내부거래에 관한 연구 - 2011년 개정상법을 중심으로 -
손영화 한국상사법학회 2013 商事法硏究 Vol.32 No.1
Admits a fiduciary duty to the controlling shareholder if the controllingshareholder to exercise control over operations company traditionally in theUnited States. However, fiduciary duty of the parent company is not meansthat the parent company can not pursue private interests the internaltransaction in corporate group. The parent company must be taken intoaccount at the same time profit of minority shareholders and the interests ofthe subsidiary to exercise their rights. By using various criteria, including theentire fairness standard in order to ensure the fairness of intercompanytransactions in American case law. In the United States, case law has aregulation of conflicts of interest transaction in order to ensure the fairnessof intercompany transactions. If there is approval by minority shareholdersand outside directors in case of conflict of interest transactions, businessjudgment rule is applied. In this case, plaintiffs claim of unfair transactionmust prove this. Doctrine of one is the corporate opportunity doctrine to regulate theinternal transaction in corporate group. The corporate opportunity doctrine isa theory that developed in order to solve the interests collision betweenentities and directors. Article 5.12 ALI criteria be specified with respect totake the corporate opportunity by the controlling shareholder. In this case, the corporate opportunity by the controlling shareholder is more narrowthan the corporate opportunity by director. In other words, only thebusiness area of subsidiaries that are not included in the business area ofthe parent company becomes the company opportunity. Such corporateopportunity attributable to subsidiary in principle. According to the fairnessstandard, controlling shareholder is able to get that opportunity if the boardof directors gave up the opportunity is provided to the subsidiary. The new regulations to govern the internal transactions within thecorporate group are introduced in the Commercial Act amended in 2011. One is self-dealing of director. It is expended to such associated person andprincipal shareholders. In addition, it has been enhanced more thantwo-thirds of the Board of Directors also approved requirements of theBoard of Directors. It defines the prior approval of the Board of Directorsstrictly too. The Commercial Act adopts the duty to disclose informationprior to the Board of Directors. And the Commercial Act adopts a fairnesstest providing that a transaction is valid when both the director obtainsBoard of Directors` approval and the transaction is fair to the corporation. There are more strict than the regulation of the United States case law onsuch self-dealing restrictions. It is necessary to put the approval provisionsof the self-dealing by a special committee for rapid corporate managementat least. As legislative theory, it is necessary to selectively-requirementsfairness of the contents of the self-dealing. Self-dealing must be to ensurethat the enabled if director proves the fairness of the transaction even ifthere is no approval of the Board of Directors. Reporting requirements for the General Meeting of Shareholders and Boardof Directors approval is granted when the deal with the largest shareholderof large listed companies and the prohibition of credit in the specialprovisions of the listed companies. Such a special provisions when restrictivethe provisions of the self-dealing has placed in the legislative purpose to try to prevent the tyranny of the controlling shareholder. Value of specialprovision will never change because the special provision are stronger thanthe self-dealing in the Commercial Act in 2011. However, it appears as itwill necessary to organize a special provision part to the more sophisticated. The Commercial Act in 2011 stipulates the prohibition of the usurpation ofcorporate opportunity to try regulate so-called the volumes of transaction. But the usurpation of corporate opportunity of the Commercial Act isdifferent tha...
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손영남,최규정,임재복 조선대학교 통계연구소 1999 統計硏究所論文誌 Vol.1 No.1
판별(discriminant)분석이란 특징(feature)벡터로 표현되는 개체들을 서로 비슷한 그룹으로 분리해서 새로운 개체를 분류규칙에 따라 미리 설정된 그룹들 중 어느 한 그룹에 할당하는 다변량 통계기법이다. CART(Classification and regression tree)는 Breiman(1984) 등이 제시한 방법으로 모든 형태의 판별변수를 다룰 수 있을 뿐만 아니라 결측치를 갖는 판별변수를 다룰 수 있다. 훈련표본에서 분류가 이루어진 개체, 또는 분류가 이루어지지 않는 개체의 몇몇 변수에 대해 결측치가 존재 할 수 있는데, CART는 트리 아래로 진행되는 대리분할(surrogate splits)을 이용해서 이러한 문제들을 해결할 수 있으며 CART에 의해 만들어지는 모형을 쉽게 이해 할 수 있다는 장점을 가지고 있다.
