일반지주회사 자회사 국내회사 주식소유제한 - 대상판결: 대법원 2006.11.23. 선고 2004두8583 판결 -

Abstract

The Korea`s general competition law have regulated the holding companies to restrict on the Combination of Enterprises and Suppression of Economic Power Concentration since 1998 when the Korea's government policy of the holding company was changed from prohibition to restriction. But there have been a lot of controversy over the justification of the restriction. The important reason is that Korea's restriction on the business of holdings companies are more strict than other countries. Nowadays a lot of specialist say that the biggest problem in field of holding company regulation, is that the stock holding of holding company is compelled by law on positive or negative lines. The biggest reason behind the government's regulation of stock holding in the holding company system is that each affiliate can carry out its independent management. The government sees that this will, in turn, curb illegal inter-affiliate trading and especially guarantee the transparency in the governance system. According to the government's interpretation, even if the LG Card insolvency crisis and Samsung Everland's translation to financial holding company caused great confusion in the financial market, the holding company system itself should have played a role of firewall in preventing the individual company's insolvency from spreading to other Group affiliates.

The bigger problem is that neither the government nor the financial circles properly understands the system or actually permits it.

Realistically, it is too early to pin excessive expectations on the function of holding companies. Nevertheless, it is incorrect for the government to intervene in corporate management form. The government should not forcibly recommend the adoption of the holding company system as an alternative in improving the corporate governance structure. Corporate management form is something each company should choose to adopt. Eventually, the government should let the market finally decide on the corporate management form.