주식병합과 소수주주축출에 관한 연구 - 대법원 2020. 11. 26 선고 2018다283315 판결 -

황현영 ( Hwang Hyun-young ) 한국상사판례학회 2020 상사판례연구 Vol.33 No.4

주식의 병합이란 회사가 다수의 주식을 합하여 소수의 주식으로 만드는 행위로, 병합의 비율이나 단주의 처리방식에 따라 주주의 이해관계에 영향을 줄 수 있다. 특히 주식병합의 비율이 높아질수록 단주가 많이 발생하게 되고 단주의 처리과정에서 다수의 소수주주가 축출될 수 있다는 문제가 있으나, 적법성 판단기준에 대한 법리가 아직 확립되지 않고 있었다. 그런데 2020년 11월 26일에 선고된 자본금감소 무효에 대한 대법원 판례에서 주식병합과 관련하여 중요한 법리가 설시되었다. 이에 본 논문에서는 해당 사건의 사실관계 및 소송의 경과와 함께 주식병합과 관련하여 이 판결에서 나타난 쟁점에 대해 살펴보았다. 이 사건에서 대법원은 주식병합과 관련하여 4가지 중요한 판단을 내렸다. 먼저 주식병합이 자본금감소의 목적으로 한정되지 않으므로, 주식병합 목적의 자본금감소도 그 자체로 위법하지는 않다. 또한 주식병합의 결과로 소수주주 축출이 이루어졌다 할지라도 법에서 정한 절차에 따라 주식병합이 이루어졌다면, 소수주식의 강제매수제도를 이용하지 않았다 할지라도 그 자체로 위법하다고 보기 어렵다. 세 번째로 주주의 비율적 지위에 변동이 발생하지 않았고 달리 원고가 그가 가진 주식의 수에 따라 평등한 취급을 받지 못한 사정이 없는 한 이를 주주평등원칙의 위반으로 볼 수 없다. 네 번째로 주식병합을 통한 자본금감소는 주주총회의 특별결의를 통한 회사의 단체법적 행위로, 최대주주 외 다른 주주들의 찬성에 의해서도 해당 주식병합의 정당성이 담보되어 권리 남용금지 위반으로 보기 어렵다. 본 논문에서는 이러한 대법원 판결의 의미를 쟁점별로 검토하였고, 이 판결이 향후 주식병합 사건에서 미치게 될 영향에 대해 서술하였다. The consolidation of shares is the act of a company combining multiple shares into a small number of shares, which may affect shareholders' interests depending on the ratio of the consolidation or the way the shares are handled. In particular, there is a problem that the higher the ratio of share consolidation, the more fractional shares are issued and a large number of minority shareholders may be squeezed out in dealing with fractional shares, but laws on the basis of legal judgment have yet to be established. However, in the Supreme Court's precedent on the invalidation of capital reduction on November 26, 2020, important legal theory in regards to the consolidation of shares were established. Therefore, in this paper, the facts of the case and the progress of the lawsuit were examined, as well as the issues that arose in the ruling regarding the consolidation of shares. In this case the Supreme Court made four important judgment regarding the consolidation of shares. First of all, since the consolidation of shares is not limited to the purpose of reducing capital, the reduction of capital for the purpose of the consolidation is not illegal in itself. Also, even if squeeze-out was done as a result of consolidation of shares, if the consolidation was carried out in accordance with the procedures set out by law, it would not be considered illegal in itself though controlling shareholders' acquisition of all shares owned by minority shareholder was not used. Thirdly, the proportional status of shareholders has not changed, and unless the plaintiff has been treated equally according to the number of shares he has, it cannot be regarded as a violation of shareholder equality principles. Fourthly, capital reduction through consolidation of shares is the company's act of organizational rules through a special resolution of the shareholders' meeting, and the legitimacy of consolidation of shares is guaranteed by the approval of other shareholders apart from the largest shareholder, thus it cannot be regarded as a violation of Prohibiting Abuse of Right. In this paper the implications of these Supreme Court ruling were reviewed on an issue-by-issue basis, and it explained the impact of these rulings on future consolidation of shares cases.

