상법상 워런트제도의 도입방향

The Warrants are usually defined as transferable option certificates that gives the holder the right to purchase securities from the issuer at a specific price within a certain time in the future. The warrant to restrict have been permitted in our Commercial Law. And shareholders should have preemptive right to new stocks. Each shareholder shall be entitled to the allotment of new share in proportion to the number of shares which he holds. The company may make an allotment of new shares to other persons than the shareholders under the provisions of incorporation. That in such case, it shall be limited to the case necessary for the achievement of the company's operational objectives, such as an introduction of new technology, improvement of financial structure, etc. Therefore the use of warrant has been limited and it is necessary to reform §418 in Korea Commercial Law. In this article, with these issues in mind, I would like to explore a legislative model for implementing the warrant Korea Commercial Law. And then, I would try to examine the relationship between the warrant and preemptive right to new stocks.