금융지주회사법의 개선방안에 관한 연구

Abstract

최근 세계 경제는 금융의 자율화, 국제화로 금융기관 간 경쟁이 격화되고, 거대기업이 출현하고 있으며, 선진국 금융기관들의 인수ㆍ합병이나 금융지주회사를 통하여 우리보다 앞서 대형화ㆍ겸업화를 추진함으로써 규모ㆍ범위의 경제를 실현하고 경쟁력을 강화하는데 주력하고 있다. 이러한 세계적 추세에 부응하여 우리나라도 IMF 이후 전면적으로 금융시장을 개방하게 되었다. 이에 금융기관들의 합병에 따른 부작용을 최소화하고, 금융기관의 지배구조를 개선하고 경영을 합리화하며, 금융산업의 구조조정을 위한 인수ㆍ합병을 활성화하고 규모의 경제를 이루기 위하여 2000년 12월 금융지주회사법이 제정되었다. 금융지주회사는 특정사업분야에 대한 진출 및 퇴출이 용이하고 합병에 따른 부작용을 최소화 할 수 있으며, 금융의 겸업화와 대형화를 통하여 금융그룹의 경쟁력을 향상 시킬 수 있다. 그리고 금융지주회사는 자회사의 경영관리에 전념하고 자회사는 사업에 전념함으로써 성취도를 높일 수 있으며, 금융지주회사의 자회사 간에는 신용공여제한 및 출자제한 등 차단벽을 설치하고 있어 자회사의 부실이 다른 자회사로 전이되는 것을 방지할 수 있는 등 여러 장점이 있다. 하지만, 금융지주회사로 인한 경제력 집중의 문제가 발생할 수 있고, 다단계화 되어 있지 못한 조직구조로 인하여 잘못 운영될 경우 의사결정단계 및 경영지원기능의 중복 등으로 경영 비효율성이 증대할 가능성이 있으며, 금융지주회사가 자회사 발행주식의 일부만 소유함에 따라 자회사의 소액주주와 이해상충 문제가 발생하는 등 2002년 금융지주회사법 개정에도 불구하고 많은 부분 금융지주회사제도에 대하여 개선의 여지가 많다고 하겠다. 이에 본 논문에서는 우리의 금융지주회사법에 대하여 설립 및 편입시 인가, 소유구조 및 지배구조, 금융지주회사와 자회사에 대한 감독, 금융지주회사의 자금조달 및 운영제한, 금융지주회사와 자회사 등과의 차단벽, 금융기관간의 주주보호 문제 등에 관한 문제점의 개선방안을 연구의 목적으로 하였다.; Unlike Korea, financial institutions of advanced countries have launched the realization of the economy of scale and focused on strengthening competitiveness through expansion and diversity of their business. The 1997 financial crisis has led Korea to look around its comprehensive financial situations and as the result, in order to maintain and sharpen the competitive edge of the domestic financial institutions, the Financial Holding Company Act was established in the form of special law in Dec. 2000 and the Act practically has been operated starting from Apr. 2002 after some improvement. To compete with advanced financial institutions in the global financialmarket, Korea needs free M&A among the domestic financial organizations and business expansion and diversification through cooperation along with strengtheningcompetitiveness. The current domestic financial industry has seen that the mergers between Kookmin Bank and Korea Housing & Commercial Bank and the launch of Woori Financial Group, Shinhan Financial Group and Dongwon Financial Group laid the foundationfor business diversification and the economy of scale. But such establishment or legislation of financial holding companies does not guarantee the appearance of a superior financial group with global competitiveness. And compared with the US, Japan and Europe, the Korean law and regulation for the Financial Holding Company Act had no an in-depth study or investigation, resulting in overlapping with other laws or deficiencies in its contents but these should not be obstacles to the security of the global competitiveness of the domestic financial institutions. With a view of that, I studied major regulation of the financialholding company act and its problems and improvement measures. First, possible intervention or misuse from the financial authorities should be minimized by clarifying and systemizing the authorization requirements for the establishment of financial holding companies. Second, in terms of stock holding restriction, the current Financial Holding Company Act limits the maximum stock holdings of a bank holding company to 10%(4% for non-financial stock holders) but this is not agreed with the international practiceso it should be alleviated. Third, from the aspect of governance regulation, the Financial Holding Company Act has now regulations for the systems of outside director, audit committee and right for stock minors but these regulations are also stipulated in the Commercial Law or Securities & Exchange Act.Therefore, it is reasonable that only the Commercial Law or Securities & Exchange Act should be consistently applied to the systems. Fourth, it is about improvement of the regulationfor financing and its operation. It is desirable that the current regulation of debt ratio or credit line should be a little bit mitigated in order for the domestic financial companies to strengthen competitiveness. Fifth, the supervisory regulation of the Financial Holding Company Act should be discussed in terms of deregulation and efficiency. The Financial Supervisory Commission, as the top decision-making organization, should be better integrated into the Financial Supervisory Service. In addition, a principal-supervisory system as well as individual or consolidated supervision should be taken. Sixth, most of the regulations of the Chinese Wall to prevent transfer of risk are duplicated in the Commercial Law or Securities & Exchange Act. Thus, it is appropriate that the regulations should be abolished or be stipulated on the individual finance-related statues like the Banking Act. Seventh, the range to share credit information should be set in the concrete to stop misuse or abuse of customers' credit information. Eighth, discussions for protecting stock-holders of financial holding companies should be made. As shown above, by studying various opinions about the major regulations of the current Financial Holding Company Act and its improvement measures, the most reasonable opinions to be considered are suggested. In closing, I hope the financial holding company activation, as one of the means which makes the domestic financial institutions effectively compete with advanced ones in the rapidly changing financial industry, will be a help to securing the global competitiveness.