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Abstract

Generally, be intoxicated with a format of the stocks which are the ratio unit that a company has regular capital by contributions of employees (a shareholder), and a rank of an employee was subdivided equally, and an employee is the direct company which does not undertake it about company creditors bearing contribution duty with limit to acceptance value of the stocks. Therefore, a company takes a characteristic capital structure way capital does stocks in a unit, and to be composed, and limited liability warnings of a shareholder and a concept element most important of a company become it. That is, be the things that govern success or failure of the company whether you are not whether you can procure smoothly the fund that it continuously takes so that there is punctually a mobility, and is important. Be can divide in two ways greatly a capital supply way of a company, and issue the only new stock, and to increase equity capital, and be for another to procure stranger capital through issuance of a corporate bond or money borrowing etc. For there to be a problem about the selection that must procure stranger capital whether a company must procure equity capital if which is uniformly better than it more, cannot do it, and be most appropriate for it according to a situation of a company and circumstances must select a means. Revised the 1998 commercial law in order did it instead of IMF economy assistance and trouble of the world economy that would change and opacity frost, and to overcome the limit point that a par stock system had. That is, nominal enemy legislation minimizing back face value lowering one week of amount with 100 won in minimum 5000 won was performed, but there is still the side that was hard to keep promptness anger of capital supply as is difficult of capital supply, and exist without face value and relation if face value falls short of current market in case of new equity issue. Therefore, introduction of a new system is serious, and see it if we see it at stream on a laws of an each nation and the dimensions that will be helpful to practical capital supplies and operation of a company. These papers will analyze foreign legislative case with comparison on reasonable capital supply ways of a company forming sound company financial structure. Therefore, be leaving the object in attempting it in development to be sound of the company which derive a problem on our commercial law, and present introduction theory of a No-par stock formula as an improvement plan about him and alternatives to overcome anger ceiling of a par stock system, and a base of national economy becomes. Must try to review the following matters in introducing it of the only No-par stock formula system of the new system that the convenience anger can be raised in equity capital supply ways. First, Be of to permit issuance of a No-par stock formula to all companies, no, what preference applies to a listing/registration company of The Securities and Exchange Law without mountaintop problem of amount of issue will be proper. The second, a need to prevent from run side by side as there is worry to let abolish par stock, and you increase disorder if we introduce completely a No-par stock formula about a parallelism problem, and issuing a No-par stock formula and par stock in the same companies is not. The third, Substantially permit it as a difference is not to rights event way of a quantum, contents of rights, and be proper in the problem that there is of to admit, a No-par stock formula and conversion of par stock. The fourth, a capital structure problem composing the capital that is the maximum difficult point how occur about, a type of a No-par stock formula, and introduction of a recording formula No-par stock formula and a Stated value No-par stock formula is more appropriate for it than the solution, and see it. The fifth, must do it so as is based on a principle of capital faithfulness, and to compose capital with the whole of amount of issue like par stock systems in a problem of capital structure as introduce a No-par stock formula, and there is it. Must play it as play an amount of issue part to paid-in capital so that reserves can appropriate it. Too these cases what do so as to deposit it in the articles of incorporation or resolution of the general meeting of shareholders can be taken into consideration than discretion of the board of directors. Finally, for be defective by introduction of a No-par stock formula system, but the Securities and Exchange Law or care of a re-law relating to securities run side by side, and a supplementation book to have to minimize the risk, specially, must consist by emphasis by an investor or company creditors protection.