노동판례에서의 기대권법리 적용에 관한 검토

하경효,황원재 한국경영법률학회 2017 經營法律 Vol.27 No.3

판례는 근로자에게 근로계약이 갱신될 수 있으리라는 정당한 기대권이 인정되는 경우 사용자가 이를 위반하여 부당하게 근로계약의 갱신을 거절하는 것은 부당해고와 마찬가지로 아무런 효력이 없고, 이 경우 기간만료 후의 근로관계는 종전의 근로계약이 갱신된 것과 동일하다고 한다. 그리고 최근 판례에서는 기간제 법 시행 이후에도 갱신기대권이 인정된다고 하면서 기간의 정함이 없는 근로자로 전환될 수 있으리라는 정당한 기대권도 인정하고 있다. 이러한 판례태도는 기간제 근로자의 보호라는 법정책적 관점에서는 충분히 이해될 수 있으나 법리적 또는 법해석론 측면에서는 수긍하기 어렵다. 이 논문은 이러한 문제의식을 토대로 갱신기대권에 관한 판례법리를 비판적으로 검토하였다. 먼저 갱신·전환에 관한 규정이나 형성된 신뢰의 구체적 내용에 따른 침해의 효과를 구분하지 않고, 정당한 기대권이 부당하게 침해되면 계약갱신 또는 무기직 전환의 효과를 일률적으로 인정하는 것은 타당하지 않다. 더욱이 갱신기대권에 반하는 갱신거절을 부당해고와 마찬가지로 무효로 보는 판례의 입장은 기간제 근로계약은 합의한 기간의 만료로 종료하는 것일 뿐 사용자의 기간만료 또는 갱신거절의 통지로 비로소 종료하는 것이 아니라는 점, 기간만료 또는 갱신거절의 통지는 의사표시가 아니라 근로계약에서 정한 기간의 만료로 근로관계가 종료된다는 사실과 갱신의사가 없음을 알리는 관념의 통지라는 점과 조화되기 어렵다. 갱신기대권 침해에 대하여 근로계약의 갱신이나 무기직 전환의 효과를 인정하는 것은 법령이나 근로계약 등에 근거가 있거나, 사용자의 계약갱신이나 무기직 전환 의사가 추론될 수 있는 경우와 같이 이에 대한 근거가 있는 경우에 한정해야 할 것이다. 또한 기간제법 시행과 상관없이 갱신(전환)기대권이 인정될 수 있다 할지라도 이러한 기대권에 반하는 기간만료통지에 대하여 무기직 전환의 법률효과를 인정하는 것은 매우 신중할 필요가 있다. 계약갱신과 달리 무기직 전환은 근로계약관계의 연장을 넘어 당사자 사이에 전제한 고용형태의 변경을 초래하기 때문에 그 인정요건 면에서 달리 판단될 필요가 있기 때문이다. If the employee has explicitly agreed with his employer to work for a fixed period, the contract ends automatically by operation of law when the contract reaches the agreed time. So, within the frame of the fixed-term contract, there’s no guarantee this contract will be renewed or converted into a permanent one. To protect the temporary workers therefor court have established a precedent in which the employee is entitled in certain cases to renew his contract or convert his contract into a permanent. As this cases, the court refers to the two Situations. First, the employee can renew or convert his contract when the right of renewal or right of converting to permanent is stipulated in the contract or written in the employment rules or collective agreements, etc. Second, the employee can ask the same right even though there are no such contract, rules, and agreement, provided the employee’s specific reliance on the continuing or converting is established. Whether this Expectation is grounded, is decided by the court considering the circumstances surrounding the labor relationship being discussed. This court decision is called ‘Breach of trust related to renewal and conversion of the fixed-term labor contract’ and widely supported by the literature to protect the less favorable contractual position of fixed-term employees than permanent. However, a close look at the decision reveals severe logical inconsistencies. First, the court does not clearly distinguish the first situation from the second in its ruling. Especially, the cases, by which the employee’s right to extend his contract is explicitly stipulated, must be separated from the cases, by which the employer merely mentioned the possibility of renewal in the terms of contract. Second, to decline an extension of the contract does not directly mean that the employer dismisses the employee unfairly. The contract can be renewed or converted in a permanent only when the behavior of employer has caused a reasonable reliance of employee on continued employment or changed time-condition. Even in this case, the contract ends automatically on the agreed date. The employee has only the right to extend the contract or to convert the contract into a permanent. Only after his request is accepted by the employer, the unfair dismissal can be discussed. Otherwise, the employer is only liable for the damages. To make this court decision more reasonable, the court needs to put emphasis on the basic rules of contract. The contract ends automati- cally by operation of law at the agreed time, if the both parties have agreed on the term of a contract. The intention of both parties to establish a legal relationship is essential for the renewal or conversion of the contract. From the reasonable expectation of one party only the right to renew and convert the contract can be granted. The need to protect the fixed-term employee should not change the basic framework of contract improperly. A court decision based on the basic principle of contract law is also necessary in the employment cases.

