우리사주 우선배정제도 개선에 관한 정책적 제언

With growing capital outflows to advanced overseas markets, finding ways to boost the domestic stock market has become a key issue. In particular, revitalizing the KOSDAQ market, which supports funding for small and venture businesses, is essential for strengthening economic vitality. To enhance the value of the Korean market and promote growth for SMEs through employee stock ownership plans (ESOPs), it is necessary to reassess the current ESOP preferential allocation system and consider improvements. At present, mandatory preferential allocation to ESOP members during new listings is only required for companies listed or to be listed on the main securities market, which creates a disadvantage for KOSDAQ and smaller firms. Therefore, expanding this system to include the KOSDAQ would help support successful IPOs for SMEs and vitalize the KOSDAQ market. However, allowing stock acquisitions that exceed an employee’s annual salary is problematic. Thus, the salary limit currently applied only to listed companies should also extend to those preparing for listing. Furthermore, shares acquired through preferential allocation are subject to a one-year transfer restriction. Given that share prices often fall below the IPO price after one year, this presents significant loss risks for ESOP members. Compared to the six-month maximum lock-up for major shareholders, the current rule appears excessive. To prevent investment losses and to improve fairness between ESOP members and major shareholders, it is necessary to shorten the mandatory holding period for these shares.