기업구조조정의 현안과 전망

다국어 초록 (Multilingual Abstract)

The paper discusses conceptual underpinnings and policy challenges for corporate restructuring, which has been carried out in the wake of Korea’s recent financial crisis. Despite the fact that corporate restructuring is essentially a micro finane problem to be resolved by the concerned corporations, the paper argues that government's catalytic role is more than justifiable. This is so because the corporations’ structural weakness and prevalent moral hazard led to market failure in Korea and the significant share of chaebols in the Korean economy posed the issue as a vital public interest.
Much progress has been achieved in the implementation of drastic corporate restructuring as part of the government' s major sectoral reform under the so called 5 plus 3” principles agreed to among the government, creditor banks, and corporations. Nevertheless, Korea must maintain the momentum for a successful closure on ongoing reform programs. Reform entails cost, but it should be taken as necessary investment to bring about a sustainable and equitable growth regime, which will help to avoid recurrence of crisis in the future. In this context, complacency and reform fatigue should be averted, and likewise, the reform principles must not be compromised by political or group interest.