영구채의 개념과 장 · 단점 등에 관한 일반내용과 주요국의 입법례, 발행사례와 쟁점분석

문준우(Jun-Woo Mun) 한국기업법학회 2014 企業法硏究 Vol.28 No.3

영구채는 만기가 없거나 만기가 있더라도 회사가 만기를 연장할 수 있는 점에서 주식의 특성을 갖지만, 법적으로는 사채이다. 대표적인 영구채는 2006년 영국 회사법(제739조)에 명문으로 규정된 영구채이다. 은행뿐만 아니라 일반기업도 영구채를 발행하고 있다. 이러한 이유는 기업이 영구채를 발행함으로써 경영권을 방어하면서 자금조달을 할 수 있고, 자기자본비율을 높일 수 있고, 이자가 비용이므로 법인세를 줄일 수 있는 등 여러 장점들이 있다. 그리고 영구사채권자는 다른 금융상품보다 높은 금리를 영구채를 통하여 누릴 수 있다. 무엇보다도 한국채택국제회계기준이 시행된 이후로 영구채가 부채가 아닌 자본으로 분류되고 있다. 그러나 상법에 따르면 일반회사는 영구채를 발행할 수 없음에도 불구하고, 영구채를 발행하고 있다. 생각건대 발행회사와 사채권자, 금융회사 등이 영구채 발행을 통한 장점이 더 많으므로 회사가 영구채를 법적으로 문제없이 발행할 수 있게 하여야 할 것이다. 이를 위하여 상법 제474조 제2항 제8호?상법 제478조 제2항 제2호?상법 제488조 제3호에 있는 ‘사채의 상환과 이자지급의 방법과 기한’을 ‘사채의 상환과 이자지급의 방법’으로 개정하는 것이 바람직하다고 본다. 또한 상법 제487조 제1항 단서에 “다만, 이 규정은 영구채에는 적용하지 아니한다”라고 신설하는 것이 괜찮을 것으로 사료된다. 한국채택국제회계기준은 계약상 지급의무의 여부로 부채와 자본을 분류하고 있다. 그러나 영구채는 자본성과 부채성을 함께 갖고 있다. 생각건대 신용평가회사에서 영구채를 평가하는 방법(즉, 영구채의 자본성 여부에 따라 비율을 산정하는 것)을 참고하여, 기업의 재무제표에 영구채의 자본성 여부에 따라 자본 비율, 부채 비율을 기재하게 하는 것도 좋을 것으로 보인다. 이와 같이 되면, 투자자들은 기업의 정확한 재무상태를 알 수 있을 것이다. A perpetual debenture has no maturity date. The typical article of perpetual debenture is a s.739 of companies act 2006 perpetual debenture. In Korea, enterprises often issue perpetual debentures. The reasons are that enterprises can (ⅰ) raise capitals by issuing perpetual debenture, (ⅱ) enhance a capital adequacy ratio, (ⅲ) lower a corporate tax. Above all, perpetual debentures are classified as shareholder"s equity. But according to the commercial law, although non-financial companies are not able to issue perpetual debentures, they issue perpetual debentures. Therefore I think that the commercial law must introduce the article of perpetual debentures. But problems of perpetual debentures are able to happen in future. I think that the MINISTRY OF JUSTICE or the KOREA LISTED COMPANIES ASSOCIATION had better suggest the guidelines of perpetual debentures issues.

