기업지배구조 개선정책의 효과와 향후 과제
지주회사제도의 효과성 분석 및 제도개선 방안
Chapter 5. Effectiveness Analysis and Improvement Measures of the Holding Company System
Chapter 5 empirically analyzes the various properties of the holding company structure of large business groups in Korea and makes policy recommendations on relevant regulations.
First, empirical analyses show that the growth rates of the number of member companies and the amount of fictitious capital in large business groups owning a holding company was significantly lower than those in the comparison group. Also, in most cases, the gap between ownership and control decreased with transition to the holding company system. These empirical findings suggest that policies inducing transition to the holding company system for large business groups can be socially desirable.
Next, the analysis of holding company regulations indicates that the current forced conversion system to a holding company may lead to an unintended effect of severely constraining corporate management activities. Therefore, it may be reasonable to change the policy to give corporate choices to small business groups, which are not the main policy target. The regulation requiring 100% stake in great-grandchild company needs to be mitigated as well. Finally, the measure allowing the retention of financial companies through an intermediate financial holding company is reasonable in the sense that it facilitates the transition of a large business group owning financial companies to the holding company system while maintaining the separation of financial and industrial businesses within the same group.
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