Soil Labile Organic Carbon Fractions in Response to Different Fertilization under Organic Maize Farming System

Hyun-Young Hwang(황현영),Nan-Hee An(안난희),Sang-Min Lee(이상민),Cho-Rong Lee(이초롱),Jeong-Ah Jeong(정정아) 한국토양비료학회 2021 한국토양비료학회 학술발표회 초록집 Vol.2021 No.11

Organic farming has been known to improve soil quality by enhancing soil organic carbon (SOC) contents. The functions of SOC is not only to mitigate climate change but also support nutrient cycling. Soil C pools that promote microbial activity and nutrient cycle are mainly the labile pools, which has short turnover times of a few days to months. These labile organic carbon is considered as early sensitive indicators of soil quality and productivity. This study aims to assess the effect of different fertilization practices on labile C fractions namely water extractable C (WEC), hot-water extractable C (HWEC), microbial biomass C (MBC), particulate organic C (POC), light fraction organic C (LFOC), and permanganate oxidizable C (KMnO₄-C) in maize field station. The experiment consisted of four different fertilization; no fertilization (CK), mineral fertilizer (NPK), hairy vetch (HV) and manure compost (MC). Organic fertilizer treatments increased SOC content by 37-40% and 18-30% over CK and NPK plot, respectively. The MC treatment had the highest concentrations of labile C but at the same time the highest proportion of non-labile C among treaments. Significant correlations between the SOC and the labile SOC fractions may indicate that the SOC is a major determinant of the labile C fractions. In particular, significant positive correlations were found between the SOC and HWEC, POC and KMnO₄-C, which means these three fractions were more sensitive than other C fractions.

델파이 기법을 이용한 관광안전지수 개발: 여행안전척도를 중심으로

황정주 ( Hwang Jung-ju ),양진연 ( Yang Jin-youn ),안현영 ( Ahn Hyun-young ) 경남대학교 산업경영연구소 2018 지역산업연구 Vol.41 No.3

본 연구는 체계적인 관광안전정책과 관리를 수립하고, 건전한 안전관광문화를 정착시키고자 여행안전척도 개발을 목적으로 하였다. 여행안전척도는 선행연구에서 검토된 안전관련 척도를 참고하였으며, 여행산업계와 관광학계 전문가를 대상으로 델파이 기법을 이용하여 평가항목을 구성하였다. 평가 항목에 대한 가중치는 AHP기법을 활용하여 산출하였으며 연구결과는 다음과 같다. 첫째, 여행안전척도는 안전교육, 안전기술, 안전규제, 그리고 안전환경의 4개 요소, 20개 평가항목을 도출하였다. 둘째, 도출된 세부 평가항목에 대해 AHP 기법과 델파이 기법을 활용하여 세부항목별 가중치를 산출하였다. 안전교육은 0.38, 안전기술이 0.22, 안전규제는 0.15, 안전환경은 0.25점으로 산출되었다. 셋째, 여행안전척도 문항은 1차 전문가 조사에서는 5개 영역으로 실시하였지만, 안전평가와 안전환경의 조작적 정의가 중첩된다는 의견이 제시되었다. 따라서 안전평가와 안전환경을 묶여서 안전환경으로 일원화하였다. 본 연구를 통하여 국민의 행복한 여행을 위한 정책 마련에 타당성을 제공하고, 관광산업계에서 안전한 관리와 대책을 수립하는데 이론적 근거를 제시한 의미있는 결과를 도출하였다. This study developed a travel safety scale to establish a systematic tourism safety policy and management as well as a healthy safety tourism culture. The travel safety scale have applied the safety-related scales reviewed in the previous research, and the evaluation items were constructed with the travel industry experts and tourism academics based on Delphi method, while the weight for the evaluation items was calculated through the AHP technique. The results of the study are as follows: First, the travel safety scale derived 20 items in 4 categories including safety education, safety technique, safety regulation, and safety environment. Second, the weight for each item was calculated using the AHP technique and the Delphi technique. Safety education was 0.38, safety technology was 0.22, safety regulation was 0.15 and safety environment was 0.25. Third, the questionnaire for the travel safety scale was conducted in five domains in the first expert survey, but it was suggested that the operational definitions of safety assessment and safety environment were overlapping. Thus the safety assessment and the safety environment are combined into a safety environment. The results of this study will provide the rationale for the establishment of policies that can support people’s happy travel as well as the formation of safety management and countermeasures in the tourism industry.

