독일 BMW 승계 사례 분석과 한국의 기업 승계에 대한 정책제언 = A Case Study of BMW Equity Succession and It`s Policy Implication to Corporate Succession in Korea

다국어 초록 (Multilingual Abstract)

This study analyses the case of equity succession of BMW, the German premium car maker, and provides implications to corporate succession in Korea. It focuses on the succession of Johanna Quandt`s BMW equities of 16.7% to her two children, Stefan and Susanne. This transfer had been legitimately made with inheritance and gift tax saving between 2003 and 2008 without public disclosure. This paper deals with three relevant corporate institutes in the German company system that enabled this smooth transfer. Firstly, three inheritors, Johanna, Stefan, and Susanne established investment holding companies respectively, to manage their BMW equities. Secondly, three inheritors selected different types of corporate forms for their investment holding companies that the German commercial code provides. Especially, Johanna chose the legal form for her investment holding, so called “GmbH and Co. KG,” a limited partnership with the sole general partner being a limited liability company, and used it as the transfer path for her BMW equities. Thirdly, dividend income from BMW to investment holding companies can be exempted from German corporate taxation. The tax exempted dividend income could have been used for securing cash reserve for inheritance and gift tax amount to be paid without selling equity for tax payment. Additionally, this paper compares these corporate institutions between Germany and Korea. This study reveals that analogous equity succession of BMW is not practicable in Korea, because the establishment of holding companies like the German investment holding is not allowed in Korea, and the Korean commercial code does not provide the combined legal form of companies, and the Korean corporate tax law allows the exemption of dividend income with a strict limit. In order to provide favorable corporate succession in Korea, it is necessary for Korean government to construct appropriate corporate institutions.

참고문헌 (Reference)

1 이성봉, "해외 대기업의 승계사례 분석과 시사점" 한국경제연구원 2016

2 이성봉, "독일의 기업승계 관련 신탁재단 제도에 대한 분석과 시사점" 한독경상학회 27 (27): 57-76, 2009

3 이영종, "독일법상의 주식합자회사에 관한 고찰 －새로운 회사형태 도입 논의와 관련하여－" 한양법학회 (25) : 419-442, 2009

4 이성봉, "독일 대기업 승계에서 지분관리회사의 역할과 시사점" 한국경제연구원 16-30, 2016

5 Fan, J. P., "The Great Succession Challenge of Asian Business" Honk Kong 2013

6 Forbes, "Susanne Klatten"

7 Tipke, K., "Steuerecht, 21. Auflage, Verlag Dr.OttoSchmidt" Köln 2013

8 Forbes, "Stefan Quandt"

9 Schaefer, A., "So schob BMW-Erbin Quandt ihre Milliarden am Fiskus vorbei"

10 Deutsche Welle, "Richest Germans: The Family Behind BMW"

11 Handelsblatt, "Quandt-Kinder erben BMW-Anteile gemeinsam"

12 IFC, "IFC Family Business Governance Handbook"

13 Skynews, "Family behind BMW tops Germany’s rich list"

14 Knop, C., "Die stille Erbschaft, Frankfurter Allgemeine Zeitung"

15 Jungbluth, R., "Die Quandts. Deutschlands erfolgreichste Unternehmerfamilie" Frankfurt am Main 2015

16 Diekmann, F., "Deutschlands reichste Familie: Wer sind die Quandts?"

17 Thomas Fromm, "BMW: Rettung vor 50 Jahren Die Geburt des Mia-san-mia-Gefuhls" Suddeutsche Zeitung 2010

18 Stuttgarter Nachrichten, "BMW-Erben kommen steuerlich gunstig davon"

19 "Annual Report 2015" BMW Group 2016

20 "Annual Report 2014" BMW Group 2015