기업구조조정에 대한 법경제학적 접근과 개선방안

초록

In this paper, we propose theories and policies to prevent management (controlling shareholders in Korean society) from causing moral hazard, excessive investment, and excessive risk taking. First, it provides a simple two-level life-cycle model of how the restructuring scheme can affect the decisions making of investment. The restructuring scheme determines the level of investment through the probability of dismissal of management, wealth, and private benefit of control. And on the basis of that theory, we make policy proposals. First of all, we should reduce the role of the self-adjustments and workout, the restructuring centered on creditor banks. Second, it is important to strengthen the role of the mergers and acquisitions market, private equity funds, and hedge funds.

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