Design and Control of Single-stage LEDConverter with High Power Factor

Geun-Yong Park,Gang-YoulJeong 보안공학연구지원센터 2014 International Journal of Control and Automation Vol.7 No.10

This paper presents a single-stage LED converter with high power factor. The proposed converter utilizes a single-stage power circuit that combinesthe boost DC-DC converter topology and theflyback converter topology. The control of the proposed converter operates using critical conduction mode and fixed on-time voltage control techniques. In this way the proposed converter is much simpler than currentconventional LED converters. An operational principle and a design example of the proposed converter are explained, briefly. Also, it is shown through experimental results that the proposed converter built based on the design example has good performance for driving LEDs.

DCM Frequency Control Algorithm for Multi-Phase DC-DC Boost Converters for Input Current Ripple Reduction

주동명,김동희,이병국 대한전기학회 2015 Journal of Electrical Engineering & Technology Vol.10 No.6

In this paper, a discontinuous conduction mode (DCM) frequency control algorithm is proposed to reduce the input current ripple of a multi-phase interleaved boost converter. Unlike conventional variable duty and constant frequency control, the proposed algorithm controls the switching frequency to regulate the output voltage. By fixing the duty ratio at 1/N in the N-phase interleaved boost converter, the input current ripple can be minimized by ripple cancellation. Furthermore, the negative effects of the diode reverse recovery current are eliminated because of the DCM characteristic. A frequency controller is designed to employ the proposed algorithm considering the magnetic permeability change. The proposed algorithm is analyzed in the frequency domain and verified by a 600 W three-phase boost converter prototype that achieved 57% ripple current reduction.

A New Modulation Method for the Modular Multilevel Converter Allowing Fundamental Switching Frequency

K. Ilves,A. Antonopoulos,S. Norrga,H-P. Nee 전력전자학회 2011 ICPE(ISPE)논문집 Vol.2011 No.5

This paper presents a new modulation method for the modular multilevel converter. The proposed method is based on a fixed pulse pattern where harmonic elimination methods can be applied. Modulation methods with harmonic elimination based on calculated pulse patterns have been presented for other multilevel topologies. However, similar modulation schemes have not yet been presented for the modular multilevel topology. In the proposed modulation method, the pulse pattern is chosen in such a way that the stored energy in each submodule remains stable. It is shown that this can be done at the fundamental switching frequency without measuring the capacitor voltages or using any other form of feedback control. Such a modulation scheme has not been presented before. The theoretical results are verified by both simulations and experimental results. The simulation results show successful operation at the fundamental switching frequency with a larger number of submodules. When a smaller number of submodules are used, harmonic elimination methods may be applied. This is verified experimentally on a converter with eight submodules per phase leg. The experimental results verify that stable operation can be maintained at the fundamental switching frequency while successfully eliminating the fifth harmonic in the ac-side voltage.

DCM Frequency Control Algorithm for Multi-Phase DC-DC Boost Converters for Input Current Ripple Reduction

Joo, Dong-Myoung,Kim, Dong-Hee,Lee, Byoung-Kuk The Korean Institute of Electrical Engineers 2015 Journal of Electrical Engineering & Technology Vol.10 No.6

In this paper, a discontinuous conduction mode (DCM) frequency control algorithm is proposed to reduce the input current ripple of a multi-phase interleaved boost converter. Unlike conventional variable duty and constant frequency control, the proposed algorithm controls the switching frequency to regulate the output voltage. By fixing the duty ratio at 1/N in the N-phase interleaved boost converter, the input current ripple can be minimized by ripple cancellation. Furthermore, the negative effects of the diode reverse recovery current are eliminated because of the DCM characteristic. A frequency controller is designed to employ the proposed algorithm considering the magnetic permeability change. The proposed algorithm is analyzed in the frequency domain and verified by a 600 W three-phase boost converter prototype that achieved 57% ripple current reduction.

