독일의 기업금융과 자본시장의 최근 변화 -우리나라 기업금융과 자본시장 제도 개선에의 시사점-

Abstract

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...