무액면주식의 활성화를 위한 법적 문제점과그 해결방안

Korea introduced the no par value stock with the amendment of theCommercial Act in 2011. The system allows a company to flexibly determinethe par value of its stocks for the stock issue even if the stock prices inthe market are low, and thus supports the mobility and convenience forequity capital financing. No par value stocks give companies more flexibilityin setting higher prices for future public offerings than par value stocks. Topromote this benefit, the number of no par value stocks outstanding shouldincrease and relevant regulations should meet the demands of the field. Since companies that have par value stocks issued are not allowed toissue no par value stocks, existing companies that had issued par valuestocks before the amendment of the Commercial Act cannot issue no parvalue stocks unless they convert all of the existing par value stocks to nopar value stocks. Even for new companies who choose to issue no parvalue stocks will soon face the dilemma that no par value stocks and parvalue stocks cannot exist at the same time. No par value stocks make stocksplits and the adjustment of merger ratio in terms of shares easy,contributing to the promotion of M&As. In addition, companies can increasethe number of outstanding shares and expand their marketability, which willeventually serve as an effective incentive for the equity capital raising. This study examined ways to maximize the benefits offered by the no parvalue stock system that has been introduced in Korea while minimizing itsshortcomings. In addition, it explored related legal issues and solutions toput in place and promote this system in Korea.