DCM Frequency Control Algorithm for Multi-Phase DC-DC Boost Converters for Input Current Ripple Reduction

Dong-Myoung Joo,Dong-Hee Kim,Byoung-Kuk Lee 대한전기학회 2015 Journal of Electrical Engineering & Technology Vol.10 No.6

In this paper, a discontinuous conduction mode (DCM) frequency control algorithm is proposed to reduce the input current ripple of a multi-phase interleaved boost converter. Unlike conventional variable duty and constant frequency control, the proposed algorithm controls the switching frequency to regulate the output voltage. By fixing the duty ratio at 1/N in the N-phase interleaved boost converter, the input current ripple can be minimized by ripple cancellation. Furthermore, the negative effects of the diode reverse recovery current are eliminated because of the DCM characteristic. A frequency controller is designed to employ the proposed algorithm considering the magnetic permeability change. The proposed algorithm is analyzed in the frequency domain and verified by a 600 W three-phase boost converter prototype that achieved 57% ripple current reduction.

전환사채의 규제에 대한 비판적 검토 - 콜옵션 및 리픽싱을 중심으로 -

서치원 ( Seo Cheewon ) 연세법학회 2021 연세법학 Vol.38 No.-

전환사채가 발행될 때 주식의 전환과 관련한 각종 옵션이 부여되면서 상장회사 최대주주 및 특수관계인의 편법적인 지분 확대나 불공정거래에 전환사채가 악용되는 폐해가 지적되어왔다. 이에 따라 금융위원회는 2021. 10. 27. 전환사채와 관련한 「증권의 발행 및 공시 등에 관한 규정」의 개정안을 의결하였다. 그 결과 2021. 12. 1. 이후 상장회사가 콜옵션부 전환사채를 발행하는 경우에 1) 콜옵션 행사자, 전환가능 주식수 등에 대한 공시의무가 부과되며, 2) 최대주주 및 특수관계인의 콜옵션 행사 가능 한도가 전환사채 발행 당시 지분율 이내로 제한되었으며, 3) 주가하락에 따른 리픽싱이 이루어진 경우에는 주가상승시에 도 리픽싱 의무가 부과되었다. 이러한 「증권의 발행 및 공시 등에 관한 규정」의 개정안은 전환사채의 콜옵션 및 리픽싱이 최대주주의 편법적 지분확대나 각종 불공정거래행위에 악용되었던 것을 상당부분 개선할 수 있을 것으로 보인다. 하지만 최대주주 및 특수관계인의 콜옵션 행사 가능 한도를 전환사채 발행 당시 지분으로 제한하는 경우 최대주주 및 특수관계인의 지배력이 높을수록 콜옵션 행사 가능 한도가 높아지게 된다. 그러므로 그동안 지적된 콜옵션을 활용한 거래의 불공정성을 개선하기 위해서는 전환사채 발행 시에 일괄적으로 일정한 한도내에서 콜옵션 부여 자체를 제한하는 것이 더 타당하다고 판단된다. 또한 주가하락에 따른 리픽싱 이후 주가상승시 리픽싱을 다시 의무화할 경우, 주가하락시에도 주식 전환을 유인하고자 하는 리픽싱 조항이 갖는 의미가 퇴색될 수 있다. 왜냐하면 전환사채 발행기업은 종전보다 높은 이자율을 감수해야 하거나, 전환사채 발행을 통한 자금조달 자체가 어려워질 것으로 판단되기 때문이다. 그러므로 기존의 리픽싱 범위로 정해진 최초 전환가액의 70% 한도를 보다 강화하는 형태로 규제하는 것이 타당하다고 판단된다. Given that various options related to stock conversion have been granted when convertible bonds are issued, critics have pointed out that convertible bonds are often misused in unfairly expanding the shareholding of the largest shareholder and its specially related persons of listed companies, causing financial harm to existing shareholders. Accordingly, on October 27, 2021, the Financial Supervisory Commission(“FSC”) resolved on an amendment to the 「Regulations on Securities Issuance and Disclosures」 in relation to convertible bonds. As a result, if a listed company issues convertible bonds that grant call options to the largest shareholder and its specially related persons on or after December 1, 2021, (i) the company needs to disclose the person who exercises the call option and the number of shares converted by such exercise; (ii) the largest shareholder and its specially related persons can exercise their call options only up to their initial shareholding ratio at the time of issuance of convertible bonds; and (iii) if the conversion requirement for convertible bonds includes downward adjustment of conversion price when the stock price falls after their issuance (“Downward Refixing”), the conversion price must also be adjusted to what it was at the time of issuance when the stock price increases (“Upward Refixing”). It is expected that the said regulations would significantly prevent the largest shareholder and his/her specially related persons from expediently expanding their stakes or engaging in various unfair trading practices through exercising call options or Refixing. However, the larger the number of shares held by the largest shareholder or his/her specially related persons, the greater the exercisable limit of the call options becomes, as the largest shareholder and his/her specially related persons can exercise their call options up to their shareholding ratios at the time of issuance of convertible bonds pursuant to the said amendment. Therefore, in order to effectively avoid the unfair trade practices pointed out so far, it would be more effective to set an absolute limit so that the largest shareholder and his/her specially related persons can exercise call options only to a certain extent regardless of their shares at the time of issuance of convertible bonds. In addition, if the Upward Refixing becomes mandatory pursuant to the said amendment, the refixing loses its whole purpose - i.e., to induce stock conversion even when stock prices fall. It is because the issuers of convertible bond, as a result of the amendment, will have to bear higher interest rates than before, or it will become difficult for the issuers to raise funds through the issuance of convertible bonds. Therefore, it is more advisable to tighten the current regulation, by mandating the conversion price after adjustment for a decline in price to be higher than the current legal lower limit - i.e., 70% of the conversion price at the time of issuance - rather than imposing the Upward Refixing obligation.