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손영철 한국세무사회 부설 한국조세연구소 2021 세무와 회계 연구 Vol.10 No.4
Short sale transactions that make profits by borrowing and selling stocks through loan transactions, by buying stocks at low prices and returning them when the stock price is expected to fall, is necessary to treat fairly about both investment outcomes under the tax law taxing the profits, like taxing capital gains tax on the profit in case where profits are made by buying stocks and selling them at a high price when the stock price is expected to rise. To this end, the following legislative measures are proposed. First, in a loan transaction that meets certain requirements, the lender is treated as continuing to own the rental stock for taxation. It is clarified that the lender's loan and return are not transfer and acquisition of new stocks under the tax law. Second, it is clarified that borrowing and return of stocks by short sellers are not also acquisition or transfer of stocks under the tax law as in the case of lenders. Third, profits from short selling are calculated by subtracting the acquisition price of stocks from the short selling price, and the period of attribution of profits from short selling shall be the tax year in which the return date, the end date of the transaction, belongs. On the other hand, short sale against the box made while owning stocks is a form of short sale but in substance it only has the same economic effect as selling owned stocks. This transaction does not cause any change in either direction of profit or loss. Since it is only a mean to delay the taxation period, short sales against the box transaction needs to be recharacterized and taxed to prevent tax avoidance as follows. First, a short sale against the box transaction applies to a tax law, regardless of the transaction form, as transferring the owned stocks at the time of short sale (in the case of returning owned stocks) or as transferring the owned stocks at the time of short sale and acquiring the new stocks at the time of return (in the case of buying and returning in the stock market). Second, if convertible bonds or bonds with warrant with the nature of stocks are used instead of stocks, or if forward contracts, futures contracts, put option purchase contracts are used instead of short sale, they should also be included in the application of the above legislative measures in view of short sales against the box. 주가 하락이 예상될 때 대차거래를 통해 주식을 차입하여 매도하고 낮은 가격으로 매수하여 반환함으로써 이익을 취하는 공매도거래는, 주가 상승이 예상될 때 주식을 매수하고 높은 가격으로 매도함으로써 이익을 취하는 경우 그 이익에 대해 양도소득세를 과세하는 것과 같이, 그 이익에 대하여 과세하여 두 투자결과에 대한 세법상 공평한 취급을 할 필요가 있다. 이를 위하여 다음과 같은 입법방안을 제시한다. 첫째, 일정한 요건을 충족하는 대차거래에 있어서는 과세상 대여자가 대여주식을 계속 소유하고 있는 것으로 취급한다. 따라서 대여자의 대여와 반환이 세법상 양도와 새로운 주식의 취득이 아님을 명확히 한다. 둘째, 공매도자에 의한 주식의 차입과 반환 역시 대여자의 경우와 동일하게 세법상 주식의 취득이나 양도가 아님을 명확히 한다. 셋째, 공매도차익은 공매도가에서 주식의 취득가액을 차감하여 계산하며, 공매도차익의 귀속시기는 거래의 종료일인 반환일이 속한 과세연도로 한다. 한편, 주식을 소유한 상태에서 이루어지는 소유주식 공매도(short sale against the box)는 그 형식은 공매도이지만 그 실질은 소유한 주식을 매도한 것과 같은 경제적 효과를 얻을 뿐 이 거래로 이익과 손실 어느 방향으로도 변화를 야기하지 않는다. 오로지 과세시기의 이연을 위한 수단에 지나지 않기 때문에 조세회피 방지를 위하여 소유주식 공매도(short sale against the box) 거래는 다음과 같이 재구성하여 과세할 필요가 있다. 첫째, 소유주식 공매도(short sale against the box) 거래는 그 거래형식에도 불구하고 공매도한 시점에 소유주식을 양도한 것으로 보거나(소유 주식으로 반환한 경우) 또는 공매도한 시점에 소유주식을 양도하고 반환일에 새로이 취득한 것으로 보아(주식시장에서 매수하여 반환한 경우) 세법을 적용한다. 둘째, 주식을 대신하여 주식의 성격을 갖는 전환사채나 신주인수권사채 등을 이용하거나, 공매도(short sale)를 대신하여 매도포지션을 취하는 선도계약, 선물계약, 풋옵션 매수계약, 스왑계약, 콜옵션과 풋옵션의 조합 등을 이용하는 경우에도, 이를 소유주식 공매도(short sale against the box) 거래로 보아 위 입법방안의 적용대상에 포함하여야 한다.
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