개정상법상 소수주주축출제도에 관한 연구 = A Study on the Squeeze-out System of the Korean Revised Commercial Law

다국어 초록 (Multilingual Abstract)

It is a significant event to the existing basic principle of the corporate law that Korean revised corporate law of 2012 will introduce the new compulsory acquisition or squeeze-out. This system is modeled on the cash-out merger of the United States and the compulsory acquisition of Germany. Such a move requires a policy shift that corresponds to a more modern vision of financial markets in which minority shareholders are protected not by an inalienable right to remain as shareholders, but rather by a right to receive fair value in exchange for their shares.
Compulsory acquisition has both the positive aspect and the negative aspect. The former is that senses of loss of minority shareholders expelled against their will could frustrate the minority shareholders’ will to participate in the economic activities through the corporate system. In order to protect the minority shareholders’ expectations, first of all, the fair transaction of compulsory acquisition and the fair price given to minority shareholders should be secured.
For this purpose, the entire fairness test of the United States and the European method of procuring the fairness in the compulsory acquisition can be referred to.
Essentially in Korean legal system, however, fundamental reexamin- ation about the relationship of the controlling shareholders and the minority shareholders is necessary. For that, the concept of fiduciary duty approved in many advanced countries should be introduced to the Korean corporate law in the near future.

참고문헌 (Reference)

1 Franklin A. Gevurtz, 737 : 2000

2 신석훈, "회사가치평가와 비상장주식의 공정가치" 한국경제연구원 2011

3 김학성, "헌법학원론" 박영사 2011

4 송종준, "폐쇄기업화거래의 공정요건과 소수파주주의 보호" 19 (19): 2000

5 최민용, "지배주주의 주식매도청구권의 운용과 관련된 몇 가지 제언" 한국경영법률학회 21 (21): 361-389, 2011

6 홍복기, "주주의 충실의무-독일연방최고법원 리노티페판결 (BGHZ 103, 194, vom 1.2.1988)-" 한국사법행정학회 (391) : 1993

7 육태우, "주주억압법리에 관한 연구 : 미국의 폐쇄회사를 중심으로" 고려대학교 대학원 2006

8 김건식, "자본시장법 2판" 두성사 2010

9 김효신, "소수주주축출제도의 도입방안에 대한 검토" 법무부 (50) : 40-58, 2010

10 노혁준, "소수주주 축출제도의 도입에 관한 연구 － 도입형태와 가격산정을 중심으로－" 한국상사법학회 26 (26): 231-271, 2008

11 송창현, "소수주주 축출거래의 공정성" 2009

12 송종준, "소수주주 강제퇴출법제의 국제적 신조류와 그 입법론적 수용 가능성 -미국,영국,독일법의 비교분석을 중심으로-" 한국증권법학회 6 (6): 1-38, 2005

13 김화진, "소수주식의 강제매수제도" 법학연구소 50 (50): 321-350, 2009

14 서완석, "상법상의 소수주주 축출제도 -소수주식 강제매수제도와 교부금 합병제도를 중심으로-" 한국상사법학회 30 (30): 385-443, 2011

15 김성호, "상법개정시안에서의 소수주주축출(squeeze-out)에 관한 고찰" 48 : 2010

16 김재형, "미국에서 합병대가의 유연화와 소수주주축출에 관한 입법의 변천과 법원의 대응" 한국기업법학회 18 (18): 57-74, 2004

17 金聖虎, "미국 회사법상 ＂소수주주 축출의 정당성＂에 관한 고찰" 한국기업법학회 21 (21): 297-316, 2007

18 최병규, "독일의 Squeeze-Out제도에 관한 연구" (14) : 2003

19 김성호, "독일 주식법상의 소수주주축출제도와 그 시사점" 한국상사법학회 24 (24): 83-112, 2005

20 육태우, "공개회사에 있어서 폐쇄기업화거래의 환경 및 규제 － 미국의 연방법 및 주판례법을 중심으로 －" 한국경영법률학회 17 (17): 107-155, 2007

21 김홍식, "개정상법상 현금지급합병제도에 관한 연구" 한국경영법률학회 21 (21): 249-283, 2011

22 M. Todd Henderson, "The Going-Private Pheno- menon: Causes and Implications" 76 : 1-, 2009

23 Hillman, "The Dissatisfied Participant in the Solvent Business Venture: A Consideration of the Relative Permanence of Partnerships and Close Corporations" 67 : 1-, 1982

24 Meredith M. Brown, "Takeovers: A Strategic Guide to Mergers and Acquisitions" 467-, 2001

25 Robert, C. Art, "Shareholder Rights and Remedies in Close Corporation: Oppression, Fiduciary Duties, and Reasonable Expectations" 28 : 371-, 2003

26 Steven C. Bahls, "Resolving Shareholder Dissension: Selection of the Appropriate Equitable Remedy" 15 : 285-, 1990

27 F. Hodge, "O'Neal's Oppression of Minority Shareholders: Protecting Minority Rights in Squeeze Outs and Other Intracorporate Conflicts" 1993

28 Alexander Khutorsky, "Note, Coming in From the Cold: Reforming Shareholders' Appraisal Rights in Freeze-out Transactions" 1997 : 133-, 1997

29 Richard A. Booth, "Minority Discounts and Control Premiums in Appraisal Proceedings" 57 : 127-, 2001

30 James C. Spindler, "How Private is Private Equity, and at What Cost?" 76 : 311-, 2009

31 Michael T. Burr, "Going-Private Trend Falls Short of Expectations, Corp. Legal Times, Aug. 3" 2003

32 Arthur M. Borden, "Going Private 1.02, 3.02 (2003); Joshua M. Koenig, a Brief Roadmap to Going Private" 2004 : 505-, 2004

33 Marco Ventoruzzo, "FREEZE-OUTS: TRANSCONTINENTAL ANALYSIS AND REFORM PROPOSALS" 50 : 841-, 2010

34 Robert B. Thompson, "Exit, Liquidity, and Majority Rule: Appraisal's Role in Corporate Law" 84 : 1-, 1995

35 Charles M. Nathan, "Current Developments in U.S. Mergers and Acquisitions Law, In PLI's Second Annual Institute on Securities Regulation in Europe" PLI Corp 2002

36 Thompson, "Corporate Dissolution and Shareholders' Reasonable Expectations" 66 : 193-, 1988

37 Alan R. Palmiter, "Coporations 4th edition" 2003