주주대표소송 활성화를 위한 법적과제

황현영(Hyun-young Hwang) 한국기업법학회 2013 企業法硏究 Vol.27 No.4

As the most direct method of shareholders’ inquiring into responsibility for poor management of the board of directors, the derivative suit plays a role in protecting shareholders’ rights and interests by not only strengthening responsibility management, but also ensuring that the relevant directors compensate for the damage on the company caused by their illegal acts. However, we only have 69 cases of derivative suit filed so far, which is about four cases per year. Therefore, the issue related to the effectiveness of the derivative suit is rising. This thesis aimed to examine the current status of the derivative suits and the problems of the current system, and also to suggest the improvement measures. Regarding the standing to sue, first, it is necessary to stipulate that the effectiveness of lawsuit is not influenced even when the qualifications of shareholders are changed due to the exchange, transfer, and consolidation of stocks after the lawsuit while the minority shareholders’ rights are maintained. In case when a company files a lawsuit against directors, or when a derivative suit is filed by some shareholders, it is needed to notify or announce the lawsuit to shareholders, so that other shareholders also can participate in the relevant lawsuit. Regarding the burden of proof, next, it is suggested to have an amendment in which some requirements for reading account books are eased in order for the smooth progress of the lawsuit and relieving shareholders’ burden of proof in case when a derivative suit is filed, and also they are authorized to demand an inspector. In order to check if the company does not file a lawsuit even when there is a clear illegal act by a director, and to collect data necessary for the proof, it is required to legalize the corporate system of notifying the cause of no-lawsuit. The last suggestion is related to the litigation costs. It is necessary to improve litigation costs which is the most realistic issue, so that the derivative suit can play a role of the sound supervision in the corporate management. Considering that the derivative suit is a lawsuit not for shareholders as the plaintiff, but for the company, it is suggested to regulate it just like the Capital Market Act by raising “every cost caused by other lawsuits such as the litigation costs” ruled by the Article 191-13 Paragraph 15 of the Securities and Exchange Act. Through the improvement measures, it is expected that the derivative suit can work as the representative post-regulation method that can protect shareholders’ rights and also recover the damage on the company caused by illegal acts of the board of directors.

상사중재 활성화를 위한 입법정책적 과제

황현영 ( Hwang Hyun-young ) 한국상사판례학회 2019 상사판례연구 Vol.32 No.4

중재는 당사자 간의 합의로 법원의 재판 대신 중재인의 판정에 따라 분쟁을 해결하는 대체적 분쟁해결수단으로서, 상사분쟁에서는 이미 재판 외의 분쟁해결 방법으로 각광받고 있다. 특히 국제중재의 경우 국적이 다른 당사자 간에 발생한 법적 분쟁을 일반 당사자 국가의 법원이 아닌 제3국의 중재로 해결할 수 있어 국제 상사 분쟁에서 널리 활용되고 있다. 국제중재를 통한 분쟁해결은 기업 뿐 아니라 국가 경제적으로도 긍정적 효과가 있어, 중재산업을 전략적으로 육성하려는 아시아 각국의 움직임이 활발하게 진행되고 있다. 이에 법무부는 국제중재사건의 유치 확대 및 중재산업의 육성을 위한 ‘중재산업 활성화’ 사업을 추진하고 있다. 중재산업 진흥 기반 조성 및 국제중재 유치 지원 근거 마련을 위해 중재진흥법 제정을 추진하였고, 동법은 2017년 12월부터 시행되고 있다. 또한 2018년 12월에는 중재산업 진흥 기본 계획 수립을 발표하고, 동 계획을 5년간 추진하겠다고 밝힌 바 있다. 본 논문에서는 상사분쟁 해결을 위한 중재 활성화의 필요성을 살펴본 후 지금 추진되고 있는 정부의 중재산업 활성화 사업의 주요내용을 평가하고 상사중재 활성화를 위한 입법정책적 과제를 제안하였다. Arbitration is an Alternative Dispute Resolution(ADR) that resolves disputes by an agreement between the parties on the basis of the judgment of the arbitrator instead of the court’s trial, and it has already been taking center stage as a dispute resolution besides trial for the business disputes between companies. In particular in the case of international arbitration, as legal disputes between the parties of different nationalities can be resolved through arbitration by a third country not by a general court of the party’s country, it is widely used in the international commercial disputes. Because the settlement of disputes through international arbitration has positive effects not only on companies, but also on the country’s economy, Asian countries are actively trying to strategically foster arbitration industries. In this regard the Ministry of Justice is pushing forward ‘Arbitration Industry Promotion’ project in order to attract more international arbitration cases and to foster the arbitration industry. In order to create the basis for promoting arbitration industry and to provide support for attracting international arbitration the Ministry of Justice pushed forward enacting 「the Act on the Arbitration Industry Promotion」, and this act has been implemented since December 2017. Also, in December 2018 it announced the formation of basic plan for arbitration industry promotion, and said it would carry forward this plan for 5 years. This paper introduced reviewing the necessity of promoting arbitration for resolving commercial disputes, and after the main contents of government’s arbitration industry promotion project now being pushed forward. Finally it proposed legislative policy assignment for promoting commercial arbitration.

