外國資本의 敵對的 M&A에 관한 硏究

Legal Issues on Hostile M&A by Foreign Capital

The inflow of foreign capital into the Korean domestic market has greatly increased since the financial crisis in 1997. In this globalization of capital markets, domestic companies enter foreign capital markets, foreign companies enter domestic capital markets or foreign capital flows into domestic markets. In case of primary offerings by foreign companies into domestic securities markets, major issue is which disclosures standards the foreign companies should comply with. In cases of inflow of foreign capital into domestic securities markets, major issues are the defensive actions against the threat of hostile M&A by foreign capital and regulation of foreign capital. It cannot be denied that the increased inflow of foreign capital into Korea has had positive economic effects on the Korean capital market, but concerns about the negative effects of foreign capital have been raised. However, positive side of foreign capital needs to be encouraged, and better means of addressing the threat of hostile M&A by foreign capital may be the reform of corporate governance through continued market reform and the extension of securities market through promotion of capital markets rather than the introduction of new tactics for the protection of management rights, the abolition of market reform systems or the special regulation of foreign capital.