심포지엄: 자본시장법 개정의 주요 과제 : 기업금융법제 개선 방향 = Corporate Finance and Legal Issues in Korea

국문 초록 (Abstract)

기업금융 관련 법제의 기본적인 개선 방향은 법적 안정성과 경제적 효율성을 동시에 추구하는 것이다. 최근 자본시장법 제정 및 상법 개정 등을 통해 경제적 효율성 측면에서도 많은 진전을 이루고 있다고 판단된다. 그러나 현대의 각종 기업금융수단 및 관련 제도를 활용함에 있어 여전히 많은 장애가 있으므로, 법적 안정성 및 공정성을 적정수준 이상 확보하는 범위내에서 보다 탄력적인 제도 개선이 필요하다. 본 논문은 이러한 관점에서 조건부자본(contingent capital)과 워런트(warrant)와 배당재투자계획(DRIP)에 대해 도입의 필요성, 관련제도의 현황 및 장애 요인, 그리고 개선 방안을 살펴봄으로써, 향후 법 개정 논의 시 도움이 될 시사점을 발굴하고자 한다.

다국어 초록 (Multilingual Abstract)

Corporate finance legislation requires stability and economic efficiency. Recent corporate finance legislation has improved economic efficiency through the enactment of The Financial Investment Services and Capital Markets Act and the revision of The Commercial Code. However, corporate finance legislation in Korea needs more improvements because there are still some impediments to modern financial instruments and related systems. From this perspective, this paper discusses contingent capital, warrants, and DRIP (dividend reinvestment plan). Contingent capital is a debt instrument that converts into common equity during a period of financial strain, effectively shoring up a bank`s capital position without diluting shareholders holdings until necessary. A warrant is a security that entitles the holder to buy the underlying stock of the issuing company at a fixed exercise price until the expiry date. A DRIP (dividend reinvestment plan) is an equity investment option offered directly by the underlying company. The investor does not receive quarterly dividends directly as cash. Instead, the dividends are directly reinvested in the underlying equity. This paper also reviews the current status of the related legal systems, impediments, and some alternative ideas for improvements. Introducing these financial instruments directly to the Korean market is difficult because of differences in the legal environment and other constraints. However, these instruments take advantage of economic value as a means of financing. The Financial Investment Services and Capital Markets Act and The Commercial Code need to be revised accordingly before the products are launched.