회사채 투자자 보호의 문제점과 개선책

박철영(Park, Churl Young) 한국증권법학회 2014 증권법연구 Vol.15 No.1

그동안 유명무실했던 사채권자 보호를 충실히 하기 위하여 2012년 새로운 사채관리회사제도가 시행되었으나, 사채관리의 현실은 아직 크게 달라지지 않았다. 사채발행회사의 채무불이행 전후를 막론하고 사채관리회사에 의한 사채권자 보호프로세스는 거의 작동되지 않는다. 사채권자를 보호하고 저신용 기업들을 포함하여 사채발행을 활성화하겠다는 정책과 입법취지가 무색하다. 문제의 원인은 상법의 규정에 불구하고 사채관리제도가 실무적으로 정착되지 않은데 있다. 사채관리의 구체적인 내용은 사채관리계약에 의하여 결정되고 사채관리회사의 권한행사에 의하여 실현되는데, 이 모든 것이 형식에 불과하다. 이러한 사채관리제도를 정상화시키기 위해서는 우선 사채관리계약상 재무특약의 실효성을 확보하여야 한다. 미국, 일본 등의 예와 같이 그 종류를 다양화하고, 실질적인 재무제한약정이 되도록 내용을 강화하는 한편, 발행회사의 신용?재무상태와 연계하여 구체적 타당성을 확보하여야 한다. 그리고 사채관리회사가 법률과 계약에 의하여 부여된 각종 권한을 사채권자의 이익을 위하여 적극적으로 행사함으로써 그 존재이유를 찾아야 한다. 하지만 사채관리회사가 이러한 문제를 스스로 해결할 것으로 기대하기는 쉽지 않다. 사채관리회사는 사채권자의 법정대리인이자 발행회사의 수임인이라는 양면적 지위에 있기 때문이다. 현재 상법 외에는 사채관리를 규율하는 법규가 없고 자율규 제체계도 존재하지 않다. 미국의 ‘신탁증서법’(Trust Indenture Act of 1939)과 같이 사채관리회사의 의무와 책임을 구체화하는 추가적인 법적 조치가 필요하다. 사채관리의 목적과 내용이 자본시장법상 증권의 공모에 따른 투자자 보호라는 점에서 동법상 금융투자업 관계기관으로서 규제할 필요가 있다고 생각된다. 주식의 명의개서대행회사와 동일한 규제방식이 적용될 수 있는데, 일반적인 업규제 외에 사채관리에 특유한 이해상충의 방지와 재무특약의 설정 및 각종 재량권한의 행사 등 사채관리회사 행위기준을 명확히 정할 수 있을 것이다. 미국의 사채시장의 발전은 수탁자(trustee)에 의한 사채권자 보호제도가 정착되어있기 때문에 가능한 것이었다. 그러나 우리나라의 경우 진정한 의미의 사채관리회사가 아직 존재하지 않는다. 그러므로 최근 동양사태를 교훈삼아 사채관리제도를 재정비하여야 한다. 이제는 사채관리제도를 상법상 회사제도로만 보아서는 안되고 자본시장법상 투자자 보호의 관점에서 다시 검토하여야 한다. A new debenture trustee (bond management company) system was enforced to strengthen bondholder’s rights in 2012. However, Bondholder’s rights have not been much strengthen since then. Even though bondholder’s protection system has been legally established, the protection processes are hardly working before and after issuer’s default. That’s the way that debenture trustee system didn’t get on the right track yet in practice. In order to normalize such a crippled system, it is very crucial to secure effectiveness of financial covenants on debenture management contracts above all. First, these financial covenants should be diversified as those of United States and Japan. Second, amount of debts issued by a company who entered into financial covenants should be actually restricted and limited by the clauses of the financial covenants, and the financial covenants should be connected with the creditworthiness and financial state of the company. Third, debenture trustee should actively exercise its empowered rights and take appropriate measures for protecting the interest of the bondholders based on regarding laws and contracts. However, it is hard to expect that debenture trustee can settle these problems by himself. It is because that debenture trustee has ambivalent characteristics of not only a bondholder"s legal representative but also a trustee for issuer. Currently, There is no laws or self-regulation system to govern debenture trustee except for Commercial Code. We need to prepare more legal provisions to specifically prescribe the duty and responsibility of debenture trustee as in the case of ‘Trust Indenture Act of 1939’ of USA. Public placement of debentures and related investment activities are regulated by the Financial Investment Services and Capital Market Act, so those who act as a debenture trustee should be treated as a institute related financial investment and then regulated by the Act. I think that the same approach and method as for transfer agent in stock will be applicable. In addition to general service regulation, the special criteria of debenture trustee’s action such as prevention of interest conflicts, creation of covenants, and exercise of various discretionary power should be prescribed definitely. I could say that we have not debenture trustee yet in the true sense. We have learnt a lot from the Bankruptcy of Dongyang, we have to take the lesson from Dongyang, and then we should remodify the debenture trustee system. Now it is the time that we should think the debenture trustee again, not just as a simple system based on Commercial Code, but as a more precious system for protection both bondholder and financial system itself.

