주식회사의 자본조달과 무액면주식제도

Korean Commercial Code adopted No-par value Stock System on account of the 2011 reform. Therefore it is now possible for the companies to issue their whole stocks as no-par stocks if it is allowed by the articles of association. Also the economically challenged companies can now smoothly raise their funds by using this System. The main characteristics of the No-par Stock System of Korean Commercial Code implies the doctrine of capital adequacy by making it an obligation to add up more than half of the issue prices of stocks as the capital if no-par stocks are issued. Also, both the no-par stock and the par value stock are acknowledged, making the companies to choose the kind of stocks they want to issue selectively. With the introduction of the No-par Stock System, the efficiency and autonomy of the stock issue and creation of better environment for company operation is expected. However on the other hand it is also true that lots of unsolved problems are left behind due to the introduction of the System. Some of the main examples are the decision of the issuing price and the capital composition, reciprocal conversion of the par value stock and the no-par value stock, stock split and consolidation, and the dividend of stocks. it is desirable to solve these problems with legislative measures, and the No-par Stock System is expected to settle as the system that fits the purpose of the legislation and that brings out the maximum capacity of efficiency.