상장회사의 자기자본질서의 변화와 법적 과제 - 개정 상법과 자본시장법 개정안상 몇 가지 쟁점을 중심으로 -

The 2012 amended Commercial Code, in which the largest volume of issues has been epochally revised in the fields of the corporate governance, finance and fundamental changes etc, in the Korean legislative history could substantially change the company's own equity capital environment especially by issuing the no-par value share and classes of shares and also by the purchase and disposal regimes of company’s own shares. Moreover, in the revising draft of the ‘Capital Market Act’ pre-announced in May, 2012, the contingent capital instrument and the share purchase warrant certificates as new capital raising mechanisms in the listed companies, which also would bring direct changes to the company’s capital structure as in a newly designed share issuing structure, are expected to be introduced in the near future. Nevertheless, a variety of interpretative opinions in relation to some legal issues are remarkably divided in the academic world because of the legislative fallacy, inadequacy or ambiguity of the above provisions under the revised commercial code. And also there are some problems to be reviewed more elaborately on the concerned issuing affairs of contingent capital instrument as well as those of the share purchase warrant certificates in the revising draft. In this paper, reasonable interpretations on the legal effects of the no-par value shares on the reduction of authorized capital, cancellation of the shares and share dividend, and classes of shares as well as the purchase and disposal of company's own shares are suggested on the basis of the legislative intents and reviews of the related pros and cons. And also, legislative recommendations are given in relation to some clauses to be renewed or to be supplemented in introducing the contingent capital instrument and the share purchase warrant certificates under the revising draft. In conclusion, it is stressed that conflicts of interests between shareholders and stakeholders, which would lie potentially behind the implementation of the new capital raising mechanism in the shareholding companies, should be properly balanced and controlled under both of the Commercial Code and Capital Market Act.