전자등록 단기사채의 법적 성질과 유통성

이성웅 한국경영법률학회 2011 經營法律 Vol.21 No.2

According the Bill of Electronic Short-term Debenture, debenture will be issued and circulated not to the certification but with electronic registration. This debenture system means the first step for uncertifi- cation of security and electronizing of the financial investments. In order to secure negotiation of electronic short-term debenture, at first, we can approach by a rule of negotiable instrument. However the key point of negotiable instrument rule makes intangible right incarnating to certification of security and helps the certification to apply the rule of movable property. The essence of debenture is a credit and because the issuance and negotiation of a credit depend on electronic registration system, it is difficult ways to apply the rule of negotiable instrument from incarnation theory. Therefore we have to try to secure negotiability of debenture from the nature of credit. Japan has intend to secure transfer and negotiability of credit through the reform of public notice on credit. By new Act of Electronic Recording Debt of Japan especially, it is third right different from nominative credit and note certification and can be used as the total right with the merits of clarity of credit and negotiability of note. Japan Act suggests our law to secure negotiability of debenture by reinforcement of credit transfer. Therefore as the basic theory on the negotiability of the electronic registration debenture, instead of applying bona fide of real right rule, it is better ways to accept and develop the public notice theory which can be apply to every right of a real or a credit and be the foundation on the reinforcement of transfer effect by recording system.

UNIDROIT의 ‘간접보유 유가증권 실체규범에 관한 협약’의 성립과 그 시사점

김병태 국제거래법학회 2012 國際去來法硏究 Vol.21 No.2

The UNIDROIT Convention on Substantive Rules for Intermediated Securities(the ‘Convention’), also known as the ‘Geneva Securities Convention,’ was adopted on October 9, 2009. So far (December 2012), it has been signed by only one (Bangladesh) of the 40 negotiating States. The main purpose of the Convention is to offer harmonized transnational rules for the purpose of reducing the legal risks associated with the holding of securities through intermediaries. The Convention consists of 7 chapters as follows: Chapter I: Definition, sphere of application, Chapter II: Rights of account holder, Chapter III: Transfer of intermediated securities, Chapter IV: Integrity of the intermediated holding system, Chapter V: Special provisions in relation to collateral transactions, Chapter VI: Transitional Provisions, and Chapter VII: Final Provisions. On the national level, Korea has adopted the new system for electronic stock and debenture by the amendment to the Commercial Law (amended on April 2011,effective on April 2012). Korea has also adopted another electronic short-term debenture system through the Electronic Short-term Debenture Act established on July 14, 2011, effective on January 14, 2013. Accordingly, under the recent amendment and legislation of relevant Acts, stock and debenture can or will be issued and circulated not to the certification but with electronic registration. Such electronic stock and debenture systems mean the first step for uncertification of security and electronizing of the financial investments. However, there are some conflicts between the Convention and Korea’s related provisions under several Acts. Among the related Acts, the Financial Investment Services and Capital Markets Act(‘FISCMA’) basically covers the matters of intermediated securities. With respect to effects of statement of account book, the Convention provides that Credit/Debit to a securities account is considered to acquire/dispose intermediated securities (Convention Article 9, 11, etc). However, Korea provides that statement to a securities account is considered to hold respective securities (FISCMA Article 311). With respect to protection to the innocent acquirer of securities, the Convention provides for the approval of innocent(good faith) acquisition by transfer of securities between accounts (Convention Article 18). However, Korea provides that innocent(good faith) acquisition by transfer of securities between accounts is not yet stipulated expressly. With respect to various ways of establishing a security right, the Convention provides that the way of transfer of securities between accounts or control agreement is also accepted (Convention Article 12). The control agreement is the one that pledgor grant ‘control’ (authority of management and disposition) of the account to secured party for the purpose of establishing a security right. However,Korea provides that the way of transfer of securities between accounts or control agreement is not accepted. For the present, a security right is established in the way of statement to be pledged in account books (FISCMA Article 311). It is noted, therefore, that the Convention is expected to be operated as Global Standard of clearing and depository legislation and commitment to the Convention implies for the law revisions on national level. In this regard, Korea should resolve any conflicts and problems on the national level between and among relevant laws regulating intermediated securities.

