PEF의 연결대상여부와 연결주체에 관한 연구

This study has two research questions: (a) whether is a private equity fund(PEF) consolidated object or not ? and (b) How has a consolidated principal been to decided when equity position criterion and significant influence criterion are in conflict ? The Act on External Audit of Corporations cannot be applied to PEF because PEF is formally a limited partnership company. However, PEF is a consolidated object because the Korean accounting standards apply to it due to an article 144 of Indirect Investment Asset Management Business Act. In addition, PEF becomes a consolidated object with statements of the Korean accounting standards which a preparation of consolidated financial statement and a application of equity method apply to non stock corporation. When equity position criterion and significant influence criterion are in conflict, this study can offer two criteria: a dividend amount of subsidiary and a liability amount of parent as a criterion of consolidated principal decision. Consolidated accounting is defined as economic benefits of the subsidiary adding to parent's. Economic benefit generally meant net income. Therefore, the usage of the subsidiary net income as proxy of economic benefits is appropriate. The company with the largest amount of subsidiary' liability should come to be the consolidated principal since the investor has the right as he burdens the liability. As a conclusion, this study suggested three equations which calculate economic benefit and liability amount. The decision of consolidated principal along with equations is more rational than Financial Services Commission's, because investors has a predictability for their becoming a consolidated principal or not.