2015년 추계학술대회 발표논문 : 증권형 크라우드펀딩의 활성화와 투자자보호를 위한 법적과제

정승화 ( Seung Hwa Chung ) 한국상사판례학회 2015 상사판례연구 Vol.28 No.4

크라우드펀딩(crowdfunding)은 창업초기기업, 예비창업자 등과 같은 자금수요자가 자금모집을 중개하는 크라우드펀딩 중개업자가 제공하는 온라인 플랫폼를 통하여 불특정 다수의 대중으로부터 자금을 조달하는 행위이다. 우리나라도 미국 JOBS법상의 크라우드펀딩제도를 참조하여 증권형 크라우드펀딩에 관한 근거를 자본시장법상 도입하였다. 크라우드 펀딩제도의 주요구성자는 발행인, 온라인소액투자중개업자, 투자자, 중앙기록관리기관, 청약증거금관리기관 등으로 구성된다. 자본시장법상 도입된 증권형 크라우드펀딩제도를 통하여 발행인은 지분증권, 채무증권, 투자계약증권을 통하여 증권신고서의 제출없이 자금을 조달할 수 있다. 대신에 크라우드펀딩은 창업초기기업 등에 투자함에 따른 투자위험이 매우 높기 때문에 발행인의 연간 자금조달한도, 투자자의 연간투자한도, 광고규제, 발행인 및 대주주의 보유지분 매도제한 등을 통하여 투자자 보호를 도모하고 있다. 또한 크라우드펀딩은 온라인소액투자중개업자가 운영하는 온라인플랫폼 상의 게시판을 통하여 투자자들의 집단지성을 활용하기 때문에 모집예정금액의 80%를 미달하는 경우에는 증권발행 자체를 취소하도록 하고 있다. 또한 발행인의 공시부담을 대폭 완화하는 대신에 발행인의 부정행위에 대해서는 손해배상책임을 지우고 있다. 크라우드펀딩제도의 활성화를 위하여 투자금액에 대해서는 일정한 소득공제를 통한 세금혜택을 부여하고 있다. 이러한 크라우드펀딩제도의 활성화를 위해서는 발행인의 연간 발행한도의 탄력적 운영과 중간 유통시장 마련, 광고규제 완화 등이 필요하다. 또한 투자자 보호를 위하여 발행인의 손해배상책임 강화, 발행인 및 대주주의 지분매도 내역 공시, 투자자교육 강화 등이 필요하다. Crowdfunding is a financing method that involves pooling money from unspecified individuals through online platforms conducted by crowd-funding brokers who handle funding of small business ventures and startups. Korea recently passed a set of laws on security-based crowdfunding with reference to JOBS Act. Primary constitutors of crowdfunding system include issuer, online small investment intermediary, investor, central recording management institution and management institution of deposit for subscription. With security-based crowdfunding system from Capital Market Act, issuer can raise funds through equity securities, debt securities and investment contract securities without providing registration statement. Due to high investment risks of crowdfunding, investor protection is promoted with means that include yearly funding limit, yearly investment limit, advertising regulation, or Limiting sales of its shares of issuers and major shareholders. Since crowdfunding utilizes wisdoms of crowd through online platform bulletin board run by online small investment intermediary, issuance of securities is cancelled when it fails to meet less than 80% of the funding goal. While relaxing regulations on disclosures for issuers, responsibility for compensation is claimed upon fraudulent acts. For revitalization of the crowdfunding system, a tax benefit in forms income deduction is granted upon investment amount. For further revitalization of the system, flexibility on yearly limit of issuance, introduction of intermediary market, and relaxation on advertising regulations are necessary. For investor protection, reinforcement on responsibility for compensation of issuers, disclosure of equity sell-off details and investor education are necessary.

癌組織切除後 局所靜脈血流中의 癌細胞出現에 對하여

鄭承和 ( Shung Wha Chung ) 국군의무사령부 1962 대한군진의학학술지 Vol.2 No.1

소셜미디어 연구동향 분석: 사회과학 분야를 중심으로

정승화 ( Seung Wha Chung ),임지선 ( Ji Sun Lim ),박선주 ( Sun Ju Park ),정예림 ( Ye Rim Chung ),박경민 ( Kyung Min Park ),최정혜 ( Jeong Hye Choi ) 정보통신정책학회 2014 정보통신정책연구 Vol.21 No.2