유형자산에 대한 재평가모델의 조기도입 효과

정재원(ae-Won Jeong) 한국산업경영학회 2010 경영연구 Vol.25 No.1

본 연구의 목적은 국제회계기준의 조기 도입에 따른 재평가모델 도입 기업의 재무구조 중 부채 비율 개선효과와 사채발행한도액의 증가 비율을 실증 분석하고, 재평가자산의 공정가액과 원가모델 적용시의 장부가액의 차이(재평가차액)가 기업가치에 양(+)의 영향을 미치는지를 검증하는 데있다. 본 연구의 목적을 달성하기 위하여 2008년 말 현재 증권선물거래소의 유가증권시장에 상장되어 있는 기업으로서 본 연구의 표본 선정기준을 만족하는 기업을 대상으로 재평가모델 도입시 부채비율 개선 효과, 사채발행한도액 증가 효과, 재평가차익의 기업가치 관련성을 검증하였으며 검증결과를 요약하면 다음과 같다. ① 산업별로 차이는 있지만 전체적으로 볼 때 재평가모델 도입 후 부채비율의 감소는 유가증권 시장의 경우 약 73%, 코스닥시장의 경우 약 66% 정도였으며, 부채비율이 높은 기업일수록 부채비율의 감소 정도가 큰 것으로 나타났다. ② 산업별로 차이는 있지만 전체적으로 볼 때 재평가모델 도입 후 사채발행한도액의 증가는 유 가증권시장의 경우 자기자본의 약 209%, 코스닥시장의 경우 약 153% 정도였으며, 부채비율이 높은 기업일수록 사채발행한도액의 증가 정도가 큰 것으로 나타났다. ③ 공정가액에 의한 유형자산의 재평가차액은 기업가치 평가에 양(+)의 영향을 미치며, 유형자산 중 재평가 자산이 자산총액에서 차지하는 비율이 높을수록 재평가자산의 공정가액과 원가모형 평가시 장부가액의 차이의 기업가치 관련성이 높은 것으로 나타났다. The purpose of this study is to examine the improvement effect of debt ratio and the increasing rate of debenture issue limit on the owner's equity according to the early introduction of International Financial Reporting Standards and to examine the effects of the difference between the fair value of the revaluation asset and the book value of revaluation asset under cost model on the equity value. The improvement effect of debt ratio and the increasing rate of debenture issue limit were tested by using the difference of means for population. The extended model based Ohlson(1995) was developed to examine the effects of the difference between the fair value of the revaluation asset and the book value of revaluation asset under cost model. The main conclusions of this study are as follows: (1) The reduction rate of debt ratio after the introduction of revaluation model was average 73% at the Stock Market and average 66% at the Kosdaq Mark in the Korea Exchange though that was different according to the industry. The more firm's debt ratio was high, the more the reduction rate of debt ratio was high. (2) The increasing rate of debenture issue limit on the owner's equity was average 209% at the Stock Market and average 153% at the Kosdaq Mark though that was different according to the industry. The more firm's debt ratio was high, The more the increasing rate of debenture issue limit on the owner's equity was high. (3) The difference between the fair value of the revaluation asset and the book value of revaluation asset under cost model had positive price multiples in equity valuation model. The more the rate of revaluation asset on the total asset was high, the more the effects of the difference between the fair value of the revaluation asset and the book value of revaluation asset under cost model on the equity value was high.

