근로자 기업인수(EBO)에 관한 법적 고찰

다국어 초록 (Multilingual Abstract)

Originally Leveraged Buyout(hereinafter LBO) is defined to buy a target company by some acquire company with funds to take out a loan for offering assets of the target company as a security. Employee Buyout(hereinafter EBO) is generally defined that EBO is a sort of LBO with changing main leading group from acquire company to employee or group of employee.
Usually EBO is related with ESOP(Employee Stock Ownership Plan, hereisafter ESOP) in U.S.A. Main leading group of EBO is typically consist of director of target company, outside specialist (Investment Bank etc) and ESOP.
A successful EBO is one of alternative in case of corporation have possibility of insolvency. EBO can save jobs and reduce the effect of unemployment on the displaced employees and their communities. EBO can strengthen the economic base of the country if employee ownership results in higher productivity.
Even though frequency of utilize EBO is little bit low in Korea, there is sure of possibility of utilizing EBO as a option of saving company in insolvency. I discuss here problems related with using EBO in M&A market. Also I studied several examples of EBO in U.S.A. & Korea to show matters of processing EBO.
Additionally as I described before. Employee Welfare Act article 49 provide government could give financial assistance to Korean ESOP to acquire stock of corporation in case of insolvency. But there is no detailed regulation to support Employee Welfare Act article 49. Legislative supplement will be needed in this matter.

목차 (Table of Contents)

• Ⅰ. 들어가며
• Ⅱ. EBO 일반론
• Ⅲ. EBO 관련사례
• Ⅳ. EBO관련 법적논점
• Ⅴ. 마치며
• 參考文獻
• 〈Abstract〉

참고문헌 (Reference)

1 국회의원 안영근, 2001

2 정상근, "현행 종업원지주제의 쟁점과 법률상 문제점" 한국경영법률학회 17 (17): 165-185, 2006

3 "우리사주조합 등을 통한 국내외 기업인수사례와 시사점" 노동부 2005

4 남상섭, "우리사주제의 문제점과 활성화방안 연구" 창업정보학회 7 (7): 2004

5 "우리사주제도 실태조사 및 개선방안에 관한 연구" 한국노동연구원 2007

6 김규영, "선진국의 종업원지주제에 관한 고찰-ESOP에 대한 제도적 분석을 중심으로-" 한국산업경제학회 18 (18): 2435-2455, 2005

7 노용진, "미국의 종업원 기업인수(EBO)-종업원지주제를 이용한 종업원 기업인수" 1999

8 신범철, "미국 ESOP의 고찰과 시사점" 한국경영자총협회 노동경제연구원 2004

9 김홍식, "借入買受(Leveraged Buyout)의 法的 論點에 관한 考察" 한국상사판례학회 20 (20): 231-251, 2007

10 "www.postec.co.kr"

11 "www.medison.com"

12 "www.hankyung.com"

13 "www.ceso.or.kr"

14 Peter Pitegoff, "Worker Ownership in Enron's Wake - Revisiting a Community Development Tactic" 8 : 239-245, 2004

15 "The ESOP Association"

16 Manik K. Rath, "How to do an Employee Buyout in the Post-Enron Climate" 21 (21): 56-, 2003

17 Paul Caver, "Employee-owned Airlines : The Cure for an Ailing industry" 639-, 1996

18 Emily L. Sherwin, "Creditor's Rights Against Participants in a Leveraged Buyout" 72 : 449-, 1988

19 Virginia L. Duquet, "Advantages and Limitations of Current Employee Ownership Assitance Acts to Workers Facing a Plant Closure" 36 : 96-, 1984

20 Eric Grannis, "A Problem of Mixed Motivies : Applying Unocal to Defensive ESOPS" 92 : 851-, 1992