공정거래법상 지주회사 그룹과 사실상 지주회사 그룹의 비교분석: 지배-소유 괴리도를 중심으로

This paper compares between the groups of holding company (listed in the Korea Fair Trade Commission) and de facto holding company. First of all, the control-ownership disparity has been narrowed significantly for those subsidiaries (second & third level firms) under holding company in comparison to those under de facto holding company. It seems that the efforts to switching into the system of holding company such as improving ownership structure have reflected on the results. In comparison between the first level firms, the holding companies have much more equity stakes in subsidiaries (78.5%) and higher ratio of dividend income per sales (20.8%). The regulation for holding at least 50% of the amount of subsidiaries’ stakes fairly explains the results. Accordingly, the ratio of stakes owned by the large shareholders are significantly higher for those holding companies because of their intention to take a profit from dividend income. In regression analyses, the control-ownership disparity negatively affects on the equity stake holdings as well as the dividend payout. The results are consistent for both the groups of holding company and de facto holding company in general.