자산재평가제도의 폐지와 공시지가 정보의 중요성

정재원(Jae Won Jeong) 한국경영학회 2007 한국경영학회 통합학술발표논문집 Vol.2007 No.8

본 연구의 목적은 토지의 공시지가 정보와 장부가액의 차이가 어느 정도 중요하며 재무정보로서 중요한지를 검증하는 것이다. 검증결과를 요약하면 아래와 같다. ① 공시지가와 토지의 장부가액의 차이가 자산총액에서 차지하는 비율이 평균 5% 이상이었으며 2005년과 2006년의 경우 0.01 수준에서 유의적이었다. 그리고 토지의 장부가액과 공시지가 차이가 자본금의 50% 이상인 기업을 대상으로 추가분석한 결과 공시지가와 토지의 장부가액의 차이가 자산총액에서 차지하는 비율이 평균 5%에서 10% 이상이었으며 0.1 또는 0.05 수준에서 유의적이었다. ② 부채비율의 감소비율은 평균 6%에서 9% 이상이었으며, 0.1 또는 0.05 수준에서 유의적이었다. 부채비율 200% 이상인 기업을 대상으로 추가분석한 결과 부채비율의 감소비율은 평균 10%에서 25% 이상이었으며, 0.1 또는 0.05 수준에서 유의적이었다. ③ 사채발행한도액의 자본금 대비 증가비율은 평균 200%에서 350% 이상이었으며, 0.1 또는 0.05 수준에서 유의적이었다. 토지의 장부가액과 공시지가 차이가 자본금의 50% 이상인 기업을 대상으로 추가분석한 결과 사채발행한도액의 자본금 대비 증가비율은 평균 500%에서 700% 이상이었으며, 0.1 또는 0.05 수준에서 유의적이었다. The purpose of this study is to examine whether the difference between the officially assessed land prices and the book value of land is important or not and whether it is important or not as a financial information. The importance of the difference between the officially assessed land prices and the book value of land, the decrease ratio of debt ratio, and the increase ratio of the restriction of total amount of debenture were tested by using the difference of means for population. Main results of this study are as follows: (1) The difference between the officially assessed land prices and the book value of land was larger than 5% and was statistically significant at the 1 percent in 2005 and 2006. (2) The decrease ratio of debt ratio was larger than from 6% to 9% and was statistically significant at the 1 percent or 5 percent. The decrease ratio of debt ratio for the firm that debt ratio was larger than 200% was larger than from 10% to 25% and was statistically significant at the 5 percent or 10 percent. (3) The increase ratio of the restriction of total amount of debenture was larger than from 200% to 350% and was statistically significant at the 5 percent or 10 percent. The increase ratio of the restriction of total amount of debenture for the firm that The difference between the officially assessed land prices and the book value of land was larger than 50% of Paid-in capital was larger than from 500% to 700% and was statistically significant at the 5 percent or 10 percent.

자산재평가제도의 폐지와 공시지가 정보의 중요성

정재원(Jeong, Jae Won) 한국산업경영학회 2007 한국산업경영학회 발표논문집 Vol.2007 No.2

본 연구의 목적은 토지의 공시지가 정보와 장부가액의 차이가 어느 정도 중요하며 재무정보로서 중요한지를 검증하는 것이다. 검증결과를 요약하면 아래와 같다. ① 공시지가와 토지의 장부가액의 차이가 자산총액에서 차지하는 비율이 평균 5% 이상이었으며 2005년과 2006년의 경우 0.01 수준에서 유의적이었다. 그리고 토지의 장부가액과 공시지가 차이가 자본금의 50% 이상인 기업을 대상으로 추가분석한 결과 공시지가와 토지의 장부가액의 차이가 자산총액에서 차지하는 비율이 평균 5%에서 10% 이상이었으며 0.1 또는 0.05 수준에서 유의적이었다. ② 부채비율의 감소비율은 평균 6%에서 9% 이상이었으며, 0.1 또는 0.05 수준에서 유의적이었다. 부채비율 200% 이상인 기업을 대상으로 추가분석한 결과 부채비율의 감소비율은 평균 10%에서 25% 이상이었으며, 0.1 또는 0.05 수준에서 유의적이었다. ③ 사채발행한도액의 자본금 대비 증가비율은 평균 200%에서 350% 이상이었으며, 0.1 또는 0.05 수준에서 유의적이었다. 토지의 장부가액과 공시지가 차이가 자본금의 50% 이상인 기업을 대상으로 추가분석한 결과 사채발행한도액의 자본금 대비 증가비율은 평균 500%에서 700% 이상이었으며, 0.1 또는 0.05 수준에서 유의적이었다. The purpose of this study is to examine whether the difference between the officially assessed land prices and the book value of land is important or not and whether it is important or not as a financial information. The importance of the difference between the officially assessed land prices and the book value of land, the decrease ratio of debt ratio, and the increase ratio of the restriction of total amount of debenture were tested by using the difference of means for population. Main results of this study are as follows: (1) The difference between the officially assessed land prices and the book value of land was larger than 5% and was statistically significant at the 1 percent in 2005 and 2006. (2) The decrease ratio of debt ratio was larger than from 6% to 9% and was statistically significant at the 1 percent or 5 percent. The decrease ratio of debt ratio for the firm that debt ratio was larger than 200% was larger than from 10% to 25% and was statistically significant at the 5 percent or 10 percent. (3) The increase ratio of the restriction of total amount of debenture was larger than from 200% to 350% and was statistically significant at the 5 percent or 10 percent. The increase ratio of the restriction of total amount of debenture for the firm that The difference between the officially assessed land prices and the book value of land was larger than 50% of Paid-in capital was larger than from 500% to 700% and was statistically significant at the 5 percent or 10 percent.

