개정상법상 종류주식을 활용한 방어수단

박한성 한국경영법률학회 2012 經營法律 Vol.22 No.3

There was 2006 and 2008 Revision Draft to Korean Commercial Code for the revision draft for the class of shares as we saw, but a portion has been dropped or not even submitted to the National Assembly. However, because of the government's ongoing efforts, National Assembly has passed after six years "The company act of the commercial law" on March 11, 2011 and the amendment (Law No. 10,600) was performed from April 15, 2012. But the amendment on class of shares was limited in a total five kinds of the class of shares, the class of shares of transfer restrictions in amendments to '2008' was deleted and the remaining shares were introduced in the revised Commercial Code. Another feature of this revised Act is expected to reduce cases that the minority shareholders resist the corporate restructuring of the reasonable way due to the introduction of freeze-out of the minority shares for the unfair business reasons. In addition, it will work as a means of various M&A for the maximum synergy effect and the efficient restructuring with allowing cash-out merger and triangular merger. In this thesis, after considering these viewpoints, I studied ways that can be utilized in hostile M&A around the class of shares about voting rights limit shares and convertible reason shares among the class of shares was introduced in 2011. In addition, I investigated plans expected high utilization for use of the class of shares for the benefit of medium and small-sized enterprises. Therefore, it seems that these measures need to be emphasized again. There was no case that the class of shares was used as a means of defense against hostile M&A before the introduction of the class of shares, before Revised Commercial Code. And, in situations of hostile M&A, whether the target company's board of directors can conduct defense act or not has been treated as a matter of whether ‘managerial purposes’ are recognized when new shares, issuance of convertible bond or bond with warrants is allowed to friendly shareholders or the issuance of unfair methods in the case of disabled rights issue. Although the revised Commercial Code introduced the class of shares, the class of shares is expected to be used frequently in the future in the absence of the utilized case as a means of defense against hostile M&A.

국내 3개 대학기업가센터 공동 캐시클래스의 실전 창업체험형 교육사례연구 : 설계, 운영 및 창업효능감 상승효과를 중심으로

김규동(Kyudong Kim) 한국창업학회 2018 한국창업학회지 Vol.13 No.1

본 연구는 창업교육에 있어서 다양한 인적자원의 제공을 통한 팀 구성과 활동 및 시제품 제작 지원금을 제공하였을 때 학생들의 창업에 대한 인식과 의도의 변화를 기업가적 과정의 행동 론적 요소로 확인하였다. 구체적 연구목적은 서울소재의 3개 대학기업가센터에서 공동으로 운영한 캐시클래스의 활동경험에서 나타나는 창업의도의 다양한 변화 양상을 조명하는 것이다. 공동 캐시클래스에 참여한 대학생 14명을 대상으로 팀활동 상황 및 멘토링 등을 통한 사전 인터뷰와 학기말에 심층 서면 인터뷰 자료를 분석하였다. 연구결과, 첫째, 학생들은 보다 실제적인 창업체 험을 원하며 그 결과물이 성취되었을 때 보다 높은 창업효능감을 보여주었다. 둘째, 팀 구성원간의 협력관계와 의사소통의 정도에 따라 활동의 적극적 지속성이 달라짐을 확인하였다. 셋째, 지원금을 통해 보다 실제적인 활동이 가능하였으며, 학생들은 다양한 창업체험을 통해 실제 창업을 하여 활동을 하는 대리효과를 얻을 수 있었다. 본 연구는 공동 캐시클래스에 참여한 학생들의 팀활동 과정에 초점을 맞추어 팀활동 과정이 창업체험에 미치는 영향정도와 활동에 따른 변화과정을 확인함으로써 실전에 가까운 창업체험이 제공되는 창업교육에 대한 연구, 개발 및 운영에 기여할 수 있다는 점에서 연구의 의의를 찾을 수 있다. This case study investigated how students’ perceptions of and attitudes toward entrepreneurship would change when they had taken experiential entrepreneurial education with team formation, funding for prototyping, and provision of a variety of human resources. The aim of this study was to highlight various aspects of startup intentions that were reflected in the working experiences of cash class which was jointly operated by three university entrepreneurial centers in Seoul. In this study, the data were analyzed by pre-interviews with 14 college students who took part in the communal cache class via team activities and mentoring as well as in-depth written interviews at the end of class. First, the study found that students wanted to have a more hands-on experience and were more effective when the results were achieved. Second, it was confirmed that the degree of communication and collaborative relationships among the team members were influenced by active persistence in various activities. Third, the support money enabled more practical activities and a variety of start-up experiences which provided surrogate effects of real business experiences. Focusing on the team activities of students who were involved in a communal cache class, this case study found that the cache class provided the students with a sense of initiative that enabled to identify the impact of their start-up experience and change their activities, thus providing a sense of hands-on enterprise experience.

