독일의 기업금융과 자본시장의 최근 변화 -우리나라 기업금융과 자본시장 제도 개선에의 시사점-
Cross-Listing and Cross-Border Acquisitions of German Companies -Lessons for Korea-

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서울대학교 법학연구소
법학, Vol.43 No2 pp.28-78
독일 기업들의 소유구조독일 기업들의 미국증시 동시상장독일의 기업과 자본시장
This article examines and analyzes the recent developments in the German
corporate finance and financial markets. In particular, this article focuses on
the cross-listing and cross-border mergers and acquisitions of the German
companies and puts emphasis on the policy implications of such activities of
the German companies. For that purpose, this article takes three representative
cases in Germany with a general description of the recent developments in the
German capital markets. The representative cases are the DaimlerChrysler
merger case, the Mannesmann hostile takeover case, and the success of the
German Neuer Market.
Cross-listing and cross-border mergers and acquisitions have strongly
influenced recent regulatory changes in Germany. As Korea shares the basic
legal system with Germany these developments may provide insight to Korean
scholars and policy makers on how to develop the capital markets in light of
the globalization of the corporate finance and governance where the
Anglo-American influence is dominant. The German case shows Korea how
Germany solved the legal and technical problems in the cross-border
transactions arising from the differences in the U.S. and German legal systems
and regulatory environment.
It is impressive to witness Germany take unusually quick steps toward the
improvement of the financial market and corporate governance to enhance the
competitiveness of its business enterprises. It is now widely understood that...
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College of Law/Law School (법과대학/대학원)The Law Research Institute (법학연구소) 법학법학 Volume 43, Number 1/4 (2002)
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