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A Study on the No Par-value Stock System In our Commercial Law, a par value stock - a stock stated a value on the surface - only is permitted in case of issuing the stock. Yet, in 1997, because of economic crisis that gave rise to difficulty in management, most corporations had a hard time in raising funds despite financial support from IMF. In consequence, since then, there has been a large range of discussion on a no par-value stock that guarantees the efficiency in raising money. The no par-value stock is the stock not stated a par value on the surface. It has the positive points as well as the negative points compared to the par value stock. At first, owing to free adjustment of stock value, the centralization of capital is easy and the raising funds is attained without difficulties. Also, it can eliminate differences between the par value and the intrinsic value. In addition to these, the stockholder can be released from additional financing responsibility on investment in kind. It is said that the creditor can be profitable in assuring the credit. Because creditor’s assets of security for an obligation can be enlarged through raising funds without difficulty. However, the negatives are predicted as well. The first thing is that a party interested of corporation may suffer a loss in case of lack of funds. It is because the corporation can adjust on make-up of funds and the issue prices of stocks freely. On top of that, in Korea, it is hard to put trust in the credibility of account book. In these situation, it can be thought that the system of no par-value stock might involve some risk. Consequently, even though the issue of no-par-value stock is allowed for raising funds without difficulty, the problem of credibility of account book should be under tighter control.