자사주의 활용과 규제 메커니즘 비교: 한국의 특수성과 자사주 소각 논의

Share Repurchases and Regulatory Mechanisms: Korean Specificities and the Debate on Share Retirement

Purpose - This paper investigates the policy debate on the mandatory retirement of treasury stocks in Korea, a distinctive regulatory proposal that has emerged since 2023. The study evaluates its rationale, limitations, and international comparability within the broader context of corporate governance and capital market efficiency. Design/methodology/approach - The paper adopts a survey-based approach, reviewing theoretical and empirical literature on treasury stock practices, corporate governance, and shareholder protection. It compares regulatory frameworks across major jurisdictions—including the United States, the United Kingdom, Japan, and Germany/EU—to highlight the uniqueness of the Korean debate. Policy documents, case studies, and statistical evidence are integrated to identify structural features of Korea’s system. Findings - Korean policymakers emphasize shareholder returns, governance enhancement, and market trust as justifications for mandatory retirement. However, the measure imposes substantial constraints and lacks international precedent. Comparative analysis shows that other jurisdictions employ indirect mechanisms—such as disclosure requirements, shareholder approval, and holding limits—rather than outright mandatory retirement. Research implications or Originality - This paper situates Korea’s debate within an international regulatory context, thereby clarifying insights into the limits of mandatory retirement as a governance tool. It argues that balanced alternatives, based on indirect regulation and strengthened shareholder protection mechanisms, align more closely with global standards and support sustainable market development.