한국 회사법의 변천과 발전과제－M&A법제의 최근 동향을 중심으로－ = The Changes and Development Issues in the Korean Corporate Law －Focusing on the Recent Regulatory Trends in M&A Activities－

다국어 초록 (Multilingual Abstract)

Due to political and economic uncertainties since 2012, the total value of global M&A deals in 2013 decreased about 6 percent compared with the previous year. However, the number and scope of deals increased 15 percent in the U.S. and emerging markets and, especially, 28 percent of cross-border transactions were accomplished in Asian markets. Moreover, analysts and dealmakers argue that 2014 has all the fundamental ingredients to be a heyday in M&A activities due to low interest rates, macroeconomic stability, high levels of cash on corporate balance sheets and a banking sector eager to lend. Considering the above trend and the fact that South Korea ranked second in M&A attractiveness in global M&A market, we need to refine our regulations regarding M&A activities in order to reflect intra and international economic reality. In this context, this articles starts with briefly introducing 52-years of legislative history of the Korean Commercial Code, broadly views M&A-related regulations under the Korean corporate law and explores the regulatory environment in the U.S. which is one of the major M&A regulatory schemes in the world in order to draw implications and improvement issues under our system. As a result, despite general similarity to the U.S. system, there are comparatively many limitations in making defensive tactics in response to hostile bids under the Korean law. In addition, it seems that research and legal consideration about deal protection measures are need to be more developed. Therefore, this article suggests and recommends some ideas to reform our regulatory system in hostile and friendly takeover contexts as a conclusion.

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