기업금융과 법률

Abstract

This Article surveys the law and finance literature recently produced by

scholars in the United States, United Kingdom, Germany, and Korea. This literature

was initiated by La Porta, Lopez-de-Silanes, Shleifer and Vishny (LLS&V)

that examined the role of law in promoting the development of capital markets

and found the importance of strong investor protections in financial development.

Drawing from this literature, the Article critically assesses the current laws and

regulations of Korea, including the Draft New Korean Commercial Code, relating

to the corporate governance and finance. Throughout the Article, special attention

has been given to the functional relationship between corporate governance

and finance. Comparing the Korean corporate finance system with that of the

United States and Germany, it tries to show that the Korean system converges

into the one shaped by the global standards. The Article also emphasizes the

importance of the internal control for corporate finance and suggests a further

revision of the Korean Commercial Code and/or creation of the appropriate

codex to improve the internal control of listed companies in Korea.