위험관리 관점에서 본 기업금융수단의 법적 이해- 기업신종자본증권, ABS, 매출채권금융 등을 중심으로 -

The financing of the companies takes place through equity financing (share issue, retained earnings) and debt financing (bonds, loans, etc.). Until now, the traditional purpose of corporate finance has been limited to gaining the business funds, however, in recent years, the instruments of financing is developing to the means of corporate risk management. Practitioners of the companies are particularly interested in the three financial sectors of financing, namely, financial soundness, high liquidity and credit ratings. So, several corporate financing tools are used to raise the financial level. For example, as a measure to improve the financial soundness by lowering the debt ratio, corporate hybrid capital securities are used, which are the bonds in the legal form, but are assessed as equity in accounting. And as a means of securing liquidity of cash, receivables finance is also used. In addition, traditional payment guarantee or credit derivatives swaps can be used to enhance credit ratings. However, legislative and institutional support is essential to utilize corporate finance for risk management, and there are still many areas that need to be improved under the current legal system. Therefore, it would be necessary to continue to make the corporate finance legislation in the future, and to avoid the excessive regulation of the government. Besides, it is necessary to lay the foundations for group finance and rationalize the credit rating system. In addition, traditional ways of factoring and receivables finance need to be further developed to further improve our corporate financial environment.