전환금융상품 관련 파생상품평가손실 공시에 대한 시장반응

이수정,김영준,이유진,최가영 한국파생상품학회 2020 선물연구 Vol.28 No.1

Convertible instruments are financial instruments embedded with conversion rights such as convertible bonds or convertible preferred stocks. Under the Korean International Financial Reporting Standards(K-IFRS), the embedded conversion rights with certain conditions (i.e., a refixing clause) are recognized as derivative liabilities and are recognized at fair value in issuer’s financial statements. Since the value of convertible rights varies with the underlying stock value, an increase in the issuers’ stock price causes the issuers of convertible instruments to announce large derivative valuation losses. Using disclosures under the title of ‘Loss from Derivatives Trading’ from the KOREA EXCHANGE(KRX) during January 2016 through December 2019, this study examines market reactions to the disclosure of valuation losses on conversion rights embedded in convertible instruments. We find the following results. First, abnormal stock returns on the loss announcement date are significantly negative. Second, abnormal trading volumes peak on the loss announcement date. Third, abnormal stock returns persist in the long-term. Collectively, our findings suggest that investors perceive the loss disclosures as negative news, but fail to impound the information into issuer’s stock prices effectively. This study emphasizes the importance of education on convertible instruments and improvement in the disclosure requirements on valuation losses of conversion rights embedded in convertible instruments by providing evidence that investors face difficulty in understanding the related disclosures. 전환금융상품(convertible instruments)은 전환사채 및 전환우선주와 같이 금융상품을 발행자의 주식으로 전환할 수 있는 옵션(전환권)이 내재된 금융상품을 말한다. 해당 전환권은 특정 조건(리픽싱 조항)을 포함할 경우 현행 한국채택국제회계기준 하에서 발행자의 재무제표상 파생상품부채로 분류되어 공정가치로 평가된다. 이와 관련하여 본 연구는 2016년 1월부터 2019년 12월까지 전환금융상품의 발행자들이 한국거래소에 ‘파생상품거래손실발생’을 공시할 때 나타나는 주식시장반응을 분석하여 다음을 발견하였다. 첫째, 단기적으로 전환권평가손실공시 직후 음의 비정상수익률이 나타난다. 둘째, 전환권평가손실공시 직후 초과거래량이 발생한다. 셋째, 장기적으로 손실공시 후 음의 비정상 수익률이 커지는 가격오류가 지속된다. 종합적으로 투자자들은 전환권 평가손실공시에 대해 부정적으로 반응하나, 관련 정보를 적시에 충분히 반영하지 못하고 있음을 알 수 있다. 본 연구는 전환금융상품에 대한 회계 교육과 전환권평가공시제도의 개선의 필요성을 강조한다는데 의미가 있다.

