우리나라 물적분할 제도의 문제점 및 개선 방안에 관한 연구: LG화학 사례를 중심으로

The purpose of this study is to analyze the problems of the physical division, which has been continuously controversial in the Korean stock market, through the recent case of LG Chem and to seek institutional remedies for the problems. In the case of LG Chemical's physical division, the infringement of non-controlling shareholders’ rights can be summarized as three cases; first, the impairment of the share value of the parent company, second, the restriction on the shareholders’ rights, and third, the misuse of physical division. In the process of utilizing the corporate division in a way that maximizes the benefits of controlling shareholders, the shareholder value of non- controlling shareholders has been damaged. In order to improve the problem of physical division which is revealed by the case of LG Chem, it is possible to give parent company’s shareholders stock warrants or to assign IPO stocks first. In addition, more fundamentally, efforts should be made to provide a legal basis for protecting the interests of non-controlling shareholders and to improve social awareness of protecting the interests of minority shareholders through legal and institutional improvements that strengthen managers' obligations to protect the interests of shareholders. In addition, as more fundamental remedies, we have to provide a legal basis for protecting the interests of non-controlling shareholders by means of legal and institutional improvements that strengthen managers' obligations to protect the interests of shareholders. We also should improve social awareness of protecting the interests of minority shareholders. When we apply stricter social standards to the infringement of minority shareholders’ interests by controlling shareholders, the Korean capital market will be able to develop into a more sound and mature shape.