본 연구는 소셜미디어 연구의 동향을 분석함으로써 학문적 성과와 한계점을 파악하여 향후 연구 방향을 제시하고자 하였다. 이를 위해 2006년부터 2013년까지의 기간 동안 SSCI급 저널에 게재된 437편의 논문을 연구주제, 분석 대상, 연구 방법, 핵심 참조학문, 그리고 이론의 성숙도로 분석의 틀을 마련하고, 이를 기준으로 내용분석을 실시하였다. 분석 결과를 다음과 같이 요약할 수 있다. 2008년부터 소셜미디어 연구가 급증하기 시작하였고, 소셜미디어의 이용 행태와 소셜미디어의 역할을 중요한 주제로 다루어 왔다. 분석 단위는 주로 개인이었고, 양적 연구 방법론이 주를 이루었다. 심리학과 커뮤니케이션 분야에서 독립적인 연구 분야로 자리를 잡아가고 있는것으로 나타났고, 소셜미디어 확산에 따른 사회의 변화 및 특성과 같은 시의 적절한 이슈를 다룸으로써 실질적 기여를 해온 것으로 보인다. 향후 연구에서는 첫째, 소셜 미디어의 확산으로 야기될 수 있는 문제에 대한 심도 있는 논의가 보강되어야 할 것이다. 둘째, 연구 분석 대상이 개별 참여자뿐만 아니라 구조적 측면에서의 접근이 균형 있게 이루어져야 할 것이다. 셋째, 이론 개발을 위한 연구 방법론의 다양화와 데이터 수집에 소셜미디어의 강점을 적극 활용할 수 있는 연구 방법의 개발이 요구된다. 넷째, 다양한 학문의 이론과 학제간 이론의 적용이 지속적으로 확대될 필요가 있다. 마지막으로, 해당 영역에서 이론적 기반의 구축이 강화되어야 할 것이다. We examine the characteristics, methodologies, and general trends in social media studies published in journals listed in the SSCI indexes from 2006 to 2013. A total of 437 articles published were examined with a content analysis. Our analysis focuses on the papers` topics, subjects of analysis, methods, perspectives, and theoretical perspectives. The results show that the number of published social media studies dramatically increased from 2008. Descriptive analyses of users and the role of social media in social interactions were the predominant subjects of the articles. Individual-level of analysis and quantitative research methods were mainly used in social media researches. Social media researches have become independent fields in psychology and communication. Our study serves as the foundation from which to assess current findings and offers some recommendations for future research on social media, including the rigor and diversity of research methodologies, multidisciplinary approach, and theory building.

주주대표소송의 활성화를 위한 소고

정승화 ( Seung Hwa Chung ) 한국상사판례학회 2013 상사판례연구 Vol.26 No.2

Shareholder`s derivative suit is generally defined as the class action, in which minority shareholders, on their corporation`s behalf, can enforce corporate rights against the corporate directors who committed illegal acts or wrongful acts on the corporation, in case those in control of the corporation refuse to have the corporation sues directly. For the activation of the shareholder`s derivative suit, first of all, the requirement of the plaintiff shareholders qualified to file a lawsuit needs to be more mitigated than status quo, depending on the size or type of the company concerned. Second, in order to file derivative suit, it is required to verify the information on the illegal act or misconduct of directors. Such verification could be effectively done through the inspection on accounting books and records. However, under the current commercial law, the right of inspection on accounting books and records is not that easy, in a way, it is even more stringent than the requirement of the derivative suit. Third, through the derivative suit, minority shareholders are given rights to accuse liability of directors on behalf of the company, which is not for the benefit of the plaintiff shareholders themselves but for the benefit of the company itself. Thus, there should be corresponding compensations for the substantial attorney`s fees, the commitment of time, effort and mental stress of the minority shareholders who file the suit. Finally, derivative suit performs important functions to prevent illegal acts or misconduct of directors. Therefore, for the protection of minority shareholders and the activation of derivative suit, it is required for investor protection agencies to support the minority shareholders who prepare a derivative suit. Thus, these investor protection agencies will be able to advise the minority shareholders of the pertinent procedures and provide them with a variety of information and knowledge about derivative suit. And, the existence of such agencies will also have the effect to prevent the abuse of derivative suit and to suppress the illegal acts or misconduct of directors itself.

학술연구 : 벤처기업 성장과 핵심 경영과제 변화에 관한 탐색적 연구 - 한국 소프트웨어산업을 중심으로 -

정승화(Chung Seung Wha) 한국중소기업학회 1998 기업가정신과 벤처연구 Vol.1 No.1

This study reports dynamic patterns of key management challenges as experienced by 54 Korean software venture firms base on survey data. Analysis is focused on the differences and similarities between high- and low-growth software ventures over their life cycles from start-up to maturity in five management dimensions such as funding, technology, marketing, management system, and entrepreneur`s managerial competencies. Successful high-growth ventures experience a high need for technical human resources during the maturity period for a continued success. They emphasize marketing activities in the earlier period, but later on marketing becomes a relatively easier task for them thanks to their earlier success. However, after achieving a certain degree of business success, entrepreneurs of high-growth ventures tend to neglect the increasing importance of their strategic vision and management capabilities for continued high growth as their firms get on the high-growth and maturity track.

