대규모 기업집단의 순환출자 해소를 위한 휴리스틱 기법

Circular shareholding is established when at least three member firms in a business group hold stock in othermember firms and form a series of ownership in a circular way. Although there have been many studies which investigateda negative effect of circular shareholding on firm‘s value, few studies have discussed how to resolve the problemgiven complicated ownership structures of large business groups. This paper is based on a mixed integer programming model, which was proposed in the author’s previous researchand can identify the ownership share divested in order to resolve circular shareholding. Since the optimization modelbecomes too complicated for large business groups and requires a sophisticated software to solve it, we propose asimple heuristic method that can find a good approximate solution to the model. Its applications to twelve Koreanlarge business groups show that the heuristic method is not just computationally attractive but also provides near-optimalsolutions in most cases.