공시지가 정보의 중요성과 기업특성별 기업가치 관련성

정재원 한국산업경제학회 2009 산업경제연구 Vol.22 No.1

본 연구의 목적은 토지의 공시지가 정보의 중요성과 기업특성별 토지의 장부가액과 공시지가 차이의 기업가치 관련성을 검증하는 데 있다. 2001년부터 2006년까지 유가증권시장에 상장된 기업으로서 표본선택기준을 만족하는 기업을 대상으로 단일표본의 모평균에 대한 차이검정, 짝지어진 두 표본의 평균 차이검정, Ohlson(1995)의 지분평가모델을 확장하여 다중회귀분석으로 검증한 결과를 요약하면 아래와 같다. ① 토지의 장부가액과 공시지가의 차이가 자산총액에서 차지하는 비율이 평균 5% 이상이었으며 2005년과 2006년의 경우 0.01 수준에서 유의적이었다. ② 토지를 공시지가로 재평가할 경우 부채비율의 감소비율은 평균 9%에서 14% 이었으며, 0.01 수준에서 유의적이었다. 부채비율 200% 이상인 기업을 대상으로 추가분석한 결과 부채비율의 감소비율은 평균 33% 이상이었으며, 0.1 또는 0.05 수준에서 유의적이었다. ③ 토지를 공시지가로 재평가할 경우 사채발행한도액의 자기자본 대비 증가비율은 평균 45% 이상이었으며, 0.01 또는 0.05 수준에서 유의적이었다. 부채비율 200% 이상인 기업을 대상으로 추가분석한 결과 사채반행한도액의 자기자본 대비 증가비율은 평균 약 64% 이상이었으며, 0.01 또는 0.05 수준에서 유의적이었다. ④ 토지의 장부가액과 공시지가 차이는 기업가치평가에 있어서 양의 유의적인 변수임과 자산총액 대비 토지비율이 높을수록 토지의 장부가액과 공시지가 차이의 기업가치 관련성이 높음을 확인하였다. The purpose of this study is to examine whether the difference between the officially assessed land prices and the book value of land is important or not and to examine the effects of the difference between the book value of the land and the officially assessed land prices on the equity value resulting from firm’s characteristics. The importances of the difference between the book value of the land and the officially assessed land prices were tested by using the difference of means for population. The difference of means for the faired sample was tested. The extended model based Ohlson(1995) was developed to examine the effects of the difference between the officially assessed land prices and the book value of land. The extend model was tested by using multiple liner regression analysis. The main conclusions of this study are as follows: (1) The difference between th officially assessed land prices and the book value of the land was larger than 5% and was statistically significant at the 1 percent in 2005 and 2006. (2) The decrease ratio of debt ratio was larger than 6% and was statistically significant at the 1 percent or 5 percent. The decrease ratio of debt ratio for the firm that debt ratio was larger than 200% was larger than 33% and was statistically significant at the 5 percent or 10 percent. (3) The increase ratio of the restriction of total amount of the corporate debenture was larger than 45% and was statistically significant at the 5 percent or 10 percent. (4) The difference between the book value of land and the officially assessed land price had positive price multiples in equity valuation model. The more the land to total asset ratio was high, the more the effects of the difference between the book value of land and the officially assessed land price on the equity value was high.

