미국 및 한국 회사법상 상환주식에 관한 연구

Redeemable shares of the corporation law of the korea have problems. First, because only dividend preference shares may be redeemed, in the long term the corporation has the burden of dividend preferences. Second, because other kinds of shares except dividend preference share are not redeemed, redeemable share does not play the role of the means as fund-raising. Third if there is not distributable profit, corporation can not pay the redemption price. The corporation law of the U.S. does not limit the subject of redemptionㆍthe financing of redemption. Therefore by issuing the redeemable share the corporation of the U.S. can easily raise capital and protect the control of corporation. Comparing with redeemable share of the corporation law of the U.S. redeemable shares of the corporation law of the korea are regulated in the subject of redemptionㆍthe financing of redemption. owing to this regulation corporation is hindered in easy fund-raising. Therefore first classes of shares to be redeemed must be diversified. Second, consideration of redeemable share must be diversified. Third, financing of redemption has to be increased. Fourth, corporation law must introduce perpetual redeemable preferred share.