Simplified Model Predictive Control for AC/DC Matrix Converters with Fixed Switching Frequency

Thanh-Luan Nguyen,Huu-Nhan Nguyen,Tuyen D. Nguyen,Hong-Hee Lee 전력전자학회 2019 ICPE(ISPE)논문집 Vol.2019 No.5

Model predictive control (MPC) is emerging as an attractive method to control AC/DC matrix converter (MC). However, the high computational burden and variable switching frequency in the conventional MPC (CMPC) is an obstacle for its real application. In order to overcome these problems, this paper presents a simplified model predictive control (S-MPC) with fixed switching frequency. The S-MPC eliminates all source current predictions in the C-MPC by using the required input current vector (RICV). Then, to achieve the fixed switching frequency, a combination of three input current vectors is selected to synthesis the RICV. By considering the location of RICV, the S-MPC can select the best combination without the cost function evaluations for all of the six candidate combinations. Therefore, the computational burden is significantly reduced in the S-MPC without degrading of the control performance. Simulation results are given to validate the effectiveness of the S-MPC.

리픽싱 조건이 부여된 복합금융상품 관련 공시규정 개선의 필요성과 제도적 개선방안:수젠텍 사례를 중심으로

최병철,문두철 한국회계정책학회 2024 회계와 정책연구 Vol.29 No.1

[연구목적]본 연구는 리픽싱조건이 포함된 복합금융상품에 내재된 파생상품의 부채요소를 평가하는 회계처리기준과 이를 의무적으로 공시하게 하는 거래소 규정에서 발생할 수 있는 문제점을 지적하고 정보의 유용성을 해치지 않으면서 동시에 정보이용자의 혼란을 감소시키고, 기업 경영의 부담을 줄여 줄 수 있는 제도적 방안을 검토해 보는 것을 그 목적으로 한다. [연구방법]본 연구는 리픽싱 조건이 포함된 복합금융상품의 활용 현황, 복합금융상품의 회계처리기준, 복합금융상품에서 발생하는 파생상품평가손실에 대한 공시제도를 살펴보고, 사례분석을 통해 해당 회계기준과 공시제도에서 발생할 수 있는 혼란과 문제점을 제시하였다. 또한, 공시제도를 개정하지 않을 수 있는 현실적인 개선방안을 함께 제시하였다. [연구결과]현행 복합금융상품 관련 파생상품평가손실 공시와 이로 인한 재무제표의 영향은 투자자들에게 혼란을 주어 비효율적인 자본시장반응으로 연결될 수 있으며, 상장예정기업의 기업공개 과정이 어려움을 겪을 수도 있는 등 실제 기업의 경영에도 영향을 미칠 수 있음을 제시하였다. [정책적 시사점]본 연구는 회계기준이나 규정개정을 최소화 또는 필요로 하지 않으면서, 복합금융상품에 대한 공시제도와 회계처리특징에 의해 발생 할 수 있는 문제를 완화시킬 수 있는 현실적인 대안을 제시하여 금융감독원, 한국거래소 등 관련 제도를 만들고 운영하고 관리하는 감독당국과 유관기관이 용이하게 적용할 수 있도록 제도적, 정책적 시사점을 제공하고 있다. [Purpose]The purpose of this study is to point out the problems that may arise from accounting standards and disclosure regulations that evaluate the debt elements of derivatives embedded in convertible instruments. [Methodology]This study examined accounting standards of convertible instruments, and disclosure policies for derivatives valuation losses arising from convertible instruments, and presented confusion and problems that may arise from the accounting standards and disclosure policies through the real case study. In addition, this study suggests realistic improvement measures. [Findings]This study suggests that the disclosure policy could confuse investors, leading to inefficient capital market reactions and may causes difficulties for companies scheduled to be listed. [Policy Implications]This study suggests that the improvement measures presented in this study could alleviate problems caused by the disclosure policy without minimizing revision of standards, and provide policy implications to supervisory authorities and related institutions such as the Financial Supervisory Service and the Korea Exchange.