소수주주축출에 관한 일본의 법리 연구

김경일 한국상사법학회 2017 商事法硏究 Vol.36 No.3

There was no direct provision about freeze-out in former Japanese Companies Act. So at that time, class shares subject to wholly call(stock company shall acquire all of these class shares by resolution of the shareholders meeting), consolidation of shares and cash-out merger were used to freeze out minority shareholders. Amended Japanese Companies Act in 2014, introduced freeze-out right to make it possible to freeze out minority shareholders quickly without resolution of the shareholders meeting. Some parts of the provisions about class shares subject to wholly call and consolidation of shares were amended according to the aim of the amendment to Japanese Companies Act. The aim was to keep balance between rules for methods that could be used to freeze-out minority shareholders. We can get some hints about freeze-out right by controlling shareholder in Korean Commercial Code from freeze-out right by special controlling shareholder in Japanese Companies Act as follows. First, we need to consider introducing ante-disclosure and post-disclosure system into freeze-out right by controlling shareholder. Second, as the effect that shares of minority shareholders are transferred to the controlling shareholder occur after resolution of the shareholders meeting to freeze out minority shareholder is registered to the registration book we need to consider making the effect of the transfer of shares of minority shareholders occur uniformly. Third, because the exercise of freeze-out right by controlling shareholder generates a lot of interested parties, to confirm the rights of all interested parties uniformly, we need to consider prohibiting people from arguing the effect of freeze-out right without filing a suit. We can get some hints about cash-out merger in Korean Commercial Code from class shares subject to wholly call in Japanese Companies Act as follows. We need to consider making disclosure system fuller to restrain controlling shareholder form pursuing private benefits and protect minority shareholders. 일본에서 2014년 회사법 개정 전에는 소수주주축출 그 자체를 위한 제도는 없었고, 소수주주축출을 하기 위해 전부취득조항부종류주식, 주식병합, 교부금합병 등을 이용하였다. 지배주주가 의결권의 대다수를 보유하고 있는 경우에, 대상회사의 주주총회결의를 받지 않고 신속하게 소수주주축출을 해서 소수주주축출의 이점을 얻을 수 있도록 하기 위해 2014년 회사법 개정에서 주식등매도청구 제도가 도입되었다. ‘소수주주축출에 이용할 수 있는 제도에 대한 규율 사이의 비대칭성 해소’라는 회사법 개정 목적에 따라 전부취득조항부종류주식과 주식병합이 일부 개정되었다. 일본의 특별지배주주의 주식등매도청구에서 우리나라의 지배주주의 매도청구에 대해 소수주주 보호에 관하여 얻을 수 있는 시사점은 다음과 같다. 첫째, 지배주주의 매도청구에 합병이나 주식교환과 같은 사전·사후 공시절차를 마련하는 것을 고려할 필요가 있다. 둘째, 소수주주축출 결의가 상업등기부에 등기되면 소수주주의 모든 주식이 주요주주에게 이전되는 효력이 발생하는 것과 같이 주식이전의 효력이 획일적으로 발생하도록 하는 것을 고려할 필요가 있다. 셋째, 지배주주의 매도청구도 합병처럼 단체법상의 효과가 발생하여 다수의 이해관계인이 생기므로, 이해관계인 모두의 권리를 획일적으로 확정하기 위하여 지배주주의 매도청구의 무효도 소에 의해서만 주장할 수 있도록 하는 것을 고려할 필요가 있다. 일본의 전부취득조항부종류주식에서 우리나라의 교부금합병에 대해 소수주주 보호에 관하여 얻을 수 있는 시사점은 다음과 같다. 교부금합병을 이용한 소수주주축출에서, 지배주주의 사익추구를 억제하고 소수주주를 보호하기 위해서, 보다 충실한 공개를 하도록 하는 것을 고려할 필요가 있다.