최근 M&A 관련 동향과 기업승계

황현영(Hyun-Young Hwang) 한국기업법학회 2015 企業法硏究 Vol.29 No.4

최근 M&A에 대한 관심이 높아지면서, 이와 관련한 입법 활동이 활발히 이루어지고 있다. M&A를 통한 기업의 성장과 발전에 대한 관심도 높지만, 특히 최근 이슈가 되고 있는 대형 M&A 거래들은 기업승계라는 관점에서 조명되고 있다. 이에 본 논문에서는 최근 우리나라의 M&A 관련 동향을 살펴보고, 특별히 기업승계와 관련이 있다고 보여지는 19대 국회에 제출된 M&A 법안들을 검토하였다. 2014년 3월 정부 관계부처 합동으로 M&A 활성화 방안을 발표한 후, 2014년 11월과 2015년 9월에 금융감독원과 공정거래위원회가 각각 발표한 우리나라의 M&A 동향을 살펴보면 M&A 거래 건수 및 규모가 증가하고 있음을 볼 수 있다. 그런데 국내 M&A의 주요 특징은, 신성장동력사업인 벤처 기업 등을 적극적으로 인수합병하기 보다는 그룹 내 계열사 간 구조조정 및 지배구조 개편을 위한 M&A가 증가하였다는 것이다. 그룹 내 계열사 간 M&A가 활발하게 이루어지면서 지배주주를 비롯한 주주들의 지분율 및 기업지배구조가 달라지고 있고 앞으로도 달라질 가능성이 있어, 기업승계와 M&A를 연계하여 검토할 필요성이 제기된다. M&A의 수단과 목적이 다양하기 때문에, 제출된 법안도 다수의 법 영역에서 다양한 개정 내용을 담은 법안이 제출되었으나, 19대 국회에 제출된 M&A 법안을 그 개정 목적에 따라 분류하면 크게 둘로 구분해 볼 수 있다. 하나는 M&A 활성화라는 정책 방향에 맞춘 내용의 법안과 M&A 과정에서 특히 계열사 간 M&A 과정에서 이해관계자들을 보호하기 위한 내용의 법안으로 나누어 볼 수 있다. 양자 모두 M&A를 통한 기업승계에 영향을 줄 수 있는 법안이므로 함께 살펴보되, 자산·영업·주식 양수도, 합병 및 분할 등 M&A 관련 쟁점별로 나누어서 살펴보았다. 다만 본 논문에서는 M&A의 동향 및 최근 논의되는 법안을 소개하는 것에 초점을 맞추었고, 개별 쟁점에 대한 구체적인 분석은 후속 연구로 미루도록 한다. Recently, the main issue of Corporation Act is “M&A”. After seven government departments issued a joint announcement of a plan to activate M&A, the following specific plans are currently being executed and as the result of media reports of major M&A cases done in last year and this year, M&A was drawn to the attention of people and relevant legislation was also activated. Apart from corporate growth and development through M&A, the most notable aspect of recent M&A by major corporations is that it is used for succeeding a corporation business. In this study, recent M&A trends in Korea were investigated and relevant bills proposed to the 19th National Assembly that seem to be particularly related to corporation business succession were reviewed. After government departments issued a joint announcement of the M&A activation plan in March 2014, Financial Supervisory Service and Fair Trade Commission published reports on M&A trends in South Korea in November 2014 and September 2015, respectively, according to which the number of cases and size of M&A are increasing. However, in South Korea, M&A is being increasingly used for restructuring subsidiaries within a group and reorganizing corporate governance, rather than for actively merging and acquiring venture enterprises. Active M&A between subsidiaries of the same corporate group changes the share of shareholders including the controlling stockholders and corporate governance structure, and, therefore, investigate M&A in relation to business succession is needed. While bills including various amendments of different laws have been proposed, considered the diverse means and purposes of M&A, and the M&A bills proposed to the 19th National Assembly can be largely divided into two according to the purpose of amendment : bills that its legislative purpose is based on the M&A activation policy and those that are focused on protecting interested parties related to M&A among subsidiaries. Both types of M&A were reviewed together because both can influence corporation business succession. In addition, the bills were examined in terms of assets, business, share transfer, merger, and division. However, this study focused on recent M&A trends and relevant bills, and specific analysis of individual issues will be investigated in future research.

Soil Aggregates and Aggregate-Associated Carbon in Response to Different Fertilization under Organic Maize Farming System

Hyun-Young Hwang(황현영),Da-In Kang(강다인),Nan-Hee An(안난희),Sang-Min Lee(이상민),Cho-Rong Lee(이초롱),Jeong-Ah Jeong(정정아) 한국토양비료학회 2022 한국토양비료학회 학술발표회 초록집 Vol.2022 No.10

Comparison of Greenhouse Gases Emission Characteristics between Rice Paddy and Upland Soils during Cropping Season

Hyun Young Hwang(황현영),Jennifer Cuello(제니퍼 쿠엘료),PilJooKim(김필주) 한국토양비료학회 2013 한국토양비료학회 학술발표회 초록집 Vol.2013 No.10

Advanced Management of Cover Corps to Increase Soil Carbon Sequestration and Reduce Greenhouse Gas Emission in Rice Paddy

Hyun Young Hwang(황현영) 한국토양비료학회 2019 한국토양비료학회 학술발표회 초록집 Vol.2019 No.8

Higher biomass application stimulated much higher methanogenesis decomposition of organic matter in rice paddy soil

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