국내기업의 외국증권시장 동시상장과 기업지배구조개선 - 정보공시제도를 중심으로 - = The Cross-listing of Domestic Corporations and Coporate Governance:Focusing on Disclosure System

다국어 초록 (Multilingual Abstract)

At the beginning of the twenty-first century, the two great forces reshaping the contemporary world-globalization and technology-appear to be forcing a similar consolidation. Because globalization has lowered the barriers to cross- border capital flows and because technology has facilitated instantaneous information flows, securities markets can now compete on a global basis that previously was infeasible. As a result, issuers have a choice of markets on which to list their securities and raise equity capital. In addition, issuers could list their securities in two country over, that is cross-listing.
Cross-listing on foreign stock market can serve as a bonding mechanism for corporate insider to credibly commit to a better governance regime. An alternative to corporate governance improvement through public action is improvement through private action by particular corporations. Such self- improvement by private issuers faces serious obstacles, however. To overcome this problem, issuers can engage in governance-improving private action by listing their securities on a foreign market, specially the U.S. market whose governance system they consider superior.
In this view, I would like to explore the merit of cross-listing and the improvement of legislative system, specially disclosure system, for activation of cross-listing in Korea. The Legislation of Korea have many problems for cross-listing, because it has applied to listing of securities in only domestic market. Therefore, it is necessary for the improvement of our legislation system for activation of cross-listing and improvement of corporate governance.