하도급네트웍과 하도급기업의 성과 - 한국 전자산업을 중심으로 -

정승화(Chung Seung Wha),김경묵(Kim Gyeong Mook) 한국중소기업학회 1997 中小企業硏究 Vol.19 No.1

N/A

Strategic Outsourcing of e - Business Ventures

정승화(Seung Wha Chung) 한국경영학회 2002 經營學硏究 Vol.31 No.1

This paper derives a conceptual framework on the virtual value web extending the existing literature on strategic alliances and partnership outsourcing to the Internet business. An empirical test on Internet ventures is presented next. The empirical study analyzes the determinants of the outsourcing level for Internet ventures. The survey data was collected from 80 Korean e-business startups having various business models such as click-and-mortar, intermediary/auction, and portal/information services. The results show that the outsourcing level is significantly influenced by strategic goals, outside financing(negative), product innovations, and supplier competition.

기업의 기부 활동과 사회적 성과 향상에 대한 연구

정승화(Seung Wha Chung),표현상(Hyun Sang Pyo),강철희(Chul Hee Kang),이지만(Ji Man Lee),조상미(Sang Mi Cho) 한국사회정책학회 2011 한국사회정책 Vol.18 No.4

본 논문은 기부 활동이 기업의 사회적 성과에 미치는 영향과 이에 대한 경제적 성과의 매개 효과를 시차 모형으로 검증한다. 이를 위해 국내 주식 시장 상장 기업 중 2010년도에 경제정의 기업으로 선정된 기업들의 2006년부터 2008년까지의 기부금 지출 및 경제적, 사회적 성과를 분석한다. 분석 결과 기부금 지출 비율이 높은 기업일수록 사회적 성과, 기업 가치 및 매출 이익률이 높은 것으로 나타났다. 기업 가치가 기부금 지출과 사회적 성과간의 관계를 부분적으로 매개하고 있는 것으로 나타났다. 연구 결과는 기부금 지출이 기업에 대한 투자자뿐만 아니라 기업과 관계된 대중적 이해관계에 보편적으로 부응할 수 있는 사회 공헌 활동임을 제시한다. We investigate the effect of corporate philanthropy on social performance using a time-lagged mediating model of economic performance. In this paper, we use the monetary donation and economic performance data of the companies which were nominated as an economic justice company among Korean listed companies in 2010. The results show that the more the ratio of monetary donation, the higher are the social performance, corporate value, and return on sales. We also find a partial mediating effect of economic performance between the ratio of monetary donation and social performance. Monetary donation is a multi-functional corporate philanthropy to fulfill diverse stakeholders` interests.

금융투자상품 장외거래 CCP에 관한 법적 연구

정승화 ( Seung Hwa Chung ) 한국금융법학회 2014 金融法硏究 Vol.11 No.1

Clearing refers to the commitment to payment of the transaction and matching of all buy and sell orders in the market. Central counterparty (CCP) imposes itself as a legal counterparty of clearing members through legal processes such as assumption of obligation, novation, and open offer. In 2009 G-20 Pittsburgh summit, investigating on the causes of the global financial crisis, the clearing through CCP became obligatory. When over-the-counter derivatives (OTC) with such obligation do not use CCP, OTC derivatives cannot benefit from risk-weighting regarding capital regulation. In US, England, and Japan, CCP services are extending to OTCs such as Repo transactions, outside dealing, and securities lending and borrowing. In Korea, revised the Capital Market Act in March 2013 brought a legal basis upon which to use CCP in OTC derivatives and OTC securities trading. The amendment obliges IRS transaction to use CCP. With such changes, further refinements in legal rules to facilitate CCP service are necessary. Reinforcing the risk management of CCP is also needed. First, it is important to gather opinions of CCP users then extend the CCP service in order to facilitate CCP. For transactions made with CCP, benefits should be imposed in terms of capital regulation. Moreover, further complementary measures should be taken for novation and open offer. Considering the possibility of default of CCP itself, refinement of insolvency act is required as well. Meanwhile, having legislative support to gain legal stability of transfer for money is critical for the margin system which is the core of risk management of CCP. Then, proper model and procedure should be constructed to consolidate credit risk, market risk, and liquidity risk of CCP so as to reinforce the risk management of CCP. Such changes will enhance transparency, stability, and efficiency of financial markets in Korea.

임시접착 후, 치면세마에 따른 Lithium Disilicate Glass-Ceramic의 레진결합강도에 대한 연구

정승화(Seung-Hwa Chung),이진한(Jin-Han Lee),오상천(Sang-Chun Oh) 대한턱관절교합학회 2007 구강회복응용과학지 Vol.23 No.3