영구채 발행에 관한 법적 연구

김희준 법무부 2015 선진상사법률연구 Vol.- No.71

영구채는 채권의 특성과 주식의 특성을 동시에 지니는 신종자본증권의 한 종류로 만기가 매우 길거나 없어 발행자의 명시적 상환의무가 발생하지 않는다. 일부 금융회사 뿐 아니라 두산인프라코어 등 국내의 몇몇 비금융회사들이 영구채를 발행하였는데, 영구채가 지니는 채권과 주식의 중간적 성격 때문에 이의 회계처리를 두고 논란이 있었다. 약 1년 여 간의 논의 끝에 영구채의 회계상 분류를 자본으로 하는 것으로 결론을 내렸다. 하지만 법적으로는 여전히 상법상 유효한 사채로 취급되어 상법의 적용을 받고 있다. 영구채가 부채인지 자본인지를 구분하는 일은 상법, 세법, 회계 등 기업금융관련 법체계 전반 뿐 아니라 기업의 재무관리적 의사결정에 있어서도 중요한 영향을 미친다. 이에 몇몇 판단기준을 살펴보고 논의를 촉발시킨 두산인프라코어의 사례를 통해 영구채의 자본성 판단기준을 검토해 보았다. 더불어 현행 상법상 영구채의 발행가부, 투자자 및 채권자 보호 등 영구채 발행을 둘러싼 몇 가지 법적 쟁점들에 관하여 살펴보았다. Financial innovation has increased dramatically in recent years. The changes in international financial market were very rapid. A wave of financial innovation begun in the 1980s, has been described as a “mutation” of financial products during the past 30 years or so. Hybrid securities are a broad group of securities that combine two or more different financial instruments. Hybrid securities generally combine both debt and equity characteristics. Perpetual bond is a bond with no maturity date. It is a bond that never matures, and so makes interests payments forever. Issuance Perpetual bonds has increased recently in Korea. Also Perpetual bonds are favored by both individual investors and institutional investors. There are some issues of the debates. There is a question what the accounting treatment would be because Perpetual bond combines both debt and equity characteristics. This article introduces recent trends of Issuance of a Perpetual bond. The author explores these some issues on the Issuance of a Perpetual bond. The author also suggests solutions, with the comparative analysis with the regulations of the United States, EU and Japan.

하이브리드증권 발행에 관한 연구

李承桓(Seung Hwan LEE) 한국비교사법학회 2009 비교사법 Vol.16 No.1

Traditionally, corporate finance has consisted of equity finance and debt finance. However the recent trend called 'Mezzanine Finance' combines the elements of both debt and equity and is consisted of mezzanine loan and hybrid security. Mezzanine loan has been clearly categorized as debt, but hybrid security has characterizations of both equity and debt. Hybrid securities were frist introduced to Korean financial system during the 1998 Financial Crisis when the Basel Committee of the Bank of International Settlement started regulating capital adequacy ratio, but the active issuance of hybrid securities began around 2002. A bank, because of the nature of its business, faces a low capital adequacy ratio. In order to maintain a certain level of capital adequacy ratio, a bank had to acknowledge the equity like characteristics of a debt and hence devised hybrid securities to raise its capital adequacy ratio. Recently, European and U.S. corporations as well as some Japanese non-bank corporations utilize hybrid securities as a key part of their corporate financing. The dual nature of hybrid securities, as both equity and debt, offers more latitude to corporations when defining terms of contracts with investors. Banks issue hybrid securities that qualify as Tier Ⅰ or Ⅱ capital which are recognized as equity by BIS ruling. Commercial business enterprises, on the other hand, issue hybrid securities in the form of subordinate debentures or trust preferred securities. Hybrid securities are usually evaluated from two perspectives. First, the safety of hybrid securities is appraised through risk assessment in which different creditrating companies such as Moody's, Fitch Rating and S&P score and rate hybrid securities into about 20 different levels. Hybrid securities are then judged based on their equity contribution. Certain characteristics like non call-option, non-replacement clause, non step-up clause help hybrid securities to be perceived as equity. Hybrid securities will help deliver much needed financing to corporations and encourage them to invest in new ventures. In order to promote hybrid securities, long-term debentures should be able to be easily issued and relevant laws should updated to allow easier issuance of hybrid securities through special purpose vehicle (spv). Finally, the types of securities and debts should be diversified and corporations should be allowed to issue options.