2011년 개정상법 및 동법시행령상 회사재무분야의 주요쟁점과 해석 및 운용상의 과제

김홍기(Hong-Ki Kim) 한국기업법학회 2012 企業法硏究 Vol.26 No.1

On March 11, 2011, Revision of Korean Commercial Code(KCC) was passed and will take effect in 2012. Supplemental presidential decrees, passed on December 28, 2011, also clarifies important particular issues. The amendments represent the most important set of revisions to the Commercial Code since 1962, when KCC was enacted. One of the most important changes in the revision is reform in corporate financial sector. The changes will permit special non, or limited voting classes of shares; generally permit stock buybacks, from dividendable earnings; eliminate the current net assets-geared limit on bonds, and allow dividends to be decided at the board rather than shareholders level. As for the merger, the KCC allow for cash-out merger, and triangular merger. Then corporation will have, in several ways, significantly greater flexibility in shaping its capital structure and managing company. They enlarge the scope of possible strategies for investment, and techniques of corporate structuring and finance, as well as control and consolidation. Thus, the changes may be of keen interest to many businesses and investors in Korea. However, I carefully provoke the attention of possibility that minority shareholders may find difficulty in company, unless there are attention that promote and protect their rights as minority shareholders. I also concern the closely linked relation between corporate finance and corporate governance. Debt and equity are treated not mainly as alternative financial instruments, but rather as alternative governance structures. Experiences with the Samsung Everland CB case could be used to illustrate the argument.

캐시클래스의 창업체험형 교육 사례 연구: 효과 검증을 위한 인자분석을 중심으로

이광헌(Gwanghun Lee),김규동(Kyudong Kim) 한국창업학회 2018 한국창업학회 Conferences Vol.2018 No.2

본 연구는 기업가 정신을 기초로 한 창업교육에 있어서 활동 지원금을 제공하는 캐시클래스의 지원금 효과에 대한 평가를 진행하였다. 캐시클래스에 참여한 학생 20명을 대상으로 설문조사를 진행하였으며, 활동 지원금을 통하여 팀활동이 실체적인 의미를 가지게 되면서 창업효능감에 긍정적인 영향을 주는 것을 확인할 수 있었다. 단순하게 활동 지원금을 제공한다는 것으로는 의미가 없었다. 그러므로 활동 지원금을 제공하는 캐시클래스와 같은 형태의 실천중심의 교과과 정은 팀 목표를 구체적으로 설정하고, 역할이 명확하게 배분된 활동이 진행될 때 유의미한 영향 을 주는 것을 확인할 수 있었다. This study performed an assessment of the effectiveness of the cash class s funding to provide activity funding for start-up education based on entrepreneurship. The survey of 20 students who participated in the cache class was conducted, and the team activities had a practical meaning through the activity support fund, which had a positive impact on the sense of founding efficiency. There was no point in simply providing an activity grant. Thus, a traction-oriented curriculum, such as a cache class that provides an activity support fund, specifically establishes team goals and has a significant impact on the progress of activities with clear roles.